Skip to main content

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

See other formats


Ne ws^apoOf WZ 


UK cabinet split 
by UN call for 
extra troops 

Britain held out the possibility that It might send 
more troops to Bosnia after the United Nations 
called on the international community to almost 
double its forces in the former Yugoslav province. 
But amid signs of a cabinet split and fears of 
a backlash on the Conservative backbenches, 
it rejected a request from General Sir Michael 
Rose, the UN commander in Bosnia, for immediate 
reinforcement of Britain's 2,500 troops. Page IS 

Markets recover European stock markets 
made a muted recovery bum the previous day’s 
sharp falls, ending below their highs after the 
Bundesbank left its key lending rates unchanged. 
Bundesbank’s faith in M3 creates schism, 

Page 2 ; World stocks, Page 38; London stocks, 

Page 31 

Russia cuts Ukraine’s gas supply: Russia 
has started cutting gas supplies to Ukraine, saying 
the country owes Russian monopoly gas supplier 
Gasprom Rbsl,500bn ($9Q0m). About 95 per cent 
of Russian gas exports to western Europe pass 
through Ukraine. Page 2 

Greece to sell telecoms stake: Greece's 
socialist government hopes to raise Dr250bn ($988m) 
through the sale of a 25 per cent stake in state 
telecommunications company OTE. Page 18; 

BT chairman assails curbs on ownership, Page 3; 

BT looks abroad for video trials. Page 7 

Hopes of HK airport settlement rise: The 

prospect of a settlement to Britain and China’s 
dispute about financing Hong Kong’s new airport 
brightened after what British officials described 
as “useful and constructive” talks. Page 5 

Seoul suspends exercise with U& South 
Korea conditionally suspended its annual Team 
Spirit military exercise with the US in response 
to North Korea's acceptance of international 
nuclear inspections. Page 5 

ReptdsUcans unlikely to make gains: The 

US Republican party may find it hard to make 
grnns in this year's mid-term elections, an opinion 
poll for the Washington Post and ABC News said. 
Page-1 

Ladbroke profits reach £6 2m: The new 

management of the Ladbroke hotels, UK betting 
and do-it-yourself group reported annual pre-tax 
profits of £62. lm, ($90.7m) compared with £53m 
in 1932, after much lower exceptional charges. 

Page 19: Lex, Page is 

Assoc ia ted British Ports, the UK's largest 
ports group, reported annual pre-tax profits of 
£62. lm (890.7ml and said it was attracting an 
increasing amount of trans-shipment business. 

Page 21; Lax. Page 18 

Israel pressed to p r otect Pale sti n ia ns: 

Israel came under International pressure to meet 
demands for greater protection of Palestinians 
living under military occupation. Page 5 

India’s exports up 21%: India's exports surged 
21.41 per cent to $i7.8bn in the 10 months to Janu- 
ary this year, while imports rose only 0.68 per 
cent to S18.38bn. Page 5; Editorial Comment, 

Page 17 

University intakes IHcely to rise: Universities 
in England will admit slightly more new students 
this year than they did in 1993, despite government 
plans to cut intake by 3.5 per cent Page 7; Editorial 
Comment, Page 17 

Uoyds gives way on cheque clearing: 

Lloyds became the last of the big four UK clearing 
banks to say that it would cut the time before 
it pays interest on a cheque paid into a personal 
account from three days to two. The move follows 
a campaign from the consumer lobby. Page 6 

Reward demanded over Munch palnttag: 

Norway's culture minis ter said a man had offered 
to arrange the return of Edvard Munch's painting 
“The Scream”, stolen last month from the National 
Gallery in Oslo, for a reward of more than $lm. 

Can Europe Compete? 


The shifting battleground of 
financial services Page 8 

B An BO-paga paperback 
<xnontoaltf»arifcfts*i 
tfss series be aabbb 
fear Ms mondt at a prica at 
£20 par copy. Chapuaa 
should be macfapayabto to 
financial Tims Ltf and sent 
ft John While, Marieting 
Dep a rtment, financial Tlme% 
1 Southwark Bridge, 
tendon S£1 9HL 


York bnettkne: 

S 1497 

London: 

t 1495 (1.4953) 

DM 25546 (25475) 

FFr 84868 (8.6815) 

SFI 21415 (2139) 

Y 155572 (155.013) 

£hdex 81.1 (814) 


New York tandtime: 


FFr 5405 

SFr 14323 

Y 103455 
London: 

DM 1.7088 (17037) 

FFr 541 SB (5.806} 
SFr 14325 (1.4305) 

Y 104465 (10347) 

S Index 66.1 (66.Q 

Tokyo dOSS Y 10342 


S African leaders may seek international mediation 




Federal Funds: 

3-mo Trett B&Yld ~1539fc 

Long Bond 92 JJ 

YfeU ; 8437% 

■ LOUDON MO»gY 

3-iao Mater* SA% (same) i 

Life long gk Mu* -Mar ill* (Uadi 1{S) ; 

■ MOUTH SBA OB. lA rgnaj 1 

Breni 1 5-day (fta) — SI 340 (13.66) 

■ Gold 

New York comax (Apr) — *3783 (3784) 

London 43774 (37575) 


By Patti Wakkneir in Durban 

and Nfichaei Holman in London 

Mr Nelson Mandela and Chief 
Mangosuthu Buthelezi appeared 
ready last night to seek interna- 
tional mediation to help break 
the political deadlock which 
threatens South Africa's all-race 
general election next month. 

The African National Congress 
announced it had accepted the 
proposal to call In mediators, 
maite by Chief Buthelezi, leader 
of the Inkatha Freedom party. 


Any appeal for United Nations 
assistance is expected to get a 
positive response from Mr Bout- 
ros Boutros Ghali, UN secretary- 
general, who disclosed yesterday 
that he had written to the two 
leaders expressing “delight” at 
the outcome of their meeting this 
week that paved the way bo last 
night's development 
President F.W. de Klerk, how- 
ever, warned last night that he 
had “serious reservations about 
international intervention at this 
stage”. The leader of the ruling 


National party told a meeting in 
Durban: “We cannot afford fur- 
ther delays. The sudden lackadai- 
sical approach, not realising the 
importance of the mom wit does 
not impress me at all." 

It was not clear whether he 
would actually block a move 
which, if successful, could rase 
the growing Longinnc |p thft coun- 
try and ease the path to a suc- 
cessful poll. 

Chief Buthelezi is seeking what 
amounts to autonomy, if not full 
independence, for Natal, his par- 


ty’s stronghold. The ANC and the 
National party are prepared to 
concede Natal and other provin- 
cial assemblies limited powers. 

Mr de Klerk said in parliament 
on Wednesday he had not been 
consulted about an agreement on 
mediation between Mr Mandela's 
ANC and Chief Buthelezi 

Details- of the mediation pro- 
posal have not been agreed. The 
ANC has proposed a joint work- 
ing group to “address the specif- 
ics and agree upon mutually 
acceptable terms of reference”. 


The ANC statement said it 
would contact Inkatha to discuss 
possible farther meetings 
between Mr Mandela and Chief 
ButheJezi- i 

Leaders of the rightwing Free- 
dom Alliance, a coalition, of black 
and white parties including 
Inkatha, yesterday held out the 
prospect that they may today reg- 
ister for April’s elections, revers- 
ing at least temporarily their 
decision to boycott the poU 
. Alliance leadere refused to be 
drawn publicly on whether or not 


they would, register before 
today's midnight deadli n e. But 
they said privately that they 
would do so if Inkatha goes 
ahpfld with registration as prom- 
ised tins week by Chief Bu t helezi 
and if the ANC accepts Interna- 
tional mediation. “If mediation 
has started, I would recommend 
to the central committee that we 
start cam pai g ning," Chief Buthe- 
lezi said in Cape Town. 

Fund managers watch with 
bated breath, Page 5 


Germany’s 
engineering 
union votes 
for strike 




By Quentin Peel In Hanover 

Almost 40.000 engineering 
workers in the German state of 
Lower Saxony have voted in 
favour of a strike, union leaders 
announced yesterday, clearing 
the way for the first major con- 
flict in the industry for a decade. 

The engineering employers’ 
federation, Gesqmtmetall, called 
for an urgent meeting with IG 
Metall, the engineering workers' 
union, in a bid to prevent strikes 
from starting on Monday. 

The national executive of the 
union will decide today in Frank- 
furt whether to accept the invita- 
tion or insist on a formal offer 
from the employers before 
returning to the negotiating 
table. 

The overwhelming vote in 
Lower Saxony, where more than 
92 per cant of the 41,000 eligible 
union members voted for strike 
action, gives the embattled IG 
Metall leadership useful ammuni- 
tion in its efforts to wring an 
improved package on job security 
and wages out of the employers. 

It was clear yesterday in Han- 
over, the state capital of Lower 
Saxony, that the union sees itself 
being dragged reluctantly into a 
full-scale conflict 

Mr Jurgen Peters, the chief 
union organiser in the state, said 
only some 10,000 of the union's 
members would be called out on 
Monday, and the companies cho- 
sen would if possible not include 
suppliers to the recession-struck 
motor industry. The union 
wishes to minimise the knock-on 
effects of tbe stoppage. 

He said that if the employers 
were simply proposing new talks, 
without any proper offer, “it will 
not be worth our time — The 


employers must give clear sig- 
nals that these will be negotia- 
tions, not just talks.” 

Mr Hans -Joachim Gottschol, 
president of Gesamtmetall, pro- 
posed tiie direct talks with Mr 
Klaus Zwickel, the IG Metall 
leader, without any indication 
that new ideas were mi offer. 

He said both sides agreed that 
securing existing jobs was the 
highest priority for the industry, 
which has seen 30,000 redundan- 
cies a month during the past 
year. But he warned that it 
would not be good enough if 
peace was bought at the price of 
higher- wage costs, which would 
simply Irad to further job losses. 

Mr Dieter Hundt, one .of the^ 
employers' chief negotiators, said 
the plan was simply to take up 
the negotiations where they 
broke off three weeks ago. How- 
ever, a Gesamtmetall official mM ! 
there were plenty of ideas on 
areas of possible compromise, 
“but we cannot conduct negotia- 
tions on the open market place.” 

If tbe attempt to get both sides 
back together fails, IG Metall has 
a strategy of gradual escalation 
of the strike. If there is no move- 
ment within a week, a second 
strike ballot, in Hamburg, the 
ooastal region and Schleswig-Hol- 
stein. will be held. If there is still 
no progress in a fortnight, the 
strike would be extended to those 
regions, with some 170,000 engi- 
neering workers. 

The danger for the union is 
that the employers will seek to 
bring matters to a head more 
quickly, by locking out strikers. 

The Last full-scale engineering 
workers’ strike, in 1984, lasted a 
month, and knocked 04 per cent 
off the annual growth rate of tbe 
German economy. 




United Nations officials TasusU Akashi (left) and Gen Jean Cot call on the US, Britain and France to send more troops to Bosnia. Page 18 

US legal step may result in trade sanctions, Hosokawa is warned 

Clinton moves against Japan 


By Nancy Dunne In Washington 
and WWam Dawkins in Tokyo 

President Bill Clinton last night 
signed an executive order resur- 
recting the Super-301 provision of 
US trade law, which allows him 
to impose trade 'sanctions on 
Japan. 

Mr Clinton telephoned Mr . 
Morihiro Hosokawa, Japanese 
prime minister, to warn him of 
the move, which will intensity , 
pressure on Japan to open its ; 
markets to imports. 

The president, who has sought 
to bolster Mr Hosokawa’s reform 
efforts even while putting him 
under pressure on trade, 
described the phone call 
as a “friendly, forthright discus- 
sion”. 

The renewal of Super 301, 
which has been under consider- 
ation since the foiled Clinton- 
Hosokawa summit last month, 
requires the administration to 
list countries it considers to have 
unfair trade practices, and estab- 
lishes a formal negotiating pro- 


cess of 12 to 18 months that may 
end in sanctions. 

The US administration had 
sought to establish “quantitative 
and qualitative indicators" to 
measure Japan’s progress in 
opening its markets. Mr Hoso- 
kawa refused to agree to those, 
fearing that the indicators would 
become commitments, which 
might result in trade sanctions if 
the targets were not met 

In a speech for delivery to New 
York ahead of the expected 
announcement yesterday, Mr 
Peter Sutherland, director- 
general of the General Agree- 


ment on Tariffs and Trade, critic- 
ised US trade policy towards 
Japan as “misguided and danger- 
ous”, accusing Washington of 
pu tting the multilateral trading 
system at risk. 

Mr Sutherland said that when 
any country stresses the bilateral 
approach rather than “the princi- 
ples of the multilateral system, it 
runs the risk of weakening that 
system and the improvements in 
it that have been so painstak- 
ingly negotiated”. . . 

Japanese leaders warned of the 
dangers they saw in invoking the 
Super 301 provision. Mr EQdeaki 


Kumano, vice-minister of interna- 
tional trade and industry, said: 
“Such a unilateral approach to 
solving trade disputes will result 
in a shrinkage of world trade,” 
adding that “from the viewpoint 
of Gatt rules, a revival could be 
problematic”. Japan has said it 
might lodge a complaint with 
Gatt 

Mr Hosokawa pledged that his 
government would now concen- 
trate on the trade dispute and the 
ailing domestic economy. A 
wrangle within his seven-party 

Continued on Page 18 



Firm profits at Philips allow 
first dividend since 1990 


By Ronald van de Kro) 

In Eindhoven 

Philips, the Dutch electronics 
group, swung firmly into profit 
last year, allowing the company 
to pay its first dividend since an 
extensive restructuring of the 
group was started to 1990. 

Net profit excluding extraordi- 
nary items totalled FI 856m 
(8441m), reversing the previous 
year's net loss of FI 900m. 
Extraordinary gains of FI l.llbn. 
including a teg profit on the sale 
of shares to a Japanese joint ven- 
ture, boosted total net profit to 
flUftn. 

The sharp turnround was due 
mainly to costcutting and to a 
strong reduction in financing 
charges rather than to any vigor- 
ous improvement in overall mar- 
ket conditions. Philips reported 
growth In North America and 
Asia, but sales in Europe fell. 
Overall turnover rose by 1 per 
cent to FI 5&4bn. 


The figures were at the top end 
of analysts' expectations, and 
Philips' shares closed nearly 9 
per cent higher yesterday at 
FI 50. 

Commenting on the dividend of 
FI 0.50, Mr Jan Timmer. presi- 
dent, said: “We hope the worst of 
the problems are behind us, that 
we have cautiously started on the 
road to recovery, and that we 
will again be able to pay a divi- 
dend on 1994 results.” 

The company is cautious about 
how much improvement it wifi 
see in 1994. and pressure on mar- 
gins is expected to continue. 

Mr Timmer said that most divi- 
sions either matched or improved 
on their results to spite of the 
difficult economic conditions to 
Europe. The biggest exception 
was Philips' communications 
systems division, which produced 
a loss because of reduced demand 
in Germany, its main market. 
That caused operating profit in 
tbe overall professional products 


sector to decline sharply to 
FI 177m from FI 663m. 

Philips' single biggest business, 
consumer electronics, saw the 
first signs of recovery, with oper- 
ating losses narrowing to just 
FI 73m from FI 553m. The sector 
would have returned to profit 
last year if it had not been for 
continued heavy losses at Grun- 
dig. Philips' German affiliate, the 
company said. 

Financing charges dropped to 
FI 1.04bn, a big decline from the 
previous year’s Fll.78bn, 
reflecting lower debt and lower 
interest rates. P hilip s has now 
reached its target of having a 
debt-equity ratio of 4M30. 

Philips also announced that Mr 
Florls Maljers, who will retire to 
May as chairman of Unilever NV, 
is to succeed Mr WIsse Dekker as 
chairman of Philips' supervisory 
board. 

Germans hear the Philips riot 
act. Page 20 


TRADITION... 

ONLY WITHIN INNOVATION 

i4 world without the necessary tools to progress is a world without a future. . . 
In asser management, like many other fields, it is innovation which gives tradition its vital force. 
At UNION BANCA1RE PRTVTiE, our innovative spirit is reflected in our methodical use of 
state-of-the-art financial products and our ability to identify original solutions which achieve 
the right balance between rigorous risk control and the best returns on investment. 

In meeting our daily objective of providing personalised Financial management services 
which combine prudence with imagination and quality management with performance, 
our teams of dedicated specialists provide exceptional added value in the protection and 
development of our clients' assets. 

UNION BANCAIRE PRIVfiE 


Greece 0350 
Hong Kong HKJIfl 
rtnpnr Ft185 
fcdand Kr?f5 
M RsGO 

bred SM&B0 

Ur uooo 

Japan Y500 
Japan JOijO 
Kuwrt F*l625 
Lebanon US$1 -50 


uv iFfffi on amaoa 

Urito bnam SAobfe SH11 

ItooeCD MOhlS ****** SM» '*•*“ 

Men R4jn SW*F(p KSua European News — 

M IttroSO So*.”” ram HemaDaral ttnu. 

Nan* NKrlTOD flmcricanNeun 

Otren OfnJSO SkSj Wortd TraM - 

Mdatai fWO ay* SC5000 UK News 

PMtofews ftaflO Tirana DM.SOO P*Wb 

ftfereJ 332,000 Tubs* LI 3000 Weather 

Portugal &22S U*E DMZflO Lm 


— 2 leader Pngo 

5 batten 

—4 Management — 
— 3 Observer 

-6,7 Technology 

- 14 Property Maned . 

-IS Arts 

-IB Arts Gudo 


i 'JtPjJl CLP j 






FINANCIAL TIMES FRIDAY MARCH 4 1994 


i 


NEWS: EUROPE 


Fear in Athens for health of nation 

Illness among key government figures has become an obstacle to decision-making, writes Kerin Hope 

nraaM’l Tl-i 1 


Greece’s socialist government 
lisa a problem usually associ- 
ated with the old communist 
regimes of eastern Europe: the 
weak health of several key 
players, among th*»m the prime 
minis ter. Mr Andreas Papan- 
dreou, has become an obstacle 
to effective decision-making. 

“Administrative delays are 
always a hurdle to getting any- 
thing done in Greece. It's com- 
pounded now because the 
prime minis ter and the econ- 
omy minis ter can’t stay at 
their desks as long as they 
should,” says a senior govern- 
ment adviser. 

Privatisation is a case in 
point, now that the rising bud- 
get deficit has forced the ruling 
Panhellenic Socialist Move- 
ment <Pasok> into an embar- 
rassing reversal of its previous 
opposition to unbundling the 
state. 

In addition to the plan for 
selling part of OTE. the state 
telecommunications monopoly, 
there is talk of disposing of a 
15 per cent stake in the Public 
Power Corporation this year, 
through a convertible bond 
issue with a five- to seven-year 
maturity. 

Decisions are needed quickly 
if the flotation and the bond 
issue are to be completed on 
schedule this year, given that 
both require extensive prepara- 
tion in terms of passing 
enabling legislation and 
removing other procedural 
obstacles. 

Offers from half a dozen 
international merchant banks 
to act as advisers or underwrit- 
ers to the OTE notation are 
being evaluated at the Econ- 
omy Ministry. But officials 





President Constantine Karamanlis (left). Culture Minister Melina Mercouri and Prime Minister Andreas Papandreou are among those suffering from poor health 


there say the choice cannot be 
made without Mr Giorgos Gen- 
nimatas. the economy minis- 
ter, who has terminal cancer 
and has been away from his 
desk for several weeks. 

One banker said: “There’s a 
communication gap, no feed- 
back. There was an enthusias- 
tic meeting with the minister 
some time back, then simply 
nothing happened.” 

Planning the sale requires 
tough decisions at an early 
stage on sorting out OTE's 
large pension obligations and 
auditing its books according to 


international standards. 

Mr Papandreou, 75, shows no 
sign of replacing Mr Gennima- 
tas, one of his closest political 
associates. One reason is that 
the economy minis ter, Pasok's 
most popular member, is con- 
sidered the best person to sell 
privatisation to the trade 
unions, who successfully 
opposed the previous conserva- 
tive government's plans to 
transfer public utilities to the 
private sector. 

However, Mr Papandreou, 
who bas a serious heart prob- 
lem and is often not seen in 


public for several days, has not 
appointed a deputy prime min- 
ister either. He is expected to 
cling obstinately to power the 
succession to his leadership is 
not on the agenda for discus- 
sion at next month's Pasok 
congress. 

Meanwhile, the Culture Min- 
istry has been thrown into dis- 
array by the illness of Ms Mel- 
ina Mercouri, still in intensive 
care in a New York hospital 
after surgery for a recurrence 
of cancer. As culture minister 
during Mr Papandreou’s previ- 
ous administration in the 


1980s, the former actress gave 
the so cialis ts* image abroad a 
welcome boost. 

At .the Bank of Greece, advis- 
ers keep a watchful eye on Mr 
Yannis Boutos, the governor, 
who has a heart condition that 
would curtail his activities 
under normal circumstances. 
Mr Boutos. a former economy 
minister appointed by Mr 
Papandreou, says he is deter- 
mined to expedite reform at 
the central bank. 

However, the survival of the 
socialist government in the 
□ext few month* depends not 


on Mr Papandreou’s health but 
on President Constantine Kara- 
manlis, the 86-year-old head of 
state, whose hold on power is 
just as precarious. 

Mr Karamanlis also has 
heart problems, but after con- 
sultations in London last year 
decided against having by-pass 
surgery. If he has to step down 
before his presidential term 
expires next spring, parliament 
would probably be unable to 
muster the three-fifths major- 
ity needed to elect a successor, 
and a general election would 
beheld. 


IMF-backed 
Polish budget 
set to pass 


Balladur softens line on youth 
training but stands firm on pay 


By Anthony Robinson 
in Warsaw 

Poland's awkward coalition 
government of fanners and for- 
mer communists is set to win 
parliamentary approval tomor- 
row for a tight budget which 
restricts the 1994 deficit to 4.2 
per cent of GDP. 

The budget, once approved, 
paves the way for a new IMF 
standby loan. 

The IMF’s agreement is 
needed to trigger off the sec- 
ond and final stage of Poland's 
April 1991 debt reduction deal 
with the Paris Club of official 
creditors. 

The first stage, a 30 per cent 
reduction in the $33bn official 
debt in 1991, is to be followed 
by the final 20 per cent reduc- 
tion at the end of this month. 
An outline agreement is also 
expected later this month on 
the rescheduling and reduction 
of Poland’s S13bn debt to the 
London Club of commercial 
bank creditors. 

The budget was tabled in 
parliament yesterday by the 
acting finance minister, Mr 
Henryk Chmeliak, a replace- 
ment for Mr Marek BorowskL 
Mr Borowski. from the former 
communist Left Democratic 
Alliance (SLD), last month lost 
a power struggle with Mr Wal- 
demar Pawlak, the prime min- 
ister, from the peasant party 
(PSL). 

The prime minister sacked 
Mr Borowski’s deputy. Mr 
Stefan Kovalec, for mismanag- 
ing the privatisation of Bank 
Slaski. one of nine state-owned 
hanks in the process of privati- 
sation. The shares opened on 
the Warsaw stock exchange 
last month at 12 times the ini- 
tial offer price. 

But few of the 800,000 new 
shareholders, apart from bank 
employees, had been able to 
register their shareholdings. 

Only registered shares could 
be sold at the artificially high 


THE FINANCIAL TIMES 
Published by The Financial Tima (Europe] 
GmbH. NiUongenpluz 3. 60318 Frankfurt 
am Mam. Goman). Telephone ++44 ufl 156 
850, Fa* ++49 (A 5964481. Telex 416193. 
Represen led m Frankfurt by J. Wider Brand, 
Wilhelm I. Brunei, CoUn A. Kennard as 
GcschifufuhicT ami m London by David 
G.M. Bed and Alan C. Miller. Prater DVM 
Drnck-Venneb und Marketing GmbH. 
Adminl-Rosendahl- Sirane m. 63Z6J 
Neu-lscnbnre (owned by Hfirriyei 
InlenoiioaitL 

Responsible Editor: Richard Lambert, cfo The 
Financial Timas Limited, 
Number One Southwark Bridge. London SEI 
DHL UK. SmreboUen or Ihe Financial runes 
(Europe I GmbH are- The Financial Tones 
(Europe) LtdXondoo and F.T. (Germany 
Advertising) LtiL London. Shareholder of die 
above mentioned two companies Ik The 
Financial Times Limited, Number One 
South mirk Bridge. London SEI 9HL. The 
Company is mconnraied under the bwi of 
England and Wales. Chairman: D.CM. BdL 

FRANCE 

PnbMme Director. I. RoBey. I6S Rue de 
Rirofi. F-75044 Paris Cede* 01. Telephone (01) 
4297-0621. Fa* (01) 42974K29. Prater SA. 
Notd Eclair, (SCI Roe de Cure. F-MOO 
Rouban Coda 1. Editor: Richard Lambert 
ISSN. ISSN 1148-2753. Cooumsaon Kutariie 
No 67808D. 

DENMARK 

Fhanrial Tub (Scandinavia) LnL Vumaef- 
slutftcd 42A, DK-II61 Copenhagen*- Tele- 
phone JJ 13 44 41. Fm 33 93 53 35. 


market level. 

Mr Borowski protested that 
it was his prerogative to dis- 
miss his deputy, not the prime 
minister's, and demanded fur- 
ther concentration of economic 
derision- makin g in his hands. 
The prime minister refused 
and accepted Mr Borowski's 
resignation. 

The ensuing political row’ 
between the coalition partners 
has been papered over and a 
new finance minister will be 
nominated after the budget is 
approved. 

The budget assumes a 45 per 
cent growth in GDP this year. 
It forecasts a 36 per cent rise in 
revenue to Z1 613,000bn 
($27.7bn) and a 38 per cent 
increase in spending to 
H696,000bn. 

Inflation, on an annualised 
basis, is expected to foil to 27 
per cent from 36 per cent in 
1993. 

The 1994 deficit of Z1 83,000bn 
is above last year’s lower than 
expected Z153,000bn, 3.6 per 
cent of GDP. but was agreed 
only after strong lobbying from 
PSL and SLD deputies to 
Increase spending on pensions, 
social services and the agricul- 
tural sector. 

The Solidarity trade union, 
which mounted a protest strike 
by more than 20,000 workers 
last month, is due to hold a 
general strike against the gov- 
ernment on Monday. 

But the stoppage is not 
expected to have a significant 
impact, either economically or 
politically. 

With unemployment at 15.7 
per cent of the 15m-strong 
labour force militancy has 
been declining and Solidarity, 
whose strength is concentrated 
in the declining state indus- 
tries and public services such 
as the railways, is weakly rep- 
resented in the private sector, 
where more than 60 per cent of 
the workforce is now 
employed. 


By David Buchan in Paris 

The French prime minister, Mr 
Edouard Balladur, yesterday 
agreed to improve training for 
young apprentices, partly cav- 
ing in to union pressure, but 
stuck to the principle of his 
new law that young people an 
training contracts can be paid 
less than the national mini- 
mum wage. 

The government compromise 
was reached after all-day talks 
between Mr Balladur, she min- 
isters and the unions, in the 
course of which the commu- 
nist-leaning CGT federation 
stalked out and several thou- 
sand students demonstrated. 


Even the other onions insisted 
after the meeting that they had 
given no formal approval to Mr 
Bahadur's changes, which the 
government is to publish as a 
decree within a month. 

At the meeting, Mr Balladur 
agreed to scrap the provision 
in last autumn's labour law 
which would have allowed 
companies to pay young peo- 
ple, even with university 
degrees, up to 20 per cent less 
than the so-called Smic mini- 
mum wage, currently FFr5,838 
($985) a month. Qualified work- 
ers under the age of 26 will, 
after ah, get the Smic mini- 
mum. 

Young workers without any 


qualifications can. by contrast, 
be paid as little as 30 per cent 
of the Smic fin the case of 16-17 
year olds), provided companies 
spend the saving on training 
them. What Mr Bahadur prom- 
ised the unions yesterday was 
to monitor the training to 
check that it was effective, but 
he seemed to have left the 
unions unconvinced. ' ■ 
The government’s rationale 
is that one in four people 
under 26 are out of a job - a 
higher proportion of youth 
unemployment than in most 
other European countries - 
partly because in the past 20 
years the Smic has. for social 
welfare purposes, been raised 


by successive governments 
twice as fast than average 
wages. This, it reasons, has 
priced less skill pH and inevita- 
bly younger workers out of the 
job market 

In last autumn’s labour law 
the government thought it had 
quietly circumvented the taboo 
against touching the Smic by 
associating pay cuts with train- 
ing. But growing popular dis- 
enchantment with Mr Balladur 
over other issues such as edu- 
cational reform evidently 
emboldened the unions to 
make an issue of the Smic 
chang es when decrees imple- 
menting the 1993 law were pub- 
lished last month- 


Dutch rulers do 
badly in election 


Report criticises 
Italian minister 


By Ronald van de Krol 

Local elections have dealt a 
blow to the Netherlands' two 
ruling parties ahead of the May 
general election. 

Support for the Christian 
Democrats (CD A) of Mr Ruud 
Lubbers, the prime minister, 
foil to 25 per cent of the vote 
on Wednesday from 33.8 per 
cent in the last local elections 
in 1990. 

Their coalition partners. 
Labour, led by Mr Wlm Kok, 
the finance minister, attracted 
20.4 per cent of the vote, down 
from 26.2 per cent 

According to final results on 
Wednesday night, the main 
winners were the two largest 
opposition parties, the right- 
wing Liberals and D66. a cen- 
trist party, as well as a number 
of smaller parties, including 
those with far-right views. 

If these results were trans- 
lated Into parliamentary seats, 
CD A and Labour would lose 
their majority in the 150-mem- 
ber lower chamber, with their 
combined number of seats foil- 
ing to 71 from 103 in the 1989 
general election. 


This means that if they 
wished to continue their coali- 
tion after the May election, 
they would need to bring a 
third party into government 

However, the local elections 
are not entirely a reliable 
guide to future voting because 
the results were influenced by 
local issues and parties that 
will not figure in the general 
elections on May 3. 

Mr Kok described the results 
as a “serious disappointment". 
Labour's traditional supporters 
have been angered by the par- 
ty’s agreement to unpopular 
reforms of the social welfare 
system, particularly in the area 
of disability insurance. 

The CDA was hampered both 
by the growth in unemploy- 
ment and by the impending 
departure from national poli- 
tics of Mr Lubbers, whose 12 
years in office make him the 
longest-serving prime minister 
in Dutch history. 

Another feature of the local 
elections was the strong show- 
ing by far-right parties which 
tend to espouse a xenophobic 
line on Immigration and politi- 
cal asylum. 


By Robert Graham in Rome 

A parliamentary report has 
criticised Mr Nicola Mancino. 
Italian interior minister, for 
lacking proper control of the 
domestic intelligence service. 

The report, given to parlia- 
ment in mid-February but pub- 
lished yesterday, was 
prompted by concern that the 
intelligence services had been 
acting as a law unto them- 
selves and lacked adequate 
ministerial anri parliamentary 
supervision. 

This followed the discovery 
of wide misuse of the organisa- 
tions' funds and suspicions 
that members of the services 
had been involved in the plant- 
ing of last summer's bombs in 
Florence, Milan and Rome. In 
the past nine m onths magis- 
trates have arrested a number 
of senior figures in both the 
domestic and military intelli- 
gence networks on grounds of 
misuse of funds at present 
totalling LGObn ($35.5m). 

The report says Mr Mancino 
lacked "effective control" and 
received only episodic informa- 
tion on the activities of the 


domestic intelligence service 
(Sisde). More often than not, he 
was told only after operations 
were over. However, his super- 
visory role was handicapped by 
the 1977 laws setting up the 
Sisde, which gave its o f fici a ls 
virtual autonomy. Mr Mancino 
yesterday claimed the report 
vindicated him. 

The misuse of intelligence 
funds has concerned both bud- 
geted money and secret monies 
annually made available to the 
Interior Ministry. 

The allegations have even 
been directed against President 
Oscar Luigi Scalfaro, who was 
a Christian Democrat interior 
minister from 1983 to 1987. The 
president has consistently 
denied these suggestions and 
Rome magistrates again yester- 
day said he was not on the list 
of persons under Investigation. 

The Ciampi gnwg mmpnt last 
July initiated a reform of all 
the security services, bringing 
than under the direct control 
of the prime minister’s office. 
But a big shake-up can only 
mmp after the March general 
elections under the next parlia- 
ment. 


Bundesbank’s faith in M3 creates schism 

Christopher Parkes reports on the smashing of the central bank’s ‘plaster saint’ 


The Bundesbank, arguably the 
most respected institution in 
Germany, was given a toasting 
by its warmest supporters yes- 
terday; the local media's finan- 
cial commentators. 

The target was the central 
bank’s reliance for monetary 
guidance on its prized but 
eccentric monthly M3 money 
supply figures. 

The SGddeutsche Zeitung's 
crisp assessment - “a compass 
that swings to every rusty nail 
is not much use” - was widely 
shared, if not always so suc- 
cinctly put. 

Like the best criticism, the 
judgements were sharp but 
well-intentioned. Brickbats 
from left and right seemed 
intended to warn the central 
bank that its credibility - its 


greatest asset as it says itself 
-was being tarnished by its 
over-reliance on wonky M3 
data. Nor was its dignity 
helped by the need to issue tor- 
tuous explanations of why the 
figures never quite seemed to 
come under control. 

Damage assessments in the 
wake of the whirlwind 
unleashed on financial markets 
by Wednesday's figures, show- 
ing 20 per cent annualised 
monetary g rowth in January, 
agreed that experience showed 
the early figures in any year 
were not worth the beans they 
were counted on. 

But enough was enough for 
the left-leaning Frankfurter 
Rundschau. “After 20 years the 
Bundesbank can stick its 
money supply concept in the 


shredder." it suggested. Han- 
delsblatt, the financial daily, 
agreed in its own quiet way. 
“German money supply policy 
Is threatened with a fote simi- 
lar to that of attempted mone- 
tary steering in the US and 
Britain," it said. 

Reminding readers that Ger- 
many and Switzerland were 
the only countries still sticking 
to a policy based on money 
supply, it said such a concept 
could work only if the relation- 
ship between money supply 
and inflation was clear and 
stable. 

“But a monetary policy loses 
its rudder when the relation- 
ship keeps collapsing," it 
added. In these circumstances, 
the desire of the Bundesbank 
to have its faith in M3 taken 


seriously was not easily 
fulfilled. 

The Sttddeutsche Zeitung, 
sharpest of all, said financial 
markets looked up to M3 "like 
a plaster saint" precisely 
because the hank continued to 
hold it in such high esteem. 

“The market hardly noticed 
the warning signs (about an 
inflated January figure) put 
out by the Bundesbank ItselC 
even experts cannot change 
their views so swiftly. 

“Now everyone has received 
the bQL But the gentlemen of 
the central bank council are 
apparently still trying to stick 
their plaster saint together 
a gain. " 

The SQddeutsche's view 
reflected a consensus that the 
Bundesbank was unlikely to be 


persuaded to change its ways, 
least of all under pin-pricks 
from the press. Handelsblatt, 
too. expected it to hold on, hop- 
ing that M3 would regain some 
value as an indicator, at least 
until the time came for Euro- 
pean monetary onion. There 
was some evidence that a pan- 
European money supply aggre- 
gate was more stable than that 
of a single nation, it suggested, 
offering a sop to the bank's 
ambitions to have its methods 
adopted by Emu. 

“Until then, we will have 
ample opportunities to witness 
‘monetary pragmatism* at 
work at the top of the Bundes- 
bank: that is, the art of pres- 
enting a policy In a different 
light whenever circumstances 
require It.” 


EUROPEAN NEWS DIGEST 

Broadcasters to 
escape action 
over TV quotas 

European broadcasters who have foiled to meet quotas for 
European films a nd , programmes will escape legal action for the 
Hmp being, the European Commission said yesterday, writes 
Lionel Barber Groin Brussels. The Commission decision fallows 
surveys. by the 12 member states, which show that more televi- 
sion flhannwig are devoting more than 50 per cent of air time to 
European works. The surveys did not inidude all satellite and 
cable programming. The 1989 “Television without Frontiers” 
directive requires 51 per cent of material shown on television to 
be of European origin, and 10 per cent to be set aside for 
independent European producers - much to the fury of foreign 
producers, particularly in Hollywood. A Green Paper on the 
audio-visual sector is to be published this month, but the surveys 
showed there was anyway a growing public preference far Euro- 
pean programmes. In France, which has led the ca mpai g n against 
alleged US cultural domination, all five state-owned channels met 
the quotas. Tele 21, a French language station in Belgium, 
showed 95 per cent European work. In the UK, 19 out of 42 
channels transmitted a majority of European works and 36 
reached the required proportion for indepen d ents. But Sky One, a 
British c hannel , showed just £5 per cent 

Spanish interest rate surprise 

The Bank of Spain yesterday ignored the caution of other central 
banks and cut its benchmark intervention rate from BA per cent 
to 8 per cent, writes Tom Burns from Madrid. The early morning 
cut surprised analysis, but reaction was positive. Band yields 
which had risen to above 9.6 per cent fell to 8^ per cent, the 
3-month Mflxnr came down from 8.7 per cent to 8.3 per cent, 
Ibex-35, the index of the Madrid market's most traded equities, 
rose 2.4 per cent and the peseta held steady. Meanwhile, figures 
released yesterday revealed that GDP was down 0.3 per cent in 
the fourth quarter of 1993 against a year earlier, but up by 0.1 per 
cent on the third quarter of 1993. 

Serbia bans Macedonian flights 

Serbia, an ally of Greece, yesterday banned all Macedonian flights 
from its airspace because of unpaid bills, AP reports. The trans- 
port ministry said six Macedonian companies owed DM4m (£L5m) 
for using air routes over Serbia and Montenegro. Macedonia said 
it had not paid its bills because of the UN sanctums imposed on 
the rump Yugoslavia. It said its flights would now take longer 
routes into western Europe over Bulgaria. 

Migrant tide ebbs in Europe 

Slower economic growth and tighter border and asylum con- 
trols in the west appear to have reversed the growth in migration 
of the early 1990s, the Organisation for Economic Cooperation 
and Development reported yesterday, writes David Buchan from 
Paris. With the exception of Germany, the US and Sweden, 
immigration has faHan since 1992, although most OECD countries 
have softened the regulations far refugees from ex- Yugoslavia. 

Czechs retaliate against Slovakia 

The Czech government yester- 
day retaliated against Slovakia's 
imposition of a 10 per cent 
impart tax by unilaterally deval- 
uing the special currency used 
for Czech -Slovak trade. Renter 
reports. The Czech government 
devalued the Czech crown used 
wi thin the special clearing cur- 
rency by 3 per cent. Slovakia 
yesterday introduced a 10 per 
cent tax on imports of many con- 
sumer goods to curb its mount- 
ing trade deficit, which totalled 
26.7bn crowns in 1993. Mr Vaclav 
Klaus, the Czech prime minister 
(left), said the Slovak tax was a 
“semi-devaluation” of the Slovak 
crown. 

Two held over killing of MP 

Two man with links to a murdered Riviera underworld boss were 
yesterday brought before a magistrate investigating the killing of 
a French member of parliament, Reuter reports from Toulon. Mr 
Epiphanio Fericolo and Mr Deans Labadie are suspected of killing 
Ms Yann Plat, a centre-right politician who had crusaded against 
corruption, racketeering and drug trafficking in southern France. 
The men were associates of former underworld figure Jean-Louis 
Fargette, killed last March in San Remo, Italy. 

Germans in Libya weapons link 

German companies are suspected of having helped Libya build 
an underground chemical weapons factory near Tripoli, Mr Benad 
Schmidbauer, Chancellor Helmut Kohl's intelligence aide said 
yesterday. AP reports. The allegations are embarrassing for Ger- 
many, which has been hit by a string of such scandals in recent 
years. Prosecutors said charges had been brought against a 
Stuttgart company and other companies woe being investigated. 

Russian hard line angers Estonia 

The former Soviet republic of Estonia will today decide whether 
to break off talks on the pullout of 2,600 Russian troops from its 
territory, after Moscow said it was not committed to any firm 
withdrawal date, AP reports. “We. have threatened to break off 
talks," Estonian foreign minister Jurl Lulk said yesterday, adding 
that the main issue was Russia's backing off Grom its deadline of 
August 31 this year. Mr Lulk said a decision on whether to 
suspend the nearly three-year talks would be made today at a 
special cabinet making. 

ECONOMIC WATCH 

Construction lifts German output 

West German industrial output West Germany 



West German industrial output West Germany 

in January was up 02 per cent 

on January 1993, but bxtosfrtaiotrtput (anneal 

unchanged from December. to.' — . 

Meanwhile, revised figures for -a I — — 

December showed a 1.4 per e 'ji /ViM — - — ■ — - 

cent Increase over the previous ' 4 — 

month, twice the increase ini- - 2 -l-~ — Ul- — — — • 

tially reported. The results 0 •-••• 'mv ; * 

were better than expected, and . 2 ,j.I. JA, L 

pointed to stabilisation In the ■ • »! ;; ' 

economy. Economists noted . , l-J" 

that manufacturing output « jL 

remained weak, foiling 0.5 per ■ , T • " y ~ 

cent in January. The main fee- i r - , , , j 

tor behind the buoyancy of the • z • K M „ 

January index was an unex- ' ... ■ • 

pected 8.4 per cent surge in Sou ^ Qr8pMtB 
construction output. 

■ Italy recorded a surplus of L5JL34bn (£2.04hn) in January on its 
balance of payments current account, after a L2j3l0bn deficit in 
December. The deficit in January 1993 was L765bn. 

■ Turkey’s trade deficit widened to $818m (£56Qm) in January 
from S51fim a year earlier. Exports totalled $L32bn, up from 
$L27bn a year earlier. Imports reached $2Jbn in September 1993, 
up from flBbn a year earlier. 

■ Belgian new. car registrations in February were up 22.4 per 
cent on February 1993 and 115 per cent on January and February 
over the same period last year. 

■ German car sales fell 20 per cent in 1993, to around DMl90bn 
(£73J3bn), while vehicle output fell a quarter to about 4m units. 

■ French manufacturers expect investment to rise by 9s per cent 
this year. But in semi-finished and agribusiness goods the dprHn ? 
in Investment is expected to continue. 


if !c 


]■ 


4 





FINANCIAL TIMES FRIDAY MARCH 4 1994 


MEWS: WORLD TRADE 


3 


BT chairman 


assails curbs 


on ownership 


By Guy de Jonqul&res, 
Business Editor 

Sir lain VaUance, chairman of 
British Telecommunications, 
yesterday said talk in the 
European Union of restricting 
foreign ownership in the tele- 
communications industry was 
a “dangerous game" which 
could, encourage escalating 
protectionism in o ther parts of 
the world. 

However, Sir Leon Brittan, 
the European trade commis- 
sioner, speaking at the same 
conference in London, said the 
EU was committed to an open 
trade stance. He attacked 
what he called one-sided 
criticism of its anti-dumping 
policy. 

Critics overlooked the fact 
that many other countries also 
had anti-dumping policies, 
which could be used against 
EU exports. Such policies were 
essential to maintaining confi- 
dence in the world trading sys- 
tem by correcting market dis- 
tortions. 

“Anti-dumping is not a carte 
blanche for protectionism,” he 
said. He had instructed the 
European Commission officials 
responsible for the policy to be 
“scrupulously unpolitical" and 
to enforce it fairly. 

Sir Iain said there were 
already signs of moves to 
strengthen foreign ownership 


restrictions in the US, while 
the recently proposed aiUan» 
between Prance Telecom and 
Deutsche Telekom also 
appeared intended to reduce 
competition. 

Foreign ownership curbs 
were often defended on 
national security grounds, he 
said. “Yet the point about open 
markets is that diversity of 
supply should mean that no 
interests - foreign or local 
- are in a position to dominate 
anything." 

He said BTs recent alliance 
with MCL the US carrier, dif- 
fered from the proposed Fran- 
co-German link-up because it 
was between two companies 
operating in competitive mar- 
kets and was designed to 
exploit emerging opportunities 
for international value-added 
network services. 

Sir lain also called for the 
the inclusion of telecommuni - 
cations services in the Uru- 
guay Round to be extended to 
cable television and broadcast- 
ing. 

Separating regulation of 
these services would, he said, 
"force multi-media into a maze 
of conflicting regulations and 
operating constraints, with the 
potential for inflicting real 
damage on this new and excit- 
ing field of communications 
services”. 


Chemicals chief 
warns of harsh 


competition 


By Paul Abrahams in Tokyo 

Dr Manfred Schneider, chief 
executive of Bayer, the Ger- 
man chemicals and pharma- 
ceuticals group, has warned 
that European politicians did 
not understand how cut-throat 
international competition in 
the chemicals industry was 
becoming. 

Asian-Pacific chemicals com- 
panies were already making 
their presence felt in Europe, 
he said. But European competi- 
tiveness was being handi- 
capped by high labour and 
social security costs as well as 
state intervention in environ- 
mental affairs. Slow approval 
for new products and processes 
was also taking its toll. 

The warning came as Dr 
Schneider announced his com- 
pany intended to invest more 
than DMlbn (£400m) in the 
Asia-Pacific region by the end 
of the decade. The forecast 
underlines the increasing 


interest of European and 
American chemicals and drugs 
companies in the region. 

Dr Schneider, who was 
speaking at the Chemical Week 
Asia-Pacific Conference in 
Singapore, said demand for 
chemicals was growing rapidly 
in the region. He added the 
chemicals industry’s leading 
customers - the textiles, elec- 
tronics. automotive and engi- 
neering sectors - were all 
enjoying high growth. Imperial 
Chemical Industries, which 
today opens a CFC replace- 
ment plant in Japan, estimates 
the Asia Pacific market will 
grow from $280bn (£188m) to 
$4G0bn by the year 2000. 

Bayer, which had sales of 
about DM5. Sbn in the Far East 
last year, welcomed the 
increasing industrialisation of 
the area, Dr Schneider said. 
The group aimed to increase 
sales in the region, but needed 
to expand its production base. 
See UK Company News 


Airbus-Boring jumbo 
studies to continue 


By Paii Betts, 

Aerospace Correspondent 

The four leading European 
aircraft manufacturers yester- 
day agreed with Boeing, the 
world's biggest aircraft maker, 
to continue until the middle of 
next year joint studies on the 
development of a 600-800 seat 

superjumbo airliner. 

After what was described as 
a “lively meeting”, the four 
European companies - British 
Aerospace, Aerospatiale of 
France, Deutsche Aerospace 
and Casa of Spain -said the 
European Airbus consortium 
would also participate in the 
studies in an advisory role. 

All four European man u fa c- 

Belleli in 
Qatar plant 
contract 

Belleli, the Italian engineering 
group, yesterday said it had, 
together with Uhde of Ger- 
many. been awarded a $4 30m 
(£289m) contract to build a pet- 
rochemical plant in Qatar, 
John Simkins reports from 
Milan. 

The plant at Umm Said will, 
on completion in 1996, be one 
of the biggest in the world, 
with a daily capacity of 1.500 
tonnes of ammonia and 2,000 
tonnes of urea. 

Uhde. a subsidiary of 
Hoecbst, is in charge of the 
process engineering. Belleli, 
which has its Middle East 
headquarters at Al Jubail in 
Saudi Arabia, will have a 55 
per cent share of the project 
and provide power generation 
and desalination units. 


turers are shareholders in Air- 
bus Industrie and have been 
Involved in joint studies with 
Boeing on a superjumbo for 
the past 14 months. 

Although the European Air- 
bus partners agreed to con- 
tinue the joint studies, they 
have also become concerned 
over Boeing's commitment to 
the joint project 

Aerospatiale of France had 
shown growing reluctance to 
participate in the joint studies 
in the wake or the controversy 
over Saudi Arabia's recent 
decision to order $6bn (£4_lhn) 
worth of new airliners from 
Boeing and McDonnell Douglas 
of the US following pressure 
from the White House. 

WWF urges 
Gatt to take 
benign view 

Efforts to make the General 
Agreement on Tariffs and 
Trade more responsive to 
environmental concerns risk 
being held up by unwarranted 
fears over “green protection- 
ism", the World Wide Fund for 
Nature says in a report 
released today, writes Frances 
Williams from Geneva. 

The WWF says Gatt 
rules already provide safe- 
guards against green protec- 
tionism, which it defines as 
trade restrictions which in 
practice bring no environmen- 
tal benefit However, it wants 
Gatt to take a more benign 
view of so-called trade- 
related environmental mea- 
sures which harness trade 
restrictions to environmental 
goals. 


Hurdles to Mozambique aid 

Poor management dogs recovery effort, writes Leslie Crawford 


Washington’s 
Japan policy 
under fire 


P eace has brought back 
prosperity to Mozambi- 
que’s ports and railways, 
as well as corruption, drug- 
trafficking and a thriving trade 
in looted merchandise. 

Western embassies are 
alarmed at the flow of illicit 
drugs through the country's 
ports. Mr John Sunde, the 
South African ambassador, 
says his customs officers have 
impounded up to one tonne of 
mandrsx a week from Maputo 
harbour. The hallucinogenic 
pills, manufactured In India, 
are widely consumed in South 
Africa's black townships. 

Diplomats also estimate that 
one-fifth of the total tonnage 
handled in Maputo is stolen. 
Storage areas are not Locked, 
and security guards look the 
other way when women haul 
bags of maize and sugar over 
the harbour perimeter fence. 

Lax security and poor man- 
agement are costing the state- 
owned Ports and Railways 
Company of Mozambique 
(GFM) business it can barely 
afford to lose. 

Coal mines in the Transvaal, 
which recently secured huge 
contracts to supply Turkey, 
say they will not use the port 
at Maputo - their shortest out- 
let to the 6ea - until security is 
improved. 

“If South Africa doesn't use 
Maputo port, the World Bank 



will not fund an $llm (£7 An) 
project to upgrade the railway 
line," Mr Sunde says. 

Having spent hundreds of 
millions of aid dollars to 
rebuild Mozambique’s war- 
damaged transport network, 
foreign donors have decided 
that the only way to stop the 
rot at CFM is by privatising its 
management. In the diplomatic 
lan g u age of the World Bank, 
the administration of CFM is 
in need of reform. 

Already, the Caisse Fran- 
caise de Ddveloppement, the 
French government's overseas 
development agency, has 
threatened to halt the rehabili- 
tation of the Nacala railway, 


the northern-most of the three 
lines which traverse Mozambi- 
que, unless CFM agrees to pri- 
vatise the management of 
Nacaia's deep-water port and 
railway services. 

The privatisation proposal 
provokes a vitriolic reaction 
from Mr Armando Guebuza, 
thi» transport and communica- 
tions minister. 

“CFM is Mozambique's big- 
gest company and foreign 
exchange earner. Why should I 
hand over the country's wealth 
to foreigners without a full 
analysis of the options?” he 
asks. “There may be manage- 
ment problems, but we are not 
obliged to accept every solu- 
tion donors impose on us. 
Their objectives should coin- 
cide with ours.” 

The arguments are often 
clouded by emotion because 
Mozambicans fear they are los- 
ing their sovereignty to the 
dictates of foreign donors. In a 
country where aid receipts 
equal gross domestic product 
(a meagre $lbn), there is an 
undercurrent of resentment at 
the lecturing that comes with 
international assistance. 

Charges of weak manage- 
ment wound Mr Guebuza ’s 
nationalist pride. To surrender 
the railways to foreigners 
would bring back the not-so- 
di slan t days of Portuguese 
rule, when blacks were 


restricted to menial jobs. 

Seventeen years of civil war 
destroyed the few resources 
the Portuguese left behind. 
Rehabilitation only began in 
earnest after the signing of a 
peace accord in October 1992, 
and it has been financed 
entirely by external aid. 

The port and railway termi- 
nal of Beira. which handles 
Zimbabwe's foreign trade, has 
shin y new container and multi- 
purpose ter minals , a fishing 
terminal with cold storage 
facilities, a new oil terminal 
and a deeper port thanks to 
some f435m of European Union 
and Nordic assistance. 

Freight traffic along the 
Beira corridor has doubled 
since 1991 to 950,000 tonnes; 
the tonnage handled at the 
port has risen by 60 per cent to 
2.7m tonnes, as has containe r 
cargo. 

Mr Fernando Ferreira 
Mendes, a former CFM 
employee who is now a consul- 
tant with the World B ank , 
agrees that weak management 
is a problem, but mainly 
because all decisions are cen- 
tralised in Maputo. 

“Everything has to be 
referred to CFM headquarters, 
from the purchase of spares to 
the tariffs we may charge. We 
don't need to privatise manage- 
ment," he says, “just decentral- 
ise it.” 


By Frances W9Uams hi Geneva 

Mr Peter Sutherland, 
director-general of the General 
Agreement on Tariffs and 
Trade, yesterday rounded on 
US trade policy towards Japan, 
lambasting the managed trade 
approach as “misguided and 
dangerous” and accusing 
Washington of putting the mul- 
tilateral trading system at risk. 

“A new outbreak of bilateral 
trade tensions is putting the 
achievements of the Uruguay 
Round to the test even before 
they are frilly operational” he 
said in remarks for delivery 
yesterday lunchtime at the 
Swedish- American Chamber of 
Commerce in New York. The 
Uruguay Round trade accords, 
to be signed by ministers next 
month, are due to come into 
force in 1995. 

Mr Sutherland said “when 
any country privileges the 
bilateral approach over the 
principles of the multilateral 
system it runs the risk of 
weakening that system and the 
improvements in it just pains- 
takingly negotiated”. 

The US has been pushing 
Japan to agree bilateral 


accords which would open its 
markets to more foreign-made 
goods, with the use of numeri- 
cal indicators to check on prog- 
ress. Japan, fearing these indi- 
cators could become obligatory 
targets, says it will not be a 
party to managed trade deals. 

Backing Japan's case. Mr 
Sutherland said managed trade 
was damaging for the coun- 
tries concerned - because 
bureaucrats were more likely 
to make misguided decisions 
than businesses - and for the 
multilateral system. Agree- 
ments could only be enforced 
by the threat of trade sanc- 
tions, often illegal under Gatt. 

It was also very difficult to 
operate quantitative numerical 
targets for market share of for- 
eign producers in a way that 
gave equal opportunities to all 
trading partners, as required 
under Gatt's most-favouml-na- 
tion principle. 

Mr Sutherland said comple- 
tion of the Uruguay Round 
showed that countries wanted 
to strengthen the multilateral 
system. “The top priority on 
the world economic agenda” 
was for countries quickly to 
ratify the Uruguay Round. 


1 


J§ 

EM 

1 

w 

.V./i 

d 

•Jj$C 

Sj* 

•: a'.* 

sX 


e 

..-■i 




$ 


0 

-■ 

: 

>.*• 


. V •' 

‘•Iff 


V* • 


•/’ > 




TWO GIANTS 



These days the Welsh Dragon is a real high flyer since two 
international giants of the aero engineering industry chose Wales. 

British Airways has its new engineering base at Cardiff 
Airport and recently General Electric (USA) has moved to nearby 
Nantgarw, where they service aircraft engines for famous names 
like CFML Rolls Royce and Pratt & Whitney. 

With more than a little help from the Welsh Development 


but also the right people from Wales’ skilled and flexible workforce. 

The WDA has also assisted in the development of a local 
supplier infrastructure to ensure vital components are always at hand 
To get your business off the ground, put the Welsh Advantage 
to your advantage Call the team at Welsh Development Inter- 
national on +44 222 666862, or write to Welsh Development 
International, Welsh Development Agency. Pearl House, 


Agency, both companies were not merely able to find the right site, Greyfriars Road, Cardiff CF 1 3XX. 

ONE DRAGON. 


W D A 


THE WELSH ADVANTAGE. 




NEWS: THE AMERICAS 


Clinton faces 

healthcare 

compromises 


Salinas gives ground to soothe rebels 

Concessions may hit public support for Zapatistas, writes Damian Fraser 

. _ — — 



Graffiti in support of the rebels on the window of a Mexico City hamburger restaurant 


By George Graham 
in Washington 

President Bill Clinton is 
fighting to salvage what be can 
of his plan to reform the US 
healthcare system, in the face 
of waning popular support and 
continued deadlock in Con- 
gress. 

Mr Clinton said yesterday 
that his proposals were misun- 
derstood because of a 530 m 
(£20.5mi lobbying campaign 
against them by the health 
insurance industry and other 
interest groups, but offered to 
concede on virtually any point, 
so long as the end result guar- 
anteed private health insur- 
ance to everyone. 

“I think what will happen is 
people of good faith who want 
a plan that gives healthcare 
security to all Americans 
-that is, healthcare that you 
can never lose - will get 
together and come up with a 
system that meets the criteria I 
laid out," Mr Clinton said on 
breakfast television. 

But recent opinion polls 
show that the Clinton reform 
plan is losing ground. A Wash- 
ington Post- ABC poll taken 
last week showed 48 per cent of 
those questioned disapproved 
of the plan, while 44 per cent 
approved of it -the first time 
since it was unveiled last Sep- 
tember that more have disap- 
proved than approved 

In Congress the plan is mak- 
ing little headway through the 
legislative machinery. Jurisdic- 


US factory goods orders rose 
2.1 per cent in January -the 
sixth increase in a row -as 
last year's momentum in the 
manufacturing sector carried 
into the new year, the govern- 
ment said yesterday, AP 
reports from Washington. 

The Commerce Department 
said the string of advances is 
the longest since one that ran 
from September 1987 to June 
1988. January's rise Followed a 
1.4 per cent gain in December. 

Leading the surge were sales 
or transport equipment, partic- 
ularly aircraft and parts. The 
highly volatile transport com- 
ponent rose 14 per cent, or 
S5bn. to a total of $40.7bn 
l£27.8bm. 

The Commerce Department 


By Jurek Martin 

Something extraordinary 
happened in the US Congress 
yesterday. 

For the first time in 41 years 
there was a division in the 
House of Representatives - on 
a mundane procedural issue - 
in which Mr William Natcher, 
the 84-yetir-old Democrat from 


tion over the bill has been 
divided up between a wide 
array of House and Senate 
committees, but none has yet 
managed to agree on a 
text 

One of the Clinton plan's key 
supporters. Congressman 
Henry Waxman of California, 
this week gave up attempts to 
work out a compromise in the 
health subcommittee he chairs. 
The committee includes Con- 
gressman Jim Cooper of Ten- 
nessee. who is sponsoring one 
of the chief rivals to the admin- 
istration plan, a proposal he 
calls "Clinton Lite". 

Another health subcommit- 
tee chaired by Congressman 
Pete Stark, another California 
Democrat, has also postponed 
its efforts to agree on a bill. Mr 
Stark has bis own proposal, 
based on an expansion of the 
existing government Medicare 
scheme. 

The full committees over the 
heads of Mr Waxman and Mr 
Stark are chaired by two of the 
president’s staunchest and 
most powerful backers on the 
healthcare issue: Congressmen 
John Dingell of Michigan and 
Dan Rostenkowski of Illinois. 

Both recognise that they will 
have to compromise on many 
aspects of the Clinton plan if 
they are to win passage, and 
have decided not to start deal- 
ing away concessions to win 
agreement at the subcommit- 
tee level only to have to start 
again at the full committee 
IeveL 


also reported unfilled orders 
increased for the first time in 
nearly a year, an indication 
demand is outpacing supply 
and more hiring of workers 
may be on the way. 

The department said factory 
orders totalled a seasonally 
adjusted $272bn, up from 
$266.4bn in December. Manu- 
facturing, which languished 
early in 1993, showed particu- 
lar strength in the last quarter 
when the economy expanded at 
a 7.5 per cent annual rate. Yes- 
terday's report indicated the 
momentum is continuing. 

However, manufacturing 
orders excluding transport 
increased just 0.3 per cent and 
excluding defence orders were 
up 1.6 per cent 


Kentucky, did not cast a vote. 

That broke a string of 18,401 
consecutive votes by Congress- 
man Natcher. This is, natu- 
rally. a record. Congressional 
historians do not know who 
held it before, nor who holds 
the current longest streak. Mr 
Tom Foley, the Speaker, yes- 
terday advised liis colleagues 
not to try to beat Mr Natcher 


Opinion 
polls hand 
mid-term 
boost to 
Democrats 

By Jurek Martin bi Washington 

The Republican party may 
find it hard to make expect e d 
gains in this year’s mid-term 
elections, according to an 
opinion poll published yester- 
day by the Washington Post 
and ABC News. 

The survey also found Presi- 
dent Bill Clinton's popularity 
rating holding up at 58 per 
cent positive and 38 per cent 
negative. Other polls, how- 
ever, have shown slippage to 
the 50 per cent range. 

The main message of the 
survey was the extent to 
which Democrats have appro- 
priated the issues of most con- 
cern to the American public. 
The party holds a sizeable 
edge in public confidence in its 
ability to manage the econ- 
omy, the federal deficit, 
healthcare and crime. 

Only in defence and foreign 
policy was a Republican 
advantage apparent But two 
thirds of those surveyed iden- 
tified social Issues as the most 
important against 18 per cent 
who cited the economy and a 
mere 4 per cent most con- 
cerned about foreign affairs. 

The mid-term election sea- 
son opens this month with a 
batch or party primaries, of 
which the most widely 
watched is probably in Illin- 
ois, where Congressman Dan 
Rostenkowski, chairman of 
the ways and means commit- 
tee, faces a tough battle in his 
Chicago district because of 
impropriety allegations. 

The general role of thumb 
had been that the Republicans 
could gain as many as 25 seats 
hi the House- not enough to 
overturn the current 81-seat 
Democratic majority but a real 
problem for the Clinton 
administration. 

But a comprehensive poll of 
polls published last month by 
the New York Times and CBS 
News, covering over 250,000 
respondents, has given the 
Democrats reason for encour- 
agement. 

It found that for the first 
time since 1976 the Democrats 
were making significant gains 
over Republicans - 36 per cent 
identified themselves as Demo- 
crats, 28 per cent as Republi- 
cans and 30 per cent as inde- 
pendents. 

Also, for the first time since 
1984 more Americans in the 
18-29 age bracket said they 
were Democrats than Republi- 
cans, by a 31-29 per cent mar- 
gin, with independents at 33 
per cent 


because they could never stand 
the strain. 

So anxious were his col- 
leagues to keep his streak 
going that they had held no 
votes at all on Wednesday. On 
Tuesday Mr Natcher had been 
wheeled to Capitol Hill from 
his hospital bed to cast a vote 
or two. Though frail and ill, he 
has not hinted at retirement. 


T he preliminary agree- 
ment reached on 
Wednesday between 
Mexico's Zapatista rebels and. 
the government demonstrates 
the remarkable ability of 
Mexico’s political system to 
resolve seemingly intractable 
conflicts quickly and pragmati- 
cally. 

The tentative accord comes 
little more than two months 
after the Zapatistas declared 
war on the Mexican army In 
the southern state of Chiapas 
and demanded the resignation 
of President Carlos Salinas and 
his cabinet. Mr Salinas's gov- 
ernment swiftly dismissed the 
rebels as “transgressors of the 
law," backed by foreigners and 
radical priests. 

But the prospect of a pro- 
longed conflict in the run-up to 
this August’s presidential elec- 
tion and the vulnerability of 
the economy to civil unrest 
persuaded the president to 
make sweeping concessions to 
the masked rebels. These con- 
cessions should transform 
Chiapas, the state's relation- 
ship with indigenous peoples, 
and have important effects on 
the rest of the country. 

Under the 32-point draft 
agreement the government has 
promised to meet rebel 
demands for a new and more 
democratic electoral law in 
Chiapas, to return land tekwi 
from peasants there and divide 
large farms. It will also draw 
up a new state penal code, and 
dramatically increase spending 
on schools, hospitals, housing, 
and basic infrastructure. 

The government will provide 
a local radio station for indige- 
nous peoples, and appoint an 
attorney general for defence or 
Indian rights. It will propose a 
law for indigenous peoples 
allowing them to Incorporate 
local customs into their laws. 
It will also outlaw the expul- 


By Joseph Mann ki Caracas 

During its first month in office. 
Venezuela's government, 
headed by President Rafael 
Caldera, has announced a 
series of economic measures 
that stand in contrast to the 
unpopular market reforms that 
were implemented over the 
last five years. 

The administration has 
depicted itself as seeking a 
middle ground between free- 
market policies and heavy gov- 
ernment intervention in the 
economy. While the results are 
not yet apparent, businessmen 
are generally sceptical. 

The new government, which 
began a five-year term on Feb- 
ruary 2, is facing the country’s 
second year of recession. It is 


sion of Protestant Indiana from 
Catholic communities. 

The government proposals 
do not meet all the rebel 
demands, specifically their nail 
for legal action against three 
former governors of Chiapas 
and the ousting of Mr Salinas 
from the presidency. 

The government formally 
rejected the rebel insistence 
that peace talks include 
national democratic reforms. 
However, the government has 
indirectly met such d eman ds 
by negotiating electoral reform 
with opposition parties in 
Mexico City. New electoral 
laws are likely to be agreed 
shortly. 

The provisional agreement 
still has to be approved by 


cant drop in the value of its oil 
exports which accounts for 
much of the treasury’s reve- 
nue, high inflation (46 per cent 
last year), a fiscal deficit of 
between 8 and 10 per cent of 
GDP, heavy debt payments and 
a banking crisis brought on by 
the collapse of the country’s 
second-largest bank in Janu- 
ary. 

The imposition of "tempo- 
rary" price controls helped to 
bring down the Inflation rate 
last month from 4.3 per cent in 
January to 1.9 per cent last 
month. 

But the government's inter- 
national reserves fell by S633m 
last month to SllJZbn, after a 
$744m decline in January. 
These large falls - reserves fell 


Zapatista supporters, but gov- 
ernment frfRHaig believe this Is 
likely. Even if the rebels do not 
support the agreement, the 
concessions should undercut 
much of their public support, 
which has been their most 
effective weapon against the 
state. 

If the agreement is ratified 
by the rebels, the accord would 
mark a personal victory for Mr 
Salinas. Having come close to 
seeing his presidency unravel 
in the days after the peasant 
uprising, he can now take 
credit for restoring peace to 
the region, and for proposing 
social and economic reforms 
that much of the country sup- 
ports and that do not by them- 
selves threaten his project to 


only S519m in the whole of last 
year - resulted from lower oil 
receipts and dollar demand 
after the failure Banco Latino. 

Businesses have been con- 
cerned these problems would 
prompt exchange controls and 
a big devaluation of the Ven- 
ezuelan bolivar, but the gov- 
ernment has said it is not plan- 
ning action on either point 

Instead , the g nv p mnipnt has 

promised to cut the central 
government budget by 8 per 
cent, proposed a series of tax 
changes, set up an autonomous 
agency to collect income taxes 
and reduce tax evasion, 
extended price controls on 
medicines, and announced it 
will seek "voluntary price 
restraint" on other items. 

It has also committed sub- 


modemise Mexico's economy. 

However, resolution of the 
conflict will not come without 
a cost. Government conces- 
sions to armed rebels may legi- 
timise further violence as a 
solution to social and economic 
problems, and make the task of 
ruling Mexico more difficult in 
the future. 

Mr Salinas has als o had to 
agree to an electoral reform 
that he had previously 
opposed. By reducing govern- 
ment control of electoral 
boards and giving the opposi- 
tion more equal access to the 
media, the reform will make It 
more difficult for the ruling 
Institutional Revolutionary 
Party to win elections through 
fraud. It also raises the possi- 


stantial resources in an effort 
to refloat Banco Latino and 
keep other troubled hanks in 
business. There are also wor- 
ries among businesses that Use 
huge volume of government 
financing required by these 
troubled banks will prove infla- 
tionary. 

Mr Caldera has said he 
wants to restart the privatisa- 
tion programme, which was 
virtually baited after an coup 
attempt in early 1992 
unleashed two years of politi- 
cal turmoil. 

He has suspended the consti- 
tutional right to engage in free 
business practices, giving him 
extensive power to decree dras- 
tic economic measures. 

The last suspension of eco- 
nomic rights lasted 30 years 


bility. for the first time in mod- 
em Mexican history, of an 
opposition victory. 

The agreement raises still 
further the profile of Mr Man- 
uel Camacho, the peace envoy 
to Chiapas. He was instrumen- 
tal in persuading the president 
to malm concessions to the reb- 
els, and in pushing through the 
national electoral reform. 

While most observers con- 
sider the prospect unlikely. Mr 
p.qmarhn is now in a stronger 
position to run as an Indepen- 
dent candidate for the presi- 
dency, challenging Mr Luis 
Donaldo Colosio, the candidate 
of the ruling party and favour- 
ite to succeed Mr Salinas. 

As Indicated by the sharp 
rise in Mexico's stock-market 
after the announcement of a 
preliminary accord, peace 
should boost investor confi- 
dence in Mexico's economy. In 
recent days the peso has come 
under fire, with investors wor- 
ried about low growth and the 
pressure that has been put on 
the government to keep inter- 
est rates low. 

Even with a peace agree- 
ment, the divisions within 
Chiapas have deepened since 
the New Year uprising and are 
unlikely to disappear quickly. 
Many ranchers and govern- 
ment officials in Chiapas view 
the Zapatistas as little more 
than terrorists. 

While a minority, they hold 
most of the region's economic 
power and are sure to oppose 
elements or the peace plan that 
call for appropriation of large 
forms and electoral reform. 

For their part the Zapatistas 
and their sympathisers have 
been liberated by the uprising, 
losing their fear of the land- 
owners and PHI officials. 

But if there is resistance or 
delay in compliance with the 
promised reforms, they may 
take up arms again. 


and was lifted only in 1991. 
This time the government has 
said the current suspension 
may be revoked soon, and that 
the special powers will be used 
prudently. 

Mr Jorge Redmond, presi- 
dent of Conindustria, an impor- 
tant association of Venezuelan 
industrial companies, said 
extended or frequent use of the 
special powers would be "dan- 
gerous", though added that the 
measure should not be con- 
demned until some concrete 
results were visible. But Mr 
Freddy Rojas, former president 
of Fedecamaras, Venezuela's 
largest business association, 
called the presidential move 
"an Improvisation” and 
warned that it would scare off 
private investment 


US factory orders 
up 2% in January 


First miss for 84-year-old 


Venezuela judge orders 83 businessmen held 


A Venezuelan judge has ordered the 
arrest of 83 businessmen in connection 
with the collapse of Banco Latino, the 
country's second-largest bank, Reuter 
reports from Caracas. 

The order by a penal court judge late 
on Wednesday suggests wrongdoing is 
believed to have been partly behind the 
January closure of Banco Latino, not 


just managerial ineptitude, as initially 
thought 

Banco Latino closed its doors after 
authorities removed It from the 
national cheque-clearing system for 
failing to meet commitments. A gov- 
ernment-appointed panel has been 
studying ways to pomp money into the 
bank so it can he reopened. 


Among those whose arrest was 
ordered was Mr Ricardo Cisneros, a 
Banco Latino director and minority 
shareholder, whose family has large 
holdings in hanking, the news media, 
mining and food industries. Most of 
those involved are senior latino offi- 
cers and directors, either wanted for 
alleged "continuous improper appropri- 


ation” or allegedly falsifying results. 

Judge Diamora Ramirez de Simancas 
also ordered that Hr Roger Urbina, for- 
mer superintendent of banks, be 
arrested for alleged concealment. She 
would ask the government to seek 
extradition of any wanted executives 
now outside the country and act to 
prevent those in Venezuela leaving. 


Business sceptical over policy switch 


trying to cope with a signifi- 


Quebec politics dampens business hopes 

Bernard Simon on how separatism fears are spoiling celebrations of end to a long recession 


Q uebec's business com- 
munity is holding its 
breath, not sure 
whether to celebrate 
the end of u long, deep reces- 
sion or to worry about the 
political future of Canada's 
French-speaking province. 

A provincial election, to be 
held later this year, is shaping 
up into a closely fought battle 
between the ruling Liberals, 
who have held office for the 
past nine years, and the sepa- 
ratist Parti Qucbecois. 

If the PQ wins it has prom- 
ised to hold an independence 
referendum within 12 months 
of Liking office, giving Quebe- 
cois an opportunity to reverse 
their decision to remain part of 
Canada which they made in a 
similar vote 14 years ago. 

The prospect of a PQ victory 
has become as much - if not 
more - of a talking point in 
Montreal's clubby business 
community as the surging 
exports, a turnaround in corpo- 
rate profits and the improved 
housing market which all sig- 
nal the start of a long-awaited 
economic upturn. 

“The economic climate is 
very good.” says Mr Jean Dou- 
ville, president of Schroders & 
Associates Canada, an affiliate 
of Schroders. the UK merchant 
bank. But Mr Douville. himself 
a Qucbccois. adds that 
renewed political nervousness 
“is certainly worrisome". 

The PQ Insists that business 
has nothing to fear in a sover- 
eign Quebec. Its leader. Mr Jac- 


ques Parizeau, is an astute 
economist who was once 
described as the best finance 
minister that Canada never 
bad. In particular, PQ leaders 
have begun to lobby for an 
independent Quebec's acces- 
sion to the North American 
Free Trade Agreement 

Nevertheless, fears of a 
messy divorce and uncertainty 
about how well Quebec would 
Tare by going it alone are 
unsettling business confidence. 

The PQ’s last term in office 
in the late 1970s and early 


1380s was marked by a flight of 
capital and people to neigh- 
bouring Ontario to the west, 
and the US to the south. The 
scare was exemplified by Sun 
Life or Canada, the country's 
biggest insurance company, 
which moved its head office 
from Montreal to Toronto. 

The jitters have started to 
resurface. The gap between the 
yield on 30-year bonds issued 
by Quebec and by the neigh- 
bouring province of Ontario 
has widened from about 12 
basis points last autumn to 33 
basis points late last month. 

Mr Yves Auclair, a Quebec 
bond specialist at Burns Fry’ In 
Montreal says that “the typi- 
cal holder of Quebec bonds has 
gradually scaled back his 
weighting over the past four 


months". Among long-term 
bonds issued by Canada’s 10 
provinces, only impoverished 
Newfoundland offers a higher 
yield than Quebec to attract 
investors. 

However, the spread between 
Quebec and Ontario bond 
yields narrowed to 21 basis 
points last week on the heels of 
opinion polls which show wan- 
ing support for the separatists. 
One poll put the Liberals 
ahead of the PQ for the first 
time in more than a year. The 
federalist forces received 


another boost this week when 
the Liberals unexpectedly won 
a by-election in a French- 
speaking constituency east of 
Montreal 

Anecdotal evidence suggests 
that while many companies are 
continuing to invest in Quebec, 
political uncertainty is also 
causing them to review their 
Quebec operations. 

The separatist forces were 
bolstered by the strong show- 
ing of the PQ's federal counter- 
part the Bloc Qu$b£cois, in the 
general election last Odtober. 
The BQ is now the official 
opposition in the House of 
Commons in Ottawa. 

Its canny leader. Mr Lumen 
Bouchard, is likely to play a 
leading role in the coining elec- 
tion campaign. 


Fears of a messy divorce and uncertainty 
about how Quebec would fare by going 
it alone are unsettling business confidence 


Mr Bouchard Is in the US 
this week enjoying a level of 
status and publicity not con- 
ferred on the separatists since 
they were voted out of office 
nine years ago. His itinerary 
has included a meeting with 
Mr Boutros Boutros Ghali, UN 
secretary-general. At home, the 
BQ has made full use of its 
strength in parliamentary 
debates and question periods 
to remind Qu6b£cots that being 
part of the Canadian federation 
brings more costs than bene- 
fits. 

Prior to the by-election upset 
this week. Mr Parizeau was 
exuding confidence. Hie PQ 
had won a string of by-elec- 
tions, including one last week 
in which it captured a Liberal 
- and supposedly federalist - 
stronghold. 

The Liberals' new leader, Mr 
Daniel Johnson, took over 
from Mr Robert Bourassa as 
premier in January amid low 
expectations. Mr Johnson has a 
low-key style and made many 
political enemies during his 
years as a tight-fisted cabinet 
minister in charge of the prov- 
ince's civil service. 

Senior diplomats in Ottawa 
had concluded that the coming 
election was the PQ's to lose. 
But recent opinion polls and 
the by-election result show 
that the fight Is far from over. 

Mr Johnson is following 
much the same formula as the 
one which propelled the federal 
Liberals to victory in the gen- 
eral election. Instead of being 



Bouchard: likely to play leading role in campaign **** 

drawn into a constitutional Like many others in the 


debate with the PQ, Mr John- 
son Is trying to spread an 
upbeat massage that the best 
way to generate jobs is 
through a strong economy 
unfettered by political uncer- 
tainties. 


business community, Mr Dou- 
ville is crossing fingers that 
the strategy will work. He 
notes that “it's a lot easier for 
people to accept the status quo 
when they've got some money 
in their pockets”. 


Talks resume on 
ending conflict 
in Guatemala 


By Edward Oriebar 
in Guatemala City 

The Guatemalan government 
and left-wing guerrillas 
resumed peace talks yesterday 
in a new bid to end their 33- 
year conflict 

The talks in Mexico between 
the government and the guer- 
rillas of the National Guatema- 
lan Revolutionary Unit come 
amid a climate of instability 
fuelled by recent coup rumours 
and apparent divisions in the 
army over the possible out- 
come of the talks. 

The negotiations, at which a 
United Nations moderator will 
be present, are to address the 
delicate issue of a human 
rights agreement and the cre- 
ation of a commission to inves- 
tigate past abuses. 

The meeting will be the first 
since the signing of a frame- 
work agreement in January, in 
which both sides stated their 
political will to reach a settle- 
ment this year. 

Guatemala’s President 
Ramiro de Le6n Carplg, a for- 
mer human rights official who 
became head of state last June, 
badly needs a public relations 
victory, after his image has 
begun to wilt both locally and 
internationally. 

But senior army officers 
including the minister of 


defence, have made it clear 
they take a dim view of a pro- 
posal to form a commission 
which would investigate viola- 
tions during the internal con- 
flict, which has cost more than 
100.000 lives. 

The substantial constituency 
in the army a gainst the peace 
talks, and particularly an 
Investigative commission, has 
cast doubt on professed opti- 
mism in government circles of 
an imminent breakthrough. 

However, sources close to 
the government delegation 
believe the guerrillas may 
allow discussions on the com- 
mission to be put to one side. 

The guerrillas have main- 
tained throughout the four- 
year long negotiations that the 
creation of such a commission, 
and a commitment to interna- 
tional verification of human 
rights observance, are require- 
moots if it is to sign an agree- 
ment on human rights. 

The issue has highlighted 
divisions between the civilian 
government and the military. 
Mr Hector Rosado, the head of 
the government's team in the 
talks, which includes two gen- 
erals and a colonel, has said 
that a co mmi ssion is necessary 
if peace Is to bring minimal 
comfort to the hundreds of 
thousands of relatives of vic- 
tims during the co nfl i c t- 




Rabin holds 


talks with far-right party on extending coalition 


Israel 


By Jidian Ozanne in Jerusalem 

Israel came under renewed 
international pressure yester- 
day to meet demands for 
greater protection of Palestin- 
ians living under military 
occupation. 

In an effort to calm Pales- 
tinian outrage after last Fri- 
day’s massacre in Hebron, 
Israel began freeing 400 more 
Arab prisoners yesterday, 
bringing this week's total to 
nearly 1.000. But the Palestine 
Liberation Organisation reiter- 
ated that the move was insuffi- 
cient to allow a resumption or 
peace talks. 

Efforts to resume the peace 
process are focusing on the 
PLO’s demands for the deploy- 
ment of an international pres- 
ence in the occupied territories 
to safeguard Palestinians, the 
disarming of the 120,000 Jewish 
settlers, and the dismantling or 
“realignment" of some political 
or ideological settlements. 
Israel has rejected the PLO’s 
demands. 

However. Mr Karolos Papon- 
lias. the Greek foreign minis- 
ter. wbo is touring the Middle 
East representing the Euro- 
pean Union, lent his support to 
the demands during a visit to 
Amman. Russia, a co-sponsor 
of the Middle East peace pro- 
cess with the US, has also 
backed the PLO position. 

Officials in Israel also said 
that the US, which generally 
supports the Israeli govern- 
ment. would welcome more 
credible measures to assuage 
Palestinian fears. 

The US is awaiting the 
arrival of Mr Nabil Shaath, a 
senior PLO official who is due 
in Washington today to explain 
the organisation's stance and 
to try to win backing for a 
strong UN Security Council 
resolution on the massacre. 

Mr Douglas Hurd, the British 
foreign secretary, said in Lon- 
don yesterday after meeting 


faces protection demands 


Mr Shaath that the UK would 
be willing to send international 
observers to the occupied terri- 
tories. “I am thinking of indi- 
viduals and civilians rather 
than armed units," he said. 
Britain was determined that 
the massacre should not derail 
the peace process, be added. 

Meanwhile, the Israeli gov- 
ernment sought to strengthen 
its position In parliament, 
where it has only a one-seat 
majority, by bringing Tsomet, 
a far-right-wing party, into the 
Labour-led coalition, a move 
that ignited fierce protest from 
Arab and left-wing government 
supporters. 

Air Yitzhak Rabin, the prime 
minister, has had lengthy 
negotiations with Tsomet, 
which has five members in the 
120-strong Knesset (parlia- 
ment). 

Tsomet favours expanding 
Jewish settlements in the occu- 
pied territories and Is opposed 
to the creation of a Palestinian 
state. 

Mr Rafael Eitan, the leader 
of Tsomet, who once compared 
Arabs to cockroaches, said yes- 
terday the basis for coalition 
negotiations with Labour had 
been created by recent events 
and the uncertainty surround- 
ing the implementation of the 
PLO-Israel outline peace 
accord. 

The Knesse t's two Arab par- 
ties, with five parliamentary 
seats, said they would with- 
draw their support from the 
government if Tsomet joined 
the coalition. The left-wing 
Meretz party, Air Rabin's most 
important coalition partner, 
also said it was opposed to the 
move, warning that it would 
send a negative message to 
Palestinians and jeopardise 
peace talks . 

Mr Ahmed Tibi adviser to 
Air Yassir Arafat, PLO chair - 
man, said the contacts with 
Tsomet “cast a deep shadow" 
over the peace process. 



Hopes rise on HK airport 


SDR48m 
IMF loan 
agreed for 
Senegal 

By George Graham 
in Washington 

The International Monetary 
Fund yesterday moved to help 
the countries of French-speak- 
ing west and central Africa get 
over the pains of January's 
devaluation of the CFA franc 
by agreeing to lend Senegal 
-17.6m special drawing rights 
(about £46m). 

The loan is the first agreed 
since the countries of the franc 
zone decided on January 11 to 
cut the value of their currency, 
fixed at 50 CFA francs to the 
French franc since 1948. by 50 
per cent. 

The IMF board is expected to 
discuss similar loans to other 
franc zone countries, starting 
with Niger, Ivory Coast, Com- 
oros and Cameroon, over the 
next month. 

The loan agreed yesterday 
will buck up the policies Sen- 
egal's government has adopted 
since the devaluation to boost 
its economy, including cuts in 
customs tariffs, administered 
prices, and the pursuit of a 
moderate wage policy. 

Figures from the Senegal 
government and the IMF show 
the coim try's economy shrank 
by 0.S per cent last year, but is 
projected to grow by 2.7 per 
cent in 1994 and 5.0 per cent in 
1995. Inflation is projected to 
climb to 39 per cent this year 
before dropping to 7.3 per cent 
in 1995. 

In a statement issued yester- 
day the IMF called for external 
aid to Senegal, including debt 
relief. France has already 
agreed to cancel its remaining 
debt from low-income member 
countries and to halve out- 
standing debt from middle-in- 
come countries. 


By Simon Holberton 
In Hong Kong 

The prospect of a settlement to 
Britain and China’s long-run- 
ning dispute about financing 
Hong Kong’s mutti-bUUon-dol- 
lar airport project brightened 
significantly yesterday after 
what British officials 
described as “useful and con- 
structive” talks. 

British officials gave an 
upbeat assessment of the 
talks, the first since August 
last year, describing the atmo- 
sphere as “positive and 
friendly”. They said China’s 
attitude demonstrated it 


By John Burton in Seoul 

South Korea yesterday 
announced a conditional sus- 
pension of its annual Team 
Spirit military exercise with 
the US In response to North 
Korea’s acceptance of interna- 
tional nuclear Inspections. 

Team Spirit, which has 
taken place almost annually 
since 1976 In South Korea, will 
not be conducted this year if 
the International Atomic 
Energy Agency’s inspections of 
the North's seven declared 
nuclear facilities prove satis- 
factory. 

In Washington, the adminis- 
tration said it would resume 
high-level talks with North 
Korea following the arrival of 
international experts in Pyong- 
yang to begin nuclear site 
inspections. 

“The talks will aim at a thor- 
ough and broad resolution of 
the nuclear and other issues 
that separate the DPRK [North 
Korea] from the US and the 
rest of the international corn- 


wanted to settle the issue of 
airport finance. 

China has attempted to use 
the airport as a lever to influ- 
ence the British government 
in its row with London over 
Hong Kong’s political develop- 
ment With the recent failure 
of bilateral talks on the colo- 
ny's forthcoming election, Bei- 
jing may have decided that 
bolding up progress on the air- 
port served no further useful 
purpose. 

An early test of this will 
come next week, (hi Wednes- 
day, the government intro- 
duces into the local legislature 
the second of Governor Chris 


munity," Mr Alike McCurry, 
State Department spokesman, 
said. 

He renewed the US warning 
that the talks and temporary 
cancellation of Team Spirit 
“are based on the premise that 
the IAEA inspections will be 
fully im plem ented and Soilth- 
North nuclear dialogue will 
continue through the exchange 
of special envoys". 

Team Spirit has been a bone 
of contention with North 
Korea, which has criticised the 
exercise as a preparation for an 
attack by the US. 

In an agreement reached last 
week in New York, North 
Korea agreed to allow the long- 
sought IAEA inspections to go 
ahead and to resume the 
North-South dialogue. 

In Vienna, IAEA officials 
said yesterday they had carried 
out their first inspection of 
North Korean nuclear facilities 
in more than a year, at nuclear 
sites at Yongbyon, 90 miles 
north of Pyongyang. 

The US has also asked 


Patten’s bills for democratic 
reform. The following day, 
China ’s National People's Con- 
gress. or rubber-stamp parlia- 
ment, convenes in Beijing for 
its awwnai meeting. A year 
ago, a similar conjunction of 
events produced a furious 
response from China. 

The airport and its connect- 
ing railway are estimated to 
cost the public sector about 
HKS84bu (£7.3bn). Earlier this 
year, the Hang Kong govern- 
ment acquiesced in China’s 
demand that the project be 
funded by HKftKLSbn of equity 
and HK$23bn of debt 

Mr Alan Paul the UK team 


Pyongyang to agree to an 
exchange of presidential 
envoys with South Korea to 
dismiss the nuclear problem 
and other inter-Korean issues. 

The two Koreas yesterday 
had a working-level meeting at 
the truce village of Panmun- 
Jom to prepare for the proposed 
exchange this month. It was 
the first inter-Korean contact 
since October. 

The negotiations are expec- 
ted to focus on possible US dip- 
lomatic recognition and eco- 
nomic aid. 

But North Korea tabled new 
conditions for the envoy 
exchange, raising doubts 
whether the deal to resolve 
suspicions about Pyongyang's 
nuclear programme will pro- 
reed smoothly. 

The North demanded that 
the proposed deployment of US 
Patriot missiles in South Korea 
be stopped and that South 
Korea’s President Kim Young- 
sam apologise for remarks last 
year criticising Kim H-siing, 
the North Korean leader. 


finance 

leader, said the attitude of the 
Chinese side showed China 
wanted to move to a foil meet- 
ing of the airport committee. 
Hie committee would meet in 
full session only if it were to 
agree a financial plan. 

The Chinese side had yester- 
day asked a number of techni- 
cal questions concerning the 
latest financial plan, he added. 
These would be responded to 
within the week and the tim- 
ing of another meeting dis- 
cussed. It is vital both sides 
agree financing before the 
summer. If not delays in open- 
ing the airport of up to a year 
or more may be unavoidable. 


India’s 
exports 
surge 21% 

By Shiraz Sfdhva In New Delhi 

India's exports surged 21.41 per 
rent to gl7Bbn (£9.8bn) in the 
10 months from April 1993 to 
January this year. Preliminary 
figures yesterday showed that 
while exports are continuing to 
grow strongly, imports in the 
period increased only 0.68 per 
cent to S18.38bn against last 
year’s $18.26bn. The trade defi- 
cit fell from S3.6bn in the 10 
months to 5581.68m. 

Alain commodities that have 
led to the growth in exports 
are gems and jewellery (18 per 
cent); ready-made garments 
(12.3 per cent); engineering 
goods (9 per cent); textiles (6.8 
per rent), and leather goods 
(19 per cent). Imports contin- 
ued to be dominated by petro- 
leum and crude oil 
• The Asian Development 
Bank yesterday approved a 
$600,000 grant for emergency 
rehabilitation management in 
Maharashtra, where 10,000 peo- 
ple were killed in an earth- 
quake last September. 


Seoul suspends its annual 
military exercise with US 


Fund managers watch 
S African cliff-hanger 
with bated breath 


A select group or visitors 
to South Africa with 
around half a billion 
dollars to invest are following 
the country's nail-biting politi- 
cal negotiations with particu- 
lar interest 

They are 28 fond managers 
from some of the most promi- 
nent European and North 
American Investment institu- 
tions on a week long tour.They 
will be seeking the answer to 
one question above all else: 
what are the prospects for a 
stable, post-apartheid South 
Africa? 

Signs are that the represen- 
tatives from New York's Laz- 
ard Fr&res and Merrill Lynch 
Asset Management. London's 
IDC International and Toron- 
to's Goodman & Co. among 
others, have liked what they 
have heard from Mr Derek 
Keys. Minister of finance, the 
ANCs economics department, 
the Reserve Bank, and busi- 
nessmen such as Mr Meyer 
Kahn, chairman of South Afri- 
can Breweries (SAB), and Mr 
Wans Smith, managing 1 director 
of the steel-maker Iscor. 

Mr Richard Jesse, at stock- 
brokers Martin & Co, which 
arranged the visit, says there 
is no doubt that even the most 
cautious foreign investors “like 
the concept" of investing in 
South Africa. 

A successful outcome to the 
political negotiations currently 
under way would remove 
much of the remaining unease 
about the country's investment 
risk. But with elections so 
close, many will take the atti- 
tude that watting a few weeks 
more before committing funds 
“can do no harm when you 
have been waiting for 50 
years". 

When they do take the 
plunge. South Africa is likely 
to see indirect foreign invest- 
ment which will dwarf the 
sums spent on shares since the 
lifting of sanctions in Septem- 
ber which saw records broken 
on the Johannesburg Stock 
Exchange. 

“The JSE has seen hundreds 
of millions of rands of foreign 
money. Now it will see hun- 
dreds of millions of dollars,” 


says Mr Jesse. 

The change in sentiment is 
dramatic (only 10 companies 
accepted Martin & Co’s last 
invitation for a fund managers’ 
visit in October), and has been 
fuelled by the feverish interest 
in emerging markets. 

Mr Miles Moreland of the 
London-based Blakeney Man- 
agement, which specialises in 
discovering “new" markets, 
says Soutb Africa is on the 
threshold of a third wave of 
offshore share buying. 

South Africa is 
on the threshold 
of an investment 
‘third wave’, says 

Matthew Curtin 


The first wave saw hedge 
funds and the “more nimble, 
unrestricted" investors buy 
South African shares for much 
of 1993, and move quickly to 
take profits this year. 

Then came the specialist 
Africa funds such as Morgan 
Stanley’s $60m (£33Jm) Africa 
Investment Fund, and Alliance 
Capital Management's $100m 
Southern African Fund, listed 
on Wall Street on Friday. 

Mr Moreland says the more 
cautious global players, the 
large mutual and pension 
funds, are about to follow. This 
comes about as much the 
result of growing confidence in 
a growing South African econ- 
omy as the JSE’s forthcoming 
in c l usion in the International 
Finance Corporation's emerg- 
ing market index and Morgan 
Stanley International's devel- 
oping market index. 

The JSE in one of the world's 
largest stock markets by capi- 
talisation (about $170bn) but is 
under-represented in emerging 
market portfolios. 

When the JSE is added to 
indices by which the perfor- 
mance of share portfolios are 
judged, emerging market fund 
managers win have to redirect 
some of the S8bn assets they 
manage to South Africa to 
ensure they have even expo- 


sure to a market which repre- 
sents at least 10 per cent of the 
value of all emerging markets. 

Ms Maria Ramos, an ANC 
economist, says any increase 
in indirect investment is wel- 
come, as its improves market 
liquidity and economic confi- 
dence. That will be vital if a 
new government is to raise 
new funds on international 
capital markets. But she points 
out it does not create jobs. 

Direct foreign investment 
will be critical if the estimated 
6m unemployed South Africans 
are to find work. Jab creation 
has risen swiftly this year to 
the top of the agenda at the 
National Economic Forum, 
which links government, busi- 
ness and trade unions. 

However, as high-profile as 
the announcement of the 
return of Industrial Business 
Machines (IBM), Kodak and 
Reebok have been, the s ums 
involved with the companies' 
reinvestment are small. 

The Overseas Private Invest- 
ment Corporation (Opic). the 
US government agency which 
helps US businesses invest 
abroad, completed a 10-day 
visit on Tuesday by announc- 
ing a 575m equity investment 
fund aimed at black business, 
and small business partners. 

Mr Richard Morningstar. an 
Opic vice-president, says the 
trip was an “unqualified suc- 
cess” but admits the agency 
can only make the smallest, 
albeit important, contributions 
to the economy. 

Even if the political transi- 
tion proves surprisingly free of 
violence, and rears of future 
macro-economic indiscipline 
are unwarranted, foreign com- 
panies contemplating direct 
investment are entering a com- 
petitive domestic market. 

Air Jesse says it is easy to 
say a foreign brewer or phar- 
maceutical company should be 
able to rush into South Africa, 
but large indigenous groups 
are unlikely to give ground 
easily to competitors. 

Foreign investment will be 
good for stockbrokers’ pockets 
but promises no free ride for 
the economic planners. 

See World Stodk Markets 


NEWS IN BRIEF 


China plans 
intellectual 
property courts 

China said it would establish two specialist 
courts in Shanghai to handle intellectual prop- 
erty rights cases, according to Wen Wei Po, a 
pro-China newspaper based in Hong Kang. 

The courts would specialise in trademark and 
copyright violation cases. Since 1983 an array of 
courts in Shanghai, a key commercial centre, 
have handled more than 1,200 intellectual prop- 
erty rights cases. The number has risen in 
recent years as China moves to a market econ- 
omy. 

• The number of bank credit cards issued by 
China’s four main banks will reach 7m by the 
end of this year, up from 4m today, the Eco- 
nomic Information Daily said. Renter reports 
from Beijing. 

The Industrial and Commercial Bank has 
issued more than 2m of its Mudan cards, with a 
turnover in 1993 of more than Yn50bn (£3-Sbn), 
an increase of 455 per cent over 1992, it said. 

It said 212 of the bank's branches could issue 
the card, with 95 new branches added in 1993. 

• China’s population last year grew at its slow- 
est rate in more than three decades. Although 
the total population grew to nearly 12bn, the 
natural growth rate - the difference between 
the birth and death rates - was 21.45 per thou- 
sand, down from 11.60 in 1992, the Xinhua news 
agency said. 

Algeria in IMF talks 

Algerian economy minister Monrad Benachen- 
hou is expected to visit Washington next week 
to hammer out the details of an agreement with 
the International Monetary Fund, according to 
officials in Paris, Reuter reports from Paris. 

“Benachenhou is expected to go to Washing- 
ton to formalise thp arrangement, to finalise the 
figures," one official said, adding, however, that 


the minister would probably require final 
approval from Algiers before an agreement was 
sealed. 

If agreed, the accord is expected to have two 
components * a regular "standby” loan to sup- 
port its balance of payments and a further sum 
under the IMF’s compensatory financing facil- 
ity. Algeria said last week the IMF might give it 
a $500m (£342.4m) standby loan and S300m more 
to offset lower oil revenues, which make up over 
90 per cent of hard currency earnings. 

Philippines inflation up 

Inflation in the Philippines rose towards the end 
of 1993. partly because of the easing of state 
support for ttie central bank following a law 
that created a more independent monetary insti- 
tution, a central bank official said, Reuter 
reports from Manila. 

The government had eased its support for the 
bank's liquidity management since passage of 
the Central Bank Act This led to heavy with- 
drawals of state deposits in the bank, contribut- 
ing to an expansion in money supply that 
fnelied inflation, the official said. 

The annualised inflation rate, as measured by 
the consumer price index, rose to 8.4 per cent In 
December last year after hitting a low of 6.6 per 
cent in June and averaging 7.6 in the same year. 
Inflation was 82 per cent in January 1993. 

Vatican-Jordan ties 

The Vatican established diplomatic relations 
with Jordan yesterday in its latest move to 
bolster ties with the Arab world to counterbal- 
ance its recent recognition of Israel Renter 
reports from Vatican City. 

The new relations will also make it easier for 
Pope John Paul to visit holy sites of the Old and 
New Testaments before the year 2000. 

The move, less than three months after the 
Vatican announced it was stepping up official 
ties with Palestinians, was also expected to give 
the Holy See a greater chance of influencing the 
Middle East peace process. 

The Vatican now has full diplomatic relations 
with all of the countries that have land borders 
with Israel - Jordan, Lebanon, Syria and Egypt. 


Vietnam’s state companies discover the bottom line 


u - ten years, Mr Le Trong tried to 
tersuade other state-owned compa- 
lies in Vietnam to pay him to 
se their products, but he got 
e. The companies said their raw 
Is were supplied by one govera- 
epartment and the finished prod- 
re distributed by another. All they 
do was to meet their production 
and everyone was happy. 
rcn» on. Mr Le Trong is much in 
. His swish central Hanoi office is 
1 by directors of the same state 
u?s and he «ui barely hire enough 
ileal with the extra work. 

L*ason is simple; in the intervening 
he Vietnamese government has 
red pro-market economic reforms 
d stale companies they have to 
or fail on Uieir financial merit, 
owned companies that for years 
cental in the innocent belief that 
•re pleasing their customers have 
Lii to the awful truth that nobody 


Iain Simpson looks at a sector that has been told to stand or fall on financial merit 


actually wants to boy what they make. 
Others with bloated workforces have had 
to choose either to sack their excess staff 
or face financial ruin. 

Air Le Trong’s company. Vinexad, is 
owned by the Ministry of Commerce and 
be now proudly boasts that it is the most 
successful state-owned advertising agency 
in Vietnam. 

One of his prospective clients is doing 
rather less well Far 40 years after it was 
set up in 1947, Tran Hung Dao Engineering 
played an integral part in Vietnam's strug- 
gle for independence and socialism. Now, 
the company is in danger of being thrown 
on the scrap heap. 

During the war for independence against 
the French and than the war against the 
US, Tran Hung Dao made military hard- 
ware and other supplies for the war effort. 
After the war ended in 1975, the company 


was converted to civilian use. 

Until 1990, Tran Hung Dao made SJXM 
small engines a year for use in tractors, 
water pumps and other agricultural equip- 
ment. All were taken away from the fac- 
tory for distribution, and the company 
assumed its products were popular. 

Last year, the compact)' sold just 200 
engines. Now more than half its 2.000 
workers have been laid off. Tran Hung 
Dao is pinning its hopes on a joint venture 
with a South Korean company. 

“At present, we are facing a shortage of 
work for the workers.” says deputy direc- 
tor Mr Vu Duy Lieu. “We are suffering 
from many difficulties, such as a shortage 
of capital, obsolete equipment and old 
buildings. We also have to compete with 
large numbers of illegal imports from out- 
side, which are better quality and cheaper 
than what we can produce." 


The charge that illegal imports - mostly 
from China - are under mining state indus- 
try in Vietnam is heard regularly from 
those in charge of running the state sys- 
tem. However, foreign economists say the 
main problem these companies face is 
internal inefficiency, not outside competi- 
tion. 

I t is not all gloom, though. Thang Long 
Garment Company is one state enter- 
prise that has not only survived but 
has thrived under the new system of finan- 
cial independence. 

Throughout its 36-year history, the com- 
pany has adapted well to the economic 
conditions of the time. In 1958, Thang 
Long was set up to export garments to the 
former socialist bloc countries In eastern 
Europe. When that market collapsed into 
political turmoi» and the Comecon trading 


system was abolished, Thang Long had to 
find new markets fast. At the same time, 
the government in Hanoi withdrew much 
of its financial and planning support for 
state industry. 

Five years later, the company’s output 
has risen 30-fold and it now exports 4m 
items a year to Japan, other Asian coun- 
tries and western Europe. With the lifting 
of the US economic embargo, it hopes soon 
to add North America to this list. 

The secret of the company's success? 
First, it invested in new equipment and 
improved the quality of its products, 
rather than dropping its prices; and sec- 
ond. “We try to conform to the saying The 
customers are the gods’ and we are trying 
to meet as many of our customers' 
demands as possible." says assistant gen- 
eral director Nguyen Van Do. 

This enthusiasm for customer service is 


an indication of just how far successful 
state companies have moved away from 
the command economy of the past. 

So far, most of the survivors have been 
light industrial companies, relying on 
cheap labour and high levels of output. 
Heavy industrial and engineering compa- 
nies. which require expensive capital 
input, are generally doing much less well 
and will either face bankruptcy under new 
legislation or will require high levels of 
state support to survive. 

The continuing existence of a state sec- 
tor may not be a bad thing, though, 
according to some western economists in 
Vietnam. "There will be certain areas of 
the economy where public enterprises will 
certainly continue to exist," says Mr Roy 
Morey, head of the United Nations Devel- 
opment Programme in Hanoi. “Public util- 
ities and those areas of the economy that 
are considered to be of strategic impor- 
tance to the country - 1 would expect that 
these would continue to function." 


■> 


CTThi a nj/t A . . TIMES FRIDAY MARCH 4 1994 


NEWS: UK 


UK part-time work rules ‘in breach of EU law’ 


By John Mason and Lisa Wood 


The British government's drive to 
create a flexible labour market suf- 
fered a substantial setback yesterday 
when the House of Lords ruled that 
UK laws on part-time workers' 
rights over redundancy pay and 
unfair dismissal are in breach of 
European law. 

The law lords' ruling could add 
significant costs for employers as 
the government will be forced to 
bring tbe rights of part-timers into 


line with those in full-time employ- 
ment 

The reactions of employers organi- 
sations to the Lords judgment was 
mixed. The Confederation of British 
Industry said it believed most 
employers would be “relaxed about 
the implications’’, while the Institute 
of Directors condemned the changes 
as “contrary to the Interests of 
employers and employees alike" 

The government suffered an 
equally severe blow when the law 
lords ruled at the same time that 


those bringing challenges over the 
government’s Implementation of EU 
law should be able to use the High 
Court’s judicial review procedure 
rather than be forced to go to the 
European Court 

It is expected that this could lead 
to a significant increase in the num- 
ber of politically co n tr o ve r sial cases 
brought against the government by 
pressure groups and others. 

The law lords ruled, by a majority 
of four to one. against the provisions 
of the Employment Protection Act 


1978 which restricts the rights of 
those working less than 16 hours a 
week. 

Under the act, part-time workers 
are only covered by unfair dismissal 
and redundancy pay provisions after 
completing five years continuous 
employment. Full-time employees 
q ualify for these entitlements after 
two years. 

The Equal Opportunities Commis- 
sion, which brought the action 
against the government, had claimed 
this breached European law 


intended to outlaw discrimination in 
the workplace. 

The government had maintained 
that the provisions struck a fair bal- 
ance between employers and 
employees. It also argued that 
employees working fewer than 16 
hours a week benefited since the 
lack of entitlements encouraged 
employers to take on more part-time 
staff. 

The Lords ruled that the Act's pro- 
visions over redundancy pay 
breached article 119 of the Treaty of 


Rome, while those over unfair dis- 
missal breached the Equal Pay 
Directive. 

The government must now intro- 
duce new legislation to bring UK law 
into ime with that of the EU. The 
Department of Employment said this 
would happen as soon as posable 
but it seems unlikely to be passed 
without strong protests from right 
wing an d anti-European Tory MPs. 

Part-time work is the growth area 
in the UK labour market, with about 
one-fifth of the 25m workforce. 


Shipyard 
bidder 
attacks 
UK rival 


By Chris Tigho 


Minister says 
dam cost rises 
were unusual 


By Roland Rudd 


Baroness Chalker, UK minis ter 
for overseas development, yes- 
terday said she had opposed 
the British government's fund- 
ing of the Malaysian Pergau 
Dam project on economic 
grounds. 

She also told the Commons 
foreign affairs committee it 
was unusual for the cost of a 
project to rise in such a short 
time by as much as the Pergau 
dam had. 

Under persistent questioning 
over the alleged link between 
the aid for the dam and a Elba 
arms deal she conceded that it 
might be more accurate to 
describe the two policies “as 
independent rather than no 
linkage". 

Baroness Chalker's evidence 
came as Lord Younger said on 
ITN news he alone had taken 
the decision to offer aid as part 
of an arms sale in the protocol. 
But he made clear he did so on 
behalf of the government. “1 
was secretary of state for 
defence not just an office boy”. 

It is understood that Lord 
Younger’s intervention follows 
two private telephone conver- 
sations with Mr Douglas Hurd, 
the foreign secretary. Mr Hurd 
appeared to blame Lord 
Younger for the “ incorrect 
entanglement" of aid and arms 
between March and June 1988 
when he gave evidence to the 
foreign affairs committee on 
Wednesday. 

Baroness Chalker told the 


committee: “The minute 
George Younger got back to 
London [after signing the pro- 
tocol linking aid to arms] other 
members of the government 
set about making sure that the 
protocol was withdrawn". But 
she argued: “At the same time 
it was in Britain’s interests to 
continue to offer defence equip- 
ment to Malaysia". 

She said: “I advised Douglas 
Hurd that from my perspective 
we should not proceed. The for- 
eign secretary took a different 
view.” She said Mr Hurd had 
informed Baroness Thatcher, 
the then prime minister, that 
she opposed tbe project on eco- 
nomic grounds. 

It was only “marginally eco- 
nomic” at the original contract 
estimate of £316m. Sixteen 
days later the UK consortium, 
led by Trafalgar House and 
BICC, increased their estimate 
to £397m. which by 1991 rose to 
£417m. 

Baroness Chalker said: “It 
was extremely unfortunate 
that they [the consortium] did 
not clarify the elements which 
were excluded from the first 
estimate. What was going on it 
is difficult to say.” 

She went on to disclose that 
Mr Chris Patten, the then min- 
ister for overseas development 
had also been strongly opposed 
to funding the dam. And «hp 
accepted the suggestion that 
appraisal of the dam was con- 
ducted in two days because 
Baroness Thatcher wanted it 
completed quickly. 



UK entrepreneur Mr David Brown, who has played a key role In 
the development of export markets for the Proton, Malaysia’s 
national car, is seen leaving Downing Street yesterday after 
cabinet discussions certain to have centred on the breach in 
trade relations between the UK and Malaysia. Mr Brown is 
known to have maintained close contacts with Malaysia's prime 
minister and other key gover nmen t figures since the late 1980s, 
when he founded Proton Cars (UK) furmi lay Aafwood 


a North 
West 


West 

Water 


Assistant Treasurer 


An exceptional treasury appointment 

Cheshire To £45,000 package + car 


This FTSE 100 Company is engaged in a 
multi-bill ion pound Investment programme to 
Improve water and wastewater services in NW 
England. It has also Implemented a successful 
strategy of adapting Us unique expertise to the 
needs ol the international market. Success in 
both these areas will require the highest level 
of treasury management expertise to secure 
appropriate low-cost funding. 

Restructuring has now created an 
opportunity to join the treasury team In a 
critical role, in which you will assist the 
Treasurer in the analysis and Implementation 
ol funding strategies, manage a small team of 
dealers in the execution of market 
transactions and develop models, systems 
and procedures to ensure cost-effective risk 
management. 


You will be a graduate, probably with a 
further qualification in treasury, banking or 
accounting. You will have extensive treasury 
management experience in a comparable 
organisation and have a detailed knowledge or 
the financial markets, including the use of 
derivative techniques to control risk. 

The remuneration package will Include a 
bonus element. Assistance will be given with 
relocation, where appropriate. Career 
development prospects are excellent. 

if you wish to be considered for this key 
appointment, please write - in confidence - 
enclosing a cv and details of current 
remuneration to: Douglas Austin, Ref 22C76, 
MSL Group Ltd. 32 Aybrook Street, London 
W1M 3JL. Telephone 071 487 5000. 


iL International 


Consultants in Search and Selection 


We are an International Group specialized in Shipping and Manufacturing 
and require to fill the positions of 


FINANCIAL CONTROLLER 


for three of our Unit Companies located in Nigeria. Our Companies are leaders in their activities. 
We have over 5,000 local employees, about 50 expatriates and branches all over the country. We 
are representing various overseas companies and are part of an international business network. 
The successful candidate shall be between 35 and 45 years old, a chartered accountant by 
profession and have a solid record of leadership experience on management level. He must have 
worked in a similar position in a medium/ large sized company, and be accustomed to main frame 
data processing. Working experience with PC programmes like Lotus and Windows will help with 
the day-to-day management. Good business English is a condition and basic knowledge in French 
is essential. 


A board appointment is envisaged after satisfactory performance during the first period of the 
contract. 

For this demanding position, we offer a lucrative remuneration together with very good local 
conditions. 


Please address your reply in English, together with a comprehensive CV and a photograph to: 


Cipher 44-68‘2 72, Publicitas, PO Box, CHS021 Zurich. 


Tories join condemnation 
of big executive pay rises 

By Ivor Owen, employee rather than for the government of having one tax 


By Ivor Owen, 

Parliamentary Correspondent 


Mr John Major, the prime 
minis ter, joined Mr Kenneth 
Clarke, the chancellor, in the 
Commons yesterday in con- 
demning excessive pay awards 
to company chairmen and 
senior executives. 

There were fierce protests 
from the opposition benches 
when both ineigteH that there 
was no case for government 
intervention - with the chan- 
cellor ruling out an Increase in 
the top rate of income 

Mr Major recalled that it was 
in 1991 when he first stated 
that “excessive pay awards” 
were not justified. He had not 
altered bis view that pay was a 
matter between employer and 


employee rather than for the 
government. 

Mr John Smith, leader of the 
opposition Labour party, said 
that these was anger through- 
out the country over top people 
securing massive pay increases 
while others had to bear mas- 
sive tax increases. 

Undeterred by Labour jeers, 
the prime minister said Britain 
was "a free capitalist country” 
in which wage rates' were 
determined by companies. He 
argued that Mr Smith’s 
demand for government inter- 
vention undermined Labour’s 
rfaim to have modernised its 
i dea s and to he more under- 
standing about the needs of 
free enterprise. 

Mr Gordon Brown, the 
shadow chancellor, accused the 


government of having one tax 
law for company boardrooms 
and another for everybody 
else. He maintained that if 
executive share options were 
fully taxed there would be 
£200m available for public ser- 
vices. He pressed the chancel- 
lor to act over the “unaccept- 
able face of capitalism". 

Mr Brown condemned the 
tax-free handout secured by Mr 
John Cahill when he stepped 
down from the chairmanship 
of British Aerospace, and the 
£370,000 rise awarded in one 
year to Lord Young, chairman 
of Cable and Wireless. 

Mr Clarke said he frequently 
urged restraint on British 
industry at a time when It was 
necessary to main tain competi- 
tiveness anil low infl ation. 


Lloyds reduces cheque wait 


By Alison Smith 


Lloyds Bank yesterday became 
the last of the big four UK 
clearing banks to say that it 
would cut from three days to 
two the amount of time before 
it pays interest on a cheque 
paid into a personal account 

The move follows a high- 
profile and effective campaign 
from the consumer lobby and 
the opposition Labour party' 
against the longer clearing 
cycle previously used by three 
of the four. 

Mi dland and National West- 
minster announced changes in 
their practices last month. Bar- 
clays was already operating a 
shorter clearing period, and 


has recently capitalised on that 
fact while the other banks 
have been under pressure. 

Lloyds said yesterday that 
from June customers paying in 
a cheque on a Monday would 
be entitled to interest on the 
Wednesday and have access to 
the money from the Thursday. 

As a further change, a 
Lloyds bank customer paying 
cash into any of the bank’s 
branches will be entitled to 
interest on it on the same day. 
The changes are estimated to 
cost Lloyds same £20m in lost 
income over a year. 

Initially, the other three of 
the large dearers were reluc- 
tant to adopt Barclays’ prac- 
tice. 


They argued that the inter- 
est gained by placing the 
money on the international 
markets for the extra day con- 
tributed to the £15bn costs of 
running the clearing system. 
They also said customers 
would not receive any signifi- 
cant benefit from crediting 
interest a day earlier. 

But the publicity the clear- 
ing cycle attracted turned the 
time-lag into a customer issue, 
and so the banks bowed to 
pressure in order to remain 
competitive. 

Mr Nigel Griffiths, Labour 
consumer affair s spokesman, is 
now turning his attention to 
the clearing cycle for b uilding 
society current accounts. 


The French-based company 
preparing a bid for Swan 
Hunter said yesterday it saw 
the apparent interest of Vos- 
per Thornycroft in the Tyne- 
side shipbuilder as a “spoiler”. 

Hr Fred Henderson, leader 
of the Constructions Mecani- 
ques de Normandie team plan- 
ning to snbmit a bid to Swan 
Hunter’s receivers later tbis 
month, said he believed South- 
ampton-based Vosper was try- 
ing to make it more awkward 
for CMN to bid for the Tyne- 
side yard. 

CNN's acquisition of Swans 
would, he suggested, dilute the 
advantage of “British political 
push" for Vosper, which 
exports 95 per cent of output 
and is a rival of CMN in the 
international market for 
patrol boats and corvettes. 

“They have a political edge 
on specific occasions which 
they would lose the exclusive 
use of.” said Mr Henderson, 
chairman of UK-based CMN 
subsiduary CMN Support Ser- 
vices. “We have had situations 
politically where we've lost 
out to VT although a navy had 
chosen our design in prefer- 
ence to VTs. It was the British 
political push.” 

Vosper might be concerned, 
he that In the longer 

term CMN could make avail- 
able to Swan Hunter French 
minehnnter technology, 
another class of vessel where 
Vosper Is strong. 

Earlier this week, Vosper 
confirmed it had entered 
“exploratory and tentative” 
talks with Swans receivers 
Price Waterhouse but refused 
further comment, leaving its 
intentions ambiguous. It did 
not wish to speak further yes- 
terday. 

Swan Hunter went into 
receivership last May, follow- 
ing its failure to win a helicop- 
ter carrier against a consor- 
tium of VSEL and Kvaeruer. 

Since then, the yard has 
slimmed from 2,476 employees 
to 1.038, more than halving to 
£6m the redundancy liability 
for any purchaser. Tins Is why 
it is only now that a firm bid 
is In prospect 


The Top 
Opportunities 
Section 


Financial Planning Manager 


CORPORATE ASSET FINANCE 


c£31,000pa + Car + Banking Benefits Bournemouth 


Advertise your 


Lloyds Bowmaker, part of the Lloyds Abbey Life Group, is one of the UK's leading 
finance houses, a position achieved through professionalism and a commitment to 
providing the very best in asset finance. 


senior 


management 
positions 
to Europe’s 
business 


readership. 
For information 


please contact: 

Philip 
Wrigley 
071 873 3351 


We require an experienced, talented Accountant, with drive, determination and 
ambition to succeed within our organisation. 

Reporting to and deputising for die Financial Controller of our Corporate Finance 
Division, you wffl manage a specialist team with responsibility for treasury liaison, 
pricing, product profitability and the numeric input into strategic thinking on 
business mix and development issues. 

You are likely to be a graduate with a relevant accounting qualification, combined 
with considerable experience in financial modelling. This will be complemented by 
comprehensive knowledge of leasing accounting, mainfr ame ledger systems and the 
application of Lotus 1-2-3 for the analysis of management information. In addition you 
will have previous managerial experience and will be able to demonstrate your ability 
to contribute to the further commercial development of an already thriving business. 

In return, we offer a starting salary of c£3 1,000 pa. plus car and a benefits package 
which indudes non-contributory pension scheme, private medical insurance and 
mortgage subsidy. 

If you can demonstrate a successful track record in the skills required for 
this demanding role, please write with full CV and current remuneration 
details to Gordon Downey, Personnel Manager, Lloyds Bowmaker Finance 
Group, Finance House, 51 Holdenhurst Road, Bournemouth BH8 8EP. 



Lloyds 

Bowmaker 


LESOTHO HIGHLANDS DEVELOPMENT AUTHORITY 
FINANCIAL CONTROLLER 


The Lesotho Highlands Water Project is a joint venture between the governments of the Kingdom of Lesotho and the Republic of 
South Africa. This is one of the World's major multipurpose water supply and hydropower projects. Construction of Phase 1A 
commenced in 1987 and will go into operation in 1996. Planning for Phase IB of the project has commenced and construction is 
scheduled for completion in 2003. Plans are in place for additional phases extending through to the year 2020. 


Finance for the project is being provided by a wide range of multilateral and bilateral donors, export credit agencies and 
commercial banks in the Southern African region and overseas. This high-tech $ multi-billion project demands financial control of 
the highest order because of its magnitude and complexity. 


Reporting to tbe Deputy Chief Executive. Finance and Administration, the Financial Controller's key responsibilities will include: 

- overall control of tbe authority's accounting function. 

- ensuring that all levels of LHDA management are afforded full necessary financial information for decision making. 

- liaison with external auditors to ensure that audits are completed to facilitate compliance with statutory and Treaty 

requirements. 3 


. . * — ouu AlClUy 

requirements. 

a regular review of the adequacy of resources within the division including identification of development needs for local 
staff. 

providing direction to the Deputy Financial Controller, Chief Accountant and other section beads. 


; V-W Ml U VI 3UUU1U SU U fTl 

with detailed curriculum vitae no later man 8 April, 1994 to: 

The Chief Executive, Lesotho Highlands Development Authority, P.O. Box 7332. MASERU I gsotho. 
Telephone: (266) 311280 Telefax (266) 310060 


* p()' u ' 


ri 


of Will' 1 ' 

, l !V |u 


l> I* 



; .*• .* 

• * * 


* *,* 

•••, . 


• 9 * « 
* 
a 


. •»* 


• * » * 




f 

nS . 


/ * * * t 

* ** * • 

* t, 

, . • * 

*» * . a 
*» * * « 

•v:v 


’H V. 

>, Ar 

ft > - 



4 


t 




'"ildtf ' 

‘ K . 


FINANCIAL TIMES FRIDA V MARCH 4 1994 


s UK 


Power market may see more competition 


By Michael Smith 

Tens of thousands more UK 
electricity users be able to shop 
around for supplies in 1996 under 
potential changes which the industry 
regulator has asked the sector to con- 
sider. 

The earlier than expected introduc- 
tion of competition in the power mar , 
ket for small to medium businesses 
would almost certainty lead to a fail 
in bills. 

karger power customers have seen 
prices reduced considerably after 


moves to allow them to choose from a 
variety of suppliers. 

In a confidential letter to regional 
electricity companies. Prof Stephen 
Llttlechild, director general of elec* 
tricity supply, says “there would seem 
to be scope” for extending competi- 
tion to some consumers in two years 
rather than wait until the scheduled 
1998. 

His consultations, prompted by lib* 
eralisation of the gas market, will 
cause concern at some electricity 
companies. They have bought power 
supplies from generators until 1998 in 


the belief that their markets were 
secure and predictable. There are also 
doubts on whether metering technol- 
ogy is sophisticated enough to meet a 
1996 target 

Under existing market liberalisation 
arrangements, only about 5.000 cus- 
tomers requiring peak demand of 
more than 1 megawatt can choose 
their supplier. From next month this 
will extend to another 45,000 whose 
peak demand exceeds 100 kilowatts. 

All other consumers are scheduled 
to remain in the “franchise”, or non- 
competitive. market until 1998, when 


supply monopolies will be abolished. 

In a two-page letter to the 14 
regional electricity distributors in 
England and Wales and Scotland, Prof 
Littlechild accepts that full competi- 
tion is not possible by 1996 but sug- 
gests examination of an “interim fran- 
chise reduction" or several smaller 
steps. 

Prof Littlechild 's office said yester- 
day that he had no firm views on 
whether the introduction of competi- 
tion should be speeded up but he 
wanted to explore the possibilities. 

Prof Littl echild noted that the gov- 


ernment's decision to introduce com- 
petition to 5 per cent of the domestic 
gas market in each of 1996 and 1997 
before British Gas's monopoly on 
domestic sales is abolished fully in 
1993. 

Separately a report today in Power 
UK, a new Financial Times newslet- 
ter. says lower metering costs than 
expected will make the evolution of a 
competitive market alter 1998 much 
more likely. This, it says, will funda- 
mentally challenge the security of the 
companies' investment in generation 
tied to long-term power contracts. 


BT video trials 
use French and 
US technology 


By Andrew Adonis in London 
and Louise Kehoe in 
San Francisco 

British Telecommunications 
yesterday said its video-on- 
demand trials will use technol- 
ogy developed by North Ameri- 
can and French companies. 

Two trials are planned for 
this year. The first, covering 70 
BT employees in Kesgrave, 
near Ipswich, will be a techni- 
cal trial; it will be followed 
later this year by a ranwmBrriai 
trial covering 2,500 residents in 
a place yet to be decided. 

The trials will pilot two tech- 
nologies: the use or ADSL elec- 
tronics to upgrade copper wire 
to can-y video pictures; and the 
more ambitious option of 
extending fibre-optics Into the 
home. 

Northern Telecom, the Cana- 
dian telecoms manufacturer, 
has won the contract for the 
ADSL equipment Alcatel, the 
French supplier, will provide 
the fibre technology. 

Three US companies - Ora- 
cle, nCube and Apple Com- 
puter - will supply software 
and hardware. Oracle will pro- 
vide software and systems inte- 
gration services; nCube will 
provide multimedia server 
hardware; and Apple Computer 
will supply “set top boxes” to 
decode the digital multimedia 
signals. 


University intakes likely to rise 


The technical trial will be 
limited to progr amming using 
material supplied by broadcast- 
ers including the BBC, Carlton 
Communications. London 
Weekend Television and Gran- 
ada. The commercial trial may 
extend to information services, 
including shopping and travel, 
but BT declined to specify. 

For Oracle, the BT selection 
represents a third significant 
contract in the emerging inter- 
active television field. US West 
and Bell Atlantic, two US 
regional telephone companies, 
have adopted Oracle technol- 
ogy for their planned interac- 
tive television services. 

On the basis of the experi- 
ments, BT will decide whether 
to proceed with a massive 
investment - about £15bn - to 
upgrade its network to provide 
broadband services. 

Until recently. BT Insisted 
that the government’s ban on 
it providing entertainment ser- 
vices until at least 2001 made it 
uneconomic to extend fibre 
down to the local network. 

Participants in the initial 
trial will be able to call np 
more than 250 hours of pro- 
gramming through video 
remote control devices. 

The material is then trans- 
mitted from a central database 
over the upgraded telephone 
network to the viewer’s televi- 
sion. 


By John Authors 

English universities will admit 
slightly more new students 
this year than they did in 1993, 
despite government plans 
announced in the budget, to 
cut intake by 3.5 per cent. 

Prof Graeme Davies, chief 
executive of the Higher Educa- 
tion Funding Council for 
England, said yesterday that 
the treasury and education 
department had overestimated 
the number of students already 
in the system by 10,000 - 
equivalent to the total student 
body of a large university. 

Despite the error, university 
vice-chancellors predict the 
total number of disappointed 
place-seekers will increase, as 
early figures from the Univer- 
sities and Colleges and Admis- 
sions Service suggested a rise 
of about 10,000 applicants. 

The Funding Council, the 
quango in charge of 
distributing government 
grants to English universities 
and higher education colleges, 
yesterday announced the total 
grants It would pay to each 
institution for the next aca- 
demic year. 

For the first time, it has set 
targets for the maximum num- 
ber of students enrolled in 
each institution, to help the 
government’s plan of halting 
university expansion. 

The council will apply a 
financial “cap” so that univer- 
sities will receive no extra 
funding for any students they 
take on above their target fig- 
ure. 

This follows several years of 
expansion which last year saw 
“old" universities - excluding 


Where the money goes: university funds 1994-95 



London Business School 

Oxford . .SB , 

:;c*n£ridg«. ^ 

Portsmouth 5,4 

CdWWfiy V 1 .’. < ; • ' .... 

University Cotege, London . &2 

Plymouth s 


- *9SiSSi 
K : '0 •' / 0\ 


Bristol • kO 

Goktemlfharcofaoo ' to ■ 
Queen May/Westtald Coflege 1-0 
Saffond 1 JO 

&tasr.:.\ r ey-.y .:. ? : : 

Source: HEFC£ 



former polytechnics - increase 
their intake by 7 per cent, 
while total numbers in higher 
education in England rose by 
11 per cent to nearly 700,000. 

The Committee of Vice-chan- 
cellors and Principals 
described the government's 
policies as “stop-go”, and 
claimed that quality was at 
risk. 

Oxford and Cambridge are 
among the greatest gainers 
from the reallocation of gov- 
ernment grants to universities 
for the academic year 1994r5. 

Both received increases of 5.8 
per cent over this year’s total 
funding. Only the London 


Business School and the Open 
University are ahead of them. 

Professor Davies said both 
universities had benefited from 
a reassessment of research 
funding. They also avoided 
being penalised for over-expan- 
sion last year. 

Less traditionally prestigious 
universities which also secured 
funding increases of more than 
5 per cent included the univer- 
sities of Coventry, Plymouth, 
and Portsmouth, all of which 
were polytechnics until two 
years ago. 

The London School of Eco- 
nomics and Political Science, 
educator of numerous world 


leaders, is one of nine universi- 
ties limited to a below-in Ration 
increase of only 1 per cent. 
Bristol, another traditionally 
prestigious university, is also 
among the nine. 

Last year the LSE 
announced a plan to charge 
students an extra fee for 
tuition, claiming this would be 
necessary to maintain aca- 
demic standards. This was 
eventually voted down by lec- 
turers, but the move indicated 
that the LSE was unhappy 
with its level of funding. 

Some specialist institutions 
that do not have university sta- 
tus enjoyed spectacular shifts 
in funding. F-arfth.nn College of 
Agriculture near Chippenham 
secured the greatest rise with 
an in grant of 55.4 per cent. 

• The government's student 
loans scheme should be priva- 
tised, with repayments col- 
lected via national insurance 
contributions, a group of LBE 
academics claim in a new 
report 

They say government spend- 
ing per student has reduced by 
more than a third in real terms 
between 1974 and 1990. and 
“the result has been an erosion 
in quality”. 

Student loans are organised 
by the Student Loans Com- 
pany, an education department 
quango, and repaid in fixed 
instalments similar to a mort- 
gage. The LSE academics say 
that by asking students to 
repay their debt via paying an 
extra percentage point of their 
income on national insurance 
contributions until the loan is 
fully repaid, the deterrent to 
potential students is minim- 
ised. 


Britain in brief 




mih 


Railtrack 
sets £144m 
line charge 

Railtrack. the company set up 
to take over the infrastructure 
of the national railway system 
from British Rail, will charge 
metropolitan transport authori- 
ties an extra £144m in 1994-95 
for the use of lines and signal- 
ling equipment 

This is the first sign of 
increased costs for local rail 
travel, as British Rail privati- 
sation takes, effect, prompting 
warnings of cutbacks in ser- 
vices. In the past, BR charges 
to passenger transport authori- 
ties did not reflect the cost of 
infrastructure. 

Railtrack's calculation of its 
charges follows demands by 
the government that it should 
make a 5.6 per cent return, ris- 
ing to eight per cent, on its 
assets. The government has 
promised to meet the extra 
charges of the passenger trans- 
port authorities for fiscal 
1994-95 but there are no 
arrangements thereafter. 

Writ issued 
against BA 

Mr Harry Goodman, former 
chairman and chief executive 
of Air Europe and Interna- 
tional Leisure Group, last 
night said he had issued a writ 
against British Airways and a 
number of its directors, manag- 
ers and agents. 

Air Europe collapsed in 
March 1991 with debts of about 
£400m and the loss of more 
than 3,000 jobs. 

Rise in volume 
of book sales 

The volume of books sold In 
the OK has Increased by 
between 5 per cent and 10 per 
cent over the past 18 months, 
according to a survey by Book 
Marketing, the book industry 
research group. 


Puzzle and quiz books have 
overtaken romantic fiction as 
the single largest category of 
books sold over the last five 
years, according to the group. 


Joint venture 
for Cardiff deal 

A joint venture between Bal- 
four Beatty, part of BICC engi- 
neering group, and Cos tain Is 
favourite to win the main con- 
struction contract Tor the 
£l52m Cardiff barrage, one of 
Europe’s biggest building pro- 
jects. 

The Cardiff Bay Develop- 
ment Corporation meets today 
to discuss the decision, which 
is expected shortly. 

The value of the contract to 
the joint venture - 60 per cent 
Balfour Beatty and -40 per cent 
Costain - is thought to be 
worth more than £l 00 m. 

Port agreement 
for Immingham 

Associated British Ports, 
Britain's largest ports opera- 
tor, bas signed a long-term 
agreement with the DFDS 
Group, to extend facilities for 
roll-on, roll-off ferries at 
Immingham. 

ABP will invest around 
£L3m to replace the single 
berth nsed by DFDS for its ser- 
vice to Cuxhaven. Germany, 
with a new R-0 terminal with 
up to four berths. 

Work involving the excava- 
tion of 20,000 sq m at the 
south-west arm of tbe port, 
and increasing the terminal 
from 11 to 35 acres, is due to 
be completed by April 1995. 

DFDS is to concentrate its 
Hnmber links with Sweden. 
Denmark and Germany at the 
expanded Immingham termi- 
nal early in 1995. 

Manchester bid 
makes a profit 

Manches ter's failed bid for the 
2000 Olympic Gaines made a 
surplus of £1,626 on income of 
£5.59m, according to final 
accounts published yesterday. 

The bid cost more than £8m, 
but about £3m was given in 
kind by corporate sponsors. 
The biggest single costs were 
salaries at £640,330 and visits 
by members of the IOC at 
£564J990. 


H.iiiii&r 


PUT YOUR 
BUSINESS 
ON THIS 
MAP 






Sedgemoor in Somerset is one of the 
UK’s premier locations for business, 
wilfa prime sites strategically 
Located right an the MS motorway: 
at junctions 22, 23 and 21 

Whatever you’re looking for in a 
site - industrial space, office and 
deurtbulion units - you'll find a 
prime example in Scdgemooc at a 
very compel dive price. You’ll also find 

an Economic DeTekynmn Unit 
a vigorously pro-bustnea philosophy. 

Cafi Mike ftoicfa on 0278 435300 
lor the fads and well show yon just 
how pro your business wc are. 
Alternatively, fax 027S 444076. 
lend the coupon or attach yuur 
business card h> Ibis ad. / 


Sedaemoon 




W Mr Rvtofc, tram* 0Bk *' 

Mpm* Bomri Owl 
Ib ripiriw JwnmrlTA# SW 
Itarmt 


PUBLIC NOTICES 


TO SAVE ALL - 
" THESE TREES WE \ 
•• HELP CHOP • 
DOWN THIS ONE. • 


•••• • 


• • a • a A v 

Tropical hmhnsod wen nr more 
nhoHc to loggpt du« «hrr « die 

ni nfa rt . 

High f«n for hmlwoodi cranre rfm 
logpxs have no qualm about dae pytog 
other mo that Band to then way. 

So iWVF project ia Com Rica is 
tc scanhmg wap of fcffing a an wuheot 
bfinpog down revere! omen around «- 
And how u irmove ii withow MUtnmg 
a path through the nmoumfing tuts. 

If ihe i iinfomn are used whelp, they 
can be used (breve*. Help WJIF prove 
■hit in cuotena around the vmtd. by 
witting Uslhr Me ndt eqhp Officer at the 
nUma bduw. _ 


WWF 

Wforid Wide Fund For Nature 

ttoHifc UMI W4U, Ml 

hncnutml Snnm IM CWtmmtat 



TNs socUon apooore every Friday in 


tho HnandW Thnoo. 


For advertising details or lor further 


rtomw itan. phase contact 


MarkHal^Mhon 


ELECTRLOTY NOTICES 
Electricity M 1989 

The Electricity lApidtcatfam for Licences and Exlenrfons of Licences! 
Regulations >990 

Take nuike Hsu Sooth Wales Bkoridly pic tor applied tar an comma us iu Pimlc Ekaridly Szpplj 
Licence to Supply Ekaridly (England and Wales) and its Private Electricity Supply Licence to Subtly 
Electricity (Scotbnd) ia the following nttm: 

I. Foil name of appUcaalta): Sooth Wdct Qemiaiy pic. 

I Address irf the applicants) or. Id toe case of s body Corporate, tbe legmcrcd or principal office 
Newport Road. Si Mcflons. OmHHCF3'JXW. 

X Where tbe applicant is a company, the fell names of the current Dhccum and the conpa-j'r 
rcgiBeral umber Eumbe Dweaerx: Jota Wjmtbod Eron*. Andrew lata WaHn. David 2cr= 
Myripg, Michael David Mackey, David Ronald GftfendL Not-tuaaar Dmaarr. St Peter FLiffips, 
Peter W L Motpao, David Ptoscr. David Kendall, Mrs Vivien Pollard. Company Reghtcrcd Kcfcr. 
2366083. 

4. Where a hoUhis of 20 per coal, or more of the stoics. (Sec More llof on appUcaw Is held bj -.'.■ady 
corpome or panmshipar ammicoipoulcil amocariae carrying oa ■ trade or busmens with cs l-hb: al 
a view to profit, the rooters! md address(a! af the hnldcrfs) of such shares shiU be provided: 

Not applicable. 

3. Desired date (tom which the licence it to take cOect: la April 199*. 

6. A Mfficknt d es c ri ptio n adequately specifying (ox Note 2) the roluie and riBorioo of the praisso 
■moled to he suppfied, separately hkatatyfog premises within Ac power hands specified to and 1 : the 
earend provided by paragraph 7 betowr 

Afl premiss other thaa those wUcfa daring rbo ha addse period have a nuriam m d em a n d at :r leu 
dust rite ranch isc Onrit la the aalbonzd anas a l ihe blowing pobfic decakity supply c o=r.-rt 
luKrthcr with sack ptemaen os my Own time to time be spec died by tbe Dram (wid! dx ayT"‘-3l 
of the Secretary of Sane) Ua the purposes of Paragraph 5 of Condition 2 o! South Wales Ebdridtj 
plrt 2nd Tkt Supply Licence. 

Enwcre Bktsrieity pic Sceboaniph: 

Ena Midbntb Ekctrieily pic Soaben Electric pic 

London Electricity pie Sooth Western Becnfcirj pie 

Msnncbplc YOfishfet Ebaricdy Group pic 

MhUands Electrioty pic Sererish HythwBketricpIc 

Northern Ekctricplc Scottish Power pic 

Norwehplc 

7. a) Subject to ssb-paafinph (b) indicate the uni number of purists intended to be suppled in -.rci 
power brad as shown la die table beinw, together with the aggpgate energy forecast to he supplied 
and the aggregate estimated asuatosm demand (see Note 3) lor raefa power band. 

b) H Ihe dote in paragraph 5 above a oo or alter Lai April 1994 then only Power Band A still l~. 
■snupieted andlfthealditaKBoaor after 1st April 1998 then this peragerf* dull teats u have 


effort. 


Agtocgme 

Mniuui 

Kncrgj (GwKl 


of Premises 

Drmrad 

S#" 1 

IA) Mite>ae% 




0.1 MW 

Nunc 



(B) EucraBngO.1 MW bat 
nut acceding in MW 




8. A description at the system of electric Hoe* and dccuical pfam by means of which the a fpL : o= 
i n te n ds, n su pply clcctriclly, iraficatrng which (riant and lines are to be usaseroaed and which ere 
eaiatieg plant and Hoc* and father JdrolHybg any pans nl thar cyaetu which wiH ooi be owned by oi 
Uthcrwlso in tba p a ae na on or control of toe ap p Br a m: 

Ihe National Grid Company pic 

Eaaern Btoctrieriy pk Scclninlplc 

EM Midhnwti Efcarichy pte Sonsbon Electric pk 

Loodoa Ekaridly pic Sooth Western Electric*)' pic 

Mnnwcfa pie Yortohire Ekaridly G»np p(c 

MhUands Ekenidly pk Sa»idi Hydro- Beane pic 

Northern Ekctricplc Sooths* faun pk 

Narwcbpic caiay aa dror ts ed Etesriary Operator 

9. A w a tt u n f i t of Ihe e rfle n l (If any) to which the applicant cnoaklcn h ne cessary for powe-1 o=±er 
Srhntole J (compntEory aofrisKkM of land ctet rad node* S e hcdute 4 (other pwca or) n> the Ac: 
be given through the Bctncc for which be b apply i ng ; 

An hid down In the Public Etedrichy Supply Licence granted n South Wales Ekaridly pit ca 
26th March 1990. 

10. Dctafe of any Becaccihcld. applied for or befog applied lot the afpficam In reaped of the paiaahna. 
traountoioa or sappiy of rieoridty; 

PnbUe Ekaridly Supply Lkcnee L/DEiOlWFES 

Private Btatridly Sandy Uccm Engtant and Wuloi L.OJVT22CTS 
Private Ekaridly Supply Lkcnee Scotland LA3W2WTS 

Cbpaca of mapa idcvsnl to Iha npplicahnn « Indeed in aarariuax with Rcgnbrioo b of the Ekaridly 
(AppUcarinu for Uccncca and Eaiowfons to Lkuccs) R^dalaTra 1990 al Regioad Office ri tbe 
Office of Ekaridly Regalados. Copies me nvaRtbk for irspeoioa by ihe pabfic bawtu 10 ex a.-x 
4 pm os any vnbag day. 

Dated tMsZSih day of Eebromy I9W 

EA Roberts 
Company SoBcitoi 



SENIOR TRADER - GOVERNMENT BONDS 

A leading international City-based investment firm requires a Senior 
Trader responsible for making markets in governroeoi securities for 
the firm's customer base in London, serving also as liaison for the 
film's New York government securities operation. Applicants, aged 
25-30, educated to degree standard, must have minimum 6 years' 
experience with major US securities bouse and proven crack record. 
Salary negotiable. Please write confidentially, enclosing full CV 10 : 

Box B2299, Financial Times, 

One Southwark Bridge, London SE1 9HL 


THE TOP OPPORTUNITIES SECTION 

For senior management positions. 

For information please contact: 

Philip Wrigley 
OH 873 3351 



Please return to Kevin PMIflps, The International, Greystoke Place, Fetter Lane, 


Yaa, Pk— —nd n*». FREE and without oUgatloa, lor 
ona yaar, my monthly copy at Dio Intamoftewl, tba 
parional flnanca nugazhu fnxnfiw Fbimdal Tlmaf. 


MtfMfWMEG 

Jobtitfa 

Nadonay 

CanpanjyPrivaia Addroas 


Sign bora only If you wfaMoraoah* a 
ngulM capy ot Tba UbamattonaL 


Isignatura 


I I 1 Propriototf Bol C lnpioyocyPaitnof 
OZ Emptoyad 
D 3 Canauhairt 

a 4 Rattod 

S SUNJonUinamptayod 
Ware M nu i hi aaa 
□ 1 Hnanelal Sanricos 
□ ® Conouucdon 
□ 3 OfoarSaivtoM 
n 4 TranopOft/TmtoVCofTtotunicallom 

[~~1 S Obn&uionA-taahfCaBrifig 
□ 6 EHmdon {OinrinuraJs, «K) 

Q7 UaiSeatflrffEnfllnaii ln B 

Q» Other (Plena saws 

Aga 

□ 1 Under ZS 

□ 2 25-34 


, London EC4A 1ND, UK 

□ 3 35-44 

□ 4 4frS4 

□ B 56-84 

□ s as* 

Typow at Inraitmnnl cunwnlly bald 

□ 1 Oomastle Equblas 
n 2 bRBmaSoml Equtlac 

□ 3 Ofthora Daposhs 

a 4 Property 
S Bond* 

f 1 6 Predous MnutVQana 
□ 7 UntTnawMutual FOnds 
□ 8 Ofhar intonwUonal Irmavmnts 
□ 99 None 

WMch of the loBearing do you hwa? 
□ 1 CmdB Can) ( 04 . vise) 

□ 2 Gold Card 
□ 3 Charge Cart ( 04 . Ames) 

□ 99 None 












FINANCIAL TIMES FRIDAY MARCH 4 1994 



Formidable rivals on a shifting battleground 


I n the battle for dominance of 
global financial services, both 
the opponents and the battle- 
ground have changed since 
tbe turn of the decade. 

For much of the 1980s, European 
bonks saw their main competitors 
as the Japanese, and the competi- 
tive arena as the mainstream busi- 
ness of leading money. Now reced- 
ing competition from Japan has 
been replaced by an intrusion from 
the US, with bonks competing to 
underwrite and trade securities 
rather than extend loans from their 
own balance-sheets. 

This time, it is the big US invest- 
ment banks, enriched by a boom in 
US equity and bond markets, which 
have flocked to Europe to exploit 
the gradual liberalisation of f inan- 
cial markets. They are proving for- 
midable competitors os Europe 
struggles to develop a more power- 
ful and integrated finan cial services 
industry of its own. 

The battle to lend money overseas 
left many casualties. Many banks 
with International aspirations lost 
faith after becoming entangled in 
had debts and. in many cases, 
retired nursing wounds. According 
to the Bank for International Settle- 
ments. international bank credit 
dropped from S465bn in 1990 to 
SSObn the next year. 

Banks which extended their 
domestic retail networks abroad 
lost money as they were too small 
to achieve economies of scale. Only 
a few European banks, such as 
Deutsche Bank and Credit Lyon- 


Despite growth in the size Europe's capital markets and the expertise of its investment banks, they 
are likely to continue to lag behind their US counterparts, say John Gapper and Tracy Corrigan 


nais, have maintained a policy of 
pursuing cross-border retail tank- 
ing. 

At the same time, large compa- 
nies have moved away from raising 
capital through bank borrowing. 
Especially in the US, companies 
have turned to bond and equity 
markets to raise Finance, placing 
investment h anks that help compa- 
nies raise money from capital mar- 
kets at the cutting edge. 

US investment banks start from a 
strong base. The US has a bigger 
pool of mobile capital because it is 
the world's largest economy and 
has independently-managed pension 
funds. Such pension funds are not 
as strong in Europe, outside the UK 
and the Netherlands. 

This means European companies 
- and governments which are pri- 
vatising state-run enterprises - look 
to the US for capital, and often hire 
US investment banks as intermedi- 
aries. “There is no doubt the US 
banks have an enormous edge 
there," says Mr George Mallinkrodt, 
chairman of the UK investment 
bank Schroders. “They talk all the 
time to a group of investors who are 
very powerful. There is no conduit 
like that in Europe, though it will 
come in time." 

Mr Walter Gubert, head of the 
European management committee 
for J.P. Morgan, the US bank, says 


US capital markets are likely to 
re main dominant. “Even if Europe 
develops stronger flows of capital, 
the US will, if anything , become a 
more important source of funds, 
and European companies will have 
to take account of that." he says. 

Their strong position has allowed 
the New York investment banks to 
Invest In technology and highly- 
trained professionals. This has 
helped to give them an edge in 
developing capital markets, and in 
pricing and trading new financial 
instruments. 

In the past two years, huge 
amounts of capital have been flow- 
ing out of the US. stimulated by low 
US interest rates and a search for 
higher-yield investments. About 5 
per cent of US pension fund money 
- some $200bn - has been switched 
overseas. A further $800bn would 
flow out if US funds allocated the 
same proportion of portfolios to 
other countries as UK funds. 

European investment banks such 
as Paribas in Prance, Mediobanca in 
Italy and Schroders and S.G. War- 
burg in the UK have strong domes- 
tic businesses. But they have drawn 
many techniques from the US. 
These include securities underwrit- 
ing methods; the use of capital to 
trade on their own rather than cli- 
ents' behalf; and computer- 
based pricing models to cal- 


culate the value of derivative 
products. 

Mr Rudi Mueller, chairman of 
Union Bank of Switzerland in Lon- 
don. says that the power of the US 
market helps its banks to export 
home-grown techniques to Europe. 
“They still have the largest pool of 
top professionals, and that means 
that they can transfer their know- 
how faster,” he says. 

The lack of a large pool of mobile 
capital Is not the only challenge fac- 
ing Europe. Others include: 

• Financial centres: Because 
Europe has several centres offering 
securities trading, demand for 
stocks is fragmented, and the meth- 
ods of buying and selling them 
vary. Although competition 
between centres such as London 
and F rankf urt may reduce costs to 
investors, Mr Mueller argues that 
one market would attract liquidity. 
“If we could create a more meaning- 
ful European bourse, the cake 
would grow for everyone,” he 
says. 

Mr Andre Levy-Lang, chairman of 
Paribas, says that the fact that capi- 
tal markets are not linked makes it 
difficult for Europe to act as a sin- 
gle force against Japan or the US. “I 
think that is a crucial issue for 
Europe's chance of competing 
against other regions," he says. The 
US, of course, has competing 


exchanges too, but the size of the 
US capital market means each can 
attract enough liquidity to make an 
efficient market 

• Conservative companies: Euro- 
pean companies rely more on loan 
finance, and lack expertise in capi- 
tal markets. Mr Mueller says that 
European corporate treasurers are 
catching up, but that “in the past 
the European finance director 
tended to be more conservative 
about trying something new”. 


o 


□e area in which 
European companies 
lag behind their US 
counterparts is in 
gaining ratings from 
agencies such as Moody’s to encour- 
age investors to buy their debt. 
Some $545bn was borrowed in the 
US commercial paper market in 
1992, against S79bn in the Euro-com- 
tnercial paper market 
“The credit issue is a serious 
issue for the Euromarket,” says Mr 
Charles McVeigh, co-head of Euro- 
pean investment banking for Salo- 
mon Brothers. “More credit work 
should be done by financial inter- 
mediaries to allow investors to have 
a broader appreciation of corporate 
credit risk. The unwillingness of 
some European companies to obtain 
credit ratings adds to the problem.” 
• Asset fragmentation: Small 


assets such as home mortgages, 
which are often packaged into secu- 
rities and sold to investors in the 
US, cannot be bundled together eas- 
ily in Europe. Because of different 
jurisdictions and national customs, 
it is almost impossible to mix assets 
from various countries. 

Yet the multinational nature of 
European capital markets gives 
both them and investment banks 
operating within them strengths as 
well as weaknesses. The fact that 
they operate across borders within 
their home region helps to develop 
techniques that are transferable 
across the world. 

With London as the centre of the 
world's foreign exchange market. 
European investors have proved 
more sophisticated in understand- 
ing currency risk than US ones. The 
Eurobond market - through which 
$400bn was borrowed last year - is 
the only large multi-currency bond 
market 

The development of a liquid 
global swaps market in the 1970s 
and 1980s, allowing borrowers to 
exploit cheap financing costs in one 
currency and then swap the pro- 
ceeds Into a second currency, 
encouraged opportunistic borrowers 
from all over the world to tap the 
Eurobond market 

Europe's position between the 
Asian and US time zones has also 


proved an advantage. Underwriters 
of Eurobond issues can start selling 
into the Far East at 7am. and at 
lpm address the US market. Tbe 
advent of the global bond - traded 
and settled In any time zone - has 
further enhanced this role. 

European investment bonks have 
gained expertise by having to oper- 
ate in such complex markets. The 
beads of such banks also argue that 
they gain by being consistent, 
rather than entering markets In 
profitable times and leaving them 
when they slacken - a tendency of 
US banks in the past 

Mr Levy-Lang of Paribas says 
that the bank has an advantage in 
recruiting staff in volatile markets 
such as those in the Asia Pacific 
because of its consistency. “We can 
attract some very good people out 
there who are afraid of the stop-go 
approach of some of the American 
banks ” he says. 

Europeans can also claim advan- 
tages from being less aggressive 
than US banks In using their own 
capital for trading. Mr Mallinkrodt 
says this encourages their clients to 
trust them. “If you abdicate from 
putting your capital into markets, 
the first opportunity goes to the 
funds that you manage." he says. 

Yet the uncomfortable fact is 
Europe still trails the US in terms 
of the size of capital markets; the 
strength and expertise of Invest- 
ment banks; and the amount of cap- 
ital. In each, Europe's resources are 
growing, but not necessarily fast 
enough to catch up with the US. 


Day of reckoning looms on pensions 



Powerhouse 
holds its 
ground 


By Norma Cohen 


H ow the European 
Union's capital mar- 
kets develop iu the 
next few years will depend in 
part on how governments 
tackle the dilemmas they face 
over providing pensions for 
their ageing populations. 

On une hand, shrinking 
workforces and growing num- 
bers of retired people are likely 
to impose intolerable strains 
on existing European state 
pension schemes. On the other, 
large amounts of capital from 
people forced to provide for 
their uwn retirement could be 
drown into private savings and 
investment. If governments 
seize the chance, this flow of 
funds could help stimulate 
diversified and flexible capital 
markets across Europe. 

At present, most west Euro- 
pean states rely mainly on 
so-called pay-as-you-go 
schemes for state retirement 
provision, in which younger 
working people effectively 
finance their parents' pensions. 
But the greying of the EU’s 
population is putting such 
schemes under extreme pres- 
sure. Governments will soon 
face a painful choice between 
cutting benefits and imposing 


By John Gapper 


T he largest European 
economy was rebuilt 
from the devastation of 
the last world war by partner- 
ship between banks and small 
and medium-sized enterprises. 
Yet whether that outstand- 
ingly successful record can 
succeed is now in doubt as 
Europe laces up to cyclical and 
structural challenges. 

The German Mittelstand 
remains a thriving, stable layer 
of enterprises largely funded 
by long-rerm and fixed-rate 
finance. Some is in loans 
financed by development 
banks led by the Kreditanstait 
fur Wiederaulbau (KfW), the 
public sector agency which in 
1992 lent DM29bn to the sector 


swingeing tax increases to 
Finance the rising pension bilL 

Already most EU countries 
have raised retirement ages for 
women and Lengthened the 
number of years of employ- 
ment needed to qualify for the 
maximum state pension. But 
these changes are only a start; 
to go further means entering a 
political minefield. 

A more palatable approach 
has been developed iu North 
America, the UK and the 
Netherlands. There, private 
pension schemes have devel- 
oped large pools of capital by 
extracting contributions from 
both workers and employers. 
The resulting combined 
savings have not only eased 
pressure on state-hinded retire- 
ment provision but had a dra- 
matic impact on domestic and 
foreign capital markets. 

In the UK. an estimated 
£350bn in pension scheme 
assets means pension funds 
own at least 30 per cent of the 
UK stock market. Now, most 
other European countries are 
studying whether to adopt 
funded private schemes. 

According to Mr Karel 
Lanoo. researcher with the 
Brussels-based Centre for 
European Policy Studies, the 
difficulty governments face Is 
that fiscal incentives are 
needed to encourage greater 
private pension provision. 


through banks. 

This system is admired 
around the world for tbe stabil- 
ity it contributes to small busi- 
ness development. But Mr 
Klaus Juncker. Deutsche 
Bank's chief operating officer 
for corporate banking, says it 
Taces a test from recession and 
industrial restructuring forced 
by unification. 

“Even if there is a turnround 
in tbe economy, we will still 
have structural changes in 
many industries," says Mr 
Juncker, He argues the system 
will survive if banks stay close 
to their customers and use net- 
works of industrial relation- 
ships to analyse risk properly. 

Yet the increased risk of fin- 
ancing small and medium-sized 
businesses in recession has 
already damaged similar rela- 
tionships elsewhere. Tensions 
between banks financing small 


“You are asking people to do 
this while they are still paying 
significant taxes for those cur- 
rently receiving pension bene- 
fits." But offering tax incen- 
tives means less cash for 
today's pensions bill. 

Italy has forced through 
unpopular measures modestly 
limiting the availability of 
state pensions. Tax incentives 
have been made available and 
a nascent personal pensions 
sector now exists. 

The French government, by 
contrast, plans to provide for 
funded private pension 
schemes to complement the 
pay-as-you-go system. But it 
has postponed this until the 
autumn, in part because of 
concern about the impact of 
such schemes on public 
finances and personal con- 
sumption. 

Switzerland, which has long 
operated a funded scheme for 
its state pensions, introduced 
mandatory requirements for 
employers to contribute to 
funded private pension 
schemes for their workers in 
L9S5. Switzerland is one of only 
four European countries where 
pension scheme assets exceed 
those of insurance companies. 

Even if EU member states 
develop pools of pension 
assets, they have yet to resolve 
how these funds can be 
invested to maximum effect 


businesses and enterprises bor- 
rowing capital have spread 
across Europe over the past six 
months. This matters espe- 
cially in Europe where small 
businesses tend to rely more 
than their US counterparts on 
loan finance from banks. 

The failure of thousands or 
small and medium-sized Brit- 
ish enterprises which used 
short-term debt and overdraft 
finance for working capital has 
caused a shock. “Tbe relation- 
ship has been weakened on 
both sides." says Mr Stuart 
White, head of small business 
at Midland Bank in the UK 
And in France, a wave of small 
business failures led banks and 
business groups to call for help 
last year. The government has 
been forced to take a series of 
measures to help stimulate 
lending to small and medium- 
sized firms, including injecting 


Market value of US 
pension funds invested 
abroad 


Sbn 



1888 89 00 81 BZ 83 

Some* imwScc fl aaandi Corporation 


The Anglo-Saxon style of 
equity-based investment and 
geographically spread pension 
portfolios is alien to most EU 
countries, which prescribe lim- 
its on pension fund invest- 
ments, by currency and class 
of asset - favouring domestic 
fixed-interest securities. 

In Germany, which has a rel- 
atively small independent pen- 
sion sector, no more than 5 per 
cent of assets may be invested 
in non-German assets and no 
more than 30 per cent in equi- 
ties. Denmark requires that 60 
per cent of assets be invested 
in domestic government and 
mortgage bonds. 

Such restrictions usually 
spell lower returns. They have 
also constrained the growth of 


Ffr300m into a loan guarantee 
fund called Solaris. 

The strain on relations 
between banks and small and 
medium-sized enterprises has 
big implications, both for fin- 
ancing growth and for the 
banks themselves. Retail banks 
have become more dependent 
on small companies for reve- 
nue as large companies switch 
borrowing to capital markets. 

The main problem in lending 
to small business is that while 
the returns are high, so are the 
risks. German banks which 
take on the credit risk even of 
KfW loans do so only after 
very careful analysis. Mr Gun- 
ter Brdunig, the KfWs head of 
branch operations, argues the 
German system depends on 
analysis of the company which 
is borrowing money and on an 
emphasis on long-term finance. 
Some 31 per cent of finance for 


institutional investment and 
international equity markets 
in Europe. 

The European Federation of 
Retired People, a grouping of 
occupational pension provid- 
ers, says the UK and the 
Netherlands, with almost no 
restrictions on investment, 
accounted last year for about 
S3 per cent of all EU pension 
fund Investment outside its 
own currency area. 

The issue of the restrictions 
has proved so thorny that a 
proposed EU directive intended 
to liberalise pension fund 
investment has been temporar- 
ily shelved. It would have 
barred countries from insisting 
on minim um investments in 
asset classes, allowed pension 
schemes to invest up to 40 per 
cent of assets in non-domestic 
currencies and allowed a pen- 
sion scheme to hire a non-do- 
mestic investment manager. 

The problem, according to 
Mr Giovanni Tamburi, partner 
at consulting actuaries R Wat- 
son in Geneva, is that govern- 
ments have confused the ques- 
tion of how best to finance 
retirement provision with 
other social goals, such as bol- 
stering domestic industry or 
reducing public borrowing. 

There is no doubt that 
investment restrictions can 
seriously undermine returns 
for private pension schemes. 


small companies In Germany is 
in long-term loans, against 11 
per cent in the UK This stabil- 
ity comes at a price. German 
banks gain a lot of useful 
knowledge from their holdings 
of equity and loans in many 
industrial sectors. 

The German savings banks, 
which provide most small busi- 
ness finance, can sustain large 
branch networks and a strong 
local presence partly because 
they face no pressures from 
shareholders to cut costs. 
Savings banks protest they 
might lose touch with custom- 
ers if privatised, as some Ger- 
man politicians have urged. 

Yet the pressure both for pri- 
vatisation and the formation of 
independently-managed pen- 
sion funds in Europe could 
bring disciplines of short-term 
profitability much more 
sharply to bear on banks. With 


Moreover, the US and UK expe- 
riences of pension schemes and 
voluminous academic research 
establish an overwhelmingly 
strong case that diversification 
of portfolios reduces risk. 

The lesson of diversification 
has not been lost on US pen- 
sion fund managers, who until 
a decade ago Largely shunned 
foreign investments. They now 
put an average of 8 per cent of 
their $4,000bn in assets abroad, 
according to InterSec 
Research, which specialises in 
tracking pension fund invest- 
ment “There is a top tier of 
managers of larger funds who 
are putting as much as 15 per- 
cent of assets abroad," accord- 
ing to Ms Alexe Nowakowski, 
associate consultant at Inter- 
Sec. InterSec estimates that in 
the first half of 1993 alone, 
close to $30bn in net new cash 
was sent abroad by US pension 
scheme managers in search of 
higher returns. Of that, only 16 
per cent was specifically des- 
tined for Europe. 

Europe, by contrast, has 
hardly begun to resolve bow to 
generate and channel institu- 
tional capital of this kind, or. 
more generally, how to struc- 
ture and finance pension provi- 
sion. As the new century 
approaches, the options for 
pensions provision narrow and 
the day of reckoning looms 
closer. 


fewer staff, they might find it 
harder to assess well the risks 
of lending to small firms. 

The prospect that financing 
for small firms might then dry 
up seems remote. In the UK, 
h ank lending to small firms 
rose sixfold in real terms in the 
15 years to 1992. Banks have 
little choice bat to continue to 
do business with small firms, 
given the paucity of other 
forms of corporate lending. 

But that does not mean that 
they will have to lend money 
to all the firms they did in the 
past Nor does it mean they 
will lend on the same terms. 
Without public subsidies - 
which French and British 
h anks have been calling for 
over the past year - banks 
may be far more selective 
about makin g short-term loans 
at variable rates to companies 
they cannot fully understand. 


I n a large open space 
enclosed by cream-coloured 
walls and crammed with 
computers, foreign exchange 
traders munch bananas, drink 
mineral water and wait for 
something to happen. The deal- 
ing room of the Barclays bank- 
ing group next to tbe Tower of 
London forms a hub of the 
world-wide foreign exchange 
market that transacts ILOOObn 
a day. 

Like seismologists, dealers 
await the next earthquake. The 
better-paid may anticipate or 
even provoke It. “You go 
through periods of Indescrib- 
able boredom,” says Mr Chris- 
topher Taylor, head of sales at 
Barclays' global foreign 
exchange operations. “Then 
things take off go crazy and 
become totally calm a gain " 
The size and sophistication 
of the trading floor are remind- 
ers of the City of London's 
international prowess. This is 
one economic sector where the 
UK unusually, Is ahead of the 
field. London's share of vol- 
umes traded on international 
currency markets, estimated at 
one-third of the total, is well 
ahead of competing European 
centres, and is judged to be 
growing at the expense of New 
York and Tokyo. 

But the brain power and 
technology focused on manag- 
ing financial market risks 
highlight a basic uncertainty 
in European business. “The 
foreign exchanges give the 
opinion of the world on politi- 
cal events," says Mr Taylor, a 
36-year-old specialist in options 
and derivatives. Since 1992, 
European currency relation- 
ships have become much more 
volatile. Mr Taylor does not 
think Europe's plans for mone- 
tary union will be realised. 
“Countries' economies cannot 
be synchronised." 

Along with others like Citi- 
bank and Union Bank of Swit- 
zerland. Barclays is among tbe 
half-dozen international banks 
that dominate the market in 
foreign exchange. The big mar- 
ket-makers give their custom- 
ers the chance both to guard 
against and to profit from cur- 
rency movements by providing 


CASE STUDY: 
Barclays 

London te the world' . . 
foreign exchange 'v 
“powerhouse”. - and the,. . 
UK’s competitive edge fe . 
growing sharper * 

David Marsh reports 



buying and selling prices 24 
hours a day. 

Because of the risk to banks' 
capital or exposure to large 
exchange rate changes in a 
narrow-margin, high-volume 
business, market-making 
requires in-depth management 
expertise. “A lot of our brain 
power does not go into t rading. 
It goes into [monitoring] risk.” 

The Barclays foreign 
exchange and money market 
trading room employs 250 to 
300 dealers, trading 96 curren- 
cies. Mr Taylor says. “There’s a 
tendency for money dealing to 
gravitate towards i-niy fon, to 
pool liquidity in one centre. 
The powerhouse is here." 

Although markets may go 
through periods of relative sta- 
bility, Mr Taylor says, “market 
making is not as scientific as 
in the past, where prices 
moved smoothly from one level 
to another. Trade and volume 
are increasing, but liquidity is 
becoming less reliable. That's 
why we see markets moving 
more suddenly. It's a night- 
*nare for market makers." 

None the less, periods of ner- 
vousness, giving rise to large 
price movements and sizeable 
dealing spreads, are the ones 
where market-makers earn the 
biggest profits. The banks hope 
the next nightmare will not be 
too long delayed. 


This is the seventh part q f a 
ten-part series. Next Monday: 
European markets 


Lending climate tightens banking disciplines 










FINANCIAL TIMES FRIDAY MARCH 4 1994 


9 


FINANCIAL TIMES SURVEY 

WORLD TYRE INDUSTRY 


Out of the black, into the red. That is 
the picture painted by the financial 
results of some of the world’s leading 
tyre makers. But amid this gloom, 
John Griffiths finds some comfort, as 
the industry prepares for a revolution 
in manufacturing techniques 

Deflated, not 
punctured 


Friday March 4 1994 



tBgh-powered technology: although demoted to ihW In the world, Goodyear is atil tops In North America 


Tyres, often described 
dismiss* v el y as small, round 
and black, are made by an 
industry which is big - nearly 
$55 bn turnover last year - 
global and at present streaked 
with red. 

Some 15 months ago the 
world's six biggest tyre mak- 
ers, who between them control 
nearly 80 per cent of all sales, 
thought they were about to be 
compensated for recession-in- 
duced job cuts and other pain- 
ful restructuring. 

They expected recovery to 
take firm root, and to reap 
profits from their leaner 
operations as vehicle sales 
expanded and consumer confi- 
dence rose in the important 
replacement tyre sector. 

Instead, sales in North Amer- 
ica, the world's biggest tyre 
market, have remained flat In 
western Europe, the second 
biggest market, new car sales 
last year suffered their steepest 
decline since the second world 
war, plunging by more than 14 
per cent. The truck market 
fared even worse, down 28 per 
cent 

Latin America proved a 
bright spot as a result of 
expansion in Brazil, and parts 
of the Asia-Pacific region con- 
tinued their strong growth 
(from a small base). But with 
Japan and its motor industry 
also in the doldrums, overall 
conditions last year should 
have provided little to cheer 


about for the tyre makers. 

When the full roll call of 
financial results becomes avail- 
able over the next few weeks, 
they will show that for most at 
the big manufacturers profits 
either fell sharply again or 
there was a descent back into 
red ink. 

The notable exception was 
Goodyear Tire and Rubber, 
demoted from first to third in 
the world league table of pro- 
ducers, but still the clear mar- 
ket leader in North America, 

Goodyear dipped into losses 
for the first time in many years 
at the start of the 1990s. But 
the ensuing restructuring 
throughout its operations left 
it leaner and fitter to take 
advantage of the considerable 
upturn in original equipment 
and re placemen t market busi- 
ness which did take place in 
North America at least in 1992. 

M ean while, inontning chair- 
man Stanley Gault was quids 
to riigmantlp some of the ossi- 
fied Goodyear retailing and dis- 
tribution structures in North 
America. The dedicated Good- 
year brand outlets which had 
long formed the backbone of 
Goodyear’s replacement mar- 
ket sales in North America 
were opened to competition 
from Goodyear’s second-tier 
brands like Kelly-Springfield, 
and a determined pitch made 
to supply the “own brand” 
market of big independent 
retailing ehama such as Sears 


Roebuck. Partly as a result of 
this, Mr Gault was able to 
report last month increased 
market share inside North 
America and worldwide tyre 
sales for the company up 42 
per cent over the whole year. 

Goodyear’s results continued 
to be helped by disposals of 
non-core businesses and the 
activities of non-tyre subsid- 
iaries. Nevertheless, income 
before extraordinary items and 
accounting changes was up 
33.1 per cent to $488. 7m. the 
second highest in the compa- 
ny’s history. More importantly, 
operating margins continued 
to improve, particularly in the 
final quarter. 

That, at least, bodes well for 
the industry as the other big 
players seek to repair ravaged 
profit and loss accounts. 
Groupe Mich elm of France, 
now the clear world market 
leader following its acquisition 
of Uniroyal Goodrich of the US 
several years ago, is expected 
to show very substantial losses 
for 1993 after reporting a net 
interim loss of just over $80Qm. 

However, such a gloomy fig- 
ure reflects not terminal 
decline but the very radical 
restructuring MIchelin has 
undergone - at high 
short-term cost - in order to 
knock itself into more efficient 
shape for when recovery does 
set in. 

Indeed, analysts believe that 
so much cost has already been 
taken out of the business that 
Michelin will move quickly 
back into substantial profit 
this year even in the absence 
of si gnificant market growth. 

In just over two years some 
15,000 jobs have been lost 
world- wide. The company is in 
the middle of a FFr3.5bn 
(3580m) cost-cutting pro- 
gramme on top of a similar, 
FFrtbn exercise during 1991 
and 1992. Not surprisingly, the 
treatment of these exercises as 
extraordinary provisions has 
made profit and loss accounts 
look grim, with some $460m 
included in 1993’s first half 
results. 

Nevertheless, “we are confi- 
dent that we can reorganise 
the business so that when real 
recovery occurs in Europe or 
the US we will be in a position 
to tabs good advantage of It”, 
said one senior Michelin execu- 


tive. "By the end of 1994 we 
don't exactly expect the situa- 
tion to be wonderful but the 
assimilation and restructuring 
of Uniroyal Goodrich should 
have been completed and we 
pan go for growth.” 

' Bridgestone of Japan, whose 
purchase of Firestone of the US 
in the late 1980s swept it into 
second place in the world rank- 
ings ahead of Goodyear, has 
also haH a great of diffi- 
culty absorbing its large acqtn- 
sxtkm, and its problems have 
been increased substantially 
by the steep downturn in 
vehicle and lyre markets in 
Japan, and the inexorable rise 
in the value of the yen. 

As a consequence, profits 
tumbled by more than 50 per 

ft 


cent in the first half of last 
year and the full-year figures 
are expected to show little 
improvement. 

A similar story of declining 
profitability can be found at 
Continental, hit, like Pirelli, 
particularly hard by the col- 
lapse of vehicle sales in its 
European heartland. 

U nlik e Pirelli, however, 
Conti fa at least clinging to 
profitability, whereas the 
Amsterdam-based Pirelli Tyre 
Holding fa still seeking to stem 
the losses arising from its own 
heavy restructuring, which has 
included the closure of plants 
in Italy and Greece and redis- 
tribution of its tyre-making 
activities. These include the 
end of car tyre manufacturing 


at Burton-on-Trent in the UK, 
which fa becoming one of three 
European centres for track 
tyre manufacturing. 

Both Continental and Pirelli 
still bear faint signs of the 
bruising received during Pirel- 
li's 1992 abortive takeover 
attempt of the German tyre 
maker. The failure of the take- 
over bid means, in the view erf 
some analysts, that the concen- 
tration process which has gone 
on among the industry’s princi- 
pal companies for much of the 
past decade - and which has 
now led to its domination by 
just a handftil of global corpo- 
rations - fa over, barring some 
unforeseen new crisis. 

Competitive pressures have 
no prospect of receding, how- 


ever. The big western and Jap- 
anese producers are facing 
rivalry at the cheaper end of 
the market from developing 
Asian producers outside Japan 
such as Hankook and Kumho 
of South Korea, as well as East 
European companies looking 
outwards once more after the 
collapse of Communism. 
Among the latter the respected 
European Rubber Journal 
ranks Slovenia's Sava Kranj 
32nd in its “top 50“ list of the 
world’s principal tyre makers, 
with the Czech Republic's 
Ranim Holding not far behind 

in 35th. 

Most of their challenge is 
directed at the replacement 
market, which accounts for 70 
per cent of total world sales 
and which provides most of the 
industry’s profitability. 

Equally, as the economies 
and vehicle populations of 
these regions rise, they also 
offer the prospect of growth for 
competitive western producers 
successful in establishing a 
manufacturing presence, or 
creating joint ventures and 
technology transfers. Nearer to 
Europe, Turkey is also poised 
for substantial growth and 
hardly a leading tyre mak er is 
not expanding capacity there. 

Not least there is China, 
with its more than ibn people 
and vehicle markets which 
have barely been tapped. It is 
primarily a truck market, with 
production consisting mainly 
of old-technology truck cross- 
ply tyres. But Pirelli recently 
signed a letter of intent for a 
joint venture to produce car 
tyres near Beijing, and other 
rivals are establishing or seek- 
ing to establish an early foot- 
hold in such a potentially giant 
market Indicative of the poten- 
tial, sales of vehicle and agri- 
cultural tyres totalled 42m fast 
year, out of world total tyre 
sales of 848m. The story is sim- 
ilar in eastern Europe, which 
absorbed only 37m tyres last 
year. 

With the industry overall 
operating at less than 80 per 
cent of total capacity, it is 
dearly in no position to impose 
significant price increases in 
either the original equipment 
or replacement sectors. 

But there are a number of 
positive factors. North America 
now looks poised for steady if 


unspectacular growth. And 
when recovery in Continental 
Europe and Japan does set in, 
the sharply lowered cost bases 
of the leading players should 
indeed allow them to benefit 
swiftly in terms of profitabil- 
ity. 

That process should be 
helped further by revolution- 
ary new, flexible automation 
being introduced to manufac- 
turing processes which will 
increase productivity and. in 
the long term, should further 
drive down costs. 

Efficiency improvements in 
the retailing and distribution 
chains of the leaders are also 
helping volume sales and mar- 
gins. while the aggressive use 
of second and third tier brands 
owned by the principal tyre 
makers, such as Pirelli's Ceat 
and Courier. Michelin' s Kleber 
and Continental’s Semperit, fa 
helping them more adequately 
to cover all sectors of tbe mar- 
ket 

The introduction of some 
premium sector tyres, with 
either very high performance 
or fuel economy-boosting 
"green" tyres fa also having a 
positive effect on the margins 
of their manufacturers. 

Meanwhile, at least some - 
but by no means all - of the 
price increases sought for the 
replacement market show 
signs of sticking. 

And some of the leading 
players even see signs or hope 
for their original equipment 
business. Margins are tradi- 
tionally wafer thin in this sec- 
tor. 

Vehicle makers are in a posi- 
tion to drive a hard bargain 
because it fa worthwhile for a 
tyre maker to accept lower 
margins on original equip- 
ment. as once its brand is on a 
Dew car it is likely to be fitted 
subsequently throughout the 
life of the vehicle. 

However, partnerships are 
gradually supplanting the old 
adversarial relationship 
between vehicle makers and aU 
their suppliers. "In the fast few 
months the car makers appear 
to be beginning to understand 
our problems and that we must 
have profits, too, if we are to 
develop together as technical 
partners”, according to one 
senior European tyre execu- 
tive. 





WORLD TYRE INDUSTRY 2 


The global pile of several billion worn-out 
tyres is growing day by day and is East 
becoming an environmental problem of 
significant dimensions. 

If these tyres lie around long enough, 
they can leech a variety of contaminants 

into the soil and eventually into water 
supplies. Occasionally, tyre dumps catch 

fire. And when they do. they can be alm ost 
impossible to put out. One in Wales is still 
burning after eight years. 

Dumped tyres also represent a profligate 
waste of natural resources, for two main 
reasons. One is that, provided it has not 
been damaged in use, the complicated, 
stress-bearing carcass which forms the 
heart of a tyre usually remains sound even 
if the tread has worn away. The other is 
that the oil-based nature of the various 
tread compounds and fabrics represents a 
potentially valuable energy source, or raw 
material for other uses. 

An increasing amount of attention is 
thus being focused on ways to minimise 
this waste. One obvious route is to make 
tyres last longer, resulting in fewer tyres 
being produced. Thirty years ago the tyre 
industry virtuously shot itself in the foot 
by introducing radial tyres which over- 


John Griffiths discusses ways of reducing the growing mountain of scrap tyres 


Giving new life to rubber 


night doubled the average tyre’s life to 
around 40,000 miles. Today, leading partic- 
ipants in the industry are using an 80,000- 
mile guarantee as a marketing tooL 

But vehicle population continues to rise, 
so recycling in one form or another is an 
increasingly unavoidable necessity. 

At present, around IS per cent of car 
tyres are retreaded, and returned for sale 
in the cheapest sectors of the replacement 
market, although this figure can vary 
widely from country to country. This fig- 
ure is much lower than that for truck 
tyres, more than half of which are 
retreaded. 

In Brussels, the European Commission 
is seeking to increase the proportion of car 
tyres retreaded to around 30 per cent Ach- 
ieving this, according to industry esti- 
mates, would reduce by around 60m gal- 
lons the quantity of crude oil used in 


production each year. 

At that level of retreading, It Is likely 
that the leading tyre makers would 
become more interested in establishing 
more substantive " in-house” retreading 
operations-At present the big tyre makers 
undertake these activities on a relatively 


small scale. Retreading has traditionally 
provided business opportunities for small, 
independent companies. 

The perception in the minds of many 
consumers that retreaded tyres might be 
of suspect quality and performance has 
become outdated since strict quality stan- 
dards were imposed. Indeed, the UK’s Dur- 


ham-based Colway Tyres, which retreads 
around lm of the 4m discarded tyres it 
collects each year, is actively using high 
performance as a promotional weapon. It 
has moved into the highest speed-rated H 
and V lyre sectors, carved a unique niche 
as a rally tyre supplier and recently has 


been approved as a supplier for junior 
single-seat racing cars. 

According to Ur Bob Bonomy. Galway’s 
managing director, each retreaded tyre 
represents a production saving of op to 
four gallons of crude oil compared with a 
new tyre. 

Colway's own output indicates the 


dumps 

dimensions of the recycling problem. It 
rejects three casings for every one 
remoulded, which means that “finding 
new ways of recycling scrap tyres not suit- 
able for remoulding has become part of 
our corporate strategy”. 

One answer is the collaborative venture 
Colway has developed with Duralay, a sub- 
sidiary of motor components and engineer- 
ing group BBA. A tyre-shredding and stor- 
age facility next to the remoulding plant 
turns the rubber into "crumb” which Dur- 
alay makes into carpet underlay. 

However, since there is no prospect of 
carpeting much of the earth's land mass, 
Mr Bonomy stresses that underlay can 
only be a small part of the solution. 

Another potential solution is to use the 
“crumb" in large-scale enterprises such as 
road construction. Inclusion of about 15 
per cent “crumb” in asphalt would 


Thirty years ago the tyre industry virtuously shot itself in the foot 
by introducing radial tyres which overnight doubled the average 
tyre’s life to around 40,000 miles 


increase the life of a road 5 

22 years- The snag is that the cost of the 

asphalt rises by 50 per cent tolOOperonL 
However, the picture might improve if 
Europe were to follow the example in 
some states of the US which have legis- 
lated “crumb" must be used to improve 
drainage and skid resistance. 

None of these solutions, however, has as 
much potential as the idea of pro viding a 
power source from incineration of tyres. 

Such a prospect is not as noxious as it 
sounds in terms of air quality, and late 
last year a landmark was reached when 
Elm Energy, a US joint venture, was 
granted permission to open Europe's firet 
tyre- inciner ation power station in the UK. 

The Wolverhampton facility burns at a 
temperature of 950 degrees C tyres which, 
an average, contain the energy equivalent 
of 12 cu m of natural gas. 

The closed incineration system, already 
in use in North America, means that virtu- 
ally no gaseous pollutants escape. 

Elm Energy - formed by Nipsco, an Indi- 
ana utility group, and the Performance 
Service Corporation of Connecticut - 
claims it can consume around 5m of the 
osm fnM scranned annually. 


Tyres are not only round and 
black, they are turning green. 

For an industry fighting 
fiercely for competitive advan- 
tage in every product area, the 
arrival of the “green" tyre - 
defined by its performance not 
its actual colon r - is being 
viewed as one of the most sig- 
nificant developments since 
the advent of radial tyres to 
replace the cross-ply. 

Using silica in its compound 
instead of the traditional car- 
bon black, it offers the advan- 
tage or significantly less 
rolling resistance than a con- 
ventional tyre withont com- 
promising the very high levels 
of grip and handling which 
modern tyres achieve. 

Micbelin. which is already 
producing such tyres, esti- 
mates that if the EU car popu- 
lation switched to green tyres, 
total EU car fuel consumption 
would fall by 5 per cent, or 
well over Ibn gallons, a year. 
This is based on a redaction in 
rolling resistance of 30-35 per 
cent for the silica-hased tyres, 
so dramatic is the difference. 

Such tyres are a particularly 
important development for 
North America, where car 
makers have to meet mini- 
mum fuel economy standards 
for their vehicle ranges - the 
Cafe (corporate average fuel 
economy) roles. 

Whereas big companies such 
as Ford and General Motors 
can balance their fuel-slurping 


New compound promises significant saving in fuel 


Black is taking on a 
grey-green hue 


big cars like Lincolns and Cad- 
illacs against their small econ- 
omy cars to meet the required 
average, companies specialis- 
ing in the large executive and 
luxury sectors find the Cafe 
rules much harder to meet. 
Failure to do so requires some- 
times substantial financial 
penalties. 

The “green” tyres are, there- 
fore, a boon to companies such 
as Jaguar, Mercedes, BMW 
and Rolls-Royce - and Mer- 
cedes is specifying the new 
tyres across most of its North 
American range. 

A key element of the 
“green" tyre's attractiveness 
is that the silica allows it to 
retain good wet-weather per- 
formance, traditionally one of 
the big stumbling blocks of 
previous attempts to make low 
rolling resistance with materi- 
als other than carbon black. 

“It might not be as big an 
innovation as radial tyres 30 
years ago but there is no ques- 
tion that green tyres are 


important", says Pirelli's dep- 
uty-chairman, Carlo Bau- 
ch ieri. However, Pirelli does 
not see a complete conversion 
to green tyres overnight 

There are two reasons: 

■ One is that even more than 
with most other conventional 
tyres, the “green" tyre needs 
to be developed with the new 
car for which it is intended, so 
that its ride and handling 
behaviour complements that 
particular model's weight dis- 
tribution, snspension charac- 
teristics and other factors. 
“Green" tyres do not there- 
fore. lend themselves to simple 
wholesale substitution on all 
manufacturers’ model ranges. 

■ The other is that large-scale 
production of snch tyres 
requires significant re-engi- 
neering of manufacturing 
plant and equipment to take 
account of the differing char- 
acteristics of silica from car- 
bon black. 

However, as an interim step 
Michelin, Pirelli and others 


also see good market prospects 
for what the industry is com- 
ing to call “grey-green” tyres. 

These still reduce rolling 
resistance by 15-20 per cent 
compared with conventional 
tyres. But the concentration of 
silica is not sufficient to 
require any significant revi- 
sion to production equipment 

“Grey-green" tyres are, 
therefore, likely to be the first 
high- volume applications of 
the technology with tbe lead- 
ing tyre makers likely to 
devote growing capacity to 
them over the next few years. 

Following the Industry’s 
rule-of-thumb formula that 
each 6 per cent reduction in 
rolling resistance yields 1 per 
cent Improvement in fuel con- 
sumption, there is the poten- 
tial for an individual car to 
travel 54 per cent further for 
every gallon of fuel consumed 
and a potential gross fnel sav- 
ing within Europe of at least 
500m gallons a year. 

There remains, however, a 



Earth-moving experience: tyros on con s truction and miring vehicles are subject to considerable wear and tear 


good deal of caution in the 
industry about how widely 
such tyres might be accepted 
in the replacement market, 
which is nearly twice as big as 
tbat for original equipment 
and which offers bigger profit 
margins than the wafer-thin 
ones between vehicle makers 
and their tyre suppliers. They 
are likely to cost 10-15 per 
cent more than conventional 
tyres, at least until substantial 
economies of scale can be 
achieved. 

Even though this is certain 
to be recouped over tbe life of 


the tyre, nevertheless this is 
accepted as a deterrent for 
many motorists who regard 
tyres as mainly a distress pur- 
chase. 

Even so, the next 12 months 
are likely to see capacity com- 
ing on stream for “green” and 
grey-green" tyres at all the 
leading tyre makers. In 
Europe, most of the output 
will be for the small and 
medium cars sector, with Fiat, 
Peugeot and Rover Group 
expected to be early users. 

Although snch tyres have a 
long way still to go in develop- 


ment terms before their full 
capabilities are realised, in 
five years' time it is likely that 
“grey-green" tyres at least will 
be approaching the status of 
standard fitment 

However, it does not neces- 
sarily mean the demise of the 
carbon black supply industry. 
Already carbon black suppli- 
ers have begun a fight-back, 
seeking formulations to lower 
their own product’s rolling 
resistance. 

Tyre makers are content 
that the silica and carbon 
black factions should fight it 


out, seeing only farther tech- 
nology benefits accrue. 

The “green" tyre is being 
developed against the back- 
ground of continuing fragmen- 
tation of car and track mar- 
kets. Like the vehicle makers, 
says Goodyear’s European 
president. Bill Sharp, any tyre 
maker wishing to remain a 
long term, powerful presence 
must also have the resources 
to make a wider variety of 
products, to make them viably 
in ever smaller batches and to 
replace them more frequently. 

To this variety imposed by 
the vehicle makers, however, 
Is that created by the tyre 
makers themselves in search 
of that extra technical edge 
over rivals that might lead to 
extra market share or might 
merit a price premium. 

One such development is the 
premium rain tyre also 
designed to provide high per- 
formance on dry roads - Good- 
year, with its Aqnatred, and 
Germany’s Continental with 
its Aqua Contact design. The 
tyres have in common a deep 
central groove so that in cross- 
section it appears to be two 
narrow tyres side by side. Con- 
tinental maintains that the 
design improves the ability to 
disperse water - and thus pre- 
vent dangerous aquaplaning - 
by about 20 per cent compared 
with conventional tyres. 

John Griffiths 


A revolution in tyre 
manufacturing technology, the 
seeds of which were sown in 
the mid-1980s, is gaining 
momentum. 

Purely in terms of technical 
capability, the industry's lead- 
ing companies are approaching 
the point where they could 
automate their tyre-making 
processes to something 
approaching “lights out" lev- 
els, at least for mainstream 
products such as popular 
replacement market car tyre 
sizes produced in long runs 
with relatively little variation 
in specification. 

This represents a spectacular 
leap forward for an industry 
where, for must of its history, 
successful automation has 
proved elusive. 

Right up to the mid-1980s the 
laminating and completion of 
each carcass was carried out 
manually oven though parts of 
the processes involved were 
progressively automated, such 
as the Tecding from reels of the 
v.trious laminates which pro- 
vide both strength and the bed 


John Griffiths discusses a revolution in manufacturing technology 

A spectacular leap forward 


for the tread, 

That the new technologies 
and processes which have been 
appearing since the late 1980s 
- and which appear to have 
been taken a quantum step fur- 
ther at a flagship plant at 
Michelin's Clermont-Ferrand 
headquarters - will not imme- 
diately sweep all before them 
appears to be largely due to 
commercial rather than tech- 
nological factors. 

The massive wave of invest- 
ment in new facilities and 
capacity made by the industry 
during the eight-year motor 
industry boom until 1990, and 
which totalled several billion 
dollars, will take a long time to 
be amortised. So investment in 
the “revolutionary" processes 
can only be progressive. 

Michelin executives, who in 


the past couple of years have 
cast off part at (east of the 
shroud of secrecy which has 
covered the activities of the 
world's biggest tyre maker. 
maintain that a q uantum leap 

really is at hand. 

The Clermont-Ferrand plant, 
which went on stream in Janu- 
ary, occupies only about one- 
tenth the space of a conven- 
tional tyre-malting facility. Pre- 
cise details are liar from clear, 
including its capacity, but 
there has been an industry 
rush for the patents Michelin 
has taken out on the processes. 

One key ingredient is dis- 
pensing with the previous 
necessity - and all the plant 
and equipment - to make a 
□umber of individual compo- 
nents of tbe tyre in semi-fin- 
ished form away from the 






actual assembly site. It is this 
which accounts primarily for 
the substantial space-saving, 
and which may have almost as 
profound consequences in 
terms of process energy-saving. 

The actual tyre-building uses 
a rotating drum system on 
which tbe carcass is laid from 
plies fed automatically from 
stock drums, which can be 
tracked above the rotating 
embryo carcass to ensure the 
right ply is laid in the correct 
position. 

Called the C3M system, for 
reasons also not entirely clear, 
one of Us most valued attri- 
butes is its flexibility. With the 
tyre market fragmenting into 
ever greater varieties of tyres, 
in proliferating sizes, and with 
product life cycles coming 
down from a decade to closer 
to five years as competition 
intensifies, such flexibility is 
likely to prove decisive in 
terms of competitive advantage 
In the medium term. According 
to one executive, “it just about 
eliminates work in progress 
and can switch from one tyre 
to another in a heart beat". 

The ramifications are not 

Tyre sales 


lost on Michelin's work force, 
which has fallen from a world 
total of 140,000 at the start of 
the 1990s to 125.000 now, with 
more job losses to came. 

The new facility employs 
just 50 people. Although its 
output is unknown, the effec- 
tiveness of the technology is 
such that Michelin is looking 
very hard indeed at the impli- 
cations for employees. “There 
is a social concern to this 
which must be addressed,” 
observes one executive. “Some 
have described Michelin as the 
biggest mama’s and papa's 
shop to the world and we have 
to take account of employees' 
interests in phasing this in." 

The apparent production 
breakthrough, however, has 
not thrown the fear into the 
rest of the industry that an 
outside observer might expect 

Michelin's principal rivals 
maintain they, too, will be able 
to introduce appropriate new 
technology as and when they 
deem it commercially viable. 

“All the majors have been 
very focused on this area,” 
says Mr Bill Sharp, president 
and general manager of Good- 


MUBon tyres 



Replacement 

Original equipment 


2 00 


150 


un 


200 



1S8S 1989 1990 1991 1062 1993 1994 1995 
Sauces. CemnenU. BurdapdaZcnte vmi 


Top t yr o 1 pr o d u ci ng notions . 

(totals in OOP units) 



1992 

1991 

1990 

UNITED STATES 
Passenger 

192.725 

169,588 

174359 

Thick 

37,525 

9231 1 -• 

35304 

Total 

2304*50 

202J399 

210^63 

JAPAN 




Passenger 

105,632 

101,699 

100,423 . 

Truck 

A6JS62 

48397 

.49,856 

Total 

152,194 

150£98 

150379 

FRANCE 




Passenger 

56.568 

54*738 

• 51, TV* 

Truck 

5552 

3,799. 

• 5,858 

Total 

6%S20 

• 60337 

\ 57372 

GERMANY 




Passenger 

43.806 

43.681 

43372; 

Truck 

6.331 

6,930 

' 5 ATS 

Total 

60,137 . 

49,811 

48,747. 

SOUTH KOREA. 


I 


Passenger 

NA 

Na ■ 

15350 

Thick 

. NA. 

• NA 

71360 

Total 

38.199 

82769 

27310. 

CONFEDERATION Of WOEPefDDrr STATES (me USSR} 


Passenger 

NA 

13.800 

25,092 

Truck 

NA 

19.700 

263*7 

Total 

NA 

35*600 

' S1.4O0 

ITALY 

Pds&anger 

28325 

38.189 

25372 

Truck 

2.680 

2.752 

2333' 

Total 

31,505 

30.941 

• 28*405 


SuutnaHowAi^aiJtraBp 


Carlo Banchieri, takes a simi- 


year's European operations. “It 
is more a question of how 
quickly it is phased in in view 
of the very significant capital 
expenditure involved." 

Pirelli's deputy-chairman. Mr 


lar view. "As for revolution - 
it's difficult to give a precise 
answer. Capacity investments 
in the 1980s' boom were huge. 
Today, when the industry is 


operating at around 70 per cent 
of capacity, it is difficult to jus- 
tify totally new plant which 
would also require further 
large amounts of research and 
development If I were a share- 
holder I would not be very 
happy unless the returns woe 
very good. In three, four, five 
years' time more flexible 
systems will exist and we are 
working on them; but they will 
have to be in tandem with 
existing automation.” 

The Michelin innovation 
might be regarded as the 
fourth generation of the auto- 
mation systems which have 
been introduced to the indus- 
try since the late 1980s. 

Pirelli itself was widely 
regarded as a front-runner 
with what can now be regarded 
as third generation technology 
introduced at its Bollate plant 
near Milan in 1989. 

Now closely replicated at its 
Breuberg facility in Germany, 
the system incorporates a 100- 
metre long assembly line tra- 
versed by the building drum, 
with the tyres' individual com- 
ponents applied automatically. 
At the end of the li ne the col- 
lapsible drum returns to start 
another cycle by means of an 
underground conveyor. It is a 
system, maintains Mr Ban- 
chieri which, “with minor 
improvements and adaptations 
we can be very competitive". 


•y 


rs 


More than KMWy years 
of tradition m me aimer 
industry and a wde 
apimness to the 
form the spnngtwarn 10 
ctjt future. 

We produce and aurket 
motor Mef-Bde lyres, 
eorweyiar Bens. t*M*S. 
profits rdtcf covers, 
athew. paiw 
rranyntiiwf‘1 products, 
amfttia! leathers 

Tronrtg. 

moderruzbon Of 
production, 
an enrreprerwsial 
approach to 
management 
a oercrminauon to offer 
tne customer tne higher 
f^jaWyaidthebea 
service, arc the 
foundations Of our 
tcftirtss pfiflosoph/ 



® Rubber. Leather and Chemical Ind- 64000 Kranj, Skofieloika 6, Slovenia 
+386 M 222 749. M 2 2l 241. /fax: +B8f, 64 222 80S MOVen,a _ 


I 






FINANCIAL TIMES FRinAV MARCH 4 1994 


11 

WORLD TYRE INDUSTRY 3 


John Griffiths on problems facing European manufacturers 

Pressure still high 


Who owns what in European tyre retailing 


Country Chain 


No of sites 


IflCHEUN 



Austria 

Euromaster 

21 

Finland 

Euromww . 

33 

France 

Eufomaater- 
(PUot, Control, tjttl 

260 

Germany 

SaronB/Euroniaster ■ 

' -100 

Holland 

Euronvwter . . 

75 

Spain 

Konz jbsrica 

125 

UK 

ATC ■ 

540 


Toed 


1,200+- 

CONTINENTAL 


Austria 

Pro fi 

•48 

Czech 

B3rum 

« 

Germany 

Vergfltot 

2 tO 

Ireland 

Advance Tyre 

. 30 

Norway 

OMch/Dekkham 

47 

Switzerland Adam Touring 

30 

UK 

NTS 

450 

IK ■ ■ 

Smtay • 

75 

Italy 

Punto Gamma 

65 

Total 


' 930+ 

PtREUJ 



Germany 

Pneumobl 

60 


Country 

Chain 

No of sites 

Spain 

Omnia 

50 

UK 

Central Tyre 

135 

Total 


310 

GOODYEAR 



Belgium 

Seregf 

10 

Germany 

Kempen 

40 

Holland . 

Van den MOten 

5 

UK 

Tyre&ervicas 

200 

Total 


255 

SUMfTOMO/DUWLOP 


Belgium 

Bananas 

8 

Germany 

Kcrtert-Konz 

90 

UK 

Motorway 

175 

Total 


273 

BRJOGESTONE/F5KESTONE 


France 

Cenonler 

30 

Germany ' 

A3 

30 

HoHand 


4 

Spain 

AuuhSsco 

90 


Total 


154 


Stfunra- Eumxsm Rubber Jaxnal 


Europe's tyre Industry will 
look back on the early 1990s as 
one of the most difficult peri- 
ods in its history, according to 
Mr Carlo Banchieri, deputy - 
chairman of Pirelli Tyre Hold- 
ing. Market conditions and 
pressures on profit margins are 
certainly the toughest that he 
can recall in some 30 years 
spent in the Industry. 

Mr Banchieri's sentiments 
are echoed among executives 
of other leading European tyre 
groups, who see little prospect 
of the pressures easing in 1994. 
' Anyone looking for a place to 
rest is making a terrible mis- 
take," says Mr Bill Sharp, pres- 
ident and general manager of 
Goodyear's European 
operations. "This has become 
an industry where there is no 
finish line." 

Since the late 1380s, inten- 
sive efforts have resulted in 
slashed costs and increased 
efficiency, under pressure from 
vehicle makers, themselves 
desperate to reduce costs. They 
have been seemingly bent on 
paring the tyre industry's mar- 
gins on original equipment 
supplies to the bone. "We are 
requested to assure price 
reductions for one, two, three 
years in a brutal way. And the 
tools with which cost reduc- 
tions can be achieved have 
already been used,” says Mr 
BanchiqrL 

if there is some consolation, 
he suggests, it is that there is 
emerging a greater sense of 


understanding of each other's 
problems between vehicle and 
tyre makers which bodes well 
for the future once the present 
near-crisis in Europe's motor 
industry is past “The transpar- 
ency between the motor indus- 
try and us as suppliers is much 
greater than in the past.” 

Little more than 12 months 
ago, almost the entire Euro- 
pean industry, already much 
slimmed down since 1990, 
thought its problems were end- 
ing and that the region would 
make a steady recovery from 
recession. Instead, with the 
exception of the UK Europe’s 
vehicles markets underwent 
their steepest collapse since 
the second world war. 

New car sales finished 1993 
nearly 15 per cent lower than 
in the previous year; truck 
sales fell by nearly 30 per cent. 
And as some of the threads of 
the European monetary system 
unravelled, so did the indus- 
try's hopes of establishing sta- 
ble pan-European pricing and 
manufacturing policies. 

Inevitably, the collapse of 
demand in the original equip- 
ment sector has served to 
increase price competition in 
the numerically much larger 


replacement tyre market, 
where margins are typically 
higher. It is in this replace- 
ment market that most of the 
industry’s profits are made. 
Thus the industry's partially 
successful efforts to raise 
replacement market prices in 
1992 have been largely negated, 
and it has only recently begun 
to try again. It is not, however, 
looking to any substantial mar- 
ket growth this year. 

Michel in. Goodyear and 


The industry is operating 
at around 80 per cent of 
capacity in Europe 


Pirelli all believe that the 
decline in vehicle sales has 
halted - borne out by slightly 
higher sales in January - but 
tbit any upturn this year will 
be small. Truck sales may 
grow by as much as 7-8 per 
cent after last year's precipi- 
tous drop, says Goodyear's Mr 
Sharp, hut car sales are 
unlikely to rise by more than 
two or three per cent. 

Against this background, the 
industry is operating at only 
around 80 per cent of capacity 


in Europe, even after a number 
of rationalisations and cut- 
backs by all the leading partici- 
pants. 

Adding to its worries are the 
growing level of cheap imports 
from outside western Europe, 
mainly from Asia and eastern 
Europe. These now account for 
about 25 per cent of Europe's 
total 215m unite a year tyre 
market - up from around 15 
per cent a few years ago, and 
underline the industry's con- 
cern about the relatively high 
total labour costs of producing 
in Europe when EU "Social 
Chapter" provisions are 
included. Nevertheless, "we 
can’t wait for someone else to 
fix our problems”, says Good- 
year's Mr Sharp. 

Thus the past year has seen 
Goodyear rationalise heavily 
within Europe, closing its 
Brussels headquarters, moving 
its core management team 
back to the parent HQ in 
Akron, Ohio, and other key 
"hands-on” staff to Us princi- 
pal technical centre and manu- 
facturing operations in CoLmar- 
Berg, Luxembourg. One plant 
near Heidelberg bas also been 
closed. Michelin. Europe’s mar- 
ket leader, is in the middle of a 


big drive to take FFr3.5bn 
($580m) out of its costs by the 
end of this year, involving job 
cuts totalling nearly 6,000 at 
plants in Europe. This follows 
a FFr3bn cost-cutting pro- 
gramme in 1991 and 92. Miche- 
lin executives say these actions 
are helping lift productivity by 
around 5 per cent a year. 

Continental, the big German 
tyre maker, has its tyre manu- 
facturing well spread around 
Europe and thus has not been 
too hard hit by the relative 


strength of the D-Mark and 
Germany's now notoriously 
high labour costs. 

Corporate strategy is to con- 
tinue to concentrate Continen- 
tal's premier tyre development 
and manufacturing inside Ger- 
many, but to take advantage of 
lower production cost plants 
elsewhere in Europe for more 
mass market products. 

Even so. more than 2,000 jobs 
went last year and its tyre dis- 
tribution operations have been 
heavily rationalised. Pirelli, 


still feeling the lingering 
effects of its attempted take- 
over of Continental, has closed 
plants in Italy and Greece, and 
cut back manufacturing 
operations in the UK. However, 
the situation is far from one of 
unrelieved gloom. 

Messrs Banchieri. Sharp and 
others in the industry main- 
tain that a flurry of new prod- 
ucts is offering the potential 
for higher margins in the 
replacement market, and that 
some at least of the price 


increases likely to be intro- 
duced this year can be made to 
stick. 

Much of the new product, 
such as Goodyear's Aquatred 
rain tyres and Pirelli’s P5000 
Vizzola, is pitched at premium 
aftermarket sectors, where pri- 
vate customers are prepared to 
pay extra for specific perfor- 
mance attributes. 

But there is also a concerted 
drive by the big participants to 
compete more effectively in the 
cheaper sector of the market 
under increasing tiireat from 
imports. 

Thus tiiere is increasing use 
of second or third tier brand 
names owned by the majors, 
and which can be sold more 
cheaply without devaluing the 
"flagship" brand's image. Thus 
Pirelli, for example, is using its 
Ceat and Courier labels to 
broaden its market presence, 
while Michelin has introduced 
Tireniaster and Goodyear is 
making greater use of its Lee 
and Kelly brand names. 

Taken together, the various 
actions are expected to sustain 
the European industry in its 
present shape, with no more 
significant mergers or acquisi- 
tions, over the next difficult 
two years. 

After that, industry leaders 
see some of the pressures eas- 
ing and capacity utilisation 
much improved. 'Three years 
out from now, there should be 
a good balance, ” concludes 
Goodyear's Mr Sharp. 


The US industry has had to respond to new demands by shoppers 

Tradition takes a back seat 


For years, a simple philosophy 
guided the big CS tyre makers: 
if yonr product sells in 
Detroit, it will surely sell on 
Main Street When the time 
came to replace worn-out 
tyres, the reasoning went car 
owners were most likely to 
buy the brand chosen by the 
factory as original equipment 

Over the past few years, 
however, confidence in this 
passive approach to the $18bn 
US replacement market has 
slipped. Shopping habits in the 
US have changed, and the 
emphasis on value is stronger. 
"For a lot rtf people, a tyre is a 
tyre is a tyre,” says Mr David 
Garrity, an analyst with 
McDonald & Company invest- 
ments in New York. 

The trend has forced some of 
the big tyre groups to sell 
their wares in chain stores and 
warehouse clubs. It has 
changed distribution patterns 
in other ways, too. Larger tyre 
outlets, which can offer lower 
prices, have flourished, while 
mom-and-pop operations have 
consolidated -or languished. 


Paradoxically, consumers 
have shown a willingness to 
pay extra for air bags and 
other optional equipment to 
enhance safety. That demand 
has encouraged tyre groups to 
strengthen their brand images 
and intensify their research 
and development programmes. 

Goodyear, last of the big US- 
owned tyre groups and the 
north American leader with 
$5.4bn in sales, has shown the 
most imagination in respond- 
ing to changes, analysts say. 

The company broke with tra- 
dition in two crucial ways. It 
decided to offer its products at 
Sears, Wal-Mart and other big 
chains, putting them in direct 
competition with its network 
of 3,500 company-owned stores 
and independent dealerships. 

Second, Goodyear derided to 


forgo tradition and introduce 
its new Aquatred tyre directly 
in the retail market. Its bet 
that consumers would be will- 
ing to pay a premium price for 
Aquatred’s safety features 
paid off handsomely last year. 

US operating income, exclu- 
ding special Hems, climbed by 
more than 10 per cent to 
t59Q.5m, while operating mar- 
gins jumped to 10 per cent of 
sales, from 6 per cent in 199L 
The improvement comes at a 
time when foreign-owned 
rivals are under pressure to 
boost market share by cutting 
prices to the bone. 

With prices down, Goodyear 
has succeeded in lowering its 
costs through "controlled 
downsizing", says Mr Garrity. 
By reducing manpower and its 
debt burden, the company has 


had the wherewithal to invest 
in the marketing and research 
aspects of the business. 

The other big tyre groups - 
Uniroyal Goodrich (owned by 
Mjchelin), Bridgestone/Fire- 
stone and Continental/General 
- have been at a financial and 
competitive disadvantage 
because they have been strug- 
gling to integrate their 
operations since the big con- 
solidation a few years ago. 

Those difficulties are appar- 
ent at Michelin. The French 
parent, hit by its exposure to 
the depressed European mar- 
ket has accelerated its effort 
to wrest concessions from 
unionised workers at its Unl- 
royal plants. 

Despite its advantages, 
Goodyear was not the only 
group to show Improvement in 


the replacement market. Mr 
Saul Ludwig, an analyst .at 
Roulston Research in Cleve- 
land, reckons tbat Bridge- 
stone/Firestone finished the 
year with the best gain, fol- 
lowed by Goodyear. He credits 
a long-overdue decision by the 
Japanese-owned group to pro- 
mote the Firestone brand 
name, one of the country’s old- 
est, after vacillating over the 
issue since acquiring the US 
operation in the late 1980s. 

Nevertheless, competitive 
shifts in the tyre business are 
neither sweeping nor easy to 
quantify. “It is very difficult 
to get cold, accurate data on 
the foreign-owned companies," 
says Mr Gary McManus, of 
Kemper Securities in Chicago. 
He estimates that Goodyear, 
Michelin (including Uniroyal) 


US lyre industry 1993. 



• Replacement 165-5 million urtfts ■ 
SoOn^Modeiif EreDosJc* 70.4%. 


and Bridgestone each com- 
mands 20 to 25 per cent of the 
replacement market 
Pari of the reason competi- 
tion is so keen is that the 
replacement side is "a zero- 
growth game”, as Mr Ludwig 
describes it Sales to custom- 
ers replacing worn-out treads 
showed alm ost no growth last 


Truck units distributed 


OE 7.9 miS Ion units 1&5K 



Replacement 34.8 million units 
81.5% 


by retailers further restrained 
growth. With the excess dry- 
ing up, Mr Ludwig predicts a 
sharp 4 per cent gain in 1994 
on the replacement side. 

Although a bit less glamor- 
ous, the Detroit trade remains 
tiie tyre industry's bread and 
butter business, and 1993 was 


In L993, US sales of so-called 
original equipment tyres - fit- 
ted on cars and trucks during 
their assembly - surged 14.7 
per cent, according to Mr 
Garrity. In parallel with the 
cyclical trend in motor vehicle 
production, tbe jump in origi- 
nal equipment (OE) sales rep- 
resents an acceleration of a 
tentative recovery which 
began the previous year, fol- 
lowing a three-year downturn 
which hit bottom in L991. 

In the OE market, a tyre 
maker’s fortunes rise and fall 
with the performance of the 
particular carmakers it sup- 
plies. With automakers order- 
ing parts from fewer sources, a 
few big tyre groups have tight- 
ened their grip on a segment 
in which prices have stabi- 
lised. Goodyear was a winner 
on this side of the business, 
largely because it supplies 
Chrysler - star of the car 
industry - with 84 per cent of 
its tyres, according to Modem 
Tire Dealer. 

Frank McGurty 


a year of feasting. After a long 
year. Hie stagnation reflected slump, the Big Three US car 
comparisons with a usually makers have enjoyed a 
robust 1992, when the market remarkable upturn, and the 
expanded by about 3 per cent, companies supplying them 
High inventories carried over have tagged along for the ride. 










EAGLE AQUATRED 

The only tsrsi-track for tyres 
tougher than a Grund-Prix course is the 
same track in the wet. 

The lessons we learned on the 
F.l circuit directly *nfluenced the develop- 


ment of the remarkable Goodyear Aquatrcd. 

Now, we've advanced the tech- 
nology even further. Next week at the 
Geneva Salon, we will show for the first 
time, the new High-l’erformancc Dual 
Channel F.agle Aquatred. 


So you’ll have the traction you 


need on the Ml, Ml, or US1. Goodyear sup- 
ports safe driving. Wherever you are. 



A Change For the Better 








WORLD TYRE INDUSTRY 4 


Paul Abrahams on the Japanese crisis and the effect on other Asian nations 

Spinning wheel of misfortune 


World leaders in new tyre sales 


The Japanese tyre industry, 
Asia's largest, is in a spin. The 
sector is .suffering from a mas- 
sive collapse in demand caused 
by the worst domestic reces- 
sion since L945. Simulta- 
neously. high costs and the 
inexorable rise of the yen is 
undermining the ability of Jap- 
anese tyre manufacturers to 
export their way out of trouble. 

The crisis threatens to create 
a fundamental shift in produc- 
tion from Japan to other Asian 
countries. The trend is part of 
a more general trend of "hol- 
lowing out" of Japanese indus- 
try. as manufacturers relocate 
production in the low-cost fast- 
growing Asian markets. 

The decline of the Japanese 
tyre market, the world's sec- 
ond biggest, has been precipi- 
tous. Last year was the third 
that demand and production 
Tell and the drop last year was 
the worst on record. Output 
has fallen from a peak of 
166.7m tyres in 1989 to less 
than 150m units last year. 
Meanwhile, the amount of rub- 
ber consumed has dropped 
from 1.031m tonnes in 1990 to 
922,000 tonnes in 1993, accord- 
ing to the Japan Automobile 
Tire Manufacturers' Associa- 
tion (Jatma). 

The sector has been under- 
mined by a collapse in demand 
in both the original equipment 
market - supplying domestic 
car manufacturers - and in the 
domestic replacement market 
Tyre shipments to domestic 
vehicle constructors fell 22.1 
per cent last year to 50m units. 
That fall mirrors a 10.2 per 
cent drop in Japanese vehicle 
production, according to data 
released by the Japan Automo- 
bile Manufacturers' Associa- 
tion. Meanwhile, the collapse 
in the replacement market has 
exacerbated the industry's 
plight. Sales fell from 67.6m in 
1992 to 60.9m last year. 

Imports have also been 
adding to Japanese manufac- 
turers 1 woes. Although imports 
fell about 5 per cent to slightly 
less than 14m units last year, 
they nevertheless increased 
market share in a falling mar- 
ket. 

In spite of the massive over- 
capacity. uo Japanese manu- 
facturers have closed plants 
over the past 12 months. How- 
ever. Mr Akira Suzuki. Jatma’s 
executive director, says 


Financed p erf ormance of leading producers (first half 1993 - Sen} 1 



Satan 

% change 

Operating 

result 

% change 

Net 

result 

% change 

Michelin 

5.353X1 

12.0 

138X5 

-71.0 

(B04.UP 

NM 

Bridgestone* 

2.843.0 

-11.3 

187.8 

-43.1 

58.7 

-59.1 

Goodyear 

5.810.0 

3.2* 

392X2 

12U6 

224.7 

NM 

Continental 

2,660.0 

-8-6 

18.4 

-73.6 

NA 

NA 

Pirelli 

2.997.0 

9.1 

278 X) 

-0.1 

(40.5) 

NA 

FTH 

1,585.0 

-8-6 

41.0 

-9.7 

(36.0) 

17.5 

Yokohoma 

1,200.0 

-7.9 

na 

na 

24.0 

-18 

Cooper 

572.7 

-OS 

78.6 

12J5 

49.2 

NM 


l Fomin curencMa conw ia d a. da Juno 30. 1983 naa. 2 tncfcxfca atoiacrtkiary prowafana tatnJBno 3m 3 Ur>conscti<10«L 4 Band on dhset 
co m pa t auu La. Jwmwm g dvesnd bmOiw Qx fr aea Mr ratna. Dm, ate). r*.i - no! mnnlngM, previous tgura *m a ton. NA • nor naWa 

Soacr fiactoOT Ratter Jam I 


extended maintenance periods 
have cut operating rates from 
more than 90 per cent in 1992 
to just over 80 per cent last 
year. 

The leading Japanese manu- 
facturers include Bridgestone, 
with about between 45 and 50 
per cent of the market, Yoko- 
hama Rubber (about 20 per 
cent), Sumitomo/Dunlop (about 
20 per cent). Toyo Tire & Rub- 
ber (about 10 per cent) 

A sense of crisis has been 
created in the industry, not 
only because of the drop in 
output, but also falling prices 
and shift in product mix as 
consumers demand greater 
value for money. Bridgestone 
says the price structure has 
been deteriorating quite 
quickly. 

Most worrying for the indus- 
try has been the fundamental 
shift in consumer attitudes in 
the replacement market. 
Whereas in the past Japanese 
consumers almost unquestion- 
ingiy bought the most expen- 
sive brands, this is no longer 
the case. 

"Consumer behaviour has 
changed very fast since the 
depression. Shoppers are shop- 
ping around and brand loyalty 
has been weakened. This is 
very new for the market," says 
Mr Pierre Si van, president of 
Nippon Goodyear. He explains 
that Japanese consumers tend 
to buy four replacement tyres 
at a time and that consumers 
no longer feel as obliged as 
they were to substitute the 
original fit with the same 
brand. 

New ranges of high-perfor- 
mance intermediate tyres have 
proved highly successful over 
the past three or four years, 
according to Mr Sivan. These 
have captured about 70 per 
cent of the high performance 
sector which represents about 


15 per cent of the entire pas- 
senger tyre market 

However, these intermediate 
tyres, which are between 10 
per cent and 15 per cent 
cheaper than the top-perfor- 
mance products, have not been 
immune from price cuts. In 
January, when new lines were 
introduced, the new products 
came in at the existing price, 
and the old products were fur- 
ther discounted by about 10 
per cent says Mr Sivan. 

Further evidence of the 
change in consumer attitudes 
is the rapid growth of mass 
merchandisers such as Auto- 


bacs and Yellow Hat These up- 
market stores, which stock 
tyres, wheels and in-car enter- 
tainment systems, do not offer 
significant discounts to tradi- 
tional mom-and-pop shops, 
according to Mr Sivan. How- 
ever, they offer a huge product 
range against which small 
local suppliers find it difficult 
to compete. "These don't look 
like a place for tyre-kickers,* 1 
explains Mr Sivan. 

The growth of mass mer- 
chandisers has been swift Esti- 
mates of their present market 
share range from 15 percent to 
20 per cent, compared with 


only 7 per cent five years ago. 

The increasing concentration 
of distribution channels could 
help foreign manufacturers 
such as Michelin and Good- 
year, which have paltry mar- 
ket shares given their size else- 
where. 

First manufacturers market- 
ing to mass merchandisers do 
not require the huge sales 
forces traditionally required to 
reach traditional tyre retailers. 
Second, the merchandisers are 
beg inning to develop their own 
brands which could be manu- 
factured by foreign groups. 

"Non-Japanese companies 
have a window of opportunity 
in Japan that they have not 
had for years," says Mr Sivan. 
"Most of the handicaps we 
have had have not disap- 
peared, but are nevertheless no 
longer as significant as they 
were.’ 

The main disadvantage for 
foreign groups has been the 
absence of local manufactur- 
ing, says Mr Sivan. But Japa- 
nese companies are now 
looking Increasingly at locat- 
ing their own manufa cturing 


Groups Mfchsh 

(UnfrcryaJ Goodrich) 


G oodyear Tima. Rubber 
(KeBy-Sprtugfwtd) 

Continental AO 
(General TW 

Sumitomo Rubber 
Industrie* iDunJop) 


Source: Modem Tim Doom 



$ button 


Research & 


Company 

ran 

expenditure 

% of safes 

Capital 

investment 

%<rf sales 

MJchefa, 

505.0 

4.0 

643X2 

5.1 

Bridgestone 

380.3 

Z& 

12233' 

as 

Goodyear 

325-9 

2.8” 

366.6 

3.1 

Continental 

248-8 

4.0 

453X3 

7.3 

Sumitomo 

101.4 

2X2" 

371.0 

&1 

Ptreffl 

121.7 

3.6 

113X2 

14 

Yokohama 

120.2 

3.5 

189.7 

5.5 

Toyo 

61k 

ZS 

164.0 

75 

Cooper 

19.7 

7.2 

1 102 

9.4 

Kumho 

32.9 

3.1 

167.7 

17.7 

Hankook 

NA. 

NA. 

247.8 

24.4 

Ohtsu 

23 X) 

3.0 

58.3 

7.6 


- UnconadUned data 

elsewhere in Asia. 

Japanese groups' manufac- 
turing is being driven overseas 
by the rapid growth of the con- 
sumer markets in Asia, the 
location of automotive manu- 


ftuix Tfm cuqponfei 

facturing there, and the low 
costs of operation. Labour 
costs, which represent about 50 
per cent of manufacturing 
costs, are particularly less 
expensive outside Japan. One 


12 


manufacturer estimates the 
cost of labour in China is I per 
cent of Japanese levels. 

Bridgestone. Asia's largest 
producer, already has plants in 
Taiwan, Indonesia and Thai- 
land. It is opening a construc- 
tion plant in Thailand that 
should increase its local pro- 
duction by 35 per cent. The 
group is also in the process of 
doubling capacity in Indonesia. 
The company says it is now 
turning its attention to rapidly 
developing markets such as 
C hina , Vietnam and India. 

Mr Sivan at Goodyear says 
the opportunities in China are 
immense. But it is important 
for western groups to be vigi- 
lant about Japan, which 
remains and will remain Asia's 
most important market for 
many years. 


China's tyre industry - 
designated a future corner- 
stone of the national economy 
- is facing uncertain times. 

It is at once a market offer- 
ing huge potential - the num- 
ber of cars per person is one of 
the lowest in the world, at just 
6.5 per bead, and local produc- 
tion is heavily bent towards 
the older bias tyres - and a 
market hampered by the gov- 
ernment's credit squeeze and 
measures to protect the domes- 
tic industry. 

The market is split in two - 
bicycle tyres, where demand is 
seen to be flattening (although 
there are still around 38m to 
40m bikes being made and 
sold each year), and the bur- 
geoning market for motor 
vehicles. Even China-based 
tyre makers are starting to 
reduce their dependence on 
bicycle tyres which offer only 
thin margins. 

However, Mr Stephen Cod- 
ron, executive director with 
Shenzhen China Bicycles, reck- 
ons demand for two-wheeled 
vehicles will remain a feature 
of the mainland market - 
albeit with 50cc motors 
attached. His company, which 


China’s huge potential is hampered by regulations, says Louise Lucas 

Where bicycles rule the roads 


churns out some 2.6m bikes a 
year, bays tyres from three 
manufacturers in Guangdong 
province. Two of these are Tai- 
wanese joint ventures. 

The replacement tyre mar- 
ket is enormous, he says. "Just 
look at the roads. They are not 
up to the -standards of toe west 
and tyres are always bursting 
so there is a great market for 
spares, espedally in bicycle 
tyres." 

Car sales were among the 
first to crack when Beijing 
launched measures to tighten 
credit in a bid to cool toe econ- 
omy. In August, 79,800 
vehicles were sold, 10,000 
fewer than in July and 27,000 
fewer than in June. Prices also 
came tumbling down: by last 
October Santanas were going 
for little more than YnlSO.OOO 
(US820.672), compared with 
Y ti220,000 three months ear- 
lier. 




PopiSar conveyance: up to 40m bicycles are sold each year in China 


Mr Frank Jiang, sales man- 
ager at General Motors Beijing 
office, said: "Sales are not very 
good at present because of the 
effect of the crackdown on toe 
vehicle market" 

The group is assembling 
2,000 vehicles a year in China 
for domestic usage. However, 
potential demand for passen- 
ger cars in China is estimated 
to reach 1.2m units by 2000. 
Of the foreign tyre produc- 


ers, Bridgestone has the domi- 
nant market share in Asia as a 
whole. China's own output of 
tyres is far lower than that in 
the US. Japan, former USSR 
and South Korea. 

According to Swiss Bank 
Corporation, total industrial 
output by the tyre industry is 
around Yn25bn (US$2.9bn). 
The ratio of toe newer, more 
technologically advanced 
radial tyres to bias tyre pro- 


duction is around IS. 

Mr Lawrence Ang, China 
analyst with SBCI Finance 
Asia, says most of the foreign 
auto tyre makers" participa- 
tion in China Is limited to 
technology transfer arrange- 
ments with domestic counter- 
parts. 

He says that while Michelin 
and Goodyear have been 
searching for suitable China 
partners for some time, only 
Pirelli is reported to have set 
up a venture with Beijing Tyre 
Factory. 

The only other active for- 
eign investor in the industry is 
China Strategic Investment 
(CSI), a Hong Kong-listed com- 
pany specialising in asset trad- 
ing, which has Invested In five 
tyre ventures - two of which 
were listed under holding com- 
pany China Tire on the New 
York Stock Exchange last 
year. 

Foreign manufacturers with- 
out a China partner face crip- 
pling impart duties af up to 45 
per cent in addition to a strict 
permit system, according to 


SBC, and - thanks to the high 
accord placed on the sector by 
Beijing - this is unlikely to 
di mini sh hugely even as China 
attempts to rqjoin toe General 
Agreement on Tariffs and 
Trade (GATT). 

Mr Ang said: "Chinn will do 
some things to reduce barri- 
ers, tot what tends to happen 
even in other countries is that 
joining GATT does not neces- 
sarily mean a reduction in tar- 
iffs. It is not necessary to open 
up tiie whole market to for- 
eigners. 

"Especially with the tyre 
and auto industry, which the 
government terms a corner- 
stone industry, partly because 
of its military importance. 
They would abolish the permit 
situation, but that does not 
mean that foreigners can 
export tyres into China freely: 
other administrative measures 
trill come into force." 

He said it is a belief in this 
programme that is prompting 
foreign manufacturers to 
tackle tiie market from a dif- 
ferent angle, mainly by setting 
up joint ventures. 

In China, tyres are classed 
as one of the 29 strategically 
important production materi- 
als and their production there- 
fore receives considerable 
attention and support from toe 
government 


John Barham looks at the Argentine industry which is growing fast 

Mini-market gets up and goes 


Argentina barely registers in the world 
tyre market. But like other Latin coun- 
tries, its relatively small domestic market 
has shaken off decades of torpor and 
begun growing at a rapid pace. 

In the last three years domestic output 
has grown by a third, reaching 6.3m units 
in 1993, with each of Argentina's four tyre 
companies holding about one quarter of 
the market. Total sales, including imports, 
was worth $520m last year. 

The industry's sudden expansion began 
soon after Mr Domingo Cavallo announced 
early in 1991, just after his appointment as 
economy minister, that he would make 
Argentina’s peso convertible. This, plus 
aggressive tax reduction, privatisation and 
liberalisation policies restored consumer 
confidence and led to an explosion in 
demand for every conceivable product - 
including cars and tyres. 

The economy has expanded by one quar- 
ter since 1991 and Mr Cavallo is predicting 
a further 65 per cent growth this year. 
The car industry is hoping it can push 
sales to 500.000 units in 1994, an increase 
of almost 50 per cent over Last year. 

Few business people in Argentina think 
the economy can continue growing at its 
present rate. However, tyre companies are 
optimistic that the fast growth in car sales 
- which are projected to grow at an 
annual rate of 545 per cent to the end of 


the decade - will mean a steady growth 
rate for them as welL 
That is the good news. The bad news is 
that with the elimination of ante-impene- 
trable trade barriers, margins have nar- 
rowed, competition has grown and costs 
remain stubbornly high. 

This presents serious challenges for Fate 
SA. Argentina’s only independent tyre 
maker. It is competing not only with mul- 
tinationals Firestone. Goodyear and Pirelli 

Few business people in Argentina 
think the economy can continue 
growing at its present rate 

but with increasingly aggressive exports 
from multinationals in Brazil. 

Argentina and Brazil, together with Uru- 
guay and Paraguay, are setting up a 
regional trade block called Mercosur that 
has already substantially reduced trade 
barriers between the four. 

This has allowed companies operating 
from the far larger Brazilian market to 
attack the local market. Imports have 
grown by 40 per cent since 1991 to capture 
almost one filth of the market, with the 
Brazil-based multinationals to the lead. 

Privately-held Fate is fighting back by 
cutting jobs, reducing costs and investing 


cautiously. Restructuring and Import com- 
petition pushed it into the red, and it only 
recently returned to profit It lost $l4m in 
fiscal 1992, *7m in 1993 and this year hopes 
to earn J2-3m. 

The long-term outlook naturally depends 
on the future health of the wider economy. 
Companies expect growth to settle down 
to more sustainable rates soon. 

But businesses still complain of an 
uncompetitive exchange rate. They also 
want the government to reduce high oper- 
ating costs by reforming Argentina's rigid 
labour laws and further reducing the cor- 
porate tax burden and controlling the 
escalating cost of utilities and services 
that are less exposed to imports. 

It is hard to see how Argentina's tyre 
industry can survive in its present shape. 
Four manufacturers seems too many and 
in the case of Fate, a wholly family-held 
company, it is hard to see how it can 
survive in a market dominated by giants. 

The pace of trade integration with Brazil 
will be a vital factor in deciding the indus- 
try’s future. Argentine tyre companies are 
already narrowing their range of products 
and meeting the market's needs with 
imports from Brazil and further afield By 
toe same token, once the Brazilian market 
returns to normality, negligible exports 
should pick up allowing Argentine compa- 
nies to gain economies of scale. 





Moncure, North Carolina 


A dvanced technology from 
AlliedSignal - engineered to 
meet the global tire companies' et'er - 
increasing demands for performance 
passenger radial and light truck tires. 


USA/WofMvrlde 

AlliedSignal Fibers (»1?0) 
4o40 Embassy Parkway 
Akron. OH 44335 USA 
Tel (210)668- 4881 » 

Fax: (2 IO> <568-380? 


Europe 

AlliedSignal Europe IV. V. 

Haasnxle Research Park 
Grjuwmeer 1. B-5001 Hevcrlee (Leuven) 
Belgium Tel: <32 ) 1 6. 39.12.33 
Fax: (32) I6.40.U3 ~ 


AlliedSignai's DSP fibers are 
manufactured at uwrtti class 
facilities' located in Moncure. 
NC and our new stare-of-the-art 
plant in the EC, LonglavUle, France. 


AlliedSignal 

" 'fibers 





FINANCIAL times 


FRIDAY MARCH 4 1994 


MANAGEMENT 


13 


Employers cast as 
partners in crime 

Christopher Lorenz on who is to 
blame for corporate misconduct 


W hen British Airways 
was caught last year 
waging: “dirty tricks” 
against Virgin Atlantic, its local 
arch-rival, many outsiders 
assumed its campaign had been 
authorised by top management 
Others accepted BA's 
protestations that the offending 
actions - some of which are now 
the subject of a lawsuit in the 
US - were merely those of a small 
group of individuals who had 
overstepped the bounds of proper 
behaviour in their eagerness to 
foster BA's interests. 

A third group of observers felt 
that whether or not the 
employees had really acted in 
isolation, the real rogue was BA's 
abrasive corporate culture, 
fostered by the airline’s then 
chairman, Lord King. 

This view is given added 
credence by an article in the 
latest edition of the Harvard 
Business Review* which argues 
that corporate misconduct is 
rarely explained by the flaws of 
an individual employee. More 
typically, unethical business 
practice reflects the values, 
attitudes, beliefs, language and 
behavioural patterns that define 
an organisation’s operating 
culture, says the article's author, 
Lynn Sharp Paine, a Harvard 
ethics professor. 

Paine's article is directed 
mainly at American companies, 
which are rushing to install 
“compliance-based ethics 
programmes” in order to fall in 
line with new federal sentencing 
guidelines. But her conclusions 
apply to any type and nationality 
of organisation. 

The US guidelines, introduced 
in 1991, partly relate the size of 
fines for unlawful conduct to the 
extent to which companies have 
tried to prevent that misconduct. 
But Paine argues that providing 
employees with a rule book - 
as BA did last year with its 
hurriedly-introduced code of 
ethics - is inadequate on its own. 

To foster a climate that 
encourages exemplary behaviour, 
she says, organisations need to 
take a more comprehensive, 
“integrity-based” approach to 
ethics management Such 
approaches vary In design and 
scope, but they all foster guiding 


values, aspirations, and patterns 
of thought which support 
ethically sound behaviour, plus 
a sense of shared accountability 
between employees. 

Sharp cites several American 
examples where the lack of such 
a “governing ethos”, as she calls 
it, encouraged top, middle and 
junior managers to behave 
u n et hi ca ll y. The most recent was 
in 1992, when a car service 
offshoot of Sears Roebuck was 
accused of misleading customers 
and selling them unnecessary 
parts and services. Sears' chief 
executive acknowledged 
management's responsibility for 
introducing pay and goal-setting 
systems which “created an 
environment in which mistakes 
did occur”. 

In stark contrast, Paine says 
that decisions of thousands of 
employees at all levels of Johnson 
& Johnson were responsible for 
the OS drugs company's 
exemplary behaviour in the 
Tylenol crisis in 1982; they 
automatically withdrew all 
painkillers of that brand from 
the market after batches were 
found to have been poisoned. 
Without a shared set of values 
and g uiding principles in gwriwod 
throughout the organisation, 
Paine says it is doubtful that 
J&Ts response would have been 
“as rapid, cohesive and ethically 
sound”. 

Three years later, Martin 
Marietta, the OS aerospace and 
defence contractor, established 
a comprehensive ethics 
programme, at a time when its 
industry was under attack for 
frand and mismanagement and 
the company itself was under 
investigation. 

This programme comprises a 
code of conduct, an ethics 
training programme for the whole 
workforce, and comprehensive 
procedures for reporting and 
investigating ethical concerns 
within the company. An ethics 
network investigates anonymous 
complaints, and a corporate ethics 
office manages the progr amm e 
under the supervision of a 
steering committee. 

* Managing for Organisational 
Integrity. HSR Mar-Apr 1994 
Reprint no 94207. Fax (617) 

4916985. 


A look of disgust flashes 
across Alain Prestat’s face 
as he grabs the television 
remote control pad. “Ugh!" 
be groans. “This is the sort of thing 
we used to make. Just look at it It's 
so ugly. And user friendly? Huh! It's 
so complicated that you’d need a 
PhD to use it properly.” 

“Ugly" and “complicated" prod- 
ucts will, if Prestat has his way, 
soon be part of the past at Thomson 
Consumer Electronics (TCE), a divi- 
sion of Thomson, the state-con- 
trolled French electronics group. 
Prestat has, in his two years as 
TOE’S chairtnan l launched a mis- 
sion to haul the heavily loss-making 
company back into the black and 
has hired Philip pe Starck, the mav- 
erick French designer, to orches- 
trate a new design programme. 

When Prestat 42, arrived at TCE 
in 1992 from his old post as an 
adviser to the French prime minis - 
ter, the company was in a dismal 
state. It was the world’s fonrth-larg- 
est television manufacturer with 
interests across the brown goods 
market and brands such as RCA, 
Telefunken, Saba, Ferguson and 
Thomson. But it was losing market 
share and burdened by accumulated 
net losses of FFrS^bn (£630m) from 
the four preceding years. 

Prestat spent ids first two years 
at TCE slashing stocks and shed- 
ding staff. The company last year 
came back into the black at the 
operating level. “After two years on 
the defensive we've built a solid 
base for the business,” be says. 
“Now we're ready to deal with the 
long-term, strategic issues that we 
didn't have time for before.” 

One of the main issues is the 
design of TCE’s products. Prestat 
realises that TCE’s long-term pros- 
pects hinge on its ability to steal a 
march over rivals such as Philips 
and Sony in the intensely competi- 
tive consumer electronics sector. He 
believes consumers are bored by the 
“grey boxes” that swamp the mar- 
ket and is convinced that imagina- 
tive design could give TCE a real 
competitive advantage. 

“For years manufacturers have 
assumed that price and technology 
were enough to sell a product But 
these days people don’t see good 
technology as anything special. 
They expect it What they do want 
are appealing products with then- 
own identities," he says. 

Angela Dean. European electron- 
ics analyst at Morgan Stanley, sus- 
pects he is right “This market is a 
nightmare for everyone,” she says. 
“But it’s particularly tough for the 
Europeans because the south-east 
Asians are not only more efficient 
at fuming out televisions like nans 
of peas but at making than look 
more attractive. There probably is a 
demand for better-looking products. 
TCE can have a go - but it isn’t 
going to be easy.” 

In the past TCE’s designs were 



Alain Prestat (Inset} with two of Phfflppe Starch's imaginative television designs which could give TCE a competitive advantage 

Starck contrast 


Alice Rawsthom witnesses the design revolution 
under way at Thomson Consumer Electronics 


undertaken by in-house designers 
based at each of the company's fac- 
tories where they worked to specifi- 
cations provided by the marketing 
and technical departments. Prestat 
wanted the designers to be more 
pro-active and better integrated 
with the rest of the business. 
“Design shouldn’t be burled inside 
the company,” be says. “It’s got to 
be central to everything we do.” 

He was also anxious to ensure 
that TCE’s designers took a fresh 
look at their work rather than sim- 
ply r efining old designs, or those of 
their rivals. A year ago he asked 
Philippe Starck to become TCE’s 
artistic director. 

S tarrk , 45, made his namfl in 
the 1980s with witty work 
such as his spider-shaped 
lemon squeezer for Alessi, the Ital- 
ian kitchen and tableware manufac- 
turer, and the opulent Royalton 
Hotel in New York. His brief is to 
overhaul TCE’s visual identity - 
from all its products to corporate 
stationery - thereby giving him the 
same degree of control as other 
influential corporate design direc- 
tors such as Dieter Rams at Braun, 
the German electronics company. 
Whereas Braun employs Rams 
full-time, Starck works for TCE as a 
consultant “My role is to be a kind 
of corporate Candida,” he says. “It’s 


important for TCE that I continue 
to come in as an outsider to look at 
what everyone's doing. Prestat 
understands that” 

His first big task, the redesign of 
TCE’s European television sets, wfil 
act as a blueprint for TCE’s new 
approach to design and product 
development. Starck has spent the 
past year working on the project in 
liaison with Prestat, his marketing 
and technology specialists and the 
new 16-strong European design 
team at TCE's Paris headquarters 
which includes some of the old fac- 
tory designers and the young pla- 
neurs, or “gliders", that Starck has 
hired on a freelance basis. 

The new designs form part of the 
overall reorganisation of TCE's 
European television business. When 
Prestat arrived the company had 
seven leading brands in Europe 
each with their own ranges of prod- 
ucts and market positions. This 
meant that TCE missed opportuni- 
ties to cut costs by pooling 
resources and that, sometimes, its 
own subsidiaries were competing 
against each other. 

The brands have now been ration- 
alised into three “families". To 
achieve maximum economies of 
scale, each family has a unifi ed 
range of products, which are sold, 
for the most part, jmder different 
names in different countries. Starck 


has identified a different personal- 
ity for each brand to reflect its mar- 
ket position. 

He sees Thomson, the middle 
market brand, which carries the 
name Thomson in France, Ferguson 
in the UK and Nordmende in Ger- 
many, as a “ techno-zen’ character 

- a buddhlst monk who loves tech- 
nology". Saba, the cheaper range, 
which is sold as Brandt in France, 
is “younger and flakier". Telefun- 
ken is the “grand bourgeois who 
loves a grand gesture”. 

The completed designs are being 
kept under wraps at TCE's Paris 
headquarters until the first new 
products (a third of the entire 
range) are launched in May with 
the rest coining out next year. The 
only clues as to what the new prod- 
ucts will look like lie in Starck’s 
one-off TV sets for Saha and Tele- 
funken launched last autumn. 

Both look dramatically different 
from anything else on the market 
The Teleftinken set has an elegant 
1940s feel with a sweeping glass 
screen and mahogany case. The 
Saba mixes green plastic and recy- 
cled woodchips. 

“There’s no reason why televi- 
sions should have to come in boring 
cardboard boxes," says Starck. “We 
want our products to be fun to buy 

- just like opening a Christmas 
present” 


Creative 

thought 

stifled 

I nnovative employees are 
being stifled by modern man- 
agement practices designed 
to maximise production and indi- 
vidual work output, according to 
a report* published yesterday. 

Fostering Innovation, pub- 
lished by the British Psychologi- 
cal Society, calls on organisa- 
tions to think about how best to 
encourage innovative staff who. 
it suggests, are often overlooked 
and neglected by employers. 

The authors, Michael West or 
Sheffield University, Clive 
Fletcher of Goldsmith's College 
at the University of London, and 
John Toplis at the Post Office 
training and development group, 
argue tbat performance 
appraisal systems, goal setting 
and extra work demands can suf- 
focate innovative thinking 
They agree tbat performance 
monitoring improves effective- 
ness but say It can create job 
insecurity and fear or failure, 
which both hinder innovative 
thought “Where people at work 
feel that their jobs may be 
threatened if they make mis- 
takes they are likely to play safe 
and avoid the risk and experi- 
mentation which is fundamental 
to innovation," says the report 
Traditional career paths tend 
to stifle innovation, say the 
authors. Tbey suggest tbat 
employees likely to be favoured 
for promotion at the bottom of 
an organisation are those who 
are accurate, pay attention to 
detail, rules and procedures, 
accept authority, dress conven- 
tionally and conform generally. 

In contrast, it describes inno- 
vators as people who defy con- 
vention, question authority and 
dislike routine work and paying 
attention to details. “It would be 
wrong to give the impression 
that innovation would be fos- 
tered simply by the employment 
of radicals. However, organisa- 
tions also have to recognise that 
the complete exclusion of such 
people could lead to stagnation," 
says the report. 

Richard Donkin 

•Postering Innovation. British 
Psychological Society. St And- 
rews House. 48 Princess Road 
East Leicester LEI 7DR Tel 0533 
549586. No charge. 


HNANC 

m a a 

PRIV 

0 

PAR 

In this week's issue: Private Client Servia 

LAL TIMES 1 

z i N e s 1 

ATES 

N 

ARE. 

:s - a special survey. £1.70 at your newsagent 

IINVEJ 

ICHRO 

>TORS 

NICLEl 

THE CITY 

INSIDE OUT 


CONTRACTS & TENDERS 

TURKISH 

ELECTRICITY AUTHORITY 
GENERAL MANAGEMENT 

The deadline for tender of the 
Consultancy Services of Akkuyu Nuclear 
Power Plant has been postponed until 
26.4.1994. 

TEK can post the Bidding Documents on 
payment of US$100 postal charges to 
requested Bidders, in addition to the 
Bidding Documents fee $200. 


LEGAL NOTICES 


No. 00916 of 1994 

IN THE 1(1011 COURT OF JUSTICE 
CHANCERY DIVISION 

IN THE MATTER OF 
I 1 AUON HOLDINGS pfc 
AND IN THE MATTER OF THU 
COMPANIES ACT US 5 
NOTICE IS HEREBY GIVEN that a Petition 
w»oo die M day of Rtmmiy 1994 pasemf » 
Hr, Majesty'* High Coon of Justice for the 
cem fi rmaikta of the irdnaroo of 1 1 ) Ok otore 
capital of ihe above- ana cd Company by 

UMOUnO free, £ 8324^00 to X 2 J 24 J 00 and 
(21 the aha re premium account of (be abo re- 
tained Company by the m of £ 1 1 , 000,000 horn 
flSJIWJBlloHJSWKI. 

AND NOTICE IS FURTHER GIVEN that the 
said Petition is directed to be baud beftn Mi 


. London WC 2 A 2 LL an Wednesday dm 
i 1994 . 

ANY Creditor or Shareholder ol the as id 



DATED Mi-Ub day of Mach 19 W. 
Edfs A Him* 
l&'J^Soeduiivna Place 
London WC 1 A 2 AJ 

Telephone: 071 404 4101 

Reference: AWRSSId 

SoBdWrt b the aboK-naocd Company 


No. 00917 of 1994 

04 THE HIGH COURT OP JUSTICE 
CHANCERY DIVISION 

IN THE MATTER OF 
HDNSONFLC 

AND IN THE MATTER OF THE 
COMPANIES ACT 19 SS 
NOTICE IS HEREBY GIVEN that a Petition 
an 0 a die Mi day uf February 1994 presented to 
He, Majesty’s High Conn of laaritx for lie 
confirmation of the redaction or ibe share 
lauuiii a cra a rt of lie above-n am ed Cbopany 
by tie stun of £ 8^90000 From £ 9 , 264.706 to 
£ 674 . 706 . 

AND NOTICE IS FURTHER GIVEN tbat the 
said Petition a directed » be beard be tore Mi 
kegktea BocUey 0 *e Royal CtoerB of Jasdce. 
Strand. London WC 2 A 2 LL on Wednesday the 
lMi day of Modi 1994 . 

ANY Cicdito, o, Share bolder ot Ihe laid 
Company desiring to oppose the making of an 
Qnkr tor the unnf Mi m ri pg of (tie nU "*kFH 
of ihe ataR pmlun acoooM rimild ippcsr u 
de time of tin hearing in person or by Corned 
(or tbat purpose. 

A copy of the add Petition wfll be formfeed re 
any mx± pant re pairi ng the same by the under 
I Soficfeore on payment of the reprinted 


chase fe. 
DATED I 


DATED Oil 4 di day Of March 1994 . 
Edge A EIHaon 
I&T 19 StMhamf*tm Place 
1 WCLA 2 AJ 
: 07 ! 404 4701 
: AWS /8816 


loHwHtah Omit of intake NoM 773 uTI 9 M 
Chany DMataa 


IN THE MATTER OF 
PROTEAN PUT 


inanai 

■Ml liana W 

CAMHBDGE RBMSUMMCE UHTfED- 
MUQURMnOH 

■ana Of MBRKM 10 OtOJU OMHO 
■am nlnh g>m M 1 ha ana find DhmM dJ J% a 
■anuotm iViaan « aw ntowr ana. 

(MM MnMinB w dtafeaed oa a dm fit mb c* d 

UMfc. HM.B tnoie Mm iKritMi bmt bare ayrrd 

omd m 1 a d» el Mmh. KM 
Bn« CUL Uwa M KfeM A. Mm 


Cmhrdgr Pmi m »T UMMl'H uM i4 nn 
Pti ha Ml MU. M4MJQA 

GeMai manra ham, AmMHuUoW I 



Please contact 

Tina MacGomnui 
on 071873 4842 
Fax: 071 873 3064 


IN THE MATTER OF 

THE COMPANIES ACT IMS 
NOTICE IS HEREBY GIVEN dm a Petition was 
on the 3 rd day of February preaenled in Her 
Majesty’! High Coart of Janice for the 
conflrmitioa of the redaction of fbr share 
p re miu m acco un t of ihe above named Company 
Cm L 1 XD 64 J 61 J 3 to £ 4^14 Jfil -S 3 . 

AND NOTICE IS FURTHER GIVEN that the 
■aid Petition is directed in be heard before 
Mr Registrar BndJey at the Royal Conns of 
Janice. Strand. London WC 2 A 2 LL on 
Wednesday ihe lOtfethy of March 1994 . 

Any Creditor or Sharebtfein, of fee add Company 

desiring » eppaoe the malting «f an Order far fee 
confirmation Of Ihe said reduction of sbaic 
premnm acotmol should appear al Ihe time of Ihe 
bearing m peetna Of by Cmtad fca !h*! pofpMe. 

A copy of the said Petition artil be famished to 
any inch person requiring the same by the 
■adermulioacd sslidlara on payment of the 
rr gHbirri dUDgC tOC [far ■mhip 
D oled dw 38 * day of Febnary ITO. 

McKern A Ga af Mint: Haase 
16 Aidraspnr Soco 
London BCIA 4 DD 
iSoticira for Protean pie 

RctCAF/TPtU 


BUSINESSES FOR SALE 


Livera Foods pic 

(In Administrative Receivership) 


Alan Katz and Kevin Ma wer of Arthur 
Andersen, the Joint Administrative Receivers 
offer for sale the business and assets of a 
chilled and frozen food manufacturer, 
specialising in desserts. 

Principal features include: 

■ Supplier to major supermarket chains. 

■ Annual turnover of approximately £7m. 

■ Freehold property at Stockton-on-Tees 
(approx 8 acres). 

■ Specialist cooling/freezing plant, continuous 
mixing and baking facilities, semi-automatic 
production and packing lines capable of 24 
hour production. 

■ Approximately 310 employees. 

For further information please contact 

Alan Katz or Simon Longfield, 

Arthur Andersen, 

St Paul’s House, 

Park Square, 

Leeds LSI 2P| 

Tel: 0532 416250. Fax: 0532 416397. 


Arthur 

Andersen 

Akihlk Andersen 6aCo SC 


Arthur And«T*rn i* -lulhorised by the Institute of Chartered Aceountonlr in 
England Jiid Wale, lo carry on investment busing 


POLLARD MACHIN LIMITED 
(to Liquidation) 

Old Bsctbtislied Estate Agents 
South of London fbr Sale 

For derails coniad by post or 
by fox on 07! 490 0098 

Stanley Michaels 
Michaels. Pul I an & Co. 

2S2 Goswell Road, 

London, ECI V 7EB 


Transport and 
Contract Hire Business 

A counsel dturihuiioe sad self drive hire 
company operating a modem Qccl wflh 
oomracts existing in htub ihe 
East and Wen Midlands. 

For pinker mformausm please comoa 
Box R2$4!, Fuuindo] Times, 

One Suarimvri Bridge, frm&wi SEI 9HL 


FOR SALE 

MobBe Hire Busiaess 
Established 1963 

(Todd, Office A Caravan Units) 
radnding Extensive Offices and 
Distribution Yard facilities 
Turnover in the region of £250^100 
Location M2S M4 / M40 
Respected Name 
High Quality Units 
Farther details available from 
HugtD&Ca 
46 Museum Su eel 
London WCIA I1Y 
RefEVSUOb 


BUSINESSES FOR SALE 
Appear in the Financial Times on 
Tuesdays, Fridays and Saturdays. 
For further information or to advertise 
ta this section please contact 
Kart Loymonoft 071 873 4780 or 
Mefalns MBas on 071 873 3308 







14 


financial times 


FRIDAY MARCH 4 1994 


TECHNOLOGY 


Worth Watching 



Non-stick coating 
with wide spread 


A non-stick coating that can be 
used on anything from saucepans 
to cars has been developed in 
the US by the Dow Chemical 
Company. 

The water-based chemical can 
be cored at a much lower 
temperature (100°C) than existing 
coatings, and so has much wider 
applications. 

The coating, which incorporates 
perflnoroakyl polymers, could 
even be used on heat-sensitive 
materials such as plastics or 
wallpapers. It dissolves in water 
like a soap and so can be painted 
on to the surface. Then it is baked 
to produce the toughened coating- 

The 3M Corporation has bought 
the licence for the new process. 
Dow Chemical Company; US, 517 
6361000 


‘Nose on a chip’ 
very hot item 

Scientists at IBM in Zorich have 
developed an electronic “nose 
on a chip" which can accorately 
measure the minute quantities 
of heat produced by chemical 
reactions. 

The device, called a calorimeter, 
can measure temperature changes 
as small as a hundred-thousandth 
of a degree. By measuring the 
heat produced the instrument 
sniffs out what chemicals are 
involved in a reaction, making 
it potentially useful in drug 
design and forensic science. 

The instrument comprises a 
micromechanical silicon lever 
coated with aluminium. 

When heated the lever bends 
because the two materials expand 
at different speeds. The degree 
of bending is measured by laser. 
IBM: Switzerland, 1 724 3443. 


Relief in sight for 
asthma victims 

Researchers at the University 


- Della Bradshaw 


of Southampton have devised 
a way of using electrostatic 
polymer fibres to relieve the 
suffering to asthma victims 
caused by dust mites, the 
minute creatures which 
Inhabit beds and soft 
furnishings. 

The fibres, known as electrets, 
have a permanent electrical 
charge and so trap the mites and 
their droppings by electrostatic 
attraction. 

Because the fibres are both 
positively and negatively charged, 
the charges balance out and so 
the resulting fibres do not 
produce the “cling” or electrical 
shock often associated with 
man-made fibres. 

The university’s patents are 
for woven and compact materials 
to be used in mattress and duvet 
covers and for fibres to he 
interwoven in carpets. 

University of SouihampUm : UK, 
0703592114. 


Introducing the 
dust meter 

The UK's Health and Safety 
Executive (ELSE) has developed 
a process for measuring bow 
much dust industrial materials 
produce during manufacturing 
processes. 

The method is intended to 
provide a single standardised 
way of measuring the dustiness 
of a wide range of materials. 

The process involves a rotating 
drum, which repeatedly lifts and 
drops the material, producing 
an airborne dust cloud. This 
determines the size and type of 
dust that can enter the nose and 
month. 

A complete set of engineering 
drawings of the prototype for 
the new tester is included with 
a report into the issue. 

HSE: UK 0742892345 


Seiko wristwatcti 
keeps global time 

A quartz wrlstwatch which can 
tell the time in 28 selected cities 
is to go on sale in duty-free shops 
from April. 

Developed by Seiko In Japan, 
the watch incorporates a 
traditional clock face with a mini 
liquid crystal display. 

At the press of a button the 
£250 watch, which is designed 
for international travellers, 
scrolls through the different 
cities and the appropriate time 
there. 

Seiko: Japan, 3 3563 2111 


Stopping 
the flood 

Nearly a third of the water supply in 
England and Wales is lost through 
leakage. Jane Martinson reports 
on new ways to plug the gaps 



Thames Water can now find and measure leeks mare quickly and conveniently 


T hames Water. Britain's big- 
gest water company, post- 
poned building a £500xn 
reservoir at the end of last 
year chiefly because of growing 
confidence in its ability to plug 
leaks. 

Technological advances in 
leakage control could mean that no 
new large-scale reservoir will be 
needed for a decade or more. 
Charles Hurst, leakage control 
manager at Thames Water, 
estimates that an integrated system 
of leakage detection across Thames 
Water's distribution network will 
render a reservoir the size of the 
proposed one at Abingdon in 
Oxfordshire - some 10 sq km - 
unnecessary until 2015. The current 
postponement is for five years. 

Leakage is an important issue in 
the run-up to the water industry's 
first review since privatisation. 
Oftwat, the industry regulator, will 
be reassessing the basis for annual 
price rises for the next five to 10 
years. 

Figures from Ofwat reveal that an 
average 29 per cent of the water 
supply in England and Wales is lost 
through leakage. Both it and the 
National Rivers Authority have said 
they will not favour any plans for 
large-scale capital investment 
projects until companies take action 
on leakage and consider installin g 
meters. 

“It Is a major development for a 
company to put off a big reservoir," 
Hurst says. “There were pressures 
from Ofwat and the National Rivers 
Authority but confidence had been 
built up through the company 
because of the results we have 
achieved with leakage." 

Thames Water's advanced 
leakage detection equipment is able 
to record the size and location of 
underground leaks much faster and 
more accurately than older 
methods. 

The company reports that its 
“breakthrough'’ is saving up to 60m 
litres of water a day. Water supply 
in the area dropped last year by 
250m litres a day, partly because of 
cost-cutting by industry. 

Hurst estimates that without an 
adequate leakage detection 
programme a new medium-sized 
reservoir would be needed every 
three years to meet growing 
demand, estimated by Thames 
Water to be between 0.5 and 1 per 
cent per year. 

Conventional techniques for 
finding underground leaks are 
time-consuming and costly. For 
flow rates to be measured, the 
water supply to an entire 
neighbourhood is usually cut off. 
Mains have to be recharged and 
although such “step tests” take 
place during the night when 
readings are more accurate, 
customers are often left without 
water for hours. The old equipment 
was slow to monitor changes and 


the measured flow rates had to be 
taken away for analysis during the 
day. 

Although 10 per cent of leaks are 
responsible for roughly 90 per cent 
of water lost, it was not possible to 
measure the exact size of a problem, 
which often led to mains repairs 
teams digging down to find only a 
tiny leak. 

Thames Water contacted Reten 


Acoustics of Gwent, which 
developed the Quick Report Leak 
Spotter. This instrument translates 
water flow into electric signals 
through a rotating turbine which 
gives off magnetic pulses. It then 
measures the time interval between 
pulses. The pulse can be timed to 
one thousandth of a second, much 
foster than previously, and give a 
much more accurate gauge to the 


size of the problem. An instant 
computer read-out is conveyed to 
engineers. 

The valves in the pipes need to be 
shut off for only minutes to check 
flow rates. A big leak can be 
detected immediately. Hurst says: 
“The concept of what we are doing 
is very simple but, until now, we 
lacked the technology." 

In conjunction with a leak noise 
correlator which pinpoints the 
leak's location, the equipment 
identifies how fast the leak is 
flowing. Where large-scale repairs 
axe unnecessary, pressure control 
valves are used. These work on the 
principle that excess pressure feeds 
leek " and is therefore wasted. By 
reducing pressure, the water lost 
through leaks is reduced. Thames 
Water will introduce variable-outlet 
pressure control valves in London 
to remove unnecessary pressure at 
night 

The developments at Thames 
Water are not unique, but they 
highlight the flurry of technological 
activity in the field of leakage 
control in recent years. 

Stan Bessey, chairman of the 
National Leakage Initiative set up 
by the Water Services Association 
and the Water Companies 
Association two years ago, says: 
“Britain leads the field in leakage 
technology now. This is despite, or 
perhaps because of. the high 
leakage levels.” 

Britain's lead stems partly 
because of its ageing water system, 
helped by a £28bn capital 
investment programme started in 
1990. Thames Water spends more 
than £20m a year in leakage 
detection. The money spent on 20 
Quick Report Leak Spotters (about 
£lm) was recouped “very quickly”, 
says Hurst. 

But it remains to be seen how 
these Improvements in* leakage 
control will be paid for after the 
review. There is some conflict over 
whether Ofwat will allow Thames 
Water to increase prices to pay for 
better control or whether the 
company will have to meet the cost 
through greater efficiency. 

Thames Water says that the 
significant investment needed to set 
up an entire leakage control system 
in the distribution network will 
form part of discussions with Ian 
Byatt, Ofwafs director-general, this 
spring: 

Byatt, in an attempt to “halt this 
endless escalation in prices” in the 
industry, seems unlikely to agree 
that customers should pay more for 
greater better leakage controL A 
spokesman far Ofwat said: “In most 
cases companies have got to 
improve efficiency within existing 
price limits.” 

Thames Water, while keen to 
advertise it is winning the war 
against leakage through its use of 
technology, may yet have a fight on 
its bands over who Is to pay. 


Profs 
start IT 
group 

B ritish university 
academics in the 
information technology 
field are planning a new 
organisation to act as a source 
of knowledge and experience 
to help society deal with the 
problems of growing 

computerisation. 

It intends to provide a public 
platform for IT professionals 
and to offer advice to 
government on issues with an 
TT content An example could 
be the passage of laws which 
would require extensive IT 
support, such as tax changes. 

The 40 or so academics argue 
that existing bodies such as the 
British Computer Society and 
the Science and Engineering 
Research Council are overly 
preoccupied with computer 
science And technology and do 
not properly address business 
or social issues. 

Among the leaders of the new 
group, which has yet to be 
named, are Robert Galliers of 
Warwick University and Frank 
Land of the London School of 
Economics. The intention is that 
the organisation will eventually 
become the UK member of a 
planned international network, 
the Association for Information 
Systems. 

The formation of the new body 
is a response to a perception 
that too much attention is paid 
by Parliament and Whitehall 
to computer technology and not 
enough to the uses oflT in 
business. 

“Our concern is for the design 
and development of systems 
which support business needs 
and in which there is 
considerable human input. 
Technology is only one part of 
such a system,” says LaiuL 
Galliers says the new group 
would have three principal 
functions: to weld together 
members of a fragmented 
profession, to help inform policy 
at national level and to advise 
on ways of avoiding computer 
failures. “At present, there is 
the frustration of seeing 
disasters waiting to happen. The 
knowledge to solve these 
problems already exists, 4 he 
says. 

Alan Cane 



NAJ&UCCO IN BREGENZ 

with the FINANCIAL TIMES 
Friday 22nd July - Monday 25th July 1994 

David Pountncy's acclaimed new production 
last year of Verdi's Nabucco, proved a sell-out 
when we invited Financial Times readers to 
the Bregcnz Festival and its famous floating 
stage. 

So this year we again invite you to come with 
us in July to this small Austrian town on the 
shores of Lake Constance, where we have 
reserved seats for Nabucco, and also the 
following evening for Robert Carsen's 
production of ’Francesca di Rimini' by 


Suggested Itinerary 
Friday 22nd July 
Depart Heathrow at 2.50pm. 

Arrive Zurich at 4.25 pm. Drive to Bregcnz. 

Sat u rday 23rd July 

Evening performance of 'Nabucco' performed on the 
Floating Stage. 

Sunday 24th July 

Evening performance of 'Francesca di Rimini' performed in 
the Festspcihaus. 

Monday 25 th July 
Depart Zurich at 2.25 pm. 

Arrive Heathrow at 3.05 pm. 


PEOPLE 


Transatlantic traffic 
in directors 


James Kinnear (Far right), a 
former chief executive of Tex- 
aco, and Eric Clark, an execu- 
tive director or BICC, are the 
latest examples of the growing 
trend of companies on both 
sides of the Atlantic to pick 
more Internationaly-minded 
directors. 

Kinnear, 65, who stepped 
down last year as Texaco's 
chief executive after nearly 40 
years with the US oil giant, has 
been appointed an advisory 
director of Unilever with effect 
from March 1. 

He joins a ten-strong advi- 


sory board which the Unilever 
board consults on business, 
social and economic issues. He 
will also serve on at least one 
of three committees: audit, 
remuneration and external 
affaire. 

Clark, 59, managing director 
of BICC Cables, a subsidiary of 
one of the UK's Leading inter- 
national engineering busi- 
nesses, has been appointed a 
non-executive director of Dana 
Corporation, which provides 
equipment for the transporta- 
tion industries and is based in 
Toledo, Ohio. 



Clark (right), who has been 
on Dana’s European advisory 
board since 1991, is the first 
European to serve on Dana's 
main board. 

Dana says that Clark’s “dem- 
onstrated commitment to ach- 
ieving growth through continu- 


Heading into 
the sunset 



Robert Sangster, 57, the 
millionaire racehorse-owner, is 
limbering up to join the race 
for control of United Race- 
courses. owners of Epsom, San- 
down Park and Kempton Park. 


He is set to join the tiny media 
company Sunset and Vine, if it 
wins the race to buy the race- 
courses from the Horserace 
Betting Lebvy board, the statu- 
tory body which has owned 
them for over 20 years. 

Sunset which has a market 
capitalisation of less than 
£lQm, covers horse-racing and 
other sports for Channel 4 and 
is regarded as the outsider 
among the three contenders 
which put in their bids last 
Monday. The others are Race- 
course Holdings Trust owned 
by the Jockey Club, and a con- 
sortium headed by Stan 
Clarke, owner of Uttoxeter 
racecourse. 

Sangster's decision to join 
the board of Sunset and Vine 
suggests that its chances of 
w ining control may not be as 
slender as is sometimes 
suggested. Sangster is reputed 


to be worth £130m and Richard 
Thompson, one of the people 
behind the Sunset bid. comes 
from another well known fam- 
ily of wealthy racehorse-own- 
ers. His father, David Thomp- 
son, made £30Gm from the sale 
of his stake in the Hfllsdown 
food group and whose horse. 
Party Politics, won the Grand 
National in 1992. 

Lazard Brothers, the mer- 
chant bankers acting for the 
levy board, will announce the 
winner on. March 22. 

Other non-execs 

■ Sir Campbell Fraser, a for- 
mer president of the CBI and 
chairman of Dunlop, at 
BARKERS SCOTLAND. 

■ David Williamson, recently 
retired president of DuPont 
Europe, at HOLLIDAY 
CHEMICAL HOLDINGS. 


Riccardo Zandonai. 

We have arranged with Swissair to fly FT 
readers from any airport served by the airline 
direct to Zurich. There, hire cars will be 
available for you to enjoy the short drive over 
the border, and for your use throughout your 
stay. We have suggested a four day itinerary, 
though arrangements can be adjusted to fit in 
with your plans, and required departure 
airport. 

The Financial Times has secured a limited 
□umber of tickets to Nabucco • now sold out 
elsewhere. To receive further details of this 
FT Opera Invitation please complete the 
coupon below. 


Price 

Hotel Scbwarsler £629. Pension Traubc £595. 

Prices are per person sharing a twin room with shower and we, on a bed and 
breakfast basis. Scheduled air travel by Swiss air tram Heathrow, opera 
tickets for both performances, and a Group A Hertz car for three days. 

Alternative flights (dales or departure airport) can be quoted on request. All 
etements of this Invitation ait subject lo availability. 

7M) trmr U organised on behalf of the Financial Tana by IMS. Travel Conxukanu 
L imi t e d, specialists m opera max 

Mlimu by readers ta wepowe » Iha favtarion win be retained by ihe 

Pimacial Tima, which is icgbterod under the Daa Protection Act 1984. 

fTo: Nigel Pullman, Financial liioes. Number One Southwark Bridget 
•London SE1 9HL.T«k 090S42562S. Fax: 071 -S73 3072. | 

('Pleauwden^melhUtieCribofffieFTteritetkMteBregeiuc f 

! I wish to By Emm Heathrow or — i 

> (Please state alternative airport) j 

1 I 

[Title Initials Surname ; 

[Address. 


! Post Town ..... County i 

■ Post Code Daytime Tel_ ,j 


Cruickshank answers another call 


The pull of the private sector 
has proved irresistible for one 
of the directors general of the 
government's new regulatory 

authorities overseeing former 
nationalised industries. 

Don Cruickshank, 51, has 
been director general of Oftel. 
the body watching the telecom- 
munications industry, on a sal- 
ary in the region of £90X00, for 
just under a year. He has now 
joined the board of Christian 
Salvesen, the specialist hire 
and food services group, as a 
non-executive director. It is his 
only such post, and might be 
worth about an extra £12X00 a 
year. 

None of the Other DG's cur- 
rently holds a non-executive 
post In the private sector, 
tho u gh when he was at Ofgas 


Sir James McKinnon did. 

His successor there, Claire 
Spottiswoode, is contractually 
free to follow in Ids footsteps 
should she choose - as are all 
the DGs - but Spottiswoode is 
understood to regard her for- 
mally part-time job as rather 
enough to handle for the time 
being. 

At Offer - the one dealing 
with electricity regulation - 
Stephen Littlechild regards his 
duties as fully occupying; he 
has taken a sabbatical from his 
professorial duties at the Bir- 
mingham School of Business 
Studies. Ofwat - the water 
authority - is headed by fan 
Byatt. He too sees his duties as 
full-time and has no non-execu- 
tive posts. 

Ofsted - the office far stan- 


dards in education - Is a differ- 
ent kettle of fish, being the 
body monitoring the new 
school inspection system. Its 
DG, Stuart Sutherland. Is due 
to depart far the vice-chancel- 
lorship of Edinburgh Univer- 
sity at the end of the year. 

Appointed the first chief 
executive of the National 
Health Service in Scotland 
between 1989-93, the Aberdo- 
nian Cruicks hank’s back- 
ground is wide-ranging. 

First with Alcan, then an 
MBA at Manchester Business 
School, then to McKinsey and 
thence to the Times newspaper 
before joining Pearson, owner 
of the Financial Times, as 
finance director, in 1980. He 
joined the Virgin group in 1984 
to prepare its flotation. 



ous improvement tn technol- 
ogy, engineering and lean pro- 
duction techniques is in per- 
fect synch with Dana’s own 
global growth initaitive”. 
Before joining BICC in 1985, 
Claris spent 15 years with Pies- 
sey. 


1 Bodies politic 

■ David Nell-Gallacher. a 
former consultant, has been 
appointed chief executive of 
BRITISH WATER, formed by 
the merger of the British 
Effluent and Water Association 
and the British Water Industry 
Group. 

■ Jerry Robson, md of the 
tests Group, has been 
appointed chair man of the 
NATIONAL ASSOCIATION 
OF LOFT INSULATION 
CONTRACTORS. 

■ Gillian Ashmore, on 
secondment to the DTI to 
British Rail, has been 
appointed regional director 
in charge of the government’s 
new office in the SOUTH 
EAST; Pamela Denham, the 
DTTs regional director, in the 
NORTH EAST; Mark Lanyon, 
the DTTs regional director for 
Yorkshire and Humberside, 
in the EAST MIDLANDS; 

Brian Leonard, regional 
director for DoE and DoT in 
Newcastle, in the SOUTH 
WEST, David Ritchie, regional 
director far DoE and DoT in 
Birmingham, in the WEST 
MIDLANDS; John Stoker, 
director of the Merseyside Task 
Force, in MERSEYSIDE; John 
T^ttier, deputy chief executive 
of the Employment Service. 

m EASTERN; and Jeremy 
Walker, regional director of 
the employment department 
in Yorkshire and Humberside, 
in YORKSHIRE AND 
HUMBERSIDE. Marianne 
Neville Rolfe is appointed to 
the NORTH WEST. 

■ John Bro widow, director 

of airport and flight operations 
for Marshall of Cambridge 
Aerospace, has been appointed 
to the board of the CIVIL 
AVIATION AUTHORITY. 


i 









FINANCIAL TIMES FRIDAY 


MARCH 4 1994 


15 




ARTS 


Zurbaran’s 

Patriarchs 


U pholders of traditional 
family values find little 
comfort in the home life 
of the Patriarch Jacob. 
The Book of Genesis 
describes how Jacob divided his favours 
between two wives and two slave-giris 
The result was an ill-starred daughter 
called Dinah and 12 sons, founders of 
the Twelve Tribes of Israel Jacob and 
tits Twelve Sons, which opens next 
Wednesday at the National Gallery 
London, brings together 13 monumental 
images of the Patriarchs by ZurbarAn, a 
master of Spain’s Golden Age. 

Probably painted in the 1640s the 
Patriarchs are not ZurbarAn at his best 
Just look at two marvellous pa in h nag 
In the Spanish gallery next door, “St 


Patricia Morison on 
a family gathering at 
the National Gallery 


Francis in meditation 1 ' and “St Mar- 
garet". Vet even if much of the Patri- 
archs was painted by assistants, they 
are strikingly decorative in their exotic 
costumes, each with an amusingly dif- 
ferent different personality. 

The Patriarchs also share a fascinat- 
ing history. Twelve belong to Auckland 
Castle, residence of the Bishop of Dur- 
ham and little known, partly because 
they have never been lent before and 
partly because Auckland Castle Is well 
off the beaten track. 1 also hear that the 
dining room is too poorly tit to see the 
Zurbor&ns properly. 

Missing from the set is the 13th Patri- 
arch, the youngest, “Benjamin", in its 
place hangs a copy made by Arthur 
Pond, artist and dealer, in 1756 when 
the set was split up at auction. Bishop 
Trevor of Durham must have been 
greatly vexed to have missed securing 
the Benj amin. In his knickerbocker suit 
with pink bows, he is one of the most 
charming figures in the series. 

Benjamin went to Grimsthorpe Castle 
in Lincolnshire, until six years ago, 
when he was lent to the marvellous 
ZurbarAn show in New York and Paris. 


Now he has come to London, thus com- 
pleting the family circle for the first 
time since 1756. 

It is odd that there should have been 
this cache of ZurbarSns in England, so 
long before his name became generally 
known. Not until the 1830s was Zur- 
barAn appreciated outside Spain when a 
huge haul of Spanish paintings, looted 
from churches by Napoleon's generals, 
went on show in the Louvre. Critics 
and poets raved about Zurbar&n’s tene- 
brous monks and friars, brooding over 
skulls and wrapt in ecstatic visions. 

It was suggested that the Patriarchs 
were being shipped out to a client in 
the Spanish Americas when they were 
intercepted by corsairs. It was a good 
explanation. The theme of the Patri- 
archs was not common in art, but it did 
enjoy a vogue in the Spanish colonies 
because of a remarkable theory that 
American Indian^ were descended from 
the Lost Tribes of Israel. 

The pirate theory is romantic, hut 
wrong. ZurbarAn probably thought he 
would attract a colonial buyer, but the 
paintings seem to have been picked up 
in Seville by W illiam Chapman, a Lon- 
don wine shipper who. as a director of 
the disastrous South Sea Company, for- 
feited three quarters of his assets. The 
Patriarchs were bought by a Portuguese 
Jew with a country house in Surrey. 

On his death, the series - minus 
“Benjamin" - was bought by the 
Bishop of Durham. A strongly Jewish 
subject may have appealed to Bishop 
Trevor because at the time, bishops 
were in favour of allowing English Jews 
to become naturalised. However, Trevor 
preached a sermon looking forward to 
the day when “this hitherto obstinate 
and impenitent People" would be con- 
verted to Christianity. The strange, col- 
ourful figures of Jacob and Ms Twelve 
Sons hanging in bis diningroom was a 
reminder to the bishop of the goal 
which he might yet achieve. It is a 
wonderful chance that we can now see 
they* rharwlng imag pa of Jacob and his 
12 strapping sons briefly reunited. 


At (he National Gallery mrtfl Slay 22 as 
part of the Spanish Arts Festival Infor- 
mation: 0891-888-780. 



‘Jacob’ by ZurbarAn: the father of the Twelve Tribes of Israel, 
now reunited at the National Gallery, London 



Dance/ Clement Crisp 

The Tharp imagination 


T here are three major 
pieces new to London 
in the second pro- 
gramme by Twyla 
Tharp’s nnmp any at Riverside 
Studios. Each shows how a 
score sparks off the Tharp 
imagination: ideas and allu- 
sions burst out of the music 
into the dance - clever, some- 
times too clever by half, daz- 
zlingly apt, always engaging 
our attention. 

The second book of Brahms' 
Pa ganini variations is, among 
other things, a commando 
course for the pianist. For 
Tharp, and for Jamie Bishton 
her prodigious soloist, it is a 
study in powerfully masculine 
stamina (Bishton gets his 
green beret) and no less com- 
pelling acuteness to rhythm 
and dance outline. There is an 
entourage of two couples in 
black who state certain associ- 
ated ideas; Bishton, in white, is 
tike the music's spirit, flying, 
cutting great shapes, in trium- 
phant colloquy with Brahms. 
He. like the piece, is wonderful 
As Time Goes By is 20 years 
old, and lodes as fresh as if it 
were made this week. It is, I 
suppose, both “about” baroque 
dance and about the idea of 
Haydn's Farewell symphony, 
whose last two movements it 
uses. And uses, in the best 
sense, as a way into how we 
may think about the dance of 


Haydn's time - courteous, 
quick, elegant - and about the 
music’s mechanics. 

A small dance ensemble is 
augmented, the choreography 
becomes more complicated, 
then the numbers reduce until 
the gifted Daniel Chait is left 
alone, dancing as the light and 
the music fade, seeming to con- 
template the choreography 

Allusions burst out 
of the music into the 
dance, clever, 
dazzlingly apt, 
always engaging 


that has gone before, and an 
age that has gone forever. I 
think it a delight, and can even 
forgive the men's costumes - 
natty beige winter underwear. 

The most recent work is 
Octet (1991), which is Tharp 
allusive and analytical. The 
score is by Edgar Meyer; it 
sounds first like a jazz group 
enjoying a nervous breakdown, 
then switches to a study for 
’cello surrounded by shimmer- 
ing gtissandi. The choreogra- 
phy. for eight dancers, pro- 
poses classicism sharing 
(unsurprising, with Tharp) the 
jazz group's neuroses - move- 
ment twitching, inverted. 


caught up in itself - then gain- 
ing in clarity with the music's 
development. The eye is con- 
stantly engaged, excited. Tharp 
gives a valid post-Balanchinian 
account of academic language, 
paying homage to the Master; 
above all she takes a penetrat- 
ing look at dance, showing us 
what fascinates her - and 
hence fascinates us. 

The programme ends with 
the Nine Sinatra Songs, that 
cunning exercise in kitsch. The 
songs are stickily sentimental; 
Oscar de la Renta’s dresses for 
the girls are a catalogue of 
fashion horrors (the chaps are 
in dinner jackets); seven cou- 
ples plunge into cheap emo- 
tions like Olympic divers from 
the top board, and perform 
marvels on the way down. It is, 
in essence, the most fearful 
claptrap, but brilliantly made 
by Tharp and brilliantly 
danced by her artists. Noone, 
though, should be required to 
listen to nine Sinatra songs on 
the trot without danger money. 

As an added note about Riv- 
erside: prospective visitors are 
advised that seating in un- 
numbered, and that as at The 
Place, there can be an unholy, 
and surely unnecessary, scrum 
to get into the auditorium. But 
Tharp vaut le voyage. 


The Tharp Company Is at Riv- 
erside Studios until March 12. 


Discord in the regions 


T he Arts Council yes- 
terday refused to help 
ont the hard pressed 
regional orchestras, 
and returned the ball of inade- 
quate Binding of the arts 
firmly into the government’s 
court. Secretary general 
Anthony Everitt said “if we 
bad the resources we’d help, 
but we don't" 

Last November the govern- 
ment through the Department 
of National Heritage, took a 
hard line with the Council, 
and the arts, and reduced its 
grant by £3.2m for 1994-95. 
The Council is getting its 
revenge by refusing to put 
together rescue packages 
when arts organisations face 
financial crisis. 

The latest potential victim is 
one of the best respected arts 
groups in the country, Simon 
Rattle’s City of Birmingham 
Symphony Orchestra. It has a 
deficit of £250,000 and at one 
time Rattle threatened to quit 
as conductor unless more 
money was forthcoming. 

Birmingham City Council, a 
stalwart supporter of the arts, 
came up with £125,000 for 
each of the next two years and 
Rattle agreed to stay for an 
extra year, until 1997. But Bir- 
mingham expected a matching 


sum from the Arts Council. In 
the old days this would have 
been forthcoming, but not 
now, Richard York of the 
CBSO said yesterday “the City 
has staved off the awful day, 
but by the autumn we will be 
in severe difficulties.” 

Everitt estimates that by 
March 1995 the five regional 
orchestras - the CBSO, the 
Halid, the Royal Liverpool 

It will be a miracle 
if there is not a high 
profile orchestral 
casualty, says 
Antony Thor ncr oft 


Philharmonic, the Bourne- 
mouth Orchestras, and the 
Northern Stnfonia - will have 
between them an accumulated 
deficit of at least £l.5m. An 
Arts Council working group 
says, rather tortuously, “we 
cannot absolutely guarantee 
that none of the orchestras 
will consider Iiqnidatlon 
within the coming year”. 

Another victim yesterday 
was the RPO, which received a 
minimum £300.000 grant for 
its regional work based on 


Nottingham. The RPO has had 
its subsidy for 1994-95 reduced 
by £100.000. or 25 per cent 
There is a reeling that the 
Arts Council would not be too 
unhappy if a m^jor client went 
belly up: It would prove its 
point that with box office reve- 
nue down as well as sponsor- 
ship and local authority sup- 
port, it was madness for 
Heritage Secretary Peter 
Brooke to cut its grant 
Earlier this week the much 
respected boss of Welsh 
National Opera, Matthew 
Epstein, quit saying he could 
not carry on in a financial cli- 
mate which forced him to cut 
staff and productions rather 
than plan an ambitious pro- 
gramme. All the major 
national arts companies are 
coping with either accumu- 
lated or annual deficits, and 
usually bath, and it will be a 
miracle if there is not a high 
profile casualty among arts 
organisations during the year. 

The Arts Council does not 
anticipate a public change of 
heart by the government and a 
sodden influx of new cash but 
It hopes the parlous state of 
the arts will force the 
announcement in the autumn 
of a substantial rise in subsidy 
for 1995-96. 


Theatre/Malcolm Rutherford 


Sympathetic ‘Paddywack’ 


D aniel Magee’s Pad- 
dywack at the Cock- 
pit is a play - and 
in parts a very good 
one - about prejudice. It scores 
one definitive hit, yet also 
includes an abysmal miss . The 
rest is in between. This mix , 
along with its topicality, makes 
it a piece to be seen. 

Paddywack is the most sym- 
pathetic work about Irish 
republicanism that I have 
come across on stage. Damien, 
a young northern Irishman 
looking for a job in London, is 
suspected by his fellow lodgers 
of working for the IRA. Dam- 
ien does not deny the suspi- 
cion. nor does he overtly con- 
firm it 

Instead he puts a thought of 
his own. “Why is it" he says 
after a spate of Loudon bomb- 
ings, “that the only question 
the British ever ask is how he 
(the bomber) managed It and 
not why he bothered to do it in 
the first place?” Touchi. No- 
one in the Kilburn lodging 
house even attempts an 
answer. Clearly the IRA has 
still some residual sympathy in 
northern Ireland which the 
British fail to understand. This 
sympathy may fall short of 


approving the violence, but it 
does not run to denouncing it: 
certainly not in front of the 
British. 

Yet Magee has a prejudice of 
his own. This is his manifest 
belief that, as a result of the 
IRA bombings, the British 
have become more anti-Irish 
than ever. I know of no evi- 
dence for this view. On the 
contrary, respect for the Irish 
Republic has grown: British 
impatience is with the more 
intransigent leaders of the 
Ulster Unionists; the IRA is a 
phenomenon to be contained 
and, if necessary, lived with. 
The British tolerance of the 
disruptions caused by the IRA 
is remarkable. 

Magee plainly disagrees with 
that analysis. He thinks that 
the average Brit regards “Pad- 
dys” as tittle better than 
“ Pa Iris ": hence the title of the 
play. “Paddybashing” was a 
term coined by British troops 
in northern Ireland in the 
1970s. It was meant to be a 
joke. Some took it too literally, 
and that is perhaps the repubti- 
cans' problem. They take them- 
selves over-seriously: more 
people, especially Irish people, 
ought to poke fiia at them. 


Paddywack goes some of the 
way. Irish republicans, Magee 
suggests, can be more racist 
than the British. Since there 
are very few blacks in Ireland, 
the Irish do not have to live 
with the problems of a multi- 
ethnic society. Magee also has 
a go at an English middle class 
woman who romanticises vio- 
lence and a middle class male 
intellectual whose liberal prin- 
ciples collapse when he is sexu- 
ally betrayed. 

Since much of the drama 
depends on suspense - 
whether or not Damien is an 
IRA activist - I shall not give 
away the plot. On the first 
night, the direction by Michael 
Latimer looked a shade under- 
rehearsed. But it should pick 
up speed and the subject is 
electric. James Nesbitt is a 
quizzical Damien who main- 
tains the suspense till the end. 
Holly Aird’s Annette, the girl 
who falls for him. Is the 
essence of some female En glish 
liberals. And the Soho Theatre 
Company is making the Cock- 
pit one of the most exciting 
small theatres in London. 


Cockpit Theatre until March 
26. (071) 402 5081 



IRA activist or not? James Nesbitt and Brian Croncher 


International 

Arts 

guide 


Orchestral Manoeuvres 

Bloodied but unbowed by the 
recent debacle over Arts Coun cil 
funding for London orchestras, 
the London Philharmonic 
Orchestra next week sets off 
on a major tour of Germany and 
Austria under Franz Weteer-Mdst. 
The aim wffl be to prove to 
European audiences that, despite 
the drubbing the LPO and Its 
young Austrian music director 
have received in recent months 
In the British press, they can 
deliver the artistic goods as wefl 
as any other London orchestra. 

Europe was bemused by the 

mess which engulfed the London 

orchestral scene during the 
Inconclusive race for subsidy. 

AH four of London’s major 
Independent orchestras have 
a high reputation on the 
Continent, and no one could 
imagine why the Arts Council 
or anyone else would want to 
undermine such fine 
ambassadors for British m usic al 
Die. Few continental orchestras 
can match them for speed. 


flexibility or long working hours. 

The LPO tour begins at the 
Amsterdam Concerfgebouw next 
Tuesday, and continues with 
concerts in Bonn, DusseWorf, 
Cologne, Frankfurt, Stuttgart, 
Mannheim, Nuremberg, 
Regensburg and Munich. There 
me two concerts in Vienna and 
two in Linz, where the tour ends 
on March 23. Repertoire includes 
Bruckner’s Seventh Symphony 
arid Shostakovich's Sixth, Elgar’s 
Enigma Variations and Bartok’s 
Music for Percussion, Strings 
and Celesta. Mftsuko Uctiida wH 
play Schumann's Piano Concerto 
and Mozart's Plano Concerto 
No 27. 

Two central European 
orchestras will also be on the 
move over the next month. 
Wolfgang Sawalflseh - sorely 
missed since he left Munich for 
Philadelphi a last s ummer - takes 
the Vienna Symphony Orchestra 
on a tour of Germany and 
Switzerland, as wefl as 
Strasbourg, Madrid and 
Saragossa (March 11-30). The 
tour repertoire, mainly 
symphonies by Haydn, Schumann 
and Bruckner, Is soHd Sawaffisch 
territory. 

The Bavarian Radio Symphony 
Orchestra and its new chief 
conductor, Lorin Maazel, wffl be 
visiting Innsbruck, Frankfurt, 
Rotterdam and Lisbon between 
March 21 and 31, with a 
collection ot orchestra! 
showpieces . 


EXHIBITIONS GUIDE 
AMSTERDAM 
Rijksmuseum Dutch Figure 


Drawings 1700-1850: a survey of 
a popular genre In Dutch art of 
the 18th and 19th centuries. Ends 
May 1. Closed Mon 
Van Gogh Museum Pierre Puvis 
de Chavannes: 150 portraits, still 
lifes, genre pieces and sketches 
by the 19th century artist whose 
murals grace many public buildings 
in France. Ends May 29. Dally 
Stedetyk Museum Mario Merz, 
Second Strife, Marla Lassnig: the 
work of three contemporary 
European artists placed in the 
context of paintings by Giovanni 
Sagan tint, Markus LDpertz, Joseph 
Beuys and Donald Judd. Ends April 
4. Daily 
BARCELONA 

Fundadd la Caixa Willem de 
Kooning: 50 paintings, sculptures 
and works on paper try the key 
abstract expressionist painter. Ends 
April 3. Closed Mon (Centro 
Cultural, Passe tg de Sant Joan) 
BERLIN 

Haus dor Kuttunen der Welt The 
Gardens of Islam. Ends April 4. 
Closed Mon 

Neue Nationalgalerie Rebecca 
Horn (b1944): retrospective of the 
German artist renowned for her 
mecnanical sculptures and 
provocative drawings. Ends May 
1. Closed Mon 
FRANKFURT 

Schim KunsthaSe Archaeological 
Treasures from Romania: 500 
objects documenting 6000 years 
of history, including weapons, 
jewellery, gold and silver. Ends 
April 17. DaHy 

JahrhundertiiaUe Hoechst Ernst 
Ludwig Kircftner watercolours and 
drawings from the Brflcke Museum 
In Berlin. Ends March 20. Daily 
StddeJ Ernst Wilhelm Nay: 70 


paintings from the early postwar 
years. Ends May 23. Closed Mon 
Museum fur modeme Kunst On 
Kawara (b1933): seven paintings 
and 62 drawings by the Japanese 
conceptual artist. Ends May 15. 
Closed Mon 
GENEVA 

Mus6e Rath Henri Michaux 
(1899-1984): more than 200 works 
by the French poet and artist. Ends 
May 22. Closed Mon 
Mus£e (Fart et d'histoire Egyptian 
Fabrics: a large private collection 
illustrating the techniques and 
richiy-decorated styles which 
developed in the transition from 
the Coptic to the Islamic eras in 
Egypt Ends May 1. Constantin 
Vaucher drawings by the late 18th 
century neo-classicist- Ends May 
29. Closed Mon 
LONDON 

Hayward Gallery Salvador Dali, 

The Early Years: 50 paintings and 
50 drawings, as wen as documents 
and photographs, concentrating 
on Dali before he became a 
celebrity, showing a young man 
experimenting with new styles and 
subjects with astonishing technical 
virtuosity. Ends May 30. Daily 
(advance booking 071-928 8800) 
Tate Gallery Picasso: 200 
sculptures, paintings, drawings 
aid ceramics focusing on the 
relationship between sculpture and 
painting. Ends May 8. Daily 
National Gallery Claude: The 
Poetic Landscape. Ends April 10. 
Daily 

Victoria and Albert Museum 
Fabergd: 350 treasures from 
imperial St Petersburg. Ends April 
10. Daily 

Royal Academy of Arts The 
George Ortiz collection of 


antiquities. Ends April 6. The 
Unknown Modigliani. Ends April 
4. Dally 

British Museum The Study of 
Italian Drawings: an affectionate 
tribute to the late Phffip Pouncey. 
Ends April 24. Da3y 
National Portrait Gallery Holbein 
and the Court of Henry VIII. Ends 
April 17. Dally 

Whitechapel Art Gallery Medardo 
Rosso (1858-1928): retrospective 
of the Italian Impressionist sculptor. 
Ends April 24. Closed Mon 

MADRID 

Fundadon Juan March Goya: 
the first opportunity In Spain to 
see the entire, magnificent range 
of the artist's graphic output Ends 
March 20. Daily 

Centro Cultural Conde Duque 
Realisms: an exhaustive study of 
modem Spanish realist art, with 
works by 64 painters from three 
generations. Ends March 27. 
Closed Mon 
MUNSTER 

Landesmuseum Stangl Collection: 
260 paintings collected by the 
owners of a renowned Munich 
gallery, including works by Klee, 
Beckmann, Jawfensky and other 
members of the Blaue Reiter. Ends 
May 15. Closed Mon 
NEW YORK 

Museum of Modem Art Frank 
Lloyd Wri^rt: architectural 
fragments, full-scale constructions, 
30 scale models and 350 original 
drawings. Bids May 10. Feininger, 
Kandinsky and Klee: 75 prints and 
illustrated books produced by three 
Bauhaus artists. Ends May 17. 
Closed Wed 

Metropolitan Museum of Art The 
Decorative Arts of Frank Uoyd 
Wright: 35 works, including 




furniture, ceramics, sculpture and 
architectural fragments, seen In 
context with an actual living room 
created 1912-1914 for a private 
home in Minnesota. Ends Sep 4. 
Degas Landscapes. Ends April 3. 
The Golden Age of Danish Painting 
1780-1850. Ends April 24. Caspar 
David Friedrich to Ferdinand 
Hod ter 19th century paintings and 
drawings from Germany and 
Switzerland. Ends April 24. 16th 
Century Italian Renaissance 
Drawings in New York Collections: 
little-known works by Raphael, 
Michelangelo and Titian. Ends 
March 27. Closed Mon 
Guggenheim Museum Robert 
Morris (b1931): 170 works by the 
American minimalist Ends April 
17. The main museum is closed 
on Thurs, the SoHo site on Tues 
NUREMBERG 

Germanisches Nationalmuseum 
The Praun Kabinett: 130 German 
and Italian drawings ranging from 
Durer to Caracci. recalling the art 
collection of a discerning 16th 
century Nuremberg merchant Bids 
May 15. Closed Mon 
PARIS 

Louvre Egypt's Role in Western 
Art 1730-1930: paintings, furniture, 
porcelain, jewellery and other works 
of art, illustrating how ancient Egypt 
has gripped the western 
imagination over the centuries. 

Ends April 18. Closed Tues 
Petit Palais Art of the Tainos 
Sculptors: 85 pre-Columbian 
masterworks in stone or wood, 
showing the distinctive character 
of Caribbean art and reflecting the 
religious ritual of drug-induced 
hallucinations. Ends May 29. 

Closed Mon 

Centre Georges Pompidou The 


City, Art and Architecture in Europe 
1870-1993. Ends May 9. Closed 
Tues 

Institut du Monde Arabe Syria, 
Memory and Civilisation: this 
well-preserved didactic exhibition 
takes us from the Stone Age to 
the flowering of city states, from 
Hellenistic times to Byzantium and 
Islam. Ends April 30. Closed Mon 
(1 rue des Fosses Saint- Bernard) 
VIENNA 

Afoertina Oskar Kokoschka: early 
drawings and watercolours 
1898-1917 by the Austrian 
Expressionist, including studies 
and drafts for the legendary Wiener 
Werkstatte, the famous portraits 
of Karl Kraus and the fans for the 
artist’s muse, Alma Mahler. Ends 
Maty 23. Daily 

Kunstfbrum From Chagall to 
Picasso, Masterworks from the 
Guggenheim Museum: 70 major 
paintings and sculptures from New 
York's bastion of modem art, 
including works by Kandinsky, Klee, 
Matisse, Modigliani and Braque. 
Ends June 5. Daily 
KunstHaus Le Corbusier 
(1887-1965): retrospective of the 
world- renowned Swiss architect 
Ends May 1. Daily 
Secession Brice Marden (b1938): 
20 paintings showing the American 
artist's interest in oriental 
calligraphy. Ends March 13. Closed 
Mon 

Kunsthistorisches Museum 
Isabella d’Este, princess and patron 
of the Renaissance. Ends May 29. 
Closed Mon 


I 








Taming the 
wild beast 

Angus Foster on Brazil’s latest 
effort at economic stabilisation 

Inflation In Brazils number one problem ( 


Month on month increase 
In consumer price? (%) ■ 


V 

ml 


F^rn.inj-i Cordssa 


Sonroc D m e wm 



F or Mr Roberto Macedo, 
former economic pol- 
icy secretary, Brazil’s 
latest financial stabilis- 
ation effort, under way since 
December, Involves more than 
bringing down inflation. 
“We’re running out of ani- 
mals," be says. 

His concern is not ecological. 
With annual inflation of about 
2,500 per cent, the country's 
central bank needs a steady 
stream of new designs for ever- 
larger denominations of notes 
and coins. The latest set of 
drawings is nearly exhausted. 

Brazil’s rapidly devaluing 
currency is the most visible 
symbol of the country’s eco- 
nomic troubles. It is also the 
knotty problem which the sec- 
ond of a three-stage stabilisa- 
tion plan is now addressing. 
Mr Fernando Henrique Car- 
doso, finance minister, on Mon- 
day announced the creation of 
an accounting unit called the 
Urv, which is expected to form 
the basis of a new and theoreti- 
cally inflation-free currency in 
a couple of months. 

Brazilians remain sceptical 
that Mr Cardoso’s plan will 
succeed. The country has seen 
six previous stabilisation 
attempts fail in the past eight 
years. But many businessmen 
agree he has achieved more 
than they hoped. 

“Over the last few months 
Brazil has started to realise 
high inflation cannot continue. 
If the overall stabilisation plan 
is adopted, it has an enormous 
chance of success," according 
to Mr Wilson Brumer, presi- 
dent of Acesita, a large steel 
company based in southern 
Afinas Gerais state. 

Brazil's inflation has two 
main motors. Following 
decades of budget profligacy, 
the government has been 
forced to issue securities of 
ever-shorter maturity to fund 
its deficit These are issued at 
higher and higher interest 
rates, now equal to more than 
40 per cent a month. The pro- 
cess is equivalent to printing 
money, and is inflati onary. 

Second, and mainly in 
response to the first motor, 
Brazil created a sophisticated 
financial system. This uses 
indices which measure past 
price changes in order regu- 
larly to readjust current prices, 
rents and salaries. Because the 
indices are based on past infla- 
tion, the process becomes 
“Inertial", or self-sustaining. 
Even if prices should be fall- 
ing, they are kept high by 
increases based on past infla- 
tion levels. 

According to Air Winston 
Fritsch, one of Mr Cardoso’s 
economic team, Brazilian infla- 
tion is now “basically inertial 


and expectational". The gov- 
ernment estimates that with- 
out these two tendencies, for 
example if price rises were 
measured in US dollar terms, 
local inflation last year was 
below 5 per cent 

“So yon need some kind of 
economic lobotomy to make 
people forget about past infla- 
tion," according to Mr Fritsch. 

Such thinking formed the 
backbone to Mr Cardoso’s plan. 
The first and most important 
step was to balance this year’s 
budget, which had been proj- 
ected to show a deficit of 
$22.2bn. This only represents 
about 5 per cent of gross 
domestic product, less than the 
deficits of many industrialised 
nations. But given the Brazil- 
ian government's poor interna- 
tional hnage. the deficit could 
only have been financed by 
continuing the inflationary 
cycle of short-term securities. 

Following intense negotia- 
tions with Mr Cardoso, Con- 
gress last week finally agreed a 
package of cuts and revenue 
transfers to wipe out the proj- 
ected shortfall. 

According to Mr Fernando de 
Hollands Barbosa, an econo- 
mist at the Rio de Janeiro- 
based Gettilio Vargas founda- 
tion. Mr Cardoso did well to 
get his budget through Con- 
gress, where the government 
relies on a weak coalition for 


support “It’s been a major vic- 
tory for him. But the important 
phase lies ahead. The first 
steps are just preconditions," 
be said. 

Mr Cardoso quickly moved 
to phase two and unveiled the 
Urv - the Unidade Real de 
Valor, or real unit of value - 
which is partly designed to 
pave the way for a new cur- 
rency. and partly as the “lobot- 
omy”. The central bank sets 
the daily value of the Urv in 
terms of the local currency, the 
cruzeiro real. At present, one 
Urv is equal to one dollar. As 
the cruzeiro devalues each day, 
the Urv is worth more cruzei- 
ros but the same in dollars. 
Thus in terms of the Urv. there 
is little inflation 

A ll salaries have been 
converted to Urvs, 
and the government 
hopes the unit’s 
apparent stability will tempt 
people to convert prices to 
Urvs voluntarily. Once the unit 
is widely in use, it will become 
a hill currency called the Real 
and will be linked to Brazil’s 
$32bn foreign exchange 
reserves to give it credibility. 

This ingenious plan is 
fraught with problems, as Air 
Cardoso admitted. “We can get 
inflation down, that part Is 
easy. What’s difficult is to keep 
it there. There are many diffi- 


culties. (The b al a nced budget! 
was approved in Congress but 
it will be carried out by the 
executive arm, and it’s made 
more difficult by the fact we 
are in an election year." 

Mr Macedo agreed: discipline 
in the new currency Is the 
most difficult thing- “But let’s 
suppose they reach two-digit 
inflation, annually, in the new 
currency, then that’s a good 
thing. At least they will have 
gained time.” Several previous 
stabilisation plans were 
designed to see a weak govern- 
ment through to the end of its 
mandate. 

Political observers say presi- 
dential and congressional elec- 
tions in October may put pres- 
sure on the government to 
increase spending and lead to 
inflatio n in the new currency. 
Air Cardoso has already agreed 
to demands from other minis , 
tors for a 5 per cent bonus for 
public-sector workers. This is 
likely to cost the government 
about $310m and already 
threatens the balanced budget. 

More worryingly, Brazil's 
erratic president, Mr Itamar 
Franco, is thought to be 
unhappy With the minimum 
monthly wage of $65 and wants 
a substantial increase by the 
end of the year. The labour 
ministry wants a minimum 
wage of nearly $100. This wage 
is used as a base in the «vHai 
security system. Such an 
increase would lead to an 
immgrfi.- ito rise in government 
expenditure of $2bn-$3bn and 
leave the budget in tatters. 

Mr Cardoso is dismissive of 
the wage rise idea. “This is the 
real world, that’s why we want 
a real currency," be said. Bat 
businesses are worried, espe- 
cially since unions in Sao 
Paulo are threatening to strike 
for higher wages. 

The elections are also a prob- 
lem. Mr Cardoso is widely 
assumed to be a strong candi- 
date for president but is short 
of time to bring down inflation 
and still resign from the gov- 
ernment by April 2, as Brazil- 
ian law dicta tes He may there- 
fore have to stay in the 
gnvp mment , as kingmaker, or 
hand over to a chosen succes- 
sor and bask in reflected glory 
if the plan succeeds. 

There is also an outside 
chance the law will be changed 
to allow him and other minis- 
ters to re main in office closer 
to the elections. Mr Cardoso, 
62, is evasive and has become 
an agile dodger of the issue of 
his candidature. Asked about 
his greatest challenge, he 
replied: “To defeat inflation 
will only happen once in his- 
tory. 1 hope I will live long 
enough to dispute an election 
again." 


Why did nobody tell me? 
LKB is L-Bonk. 



We have changed nothing 
but our name: 

L-Bank is the State Devel- 
opment Agency of Baden- 


Wiirttemberg and ranks 
among the top ten frequent 
borrowers worldwide, 
L-Bank is rated Aaa/AAA. 


Thanks for taking note. 

I L-BANK 

Landeskredltbank Baden-W u rttemberg 


Joe Rogaly 

Rumbled in bumbledom 


t This is getting 
serious. The 
British govern- 
ment is being 
shown to be a 
bad liar. Worse, 

Albion has for- 
gotten the rules of perfidy. 
These are: do not get found 
out, have a plausible explana- 
tion ready just in case, and, 
finally, be honest and open 
whenever you possibly can. 
The latter rule is placed third, 
but do not be misled. It is of 
the essence of the matter. 
Poker players whose bluff is 
called canno t easily bluff 

flgflin 

Properly applied, the above 
three precepts might have kept 
Mr John Major and his cabinet 
out of the mire into which they 
have fallen. It is important not 
to be naive about this. All gov- 
ernments lie; many are treach- 
erous; some cheat A few poli- 
ties, of which the American is 
the most outs tanding , contain 
many checks and balances. 
These do not prevent corrup- 
tion, but they make its detec- 
tion possible. In continental 
Europe, backroom deals are 
not unhear d of, but the most 
able administrators manipulate 
events with the greatest 
aplomb. For some reason, 
France springs to mind. 

The present British govern- 
ment would not recognise 
aplomb if it tripped over it If it 
has read Machiavelli, it has 
failed to understand him. Our 
political masters lie like 
schoolboys. When caught, they 
point the finger of blame at 
one another. They Invent 
hugely improbable excuses. 
They squeal and protest and 
whine that it was just this 
once. They shuffle words 
about hoping that dextrous 
use of the infinitely flexible 
English language will deceive 
us. In short, they are incompe- 
tent with the truth. 

The degree to which this 


matters varies. At the election 
of April 1992 the Tories prom- 
ised not to increase income tax 
or national insurance. They 
also said that they would not 
extend the scope of value 
added tax. To top it all they 
intimated that the economy 
would start to recover the day 
after they were returned to 
power. In feet, taxes have been 
increased by the greatest 
amount in peacetime history. 
The recession is over, but 
recovery did not begin until a 
year after Mr Major's victory. 

The government is paying 
dearly for its deceit Usually 
supportive popular newspa- 
pers, aware of the disillusion- 
ment of their readers, have 


large part upon the elector- 
ate's memory. 

Some concealments are justi- 
fied. During much of last year 
the government led us to 
believe that it was not in com- 
munication with the Irish 
Republican Army. It chose its 
words carefully, referring to 
negotiation rather than com- 
munication. Yet the implicit 
message was that there would 
be no contact with terrorists. 
In November it emerged that 
the Northern Ireland secretary. 
Sir Patrick Mayhew, had used 
an intermediary to establish 
whether there was anything in 
the proposition that the IRA 
was ready to declare a cease- 
fire. He was obliged to publish 
the relevant documents. There 
was a passing flurry of critical 
comment. Titch. Most of us 
accept that in this instance the 


government was right. If sub- 
terfuge is required to bring 

peace to Ulster, let us have 
more of it Just do it better. 

Some breaches are winked at 
by Conservative back-bench- 
ers. Take the celebrated prom- 
ise to build a dam at Pergau in 
Malaysia to offset the cost, to 
the Malaysians, of purchases of 
British arms. Sweeteners may 
be an inevitable part of the 
armaments trade. Where they 
come from is controversial. 
The permanent secretary of 
the overseas aid administra- 
tion, Sir Timothy Lankester, 
regarded the Pergau project as 
an abuse of the aid budget He 
demanded a written instruc- 
tion before he would proceed. 

His fellow offi- 
cials have 
silently ap- 
plauded, hoping 
that they would 
have done the 
same. One solu- 
tion to the aid 
problem would 
be a separate 
sales-promotion 
slush fund 
for armaments 
deals. Another 
would be to look for different 
ways of making a living. That 
would be best The weapons 
business is ultimately unprofit- 
able. The Labour party rightly 
proposes a change to industries 
producing non-lethal goods. 

To most people, these are 
fine arguments. What sticks in 
the throat is that the govern- 
ment broke its own rules and 
then hid behind half-truths. 
One rule is that aid and arms 
sales should not be linked. 
This week Mr Douglas Hurd 
sat before a parliamentary 
committee to confess that, for 
three months in 1988, they 
were. It was a “temporary and 
incorrect entanglement," he 
sa id When It ended, the then 
defence secretary wrote to the 
Malaysians to say that an aid- 
arms link was not possible. 
The British high commissioner 


in Kuala Lumpur wrote to the 
«wp mini ster on the same day 
offering the same amount of 
aid. On Wednesday Mr Hurd 
argued that the two strategies 

- promoting defence sales and 
using aid to get civil contracts 

- were thenceforth separately 
followed. There was no link. 
He was as convincing as a big- 
amist protesting that his two 
marriages are separately 
enjoyed. 

Such malarkcy can spoil a 
government's reputation. Lord 
Justice Scott’s Inquiry into the 
sales of arms- manufacturing 
machinery to Iraq could blow 
this government apart. We 
must await the report to see 
whether it does. The evidence 
to date suggests that, however 
much they may deny it, some 
ministers seem to have felt 
obliged to risk the unjust 
imprisonment of three busi- 
nessmen, merely to protect 
papers the government wanted 
to keep secret A few of these 
documents should be secret; 
most of them should not 

There is also the little accu- 
sation that the rules on arms 
sales to President Saddam 
were breached, and Parliament 
misled about it, but the politi- 
cally explosive potential of that 
one is limited. What would 
anger people in all parties 
would be a finding by Lord 
Justice Scott that politicians 
were prepared to sacrifice indi- 
viduals in the government's 
own Interests. 

In sum, the underside of 
what was once universally 
regarded as a smooth, silken 
administrative machine has 
been exposed. Departments 
that thought they knew best 
now do not even know how 
best to measure what Is and Is 
not proper, let alone what Par- 
liament should and should not 
be permitted to know. White- 
hall and Westminster, which in 
good times work well together, 
are without camouflage. What 
is revealed is the kingdom of 
bumbledom. 


turned against 
the Conserva- 
tives in general 
and Mr Major 
in particular. 
The tabloids 
will probably 
return to the 
fold, but the 
Tories' fete at 
the next gen- 
eral election, 
due in 1996 or 
1997, depends In 


The government 
would not 
recognise aplomb 
If it tripped over 
it. If it has read 
Machiavelli, it 
has failed to 
understand him 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution 


Bad luck or 
bad plan? 

From Mr Russell Sparkes. 

Sir, Is it not typical of the 
government's bad luck (or poor 
judgment) that just as the con- 
troversial Thorp nuclear repro- 
cessing plant is about to start, 
a story in the FT (“Plutonium 
plan may be suspended”, Feb- 
ruary 24) reports how the Japa- 
nese government is about to 
suspend its plutonium recycl- 
ing programme, and with it 
Thorp's major customer? The 
FT also mentioned the French 
government’s decision to cease 
the production of electricity 
(and plutonium waste) at its 
Superphenix fast breeder reac- 
tor (“Utilities could sne over 
reactor", February 24). The two 
countries normally described 
as having made a success of 
nuclear power are clearly hav- 
ing second thoughts. 

Russell Sparkes, 

Ethical Investment Consultants, 
East Sheen, 

London SWI4 7RL 

Passenger 
talks back 

From SN Payton. 

Sir, Sitting in a 757, I read 
with interest the article about 
wide-ranging consultations 
conducted by Boeing during 
the design of its 777 aircraft 
(Technology: “The century’s 
last take-off". March 1). 

It would seem that the only 
interested party not consulted 
was the PBP - the Poor Bloody 
Passenger. I suppose we have 
to take what’s given to us. 

S N Payton, 

28 Peachfield Road, 
Worcestershire WR14 4AP 


Financial sector prepares to 
rebuild relations in Malaysia 


From Mr Andrew Tuckey 
and others. 

Sir. The current difficulties 
over commercial relations with 
Malaysia are of great concern 
to companies in the financial 
services sector. 

Malaysian government pol- 
icy has been the driving force 
behind the transformation of 
Malaysian corporate structure. 
In assisting the Implementa- 
tion of that policy over many 
years, we have learned to 
value the Malaysian viewpoint 


and to admire the political sta- 
bility and economic manage- 
ment of a country which has 
achieved steady growth aver- 
aging more than 8 per cent per 
annum for the last five 
years. 

We are proud to have played 
a part in this success 
story. 

We would encourage both 
governments to bear strongly 
in mind the mutual benefits 
which have accrued through 
the investment banking indus- 


try as well as through the suc- 
cess of Malaysian/UK indus- 
trial cooperation. We shall do * 
everything we can to repair the 
damage. 

A Tuckey, 

chairman. Baring Brothers, 

J Hockley, 

chairman, Kleimoart Benson, 

G Mailinckrodt, 
chairman, Schraders, 

Sir Michael Richardson, 
chairman. Smith New Court, 

Sir David Scholey, 
chairman, SG Warburg 


Fraud detection possible 
for the vigilant auditor 


From Mr Brian Worries. 

Sir, Thank you for Andrew 
Jack’s excellent article 
(Recruitment: “Duty to report 
may not put the heat on 
fraudsters", February 24) in 
the aftermath of the BCCI 
affair, about the duty of 
auditors to report fraud; and 
the differing views of those 
who think auditors ought to be 
made responsible for detecting 
fraud and those who believe 
this cannot be done, eg 
because of the lack of access to 
the third-party bank accounts 
and records. 

Fraud involves transferring 
cash and assets out of a 
business, by whatever means. 
This process upsets the 
established patterns of 
behaviour, of assets to 
liabilities, of costs to income, 
of working capital to turnover, 
of margins to overheads 
(“break even") etc. 


Detecting changes in these 
patterns does enable fraud (or 
error) to be highlighted, 
sometimes quite quickly and 
nearly always to a high degree 
of certainty, as a normal part 
of the audit 

Only audit firms and 
investigating accountants who 
are not using such methods 
(and some are not) need fear 
the extra responsibilities 
which are now being thrust on 
them by the inevitability of 
events. 

Likewise for bankers, 
shareholders. Investors, 
suppliers, depositors, 
customers, staff, and all others 
who depend on their vital 
work. 

Brian War nes, 
managing director. 

Business Dynamics, 

13 Blackheath 
Village, 

London SE3 9LA 


Commercial agents rules not so tough 


From Ms Linda Fazzaxti. 

Sir. Ian Hamilton Fazey's 
article “A rude awakening in 
Britain" (FT Exporter, January 

27) concerning the new Com- 
mercial Agents Regulations 
contains certain statements 
which could be misinterpreted 
and deserve clarification. 

The regulations apply to 
agents dealing with goods on 
behalf of another, whether on 
commission or for fixed pay- 
ments. An agent may now 
claim compensation when an 
indefinite term contract is ter- 
minated (Including for death or 
Infirmity of the agent) even if 
the principal has a contractual 
right to terminate. Mr Fazey 
states that an agent could now 
rlalm up to a maximum of 
three months' average commis- 
sion as compensation. The reg- 
ulations in fact set no overall 
maximum. It is likely, how- 
ever. that the courts will 
favour the indemnity formula 
in the regulations to calculate 


compensation, namely no more 
than the equivalent of one 
year's commission averaged 
out over the last five years of 
the contract 

Mr Fazey’s compensation 
assumption seems based on the 
minimum notice provisions of 
the regulations: in the case of 
an indefinite term contract, the 
minimum notice period of <me 

month for every year of the 
contract to a maximum three 
months. If that notice is not 
served, an agent may claim 
damages for breach of contract 
based on commissions that 
could have been earned during 
that period as well as compen- 
sation or an indemnity. 

Timing of commission pay- 
ments is also affected. It has 
been common practice to with- 
hold commissions until the 
principal is paid by its custom- 
ers. Now, an agent becomes 
entitled to commission when 
the principal completes or 
should have completed the 


transaction or, if earlier, when 
the customer has completed 
the transaction. This provision 
can be excluded by agreement. 

What cannot be excluded is 
the provision fixing the latest 
point when commission is due, 
namely when the customer has 
“executed his part of the tran- 
saction or should have done 
so”. 

Thus, a principal can only 
withhold commissions until 
payment is due from the cus- 
tomer. This can cause a cash 
flow problem for the principal 
where customers pay late, but 
tiie position is not as bad as Mr 
Fazey indicates. 

Discussion on interpretation 
of the regulations will no 
doubt continue until cases 
come to court 
T.inria F amani, 
partner, 

Paisner & Co - London, 
Bouverie House, 

154 Fleet Street, 

London EC4A 2DQ 


Vital element 
in pensions 
regulation 

From Mr Gareth Marr. 

Sir, In your interesting his- 
tory of the regulators’ involve- 
ment in controlling pensions 
transfers, one aspect was 
missed - the practitioner’s 
input 

One of the main reasons for 
any damage that will come to 
light over the next few months 
will be the te chnical inade- 
quacy of the individuals advis- 
ing the public on this most 
complex of subjects. 

These inadequacies were 
present In the regulators. On 
my appointment to the Fimbra 
council in December 1991, I 
persuaded colleagues of the 
need to address the pension 
transfer issue. In early Febru- 
ary 1992 I consulted with 
OPAS, the Society of Pensions 
Consultants and NAPF, and 
produced a note on best prac- 
tice which Fimbra published. 
Lautro worked alongside us 
and published its guidance at 
the same time. Evidence points 
to an improvement in compli- 
ance from that date. 

The technical competency of 
regulators is improving dra- 
matically, but they cannot be 
expected to have the same 
in-depth knowledge of every 
aspect of financial sendees as 
practitioners, 

The public could well be 
damaged again by those who 
seek to exclude practitioners 
from participation in regula- 
tion at the highest levels and 
those calling for the easy-rids 
option of statutory regulation. 
Hopefully, P1A will ensure that 
experts, rather than politi- 
cians. from the financial ser- 
vices industry have a direct 
influence on policy. This form 
of self-regulation should 
ensure the consumer will not 
get fooled again. 

Gareth G Marr, 
deputy chairman, Fimbra, 
Moores Marr Bradley, 
Midsummer House. 

417 Midsummer Boulevard, 
Milton Keynes MK9 3BN 


FINANCIAL TIMES FRIDAY MARCH 4 1994 


FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071407 5700 

Friday March 4 1994 


Block votes 
and Brussels 


British support for EU 
enlargement often appears 
self-serving in the eyes of Britain's 
present partners, who suspect that 
Britain’s real, objective is to dilute 
the Union, making it more like a 
free trade area and less like a fed- 
eration. Yet Britain has good argu- 
ments on its side: the EU will be 
strengthened by the entry of new 
Nordic and Alpine members, and 
it has strong reasons of both 
morality and self-interest for not 
turning its back on the newly free 
countries of central Europe. 

It is perverse, therefore, of the 
British government to risk torpe- 
doing the agreement on arimi«arir>n 
of Efta countries by insisting that 
the “blocking minority” in the EU 
council under the qualified major- 
ity voting system (QMV), should 
remain unchanged even in a 
larger Union. The larger the num- 
ber of member states, the more 
difficult it will be to achieve con- 
sensus, and the greater the danger 
of paralysis. To insist that the 
same number of states should be 
able to block a decision means 
that a larger number will have to 
be lined up in favour before a deci- 
sion can pass. By taking this line, 
the UK courts the accusation that 
paralysis has been its true objec- 
tive in backing enlargement. 

British ministers claim they 
need to keep the blocking minor- 
ity at 23 votes, which can be mus- 
tered by two large states and one 
small voting together, in order to 
preserve the open and competitive 
character of the Union against 
“the protectionist majority”. Only 
Germany and the Netherlands, it 
seems, can be relied on to vote 


with Britain on many such jwpigs- 
This seems just the kind of nega- 
tive and defeatist approach which 
has so often isolated the UK from 
its European partners - including 
Germany and the Netherlands, 
both of which, as it happens, sup- 
port raising the t hreshold to 27 
votes In order to keep it constant 
as a proportion (30 per cent). 

One reason why Britain has sup- 
ported the entry of its former Efta 
partners is that they generally 
share Britain's commitment to 
free trade. Enlargement, therefore, 
so far from inciting Britain to 
cling to a veto, should strengthen 
its confidence that it can win 
important arguments in the coun- 
cil on their merits. Nor should this 
issue be confused with the ques- 
tion of subsidiarity. There are 
strong grounds for wishing to 
limit the competences of an 
enlarged Union, leaving more 
issues to be resolved at national 
level or below: but where it does 
have competence, it most have the 
capacity to decide and to act 

The UK should not fed comfort- 
able to find itself allied on this 
issue with Spain, which hopes to 
use the blocking minority to 
defend a pattern of EU spending 


that is neither in British interests 
nor in those of the new members. 
Spain has other dwinandg that are 
more reasonable, such as an 
increase in its own voting weight 
to equal that of the other big 
countries, and a right for Spanish 
fishermen to fish in Norwegian 
waters when Norway joins. It is 
on these points, rather than the 
blocking minority, that Mr Felipe 
Gonzfilez should be placated. 


Open universities 


Britain's higher education system 
lurches from feast to famin e After 
several years in which student 
numbers have soared, expansion 
was yesterday brought to a sud- 
den halt Such wild swings in pol- 
icy do not simply conspire against 
good university management. 
They are also symptoms of an 
over-centralised higher education 
system. The number of students 
who go into higher education, the 
fees charged and. in large mea- 
sure, the budgets of individual 
universities are all set by a cen- 
tralised quango. 

The result is not merely that 
many school-leavers will be 
unable to find university places 
this autumn. The squeeze in gov- 
ernment spending per student - it 
has fallen by a third in real terms 
over the past two decades - is 
endangering quality. Meanwhile, 
centralised capping of student 
numbers blunts the incentive for 
universities to compete to attract 
students. 

It is widely accepted that the 
proportion of school-leavers who 
go into higher education should 
rise. The figure is already nearly 
one in three and the government 
would like to see it go higher. Hie 
snag is that the public-sector defi- 
cit will not permit the state to pay 
for such expansion. 

So far. minis ters' attempts to 
square the circle have been timid. 
The main initiative has been to 
increase the proportion of student 
maintenance financed through 
loans rather than state grants. 

But a more radical policy is 
needed If higher education is to 


expand again in 1997, as ministers 
intend, without an unacceptable 
decline in quality. To achieve this, 
most students should be required 
to pay for the bulk of their tuition. 
This is quite reasonable, since 
they benefit from university edu- 
cation in the form of higher life- 
time earning s 

The key is to allow students to 
borrow against ^their human capi- 
tal to finance their education, 
while repaying the loans over a 
long period of time as their 
income increases. The best way of 
structuring such a loan scheme is 
still a matter of debate. But a 
recent study by the London School 
of Economics makes a powerful 
case for repaying loans through 
th e national insurance contribu- 
tion system. This would be admin- 
istratively simple and ensure that 
loan repayments woe linked to 
ability to pay. 

A new financing mechanism 
would not merely be a way of 
bringing extra funds into higher 
education. It could pave the way 
for freeing universities from the 
shackles of central government If 
students ultimately paid for their 
own education, there would be lit- 
tle need for a quango to fix stu- 
dent numbers or set fees. These 
could be set in the market, as indi- 
vidual students sought out the 
best courses for their needs. 

One consequence is that univer- 
sities would have to compete on 
price and quality to flourish. Such 
a competitive spur would help put 
Britain's generally admired higher 
education in better shape for the 
next century. 


Singh’s gamble 


■ Manmohan Singh's fourth 
dget. announced this week, has 
be judged against the back- 
rnnd of nearly three years of 
narkable progress in opening 
an Indian economy distorted 
decades of protection and over- 
toils bureaucracy. Indian com- 
ities are working with a new 
jit of enterprise, far less fet- 
ed by government, and have 
tstantially boosted exports. The 
eralisation which made this 
5sible has been advanced some- 
int by Mr Singh's budget But 
restore who have been pouring 
mey into India may be disap- 
inted that the finance minister 
s not taken advantage of the 

re mitten t's now strong political 
sition to push the reform pro- 
& ahead more aggressively, 
ulr Singh was lacing twin prob- 
as: the fiscal deficit has been 
ining far higher than be expeo- 
1. partly because economic 
iwth has been slower. He opted 
boost the latter and take a risk 
it the former will not balloon 
rther. Unsurprisingly, the 
iian business community is 
lighted with cuts in interest 
es and corporate taxes. There is 
trace of austerity measures to 
ng the budget deficit back on 
ck - the target has been set at 
undesirably high level of 6 per 
it of gross’ domestic produc- 
ts is an acknowledged gamble, 
e government still lacks broad 
nigh popular support for reform 
xiuse it has not triggered Chi- 
w-stvle growth- If the economy 
;ld be induced to boom without 
ressive inflation, it would 


reduce the fiscal deficit and pro- 
vide a broad mandate for further 
liberalisation. 

Admittedly, the budget deficit is 
not as alarming as it was in 1991 
when it was financed by foreign 
borrowing. Now it is financed 
internally and Mr Singh has 
pledged to eliminate direct govern- 
ment borrowing from the banking 
system within three years. At the 
same time, inflation is in single 
figures and the reserves position 
is so comfortable that the Interna- 
tional Monetary Fund is to be 
repaid early. 

There are also good reform mea- 
sures. Convertibility of the rupee 
on current account transactions is 
an important step forward. Import 
duties have been reduced further, 
and simplified. There are moves 
towards indirect taxes which 
would enable the government to 
reduce its dependence on customs 
duties and reduce them again. But 
there were no surprises, and noth- 
ing suggesting a desire to acceler- 
ate the pace of reform. For the 
time being, this may he it Signifi- 
cant reforms of taxation and 
labour law. as well as stepped-up 
privatisation, may have to wait 

India's reforms have not, how- 
ever, come so far that they will 
create their own momentum. Mr 
Rao and Mr Singh need to ensure 
that they do not by reverting to 
the slow track, allow the progress 
they have made so far to be sacri- 
ficed to the many still wel]-pco 
tected interests - in the public 
sector, business and labour - who 
stand in the way of a true opening 
of the economy. 


J ust before Christmas, Mr Jac- 
ques de Larosfere, president 
of the European Rank for 
Reconstruction and Develop- 
ment received a top-level vis- 
itor. Lord Lawson, former UK 
chancellor of the exchequer, now 
chairman of the Central Europe 
Trust consulting firm, dropped 
the bank’s London headquarters to 
offer some hints on channelling 
resources to eastern Europe. 

It’s not that usual in my experi- 
ence for an international civil ser- 
vant to seek out the view of the 
private sector," says Mr Tom 
Lampl, one of the firm’s managing 
directors, who accompanied Lord 
Lawson on his visit. “Normally they 
have their heads in the clouds 
playing politics. But he [de Laro- 
sferel has his ear to the ground. He 
really wants to find thing s out” 

Mr de Larosiere's keenness to lis- 
ten illustrates just one way the pub- 
lic-sector bank has changed since 
his predecessor, Mr Jacques Attali, 
resigned last year at the height of a 
crisis caused by miamanag pir pnt 
and budgetary extravagance. 

A former governor of the Bank of 
France and managing director of 
the International Monetary Fund, 
Mr de Larosfere has been carrying 
out a quiet revolution since be took 
over at the end of September. 

He quickly concluded that the 
bank, established in 1991 with 
EculObn capital to provide loans 
and equity to the former communist 
bloc, had become too cumbersome 
and disorganised to carry out its 
mandate. 

Mr de Larosiere has been squar- 
ing up to two principal tasks. First, 
he has bad to win the support of the 
bank's 56 mainly government share- 
holders for measures to cut costs 
and increase efficiency. An impor- 
tant stage in the pr ocess was 
reached yesterday at the EBRD bud- 
get committee, which discussed Mr 
de Larosfere's proposal to maintain 
the bank’s personnel n mi adminis- 
trative spending for 1994 unchanged 
from 1993 at £ 116 m. The EBRD 
board is expected to approve the 
budget plan in three weeks. 

Underlining the bank's problems 
in controlling expenses, the budget 
last year rose by roughly 50 per 
cent compared with the start-up 

phflsg in T 9 P 2 

Second, he has been trying to 
improve long-term confidence that 
the hank ran fulfil its aim of devel- 
oping the nascent private sector in 
eastern Europe and the ex-Soviet 
Union. 

Doubts whether the EBRD can 
meet this objective reflect the gen- 
eral deterioration of the political 
and economic environment in the 
east during the last two years, as 
well as the damage to its reputation 
caused by the Attali affair. 

The EBRD’s management crisis 
has focused attention on a funda- 
mental contradiction in th e bank’s 
operations. It was established to 
provide additional resources to the 
former Soviet bloc. But it has to 
meet standards of extreme prudence 
in its investment policies - one of 
the reasons why it has been fre- 
quently criticised for cumbersome 
administrative procedures. 

The EBRD lends under fully com- 
mercial terms - charging higher 
interest rates, for instance, than 
the European Investment Bank, 
the ElTs long-term lending institu- 
tion, which competes with the 
EBRD in some areas of eastern 
Europe. 

By tire mid of 1993, the EBRD had 
committed a cumulative Ecu2.8bn 
(£2Jbn) and disbursed Ecu556m in 
2% years of operations - much less 
than originally planned. About 57 
per cent of the bank’s loans and 
equity investments have been chan- 
nelled to the private sector and 43 
per cent to the public sector, com- 
pared with the 60/40 split called for 
in its statutes. 

By contrast, the E3B, which is a 
shareholder in the EBRD, has so for 
committed Ecul.7bn to eastern 
Europe, of which about half has 
been disbursed. In view of the EIB's 
limited engagement in eastern 
Europe compared with its overall 
landing , the EIB has, according to 
some critics of the EBRD, been 
much more effective in channelling 
resources to the former communist 
countries. 


In the brown 
Windsor 

■ Forget collapsing marriages, 
burgled rooms, paparazzi 
embarrassments - the House of 
Windsor has suffered all those 
indignities and more recently. No, 
what really threatens to take it 
from the realms of fairytale into 
the backyard is - my dear! - trade. 

Take Prince Michael of Kent, 
the Queer's cousin. He’s just made 
an appearance on CNN’s flagship 
talk show. Larry King Live, He 
was there touting a mail-order 
catalogue called The House of 
Windsor Collection. It was a 
hilarious performance, with King 
asking things like: “What is the 
royalty doing regarding 
product? . . 

Quick as a Hash Prince Mike was 
hauling out ties, a candelabra, a 
wine glass and a dinner plate, just 
like some encyclopaedia sales rep. 
The mnftigrng thing was that as 
Mike did his best to promote his 
wares on the bams cl their 
exclusivity - SO per cent of the stuff 
coming from companies holding 
the royal warrant - King six times 
gave a free-phone number viewers 
could call to get their free copy 
of the catalogue. King said it made 
him sound as if he was on a 
home-shopping network. 

But in the end Prince Mike 
showed his true colours, suggesting 
that if the fairytale is over, then 
at least fantasy land lingers. 


Excess gives way 
to restraint 


David Marsh assesses the quiet 
revolution at the EBRD as its new 
president seeks to build confidence 


T could not go on one 
week more with the 
problems we had. I think 
_ ■ this reorganisation 
• addresses the concern that 
the bank had insufficient 
v country focus.’ 

lacqpesdelaffos&re, • 
. amxocmclag merging of 
development and 
- merchant banking 
de p a rtments , 
November8 1993 


‘In this century of the 
ephemeral, where 
celebrities are changed 
like objects, all men of 
power who refuse to 
submit to the norms of 
society are threatened 
with a transitory hold. 
Perhaps only men of grey 
can find a place in our 
institutions.’ 

Jacques Attali writing of 
his downfall as EBJRD 
president, January 1994 




Under the leadership of Mr Attali, 
who as special adviser to French 
President Francois Mitterrand was 
the main inspiration behind the 
EBRD’s fo undatio n, the bnnV suf- 
fered from an acute imbalance 
between aspiration and reality. 

Mr A trail 's relationship with the 
bank’s 23-member, London-based 
board was frequently adversarial 
One EBRD insider says bluntly that 
Mr Attali was not trusted by big 
shareholder gove rnments. 

A former EBRD director contrasts 
Mr de Larosiere’s sober and profes- 
sional style with the ‘‘oppressive 
and domineering” maimer with 
which Mr Attali used to handle 
board meetings. He says of the for- 
mer president “He felt it was his 
bank. He felt it was his property - 
his child, he called it. 1 don’t think 
he ever came to terms with the fact 
that it was owned by governments 
and the directors were representa- 
tives of its owners." 

To put the bank's operations on 
to a more realistic footing, Mr de 
Larosiere has set a target for new 
commitments of Ecul-8bn this year, 
tire same as last year’s actual total 
and much lower than the Ecu2bn to 
EcuZGbn originally budgeted by Mr 
Attali for 1993. 

The bank has embarked on sev- 
eral new programmes, including 
ambitious plans to provide venture 
capital and loans for small busi- 
nesses in Russia. However, since 
the EBRD's lending in coming years 
will remain below earlier expecta- 
tions, it will continue to run the 
risk of looking top-heavy. 

The bank now employs about 700 
staff, since Mr Attali’s original 
plans for 800 employees by the end 
of last year were never realised. 
One of Mr de Larostere’s first 
actions was to freeze creation of 
new posts. About 35 employees have 
left the bank since he arrived, and a 
large number of employees has 
been redeployed. The number of 
operational banking professionals 
has been increased by 25 per 


cent to 250 people. 

Mr Mario Sarcinelli, currently 

third in co mman d at the h ank 
under Mr de Larosiere, and Mr Ron 
Freeman, the senior vice-president, 
will leave next month after his 
appointment as the next head of the 
Banca Nazionale del Lavoro, the 
Italian public sector hank 
However, so for Mr de Larosiere 
has brought in only two new people 
at a senior leveL They are his prin- 
cipal aide, Mr Philippe Richard. 

Who cama with him from the Rank 
of France, and Mr Claude Peyrot, a 
temporary management consultant 

EBRD: a slow start 

Formed Aprfl 1991 


ZJStm 



- known by some at the EBRD as 
“the secret weapon" - who has also 
previously worked at the French 
central bank. 

To gear the EBRD’s activities 
more closely to the varying needs of 
the 25 diverse countries in which it 
operates, the president decided in 
November to merge the merchant 
and development banking depart- 
ments, which previously handled 
private and public-sector business 
separately. 

Mr de Larosiere is convinced that 
the bank previously failed to put 
sufficient emphasis on identifying 
profitable private-sector deals in its 
countries of operation. He was sur- 
prised to find that only 20 EBRD 


staff spoke Russian. 

One director reports “strained 
nerves" as a result of Mr de 
Larosiere's insistence two months 
ago that five staff members move to 
Russia on secondment with local 
banks, as part of his efforts to 
decentralise operations. Mr de Laro- 
siere wants to increase by 20 the 
bank’s staff (both expatriates and 
local employees) in its 11 offices 
outside London - a 50 per cent 
increase from the present tally 
of 40. 

He also wants to improve the 
bank’s effectiveness by increasing 
the number of investment instru- 
ments at its disposal. Proposals 
under review include the ideas of 
taking more s takes in local banks 
and investment funds in its 
countries of operation, and 
providing guarantees to back pri- 
vate sector loans for certain pro- 
jects. 

One problem, however, is that the 
EBRD's deals have become both 
smaller and more time-consuming 
as it tries to shift towards private- 
sector business. Although the bank 
aims to multiply the effects of its 
investment through co-financing 
with other banks, it normally has to 
shoulder by itself the time and 
expense of credit analysis. “These 
are mainly borrowers without 
credit history," says one EBRD 
executive. “In practically every case 
we are starting from scratch." 

Roughly 20 per cent of the time of 
its 250 mainstream bankers is spent 
monitoring credit risks. Already 
there are signs of an increased 
need for write-offs on some invest- 
ments, such as the alleged over- 
valuation of the EBRD’s 20 per 
cent stake in the Czech national 
airline. 

Even though the bank's problems 
are by no means over, its main 
shareholders voice relief at the 
switch of presidency. Mr Lee Jack- 
son, the deputy US director at the 
bank, says: “He [Mr de Larosiere] 
has brought a greater degree of 


Observer 


When asked about what was 
happening to an; profits he said: 
“We haven't got that far. really, 
at looking at profits." 


Tucked up 

■ Those looking for portents of 
the death of British trade unionism 
as we knew it have pointed to the 
TUCs overtures to political parties 
other than Labour, inviting the 
Treasury's financial secretary 
Stephen Dorrell to give a speech 
at TUC HQ in London yesterday 
being but one instance. 

But the final nail in the coffin 
must surely be that the TUC has 
succumbed to the wiles of public 
relations. The TUC has always done 
these things in-house before but 
now seven PR firms are pitching 
for the account, which should be 
awarded by the end of March. 

Presumably the first press release 
will arrive with black-edged 
borders. 


Odd omission 

■ Lady Thatcher was in fighting 
form yesterday as she lashed 
Europe's protectionist policies at 
the “World Trade after Gatt" 
conference chaired by her old chum 
Lord Parkinson. Europe, she said, 
should follow the example of the 
Asian tigers whose economies had 
thrived an international 
competition. 

Hong Kong, Singapore. Thailand, 



Tve invented a dam that 

fires missiles' - 


Taiwan and South Korea all got 
a plug as economies challenging 
the industrial supremacy of Europe 
and the US. But no mention of the 
fast-growing Malaysian economy. 

An odd omission, as was the 
sudden cancellation of Lady Ts 
planned question and answer 
session at yesterday's conference. 


Unsold Carr 

■ The death at 81 of one of 
Britain’s more interesting novelists. 
James Lloyd Carr, probably means 
that another piece of the jigsaw 
concerning the late unlamented 
Robert Maxwell wifi never quite 


be slotted into place. 

Carr once told a colleague the 
tale of how, in the late 1980s, a 
Rolls-Royce drew up out of the blue 
outside Carr's modest house in the 
sleepy Northants town of Kettering. 
Out stepped Cap'n Bob himself. 

Carr wouldn’t disclose the details 
of the conversation, in order, he 
said, to avoid further embarrassing 
Maxwell's family. He restricted 
himself to depicting Maxwell's 
massive ego. 

But Maxwell’s visit almost 
certainly was to try to buy Carr’s 
tiny publishing company, Quince 
Tree Press, which never achieved 
an annual turnover exceeding five 
figures; Carr specialised in 
miniature chapbooks. maps and 
some of Carr’s own novels. Maxwell 
was turned down; making Carr 
not just a lovely novelist, but also 
a very canny publisher. 


Kudlow’s high 

■ Lawrence Kudlow, Bear Stearns' 
chief economist, who resigned 
yesterday after eight years with 
the company, says he wants to 
spend more time with his politics. 
He's got the experience - General 
Motors thinks he has broad public 
appeal, having long used him as 
a TV salesman for Cadillac cars. 

He's also got the connections, 
as former deputy budget director 
in the Reagan a dminis tration and 
more recently the economic brains 
behind Christine Whitman’s 
successful campaign for the 


17 

focus. My government and I are 
very supportive of what he is 
doing.” 

Mr Gtrnter Winkelmann, Ger- 
many’s director at the EBRD, says: 
"There has been a dramatic 
improvement" Mr Attali stated in a 
recent book* that he was toppled by 
a revolt against his own proposals 
last summer to restructure the 
bank and make it more efficient Mr 
Winkelmann, however, refutes this 
claim. “That is not true ... In the 
end, he [Mr Attali] was not accepted 
by the board, not accepted by the 
staff! It is this that brought him 
down." 

Mr Tomas Parizek, director for 
the Czech Republic, Hungary, Slo- 
vakia and Croatia, says Mr de Laro- 
sifere’s decentralisation plans are 
“in the right direction". He empha- 
sises that the bank should not sim- 
ply put more bankers in the field, 
but should also find ways of 
increasing its effectiveness by 
injecting equity into banks and 
investment hinds in its countries of 
operation. 

On the ground in eastern Europe, 
the staff in the EBRD's present net- 
work of offices win few plaudits. 
One international investment 
banker in Budapest says he has met 
the EBRD's local staff only at par- 
ties and receptions. “These people 
are the worst kind of diplomats you 
can imagine." he says. "The best 
that they can do is set appoint- 
ments.” 

S enior bankers in Poland 
say they deal with the 
EBRD’s London headquar- 
ters rather than its War- 
saw office when they want 
to do business. The World Bank's 
local office has much more of an 
operational function. In Prague - 
where the EBRD is generally held 
to have played only a minor role in 
economic restructuring - there is 
support for a stronger EBRD pres- 
ence. “Decentralisation is a good 
thing, and the bank should be 
more willing to listen," says a 
senior fund manager in the Czech 
Republic. 

For all the criticism to which it is 
accustomed, there are signs that the 
EBRD can find a useful role in 
areas where commercial banks are 
reluctant to lend. In association 
with a Russian state-owned oil 
enterprise, US oil company Conoco 
last year borrowed $90m from the 
EBRD for a $35Qm oil project. Mr 
Mike Espinosa, Conoco’s assistant 
treasurer, says he is “absolutely 
ecstatic" over the EBRD’s track 
record, and contrasts its willingness 
to lend money to Russia with the 
excessive prudence shown by com- 
mercial banks. 

Similarly, Mr Wayne Murdy, chief 
financial officer at Newmont Min- 
ing, the US-based gold company, 
says he is “very complimentary" 
about the EBRD’s work on a (105m 
loan for a joint-venture gold mine in 
Uzbekistan. “We couldn't have got a 
commercial bank to take on a com- 
mitment in Uzbekistan without 
them." 

Despite accolades like this, many 
would agree with the assessment of 
Mr Wolfgang Roth, the EIB’s direc- 
tor responsible for eastern Europe, 
that the EBRD is “not basically nec- 
essary”. An alternative three years 
ago, Mr Roth says, would have been 
to establish a joint subsidiary of the 
EIB and the World Bank. “But now 
we have it, we must make the best 
of it” 

After Mr de Larosiere’s initial 
moves to curb the bank’s structural 
defects, the EBRD has regained the 
support of its shareholder govern- 
ments. His hardest task, however, 
still lies ahead: to show during the 
next few years that the EBRD can 
make a real contribution to the 
development of functioning capital- 
ist economies in the former commu- 
nist bloc. In the meantime, the 
EBRD will remain highly vulnera- 
ble to political and economic set- 
backs in the countries it was set up 
to serve. 

Additional reporting by Christopher 
BobinsJd in Warsaw, Patrick Blum 
m Vienna and Nicholas Denton in 
Budapest 

*Europe(s), published by Fayard, 
Paris, 1994 


governorship of New Jersey. 

He turned down Whitman’s offer 
of New Jersey state treasurer, 
probably seeking a bigger pool to 
swim in. Word is he will run for 
the Republicans against Daniel 
Moynihan, the celebrated Democrat 
senator from New York. 


Party line 

■ A bit odd that Midland 
Independent Newspapers, which 
is being floated on the stock 
market, has the same chairman 
as the Tory party. Sir Norman 
Fowler can point to the fact that 
he accepted the chairmanship of 
the regional newspaper chain a 
good six months before he was 
tapped to be party chairman. 
Although it sounds like he will 
be stepping down as party 
chairman before long, he has not 
given up hope of further high office. 

The group stoutly defends its 
editorial independence but perhaps 
it should remove the independent 
from its title until Sir Norman quits 
the political scene. 


Exactly 

■ A van bearing the legend “City 
Eggs - purveyors or fine foods" 
was spotted recently making its 
way along Fleet Street So now we 
know who supplies the City with 
its good eggs. Observer is still 
curious as to where the bad eggs 
come from. 




IS 


Specified Worldwide 

l_B. Plastics Limited 
Tel: 0773 852311 


FINANCIAL TIMES 

Friday March 4 1994 


i World 
l Leader 
I in rolling 
A bearings 


US under pressure on Bosnia as 
UN requests 10,000 more troops 


By Judy Dempsey and Philip 
Stephens in London and 
La urn Sflber in Zagreb 

The US is coming under in- 
creasing pressure to send ground 
forces to Bosnia, following a 
request by the United Nations for 
an extra 10,000 troops to shore up 
the republic's ceasefire. 

General Jean Cot. head of the 
UN’s peacekeeping forces in the 
former Yugoslavia, said it was a 
“strange and not very coura- 
geous idea” that the US would 
consider sending troops only 
after a peace settlement was 
secured. 

Gen Cot said it was essential 
for the US. followed by Britain 
and Prance, to send troops 
“immediately'', implying that the 
ceasefire in Sarajevo, the Bosnian 
capital, and in other parts of the 
country was running on bor- 


rowed time. France, followed by 
Britain, have between them 6.500 
troops in Bosnia. 

Britain yesterday held out the 
possibility it might send more 
troops. But amid signs of a cabi- 
net split and fears of a potential 
backlash in the Conservative 
ranks, it rejected a request from 
General Sir Michael Rose, the UN 
commander in Bosnia, for imme- 
diate reinforcement of Britain's 
2£00 troops. 

Responding to the latest UN 
plea tor an extra 10,650 soldiers to 
Join the 13.000 already in Bosnia. 
Mr John Major, the prime minis- 
ter. said further British help 
would be proportionate to and 
contingent on increased partici- 
pation in the peace effort 

Mr Y as us hi Akashi, the UN 
special envoy Tor the former 
Yugoslavia, warned that without 
the extra troops fragile ceasefires 


could otherwise collapse. Gen 
Rose reinforced the warning by 
saying his troops were now oper- 
ating “on a wing and a prayer". 

In the Croatian capital Zagreb. 
Mr Akastu said: “We are pro- 
foundly disturbed by the luke- 
warm and negative response to 
date [for more troops]. Its a real 
test case for member states to 
show whether their protestations 
for peace in Bosnia are really 
backed up by concrete actions.” 

US diplomats argued this week 
that the preliminary agreement 
in Washington between Bosnia's 
Croats. Moslems and the Cro- 
atian government would in fact 
require fewer ground troops. 
“Since this agreement would be 
more benign, it would need fewer 
troops, so the US might not have 
to sign on," a US diplomat said. 

But UN officials yesterday said 
refusal or reluctance by western 


governments could be exploited 
by Bosnian Croat, Moslem and 
Serb military commanders on the 
ground. 

Gen Rose has told Mr Malcolm 
Rifkind, UK defence secretary, 
that he needs more British troops 
with experience of Northern 
Ireland. But a number of senior 
UK ministers - said to include 
Mr Kenneth Clarke, the chancel- 
lor. and Mr Michael Heseltine, 
the trade secretary, have hitherto 
opposed greater British involve- 
ment on the ground. 

The need to consolidate the 
ceasefires comes amid further 
talks between Bosnian Croats 
and Moslems and Croat officials. 
They are due to meet in Vienna 
today to try to draw up maps and 
structures to implement a federa- 
tion for one part of Bosnia which 
will have a loose arrangement 
with Croatia. 


Belarus, Latvia and Moldova also face action over claimed energy debts 

Russia cuts gas supplies to Ukraine 


By John Lloyd In Moscow, 

JIB Bar-shay In Kiev and 
Robert Corzme in London 

Russia has started cutting gas 
supplies to Ukraine, threatening 
an energy blockade which would 
add to the problems of the coun- 
try’s cr umbling economy. 

Russia, energy supplier to 
much of the former Soviet Union, 
has been moving towards world 
prices in its gas and oil supplies. 
This has put pressure on the 
economies of energy-dependent 
states like Ukraine, where eco- 
nomic reforms have hardly 
begun and where inflation and 
financial crises are widespread. 

About 95 per cent of Russian 
gas exports to western Europe 
pass through Ukraine. However, 
western customers maintain 
emergency reserves of gas to 


guard against possible disrup- 
tions, and some supplies could be 
shifted through the European gas 
grid to compensate for shortfalls 
in individual countries. In addi- 
tion. demand for gas is likely to 
decline as winter ends. 

Any prolonged reduction of 
Russian gas exports through 
Ukraine is likely to be felt most 
in centra) Europe, which has few 
links to the western grid. Bul- 
garia, the Czech Republic and 
Slovakia could be hardest hit. as 
they are almost entirely depen- 
dent on Russian gas. 

The Russian action, made as 
Ukrainian president Leonid Krav- 
chuk fiew to the US to meet Pres- 
ident Bill Clinton, conies two 
weeks after Turkmenistan, 
Ukraine's other main gas sup- 
plier. cut of! supplies to the 
country. 


Russia has accused Ukraine of 
taking extra gas from the pipe- 
line in order to compensate for 
the Turkmen cuts. The pipeline 
carries 500m cubic metres a day 
both for Ukraine and to custom- 
ers in Germany, France Italy and 
central Europe. 

Gasprom, the Russian monop- 
oly gas company, says it is owed 
Rbsl^OObn ($90Qm) by Ukraine. 
However. Ukraine claims it owes 
only Rhs300bn. A Ukrainian offer 
to pay S20m on account by tomor- 
row has been refused by Gas- 
prom. which said it was not large 

pnnug h- 

Yesterday's reduction in gas 
supply came only two weeks 
after Russia and Ukraine had 
appeared to have struck a 10-year 
deal to supply Ukraine with 50- 
70bn cubic metres of gas a year. 

Officials in Kiev deny that 


Socialists revive plan for sale 
of stake in Greek telecoms 


By Kerin Hope In Athens 

Greece’s socialist government, 
finally dropping its opposition to 
privatisation, plans to sell a 
minority stake in OTE, the state 
telecommunications company, 
through a notation on the Athens 
stock exchange. 

The government hopes to raise 
Dr250bn (Sibn) from the sale of 25 
per cent of the company, placing 
at least half the offering with 
institutional investors abroad. 

In a reversal of the socialists' 
policy on privatisation, the econ- 
omy ministry intends to use at 
least DrlOObo of funds raised by 
the Rotation to help cover an 
expected shortfall in revenue col- 
lection this year. 

The ministry' has renewed con- 
tacts with merchant banks that 
worked with the conservative 
government on a plan to dispose 


of 49 per cent of OTE through a 
sale to an international telecoms 
operator, to be followed by a flo- 
tation. 

The plan, opposed by trade 
unions and prominent conserva- 
tive officials, was abandoned 
when the socialists won power 
last October. No decision has yet 
been taken on reappointing 
domestic and international 
underwriters for the proposed 
issue. 

The previous planned flotation 
was being handled by a group of 
international merchant banks, 
including Credit Suisse First Bos- 
ton, J. Henry Schroder Wagg and 
N.M. Rothschild, Morgan Stanley 
and Paribas Capital Markets. 

Delays are likely as Mr Giorgos 
Gennimatas, the economy minis- 
ter responsible for decision-mak- 
ing on privatisation, has cancer. 

Mr Andreas Papandreou, prime 


minister, has said that income 
raised from fisting state corpora- 
tions on the bourse would be set 
aside to modernise them, not 
transferred to the central budget 

With revenues in January and 
February lagging behind the 1994 
budget projection the economy 
ministry is anxious to find fresh 
sources of revenue .without hav- 
ing to impose new taxes. 

The European Commission, in 
a report on the Greek economy, 
described this year's budget as 
unrealistic, calling for immediate 
measures to avert a revenue 
shortfall projected at about 
Dr300bn. 

Economy ministry officials said 
that desp ite op position to the list 
mg from OTE’s trade union, they 
were confident the flotation 
could be launched in October. 


Nation’s health. Page 2 


some of the extensive Russian 
gas supplies passing through the 
pipeline would be siphoned off to 
replace Russian supplies to the 
Ukraine. 

However, the officials re maine d 
sceptical yesterday that Russia 
could effectively cut gas supplies 
to Ukraine alone, because it was 
so easy for Ukraine to take gas 
from the pipeline. 

Three other former Soviet 
republics - Belarus, Latvia and 
Moldova - also face action by 
Gasprom. Belarus owes Rbs400bn 
which it says it cannot pay. and 
Is already suffering cuts. 

Latvia owes $23 m, and talks 
begin In Riga today in an attempt 
to settle the issue. 

Moldova, which owes Rbs53bn, 
has just agreed to barter the debt 
against consumer goods and food- 
stuffs. 

Clinton moves 
on Japan in 
trade dispute 

Continued from Page 1 

coalition over ministerial posi- 
tions has eroded Mr Hosokawa's 
authority. Although disagree- 
ments were set aside this week 
when he agreed to postpone a 
cabinet reshuffle, the aftermath 
of the row bodes ill for any solu- 
tion to the Japan-US dispute, 
because it marks a reduction in 
the influence or Mr Ichiro Ozawa, 
the government’s backroom 
strategist, who had sought the 
shake-up. 

Mr Ozawa was playing an 
increasingly important behind- 
the-scenes diplomatic role in 
seeking a compromise with 
Washington. 

Only last week he proposed 
Japan should adopt “non-binding 
indicators” for reducing its cur- 
rent-account surplus, as a conces- 
sion to US demands for numeri- 
cally measured reductions. 


ITfW^^HER 


Europe today 

A complex low pressure system near Iceland 
will draw warmer and moist er air from the 
Atlantic towards the British Isles and south- 
western Scandimna. As a result, Scotland and 
Ireland will be manly cloudy with heavy rain 
and south-west Norway will have snow. 
South-westerly winds will Increase to near 
gal* or gale force along Scottish and 
Norwegian coasts. Northern and eastern 
Scandinavia will stay dry and rather cold. 

High pressure over western Europe will keep 
the Benelux. Germany and France dry with 
sunny periods. The Medterranean will also be 
settled with spring-like temperatures. Frontal 
systems will produce more cloud and 
showers over eastern Europe, especially in 
the former Yugoslavia. 

Five-day forecast 

A strong south-westerly air current veering 
west wrfi gfve unsettled conditions over 
northern Britain and Scandinavia. Western 
and central Europe win have scattered 
showers and more seasonal temperatures. 
South-western Europe will stay rather sunny 
and dry but south-eastern Europe wfll be 
Influenced by low pressure which will 
produce showers In Greece and western 
Tukey. 

TODAY'S TEMPERATURES 

Mvumurt Belfast min } 

Celsius Belgrade shower 1 

Abu Dhabi fair 26 Berlin cloudy 


990 LOW 


1000 h t‘ v f > 




^ -4- 


HK3H. -3 




\ 4% 


ii ■ 

*44 


p # • ■»■■■•-: 

/ Wwnlhwt JUS. Cold trout Wtrup speed bi KPH 

Situation at 12 GW. Temperatures maximum for day. Forecasts by Mateo Consult of the Netherlands 

CereMf windy 10 Fiat Ufart ctoudy tO Ms fta fair 19 Rb shower 28 

Chicago cloudy 10 Geneva fair 11 Manchester rain 11 FByatfli sun 25 

Cologne fair 10 Gibraltar 20 Mania far 31 Rome sun IB 

D‘ Salaam fair 31 Glasgow rain 10 Mefboune fair 19 S. Free© fair 19 

Dakar sui 25 Hambug fair 7 Mexico City fair 23 Seoul dowdy B 

□alias sui ZJ Helsinki doudy -B Miami fair 23 Singapore shower 31 

Delhi sun 26 Hong Kong la* 18 Milan sui IB Stockholm doudy -2 

Dubai sun 25 Honolulu fair 27 Montreal snow -2 Strasbourg fair IT 

nibllr ctoudy 13 istanbd fair 12 Moscow fair -2 Sydney Mr 24 

Etobruvrek aww 12 Jeraey ctoudy 10 Munich ctoudy 8 Tangier sui 21 

Edinburgh rain 11 Karachi am 32 Nairobi fax 28 TolAvtv fair 22 

Faro sun 21 Kuwait sun 27 Nodes fair 1 7 Tokyo fair 1 1 




Ur 31 Bermuda 
sun 21 Bogota 


nan 12 
shower 11 
ctoudy 7 
Ur 19 
Ur 20 
sun 34 


sun 24 
Ur 23 



Frankfurt 

ctoudy 

10 

Malta 

fair 

19 

no 

Geneva 

fair 

11 

Manchester 

rain 

11 

Rtyadh 

Gibraltar 

SUI 

20 

Mania 

far 

31 

Rome 

Glasgow 

rain 

10 

Mdboune 

fair 

19 

S. Frsco 

Hamburg 

fair 

7 

Mexico City 

lair 

23 

Seoul 

Hotel nW 

ctoudy 

-B 

Miami 

fair 

23 

Singapore 

Hong Kong 

lair 

18 

Milan 

SUI 

IB 

Stockholm 

Honolulu 

tea- 

27 

Montreal 

snow 

-2 

Strasbourg 

IstanbU 

fair 

12 

Moscow 

fair 

-2 

Sydney 

Jeraey 

ctoudy 

10 

Munich 

ctoudy 

a 

Tangier 

Tel Aviv 

Karachi 

SUI 

32 

Nairobi 

fair 

28 

Kuwait 

sun 

27 

Naples 

fair 

17 

Tokyo 

LAngetes 

far 

23 

Nassaj 

tab- 

27 

Toronto 

LasFfaknas 

sun 

23 

New York 

falr 

5 

Tunis 

Lima 

fair 

26 

Mce 

sun 

18 

Vancouver 

Lisbon 

SUI 

21 

Nicosia 

fair 

20 

Venice 

London 

ctoudy 

10 

QSa 

doudy 

-1 

Vienna 

Lux-boug 

fair 

9 

Parts 

sui 

12 

Wasaw 

Lyon 

fair 

12 

Penh 

SUI 

34 

Washington 

Maden 

sui 

20 

Prague 

cloudy 

7 

WeOngton 

Madrid 

Majorca 

fair 

Mr 

20 

20 

Rangoon 

Rey^avllc 

SUI 

snow 

34 

1 

Winnipeg 

Zurich 


shower 28 

am 25 
sun IB 
fair 19 
doudy b 
shower 31 
doudy -2 
Ur IT 
Mr 24 
sui 21 
fair 22 
fair It 
ctoudy 2 
sun 21 
idn 10 
fair 15 
doudy 8 
sleet 3 
Ur 8 
shower 20 
fair 4 


THE LEX COLUMN 


Betting on a new future 


Almost 10 years after it struck the 
Soviet Union glasnost has finally 
arrived at Ladbroke. The new open- 
ness may not persuade everyone: a 
wealth of information can be nsed to 
distract as well as inform. The “new" 
management Hag also been around for 
a while — the nhairm ^n and chief exec- 
utive have spent a combined total of 
27 years on the board so for. Shadows 
of the optimistic accounting practices 
which used to worry investors can 
still be dimly seen. Last year Texas 
Homecare was claiming rebates which 
had not yet been paid by suppliers. It 
had also sold and leased back proper- 
ties in 1992 which will increase occu- 
pancy costs this year. Ladbroke’s 
switching of £200m of foreign currency 
loans back into sterling after black 
Wednesday may have prevented fur- 
ther strain on the balance sheet but 
crystallised losses. 

Still, it would be churlish to cavil at 
a genuine attempt to make a fresh 
start. The sea change in manage- 
ment's attitude to investors’ concerns 
deserves credit Hie board has been 
strengthened and the dividend rebased 
at a more down to earth level. Realis- 
tic management has been installed at 
Texas and improvements should be 
possible even if pressure from B&Q 
does not abate. Property disposals are 
now possible into the rising market 

Now that difficulties are being tack- 
led goodwill may well support the 
shares even If the market yield and 
premium rating do not But there 
remains much work to be done 
restructuring Texas and developing 
the Hilton brand name with the 
group's limited capital resources. 
Perestroika has still to follow glasnost 

Zeneca 

Zeneca is progressing through its 
first year of independence with 
remarkably little fuss. Its shares have 
performed more or less in line with 
the equity market since demerger 
from rci and have modestly outpaced 
its peers. On the evidence of yester- 
day's full year figures, Zeneca’s hand- 
ful of newer drugs is growing fast 
enough to offset the decline in Tenor- 
min. the heart treatment which lost 
patent protection two years ago. While 
sales in pharmaceuticals slowed mark- 
edly in the second half as US wholesal- 
ers held back, volume growth for the 
full year Is solid enough. 

Stfil, the 21 per cent increase in trad- 
ing profit was achieved only with the 
help of favourable exchange rate 
movements. Without that the rate of 


UK pharmaceuticals 

Share prtaes relative to the 

FT-SE-AA*Sh»e Index - 
120 


80 M — 


TO " 


Jun 1993 ■ .94 

Sauna: FT Or «hte 

progress looks for more sedate. Since 
currencies could easily work against 
Zeneca from here on, the challenge 
must be to raise margins in agro- 
chemicals and specialty chemicals 
until the pharmaceuticals research 
pipeline delivers on its promise. With 
over £2bn turnover outside the drags 
industry, there is plenty to work on. 

But while the full benefits of cost- 
cutting have still to be felt, much 
turns on the speed of economic recov- 
ery in Europe and the US and on how 
long it wfll be before reform of the 
Common Agricultural Policy stops 
depressing riamanH for agrochemicals. 
Since Zeneca has neither the vast cash 
resources of Glaxo nor the generous 
dividend cover of Wellcome, it has less 
scope for keeping shareholders sweet 
with the payout should earnings dis- 
appoint. 

ABP 

Judging by Associated British Ports' 
38 per cent operating margins, run- 
ning ports is nice work if you can get 
it ABP is in the particularly happy 
position of owning several well-posi- 
tioned ports accounting for 25 per cent 
of the UK's seaborne trade. The com- 
pany has done a good job in establish- 
ing and exploiting such an asset base. 
The w o r ry is when such businesses 
indulge in fruitless diversification. 
Sadly, ABP has done that, too. 

The company’s move into commer- 
cial property close to the top of the 
cycle ravaged its balance sheet during 
the downturn. The renewed upswing 
in property should save further 
blushes - although it grates that ABP 
claims to have realised a E6m “profit" 
on an Torquay shopping centre having 


written it down so heavily against the 
revaluation reserve. Its decision to fix 
so much of its debt long term at 
around 11 per cent has become a fur- 
ther embarrassment given the subse- 
quent trend in interest rates. That is 
especially so when the company gen- 
erates cash in such profusion. 

The market appears to have for- 
given all past misdemeanours in push- 
ing the shares so for. That may prove 
justified given the scale of current 
development activity around its ports 
and the marked upswing in trade. The 
longer term growth prospects, though, 
do not appear so promising consider- 
ing ABP's high market share. That 
may not matter if the management 
starts nharmpiUng more cash back to 
shareholders. But a yield of 2 per cent 
suggests it has a long way to go. 

UK electricity 

The sight of even the most sleepy 
regional electricity companies lining 
up to take pot-shots at the deregulat- 
ing gas market has finally provoked a 
response. Currently British Gas faces 
loss of market share by a thousand 
cuts while the Rees can sit secure in 
their monopoly franchise markets 
until 1998. On top of that, the fran- 
chise market In electricity covers 
users ten times larger than that for 
gas. It is hard to argue that the Rees 
should be able to use their databases 
to pick off British Gas's customers 
while remaining in a cosy monopoly 
market - particularly when that is 
supplied by long term coal contracts 
and gas stations In which the Rees 
have an equity interest 

So the chances are that even if the 
Rees object, the electricity market will 
be liberalised early. Losing some of 
the marketing supply business should 
not have much direct impact on prof- 
its. Most of the Rees' money is made 
in the natural monopoly business of 
distributing the electricity through 
their wires. 

It may however, have knock-on 
effects. The distribution review cur- 
rently tinder way will see excess prof- 
its made in that part of the business 
cut back. That, combined with a 
squeeze cm marketing; will force the 
Rees to make cost savings which they 
have so for avoided. If it also 
depresses market sentiment and share 
prices, predators may emerge. The 
Rees have the kind of cast iron bal- 
ance sheets, cash generation and sta- 
ble UK earnings which any company 
with an advance corporation tax prob- 
lem must dream of. 


MEZZANINE 

OUR SINGLE OBJECTIVE 


In the last four months we have provided intermediate 
capital for the following transactions: 



n 


U.K. 

S.L.D. HOLDINGS LTD. 

£90,000/000 

MANAGEMENT BUYOUT 

£6,000,000 

MEZZANINE CAPITAL 

ARRANGER & UNDERWRITER 

INTTUMIOIMI 

C * U *' P 

ITALY 

L. BUFFETTI SPA 
fa excess of 
Lit 200,000,000,000 

management buyout 

Lit 30,000,000,000 
MEZZANINE CAPITAL 
ARRANGER & UNDERWRITER 

INTERMEDIATE 
CAPITAL 



FRANCE 

ENTRELEC SA 
Amount not disclosed 
MANAGEMENT BUYOUT 
FT 7 0,000,000 
MEZZANINE CAPITAL 
ARRANGER & UNDERWRITER 

KSSSIMUMIUI.ME 

OMESSS 1 ''*** 


U.K. 

MULTIPART DISTRIBUTION LTD. 

£54,000,000 

MANAGEMENT BUY IN 

£3,750,000 

SENIOR PREFERENCE SHARES 
ARRANGER St PROVIDER 

Y.JZZZ ivrtBMEm * rt 





CONTINUING ACTIVE INVESTMENT ACROSS EUROPE 

a INTERMEDIATE CAPITAL GROUP 

rjggggFjMS h2-nj THREADNKEDLE STREF.T. LONDON EC2R SHF. TEL. l>71-nZg VH9S 
Managing Directors; Torn Bardam Jean-Loup de Gersigny Andrew Jackson James Odgers 


MEMBER OF IMRO 




o 

par*" 






19 



FINANCIAL TIMES 

Useful GEM N«M 

stannte;7 

Stannah <tprvirp a 

COMPANIES & MARKETS 

lift nationally every 

1 minute 48 seconds. 

©the financial TIMES limited iw Friday March 4 1994 

For Information 

‘phone 021-35 9-5868" and quote FTl 


IN BRIEF 


DSM to slash 
pay-out after loss 

DSM. the Dutch chemicals group, moved into 
loss last year after a narrowing of profit mar gins 
in virtually all its product ranges. The company 
is to cut its dividend from FI 4.00 to FI L5(L Results 
for 1993 fell into a net loss of FI 118m ($62m) from 
a net profit of FI 224m in 1992, on turnover down 
nearly 10 per cent at FI Shu. Page 20 

BBL co m es back with 130% profits rise: 

Bruxelles Lambert (BBL), one of Belgium’s three 
largest banks, yesterday announced a 130 per 
cent rise in net profits over the last year to 
BFr6.7bn ($l90m). Page 21 


C1BC results reflect slow recovery: f.»nnriian 
Imperial Bank of Commerce lifted first-quarter 
net profit by 27 per cent to C$214m ($158.7m). 

But the results reflect the relatively slow recovery 
in Canadian business activity, compared with 
the US. Page 22 

Heineken takes Polish brewery stake: Hetneken, 
the Dutch brewing group has agreed to pay 
FI 77m ($40m) for 245 per cent of Zywiec, one 
of Poland’s best known breweries, said it was 
not planning any rise in its holding. Page 20 

Amic raises divided after sharp gain: Anglo Ameri- 
can Industrial Corporation (Amic) is increasing 
its dividend for the first time since 1989 following 
a 37 per cent jump in pre-tax profit to R647m 
(JlSTm). Page 21 

Profits ease at Renishaw: Despite a 30 per «mt 
fell in sales to Germany and Japan, Renishaw, 
the UK specialist measuring equipment group, 
reported only a slight decline to pre-tax profits 
from £3. 07m ($448m) to rg-Rim for the six months 
to end-December. Page 26 

Cable & Wireless move opposed by union: The ■ 
bid by Cable & Wireless, the UK telecommunica- 
tions group, to form an alliance with Telecom 
Eireann, the Irish state telecoms operator, feces 
stiff opposition from Ireland’s communications 
workers' union. Page 27 

Microfocus share fall continues: Microfocus, 
the UK-based software house which has seen 
its share price plummet from £30 to undo- £10 
in 12 months, yesterday reported a 44 per cent 
fell in sterling profits before tax last year to £2L8m 
(J3L82m) despite higher sales. The shares declined 
further to 963p on the news. Page 25 

Dell calms Wall Street fears: Dell Computer, 
the US personal computer manufacturer, yesterday 
unveiled a 43 per cent drop in fourth quarter 
net profits to 317.7m. but its overall recovery 
from first-half losses surpassed Wall Street expecta- 
tions and calmed Wall Sheet fears. Page 22 


Companies In this Issue 


AAH 

26 

AB Ports 

26 

ASP 

20 

Alcan 

21 

Algo 

27 

Amcor 

23 

Amic 

21 

Angtovaal 

21 

Ardagh 

26 

8BA 

27 

BBL 

21 

Baltic 

25 

Bensons Crisps 

28 

Bertelsmann 

19 

Bunz! 

31.28 

QBC 

22 

Cable and Wireless 

27 

CadBac Foirview 

22 

Christian Satvesen 

14 

OSM 

20 

Dana Carp 

14 

David S. Smith 

31 

Epwtn 

25 

GPA 

27 

GaSrford 

27 

Goodman Fielder 

23 

Graham Group 

28 

HK & S Hoteb 

23 

Harlow Chemical 

28 

Heineken 

SO 

Heron Inti 

25 

Hong Kong Electric 

23 

ICI 

28 

Inishtech 

27 

Keppel 

23 

Ladbroke 31, 

2& 19 


Life Sciences Inti 

27 

Unx Printing Tech 

2B 

Mayne Nickless 

23 

Metafl Mining 

22 

Micro Focus 

25 

Midland Independent 

25 

J.P. Morgan 

19 

Morgan Stanley 

19 

Nika 

22 

Nomura 

19 

Nordbanken 

20, 19 

Nu -Swift 

28 

Orkla 

21 

Paramount 

26 

Peak Systems 

26 

Primps 

20 

PizzaExpress 

28 

Queens Moat Houses 

26 

Record HokSngs 

26 

Renishaw 

28 

Rhino 

26 

Ftk> Algom 

21 

S.G. Warbwg 

31 

Salomon 

19 

Sunset and Vine 

14 

Telecom Brearw 

27 

Tttaghur 

27 

Triplex Uoyd 

27 

Unftever 

14 

United tnds 

27 

Viking Polymers 

26 

Von Ro« 

20 

wahebn WHhetmsen 

22 

W»s Group 

27 

Wywate Garden 

26 

Yorkshire Bid Soc 

28 

Zeneca 

31,19 


Market Statist ic s 


Annual reports sendee 32,33 
Bencm na tk 6«t bonds 8* 

Bond futures and opUons M 

Bond prices and yields 24 

CommodHtes prices 30 

DMtiends announced. OK 2S 

BiS currency rates 38 

Eurobond pricaB ** 

fixed interest indices 24 

FT-A World lndces 42 

FT GoW Mmes index 42 

FT/ISMA ind bond svc 24 

FT-SE ternaries indices 31 


Foreign exchange 

38 

Gilts prices 

24 

LOTe equity options 

42 

London share sendee 

32.33 

London trad options 

42 

Managed funds sendee 

34-38 

Money markets 

38 

New Wl bond issues 

24 

Recent issues, IK 

31 

Short-term bit rates 

38 

US Merest mas 

24 

World Stock Markets 

38 


Chief price changes yesterday 


ntAMOPURT (DM) 


pans (mi 


bmw (Bn 
Cotanb Konnre 
DKSa-WfftB 
KHO 

bndnFMw 

Palls 

Gttfxhma 


CUL 

CampQ 

Dal Compact 
e » da 
Gap 

Me 

FttBUMKlWr 


040 

♦ 

15 

Ot Sanafl 

1068 

♦ 

66 

1250 

+ 

40 

lagns 


+ 

02 

170 

+ 

13 

Itaftm 

149 

* 

13.1 

iasir 


S.S 

Oran 

220 

* 

1U 

237 

+ 

7 

Pads Reneanp 

532 

+ 

29 

635 


17 

Fern 

Tofflngw 

2550 

- 

100 

1 

21ft 

* 

1ft 

TOKYO (Van) 

Mm 

KBUfttel 

870 

+ 

31 

87W 

20* 


31* 

2 

mb 

MyodsRm 

B24 

- 

36 

34H 

+ 

3H 

Date*! Own 

511 


24 

4GU 


1M 

Began* Tsusft 

831 

“ 

34 

7r» 

_ 

1U 

Han tew 

■sub Hung 

353 

880 

- 

14 

45 


New York prices ■» 12- 30pm. 


LONDON {Pone*} 



tern 

Bas 

in 

* 

s 

foam 

317 

+ 

17 

EbroDaney 

38 S 

♦ 

ID 

Q® 

547 

+ 

11 

Htmdian 

MS 

■r 

12 

Rest Tims Del 

115 

+ 

12 

RKsnlMdp 

S3 

* 

12 

RMMS 

2034 

+ 

4S 

RMna 

43 


5 

MMnift 

428 

♦ 

14 

WMtSDufle? 

517 


23 


pate 

tenons Crisis 

66 

_ 

4 

Getuort 

56 

- 

3 

LadMte 

169 

- 

10 

LM Sdancffl 

140 

- 

15 

Mrtftas 

870 

- 

X 

Rmblow 

275 

- 

20 

ScMdm 

1108 

- 

20 

Sown Trent 

554 

- 

15 

WatJuniSQ 

827 

- 

Z7 


Swedish 
banks hit 
out at aid 
for rival 

By Hugh Camegy in Stockholm 

Sweden's private sector banks 
yesterday issued a strong protest 
to the government over the 
extent of state aid for Nordban- 
kea, a victim of the recent Nor- 
dic banking crisis. Nordbanken 
has shot back to profitability 
since the state took over most of 
its k«ri loans. 

The Swedish Bankers* Associa- 
tion has complained that the 
trams of the ball-out for state- 
owned Nordbanken had given it 
an unreasonable advantage over 
its rivals, which had not had 
their own extensive loan loss or 
balance sheet problems laun- 
dered by the state. 

“The state support for Nord- 
banken has been comprised in a 
way that gives Nordbanken a 
dear competitive advantage over 
the other players to the payment 
and credit system,” the associa- 
tions said in a letter to the Bank 
Support Authority, the Rfksbank 
(central bank) and the financial 
inspection authorities. 

Led by Skandinaviska 
RncHirifl Ran k en and Svenska 
Handelsbanken, the association 
said toe state should ultimately 
claw back the SKrSObn (Jll-Zbn) 
it had pledged to ailing banks. 

By far the biggest beneficiary 
of the state rescue operation has 
been Nordbanken. Bad loans 
worth SKr67bn were taken off its 
books and put into a state-run 
company called Securnm, which 
itself was capitalised through a 
SKr85bn state injection. Nord- 
banken then received more than 
SKrl6bn to capital from the gov- 
ernment to keep it solvent 
It has meanwhile become Swe- 
den's biggest bank by market 
share by taking over Gota Bank, 
another state-owned crisis vic- 
tim, which has swallowed some 
SKr30bn in aid and been relieved 
of SKr43bn bad loans. 

The operation has left Nord- 
banken as the most profitable 
Swedish hank. Later this month 
it is expected to report a profit 
after loan losses in 1993 of 
around SKr3bn - compared with 
a profit of SKrl.8bn at Handels- 
banken, which was the most 
adept at avoiding the crisis. 

The association suggested that 
one move to redress the balance 
would be to stop interest pay- 
ments to Nordbanken due on 
SKr30bn assets held by Securum. 
The Bank Support Authority 
rejected this suggestion, but said 
it was looking closely at the 
issue of aid to Nordbanken. The 
authority might claw back some 
of the support through the sale 
of Gota Bank to Nordbanken. 


Tracy Corrigan, John Gapper and Sara Webb explain the risks 
taken by banks and securities houses in proprietary trading 


W hile hedge funds have 
been the scapegoats for 
recent heavy falls in 
the world's bond markets, they 
are not the only market partici- 
pants to have laid and lost big 
directional bets. 

Many banks and securities 
houses had backed their views on 
the bond markets with their own 
capital. This practice, known as 
proprietary trading, has become 
much more common to the past 
few years. 

Last year, successful propri- 
etary trading helped boost the 
profits of many banks and securi- 
ties houses, particularly on Wan 
Street, to record levels. Unless 
recent losses on European brad 
markets are recouped, the story 
could be rather different this 
year. 

“Last year the market was a 
one way bet. Banks decided that 
since they were so good at it, 
they should put up some more 
capital this year,” said one 
trader. 

The vogue for proprietary trad- 
ing took off because banks saw 
the effect on profits of successful 
dealing at Salomon Brothers and 
Goldman Sachs. 

"Banks have become a lot more 
aggressive in their proprietary 
trading activities,” said one 
dealer. Last year, many propri- 
etary traders were right about 
the bond market rally and right 
about the effective breakdown of 
the European Exchange Rate 
Mechanism. 

With bank boards focusing on 
efficient use of capital, propri- 
etary trading became increas- 
ingly attractive - especially as it 
required only a handful of deal- 
ers and few support staff. 

Nomura International in Lon- 
don, for Tpgtanrp , has started to 
use its $L5bn capital for propri- 
etary trading in toe same way as 
the US banks do. "Using our 
strong capital is something that 
we forgot about for a long time,” 
said Mr Koichi Kane, chairman of 
Nomura International "Now we 
are putting a lot of pm phasi^ on 
enhancing our returns on capital 
Fixed income trading has been 
one area that we have been 
adding to our capability.” 

One propietary trader said that 
while his hank aims for a ret u rn 
on capital of about 20 per cent for 
its ordinary trading activities, it 
can achieve a 50-100 per cent 
return on capital used for propri- 
etary trading. 

For successful players, the 
business ha? proved rewarding. 
Last year Salomon made S4Ifim 
in proprietary trading, compared 
with $1.15bn in client business. 
That was in a relatively poor 
year, owing to a big hit in the US 
operation. The previous year, 
which an official described as 
more representative, the propri- 
etary trading profit was $1.4bn. 

One large player, Tokai Bank's 
London-based operation, has cap- 


Winning streak comes 
to an abrupt end 


W8H th© fafffnbond -prices lilt bank profits? 



ital of around £250m mostly used 
for proprietary trading. "Our 
return on capital last year was 
over 100 per cent and that’s 
because we have a diversified 
portfolio of trades such as yield 
c ur ve trades, basis trades and so 
on.” according to Mr John Clark, 
at Tokai Capital Markets. 

However, proprietary trading 
does have Its drawbacks, stock 
market analysts do not like the 
volatility of namlrtg g r elated to 
such activities. Salomon decided 
to publish its propietary trading 
results separately because it felt 
its share price was suffering as a 
result of uncertainty about that 
business. 

inrippri firms such as . S alo mon 
and Goldman Sachs are keen to 
emphasise that client business is 
still their core activity. "Proprie- 
tory trading can play a role in 
profitability, but it is icing on the 
cake,” says Mr Fredric Garanzik, 
managing director for fixed 
inmme at Goldman Sar.ha in Lon- 
don. 

However, it is acknowledged in 
the markets that a proprietary 
trading team can benefit consid- 
erably from access to information 
about what big clients are doing. 
The extent to which toe propri- 
etary trading and ordinary trad- 
ing businesses are kept apart 


Varies from hank to hank One 
proprietary trader at a UK hank 
said: "We do not hear about the 
c usto mer b usiness * 

But other houses point out that 
in a rumour-driven business, it is 
quite likely that the proprietary 
trading desk would know and be 
able to act upon client flows. 
“What the bank wants is a com- 
bination of the economic view, 
the smart trader and the comfort 
of a flow of information from cus- 
tomers,” said one trader. In any 
snma clients lika to hear 
proprietary traders’ views on the 
markets. 

Despite widespread rumours an 
losses incurred, it is difficult to 
gauge the overall amount of 
banks’ exposure through propri- 
etary trading. First, no one 
knows exactly how much money 
is involved. The very largest 
players are believed to have as 
much as $2bn deployed world- 
wide. but most banks are 
extremely secretive. 

In any case, proprietary trad- 
ing covers two different 
approaches. One type of trading, 
known as arbitrage trading, 
involves talcing advantage of 
nnnmaiip« between different mar- 
kets, and is generally viewed as 
less risky. But most proprietary 
traders also use capital to take 


straightforward punts on the 
direction of the market. 

What is clear from toe surge in 
activity to recent weeks is that 
the consensus in the market was 
that European bond markets 
would rally further, based on eco- 
nomic fanriamentelR THp mar ket 
was positioned accordingly - but 
the market was wrong. Some 
banks also had US yield curve 
plays, expecting the yield curve 
to flatten in the wake of last 
month's interest rate hike: it 
steepened instead Many traders 
also were still involved in conver- 
gence plays - based an the expec- 
tation that high-yielding Euro- 
pean markets would outperform 
the core markets such as Ger- 
many: wrong again. 

Of course, these losses have to 
be seen to context Two months 
into the year, it is too early to 
predict half-year trading losses. 
1 think the losses that have been 
sustained in February in ’bond 
land’ have been nasty, but you 
have to look at the overall pic- 
ture. They are not so bad against 
the gains made to 1993 or over 
the last five years,” said one 
trader. “Also while it was bad for 
bond junkies, the point of having 
an integrated house is that you 
can take advantage to other mar- 
kets.” 


French and 
German 
groups in 
TV deal 

By Quentin Pee! in Hanover and 
Alice Rawsthom In Paris 

Bertelsmann, the German 
multi-media group, and Canal 
Plus, France’s leading Pay-TV 
broadcaster, have formed a joint 
venture to exploit the expected 
proliferation of television ser- 
vices. 

The move is intended to enable 
Bertelsmann, the largest multi- 
media group after Tim e-Warner, 
and Canal Pins, the biggest and 
most profitable Pay-TV broad- 
caster. to compete more effec- 
tively with established 
Anglo-Saxon multi-media ven- 
tures. 

The deal will mean more cross- 
border exercises for the compa- 
nies. They are already partners 
in the first German Pay-TV chan- 
nel. Premiere. 

A joint statement said: "It will 
ensure the development opportu- 
nities for both our enterprises to 
an important future area for the 
electronic media, including 
forms of Pay-TV, pay-per-view, 
video-on-demand, and other spe- 
cial services.” 

Bertelsmann said private tele- 
vision channels — such as the 
company’s RTL channel in Ger- 
many - were reaching the limits 
of financing available from 
broadcast advertising. New chan- 
nels would require new forms of 
financing. 

Digital television would mean 
a variety of different channels 
and services, which would have 
to be financed by viewers as they 
watched or used them. 

The deal comes at a turbulent 
time for the French group which 
last mouth became embroiled in 
a political row over the sudden 
resignation of Mr Andre Rousse- 
let, its founder and chairman. Mr 
Rousselet was protesting at the 
formation of a concert party of 
shareholders led by Havas, the 
French media group. 

Mr Rousselet was committed 
to a long term strategy of turn- 
ing Canal-Plus into a force in 
European multi-media by forging 
links with international part- 
ners. The Bertelsmann deal, 
which has been under discussion 
for some time, was central to his 
plans. 

One of Mr Rousselet’s chief 
objections to the concert party 
was that it raised the risk of 
Canal-Plus being relegated to toe 
role of a pawn in the multi- 
media ambitions of other French 
companies - notably Havas and 
its multi-media partner, France 
Telecom - thereby constraining 
its scope for expansion on the 
international front 


Ladbroke group announces 
first ever cut in dividend 


By Michael Step inker, Leisure 
Industries Correspondent 

The new management of the 
Ladbroke hotels, betting and 
do-it-yourself group yesterday cut 
the dividend for the first time 
since it became a public company 
to 1967. 

Mr John Jackson, who took 
over from Mr Cyril Stein as chair- 
man at the start of the year, said 
it was no longer in the group’s 
interest to continue paying divi- 
dends uncovered by earnings. 

The cut was part of full-year 
figures, which showed a pre-tax 
profit of £62. lm ($90.6to), com- 
pared with £5 .2m in 1992, after 
much lower exceptional charges. 
Before exceptional, the profit 
figure fell to £117.5m from 
148.6m. 

The final dividend was cut 
from 6.23p to 1.08p, bringing the 


total payout to 6p - 46 per cent 
down on 1992. It was covered by 
earnings per share before excep- 
tional items of 7J3p. However, 
earnings after exceptio na l ^ were 
232p, compared with a loss of 
3.1 lp to 1992. Turnover for the 
year rose to £43bn. from £4~2bn. 

The £55.4m exceptional charges 
resulted from write-downs and 
management reorganisations at 
Texas Homecare, and property 
revaluations. 

The group reported that trad- 
ing at its Hilton International 
hotels subsidiary remained diffi- 
cult and that substantial pruning 
of product lines was necessary at 
Texas. Mr Jackson said the group 
continued to talk to potential 
buyers of its property division, 
which had profits before excep- 
tional items of £4L4m, compared 
with £40.3m in 1992. 

Net debt fell to £l-27bn at year 


end from £1.34bn in 1992. A 
£394 lm reduction to the value of 
hotel and investment properties 
resulted in a rise to gearing to 58 
per cent from 53 per cent 

Ladbroke said, however, that in 
the first half erf 1994, It would 
receive £83m from property sales 
to Burford Holdings- A further. 
$125m would be received to Janu- 
ary 1995 from the surrender of 
Hilton’s management contract in 
Hong Kong. Taking these into 
account pro-forma gearing was 
49 per cent The group still had 
undrawn committed borrowing 
facilities of more than 
£50 Qxxl 

Mr George said he was examin- 
ing possible changes in the run- 
ning of the group's divisions and 
their relationship with Ladbroke 
head office. All three trading 
divisions are now being run by 
new main board members. 


Drugs help Zeneca grow 42% 


By Daniel Green 

A solid performance from drugs, 
seeds and speciality chemicals 
helped bioscience group Zeneca 
post a 42 per cent rise in pre-tax 
profits for 1993, at £627m 
($9 15.42m) before exceptional 
items. 

The company’s first figures 
since the demerger last summer 
from IQ was boosted by currency 
gains as well as volume growth. 
Pre-tax profit after exceptional 
was £642m, in the middle of the 
range of analysts' expectations, 
compared with a post-exception- 
&ls figure last year of £102m. 

Sir Denys Henderson, chair- 
man, described toe year as "sue- 
cessfuL . . despite less than ideal 
trading conditions”. 

Trading profit rose to £713m, a 
21 per cent increase before excep- 


tional items on the 1992 leveL 
Some 14 percentage points of this 
increase came from volume 
growth, 1 percentage point from 
increased prices and toe balance 
from currency fluctuati ons. 

Strong cash flow of £833m, a 
£15lm rise over 1992, helped cut 
net debt from £39lm in 1992 to 
£188m to 1993. Gearing fell from 
25.7 per cent to 1L7 per cent 

The Minings per share after 
exceptional items was 5L7p (108) 
and the dividend was confirmed 
at 27 Jjp. 

The company issued a trading 
statement on January 21 so there 
were few surprises yesterday and 
Zeneca shares fell 3p to 763p. 

Underlying sales growth in the 
biggest division, pharmaceuti- 
cals, was 5 per cent to £187lm. 
The topselling drug, heart treat- 
ment Tenormin, saw sales in con- 


stant currency terms fell 22 per 
cent in the face of g eneri c compe- 
tition to £464m (£534m). 

Mr John Mayo, finance direc- 
tor, said that the rate of Tenor- 
min's decline was slower than 
with comparable drugs that had 
lost patent protection. 

However, growth from other 
products more than made up for 
the decline in Tenormin reve- 
nues. Sales of the company's sec- 
ond-biggest product. Zestril, 
another heart treatment, rose to 
£416m from £294m. 

The Agrochemicals division 
achieved a rise in sales of 14 per 
cent to £2467m from £I288m. But 
in constant currency terms the 
rise was only 2 per cent, and 
trading profit rose just l per cent 
to fflftn In the Specialities divi- 
sion, sales rose by 10 per cent to 
£l,027m (£336m). 


Who S 

HELPING 
GROWING UK 
COMPANIES 
GROW 

faster? 


London stock exchange 


In 1993. 180 new feted companies rased £6 billion through the Exchange, with an addilional £18 
billion raised by existing companies Irom further issues. Thai s a major contribution to the country's 
economic recovery. For your comp lm entaiy copy of our 1994 Facl Book, cell 07 1 -797 3630. 





FINANCIAL TIMES FRIDAY MARCH 4 199-4 


INTERNATIONAL COMPANIES AND FINANCE 


Slide into red forces cut 
in dividend at DSM 


By RonaM van de Krol 
in Amsterdam 

DSM. the Dutch chemicals 
group, tumbled into loss last 
year after suffering a narrow- 
ing of profit margins in virtu- 
ally all its product ranges. The 
company is to cut its dividend 
from FI 4.00 to FI 1.50. 

Results Tor 1993 fell Into a 
net loss of FI 11 3m iS62m) from 
a net profit of FI 224m in 1992, 
on turnover down nearly 10 
per cent at FISbn. Average 
selling prices for DSM's prod- 
ucts were 7 per cent lower In 


By Andrew BoJger in London 

Associated British Ports, the 
UK's largest ports group, said 
it was attracting an increasing 
amount of transhipment busi- 
ness. with cargo being landed 
at Southampton and then 
shipped on to Europe. 

Rotterdam has traditionally 
dominated the European tran- 
shipment business, but ABP 
said UK ports had become 
much more competitive since 
the abolition of the National 
Dock Labour Scheme in 1989. 

Sir Keith Stuart, chairman, 
said industrial relations in the 
UK docks had gone from being 
the worst in Europe to the 
best British ports could now 
take cargo at any time of the 


Turkey wraps 
up first part of 
Tofas stake sale 

The Turkish government 
yesterday concluded the first 
part of the disposal of its 21 per 
cent stake in Tofas, the motor 
group in which Fiat of Italy is 
a major shareholder, writes 
John Murray-Brown from 
Ankara. Banks placed 20m 
shares with international 
investors at TL 72,000 a share. 

An offer of a further lm 
shares opens at the same price 
on the Istanbul market today. 

The price represents a 12 2 
per cent discount to yester- 
day’s closing price in IstanbuL 
The total deal will raise around 
$350m for the government. 


1993 than in 1992. 

The company blamed the 
downturn on economic difficul- 
ties in Europe, industry-wide 
overcapacity, and cheap 
imports from regions such as 
eastern Europe. The strength 
of the guilder since the turmoil 
on European currency markets 
in September 1992 also worked 
against DSM. 

Mr Simon de Bree, chairman, 
described the results as “down- 
right poor". However, he said: 
"It seems that we are past the 
lowest point now." The com- 
pany expected to post an oper- 


day and night, seven days a 
week - unlike many continen- 
tal competitors. 

Of the 350,000 containers 
landed at Southampton last 
year, 50.000 were transhipped 
to Europe - up from negligible 
levels only two years ago. 

Other UK ports such as 
Felixstowe have seen a smaller 
growth in transhipment busi- 
ness. Southampton, however, 
was particularly well-placed on 
the so-called “Atlantic Rim", 
which includes ports in 
Ireland, France. Portugal and 
Spain. 

ABP yesterday reported pre- 
tax profits of £62. lm ($92-2m) in 
the year to December 31. The 
previous year it made a 
pre-tax loss of £36.6m, mainly 


By Christopher BobinsM 
in Warsaw 

Heineken, the Dutch brewing 
group, has agreed to pay 
FI 77m for 24.9 per cent of 
Zywiec. one of Poland's best- 
known breweries with an 8 per 
cent share of the local market 

Heineken said it was not 
planning to Increase further its 
holding in Zywiec, which last 
year reported net profits of 
155-7bn zlotys (J7mJ. 

Yesterday, the stock 
exchange suspended trading in 
Zywiec shares to give investors 
time to digest the news about 


a ting and a net profit for the 
first quarter, he said, although 
he refrained from making any 
prediction for 1994 as a whole. 

DSM's shares rose 3.8 per 
cent, to FI 111.70, helped by the 
company's decision not to omit 
the dividend altogether, as 
some analysts had expected. 

The company said it had 
decided to pay a dividend 
because of its success in reduc- 
ing net debt, and its continued 
strong financial ratios. These 
achievements were possible 
partly because of income gen- 
erated by divestments. 


because of a write-down of 
£83.6m on the property portfo- 
lio. 

The group plans a l-for-l 
scrip issue, its third since flota- 
tion in 1983. ABP shares closed 
lp lower at OTOp. 

One indication of ABF's con- 
tinuing pressure on labour 
costs was a redundancy charge 
of £8-lm. compared with £4m 
the previous year. 

The 200 jobs shed last year 
reduced the number of the 
group’s dockers to 1,700 - 
compared with 3,000 before the 
abolition of the dock labour 
scheme. Sir Keith estimated 
redundancy costs would be 
about £2m in the current 
year. 

See Lex. Page 18 


The Dutch brewers planned 
partnership with Zywiec comes 
soon after Brau Und Brunnen, 
the big German brewer, 
announced it controlled 25 per 
cent of Okocim, another listed 
Polish brewery. 

Heineken is taking its stake 
through an issue of new 
shares. Zywiec, advised by 
Schraders, is to propose the 
share issue to a March 28 meet- 
ing of shareholders, which 
include Invesco’s CEAM 
investment fund. 


Cemex to 
take control 
of Venezuela 
producer 

By Damian Fraser 
tn Mexico City 

Cementos Mexlcanos (Cemex), 
the big Mexican cement com- 
pany, has agreed to purchase a 
controlling stake in Corpora- 
cion yenezolana de Cementos 
(Vencemos), Venezuela’s larg- 
est cement producer fin- about 
$300m. 

Cemex said a price, and the 
number of shares it would 
buy, had not been fixed. How- 
ever, it is widely expected that 
Cemex will pay about 5300m 
for its stake. 

Vencemos has a stock mar- 
ket value of $510m. Cemex is 
expected to pay a premium for 
control. 

Vencemos has 50 per cent of 
the Venezuelan cement mar- 
ket, and 30 per cent of the 
concrete market Last year, it 
sold 2.8m tonnes of cement 
and exported another lm 
tonnes. 

Mr Eugenio Mendoza, the 
head of Grapo Mendoza, said 
the alliance with Cemex would 
help Increase domestic sales 
and sales to the Caribbean. 

The purchase marks a fur- 
ther step in global expansion 
for the Mexican cement com- 
pany, which Is the fonrth- 
largest in the world. Cemex, 
already the dominant producer 
in Mexico, has operations in 
the US and, through Its 
$1.85bn purchase of Valen- 
riana and Sanson in 1992, is 
the largest producer in 
Spain. 

Mr Lorenzo Zambrano, chief 
executive of Cemex, said the 
purchase was consistent with 
the company’s strategy of 
“acquiring important stakes in 
companies that operate and 
have a leadership position in 
developing countries with 
strong perspectives of growth 
in the demand of cement and 
concrete”. 

Mr Zambrano said Cemex 
would focus on expansion in 
Latin America tn the short and 
medium-term, and Asia in the 
medium and long-term. 

The purchase wfll Increase 
Cemex's overall cement capac- 
ity to about 40 m tonnes. It 
said its control of Vencemos 
would enable the company to 
reduce costs and improve 
profit margins. 


UK ports group improves 


Heineken buys holding 
in popular Polish brewer 

the capital injection. The com- 
pany is presently capitalised at 
5,800bn zlotys. 


Germans hear the Philips not act 

Grundig and PKI are dragging their feet, writes Ronald van de Krol 


T he cost-cutting pro- 
gramme at Philips, the 
Dutch electronics com- 
pany, has finally swung away 
from its home town of Eind- 
hoven to focus on a new target 
the southern German town of 
Nuremberg. 

After making severe cuts in 
jobs, mostly at Eindhoven, dur- 
ing nearly four years of drastic 
restructuring, Philips has 
clearly lost patience with the 
slow pace of change in Nurem- 
berg, where its two main Ger- 
man companies are located. 

Mr Jan Timmer, Philips’ 
president seized the opportu- 
nity at yesterday's ann ual 
press conference to deliver a 
broadside against the sluggish- 
ness of reforms at Grundig, the 
German consumer electronics 
group, and Philips Kommuni - 
kattons Industrie (PKI), a sup- 
plier to the telecommunica- 
tions Industry. 

He Issued what he described 
as an “urgent appeal” for “the 
greatest possible realism”. Ger- 
man unions have been resist- 
ing Philips* efforts to prune its 
German operations. At Grun- 
dig alone, management wants 
to cut 4,000 out of 15,000 jobs. 

Mr Timmer said: “We believe 
that the survival of a whole 
company is more important 
than short-term job losses.” He 
insisted that Philips intended 

to maintain Grundig’ S name 

and identity, but said this 
could not be done without a 
drastic reduction in costs. 

His frustration stems from 
the fact that the continued 


heavy losses in Germany were 
the only significant Daw in yes- 
terday's much-improved 1993 
results. The company’s good 
news - including the return to 
a net profit of FI 856m (8441m) 
on normal business operations 
from a net loss of FI 900m the 
previous year - was capped by 
the announcement of a 1993 
dividend of FI 0.50, the first 
since the FI 2.00 paid out of 
1989 profits. 

The problem in Germany is 
most glaring at Grundig, which 
is expected to report net losses 
of DM350m (8205.9m) for its 
year willing Maroh, 16 per cent 
worse than the previous year. 
The downturn comes when the 
Philips group, excluding Grun- 
dig, managed to reduce operat- 
ing losses In consumer elec- 
tronics to Just FI 73m from 
FI 553m a year earlier. 

This is all the more irritating 
to Philips because it Is bound 
by a long-standing agreement 
to pay DM50m a year in divi- 
dends to Hin Grundig family 
foundation, regardless of the 
German company’s perfor- 
mance. Although Philips owns 
only 31.6 per cent of Gnmdlg, 
it fully consolidates the com- 
pany in its accounts, and has 
complete manag ement control. 

PKL by contrast, is blamed 
by Philips for the sharp decline 
in results in the group’s profes- 
sional products business, 
where operating profit slumped 
to FI 177m from FI 663m in 
1992, reflecting reduced invest- 
ment by the German telecom- 
munications authorities. 



Jan T imme r: broadside against 
performance in Germany 


Mr Timmer contrasted the 
slow pace of change In Ger- 
many with the sacrifices made 
by the more than 6Q.000 people 
who have lost their jobs within 
the Philips group since 1990. 
“Equally, it Is not acceptable to 
Philips shareholders, who also 
end up paying for Grundig’s 
losses, that the process of 
change at this company contin- 
ues to take a long time,” he 
said. 

G ermany's position 
behind the rest of the 
Philips world is partly 
blamed on the short-lived 
euphoria that accompanied 
German unification, which 
coincided with company’s con- 
certed shake-up of its internal 
culture in 1990. Events of that 
time tempted local workers to 


think they would be immune 
from changes sweeping the 
company worldwide. 

Despite the German prob- 
lems. Philips had reached an 
important milestone in its 
“Centurion" programme of 
restructuring, Mr Timmer said. 
The process, however, would 
continue. “It will not 
end ... the company must be 

in a permanent state of 
change,” he said.. 

In the three years since the 
end of 1990, Philips has raised 
profits, excluding restructuring 
charges, to 5 per cent of sales, 
from 4J2 per cent previously. 
Its return on net operating cap- 
ital has improved to 13.2 per 
cent from &5 per cent at the 
start of the operation. And, at 
the same time, group debt has 
fallen to FI 8.6bn from 
F1148bn. 

Besides continuing to cut 
costs, Philips still needs to 
come up with ideas to generate 
new businesses and income, 
Mr Timmer said. 

Unfortunately, Its restructur- 
ing of the early 1990s has coin- 
cided with deep malaise on 
most of its important markets 
and in many of its business 
sectors, including its biggest 
single business, consumer elec- 
tronics. 

Although the company has 
made progress on slimming 
down and becoming more com- 
petitive. it continues to wait 
for an economic revival, partic- 
ularly in Europe, that will 
allow it to reap the full bene- 
fits of its efforts. 


Deficit deepens at Van Roll 


By Ian Rodger in Zurich 

Von Roll, the Swiss steel and 
engineering group, revealed 
that losses ballooned last year 
to SFr441m ($306 25m), follow- 
ing losses of SFr55m in 1992 
and SFr30m in 1991. Sales 
eased 6 per cent to SFrL9bn. 

Ih. a show of rare candour for 
an industrialist, Mr Heinz 
Freeh, the retiring manag in g 
director, admitted that “we 
have made some very grave 
errors". 

The trading loss of SFriOBm, 
compared with a budgeted 
SFrlOm profit, was a “fiasco”, 
Mr Freeh said, while restruct- 
uring charges of SFr333m were 


causing a liquidity haemor- 
rhage. 

The group is closing a steel- 
works and a forge in Switzer- 
land, at a cost of SFr98m. It 
has disposed of a venture into 
producing monorail trains, 
described by Mr Freeh as a 
debacle, at a cost of SFrSQm. 

“We clearly underestimated 
the international complexity of 
the monorail business, and 
poorly evaluated the market 
potential and likely order 
flow,” he said. 

Rationalisation at the Lsola 
wire and cable subsidiary, 
acquired in 1989 to offset the 
steel and building cycles, 
absorbed a further SFr96m. 


And there were more 
charges on a toxic waste dis- 
posal plant in the US. The 
plant, which started up two 
years late because of blocking 
manoeuvres by environmental- 
ists had. Mr Freeh said, been 
hit by a run of bad luck. Some 
of the plant's sensitive equip- 
ment froze during a cold snap. 

Shareholders’ hinds, follow- 
ing a SFr300m boost from a 
revaluation of fixed assets and 
liquidation of hidden reserves, 
were SFr351m at the end of 
1993, 14.5 per cent of total 
assets. Mr Max Amstutz, 
incoming managing director, 
said the group aimed to break 
even this year. 


Write-off hits 
Norwegian 
ferry operator 

Color Line, the Norwegian 
ferry group, reports a decline 
in 1993 pre-tax profits, to 
NKr64m ($8.6m) from NKrSlm 
in 1992. writes Karen Fossil in 
Oslo. The setback stemmed 
from a weak performance in 
the first four months, plus a 
write-off of NKr58m on a ferry 
which is to be sold. 

Revenue rose to NKrl.Slbn 
from NKrl.68bn. Operating 
income improved to NKr429m 
from NKr42Sm. Color Line had 
a difficult start in 1993, with 
gross operating profit for the 
first four months dipping by 
NKr36m, the company said. 


NEW ISSUE 


This announcement appears as a matter of record only. 




March. 1994 



A E D A 


Maeda Corporation 

US. $200,000,000 

1% per cent. Bonds 1998 

with 

Warrants 

to subscribe for shares of common stock of Maeda Corporation 

ISSUE PRICE 100 PER CENT. 


Daiwa Europe Limited 

Fuji International Finance PLC Sumitomo Finance International pic 

Yam ai chi International (Europe) Limited 


Bank of Tokyo Capital Markets Limited 
James Capel & Co. 

Deutsche Bank AG London 
Robert Fleming & Co. Limited 
Irtdosuez Capital 
Meiko Europe Limited 
Morgan Stanley & Co. International 
Ssangyong Securities Europe Limited 
Taiheiyo Europe limited 


BNP Capital Markets limited 
Daito Securities Europe Limited 
Dresdner Bank Aktiengesellschaft 
Goldman Sachs International limited 
Kleinwort Benson Limited 
Merrill Lynch International Limited 
J. Henry Schroder Wagg & Co. Limited 
Swiss Bank Corporation 
Universal (U.K.) Limited 


S.G. Warburg Securities 


EUROFIMA 

European Company forOmRnunce 
at RoBmed ftoSnff Slock 

U.S. $250,000,000 

Deutsche Mark UBOR Based 
Routing Rate Notes due 2002 

For the Interest Period 3rd 
March, 1994 to 3rd June, 1994 
the Notes will carry 
an Interest Rate of 5.375% 
per annum with Coupon 
Amounts of U.S. S13.74, U.S. 
$137.36 and U.S. Sl3.736.11 
per U.S. St ,000, U.S. $10,000 
and U.S. $1,000,000 Notes 
respectively. The relevant 
Interest Payment Date wfll be 
3rd June. 1994. 

Swiss Bank Corporation 


LONDON STOCK 
EXCHANGE 
DEALINGS 

THE INFORMATION shown on this 
page, which appears every 
Saturday, Is supplied to the 
Financial Times by the London 
Stock Exchange. 

Slocks shown are selected by the 
Stock Exchange from among those 
companies and securities whose 
prices do not appear in our daily 
London Share Service. 

The Saturday selection changes 
frequently, according to the volume 
of trading In Individual stocks 
registered by the Stock Exchange 
during the week emflng on each 
Thursday. Thus no dealing takes 
place In a stock, it win not be 
included In the following Saturday 
Dealings page. 


Cheaper 

electricity 

here! 

II ."Mir cc::-.pj|.y U'..r.:r ICCk'.V or R-.oro 
Cifc.und S13GO p'-.r rntnil;:. '.vr, e.vi *cM 

Call 021 423 3013. 

Powerline 


Pac— » taanay iwnbai tor Bm 
pupa — i tt tm W W |i poc*n 



■n Entfand and <M«. 




RteRiai 



laftgaiKJUt 

■ OUttbl 


Pool 

Pod 

POT 

UZtar 


part — a 


omod 




wfeg 


Mmn 

BMVWl 

0030 

14.64 

17-26 

1735 

01 00 

14.73 

1&J33 

2138 

0130 

10.10 

10-83 

22.19 

0200 

14.78 

1663 

22-19 

«yin 

14.68 

1663 

22.19 

0300 

14.6* 

1683 

2138 

0330 

14.96 

irai 

1731 

0400 

1436 

17-28 

1738 

0430 

10*2 

17.24 

1734 

0900 

1034 

17.10 

17. IS 

ntkTO 

14.50 

17-10 

17.19 

0800 

1052 

17.18 

17.19 

0830 

1444 

1722 

1732 

0700 

14.73 

1671 

2236 

0730 

1082 

2061 

2238 

0800 

1665 

2076 

23.11 

0830 

1435 

2078 

23.12 

0900 

1036 

25.10 

2732 

0330 

1658 

2617 

2733 

1000 

18J58 

23.17 

2733 

1030 

nun 

2617 

2733 

1100 

1661 

2137 

2372 

1130 

1683 

2130 

2372 

1200 

1686 

2130 

2372 

1230 

1683 

2130 


1300 

1660 

21.38 

2172 

1330 

1630 

17.43 


1400 

1647 

17.41 


1430 

1657 

1738 


1500 

1586 

1737 

1737 

1530 

16.70 

1738 


1000 

1589 

1728 


1030 

15.73 

17-38 

1738 

1700 

1657 

17.48 

17.48 

1730 

1657 

24.03 


1300 

16GB 

24-09 

2&E2 

1030 

1BM1 

2*M 


1000 

1681 

2688 

2038 

1030 

1650 

23-8) 

2619 

2000 

1637 

XUS 

2602 

2030 

13.35 

2650 

2238 

2100 

1686 

2038 

22.74 

2130 

1651 

2038 


2200 

14.70 

2038 

22.74 

2230 

I486 

1730 

1730 

2300 

1082 

17.18 

17.18 

2330 

I0JB2 

1830 


2400 

1054 

1625 

1625 




The cttmuei tool far the irriaia Investor 

Market-Eye 


London stock exchange 



^CITY W 
INDEX 



Tbs Marita LraVfl its «prad barring ■ Filmed i 

brochure tnd an account qppbcmJoo bra cal 071 U1 JM7 
Acctnu an bwruBy op-ed wttMa 72 bones. 

See au upHa^taia pritq »i m Ig0p.« 





State Bank of New South Wales Limited 

(A.CJJ. 003863 228) 

Notice to the holders (the “Noteholders") of the following 
issues of Notes (together the "Nates”) issued on the foUowing 
dates and In the following amounts and maturing on the follow- 
ing dates: 

Issue Date Amount Maturity Dan 

2nd April, 1993 Yen 15,000,000,000 April 1998 

28* April, 1983 Ybn 10,000,000,000 28th April, 1898 

29th Juno, 1993 Vten 5.000,000,000 June 1998 

24th August, 1993 171.75,000,000,000 24th August, 1984 

8th October, 1993 HKXSO.000,000 8lh April, 1996 

2Sth October, 1993 HK$50,OOO.DOG 25th October, 1896 

8th November, 1993 US$16,000,000 8th November, 1996 

3rd November, 1993 USS7.30WHM 3rd November, 1994 

13th January. 1994 AS1 20 , 000.000 13th January, 1999 

3rd February, 1994 AS1 5.000.000 4th February, 2000 

TWo separate Handles of Notes Issued on the foNowteg dates and 
In the foflowfng amounts and maturihg on the foflawlng dates: 

Issue Date Amourt Mammy Date 

13h February, 1994 A$10£00,000 15th February , 1998 

2Sh February, 1994 fiSQ&OOflOQ 15«1 Fetoruwy, 1999 

Fh/e separate TVanchea of Notes Issued on the following dates and 
In the foflowfng amounts and maturing on the foBawing dates: 


Issue Date 
17th July, 1992 
11th September, 1992 
28th January, 1993 
12th March, 1993 
7th Juno, 1993 


Amount 
Assywoaoo 
WOfiOOfiOD 
AS1 2,000,000 
ATI 0.000, 0 00 
A$1 0^00,000 


Maturity Date 
Juty 1997 
July 1997 
July 1997 
JUy 1997 
Juty 1997 


Issued pursuant to the A$1^00,000,000 
Global Programme tor the issue of Medtam Item Notes 
and Exchangeable Bonds (the "Programme") of 

State Bank of New South Wales Limited 

(A.CJJ. 003 963228] 
guaranteed by 

The Government of the State of New South Whies 

NOTICE IS HEREBY GIVEN to the Noteholders that pursuant to 
Conation 15 of the Notes, on 4th March. 1994, State Bank of New South WWes 
United (the "BanlO acting through As branch at State Bank 
Centre, 52 Martin Place, Sydney, NSW, Austrafla (trie "Substituted DebtaO, 
w9, pursuant to the provisions of a Deed PoB dated 2nd March, 1994 and a 
Second Supplemental Agency Agreement dated 2nd Mach, J994su»te- 
moital to the Agency A^eemera dated iSto May. 1992 and a SuxSemente 
Agency Agreement dated 2tst April, 1993 as further amended by a Third Sup- 
plemen tal Agency Agreement dated 2nd March, 1994 (* such agreements 
together, tfie'AQenqr Agreement") relating to the Programme, be substituted 
to ptace of the Bank acting through Its London branch at WITT Fenchunh 
Street London EC3M 5DR as the principal debtor in respect of the Notes. 
Pursuant to CoreSfion 15 at the Nates. FreehB HolingdalB & Pape have Di- 
vided an opmn m connection wwtii the substitutiaa 
C o pie s otjhe pe aj-Poti, the Agency Agreement and the opinion of 

^ ■ V°” aao< 1 t? BCqt 4 xi ns appertaining to the Notes at the office ot The 
O^ M^Thattan Bank, r*A at VWwigate House. Coleman Street. Lorvlon 

euZr 2HJJ. 


4th March. 1994 


State Bank of New South Wales Limited 


Commerzbank Aktiengesellschaft 

Subordi " ated boating Rate 

te hereby gtSJ?* provfei °™ ofxtK Notes the following node 

sssr ss? 9 *-* 

Coupon Amount: U.SX 129.86 per U.S J 5,000 Now 
X** 269.72 per U.SjS 10.000 Note 
2397 per U,S£ JtKWOO Nora 
Payment Date. September 6, 1 994 

Frankfurt/Main, March 1994 

COMMERZBANK A 


I 


21 


Pn 

\ .'m, 

‘ HI} 


f! >\ : . . 


v.:,. 


,Jr tc If*- 


FINANCIAL TIMES FRIDAY MARCH 4 1994 

INTERNATIONAL COMPANIES AND FINANCE 


BBL shrugs off 
past with 130 % 
profit increase 


By Gflfian Tett hi Brussels 

Banque Bruxelles Lambert 
(BBL), one of Belgium's three 
largest banks, yesterday 
announced a 130 per cent rise 
in net profits over the last year 
to to BFr6.7bn (5190m). 

Mr Daniel Cardon de Licht- 
buer, BBL's chief executive, 
said the profits growth showed 
that the bank was shrugging 
off the poor performance of the 
previous two years. 

“The bank has retrieved its 
position of strength ... we are 
back on the attack,” said Mr 
Cardon de Lichtbuer, who was 
appointed to his position at the 
end of 1992, after a year in 
which the bank had been badly 
hit by provisions against bad 
loans and the breakdown of 
merger talks with the Dutch 
group ING. 

In spite of previous setbacks. 
Mr Cardon de Lichtbuer said 
customer confidence in the 
bank remained high, with 12.6 


per cent growth in customer 
deposits during 1993. 

Although this growth had 
been partly offset by a 7 per 
cent drop in private sector 
loans, the total assets of the 
bank had risen by 4 J& per cent 
to BFr2^S0bn. 

At the same time, the bank’s 
consolidated cash flow had 
risen by 28 per cent to some 
BFr29^bn- 

Mr Cardon de Lichtbuer said 
that this, coupled with a signif- 
icant improvement in the 
bank’s foreign units, bad hw»n 
the reason tor rising 
profits. 

The board is to recommend a 
dividend of BFT145 per share, 
compared with BFr98£ the pre- 
vious year. 

• Gevaert, the Antwerp-based 
investment group, yesterday 
announced a 46.8 per cent 
growth In profit during 1993. 
Total consolidated profit was 
BFr2.9bn, up from BFrl.9bn 
the previous year. 


Special gains spur 
returns at Orkla 


By Karen Fossfi in Oslo 

Orkla, the Norwegian group 
with interests ranging from 
branded consumer goods to 
chemical processing, 
announced yesterday that pre- 
tax profits in 1993 advanced 
more than four-fold, helped by 
solid gains from shares and a 
stronger performance by indus- 
trial activities. 

The board proposed to 
increase the dividend to 
NKr4.10 a share from NKr3.75. 

Group pre-tax profit rose 
sharply to NKrl.32bn ($178m) 
from NKr315m, as sales 
increased to NKrl7k5bn from 
NKrl6.81bn. Operating profit 
advanced by 7 per cent to 
NKrlifftm. 

Net financial items charged 
against accounts fell to 
NKr523m from NKr606m as 
share of profit from associated 
companies nearly doubled 
NKr219m from NKrll2m. 


Industrial activities lifted 
operating profit to NKrlJ24bn 
from NKrl.l7bn. Branded con- 
sumer goods’ activities 
increased market shares for 
most important products but 
operating margins fan slightly. 

Chemicals saw increased 
demand for important products 
and improved operating mar- 
gins as a result of a shift in 
product mix, efficiency, 
reduced raw materials costs 
and favourable exchange rates. 

Investment activities 
increased operating profit to 
NKr29m from NKr20, and 
recorded a booked pre-tax 
profit of NKr273m, signifi- 
cantly better than in 1992, 
when stocks on the Oslo 
bourse fell heavily. 

Realised gains on shares in 
1993 reached NKr350m against 
losses of NKr381m in 1992, 
while unrealised gains shot up 
by nearly NKr2.5bn from 
NKr5m. 


Alcan puts building 
products up for sale 


By Robert Gfobens 
in Montreal 

Alcan Aluminium plans to sell 
its North American building 
products division. The division, 
which employs 1,800 people at 
18 plants and 47 sales offices, 
recorded sales of US$425m in 
1993 and could, according to 
analysts, fetch around 5300m. 

Margins at the division, 
which makes and distributes a 
range of aluminium, vinyl and 
steel building products, were 
under severe pressure during 
the US recession. 

In addition, aluminium's 


share of the Mg building prod- 
ucts market has been declining 
for several years. CS First Bos- 
ton is to explore options feu- the 
division. 

Alcan is concentrating on 
upgrading the performance of 
its worldwide raw materials 
and smelting businesses, and 
optimising its North America n 
and Euriopean rolling capacity. 

“We will continue to invest 
only in those companies that 
are a strategic fit and create 
long-term value," It said. “The 
capital tied up in the budding 
products business could be bet- 
ter deployed elsewhere." 


Rio Algom improves 


Canadian mining group Rio 
Algom 's metals distribution 
business improved in the 
fourth quarter, but mining 
operations posted lower reve- 
nues, writes Robert Gfbbens in 
Montreal. 

Net profit was C5H-2m 
(US5S.3m). or 25 cents a 
share, against C$10. lm, or 20 
cents, a year earlier, on reve- 
nues of C$243m, against 
05241m. 


The figure for all of 1993 was 
C$33 -9m, or 73 cents, against 
C$39.4m, or 88 cents, on reve- 
nues of C$S55m, compared with 
C$905nu 

Mining operations are mov- 
ing away from uranium to base 
metals. 

Production has started at the 
Cerro Colorado project in 
Chile, which will produce 90m 
pounds of high-quality cathode 
yearly. 


Trustee's Sale of Real Estate 

AUCTION 




2 5 [HI C-ilv^rl Stivel - Valliinjj! 

■ Lj m Lurie I lolel ami Conference ImcJhw 

■ f*j. fl. I'f Mwtinii f 1 B*iilin-I Spurt 

■ |\ion- Ltw.it i* tu ■ 772 Rooms ■ Fully Opewiional 
T.» be Sold on: Friday, April Sib at 1 pm on Site 

j:,, r j |„|| ..A- kowlmi* jihI Information I'acLi^r 

■ ■ Call 617-279-2369 ■ ■ I 

Larr y Latham Auctioneers 

Cushman & waKeneia 

KmmgKg i roiac 


Anglovaal 
steps up 
half-year 
payout 

By M atthew On-tin 
In Johannesburg 

Anglovaal, the South African 
mining house, is raising its 
interim dividend by 6 per cent 
to 36 cents after benefiting 
from improved contributions 
from its diam ond, gold mining 
and industrial interests In the 
half-year to December 3L 

Earnings climbed to 270 
cents from 252 cents, but 1992 
figures have been restated to 
reflect last year’s change in 
the company tax rate to 40 per 
cent from 48 per cent Sales 
rose to R482bn (51.41m) from 
RtSbn, with oper a ting income 
at &406.2m compared with 
R344Jhn. Lower investment 
receipts curbed the riBe in pre- 
tax profit to 16 per cent to 
R429.7m. 

Solid performances from 
Anglovaal Industries’ cement, 
pn gw^H nc and textiles busi- 
nesses ensured the mining 
house’s industrial interests 
remained the mainstay of 
group profitability. 

After-tax profit climbed to 
R283Jhn from R242Jfcn with a 
drop In the group’s e ff ec ti ve 
tax rate. A sharp fall in equity 
accounted earnings left net 
income only 7 per cent higher 
at R162J)m against mstm. 


Amic steps np 
dividend after 
strong advance 


! By Matthew Cutte 

, Anglo American Industrial 
Co rpor ati on (Amic) is increas- 
ing its dividend for the first 
time since 1989 following a 
sharp increase in p r ofit s. 

The industrial SHU Of AllglO 
American of South Africa, 
reported an unexpectedly 
robust performance in the year 
to December 31 amid growing 
signs of recov er y in its domes- 
tic overseas mhH w te 
The company, whose inter- 
ests range from chfnnfaa1.s to 
miping equipment, stainless 
steel and consumer goods, 
recorded a 37 per cent jump in 
pre-tax profit to R647m (5187m) 
from R470 hl, an turnover a 
third higher at R8-79bn against 
Rfi.78bn. 

The dividend is increased by 
7 per cent to 375 cents a share, 
from 350 centsin 1992. Share- 
holders have been offered a 
scrip alter na t iv e. 

A large part of the improved 
sales reflected an Increased 
shareholding in construction 
subsidiary LTA. A similar 
boost Is expected In 1994 from 
an enlarged stake in rihaminain 
supplier AECL 
The group’s three major 
unlisted subsidiaries - Scaw 


Metals, the pulp and paper pro- 
ducer Mondi, and mining 
equipment supplier Boart - all 
reported a strong tumroimd in 
their main markets in the sec- 
ond half of 1993, with further 
signs of good domestic and 
export orders so for thisyear. 

Net income before abnormal 
items was up by more than a 
fifth at R-Sgfim, against R854m. 
Deferred tax credits boosted 
the bottom line by another 
R90m. 

Mr Leslie Boyd, chairman, 
said the South African econ- 
omy was heading for gro wth of 
at least 4 per cent in 1994. 

Amic has completed an inter- 
nal reorganisation to improve 
financial efficiency and bor- 
rowing capacity by 
the tax base of its wholly- 
owned subsidiaries. 

Mr Boyd said Amic was 
embarking on a drive to attract 
international partners, mainly 
for new business ventures. 

In the past year, AECI estab- 
lished a joint venture in explo- 
sives with Id of the UK and 
entered a partnership with 
Daewoo, the Korean conglom- 
erate, which is investigating 
the construction of a R600m 
colour television tube plant in 
South Africa. 


JjlTHE DEPARTMENT 

of transport 

Channel Tunnel Rail Link 

Her Majesty’s Government of the United Kingdom, Department of Transport invites 
expressions of interest from consortia to pre-qualify to design, construct, finance 
and maintain the Channel Tunnel Rail Link Project. 


The Project will include: 

- the design, construction, financing and maintenance of the Channel Tunnel Rail 
Link, comprising the London terminus at St Pancras, the track and works required 
to form a high speed rail link from die London terminus to Cheriton at the entrance 
to the Channel Tunnel and at least one intermediate station for domestic and 
international services, including some 25 kilometres of underground tunnelling 
works and the construction of some 108 kilometres of route and associated works; 
-ownership of European Passenger Services Limited and of Union Railways Limited 
which will be transferred to the successful candidate on finalisation of 
documentation. European Passenger Services Limited is the company which is 
charged with the running of international passenger services through die Channel 
Tunnel in association with railways of other European countries and which will be 
empowered ro operate the Channel Tunnel Rail Link. Union Railways Limited 
is the company currently responsible for the planning and development of the 
Channel Tunnel Rail Link. 

Information Documents setting out fuller information on the Channel Tunnel Rail 
Link, the procedure for pre-qualification and rbe personal, technical nnd financial 
conditions to be fulfilled by the candidates can be obtained at a cost of £500, from: 

Union Railways Limited 
Network Technical Centre, Wellesley Grove 
Croydon CR9 1DY, United Kingdom 
Tel: (44 81) 666 6365, Fax: (44 81) 666 6S83 
Marked for the attention of HW Jones . Commercial Manager. 

Candidates receiving the Information Document will also be admitted ro a project 
conference to be held in London on 21st March 1994 for a fee of £300 (plus VAT) 
per representative. 

The dosing date for pre-qualification submissions is 25th April 1994. 


iiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiifiimimMuiiiiiiiimiiiifiMiiiiimiiiiiiiiimiiiiiiiiiii 


f appears at a mantr ofrrtord onh 


ISTITUTO MOBILIARE ITALIA NO 

Lit. 2,384,375,000,000 
Global Initial Offering 

of 

218,750,000 ordinary shares 

by 

The Ministry of the Treasury of the Republic of Italy 

and 

Banca Popolare di Bergamo-Credito Varesino, Banca Popolare di Novara, 
Banco di Napoli, CONSAP, I.N.A.LL., I.N.P.S., Riunione Adriatica di Sicurta 

Joint Global Co-ordinators 

ISxrruTO MOBILIARE ITALIANO S.p.A. S.G.WARBURG SECURITIES 

International Institutional Offer 

International region 
65,000,000 ordinary shares 

S.G. Warburg Securities Istituto Mobiliare Italiano S.p.A. 


CS First Boston 


Deutsche Bank 

AktaevadUnfi 


Indosuez Capital Kleinwort Benson Securities Morgan Stanley International Nomura International 


ABN AMRO Bank N.V. Argentaria Bolsa BNP Capital Markets limited Credit Lyonnais Securities Daiwa Europe Limited Drcsdner Bank Akriengesdlscbaft 

Robert Fleming Sc Co. Limited Generate Bank NarWcsr Securities Limited N M Rothschild and Smith New Court J. Henry Schroder Wagg 8c Co. Limited Sod etc Generate 

Swiss Rank Corporation UBS Limited Unibank Bank Austria Investment Bank AG 

Italian region 

25.000. 000 ordinary shares 

Istituto Mobiliare Italiano S.pA. 

RASFIN SIM Giubergia Warburg Alberrini & C. SIM S.pA ARCA SIM Sp-A. Banca Commerdale Italians S.p.A. Banca d 'America e dlraJia -Deutsche Bank Group 

Banca di Roma S.pJL Banca Nazionale dd Lavoro S.pA. Banca Popolare di Milano Soc. Coop, a rJ. Banco Ambrosiano Vencto Banco di Napoli S.p-A. 
CARIPLO-Cassa di Risparmio dellc Province Lombards S.p-A. Cofiri SIM S.p-A. Credito Italiano Euro mobiliare SIM S.pJL 
Istituto Bancario 9an Paolo di Torino Monte dei Paschi di Siena Pasfin Securities SIM S.p-A. Sofipastm S-p-A.-Gmppo Mediocredico Centra le Aletn Sc C. SIM 

United States Public Offer 

35.000. 000 ordinary shares 


Morgan Stanley 8c Co. 
Incorporated 


CS First Boston 


Mabon Securities Corp. 

(IMI Banking Group) 


S.G. Warburg & Co. Inc. 


Bear, Steams 8c Co. Inc. Donaldson, I-i>flrin 8c Jenrexre Securities Corporation Goldman Sachs 8c Co. Keefe, Bruyetce 8c Woods, Inc. Kidder, Peabody 8c Co. Incorporated 
Kleinwort Benson North America Inc. CJ. Lawrence/Deutsche Bank Securities Corporation Lehman Brothers Inc. Merrill Lynch, Pierce, Fenner 8c Smith Incorporated 
J.P. Morgan Securities Inc. Nomura Securities international, Inc. Oppenheimer 5c Co., Inc. Prudential Securities Incorporated Salomon Brothers Inc. Smith Barney Shearson Inc. 

Arnold and S. Bleichroeder, Inc. Sanford G Bernstein 8c Co., Inc Fox-Pi ct Kelron Inc. Janney Montgomery Scott Inc. 

Italian Public Offer 

93,750,000 ordinary shares 

Istituto Mobiliare Italiano S.p-A. 

Banca Fideuraxo S.p-A. Sigeco SIM S.p.A. 


Banca Commercials Italians S.p.A. 


Banca di Roma S.p-A. Banca Nazionale del Lavoro S.p-A. 

Credito Italiano Istituto Bancario San Paolo di Torino 


CARIPLO-Cassa di Risparmio delle Provincie Lombarde S.p.A- 
Monte dei Paschi di Siena 


Banca CRT StpJL Nazionale ddTApicolrun - Gruppo BoniSchc Sick Banca Popolare di Mifaoo Soc. Coop, a r.l. Banco Ambrontno Vencto Banco di Napoli S-p-A. Carimonte Banca S-P-A LGC-R.I. S.pA. 

Banca Agricola Mansovana Soc. Coop, a rJL Banca Antosiana Banca cf* America e (Thalia- Onmche Bank Grasp Banca Medkemnca S-P-A- Banca Popolare di Bergamo-Credito Varesino Soc. Coop, a r.L 
Rinra Popolare di Brescia Banca Popolare di Novara Banca Popolare Venera Banca Popolare Vi mnim Bancs Son Paolo di Brescia S-P-A. Banco di Sardegna S-p-A- 

Caeca di Rkpanmo di Parma e Piacenza 5.p_A_ Credito Roroagnolo S-p-A. 

Banca Popolare Cosuuercto e Lodtutria Banca Popobre ddTEmiria t del Lano Banca POpotare «fi Lodi sjuJl Banca Popolare di Verona Banca Popolare Friidadria ' Banco Toscana 5-p.A. Cassa di Rispannio di Asti S-pJV. 

Caaaa di Risparmio di Reggio S.pA- da Risparmio di Udxoc e Poi d enonc S.pA. Coats di Risparmio di Verona. Vicenza. Bell duo e Ancona S-p-A. Credito EmOiaso Cnoppo Banca Popolare delTEnulia Romagna 

Bam Agricob Milanese LpA. Banca G Strinhamlin & C S.pA. Banca Canff S.pJL Banca Canma S.pJL Martrtia Banea Credirwesr e dei Conrani Vesunani S.p-A- Bancs CRV - Casra di Risponmo di Vignob 
Banca del dmmo S-pJl. Broca dd Saletuo S.p-A- Banca della Provina di NapoTi S-pJV. Banca di Legnano Banca Moore Pamxa S-pA. Banca Popolare di Anrona Banca Popolare di Cremona Soc. Coop, a rJ. 

Banca Popolare di leceo Lp-A. Banco Popolare di Rarenoa Banca Ptopolore £ Sondrio Banca Popolare di Spotoo S-p-A- Banca Popolare Peaarere e Rarenmie Banca Seth 5.pJL Banco di Siriba S.p^. 

CA.RLTR0. Cassa di Ropanmo di Trcnro c Boverero S.pA. Caript^ia - Cassa di Rkpormio di Pi^Ha S-p^. Cass* Centrak ddle Caere Ruraii Trenrinc S-p-A. Caaaa ifi Rbpannio di Alessandria S.pA 

ri— di Rispanmo di Bobano S^)JL r«i di Rkparmio di Coca Cim di Rispannio di Cnneo S-pA. _ Cassa di Rispannio di Fenno S.pJt. Cam di Rkpannio di Firaize LpA. Cam di Risparmio di Lucca 

(Va di Risparmio di hnga S.pA. C«o di Risparaio di Pittoia e PcSCrd Sd>A. Cam ifi Rnponnie di Rovetma S-pA. Cassa di Rispannio di San Miniaio S.pA. Cassa di Rispannio di Savona S.pA. 

Cam di Rkpaimia di Venezia LpA. Cam di Rispannio di Voliem S-pA. Cxmtnascs ipA. Credito Agrario Bresciano S.pA. Credito Commczciale S.pA. Skikassa S.pA- 

ARCA SIM S-pA. EPTAS1M S-pA. Sodcta di hummliaaonc Mobiliare Pasfin Securities SIM S.pA, BSIStMLp-A. 

Enromobilure 5LM S-pA. Akra SIM S-pA. AbaiKCSIM finnac Enramerico SIM S-pA. buncatsa SIM Sp A 

IIIIIIIIIlIlflllllllllimillllllllllllllllllllllllHIIIIIIIIIIIIIIIIIIIIIIIIlHIIIIIIIIMIIIIIMIIimillllllllllllllllllllllll 




INTERNATIONAL COMPANIES AND FINANCE 


Slow Canadian recovery 
reflected in CIBC results 


Dell posts ‘disappointing 
year’ with 43% decline 


By Bernard Simon hi Toronto 

Canadian Imperial Bank of 
Commerce lifted first-quarter 
Income by 27 per cent, doe 
largely to strong contributions 
from investment banking, 
mutual funds and credit cards. 

But like most of Canada's 
other big five banks which 
have reported over the past 10 
days, CIBC's results reflect the 
relatively slow recovery in 
Canadian business activity, 
compared with the US. Growth 
in credit Hpmnnri re mains slow 
and there has been only a rela- 
tively modest drop in loan-loss 
provisions. 

The Canadian banks have 
been buoyed, however, by their 


By Robert Gibbons in Montreal 

Cadillac Fairview, one of 
Canada's biggest commercial 
property groups, will halt 
mortgage payments on at least 
six troubled properties to con- 
serve cash and speed a finan- 
cial restructuring. 

Fairview owns 74 large prop- 
erties in Canada and the US, 
mainly shopping centres, and 
including Toronto's downtown 
Eaton Centre and Vancouver's 
Pacific Centre. The last two are 
generating enough cash to 
cover debt payments. 

Fairview was sold by the 
Montreal Bronfman family in 


dealing subsidiaries and their 
ballooning mutual funds busi- 
ness. 

CIBC’s earnings rose to 
C$214m (US$159. 7m), or 86 
cents a share, in the three 
months to January 31, from 
C$169m, or 74 cents, a year ear- 
lier. 

Return on equity improved 
to 11.6 per cent from 10.6 per 
cent Return on assets rose to 
0-59 per cent from 0-54 per cent 
CIBC, which is Canada's sec- 
ond-biggest financial institu- 
tion, had total assets of 
C$144.4bn on January 31, 6 per 
ce nt higher than a year ago. 

Loan-loss provisions charged 
against income were 
unchanged at C$220m, 
although estimated loan losses 


1987 to Chicago's JMB Realty 
and 41 institutions. Since 1990 
it has been hit by steeply fell- 
ing property values, lower 
rents and rising vacancies. 

It owes C£L2bn (US9l.64bn) 
on individual properties and 
has C$11 bn of corporate debt 

A week ago Fairview said it 
was negotiating a restructur- 
ing with shareholders and 
lenders and was considering 
asset sales and a public share 
issue. 

Mr Graeme Eadie, president, 
said as an interim measure 
Fairview would segregate cash 
flow and liabilities for each of 
its 62 Canadian properties. 


of C$8S0m far the year as a 
whole are lower than the 
C$920m posted in fiscal 1993. 
Non-performing loans fell for 
fiie fourth consecutive quarter 
to C$25bu, or 2.1 per cent of 
total loans, from C$3.1bn. or 3 
per cent of total loans, last 
year. 

The loan-loss record of most 
Canadian banks has recently 
been distorted by transfers of 
surpluses on the market value 
of their Third World debt port- 
folios. 

One analyst predicted yester- 
day that the banks would con- 
tinue to use surpluses on their 
LDC debt and other securities 
holdings to smooth overall 
earnings trends over the next 
year or so. 


Hitherto revenues were pooled 
and cash flow from one prop- 
erty could support others. 

Interest and principal to 
mortgage holders and joint 
owners would he limited to 
actual cash flow generated by 
an Individual prope rt y, while 
trade creditors would continue 
to be paid fully, Mr Eadie 

gy plamnH 

It means that Fairview could 
risk foreclosure attempts, ana- 
lysts said. 

Fairview is in talks with its 
lenders to obtain new financ- 
ing to complete the restructur- 
ing. The Toronto Dominion 
Bank is agent for the lenders. 


Nike signs 
licensing 
deal with 
Alpargatas 

By John Barham 
in Buenos Aires 

Nike, the US running shoe 
company, has concluded a five- 
year licensing agreement with 
Argentina’s Alpargatas to dis- 
tribute its products in Argen- 
tina om) Brazfl. 

Mke also formed a joint ven- 
ture with Alpargatas, 
a leading clothing and 
sportswear company, to mar- 
ket and distribute Nike prod- 
ucts in Argentina and 
Uruguay. 

Alpargatas maintained it 
was appointed to take over the 
Nike franchise from a 
Br-agfUan company because of 
its success in bnilding 
up the business in 

Ar ge ntina. 

Mr Juan Avelianeda, the 
Alpargatas executive in charge 
of the Nike operation, 
said his company had raised 
annual sales at a rate of 30 per 
cart a year since 1990 to $70m 
last year. 

Mr Avelianeda expects sales 
in Brazil to increase 
faster than in Argentina, 
which he forecasts to 
grow at 15-20 per cent a year. 
Alpargatas will pay Nike a 6 
per cent royalty on 
sales. 

The deal with Nike is the 
latest in an increasing number 
involving local and multina- 
tional companies aimin g to 
Integrate operations in the 
region. 


By Louise Kehoe 

in San Francisco 

Dell Computer, the US 
personal computer maker, yes- 
terday unveiled a 43 per cent 
drop in fourth-quarter earn- 
ings. But the company, which 
recovered from losses in the 
first half of the year, surpassed 
Wall Street expectations. 

Mr Michael Dell, Chairman 
and chief executive, said none- 
theless flsr?l 1994 had “a 
very disappointing year”. 

Dell’s results calmed Wall 
Street fears of slowing growth 
in the PC market On Wednes- 
day, shares of PC companies 
dropped sharply when AST 
BPMwrrh, another PC maker, 
confirmed slower than antid- 


By B e rna rd Simon 

Metall Mining, the Toronto- 
based international mining 
arm of Germany’s Metallge- 
sellschaft, suffered a sharp 
drop In fourth-quarter gaming s 
as a result of weak copper and 
grnn prices. 

Net income fell to C$45m 
(USSUtaO or sis cents a share, 
from C$9. 8m, or IS cents, a 
year earlier, figures for the lat- 
est period Include a C$1 9m 
gain from the sale of an invest- 
ment compared with a similar 
gain of C365m last year. 

Revenues climbed to 
C$140.3m from C$l04.4m, 


pated sales growth in Febru- 
ary. 

Dell reported earnings of 
$I7-7m, or 39 cents a share, on 

revenues of $742 An for the 

fourth quarter. Hus compares 
with profits of S3L3m, or 77 
cents, on safes of $63L3m in 
fiie mw* period last year. 

For the year, the group 
posted a net loss of $35 5m, or 
$1.06, compared with net 
income of JiOLfim, or $259, in 
1993. Sales rose 43 per cent to 
$2£7bn. in 1994 from $241bn. 

The 1994 loss resulted from a 
$71m second-quarter charge 
when Dell was forced to with- 
draw its notebook computer 
products due to design flaws. 

Mr Dell said the company's 
rapid growth over the past two 


reflecting MetalL’s recent pur- 
chase of its parent company's 
copper smelting and refining 
Interests. 

Metallgesellschaft indi- 
cated that it planned to sell its 
50.1 per cent stake in Metall as 
part of its financial restructur- 
ing. However, the disposal is 
complicated by arrangements 
between Metallgesellschaft and 
its partners in various joint 
ventures in which the parent's 
s+afep Han been bundled into 
Metall. Some partners also 
hold a right of first refusal on 
Metall's stake in their ven- 
tures. 

Metall said that prices 


years had secured its position 
as “one of the top five PC com- 
panies in file world", but also 
brought “some serious issues 
in our systems and 910068863". 

The company bnc made sub- 
stantial progress in addressing 
these problems, he said.' 

Gross profit margins in the 
fourth quarter were 18.6 per 
cent of sales, against 205 per 
rent in the same period last 
year and 17.9 per cent in the 
third quarter of the current fis- 
cal year. 

In mid-session trading yes- 
terday, Dell was trading at $27. 
up from Wednesday’s close of 
$24%. Compaq Computer 
gained $3% to trade at $97%. 
AST Research edged up $% to 


received by Copper Range, an 
integrated producer in Michi- 
gan, fell to an average of 90 US 
cents per pound last year from 
US$1.03 in 1992. This was 
partly offset by a drop in cash 
costs for cathode produced 
from Capper Range ore to 79 
cents from 82 cents. 

Feasibility studies are con- 
tinuing at the Izok Lake prop- 
erty in Canada’s Northwest 
Territories, the largest undev- 
eloped copper and zinc deposit 
in North America. But Metall 
cautioned that transportation 
of concentrates from the 
remote site "remains a nuyor 
issue”. 


strongly-performing securities- 

Fairview in mortgage move 


$23%. 

Metall Mining suffers sharp fall 


Norwegian 
shipowner 
reverses 
into the red 


By Karen Fossil In Oslo 


Whelm Wilhelmsen. the 

-i.« chinnsmpr. suf- 


Tbe loss was primarily due 
to weak markets in several 
shipping segments, foreign 
currency losses on debt and an 
increase in pension obliga- 
tions. . . . 

Nevertheless, the shipowner 
plans to lift its dividend to 
NKrl50 from NKrlJO. 

Group turnover in 1993 rose 
to NKriL58bn from NKrS54bn 
while operating profit before 
financial and other items, 
advanced to NKr285m from 
NEr221m. 

Financial items increased 
sharply to NKrl94m from 
NKr55m. Wilhelmsen also pro- 
vided NKrl88m to cover pen- 
sion obligations. 

Wilhelmsen said it had dis- 
posed of a 47.5 per cent share- 
holding in a drilling rig which 
will bring a gain of NErl75m 
to the 1994 accounts. 

• Scancem, a 50-50 joint ven- 
ture between Norway’s Aker 
group and Sweden's Euroc, is 
to buy a 49 per cent stake in 
Cimangoia, an Angolan 
cement plant 

The deal, valued at 
NKrl35m, of which Scancem 
will pay 50 per cent also 
involves an unnamed interna- 
tional cement producer. 


Pb 




AMER GROUP LTD 


ANNUAL GENERAL MEETING 


The shareholders of the Amer Group Ltd (the “Company”) are 
summoned to an Annual General Meeting which will be held on Tuesday 
15 March 1994 from 2 p.m. at Amer Group Ltd’s Head Office, 
Makelankatu 91, Helsinki. 

The agenda of the Annual General Meeting will be the following: 

1 . Matters as per article 16 of the Articles of Assocation. 

2. Rights Issue 

The proposal to increase the share capital of the Company by an 
a mount not lower than FIM 20 and not higher than FIM 94.76 9,820 by 
means of issuing not more than 4,738,491 new A shares with a nominal 
value of FIM 20 each. Holders of A shares will be entitled to subscribe for 
one A share lay four A shares and holders of K shares one A share by four 
K shares. The subscription price of one A share will be FIM 100. 

The funds raised in the rights issue will be used to improve the 
Group's competitiveness and the balance sheet of the Company. 

Tlie record date for the right to subscription shall be 21 March 
1994. 'Hie subscription period shall be 24 March 1994 through 29 April 
1994. Subscription can be made at selected domestic branch offices of 
Kaii.sallis-Osakc-Pankki. Payment for the subscriptions shall be made in 
one install mem on the subscription. The Company pays 6 per cent p.a. 
interest from the date of the payment until 29 April 1994 provided that 
the pnvinent is made not later than 22 April 1994. New shares shall be 
entitled 10 a dividend /bribe financial yea r starting on 1 January 1994. 

The Board of Directors shall have the right to decide on the rules 
of allocation in respect of shares that have not been subscribed for in the 
time specified, as well as other issues and procedures related to the 
increase or the Company’s share capital. 

The rights issue will have an effect on the Conversion Price and 
number of A shares as specified in die Terms and Conditions of the L^SD 
75,000,000 6.25% Subordinated Convertible Bonds of the Company, 
issued on 15 June 1993. The Board of Directors will decide on adjustment 
of the Conversion Price and on the number of A shares to be issued as 
specified in the Terms and Conditions. 

3. Issuing Bonds with Warrants to Management of Amer Group 

The proposal to issue bonds with warrants to the management of 
Amer Group on cite following terms and conditions, disapplying the 
shareholders’ pre-emptive right to subscription: 

The principal amount of the bond issue shall not be higher than 
FIM 555,000 and they shall have a maturity of five years, i.e. from 2 May 
1994 to 2 May 1999. The bonds shall pay annual interst of 5 per cent and 
their issue price shall be 100 per cent. Each bond with a nominal value of 
FIM 500 shall have 500 warrants attached. Each warrant will give its holder 
the right to subscribe one ( 1 ) A share with a nominal value of FTM 20 at a 
subscription price of FIM 156. The subscription price is based on the 
weighted average closing price of the A shares on the Helsinki Stock 


Exchange during the period of 1 February through 28 February 1994 plus 
10%. The share capital of the Company can, through the exercising of 
warrants, be increased with a maximum amount of FIM 11,100,000, 
whereby the maximum increase in the number of A shares would be 
555,000 shares. The subscription period shall be 1 December 1998 
through 31 January 2001 and the place of subscription shall be the 
Company’s Head Office. Payment for shares subscribed for shall be made 
in one instalment on subscription. The subscription period for the bond 
issue shall be 2 May through 30 September 1994 and the bonds can be 
suberibed for at the Company’s Head Office. 

The shareholders’ pre-emptive right to subscription will be 
disapplied, as the bond issue is part of the incentive scheme to the 
Group’s management. The subsidiaries of the Company will have the right 
to subscribe for the bonds to such an extent as the bonds have not been 
subscribed for by Amer Group management. Part of the subscribers are 
included in the personnel group as specified in the paragraph 2 of 
§4 (3) in chapter 4 of the Companies Act 

The Board of Directors shall have the right to decide on other 
issues and procedures related to the bond issue. 

Tlie documents relating to the Company’s financial statements 
and the proposals of the Board of Directors are available for inspection by 
shareholders at the Company's Head Office from 4 March 1994. 

In order to take part in the Annual General Meeting, shareholders 
must be registered in the Company's shareholder register maintained by 
the Central Share Register of Finland Co-Operative (Suomen 
Osakekeskusrekisteri Osuttskunta OKR) not later than 4 March 1994. 
Shareholders who have placed their shares in trust must temporarily 
re-register the shares in their own names to allow them to participate in 
the meeting. 

Notification of intended participation at the Annual General 
Meeting must be given to ihe Company not later than on Monday. 
14 March 1994 at 4 p.m., either in writing to: Amer Group Ltd. 
Share Register, P.O. Box 130. FIN-00601 Helsinki, or by telephone 
(+358-0-7577 261 /Mi rj 3 Vatanen). The letter should be delivered before 
the close of the period of notice. Proxies should be forwarded the above 
address together with the notice of attendance. 


DIVIDEND 

The Board of Directors proposes to the Annual General Meeting a 
dividend of FIM 2 per share for the financial year ended on 31 December 
1993. Should this be approved, the record date for the dividend is 
21 March 1994 and the dividend will be distributed on 24 March 1994. 

Helsinki, 3 March 1994 
BOARD OF DIRECTORS 


Details of first Swedish 
TV flotation revealed 


By Hugh Camegy 
bi Stockholm 

Details of the first public 
flotation by a Swedish televi- 
sion company wse announced 
yesterday when TV4, the coun- 
try’s only commercial terres- 
trial channel, published the 
prospectus for a SKr400m issue 
of a 20 per cent share of the 
company. 

The 4m shares are priced at 
SKrlOO each and TV4 hopes to 
attract 35,000 new investors. 
Applications will be taken 
between March 8 and March. 18 


and the company will be listed 
in Stockholm. 

TV4’s biggest shareholder is 
the Swedish company Kinne- 
vik, which also controls TV3, a 
commercial cable channel. 
Investor, the main investment 
vehicle of the Wallenberg fam- 
ily, also holds 25 per cent. 

TV4 predicted a SKrl75m 
($21 ,8m) profit in 1994. follow- 
ing a profit of SKr72m last 
year, but warned revenues 
could be hit if state-owned 
Swedish TV, which runs two 
terrestrial stations, is allowed 
to run advertising. 


1 r 

HVW< -M.TIMIN 
< < >N( LRt.V IN 

Present 

FT-City Course 

An introduction to the 
Financial Markets 

London 5 April to 23 May 19S4 


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 • Gflt 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 ARE QVBt BY 
REPRESENTATIVES FROM: 

31 • Association of British Insurers * Bank of England 
Banking Consultant • Barclays de Zoete Vtedd Limited 
Bidding Societies Association • Canadian imperial 
Sank of Commerce * Deutsche Bank • LJFFE 
London Stock Exchange ■ GW Asso ciates 
Guffaihafl Limited • James Capel Fund Managers 
lywood David International • Midkind Bank 
National Westminster Bank • R»ed Thunberg & Co Inc., 

SFA • Seccombe MarsnaB & Cwnpion 
litmus Salrter & Webb • Yamaichf International 

For a full brochure, please return this advertisement, together 
with your name and address or a business card to* 

financial Times Conference Organisation 
PD. Box 3651, London SW 128 PH. 

TbL 081-873 9000 Fax: O 8 I- 673 1335 


limersitv 
BUSINESS SCHOOL 


r. 


5 




FINANCIAL times FRIDAY MARCH 4 1994 



Magnificent, one-story, 
655,206 sq. ft. 

industrial building on 97 acres 
in Georgetown, Kentucky 

FOR ABOmmL MFOIUUTKUI CONTACT 

BINSWANGER 

"****»■ ^ 15,03 

The Mncwanger Companies 
PMUddphii, R*. New Ntork, NY • Boston, MA • Charlane, NC. Raleteh. NC 

50 ■ a**"* 1 * «■ ■ a 1 ioi3rMs.ctaBwkTx 

Lni^ion. KY - Chicago, U. ■ Marshall Ml . Sl Louis. MO • Dam* CO 
ChpMerton-Hlnwanger International 

Umdan •Dublin . Tfw Hague . Brussels . Frankfort . Parbi - Milan . Madrid 
Juarez • Santiago . Bueno* Air** . Sao Ratio - Hone font - tbfcvo 
BengVok ■ Kuala Lumpur . Singapore ■ Sydney ** 



The Mitsui Trust 
and Banking Company, Limited 

The Board of Management of The Mitsui Trust 
and Banking Company, Limited announces that 
the results for the fiscal year ending March, 1993 
were published. 

Copies of this report may be obtained from their 
London office; 

The Mitsui Trust and Banking Company, limited 
London Branch 

5th Floor, 6 Broadgate, London EC2M 2TB 

London March 4th, 1 994 


NOTICE TO THE HOLDERS OF WARRANTS OF 

OPTEC DAI-ICHI DENKO CO., LTD. 

(the “Company") 
issued in conjunction with 
U.S. 3100.000.000 
3J4 percent Guaranteed Notes due 1996 
Notice is hereby given that on 25th February. 1994, the average 
closing price per share of common stock of the Company, for the five 
consecutive trading days up to and including that date, multiplied by 
1.025 and rounded upward to die nearest one yen was less than die 
subscription price in effect on such day by not less than one yen. and 
that therefore, in accordance with Condition 2(A) of the Terms and 
Conditions of the Warrants (downward revision), die subscription 
price of the captioned warrants is to be revised as inflows: 

1 ) Subscription price before revision: Yen 576.00 

2) Subscription price after revision: Yen 544.00 

3) Effective date of revision: 14th March. 1994 (Japan time) 

OPTEC DAI-ICHI DENKO CO.. LTD. 
Byi The Mitsubishi Bank. Limited 
4th March, 1904 as Principal Paying Agent 


23 


INTERNATIONAL COMPANIES AND FINANCE 


Hongkong and Shanghai 
Hotels profits climb 12% 


By Louise Lucas 
in Hong Kong 

Hongkong and Shanghai 
Hotels, the hotels and property 
company controlled by the 
Kadoorie family, yesterday 
reported a 12 per cent rise in 
earnings to HK$417m (US$54m) 
for the year to December 31 
against HK$372m in 1992. Pref- 
its were boosted by rocketing 
rental Income from the 
Repulse Bay and other develop- 
ments and sharply reduced 
Interest rate costs. 

The company booked a fur- 
ther HKfllSm through the sale 
of 14.3m shares in Harbour 
Centre Development, which 
owns and operates hotels In 
Hong Kong and Texas. Since 
the year mid, Hongkong and 
Shang hai Hotels has sold a fur- 
ther 18m shares an the open 


market, In line with pi»™ to 
concentrate on core activities. 

The group decided to dispose 
of its 10.7 per cent stake in 
Harbour Centre - held since 
June 1968 - after a privatisa- 
tion bid by Wharf Holdings, 
the majority shareholder, 
failed last year. This year the 
disposal is expected to reap 
aroimd HK$170m for Hongkong 

and Shanghai Hotfflfl. 

Earnings per share rose to 39 
HE cents compared with 36 
cents in 1992, slightly above 
the market consensus, 
although analysts reckoned a 
more generous dividend might 
have been forthcoming; es De- 
ri ally in light of the $ll8m 
extraordinary gain The final 
dividend was 14 cents, giving a 
total for the year of 20 cents 
against 18 emi t s in 1992. 

Operating profit on the 


hotels side last year, down 8 
per cent at HKJ245TO, was hit 
by extension work to The Pen- 
insula in Hong Hong, sched- 
uled for completion in June. 
However, increased rental 
incomes helped propel operat- 
ing profits on residential end 
commercial activities 16 per 
cent ahead to HKflMftm. 

The outlook for the group, 
which owns the colony’s most 
prestigious hotel - The Penin- 
sula in Kowloon - and the 
long-running Peak Tram, is 
deemed to be good on both the 
hotel and property fronts. The 
hotel sector generally is expec- 
ted to enjoy better times due to 
a reduction in room 
supply (several hotels have 
been sold recently, and most of 
these are likely to reemerge as 
commercial blocks) and a rise 
In room tariffs. 


Bank unit boosts Keppel result 


By Kferan Cooks 
in Kuda Lumpur 

Keppel, one of Singapore’s 
biggest conglomerates, has 
reported pre-tax profits for the 
year ended December 31 of 
S$338.5m (USJZMm), a 21 per 
cent rise on the previous year. 
The increase was achieved 
despite a 2 per cent drop in 
turnover to S$L53bn. 

Keppel, majority -controlled 
by the Singapore government 
and one of the island republic’s 
leading ship repair Mini ship- 


building companies, said 
growth and profitability had 
improved significantly in the 
second halt 

While pre-tax profits in Kep- 
pel’s shipbuilding and repair 
sector were down slightly in 
1993, the group's figures were 
boosted by big gains at Keppel 
Bank, the recently partially 
privatised banking and finan- 
cial services aim of the group. 
The unit's pretax profits rose 
to S$122m in 1993 from 
S$57.5m- 

The group said it expected 


higher operating profits in the 
coming year due to the 
improvement in the 
DS economy and continued 
high regional economic 
growth. 

A final dividend of 12 cents 
per share was recommended. 

• Sembawang, another of 
Singapore's state-controlled 
conglomerates based on ship 
repair, ban announced pre-tax 
profits for 1993 of S$124.lm, a 6 
per cent decline on 1992. Reve- 
nues also fell 6 per cent to 
S$666m. 


NEWS DIGEST 


HK Electric 
ahead 10.8% 

Hong Kong Electric, which 
operates the colony's electric 
power monopoly, has met mar- 
ket expectations with a 10.8 per 
cent rise in profits to 
HK$3J38bn (US$43 7m) for the 
year to December 31, from 
HK$3.05bn in 1992, writes 
Louise Lucas in Hong Kong. 

Earnings per share were 167 
cents, ap from 151 cents, end 
shareholders are to receive an 
improved dividend of 57 cents, 
giving a total for the year of 90 
cents compared with 82 cents 
the previous year. 


Mr George Magnus, chair- 
man, said Secan, the group's 
property development associ- 
ate, contributed 19 per cent 
of pre-tax profits last year 
and was expected to make a 
further injection as more 
tower blocks come on line this 
year. 

John Schaap to 
leave Qantas 

Mr John Schaap, the former 
chief executive of Australian 
Airlines, the large domestic 
airlinp which was acquired by 
Qantas in 1992, is to leave the 
merged carrier today, writes 
Nikki Tail 

Mr Schaap, .who for the past 
18 months has been general 


manager of Qantas* Aust ralian 
operations, said he had 
"explored a number of options 
av ailable to him as part of the 
new Qantas management 
structure hut none was found 
to be suitable”. 

Bankers Trust 
subsidiary improves 

Bankers Trust Australia, an 
offshoot of the US-based invest- 
ment bank and now the second 
largest fund management oper- 
ation in Australia, said yester- 
day that its operating profits 
rose to A$363£m (DS$259.9m) 
last year from A$345.8m, writes 
Nikki Taft 

After-tax profits in 1993 were 
A$27325m, up from A$203.6m. 


Earnings 
at Mayne 
Nickless 
surge 30% 

By NUdd Tail 

Increased earnings from Its 
transportation and healthcare 
businesses more than offset a 
decline in the security division 
for Melbourne-based Mayne 
Nickless, and left the company 
posting a 30.1 per cent 
increase In net operating prof- 
its before abnonnals, in the 
six months to January 2. 

Mayne said that It made 
A$61.7m (US$44. lm) In the 
period, compared with 
A$47.4m a year earlier. Sales 
rose by 4.1 per cent, to 
A$1.44hn, from A$l.3Sbn pre- 
viously, and earnings per 
share before abnonnals were 
up by 25.6 per cent, at 20.6 
cents. 

The most recent half-year, 
however, saw an A$27.2m 
abnormal charge, relating to a 
retrenchment programme at 
its Spanish Transportes Hel- 
guera business (A$&5m), and a 
decision to pull out of the Ital- 
ian express freight market. 
The Bergagilo Trasporti opera- 
tion was closed this month, 
and cost associated with this 
accounts for the remaining 
A$17.7m of the charge. 

The result of the abnormal 
charge was to reduce Mayne’s 
bottom-line profit to A$34£m, 
from A$47.4m previously. 

Within the three operating 
divisions, transportation - 
which includes the Farceline 
business in the UK - saw a 
sharp 70.4 per cent improve- 
ment in operating earnings, to 
A$41.7m. This result was 
helped by the acquisition of 
France Di s trib u tion System in 
early-1993. 

Mayne said that the Austra- 
lian and North American busi- 
nesses put in better results, 
and that the express freight 
operations in the UK “per- 
formed satisfactorily”. 

The healthcare business 
pushed operating profits 15-2 
per cent higher to A$24£m. 


Correction 

Daewoo 

Daewoo’s group profits for 
1993 were Wan464hn and not 
Wou298bn as stated in Tues- 
day's edition. 


Amcor turns in 
A$251m halfway 


By Nikki Taft In Sydney 

Amcor, the fast-expanding 
Austr alian paper and packag- 
ing group which is currently 
pushing into Europe and North 
America, yesterday reported 
profits before tax and abnor- 
mal of A$2S1.5m (US$1 79 .Sm) 
for the six months to end-De- 
cember, a 10.6 per cent 
increase over the same period 
of 1992-93. 

Ear ni n g s per share increased 
by around 12 per cent, to 27.4 
cents, on a fully-diluted basis 
and also before tax. Sales rose 
by a tenth, to A£L73bn. The 
company incurred only a small 
AS106.000 abnormal charge in 
the most recent half-year, but 
had the benefit of a A$67.2m 
surplus last time. As a result, 
net profit after abnonnals tell 
from A$294.7m to A$251.4m. 

Amcor said that it saw better 
operating conditions In Austra- 
lia, North America and the UK, 
with growth continuing in 
New Zealand and Asia. But 
packaging activities in France 
and Germany continued to face 
a tough emnnmir climate, and 


Europe was the one region to 
show a fall in pre-tax profits 
year-on-year. 

On the packaging side, prof- 
its before interest and tax were 
up by 7.5 per cent to A$171.2m, 
with sales increasing by 15.4 
per cent, to ASL57bn. On the 
paper side, which was recently 
augmented by the purchase of 
North Broken Hill Peko's Asso- 
ciated Pulp and Paper Mills, 
profits dipped slightly, from 
A$106.lm to A$104m. 

Paper merchanting earnings 
rose, but the main Amcor 
Paper Group saw profits dip by 
almost 6 per cent under fierce 
competition. 

Reduced interest charges, 
down from A$43.6m to AS29m. 
also helped the increase in pre- 
tax profits. 

Amcor said that it expects 
total outlays on acquisitions 
and capital expenditure to 
exceed A$l.lbn in the current 
financial year. 

• North Broken Hill Peko 
announced yesterday that it is 
spending A$3lm to build a sat- 
ellite woodchip mill at Hamp- 
shire, Tasmania. 


Goodman Fielder dips 
12% at interim stage 


By Nfkfd Tatt 

Goodman Fielder, Australia's 
largest food group which has 
been the subject of recent man- 
agement turmoil, lacklustre 
earning s, and shareholder dis- 
gruntlement, reported a 12.1 
per cent fall in interim profits, 
to A$57.6m (US$41 .2m) after 
tax but before abnonnals. 

Hie figure, which compared 
with A$65.5m a year earlier, 
was achieved on sales 7.8 per 
cent lower at A$L94bn. Earn- 
ings per share, after four 
but ahead of minorities, 
slipped by 16.7 per cent to 5 
cents. Profits after tax and 
abnonnals stood at A$61.6m, 
compared with A$13L8m in the 
previous year, when there was 
a large abnormal surplus. 

The company pointed out 
yesterday that comparisons 
were distorted by disposals and 
purchases. It said the operating 
earning s , before interest, from 
ongoing operations rose by 16.8 
per cent in the first half . 


although total operating profit 
after interest charges of 
A$426m, against A$47.4m, was 
flat at AS91.6m. 

Performance varied across 
the group. The Australian mill- 
ing operations made a reduced 
contribution, affected by 
higher wheat prices, and the 
Australian poultry business 
aicn had a difficult half-year. 
Ingredients saw earnings 
before interest and tax fall by 
2L1 per cent 

However, margins in the 
European food group improved 
from 3J> per cent to 4.7 per 
cent, and its contribution to 
operating earnings increased 
from A$22.9m to A$27.&n, due 
partly to the full inclusion of 
Wessanen (compared with two 
months las t time ). 

Yesterday, Mr Barry Weir, 
chief executive, said that the 
group was looking at “modest 
earnings growth” in the second 
half, and that its current focus 
was on the underperforming 
parts of the group. 


This announcement appears as a matter of record only. 


NEW ISSUE 


© 


MARCH 1994 


NISfflO RENT ALL CO., LTD. 

U.S.$60,000,000 

lper cent. Guaranteed Bonds dne 1998 

with 

Warrants 

to subscribe for shares of common stock of Nishio Rent All Co., Ltd. 

Payment of principal and interest being unconditionally and irrevocably guaranteed by 

The Sumitomo Bank, Limited 

issue Price 100 per cent 

New Japan Securities Europe Limited 


Sumitomo Finance International pic 


Nomura International 


Robert Fleming & Co. Limited 
Daiwa Europe limited 
KOKUSAI Europe Limited 
Cazenove & Co. 

Wako International (Europe) Limited 

Cresvale Limited 

IBJ International pic 

Kieinwort Benson Securities 

Paribas Capital Markets 

J. Henry Schroder Waggft Co. Limited 

Sanwa International pic 


DBS Limited 

Morgan Stanley & Co. 
Goldman Sachs International Limited 
Barclays de Zoete Wedd Limited 
Merrill Lynch International Limited 
S.G. Warburg Securities 
Fuji International Finance PLC 
Kankaku (Europe) Limited 
Mitsubishi Finance International pic 
N M Rothschild and Smith New Court 
Universal (U.K.) limited 
Normchnkin International pic 


This announcement appears as a matter of record only. 


New Issue 


March , 1994 



Nippon COMSYS Corporation 

U.S.$100,000,000 

1 % PER CENT. NOTES DUE 1998 WITH WARRANTS 


ISSUE PRICE 100 PER CENT. 


Nikko Europe Pk 


Nomura International - 
Mitsubishi Finance International pk 


Goldman Sachs International 
Mitsubishi Trust International Limited 


Barclays de Zoete Wedd Limited 
Daiwa Europe Limited 
Deutsche Bank AG London 
Robert Fleming & Co. Limited 
Kankaku (Europe) Limited 
Lehman Brothers 
Morgan Stanley & Co. 

luimutfoBal 

Soci&e Generate 
UBS Limited 


Baring Brothers & Co., Limited 
Cresvale Limited 
DKB International 
Fuji International Finance PLC 
Kieinwort Benson Limited 
Merrill Lynch International Limited 
J. Henry Schroder Wagg & Co. Limited 
Tokyo Securities Co. (Europe) Limited 
S.G. Warburg Securities 

Yamaichi International (Europe) Limited 


Town International limited 




24 


FINANCIAL TIMES FRJP* Y MARCH 4 199± 


INTERNATIONAL CAPITAL MARKETS 


Technical recovery in futures calms markets 


Credit Lyonnais 
voices concern over 
derivatives image 


By Conner Mkfcteimann in 
London and Patrick Harverson 
In New York 

European government bond 
markets calmed yesterday, 
with sentiment buoyed by a 
technical recovery in the 
futures pits. 

“The markets got oversold 
and the technical indicators 
are screaming buy me!" said 
Mr Julian Callow, interna- 
tional economist at Kleinwort 
Benson, adding: “This has a 
distinct flavour of a dead-cat- 
bounce." 

However, while cash deal- 
ings were thin , traders 
reported some buying, espe- 
cially by domestic investors. “I 
saw a few timid buyers today - 
the first time in a long time," 
said one trader. 

Following Wednesday’s late 
bounce, prices continued to 
firm in the morning, underpin- 
ned by hopes that the Bundes- 
bank's central bank council 
might announce a monetary 
easing. When the Bundesbank 
left interest rates unchanged, 
prices dipped briefly but soon 
recovered, helped by news that 


the German engineering 
employers' association had pro- 
posed new top-level talks with 
union leaders to try to resolve 
the pay dispute. A short- 
squeeze in the futures pits 
pushed many contracts sharply 
higher in late trading. 

■ The high-yielding bond mar- 
kets were yesterday’s best per- 
formers, having been the worst 
casualties of the recent sell-off. 

“The very strong bounce 
reflects the fact that they had 
sold off too fast and too far,” 
said Mr Jouni Kokko. interna- 
tional economist at SG War- 
burg. 

The Bank of Spain's surprise 
l/a-point cut in the key money 
rate to 8 per cent gave Spanish 
bonds a massive boost, causing 
the March bond future to rally 
by more than three points at 
one point. It closed at 10L38. 
up 2^0 points on the day. 

The Bank of Spain’s decision 
to reject all bids for its auction 
of three, five and 10 -year debt 
also helped sentiment by 
removing the spectre of fresh 
supply at a time of scarce 
retail demand. 


■ Italian bonds also recovered 
smartly, boosted by the Span- 
ish rally and by news that 
Italy’s National Auditors Court 
had approved government 
plans to speed the repayment 
of withholding tax to foreign 
Investors in the Italian bond 
market 

The court decision was the 
final stage before a decree 
speeding the repayment could 


GOVERNMENT 

BONDS 


be put into effect The decree 
sets out a new system for 
refunding the 12.5 per emit tax 
to residents of countries that 
have signed double taxation 
treaties with Italy. 

The BTP future on Liffe rose 

by 2.04 point to 11L40. 

■ German bonds opened an a 
firm tone, slipped back on the 
Bundesbank's announcement 
of unchanged rates but rose 
again on news of top-level pay 
fnTifg in the engineering sector. 
Unsubstantiated rumours sur- 
rounding emergency central 


bank action to calm the mar- 
kets fuelled another late spurt 
as traders covered their short 
positions in the futures pits. 

The starch bund future hit a 
high of 9GJ30 during the late 
squeeze, but slipped back in 
after-hours APT trading to 
around 9538, up 0-54 point on 
the day. 

Due to continued high vola- 
tility, the German future s and 
options grahang p- DTB raised 
margins on its bund and Bobl 
futures. 

Effective today, the margin 
for the Bund future is DM44J0Q 
(160 ticks), up from DM3,000 
(120 ticks). The margin for the 
Bobl future was raised to 
DM2.000 (80 ticks) from 
DM1,750 (TO ticks). 

■ French bonds also ended 
higher, helped by the smooth 
auction of 10 and 30-year 
bonds. 

“The auction went much bet- 
ter than expected,” said one 
trader, who reported massive 
single bids for the paper from 
French investment funds. 

The March notional bond 
future rose 0.48 point to 124J36. 


■ UK gilts posted modest 

awiH nervousness ahead 
of today's US non-farm pay- 
rolls data. 

"The UK is the second-fur- 
thest along in the global eco- 
nomic cycle, and we're espe- 
cially vulnerable to bad US 
news,” said a trader. 

The March long gilt future 
slipped by 3 point to 111 %. 

■ US Treasury prices fell 
across the maturity range yes- 
terday morning nervous 
trading as investors and deal- 
ers awaited today's crucial 
employment report 

By midday the benchmark 
30-year government bond was 
down % at 93, yielding 6.798 
per cent The two-year note 
was also weaker, down % at 
99g, to yield 4.791 per 
cent. 

After the wild gyrations of 
Wednesday, when the bond 
rebounded from an early one- 
point loss to end with a modest 
gain, trading returned to near 
normal yesterday. Prices were 
mostly stable, except at the 
long end, where the bond 
edged steadily lower during 


the mo ruing session as market 
participants lightened their 
positions ahead of the monthly 
employment data. 

The jobs data could prove 
decisive in determining the 
immediate outlook for Trea- 
suries, because analysts 
believe that if the figures show 
continued strength in the 
Labour market, the Fed will 
probably decide to raise inter- 
est rates again in a second pre- 
emptive move against infla- 
tion. This could further under- 
mine bond market sentiment, 
although traders say that in 
the wake of the recent 
declines, a second rate hike 
has already been priced into 
bonds. 

If the unemployment number 
is well below expectations, 
however (and there is a good 
possibility that the job growth 
slowed in February, primarily 
because of the severe winter 
weather and repercussions of 
the Los Angeles earthquake), 
then the Fed may hold off on 
another monetary policy tight- 
ening: In bond prices 

could rebound from their 
recent losses. 


By Conner Mfddebnann 

t 

Amid the controversy 
surro unding funds investing in 
derivative instruments, futures 
fund managers Credit Lyon- 
nais Rouse (CLR) are voicing 
concern over the industry's 
image. 

"If we want to develop this 
business and get people to take 
the industry seriously, we need 
the last two months like a hole 
in the head,” said Mr David 
Moore, head of CLR's funds 
division. 

Many f unds investing aggres- 
sively in derivatives incurred 
heavy losses in the currency 
and bond markets during the 
last two months, prompting a 
wave of concern about the 
potentially destabilising effects 
of such investment vehicles. 

CLR recommends that the 
industiy move away from basic 
managed futures towards the 
construction of funds using 


derivatives (including fuhms, 
options and swaps) that iden- 
tify a particular risk or return 
profile and identity their per- 
formance objectives. 

Moreover, “fees and expenses 
must be kept under control", 
they state. Performance Tees 
are acceptable if the perfor- 
rpartra element of the fee is 
only charged after a min i m u m 
level of return has been 
achieved, they argue. 

Indeed, “negotiations with 
new CTAs (commodities trad- 
ing advisers) for our estab- 
lished funds have shown an 
acceptance of the critical idea 
of only barg in g performance 
fees above a minimum level of 
return," said Mr Moore. “We 
are in the process of signing 
two CTAs on this basis." 

The industry average is cur- 
rently a 2 per cent, manage- 
ment fee and an additional per- 
formance fee ranging between 
15 and 25 per cent 


Volatility worries keep down 
new issuance in Eurobonds 


NEW INTERNATIONAL BOND ISSUES 


Dnrruwaa 

GUILDERS 

Amowit 

m. 

Coupon 

% 

Price 

Maturity 

Fees 

% 

Sproad 

bp 

Book runner 

Genera] Electric Capital Carp. 

250 

550 

BSL84R 

Mer.1997 

0.15R 

+15 W 

ABN Aura Bank 

ITALIAN LIRE 

Crecflto Fanctoto e lnd(b)t 

I 20 bn 

W 

100.00 

Ma2DU 

undtecL 

- 

Montd dal Paschl d Saa 


Final terms aid non-caUda uniass nated. The yield spread (over relevant government band) at launch Is suppfed by the load 
manager. tRoffling rate note. R: fixed re-offer price: fees are shown at the re-offer level, a) Over fntnpatatad ytald. b) CaBabto on 31/5/ 
97 and anruafy therea ft er, c) 6-mth Ubor +196. Short 1st and feat oorexms. 


Sao Paulo recovers as 
tax worries recede 


By Antonia Sharpe 

New issuance in the Eurobond 
market remained thin yester- 
day despite the slight improve- 
ment in sentiment in leading 
government bond markets. 

Syndicate managers said bor- 
rowers and investors were 
reluctant to leave the sidelines 
until they were sure that the 
recent price volatility had 
come to an end. The widening 
in yield spreads of around five 
basis points on recent Euro- 
bond offerings from suprana- 
tional issuers was a further 
deterrent they said. 


The turbulence of the past 
weeks prompted Industrial 
Development Bank of India to 
postpone its debut Eurobond 
offering, a $200m issue of five- 
year bonds, until market condi- 


INTERNATIONAL 

BONDS 


tions improved, lead manager 
Citibank International said. 

Among yesterday’s meagre 
selection, GECC raised FI 250m 
through an offering of three- 
year Eurobonds. The proceeds 
of the deal were thought to 


have been swapped into fixed- 
rate dollars. 

Some syndicate managers 
were surprised at the three- 
year maturity because they 
believed that GECC was seek- 
ing to reduce its dependence 
on commercial paper and 
extend its maturity profile to 
between four and six years. 

Lead manager ABN-Amro 
said the deal, which was priced 
to yield 15 basis points over the 
interpolated curve, was tar- 
geted mainly at retail investors 
in the Benelux region and in 
Switzerland. It noted that there 
was a shortage of guilder- 


denominated paper with this 
maturity. 

ABN-Amro added that a 
“comfortable" amount of bonds 
had been placed and that 
hardly any bad been sold hark 
to the lead manager. 

Elsewhere, Credito Fondiario 
e Industriale, an Italian mort- 
gage institution, raised Ll20bn 
through an offering of 10 -year 
floating-rate notes. Joint lead 
manager Chase said the deal 


had gone well considering the 
underlying volatility in the 
markets. 

As with other recent offer- 
ings of lira- denomina ted FRNs, 
there was a strong bias 
towards Italian investors. In 
the afternoon, the notes were 
quoted bid only at the issue 
price of par. 

• The Bank of China’s pro- 
posed $500m yankee bond offer- 
ing is being held up until the 


US Treasury bond market sta- 
bilises, according to a source 
dose to the Bank of China debt 
offering, Renter reports from 
New York. 

The deal was expected to be 
priced yesterday, but the Trea- 
sury market fell this week on 
fears the Federal Reserve may 

a gain ti ghten credit. The hank 
source said the deal was likely 
to be priced today or early next 
week. 


By Patrick McCurry 
bi Sao Paulo 

The Sao Paulo stock market 
staged a partial recovery early 
yesterday after foiling 6.4 per 
cent on Wednesday over fears 
that foreign investors will have 
to pay a financial operations 
tax of up to 25 per cent on new 
money entering the country. 

The tears followed passage of 
a measure which gives the gov- 
ernment the option of introdu- 
cing the tax if necessary to 
stem a rush of foreign capital 
into the country which could 
jeopardise the government's 

CUITent anti-fnflaHmi plan. 


The central bank also intro- 
duced stricter rules for Brazil- 
ian companies wanting to issue 
Eurobonds and other fixed 
income securities. The bank 
decreed that the financial 
operations tax (IOF) could In 
future be levied on all 
exchange operations, including 
equities investment. 

Stock brokers believe that no 
restrictions on equity invest- 
ment are imminen t. If the gov- 
ernment decides to take fur- 
ther action it will first target 
Eurobonds and other debt 
instruments by increasing 
their IOF tax rate, they 
said. 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS Italy 



Coupon 

Red 

□ate 

Price 

Day's 

change 

YMd 

Week 

ego 

Month 

ago 

■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 
(UFFET Lire 200m KXMw of 10016 



Auetrala 

9.500 

08/04 

115.9900 

+0.640 

&S8 

581 

520 


Open Sett price Change 

High 

Low 

EsL vol 

Open int 

Beigiun 

7250 

04434 

101.0000 

+0.900 

7.10 

595 

544 

Mar 

110.00 11220 +2.65 

112.80 

109.10 

43447 

41140 

Canada " 

Denmark 

6.500 

7DOO 

06/04 

12/04 

951500 

101.9700 

+0.300 

+1JJ70 

7.18 

6.73 

588 

555 

544 

506 

Jun 

Cm 

109 SO 11128 +2.19 

111 .9 IQ 

111S0 

109.00 

72493 

g 

95837 

France BTAN 

8.000 

05/96 

107.5900 

-0.120 

543 

542 

510 


1 1 l>wl TL.IO 




1 

OAT 

5.500 

04/04 

915400 

-0290 

HTH 

518 

575 

■ TTALIAN GOVT. BOND (Bin FUTURES OPTIONS (UFFH Ura200m lOOBie Of 100% 

Germany 

6.000 

oa/03 

97.9000 

+0800 

029 

508 

572 







Italy 

8.500 

01/04 

913750 

+0120 

9.56t 

573 

529 

Strike 

- CALLS ■■ ■ — 

— 


PUTS — 


Japan No 119 

4.800 

06/99 

1019680 

-0590 

168 

131 

114 

Price 

Jun Sep 


Jun _ 


Sep 

No 157 

4500 

06/03 

1042050 

+0.070 

187 

155 

152 

11150 

2.67 3S5 


282 


134 

NtffiortarKte 

5.750 

01/04 

96.4500 

+1.610 

024 

508 

566 

11200 

2.43 112 


2.68 


3.61 

Spool 

iusoo 

10/03 

110.6000 

+2.400 

578 

551 

752 

11250 

2.20 2S9 


115 


188 

UK Gilts 

6.000 

oe«9 

97-22 

-10/32 

552 

556 

568 

EsL ML nnL ere* 3S4* fal 5543. Pimtan day's opan ML. Cafe 63819 Pm 46185 


6.750 

11/04 

97-05 

-17/32 

7.18 

7.12 

522 








9.000 

10/08 

114-27 

-18/32 

7.33 

732 

656 







US Treasury ’ 

5875 

02/04 

96-23 

-4/32 

532 

517 

5.74 








8^50 

08/23 

92-27 

-1/32 

579 

589 

531 







ECU (French Govt) 

6.000 

04/04 

93.5300 

+0380 

591 

548 

598 

Spain 







FT-ACTU ARIES FIXED INTEREST INDICES 


Price Indcn 

Thu 

Day's 

Wed 

Accrued 

xd a 4 . 


— Low coupon yield — 

— Madhen coupon yield — 

— High coupon yield — 

UK Otte 

far 3 

dhanga % 

Mar 2 

Woroat 

ytd 


Mar 3 

Mar 2 Yr. ago 

Mar 3 

Mv2 

Yr. %o 

Mar 3 

Mar 2 

Yr. ago 

1 Up to 5 years (23) 

laa. re 

+007 

12586 

169 

207 

5 yra 

557 

559 555 

577 

578 

584 

669 

662 

760 

2 5-15 years (24) 

152.76 

+023 

15240 

1.97 

275 

15 yra 

725 

760 7.69 

766 

7.40 

518 

767 

767 

540 

3 Over 15 yeem (8) 

17284 

+aio 

17267 

066 

363 

20 yra 

765 

7.40 7.97 

766 

766 

535 

768 

767 

549 

4 kredeamafafaB (6) 

20136 

+0.75 

20165 

226 

167 

bradf 

7.42 

7,48 544 







5 AI stocks (81) 

14564 

+0.17 

14539 

1.69 

262 


















— Mellon 5% 

— 

— Inflation 10 % - 

_ 


kidaa-feiked 







Mar 8 Mar 2 Yr. ago 

Mar 3 Mar 2 Yr. ago 


6 Up to 5 yeera(2) 

187X9 

-0.02 

18762 

aes 

. 1-41 

Up to 5 yra 

264 263 204 

1.75 1.73 1.19 


7 Over 6 yeare(11) 

181.90 

+503 

18164 

064 

0.79 

Over 5 yra 

180 180 147 

112 112 128 


8 AI stocks (1?) 

18168 

+503 

18163 

062 

065 

















6 year yield 

18 year yMd — - 

25 year yMd 

Dtemfem end Loren 







Mar 3 

Mar 2 Yr. ago 

Mar 3 

Mar 2 

Yr. ego 

Mar 3 

Mar 2 

YV. ego 

9 Date & Loans (73) 

1457V 

+548 

145.10 

204 

237 


532 

540 553 

542 

546 

9.25 

545 

550 

9.49 


A anna eon rodompdon yttkk are mown Coupon Bands Urn: Ott-rftK; Modus frtt-IONNc 11M and aw. t Ad y«d. yM Year no data 


tendon chong. -Now Yah nM-day YMd*: Local manor atandam. 

t Grass inXLtf ymto (hcbdng wOY M atT g nx at 12JS par cam (nyods b y nonmidanu) 

Pncor US. UK in 3&ida. odim In decimal Sataco: MMS M n aBaw l 

US INTEREST RATES 


Lunchtime rates Treasury BRb and Bond Ytefcte 



6 

Ow nut 

Too month 

114 

149 

Pm 

ram rev. 

4 XI 

620 

Briar loan rata 

5 

Pile rariL. 

36S 

n»rev - 

178 

TedJmts 

J% 

3b ranfe 

U1 

10 -rev 

634 

ftdJuMs a nmendoiL. 

U 

□no year 

4.13 

so- n»r 

683 


BOND FUTURES AND OPTIONS 
France 

■ MOTIONAL FRENCH BOND FUTURES (MAT1F) 



Open Sen price Change 

Htfl 

Low 

EaL voL 

Open InL 

Mar 

12562 124.86 +0.46 

125.34 

12462 

344,180 

155647 

Jun 

124.86 124.44 +060 

124.95 

12364 

42.362 

72.412 

Sep 

124.00 12368 +060 

124.44 

12126 

409 

10609 

■ LONG TERM FRENCH BOND OPTIONS (MAT1F) 










StrtvO 




PUTS “ 


Pnco 

Apr Jun Sap 

Apr 

Jun 

Sep 

127 

060 0.78 0 85 

- 

360 

- 

128 

0.17 061 560 

- 

4.05 

- 

129 

0.32 064 

- 

4.83 

- 

130 

0.17 


- 

568 

- 

131 

0.10 060 

- 

- 

- 

EsL uri. tool. Cafe 50 SCO Pun 112.0:6 PreMare day* opan rt- CM 310693 Puts 27+671. 

Germany 





■ NOTIONAL GERMAN BUND FUTURES IUFFE)' DM260600 lOOths of 100% 


Open Sen pnco Change 

Hjgti 

Low 

EsL vol 

Open H. 

Mar 

9560 «69 +0.65 

9530 

9520 

197973 

118010 

Jun 

95.60 9586 +0.67 

95.90 

94.90 

107220 

157871 

Sop 

95 30 95 73 +0.70 

95.32 

95.00 

344 

4147 

■ BUNO FUTURES OPTIONS UFFE) DM250.000 points of 100% 



Stake 

PriCO 






Jun Sop 


Jun 

PUTS — 

Sep 

9550 

1.62 1 84 


126 


1.61 

B0OO 

1 36 1.61 


1.50 


1.88 

9650 

1 13 1.39 


1.77 


2.16 


Ea «m mat cafe sesra Puo iww rwnus day s open mil. Cats naira pub twin 

■ NOTIONAL MEDIUM TERM GERMAN GOVT. BOND 

iBOBUjLIFFEl* DM250.000 UXKtra ol 100% 


Opan Son ICO Change high Low EaL vot Open hu. 
Mar 100.47 100.75 -U.5B 100.80 100.12 2480 6514 

.fen 100.43 100 60 +0.43 100.62 10020 644 1981 


■ NOTIONAL SPAWSH BOW FUTURES (MEFF) 



Open 

Sett price 

Change 

H01 

Low 

ESL voL 

Opan kit 

Mar 

99.80 

101.48 

+260 

101.48 

98.60 

99699 

109.711 

Jun 

9540 

10125 

+260 

10126 

98.90 

9.782 

47209 

UK 








■ NOTIONAL UK GOT FUTURES (LFFET ESO/OQO 32nd» of 100% 



Open 

Sett price 

Change 

High 

Low 

ESL voi 

Open tt. 

Mar 

112-00 

‘111-24 

-0-06 

112-01 

111-05 

18743 

31364 

Jun 

111-02 

110-23 

-0-08 

111-10 

110-02 

128319 

166294 

Sep 


109-27 

-o-oe 



0 

0 

■ LONG (BLT FUTURES OPTIONS (UFFI3 £50600 64tfis of 100% 


Strike 










Jill 

Sep 


. J>vi 


Sep 

Price 

110 


2-41 

3-05 


1-59 


3-15 

111 


2-07 

2-41 


2 25 


3-51 

112 


1-43 

2-15 


2-81 


4-25 


Eat wA total, Crib 14422 Puts 8275. Previous day's opan «_ CMS 53030 Piss 40207 


Ecu 

■ ECU BOND FUTURES (MAT1F) 

Opnn Sait price Change High Low EaL wol. Open InL 
Mar 116.40 116.60 +0.70 116.70 115.90 0380 13,190 

Jun 90.70 +0.60 - - - 211 


US 

■ US TREASURY BOND FUTURES (CffO SlOO.OOO 32lKfe ol 100% 



Open 

Latest 

Change 


Low 

Eat voL 

Open ltd. 

Mar 

1,1-09 

111-06 

+0-01 

111-16 

110-30 

50691 

149619 

Jin 

110-06 

110-03 

+0-01 

110-12 

109-26 

586632 

239.826 

Sep 

109-11 

109-06 

+0-01 

109-16 

106-31 

983 

34661 


Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

(UFFE) YIQOm IQOtfta of 100% 

Open Close Change high Low EsL vol Open mL 
Mar 111.07 11220 111.87 98 0 

Jim 110.42 111.12 110.42 3238 0 

- UFFE cuntrada Mad on APT. M Ope n manm Ige. are tor previous day. 


UK GILTS PRICES . 


— ._ 1 933/94.. 

Mrs fa Bm Piter + jt- wgi tow 


._«Od- _ 1983/94 _ 

Mb M Bad PrtttC+or- Mg Lae 


MB 


d-_ -1! 

canine +»- hub i» 


Sham" tuwn re fa Rra Tsar* 


EjSS lJtax 1994 

1 J 33 

+ 88 

101 A 


Tran tape Ln IBW#... 

987 

4.93 

'01,1 

-|V 

... 

1207 

4« 

103,4 


1ra9pc19Mtt 

875 

*97 

lEII 


l^K 1BB5 . . 

ItJI 

4.95 



EtenJpcGxm-% 

307 

497 

97', 


KF+pc 1S85, 

960 

5.18 

1060 


TmHiZLpc 

11+0 

534 

111« 


i+pc 1998 

1218 

595 

11+11 


lSta»1996tt 

ura 

5.H) 

I19A 


ExriH3%PC 1996W 

11 48 

5.71 

115% 


Cotwmon iltac 1998 

9.10 

194 

109% 


Tmi3t*pc issrrt* ._ 

11 18 

8.14 

lias 


Ettfi lOljJC 1997.. 

841 

613 

m% 

ft 

1iEB3BVpe 1997ft 

8.13 

623 

107% 


Ecti 15pc 1997 

11.76 

AM 

127% 


9% pc 1998 

878 

843 

in A 

ft 

Ttis7%pc!UBtt 

705 

6J91E1W 


In* Mute l895-gBi*~ 

6.84 

527 

hub 


1*1*98-1., 

1100 

872 

128,1 


Treaiyjocvatt 

11 S3 

8591341W 

•J, 

EnhlSpc 19B8 

996 

878 

iMii 

+i 

Tnd9 9i.SK 1999ft 

853 

657 

nv. 

+i 


Ffca to Ftttaca Years 


En* ,2%K 1999. 

lag 

US 

IKi 


Tnw lO'.-PC 1999 

807 

878 

1I5H 

+V.r 

Tim 6pc 1999 ft 

6IG 

851 

97,i 

+A 

Ctnwraai iota* 1999- 

817 

888 

1ISU 

*4 

faMOt; 

8 IS 

6801100* 

+A 

Tnax iJgcTOOQ 

1001 

7.89 

129% 

+% 

lOpcinn 

8M 

7.11 

1I5B 

*4 

TpfDIff — . 

701 

895 

m 

+% 

70c VI A — 

70S 

7.01 





0.45 

724 

,15% 

+V, 

fe=9KOft 

758 

7.14 

105U 


idfcraos — 

847 

72B119jW 

+■£ 


I09& 
I05« 
I MW, 
1050 

"IB 

n 

I03 7 a 
118^ 
120 s * 
ITS** 
W. 
IIP, 
122 A 

1140 

110% 

13211 

1149 

106& 

UK’s 

ISIS 

14011 

11 W 


128% 
121* 
101 U 
121 1 i 
116% 
136U 


Tran 11>ipe 2801-4 

838 

7JS12HW 

ft 

129» 

1,6% 

Rndtag JtipcVSM 

4.47 

838 

w. 


»& 

67’,! 

camentmftptZOlM— 
Trees 6% pc 2004ft 

022 

7.33 

US.’. 

♦w 

12555 

105% 

096 

7.12 


ft 

toft 

95% 

6%pc 3H* A 

697 

7.14 

X31 

ft 

104% 

9ft 

0**9 % pc 2005 

819 

794 

115fi 

+% 

125H 

105% 

Trees I2%pc 3103-5 

995 

79D 

1330 

ft 

1430 

I2«A 

7Lpc200Gft 

740 

72BI03%N 

+u 

11213 

94)5 

8pc5DC-8ff 

7.72 

735103+ld 

ft 

111% 

94,5 

Tim IILpc 2003-7 

825 

7.48 

127 £ 

ft 

13ft 

1I8H 

Trans 8'rtC 3007 ft 

7J4 

791 

10SH 

+1) 

noil 

974 

i3ta>eV*-0 

855 

792 

141 U 

ft 

isis 

13V, 

T«w9pta»ett 

7JC 

7 az 

T14A 

+1S 

IMS 

101% 


H 

Tress. 3pc *94 


- I37la 1371, 1311, 


'mi 


IMU 

"Hi 


1151. 


HM, 

" 0,1 

100% 

127A 

10W. 

0«w nilDsu Toon 


izoA 

iiib 

Ml 

n?A 

106 

125% 


TAM, 8re 2009 

7.58 

7J3 106A>I 

+% 

use 

TtetaS iMictaitmtaptal 

7.48 

723 

4ft 

♦ll 

4ft 

DmvSpeUiapn ft_. 

7.78 

763 

M5H 


128J3 

Tnwsreanm 

7.73 

762 

1160 


I27U 

Tra**5ta*20*-!2ft- 

800 

7.10 

63%*d 


94 

Tim Ope 2013ff 

7.49 

7.30 

10615 

-a 

117% 

7%pc2012-15ff 

7.42 

728 

104)3 

ft 

114% 

TiereaLreahTtf 

7J5 

729 

UK 

ft 

128% 

Esril 12pcM3-17 

028 

721 

MSB 

ft 

150*2 


122A 

10BU CBBefaree— 

758 

- 82% 

+% 

60 

1084 

97JJ Vartan 3tax3t 

764 

- *7U 

ft 

5453 

«A 

MB Cwt 3*2PC *61 Alt 

530 

- 03% Si 


71 

12ft 

108% IreMJgc'BOM, 

7.78 

~ 384* 


44% 

113» 

97,1 Gonad) Z’zre- 

7*3 

- 33iiV 

+55 

2Dh 

127.1 

100% Trare2%re 

728 

- 33* 

ft 

37% 


3K-98 (B7.9J 1.46 L48aW.Il ft 204% 1M) 

45,0C vm 035* L83 £33 109ft 113* 105ft 

Z1W01 (713) 2.46 £B4l71>ial ft 170* 156 


2 ‘arena (708) ZBB 209 1071. 

efepcWB HS-4) 277 107 1,3% 

ZpctW (KLS) 207 3.10 175ft 

2taKl90 — fra a 107 1ZB 138,5 

2>meH J7*a 112 3J0 164% 

2fec13 B93 115 332 136ft 

Stax 18 (81.6) 321 337 145ft 

- — — - - 140 140ft 


«A 

38U 

100 % 

100 ,'. 

Hi. 


+si 173* 155 

ft IIBlj 105*2 
+3| 184ft 19ft 
♦*» 788ft 144 

ft I7BH 1*8(1 
ft 14ft 122ft 
1571. 130g 
-ft 1520 12*33 

-a ia% ran 

.. -A 12BU Mm. 
■npdon rate on protected Mtaaon of (11 low 
and pj 5W. (b) Hgua In pamndnsas show RPi bm far 
tndeadng 0 » B months prior to tax) and have been adjusted to 
refect radioing of RPI U 100 In Jvnaiy 1687. Conversion factor 
1946. RPI far June 1991 141,0 and far January 1994: 14, A 

Other Fixed Interest 


Sijpcmtt P7.7) ass 337 117% 

4 tare US — (135.1) 337 140 117ft 


— VUd— _ 1993m _ 

fetes Ini fed PricaE + or- non Lae 


«wa»D«ii%aio_ 
MsbOw (CMC 2009 — 

1Z5 B mam 1 1 ta>c 2017 

kcbndCvftK’iO^- 

8pcCfa199B 

13pc W-2 

HjifeeOMbKl See 2011. 

Leeds 1 Stax 2000 

„ ummif 3ta* teen — 

^ LOSps-MNL 

BmfeririitateMn’- 

60% ua.Mte.SpeV 

33 VMfetagU3%peai2i. 

28% 4 Me B. 2024 

37U UUNBSb8BlB%K2D08 


047 

867 

767 

799 

131U 

I22ta 

$ 

1«A 

138% 

IS 

083 

031 

130% 

ft 

142 

114 

7.85 

- 

108% 

*% 

120 

95 

001 

- 

101 

-% 

US 

87% 

T159 

- 

112% 

ft 

130 

110 

050 

892 

16853 


i7ty. 

18ft 

UK 

- 

140 

ft 

148% 

128 

084 

— 

41 

+•% 

44% 

34 

822 

011 

027 

1% 

+% 

+% 

40% 

138% 

30*2 

114 

4.14 

7.10 

72% 

ft 

78 

63% 

— 

490 

140% 


150% 

117% 

-• 

463 

135% 



145% 

115*1 

1127 

- 

l« 

ft 

189% 

132% 


FT FIXED INTEREST INDICES GILT EDGED ACTIVnY INDICES 



Mara 

Mar 2 

Marl 

Feb 28 Feb 2S 

Yr ago 

«gh* 

LoW 


Mar 2 

Mar 1 

Feb 28 

Feb 25 

Fab 24 

Govt Sees. (UK) 
Fixed Intanaat 

100.40 

121.19 

100.12 

121.47 

101.11 

123.06 

10191 

122J7 

101^5 

123.76 

97.12 

113.02 

107.60 

133^7 

9826 

10087 

GR Edged tergalna 
8-day average 

1307 

157.1 

167.fi 
150 jO 

me 

140.4 

162.0 

1201 

127.7 

1108 


- lor 1083m. aoremmwtt Saamdn Ifert staps eanpUtez 12740 (B710S9, taw 49.18 071775). Flsad Manat Mgh since earnpaaBon; 13307 f7171/M , taw 5033 CS71/75) . Baste 100: Govarramm Socuntas 15/ 
1008 and Arad kmnaat 1028. 8E actMqr Udcn labaaad 1974 


FT/1SMA INTERNATIONAL BOND SERVICE 


Ltetari aw thatetesfbfe na l u i s d bonds far eHch here i» an adaqMteBBQonitaynwetoLlaMe t prtc— atBS5paicail teMiii 3 

tesoad BH OfTtr Chg. YWd bauarf BU Offer Chg. YMd 


famorf BM Offer Chg. YtaU 


U& DOLLAR STtWGHES 


Abbey NV Tramary 6% 03 
AtHtfRNtee9%95 — 

WOO 

OBJ 

96% 

»06% 

110% 

105% 

113% 

iOS% 

11% 

107% 

104% 

94% 

105% 

113% 

104% 

«*% 

97% 

107 

110% 

105% 

113% 

H»% 

12% 

107% 

104% 

94% 

108% 

114% 

104% 

107% 

106% 

705% 

111% 


097 

SJB 

033 



ft 








ft 














Qwg Kong Bn 5% 98 — 

soo 

ft 

ft 

097 











ft 




ft 




KB% 

111% 

111% 

NT*] 

107% 

112% 

105% 

1® 

100% 

108% 

ras% 

105 

105% 



BB«%«7 . 


ft 




ft 





ft 


Bt-kn Bari. Japan 8 02 

EapoRDevCoip9%98 — 

HD 

150 

108% 

113% 

106% 

107% 

100% 

100% 

M7 

ft 

071 

004 

FrinB/i Export 9% 95 .. - 
R»IMatnraedl8%BB_ 
Qen Bbc Cep*a 9% 96 — 

200 

1500 

300 

ft 

ft 

482 

831 

038 

5.70 

tad Bk Jam Hn 7% 97 _ 

200 

105% 

M5*a 

80% 

ft 

006 





Japan Daw ft 8% m 

an 

110% 

1W% 

709% 

ft 

651 

530 




10S% 

ft 


MataudiBa Bee 7% 02 

1000 

KB% 

100% 

W4% 

104% 

103 

708% 


895 




ft 




HM% 


553 



ft 


CMer Korcdbi* 8% 01 _ 

200 

110% 

104% 

92% 

111 

104% 

ft 

856 







113% 

110% 


ass 

OugbecRnrSOB 

200 

109% 

ft 

622 

Sfaat»y9%» 

SAS10BB 

ISO 

200 

108 

TI1% 

108% 

112 

ft 

558 

723 

SNCFD%fi8 

500 

19) 

105% 

113 

W5% 

113% 

ft 

002 



100% 

108% 

101% 





ft 




101% 

10B% 

107% 

107% 

99 

ft 


Saedeh Espcri 8% 9S 

Tekre Bac P««r 8% 06 _ 
Tbkre Manopaia 8% 96 _ 
Toyota Mob S% 98 

TOO 

300 

200 

IBS 

W 

107% 

108% 

98% 

ft 

ft 

027 

540 

S45 

598 



110% 

109% 

92% 

102% 

100% 

97% 









DEUTSCHE MMVLSTTW0HT8 

S3 

-ft 

7JJB 


wn 

102% 

100% 

ft 

889 



ft 

098 



07% 

103% 

108% 




2000 

ft 

7JH 


700 

708% 

ft 

S56 

BStfzOB — 

2930 

101% 

100% 

104% 

100% 

0)1% 

100% 

«5% 

105% 

ft 

024 

822 

046 


3000 

ft 

ft 


MM 

ft 

014 




100% 

ft 

094 


1GD0 

95 

90% 


098 



103 

103% 

106% 

ft 

079 


_2500 

10B% 

ft 

600 


Unfed Nngdtxn 7% 97 

VcaaeagenMEln703 

— 5GOO 
-.1000 





SWISS FRANC STRNQHT8 




OoukI Eucpe 4% 98 

250 






















YB4 STRAIGHTS 




Bac <M Ranee 5% 08 

.20000 

SQOOO 





Japan Ore Bk 5 99 

100000 

Njpen Tel Td 5% 96 

SHOO 

30000 







OTHER STRAIGHTS 


Ge*re»UB»%99lA_ 

WorfdBrk896LR- 

Baft fear Ned Gem 7% 02 fl 

Enegta Bdnv 8% 86 B 

AkaetBPnwra 10% 96 CS — 

_ 1000 
_ 1000 
_ 1000 
_ 500 
_ 500 


500 



BeedeRvios9%6BCS — 
GenBecCapfel 1OB0CS — 

— 275 
_ 300 

Nppon Td Td 10% 99 CS — 

— 200 

Ortarid H|4ta 10% 99 CS — 
Qatar Kontdbaric 10% 98 CS 

_B00 
_ (50 
— SOO 



CtMd Eucpe 6 01 Ecu 

Cndt LjtaSias 9 96 Ecu 

_ 1100 
_ 135 
„ 1125 

Fdn dal as 10% 98 Ecu — 

_500 



UNted Ifegfam 9% 01 Ecu — 2750 



Conm Bk Auetnfe «% 99 AS 

_100 

MdDoraidgCBBfe1595AS — 100 
NSW ItaSMy Zn 020 AS _ WOO 

an fed Govt F»i 9 02 AS 

LMarer AtoMa 12 98 AS — 

- 150 
-ISO 


103% 

100 

25% 

95% 

1131, 


110 

101 % 

102 % 

112 

114 

111 % 

102% 

109% 

1T2ta 

10ft 

107% 

59% 

lift 

102 % 

112 % 


i«% 

112 % 

106% 

107% 

116% 

94 

104% 

lift 

106% 

( 02 % 

113% 

104% 

113% 


104% -% 
100 % ♦% 
25% -% 
95% ♦% 
113% -% 


110 % 

101 % 

102 % ♦% 
1«% ft 


112 

103% 

110 % 

11ft 

MO 

HB% 

100 

117 

103 

lift 


104% 

112 % 

109% 

107% 

117 

94% 

104% 

113% 

100 % 

103 

lift 

1<K% 

lift 


101 % 

110 


-% 

ft 

ft 

ft 


ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 


SlOB 

699 

049 

647 

an 


&09 

*21 

4.12 

624 

660 

485 

607 

645 

627 

485 

6M 

602 

498 

430 

421 


413 
426 
130 
284 
4t3 
4 Si 
4JD3 
436 
113 
2 52 

423 
2JB 

424 


iLrica11%87£. 
Brtfeh Gas 12% 95 E _ 
BdMiUnd8%23£_ 

00 1097 E 

HaHas 19% 97 E . 


7faH» 10% 97 £ 

HS8C HoklngB 11S9Q2 C 

fefy 10% 14 £ 

Japan Dev Bk 7 00 C 

Und Sacs 3% 07 £ 

(Mario 11% 01 £ 

Pcnwgai B% 03 E 

Stem Trart 1 1 % 99 E 

Tokyo Bee Posie- 11 01 £. 

Vferid Bank 11% 95 E 

fttmf morel 0 66 N25 _ 

TOC Rn B% 02 N2I 

CEPWETOaSH*.. 

Bsc da Ranee 8% 22 FFr ^ 
SNCF9%B7RRr 


- 100 

113 

413% 

ft 

BjBB 

— 300 

108% 

108% 

ft 

581 

_ 130 

97 

97% 

ft 

938 

_ 637 

109% 

wa% 

ft 

841 

_ 100 

170 

110% 


059 

.500 

110% 

110% 

ft 

705 

_ 153 

120% 

120% 


825 

_ 400 

120% 

121% 

ft 

as 

-200 

W0% 

100% 

ft 

094 

-200 

109% 

110% 

♦1% 

030 

-WO 

117% 

118 % 

ft 

772 

_ 250 

108% 

107% 

ft 

7JBQ 

- 130 

117% 

117% 


7.40 

- ISO 

118% 

119% 

ft 

734 

- WO 

100% 

106% 

ft 

857 

- 100 

85% 

86% 

ft 

0*3 

— 75 

114 

,15 


087 

2000 

104% 

105 


aw 

3000 

118% 

118% 

ft 

722 

4000 

108*2 

108% 


015 


FLCWTWQ RATE NOTES 


BU 


ft 

ft 


AbbeyNa8Tree!uyft99 

— 1000 

9950 

9852 





0RSE-4UDBB 




Brenda dinner 


9933 

RL05 





CCCEOO0 Ecu 





9 aaz 





Deedwr Fimvs jj 96 DM TOO) 

9982 

10002 

fintandOST 




HdfaxBS A85E 




fefend 0 SB . 




% 9fl 




U« Badm-Wuen Fin -% 98 _ 

Uoyda a»A Rap S 010 

Mtenla.ltK 

- 1000 
— 600 

9000 

B1S0 

0079 

0050 

NewZefand % 90 




Ortarioom. 




HerieOBB 




Soclaa Omenta 0 98 




Sfaatajs* Bain -4L05 98 DM _ 6000 

State * Mean 0 jQ5 99 |25 

Sweden 098 inn 

9980 

9150 

9094 

9971 

Unfed Knodom ft 9 e 

- 4000 

9989 

9995 


OMr Ccpn 


0 

33730 

66750 

34175 

65375 

13125 

62900 

60000 

17500 



18000 

34141 

65000 

34400 

15825 

14375 

4.1000 

■jMIW 

34590 

35626 

13780 

32812 

62125 

15344 

17600 

11290 


84 6.72 104 

90 684 


BM 

Otter 

Pram. 

39% 

W0% 

+77 JE 

M3% 

104% 

10188 

108% 

109% 

H52 

118% 

120 

+3S26 

117% 

118% 

+1075 

134% 

738% 


104% 

105% 

-4169 

91% 

92% 


96 

OB 

13014 

100% 

101% 

*1136 

125% 

125% 

+1252 

98 

97 

+6*90 

101% 

W2% 


01 

ac 

+2011 

110% 

iu% 

+3088 

122% 

123% 

+3875 

100% 

m 

107% 

+821 


a«*fedaptas 


SnuHHT pOWJS: 77» yWd b B» yMd n redrevdei c* Be bKHstoei me amount Oa*W te n mfcra ol ojeency unb Ov. d^KAanga on taqr 
RjCMnMQ RATE NOTES Oenainied In ddtam irtess odwetee nfeatad. Coupei ahewi ta irrinm SpnorfaMa^n rtrree rinnendi eflarw, i 


r CBieeHMun* 


cewypTfiaEE W» Ou w i in read ta date, utaea u eiataii hdeatad. CnuL uueM i j n M amnia ol band pw ware taporeaq ta amrey at «t»w 
am« Htsedre priea N aayjMno *eaa tea Ore bate oar Bis mot mean ptee N Be rioea 

O Tte Tmu 12 % 1094 fepoduclte te ehfe a te pad ta ore fan AN pamAfed wlhctf rwlMn eere*R Ota awM far MMfene 3 soMm ummt 


Mtef teriE ariteoL Ccmwlbe guhwiI 
we tad a !«« ftmMtauenaoB pMefamefte 







»’ 


• -rap - smell, n Trt-heo u noiMocUonis on Jpcfeattcn. E Aueten baste. »d Es dhutana. Cbw, iM^tas w* wvmii n pounds. 




FINANCIAL TIMES FRIDAY MARCH 4 1994 


25 

COMPANY NEWS: UK 


Micro Focus 4% down 
and shares fall further 


By Alan Cane 

Micro Focus, the Berkshire- 
based software house which 
has seen Its share price plum- 
met from £30 to less than £10 
in 12 months, reported a 4.4 per 
cent decline in pre-tax profits 
for the year to January 31 
despite higher sales. 

The shares fell a further 30p 
to 970p. 

About 20 per cent of the com- 
pany's stock is held as ADRs 
and it reports in both sterling 
and dollars. Pre-tax profits 
came to £2l.8m (£22 .8m), or 
$32. 5m ($38. 5m). Sales were 
£833m (268.9m), a 21.6 per cent 
rise in sterling but only 5.8 per 
cent in dollars. Earnings, fully 
diluted, were lOlJtp <106.5p). 

In keeping with US practice 
for high technology companies. 
Micro Focus does not pay a 
dividend, preferring to reinvest 
in the company. It spends 
about 29 per cent of revenues 
on research and development 

Micro Focus develops and 


By Peggy HoDlnger 

Midland Independent 
Newspapers, the regional 
newspaper group which pub- 
lishes the Bir mingham Post, 
set its flotation price at 140p 
yesterday, giving a market 
value slightly below expecta- 
tions of £198m. 

About 57 per cent of the com- 
pany, or 773m shares, is being 
sold, of which 50.7m are being 
placed with institutions. A fur- 
ther 27.3m shares are being 
offered to the public. 

The net proceeds of £96m 
will be used to reduce borrow- 
ings of £i39m, leaving gearing 
at 40 per cent MIN incurred 
substantial debt to fund the 
£125m management buy-out 
from Mr Ralph Ingersoll, the 
US publisher, in 1991. 

The group is coining to the 
market on a historic p/e multi- 
ple of 193, based on pro forma 
pre-tax profits of £lL6m. This 
is a substantial discount to the 
sector average of 29.9 times 


markets software tools which 
make it easier for program- 
mers to write software. It has a 
special expertise in Cobol, the 
commonest computer language 
for business applications. 

Mr Paul O’Grady, chairman, 
said costs had been on budget 

while sales had lagged, result- 
ing in an earnings shortfall. 
"This was caused by less than 
planned sales of our products 
for development of MVS appli- 
cations on trm mainframes.** 

These products represented 
about 50 per cent of the compa- 
ny's business. The problem 
was that customers were con- 
fused over the future of main- 
frame computers. Mr O’Grady 
said that sales of the compa- 
ny's pc networking tools were 
growing at more than 340 per 
cent a year. 

• COMMENT 

The share price has been tradi- 
tionally heavily influenced by 
US shareholders who are both 
more knowledgeable and more 


and the similar multiples of 
more comparable regional 
newspaper groups such as 
Trinity International and John- 
ston Press. It is also lower than 
the expected multiple of 2L 

The yield Is 23 per cent an 
an indicated dividend of 23p. 

Mr Christopher Oakley, chief 
executive, said he was confi- 
dent MIN would show good 
growth as a quoted company 
an the back of wmrg fa improve- 
ments and an upturn In adver- 
tising revenues. "Oar improve- 
ment will not just be related to 
flip economy," he gfud 

MIN had made several acqui- 
sitions last year with lower 
than desired margins which 
had yet to contribute a frill 
year's profit The group was 
also developing links with 
cable companies to recycle 
fn formation gathered through 
the newspapers for a local tele- 
vision audience. 

MIN’S leaflet operation - 
which provides direct market- 
ing services to advertisers - 


volatile than US investors, but 
there is no disguising the 
City’s irritation with Micro 
Focus. Despite its proven abil- 
ity to develop excellent soft- 
ware tools while keeping tight 
control of overheads, the com- 
pany somehow foils to inspire 
confidence. Management Is 
being strengthened, however, 
by the return of Mr Brian 
Reynolds, a founder, as Joint 
chief executive with Mr 
O'Grady. The real question is: 
how Tnnrfi life remains in the 
mainframe applications mar- 
ket? Data processing is subject 
to Eads and fashion but both 
mainframes and Cobol are 
probably safe for the foresee- 
able future. While customers 
up their minds, however, 
Micro FOcus may have prob- 
lems returning to growth. 
Earnings are likely to be flat 
next year. The p/e is an unde- 
manding 93, however, and 
there should be value in the 
interest shown in the compa- 
ny's pc networking tools. 


was growing rapidly, said Mr 
Oakley. 

• COMMENT 

MIN has been attractively 
priced, particularly in light of 
its exposure to classified and 
recruitment advertising. It 
would also appear to be well 
managed, having improved 

margins fr om 9 to mOTC than 20 

per cent during a savage reces- 
sion. Longer-term, however, 
there may be questions about 
the regional newspaper market 
in general. This has seen a 
steady decline in its share of 
advertising in recent years, in 
favour of other mediums such 
as radio and cable. MIN’s 
potential further out may 
depend tn part on rhnngpg to 
policy on madia o wnership - 
for example, allowing regional 
newspapers to own local radio 
stations. Until then, there 
appears to be considerable 
upside on the prospective p/e 
of 17.5 and pro forma forecasts 
of £17m pre-tax. 


Heron Inti 
seeks more 
time to pay 
interest 

By Maggie Uny 

Heron International, Mr 
Gerald Ronson’s property 
group which completed a 
21.4bn refinancing last Sep- 
tember, is asking lenders for 
more time to pay interest due 
on March 31. It blamed "diffi- 
cult market conditions in 
Europe” for its inability to pay 
on time. 

It added that declines In 
European property values 
meant it could no longer pre- 
dict that its senior bonds 
would be repaid in full, and it 
was proposing that a propor- 
tion of the bonds ghflinid be 
swapped into a lower ranking 
convertible bond. Further It 
mM that its Spanish banking 
facilities would need to be 
renegotiated. 

Heron is due to pay £16.4m 
of interest on its senior bonds, 
which were issued as part of 
the refinancing, and a farther 
£163m of a new money facil- 
ity, on March 31. It is seeking 
I to delay payments until June 
30. It said it was negotiating 
| property sales which should 
enable it to pay by then. 

Part of the problem lies in 
Heron's complex structure. 
While much of the group's 
debt is owed by the head office 
company, many of its assets 
are held by subsidiaries. Pro- 
ceeds from asset sales by these 
subsidiaries, notably Heron 
Corporation, cannot be passed 
up to the head office company 
ontfl all their debts are repaid. 

Heron International has 
raised £200m through asset 
sales and has a further 275m 
due to complete by the end at 
March. However, most of this 
is from disposals from Heron 
Corporation. Heron Interna- 
tional had been mak-htg inter- 
est payments early as asset 
sales came through. 

At the time of the restruct- 
uring some lenders believed it 
to be flawed. They thought 
there was "a fairly high proba- 
bility of default” because it 
would have taken a rise in 
property values even to ser- 
vice the senior debt 
Bondholders are to meet cm ■ 
March 31 to consider the inter- 
est delays. An explanatory 
memorandum will be issued to 
bondholders before then. 


Flotation price of 140p 
puts £193m tag on MIN 


PHARMACEUTICALS 

AGROCHEMICALS 

SPECIALTIES 


ZENECA 


1993 

RESULTS 




1992 

1993 


Sales 

£3979m 

£4440m 

+12% 

R&D 

£457 m 

£5l9m 

+14% 

Pre-tax profit 

£102m 

£642m 


Profit before exceptional items 

£442 m 

£627m 

+42% 

Earnings per Ordinary Share (“EPS”) 

10.8p 

51 .7p 


EPS before exceptional items 

46.0p 

50. Op 

+9% 

Dividend per Ordinary Share 


27.5p 


Gearing 


11.7% 



ZENECA 

BRINGING IDEAS TO LIFE 

Zonau Gfcu? PLC. 1 5 Slanhogo G«. lordon WV Y 8LN 
The I1B3 Annul Report uhl Aunnn a ill be 
ml to shwdioUm m Lite MikL 


Names change problems remain 

Michael Skapinker analyses Ladbroke’s 1993 performance 


T he traditionally secre- 
tive Ladbroke Group 
held its first ever press 
conference yesterday. The pro- 
jector that was used to show 
slides of the company's 1993 
performance was clearly so 
unaccustomed to the task that 
it froze. 

A promise of greater open- 
ness from the new manage- 
ment, headed by Mr John Jack- 
son, chairman, and Mr Peter 
George, chief executive, had 
helped push the shares of the 
hotel, betting and DIY group 
up 29 per cent since the new 
year. 

Yesterday, the glow that has 
surrounded Ladbroke since the 
departure at the beginning of 
the year of Mr Cyril Stein, its 
founder, began to fade. 

The flnnrtiinrwwPTit of ftlll- 
year mu-tax profits of £62. im 
after exceptional items, com- 
pared with a restated £53m in 
1992, led to a Anther initial rise 
In tiie shares. But they fill am 
fell to dose down lOp at U99p 
as the realisation set in that 
while the names at the top 
might be different, several of 
Ladhroke’8 problems remain. 

Recovery in the Hilton Inter- 
national hotel subsidiary was 
proving slow and the Texas 
Homecare retail chain is beset 
with problems. Rumours that 
Ladbroke had found a buyer 
for Texas proved unfounded. 
Mr Jackson said Ladbroke 
remained committed to Texas 
for the long term. The impact 
of the National Lottery on Lad- 
broke's Vernons football pools 
business is Still tmeertain, 

Mr Jackson and Mr George 
are thoroughly familiar with 


Ladbcotoa Group 

Share price relative to the 
PT-SE-A All-Share Indmc. 
110 ™- * 



Bpua»Frqrap«ta 

the group's difficulties and 
opportunities. Mr Jackson has 
been a non-executive director 
since 1980 and Mr George has 
been with the group for 30 
years. 

What has changed is that 
both now have the opportunity 
to run the group in a way that 
Mr Stein, suspicious of scru- 
tiny from outsiders, would 
never permit Mr Jackson yes- 
terday said the board would 
answer any questions put to 
them. He was true to his word. 

Mr George’s public confi- 
dence has grown since his 
appointment was announced 
last September. Then. Mr 
George, whose lanky frame 
gives him the appearance of a 
gawky schoolboy, seemed over- 
awed at the responsibility he 
had inherited. Yesterday, he 
gave every indication of 


having mastered his brief 
He now has to restore the 
group's businesses to health. 
The only sector to show a sub- 
stantial improvement was bet- 
ting and gaming, where operat- 
ing profits before exceptional 

rose from £6Sm to 286.1m. 

The UK betting shops bene- 
fited from summer evening 
opening. The group has also 
begun testing te rminals which 

allow bets to be placed without 
having to go up to the counter, 
as wen as a computer system 
which allows customers to see 
simulated races. 

Prospects for the pools busi- 
ness are clouded by the 
National Lottery. Ladbroke is 
an investor in Games for Good 
Causes, one of the bidders to 
be lottery operator. Mr George 
has placed a bet at William 
Hill, one of his rivals, that his 
consortium will win. He thinks 
the odds of 16-1 understate 
Ladbroke’s chances, but 
accepts that its consortium is 
not the favourite. 

M r George argues the 
lottery will not have 
an immediate effect 
on the habits of traditional 
pools customers. Standing 
orders accounted for 39 per 
cent of stakes last year. Mr 
George believes these custom- 
ers are more likely to remain 
loyaL 

"The pools are such a habit. 
People have been doing it for 
so long and 95 per cent do the 
same numbers every week. 
There’s a tremendous fear that 
the day you stop is the day 
your numbers come up.” 

He sees younger people who 


have not begun filling In pools 
coupons as a more serious 
problem. They might prefer to 
buy lotteiy tickets instead. 

Hilton International's operat- 
ing profits slipped from 
£119.5m to £U7.7m. Hotels in 
London, Hong Kong, S hanghai , 
the Americas and the Carib- 
bean performed welL Continen- 
tal Europe, however, is strug- 
gling through recession, hotels 
in Japan were hit by the foil in 
corporate spending, Australia 
shows few signs of improve- 
ment and business in Egypt 
has been damaged by funda- 
mentalist terrorism. 

Nevertheless, Mr George 
argues that Hilton is the sort 
of brand that will benefit from 
worldwide recovery. It is in the 
four to five star category, 
cheaper than the luxury hotel 
market, and suitable for cost- 
cutting business travellers. 

Texas profits were £73m, 
compared with £43. 6m. Mr 
John Coleman, appointed 
Texas chief executive last Sep- 
tember, has to deal with the 
previous management's prac- 
tice Of assuming they WOUld 
receive rebates from suppliers 
for buying quantities of goods 
they were unable to selL 

The lines stocked by Texas 
are being cut by a quarter and 
the number of suppliers is 
being reduced. But competition 
is fierce and Mr George admi ts 
that service standards require 
substantial improvement. 

Despite the group's protesta- 
tions that it has a long-term 
commitment to Texas, it is dif- 
ficult to believe that Ladbroke 
would not have sold if anyone 
had been prepared to pay for it 


Epwin rises 51% and 
‘committed to expansion’ 


QMH shareholder loses 
attempt to delay EGM 


By Peter Poarse 

With good progress in all but 
the public sector contracting 
side of its business, Epwin 
Group, the maker of PVC-u 
windows and doors, lifted pre- 
tax profits by 51 per cent in 
1993 to £4.68m. The shares 
responded with a I7p rise to 
317p. 

Furthermore, Mr Jim Raw- 
son, chai rman and managing 
director, said that the group 
was committed to expansion 
by acquisition. It could, and 
would, grow organically within 
its core windows and doors 
product area, but he said that 
was not 1 ‘ gyrating ” enough for 
the management below board 
level, and the shareholders. 

He said the board was 
looking for product areas like 
garage doors, porches and 


By Simon Davies 

Baltic, the specialist finance 
company, yesterday announced 
its return to the black in 1993, 
with pre-tax profits of £438m, 
compared with losses of £6 35m 
last time. 

At the year end, the com- 
pany bad net cash and invest- 
ments of £26m and a net asset 
value per share of 132p. 

The turn-around was primar- 
ily the result of asset disposals, 
declining interest rates, and a 
fall in provisions- Profits 
included a £1.54m charge 
against bad and doubtful debts, 
compared with £lLlm in 1992. 

The lending portfolio was 
Anther reduced with advances, 

instalmen t Insma and ffaanrfl 

leases amounting to only 
£37.4m at the year end. cam- 


shower screens - “products 
not outside the markets we 
understand”. Mr John Town- 
said, Bwanrig director, said the 
group was in a strong financial 
position, having done well 
through the recession, and 
would have no difficulty rais- 
ing fimds. fie added the group 
would be happy to be 50 per 
cent geared. 

Turnover advanced 18 per 
cent to £503m (£43m). “By sell- 
ing aggressively, we have 
gained market share,” Mr 
Townsend said. 

The two-year £10m capital 
expenditure was now complete, 
though a further £4m will be 
invested this year. 

Earnings emerged at I5.17p 
(lL84p) per share and a pro- 
posed final dividend of 5.2p 
makes a total 73p (63p), up 10 
per cent 


pared with £90m a year earlier, 
and £200m at the end of 1991. 

With its lending activity 
declining, interest payments 
and gimUar charges fell from 
£ll-9m to £534,000. 

The company substantially 
cut back on leasing business 
during the year, through the 
sale of two asset leasing sub- 
sidiaries for a total of 222.2m. 

It subsequently invested 
£73m in a tender offer for 15 
per cent of its ordinary shares 
and 143 per cent of its convert- 
ible preference shares, capital- 
ising on their discount to net 
asset value. 

Fully dilated earnings per 
share were 8p, against losses of 
163p. 

A recommended final divi- 
dend of lp makes a total of 
13p, a 50 per cent increase. 


By Maggie Uny 

The High Court yesterday 
turned down an attempt by a 
Queens Moat Houses share- 
holder to obtain an injunction 
delaying next Tuesday's 
extraordinary meeting . 

The meeting was called to 
confirm the ho te l group's £2hn 
borrowing limit and was 
needed to rectify mistakes at 
previous annual meetings 

When nrw» elan of aharahnlrier 

was not allowed to vote on 
some resolutions. 

Mr Dennis Woodhams, one of 
the leaders of the QMH share- 
holders’ action group, had 
applied for the injunction. It 
would have delayed the EGM 
until the planned meeting 
when the group's refinancing 
proposals are put to sharehold- 
ers. No date has yet been set 
for this meeting. 

The court tinned down the 
application and ordered Mr 
Woodhams to pay QMH’s costs. 

One of the resolutions put 
down for next week's meeting 
releases the present directors 
from any liability in respect of 


the failure to give votes to the 
class of shareholders. The mis- 
takes date back to 1969; the 
current directors were all 
appointed in the last year. 

Mr John Bairstow, former 
chairman , yesterday said the 
question of releasing directors 
from liability should be dis- 
cussed separately at the meet- 
ing. 

He also questioned why the 
release only covered present 
directors, which would exclude 
himself. QMH said it did not 
need to apply to former direc- 
tors as the accounts were 
adopted in September when 
the new board was in place. 

In another move. Credit Sui- 
sse, the Swiss bank which was 
originally one of QMH’s lend- 
ers, countered reports of a row 
between it and other creditors 
following the sale of its £25m 
exposure to QMH. Credit Sui- 
sse is believed to have sold the 
debt at 17 per cent of face 
value. 

It said it had kept other 
banks and the authorities 
informed of its decision to sell 
last December. 


1 DIVIDENDS ANNOUNCED 



Current 

payment 

Data of 
payment 

Cones - 
ponding 
dividend 

Total 

for 

year 

TOW 

last 

year 

AB Ports 

— fin 

53f 

- 

5.25 

93 

8.5 

Aidagh — 

— int 

0.76* 

Apr 14 

0.725 

- 

3-265 

Battle 

fin 

1 

Apr 30 

03 

13 

1 

Bensons Crisps _ 

— tin 

2.1 5t 

May 5 

2.15 

235 

2.85 


— fin 

52 

July 1 

4.7 

73 

63 

GalEford 

— int 

03 

Apr 5 

03 

- 

1 

Intehtech 

— fin 

53# 

July 29 

6-05 

8 

8-05 

Latfixoka , . . 

— fin 

IPS 

June 1 

623 

8 

11.15 

Ufa Sciences 

fin 

23f 

May 20 

2-35 

&9 

335 

EJnx Printing 

Int 

0.25 

Apr 18 

0354 

- 

2.08 


— fin 

33 

May 24 

33 

11.6 

11.4 

PtaaExpress 

— Int 

03f 

Apr 21 

- 

- 

03 

Record — 

— fin 

2.45 

July 1 

2.45 

33 

3.8 

Rentahaw 

— int 

23 

Apr 25 

23 

- 

6.5 

RWno § 

—Bn 

03 

July 15 

- 

0.5 

- 

Wyevato Garden tin 

1.65t 

Apr 22 

1.52 

4.4 

4 

Zeneca 

fin 

17 

May 5 

“ 

27.5 

- 


Dividends shown pence per share net except where otherwise stated tOn 
increased capital. §USM stock. ACoveis 10 week period: equivalent to 087p 
tor tufl six months. ^Second Interim making ip to data jMsh pence. 


Baltic returns to the 
black with £4.38m 


ADVERTISEMENT 

EMRC AWARDS: S.T.B. Card - Moscow, Russia 

By Pope El Cal pease 


Using Plastic money in 
Russia. 

“In the not distant future, 
Western businessmen and 
tourists visiting Russia will 
be able to use international 
credit cards”. 

This rather welcoming 
statement for Westerners 
going to Russia was made 
by Alexan der Sorokin, 
President of STB Card who 
received the EMRC presti- 
gious Euromarket Award. 

Sorokin believes that plastic 
money will develop very fast 
in Russia because the vast 
distances from one place to 
another make electronic 
computerized systems of 
payment very convenient. 
The banking system in 
Russia has been effectually 
frozen for the past 70 years. 
In the past two years, many 
banks have been introdu- 
cing novel systems of trade, 
but this takes time to catch 
up. The Moscow-based inno- 
vative Stolicbny Bank, main 
shareholder of STB Card has 


over 50.000 private account 
holders plus 30.000 business 
accounts. This is a good 
solid base from which to 
expand plastic cord services. 
The idea of paying with a 
plastic card is baffling to the 
person non initiated to 
modem means of payment. 
This is difficult in itself but 
it is nothing compared to 
the task of persuading tra- 
ders to accept credit cards. 

By the end of 1993, there 
were over 40.000 STB Card 
holders in Russia, and 35 
cash withdrawal machines. 
The amount of business 
done through credit card 
payments amounted to m 
500 rfas.. app. USD 420,000. 
In the first month of 1994, 
the amount of business done 
through credit card holders 
constituted m 396 rbs. Cash 
withdrawals through the 
machines reach m 62 rbs. 
every day. In 1994, the 
amount of trade may be 
more than double to over 
one million US $. 


Non-cash transactions : 
part of a new streamli- 
ned economy. 

Plastic cards, cash withdra- 
wal machines, telephone 
and home computer banking 
are all important elements 
in the evolution of banking 
and financial services. 



Mr. Sorokin, PrrmJrni STB Card with 
the BUSC Trophy. iDec. 1993, Brussels! 

Alexander Sorokin believes 
in the computerization of 
Russia's financial services 
and in the computerization 
of banking: “Russia's econo- 
mic reforms are transfor- 
ming our economy. In my 
opinion, the worst hardships 
seem to be over and we are 
now entering the process of 
sustained economic growth. 
I see in the modernization of 


the banking industry, the 
introduction of cash with- 
drawal machines and the 
extensive use of credit cards, 
part of this revolution, an 
essential part of its success." 
STB Card intend to set up a 
comprehensive non-cash 
transaction system throu- 
ghout Russia, a clearing sys- 
tem wholly computerized, 
acceptable by large parts of 
the business community and 
the consuming public. 

The long term strategy of 
the company is not only to 
increase the use of plastic 
money in Russia but, 
through international agree- 
ments to enable an increa- 
sing number of Russians to 
go overseas and to use their 
STB cards. Agreements with 
credit card companies in the 
West will also allow those 
holding international credit 
cards to use them in Russia. 


E.M.R.C. 

INTERNATIONAL ASSOCIATION 

287 At. Louise ■ 1050 BrmnrU - Bdcran 
TeL- OM) 64&GXM - Fra: 02* W7S6.74 


S 


I 






26 


FINANCIAL TIMES FRIDAY MARCH 4 1994 



Reg. No. 05/04580/06 

Incorporated in the Republic of South Africa 


Interim report and dividend announcement 
for the half-year ended 31 December 1993 

Financial results 

The consolidated results are as follows: 

Group income statement 



Unaudited 


Audited 

Half-year ended 


Year ended 

31 December 

Increase/ 

30 June 

IM3 

1992 

(Decrease) 

1993 

Rm 

Rm 

% 

Rm 


Turnover 

4820.1 


4 303,9 

12 

8 5093 

Operating profit 



344.8 

18 

7193 

Income from investments 

IXS 


204 

(ID 

565 

Prufil before taxation 

429,7 


371.2 

16 

776.4 

Taulim 

14SJ 


128J 

14 

2613 

Profit titer taxation 

283 J» 


24i9 

17 

315,1 

Equity accounted earnings 

4 M 


60.2 

(33) 

906 

Profit after taxation including 
equity accounted comings 

324J 


303.1 

7 

611.7 

Attributable to outside 

Uurehahkn of subsidiaries 

JAM 


151,1 

7 

3184 

Earnings attributable lu 
equity shareholder- 

102,9 


1510 

7 

293.1 

Ejnmigs per share i cental 

270 


252 

7 

486 

- previously reported (cram 



226 



(sec noie on comparative figures) 

Dividend per iturc (cents! 

35 


33 

6 

105 

Number of shares on which 
comings pet share in based (000) 

60365 


60 267 


60 292 

Group balance sheet 








Unaudiied 



Audited 


31 December 


30 June 


1993 


1992 


1993 


Rm 


Rm 


Rm 

Capital employed 

SharrhoUm' unlicsj 

27308 


2 470.4 


25583 

Outside Utatebolden' imerert in subsidiaries 

2 38L3 


2 140.6 


2 2601 

Total shareholder*' interest 

5112.1 


4 6 1 1 XI 


4 8243 

Debt capital 

200,6 


200.6 


2006 

Deferred taxation 



115.8 


1103 

Loop-term borrowings 

314.7 


271.9 


234.7 


5725.7 


5 199.3 


5 369,9 

Employment of capital 

Fixed a-ncts 

1949,7 


1 631.9 


1 6S2j6 

Investments 

1715.1 


1 538.0 


15333 

* associates and subsidiaries not consoliducd 

13005 


1 225,0 


1 221,6 

- listed 

2534 1 


131.8 


130.1 

• unlisted 

15SJ| 


181.2 


18(3 

Loans and loag-tenn debtors 

IMS 


48.6 


47.4 

Net current assets 

I 9464 


1 980.8 


2 136.7 

Current assets 

4493J 


3 7553 


4 197,1 

-stock and debtors 

2822.1 


26406 


26903 

- deposits and cash 

16702 


1 108.7 


1 5009 

Curran liabilities 

25409 


1 7743 


2 0604 

- interest bearing 

1208 


1993 


1602 

-other 

23201 


1 373,0 


19002 


5725.7 


5 I99J' 


5 369.9 

Market value of listed investments, 
associates and subsidiaries not consolidated 

23539 


1 3899 


1 837.0 

Book and carrying value of listed 
invotmeiUs. associates and subsidiaries 
not consolidated 

1149,5 


916.2 


903.1 

Net worth per share (ruufl 

138 


104 


105 


Comment 

Group results: Group ciminp per shore Tor the period increased by 7 per cent lo 270 cents ( 1992: 232 cents). The interim 
dividend declared on the Company's ordinary and N ordinary shares was raised lo 35 cans ham 33 cents. 

Anplovja] Industries Limited reported earnings per share growth of 16 per cent for the half year. The contribution of the AVI 
Diversified Holdings Limited group Increased by 34 per cent due In pan to significant im prove ment in the famines of the 
textile division. Grinaker Holdings Luniud. the contraction and electronics rub- group i n g, displayed earnings growth of 66 per 
cent, albeit off a low base, whilst the contribution of cement producer Anglo- Alpha Limited rose by 44 per cent. The results of 
CiximH Limited. Irvin Sc Johnson Limited and National Brands Limited generally reflected the recessionary conditions which 
cvxuinucd to inhibit consumer spending. 

Different sectors within the mining division exhibited varying growths. A higher semi -annual royalty of R29.9 tniDioo (R4.7 
million) was received firm the Venetia dramond mine and there was a satisfactory increase in contributions Iran die Group's 
gold mining investments. The two main factors constraining earnings growth were the reduced profitability of base metal 
invert in cuts and the acceleration of expenditure on the Slaaiboek nickel project where expenditure for the half-year, feuded by 
subsidiary, Middle Witwatersrand (Western Areas) Limited, amounted to R9J million. The base racial contribution, 
particularly in the areas of chrome and andalusite. continues to be affected by difficult worldwide trading conditions and 
generally poor global e co no mi c growth and la refl ected in the tower equity accounted c amii^ s. 

In November 1993, the Group invested R 1 92.1 million In Target Exploration Company Limited ordinary shares and 
debentures. Target recently commence d initial construction fior the underground passage from the workings of Loraine Gold 
Mines. Limited into the area of in own mineral rights where extensive surface drilling has (denuded promising gold values and 
geological structures. 

Venetia diamond mine: Dunng the period under review, Samm Mining, Prospecting St Development Company (Ply) 
Limited, in which the Group has an 87.5 per cent Interest, received a minimum royalty of R29J9 mill ion (R4.7 million) from 
De Been Coroolidaied Mines Limiied in respect of the diamond mining operations on Venetia. This repre se nts 125 per cent of 
the mine's profits before appropriations for capital expenditure and is the rare applicable pending recoupment by De Been of 
capital expended lo bring the imne into production. After recoupment of the capital. Saturn and De Been’ after tax share of 
Venetia profits will he equal. Ot 28th February 1994. a further royalty of R343 million IR4J million) was received by Saturn. 
The huild-up to full produenoa capacity on a continuous seven-day week basis was achieved. The bulk sample plant remained 
imifvraiive. Limitation on deliveries to the Central Selling Organisation under the latter’s contr a c t ual quota arrangements with 
producers remain la place and necexxitared stockpiling of diamonds. 

Mineral exploration: The drilling programme and related work being undertaken by Middle Wbwuersrand (Western Areas) 
Limited and Eastern Transvaal Consolidated Mines, Limiied far nkicl-cappcr-cabaH an tbe farm Slaaihock in the Eastern 
Tronxt ,ial pursuant to the Joint Venture agreement between these two companies progr ess ed satisfactorily. 

Basic research studies to identify areas with mineral potential in sub-Saharan Africa were continued. Prospecting rights in 
rvspevi of land with potential fur bate racial and gold mineralisation were acquired bi 7iunhia where exploration activities will 
sxcnmrnie in the near (uture. Field geological exploration work over large areas in Namibia resulted in the selection of specific 
ijtyeN requiring lurther follow-up survey and diamond drilling. 

Dunng i he period under review, exploration expenditure by the Group and its partners, excluding the acquisition of mineral 
nyhis. amounted lu R29J million (R21 .9 million), b is estimated that exploration expenditure for tbe current half-year will 
jmiiuiH in RJIJ million. 

Prospects fur year: Results Tor the year to June 1994 are difficult to predict os factors such as domestic economic growth, 
mineral and metal prices and volumes, the rand/dollar exchange rale, interest rates and the supply/tienund balance in tbe 
dijnmd market are uncertain. The Group las. however, planned for a modest increase in earnings. 

Ini ert meals: The principal changes were as follows: 

■ With Jfltvi from I November I W3. Consol Limited acquired Interpak Holdings (Pry) Limited and related property interests 
Insn The Lion Match Company Limited from a cash consideration of R2Q5 million. 

- Natiisi.il Brands Limned purchased, with effect from I August 1993. the instant and ground coffee business of Uptons, a 
disisinn oi L'ntlcscr South Africa tPty) Limited. 

Extraordinary items: The following items have not been token into account in earnings attributable to equity shore holders: 


Surplus «ni disposal ur investment.' 

(.i,«l»ill uniren-utf 
Other 

Net extraordinary items attributable to equity shareholders 


Half-year ended 3 1 December 


1993 

1992 

Rm 

Rm 

133 

04 

1X91 

llA) 

LL 

-LUL 

104 

1 131 


Capital expenditure: The capita! expenditure of the Group far the half-year ended 3 1 December 1993 was R 190:0 million 
tkl-U.3 million). Capita] expenditure amounting to a further R2S8.9 million (R2 155 million) si 31 December 1993 bad been 
authori-cd, of which R 1 02.9 million (R 109.9 million) bod oof yet been contractually committed. 

Cummltssenls and contingent liabilities: At 31 December 1993. commitments amounted ro R855 million (R26.7 million). 
Contingent liabilities amounted to R 1 21 million (R29.6 million}. 

Comparative figures: Comparative figures for the hair-year ended 3 J December 1992 base been restated lo give effect to die 

redtitium in the rate of taxation from 48 per cent to 40 per cent. 


Interim dividend declaration 


Nonce u hereby given that interim unhnary dividend No. 96 of 35 cents (33 cents) per share and 
interim N ordinary dividend No. 8 of 35 cents l33 cents) per share have today been declared 
pavablc to Iwtdcrc of ordinary and N ordinary shares, salient Am relaud us the declaration 
being os follows: 

1994 

Lost day to rcpscr for dividends and for change of address or dividend mstruettos 

Friday. 25 March 

Perm) during »hich transfer books and reginen of members will be ckncd (bath days inclusive) 
to determine which members qualify far the dividends 

Saturday- 26 March lo 
Friday. 1 April 

Currency conversion date foe Sterling payments toshaicbaUcn paid Tram London 

Tuesday. 5 April 

Dividend sxatrants pasedAJividends electronically transfened 

Tbiwsday. 21 April 

The dividends are paid subject to conditions torch cm be inspected « the rcgixicrexJ office or 
the office of the London secretaries of the Company. 



For and en behalf of the board 


B E Hcnov Ctaumhai 

Clive S Menell Depot Chairman 

3 Match 1994 


Registered office 
Anglos aal House 
5b Main Street 
2001 JaharnesNng 


London secretaries 
Anglovaal Trustees Limited 
33 Davies Street 
London. WIYIFN 


Direricrs: B E Hcrsov DMS. Han. LLD (Chairman), Clive S Menell (Deputy Chairman). BL Bernstein Hon. LL.D, 
Dr O D Dfafanto. E H Fox. J J OeWenhuys. Dr E J Mobuza. J C Robbenze.-R T Swerama. R A D Wilson 
Alternate directors: J R Hcnov. R P Mendl 


COMPANY NEWS: UK 


Lower interest 
cuts Renishaw 
to £ 2 . 81 m 


By David Blackwefl 

In spite of a 30 per cent fall in 
gflire to Germany and Japan. 
Renishaw. the specialist mea- 
suring equipment group, 
reported only a slight decline 
in pre-tax profits from £3-07m 
to £2Blm for the six months to 

end-December. 

The shares were marked 
down 20p to 275p. 

After an exceptional charge 
of £183,000 for restructuring 
costs, profits were ahead 11 per 
cent from £2.01m to £2J24m. 
Net interest receivable fell 
from £1.06m to £573,000. 
reflecting lower interest rates. 

Total sales edged ahead from 
to £? ? $ m* but ignoring 
cinrency distortions, sales 
were fiat 

Mr Alan Roberts, finance 
director, said the sales rterllnes 
in Germany and Japan had 
been offset by an increase of 15 
per cent in sales to the US, the 
sringte biggest market account- 
ing for up to 40 per cent of 
group sales. Sales in the UK 


By Paul Taylor 

Rhino Group, the fast-growing 
USM-quoted specialist video 
and computer games retailer, 
yesterday reported a sharp 
increase in frill year profits 
boosted by acquisitions and 
strong organic growth. 

Pre-tax profits for the group, 
which acquired 30 Virgin 
Games Stores for £ 12 .5m from 
Richard Branson's Virgin 
Group and WH Smith in 
November and now has 77 
stores In the UK and Ireland, 
jumped to EL03m in 1993 from 
just £154,000 last time, on sales 
of £ZL7m (£4£lm). 

Basic earnings per share 
increased to 2.49p (0.39p), 
equivalent to 233p on a fully 
diluted basis, and an initial 
0J>p final dividend is proposed. 

The Virgin Games Stores 
deal, funded through a 5-for-9 
rights issue priced at 44p, has 
enabled the group to accelerate 
its own development plans 
which set a target of 130 stores 
in three years. 

Commenting on the outlook 


were ahead 20 per cent, and 

sales in east Asia were improv- 
ing. 

Sales of the group's new 
scanning devices and Raman 
imaging microscopes were 
doing welL 

Mr David McMurtry, chair- 
man, said the group was con- 
tinuing to keep the pressure on 
costs while increasing invest- 
ment in new products and 

longer-term marketing. 

The group has invested 
almost £i_5m in a new manu- 
facturing facility, which should 
be frilly on stream at the end of 
the month. It will both 
increase capacity and improve 
efficiency. 

New sales offices are being 
opened in Singapore and Bei- 
jing. 

Mr McMurtry said the start 
of this year had seen increased 
sales and orders, which would 
“contribute significantly” to 
the second half 

Ea rnings per shar e fell from 
4.4p to 4p. The interim divi- 
dend is maintained at 25p. 


Mr Bev Ripley, chairman, said: 
“Our plan is well under way to 
open a further 40 Future Zone 
stores in 1994. The board is 
confident we will have another 
excellent trading year”. 

Last year the group pursued 
an aggressive opening pro- 
gramme tn creriff hi p fli p number 
of Future Zone stores from 5 at 
the start of 1993 to 47 stores by 
Christmas. 

Despite gloomy comments 
from some high street traders 
about video game sales in the 
run-up to Christmas, Mr Ripley 
said Future Zone’s like-far-like 
sales were up about 20 per 
cent He said there has been a 
substantial shift in market 
share away from non-specialist 
retailers to Future Zone and 
other specialists, “who have 
increasing competitive advan- 
tages as the product range 
becomes more complex". 

After climbing to a peak of 
67p in December, Rhino's 
shares had slipped back to 
trade under 4 Op in recent 
weeks. Yesterday they closed 
up 5p at 43p. 


By Simon Davies 

Wyevaie Garden Centres, the 
UK's largest garden centre 
group, yesterday announced a 
26 per cent increase, from 
£3.54m to £4.45m, in pre-tax 
profits for the 1993 year, aided 
by lower interest payments 
and a gradual increase in con- 
sumer spending. 

Sales expanded by 6 per cent 
to £36.6m (£34.6m), boosted by 
a 2.5 per emit increase in cus- 
tomers numbers. 

The results were in line with 
forecasts, but the share price 
fell 4p to 180p. 


By Tim Burt 

Asset disposals and Britain’s 
gro win g appetite for fast food 
fuelled a surge in profits at Piz- 
zaExpress, the restaurant 
group which nama to the mar - 
ket last year. 

Pre-tax profits in the six 
months to December 31 woe 
£3 Jm on turnover of £13. 6m. 
The comparable profits of 
£55,000 an turnover of £3Bm 
related solely to trading by 
Star Computer, the group's 
reverse takeover vehicle. 

Mr Glen Tomlinson, finance 


Following a successful 
£10.9m rights issue in Novem- 
ber, gearing has been reduced 
from 36 per cent to 4 per cent; 
the company is now looking to 
enlarge its sales network. 

Mr Brian Evans, chief execu- 
tive, said: “We want to expand 
the number of outlets and 
improve on current sites." The 
company has invested £L2m in 
acquiring tbe 10 acre flhaiiis 
Garden Centre in York, and is 
ltvtinriff for other similar oppor- 
tunities, in addition to expand- 
ing and refurbishing existing 
centres. 

Interest payments fell from 


director, said profits at Piz- 
zaExpress had been boosted by 
£L14m from the disposal of the 
computer business last 
autumn. After accounting for 
an interim operating loss of 
£285,000, funds received were 
£858,000. 

Mr Tomlinson added that 
profits of film on continuing 
catering operations repre- 
sented a significant improve- 
ment, althoug h no comparable 
interim figures were available. 

Turnover in the 32 wholly- 
owned restaurants increased 17 
per cent. Sales by the 39 fran- 


£1.42m to £981.000 as a result of 
declining interest rates and 
improving cash balances. Fol- 
lowing the rights issue. 
Wyevaie had money market 
deposits of £5.5m at the year 
end and Mr Evans said acquisi- 
tions would be funded from 
internal resources. 

Earnings per share were 9.7p 
(7.8p}. A proposed final divi- 
dend of L65p brings the total 
to 4.4p, a 10 per cent rise. 

Wyevaie also announced that 
Mr John Rudgard. group man- 
aging director of HP Bulmer, 
will join its board as a non-ex- 
ecutive director. 


chised outlets increased 11 per 
cent, while turnover by the 
wholesale division rose 7 per 
cent. 

As part of a strategy to 
increase the number of wholly 
owned restaurants, the com- 
pany said it planned to open 
four new outlets by June this 
year at a total -cost of up to 
Elm- 

Earnings per share came out 
at 23p (0.8p) and it is to pay a 
second interim dividend of 
0.5p. An initial interim of o.5p 
was announced last September 
in lieu of a final payment 


Enlarged Rhino 
advances to £2m 



Progress at AB Ports’ scheme 


Sir Keith Stuart, chairman of Associated 
British Ports, at the company’s most important 
property investment project, Capital Waterside 
at Cardiff, part of the redevelopment of Cardiff 
Bay. 

The elmlt matt raiH tin* ariiwna wax mg king 

excellent progress, hi the autumn of 1993, the 
Welsh Health Common Services Authority took 


occupation of Crickhowel! House, their new 
150,000 sq ft offices, and work was also well 
under way on 119,000 sq ft offices for NCM 
Credit Insurance on an adjacent site. Sir Keith 
said all sectors of ABP’s business had done 
welt “The prospects are now set fair for ns to 
pe rfo r m well on a sustained basis in the years 
ahead." 


Wyevaie grows 26% to £4.5m 


PizzaExpress surges to £3m 


NEWS DIGEST 


Exports 
help Record 
to £2.4m 

Helped by improved exports, 
Record Holdings achieved a 
jump in pre-tax profits from 
£L09m to £2. 41m in 1993. 

The Sheffield-based tool- 
maker attributed the rise to an 
improvement in overall effi- 
ciency, improved prices and 
tbe absence of any large reor- 
ganisation costs. 

Turnover rose from £28. 5m 
to £29.4m. There was a 6 per 
cent fell in the home market 
but exports advanced 15 per 
cent to £14.4m (£12J5m). Sales 
in the US rose by 56 per cent 

Earnings were 4.5p (1.7p). 
The dividend is held at 3.$p 
including a 2.45p final 

The shares rose 12p to 93p. 

Nu-Swift scheme 
sanctioned 

The High Court has sanctioned 
the scheme under which Nu- 


Swift, the fire protection and 
property group, is being taken 
private. 

The company will become a 
wholly owned subsidiary of 
Euro Fire Security, a private 
company owned by Mr Jacques 
Murray, its chairman. 

Under the scheme Euro Fire 
is offering 398p cash for each 
Nu-Swift share, valuing the 
Issued capital at £147 .2m. The 
scheme is expected to take 
effect today. 

Nu-Swift’s shares will be 
cancelled, and the Stock 
Exchange will be asked to can- 
cel permission to d eal in the 
shares on the USM. The shares 
have not been traded since 
June, when news emerged of 
the plan to take the company 
private. 

Paramount edges 
ahead to £273,000 

Paramount, the USM-quoted 
licensed premises operator, 
announced pre-tax profits Just 
ahead from £261,000 to £273,000 
for the six months to Novem- 
ber 30. 

The outcome was helped by 


DO YOU WANT TO KNOW A SECRET? 

The ID.S. Gann Seminar wffl show you how the mariieis REALLY work. The 
amazing trading techniques at the legendary W.D. Gam can increase your 
profits and contain your tosses. How? That's the secret. Ring 061 474 0080 to 
book your FREE place. 




INDEXIA Chart Books 

FT-SE IOO & Traded Options Securities 
updated at Friday dose, ou your desk Monday taondog 
Bar Chart. RSI. Relative strength. 08V, Ranking tables 
INDEXIA Rnratii. 121 High SL Botihamitcd. HF4 2 DJ 
Tel 10442)878015 Futt (0442)876834 


* PROPERTY FINANCE * 

New sources tor commercial pr op s ril es : up to 30* loan to' valuation; most 
conpetltlve and ftaxfijie terns: Mhihxjn £500,000. Contact RUtard von Gdcen. 
meftael Laurie Partnership LU (Member of Ihe SFA) 

Tot 071 493 7050 Fax: 071 499 6279 


Signal 


O 130 + software appfcaUottt O 
O RT DATA FROM *10 A DAY O 
Q signal SOFTWARE GUIDE © 
Cod London ® 44 «■ (0) 71 231 3SS8 

far your gukle and Signal prioe tot. 


increased profit from associ- 
ated undertakings and reduced 
interest payable. 

Turnover improved to £13.Gm 
(£12m). Earnings per share 
worked through at 0.41p (0-33p) 
basic and 0.32p (0.25p) fully 
diluted. 

Graham open offer 
subscribed 1.5 times 

Some investors in Graham 
Group, tha builders' merchant 
which comes to the market 
this month with a value of 
2210m, will receive only half 
the number of shares for which 
they applied in the open offer. 

The group announced yester- 
day that the offer had been 
subscribed 1.5 times, with 
applications for 5&8m shares, 
or 51 per cent of the total 
issued. 

However, some 74L5m of the 
1146m new shares had already 
been placed with institutions 
and only 40.1m were available 
for the public offer. 

Investors seeking more than 
200,000 shares will receive 50 
per cent of their application. 
Those seeking between 200 and 


2,000 will be satisfied in frill, 
while investors wanting a 
greater amount will receive 
between 85 per cent and 66.7 
per cent of their applications. 

Harlow Chemical in 
£8m acquisition 

Harlow Chemical, the syn- 
thetic resins and emulsions 
maker jointly owned by Yule 
Catto. the chemicals and build- 
ing products group, and 
Hoechst of Germany, has 
acquired Viking Polymers for 
£8m. 

Viking, based in Batley. 
Yorkshire, makes a wide range 
of synthetic resin dispersions 
for the paint and allied indus- 
tries in the UK, continental 
Europe and the Middle East. 

Ardagh at I£2.24m 
in difficult markets 

Ardagh, the Dublin-based glasw 
products manufacturer, 
reported pre-tax profits of 
I£2.24m (£2. 14m) for the 26 
weeks to December 28, against 
I£898,000 struck after rational- 


isation costs of I£1.17m. 

The company said the result 
was satisfactory in difficult 
trading. 

Turnover increased from 
I£16£m to I£17.4m. 

Interest received fell to 
l£242,000 (K592.000) resulting 
from lower interest rates after 
the devaluation of the punt 

Earnings per share were 
5.79p (2.05p) and the interim 
dividend rises to 0.76p (0.725p). 

AAH acquires 
Peak Systems 

AAH, the pharmaceuticals dis- 
tribution group, has expanded 
via the acquisition of Peak 
Systems and two associated 
companies. 

Peak, a supplier of computer 
systems to community care 
providers, will operate as a 
business unit within AAH 
Medital, which supplies com- 
puter systems to general prac- 
titioners. 

The initial consideration of 
£l.lm has been paid in cash. 
Further amounts not tw witng 
£l.4m may be payable depend- 
ing on future profits. 


This advertisement la totted m compliance with the regulation* or Hie International Stock 
United Kingdom and t he Bqwibt ic of I rela nd Limited Cthe London Stock Exchange"). It ^emph^^dlh^t thk, 
advertisement doeo not oonatitiile an offer or invitation to any person to aubecribefbr or to purchase Becurittok 
Application baa teen made to the London Stock Exchange for the New Shares and the Loan Stock to be toned 
pursuant to the Placing, Rights tone and Aeqmmbon to be admitted to the Official List. It is 

Creston Land & Estates pic 

{InOMfXXulfti la England muter the Campania Acta 
1908 to 1917 with agtXrrrd No. 210605) 

Acquisition of Properties 
Issue of £3,000,000 of 

6% Convertible Redeemable Unsecured Loan Stock 
(including a Placing of £1,500,000 of Loan Stock) 

and 

Rights Issue of 9,999,601 New Shares at 15p per Share 


Authorised 

Number Amount 
135,000.000 £13,500,000 


Share Capital 

i m med iat e l y following completion 


Shares of lOp each 




73.813.452 


K/xztd 
Amount 

£7.381,846.20 



Bataan Gregory Limited 
The Registry 
Royal Nunt Court 
London ECSN4ET 
A Member of The Securities 
and Futures Authority limited 


CJ.) 

Victoria i 

Bedfordshire LU1 2PZ 


Modern EClY 1BQ 

4th March, 1994 





s ^kt 


Ul 


FINANCIAL TIMES FRIDAY MARCH 4 1994 

Life Sciences 
disappoints 
with 12% rise 


COMPANY NEWS: UK AND IRELAND 


By David WJgbton 

Lite Sciences International, the 
laboratory equipment company 
beaded by LWT chairman Sir 
Christopher Bland, disap- 
pointed the City yesterday 
with a 12 per cent increase In 
pre-tax profits to £23m for 1983. 
Analysts had been expecting 
nearer £2fim and the shares fell 
15p to 14Qp. 

Excluding acquisitions, prof- 
its were down U par cent, the 
first fall since the current man- 
agement team was brought in 
by Robert Fleming, the mer- 
chant bank, almost seven years 
ago. 

Sir Christopher, who 
described the setback as “more 
of a belch than a hiccup** 
the company now had “a lot to 
prove". 

"1993 was the year in which 
the continuing worldwide 
recession had a significant 
impact on the laboratory 
equipment markets, which up 
to that point bad appeared rel- 
atively recession-resistant-” 

He said the US market grew 
broadly in line with inflation 
but that France. Germany, 
Italy and Canada were all 
“very disappointing”. The UK 
was the only “robust" market 
Earnings per share rose by just 
3 per cent to 9.4p (9.ip) but the 
dividend is up IQ per cent to 
3.9p (3-55p) via a proposed final 
of 2J5p (135p). 

Sales from continuing 
operations rose 16 per emit to 
£129m but excluding the trans- 
lation effect of the stronger 
dollar growth slowed to just 3 
per cent Trading profits from 
continuing operations fell from 
£l9.6m to 217.5m, after a 25 per 
cent drop in the second half. 

Profits were hit by £L6m of 
provisions covering settlement 


of a longstanding lawsuit and 
write-downs on the value of 
demonstration equipment in 
the US. Sir Christopher said 
that management bad 
steps to improve financial con- 
trols, particularly in the US. 

Acquisitions during the year 
contributed trading profits of 
£6.16m on sales of £25£m. Most 
of this related to Labsystems, 
the Finnish pipette maker 
acquired for £33£m in June. 

Sir Christopher said that 
despite the setback the acquisi- 
tion of Labsystems had marfp 
management “more confident 
about our position in the mar- 
ket than at any time to the 
past". Labsystems brought the 
group a strong presence in con- 
tinental Europe, the former 
eastern bloc and Japan. 

• COMMENT 

Shareholders in Life Sciences. 
Sir Christopher Bland's other 
company, have done rather 
less well than investors to 
LWT. While LWT shares have 
provided a compound animal 
rate of return of more than 60 • 
per cent over the past four 
years Life Sciences’ have 
offered little more than 10 per 
cent Over the past two years 
the shares have lagged the 
market by about 40 per cent 
and yesterday’s figures justi- 
fied investors’ caution. The top 
management was clearly sur- 
prised by the impact of reces- 
sion on the Continent and 
must also take some of the 
"blame for fin an rial controls 

to the US. though Labsystems 
looks an increasingly good 
acquisition. The current year 
has started well and assuming 
profits of about £28m the rat- 
ing drops to just 13. But, as Sir 
Christopher admits , the com- 
pany now has a lot to prove. 


Inishtech up 11% to I£8m 


A strong second half helped 
Inishtech, the Dublin-based 
maker of disposable hygiene 
and protective packaging and 
self adhesive labels, lift pre-tax 
profits ll per cent to I£8.lm 
(£7.8n0 in 1993. Profits to 1992 
were I£728m. 

Sales improved from l£S2-7m 
to l£603m. After tax of l£L59m 
(l£l _2m) and a I£6G1,Q00 
(IE713.000) charge for goodwill 


amortisation, earnings per 
share amounted to 35.6p 
(32-8p). Adjusted earnings were 
39.6p (37. Ip). 

At the interim stage the 
directors Indicated they would 
recommend a final dividend of 
4.75p. However, in light of the 
improved trading conditions 
they are now recommending a 
final of S.5p, making a total of 
8p (6L05p). 


BBA sells 
plastics 
offshoots 
for £25m 


By Tan Burt 

BBA, the engineering and 
motor components group, yes- 
terday embarked on the first 
stage of a wide-ranging dis- 
posal programme with the sale 
of three engineering busi- 
nesses to United Industries, 
the precision tools and springs 
manufacturer. 

The move follows the 
group’s decision to focus on 
four core businesses and sell 
np to 12 subsidiaries with a 
combined turnover of £200m. 

United, in which BBA holds 
a 21.23 per cent stake, has 
agreed to pay £25m cash for 
Holden Hydroman, Perplas 
and Rafpcn — all manufactur- 
ers of plastic and polyurethane 
components. 

The Leicester-based group 
said the acquisitions, funded 
by a £26m placing and open 
offer, would transform it from 
. a small specialist company 
with a market capitalisation of 
£8m into an operation w orth 
more than £40m. 

Mr Tom Brown, United's 
chief executive, confirmed that 
BBA would be taking part in 
the l-for-5 offer - involving a 
total of 186m new ordinary 
shares at 15p mcH — to main- 
tain its gristi n g KfatkA- 

“This is a mutually benefi- 
cial deal to both companies. It 
allows us to grow and BBA to 
refocus,** said Mr Brown. 

BBA. which is expected to 
report annual profits before 
tax and exceptional items of 
about £54m (£47.4m) next 
Monday, also welcomed the 
transaction. 

Mr Roberto Quarts, chief 
executive, said the group 
intended to concentrate of 
improving profitability of its 
automotive, industrial and avi- 
ation operations. 

The former BBA companies, 
which made a combined oper- 
ating profit of £2.86m 
(£828,000) in 1993, are expec- 
ted to bolster profits at United, 
which admitted that It had 
been straggling to overcome 
the effects of recession. 

United incurred a pre-tax 
loss of 21.5m on sales of 
giQ.gm in the nine months to 
December 31 last year, against 
a deficit' of £3. 63m on sales of 
229.6m to the 12 months to 
Aprils. 

United warned that it would 
not be paying a final dividend 
for the second successive year. 


Wills acquisitions and placing 


Wills Group, a maker of 
high-specification engineering 
products, is buying Algo, a dis- 
tributor of high pressure 
valves, for an initial £5m. 

The consideration will be 
satisfied by the issue of l8^m 
new shares, of which 2.18m 
will be retained by Algo's ven- 
dors. 

Deferred consideration of up 
to £l.2m is profit-related. 

Wills also plans to raise 


about 22.05m before expenses, 
through an institutional plac- 
ing of 7.47m new shares at 
27'Ap apiece through Greig 
Middleton. 

It is also placing, at the same 
price, 16m of the shares issued 
in connection with the Algo 
acquisition. 

At the same time Wills 
announced the acquisition of a 
73 per cent stake to Comtot, a 
Spanish representative for 


overseas makers of engineer- 
ing products, for up to Pta210m 
(Dm). 

These purchases follow the 
recent acq ui s iti o n s of SI Indus- 
tries, a maker of beer cooling 
equipment, acquired from the 
administrative receivers for 
£650,000 cash, and Cellar Ser- 
vices Technology, a designer 
and seller of dispense equip- 
ment, acquired for £60.000 

Cash. 


FORMOSA FUND 

lateruatkmal Depositary Receipts First and Second tranches 
Evidencing Beneficial Certificates representing 100 units 

CASH DISTRIBUTION 1993 

Kwu£ Hua Securities Investment Bud Trim Company Ltd, the mana ge r of the Formosa Fond, wmmm t xs a cash distribution of NT 
5300 per IDR (equivalent of IX umtt) for the imiihnMcra. The rash dutribrnion repres en ts a net. of 2D pa w i t hhol d in g tax end 
expenses. The above figure has been certified by Dckritte & Touche. 

The e* -distribution (record datej date is Match 1 1, 1994, 

Payment for coupon no. 3 of die Formosa Fund bltcrnatioaal Depositary Receipt win be made in USD on ox afmr Mitch 25, 1994 at 
nue of the following offices of Morgan Guaranty liust Company of New Yocfc 

Brussri* 35 av des Am Frankfurt 46 Manner Landestrassc Zurich 38 Stockeratrasse 

New York 60 Well Street London CO Victoria Embankment * 

In compliance with the lams end condition* of ihe Deposit Agreement the cash distribution *31 be made b y the Dcgom wy or the 
j/arementwoed agents, against presentation of the appropriate coupon and the certificate of nationality and residence duly co otpft te ri . 
Hidden of IDRs forming pan of a Global Depositary Receipt wDJ receive payment through Bmadear or CedeL 
With reference to an tmoooocemeut made on I4th January. 1994, balden of bearer £DRs are reminded that the bearer IDRs are to be 
exchanged for IDRs in registered form before 16th Match. 1994. After that date, existing IDRs in beater fora wflj cease to be 
acceptable for settlement of bargain* on the London Stock Exchange. 

The rcsuto for the year ended December 31, 1993 (audited by Detoine & Touche) woe: 

THE FORMOSA FUND - BALANCE SHEET - DECEMBER. 31, 1993 

NTPaton 

Stocks M market value (cost tnS 8,149.760,422) 1 °’ 9 16J512J)00 

Bands at market value (cost niS 15.619.498) 

Short Term Bills . . 

Deposits in Banks 
Accounts Receivable 

Interest Receivable 2?, 

Other Curreni Assets 

Total Arots I 2 J 59 . 4 S L 473 

u “ balllr ^ u 331T4&9Q5 

Accounts Payable n piM r»i 

Accrued Managemmi Fee . mdVTo 

Accrued Custodian Fee 
Taxes Payable 

Other Current Liabilities ~ W.ni 

Total Liabilities 

NET ASSETS UMlXOSg 


aaaMMa 

33U4&9QS 

11.844.121 

1.579.219 

5.298JJ9 


l? nunrttTM 
lI.74LLt9.U9 

^ClSStetoDisrribuiion 

Total IMffT . SKM 

Beneficiary Units Issued 5.M9.30Q 

Net Asset Value per Unit 

rue FORMOSA FUND - STATEMENT OF DISTRIBUTABLE INVESTMENT INCOME 
FOR THE YEAR ENDED DECEMBER 31, 1993 

Income Available lor Drarfoutinn: 

Beginning Balance 

59.527,764 

■Intercjtf 22X26512 

'Cash Dividends 39754IM0 

'Realised Stock Chviderak 
Total Income 

fowti ** . _ 57,093,014 

Management ecc 7,661,605 

'Cirdiklian Fee 26,442^12 

s- -ass 

r^Pfonifor^Yem ' « ,*55 

Income Equate*** on Units Redeemed and Rotated 

Income Available for Dirtt*ro«m StUffHE 

Dcptrttgy: Motp° Gioranry Tmsr Company of New York. 33 avcmie dcs Ana, 1040 Brussels 


Irish union opposed to C&W telecom bid 


By Tim Coone In Dublin and 
Andrew Adonis bi London 

The bid by Cable and Wireless, the UK 
telecommunications group, to form an 
alliance with Telecom Eireann, the 
Irish state operator, feces stiff opposi- 
tion from Ireland's communications 
workers* onion. 

But pressure on Telecom Eireann to 
conclude a deal with C&W appears set 
to increase as its domes tic monopoly 
comps under further assault from new 
operators targeting the lucrative Dublin 
b usiness market. 

Mr David Begg, general secretary of 
the CWU, said yesterday his tniinn 
would fi ght the creation of any joint 
venture between TE and C&W. "All the 
information we have about C&W Is very 
negative: they are very anti-union; their 
commercial focus is to develop the Asia- 


Pacific market, and this does not sug- 
gest a level of commitment to Telecom 
Eireann," he said. 

C&Ws bid, believed to be worth up to 
l£500m (£480ra), is far a joint venture 
with TE, the core of which would be 
TE's erigtfng international traffic. 

The government Insisted yesterday it 
would not be party to the privatisation 
of TE. A spokesman for Mr Dick Spring, 
the deputy prime minister and Labour 
party Leader, said "The govern- 
ment ... is considering strategic alli- 
ances but no decision will be made 
until there is foU consultation with the 
unions*. 

Mr Begg said that the CWU was "not 
opposed to principle” to strategic alli- 
ances being formed with other telecom- 
munications companies, but was 
"deeply concerned" if this involved the 
"siphoning off” of the most profitable 


parts of TE's business. 

However, TE already feces acute pres- 
sure on its international business from 
companies - including Cable and Wire- 
less - offering large Dublin businesses 
leased lines for international traffic 
priced below TE’s international 
tariffs. 

The latest entrant to the market is 
E-Sat, a private Irish company, which 
last month launched an international 
leased-line business in alliance 
with Sprint, the US long-distance car- 
rier. 

E-Sat, which already has 10 custom- 
ers, is pitching at companies spending 

more than £3.000 a month on interna- 
tional telecoms. It claims its charges 
are between 10 and 30 per cent cheaper 
than those charged by TE. 

The EU’s telecommunications ser- 
vices directive obliges state companies 


to make leased lines available to 
companies wishing to re-sell them, 
providing they are not used to carry 
tmfflc originating on the public net- 
work. 

Mr Douglas Goldschmidt, E-Sat's 
chief executive, said: "TE already feus 
stiff competition in its borne market; it 
cannot shield behind its monopoly for 
much longer." 

to a bid to stem the loss of interna- 
tional traffic, TE sharply reduced its 
international tariffs last September, 
increasing local charges. 

But it is still struggling with a high 
cost base. According to a recent survey 
by Lehman Brothers, TE has lower 
labour productivity than any other 
national telecoms company in the EU, 
with more than twice as many employ- 
ees per line as the Netherlands and 
France. 


Galliford 
slips to 
£267,000 

Pre-tax profits at Galliford, the 
Midlands-based contractor and 
housebuilder, slipped further 
from £327,000 to £267,000 dur- 
ing the six months to end-De- 
cember. 

The decline was in spite of a 
42 per cent profits rise to £l-3m 
from private housebuilding 
and a return to the black by 
the marchanKrig division. 

The company <aid that con- 
tracting operations con tinned 
to fa**** strong competition for 
work and bad incurred a loss 
during the first half. 

Mr Richard Miles, rfminnaT^ 
said: "The board expects the 
second half to continue to be 

difficult" 

Turnover of continuing 
operations fell from £1 09.3m to 
£102.5m. Earnings per share 
dipped from 0.27P to 02p leav- 
ing the interim dividend, 
unchanged at OJjp, uncovered, 
requiring a £265,000 transfer 
from reserves. 


Triplex 
buys John 
Williams 

Triplex Lloyd, the West 
Midlands-based industrial 
engineering group, is expand- 
ing its automotive castings 
activities through the pur- 
chase of John Williams 
Foundry from the receiver for 
£2.Gm cash, equal to net asset 
value. 

Cardiff-based Williams Is a 
specialist alloy iron foundry 
atwi a loading miinhdB Hr of 
turbocharger housings. 

Mr Colin Cooke, Triplex 

ffhnirwum , “OUT automo- 
tive division is now well- 
equipped to take full benefit 
from the growth in the tu rbo- 
charger market both in the UK 
and oversees." 

The increase to working cap- 
ital fs anticipated to be some 
£lm over the next three 
m onth* as the *MfonlnIg f nrHfm 
is unwound. Triplex plans to 
Invest £500,000 to “ensure the 
foundry is adequately 
equipped." 


Titaghur 
losses up 
to £2. 14m 

By David Blackwell 

The accumulated deficit at 
Titaghur, owner of six jute 
mills in Calcutta, rose to more 
£63m followin g an interim 
loss of £2J4m on turnover of 
£15m for the six months to Sep- 
tember 30. The comparable fig- 
ures were losses of £426,000 an 
turnover of £12 1 m 

Mr Reg Brealey, chairman, 
referred to his statement to the 
same adverse trading condi- 
tions that hit the fall-year 
results, announced to January. 
He Mam pH "a shortage of raw 
materials and a massive 
increase to their cost over the 
harvest purchase price". 

He does not envisage any sig- 
nificant improvement in the 
second half. However, he sees 
the benefits of recent negotia- 
tions With trade Tmlnng and 
Indian authorities coming 
through in the year to end- 
March 1995. 


Gecas chief resigns 
to form new company 


By Thn Coone In Oubfin 

Mr Colm Barrington, president 
and managing director of GE 
Capital Aviation Services, has 
announced his resignation 
from the company to form his 
own Dublin-based aircraft 
manageme nt company. 

Mr Barrington said that be 
plans to merge his new com- 
pany "with a major interna- 
tional investment company” 
which will provide the financa 
for a new fleet of aircraft, 
which will then be leased. 

He said that he had been 
considering his move for some 
time, and had an agreement 
with Gecas that he would 
review his position after four 
months. Mr Herb Depp was 
recently appointed worldwide 
chief executive of Gecas. 

Gecas was set up in Novem- 
ber last year as a wholly 
owned subsidiary of GE Capi- 
tal Services, following the 
restructuring of GPA, the 


Shannon-based aircraft imag in g 
company. 

GPA had run into serious 
financial difficulties following 
its aborted 1992 flotation. 
Under the restructuring deal, 
Gecas acquired 44 aircraft from 
GPA for S1.35bn (£920m), while 
the remaining 420 aircraft in 
the GPA fleet - still owned by 
GPA - came under Gecas man- 
agement. 

GPA yesterday announced a 
third-quarter loss of 5 18 .2m, 
making total losses of £43. 6m 
for the nine months to Decem- 
ber 31. The company reported 
outstanding debts of $5.8bn 
and a net worth of $i95m. 

Mr Barrington joined GPA in 
1981 and had been a key figure 
to arranging the finance for 
the fleet during its rapid 
expansion. He also developed 
GPA's aircraft securitisation 
programmes which contributed 
£L5bn in revenues to GPA. In 
1992 he was also appointed 
GPA’s chief operations officer. 


Over £1 billion 

of UK investment purchases and sales during 1993 

including. . . 


* I - • ' • r\. _ 

v .*• r 

••-.lootawi;---’-':;. 1 

^-cdSBiwSn^:-^ 

: :: V’.f-. Aaprittutm 


i :^M38QSm ;* V 


T . .Jc5J6 - < 






fc— ’ w jfr rt-.a^,. ■■ n TJ--— 


> Ijr.w £..aJc5 ptisitkM - 


PrtooesStreet 
• jEdUbixgl ; “ 

. £3-6m • 

-V - CUeut '' Jr 
- BkttWh Gas 
' Corporation 
FatikmSt fame ; 

Acquisition 



Client 

PrJvafie Overseas 






Making property perform 


Debenham 

Thorpe 

International Prop>erty Advisers 


In partnership with DTZ Zadelhoff 
Represented in over 150 offices worldwide 













28 




_ *\ ■*,.>■■«**'* 


AMIC 


ilfH 





Although 1993 brought little general improvement in trading 
conditions in South Africa and internationally. AMIC achieved 
a significant increase in earnings, thereby reversing a three- 
year decline. Earnings rose by 23 per cent to R436 million, 
and by 48 per cent to R526 million if abnormal credits arising 
from the release of deferred tax are included. Reflecting the 
greater number of shares in Issue, earnings per share 
increased by 19 per cent to 739 cents, excluding the tax 
release, and by 44 per cent to 891 cents including it. 

Group Developments 

We have made good progress towards the objectives set by 
our business review, namely enhanced financial efficiency, the 
consolidation of certain industrial interests, and diversifica- 
tion designed to diminish the Impact on our results of the 
commodity cycle. 

Group capital expenditure for the year was R876 million, of 
which R6SS million related to expansion projects and the 
balance to replacement of assets. By the year-end the debt/ 
equity ratio had increased sfightfy to 17 per cent (1992 - 12 per 
cent]; such low gearing gives us adequate scope to fund 
known commitments and such new opportunities as may occur. 

Economic Recovery 

The recovery already underway, supported by what promises 
to be an exceptionally favourable agricultural season, has the 
potential to accelerate appreciably in 1994. with GDP growing 
perhaps by as much as four per cent. However, with global 
recovery overall likely to remain restrained, the industries 
most dependent on external markets can hardly expect more 
than a moderate improvement in prospects. South Africa's 
own growth will therefore differ in character from the norm, 
where the upturn typically has been preceded by a sharp rise 
in exports, responding to the buoyancy of world bade. On 
this occasion the quickening in domestic activity is likely to be 
led by rising private and public investment spending. Imports 
in due course will rise too. so reinforcing the need for 


prudence in monetary policy and careful husbanding of the 
gold and foreign exchange reserves, which have now shrunk 
to the equivalent of only six weeks of imports, despite die 
$850 million loan from the International Monetary Fund. 

The key to ensuring that recovery can be sustained thus lies in 
maintaining an economic environment conducive to private 
fixed investment on a substantial scale. The abolition of 
sanctions and our new political acceptability are simply pre- 
requisite to that objective - they do nothing to generate 
investment in themselves. Politicians, businessmen and trade 
unions have a common concern that South Africa should be 
not only democratic but prosperous. In the long run politics is 
the handmaiden of economics - it is not the other way round. 
The way ahead therefore lies in building on the progress the 
country has made in its economic management over recent 
years, and in finding ways of rectifying the injustices of the 
past without resort to over-ambitious policies that in time will 
inevitably abort growth, prosperity and, finally, democracy itself. 

The Future 

The practice of extending the policy-making process through 
fora representative of the interests concerned has been of 
considerable value at this transitional stage of our affairs - 
notwithstanding the consequential delays - because it has 
broadened the acceptability of the decisions taken. In the new 
South Africa, however, consensus ought not to be pursued 
to the point where it could enfeeble policy and action. 
Government must govern in the knowledge that the right 
decisions are not necessarily popular in the short term. 

As far as AMIC is concerned, the gradual improvement in 
trading conditions during 1993 has continued into the first 
quarter and we expect it to strengthen through the remainder 
of the year. All our subsidiaries and associates are budgeting 
for increased earnings. Subject only to the risk of politically 
related disruption, I am therefore confident that AMIC win 
achieve a Further material improvement in its results in 1994. 


Results 

1993 

1992 

Income Statement 

R million 

R million 

Turnover 

8 789 

6 782 

Earnings from operations and investments 

439 

256 

Share of earnings of associated companies 

209 

210 

Dividends 

89 

96 

Retained earnings 

120 

114 

Interest earned 

75 

89 

Income before interest and taxation 

723 

555 

Interest paid 

76 

85 

Earnings before taxation 

647 

470 

Taxation 

78 

— 

- Current 

98 

45 

- Deferred 

(27) 

(45) 

-STC 

7 

— 

Earnings after taxation 

569 

470 


133 

116 

Earnings attributable to outside shareholders 

92 

60 

Preference dividends 

41 

56 


Earnings before abnormal credit 436 354 

Abnormal credit 90 — 

Adjustment to deferred tax arising from 


the reduction in the tax rate 

135 

— 

Less minorities' share 

Earnings attributable to 

(45) 


ordinary shareholders 

526 

354 

Extraordinary items 

9 

18 

Earnings available (or distribution 

517 

336 

Dividends - ordinary and preference 

(235) 

(200) 

Capitalisation issue - 1992 final dividend 

69 

— 

Earnings retained 

351 

136 

Number of ordinary shares in issue (000) 

59 727 

57 410 

Earnings per ordinary share 



(after abnormal credit)* - cents 

891 

621 

Dividends per ordinary shore - cents 

375 

350 

Interim 1 

110 

no 

Final 

265 

240 


Hjki! on tfk- uvlghtnj nbmtaT of W O'-"* .101 mfeuiv Vurox In tfeue lor Uw \vji 


4 March 1994 

Capitalisation Share Award and Right of 
Election to receive instead a Final Dividend 

The Directors have resolved to award capitalisation shares to 
ordinary shareholders registered in the books of Amlc at the dose 
of business on Friday, IS March 1994 (“the record date"). Tire 
terms ol the capitalisation award will be published on Monday, 14 
March 1994. Shareholders may in respect of all or part of their 
shareholding elect to receive instead a final dividend of 265 cents 
per ordinary share in respect of the year ended 31 December 
1993 (“the election"). The cfividend, which may be received, 
together with the interim of 110 cents, brings the total to 375 
cents. The new ordinary shares to be issued pursuant to the 
capitalisation award will be Issued as fuDy paid up by way of 
capitalisation of part of Amie s distributable reserves. 
Documentation dealing with the capitalisation award and the 
election will be posted to shareholders on Friday, 25 March 
1994. In order to be valid, completed election forms will need to 
be received by the company’s transfer secretaries by no later than 
12h00 on Friday, 15 April 1994. Should such election forms not 
be received by such date. Antic will automatically issue 
capitalisation shares to all relevant shareholders concerned. 
Application will be made to The Johannesburg Stock Exchange 
and The London Stock Exchange for the capitalisation shares to 
be listed with effect from the commencement of business on 
Friday. 29 April 1994. 

Shareholders are advised that the share registers will be closed 
from Saturday. 19 March 1994 to Friday, 15 April 1994, both 
days inclusive. 

The right to elect to receive a dividend is not available to share- 
holders in any jurisdiction in which It is illegal to grant the same. 


Announcement ol basis of capitalisation award 

Monday. 14 March 

Last day to register for award of capitalisation 
shares and right of election to receive instead 
of final dividend 

Friday. IS March 

Registers dosed from 

Saturday, 19 March 

to (inclusive) 

Friday. 15 April 

Shores listed ex the award of capitalisation shares and 
cx the final dividend on The Johannesburg Stock 

Exchange and on The London Stock Exchange Monday. 21 March 

Circular and form of dec&m posted to shareholders 

Friday. 25 March 


Last day to moke the election for a final dividend 
instead of the awanl of capitalisation shares (by 


I2H00 local time in Johannesburg and London) 
with no late forms of election being accepted 

Friday, 15 April 

Share certificates and/or dividend 
cheques posted 

Thursday, 28 April 

Dividend payment mode. Listing of 
capitalisation shares commences on 

The Johannesburg Stock Exchange 
and The London Slock Exchange 

Friday. 29 April 

By order of the board 

Anglo American Corporation of Sooth Africa Limited 

Secretaries 

per: A V Watersion 

Divisional Secretary 

4 March 1994 


Registered Office 
44 Main Street 
Johannesburg 
(PO Box 6 15S7 
Marshalltown 2107) 
South Africa 


London Office 

19 Charterhouse Street 
London EC IN 6QP 
England 


Transfer Secretaries 
Consolidated Share Registrars Limited 
1st Floor - Edura 
40 Commissioner Street 
Johannesburg 

IPO Box 61051 Marshalltown 2107) 
South Africa 


Barclays Registrars 
Bourne House 

34 Beckenham Road 
Beckenham 
Kent BR3 4TU 
England 


(sDSIS 



COMPANY NEWS: UK 


Gambling with a cool hand 

Paul Abrahams on ICI’s foray into the Japanese chemical market 



Trwv MOTprmw 


Bonnie Hampel; Asia to get higher proportion of investment 


W hen Mr Ronnie Ham- 
pel, chief executive 
of Imperial Chemical 
Industries, opens a new plant 
thic morning in MXhara, near 
Hiroshima, he will be gambling 
that his company can takn on 
the Japanese on their own turf. 

The gamble is all the more 
audacious because ICI is com- 
missioning a plant In Japan at 
a time when almost all indige- 
nous chemicals manufacturers 
have stopped adding domestic 
capacity. 

japan’s chemical industry 
has been ravaged by a particu- 
larly long domestic recession, 
high domestic operating costs 
and an ever-appreciating yen. 

In addition, its main custom- 
ers - the automotive, electron- 
ics and textiles industries - are 
migrating to other Asian loca- 
tions. 

Most Japanese chemical 
companies have responded to 
the crisis by investing outside 
their traditional domestic man- 
ufacturing bases and b uilding 
plants in south-east Asia. 

The question remains why a 
British company believes it 
can succeed where indigenous 
manufacturers are finding it 
hard to reakp money? 

Mr Hampel is gambling that 
ICI can triumph with a product 
called HFC 134a. 

This is designed as a substi- 
tute for ozone-depleting CFCs, 
production of which is sched- 
uled to be halted at the end of 
1995. 

HFC 134a, which is marketed 
under the brand name Elea, is 
used mainly for refrigeration 
and air conditioning. The £50m 
factory, a 50-50 joint-venture 
with Teijin of Japan, will have 
initial annual capacity of 6,000 
tonnes. 

ICI is nothing less than 
ambitious. It intends to grab 20 
per cent of the Japanese HFC 
134a market and a higher pro- 
portion elsewhere in the Asia- 
Pacific region. 

The company hopes to repeat 
the success already achieved in 
the US, where market share is 
as high as 40 per cent - the 
highest ever achieved by an 
ICI product, according to Mr 
HampeL 

That ICI is investing in Asia 
is not surprising. 

Says Mr HampeL “Asia will 
get a higher proportion of our 


investment over the next few 
years because of its superb 
growth potential” 

Last year 25 per cent of turn- 
over was In the Asia-Pacific 
region - including Australia. 
That compares with 22 per cent 
in the UK, a similar proportion 
on the Continent, and 30 per 
cent in the US. 

ICTs commitment to the 
Asia-Pacific area is demon- 
strated by its capital invest- 
ment there over the last three 
years. 

At a time when capital 
spending has been severely 
rationed, the bulk has been 
invested in the region. 

Sir Denys Henderson, ICI 
chairman , bag opened numer- 
ous Asian facilities. These 
include a titanium dioxide 
plant in Malaysia, and pure 
terephthalic acid and methyl 
methacrylate complexes in 
Taiwan. In three weeks' time, 
he is to open a paints facility 
in China. 

Mr Hampel Is adamant that 
the decision to invest in Japan 
was the right one. “The Mlhara 
HFC plant puts oar CFC-re- 
placement business on a global 
footing. It's the third piece in 
the global jigsaw." Hie groap 
is the only CFC substitute 
manufacturer in Europe, the 
US and Japan, he adds. 

Although the Japanese econ- 
omy is in recession, the market 
remains extremely Important, 
says Mr Geoff Tudhope, man- 
aging director of ICI Fluorocar- 
bons. The initial targets will be 
the automotive and domestic 
refrigeration industries. 

"Once you have the blessing 
of the Japanese parent com- 
pany, you can sell the product 
to their subsidiaries anywhere 
In the world,” says Mr Tud- 
hope. 

The product has already 
been qualified by significant 
Japanese automotive and elec- 
tronics groups, although ICI 
declines to identify them. 

ICI believes its technology 
will give it a sustainable com- 
petitive advantage. The com- 
pany has considerable exper- 
tise in the sophisticated 
lubricants required for each 
different HFC application. It 
has set up a technical centre at 
Tsukuba science city which 
can provide a complete service 
for Japanese clients rather 


than just a product. 

Other advantages accrue 
from having a technological 
base. “It's tough to manufac- 
ture in Japan. But our propri- 
etary catalyst technology will 
enable us to continue to run a 
low-cost plant, even though it's 
producing in Japan." says Mr 
Tudhope. 

ICI is the only manufacturer 
of CFC alternatives to also 
make its own catalysts. It 
believes its catalyst technology 
is far beyond that of its com- 
petitors and will allow it to 
increase both product quality 
and plant yield. 

It expects that the catalysts 
should eventually allow global 
HFC 134a capacity to be 
increased from 20,000 tonnes a 
year to 50,000 tonnes without 
significant capital investment. 

“The technology involved 
means this will not be a multi- 
producer commodity chemi- 
cal" insists Mr HampeL 

Competitors include Du Pont 
and Allied Signal in the US, Elf 
Atochem in France and 
Hoechst in Germany. In Japan, 
manufacturers include Asahi 
Glass, Daiidn. Showa Denku 


and a joint-venture between 
Du Pont and Mitsui. World 
capacity is probably about 
50.000 tonnes a year, according 
to ICL 

The world's CFC replace- 
ment market has not grown as 
quickly as expected, admits Mr 
Tudhope. The recession meant 
many companies had delayed 
their conversion. However. 
Id's sales are running at a 
monthly rate equal to the 
annual rate just a year ago, he 
says. The market is expected to 
tighten considerably in 1995 
and 1996. 

Mr Hampel says the fluoro- 
carbons business has been 
privileged to receive so much 
investment. Like other ICI 
operations, it has been set 
aggressive targets for return 
on capital. 

Once Mr Hampel has cut the 
ribbon today, the factory must 
prove It can achieve its goals, 
in spite of the handicap of 
manufacturing in one of the 
world's most difficult markets. 

Although the risks involved 
in Mr Hampel's gamble are 
high, ICI believes the dice are 
loaded in its favour. 


Yorkshire 
Building 
Society 
ahead 20% 

Yorkshire Bnfldlng Society, 
the UK's 12 th largest, 
announced pre-tax profits of 
£6&8m for 1993, an increase of 
20 per cent, writes Alison 
Smith. 

Net mortgage lending was 
down slightly at £850m 
(£873m). reflecting competi- 
tion societies have been faring 
from bonks in this area. Net 
retail receipts rose steeply, 
from £12 lm to £223m. 

Total assets rose to £5J3bn 
(£4.8bn). 

Provisions for bad and 
doubtful debts and liabilities 
fell 20 per cent to £ 18.4m 
(£22Jftn). This is not as sharp a 
fall as that recorded by some 
other leading societies, but 
Yorkshire said this was partly 
attributable to the way In 
which house prices bad moved 
In the north of England, as 
against the UK as a whole. 

The cost/income ratio fell 
from 39.6 per cent to 38.7 per 
cent 

Mr Derek Roberts, chief 
executive, said that 1994 was 
"nnlikely to herald a signifi- 
cant recovery in the core 
savings and mortgage mar- 
kets" but the consistency of 
Yorkshire's performance bad 
enabled it to reduce operating 
margins. 


ABTRUST NEW Dawn said 
that 945,820 C shares had been 
taken up by existing share- 
holders and warrantholders 
under the open offer. The 
remaining 11m shares will be 
allotted to placees. 

ANGLIA TELEVISION Group: 
Offer from MAI accepted in 
respect of 40.7m shares (90.7 
per cent} and remains open 
imfrii farther notice. Additional 
cash election and additional 
share election closed on March 
1 with 3.16m and 27.1m shares 
affected respectively. 
BECKENHAM GROUP has 
received acceptances In respect 
of 65.75 per cent of the shares 
offered in the recent rights 
issue. 

BUSINESS TECHNOLOGY 
Group, the photocopier and 
facsimile sales and service 
group, is paying a nominal 
sum to acquire 4pM. The War- 
rington-based company speci- 
alises in re-manufacturing pho- 
tocopiers. 

CARLISLE GROUP: rights 
issue of 27.7m ordinary shares 
has been taken up as to 26 An 
shares, or 97.2 per cent of the 
issue. The balance has been 


Sales collapse leaves Linx 
Printing with £391,000 loss 


By Alan Cane 

A poor first quarter, during which sales in the 
US collapsed and European sales slowed dra- 
matically, cost Linx Printing Technologies any 
chance of profitability at the halfway stage. 

The Cambridgeshire-based manufacturer of 
continuous ink-jet printers, returned a loss 
before tax of £391,000, compared with profits of 
£763,000, on sales down 26 per cent to £4J27m 
(£5. 75m). 

Losses per share were 1.78p, compared with 
earnings of 3.7p. An interim dividend of 0_25p is 
declared. 

Mr Michael Keeling, managing director, said 
that sales in Europe had slowed in the first 
quarter as distributors ran down stocks of print- 
ers when recession started to bite. 

The second quarter had shown an improve- 
ment and the company bad traded profitably 
but it was not enough to offset losses in 


the first three months. 

Sales in the US slipped to £167,000 in the half 
year, compared with £612,000 last time. Mr Kee- 
ling said that action had been taken to redress 
the position although he was unwilling to spell 
out measures in detail. 

Linx, which came to the market in 1992. has 
been hit by a combination of recession in its 
principal markets, increased competition from 
Videojet and Domino and changes in the 
pattern of demand for continuous ink-jet print- 
ing. 

It was also affected by the delayed launch of 
the 6Q00R printer, both the printer and an envi- 
ronmentaUy-friendly ink were launched late last 
year, and, Mr Keeling said, have been well 
received. 

He added that trading improvements, noted in 
the second quarter, had continued and he 
believed the company would make a profit in 
the full year. 


Bensons Crisps declines 


Bensons Crisps, the 
Preston-based food manufac- 
turer, suffered from the grow- 
ing price war in the grocery 
trade and reported pre-tax prof- 
its 66 per cent lower at £302,000 
for the year to November 30, 
against £500,000. 

The company said there had 
been constant pressure on sell- 
ing prices and product mix 
throughout the period. It added 
that the climate was not expec- 
ted to change during the pres- 
ent year. 


Turnover rose from £33 Jim 
to £34J5m with growth in sales 
to supermarkets and discount- 
ers making up for the decline 
to independents. Its share of 
the crisps market grew by 3 
per cent while snacks showed 
a 24 per cent advance. 

A tax credit of £279,000 
(£99.000 charge) helped earn- 
ings per share improve to 4J.p 
(5p). A maintained final 
dividend of 2.15p is recom- 
mended for an unchanged total 
of Z£5p. 


Bunzl makes US 
acquisitions 

Bunzl, the paper and packing 
concern, has made two acquisi- 
tions in the US. 

It is purchasing Ziff Paper, a 
distributor of paper and plastic 
disposable items with annual 
sales of {54m (£37m). 

Bunzl is also acquiring M5L 
an injection moulder of tube 
fittings for the oil an d gas 
industry, which has sales of 
$4.5m. 

Considerations were not dis- 
closed. 


NEWS IN BRIEF 


placed at a premium. 

CASTLE CAIRN Investment 
Trust open offer of C shares 
has closed. Total applications 
amounted to 2.63m shares. 
COURTS GROUP Pension 
Fund has been restructured, 
with 501,858 shares transferred 
to a new self-administered 
scheme, 308,400 to a discretion- 
ary trust to benefit employees 
and 70,163 shares to remain in 
the the Fond. 

ENTERPRISE COMPUTER 
Holdings is to acquire Californ- 
ia-based Database Server 
Systems for ¥600,000 (£411,000) 
by the issue of 1.79m shares to 
vendors Mr Robert Bolt and Mr 
Robert Gentry. 

FISONS has agreed to sell its 
soluble NPK fertiliser business, 
based in the Netherlands, to 
Norsk Hydro. The consider- 
ation was not disclosed. 
GANDER HOLDINGS has sold 
one of its properties in Ken- 
sington and Chelsea for £lm 
and bought two further proper- 
ties for £450,000. 

HILLSDOWN HOLDINGS’ sub- 
sidiary, Hillsdown Interna- 
tional, has sold Vleeswarenfo- 
brlk Scbeemda, its Dutch 


pastrami and smoked beef 
operation, to a new company 
formed by the shareholders of 
Vleeswarenfabrik Quartet, one 
of Scheemda's competitors. 
The disposal is not material in 
relation to Hillsdown's net 
assets. 

MEGGflT has formed a new 
strategic business unit, Mob- 
rey, from five businesses in its 
controls division. Aggregate 
sales amount to £40m. 
MELVILLE has sold a freehold 
property to its current lease- 
hold tenant for £635,000 cash. 
Transaction will result in a 
profit of £15,000. 

MKRIVALK MOORE hac sold 
the freehold residential site at 
Ransome's Dock in south-west 
London for £1.75m. Since July 
1 asset sales totalled £14m and 
property purchases £l3m. 
REGENT INNS has sold seven 
small food-orientated pubs in 
the home counties for a total of 
£ l.44m. The buyer. Country 
Style Inns, is an Independent 
retailer backed by clients of 
Mercury Asset Management 
SEVERN TRENT is to sell its 
Hong Kong engineering consul- 
tancy, Charles Haswell & Part- 


ners, for £250.000 to WS Atkins 
engineering consultants. 
STANLEY LEISURE has 
received acceptances in respect 
of 98.83 per cent of the shares 
offered in the recent rights 
issue. 

SURREY GROUP is buying six 
licensed betting offices from 
PV Day in the Swindon. Wilt- 
shire. area for £360.000 with a 
further amount up to a maxi- 
mum £75,000. 

SYMONDS ENGINEERING is 
buying HBH Group, a toolmak- 
mg and press stamping com- 
ity. for £560,000. to be satis- 
fied by the issue of 912JW0 new 
Symonds shares and £332,000 
cash. 


UNICHEM's retail subsidiary E 
Moss has acquired the phar- 
macy trading as Roy Miles in 
Lranleigh. Surrey, for a maxi- 
mum £173,696. to be satisfied 
by the issue of 23,073 ordinary 
i0p each, plus a 
£50,000 loan note, with the bal- 
ance in cash. 

Utility CABLE has received 
acceptances in respect of 32.4m 
shares, representing 97.3 per 
cent of its recent rights 
issue. 















L ondon’s office market is 
back in business. For the 
first time since 1988, the 
volume of new office con- 
struction starts In central London is 
set to increase this year, albeit from 
rock-bottom levels. Even specula- 
tive development is once a gaig via- 
ble, in certain locations. 

“The opportunities, finance and 
willingness should be in place for a 
marked increase in developer activ- 
ity in central London in 1994-95" 
according to DTZ Debenham 
Thorpe, surveyors. 

Is London, therefore, experienci n g 
another of its traditional develop- 
ment cycles? Or is a more funda- 
mental change under way? 

Research group Applied Property 
Research suggests the latter, in a 
report on the London office market 
published this week. "Structural 
changes, which are fundamental to 
the central London office market’s 
long-term health, axe beginning to 
happen,” the report says. 

Cha n g in g employment patterns, 
new transport links, more flexible 
leases and the increasing obsoles- 
cence of old buildings are highlight- 
ing the polarisation between proper- 
ties that suit tenants’ needs and 
those that foil them, says APR. 

“In the traditional property cycle, 
even poor quality products let in a 
good market This will no longer be 
the case," says APR. Central to this 
argument is the view that the let 
ting prospects for some offices are 
so poor that they are likely to be 
demolished or decommissioned 
when they foil vacant 
"For the first time in the postwar 
period, there is now evidence that 
the market is exerting pressures 
which will lead to a decrease in the 
total office stock," says APR. 

It argues that the area of land 


After three years in the doldrums, the UK capital's office 
sector is showing signs of life. Vanessa Houlder reports 


A capital start in 


London’s long haul 


devoted to offices in London will 
decline because new development 
will only take place in central loca- 
tions. in these areas, the expansion 
in property stock as a result of rede- 
velopment is more limited than in 
fringe locations, where development 
is often on virgin office land. More- 
over, existing office buildings are 
being sold for conversion to residen- 
tial use, In both prime and fringe 
locations. 

The statistics on office vacancies 
underline the wide gap in the pros- 
pects for buildings and locations. 

The overall availability of offices 
in London fell from 17 per cent to 14 
per cent in 1993, according to DTZ 
Debenham Thorpe. But in the core 
areas of central London there was a 
45 per cent foil in the volume of 
new space available and a 12 per 
cent decline in the volume of sec- 
ond-hand units. in t!hp fringes, the 
volume of new space declined by a 
fifth while the volume of second- 
hand space increased by 3 per cent 
• In the West End, there is a rela- 
tively limited supply of large new 
buildings, with only five new build- 
ings of more than 50,000 square feet 
on the market Last year demand 
for buildings totalled 3.8m sq ft, the 
highest annual total since 1989. 
There has been an upturn In specu- 


Centraf London construction starts 



UovckAPR 


lative development, with the Pru- availability of buildings in mid- 
dential and Great Portland Estates town dropped by 30 per cent, to just 
both starting projects. 9 per cent of the total stock, this 

• In mid-town, an area including was due less to the (small) rise in 
Holbom, Covent Garden and take-up than to the withdrawal 
Bloomsbury, prospects are mixed, from the market of 700.000 sq ft of 
Covent Garden market is proving old office space, 
relatively robust but Holbom is suf- • In the City, underlying rents are 
faring, partly because big tenants increasing markedly, says APR. In 
such as British Telecom, British the first half of 1993, lettings were 
Gas and the Ministry of Defence are occuring at “net effective rents’ - 
likely to vacate large areas of space which allow for rent-free periods 
over the next five years. and other inducements - of no 

According to DTZ, although the more than £10 per sq ft in new 


buildings. Net effective rents for the 
best new space in the City are now 
back in the "low £20s” and likely to 
exceed £30 per sq ft within a year. 

• In Docklands, vacancy rates 
stand at 44 per cent, although total 
take-up of 781,000 sq ft in 1993 was 
the highest since 1987. APR argues 
that Docklands is set to become a 
serious option for central London 
tenants. 

Three factors stand in Docklands 
favour. First, the availability of 
high-quality space. Second, competi- 
tive prices, of about £I2-£15 a sq ft, 
with the first five years of a 15-year 
lease rent free (though not in 
Canary Wharf). Third, Docklands 
will begin to acquire a critical mass 
in the next couple of years, particu- 
larly when Credit Suisse First Bos- 
ton, Mirror Group and London 
Underground complete their reloca- 
tion to the area. 

• The prospects for the City 
fringes, which are littered with 
vacant and derelict office sites, are 
poor, according to APR. It believes 
the City fringes faces a bleak out- 
look because of the abundance of 
empty buildings and general urban 
dereliction. Many office occupiers, 
which in the past had no choice but 
to locate in the City fringe, can now 
get decent second-hand space in 
more central locations on the flexi- 
ble terms they require. 

Because the prospects for offices 
are so poor, the process of convert- 
ing offices into residential use is 
most active in the City fringes. By 
December 1993, 53 planning permis- 
sions and applications had been 
submitted to the authorities for res- 
idential development on office land 
or conversion of office buildings. 

“The City fringe is in the firing 
line of structural- change," says 
APR. 


Small is beautiful 
and profitable 

S mall is beautiful: this saying this makes it easier for small funds 

has been a useful rule of to diversify a portfolio. Funds with 

thumb for property funds. less than £15m of property are. 
Over the past 10 years, property however, at a disadvantage because 

funds have produced better returns of the smaller numbers of 
and proved less volatile than lmger properties held. • 
rival funds, writes Vanessa But how much of the smaller 

Houlder. funds’ ou (performance Is simply 

A report by Gerald Eve and a matter of luck? Small funds’ 

Schroder Properties found that inability to buy large properties, 

the best-performing property funds such as shopping centres, means 
managed property Investments they have avoided some of the 
of less than £50m in total, while worst performing sectors in recent 
returns from larger funds tended years. “Smaller funds have 
to diminish in tine with their size. benefited by default rather than 

This is attributable, in part, to through a conscious decision to 
the small funds’ greater agility. buy small investments such as 
On average, smaller portfolios were shops and industrial units," says 
successful in shifting out of retail the report, 

property, which outperformed in However, the tide may shift 

the early 1980s, and into industrial towards larger property owners, 
property, which outperformed in "The market has suited smaller 
the late 1980s. investors over the past five years, 

Smaller funds have tended to but the next 10 years are sure to 
be no more volatile than larger be different and the bias may well 

funds probably because they suit the larger investors,” the 

concentrate on smaller properties; report adds. 

Changes In property values (%) 

RetaH Office industrial AB 



Yew to 
Jan ft! 

Mnh d 
JanM 

Yew to 
Jen M 

Mrtol 
Jan 9* 

Yew to 
Jan 04 

Mnfc of 
J8nS4 

Yew la 
Jan M 

IMi o! 
Jen 0« 

Rentri growth 

-26 

-0.1 

-104 

-08 

-as 

-as 

-7.4 

-03 

Capfef growth 

108 

15 

6.1 

09 

00 

12 

02 

1J2 

Total return 

19.7 

2.1 

T7J 

1.7 

17.4 

01 

104 

18 

Current yields 

02 


9.1 


103 


09 



Sonne IPO Monthly Index. kmsknent Property Datater* 



.444-- 


DE & J LEVY 


BRUSSELS 

(AUDERGHEM AND WOLUWE-SAINT-PIERRE) 

HKJPSHTT OF 1HBB MOW StMBHMO BOUOWS 

Opposite As Vol Dudwsse Pork 

1 — — Loti. Boulevard du 

Souverain, 400 

OFFICE 
BUILDING 

ground: 1835m2 - fronta- 
ge: 64.19m -4 fftxxs for 
business purpose 
(1490m2) -car parks - 
Free 01.07.94- 

. Bankwarranty of 

25.000.000 BF to be produced at the moment of sale. 

Lot 2. Boulevard du Souverain, 402 

BLOCK OF FLATS 

to be completed - ground: 3680m2 - frontage.29.53m - 14 appartements 
or flats - 8 with bedroom comer and 6 wilh sap arated bedroom - area- 37 
to 72m2 each appart. or flat -35 car park places ( 3 double) - 9 cellars - 
Free - entire sale or in lots - Bank warranty of 15.000.000 BF to be pro- 
duced at the momerri of sate ( m case of entire sale). 

Lots. Boulevard du Souverain, 404 

MODERN VILLA - 

ground: 919m2 - frontage: 15.76m - garage 2 cars -4 bdrms ( 2 with 
bfhrm) ■ service im with Whim -living 2 tavatel + o.t) - equiped kitchen - 
bthrtn - dressing - cloakroom - 2 tol. * halls - car parks - free. 

VISITS: Lot 1.: tuesday and today: 2.00 to 490 pm. - Lot 2 & 3wednes- 
day and Saturday: 2.00 to 490 pm. 

TOWN PLANNING: area tor habitation with cultural, historical and/or 
aesthetic interest - TAP, prov. appro uved lot lactoknistration purpose, 
lot 2: dweffing purpose. 

PUBLIC SALE: Wednesday 16 March 1994 at 3.00 pm. 

Maison des Notaires, roe de la Montagu 32-34 - 1000 Brussel 
For Information, Notary Hans BERQUIN - 02/64(LKLQO 


ENTERPRISE ZONE 
INVESTMENTS 


Green house 
for blue chips, 


MOUNTBATTEN HOUSE 

154,600 sq ft headquarters office building. 

The natural location for business 
in Basingstoke 


ONE GIANT LEAP 
INTO MAYFAIR, 
ONE SMALL STEP 
FROM MANKIND* 

' OPPOSITE THE M USEUM OF MANKIND 

40,000 sq. ft. 

Air-conditioned Offices 


'.V.rdSrt* 

?riv£'s dr ?ci'»"r j is* 15 C:>s 
T wc Di:e:!;r - j F!a’i 
2r:!i.'»i T-!kc^ r-d Vercj-y Cat llr 3 
CCTv'SiC'.:iySys‘-r 


WITH 


100% CAPITAL ALLOWANCES 
* BANK GUARANTEES 


FROM 


£78,500 TO £5,250,000 

Mike Tracey 


London WIM Dill' 

071-499 8626 


^jkHillier 

Parker 

071 6297666 


HEALEY& BAKER 


071 629 9292 


MOSCOW EXECUTIVE OFFICE SUITES 

Immediate occupancy in the heart of Moscow. Fully furnished 
& equipped. Safe, secure setting within the four-star Radisson hotel. 
Call today. Amerlcom Business Center: 

TeL- (7095) 941-8815 or Fax (7502) 224-1107. 

Info in US: Td (714) 752-6577 Fax (714) 752-6564. 


COMMERCIAL PROPERTY 
This section appears every Friday in the Financial Times. 
For advertising details or for further information, 
please contact Mark Hall-Smith on 071 873 3211 


BUSINESSES FOR SALE 


DEBAFLORA 

Near Stirling in Central Scotland 

The Joint Receivers o«er for sale, as a going concern, the business and 
assets of Debaflora 
Principle leatures include: 

■ Scotland’s largest independent wholesaler of cut flowers 
and houseplanls 

■ Ideally located with freehold processing and distribution centre 
near Stirling and branch in Inverness 

■ Diverse customer base Includes Independent florists, multiple retail 
and garage forecourt 

■ Turnover In region of £2.5m with potential for further growth 
For further information contact the Joint Receiver, Blair Nimmo, 
kPMG Peal Marwick. 24 Biythswood Square, Glasgow, G2 4QS. 

Tel. 041-226-5511 Fax- 041-204-1584. 

Corporate Recovery 


Ardennes, 
Belgium Lake 
for Sale 

30 acres, attractive forest 
setting within easy reach of 
Chimay and of French 
border. Car park. 
Watersports. Fishing. 

Notary Stevaux - Chimay Belgium 
Tel: 32/60/21.10.86 
Notary I>mie - Le Roeutc Belgium 
Tel: 32/60/66^0.45 


RICKMANSWORTH 
NEW OFFICES 
850-4450 sq. ft. 
TO LET 


FOR FULL DETAILS 
PLEASE CONTACT 
DAVID GOUGH 

0923 211800 




.VS BURLINGTON GARi)hN>j 


38.885 SQ FT 


NEW FREEHOLD OFFICES 


FOR SALE 


Debeoham 

Thorpe 


Knight Frank 
ZZ Sc Rutlev 


Di/ 


0714081161 


81 


629 


Ttfc 071-4*3 6676 


AUCTION SALE at the CHAMBRE DES NOTAIRES 
12 avenue Victoria PARIS ler 
on March 22 , 1994 at 2 : 30 P.M 


BUILDING 43 rue Bezout PARIS 14eme 


9 lloors on ceitar space. SDHOP 1680 sq.m. Living space 1370 sq.m 
of which 245 sq.m u n occupied. 

Veits on March 8, 16, 21 from 1WM a.m to 1230 pjn 
and March 10, 14, 18 from 2:00 p.m to 430 pm 
Income FF 1.246.046. Starting price : FF 18.000.000 
Notaire responsible for sale. 

Maitre NOIR tel. France 33.31 . 21 . 60. 38 


SWINDON 


17,000 sq, ft Offices 
Freehold - Only £56 p. sq.ft. 


FOR SALE 

Wanlip Leisure & Conference Centre 

12 Squash Courts, 2 Badminton Courts, Snooker, 
Bar and Keep Fit Area. Two Conference/Function 
Rooms, one with capacity of 150. Large kitchen 
and catering facilities. Outdoor pursuits include 
Fishing, Water-skiing and Tennis. 

Possibility of direct access to and from A46. 
Interested parties please apply to: 

The General Manager, 

Wanlip Park, Wanlip Road, Syston, Leicester 


BUCKINQHAUSH1RE Fortner Public HAIMEHfilllTH W8 3200 sq ft and 


Houm requiring refurtjtehnwnt. Current 
Jutffeu licence. Ptanrfflfl nwmlsskm tor 
ansfcucflofioJ 1st Root Side Etfenaton. Seta 
By Auction March tfl04. Tet ®7S3I QB8M7 


3800 sq It 2 o files Boon In modem ah 
building, 2 parking epacaaffloor, rent 
£ 16.60 sq II. Adlers, Tel: 071 224 
2244. Ret: LPO. 
















TIMES FR1PAV MARCH 4 1994 


30 


COMMODITIES AND AGRICULTURE 


Oil market looks to Gulf 
meeting for Opec clues 


By Robert Corzine 

Petroleum minis ters from the 
six Gulf Co-operation Council 
members, including Saudi 
Arabia, meet in Jeddah tomor- 
row amid contuining specula- 
tion over whether a plan to cut 
oil output will emerge. 

The Jeddah talks are likely 
to be the first in a string of 
contacts between members of 
the Organisation of Petroleum 
Exporting Countries in the 
run-up to its next meeting in 
Geneva on March 25. The per- 
sistence of weak oil prices 
since Opec's last meeting in 
November is putting pressure 
on the organisation to agree to 
additional production cuts. 

Reuters news agency yester- 
day reported that the Opec sec- 
retariat was circulating a pro- 
posal among member states for 
a cut of lm barrels a day in the 
second quarter of this year, 
although an official of the 


organisation later denied the 
report 

Few analysts expect a formal 
proposal to emerge from the 
GCC session, as it excludes 
crucial Opec members such as 
Iran. But the meeting may 
indicate whether there has 
been any change in the atti- 
tude of Opec’s most influential 
member, Saudi Arabia, which 
accounts for 30 per cent of the 
organisation's output 

The previous GCC meeting 
last December proposed that 
any Opec cuts be reinforced by 
reductions from independent 
producers. Mr Abdullah bin 
Hamad Al-Attiyah, Qatar's 
energy minister and the cur- 
rent Opec president recently 
said that some of the smaller 
non-Opec producers had put 
forward proposed cuts totalling 
300,000400,000 barrels a day. 

The Jeddah meeting may 
review ways on how such cuts 
could be Implemented. But oil 


markets are likely to remain 
sceptical of such proposals as 
long as the bigger independent 
producers decline to go along 
with Opec. 

"They would need some par- 
ticipation from the UK, Nor- 
way and Mexico” for the pro- 
posed non-Opec cuts to make a 
big impact in the markets, 
according to Mr Mehdi Varzi, 
director of energy research at 
London broker Kleinwort Ben- 
son. 

Mr Varzi believes Opec's 
strategy of relying on quotas to 
influence oil prices is flawed as 
long as Saudi Arabia insists on 

maintaining its 8m b/d quota 

out of Opec's total production 
ceiling of 24Ji2m b/d. 

But Saudi officials have con- 
sistently rejected arguments 
that it could absorb greater 
cuts than other Opec members, 
and Mr Varzi concedes that 
there is “no sign of any change 
in the Saudi mood". 


MARKET REPORT 

Copper prices strong 


The London Metal Exchange 
COPPER market put In a 
strong performance yesterday, 
capitalising on signs of down- 
side support at SI ,870 a tonne 
for three months delivery. The 
price broke above $1,890 at one 
stage before hitting late sell- 
ing. It ended the after hours 
“kerb" trading session at 
S1.889, up $14 on the day. 

ALUMINIUM largely fol- 
lowed copper, and after rally- 
ing strongly from lower morn- 
ing levels lost some ground 
late on to end below the highs 
at $1,283 a tonne, still up $8, in 
the three months delivery posi- 
tion. 

The LEAD market crumbled 
under late liquidation after the 
three months position broke 
the important $460-a-tonne 
level, confirming a “head and 
shoulders” chart formation. 
Stop-loss selling pushed the 
market lower and final busi- 
ness was at $456 down $10. 

ZINC was also hit by nega- 


tive chart factors, as repeated 
attempts on $948 a tonne even- 
tually proved successful, and 
prices broke lower under pres- 
sure from stop-loss and invest- 
ment fund selling. 

At the London Commodity 
Exchange COFFEE futures 
were given a late boost by 
news Brazil had met export 
retention requirements at last. 

The near May position closed 
at $1,232 a tonne, below a 
$1,238 high but $21 up on the 
day. 

In the COCOA market mean- 
while, traders were becoming 
increasingly nervous, in the 
continued absence of support- 
ive news, that the £900-a-tonne 
support level for the May posi- 
"tion might shortly be broken, 
with next support seen at 
around £870. The price closed 
at £905. down £6 on the day, 
after touching £901 at one 
point 

Compiled from Renter 


Cobalt output 
cut in 1993 by 
22 per cent 

Production of cobalt by major 
western world producers fell to 
13,843 tonnes in 1993 from 
17,891 tonnes in 1992 according 
to Cobalt Development Insti- 
tute statistics being circ ulated 
among London by trade 
houses, reports Renter. 

The reduction was caused 
mainly by a sharp reduction in 
output at Zaire's Gecaznines 
and came as no surprise to 
traders given the political 
turmoil and economic neglect 
in that country over recent 
years. 

Output also dropped in 
neighbouring Zambia, the CDI 
statistics show, which traders 
expected after hearing reports 
of lower ore grades being 
encountered in the latter part 
of 1993. 

Canada's Sherritt Gordon 
increased output by 78 per cent 
to 1,218 tonnes but most other 
producers showed little 
change. 


Brazil gets to grips with coffee scheme 

Patrick McCurry reports on the transfer of export retention to the private sector 


sent by Brazil, both to other 
coffee producing nations and 


T he Brazilian govern- 
ment says it has 
reached agreement with 

coffee producers and exporters 
to fulfil its obligations under 
the international coffee reten- 
tion scheme hut that it still 
intends to press on with its pri- 
vatisation of the retention pro- 
gramme. 

Under the new system, 
which came into effect this 
month, exporters will have to 
bear the costs of buying and 
storing coffee that is retained. 

The deal reached yesterday 
will allow the government to 
retain about 800,000 bags (60kg 
each), enough to fulfil its 
retention commitment for 
exports in the October-January 
period, says Mr Frederico Rob- 
alinho. trade policy secretary 
in the Ministry of Industry, 
Trade and Tourism. Hie says 
the accord will not affect the 
decision to privatise the reten- 
tion scheme. 

This decision came after 
repeated failures by the gov- 


ernment to acquire enough cof- 
fee to comply with the agree- 
ment made last September, by 
the newly-formed Association 
of Coffee Producing Countries, 
to hold back 20 per cent of 
exports in an attempt to reduce 
world coffee stocks and push 
up prices. 

ACPC governments agreed to 
hold back an extra 20 per cent 
above their experts nntfl the 
average world price, as calcu- 
lated by an ACPC formula, 
reached 75 cents per pound, at 
which point retention would 
falls to 10 per cent When the 
80-cent mark Is reached the 
retention scheme will be 
suspended. 

The strategy has so far suc- 
ceeded in pushing up prices to 
about 71-72 cents a pound. 

Brazil Is the world’s largest 
coffee exporter, closely fol- 
lowed by Colombia. Last year, 
according to t in* Brazilian cof- 
fee exporters' association, 
Febec, Brazil shipped just over 
15m bags of green coffee, 


earning $988m. 

The government has had 
serious problems acquiring cof- 
fee to retain but yesterday Mr 
Robalmho said that a $aftra 
credit line from the govern- 
ment's coffee fund, Funcafe, 
would result in the retention of 
600,000 bags from producers 
and exporters and that a fur- 
ther 200,000 bags would be 
acquired from producers who 
were using coffee as collateral 
for their debts to the govern- 
ment-controlled Banco do 
Brasil. 

“The coffee that is being 
used as collateral will be freed 
and used for retention pur- 
poses”, he said. 

Mr Robalmho added that the 
government might provide 
more funds to finance the 
retention of a further 300,000 
bags, which would cover 
exports to the end of February- 

Under the new scheme, 
exporters will not be allowed 
to ship coffee without proof 
that they have stored 20 per 


cent of the shipment volume. 

Coffee traders say February’s 
exports were higher than usual 
because exporters Increased 
w>]p n to beat the introduction 
of the new system. March sales 
are likely to be around 800,000 
bags, tnrindmg soluble coffee, 
nearly half the average vol- 
ume. 

The foil in Brazil’s exports Is 
expected to contribute to the 
rise hi world prices and some 
traders predict that the 75 
cents level will be reached in 
April or May, which would 
ease the situation for export- 
ers. 

Despite the extra costs for 
exporters, Febec is supporting 
the privatisation. Mr Waldyr 
Ariano, its vice president, says 
this is because in the long run 
It will mean lower stocks in 
tha consuming nations and 
higher prices for the local 
Industry. 

According to Mr Ariano the 
details of retention are not as 
important as the signals being 


to importers. 

-Our producing partners are 
following closely what It hap- 
pening in Brazil and they real- 
ise that the government is 
behaving cleanly and cor- 

rectly". , , 

He adds that the key is main- 
taining trust among the produ- 
cing countries in order for the 
retention scheme to work. 

Others are less optimistic. 
Mr Christian Wolthers. a 
trader, notes that the Brazilian 
coffbe industry has been in a 
state of semi-chaos since for- 
mer president Fernando Collor 
closed the Brazilian Coffee 
Institute in 1990. 

He argues that with the 
hi gher prices privatisation of 
retention will bring Braz ilian 
coffee prices will become 
uncompetitive and, “either the 
international market absorbs 
the change and we will win or 
we will have to stay out of the 
market". 


East Europeans warned against farm protectionism 


Bureaucratic problems are hindering the 
restructu ri ng of nearly 70 per cent of forms in 
eastern Europe, according to a survey to be 
presented today, writes Alison Maitland. 

The survey of 2,000 forms in 10 countries in 
eastern Europe and the former Soviet Union 
found that 35 per cent also faced financial diffi- 
culties in adapting from communist methods, 
while 34 per cent dted social restrictions, nota- 
bly having to axe large numbers of form work- 
ers. 

The Farm-Trak poll by the Produce Studies 
Group, a European food industry consultancy, 


will be publicised at the Agra Europe confer- 
ence in Budapest 

Mr Tony Houghton, who will present the find- 
ings, said bureaucratic problems, particularly 
over land ownership, were preventing 
long-term investment by formers. 

More than 60 per cent of formers also said 
that a shortage of suitable machinery was 
impeding their progress towards greater effi- 
ciency, while over 50 per cent said that they 
were hampered by poor quality animal feed, a 
lack of machinery spares and a shortage of 
skilled workers. 


By Alison MaHand 
in Budapest 

The European Commission 
yesterday warned east Euro- 
pean countries not to repeat 
the mistakes of the common 
agricultural policy. 

Moves towards protectionism 
in these countries risked creat- 
ing international trade ten- 
sions “instead of paving the 
way for a smooth entry of east- 
ern products into international 
trade,” according to Mr Renfe 
Steichen, the European 
Union's agriculture commis- 
sioner. He said there was a 
growing gap between the 
long-term policy objectives of 
central and eastern European 
countries and their short-term 
action on agriculture, which 
hsd become “Increasingly 
interventionist in orientation". 

Mr Steichen cited Poland, 
where import levies were 
expected to be implemented 
shortly to protect certain 


domestic agricultural sectors 
from c om pet i tion. 

Speaking in Budapest at an 
Agra Europe conference enti- 
tled Towards 2000: Agriculture, 
Agribusiness and the Food 
Industry in Central and East- 
ern Europe, Mr Steichen admit- 
ted the reformed CAP still 
relied partly on intervention 
me chanisms to stabilise mar- 
kets. But he said unchecked 
growth in eastern European 
support for formers could lead 


to old CAP-style prices “for 
higher than mar ket realities”. 

But a senior Hungarian offi- 
cial told the conference it was 
a “day-dream" to think subsi- 
dies In eastern Europe could 
increase to the level of the EU. 
Dr Laszlo Medgyasszay, secre- 
tary of state in the agriculture 
ministry, said the high level of 
EU export subsidies compared 
with those in eastern Europe 
was a particularly sore point 

“Without being able to cross 


draconian financial bridges, 
our commodities cannot reach 
the favoured markets,” he seiri- 
“ Often we lose. . . due to the 
lack of financial support” 

Mr Steichen claimed it was 
wrong far some east European 
countries to blame EU protec- 
tionism for a decline in their 
exports to the EU to 1992, say- 
ing this reflected internal diffi- 
culties in restructuring their 
form sectors. These arose, he 
said, from the slow pace of 


land privatisation, the break- 
down to distribution systems, 
the collapse of traditional mar- 
kets in the former Soviet 
Union and the shortage of 
finance for farm modernisa- 
tion. 

However, the commissioner 
proposed improvements in 
cooperation between east and 
west to avoid the kind of trade 
friction that arose last year 
over EU minimum import 
prices for soft fruit imports 
and measures against livestock 
imports from countries hit by 
outbreaks of disease. 

He said the EU should set up 
an “early warning mechanism” 
to lessen the risk of east Euro- 
pean exports suddenly being 
interrupted. It should encour- 
age the creation of exporter 
groups to eastern Europe that 
could co-ordinate a rapid 
response to changes to trade. 
Eastern and western veteri- 
nary standards should also be 

harmonised, be said. 


cbMMbpm£S: PRtCES 


BASE METALS 


Precious Metals continued GRAINS AND OIL SEEDS SOFTS 


MEAT AND LIVESTOCK 


LONDON METAL EXCHANGE 

(Prices from Amalgamated Metal Trading} 

■ ALUMINIUM. 99.7 PURITY ($ per tonne) 



Cash 

3 Wilis 

Close 

12833-43 

1285-5.5 

Previous 

12483-0.5 

1272.5-3.0 

Hgh/Jow 


1287.571271 

AM Official 

1256-6.5 

1278-63 

Kerb dose 


1282.5-83 

Open InL 

271.008 


Total daHy turnover 

59,783 


■ ALUMINIUM ALLOY ($ per tome) 

Close 

1175-85 

1175-88 

Previous 

1125-35 

1145-55 

Hrgh/taw 


118771160 

AM OtficU 

1140-50 

1155-85 

Kerb dose 


1177-80 

Open ih. 

3.458 


Total deity tunotrer 

1.109 


■ LEAD {S per tonne) 



Qosa 

445-5-63 

450-80 

Previous 

44930 

463-4 

Wgh/tow 


467/456 

AM Official 

449-93 

4623-XO 

Kerb dose 


457-8 

Open rt. 

35.692 


Total daHy turnover 

&21B 


■ NICKEL (S per tonne) 


Close 

5645-55 

5700-05 

Previous 

5625-35 

5680-85 

HigMow 


S745/S890 

AM Official 

5653-1 

5705-10 

Kerb doso 


5890-95 

Open inL 

52.059 


Total daHy turnover 

9.031 


■ TIN (5 per loretei 



Qosa 

5290-300 

5335-40 

Previous 

5330-40 

5370-80 

Hqti/kmr 


541075300 

AM Official 

525080 

5296-300 

Kerb dam 


5350-80 

Open ira. 

20.248 


Total doSy turnover 

5.537 


■ 2INC. special frigh grade (5 per tonne) 

Ctoso 

925.5-6.5 

943-4 

Previous 

945-6 

963.5413 

HigMow 


9561941 

AM Official 

924-5 

941 5-2 0 

Kerb dose 


942-3 

Open rrt 

106.405 


Total daily turnover 

22.467 


■ COPPER, grade A (3 per torrid 


ClKO 

1873-4 

1892-3 

Premoua 

1849.5-SO 5 

1872-2.5 

HrgMmv 


1894/1876 

AM Official 

1865-53 

1885.5-6 6 

Kerb dose 


1889-90 

Open mt. 

253.065 


Total daty turnover 

60.696 


■ CME AM Official t/$ rata: 1.4018 

LME Closing US rate: 1.4070 


Sootl 49G8 3 mots 14920 G RHfts: 1 4084 grMHal.4885 

■ HIGH GRADE COPPER (COMBO 


Dto*a 


Open 

Cion change 

lew 

kd Vd 

Mr 3750 *045 

87 70 8695 

5308 669 

Apr 8T35 *0.25 

8730 8720 

1.069 51 

Hay B755 -tt 30 

87.85 87.00 

33.007 8.003 

Am 87 50 - 0.25 


B47 8 

Jm sr 45 -0 is 

87.75 87.10 

X184 61G 

tag 8750 +0.15 

- 

308 

Tote 


5X387 7,853 

PRECIOUS METALS 


■ LONDON BULLION MARKET 


{Prices supplied by N M RattaciiJd) 


Gold (Trey et) 

S price 

C equhi. 

Close 377.10-377.SO 


Openinn 377.75-378.15 


Morning fix 

377.70 

252311 

Afternoon fix 

377.70 

252311 

Day's Nigh 378.10-378.50 


Day's Low 377.10-377.30 


Previous ck»e 373.50-376.00 



■ GOTO COMEX poo Troy OZ.: S/troy <K-1 



Salt 

nay's 


Open 



Prica 

donga 

H* 

taw tat 

VoL 

H»r 

3773 

■03 

. 

9 

21 

AW 

37X3 

-03 

3793 

37X9 72.463 5X730 


379.4 

■03 



- 

Jm 

3803 

-0.6 

3813 

3793 34393 

6,167 

Aag 

3823 

-03 

3833 

3833 5313 

1.030 

Oct 

3852 

-03 

- 

- 4.113 

46 

Total 




147,583 6X423 

■ PLATINUM NYMEX (50 Troy az.; Mroy at) 

Agr 

3923 

403 

3943 

3913 1X581 

X644 

Jri 

3933 

+13 

3853 

3923 1767 

782 

act 

3943 

+13 

3843 

3943 1360 

88 

Jm 

394.7 

+13 

- 

- 524 

57 


3953 

+13 

38X0 

3983 490 

32 

Total 




1X442 

4303 

■ PALLADIUM NYMEX (100 Troy ol; S/troy az.) 

Mar 

130.15 

<75 

13330 

12930 75 

15 

Jm 

130.15 

<75 

13430 

12930 4X399 

325 

Sop 

12935 

<75 

13330 

12X40 374 

18 

Dec 

129.15 

-433 

13130 

i raoo ias 

4 

Total 




4364 

362 

■ SILVER COMEX (100 Troy oz.: CentsAoy az.) 

tor 

524.1 

-33 

5290 

5223 2350 

1333 

Apr 

5243 

-33 

- 

2 

1 

■to 

5272 

-33 

5313 

5253 66,638 32.522 

Jal 

531.0 

-15 

535.5 

52X0 16371 

2322 

Sap 

5353 

-33 

5393 

535.0 3359 

119 

Dm 

5408 

-X5 

5433 

5403 8320 

278 

fatal 




107399 3X236 


ENERGY 

■ CRUDE Oft. NYMEX (42,000 US galls. S/borte) 


IAMBI 

»toe 


«U*n 



price 

change 

HWi 

Low tat 

Yd 

Apr 

1464 

-0.12 

1430 

14.54 11X651 

29,511 

■to 

14.7B 

-039 

14.90 

14.70 61.111 

15,184 

Jm 

1435 

-0.06 

1X03 

1437 6X578 

8219 

Jol 

1X12 

•039 

1X19 

1X09 2X036 

ZJfll 

tea 

1537 

■0.12 

1534 

1527 14,934 

1.810 

S«P 

1X50 

-038 

1X50 

1X48 1X588 

1,021 

Tote 




43X821 87,708 

■ CRUDE OIL IPE {E/tramA 




Latest 

Oaya 


Open 



price 

teaagt 

Mgh 

Low tat 

Vd 

Apr 

13 62 

4032 

1338 

1X48 67.754 

17,771 

May 

1368 

■032 

1X76 

1X57 3X099 

7,800 

Jan 

1177 

■039 

1X85 

13.70 1X9S7 

1,215 

JW 

1186 

-0.15 

1430 

1165 0903 

783 

tag 

1430 

-0.15 

14,13 

1430 4.781 

22 

Sap 

14.19 

-0.14 

14.19 

14.19 2890 

50 

Total 




140382 27213 

■ HEATING OIL NYMEX (4X000 US CAE gals) 


Uteri 

Oaye 


Open 



price 

efraqe 

H0 

Liter tat 

Vd 

Apr 

4X00 

-0.44 

4X74 

4X00 46219 

10.743 

■to 

4360 

-QJi 

4335 

4X30 44,161 

525* 

Jm 

4X45 

-026 

4X60 

4320 27.461 

2J524 

JM 

4430 

4L2B 

44.15 

4330 19,346 

1.122 

Aag 

44.75 

■026 

4430 

44.75 8,479 

193 

Sep 

4X85 

■021 


- 7313 

385 

Tate 




174,754 2X777 

■ OAS OIL PE (SflonM 




Bell 

nays 


Ogee 



price 

ctanga 

Htah 

Law Ini 

Vd 

Me 

14060 

■060 

14160 

14025 28340 

X827 

Apr 

139.76 

-0.75 

141.00 

139-50 2X200 

2JC4 

Itay 

13930 

-0.50 

139.75 

13X75 14,178 

70S 

Jm 

13X25 

■0.75 

14025 

13000 17,114 

1,780 

Jol 

14135 

•130 

141.75 

14X75 10291 

1.022 

Aog 

14X75 

-are 

14X75 

14X25 5.096 

142 

Trite 




1215*» 12JM2 

■ NATURAL OAS NYMEX {10300 mmBUn S/rTOT&Ll.) 


Latest 

Itafc 


Open 



pita 

dang* 

Mg> 

Low tat 

Yd 

Apr 

1145 

-0328 

Z155 

2.130 1X962 

6241 

■to 

2.120 

-0314 

2.130 

XI 10 12,574 

2240 

JOtt 

11 10 

-0312 

1114 

2.100 0.140 

1.118 

Jal 

2.100 

-0012 

X110 

2.095 0934 

1.182 

Aag 

2.110 

-aoiz 

2.120 

X105 8,694 

815 

Sap 

2.145 

-0302 

X14S 

X135 10289 

ISO 


Tool nG£GO 13,138 


Loco Ldn Meon 

1 n'OnUi 


Gold Lending Ratos (Vs USS) 


■ UNLEADED GASOLINE 

NYIKX (4X800 US grid: E/US 


2 months _ 

3 months 

Star Rx 

Spot 

3 months 
6 months 
1 year 
Gold Co toe 
Krugerrand 
Mopto Leaf 
New Sovereign 


.114 12 months 3.55 

..3.18 


Uteri 

pita 

Oto 1 * 

cteoga 

■go 

Opts 

LOW tat Vd 

(Vlroy az. 

US eta oquv. 

tv 

4X35 

-0.30 

4X75 

4X15 37602 10.568 

353.55 

52635 

May 

46.00 

■flLIX 

4X20 

4X85 39,838 6664 



JBB 

4645 

-039 

4660 

4635 17.482 1.41B 


536.05 

Juf 

4660 

-039 

4665 

4840 5,083 1,212 

36035 

547.06 

«■ 0 

46-65 

■023 

4665 

4660 4404 679 

S trace 
379-382 
307.65-390.30 
89-92 

C «turv. 
253-256 

59-62 

S*P 

Trite 

4650 

-0.29 


- 11* 1 529 

110315 2X878 


■ WHEAT LC£ (C per tonne) 



Sett 

Day* 



Opaa 



Prim 

change 


Low 

tat 

Vd 

Mar 

101.73 

-035 

101.70 101 JO 

223 

4 

■toy 

T(ttI5 

-025 

10330 

10245 

2613 

81 

Jm 

10125 

■OIS 

10X00 

10240 

411 

50 

3*P 

9135 

-045 

- 

- 

197 

- 

Nm 

92.40 

■040 

- 

- 

961 

• 

Jan 

Tatal 

9435 

■040 

9430 

9440 

393 

4623 

100 


■ WHEAT CBT(5.000bu min; Certe/BOfo bushel) 


■ COCOA LGE (EAonna) 



sea 

Oaf* 



Opaa 



pita 1 

ctanga 

Hgh 1 

Law 

tat 

Vd 

Mar 

080 

-6 

092 

884 

1692 

507 

May 

BOB 

-8 

911 

901 

22638 

1468 

Jd 

017 

-0 

923 

915 

14,768 

516 

Sep 

929 


034 

928 

11.196 

115 

Dre 

942 

< 

948 

941 

17610 

357 

Mar 

950 

-3 

964 

857 

2X591 

048 

Total 




187,748 

3691 


■ COCOA CSCE (10 tonnes; Sfltmnes) 


■ LIVE CATTLE OME (riOOPOfai; centa/lba] 

Sett Day*! Opan 

price change Hfcfe Lira tat M 

Apr 7X725 hKLIOO 7000 76500 3*382 8,168 

Jra 74*25 - 74.700 74.400 ZX705 1,844 

Aug 73.125 -0L125 7X300 7X029 12.118 1,148 

Oct 7X625 -(USD 71700 7X525 IBM 942 

Ok 7X878 - 73X75 7X880 2JXST 29 

M 7X575 -0075 7X890 7X575 818 17 

Total 8X824 X540 

■ UVE HOGS CME ffflDOOtbta oanta/toa) 


Mar 

339/2 

■215 

344/0 

337/4 0385 X910 

May 

340* 

-4/0 

347/4 

3390 7-1.725 14615 

Jd 

328/2 

-era 

336/2 

327/4 88690 11620 

Sep 

330/2 

-5AJ 

337/2 

330/0 14630 970 

DM 

338/4 

-5/4 

345/0 

338/0 1X505 515 

Mar 

Tate 

341/4 

■m 

" 

- 10 

207,175 3X830 


■ MACE C8T (5600 bu mto; certs/5Mb buahd) 


Mar 

1121 

-14 

1137 

1126 

514 

17 

"to 

1138 

-14 

1101 

1134 37,643 3672 

Jd 

1163 

-14 

1175 

1180 1X886 1660 

•to 

1187 

-15 

1200 

1187 

7J78 

112 

Dae 

1218 

-15 

1227 

1217 

8654 

134 

Mar 

1251 

-11 

1288 

1253 

9405 

414 


TOM 88^888 «£B4 

■ COCOA QCCCfl (SOR'S/tonne) 



40625 +0100 48650 40250 13635 

X5O0 

Jm 

54625 *0150 54680 94650 

8648 

3690 

Jd 

53650 +0073 6X775 5X450 

.3640 

463 

Aag 

51600 -0129 5X100 51.760 

2656 

395 

Oct 

4X150 -0625 4X400 4X129 

1,406 

84 

Dec 

4X100 +0090 4X400 40650 

16 46 

44 

Trid 


31607 1X802 


■ PQHKBELUEB CME (jOgOOtg CentS/foa) 


Mar 

278/6 

-4/8 

282/6 

27610 41 605 44635 

■to 

2884) 

-54) 

290/2 

283/480,775131070 

Jd 

288/6 

-5/2 

283/0 

280/4535625 85695 

Sto 

277/2 


280/2 

27841120630 8620 

Dae 

205/4 

■215 

287/8 

203* 20X700 24J25 

Mar 

271/4 

-2* 

273/4 

270D 17,075 480 

Tote • 

■ BARLEY LCE (E per tonne) 

1654M *77648 


Mar 

104.75 

-025 10560 104J5 

298 

61 

May 

104.73 

■025 

198 

- 

Sep 

9X15 

■035 

119 

- 

DM 

9460 

■065 

58 

- 

Jan 

8X75 

- 

3 

- 

■to 

Total 

9765 

- 

878 

ei 


■ SOYABEANS COT EJQObu Mg Cgttgtt buriri) 


Mar 

665/S 

-104S 

676/4 

662/0 47,755 3X570 

«to 

671A 

-10/2 

BBIff 

606/4308/8612X385 

Jd 

673/2 

-10/4 

683/4 

8884)221,710 3X170 

Aag 

66S/6 

-1045 

876/2 

8834) 3X275 1655 

Sep 

B51/4 

-10/4 

661/4 

8504) 1X760 1X445 

Rh 

Tote 

641/4 

-7/2 

65041 

840/4128695 445 

778600231,158 


■ SOYABEAN OIL CBT (BOPOOtbe: centa/IB) 


Mar 

2X21 

-OAS 

MS7 

2X07 

X147 

3645 

Mar 

2024 

-069 

2X52 

2X04 

39609 

11678 

Jd 

2X17 

-038 

2X46 

2X00 2X456 

4673 

Aug 

27.73 

■0.42 

2X00 

Z763 

6.915 

415 

Sap 

27 M 

■034 

2760 

2725 

8675 

171 

Oct 

turn 

-027 

2X80 

2X45 

5.335 

7 

TaM 




10X498 21678 

■ SOYABEAN MEAL CBT (100 tola; S/Ion) 


Ha 

19X4 

-l.B 

192.7 

18X8 

5675 

2600 

May 

191.1 

-26 

183.6 

1901 

3X119 

5.781 

Jd 

191.4 

-23 

194.1 

19X0 

24,233 

1300 

Are 

16X7 

-2.4 

1033 

19X3 

7687 

211 

sap 

1596 

-22 

1821 

19X5 

5663 

102 

Oct 

18X3 

-23 

1816 

1883 

2684 

29 

raid 





8X781 12645 

■ POTATOES LCE (Ertoma) 




Mar 

18X0 

+3X0 

17X0 

10X0 

38 

18 

AW 

14X5 

+X5 

15X1 

1456 

1672 

229 

May 

1816 

+&0 

16X0 

157.0 

1674 

303 

Jm 

1306 

- 

- 

- 

» 

- 

Nov 

ann 

- 

- 

- 

- 

- 

Wr 

10X0 

- 

. 

- 

- 

. 

Total 





X787 

579 

■ FREIGHT (BIFFEX) LCE {51Q/1nda» point) 


Mar 

1140 

-15 

1159 

1139 

304 

11 

Apr 

1200 

-12 

1210 

1200 

1,163 

15 

■to 

1199 

-12 

1210 

1183 

214 

5 

Jd 

1095 

-18 

1100 

1100 

580 

3 

Od 

1258 

-5 

■ 

- 

Z43 

- 

Jm 

1300 

- 

- 


74 


Tote 

Ctaxo 

Pra* 



2683 

37 

on 

1112 

1115 






Wool 

Wool prices have risen at aucriona In Australa 
and New Zadand (Ms week, taking the marital 
dose to. If not aligned with, seasonal peaks. 
The Ausrafcei Wool htemeuenal intfcaor at 
535 cents c o n pa raa with 548 touched early in 
February. end New Zealand prtan haw risen 
perOcdoriy strongly wftfi much better dear- 
areas than tor some time. The market upturn 
has dmetapad (tosptta an Austraflan cSp tore- 
cast which raises expected production this 
season, thus increasi n g d i etings in Hie next 
tour months, and also Indicates a smaller 
decSne than ex p ected In production new ma- 
son. mere am stH dmeuttee in Ming serrrt- 
ptocsaaad and manufactured mol tames at 
prices reflecting recent cods, but the balance 
does Ms week seem to favour continuing 
market leeway ratter than any new setter*. 


Mr 2 Mm Pro*, day 

DbSjt 80X34 80X48 

Mr 3 

10 day average 808.15 90X01 


■ COFFEE LCE (Wonna) 


■tar 

1222 

+23 

1222 

1203 

1648 113 


1232 

+21 

1238 

1210 

1X199 1648 

Jd 

1229 

+18 

1232 

1215 

8679 1,155 

teg 

1231 

+18 

1232 

1219 

3680 108 

Mar 

1230 

+15 

1230 

1225 

4637 168 

Jm 

1234 

+13 

12Z7 

1227 

4658 8 

TOM 





38163 X25B 

■ COFFEE tT CSCE p7,5(XS»; centa/be) 

Bra 

7X65 

+1.16 

7X75 

7460 

720 652 

■to 

77.10 

+065 

77 60 

7X10 2X601 0HO 

Ad 

7865 

+060 

7X80 

7760 

7687 1130 

SOP 

7X80 

+160 

0X15 

7X80 

5653 172 

Dec 

8160 

+160 

8110 

earn 

X151 81 

Star 

B160 

+1.10 

- 

- 

1660 8 

Total 





4714010433 

■ COFFEE 0CO} (US oenta/peuncQ 


Mar 3 



Mca 


Fran, flay 

Comp, (tty 



-7X00 


7263 

15 ** image — 


-7X00 


7X84 


■ No7 PREMIUM RAWSUQAH LCE (cente/Bw) 


■to 

1260 

-0.45 

1X02 

1X02 

1.454 

8 

Jd 

1X42 

■+X5B 

1268 

1215 

2642 

100 

Oct 

11.80 

-0.02 

1165 

1160 

136 

10 

Jm 

11.78 

- 

- 

- 

804 

133 

Tate 





4631 

218 

■ WHITE SUGAR LCE (S/tonne) 



■to 

■wnan 

+110 33060 

32X50 

7602 

1688 

Aag 

322.70 

- 

32460 

32010 

X996 

718 

oct 

30160 

-O.70 30360 

29960 

3,427 

404 

Dec 

298.00 

+560 

- 

- 

128 

- 

■ar 

28X60 

-160 

29X30 

23760 

341 

00 

■to 

297.10 

■2-40 

- 

- 

197 

- 

Trite 





1X174 2131 

■ SUGAR 'll' CSCE (llXOOOtra cantaAba) 


May 

11.78 

-061 

1169 

11.72 8X415 0270 

Jd 

1166 

+0.01 

1X07 

1162 28100 

1600 

Od 

11.48 

-OOP 

1160 

11.47 23119 2132 

Mar 

1115 

-xoa 

11.42 

1113 

7J14 1,112 

■to 

1112 

-0.08 

1113 

1163 

1121 

305 

Jd 

1112 

-xos 

1112 

1112 

981 

252 

Total 




12X42011,881 

■ COTTON NYCE (GXOOOtn; canta/bo) 


Mar 

7560 

-1.10 

7715 

7560 

589 

315 

■to 

7567 

-161 

7765 

7X70 

29,159 mao 

Jd 

7X55 

■064 

7760 

7811 

1X438 X5GQ 

Oct 

7466 

+X40 

7460 

7460 

2.332 

241 

Dae 

72.10 

+X48 

72.48 

7160 

11640 

2602 

Mar 

7X75 

+X2S 

7210 

7X50 

383 

7 


TOM 6X0881X977 


■ ORANGE JUICE NYCS flS.OOOiba; cants/fas) 


tear 

10X50 

■x 15 moo 

10760 

1.035 

874 

May 

mis 

•Q.45 11210 

11X40 

6.491 

man 

Jd 

11X10 

-065 11460 

11X00 

4605 

824 

S to 

11515 

■485 11060 11515 

1,934 

32E 

Mar 

11510 

•110 11X75 

11510 

1,134 

1 

Jm 

11X95 

-0-99 117.00 

11860 

1101 

99 

Tote 




18652 X0I7 


VOLUME DATA 

Open Merest and Volume data shown for 
conti acta traded on COMEX, NYMEX, COT, 
NYCE, CME. CSCE and IPE Crude 08 are one 
day in arm 


INDICES 

■ REUTERS [Base: 18/9731-100} 


Mara Mar 2 month ego year ago 
17886 1787.9 1743.3 1787.3 


Mr 5BA50 *0.006 5X900 SX480 587 381 

Kay 57.300 *0.650 57650 56600 5,794 2625 

Jol 57.4S) +0.400 5X000 5X700 2,426 384 

Aug 54625 +0.473 59500 5X300 483 28 

F» 5X750 -0225 50600 3X750 13 2 

Mr 5X900 -0.100 51900 59600 1 1 

TOM 9)280 X8S8 


LONDON TRADED OPTIONS 

Strike price t tarn — Coda — — Puts — 
■ ALUNUNRJM 


(0X7%) LME 

Apr 

Jd 

Apr 

Jd 

1275 

45 

71 

38 

40 

1300 

34 

58 

52 

82 

1325. — 

25 

48 

67 

78 

■ COPPER 





(Grade A) LME 

Apr 

Jd 

Apr 

Jd 

180O_ 

75 

109 

35 

48 

1800 

48 

78 

58 

71 

1850 __ 

30 

58 

88 

98 

■ COFFEE LCE 

May 

Jd 

May 

Jul 

I9M 

59 

79 

27 

SO 

1250 „ 

34 

65 

62 

78 

1300 .„. 

18 

38 

86 

109 

■ COCOA LCE 

May 

Jd 

May 

Jul 

arm 

39 

58 

30 

41 

825 

25 

48 

45 

54 

050 . 

17 

36 

62 

69 

■ BRENT CRUDE IPE 

Apr 

May 

Apr 

May 

1300 

. 

. 

7 

28 

1300 

29 

« 

20 

44 

unn 

6 

36 

47 

72 


LONDON SPOT MARKETS 

■ CRUDE OIL FOB (per beneVApi) +or- 


Ddte 

S12-5O-2.0OW 

-0365 

Brant Stand fdatod) 

T1 3.49-3.51 

-067 

Brent Bland (Apt) 

*13.60-3-01 

-066 

W.TJ. ft pm hm) 

$14.68-468 

-Q.11 

■ OIL PRODUCTS NWE prompt deBvwy OF (tonne) 

Premium GaaoSna 

$154-168 


Gas Ofl 

5146-148 

-11 

Heavy Fuel 08 

S81-82 


Naphtha 

$136-137 

-06 

Jet Fud 

$180-161 

-06 




■ OTHER 



Odd (per troy 

537710 

+115 

SHvw {per troy cz)A 

5261c 

+2 

RaSnurn (per troy oz) 

S3S360 

+56 

PaDodum (per troy oz.) 

$12965 

-565 

Copper (US prod) 

9260c 


Load (US pred) 

35.00c 


TVi (Kuala Lumpur) 

14J6r 

0.14 

Tin (New YoriO 

24760c 

-S 

Zinc (US Prime W.) 

Unq. 


Cattle (Ova wBtgWJt 

125-83p 

+0.76- 

Sheep pve weigtit)t4 

12 X20p 

+3.13: 

Piga pve weiflttt) 

83-00p 

+4.sr 

Lon. day sugar (raw) 

*28X1 


Lon. day sugar (wu) 

$w!»n 


Trite & Lyle export 

£303,0 


Barley (Eng. feed) 

Unq 


Make (US No3 YaBou) 

£12X0 


VWKSt (US Dark North) 

£1431 


Rubber (AptiT 

G5.50p 

+OJ2S 

Rubber (May)f 

6X7Ep 

+019 

RutoerflO. RSS Nol Apt) 

241.00m 


Coconut O) fHBS 

sesxax 

-ITS 

Pem O a (MatayJ§ 

$38X0t 


Copra (nik)l 

S385.0 


Soyaoaana (US) 

£19X0 


Cotton Oufioofc A tadas 

81.30c 


Woctopa (64« Super) 

380p 

+7 


■ ORB ftrturwa (Base: WSttolOO) 


M2 Mra 1 month ago year ago 
227.09 22765 227.99 20549 


E p« tome intan otbenrice Mated. p nanoWfeo. c cantslto. 
r itneetata. m Mdnotan aerate, w Apr- 1 AtfBea « Aprf 
Stay. V Lonaor niytacM. | OF ft Mta rirre 4 
marts! etaaa. * Sham flJva wafer* prices). ‘ Charge on 
weak, iwtital prices. 


CROSSWORD 


No.8,395 Set by GRIFFIN 



ACROSS 

1, 5 Returned article to stingy 
lather with groom’s personal 
details (4,3,7) 

9 Patients no hospital drives 
away (5} 

10 Where you'll get a broken 
nose in India (9) 

11 Cold food I bring in after 
divorcee gets nervous (9) 

12 Boredom that Is holding poor 
mm back (5) 

13 Start using sound beams (5) 

15 Report once cup final in 

Oslo's arranged (9) 

18 Turned up in new trousers 
last June (9) 

19 Vapour found around a stalk 
(5) 

21 Circuit father reversed causes 
shock (5) 

23 Copper with degree is con- 
fused by genealogical tables 
(9) 

25 Skill turned sour in aged 
actor (9) 

26 Egg-shaped tank Installed in 
empty outhouse (5) 

27, 28 Secretaries often do this at 
meetings when engineers 
notice the time (43.7) 

DOWN 

1, 18 down To unde rare car 
wheels should make a pile! 
<7.71 

2 Cruel person caused terrible 
chaos In fog (9) 

3 Advantage of a find bearing 
being inserted (5) 

4 People with footballs who 
behave like babies? (9) 


5 Muddled old coppers drink 
outside (5) 

6 Threatening to swindle as out 
of incense (9) 

7 German city one's not taking 
nurse to (5) 

8, 20 down BR employees on 
board steam train to resort 
(7.7) 

14 When sick ring me up before 
hospital finds something 
soothing (9) 

16 A false handle? (9) 

17 Clumsy pin inserted in ru»at 
woolly (9) 

15 See 1 down 

20 See 8 down 

22 A map book on mountain 
cli m bing is square (5) 

23 Cost of poor rings without 
diam o nds (5) 

24 It's right to have string on ton 
waxed (5) 


Solution 8J394 


HUCJDUCJOO QHIIBQB 
O0 H 0 □ Q G 

□3QnQQnn_n0G]nEgn 
a 
□ 

□ 

Q 
a 
□ 



/ 

/ 

1 



1 


O 



4 i* 













A 








FINANCIAL timer FRLDAY MARCH 4 1994 


31 


LONDON STOCK EXCHANGE 


MARKET REPORT 


FT-SE-A All -Share index 


Closing rally leaves share prices little changed 


By Tarty Bytand, 

UK Stock Market Editor 

The stock market remained very 
nervous yesterday but regained con- 
fidence towards the close when UK 
government bonds recovered early 
losses. The Bundesbank's decision 
to leave key lending rates 
unchanged failed to upset investors 
and the mid-afternoon low point in 
the UK stock market reflected 
weakness in both US Treasuries 
and on Wall Street 
The final reading on the FT-SE 
100 Index of 3,24&5 showed a loss of 
only 1.6, compared with a fell of just 


“nudged lower” across Europe. 
Optimism was unaffected by the 
absence of a move by the Bundes- 
bank yesterday, any dramatic 
move in Germany had seemed 
unlikely in the wake of the jump in 
money supply disclosed on Wednes- 
day. Nor was the stock market 
affected by the comment from the 
chief secretary to the UK Treasury 
that "the government is content 
with current economic conditions". 

But institutions were cautious 
ahead of the US payroll statistics, 
which are due today and could pro- 
vide the trigger for the further 
tightening by the Federal Reserve 


Aocaimt Detfag Patel 

•tert naefc.gr. 

Feb 14 

Fab 28 

Mw 14 

Option naatoutiuiu. 
Feb 24 

Mr 10 

Mar 24 

Last Dadbigc 

Feb ZB 

Mar 11 

Mar 25 

Arnrard Dey; 

Mar 7 

Mar 21 

Apr 5 

-Hew awe aaiBngi 
tinrinorr toys aarikr. 

may taka 

pilot from two 


shares from Wednesday's 762.9m. 
But the total of retail, or customer, 
business in equities for the previous 
session rose to £1.84bn, an indica- 
tion that fund managers may be 
coming round to the view. 


opportunity" and BZW “exagger- 
ated fears”. 

Modest support across the 
broader range of the market took 
the FT-SE Mid 260 Index ahead by 
&2 to 3307.0. There was demand for 
consumer stocks, including brewery 
and media issues. But further sub- 
stantial losses were recorded In the 
financial sector. Mer chan t b anks 
and those lending banks with secu- 
rities dealing subsidiaries continued 
to suffer as investors weighed the 
possible losses in markets over the 
past fortnight. 

By the close of business, around 
40 per cant of the shares in the 


stocks in which the fells of the past 
two weeks appeared to have been 
overdone. 

The market continued to track 
both stock index futures and 
bond prices closely and showed lit- 
tle inclination to develop any trend 
Independent of these two mentors. 

The opening of the market this 
morning is expected to depend 
largely on the overnight perfor- 
mance of Wall Street, which was 12 
Dow points down when London 
closed last night 

Some strategists pointed out that 
European bond markets, which 
have made the running for equities 



Equity Shares Traded 

Tunoverfcy volume (mOton). Enduing; 
(nw-mtukoi bu&ntas and ovsreeas lumow 
1200 - 



■ Key Indicators 
Indices and ration 

FT-SE 100 3240.5 -1.6 

FT-SE Md 250 3907.0 *52 

FT-SE-A 350 1647.B -0.1 

FT-SE-A Aft-Share 1639.88 -0.15 

FT-SE-A Aft-Share yield 3£0 (3.51) 

Beat performing sectors 


1994 


FT Ortfnary Index 25402 

FT-S&A Non Rns p/a 22.18 

FT-SEIOOFut Mar 3233.0 

10 yr Gilt yield 7.14 

Long gflt/equity yid ratio: 2,17 

Worst performing sectors 


+8.4 

{22.14) 

+ 6.0 

(7.05) 

C2.16) 


raiiy in ixmaan reflected a some- 
what belated response to firmness 
in other European markets. 

Markets remained confident that 
short-term interest rates will be 

Reports that the US had decided to 

leading agency broker, that the 

albeit mostly minor ones, and the 

gaging themselves from trends in 

2 


+l.i 

2 


-2.4 

reinstate the Super 301 trade order 

equity market Is “a buy" at current 

market looked more confident than 

the US Treasury securities - but 

3 






for sanctions against Japan came 

levels. Other brokerage houses 

for some time. 

agreed that this theory will be 

4 

Medta .._ .. 

.. . +0.6 

4 



too late for the London market 

have expressed similar advice; Nat- 

Traders commented that the insti- 

tested today when the US payroll 

5 


_. +0.6 

5 



Seaq turnover dipped to 675.8m 

West Securities seeing a "buying 

tntions had been selectively buying 

statistics arrive. 








Ladbroke 
fails to 


A slashed dividend, hefty 
provisions, a rising tax charge 
and big write-downs from Lad- 
broke came at the bottom end 
of pessimistic market expecta- 
tions and the shares fell 10 to 
199p, with turnover hitting a 
very heavy 27m. 

The dividend cut, a surpris- 
ingly large 46 per cent, was the 
first in the company’s history, 
as the new management moved 


to spruce up the group's image 
among the investment commu- 
nity. Most agreed they 
achieved this, and analysts 
welcomed the company’s new 
visibility, with financial and 
stragetic details forthcoming 
as never before. 

However, some of the old 
trading worries remained. 
Texas, the company's home 
improvement division, pro- 
duced a fall in profits and 
prompted a large provision. 
Some analysts expressed con- 
cern that the troubled sector 
would continue to drag on the 
group's finances. There were 
fresh worries over the impact 
of the National Lottery cm Lad- 
broke's betting business. 


Write-downs hit the property 
and hotel aims, with questions 
also being asked about the 
future of the UK hotel division. 

Ms Julie Farrar at Credit 
Lyo nnais T-ning said: "What 
the new management has 
revealed is that the recovery is 
going to be longer than expec- 
ted. The stock is fully valued 
at these levels.” Others dis- 
agreed, painting out that the 
stock has been one of the 
FT-SE’s best performers in 
1994, and that with all the bad 
news now out of the way the 
shares are well placed for the 
longer term. 

Results in line with expecta- 
tions saw Zeneca trade side- 
ways before succumbing to the 


EQUITY FUTURES AND OPTIONS TRADING 


Stock index futures rallied 
strongly in late trading, 
piffling the underlying cash 
market higher after a volatile 
session in which dealers 


continued to watch 
developments in the bond 
market writes Joel Ktbazo. 

The March futures contract 
on the FT-SE 100 opened 


■ FT-SE 100 P4PEX FUTURES (UFFE) E2S par Ml Inda* point 


(APT) 



Open 

Salt price 

Change 

High 

Low 

Eat. vof 

Open ML 

Mar 

3250.0 

3233.0 

+6.0 

aynp 

3201-0 

17233 

61845 

Jun 

3260.5 

3245.0 

+6.0 

3262.0 

3214.0 

904 

16510 

Sep 


3268.0 

+60 



0 

490 

■ FT-SE MID 280 MDEX FUTURES (UFFE) CIO per fail Mot point 



Mar 

3815.0 

3007.0 

+7J 

39160 

39000 

38 

447 


■ FT-SE MD 250 INDEX FUTURES (OMLX) CIO per fuC index point 


* 2.0 


38100 3902J0 


2,867 

5 


Mar 3810.0 3812.0 

Jin 3920.0 

M open Mmri Agues are ter pnurious day. t Enact wtm Am 

■ FT-SE 100 WOBC OPTION gJFFQ (*3242) E10 pgr lul Index pdffl 

3050 3100 3100 3200 3290 3300 3380 3400 

CPCPCPCPCPCPCPCP 
193 7b 148*i 12 109 21 >e 71>j 37 44 58*8 23 90b 11 130b 4*2 174 

208 25 167b 38 132>i 50b l&Hj 89 72^ S0h 51b 119b MJz 153 22 190 

234b 45 198 57>* 181 Tlij 132 92 IBS T13fc 80 T40ba%1tfe 44 204% 

248 5^2 211*2 681j 178 84b 148 104b110b 125 B7 153b 78b 182b 59b 215b 

287 122 22Sb 158 174 204b 128 255 

Cato tflti As 6JB7 

■ EURO STYLE FT-SE 100 MDEX OPTION (UFFE) glO per ftjM Index point 


Apr 

May 

Jot 

tect 


3075 


3125 


3175 




3275 


3325 


MV 

WSk 

10 124*2 

17 

BS4 271 2 BHa 48ia au 72>a 

16 

1061? 

tor 

187 

30*2 U9 

421? 1154 53+. 86 T$h 61 1' 104 

42 

134 

May 


1781a 

81 

115 90 

68 

15012 

Jun 


Wl>a 

73 

1321211212 

68*2 

165 

Sent 


2341s 

97 

175 13412 

tS>2l82l2 


3375 3425 

7 147b 3 192b 
134 27b 169 18b 208 
35 21 Bb 
53 230 
87 241 

cafc era Purs 2^31 • ikxtahtag Mi trine. PraTOim rinn w land at wWwmw slew, 
t Lmg dated tnpfty naont 

■ EURO STYLE FT-SE MP 2SO INDEX OPhON (pMUQ CIO par «U8 Index pofctt 

3850 4000 4050 4100 4180 4200 4250 4300 

Itar 31b 73b 17 108 8 149b 3 195b 1b 243 1 292b 5 5 

Apr 102 47 132 32b 187 22 206 14 9b 7b 7 

Cali 0 Puts 7 SaUtenent prices md whams m Wan at 4J0pm 


’FT - SE Actuaries Share Indices 


weakly at 3,250, selling from 
one of the large US houses 
being held largely 
responsible. At the day's low 
point, the contract was 
trading at 3,201, and at a 
large discount to cash. 

However, short-covering 
led by Independent traders 
brought a recovery, as did 
the firmness in European 
markets and encouraging US 
economic data. March closed 
at 3.233, an 8-point discount 
to cash, after volume of 
17,233 contracts. 

Turnover tn the Uffe traded 
options fed back to 41,832 
lots from Wednesday's total 
of 67,008. 

The FT-SE Mid 250 March 
futures contract on the Uffe 
dosed at 3,907 after trade 
of 36 lots. Open Interest was 
447. On the OMLX, the same 
contract also finished at 
3,912, with 4 lots traded. 
Open Interest on this contract 
was around 2,867. On the 
OMLX, volume In the traded 
options was seven contracts. 
• In early editions of 
Thursday's FT. the volume 
in the Mid 250 on the Lifts 
was incorrectly stated, ft 
should have read 36 
contracts. 


The UK Senes 



Mar 3 

Day» 

chgeK 

Year 

Mar 2 Marl Feb 28 ago 

Dtv. 

ytoMM 

Earn. 

y1aJd% 

P/E 

ratio 

Xd adt 
ytd 

Total 

Return 

FT-SE 100 

32465 


32461 32766 33261 2904.B 

669 

5J7 

21 JO 

1646 

119660 

FT-SE MM 250 

3907.0 

+ai 

3901. B 3844.8 3900.0 3007.9 

£15 

4J3 

24J6 

11J7 

1421.35 

FT-SE MM 250 ex Inv Trusts 

3923J 


3817J 3959J 3972J 3100.4 

3J4 

627 

23J5 

11^8 

1422.78 

FT-SE-A 3S0 

1647J 


1547.8 1060.9 1884,8 1433.6 

3J6 

550 


619 

1240J9 


2020.93 



2021.92 203678 2043J6 1549.16 

2.73 

£40 

3685 

6 j 67 

1537J4 

FT-SE Small Cop ex kw Trusts 

2003.01 

-0.1 2004.94 201653 2022.83 1553D4 

£88 

3.79 

34.40 

623 

152681 

FT-SE-A ALL-SHARE 

1630.88 


1640.13 185613 187649 141675 

£50 

635 

22J7 

613 

12S651 

■ FT-SE Actuaries All-Share 

Mar 3 

Days 

chga% 

Year 

Mar 2 Mar 1 Fab 28 ago 

Ov. 

yMdM 

Earn 

yleMW 

P/E 

ratio 

Xdadj. 

ytd 

Total 

Return 


0 MNERAL EXTRACTION^ B) 2539.33 

2 Extract** Industries^) 3869.75 

5 OP. Inteonrtedp) 2451.10 

6 Oil Exploration & Promt) 18B624 


+03 2531.51 2508.48 268663 2128.40 
-0.1 3883.75 3878.07 393051 3184.70 
*03 2443471 2477.24 2509.46 200130 
+1.1 188588 1881.B1 188071 2047-80 


9-56 

4.91 

2622 

4J0 

982S3 

£21 

4.68 


0J0 

104678 

688 

6J7 

24.61 

635 

977.63 

£17 

3J1 

3£74 

OOO 

1068J8 


fO QEN MANUFACTURERS#*!) 
!1 Bulks np & Conshuetianpi) 

12 Bulkflng Malls 4 MerchaOO) 

B CnemtcabpO) 

!4 Diversified lixtustriateflS) 

15 Electronic 6 Boct EqUp(34) 

■8 Engtnoarme(72) 

!" Engineering. Ven*des(lZ) 

!S Printing. Papw 8 PcKgt27) 

!9 TwdUtO & AppantiCg) 


2124JJ8 

*0.4 211604 213648 216673 1741.70 

£47 

£81 

34.04 

4JJ9 

105687 

150440 

+OJ2 1501.07 1614JB 1521J31 912.90 

£38 

129 

ao.oor 

2. IB 

1152J8 

2260J5 

+OJ 2247 57 2257.52 227TLBB 151 £60 

3.12 

£58 

5£35 

1.14 

1035.78 

2409.71 

+1.1 2382J6 2409.87 2422.47 2197.80 

£84 

4,72 

26.68 

0J2 

103682 

2071.06 

+0.4 2081 32 20B2J1 2119.65 1891 JO 

429 

4.30 

3020 

10J4 

1029.09 

2085.35 

-OJ 2090.88 2104.03 213026 1688.00 

£53 

684 

2086 

£28 

901.55 

193684 

+64 192678 1951,48 1967 J9 1459 JO 

£82 

£89 

47£0 

4.06 

1083J5 

2384.07 

+OJ 2371 JO 2397.40 2392.07 1810.60 

4J7 

£25 

43.17 

029 

1121.13 

2974.89 

+0.4 2964J2 299678 301600 2333J0 

£73 

4.15 

29.14 

ISO 

114£96 

190666 

-02 1912.79 192686 196642 1887.00 

£43 

£19 

24.13 

1J32 

1061.73 


30 CONSUMER OOOOSCB3) 

J1 BrawenesO 7) 

32 Sc*1ts, Wines 8 CMerailO) 

33 Food Monutactwer9C3) 

34 Household GoodsflC) 

36 Health Caro£0) 

37 PfwimaceuileafeOO) 

38 Toboccofl) 

40 SEHVtCEStZIS) 

41 Dtetrfbutore(31) 

42 Lecture 5 HwntePT) 

43 MadrafM) 

44 Retailers. Food(T7) 

45 Retailers, G«wraK43) 

48 Support Scnitoss(4CB 

49 TranaporttlG) 

51 Other Sendees 5 Bu*ncsatiq_ 


J902.08 *0.1 288003 2B067B 2931.28 2884.80 

2263.72 +1.1 223ft 10 224&6S 2293.03 212080 

3132.56 -02 314011 3104.44 3164.15 2838.10 

2399.18 *01 2385.62 2407.34 243727 2478.80 

2841.40 -0.5 285027 2885.78 2889.72 240060 

1835.02 -02 183029 1 844.30 184053 180090 
3083.95 *03 308428 31 17.79 3114J8 33C&40 

4005.79 -08 4030.96 3B92J4 4035.15 3B54.40 


£96 

£77 

17.42 

13v47 

07027 

4.03 

737 

1624 

684 

991 JO 

£38 

£85 

19.96 

16B3 

102648 

3J1 

7.02 

1688 

£05 

07661 

£02 

646 

17.98 

aoo 

99220 

£04 

5.18 

2£02 

1A6 

108683 

4.15 

675 

17.34 

24.70 

BS&B3 

5.03 

7J4 

1467 

DJO 

962.60 


2083 80 
3104.10 

2297.51 
3219.58 
1609.69 
1737.87 
1736.02 
2822 29 

1313.52 


*02 2079.66 
*03 3094.81 


60 UnUTtEStSQ 
82 Boctndty(T7} 

64 Gas DuaihutionC) 

68 Tolecornrnirtcauarts+l) 

68 Wmr(t31 


2492-65 

240002 

2103.46 

2210.49 

1862.50 


+08 3199.00 
*04180077 
...... 1737.74 

173071 

+01 262017 
*0.1 131220 
-03 2500.51 
-Ol 2402J5 
-02 2107.40 
-0.1 221087 
-1.7 1995.25 


2001.24 211657 1800JO 
3090.23 3123^4 2611 JO 
229085 231229 1780 JO 
322057 32B2J3 222060 
1601361620542094.70 
175026 177083 147040 
1759.17 177017 165050 
2630J02B4006 207030 
1319.68 1322.81 1331 JO 


£82 

5.40 

22J0 

4.12 

100124 

£73 

4J5 

24^3 

128 

104619 

£11 

4.96 

2427 

11.69 

111321 

1.94 

4JM 

29.49 

4.66 

109697 

£84 

0.92 

1£51 

125 

934.72 

£74 

53S 

23J2 

4,18 

90618 

£27 

657 

1729 

1.16 

103527 

320 

£48 

33J7 

£18 

100674 

£61 

3.29 

4226 

672 

110527 


2519.49 2537.35 2131 JO 
242098 2432.771682.10 
2121X94 214048 200060 
221003 223046 1991.40 
1940.46 1941.68 177070 


421 

7.00 

17.65 

520 


£45 

1022 

1121 

1525 

96023 

529 

t 

% 

020 

92927 

£57 

£48 

V>9K 

0.09 

91636 

4.98 

13.65 

661 

£48 

89612 


69 NQN-FlNANClALSt630i 

70 FMANCtALS(105) 

71 BankstiO) 

73 mowancotlS) 

74 Wo Assurance^ 

75 Meronant BankrflG) 

77 Other FTnunctttiCTSI 

79 PropwTW-KS __ 

80 WVESTMENT TRU3TS(11flL 
89 FT-SE-A M.L -SHARE {834) 


1765.77 *03 17B2.94 1774.13 1791 J8 1SB4J3B 3JSZ BJSS 22.18 4J7 121&2S 

-0 9 2384J2 241 005 2499.41 1881.60 3.68 023 2668 1604 91019 

-09 3038.14 3087.96 3245.48 231070 M7 5.00 2SJ8 2208 877.07 

-1.1 1396.06 1402.76 1432.03 1324J0 4J2 7.76 15J5 9.04 017.76 

- 1.3 2603.41260229 281058 255010 4J4 4.73 2059 0.00 943JB 

-2.4 310007 3214.98 3277.57 2287.80 299 7.20 17.01 1007 390.08 

-03 200061 20S3J0 2081 J6 135080 023 541 2325 1019 104427 

Ji; 1766.78 179640 1802.06 1145.70 347 3.16 41 JO 2J0 B87J2 


2363.74 
3010.66 
1381 89 
2569.42 
302000 
200052 

1 769.75 


nam -<I1 gfl9£7n 297S.43 2997.7S 2257.90 218 1.75 57.15 1018 072.04 


1639 99 184013 1653.13 1675491416.75 3J0 035 2£87 013 125051 


rty movements 

Open MO 


250 


3278.6 
3921 £ 

1661.7 


3255 0 
39140 
1851. ft 


1020 

1120 

1220 

1320 

1420 

1520 

1610 

Mgh/day Low/day 

3251.6 

3907.7 
1649.9 

32532 

39065 

16502 

*3 «*? "T 

in 

32452 

30072 

1847.4 

32367 

30042 

10422 

32322 

30061 

18422 

32412 

30052 

18452 

32766 

3821J 

1661.7 

32302 

390£7 

1641J 


Tim, of FT-ST 100 HM' W :U> U*+ 13 40 


lartes 350 Industry &«*** 

8.00 IOlOO 12jg 155? 1= — 

— - ,044 0 1448.7 1445 J 1446.1 14458 14408 1444J 1444J 1439J +63 

514 3OT4 7 3081.6 30B9J 3059.4 30574 30600 30807 30560 *9.7 

64 3 J0M3 W-4 4 1846 J 1847.2 18603 1857.8 1891.1 -303 

Bfl.3 JB88.B JWJj £££ 30702 3053.7 30409 3039.9 30304 3047J 30754 -27J 


14JOO 1000 18.10 CM— lY wHom Change 



market trend and the shares 
slipped 3 to 763p. Profits rose 
42 per cent to £827m, which 
was underpinned by good vol- 
ume growth. 

Mr Peter T-ain g at Salamom 
Brothers said that , in spite of 
relatively slow earnings 
growth, the group should bene- 
fit from new drugs due to 
into the market over the next 
three years. “It is not a stock 
to sell at this price.* 1 he added. 

The paper and packaging 
area of the market provided 
two outstanding performers In 
Bunzl and David S. Smith, 
both of which responded to 
strong buy recommendations 
published by stockbrokers 
Credit Lyonnais Laing and 


TRADING VOLUME 


■ Malar Stocks y es terda y 

VOL CUq D*/b 
OOO g prtea dm> 


ASOA Qtoupff 
M>tay Natonorf 
MwiHM 

AlJO 


A— ft Bhl Pare 

BAAt 

BATfeKkLt 

BET 

WCC 

BOCt 

Oft 

BFBMl 

Bank of Scodantft 

ajoCkcirt 


Bootvf 
Bowanrt 
BrtL Aaroepecet 
BritWi AkMqif 
BribahOaot 
Brush Land 
Brtrih Stooft * 
Bonri 

Buman Castrarr 
Binan 

CabtoA IMret 


20000 5SV 

5.100 *90 

1^00 07 *b 

■SI B22 

1JB0D 511 -S 

583 352 +3 

sjoo 2*4 -a 

2000 28* -1 

100 563 -9b 

482 670 -1 

2.000 1002 -13 

3400 477b -3 

2JU0 133b -b 

1.000 450 

1,300 715 *8 

B£00 3g 

*33 -1b 

315 
302 
210 
010 
533 
3*0 
420 
529 
502 


1.200 

ton 

MS 

*400 

1J00 

4.100 

1.100 
1.700 

30 

009 

1,100 


*6 

-2 

-11 

*0 

*2 


00* 480 

MOO 


3J00 

1,100 


318 

435 


10X00 137b 
£000 171 

sea 02i 

5,400 54 

£900 *59 


Cadtury Scfcsappaat £400 489 


*2 

*3 

-1 

4 

*2 

*2 

*4 

■b 

*i 


r**^** 1 flinip 

Candont 
Caton Comma, t 
Coata W yotot 
Comm. Urdonf 
Cookaon 

CowtaMUcf 

ark. 

Dbcom 

Easucn BaeL 
EaM Mould BaeL 
BaOtoOM 
Erteqaten OJt 
EuounlUnMa 

no 

Foona 

Foratai &Cdl lt. 
Forut 

Gan. Acddemt 
Gonarel QaCLT 
Gtonf 
Gtyimod 
Qmnacut 
Grand IM.t 


OKN 

Gulnnaut 
HSBC (75p*hsft 
Hammoraon 
Hanmt 


*3? 

+10 


M 

Sicapatf 
Johnson Mfflhey 

KnoMart 

KmSm 
Uxtaotart 
Land Sacudeot 
LGDOrte 

LagUSOanentf 

rassr 

LASMO 


MR 


UoaUon (WtrU 

UBIMK I 


NaOonnl Powart 
MB 

Norm Wm VMerf 
Normem Foodaf 


P5£7f 


61 331 -3 

1,200 408 *3 

ijoo 039 *e 

Ijaoo 256 -2 

1,400 607 -2 

£700 253 

873 515 «5 

138 474 *2 

515 940 «3 

559 215 «1 

344 644 -3 

233 038 -4 

1.400 490 *3 

1J00 *37 - 48 

" 31 60 *7 

824 107b -2b 

£000 128 -1 

287 287 -2 

£600 259 *5 

1J00 548 

MOO 307b -2b 

0JS00 682 

102 388 

3£00 549 

4.300 478 -3b 

IJOO 684 -9 

£100 200 -5 

1J00 547 +11 

£700 520 

3/400 838 -6 

157 420 r3 

£100 27Db 

091 197 +1 

278 305 

£100 175 15 

IJOO 3*3 +1 

2.400 747 +17 

524 545 42 

200 580 -3 

4.700 905 48 

£000 00* +12 

ZTjm 190 -10 

568 708 

517 815 41 

858 485 -4 

489 409 -10 

HE 578 -7 

£200 129 42b 

1200 638 -1 

£700 154b -2b 

£700 21 B -1 

388 489 +1 

107 10* -« 

427 743 45 

£200 41B +1b 

708 068 -1 

£800 114 4b 

£100 2E7 +1 

£000 403 -8 

£300 481 -1 

£200 219 -2 

1,900 527 -3 

420 677 43 

098 224 42 

81 836 47 

am eu 4« 

£300 600 44 

7300 190 +3 

3*7 570 -2 

1300 319 -4 

226 938 +7 

1.100 844 -2 

480 224 

554 1081 -b 

34B tan -4 

1/400 573 42 

418 890 -3 

353 290 -2 

983 203* 445 

2.000 188 -lb 

£400 434 -6 

£300 285 -7 

3.500 367 <5 

189 1108 -20 

844 581 43 

345 *00 -1 

£300 412 

£900 119 

4JXX) 100 

1.100 352 48 

813 554 -15 

1JWO 701 -1 

1,600 607 +12 

1.100 277 +* 

1.000 605 +1 

0.400 146b 

£200 391 -lb 

- 350 -3 

489 48 

272 054 43 

89 721 ti 

78 6B4 -0 

324 050 41 

123 98* -6 

1^80 1129 -1 

£300 229 -4 

BB2 335 -« 

£000 230 

990 417 4fl 

£000 243 43b 

£000 m 43 

783 4»b 

486 172 

£100 220 

£500 532 

503 1092 

1,000 257 44 

1000 109 -1 

17 375 41 

027 1113 

1.500 348 

380 674 

£500 507 42 

1J00 927 -» 

1.700 053 +7 

403 655 -8 

187 038 +10 

077 548 45 

1J00 381 

£300 212 -3 

170 EM -1 

WnlMyt <65 875 -1 

YOdahmSaa MS 642 -1 

YarinMre Wkter 354 532 -IS 

Zmeat £100 783 -3 

Bread cai mdag Mtm tar a aotettten e4 mn« 
(aeuUaa daat ugugn »• SEAO «yon> 
yaai a ai ay mU 430pm- Tradai of ooamftonir 
more mreuMad am + tadcaM an FT-SE 
wore 


PowieQa at 
PiudanUatf 

RTZT 


HadmTbohMrit 
RatJandf 
Raadins,t 


RraUt 

Raiaartf 


Ryl Bk 


Soomsh 8 Naw-t 
Sera. Hyikn-Hare. 
Sosaah Pramt 
Saamf 

SedQwAx 


.s Tranrt 

Shea Traneprarf 

igjte. 



TataSUta 
Tojlar Wootfeaa 

Taacret 

ThamasWatart 
Than 0#t 

TcnAraf 

Tmtabar Hguae 

iMaare 

Unttad Bacufiat 


-ill 


WadMBBOtt 


iHdoftf 

VObConooa 


Gerrard Vivian Grey. 

Credit Lyonnais pinpointed 
both stocks as its best buys in 
the sector, saying that the 
recovery in the paper cycle 
could continue for five years. 
CLL focused on a favourable 
outlook of costs and said the 
earnings recovery potential of 
companies directly exposed to 
fluctuations in pulp and paper 
prices is far greater than for 
raw material converters. 

News of the US acqusitioDS 
also helped Bunzl shares, 
which settled 4 ahead at 171p, 
alter turnover 2.8m. David S., 
Smith closed 7 better at 499p. 

Financial sectors of the mar- 
ket continued to reflect con- 
cerns that some of the big 
international trading houses 
have suffered substantial 
losses via the band and equity 
markets in recent weeks. 

The UK merchant banks 
remained under heavy pres- 
sure throughout the trading 
session, with SG Warburg, 
widely regarded as the UK’s 
premier securities house, again 
roughly handled by market- 
makers and finally a further 27 
lower at 827p, after 823p. Over 
the last two trading sessions 
Warburg shares have fallen 
Blp, or &9 per cent 

Schraders nan-voting shares 
gave up 23 more to 1090p, still 
unsettled by fears that the 
merchant hank may drop out 
of the FT-SE 100 index follow- 
ing next week’s meeting of the 
FT-SE 100 steering committee. 

Among other merchant 
h anks Close Brothers, badly 
affected by the recent steep 
slide in markets, fell 17 more to 
438p. Kleinwort Benson, 


NEW HIGHS AND 
LOWS FOR 1993/94 

HEW MGHS (X1L 

BULDMQ 8 CUSTOM (|) Uowtocn «. BLOQ 
HAILS 6 HCHIS |1| Epwti. CHEMCAL8 (2) 
Croat mru WereranJwtm* RHt, MSraBUTOfM 
M Atom 5 Hanwy, Evans Habrirer, Morboln. 
WMoOg Rttncp, ELBCTONC 6 ELECT COUP 
M EioMham NoMa Co«p M. PMkm. Vtadi, 
ENGSSBWn M Btyriti (C) Up PI. Fret. 
Becord. EXTRACTIVE INDS (I) MtoyM Mntas. 
HEALTH CARE p) babon, LBOtnE A HOTELS 
B> Hwrere Untn. Ra i u cten' a frq. srartay 
Lobwa, IKDU pj PnoneflnK. Ott. 
EXPLORATION 8 PROD (Q OHO ReWDKM. 
0THS1 BNANOAL ft) Quoylt Una, OTTER 
SERVE 8 BUSNS CQ CaHwtun. UDO. 
PROPHTTY (Q QgrM Prep, RETAILERS, 

POOD p) Part, Food, SUPPORT 8SIVS (4) 
MnH. Computer Puopta, Real TViw Conner. 


ail. 

GILTS P) Treat. TOpc 1904, INSURANCE W 
AOaint UOfOt Diaot. American Oan. Crap^ 
nrenkm ThreL U3F S a . WVESTMBCr 
TRUSTS HI Baring Enwy. Em. Do INttt. 
Jonnaan Fry Sacond LMl 2am PL. Thontan 
Pre+Euro. Zero D» Pt. LB8URE A HOTELS 0) 
Trenonow Letare. AHEfMANS p) NYMX 

regarded as one of the most 
successful trading houses dur- 
ing the upsurge in markets late 
last year, retreated 12 to 538p 
and Hambros lost 8 to 370p. 
Smith New Court, the big 
wiarkRtmaVing firm | dipped 8 
more to 394p. 

The big UK clearing banks 
endured another tough trading 
session, but closed above the 
day’s lowest levels. TSB was 
the sector's best performer, 
ending 3% higher at 243p. 
Abbey National clopsed 
unchanged at 490p, sustained 
by the news tyat UK house 
prices rose by 22 per cent dur- 
ing February, the biggest 
monthly gain since 1988, 
according to the Halifax Build- 
ing Society. 

Barclays dropped 11 to 518p. 
Lloyds 7 to 576p and National 
Westminster 6 to 43ft). 


Shares In Serco. which 
reported bumper profits earlier 
this week, put on another 20 to 
1470 as the market continued 
to appreciate the figures. 
Smiths Industries advanced 8 
to 489p, after SG Warburg rec- 
ommended the stock, while 
engineering group Siebe 
bounced 13 to 607p, ahead of 
today's presentation to both 
analysts and institutions at SG 
Warburg. Further reflection on 
GEN'S figures reported on 
Wednesday saw the shares 
jump 11 to 547p. 

The £2Sm disposal at assets 
and businesses in BBA’s indus- 
trial materials activities helped 
the shares close 2 ahead to 
216p. One market watcher said, 
“the group is highly geared 
and any reduction of gearing is 
to be welcomed." 

Shares in photocopier leas- 
ing group Southern Business 
retreated 3 to 95p, after Danka 
Business, denied recent market 
speculation that it was in talks 
to acquire Southern. The lat- 
ter’s shares bounced 7 to 369p 
on the statement 

A trade press report that 
J. Sainsbury was restructuring 
its middle management con- 
curred with analysts growing 
belief that the leading super- 
market groups are knuckling 
down to cutting costs in the 
face of continuing margin pres- 
sure. The shares put on 5 to 
367p. Tesco was steady at 226p 
and Kwik Save added 12 to 
604p. 

In a firm drinks sector, 
domestic brewers were led by 
Wolverhampton & Dudley, 
which galloped 23 to 517p. 
inspired by a director’s share 


purchase the day before. There 
was further takeover talk sur- 
rounding Merrydown, the cider 
group, the shares appreciating 

5 to 155p. 

BP came under pressure, 
closing 34 off at 331p after turn- 
over of 9.2m. with much of the 
selling still thought to have 
emanated from the US. 

The exploration and produc- 
tion stocks, on the other hand, 
were good performers all day, 
with Enterprise Oil closing 6 
better at 437p and Lasmo 2V« 
higher at I29p. 

Shares in British Airways 
moved 3 ahead to 440p, after 
cargo traffic figures for the 
month of February showed a 
10.5 per cent year-on-year 
increase. 

After a strong advance in 
recent sessions, BAA suc- 
cumbed to profit-taking and 
the Shar es lost 13 to 1002, in 
active trade of 2m. 

Epwin Group, which pro- 
duces PVC windows and doors, 
was one of the strongest per- 
formers among the second-lin- 
ers after announcing a 51 per 
cent rise in prelimanary profits 
and a good rise in the dividend. 
At the close the shares were 17 
higher at 317p. 

The story that house prices 
had risen sharply during Feb- 
ruary prompted early strength 
in housebuilders, but this 
quickly petered out as the mar- 
ket came under pressure. 

MARKET R EP ORTERS; 

Christopher Price, 

Joel Kftnzo, 

Stave Thompson. 

■ Other statistics, Page 24 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


FoRs 


DpUon 


— cm Ms — 

Apr Ji4 Od Apr JuJ Oct 


Option 


Cat - ■ Puft - — 

Kay Ang Bn* Uajr Aug Hof 


ADaMjm GOO ssn 46M S5H 1DM ZBte 35 

POO ) 850 11 2Z1i 32M 37K 5B 64 

240 tfl%Z3tt2BM1DJ*2DK 23 
260 8 tM 18 22M 33 35H 

50 IflH 13 14 Itt 3 4» 

80 4 7 8* 5 7 9W 


Ann* 
l*2M ) 
ASDA 
1-58) 


Bilt Afnwqn 420 31» 42 50 BK 2lM 2BH 

(-09 ) 460 IBM 22 31 Mr 29 43» 48 

MBBdnA 390 21 34 43 ISM 28 3b 

(■301 ) 420 9 22M30H35H4BK53M 

Boob 500 40K 50 57 5H IBM 23 
(-520 1 550 T2KZSK 32 30K 45K 48K 

» 330 30K89H 45 4 TOH IBM 

(*355 ) 380 12 2ZM 28K IbH 24 29 

BrtUSM 130 1114 1T20K 4 BK 11K 

(■137 > 140 BK 12 15K 9 14 16K 

B8B 500 42K 55K 87 7K 17K 23K 
|“532 ) 550 13H 28* 41 30 43 48 

DtiblMi 450 24*41* - 14 27 - 

(*458 ) 475 13* 28 - Z741 - 

CanaAOs 500 30 43 49 12* 26* E* 
(-SIS ) 550 818* 27 43 47 G2 

CtienUnkB BOO 2B4S* 50 15 2B 34* 
(-BOB ) 550 B* 22* 27 48 55* B4 

Cl 700 46* 80 88* 12 26 37 

("741 ) 750 15* 34* 44 39 52* 63* 

Kttffcta 550 SB 87 75 BK 20* 27* 

1*505 ) 600 25 37 48 25 <3 51* 

Land Steer 700 28 35* 43* 13 32 38 

(*707 ) 750 6 14 23 47 68 BO* 

HMa & 3 390 35 41* 47* 3 11* 13* 

r419) 420 15 23*30* 13 24 2B 

MOM 400 34 48 SB* 11 19* 27 
(-480 J 500 13* 27* 37* 31*40* 48 

Satatury 360 22* 32 SB* 12* 25 29* 

(*366 ) 390 8 18* 28 30* 44 47* 

SM Trana. 700 14 30* 39 27* 35 * 46 

(*700 ) 7S0 3 14 2D E0 71* 78 

Storehouse 220 18 28 2B 5* 11* 15 

(*228 ) 240 G 13 18 IB* 23 » 

IfttalBBr 106 11 IB* - 5* ID* - 

(-109 ) 115 8* 12* - 11 IB - 

Un5nar 1100 34 58 72 30 41 56 

(1113) 1150 12* 33* 49 85* 72* 85 

Zanoca 750 28 49 62* 29 41*54* 

(784 ) 800 9* 28 41 K B3» 72 84* 

Option May Ang Ho* Way tag Nov 


Hanson 280 18 22 2B B 10 14 

(-270 ) 280 812* 16* 16 20* 24 

lasmo 120 17* 23 27* 7* 12*18* 

(129 ) 130 12 18 » 13 18 22* 

teas Ms 200 23*30*94* 5* 10*15* 
P217 1 220 II 18* 23* 15 19* 28 

650 54* 73 84 15 30 44* 
700 28* 47* 58* 44 58 72 
160 25 28* 33* 4 8* 11 

200 12 17* 22* 12 17* 19* 
300 24 30 35 6 13*18* 

330 7* 16 21* 27 31*35* 


P&O 

rsaa ) 

Ptaobw 

P«a> 

Kubfitial 

n»i 

mz 

(*841 ) 




13 

14 






85 

417 





. 41 


126 



76 

24 

333 

10 

187 

277 

38 







70 

51 

Ofhm 




Totata 

696 

530 

1469 


□ora naaad on mom comport** istad on ttn London Stum Satiric*. 


(-573 ) 

Ftayri haca 
(*285 ) 
Tesw 
(*226 ) 
Wdrione 
1*588 ) 
IHama 
1*390 ) 
Option 


BOO 80 82* 98 19 31* 44* 
850 31 54* 89 42* 56 68 
550 38 49 58* 23 33* 46 
800 13* 28 38* 55* 84 75 
280 22* 30* 37 13* 18 23* 
300 13 21 27* 25* 2B 34 

22015* 22 27* 12 16 20* 
240 6* 13* 18* 25 28 32 
550 58 73*88* 14 28 37 
600 27* 47 64* 35* 52 82* 
390 17 24* 31 21 26 32* 
420 6 13 19 42* 46* 51* 

Apr M net Apr Jul Od 


Last Dodaratkxra 
For MTMeman 


Juno 2 
Juno 13 


TRADITIONAL OPTIONS 

firat Dealings March 4 

Lust Deolnga March 21 

Cato: Albert FWwr, Camrdaie, Cone Munch, Dares Eat, HSBC, Kunicfc, Micro Focus, 
Raglan Prop, Soiecl Appf, StaruVn, Vfcfcars. Puts: Kawffi Systems, Micro Focus. Putt 
& Cafe: Amsco, Madeira, RNnou 

LONDON RECENT ISSUES: EQUITIES 


taaue Aik MKl 


Ck>M 


BAA 100034* 54 74 Z7 47 55* 

(-1001) 105014* 31*51*59* 7B 64 

Danas W 500 48 48* 53* 6 16 23 

(•531) 560 9* 20 27 28* 47* 51 

Option M» Jon Sep Mr An Sep 


37 48* 5 15* 23* 

17 29* 28* 37 44 

8 8 1* 3* 4* 

4 5* 4 6 7* 

38 50* 13 24 33 
17 27* 48 54 62 

31*43* 4 15* 23* 
17 30 19* 33 40* 
28* 29* 2* 10 13* 

9 14* 17 27*30* 
28* 38* 3* 7* 15 
ISM 2D* 12* 17* 25 


feand Met 

460 

32 < 

MK 

54 

14 

21* 

27 

(*47B ) 

500 

14 : 

mk; 

H* 

35 

43 

48* 

Ladbnfac 

180 

MK 

31 

35 

5 

a 

14 

(-199) 

200 

12*: 

am ; 

8** 

13* 

ia : 

24* 

UU atari* 

330 

24 

32 : 

58* 

12 

17* 

24 

(*347 1 

380 

8' 

18* 

23 

31* 

36 

41* 

Option 


Mar 

Am 

Sw 

Mr 

Jim 

Sap 

Raons 

120 

12* 

18* MH 

3* 

0* 

14 

rizs i 

130 

6 

14' 

n* 

8 

15 

19 

Option 


ter. 

MB 

Nov 

•*»y 

tog 

Kov 

Brit Aero 

480 

82* 

re 92* 

19 

32 ■ 

CM 

(*485 ) 

500 

30 EB* 74* i 

B2H! 

33* 

- 

BAT lab 

460 

30 

38 

48 

18 : 

27*1 

95* 

r*76 > 

500 

12* 21* 

29 

46 52* 

GO 

BTR 

330 

34 40*46* 

7 

12* 

IB 

f359 ) 

380 

15 23* 

29 

V 25* 32* 

atTBtam 

420 

a 

36 

41 

Bit 

19 

24 

T433 ) 

m 

8 

IB 

22 

32 41* 

46 

CariwyScii 

403 

18* 

— 

- | 

20* 

- 

- 

r«8> 

542 

5* 

“ 

“ 

50 

- 

- 

Eatom Bk 

GOO 

87* 89* 

75 

7* 

21 

28 


(-643 ) 850 28 40 47 27* 46 52 

arilMSB 500 38 47 89 21*31*37* 
rsia ) 550 10* 25 38* 53 61* 68* 

GCC 300 19 M* 28* B* IB 19* 

{*307 ) 330 8 10* 15 27 3S 37* 


Abbey Mat] 480 31 

{*488 1 500 5 

AmBtrad Si 4 

(*37 ) 40 1* 

BaitkVS 500 26* 

(“516 ) 550 5* 

Btoe Onto 330 21* 

(-345 ) 300 5* 

Britati Gas 300 20 

(*318 ) 330 3 

Dtona 200 18* 

(*214 ) 220 5* 

nadDMI 160 T7 IB 23 1* 7* 9* 

(*174 I 180 4* 7* 13* 10 18 22 

Unto 140 18* 24 29 2* 9 14 

(153 | 160 4* 13* 19* 11* IBM 24* 

Kafl Power 460 28* 38* 47 4* 16* 25 

1*481 ) 500 5 18 29 23* 38* 46 

Sat Power 390 27 39* 47 3* 10* 22 

T412 ) 420 8 23 30* 16 24* 35* 

San 110 11 13* 17 1* 4 6 

(119 | 120 4 7 10* 4* 8* 11 

Forte 280 14* ZIU 29 4 14* 19* 

rtS } 280 4 12 19* 16 28* 31 

Tanrac 193 HI* 28* - 5 13* - 

(198 ) 200 8 18* 28* 8 17 22* 

Don 08 1050 48 78* 98 9* 27* 61 

(1087) 1100 17* 49* 88* 29 60* 77 

TSB 240 9* 19 28 6* 13* 19 

(*242 ) 280 3* 11* 18* 21 25* 31 

Tomtom 240 19* 28* 32 2* 8 13 

[-256 ) 260 8 14 21* 9* 18* 23 

Welcome 650 24* 48* 68 19* 43* 58* 

r 852 ) 700 7 28 48* 54 74 B7 

Option Apr Jri Pet Apr Jri Oct 

Gtan 850 58 78 90 15* 32* 49 

(*682 ) 700 S 52 S3* 39 57* 74 

HSBCTSpai BOO 88 87* 107 49* 79 89 

(*B30 ) 850 30*64* 85 75 105 115 

RautHS 2000 75 149 178 89* 112 137 

(-2022) 2050 60* 115 153 96* 137 162 

Option May Aag Baa Hoy Aug Hn 

RotoflDica 180 14* 18* 23* 8* 12 15* 

{*188 ) 180 5* ID* 15 19 23 Z7 

* Underlying aaeuKy pries. P rantum a shown «a 
bund on doafca tttr prices. 

Mnti 3. Toad cornea s : 4iA*e Cn*» S£S83 
Puts: 18X82 


price paM 

P UP 

cap 

(Bii) 

1003(94 

Ugh Low 8tocb 

price 

P 

+/- 

Nri 

tor. 

On. 

cov. 

Gn 

J5_ 

PIE 

net 

140 

FJ>. 

2560 

178 

IBS Alpha Airports 

188 


RM4 A3 

22 

3-D 

1fL2 

150 

FP. 

1068 

148 

148 CNrcxtanoo 

148 

*1 

- 

- 

- 

- 

124 

FP. 

261 

186 

148 Critical Computing 

155 

+2 

- 

- 

- 

24.7 

235 

FP. 

67.7 

288 

250 Coda 

258 


WN2-0 

4^ 

1.0 

Z 08 

$90 

F.P. 

CU9 

173 

108 Comp Rn Sol 

138 

43 

N- 

- 

- 

21^ 

50 

FP. 

131J3 

50 

47 Ettin Now Tiger 

47 


- 

- 

- 

- 

50 

P.P. 

10.4 

58 

55 Energy Capital 

5B 


- 

- 

- 

- 

- 

- 

1.01 

28 

4 Do Warrema 

28 


- 

- 

- 

- 

130 

FP. 

3£2 

155 

130 Ftoefet 

148 


83*3 

23 

2-8 

102 

— 

FP. 

£45 

102 

98 Fleming Japan C 

08 


- 

- 

- 

- 

— 

FP. 

61 J 

74 

B84| Guangdong Dript 

67’? 


- 

- 

- 

- 

- 

FP. 

4J7 

28*2 

18*2 Do Warrants 

a* 


- 

- 

- 

- 

100 

F.P. 

B4.7 

102 

94 Herald bwTat 

99 1 ? 


- 

- 

- 

- 

- 

FP. 

624 

61 

45 Do Warrants 

48 


- 

- 

- 

- 

50 

PP. 

455.0 

49 

40>z KJeimwjrl Euro Pvt 

41 


- 

- 

- 

- 

- 

FP. 

360 

49 

37 Do Warranta 

38 


- 

- 

- 

- 

50 

FP. 

204 

52 

49 Mktats Stv 1st 

51 


- 

- 

- 

- 

- 

F.P. 

£08 

28 

26 Do Warrants 

26 


- 

- 

- 

- 

110 

FP. 

35.2 

T26 

117 Perkslde kill 

116 

+1 

RN3.0 

1.5 

12 

232 

125 

F.P. 

167 

133 

125 Hadsfane Tech 

128 


R3.0 

2.4 

23 

1^2 

$120 

FP. 

1£2 

148 

122 Sftnrna 

140 


RX7 

23 

a 3 

UM 

100 

FP. 

400 

98 

89 Taiwan Inv 

B0 


- 

- 

- 

- 

- 

FP. 

3j60 

52 

40 Da Warrants 

40 


- 

- 

- 

-• 

200 

F.P. 

3£4 

218 

211 Trtfcot 

211 


R SS 

22 

23 

17.4 

118 

FP. 

56J 

140 

131 Tring kit) 

133 


BN3.8 

2.1 

23 

153 

153 

FP. 

- 

150 

163 Unttad Carriere 

169 


- 

- 

- 

- 

t Introduction § Placing price. FJP. RAu-paid ucutty. For on aqriantian a l ran* notes, phase 
to tils Guide to ttie Lenten shsro Esralcs. 

i refer 


FIXED INTEREST STOCKS 

bsue Arnount Latest 
price paid Ffenjn. 1993704 
£ i4> data High Low Stock 


Closing -tor- 
price 
E 


100 


F.P. - 95 90 Budgens 5pc Ov 2003 

F.P. - 130p 11Bl2p Carlton Comm. 5Jp Cv. PI. 

PJ>. 14/3 Seppm 30ppm GKN Unto Cv Ln *94/09 

FJ>. 101*40 98%P Shoprto ftpc PW 2009 

F.P. 131 107 Wtan SUpc Bds 


B4 

12212P + 1 ! 
39pptn *0 
984ip -U 


3 


RIGHTS OFFERS 


taaue 

pries 

P 

Amount 

paid 

up 

1 atmwt 

Renun. 

dale 

1983/84 
High Low 

Stock 

Ctadng 

price 

P 

+OT- 

20 

NS 

11/3 

38pm 

3pm 

Bea/ord 

3*1 pm 

-h 

92 

m 

11/4 

12pm 

11pm 

Burtarti 

12pm 

41 

12 

m 

13/4 

12’jpm 

lOpn 

Firth «3M) 

12pm 

- 1 ? 

120 

M 

21/3 

46pm 

33pm 

ICroswncr Inns 

43pm 



pm Pitoa at a prartum. 


FINANCIAL TIMES EQUITY INDICES 


Mar 3 

Mar 2 

Mar 1 

Feb 28 

Feb 25 

Yr ago 

■Hflh 

"Low 

2540 JZ 

2531 J 

2536.0 

2564.1 

2535.9 

22563 

27166 

2124.7 

£65 

3.68 

£87 

£83 

3.67 

4.31 

432 

£43 

4J8 

4J1 

4J0 

4.84 

4.60 

5.98 

638 

£82 

2£24 

22.10 

22.14 

22.4 D 

22.15 

2602 

33L43 

18.40 

23. IB 

2304 

23.06 

23-35 

2£O0 

19J4 

3080 

1614 


FT GOLD MINES INDEX 



MV % chg 

2 bb tiny 

to Fti (Ur 

1 28 ags 

Gnat A 
yttid % 

32 week 

EM lav 

Goto Man Mm (34) 

198123 -ZB 

20ZL28 2D23JB9 1MOB3 

1J8 

2387 AO 113693 

■ togtowi taftcM 

Africa (15) 

2S5LG8 -£8 

2731.12 773082 I2S7.57 

5.14 

344080 1242J8 

Auan&riap) 

243938 -15 

2527.21 2(86.10 119074 

1A7 

3013J8 1IG4J2 

Komi Aniriea in) 

1694.71 -29 

1744J2 1754.37 1096.05 

use 

2039.85 1095J0 


Coparigtit me mandat Tmas Ltnuad 1994. 

tom ti bractun a to* nuidm of carapenkn. Bede U3 Daftn. BtiH Value* lOOtun 3VI2AB. 
PntoGHMor Odd Mkm Into; m*. 3 ; 207 J ; ctayY dung* *02 pjWw Veer age: B8J t 
Laaeet pneee wom uneueaaw ler Wa aridan. 


Orti. <flv. yield 

Eon. ytdL % fuR 

P/E ratio rwc 
P/E ratio nfl 

Tor 1993/04. Ordrary Shae Men knee cranptotoR Mgh 2713J MOW, lew 4&4 2CSH0 
FT Odwvy Store moan baaa dam 1/7/38. 

Ordinary Share hourly et i anfl— 

Open PLOP IOlOO IIjOO 12J0 133)0 14J0 1SJ0 l&flO High Low 
255X2 2537.8 2539.0 253SLO 25304 2553.2 2520.0 2525.6 2531 J 2553.6 2523.7 
Mar 3 MarS Marl Feb2B Fab26 Yr ago 

SEAQ bargains 27428 32.007 28.740 33J44 38J50 35.907 

Equity unow Ern^t - ISASA 1723.7 1382.1 1B79J 1431 J 

Biuity bargainst - 3&297 33^42 36^19 4£J86 4Q&Q 

Shares traded (mt)T - 0594 653.3 565.9 681 £ 682.7 

1 B ictoting ra a + i Hiat Purineea ana 1 









































































33 


LONDON SHARE SERVICE 


KM 

tfeJG 134 


*gsr-£ 


Wte 

_ 


low 

716 


718 

408 


- 

353 

103 

3B*i 


40 

13 

11 


IS* 

e*> 

nu 



ewb 

SM 

-1 

808 

184 

m 

4-1 

*06 

10 

M 


a 


BM 


OK 

185 

Vh 

„ 

*38*2 

7 

m 


300 

SIS 

346 

-3 

CM 

280 

t£S 

"IT 

Mh 

205 

75 

BO 

400 


483 

27S 

400 


430 

257 

SM 

-4 

4» 

171 

038x4 

46 

10*7 

SCO 

130*2 

4*2 

145 

106 

2825 


BOO 

IBIS 

137 

TT 

170 

19 

1*4 

42 

203 

9 

87 


S3 

44 

13V& 


-SMB 

cm 

Ml 


3M 

210 

4X5 


478 

322 

M9H 

*n 

Mr* 

E43J» 

M00 

♦7 

MOO 

873 

10 

, 

a 

8 

418 


478 

«3 

rad 

-10 

urn 

29 

23M 

- - 

•298 

205 

SB 

-- 

41 

17 

2BB 


383 

14B 

W 

MB 

— 

22 

181 

* 

178 

-1 

2M 

154 

453 


519 

US** 

390 

"IT 

SM 

334 

Sfe 


63 

IS 

178 

M , 

ISO 

99 

485 

_ 

518 

240 

192 


19 

30 

135 



1M 

133 

063 


855 

335 

7Z3 

414 

79 

405 

29 



*33*1 

75*2 

mb 

.... 

»2 

26 

18*2 

... _ 

a 

14*2 

39 


39 

243 

SO 


MB 

<50 

167 

-5 

ao 

9 

422 

41 

431 

ITS 

4802 

47*2 

515 

297 

Ml 


SM 

19 

111 



120 

M 

48 



■KJ 

6*i 

MB 

44 

79 

842 

428 

43 

428 

211 

79 


79 

510 

a 

.. 

a 

23 

xm 

It 

*39 

19 

184 


19 

13*2 

m 


94 

818 

2834 

445 

209 

1240 

MS 

-1 

MM 

19 

SM 

. 

821 

274 

59 



574 

410 

9 

65*2 



’*5 

M 


•too 

M 

112 


117 

37 

248 

— 

240 

9 

1BB 

_ 

2M 

9 

18*2 


22 

B 

148 

. . 

147 

115 

s 

— 

a 

S 

•Erf 

_ 

886 

715 

19 

43 

IB 

44 

49 


472 

313 

72B 

- 

no 

274 

874 

- - 

*731 

480*2 

MB 


141 

a 

04 



MM 

40 

4 

,,, 

*8 

3 

336 

44 

SIS 

110 

177 

+5 

181 

s 


4.7 

145 

SLO 

137 

a* 

125 

8L8 

— 

25 

147 

38 

301 

14 

233 

13 

347 

25 

224 

82 


17 

314 

13 

242 

U 

100 

14 

319 


235 

23 

285 

15 

214 

20 

201 

a? 

_ 

12 


44 

715 

02 

♦ 

25 

155 

05 

23 

1*5 

20 

254 

1.7 

332 

— 

145 

35 


25 

2 02 

- 

275 

74 

U 

12 

203 

05 

334 

25 

251 

20 

357 

19 

505 


32 42 

WJ 

238 -2 

^ 3 

n s 3 
— 
wsa 4i 
IBS — 
2953d +S 
* — 
177 +1 

BBS 

«Bd 

n — 

25 -2 

t23 ♦! 


IE — 
MB -6 

1B7 

TO — 

ah — 


39 *b 
tf7 — 


B11 

321 -2 


17 

«20 +1 
373 

a & 

tm — 

71 




1& = 


m 

MB 181 
tn 125 
50 19 

MB 122 
3BB 2B0 
IBB 68 
83 34 

U\ 5b 

ft 

272 205 

239 85 

BB 2B 
2SB 180 
7t 35 
235 173 

783 50 


' 





non tm 

■187 134 

740 463 

537 385 

ED Mb 
178 93 

182 84 

145 41 

318 183 

188 154 


184 106 

117 86 

240 139*2 

«S 228 

132 90 

108 74 

30 6*2 

97 20 


X 

low 

455 

1116 

775 

4H 

19 

473 

180 

413 

270 

365 

244 

Oil 

431b 

761 

547 

845 

439 

IBM 

1225 

B75 

465 

BBS 

451 

BI1 

454 

744 

506 

56*2 

536 


i 

-8 4320 

+A Si 
-4 S21, 


MM 

low Cflptm 

an 

he 

•9 

5b 

TM 

— 

— 

9 

6 

102 

— 

— 

37 

17 

745 

- 

Z7J5 

81 

33 

225 

- 

- 

£84*« 

19 10957 

S3 

— 

83 

a 

173 

- 

— 

821 

48B 

MU 

— 

— 

s 

19 

ins 

14 

u 

233 

145 

«U 

4A 

47 

Sb 

1 

22-5 

- 


9 

32 

379 

— 

44 

87 

31 

— 

- 

- 

*Wb 

32b 

W14 

— 

- 

25 

A 

4SB 

— 

— 

44 

415 

— 

— 

22b 

02 

ft 

087 

407 

14 

102 

n 

i 

191 

— 

05 

J£* 

ib 

206 

— 

— 

27*s 

10*J 

M3 

— 

* 

M7 

1 

796 

— 


sa 

387 

2,160 

46 

240 

772 

438 

3*5 

— 

— 

9 

a 

74.1 

— 

-w 

ft* 

OOb 

18*2 

ms 

SM 

112 

44 

si 

* 

4 

Ob 

801 

UB 

_ 

“ 

8W 

345 

— 

— 

— 

87 

45 

819 

21 

11J 

48 

18 

453 

— 


9 

17b 

— 

— 

- 

*187 

181 

» 

1703 

OS 

I4i> 

9 

18b 

749 

— 

w 

MS 

97 

•801 

12 

201 

103 

63 

481 

112 

— 

nib 

98b 

412 

11 3 

- 

M 

2 

035 

— 

— 

■£ 

34 

4 

4TO2 

797 

- 


33 

71 

103 

43 

100 

154 

lie 

M2 

17 

114 

3 

5 

a 

12.1 

■“ 

I 

18 

4 

155 

- 

- 

182 

9 

835 

— 

— 

49 

283 

1112 

23 

327 

28b 

18 

1335 

- 

00 

1M 

SO 

482 

42 


19 

77 

289 

08 

515 

410 

290 

3429 

46 


7 

2b 

*12 

— 

» 

CO 

£36 

021* 

21 

M 

a 

a 

M3 

11 

175 

67 

47 

2U 

— 

— 

9 

B 

804 

— 

- 

203 

IS 

XM 

— 


41 

15 

Z72 

— 

- 

a 

a 

319 

— 


2b 

SM 

- 

- 

a 

14 

073 

— 

— 

118 

25 

23.7 

— 

_ 

7b 

0*2 

112 

— 

— 

M» 

6 

200 



18B3/M 

M2 

no 


« 

SM CHOU 
22510418 

Grt 

23 

WE 

302 

ITS 

675 

1981 

IB 

102 

OBh £43*2 1859 

42 

— 

3b 

1b 

7.29 

m 

— 

ficsb 

£37* 54^2 

44 

- 

asb 

£24 

£36’ 

S3 

IS 

43 

11 

« 

BU 

0391 

16 


ana 

£141 

0463 

27 

107 

£77 

Bib V5S7 

44 

* 


ft PACKAGING 


♦ Or 1083194 MX 

- hfcn tar C*£m 

T84 120 3U) 

— 444 24B 885 

H 300 144 MU 

-1 212 KB 27.1 

— *472 123 14U 

— 189 105 TM 

♦3 *S24 402 ZRB 

*215 185*2 TOJ 

+6 207 199 705 

1ES 415 MU 

MB 187 39.1 

« ns ai 

♦b nab A 9B.i 

+4 ns 119 7297 

_ 230 33 4U 

+& Z2Sh OOb 1 Ml 

381 236 1204 

38 25 TU 

MB 1S3 564 

<9 MB u 

+3 962 B32 1821 

-2 1M 51 MB 

137 94 31a 

Mb HH. ZU 

♦12 EEBb 245 «U 

-1 S3 41 2SJ] 

-1 438 271 137JB 

MB 92 1U 

-3 371 282 M02 

88 IS 838 

-2 MB 101 4U 

290 T 63 1204 

290 191 MB 

112 9 127 

♦a mj, a* i m 

428*, IBM 

*431 28S 411J9 

— B » SU 

-1 271 IBB 1918 

— 60 12 1U 

-1 148 48 S5J 

Ml 83 418 

-2 288 193 115-0 

♦1 582 4S 3IU 

183 14S 1019 

+b B 4b 047 

-A EJ4H £5% 3602 

*T238S 9*3 1,134 

«H 270 S91.1 

17^4 538*1 2S2 m3 

-30*5 Bb 2L2 

-1 *348 271 IBM 

*7 317 W 77X9 

391 206 1W 

118 45 238 

T& £3BH £23*» *09 

— 31 5 7JS 

38 21 143 

— 2B4 62 18U 

133 73 47J 

300 203 2894 

4B0 270 3X1 

— HD 55 MB 


• or 1B8304 Md YU 

•Mb* C*£» Ert M 

00 41 BU 17 308 

-h V7 62 4 U H - 

J* SI I « ■ - 

144 52 1007 2.1 105 

— 121 Q W M - 

— 2*z 6 4JB - - 

SI 16 943 - - 

99 38 12.1 - - 


M 

Grt RE 
IB 15-6 
£4 209 
25 4X9 
01 19.1 
3.1 217 
49 1&4 
OO 21 JJ 
45 - 

17 « 

2S 17.7 
U - 
<JS 115 
U - 
2.9 2X8 
27 169 

ibI 

47 102 
33 179 
OB 41.7 
25 228 
15 15.1 
4.4 814 
25 15.1 
OB - 
47 191 
37 198 

226 _W*0.BiPI 



+ 0 

1983194 

m 

W 


Me* 

m 


tow CapEm 

an 

HE 

Mb si 

m 

*77b 

48b 

MB 

15 

- 

98 



29 

153 

09 

7.1 

101 

244 

-a 

407 

340 

Via 

54 

u 

£ 

— 

89 

61 

49 

37 

MU 

BU 

14 

*2 

204 

119 

15 

_ 

a 

8b 

15* 

« 

4X1 

1Mb 

♦4 

XB 

88 

IT** 

85 

154 

aw 

_ 

381 

29 

MB 

14 

2X6 

<w 



9 

a 

802 

9.1 





125 

78 

2111 

14 

111 

270 

-1 

483 

256 

1038 

34 

723 

. 

» 

49 

8U> 

24 

175 

153 


29 

146 

4201 

29 

06 

M4 

♦t2 

M3 

542 

8882 

34 

109 

Ml 

H 

SB 

144 

MO 

05 

XG 

M2 



M3 

75 

2*4 

24 

189 

11 

_ 

KMs 

11 

1U 

74 

32-8 

1M 


17* 

M 

81X8 

09 

144 

aw 


291 

145 

7M 

14 

- 

212 

,, 

Bi 

172 

2800 

V 

1U 



364 

205 

21X4 

V 

274 

St 

__ 

9 

ib 

sa 


- 

3B7 

«5 

EM 

3*2 0SB5 

15 

129 

*17)d 

. 

M3 

128b 

1803 

14 

406 

2ffl 


773 

178 **38 

*0 

105 

Q33b 

•b2tMb£114b 

2402 

74 

- 

IK 

— , - 

211 

123 

1223 

2.4 

- 

49 

— 

4B 

348 

1502 

45 

18.7 

i. GENERAL 






♦or 

1883194 

■M 

YU 


Pika 

a 

” 

% 

tow 

9 


6-4 

XI 

RE 

231 


MB 

173 

238-1 

34 

174 

sa 

*3 

«!• 

257 

IMS 

25 

300 

TO 


729 

142 

37* 

«4 

— 

S3 

♦1 

ns 

88 

ZIU 

0.1 

- 

337 

, r 

367 

278 

2809 

14 

217 

1M 

-1 

19 

94 

87.1 

U 

- 

m 


MB 

19 

700 

*7 

1X4 

143 

♦1 

19 

94 

608 

M 

_ 

MB 

♦2 

278 

IS 

151.7 

14 

177 

a 


47 

22 

124 

74 

— 

232 


91b 

133 

4874 

10 

299 

sa 

♦2 

89 

416 

098 

34 

209 

8b 


■Mb 

Bb 

66.1 

1.1 

45 

441 

, , 

481 

318 

3214 

21 

2X9 

M 

-h 

•07*j 

51 

7508 

44 

_ 

2a 


MB 

ia 

3*8 

24 

319 

at 


304 

148 

Wl 

14 

414 

za 

_ 

MO 

144 

9X0 

as 

6X1 

49 

-4 

S3 

286 

404 

18 

303 

M6 

♦1 

183 

87 

SOB 

34 

199 

232b 

409 

29 

1B5b 

2944 

84 

175 


*1 

19 

78 

174 

8.1 

1X4 

167 

. . 

181 

15* 

32.1 

XI 

155 

S7W 



OB 

374 

21*1 

08 

119 

311 

*2 

an 

2EB 

32*2 

24 

215 

2H 

♦1 

29 

19 

8529 

17 


Kb 


«*b 

77 

1549 

74 

— 

IB 



21 

8 

5-74 

* 

— 

VIM 



SM 

71 

314 

14 

414 

238 


273 

203 

152.1 

38 

21.4 

SB7 

-1 

89 

49 

4034 

34 

185 

48 

, , 

78 

a 

2» 



MW 

. 

ns 

75 

102 

14 

i 

ia 



19 

24 

222 



as 



•284 

162 

1654 

2* 

30.4 

m 

, „ _ 

9 

a 

1X0 

— 

4*1 

M 


19 

a 

200 

04 

— 

«Md 


89 

S3* 

0*75 

£5 

1X1 

25 


40 

21 

374 

SO 

12.4 

9 

... 

9 

84 

184 

12 

177 

698 

+9 

788 

49 

IMS 

29 

205 


,, 

778 

75 

354 

as 

_ 

648 


89 

485 

BOO 

1.7 

BJ 5 

3S0 



415 

270 

174 

£7 

384 

343 

Ml 

MB 

241 

40X4 

28 

1X1 

zn 

m ■ 1 , 

287 

177b 

302 

*1 

— 

18* 

-2 

184 

120 

8544 

23 

743 

tn 


122 

56 

7*7 

12 

a 

416 


481b 

311 1LBZ3 

25 

214 

B7W 


89 

445 

87*7 

21 

175 

2M 

, 

29 

ia 

474 

24 

314 

28 

-2 

SI 

138b 

7989 

23 

257 

52 

J _ 

81 

a 

on 


— 

M 



46 

15 

n.i 

- 

- 

a 


27 

2B 

&3B 

— 

— 

19 



1U 

9 

230 

12 

* 

■ 

„ 

s 

2* 

5*7 

25 

73 

94 

-1 

8tS 

19 

HU 

£5 

100 

a 



9 

a 

in 

*2 

124 

43 

♦S 

68b 

20b 

MB 

1-5 

250 

20B 

. . . 

29 

19 

4t0 

U 

MB 


T32 

93 

i2S 

17 

479 

37*2 


41b 

11 

— 

— 

74b 


a 

11 

25J 

— 

- 

sow 

"IT 

sc 

49 

1482 

07 

104 

121*2* 


TZ7 

83 

1802 

3.1 

195 

WM 

, 

IMS 

713 

86*7 

14 

- 

29 

-4 

2B 

m 

1614 

27 

225 

3* 


29 

9 

4U 

15 

- 

104 



19 

146 

1174 

4.1 

IV 

1* 


in 

71 

708 

04 

2*4 

4b 


8 

lb 

523 

— 

- 

49 

4 2 

49 

302 

*05 

18 

ton , 

■a 


87 

42 

11 

404 

87 

- 

9 

45 

09 

- 

- 

HO 

-4 

•MB 

142 

BU 

Xl 

* 


♦ ■ 

1BB3« 

♦3b 


Uw 

56 

788 

495 

-1 

637 

3« 

-13 

W83 

707 


ta 

106 

♦A 

♦3 

« 

ftl 

♦lb 

230 

128*2 


mzu 

1C 

£44b 

77 


TO 

56 


in 

50 



430 

135 

♦7 

865 

332 


4Zb 

11 

. 

87 

44 

+1 

sa 

232 

-A 

EM 

E20*. 

♦2 

190 

K 


05 

160 

HZ 

283 

147 



86 

» 



111 

41 

-2b 

471 

288b 

+11 

■S3* 

2S4 

+1 

*291 

218 

♦1 

282 

181 


ZDS 

106b 

mmmm 

348 

244 



81 

40 

*4 

72B 

504 

♦1 

t94 

127 

♦1 

Ml 

ID 


2*1 

117 

-i £28b 

£11£ 



Bb 

7b 



2DB 

112 


YU 


0TB 

WE 

X5 

120 

04 

— 

21 

* 

21 

249 

*3 

1*2 

0.7 

— 

11 

185 

48 

_ 

21 

229 

34 

94 

24 

— 

20 

214 

1.1 

413 

V 

225 

15 

21.1 

35 

— 

18 

- 

04 

172 

37 

159 

14 


12 

108 

34 

215 

27 

* 

14 

395 

V 

204 

7.4 

106 

54 

- 

60 

159 

55 

374 

4.4 

- 

X2 

- 

11 

207 

*1 

“ 

24 

216 

















































































































































































































































































FINANCIAL TIMES FRIDAY MARC H I I W 































































































































































































































38 


CURRENCIES AND MONEY 


MARKETS REPORT 


POUND SPOT FORWARD AG, 





D-Mark moves lower 


Foreign exchanges took a 
breather yesterday as a mea- 
sure of calm returned to inter- 
national equity and bond mar- 
kets following panic selling 
earlier in the week, writes 
Philip Gmoith. 

Most observers, however, felt 
that what they were observing 
was a truce rather than any 
sort of a lasting peace. There 
remains a broad consensus 
that markets are not currently 
focusing on fundamentals. 

Attention today will be anx- 
iously focused on the release of 
key US employment data. It 
was the publication last month 
of a similar set of data that 
prompted market jitters. 

Any signs of inflationary 
pressures will renew specula- 
tion of a further tightening of 
US monetary policy and lend 
support to the dollar. 

Yesterday the Bundesbank 
council declined to shift any of 
its interest rates at its meeting. 
Earlier In the week it had low- 
ered its repo rate by three 
basis points to 5-97 per cent. 
The Bank of Spain, however, 
cut its key money rate by 50 
basis points to 8 per cent from 
8 lS per cent 

■ The dollar fell sharply yes- 
terday afternoon when a White 
House source said President 
Clinton would reinstate the 
Super 301 executive order per- 
mitting him to impose trade 
sanctions on Japan. It fell from 
a high of Y104.17 to Y1Q3.50 
before bouncing back to close 
in London at Y104-065. 

This selling pressure also 
spread to the D-Mark /dollar 
rate with the dollar falling 
from DM1.7135 to DM1.7050 
before closing at DM 1-7088. 

Analysts said the impact of 
this move would depend on 
whether Super 301 was reim- 
posed immediately, or left as a 
sword hanging over Japan's 
head. Mr Gerard Lyons, chief 
economist at DKB Interna- 
tional. commented: “Which- 
ever way you look at it. the US 
is being very aggressive in 
terms of the bilateral trade sit- 
uation. That has only one 
implication - that the yen will 
go stronger.’’ 

Mr Lawrence Summers, 
undersecretary for Interna- 
tional Affairs of the US Trea- 
sury, said yesterday that it was 
wrong to say the trade war was 


Peseta 

Again* the D-Mwfc (pta pet DM) 

80 



Jan 1994 Feb 
Souqs: OataaMafn 

■ PoanJ In How York 

tear 3 — infant — - Pro*, dose - 

£ spa 14970 14970 

1 mtti 1.4851 1.4848 

3 odb 1.4322 1.4815 

1 T 1.4855 1.4853 

escalating. He also said it was 
premature to discuss the tim- 
ing of any trade action under 
Super 30L 

Mr Paul Chertkow, head of 
global currency research at 
UBS, said the Clinton adminis- 
tration appeared to believe it 
crucial to be seen to be dealing 
effectively with Japan. If not, 
this potentially could spill over 
into similar troubles with 
other Far Eastern countries, 
especially China. 

■ The D-Mark yesterday fin- 
ished weaker across the board 
in Europe after news that the 
engineering union IG Metali 
bad voted in favour of strike 
action. It finished in London at 
L984 from L990.2 against the 
Italian lira and at FFr3.4 from 
FFr3.408 compared to the 
French franc. 

With the shock of the 20.6 
per cent annualised growth in 
M3 in January still fresh in 
mind, and the IG Metali deci- 
sion widely anticipated, it was 
hardly surprising that the 
Bundesbank council decided to 
leave its Lombard and Dis- 
count rates unchanged. It also 
made no comment on the 
terms of its next securities 
repurchase (repo) tender. 

According to PaineWebber 
International, the Bundesbank 
has never changed its key lend- 
ing rates at two successive 
meetings. The M3 number mid 
the likely strike action also 
provided an inauspicious back- 
drop for a policy easing. 


Yesterday the Bundesbank 
sought to limit the fall-out 
from MS’s rise. Mr Otmar fee- 
ing, chief economist, told the 
Wall Street Journal that the 
M3 figure was "no reason to 
panic’'. He said the three basis 
point cut in the repo rate was a 
signal of where the Bundes- 
bank was going. 

Also following the cautious 
route was the Bank of France 
which left Its intervention rate 
unchanged at 6.10 per cent at a 
securities repo, held to allocate 
funds for injection into the 
money market today. 

■ More adventurous was the 
Bank of Spain whose rate cut 
was variously described as 
“brave", “sensible'’ and "very 
much a surprise”. Mr Keith 
E dmonds , chief analyst at LBJ, 
said the Bank hart two main 
reasons for acting: to stimulate 
the economy, which is in reces- 
sion, and r«im the bond mar- 
kets, which were volatile ear- 
lier in the week. 

Mr Edmonds said the Span- 
ish authorities had room to cut 
interest rates which, at 8 per 
cent, were still 2 points above 
German rates. He said this dif- 
ferential was probably suffi- 
cient to sustain the value of 
the currency. The peseta had 
been fairly weak recently at 
the 82 level against the 
D-Mark, the lowest since mid- 
January. It rose, however, after 
the rate cut to close in London 
at Pta 8L88 from Pta 8225 on 
Wednesday. 

■ Sterling yesterday had a 
quiet day with attention 
focused on the D-Mark. It was 
barely changed against the dol- 
lar at $1,495 and higher against 
the D-Mark finishin g at 
DM2.5546 from DM2.5475. 

The Bank of England pro- 
vided the UK money market 
with £270m of unspecified late 
assistance , bringing total help 
for the day to £529m. This com- 
pared with its latest forecast of 
an £800m liquidity shortage, 
revised up from an earlier 
£750m. 

■ other curubmes 


Mar8 

Cttang 

mKHxiint 

Change 
on day 

Bktfbfhr 

spread 

Day's kfid 
high law 

One month 
Rate WA 

Three monta 
Rata MPA 

One year Bank of 

Rote MPA Eng. MW 

Etnpo 

Austria 

(Soh) 

179761 

+0.0737 

683 -828 

100051 17.8399 

170723 

00 

170687 

02 



1130 

Belgium 

(BFr) 

516621 

+ai95 

134 - 908 

506908 52.4499 

527121 

-1.4 

520021 

-1.1 

53-1371 

-09 

1140 

□teWMrit 

(DKr) 

99670 

+013Q2 

827 -012 

1(10075 9-9601 

9.9988 

-1.4 

10.0176 

-10 

100534 

-07 

1140 

Finland 

(FM) 

89809 

-0JJ544 

720 - 887 

83440 82490 

4 

- 

- 

- 

- 

- 

810 

Fiance 

(Fft) 

89866 

+04X153 

B35 - 901 

8.7038 86577 

80955 

-10 

8.7106 

-1.1 

87444 

-07 

1080 

Germany 

PM) 

2-5546 

+0.0071 

S37 - 554 

ZJ624 25471 

9 SfWft 

-1.1 

20533 

-00 

25641 

-0.4 

1226 

Greece 

PO 

371,421 

+2JH0 

134 - 707 

371051 389842 

- 

- 

- 

. 

. 

. 

- 

Ireland 

m 

19437 

-00005 

424 -449 

1.0489 1-0413 

10448 


1.0487 

-1.1 

1.0644 

-1.0 

1029 

tody 

w 

251434 

—7.40 

2S6 - 612 

2522.91 2509.98 

2521.99 

-30 

253503 

-24 

259104 

-81 

750 

Luxamboug 

(LFr) 

529521 

+0195 

134 -906 

620906 52.4499 

527121 

-1.4 

528021 

-1.1 

53.1371 

-00 

1140 

NethertandB 

(HI 

29890 

*0-0093 

677 - 702 

20732 20538 

20699 

-04 

20704 

-00 

20842 

02 

1170 

Norway 

(NKrJ 

11.0798 

*0.01 B2 

762 - 829 

11.0996 11.0390 

110739 

28 

11.088S 

-00 

11.0776 

00 

54 J> 

Portugal 

(Ea) 

261JS2 

-024 

124 - 060 

261.800 260217 

252-367 

-4.5 

264012 

-40 

. 

- 

_ 

Spam 

(Pta) 

206216 

-0.303 

034 - 403 

209041 206,808 

208044 

-30 

210014 

-00 

215019 

-29 

84.7 

©wedon 

fSKr) 

11J053G 

-0047 

453 - 606 

12.0207 11.9190 

11.8755 

-23 

12.0096 

-1.9 

12125 

-1.4 

750 

Swttzertend 

(SFr) 

ai4i5 

*0.0025 

404 - 426 

2.1483 2.1381 

214 

08 

21364 

1.0 

21173 

1.1 

1180 

UK 

(0 

- 

- 

. 

- 

- 

- 


- 

- 

. 

81.1 

Ecu 


1J221 

+00023 

216- 226 

10236 10187 

10238 

-10 

10264 

-10 

10332 

-08 


SDR 

- 

0.940938 


. 

- 

. 

. 

- 

. 


_ 

__ 

America! 

Argentine 

Pw» 

1.4942 

-0.001 

938 - 945 

1.4970 1^312 

_ 

_ 

_ 





Brazil 

(O) 

997.309 

+154)66 

727 - 091 

999.000 980000 

- 

- 

- 

re 

re 

. 

_ 

Canada 

tes) 

2JS2S4 

-0.0019 

246 - 261 

20277 20191 

20232 

10 

20198 

1.1 

20179 

OA 

69.0 

Mexico (New Peso! 

4.8437 

-00159 

279 - 594 

40802 4.B4Q8 

re 

- 

• 

- 

- 

- 

_ 

USA 

(SJ 

1.4960 

-00003 

947 - 952 

1^4970 1.4912 

1.4931 

10 

1-48 

10 

1.4835 

08 

66.1 

PacMcrtUcto Eaet/Afrtca 
AustnUa (AS) 2.1164 

-04X574 

153 - 175 

21181 21007 

21149 

09 

21126 

0.7 

21106 

00 


Hong Kona 

(HKS 

11^528 

-00025 

501 - 555 

11.5697 11.5247 

110398 

1.4 

110344 

06 

11.4853 

08 

re. 

Incte 

|H») 

46^063 

+0 0391 

635 - 091 

47.0550 46.8770 

- 

- 

- 

. 

- 

. 

- 

Japan 


1S&572 

+0559 

509 - 635 

156-270 154060 

155002 

29 

154.432 

29 

151017 

20 

1B&0 

Maiaytda 

(MS 

4J3711 

+00092 

093-729 

4.0775 4. 0579 

- 

- 

- 

. 

- 

re 

_ 

New Zeeland 

(NZS) 

2-8239 

-00047 

223 - 255 

26268 £6028 

26268 

-1.3 

20311 

-1.1 

2B397 

-08 

- 

PWBppines 

(PteW) 

41-4102 

-00083 

537 - 686 

41.5180 409998 

- 

* 

- 

- 

- 

re 

_ 

Saudi Arable 

m 

5-6056 

-OO0 10 

041 - 070 

5.8127 5.5920 

- 

- 

- 

re 

- 

. 

_ 

Stngapom 

tsa 

2J3843 

+0.0033 

631 - 654 

20654 23576 

re 

- 

- 

re 

- 

. 

_ 

S Africa (ComJ 

w 

5-1850 

+00131 

836 - 876 

5.1889 5.1650 

- 

- 

- 

- 

- 

- 

- 

S Africa (finj 

(« 

8.9201 

-0.0725 

205 - 377 

70060 08618 

_ 

- 

- 

. 

. 

_ 


South Korea 

(Won) 

1206 21 

+OJ21 

563 - 678 

120703 120305 

. 

- 

_ 

. 

. 

. 

re* 

Taiwan 

(TS) 

39-5414 

-0.0370 

348 - 480 

390300 39.4400 

_ 

- 

_ 

- 

. 

. 

re. 

ThaBand 

cat) 

37-8073 

-00226 

860 - 288 

370500 37.7270 

- 

- 

- 

- 

- 

- 

- 


I SCR rata tar aa/aHm it'uuUu kt tho n*m Spot table star only tee tan ftee decffita place* ForwanJ iam ore ml dnecffy quoted to tea 

tut am krtated tv curan: burnt rates. Storing index criarined by Dm Ban* d Enennd 8am average 1S85 = HXLBkt Offar and Md-raua In bate 
ten Qatar Spat triftn dortvod bam Tit WMfflBJTCRS CU38MQ SPOT RATES- Soma vtauan am raundad ay «1 m F.T. 


DOLLAR SPOT- FORWARD AGA I M-ST THE.. COLLAR 


Mar 3 

MV! 

Im 

Kmft 

Ittmd 

Awfa 

UAE 


£ S 

154925 - 155.127 1(0850 - 101700 
Z59L00 - 260490 174890 - 175090 
0.4441 - 0.4450 09171 - 02876 

317629 - 322219 Z1Z509 - 215509 
23202 - 23212 156850 - 156790 
5.4803 - 59815 39710 - 39730 


Mar8 

l 

Europe 

Austria 

(sen) 

Belgium 

pft) 

Denmark 

(DKr) 

Finland 

(FM) 

Ftanca 

(FFr) 

Germany 

ro 

Greece 

fl» 

Ireland 

pq 

Italy 

w 

Luxembourg 

(Lft) 

WathUtoda 

(FT) 

Norway 

(NKr) 

Portugal 

(Esj 

Spain 

ff>m 

Sweden 

(SKr) 

Switzerland 

(SR) 

UK 

0 

Ecu 


SDR 

_ 

America 

Argentina 

(Peso) 

Brazil 

(Cr) 

Canada 

(Cfl 

Mexico (New Peart 

USA 

<S> 

PaeMc/Mddkt EaaUfi 

Airatrda 

(AS) 

Hong Kiting 

(HKS) 

India 

(Ha) 

Japan 

CO 

Malaysia 

(MS) 

NewZertmd 

(NZS) 

PHfcpinas 

Paao) 

Saudi Arabia 

(SR) 

Singapore 

(S$) 

S Africa (Com) 

1 (R) 

S Africa (Fire.) 

n 

South Korea 

(Wan) 


Closing 

mid-point 

12.0245 

312200 

69805 

59392 
59108 
1.7080 
248450 
19324 
1682.03 
359200 
19191 
7.4113 
174950 
139950 
73856 
1.4325 
1.4850 
1.1308 
1. 


Change Bld/bffar 
on day spread 


Day's mid 
high tow 


One month Three months 
Rate %PA Rata %PA 


One year J J> Morgan 
Rata %PA Index 


+0.055 220 

40.13m ooo 

+09027 787 
-0.0353 342 
409048 095 
+0.0051 085 
4-1.4 300 
409005 309 
-4.66 125 
+01375 000 
+00066 186 
400123 103 
-0125 700 
-0.175 850 
-09208 918 
40902 320 
-00003 647 
-00022 305 
+00044 669 


- 822 
-442 
- 120 
- 081 
- coo 
-339 


196 

123 


893 

330 

852 

310 

689 


1 120525 120005 

120432 

-10 

120745 

-1.7 

12102 

-00 

1029 

1 350800 35.1000 

35005 

-20 

35.44 

-25 

3502 

-1.7 

104.0 

! 8.6995 

86712 

6.6968 

-20 

6.7233 

-20 

8.8595 

-2.7 

1010 

! 50851 

50283 

50444 

-1.1 

50524 

-1.0 

50692 

-00 

75.9 

1 5.8265 

07980 

50247 

-20 

50463 

-24 

50948 

-14 

104.5 

1.7140 

1.7044 

1.7125 

-20 

1(718 

-20 

1.7284 

-1.1 

1040 

1 248080 247000 

2S2.05 

-17.4 

258.95 

-16.9 

28845 

-121 

710 

1 1.4341 

1.4257 

1.429 

28 

1.4234 

25 

1.4057 

10 

- 

1 166705 168105 

1889.16 

-S.1 

170203 

-4.B 

1747.03 

-30 

76.0 

1 350800 35.1000 

35.305 

-29 

35.44 

-20 

35.82 

-1.7 

104.0 

i 1.9235 

1.9102 

10221 

-10 

10264 

-10 

1.9331 

-0.7 

1026 

1 7.4300 

70750 

7.421 

-1.0 

7.44 

-1.6 

7.4503 

-00 

940 

1 175000 174.000 

175.77 

-60 

17744 

-50 

18315 

-4.7 

921 

1 140000 139.780 

140.545 

-5.1 

141.555 

-4.0 

145.15 

-27 

80.1 

l 8.0410 

7.9859 

8.0211 

-28 

8.0601 

-22 

21741 

-20 

80.7 

1 1X385 

1.4295 

1.4332 

-0.6 

1.4338 

-0.4 

1.4273 

04 

105.1 

1.4970 

1.4912 

1.4931 

1.6 

149 

1.3 

1.4835 

00 

89, B 

f 1-1329 

. 

1.1283 

1.1279 

20 

1.1234 

26 

1.1127 

10 

“ 


19546 


19157 
7.7278 
._ 11.4300 

(V] 104965 
2.7233 


4.63S0 


Taiwan ' (IS) 204500 
Thailand (BO 259900 

19DH rata tar Ma-Z Bktoflor apn 
but oe impend by curort Jntaraet 


-00005 994 - 995 1.0000 03994 

+1021 510 - 630 687930 667.470 
-09011 545 - 551 
-0.01 300 - 500 


-00047 152 - 162 
-09001 274 - 264 
+00326 200 ■ 400 
+0995 040 - 090 
+00066 225 - 240 
-00028 544 - 559 
- 800 - 000 
-09003 493 - 500 
400025 010 - 620 
400095 680-695 
-09475 300 - 400 
409 600 - 100 
-002 500 - 500 
-091 800-000 

In tee Datar Spa table stm only aw hut One deonwl ptaou. Forward rates are not dractty quoted to U» market 
9. UK. tan) A ECU ere quoted n US cwmncy. JP. Mogan mfcaa shown tor Mw_2_ Sane imnvo 1900.100 


1.3565 

1.3530 

1.3551 

-0.3 

1.3556 

-00 

1.3602 

-04 

823 

22600 

30300 

22416 

-0.6 

30444 

-00 

3055 

-00 

, _ 

- 

- 

- 

- 

- 

- 

- 

- 

100.5 

1.4172 

1.4061 

14167 

-a.9 

14196 

-1.1 

1.4271 

-0.8 

66.4 

7.7286 

7.7270 

7.7286 

-0.1 

7.7328 

-00 

7.7514 

-00 

- 

31.4675 310850 

31.495 

-25 

31.63 

-2.5 

- 

- 

- 

104.450 103 620 

10305 

10 

103.65 

1.6 

1010 

21 

1416 

27265 

27161 

2.7173 

26 

27008 

30 

2.7733 

-10 

- 

1.7562 

1.7422 

1.7568 

-1.1 

1.7613 

-1.4 

1.7755 

-10 

- 

270500 270500 

- 

. 

- 

■ 

- 

- 

- 

27500 

27493 

27521 

-00 

27565 

-0.7 

27752 

-0.7 

- 

10820 

1.5796 

10815 

0.0 

10815 

0.0 

1.605 

-10 

- 

3.4695 

14565 

3.4831 

-4.9 

30121 

-5.0 

26093 

-4.1 

- 

4.6800 

4.6000 

4066 

-80 

4.73 

-80 

- 

- 

- 

807.900 606.700 

809.65 

-40 

81305 

-30 

831.85 

-21 

- 

26.4700 264500 

26.5525 

-4.7 

26.7 

-28 

- 

- 

- 

25.3000 250800 

2506 

-23 

250 

-30 

25.64 

-1.4 

- 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

M»J BFr DKr FR 


DM 


t£ 


H 


MKr 


Pta 


SKr 


SFr 


t 


CS 


Ecu 


Belgium 


(BFr) 100 1097 16.50 4953 1981 4775 6.449 2194 4905 3079 22.70 4966 1999 3946 2940 295J5 2911 


Denmark 

(DKr) 

5272 

10 

8.698 

2558 

1049 

2517 

2B73 

1109 

281.7 

2090 

1107 

2144 

1.001 

2028 

1.497 

1518 

1.324 

Intend 

0008828 

0.790804 

-0001065 

-220 

112 

Frtnco 

(FFr) 

60.61 

11.50 

10 

2941 

1006 

2894 

2303 

1275 

3009 

2408 

1170 

2466 

1.151 

2331 

1.721 

179.1 

1022 

Netherlands 

219672 

217249 

+000437 

-1.10 

395 

Germany 

(DM) 

20.81 

3009 

3400 

1 

0.410 

984.0 

1.123 

4037 

1023 

8108 

4077 

0.838 

0091 

0793 

0585 

6090 

0817 

Belgium 

402123 

39.8448 

+0.0706 

-001 

275 

Irefceid 

Oti 

5004 

9.530 

80S9 

2438 

1 

2399 

2738 

1067 

248.4 

1990 

11.40 

2043 

0054 

1932 

1027 

1415 

1081 

Germany 

194064 

193522 

+000378 

-074 

257 

Italy 

(U 

2.094 

0097 

0048 

0.102 

0042 

100. 

0114 

0441 

1040 

8021 

0475 

0085 

0040 

0081 

0058 

6.189 

0053 

France 

153883 

6.58279 

-0.00216 

067 

212 

Netherlands 

(FQ 

18.35 

2481 

2028 

0.891 

0065 

8780 

1 

1862 

91.11 

7292 

4.105 

0746 

0048 

0706 

0521 

5403 

0461 

Denmark 

7.43679 

706879 

-ooi42a 

1.77 

101 

Norway 

<Nt«> 

47.52 

9.014 

7040 

2306 

0946 

2269 

2089 

10 

2389 

1880 

1079 

1932 

0903 

1.825 

10(9 

140.4 

1.193 

Portugal 

192854 

197.669 

-0.811 

260 

O0Q 

Portugal 

(Es) 

20.14 

2821 

3.323 

0977 

0401 

961.7 

1.098 

4039 

100. 

8003 

4072 

0019 

0083 

0775 

0572 

5803 

0506 

Spate 

154050 

158076 

-0.6 

280 

0.00 

Sprtn 

(Pta) 

2017 

4.774 

4.152 

1021 

0001 

1202 

1.371 

5098 

1250 

100 

1712 

1.023 

0.478 

0966 

0715 

7408 

0632 







Sweden 

(SKO 

44.06 

2357 

7089 

2138 

0077 

2104 

2401 

9072 

2107 

175.1 

10 

1.792 

0037 

1095 

1051 

1300 

1.106 

NON ERM MBfflBtS 





Switzerland 

(SFr) 

24.59 

4.665 

4.057 

1.193 

0489 

1174 

1040 

0175 

1221 

97.71 

1582 

1 

0.467 

0948 

0.698 

7288 

0617 

Greece 

261013 

280 994 

+0873 

603 

-223 

UK 

(0 

52.65 

9.987 

2687 

2555 

1.048 

2514 

2869 

11.08 

261.4 

2080 

11.96 

2141 

1 

PfPjj 

1.485 

1650 

1022 

He* 

178119 

1907.73 

-1108 

609 

-237 

Canada 

(CS) 

28.00 

4.032 

4090 

1062 

0518 

1241 

1.417 

5.472 

129.1 

1030 

5901 

1.057 

0484 

1 

0.738 

7694 

0653 

UK 

0786749 

0758890 

-0.001414 

-3.54 

608 


US 

Japan 

Ecu 


(9 35-22 
(Y) 3364 
39.83 


6.680 

64.18 


5.811 

5593 


7.554 6971 


1.709 

18.42 

1.933 


0.701 1682 

8.735 16157 

0.793 1902 


1.919 

18.44 

2.170 


7.411 

7191 

8981 


1749 

1680 

197.7 


1389 

1344 

1589 


■<<m po> i *aft Dantte Kroner. French Franc. Norwe gi an Kroner end S w nri ah Kronor per 10; O at tfa n Franc. Fnc ud n , Um and Poaeta 


7.993 
7890 
9.038 
P* ioa 


1.432 

1178 

1.820 


0.668 

6.427 

0756 


1.355 

13.01 

1.532 


1 

9.608 

1.131 


104.1 

1000 . 

117.7 


0684 

8.496 

1 


■ P-44AHK FUTURES (I MM) DM 125.000 per DM 


YB« FUTUTO5 (B4M) Yen 129 par Yen 100 



Open 

Latest 

Change 


Low 

EiH- wol 

Open M. 


Open 

Latest 

Change 

Hgh 

Lew 

Esl wi 

Open Im. 

Mar 

0.5661 

0.5836 

-0.0026 

00663 

00835 

47021 

117064 

Mar 

09607 

09614 

+0001 0 

09654 

09580 

30296 

88012 

Jun 

0.5828 

0.5807 

-00025 

0.5832 

05805 

2045 

17.088 

Jtffi 

09640 

09652 

+00009 

09665 

09622 

3.606 

10.718 

Sep 



“ 

* 



_ 

Sep 

- 

09710 

- 

09710 

- 

217 

1.109 

■ SWISS FRANC FlfTURBS (IMM) SFr 125.000 per SFr 



■ STERLING FUTURBS (IMM) 062000 parC 




Ma 

0.6977 

0.6055 

-0.0029 

0.6968 

06953 

23,125 

44063 

Mar 

1.4664 

1.4928 

-00032 

1.4964 

1.4906 

17938 

33969 

Jin 

0.6966 

0.6952 

-0.0029 

0.8966 

06950 

1,750 

7042 

Jun 

1.4920 

1.4880 

-0.0030 

1.4920 

1.4866 

4073 

12724 

Sep 

0.6965 

06960 

-0.0024 

06970 

00960 

11 

91 

Sep 

- 

1.4870 

- 

- 

1.4850 

6 

462 









Dec 

- 

1.4810 

- 

- 

1.4610 

1 

12 


EMS EUROPEAN CURRENCY UNVT RATES 

Iter 3 Ecu »te. Rate Change % +7- from % spread Dhr. 

rates against Ecu on day can, rale v weakest tod, 

15 


-8 

-12 

-17 

-20 


Ecu cenod rates ear by tee European Gonsnsm. Curandee as In dMcendktg rataUve tarangte. 
Percentage chan g es are k v Ecu: a poslne chmge dtnene a weak curency. Ohetpenm »hovM tea 
MO between mo spaed* tee percentage d Uta m m e between ten actual imVet and Ecu central rates 
to a curancy, ana me rnaabmn ptnrened peroenraga dra ta fan at me curacy's imM rale bam its 
Ecu wpii w l rate. 

(17A4Q Shiho end Mtai Lira upended bore BM AcQustmera critriuto l I* tee Financial Time. 
■ PHK9PBU»IMAffiC7tOPTlOIISE3U50 (cants pra pound) 


MONEY RATES 

Mafdh 3 Ovor Ono Three 

nrgtti inwMh mHtj 




I MONTH BUmMAMCI FUTURBS (UFFE)' DMIm potato qt UXHt 


Strl« 

Price 

Mar 

- CALLS - 
Apr 

May 

Mar 

— PUTS — 
Apr 


1900 

9.10 

901 

903 

002 

0.03 

002 

1.428 

6.66 

073 

691 

003 

019 

002 

1-460 

401 

401 

496 

0.05 

006 

1.05 

1,475 

2.03 

203 

302 

Q3W 

107 

190 

1000 

0.55 

107 

2.11 

109 

245 

207 

1026 

008 

076 

104 

302 

408 

408 


Sb« 

mdia 


One Lomb. 
year Inter. 


DIs. 

rato 


Repo 

rate 


Belgium 

_ 

EPk 

6*4 

6% 

64 

7.40 

5.00 

_ 

week ago 

- 

6!i 

84 

6* 


7.40 

505 

- 

Franco 

6** 

6H 

6U 

fi'.k 

e* 

&ia 

- 

7.75 

week ago 

Bh 

6i 

6V+ 

64 

5* 

21 

- 

7.75 

Germany 

6.05 

6.07 

5.88 

5.72 

152 

6.75 

505 

597 

wee* ago 

6.08 

6.05 

5.65 

165 

507 

275 

505 

6.97 

Ireland 

6i 

6k. 

6*4 

eni 

6H 

_ 

- 

275 

week ago 

5!i 

5~. 

5* 

S3 

5H 

- 

- 

173 

luy 

a 1 ..- 

ew* 

814 

BHi 

fli* 

•re 

200 

892 

wort ago 

aii 

an 

8'4 

6'* 

8V4 

- 

100 

892 

Netherlands 

559 

- 5.48 

5.32 

505 

500 

_ 

505 

- 

week ago 

5.61 

5.50 

5.32 

5.19 

203 

- 

505 

- 

Switzerland 

■•a 

4k. 

44 

4)4 

44 

8025 

4.00 

- 

nook ago 

4'.i 

4*i 

44 

44 

4 

1625 

4.00 

- 

US 

31 

3Y: 

a B 

4 

44 

- 

100 

- 

mw* ago 

3'< 

3»k 

3!4 

33 

44 

- 

200 

- 

Japan 

2S 

2% 

2V« 

2V» 

2’re 

- 

1.75 

- 

«w* ugo 

•1 1 
-•* 

2k. 

2U 

2li 


- 

1.75 

- 

■ S USOR FT London 








Interbank Fixing 

- 

33 

3 a 

4ki 

4V4 

- 

- 

- 

week ago 

- 

3!i 

3V 

4 

4fi 

- 

- 


US Dollar CDs 

_ 

3.46 

265 

3.89 

406 

_ 


_ 

week ago 

- 

3.32 

250 

275 

A13 

_ 

- 

_ 

SDR Linked Ds 

- 

3* 

3% 

S’* 

4 

re. 

_ 

_ 

vmx* ago 

- 

3*. 

3X 

3% 

3% 

- 

- 

- 



Open 

Sett price 

Change 

High 

Low 

Eat vol 

Open frit 

Mar 

94.17 

94.17 

+002 

19400 

94.14 

36847 

172066 

Jin 

94.55 

8402 

-0.01 

9405 

94,48 

48757 

233853 

Sap 

94.73 

94.72 

- 

94.73 

94.63 

36449 

175171 

Dec 

S4.B2 

9402 

+002 

8402 

94.74 

41343 

181148 

■ THRU MONTH EUROURA MT-HATM FUTURES (UFFE) LI 000m ports Of 100% 


Open 

Sett price 

Change 

H^i 

Low 

ETC. wol 

Open im. 

Mar 

9100 

9102 

+0.14 

91.71 

9100 

6657 

32110 

Jun 

91.72 

9192 

+O0O 

9202 

91.72 

12765 

55664 

Sep 

91.95 

92.17 

+005 

9217 

9101 

4372 

22548 

Dec 

92.03 

9207 

♦008 

9207 

9200 

4726 

34805 

■ THREE MONTH EURO SWISS PRAHC FUTUHMS (UFFE) SFrlm points of 10094 


Open 

Sett price 

Change 

Hflh 

Low 

Esl voi 

Open bit 

Mar 

9194 

9193 

-0.02 

95.96 

9190 

4073 

23666 

Jun 

96.09 

96.10 

+004 

96.12 

9104 

5098 

29608 

Sep 

96.07 

96.13 

+0.04 

9114 

9107 

965 

7171 

Dec 

9601 

9606 

+0.04 

96.00 

96.01 

89 

3963 

■ THREE MONTH ECU FUTURES (LIFFQ Eculm points of 10096 



Open 

Sett price 

Change 

Htgti 

Low 

ETC. vd 

Open JnL 

Mar 

9262 

9266 

+004 

9267 

93.61 

1225 

11743 

Jun 

9401 

9401 

+0.03 

9403 

9305 

1809 

11432 

Sep 

94.15 

9401 

♦0.04 

9400 

94.15 

482 

9990 

Dec 

9403 

9400 

+0.05 

9401 

9403 

693 

6889 


’ UFFE (utureo traded re API 


ECU Unbred Da mid raCoe: i itah tee; 3 rmn*: «■: 6 mtes tea; 1 year. Ob. 1 UBOR Interbank flung 
laten ore orfcvod nm to Sian quusd la tee mrekat by lour i eta w e e banka ar f taro each wertang 
Mr. The twks ora Sarkm Truat Bank ot Tokyo. Bnrdeys and Natkxnl W a u nlnela. 

Mu rales am shown to tee danwsOe Manor tele*. US I CO* and SOP Linked Prenatal 04. 

EURO CURRENCY INTEREST RATES 

Mar 3 Short 7 days One Thee 

month (norths 


MOUTH BUHOOOUAH (ffilri) Sint potato of 10036 


lorn 


notice 


Ono 

year 


Bc+jon Front 

e.i 

6A 

6A - 

8A 

*ii - 

eft 

oh 

-Oh 

8* - 

6ft 

BA 

8,1 

Darysli Krone 

6'e 

5J4 

6‘J 

-6 

6»2 

- 6 

Bft 

-6ft 

8ft - 

513 

Sh 

-5ft 

D-Mark 

BA 

5,v 

BA 

6A 

Vt 

- 6 

Sil 

■5fi 

5ft - 

5ft 

5A 

■ 5,4 

Duich Guilder 

5^8 

51; 

5,; 

Wa 

51;. 

5*, 

M 

- &A 

5ft - 

5ft 

5i’< 

-5ft 

French Franc 

G,i 

Eli 

BA 

0.*+ 

6* - 

a>« 

aft 

-6,1 

8ft - 

Bft 

eft 

■ sa 

Portuguose Esc. 

10 

Oh 

10S 

■9h 

101, 

- 9l* 

911 

-SPs 

9 V 

9ft 

9ft 

■9ft 

Soaneh Peseta 

a^i 

Bi* 

Sis 

a«2 

BA - 

Oh 

8*2 

-8ft 

8A- 

Bft 

BA 

■ 8ft 

SiMteg 

5 - 

■‘"a 

Si'e 

4ll 

5A- 

Si 

Sft 

■aft 

5ft- 

5ft 

5ft 

•5d 

Swiss Franc 

4*7 


4lj 

4* 

4%. 

4«4 

4U 

■4*8 

4ft - 

313 

3i3 

-3H 

Can Dollar 

3^t 

31; 


3.*. 

3ii - 

3tt 

4 - 

3h 

4ft- 

4ft 

4ft 

■4ft 

US Cwflar 


3<j 

3i» 

3A 

3ft - 

3ft 

a’a 

-ah 

4ft- 

3H 

4ft 

4ft 

Djsji Lrra 

9 - 

7'i 

8^ 

^1 

8‘; 

-8 

a*a 

-a 


-8 

Bft 

■Bft 

»en 

2*a 

2 A 

2A 

2*8 

211 - 

aft 

2ft 

-2ft 

2ft- 

2ft 

2 H 

■ 2ft 

ison S&ng 

3‘j 

2>2 

3>2 

2*2 

31; - 

2h 

4 

-3 

4 - 

3 

4ft 

3ft 



Open 

Latest 

Change 

wgn 

Low 

Eat vd 

Open Int. 

M*r 

9116 

9116 

+001 

96.17 

9115 

104088 

315083 

Jun 

95.73 

95.74 

+0 02 

8178 

85.71 

236.733 

448032 

Sap 

9509 

9508 

*0.01 

9141 

9508 

188037 

388,060 

■ US TREASURY BOX FUTURBS (IMM) Jim par 10054 



Mar 

_ 

9603 

+003 

. 

_ 

4.416 

4040 

Jun 

96.19 

98.17 

- 

90.19 

9016 

9.470 

27002 

Sop 

9185 

9185 

+001 

8506 

9504 

514 

5088 


61 Opin htteraM Kg*, ae tar pmut day 

»(UFTq DMIm poras ot 100% 


SW. wi rxet are cm to Ota US IMtar and lav afin two days' notice. 

■ THREE MO UTH PMOW FUTURES (MAT1F) Parts Irtoefaank ottered rale 

Mar 
Jun 
5» 

Dec 

* TWBHB MOUTH EURODOLLAR (UFFE)* Sim potato of 100% 


Sn*a 

Price 

9400 

0435 

9450 

Eat wd. nal. 


Mgr Jun Sep Mar 

0.18 0.54 a 77 091 

0.04 0.34 096 U12 

091 0.18 038 034 

Cjf* 73*8 Ptda 2404. PraMouc deyta open mu Cota 301033 Pun 
FRANC QteTlOHS (UFFE) SFr 1m pdMsoMOOW 


PUTS 

Jun 

002 

007 

O10 


Sep 

005 

009 

0.16 


Open 

9384 

Sett price 

93.83 

Change 

«gh 

93.87 

Lew 

9300 

Esl vd 
17018 

Open Irt. 
83.967 

Strike 

Price 

Mtr 

- CALLS - 
Jun 

Sep 

Mar 

— PUTS 
Jun 

8405 

9402 

- 

9400 

94.19 

26035 

70333 

9579 

0.19 

009 

0.44 

aoi 

a cw 

94.40 

94.45 

+0.05 

94/45 

94.36 

14007 

42.689 

9800 

002 

0.19 

006 

0.09 

000 

94.48 

94.55 

+0.08 

94.54 

94.44 

20.556 

30.785 

9685 

001 

007 

0.13 

003 

002 


090 

013 

025 


Era, vat load. Cdto 0 Puts 300. Pieutaus day's open mu Cato ET1 8 Puts 3643 



Open 

Sett price 

Change 

High 

Low 

Esl vd 

Open bit 

Mar 

06.17 

9115 

+0.01 

98.17 

9116 

480 

5497 

Jun 

95,74 

9175 

- 

95.75 

95 72 

405 

4587 

Sep 

9539 

95 37 

- 

8139 

9507 

100 

2441 

Dec 

94.86 

94.36 

- 

94.96 

94.95 

100 

1514 


Predna days uoL. C* 12.631 Pub 13^*3 Prav. day"» open mu Cdta fl03«43 Rds 6K.711 


UK INTEREST RATES « 


LONDON MONEY RATES 

Mir 3 Over- 

night 


7 days 
notfee 


One 


T1»wr 


Six 

months 


One 


Intertort Storing 

8 - 4ft 

5ft -4>J 

5ft ■ 5 

5A - 5ft 

5A-5ft 

5A - 5,1 

Storing CDs 

- 

Sit -AH 

5A-4J1 

sA - 5ft 

5A-5A 

5A-5A 

Treasury 88s 

- 

- 

4ft -48 

4ft -4ft 

- 


Bank BOa 

- 

- 

4ft -48 

4ft -4fi 

4ft -4JJ 

• 

Local authority deps. 

4A -4A 

5ft- 48 

5ft -48 

5ft ■ 48 

5ft -5 

5ft - 5ft 

Dtacount marital depe. 

5ft -4ft 

5 -4ft 

- 

- 

- 

- 

UK daarfng bank base taxing rate 5ft per cent from Fe&rray 8. 1894 

Up Co 1 1-3 3-6 6-9 

month month months months 

9-12 

months 


Certs ol Tax dep. (£100900) 1^ 4 Hi ft ft 

Carte at Tax dep. under Cl 00.000 is t'lDC. Dtponb wttedrawn to eate ItfiC. 

Aw* tender rata at dlscauw *.71SSpc ECOO toed rate sag Expat Finance. Maw up day Fetmray 2B, 
1894. Agreed nda to patkxl Mar 28, 19H to Apr 2S. 1894. Sctmas Hi# &S0po. fWarenca rate tor 
period Feb 1, 1094 re Feb 9a 1804. Sctmnn IV 4 V SittSpa FVienoe House Base PMo flljpc flan 
Marl. 1884 

■ THREE MONTH STERLMQ FUTURES (UFFg E500000 pcdrrtB of 1 00% 



Open 

Sett price 

Change 

rtgh 

Low 

EsL vet 

Open tnL 

Mar 

9404 

840« 

+0.01 

94.88 

9401 

9833 

84393 

Jun 

94.80 

9407 

- 

9402 

9404 

15568 

111080 

Sep 

94.75 

94.73 

+001 

94.77 

94.70 

8164 

70408 

Dec 

9405 

9403 

+0.01 

8407 

9400 

12921 

104345 

Traded cn APT. M Open rtarra Sgs. 

are Kr prewus day. 





■ SHOUT STHHL1KC OPTIOHS (UFFE) E500.000 potots ol 10096 


StrfcB 

Price 

MS 

— CALLS - 
Jun 

Sep 

Mar 

PUTS 

JU1 

Sep 

9475 

0.11 

0.19 

023 

002 

007 

0.25 

8600 

0.01 

0.07 

0.12 

0.17 

020 

0.39 

0333 

0 

0-02 

aos 

0.41 

0.4Q 

057 

Eat vqL utaL Celta 3016 Puts 2353. Protore days apm In.. 

era 

Hirer s pus 181194 



BASE LENDING RATES 


Man 8 Company 525 

AEtad Trust Bar* ..525 

AJBBar* S2S 

Mla'flyAnsbachflr 525 

BanholBaroda — 525 

Banco BRsao vtzeaya.. 525 
Eto* Of Cyprus 625 

Bankof Ireland 525 

Bart of Mb — 525 

Bert of Scotland 525 

Barclays Bert 625 

arc BkotfcM eaa .._ us 

•Brawn Shfptoy .325 

CL BBrt Nederland ... 525 

CMtartNA S25 

CfydofldaJe Bart .525 

The Co-oporaivo Bart. 525 

Cou»aCo..... .325 

CtbA Lyonnais 525 

Cypus Popular Bert _52S 


□mean LomIo — S2S 

BootorBrtUTflOad-. 625 
Ftewxsa! 6 Qan Banx _ 6 
•Robert Bening & Co _ 525 

QntMrt — 525 

•QUnn» Mahon 525 

HabbBartABAirich .626 

•Hamtaa Bank 52s 

Heritable & Gen nvBk.529 

•HBSanul. -525 

C-HoarH&Ca., 325 

Hontfmng fiShonghaL 525 
JuflanHodgaBank 525 
•LficpoUJosefteA Sons 525 

UoydsBert S25 

Meghtai Bank Ud 525 

Midland Bart 525 

* Mount fiarddne. 6 

NetWfesmteser 32S 

•fica Brothers 326 


* Flntflighs Guanraao 
Corporation Ljmtedwno 
longer arfhodsed a 

a braiMng InelUian. B 
ftoyaiHK of Scotland- 525 
•Smtfi a WBman Secs . 525 
Standard Chattered — 525 

T3B.. — .1 525 

•UnaadBcafKUwaK— 52s 
Unity Thai Bart Pt _ 325 

Western Trus 523 

WhttBaeay LaUaw .... 325 
YorkstvaBank _525 

• Mem bars of Bnfieh 
Merchant Banking & 
SocuntHw Houses 


tat CM 


Money Market 
Trust Funds 

km to S* wcr 

Owu« Fand^j tS 

lOnrEI ndpp] <• ~| 


SSS:SA— ■ . 

Ooo I 



BfiaaSrrr Iss 


'Aee 

071-401] ISIS 

irsl ai»| » 
918 1 44?! » 

7fll I JW 08 

iM I ini u> 
l5Wto TM. 


Cant Bd. of Ffn. ofOvdi oT BtOlMrit 
IhreMeeLtotoi tf M 

fffgSSUSSUHS SEES* .« 

tt~ iirere on js*i™- 

CeflM 


■ St Nnn St ™ r , « aiwi 

'If* ^ 

«]^ggB^-a ' iia »'»■’ I *" 

wDinaooo . . are 

Kalita 


Or 

. or 

4 eel ot 

nt 

„ .noaiKt 
.■tn I aselwwi 


Money Market 
Bank Accounts 

mm too 5* tato 

n^RtotLanm&fvSW. 071-SM8D70 




SSB»r 

IBJRigrr 

Hsasa- 

?toSBoS2slf« 4JI * m 

H aa ta rt nH F taneoftw ip 

S 8*tai to*, tta*. Btotatota 

wfi nM, — I U5 


4.31 f 3 SO I 


(csereoooo 
is* f ual atr 


ABod Thrat Stole LXd 
B7-I01 Ceram Si, Laretaa. EC*t 540 
RMMK2JWI+)_ 



D7I-SMJ333 

SSS^sr 

Metewtart Bttegoo PrM^B^rt . | 


HICAflBSn*! I OS 3iins I 4 1001 Oaf 




OM 

100 

1 'S'*' I PH| 

ISO 

2*3 

*M 


*73 

2*1 


eituMO-ra*.ntoj»_ 

4*0 

*00 



US 

AM 

*se 

4*3 


Ltads Bank - bnotaHot AcctMnt 

71 uwtertSLI 


iSt-LretonraPMS 


OMOO+_ 

CT3.000.... 

eiaoin+_. 


Bank oi trstaad Bed] Interest QteqneAcc 
K-40H(p St Stato&i I& , 0753 51018 

EHuno + 1 3jno taalsMl m 

E%000-l3Lrae~ I 350 IJ75lZ334l 08 


on-eoi84*i 

MZ | Ml 
£81 I 1ST 
3.7B I 5.12 


m Mfafiraid Senkpic 

raBorlSMUMT 



itacE9WO+ 

napoo* 

tsBjno* 

tsatBO* 

TESSA — 


S.IS 

jn 

433 

*71 

4.73 

3*0 

*73 

2 61 

4*0 

JJ7 

3*0 

*73 

sso 

413 


- 


OH? 433372 

ITS] Teedi 
SIS *Mh 


074? 53384 


in 

450 

500 

SJO 

SJT5 


7=S 


HaftanwMo MgSoc-BniiKSstaestDr 


+ £» 

3*0 

400 

.1 433 

**3 

4J3 

3*0 

*75 

5*0 

1 323 

2*4 

S*3 

1 3*0 

4.U 

550 


0800400100 


ss 


CZiAta-£4jB9B 

tSjjOO- CX398 

Ciopoa-c , «jao 

E25JOSO-C49LBSO 

C4EUOO-.. 


133 2*0 

aao ujs 

430 13 

tan 390 

6 30 1*0' 


334 

J as 

447 
400 
*41 

toenrt 


Off 

Of 

Off 


Barctai Prim tecaini HULA. 

FOBre f%mureptaa 0004; 

io« ua iso 

m : 

: 


tamreoMM. 

00400+ 

mmKttw — 



390 

4 IS 

SM 

300 

*75 

son 

4*0 

*90 

•M 

43* 

3*0 

£30 

1*5 

2S0 


TMrty 


Catedoata Bask Pic 
BaAntaMSqunEtMmaaevp , 
MO I AM X8B35 I 


OH 8588231 
-1 run* 



Cater AOeaLM 

ZS todlta Ljbo, Lndsi KWfiOi 071-sra7070 

HCA 1.75 £81 *81 1 MU 

annul (£000 wta 440 *37 448 Mil 

Ommtaat ) 440 -I 4*1 Mte 

O a rtertto wP a BklteWteii 

ltaw.EC4M.7IM. . 07T~3<8*000 


*75 2*1 

400 3*0 

43S 218 

am m 
1J0 l.a 
200 1*0 
*25 1*8 

2*0 1*8 


3*3 

4*7 

4*1 

4*8 

1*1 

2*2 

£27 

253 


0*00-011*88 

ero*oo-e3S9„. 

E50jM9-C9f*ai 

1IDIJJ8O+- ■ 

SEjua-MUM 

880*80-888*09 

siaajnte8iBM80— 

8200*00+ 

MiilitoiniwitaffireMdli Into [tow 

fHBAtoMI 

Cfydesdata Bart Rtedbie SoktHon Acc 

M3IMnoMnece.aMei>wG1»L ,041-040 7070 

tUUB0-C9*08 [ *70 3.7H | 175 1 Off 

OfLim-CSaSM I *79 2*1 I 3*0 Off 

ETOUUO-CISMn 1 *80 2*51 *051 Off 

TJtt Co-operaOio Bank 
~rmmnin nidmreiniy^ 



123 384 I S32IB -rnt 

825*00-848*08 480 *38 I 4*6lteMk 

£10*00-634*80— _ 4*0 1*0 I 4*4 B-M0I 

O*00-C8*fl9 *75 £25 


2*1 278 6-M» 

£44 328 B-Mk 

i*a 22a e-m 


RaaBrodiara United, Bankers „ 

Mdennin wrai. LawKqU2Mxn D7i-«zaii3a 

4.75 iso I 

,450 , 

ItatoONtt- 1 4*5 *18 I 

Btok 1 

425tAsn»Sa,Etn°9o( 

00*00+ . 

£35*00 -nojew — [ 

£10*00-124*08 

£5*00 — £8*00 

(2*00-04*08 

Sam 6 PmndBoliaft RatotaB 

18-22 MtolUMM Ml JL5. , 0800 281101 
□M Account— .1315 181 I 362 tar 

:lvw S 

3 Sm£SSu£mn.iMto nzr? 44720 

1*3 2719 *875 Ur 

1790 28IJ *601 to 

*875 2*08 *«• Off 

4*00 *000 I 4080 Off 

UTS - I 4447 to 

BUS That LtaBad 

1 era CMftrelari PL Union WIN 7*L O71-M80O84 

£10*00-80 dtaMta. 8.75 508 892 3-«» 

Tiooco-iaotoran^l tao *«l w t« 

£25*00-1 ra I 7.25 544 I -lure* 

HnBod Dontalin Treat LM 

po BOI 82 , 1 10 GUMara to Brerat tori* BM 00 V 

cratoTtoto to i A cee ra 

«*00+ 1479 158 I 4541 Off 

Jl Iterey Scfaader lton& O b Ud 

laoanraMontenMGCWSos oti-okwoo 

toedMACC. 14*00 un 4*70 MO 

£10*00 reel adore 14790 1560 I 4*301 W> 

MMtera TitaWgi tetematOmin An 

15e Itowtueaffw tonreum PL1 1SE 0752 224141 

£1*000+ 475 *58 I 4M| to 

£5*0O-£14*9B 460 138 I 4581 Ur 

£1*00-£4JIW 428 *19 1 4*2 I Off 



lip Hir-lMMAaaratatoB 

£50*00+ lire 

£10*00-C4MB8- 

p*oo-m *»— 

SS5 

E50*l»-C2«8n 

cituno-asta. 

BOO-C85D8 

IMOrayi 


450 *38 45BfteJ» 

*oe 2*0 3*8 B-MBI 

*79 2*8 I 27)1481 

225 1*8 I 228I8-4MI 

AtofltaTaOBI-OaMB 


Wno actwai ot im daduteM of flrac ra 
bk no ef Hato bmmii Mtar itarano iv 
haeic me hcam to Gne CMC Qrae WB 1 



Are you dealing in over $lm? 
Fast, Competitive Quotes 24 Hours 
on 071-329 3333 or fax 071-329 3919 


INVESTO RS - T RADERS - CORPORATE TREASURERS 
SATQUOTE™ - Your single service for real time quotes. 
Futures * Options * Stocks * Forex * News * Via Satellite 

LONDON +71 329 S377 NEW YORK +212 2696 636 FKANHTRX + 496V 440071 


FUTURES 

&0PTI0NS 

TRADERS 

FC StAWKTF CTOT 
4 CaMPBTTiTVB 3CBV7CX 



38 DOVES STREET, LONDON W1X SBB 
TELe 071 629 1183 FAX: 071 4950022 


FOR TRADERS ON THE MOVE 

Wat ch the markets move with the screen In your poctet Uiai receives 
Currency. Futures. Indices and News updates 24 hours a day. For your 7 day 
free trial, cadi Futures Paper Ltd on 071-895 9400 now. 

J FUTURES PAGER! 



TAX-TRUE SPECLX.VnON 

IN FUTURES 


TBrtnhnnur farrrtrir ialmreya ma.^.+.ire^+ — 

poo, cMKcliacf tansy arbaJnddBs an 071 4087231 

Pa* IG Index Pie. 1 GmreraorGaaariw. Umddn9grigi«r< 


Duff Forecasts and Market Myths for 1994 

sne v.'j dc:.ar w,.. :oci; ao”or;cn w,;i cenrinu.?: gpid d rr.fisl commsdit'o-. 

wonfi.se. Japan’s <?co-'omyS',fcck martel will tjP weak ' 

o r r^i T r ' : ' 

7 s.-ix-.r: 'yzptzr- v/;r ;.«o lk Tc: '.5--'^ ^ 


FOREXIA FAX $ £ D m 1 

FOREIGN EXCHANGE COMMENTARIES 

CHARTS, FORECASTSAND RECOMMENDATIONS 

^ lir * 44 81 948 8316 Fa*: +44 81 Sqa 846! 

FOBEXIAFAX-hyusInBhandMl on your fan machine cfal +44 si 33274^ 


s f Currency Fax - FREE 2 week trial 

xox 

''omChJrf Analysis Ltd Oik Ann© V/hilby 

X( C ;i 7 Sau-.'o.'. S(: ■>:». London '.VlP 7HD, UK - lei: 071-734 7174 

o A exchingo rate spcciaiurs for over 20 ysj-s F<J * : 07 1-439 4.9 1, A 



**po«a5'® 


24 HOUR 

FOREIGN EXCHANGE 

London 

Deal im; D?ik 


&JKUISCV manaCement 

CORPORATION TLC 

WUxPmhKmh 
77 UDdaa WaB 
Uoboo EC3M 5ND 
Tali 071-3829746 
At 071-382 WS7 


i k f: n d 


•FOREX -METALS ♦BONE 

Objcifive anolyjJs for prpfeuior 

0962 8797 

nenesKcL-sc, 32 South, <o*e street V 
i. HanU5023SEH Fm 0424 774 







><- mu*, w 


WORLD STOCK MARKETS 


>/- 


low VM HE 


Ua YU HI 


EUROPE 

«5lBA(Mar3/Scfi) 


MddnB 

Maun 


BUM 
Cram 
EA GCfl 

aw 

LMUI11 

(MW 

PwlZm 

RadnH 


VMS>? 

mait 

VMonbg 


7,030 

ijzo 

713 

IBID 

1017 

1.239 

M3 

IAS 

m 

237 

367 

no 

668 

un 


* 3 oaaooij» £js 

— 1 .270 668 D.B 
— » 034 4M OB 

-10 4.2002.880 

— i.na coo 13 
*9ij3i m* 13 

♦13 1071 367 10 
*11,103 780 2 JJ 
*6 513 290 2.1 
♦4 2S1 146 20 
_ 406 711 14 
*14 781 360 2.3 
*17 EDO 440 1.4 
*10 4.3402829 0.0 


(MEM 
“ Orson 

— Panii 
■“ PartoR 

■ra 

trxmy 

— nuflfc 

= w 


Ramai 

Hone 

RhonPA 

RUdW 

sue 


B a B MW Uia«>UB6(Maf3/Ff8.) 


AC Grp 2.770 
Mm 3,950 
«nnrt W40 
Alina 4,415 
BBL 4290 
BktaU 17.100 
BGnLPI 25500 
MU 4O07SU 
BBUt 24.300 
roan 12.175 
MB 2.4^ 

StSz t*08 

sr- in 

snap 1835 

«T §Jm 

0NM 4880 

ss &s 

RMkAF 7.190 
Mower X360 

pSE? 17*50 
Ptraa io.i 

sE 3 B 

S is 
ssr« 

fSiJii 

Son W 


+15 34952,111 28 
-50 48502350 1.7 
-1O488DS09O 23 
*75 4,6001,750 _ 
+15 40703.100 3.1 
—188 9011238 2J 
435026,10013*1 2J 
^TSggg llJOO 6* 

**7312^5 4OT0 io 
-mtOOO’.AM 38 
*20 SBSSUai in 
Jl.15 61 7.4 

+70 7 ,900 WOO 7.3 
—4 1.5501090 18 
*4Ug0»B0IQ 6.4 
♦2O6.MQX450 8.5 
..-3.500 IBM 38 
—6 4,3002805 48 

-wiiSu !8 u 
3 m& 3 »«£lo 3 A 

tssisis a 
3s^li a 

+5 18401812 60 
+1 0017,150121m 0.1 

+751010757.200 28 

— 380O284S 4.1 
+0 5SS 273 _ 

-4028001895 48 
+100158009800 48 

-IGSlVSown 08 

+10011.0007.750 4.1 
+1502flJDnSLia 28 

— 28301850 4.7 


sum 

Bonn 

Sab 34 

Saflmu 

3knco 

SMaR 

SoeQm 

SOAamft 


TaUn 

TtanCSF 

Totse 

IMP 

UFBUW 

LMa 

INK 

vraao 

VtfiE 

wimaQ 


20.90 +#20 296 132 _ 
552 -1 G1flM0.ro 2.7 

155 +2 mnuo 21 

250 *&ZD 287111* 09 
1484l3.101S18079.S5 4.0 
1.276 *25 1848 732 4.7 

17480 +4 001308012580 48 
22041980 240 08 _ 

OUB-HW 389 333 SJ 
532 +29 srasnso 4.4 

*523880 181 Z.S 
4.7044580 343 88 
+23 330 500 1.7 
-21,050 SI — 
-61J0S 636 3 .7 
+5 57321380 _ 
— 1.125 630 13.1 
160 120 38 
7S 419 18 
. 945 561 08 
4938901,160 1.7 
410 706 460 38 
+20 1.706 1850 2.7 
-1047850 210 — 
-1 000 310 18 
+3 610 409 58 
-2 700 430 48 
+40 2,470 787 _ 
57B 30 
£250 -52 Z024 1.150 18 
46880+1580 529 273 — 
32180 —480 377 244 38 
5830 -100 3.1001800 18 
16380 +1.10 214 137 48 
313.10 46.10 354 714.10 3.4 
13080 -6.40 227 153 6.7 
440 +1 494 IBS 34 

fi«3 _ M 317 O 
E81 -12 aOQ 4C1 48 

1-426 +311.536 B32 0.0 

251.70 +.70 2S0137.1B 38 
832 -1 355 220 XT 


IK 
400.79 
366 
933 
1860 
615 

661 _ 
138 4480 
70S -10 

MB -.. 
2866 
670 
18*0 
419 
577 
552 
w 
o py fs 




— Win fly 

- ZwHf 


1805 


BASF 29680 
B0IMH 465 

ST 407 


DBMMRK (Mar 3 / Kt) 


AafP A BOO -as 730 389 2J 

ESottn 230 _ 261 187 28 

CartA 313 41 3S3 23U 18 

Codon 6875 4175 78003800 97 

DC12 129800 -380019*800 7HJDD 08 


Dntato 

952+1000 1.140 

BIO 

10 


DenOra 



4Z7 

235 



EAsJm 


+3 

IBB 

an 

50 


asB 


-5 

016 

375 

20 


enoni 




65025850 



ISS B 

24G 

+2 

77fi 

182 



jysfcaR 

390 

*3 

425 

217 

20 


Lrtznfl 


+10 10501050 



NJC1A/S 

312 

-13 

353 

IBS 



NattUB 

BOO +4.1578301 




RbSoB 


+10 

73732420 



SdphsA 

573 



615 

400 

00 







3IM 

00 


Sitorfa 




OT1 



TupDMi 

050 

+201072 

845 

1.1 


UnUnA 


-3 

287 

110 

4.1 




FMLAN0 (MW 3 /Me) 


r,** 

EnsoR 

Hunt I 

K0P 

Kasha 

K ona 6 

Kam 

MsbaA 

Metrafl 

MfttaSA 


MolooP 

OaonpA 

PWt» 

unilH 

ftopota 

SMsnB 

Impel 

(JW& 


160 

167 

4280 

215 
13 

5480 

040 

124 

225 

225 

220 

216 
377 

6080 

100 

06 

104 

277 

26 

1780 


45 162 65 12 

+4 170 61 1.1 

-80 46S0 1980 08 
+1 220 160 12 
_ 18 B _ 

58 3380 2 * 
705 432 18 

13253.10 _ 
247 116 08 
250 97 08 
258 1D8 _ 
28082.56 18 

37782.10 02 
4l80 8a»4220 — 

._ no 46 18 
♦1 102 33 17 

-3 120 45 08 

-2 299 130 12 
-1 35.50 15 _ 

-.60 21 400 _ 


+50 

-23 


+5 

-3 

-6 

+45 


FRANCE (KtftaT 3 /Fttj 


AGP 

Accor 

AMJq 

AkM 


rao 


tsr 


CapOm 

Omsk 

Drtaa 


Ovgit 

ChtoMu 

CCF 

CfFonF 

CityO 

CitocF 


+3 735 406 
*6 766 560 
+4 B06 682 
+12 613 601 
-151849 997 

— 1.387 92G 

694 -6 1810 823 

2S820 -470 290 240 
605 -14 083 392 

3817 -26 3.7502880 

-1 767 536 

— 1,400 651 
+ 13 1899 942 

*7 237 136 i 
—.2394017430 
-2 48802850 
+4 2QS 131 
-151236 980 

+B 461 30B 

-6 30520850 
4191865 930 
43 968 456 
480 501 320 


811 

704 

1.405 

1810 


1JM 


“ saMW(Mar3/Dm.j 


«S 16280 +1 187145.0) 1.7 

AEtodV 570 _ TOO S90 1.0 

gym 1820 -10 1*65727.50 1.1 

2. 460 +35 38601846 08 

44 676 471 IT 

+6 1875 670 _ 

+201.120 360 _ 
-unoasa 7m 3 * 
+6 465 273 1.7 

. +1 4SS»33 1.7 

366.70 +2JJ0 374 251 ID XI 

HJMJH 437 -12053520 384 38 
SMMBr 640 +15 88944550 12 

B®PSrtJ «70 -4 Sea-SMiffl 2.7 

rsdor 840 +6 BOO 635 12 

BWK, 230.50 +4340201^ 17 

B£Bk 422 4120 535 383 24 

6HB0 90S +10 1825 TOT 12 

&*re 1750 +40 1200 002 0.7 

“W M -101.100 426 7.2 

Cmnabk 33720 398 220 32 

Omtnt 284 +120 280 109 12 

DLW 4B0 +2 611 392 28 

Don* 783 +420 BSiKMSB 1.7 
Dana 498 -2742037481 1.4 

of Ben 24120 +2 2S714U0 _ 

acMK 795 +4S0020 CUB 2.1 

□KMfrk 170 +13 1700420 IL4 

Dim*, 540 -3 B354taa) 22 

ttB** 270 +2 285 211 1J 

Drafflh 303 -220 472 339 XI 

GEHE 536 +820 55628550 12 

&i*tan 27S -6 304 185 12 

attach S3G -17 B7S 620 2.2 

HBonQ 215 —5 245 105 38 

HbMBB 1 232 42212SS) 785 08 

606 +1 668 502 1.7 

427 -a 462 254 2.1 
1,030 +1017B2 958 13 

S7JM +5 3203791P 30 
Hum 920 -flD 1299 780 12 

Mor«n 225 259 140 27 

KB 281 +032420 227 X4 

hnu 376.50 +220 395 230 71 

KaBAS 146 -320 10695.70 — 

iteM 530 -2 030 478 22 

Kttiof 484 41 500 309 22 

KHD 13620 *02013820 5 

HocM# 12820 —20139.80 39 32 

sr n 4 s s ?s 

ss ^ sra u 

Luflha 18970 4.7019220 97 — 

LuBPf 18120 +220 181 81 12 

MAN 428 +8 431 261 2.0 

MANPr 33720 4720 340 218 22 

400 4649820 225 1 2 

755 -10 830 581 _ 

776 +520 05719950 12 
mm 19020 +3 43517520 47 

MuoAa SU3« -10 4.1001585 03 

PWA 224 +4 267 145 ... 

PWComm 509 +2057170 4S5 32 

Ponafi 370 _ 900 425 0.3 

Pnsag 4«tro +570483iS33aio 2.1 
RWE 43620 +030 535 384 22 
JUNE Pf 34820 +720 434 303 3.4 
RMME 1775 +3 1*470 758 12 

RfanHB 319 +8 355 230 2.7 

Rhimn 233 +0 262 170 4.1 

mnm 2BA +2 297 201 2.7 

Sdang 1,008 -71,939107530 12 

SOtufa 384 +14 417 287 12 

67420 +4SSH20 588 12 

605 — 700 485 12 

480 -IS 636 396 12 

Tlqfaan 25720 +520 28215820 22 

We 364 43 380 265 22 

vein 46420 +320 532 369 22 

VEW 348 -1 370 &1 150 2.1 

VerWm 398 +241 920 300 22 

WSO 47620 -120 513 314 12 
VW 435.50 +7 

VWPf 368 +6 


_ EIKSOJURS (Mbt 3 / Ffe.) 

Z AflHAmr 65.70 *2073205050 4 A - 

_ AEfiON 9520 -20 1117420 32 — 

Anold 50.10 *20 5X404230 — — 

Z AKZON 20620 +37D216201H5D 3.1 

_ AmaOH 7820 +J08920M.8D *7 „ 

Z S33fc 4570 _ 472017.76 _ _ 

_ BoskDH 48 4J0 52 2620 12 _ Sndzlfa 

Z CSM 7620 -2077205050 _ _ 

_ DSM 111.70 +4.10115.1006*0 32 

" ' 18870 +.70201 20 ratJO 22 

17970 4.70195.70 ISO 12 

2020 +20 a no as 

OWN 100 +11085071.70 42 

rarOpR 5200 -40 5820 33 25 

Mmt 14320 -220157200075 _ 

HaShn 22420 +402372010221 12 

+1 265 178 X4 
*2064.702020 7.4 
h£20 8Z203SJH 1.7 

.- 4S+1.7S iflfl 

+20 94.705420 32 

-20 68204*20 17 
-20 6423.10 XI 

-.40 513775 17 

— 67703470 3.4 

-20 93203220 42 

*70100+08620 12 

14620 +22015820 109 32 

7520 —7830 38 32 

SO +4 501 000 1.0 

7920 +220 0420 43 02 

12570 *20 1319670 Z2 _ Amano 

6170 -70 et«.B) 67 _ AndoCn 

RsUK 12020 ^40135.409539 22 _ AnrBU 

-4010020 80 4.7 - AM 

202 +20eik401CS 42 _. Mum 

. 41 +.10 452659 2.0 _ AffenOI 

_ UnfDp 21120 +1.10 238114,10 22 

— VNU 172 +12006037.70 22 

VnQDpR 4320 +1 53203170 42 

WNOpR 118 +2013320 81 1.1 


«Bwn(UaT3tKronati 


+ /- HU Me TB M 


+/- IW l» YB W 


p I- 



220 -4 230 191 62 

1260 — 12401.110 _ 

12200 +60122505290 02 

9.7W +11077703230 02 
2700 +30 22001287 XI 

— +171765 BOO _ 

+3 208 148 _ 
+50 4.4402730 12 
+45 4,2382.733 12 
+55 42902790 12 
+50 1,728 820 1.6 
+» 870 881 1.7 
+1 631 304 3 1 

220 *200 2S9M8J0 _ 
660 +20 815 485 

813 +13 775 484 „ 

000 +20 085 4» 

1248 -141217 845 Z3 

70S +17 835 522 _ 
1268 +U171E1700 — 


KohSa 


Min HI Hi 


-30 2260 17(0 _ 
-40 2.7902,150 _ 
! 616 <325 __ 


►/- ma u» w w 


1-7-1 


-2 

-12 

-10 


PACIFIC 

JAPAN (Mar 3 /Yon] 


_ Airana 

_ AKahBr 


Aaenrc 


sx 


1290 

646 

1.130 
1^30 

1.130 
1200 

073 

1.130 
474 

6j640 

4J10 

1.130 

1,180 

685 

1.180 

474 

411 

560 


CSX 


„ 84 -7 106 35 27 

— BQHlA 144 +120 1627950 02 __ . 

— 0*8X1 1675 +2516701370 _ _ ON 

— Dvnati 142 -1 163 n 1.4 _ pwnc 

— BtonFr 70S _ 114 22 „ _ Canon 

— UriHAf 14X50 +70 181 IBS is _ Canons 

— Kxv I 889 +1 396 l&O 17 _ CMoC 

— LeVH 108 -112150 80 1J3 _ Conor 

+70 20515251 12 _ CanQl 

106 +1 210 S7 1.1 __ ChGnB 

200 -4 305 183 13 __ ST"* 

Z73 286 J41 12 _ OnflH 

— BaoeM 81 +3 83 87 27 _ ChrtjuE 

— EageBI B1 +2-BO 03BA6O Z2 _ Ch0Phm 

— 3dM «« +10 430 183 _ 

— Oort 212 —217 70 0.5 _ _ 

— Lhnor 134 +41*5.50 60 n _ C&Wcti 

— Vara 41 -160^0 16 _ _ Canoes 

— VtbM 81 — W 85 57 _ Bred C 


z SMB (Mar 3 /Ph.) 


~ Alta 6730 +230 6750X560 20 — 

~ Arnmr e.oeosi +30 G.7004.1M) _ _ 

” BBV 1175 -2 37861300 5 3 _ 


BCnM 2725 +70 4.1QO27G0 77 

4745 +15 4705 3700 11 

16.100 +15017,700 HLQO 2 A 
0750 +130 77004700 27 
791 -03700 700 262 

_ . 2760 +60 37762700 14 

CHAM 4.100 +100 47703780 X0 

cubna 11700 +25012,4901660 17 
_ Drgdoe 2730 *6 2.715 1700 IS 

_ EUnrfN 1740 -13 1.775 940 22 

_ BVtee 2.800 +10 37601+85 27 



-to 1.4801.100 _ _ 55 S r 
-6 B7S 422 _ mSSj 
-101700 960 04 „ MU 

-801740 786 _ _ S 

-60 1250 930 LkX+ 

+501^701760 — — KS- 
_ 784 501 17 „ S KS 
-30 1^80 710 _ _ miSh 

-8 B33 33* 1.7 _ l7ir.l l 

+50 8730 3J80 07 — 0Kwp 
— 1730 799 MpQoc 

— 1700 065 m ^ MhP*. 
-14 738 533 17 _ Mt^aQ, 

-20 12*0 DCS UMnr 

saa 5®s as «. log £ 
-0 580 3S6 12 _ SSS 

-1 m 4E HUM 

-171.170 741 _ _ Sna 

— 17901.120 07 ._ u&Psir 

-10 02fi 350 _ _ ubPd 

+10 1371)11770 MBPM 

-101740 700 47 _ 

-15 635 414 _ _ Sea?" 

S5 1J1 - “»•» 

+4 830 280 Mtaa 

-3 510 315 17 _ WsfoS 

-J-SS 

— 1770 noi 0 .* _ 

-38 740 490 1.1 — 

-MVW02200 

-20 17901.1*0 _ _ Htra 
-7011*02190 __ _ WtSuh 
“BjOTOl.tBO — _ MtTta 


1770 


773 523 
831 847 Z 
-8 706 04 _ 
-9 826 353 17 
-13 532 275 _ 
-10 1750 990 _ 

-a 620 068 _ 

440 2,738 ITS) „ 
-607730 1770 _ 
+5 814 339 17 
+15 1720 780 _ 
+101.1M 066 — 
-1037102280 _ 
_ 7B0 549 _ 
+141,130 740 — 
-10 1740 790 03 
-9 640 476 _ 

— 27801780 - 
-7 545 3S7 _ 

-15 938 742 17 

-fi EC6 233 

-30 17001730 12 
-30 21501740 — 
-50 1.790 865 — 

— 1740 888 17 
-6015501790 — 
-45 099 «8S — 

— B23 310 — 
+21,150 65® _ 
-2 768 501 — 

+20 930 550 0.7 
-1013801700 0.7 
-16 700 371 _ 

-2 406 311 — 

-OT 1.470 790 0.0 

-Z0 11302200 — 

— 1710 813 — 
-13 334 443 — 
-201^Ka OH 
-24 542 323 

+3 748 480 
—5 553 37D 
-11 936 3S6 

♦1 am aai 

-41,100 7BS 

— 717 450 
-10 B32 526 
-12 614 365 

-7 470 286 
-2 B21 390 

— 1710 830 

— 17801.150 
-IS 714 365 — 

-7 823 — 

_ 484 291 — 
-201^80 942 0.7 
+R 004 72D 07 
-6 583 324 — 



WMDg 

IMNW 

wum- 


7 

Mao 

272 

473 

4.12 

130 


— SunBnk 2,1: 
SumCMB 539 

— SunChm 423 

— SunCa 090 

— SuhBb 1750 

— SuatHvy 401 

— SiIDUM 336 

— SuMVttf 864 
SunMS 271 

— SumlAM 677 

— sum 078 

— SuMr 872 

— swims 1,430 

— SumWta 770 
_ ajnAd 1 . 

— TDK 4,400 

— Turn 661 

Z 1MB? *» 
•— Ttodd 795 

— Timm i^80 

= S 
= ?s& 


-60 27101780 — 

-16 1.150 665 _ 

-IOI 70 OUIO — 

mvm os z 5 S 5 s 
3 SSS::™ 

+2 746 458 - _ 

ZlJlO 7 W ~ Z H0N8UDK^*ir3/KJCS) 

““ 2,7601,170 — 

11 
32 
1230 
43 
«I7D 
SB 
930 
2070 
18 
1170 
070 


+79 370 474 1.4 — 
+.12 672 475 1.4 — 

277 sjs 

-77 555 175 1-2 87 
+.10 4J2 109 1J0 - 
-73 162 270 17 — 


►/- I 


864 607 07 Z Jim* 

" 111 *® 3 ® — — 3 m? 
570 +25 001 378 — — qX 
-1014801750 - — BTH 1 


J*SS m 0 -« 

-101® 783 Z — 

jjj® — SEE 

—7 478 269 «r. .. 

-1B-UM0 786 07 - Sgf 
-8 371 243 — — S£? 

-111.160 631 ™*n 

-22 824 620 17 — SWi 
+1 990 800 — _ £55? 

-aoijsao 740 - _ 


- -. ToBSoa 


672 
_ 500 

H. ToUuRar 

IboaCp 

_ Ttal^ 

— Ida) 21500 
_ Tome* 2778 
_ TMBk 1^30 

— IXdCb 381 

— TBMco 483 

— ToUoli 17B0 
nan® 465 

zW 3 ® 

_ TXBffina 1700 
_ TkBPu 3,400 

a fS 

537 


760 -301.460 600 _ 


-2 816 
-30 27501 

I 11 lo S u I {S2 tf 

-M1750 868 _ - 

+10 1.433 )700 — _ (yiW 

-81^10 7B0 _ _ 222L 

-5 610 372 — _ **** 

-3 968 562 17 — ft ™" 

+1 1770 012 07 — ■**£*• 

-29 811 491 0.7 — 

% S 3 « r 9 S. 


-BO 3,80012® _ = g«Pr 

+30 1^40 IBO _ _ Wr 

+6 te? 2BB — — OWE 
— S3 348 — — ?™50 
_ 1,4301.050 07 _ soar 

-1 836 389 - - SHKGO 

-40 17801.170 _ _ Sa*M 
—40 2,020 926 — — 8a«a 

+60277017*0 — — 

—30 4.4002,440 — — 

-40X4801800 — — 

806 — _ IMnoOn 


-8 1,170 780 07 Z MXTlfl 


17 


_ OTahRt 

Z 1® 

DabraS 1,600 
_ Dorado 4700 

DdNBral R9Q 

+11011009775 17 Z PnaoMn 518 

+351706 830 — — g»ra 17TO 


1705 ... 

aoirf aoc +14 an 365 167 

HMCbi 4.700 +14511401700 27 

Benfr 1.025 +101710 040 _ 

KoMe 5750 +20 5700X900 2.7 

” - 1180 -40 7730 X410 27 

5730 +90 07802.7*0 17 

11050 +21 01 1 ,750 1400 17 
4.480 +50 47001605 27 

172 +2 204 34 — 

— BBrrtO 536 +16 593 203 IO 

— BevB 702 +2 816 381 6.1 

— TatacA 4700 +50 4760 X380 11 

— Totem ijemk + 702 , 1661 , iss >7 

— Todar 1.100 +10 1716 388 17 

— UtaFea 630 +5739300 7.2 

— UlFM 1700 +85 37301.415 127 

— UraU 1735 +301725 583 11 

— VIttan 27411 *80X1201783 17 

~ Vtate 3700 —1130 901 17 


- SWHKJi (Mar 3 / Kroner) 


-5 B46 500 
-24 840 397 
-20 827 3W 
-501700 700 

— i^Boi.nao 

_ 2*401730 
-401,8101720 
-271700 825 
-201780 603 

+7 733 485 

-8 575 347 
+60 1,400 015 

-40174017*0 
-10 547 306 
-30 2150 885 

-1 870 BOB 

+101710 846 

— i,r;o 1.280 
-401720 812 0L5 _ 

— 4,7002050 07 — 
-IS 730*57 17 — 
-20 870 386 — — 
+2017001.100 
-20 _ 

— 1280 


_ _ man 


_ ... 2530 

TkSM 1,910 

— 810 610 — — ThuCer 030 

-7173S 671 0.7 — TtaiOp 773 

-8 XS 2« — B4j* TVdJd B7S 

-101750 710 — — Tonui 1700 

-5 1710 085 — — Sprft 1750 

-20 2.100 '780 12 _ TtK* BOO 

+14 BGO 433 _ _ TMa 749 

—13 1,100 703 _ - twqb : 1700 

_ +5»3jawi790 13 — Tirttaa 545 

_ _ Hneota 588 -4 734 443 07 — Jdrini BIB 

— — Mods 2860 -90 2^101700 — — Tewh 346 

— — Murtian 4780 -130 <.'J402ioo _ _ Toto 1770 

— — NEC 090 -41700 am — — TojoCn 511 

— — XGKto 1720 -601.230 080 _ _ TtMfel 

_ Z NQKSp 1.180 

_ _ NIKSp 480 

NKK 260 

~ ~ HOK 716 

_ MS* 003 

07 NTH 841 



_ Toyota 

_ — Toyota! 
ToyoSX 


1700 

50* 

e®s 

2760 


— 767 


— — MnGm 


-30 4^2^ 


“ =sss 

— — Man 


Z GoStes 


AQAA 
ABAB 
Aaea A 
AssaO 
AssbA 


:? 


458 241 07 
378 210 IB 
898 600 12 
279 181 13 


- HALT (Mar 3 /Lift) 


207 

10*70 

4706 

10470 

1,380 

379 

263 

17/9 

728 

43190 


Damart 
DoctaF 
DOliB 
EBT 

EaiaGn 
Ecco 

g» 

BISan 1733 

ErSXav 

EfBCtS 
E33* 

Eta* 

EuoTr 
EuRSCO 
EtaDa 
FXiril 
FoncLy 
FtmBoi 
GIMEffl 
Bn4 nt 
GminaV 
citaira 
Havas 
imotai 

InimFr 716 
1705 
10650 
519 
630 

*-5£ 


knPtata 


Attic 

IVMH 

LaICnp 

L Onnl 

Lronw 


GAB +5 737 52fl 
5.650 -20 6750 3712 

729 -5 830 300 

40970 -2.10 439 240 
044 +29 960 590 

2709 -1 19942714 

5E5 +16 703 392 

406 +7.40 489 320 
364.10 -.40 410219.10 
+31 1,144 883 
— ) 1788 571 
+15 865 456 
-3 830 381 
+25 X2051,725 
-38 27691780 
+15 B8MU 
+70 992X70 

+1 18211288 
-10 875 550 
+30 10203J2S 
*8 578397.10 
-IB 1754 1.470 
+21,020 300 
... -2 6W 493 

45970+1190*8070 402 
037 -9 68033* tf) 

... 738 380 

+ 101778 617 
*20 155 105 
+2 508 410 
+15 689 368 
+41 43491170 
+.7040170 274 
+33 1795 980 


826 

731 

3,125 

13M 

615 

3X50 

105 

B55 

5-630 

501 

2,432 

977 

578 


5790 +130 8.120X9*0 


+78X299X910 
413 4JH01B10 
+00 23201736 
-170 98 64 

+2607X400 HMD 
+45011 TOO 4732 
+75X451 070 
-162.14S1.115 
*417201355 
+641795 870 
+72X206X100 
-60123107775 
+8701X554 1752 
+45 97801698 
+61 3770 UTS 
+178 47801730 
+2651X8759730 
+21 17371730 
+27041495 aSo 

-65X4401200 

+54519700X410 
413214,40012315 
+1731079S4710 
+1451 37*0 7710 
+21 GTBOina 
+140177501X400 
+1501870010001 
+24 1750 532 
+85 27251,170 
+240 47501585 
+30 14501 JOT! 
+370307001X850 
-136107787,189 
+300107004790 
+70 47491719 
+3247481,735 
+18 57803730 
+4 4.4652710 
+120112600750 
+74107907.750 
+17 740 380 
+301130 675 
+ 7003X 09021350 
+3002X9401X700 
+951*7455750 


AOasA 
ABHB 
mxB 
EnoB 
EaftaA 
EdMI 
GnttraB 
H8M8 
HMfcA 
(ncnfA 265 
tacrtB 286 
kWRA 190 
Anreffi 130 
ModD 6 2S9 

hbma axso 

Notaffl 2X50 
PnannA 135 
PMmB 135 


-e 

-2 

*3 

+2 

-1 

+8 

+7 

+2 

+13 

*2 

+3 


SCAA 

SCAB 

SWA 

GXFB 

SntikA 

sndvkB 

SEQnfc 

Shnaa 

skims 


H = 


11 

37 

62 

4J 

4-t 

27 


17 

17 


SUraB 

SdianB 

9w9oA 

SyotoC 

Tmlli 

VohnA 

VohnB 


141 

142 
139 
1*2 
128 

— 128 
0070 
168 


429 

115 

140 

•a 

646 

646 


465 316 21 
465 315 21 
BIT 348 17 
615 340 17 
700 127 — 

194 rata _ 

474 295 1.7 
470 2B0 1J 
417 193 17 
477 172 17 
134 83 21 

134 82 21 

440 310 1.1 
315 135 14 
GO 26 17 
286 182 23 
286 162 27 
212 105 27 
21* 103 27 
._ 300 178 13 
— SX5® 12 — 
90501160 — 
239 125 28 
238 125 28 
16511020 23 
15611100 13 
156 66 — 
1606670 37 
1437X75 — 
1« 73 - 
♦508X76 5.70 — 
+1 210 86 24 
+3 233 78 0.7 

+4 473 251 1.5 
+T 480 MB 13 
+2 1*42X75 4.1 
-1 160 100 11 
-1 156 97 22 
+2709X90 32 7 J 

+6 705 345 13 
*7 705 41 17 


-1 

+3 

+3 

+3 


*2 

+*? 


-1 

-2 


S ... 

2280 +20 25901980 

470 -16 588 300 

2.430 -40 27001170 

640 -6 730 5» 1.1 — 

375 -3 422 230 — — 

476 -12 B35 323 — — 

960 -1 1JD80 475 _ 

1720 -101770 700 _ _ 

2430 —10 24901930 _ _ 

609 -11 1.110 SD2 _ _ 

706 -5 7B2 370 _ — 

B2S +4 1,180 STD 

1218 -40 14*0 8HD _ „ 
510 -8 740 39* U _ 

1,110 -101900 BB1 _ _ 

530 - SS 758 380 — — 

670 +3 753 581 1.1 _ 

620 -12 739 497 _ _ 

602 -1 605 392 _ „ 

736 —16 870 522 „ „ 

BSD -101460 70S _ _ 
488 —4 812 359 1.6 _ 

836 -14 1900 005 _ _ 

885 -11 915 579 __ „ 

8jn0 -1BOXZ70X680 .. 

573 -6 790 670 _ 

627 -17 ESS1 B70 _ 

807 +1 078 548 _ 

1900 -20 12001210 — 

670 -1 990 760 _ 

2JXD -16022601970 — 

07fi —1.150 773 — 

720 +1 73* 386 — 

550 -6 648 441 _ 

*3 - 3 *£ra = 

TOO -10 9)9 670 

2JHO -80X1602 
1730 +10 12801. _ 

840 -2 675 398 _ 

1400 -30 17501010 10 

1 ® z 

830 -101980 410 10 

831 -341,180 677 — 


1270 

1900 

716 

520 


1,10 


- NpTVNw 2X200 —30024800 

— NTT azfljx»-i8fl00U2iua 


-soiled aas 
+9 046 375 

-6 360 218 — — 

-4 802 500 — — TreUA 1010 

-IS 712 48? 12 — T 01 WTR 307 

*3 4149 4*3 — — ToyoIB 1.130 

-6 631 200 — — . TOVOOO 416 

-211.100 040 — — rjOMD 303 

-16 1120 070 09 — TnenA 486 

-0 B8B 444 — — UBt 300 

-5013001900 _ __ IMMc 318 

— 17401,130 — — ugor, 1.190 

-17 003 645 — — WACOd 1170 

-15 MO DOG _ _ ywtttC I960 

-6 957 35* OJ — VmataM 879 

-1 000 570 — _ Vamsae 680 

-10 G06 377 — — rntncM 2JBD 

-401,420 603 OJ — VMHon 1.660 

—5 1960 060 — — DamKog 1940 

—*010900 X000 _ _ TmTran 1JB0 

-60 69404170 _ VlniflHfc 1070 

-5 650 269 Vtahan 1180 

-19001900 — — JaaJS 
-20 1960 871 — — TWHr 7S5 

-101,160 701 YtaTrfl 870 

H 85 ® l? Z wSSm S 

— 1540190a 09 — Warn 688 

-15 933 640 — — YooXita 

+1 806 464 — — 

-T0 1.7001.483 09 — 

-19 m 458 I I 

-1 676 *50 _ _ 

— 1.45D BOO 09 _ AUSTRALIA (Mer 3 / AuetS) 

-5 843 37B — — 

+101900 096 X7 — 

-4 S5S 412 — _ AMbyl 

— 1.120 800 _ _ Amcor 
—10 19301960 — — Amootat 

_ 1,790 1 .200 — — Andta 

+3 625 312 _. _ ANttn 

-B 420 278 — — ANZDC 

-15 549 32S — — AtaQU 

(M _ AM 

— ’ 848 345 _ _ HTR Ny 

-IB 671 448 — _. Borat 

-6 708 329 — 

-101970 900 09 — 


-1 618 ... .... _ 

— 870 48* — — 

1920 1.9T0 — 

+2010701990 X7 _ 

BO Z Z ■**»•■* 3/WH 

-10 TBB 330 -- _ - 

-10 198019D0 

-18 790 559 
-101930 B34 
-4 777 388 

-6 1930 730 

-a 432 zn 

-10 12501990 
-8 804 402 

— 19801.410 

-0 062 410 

-6 902 920 

-60 39001800 


-901590X15 13 X* 
-1 602226 £9 219 

+201X70 X50 34 _ 

— 52 1100 10 - 

— 572X75 293X8 

-1 71 31 39 5X7 

-.46 14 120 __ — 

-.40 2790 U 10 19 — 
+.10 10.101595 Mill 
-JO 1X20 ID 09 — 
+9S X05 1B2 11 — 

46 14.70 1 3 — 

-1 1315490 T.7 — 
-202130 180 39 449 

— 8090 40 29 219 

-90 1390 X85 12 29 
-.10 090 X35 39 - 
+2560961190 49 — 

— 2X8011*0 19 279 
-JHJ 1590 X45 19 79 

4175 — X2S EM 20 22 2X4 
2490 - .10 3590 16 39 — 

-10 31951170 X* — 

— 3X28 099 292X2 
-jo ia 9 X 3 — 

4.00 1D40 415 40 — 

—90 42901490 10 — 
-90 83991110 XI — 
+.05 1390 0.30 09 _ 

— B4904173 OJ — 
-96 3X501990 X* -. 
-.40 25 S.7S 4J 24.1 

+20 1290 X7B 0.4 — 
- .75 43 18 20 — 

-JTa 391BS) —6*9 

— 772*95 39S70 

-00 1X50 505 20 419 
-96 7.40 107 £9189 
+.10 1X40 705 110 3X4 
-96 606 X87 79 — 
-.17 7.80 708 O — 
-.50 712670 19 199 

-JO 1190 400 291X1 
+90 3X761140 11 — 

—95 4115 12- 

—.10 2390 600 — — 
+.10 1X60 7.60 20 — 
-90 17401X10 04 — 


3290 -1.75 
102 
1890 
57 
11 JO 

xas 

4X75 
1X90 
mo 


2440 

2300 

14 

7.10 

3175 

2400 

90S 

0490 

2900 

1X40 

1190 

3X60 

34J5 

57 

11.70 

X9S 

1130 

4.12 

4J8 

53 

X40 

2X10 


5000 

MOO Cmpdg 
41737 Cmbkf 
6G22 CmbSh 
1*2060 Carwco 

672067 Centra? 

13906 COTOer 

92295 canPac 

100 carnv 

245661 CanTiA 
9265 CanlAA 

9600 CbUB 

1685 Cantor 
108*8 CtaPCP 
12100 CraiTno 
3212 canton it 
20800 cairn s 
399 CrtCap 
58200 CtaaOa 
2S05B Conus 
1Q3&7S CsralS 
1600 Coocaa 

36600 Co* 
208000 CRmiX 

00 DenmA 

402002 Doton 

1 94187 DObCO 

26650 DOMtaT 


225 DiMA 
21821 DundSA 
1850 Empira 
34100 EdttB 
14500 Em 
30215 EuNBv 
14000 FPI 
52320 nan 
2600 PUMA 

33 sr 


430 430 426 

7»* S7H 7i* 
230 -ft 235 225 
204* +3, *21 204. 

IB +>« 516171* 

S; ^ 

15 516 

12J. 5121a 12J, 

2B> +HSSV2SA| 
2B>. *UPV,&5; 

48 +VlO*e 48 
21«a -1.B1I. 21 
190 -10 IBS 185 
341* SMij 34 
83% 3S5G3la 
■fi +4 45 40 
365 +10 405 380 
20 +***7011 13b 
27% -bCn, 27 
105 -5 1B0 IBS 
37b +bSJ71i3&>j 

•s -a 1 ^ 

5% +%S5% 5b 

18 * 3S8iX , 

IBIg -bJlBlj 16 1 

6>l 

42 



181030 lEtaf 
4900 Tratffl 
64646 TetkE 
45820 Tod. B 
1000 Teigto 
174984 Taha 
400 Tana 


+%SM 

18 li 18 
12% -bSl2Vl2*g 

10% SIDVlDh 
131} +bsu%i34a 
Bb -bSBb 8b 
38b +b*3a‘*a7% 
7% -bS7b 7% 

iK 




. USA 154j 
I8*a — *ii1G% 16b 
B5 97 85 
29 0525 29 

38 53837b 

^ 

10% . 518510% 




4600 WBBDtt 


sc Hrsua 

40% *%5*0% 40 


1X40 

1240 

1150 






- = ^ 
— — StmaO 


498 -.10 600 2,40 10 
29 — 301300 00 

21 -1 Z3 6.30 0.4 

1X10 - 10 1000 5.70 10 
408 -.12 xao 240 10 
X56 — BJO 105 OJ) 

4J2 -JM XOS 1.40 1.7 

B0S +00 X40 4.16 20 


<Mar3/SS) 


64564 Hatty 
510*7 knaraax 
*0580 unpOa x 
501050 tarax 
1000 WIMu 
4500 mn 
1753500 fntPtt 


10200 B*»m 

sue kMG 
11000 iracoA 
13350 Jimodd 
KenAd 


4 SS 3 & 


5% +%b?% 41 1 MONTREAL (Mar 3 7 Can S 

SDb^" - kK 20 
14% -%ti4+l4% 

20 % smSsbC 

7% *%S7% 7% 
+% SIS IS 

330 335 33f 

’■& 

20% — %S20% 20 
448 -: 456 445 

15% +b515b 15% 

ISS! AFRICA 

iBb tJjsiKiS souni AFRICA fttar 3 /Ran4 

31% +bOT%30? 

MSi +%|3g. 39 *' 

“- 17 —1X50 790 IS 

20 _ 20 500 IB 

52 Anaa B4 _ 1*0 h 12 

-j4 S8 ^ d ®f= Amcod t» +1 128 78 X7 

— 1 T %taA« 21200 +X50 2308X78 1.6 

Si* Araraw 308 -1 *20 1 as 16 

w% -%BR 12% jSoM 114 *3 1157475 X9 

Brato+ 27.75 -00 57 J52&50 — 

*}* +> W% B BndR 22 +08 3450 675 30 

SK 1 oew *0 -1 80 IB 84 

St 1 . £?? SI* 3.85 32.75 3J5 — 

31% +%i3iV 31% oaSCan 10800 +3 1155700 ojs 


+b«^dM, 


W Iw » M 


z z S- 

+10 107D 745 S**® 


-IS 

-10 

+2 


= = BS? 

— — DUB 
“ ~ S Nrf 

1.1 _ IE™? 

— Sprat 


UOB 


430 295 
878 400 
am 2 bi 
<79 284 
4S6 223 
-10 1040 700 
+30 I960 850 
— 1020 am 
-1 *75 715 — — 

-12 931 *87 00 
-20 29801950 — — 

-S0 1.7401.in — — 

-40 1 010 785 — — 

-001010 965 _ _ 

+10 20801070 09 — 

-10 1 .7201050 — — 

-B 683 335 19 — 

-21 Bio B6S 08 510 CANADA 
+151050 840 
-121020 BB4 
+201920 870 
-3 701 Ml 
-301080 820 
+20 1070 720 
-15 7B7 396 
-13 732 426 


1190 

10M 

290 

3.33 

XB5 

1X10 

1300 

895 

11-40 

1400 

302 

300 

400 

1090 


4 . 1 a 12 J 0 xao 10 

— 1000 10 X7 

+08 390 2J1 20 
-0* 4 200 30 

— 7.15 3.+0 10 
-00 1200 X40 19 
-JO 1X70 9.45 X7 
-.15 906 408 10 

— 1X10 X45 20 

+10 10 X4D XI 

— S XEB — 
-.0* 404 208 X4 
+00 X30 2M 10 
-901X10 5L8S 17 



-%£!>; 22% 6SS 


ilfb DtaOtr 


1B% 

22b 

11% +%C11% 11% Enn 

a- 88 fc 


311% 10 


ii5*i» MadnH 
52214 MecuBI 

33073 

0400 
5817 

. 

4273* HdWN 
2S50D UM 
34400 itotaUx 
58774 Hm« 
1500 I 


NUttU 

NaStC 


NORTH AMERICA 


z Z TORONTO (Mar 37 Cant) 
— — 4 pra close 


= =!S 



toraly 



-271030 
■28 


smtzbiuub (Mar 3 / Fix) 


AdtoBr 

Atuuar 

AUltg 

Bair 


toBNR) 

cSBr 

ObaBr 

CBnRo 

Beitt 

BA 

FtoCCB 

FiMBr 

HUM 

ss 



230 

035 

MO 

X7D0 

1036 

100 

642 

BSG 

810 

3.720 

1.795 

1975 

2930 

6TB 

s 

ISO 

645 

1950 

1935 

140 


+1* 2928490 — 
+8 868 385 20 
+20 S87 377 20 
+4O3.0951950 1.1 
+20 1.184 888 — 
-1 220 13G — 

+28 7BS 372 — 
+37 *70 812 10 
+25 942 581 1.7 
+10 49802900 XI 
+65 20401900 
+00 1030 BIO XI 
SI 2050 1075 17 
+19 1000 514 19 
+6 537 370 XB 
-10 «B0 535 — 
4# 175 100 — 
+10 008 465 1 9 
+501900 466 29 
+5 19371015 19 
+61B2M 07.75 — 

-30 1.7201,150 49 
+80 59052020 — 


20*9 


1.100 


— Kkto 

Kobea 

_ nnoM 


INDICES 


Ito Mar u* 

3 2 1 


W* 


-1393M- 


-10 Ml 
+4020001. 

-13 702 *53 
-10 20801920 00 

- 535 210 _ 
-10 904 546 09 

-6 60S 356 — 
-1 B37 3B5 — 

-aw® - 

-15^518 — 
S 700 413 — 
-41020 7B0 09 
-60X0001.280 09 

-aoi9io T 9m 00 

-121030 BBS 

— 19001018 

■ 3 OT - 

♦16 732 401 1.1 
_ 580 357 _ 

= 

-10 10301, 1(B _ 

-14 481 302 _ 

*4 445 2B1 _ 

-15 710 481 _ 

-101.110 780 00 
-20 20401.636 a* 
*31 005 G40 _ 

._ 1y48O1.110 _ 
-7 37* 240 _ 
+61030 540 _ 


-1993M- 


= zSSL 


Z SSSL 
z & 


-24 622 285 
-5 878 550 
-4010001," 

+201020 
-01.130 
-12 502 772 
— 1,110 780 _ _ 

+2 523 351 — — 

-151J2D 772 — — 

-20 3010 2070 09 — 
-101070 600 — — 

-11 488 238 — — 

-30 19*0 980 — — 

-SO 2.4101,410 OJ — 
-81060 628 „ „ 

+15 

-17 773 475 — 

+101.100 BOO 
-10 B80 316 
-4 1.110 516 — 

• +6 1,110 m 1.1 

tffi tsssss z 

i ji ; s S 

3900 +100 4000X180 09 6X0 KHWfl 
486 -12 664 410 — - Land* 





Z & 

— _ Etonian 

Sanxyo 


-17 860 

-60 4® 1,^ 

-301S8 ^ 

-20 raO 422 
+10 10501.110 
HB 732 421 — 

-10 3080X210 04 
— 2070 012 — 



4.40 +05 0 X38 19 — 

908 +06 TI.12 7*8 XI 3X6 
307 -91 690 X85 19 — 
10 -02 1X62 X50 XB 389 
X72 -08 205 194 23 — 
XOB -07 5.72 205 40 — 
441 +.16 400X60 39 — 
X40 +05 295 1.45 39 7.7 
1704 +9410001291 X4 Z70 
3J0 — 398 242 34 U 

4-22 -.10 402 200 40 _ 
1 +01 106 008 — — 
1X18 +0817941190 4 J 3X4 
098 — 000 X44 X4 _ 

1.13 +03 1.1B X67 XO — 
4.4QX -.02 603 395 30 210 
+02 X48 302 <4 2X7 
+J8 10.32 1236 40 _. 

— 116X02 — — 

_ 306 196 X7 — 
._ 1X30 X7D 10 — 

— 5-70 4*2 30 — 

+.13 175 3 10 — 

-02 1020 S95 49 

_ 146 0J5 £4 
0.72 033 40 


gooffo Aboti 
16400 AgnEn 
518225 AfiCda 
11001 ABtd 
16133 Aiueita 
7117341 AtaoN 
230531 Amfimr 

SS08 Atcnd 
11560 BCSunA 
3418 0 BCTN 
432908 BCE 
2428 BCE HD 
188700 Bohol 
5310 B8R A 
H7B07 Bmawk 
314428 BkHtadl 
305682 BkNovS 
128847 BnttdrB 
1642* BoWIM 
3D1BHH Bnntoa 
115061 BncnA 
12370 Bmcor 
46100 CAE 
107500 envWa 


a? iS 


66502 NWAda 
7096 NraniA 
121078 NMf> 

106481 Mmd&M 

1210 2 MorertE 
258700 HOlTM 
1750540 NOW 
20000 Nowara 
1BOD NunadE 
10440 Ontw 


15% -%^16% 


a so -.10 11 Jt iso 10 
62 -1 JS 64902X25 20 
7.76 — 1350 350 0.5 

24.75 — 3050 050 4.0 

30.50 — 533025 50 

07.50 — 006450 09 

62.75 +2S 00 22 X7 

9.00 +90 1205 505 4.7 

9450 +.50 118 S3 XI 
2S _.. 2790 5.75 — 
23 -90 2B50 600 XI 
11KM — 20 X2S XB 

20B -02 201 002 XT 
519n«l +90 723X75 20 

87 +90 00 40 10 

— 87.60 — 012405 39 

1 2?a 47 J5 +1 66 24 X5 

.. LOUa 03900) _. 885X5) 10 

20+lb K»z*b Mataek 1X40 -.40 20501X25 .. 

“A 20-75 +J6 2XS01605 XI 

.1. J2“ ’S 00 - 82 31 8.7 

'O'l M) JO PremCP 71 _. 71 47 _ 

74% -lbPV.73% nraran 4D *95 5390 11 30 

,fb . *Gb 8% fhnhrCp 31.76 +.76 3XT523J0 1.1 

115 itoraen 21 m —y £69ota£o 10 

26b 2^7 RuulH 8390 -90 6857.75 20 

-P JMIjSS Saman 10T _ 105 67 X4 

*1% ♦*■**'> 4W* SmlhCC 1X18 +05 17901190 89 

8% , 0% SASrew 8125 +1 0790 64 XI 

I* -b*LK» 19 SAMlAm 38 _ 38 17 10 

Wa *>“% Bb SOnd 124 _ i®»3*.5S zjj 

-%*15% 15% TfjjOa 5190 53 37 10 

TikMI 


^ ..._ 
a-iaia ^ 
J 


Bb 

10b 


15% 


* 10 % 10 % 
*17% 17% 
532(31% 


-b 514 13b 


515%15b 

10 b SIDb 10 % 

2S% +%52S2S% 
40 +b 54948% 
30% 53B%3Bb 

13b 1413b 

1 ' " 

30% -%S»b 30 

IPiss 

18 *iKt 7% 
26% et^XSb 

6 lab t. 
62 +2 82 82 


154161 PWA & 
87000 PMD 
026535 PdcdP 
3/800 PaomA 
si go PanCnP 
22400 P0BOU8 
EZ7G1 PatCan x 
11000 PMEn 
iinin 


9550 PomiCP 
9650 Panrfd 
0473 RawkV 
1000 FtoBmS 
4050 Ratani 
284130 FfeigOI 

716 Rarast 

070270 RanBi 
03301 Ropap 
338S 

305544 iSiig 
144031 RogCmB 
7BS784 RoyOkC 
5200 RoyOdc 


1S% _ 

IS S ' * * 

41 +b 42 41 WArm 
»% *b^4 9 WOeap 

MO MS 325 mnUl 

26% -b£5%25b 
13% +%5U«13b 
6% +% 58% 8b 
31 -%C»%30% 

??% ' 


422 

39.25 

180 

4X60 


40013850 12 
42 100 _ 

2154390 XI 
80 24 40 


BtaqqgBtaaty Mdan 



■DIGS ■ n*ai cn Oil pma n m aumd aa bn 


am MNoflim am 1BSM4. acrat TOmaa A 
Si 8 17b Itattad tttt). a n oD up ii wu a tt i U m & 

S21 21 Odaam.KB(rato>mia.»bii|#K.HiB(M. 

584 84 (A) (MB to NdMal praMaon d raom, mm 
7% +b67% 7 ftradi pifca ora m peadara 

28 578 28 

Z Si FT FUSE ANNUAL REPORTS SBWCE 

17b “ % *17% 17 
221> +bS22b 22 “ 

21% +blS1%21% M22 .... 

jEEbS an ♦** 81 778 D77DC to +4**1 710 3822.00*0 FT 
"2* „ *))■(. ito topm a# to om db a* tad raidra a«. 


1 ion X . F »00 Ota 710 0710 a Or 0*1 718 

I FT Jwol # att< taa htthk IK. iM 


■ TOKYO - HOST ACTIVE STOCKS: Thunaday, March 3. 1994 


3% +bJ 


1 ft Apu ira mo pm 


Itochu . 


— hum Motors. 


_ _ NewsCp 

— _ B!®* 

— — NnttRtt 


Pad)ui 


= z 

■St.* SS z z 


_ Paranco 
Ptartn • 


Pkdnc 


zisr 



-24 1030 


_ _ __ Fihutawa Bee . 
-08 6 JO 302 17 2X5 NKK 

-E 1 %^ z 14 ««**■ 

« z 

+05 190 1.11 40 „ 

_ X65 XOB 7.7 1X0 
-0* 390 2.03 *0 _ 

„ 1.76 003 22 X£ 

-07 1.78 1*0 70 „ 

+02 205 206 *9 XI 
_ 202 a 80 12 _ 

-01 162 X70 _ _ 

+20 11*0 X7U 29 392 
+04 390 1*2 08 _ 

-.101X201X88 4*329 
_ 3*0 2*5 4* _ 

+04 X1B 191 1.7 729 
-05 1004 X15 3* 2X0 
+03 421 105 32 — 

^ 13.14 705 49 1X7 
-.16 790 597 XI „ 

+06 12 X75 00 03 

_ X20 293 29 _ 

-06 XT# 1.18 X 8 _ 

-07 4.13 XOB 18 2X0 
+05 502 426 30 _ 

-08 2.13 OKS _ _ 

-07 2*3 096 _ _ 

+04 322 £18 4.7 1X3 
-03 300 1JS 1J _ 

-27 825 205 _ 

-23 5,10 1.47 32 — 

- OB 806 X75 18 — 

+06 191 105 79 — 

-.10 X2S X65 15 _ 

+06 7.7D 5.16 U 7.7 
_ 492 X60 59 13 
-03 7.10 506 4.1 
_ X74 4.16 59 — 

+02 300 204 — 

—01 X70 283 7.1 «0 
+08 292 098 _ _ 

_ 421 103 3.7 
-20 X7S 590 XI 



CkMtng 

Ctttngs 

Traded 

Mon 

on eta y 

6.0m 

697 

-1 

53m 

426 

+1 

53m 

706 

-5 

4.6m 

250 

-9 

43m 

927 

-17 


Kawasaki Stsei . 
Toman Corp , 


Matsushita B fnd 

Mitsubishi Hvy 

Nippon Steel 


Stocks 

Cloeing 

Change 

Traded 

Prices 

on (toy 

4.0m 

353 

-7 

3-Bm 

416 

+11 

3.Sm 

1.890 

-50 

a4m 

704 

♦3 

3.4m 

338 

-8 


US INDICES 


M||h 


UM 


Geneol (29712/77) 

Aialralb 

AH (Mnade^l/lAO) 
MimngCtflAOl 


CSS RRnGen(End 83) 
CBSMSr&d83) 


Own tttanoanawi 
Trued *aw<2n/9i} 


Cap. 40 (1/7/8Q 


aajupnigti 

Brad 

Bwspa (237)3631 


MrOfc Hrfcff1975| 
CompiK»4 (1 0/3 
R«ffl*0§§ (4-1/B3) 

Q* 

PGA Gen pi.TZfflO) 
Denewfc 

CraMtta#enSEI3/lA3l 


M 2069X1 2D4S3.1 25410*0 102/94 1218708 W3ffl3 PC«ton978) 


2161.4 21540 2181.7 234X00 3094 146690 1371753 

9949 9940 1018* 113X10 3fM* 50130 13/1/93 

<3X64 43796 44X44 «096 2094 30026 14/1/93 

1137 60 1131.46 115X73 122X25 1/H9* 71208 15/1/93 

1479.49 147990 151600 K*2BS 9/m 1I2ME 4/1/99 

M 102160 107330 1073300 10164 71*7 4/US3 

04 365492 358495 382493 1/2/94 Z74X31 2V1A3 

u 436221 4390.43 <58100 1/2/64 327X00 21/1/93 

M 2080.76 208908 218X89 1/204 T720S7 21/1/B3 


OstaSQhxICi'l/sq 


M 

258208 

251415 

2881.17 8/294 

150415 25033 

Buutirtab 

430* 

426* 

4341 

46480 31/194 

29X70 4/193 

Home Bood* 

27X9 

27B0 

2813 

29480 31/194 

19800 13/193 

Tranpxt 

221X05 

222706 

2Z7D2D 

243X84 3094 

2200 22094 

IHHn 

118100 

117X13 

120408 

1211.10 28/294 

68X92 27/193 

DJ tnd. Db/i 
I toyto Mgh 3 


Ha 

2 

Mv 

1 

F(b 

28 

1963/4 

Hgb La* 

Acdwa/Mii 

3831J4 

380X23 

MW IP 

397X38 324105 

397X38 

4102 




(31/194) (20/193) 

(31/199 

(2/7/32) 

10114 

103*0 

1OS03 

10X77 10X14 

10X77 

5400 



(18/1093) 0394) 

(18/1093) 

(1/1091) 

1731 06 

174X83 

176231 

188X26 145X04 

198221 

1132 




mm 

129941 

(8/7/32) 

21104 

20X40 

21X45 

258*0 20739 

25X41 

1050 




(31993) (24/294) 

PI 992 

(BW32) 


I 384525 (384X34 ) Low 374100 (377X03 1 {IhacredoMM 

3 (38SS08 ) LOW 375X0* (370X43 ) (AduahH 


Manta Comp p/1/85) 260X06 260X75 275505 330X37 4rt/94 127808 4/U93 


307X0 30562 31407 393086 18094 180X20 14/1/93 


EM (1077) 


Lyh— 

■ Wlgonid aT 


SS A8-ffpawpW75» 
5lM Afctoa 


5mm 595.11 59903 84101 4/1/94 


L10 13/1 A3 


40401 

404.44 

407.14 

482JB 

CZ/204) 

42X05 

9nm 

48208 

(2094) 

4*0 

(1/692) 

54448 

54X03 

54X60 

tain hi 49B.4g 
120194) (26/493) 

58X59 

ROW 

302 

(21993 

4300 

41*3 

4301 

4M6 

(28999 

3909 

(B/I/53J 

48*8 

(38993) 

804 

(1/70/74) 


HEX GeneraN2B/1290) 
Franca 

SBF 250 (31/12/90) 
CAC 40P1/12/87J 

Gannany 

FA: MfDenOI/1958) 
Cwnwator*f1/12fi3) 
DAX (30/12/S7HF 







J6EBMPB9/78) 

19140V 

1B230 

19660 

233100 4/194 

77500 5093 

msEcoov. 

257*7 

28701 

MM 

2B7J1 

23X21 

297.71 

*49 

00 

43370 

445X5 

468706 4/294 

261256 10693 

JSC M. (289/7^ 

567X0V 

58330 

56140 

582200 4/294 

433308 19/493 




cam 

(8/193) 

C5294 

eswg 






SMb ban. 






Aon waw 

48X32 

45X96 

47134 

48700 

39504 

4B70B 

201 

39356 

39231 

40073 

41X29 2/294 

2BUX) 4/193 

KMBflCntfKtflW 

902.10 

90666 

id 

67*26 2/294 

60X93 6/393 





cam 

(B/IS9 

|299q 

PH2/72) 






£)ato 






wsau cap 

783.47 

76504 

78200 

80X47 

64507 

900*7 

5407 

18763 

18402 

18506 

STOOD 4/294 

843.10 29193 

Uartld S£ ponass) 

32901 

325.1 B 

33208 

36331 31/194 

2K0> 4093 





(31094) (26/4/93) 

(31/194) 

(31/1V72) 


1487.13 146X88 1485201 168X20 2/2/94 7114.18 28/1A3 

2154.41 214406 2183.12 235X93 2109* 177X21 2B/UB3 

70X87 77X33 79X90 86X67 4/1/94 68X92 14/UB3 

225740 222120 2288007 2*9X00 4/1/94 169(30 14/1/93 

203700 mph-** 206705 22B708 3/1/94 151X58 13/1/93 

107X18 107708 108X91 11BUS 1871/94 667.72 5/1/93 

980203 9877.43 1014X36 1220109 4/1/94 64I7J0 4/W3 

3981.7 40EX2 4147.7 428700 2X294 210007 23M93 

J*Jtb CwittJ10*8a 53037 54047 54841 K2» 5H94 21331 5/1/83 

18B.47 1889JB 191307 Z062.1t 20/194 11BU9 11/193 


I (10137) 1507 JO 1482.40 162250 1GO30B 31/194 87X10 2X193 


■ RATIOS 


Swfaa BKInd (31/125Q 129199 128X64 131279 142334 31/194 
SBC GmN (1/497) 96209 97335 09703 U9U9 31/194 


Ataerei SEpT/12901 

Hong Krao 

Hang Seng(31/7/64) 

todta 

BSESenWISTa 


90400 11/193 
87X70 11/193 


IM(htoftOO/&/G8r 5457.74 54C9J7 5452*4 849452 VI/94 306X43 9/193 


81804 1*93 


Feb 25 

Feb 18 

Feb 11 

Year ago 

2S2 

209 

2.58 

3.02 

Mor 2 

Feb 23 

Feb 16 

Year ago 

239 

206 

234 

203 

2404 

28.00 

26.18 

2BJ38 


BaqABkSET POM/75) 134038 133X12 137X97 176X73 4/194 
TMajr 

ktattd (togLpan 1986) 1640X9 156400 148030 28)8300 13/194 


Dow Jones Ind. Dto. YMd 

S £ P Ind. Drv. yield 
S & P Ind. P/E ratio 


■ STAmARD A» POORS SOO INDEX FUTURES $500 tales index 


Mar 

Jun 

Sep 


Open 

46600 


464.40 


High 

46800 


Low 

46405 


EslvoL Open brL 
104.190 156,703 


MS rartad n (1/1/70)5 8150* 6180 6241 64109 1/294 48600 13/193 Open nuun Iferns era tar rawtous day. 


CM QKTtttnm 

m 

Banca Coma It# (1972) 
im Genera (4*198 
Japan 

MtoH 225 (16/5M9 

Mm soo (i/iasq 

loohMOT 

W 5acttn H1/6B 


Bmlrack H»26na«)| 141405 139300 1431.16 150.19 31/194 
Eon Tap-100 CfiBBOJ 121X04 120248 12242D 131101 2/294 
JCnDnlB Bi/12/88) 00 32507 03204 39X19 5/194 

Bartigs Bmg(7/192) 16207 164.16 1GXGB 18X12 14/294 


UKUQ 13/193 
86233 13/193 
18802 4/193 
8X81 4/293 


m MBH YORK. ACTIVE STOCKS 


M TBADMtt ACTIVITY 


54908 

103X0 


639J5 

10320 


64X24 86663 18/204 

103X0 1102X0 nam 


1060508 1974477 2021802 2114X11 13993 

29X32 29807 30425 30604 1 (V1 193 

160233 16150a 164548 169X67 3993 

216702 219X57 220X22 238487 7/693 


44X33 B/1/B3 
B44S0 10/194 

1601X71 29/1193 
24B64 29/1193 
125006 2S/V93 
U5U2 26/193 


■ CAC-40 STOCK I 


i (MATTF) 



Open 

Sad Price Change 

Ktfi 

Low 

EsL voL Open im. 

Mar 

21700 

21620 

♦70 

2182.0 

214X0 

28005 

55.147 

Apr 

21BI10 

2172.0 

+70 

21870 

21700 

17B 

1080 

Jim 

21670 

2159.0 

+70 

2174.0 

21560 

733 

4039 


Open Hanot (auras Mr (BMtous day. 


ns. ComMCtW! 107058 108X2S 111341 13M0B Sfl« 13^93 

- Snt FttSX Ti-an Wbldfttad p«a 559X37: Korea Comp B< 02X31. BeMvOumd raindM are 100 o^C AuaiMi Ai OraDryand 
Auaro TSn«t BSJO. HEX (ton. WB Gan. SBF350. CAC4X Euro Top-KM. BEQ Own* Toreilta ComxAMnta & 
Unorafci jnaiuur - at MOUSE OdO - 25X7. J8E 20 tadunvWi - 2840: NYBE A* Conwnon - 50 rad Swaraj ind Poort - 10 SS 
iJS^TTararra WO*- M tMaMKBta. t P6/0AX ahratori Indaw Mw 3 - 204**5 +25.76 


waaealoy 

SM 

Ctose 

Qange 

• Vatame (aMan) 




traded 

prta 

on day 


nr z 

Mr 1 

Feb 28 

Tdatoobs 

7.13&000 

67% 

+1 

Nnr York SE 

381.125 300026 26X137 

GanUotora 

4.914,700 

50% 

+234 

Amec 

24J40 

17084 

1X448 

QDcarp 

3037000 

38% 

-M 

waMQ 

M JFrfW 

Ouystar 

3052000 

57% 

+1 

NVSE 




ATT 

3004)200 

SIM 

-% 

NEueElladta 

2,7GB 

2,765 

X752 

West Bo 

1388000 

18 

+2W 

toes 

771 

711 

1*49 

Fad Moor 

3026*00 

63% 

+m 

Fata 

1*25 

1*2S 

731 

map Morris 

3.112000 

5544 

+% 

Uhetnoad 

570 

629 

572 

Anar Erases 

2647,400 

28M 

-% 

New HrfB 

25 

42 

67 

Hack 

2039000 

32 

+44 

Mm ton 

17G 

87 

49 


T Carrocaon - Cranium m ixoo GUT. • peneb. t taduaadal. pu UtNttoA RnandU and Trampmauon. 

♦ The DJ km bdn Ownredcd dayx hga and loam n dw racnoM ol tan Mtdmm and towrat prtoae randnd during dm day by aeon 
■tacto Mhanaei Bh beM D^s lUgha and loam taapked by TatakM raprarant taa nghM rad lewen valuta ora manta hee nadnd 
(taring to day. (Tba Sguras to B rati M are pmvtaus da/*) V Bu&iara ip atactol nateiMion. 


Read tomorrow's newspaper today. Check your Pulse, 


The City news stories that will make tomorrow's front 
■4 page are already on Pulse financial pager, 

# CALL NOW FOR YOUR FREE TRIAL ON 0800 28 28 26 EXTENSION 1157 


► PULSE 


Hutchison 

Telecom 


Dour Jows.'feicrate 


To conquer the EC 
information mountain, 
you need 
an expert guide. 

Get the information advantage by reading the 
Financial Times every day. We cover the latest European, 

US and international news and analyse the implications 
from a truly European perspective to help you understand 
what it means for you and your business. 

It is no surprise then that the Financial Times is 
read by more top business executives in Europe than any 
other publication.* Make sure you are one of them by 
getting your own copy of the FT delivered daily to your 
home or office. 

To order simply complete the attached coupon 
and return it to: Gillian Hart. Financial Times (Europe) 
GmbH, Nibelungenplatz 3. 60318 Frankfurt/Main, 
Germany. Tel- +49 69 156 850. Or better still fax your 
order back to us on +49 69 596 4483 and enjoy the first 12 
issues of the subscription completely free. 


■Souice EBRS l<"1 


FT 


SUBSCRIBE NOW AND GET THE FIRST 12 ISSUES FREE. 

T« Gillian Han. Financial Times [Europe) GmbH, NibcJunpenpIniz 3. 60318 FraAkfurl/Main, Gannany. 
Tel. + » 69 156 850, Tlx. 4 16103. Fax. + 40 69 506 4483. 

YES. I would Hke to subscribe to die Financial Tunes, and enjoy ay firs 12 issues free. I will allow up » 21 days 
before delivery of my fra copy. Please emer my subscription for 12 mnuhs at the following rale". 


Austria 

Belgian) 

Denmark 

Finland 


OES 5000 
BFR 13.500 
DKX3J00 
FMK2JSW 


France 

FFRZ040 

1 Netherlands DFLS75 1 

Germany 

DM 750 

Norway 

NOK .1020 

Italy 

LIT 600000 

Formal) 

ESC 60000 

1 Luxembourg UFR L 3+500 1 

Spain 

PTS 6.1000 


Sweden 

Switzerland 


SEX 3.220 
SFR7I0 


For subscriptions in Turkey. Cyprus. Greece. Malm, please cooucl 432 2513 28 16 
|~~ | Sill |~j ChWTr my American Expnr^Dinm Club/ 


Euracard/Visa AcecuiriL 


Expiry Dau; . 


•CWtwkt ram arr pnfr ivKdfifr ike tvunrry m u-turk they one i fltorrj. Suhxrriprio* Prices are canen m time of 
go/nj* fu press. Prices are err la site of VAT in all EC niunrries except Germany anJ France FT t*T Nn. 
DEI 14220192. 

To subscribe to tbr FT kl Nortb America contact New York Tel 7524500, Fax 3081397, Far Eag contact Tokyo 
T9 33951711. Fra 32951713. 


□ 


please lick hen for nan laf unigu nc aboul 6 and 24 ntadtt ubompbsn rtaex. or cun tor 
a couny on loud ogpoc he . 


tPtmvsperrfcl . 
Name 


Addict* n> wtacb I would Ifte my Faioucud Tmet. ddneml- 


Wo nrdrr artniinf HiiOtaa a mnawt. 


Financial Times. Europe’s Business Newspaper. 



4 pm doss Han* 3 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


m.n a 

Dm * E Mb H*A l am 

048 10533 455 IS 15 % 
0.18 12 34 555 15 14 % 

IXB 26 22 4877 84 $ 64 % 
29 5645 62 % GO >2 
15 109 4 % 4 % 
ZOO 44 X 33S 45 % 45-U 
076 20 151273 17 % 26 % 
050 43 ] B 18 12 % 12 * 
22 16 12 % If 
040 IX 4 1836 26 % 2 & 




CD * 

09304 

■* l — Me * 

16% 11% AW 
29% 12% A L Lata A 
67% 54% AMP 
72% 55% AMR 
5 1$ AHX 
56% 29% ASA 
30% 22% AbbUL 

13% aVAbOMPr 
15% 0% Aqxocen 

36 25% ACE Ltd 

12% 10% AW Orth* 1.09 04 
10% B% ACM (Mkipr OfiO 8.7 
10% 8% ACM Bd 5p x 056 101 
12% 10% ACM GrTSl* 109102 
12% B$ ACM Manx 108 09 
9% 8$A0lltaaf>i 0.?2 8.2 

12% 7% AemsCh 144 4X 12 584 

11% 5%Aen»BeO 34 31 . 

27% 18% team to OGO 12 13 79 27% 27% 27% -% 

9% 6$ACttW 016 5.1 14 1871 7% 8% 7 -1% 

16 10% AOBM1 93 370 12% 11% 12% +% 

71% 17% Aoams Expr 038 10 0 79 17% 17% 17% 

80% 45% Ad Mfcn » 100 57 105 57% 50% 52% *2% 

3X0124 1011963 23% 21% 23% +1% 

0.16 £5 10 21 8% 6% 6% 

aio 04138 64 IB 18% 19 

173 IS 11 13 50 49% 49% -1% 

£76 «.? 11 2550 59$ 59% ®% -% 

0.40 1.4 12 819 28% 29% 29% ♦% 

1 60 51 11 1226 17% 17% 17% -% 

2 229 1% 1% 1% *% 

0.92 10 25 1B55 48% 45% 46% -% 

030 01 22 923 37% 37% 37% *% 
36 333 21 20% 20% 

1S411J9 11 111 15% 15% 15% 

116 71 3 104 104 104 

020 1-2 6 B2Z 16% 10% 18% 

035 1.7 34 1249 U2D% 20 20 

028 1.3 15 327 22% 22% 22% 

028 1.4 15 180 20 19% 20 

038 IX £J 2985 29% 28% 28% 

030 1.3 43 6S7B 23% 33% 23% 

>00 lXntal340 56% 55% 55% 

0.60 23 4 255 27% 27% 27% 

1.00 50 18 423 3) 19% 20 

0.48 14 19 3313 20% 19% 20% 

1.64 6X 12 2041 24% 24 £4 

0.16 1J0 13 692 17% 1B% 15% 

040 17 14 S12 23% 22% 22% 

11 15 3 2% 3 

1X4 7.0 24 119 23% 23% 23% 

018 18 29 10 9% 9% 

0X0 17 14 2100 24 24 24 

1.16 1 5 18 3911 78% 75% 76 

0X8 13 19 582 27 26% 20% 

19 387 5 4% 5 

7 1027 38% 25% 25% 


32 % 16 % MvMc 
8 % 5 % Adeem ftp 
24 % 14 % Amo he 
58 % 41 % Aegon AGR 
66 % 43 % MM 
34 24 % Aiks 
22 % 16 % AhHEH 
7 % l%Meenkt 
49 % 37 % AWIC 
38 % 18 % Aatme Fi1 
28 9 £ Anna Inc 
16 % 10 % MrleasB 
195 % 101 AbPwL16 
18 % 12 % Alaska Ak 
20 % 14 % man tot 

28 % 20%AfeCuB 

25 % 17 WQ4r A 

29 % 23%AUsn 
25 16 % AtanAI 
58 % 35 % Alcoa 
30 % 19 % MexfkiMi 
28 % 17 % AMU 
24 % 17ABBtflLm 
28 % 23 % A8tgP 
29 % l3 « k»Con « 
28 % 20 % Menton 
4 % 2 % AITon 
27 % 16 $ ABceCv 
10 % 8 % A8nceQ 
27 % 18 % AUhsh 
91 % 57 % AU9g 
32 % 23 AIM Dpi 

7 % 3 % AJnasto 
27 % 17 % Mmtoj 
82 59 Alena 

47 % 19 % AID Cp A 


1.60 Z1SKE 3682 76 % 74 % 74 % 
% 21% 



40 1891 22 % 21 % 

12 % 10% AtnQNlncx 098 9.0 248 10 % D10 ' 

8 % 5 % Am FTcds 0.24 30 27 205 ' ' 

10 % eAmanCfl 0X8 12 51412 

25 % 15 % tenets ! Wx 048 20 16 72 24 '; 

56 % 42%AmdaHa 0X0 1 2 14 1B38 

10 % 9 % Am A0 ) H ( 0.45 4X 53 _ . 

31 14 % 4m brie * 008 0.3 32 9433 24 % 23 % 34 % 

40 % 28 % AnSmd 1X7 92 9 Z369 32 % 31 % 31 % 

21 % 14%AmBuBdM 050 ZB 12 850 17 % 17 % 17 % 

31 21 % Am Bn Pnl 060 35 14 65 23 22 % 23 

8 % 7 % Am Cap Inc 0X5 89 78 7 % 67 % 7 % 

1X4 7.9 33 40 19 % 19 % 19 % *% 

1.08 5.1 0 SB 21 % 21 % 21 % -% 

1.75 39 24 3126 45 % 45 45 -% 

2.40 7X 17 3757 38 % 32 % 33 % 

1.00 15 12 8190 28 % 28 % 28 % -% 

1.16 4.4 22 2598 28 % 26 33 % +% 

2D1 8 % 8 % 8 % +% 

9 164 25 % 25 % 25 % -% 

060 14 IT 17 18 % 17 % 17 % -% 

Z92 4.9 12 4512 59 % 59 59 -% 

0.75 273 9 2 2 % 2 % 2 % 

040 05 14 4202 86 % IS 85 % - 1 % 

274 10 % 10 10 % 

1911132 % 32 % 32 % *% 

78 8 % 7 % 8 +% 

36 % AmSmr DX0 IX 14 5172 u51 50 50 % *% 


21 % 18 % Am Cap Bd 
24 20 % ten Cap CV 
58*4 43 % AirCyaix 
40 % 32 AmBPH 

36 % 22 % Amb«r 
36 % 25 % AmConl 
B $ 8 % Arn God fei 077 LB 
29 18 % Am Mi Pr Z2B 8X 
25 % 17 % Am HhHb > 

89 55 % Andfemt 
2 % 2Ara Itokfc 
100 % 73 % AdM 
12 % 9 % Am Opp he x 1.00 98 
32 % 18 % AsPresD 040 11 1 
^ 6 % Am Real Ea 044 15 S 


65 50 % AT&T 132 16 1721324 52 % 51 % 51 % 

23 18 % Am Mtatr 5 % 1X5 60 7 21 % 21 21 


-% 


32 % 24 % Am Watt 
45 % 35 Amtell 

43 % 30 % Amcnai lac 
17 % 10%AimM 
59 % 48 % Amoco 
10 % B%Ammni 
7 % 2 % Aim he 
35 % 27 $ AmsnuHl 
4 % 2 % AnH»m 
51 % 25 $ tendmtox ; 
28 % 15 % Analog 
29 % 22 % Acosta 
60 % 43 % An9sch 
27 % 25%AMPpaPf 
48 % 26 Aidhon 
19 % 1i%Mhonyta 
58 % «SAonCp 


1X6 18 13 29 30 % 30 % 30 % 
1 92 4X 14 7099 41 % 40 % 41 % 
138 30 6 92 42 % 41 % 42 % 



024 Z0 72 1768 12 % 

£20 4.1 14 5758 53 % 

O10 12 6 18 8 % 

0.12 12 17 2 3 % 

1.40 4X 9 404 30 % 

14 182 3 r 
030 07 63 99 

27 1043 28 % 27 % 27 . 

094 18 72 26 25 24 % 24 % 

1.44 2X 22 1944 50 49 % 49 % 

ZE7 103 2100 ZG 20 26 

21 103 32 31 % 31 % 

044 17 18 40 18 % 18 % 16 % 

. 1X0 IX 11 84 49 % 48 % 49 % 

33 % 17 $ Apache Qp 028 1.1 38 1799 25 % 24 % 25 % 

11 9 % ApotMunF 074 7 X 198 10 % 10 % 10 % 

18 8 % APH 27 9B2 15 % 15 % 15 % 

105 100App *> iiP1 812 LO 2 101 % 101 % 101 % 

14 % 4$AppUMao 2 3386 7 % 8 % 7 

* 012 07 27 38 17 % 17 17 

010 04 18 4083 25 % 25 % 25 % 

250 53 21 45 47 % 47 % 47 % 

028 37 20 1078 7 % 7 % 7 % 

3X0 7J 30 38 % 38 % 38 % 

450 90 17 50 % SO 50 

21950 5 % 5 % 5 % 

29 21 Arms ZIP 110 79 *100 26 $ 26 % 28 % 

57 % 28 % Arrow 1.20 22 40 IIS ? 53 % SZ % 53 % 

17 978 43 % 42 % 42 % 

0 33 B % 5 % 5 % 

076 15 18 325 31 % 30 % 30 % 

040 1.6 14 B2S 25 24 % 25 

ZZABiidCMU 040 U 11 32 28 27 % 27 % 

42 % 24 % AehOfl < 1.00 24 15 2097 42 41 % 42 

25 % 12 % Ash he F 027 U 479 19 % 19 % 18 % 

020 9.4 1 55 2 % 2 % '* 

012 04 21 326 31 % 31 % 

1.00 5.4 39 146 1 8 % 18 % 

280 1.2 5 240 0240 

208 59 15 225 35 34 % 

028 33 9 115 8 % 8 % 

154 7 5 11 17B 20 % 20 % 

550 55 59 6740 101 % d99 % 

. 1 747 8 % 7 % 

31 % 2Z % AB * n £ flW » 1X2 4 6 13 12 29 % 29 

12 % 7 % AIMS ADR 046 3X 18 239 12 % 12 

23 11 % Aug * * “ 

12 % 6 % Audits Fd 


je "mi 

19 % 14 % AedPkA 
27 % 20Arcnon 
50 % 39 % AreoQwnri 
10 % 7 % AMs 
43 % 36 % Adda PI 
51 % 4 ?% Anneo4XPi 
8 % 4 % Anneo 


■ 45 % ? G % Arrow Bsc 
8 % 3 Arm Op 

37 % 25 % Antahd 
29 % 16%Asno 
31 % 


7 % 1 $ Assdtaw 
41 25 % Ass W 6a 
a ?% 12 % AtfSone 
3QZ%i 242 AO Rich 2 
42 % 34AMG » 
10 % 5 % Alhtl50S 
25 % 19 % AOmcEor 
1771 * 99 % «»Ji 
8 % 2 % Attas 


56 % 46 % Autan 
25 % 14 % Avrora 
19 14 Art * 

44 29 Anwd 

64 % 47 % Amd’l 
18 % 11 % Ayiln Cwp 
9 % 8 AMr 


37 % 32 8CE 

9 % 5 % BET ADR 
8 % 3 % Bakira * 
19 % 16 % BakwFtw 
29 $ 19 % BakwH 
27 % 16 % Baktor Be 
37 % SBallCpi 
11 % 6Bdr 
27 % 22 % IUIGE 
17 % 6 % BaBBnWp 
44 % 31 3 BacOiw 
27 n % Bancflnn 
27 % 20 % BanccBd V 
15 % 9 % BanoCerni 
53 $ 40 [UTDKJWA 
2 % 1 % BancTfUs 
63 ': 44 % Baruag 
55 % < 0 % BanWm 
■»% 71 Bank Bod 

29 % 20 % Ekllfln 
49 % 40 % EkboynP 
62 % 50 % Bmin 
50 % 4J % Bankten A 
94 % 76 BarMm 9 

94 % « i $ BnkTst 
J9 22 % Boays 
35 % 20 % BartlCRl 
34 % 29 % Barnes 6ip « 
H % . 17 % Bone . * 
12 % 4" c BjDM 
57 % 43 Bouse 

32 % 20 Barter < 

32 24 % BJY Srte 

25 21 Bd Ir 1838 

26 >5 Bear Sims 

50 % 45 % BeoaPIA 
33 % 20 % Deamgs 
28 % 19 % BeAnun In 
«% 32 % BrehD 


29 
12 

040 1.8 38 150 22 % 22 22 

010 09 209 10 % 10 % 10 % 

052 IX 24 3016 54 % 53 % S3 % 

044 2.9 11 54 15 % 15 % 15 % 

2 907 17 % 17 17 % 

060 1 4 23 171 * 2 % 42 % 42 * 

1 . B0 3 2 16 1458 57 56 % 

12 84 12 % 12 % 12 . 

23 756 6 % 6 % 6 % 

- B - 

Z68 7.4240 1606 36 % 35 

015 1.9 32 111 7 % 7 

020 5 5 5 ISO 3 % 3 

£44 14 4 135 17 16 

046 Z5 42 5145 19 dl 

040 IX 25 50 26 % 25 

060 Z4 20 344 £ 5 % U2S 

21 491 8 % 8 % 

1 48 03 12 8447 23 % 23 

020 12 25 262 16 % 16 % 

124 3 7 11 5137 34 33 % 

9 312 28 % 26 % 

1 08 4.7 8 203 23 22 % 

P 79 79 4 23 10 9 % 

1.56 34 ID 214 45 % 45 % 

50 IS 1 % 1 % 

0 70 1.2 19 923 57 % 55 % 

IN II B 8335 43 % 42 % 

5.44 5 7 35 U96 94 % 

OBA 19 9 1431 23 2 £% 

2 96 6(1 56 49 48 

190 34 9 1151 53 % 52 % 

325 05 20 50 % 49 % 

OUO 6.4 12 93 % 92 % 

3 60 47 610436 78 % 76 % 

097 31 92 52 31 % 31 

0 56 20 23 336 28 % 27 % 

1 40 4 6 43 10 30 % J0 % 

144 IS 10 22B2 41 % 41 % 

0 05 0 5109 3799 11 % 10 % 

0.ra 1 8 19 875 50 % 49 % 

1.00 4 4 23 3047 32 % 22 % 

142 5 3 16 74 27 % 36 % 

1.72 BO 36 21 % 21 % 

060 2X 5 1501 21 % 20 % 

Z75 5.5 70 50 49 % 

0 M 1.9 23 73 u3J % 32 % 

040 15 21 172 26 % 26 % 

074 13 13 1249 38 % 37 % 





■ 1 % 


M 


TiemOtOGT THAT VWJ R*S FOB UK 


Samsung 
8mm Camcorder 



S Times Power Zoom 
Palm-Size 




ELECTRONICS 


m 

Oh W 


wm 

H * low Stock 

7 % 4 % BedPr 
89 49 % BUM 
19 % BS3WH 

63 % 

53 38 % Beh A 
27 % 19 % Bands 
89 54BSMHJRX 4X0 6X 
40 % 31% Bends 
32 % 18 % BensBonA 
1 % ABsnpmB 
14 % B % BerrjPw 
62 % 21 % Bad Buj 
29 % 2S%BdtiSIZ 
57 % 50 % BddtnPI 
24 % 12 % 0db9 
82 % 40 BrtrL 

15 % 9 % B««Fnt 
37 % 14 % Bknaft 


n Bb 

e in mb UM 
Oil 1 38 8 % B % 
2X8 5.1 15 3724 63 % 52 % 
040 24 15 182 17 % 17 

2JB 5X 2E 3512 65 % 55 

060 IX 23 88 52 51 % 

054 24 24 388 22 % 21 % 
10 63 62 % 


at* 


1X2 4X 12 370 37 % 37 % 
042 1.4 18 184 50 % 29 % 


004 4.0 12 52 
040 4X 81 55 

37 6247 
250 ID 54 
500 BX 34 54 % S3 
040 IX 6 5124 21 % 20 

1.40 2J 25 589 51 % 50 % 
33 2978 15 % 

019 OX 27 250 18 % 



31 20 % Bbmmgw S 040 1.4 65 1197 28 % 


2 % 16%BHfeCk 
28 % 20 % BSCfcHPL 
11 9 % BtdackA(b 
9 % 7 % Bcfcn*kc 
10 % 9 % 0UmcTgl 
55 31 % Btodc 
34 % 15 % BtackD 
8% 7%BklsCnp 
26 % 9 % BMC m 
48 % 33 % Bodnfl 
27 % 19 % BMsC 
17 % 4 % BWB8N 
17 % 8 % ftnii Cm 
29 % 14 % Batten 
21 % 16%BostnCaS 

24% iBBoma 

31 % l3%&azfFhtf 
39 % 32 % HHEPmi 
89 % 48 % BlgS • 
4E % 27X0Brtnkvht 
67 % 50 % BrM»Sq 
74 % 40 S' Air 

54 % 40 % Ekt Gat 
69 42 % OPx 
32 23 % BPPratme 
21 % 8%BSM 
74 % 57 % BT 
28 % 21 % BMynU 
38 2B % OnmGp 
9 % 8%BnmSh 
B9 % 73Bnfmfl 
30 % 207 a BlFsrr 
4 % 3%BHT 
21 %. 12 % 1 


17 % IlflruSlWBd 
41 % 28 % BuekSJS PI 
16 % 14 % ftmterlfl 
17 % 13 % Owvar K I 
28 13 Burt Cnt 
65 % 42 Bulls 

54 36 % Burin Rase . . 

20 % 15 % Bundiani Pc 1.40 7.4 24 


040 2X 19 2132 

1X2 LI 12 102 

073 7.7 20 

075 9.7 788 

0.70 75 569 

1.12 2A 27 5241 < 7 % 46 % 
CLIO 04 23 8508 26 % 25 % 
080100 >38 8 7 $ 

14 45 24 % 24 % 
1.00 Z2 1210096 46 % 45 % 
0X0 2J 8 626 26 % 36 

008 04 23 424 16 % 16 % 
072 LI 296 248 12 11 % 

030 ZX GO 4326 15 % 14 % 
1X5 6.4 6 4 19 % 19 % 

060 27 12 3318 22 % 22 % 
027 IX 2199 29 Z7 % 

2X0 7X 7 91 33 % 33 

1X4 £X 14 327 85 % 84 % 
38 291 45 % 44 % 
£92 54 14 5419 55 % 54 % 
I . 1B IX 15 991 65 % 65 

Z44 51 11 690 48 % 47 % 
1X4 29 21 1595 84 % 63 % 
1.70 BX B 138 25 24 % 

0.19 OX 21 686 20 % arts 
3X1 4X 17 236 66 66 % 

1X5 £ L2 15 143 £ 6 % 26 

1X0 4X 16 20B 35 % 34 % 
or 43 16 Z100 7 % 7 % 

£84 14 14 68 84 % 84 

OGB 23 24 2342 29 % 28 % 
9 5 4 4 

044 ZX 39 96861122 % 21 % 
0X0 IX 37 253 15 14 % 

ZBO 7J II 103 38 % 38 % 

1X0 7X 0 5 15 % 15 % 

1.48 01 18 18 16 % 16 

201100 028 % 27 % 
1X0 2X 19 3638 61 % 00 % 
0X5 1.3 22 1852 43 % 42 % 



35 21 % CB 
328 % 186 % CBS 
li % ecu me 
% ACFhcUs 
27 % 18 % CMS & 

101 67 % CHAFn 
51 % 30 % CPC 
zbI ; 13 % Cn can 
92 % 66 % CSX s 
23 % 17CTS Carp 
25 % 15CeHsSMrc 
130 74%Uriakim 
5H % 37 % CdnC * 

27 15 % Qdstf 060 
24 % B%OWcsOagn 
59 37 % Caesars W 
3 2 Cdl Bed E 

16 % 9 % Cdgai Or 
23 % 9 % CslFsd 
25 % 15 % Catom Co 
45 % 35 % CmpUS 
1% ACsmddHs 
16 % 12 % Csd * 
698477 % CopOl 
53 % 31 % CbsHM 
15 13 % CpsM 1X6 
38 % 32Cspdd1.B 



- c - 

0.48 1J 31 75C 34 

ZOO 07 14 683300 % 

0 14 

016 4Z7 0 SO 
072 11 12 6509 23 % 

16 1622 70 % 

1X8 Z7 16 1135 48 % 

OXG IB 18 34 15 % 

1.76 ZO 25 1175 67 % 86 % 

040 1 7 18 10 103 % 23 

0X9 1.4 19 1053 21 21 % . 

33 1402 ij 133 % 130 % 131 % + 1 % 

1X4 ZO 25 10 52 % 52 52 ♦% 

016 0.7222 663 32 % 21 % 22 % +% 

612 BOB 12 % 12 % 12 % -% 

14 1157 55 % 53 % 53 % - 7 % 

0X3 151 1 11 2 % 3 % 2 % 

018 IX 27 344 13 % 12 % 12 % -% 

117037 11 % 10 % 11 

040 1.7 65 260 24 23 % 23 % 

1 12 26 18 2182 41 % 40 % 

201540 % A % 

0X2 1.9241 1526 17 16 % 18 % 

0X0 0X 23 414 671 % 680 % 670 % 

0X0 24 10 4427 34 33 33 % 

1X6 92 £40 13 % 13 % 13 % 

1X0 4.7 3 33 % 33 % 33 % 


•% 

-1 

-% 

+5 

-% 


42% 35% CapddMga 3X4101 10 196 38^ 37% 37% 


22% 11% Commute 
35% 23C«1Co 

20% 12% C*n*»a 
1% % Cjafcoft: 

18 9% CdMoaFr 
34% 26% CM*. 
86% 47% QnrT 
36% 29% CartwWd 


20*2 

0.72 Z2 17 79 33 % 32 % 32 % 

11 240 17 16 % 17 

0 119 A 0 % % 

020 Zfl 15 22 10 % 10 10 

1JD 6X 13 2150 27 % 27 % 27 * 
Z40 18 IS 273 64 63 _ 

_ . . 0X3 IX 33 220 20 % 20 % 20 % 

19 % 15 % Canale KG 096 SB 15 25 17 % 19 % 17 % 

II B % a»Amer 006 OX 17 208 0 % 8 % 8 % 
060 OX 16 6G75U115 ? ' 

31 349 IS 
206 61 11 118 
0.00 69 1 1914 
0X0 06 14 1633 
ZX6 7X 10 38 

1.42 LI 12 584 
090 7.0 7 342 13 d 

29 20% Cemr Hnp 046 1.7 23 ZlOO 27% 

25% IBHCdlttVIW 1.42 7.4 II 161 19% 

34% 25% ComSW 1.70 6X 161770 27 

a 23% QsAiyllx 0X2 IX 18 269 
13 Cmkki 411104 

36 27% On*) 0X0 07 21 2928 
12 7% cnapana 0X0 IX 97 41 
14 5% 13011* 25 61 

51 47% QroeUPF 100 LO 29 


112 % 53 % CB * 

14 % 6%adCMn 
36 % Z7CsdaF * 
20 1i % 0tn£n 
45 % 28 % Carta 
35 % 27 % Osr*Hdsn 
27 % 21 % CartrLnui 
24% 12%CddrMah 


38 Z7% CnasoM 
7% 1% Chouse 8 
12% 10% Ctwn Bk C 
32% 25% Charon 
46% 35 ChmnBk 

21% 7 Chan 1 



1X2 4X 18 8232 

1 _ - 

066 54 0 248)112% 12% 12% 

ZJJ4 L4 18 53 32% 32% 32% 

1J3 4.2 6I0W7 37% 38 38 -1 

020 Z1 6 701 9% 9% 9% -% 

27% 17% Ocmcdo 072 10 55 349 24% 24% 24% -% 


100 % 67 % Qmn ) 

56^2 27 (Ma Fund 

17 % IDCHqBr 
10 % 6 % Chock Fid 
43 % 30 % ChCrB 
38 22 % OatsBana 
83 % 29 % Os * 

96 % 73 Chubb 

70 % 56 % Q * 

V A 7 % Ogna His 
43 % 33 % Oca]ihi 
24 % 15 % CbnM 
29 % 23 % QncGe 
29 % 16 % QnW 
3 % i%Cheptao 
33 % 28OBK0 
33 % 16 % Clrcud Ct 
49 % 27 % Qua Or 
44 % 20 % Otap 
27 % 25 % CUcp&12 
92 % 72 % CKpPCAd 
100 % 84 OcpPOAd 

19 % 13 % COD USA 

19% iscnnuaa 

11 % ^4 Oiyttm 
21 12 Owes St 

61 % 19 % CfcrtEq 
26 % 16 % CteyW ) Hm 
11% 77« oemenmo 
97 % S3 OMi.SO 
45 % 20 % OatCB 
85*2 81 % OmaiB 
55 % 44CUnM 
29 % 21 % CU ) l * 8d 
13 it % OK fnema 
20 % 11 % Cowmen 
18% 9%CmdSAv 
33 % 23*2 CoosH k 
45 37 % Cm C 
18 % 11 % CoeaEn 
24 % 9 % CnsaDafei 
30 % 25 % Cntenon 
87 % 46 % CoigPa 
12 % 10 % Colon hv 
9 % a % Caa ** H « aa 76 
7 % 6 % CatanUlx 070103 


3 

3 

| 

% 

♦‘4 


8 % 7 % Colonial M X 062 7X 
29% 18%CdSaa 
44 38 % CcH » 

24% i3%canara 
35 % 25 % Oamwca 
23% 16 Canbttfe > 

3D 19% Connie kle 0.46 1.7 
7% 2% Caarnkn 
31 % 25% CanEoi 42 1 41 S4 
26% 2£% CoamEol.9 190 7£ 


170 42 22 9015 88 % 86 % 88 % + 1 % 

1.45 10 362 47 % 47 % 47 % +% 

0X0 1.1 9527 17 % 17 % 17 % 

00 145 7 % 7 % 7 % 

7 108 37 % 38 % 37 % 

36 2 25% 25% 2S% 

080 1.4 826856 58 % 57 % 58 

1 72 2J 18 1308 74 73 % n % 

104 4.7 20 764 65 % 64 % 65 

0X0 lOI 140 87 « B % 8 % 

Z46 7J 12 1809 34 % d33 % 33 % 

060 4.8 17 773 16 % 18 % 1B % 

1.72 69 64 1577 25 24 % ffi 

036 1.5 17 883 24 % 23 % 24 % 

300 171 3 2 % 3 

1X8 L9 11 BO 28 % 26 % 28 % 

0X8 04 14 1739 19 % 18 % 19 % 

Z7 1652 35 % 35 % 35 % _ 

1X0 16 1022562 39 % 3a % 38 % - 1 % 

ZX8 L7 106 26 % 25 <s 28 % 

LOO GX 201102 % 91 % 32 

7X0 7.1 B 99 % 99 99 -% 

£3 324 16 % 16 % 16 % ♦% 

1 53 04 7 205 16*4 16 16 % +% 

084 7fl 13 270 8 % 0 % 8 % -% 

0.12 06 18 497 u £ 1 % 21 21 % +% 

25 1880 ) 182 % 61 61 % + 1 % 

21 694 23*2 23 23 % +% 

0X7 54 212 10 % B % 10 % -% 

7X6 BJ 1 88 % 88 % 88 % +1 

120 19 S 385 42 41 41 % *% 

7.40 LO 210 BZ 82 92 -% 

1X0 3 4 16 750 53 % 51 % 52 % -1 

030 12 12 17 25 % 25 % 25 % 

116 17 61 IZ 115 12 ♦% 

0 24 IX 8 439 15 % 15 % 15 % -% 

0 40 Z8 15 338 14 % 14 % 14 % -% 

0*0 12 31 1705 32 31 % 32 

078 IX 24 9044 42 41 % 411 ; 

005 0X161 196 17 % 17 % 

015 08 23 242 19 % 19 % 

20 39 26 % 26 *. 

1.44 Z2 18 3949 64 % 63 “ 

0 70 M 103 11 10 . 

394 3 % 8 % 

64 6 % 6 % 


181 8 % 8 % 

ZX2 L * 9 937 27 % Z7 % 27 % 
012 OX 51 8421 42 % 41 % 42 % 
0.38 17 10 37 21 % 21 % 21 % 
1 12 42 9 1450 29 % 26 % 26 % 
0X8 29 17 7 u23 % 3 % 73 % 

17 64 27 % 27 % 27 % 

0 2332 3 % 3 % 3 % 
3 26 % 36 % 26*4 
12 24 % 24 % 24 % 


27 23% caaitauio IDO 7a 3 ffi 25% 25% 25% 
31% 23Dema£d 1X0 5 9159 36B2 27% 27 27% 


17 -% 

98 * 3 % 
12 
36 
40 
8 


-% 


19 8 % Comonm Psjr 036 Z1 2B 3904 1 7 % 16 % 

41 % ChfflpOQ 1717925 98 % 95 % 

1 % % 0»qxdiaw 1 125 Ji U 

44 ? b 20 % OapAsa 0.14 04 IB 6729 36 % 35 % 

40 23 % CagSd 24 2290 u40 % 38 % 

9 6ConplrTGp aio 12 3 158 8 % B 

35% 24% cemat 0.74 £6 14 SET 28% Zd% 26% 

33 % 22 % CnDfl n 072 £6 16 2G78 27 % 27 % Z7 % -% 

32 % £ 3 % Connect MG 1.48 57 14 51 25 % 2S % 25 % ♦% 

26 % 20 earned En 1 28 L4 14 157 20 % 20 % 20 % *% 

2T1Ja 20 % 19 % 19 % *% 
4.65 0 8 10 69 % 68 68 

£00 6 6 11 2631 30 % 29*4 30 % +% 

3<M GX 5 73* B 73 73 

30 1002 27 3fi % 26 % 

1.94 4 5 21 7S1 43 % 43 43 

1 30 12 21 1872 61 % 59 % G0 % 

20 553 19 % 18 % 18 % -% 

0 50 OX S 1409 55 54 % 54 % -% 

4.16 7J 2 SB 58 58 

7 45 7.7 2 97 97 97 -% 

7 . 6a 7X 2 98 % 98 % 08 % 

29 942 11 % lO'g 11 

3.75 7J 3 50% 50% 50% 

ZJS 8X 121 27 % 27 % 27 % J3 

060 IX 7 3867 33 % 32 % 32 % -% 

1X0 4X 10 444 25% 35% 25% 

004 04 64 10 ** 10 % 10 % -% 

1 . 3311.7 276 11 % 11 % 11 % +% 

2 4034 8 % 6 % 6 % 

0 ®0 % y I* 

. . 132 3J 13Z156 38 % 37 $ 37 % ■% 

39 % MCbomlWii 0X2 OX 22 3194 28 % Z7 28 *1 

16 % 7’sCaelnd o » 17 1 * £78 14 % 14 % 14 % -% 

25 Cut * 1X0 4.6 9 3870 25 * 4 % S4 $ ■% 

39 ZlComngi 068 2X340 8005 31 30 % 30 % ■*% 

16 % 13*i CBundrTm 012 09 41 13 % d13 % 13 % ■% 

35 22 % CaudryCr 044 IX 8 1912 24 % 24 24 % ■*% 

11 % 5 % Cxnry Hr 046 46 85 1463 10 % 10 % 10*2 4 % 

OSS 5X 36 47 17 % 17 >7 ■% 

7 81 12 % 12 12 

075 27 17 433 ffl % 27 % 28 % 

050 31 15 44 16 % 16 1 


26 % 9 CorawPur 

76 62 % Cara£4 65 
37 % 387 * Coratd 
79 % 87 % Cane Ed Pi 
£ 8*2 13 % CraFn 
55 % 4 £% b8MG 
69 % 49 Orfbd 

22% 14% One Slae 
7574 44 % Ca tg e c a 
8f 9J % 0 * 4iB 
101 % 96 Oka 7 45 

102 % B7CMP7X8 « 
18 % 7 % Coot Made 

50 % 44%CordBkPI 
2B% ZBCanffiMV 
35*2 19 % ContBk 

34 % 24 % CorAh 
11 % 0 % CowMds 
11 % 10 % Cam H M 
8 % 3 % Comm Can 
1 % Ji Comer Cos 
54 % 37 % Com **>> 


18% 14*4 CousKPr 
11% 7% Odg 
30 % 22 % Crane 1 
£4% 15 Cmwbn 
32 % £ 0 % CrayRe 
12% 10% CriM 
10 % 7 % CMLjqRe 


1.16100 14 339 
Z14 2SX 9 120 


12 1284 30 % 29% 29% 

11% l-T 


B% 


11 % 


I 


27% 17% Cmqftnw 040 IX 22 167 22% 22*2 22% 
41% 33% CnanCS 17 2369 37% 37% 37% 

13% 7% OQ Ski 012 1.1 31 
4% % Crystal Hr 00BI1X 0 197 

30% 16% CUG Id 40 2212 


aa at* 

31 Iflfl 11*8 11*| 

212 28? 20^ zX 


♦*0 


1RW 

■M Low Stock 
18% 13*2 Mm 
74% 53CwnndWX 
57% 37%CumnCnx 
13$ il$Cumf hx 
40% 31% CrtWA 
11% 7% CV ReB 
11% 6%<)G3n5ys 
19 3% CyprSn 
32% 21% C]pAm> 

I7*e l3Cytac 


21 $ 18 % OH . Wddg 
19 12 Dates 3am 

44Danax 

40 % 24 % DaalwrCo 
16 $ 10 % Dadd hd a 
2 % $ OMDadg 

13 $ 7 % DxaGn 
8 % 3%DabKMOt 
8 % 5 % OavkWSW 
85 62%dqftnH 
10 *% 99 DlbdV.7 

10 % 6 % DoSdK ) 
23 % Dean Foods 
30 % DealWD 
8*2 DsnWGe 
42 % Dam 
% DdUdFn 
20% OdndL 
. 45 % ORdUr 
16 % 0 % DebaWdad 
3 % 1 % Mkma 
47 % 31 $ Dekea 

102 830M & 17 . 4S 
108 95 % 0db £ d7X8 

37 % 27 % DenEd 
28 $ 20 % Dadd Op 
30 % 17 % Dbg Prods 
45 % 35$DMDd 
13 $ 9%DHM 
29 % i7 0tenmdSh 
15 % 3XO0bmCap 
42 % ZBDWadd 
19 $ 12 % DtfC 
49 % 27 % D *£ 

52 % 33 % DM 
9 % 4 % Dina Si KV 
59 38Dtanar 
37 $ 25 $ DHeFd c 
49 % 38% OvnRssx 
6 $ 3 % Danhr he 
47 $ 33 % DotakSon x 
32 % 26%Dendf 
63 %) 45 Dow 

85*2 49 Doit Dl 

40 $ 2S % 0owJv 
27 % 14 % Dome ] SSL 

103 96 DA . 7X75 
37 30 % DQEx 

ZE 14 % Drf%p 7Up 
13 % 8 % Dram 
25 % 17 % Drassr 
48 % 35 % Dreyfca 
11 9 % DrtuFdS 
12% IDDrtiE SIG 
11% 10% DlfUsaH 
sa 63 % Du RnMX 
44 $ 35 % DidiaPw 
100 % 101 % MSP 7.8 
36 % 15 % OldaRI ] 
88*2 55 % DunBrd 
56 % 44*aDdhrd 
30 % 26 % Dap . 4.1 

20*2 2SDuqLZ10 
29 £ 3 % Du * w3.75 
30% £5%Oqn»UO 
31 % 28 % DueL 4 2 
30*2 25 % DuqsLH.15 
108 92 % Dap . 7X 
44 % 27 % Duradla 
12 % 4*2 DUHIiSr 
17 % 12 $ Dynaaies 


14$ ZECCkdl 
24*2 15%EGS6 
49% 38%Bpstnx 
5% 2EagtfW 
29$ 23%EadU0K 
30 23% E EXP 
48$ 41% EadCn 
64% 41 BCodakx 
91% 38% Eaton 

§ 22% Ed* 

15% Eta** Inc 
49% 26 Edison Bra* 

25*2 IB Edwards 
12% 6% Boa) Group 
36% 17 BcwOm 
3$ 1 Bad Ass 

9% 5% Bar 
B% 3%Bscait 
21$ UBIKCap 
9% 6% Emtra Gmny 
65$ 52% EnaoB 
9% 6% EmprD4.75 
24% 18$ Empire DB* 
13$ 7% EnnkiyBoi 
55$ 32 EnOBna ADR 

28% lB%EnargsnCD 
30 19%Er*id 
17$ 12 Ends Bui 
500% 306% Emm 106 
37 22% Email 
54 28% EmmOn 
52 47%Bod*7E 
102 88En9diAJPE 
22$ 14% ErorO) 

12% 7% Berth Ei 
37$ 32% Enbm 
29 17Enwnia 
12$ 8% EQKBven 
3% 2%EQKIM» 
Z7$ 17} 



w. pr a - ** 

Be % e nk 

080 S.1T73 10 
3X0 L2 18 
050 1.1 94453 
0X6 LO 13 18 
1X0 ZB 61 2 

1X8 9.9 8 62 
8 412 
89 2189 
OJO £6 16 5100 
141 

- D - 

1.10 5X 13 1820 
19 Gtt 
1.60 2X 19 744 

012 OX 19 207 37 3£‘ 

018 IX 29 S 11% It 

2 199 1% 

3 1588 8% 

6 254 7% 

03) 2X 70 45 7% 

1.68 £X 18 4343 

7.70 7.7 cl 00 
014 2L0 27 9 

064 2X 19 64 31 

0X0 1.4 9 3983 

072 LX 589 

ZOO ZX 21 7442 088% 

0 70 1% 

1X4 7X II 413 21% 

0X0 0.4 7 1418 48$ 

040 17 19 160 10$ 

1 18 1$ 01% 1$ 

1.44 41 19 858 34 33$ 33$ 

7.45 7.8 I 97*2 87*2 67*2 

7X8 7.6 1101% 101% 101% 

£00 7.4 8 2983 29% 27% Z?% 

0X8 15 17 SB 25% 25 25 

040 22 17 71 18% 18% 19% 

1.12 £X 17 442 44% 44% 44% 

OB8 L4 38 130 10% 10% 10% 

0X2 IX 28 206 29% 28$ 29% 

a 271 12$ 12% 12$ 

OB8 2A 22 493 37% 38% 36% 

2 an 18% ia$ 18% 

47 9829 31$ 30$ 31% 

008 02 16 3100 35% 34$ 34% 

55 1122 8 7% 7% 

0X0 0 7 32 8561 47 44% 45% 

040 IX 25 483 34% 33$ 33' 

2X4 62 13 1294 41% 40% 

oxs 4.1 a 11 o% fii 

0X6 1x21 121 47% 

0X6 IX SS 1273 30$ 30% 

0X2 IX £1 787 60% SO 

2X0 AS 28 4358 63% 61$ 62% 

084 Z1 27 1471 u40$ 39$ 40$ +7 

048 2X 9 12S 17% 17% 17$ -% 

7X8 7X z20 100% 100% 100% +1% 

1X8 5.4 11 307 31% 31% 31% e% 

16 3844 25 24% 24$ +$ 

0X2 LO 5 80 12$ 1Z% 12% -% 

068 ZX 12 6905 23% 23% 23% 

076 IX 17 1778 47% 46$ «$ 

066 6.9 676 9% d9$ " 

090 L5 78 10$ >0*a II 

073 7.1 528 10$ 10$ II 

4X0 LX 6 72 71$ 7 

1X6 4X 13 2820 38% 

7.80 7.6 7101(0*4 103% 103% 

1X0 7.6 2S 424 23$ 23 23$ 

Z44 4X 251173 61 60% 60$ 

1.76 14 62 7384 52 51% 51$ 

£05 7.1 2 29 28% 29 

Zlfl L4 Z1D0 25 H25 2S 

1X8 7.1 2 JBlj 26% 28% 

ZOO 7.0 5 2S 29% 28$ 

£10 7.4 2 28% iEB% 28% 

Z08 72 8 29 £8% 29 

720 7.4 Z1D0 96% 96% 98% 

0X8 11 36 959 41 40% 41 

29 23 10% 10 10 

020 IX 20 7100 15 15 IS 


020 1.7105 330 11% 11% 11$ -% 
056 II 12 848 18% 18% 16% 

120 ZX 12 602 43$ 42$ 43% +X3 
0 109 2% 2% 2% 

’ 5 




A 

8% 


2 $ 


$EquBK 
1% EquHK 
44k* 33EqdBUe 
13 7% Esarta 
30$ 16% Eh* 

14% 9$ EinpaFd 
16$ 1$EegHh 
19 16$ Enahtar 
69 57% Emm 


144 5.7 10 189 25% 25% 25*4 
1.40 SX 17 319 25$ 25 25% 

34S7 41%d40% 40*2 
1X0 16 3011109 44% 44% 44% 

120 Z1 221101 58% 56$ 58 

070 Z4 17 1819 29% 28$ 2B$ 

044 ZO 18 394 22$ 22 £2 

1X4 42 13 1B1 30% 29% 29% 

0.58 Z5 8 270 22% 22 22 

62 43 7% 6$ 

0X2 IX 12 24 22% 22$ 

1 33 3$ 3$ 

137 60 B% 8% 

12 314 3$ 3$ 

052 Z7 3814489 19 16$ 19 

012 IX 167 8% 8 8 

1.56 Z5 18 ZSBB 82$ 62$ 82% 

047 ?X 2 7% 6% 8% 

128 BX 16 55 19% 18% 18$ 

63 767 9% 9% 9% 

094 IX 17 39 52% 51% 51% 

1.08 5.D 12 109 22 21% 21$ 

044 1X199 1784 27% 36% 27% 

056 3X 13 327 15$ 15% 15% 

1050 ZX 7100 450 4S0 450 
075 Z3 24 4241 33% 32 32$ 

024 06 24 114 42% 42$ 42% 

175 7.5 7100 50% 50% 50% 

7X0 69 1100 100$ 100$ 101$ 

020 IX 94 1277 15$ 14$ 15% 

030 4.1 1B1 6 7% d/% 7% 

1X0 5X 1210193 33$ 32$ 33$ 

25 40 19% 19% 19$ 
1.1010X 74 25 1P$ 10$ 10$ 

1.10 44.0 3 10 2% 2% 2% 

0X6 Z4 26 509 23% 22% 22$ -% 

I4JM 

-Sii 

075 5X 291 13 12% 12$ -% 

23 38 13$ 13$ 13% -$ 

1 20 72 16 17 16% 15% +% 

2X8 A* 1510994 66% 66$ 86% ♦% 




050215 2 30 

1.14 12 15 317 35 
2 42 « !. 
060 32 23 1437 1B$ li 


- F- 


4$ i%FWkoa 
18% 14$ FT Damn 
19% 12% Fdatcn 
38% 28% Fretted 1 
8$ 6% Feasted 
17$ 6%Farsbhc 
7% 6% Faya Drug 
59% 45%FedHBLD 
53$ 47 FMPBZ875 * 

30% 23Fsdny 
7% 4$FadSrs 
77$ 44$FsdBgi 
37$ IBFadMglk 
89% 73 FedNM 

27$ 19% FedFBd 
21% 15$FedenlSg 
73 17$ FedDepISt 
35$ 2fl% Form Cap 
29% ia%RdC» 

10$ 8$ Ffltetak 
30$ l2%Rd|pa1U 
43% 35$ Fttat Am B 
34% K$ FSJ8AS* 

§ 7$ FW Best 
9% Fd Dos 51 a 
37$ 27$ RrstBmd 
98 74% FsOhACPB 
51% 47% WCMCPC < 
1C0% 86% FdOtKpC 
50$ 35*i FstCMg s 
52% 40% RM 
40% 33 Fd Fd Z1 1 

19 % ll%HrMFri 
60% 36 FtatRi M 

71$ 44% Fadnt 
50$ 41% Film MS 
16$ B$ Fstetea 
24$ lOfidPMF 
53% 37% Fa Unmn 
55% 51$ ftSfUPf 
12% 9 Rjttkfl 

(I 31% Fkm Mrg 
37% 29% Rrsat Cn 
37% 28% HetdF* 

27 16% HmCn 
34$ 23% FfanOk 1 
44% 31$Ftattey 
36$ 29% FtaPig * 

20*i 16$ Romas 
47 38Famr 
64 41% FklC Co 
7$ 4FMCG0 
48 29% Foam CAB 
17$ 7% FadhSI G 
70 43 Fad 

10 Fads* 

_ 25$ FodWh 
14% 9 Raruyw 

41 32% Fax 
14$ 9** FraiCB Gro 
9 7$ Frank! a* 
51$ CFrartdRi 
39$ 27$ Fiwllryw 
6% 5% FrHwdA 
B 4% FrHwdS 
48$ 36% FrmpMcHn 
22$ 15% FnMcM 
32% 21$ FrLonra 
92% 70$ FdAui&i 
15% 11% FimreGny 


£ 

3® 

7% 

u18 l 
7 


4 4 

15 15 

IX 16% 
35 38 

7% 7% 
18 
7 


029 72 30 35 

1.12 7X 94 

012 07 29 44 

160 9X 2 

040 5X 26 12 

900 706 

020 £9 14 112 ... 

OXa 1.7 13 3297 55% 53% 53% 

£88 5.6 8 51 51 51 

1X6 5.7 47 399 £7$ 27% 27$ 

048 66 48 385 7% 7 7% 

25 1738 72$ 72 72% 

048 14 30 2255 34% 33% 34 

Z40 10 10 8562 82% B0~ 

1X0 18 76 291 26$ 35 

042 £1 17 504 20% 19 

1913364 24% 

054 IX 19 601 35% 

23 2267 u29% 20 . 

02E 2X 31 3 9% 9% 

018 06 15 1334 28% 28 

1.60 44 9 147 37 8% 

1.18 17 13 33Z2 32% 31 

072 9X 282 8% 

0X1 LB 8 9% 

032 09 14 67 35$ — „ „ „ 

2* 96 94% 94% 

9 50% 50 50 

2ul00*2 100% 100*2 
5 2123 47 46% 46% 

9 1145 43% 43% 43% 
15 35$ 35% 35% 
118 11$ 011% 11$ 


-% 

-H 

-i$ 


LOO 63 
150 70 
6X0 6X 
1X0 15 
1X8 39 
215 LO 
OOS 0 4 
010 02 27 1724 



57*2 


49% 49% 
13$ 14 

17$ 17% 



S: 


10 9 8948 67% 
lOO BX 1100 49% 

0X0 £1 53 126 14% 

104 17.1 2S9 18$ 

1X0 19 8 2790 40% 

363 SJ 36 53$ 

072 9.4 9 2776 7$ 

1X4 13 10 583 37% 

1X4 13 10 353 
1X0 17 12 3325 „ 

050 £4 IB 1871 21% !i £1% 

1X0 49 24 10*1 25% 24$ 24$ 

040 IX 20 407 42 41% 41$ 

1X8 L6 13 347 30% 29% 29$ 

078 43 17 348 18$ 16% 18% 

052 1.1 2311848 048% 45% 47% 

43 791 48% 48$ 48$ 

005 09 8 165 5$ 5% 5% 

1X0 £7 19 112 46% 44$ 44$ 

0X0 IX 14 96 15% 15 15% 

1X0 ZB 451X73 64$ 63% B3$ 

096 LI 48 10$ 10*2 10% 

086 1.6 25 1507 42 40$ 41% 

0X8 2X 17 1020 13$ 13% 13$ 

£48 7X 15 4869 34$ 34% 34% 

004 04 418 11$ 11% 11$ 

OGO 7.0 337 8% 8$ 8$ 

032 07 IB 493 44$ 43$ 43$ 

IE 62 38$ 38$ 38$ 

0X5 09 38 5% S$ 5$ 

0X5 IX 10 5 5% 5% 5% 

1X8 4.1 zlOQ 45% 45% 45% 

1X5 65 22 1299 19% IB 19% 

11 5881 2B$ 2B% 29% 

0X6 1.0 5 81 71% 070% 71% 

028 20 Z77 13$ 13$ 13% 


*% 


56$ 48$ GATH 3X75 
44$ 31$GAn« 
87$ 47$Gffi0x 
9$ 5% GHCbdr 
33$ 31% GTE 
35$ 31% GTE £475 
19% 178IEF1X5 
12$ L7QGdM«Ea 
37$ 25*2 Mg* 

17 8%Gska)bLH 
5% 3% Gterttti 
59<6%6ainfl 
48% 25%BK*XX 
38% 33% GC CDS 
13 ii$Gambdll 
20$ 14% GUMI 
17$ 11%Qrniip 
30 21 GnNmr 
120 65$G4n0|n 
1(0% ao$ Gdfiec* 
10$ 5$Ganwsi 
21 % i £$ am Ham 

74% 55% MW 
85$ 33%CooMtt 


- G - 

188 7.1 24 55 54% 54% 

1X0 16 13 259 41$ 41$ 41% 

1.00 1.9 13 59 53% 53% 

14 206 9 6$ 

1X8 5.7 3111230 33% ' 

£48 7X 14 32 31 J. 

1X5 03 £ IB 1 

1X0 ex 337 12% 11? 

088 £9 14 80 30% 

1.70 12X 111 13% 

004 1.0 15 99 4% 

1X2 £4 IB 2490 54$ 54% 54% 

040 0X30)0794 048% 48% 

46 545 35% 34*2 34% 

1.00 L5 87 11% 11% 11% 

0X0 1.B a 22 19% IB 10% 

0X0 4.1 10 517 14% 14$ 14% 

012 05 65 22$ 22 22 

£40 2X 10 495 92% 91$ 91$ 

£88 £7 20 7488 105$ 104$ 105% 

QX8 5.B 10 15B 6% 9% 8% 

032 23 14 29 14% 14 14% 

1X8 14 17 3248 55% t65% 55% 

0X0 U 2624863 61$ 90% 60% 



35$ 26QME 
42$ 22$ GrtHbM 
34% 25%GWM 
m$l01%Gaofta 
38 XGanSlg 
5i$3i%6aoa mc h 

21^ 9$GmmaS8 

sir 


048 

0X0 

1J0 

1X2 

non 


4% 


saw 

£7 24% GnpaPPt 

28 34% fiipa P»r 
HD% 97%(WaP7X 

XJSSP 

15% lD%GabdSd 
13% 10%Gansn]H 
16$ BJaaty Wr 
14$ 7$ QWGrp 

111" 

1^« 11% Ann a 

a: 

50$ 37% 


5$ 2 % am (ter 
6 % 7 % SooaJYld * 


1.15 

1X0 

156 

158 

7X0 

7.72 

086 

024 

058 

nm 

0X0 


YU* 057 
0X0 

. . 399drtcb £20 
53*2 47% Goodrc 15 * 150 
49% 32%Gdyaar 0X0 

BB% S1$GmpW 073 
35 Z2%QttlPT 080 
17% 8$ GradG Ett 0X4 
84 64% QLteasC 039 

S 36% tarn Ira 100 
15% GflNRn 092 
27% Groan IBP £12 
62% 23% GRai Free CUB 
19$ 12% GntnerE* * 028 
18$ 12% Graur 026 
12% 7*2 Crowd) Spn 015 
43 24% Gnamn 120 
40% 15% GrTrhADR 
16$ 10%ObditeiBn 032 
28 1B$ GuBfead M 060 


nt w a 

% E UOe Hgb Law 

IX 21 4490 32$ B% 
Z2 22 844 35$ 35 

5X 11 1448 29% 29 

1.8 12 1280 104 103% 
2X 23 2827 35 34% 

95 300 48$ 

2 402 4% 

31 347 17 16$ 

Z 379 6% 5$ 

11 171177 37$ 38$ 
Z7 480 27$ 27$ 
Z2339 3408 71$ 70% 
L£ 3 25$ 25$ 
82 2 25$ 25$ 

7.7 *10 101% 101% 1 

7X 2100 101% 101% 1 

11 15 073 28% 27% 
IX 27 & 15 14% 

5X 189 11$ 11% 

04 w 19 14% 14% 
26 123 13% 13$ 

XX 7 811 10% 9$ 
IX 32 4240 62$ 01% 

0 1205 2 1$ 

4X 152097 21% 20$ 
10 24 37 13$ T3% 

7.1 532 0% dE$ 

LB 127 6% 9% 

23 755 4 3$ 

7.7 1153 7% 7% 

OX 9 299 40 39% 

15143 484 40$ 39$ 

7.1 2SB 49% 48*2 
U 13 3248 44% 44% 

9 208 9% 8% 
IZ 29 782 43% 42$ 

1.1 21 909 93% 81$ 
10 60 261 26$ 26% 
1J 521 15% 14% 

05 20 1007 78% 77% 

7.7 9 T7 39% 38 

54 60 10£2 17% 17 

7X 13 26 29% 29% 
08 12 915 48 44% 

1.7 18 81 16$ 16% 

IX 21 9A 18$ 18% 
14 359 1S)$ 10% 

13 19 S23 37% 38$ 

3957 34% 33$ 
24 23 IB 13% 13$ 
2X 11 222 71$ 21% 


20% 15$ HAD Wan 
67$ 36 iff! Td ADR 

18$ 11% ffEPmjH 
« OISHadaai 
44 25%HahU 
8% 4Htemod 
14% air cock Fte 

18$ 15% If cat* he 
25% 21$ ifcockJiiai 
18 9$HMtan 
17$ 11% Italy Ham 
37% 25% terns 
ZS 20 tUisrakxd 
4% 1%rt*aonWt 
22$ 18$ Hensm ADR 
46% 31%KmcSn 
28% 20$ Wrtad 
49$ 31$lta0rD» 
33% 14%HBitenM 
25% 17% Kndg 
52% 33$ Karls* 
46% 3SHanea 
59$ 40% ItaUSDD 
8% 5%Hartm* 

19% 17% 

38$ 31 

33$ ?4taadnca 
10% B% HsaDDGqu 
10$ 4$Hnhaga 

16% 1T$ HadBiRhb 
30% 12%HeaOo8) 
63% 25nhaouta 
15% 7$HadiM 
39 17% HtteQUqr 
45% 32%Halnz 
47$ 24$ KdmaCbr 
37% 22% HdvP 
118 G3% Hnadea* 

S 43$Hrsliayx 
B4$ HbwPbc 
11% 2% HenlCrp 
8% 3% WShear 
5$ HhanteA 
' Htfitnc 
WgbkwB 
7$ Hind Inc 
.HTMPlax 
11% WbroglH 
35%Wenban 
74 36MbaM 
92% 55% mad* 

7% 2$Hda»he 
51 35 HnxDep * 

15$ 4% Hane Sl*41 
24$ 9$ MrahM 
2$ JJ Horace* Wg 
34 19$ HaxUHADn 
39$ 31 ttiywalx 
32%a$ltdlnM 
26% g$Honm 
25$ 20% Haute 
15$ 8*4 Honhani 
13% fl% Htebr 
3$ 1 HcMhv 

S3 38$ HDughto) H 
14% 5$ House Feb 
n% 27 hwui 
»*£ 26% Httd I Dp 
14$ 10% Hart 
15$ 10% HidsoaFdi 
20$ i4$Hteycap 
Z7% 13% HugbssSop 
21% 6% Human 
18% 13 Hud Mg C 

19 6%>tatoBdH 
12 9$ Hypotax 


- H - 

096 15 55 

1X2 14 19 1132 
1X6 7X 15 30 
1 2900 
1X0 31 21Z5B5 
18 5 

0X2 19 31 85 

1JS ai 20 53 
1.72 7X 29 25 
044 18 11 743 
020 13 23 62 
075 21 24 1635 
0X8 IX 18 222 
1581 

092 4X 19 5618 
0-60 IX 16 1694 
088 41 14 557 
024 05100 1086 
2D 145 
040 U 37 417 
1.12 22 16 847 
140 11 14 39 
£12 43 53 195 
050 BX 32 350 
1.44 LI 5 

ZX2 70 13 102 
1X2 L3 IB 305 
0X8 102 18 17G 
0X6 IX 14 85 

1X2 LG 13 1028 
9 582 
31 £3 

005 04 25 724 
020 06 32 2138 
1X£ 41 14 3185 
024 09 15 18 
048 IX £6 473 
224 20 231333 
■L2D £4 IS 638 
1X0 1.1 17 8522 
044 117 0 110 

12*100 
0.1B £1 13 814 
080 94 143 

0X3 92 270 

098107 151 

0X7 9.7 212 

048 41 IS 124 
0X7 1.4 22 875 
1X0 17 32 516 
105 IX 47 177 
381 67 

012 OX 4011585 
89 1207 
0.10 05 52 6064 

006 40 0 16 
0X6 OX 74 119 
090 2X 131487 
029 IX 9 107 

251901 
0X0 ZA 15 XB 
005 04 33 1352 
028 25 1419665 
I 214 
088 IX 20 67 
048 70 3 229 
120 IX 12 1042 
ZX8 L7 3 
Oie IX 27 2 

012 OX 12 BO 
0X4 1.8 GZ 120 
020 08 22 188 
1465 7S.1 34 5204 
0X6 20 IB 28 
0X5 14 11 87 

102 07 195 



33% 32$ 
30$ 30 

9% 9$ 
4% 04$ 
15$ 15% 
29% £9% 
91 90$ 
12% 12 
34% 33$ 
32$ 32$ 
23$ 25$ 


*% 


12 % 12 % 
14% 13$ 


R 3 

6 % +% 


15% 5$ O Rural 
31% 2D%B»Tta 
15% 10$ KT faptr 
*% 69% ITT 
33 2S$Udmtar 
39% 21% Bn Cap 

32 26%*W442 
54 B0%teHl&94 

100*2 44% ■‘<*7X8 
31 25% ■ R40B 

33 25$R R42 
53 47%HPl8X4 

38$ 23$ MuteQi 
47% 38*2 BPwAIWA 
53 47 ■’WAR’S 

S 19$mP 
38 El 

49% 24$ MC Fad) 
38% 23hnen 
4% too Del 
17 MA Dealt* 
17$ ben k 
25$ htHP£15 
99% 88MMP70B 
3»% 12% ktfaGrDi 
24% (5% *U Energy 
23$ 6$ Hon Fund 
15% 9tadraacb 
41$ 28%mpRnd 
2DWda 

- . 6%ltterSyd 
23$ 18%MSHpn* 
5»% mh hbgn Fh 
15$ 5hMd 
4% *2 DM#* 

3* 17$ WerRep 
22 18% mtacop 
4% 2$mdske 
80 40% BM 
25 13$HFnfl 
38$ 33IDJFF 
27% 18% UMufl 
58$fcdPap 
_ Z3$Hpubl 
11% 7$bterotJhn 
34% 26$ktelP«r 
11% 4$ A4TM 
41% 23%ttfltemiT 
17% 9%HRacf 
7% 2% H Team 
67$ 38%bdcs 
26$ 19knal 6AE 
31$ kteCdETO 
11% 6$ Wilma 
12*2 '‘Hh **■*] Find 
SB Sl $ U 3X75 
33$ 20% U Cap 


49% 40% J Ha PF 
48*2 41 JMmrL 

5% 1 JWPInc 

!5$ 12 JadmolEn 

S$ 20 Jacobs Eng 
14$ 6% JdoruBr 
3$ $ JuiKWtey 

4% 7$ Jap Ok 
!7$43$JS®| 

11B 96% JrayP708 
61% 43Jndha 


020 OX 14 395 
2 2232 
£06 90 4 107 
0X4 7.7 13 489 
1011 11X 12 4703 
TXB L7 12 Z25 
18 202 
2X1 70 B 
4.47 80 4 

178 7X 4 
£04 7.7 3 

£10 7X 2 
4.12 L2 1 
0X4 £4 IS 1505 
300 05 23 

150 70 2 

084 30 20 3488 
1X4 14 12 2036 
108 £5 51Z37 
050 14 28 1818 
050 80 3 191 
1X2 7.7 11 

040 10112 5451 
£15 BX 3 
70B 7X *10 
1X6 B.1 111 

I0Z 4.7 IS 137 
005 04 132 

13 987 
070 IX 34 1634 
0X0 IX 17 2019 
0X5 £8 31 

020 09 17 10 
1X0 15 9 


23% 23% 
10 % 10 % 
29% 29% 
11 % 

96% 87% 
a 27$ 
37$ 37% 
28% 26% 
52% 52% 

M 

ISIS 
&& 
a a 


0X2 10 
1X8 16 


100 IX 


220 
2 27 

9 257 

5 32 
£5 

2 104 

M284 

25 220 
108 ZX 22 1756 
OBO 40 7 6*5 
1X8 £3 30 4707 
0X0 10 19 692 

6 44 
£08 70 IB 9B 

0 313 
012 04 31 8893 
58 1409 
112 562 
22 84 

1.73 70 12 128 
£12 6^ 16 86 
007 07 65 

007 08 277 

138 &0 *100 

53 801 


1X8 70 
1X0 7.7 



a’_ 

22 $ 
- 45% 
7$ 7% 

3% 2% 

a a 

3 3 

83$ 52$ 
18% 18 
37% 3B% 
17$d16$ 
72% 71% 
32$ 31% 
10% 10*2 
27 38% 
6 % 6 $ 
29% 27$ 
17$ TB$ 
3$ 3% 
45% 


-% 


a 


1 *% 



- K - 


27% 13% KLU R DUl 0X2 
30 18% KM Energy 096 
71 63% KanCJO 4X0 
28$ 20$ KanedPPt 2X0 
9% 8%ranabSr 070 
4% 2$Kmb8anr 
2fi%20$KaiftP* 108 
16 $ 13 % KenCySa* 100 
E2% 30%K»HsSha 0X0 
10$ 7KMv 0.10 
23% 20$ KaOblJ 0X5 

10% 9%HB«AiS( 072 
67$ 47%Kteogg 1XE 

40%Z3%Kahmd 090 
11$ 10% Kao**®" OSS 
43% 2fi% Kemper 092 
BKamparH 090 
... 8% Kemper Or OJO 
13% l2$Koirtlta 087 
13% i2%KampwSar 002 
“ axommi 1.16 
19% Herr G 1.7 1J0 


£1 30 
40 15 
7.1 

ax 12 

15 

6 

0813 

GX 

07 30 
IX 18 
10 & 
ua 
7.7 

2X 18 
£4 15 
90 
23 15 
00 
84 
70 
04 

BX 


in 25% 

122 24$ 
*190 63*2 
SB 27% 
2 9% 

as 3% 
216 21% 
2 16% 
704 45% 
315 7% 

42 a 
USB Zi 

41 


a a -$ 

24% 24% -$ 


a% s$ 

9% 6% 

3$ 3$ 
21 $ 21 $ 
16 16 
44% 44% 
7$ 7% 

2fl S 


199 10$ 
735 40% 
142 10 

149 B$ 

"S IS 

279 52% 
4 S 


48% 49% 
36$ 37$ 
10 % 10 $ 
39% 40 
9% 10 
dB% 8$ 

§s 

91$ 52% 
30 30 


1 

A 


Ss 

t% 

-% 


56 

48 

12 % 

a% 

82 

3 i» 

43% 

25$ 

65 

33$ 

a 

;a 

£1% 


41%KarUek 
32% KajCpx 
7%KajanCai 
ZSKayttnM 
44$ Oita* 
2nmbBBi 
31% Kn0Md 
18% Kawt 
50$ KrfbW 

8Kna(mCarp 
0 tow Prop 
B$Kdba>aHia 
12% Kona Fd 
14% Kroger 
33 % hi&hibt 
13%KuhffiaiCo 
84% KyaeadOP 
14% Kyaa’babi 


m w Sk 
Dk K E Iffto 

1X2 13 28 1810 
1X4 42 945738 
84 a 
0.72 £6 24 <3 
1 JB 12 17 1770 
003 1.1 12 5 

13 1857 
006 5X 1011456 
100 £4 22 1550 
0.10 OS 16 27 
10OKOU 01108 
008 09 S3 40 
002 01582 899 
15 3450 
104 6.1 12 SB 
000 15 99 318 
096 08 57 17 
048 £8 10 7 


ma ua Mh 

45$ 45% 45% 
38% 38% 37 

11$ 11% 11$ 
27$ 27% 27$ 
55$ 54% 54$ 
2% Z$ 2$ 
35$ » 35% 

16% 018% 18$ 
58% 5B% 58% 
10$ 10% 10$ 
008 005 A 
8 $ 5 $ 8 % 
22$ 22$ 22*2 

aS 28% 

17$ 18$ 17$ 
138 126% 127% 
17% 17% 17% 


-L- 


a> 


7 LA Baa 
_ 33% LEA EEn 
20% 10% IS Lq 
40% 13%U0ttda 
13% 7$ Lama Ml 
40 S% laZBuy 
10$ 4% LacIBdi 
50% ClMtaGi 
27% i4* 2 Uteroe 
7$ 4% Lamm AS 
49% 23% Lanas Bid 
15% 11$ Lawler M 
17% 14% Lamm x 
38% 27 ue Bmpx 

26% 19%mgKam 

50 32% LsOQPIx 
37% 27 Lenar Op 

12% 2$ LedeyFay 
2$ %Ubarteh 
11$ 10% LEnty AS 
34% 23$UbmyCp 
62 43% lay 
30 lB$Uata 
46% 34%U1CM 
21% 16$ Uncn ran 
74 BSUmgLPB 
71$ 42% Utkxi 
42$ 18UrQb 
5$ 3$ LLAEWyx 
72$ 54% lattd 
45$ 34%lateaa 
129*. 88% Loews 
30% 17% LogkjJD * 
18$ &%LanuRnQp 
3% 1$ Unfit 

S 22%LgkU 
31% LDBSDrx 
l5%LeogrieaF 
42 22% latex 
34 Z7%late126 
49 31 LauKLx 
48 26% UxAjP 
66$ 24% Lows 
16% 10L1V 

6% 3% LTVWh 
37% 26$ LobQI 
19% Lubys Cate 
31% Linrahe 
. 19$ Inman 
Z 18% Lsdtelac 
29% 16%UartP 


4 B88 7% 57 7 

89 36% 38% 36% 
20 20 % 


206 50 14 

18 - 

0.10 03 42 Z88 39% 38% 39% 

1.00 7X137 6 12$ 12$ 1Z$ 

068 10 18 42 35% 35% 35% 

012 IX 19 922 6$ B% 8% 

1X2 £6 15 34 47% 47% 47$ 

0X0 1X236 838 24 23$ £3$ 

IE SB 5% 6% J$ 

0X0 0.4 24 152)150% 40% E0% 

040 14587 131 11$ 11% 11% 

0X2 15 14 42 15% IS 15 

0X4 2X 19 99 36$ 38$ 36$ 

OM IX 7 798 23$ 22$ 22% 

0X0 1.4 S 2429 43% 42% 43% 

0.12 04 14 480 33$ 32% 32% 

1 195 3$ 3% 3% 

1 5 2$ 2$ 2$ 

104 07 215 10%cM% 10% 

082 23 12 108 2fl% 26% 26% 

2X0 4X 33 1748 56$ (5$ 55% 

036 IX 1822957 20$ 19% 19$ 

1.84 40 10 B2B 41$ 40$ 41$ 

008 4X 55 20% £0 20 

500 7.7 *100 85 65 65 

171671 66% 87$ 67% 

045 £0 14 7729 23% 72 73 

048 90 30 171 

2.12 3-2 9 910 

0X0 10 21 83 41$ 41% <1*. 

100 1.1 10 416 96% 94% 94% 
0X8 1.1 9 57 

1 166 
0 453 
178 7.7 10 1901 

1.12 20 18 684 
0X2 £7 27 4Z1 
058 IX 12 2031 
118105 S 
100 20 88 IIS 38% 37% 

044 10 18 2508 43$ 42% 

012 05 36 3957 

31 3880 16% 

131 4% 

0X8 £4 S 881 37% 

0.60 ZB 17 1W 23* 

100 £7 48 58 37 

040 IX 24 174 32 

21 47 24 

0X0 40379 90 22 


3 


*% 

% 


-% 

*1 

-% 

i 

A 



10$ 4$ MACom 
81% 55% MBA Inc 
39% 29 MW 
7$ 3% MDCHdgs 
33 25$ MM Rai 
io* 2 9% WS ciana 
7% 6% KF5 GO) Mr 040 70 10 1090 
18*2 11% MQ Plop 0X4 5X 20 75 1 

49% l9MBM(9and 
11% E*2llHGroii) 

20% i3%HacFifl 
is$ a$abteaC|h 

25% 12% Uavwkk 
28$ 13% MolayebF 
Z l7%ManorC 
18% 13% M a lpawa 
6 3$ Marua Ln 


7 289 7 G$ 6$ 

104 1.7 10 7® 60$ 00% 60$ 

T.7? 46 15 185 37$ 37% 37% 

13 105 8$ B% 8% 

1.56 5X 15 34 30% 30% 30% 

071 7.7 684 9% dB% 9% 

'SS lS 

12 294 31% 31 31$ 

9 a 8$ 8% 8$ 

14 B79 17 16$ 17 

33 7342 15$ 15$ 16$ 

62 15$ 15% 1* 


13 


a 


st 


009 OX 21 355 26 25$ 

28 330018$ 18% 1B4 
0.40 L2 32 122 5% 4? 

_ B% Mmtea 1X0209 27 4! 8% . 

25*2 20$ IM R 1X0 7.1 300 Z% 25*4 25% 

65$ 48% Umcox 100 IX 14 509 91$ SI 81% 

26 l9%Mn*ter 100 L2 12 729 I6%d18% 16% 
5% 3% l*tms 1.15210 5 41 5 4$ 5 

25$ 15% tark IV 010 05 IS 428 19$ 10 19$ 

30$ 22% Mattt 028 10 22 1638 28$ 28% 28% 

87$ 77 Matted. 170 3X 18 1390 83% 82% 82$ 

TO 17 Mads# 8 127 27% 26$ 27 

47% 35% iMIar 090 20 10 1772 45 44% 45 

39% 25*2 MbmjC 088 10 24 5158 35% 34% 35 

28% 18% MncnTtdl 008 03 24 908 23*2 23% 23*2 

8% 7$ltasmuiPI 008 14 16 8% B 8% 

31% 25%Msan*K 280 LI 9 57u31% 31 31% 

‘ 1.18 07100 13164% 162 182 

0X4 00 33 2248 25% 25% 2S* 2 
400 15 II «% 41$ 42% 
040 L6 71411 4% 4$ 4$ 

002 £1 15 4713 44 43% 43$ 

0X0 £8 37 2625 18 17$ 18 

072 30 15 3145 20$ 20 20% 

032 1X21 S3 24 23% Z« 

» 31$ 31 31$ 



46% 33%MayDStx 
19$ isuaytep 
25% 14% MBNA Cap 

ia%MeOan3i] . 

29%McDena£2 220 70 
_ 29% McDanZB 260 6X 
16$ IlMcOaihe 030 20 6 
82% 4^2Mdk«X 
122% «*z McObOgz 
75% 55% McdwHX 
66% 39%McKwn 
48*2 37% MudCp 
21 15% Meaeum 
27 13% UtdCaraAm 
34$ 29% Madbust 
95% 51% MdB* 

36*z i2%lteduiacrp» 

" 27% MdkmBUI 
51% lAekfik 
37$ Itarte 
11% lOMteta 
40$ 28$ Mena* 

44% 2B$Uartk* 

20$ 11% MmayFn 
45$ 2B%UnWi* 

51% 28 Martin 

1$M«n)GaHd 
3$ Man 
1$ Mart Til 
8%MMtekhc 
48MabG3.90 
18% 13% MdifW 
40% 19 Meta Fd 

47% 

132$ 97% 

27 iSUkagefes 
29$ ISWdXEnA 
Z7$ 14% MU6B0 
9 1%MUCap 
29% 17%l*»b* 

84% 59$ Mobff 
27>z 16% Mohetfgr 
12$ «%Htetedi 
19 $ 12 $ MaAAufln 
90 % 48 $ Hnads 
9% 3% MM Earn 
28% 23% MHtaaPD 


4 31$ 31$ 31$ 

3« 15$ 15$ 15$ 

043 07 21 4011 81$ 60$ 61$ 

1.40 1.2 12 825 117% 115$ 117% 
2X2 13305 1143 70$ 70 70% 

108 26 17 994 64$ 63% 63% 
100 £3 20 2443 44% 43% 43% 

044 ZJ 41 47 19% 19 18 

81113 24% 34% 24% 

£59 70 16 =B 33% 32% 32$ 

0X6 09 20 <U2 79% 76% 79 

0X0 1.7 Z 606 3B% 29$ 30 

£80 02 88 38% 28 28% 

224 4.1 11 3Z72 56 % 54$ 54$ 

1.S 40 12 784 38$ 38% 38% 

098 9.1 358 10$ mh 10% 

102 ZX 15 718 37% 38% 37 

1.12 16 1637750 32% 31 31$ 

OXB IX 30 788 15% 15% 15$ 

0.72 1.7 25 409 43% 43% 43*2 

080 ZO 6 7797 41% 40% 40% 

005 IX 7 711 3$ 3% 3% 

2 1087 7 B% 6% 

0.40128 16 165 3% 3 8% 

15 5 9$ 9% B$ 

300 74 *100 53 S3 53 

0X0 50 7 791 16% 15$ 15$ 

040 IX 9 2214 34% 33$ 33% 

HOWWT 006 1X1S2 SB 3% 3% 3% 

HUdAolWaata 002 OX SB 474 9$ 9% 9$ 

056 IX 41 1931 46% 45% 45$ 

3X2 14 17 4237 104 102% 1(0% 
41 8215 24% 24 24% 

1% 18$ 


053 £X 23 27 19 16% . 

053 £8 46 19% 18$ 18$ 

a 1103 6 % s % 0 % 

009 03171 G9 Z7% 27% 27% 

140 *2 15 5024 80% 7B$ 80% 

14 141 18 17% 17$ 

020 1.7 44 13 11$ 11% 11% 

018 12 11 111 16$ 15$ 15$ 

£32 II 18 1643 78% 75% 75' 
07911J 1 3Z3 6$ 6% 

1X0 6.7 12 1041 ‘ 


24 23$ ZJ 

22$ 1B%Mongom9 1.44 70 9 39 19% 18$ 18' 

2T% iSHweCap 094 49 2* 83S 19*4 19 1 

79$ 59$MRPUP Z72 41 7 9441 87% B8 66 

12% 10% ManaiGran 1.18 109 59 H 10$ 

86% 71$H-ganjPP( 500 50 11 85$ 85 

15 10% Mapai Kan 0X6 2X 5 IBS 13 12% 

9$ 5$ Hagan Pr 69 31 7$ 7$ 

— 54MgnMx 1X0 IX 6 2254 
000 10 23 443 

1.12 1.1 33 1101 IDS li 

OXB OX 28 8578 106$ 104$ 185 

003 70 0 *§ 8$ e6 xS 
072 7X 
0X5 L8 


27% 19$Blami 
10S% 57% Urban 1 
107$ 48% Ittmk 
2% ^M«ARad 


Hdnop 
lOllftlT 
9% Kadcffte 
1i%Uatakmc 0X3 L9 

31% HrphyO 100 12 21 

i4%Muknor 1.12 7 a 1 

8%Myarcl£ 0X2 20 16 



423 
95 

Z» 10% dID 10 
67 9% 9$ 9% 

3B8 12 11$ 12 

599 41% 40$ 41 

31 15% 15 16% 

31 11% 11 11 


4% 

+% 


19$ Hykn UM LIB 07 33 2040 23$ 22$ 23 -% 


- N - 


41% a% NBBBancp 
73 52% NCHOoroa 
107$ 101% HY3EL8 
58% 42Kaceni 
37$ 30*3 RdcoDi 
31$ 25% Hataa 
19% 12HLHML1B 
58 44% (MB) t 
42% 31$ITtedeHHl 
48$ 25%Na/rtn 
a 23%MO% 

6% 5% Nat Earn 
A Oil M Enter 
36$ 28$ MU Fad 
16% 12% r 

16% 6*j 


1X0 12 11 1156 38 K' 

100 1.7 14 171 57$ 

800 LG 1 102 

OXB IX 43 89 57 

000 £6 17 2088 35$ 

072 £5 10 89 29 

032 £4 10 517 13% 

1X4 19 10 4939 47 % 

£55 6.4 17 120 40$ 

1.72 4.1 14 S3 42 

1.18 4.4 10 S8B 26% 

19 128G 6$ 

5 *100 021 021 


39 +1% 
S*B 57% ■$ 

102 102 
55$ 67 +1% 

35 35% -% 
29% 28% ■% 
13$ 13$ -% 
40$ 47% -% 
40 40% 


mil 



1ft 5$ NeorontEq 
26% 21% Karate Par 
5$ 4HdWAmM 

«$ 9% KernGToBL 
29% 24MMjsyRs 
26$ fl%HuwPtaiR 
36% 26%NYSEG 
43% 36% Hem 
17% 13% Heart 
61$ Z7$iMnMS 
ED STHamMi 
63% MHamcoro 
95% 61 NencayPl 
53 43MagM3X 
25*2 iB%Kte#J 
X9 43%Mk« 

34$ 26% WWW hd 
B$ 3$NLM 
31 15% now 

7 (KardRaa 
74% 59$ MW 
35% 21% Hotel Hja 
13% 4%NortBkl* 
14$ 7$ NB) Fork 
7% 3% KFttd 
28$ £2% NEW. 

47$ 40% KSBkd 


1X4 

LI 

13 

18 

341 

2B5 

30% 

U1B$ 

39$ 

15 

a 

+$ 

048 

11140 

MG 

15$ 

15% 

*5*» 

*% 

100 

4.3 

17 

45 

44*a 

nw 

44% 

-% 

400 

L2 


419 478% 

73$ 

7B*? 




1E2B212 

H74 

32$ 

23% 

+1 

108 

40 

17 

4 

208 

3E 

! Et 

27% 

■$ 

27% 

a% 

A 



Z 

BID 

24% 

23 $ 

23*2 

-$ 

BOO 

1.1 


to 

54 

53$ 

54 

+% 

1.08 

IB 

11 

472 

13$ 

28% 

7B% 

-% 

0-70 

IX 

29 

24 

18% 

16*6 

16% 

-% 

1.60 

7X 

r 

12 

14b 

316 

* 

21$ 

8% 

22% 

*$ 

054 

05 


274 

5% 

5 

5$ 



2X4 LI 12 6240 37% 
01? 10 493 12$ 

1X2 LB 15 1Z7 28% 
1X2 5.7 a 369 23% 
£20 BX 12 5000 27% 
072 1.8 19 1171 40% 
040 £7 42 42 14% 

005 01 41 180 46% 
0X0 I.l 46 1630 53% 
016 03 17 414 56$ 
3X0 17 5 94 

3X0 7.7 ISO 47 
100 5X 11 2*82 10$ 
050 10 11 2912 51% 
1.44 4.7 13 1339 30$ 
020 £5 4 17B 8$ 
016 06100 912 28% 
9 98 8% 
102 20 17 1561 68 

042 12 24 1188 34$ 
010 1.1 8 224 8$ 
045 1* IS 64 13*4 
0 136 5$ 
1 JB 73 15 5832 24% 
2X8 82 13 3198 41$ 



"W* 

Mgl WW»*k 

2 Huirta 
42$ 30% NOkP 
33% JSlMarMl 
29 20% NonKt 
7$ 5% Mara Cap 
23$ li$ Kaaora 
110% 78 MawM 

18% iS%HuCaUai 

18$ 16% Hu try Mm 

fiZ 3BNinrBFP 

29$ 23$ Mf Cap 

17% 8%HbO» 9 
17$ 15$ tea Cal 
13$ 12%»irtnci 
U r2%Mjraa»M* 
17$ 1S%teP«nteO 
1Z$ 10%HUW*HM 
18% 16$ teamen KP 
17 14 %H«b*iPP 
18% 15% teaman PI 
32 20% HytadC 
48$ 38$ Him 


m. 
Bh K 

1X0 4 0 
1.88 LO 
074 12 
0X4 18 

0X4 06 
106 64 
1.13 GX 
016 03 
150 LB 

103 ft 4 
077 LO 
062 6X 

1.12 7X 
067 5.0 
MO L7 
108 71 

1.13 7X 
OM £0 
£36 L3 


i m a# lat*" 

3 3 y * 

19 219 39 -a w$ »% 

i3 u ::»} zr% 2% 

10 8437 

18 S4 b;5 6^ t J> 

20 6277 18-g 17$ IBJ 2 

1 9 :1W 101% 101% 'D* 1 ? 

8S 16$ 16$ *6$ 
46 '«"$ 17 17 

41 517 »3I 57% 

17 49 Z7-J 37$ 77$ 

32 2301*17% 17$ 

126 16% *5j] 

25 12$ «% 12 » 

31 12$ 12% 17 $ 

294 10$ 15% *5% 
118 11$ **ro *1% 
ISI 1G% <116$ 15;0 
211) 15% 15% «% 
182 15$ 15% 15% 
« 17 20*} d20% 20% 

56 46*9 37$ J5% 


17% 7 OHM Op 

29 10% 0* tads 

29 % 17 % Oakamod tee 009 
23 % 18 $ OeddP 1 00 

37 $ 17 % OtaOepor 

27 21% Ogden 1X9 

34% i4$0gdaiPn| 
25$10$OMBEdi 150 

65 54%0me54.4 4.40 

66% 55 0MaE4 56 4X5 

, Iff] 880MOE7X4 7X4 

191% BB% 0HBE7J6 » 7X6 
105 101 0MeEL64 8X4 
107HB% OtdaS.12 L12 
38*j 32$ (Man G6E Z« 
51$ 39$0MP ZZO 

33 13% Omnlcare x 018 
49$ 3> tamtam 1X4 

16% 11 Ondda Ud 048 

26% 17$ Oneok 112 

30 22% Opparti Cap £00 
11$ 10$ OppcnitMS 1.00 
9% 7$0ppmh1M> 062 
6% 4$0rangaCD 

47% 35% Orange ft* 2X2 
27% 17% Oregon Sd 0X6 
' 2% 1% OrtanEup 
37% 27% Oden Cap 0.72 
26% 18% OrydSa 0« 
25$ 15% OuDxM 040 
26% 15%OvdSh 0X0 

26$ 12% Owen* AM 0X1 
49% 34%0wnaC 
31$ 150XMM 072 


- o - 

48 709 1 6 $ 

12 76 16% 

03 18 163 24 

56147 713G 17% 

56 2026 37$ 
5X 15 1032 22$ 

13 49 1S% 

7 51912 2714 20% 
7.4 ISO 59% 
jjg *50 57*} 
70 JlOO S 
70 *100 94% 

84 :100 102 

L7 *100 104% 
7.6 11 1205 35 

4X ID 274 48$ 
00 33 86 Xf 

£3 18 245 49% 
£9 IB 6051)19$ 
ftl 12 163 18$ 
70 12 44 25% 

LI 112 11% 
7X 25 « 

'5 « * 

80 11 32 36$ 

£1 35 830 26% 

3 3 1% 

£2 8 165 32$ 
22 18 1445 19$ 
IX 3 1637 24% 
£5 48 36* 23% 

ox a -nr 25% 

18 1024 39% 
13 15 386 31 


15 $ 16 % 
18 % * 8 % 
a% 24 

17 $ 1 <% 
37 $ 37 $ 
r% 2% 
15*4 < 8 $ 

19 $ = 0 % 
99 % 59 % 
57 % 57 % 
92 92 

H % 94 % 
102 103 

104 % 104 % 
34 $ 35 

48 $ 48 ^ 
31 % 31 
< 6 $ 49 % 
16 % 16 % 
18 % 18 % 
25 % 25 % 

’!t ’! 

38 % 38 % 

31 $ 32 

IB 18 % 
2 =% 24 % 
23 % 73M 
35 $ 25*2 
38 $ 39 

30 % 30 $ 


- P - Q - 


1$ 37% FHH 
1$ 26% PNC At 
1$ 58% mm 

16 9 PS Grasp 

27 19% pa 
16$ 14% PacAmtec* 120 Li 


25% 12% PncSdar 
20% 16$ Pclcp 
Z7$ 18*2 PacEnt 
36$ SOPBcGE 
99% 43%PTales 
30% 22% PtelWU75 1X8 L4 
34$ 21% PataaW 048 IX 
21$l5$PaB 
27% 1G%PaME 
27$ 11%PakBBM 
7*4 4% Part® 

2R patdta 
1% Paw* pi 
9 Patriot Pr 

_ 2% Paten Qp 

39$ 23% PW* 

HI 55% tamPL4X 
1H% lOOParmPU 
56$ 3S%Pvmay 
31 23$Pandl 
70$ 49$Pn*08a 
35 27% PaapEn 
22% 10$ P*0 Bom 
43$ 34% PDpdCd 
39% 28% RmQn 1 
23$ i7%ParttaFm 


1X0 3.1 10 118 38$ 38 38$ 

IXB 40 0 3943 26$ 26% 26*2 

116 £9 27 1291 75$ 75% 75% 

0X0 LO I 2 1?% l? 12 

1X4 L2 13 1165 24% 23$ 24 

" *4$ 


86 147g 


14% 


11 % 

5 



012 OS 18 190 1)25% 25 25% 

1 08 LO 12 3184 10% 17% 18% 
1X0 L4 101860 22$ 21$ 22% 
1.9G L2 13 4009 31% 31% 31% 

£18 4.1115 5279 53% 62$ 53 

JO 25$ 3$ 25$ 

5 3383 26% 35% 38% 
037 £1 25 4158 17$ 

0X4 17 17 1607 23% 

0X2 IX 20 n 27$ 

41 422 6 

1.00 £9 ZO 2492 36% 

1 165 2 

080 17 150 9% 

15 99 3$ _ 

088 14 S 714 26*2 25% 26% 
4X0 70 5 64% 64% 84% 

loo ax zioa 100% 100% ioa% 
1 44 £0 15 7087 56% 55% 55% 
1.87 LX 11 10034 24% 23$ 24$ 
100 L6 14 473 54% 53% 54 

1X0 LI 12 137 29$ 29% 29$ 
015 06 ZB 281 27$ 27 27% 

0X4 1.7 19 B5B3 39% 38% 38% 
0X8 10 67 862 38$ 36 36$ 

1.30 64 10 21 2D% 20% 20% 
3% Parmfem Ba . 026 4.7 12 120 S$ 5% 5*2 

5$ PenyDmg 3 1259 6*2 6% 6% 

032 1.7 17 4178 19% 19 IB 

068 £4 42 66 28% 28$ 

0X0 07 50 1G1 27% 26$ 26$ 
1X8 14 27 7203 56$ 55$ 55$ 
1X5 10 20 4652 55$ 54$ 55% 
4X0 7.3 *100 58$ 58% 58$ 

440 7X *100 EO 80 60 

7.75 7X *20 98 99 99 

108 LB 15 112 19% 19 19% 

1X2 SX 11 107S 29$ 29 


*% 
% 
• % 
•% 

t>4 

% 

3 

.1. 


.*. 

■^$ 


•% 

I 

4% 

»% 


i 


1 

:t 

;t 

$ 

A 

*$ 


I 


19$ 14%Mlu: 

30% 24$ PaXtef 
30$ 22% Petrie 
75$ 52% PICSf 
57% 39% PhataO 
65 54P1C4X 
07 56 PME4.4 
M2% 97PWC7.7S 

20$ 15$M#SWbn 
33% 25%PWB 
77$ 45PiMnrr 
37$24%Fmn 

37%2S$PWW* 

26$18$FteteniW6 104 4X 15 99 
13% 8% Raritan 010 1.1 15 3083 
14 10% Platen R8 
9% 6%P«9*nsP 
25% 19$ PUIICp 
27$ 10% Ptan £125 
14$ 4$FlanMrRi 
350 324 RttuyZ.12 
46$ 36% PHneyfl 
31% 13$ tatei 

28% 11% Riser Don) 

3D$ 1B%PUmPH 

13 7taybd»H . .. 

32% l4$Pta)Cro* 1X2 4X 16 482 31$ 3i 31$ 
- - • - — 18$ 16% 


2-76 50 1312299 55% 54$ 54$ 
1.12 4.1 27 5477 27$ Z6$ 27$ 
015 04 XI 292 35 $ 36$ 35$ 

~ 23 22% 22% 

9% 8$ 9 

1X8110 42 10$tf10% 10$ 

006 0.7 9 108 0% 8$ B% 

000 19 104782 21% 20$ 21% 

£12 80 8 25*2 26$ 26% 

Z131L1 0 222 13% 13% 13% 
£12 OX . ZlOO U358 359 359 

104 Z4 18 1394 43 % 42% «Z$ 

OXB 07 21 523 28 Z7$ Z7$ 

02E 1.1 51 8953 23% 22$ 23 

024 10825 58 25% 24$ 25 

27 255 8$ 8% 8% 


21% B$ tagoPrad 
38$ 25$ AM* 
87% 21$Pkylte 
42$ 23% PdyGram 
32$ 18 tape ATM 

is$ Btanactac 
7$PomijdF 
l8%PBUdiSea 
61$ 38% Pteta 

26$ 23P«a , x 

19% 14% Pis* x 
34$ 17$PiBCkkmx 
88% 58%PramBte 
30$ 24% Prorata 
18$ 10*2 Pteark 
1$ % RkrtlnLP 

BD 45% RndG 
46% 27%Pliamv(ta 
14$ s$taterH 
66% 17% Pmroua 
21$ 14 Prop Tr Aid 

4$ 3$ Ptnp SI 
31$ 2S$PrtUB 
Oil RudWyC 


24 480 
080 10 21 2BSZ 
15 360 
037 09 44 531 


11 

on 04 

072 20 21 
IXB 14 35 
106 7.1 11 


16% 18$ 
32 31$ 31$ 
37 38$ 37 

42 41% 42 

078 £0 15 319 29$ 29% 29% 
"" 36 13% 13% 13% 

168 14$ 14$ 14*z 

903 28% 25$ 2B 

151 46$ 4S% 48$ 

BBB 23$ 23% 23% 

0X8 IX 17 1233 18$ lft$ 16$ 
024 07 IB 480 34*2 33$ 34% 

1.12 1.4 15 823 79 78 78$ 

040 IX 23 104 

24 

2OBJ840 10 13 

1X4 22 74 5751 

020 OX 9 1306 33$ 33$ 334 
0X8 £0 21 41 13% 12$ 13% 
51 3196 47 % 46% 48% 
100 40 30 Z78 20$ 20$ 20% 



52% RlSin40O x 400 
B3%taSm7.40x7A0 

7J 

2 

SB 

SB 

SB 

70 

2 

BB 

98 

BB 

BSH&auCd 7.15 

7X 

2 

06 

95 

95 

B7taSoy7X* 70D 

7.7 

V 

01% 

101 

101 

2BRtS)£G £18 

7J 

1 4890 

29$ 

2B% 

79$ 

9$ PttGHHtHSk 


5 265 

13% 

*3% 

13% 


22 Pages 
1%P)4W 
fe Pitas 
l$Pu&mDMn 
lOPuMtaffgUr 0.75 7X 


ID 20 
1X4 L2 11 459 
058 IX 18 41 . 

0X4 OB 11 S59 33% 31 
090 L3 


A 


22 % 22 % 
35% 35% 


41% 41% *% 


9$ 7$PummMSy 0X7 7X 
15 13% tanmttHte 098 7X 
11$ IftPumaraMn 078 7X 

S 7$ PidranMaeta 0X9 80 
8% Punrtfea 075 8X 
8$ 7$ PuBmdttam 072 80 
77 60$ OuakiO 
15 11% tadtera 
21% HGiane* 

26*2 22 0UKM4D 

13$ 12% Ousted P 

44 25$ Gunter 
37$ 22%0atak.nty 


1% 31% 31 
108 IT 10$ 10 
159 10$ 10" 


£12 14 14 1289 
040 20 27 387 1 
0X0 2X110 344 1 
1.12 4X 85 
1X0 9X 9B 12 
1.1D 15 15 032 31 
040 IX 7 195 



9% 4$ RJHM) 
28$ 23% RU Corp 

^15 

4§^sr» 

46$ 34% rtaydni 
29% 13* _ 

68$ 50* 



19$ 13$ 

17$ 11$ RacotataEq 

2 23 Raebdk 
0.11 Rsod ta8 
13$ RatanSTrag 
5$ fttaBKE 
34$ 22% Raped ADH 
53$ 44$ RapUttKV 

4% 2% Duane Cp 
48% 24% neynRA 
58$ 41% ItayiM)* 
50% 45% RHneP ADR 
Z7 16 RhatuP A05 

54 32$ Remap tar 
21%15%fltaM 
32% *2%flgbertFW 
£9$ 23$ RuME 
JO 34$ Hus, TS 
10% 5% Rocket 
♦4% 27$R*m 
B$ SHoanL 
OITVtahnH 
13% 6% Hahr 
13 4$ Hoik 

30%2l%floOkH 
21% 14UtteTiL 
10$ 3*** 

26% 20% RayfikScel 

i»$ 

2$ 27$ RWttrad 

23$ IB$Rukfck 
!«* 'a’aftrtKe*, 
24ftasO» 

16 Run 

*5$ Hyknocrp 


- R - 

35020651 7 8$ 

0X6 23 10 52 26% 34$ 

L10 L3 £ 86 1$ i£ 

015 IX 2449 10% 9$ 

032 7.8 15 33 4% 4 

1X0 £0 13 1008 43 42$ 

032 09177 1435 37% 35], 

032 IX 6 209 18$ 18 

1.40 ZX 12 2919 82% G1% 

1.40 13 18 1244 43% « 

122 221 8% 8% 

1X2 7X 15 30 17 1E$ 

» 546 13 12$ 

030 1.0 12 1969 32% 31% 

17 4 018 0.19 

1X2 L7 15 Z70u22$ 22$ 
03Z 5.4 8 B77 B 5$ 
073 2X IB 2040 32 % 31$ 

1X2 £0 9 309 50% EO 

34 37 21$ 21% 

1 36 3$ 3$ 

0X4 07 16 269 47% 47% 

100 1.9 9 2077 51$ 50$ 

2 45$ 45$ 

3^1QJ Z 10$ 19$ 
i-W H 11 S02 34$ 34% 
000 12 13 1691 19$ 18$ 
31 38 29 29 

*78 7.1 12 310 24$ Mi- 
IIC 18 17 511 43% 42$ 
100160 5 276 8% «% 
100 £4 13 2325 41% 40$ 
10 43 7*5 7 

1X0 Z6 31 394 55% 54% 
12 bo ia% io 

atO £l 48 240 be* 
050 1.7 23 BO 29* 

020 1.1 17 40 18$ 1»!_ 

41 2084 7% 7 

If 5X 23 Z7$ 27% 
4-H 30 16 3967 105% 104$ 
1.15 LS 46 13 12$ 

045 IX £2 1441 30% SB$ 
OXB IX 17 48 30$ 20$ 
000 AS 23 101 14$ 14% 
040 1.4 34 717 29% 26$ 
30 102 20% 20 

000 12 1B2S2T 27$ 06$ 

0 60 ZX B2 1S2 21% 21% 


12$ ♦% 

31% •$ 



-s- 

S% !&S£ WG|1 ®* « 7 

•6%12$totaaw 007 7.0 9 _ 

28^ii«SSTL 120 ® V * 

■ a "2 16$ Satatfd Sc 11 125 ®% 3 


40 17% 17% 17V 
10 19% d10% W% 
47 24% 23$ 24% 
69 14 13$ «$ 


ConUnued 011 nut page 


FINANCIAL TIMES FRIDAY MARCH 4 1994 


41 


4 pa dost Mach 3 NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


4 pm dost March 3 


HU* ta-Hert 


Off % 


» a* 

E ilk mk 


an 


Confoued from previous page 

24% 13$ SUM 038 0* 8 B74 15$ t4% 14$ 

wjiflC smwr aecuxS *2 s$ 

6$ tBafcwayWN lac uB% rt g 

SSJi 37$ Sttotfapec 0Z0 04Z7B IB S2$ S'? 525* 

37% 20 SUostSf 1.60 02 14 36 29% 29 29% 

SB nsvaui 3.00 17 biom n$ bi% bi% 

11$ 6%SofentOp 10 344 8% 7% 8$ 

75% 30% Stale Abo x 1.40 02 9 1932 44% 44% 44% 

14% 12% S*MHBr 034 05 254 13% 13% 13$ 

SI? J££2t ow u «■» «%«%«% 

27% 22% SuDqCC 1.52 OB 12 1709 23% a 23% 
11% 3% S j e taT a Cm ai6 1.7 9 891 8% " " 

40% 35% SxtfflPBC 080 7 0 18 45 30% 

za% 12% serfiii* aio 04 12 5779 23$ 

31$ 21 SanUnx ON 30 u 9930 at 

52% 40% Scana COrp 282 02 12 238 45 

3% 17% Scrap i \jS2 7.8 12 4504 11 

40% 23% SctateflP a 587 30 

71 51% ScWI 180 XT 13 SMB 50$ 57% 

1 JO 2.1 a 34(0 57% 56% 


54$5d*rt> 

18$STOwtofC) 



f ASdiw*M 
17% MU 

S% Scutrran 

48% 31 SOUP 

28% 14% SruttlUaF OT7 12 
12% 7%SodMEuF 010 1.5 


028 1.0 121770 27% 28% 2fi% 

25 118 9% 9 9 

a 12 04 55 6063 27% 26 27% 

aio 07 13 49 14% 14% 14% 

080 1.7 fl 3706 46 44% 45% 

135 23% 22% 22% 

172 11% II 11 



31%18%5rotoa 070 4.1 BHOO 17 17 17 

17 1550C1.4&S 1.46 05 >100 15% 15% 15% 

31 24%SS9H1 056 2.0 36 4604 20% 27% 28% 

32% ISSangteBl 3Z1153 24$ 24% 24% 

32 21 Started n 22 236 E" B 29% 

60% 42%a«3R* 180 34 713087 48% 47% 47 

13% 12% SeflgmSel 084 05 66 13 U 

37% ZOSemonrea 022 06 36 1238 36? 

38% 18Se*fiA BOO 1.7 7 19 35% 35% _ 

40% 17% SaqoaB 0.50 1.4 IB 7 36% 35% 38% 

a 17% SanCp 042 10 a 1021 26% 26% 28% 

31 17% SriU 092 30 13 242 26% 25% 25$ 

25% 14% aw Ind 022 1.2 23 4038 10% 18% 10 

17% Shaman « 080 34 18 4185 20% 20% art, 

10% StaBtyWI 028 22 a 2 13 13 13 

237 34 IB 727 62% 62% 62% 

048 1.7 18 945 33% 33 33% 

16 387 23% 22% 23% 

010 06 19 104 17% 17% 17% 

1.12 64 II 234 1B% 19 is 

1 3 5% 5% 

1.00 28 11 469 38% 35* 

3114614 24% 231 
148 &t 38 2 13% 13% 

016 10 56 50 8% 8% 


3 


14. 

66% 48Eheftr 
37% 26% Sheriff* 
3% 16$ Shown 
24% 1 A SnOod 
22% 18% Borate 
14% 5%serauw 
38% 21 % Signal Bnk 
a <>% Stooi6r 
15% 10% Stoisr 
10% 7Soter 
a 16% Skfto 
4% 3SLIMI 
7% 3% Smtncro 
11% 7% Staten 
38% 27% SXBcM 
34% 25% SKBEqU 
37% TBSedfeFti 
32% 20 1 4 5ouhar J 
44% 30% SnpOnT 
a ID Snyder 01 
34 16% Sdectoi 
36% 21% Surtax 
61% XSony 
17% 10% SdBedysx 
4B% 42% Sana Cap 


,5=8 


& 

St 
. 8% 
20 % 20 % 


_ -»$ 
3% 3% 3% 
020 30 76 107 6% ' ' 


44% 43} 

19% 18% 

30% 29% 29% 
30% X$ 30$ 


048 2J 19 108 
006 14 13 17 

79 2200 10% 10% 10% 

122 41 14 S 2B% 29% 20% 

122 44 1919 Z7% 28% 27% 

052 20 14 189 22% 22% 22% 

046 14 19 47 25% 24% 25 

1.06 20 21 278 44% 43% 43% 

024 10 24 402 19% 18% 19 

31 842 
100 3.5 10 1304 

047 06133 736 58 58% 58% 

024 10 81 818 1B% 15% 16% 

. 300 03 18 44 43% 43% 

51% 35% Sonatara 200 6.4 7100 38% 38% 38% 

27% 21% 58iJetelU 1.44 05 13 21 a% 22% 2% 

056 10 92 862 28% 27% 27% 

100 02 10 52 19% 19% 19% 

066 34 8 207 19% 19% 19% 

1.18 5.7 6 451G 2D% 20$ 20% 

105 56 12 a 29% 29% X% 

1.76 55 47 306 32% 31% 32% 

OJM 01 32 1557 34% 33% 34% 

0 78 40 M 160 17% 17% 17% 

17 16% 15% 
28% 28% ffl% 


30 9% SMm 
24% 17% SCUWI 
23% 18% snwet) 

23% 18$ SmCo 
35% 2fl% SoudtaGE 
X$ 30%SNETd 
38 18% 56Mb 
16% 13% SaflriWGm 
21% 12SouOiVKngi 024 1.4 18 333 
33% 27% SouetWlTOr 2.20 7.7 11 88 


088 80 
060 22 7 
020 20 7 
008 1.4 a 

a 

012 10 4 
060 2 DICES 


12% 7$Spdnfirt 046 4.4 
7% SSnartwi Cp 
21% T5%SphoeO 
49 33$ Spteg 
40% 25%Sprid 
18% ISSf* 

8 13 set Comm 
13% StdlMor 
8% StMTsdl 
25% saw 
29% 1B%Stm«i 
36% 2S)SUn* 

47% 37% SMM 
20% a% Sanaa 
12% 10% State UttU 
32% 18$ S&FedJk 
9% B$Stari0op 
6% 3%SuigQam 
35% 17$ StarigSwre 
10% BiJSMFtl 
31% 21% SKmeMfeb 
19$ St; Stone Con 
28% 16%Skp9Kp 
15% 8% StrEqu 
43 18 SrTch 

41% X% Strains 

23$ 12% SDUcne 

32 19% SumRpr * IX 4.4 14 
505 3%5UM9W> 000 90 1 
11% 9% SurObA* 1.10107 7 
4% J Sir DM B 
9% 6 Sm Energy 

46% 27% Sum 
48% 35 Sndstr 

9% 1% SurstamPi 
3% ftBnMI 
*9% 41%SWMX 
14 9% Smwfwo 
49% 18% Siperiar 
40% 29%sm*a 
28% MSUgUn 
23% 13% SWtaHdl 
19% H%Syn*dTae 
11% 8% SyrmCOnr 


37% 38% . 

15% 15% 15% 


1«3 10% 10% 10% 
12 20 6% 8% 8% 

012 08 1114 15% 015 15* 

100 11 14 84 39% 38% 

1.00 17 X 4550 ' 

040 20 19 1519 
040 20 7 382 14% 14 

002 10 14 988 21% 19% 19% 

012 10172 480 11% 10% 10% 

064 t B 17 355 38% 38 3B% 

052 1.9 17 108 28% X 2 

1 00 20 21 113 35% 35 351, 

106 30 a 278 42% 41% 41 

068 2.7 a 67 24% 24% 

GO 10% 10% 11 . 
550 27% 27% 27% 
52 7% 7% 7% 

59 5% 

237 34% 

25 9 

29 

071 45 33)52 . 

21 682 2S% 24% 24 

084 56 16 848 15% 15 15 

12 7582 39% 39% 38% 

39 458 28 27% 27% 

038 21 15 10SB 18 17% 17% 

156 27% 

4 3% 

80 (0% 

Oil 24 4 42 4% 

002 50 42 100 6% 



% 




26% 27 

3% 3% -% 
10% 10% -% 
4% 4% 

6% 8% 

. a*%‘3«% A 

45 44% « ♦% 

9% 8% 8% -% 

2 % 2 2 •% 

108 29 13 1920 44% 44% 44% -% 

038 29 14 288 12% 12% 12% 

01? 03 27 890 41% 40% 40% *% 

088 25 13 13*2 35% 35% 35% -% 

016 09 20 1212 17% 16% 17% 4% 

006 0.4 299 20% 19% 20% 4% 

39 B45 18% 17% ^ 41% 

11 33 8% 9 9% -% 


040 1.1 11 1614 
100 27 17 2241 
1 19 124 IE 
7025 


arijj __ 15 Spawn 0.45 26 15 1*6 17»> 17% 17% 


3% 1J%9pto 
31 S% Sisco 


104 7.0 7 2608 15% 14% 

006 10 » 2103 37% Z7 71 


-T- 


9% 5% TCBYEm 000 30 24 3 
40 37% TU Ranc 100 30 10 965 
1D% 8% 1CW Dm 5 064 8.7 246 

44 25% TDKCwpA 047 1.1 44 
3% 1% T ISMlQB DJO 10.7 0 32 1% 1% 
34% 24% TJX 050 10 17 7215 28% 27% 


>'S 

*3 a a 



m. n 

Ob % t 


arm 


id% nr Edom i.n 9j 10 67 1?% 


108 26 21 1418 72 70% 

0.10 \2 7S1B 8% 8% 

829 25% 24% 

042 72 8 165 8 5% 

100 9.1 nt» 11 11 

I B8 3 9 22 1052 42% 42% 

3 6132 14% 14 

060 10 18 2927 41% 40% 

13% 10% Tank (Am 073 85 28 11% 11 

2S% lB%Tet»Efl«B 006 40 151160 20 19% 

060 22 15 197 27% 27 

19 41 3% 3% 

080 30 15 1217 20% 20% 

105 20 7 3*26 41 40% 

096 1.4 1348433 66% 68% 

100 10 42 1079 52% 51 

25 24% 
7% 87% 

000 01 871 7% 47% 

1.80 29 21 9206 56% St% 

228 7.7 11 100 29% 20% 

a 1641 29% 28% 

008 07 1 41 0% 8% 

008 10 24 812 8% 

191214 10 
300 40 14 4032 
100 59 2 51 

020 00 46 267 bS6% 35% 

072 00 16 720008*% 82% 

040 20 24 72 2>% 20 

308 80 22 3370 37% 37% 

1.10310 2 10 3% 3% 

1.40 25 13 2418*57% 58% 
66 2 ,44 

005 20 138 17% 16% 

... 008 1.1 1DB 27% 26% 

44% 31% DaranBR 0.12 00 S 1510 40% 40 

29 15%lNnkoli 068 25 0 239 28 27% 

72 57He«X 204 30 21 637 64 82% 

15% S%1bomtadx 040 20 98 42 1^4 14% 

35% 17% TTwww Ad 200 50 14 65 33% 33% 


77% sa%Tfw 
S% 5%T2Medd 
39 ^ 17% TiIbbi N 
B 3% Tatoftid 
14% 6^2 TUbtPT 
65 39%TMmv 
16% BljTadan 
50% 24% T sat 


ZB% 20% Ttenx 
5 l%TetaB 
27% iB 1 ; TetOn 
46% 28% TeltfwSA 
7B 44%Tg6an 

54% 37%TmpWx ... . 

30% 14% TemeHEsrtft 0.17 0.7 386 

9% 7% TwpKMj a 000 03 228 

9 7%T«q*fiH 
58% 39%Daaca 
X 21% Teaira Pte 
31% mendpa 


35 25%LHll 
20 15U5UC0 

11% 10USUCIK 
20% 16% U5X M 
46 27% US( US 
24% 15US(DeM 
32% 26%UU>1J75 
34 27%IMhani 


mh a 
tfc % e «e» mw 

1.48 50 12 1297 28% 
004 1.4 6 125 
001 60 0 132 
088 40421 2882 17% 
1 00 25 13 2626 40% 
000 10 19 105 18% 
1.78 U 8 
108 5.7 15 434 


;a 


arm 
can An. 
1 m Ua (ha 

28% -% 
17% 17% *% 
10 % 10 % 

18% ia% -% 

40% 40% r% 
16% 18% +% 
28% 28% +% 
29% 29% 


- V- 


11% 6%Tmk 
. . 3% Tern Mi 
11% 3T«m 
69% 57% Taaca 
53% 50% TarnC 
38% 71% Ten* W 
64% 45% TxtaU 
21% iB%i«aaUe 

49% 36%1HMx 
9 3% Tfflfl IBs 
80% 40% T«tm 
4% 3% ThaMny 
24% 10% Thai Cap 
31% 18% TO Fund 


56% 38% VF Cp a 108 20 

26 18%VlanE 002 24 

12 7%IUMN6as 050 40 
7 3% MM he 020 17 
8% 7% ttnKamiH 099110 
10% 9MaUB«*hf 100110 
12% 10% Wq MlI 084 7.4 
a% 4%vsnoM 
71% 38VM 004 03 
47% 25 way 

15% 14% Msaw 108 87 

80% 74% VbEWSXO x 5.00 07 

37% 25% VUayttt 
Z7% i5%VHaflas 
28% 14% Wwatac 
94% 54% DUMB 103 1.7 
14 6%MMiaa 
28% 15%1fcnC0a 
<1% 31% Vrasdo 
58% 40% VutoU 


200 50 
102 27 


13 818 
382 

16 ISO 
S 115 

158 
17 
305 
29 51 

24 249 
32 1114 
0 19 
ziO 

17 37S 

9 27 

19 652 

2B1S1B 
21 32 

18 349 
42 IB 

20 505 


50% 49% 
22 21 % 
11 % 11 % 

a a 
10 % 10 % 
11 % 11 % 
6% 6% 
69% 68% 
44% <3% 
14% 1«% 

74% 874% 
X 35% 
21% 20% 
23% 23% 
89% 88% 
13% 13% 

48% 47% 


*% 

+% 


50% 

22 
11% 

§ 

10% 

11% 

0% 

86% 

43% 

14% 

*jb 

a 

17% 

35% -% 
48% +% 


-% 

-1 

*% 

+% 

•1 

-% 


- w - 


0.40 10 34 1143 22% 21% 

028 09 24 484 30% X 

032 09 4911340 37 36% 

1.08 11 27 929 34% 34% 

100 20 81 217 35 31% 

8 3149 u6% 5% 

100 00 2 11% 11% 

8 25 *% 4% 

15% 6% TaMaka CD 008 4.1 12 108 13% 13% 

28 25% ToBdE201 2B1 100 5 27% 27% 

18% 8% W Brm 16 751 IS 1 * 14% 

83% 64%Toaaan 008 05 21 33 73% 72% 
1.12 07 12 833 42% 41% 
048 1.7 20 114 28% 2B% 
000 10 13 186 33 32% 

014 OS 41 X 26% 28% 
23 4480 36% 3S r 


27 16% TVlwt 
38 24% THJBsp 
46% 28% TmWan x 
37% 28%1treiBr 
37% 26% TMan 
5% 2TBanQp 
13% 10% nan PI 

a 4Tnia9a 


B% To4 Brm 

_ 84%Toaaan 

64% 41% Tctrartt 
30% 16% Toro Carp 
35 18% toko 
33 14%ToUS|a 
42% 32% TfsRUi 


24%TnraaatKx 102 70 11 « 25% 2*ij 


82% 4S%Tmgam 
61% 45%Timuan 
18 UTmscn 
17% 6% Transit R 
15% B%71aaaeh 
43 34%TMr 
18 12%TOeiar 
37% 34% THCrtZ.5 
28% 18%TrtaTC 
61% UIiBontt 
28% 23% TrtCoo 
47% 24%7My 
X 21 Tmow 
43% 26% Trttm 
4% l%lhcaanB 
10% 5%TiMxQpi 
14% S%Ti(U4hta 
34 24TMh Cat 
21% 1B%TnhDB6 
55 37%T|CDL 
14 7%TycoT 
6% 4% Tiler 


200 30 9 622 51 

038 08 11 840 48845% 
000 30 10 1432 18 15% 

3 5 14% 14% 

004 10 12 2 14% 14% 

on 1.4 920110 35% X 
044 1.7 14 116 15 14% 

200 80 3 37 37 

8 58 21% 20% 
104 10 22 616 58% 58% 
088 08 436 23% <03% 

068 10 25 1087 44% 43% 
Offl 1-7105 687109% 38% 
OlO 03 X 1489 29% 28% 
X 1491 3% 3% 
000 30 34 5S0 5% 5% 
012 1.1 343 10% 10% 

084 2.5 12 206 25% 25% 
070 14 19 3 20% 2D% 

040 08 X 1044 S3 52% 
0.10 1.1 4 1377 8% 8% 
74 415 5% 5% 


- 11 - 

155% 110% UAL 48 4517 130% 1 

33% 21% UJB Fta 004 30 17 1313 25tj 
10% 4% US U U 7% 

52% 45%USFSG4.1 4.10 80 16 51 

X 3% US6 9 359 28% 

32% 24%U5T 1.12 44 1S4328 28% 

52% 38%USXCUaftx 178 70 18 50% 

10% 4% UDCttna 108204 5 248 8% 

25% 21% US Qap x 104 60 24 348 22% 
11% 5%UNCB£ IB IX 10% 

38% 2DIMIK OSB 24 141014 23 

34% 15%IHbst 010 06 18 56 16% 

74% S8Unhr 080 10 9 62 88% 

0%98%UMV 1.56 10 16 1287110% 

50% 38% UnCamp x 106 10 68 815 48% 

X lBUnCwh 075 11 24 3870 24% 

16 9%lk*mCon> 18 51 11% 

56% 48 US 300 150 07 7100 52 

72 BO% UnB 400 400 7.1 6 65 

44% 35%USnx 208 06 13 804 36% 
67% 56% UTK 100 27 17 5269 80% 
X22%UhM>M 004 30 9 591 23% 

27% 17% ManTeaa 040 l.l 54 1256 19% 

16% l%U*fn 0 IX 2 

15% 9% [May* 277X1 9 4281 14% 
4% l%lMCBp 24 X 3% 

47% 28%UWd 018 20 X 657 38% 

16% 12UkStanR| 070 60 70 417 14 

21% BUODeaM 040 10 18 1 20% 

87% 40UkMdna 003 OO 32 3037 82% 

45% 35%Uta<mi 276 74 11 76 37% 

10% iUUKtOt 048 4.7 5 255 6 

13% B%lNdKo<MiM 0.15 1.3 140 12 

15 32 B 

012 1.1 1 3072 11% 
040 14 15 616 14% 
X 161 20 

4 IX 26% 

144 12 9 478 3a % 
002 20 271071 14% 
0.08 00 28 3885 17% 
2.14 50 X 3936 40% 
1.80 27 18 5137 86% 
092 05 13 85 14% 
24 

002 20 14 
108 90 11 
0 

000 28 X . . _ 
096 5.1 10 3311 19% 
000 29 21 S35 27% 
000 10 13 B7B 53 


33% 17% WMS M 
38% 27% MTLHcMn 
18% 11% Mian In; 
40% 30% man 
18% i1%«Mdanlafl 
5% 3% Mttnxn 

44% ao%«aun 

35% 23 

34 n 
11% 4 

76% 58% Wtalm 

25% 17%IWSarar 
45% 38% Madia 
X 21%ltaWM 
284 212 Mom 
28% 12HMU0 

§ 1% Wnantai 
11% UMMOM 

45>n 36%Wahom 
% 3%WaMra 
{ X 
15% 8% 

24% 18% 

5 74% 

16% «% 

26% 19% MM Co 
57% 40% tBoarr 
18% i2%WaaaatE 
19% 5% MMU 
17% 3%«W0to 
45% 24WednQK 
X% 10% WlSnUng 
37% 29% W6&RBB1 
17% 12%1M«B 
11% 4%naarQal 
22% B% wmwsm 
20% B% NBstpac 
X 30% VMMdx 
51% 36% Wpaar 
23% 14% Madrfxtr 
73% 43%WhMpl 
18 12% 

17 12% 

32% 25% 'Mar Ac 
8% 4% MhaxSfi 
32 17SWbnx 
7ij ejomti 
9% 5%Mn0mae 
79% 48% MnDt 
13% 5% WwaOaeo 
3 24 Mx£s 

36% XMltfdMi 
34% 24Hh»Cap 
40% S%«MXT 
35% 13% MoDena 
32% X%WbeM) 
18% 11% WartdllfeM 
7 2%*Wdetxp 
48% X%WtlBlay 
21 14W|toinv 
23% 18%M|ncU 


a 

9% 


22 290 X 25% 26 

102 60 13 1C 29% 29% 29% 

14 87*016% 17% 17% 

IX 10 11 1298 30% fiX% 30% 

038 2.7*50 X 13% 13% 13% 

52 284 5% 5% 5% 

058 1.7 IB 1437 40% 38% 40 

004 10 17 436 34% 34% 94% 

013 00 Z718882 2B% Z7% 27% 

004 00 11 X 4% 4% 4% 

2.44 19 X 3137 6* 62% S3 

100 50 Z7 586 17% 018% 16% 

Z1B 50 14 103 40 39% 39% 

1.08 40 9 73 24 23% 23% 

4X 10 18 72 Ml 238 239 

048 21 16 44 23% 23% 23% 

008 10 1 « 2% 2% 2% 

OX M 15 282 14$ 14% 1' * 

208 50 27 *13 38% 38% 

084 07 S 44 9% 9% 

072 20 IS 22 28% &% a% 

032 30 13 ED7 9% 9% 9% -% 

OX 10 17 588 21% X$ 21 -% 

400 19 17 2032 138% 138% 137% 

024 1.4 X 31* 17% 17% 17% -% 

044 10 17 10 S 24% 24% -% 

B 5 46% 46 48 

008 50 12 749 17% 17% 17% -% 

13 6968 1 3% 12% 12% -1% 

21323X1119% 18 18% 4% 

OX 07 X B19 29% 28% 23% 

037 10121 60 19% 19% 19% -% 

1 98 60 10 268 30% 30% 30% •% 

OX 1 A 2210428 14% 14% 14% +% 

032 6.1 0 31 5% 5% 5% -% 

X 6 15% 15% 15% -% 

009 23 5 250 17 18% 16% -% 

1.10 12 43 719 34% 34 34% 4% 

IX 25 18 3913 48% 47% 48 4% 

066 00 21 1880 19% 18% 18% A 

142 10 21 1H2 88% 67 68% 41% 

X 8 13 13 13 

OX 10 16 1115 16 15% 18 

19 78 16% 16 16% A 

108 50 17 1® 31% 31 31 A 

010 10 17 1353 8% B 8% +% 

004 15 10 3S15 24% 24% 24% A 

005 07 14 32 6% 8% &% -% 

13 336 8% 8% 8% A 

1 44 26 17 1X6 55% 51% 51% 4A 

X BB2 12% 12% 12% 4.% 

IX 04 13 2403 25% 24% 25% ♦% 

1J8 6.1 11 687 29% 28% X 

100 20 74 317u31% 33% 34% 

000 14 S 44* 24% 24% 24» 

018 05 X 176 34% 

1.16 50 9 3707 21% 

IX 70 31 16% 

2 IB 6 

0.40 00 32 1425 u«% 48 

OX 1 4 22 1 51 20% 20% 20% 

044 2D 13 43 X B% 21% 



-X- Y-Z- 


1(0% 89$ Jam x 
55$ 51$ Xuod.125 

IN 

3.1 X 

MB 

96$ 

14.12 

70 

2 

S3 

53 31% Xtra Cup 

ON 

10 19 

364 

43% 

29% 19$ Ysnkse Egy 

X 1.18 

4.7 14 

X 

24$ 

1$ %2Bpa*3 


7 

5027 

1% 

13$ 5$2r«e 


3 

3541 

12$ 

29% 19$ ZMIlNd 

IK 

44 8 

» 

22$ 

8 8%Zstalnc 

Q02 

104 

184 

7$ 

18$ 12$2are 

40% 25$ Zimkd 
13$ 12$ Two* Find 

040 

20 17 

50 

14$ 

ON 

11 91 

307 

28*2 

IK 

9.4 

168 

13$ 

10$ A 2"dg Ind 

QK 

14 

737 

10 


91% * 4.1 

S3 53 
43% 43% A 

24% 24% A 
1% 1% 

11% 11% A 

28% x5 -A 

13% 13% 4% 
9% 10 


%-^ 

24% 10%USMr 
19% 11%USfBG 
28% 18% US Hhr 
29% 1B% USHooa 
45% 35% USUCp 
15% 8% USSboe 
79% 1 S%USSbs 




14% 


B0% 

72 43% UUTac 
15% 13% UkNHar 
15% 9%UMnde 
37% 30% um Fonda 
18% i4% u* no 
1% UUMML 
lA 9%IWnrQp 
33% 1B%UMQp 
32% 23% Unocal 
60% 47% UHUM CDrp 



A ta aac Mate Sdaa agwaa n waacaa 
A | j | MjM n d|,aTO,jmh|. ^Maan^pto dcrtjaiMra. 


M pda ma ym. ortao hmfl, or n tax titan « I 
naaaa M*M dataal » pan Sai pm. » anm i ai 
Ida h ana* ih*w tan ta ta pad X Mdta Ita I 
mhaiMtdtatnadMMrddMBy P* prta 
M id! a among 12 mam. pw 


4 



ndB k> 


AMEX COMPOSITE PRICES 


4pmckB8Mani>3 



CdEfcgy 

252L 

CamPrat 
Can Uare 
CmanA 
P a n te n 
Champion 
CP8T5 


171344 17% 17% 17% 

0 X 1% 1% 1% , 

OX 14 5 23% X% X% A 

OX X 50 11% 11 II , 

001 7 821 4 3j| 3{j -A 

B 71 4% 3}| 3j2 A 

34 61 X% 3% X% A 


X% 
250 227 5% 


5 A 


IB 19% ... 

33% 4 


W Sb 

mr. E 1001 Mod LoHOasaCtag 

004 34 306 13% 13 13% A 

001 17 5% 5% 5% 

OX 13 1$ 14% 14% 14% A 

6 40 1% 1% 1% 4* 

6 44 B% 9% 9% 4% 

064501 IBS 15% 15% 15% A 

0.40 46 38uX% 20% 20% A 
040 16 514u19% 19 19% 4% 

0.53 89 8 " 

13 27 

11 66 || % B 4% 

X 307 17% 17% 17% 4% 

7 21 3% 3,5 3vi -A 

040 57 12 11 11 11 


EBStfiCDX 046 18 50u17% 16% 167 
Eadnoun I.7ZOB 2S3 X 19% IS 

Echo Boy 0073* 4839 12% Ilf 

EcdEnA 0X12 14 15 145 

EdhIDRt 7X9%, 

Ban 17 BOO 38 W4 

EreyServ 44 3968 3^ 3^ 


SOU* 

□nrt 

CnMFdA 

Comtm 

Qonpulrec 

Caned FM 

CRbbATA 

CnwnCA 

CraanCB 

CuMc 

CtBkmadh 

□I Irefi 
Dinah 
Ducvamn 


Egtiope 


10 931 16% 



4 35% 35 


Fahlndi 064 12 

FhaA 120 15 X 6B% 68% ... 

FstCHyBnc OX 14 5 !t% 11% 11% 

FUaU» 002 65 BO 26% 25$ 2B% 

FaranLa X 1490 60% 

Fmguency 3 17 4% 

Gann 000 B 2B4 23% 0 
QantFM 0.70 16 248 25% X 
GUST 0.70 * 171 16$ 1C 
Gotten 11 160 

Prenraoi X 35 67 

GritCda 004 11 IX 34 




w 

Sta 





Stack 

Dhc E 

1088 

«09 

Lore 

Bon 

Cteg 

tod* 

X 

an 

B$ 

B% 

A 

A 

Hasbro 

028 15 

2854 

X 

34$ 

X 

*% 

He*h Qi 

B 

54 

4$ 

4 

4 

A 

Haddnst 

3 

313 


3$ 

3% 


Hefea 

0.1S 51 

19 

11$ 

11$ 

11$ 


Httiawa 

12 

879 

3J3 

3$ 

3ji 


Hvnanfenk 

17 

74 

12$ 

12$ 

12$ 

A 

QtCoro 

1 

2503 

7 

A 

7 

A 

fesronCp 

0.12 27 

33 

11% 

11 

11 


jot Coma 

4 

1156 

5$ 



A 

fedntnagn 

79 

110 

16 

15% 

15% 

A 

mb 

OK X 

1546 

35% 

M% 

35$ 

+i 

Jan Bel 

22 

702 

6% 

«$ 

8 

A 

Kama 

X 

3 

*3*2 

13*4 

13% 

A 

KrrekCp 

KkbyE« 

X 

X 

IS 

5E 

A 

A 

21$ 

A 

Ubaroa 

UaarM 

12 

17 

17 

X 


§ 


♦ft 

Lee Ptarm 

9 

IE 

i$ 

i$ 

1$ 

♦ft 

Umax Inc 

14 

51 

12$ 

12 

12 

A 

LjreHCp 

7 

B 

2A 

24$ 

24$ 

-% 

Moon 

Hedbkx 

2 

044 28 

IX 

108 

X 

X 



Ham Co 

OX 3 

10 

4 

4 

4 

A 

HMU 


zioo 

S' 

6% 

6% 


uoogA 
HSR &d 

13 

1 

10 

9 

•4 

s 


% 

Nairn 

10 

173 


*A 

4ft 

-ft 

New Line 

34 

IE 

2S% 

25 

S 


NYTraA 

056391 

BE 

27$ 

27$ 

27$ 

A 

MhCanK 

OX 8 

18 

«a 

8$ 

8% 

*% 

NuwcE 

IE 

Z100 

ftl 

6$ 

A 


NVR 

13 

IX 

9% 

dO 

9 

A 

OdadcsA 

34 

IX 

9% 

9% 

9% 



P/ Sk 

Stack Ov. E 100s ngd UnChw Chag 
31% 


Oahnx 
PsgaasG 
Panri 
PH HOP 
WILD 
PBvwyA 
Piy Gen 
PUC 

PieddkiA 


19% 

12% 

24% 

4 

33% 

23 


4 



RBSWCp 


0241* 1* 31% 31% 
0401* 836 19% 18% 
OX 50 70 12% 12% 
IX 34 1Bl£4% 24% 

0X 181469 67 66% 

000 18 S3 34 33% 
0.12 X1578 23% 72h 
005 17 110 ir ■ 
OlO 1 X 1' 


31 2100 X 2S X 

3 48 6% 6% 6% A 

3 42 2% 2 2% 

SJWCOP 110 10 10 39% 39 

annum 31 10 34% 34% 

SMB 004 13 1207 12% 11% . 

Suns 0 » 7% tf7>2 7% A 

71 hd XX 4 33 33 % 

TafiPmdixDX X 3 9 9 9 

TdSOM 034 66 388 45% 44% 44% A 

narnads 55 688 12% 12 12% A 

Tharmolns 34 66 32% 32% 32% A 

ToTNA OX 2 782016% 15% 16% +% 

IbmPfty 0 488 2% 2,5 2% 

Trite II 375 1% 1ft 1 f 

TdnsMn 21 251 


4 8 

UKFcodsS OX X X 
UMUs 17 X 
USCbM 



MRET* 


17 

81 X 27\ 27% . 

X 1874 10% 10% 10% 
060 X X 27% 271 * 

1.12 19 85 14% 

060 10 81 2 


27% 27% -% 
13$ 13$ A 
X% X% A 


Xytrott 


6 *2 6% $% 6% +% 


GET YOUR FT DELIVERED TO 
YOUR HOME OR OFFICE IN ISTANBUL. 

A subscription hand delivery is available in Istanbul. 

We will deliver your daily copy of the FT to your home or to your office at no extra charge to you. 

If you would like more information about subscribing please call our local importer. 

Diinva Super Daeitim. Mrs Erden Ur. on 21 2/5 12 01 90 or fax your requirement to 212/520 64 57 









P 1 M 

Ah* Bta E ma B* Urn lid Ctaa 

ABS BUS OX X 2 14% 14% 14% 

ACC Cap 012 19 96 19% 18% 19 *% 

ACCtttlE X 6582 25% 94% 24% A 

fast MX X 451 23% X 23% +2% 

AakmGp 3i ii ?i% r% 71% A 

Adamech 21 5459022% 21% 2% +1 

ADC Tda XSS77 37% 35% 37 A 

AdM^an 107 X 18% 18% 18% 
A&aScnt 016 14 X 25% 24% 24% 

AdobeSys OX a 6660 26% 27% X A 

roasts C 101038 14$ i3? a 14 -$ 

AWLoffc 5 IX 4% 4 4%+% 

AtfyPttym 9 202 6% 6% B% A 
taffcNjb 34 465 I5%d15% 15% +% 
Admta QX 151184 X% 29% 3D>< +% 
Aflyrar 13 1*3 17% 16% 17% «■% 

AomeyRa X 844 14% 13$ 14% +% 
AenaCB 0.1OT2B 994 11% 11% 11% A 
Mem ADR 078 19 348 53$ 83% 53% ♦% 
AttdCp X2687 X$ 23 23% A 

AbSk) 008 181088 X% 25% 26% *% 
Afc^lSW 15 » 7$ 7% 7$ 

Aten Org 052 12 X X 31 31% 
AtoPh 5 512 9 8% 8% A 

AUCvl IX 12 79 14% 14 14 

ABd Cap 000 12 IX 14% 13% 14 A 

AtettC 002 X 24 4% 4% 4% 
ABaGotf OK 2 187 1 ii 1% 1% 
Attract) X 8775 36% 34% 36% +1% 
Am Barter *X68 8 344 22% X% 22% +% 
AmQyBa 27 IX XXX 

AmHanag 101368 19$ 18$ 19% +% 
Am Mad 8 2426111117% 16% 16% A 

AnSoBaa 032204 15X 6% 6 8%+% 

AmFrMye 341078 20% 18% X% +% 
AmtttAi 0X 16X13 26% Z7% 28% +$ 
AaWP 24541 1iJ 1£ 1)2 -A 

Amatata 0 182 % di % 

AnMhi 2X 8 40 53% 51% 51% -1% 
AmPwGmv 57164491128% 28% X +% 

AmTre* 10 723 13% ^ 13% A 

AmRnT 1 969 % ft ft 

AngeaMc 1S144S6 41 39% 40 -1 

Anacn Cp 006 42 1187 30% 29% 29% +% 

Amrfh 4 387 9$ <B% 9$ A 

Antaogfc 15 48 16% 16% 16% A 
Aialysa 048 13 X 15%d14% 15% 
AnsnetAn IX 15 19 17% 17% 17% A 

Andre* Cp 171193 31% X 30% +% 
AndrosAn 9 309 18% 17% 17$ +% 

ApapaeEn OX X 11 14% 14% 14% +% 
APPBto 9 383 5$ 5% 5% A 

AppUMat 31 5593 47 45% 46$ +1% 

ApptoC 049107167* 36% 35% 35% -A 
004 51 1151 20% X 20% A 
004 44 232 19% 19 19% A 

OX 19 72 X 25% 25% +% 

IX B 17 31% 30% 3t% A 
AfPMrAI* 084 X 472 21% 20% 20% 
Amoldh 040 18 188 21% 21 21 -% 

ASK Grp 11 1368 8% 8% 8% 

Aspect! « X 2303 34>2 S% 33% -1 

AKDCCanm 6* 187 24% 24 »% +% 

AST Raich 1432037 24% 23% 23% A 

Atthsgn X 35 8% 8% 8% A 

ADSEAlrx 002 24 775 33% 32% 33% A 

AUtt* 048X3107 uEO 58% »% A 
Actatto 131141 4 3% 4 +% 

AvondaM 082 11 73 7% 8$ 7 A 


Altar Dr 

Atcko 

Argonaul 


BEI B 


BdortlWI 
Bshr J 
BtimLB 


BrtSnutfi 


- B - 

OX 19 10 A 
11 213 13% 
340 % 

OX 12 3843 20% 
OX 3 62 14% 
17 673 23% 
044 10 3267 17% 
BanfcaaCp 040 B 293 18 

Bartoarti OX 11 81 18 

BanMtarEaiOX X 1X33% 
Bata Geo 05218 2S0u37% 
BtaetF OX 16 2X 29% 
BttVha OX 11 303 20% 
Baytanks 1.40 12 1X1 54% 
B85TR0X IX 9 113 29% 
BE Am 77 858 11% 
BaaudCos OX X 1* 11% 
Ben&Jeny 19 BSD 21 
aoMeyW 040 14 482 X 
BHAGrp 012 17 S 11% 
BHA Grp XzlX 10% 
Bite 102 4X 5% 

BIBB 012 16 548 11% 
Bmdey W 008 14 IX 13 
Bogtn 4311997 41% 

Bcjsist 195705 11% 

BtekDjg* IX 12 11* 34% 
BMCSaOn 21 157B 66% 
Boatmens 1 24 91502 X% 
Bob Bobs OZ7 19 1009 21$ 
Baja SB 12 37 23% 
Boland X6662 14% 

Boston Bk*07B 6 86 38% 
Best* Tc 574222 13*2 
BradyWA 068 18 X 45 
banco OX X 751 8$ 
BnmS 024 1617* 7$ 
BSBBoqia 076 7 93 22% 
BTSMsig 048 0 X 3% 
37 1739 25*2 
X 112 17 

8 73 7% 
X 67 7% 
62 60 33% 

6 17 25% 

7 4 6% 


A A 

13 iA 
d% % 

X X 
14*2 1**2 
X 23% 

iA iA 

17% 18 

18% 19 

33% 33% 

3A 37 
28% 29% 

19$ X 
52% 52% -1% 
29% 2A +% 
IT 11% A 
10 % 11 % +$ 
19*2 20 A 
37 37% 

11 % 11 % 

18% IA 
5 A 
11 % 11 % 

12$ 13 

40% 4A 

11 % 11 % 

3A 34 
6A 67% 

27$ 2A 

21% 21% 

X 23% +% 

1A1A -% 
x x 
12 % 12 % ♦% 
44 45 ♦% 

AAA 

d7% 7$ 

22 22 % 
h't 3ft 
24% 2A 
iA iA 

6$ 7 

A 7% 

32% 33% 

X 25% 

6% A 


A 


A 

A 

3 

A 

A 


A 

A 

A 

A 

A 

A 

A 

+% 


CTac 
Cabot Med 


BtiMcro 

Cuittfllo 

CreddaL 

Cndes 

Canon Inc 

Canorte 

Canted 

CartanCm 


C»y5 

Calgcn 

^ yHifar 

cacv 

CentszTd 


- c - 

* IX 28% 27% 

7 3* A 7% 
CadSrimpe 053 17 77 30% 29$ 
CadmoBComOZO 17 104 iA iA 
CaoreCp 87 1004 A 8% 
Cdgene Z25 8 2831 13% 11% 

72 IN 24*2 ZA 
3 3249 3 2ft 

1 45 A 3 

0 1* 2% tO 
059110 110 79% 78$ 

1 17 A 4 

012 25 144 46% 46% 
084 04 2 28$ 28% 

OX 18 164 iA 19 
0* 1911071113% 12% 

5 91 A 6A 

8 334 19% 18$ 
19 SO 12% 12% 

1*4002 5 A 

24404 11 IA 

1.12 10 2121 29% ZA 
X 16 14% 13% 
13 480 7 6% 

048 6 481 iA 18% 
OX 18 4001 13% 12$ 
32 X A A 
17 nm 11% 11% 
1 290 % A 

13 x A A 
534* A A 
7326090 75% BA 
IX 13 78 55% 64% 
017 29 1164 81% 30% 
437082 41% 40% 
IX 675 2$ 2% 
4124726 u77% 75 

CQBancpl IX 16 224 28$ 27% 
Oeanttr X 4* 6% 6% 
CHls Dr 40 X 12% 11% 

Oothasta 14 276 A 7% 
CDCdCBttxlX 18 438 32% 31% 


Crtrtfid 

CntnSpr 

Chanter 

Chapter l 

QrraSh 

Chorrnbpi 

Ctandta 

Oawte 

Chempnwer 

CHps&Te 

Chiron Cp 
CMEVi 
Dotal Cp 
drudge 
CQTedi 


28% ♦% 
7*2 

X -% 
14% 

8% A 
12 -1 
24% A 
2% +ft 
3ft 
2% 

79% 

4*2 

46% 

2B$ 

IA A 
IA A 
A 
iA 
12% 

«$ A 
iA 
X 
13% 

7 

iA 
iA 
A 


A 
A 
_ A 
u% +% 
% 


A 

+4 


Coda Error 
Codettffre 
Cogoat Qi 
QignoB 


100 823 5 4$ 

X 661 11% 10% 
34 SO X 21% 
IX 369 11% 10$ 
14 298 12% 11% 
* 756 25% 2A 
COHGasx 104 14 77 23% 22% 
CoHGnp OX 9 117 X 2S*2 
Oust 024 15 893 23% X 
DncsK 1572 X 38* 20% 19$ 
CmcsUSp 009 246031 20% 19% 
COtmfikterOX 11 321 32% 31% 


75*4+1% 
55% +% 
3A A 
41 A 
2% •% 
75% +1% 
28% -% 
A A 
n% 

A 

31% 

5 

11 

21% 

11% 

11% 

24% 

a% 

25*2 
X% 

X 
19% 

32% 


+% 

A 

A 

A 

A 

A 

A 

A 

A 

A 


Comntt 07DTX 21 19 17% 19 +1% 

Compute 43 963 13% 13 13 

Canaan 47 31 11% 10% 10% 
ComstDdA 53 1183 5 A 4fl 

COnPap IX X 247 45 *4% 44% 

ConsOum 12 356 A A 6% 
Coastal 1.44 17 241 10% 10 iA 

CDtBHM 21 165 16% 16 16% 

CrtriOata 14 573 A 9% A 
Cuba 000 235248 IB 18% 18% 
Copyreta 101 239 11% 10$ 1i*s 
Qnapj axil 51% 49% 50% 
Cop«A 372742ir13% 13 IA 

Cracker B OX 32 5141 27% 28% 27 

CreyCoop 1 2748 2*g 2 2 

Cream Res 6 118 A A A 


*& 

A 

A 


A 

A 

A 


sad. bta 
DaqaHlp ox 
osb Stags ox 
DetebEn 002 
Oetafli Ge , DfO 
DattaifK 044 
MComp 
DeBfiSn 016 
DepGty IX 
Dewar OX 
OH Tadi 
DfcrelB 072 

Dyw 
D%Mlcra 
Dig Said 
Dig!** 
DrgnreCp 
DbdeVm OX 
OHAPlaa 
Qatar CM OX 
Dnfittn 068 
DracaEngy 
Dressfbm 
Drey GD 024 
DrugEngn OX 

DS Bancor IX 
Durtrea 003 
DurrFM OX 
DyradyCi 
Dynoech 


n » 

e m up 

ii ix 3*% 
T9 40 A 

21 SB 14% 
501223 34% 
11 46 71% 
3631575 2B$ 
18 ISO IA 

7 07 £7% 
4 35 7% 

13 140 17% 
11 476 X 
18 301 19% 

81797 J? 

8 698 2ft 

4 2 3% 

16 04 35% 

22 278 10 

53003 5 

28 49SQ 29*2 

16 100 TA 

7 170 10% 

14 2328 13% 
X1375 24% 

» 660 5$ 
14 72 24*2 
30 702 77% 
24 Bu33% 

0 5$ 

14 920 21 


- E - 


24 2*% +% 
6% 6% 

14 14 -% 

33% X$ A 
71% 71% 

X 27 

14% 14% 

77 27% 

A A 

16% 17 

71% 22% 

18% 18% 


A 

.2% 

A 

-% 

A 

-% 


is iA -i% 


A 

(B% 

35 

9% 

4$ 


lie ft 

A 

35 A 

A 

4$ +% 
27% 29% *2 
16% 16% 

A io% 

12% 13% 

23% 24 

A A 

24 CA 
X 26$ 

32% 32% 

*a h 
19% 20$ +1*s 


-% 

A 

A 

A 

A 

A 


EaoaFd 

EssflCp 

E aaCtwi m 

EOT* 

Egghad 

B PastS 

SacKd 

Bedrta 

BkWB 

Emcan/taa 

EnderCp 

EngyVim 

ErMrSa 

bsaate 

EqulyU 


BMd 

BansSth 

Exabyte 


ExparAI 

Eareptew 


Fdl&p 
Fan' Qp 


10 1 * 
31147 
4 75 
016 X2421 
75 248 

2 392 
131239 

002 46 46 
2913975 
X 47 
271442 
SO 146 
87 76 

3 701 
OlO 21 75 
048124 5087 

3874 
78 187 
25 8835 
15 »3 
14 414 
aiox 234 
X 324 


A 

4% 

1$ 

26*4 

A 

2% 


A 

A 

1% +ft 

25% +1% 

A A 


13$ 13% 
49 *A 
25*4 24% 
8% 7$ 

A 6 

18% 15% 

213 7$ 
A 4% 
4% 4 

45$ 43$ 
A A 
17% 17% 

lA 16% 
12 11 % 
19 17% 
18% 17% 
15% 15 


2» 

13% -% 
49 A 

7A A 
8% -% 
A 

IA -*2 
2% 

A A 
4% +% 
44% A 


8% 

17% 

lA 

11% 

19 

17% 

IA 


A 

A 

A 

+% 

-% 


FHPM 


FWlThrt 

RftyDO 

PQDtoA 


FstUoae 

Far to 

FsScOhto 

FstCdBk 

FdSeOy 

Fa Tam 

FdWtatn 

r. If mil En 
rSSeOMC 

Ftattr 

Ftecdss 

Ftaerv 

RMrlrd 

FooOLA 

FoorLB 


Forecbna 
PtuwBane 
V* 
FT® Bn 
FdEastn 
FSRrt 
FstKMdk 
Fuliarie 
FUtefin 
Futxi 


- F - 

12 388 A 
024 16 3 A 

004 54 2S5 X 
181250 2B% 
1 151 4 

IX 14 612 47% 
112663 A 
024 X1042 8% 
*3836 n2A 
IX 101203 30*2 
004 7 910 30*2 

004 10 132 23% 

05 17 282 19% 

IX 11 1276 X% 
IX fl 580 3A 
Q0B 6 172 7$ 
052 10 1780 24 

IX 11 66 45*2 

88 92 6$ 
25 282 X 
19 415 A 
OX 14 2130 A 
0066123377 A 
IX 11 133 34% 
14 5 14% 

OX 51 25 30$ 

43 50 A 
IX 11 68 27$ 
1.12517 207 X 
040 7 483 15% 
1.18 TO 342 27% 
OS X IX 36*2 
OX 12 45 Z3% 

OX 22 178 17% 


5 A +% 
A A 
34 34% A 
X 28% A 

AAA 

4A 47 

A 6 
X 8% 

X 25% 

3A 30% 

30*4 30% 

23 23% 

19% 19$ 

28% 28$ 

38*2 3A 
7$ 7$ 

23% 23% +% 
45% 45% 

AAA 

X +% 


19% 

A 

A 

A 


33% 34% 
14% 14% 
3A 30% 
3$ 3$ 
27% 27% 
25$ S$ 
14*2 1**2 

2A2A 

3A 36% 
23% 23% 
lA 17% 


♦ft 

A 

A 

A 

♦ft 

A 

A 

A 

-% 

A 

+$ 


GHApp 

GSKServ 


Garnet Ra 
Get* Co 


GMBfnd 
Gerdyfc 
GanstaPn 
B Cp 
Genua Inc 
Genzyoe 
feretftyM 
aiGK 
GttJngst* 
SBbOt A 
Osh Bom 
Good toys 
GodriaPmp 
GradcoSys 
State 
tteenAP 
SimcbPli 
ttcc ana i B 
SidWk 
GDCBrp 
GDWSrg 


8 SB 
007 22 55 

0 521 

21 237 

016150 9 

a iioi 

040 18 8 

15 65 
B IX 
4X 41 5179 
81435 
163472 

a * 

040 14 567 
012 19 1922 
000 18 141 
11 18 

22 898 
000 221232 

43 18 
0X 76 75* 
QX 12 X 
13012 

1 8GB 
750 107 

14 525 
4 GX 


- G - 
4% 
IA 

3$ 
4% 
6 


4$ A 

iA A 
3$ A 


37%d3*% 

15% 1A 

4 3$ 

21 2A 

25% 24 

A A 

29% 27% 

iA u>% 
ZA 23$ 
25% 24% 
lA 17 

5 5 

17% 17 

26* a S$ 

2$ 2$ 
23% 2% 
19*2 IA 
1% I 
A 4% 
15 14% 

20% 19% 
7$ 7$ 


A 

6 

3A 

iA 

4 

20% 

2*% 

4$ 

28% 

10% 

23% 

X 


A 

A 

A 

A 

+% 

A 


A 
A 

17 -1% 
5 

17*2 A 
2A A 
2$ 

X 

19% 

ift +A 

4% -ft 
15 A 

iA -1 
7% A 


fentagA 


(taper Gp 
®Ofi Co 
Headhca 


HeaMiH 


HaMnTrey 

HertB 

Hotoge 
Horn Bad 
HornaNutr 
Home Ote 
IkaodyBd 
Han Mix 


Hun JB 

HuwEm 

Htutagm 

HinoCa 

rtjtsTBcn 

HycaBto 


- H - 
82 178 9% 
064 9 379 25% 
OX 14 SN TA 
03E 421707u50$ 
227979 24$ 
OK 16 489 tA 
111965 A 
10 IX A 
016 21 10X 12% 

8 561 14% 
072 14 1923 21% 
0.15 X 481 A 

X 72 A 

078 8 335 21 

9 2263 7$ 
0.72 X 251 a21 

1 235 3ft 
044 21 1D5U3A 
17 930 15% 
044 22 165 A 
OX M 1305 X 

z ex % 
ON 9 846 22$ 
OK 0 X A 
4937505 40% 
17 426 A 


A 9$ A 

23% 23% -1% 

lA lA A 

49$ 50$ 

2< X 
A ID 

6$ A 
A A 

12$ 12$ a 

14 14% +% 

20$ 21 A 

9% 9% 

A 6% A 

dX 21 +% 

6 A A 

X 20% 

3ft A 
29% 3A 

14$ lA 

A A 

24% 24$ 

ft $ 

22 % 22 % 

A A 

X 39% 

4% A 


A 

A 

A 

A 


BtSys 

retains 

is fend 

hnmeor 
tmiungen 
koperl Be 
kdBtacp 
fed Ins 
fed Rea 


kitfaaMte 

fetepthrr 

fenxsys 


nd 

wo 

HfrllTH 

War Id 
kaerfeah 


HDdryU 

ttRee 

ka Total 

knaore 

knegaCp 


UYOteOo 


51 12 8$ 8% 
5821 470 020*2 17% 

17 48S 17% 17 

X 210 A A 

8 149 7 A' 

048 27 124 14% 14% 
1.18 17 351 35% 35% 
OX 16 3 15$ 15$ 

X 4756 26%d23% 
X 7850 X% 23% 
ON 16 283 11$ 11% 
341 131B li2B$ ZA 
X 42 12 11% 

x bo A A 
OX 13272BS 68% 6A 

10 837 4$ A 
032 426695 24$ 22$ 

72 2K 10% 10 

OX X 112 15% IA 
3 2030 10 9% 

11 567 7% 7% 

250 77 12% 12% 
25 6314 14% 18% 
14 145 17% 17 

OK X S3 A A 
561 1258 12% 11$ 
001 18 81 27% 26% 
Z IN A 2$ 

18 IX 18% 18 

IX 41 7 223220$ 


- J - 


8% 

X +2 
17% A 
A A 
A 

14% A 
35% A 

lA 

23% -1% 
23% A 
n$ A 

X% +1 
12 

A -$ 
68% +1% 
A A 
24$ +1$ 
iA 


iA 

9% 


7% A 
lA 
14 A 
17% A 


A 


3% 

11$ 

27*2 
2$ 

18 A 

2Z3 *4 


Cyfegm 

3 

916 

& 

4$ 

A 


JUNzdt 

21 

47 19 18% 18% 









Jaaninc 

OX 72 

91 u14% 14 14% 

A 








JLGInd 

aio a 

MB29% X a% 

+$ 








JMMMW 

61 

IX 25% 24% 24$ 




- D 

“ 




Jones fed 

ID 

243 14 13$ 13% 


DSC Cm 

3314828 

S% 50$ 50% 

A 

Jonas Ifed OlO 271138 15$ 14 14$ 

A 

DtttQBU* 0131(0 

5 

E 

E 

E 

•3 

JodwiCpx IX 11 

110 2A 23% 23% 


D8BGMA 

14 

140 

2$ 

2$ 

2$ 

A 

J5BR0 

OK 14 

532 23$ 22% 23 A 

Datatex 

a 

50 

6$ 

6$ 

6$ 

A 

JinoUg 

02* IB 

191 19$ 16% 16$ 

A 


15 

Z7B 

16*4 15% 

16 

A 

0Btfel 

016 11 

458 14$ 13% 14% 

+% 


n sta 
ta, F in 


- K - 


KSease 

ok ii a 

73 22 22 

-$ 

KuiBriCp 

044 5 254 

9% 0$ 9$ 

A 

KodierC 

OK X 792 13$ 13 13$ 

A 

teuton Cp 040 15 511 

X 24% a 

*% 

KeteyOa 

737 77ffl 

7$db% 7$ 


KaDySv 

004 22 197 27$ X% 27 

A 

bentoM 

044 1 1187 

3% A A 


kamuefey 

011 12 2 

7% 7% 7% 


KfenbaO 

OK 17 15 

X 29$ X 


Kasckmr 

14 6 

7$ 7 7 

A 

kla tnsn 

533864040% 39% 40$ 

A 

xrerefedgB 

6 446 12% 12% <2% 


Kol A 

0 442 

ii $ $ 

•A 

Rare fee 

80X314 n2S% 26$ 27$ 

A 

KUkdieS 

8 1792 12$ 12$ 12$ 

A 


-L 

m 


Land Fun 

012 57 190 

AAA 

+% 

lemfedi 

*3 2323 

37% 35% 37% 

+i 

Laxtokr 

ON 19 797 

44% 43% 44$ 

A 

Lam (re 

008 21 4X 

21% 20% 21% 

+% 

LandinfcSph 

X 613 

X% 27% X 

+% 

Lanopocs 

18 17 

12 12 12 


Lrearecpe 

66 X 

S 5% 8 


IHtteS 

14 5944 

17% 15% 16% 

+% 

Lawssntt 

048 19 323 

27% 26 26% 

+% 

ums 

382 73*1 

27% * 26% 

+% 

USiCp 

018 B 15 

7 A A 


Lectors 

181148 

15% 14 15$ 

~% 

Lagan Cp 

1855X 

29% X 29*4 +1% 

UtsyNffic 

0.78 14 943 

23% 28$ 28$ 

A 

Lie Tech 

ax is s 

18 18 18 

+% 

Ufetae 

21 IN 

4$ A A 


IfeyfedA 

040 24 3XlCS% 24% 25*4 

*% 

Lm Br 

94 542112*2110*2111$ 


Until 

052 18 IE 18% 18% 18% 

A 

Undnymr 

14 48 32% 31% 31% 

-% 

LkiearTre 

024 X 1384 44$ 43 43% 

A 


Lonren6p 

leneSta 

if+irfi 

LTXCp 

LAW 


040 18 12 37% 36% 38*2 -1 

as 31 144 2A 25$ 26$ A 
11 87 A A A 
5913322 u75$ 72% 73% +% 
X4288 4% 4$ 4% 

353 18 4133%133%133% +% 


M3 Cm 

Q05 

2224918 

a% 

25*2 

25% 

$ 

US Car’s 


72 

63 

25*4 

X 

25$ 

A 

wen 

ON 

S3 

X 

16$ 

16$ 

16$ 


MxfccnGE 

(IN 

14 

121 

E% 

31% 

32% 

A 

MapnaFwr 

14 

430 

31$ 

3A 

31% 

+% 

Kaparap 

076 

12 

IE 

19 

lA 

18% 

-$ 

Man Bra 


14 

474 

9$ 

dB 

9% 

A 

IfenamGp 

X 

23 

13 

12% 

12% 

•% 

Hartal Dr 


15 

272 

5$ 

5$ 

A 


IfarMCp 


10 

32 

44 

43% 

44 

+% 

Manned 


0 

X 

2 

1% 

1$ 


Uwitata 


17 

69 

A 

7% 

A 

A 

MBreKmkA 044 

11 

30 

10% 

10% 

lA 


Mantel x 

ON 

11 

874 

?1% 

21 

21% 

A 

total K 


40 

3B6u53$ 

52 

53% 

+i 

Koto Cp 


(OEM 

8 

7$ 

7% 

+% 

Uc&dhfi 

040 

13 

358 

Il17 

18% 

17 

♦% 

UcCMirtc 

048 

17; 

2313 

21% 

21 

21% 

A 

UcCMC 


439983 

SO 

49 

*0*4 

A 

Had brag 


0 

363 

% 

$ 

$ 


Mate fee 

016 

23 

48 

18 

17% 

18 

+$ 

ItadcfemS 

048 

13 

7E 

23% : 

22% 

3 


Mdamtne 

024 

5 

32 

A 

A 

A 

A 

Mentor Cp 

016 

54 

2X 

16% 

15% 

16% 

A 

UenfeG 

a» 

188383 

lA 

12% 

12% 

A 

UemnLB 

OK 

10 

940 

18$ 

18$ 

18$ 

A 

Mareuy G 

070 

B 

606 

X% 

a 

29$ 

+$ 

Htodai 

IX 

10 EE 

28$ 

27$ 

28$ 

A 

Hated 


X 

1594 

21 : 

20$ 

X$ 


Kathode A 

Q05 

16 

IX 

lA 

10% 

16% 


ttdmdF 

OX 

12 

478 

10$ 

9% 

10$ 


Men flaw 

20O2N11N 

64% 

64 

64 

A 

1 r rrd Mi 

Mi III Bill 


14 

a 

B 

5% 

A 

-% 

Manga 


X 

606 

Z7 : 

28% 

26% 

+% 

llcroan 


3 

475 

A 

A 

A 


— agrafe 


16 

327 

A 

9$ 

9*2 

A 

Mapata 


41 

5389 

A 

A 

5$ 

A 

fefcsft 


239703 

83% 

80% 

81 

-i% 

HUM M 


31 i 

2158 

3A 

35$ 

35$ 

A 

Htfbnbc 

IN 

11 

1887 

Z7$ 

27$ 

27$ 


IfitfiGrafen 

ON 

a 

IE 

X 

29% 

X 

A 

UlerH 

052 

E2575 

s$ 

31$ 

31$ 

-$ 

Mttcam 


16 

146 

25$. 

25$ 

2A 


iimatncb 


15 

215 

12 

lA 

11% 

4% 

MabHTd 


413376 

17% 

16% 

16% 

A 

UafemCo 

OX 

22 

21 

A 

8% 

8% 

A 

ItafeeMiM 

18 

143 

27: 

28*2 

ZA 


total 

008 


779 

3A: 

E% 

34% 

+1 

total Inc 

QK 

27 

851 

35% 

X 

35% 

4% 


MosfeioeP 
IfrCaSM 
MTS Sys 


004 1819031111$ IA 11% ♦$ 
0X 24 52 X 31% 33 +1 
17 389 14% 14 14 

3A A 

X% 

10 A 


056 12 22 30% 30% 

131881 X%d?9% 
3 387 IA 9$ 


MAC Re 

NmnFtadi 

NatPtzn 

Nd Coopt 

HteSdi 

MM 

NEC 


MdnkGen 

NntafeS 

Naiagm 


Ha* Bus 

Nawknage 


NewprtCp 

MteaOri 

Nonisonx 


Normal 

NSbrUn 

MaritnTo 


use Com 


OOMaya 

Odd Com 

OtenraLg 

OdabayN 

OhloCs* 

Old KM 

OMMaSBx 


- N - 

018 12 348 X$ 29% 

072 11 172 17%dlA 
14 5 A 6 

OX 15 273 13*2 13 
OX 24 12NnlA 15 
11 176 2A 19% 
046 90 17 47% 47% 
18 880 3*4 28% 
31 4988 22% 21$ 
117 SI A 8% 
X 3 7$ 7$ 
027 X El 19% 19% 
ON 22 168 X 1 A 
101268 13% 12$ 
4010843 56*2 54% 
OM 81 41 A A 
24 187 7$ 7% 
056 X 206 56% X 
034 23 5105 40% 39% 
13 17ff 17% lA 
4 IX A A 
ON 14 2171 42% 41% 
2701 8719 ZA 24% 
X 1864 43 42 

11 1100 4% A 


2A 

iA -$ 
6 A 
13% +$ 
16 +1 
X +% 
47% -1% 


28% 

22% 

A 

A 

19% 

19% 

lA 


A 

A 

A 

A 

A 

A 


M$ -1$ 

A A 
A ♦$ 
5A +% 

40$ •$ 

17$ A 
5% 

42 
24$ 

42$ 

4% 


A 

A 

A 

+$ 


QnePncs 

Opted R 

OracieS 

OrbSmce 

Ortateeti 

OrchdSidP 

OregonMet 

Oanap 

Qd*BA 

OdMotaT 

OttarTaB 


22 97 
223067 
15 221 
ON 8 X 
252 12 872 
1.16 9 457 
052 16 78 
IK 7 813 
17 X 
19 208 
50X08 
42 999 
099 X 88 
10 21 
031 15 IN 
5 8 

041 48 IX 
ON 11 102 
172 13 263 


- o - 

iA 14 
28% 27% 
14$ 14$ 
24 24 

63% 62% 
30% 30% 
36% 36% 
31dX% 
21% 21% 
20% a 

35*4 34$ 

IA 'A 
10 % 10 $ 
14% II 

A 5$ 

4% 04% 
15% 15 

11% lA 
31% rOO 


14 A 

a A 

14% A 

ai -i% 
62% A 

30% A 


36% 

31 


21% -% 
20$ A 


34% 

iA 

10$ 

14 
5$ 
4% 

15 
10% 


A 

•% 

+% 


PBCOMOp 

Platan 

PadBCre 

Paramdrc 

Paychex 

PajcoAm 


Pn> my 

ParrVfeyx 

Knsyltx 

PamaJr 

PBntachl 

tamedL 

Paopterr 

PavleM 

PeodtaH 

Pafcdfea 

Pharmacy 

nnHdTdi 

Pkxafl 


ON42 

B 

IN X 
20016 


PlmeaSpi 

PkmeeriB 

Ftawst 

Ponca Fed 
FOMU 

R»Uh 
Presdek 
FWCost 
Pride Pei 


- P - Q - 

1.00 15 IX 58% 57% 
002 14 149 lA 15% 
IX 17 53 X 25% 

21 414 51% 50% 
3710343 33% 31$ 
021 48 531 38% 38% 
24 64 10% 9% 
9 9% 9% 
X 13% 13% 
X X 34% 
14 31% 31% 
072 16 XI 36% 36% 
16 1ST A 6 
OX S 165 22% 21% 
L3S 15 3Z1 48 48% 

060 97 T74 40$ 40% 
10 506 10% 1D$ 
1.12 18 X 34 32 
21 3813 7% 7 

281364 A A 
048 5 5 14$ 13$ 

31 918 15 14*2 

52 122 21 20 
046 22 1145 u32$ 32 

056 24 1437 X 35% 
014 15 4071177% 26% 
5 » B 6 
19 206 7 A 

009 3 26 7$ 7$ 
112 273 31% 30* 4 
3Z4681Bii21$ 19$ 
43 117 5$ A 
14 X A 7% 


X -1% 


57% A 

15% A 
25$ -$ 
51% +1 

31% -1$ 
38% +1 


A 

9% 

13% 

34% 

31% 

36% 

A 


A 
A 
22$ A 
48$ A 
40$ 

10$ ♦% 
34 +2 
7$ A 

A A 

13$ A 

15 A 

ZA A 

32% A 
3A *% 
26% A 
B 
7 

7$ A 
30% -% 
21$ *1% 
A 

A A 


Pnd Dos 024 
PratKtu ik 
Puritan B 012 
Pyramid 

frmrfc ttl ng 

OtakBOmas 
Una! Food OX 
Quartern 
Qncfcsfev 
OVCMCMk 


P# SB 

E in Md 

24 54 27% 
14 481 50% 

16 187 20*4 

a 1230 14 

9 103 6 

87 426 18% 

17 W 23% 
885395 u2t)% 

21 726 14$ 
282766 43% 


27% 27% .% 
49*2 50% 

19% 30$ A 
13% 14 *% 

5% A 
17*4 lA +1 
23 X -% 
16$ 19 A 
13% 14$ *1 

42% 42% -1% 


RalntxM 

Rates 

taste ops 

Raymond 
Rendon 
Reuse A 
Repngm 
itep Waaa 
Resrettd 

fetters 

Ream he 

Fttrer Fa 

RoamS 

FfcUgrf 

RnchSvSR 

Rooaevdt 

Ross ss 

RooctiMed 

Roies 

RFMlnc. 

RSFtn 

RyanFirty 


18 892 

15 IN 

3 388 

a * 

27 652 

17 24 

4 465 

4 87 

18 512 
217 E 2757 

1 2708 
058 11 55 

1.J0 a 29X 
01215 20 
056 3 873 
IX 8 XI 
OX 12 3654 

24 829 
068 66 624 
052 21 234 
Ote 12 83 

13 2150 


- R - 

20 % 10 $ 

10$ A 

7% 7$ 
17% 17 

29% 28 

18% 18% 
6% 6 
3$ 3% 
10% 10% 
91$ 89% 
6 % 5$ 
37% 36% 
73 70% 
7% <17 

15$ 15$ 
45% 44% 
15% 15% 

a% ia 
18% 18 
18$ 18$ 
10% 19% 
7$ 7% 


Safeco 

Sanderson 

ScHmbgiA 

50 Mall 

sasydm 

Setos 

Setter Cp 

San Bid 

MM 

AM 

SEJCp 

SefeefeB 

Sdealns 

Seqtem 

Onqneln 

Sere Tech 

SavFraa 

Sewnson 

SMM 

SH.Syasn 

Shaeeaad 

ShowbaP 

Stare On 

StareTbc 

SlgmNx 

SfepnaOes 

atri«c 

SHoiVCp 

Sampson 

SrdMd 

SnappieBy 

SdtwafeP 

SaftaoreT 

Sonoco 

SoulMdx 

Sjtegd* 

51 JudeMd 

siPtaOc 


Star Bene 


Sid Mar 

SW Regis 

Steel Tec 

SMdyuSA 

SttW 

SbMlia 

StrudOy 

Stryker 

SefeenD 

SumSomaB 

San mil Be 

Surma Te 

Sui taxi 

SuMc 

SwdtTra 

Sybase he 

Symantec 

Syredoy 

Synarcom 

Synergm 

SyoeKc 

Synopta 

SyetmEcIt 

SystamSoi 

Systemed 


- s- 

1.90 8 1394 57 56% 

OX 11 997 1 5% 15 

036 262372 35$ 34% 
9 1494 36% 35% 
15 3257 19$ 18$ 
8 422 9 A 

002 12 *54 28% 28 

15 634 14% 13% 

IX 44 7 36% 36% 

13389281128% 27% 
01Z 31 8315 25% 24% 
OX 01S27 1$ 1% 
1.12 17 25 29% X% 
55 1009 14$ 14% 
453*50 uB$t 5i! 
151152 II 10% 
17 43 3% A 

15 rim 16% 16% 
OK 19 571 25$ 26% 
B4 869 7% 6% 
27 175 16% 16% 
13 1X1 14% 13% 
22 596 28% 27% 
3 52 31! 3$ 

003 252427 S4% 53% 

2 242 13% 13% 
OK 48 225 9% A 
33 2119 11$ 10$ 
056 X 801 22% 21% 
X 53S 21% 21 

7313883 28% 27% 

2 255 7 A 

521185 9% 9% 

054 17 565 24% 23% 
ON 9 1293 18$ lA 
0X 434696 20% X 
040 11 1808 26% 27% 
OX 8 44 18$ 17% 
48 5422 30*4 29% 
1.16 10 330 35% 35 

058 152774 X% X 
131377 19$ 19 

QK 14 70 22 21% 

006 22 157 20$ 19% 
OX 2 233 7% 7 

IS 549 21% 21% 
1.10 14 17D 22% X 
32 2339 15$ 14$ 
028 2517B9 X% 31% 
X 245 19 18% 

ON 69 4 20%dl9% 

QM 12 450 20% IA 
1091829 34% 33 

15 45 7$ A 

15 CSX 28 27% 

Z7 214 u27 26% 
52 3828 45% 44% 
2BZ774 15 14$ 

OX 17 X 17% 17 

60 IN 3 3 

3 750 11$ 11$ 
44 IE 10% 10% 
2213260 X 24% 

012 18 2195 lA lA 
31 477 19$ lA 

16 220 5 A 


19% -% 
10% +% 
7$ -% 
17% 

2fl% A 
18% 

A +% 

3ft A 
ID*.- t% 
91$ +1$ 

A ♦$ 

37$ A 
71$ .1$ 

7% +% 

15$ -% 

45$ A 

IA +% 
19% A 
18 -% 
18$ 

19$ A 
7$ A 


56% A 

15% 

X A 

36$ 


-% 

+$ 

•$ 


1&7 a 
9 
X 
14 

36% -% 

27$ -% 

24% 

1$ *$ 


29% 

14$ 


A 

A 


A +% 
io% +$ 
3% 

16% 

2A 

6% 

16% 

14 
28% 

3$ 

54 
13% 

A 

11% A 
22% +1% 
21% 

27$ A 
7 +% 
9% A 
24*4 A 
1B$ A 
20*4 +% 


A 

A 

A 

-ft 

$ 


27% 

17$ 


X ♦% 

3A A 


A 

A 


36*4 
19$ 

22 

lA 

7% 

21% +% 
22% +% 
15$ A 


A 

A 

A 

A 

A 

A 

A 


E 
18$ 

1B% 

X 
34 
6*2 
27$ 

26% 

45 A 
14$ A 
17 -% 
3 

11% A 

10% 

X 

IA 
*9$ 

A 


A 

A 

A 

A 


- T- 

T-CdlSc 8 656 A 

TJOW PT 052 19 1307 31*2 
TBCCp 18 2X 13* 2 

TCACaUe 044 X 161 X 

Tecnoata 264609i«l% 
Teaman ON 141406 X 
Takdac i 10 A 

TdcoSys S 383 A 

TefeCOmmA 27333005 22% 
TataM 13 4138 11$ 

Tdtabe 39 7344u54% 


A 

A 

A 

-1 

A 


Teton Cp 001 14 540 14 

Tatra Tk 58 500 7$ 
TerePhADR 027 E 1498 E% 
TUeeCan 2711092 80$ 
TJblt 022 X 615 26% 
Idas Hid 2 488 A 
Tokyo liar 037 37 9 62 

Torn Brown 81 87 11$ 

TontaCo 028382 904 7$ 
IF! Bn 4 2485 8 

Trensntd 12 49 13% 
Trmvrick IK 0 169 35% 
Titan X 91 3 

Trimble 52 222 10 

TiuteaBCxiK ii 10 S1$ 
Tseng Lab OX 171145 10$ 
TysFdA 008 164258 21$ 


04$ 4% A 
30% 31% A 
13% 13$ A 
24% 25 +% 

40 40*4 +1 
54 54% 

A A 

A 9$ 

21% 21$ 

lA 11% 

52% 54% +1$ 

IA M A 
7$ 7$ A 
E% E$ A 
57% 5A -1% 
25% X -% 

AAA 
62 62 
11$ 17$ 

7% 7% 

07$ A 
13 13% 

34% 34% A 
A 3 A 
A <o 
21 21 % 

9$ 9$ 

20 $ 20 % 


A 

A 

A 


A 

A 


USHHhcri 

IMafi 

UDdesGs 

USTst 

Unfed St 

Udfeg 

Untrtn 

US Bap 

USEnopy 

1ST Carp 
(tab lied 
IM Tatar 
UUx 


ON 229966 
2 315 
IK 14 IX 
2N 11 1487 
040 11 412 
OX 19 116 
1.40 22 378 
ON 104413 
X 13 
1.12 6 991 
12 285 
9 104 
19 679 


- u - 

63% 62% 
5 5% 
17% lA 
50% 49*2 
13% 12% 
X 24% 

41 40$ 

X 2A 
4% A 
12% 12 
7% 7$ 

42 41% 

A A 


63*4 

A 

17 
49% 

12$ 

24% 

40% 

2A 
A 
12 

7$ A 
42*1% 

6$ A 


A 

-% 

A 

A 

A 

A 


VhodCe* 


to 

vtapfet 

Waning* 
MSTacb 
Voter B 


- V- 

000 38 44 18 17% 17% 

48 952 30$ X X -1 
X 950 18% 18 18% +% 

44 981 28$ 27% 28% A 
12 77B X% 19% 20% A 
37 1X1 NO 28% 29% *1 

X 5005 13 12% 12% A 

IK 15 13 81$ B0$ 81$ A 


- w - 


Merer En 


0.12 22 450 
S3 1353 
WM4kdS8064 72211 
WahMSLON B 851 
0.44 22 127 
WOmauPMOa 19 756 
WD-40 200 16 X 

Wed* 47 XI 

Wed One 072 10 901 
Mdfid) 11 991 

WdSedA 44 258 
Wlmaei 0X 273839 
WwScnm 744458 
WottanLxUB 14 319 
ON 2b 569 
WPP QH* 003 2 921 
Wyman-GOitMO 6 473 


X 29 
5ft 4{1 
22 % 21 $ 
22 $ 21 $ 
57 56 

31% X% 
43% d43 

A 6% 

27 2A 
17% 16$ 
4 4 

SB 55 
u35 32% 
16 15% 
19% 19% 
3}i A 

A A 


x 

5 A 
21$ A 
22$ A 

56 

31% +1% 
43 A 
A A 
28$ 

17$ A 

4 

55% A 
E% -1$ 
15% A 

19% A 

3$ A 
A A 


-X-Y-Z- 

JGfeor 362063u5G% 55% 55$ A 

toon Core 3 683 4% 4% 4% A 
Yeflw OK 431X0 29$ 28% X$ A 
YorkRecb 601290 4ft 04$ A -ft 
ZknUUh 1.12 B 295 X 37$ 38% A 



42 


WORLD STOCK MARKETS 


FINANCIAL 


Friday March 4 1994 


AMERICA 


EUROPE 


Dow subdued Weakness in financials mars bourse recovery 
as bond yields 
turn higher 


Wall Street 


US share prices were mixed in 
listless trading yesterday 
morning as the stock market 
settled down after Wednes- 
day's wild gyrations, unites 
Patrick Harverson in New York 
By 1 pm, the Dow Jones was 
down 10.98 at 3,820.76. The 
more broadly based Stan- 
dard & Poor's 500 was also 
slightly lower at the halfway 
stage, down 1.55 at 463.26, 
while the American Stock 
Exchange composite was up 
0.08 at 466.40 and the Nasdaq 
composite up 2.55 at 786.02. 
Trading volume on the NYSE 
was light by recent standards 
at 171m shares by 1 pm, and 


NYSE volume 



Average daffy 
vofcvne 1993 
280.100,000 


ZOO 


IS 21 22 23 24 25 28 1 2 3 

February 1894 Mar 


declines outpaced rises by 1,028 
to 890. 

Wednesday's late rally, 
which was concentrated 
mostly in cyclicals. failed to 
feed through into early gains 
yesterday, as some analysts 
had predicted. Instead, inves- 
tors sold off the big Dow stocks 
that had done well the previ- 
ous session. 

The selling was probably 
linked to another rise in bond 
yields. By early afternoon the 
benchmark 30-year bond was 
off almost three quarters of a 
pont, and the yield had crept 
up to 6.827 per cent. The 
decline in bonds, and some of 
the selling of stocks, reflected 
nervousness ahead of today's 


jobs data. The February 
employment report Is being 
keenly awaited because some 
economists believe another 
indication of strength in the 
labour market could be the 
trigger for a further interest 
rate increase from the Federal 
Reserve. 

These concerns were height- 
ened yesterday when the 
weekly jobless claims figures 
showed an unexpectedly big 
rise in the number of people 
filing for state unemployment 
insurance. The day's other 
data, a 2.1 per cent rise in Jan- 
uary factory orders, also 
pointed to a robust economy. 

Retailers bucked the trend, 
rising as a group in the wake 
or surprisingly strong monthly 
sales figures. Federated 
Department Stores rose $V4 to 
$24Vi, the Gap put on $1V, at 
$46 Vi, JC Penney added $ 7 /« at 
$55% and Sears, Roebuck 
advanced $'/« to $48. 

Some of the cyclicals which 
did well on Wednesday weak- 
ened, with Alcoa failing $% to 
$75 T /s, and Union Carbide drop- 
ping $% to $24. Car stocks, 
however, remained in demand, 
with General Motors adding $% 
at $61%. Chrysler firming $1% 
to $58% and Ford climbing $% 
to $64%. 

Computer stocks, which 
were hard hit on Wednesday, 
rebounded sharply. Compaq 
jumped $3% to $97%, Hew- 
lett-Packard added $1% at $91% 
and Texas Instruments finned 
$1% to $84%. 


Canada 

Toronto edged higher in sub- 
dued midday trading as the 
market paused after Wednes- 
day’s frenetic activity. 

Gains in precious metals, 
consumer products, and com- 
munications were offset by 
losses in pipelines and banks. 

The TSE 300 composite index 
was 2.11 higher at 4,364.32 in 
volume of 25.47m shares. 
Advancing stocks outpaced 
declines 297 to 260, with 274 
issues steady. 


Telmex leads Mexican 
advance after upgrade 


Mexico 


Equities followed on from 
Wednesday’s gains, which had 
been helped by news of a tenta- 
tive agreement between rebels 
and government mediators in 
the state of Chiapas to end a 
two-month rebellion. 

Some brokers also noted the 
good performance of Telmex 
and the return of foreign 
investors. 

At midsession the IPC index 
of the 36 most actively traded 
shares was 25.68. or l per cent, 
ahead at 2J88J6 - on Wednes- 
day the IPC index ended 48J3, 
or nearly 2 per cent, up at 
2J62.68. but after a low for the 
session or 2,470.56. 

Volume was 27.4m shares, of 
which almost 15m were In Tfcl- 
mex. The telephone company's 
ADRs were up $*• at $67%. 
while the local shares had 
improved 1.5 per cent. 

Traders attributed the 
advance in Telmex to news 
that Smith Barney Sbearson. 
the US brokerage house, had 
raised its 1994 and 1995 earn- 
ings estimates. 

Smith Barney said that it 
had lifted its 1994 ADR earn- 
ings estimate to S6.75 from 
S6.50 and increased its 1995 


forecast to $7.80 from $7 JO. 

In the broad market, 37 
issues were traded, with rises 
exceeding declines by 27 to 4. 

Brazil 

Sfio Paulo opened in a confi- 
dent mood after the govern- 
ment clarified its position on 
foreign Investments by saying 
that it did not intend imposing 
new limits. 

The Bcrvespa index of the 54 
most active shares was quoted 
435, or 4.2 per cent, higher at 
10.650 by 1 pm. On the Rio 
bourse, the index was up 2.5 
per cent at 39,525. 

Mr Gustavo Franco, director 
of international operations at 
the central bank, said on 
Wednesday that the govern- 
ment would not restrict foreign 
investment in the country's 
stock exchanges. 

However, turnover was low 
at CrzlHbn (SlTun). 

Telebras preferred shares 
were up 5.1 per cent at Crz30.90 
and Vale do Rio Doee. the min- 
ing company, advanced 4J per 
cent to Crz70. 

Petrobras surged ahead 9.5 
per cent to Crzll4.99. with 
investors encouraged by 
reports that the company had 
made a new oil discovery. 


Yesterday's recovery from 
earlier falls was marred by 
weakness in some fmnnrfais , 
following rumoured repercus- 
sions a-mnng American ha nk- s 
to the recent slide in bonds. 
writes Our Mar kets Staff. 

FRANKFURT chose to follow 
the US markets in the morn- 
ing, after overnight gains on 
Wall Street, and to ignore them 
in the afternoon when the Dow 
and the US long bond both fell. 
The DAX index closed the ses- 
sion 17.57 higher at 2,037.90, 
and hit an Ibis-indicated 
2,044.45 at the end of the day. 

Turnover rose from DMBJbn 
to DM9Jbn. Banka were rela- 
tively weak. Mr Nigel Longley 
of Commerzbank said that this 
reflected stories of serious 
trading losses in derivatives by 
US banks, rather than the 
Bundesbank's decision to hold 
key interest rates. 

There were pockets of 
strength among carmakers and 
chemicals on cyclical recovery 
prospects, BMW rising DM15 to 
DM840. and then to DM844 
after hours, chemicals also 
responding to the prospect of 
their dividend announcements 
next week. 

Steels,, after hours, seemed 
unmoved by the IG Metall deci- 
sion to take 10,000 workers out 


ASIA PACinC 


on strike In Lower Saxony next 
Monday; there were hopes that 
a compromise with engineer- 
ing industry employers could 
stiU be readied. Thyssen cele- 
brated the Tranrapld go-ahead 
with a DM5 JO rise to DM257J0 
on the session; and Preussag 
ended the afternoon at DM470. 
after a morning rise of DM5.70 
to DM466.70. 

PARIS saw a calmer day, 
after the excitement of 
Wednesday, with the CAC-40 
index drifting 9.75 higher to 
2,15441, turnover retreating to 
a more average FFr4bn after 
FFrSbn the day before. 

Moulinex, the household 
electricals company, was the 
most active issue following a 
broker's upgrade. It was 
suspended briefly limit-up in 
early trading, before ending 
the session up FFr13.10 or 
nearly 10 per cent at FFr149. 
The shares have gained 44 per 
cent over the year so for. 

Peugeot was also strong on 
the day, up FFr23 to FFr866: 
the car manufacturer said that 
It expected a return to profit- 
ability in 1994 Michehn gained 
FFT530 to FFr230.00. 

The financial sector weak- 
ened: SocGen lost FFr14 or 2 
per cent to FFr682, BNP 
FFr470 to FFr258 JO and UAP 


I FT-SE Actuaries Sha 

re. indices 





Mar 3 

Hoertf sSotbm 

Open 

1030 

urn 

1100 

THE EUROPEAN SERIES 
1X00 1400 is. 00 On 

FT-SEirahscklDO 
FT JSE Esratak 200 

141X07 

140031 

142158 

1482JE 

142X88 

1464.88 

142236 

1483.14 

141028 

147742 

141428 

147X35 

141401 

147*24 

141489 

1475.40 



MS 2 

MS 1 

Fab 28 

Fab 25 

Feb 24 


FT-SE Euros** 100 139X60 1431.16 149043 1446.01 1496.74 

FT-SE Eurauefc 200 148208 148X07 1512.74 149945 150941 

ta* oka iooo eantsaifc KVMar no - i«W3; an - wan* too - muso an - 1 * 73 . 43 . 


FFr6.40 or 3.4 per cent to 
FFrtSOJO. 

AMSTERDAM returned to 
fundamentals as both Philips, 
the electronics group, and 
DSM, in nhamirai^ pleased thA 
market with good 1993 results 
and dividend payments at the 
top end of expectations. 

The AEX index gained 5J.4 
or L3 per cent to 412.41. 

The 50 cents payout from 
Philips was its first since 1989, 
giving the shares an early 
boost, while analysts were also 
encouraged by the F12bn net 
1993 profit which followed a 
loss of FI 900m in 1992. The 
shares added FI 400 to FI 46 JO, 
bringing gains to the year so 
for to 11 per cent 

Polygram rose FI 2.30 to 
FL 79 JO. 

The only disappointing divi- 
sion was at Gnindig of Ger- 
many, in which it holds a 31 


per cent stake. Mr J an Tim- 
mer, the *»ii«irnmn of Philips, 
said that job cuts here would 
be necessary. 

DSM paid FI1J0, forecast a 
profit in the first quarter of 
1994 and reported a 1993 loss of 
some FI 60m before extraordi- 
nary items. The shares rose 
FI 410 to FI U1.70. 

MILAN saw a technical 
bounce after Wednesday's 
losses and the Comit index 
picked up 10.33 or 1 J per emit 
to 649.68. 

BCI rose LS3 to L6J10 amid 
reports that the privatisation, 
which dosed three days early, 
was nine times oversubscribed. 

The onfrin miasm spilled over 
to the rest of the sector with 
Banca di Roma L65 or 3.4 per 
cent higher at LI ,957 and Cre- 
dito Italiano L62 or 2.4 per cent 
ahead at L2.670. 

IMI, the medium term credit 


group, rose L143 to L I 2,812 on 
highw parent company operat- 
ing profits. 

Some of the recently under- 
performing insurers had a bet- 
ter day. Alleauza added L2S6 or 
L9 per to L15J94 and RAS 
L357 or 1.4 per cent to L25.152. 

Olivetti gained L50 or 22 per 
cent to L2.340, supported by 
speculation that it could win a 
second mobile telephone sys- 
tem operating licence. 

ZURICH rebounded 1.3 per 
cent after five straight days of 
losses and the SMI index added 
349 to 2.803.4 

The iff nWnp sector remained 
at the centre of attention. UBS 
bearers, encountering further 
foreign selling, fell SFrl4 to 
SFrl.248. CS Holding added 
SFr20 to SFr6S6 as the market 
awaited today's results from 
Credit Suisse, and SBC added 
SFrl to SFT445: both continue 
to benefit from recommenda- 
tions of a switch out of UBS. 

SMH put on SFrl7 to SFr920: 
the watchmaker and Mercedes 
are to present a working proto- 
type of the Swatchmobfle small 
car in Stuttgart today. 

MADRID’S banks were mixed 
in spite of a surprise half-point 
cut in the B ank of Spain's 
benchmark interest rate to 8 
per coot However, the broad 


market rose, the general index 
i-lrein fr l65 up at 329 Jl. 

Telefbnica recovered PtaTO to 
pta 1,905 as analysts decided 
tha t the company had been 
punished too heavily for the 
price of its Peruvian acquisi- 
tions. 

HELSINKI picked up 2 per 
cent after declines earlier in 
the week, the Hex index rising 
36A to 1 J76J. Foreign demand 
helped Nokia FM43 higher to 
FM375 in continued response 
to Tuesday’s results. 

Merrill Lynch joined the 
growing band of enthusiasts 
for the market, forecasting that 
it could be among the best per- 
formers over the next 12 
months. The US house said 
that a stronger than expected 
global economic recovery 
would be positive, given that 
the market was the most cycli- 
cal In Europe; the impact of 
currency depreciation on earn- 
ings growth bad been underes- 
timated; valuations were 
among the most attractive in 
Europe; and growth in the 
domestic economy could easily 
be three times consensus over 
the nest two years. 

Written and edited by WHfiam 
Coctraie, John Pitt and Mlchaal 
Morgan 


Nikkei 225 average eases further amid low activity 


Tokyo 


Uncertainty over the course of 
file bond and foreign exchange 
markets undermined investor 
confidence and equity prices 
lost ground on small-lot arbi- 
trage selling amid low activity, 
writes Bmiko Terazono in 
Tokyo. 

The Nikkei 225 average 
ended 138.91 off at 19,605.86 
after a day’s high of 19,771.68 
and low of 19J31.65. After ris- 
ing In early trading, the index 
met arbitrage linked selling 
and later fluctuated within a 
narrow range for the rest of 
the day. 

Continued tension in the US- 
Japan trade arena also discour- 
aged investors; the US has 
threatened to revive the Super 
301 trade act of 1988 against 
Japan due to its alleged closed 
cellular telephone market 

The absence of dealers and 
foreign investors - the main 
driving force behind the recent 
rise in share prices - depressed 
volume, and some 280m shares 
changed hands against 
Wednesday’s 401m. 

The Topix index of all first 
section stocks slipped 13.61 to 
1.602J3, while the Nikkei 300 
average declined 2.75 to 295J2. 


Losers outnumbered gainers 
by 783 to 248. with 151 issues 
unchanged. But in London the 
ISE/Nikkei 50 Index finned 3.47 
to 1.32468. 

Steel shares were weaker on 
reports that NKK would forgo 
dividend payments for the cur- 
rent year to March and the 
next business year. NKK 
dipped Y9 to Y250. Kawasaki 
Steel Y7 to Y353 and Nippon 
Steel Y8 to Y338. 

Investors shunned broker 
issues due to the recent plunge 
on the domestic bond market. 
Nomura Securities fell Y60 to 
Y2.270 and Daiwa Securities 
Y40 to Yl,680. 

Shares of bakers and flour 
miliar s rose on hopes that con- 
sumers would turn to bread 
because of the decline in 
domestic rice supplies and the 
Increase in imported rice. 
Yamasaki Baking gained Y1D 
at Y2.070 and Nisshin Flour 
Mining Y20 at YL200. 

Hisamitsu Pharmaceutical 
jumped Y63 to Y979 on reports 
of a new medicine based on 
biotechnology. Hopes of 
increased business in the US 
cable television market lifted 
Tomen, the trading house 
which has links to Nynex 
Corp, of the US. YU to Y416. 

In Osaka, the OSE average 


Johannesburg ahead on 
steady foreign demand 


South Africa had a better day 
yesterday in an unusually vol- 
atile week and the overall 
Index finished 50 higher at 
4931, writes Matthew Curtin in 
Johannesburg. 

The bullion price’s descent 
below $380 an ounce took the 
gold shares index 19 lower to 
1.904. Industrial shares, how- 
ever, remained buoyant, led by 
strong overseas demand for 
Iscor, the steelmaker which 
produced unexpectedly good 
half-year results last week. 
The stock lost 2 cents on the 
day at R2J6 but the industrial 
Index climbed 46 to 5,679. 

The contradictory set of cir- 
cumstances facing investors 
was dominated in mid-week by 
initial confidence and then dis- 
illusionment with the degree 
of progress In talks between 
the African National Congress 
and the Znlu Inkatha Freedom 


Party. The weak gold bullion 
price and falling 
global markets also contrib- 
uted to instability, but deal- 
ers reported steady, if more 
subdued, demand from over- 
seas investors for blue chip 
issues. 

Mr Mike Brown at the stock- 
brokers, Frenkel, Poliak, Vin- 
dertne, said that local institu- 
tions were proving strangely 
hesistant, still weighing up 
the shift in market sentiment 
at the end of 1993, brought on 
by the wave of foreign baying 
which changed notions of 
value on the JSE. 

Overseas investors could be 
forgiven for a wait-and-see 
approach as elections loomed, 
but local fund managers might 
be missing out on an opportu- 
nity to pick up good value 
scrip before another bout of 
foreign investment. 




Jointly cantoned by The Financial Thnea Ltd, 
NATIONAL AND 


Gdtinun. Sacha & Co. and NetWast Securities Ltd. m conjunction with me Institute of Actuaries and the FaaJty of Actuaries 


REGIONAL MARKETS 

Figirea h narenfhases 

US 

Day's 

- worn 
Pound 

ESOAY N 

(ARCH 2 

1994 

Local 

Local 

GfOS3 

US 

TUESDA1 

Pound 

r MARCH 

1 1994 

Local 

D a 

LLAR INC 

HEX 

Show numOer of Inea 

Dobr 

CKmgo 

Starting 

Yen 

DM 

Currency 

% dig 

Dh>. 

□alar 

Storting 

Yen 

DM Currency 1993794 

1*13/84 

ago 

o / Sock 

tnden 

94 

maex 

Index 

Index 

h rote* 

on day 

Yield 

Index 

Index 

Index 

Index 

Index 

tfgh 

Low 

Iroprofl 

Aintrallo (€91 

17100 

- 2.8 

169.56 

112.06 

151.47 

161.55 

-13 

330 

17530 

175.49 

11432 

15638 

16462 

189.15 

13019 

137.06 

Austro (171 - .. 

IQS 46 

-12 

183.89 

121.53 

164.27 

163.92 

- 1.8 

0.97 

187.75 

18731 

124.15 

16630 

16499 

196.41 

13933 

160.69 

i-» 2 » . 

.. .160.90 

- 2.0 

163.50 

108.06 

J 46.06 

142.87 

- 2.2 

4.03 

160-22 

107.83 

11134 

149.45 

145.94 

i 6 g.ua 

14130 

14130 

Canada 11071 

133.50 

-0.7 

132.36 

87.46 

11024 

131.06 

-0.5 

156 

134.45 

134.14 

8491 

119^45 

131 .70 

14531 

119.90 

11990 

CVnmart 02 ) 

... .261.18 

-20 

253.96 

171.15 

231.33 

237.21 

-2.3 

038 

26447 

265.86 

17422 

23475 

242.76 

275.79 

195.68 

20132 

Finland CD 

-144.21 

-06 

142.99 

94.50 

127.73 

168.71 

- 0.1 

036 

145.13 

144.80 

85.97 

12494 

16480 

150.72 

7002 

7231 

France (99) 

. — 172.29 

- 1.8 

170.83 

112.91 

152.61 

156.92 

- 1.8 

237 

175.12 

U 174.72 

11530 

15539 

1B9.74 

IBS 37 

14060 

159.18 

Gonranv l$9l — - ....... 

.....128.94 

- 1.6 

127.65 

84 .SO 

ii4.ro 

114.20 

-1.9 

136 

13131 

13071 

8063 

11439 

11039 

142.38 

107.58 

11332 

Hong Kong iS 6 ) 

—.000 92 

-14 

397.53 

262.73 

355.12 

397.78 

-ZA 

167 

41095 

41031 

271.76 

365.12 

407.73 

50636 

23334 

250.81 

iroland (141 — , 

185.77 

- 1.1 

18020 

121.74 

184.55 

182-01 

-1-5 

333 

187.06 

187.45 

12434 

166.93 

185.63 

209.33 

137.61 

14197 

— 

-.71.91 

-1.3 

71.30 

47.13 

63.70 

30.59 

- 1.8 

136 

7234 

72.67 

4417 

64.72 

92.01 

7093 

55.21 

6433 

Japan {460) — ... 

— 156.28 

- 1.1 

154.96 

102.01 

138.03 

102.41 

-1.9 

079 

157.95 

167.58 

104.45 

14033 

104.46 

16531 

10738 

108.76 

Malay**! 1691 - 

,...518 05 

-22 

513.67 

339.49 

458.87 

542.00 

-05 

1.35 

52939 

523.4S 

35038 

47062 

55530 

621.83 

2T4M 

27522 

Menco 118 ) 

..-2209.85 

-4.8 

219093 

1448.01 

1957.15 

7851.74 

-2.4 

0.84 

2315 79 

231045 

153139 

2057.48 

004635 

2647.00 

1431.17 

147234 

Nothertand 03 . .. ...... 

....196.78 

- 1.0 

195.09 

128.90 

174.23 

171.75 

-13 

3.11 

199.64 

199.19 

13232 

177.38 

17430 

207.43 

16020 

16038 

Now Caakmd (14| - 

83 77 

-3.4 

89.18 

45.72 

61.80 

65.13 

- 2.1 

3.57 

72.23 

72.06 

47.79 

64.17 

8636 

7739 

4532 

4539 

Nonvay ( 2 ?i 

—20001 

-22 

198 31 

131.07 

177.15 

200416 

-2.5 

1.56 

204.42 

mn or. 

135.18 

181.82 

20532 

20042 

13023 

13023 

SmgjfWB KS) 

.. — 338.48 

-as 

335.62 

221.81 

299.81 

24430 

-0.7 

1.64 

34022 

338.44 

224.98 

30236 

248.11 

37082 

21337 

22132 

SouJh AWja 160 ) 

..—243 58 

03 

241.51 

159.62 

215.74 

24339 

0.0 

2^3 

24237 

24231 

16061 

215.78 

249.37 

28036 

160.78 

18591 

Span (02) 

....140.07 

-16 

138.88 

91.79 

124.08 

148.69 

-2-4 

493 

1433S 

14332 

95.13 

12731 

152.30 

155.79 

11033 

12798 

Swdcn (36) 

. .214.88 

-0.9 

213.06 

IOC. 82 

19033 

25030 

-0.8 

1.46 

216.75 

216-28 

14334 

192.58 

257.47 

230.02 

154.79 

162.76 

Svntrertand (J91 . 

...157.72 

-2.3 

15829 

103.36 

139.70 

199.88 

-2-7 

131 

161.42 

161.05 

10474 

143.42 

143.81 

17056 

111.01 

11233 

United Kingdom (215) . . 

— 19929 

-0.1 

197.60 

130. 60 

17632 

187.60 

-OS 

3.69 

19938 

199.12 

131.03 

177.32 

199.12 

214.96 

16027 

16837 

USA (518) 

—.18912 

ai 

187.52 

123.93 

167.51 

168.12 

ai 

078 

189.02 

18459 

125.00 

187.94 

189.02 

19004 

17001 

182.90 

EUROPE (745) 

16629 

-1.1 

160.88 

108.97 

147.29 

159.04 

-13 

238 

16413 

107.74 

111.18 

14037 

18132 

17058 

13068 

14002 

Nordic (1131 . - — 

. — 207.78 

-12 

208.00 

136.15 

T84.0S 

214.52 

- 1.2 

134 

21024 

209.76 

139.03 

180.79 

217.08 

220.60 

14535 

15017 

Paoflc Ba«n (722| 

165.66 

-1.2 

164« 

108.56 

14474 

113.36 

-1.9 

136 

167.77 

16738 

11094 

14408 

11531 

16830 

11399 

mss 

Eunj-Pecrfc (1087) 

. ...185.77 

-12 

164.37 

106.83 

14483 

13138 

- 1.8 

132 

187.78 

18737 

11094 

14935 

133.72 

17078 

134.48 

124.91 

North Amenco (625) ... 

_ 18587 

0.0 

184.10 

121.87 

164.45 

IBS. 12 

0.0 

2.78 

185-63 

18421 

122.76 

164.93 

188.07 

182.73 

173.70 


Eoropo £*. UK (530) ..... 

— .14044 

-1.7 

14420 

95.31 

12842 

13448 

-1.9 

236 

147.93 

14738 

97.83 

131.43 

13018 

155.73 

12002 

12231 

Pacric £*. Japan 1253) ... 

...25727 

-23 

255.10 

168.60 

227-88 

236.89 

-13 

OSS 

363.45 

28235 

17432 

234.07 

24134 

29831 

1G4.34 

17230 

World Ex US (16S2J 

...-J6838 

-12 

165.55 

109.41 

147.88 

134. S3 

-1.7 

133 

lease 

18460 

111.75 

150.14 

136.85 

17231 

12088 

12099 

World Ex UK (1955) 

....-170.82 

- 0.8 

169.37 

111.94 

151.30 

147.13 

-1.1 

231 

17232 

17132 

11338 

15331 

14077 

17538 

14131 


World Ex So . Ar . pi 10) . 

172.93 

-0.8 

171.48 

11332 

153-16 

15080 

-1.1 

2.17 

17425 

173.85 

11533 

15431 

152.44 

17056 

14071 

144.17 

World Ex Japan (1701) .. 

. —184.37 

-as 

182.81 

120.82 

163 JO 

18028 

-07 

2.78 

183.52 

18409 

122.68 

164.82 

181.55 

19530 

16082 

18437 

The World lnd» (2170) ... 

.... 17322 

-08 

171.85 

113.58 

15451 

151.59 

-1.1 

2.17 

174.62 

17432 

116.48 

15415 

15332 

17097 

143.74 

14430 


declined 235.96 to 2L808J3 in 
volume of 120.7m shares. 

Roundup 

With the exception of Taiwan 
the region's markets were 
weaker yesterday. 

HONG KONG saw foreign 
institutional selling which left 
the Hang Seng index down 
75.40 at 9,802.03, having recov- 
ered from a sharp foil in the 
late afternoon when profit- 
taking sent hanks tumbling. 

Wednesday's budget, which 
included a corporate tax cut, 
was viewed as positive and 
h elped to support the market 
HSBC Holdings came under 
heavy selling pressure, 
although bargain hunting pro- 
vided support when the Issue 
fell below HK$100. It ended 
HK$l cheaper at HK$10L 
KUALA LUMPUR reversed 


an early upward trend to close 
broadly lower amid foreign 
selling, anrf as nervous inves- 
tors liquidated their positions 
on worries about the direction 
of overseas markets. 

The composite mdme ended 
15.67, or L4 per cent, down at 
1.070J8, after rising to 1,096.44 

SEOUL was lower in moder- 
ate trading as blue chips con- 
tinued to consolidate in 
response to the central bank's 
anti-inflationary tight mone- 
tary policy. The composite 
index receded 4J0 to 902.16. 

SINGAPORE fell L8 per cent 
amid worries about the pros- 
pects for higher long-term US 
interest rates. The Straits 
Times Industrial index shed 
4L94 to 2J242J5. 

TAIWAN firmed slightly, 
with many investors remaining 
on the sidelines. The weighted 
index ended 28.37 ahead at 


5,457.74 Turnover came to 
T$38-7bn, the lowest so for this 
year. 

MANILA continued to con- 
solidate, weakened by a further 
decline in Philippine Long Dis- 
tance Telephone In New York 
overnight PLDT lost 30 pesos 
at L890 pesos after a foil of $1% 
to $67% in New York. 

The composite index finished 
1.7 down at 2,698.05. 

AUSTRALIA drifted lower 
owing to pressure from the 
futures market The All Ordi- 
naries index slipped 2.6 to 
2^5L4 in turnover of A$420m. 

Amcor rose 8 cents to A$0 J8 
in spite of announcing a 21 per 
cent foil in net profits for the 
half-year to December because 
of expansion costs. 

In resource stocks, CRA 
jumped 28 cents to A817.40, 
picking up some of Wednes- 
day's 42-cent drop after report- 


ing that it would have diffi- 
culty repeating its strong 1993 
profits performance this year. 

BOMBAY closed sharply 
lows 1 in spite of a late rally 
triggered by short-covering. 
The BSE 30-share index was 
finally 79.13 off at 3.967.07, after 
an intraday low of 3,943.62. 

Brokers commented that 
there was still some confusion 
about the implications of Mon- 
day's national budget which 
was causing concern among 
investors. 

KARACHI fell back on profit- 
taking, the KSE-100 index 
declining 6 Jl to 2J28.16. Falls 
led rises by 176 to 141. 

COLOMBO'S all-share index 
retreated 7.46 to 1,370.13 on 
profit-taking after Tuesday's 
high. The market is viewed as 
overdue for a correction after 
its 39.7 per cent surge since the 
start of the year. 


This announcement appears as a matter of record only. 


Jk nil 



ABB Prvrn bmenska strojima Brno, s. r. o. 
The Czech Republic 


CZK 290,000,000 

Three year facility 


REVOLVING CREDIT FACILITY 


Arranged by 
ENG BANK PRAGUE 


ING J1#)BANK 


Internationale 

Nederlanden 

Bank 

January 1994 


CcwnflM. Tta Rntncul Timm Liimm. Ooldman, Sacha ana Ca and NatWert Seorflea LontacL 1867 
IM eiteM mm unovaiabto tv Hk, «£Un 




FINANCIAL TIMES FRIDAY MARCH 4 1994 


RECRUITMENT 


i 


JOBS: The art of the hunch has the merit of not wasting time 

Motivation may mean more than marks 


H ere is one of those probably 
apocryphal tales that you find 
impossible to source but which 
you want to believe is true because it 
supports a personal belief or prejudice. I 
heard it last week from a Rank of England 
official at a discussion on ethical concerns 
in recruitment and selection held at Lon- 
don Business School 
AD she provided for verification was an 
assurance that the person who passed the 
story to her was in a position to know the 
truth of it. She recounted the story of 
some administrators of a college in further 
education who had interviewed candidates 
for a course, then sent the acceptance slips 
to the rejects and the rejection slips to 
those they had chosen to accept 
Instead of owning up to the mistake the 
administrators decided to let the error go. 
Four years into the course, when they 
were able to compare the performance of 
that year's intake with those in previous 
years, the would-be rejects were achieving 
results on a par with their predecessors, it 
was impossible to tell the difference. 

The lesson to be drawn, suggested the 
bank official, was that organisations mi g h t 
be worrying too much about recruitment 
when a concentration on motivation and 
training could produce the same results or 
even better at the end of the day. 

The story, whether true or not, tends to 
reinforce the judgment of many small 
businesses which, according to recent 
occupational psychology research at Hull 
University, still rely heavily on the tried 
and untested indicator of gut reaction 
when recruiting, 

Accepting that the hunch is not an exact 


science it may, nevertheless, waste less 
time many recruitment practices, 
since another often-quoted observation 
holds that most selections are decided 
within the first five minutes of an inter- 
view, the rest of the time being used to 
confirm the dwk inn 

Even psychologists who might argue for 
greater objectivity would accept that first 
impressions should not be underestimated. 
A friend in the recruitment business 
recalls a personnel colleague who swore 
by all the latest psychometric techniques 
but who was adamant that be would never 
recruit any man who wore white socks or 
an earring. 

Whatever your recruitment techniques, 
if you are considering taking a look at 
psychological tests in an attempt to be 
more sophisticated you should choose 
carefully. Some specialists have attempted 
to debunk even the most trusted tests. 

The field of psychometrics has never 
fully recovered from the broadside deliv- 
ered by Steve BUnkhom and Charles John- 
son in Nature magazine a few years ago. 
The two psychologists, who run a consult- 
ing company. Psychometric Research and 
Development, were severely critical of 
some of the most respected personality 
tests on the market They said: “We see 
precious little evidence that even the best 


personality tests predict job performance 
and a good deal of evidence of poorly 
understood statistical methods being 
pressed into service to buttress shaky 
claims." 

Most pointed of all was a remark con- 
demning the way some tests were applied 
which, they said, “bamboozles an unso- 
phisticated public with pseudo science." 
The criticism triggered outrage among 
other occupational psychologists, particu- 
larly one of the leading test publishers 
which pointed out that Blinkhorn and 
Johnson's company was a competitor. 

The criticism did give rise to some con- 
sideration about whether some testers 
were making exaperated claims for their 
methods. In addition, the plethora of tests 
on the market, some of them with very 
doubtful uses, led to the conclusion that 
some standards were essential 

Recognising that the field is plagued by 
charlatans, the British Psychological Soci- 
ety is preparing a certificate of compe- 
tence for psychologists administering per- 
sonality tests. 

These new Level B certificates, following 
on from the initial level A certificates that 
cover ability testing, should be in place by 
the end of the year. The new certificate is 
not a form of licensing for occupational 
psychologists since the field is unregu- 


lated. Neither will it make tests foolproof, 
but it will tell you that the holder has 
demonstrated some level of competence. 

Even before going down the testing 
route, some would advocate that recruiters 
should think carefully about what infor- 
mation they need and whether it can be 
obtained any other way. In the meantime 
the amount of guidance in the area is 
improving. 

The society produces a guide which can 
be obtained from Its headquarters at St 
Andrews House, 48 Princess Road Bast. 
Leicester LEL 7DR. In addition, the Insti- 
tute of Personnel Management publishes a 
code that also endorses the society’s certif- 
icates of competence. The code is available 
from the institute’s headquarters at IPM 
House, Camp Road, Wimbledon, London, 
SW19 4UX . 

• Executives who lose their jobs have a 
number of options for finding work if they 
want to return to similar employment 

Drake Beam Morin, the outplacement 
and career management firm, Haims that 
professional outplacement counselling can 
markedly improve job prospects. 

In support of this view, it has compared 
figures drawn from its own clients with 
statistics in the Department of Employ- 
ment's quarterly Labour Force Survey. 
Some 14 per cent of DBM’S clients have 


been unemployed for more than 12 months 
compared with 17 per cent a year ago. 

In contrast, the labour force survey 
shows that 43 per cent of professionals 
overall had been out of work for more 
than a year in 1998 compared with 30 per 
cent in 1992. 

One reason for the discrepancy could lie 
in the fact that the top outplacement com- 
panies tend to be engaged by large corpo- 
rations to provide services within their 
overall redundancy packages. 

“The people we help have come from 
good companies which offer outplacement 
services for their staff. They are shedding 
jobs for corporate reasons that have no 
reflection on the potential of the individu- 
als involved.” says DBM. 

Some counselling services in what has 
been a growing and largely uncontrolled 
industry over the past few years have 
earned parts of the market a bad name, 
particularly in retailing where services are 
sold to people who walk in off the street. 

Unemployed managers should be wary 
of counselling services that promise to cir- 
culate CVs to potential recruiters. When I 
asked one recruiter about them last week, 
he said: “Yes we get these thing s in a big 
pile through the post and they go straight 
in the bin. We don’t value that kind of 
approach.” 


The IPM published a code of conduct for 
the industry just over a year ago and has 
listed 120 companies that fulfilled its 
requirements. It is now reviewing whether 
to continue the directory. It said: ‘The list 
goes some nay towards setting standards 
but we cannot enforce them so it does tend 
to question their value." 

Good outplacement servicing offers a 
tiered approach, ranging from counselling 
- where you are urged to sit back and 
think about what you want to do with the 
rest of your career - to the identification 
of training needs and practical guidance of 
how and where to find those hidden jobs 
that tend to be advertised internally in the 
big companies. 

Trade unions are beginning to break 
into this market in a small way. The Soci- 
ety of Telecom Executives, with 22,000 
members in the telecommunications 
industry, established a career register for 
its members outside BT, which has plans 
to shed thousands of managerial jobs over 
the next three or four years. 

The STE journal highlighted the success 
of one member, Mr Graham Rose, who 
moved to a new telecommunications job in 
Nice, France, last Easter after leaving his 
18-year career in BT, finishing as a trans- 
missions and budgets manager. 

After failing to find work from 40 job 
applications, his breakthrough came when 
he received a mailing from the skills regis- 
ter. He said: “It pays more than twice 
what I got in BT. there are free French 
lessons, help with accommodation and 
school fees and a great climate.” 

The union has now decided to put the 
service on a more professional footing. 




SifiBBBBCgSZSaga 


BARCLAYS BANK PLC 

Global Foreign Exchange 


Forex Traders 


Excellent Packages 


London 


Barclays Global Foreign Exchange team is acknowledged to be one of 
the most successful and profitable. Increased levels of activity have 
given rise to the need to recruit additional talented spot traders who 
have the ener gy and ability to excel in this challenging environment. 


THE POSITIONS 

♦ Pan of large team trading on the spot market 
across a wide range of currencies. 

4k Challenging and dynamic dealing environment. 

♦ Excellent opportunities for career progression. 

Please send lull cv, stating salary, 

Reference N0S21 

NBS, 54 Jcnnyn Street, London SW1Y 6LX 


QUALIFICATIONS 

♦ Graduates preferred. Ideally aged 25-30, with a 
minimum of two years' forex experience in leading 
trading house. 

♦ Exceptional numerical ability. Commercially 
minded team players. 

♦ .Ambitious, scff-motivntcd and confident under 
pressure. 



NB SELECTION LTD 
■ BNB Resources pic 
=31 company 







London 071 493 6392 
Aberdeen • Birmingham • Bristol • Edinburgh 
Glasgow* Leeds ■ Manchester • Slough 






Far East Economist/Strategist 


Major International Investment House 

Excellent Salary + Bonus + Benefits 

New role in global strategy unit of major UK investment management group. 


City 


THE COMPANY 

♦ Expanding international investment group with 
well established, principally institutional client base. 

♦ A leader in international equity investment. 

♦ £15bn under management 
THE POSITION 

♦ Member of recently formed, five person 
strategy team. 

♦ Focusing on Fur East market strategy. 


•JW. 

, us'd 


$1 


NB SELECTION LTD 
a BNB Resource! pic 
company 



♦ Support CIO and liaise directly with senior fund 
managers. Report to Head of Research. 

QUALIFICATIONS 

♦ Bright, numerate graduate with at least 2.1 degree. 

♦ Might suit Global Economist, Far East Economist 
or Far East Fund Manager with a Top down" bias. 

♦ Good interpersonal and presentation skills. Able to 
take a view. 

Please send full cv, stating salary, 
Reference N0820 
NBS, 54 Jermyn Street, London SW1Y 6LX 


London 071 493 6392 
Aberdeen • Birmingham • Bristol • E d in burgh 
Glasgow • Leeds • Manchester • Slough 

. C‘..W. i ZlV;±L£ 





BARCLAYS de ZOETE WEDD 

Money Markets 


Package to attract the best 


London 


Active Risk / Portfolio Management 


Senior 

Manager 

Singapore 



Rochester 
Partnership Ltd 


Our client is 3 leading international bank with one or the strongest customer bases ia the Far 
East and a network spanning the developed and emerging markets. 

It now seeks an individual to manage the team comprising research, trading and sales which 
actively manages interest rate and currency risk Tor High Net Worth Individuals, Corporates 
and Institutions. The remit includes building the business through an enlarged product base 
and client penetration. 

The successful candidate will be able to demonstrate; 

• A thorough understanding of fixed income and treasury products including 
derivatives and the ability to sponsor these products both internally and to the broad 

client base. 

• A track record or hands-on man management and team building together with the 
potential for personal growth. 

This experience will have been gained in one of the major financial centres in a leading fixed 
income house. 

An excellent package including relocation expenses is available Tor this position. 

Please send a detailed curriculum vitae quoting reference CjL 530 to: 

Rochester Partnership Ltd. Executive Selection Consultants, Garrard House, 
31-45 Gresham Street, London EC2V 7DN. Tel: 071 600 0101 Fax: 071 796 42S5 




Opportunity for outstanding young high flyers, from any area of investment 
banking, to make career move into front line dealing role with one of the largest 
global money markets teams. Previous money markets experience not essential. 


THE POSITIONS 

♦ Member of dealing team within global money 
markets unit or Barclays group. 

♦ One of the world's most active trading books in 
deposits, money market instruments and 
derivatives. 

♦ Top class training and exceptional career 
development opportunities. 


QUALIFICATIONS 

♦ Graduates, aged 25-30. ar least 2 years' experience of 
markets, corporate finance or other aspects of 
investment banking with blue chip international house. 

♦ Outstanding numerical, mathematical and 
commercial skills. Fluent, confident communicator. 

♦ Hard driving, decisive, unflappable and very 
ambitious. 


Please send full cv, stating salary, Ref NOB 1 5 
NBS, 54 Jermyn Street, Londoa SW1Y 6 LX 







N B SELECTION LTD 
a BNB Remotes pic 
S3| company 

sa.^:.%vaiaysyi 1 



London 071 493 6392 
Aberdeen • Birmingham • Bristol • Edinbrngh 
Glasgow * Leeds ■ Manchester ■ Slough 



CS First Boston 


Credit Analysts 


CS First Boston is a premier full service investment 
house, with an enviable reputation across all major 
markets. The continuing development of our 
international network and cross border activity has 
led to considerable growth in our business units and 
has created outstanding opportunities for credit 
professionals within the European Credit Group. 

The European Credit Department, based in London, 
is responsible for managing all credit risks 
originating in Europe, Africa and the Middle East. 
We wish to recruit three highly experienced credit 
analysts with previous investment banking 
experience. A good working knowledge of European 
and Middle Eastern markets would be considered 
preferable. 

The primary responsibilities are the establishment 
of trading limits for investment and derivative 
products for all types of issuers and counterparties; 


credit assessment of primary market issues; 
participation in credit related projects and 
management of the credit monitoring function. The 
role of the credit team is considered to be proactive 
and demanding. We would expect new members to 
contribute beyond traditional credit philosophy and 
engage effectively with all levels of trading, 
management and support functions world-wide. 

Applicants should be graduates with formal credit 
training; have a minimum of three years credit 
experience and display a sound knowledge of capital 
market products. A keen understanding of legal and 
systems issues in relation to the credit function is 
also considered essential. Fluency in other 
European languages would be useful. 

The roles will offer excellent salary and benefits 
packages, including performance related bonuses. 
Please send written applications only to: 


Susan Wild, Personnel Officer, CS First Boston, One Cabot Square, London E14 4QJ 

or fax on (071) 516 2243. 




Senior Relationship Manager 

Private Banking 




West End 

This major Middle Eastern bank has grown to become 
one of the leading banks of the Arab world. Well 
capitalised, and with an extensive branch network, it 
has a considerable customer base in the region. 

As part of its international expansion, it has now 
established a wholly owned private banking operation 
in London. A Senior Client Relationship Manager is 
required to develop this business further. 

Reporting directly to the Head of Marketing, the 
appointed candidate wilt focus principally on 
developing a business strategy and building profitable 
client relationships with the bank's existing customers. 
This will involve marketing a range of private 
banking and investment products 
and services lo high net worth 
individuals both in the UK and the 
Middle East. There will be extensive 
travel to the region. 


((KKIg) 


c.£80,000 + Substantial Bonus 

Candidates for this challenging role are likely to be 
graduates, professionally qualified and in their early to 
mid 30s. in addition to a thorough knowledge of 
investment products, relevant experience and proven 
marketing skills art? essential. Integrity, an ability to 
communicate effectively and self-motivation are 
pre-requisites. 

This is an excellent opportunity to join a private hank 
which is backed by the resources of a major banking 
group, and to contribute significantly to its success. 

The remuneration package will be highly geared 
towards achieving agreed goats and will consist of a 
competitive base salary, a significant performance- 
related bonus and banking benefits. 

Please send a full CV in confidence to CKRS 

at the address below, quoting reference 
number 106B on both letter and envelope, 
and including details of current remuneration. 


SEARCH & SELECTION 

CLAREBELL HOUSE, 6 CORK STREET, LONDON W l X IPB. TEL-071 287 2820 







FINANCIAL TIMES FRIDAY MARCH 4 1994 


It 



TOP OPPORTUNITIES 


LITHUANIAN 

INVESTMENT PROMOTION 
AGENCY 

GENERAL DIRECTOR 


The Government of the Republic of Lithuania is establishing a new Agency ■ 
to promote foreign investment as part of an overall strategy of national 
development The economic transformation of Lithuania is Ixang undertaken 
systematically and effectively, witii the successful privatisation of State 
enterprises one of the key objectives of economic reform. 

The new Lithuanian Investment Promotion Agency will be an autonomous 
and separate organisation with a Hoard consisting of executives from die private 
and public sectors and operating under the auspices of die Minister of 
Economics. The investment promotion arrangements have been evolved in 
dose co-operation with liC/PUARli. 

The recruitment of the top management team for die new Agency Ls now 
under way, and applications arc invited from suitably qualified Lithuanians for 
the key position of General Director (Chief Executive.), whose task it will be to 
provide the creative leadership necessary for the udiicvemcnt of the important 
nationaJ aims of the Agency 

Ifor this senior position we expect high-level management experience, 
ideally gained in an international environment. The successful candidate slwuld 
haw the ability to recognise die needs and opportunities facing foreign 
investors, to cnlumce the flow of foreign investment into Lithuania and to 
successfully manage the new Agency. Sjxxrific requirements are:- 

• University or equivalent professional qualification. 

• Fluency In iCnglLsk 

• Good communication skills and ability to use information systems. 

• Age between 25 and 50 years. 

An attractive remuneration jiackage, witii salary geared to market 
requirements, is envisaged for tills very challenging position. The possibility of 
arranging secondment from international organisations will be considered in 
appropriate drcumstances. 

IF you are interested in being considered for this position in the Agency, 
please send your application, with detailed Curriculum Vuae to the foUowing> 

Mr. A. Balkevidus, Chairman of the Board, 
c/o Aid Coordination Unit, 

J. Tumo-Vaizgantn 2, 2fi0fl Vilnius, fir hi ran fa 

Pax 370-2-226892. 


SENIOR POSITIONS IN GENERAL MANAGEMENT 


The Top 
Opportunities 
Section 

Advertise your 
senior 

management 
positions 
to Europe’s 
business 
readership. 
For information 
please contact: 
Philip 
Wrigiey 
071 873 3551 




Coca-Cola Amatil 

General Manager - Ukraine 


Wilh total assets of over US$2 bn. Cue* -Cola Amatil is one of 
the bi^sl franchise-partner* of Coca-Cola. nspowiHf for 
llie production, marketing amt s.ik-s operations. ("nc.i-Cul.i 
Amatil continues to .hU snbsl.inti.il value to shareholders' 
investments, through the development of established 
businesses and mu-, inlern.itional ojxt.i lions. 

An immediate requirement lias arisen for ail able and 
experienced individual, based in Kiev, to assume overall 
responsibility for dcvi-luping the business in the Ukraine. 

Reporting to the Central East European I leadijuarter* in 
Auslri.i, the General Manager will be tasked with selling up 
Ihc sales and distribution network of the company. 

Responsibilities will include: 

• controlling production supply via a joint venture partner; 

• comm* mica ting and liaising with local 
aulliortlies 


identifying wholesale dislritmlors 
within llw region; 


[tGKR NEUMANN)] 


• setting up further production facilities in the Ukraine; 

- managing tlw growth and development of Hie Ukraine 
business. 

Meallv of Ukrainian origin. the successful candidate slunild 
be a grad uale with consumer products experience, 
particolaHv in sales and marketing. This experience *nll ™* 
ivilhin both fully developed markets and emerging Ewtm 
European countries (preferably Ukraine). 

Essential allributes for this outstanding cauvr i^xirtunitv 
are excellent interpersonal skills, commercial flair, 
resourcefulness and a high degree of self-motivation, as well 
as an effective management style. 

Hie attractive remuneration package includes a highly 
competitive base salary, performance- related bonus. 

executive car and local housing. 

Please write, enclosing a detailed CV In 
English, to our Consultant Oaudia 
Daeubner at the address below, quoting 
reference number 23297. 


SEARCH & SELECTION 

OR U. NEUMANN MANAGEMENT RERATUNG GESMBII, GUENTHERGASSE 3. 1090 VIENNA. AUSTRIA 
Tt-f.EPflONE/FAXtf.t) I fOlfO-2.l7EXT 


NEWHAM INTER-CITY 
MULTIFUND 
EXECUTIVE DIRECTOR 
CIRCA £40k + PERFORMANCE 
BONUS 

The Newham Multifund is a group of 50 GPS who have formed a 
GP Fundholding cooperative to buy high quality health services. It 
is an exciting venture breaking new ground in health 
commissioning. An energetic professional is sought to manage and 
develop the fund over the next year. 

The person we are looking tor will be an experienced manager wbo 
can demonstrate excellence in: 

* People management 

* Financial management 

* Negotiation 

Ideally the candidate will also have an understanding of GP 
Fundhokting and LT. 

For an information pack please telephone 081-983 2949 
Written applications by 7th March hx- 

Sytvia Nicholas, 16 Freemason Road, 

Custom House. ET63N A Telephone 071-473 2733 


/ 




\ 


Scottish 

Financial 

Enterprise 

Executive Director 
£50,000 - 3 YEAR INITIAL CONTRACT 

SFE, funded by the subscriptions of some 200 members, was established in 1986 to 
confirm and enhance Scotland’s position as a financial centre of world standing. Its 
activities include research, marketing, representation, business development and 
expansion of the sector. 

An Executive Director (preferably from the financial sector or allied professions) is 
required from September 1994, to carry forward these activities and to implement a 
development plan designed to accelerate growth in the Scottish financial 
community. 

Written applications by 31 March 1994 to: 

J A Scott, Executive Director, 

Scottish Financial Enterprise, 

\ 91 George Street, Edinburgh EH2 3ES 
Tel: 031 225 6990 Fax: 031 220 1353 


/ 


9 




9 


BANKING FINANCE & GENERAL APPOINTMENTS 


GLOBAL INVESTMENT BANK 

Cross ^Market 
Proprietary Trader 


The proprietary desk of a major Global 
Investment Bank seeks to lure an exceptional 
candidate to join the London-based trading 
operation. The team is responsible for trading 
the bank’s capital in global markets using a 
wide variety of products. 

The Ideal candidate will have highly 
developed quantitative skills and a minimum 
of ten years' trading/hedging experience. 
He /a he will also have significant previous 
exposure to proprietary trading without the 


support of flow bu s in e ss. The candidate will 
have traded fixed income, FX, cash and 
derivative products in all major markets. In 
addition substantive emerging markets 
experience would be useful. The position 
should attract an independent thinker with a 
flair for detached analysis coupled with strong 
market feeL 

The rewards will include a competitive basic 
salary, bonus and a comprehensive range of 
banking benefits. 


Interested c an didates should write to Aitnobella Humphreys at BBM Associates Ltd 
(Consultants in Recruitment) at the address below enclosing a detailed curriculum vitae. 
All applications will be treated in the strictest of confidence. 


76, Wading Street, 
London EC4M 9BJ 



Tel: 071-248 3653 
Fax: 071-248 2814 


I ASSOCIATES I 



Portfolio Manager 

Private Clients, Charities and Small Pension Funds 

to £35,000 plus bonus and benefits 

City 


Our clicm is a leading Inlcmnlkma! 
Investment Group whose funds under 
management have doubled in ihc last 5 years 
and currently exceed £10 billion. The private 
client department which manages £140 million 
on behalf of private individuals, family trusts, 
charities and small pension funds now seek a 
portfolio manager to assist in the 
munuccmcnt of 200 individual portfolios. 

Working in London, your brief will primarily 
focus upon the iisset allocation and 
management, on an International basis, or the 
portfolios. The majority of investments will 
be through the Group’s managed funds. You 
will also be involved with client liaison and 
new business generation. In addition you will 
also be required lo prepare written reports 
and work closely with the administration 

department. 


Aged between 25 and 40 and probably 
working as a portfolio manager/in vestment 
analyst or similar and of graduate standard, it 
Ls essential that you have a thorough 
understanding of UK and international 
investment markets and communicate well 
with clients. You have already decided to 
pursue your career within the private client 
sector and can demonstrate strong analytical 
abilities, integrity, numeracy, computer 
literacy and an ability to attend to detail. 


To apply, in strict confidence, please write 
quoting reference 990 to Fiona Law at FLA 
Ltd, 21 1 Piccadilly. London W1V 9LD. 

Tel; 071-738 9732. Please include details of 
your career, remuneration and investment 
experience in your application. 


Ingram Micro it die world's leading distributor of computer hardware, software and peripherals. 

Our worldwide headquarters are looted in Sou them California- Ingram Micro Worldwide employs 
3700 associates. We have companies throughout Europe located in France, Germany. Italy. The 
Netherlands, The UK arid In Belgium (our European Coordfoaoon Center befcig also based in Brussels}. 

In our European aIBBates we employ more than 800 persons. 

Due go our on g oing expansion, we are currently looking to recruit die fallowing (m/Q: 

ACCOUNTS PAYABLE MANAGER 

ResponsfoilititBE □ main responsibility wW be die Ml handling of die Accounts Payable operations relating to our 
European inventory. The AP centralisation in die UK will lead to die management of a ledger of above I Billion USD; 

□ general supervisory duties of a final team of ten AP clerks □ review and approve invoices prior to payments; 

□ research and resolve problems with vendors. 

Profile; Bat least five years of profestionri experience within that financial area; □ preferably quaBed chartered accountant; 

□ i perfect command of at least one other European language (French, German, haltan, Spanish); □ good communf- 
radon, management and interper s onal skffls □ detail oriented; □ requiring little supervision; □ abiBty go interface 
effectively wfdi vendors and ocher internal departments in Europe; □ sidlb In spreadsheet software (preferably Excel). 

TWO ACCOUNTS PAYABLE CLERKS 

ItesponsibHIties! supporting the AP Accounting Deportment by performing accounting clerk functions such as: 

□ matching of invoices: □ data entry; □ researching vendor enquiries; □ reconciling vendor accounts. 

Prorf3e: □ at least two years of professional experience; □ a good command of one other European karguage (French, 
German, haltan or Spanish); Q gpod knowledge of basic accounting principles, shipping and biding procedures. purchasSne 
functions; □ good arithmetic skifls. 

In compensation we offer a challenging career opportunity with European exposure 
within a solid and fast growing organisation, as wefl as an attractive salary package. 

Leading the way in worldwide distribution 


MICRO 


Interested candidates should sent their appfeadon toge the r with salary expectations to Ms Laurence Garrido, 
Ingram Coonfinodon Center. Uuvensaxceenweg I I.B-1932 Zaventem (Belgium). 



SEARCH. SELECTION 
AND CONSULTANCY 
SERVICES 


a 


Assistant Fund Manager 

BONDS 

Attractive Package Qjy 

PDFM, a subsidiary of UBS Asset Management London Ltd, is One of the UK’s leading fond managers with over £30 
billion under management and one of the best long term performance records in the industry. We arc now seeking an 
Assistant Fund Manager (Bonds) to assist one of our senior fund managers and his team to manage our multi-currency 
cash exposures and foreign exchange transactions. 

Your role would include placing money with bank counterparties, maintaining loan management system records 
dealing with banks, broken and discount houses, managing counterparty relationships, and monitoring factors which 
influence short-term interest rates. 

The role could be handled either by an A-level holder with at least four years’ experience of banking, insurance corporate 
treasury or fund management; or by a graduate with at least one year's experience in one of those environments'. You are 
also likely to have good relationship management skills and be capable of working under time pressures. 

As well as an attractive alary and good career prospects, the position carries a comprehensive benefits package 
including subsidised mortgage, a non-contributory pension and private healthcare. You will also be eligible to ' 
participate in our discretionary performance award scheme. 

Please send full career details to: 

Linda Tottem 
Senior Personnel Officer 
UBS Asset Management London Ltd 
Triton Court, 14 Finsbury Square 
London EC2A 1PD 


4 






FINANCIAL TIMES FRIDAY MARCH 4 1994 


HI 


r 


Lazard Brothers & Co., Limited 

Corporate Finance Executives 
ACA/MBA/Lawyer 

Lazard Brothers is a long established London Merchant Bank with a considerable 
reputation in the City. It is closely associated with Lazard Frercs in both Paris and 
New York, each similarly strong in its respective market. Recently published statistics 
confirm the Lazard Houses as comfortably the top advisers in 1993 on European 
cross-border transactions. 

Lazazd Brothers itself is active and successful in various aspects of banking. Its 
Corporate Finance Division acts for many leading public, private and international 
companies on mergers and acquisitions, fund raising, flotations, financial restructuring 
and ocher matters. It has also advised H.M. Government on privatisations and 
represents the Boards of companies which have been, or are to be, privatised. 

The Division is currently some 1 20 strong and as a result of increasing business 
is seeking to recruit several outstanding young professionals. Applications are 
invited from newly/recencly qualified Chartered Accountants, Lawyers from a major 
practice or MBAs with some relevant financial experience. Selection criteria will 
be demanding; candidates must demonstrate impeccable credentials, numeracy, 
excellent interpersonal skills, creativity and an international outlook. In return, the 
Bank offers a competitive package, varied and challenging experience and first-rate 
career prospects. 

Please note that applications will not be accepted by Lazard Brothers either direct or through an 
agency. Those interested are asked personally to write, enclosing full career details and stating reasons 
for applying, to The Halsey Consulting Partnership. 34 Brook Street, May&ir, London W1Y 1YA. 

Telephone 071-495 4446. Please quote reference L/440/5. 


SOUTH EAST ASIAN EQUITY SALES 

Based in Bangkok 


Our client is a successful Far East equity broker with a substantial business in the 
Pacific Rim. 

They have recently joined with the fastest growing securities company in T hailan d 
which is also one of its largest banks. Due to this continued growth and commitment 
to the local markets they are now looking to appoint two salesmen, one at senior level, 
to market to foreign institutions out of Bangkok. 

Successful candidates must have experience of broking ASEAN stocks to foreign 
investors and specific experience of the Thai market would be highly desirable. He/ 
she should be educated to degree level and be able to demonstrate a successful track 
record in equity sales. Candidates must be proactive with the desire to succeed in a 
fast-developing environment 

For further information please contact Tana Akson at the address below. 

Jonathan Wren & Co. limited. Financial Recruitment Consultants 
No. 1 New Street, London EC2M 4TP Tel 071-623 1266 Fax 071-626 5259 


JONATHAN WREN EXECUTIVE 



GLOBAL INVESTMENT BANK 

Funds Management 
Marketing 


The Funds Management Group of a major US 
Investment Bank seeks to hire an experienced 
marketer to join the global coverage team based in 
London. 

The ideal candidate will be educated to MBA 
standard with at least 5 years' experience of global 
financial markets. Specifically the candidate wOl 
have extensive experience of 

• U S /European fund management community 
and their global investment appetite 

• product design, pricing, he d g in g 


• preparation of market in g materials 

• cash and derivative products, particularly 
equities 

• custodial services and the securities lending 
industry 

The successful candidate will have an 
entrepreneurial nature, hunger for business and 
client marketing skills with, ideally, one or more 
fluent European lang u age. Experience of working 
in a fast moving trading orientated env ir onment is 
essential. 


Interested ca ndidates should write to Qeorge Corbett at BBM Associates Ltd 
(Consultants in Recruitment) at the address below enclosing a detailed, curriculum vitae. 
All applications wUl be treated in the strictest of confidence. 


76, Wading Street, 
London EC4M 9BJ 







Teh 071-248 3653 
Faxi 071-248 2814 


I *aoocr*Tta I 



Energetic ACA/MBA 

for Executive Search 


The Halsey Consulting Partnership has an enviable 
clientele and deal flow, principally in advising Banks 
and Investment Croups on senior appointments across 
many disciplines. 

Our Managing Director seeks an Executive both 
c<* shadow and support him on assignments with a 
view to gradually developing his/her own practice and 
t«i underrate key projects. This is a superb opportunity 
to gain .1 thorough introduction to Search with a 
successful linn. 

k will appeal to a young (26-30), professionally 
qualified person who combines the highest standards 
of client service with an uncomplicated personality, 
imagination, unusual levels of energy and strong 
commercial tendencies. Experience of the financial 


sector is important, particularly given our new contract 
to provide exclusive services to a leading Merchant 
Bank, an account tor which the successful applicant will 
quickly be given extensive responsibility. 

Rewards will reflect both company and personal 
performance and could be significant in due course. 

Job satisfaction is guaranteed for the right person. 

Please write to Nigel Halsey, enclosing full c.v. and 
giving your reasons for applying. Telephone (071) 495 4446. 


I The 


Halsey Consulting Partnership 

34 Brook. Street, Mayfair. London W1Y 1YA 


' if: *■. ••*•'■■■ 






■Vil J ’ 


" .^.v^y**** 

j ... 

v : vlv' . 

:v 

■'* 

•Off 
b' " 

? #>«:* X 
».:* •• ‘-n.:-. y 

A " "■ ’■V.4S 

•>v , 

vV-i 

2*3* V “.?I 

W. ■■ 


1“ >« s&fe 


Derivatives — Structured Product 
Sales/Marketing - (to £70,000) 

This top UK Investment Bank is already enjoying considerable success and growth in Global 
Capital Markets. As part of a major international banking group they are committed to 
excellence in serving their diems. 

As a result of increased market activity they are now looking to expand their Specialised 
Derivatives Group by adding two high calibre candidates. 

Situated on the trading floor you will be involved in the structuring and marketing of complex 
derivative based products for investors in Europe and the Far East. 

To succeed in this challenge you will have the following: 

• A minimum 2:i degree in a mathematical subject. 

• For the senior rote, at least 3 years structuring experience together with a strong 
marketing ability. 

• For the junior role, a year's experience in a derivative environment (unless raw 
Mathematics or Physics PhD) with a desire to develop into a marketeer. 

• An additional European language would be an advantage. 

In return, our client can offer excellent longterm career development in an environment which 
rewards commitment and enterprise. 

Please contact Zo£ Ide or Pascale Butcher on 071 583 0073 (day) or 081 749 6450 
(evenings and weekends) or write to us at 16-18 New Bridge Street, London, 
EC4V 6AU. Fax Number: 071 353 3908. 

BADENOCH N CLARK 

recruitment specialists 


CJA 


RECRUITMENT CONSULTANTS GROUP 

2 London Weill Buildings, London Woll, London ECBIVI 5PP 
To): 071 -5BB 35BB orQ7 1.5BS 3S7G 
Fax: 071 -256 8501 



CJA 


Our cflent Is a leading International investment bank with research teams in 
the major financial centres. These high profile positions are an opportunity to 
build a reputation as an Economist and offer scope for career progression 

SENIOR ECONOMIST 

LONDON EXCELLENTSALARY+BENEFITS 

London is a main research centre with a small team of Economists. The successful candidate will 
prepare in depth economic and business analysis of the European economic, financial and business 
environment, for publication and in support of all areas of the business. There will be client contact 
and an important role to play in presentations. We seek an Economist with a minimum of 3 years 1 
experience in a financial institution with a track record in financial analysis. Flexibility and the ability 
to respond rapidly are essential. Reference SE4950/FT 



FINANCIAL ECONOMIST 


FRANKFURT EXCELLENT SALARY + BENEFITS 

This new position calls for an Economist, with a minimum of 3 years 1 relevant experience reporting 
on European economies, in depth knowledge of economic theory, the German economic 
environment and of capital markets is essential. Candidates should have the confidence to comment 
face to face on how economic events will impact on the capital markets as well as preparing a broad 
range of written economic analysis. Although reporting is in English, German language skills are 
essential. Preference will be given to candidates with post-graduate qualifications and experience 
in financial institutions. Assistance with relocation will be given. Reference FE4951/FT 

Applications in strict confidence quoting the appropriate reference to the Managing Director, CJA. 


yjm 




Deputy 
Compliance Officer 

A superb opportunity with a blue-chip 
investment management group 


m 


Our client is a major investment management house 
with almost £30 billion under management. They have 
an impressive global client base which includes pension 
funds, insurance companies, government agencies and 
central banks, mutual funds, charities, investment trusts 
and high net worth individuals. 

With the business undergoing expansion, the need has 
arisen for a Deputy Compliance Officer. The individual 
will join the existing team and have the opportunity to 
be exposed to ail aspects of fund management. There 
will be specific responsibility for retail produces. 

The successful applicant will be a graduate preferably 
professionally qualified. They must have had at least 
three years hands- on experience in the securities 
industry either within a compliance 


department or regulatory body. Regulatory knowledge is 
essential (this may have been gained within an IMRO, 
SFA or I.AUTRO environment) as is the ability to 
succeed in this rapidly growing business. 

This position will be particularly attractive to nilcntcd 
individuals with ambition and initiative looking to 
develop their career in a blue-chip organisation. 
Candidates should have excellent communication 
skills, both oral and written and a high level of 
diplomacy, initiative, leadership and tact. 

Interested applicants should send their CV ro 
Anna Williams at Michael Page City. Pago House, 
39-41 Parker Street, London WC2B 5LH enclosing 
full derails of their current salary or telephone 
heron 071 831 2000. 


Michael Page City 

InccmorkmxJ Rccniitmcni Cmull.ttiKs 
London hu A mat c r dm DumcUorf Sydney 









COLiPA is an important ana 
weli-establishec European 
Association, based in 
Brussels, its main purpose 
is to promote the Perfumery, 
Cosmetics and Tone-tries 
industry anc to further its 
scientific, technical, econo- 
mic and legal objectives. 
This is achieved by 
effeaivecommun:cat;o n 
with, the national Associa- 
tions and major companies 
representing the cosmetics 
industry, with other 
international organisations, 
and by consultation with 
the relevant E.U. bodies. 

COLiPA is seeking a fm/fs 



Excellent English is a must, good knowledge of French and/or German an 
asset, 

The successful candidate, to be based in Brussels, will have a technical degree 
in a bask Science and well-developed communication skills; most suitable 
qualification would be in pharmacy, chemistry or cosmetology. 

5-10 years background In a communications or public relations function fora major 
industrial organisation, regular contacts with consumer associations and/or 
government officials are other aspects of the ideal profile. 

In addition to expertise In information development and data handling, the job 
requires an open and enthusiastic personality. It Involves many international 
contacts and covers a wide scope of socio-economic and scientific subjects. 

The eagerness to succeed In a modem and challenging environment is essential; a 
self-starter, a team player, having strong inter-personal skills will have even more 
chance of success. 

Please write, enclosing your curriculum vitae to: Mrs Daniele Vranken, COLIPA, 
rue de la Loi 223/2. B-1040 Brussels, who will treat It in the utmost confidence. 





IV 


Documentation 

Lawyer 

A Global Opportunity 

Are you a qualified lawyer with 2-4 years experience and looking to move 
into the challenging and rapidly expanding world of equity capital markets? 
Merrill Lynch International Limited is looking for the right candidate to join 
its team on the Equity Capital Markets Desk in London. 

The role involves advising on and structuring all types of International 
equity capital market and derivative transactions currently taking place in 
Europe and the Far East. You must be able to grasp the practical workings 
of Merrill Lynch's business, be capable of quickly assuming responsibility, 
work efficiently as part of a well-managed team and use your Initiative 
with the minimum of supervision. 

The successful candidate should have at least 1 year's intensive 
experience working on international equity or equity derivative 
documentation with an international law firm or financial institution. 

Please write enclosing a full curriculum vitae and salary history, in 
complete confidence, to Elisabeth Steele, Personnel Manager, Merrill Lynch 
Europe Limited, Rope maker Place, 25 Ropemaker Street, London, EC2Y 9LY. 


Merrill Lynch 

A tradition of trust 



CROSS-BORDER LEASING 

Vacancies exist at potential director level with 
some top City names, seeking candidates 
aged 30/35 years, able to demonstrate 
success to date in providing Innovative 
financial solutionis, to complex high-value 
tax based cross-border leasing/asset 
financings. Applicants must have at least 
3/5 years off-balance sheet advisory or 
underwriting experience. 

Salary package HIGH + full benefits. 

UK CORPORATE 
LENDING/CREDIT 

Business Development 

Three vacancies exist for graduate bankers 
aged 27-33 years with sound credit/ 
risk analysis, documentation skills, plus 2/6 
years new business marketing/negotiating 
experience covering lending treasury 
commodities trade finance products. 

E28-E35.000 


JAPANESE WARRANT AND 
CONVERTIBLES TRADER 

Major International securities house seeks a 
trader with 1/4 years experience in either a 
market-making or proprietary capacity. 

EHIGH NEG. 

I.R. SWAP/OPTION 
TRADER 

The credit enhanced derivatives subsidiary of a 
major bank, seeks an experienced (2 years +) 
trader ideally experienced in £ or other 
European currencies. NEG £30-£60,000 

INTERNATIONAL TAX 
BASED FINANCE 

We seek tax specialists (ACA's) currently in 
banking providing an advisory fee-income 
generation service, covering leasing/ 
asset finance, capital markets and treasury 
products. NEG £30-£60,000 


Contact or send detailed CVs to BRIAN GOOCH/STEPHEN SHANAHAN 


mg OLD BROAD STREET BUREAU 

m3 Search & Selection Consultants 


65 London Wall. London EC2M 5TU 
Tel: 071-588 3991 Fax: 071-588 9012 


W: 

LOGITECH 

The Senseware Company 

LoGrruni is a rapidly expanding group of companies of worldwide reputation with Headquarters in 
Switzerland, the United States and Taiwan. It is specialized in the production and distribution of 
technologically advanced computer-related input and imaging devices such as mice, trackballs, 
hand-held scanners and digital cameras, as well as sound boards, integrated audio devices and 
joysticks. 

LOGITECH INTERNATIONAL S.A., the holding company for the Logitech group of companies, 
is currently seeking to recruit a 

TREASURER 

reporting to our Vice-President Group Finance, Logitech International S.A., based at our 
Headquarters in Romanel-sur Merges. Switzerland. 

Responsibilities would include: 

- Interest risk, cash- and currency exposure management and reporting for the group. 

- Cash flow forecasting. 

- Short and longterm financing and funding of group companies. 

- Bank relations. 

- Intercompany payments. 

- Oplimi/e cash availability and usage throughout the group. 

The successful candidate would ideally have the following profile : 

- University degree or similar qualifications. 

- Experience in the banking industry as well as in a multinational environment. 

- Be an excellent manager with strong negotiating skills and a hands-on style. 

- Excellent communication skills and ability to build good interpersonal relationships with people 
of ditfereni ethnic and cultural backgrounds; good ream player. 

- Expert in modern financial instruments. 

- Computer literate with good knowledge of financial spreadsheets, charts, graphs. 

- Strong financial accounting skills, clear understanding of accounting implications of treasury 
activities. 

- Be able to take initiatives, give advice, motivate and persuade people. 

- Ability to develop, implement and manage highly reliable treasury related information systems 
and related policies and procedures. 

- Fluency in French and English, while working knowledge of one or more other European 
languages is an asset. 

It' you meet these criteria and have the enthusiasm and dedication to work for this challenging and 
fast -evolving group, please apply in writing with a full CV to: 

Logitech SA 

Human Resuurccs Department 
Moulin Ju Chnc 
1 1 12 Rumancl-sur-Murges 


DERIVATIVES STRATEGIST 

£80-100,000 + Bonus 

Challenging opportunity for an experienced Analyst with a wide ranging Derivatives background. 

Working in London for a leading Investment Bank with a global coverage. 

The ideal candidate will have a is 1/2:1 in a numerate Degree plus a Quantitative Ph-D, and at 
least ihree years experience of Exchange Traded and OTC Derivatives Research. The main 
focus will be on Identifying and engineering trade strategies within Fixed Income Derivative 
Markets and will involve the creation of pricing models, (he valuation of products and the 
publication of trade strategies. The role will, naturally, require significant interaction with 
Salespeople, Traders and Clients. 

The compensation package for this position will be fully competitive with market rates and will 
reflect your experience and performance to date. 

Interested Individuals wtth the relevant skills should contact: 

Gail Baum on 071-936 2657, Fax: 071-683 6531 at 
Michelangelo Associates, International Search and Selection, 

36 Whftefriars Street, London EC4Y 8BH. 


Michelangelo 


PKRHflHINK 

SENIOR ECONOMIST HONG KONG 

Peregrine Brokerage, a pre-eminent financial institution based in Hong 
Kong and a key player in Asian securities markets, seeks a highly 
motivated individual to join its Economics Research team as a senior 
economist. 

RjespomibBitka would Include: 

- Evaluating I he economic outlook for China. Hong Kong and Taiwan, 
contributing to the formulation of a regional economic perspective, 
meeting regularly with clients both in Hong Kong and overseas, and 
supporting Peregrine's sales teams. 

- Writing economic research reports and contributing to cross-border 
sectoral studies. 

The successful candidate should have the following qualifications: 

- An excellent academic record, with a graduate degree in economics, 
preferably with a concentration in quantitative methods. 

- Two to three years' work experience as a macro-economist, preferably 
with exposure to Asia. Sectoral expertise would be a definite 
advantage. 

- Fluency in English and Mandarin is essential 

- Strong computer skills, knowledge of standard software 

- Excellent writing and speaking skills. 

- A self-starter and a learn player. 

The position offers a competitive compensation package and excellent 
opportunities for career development. 

Please send resume to: 

Christine Lai, 

Group Human Resources and Office Administration 
Peregrine Brokerage Ltd. 

21st Floor, New World Tower 
16- IS Queen's Road Central 
Hong Kong 
Fax: (852; -877 9277 


financial times 


FRIDAY MARCH 4 1994 



Financial Services 
Executive Search 



Odgers has long been a major player in corporate executive «wh- 
working in a wide variety of business sectors to recruit at Ooarn .u 
partner level. 

The firm is a member of Leaders-Tmst Odgers Group. w»th vtfnM* 

London, Paris, Munich. Geneva, Zurich, The Hague and Madrid. 

It now wishes to extend its Ciiy practice, with die recruitment ol an 
additional senior consultant, who will lie responsible tor deyoFopinj, a t< 1 
quality executive search business among a wide variety oi r in. inci.it 
services clients. 

We invite applications from professionals with at least til icon veao 
business experience, whose backgrounds will include: 

• a good first degree, ideally with additional academic, 
professional/busincss school qualification 

• a significant career in banking, stockbroking and/or linand.il 
services consulting, in a blue-chip environment 

• experience in advising clients at top management level 

• demonstrable business development achievement in their field 
of activity 

Please write to lan Odgers, Chairman. All approaches will be treated in the 
strictest confidence. 


Executive Search Consultants 
Odgers and Company Limited 
7 Curzon Street, London WIY 7FL. 




SWITZERLAND 

THE BANK FOR INTERNATIONAL SETTLEMENTS 


I Opportunities with Deutsche Bank Croup I 


an international institution located in Basic 
with approximately 450 members of staff from 24 countries 

has an opening to join a small team working in the 

TREASURY RISK 
MANAGEMENT AREA 

of its Banking Department. 


fhe successful candidate will be aged between 25 and 30 with a 
university degree (ideally in finance or economics) or equivalent. 
Banking experience in a Treasury Division, preferably in the risk 
management area, is essentiaL A knowledge of financial mathematics 
and training in risk monitoring would be beneficial- In addition 
candidates must be computer literate with an excellent, command of 
English; a walking knowledge of French and/or German would be an 
advantage. 

The Bank offers attractive conditions of employment in an 
international atmosphere and excellent welfare benefits. 

Recruitment will be on the basis of an initial two-year contract 

Candidates should send Iheir application, together with a recent 
photograph and references, to fhe Personnel .Section. Bank far 
International Settlements, 4002 Basle, Switzerland, quoting Reference 
No. 94186. 



S UNIVERSITIES 

SUPERANNUATION 
SCHEME 

OVERSEAS EQUITIES MANAGER 

AND 

FIXED INTEREST MANAGER 

Universities Superannuation Scheme is the occupational pension 
scheme for academic and senior administrative staff of die old 
UK. universities and some other higher educational and research 
institutions. 

The London investment Office Is looking for two experienced 
Fund Managers. 

The Overseas Equities Manager will be responsible for a small 
team with portfofio investments In America, Europe and the 
Pacific of nearly £2 billion. The position will need a person with 
about ten years' experience gained In die major overseas markets. 
The Fixed Interest Manager will be responsible for investments In 
international bond and currency markets. Total bond investment 
currently stands at £450 million. The ideal candidate will have 
about eight years' relevant experience. 

Successful candidates will be required to operate effectively 
within a small team. 

The positions require self -motivation, an inquiring mind and an 
open personality. 

A competitive salary package is offered. 



V 

JLou are a graduate in economics/ 
business administration and have 
at least two years experience as 
equity analyst and/or institutional 
portfolio manager of UK equities. 
You are familiar with modem 
portfolio theory, analytical PC- 
systems and you would enjoy 
working in a multicultural team. 
You have excellent communication 
skills and hopefully some know- 
ledge of German. You have a EU- 
working permit. 


If you meet these criteria, we 
can offer you an opportunity in 
our European Equity Portfolio 
Management Team. You would 
be primarily responsible for our 
UK top-down, bottom-up invest- 
ment approach, fundamentally 
driven with medium to long term 
investment horizon. Coverage of 
additional European markets 
and/or industry sectors depends 
on qualifications. Portfolio 
responsibility will be given. 


Portfolio Manager/ 
Senior Portfolio Manager 
UK -Equities 


As a 100%-subsidiary of 
Deutsche Bank AG with offices in 
New York, Tokyo and Singapore, 
we are independent in our 
investment approach. Our 
institutional customer base is 
globally diversified. We have 
assets under management in 
excess of USD 7 bn. We offer a 
challenging and exerting career 


In Frankfurt and a competitive 
remuneration package with 
additional benefits. 

Please forward your resume to 
Heike Baur, Deutsche Asset 
Management GmbH (DBAM), 
Bockenheimer Landstr. 42, 

D -60323 Frankfurt am Main. 

■ Let's talk about it. 


Deutsche Asset Management 

Deutsche Bank Gruppe 



Please forward a detailed cv. to: Peter Moon, 
Universities Superannuation Scheme Limited, llth Floor, 
No I, Angel Court, London EC2R 7Hj. 


SENIOR CONSULTANT 

INDEPENDENT TECHNICAL PROJECT 
REVIEWS 

Major UK, USA firm providing consultancy services 
worldwide is seeking a professional to undertake and 
manage technical, economic and business reviews of 
privatised power and occasionally petrochemical projects. 
Position would include business development activities 
and preparation of consultancy proposals. 

Applicants should have technical and commercial 
experience with the electric power Industry and also 
preferably with the petrochemical sector. 

In particular, we seek an Individual familiar with plant 
design, construction and/or operation, and ability to 

conduct contract and proforma analysis, to work with 
lending banks and project developers. An engineering 
degree backed with business or finance qualifications is 
ideal. 

Interested parties shotrid write, enclosing CV, to 
J E Harper, Stone & Webster Management Consultants 
Limited, Stone & Webster House, 500 Elder Gate, 
Central Milton Keynes, Bucks MK9 ISA. 



Stone & Webster 


3TONE & WEBSTER H AN BXI*L OWtWn»fflES EMPLOYS! 


Senior 

Private Bankers 


London and Bahrain 

Banque Nationale de Paris, one of the world's largest banking organisations 
wishes to recruit two Senior Private Bankers, one to be based in London and 
the other in Bahrain. Both individuals will be required to source and market the 
full range of BNP's investment services to high net worth clients and 
institutions in the Middle East 

The successful applicants will have a proven track record in selling 
investment services and be capable of achieving demanding sales 
objectives in a competitive market Experienced in investment products 
including securities, managed portfolios, foreign currency and investment 
advisory counselling, you will also have extensive high level client contacts i 
the Middle East particularly Saudi Arabia. Knowledge of Arabic would be 
advantageous Good personal presentation and unquestionable intenritv 
of the utmost importance. ^ y 

A competitive remuneration package is offered. 

If you have the background and experience we seek, please writP in ih* 
instance with full career details to Mrs Paula Keats. Personnel MananTr ™ 
Please indicate clearly the position for which you are applying. a 

Banque Nationale de Paris pic, 

PO Box 416, 8-13 King William Street, 

London EC4P 4HS. Tel: 071-895 7223. 


tn 


are 






FINANCIAL TIMES FRIDAY MARCH 4 1994 


V 


TRAINING MANAGEMENT 
IN THE CITY 

N M Rothschild & Sons is looking few a high-calibre, self- motivated individual who 
can make a significant contribution to its training operations. Demand for this quality 
resource is growing rapidly; there is strong commitment to training throughout the 
group, and this rote is seen as crucial to the function's continuing development. 

As Assumnr Training Manager, you will concentrate on the design and delivery of 
effective programmes covering the full spectrum of training activity from induction to 
management development. Your responsibilities will include identifying and negotiating 
appropriate external resources, contributing to overall rraining policy, and developing 
training plans for individual business unirs. 

Aged 30+, you will need a thorough knowledge of the Gey, a good degree (ideally 
supported by a professional qualification), and proven training experience in a merchant 
banking or similar environment. Computer literacy is essential, while a strong technical 
orientation would be advantageous. Exceptional communication skills, a flexible, 
creative approach and the ability to deal with high-level individuals are further 
key requirements. 

An excellent remuneration and benefits package will be available for the right per- 
son. Please apply, enclosing your detailed cv, to Rodney Lonsdale, Personnel Director, 
N M Rothschild &. Sons Limited, New Court, Sr Swjthin's Lane, London EC4P 4DU. 


Assistant Fund Manager 

Fixed Interest 

The growth of funds in this £2 l n billion fund management 
operation has created an attractive opportunity for a young 
fixed Interest investment professional to become assistant 
to the head of fixed interest, in this role you will be 
responsible for managing the fixed interest content 
of several insurance, pension and charitable funds invested 
in a wide range of instruments in the UK and international 
markets. You will also play a significant part 
in the formulation of fixed interest policy and tbc 
client repotting process. 

Probably a graduate in your mid twenties, you will ideally 
have gained 2-4 years' broadly-based fixed interest 
experience. Alternatively, you could be a UK specialist 

seeking a more internationally diversified role. You must 
be numerates, performance -oric nia ted and team-minded. 

The position offers a competitive salary and benefits 
package and the opportunity to develop your career 
in an expanding, welt- focused, friendly environment. 
To apply, please write in confidence to: 



IMR Recruitment Consultants, No.l 
Northumberland Avenue, Trafalgar Square, 
London WC2N SBW. (tel:. 071 872 5447). 

INVESTMENT MANAGEMENT RESOURCES 


1 


ASSISTANT FUND MANAGER, 
GILTS AND FIXED INTEREST 

Competitive salary plus financial sector benefits 




Collective Investment Scheme 
Regulator/Compliance Officer 

The Russian investment fund industry is vibrant, important and scarcely 
regulated. The authorities have been working, with the assistance of UK experts, to 
introduce appropriate regulations and set up enforcement systems. 

The UK Know How Fund has agreed to provide the services of an experienced 
fund regulator or compliance officer to work with the newly formed investment fund 
regulation uniL 

Important requirements are experience, either as regulator or as regulated fund 
manager, of making rules, commenting on rules, enforcing rules or ensuring 
compliance with rules; good judgement on priorities in regulation and good 
knowledge of potential abuses and weak spots in regulatory systems; ability to 
communicate and provide on the job training; experience of fund management in 
more than one jurisdiction and preferably experience of off-shore and/or emerging 
markets; and willingness to devote significant time to Russia, probably up to six 
months resident in Moscow. 

Familiarity with the development of the economies of the former Soviet block 
since 1990 and knowledge of the Russian language would be an advantage. 

Back up and liaison will be available from a firm of British consultants, who 
frequently visit Moscow, advising the Russians in this field. 

Closing date for receipt of completed applications is 25 March 1994. 

For further details and application form, please write to Appointments Officer, 
Ref No AH369/PF/FT , Abercrombie House, Eagles ham Road, East Kilbride, 
Glasgow G75 8EA, or telephone 0355 843633. Fax 0355 844099. 

ODA is committed to a policy of equal opportunities and applications for this past are 
sought from both men and women. 




ax 


OVERSEAS 

DEVELOPMENT 

ADMINISTRATION 

BRITAIN HELPING NATIONS TO HELP THEMSELVES 


All applications will be treated in the strictest confidence. 



N M ROTHSCHILD & SONS LIMITED 


QUANTITATIVE ANALYST 

James Capel, the international securities house, is looking to employ 
a Quantitative Analyse for its division, James Capel Quantitative 
Techniques. The division is based in Edinburgh and offers a wide 
range of services relating to global asset management. 

Wc require a quantitative analyst to help with Che maintenance and 
expansion of our activities in several areas. These include 
international index portfolios, smaller companies portfolios, James 
Capel’s proprietary indices, and analytical research. If necessary, 
training will be given in each area. 

The successful applicant will have a good knowledge of international 
stock markets, indices, and general techniques of quantitative 
analysis. He or she must also have a solid background in mathematics 
or a related discipline, and be familiar with computers and databases, 
preferably DEC-VAX and ORACLE. Presentational skills and 
experience in client contact would be advantageous. 

The position requires both the relevant technical skills and the ability 
to integrate with a team of ten analysts. Remuneration will be 
according to experience and determined by the ability of the 
appointee. 

Please apply in writing only, stating current salary, to: 

Miss Jody Fenton, James Capel Quantitative Techniques, 

Capital House, Festival Square, Edinburgh, EH3 9SU. 

James Capel 


INTERNATIONAL SECURITIES HOUSE 

wnAfrHSBC tO group 


BOND SALES 



- Yen Specialists 


Sumitomo Finance International pic Is the London-based 
capital markets subsidiary of the Sumitomo Bank Group, 
one of the world's leading banking organisations, with 
assets of $500bn. As part of our expansion strategy, we 
are looking for able and motivated professionals to join our 
growing Yen sales and trading business. Successful 
candidates are likely to have at least two to three years 
experience of the Yen market, with a good track record of 
selling to major institutions. 

Please reply In confidence to Mrs Cheryl Mead, 
Sumitomo Finance International pic. Temple Court, 
1 1 Queen Victoria Street, London EC4N 4UQ. 

Sumitomo Finance International pic 


Financial Markets and Products 

We are market leaders in providing specialised training and management development for 
banks and financial institutions worldwide. Our unparalleled reputation for quality and 
innovation has led to increased demand, and we are now seeking an additional Training 
Professional lo join our London-based leam. 

Candidates should have a sound knowledge and practical experience of two or more of the 
following areas: capital markets, treasury products, derivatives, corporate finance, or 
ALM. Excellent presentation skills, and the ability to express concepts clearly, both 
verbally and in writing, arc essential. Computer literacy, and a confident personality 
! combining creativity and initiative, arc also necessary. The willingness and ability lo 
j travel frequently is vital. Teaching experience and knowledge of a foreign language would 
i ^ advantageous. Salary will be negotiated according to ability and experience. 

Write, in strictest confidence, with full personal, career and salary details to: 

Box B2293. Financial Times, One Southwark Bridge, London SEl 9HL 


Sun Ufa investment Management Services has a successful trade record 
in the competitive Investment market and to keen to appoint a motivated 
and experienced IndMduaMo join its estaMsfwd team. 

Reporting to the Head at Fixed interest, you wO primariy assist with the 
day-to-day management of the funds with opportunities at an early stage 
to participate In kxmutatkxi of the Group's investment poticy. 

Successful applicants wtl require the Mowing attributes; 

• educated to degree level 

• 3 years, aft and/or fixed interest rrarint experience 

■ first doss analytical and computer expertise including spreadsheet 
appdeettons 

• excellent communication and Inter personal 
■Mta 

interested applicants should send their CV 
(quoting current renumeratfon) ta 

Harriet Calling, Sun Life Assurance Society. SUN UUF TB 
107 Cheapslde, London E<»V SOU. ■mn mwwMa cmar 

Sun Ufa offers equal opportuntiies In employment and welcomes 
applications from suttabty qusMed people regardfasa of sex, marftad 
status, ethic origin or dWSOtyi 



INSTITUTIONAL EQUITY 

SALES ASSISTANT I 

Bright, highly motivated. NYSE registered Sales Assistant required for' 
London based US stockbrokers. Candidate will work with an 
experienced US broker, marketing US equities to UK and Cofitftental 
Europe Institutions. Suitable candidates must possess excellent 
telephone ekllle; french fluency, helpful; Word Perfect and 
Spreadsheet proficiency. Position Involves minimal administrative 
duties. Attractive compensation package. 

Please send or lax your cv to KOss BA Mason. Box B2290, 

Financial Times. One Southwark Bridge, London SEl 9HL, 

Pax Number 071-283 9417 


Have Financial Ad Sales Experience? 
Will Travel? 

Wc are a small, dynamic, fast-growing company which publishes an 
international monthly magazine read by corporate officers and their advisers. 
Wc are currently undergoing expansion and are looking for an enthusiastic 
self-starter to join the sales team. 

Do you speak at leust one other European language well? Do you have more 
energy and ability than you know what to do with? 

Then write with your cv to: Box 82297, Financial Tines, 

One Southwark Bridge, London SEl 9HL 


ANALYST 

Prestigious Investment Firm 
has an outstanding position for an experienced 
analyst to help manage a risk arbiirage/distressed portfolio. 
Good benefits. Curriculum Vitae to: 

Bax 2291, Financial Times, 

One Southwark Bridge, London SEl 9HL 


EXECUTIVE APPOINTMENTS TO £150,000 

JOB SEARCH MADE EASY WITH OUR EXPERT HELP 


For over 14 years tho largest network of 
career centres in the UK has specialised 
in identifying unadvertised vacancies 

for fop executives. Ring now lor a britains number one 
confidential mooting without con: executive career service 
32 Sairife Row, London W1X1AG Tet 071 734 3879 Fax; 071 734 2620 



APPOINTMENTS WANTED 


European Editor 

Investment Research 

Senior analyst with unde experience of UK and Continental equities and 
markets and with first-class editing, writing and language skills seeks 
London-baaed post as 

Managing Editor 

of a European research product. He has been performing a similar job for 
some time for a major European institution with notable success, setting 
up and miming the translating and editing teams and creating a product of 
acknowledged excellence, but he now wishes to return to London for 
family reasons. Languages: English (mother tongue). German, Italian, 
French. Spanish. 

Write to Box 82296, Financial Times, 

One Southwark Bridge, London SEl 9HL 


TAX SOLICITOR 

Solicitor with extensive east European expertise 
(including tax, J Vs, privatisations, securities) 
seeks London-based position. 

Write to Box B2295, FI uncial Haws, 

One Southwark Bridge, Loudon SEl 9HL 


INFORMATION TECHNOLOGY & 
COMMUNICATIONS EXECUTIVE 

Successful track record of managing information technology and 
comraimicaiiorts activities for multinational organisations, with considerable 
practical experience in Europe, Asia. North and South America. 

Swiss resident national of Great Britain and Switzerland, bilingual in English 
and French with knowledge of German. 

Seeking challenging assignment in Europe, Asia or USA 

Tel: (Switzerland ++41) 21 943 28 S3 
Fax: (Switzerland +441) 21 943 42 86 


DMS 


MANAGEMENT CONSULTING 

Our client is a leading Swiss insurance group with worldwide activities and a 
qualified Management Information System of strategic significance. To strengthen 
the Development and Implementation Team at the Zurich Head Office, we arc 
looking for a 

QUALIFIED ACTUARY 

whose principal functions will include the definition and preparation of MIS- 
relevant data and information obtained from German-speaking countries, for the 
attention of Group Management, whereby you will act as an important coordination 
hub for the Foreign Branches and Head Office. 

The successful candidate will combine commitment and specialist competence with 
several years of experience in the Non-Life insurance business and know-how with 
regard to the evolution of a Management Information System. Such highly 
internationally-oriented activities require a well-developed understanding of the 
s trategic settings, German- and English-language negotiating skills, as well as 
willingness to travel. 

Call Mrs. M. Meyer for further details, or send us your complete resume and 
pertinent supporting documents. Full confidentiality is guaranteed. 

DMS DR. MAX SCHNOPP & PARTNER ZURICH AG 
ETZELSTRASSE 23, 8038 ZURICH, TEL. 0041 1 482 23 73, FAX 0041 1 481 90 06 

SWITZERLAND 



Public Sector/Prqject Finance 

Westminster - London 


Our client, part of a large AAA/Aaa European financial institution, 
is established as a long term high quality lender in the UK. It 
wishes to expand its operations in the areas of education, health, 
environmental development and infrastructure projects. 


There is a requirement for a 
commercial banker, preferably 
with project finance experience, 
to research/analyse the potential 
of new markets for the bank, put 
forward lending strategies and 
implement them. He/she will have 
demonstrated the ability to lend 
intelligently and with sound judge- 


ment in complex situations and to 
seek out propositions of quality. 

Candidates must have first-rate 
banking training, about 5 years’ 
directly relevant UK experience, 
a good grasp of French and the 
preferred age is 28 to 33. The 
salary is in the range of £30,000 
to £33,000 plus benefits. 


Kidsons Impey 
Search & Selection Limited 
29 Pall Mall, London SW1Y 5LP 
Telephone: 071-321 0336 
Fax: 071-976 1116 


UK. Fmiw Genwuqt 11 * 1 * Austria, Hoocant Poland, 
Mgfnm, Swiiaortand, Czech BoptUb and Slovakia 


KID50XS 

IMPEY 


MiCmaloH 

H M a a tfS u rt C ma 


Please forward a full 
CV quoting reference 
number 728 to 
Terry Fuller, 

Director . 





Pan-European Salesman - 
Equity Sales Desk 

Zurich 

The Socicte Gcncralc group has a network of equity dealing businesses in Europe's main financial 
centres integrated under the name Socicte Generate Equities Sc Derivatives (SGED). 

As pan of its ongoing development p] .ins, SGED is now seeking to recruit a pan -European salesman, 
based in Zurich, with analytical experience and knowledge of at least two European languages, 
including English, to serve investment clients resident in Switzerland, on European equities. 

The rote will be supported by daily contact with SGED’s analytical teams throughout Europe and 
will aim to provide the highest quality service and advice on European equity investment to existing 
clients. SGED’s central research database provides on-line, continuously updated material. 

The position offers the successful candidate considerable potential for further promotion within the 

Socicte Generate group. 

if you would like to join our exciting and highly motivated team of professionals, please contact, in 
confidence: 1 lugh Hughes, Chief Executive, Socicte Generate Equities International, Exchange 
House, Primrose Struct, Broad gate, 1-ondon F.C2 (telephone 071-638 9000). 


SOCIETE GEN ER ALE EQUITIES & DERIVATIVES 


Satiric Generate a a meitilvr nf the Saurian and I uiuta Authority, the london Sloth AuAoigr 
,uhl liiU-nutiond Wtnr<fjf» M,iritct AiwrulNit 












PWANCrALTlMIB FRIDAY MARC.. 4, « 




•c2 r .'U»r» 


H I M . . y » Tj^v 

“ wyy.'ffyjj v < 



Head of Documentation 

Foreign Exchange and Money Markets 




London 

Our client, a major British hank, is a leading player 
in the global financial markets. Sustained growth, 
coupled with a new business strategy, has led to 
the establishment of a dedicated Foreign Exchange 
and Money Markets documentation team. 

This is a new position where responsibilities 
will include: 

• managing and running the documentation 
team on a day to day basis 

• liaising with sales and trading staff and with 
the Legal anj Credit Divisions as necessary 

• negotiating with counterparties and finalising 
documentation to support global trading 
activities 

• establishing an efficient administration system. 
The successful applicant will have 
extensive experience in the operations 


£Exceilent 

and trading area of money markets with a sound 
knowledge of all standard form FX/MM 
documents. A self seiner, you should have the 
capability to set up and lead a new team consisting 
of documentation specialists from differing 
professional backgrounds. 

This important and challenging rule provides a 
rare opportunity to work with a market leader. For 
the right candidate an a c tractive package, based on 
a generous salary, will be awarded. 

Fur further information please contact Tim Smith 
on 071 83 1 2000 or wrire to him, enclosing a 
detailed Curriculum Vitae, at Michael Page City, 
Page House, 39-41 Parker Street, London 
WC2B 5LH. Fax 071 405 9649. 

All applications will be treated in the 
strictest confidence. 


Syndication Manager 

London £Attractive Package 

Our Client is a wholly owned subsidiary of one of the world's major banks. It is a leading player in ' 

demanding arena of die International Capiad Markets, arranging and participating in it p ' 1C v 

private placements. 


The responsibilities mcludc: 

• Formation of syndicacs 

• Broaden and develop the client base 

• Work wirh the origination ream to search for and 
win mandates 

• Maintain relationships with other securities houses 
participating in the International Capital Markets 

■ Ensure, as lead manager, all necessary 


It is essential that candidates possess: 

• An in-depch knowledge of the international debt 
markets 

• A track record of executing complex transactions 
fiir sovereign and corporate issuers 

• A highly developed ability to negotiate 

• An enthusiastic, yet mature approach to business 

• Sound people management skills 


Michael Page City 

lmensiibin.il Kixniirnwm Gmulmna 
London Pam Amsterdam Dusscldorf Sydney 









Trading and Sales 

International Capital Markets 


London 


£Excellent Package 


Our Client is one of rhe world's hugest liiumiiul institutions. It is n leader in rhe underwriting, muling and distribution of 
enpir.il markets pruduers. and provides investment banking and advisory services to an international client base. Continued 
expansion and a new strategic approach has dented exceptional opportunities for two highly motivated professionals. 


New Issues Trader 

Hie successful candidate will trade in a range of New Issues, 
including equity linked, and should possess a strong track 
record with at least three years' relevant experience. You 
will be purr of ,i highly successful trading team covering 
.ill major bond markets. Potential applicants are likely to be 
currently trading in the secondary market across a wide 
range of currencies and New Issues. They will be highly 
motivated self starters and have the ability to integrate 
with dedicated teams involved in the origination, sales 
and distribution of bond issues. Ref 175879. 


New Issues Sales 

A key element of this position will involve the sales and 
distribution of fixed income and equity linked products 
to international Institutional Investors wirh emphasis on 
Europe and Asia. Gindidutcs will have a proven track recunl 
in Institutional bond sales and ideally have experience of 
public offerings and private placements. As pan of a highly 
successful sales team covering all major bond markers, you 
should have the ability to implement strategies to develop 
the customer base and facilitate long term business growth. 
A second language would be advantageous. Ref 175880. 


These positions represent excellent opportunities to join a highly profitable institution committed to growth and 
development. Remuneration, based on a generous salary, is highly competitive. Interested candidates should contact 
Tim Smith or Gavin Starling, quoting the relevant reference, on 071 831 2000. Alternatively send or fax a full curriculum 
vitae to them at Michael Page City, Page House, 39-41 Parker Street, London WC2B 5LH. Fax 07 1 405 9649. 


SIP 


Michael Page City 

Irui-nvmoaii Ruvniumetu Cu*mltiiitr» 

London Paris Amsterdam DtuscUorf Sydney 


documentation is agreed 

A competitive salary and package will be awarded to the successful applicant, reflecting the experience 
and capabilities required for this challenging role. Interested candidates should contact mi rmt 
on 071 831 2000 or write to him enclosing a full curriculum vitae, at Michael Page City, Page House. 3 
Parker Street, London WC2B 5LH. Fax 071 405 9649. 


Michael Page City 

[nienuilmul RccnUuucnr Consultants 
London Pork Anutcnkua Danddotf Sydney 




FOOD SECTOR SPECIALIST 
FINANCIAL SERVICES - IRELAND 


Our client is one of the top established names 
operating in the Financial Services industry in 
Ireland. The company requires an Analyst to 
look after the interests of corporate clients 
operating in the food and agriculture sector in 
Ireland. 

Applicants must have a full knowledge of the 
sector and an understanding of the implications 
of changes in the industry in the European 
Union and futher afield. They must also 
demonstrate a proven track record of good 
communication, analytical, written research and 
oral presentation skills, together with a well 
developed financial and corporate awareness. 


Applicants should have a degree and / or MBS 
with relevant experience, be self motivated, 
energetic, and capable of meeting deadlines 
under pressure. 

Rewards will be generous for the right candidate, 
reflecting the importance of the position. 

Applicants should contact David Wilkes or 
forward a CV. to: Careers Register Ltd., 

9 Anglesea Street, Dublin 2, Ireland. 

TeL- 353-1-679 8900. Fax: 353-1-679 1970. 

All replies will be treated in the STRICTEST 
OF CONFIDENCE and identities will not be 
disclosed to our client without prior permission 


careers 




ASSOCIATE: PMC INT • VIENNA - BERLIN ■ BRATISLAVA • BUDAPEST • DUBLIN - LONDON • MOSCOW • PRAGUE • SOFIA - WARSAW 




Compliance Officers 


London 

Our client is one of the foremost Securities 
Houses dealing in global securities, commodities 
and derivatives markets and is a leader in cross 
border corporate finance work. 

Continued growth has created the need for 
additional compliance support, with positions 
focusing on firmwide compliance, policies and 
procedures, fixed income sales and trading and 
commodities trading. Successful candidates 
will have excellent skills and be familiar with a 
wide range of rules including those of the SFA, 


Excellent packages 

Bank of England, Take Over Panel, LME and 
the Stock Exchange. 

Relevant industry experience is essential 
together with a degree and, ideally, a legal or 
accounting qualification. 

Suitably qualified candidates seeking a 
challenging career, excellent remuneration and 
prospects should write, enclosing a full CV in 
strict confidence, to: Geoff Selby (Ref. GR/115), 
Roose and Partners Advertising Limited, 

LOO Gray s Inn Road, London WClX 8AU. 


ROOSE & PARTNERS 


HEAD OF RESEARCH AND SENIOR ANALYSTS 

An opportunity to work in Thailand in a leading finance and securities company, KRUNGTHAI THANAKTT CO. LTD (KIT), a wholly- 
owned subsidiary of slate-owned KRUNGTHAI BANK. Due to rapid expansion of its local and international business, KTT wishes lo 
appoint a high calibre senior executive and senior analysts lo help develop and expand its existing Thai research operations. 

Head of Research Position 

The successful candidate should have: 

* At least 4-5 years equity research experience 

* Excellent grounding in fundamental research 

* Proven strong management skills and ability to lead and train a team 

* South Host Asian experience preferred but no a requisite 

Senior Analysts Positions 

The successful candidates should have: 

* At least 2-3 years equities research experience 
- Proven analytical capability 

* Aggressive attitude and an innovaiivc approach to equities research 

* South East Asian experience preferred but not a requisite 

AH applicants please send in Curriculum Vitae, indication of current and expected salary and examples of published research to: KTT Co. 
Lid., PO Box 82294, Financial Times, No One Southwark Bridge. London SE1 9HL 

Applicants whom have not received a reply within one month should consider their applications unsuccessful. 


Head of Operations 

Investment Banking - Back Office 


Middle East 


c£45k tax free + attractive benefits 


Our client is oae of the largest banks in the 
Middle East with global financial interests. 
They are seeking an experienced Head of 
Operations for their Investment Division to 
play a pivotal role in the Bank's strategic 
development plan. 

The Bank has undergone considerable 
internal change with the introduction of new 
products and services tailored to meet the 
increasingly sophisticated financial needs of 
Its customers. This has resulted In enhanced 
efficiency and a new state-of-the-art 
automation system. 

As Head of Operations your objectives tie 
In neatly with this, with responsibility for 
effectively managing the efficiency and quality 
of back office functions of the Investment 
Department, covering discretionary and non- 
discretionary brokerage, mutual funds and 
Islamic products. You will also be 
instrumental in reducing risk, as well as 
Improving productivity through more effective 


use of resources, processing methodology and 
work flow. 

A capable man-manager, leading by 
example, you will be actively involved In 
training, developing and motivating your 
team. You will also contribute to the provision 
of effective communication with senior 
management across a broad range of 
disciplines. 

A tactful and diplomatic approach Is 
necessary to resolve operational Issues. This 
will require a strong background in retail 
banking, with previous experience of 
Investment Operations and the 
implementation of a computerised system. 

In addition to an attractive salary you can 
expect a range of expatriate benefits that 
Include fully paid housing, annual air tickets, 
medical cover and married/s ingle status. 

Please write In confidence with full career 
and salary details to Tim Knight, Ref: 1363/1, 
MSL International Limited, 32 Aybrook Street, 
London WIM 3JL 


MSL International 


Consultants in Search and Selection 


FUTURES AND OPTIONS SALES 


Senior Brokerage role for an experienced 
individual with in-depth Financial Futures & 
Options experience. 

The ideal candidate will have a minimum of 
four years experience of Exchange Traded 
Futures & Options Sales covering the 
European and UC Exchanges. The position 
will have responsibility for institutional Clients 
based in the UK, US and some North 
European countries, developing the business 
and providing an accurate execution service 
within a volume environment, while supplying 
professional fundamental strategy plays and 


solutions. 

To work in London for the established and 
expanding International Futures & Options 
arm of a leading Bank with a network 
covering the major exchanges. 


The candidate should be well educated while 
fluency in a European language would help. 


The salary for this position wilt be fully 
competitive with market rates and reflect your 



Interested individuals with the relevant skills should contact: 

Oliver Wells or Barry Hart© on 071-036 2857, Fax: 071-583 6531 or write enclosing a full CV to: 




















na 8 fir 


FINANCIAL TIMES FRIDAY MARCH 4 1994 


h 


FUND MANAGEMENT 

European Equities 

A new position has Ixren created in order ro augment the ream which reflects tiie growing 
importance of the European Markets. The candidate will have the opportunity to share responsibility 
for die management of the European Equity portfolios of legal & General totalling over iSOOm. 

You will manage dedicated funds, be responsible for selecting stocks within specified countries and 
participate in asset allocation. 

' lou must ^ lavc at least three to five years experience of the relevant markets and be dedicated to 
goott sustainable performance. You are likely to lx: a gr.iduate and a member of J.LM.R., and this will 
probably bo your second major career move since becoming involved in Investment Management. 

Index Fund Manager 
UK Equities 

Continued success in winning new clients has resulted in the need to increase the size of the fund 
management team responsible For Legal & General’s substantial index hinds business. Wc are looking 
for a person to assist in the management of the UK equity index funds totalling £10 billion. 

''ou must be a graduate and have at least three years experience of managing index funds including 
negotiating terms for programme trades. Experience of making presentations to existing and potential 
clients will also be required. 

The position is flexible and the level of responsibility will reflect die experience and capability of the 
successful candidate. 

These positions offer competitive remuneration packages commensurate with experience. 


SOUTH EAST ASIAN EQUITIES AND DERIVATIVES 

An American Securities House with an excellent reputation for Trading and Primary issue Business within 
both the established and emerging markets is looking to develop coverage of the South East Asian Equity 
Markets. This is an opportunity for self-motivated, enterprising professionals to develop their business 
within a competitive and stimulating environment 

The main requirement is lor individuals or teams involved in the following areas:- 

* South East Asian Equity Sales to UK and European institutions. 

* South East Asian Convertible Sales. 

* South East Asian Convertible Trading. 

In order to qualify for these positions candidates should be highly experienced with a proven track record 
within their field and the ability to manage and advance business. The successful applicants will benefit 
from the support of a professional, established Equity Operation and wili be offered an extremely rewarding 
remuneration package. 

Interested individuals with the relevant skills should contact 

Nick Hudson or Miranda Scott on 071-936 2857, Fax: 071-583 6531 
at Michelangelo Associates, International Search and Selection, 

36 Whitefrfars Street, London EC4Y 8BH. 


Michelanselo 


: U 1ST 
5 ^ 1 A \r 


Please send your C.V. together with your current remuneration details to: 

Marianne Macdonald 

Senior Personnel Officer 

Legal & General Investment Management 

Bucklcrsbury House 

3 Queen Victoria Street 

London EC4N 8EL 


Leghl^^ 

General 


A member of IMRO 


Investment 

Management 


Legal & General Is an equal opportunities employer 


CJA 


RECRUITMENT CONSULTANTS GROUP 

2 London Wnll Buildings, London Weill, London HC2M 
To): 07 1-580 3588 or 07 1-580 3576 
Fox: 071-256 050 1 


CITY OF LONDON 


li mis 


GLOBAL FIXED INCOME 

Exceptional opportunity within fund management 

Our client Is a major Internationally known US name whose London based 
asset management team has an excellent record In managing fixed Income 
funds for institutional clients and mutual funds. With sophisticated 
techniques and supported by the resources or a major financial services 
organisation they are poised for substantial growth in funds under 
management and seek two additional fund managers. 

Candidates should be graduates. In their mid 20s to 30s. with a 
demonstrable track record In the global fixed Income markets. Experience 
could have been gained within research, proprietary trading or fund 
management but essential criteria include strong analytical skills, strategic 
thinking ability and team orientation. 

It is likely that these roles will appeal to highly motivated Individuals who 
seek the opportunity to make a notable contribution In a professional team. 
Base salaries and bonuses will be highly competitive and the scope will be 
considerable in this fast growing dynamic business. 

For an initial discussion in confidence please contact us quoting reference 
4795 at 20 Cousin Lane. London EC4R 3TE. Telephone 07 1-236 7307 or Fax 
07L-4S9 1130. 


STEPHENS 

SELECTION 

a A STEPHENS GBWJP CONSULTANCY ITT? 
_ London EdMMrgh No* York Hoag Koaf 


. . : uspMfeWrtUEtdptai' . 

• • ■ mt&vm • 


New position with scope for rapid career progression 

M INVESTMENT BANKING - 

INDIAN SUBCONTINENT 

CITY OF LONDON VERY COMPETITIVE PACKAGE 

MAJOR INTERNATIONAL SECURITIES HOUSE 

Our client is building a team to cover the Indian Subcontinent from London. We invite applications from 
candidates, likely to be aged 27-35, with 2-3 years’ experience in Capital Markets transactions, and deal 
structuring. The successful applicant will develop relationships with corporate and public borrowers for bond 
issues, equity and equity-lmked products and privatisations and will be responsible for making proposals and 
presentations to clients, as well as securing mandates for primary issues. We seek a confident communicator 
and marketer in tune with the culture and with business contacts in the geographical area and with the ability 
to advise and explain Capital Markets products. A very competitive package + benefits is negotiable and 
priority will be given to candidates with UK residency. Applications in strict confidence under reference 
IBIS4952/FT to the Managing Director, CJA. 


APT TRADER 


“ - JGBs 

Sumitomo Finance International p(c is the 
London-based capital markets subsidiary of the 
Sumitomo Bank Group, one of the world's 
leading banking organisations, with assets of 
SSOObn. As part of the expansion of our Yen 
salsa and trading business, we are looking tor an 
APT trader. The successhd candidate is likely to 
have at least two or three years experience of 
the APT market, and win be fluent In both English 
and Japanese. 

Please reply In confidence to Mrs Cheryl 
Meed. Sumitomo Finance International pic. 
Temple Court, 1 1 Oueen Victoria Street. London 

EC4N4UQ. 

Sumitomo Finance International pic 





Our client is establishing a new fund management company to 
market its products to their large private client base nationwide 
and more generally in the UK investment market. 


We wish to appoint the Fund 
Manager prior to the launch, to 
ensure that the necessary expertise 
is in place in time to contribute to 


Candidates must be able to 
demonstrate an above average 
record of investment management, 
have fund management experience 


The City of London office of a major ImenwiionaJ Bank seeks a manager 
for its buemaiional bond and foreign exchange offshore funds. 

In a growing role to encompass marketing and promotion of a range of 
proprietary fund products, there is ample scope for development and 
advancement. 

The successful candidate is LOcely to be a graduate in iheir late 20s/earty 30s 
with three to five years of relevaot experience. Some supervisory 
mfpfriffWTr desirable. Salary commensurate with age and qualifica t io n s. 
Reply is confidence with salary d e tails and a copy of CV, by 16th March 
1994 to Bax 1994, Financial Tunes, One Southwark Bridge, London SE1 9HL 


the initial marketing thrust, and in large and small capitalisation 


to integrate existing funds under 
management. 

There is a long-term opportunity 
to build a team, successful products 


companies, a general overview of 
foreign markets, personal research 
expertise, presentational skills in 
relation to marketing, and manage- 


and a reputation whilst furthering ment ability. Ideal age is 32 to 47 


the company's overall investment 
management abilities. 

Kidsons Impey 
Search & Selection Limited 
29 Pall Mall, London SW1Y 5LP 
Telephone: 071-321 0336 
Fax: 071-976 1116 

UK, tfYnom, German* lute Aiatota, Hangars Folaud, 

Belgian, Switzerland, Cweh KapnMla and SlvnUii 


and salary is open to discussion. 
Location is North West England. 

Please forward a full CV 
quoting reference no. 723 
to 'Derry Fuller, Director. 


r'* l 
i * ' % 


s. SW 


FIXED INCOME FUND MANAGEMENT 

faudiumWrenisairrentlyworkmgTnithanambertfmafadientswhDwishlortcnritfmdbumieFmd 
Managers. The range of assign m ent s currently being handled wili present applicants with an excellent 
opportunity to find precisely the right opportunity fir their next carter move. They include... 

SENIOR FIXED INCOME FUND MANAGER c£55,000 

To join a successful team within a major investment house managing global bond portfolio in 
excess of Gbillion. Some 46 yean experience required Please contact Matin Symon 

FIXED INCOME FUND MANAGER cJS45,000 

To manage a £1 billion portfolio with significant sterling content Responsibilities include 
marketing and presentations. Minimum of 3 years experience. Please contact Martin Symon 

BOND FUND MANAGER £28-32,000 

Opportunity to move into more of a “hands-on" role from a bond research or junior fund 
management role. Highly developed computer skills essential. Please contact Trevor Robinson 

JUNIOR BOND MANAGER c£25,000 

Wc have several clients looking to recruit graduates with a year’s experience within a fixed 
income environment Prospects for fast career progression. Please contact Sandra Prettejohns 

Jonathan Wren & Co. Limited, Financial Recruitment Consultants 
No. 1 New Street London EC2M 4TP TeL 071-623 1266 Fax. 071-626 5259 


JONATHAN WREN 


GROUP OF COMPANIES 
OPERATING IN AFRICA 
REQUIRE: 

L Regional Sales Director 

* With product knowledge of agricuituraJ/bonstniclion 
equipment and motor vehicles. 

* Sales experience of these products oombined with excellent 
com mun ication stalls, stature and confidence to liaise with 
customers at all levels. 

* Knowledge of Portuguese and or French would be an added 
advantage. 

2. Senior Mechanical Engineer 

Graduate engineer with; 

« Minimum S years experience in agrictdtural/consiractkMi 
equipment and motor vehicles with specific reference to 
rehabthtation. 

* A second language would be advantage. (Portuguese/French). 

Successful candidates will be based in one of our Southern African 
territories. Those interested should write enclosing foil CV (including 
current package) to: Personnel Manager. Eorango Tec Group, 54 
Tooting High Street, London SW17 ORN. Excellent terms and 


THE COMMON FUND FOR COMMODITIES 

an international financial institution engaged in the financing of commodity development projects 
on a worldwide basis, seeks: 

1) TREASURY OFFICER (P-4) 

Functions: Under the direct supervision of the Chief Finance Officer, the incumbent of the post 
will: 

■ Collect and analyse financial data, in particular those related to currencies and interest rate 
movements; 

■ Prepare Ml analysis of the financial situation of banks with whom the Fund is dealing; 

■ Be responsible for cash management and cashier functions by controlling the various bank accounts 
of the Fund; 

■ Process payment following their approval by the Chief Finance Officer; 

■ Prepare cash flow projections; 

■ Analyse investment proposals and make recommendations to the Chief Finanoe Officer on suitable 
investments; 

■ Invest the Fund's recourses when appropriate; 

■ Organise and supervise the activities of the Treasury Section; 

■ Co-ordinate the collection and follow up of subscripts os/contributio ns from Member States. 
Essential qualifications/experience: Advanced university degree in finance, banking, or 
equivalent professional qualifications. At least five years of professional experience in investment 
and cash management. Excellent English, both spoken and written. 

Remuneration: (tax bee): USS 45,271 p.a. plus USS 14,305 (variable post adjustment) - 
dependent rale 

USS 42,103 p.a. plus USS 13,304 (variable post adjustment) - single rate 
Deadline for applications^ March 1994 

2) ASSISTANT PROJECT OFFICER (P-3) 

Functions: Reporting directly to the Chief Operations Officer, the incumbent of the post will be 
responsible for project works, including project monitoring, supervision and analysis. Specifically, 
he/she will be responsible for the review and evaluation of procurement, disbursements and 
accounts/audit procedures under projects, prepare regular project monitoring reports, organise 
project supervision and evaluation missions. Additionally, he/she will be required to undertake 
technical, economic and financial analysis of projects and carry out any other related duties as may 
be required. 

Essential qualifications/experience: Advanced degree in economics, agricultural economics or 
related fields; excellent English both spoken and written; at least 6 yearn of relevant professional 
experience, preferably with international organisations. Knowledge of French and/or Spanish is 
desirable. 

Remuneration (tax free): USS 38,014 p.a. plus US$ 12,012 (variable post adjustment) - 
dependent rate 

USS 35,520 pn. plus USS 11,224 (variable post adjustment) - single rate 
Deadline for appticationsJl March 1994 

Other benefits of international civil service, including relocation, rental subsidy, family allowance, 
education grant and medical insurance contribution. Both positions are offered on the basis of a 
two-year fixed term contract with possibility of extension. 

Applications in English accompanied by detailed curriculum vitae, including date of birth and 
nationality, should be received not later than the dates indicated above and should be addressed to: 

The Managing Director - Common Fond for Commodities 
P.O. Box 74656 - 1070 BR Amsterdam, The Netherlands 

□ Only candidates with Member States nationality will be considered. 

O Only candidates shortlisted for interview will be contacted. 


Quantitative Marketing Manager 

BARRA is the leading provider of research and decision 
support tools for global investments. We are currently 
looking for a high calibre individual to manage our 
European Marketing Group. 

The successful candidate will be responsible for the 
marketing strategy for our quantitative products in 
Europe. In addition, he/she will lead and motivate a team 
of successful sales and client support professionals. 
Applicants for this position should have several years 
marketing experience and have a thorough understanding 
of investment theory. They should possess a good degree 
in a numerical discipline. An MBA would be an 
advantage- Excellent communication and presentation 
skills are, of course, essential. 

Candidates i n t erested in this position should apply with a 
curriculum vitae to: Andrew Cauidwell, European 
Manager, BARRA International Ltd, 1 Whittington 
Avenue, London EC3V 1LE. 

©BARRA 


RESEARCH CONSULTANT 

4- EXECUTIVE SEARCH ♦ 

♦ Wright & Partners is an executive search firm specialising in meeting the 
complex needs of its clients in the financial services industry. 

4- We require a research consultant to get involved in all aspects of assignments, 
including client contact, but particularly in identifying and approaching 
candidates. 

♦ Educated to degree level, aged early to late twenties. Second language useful 
but not essentiaL 

+ Position requires excellent communication skills, creativity and a high degree 
of motivation, drive and energy. Knowledge of the financial services industry 
preferred. 

Please apply in writing to; 

Sarah Perry 
Wright & Partners, 

Royex House, AJdennanbury Square, London EC2V 7HR 
Telephone: 071 606 0050 


WRIGHT jSl 
PARTNERS 









VIII 


FINANCIAL TIMES FRIDAY MARCH 4 1994 


ACCOUNTANCY COLUMN 

Hope of audit assurance seems a Holy Grail 

Andrew Jack assesses the implications of a damning report on the current state of regulation 


A potent draft document circu- 
lating across Whitehall desks 
In the last few weeks is caus- 
ing some cheeks to redden with 
embarrassment among those responsi- 
ble for audit regulation in the UK. 

The confidential report, commis- 
sioned late last year by the Depart- 
ment of Trade and Industry from Mr 
Peter Moizer, professor of accounting 
at Leeds University, and submitted 
last month, makes some significant 
recommendations for change to the 
current regime. If they were all 
approved by ministers and imple- 
mented, the result would be a radical 
reshaping or the way in which firms 
are inspected. 

The purpose of the report was to 
assess the effectiveness of audit moni- 
toring after the first two full years of 
operation or the structure established 
by the 1989 Companies Act 
Moizer interviewed practitioners 
and regulators, and examined the first 
two annual reports issued by the five 
recognised supervisory bodies: the 
three chartered accountancy insti- 
tutes, the Chartered Association of 
Certified Accountants, and the Associ- 
ation of Authorised Public Accoun- 
tants (which subcontracts monitoring 
of its members to the certifieds). 

The conclusions will not be wel- 
comed by ail those mentioned in the 
report, and in particular by the three 
chartered institutes, which control 
the Joint Monitoring Unit (JMU). 
They were upset by its draft findings 
and are opposed to their being made 
public in this format. 

However, the DTI said this week 
that it was committed to publication 
and to generating comment, although 


it has not yet decided when or in 
exactly what form. The result is, in 
any case, likely to a promote a strong 
response. 

Overall, Moizer comes down in 
favour of the idea of the current sys- 
tem of audit regulation. He says the 
units are working well, that self-regu- 
lation is being operated conscien- 
tiously within its narrowly-defined 
role and that the costs are worth pay- 
ing for the improvements in audit 
procedures and practices that will 
result. He says that accepting the 
value of monitoring is "an act of 
belief', but one to which he has been 
converted. 

Yet there are man y stings In his 
findings. Moizer argues that the exist- 
ence of two different monitoring units 
effectively organised as commercial 
rivals makes no sense as an attempt 
to improve professional standards. 
They should ideally be merged, or at 
the very least be coordinated through 
a joint committee to agree best prac- 
tice and encourage the transfer of 
information. 

Contrasting the different 
approaches, he broadly favours that 
taken by the certifieds. He argues that 
their inspections trigger less fear 
among firms, cost less and take less 
time. He is not convinced that the 
lengthier periods spent by the JMU, 
particularly in examining the larger 
firms, are worthwhile. He also wants 
the pace of inspections accelerated, to 
cover all firms within five years. 

These suggestions may not prove 
entirely practicable, given the struc- 
ture of auditing firms - there are far 
more monitored by the JMU than the 
certifieds - and how this may change 


as a result of the government's deci- 
sion to exempt many companies from 
the requirement for an annual audit 
This will affect the number of the 
firms, their methodologies and the 
funding of regulation. 

To be fair, some of Moizer's 
thoughts have already been discussed 
internally at the JMU and by its mas- 
ters, the chartered bodies. They have 
been considering increasing the fre- 
quency of visits to firms, for example. 
So change of some sort now looks 
Inevitable. 

M ore interesting is the ques- 
tion of whether his sugges- 
tion that there should be 
greater public scrutiny will be imple- 
mented- He says it is, on balance, 
right that the reports of inspections of 
individual audit firms are kept confi- 
dential. primarily to encourage the 
authors and firms to be more candid. 

But he says the existing annual 
reports produced by the regulators 
are of only limited use. He calls for 
the creation of an independent audit 
monitoring review body, with perhaps 
three members unconnected with 
practice, which would examine the 
process and produce a report each 
year, rather like the US Public Over- 
sight Board. It could also act as a 
locus for complaints against profes- 
sional bodies. 

Those familiar with Moizer's work 
should not be surprised that his con- 
clusions go against the status quo. 
His philosophy was clear from a 
report written with two academic col- 
leagues published by the Research 
Board of the Institute of Chartered 
Accountants in England and Wales in 


1993 on tire “audit expectations gap” - 
the difference between what the pub- 
lic expects of auditors and what they 
actually deliver. 

Rather than taking the profession's 
line - that the solution is education 
to combat public ignorance - the 
three suggested a more direct 
response to meet these expectations: 
that auditors’ responsibilities should 
be extended beyond existing share- 
holders, that they be required to 
detect material fraud, and there 
should be an independent regulatory 
agency to oversee the fees and prac- 
tices of the firms. 

The DTI said at the time Moizer’s 
appointment was announced last 
December that It was aware of his 
views, which raises the question of Its 
own attitudes on the future of the 
self-regulation of auditing. 

Some murmur that Moizer’s find- 
ings in his DTI report suffer the the 
same Haws as in the research docu- 
ment the conclusions axe not always 
supported by the evidence presented 
as much as his personal beliefs. 

However, two or his most funda- 
mental finding s deserve serious dis- 
cussion. First, Moizer highlights the 
circular logic implicit in monitoring 
the larger accountancy firms. Since 
the benchmarks used by the regula- 
tors to assess audit procedures are 
based on the approach taken by the 
large firms, these firms are hardly 
likely to be found lacking. 

This suggests that the “clean bill of 
health” the JMU has awarded 
recently to large firms entangled in 
high-profile corporate collapses may 
offer scant reassurance: for Coopers & 
Lybrand on Maxwell, Price Water- 


house on BCCL and Ernst & Young 
for a series of audits criticised by DTI 
inspectors. These audits include 
Sound Diffusion, Miibury. Rotaprint 
and Edencorp Leisure. 

The real question is not just 
whether there are Haws In the firms* 
procedures designed to identify issues 
of concern in the audits, but whether 
their judgments in interpreting the 
findings thrown up by these proce- 
dures are impaired. 

However, as Moizer puts it in a sec- 
ond vital conclusion, the audit moni- 
toring process does not assess the 
judgments taken by staff and part- 
ners. It concentrates instead on exam- 
ining documentation and procedures. 
It does not challenge the decisions 
made. 

This means it is a poor safeguard 
against the pressures on the indepen- 
dence of the auditor, notably the com- 
mercial threat of the company's direc- 
tors threatening to switch to a rival 
firm. 

The likelihood of an external 
inspector being able to assess judg- 
ment meaningfully is minimal. Any 
such hope is probably a Holy GraiL 
Admissions that might suggest such 
weaknesses are unlikely to be com- 
mitted to paper, and only at the 
extreme likely to emerge under 
intense cross-e xaminatio n in court. 

Audit regulation, at Least for 
smaller firms, seems to be providing a 
useful service. Overall, it may be 
working well on its own terms, but 
those terms are so narrow that they 
should be served with a health warn- 
ing. They provide little reassurance to 
the users of most public company 
accounts. 



• .a 

ii 


Th* Hunttodan Memaforal Hottngs pfc Group o* companies 
emnumsfial seraos in t» USA. contort soen»c researm 

serviceshtheUKafldconsutaigsm^ 


Group Controller 


& 

i'x 


J') 

i? r 


Attractive Salary Cambs * 

An owortuniw has arisen tor a high caBM t <xw*6ed 
preferably a Chartered Accountant, to join the Gnx*> aJ rts toad rflice 
based m Huntingdon. 

You should have gained a mirsmum of S years post <xutfcawn 
experience in Ihe IcOwng areas: 

• Cffiso&Jations (UK and USA GAAP) 

• Franrial Reporting (UK and USA) undar tte latest accounbig 
standards 


Managing asnaMteanand reporting MtoeGraupRnanceDirechxyou 
;■?* wfl have responsiMty tor ensuring the operating groups and group 

: 2i comp a nies comply wto accounting standards and roporwg 

«£■; requirements. Thswrt Involve extensive rateraction win senor finance 
& management in ftose operating dwaorts, (he Group s auditors, and 
management of the otfwr hmctwns at head oitce 
Applicants should be graduates and wfl be required to demonstrate 
strong analytical and report writing sWte and should be confident 
comiraricaftYS accustomed io dealing wifr senxy management 


i* ; 


p 


Please apjtfy in writing, enclosing fun CV and details of curort 
salary package, to The Group finance Director 
Huntingdon Intemadonat Holdings pic, P.Q. Bo* 2, 
Huntingdon, Cambridgeshire, PE18 6ES. 


APPOIN TMENTS WANTED 

TRAINING CONTRACT FOR PE2 

* Passed PEI Now 93 

* BA I Ions Accounting Graduate 

* Scckug fa contutoc training and sit final cum in December 1 W4 

1 * Over a yeas tnining/hxpcricnoc in eleven partner practice. 

Write to: Box B224S. Muiuul Times. 

One Southward Bridge. London SKI 4HL 





. s4 V;,:: v- -v-i 

i an* 




Global Investment Bank 

As one of the premier US investment banks, our client commands 
a unique position within global capital markets. 

This organisation has established its reputation on the success of the 
trading of fixed income securities worldwide. Increasingly, this is 
being complemented by significant growth into the associated OTC 
derivatives' markets. As a result, a new position is being created 
within the Financial Control Department to concentrate on options. 

As the liaison point between the traders and the finance function, 
you will be expected to make a proactive contribution to the control 
of the options business. This will involve the development of a 
dedicated team within product control, which will produce the daily 
profit and loss reports, carry out ongoing risk analyses, monitor the 
use of valuation models and their inputs, and appraise the booking of 
highly complex trades. 


c£50,000 + Banking Benefits 

You will be a qualified accountant (or an experienced derivatives 
specialist) with an exceptional academic record and a detailed 
understanding of option theory. This experience may have beet 
gained in a sophisticated securities house or bank, or in the 
profession. 

This is an outstanding career opportunity to join one of the leading 
players in the market, where ybur product knowledge and problem 
solving skills will be constantly stretched. The short term intellectual 
and management challenges are considerable, and the prospects for 
development are excellent. 

Interested applicants please send a Ml CV to Tim Musgrave, 

Ref. 22/1658 at Morgan & Banks Pic, Brettenham House, Lancaster 
Place, London WC2E 7EN, or if you prefer, telephone 071-240 1040. 
Fax: 071-240 1052. 


Mercian 6 Hants 

INTERNATIONAL 


FINANCIAL CONTROLLER 


Croydon 


£35,000 + car + benefits 


Our client, Landis Sc Gyr is a Swiss-owned multi-national tdcconununi cations cumiwny which 
manufactures and distributes payphones and has a UK. divisional turnover in excess of £40 
million. In this role the successful applicant will be constrained only by his or her own ability, 
■fhe position reports to the General Manager and the requirement ts to manage all the normal 



accounting and controlling. As a memoer or a dynamic senior management 
expected to have a major input into strategic issues affecting the direction of the business. 

You will be a technically strong, qualified accountant, almost certainly a graduate and have the 
experience and maturity to direct and motivare a team of people. Our ideal candidate will have a 
minimum of 5 years 'hands on’ experience gained in a medium sized industrial organisation. A 
good working knowledge of French would be a distinct advantage. If you arc a highly motivated 
‘self starter' with a rial need ro work in an enlightened — ■ — ■ - — v 

manufacturing environment where rapid and radical [ IANDIS 4 GYR 1 
change is a fact of life, then wc would like to hear from you. > / 

Interested candidates should send their CV, quoting current salary, to Karen 
Heath Field at Heathfield Hargreaves, Chaucer House, 6 Boltro Road, Haywards 
Heath, West Sussex RH16 IBB. Telephone: 0444 416636 Fax: 0444 416002 




Group Finance Director 

Thames Valley c.£55K, bonus + benefits 

Gownngs pic is a group ol companies and has been operating in the Thames Valley since 1922. Primarily 
involved with the motor distributive trade, in recent years the group has diversified into leisure activities and 
now has a turnover ol CfiOm and employs in excess ol 550 people. It is an organisation poised tor growth through 
acquisitions and ex