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Tracks through 
the treble 

Busmess trsvol, Pag9.l4. 



PavtdRadleir 

The eminence grise at 
Conrad Black*s side 

People page 13 




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Haw mature Is Mexico? 

Take the long view 
on political risks 

Emerslng maricela^ Pag« 23 


FINANCIAL TIMES 


:Eur6pa.’S' Busing^s, ,'(riev/soaoei 


, MONOAY 'MARCH T -(0«4 








VW launches radical 
plan to cut car 
production costs 

German cannaker Volkswagen pia^g a drastic 
Testructuring of car develoiKnent and engueering 
operations to cut costs and aimpiify its gl^bf iT 
manufacturing activities. 

VW, which is losing money heavily, is to reduce 
the number of basic ehaaria piatRums which 
are used to produce its range of cars from 16 to 
just four. The strategy will have a big 
on its operations in Germany, Spain the Qipch 
Republic. Brazil, Mexico. Ghina and South Africa. 
Page 18; Volkswagen bidJ^ a platfmn for erowtZi, 
Page 21 

Black Saa Beat ded collapses: The 

commander of Ukraine’s navy has repudiated 
the accord reached between Ukraine and wnffri” 
to transfer the Black Sm Fleet from joint Rnssian- 
Ukrainian jurisdiction to exclusively Russian 
control 18 

DigHal to shed 6,000 fobs in Bmope: 

lYoubled US-based computer manufketurer Digital 
Equipment is to cut up to 6,000 jobs in Europe 
over the next 12 months. 19 

Aotin s s and poHHcian Melina Me ncotari dies 

Greek Culture Sfinister 
and film actress Melina 
Mercouri GefU died 
fitmi compllcatiotts 
after an operation 
for hmg cancer, She ' 
was 6S. Btefcouri. who 
gained Intemational 
acclaim with htt 1960 
Bha tkver on Amday, 
had loarimg roles in 
seme TO films and 
plays. A socialist, she 
served as culture minister from 1981 to 1989 and 
returned to the post in October. Her most widely 
publUused campaign was for the return of the 
Parthenon Marbles from the British Museum. 
ObitnaiT, Page 3 

IM to restore pow e r to S a r alo w w United 
Nations officials intend to restore electricity and 
water supplies to the Bosnian capital of Sai^evo, 
but Qiey need more troops to protect power plants 
and open roads into the city, UN specdal envoy 
Yasusbi Akashi sgid Page 3 

Peruvian company plans EurcriMnd issuec 

Rodriguez Group, which specialises in consumer 
goods and pharmaceuticals, plans to became 
the first Peruvian company ^more than 10 
years to make a Eurobond issue. 19 

Healthcare felor m s hit drugs sales: Dn^ 

sales in Euregte fdl sharply in dollar terms last 
year after widescale healthcare reforms. Sales 
in the seven iaigest markets, which include Bd- 
gium and the Netherlands, from $51.6bn in 

1992 to $4S.97bn last year. Page 18 

nrefght companies dismiss tunnel: Many 
British transport companies are unlikely to make 
much use of the Channd tunnel for frei^t ship- 
ments. according to a survey. P^ 7 

^me Paltry, the M^ymaiFbased con^osnerate, 
reported a 12 per cent rise in interim pre-tax profits 
to M»l20m (USIlSQm). Page 21 

BAe In talks over Royal Ordnance: British 
Aerospace is in exploratory talks with Giat, triiich 
cmfid lead to collaboration between the Frmich 
state-owned arms manufheturer and BAe munitions 
subsidiary Royal Ordnance. Page IS 

Bro nfma n shares dimb: Share prices of 
comp^es controlled by Toronto's Bronfinan 
family jum^ after reports that Angdo American 
cd South Africe was negotiatu^ to acquire a large 
stake in the Canadian resources, real estate and 
financial services empiTe. Page 21 

European Monetaiy ^fstonu Desinte interest 
rate cuts in B elfflum. Spain and Germany, the 
order of currencies in the E!MS grid remains 
unchanged at the start of the week. The Spanish 
peseta, the wmki^ currency in the grid, has 
lost groimd against all the others. The Irish pant, 
the stroDgest currency, has gained Airther against 
the pes^ loL Page 18; Cnimiries. Page 31 


Pressure mounts on president over Whitewater land deals as law chief quits Grerman 

Clinton aides face cover-up probe 

J. JL $ivArrc 


By Jurek Marto fo Washnngton 

President Bill Clinton’s 
Whitewater problems hit danger- 
ously close to home yesterday as 
the focus shifted on to the of 
his wife and whether the White 
House has esigaged in a 
“cover-up". 

The complex Arkansas land 
and financial dealings in the 
198QS claimed their first defim- 
tive victim over the weekend 
with the resignation, from nwft 
month, of Mr Bernard Nussbaton, 
the pr^denfs widely criticised 
I^al counsel 

ffia res^poation camo just a day 
after the special counsel probing 
the Whitewater affair, Blr Robert 
Piske, issued subpoenas to 10 
White House and Treasury offi- 
cials. including Mr Nussbaum 
and Mr Roger AUmxn, the deputy 
Treasnry Secretary. 

Mr Fi^ is seeking details of 
meetings between the to 

discuss the status of r^uLatory 
inv^tigations into the failed 
I Madison savings and loan institu- 
tion at the heart of the White- 
water affair. Congressional 
Republicans have charged that 
the meetings were improper. 

Yesterday, vice president A1 
Gore put up a vigorous televised 
defence of ^ pr^ideut and First 
Lady. He conceded ttmt “mis- 
takes’* had bemi made by White 
House offiHais but said Ae pres- 
ideiit had created “new fire 
walls" between the White House 
and other government depart- 
mmts. 

He promised the “hi^iest ethi- 
cal standards” in the friture, 
insisting that ‘Tio credible aDega- 
tions" of impropriety had bi^ 
lodged against Clintons a^ 
that ’lio one can now doubt the 



White House nnder Whitewater pressure: Clinton; his legal coonsel Bernard Nussbaum, who resigned; vice-presideat Gore aiM miary Clinton 


independence of Mr Fiske.” 

Mr Gore also dismissed as “a 
cartoon image” reports in the US 
press yestei^y ^t the White 
House was in a state of gloom 
and despair over tire latest devel- 
opments, with one unnamed 
senior official quot^ as sasing 
that this was “a pmilous time" 
for this presidency. 

Mr Gore accused the Republi- 
can party of partisan exploitation 
of tbe issue. 

A flavour of the Republican 
attack was immediately provided 
in another TV interview by Sena- 
tor Phil Gramm, the Republican 
from Texas, who came dose to 


su^esting Mr Clintcai could be 
forced frt^ office - he denied be 
meant impeachment - if he did 
not “b^in by levelling with the 
American public". 

The likeifoood of a Coogresdo- 
nal investigation into White- 
water, supplementary to Mr 
Fiske's, is also increamng, wi^ 
some Democrats now joining tbe 
Republican clamour for hearings. 

Yesterday even Congressman 
Dan Rostenkowski. who is gene^ 
ally supportive Mr Clinton, 
refosed to exclude lookhig into 
the role of the Treasury, over 
which his ways and means com- 
mittee has jurisdiction. 


Ihe implication of Mrs Clinton 
in the affair has less to do with 
her carving out a new, policy role 
in the White House than with her 
past associations as a partner in 
the influential Bose Law Finn in 
Little Rock, through which much 
Arkansas state business passed. 

Two other former partners are 
much in the news. The circum- 
stances of the suidde last sum- 
mer of Mr Vincent Foster, then 
Mr Nussbaum's deputy, continue 
to attract interest Mr Webster 
HnbbelL now associate attorney 
general is reportedly being ques- 
tioned by Rose Itself over past 
billing practices. 


The quality of the White House 
staff, many of them old friends of 
the Ctinhms, is also usder fire. 
Mr Nussbaum. a former Wall 
Street lawyer, had seemed error- 
prtme, espk^y in vetting candi- 
dates for senior administration 
positions and for all^sdly mte^ 
fering with judicial processes 
over Whitewater and the Foster 
suidde. 

But a more general criticism is 
that there is nobody close to tbe 
Clintons with the political 
authority and Washington experi- 
ence to offer indepen^t advice. 

Corruption drive. Page 5 


Fear of re-emergeiit Russian expansionism prompts move towards ‘wider Europe’ 

EU seeks faster integration of east bloc 


By Lionel Barber In Brussels 

The European Union is 
fimdamentally reassessing policy 
towmds tbe former communist 
countries of central and eastern 
Europe, with Gennany pressing 
for ^ir filter integration with 
tbe west and fhture EU member- 
ship. 

The reassessment, strongly 
supported by the US, is be^ 
drivmi by fears about Russian 
nationalism and the risk that 
Moscow might seek to reclaim its 
sphere of influence in eastern 
Europe, according to senior diplo- 
mats in Brussels. 

Mr Jacques Ddors, president o£ 
the European Commission, is 
algo moving towards the concept 
cf a “adder Europe." modifyiDg 
his emphasis on deepening inte- 
gration among tbe 12. “The 
whole policy toward central 
Europe badly needs a rethink." a 
senior Delmw aide saUL 

The results of tbe policy review 
will emeige over tiie next few 
months, p^cularly whmi Ger- 


many takes over tbe rotath^ EU 
presidency from Greece in July. 
But tbe broad outlines are 
already apparent 

European foreign ministers in 
Mussels wiD today consider an 
Anglo-Italian plan allowing for- 
mal co^}paratioD at internatiooal 
conferences and “joint foreign 
policy a<4io&s" between the EU 
and the six “associate" EU mem- 
ber states - Poland, tbe Czech 
Republic, Hungary, Slovakia, 
Bulgaria and Rntnania 

The Anglo-Italian plan is likely 
to be followed by sriective of^ 
of associate membership of the 
West European Union, tbe EU's 
mnezging defence arm. 

Brussels is watching closely to 
see how Russia will respond in 
t^ li^ of its rejection of Nato 
membership for Poland and other 
former communist satellites. 

Tbe European Commission is 
also conducting a wide-ranging 
review of trade, aid, cooqiet^on 
policy and the operation of tbe 
Common Agricultural Policy 
toward eastern Europe. Mr 


Delors will chair a Commission 
brainstorming session on March 
23. with sevei^ new ideas under 
review. They include: 

6 An end to export subsidies for 
EU farmers sending produce into 
eastern Europe. In a little-noticed 
action, the Commission agreed 
temporarily to stop export resti- 
tutions for aiH^les entering the 
Czech Republic this year. But 
officials say more needs to be 
done to prevent bigUy competi- 
tive western farmers wiping out 
east European agriculture as It 
restructures. 

• An overiiaul of the Phare aid 
programme, which has pumped 
around Eculbn ($l.lbn) of techni- 
cal aid into eastom Europe over 
the past four years. Offl eials say 
aid needs to be chgTinAiiwi miA 
infrastructure spending, more on 
the lines of tbe EU's own “struc- 
tural funds" budget 

• A drive to persuade the for- 
mer communist countries to copy 
EU competition law and harmon- 
ise F^[^tloiis. A new “competi- 
tion area" could defose disputes 


over state aid in eastern Europe, 
reducing the risk of the EU 
invoking anti-dumping actions, 
according to officials. 

Although welcome, these 
moves may not satisfy the east 
Europeans, particularly Poland 
and Hungary. Hungary last week 
signalled that it intends to apply 
for formal membership next 
month with the goal of opening 
n^otiations in 1996-97. 

Germany is eaqweted to make 
int^TatioD with central and east- 


ern Europe a priority in its presi- 
dency. bn response, France is 
being forced to reassess its own 
policy toward enlargement, just 
as It did two years ago when Ger- 
many and tbe UK pressed suc- 
cessfully to open membership 
n^tiations with Finland, Swe- 
den, Austria and Norway. 

France is understood to be con- 
sidering submitting detailed cri- 
teria for membership for the 

Continned on Page 18 


averts 
threat of 
strikes 

By Quentin Peel in Hanover 

Hopes for a round of low wage 
deals for Gennan industry and 
the public sector rose Sharply at 
the weekeod, after a last-minute 
pay setilement headed off (he 
threat of an en^neering indus- 
try strike from today. 

Agreement on an effective pay 
freeze for the 3.6m enidneering 
u'orkers was reached on Satur- 
day morning, after more than 13 
hours of negotiations through 
the nigbt between trade union 
and employers’ leaders. 

It was welcomed yesterday as 
a clear signal to 3.5m public sec- 
tor workers ~ whose next round 
of pay negotiations opens on 
Wednesday - to accept a low pay 
deal. 'Iheir employers in the fed- 
eral, state and local guvernments 
want an outright pay freeze. 
Banking workers, printers and 
construction workers are also in 
tbe pay queue. 

I Tte engineering workers will 
I get a 2 per cent pay rise from 
' June 1 - five months late - bat 
I see a 10 per cent reduction in 
; other fringe benefits for the rest 
of the year. The wage rise 
I amounts to an increase of 1.16 
per cent for tbe frill year, bnt tbe 
net effect, according to the 
' employers, is a zero increase in 
w^ bills. 

A promised rise in Christinas 
pay has been postponed by one 
year, and fringe benefits will be 
calculated at the current rate 
I until 19%. 

The deal also includes a path- 
I breaking agreement provtding 
for shorter working hours In 
companies facing a temporary 
slump in demand, as an sdterna- 
tive to job cuts. Individual plants 
can n^otiate their own shorter 
working week within the 
national pay ^reement 

Mr Klaus Zwickel. the leader 
of IG MetaJI, tbe engineering 
workers’ union, said: 

“We decided to trade job security 
against money." be said. “In 
return for these successes [on job 
secorityj we have been skinned 
on the wage increase.” 

Tbe deal on working hours 

Continued on Page 18 
Germany’s big guns 
puU back, P^2 
Editorial Comment, Page IT 


EM&Giid 


HsftPunt 


March 4, T994 


BJrmo 

D-Mmli 

FAvic 

DJOroRe 

Escudo 



Mandela seeks later deadline 
for electoral registration 


The chan shows the member currencies qf tte 
exchange rate mechanism measured offoinst the 
teaikest currency in the system. Mbsf of the curren- 
desarepermxttedtaflucttu^ within IS per cent 
of agreed central rates againsi the other members 
of Ua mechanism. The eMejOions are the D-Mark 
ondthegmlder\shichmommaZ.2SiterceiUbaad. 

Jevrish settlers face evaewtfons Militant 
Jewish settlers in the West Bank town of Hebnm 
vowed a campaign of civil disobedience after 
tbe Israeli government said it mi^t evacnate 
them. Page 4 

African crime tosk force planned: Law 

enforcem en t officers from nine African countries 
meet in Nairobi this week to csoate a regumal 
task force to fight mternatioaal crime syndicates 
dealing in ivory, rhino born, diamonds, arms 
and dnigs. Page 4 


^ Patti Vlfeldmeir 
In Johannesburg 

Mr Nelson Mandela, African 
National Congress leader, said 
tbe deadline for parties to regis- 
ter for South Africa's first all- 
race election should be extended, 
after white rightwing groups 
reversed their earlier decision to 
roister for the poR 
Hard-line officials of the white, 
rightw^ Afrikaner People’s 
Front (AVF). meeting on Satur- 
day in Pretoria, censured General 
Ccamtand Vlljo^ ttteir moderate 
leader, for regi^ring a right- 
wing party for tbe election. He 
reglsterecL an unknown party 
called the Freedom Front six 
minutes before the midnight 
deadline on Friday. He was 
heavily outvoted in a meeth^ on 
Saturday of tbe AVF executive. 
Which declared a poll boycott 


Moderate members of the white 
Con s erv ati ve party at tbe meet- 
ly argued for eleven participa- 
tion. but it was not clear whether 
tbey mi^t stfll break away and 
form an alternative rightwing 
grouping. They must lodge a can- 
didate list with tbe Independent 
Electoral Commission by 
Wednesday,- or the Freedom 
Front’s r^lstration will lapse. 

Mr Mandela told an election 
rally in the aortbem Transvaal 
town of E^etei^urg there would 
be no peace if some players 
remained outside the election 
process. *T am prepared to talk to 
those who have refused to regis- 
ter ... We must develop absolute 
patience and tbe ability to under- 
stand the fears of others.” 

He praised Gen Viljom: Sot his 
efforts to register a rightwing 
party, saying: “I am convinced he 
is genuine, with strength of char- 


acter and int^ty." The gmieral 
will scarcely welcome this pralM, 
given charges from his own allies 
that be is too close to the ANC. 

Merely extending tbe r^stra- 
tion deadline, as Mr Mandela 
su%ested. is unlikely to woo the 
white right to join the process. 
They want a white referendum to 
test support for their demand for 
an Afilkaner homeland. 

Ihe AVF’s decision leaves the 
Freedom Alliance, grouping tbe 
AVF, tbe Zulu-based Inkatha 
Freedom party and tbe Bi^u- 
tbatswana black homeland, in 
disarray. Bophuthatswana’s cabi- 
net will decide today whether to 
register. Inkatha did so on Frkfoy 
but it is too soon to say whether 
the alliance will split 
• At le^ 11 btecks were killed 
on Satur^y in Bbamtey i settle- 
ment outside Durban in clashes 
Taetween Inkatha and the ANC. 


Fly Singapore 
Airlines and 

collect 

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UtBncn USSY SO 


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unOA SJWtt ER11 

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am oRTio sfoaa 

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RAim Paafo Tirtn Onua 
tam aazjzio iMay usodo 
PmtfS fawfi ute OiisjD 



financial times MONDAY MARCH 7 1994 


2 

NEWS: INTERNATIONAL 


Germany’s big guns pull 

Quentin Peel on compromises that won a 
wage deal and averted a strike in industry 


T he first hint of a break- 
through in the hard- 
fought pay round for 
Germany's S.Sm engineering 
workers came in the early 
hours of Saturday morning, 
in the unlikely surroundings 
of Hanover's city press 
dub. 

Five leaders of IC Metall, the 
mighty engineering workers' 
union, and six from Gesamt- 
pieiall, the employers' federa- 
Qon, had been sitting around 
the table since dpm, looking ibr 
ways of heading off the first 
strike in west German industry 
since 1984. 

At the heart of the deal was 
a proposed trade-off between 
Ennmntrri of job security, and 
more flexible working hours. 
At lam the negotiators broke 
to report teck for the second 
time to their national execu- 
tive committees, waiting 
patiently in nearby conference 
rooms. 

‘The whole package is back 
on the table," one official whis- 
pered. It looks as if they ate 
getting somewhere." 

It took almost seven hours 
more, but at breakfast time the 
two sides were able to 


THE FINANCIAL TIMES 
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led n Frankfort by J. Waller Brand. 
J. BtuskL Colin Reniurd u 
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CM. BeD and •Man C Miller. Pnnlen OVM 
Drnck-Vertrieb and Marketing GnbH, 
Ailrainl-Rofcndalil- Stcassc la. 63263 
Nen-(wnbarg (owned by Hdrriyet 

Rapcmnte Editor RicbanI Lambert, do Tbc 
Financial Tines Limited. 
Ninnfaa One Souifawark Bcid& London SEl 
9H1_ UK. Sbueholdos of the Finaiidal Thnei 
(Enrapei GmbH are; The rinand^ Timea 
(Eofopel Lld.Loodon and FT. fGennaoy 
Adivradag) Lid, LoadoiL ShaiehoUa of llm 
above mention^ two ootnpanies is: The 
Fma^al Timei LimiiML Number One 
Southwark Bridge. London SEl 6HL The 
Company is aa wporalnd nuler ihe bin of 
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FRANCE 

Riblidiiag Direeur J. RoQey, 168 Rae de 
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42974621. Fax (Oil 42974624. PrmiK lA. 
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ISSN: ISSN n4i-2733. CoiUHiaon ftniairc 
Nn67808IX 

DENMARK 

Fintndal Timex iScandmavo) i *«l, Wiihh L 
ikaftiil 4£A. DK-M61 CopeMogenK. Idf 
phine33l]44 4I.Ru33 93S3 Ji 


announce, with visible relief, 
that a de^ was done. 

"We have been able to prove 
that national collective bar- 
gaining has a future," said Mr 
Haas-Joachim Gottschol, the 
tough'talking employers’ 
leader, whose detennination to 
get real cost cuts tor his mem- 
bens took the pay round to the 
brink of coHa;^ "We, as well 
as IG MetalL want to car^ on 
working with such national 
agreements." 

On the face of it, both sides 
had to give up a lot of thmr 
demands. 

The employers wanted a 10 
per cent cost cut. They served 
notice of termination of the 
current agieemem on holiday 
pay and conditions. They 
wanted individaal enterprises 
to have more freedom to do 
plant-level deals on longer 
worldly hours. 

The union wanted guaran- 
tees of Job security, and preser- 
vation of real incomes. The pay 


claim was fbr 5.S-6 per cent, 
and it wanted a new d^ to cut 
working hours as an alterna- 
tive to redundancies in reoes- 
slon-hit enterprises. 

Neither side got what It 
wanted. 

The pay deal this year 
amounts to an effective pay 
freese: the 2 per cent inermise 
from June 1 - five "wntiiw late 
- amounts to about L16 per 
cent over the full year. But 
oQier fringe benefits have hem 
reduced i^ 10 per cait fbr the 
year, and then tied to the pre- 
June pay scales fbr 1996 and 
1996. A 10 percentage point 
increase hi Christmas pay Nae 
been postponed. Holiday pay 
has b^ rmnstated, but at the 
old rates. 

Mr Gottschol says that 
means no overall increase in 
company wage bills. With 
Increased productivity, that 
does mean cost cuts - 
althou^ scarcely of 10 per 
emit. 


The t«v«ton won a deal on 
shorter working hours for 
cfisisJilt plants. But only one 
<9tion provides tor guarantees 
of no redundancy. 

According to that an 
entire company can opt for 
diorter woikiDg boms - say 30 
hours a week mstead at the 
current 36 hours - as an alter 
native to job cuts, if it is toeing 
a slump In The trork- 

ers will lose a fUll ax hours' 
pay. but they will not lose 
their jobs. 

The altemativa model agreed 
is fbr companies where only 
specific sections are / y oraHvig 
under capeefty. Thra shorter 
hours can be introduced where 
needed, but the employees will 
not suffer a eotresponding pay 
cut they vrill get partial oom- 
penaation for loss of eereings, 
but there wQl he no formal 
guarantee of no job cuts. 

Where German employers 
are faring a temporary slump 
In demand because of the 


back 

recession, the models may 
prove attractive as an alterna- 
tive to expensive redundancy 
packages. But they do not 
answer the problems of those 
rwnpwTitoa losing opoTt xnai^ 
bets because of thrir hi^ unit 
wage costs. 

Mr Walter Blester, the dep- 
uty loai^F of IG Metall who 
negotiated the package, said 
the d<»al pTnrtttw^ to S PCW 
option tor flexibility in toe 
national wage contract for 
recessioa-hit companies. 

It does not gmnmrt to the 
sort of ncrihiwty many employ- 
ers were seeki^. to shift toe 
real fr)eus of wage deals from 
the to toe plant leveL 

Trid<ie d, it amounts in effect to 
a relieve for national collec- 
tive bargaining at a moment 
when toe system was nnder 
enonnniis pressure. 

Mr Gottschol aTtd Mr Klaus 
Zwlekel. his IG counter- 
part were obviously emtent 
But the real test of tike system 
will depeui os whether the lat- 
est package answere Qie teal 
structural problems of the 
industry, and not just 
the need for a temporary pay 
free ze . 


Italian 

right 

shows 

strains 

By John Shntdns in Mian 

Strains between right-wing 
pntes this month's 

Italian eiections burst into Qie 
at the weekend witii an 
attack on the Forza Italia 
party of BIr Silvio Berlusconi 
by Mr Umberto Bossi, leader 
of the populist Northern 
League. 

Opiiiion polls suggest about 
40 per cent of decided voters 
will back the ri^it wii^ in the 
March 27 poll, in onporition to 
a broad-left alliance led by tiie 
former conunnnist Party of the 
Demoecatie Left Oiwever, Mr 
Bossi is concerned that the 
emergoice of Fona Italia is 
taking away votes from the 
Nortbeni League, which won 
nearly 6 per cent of the 
natfflMi rote in 1992 and had 
79 UPs in houses. 

At a tally in Florence Mr 
Bossi said that Forza Italia 
had been created by the fo^ 
mer Christian Democrats (now 
the Popniar paity) "to take 
votes from the Lea^ and cre- 
ate a moderate gronplng to 
order to recyde the old politi- 
cal dass". In a play of words 
he also referred to "Sforza 
Italia” (Italian strain) and 
"Falsa Italia" (False Italy). 

Italian newspapers r et ried 
yesterday that Bfr Boss! had 
flisn written to League officials 
directing them not "to snppoit 
or put forward Forza Italia 
eanfUdates to any way at all". 

Hr Bossi was even more 
forthright to Florence about 
Hr (^anfianco Ftoi's National 
Alliance, formerly the neo- 
toscist with which Forza 
Ttaliw liftc j] a1liaiw«» 

cm diviskm of seats. He said 
Hr Ftol would not win votes to 
the north, which has "been 
traditiimaJ9y anti-Csseist". 

Hr Bertusooni responded to 
Blr Bossi's remarks with an 
appeal for unity on tire Italian 
right "Onr partners' candi- 
dates are of the same flesh and 
blood as ns. They must be 
treated our candidates,*' 
he told a rally in Ftorence. 

Mr Berhuceni called on the 
members of the so-called Free- 
dom Alliance to "overcome 

SdfishneSS nwH cmall-mCtirfpA . 

ness". 


Roosselet plans libel 
writ against minister 


By Alice Ratxfstfiom In Parts 

Mr Andrd Rousselet. the French 
businessman who last monlii resigned as 
chainnan of the Canal-Plus television 
grotqi, plans to sue Hr Alain Carignon, the 
communications minister, tor libeL 

Canal-Plus, one of Eun^e's most suc- 
cessful pay-TV companies, has been 
clouded by controversy mrirte Hr Rousse- 
lePs resignation, trith some anriysts say- 
ing it has lost considerable independence. 
Mr one of most 

figu^ in European media and a dose 
friend of Mr Francois Mitterrand, the 
socialist French president, founded the 
company 10 years ago. 

He restooed in protest at the fonnatlan 
of a concert party to control of Canal- 
Plus fay its largest shareholders, all of 
which were privatised by France’s last 
ri^t-wing guvemznent. 

Mr Rousselet has tinoe pnblidy accused 
Mr Edouard Balladur, the conservative 
prime minister, of oiches^ting a cam- 
paign a garnrt him. 

Mr Rousselet said at the weekend that 
he planned to pursue a ctril libel suit 
against Mr Carismon over remaiks about 


Mr Rousselet's role to broadcasttog 
apprintments in the eariy 198Qs, when he 
was head of Presdent Bfitterrand's private 
(dfice. He also plans to sue Bfr lUUppe 
Alexandre, a prominent French political 
commentator, over comments on Mr Rous- 
selet's personal wealth. The libel suits 
atxnniri ensure that the row over Mr Rous- 
selet’s reagnatiem stays to the limeli^t 

The concert party has raised important 
questions about the future relationship 
between the French government and 
industry at a wmw when the BaDadur gov- 
ernment is pursuing an amhitiniHt privati- 
sation p r ogram me. 

Until rBceotly inost Freodi enmpanisa to 
"sensitivB" sectors s^ as broadcasting 
have been state controlled, and govern- 
ments have cqpenly Intovened to manage- 
ment and personnel i««nps notably in tiie 
appointment of the rbwirmian 

But in theory the state should have im 
infiTiPnrp over the affairs of a private sec- 
tor company such as CamdJ’lus, which is 
publicly quoted with a large of its 
equity owned by companies in related 
industries that act as nayaux dun or 
"bard core" investors. 

The Balladur gnpp mmpnt la now introd- 



Andrf Rousselet: controvert 


uctog nayaux durs to the wxmpantws betog 
sold in its privatisation drive. These hard 
core investors tend to be compaxues sym- 
pathetic to the aims of the Balladur 
administration. 

Mr Rousselet's conspiracy allegations 
have fuelled fears among international 
investors that future French govenunents 
couM use the noyaia dun indirectly to 
influence the affairs of private-sector com- 
panies. 



EUROPEAN NEWS DjQEgT 

British Steel to 
seek pledge on 
industry support 

British Steel has proposed that European industry ministers 
giako a solemn ple^ at their nmet meeting to /toril not to 
any further sutsldies in the steel industry as a way of 
resolving the sector’s eilris. writes Hugo Dixon. 

Mr Brian kfoffiit. British Steel’s duiinnan. said he would then 
be prepared to take part to an Industry-wide restructuring 
scheme betog brokered by the European Commission. British 
Steel and other private-sector steel groups have bem retostog to 
take part to the foUowtog the derision by industry mtols- 

ten to approve EcuTbn (ESfibn) in aid to several stote-owi^ steel 
groups last Decembm*. 

The sdieme envisages non-uided OHnpanles cutting up to 2fen 
tonnes of cajacity to bring demand smd sopidy fbr rieel into 
balance. Mr Moffat vowed to continue his boycott of the scheme if 
there was no pledge to curb future subsidies. He said that without 
such assurance, be would also not attend a meeting between the 
Commission and European steel chirik scheduled for klardi 23. 

British Steri accepts tiiat it will be impossible to unravel 
TTptomhar’s deM ou subskfies. But it is trying to build up support 
for a total ban on any more betog grants 


Poland passes budget 

Poland’s 1994 budget was passed at the weekend by the Sejm, 
partiament's more important rirambor, as the Solidarity trade 
union pr e pa r e d fbr a campaign of protest strikes due to stmt 
today, writes Chrirto^ber Bobtoski from Warsaw. 

The budget, whirii is to tune with IMF guidelines. <9^ the 
way to new standby credits and a 20 per cent reduction of 
Poland’s $33bn (£22Bbn) driit to weston governmmits. R vron the 
overwhelming supprat of the governing coalition parties desi^ 
initial dpmands frra todividi^ deputies that spending restric- 
tions be eased. 

Solidarity, which is planning to disrupt rail services and power 
and telectmmunicatioDS links over the next few days, is demand- 
tog that contrris on wages be eased and the scale of pbaned 
energy price rises reduced. The government led by Mr Wakiemar 
Pawlak is now expected to nominate Mr Dariusz Rosati. an 
econcmist in his late 40s who is a speciallM in foreign trade 
Issues, as the new finance mtoista* and deputy premier respimsl- 
ble for the ecimomy. 

lb Rosati's views on the economy are simflar to those of Mr 
Marek Borowski, his predecessor who drafted this year’s strin- 
gent budget 

Fears over Italian oU blow-out 

Italian envinmmentelists claimed at the weekend that the coun- 
try’s first onshore ril well blow-out had caused an ecological 
disaster and wiped mit at least a year’s rice production in the 
area, wri te s John 

A^. the oil exploration company controlled by the state- 
own^ Bni group, has coounlaianed the BatteOe Institute of 
Geneva to analyse the damage caused by the spOl last werit at its 
Trecate-VQla Futuna niwrid near Novara, about 4(ttm west of 
Milan and advise on cleaning up. Trecate provides half of Italy’s 
annual exude oil production rf 4m tonnes and 5 per cent of 
consumption in a country heavily dependent on imports. Agip 
made the well safe at the weekend. 

Mr Roberto Gazzola, of the enviroamental group Legaxnbiente. 
said' ‘We believe the damage Is even more serious than ft 
appears. It is possible the oil has permeated the earth’s water- 
bearing stratum and seeped into the Tidno river." 


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^financial times MONDAY MARCH 7 1994 

EU to boost 
Ukraine 
trade pact 


NEWS: INTERNATIONAL 


By GBIian Tett in Brussels 

The European Union is to ofTer 
Ukraine a more generous poUt> 
ical and trade agreement Ui an 
etfort to bolster the country's 
moderate political groups 
ahead of its elections later this 
month. 

A meetly of European for- 
eign ministers in Brussels 
today is expected to ^ve the 
European Commission a man- 
date to conclude the deal, 
which is similar to the partner- 
ship agreement concluded with 
Russia earlier this year. 

The deal promises greater 
political co-operation and con- 
tflins a commitment to 
the establishment of a free 
trade zone by 1998. However, it 
&ns considerably short of the 
partnership deals offered to the 
Baltic states and eastern 
Europe, and, in contrast to the 
deal now agreed with Russia, 
gives no endorsement of 
Ukraine's economic reform. 

Commission officials said the 
omission was intended to sig- 
nal BU concerns about the lim- 
ited nature of Ukraine's eco- 
nomic reforms, and put 
pressure on Ukraine’s lea^r- 
ship to act more dedshrely. 

But the omission has 
angered Ukrainian officials, 
who insist there is no reason to 
treat Ukraine differently from 
Russia. “It is sot to label 
us a country that does not 
want to change. We consider 
we are an economy in reform," 
said Hr Vol^ymyr Vassy* 
lenko, Ukrainian ambassador 
to the EU- 

He added that Ukraine was 


hoping that closer ties with the 
EU c^d help defuse tensions 
with Russia over regional 
issues such as CMmea. "We 
want the BU to recc^oise that 
Crimea is Ukrainian territory 
and send a dear sgoal to Ru» 
sia to that effect," he said. But 
EU officials have so far 
responded with caution to sug- 
gestions that the EU could act 
as a wwtliatnr in Qm iWg pnta 
over the Crimea. 

However, coming after a 
year in which EU ministers 
have paid scmit attention to 
Ukraine, the agreement bi^- 
lights a new attempt, led 
largely by the German and 
French, to bolster EU links. 
This shift has be^ triggered 
by growing concerns about 
Ukraine’s economic instabOi^ 
and nuclear arsenal, and by 
growing doubts about tte rdi- 
abllity of Russia as a partner. 

"The members states of the 
EU are more intere^ed now in 
the Ukraine than they have 
been for a loi^ time," sud a I 
diplomat In Brussels. "They ; 
want to do something for the 
Ukraine because it is starring 
to co-operate over nuclear 
weapons." 

The EU is also considering 
opening talks with Moldova, 
Belarus and Kazakhstan with a 
view to offiering similar agree- 
ments. 

A Ukrainian delegation is 
due in Brussels later this week 
for a final round oi taUts on the 
agreement, which will also set 
up a framework for market 
access talks to cover areas 
such as steel coal and agricul- 
ture. 



Brussels 
battles to 
find Bsh 
formula 


Fyodorov 
predicts 
action by 
Yeltsin 


By David Gardner in Brussels By Martin Wolf 


Sarajevo protesters weep at a demoDstretioii yesterday over the partirion of the Bosnian capital xcmow 

UN appeal on Sarajevo services 


By Judy Dempsey in Berim 

United Nations officials intead 
to restore electricity and water 
supplies to the Bosnian capital 
of Sarajevo, but they urgently 
require more troops to protect 
power plants and open rraids 
into the city. 

ftfr Yasushi Akasfal the UN’s 
special envoy to the former 
Yngoslavia, yesterday said it 
TVBs essential to build on the 
ceasefire through restoring 
Sarajevo’s essential services. 

However, a UN official said 
the troo]^ still had iu> mandate 
to demilitarise the city and did 
not yet control all entry and 
exit routes, which in most 
cases were controlled by Bos- 
nian Serb patrols. 


The Italian government has reacted cantionsly to suggestions at 
the ON that Rome might send troops to reinforce peacekeepers 
in Bosnia, writes John Simkins firom IGlan. Mr Beniamino 
Andreatta. foreign minister, did not rule out an Italian contin- 
gent but said no request had yet been received from tbe UN. 
Ital/s offer two years ago was tuned down because of UN roles 
forbidding participation by countries bordering ex- Yngoslavia. 


Hr Akashi has already said 
his forces require at least 4,000 
troops for Sa^evo. Britain has 
indicated it would send more if 
supported by other countries. 

Meanwhile in Vienna, Boe- 
jiian Croat and Bosnian Mos- 
lem officials, along with Croat 
officials, will today continue 
talks aimed at deciding bow to 
implement the complex federal 
and confederal plan agreed in 
Washington last week. 


Bosnian Croat forces yester- 
day started withdrawing heavy 
weapons from south-west Bos- 
nia a day ahead of tbe deadline 
agreed as part of the plan. 

The plan envisages the cre- 
ation of a Bosnian Croat and 
Moslmn federation in pmt of 
Bosnia, loosely linked to Croa- 
tia throu^ a confederal struc- 
ture. 

A transitional committee, 
comprising representatives 


from Zagreb and the Croat and 
Moslem-held territories of Bos- 
nia-Hercegovlna will n^tiate 
until Max^ IS and seek agree- 
ment on four issues: 

• Ihe constitution of the fed- 
eration; 

• The relationship between 
the confederatioa and the pro- 
posed federation: 

• Military arrangements in 
rile federnrion: and 

• The creation of governmen- 
tal/administrative structures 
for the confederation and the 
federation. 

President Slobodan Milosevic 
of Serbia and Mr Radovan 
Karadzic, head of the Bosnian 
Serbs, have yet to decide 
whether to join the new federal 
structure for Bosnia. 


Spain and Norway yesterday 
dug deeper into their already 
entrenched positions on access 
to Norwegian cod, as the Euro- 
pean Unlrm struggled for a for- 
mula to permit Norway to set- 
tle EU membership terms. 

Mr Javier Solana, Spain’s 
foreipi minister, warned on 
Spanish tetevteloa that Madrid 
would veto Norway’s entry 
unless Spain recover^ its "his- 
I toric" rights" to fish in Norwe- 
, gian waters. 

Idr Bjorn Tore Godal. Nor- 
' way’s foreign minister, said on 
arrival in Brussels for tbe final 
three days of membership 

negotiations with the EU that 
Spain's demands for an extra 
MJXU tonnes of Norwegian cod 
were "out of the question.” 

He pointed out that as part 
of tbe n^otiatlons leading to 
this year's European Ekmnocnic 
Area (EEA) free trade zone 
Norway ceded to the BU about 
51,000 tonnes of cod - includ- 
ing an extra 11,000 tonnes by 
1997 for the poorest BU mem- 
ber states, some half of which 
is earmarked for Spain. 

This last quota would lapse 
if Norwa>' entered the Union 
next year and its "consolida- 
tion" as a permanent quota 
might provide the only possi- 
ble area for compromise in the 
talks. 

The whole EU enlargement 
exercise could, however, grind i 
to a halt If Spain and the UE 
continue to insist that their 
voting weight inside the 12- ' 
member Union be kept 
unchanged in a Union of 16 i 
members. The EU will try to 
resolve this issue at a foreign 
ministers’ meeting tonight 


' Russian president Boris 
Yeltsin would use his exten- 
I sive presidential powers to res- 
cne the economy if tbe infla- 
tion rate accelerated out of 
control. Hr Boris Fyodorov, 
the former minister of finance, 
has predicted. 

Suggesting that inflation 
would rise to 30 per cent a 
month by the antumn. rather 
(ban the 10 per cent tai^eted 
by tbe government Mr Fy^o- 
rov indicated that Ue outcome 
would probably be a return to 
reformist government. 

Mr Fyodorov, speaking in 
London cm Friday, said he did 
not believe in a disaster sce- 
nario. since Hr Yeltsin would 
take a grip of things. The 
future for Russia was going to 
be one of muddling through, 
not one in which an extremist 
"clown” took power. 

However, in a country of 
"geniuses and future presi- 
dents” it was difficult to 
obtain co-operation among 
reformers, he said. His own 
December 12 group could 
co-operate with Mr T^r Gai- 
dar on virtiially all issnes. He 
would also co-operate with Mr 
Grigory Yavlinsky, a preslden- 
tia! candidate, if possible. But 
there were a dozen people in 
Russia’s Choice with whom he 
would find it difllenlt to work. 

Nevertheless, tbe former 
finance minister was worried 
about the political confronta- 
tion looming between presi- 
dent and parllamenL 

Unrest m^t come to a head 
with demonstrations on May 1, 
which would have to be firmly 
handled by tiie anthorities in 
Moscow. 


Mercouri, fiery advocate 
of Greek heritage, dies 


Ms Mfelina Mercouri, a former 
film star and fiery Socialist 
politician who twice served as 
Greece's culture minister, died 
yesterday, after a long battle 
with lung cancer, Reuter 
reports from New York. 

Ids Mercouri gained mterna- 
tional acclaim with her i960 
film Never cm Sunday and held 
leading roles in some 70 films 
and plays before serving as cul- 
ture minister in tbe Greek gov- 
ernment from 1981 to 1989. She 
retunied to the post Unit Octo- 
ber. 

As minister of culture. Ms 
Mercouri was a passionate 
advocate for Greece’s heritage. 
Her most widely publicised 
campaign was for the return of 
the Partheoon Marbles, some 
of Greece's finest classical 
sculptures, taken in the I9th 
century from the temple on the 
Acropolis overlookii^ Athens 
and held by the British 
Museum. 

She also led a failed cam- 


paign to promote Greece as 
host for the Olympic Games in 
1996. the centenaiy of the mod- 
em games, which were revived 
in Atiiens in 1896. 

"If I did not love Greece so 
much I would be lazy, ^c^n- 
tric and a coward." she said in 
an interview.- 

A taU, natural blonde with 
green eyes, Afe Mercouri was 
bom to a prominent political 
family on October 18, 1925. She 
trained at the Athens Drama 
School and her film career took 
off in 1955 when she won the 
Best Actress Award at the 
Cannes Film Festival for her 
role in Stella. It was in Cannes 
that she met American film 
director Jules Dassin. whom 
she later married. He also 
directed her in Never on Sun- 
which won her an Acad- 
emy Award nomination for her 
rote as a carefree prostitute. 

"Mercouri has the sun- 
bleached good looks of Ingrid 
Bergman, the glamour of Lau- 


ren Bacall and the passion of 
Anna Magnani," wrote one 
New York critic. 

However, Ms Mercouri's 
stinging denunciation of the 
jiuita t^t seized power and 
ruled Greece from 1967 to 1974 
saw her films and soi^ ban- 
ned in Greece and a warrant 
issued for her arrest. R was 
then that she allied herself 
with the Panhellenic Socialist 
Movement of her fellow exUe, 
and later Socialist prime minis- 
ter, Mr Andreas Papandreou. 

She was named culture min- 
ister after Hr Papandreou 
swept to power in 1981. He kept 
her at the same post during 14 
r^ufiles and re-appolnted her 
to the ministry when he 
returned to power in 1993. 

Ms Mercouri, renowned for 
her blunt humour, once offered 
this view of her life: ”1 fell in 
love with the camera and I 
think tbe camera fell in love 
with me - but I still think my 
mouth is too big.” 


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TAESA 

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Cabinet may try to pull Israelis out of Hebron 

Militant settlers vow 
to resist evacuation 


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By Julian Ozanne In Jenisatein 

Militant religious settlers in 
Hebron vowed a campaign of 
civil disobedience yesterday 
after Israeli cabinet ministers 
said the government was con- 
sidering evacuating the 400 
Jewish settlers who live in the 
West Bank town. 

hOnisters said the cabinet 
could decide next Sunday 
whether to evacuate the set- 
tlers fr^ the heart of H^ron 
- a Palestine Uheration Org^> 
isation demand for resuming 
peace talks after the Mosque 
massacre of wmehqipere bf e 
Jewish gunman 10 days 
Altho^ miidsters stressed 
such a move would rel3eet gov- 
ernment security concerns for 
the settlers ratho thaw a con- 
cession to tile PLO, it would he 
bound to provoke a stem of 
protest from right-wing settlen 
and rel^uras parties, who view 
Hebron as one of the most 
important historic sites of the 
biblical land of IsraeL 
Hebron settlers said they 
would rmist any government 
attmzq;»t to force them to leave 
their homes. Rabbi ^omo 
Goren, fanner (ikief army rabbi 
who last year told soldiers not 
to obey orders to evacuate se^ 
tlements. said settlers pre- 
ferred to be kQled rather than 
leave HebroiL Ihe rabbi, how- 
ever, also said Jewish settlers 
ghrtiiiH not fixe on soldiers. 

Up to 110,000 Palestinians 


Ilie Intmnatioiial Monetary 
Fund has praised Israd^ 
economic reform progr ami ae 
as laying the conditi^ for 
high and sustainable grai^ 
but warned against 
oomplaceiicy over inflation, 
jolian writes. 

In a rqiort released in 
Jernsalem yesterday, the IMF 
backs Israeli central bank 
i^eh has clashed witti the 
ffnaoee ministry ova* in- 
creesfng interest rates to meet 
an inflation target of 8 per 
cent for 1994. Inflaikm last 
year ended at lU per eest 

Ihe flmd weleonied tile 
int gest rate ingeaae and said 
maintaining the fOH 
independence of the oentnl 
bank was important to 
maero-ecottomie ondUrility. 
The ftud said the priaary 
foens of Israel's monetary 
policy shonld be ^attainment 
of the inflation target^. 

The ftmd gmerally praised 
the ecomndc reform drive but 
said the process shonld be 
reinvigorated, partieolariy 
in the areas tit privatisation 
p^cy, hanking seetar rtfoim, 
htiMar maiket lafRin esd the 
further Uberhiisatton of the 
trade and capital accopirts. 

live in Hrtuon. the burial place 
of the ffibtical patriarchs Alna- 

ham Igaar atirt JaCOb, 

to both Arab and Jew. 

Kfinisters said there was now 
a majority in the cabinet for 


evacuating the Hebron settlers 
from the town centre to the 
nearby settlement of Kiryat 
Arba. Mr Binyantin Ben- 
Eheser, Hrtiidtig ntinister and 
fbrmer army commander of the 
West Bank, said he was con- 
cerned shout the Hebron set- 
tier's security and the n^ative 
intact their presence creates 
on tile peace process. 

"So long as they are still 
there, 1 believe the th^ itself 
creates friction and draws 
fire,” Mr Ben-EUezer told larael 

The cabinet discussion of 
Hebron came after up to 25JI00 
Israeli peace activists demon- 
strated in Aviv on Satur- 
day and called for action 
against the settlers. 

The PLO, which suspended 
peome talks after the massacre, 
says it would return to negotia- 
ttena only after Israel takes 
more mmisares to inotecl Pal- 
estinian lives, disarm the set- 
tlers and evacuate some ideo- 
logical settlements such as the 
nruts in Hebron. 

Mr Ahmed Tibi, an Israeli- 
Arab adviser to Mr Yassir Aia- 
fet, FLO dkaimiati, aaid yester- 
day the government “should do 
what it can do to immediately 
evacuate Jews from inside 
Hebron as a first step in 
to Improve the atmo^here for 
talks". 

Mr Yitzhak Rabin, tile Israeli 
minister, who has so ^ 
rul^ out evacuating any set- 



An ZsraeZi solditf feoes a yoa^Fafestinian stone-thrower 
yesterday in the Gara Str^ retogee camp of Jabalta. Moments 
later he retreated rather tiaan fire Us weapon at dose ran^. ap 


tteneats. drew fire yesterday 
from cabinet colleagues 
opposed to his steps to broaden 
the coalition by iTMiiiKWng 41 ^ 
far right-wing Tsomet party. 

The leftpwi^ Merelz factioai, 
Mr Rabin's most important 
coalition partner, said they 
would (luxt the government if 
Tbomet joined. Political observ- 
ers said the Meretz nitiwiotinn 
would effectively kill off Mr 
Rain's overturn to Tsomet, 
which is against evacuating 
settlements, the peace process 
and a Palestinian state. 


However, Mr Shimon Peres, 
foreign ndnlster, said that, 
despite Mereb and Labour 
party oppositioa, Mr Rabin 
would go ahead with negotia- 
tions with Tsomet because it 
was vital to broaden the coali- 
tion during the cutrent crisis. 
HiwHwg at a possible break- 
through srith the PLO. Mr 
Peres said Merete would sup- 
port Tsomet joining the gov- 
ernment if they could be 
shown that it wo^ speed up 
the pe^ negotiations «Uh the 
Palestinians. 


Japan 

ponders 

trade 

response 

By WUUain Dawkins In Tokyo 

Japan's divided rojing 
coaUtioo will this week h^ 
an emergency cabinet mecoog 
in an attempt to decide market 
opening measures in 
to the latest increase In US 
trade pressure. ^ ^ ^ 

This follows US President 
Bill Clinton's decision last 
week to revise the Super 301 
provisiou of US trade law. 
whicb gives the US power to 
impose trade sanctions on 
countries unfairly impeding 
its exporte. That was a conse- 
quence of the deadlock 
between Washington and 
Tokyo on ways to reduce 
Japan's trade surplus and 
Increase demand for imports. 

The Japanese government 
ainM to take Ann decisions on 
further steps to open its nla^ 
ket to imports by the end of 
Mardi. said Hr Tsntomn Hata. 
foreign miiUster. Among possi- 
ble measures are fhrtber dero- 
gulation. Incentives for for- 
rign investment and more open 
government procurement. 

The cabinet meeting is 
scheduled for Wednesday# tbe 
day before Mr Warren Christo- 
pher. US secretary of state, is 
due to meet Ur Morihiro Boso- 
kawa, the Japanese prime min- 
ister, and senior colleagues, to 
discuss trade and foreign ptd- 
icy co-opnntion. 

International press review, 
Fage 6 


African task force to combat wildlife traffickers 


By LesHe CrawfonI in Nairote 

I^w enforcement officers from nine 
Afiican countries are Tntwting in Nai- 
robi this week to create a ragionai 
task force to fi^t international cxime 
syndicates dealing in ivory, rhino 

horn. riiaTnnnriK , arms and drugs. 

"We need a highly mobile team of 
officers with the authority to operate 
across borders to penetrate and crack 
these increasingly sophisticated 
smuggling networks.” says Lt Col 
meter Lat^an. of the South African 
police force's Endangered Species Pro- 
tectum Unit 


"With an African task force, we 
could place wildlife traffickers nnder 
sonciOanoe as they move across bor- 
ders. so that entire networks, and not 
just individuals, could be appre- 
hended,” be saM. 

Trafficking in wildlife is on the rise, 
and has become linked to illegal trade 
in weaprms and drn^ across southern 
mid eastern Africa. Mr Lat^an’s unit 
impounded 2,200 tusks last year - 
hat^lcwj ijit o 2^000 CldieS tO faHTitafp 
faniigglhig - compart with 130 hisb 
in 1992. 

Kenya seized more than LOOO kg of 
ivory in 1993 in a case involving five 


Koreans and one Ethiopian smugi^er. 
Officials from Kenya's Wildlife Ser- 
vice, who have won plaudits world- 
wide for their anti-poaching efforts, 
say they need freedom to cross bor- 
ders when pursuing poachers and 
smug^ets. They would also welcome 
extradition treaties to trap ring lead- 
ers of mternational netwo^. 

Zambia arrested 1,500 poachers in 
1993 and seized more than 2,000 auto- 
matic weapons. Ugan^ is concerned 
with the growing flliat trade in chim- 
panzees and rare birds. Swaziland 
estimates it has lost GO 1 ^ cent of its 
white rhino population since poachers 


invaded tbe iMTuttnr.Itgrf Irnigrtnm in 
19B& 

“Hanlened lariininais are what we 
are often up against,” says a Swati 
police officer. "They deal not only In 
poaching, but in gun-running, drugs, 
smu^ing. grand larceny and mur- 
der.” 

Mozambique, which is emerging 
from a 17-year civil war. has beco^ a 
free-for-all for poaching gangs, includ- 
ing foreign aiWd forces who r^- 
la^ invade Mozambique from nei^- 
bouriog countries. Acconiing to the 
law enforcement officers at the Nai- 
robi conference, it is known that Zam- 


bians and Malawians hunt elephants 
in Tote province, urhile T^mzanians 
and Somalis operate along the 
Rovuma river in northern Hocambi- 
que. Ivory and rhino horn are easily 
smuggled from Mozambican porta, 
where surveillance is lax. 

Officers believe an African Task 
Force would give them more power to 
addr^ corruption witlun their own 
riMrfnitig police and armed forces. 

The delegates, from Keaxya, Lesotho. 
Malawi. Mozambique. Sonth Africa. 
Swaziland. Uganda. Tanzania and 
Zambia hope the anti-smuggiing task 
force will be operatiaoa] in U months. 


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NEWS: INTERNATIONAL 


Caracas still feeling 
Latino aftershocks 


O ne of the three faankexs 
origisaU7 named by 
tbe Venesueian govern- 
ment to take over the 
Banco Latino, the country's 
second largest ba^ recently 
described bavt he and bis ccd- 

leagues were smiaised late one 
night to discover tiiat Idtino^s 
compnter link to the outside 
world was receiving and trans- 
mitting data. 

Virtually all of Latino's 
activities were suppos^ to 
have been halted after the 
bank was dosed on January 
14, but it turned out that one of 
the former sbareholdm still 
had access to the bank’s main 
computer through a satellite 
link from the US, and was 
working feverishly in its 
records. 

The govemmentappotnted 
intervention team subse- 
quently secured the wawpafay 
and other records from tamper- 
ing, but ftiey win never be sure 
how many important items 
were altered, eliminated or 
removed by Latino'S ghswhoM- 
ers, executives or others VfoA- 
ing on. their 

This is but one of the ane& 
dotes produced I7 the apectao- 
alar ftiilure in January of 
Banco Latino, a bank that 
grew vigorously under the 
shadow political protection 
of tlm government of Preddeaot 
Carlos Andrds Fdrez, was 
forced to step down last year 
on coemption charges. 

A Jud^ issued arrest war- 
rants lart week £or 83 peo^, 
including executives and 
shareholders of the bank, alleg- 
ing the bank was used to com- 
mit massive ftaud with ftmds 
deposited by the gen^ pub- 
lic, private companies of all 
sizes, pensiem funds and even 
the govanment. 

Bankers and government 
cffitriaia tell their Mends - 
sometimes the media - how 
people connected witii Latino 
aH^iedly carried off baga^ and 
suitcases stoEElsd with US bank- 
notes as it became dear that 
the bank was close to going 
under. They have described 
how hundreds of wiiiiinnw of 
dol^ in loan proceeds, depos- 
its and trust accounts i^par- 
ently “disaiipeared*’. 

Utey have noted how Latino 
board mmibers had more cm'- 
porate jets than mudi larger 


companies and how the board 
of ^dreetors declared 1993 cash 
dividends even as the bank 
was headed fitr disaster. 

Ihe desnise of Latino, which 
the government hopes to re- 
open, omtinaes to generate 
shockwaves nationwide. 
Forced to dose by tiie govem- 
moit after it eonld not meet 
daily cheque-clearing pay> 
ments, despite hravy officUd 
assistance, the bank set a 
cri^ tiiat hit other banks. Sev- 
eral other institutiODS are now 
under de facto government 
controL althoogdi they have 
continned to operate. 

Thu v HWimaBB of ftw hawlcmg 
system was cited as a reasem 
behind tire downgrading late 
on Friday of the government’s 

Joseph Mann 
on the backlash 
from the 
Venezuelan 
bank’s failure 

Eurobonds by the US rating 
agen^ Standi & Poor's. 

Latino’s collapse created a 
huge demand for US dollars 
that seriously hurt Venezuda's 
Internationa reserves and 
forced a defldtiidden govenir 
ment to produce up to ^bn 
(SLSbn) to assist Latino and 

th«» othtf fronhied hanirc 

It caused vhwtwnai aTid per- 
sonal fifftculties for hundrods 
of tiiousands of diteiis ranging 
fitan teenagers a™ low-incmiie 
retired people to large Ven- 
ezuelan corporations, govern- 
nt ent <wwipg and the military, 
vriddi k^ part of their pen- 
sion fund money with the 
Umk. 

One small ci^ in western 
Venezuela - Puerto Cnmarebo 
- was paralysed financially 
after its oaily ffnaneial institu- 
timt, a Banco Latino branch, 
shut down. Latino also imm' 
aged to place branches in key 
areas such as foe US Embassy 
in C ar aca v and the headquar- 
ters of the natitmal oil com- 
pany, FD^^A. 

Even the govGmmenfs Bank 
Deposit Guarantee Fund 
(Fi^ade) had 33 per cent cf Us 
assets on d^xisit with Latina 


The arrest warrants were 
issued last Wednesday hy a 
Venezuelan erinunal court 
ja(^ working under heavy 
police protection. Ihey cover 
members of the bank’s last 
board of directors, its smdor 
executives and (^hers, includ- 
ing the Superintendent of 
Banks, who was Charged with 
concealment. Other charges 
covered folsficatitm of finan- 
cial si AiiwiiMinte fraud wtiH iTie - 
gal aiv>ropiiatioa of tends. 

‘One natntf include monbers 
of Venezuela's business ehte; 
most prominmitly Ur Kcardo 
C&nsros, one of two brothers 
who own osie of the country’s 
largest busiiiess groups. Organ- 
isaeiem C^eros. Thay 
also own Raiding, Evenflow 
and Pueblo Extra supermar- 
kets in foe ns, and hold an 
important stake in Dnhririao, 
tlte largest ISapainc tdevisioa 
network in America. 

Evmi b^we the arrest orders 
were issued, the Cisneros 
brothers, Mr Gustavo Gomez 
Lopez, a former president of 
the bank, and others were 
» gag in g in a bhtm' exdtange 
of public accusations and 
cotmter-clalm over blame for 
Latino's foifore. 

The Cisneros brothers deny 
any wrongdoing on thrir part 
or on the part of their compa- 
nies. 

Venezuelans were smprised 
that the judge, Ms Diamora 
Ramirez de Simancas, had 
ordered the arrest of wealthy 

and infinfmtia^ SgUTOS. 

in the past have prominent 
Venezuelans been called to 
answer serious charges or been 
held responsible for ill^al 
activities. 

What has not surprised 
them, however, is foe fact that 
only one of the 83 has bemi 
arrested so for, and that many 
M the ofoers are believed to 
have left the country some 
time aga despite government 
bans on internatioEi^ travel 
Resident Rafad Caldera has 
promised to bring those 
xespmudble for the disaster to 
Justice, . which would be 
immensely popular amon g a 
disaffected pop^tion. 

Eat whether a legal ^rstm 
implicated in corru^on can 
d^ver ccL the istnnhKs of foe 
president and a criminal judge 
remains to be seen. 



Mitchell sets sights 
on public service 


George BOtehelL* *riinioverhi office isa beaHhy thfog* 


ByJurskMtftln 
Bi WashlngttMi 

Washington may still be 
digesting the impact of the 
stunning decision last Friday 
of the Senate’s most powerfol 
Democrat not to seek re-elec- 
tion. But Mr Geo^ Mhchell 
himself is portraying his deci- 
sion as entirely logical and per- 
sooaL 

In several Interviews in his 
native Maine over the w^iend 
the majority leader, who is 60, 
confirmed that he could be 
interested in two new chal- 
lenges; as commissioner of 
basebidl, a position that has 
been vacant for two years, or 
as a judge cm the US Supreme 
Oourt when the wort opening 
occurs, possib^ lata* thte year 
should a justice, most likely 
Mr Hany Blackmun, retire. 

But be denied he was palling 
out of politics because firm pri- 
vate offers M either score had 
been made to him. Instead, he 
maintained that: ‘'I never 
intended to re main perma- 
nently in the Senate*' that 
“at teast for mysdf, turoovs’ 
in office is a beahhy things. 


He told the New York 'Hmes; 
“1 have not ruled out public 
service. In feet I have spedfi- 
cally ruled it in.” He said tbe 
Senate had its frustrations, but 
there had been “great rewards” 
in the majority leader’s role, 
which he has held for six 
years. 

The general consensus is 
that Mr Blitchell, appointed to 
the Senate in 19B0 to fill tbe 
unexpired term of Mr Eklmund 
Musl^ when tiie latter became 
secretary of state, has been an 
eSbctlve. if partisan, director 
of his chamber, both in opposi- 
tion to the pobdes of Present 
George Bush and as a propo- 
nent of President Bill Clinton. 

When Mr Clinton to(^ (ffice, 
Mr Bfitcheil was instrumental 
in winning votes on tbe budget 
and the North American 
Trade Agreement. 

His departure does not make 
thin^ easier for either the 
president or the party. The 
most immediate consequence 
is to raise fresh doubts over 
the Democratic 56-44 majority 
in the Senate. Bfr Mitcbell was 
considered certain for re-elec- 
tiOD, but tbe early favoiuite to 


succeed him is Congress- 
woman Olympia Snowe, tbe 
Republican and wife of Gover- 
nor John McKeroan. 

Ur Mitchell is the eighth sen- 
ator - and fifth Democrat - to 
aimoimce retirement plans this 
year. 

Another semor Democratic 
senator, Mr David Boren of 
Oklahoma, is also considering 
leaving to become hrod of foe 
local state university. 

Although there is no sugges- 
tion that Mr Mitcbell will now 
devote any less energy to Mr 
Clinton’s legislative pro- 
gramme. the struggle to 
E^ace him threatens to be a 
diversion in the coining 
months, rince there is no clear 
beir apparent 

Tbe ncxt-in-lme in the Demo- 
cratic hierarchy is Senator 
Wendell Ford of Kentucky but 
interest has already been 
expres^ by younger senators. 
Including Mr John Breaux of 
Louisiana, Mr ‘Tom Daschle of 
South Dakota, and Mr Jim Sas- 
ser of Tennessee. Mr David 
Pryor of Arkansas, long close 
to the president, may airo com- 
mand suppoil 


American leaders urged to give priority to crusade 


Corruption drive on cards 


By Michael Holman and 
St^ihen ndter 

Latin American leaders are 
expected to join Presid^ Bill 
Clhiton in an anti-comiption 
drive to be launched at the 
forthcoming Summit of the 
Americas. 

Mr Alberto Dahik, Ecuador’s 
vice-president, has called on 
lead^ of North and Latin 
America to ensure ttot comip* 
tion, “which has a dinKft 
impact on democracy and eco- 
nomic develt^ment”, be i^ven 
^iortty at the ptenned sum- 
mit. 

Mr Dahik is also chaizman of 
the advisory coundl of nans- 
parency InternationaL the Ber- 
lin-based body which cam- 
paigns against corruption in 
mfwna t MWfli buriness transac- 
tions. His intiposal, made after 
a meeting last week of the 


group in Quito, Ecuador, 
already baa White House sup- 
port 

Leaders of the Group of 
Sevmi industrialised countries 
are also mqiected to put cor- 
rui^on on their agenda at 
their meeting in Italy later this 
year. 

A date for the gumwiH of the 
Americas, due to be held this 
year, has not been fixed and 
the a ganHfl is still fhdd. Tbe 
likely main topic wOl be foe 
extension of frtt trade through 
the westexn hsni^diere. 

'The US administration is 

alsn anvimis tO USe the SUnUOit 

to find W8^ to impr^ the 
accountebflity and eftSdezuy of 
government as we^ as reduo 
ing commtioa. but would pre- 
fer to see the issue raised 
as a Latin American initi- 
ative. 

Tbe move comes amid grow- 


ing cemoern about the impact 
of corruption os aid and 
development, and efforts to 
promote democracy and 
hnnum ri ghts fo f.arin Amer- 
ica, Africa and elsewhere in 
tbe third world. 

The US is almost alone 
among industrialised nations 
in outlawing the payment of 
bribes in foreign countries. Its 
Fot^gn Oocnqit Practices Act 
forbids the making cf illicit 
payments by US mrnpaniae, a 
law seen tv some US busi- 
nesses as weakening their 
abiliW to conmete for intenm- 
tional tenders in some coun- 
tries. 

The US has in the past 
throu^ the Organisation for 
Scoiaomic Co-operation and 
Development tri^ to persuade 
other industriafised countries 
to fidlow its example, with lit- 
tle success. 


Leading Chinese 
activist disappears 


Mr Wei Jingsheng, China’s 
most femous riiggiitent, left Bei- 
jing suddenly yesterday, hours 
before he was scheduled to 
meet reporters. Beater reports 
from Briftng- 

Mr Wri was expected to talk 
about his detention by police 
in a clampdown before this 
week’s visit to China by Blr 
Warren Christopher, US secre- 
tary of state. 

His abrupt disappea^ce 
came as the offimal Xinhua 
news agency accused him ot 
violating his parole and police 
extended their crackdown by 
taking away a prominent stu- 
dent teaiiM* of foie 1988 *nanan- 
m^ Square protests. 

Mr Wei’s secretary told 
repentets the activist had left 
voluntarily. She said she did 
not know if police had advised 
Mr Wei to leave for Ifr Christo- 
{djeris visit, a tactic the author- 


ities have used In the past at 
sensitive times. 

The sweep against more than 
a dozen pnaninent dissidents 
in Beijing and Shan^iai has 
cast a over Mr Christo- 
visit to China, scheduled 
to start on Friday. 

Mr Christopher has said the 
issue of human rights was the 
top priority for his visit, a 
lastrditch attempt to warn, foe 
Communist party it will lose 
bfilicms of dcdlars in trade wifo 
its key market unless it 
inmroves its treatment of dissi- 
dents. 

presidmit Bill Clinton must 
decide by June whether to 
renew China’s Afost Favoured 
Nation trading status. He has 
repeatedly stated he would 
only do so if there was a “sig- 
idScent ovmaU improvement” 
in China's human rights 
record. 











NEWS: INTERNATIONAL 


Leading economies show there is little reason to fear a rapid return of the bogey of resu rgent inflation 

‘Output gap’ takes edge off worries about prices 


By Graham Bowley 

Is Uie period of increasingly 
low inflation that the 
industrialised world has 
enjoyed so far this decade 
about to come to an end? 
Recent falls in bond prices 
sur est that markets think so. 
But a closer look at the 
evidence shows that there is 
little, if any, sign of a 
resurgence of inflation. 

Current inflation remains 
subdued. Consumer price 
inflation in the seven major 
industrial countries has been 
running at an annual rate of 
about 2 per cent, while the 
prices charged>by producers at 
the factory gate have actually 
been falling. Japanese 
producer prices have even 
been declining at the 
remarkable rate of 2.9 per cent 
a year. 

Only commodity prices have 
been showing evidence of a 
pick-up in inflation. The prices 
of industrial raw materials, in 
particular, have risen steeply 
over the last ei^ months, to 
levels not seen since 1968. 

Prices of commodities can be 
a good predictor of turning 
points in inflation. This is 
partly because higher costs 
feed through into prices. It is 
also because commodity prices 
are very sensitive to any 


Oomniocny prices jump, though 
biflation is negSgiUe * . . 

isssaioopMe 


...eapacttyrenralnsunder- 
utMsed, eacoept in US . . . 
MW tava «f fiOP nMiw n POMS GDP 


. . . real and nominal bond 
yieWa turn m aom ewh et , . , 




19G0 


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[nduseial non*fbod (WiMiand scal^ 
SouroK ORbaMMi, eZW 


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• er pka Spain. AusMa & NattiwWds 


• U8 bonehimrfc bond jMd 

■ UK-bon chmai fc bond yM 

■ UK bKtax Mood olt 


nhang es in demand. For this 
reason, any rise in global 
riflinanri will show up first In 
commodity prices. 

Nevertheless, short-term 
movements in commodity 
prices are &r from a reliable 
proctor of inflatioD. The price 
of gold - which Mr Alan 
Greenspan, the chairman of 
the US Federal Reserve, has 
said he r^ards as a leading 
indicator of inflation, because 
of its sensitivity to inflationary 


expectations - has risen a 
little, but hardly in a 
convincing manner. 

Only an excess of demand 
over full capacity supply is 
likely to generate a sustained 
rise In prices. 

A good indicator of how 
close an economy is to that 
point is the “output gap", 
which measures the difference 
between actual and potential 
output. Whenever actual 
output is below its potential 


. . . but bread money growth 
remains very low 
AmaBM 3 own % dBoge 



level, infla tion oi^t to dedine 
and ofce versa. 

Although difficult to 
estimate accurately, the output 
gap in the 10 major industrial 
countries se^ns to have been 
widening since the second 
quarter Ss 1991. It continues to 
do so, whUdi should mean a 
further strengthening of 
disinflationary pressures. 

Only in the US has the gap 
been closing. The belief that it 
could even disappear around 


G7 narrow laeiwy 

67 breed laonov 


the end of this year was one 
reason why the Federal 
Reserve, under Mr Green^an’s 
chairmanship, raised the 
federal hmds interest rate on 
February 4. 

The German output gap does 
remain relatively small, which 
puts the scale of its recession 
in context, but the gap in 
Japan is very large and 
widening stiH further. Outright 
deflation, raths* than inflathm, 
is the main threat to Japanese 


economic stability. Tlie UK 
output gap, though wide, has 
begun to close. But UK 
economic growth is still not 
much above its underlying 
trend rate, which suisests that 
the gap will not be closed for 
some time. 

Over the long term, 
expansion of the money supply 
is a prime cause of rfrangea m 
demand and so of inflation. For 
some time the monetary 
picture in the m^or indudrial 
countries has been sometriiat 
peculiar. For all that, there is 
little to suggest an early 
resurgence in inflationary 
demand. 

One unusual phenomenon 
has been the Caster growth of 
narrow money, vrtiich conmsts 
of notes, and commercial 
bank deposits with the central 
bank, than of broad money, 
which includes the public’s 
deposits In banking 
institutions. 

Narrow money has little 
causal significance in a 
modern monetary system. 
Despite signs of a slight 
pick-up, the growtii of broad 
money, which Is lately driven 
by bank tending, has teanalned 
very slow inde^ In the US, 
for example, its annualised 
rate of growth in the six 
months to January 1994 was 
only 2.4 per cent hi J^ian it 


was still less, at 1.6 per cent. 

Amatingly, Germany’s broad 
money oflbrs the sole exception 
to the pattern of generally low 
growth. It is not surprising, 
flierefore, >bat bond markets 
reacted sharply to the 
shocking ^ure Cor German M3 
announced last week. But 
January’s annualised increase 
of 20.6 per cent over the 
average for the last three 
months of 1998 was fieakisli, as 
even the Bundesbank has 
argued. 

Notwithstandii^ the ladi of 
any obvious economic reason 
for concern, the bond market 
retreat - with an mcrease in 
yields at almost one percentage 
point on US 10-year bonds 
since October 1993 - would 
seem to signal the fear that 
inflation is about to rise. 

UK 10-year gilt yields have 
.iisn risen by a litte over one 
percentage point since the 
beginning of 1994. But it is 
dear in this case that only a 
little more tiian half of that 
increase in nmninnl yields is 
due to a change in inffetionary 
expectations. 

In the UK the gap between 
yields on index-linked bonds 
and on conventional bonds 
provides a good indicator of 
these expectations. Since early 
January the index-linked yield 


than half a peiwiitaise iwlnt, 
while the gap between the tw 
Yields h.ts risen by u little 
more ihiHi Iwlf .i percentage 

***T^us a significant part of the 
change in yields is due to 
higher real interest rates, 
themselves presumably a 
reflection of greater optimism 
about world recovery, hiellcd 
by what is h.ippening in the 
US. in particular. 

It does seem plausible that 
the bottom of tlie ourreut 
inflationary cycle now being 
reached, with financial 
markets oonvmced that 
ieco\’ery from recession is well 
established, especially in the 
US and UK. Inflation is 
unlikely to fall very much 
further, therefore, except in 
Japan and perhaps in France. 

Nevertheless, there is also no 
evidence that recovery would 
cause global inflation to rise 
significantly. Current inflation 
remains subdued, output gaps 
leave plenty of room ^ 
growth, while monetary 
conditions look far from 
worrying, except perhaps in 
Germany. Policy-makers may 
react cautiously to the 
turbulence of recent weeks. 
But there is little reason for 
them to fear a rapid return of 
the bogey of resurgent 


Washington sounds calmer note than Wall Street 


Bad old days have 
gone though wage 
concerns remain 


By George Graham 
in Washington 

'Ihe choir of economists from 
the US administration, Con- 
and Federal Reserve is 
singing in remarkable unison: 
there is no cause for alarm 
over inflation prospects. 

“The signs of continuum 
growth in the economy are 
signs that suggest grov^ is 
occurring without accelerating 
inflation, ’’ Ms Laura Tyson, the 
chief White House economist 
said last week. “Not only is 
current inflation extremely 
modest, but the fundamentals, 
the things that explain future 
Inflation - wage patterns, pro- 
ductivity growth, import 


US 


prices, energy prices, for exam- 
ple • all remain well behaved." 

But 235 miles north-east of 
Washington, Wall Street bond 
traders are hpflnng a different 
tune on prices. Ever since the 
Fed tightened short-term inter- 
est rates to 3.25 per cent on 
Febnmry 4, every signal has 
been interpreted as a mark of 
higher inflation on the way. 
Many Wall Street economists 
now expect the Fed to tighten 
further, possibly at its March 
22 meeting. 

Markets have focused more 
on rising measures of commod- 
ity prices such as surveys of 


manufacturers’ purchase 
prices conducted by the Phila- 
delphia regional Fed and by 
the National Association of 
Purchasing Managers, as well 
as on fears that the imsiurtain . 
able growth of the fourth quar- 
ter - gross domestic product 
rose at an annualised rate of 
7.5 per cent, according to the 
latest estimate - could lead to 
prolonged overheating this 
year. 

Washington economists, on 
the other hand, have preferred 
to look at controlled import 
prices, moderate wage 
increases and improving pro- 
ductivity. 

The Fed, in Its half yearly 
monetary policy report to Con- 


gress last month, acknowl- 
edged some commodity factors 
that could worit to lift inflation 
this year last year’s poor har- 
vest left some crops in short 
supply, creating the risk of 
higher food prices, and the 
likelihood that last year's 
decline in energy prices will 
not be repeated 
Nevertheless, most of the 
Fed governors and presidents 
of the regional Feds expect 
consumer price inflation to be 
close to 3 per cent in 1994 - 
though their forecasts range 
from 2.2S per cent to 4 per cent 
The Congressional Budget 
Office, meanwhile, also sees lit- 
tle likelihood that inflation will 
be a problem in 1994 or 1995. 


Although manufacturing 
capacity utilisation is at a rate 
often associated with inflation- 
ary pressures, the CBO notes 
that strong investment in new 
plant and equipment should 
keep the rate from rising much 
this year. More broadly, CBO 
says, the shortfall of GDP 
below its potential “will 
remain large enough to 
dampen inflation even with 
economic growth close to 3 per 
cent*. 

Although the reviving econ- 
omy has undoubtedly left less 
slack In the labour market, 
many economists believe pro- 
ductivity is set to improve at a 
rate that should keep the lid on 
inflation. 


The growth rate of unit 
labour costs has declined from 
4.5 per cent in 1990 to a level 
close to 2 per cent for the last 
two years. Revised statistics 
due to be released tomorrow 
are likely to show that unit 
labour costs actually fell by 
more than 3 per cent in the 
fourth quarter. 

Ms l^son concludes, like 
most Wastungton economists, 
that consumer price inflathm 
will Indeed accelerate t^ year 
from last year's rate of 2.7 per 
cent but only to around 3 per 
cent “So we antidpate some- 
thing but you would hardly 
call that a change in the under- 
lying inflationary fundamen- 
tals." she said. 


^ Phffip Coggan, 

EcononUca Comspondent 

When Britsdn left the exchange 
rate mechanism in September 
1992, many commentators 
thought it was about to 
descend into its old pattern, 
with a devaluation destined to 
boost competitiveness merely 
<>ndiTig in increased inflation. 

Few thought that, nearly one 
and a half years later, retail 
price inflation would be just 2.5 
per cent In 1993. growth was 
much stronger ai^ inflation 
far weaker than analysts had 
expected at the start of the 
year. What is not clear Is 
whether this is just a tempo- 
rary blip, (X whdber Britain is 
startup to escape frx>m its 
inflationary past 

Most economists feel that 
UK inflatioa will stay within 
the government's 1-4 per cent 
target range during this 
year and next One key fector 
has been the low ^wth of 
wages. Average earnings grew 
by just 3 per cent in the 
year to Decraber 1993. This 
low wage growth enabled man- 
ufecturors to absorb some of 
the cost increases caused by 
sterling’s devaluation, and 


BRITAIN 


helped keep prices from. rising- 

Now the focus of inflationary 
fears has switched. The effects 
at devaluation on import prices 
have disappeared from the sys- 
tem and manufacture^' input 
costs are felling - by 2.5 per 
cent in the year to January. 
But rises may now be 
starting to pick up, Jn part 
because unemployment has 
feUen faster than expected. 

Most economists agree that 
Britain still baa an output gap. 
althoui^ not on its sire. Pes^ 
ousts such as Mr Bill Martin of 
UBS think, however, that 
Britain is very close to cai^ 
ity and that inflation wiH pu^ 
up sharply In 1995, rising to 7.7 
per cent in the fourth quarter. 

But Mr Tim Coi^don, one of 
the British chancellor's six 
Independent economic advis- 
ers, expects an annual rate of 
inflation (tf just 1.7 per cent in 
the fourth quarts of 1995. He 
believes the cutout gap is still 
substantial and that the la^ed 
effects of slow monetary 
growth in the early 1990s are 
still working their way 
through the system. 


Improving picture likely to soothe historic fears 


By Christopher Paikes in Frankfurt 

The short-term trends in west 
German inflation are so clear - at 
least in the minds of private and 
public sector economists ** that many 
are now looking well beyond the end 
of the current year. Most expect an 
aymage rate of 2.5 per cent in 1995, 
tailing off to 2 per cent eariy in 1996. 
This is the Bundesbank’s magic 
“normative” rate, regarded by the 
central bank directorate as teal price 

stabUity- 

The signs are certainly fiimly set 
for an average of 3 per cent being 


GERMANY 


comfortably achieved or even bettered 
in the current year after 4.2 per cent 
in 1993. The annual rate was already 
down to 3.3 per cent in February, 
despite a raft of Increases in fuel 
taxes and insurance and pension 
premiums which pushed January’s 
year-on-year inflation up to 3.5 per 
cent 

Underlying the current downtrend 
is an increase in the price of goods of 
Just 2.3 per cent in the past 12 
months. Even though some rises are 


predicted this year in producer prices 
and the cost oS unports, and allowing 
for the likely appreciation of the 
D-Mark against the US dollar, feeble 
domestic demand is expected to 
counter such effects. 

Falling real incomes and sharply 
rising unemployment last year hel^ 
depress ret^ sales by a real 4 per 
cent No improvements are in mgfat 
since real earnings are likely 
to Hprlinp again this year awH nort, 
despite the current industrial unrest 
over pay negotiations. Meanwhile, 
continui^ fierce international 
competition will tend to reduce 


the price of industrial products. 

promising picture was clouded 
for miiitiL of lut year by sharply 
rising rents and high cl^ges for 
private services. But the tide has 
turned, and both trend lines now 
poiift firmly downwards. Rents, which 
have an 18 per cent wei^ting in the 
consumer prices index, were soaring 
by almost 7 per cent year-on-year last 
summer. Tta^ are now going by 
less than 5 per cent. The cost of 
private services - 25 per cent of the 
CPI - formerly rising by 7.5 per cent 
is now increasing at around 5 per 
cent 


Other favourable factors include 
federal and local governments’ 
understandable rductance to increase 
taxes or administered prices in an 
election year. 

Unqiiantiflable, but not to be 
forgottezt is an inbnilt, historical 
drrad of wfiaMnn amnng the German 
people. 

A recent survey by the Munich 
Imas institute found 70 per cent of the 
population were finding life 
uncomfortable. The main sources of 
their depression were fear of 
unemployment (65 per cent), crime (60 
per cent) and inflation (55 per cent). 



New York 

While the New York City press 
remairts unsure whether last 
Tuesday’s shooting of four 
young orthodox Jews on 
Brool^ Bridge was a ploy 
by an Arab terrorist to 
urxiermlne the PLO-lsraeli 
peace tedks, or simply an 
opportunist’s attempt to gain 
revenge for the Hebron 
massacre, the rtewspapers 
have agreed on one thing: that 
Mayor Rudolph Giuliani has 
earned the city's respect for 
his sldned handling of the 
affair. 

"IMthin hours of the 
shoohng, the mayor and the 
police department created a 
sense of control that gave the 
public a reason to feel 
confident In their government,* 
said an eefitorial in The New 
York Times. 

Under the headUne “GiuRani 
Had Right StufT, Nowaday 
r^jorted that the mayor’s 
calm, assured perforrnance 
te the Immediate aftermath 
of the shooting - when It was 
feared that ttie attack might 
trigger urvest between the 
clVs Jewish end Arab 
populations - won widespread 
praisa 

Other papers, indudlng The 
Dafiy News, noted how the 
praise for Mr (aiuTiani 
contrasted with the criticism 
ttiat was aimed at the failure 
of his predecessor, Mr David 
Dinkins, to react quicidy to an 
outbreak of vhrience between 
orthodox Jews end blar^ In 
Brooklyn two years ago. Mr 
Giidiani dearly wants to 
capitaTise on all this goodwill, 
for Newsday reported that he 
Is keen to arrarige a sumnvt 
between New York’s Jewish 
and Arab leaders. 

While praising the mayor 
and the police for their quick 
work in arre s t ing a suspect 
in the case, the city’s press 
has also followsd Mr oyiani's 
advice not to jump to too 


INTERNATIONAL PRESS REVIEW 



Giuliani: moeh praised 


many conduslons ^lout what 
motivated an Arab man to fire 
on a mini-van MI of orthodox 
Jews. Vifflh four Arab New 
Yorkers having just been 
convicted of conspiracy In the 
World Trade Cent^ bombing, 
caution was called for. 

The Times said: “If ttie 
attack was the act of one mad 
individual, it needs to be 
divorced from the broader 
tension between Arabs and 
Jews. And if it was a lager 
political act, there is ay the 
more reason to demonstrate, 
as the mayor emphasised, that 
most people in this diy of 
immigrants are not terrorists.” 


GERMANY 

The German government's 
decision last weMc to press 
ahead with toe Trarrsrapid 
super-fast magratlc levitation 
train, by building a line from 
Berlin to Hamburg, was 
presenfed as a technological 
triumph by its supporters. 

Mr Mattolas Wissmann. the 
transport minisfer, warned 
agal^ toe familiar “doubters* 
in toe federal rqxjbiic who 
ml^t try to hold it up. This 
time, he declared, they would 


not succeed. 

Yet toe German prees 
appears to be full of them. 
B/en Haidelsbiatt, the 
conservative dsdiy newspaper 
for toe business communito, 
is not convtooed it virill realV 
happen. 

It Is not just the vociferous 
environmental lobby wNch la 
already whippfog up a 
campdgn against the 400 
krrt/hour monorail train, the 
newspaper said: “Many of the 
opponents of the project argue 
from a te'gh level of oeperUse," 
not least the transport 
ministry's ovwi panel of 
sefentifle advisers. 

Their main objeefion, the 
news p ap er’s commentator 
Eberfwd Krummheuer pointed 
out, was over file private 
sector’s finandai and operating 
plans for the Transraptd. They 
questkxied the traffic tereoast s 
and the likely iewei of federal 
finance required. They warned 
it coted aH prove much more 
expensive for toe national 
exchequer than the present 
plans Imply. 

Indust^ is all for H, 
Handelsbiatt admits, but 
mainly because of the tack 
of export success of the 
high-speed IGE train against 
toe French-built TGV. Yet 
Transrapid’s mport prospects 
remain for the time bei^ no 
more than witerfui thinking. 
Moreover, any big export 
contracts, as in the case of 
high spaed trains, win depend 
on a very Ngh pr^rtion of 
local content toey wil not 
create many jobs in Germany. 

Munich’s SOddeutsche 
Ztetiaig fears the whole 
scheme will be a ”mutti-bnrion 
flop”. The feet ie that industry 
and the polfficlans are 
beavering away to prevent the 
multl-bfliion risks of the project 
coming out into the open,” 
it says. 

As fbr the Flrankfurter 
Rundschau, a traditional 
supporter of the opposition 


Social Democrats, the whole 
decision is ”financisAy 
Indefensible, senseless in 
fransportaflon terms, and 
questionaUe from the point 
of view of ItKlustry”. Everyone 
else in Europe is pressing 
ahead vrith hr^i-speed-trains, 
it says. And Bonn simply has 
not got the cash in the public 
kitty to go it alone. 

If the doubles in the press 
are to be believed, Mr 
Wissmann may still be proved 
wrong, and Germany may yet 
go through yooro of further 
OebaiB before it launches the 
next generation of rail 
techrtology. 


Japan 

The sport of lambasting the 
prime ministor’s character and 
politicte Judgment in the 
national press has taktti on 
In a big way in Japan over the 
past week. 

Mr Morihiro Hosokawa, 
Jap^uiese (wime minister, has 
received a drubbing almost 
as merciless as that meted 
out In recent months to his 
British eounterpert, for his 
last-minute decialon to abort 
a much-pubtleised cabinet 
reshuffle and feiture to avert 
U8 threats of trade sanctions. 

The worst insult came from 
the AsaM Shknbun, Japar)'s 
second-iargest newspaper, 
Which likened Mr Hosokawa 
to an ^successful sumo 
wrasUer vitoo refuses to accept 
the rules of the game and 
ke^ dimbing back into toe 
ring after he has been 
defeated. ‘This is typical of 
toe second generatlOT 
fidaryman," the Asahi 
reysteriou^ comments. 

”The prime minister brings 
up serious matters one after 
the otoer and subsequently 
retracts them in confusion " 
says the Asahi, referring to 
Mr Hosokawa's recant U-turn 
on tax reform: “What is in 



Hosokawa: much insulted 


I question is not so much his 
I leadership but .. his 
judgment” 

Mr Hosokawa's personal 
authority has been diminished 
as a result of the reshuffle row. 
said toe Yomhiri Shimbuit 
Japan's largest daily. However, 
it cited as a mitiga^ fector 
that running a coalition govern- 
ment was understandably 
cflfflcult given that this was 
a new experience for Japan. 

Mr Hosokawa's problem is 
toat he belongs to the 

(gmmration of "rrew 
human beings”), which gave 
hirn high ratings in the opinion 
polls but a weak seise of 
policy direction, alleged toe 
Mdrfichi SNml^, “Some 
P^e say that Mr 
nosttowa's political ideas and 
policies are hard to discern," 
viTOte Mr Voahihisa Inoue, a 
Mainichi commentator. 

The Japan Times joined In 
toe chorus, warning that the 
we^ese of Mr Hosokawa's 
leadership would jeopardise 
Japan's ability to resolve its 
trade disputo with the US. 

Coflfrfoudons by; Pabick 
^^rvenson in New York, 

Ouwttfj flee/ in Bonn and 
WWmm Dawkins in Tol^ 






I^ANCIAL TIMES MONDAY MARCH 7 1994 




NEWS: UK 


Heseltine set to focus on competitiveness 


Britain in brief 


By Roland Rudd 


Mr Michael Heseltioe, UK trade and 
industry secretary, is planning an 
ambitious fhunework to coordinate 
the British govenunent’s economic 
policy in a sweeping white paper on 
competitiveness. 

The white paper, which will cut 
across several Whitehall departments, 
is designed to g^ve the Department of 
TYade and Industry a bigger role in 
formulating policy across a wide 
range of areas. 

While the paper has been pianrwri 
for several months, the scope of its 


remit may be seen as the lastest 
attempt to raise Mr fieseltioe’s profile 
in the event that the govermnenfs 
low standi^ in the opinion polls 
prompts a leadership decdon. 

Aft^ a week in which he distanced 
himself Ccom government poli^ over 
arms exports to Iraq, be^ investi- 
gated by the Scott inquiry, and deliv- 
ered a barnstorming speech to the 
Commons, Bffr Heseltine yesterday 
insisted: “I believe John Major will 
lead us to win the next election and 
my podtion is entirely that of a loyal 
m^bpr of his cabind helping him to 
do iL" 


Mr Heseltlne's dedsion to address 
issues such as long-term financing for 
companies, education, trainii^ and 
infrastructure funding has irritated 
some senior Whitehall oCfidals in 
other departments. 

They have insisted tbat the DTI will 
have to submit its paper to the cabi- 
net office, which has set up a commit- 
tee representing civil servants from 
all departments affected. 

Nonetheless, Ah' Heseltine tuis mads 
it clear that he has the strong backiag 
of the prime mbiiatar and Mr Kenneth 
niflrifg the chancellor, to establish an 
approach to government economic 


policy In which the DTI vrould have a 
more prominent role. 

While the paper is yet to be drafted, 
those involv^ in its preparation have 
began to focus on wlmt they call “fac- 
tors of productivity” wh^ influenee 
corporate competitiveness. 

Mr Hesehine's advisers are under- 
stood to believe the City, for ezampte, 
does not provide companies with ade- 
quate lODg-term finance. 

The paper will argue the govern- 
ment should build on the 1980s 
approach of privatisadoa and der^- 
lation, by developing policies to sup- 
port British companies in the 1990s. 


His advisers are also looking at 
whether a single Whitehidl depart- 
ment should take responsibility for 
vocational and academic qualifica- 
tions, which are currently split 
between the departments of Question 
and employment The paper wiQ also 
examine proposals to inoease private 
finmee for public infrastructure pro- 
jects. 

The compethiveness paper will not 
be published until the Commons all- 
party trade and industry committee 
completes its own study into Britain's 
competitiveness, whidi is not expec- 
ted until the end of the month. 






A consortium of cable compa- 
nies recently bought exclusive 
ri^ts to show the competition 
in the UK. Cable is still limits 
to not much more than 600, ooo 
homes out of the total of £lm 
television homes in tte UK. 


Tax fears mar 
upbeat mood 


Fire hampers 
R-R research 


on economy 


Survey indicates 
freight companies 
^hostile’ to tunnel 


Unions briefly hold upper hand 


By Chartes Batchelor, 
TTOmport Correspondent 


ha 

•null waj 

•' ri'inaii 


Transport companies are 
hostile to the Channel tunnel 
and are unlikely to maica much 
use of it for frei^ shipments, 
according to a survey pub- 
lished tod^. Only a quarter of 
British freight gompanipg ques- 
tioned thought the tunnel 
would have a positive effect on 
their business. 

The poll of 11^ senior execu- 
tives carried out in January by 
MORf for Scania, a manufac- 
turer of heavy trucks, found 
per cent of transport compa- 
nies believed their drivers 
would prefer to stick witfr the 
ferries. Some 84 per cent 
thoi4fot that the ferries would 
offer better fadlities. 

“We've managed perfectly 
well without the tunneh 1 don't 
see it making a big difference 
except for the novelty value,” 
commented one transixnt com- 
pany eimottive. 

kfr Dieter MerZ, managing 
director of Scania (Great 
Britain), said: “Eurotunnel has 
predicted It will carry more 
than gm tonnes freight in its 
first fiUl year of operation and 
its aim is tO take a al gnifi/^nt 
share of the ferries’ freig^it 
business. Our survey shows it 
may be In for a surprise.” 

The start of frei^t services 
through the tunnel was 
planned to start today but has 
been postponed until some 
time In Mardi or April. Diffi- 


culties in completing testing 
and safety checks have been 
blamed for the delay. 

Only 4 per cent of frei^t 
operators questioned in Janu- 
ary had decided to make use of 
the tunnel while just 44 per 
cent felt tbat indnsfry needed a 
tunnel to malro ahi p me P *^ to 
the Continent. 

Only 16 per cent of transport 
companies polled believed the 
tunnel would be cheaper to use 
than the ferries. Unlike passen- 
feres, shippers n^tiate 
individual rates with Euro- 
tunnel, which will operate 
shuttle services between Fol- 
kestone and Calais. 

Oi^ one in five companies 
said it would use the tunnel if 
costs proved to be higgler than 
t^ ferries. 

“The tunnel wfH need to Mt 
conqietitive prices for frei^t 
to attract haulage companies 
away from a ferry service 
which seems to be more than 
satisfying needs,” the sur- 
vey said. 

Transport companies saw 
rtiff Tnawi advantage of the tun- 
nel as speed but very few exec- 
utives mentioned the other 
benefits which the tunnel 
ffiaima to provide; reliability, 
frequency and convenience, 
the survey said. 

It said also tbat French 
transport companies haH given | 
more thou^t to using the tun- : 
nel and 55 per cent thou^t it I 
wduld have a positive effect on 
their business. I 


L ast week was an unusu- 
ally good one for British 
trade unions. A well- 
received ”re-launch“ of the 
Trades Unimi Congress was fol- 
lowed by two favourable court 
judgmnents, based on worker- 
friendly European law. 

First came the ruling from 
the European Coiut's advocate 
general that employ^ must 
be pn^>m'l7 consulted in collec- 
tive redundanctes and trans- 
fers of business ownership, 
even where there are no recog- 
nised trade onions. 

Then came the judgement by 
the law lords to reduce from 
five years to two the qualifjdng 
period for redundancy pay and 
unfair rights for 

partrtime workers. 

It la not dear whether these 
judgements - and others to 
come " will aignifirantiy hin- 
der the Briti^ govenunent’s 
programme of labour market 
de-regulation. But they do iwnJ 
weight to the view that the 
goveniment's opt-oiti from the 
social chapter of the Maas- 
tricht treaty has given it 
strictly iwiTnntifty from 

Eoropean employment law. 

Ri^t and left agree on this 
point “Our victory In securing 
an opt-out firom the social 
chapter just over two years ago 
is look^ increasing hol- 
low”, said Mr Ira Chalpin. of 
the a^ressively free-market 
Institute of Directors. While 
supporters of European 
employment law, such as 
labour lawyer Mr Simon Auer- 
bach of Patteson and Brewer, 
said: “Ihe tide of social direc- 
tives and the way they are 
implemented will not be 
stopped by our optout”. 

The government itself seems 
uncertain how to respond to 


David Goodhart and Robert Taylor on the effects of 
EU law on regulation of the British labour market 


the latest moves. Mr David 
Hunt, the employment secre- 
tary. today lodges a formal 
app^ against tim Eoropean 
Dnion’s woiUng time directive 
which, despite being watered 
down, could Introduce impor- 
tant new irtTwiwiittn standards 
in the UK on holidays and 
working hoars. 

Advisers to kfr Hunt in the 
Employm^ Department were 
last week taking a relaxed 
view of the two judgements. 
On the jmrt-time workers 
judgement it Is estimated that 
only about 500/100 of ftitain's 
5.8m part-timers will be 
affected. 'Ihe nundier will be 
higher if those working umfer 
8 hours per week are Include^ 
something the Judgement is 
not clear about. But even the 
Etmipeau Commission is rec- 
ommending the exclusion of 
such workers frnm its own 
directive. 

It Is dlffleult to calculate 
what kind of disincentive to 
part-time employment might 
be created by introducing pro- 
tection from ttwfair rtigwiasg{ 
three years eariier, but most 
analysts say it is not liimly to 
be large. Simflaiiy, tim minl- 
mum redundancy pay reqtore- 
ment Is one week’s pay per 
year of service to a maxi- 
mnm of L2 weeks, which is 
unlikely to generate more than 
a wiflTfmmii of £500 for a 
part-time wi^er. 

'There remain powerful 
incentives fevouring tim con- 
tinued growth of part-time 
employment from a ftoxibility, 
cost and regulatory point of 





view. FVn* example, for those 
paid under £56 per week 
employers still do not have to 
pay National lusurance, statu- 
to^ sick pay or matenuQr ben- 
eflL And those employers who 
do find the new unfeir dis- 
missal rules troublesome can 
simply switch workers to 
rolling temporary contracts, to 
prevent them reaching the 
qualifying threshold of two 
years continuous employment. 

'The requirement to consult 
workers representatives in cer- 
tain circumstances, even 
where (as in a growing number 
of UE workplaces) th^ are no 
recognised unions, has a less 
predictable outcome and is 
likely to be fought bard by the 
governmenL 

It win not mean the intro- 
duetton M a right to union rec- 
ognition or the emerge^ of 
permanent works council-type 
bodies in Britain. Nevertheles, 
according to one European 
Commissiott official it will not 
be sufficient for employers to 
inform all workers indi^ually 
of the business transfer or 
redondasetes. “Some sort of 
election system wifi be needed 
to establish a worker represen- 
tative,” said the But he 

added that the systan oould be 
immediately disbanded once it 
had served its function and 
that oiany smaller organisa- 
tions would be excluded 

These are not the only Euro- 
pean employment law issues. 
Onr the coming mnnrha toe 
government can expect: 

• A possible bill for tens if 
not hundreds of mlUiona of 


pounds from workers claiming 
conqtensation for loss of earn- 
ings or dismissal as a result of 
the govenunent’s failure to 
properly implement the Trans- 
fer of Undeiiakmgs (Protection 
of Employment) legislation, 
which gives workers some pro- 
tection in cases of business 
transfer. Companies success- 
fully sued by workers will also 
be seeking compensation. 

• Little joy in getting con- 
tracting out from the public 
sector excluded from the Tupe 
regulations. The latest draft of 
a CommiasiDn discussioii paper 
merely suggests that Tupe 
should apply to genuine organ- 
isational entities and not to 
individual people. 

• Pressure to raise the £10,000 
martmiiTw compensation limit 
for cases of unfeir tUamwai 
As a result of EU legal judge- 
ments, waT^mTitn compensa- 
tion have already been 
lifted from awards given to 
workers found to have suffered 
from sex or race diserimina- 
tion, which is i«wHh>g to sub- 
stantial damages being 
awarded. 

• A new round of employ- 
ment directives from Brussels. 
The O>mmission agenda has 
recently shifted from improv- 
^ the li^ts oi those already 
in work bmmrds greater con- 
cern for job creation and com- 
petitiveness. But the Green 
Paper on social policy cor- 
rently under diaraiRMnn could 
form the basis of a new round 
of legislatlOD, against which 
firitahi's opt-out would provide 
only limitM jncftection. 


Confidence abont economic 
prospects is rising but many 
boslness leaders are worried 
by the prospect of next 
monto's Ua increases, accord- 
ing to survey publish^ today 
by the Institute of Directors. 

llie poll of 302 companies 
across manufacturing and se^ 
vices indicates tbat sales vol- 
umes have risen since Decem- 
ber althongb the rate of 
increase in orders and profits 
has fallen back. 

According to the survey, 
conducted last mouth, 53 per 
cent of companies are more 
optimistic about tire economy 
than six months previously. 

That compared with a result of 
47 per cent in the last survey 
in December, though well 
below the 65 per cent figure 
recorded last August 

Nearly two thirds of the 
companies said they were 
more hopeful about their own 
business’s prospects than six 
months previously, a better 
result than the 58 per cent 
who gave this answer in 
December. Just over three 
fifths of companies have 
stepped up sales volumes, 
sK^tly above the f^nre at the 
end of last year. 

BIr Peter Morgan, director 
general of the institute, said 
the economic upturn was con- 
tinning though “muted”. He 
said bnriness confidence could 
be expected to dip ahead oi the 
tax increases which are likely 
to depress consumer spending 
and company order books. 


Rolls-Royce will today be con- 
tacting customers of Interna- 
tional Research and Develop- 
ment. part of its nuclear 
engineering division, to reas- 
sure them in the wake of a 
severe fire which destroyed 
part of IRD’s Newcastle prem- 
ises at the weekend, 

IRD carries out materials 
testing and other research, its 
clients including Nuclear Elec- 
trie, National Power and 
PowerGen. 


Construction 


plant sales up 


Construction equipment sales 
rose by 42 per cent in the UK 
last year after three years of 
decline that left the market at 
its lowest level in living mem- 
ory, accordmg to a report by 
Cozimrate Intelligeoce Group, 
the London-based analysts. 

The rise in volume ^es, 
from 9,336 units in 1992 to 
13,017, was nearly twice as 
much as was predicted a year 
ago. U means the UK was the 
only mqjor European construc- 
tion equipment market to rise 
last year. 

'The group predicts a further 
11 per cent rise this year, but 
even that would still leave 
sales a long way short of the 
21,710 units sold in 1989. 


Survey shows 
cheques decline 


TV companies 
in sport talks 


Britain's Independent Televi- 
sion companies are considering 
cooperating with cable televi- 
sion groups in such areas as 
acquisition of ri^ts to televise 
n^or sportiog events. 

(5ne possib^ty is a Joint bid 
for rights to ^ Five Nations 
Rugby Competition. There 
could also be talks about shar- 
ing World Chip Cricket rUftits. 


Ckeqnes are felling out of use 
in fevonr of plastic cards and 
direct debits, according to pre- 
viously nnpnblished resear^ 
carried out for Girobank, the 
bankii^ snbridiaiy of AUianee 
& Leic^er. 

Over 60 per cent of people 
questioned said they expected 
to be osii^ cash in five years’ 
time much as they do now. 

About three-quarters of 
questioned harf a hawk 
or building society enrrent 
account, and a comparison cf 
payment metiiods in the 1992 
and 1993 surveys, found an 
increase in direct debits and 
ddnt cards. 




vSs. 4ft* 


Oegiissa on world nutrition 


Chicken feed? 


Or food for thought 


An too often, the fish 


caught in the dragnets used 
fishermen are processed 


of protein have resulted in 
the ecologically-acceptable 
production of methionine 


our natural resources. 


Which means a lot more fish 


can be left where they 


for chicken feed. But the 


amino add. 


belong, in the sea rather 


protein in fish is also impor- 
tant for people - not Just 
animals. For some people 


than in chicken feed. 


2oo.OOO tonnes of 


methionine are produced 


For Degussa, it all began 


might starve if too much 
protein is wasted on anl- 


woridwide every year. That^ 
the equivalent to the pro- 


with gold and silver. Today 
we shine in many more fields. 


tein value found in 50 mil- 


lion tonnes of fish. 


Which is why Degussa 


has been working for de- 
cades to find an alternative 


supper of this vital element 


of food. Our attempts to 


^thesise the amino acids 
that are the building blocks 


As one of the largest 
producers of amino acids. 
Degussa is not only able to 
ensure a consistent supply 
of protein-rich animal feed - 
but also to help conserve 


^OLUTlO/^^ 


Degussa ^ 



FINANCIAL TIMES 


NEWSLETTERS 


A new newsletter from the Financial Times 


AUTOMOTIVE 

COMPONENTS 

ANALYST 


FT Newsletters will be launching a new newsletter in 1994, designed to 
contain only the sharpest news and statistics about the automotive 
components industry. It will probe beneath the surface of the industry and 
supply its subscribers with the practical intelligence they need to keep o 

pace w ith the changing face ^ 

of vehicle and component 
manufacture worldwide. 


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copv ofAUTOMOTtVE 
COMPONENTS 
ANALYST and subscripiion 
details please clip your 
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complete the reply 
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CONFERENCES 


RUSSIAN TUBEMAKERS AT THE 
INTERNATIONAL FAIR IN CAIRO 

Between April 8tb and 22nd 1994. Truboprom Ltd. will take 
part in the 27tfa iatemationai trade fair in Cairo. 

Truboprom Ltd. has 14 Russian tube plants which produce 
steel and iron pipe for a variety' of applicaiions. 

At the fair different tubes will be presented: 

steel and iron for oil and gas, water and gas, and for general 

afplicaiion. 

Truboprom Ltd. offers to deliver lubes according to 
international standards. 

We invite you to visit the Russian stand at the International 
Fair in Cairo in period S - 22 April, 1994 




Truboprom Ltd. 
103718, Moscow, 
Slavianskaya Sq. 2. 
Tlx. 41172S LOTOS 
TRUBOPROM 
Phone:(095)924-4509 


LEGAL NOTICES 


NbiIcc ot AppiduUDCOl df 
AdubrnniKC taenen 
MAGGOT FARMS 
rTOWCSUIRD UMRED 
ie«glsMKd Nm 9U472. Tnding Rw: YMF 
Fotaiat TIulJe. TMe nmifintinir 01 aad 
39. Nane aod aMrtai at jota adndnlmtlve 
rceeiven: David loba Slokei aDd Mkluei 
JoMpb Moor, Coopeia R Lybraad, 1 Em 
F aride. SbeCOeld. SI ZET. OfTice bolder 
BaBbm ZUZasd S5A2. Dtfe of i HMj i uliuv a c 
24 Febraary 1994. Nine of appoialcr 
Baidan Bank ^ 


LONDON STOCK 
EXCHANGE DEALINGS 

THE INraRUATTON tfnwn on dis pagt, 
iiMcl) appeals evny Saturdiy, la supplad u 
the Rnansal Wnts ly lha London Stodi 
Exeta^ 

Smcls shown an sdeclnf by 9 k Stock 
Eiicnanoa inm aniong those coinpaiiiis and 
sacuittUB when praes do not jppw in ow 
daly London Shan SnnrtM 
TIk SatuMay satactnn dtangn bequenlly. 

acoonfbig to the volume ol tradlno hi 
individual AKks refliatend by tne Stock 
Eadiangr during Bm «rA ending on each 
Thursday. Thus If no dealbio takes place in i 
stuck, h wfl not be incbJded in the fMowiig 
Satuday DeWbigs pagu 


financial TIMES MON PAY MAKv H j-J-J-l 


THE WEEK AHEAP 


BOARD MEETINGS; 
Finals: 


ThgirawBCgaffliito: 

. .9 ' "s 


*• * i* * • * • **.* 



' im 20. ' 


The survey will 
review the taxation 
system worldwide 
and examine the 
challenges It will 
face in 1994 and the 
Implications for the 
International busi- 
ness community. The 
survey will reach an 
estimated Interna- 
tional readership of 
1 million. 


For an ecHtorhd synopsis 
and 

infonnation on adverdslng 
opportunities ptoaso 
contact 

SARA MASON 
on 

Tel: 071 873 4874 
Fax: 071 873 3064 


FT Surveys 


UK COMPANIES 


■ TODAY 

COMPANY MEETINGS: 

Bmr (A.G.), Kidsons Impey, 
274, Sauchiehafl Street, 
Glasgow, 11.00 
CeBtech, The Brewery, 
Chiswell Street, Londm, E.C., 
11.30 

'DealL Bedford Lodge Hotel, 
Bury Road, Newmarket, 
Suffolk. 12.00 
BOARD MEETINGS: 

Rnals: 

BBA 

Brit P(4ythene Inds. 

British Vita 
Candover Invs. 

IMI 

Intnon JusiOSa 
Peridns Foods 
USDC Inv. Tat 
Interims: 

Close Brothers 
Cornwell Paries 
DcMnesSc & General 

Uevds Chemists 
Perpetual Japanese Inv. TsL 
Piet Petroleum 
Waterglade hit 

H TOMORROW 
COMPANY MEEHNGS: 
Eurotherm, Beach Hotel, 
Worthing, West Sussex, 12.00 
Rrst Leisure, 1, West End, 
Leicester Square, W.C., 12.X 
Kelsey bids., Kelsey House, 
Wood Lane End, Hemel 
Hampstead, 11.X 
PWS Hidgs., 52, Mirrorles, 
E.C.. 12.x 


■ TODAY 

Bank of Greece 10%pc Ln. 
2010 £5.375 

BP America 12Vlpc Nts. 1996 
$122 X 

Brtt. Gas Inti. Fin. 6%pc Bds. 
1X7 S67.X 

Citicorp Gtd. FHg. Rate Cap. 
Nts. 1996 851.04 
Cdorvision 2.5p 
Ewart 0.4p 

Republic of Finland lOV^pc 
Bds. 1X7 £101.25 
Fujitsu 6.3pc Bds. 1X7 
Y63O,0X 

Guaranteed Export Finance 
9Vipc Bds. 2X8 £925 
Do. 74hpc Nts. 1X7 $762.X 
Hardys & Hansons S.Sp 
Hydro-Ouebec 9pc Dbs. 1994 
$450 

Leeds Perm. Bldg. Soc. 11V&pc 
Nts. 19X £575 
Lockheed S0.53 
Mitsui Fixed & Fitg. Rate Nts. 
igx Y2.5X,0X 
Redland Global Funding 
12%pC Nts. 1X4 AS1.2B7.X 
Richards I.Xp 


Brent InL 

Bumfleld 

Expametint 

Gartmore 

GiUis & Dandy 

INSTBM 

Laporte 

Plantsbrook 

Sumrt 

Sunta^ 

WPP 

Wales Oty of London 

Pr^iertias 

Interim s : 

HTR JraianooD Smaller Go’s 
T$t 

MJt Data Mngmnt 
Polypipe 

■ WEDNESDAY 
MARCH9 
BOARD MEETINGS: 

Rnals: 

BAT Inds. 

Bluebird Toys 
Cadbury Schweppes 
Exeter Prf. Cap. Inv. Tst 
F & C hw. Tst 
Giynwad 

H a r ri ngt o n KBbrIde 
HolBd^ Chemical 
Jessups 

KMnwort SmaBer Co's Inv. 
Tst 

Metal BuUeUn 

M & G Inc. TsL 

M & G Recovery TsL 

Mcrovftec 

Portals 

RTZ 


Rockwell $0.25 
Sanwa Rn. Aruba Gtd. Rtg. 
Rate Nts. 2002 $505.56 
Tdux X.35 

Woolwich Bldg. Soc. Fl^. Rate 
Nts. 1996 $134.63 

■ TOMORROW 

Cardiff AutomdAe ReceivaUes 

SecurKisatkxi Class A Rtg. 

Rate Nts. 1X7 £142.X 

Oo. Mezzanine FItg. Rate Nts. 

1997 £167.X 

Clayhithe 0.75p 

Fuji InU. Rn. 8%pc Bds. 

$4 437.x 

Do. RtgTRxed Bds. 2X1 
$5X 

Hampson Inds. 0.5p 

Natl. Aust B^k Var. Rate Nts. 

20X £145.48 

National Westminster Bank 

Var. Rate Cap. Nts. 20X 

£138.70 

Nationwide Bldg. Soc FHg. 
Rate Nis. 1995 £132.X 
Renold 7%pc 2nd Deb. 1992/ 
97 £3.8125 
Tenneco X.40 


Relyon 

Select Appomtnients 
Siiger A Friedlander 
St^wd Chvtered 
T&N 

TVanspoit Developfnent 

Interims: 

.. « . 

nm Smaller Austrdian Co s 
TsL 

■ THURSDAY 
MARCH 10 

COMPANY MEETINGS; 

Rrst PhBIppine Inv. TsL, 
Knightsbridge House. 197, 
Knightsbridge, London, S.W., 
10.30 

Lookers, Lancashire County 
Cricket Club, Talbot Road. 
Stratford, Manchester, 12.X 
Trio, Stationers' HaH. London, 
E.&. 2.x 

Uflndsor, Lyon House, 
160-1X, Borough High Street, 
LorKlon. S.E., 11. X 
BOARD MEETINGS; 

Finals: 

(^tfisties InL 
Clarke (T) 

Cusstns Property 
Enterpr is e OB 
Feny Pickering 
Rfe Indmar 
HIBsdown 
Jacobs (John 0 
Kode 

MTL Instruments 
Manders 
Pentiand 
Refuge Gip. 

RoBs-RoyM 


3l Rtg. Rate Nts. 1X7 £14024 
Treas. lOpc 2003 £5 
Treas. 7%pc 2006 £3.875 

■ WEDNESDAY MARCH 9 
Anheuser-Busch X.X 
Brasway 024p 

Funding for Homes lOVape 
Deb. XI 8 £5.0625 
i^lsey Inds. 5p 
New Throgmorton Tst (1983) 
l.5p 

■ THURSDAY MARCH 10 
Albion 0.5p 

Mlied Signal X29 
Cwdo Eng. 1.9p 
Chevron X.925 
Dun & Bradstreet X.61 
Exxon X.72 

Fuji Bank InU. Fm. Fitg. Rate 
Nts. $10.5X.75 
General Motors X.X 
Do. (1/20th Share) X.01 
Grace (W.a) X.35 
IBM X.25 
UHy (BO X.625 
Mobil X.S5 

Nationale Investingsbank Rtg. 


Sheffield Insulations 
Spear (JW) 

Tl Grp. 

Tetemetrix 

Victaulie 

Intenms: 

BMGrp. 

BZW Endowment Fo. 
Mticklow (A & J) 

■ FRIDAY 
MARCH 11 

COMPANY MEFTlNuS: 
Alexanders Hidgs., /-tO. Old 
Park Lane. London, w.. ii X 
Central Motor Auctions, 
Auction Centro. Pontefract 
Road. Rpthwell, Leeds. 12.X 
EurocaiTip, Cottons Hotel, 
Kngtsford. Cheshire. 2.X 
French fT). Sh.irslon Bcod. 
Wythenshavue. Manchester, 

12.x 

BOARD MEETINGS: 

Firuris: 

Abbott Mead Vickers 

Abtrust Lloyds Ins. TsL 

Forward Technology 

Radius 

Takare 

Vhrat 

Interims: 

Headway 
Walker (Thomas) 

Comp3ny meeftngs are AGMs 
unless otftenvise steted. 
Please note: Reports and 
accounts are not rormally 
available until approximately 
SIX weeks after the board 
meeting to approve the 
prelimirLary results. 


Rate Nts. 2002 $128.84 

SABRE Inti. Senes N Var. Rate 

Nts. 19X Y55.0X 

Do. Senes Q Var. Rate 1996 

YX,X0 

SunCoX.45 

Treas. 5‘<^pc 2008/10 £2.75 

Utd. Tech. X.45 

Warner-Lambert X.6t 

■ FRIDAY MARCH 11 
Border TV 1 .6p 

E.I.D. Parry (India) RandUS 
Kubota Rtg. Rate Nts. 1X7 
YX.972 

Lloyds Bank IC^iipc Bds. 1998 

£1,025 

Manweb 7p 

Monsanto $0.X 

Scottish Power 4.13p 

Siemans DM13.a 

m SATURDAY MARCH 12 

Hong Kong Inv. Tst. 0.75p 

■ SUNDAY DOARCH 13 
Hydro-Quebec 12^pc Ln. 

2015 £6.375 


DIVIDEND & INTEREST PAYMENTS 


CONFERENCES & EXHIBITIONS 


MARCH 7. 8. 9 
DEVISING A REGIONAL 
TRANSPORT STRATEGY 

A conference louking dl a Souih Enni 
Transport Stiaieg>' in a naiioiui oonun. 
PronwreJ SERPLAN. spe Ae ra 'iiid Rl 
H on John MocCre^r OBE MP. Steven 
Nonb MP. to id Oiny MP. hMNS ind land 
use, nvesoDem oiteria. private finance, road 
dui^pn^ cuQpBvtioii. dcncuvl rmnageiiicot. 
c^ulaioiv commL ORA'S, green issuea & 
London's innspm nooh. Conucc 
lain Duk. Tbe Woterfrom Fattnetship 
1^1; U7| 730 Faa:U7l 730U4«ii 

LONDON 

MARCH^^ 15 

THE EUROPEAN WATER 

INDUSTRY 

The arm ol ibe mvebng ei ii« drans ibc 
Unpaa ur ihe EC legKUiinn am Ibe water 
imluvinr in Euri.ipe and to ennsidet how 
governments and oioipaaics arc 
ropiMiding It' ihc increasing denund for 
greater envirunmciiul proieviian. 
Eni|uinv>' Fiiuncial Times 
TeLUS|.o77>aHH» Fda;ilSI-«iTJ 13J‘i 

LONDON 

MARCH 15 

THE THIRD AGE OF 

MARKERNG 

Tbe l>pporliiaitMs in Ibe 50+ MarheU 
X joint cmlerence orejnisud by Age 
CniKeni b'ngloiHi and The Ifcniev Centre, 
designed to help those companies 
uHeiesled in markeiing pmMb and scivicen 
ut iftc .VII- .ige group. Cost; L33S * VAT 
t7>miaet‘ Aiuia tlarman Tek I)7| 353 'kibl 
LONDON 

MARCH lVl7 
ELECTRONIC BOOKS 
INTERNATIONAL '94 

A Mecklermedia CThihitiun and 
cunicicnev Tocusing on development, in 
the world ol clectionic hiwlu>. Meet the 
folure of piiMbhing Imlay: Ibe Publiabetv. 
the Dcsebipers, the Disitibulors, the 
Replicaioi*. and the Media. 

Venue: hkninri Londun Hanmersmilb 
Cdnia,!: Eaiil> Bnkskb 
Tel:07|47riiM05 Fav;ini 97bUiMi 
MeeUermedia. Artilkry Hoase. Artillery 
Kiiw. London SWIP IRT 

MARCH 16 
MARKETS AND THE 
ENVIRONMENT 

A new and ehalleuging approach to 
dealing with lesourec depletion and 
pollution. Topica include; Free market 
enviromnenulinm. Population and Ihe 
cnvironmani aud Global wanning plus 
case klHdi^. 

CoMDCc Melanie Jones 

OMrereni.v Piurtlc 

Tel; 1171 493S Fax: 071 236 18ff) 
LONDON 

MARCH 16 
MARKETS AND THE 
ENVIRONMENT 

A new and challenging approach to 
dealing with rewnree deplelion and 
polluiion. Topics Include; Free market 
envirunmenialism. Popnlaiion and ilie 
envKOdmcni and Clphal warming plus 
CM 

Cimixi: Melanie Jimm 
Conferesa: Profile 

TeLITI CJo-lW Fix: 071 236 1889 

LONDON 


MARCH 16 

THE WEST LONDON 

TECHNOLOGY SBES 2; DESIGN 

One day scaniiiar Tor senior managen of 
mannCacturing and service-related 
companies, explariiig product design and 
mechanisms for development and 
marketing. Speakers drawn from The 
Dcsi^ Council a Icodifig inicmtiootl 
doign coosultancy will lend you dinngb 
the basic ingredkiils fbrsoccess. 
OonlaccNick HankniaW. LoodmTEC 
Tel: 061 8143240 FasDOl 57099ii4 

LONDON 

MARCH 16 

EMPLOYS BWOLVEMENT AND 
GLOBAL COMPEnnVBESS 

Paddy Ashdown MP will tpeak on 
empktyev involvemem and patridpaiioo. 
its role in enhancing the global 
vompetiiiveness of UK business and the 
likely impact of European Commission 
praposab, oi an IPA Dbeussion Lunch. 
Contact: Martin Ewatr. Involvemeni A 
Participuioii Anocatnn 
Td:071 354 8040 

LONDON 

MARCH 17 

BS5750: CUTTING THROUGH 
THE CONFUSICm 

Many people are unaware dat the quality 
sianJanl changes in 1994. Thb half day 
will lead you ihiough the changes, 
whether your company has accredilalion. 
is seeking it, or is ouibidering seeking it. 
The amendments will be presented 
eompiehensively and eoncisely. 
OppiKtimity 10 discass specific ipieries. 
CuDlaci: Niebolas Johnston at West 
London TEC 

Tel: 081 814 3272 Fax: USI 570 99W 

LONDON 

MARCH 17 

RSA INQUIRY TOMORROW'S 
COMPANY NATIONAL 
CONFERENCE 

A vonferenee which examines the 
eballenges facing lomorroWs cumpony. 
Chtblopher Haatonn. Chaiimaii. Nocthem 
Foods: John Neill, Cronp Chief 
Eiecniive, Unipart; Kabin Buchanan. 
Bain & Curopany: Prue Leiih. and ■ 
dIstinguKhed tom of ^teakets. 

Debib from: Gay Webh 
Tel; 1)532 832600 evi 4328 
Fan: 0.532 333253 

VIP TRAIN London mLeeifa LEEDS 

MARCH 17 & 18 
INTERNATIONAL PENSIONS 
CONFERENCE SAVOT HOTEL 
Thli major iwo day iatemationai 
conrerenee will examine many of the 
issues affecting Ibe decision making 
pracess of the profesaional global 
investor. The programne includes 
intenuiional investment strategies, new 
marfceB £ product deveb^tmen, rsvarinn 
£ legislailon with specific em^iasls on 
peaxions in emerging martuLs and oew 
market oppaminiries. 

Dciaib form Cndopn Fimiwul 
Tbl: nri 92 $ 1(100 

LONDON 

MARCH 17 

SUCCEEDING IN PRANCE 

PRICE WATERHOUSE SEMINAR 
Capilalinng on France^ altraetivoicw to 
UK MNCs, 'SunxedJng in France* is tbe 
topic of a seminar organised by Price 
Wateiboiise in LondoiL with the French 
.Wihassadnr to the UK, Hb Excellency M 
Jean Gu^guinou, asguesi olhoaoui. 
Omiaa: Pascal D'Honk Fiench Thx Desk 
Price Wumhouse Ta- 071 939 5937 

LONDON 


MARCH 21-22 

BUY-OUTS IN THE REGIONS 
This conference will examine the 
smicouing and tinaiiciiig of buy-ouB in 
the regions, taking into account tbe 
praeiical issues fadiig buy-out teams ia 
the '9(b. Chsc studies from Leyland DAF 
Vans, Fusmel Craop Ltd md many mare. 
Not M be missed. 

O ffi tfiKt" Ac^uisilnns Monihly 
Tel: 07 1823 8740 Fax: 071 561 4331 

BIRMINCHAM 

MARCH 21-22 
BUSINESS PROCESS RE- 
ENGINEERING SEMINARS ft 
WORKSHOPS 

Otmtinuing a vticce«M series of seminm 
for executives and senior managers 
wilb and 

8PR iniliaiives. Established blue chip 
ctieni list. Presented by a leading US 
pracTilionei, our proven 'how-io-do-ir 
implementation guide is illuairaied 
throughout with case studies eed 
workshops. Ottuse book also tvaUtUe. 
Repeated Apnl 21-22. 

ComacL RidBnl Parris, VeitiGai Systems 
Ineiccde Lid Tek 4.U^5-2SQ26« (24 Ins) 
Fax: +44.455-890821 

UNTVERSm- OF WARWICK 

MARCH 23 

DIFFERENTIATING CUSTOMER 
PROPOSmON (DCFO 

CBI/Deveiin £ Partners conference, 
chaired by John Humphreys, uses case 
studies to show Ibe roles of Positioning 
aad Capability in developing an 
organisation's DCP. 100 pins delegates 
already booked. 

CcsiBX Oraigina Khigaby, CBi Contences 
Tel: 071 379 7400 Fax: 071 497 3646 
Julia Rabins, Deveiin £ Partners 
Tel: ffJI 917 9988 

LONDON 

MARCH 23-24 

BUSINESS RE-ENGINEBtING: 
MANAGING RADICAL CHANGE 

This two-day iniernaiional coofeience 
explores how to adAess the oigamsmianal 
and human ehaUeuges of business re- 
eugineeiiiig. Indoding frank dbciBsioa of 
the RasoDS why so mraiy hdtiativB fail and 
e^kntt practical meibods for adiieving 
cnikal buy-in and supaoct for redeuigiied 
pneesses and new woifang pnctices. 
Contacc Bnsmess InttHigiBnce 
Tel: 081 544 1830 Fax: 08 1 544 9020 

LONDON 

MARCH 23 & 24 
VENEZUELA ft COLOMBIA 
THE CARIBBEAN BASIN - 
INTEGRATION, INVESTMENT ft 
TRADE 

Linked events on signifiMin regiont for 
direct investment and trade and with 
poreniial as emerging markets. The 
Colombian Finance Minister keyiMies. 
Sponsors; Seekers TrusL Banco 
Mercaniil. Banco Casadeto. Crown 
Ageais, Canning Hoose and Ihe Caribbean 
Cbunal for Europe. 

Details from: Marc Lee. Cityfotiim Ltd 
Tel; 0225 466744 Fas 02& 44:903 

LONDON 

MARCH 23-24 

EASTERN EUnOPES BCONOWC 
RECOVERY ft OS' CONTMUMG 
DECLSe AND OPPORTIMTES ft 
CHAUENGES M THE REGtONS 
ENTOYINDUSTRES 

PtanEcon. DRVMcGniw-Hill conferences 
with Dr. Lcsxek Balceiowicz, Former 
Polisb Finance hflnister, and Westen Oil 
indusoy Reps. Conue PavieiB Manbews, 
DRIan444-6IS45-«212 

LONDON 


MARCH 24 

LIVING WITH A FAMILY 
BUSINESS 

Thil one-day conference, held In 
■ssoclaiion with Sioy Hayward, will 
adiliesa the key issocs con&oaiing Gmily 
enterpriaes and offer solutions for 
rewlving them. 

Enquiries: Diieclor Confe r ences 
Tet 071 7300022 

llilARCH24 

WORKSHOP ON PORTUGAL: 
EEC FUNDS AND PUBUC 
AND UnURES CONTRACTS 

An iniponaiit event for any one faueresmd 
in, or efaeady inveeting in POrtiigeL Topics 
will inchide: opportunities for trade and 
invesimem and how UK companies oonld 
do bener in Portugal, how coomcn are 
awnrded. who ate wimiiiQ comnets, and 
EC aruetuiul fiiiuta available to taivesioiL 
Contao: Asunda DagEsL Tbe Comracts 
end Proc u re m ent ReMaicb UniL 
Tek 021 414 3221 Fex:021 414 3217 

BIRMINCHAM 

MARCH 24&25 
TIE DAYS: SENSORS ft 
INSTRUMENTATION 
This conference is for companies 
praenting hmovathms m SENSORS AND 
INSTRUMENTA'nON to those seeking 
hw ea l me nt or new busimB in this seemr. 
PoUowbig brief presenBiions the dele^ies 
wOl bold ioronnil meeringe to make diicci 
eooiao and nssesu these pppommitiea. 

TIE Dejvans an Inveameot Fora initiailve 
of EUb SPRINT pragnmme. 

For futihei details plme eontacb 
T1E(UK)Lld Tel: l 44) 071 704 9702 
Fas (44) 071 7M 9594 
TIESj 4.1U:(.331S0 3159 40 
ta: (33) SO 31 5945 

LONDON 

lifiARCH2g 
DERIVATIVES RISK 
MANAGEMENT STRATEGIES 

Organised by European Business 
Seminen to give e pncticil focus on tbe 
miarmiseiioo of risk when deeling with 
derivatives. Chaired by Yorkshire 
Building Society. Speakers from key 
rmaiKial institutions and professionai 
finuL For fiitiber details 
Tel: 071 8239001 

LONDON 

MARCH 30 

LAUNCH OF THE GREEN 
HEALTH CHECK MANUAL 
Morning event to launch Creea Heelth 
Check Manual, developed by West 
London TEC and Taadw Rom n ensbfe 
busincHes in independenily condnci an 
envimnmental andiL Speakeia include 
World Wildlife Fuitd. Touche Rosa 
companies who have benefited from 
enviionmcntBl audits. Contact: NicfaolB 
Wyiae M Weel London TEC on: 

Td:08l SI4 3250 Fox: OS I 5709969 

LONDON 

MARCH 31 
PRIVATELY FUNDED 
INFRASTRUCTURE - THE 
PRACTICAL iMPUCATIONS FOR 
GOVERNMS^ AND INDUSTRY 

This confereoee will (he imiws 

connected with privately financed 
iofrastnemra projects, looking at the 
internaiional legal and fioancial 
petapeuives and the views of die ciie«n , 
mwor nod tbe CovenmenL 
Contact: Amanda Daglisb. CPRU, 
UnivenUy of Bltnlnghun B15 ZTT 
Tek 021 414 3221 Fax: 021 414 3217 
BQIMINGHAM 


APRIL 7-13 

THE BRmSH INTERNATIONAL 
ANTIQUES FAIR 
A major event in the world of anriqoea. 
Established in 1982 the British 
inteoiatjonal Andqim Fair ranb amoog 
the world's most important antiques 
evenb. ISO dealers di^lay en estioMted 
£25 m worth of anriqiies and fine art of 
dw highest quality. All iienis are for tale 
and prices range from less duo £25 to 
over £5003)00. 

Enq: Linda Cofoen - Centre Exhibilioas 
Tel: 021 780 4141 (Ext 2760) 

BIRMINGH/kM 

APRIL U 

BUSINESS PROCESS 
REENGINEERING 
OI« DAY SBANAR AND WORKSHOP 
Tbe seminar provides a compiebensive 
BPR hnplemeatation strategy (Theory, 
case snuiy. Workshop). Uniepdy, we use 
proven methodologies and computer 
modelling. Tbe speakers from QSC, 
William Lynn Associates snd Origin 
cover all aspects of a sueeessfni 
impkmenatkn. Repeaed 12. 

Coolact Sharoo Hayes, QSC Ltd. 

Tel: 071-329-3377 Fax: 071-329-4508 
LONDON 

APRIL 14 ft 15 

OPPORTUNmES IN TURKEY 
A IWO day seminar for eampanies with in 
imeiest in the Ttekish maifcet wishmg to 
establish direct coniacie between 
oompanies in the same or co mpta nen a ry 
sectors. Speakers will indnde Minisien 
and both countries' Ambasaadora, as weO 
asKOior oCficials. 

Conractn Beth Rayney. LOCI 
Td:Q71 2484444 Fas 071 4890391 

LONDON 

APRIL IB-20 

LAFFERTYS INTERNATIONAL 
ALLFINANZ CONI^NRON 
AUGmiix is rapidly more foaa 

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NEW YORK.'! 






FINANCIAL TIMES MONDAY MARCH 7 1994 


9 


■ Russia and West vie for 
B^u’s black gold; economic 
reforms stalemated PAGE II 


FINANCIAL TIMES SURVEY 

AZERBAIJAN 

Monday March 7 1994 


■ Rercest war in the ruins 
of the USSR; foreign policy 
on the Caspian Sea PAGE ill 


A zerbaijan is one oT 
the most blessed of 
the former Soviet 
states. 

Odshore. its oil and gas 
reserves are enough to ensure 
huge revenues for decades 
ahead, if properly exploited 
The capital, is one of the 
world's great ports and has an 
infrastructure which, though 
ageing, remains serviceable. 

The country is a rich pro- 
ducer of fruits and v^tables. 
It has areas of great brauty. Its 
people are Moslem (if th^ are 
anything), but of a moderate, 
mind-yourown-business Mnrf 
Beneath the coarsened 
Soviet manners there is ooor- 
tesy and civility to be found. 
The national aspiration, it 
seems, is to emu^te sepniar 
and booming Turl^, to whose 
people the Azeris are ethni- 
cally and lingirigHffally 
rts present tra^y is a war 
which has swallowed more 
than one fifth of Its lanri sur- 
face, rendered some Im of tts 
people into refugees and now 
accounts for nearly half of its 
bud^. 

At the time of writing there 
is another Hussian-brokered 
eBbrt to achieve peace betw^ 
Azerbaijan and its closest 
neighbour and enemy, 
Armenia. However, the last 
five years have seen a war 
becoming steadily more bitter 
and intractable, with most of 
the victories falling to the 
Aimenians. 

Were tlm war to end, Aze9> 
baijan would have problems 
enough. It was a poor state 
even by Soviet standaids, and 
both the capital and the pro- 
vincial towns, the roads and 
the farms, show it But it oould 
embark on modmnisation and 
investments with a much 
greater hope of rapid success 
than most of its former fellow 
Soviet republics. 

The Azeris are a predomi- 
nantly Turkic people (though 
the ethnic composition is a 
matter of debate) who have 
lived in the area for many cen- 
turies. There are millions of 
Azeris still living in Iran, a 1^ 
acy of the time when the 
Azeris were divided between 
the Tsarist and the Persian 
empires. 

The people became a natUm 



WAR AND WEALTH. Above: a baby watches from Ha mothar’s bade as la la tt ma mourn for an Azeri victim of the war in Nagemo-Kafabaktk Right a “noditeo donkay” pumps ^ In one of Baku’s rich oMIelds on the Caspian Sea 


Wealthy, beautiful, and bleeding 

Azerbaijan is rich in oil and gas, has a fine climate and fertile soil. But 
it is being badly hurt by the rebellion of its powerful Armenian minority 


only briefly, when a republic 
was declared alter the collapse 
of (3zarist rule in 1918 - but it 
lasted only rha entry of 
the Red Army into Baku when 
tbe republic was incorporated 
into the Caucasian Federation 
and then later received republi- 
can status. 

This settlement also 
appeared to favour Azerbaijan 
in another way - it gave it 
control of the enclave of 

Wagnr i vvICarahalrh towards the 
west of the country, a beautiful 
then largely (and now 
whcdly) dominated by Armen- 
ians. Further, it gave to Azeri 
control the region of Nakhich- 
evan on the south west of 
Annenia, a region which has a 
section of border with Turkey. 

Nj^nm-Karabakh proved to 
be the deadliest of nationalist 
landminea. It exploded first in 
1903, when the relative liberal- 


ity of Mikhail Gorbachev's rule 
stimulated Increased national- 
ist fervour in Armenia, and 
saw first the ifar ahakh then 
the Armenian parliament 
adopt motions HamawtKng Hte 
transfer of Karahakh to Arme- 
nian controL 

Ihougb the radicals of the 
Karabakh Committee were 
jailed - included Mr Levan 
Ter-Petrosian, the ccurent 
Armenian president - the 
Armenian (Communist Party 
was itself split over the issue 
and functioned more as the 
moderate wtog of tbe national- 
ist movement than as a sup- 
pressor of it 

Fi ghting within and ar mmd 
Karahflkh gave way to fi ghting 


in and around the bmders of 
the two states: in 1992, the 
Armenians drove a eoi^or 
between Annenia proper and 
the enclave through Azeri 
town of Tarhin Last year, a 
failed oflfensive fay the Azeris 
turned into a sustained 
advance by the Annenians, to 
the point where most of the 
land round gai-ahaVh, stretch- 
ing into Azeri territory, is 
now in Armenian hands 
The instability generated by 
both the war and the Soviet 
collapse at the end (tf 1991 has 
meant that Azerbatjmi has had 
three presidents in as many 
years. Mr Ayaz Mutalibov, a 
Gorbachev-era communist, 
hnng on unsteadily >Tntii lasw 


Be was succeeded by Mr Ahol- 
foz Blchibey. the candidate of 
the Azeri Popular Front, a 
nationalist grouping which 
arose in response to the radical 
natinnaliem of the Armenian 
TTarahakh (fommittoe. 

T he APF promised a 
much more aggressive 
prosecution of the war 
fhan the weak *»d temporising 
postcommunist regime. But it 

mnld waifhar ^jrjn rha y/ST nOT 

conclude peace. 

A radical turn towards Tur- 
key and away from Russia, 
coupled with a rather contemp- 
tnoos refusal to join the Cm- 
federation of Independent 
States, prompted Russian 


troops to evacuate all the posi- 
tions they held in Azerbaijan. 
There was now no force able to 
withstand the much more 
highly motivated and better 
armed Armenian fS^iters. 

After the rout of last year, 
Presidmit Elchibey invited tbe 
popular Mr Heydar .Miev, 
lea^ of Nakhichevan and the 
former Communist Party First 
Secretary of Azerbaijan (and 
Tnamhor gf the Biezbnev Polit- 
bnro) to Iwori till* pnrliaTWPnt A 

few days later, the man Elchi- 
bey had fired as commander of 
the forces fi^htmg the Eara- 
bakh Armenians, Mr Surat 
Husemov, led a mardi of his 
im<f« on Palm with a rtamatwl 
that the president be deposed. 


Elchibey fled (there was no 
conflict), Aliev was elected 
president and Huseinov 
became prime minister. 

The policy which Mr Aliev 
has tried to foDow is a blend of 
geopolitical necessity and eco 
nrtmir realism. He >>ag taken a 
sharp turn back towards Rus- 
sia. ‘'What should we do?** he 
asked in a recent interview 
with the FT. “Should we sim- 
ply continue to annoy her? She 
is a great power and will con- 
tinue to be. She has been 
involved in the fate of Azerbai- 
jan for two centuries. She must 
be at the centre of our poli- 
cies. " 

At the same time, he has 
sougdit to keep open his lines 
to Turkey - he had what was 
billed as a successful visit 
there last month - and he has. 
in visits to France and Britain, 
opened up lines of contact with 


Western states to redress what 
be believes is the dominant 
position occupied by the .Arme- 
nian lobby in Western thinking 
on Nagorno-Karabakh. 

He claims a firm attachment 
to democratic values and to a 
market system - though warns 
against “pseudo democrats 
indulging in the democi^' □( 
the streets" and says it will 
take some time to build a cul- 
ture which can sustain demo- 
cratic institutions. His presi- 
dency. solidly supported, 
remains the pivot of the state. 
His experience and toughness 
are unquestioned (be was he:id 
of the Azeri KGB as well as 
first secretani') and he has 
introduced a so far mildly 
authoritarian role which has 
put some of his opponents in 
prison, others in exile (though 
Elchibey still lives in freedom 
in Nakhichevan), others still in 
parliament. 

The press is numerous and 
relatively free, tfaere ore .signs 
of private enterprise and tbe 
moment may now be more 
promising for peace talks tlian 
any in the past five years. 

The oil men, who have sat in 
Baku for two years waiting for 
one of the lai^t deals in the 
world (estimated at around 
$9bn) still sit. but with better 
expectations of signing a deal 
than for some months. The 
consortium, which includes 
British Petroleum. Statoil. 
Amoco. Pennzoii, Unical, 
McDermott and Ramco. have 
been much more keen to si^ a 
deal in war-torn Azerbaijan 
than in peaceful Russia - 
lai|;ely because tbe partners 
belie%’e that it can be made to 
stick, since the government 
and the oil companies are at 
(me and the l^slation and tax 
regime can be friendlier than 
they have yet been in Russia. 

11)18 first FT survey of A 2 e^ 
bajjan Uius comes at a more 
hopeful time for the fledgling 
state than any it has e.Kperi- 
enced since its independence * 
an independence it did not 
actively seek. If it is to grow to 
full statehood, it needs both 
peace and economic develop- 
ment very badly. It may get 
these, if flie hopes now visible 
grow and are fulfilled. 

John Lloyd 



CASPIAN SHIPPING COMPANY 


Over 130 years of shipping experience -f Gross tonnage is 310,000 1 

It is a multipuipose concern comprising: 

- a modem diy cargo and tanKer fleet; 

^ sea-going cargo-passenger ferries; 

- a powerM auxiliaiy fleet; 

The Company's fleet operates in the Slack Sea, Mediterranean and 
Baltic Sea, the Atlantic and IndUin Oceans, along the Cviban coast and 
in the Koreein Strait. Ships of the Company call at more than 130 ports 
of Europe and A^a, Africa and America. Direct - without transference 

CASPIAN SHIPPING COMPANY - YOUR RELIABLE PARTNER 

Address: 5,Rasul-zade SL, BaKu, 370005, Azerbayan Rdb (78922) 935-339, 984-194 
Mex: 142102 MRFWT SU Fbone: (78922) 932-058, 935-185 Cable: NORTLOT BAKU 



INVESTMENT COMMERCIAL BANK 

INRATBANK 


Wc work 
with ArcrhAijAti oil 
iti^wstrvj cotnpAriics 


Address: 70, 12 Ashlrim St, BaKu-370125, Azerbaijan Republic 
Phones- (7-8922) 627-636, 629-765; Rax: (7-8922) 629-765; 
Telex; 142195 PATSU 




i 


i 


Yi 

pen 









AZERBAIJAN: 

Hotel Anha. Mehta Giuema SL LA, 370148 Baku, Republic of Azerbajjaa 
Telephone: (7-8929 >983209 / 651039 Fax: (7-8922) 989113 
Telex I4220BMAHSU 
TUBEETi 

Meddiyekdy Is Merkexi 7/92-94 Rehit Abaiet Sokak No 4 MeddiyekBy, SUli 
Istanbul, Torkiye 

Telephone: (90-212) 274-8795/275-4231 Fax: (90'212> 274-9625 

T^lex: 268S9 ENDT TR 

RVSSiAi 

Moscow 117198, Lenins^ ar.. 113/1 Park Place, Ofis E706 
Telephone: (7-095) 956-5285 Pax: (7-095) 956-6486 


Istanbul, Turkey* - ANBA 

Founded 1 991 . ANBA is a foreign trade, tourism aid investment company ^ 
with branchee in Balai & Moscow, and with connections to Azeibaijan, CIS, 

Middle East, Europe and USA 

Baku, Azerbaijan - HOTEL ANBA 

Former Hotel Moscow, leased for 25 years tiom ttie Mirtsoy of Tourism of 
AasrtjB ^ and run by ANBA TWs IIS room hotel, although being the best 
avaiablB.iB undergoing major reconstruction with heavy investment by ANBA 
K will become the first 5-6tBrh(Xef in BeKu by the end of 1994 

Baku, Azerbaijan- TEYMUR INSAATJV 
Established 1992, with a 50-50 share distribution between Mahmud Mamedov 
and TURAN HAZINEDAROGlu INSAAT TICARET AS. of Turkey. 
TEYMUR INSAAT is a oorstiuction company involved In major government 

contracts in Azerbafian. 

Baku, Azerbaijan - GUNAY BANK ^ 

Founoed 1992, GGnay BANK is the first privately owned bank in the Azerba^ 
RepubOc. GUNAY BANK is also the first bank to obtain international operations 
permisston as a private bar*. Chase Manhattan New York, TOrWye Is Bankas. 

Oisbank are among our correspondents. 





* 


# HOLDING • 


With Headquarters In Baku. Azerbaijan. 

MNM Holding was originally established in 
December 1989 under the company name 
ASiNAM, which was foe first private company 
In Azerbailan. 

Basically, being a trade company. ASINAM was 
formed as an association for the economic and 
cultural development of Azerba^. Now MNM 
Holding consists of foe fourteen companies 
shown below with brief explanations of their 
actrviiias and arranged in the order of fo^r 
establishmenL MNM are foe initials of Mr. 
Mahmud Nadlroglu Mamedov, foe founder and 
foe Chief Executive Officer of the Holding. 


SUMINTERTRADE - Baku, Azerbaijan 

Founded 1990. 8UMINTERTRAE>E is an 
international trade company speciafiang in 
industrial products. 

AZART - Baku, Azerbaijan 

Founded 1990, AZART is a carpet factory from 
design to production. 


INAM - Moscow, Russian Federation 
EstabTished 1991, INAM is the only stock 
exchange company represerrting Azerbaijani 
capital at the Moscow Trade and Raw Materials 
Stock Exchange. 


GOnAY GAZET - Baku. Azerbaijan 

Founded 1993, GUNAY GAZET is a privately 
owned International newspaper of Azerbaijan. 


Baloi, Azerbaijan- GUNAY ANADOLUSfGORTAJV ^ 
Founded 1992 GOnayanADOLUSIgORTA is an Insurance Joint ventue 
between GONAY BANK, ANBA and ANADOLU SfGORTA tit Turl^ with foeir 

respective shares being 51 . 19 and 30 . 

The target customers are foe major Intematlonai companies operating In 
Azarba^an. ANADOLU SCGOfTTA is the largest Insurance company in Turkey, 

whoDy owned by TOrldye is Bankasi. 

Baku, Azerbaijan* - MIT International Trade Co. 3^^: 
Founded in 1933, MIT Is an International trade company ^)eclarizir^ 
in ba^ and test moving food products along with perishable and 
non-perishable consumer goods. 

Derbent, Russian Federation - ANBADER 

Founded In 1993. AN BADER is a joint venture between ANBA and PER BENT 
Cognac and Wine Factory of the Russian Federation with their shares b^ng 70 

and 30 respectively. 

The DStBENTteeaxy hdds 70% cf foe Russian Fedetstbr/s loti yeariy producftXL 
The Jotetveraie is iivolved h the production and krismaliand trade of the produeb. 


BM-T1. TV - Baku, Azerbaijan 

Founded 1993, BM-TI is foe first privately 
owned TV station of Azerbayan. 


MIPC - Baku, Azerbaijan 

Founded 1993, MIPC is an industrial investment 

and petroleum company. 


ISBA - Istanbul, Turkey 
Founded 1993, ISBA ts a construction and 
foreign trade company. 



kt.U^tmixINBi^vgbMmiedovbOienmlorshaiehoUer and Chief B:9CuMOtScef.Mf»4Hoiang«irifiloyswer3SOaiMnbtimf9 and 
t0ehNcalstaltandworiiais.Oureetimalsdtumoveriorl894isappm;dmatety3OmttonLSD. 

*AHaA end hffr are die eehOstribubn of cMnedCeea^^ptaducia. canned EtesPasen Beer, and PhBpuofriseigareBesnAzeft^an. 








10 



AZERBAIJAN II 


C rude is not neoessaiily 
the first word on the 
Ups of Western and 
local oil^a in the Azerbaijan 
capital, Baku. These days their 
first utterance is just as likely 
to be “Rnssia". 

The oilmen are preoccupied 
by a revival of the I9th century 
Great Game, in which 
vied for influence in the r^ion 
asainst Britain, Iran anti Tur- 
key. 

The new round of this old 
game threatens to block a 
$ll.tt>n British Petroleum-led 
oil proposal to resurrect Baku 
as a world oU leader. 

One of three new oil produc- 
ing republics on the shores of 
the Caspian Sea. Azerbaijan 
possesses more than 4bn bar- 
rels of proven oil reserves. 
Industry analysts believe that 
to gathpr with Wnwilrhgtgii anri 

Turkmenistan. Azerbaijan 
could form the world’s third- 
largest oil-producing region, 
after Siberia and the Gull 
For Azerbaijan, a century 
after Robert N(d)el developed 
the Baku oU fields, the same 
resource could be the basis for 
Azerbaijan's long-term inde- 
pendence from Mo^w for the 
first time since Czar Alexander 
the First’s conquest of the 
area. 

President Heydar Aliev has 
just delayed a contract with 

on is seen as the key to 
Baku's independence 
from Moscow for the 
first time since the area 
was conquered by Czar 
Alexander the First 

the BP-led group, in what 
industry analysts see as the 
banning of a pitch for more 
Western aid against a Russian 
efibrt to consolidate Moscow's 
economic and political influ- 
ence in the region two years 
after the fall of the Soviet 
Union. 

"in Aliev’s mind, he's negoti- 
ating Azerbaijan’s Interna- 
tiona fiiture, using the only 
commodity he’s got - the oil,” 
said a Western oil executive 
involved in the Baku negoUa- 
tions. ”He's trying to get as 
much as he can before givii^ it 
up.” 

The revival of Great Game 
politics on the shores of the 
Caspian comes four years after 
Western oil companies bc^an 
speaking with Azerbaijan 
^Kmt its oil The talks have 
involved not only new produc- 
tion. With their rickety old 
equipment, the existing oil- 
fields' pnodoction is declining 
- last year it fell to l0.2Sm 
tonnes from ia.lm tonnes in 
1989 - and western companies 
are being asked to re-equip 
them. 


Steve LeVine on how Russia, the West and Turkey are jockeying for Baku’s oil favours 

The Great Game revisited 


Eight Western companies 
have won shares of the pro- 
posed oil production contract 
Besides BP, they are Amoco 
Prodaction, HcDermott inter- 
national Inc., Femizofl, Ramco 
Energy Ltd., Statofl. Turkish 
Petroleum and UnicaL 

Since moving in, the compa- 
nies have invested $i.40m in 
bonuses, demonstration pro- 
jects and charity, and most 
have opened plu^ computer- 
lined in Halc ii- 

The deal has seemed close to 
signing several tunes, but on 
each occasion has been held up 
because of the republic's politi- 
cal instability. Last June, two 
wedss before the then Presi- 
dent Abulfoz Ekhibey was to 
sign the deal in linndnn , a nuU- 
tary rebellion overthrew his 
government 

Then in November, Mr Ali- 
yev, who cridosed Mr Elchi- 
bey’s version as insufficiently 
lucrative, came close to a new 
deal that raised Azerbaijan’s 
percentage of proceeds fiom 70 
per cent to 80 per cent and 
added $200m to a previously 
arranged $300m sigt^g bonus. 
Ultimately, Azerbaijan was to 
receive 894bn In profit over 35 
years, and the companies 
$a4bn. 

Mr Aliev, however, had sec- 
ond thou^ts, and now may 
agree to a lower return over 
the lo^ term if he can receive 
more in the first 10 years of 
production, according to an 
informed Western diplomat. 
Under the abandoned deal, the 
diplomat said, Azerbaijan’s 
proceeds In the first decade 
would have been Just 30 per 
cent, as the companies recov- 
ered their share of $7bn in proj- 
ected development costs. 

Meanwhile, with the talks 
idling , some of the companies 
have lowered their profile in 
Baku. BP, which in pa^er- 
ship with Norwasr's Statoil has 
the greatest exposure with a 
36.7 percent stal% has reduced 
its Azerbaijan project staff 
fium 80 to 30. 

Diplomats and indiutry ana- 
lysts say that fifr Aliev is not 
negotiating in bad faith. He is 
merely respondic^ to increased 
pressures, they say. 

Among them are the public's 
desperation for a favourable 
end to Azerbaijan’s six-year 
undeclared war with Armenia, 
in which thousands of Azeris 
have died In the last two 
months alone. 

There also is dissatisfaction 
with the republic’s unremitting 
economic collapse, in which 



A woricar a * boat at the terminal far Naflyani Kamni, a cRy buR on sflts 4)6 hours by beat into the Cadan Sea 
from Baku. Conafriicted hi the lato 1940s R has ZOOkm of roads and a ccommodates more than 4JX)0 workers 


production has shrunk at least 
40 per cent in just the last two 
years. 

And there are Russia and the 
oil, issues that have seemed 
incrmsingiy intertwined. 

It is hard to see what pres- 
sure Mr Aliev thinks the US 
and European companies can 
exert on Moscow, but he 
clearly wants a minimum 
breathing space. 

”AzefI^an has no lobby in 
any Western country. But 
when the oil agreement is 


signed, it will have economic 
relations with these countries,” 
and thu s a voice there, said 
Ms. Leyla Yunusova, a former 
deputy defence minister and 
now a private military analyst 

For its part, Moscow wants a 
share in Azerbaijan’s major oil 
projects, and abandonment of a 
fL4bn proposal to divert oil 
shipments through a Turidsh 
pip^e to the Mediterranean 
port of Ceyhau. 

Russia wants Baku to con- 
tinue shipping its oU to its 


Black Sea port of Novorossisk 
through an expanded or new 
pipeline. A new pipeline to 
Novorossisk would co^ an esti- 
mated Sbn. 

Mr Aliev already has 
awarded Russia's stateowned 
Lukoil ffnrnpnny a Tnimmum 10 
per cent equi^ share of the 
estimated Sbn-barrel oil deal 
under negotiation with the BP- 
led group. He also has ^reed 
to separate, joint development 
with Lukoil of the L4bn-barrel 
Guneshli offshore oilTield, 


which until October was sup- 
posed to be part of the West- 
entled venture. 

Moscow is not the only fo^ 
mer Great Game playo- to be 
cut in on the deal late in the 
game, fo 1992, Ankara’s Turk- 
ish Petroleum was awarded a 
share. But its appetite was Ear 
smaller than Moscow’s - just 
2.5 per cent. 

Now. Turkish government 
ofBcials believe that Mr Aliev 
has also agx^ to ship much 
or all of Azerbaijan’s outout to 
NovorossislL If true, this would 
meet what ultimately is 
Moscow’s most serious 
demand, since a continued 
monopoly on oil shipments 
would perpetuate Russia’s 
stranglehold on Azerbaijan’s 
iTiaans of economic indepen- 
dence. 

Since there has been no 
announcement about the pipe- 
line, most Western oil ofBcials 
and diplomats continue to 
hope that the issue is still 
open. 

Thon^ Robert Nobel did 
shfo his oil through Russia to 
Europe, using the Volga Rive^ 
Baltic Sea route. Western oil- 
men ttiese days Tnainly look 
south. 

"The only way Novorossisk 
makes sense is U you have to 
choose It for political reasons 
to please Russia,” said a Wes^ 
em oil official in Baku. "It’s 
overwbelmizigiy the worM pos- 
sible option, it's the most 
expensive, and you end up 
with the oil in the wrong place. 
We want it in the Mediterra- 



Baku oilS^ wasfafri but operational 


OU agreement is tmue snipping its ou to its uunesou ousnore ouiieio, nuan. «h»»i 

Vitality and stagnation are the hall-mark of the post-Communist economy, writes Steve LeVine 

Oil and bribery lubricate the wheels 


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Azeri economists complain 
ihat , whfle mairiwg theuT quick 
profits, businessmen have 
failed to start creating the fim- 
riflmpntai infrastructure and 
industrial investment that the 
republic desperately needs. 

”Ia8tead of investing and 
waiting to earn profit after two 
years, tb^ prefer to buy junk 
from Tajikistan or Russia, 
resell it to Turkey or Iran, and 
make a fortune,” said Mr 
^ram Mamed Rz^ev, an offi- 
dal in the Ministry of Foreign 
Economic Relations. “It's easy 
to become a Rockefeller here.” 

Most Azerbaijan officials still 
think in Soviet economic 
terms, and President Heydar 
Aliev would face bureaucratic 
obstacles to market reforms. In 
any case, the economic refonns 
discussed by all sue govern- 
ments over the past two years 
have been paralysed by the six 
year-old war with Armenia. 

A third of Azerbaijan’s agri- 


coltural prodaction - which 
accounts for 26 per cent of the 
economy - comes from areas 
cau^t up in the fighting, in 
addition, the conflict has also 
prevented Azerbaijan from 
being helped by international 
institutions such as tiie Inter- 

Baku's heavy industries 
have been badly hit by 
folteiing delivaies of 
raw materials from other 
former Soviet states 

national Mmetary Fund. 

Heavy industry, such as steel 
and oil equipment, has also 
been paralysed by the rupture 
of trade links with other ex-So- 
viet nations. The 14 oil equip- 
ment plants, for example, used 
to supply two-thirds of the 
Soviet Union's needs. 

In January, Azerbaijan's 
industrial cutout fell by 11.3 
per cent conqiiued with a year 


eaiiier, due largely to lack of 
raw materials from other frn> 
mer Soviet republics. 

fn spite of these problems, 
Mr Aliev has given no priority 
to econondc affairs. Senior 
positions in the taxation and 
foreign economic afEairs minis- 
tries remain unfilled. “How 
can you leave these key minis- 
tries empty?” asked a senior 
western diplomat, interviewed 
in Baka "Tliese are vital to the 
economy.” 

There are many more com- 
plaints. Garruption is so com- 
mon that western diplomats 
and businessmen judge offi- 
cials not aax>nling to whether 
they take bribes but whethm-, 
having received them, they 
will stin block necessary mar- 
ket reforms or licence applica- 
tions. 

Another key problem, seen 
in othm* ex-Soriet republics, is 
the banking sector. Although 
about 180 private banks are 
registered in Baku, corruption 
and the war in Nagorno-Kara- 
bakh have rendered them inef- 
fective for the purposes of 
investment 

The banks’ tnain function is 
to lend money to traders for a 
month so that they can buy 
and seQ «wnTinHiti«»s at a steep 
profit and repay their loans at 
100 per emit interest 

*1 don't think anyone here is 
Interested in investment In any 
industrial project If they hap- 
pen to be interested in 
long-term credit it’s probably 
for trade,” aaid a senior west- 
ern dtolomat “Since infla tion 
is so hi g h , traders are happy to 
pay 100 per cent interest Ihey 
would be willii^ to pay several 
timea that to get credit” 

The government has hard 
currency reserves, estimated at 
more than $300m. But it is not 
sure of their exact value 
because state enterprises are 
disoouraged from repatriating 
their profits. 

The government requires 85 
per cent of hard currency 
earned firom the sale of “strate- 
^ goods” to be surrendered to 
tile state in exchange fix' the 
local currency, the manat. 
Almost 'ra per cent of all traded 


goods fall into this category. 
When Eaotories earn cash frmn 
eiqiorts, tiierefore. they often 
do their utmost to bank the 
proceeds abroad. 

Mahmud Mamedov, a dentist 
during Soviet times. Is ime of 
Baku's wealthiest traders. He 
earned his first big money in 
the kind of raiud trading now 
practised by many new entre- 
preneurs in Baku. Mr Mame- 
dov. who sports gold jewelpr 
and a dieck sportsjacket, did 
so well that he now owns a 
bank, a television station, a 
newspaper and one of Baku’s 
top two hotels, which he says 


he is refurbishing to interna- 
tional standards. 

Mr Mamedov is scathing, sar- 
castic and somewhat patronis- 
ing towards government 
bureaucrats who he believes 
ore mishanimng - the economy. 
But he is a post master at 
dodging obstacles raised by the 
officials. 

“You can't blame them. They 
lived for 70 years with the old 
system," he said. “The minis- 
ters are accustomed only to 
taking bribes. ... Until real 
businessmea come to power, I 
don’t exixict a real economic 
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U 

AZERBAIJAN III 



Steve LeVine on the conflict which has created 1m refugees 

Stalin’s map explodes 



Anneni an s coBect w oa po na from an aPandoiied Azeri oulpoet Rems' 


F or six years Asarbaijaii’s 
politics and economy 
Mye been dominated 
the fortunes ot a war on an 
obscure battle&Id in its west- 
ern mnwitfliHQ 
Five Baku governments have 
fanwn more than a fifth of the 
republic's territory has been 
conquered by ethnic Armenian 
separatists and im Azeris have 
become rdhgees. But nether 
side is yet reai^ to compro- 
mise and pe^ seems distant 
Snce coming to power 
months ago, the Azerbaijan 
president, Mr Heydar Aliev, 
has pFosecnted the war more 
boldly than his predecessors in 


the hope of strengthening the 
T^ublic's bargaining podOon. 
He has Jaunted two mejor 
offenmves, but both fidled. 
first was TmriprmhioH fjy deSEST* 

tiOnS, laftar {jy imqwv-BBB. 

fill *7100180 wave” tactics remi- 
niscent (tflranian (Ai^ves in 
the 1980s war with fiaq. 

AS a result of *>>«» flrnstra- 
tions, the government has 
shni^ from radical reform, 
contenting itself with get-iicbr 
quick foreign trade deals. 

Tte war, one o£ the fincest 
in the former Soviet Unioz^ 
stems from fiie s^jiaratist aspi- 
raticsis of Armenian communi- 
ties in the western r^don of 


Nagorno-Karabakh. Its seeds 
were sown by Josef Stalin in 
1923 when, d^ite its majority 
Armenian population, Stalin 
made Nagonm-Karabakb part 
of AzerfaaqaiL 

After simmering for many 
years, the issue exploded in 
1988. when Nagorno-Kara- 
bakh’s govEning coancQ voted 
to unite with republic of 
Azmenia. 

Now the fighting aw giiifa 
much of western Azerbaijan. 
The Armeoians control terri- 
tory an the way to the Ir anian 
border, and threaten to pi^ 
north into Azerbaijan’s third 
city, Ganja. 

Mr Aliev, a former nwmher 
rf the rilling’ Soviet Commu- 
nist politbnro, EWears to 
be politiMTly secure but Azep- 
baqan has been so volatile 
since the collapse the Soviet 
Union in 1991 that Western 
analysts say they do not know 
how long he will last He him- 
self came to powE in a coup 
by Azerbaijan’s di^raced for- 
mer main battle^ld com- 
mander in Nagomo-Earabakh. 

Meanwhile, western-led 
peace efforts continne. The 
European Council for Security 
and Cooperation hag resumed 
its so-(^ed Minsk peace 
efforts with an official sched- 
uled tour of Azerbaijan and 
Armenia this month. Last 
mnnth , wnggian minis- 

ter Pavd Grachev persuaded 
both sidte to accept a trace, 
and there were signs that 


Moscow could push for flirther 
n^otiations. 

But the si tu wtinn is not hope* 
fUL TT nWira in Bfama where an 
mtematioiml consensus has 
finally forced serious moves 
toward reooncfliatiQn, there is 
no solid Western i«essure on 
the Nagorno-Karabakh combat- 
ants. 

Tbe mqjoii^ Azeris simply 
want to see the ethnic Armen- 
ians withdraw fiom all cap- 
tnred territc^, and make do 
with cultural autonomy for 
ttegomo-Karabakh. Tbe Arme- 
nian separatists, however, 
demand tM independence of 
Mgg nmfLiTgiqhgirh as the mini- 
mum eomfitton for peace. They 
do not say what else they 
want, hot their scorched earth 
tactics in captured AzEi towns 
suggests that they will also 


claim at least some of the addi- 
tional territory now in fiieir 
hands. 

Bi(r Aliev has appealed for 
fiturn the US, TuAey and 
Ira^ bat so ter seems to have 
gained little more than the dis- 
patch of some military advis- 
ers. 

Late last year. Mr Aliev 
sou^t what se^or Western 
dfolomats and Azeri analysts 
believe was a quid pro quo: in 
exchange for Moscow’s mili- 
tary assistance, Mr Aliev 
agreed to Azerb^an joining 
the Russia-domiuted Com- 
monwealth of Independent 
States. 

He also awarded Russia a 
share in a Western-led oil deal 
to develop Azerbaijan’s rich 
oftshore fields. 

But there is little sign of 


effective Russian help. With 
his army weakened by dese^ 
tions, Mr Aliev sent an aide 
last August to A^ianistan to 
*7x)rTDW” some that coun- 
try's mujahideEi rebels. 

More than LOOO .Afghans 
came to Azerbaijan and fiiced 
their first test in October, 
when Bfr Aliev launched lus 
first offen^ve. The surprise 
attack, in the southwestern 
Tangpian r^^ near Iran, was 
spearheaded by the Af^tans. 
They advanced a few kilo- 
metres. before they and the 
Azeris fled ftom an Armenian 
counteratta^ The Armenians 
then promptly drove some 
SOflOO local Azeris from their 
homes. 

Mr Aliev almost immiediately 
began to prepare another 
attack. In November, thou- 
sands of young men were 
called up and given a few days 
of training. 

On December IS. Azerbaijan 
attacked in several places, 
mostly in the southwest and in 
strategic Kelbajar, next to 
Annenia's border. The the eth- 
nic Armenians were pushed 
bade, but at the be ginning of 
February they i^ain resumed 
the upper hand. The Azeris 
have held the town of Horadiz 
cm the Azerbaiian-lranian bQ^ 
der, but th^ have been ousted 
from Kelbejar and pudied over 
the important Morov moun- 
tains. 

A walk through Martyr’s 
Cemetery on a Baku hillside 


shows the result of Azerbai- 
jan's new offensive. There are 
rows of shrines decorated with 
red, pink and white carnations 
and new concrete tablets attest 
to the daily funerals of fresh 
war victims. 

Conservative Western esti- 
mates put Azerbaijan’s dead in 
the latest offensive at 4,000 
men, and Armenian losses in 
the hundreds. Tliese are higher 
figures than for the previous 
two years of fighting. The sixth 
year of the war is Ktimated to 
have seen more than 15,000 
dead on both sides. 

With the Armenian forces 
now controlling tbe Morov 


heights. Western analysts 
worry that Gaqja, the site of a 
former major Soviet .^rmy 
base, may be subject to rocket 
attacks. 

‘’You can't put togethtt any 
real army here to fight the 
Annenians. There is a lack of 
determination in the people 
fighting, a disarray in the 
ranks." said a Western diplo- 
mat in Baku. 

“This country Is capable of 
gaining and holding ground 
ooly temporarily. If the Armen- 
ians don’t retake territory 
immediately, it is only for 
political reasons, not becanse 
they cannot" 



Azeris Am aAerAnmniBna cut mads trapping iSbOOOcMBons Reuter 


John Lloyd and Steve LeVine study diplomacy and power politics on the Caspian Sea 

Between Russia, Turkey and Asia 


0 

Mfln 

av 

Q 

Km 

•ol,-. 



jdA&^-'SEA 


The basic pillars of Azeibaijani 
fore^ policy are to balmioe 
its Interests between Russia 
and Turkey in the first place; 
to increase its developing 
contacts with Western states, 
using the levers^ of its 
Caspian Sea oil; to remain on 
g(^ but not close relations 
with nei^ibouring Iran, where 
milKons of Azeris also live; to 
continue membership of the 
Commonwealth of Independent 
States, and to develop, 
especially, better relations 
with the Central Asian states, 
which are, like A^rhaijan. 
moderately Moslem. 

These new objectives, 
expounded by President 
Heydar Aliev and Mr Vate 
Gullzade, his adviser on 
foreign affairs, are meant to 


address two issues. 

First and most urgently, they 
are seen as a way aebiiaving 
a ceasefire in the undeclared 
war with Armenia - a conflict 
that Annenia ba« in the last 
two yero been winning. It is 
Azeihaijan’s view that only 
Russia is capable of stqppmg 
the war ai^uing that Moscow 
is making it possible for 
Armenia to fight 

Says Mr Gulizade: ‘‘Armenia 
receives 90 per cent of its 
supplies from Russia, and thns 
Russia could stop her in a 
minute. As soon, as Rossia 
threatens supplies, Armenia 
wili negotiate." 

A ceasefire has presentiy 
been arranged, under Russian 
auspices (by Gen. Pavel 
Grachev, the Russian defence 


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minister). This tentative 

agr eement is SURIOSed to hO 
follonred by talks between Mr 
Aliev and Mr Levan 
Ter-Petrosian, the Armenian 
president, probably also in 
Moscow. 

Mr Aliev, in an interview, 

Russia is prepared to 
fntmvena in the vrar, but 
its price is a stake in the 
ofl and mflitsuy faeffiCes 

was sceptical: ‘’We have had so 
many ceasefires. In many of 
them, tile Annenians used the 
tinw* to a gr*™ attar ic I am not 
against the Russian initiative 
but our key tjenmnil is that the 
Armenians withdraw.” 

hi invokizig Russian aid to 
settle tbe war. Mr Aliev is. as 
he knows welL being drawn 
into a complex n^otiation. 
Russia will settle the wars 
along its borders at a price. 
One is a share of a rich 
Azerbaijani oil deal led by 
British Petroleum (see article 
on oilX in addition to the ri^ 
to establish new military 
installations. 

Whmi the latter question was 
put to Ur Aliev, be daimed, 
“The issue bas not come up 
bdbre me.” 

Vtr Gulizade is a little mme 
fbxthcoming: "In principle Fm 
not against it The woiid in 
which we live is a woild of 
realities. And in the real wotM, 
countries can lease bases in 
other countries. There is 

Tifit’hing agaiTigt it.” 

Tuikey, cm fte other hand - 
“a brother country”, as Mr 
Gulizade calls it - has less 
obvious pftWriftai influence but 
more of a goal to which 
Azecha^ can str i ve. 

In a Ftinnary trip to Ankara, 
Mr Ahev won Che important 
declaration from Turkey’s 
leadership that he was a 


valued fliend. Ihis was vital 
because, since he was 
inatriTmantal in the tell Of Mr 

Abultez Eldlibey, the previous 
president who was d^dedly 
{Ko-Tuiidsh, Mr Aliev nee^ 
to ensure that relations with 
Ankara were not too raw. 

In addition, there is grave 
concern in Ankara about 
Russia’s ambitions in the 
largely Tui^ fiirmer Soviet 
republics of Azerbaijan and 
C^tral Asia. Ankara, which 
until recently was viewed as 
the west’s bulwark in Central 
Asia and the Caucasus, 
believes with some cause that 
Russia is trying to bully its 
way into the region and push 
Tmkey out 

AzEbaijan's key politicians 
agree that much of the 
r^mbhe's future is dependent 
on how Russia asserts its 
perceived i^hts in its "near 
sd>road.” 

"If Russia’s policy doesn’t 
moderate, and the west doesn't 
become a balwdng force in 
tins region, we realise there is 
going to be a problem for 
Azerbaijan for any 
government of Azerbaijan,” 
said Mr Isa Gambar, leader of 
the opposition Mussawat 
political party. 

The West is seen by Mr Aliev 
as "the natural direction of our 
poli^”. He says that "we share 
gimiinr values - a belief in 
democracy, in tbe rule of law 
and in the market system. We 
must build the culture of fhese 
here and for that we wQl need 
assistance". 

The long-sought oil 
agreement is key to most of 
Azerbaijan’s plans, both 
political and economic. The 
currently discussed $250m 
eigniTig bonus fium the BP-led 
western consortium would 
ofEer Mr Aliev izomei&Kte toote 
to improve his influence at 
home and abroad. 
Domestically, he is still widely 


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respected and has a 
commanding presence, but he 
needs to start deliverii^ 
tangle achievements. 

On foreign pohoy, it has not 
gone unnoticed in Wai™ that 
(he huge oil contracts alre^ 
signed in the neighbouring 
Caspian Sea state of 
Kazakhstan have helped give 
its president, Mr Nursultan 
Nazarbaev, access to tbe 
highest power drdes abroad. 
Mr Nazarbaev, for example, 
recently returned from a 
soccessfol visit to Washii^ton 
where 'he was granted almost 
$400m in assistance. 
Azerbaijan leaders hope the ofl 
agreement will gala them 
similar western aid. 

Together with religion, 
energy is the main common 
bond between Azerbaijan and 
its neighbours across the 
Caspian Sea. The region’s 
natural gas and oil wealth 
links energy inextricably with 
its political future. This makes 
a Central Asian-AzerbaiJan 
alliance vital, particularly an 
increase in trade across the 
Caspian. 


’ I ■ r* •/’' is 'i 



.'•Ml • 

ftnylo 

■#1 

(TirtiiniM—l 


Thus ter, however. Claucasia 
and Central Asia have had 
very differing political 
cultures. Conservative Central 
Asia was lemaikahly fiee of 
anti-Soviet campaigns, unlike 
the Caucasus which saw 
widescale anti-Soviet protest 
movements. 

Air traffic between Baku and 
Central Asia’s key hub, the 
Uzbekistan capital of 


Tashkent, has been severed for 
more than a year. The breach 
began when Azerbaijan 
allowed an Uzbek political 
opposition figure to stay in 
Baku after he was assaulted in 
Tiiriikent 

Azerbaijan leaders have 
tended to take a far more 
lenient posture toward political 
rivalry than have Central 
Asia’s presi^ts. 


This is of Azerbaijan’s 
paradox - its resources and 
political character could give it 
a smooth eventual transition 
into a country that can do 
business with a wide ran^ of 
Asian and western nations. 
But its strategic location on 
the edge of the Moslem world 
and the former Soviet southern 
rim makes it a hi^ily tempting 
taiget for Russian ambitions. 


Welcome to 

"AZERCHEMISTRY"! 

"Azerchemistry" State Concern is one of the bi gg est associations in the territoiy of the former 
Soviet Union. The concern consolidates 13 industrial enterprises, 3 constructional IVusts, 
Planning and Research Institutes with their experimental bases and a lYaining Institute for 
the improvement of management skills. The Concern's products are widely used in all spheres 
of die national economy. We deliver oui products to several countries throughout tbe world and 
to all the Republics of the former Soviet Union. The Concern has a special, vital importance in 
our country and we could be important for you too. We are ready to co-operate with new 
partners and to deliver the following products: 


PolyetiiyleQe of high pressure; 

Sulphanol - solution, sulphanol - powder, 
Caustic soda; 

Polyether laprol (maTks-702, 3003, 3604); 
Epoesyde pitch (resin) (Ed-16, Ed-20); 
Synthetic washing powder; 

Mineral fertilizers (superphosphates); 
Dichlorethane; 

Chlorparaffin (Chp-470, 700); 

Sulphuric add; 

Liquid chlorine; 


Iodine (mark "Ch"); 

Potassium Iodide; 
l^iddorbydrine; 

Hydrochloric add; 

Izopropil spirit; 

Motor tyres, tyres for agricultural 
machinery, cars and trucks; 

Glass fabrics, glass tapes, glass fibers; 
Wedge - shaped strops, conveyor 
ribbons, rubber hose and other 
rubber technical products. 


For fortiier detmls please contact: 

Azerbagan Republic, 373200, S. Vurgun Str. 86, Soumgait Tmm 
Tlx: 142285 Tadjir; Fax: (7-8-892-64) 5-98-17. 












12 


financial TIMES MONDAY MAKCH • I W 


t . 



A captive of recession 
and high expectations 


The European single market 
still hcis much to prove, say 
David Marsh and Andrew EUll 


T he European mar* 
ket exists. The 
question is: Does it 
work? The single 
market, freeing 
movement of goods, services, 
capital and people across tbe 
EU, came into effect in Janu- 
ary iast year. It was extended 
this year to four Efta countries 
- Austria, Finland, Norway 
and Sweden. 

Most countries in the newly- 
formed European Economic 
Area carry out 70 per cent of 
their foreign trade with the 
rest of the r^on - a very high 
level of integration. 

For several reasons, how- 
ever, the market has not met 
mqiectations. Companies criti- 
cise the bureaucratic intrica- 
cies of the new r^ime for col- 
lectu^ and monitoring value 
ad^ tax, as well as continued 
technical barriers to trade. 

The main reason for the sour 
reaction to the si^e market is 
that it has come into operation 
during deep recession. Low 
business confidence feeds on 
itself - helpii^ explain wlv< 
according to last month’s FT 
opinion poll, 77 per cent of 
European companies say they 
have registered no benefits 
from the sin^e market 
Mr Bruce Ballantine, a BP 


executive on secondment to 
Unice, the European employers 
organisation, sa^ the survey 
exa^erates disappointment 
with the 1993 pn^ramme. Tbe 
“real eSects” of tbe measures 
have been obscured by reces- 
sion - but he admits: “Eqiecta- 
turns were Ear too high.” 

Tbe easing of constraints on 
distribution of goods has been 
undeniable. Around 70m cus- 
toms documents used annually 
to monitor cross-border trade 
were abolished on January 1 
1993, 1&ulu« to a 3 per cent 
saving in Hma taken for mov- 
ing goods around Eiuvpe. 

However, the ^ngle market's 
main ^ect in boating cross- 
border investment came in tbe 
years immediately after the 
project was launched in 1985. 
Since then, the investment 
effort - and its effect on 
growth - has petered out Mr 
Ludolf von Wartenberg, gen- 
eral manager of the Federatimi 
of German Industry (BDD, si^s 
many German companies 
“anticipated” the single mar- 
ket by building up Europe-wide 


production and distribution 
networks during the late 198Qs. 

The Oelors white paper on 
growth and competitiveness 
even suggrats iate 1980s sin^ 
market optimism, by contribut- 
ing to economic overhead^, 
may have added to the severi^ 
of the subsequent recession. 

At the European Commis- 
sion, some ftffigtalg show frus- 
tration at criticism of the sin- 
gle market. They admit the 
programme has been a victim 
of its own advance publicity. 
An optimistic Commission 
report in 1988 predicted it 
would add 4.S per cent to 
EurcgM’s grass national prod- 
uct in the medium term. 

Brussels officials now claim 
the programme has added an 
average annual 0.4 percents^ 
point to growth since 1985. 

But the single market pro- 
gramme Is incomplete. The 
main areas where the Commis- 
sion wants to fill the gaps are: 

• Abolition of passport con- 
trols. Checks were supposed to 
end on January 1 last year, but 
even the most federally-minded 


EU members have not met 
HftaHHfiftg for ending tham. 

• Implementation and 
enforcement of proposals and 
le^ladon. Some 96 per cent of 
the orl^nal 282 proposals have 
now been agreed by member 
states, and 87 per cent of the 
relevant measures have been 
transferred into national law. 

• Removal of tartiwiral barri- 
ers. fflggling regulations still 
hamper cross-bor^r tr^, par- 
ticularly for smaller busi- 
nesses. 

• Lj^ralisation of “closed” 
sectors. Important sectors such 
as energy, 

and postal services were kft 
out of the ori^nal pro- 
gramme. Proposals to intro- 
duce more competition here 
have made slow process. 

• Enforcement of procure- 
ment legislation. The Commis- 
sion wants to enforce rules 
opening pubhc authority and 
utility eontzaets to free conme- 
titioa 

Meanwhile, the rv^mmiMinn 
is resigned to criticism. With- 
out more evidence of how the 
project is working, one senior 
offidal says it will be 
for Brussels to strike a balaiu» 
between “misguided compla- 
cency and an exaggerated view 
of the problems”. 


State aids refuse to die 


Subsidies 


By Hugo Dixon 


A sk Mr Karel Van l^rt, 
the European competi- 
tion commis^oner, what 
he is doing to Improve the 
competitiveness of the Euro- 
pean economy and be gives 
two answers: cracking down on 
illegal state subsidies and lib- 
eralising sectors that have tra- 
ditionally been state-owned 
monopolies. 

This may seem odd. After all 
the European steel industry is 
now convulsed by a row over 
the Commissioa's decision to 
sanction EcuTbn in aid to sev- 
eral inefficient state-owned 
groups. There is also disquiet 
at the slow pace of Conmiis- 
sion plans fbr liberalising sec- 
tors such as energy and tele- 
communications. 


By comparison with the mid- 
1980s, there has been prepress 
in reducing both state aid and 
the incidence of monopolies. 
Ifr Van Mlert and his two pre- 
decessors, ^ Leon Brittan and 
Mr Peter Sutherland, have 
taken a Mirly tou0i line. 

But many sectors of the 
European economy are still 
burdened by state aid and 
monopolies. Govenunent hand- 
outs to Inefflcient compaiues 
not only waste taxpayers’ 
money; subsidies also distort 
competition by placing more 
efficient enterpri^ at a disad- 
vantage. That is currently tbe 
dangi^ in both the steel and 
the airhiie sectors. 

Likewise, persistent moiupo- 
lies in utility industries mean 
European businesses pay more 
than they need for teleconunu- 
nications, energy, air transport 
and postal services. Um com- 
petition would drive down 


costs and spur the develop- 
ment of trans-European net- 
works which could act as the 
infrastructural backbone of the 
single market. 

The Commission has not 
moved more aggressively 
because curbing aid and open- 
ing markets o^n Involve job 
losses. It fears a political back- 
lash which could undermine 
Its authority. “OK. you could 
make it a war. But at the end 
of the day, what interests me is 
results,” says Mr Van Afiert 

The Commission has bad 
some successes. It has become 
more insistent that subsidies 
be allowed only if they are part 
of a viable restructuring irian. 
And the Commission has 
encouraged member states to 
prepare aided companies for 
privatisation. 

So far, thou^ the fall in the 
overall volume of hand-outs 
has been small. It averaged 


£cu89bn a year between 1988 
and 1990, down from an aver- 
age Ecu92bn la the previous 
three years - a drop to 2 per 
cent of GOP from 2.2 per cent 

Equally, pn^ress on liberal- 
isation has been patchy. Data 
communications services have 
been opened to competition, 
but ordinary voice telephone 
services will remain nmnopo- 
lies in most countries until 
1998 or later. 

Air transport is being pro- 
gressively liberalised. But 
national fiag-carrlers stiU typi- 
cally monopolise takeoff and 
landing dots at airports. 

The view that even slow 
process on curbing state aid 
and monopolies will ex^ancs 
Europe's competitivezmss is 
not necessarily accurate. Other 
r^ons of the world are also 
weazUng their industries off 
subsidies and liberalising 
monopolies. 


European market 


Single market optimism fades as 
wage differentials widen... 


Slngla marlrat prospwets: proportion of EU dSzene shoving... 
dl Hope HI Fear Neither 


70K 


60% 


50% 


40% 






30% 


20% 


10 % — 






WorW tnantrfacturing labour-oili^ 
1993 per houi) 


W.Onnnany 

.243 

Singapore 

5.1 

llOannany (termed 

17.3 

S.Korea 

4,9 

Japan 

tea 

HongKong 

4.2 

US 

1ft4 

Hungary 

1A 

France 

l&S 

Caech a Slovak RepttoUcs 

1.1 

UK 

ISA 

CHna 

05 


...and lower cost regions' investment attractiveness grows 


Ernst & Youfig^s guide to the meat fawDuraMe regkma for corporate bweetment In Europe 

The UK, tretand and eastern Europe top a list of attractive business kxations in Bxope,accQRfing to three sets of case studies, based on 

requinaments for companies seeM^ a production base In various sectors, 

Fufl details available from David Reee, Ernst &Youig, Beeket House, 1 Lambeth Palace Road, London SE1 7HU. Fax 071-928 1345 
KEYTORATINGS *****Exoellant **ilr*Good ^rke^Modeiate ir*Poor *Does not msteh ciitaria 
Intamationai motor co m ponents manufaeiiirar 

Maki eenakteratiane Short deiiuery bme to main cnanutootkeen. Pioducaon costs, together with aoHable grants and incentives, also mportant. 
Prlma canedates: UK's West and East MkSands, N£ England, Poland, Belgium (Limtoig), Caeeh repubOc, Alsace in Prance and Piedmont In 
northern ftaty top toe RU. with ftigha-oost areas Uce soutoem Genneny less weB rated. 

Other cand M e teei Aiagon and Valenda regione in Spain - dope to new motor manufoclivInQ fadlMee. 



POLAM) 

UCpV.MIOLAMJQ 

FRANCE (ALSACto 

CZECH REPUBLIC 

ITALY (nEDMONri 

WEST GERMANY' 

ProxMty to markets 

★ ★ ★ ★ ★ 

★ ★ ★ ★ A* 

kkkkk 

★ ★★★★ 

kkkkk 

* ★ ★ ★ ★ 

Qranto end incentives 

★ ★ ★ 

.ieieir 

■kkk* 


k 

★ 

Labour avadaUAty 


★ ★ ★ Ar ★ 

kkkk 

★ ★ ★ ★ 

kitk k 

★ ★ ★ ★ 

Low prod ueHen costs 

rir ★ * Ar ★ 

* ★ ★ ★ 

kkk 

kkk k 

kkk 

kk 

^ leeateo n aus d stNObrO uwnele^nMl 






Japanese compact disc maker 






Main eonelderattons: Requires leadng-edga technology, eubstanOel investmertt, lod costs, Hgh-afcSIed angtoews. Woridbice must be Rexibie and 
suscepQbte to tralrung. Company wU want to maxknise capital grants and tneendvaa. EngKah language erwirannMnt may be preferred. 

PrvTM candMates; Wjtes and Scotland top list, hvland has low coeto and flaxlbifity, sufibra tom dbtttoce &cm inarkato Bavarto in W.Geiffi^ 
strong electrortics Mustry. but s from cost oompeUtIve'’. Pionooitng companies might oonsUer protects to central and eastern Eiaope . 


SCOTLAND 

IRBJWD 

CBNTftAL EUROPE 

1 

1 

SOUTH GERMANY 

EASTQERMAfn 

Low production costs 

★ ★ * * 

*★** 

★ ★★*★ 

* ★ ★ ★ 

★ 

★ * ★ * 

Labour fledbriity 


★ ★★★★ 

kkk 

kkk. 

★ ★★★ 

★ ★ 

Labour regulattans 

★ ★ ★ ★ ★ 

★ ★★★★ 

kkk 

kkk 

kk 

★ ★ 

Skied labour 

★ ★★★ 

★ ★★★ 

kkkk 

kkkk 

k k kkk 

★ ★ 

Grants and tocendves 


★ ★★★★ 

kkk 

kkk 

k 

★ ★★★ 

Language 

★ ★ ★ ★ ★ 

★ ★ ★ ★ ★ 

kkk 

kk ' 

kkk 

kk 

Proximity to markets 

★ ★ ★ 

★ ★ 

kkk 

kkk 

kkkkk 

kkk 

CaDfornfa biotecfsiology company 






Meirt conekleraiionx Links to an established acienlfflc community, enraciive tocaOan, aukabie schoola. cuttiaal and sports tyJMas- Leading 
execudves prefer a 'sunbdt* dte. 

PrtoM canddater. *ldBai tocabon" could be a sdenca prak to eoutham Frsnoa sudr as Sophia AnOpoHa. near NIca. Southern Qamiany and 

1 Swizterlarteslsoattiactfv&TlwriewEuropaanMecldiwsAgenQf; lobabasadIn(heUKiceuldb»a“m^pu0bctor”.Acornppwto°l<^lorwB>- 
trained scientists at low cost may conafdsr the ex-Soviea IMon - but ttfo b now more dubtoue because ol poWcal risk. 


SOUTH OF FRANCE 

UKeCAMffiOG^ 

OBnewf 9»jiaa^ swirz. (Lausm*^ 

DSIMARK 

RUSSIA (MOSCOW) 

Ltoks to markets 


★ Ar ★ ★ 


kkk 

kkk 

★ 

Lirta to sderrtific oomnvaiily 


* ’kfr*' 

■kkkkk . 

k.kk.k 

kkkk 

kkkkk 

'Sunbelt' kmatiorr 


■k 

kk 

kk 

k 

k 

Attraettve bcaboR tersterr 


k k: . 

'k k-k- ■ . , 

k k'k-k > 

kkk 

k 

Casttectors 

★ ★ ★ 

kkkk 

kk 

kk ■ . 

kkk . 

kk 


‘National champions’ become obsolete 


Cross-border deals 


By Geoffi’ey Owen 


I n 1967 two important struc- 
tural changes took place in 
the UK motor industry - 
the formation of Ford of 
Europe, and the meiger of Ley- 
land and British Motor Hold- 
ings to create British Ley^d. 
The first, uniting Ford’s Brit- 
ish and German subsidiaries, 
was designed to achieve 
Europe-wide economies of 
scale. The second was a nat- 
ional afhiir: it did nothing to 
remedy one of the industry’s 
most serious competitive weak- 
nesses: lack of marketing pres- 
ence in continental Europe. 

The subsequent 25 years 
have underling the wisdom of 
Ford's approach and tbe steril- 
ity of the ‘National champion” 
strategy. As barriers to intna- 
Europenn trade and invest- 
ment have come down, compa- 
nies in many industries have 
had to follow Ford’s example; 
Chose that te(t the transitioa to 
Europe too late, such as most 
British Leyland companies, 
have paid the penalty in 
dwindling market share. 


In the early I970s. before and 
after tbe UK's aocesdon to the 
Community. British companies 
were imramuiar with continen- 
tal systems and management 
practices, yet felt the for 
a big leap forward to take 
advantage of the enlarged mar- 
ket The result was a series of 
ill-judged mergers and joint 
ventures - tbe Dunlop-Edrelii 
partnership was an example - 
which failed to produce econo- 
mies and led to some disillu- 
sionment with Europe. Today a 
European strategy is not an 
adventure; it is an accepted 
part of doing business. 

As Ford recognised in the 
1960s, int^ration came quick- 
est in sectors like cars, where 
customer needs were suffi- 
ciently uniform to justify a 
continental approach to de^gn 
and manufacture. This, in 
turn, has encouraged tbe lead- 
ing component suppliers, such 
as Valeo in France, GKN and 
T&N in Britain, to build or 
acquire factories throughout 
Europe to serve vehicle assem- 
blers. PUkhxgton's moves into 
Germany and more recently 
Italy are part of this trend. 

Progress has been slower in 
traditionally protected sectors 


L eadin g erocs-border takeovers fti Eurofw 


Target 

Counby 

Aeguhed by 

Country 

Price {$br^ 

Year 

Elsevier 

Nethertanda 

Reed Intemsritonal 

UK 

&27 

1992-93 

lYSdiand Bank 

UK 

HK and Shanghd Bank 

Hong Kong 

7.37 

1992 

Groupe AG 

Belgium 

AMEV 

Nettieriands 

4.55 

1990 

Rowntree 

UK 

NesM 

Svritosrisid 

44 

1988 

Minol MineraMfhandef 

OerTTrany 

EKrttiyssaiVSB Kauf 

Francei'Ger 

3.74 

1992 

Plessey 

UK 

GEC Sfemera 

UiVGemiany 

3.24 

1989 

Source Perrier 

France 

NestMrindcauez 

Swttz/France 

2.71 

1992 

STC 

UK 

Northern Tdewm 

Canada 

2.64 

1990-91 




Swree- OR SacurAec OeO/lfPMG/FT UCwy 


like electric power and tele- 
communications. But even 
here nationally based procure- 
ment is giving way to open 
competition, providing a fur- 
ther stimulus to cross-border 
alliances, such as GEC- 
Alsthom and Siemens's stake 
in the British telecommunica- 
tions ^uipment industry. 

Nationalism, of course, is not 
dead, as is clear from the 
angry reaction In Britain to 
BMW's proposed takeover of 
Rover. No doubt the tendency 
for European countries to 
to look after their own will per- 
sist. It was. after ail, one of 
Germany’s national champi- 
ons. Siemens, which took over 
the loss-makiiig Nixdorf com- 
puter group; one of Germany's 
largest lame ducks, AEG, went 


to Daimler-Benz and not to 
Britain's GEC, which came 
close to buying parts of the 
business in the early 19806. In 
steel, local poKtical pressures 
still impede structural change, 
although another sector 
plagued by over-capacity, pet- 
rochemicals. has been 
reshaped throu^ a^t swaps 
and Avestitures, many involv- 
ing cross-border transactions. 

No doubt, too, European 
mergers and acquisitions will 
continue to be convlicated by 
differences in management 
style and staareholtter expects- 
tioos. But where the un^rly- 
ing commercial logic is sound, 
these cultural and organisa- 
tional strains are usually man- 
ageable. How much further 
will European rationalisation 


go? In the motor mdustry it 
seems unlikely the present 
structure, with six higb-vol- 
ume producers each holding 
about ll-lS per cent of the mar- 
Imt. will survive tbe removal of 
restrictions on Japanese 
imports; the trend towards 
higher concentration, which 
has already eliminated most 
smaller plarers. will probably 
go Further in the next decade. 

But whether all Europe's 
manufbctixring industries will 
move in an American direction 
is more doubtfuL Even if ail 
artificial barriers are disman- 
tled, differences in consumer 
tastes between Italy and 
Britain will remain greater 
than, say, between California 
and New Jersey. Hotpolnt, tbe 
British domestic appliance 


maker, has been successful 
without embracing a fully 
European strategy; national 
markets can still provide the 
basis for healthy profits. Not 
all national markets will go 
regionaL nor will all regional 
markets become globaL 

What matters is that strate- 
gies can now be based on nor- 
mal commercial criteria, with 
fewer distortions arising from 
government intervention or 
conflicting national regula- 
tions. While European integra- 
tion is not complete, tbe focus 
of management attention may 
be shifting. In some Industries 
the ability to compete In the 
US and. perhaps more impor- 
tant. in tte Asia-Pacific regioa 
is increasingly cruclai to praSt- 
able growth. Companies such 
as Renault and Peugeot, whose 
business is based almost 
entirely on west Europe, could 
be vulnerable if they foil to 
break out of Europe. Just as 
the 1980s saw a shift from 
national champions, so in the 
1990s being a Euro-champion 
may no lot^r be enough. 

The author is a director of the 
Centre fbr Economic Perfor- 
mance ^ the London School qf 
Econorrtics 


Eastern springboard for western manufacturing 


(in'resjtnieht in east 


By David Marsh, Nicholas 
Denton and Patrick Blum 


F or companies doing business 
across Europe, the former mem- 
bers of the communist bloc 
have become vital elements in the 
intematioDal economic equation. 

Since the Berlin Wall fell in late 
1988. western companies have made 
about 89bn of capital investments in 
Hui^niy, Poland, the Czech republic 
and Slovakia, the four most developed 
economies of central and eastern 
Europe. The OECD soys the lion's 
share has gone to Hungary, with 
roughly g5.5bn invested ttiexe so 
.About 60 per cent of this invest- 


ment has been geared to serving local 
markets, according to estimates by 
the European Bank for Reconstruc- 
tion and Development But large com- 
panies are increasingly using their 
eastern manufacturing bases as 
springboards for exports to the west 

Fbr the moment, central and east- 
ern European exports to the west are 
very limited. According to the latest 
data, for 2992, the four countries’ sales 
to the EU made up only 1.4 per cent of 
EU membets’ overall imports. 

Despite agreement last summer to 
Improve eastern Europe’s access to 
EU markets, exports are still being 
held up by barriers in areas such as 
steel, and textiles. But in 

view of the region’s low labour costs 
and increasingly modem production 
facilities, eastern Europe could 


become an Important source for the 
west of goods such as consumer prod- 
ucts and manufacturing components. 

Mr Nlall FitzGerald, director In 
charge of worldwide detergents 
operations at Unilever, the Anglo- 
Dutch consumer products group, 
points to the paz^ular attractions of 
Poland - where the company is 
investing heavi^ in raising produc- 
tion of detergents and edible and 
fats. “With investment in new tech- 
nology and relatively low labour 
costs, its industrial operations are 
potentially more competitive than 
those in the west.” Unilever is 
starting to service the Czech and Slo- 
markets with Polish-made deter- 
gents. and eventually could sell to 
Russia and western Europe, he sa^. 

But some plans to source foreign 


markets from eastern Europe have 
scHired. Volkswagen has cut planned 
investment In Czech cannaker Skoda 
frxnn DMT.lbn to DM3.7ba. VW had 
wanted to sell a third of Us produc- 
tion on tbe Czech and Slovak mar- 
kets, a third to other eastern Euro- 
pean countries, and a third to western 
Europe, But recession and protective 
tarUEs in Poland have upset plans. 

In Hungary, several comf^es aim 
to build up sales to western markets. 
In buying Hungarian light bulb pro- 
ducer Tungsram for S550m, General 
Electric of the US acquired both a 
competitive production base and an 
established 7 per cent share of west 
European lighting sales. According to 
Mr Jack Welch, GE rJiairrg^n! “In tbe 
European manufacturing sense. Hun- 
gary will be our principal base.” GE 


says wage costs in Hungary are only a 
third or a quarter of levels is the UK. 
where it is closing lighting plants. 

Ano ther company increasing Hun- 
garian pi^uctioQ Is Oesterreichische 
Kabelwerke, an Austrian subsidiary 
of Germany’s Siemens. After gaining 
a majority stake in Magyar Kabel 
Muvek. it p lans to shift much of its 
cable production to Hungary . 

Audi, part of VW, starts production 
of engine components this summer at 
its DM3Q0m plant in north-west Hun- 
gary. All production is to be exported 
to tbe Audi assembly plant in Ingol- 
stadt, Germany. Audi says Hui^ary 
had a 15 per cent cost advanta^ over 
other shortlisted sites In Austria and 
eastern Germany - an indication of 
the ground companies in the west 
must try to make up. 


Challenge from 
the periphery 


S zentgotth&rd in western 
Hungary is a strategic 
crossii^ point for the 
flux of products, capital and 
ideas streaming across the wid- 
ening European market. 

This unprepossessing town 
close to the Austrian border 
was sealed off before 1989 by 
the cold war tne ig riia of bmrbed 
wire and watch towers. Now it 
Is a test-bed for western manu- 
facturing techniques. In a 
$250m plant in the s hell of a 
communist-built farm equip- 
ment foctory, Geieral Motors 
has been nsspmhiing cars aiM 
engines since 1992. 

GM has profited bxim a five- 
year tax holiday and a 92^ 
Hungarian investment grant. 
Other motor groups with foot- 
holds in Hungary include 
Suzuki. Ford and Audi. By set- 
ting new standards for low-cost 
production with up-to-date 
technology, sneh investments 
are helping spur the cross-bor- 
der rationalisation and cost- 
cutting that are potent realities 
of the European market. 

Mr Ernst Hofrnann, the 
moustachioed 63-yearold man- 
aging director of General 
Motors Hungary, describes 
how GM has designated Szent- 
gottfaards;>roduced engines as a 
quality benchmark throughout 
the group. Mr Hofrnann - a 
veteran production specialist 
fixim CM'S Opd subsidiaiy in 
Germany - praises the “100 per 
cent flexibility" of his 480- 
strong Hungarian workforce. 
Productivity and quality are at 
least as hi^ as in comparable 
west European plants, he says. 

The Hungarian factory has a 
bearing on CM’S larger plants 
in western Europe. “We are 
competition For declslon-maJc- 
ing in Uie west" M the equiva- 
lent of OM300 a month, work- 
ers at the factory earn one- 
eighth of the pay of those in 
CM’S west German car plants. 

The QU assembly plant this 
year should produce about 
11,000 Astra Opel hatchback 
cars and 140,000 engines. 


CASE STUDY: GM 

A Hungarian auto plant that 
sate qualky standards for 
the west 

David Marsh reports 



assembled from knock-down 
kits from west Germany. 

Labour accounts for less 
than 10 per cent of total costs, 
with materials making up 80 
per cent. The share of local 
Hungarian production is about 
10 _ per cent. Mr Hofrnann 
believes this could eventually 
rise to 30 per cent as Hungar- 
ian component producers 
increase production. 

Last year, the plant exported 
3,500 cars out of its 13,400 pro- 
duction - an uneconomic exer- 
cise at present, in view of the 
high cost of transporting com- 
ponents to Hungary. 

At i^ until 1996, the car 
plant is likely to operate at 
below its 15,000 per year capac- 
ity. By contrast, the engine 
plant is planned by eDd'1094 to 
be operating at fhll capacity of 
ZOOjno engines per year. 

By introducing an extra 
shift, Mr Hofmann reckons 
Szentgattiidrd's capacity could 
be doubled with little extra 
tovestmenL The importance of 
this plant and others like it in 
oastefn Europe is fbr greater 
than their small size. West 
European car-makers will tiave 
to fight hard to beat the east 
European challenge. 

TonuHrowr.Agelrig Europe. 
^eO-pageMpemaekeontiu^^ 

Vte amdee In oits esriss fte 

iater tf* mo«^ Of ■ prtw 
wESOparoopy. Cnei)u«sstauM5e 
finonciW rrfwas tjd 
^ MM to John White. Mjrtieling 
Oe/nktiiMint Rnamlal Times. 1 
Soutfiwartf Bridga. tondm SET Shl 


}T 





FINANC14I. TIMES MONDA.Y MARCH 7 1994 


13 



The making of 
a media mogul 

Bernard Simon meets David Radler, 
the deal-making partner and confidant 
of tycoon Conrad Black 


A n Cmrad Black's deals, from 
his first foray into newspapers 
in roral QQid)ec 25 years ago to 
his purchase last weA of the 
Chicago Sun-Tbnes, have had one ♦•hfag 
in common. Hiey wohld not have h^ 
pened without David Radler. 

OSScially, Ra^er is president and 
chief operatii^ officer of HoUin^. 
Black’s Oanattiflw holding cmnpasay. In 
reality, be is Black’s closest business 
confidant, his chief dead-maker and, 
when necessary, Us hatcliet man He 
keeps a much lower profile than Black. 
Hoover, Black, who spends most of bis 
time thrae days in London, seldom 
makes an important move without con- 
sulting Radler U fiuaway Vancouver. 

Radler sits on the boards of 
Hollinger’s two flagship investments - 
the DE Telegraph groiv and Sontham, 
Canada's biggest newspaper «hah^. it 
was Radler, not Black, who touched 
down in Chicago to annmmea 
Hollinger's investment in the Sun- 
'Hmes, the US's ninth biggest new^ia- 
per, and it is Sadler who will take over 
as nhair man of the Son-Tim^ Com- 
pany. 

Adding to his clout, Radler has a 
minority stake in Ravelston Corp, file 
private company which controls 
HoUinger. Tbs only other riseable Bav- 
elston shareholders are Black anH Peter 
White, another long-time friend and 
business associate, whom RaUer had 
met during a Qoebtt election «inir«ign 
in the late 1960s. Radler was woridng 
for the ftnanra minister, who had sar- 
her be^ a waiter in Radler*8 other's 
restauranL 

With the Sun-Times investment, 
HoDinger's world is nnfhidiwg mufih as 
Radler preUcAed In 19^ when he and 
Blade were unsoccessfolly pursuing the 
New York Dai^ News. 

Ihe inimnational media industiy win 
centre on 15^ l^vywei^ts, he said at 
the timfl, “and we want to be one of 


them. 1 wish we could d ^frmine where 
we're going to be, but we're gedng to be 
wherever the oppotunities are.** 

Radler, 51, is almost ^ complete 
antithesis of Rianfc' "Com^ and ^vid 
have an ideal partneiahii^'' says Martin 
Maleska, a New Yoik investment 
hanfcar who advlsed HoUinger on the 
Sun-Tinms deaL “I find it amaainp that 
they complemmit each other so weU." 

Kack. urbane and sociable, is a prod- 
uct of the stnffi'' An gln . r!an«i^aii aetaK . 
liBhment, and is at home in the com- 
pany of (preferably conservative) 
statesmen, aristoctats and intellectuals. 

By contiBSt, Radlc is a scrappy Jew- 
ish Montrealer, who won his business 
spurs in fiDOdly restaurant and his 
own shc^ geWng native handicrafts at 
Expo 67 in Mnntwwi Be moved to the 
west coast to fiie early 1970s whan the 
three partnem bon^ a sb^ pqier in 
Prince Rupert, British Columbia. 

Be stin wo^ fitmi cramped offices 
in an unpretentious Vancouver leaden- 
tial neighbourhood, a ahaip contr a at to 
the opolmica of Black's bases at CanaiT 
Wharf in lioodon and the degant turn- 
of-the<entar7 post office which houses 
Bdlmger's 'Tbitmto offices. 

The two men work together more as 
partners I'han gs chief executive and 
fWftf m i wfii l' in g ofBoer. Alttmng h they 
rmwiiH- frequently by pimna^ each l»aa 
carved out a primary sphere of infiu- 
esice. Black coBicentTatea on the 'Itie- 
grap ii and qq Fairfax Wniding a, Austra- 
lia's second-biggest newqiaper chain of 
which the Telegr^ has 24 per cent 

Wadiai- spends most of his Hma 
innirtng after HbOiDger's North Ameri- 
can interests which, until tte Sun- 
Times purchase, ennaiatad mainly of 
about aoo small-town newspapms in the 
ns *"*i fianada as wdl as the 8B per 

rant afeilra in Snrrtham He is alSO dialr- 

man of the Jerusalem Post, which 

Hhllfng Hr tinMg ht in 1988 . 

Radlar’s interest m newspqiets was 



aroused in his bo^iood by a Thne mag- 
azine cover story on US puhbSher Si 
Newbouse. The cover showed newsprint 

going in rm** alda of a ma/!hina an d 
dnilar bQlS nnming out Other. T aai d 

"Ihis can't be a bad business',*' Radler 
recalled. 

Hig admirera imise Cor dfi- 
cieney and tenacity. According to 

Maloelra “he a vmy fc**" imdar - 

stending of how buanesaes operate at 
tha most mundane level". Others are 
less flattering, however. One long-time 
associate, vriio asked not to be identi- 
fied, desinibed Radler as “difficult". 

^an Blarlr^ fri hlg re( santly . piihTia>ia d 

antobioffaphy, mentioned his friend’s 
“fanatical determination”. 

I n particular, Radler has a reputa- 
tion as a fearless cost-cutter. Black 
recalls in his book that when a 
reportar at the Sherbrooke Record in 
Quebec, their first newspqier. marched 
TTitft Badler's arwaa to p i ajM n t g petition 
of grievances. Radler dedneted two 
cento from the man's weekly pay 
deque tor wasting a sheet of pepm:. 

“I dent think Fm any vmrse or any 
better than anyone else in the busi- 
ness," Radler says. Tf 1 can see that an 
<gieratioa can be run by two people, and 
we have six. I want it run tv two." 

Wadlar has apjdied this phllosoitoy to 
justify the rdattvdy hi^ prices which 

Wnfflri gBr Tihb pwiH over the past «»i g>i» 

years for many of its 280 rural US 
papers, most than tonneiiy family- 
owned. As a remit, many papers in 
nei^bbouriiig towns now share piintiog 


presses, advertising departments and 
even news-gaihermg resources. 

The ytaom Sun-TImes is in a 
different league. The pnrdase fijlfils 
Bla^S anil Radler’s amStHfun to a 
Nmrth American metr<v<^tan paper to 
thrir stable. Radler says that he and 
Black first looked at the f?htwi>gn paper 
more than two and a half years. The 
SmyTlmes, which hag a daily circnla- 
tlon of 535,000 and Sunday sales of 
about 524,000, propels Bolling into the 
top ten US newspaper publishers. 

AUhfiMgh the Sim-TTmes plays second 
fiddle to the Chicago Tribune, Radler 
says It is profitable and Tias lo^ read- 
ers and advertisers”. The tabloid is 
best-known for its fearless coverage of 
Chicago's ramhonctious political scene. 

True to form, Radler insists that 
fiiere is "a potential for improving oper- 
ating margins” at the Sun-Times ^ in 
particular, HoUinger plans to 
its technology. The paper’s previons 
owners, comprisiiig institutional inves- 
tors and senior managers, have been 
billed by the heavy debt-service bur- 
den Incurred throu^ a leveraged 
buy-out from Rupert Murdoch in I9S8. 

The Sun-Times' 1,550 emi^oyees may 
get an eariy taste of the Radler style. 
The Peter’s labour contracts come up 
for renewal later this year. Raffier says: 
“IhQr'vB absolutely nothing to fear, rm 
not going to set a new policy because 
we're in control” But it would be out of 
character if he did not posh ban! tor 
concessiona. As he says: "Well seek a 
better deal for management, and labour 
win do the same for themselves". 


Personae . . . 

Libyan 
Saudi 
resigns in 
Bahrain 

Arab Bankmg Corporation is 
sifting with some urgency 
throu^i poBsibie candidates 
to assume the presidency of 
the Bahrain-based bank after 
the resignation of Abdulla 
Saadi, writes Mark Nicholson. 

to a statement, ABC s aid 
Saudi was leaviiig “ovdng to 
mctenial drcumstances” awH 
fiiat his departure was 
‘necessary to protect 
shareholdOT* interests and 
safeguard the bank’s fiiture". 
AD of which is apparently code 
tor Saudi's chief problem: his 

T ihyaw TtatinnalH y 

Senior bankers in Kuwait 
say the primary reason for 
Saudi’s departure is tbn* his 

T.lhy an waHnnaKty harl fed tO 

fears among ABC's diirf 
fhardifilders - notably the 
United Arab Emirates and 
Kuwait which, with Libya, 
hold about a quarter of the 
hanfr that the US wit ght 
dedde to freeze the bank's 
assets under sanctions against 
Libya for its alleged role in 
the Lockerbie bombing in 1968. 

to February, a two-month 
freeze of the assets in the US 
of Arab Ftoandal Services, 
a Bahrain-based credit card 
and traveDers cheque company 
which Saudi (right) also diaiis, 
was lifted only aft^ intensive 
Lobbying by the Bahraini 
authorities. 

ABC ^^arently felt Saudi 
should step aside to avoid any 
further such problems. He wffi 
do so after Ktoy i and Gulf 
bankers say it could be as big 
a blow to ABC as to Sandi 
hiiriaalf — thou gh ha <ywild not 

be reached to nomment on his 
future. 

Saudi was ABC’s founding 
presidmit in 1960 and has 
crafted it ever since - raising 
itfitom a strai^ititairwaid 

ftffehor a Banlriug TTwit m 
Bahrain tp yn tntematiwnal 

group embracmg i^entiODs 

Wong Wong , Rpaiu T^don 

and, increasingly, file 
Arab World. Ifis retail hankfag 

arfariapt y jn Spain lad hnn 

to acquire Banco Atlantico, 
tile Spanish retailer. 

For now, in>aiift> al-MUhtoiy. 
an A^ board member, will 

rhair a fowunlttaa to taVa nmar 
tha r urming of tho hanV imtU 

a peiu^ent reidacement for 
Saudi is found. WeU infarmed 



gossips in Kuwait say Abdulla 
al-Qbandi. former heed ctf the 
Kuwait Investment Authority, 
is among the ihvourites. 

Yassukovich 
picks up from 
Cragnotti 

Stanislas Yassukovich, on c e 

upon a Hma a big nama iQ tfre 

Ekntunaikets, has become 

rhairmati of a new trading 
vehicle, Park Place Capital 
formed via a mmiagement 
buy-out of Cominvest UK from 
the Cragnotti & Partners 
Capital Investment Group, 
writes Katharine Campbell 
Cragnotti has decided to 
withdraw from financial 
services, and the fonnation 
of Park Place Capital 
represents the first in a series 
of disposals. 

Yassukovieb's involvement 
with Sergio Cragnotti has been 
nothing not eventful Hie 
Italian financier brought in 
Yassukovich in 1991 to run 
the London end of his newly 
created Cragnotti & Partners 
Capital Investment Group. A 
former chairman of the 
Securities Association, 
Yassukovich was supposed 
to lend the venture credibility. 

The original idea of 
drumming up cross-border 
M&A business quickly feD 
through. “(Cragnotti was such 
an active acquiror of 
businesses on its own 
that it produced too many 
conflicts to have a parallM 
agmicy operation," 
Yassukovich »» platns Pjtllart 
a niftw-hant hank to Italy, 

Cragnotti's nztson d'itre is the 
acquisition and development 

of nfmgwmay product 
nnm jianifta 

The M&A bnriness gone, 
tiiat left, to London, an 
arbitrage team, hired from 
Banipia Nationale de Paris, 

which haa , fi<- frir ri<n g ^ 
Yaaankrw rich , ftftna well 
EssmitiaDy a “very 
equhy-oriented" hadga ftrnd, 

it ff OC HSeS on tha fViinHnant 
But tiien came Cragnotti’s 
own problems towards the end 
of lart year. A former Femizzi 


executive, he gave himself up 
to police to Italy tor 
questiratog at aroutol the 
same time as he came to a 
settlement regarding 
aUegations of riolatiras of 
Canadian securities law. This 
“accelerated the group's 
decision to pull out of gHanei.!? 
services” is how Yassukovich 
puts it 

Yassukovich. 59. remains 
vice-chairman of the Cragnotti 
group - but why, particularly 
seeing he is not exactly short 
of directors’ fees? He sits, to 
various capacities, on at least 
ten other boards. 

“I have no doabts about 
[Ch^notti's] integrity; he is 
a very skilled industrialist 
Unless you are Italian, it is 
very difficult to follow the 
incredible ctmtofexities of what 
is goii^ on to that country,” 
says Yassukovich. “rm also 
a very loyal chap,” be adds, 
almost as an afterthought 

Double act of 
Japan’s UK 
diplomats 

A formidable diplomatic 
double act is about to take the 
centre stage at Japan’s UK 
embassy, writes WUltam 
Dawkiiis. 

Hiroaki Fiuii, 60. will take 
over as the new ambassador 
on March 17, joined by his 
long-standing Junior coUeague, 
Sadaaki Numata, as minister 
plenipotentiary, the embassir's 
number two. 51 on that day. 

The pair have shared offices 
on and off several times since 
1975, when Fujii became 
Numata’s boss at the foreign 
ministry's north American 
division. They were together 
in the late 1970 b in Japan's 
Washington gmhagsy and then 
turned up again back in 
Tokyo’s north American 
divisioa in the t^-l98Qs. 

Fidii later became 
ambassador to Thailand, his 
most recent job. The new 
ambassador bag never lived 
in Lemdon, so he wiD be a 
newcomer to his posting - 
similarly, his friend Sir John 
Boyd. Britain's ymhaesatlftr 
to Japan since nud-1992, had 
also never lived to Tokyo. 

However, Fidli wiU not be 
completely to tte in 
London, since Numata is a 
self-confessed As^ophile. 
Oxford- edocated, he worired 
to the UK mnbassy for two 
yean in the late 1960s. A 
useful nkfil is his ability to put 
Sf¥mp of tile finer tmaTirag of 
Japan’s foreign policy into 
plain Rn glisli 


MANAGEMENT 


Richard Donkin finds a local coimcil inspired by the private sector 

Town hall basics 



T he annfwincanient 10 years 
ago that Cfourtaulds was 
closing its Braintree textile 
operations came as a bitter 
blow to local people. The i»oblem 
was not just the disappearanoe of 
the Essex town’s larg^ employer, 
leaving SJ)00 workers on the dole. 
The pro^^ of them finding new 
jobs was also severely limited by 
tile then coDcentratkm of govern- 
ment aid packt^es on apparenfiy 
more desmving r^ions such as the 
fSiriianHa and the North. 

That crisis, however, proved to he 
the eariy inspiration for a manage- 
nipnt revolution at the local counefl 
winch has since become a model for 
other irtwii authorities in the UK. 

The then newly appointed chief 
executive of Braintree DisMet 
Council, nhar iPB Daybell, decided 
that to attract investment the 
authority would have to concen- 
trate on customer service. As the 
current assistant chief executive 
Robert Atkins eqilalns today: *You 
don't know when meeting a person 
at reception whether th^ wffi be 
frtitipiflinhig about their washing or 
whether they might have 2J)00 jobs 
to their pocket” 

Since sotting off down this path 
in the mid-lMOs, Braintree has 
developed a corporate culture 
drawn from best preurtioe in the pri- 
vate sector which appears to perme- 
ate e\’et 7 part of its organisation. 
As such it bdies the stiD potent 
image of UK local government 
firmly rooted to the bureaucratic 
town ban atmositoere of post-war 
Britain whra gentlmnen with waist- 
coats and fob watches inspected 
holes in the road and had a form for 
everything. 

On the surfece, Braintree (popula- 
tion 12(1000) appears to have a coun- 
efl not much different from others 
with modem, brick-built adminis- 
trative offices at the edge of a tidy 
V-wv town. It is the bdiaviour of 
the staff - and the way they deal 
with people - whidi has encoui^ 
aged a steady stream of pnblic-sec- 
tor managers to beat a path to 
Braintree’s door. 

“Like many autiiorities if we had 
any terminology for the pec^le we 
served it was rat^rayers, residents, 
clients,” says Annie Ralph, the cur^ 
rent cZiief executive. “Now w have 
customers and what they think and 
say is paramount,'* she adds. 

People are not only referred to as 
customers; they are encoura^d to 
Complain and told how to c om pla i n 
if tlfey feel serrices fell below iw. 
The complaints service, which 
includes a reriew procedure, is com- 


prehenfive and allows the involve- 
ment of diief officers and councal- 
lors. 

Staff are trained how to deal with, 
people and liow to respond to tele- 
phione while concepts sudi as 
quality assurance have been taken 
to heart. All 70 services In the 
authority have been accredited to 
the British Standard 5750 on qual- 
ity. 

Readily the mission statement 
and the set (tf core vahms, embla- 
zoned like commandments on 
ainwiRt every wall d the headqne^ 
ters, there is a sospiidon that Brain- 
tree has had an attack of corporate 
fedism, an inge to ran local smvices 
likp a McsDonald’s hamhiwg ^ bar. 

But, while its calture does borrow 
ideas such as TQM and draws on 
l^ctices develo;^ by organisa- 
tions such as Mar ks and Spmioer, 
the authtei^ has a ttempted to be 


pragmatic to its q jyVteatinn of man- 
a gemofit and personnel practices. 

When it decided to locdt at car 
parking arrangements, for example, 
it asked local residents what sort of 
ear parir they wanted. ‘"Ihey raid 
they wanted a hut with an at^- 
dant so they got one,” says Atkim. 

Services, meanWh^, are backed 
by ondertaktogB. The guarantee on 
e m pt yi ng dustbins includes a prom- 
ise to ome back azid collect ndibish 
from a missed bin the same day if 
the council is contacted by noon or 
the next working day if the call is 
in the afternoon. “We know we can 
meet such a promise because 
reseandi has sho^ us we are likely 
to miss no more than 200 from 
the 47,500 pick-ups,” explains 
Atkins. 

One of the biggest impacts has 
been to industrial relati^ which 
has all the appearance of a rare 


union and management love-in. 
John Reeve, the GMB. general 
union convenor, said: *1 was a fiwp 
steward for about 16 years and 
probably one of the most oiilitant 
people here. 1 think it was the 
authority that made me militant 
because they didn't understand us.” 

Ttiday, I? contr^ his union file 
is empty a^ meetings are overdue. 
“There hasn't been anything to dis- 
cuss. to be honest,” he said. 

An important catalyst, be 
believes, was tim introdaetion of 
compulsory competitive tendering 
five ^ara ago. “We wme already 
working towards a better 
understanding but I think the 
realisation that both staff and 
management needai each other or 
both would be out of work, was a 
strong miluence.” 

(tostomer orientation, however, 
has been at the centre of the 
ffhatigi^ to Edition to the framing 
of five core values, the authority 
decided to invrat heavily to staff 
tr aining , dovoting 8 higher than 
average percentage of the payroll It 
harmmiised the workforce - at a 
oast of £25,000 - so that all staff 
were given the same terms and 
CQOditiODS. 

FoUticat stability in the 
ffihninistretion has enabled pcdices 
to be Introduced with all-party 
support. The council has been 
continually hung for the past 10 
years. 

Wider recognition of its 
acltievements came last year when 
Braintree was nominated as UK 
representative for the (^I 
Bertelsmann Prize, a German-based 
internatioDal award for good 
management in public services. The 
1993 prize, focused on public 
efficiency and democracy to local 
government, was shared by 
Phowiix, Arizona and Christ^urch, 
New Zealand, with Braintree amemg 
the runnera up. 

The counefl managed to effect a 
close working relationship between 
elected members and officials 
without in any way subverting the 
political control of the au^rity," 
Michael Clark, former chief 
exeoitive of the local govem ment 
management board a member 
of tite nominatmg panel says. 

“The basic theme of what it's 
about has perrolated down through 
the institution and into the 
community at laige. People have 
respect for it Despite the 
hi^.flown stuff they have actually 
numaged to keep their eye on the 
basics and they do the basics v^ 
weU" 


It doesn’t have 
to end in tears 

Japanese alliances are about more than just business. 
l\ficliiyo Nakamoto and Christopher Lorenz explain 


J apanese isdusfry reacted with 
disbeUer wbeo tbe news broke 
a month ago that Gennuy's 
BMW bad stolen Rover, the 
last Britisb-owned car maknr of 
any rise, from imder tile nose of 
its hntg-etandmg partner, Honda. 
How could a western ally be so 
anreliableT How could Rover - 
and e^eciaUy its peefidions 
parent, British Aerospace - fril 
so Maftmtiy to lyp ect the 
Japanese wnwmintmt to 
long-term relationships? PW they 
not realise that the affair wonld 
damage other AngloJapaneee 
business finks? 

It has riDcs become evident that 
Bnda will be banned less 
severety tiian was at first feared. 
As the dust settle^ the Japanese 
bustness community is stal ling 
to reflect more calmly on the 
simtifiwee of the affair fbr other 
alluuKns. 

People are now more prepared 
to raise questions on several 
coimtK whether Honda was 
sensible to foflow with Rover a 
stintaty of “control witboiit 
takeovty” whldi has been 
common for decades wttUn Japan; 
whether the company sbonld have 
bad a better.imepued “exit 
strat^y” in case tbe Rover 
affiance, broke down, ritfaer 
suddenly or gradually; wfaetiim' 
the Jqwoese really do always 
believe tbat such relatimsUty 
sbonld be laig4erni; and vriwUier, 
paradoxically, alliaDces invcdviiig 
equity psrtldpation are less likriy 
to bet tium weaker types (ff fink. 

Corporat e coflaboration is not 
taken Itybtiy in Japan. Wbmi two 
companies ovwcome their nnrtnal 
apprebensfon and ded^ to do 
a deal it fe (dten expected to be 
a long-term affair that involves 
more than cold-blooded busiiiess 
deetrions. 

As such, Japanese eompaiies 
will frequently find value ill an 
auianep fliat is not obvlous from 
a purely business print of riew. 
E^ if there are no immediate 
advantages in a partieolar link, 
they are often quite haqqiy to 
make It as a symbolic gestnre 
or for some vague future benefit 
NEC, for cxanmle, says Hs stake 
in Bufl, the loss-maktog Freodi 
computer company, offiRs benefits 


to its computers and 
telecowmiuiicatioiis businesses 
and an entry into tiie French 
maiket But the company, whiefa 
recently invested a frnthex Y7bn 
(£44.5Sm) to maintain its stake 
at 4.43 per cent aKhongh IBM 
rehised to do Ukewise, says there 
were also “some emotional 
reasons” IhJiIimI that decision. 
These indnde the need to brip 
a partner in trouble. 

TUs does not mean that 
Japanese companies expect 
aiWflwi-gs to last forever. They 
are not a ver s e to ending one that 
has outlived its usefritoi^ "When 
tile tiifrfnai benefit disappeors,” 
says one manager at a Japanese 
electronics company, “then in 
principle, the relationship should 
be terminated." 


If you are going to 
tie up with another 
company, there is 
always the risk that 
what you put in will 
be wasted' 


It is tbereHore seen as general 
practice - in Japan as to the west 
- to have a pre-planned exit 
strategy to any ktod of affiance, 
whether it be a joint venture or 
one involving equity participation. 
“When the stake involved is less 
than SO per cent, we win indnde 
an exit strategy Hu the contract],” 
says Kriefairo Yasuda, manager 
of the coiporate advisory dtrision 
of the Long-Term Credit Bank 
of Japan, whidi consaHs for many 
Of Its ooHNnute dtaats. 

“If yon are going to tie op wltii 
aimtber company, there is always 
the risk that what yon pot in wffi 
be wasted.” he notes. 

ft is unclear whether Honda 
had a prep a red exit strategy. But 
the aspect of mtish Anuspaee's 
action over Rover wUifo 
unsettled Japanese minds was 
that it riiose BMW, a new suitor, 
over a long-tenn partner simply 
because the Genw company 
made a better finanrfai 
“There are hardly any 
to Jtoian of ownmu ont, 


so tbe main point for both sides 
is whether ite two companies 
can be integrated," Yasoda points 
out “Price is a secondary 
consideration.” 

TW sen riti viiy towards 
cnltural integration plays an 
important part in Japanese 
tidnfcing on acquisitions, vriiether 
they are cross-bordw’ or othmvlse. 

Past experience of takeover 
problems, plus tbrir current 
shortage of fnnds, has torned 
Japanese companies increasingly 
to strategic affiances as a means 
of getting what they want from 
anotiwr company. 

This preference is likely to 
grow. As indnstries become mwe 
^obal it is important but 
vtrtoally impossible to one 
company to have a full presmee 
in all the important get^rapUe 
regions, says Yasno Trachiya, 
graeral manager of the business 
strategy department at Hitsnblslii 
Research Ihstitote. 

At the same time, many 
companies are (faelng that the 
moat effective, and least 
tronblesome, strate^ 
rriationships are narrowly 
dritoed. “Alliances win from now 
on be on a smaller, more focused 
basis,” Tsnehiya asserts. “They 
will be loosm, more Itoe 
networks.” Sncii relatimtsliips 
also make for an easier exit 

When a Japanese company does 
take a stake to its western 
partner, it faces a dioice over bow 
to operate. The traditionBl way 
is described by James Abberi^ 
an American cQosaUaiit who has 
worked in Japan for 40 years, as 
’takeover without takeover”: the 
strongs company takes the lead, 
and the weako- becomes, to effect, 
its dependent supplier. Abb^fen 
says this is bow Honda was 
starting to treat Rover. 

One top J^iaiKse managv wktii 
considerable experience of dealing 
with western companies describes 
this as an “rid-style” way of 

s e ei ng an alliiHiftft, a nd nri « 

model of how to give it Iriig fife; 
be calls it 

flawed”. He sees Fqfitsn’s 
hetidling of its UK computer 
snbsldiary, ICL, as more 
enlighten^ and more of a 
partnership. 





financial TIMES MONDAY MARCH > 




Track through the traffic 

Victor Mallet explains how to get around and do deals in Bangkok 


I n any other city, the sight 
of a sweating business* 
man in a pinstriped suit 
perched on the pillion seat 
of a small, noisy motorcycle, 
clutchii^ his briefcase and 
mobile telephone while the 
driver weaves between lines of 
cars and buses, might be con* 
sidered unusual. 

Not so in Bangkok, where 
the notorious traffic congestion 
has made the lethal motorcycle 
taxi a routine form of com- 
muter transport for secretaries, 
government officials and for- 
eigners alike. 

Traffic jams inevitably fea- 
ture in any assessment of the 
problems confronting visitors 
to the Thai capital, but it is 
worth putting Bang^k's bad 
reputation in perspective. 

For a start, it is a big dty, 
comparable in size with Lon- 
don. and is home to several 
times the population of Kuala 
Lumpur or Singapore. Nor is it 
the only Asian metropolis mth 
traffic problems: Manila, Jak- 
arta and even Kuala Lumpur 
are also suhering from the 
surge in car ownership that 
accompanies economic growth. 

Occasional floods in the 
June-October rainy season can 
cause city-wide gridlocks last- 
ing severid hours, but few jour- 
neys within Bangkok during 
the daytime should take more 
than an hour. Here are some 
tips on how to beat the traffic: 
• Be flexible about your 
means of transport. A tan is 
often the best solution, but It 
might be quicker to get out 
and walk 200 yards than to 
wait for the tan to crawl 
round a on^-way street system 
for half an hour to dr^ you at 
the door. 


Occasionally, you will find it 
quicker to go between two 
points by river tan or canal 
boat, but make sure you know 
where you are going, because 
few of the operators speak 
Entdlsh. 

My own view is that motor- 
cycle ta.'ds should be a last 
resort when you are late for an 
appointment with the prime 
minis ter. Otherwise, they are 
for the brave and those who do 
not mind being asphyxiated by 
exhaust fumes. 

For foreigners, the three- 
wheel tuk-tuk is usually as 
expensive as a taxi, and much 
less comfortable. i:here is no 
metropolitan railway syistem. 
From the airport to town, most 
international business travel- 
lers take the Thai Airwa^ lim- 
ousines for 500 baht (£13.30h 

• Be certain about your desti- 
nation. Thai street addresses 
can be haffiing so your contact 
win often send you a map by 
fax with the name of the place 
written in Thai: such maps 
should be shown to the driver. 

Taxis with meters are now 
cheap and easily found. But if 
you can afford it. a chauffeured 
car from your hotel is even bet 
ter. the driver is more likely to 
be ftuniUfl^ with your destina- 
tion and to speak some 
English. 

• Choose a hotel near to 
where your meetings are to be 
held. Instead of a sin^ city 
centre. Bangkok has several 


business districts and another 
area embracing moat of the 
government mfrdstries. 

• Take your work you in 
the car. or a newspaper or 
book to while away the time. If 
possible take a mobile tele- 
phone as well fa hotel limou- 
sine may provide t^), so that 
you can contact people if you 
are going to be late. 

Having reached your meet- 
ing, you now have to do your 
business - interesting and 
potentially profitable, but not 
always easy. 

U nless you are a flu- 
ent Thai speaker, it 
is essential Chat you 
have a flrst-cla» 
intm^ter. Some senior 
government nffi f iais and busi- 
ness executives speak excellent 
Rn gliati^ but Fngli-ah is Inevita- 
^ much less widespread nian 
in former British or American 
colonies such as Singapore and 
the Philippines. 

One example of the pitfalls 
involved in undmtakiiv large 
projects In Thailand is the 
stxsiUed Second Stage Express- 
way. a $lbn elevat^ toll road 
built by a consortium led by 
Kumagai Gumi of Japan. KG 
and some of the foreign banks 
that helped finance the deal 
believe the Thai government 
has flouted the contract and 
effectively nationalised the 
road They are now trying to 
get their money back and extri- 


cate themselves from the proj- 
ect. Part of the dispute centres 
on the wording of the contract 

One weary foreign business- 
man once tc^ me tiiat a signed 
contract in Thailand was 
T^arded as no more than a 
starting point for furtlur nego- 
tiations, but do not telieve 
everything you hear about tim 
Asian way of doing business, 
fin the provinces it is not 
unusual for Thai tycoons to be 
gunned down by hit-men on 
the orders of their rivals.) 

Be direct in your letters and 
discussions, explaining what 
you have to offer and what 
want from the other party, but 
do not expect an immediate 
yeaor-no response. In a coun- 
try where the economy is 
growing at about 8 per cent a 
year, your contacts, whether 
from public or private 
sector, are likely to be 
busy. 

Office meetings tend to be 
formal. Suits and ties are 
worn: each clothes are extraor- 
dinarily unsuitable for the 
steamy Bangkok climate, but 
local businessiimn move frnm 
air-conditioned house to air- 
conditioned Mercedes to air- 
conditioned office and rarely 
breathe the hot poisonous air 
outside. 

Any good guide book will 
give you advira on fmw to be 
polite in Thailand, although 
one foreign businessman, 
about business etiquette, 


pointed at his cheque book and 
said: Tt's usually made out to 
cash.** Matters of bribery and 
corruption - sorry, consul- 
tancy fees and special pay- 
ments - fbr everything, from 
customs clearance to winning 
contracts, are best handed by 
your local partners. 

For all its pollution and 
physical ugliness. Bangkok's 
saving grace is that it is a 
lively, cosmopolitan city. 
Hotels and restaurants are 
excellmit, and you can eiyoy a 


SI Thai sTtafffc finom a roadside 
stall as much as a meal in 
a five-star hotel 

Given a free weekend, you 
can expli^ the many sights of 
Bangkok or make an excursion 
by road to the beach at Hua 
Hin. the “Death Railway" 
between Thailand and Burma, 
built on the River Kwai by 
prisoners of the Japanese dur- 
ing the second world war, the 
old capital of Ayutthaya or tite 
Khao Yai national park. 

There axe regular flights to 
the iwiflnrtg of Samui and Phu- 
ket and to the northern capital 
Guang Mm. This once peaceful 
town is ROW being called 
“another Bangkok*: not. alas, 
with any affection, but b^uae 
its traffic jams have started to 
emulate those of the capital 


LBcely weather In the lemSiis bwsinete eentres 



Uoft 

Tlia 

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Fri 


Tokyo 


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Hong Kong 

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& 

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Paris 

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lyicaTwn (onpeAffos Cl CdGius 

mtowWoo ^n ip U Bd byMmoCDnsatOtBwW u t iw ^nifc 


Another 

Italian 

shake-up 

Italy’s state-run railways iia\'e 
set out to attract commutera 
anri othn* frequent users with 
a shake-up in the ticket 
system, writes John Slmkins 
in Milan. 

■me effect of the regnlatioiis. 

which rama into foTce on 
March i, is that travellers who 
buy nine consecutive monthly 
passes for journeys up to 
25{Han will receive a farther 
three frw of charge. If the 
traveller makes a one-off 
payment for the nine passes, 
four more are gratis. 

Hie innovation comes 
along^e a 3 per cent aver^ 
increase in prices which still 
leaves Italian fares well below 
the average European level. 

A railways spok^’oman said 
tiiat measures to reward 
castomer loyalty were aimed 
at increasing the railways’ 
share of traffic from the 
present 12 per cent to 20 per 
cent within the nest few years. 
She said that a b^ger increase 
in fares «ras unlikely until 
there was a widespr^ 
network of h^-speed trains. 
Cnrrenfiy high-sp^ trains 
nm only between Rome and 
Florence. 

Under the new ticketing 
system, return tickets have 
been scrapped. Books of 
tickets are now available, 
0ving a 10 per cent redaction 
for at least four journeys of 
more than 7Qkm to any 
destination, and a 20 per cent 
rednction for jonrneys 
awaartiwg 350km. Discounts 
on return tickets have also 
been scrapped. Books of 
tictete are now available, 
giving a 10 per cent redaction 
fbr at least fonr Jonrneys 
dnring one month of more 
than 7Dkm to any destination, 
and a 20 per cent cut for 
jonrneys longer than SSOkm. 

Egyptian fear 

Extremists are continuing 
th^ campaign of violence, 
mainly in the area of Assiut 
in Ulster Egypt, but also in 
Cairo and occasionally 
elsewhere. In February, they 
expUcitly threatened to attack 
tourism, foreign investments 
and banks. There have been 
several attacks on tourist 
targets. Over the past two 
years, terrorist attacks have 
caused tiie deaths of seven 
foreigners. 



The authorities are t-uring the 
highest priurity tu protivling 
\'isiu>rs: more tluui 
Britoiv: visitwl Eir>pl >n ItWJ 
without experieni-iTu; any 
security difficulty. But 
complete security c:»uiof be 
guaranteed and Fiullter 
incidents are to be exja-cted. 

Visitors should not travel 
to or through the .Assiul .area. 
They- should he vi*41;uii aud 
are reminded tu bi*h:n-»* and 
dress discreetly. 


Vat reclaims 

European Union governments 
are holding on to billions of 
pounds of unclaimed value 
added tax refunds because 
bureaucratic obstacles defer 
UK businesses from claiming 
them, according to a 
City-based consultancy set 
up to process claims. The 
European Vat reriaim burean 
says about 25 per rent of most 
basins travel budgets could 
be reclaimed by the June 30 
deadline. 


Massage class 

Japan Airlinei:' new automatic 
mamag g seat will be installed 
in the first -class cabins of four 
of the carrier's BT47-400 
aircraft from April. One JAL 
Sky Massage se.it will he 
available in each first-class 
cabin on flights to Tokyo from 
London and New York. 

Develop by J.AL in 
co-operation with the 
blarutaka. a Jap.iuese medical 
equipment manufacturer, and 
Koito Kogyo. a Japanese seat 
nmnufricturer, the new t>ky 
Massage seat can proride three 
different styles of massage. 
First-class passengeis may use 
the Sky Massage seat free of 
charge fbr each iS-minute 
programme or they may 
programine their own 
custimiised course. The seat 
cannot be usmI at take-off, 
landing or during meal service. 



Every few minutes. 24 hours a day, a Pakistan International flight somewhere in the world Is taking off or lending. 
In New York. London or Paris. Karachi. Dubai or Cairo. Singapore. Jakarta or Tokyo. It would seem that with Over 
44 International destinations in over 40 countries around the world, we take to the air almost 
as naturally as the birds do. Frequent flights are Just another reason to look at us now. wia m aiww'.o 






When Britain goes away on business, more companies go via Hogg Robinson. We handle 
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They deal with us for exactly the same reasons as our smallest client - we keep cravei costs 
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HOGG ROBINSON 

Business Travel Internationa} 



Hogg Elobinson Business Travel International is wholly owned by Hogg Robinson p.l.c. 


BUSIN liSS TRAVEL 
irnxRN.n-iONAL 








FINANCIAL TIMES MONDAY MARCH 7 1994 


Architecture/Colin Amery 

Essence of 
domesticity 


ARTS 


Looking at architecture today, the 
most satisfactory new buildings are 
those that achieve a symbiosis 
between contemporary Innovation 
and tradition. It was prob^ly always 
that way. When Michelangelo con- 
vert the bmldings on the Campidog- 
lio in Rome, he was bringing an inno- 
vative classicism to a traditional civic 
space. There are some architects who 
can do this today, but they axe few 
and 1^ between and (tften the object 
of ridicule from a dogmatic profession 
that only wants to promote hard-line 
modernism. 

It is worth looking back to the 
recent past when thm weie many 
architects, working in and around the 
arts and crafts movement, who suo 
cessfully and enjoyably wimhinp^i a 
sense of tradition with inventiveness. 
One of the very best, and one who has 
been somewhat Defected by critics 
and scholars, is Charles Voysey 
Known as Cf A. Voysey (1857-1941), 
he designed interiors ami furniture as 


Voysey’ s designs in 
many ways make him 
a fnan for the 1990s 


wen as bufldings and ins work is the 
suhlect of an important small exhibi- 
tion at the Design Museum. 

Anyone who has worked with an 
architect in a domestic setting knows 
how rare it is to find one interested in 
fiimiture or accomplished in the field 
of interior design. The rise of the pro- 
fessional decorator in this century 
has been helped to no small d^ree by 
the contempt so many architects have 
shown to colour, decoration and inte- 
rior design 

Voys^s exceptional vision of the 
composite whole has never quite 
the recognition given to designers lite 
Pu^. Morris and Mackintosh. This 
exhibition is a success for two rea- 
sons. It Is small and wen chosen and 
it is as much about the man as fals 
work. 

Voysey’s life was unconventionaL 
His cl«gyman father was dismissed 
from the An glican chuTch for tea^ 
ing questionable doctrine and went on 
to set up his own Theistic Chur^ 
which d^Ioped a substantial middle 
glass foUowii^. Charles Vqys^, in his 
n'ork and in his private life, inherited 
his father's strong iwmsp of individual- 
ity. He was no follower and his very 
works - the series of important 
houses ht^t mainly in the ISSOs - 
still a^iear today as highly ori^nal 
and immediately recognisable as 
“pure Voysey". 

ms ^le achieved an essence of 
domesticity that infiueoced the devd- 



Opera/Richard Fairman 

Tenderness on 
a dark road 


opment of Endish house design at all 
levels. Because he belierod that art 
affected all aspects of life he devel* * 
oped a belief in simplicity of design 
and a limited palette of materials that 
brought a huge drau^t of air into the 
stuffiness of Victorian Rn gianiL ifis 
work is undoubtedly revolutionary - 
unpolished oak, whitewash, brass fit- 
ting, and a decorative treatment of 
materials and wallpaper that is 
almost innooent in its naive contriv- 
ance. 

To have lived in one of Voysey's 
houses like Broadleys on Lake Vfin- 
deimere in the Lake Distaict or in The 
Orchard, Chorley Wood must have 
been like sleeping every night in fresh 
linmi sheets. The sense of light, clean- 
liness and uncluttered life is t^y 
refreshing to body and souL But Voy- 
sey was not without fantasy or senti- 
ment as his designs for furniture, 
materials and silverware clearly 
show. The painted clock with its 
domed top, (you can buy a repUca at 
the Design Museum), is itself a micro- 
cosm of Voysey’s dean world where 
tnrds gi»g all day anri there is an 
unreal sense of purity. 

By an accounts Voysey was not an 
easy man to work with and his rigid- 
ity of character lost Hm many 
friends. But he is one of those ai^- 
tects and designers that has to be 
taken on his own terms. He offers a 
tough but brilliant vlsioiL 
Everything he deeign^ and take a 
dose look at the circular silver toast 
rack in the exhibition, is moni^t 
tbroi^ from the inside out That is 
what makes good design. This 
approadi, combined with an under- 
stmding of the vernacular «md the 
iflndgrapg, where he carefully placed 
his bouses, produced a sense of 
simple elegance and progressive 
creation that is full of valuable 
lessons for us today. He was also 
economical 

By paring things down to a mini- 
mum and. for example, not polishing 
oak or brass, he made ^ houses look 
entirely natural with no sense of the 
extravagant. In many ways be is a 
man foe the 1990s - hls sense of the 
raiin home is what we need in an 
economic climate that baa mada us 
value oar bmifias as brnniw and not 
just as inflationary investments. A 
visit to “Heart and Home“ is both 
timely and aesthetically instructive. 

As Sir Edwin Lutyens said of him: 

“No detail was too small ibr Voysey’s 
volatile brain, and it was not so much 
his originaiity, thoufA origmal he 
was, as his condstency wM^ proved 
such a source of del^L” 

CJPA. Voysey: Heart and Home, until 
April 24 at the Des^ Museum, Sbad 

ihmnes, Lmdon. SEi (071-407-8261). Charles Voysey (inset) breathed air into the stnfiiness of Victorian En^and; his house 
Sponsored by Brititii Home Stores. Broadleys on lake Vnudenneie reflects his belief in simplicity of design 


On Friday, for bis 65th 
birthday. Bernard Haitink 
spent the evening conducting a 
new production, of Kdtya Kota- 
ttovd at his artistic home, the 
Royal Opera. For several rea* 
sons it was an inspired choice, 
not least because Janacek him- 
self was the same age in 1920, 
when be started work on what 
was aiguably to be his greatest 
operatic achievement 

In this short opera he dis- 
tilled a life’s understanding of 
men and women - especially 
women. By and large the 
female sex has not been a cen- 
tral interest of the major 20th- 
century opera composers and 
even Strauss with his colourful 
gallery of female portraits gen- 
erally sees women frrom the 
male point of view. Janacek is 
the exception: even as he was 
compoting Xiiitya Eobonotid he 
noted that people accused him 
of writing nothing but “female 
pperas”. 

Of all his heroines, none 
calls for our sympathy more 
poignantly than poor, adulter- 
ous Kdtya. A dreamer desper- 
ate to esctqte an unsatisfactory 
marriage, she finds herself at 
first trapped, then vilified and 
finally outcast by a closed, 
rural conuntmity that is not 
prepared to understand or fo^ 
give. No woman is better 
drawn in modem opMa and it 
is the job of the producer to 
put her case across. 

A good pointer to a produc- 
tion’s intentions is how it 
relates Katya to the country- 
side around her on the hanirg 
of the Volga. In Scottish 
Opera’s recent production it 
became a wintry landscape in 
front of a cyclorama of drifting 
rffHidg - 121 Vienna in the 1970s 
it wag a flat marghinwi, fea- 
tureless. unending. For the 
Royal Opera's production, 
designed by Maria ^omson, 
Ttevor Nunn has tri^ some- 
thing different: a long, dark 
road that swirls down into a 
bottomless ^oom. 

It is never qnite clear 
vdiether Nunn thi« to 

a naturalistic view of 
opera or one that is syn^Iic. 
IBs picture of peasant life in 
the bathwaters of Zdth-century 
Russia features real horses 
pulling carts and real rain 
pouring down in the thunder- 
storm, yet the winding road 
remains an ominous presence 
throughout. There are no 
indoor scenes at aH not even 
the family home to act ag 
EA^'s prison. 

The visual prospect may 
sound bleak, but it is wanned 


b>' the hiunan qualities of the 
characters as Nunn sees thpm 
When Kdtj’a stands in the cen- 
tre of his vortex of a set, she 
looks a helpless young souC 
unable to resist the forces 
dragging her down, ^ena Pro- 
kina plays her simply and nat- 
urally. There is not much 
sense of the frustratiim re^y 
to e^lode from within, but 
Prokiiia is very affecting and 
sings Che music extremely 
well. 

In this production no carica- 
tures are allowed. Eva Ran- 
dovd barely hints that Kabani- 
cha can be a dragon of a 
motber-in-law. She underplays 
the role, doing it the hajd way, 
and shows how devastating a 
subtle exterior to this tyrant of 
a woman can be. It is a shame 
that her scene with Gwynne 
Howell’s shambling Dikoy ta 
relationship that often smacte 
of masochism) goes for so lit- 
tle. The lade of an interior is a 
drawback there, as elsewhere. 


For Kdtya to be 
caught between 
two weak men 
makes her tragedy 
the more poignant 


Kim Begley's put-upon hus- 
band seemed stronger th.-in 
usual, not a whining ninny; 
Keith Olsen's Boris, cleanly 
and confidently sung, was con- 
versely a frightened rabbit 
before the lovers' tryst. For 
Kdtya to be caught between 
two weak men only makes her 
tragedy the more poignant. 
Monica Groop’s Varvara and 
Christopher Ventris’s burly 
Rudri^ were an unaffected 
couple, not coy as can happen. 

At (^yndeboume a couj^e of 
years back the opera worked at 
a hi^ level of intensity. Hait- 
ink's JanASek is not like that 
He tairgft his time. niaWng sure 
that the orchestra is kept low 
so that the singers can play in 
an atmosphere of quiet, con- 
versational intimacy. In the 
mid there is not enou^ ten- 
sion. but fbr its infinite tender- 
ness and human sympathy 
Haitink's performance could 
hardly be more moving. In that 
respect the 65-yev-old Jandtek 
has found a meeting of minds. 

Sponsored by Hie Friends oi 
(fovent (garden and the Roy^ 
Opera Trust. Performances 
Gontinne until Blarch 25. 


Arts s^Kmsorship was late into the 
recession and seems to be late com- 
ing out of it 1116 growth in expendi- 
ture in the early 1980s created tiie 
illusion that companies were so in 
thrall to the arts that there would 
be no downturn. It has now arrived. 
especiaUy in London and the south- 
east. The mmn casualties are corpo- 
rate membership schemes: compa- 
nies that habitually s^ned up as 
friends of the Tate, the Royal Acad- 
emy, Covent Garden, the Royal 
Shakespeare Company, Gl ynde - 
bourne and so on are now selective, 
hitting the income of arts organisa- 
tions ha^ 

Also patronage is out; demonstra- 
tive advantage in. New sponsors 
tend to be hard-n<»ed and practical, 
seeking a positive return. Often 
they are keen to tise the arts to 
boost contacts, as the following 
^nsorships suggest 
* 

ITie arts event of the year to date 
hac undoubtedly been the Picasso 


Sponsorship/Antony Thomcroft 


Starting a search for positive returns 


exhibition at the Tate Gallery. 
It is clocking up around 4.000 
visitors a day and is on target 
to be the most popular show ever 
held there. 

This is good news for Ernst & 
Young, the consultancy firm, which 
snatched the sponsorship from 
under tiie noses of Toshiba and a 
^tanlsh bank. It is Erast & Young’s 
fi^ major involvement in the arts 
and it is paying a hdty price - 
approaclung £300J)00 down, and a 
furtho: £200J)00 or so in marketing 
and hospitality. 

A recent arrival among the larger 
consultancy finns, Erast & Young 
decided arts spoosmship matched 
its potential client profile and 
thoi^t the Picasso oThihitinn had 


an appropriate ambiance, femiliar 
but sli^tly avant-garde. 

It h» three targets. It wants to 
entertain, and is holding an Incredi- 
ble 30 evening receptions at the 
show; it wants to build up loyalty 
among its own staff of 7,000, who 
get free tickets; and it wants to 
raise its profile. 

One Iwnus is that the BBC is also 
backing the show, with 13 pro- 
grammes devoted to Picasso; &iigt 
& Young gets a mention in ten of 
them. First Incdcations are that the 
400 partners who ultimately fund 
the sponsorshfr) through their earn- 
ings will be happy enou^ to stick 
with the arts. 

★ 

Another new sptmsor evahiatii^ its 


iarotwaBsat is Capital House, the 
investment management subsidiary 
of the Royal Bank of Scotian^ 
which has tacked the current exhi- 
bition of drawing by Holbein from 
the Royal CfoUection at the National 
Portrait Gallery. 

Capital House has a narrow tar- 
get audience and John EUwood, the 
company's corporate affairs direc- 
tor, saw corpora advertisi^ and 
spe^ sponsorship as expensive and 
irasteful. Music had appeal but art 
seemed to offer the environ- 
ment to get the Capital House mes- 
sa£^ across. 

Based in Edinburgh with a budget 
of £100,000, Ellwood first 
approached the Scottish Arts Coun- 
cil but retnifvd no joy. He had 


sever heard of AB5A in Scotland. 
Finally he rang the National Gal- 
leries of Scotland and discovered 
the gallery wanted to put on a show 
to commemorate the 450tb anniver- 
sary of Ifolbem's death. 'Zhe Fitswil- 
liam in Cambridge and the NPG 
were keen to take the drawings. 
Capital House money made it possi- 
ble, in return for the usual peiks: 
company name on the catalogue 
and publicity material, plus private 
views and corpo ra te entertalnmenL 
As a first-time sponsor Capital 
House quahfied fbr a £25.000 sweet- 
ener under the Business Sponso^ 
ship Incentive Scheme; but com- 
pany costs rose again to £100,000 
when the champagne for the hospi- 
tality evenings was included. But 


the amount contrasts fireouza- 
bly with the cost of media advertis- 
ing. and Ellwood believes the com- 
pany profile has been raised. 

★ 

'nie Edinburgh Festival goes from 
strength to strength. It has just 
raised £lm in sponsorship for the 
1994 Festival a 15 per cent increase 
over last year. With the Festival 
Theatre coming into operation, rais- 
ing the seat c^dty 25 per cent, 
it was essential to reach the Elm 
target 

New sponsors include Scottish 
Widows and two firms of solidtors, 
Ireland and Maday Murray & 
5p^, while there was increased 
funding from Royal Bank of Scot- 
land, Bank of Scotland, Famous 


Grouse, IBM and Scottish & New- 
castle. The sponsorship money will 
be more important than ever if 
Edinburgh Council cuts back on its 
grant, as seems possible. 

★ 

Swiss-based Alexandra lYading and 
Investment is using the arts to ease 
its way into the UK mark^ It has 
invest^ over £50,000 in the two con- 
certs given by Kiri te Kanawa at Ae 
Hwpton Court Festival and will 
use them to entertain prospective 
clients. 

■A 

The Prudential is changing its arts 
awards, the most generous in the 
UK with £100.000 For the winning 
arts company. It has responded to 
criticism that too much money 
went on the gala dinner has 
switched the next ceremony, in Jan- 
uary 1995. to the National Theatre. 
The bud^ remains £800,000 and 
the money saved has been devoted 
to a new prize-winning categor}'; 
film. 


International 

Arts 

Guide 


■ BERLIN 

OPERA/DANCE 
Staatsoper unter den Linden 
Daniel Barenboim conducts Hany 
Kupfer's production of Die WalkurB 
on Wed and Sun. with cast headed 
by Ddwrah Pola^. Nancy 
Gustafson, Siegfried Jerusalem and 
Falk Struckmann. Repertory also 
includes Tosca with Suzanne 
Murphy and Gosta Winbergh (200 
4762/2035 4494) 

Deutsche Oper Bryn Terfel gives 
a song recital on Wed. Repertory 
includes Don Giovanni, il trovatore 
and a Stravinsky production with 
Choreographies by Bajart and 
Balanchine (341 (K49) 

CONCERTS 

Schau^ielhaus Vladimir Ashkenazy 
conducts Berlin Radio Symfrfwny 
Orchestra in tonight’s programme 
of symphonies by Schumann and 
Dvorak. On Wed. Warsaw Nation^ 
PhBharmonlc Orchestra plays woito 
by Brahms and Shostakovich under 
Kaamierz Kord. Michel Dalberto 
plays Ravel's Piano Concerto with 
Berlin Symphony Orchestra on Sal 
Sun and next Mon (2090 2156) 


P Wlha rmotee Georg Solti conducts 
the next two weeks of Berlin 
Philhamionic concerts. Tomorrow, 
Wed, Thurs: Shost^uvich's N'uitii 
Symphony and Tchaikovsky's Sixth. 
Next Tues and Wed: Beethoven's 
Missa Soiemnis. The orchestra then 
moves to Salzburg for the Easter 
Festival (2548 8132) 

THEATRE 

• A new production of Helner 
MQIIer's 1981 play Quartett, based 
on Les Liaisorw Dangereuses, opens 
at Berilner Ensemble on Fri (262 
3160) 

• Artdraas Kriegenburg directs 
Brecht’s The Good Person of 
S^uan at VbtksbOhne am 
Rosa-Luxemburg-Ptatz. opening 
on Sat (282 3394) 

• Peter Handke's wordless theatre 
piece. Die Stunde da wir nichts 
vonelnander wussten, is In its final 
week at SchaubOhrte, in a 
production by Luc Bondy which 

will be seen at this summer’s 
Edinburgh Festival ^90023) 

■ NEW YORK 

theatre 

• Angels in Amertca: Tony 
fOishner’s epic two-part drama 
conjures a vision of America at the 
edge of disaster. Part one Is 
Millenium Approaches, part two 
Perestroika, played on separate 
evenings (Walter Kerr, 219 West 
4dth SI 239 620Q) 

• Four Dogs and a Bone: John 
Patrick Shanley’s comedy about 
movie-making and power piays In 
Hoi^^wood was one of 
off-Broadway’s b'iggest hits last 
autumn (Lucille Lortel, 121 
Christopher St, 924 8782) 

• Blown Sideways Through Life: 


Qaudia Shear's 66th job is 
performing this hrt monologue about 
foe previous 64 • eveiyfo'nig from 
w^ng tables to answering phones 
in a bordello. A furmy and movkig 
evening (Cherry Lane, 38 Commem 
SL989 2285 

# Pounding Nails into foe Floor 
with Forehead: Eric Bogosian's 
morwiogue on Hfe In the 19908 
mows down afl foe sacred cows 
of political coiiucUiuuu. A scathirrg, 
scat^ogical. exhilarating rant 
(Minetta La^ 16 Minetta Lane etwt 
of Sixth Ave, 307 4100) 

# Escape from Paradise: a 
one-woman show written and 
performed by Regina Taylor, about 
a bla^ magazine editor who, one 
day, Instead of going to work went 
to Final week (Circle Repertory 
Comp^, 99 Seventh Ave S., 9124 
7100) 

# Laughter on the 23rd Floor 
Neil Simon’s 27th Broadway play, 
about a group of writers trying to 
come up with a new show, is one 
of his finest comic efforts. Directed 
by Jerry ZSks (Richard Rodgers, 

226 West 46th SL 307 4100) 
OPERA/DANCE 

MetropoGtan Opera Highlighta of 
this month’s prog ra m m e are Adriana 
Lecouvreur with Mirella Freni (tai 
March 2^ and Stiffello with Pladdo 
Domingo (final perfoimvices Wed 
and S^. Domingo ^so stars In 
a new production of Otello opening 
March 21 . R^rertory includes 
Poulenc's Dialogues des Carmeiites 
with Dawn Upshaw and Teresa 
Stratas, La fine du regiment with 
Harolyn Sackwell and 11 barbiere 
di Sivigfla wifo Susanne Mentzsr 
and Vladimir Chernov (362 600()} 
S late Theater Dance Theatre of 
Harlem celebrates Its 2Sth 


anniversary with a two-week 
residency March 11-27. Old 
favourites like Freblrd are back 
dor>g wifo last year's hit A Song 
for Deed Wvrk^ plus revfvais of 
Ron Cunningham's Etosha and 
popular offerings by choreographers 
Bav Wnson, Glen Te^, Mtch^ 
Smuln and Afvin Alley (^0 5570) 
City Center Meroe Cunningham 
Dance Company opens a two-week 
engagement tomorrow (561 1212) 
CONCERTS 

Carnegie fteU Tonight Maurlzlo 
PoUinl ptaro recital. Tomorrow and 
Thurs: Semyon Bychkov conducts 
Orchestra de Paris in two 
programmes, comprtsliTg Berio’s 
Sinfonia, Berlioz's Symphor^e 
fantastkiue and the Fifth 
Symphonic of Beethoven and 
Shostakovich. Fit New York Pops 
(247 7800) 

Avery Fisher Hall Tonight Leonard 
Slatkin conducts New York 
Philharmonic Orchestra irt wortes 
by Piston, Ravel and Rakhmaninov, 
with piano soloist Aflcia de LarFoch& 
Thurs. Fri afternoon, Sat Hecbert 
Bfonrstedt conducts Chopin arfo 
Nleis^ with piano soloist Beila 
Davidovich. Fri: Leon Botsteln 
conducts American ^mphony 
Orchestra In a programme entitled 
An ftaltan Joun^ through German 
Romantic Painting and Music. Sun 
^temoon: Charles Dutolt oonducts 
Orchestre National de Franca in 
Berlioz, Beethoven and Roussel, 
with vidin soloist Shlomo Mintz. 

Sun evening; Christopher Hogwood 

conducts Academy of Ancient Music 

in i^valdl and Telemann ^75 5030) 

JAZZ/CABARET 

Down Beat Ruth Brown begins 

an engagement tomorrow. Taking 

her cues from gospel and swing. 


Brovim has a lithe, intuftive style 
of R&B singing that has grown richer 
and more authoritative over the 
years <101 Seventh Ave South, 620 
4000) 

Blue Note Tito Puente’s (3olden 
Latin Jazz All-Stars begin an 
engagement tomorrow (131 West 
3rd SL 475 8592) 

Caifyle Hotel Earfoa Kltt is in her 
final week before setting off on a 
European tour (Madison Ave at 76th 
St. 744 1600) 

Michael's Pub Singer Verne) 
Begrteris begins an open-ended 
run tomorrow. Woo^ Allen 
continues his night job as clarinet 
pi^r in a DixielarxJ-jazz ensemble 
on Mondays ^11 East 55fo SL 756 
2272} 

Rainbow ft Stare Susannah 
McCorMe takes her audiwice on 
a jazz-inflected stroli through the 
last 70 years of American popular 
song (30 Rockefeller Plaza, 632 
5000) 

■ PARIS 

OANCE/OPERA 

Palais Gamier Ballet de l*Opm 
de Paris presents the world premiere 
of forae new ballets by RoJand Petit 
on Wed, with nine further 
performances till March 22. The 
company’s young dancers can be 
seen in a programme of extracts 
from baHets by Boumonville. 
Vinogradov, Dolln wid others on 
Sat and Sun afternoon and next 
Mon evening (4742 5371) 

Qifrt^t Tonight’s perfonnance 
is the first of ^ of Die Frau ohne 
Schatten, in a staging by Andreas 
Homold first seen at Geneva in 
1992. Christoffo von Dohnanyi 
conducts the Philharmonia 


Orchestra and a cast headed by 
Sabine Hass, Jean-Philippe LafonL 
Thomas Moser, Luana DeVol arxl 
Anja Sllja (4026 2840) 

^>ftra Dastgfe Tonic’s 
performance is the last of foe 
current nm of Salome, with Karen 
HuffetodL Leonie Rysanek and 
Monte Pederson. Carmen is revived 
tomorrow with a cast led by Marta 
Senn, Daniel Galvez-Vallefo and 
WiUiam Shimell, corxlucted by Serge 
Baudo (till Marta 21). Final 
performances of Bob Wilson’s 
production of Die Zauberfifite are 
on Wed arxl Fri. Janice Watson 
gives a song recital tonight In foe 
Studio (4473 1300) 

CONCERTS 

Tffedtre des Champs-Elysftes 
Toni^ Andras Schiff piano recital. 
Tomorrow: Jean-Claude Casadesus 
conducts Ortaestre Nattonal de 
UUe in works by Dtaussy and Ravel, 
with vocal sdolsts Including 
Frangote Le Roux. Sun morning: 
Frank Peter Zimmermann violin 
recital (4952 505()) 

T htia tre de la Vaie Fri, Sab Gustav 
Leorfoardt and Barthold KuOken 
play music for harpsichord and flute 

(4274 2277) 

JAZZ/CABARET 
George Porter Junior, king of New 
Orieans funk, opens a two-week 
engagement tonight at Lionel 
Hampton Jazz Gub. Music from 
10.30pm to 2am (Hotel Meridien 
Paris Etoile, 81 Boulevard Gouvlon 
$t (V. tel 4068 3042} 

THEATRE 

• Three Sisters: Matthias Langhoff 
directs a new FrenctHanguage 
production of Chekhov’s play, 
opening torrxxrow at ThMtre de 
la Ville for a three-week run (4274 
2277) 


ARTS GUIDE 

RAondey: Berlin, New York and 
Paris. 

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

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

Frkfey: Exhibitions Guide. 

European Cable and 
Satellite Business TV 

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

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

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

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430. 
1730 


9( S' >9 a Si'ii o ^ 73 S S ti« 








16 


financial ' riMES MQN«^aV MARC-U 7 


Mercantilists are 
treading on thin ice 



It is startl&g 
to look as 
though Dr 
Mahathir 
Mohamad, Mal- 
aysia’s prime 
minister, has 
unwittingly- 

tlUdL done the Brit- 

Ish government a political 
favour by banning UK bidders 
from public contracts in retali- 
ation against press reportiiig of 
the Pergau affair. 

As well as eclipsing the 
domestic controversy over who 
did what in the affair, the ban 
has made it easier for minis- 
ters to defend their conduct by 
asserting Chat they were sim- 
ply batting for UK pic in a 
ruthless world market. This 
stance may prove popular, to 
judge by recent letters to this 
and other newspapers. Busi- 
ness leaders have closed ranks 
to insist that Britain cannot 
afford to alienate customers 
who can choose from plenty of 
other suppliers. 

That companies with com- 
mercial exposure to Malaysia 
should seek to limit the dam- 
age in this way is understand- 
able. However, it is quite 
another matter to suggest, as 
some have done, that export- 
dependent countries such as 
Britain can pay their way only 
by subordinating other priori- 
ties and principles to the 
greater goal of a concerted fo^ 
eign sales drive. 

The neo-mercantilist lobby 
typically takes as its model 
Japan, whose postwar eco- 
nomic success it ascribes to 
seamless co-operation between 
government and industry. 
However, such arguments fly 
in the face of the very evidence 
adduced in their support 

Not only have leading Japa- 
nese companies such as Honda 
and Sony thrived precisely 
because their exclusion from 
this nexus of power forced 
them at an early stage to seek 
most of their business over- 
seas. The institutionalised col- 
lusion and indulgence of spe- 
cial interests at the heart of 
the Japan In& system is now 
exacting a massive political 
price, in the form of the coun- 
try’s biggest peacetime crisis 
this century. 

If the system has any paral- 
lel in Britain, the nearest is 
protably with the arms trade, 
where the government acts as 
producers' biggest customer. 


financier and salesman. Some 
may say that proves the vir- 
tues of a helping hand from 
Whitehall. After all, Is not 
defence one (ff the few manu- 
Cacturing activities in which 
UK companies still ehjoy 
world-class excellence in engi- 
neering and technology? 

However, the Industry’s 
“strategic" status and monop- 
oly privileges In most coun- 
tries mean international com- 
petition is as much between 
governments as between com- 
panies. In most other sectors, 
commercial risks and rewards 
are geared more directly to 
straightforward rivalry on 
quality, delivery and price. 

Few people would dispute 
that governments can assist by 
gathering infonnation, opening 
doors and otherwise smoothing 
exporters' path in fbreign mar- 
kets. That is particularly valn- 
abie in developing countries, 
where foreign companies' cred- 

The idea that 
esqrarters must 
avoid nf fending 
foreign 

governments is 
objectionable 

ibllity gains from a show of 
confidence by their govern- 
ments. 

But the line between encour- 
agement and second-guessing 
commercial judgments can be 
stretched dangerously thin if 
governments go much further. 
Beyond a certain point, moral 
hazard comes into play. How 
many bad debts have been 
accumulated by companies 
which over-sealously obeyed 
injunctions to export or die. in 
the belief that their govern- 
ments would pick up the tab if 
things went wrong? 

Nor does a narrow national 
focus on chamng foreign orders 
necessarily yield the expected 
rewards, fo the idfiOs, the Dun- 
can Report recommended that 
Britain’s embassies abroad 
down^de classic diplomatic 
activities in favour of export 
prcROOtioii. a view enthusiasti- 
cally accepted by the WUmn 
government. Yet the following 
decade. Inadequate political 
reporting left Britain wholly 
unprepared for the overthrow 
of the Sbeh of Iran, support for 


whom had been at least partly 
influenced by his regime’s 
importance as a customer for 
^tish exports. 

But perhaps the most objec- 
tionable feature (tf the neo-mer- 
cantilist fallacy is the idea that 
successful exportli^ requires 
avoiding any action which 
might offend foreign govern- 
ments. In its most extreme 
form, this comes dangerously 
close to impisdng that coun- 
tries irtuch respert freedom of 
e^qnression and the rule of law 
should bend their principles to 
please those which do not 

hi Britain, those who believe 
themselves victims of libel 
may seek redress in the courts. 
Dr Mahathir has not e^ained 
why he fa^ not yet done so. 
Periiaps he does not believe he 
would receive a fair hearing. 
More likely, he refuses to treat 
with a syst^ so closely identi- 
fied with tbe "western values" 
wbdch he has condemned as 
selfish and decadent. In this 
vl^, many indMdual liberties 
guaranteed by western-style 
democracy are irrelevant - if 
not, indeed, tmmiffai - to eco- 
nomic progress. 

The argument is false. Hong 
Kor^, though not historically a 
parliamentary democracy, is 
blessed with a judiciary of 
unimpeachable integrity, an 
apolitical civil service and a 
press. Its population also 
ecuoys Asia’s Idghest standard 
of living after Japan 

week, Mr Richard Li, a 
prominent Hong Kong Chinese 
businessman, told a London 
conference: "The cornerstone 
of Hong Kong's commercial 
success, and Its ability to cre- 
ate wealth-creating capital, has 
certainly b^n the existence of 
an indepmident and impartial 
legal system. 

"Coupled with a sound 
administration, it has provided 
entrepreneurs and investors, 
whatever &eir origia with a 
level playing field. It is for that 
reason one of the most signifi- 
cant contributions to Asia’s 
development, and is very much 
to Britain’s credit" 

Dr Mahathir - and those in 
Britain w^ appear so anxious 
to appease him in the nam e of 
economic self-interest - should 
take note. 

Guvde 

Jonquieres 


P resldeiU BUI Clinton’s 
revival of Uu ‘Super 
30r trade provision 
last week looks like a 
blunt threat designed to pave 
the way for sanctions against 
Japan unless Tokyo (H)ens its 
markets. 

Yet the underlying plot is 
more subtle. For at the same 
time as ti^tening the screws, 
Washington wants to give both 
sides more breathing space fol- 
lowing last month’s feflure by 
prime minister Morihiro Host^ 
kawa and Mr Clinton to reach 
an accord on reducing Japan's 
record trade surplus, more 
than SSObn with US alone 
last year, and liberalisng Its 
marimts. 

To many trade partners of 
the US and Japan, Washing- 
ton’s decision to up the ante is 
unwelcome, ft rei^orcea what 
many see as a tenancy for the 
world’s two largest economies 
to negotiate on trade In an 
exclusive bilateral manner. 
The risk of bilateralism has 
already provoked warnings 
from the European Union to 
Japan and forms tbe core of 
Toloro's objections to the 
decision to reinstate 'Super 
301' - the US trade law wfafoh 
permits the Washington to 
identify by name *\uifeir trad- 
ers" and makes possible the 
imposition of US sanctions. 

Neither Washington nor 
Tokyo is, however, behaving as 
if it wants a trade war. The US 
has indicated that it win apply 
'Super 30r even less aggres- 
sively than by previously mild 
standards, ‘Super 301’ has 
never Led to sanctions since its 
introduction by the Reagan 
admimstration in 1988 and is 


even less likely to do so on this 
occasion. 

The US administration kaa 
given itself six months, until 
S^tember 30, to name "prior- 
ity foreign country practices" 

- but not necessaiUy countries 

- which obstruct US exports. 
The aim is to "spare embar 
rassment" to suspected offend- 
ers. a senior US official says. 
Washington will only then con- 
sider sanctions after 12-18 
months of inquiry and oinsul- 
tation, and an appeal to ti» 
World Trade Organisation, the 
successor body to the General 
Agreement on Tarlffo and 
Trade, if Washington bdieves 
multUateral rul^ are being 
infringed. *^6 president did 
not really let Japan off the 
hook," says Mr Harry Free- 
man, a US trade lobbyist "He 
let the line out" 

The concessions the US is 
fishing for in Japan incluite a 
permanent income tax cut in 
place of the one-year reduction 
recently decreed by Tokyo, 
measures to boost consumer 


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William Dawkins and Nancy Dunne on the 
growing trade row between the US and Japan 

On the verge of 
trading insults 



MoriHro Hosoka^ 

spending, and more radical 
deregulation than the moder- 
ate steps proposed by tbe Hoso- 
kawa government. 

The Japanese government 
and business community are. 
meanv^e, in a mood to give 
significant ground to Washing- 
ton. Although Japan’s bureau- 
crats and politicians know that 
trade sanctions are unlikely, 
tlmy sense that the current 
trade dispute with the US is 
unlike previous ones. 

The fear in Japan is that the 
outcome wifi go beyond eco- 
nomic relations and damage 
ITokyo's strategic relationship 
with Washington. Mr Hosaka- 
wa’s government is unsure 
exactly how. or even if, Wash- 
ington's attitude to Tokyo has 
changed as a result of the end 
of the cold war; this dilemma 
is one of the central unan- 
swered questions facing 
Japan's foreign ministry. Offi- 
cii believe now that Japan 
less strategic value to 
Washington as a buttress 
against communism in Asia, 
trade rows with the US might 
not be as easily containable as 
is tbe past 

The foreign ministry In 


Super 3Q1s 

the original trade elne . 

•Japan; gowernmant procurement of 
foreign sataliites and supeicompulen: 
and Imports ef wood product s . Deate 
concluded on iSi ihrse, and US 
experts of ttiese prodiicta hare 
inereiwii 

• Brazik Import bss and other 
import-Gcaniting resaiclions. Pact 
a^eed and Brazil has since liberalised. 

•fotSK trade-related invaatmant 
measures end inaurance market 
barriers. India refused to talk about 
changes. No sanctions ware knpoaed. 
but ihe issues were re te rred to the 
Uruguay Round talks. 

•South Korea: avoided a Isting alter 
agreeing to Uberatisa meeaures for 
forel^ kw est ment, and Rfong knport 
bens and other measures to protect 
beat production. 

•Tahwan: avoided a listing efter 
ageeino to open Its markets, Isrgefy 
ttvough raductfons an tariffo on 
manutaet u rad goods. 












'Tokyo, chief advocate of cau- 
tion against saying ‘no’ too 
loudly to Washington, fears 
that the trade dispute might 
harm long-term political and 
security ties with the US. At 
the very least, officials fear 
that the traditional comfort- 
able link between trade and 
politii^ co-operation in USJa- 
pan rebtions has been broken. 

M eanwhile. as 
Japan’s exportrde- 
pendent manufac- 
turers have dis- 
covered to their heavy cost the 
US does not need to resort to 
trade sanctions if it wanta to 
apply economic pressure on 
Tokyo. Washington has only to 
talk up the yon. the strength of 
which is one of the biggest con- 
straints on Japan's hopes of 
recovering from its worst 
recession since the second 
world war. 

The Japanese government is. 
therefore, likely to accede to 
US demands. But two big fac- 
tors are likely to limit the 
extent of Tokyo’s concessions. 

First, the seven-party ruling 
coalition is weak and divided 
and its capacity to deliver on 


anything has been sharply 
reduced, Tlie second fector te 
the strengte of feeling in 
Tokyo against binding import 
quotas, l^ese numerical tar- 
gets on imports are what the 
US appears to be seeking as a 
first step towards reducing 
Japan's bilateral trade surplus, 
as embodied in last summer’s 
economic framework agree- 
ment between the two coun- 
tries. 

The Japanese government is 
under strong domestic and 
international support to face 
down the US on numerical tar- 
gets, the one area where it can 
demonstrate more assertive- 
ness than previous Liberal 
Democratic party administra- 
tions. TTiis pressure was one 
reason why Mr Hosakawa was 
more direct with Mr Clinton at 
their summit last month th-m 
any LDF prime minister had 
ever been towards a US presi- 
dent Yet even on the sensitive 
subject of numerical targete, 
officials in Tokyo and Wash- 
ington have started to sketch 
out a compromise. 

Evidence of the Japanese 
government’s eagerness to 
assuage the US came at the 


weekend. Mr Hosokawa called 
an emergi-iwy cabiju*t mooting 
for Wednesday to discuss nwr- 
kct opcnliiB measiyes; the 
prime niiuistor mlends to pres- 
ent proposals to Mr Wnrrcu 
Christopher, US secretary of 
state when tlie two men meet 
for folks on Th«rsd.iy. 

The private st*ctof is also 
responding. At least two car 
producers. Toyota and Ma:^ 
are preparing "volunfory too 
gets" for the purclwse rf US 
components this year. IDO. thc 
Japanese telecommunic.itions 

group, is close to Jigrcement on 
improved market siocoss for 
Motorola, the US telecoms 
group which in recent months 
has been at the heart of a row 
over access for US mobile tele- 
ptoes in Japan. 

Yet the government s ability 
to tac kle tbe fundamiuital eco- 
nomic problems underlying 
Japan's persistent trade sur- 
pluses is limited by the coali- 
tion’s current disarray. 

Mr Hosokawa's ability to 
make economic policy deci- 
sions is looking shakier than 
ever after he was forced lari 
we^ to scrap plans for a cabi- 
net reshuTDe to strengthen lus 
economic team. 

One side effect of the abor- 
tive reshuffle has been to 
weaken the position of Mr 
Ichiro Ozawa, an important 
influence on economic policy. 
Mr Ozawa is a raluable behind- 
the-scenes o^otiotor with the 
US. having recently suffiesM 
the adoption of non-binding 
"effort forgets" for a cut in tiie 
tra^ surplus, on obvious step 
towards compromise. 

However, the prime minister 
has risk^ alienating Mr 
Ozavra by turning down his 
demand for the removal of Mr 
Masayoshi TOkemura. the chief 
cablitet secretary, who upset a 
package of Ozawa-insplr^ tax 
reforms in ,fonuary. Any signs 
over tho next few weeks that 
Mr Ozawa is losLi^ patience 
with the prinm minister could 
bode ill for economic policy. 

The muddle in government 
and the absence of a stn^ 
opposition will no doubt rein- 
force US su^cions that for- 
eign pressure is the only way 
to get results. Mr Fred Bergs- 
ten. director of the Institute for 
International Economics and a 
renowned US trade hawk, says: 
"The unfortunate reality is, the 
Japanese tell ua, in every sin- 
gle gngg we have to thi^ten 
sanctions because that’s the 
only way they move." 

What makes the current row 
unlike previous tiffs, is that It 
is still unclear how much 
ground Japan’s government 
can give and what will be the 
wider noo-economic conse- 
quences of its failure to do sa 



LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SEl 9HL 

Fax 071 873 5938. Leners transmitted should be cleariy typed and not hand written. Please set fax for finest tesolution 


KUWAITAIRWAYS 

A spirit you can feel. 


French in no 
position to 
criticise US 

jyom Mr RichPTd B4^Jormaek. 

Sir, Loud French protests 
over president Clinton's suc- 
cessful efforts to encoor^ 
Saudi purchases of US civilian 
aircraft struck me as being a 
tad on tbe hypocritical side 
(Trench attack CHinton on air- 
craft sales”. March Z). 

For more than a decade as a 
senior ecoaomlcs official of tbe 
US State Department, I 
observed president MUterrand 
and a galaxy of other Europe 
leaders on sales missions to 
the Middle East and elsewhere. 

I noted efforts to link state- 
to-state political favours (or 
sometimes threats) to natio^ 
commercial interests, includ- 
ing aircraft sales, oil conces- 
sions, arms deals, and con- 
struction projects. 

The US government occa- 
sionally protested against (his 
behaviour at an oE&lal leveL 
For years we quietly warned 
that we could airo play this 
game, and powerfully so, if oth- 
ers continued to practice. 

President Clinton has Just 
demonstrated the truth of that 
Observation. 

Commercial daais and inter- 
national politics ought to be 
separa^ Perhaps this is an 
unattainable IdeaL But in any 
case, under prevaiilng realities 
and current widespread prac- 
tices. the French have no 
grounds for complaining about 
president Clinton's efforts on 
aircraft sales other than the 
fact that, on this occasion, be 
soccessfully trumped piesideot 
Mitterrand's ace. 

Richard McCormack, 
urtder semiaiy of slate for eco- 
nomic affairs 1989-91, 

SiS Waiergate South. 

700 New Hampshire Avenue, 
flW. 

WasMngton DC 20037. 


Europe needs more 
small enterprises 


F^om Mr Allan WUlett 

Sir, Martin WoITs excellent 
commentary on your EU Busi- 
ness Survey oi European Com- 
petitiveness ("A relapse into 
Eurosclerosis", February 30 
came down firmly for three 
core recommendations. These 
were to increase competition 
and deregulation, and diminish 
tbe burden of tbe public sector. 
In other words continue aiM 
intensi^ tbe political and eco- 
nomic philosophies of tbe 
1980s. May I add a fourth as a 
basis for a policy more suited 
to needs of the 1990s. 

Id general, attention on tbe 
performance of manufecturing 
industry fails to differentiate 
strongly enough between dif- 
ferent types of company. Evi- 
dence accumulates chdly show- 
ing that while many large 
companies and sectors domi- 
Dated by laige companies are 
shrinking, employment and 
growth are coming from the 
dynamic entrepreneurial SME 
sector. My own company, pri- 
vately owned, turns over ESOm 
a year 90 per cent of its British 
made high-technology coding 
systems are exported. The EU 


needs more examples of siini- 
lar enterprises. 

To encourage that to happen, 
strong industrial structural 
adjustments are needed across 
the EU. These should fovour 
innovation and enterprise in 
the dynamic entrepreneurial 
sector. The need Includes 
encouragement of innovative 
approaches from key service 
suppliers such as banks; 
Improved linkages with aca- 
demic R & D; changes in the 
laws relating to personal guar- 
antees and banloimtoy; guide- 
lines of acceptable practire by 
tbe venture capital industry; 
and measures to promote part- 
nership-supplier relation^ps 
with h^r companies. But the 
key must be greater under- 
stmiding and support for the 
dynamic entrepreneurial sector 
trom all levels of economic 
management, the European 
Commission to national gov- 
ernments and their industrial 
policy agencies. 

Allan mzieri. 

WUlett International, 

Oottin Rc^ 

Corby, 

Nortbants, NN18 8AQ. 


Out to grass, but still grazing 


From Mr Ian Potoe. 

Sir. The debate about who 
regulates the regulators will be 
enlivened by reports that tbe 
recently retired director-gen- 
eral of Gas Supply is to advise 
a gas supply company in com- 
petition with British Gas. 

This development, presum- 
ably approved by DTT officials, 
conflicts with tbe UK energy 
minister’s commitment to 
"imwind the tUt” against Brit- 
ish Gas. Former regulators 
will, of course, comply with 


restrictions on disclosure of 
information, such as those 
embodied in Section 42 the 
Gas Act 1986. But there is nev- 
ertheless a feeling among con- 
sumer groups that, once put 
out to grass, re^ilators should 
not graze in fiel^ where public 
service bas made them privy to 
mformation denied to others, 
fen Powe, 

Gas Con^tmers Council, 

Abjbrd House, 

IS WStan Ihjod, 

London SWIV ILT 


Japanese 
out in front 

From Mr Stephen Rowlinson. 

Sir, Your coverage of UK car 
production statistics for 1993 
highlighted Rover overtaking 
Ford as the UK's bi^st 
vehicle manufacturer and 
noted the Industry maria the 
hi^iest number of units since 
1974 C'Car output at highest 
level for nearly 20 years", 
March 2). 

The figures, however, told 
another and more dramatic 
story about the rapid struc- 
tural ghang p fallring place in 
the industry. Rover's credit- 
able but modest increase of 
30J)00 units (+7%) was in feet 
more than offset by the 80,000- 
unit drop in output fiom the 
total of Ford, GM and Peugeot 
and therefore overall produc- 
tion from established players 
in the UK was down 50,000 
units. Far from mafa-hing per^ 
formance of 20 years ago the 
companies, which then maria 
up the UR industry, are now 
operatix^ at little better than 
two-thirds the I970s‘ levels. 

The one reason for the rever- 
sal (tf the loi^-term decline ^ 
the British motor industry has 
been the supeih performance 
of Japanese transplants - Nis- 
san, Toyota and Honda - 
which ti^tber raised unit pro- 
duction last year by 138,000 
units - 00 tes than a per 
cent Increase. three groups 
accounted for nearly a quarter 
of all cars produced in the UK 
ai^ sailed past GM and Ford 
with combined output of 
316,000 units compared with 
GM’s 274,000 and Ford’s 
301,000. Thank heavens for the 
policies that made the UK tbe 
attractive European loca- 
tion for inward investment 
Stephen Rowlinson, 

hfertan Associates, 

70 Grafton Way, 

London WIP SLE 


Multilingual pictures centre could give Europe edge on Hollywood 


From Cauti Bistmannsaon. 

Sir. Tbe answer to your 
article "Quest for a strategy to 
match Hollywood" (Can 
Europe Compete? March 1), is 
yes: Europe can compete by 
concentrating on communica- 
tion Inst^ of cultural Isola- 
tion. 

This can be done by address- 
ing the problem of langu^. 
Ei^pean film producers and 
culture ministers have to think 
multilingually if they want to 


compete with Hollywood. This 
is what US film producers did 
in the 1930s when they had 
their movies dubbed in the rel- 
evant languages before selling 
them in Europe. 

Beacuse the home market is 
so small, such an investment is 
impoMihle for low-budget pro- 
ducers in Europe who have 
many more languages to con- 
sider. One solution is a cul- 
tural communlcatiODS cen^ 
to act as mediator for partid- 


pating countries and to 
producers to have material 
translated, subtitled or dubbed. 
Distributors are undoubtedly 
more willing to take on films 
ready for distribution. 

Working with professionals 
on a freelance t»si$, the centre 
would not require an army of 
people; it could make services 
cheaper and European films 
more accessible worldwide. 
There are markets In south- 
east Asia, where works of art 


are frequently savaged with 
one Or two voices speaking 
iwr for the whole cast while 
the original can be heard in 
the background. Better service 
now would not diminish the 
ftiture market for European 
producers. Europe could then 
create a Hollywood, albeit 
wl^out the stare, but possibW 
with success. Hvwroiy 

Gauti Kristinannasoa. 

An der Hochsehule 
TFT^Germersheim, Germony 





to 




jlNiWCIAL times MONDAY MARCH 7 1994 


FINANCIAL TIMES 

Number One Southwark Bridge, London SEl 9HL 
j Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Monday March 7 1994 

Welcome deal 
in Germany 


C ut-price fares; a "Uds 
go free” scheme; dis- 
counts on puzdiases at 
ruiport duiy-free ^ujgs. 
TbB 27 mite fimn Lmt- 
don to Gatnick airport hare become 
the most hotly-cooitested stretch of 
Brilash Rail track. 

The three enmp^iries stesks it 
out on the Gatwick line are irovid- 
ing a first ^impse of what rail pri- 
vatisatioa mi ght mean for Brifrdn 
after 45 years of a nationalised zte- 
work 

Critics of prirafisatiott say that 
competitlQn on the Gatwick route 
consists of marlcetiog gimmiclEs 
that have simidy opufused travel- 
lers unaccustoin^ to ccrmpetitioa 
on the railway. But Ihe outcome of 
the battle fta* the airport passenger 
win provide important ma^rs for 
the fhture of SB’s entire 10.270-mne 
network. 

Gatwick Esixess is the first of 
BR’s “shadow franchises’’ > parts of 
tbs railway networic whidi wiB be 

run by their wrieHtig wianagpinan* 

as imteicavlent opetaticms to estate 
lish how a t tr ac tiv e misht be 
fhrialvate bidders. 

The expellee of its first few 
weeks provides an indication of 
how diffiwiHr ft will be to run a 
railway at a jaefit Gatwi^ Express 
just about broke even in spfte cf 

Oa|i yllig hi gher thaTi ti fim. 

bers of passengers because of a 
surge in the volume of traveDers 
pi ggiti g through Gatwick. 

Gatwick Is an expertment on a 
very modest scale bat it illostrates 
the size and satute the problems 
stin to be addressed when i^vate- 
sector managers, »n<»in<ting manage- 
ment buy-out teams from BR, get 
down to TTiairing the Ihemy of priva- 
tisation work in practice. 

For all the controversy that 
acomnpanied the passage of the rail- 
ways Inn thriMl^ patriiamant last 
year. Uie proposed framework stffl 
falls far short of the ccaiventional 
pattern tit laivafisatjon <£ the past 
decade. BR’s losses > £l64m in 
1992-93 in spite of a government 
subsidy of more than £600m - 
forced the go v er n ment to adopt a 
comtffomise: franchising out the 
running of the trains to private 
operators while afteing thmn subsi- 
des where necessary. 

The sale of franchises is due to 
start this year with Gatwick 
Eqvess and aoc^erate fiux)ugb 1995 
as more lines are prepared fm (g)e^ 
ation as independent companies. 
However, some BR managers 
bdieve BR win be unable to ke^ to 

this amhitimw timataKlq , 

A separate company, Railtrack, 
has bi^ set up to take over fiie 
ownership of BR's infrastructure 
from April 1. Rafltrack last month 
annouDoed its charges for train-op- 
erating compante wish to use 
BR track. The charges are shaipty 
higher than those made to BR’s 
rc^ons under its internal aooount- 
iztg system. 

Railtrack says private-sector train 
equators win be compensated for 
the higher track cdiante with an 
incxeased subsidy. But some poteor 
tial l^ers for BR tranduses com- 
idain the anerous track ckaiges will 
push even profitable parts of BR 
into loss and demotivate managms. 
Piivat&«ectof (^)eTat(Ha wcnxld also 
be vulnerable if state subsides are 
reduced in the future. 

Rafltradc itself is due to be prlvai- 
tised within the next few years 
under the leadership of its chair' 
man. Mr Bob Horton, a former chief 
exBcmtive of Biltish Petroleum. Two 
other key personalities have also 
started to piece together the rail 
privatisation jigsaw. Hr Roger 
Saitnnn. a fonoa moebsoA banker, 
has be^ m9>ointed by the govent 
ment as franchising director to 
n^tiate contracts with private 
bidders for BR’s operations. Mr 
John Swift, a lawyer, hss come in 
as rail r^ulator, chafed with 
ensuring that safety standards are 
met and that a fair balance is 
struck between the conflicting 
u rt e re sts of all participants ta tiie 
post-privatisation mra. 

But other important parts of the 
jigsaw have yrt to be asemhled. 
inrhMflng the three r^kmally-based 
fiwatirfwg companies that are to 
own tese roilnig to the 
train operators. 

The crucfel question of how many 


The iast-minnte agreement to 
av^ a Gesman en gnwpr tn g strike 
^ows that both employers and 
trade unions are mak^ a serious 
eSbrt to restore competitiveness 
in Europe’s largest ecQucmiy. 

A sti^ tins wedc in the north- 
an state of Lowar Saxony to sup- 
port a claim for a eountry-wide 
pay rise of up to 6 pa* cent would 
have severely dafnagati Germany's 
efforts to clLub out of recession. 
With unemployment now above 
4B1, and inflatinn probab^ faniwg 
below 3 pa cent later tills year, a 
labour stoppage would have 
started a battle the IG Met^ 
umon could not have won. 

Ihe weekend deal contains posi- 
tive etements for both tides. As 
compeisatimi for a wage rise of 
only 1.2 per cent for the whole 
year, the union has won empk)^ 
aygnuval for specific job guaran- 
tees at companies that reduce pay 
and watiemg hours because of feU- 
ingoniem. 

After a camnlative rise in Ger- 
man unit labour o^ts of 15 per 
cent in tiie pest fov years, the 
wage aeoGSti gives employers the 
opportunity to make bmfly needed 
cuts in unit costs as they improve 
produclzvity. 

It eoald be az^ued that the 
agreed increases in labotn maiket 
na*UiiTity tiiould have been more 
ladicaL Some details of the pack- 
age of vagfi and job cutting 
options look unhelpAiL Addition' 

ally , the OOautry-Wii^ en ghitutriTig 

pay bai^dning structure, one ot 
the main sources of wage rigidity 
in recent years, has survived 
intact 

A strite could have weakened 


ilm system by encouraging more 
pbuitB to agree wage deals on a 
company-by-company basis. How- 
eva, an accord whltih imamht gu- 
ously favours competitiveness 
while jueservizig Gennany*s con- 
sensu&based social partitmsbip is 
still wtiemne. The outcome will 
strengthen the government's 
chances of pushing through neces- 
saiy pay restraint in fortbcomxng 
public sector pay talks. 

In a country stQl strolling to 
come to terms with many eco- 
nmnic challenges, one pay deal 
cannot transform the i^nstiial 
ontiook. Germany must pm fa* a i 
more determined tifort to ta/kie 
the non-wage costs which have 
had a still greater impact than I 
hi^ wages fo lowering industrial 
perfonnmice. Reflecting tire conse- 
qaenoes of recession leusifir 
cation, social security payments in 
Germ^, according to OECD fig- 
ures, are lik^ to mhte up 22 per 
cent cf GOP tiiis year, up from 
15.2 per cent in 1990 - a mach 
latga increase thaw in any other 
bag industrialised country. 

Finding m et hods of satisfying 
welfare dgmaiwrc wfthout herming 
job-killing Wwan/Hai burdens on 
enterprises vriQ be a princhMd tatic 
for the govezzmient that emerges 
from the October tiections. Ger- 
many needs to Tpafatafa its tradi- 
tional consensus between labour 

and Bayntal, iH g more 

responsive to economic realities 
than in recent years. The metal- 
workers' deal demonstrates tlmt 
both sides of industry can adopt 
constructive policies. If tirey can 
build on tiiis gpproadi. confidence 
in German recovery aUl grow. 


Part-timers 


: Two importaDt court judgemmits 
! last we^ based on Emtmean law, 
are set to enbance the tights oi 
stHoe British mnplpyees. The first 
almost certainly means that con- 
sultatkm procedures vrith empk^- 
ees will have to be established in 
the many organisations where 
they do not already exist to cover 
cerfedu cases of business trazisfer 
and rbduhdahdes. The 

second mpa nK that part-time work- 
ers will have to work for an 
employer for only two years 
rather than five to be covered by 
unfair disini.ssal and redundancy 
pay provisions. 

Ihis im^iiiiies the point that 
Britain's abiUty to opt out from 
European Union social l^islation 
was always likely to be con- 
strained in practice. But it does 
not mean that the British pro- 
gramme of labour mariEet de-r^- 
ulaticm has beem stof^Kd in its 
tracks. Indeed, contrary to the 
j claims made by dquessed Conse^ 
vative Eun>6ceitics and over-<q)ti‘ 
mistic uxdon leaders, the of 
the judgement are likely to be 
rather limited. The consultation 
judgement wifi not ^iply to small 
companies and will require, at 
. most, an election procedure to 
' establish consultation arrange- 
ments, w hirfi can te dissolv^ as 
somr as a transfer or redundancies 
have occurred. It will not mean 
the establfebment of works coun- 
cils up down the fapd. 

In the case of part-timers the 
five-year qualification threshold 
for employment protection, 
accepted by all Tmy and Labour 
governments since 1971, has 


always seenred an unfairly long 
time to decide whether someone’s 
fece does not fit. Uoreover, the 
potential redundancy payments 
wiU never amf^ mt. to more than a 
fern hundred pounds. M any case, 
only about 500,000 out of Britam's 
5.8m part-timers are likely to gam | 
from the two changes. 

Althoagh tia government will 
'Ehp mngifflaHfitn judgement 
if it is canflimed by the European 
Court of Justice, it seems to be 
taking a rdatively san guinp view 
of these developinents. This may 
be because it does not want to stir 
up its own Euro«cqitics prior to 
the European elec^ns. But It 
may be also that it recr^mtes that 
the dranges involved are too small 
to have any impact on demand for 
labour. Part-time work e^anded 
just as fest in tire more regulated 
a nd iminif V-Tn fiT^fyd labOUT mar . 
Imt of tire 19705 as it did in the less 
regulated 1980s. suisesting that 
there are bis^ economic and I 
social fectors at play- I 

ft is also true tirnt evmr afiesT tlm 
recent judgement takes effect | 
there will be a big cost and regula- | 
tory bias toward part-time , 
employment, especially if an incti- 1 
vidual is earning under the £56 a I 
week tiireshold to National bisur- ; 
ance payments. Given the diffi- 1 
culty European economies have 
displayed in creatii^ full-time | 
jefos, egeciaBy to lower skilled I 
workers, governments would be 
wise to seik flnther incentives of i 
this type to stimulate tbis leit of ' 
the labour market, rather than i 
seeking to deny basic emidoymmit I 
rights to part timers. 


Clinton’s 301 


Governments must choose 
between bilateral and multilateral 
anmndies to trade poBcy. As Hr 
Peter Sutherland, the direetor-gen- 
eral of tile General Agreememt on 
Tariffe and Trade, observed in 
New York last we^ that choice 
was not, in feet, made with the 
completioa at the Uruguay Round 
last December. On the contrary, 
the US believes that both can run 
in pa^el. TTiat is the signifi- 
cance of the revival by prerident 
Clinton of the ’Super SOI’ trade 
provisiozL But he is mistaken. 

’Siqrer 301’ is not particulariy 
significant in itselt Certainly, it 
does not have to be used in ways 
contrary to the Gatt Revival of 
‘Siqier 301' may even reduce con- 
gressional pressure for immediate 
action, giving both the US and 
Japan a breathing space during 
which to resolve their current con- 
flicL After the failure of last 
month’s sumsut between presi- 
dent Clinton and Mr Morihiro 
Hosokawa, such a breathing q»ce 
is highly desirable. 

It wfll also not be enough on its 
own, suice Japan may use its time 
to detennine on dangerous conces- 
sions, If, to example, Japan were 
to deride upon increased ^em- 
inent management of the econ- 
omy, it woidd damage itself. But It 
would also remforce the general 
appeal of the concept of *lnanaged 
tinde”, is vAiat Ur Suther- 
land li^tly labeDed a “misguided 
and dangmous approach from all 
points of view”. 

What is needed is not just a 
de^ breatii, but deep tirou^, on 
both sides. Why, tor example. 


should the Bank of Japan stand 
idly by while tiie yen soars? ft 
■shpidd be sdling the yen, instead, 
which would restrain the external 
vaiae of the currmmy and, more 
important, eqia^ the mottey sup- 
ply. 

Ueanwhfle, the US needs to put 
toa^ a far better economic jus- 
HfioaHnn fof fts complaints about 
Japan’s bflateral and overall trade 
surpluses than it hag managed 
hitherto, ft also needs to ask itself 
w^ its bOateral approach has 
been so roundly condemned. The 
coDcmn is tiiat a Und of tyndi law 
will undermine the credfiillfty at 
the hrtomaHnnal rule Of law. 

At present the U$ is determined 
to act as prosecutor, jury, judge 
and e x ecuti ope r. What is n ee d ed, 
instead, is an objective assessmmit 
of Japan's allei^ feOures, along 
with neutral arbitration of the dis- 
putes. Even where US complaints 
do not feB under the current Qatt, 
the latter could still be asked to 
provto boto an objective assess- 
ment and aibitratioiL Such an ' 
aimroach would be far better than 
accepting the wish of the Euro- 1 
pean Union to turn the debate , 
from a bflateral into merely a tri- 1 
l a teral «yni» { 

Tbe US must be hefeed off the 
hook on which it has impaled 
its^ If the bflateral ^ipro^ is 
ivwtiTiiMH both its intesnational 
TSlatiims and the multflateral syS' 
tern itself will be gravely dam- 
aged. TTie alternative is lo 
use the good offices of the central 
institution of the system, instead. 
That is the choice Ur Clintoii 
sboidd now make. 


Lovely Rio de 
Toiyio 

■ With impeccable timing -Jnst 
as tbe country’ s latest 
stalaitetion plan seems re^ to 
expire - a flood of British bigwigs 
are zaigdng into Braril to rize up 
inv est m ent pro sp ec ts . 

Afiriiael Portino, tbe Treasury 
ohirf secretary, bag come traili^ 
banking and industry wolbies. 
When PutiDo goes, air chief 
maTuhal gfr Mirhael firay dnn 
arrives for talks with his opposite 
numbnr. 

Bgmng gp Thatcher is aiart on her 
way, fimded by private BiazQian 

hnciTifuatnifln Rha wiD q nii^fty ha 

stqierseded by foreign secretary 
D(m0as Ihird, arriving at the 
begtoning of AprfL Tr^ are also 
scheduled for Ridiard Needham 

- trade minister - aid ^ricultare 

secretary rHUiaw Shephard. 

What's brought all this on? Sure, 
Brftisfa e aq wrt s to Brazil increased 
52 per cent last year; bat that’s 
stin smaB beer, at £68Qm. And 
Bt^ has an the hydrodectric 
Samg it can thank yOU. 


Spell-cheque 

■ merp s oft ffhait-man and 

cofoundmr Bill Gates is careful to 
whom he gives his home telepbime 
number, but John Srabrook, 
intoviewing Gates in tbe latest 
Esquire magazine, tells us the 


Charles Batchelor assesses the remaining 
problems facing British Rail as it 
prepares for privatisation 

Obstacles on 
the mainline 



private-sector groups are likely to 
bid for a frandiise is still unan- 
swered. Between 40 and 50 conqift- 
nte have expressed an interest but 
it is not clear how many will 
emerge as serious bidders. 

Bus companies such as Stage- 
coach and Badgerline are among 
tire interested i^rtlefc so too is Sea 
Containers, tbe tran^iort and ferry 
^mip. Seirior BE managers are con- 
sideiing staging management buy- 
outs. antfin g thpm Bfr Chiis Green, 
managing dfrector of InterCi^. Mr 
Gre^ takes dmrge of Scotrail is. 
April and is already working on 
plans for a management buy-out 
the Scottish rail network. 

Transport qiecialists egress coor 
cem that most of the possible pri- 
vate-sector bidders that have so fer 
emerged the finaTiriai or tuan- 
agement resources to develop a rail- 
road. Tbe bus companies and man- 
agement buy-out teams at least 
have e^ierience of running tirans- 
poit systems but are unlikely to be 
in a pomtion to make substantial 
investments. 

“If rail staff come akmg with £100 
of caidtal each in a buy-out we will 
have a deteriorating system,'' says 
Mr James Showood, chte exeeu^ 
tive of Sea Containecs. compa- 
nies must come tn anfl invest bfl- 
liozrs of pounds to improve the 
syst^” he says. 

An additional fear <m the part <ff 
bus operah^ is that UK monopo- 
lies F^ulations could prevent th^ 
from running train and bus serrices 
in the area. “Why abmiM bus 
companies go tbiougli tire hoops of 
trying to buy a rail franchise when 
tiiey more easily av piwtri Hiah* 
bus operations through aequisi- 
ti<m,“ says one industry observer. 

Sir Bob Reid, BR chairman, is 
gangnitia T would be Surprised if 
there was any great inferest pn bid- 
ding] at stege because no one 


knows enoi^ about the fran- 
chises,” he says. Increased intoest 
win only come when more of the 
framework in which the privatesec- 
tor railway enrnpanieB cvoate 
has bemi put into place, he says. 

TTie cerftral aspects cf tire priva- 
tised railway r^ime that- stfll con- 
cern potential private-sector fran- 
chisees toriude: 

• lire owirersto> (f BR's track arid 
signalBug. In spite of the creation of 
R^track and the government’s 
decision to separate tbe ownership 
of the railway's infrastructure from 
the operation of the trains, some 
potential private-sector fiandiisees 
are lobbying for a relaxation of the 
rules to allow thpip to ovm infra- 
struchire as as run trains. 


S upporters of the present 
framework point to atr- 
Unes. which do not own 
aupcats, as an example of 
an industry where infra- 
stroctore and service are success- 
fuBy qpifit But private-sector bid- 
ders say that with track costs 
aocountftig for more than half of 
tiiear overheads, railway operators 
must be allowed to own the track 
on vriileh they propose to run tiiw 
services. 

Tire government is, however, will- 
ing to aBow vertical int^ration in 
certain exceptional cases su^ as 
the ble of Vfigbt tailway; there is 
also private-sector pressure on tbe 
governmeirt for the Scottish net- 
work to be treated in the same way. 

Acceding to such pressure would 
strike at the core of the goveni- 
menf s post-privatisation rail struc- 
ture. The government’s room for 
manoeuvre is, therefore, limited. 
But Mr Salmon says he is willing to 
consider “non-compliant bids” 
which diverge from the ground 
rules laid doim by the government, 
provided they are sitimiitied early. 


Observer 


There Is a wide bi^ of opinion in 
both BR and the ^vate sector timt 
believes splitting track and train 
operations wfll prove unworkable. 
“There wiB be (feaos for two to 
three years and thmi a sensible sys- 
tem will emerge but only afi^ sub- 
stantial reform by government,” 
says ome transport arralysL 

• The to widi^ ptivato-fieo 
tor competitors will have “open 
access” to run trains on frandifeed 
routes. The govetnmeot wants open 
competiticui but the experience of 
bus privatisation, where fierce 
rivalry erupted on popular city ceI^ 
tre routes doggiiig traffic and lead- 
ing to a poorer service, has frl^t- 
ened off some potential 
private-secto rail fiundiisees. 

The likdihood is that ^ven “open 
access”, private-sector competitors 
wonld only offa Bmited services on 
lucrative lines. They would cream 
off the profitable routes and the 
whole edifice would crumble,” says 
Mr Brian Cox, marraging director of 
the rail divis&cm (ff Stagecoach Hold- 
ings. a bus Qpoator. 

• The duration of franchises. The 
goveroment believes the shorter the 
franchise pmiod the better. This is 
because it would ensure privat8*sec- 
tor operators met miniinmn levels 
cf service within the briefest time- 
span. A durt franchise would also 
allow the government to bring in a 
new francUaee if tbe orighml (itera- 
tor did not perform satisfectorily. 
Ihe iiiilial govenunent proposal for 
tbe duration (d tire franchise was 
between five a™* seven years; but 
Mr John litoGre^. ttarrsport sec- 
retary, has grudgiiigly moved to the 

of 15-year fnmehises, largely in 
response to privatasector lobbying. 
But, feced with buying rolling stock 
with a life cf about 30 years, possi- 
ble private-sector bidders are still 
presrtng for kmger terms. 

• The flexibility of the system. 


Tienii^li.]nniHng ninlti-billionaire 
is more timn fa^y to communicate 
viae-mafl. 

Seahrook struck up a matey 
elecfarocdc rdationddp with “SBg”, 
qutely learning to copy the 
maestro by dispensing with 
fommlities such as Dear and Tours. 

Gate apparently spends two 
boors a day readixig and writing 
e-mafl. V71^ Gates gives little 
away - Tiavi]:^ lots of money is 
a corrupting ttdng” gives a flavour 
- former girl friends lecaB his 
apparent indifference to personal 
hygiene and bis gpp cte cte being 
so grimy as to be ineffective. Gates 
says Im invariably runs a comb 
thrm^b his hair before dispatcbiiig 
e-mafl - “hoping to mipear 
attractive”. Mort odd. 


Fair winds 

■ BoGaraDsonisabn^nessman 
hoping to prove that running a 
ya^t isn’t necessaifly an expensive 
hobby. 

His infriTin Justitfe debt 
coUection group is spoDocaing a 
yaefet in the Whitbread 
rouDd-the-world race, triiidi started 
last September. The cmnpany 
thinks sponsorship pays; it re(kaas 
its £3m spoDSOShip Ites recxKQied 
about £13m of free media coverage. 

CSoranson, 56. who owns SOB per 
cent of the company, which is 
reporting armual re^ts today - 
with proto expected to be lower 
than market, evpefftorinng - hasn ’t 

done as wdl as he might Its shares 



*lf I didn’t have more money than 
sense X wonldn’t pay myself so 
mndnnoB^ 

stood at 90p before the competition 
stert^ reached a high (ff 129p, 
but have fellen back to 


Tough enunenthal 

■ Attention all double agents - 
Switzerland is still a safe haven 
to your undercover earnings. 

The Swiss goversment ite 
rejected a request from Waabington 
to freeze the Zurich and Geneva 
bank accounts of former CIA (^cer 
Aldrich Ames aud wife Rosario, 
fering charges in tbe US of ^lyii^ 
for Moscow. The US daims the 
couple made at least $2Am from 


the Russians. Swiss federal police 
are not imiuetoed. Spying, 
say, is a political, not a ctizninal 
(toice; so they cazmot oblige. 


Norman’s wisdom 

■ Norman Lamonfs (diances of 
finding anothw parliammitary sent 
are lookiirg daily bleaker. With 
bis Kiiigstan-upon-Tbames 
coostituency due to dis^ipear 
because of boundary changes, the 
sacked former chancellor had been 
looking to a new seat, tbe Vale of 
York. 

But not (mly is party chairman 
Norman Fowto beizig most 
unsyrmatbetic; local man Nicholas 
JopBng, son (^former chief whip 
Sir Miffhap? , is a racing certainty 
to fin tbe vacancy, lament wfll 
have to look elsewhere. No-one 
at Tbzy Central Office rate his 

phattraa 


Oscar Bravo 

■ In January Observer broiubt 
news of Edw^ Bdgeozme, a 
veritable British entrepreneur who 
at the age of 30 had just sold his 
second mobfle phone business, for 
El^gi, in order to nurture a 
burgeoning career as a pop star 
ffoifijng a band called Gone 
Tomorrow. 

Belgeonne investigated the 
buriness of muacal recording and 
promotion - to discover the 
royalties from a big label would 


With separate companire owning 
the track, rolling stock, and caziy- 
ing out repairs, how efficiently wfll 
the proposed framework operate? 
The general fear is that such a 
set-up will lead to an efeborate sys- 
tem of contracts and agreements. 

“The complexity of tbe privatisa- 
tion proposals will not inake it 
easier to raise funds,” said one 
potential private-sector bidder. 
“There is a danger Qiat there wfll 
be even more bureaucracy thug 
there was under BR.” And. ask 
many industry observers, who 
should bear responsibility in the 
event of a deraflinent or when a 
train breaks down? And whose 
trains should be given priority 
when timetables are resch^ul^ 
following cancellations? 

There is a danger that sucb dis- 
pute between different players in 
the new railway age coidd fe ed to 
damaging litigation. Franchise 
director ^ Salmon ciaims to have 
devised a ”no-fault incentive 
scheme to keep tbe lawyers in their 
place”. Hie theory, he says, is that 
aU participants ha%'e a commercial 
Inteest in solving problems quickly 
and providing a a sound service. 

But doubts remain about whethm* 
so many piayers can work eSi- 
dentiy together. Mr Swift, the rail- 
way regulator, has plain the 
limits of relying on commonsense 
and points out that tbe law is tbe 
ultiniate guarantor of fair dpaiing . 
But teiwions between Ur Swift and 
Hr Salmon seem inevitable: Mr 
Swift’s role is to ensure a fair (Vic- 
ing structurr, but this objectiW 
could undercut Mr Salmon’s drive 
to attract private-sector bidders 
determined to set their own fares. 


M inisters are tod of 
drawing compari- 
sons with tbe ai^ 
line industry, 
which operates on 
a system of contracts with airports 

for fanrifag ri^ts and mflintenanop 

services; the comparison is designed 
to show that such a division 
between tbe “infrastructure” and 
the “service operator” can work. 
Sindlarly, Mr Horton points to 
Marks & Spences succ^sful rela- 
tionship with its suppli^, under 
which the manufeeture of H&S 
clothes and foods by sub-contrac- 
tors is distinct from the retail end of 
the operation: critics point out, 
thou^ that H&S does not have to 
share its stores with Tesco. 

• The validity of ti^ets across the 
system. One sdvantage of the pres- 
ent setup is that passengers can 
travel across the entire network on 
a dn^ tickeL This may cease after 
privatisation. 

The government is inaigtiTig that 
private-sector rail operators recog- 
nise eadh other’s frdi feres and sea- 
soa tic^ts; discount^ ti^Lets, how- 
ever, will not be mutually 
recogni^le. With up to 80 per cent 
of all tickets sold at a discount this 
could either push up the cost of 
travel considerably for the vast 
bulk of travellers or bar passei^ers 
from taking tbe most convenient 
train. 

For the private-sector rafl franchi- 
sees. the problem of sharing reve- 
nues from a journey that criss- 
crosses tbe routes of several differ- 
ent operators, cotdd prove a niiht' 
mare. How are costs and takings to 
be allocated over a journey tlmt 
involves a znaiuline section foUoi^ 
by a shorter stretch of local 
Ifrfe? 

These unresolved issues are 
daimtfwg jiwd tjnii* is running out 
before the next round of “shadow 
franchises” start and Railtrack 
takes over respemability for ^’s 
infrastructure on April 1. 

Tt is imiiortant to grt the first 
one or two franchises right,” says 
Sir Bob Reid. “We must ensure tlmt 
what goes to the market is cohm^ 
ent” 

But with tbe first private-sector 
railway companies now only 
months away from ser- 

vices. it remains an open question 
whether tbe new system can be 
made to work. 

Railway privatisations in coun- 
tries sucb as Japan and Sweden 
have been more modest in their 
scope* BR’s aim is more ambitious 
and the possibility of derailment 
that much greater. 


be a pal^ 20 per cenL 
A burinessman to the 
klnd of margin leaves him cold. 

So welcome Oscar Records, his own 
new label - wbere he will pay 
himself much healthin* royalties 
75 per certL One of the numbers 
on the band’s first CD is ’T can’t 
fly”; singularly inappropriate so 
fer. 


Howard's way 

■ Michael Heseltine may be 
gaining support from the Tory ri^t 
as futim contender against John 
Hajmr, but some key king-makm 
seem not to be in tbe giving vein. 

Home secretary Hicbael Howard 
- anotber ri^t-wing pretender 
to Major’s throne - was asked four 
times by David Frost on BBC 
breakfest television yesterday 
udiether he forgave Heseltine his 
part in the usurpation of Baroness 
Thatcher, when prime minister. 
Howard evaded the question on 
ea(± occasion. l>nth endorsemmits 
lilcft t-hflt, who needs enemies? 


Only asking 

■ Ascom, Svritzerlaod’s struggling 
telecoms equipment rzudeer, should 
today reveal a 1993 loss of around 
SFiSSOm. But who win report it? 
The chief executive was sac ked 
in December; the finance director 
walked out moi^ and the 
mudi criticised chaimian Heinz 
Frey will stand down at the AGM. 






18 


mum 

Wiring SyTem 


Eihernei » IBM Cabling Systtm • LAK 
Fibre Cpdcs • ATAT's PDS • NevabJ VVesiern 
Belden » Dlgl'.al't DECconr.ecl 
Tet. O753 6S6094 


FINANCIAL TIMES 

Monday March 7 1994 


K A FINANCIAL TIME i 

( for change ' 

I NcttgoA I 



Ukraine reclaims Black 
Sea fleet in gas dispute 


By John Lloyd in Moscow and 
jni Barshay in Kiev 

The commander of Ukraine’s 
navy has repudiated last Septem- 
ber's accord which transferred 
the Black Sea Fleet from joint 
Russian-Ukrainian jurisdiction to 
exclusively Russian controL 

The move comes as relations 
between the two Slav nei^ibours 
deteriorate because of heavy cuts 
in Russian gas supplies to 
Ukraine, and continuing tension 
over the status of the Russian- 
dominated Crimean region of 
Ukraine. 

Russia has used Ukraine's 
$3.2bn ene^ debt as leverage to 
gain Ukraine’s share of the 3S0- 
vessel fleet based m Ukraine. But 
Russia, which is in deep eco- 
nomic difficulties, is now calling 
in the energy debt, leaving 
Ukraine with little to lose by ref- 
using to hand over the fleet 

Mr Leonid Kravchuk, the 
Ukrainian president, is also 
threa tening to renege on a deal 
to give up his country's large 
arsenal of more than 1,600 
nuclear weapons. 

As Russia’s gas giant Gazprom 


announced further deep cuts in 
supplies to Ukraine over the 
weekend, Mr Kravchuk said in 
Washington that "fulfilment of 
all agreements, including agree- 
ments on nuclear commitments, 
is possible only if the economy 
works. If tomorrow factories 
come to a halt in Ukraine, and 
this is a reality if there is no gas. 
what carrying out of cornet- 
ments can be spoken of?" 

However, the official news 
agency Itar Tass said yesterday 
that the first 60 of the 1,600 war- 
heads due to be shipped out of 
Ukraine arrived on a train in 
Russia on Saturday. On Friday, 
Russia's nuclear enetgy ministry 
said Cliat it had begun to supply 
low-enriched uranium to 
Ukraine, thus honouring its part 
of the trilateral agreement 
reached in Moscow in January 
between Presidents Kravchuk, 
Yeltsin and Bill Clinton of the 
US. 

Meanwhile, in the naval port of 
Sevastopol, Vice-Admiral Vladi- 
mir Bez^rovainyi, who took part 
in last September’s talks on the 
Black Sea Fleet, said the Ukrai- 
nian side was now demanding a 


reversion to a prior 1992 agree 
meat made in Yalta, rmder which 
the fleet would be divided by the 
end of 1995. He said that Russian 
premier Viktor Chernomyrdin 
had agreed to an inventory of the 
fleet - though the Russian 
debsice ministry would not con- 
firm this. 

The two sides in Sevastopol 
live in constant tension. Admiral 
Eduard Baltin, the Russian com- 
mander of the fleet, has forbid- 
den Uk rainian <^cers from join- 
ing the fleet because they have 
sworn an oath to Ukraine - while 
the Ukr ainians have claimed con- 
trol of a naval ho^ital and con- 
struction ^cilities at Nikolayev, 
amt the Admiral hfadiunova offi- 
cers* training coU^e in Sevasto- 
pol, one of the former Soviet 
Union’s m^or naval training cen- 
tres. 

The Ukr ainians are already 
beginning to build up a separate 
fleet, so far with only five ships. 
They claim the nugority of those 
serving on the fleet are Ukrai- 
nian, though they admit that 
most officers are Russian. 


Boost for trade pact, Page 3 


VW launches radical plan 
to cut car production costs 


By Kevin Done, Motor Industry 
Correspondent, in WoHSfaurg 

The Volkswagen group of 
Germany. Europe’s leading car- 
maker, Is embarking on a drastic 
rescructurl!^ of car development 
and engineering oi^tions to cut 
costs and simplify its global man- 
ufacturing activities. 

W, which is losing money 
heavUy, is planning to reduce the 
number of basic chassis plat- 
forms which are used to produce 
its range of cars fittm 16 to just 
four by the next decade 

The strategy will embrace ail 
four makes in the group - Volks- 
wagen. Audi. Seat and Skoda - 
and will eventually have a big 
impact on Us manufacturing 
operations in Germany. Spain, 
the Czech Republic, Brazil. 
Mexico. Cluna and South Africa. 

It will hold the key in the 
long-term to VW overcoming its 
unenviable position as the high- 
cost producer in the European 
and world car industry. 

Volkswagen, led ^ Mr Ferd- 
inand Pibch, the controversial 
management board chairman 
appointed 14 months ago. has 


sought in the short-term to stem 
los^ by a harsh mixture of deep 
cuts in capital spending, a sha^ 
reduction in the worli^rce and 
the introduction in Germany of a 
four-day week with oorrespond- 
Ing cuts in pay. He has also 
squeezed components suppliers 
to reduce porchastog costs. 

If the soolled platform strat- 
egy is applied as rigidly as 
planned by Bfr Piech and Profes- 
sor Ulrich Selffert, group 
research and development direc- 
tor, U will spell the end of the 
for production of the Volks' 
wagen B^tle, which Is assembled 
in Mexico and BrazU. 

It will also rule out develop- 
ment of new products such as a 
micnHXimpact car, like the two- 
seater city car prototype imveiled 
by Mercedes-B^ last week. 

VWs radical platform strategy 
is similar to the one being pur- 
sued by General Motors, the 
highest cost US carmaker, which 
is sunung to cut Us US car plat- 
fonns (ezchiding its Saturn small 
car) from 12 in 1991 to 5 by the 
end of the decade. 

Prof Seiffert said the VW 
group's four car platforms texclu- 


ding light commercial vehicles 
and the multipurpose vehicle 
under development with of 

Europe) would consist of: 

• the AO platform for small 

cars, which will form the of 

the new VW Polo, due for launch 
in autumn, and will spawn 
derivatives to replace cars such 
as the ag^ Sko^ Fhvorit and 
the Seat Ibiza launched last year. 

WlTs planned low-price small 
car due for production in 1996-97 
- still a genuine four-seater in 
contrast to earlier plans - would 
be based on a shortened version 
of the AO platform. 

• the A platform, for lower 
medium cars, which will provide 
the base for the next generation 
VW Golf, a second Sko^ range, a 
new small car for Audi (A2). and 
a Seat Toledo replacement 

• the B platform for upper 
medium and executive cars, 
which will spawn most of the 
Audi rai^ with replacements for 
the Audi 80 (A4) and 100 (A6) and 
the next VW Passat. 

• the D platform for the alumin- 
ium-bodied Audi A8 luxury car. 

Platform for growth. Page 21 


EU poKcy 


Continned from f^ige 1 

associate EU members. But 
senior Bnusels diplomats believe 
France may also be ready to con- 
sider integrating the east Euro- 
peans in areas of foreign and 
security policy as well as justice 
and home affairs - but not as full 
beneficiaries of the CAP and 
structural funds. 


German strike threat 


Continued from Page 1 

does not amoont to the fall flexi- 
bility soQght by employers, 
allowing individual enterprises 
to negotiate longer or shorter 
hoars according to their needs. It 
only provides for a sho^te^work• 
ing hoar model for (hose with 
severe overcapacity. 

The agreement means that the 


strike by almost 11,000 engineer- 
ing woihers in the state of Lower 
Saxony, due to begin at Bam 
today, has been called ofl, 
atthoogh the workere will have 
to confirm the decision in 
another balloL 

Warning strikes by pabHc sec- 
tor woricere will gn ahead today 
and the banking onions plan 
similar action later in the week. 


Widescale 
European 
healthcare 
reforms hit 
drug sales 

By Paid i^iahams 

Drags sales in Bnrape's seven 
largest markets foil sharply in 
dollar terms last year after 
widescale hMltheare refonns. 

Eorope’s five largest markets 
- Germany, France, Italy, the 
UK and Spain - have all 
announced or enacted reforms 
over the last IS months. Sales tn 
the seven largest markets, which 
incfaide Belgton and the Nether- 
lands, foil from SS1.6bn in 1992 
to S45.97bn last year, according 
to IMS International, a market 
research gronp. 

In the German market, 
Enrope's biggest sales dropp^ 
to 912.66I1D from $14.62bD in 
1992 - a fall ctf 9 per cent in local 
correncies. Italy, the third larg- 
est market also declined, from 
9U.06lm to i8.46bii. 

The rate of sales growth fdl in 
every therapeutic category in 
Europe. Tim eardiovascolar mar- 
ket. which expanded at 7 per 
cent in 1992, grew only 2 per 
oeflt li^ year to Haidfan. The 
growUi rate for treatments for 
alimentary and meta holism dis- 
orders, the second most impor- 
tant category, also feli, down 
from 8 per cent in 1992 to only 1 
per cent last year. 

The antl-lofectlves market 
vriilch inclode antl-virals, antibi- 
otics and anti-fungai drags, 
posted the stro nges t growth, up 
8 per cent last year compared 
frith 9 per cent in 1992. 

Meanwhile, the CHS market, the 
world’s laig^ expanded only 5 
per cent from $42.95bn to 
|43.22bn. Companies operating 
there have solTered from both 
political pressure aimed at mod- 
eratiiig f^ce rises and the nego- 
tiating M discounts by balk por- 
chaseie. The Canadian market 
grew by 7 per emit in local eor- 
r«icy, and rose from $3.Sbn to 
$3.5l4bD measured in US dollars. 

The Japanese pharmacy mar- 
ket - excluding hospitals - 
increased 1^ 6 per cent is yen 
tenns, up Cram $16.6bn in 1992 
to S20.2bn last year. But the Jap- 
anese mirUstry of health and wel- 
fore is implementuig a price cot 
and other reforms aimed at lim- 
iting drugs spending. 

Sales of cardiovascular drags 
io the 10 largest markets - the 
US, Canada, Japan and the seven 
European countries - rose by 
only 1 per cent in local currency 
value, although in dollar terms 
they actually fell from S2l.98ba 
to 821.2bn. Among the largest 
cat^ria, anti-lnfectives were 
the performers, up from 
811.02bn to Sll.Tbn, a rise 9 per 
cent tn local currencies. 

Worst performxi^ were muscu- 
lo-dmletal treatmeuts - mostly 
antl-rheafflatics. This was the 
only eatery to register a year- 
on-y w local currency decline in 
the 10 martets. Salee fell by 1 
per cent, as a series of patents 
expiring around ttae world 
undermined the market, which 
dropped from ST.lShn to S6.91bn. 


In central and northern Scandinavia, a 
depression wlH bring snow with afternoon 
temperatures below freezing. A cold front will 
sweep into Germany, bringing rain in much of 
Germany and Poland, as well as fresh to near 
gale force winds at the northern coasts. 

The Benefux wfff be ctoudy wfth outbreaks of 
drizzle in tee south. 

In the northern Berielux. there win be sixiny 
spells. Conditions will be unsettled and windy at 
times over the northern half of tee UK. 

Southern Europe will be mainly dry and sunny, 
as a large ridge of high pressure develops in the 
east. Along the south-eastern coast of Spain, 
persistent cloud will drift in from the 
Mediterranean, but it will remain dry. 

Five-day forecast 

Wintry condiborts will continue over northern 
Scandinavia. Depresaons win cross the 
rxMthem Atlantic, causing rain and occasionally 
strong winds in north-western and western 
Europe. 

Southern Europe wi'K stay sunny and dry. 
though a developing low pressure system vrill 
cause unsettled conditions in south-eastern 
regions later this week. 


TDOArS TEMPERATURES 


Hoifl 
1 . 1020 ^ 





yy- 


WO' 



1020 


\SB — 

<£ll 

24-' 


.ief V'-' 

> ^ « . 
.? I 

Y' 


>^-4« 



1010 


-TxN 


corf* 


20 


Warm front 


CoUlFoni 


-rlB -w- 

Wad speed in XFH 


SUuaOanai tSGMT. renvMvaftms maamirn Asreby. Rveoasis Oy Maieo Conaufforow 



Mawmiffn 

Belgrade 

sun 

13 

Cologne 

dnzi 

12 


Ctrisius 

Berlin 

idn 

12 

D’ Sdaam 

fair 

33 

AbuDfiaDi 

iiair 

30 

Bemxjda 

tfhjnd 

"18 

Oafew 

fair 

36 

Accra 

bir 

34 

Bogota 

doudy 

21 

Odas 

fair 

2S 

Algiers 

cloudy 

20 

Gontay 

hi 

34 

DeH 

aun 

29 

Amswedam 

ekxjdy 

12 

Brussds 

doudy 

12 

Dubai 

fak 

2S 

Athene 

lar 

16 

Budapest 

lair 

13 

Didilln 

bir 

13 

B. Aires 

9IV1 

28 

Ciia^ 

dnwer 

7 

Dubrovnik 

sun 

IS 

B.ham 

doudy 

14 

Cairo 

lair 

19 

Edlnbiirgh 

cloudy 

13 

Bangkok 

doudy 

35 

C^Town 

far 

24 

fSMO 

far 

20 

Bernlona 

sun 

17 

Cemcaa 

fair 

29 

PrenMurt 

doudy 

13 

B^ing 

lair 

7 

CvdH 

di^ 

12 

Geneva 

far 

10 

BeHsst 

rain 

12 

Chicago 

ftiir 

3 

Gibraltar 

cloudy 

17 



Our service starts Jong before takeoff. 

Lufthansa 

German Airlines 


Oasgow 

lain 

12 

Melboume 

doudy 

32 

$. Fisco 

sun 

20 

Hamburg 

shower 

11 

MenooCity 

sun 

2A 

Seod 

ter 

17 

Halsmlo 

snow 

0 

Marai 

fair 

28 

Singapore 

(fnaid 

30 

Hong Kong 

far 

27 

Mian 

aai 

16 

Stockholm 

rain 

8 

Honolulu 

thund 

27 

Montreal 

alaei 

3 

Strasbourg 

lair 

13 

btanbd 

feir 

10 

Moaoow 

cloudy 

-S 

S^lney 

fair 

25 

Jersey 

doudy 

10 

Munich 

douth* 

13 

Tangier 

tair 

20 

Karachi 

iav 

32 

Nairobi 

tar 

29 

Td Aviv 

fair 

15 

Kuwait 

fafr 

25 

Naplea 

BWl 

18 

Tokyo 

fair 

14 

L Angeles 

shower 

19 

Nffisau 

fair 

27 

Toronto 

shower 

S 

Las Pabnas 

doudy 

21 

NewYorii 

ahower 

8 

Twib 

doudy 

18 

Unu 

doudy 

27 

Mce 

sun 

ts 

VdiGouver 

3U1 

11 

Lisbon 

sun 

20 

Mcosla 

ter 

17 

Venice 

sun 

14 

London 

cloudy 

15 

Odo 

far 

7 

Vienna 

fair 

13 

LukbOurg 

dr&d 

9 

Parts 

fair 

13 

Warsaw 

ran 

S 

Lyon 

fafr 

10 

Perth 

eun 

38 

Washington 

tar 

12 

Madsra 

shower 

18 

Prague 

doudy 

12 

WeOingtm 

shwrer 

IS 

Madrid 

sun 

19 

Rangoon 

row 

33 

Wbvtlpeg 

snow 

•8 

Mdorca 

lair 

19 

ReyKjavIk 

snow 

1 

Zurich 

sun 

IS 

Malta 

sim 

IT 

Rio 

thund 

29 




Manchester 

drsj 

13 

Riyadh 

sun 

28 




Manila 

doudy 

30 

Roma 

sun 

16 





THE LEX COLUMN 


Taking a shine to metals 


RTZ annoitncfls fiiU-year results this 
week against the chemfol background 
of rising base metals prices. Copper, 
the company’s most important m^al. 
has risen by IS per cent from the 
depths plumbed last autumn. That 
pattern has been repeated in alumin- 
ium. nickel and tin. The strength of 
the rally is surprising given the dl^ 
couraging fundmnent^. Most metals 
markets foee huge overhmigs of stock, 
which could tnerease again this year. 

Fornasting ttae supply-demand b^- 
ance in most metals is unusually 
tricky at present Imponderables such 
as the growth of Chinese copper con- 
sumption and th e level of aluminium 
exports from the Commonwealth of 
Independent States cloud an already 
moi^ picture. Even on the most opti- 
mistic assumptions, though, stock 
overhang are likely to remain a 
ture well into next year. On that basis, 
the tuna in metals prices has come 
imos iiaily early in the economic cycle. 

Speculative buying may provide an 
expla^tion. Low interest rates have 
^ways inexea^ the attractions of 
rnetots for fund managers by reducing 
the carrying costs. With copper still 30 
per cent below the peak reached in 
19^. for example, the metal is clearly 
cheap. But risbg trading volumes on 
the London Metals Richaye have 
made base metals more liquid invest- 
ments in recent years. Improved clears 
ing arrangements have added to the 
attractions. If a substantial pnvoition 
of stocks are now held by fimd manag- 
ers. metals markets may be titter 
than hitherto assumed. Were such 
investment to prove more than a pass- 
ing fod, rising metals prices may no 
longer be the late-cycle phenomenon 
of old. 

UK property 

There was much excitement a wldle 
back when long gilts yields foU below 
property yields to the first time In a 
generation. That made property seem 
an especially attractive asset given its 
characteristics as a quasi-bond with a 
25-year anri a minimiim fixed 
income stream once fully let A surge 
of buying interest is now driving down 
prapoty yirids. But with bond yields 
backing up again, the two yield lines 
are rapidly converging. 

That Doay give some asset allocation 
committees pause for UunighL which 
would be no bad thing: Buying has 
become almost frantic, with some 
properties changing hands at eye- 
watering yields. Property shares, too, 
appear temporarily to have nm ahead 


Copper 

LME 3 month pries (9 per 
1,350 - • ' • 



of thenoselves. For example. Land 
Securities' share price has moved to a 
41 per cent premium to its last stated 
net asset value of 504p per share. The 
value of Laitd’s existing portfolio will 
tove to rise at a thumping rate if its 
share price is to revert to the discount 
to net asset values which is traifitional 
for property companies. 

Historically, however, there has 
been little correlation between long 
gih and property yields. Hie property 
sector to its own tune and is 

stfll at the early stages of its cyclical 
upswing. Hie big hope now is that 
rental growth may resume in the lat- 
ter part of this year. Any awakening 
of dormant inflation woi^ hasten its 
arrival while blighting the attractions 
of ^ts. Retail rents may recover first, 
followed by industrial property and 
high quality London offices. But, as 
ever, sele^vity is criticaL 

British Rail 

The merchant bankets advising the 
government on the piecemeal privati- 
sation of British Rail will have to earn 
their fees given the complexities of the 
task. After all, British Rail is a £3bn- 
turnover business which will shrink 
further when divided between Rail- 
track and various franchise operators. 
Moreover, the railway network has a 
poor record, having steadily lost mar- 
ket share to other transport systems 
for years. It now accounts to just 7 
per cent of all passenger miles trav- 
elled in the UK -mil has a siinDarly 
s mall share of the freight maricet Hie 
goodwill attached to British Rail’s 
name is unlikely to be large. 

Cast in a rosy light, BaUtrack, 
which will own the track and sig^- 
ling, could emerge as a privatised 
transport utility stock with a passing 
resemblance to a ports company or the 


airports operator. B.AA. Its permitted 
rate of return wUl be the critical detiff- 
minant of its saleability. 

But attracting franchise operators 
with sufficient capital to exploit the 
network is an altogether different 
proposittoD. Some quoted bus compa- 
nies. such as fladgerllne. have 
expressed a tentative interest. But 
tb^ await the results of shadow fran- 
chise schemes to give a clearer idea of 
the relative financial attractions. The 
Office of Fair Trading has also to 
determine whether bus operators can 
run franchises in the same cntchmont 
areas. 

The tasks of co-ordinating different 
franchisees' operations could be colos- 
sal. The franchising director will have 
to p oiwpss the judgment of Solomon to 
arbitrate between them. 

Currencies 

It is remarkable how little impact 
the turmoil in the bond markets has 
had on the dolto. Perhaps the consen- 
sus, which believed it would rise this 
year as the Federal Reserve ti^tened. 
was wrong about currencies too. Ce^ 
talnly the 7.5 per cent US groarth rate 
achieved in the fourth 1993 quarter, 
the January purchasing managers su^ 
vey and the latest robust employment 
figures should push the dtdlar up. In 
the event it is trading slightly lower 
against the 0-Mark than when the 
Federal Reserve tightened a month 
ago. 

Some of thig may have to do with 
the trade pressures that the US 1$ 
exerting on Japan. The dollar's weak- 
ness against the >’en has spilled over 
Into dte D-Mark as well, thou^ that 
could cbai^ now that the US has 
shifted the focus from the airrency 
market to direct sanctions under sec- 
tion 301 of its trade act. Leveraged 
investors may also be selling D-Mark 
positions they have held profitably for 
some time to cover their losses in 
other martets. 

Yet it is difficult to escape the con- 
clusion that the forces tn favour of the 
dollar are weaker than the market 
thought Germany's steep money sup- 
ply growth will almost certainly delay 
Bundesbank interest rate cuts, and 
though the Fed will almost certainly 
tighten frurther It is to from clear bow 
for the process will go. The interest 
rate dUferentiol may still not do much 
to help the dollar. Meanwhile the U$ 
current account deficit is a drag. And 
if the market is reluctant to buy dol- 
lars now, that may be because it is 
long enough already. 





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COMPANIES & MARKETS 



@THB HNANCIAL TIMES LIMITED 1^ 


Digital cuts ™ talks with Giat over Royal Ordnance 

By Alan Cana taBot with, the iiwodacted negotiaticsffi of about 4,500 oompaxed with 16/XIO at def^ice and aiKospaoe. selhxig oS Rove; 

6 ^V • -■ between BAe and tbe French Abtra- the time of the sale to BAs. A farther Cars to BMW and also itispn^g of Cor 

■ ■■ n fl M British Amnepace said yesterday that it Hachette gro up , which are expected to 1,000 staff are employed in Germany porate Jets and the Ballast Nedhan 

■ ■■ ■■ ■ ■ M B ■ has been in talks fbr some weeks with lead to the two companies merging Ihe BAe q mkesinan said the the Ord- group of constmction prwnpaTitittt 

4| I ^ arms manufacturer Giat, which their guided weapons activities. nance and Giat were inv»tigatlng Giat, which recorded a ioss o: 

/ ^ could lead to collaboration in some Roj^ Ordnance, sold to BAe by the possibility of pooling resources to FFr400m(S66.Bm)oiDB8^ofFFru.3bi 

. . fonn between the statfrowned Frendi govenmient in 1987, is believed to be improve the quality of their businesses, in 1991. was transformed from a riefetwt 

B ■ .'1 company and the iUto muititioxis sob- losing money in spite of estensive Both Boyal Ordasmce and Giat manu* ministry agency to a send^utonomovu 

sidi^ Royal Ordnance. restructuring. It has been struggling to tecture guns and ammunition. They state omied company in 1990. It is om 

■ ijBlB ■■■ BB-b a BAe q^okesman said the talks were find escort orders to ofibet rteeBning ampete in certoin areas and mi|ht con- ctf the group of state-owned companies 

■ " .B. esploratory; no agenda or timetable had defence hardware requirements in the tune to do so even if co-^ieration was that the Frrach government is anxioui 

bead set and there was no guarantee erf UK. In January, BAe cut mote than 400 agreed, the spokesman said. to privatise, 

their ontcoma He did not role out the 
possSdlity of a merger between Giat 
and Royal Ordnance, bat compared the 


Ehr Alan Cane 

Digital Equipment, the 
troubled US-based computer 
manuibeturer. is to cot up to 
6,000 jobs in Euro^ over the 
next 12 months. The cuts r^ 
resmit about 20 per cent of the 
workforce and are twice as 
Is^ as antidpated earlier this 
year. 

The redundancies are key to 
a r^eneratum plan bdng put 
in place by Mr ihneenzo Das- 
ani, who took over as hemi (tf 
Digital Europe in January. 
Letters were being sent tbig 
weekend to staff tbrou^out 
Europe, explaining the ratio- 
nale for tiie plan. 

The company, once second 
only to IBM as a con^ter sup- 
pBwr, is suffering fitw declin- 
ing sales anti unsustainable 
Qvetiieads. About 50 per cent of 
its revenues derive from Ei^ 
pean operations and it has 
been hit hard by t^ recession 
in key European markets. 

In common with other laige 
emnputer manufactorers, Di^ 
tal was slow to afg>reciate the 
importance of personal com- 
puters or to anticipate the 
emergence of networks of 
small computers as replace- 
ments for expensive, Mgh mar- 
gin, mainframe systems. The 
sm^er systems command 


low gross profit margins. 

For tire rix manrtic to Janu- 
ary 1 this year. Digital reported 
a net loss of $lS5.3m cosnparad 
with a loss of $334.4m in the 
same period the year before. 

Mr Damiani, formerly a 
senior aecutive at 3M, 
that on arrival be had put in 
place project teanm to analyse 
the emnpeoy's buaness wwvM 
The teams had now reported 
and their nnnftiuginne were 
basis of the decision to ent 
numbers from approximately 
29,000 in Europe to under 
25,000. 

Mr Thwnlanl aaifl EVtw», ocsn- 

mereiany, Digital had foiled to 
wtffk cofreraitiy with its boa- 
ness partners - software com- 
paniea, systems integrators 
and distributors, adio sell Digi- 
tal camputers direcUy to cus- 
tomers and who value in 
the form d gpedal software. 

The new sttat^ is dwdgpRd 
to avoid oompetition for cus- 
tomers betwee n Distal and 
these partners. Tbe ccanpany's 
500 key European acccnxnts will ' 
be covered by dedicated 
account executives: "they will 
be measured on the percentage 
that Digital tak***^ cf the cos- 
tinner’s total iwfhnnaticn tech- 
nology speod, no matter what 
fihannai jg used,” Mr Daxttiani 
sail 


taBcB with the iiwofracted negotiatiesffi 
bet w een BAe and the French Afotra- 
Hachette gro up , which are expected to 
lead to the two companies merging 
their guided weapons activities. 

Roj^ Ordnance, sold to BAe by the 
govenmient in 1987, is believed to be 
losing money in spite of estensive 
restructuring. It has been struggling to 
find eiQort orders to offoet itecBning 
defence hardware requirements in the 
UK. In January, BAe cut mote than 400 
jobs at the Ordnance's Chorley foctory 
in Lancashire. Ihe Ordnance now has a 
total UE wGokforce spread over 12 sites 


Peruvian business 
to issue Eurobonds 


By Bowoi In Lima 

A conaumer goods and 
pharmaceuticals group plans 
to become tiie fir^ Penman 
company for over a decade to 
make a Eurobond issue, mark- 
ing a big step in the oatioa's 
ffTtanrial rdi^dlitation. 

The Rodriguez Group hopes 
to raise iMfoo. It will part-fi- 
nance the group’s $87in acqui- 
sition two weeks ago of Cemiea- 
tos Yura, a formerly 
state-owned cement producer. 

Lead manager for the issue 
is VestcorpPartners Group, a 
Latin American investment 
ba^ with offices in Miami and 
London. VestcorpPartners is 


imderwriting the issue and 
taking a IS per cent stake in 
Cemeotos Yura. 

Peru has being largely mar- 
ginalised from the intema- 
tional flnanrial rnmimmity for 
25 years, with inredominantty 
statist ai^ iffotectionist demo- 
cratic govenuneots succeeding 
a loi^ period of role by 
left-wing military. 

But since the election of 
President Albmrto Fojiinori in 
1990, it has mended its fences 
with international creditors. 
Arrears with multilateral 
organisations have been set- 
tled and it is following an IMF- 
monitored economic pro- 
gramme. 


of about 4,500 oompaxed with 16JXKI at 
the time of the sale to BAe. A farther 
1J)00 staff are employed in Germany 

Ihe BAe qnkeanan said the tbe Ord- 
nance and Giat were investigating the 
possibility of pooling resources to 
improve the quality of their businesses. 
Both Boyal Ordns^ and Giat mann- 
focture guns and ammunition. They 
ampete in certein areas and mi|ht con- 
tinue to do so even if co-^ierotion was 
agreed, the spokesman said. 

BAe, whirii reported a loss bMOre tax 
of £273m <$388.S8m) last month, has 
been refocusing on its core activities of 


defame and aiKospaoe. selhng off Rover 
Cars to BMW and also iHepnAig of Cor- 
porate Jets and the Ballast Nedham 
grcRV of construction companies. 

Giat, which recorded a ioss of 
PFr400m (S66..Bm) on sales of EFrU.3bn 
in 1991, was transformed from a defence 
ministry agmicy to a smxd-autonomous 
state owned company in 1990. It is one 
ctf the group of state-owned companiflg 
that the Frmch government is anxious 
to privatise. 

Neither Giat nor tbe french Industry 
ministry were available fn* comment 
last ni^L 


The world’s leading central banks find one class of investment group almost 
beyond the reach of their influence. John Gapper and Richard Waters report 


O n the foee of it, the 
Group of Tmi central 
bankers gathered in 
Basle today to discuss the state 
of global flnanffjfli markets 
mig^ as wen not waste their 
brrath on iiedge ftmds. It is not 
only hard to define which 
i n v es t ment funds foil into 0^ 
category, but also bankers' 
powmrs to sway them are 
extrem^ weak. 

Central banJks do not have 
the direct oontrol over hedge 
funds that most of do 
over banks. The funds - 
althougfr mostly managed in 
the - tend to be ha^ off- 
shore and are not supervised 
by bank or securities ngaiar 
tos. Nooetheless, tbe GlO cen- 
tral bank^ have tiiree rea- 
sons to be worried about these 
foni^ 

first, they ^pear to have 
added to volatQ^ by selling as 
bets on currency, securities 
markets ^ deri ^v es went 
wrong. Second, heavy losses 
could make ftmds defoult on 
loans from banks. Tlnrd, funds 
tiiat could mri; settle oontracts 
nd^ speak dl a chain reac- 
tion affecting financial 
systems. 

This combination (tf concern, 
and tiie inaMUty to do much to 
address it; may wall disqi^ 
central bankers. The question, 
is whether they will either try 
to create regulations to allow 
them to intervene directly, or 
try to exert greater inifirect 
izdluence on hedge funds 
thmngh supervised hanks 
The first approach carries 
both practical and theoretical 
problmns. In pnu::tic^ t^ms, it 
is hard to draw a boimd^ 
between hed^ ftmds and other 
funds that manage institu- 
tional and private client 
money. Any diange in regula- 
tions would be complex and 
would have to be cDordiziated 
across borders. 

The theoretical problem is 
tiiat hedge ftmds appear to be 
doing notimig wroag. Leverag- 


Hedge funds put 
GlO in quandary 






ing risk to make b^ gains in 
the tiiort term, while risking 
sharp losses, is a common 
investment strategy. Reg^- 
ting funds to prevent a particu- 
lar trade-off between risk and 
reward would be heavily diri- 
giste. 

This leaves central banks 
with tbe possibility of exerting 
indirect influence throi^ 
banks. There is a promising 
start in that funds often lever- 
age their capital by buying 
securities and derivatives in 
tranches, then borrowing more 

rash agamat the po sit ions tO 

wato further purchases. 


This exposes banks to credft 
risk, a Intimate concern of 
superrisors. Banks hold securi- 
ties of the -'gflinp value as the 
rash they with an extra 
mar^ of peihaps 5 per cent to 
cover risk. Most mark the 
value of the securities to mar- 
k^ each day to ensure that 
they are not over-eaqposed. 

These activities are being 
examined by the Bank of 
En^and and the US Fedmd 
Reserve. alQiou^i a ^rectew of 
one large UE bank says that 
most of surir lending is done in 
the US. ZJke other corpeoate 
tending, there has been some 


pressure on marginw as rwnlrw 
compete for business amid 
weak ttemanfl for loans. 

One New York hank, whidi 
says that it only trades with 
hedge funds in foreign 
exchange markets, claims it 
requires a margin of 5 per cent, 
but that others will trade at 
lower margins. "Some (mar- 
gtos] just aren't big enou^ to 
cover the daily swings you get 
in today's maikets." a banker 
says. 

Volatile markka can eat iqi 
m a Tgirts- Mr John Leonard, an 
analyst at Salomon Brothers, 
says that positimis can move 


substantially overnifidit “You 
have to be aware if a fuzHl is 
heading south quickly - where 
fo the next mar^ call going to 
come from?” says one bank’s 
bead of risk management 

Banks find it hard to assess 
credit risk accurately because 
hedge funds are not credit 
rated, and hold a complex 
range of ^ancial contracts. 
Some ftmds also refuse to pro- 
vide net asset valuations, an 
essential tool for banks assess- 
ing the overall health of funds 
as financial counterparties. 

In spite of such problems, 
tbe most recent ingiosals on 
market risk by international 
bank siipervisors could require 
hanks to set aside less capital 
against hedge fund eseposures. 
At the an reductiims 

in the value of securities 
gainst loans to funds count as 
potential to banks. 

T Viig would under the 
netting propos^ issued by 
hanking supavlsms last year 
along with {uoposals on mar- 
ket risks. Oommerical banks 
should in future be allowed to 
net off k»ses m the market 
value of securities against 
the extra cash, marg in depos- 
ited with them by Iiedge 
ftmds. 

Bankers argue that credit 
risks can be exaggerated. 
PtonicR ran for extra mar- 
gin payments if securities foil 
in value sharply, and lose only 
If funds fail. "Thrs is not a 
credit quality issue,” one 
hanker says. ‘It is to do with 
what happens to markets if 
ftmds all bead for the exit at 
once". 

They also argue that they 
have been drag^d into the 
debate illi^cally. Ttegulatiim 
only affects people who are 
easUy r^ulated, and that usu- 
aOy means us.” a banker says. 
Yet no matter bow clumsy tbe 
weapon, it may be the only one 
available if today's meeting 
opts to crack dorm on hedge 
ftui^ 


21 si CENTURY 
MATERIALS AND 
TECHNOLOGY 

T-0- D- A-Y 


BRITISH VITA PLC 




Martcets 

this week I 

Starting on page 22 

HARTIH PICKSON: 

GLOBAL INVE ^R ^ 

recovereda 
^ little by the 
^ weeke^ after 
^ ^ a few days of 

trading, but 
i the mood remains fr^e, 
with eyes on the US Fedmsl 
' Reserve. Page 22 

OMHAM BISHC^ 

ECONOMIC EYE 

Alttaou^ 
many have 
writtaioff 
European 
monetary 

union , the 

project 

remains alive. 
In tbe past, 
ecoDoxoic recovery 
raised political spirits and 
spurred on Uite^tioiL It 
could well happen again. 
PageSS 

Bonds: 

Amid a ‘T>uyers’ strike” in 
world bond markets, 
governments are begmning 
to worry about who will buy 
thrir as most auctions 
have yielded dismal results. 
Page 24 

Wall Street: 

The stock marimt fooes a 
quiet week, with nothing on 
the econonuc agenda to 
match the import of last 
we^s jobs figure. Page 25 

Eia e tgin g markets: 
late last year investors in 
Mexican equities were 
awaiting tte moment when 
the market would switch 
from being a Latin American 
to a North American one. 
Such a view has received a 
serious blow. P^e 23 

Cnnmides: 

Foreign exdmnges e^)ect 
the Bundesbank to trim the 
r^)0 rate tomorrow, while 
US data will be watched for 
signs of inflationary 
pressures. Page 81 


Base fencing lUtes 

FT-A World indees 

FT Guide to Currencies .. 

Foreign eocchangee 

London recent Issues ...» 
London share service ...i 
Managed fund sarvlco ...i 
Money markets 

New hit bond issues 

World stock mkt indices . 


This week: Company news 



VOLVO 

Silver lining to 
a year of drama 
t and cost 

Volvo. Swedmi's bisest mamifturturer. 
will on Thursday report its results 
Cor - a momeutous year in which 
it for^ a merger 'trith France's 
Renault only to renege oo the deal 
in Decembtf in the ^ae of a 
shareholder and management revolt 
■me immediate impact M tiie merger's 
collapse - and tbe subsequent 
unravelling of a three-year-tdd aUiance 

between the two motor groui» - wiD 

be to drag Volvo down, to a pre-tax 
loss for the third time in the past four 
years. This will follow the SKr3.3bn 
($41Qm) pre-tax loss incurred in 1992. 

Volvo ggM last m onth, when it and 
Renaiih finally parted company, that 
it would write oiffSKrS.2bn against 
1393 earnings in goodwill and 
provisions related to the dismantling 
of cross hwMing R in the state-owned 
Ftencfa company. 

But Volvo will direct attention 
towards a muidi nxire fovourable 
underlying picture of rapidly ris ing 
profits at the igierating levri. 

One Stockholm analyst predicts a 
profit before vrrlte-downs and stinority 
items of almost SEr2.7bn. 'nils kin d 
forecast has fuelled the resurgence 

of Volvo's share price. In Swedish eyes 
at least, the emnpany threw off the 
shackles of a partner whose 
privatisation was uncertain, whose 
profits were Mcging and udiose 
rinminanrtg of the merged compa n y 
seeing certain. 

Swedish investors expect Volvo to 

i commeat on a nnmbtf of fovourable 
factors. The pay-itf from tbe dramatic 
I devaluation of the Swedish knma is 

entniug throu^ Strongly, new model 
developineiit costs are at a low point 
and sales are picking up in Sweden, 
tbe US and the UK. 

But shareholders will have to wait 
until tbe ftnnuai meeting is April for 
answers to tbe more worrying question 
of what its long-term strategy be 

DOW it is without a partner in 
the tough motor industry world. 


TT-SB-A AS C Hwa InfoK' ; . 

195 


. 95 T-.- 


Jid - ; • 'iaS0 
Scpina: PTforaMv; 


Uneasy questions for 
acquisitive animal 

Why have shares in BUL the UE 
industrial con^omerate, 
underperfonsed the market about 
30 per cent since last August? That 
question is likely to be exercising 
executives as they ivepaze to praent 
th e gro up's 1998 results on Tbnrsday. 

BTR warned in ^temher of an 
uncertain recovery in the second halt 
Anidysts trinuDed thrir forecasts and 
now expect pre-tax pn^ts d dSlStm 
(gLTStm) compared with £L06bn. 

But Mr Alan Jackson, chief executive, 
will also want to dispel some of the 
less tangible unease. This has 
encompassed everything from executive 
departures to Mr Jackson’s sale in 
January of half his shares. 

A more hmgstanding issue is the 
extent of B TR'sr dianoe on acquisition 
accounting. OTR has used up xteariy 
all the provisions set op when buying 
Hawkm* Siddeley. tbe aerospace and 
oigineeiizig gre^, for £L5bn in 199L 
Analysts will ask what proviaons have 
been created for RexnorcU tiie US 
industiial group bought to in 
Pecemher. Some vtbo feU mi^t 

have overp^ for Rexnord will also 
be scrutinising its hkely pndit 
contributions, especially as tiie deal 
poshed d^t«qmty gearing aiiove 90 
percenL 

Perhaps Mr Jackson's main task 
is to reassure shareholders that 
economte upturn wifi bea^ ETR as 
well as more obvious recovery stocks. 


OTHER COMPANIES 

SBC weighs up Its 
rocket scientists 

Invtotors win be hcgdng that the 
directors of Swiss Balk Corporation 
will esplain at tbmr aimual press 
conforince on Wedziesday the 44 per 
cent Junqi in provisions last year to 
SFi2Abn Of spedal interest 

is the portion paid to the former 
O’Ceamer scientists” - a team 

deriv a ti v es brou^t in 

par tnar ahip - asit 
will indteate hOW ptofit^le SBC's 
highly rejected derivatives business 
bas become. SBC has afresh 
aniunmoed 1993 net income Of 
SFTLSTbn, iq) 36 pm- cent 

■ C8 Bblding: Switxeriand's largest 

ftTMTirfal gmwp puhtiahag TQM TwanHa 

cm Tuesday, and they are bound to 
be good, (kedit Suisse, tbe bank which 
accounted to ow 80 per cent of 1992 
group profits, has just rqiorted a 53 
per cent jump in net income and CS 
First Bodon, the New Yoik investment 
bank subsidiary, an 87 per cent leap. 
Tbe questum is whether CS win be 
less miserly with a dividend increase 
than the other two big Swiss banks. 

■ MactesB Banter: The Canadian 
publishing and broadcast group is 
expected this week to unveil its 
preftered alternative to a CfSAbn 
(S2.lbn) takeover bid by Rc^iers 
IVnTiTniniiratifma MH SayS it haS 

up b uy ma or partnms for of its 
main bosineesa: printing and 
publishing, US cable-televislQn and 
Cywariian cable. Bot it bas yet to show 

CompuleB In this Isnue 


800 Group 
Amoco 

A 19 I 0 AiMrican 

Astra 

BTR 

British Aerospace 
eSHoUrtg 
DigiU Eqi4pment 
BjioDlsney 
acN 

Genaal 


SMriss Bank 

B share pice 
S60 


450 — —— 



aoo-lv — 


10M 

SouOKDaUsiMBn 


its 'howrt ghaTwhnliiwrg have nntil 
March 15 to respond to Rogms’ 
C$17-a-share oflto. 

■ Valeo: The Frendi car can^onfiits 
group will announce 1993 results 
tomorrow. The CQmpany bas already 
indicated that sales tol by 3 per cent 
to FFr2Qbn (Ssibn), demonsfrating 
some resilience to the downtuni in 
the European motor industry. 

■ EnroDisney: The leisnre grotq) and 
its US pat^ Walt Disney ate braced 
for another week of meetings with 
T^nrtoeatatives of Bundlisney's 
creditor banks over its finanriai rescue. 
On Friday the banks urged Disney 

to make concessions in its financial 
relationship with EuroIh&D^. 

■ Jqien^ sted: Nippon Steel, NEE, 
Kawasaki Steel, Sumitomo 
Industries and Ebbe Sted, are this 
wedi exp^tod to revise down their 
forecasts to the year about to end, 
due to the pioUmged downturn. 


20 

HK Mass Transit 

21 

RoiMguBK Grei^ 

19 

21 

Heron Intemsdenat 

20 

Royal Ordnance 

19 

£t 

O 

21 

Skne Datoy 

21 

91 

ftewssaM Steal 

19 

Sumttomo liMai 

19 

19 

KobaSted 

19 

SwfasBank 

19 

19 

Ladbrete 

20 

TddwnMdaysia 

21 

19 



Valeo 

19 

19 

Madaen Hunter 

19 

VBatoortfartrteie 

19 

19 

NNK 

19 

VoOeswagen 

21 

Sfi 

Nippon Steel 

19 

Volvo 

19 

21 

QueerB Moat Houses 

20 

Westland 

20 

19 

FMertWtewnwi 

20 

Yhheng 

21 


Have your low risk savings earned 
1 0.6% P.A. OVER TEN YEARS 
net of higher rate income tax? 







Whiteingdale-The Gilt-Edged Experts 

0\rerthe 1 0 year period, the Whittingdale Short Dated GIt Fund vvoukt have 
returned £8.400 rnone than a Bulding Society Account fbr a £10,000 investmern. 

Please reniaTiber that past performance b not necessarily a glide to future 
returns and that the price of units and the ncome from them are rxtt guaranteed 
arxt can go down as well as up. 

If you require further nformation on our range of unit trusts, 
please call us on 071 600 0462. 


- jSVvOk 

w 


WHITTINGDALE 

GILT-EDGED EXPERTS 

ASperfamweefitothe 1/2/94 mdhs been calcutawdoSa-wbiduflBrandergGS) with incoRKPHiuieaed 
net of income tn a 403L Over 5 )«r, the Short Dated C9t Fuid. an authonsed un trust, has pren a net 
feiunof67.6fL Tax rates and reiieE are dependent on the indwCuaTs dromsunees and are subject to dunfc. 
No alowance has been maife for capital gans tax. Whittrqdate Unit Trest Managenent Lsriled s a Member of 
MRO and LAUTRO. Whiting^ Unwed is a riember of IMRO. "Source HSW Limited, 








20 



COMPANIES AND FINANCE 


Westland hits out over orders 


By Urn But 

Westland, the helicopter 
manufacturer, yesterday 
claimed GKN was trying to 
imriprmiTie its Order prospe^ 

as part of its £496m hostile 
takeover bid. 

I^e Yeovil-based company 
accused Sir David Lees, chair- 
man of the engineering and 
industrial services group, of 
exploiting extracts &om its 
defence document to persuade 
shareholders that mart of its 
Orders could be cancelled or 
postponed. 

It was responding to an open 
letter from Sir David, which 
which attempted to play down 
hostility between the ttro com- 
panies, but went on to d^cribe 


the group's prospe^ as specu- 
lative and uncertain. 

Mr Alan Jones, Westland 
ntiaipnan , saidr “He knOWS OOT 
prospects are strong. He is rais- 
ing qnestiODS over orders and 
wants our shareholders to sen 
at a discount - that's certainly 
hostUe.” 

GEN, which already controls 
45 per cent of Westland, has 
ofi^ied shareholders 290p per 
share - a discount of almost 12 
per cent to Friday's 329p clos- 
ing price. 

Mr Jones also dismissed an 
ofEer by GEN to alter the terms 
of a potential compensation 
package to Westland 
shareholders arising out of a 
damages claim against the 
Arab Organisation for Indus- 


trialisation. 

Under its original oEEbr last 
month, the engineeriz^ group 
promised a partial pay-out 
should Westland recetro more 
than £82m in damages 
from the AOI, which has 
been ordered to pay £38^ 
over cancelled helicopter 
orders. 

GEN has now reduced the 
threshold for a share-out of 
any damages to £6Sm. 
reflecting the £25ffl - some 
£17m after tax - whidi West- 
land has already received in 
partial compensation. 

Althou^ GEN admitted the 
revised terms “do not materi- 
ally change the offer", Sir 
David said: “Our offer price of 
290p plus the AOI entitlement 


is a very fair one which prop- 
erly FeQects the prospects for 
Westland.” 

Sir David Lees is meeting 
executives from S tandar d iMe 
and Scottish Widows in Scot- 
Imid today. Ihese farther coa- 
trol 5.5 per cent of GKN and 
hold amdl stakes in Westland. 

His efforts, however, are 
expected to concentrate on 
M&G and Schroders, which 
hold more than 2S per cent of 
the helicopter company. The 
two companies are also the 
largest institutional sharehol^ 
ers in GEN - h^ether control- 
ling 9.5 per cent 

Support from either gronp 
would secure Westland for 
GKN. 


600 Grp to 
launch new 
lathe range 

By Andrew Baxter 

600 Group, the manufacturer 
and distributor of machine 
tools and matariala handling 
equipment will next month 
launch a new rai^e of low-cost 
Colcbester lathes specially 
designed for small engineering 
companies. 

The launch is an important 
move for 600 Gnnp. Within 
two to three years, it hopes to 
be prodncing several bnndred 
of the new Tornado machines 
each year from its 600 lAthes 
plant in Heckmondwike, West 
Toxkshire. 

The three new machines will 
be priced from £34,950 to 
£47,^ in the UE, and could 
add £5m to 600 Group’s profits 
within a fbw years, said Blr 
Colin Gaskell, manag in g direc- 
tor. 

In the year to March 1993, 
the company incurred pre-tax 
losses of £3.4ni. 

The launch follows a two- 
year, £500,000 development 
programme and a market 
research exercise among 3,500 
small engineering companies 
worldwide to assess their 
needs for CNC (computer 
nmnerical control) lathes. 


Robert Wiseman Dairies 
likely to have £ 60 m value 


By James Buxton 

Robert Wiseman Dairies, the Scottish milk 
company which concentrates on supplying 
branded milk in cartons to stores in Scotland, is 
coming to market towards the end of this month 
via an institutu^ placing by Panmure Gordon 
which is likely to i^ue the family-owned com- 
pany at about £60m. 

The placing should raise between £15m and 
£16ni, leavii^ IS per cent of the company in 

family hanrts 

It comes to the market at a time of 
changes in tbe UK industry. Later this 
year the government intends to abolish the milk 
mariteting boards, which have a monopoly on 
boyii^ milk from farmers. Dairy Crest, the milk 
processing and supply subsidiary of the MMB in 
En^uid, is also likely to be floated. 

Whereas in En^and nearly 60 per cent of milk 
is still delivered to the customer's doorstep, in 
Scotland most people buy it from a supermarket 
or corner shop. Evly recognition of the trends 
whidi product that state of affair s he behind 
Wiseman's fost growth. It is now expanding in 
northern i^ngianri, where doorstep deliveries are 
also in decline. 

Wiseman, as a traditional dairy company 
which processed and delivered milk to the door- 
steps around Ola^w, became convinced by the 
late 1970s that doorstep delivery was dying out 

“Increasingly the Scottish housewife was 
goii^ out to work, leaving bmne before the 
miiicman had come, and found it easier and 
cheaper to buy milk at a shop.” says Mr Alan 
Wiseman, the 43-year'Old executive chairman. 


He and his brother, Etobert run the business 
which was founded in the late 1940s by their 
father, also called Robert 

Wiseman decided to concentrate on the whole- 
sale marl^ and invested in systems for provid- 
ing milk in non-returnable containers to super- 
markets such as Asda and Tesco under their 
own labels. However, this meant that Wise- 
man’s own identity was disappeming, so in 1989 
it launched its own brands of liquid milk and 
put its bladk and white logo on its cartons and 
big trucks. 

Wiseman claims to have 22 per cent of the 
Scottish milk market and to be its second hug- 
est processor and supplier, coming after Scottish 
Pride, the Scottish Market!^ Board's off- 
shoot. More than half H^seman's milk goes out 
under its own brand. 

Its doorstep deliveries are franchised to 
self-enmloyed mfiinngn The proportion of Scot- 
tish mfik delivered door to door is now only 22 
per cent, having fallen from 44 per cent in 
1983. 

In Kn gianri that proportion has declined from 
86 per cent in 1983 to 58 per cent last year. 

Wiseman's turnover grew by 44 per cent 
between 1991 and 1993, when it reach^ £46in. 
FTe-tax prcjflts in 1993 were £3.^ Turnover 
for the year to March 31 1994 is expected to 
be about £60m and pre-tax profits to be about 
£4.5m. 

Last year the chairman and his brother were 
paid £885,000 in salary and bonuses, making 
ttem among the best paid cUrectors In Scotland. 
Bat the way they are remunerated will change 
as the company is restructured for notation. 


QMH has 
big proxy 
vote in its 
favour 

By Maggie Uny 

Queens Moat Houses, tile hotel 
group, is understood to have 
substantial imtty votes in 
fovour of resolutions to be put 
at two extraordinary meetings 
tomorrow. 

If the resolntions, wiiidi 
confirm the group's £2lm 
borrowii^ limit, are not 
passed the company will not 
be able to oontinoe trading 

.Shawqiffi ^l ers nnUfcpIy 
to receive any new 
information about pn^ress 
of financial restructaring, 
disposals or curzent trading. 
The group rtionld soon 
receive tte latest property 
valuation, which will be 
incorpor a ted in tile 1993 
acconnts. 

However, some bolders may 
use the tbe meeting to raise 
other questions. Blr John 
Bairstow, fomer chairman, 
said last week that tiie 
resolution being pot should 
be divided into twa 

liie first approving the 
borrowing limit and the 
second releasing pr^eirt 
directors from any liability 
caused by the error which 
called the borrowing limit into 
question. 

Mr Bairstow said if tile 
resolution was in two parts 
thmi shardiolders could vote 
on each issue s^araiely. 

QMH dismissed his 
SD^estion yesterday, saying 
tiiat the two parts of the 
resolution were “inextricably 
linked**. 

The second meeting is for 
boldera of tbe 7 per cent 
convstible preference shares 
who were mistakenly excluded 
from voting on bonowiiQ 
powers at annaal meetiz^. 

Sbareholdexs may also ask 
who was responsible for the 
oven^bt wMch necessitated 
the meetings. 

The problem dates back to 
1989 when the prtferaice 
shareholders were first 
omitted from voting on a 
change of borrowing powers. 


National 

Bcinkof 

Bahrain 



JLmJk 




1993 FINANCIAL RESULTS 


(taUSSMOkn^ 

19*3 

1992 

1991 

1990 

1989 

NetbeoBe 

43.17 

31.41 

ZI69 

23.94 

21.46 

DMdert 

a.28 

17.02 

H.89 

14.89 

14.89 


1953.43 

1723.75 

1834.33 

i6ii.n 

1757.02 


1674.79 

1473.35 

1588.83 

1375.90 

1519.39 


136.56 

212.02 

199.47 

188.19 

180.53 



■ 15.27% 

H.28K 

12.98% 

12.07% 

Bdm OB AsBife Amis 

2.35E 

I.77K 

1.61% 

1.42% 

1.34% 


Statement of Condition 

As 31 December 1993 


SlDecE 


3iDec92 


ASETS 


IBS 

WHIim 


IBS 


aod 6aluces al Cotial Bants 


S5J3 


4951 


Treasury BIDS 


8757 


22758 


PlacoMBts wBh aod Adnoces to 
Bnnb and otber nuDdal hstautiins 


342J9 


71259 


Uooqr Mtftei hslniaein 
- Bante and other FlDandal tasttvUons 

-WonSanta 

Trading Seonilies 


SSA6 

550 


4S57 


1050 


Loans and Advance to Nnigaiib 


48055 


439J9 


hivesinientSecurltie 

-UngTenn 

-SurtTain 


33.70 


1(32 


brnstneUIn Associated Coaipany 


559 


Aocfued hrteest Receivable aad 
Otber Assets 


3854 


2673 


Fixed Assets 


I&IO 


ia48 


TOOL ASETS 


195353 


172175 


LbUHUnES 


Due to Banks and Otber 
Fbtandalinstibdioos 


30141 


3355! 


Bornndngsiada 
Repureiuse Agreemenls 
CustoineTs' Deposits 
CeutEcatttdDqioiits 
-NouBanta 


8656 


119351 


113549 


154 


Dtedors' Renunerailon 
(Subfea to ShareboUen' Approval) 


057 


027 


DMdend Proposed 
(Snb|ect to SbuehoUen' Ajqnovd) 


2158 


1752 


Accnied htcRst P^able 
and Otber Lidiililn 


2654 


2159 


TOnLUABUIlB 


172187 


1511.73 


SUBEUQUeS'EQUin 
Share CapM 


5£IB 




Resaws andtealned Earning 


14S58 


12652 


TOniSHABSIOUiaF EQWTY 


23150 


21IQ2 


TOULUABUISAM) 

SHAREHOUagEQIITY 


1958.43 


I7Q.75 


Statement of Income, Expenses 
& Appropriations 

For the year ended 31 December 1993 


31 Decs 

31DecE 


(fiS 

IBS 

nCOME 

wniti^ 

Mfaag 

Interest Emud 


9558 

LscIntaBtEipense 

52.77 

55.19 

Netfattaestbeoae 

4MI 

4069 

Ottiertaeoiiie 

37J7 

1458 

Net iMcKst and Odio' IncoBie 

86.73 

5599 

OPEJUIIMixanidB 

SlaO 

ISJi 

1116 

Other 

IMS 

£28 

Mai Qpenllxi Expona 

2854 

2L44 

Net tanone BdoR PnnWoBs 

56.19 

3395 

Ptofiiiom 

1192 

£44 

IffTlIWOUE 

4127 

31.41 

Mel hnme mBable far 



qipMMeiB 

4SJ7 

3085 

Net taeone ittrOnlalde to 



Asndaied Company 

- 

056 

APPROPRUnOffi 



Subject to Shattindden' 



Approval) 



DMdaidat2St(199Z*20S) 

2L28 

1752 

Dfrettot^Renmeiatioo 

837 

0Z7 

Dmatlan ancICantriiRdiOQS 

£15 

154 


2170 

IA83 

Retained Euflinp far the yev 

1957 

1258 




SkouabiRinnR) 

625 

451 


s.n 

1729 

Triuler Id General Reserve 

1338 

1063 

DansfcriofotulnyRessrw 

£66 

- 

TniBler to Reiteiiin Reserve 



tarAesoctaledCoopiay 

- 

056 

Retained EanfaiBi 



CerrledFanranl 

851 

620 


MucdUl 

QbIibhb 


TNOSIUDMlIoqjd 

owe 


iWMaajm 

OeEnmiMOan 


NathNial Bank of Bahiaui BSC P.O. Bex 106, Mnoanu. Stale of BBhuio.Tblq)lKiiie 258800 Fax 21 1307 


Ladbroke goes back to 
casinos after 14 years 


By Tim But 

Increase^ demand for 
gambling has prompted Lad- 
broke, the hotels, betting and 
home improvement group, to 
consider r^unching its casino 
business for the flirt time In 
more than 14 years. 

The company, which last 
week reprtted a 21 per cent foil 
in pre-exceptional profits to 
£U7.5ni, hinted yesterday that 
it was keen to e^loit the suc- 
cess of tiie gaming industry, 
particularly in tbe US where it 
earns more $lQlm a yw. 

Plans to revive the division 
would mark Ladbroke's first 
return to casino operations in 
Britain since 1979, when it was 
ordered to surrender three 
licences following l^al actioa 
about the way it tried to win 
business from rival companies. 

“We are looking at expand- 
ing our interests in gaining 
around ^ world, and that 
indndes the UK,” the company 

yviil- 



Feter George: US g^ng pulls 
in more $10bn a year. 

A return to operations 
is expected to begin in the US 
where Ladbroke has been 
awarded gaming licences in 
four state: California. Texas, 
Pennsylvania and BXichigan. 

“The US is the biggest 


DTQwtb mariset, and we’d like 
to see si gnifi cant growth out of 
casino and gaming (^rtatioos 
there." the company added. 

tiie proposals are thou^t to 
have been encotuuged Mr 
Peter George. Ladbroke’s 
recently-promoted chief cxocu* 
tivc, and B«r Mike Smith, the 
rormcr head of bookmaklng at 
William Hill - who Is joining 
the group shortly m head of 
gaming opcratluns. 

Mr George, a former manag- 
ing director of the cmnpBXiys 
racing operations, is said to 
have sanctioned the move Al- 
lowing his ai^intment in Jan- 
uary and the retirement of 
Ladbroke founder Mr Cyril 
Stehi. 

The company’s renewed 
interest in casinos has emerged 
within days of it admitting 
that trading conditions at its 
Hilton International hotels 
subsidiary remained difficult 
and that product cutbacks 
were necessary at Texas Homfr 
care, tbe DIY chain. 


Interest deferral 
hits Heron shares 


By Maggie Uny 

Prices of Hrtxm Zhtemational's 
bonds and shares feU on Friday 
after Thursday night's news 
that bondholders would be 
asked for a three-month defer- 
ral of interest payznents. 

The securities were issued as 
part of last September’s £L4bn 
restructuring. The senior 
bonds, which had been quoted 
at 68-73 per cent of par value, 
fell on Friday to 60^ per cent, 
while junior bonds fell from 
20-25 per cent to 12-17 per cent. 
The shares fell from 14p-19p to 
8 p-I^ 

The main cause of the pro- 
posed interert payment delay 
Is the substantiid fell in Span- 
ish prcqieTty values. 

The interest payments were 
largely depenitet on the sale 
of some of the Heron head 
office division's Spmiish prop- 
erties. 


Heron. Mr Gerald Ronson’s 
properl y group, also said that 
it put proposals to bond- 
holders converting a portion of 
the senior bonds into a new 
debt instrument which could 
convert into equity. Heron said 
it could no loziger predict with 
any degm of prudence that 
the senior bonds would be 
repaid in fulL 

Mr Roxison, whose sharehold- 
ings ifidiMimg his femily and 
charitable trusts fell from 100 
per cent to 5 per cent under the 
restructuring, is now less 
likely to achieve the 
shareholitii^ under the man- 
agement motive plan. 

That would have given Mr 
Ronsou 85 per cent of a 25 per 
cent stake in the group if tbe 
senior and junior bom^ been 
repaid in full by March 31 2000 
az^ the net asset value of the 
group exceeded £2l0m at the 
same date. 


COLORGEN: Pre-tax profits 
S12.Q0O (£8.200) for half year to 
Dewmter 31 agaizist $9,000. 
Sales amount^ to 
($SJlm). E.'vmings uzicbanged 
at 0.1 cents per share. 
GUINBIESS is buying up to 
l.4lm further shares in Gre* 
ziada Brewing at EC$3.3 (57)^ 
from the govwnment of (Sre- 
nada. Increasing its holding 
from 22 to znore than 51 pv 
emt and the value of its inyte* 
zzient in Grenada to nearly 
£l5m. 

HINMET has signed a provi- 
sional agreeznoit to acqure up 
to 75 per cent of Bia. a Russian 
joint stock company which has 
tbe mineral ri^its to a signtfl- 
c, ? n* deposit of WoUastonite in 
the Altai Republic of south 
western SlbezitL 
NEEPSEND is selling land at 
Fenistone Road, Sheffield, to 
Tesco for £400,000 cash, pay- 
able on completion on March 
23. The lozul is sold subject toa 
restrictive covenant preventing 
its use other than as a car 
pmk. The book value ot the 
land is £625.000. Proceeds will 
be used to cut borrowings. 



CROSS BORDER BMA DEALS 

BtOOGR/MVESTOR 

TARGET 

SECTOR 

VALUE 

CCMMBn' 

Telefbnlca de Espatia 

(Spaii4 

CPT/Entet (Peni) 

Telecoms 

eiJ4|yi 

Success ter 
ptfvalisattoo 
package. 

HoHinger (Canady 

Sun-Thrm (U^ 

Publishing 

eiRIm 

Urban martoR 
move 

St George Bank 
(AustraBa) 

Unit of Barclays (Uig 

m 

Banking 

E94m 

Strategic 

ratal 

cBvestmant 

Tack Cetp (Canacbd 

Nunachtaq 

(Australia) 

Mining 

£69in 

MIM eels its 
half 

Hoiwhen (Netlwrfandni 

^fw4ec (Poland) 

Brawing 

e27m 

Agreed 24BK 
stake 

EngBsh CI*M CMUiq 

Kost Brathera (U^ 

Bunting 

mataitals 

£21 5m 

Strategic cash 
buy 

SmWi a Nephew (UK) 

8SN B Sraun- 
S8N (Qermto) 

HaaKbcara 

£ 1 .Bm 

Buying outoand 
ing SDK 


Radto Spares 

Comporwnts (NZ) 

1 * 

£ 1 . 6 m 

Cash transao- 
bon 



ABC (US) 

I 

Uirique Broad- 
casting (Uiq 

Broadcasdiig 

rVa 

Taking mlnoriw 
stake 

1 PartelirruiBilCroinariy 
^ Canal Plus (nane^ 

Joint vantiau 

Broadcasting 

nte 

Developing 

iWattenshlp 

1 


liiiniiiHiiiiiiiiniiiiiiiniiiinninniiiiiiMiiiininiiiii 

Application bat mjJt to Ae LohJok Stodi Bxtkgi^ for the wht^ of Ae ordmarf share capiul of M£re$iry 

BvTOpAfM P riv aiimn on Trust pU mJ all of As r e an ont s , issued and to be issued fMMWtf to the the 

bitennediiries Offer auJ the Offer fisr Suhseriptiau to be eJmhted to Ae Ofjk^ List. It is er^reO^ that such oAtdssiou 
iptfl beeime effeetwe and that deJmps m Ae ordiury shores and Ae usmxmtx (bi urnhs offu» nH jn try tbitm itrd me 

dMMMMceofi iriia]'. llcA Mndb, 1994, Separate de^u^ m Ae ewdiuury sbons and tuerr^Us 

etpeeted to comnetcr m Moud^, 25A April, 1994. 



MERCURY EUROPEAN PRIVATISATION TRUST pic 

(lueorporeud^ r t gut ereJmEu^amluud Veies wider Ae Quupeuies Aet t9SS mA refisimd no. Za8S60!>> ^ 

Result of Placing, Intennediaries Offer and Offer for Subscription 
of up to 115 million units at 500p per unit 

(each unit coosisnng of five ordinary shares of 25p each and one warrant) 

sponsored by S.G.Warburg Securities Ltd. 

Mercury European Privatisation Trust pic is a new investment trust which will invest in 
privatised companies throughout Europe (including the UK) with the oHecdve of achieving 
Jong-teiTD growth in capital and income. 

Pladng 

65 million units (£325 million) have been placed by S.G. Warburg Securities Ltd. 

bitennediaries Offer 

Tbe Intermediaries Offer of 20 million units (£100 million) which closed on 25th Februarv 
19?4 was subscribed to the extent of 19,077,280 units (£95.4 million) with applications bdng 
received from 130 Intermediaries. All valid applications under the Intermediaries Offer will 
receive a full allocation. 

Offer for Subscr^doo 

The Offer for Subscription of 30 miUion units (£150 miUton) as extended by the 922.720 units 
not subscribe under the Intermediaries Offer received 43.607 applications in 
31,708^ units (£158,5 million). As a result tbe Offer for Subs.5riprion was o«!^I^bed 
by 785,480 units (£3.9 mdlion). All valid applications under the Offer for Subscription will 
receive a full allocanon other than in the case of those aDnIie.mF« . i- j r ^ 

3.000 ,£15.^, who WO, S,. po. c„,. ^ „ 

a muumumof 3,000 umts (£l5,0(X)}. ^ 

Tbe Placing, Intermediaries Offer and Offer for Subscription have in aRsrenate raked £.575 
million for the Company- 

7a March, 1994 

hill 
















FINANCIAL TIMES MONDAY MARCH 7 1994 


21 


COMPANIES AND FINANCE 


Astra calms health fears 
over its anti-ulcer drug 


VW builds a platform for growth 

Kevin Done looks at the German carmaker’s rationalisation plans 


^Hu^Camagy 
In StooWiolm 

Astra. the Swedish 
pihamiaceutleals group, yester 
day Insisted there were no sci- 
entific grovmdfi to justify a 
threat by the German anthori- 
ties to bar an. intravenous 
application of its anti-ulcer 
d^ Losec, the company’s l^- 
ges^selllng product and the 
world's fiftthlaigest selli]^ pre- 
sertpfiou drug. 

News that BGA the Gennan 
beaMk agency, was coa^dering 
withdrawing approval of the 
intravenous injectUtle form of 
Losec on the suspicion that it 
was linked to heulng and eye 
disorders sent Astra’s sharo 


By Klem Cooke 
hi Kuala Lumpur 

Sima Darby, the Malaysian- 
based conglomerate which 
claims to be south-east Asia’s 
biggest multlnatloDal, has 
flpTiminrwH pretax profits for 
the six mon&s to December 31 
1993 of M$420m (USSlSOzn). a 12 
per cent rise on a year ago. 

Group turnover was up 18 
per cent to HS8.9bii. Sime 
Derby, ante tfantatton based. 


price lurching downwards by 7 
per cent on fViday. Astra A 
shares recovered later to end 
the day down 3 per cent at 
SErlTL but the emtip an y will 
be watching anxiously to^ to 
see if investors react further. 

The German action followed 
the ^ 9 Mrance (d vision axsl 
hearing impairments in 
patients being treated intrave- 
nously with Losec for bleeding 
ulcer conditions. Hie BOA said 
it was concerned that omepra- 
zole, the active substance in 
Los^ caused the condition. In 
a letter to Astra, the agencgr 
gave the Swedish compsAy 
three weeks to respmuL 

Bfr Staffon Tenfoy, investor 
Tetattons chief at Artra, said 


is Involved is. a wide range (tf 
activities including motor 
vehicle assembly, the oil and 
gas industry, heavy equipment 
tranBhises, property md, most 
recently, the power sector. 

Sime’s operaticms in Hong 
Kong, where it is the main 
autcmiotive and heavy equip- 
ment distributor, contributed 
most to overall group profits 
throu^ activities in Malaysia, 
particularly in the fost 
hig inSrastiucture sector. 


the company had bem aware 
of the prcAlems in the bleeding 
ulcer patients since last 
autumn. Ihvertigatioos by the 
group and by outside apedai- 
ists had since found no evl* 
Aence to Imk Losec to the con- 
ditions, be said. Astra believed 
they were caused by the undor- 
lying disease affecting the 
patients, not tiie drug. 

“We are confident we can 
show scientifically that there Is 
no connection. We are not too 
worried by fois letter from the 
German authorities,” he said. 

Intravenous injection 
aecouxtis for oily a small per- 
centage - of Losec sales. But 
total sales of the drug were 
SKrl27bn ($16.1bn) in 1998. 


Pre-tax profits on Bmig Kong 
operations increased to Mt95m 
A072m in the six-numth 
period compared with the 
equivalMt pei^ in the previ- 
ous y^. Pre-tax profits on 

Mfliay eian (^^eratiODS WBOt up 

to Mgdtoi BQ79m. 

Pre-tax profits were gener- 
ally unchanged across most 
other divisions of the conmany 
although there was a steep foil 
in pnAts in the plantations 
sector. 


Bronfman 
shares lifted 
by stake 
speculation 

By Bernard Shiion in Toronto 
mid Matthew Curtin fai 
JoharmeMiurg 

Shore prices of companies 
eontrolM Torooto’s Bronf- 
man fomily jumped late last 
week In the wake <rf reports 
that Anglo American of South 
Africa was negotiating to 
acquire a lai^ stake in the 
Canadian resources, real 
estate and finaneial services 
empire. 

i^lo American and the 
Bronftnan group declined to 
comment, which suggested 
that the South African eon- 
^omerate migAt invest an ini- 
tial CSSOOm (DS$227ito in one 
of the Bronfinans* top iwiding 
cmnpaides. 

A^o, throng Minorco, its 

twtPi-waHowal winmfii»w arm. t« 

said to be Interested in Nor- 
anda, tite Toranto-based min- 
ing, forestry and energy 
group. Noranda shares gaiuM 
C91-25 last week to C9S8.26. 

Hr Alf Fowls, Noranda’s 
chairman, said tlmt “there 
have been conversations 
between tile GBnmfrnan] grotto 
and Ai^ Amnican.” 

Howevm*, BIr Fowls said he 
was ntider the impression tiiat 
the contacts had been termi- 
nated. 


V olkswagen's radical 
plan to rationalise its 
new product develop- 
ment and engineering 
operations is Important for the 
group's chances of achieving 
Imto-term pn^tabillty. 

'The strategy calls for a 
reduction in (he numbw of the 
group's baric car chasris plat- 
fbnns from the present 16 to 
four by the eariy years of the 
next decade. 

“It will take seven, ei^ or 
nine years to complete.” says 
Professor Ulrich SeUfert, VW 
research and development 
director anrf ehaiiwaw of the 
group product strategy com- 
mittee. 

Ibe present “platform confu- 
sion” results from the histori- 
cal development of the group- 
he says, although he admits 
that earlier managements of 
whibh he was part had been 
too weak In foUhig to rational- 
ise the group’s sprawling prod- 
uct range. 

“In a world of shrinking 
engineering capacities but 
^obal openUioiis, and with the 
the opening of previously 
closed maikets. there is a need 
for a new strategy.” he says. 

While VW hM introduced 
new technology and platfoims 
for its mainstream models, 
such as the third generation 
VW Golf launched in the 
autumn of 1991, it has left ear- 
lier generation models In 


production at overseas pkmts. 

Hr Ferdinand Ptech, ^ cm- 
troversial chairman of (he VW 
group masagement brard, who 
is leading a ruthless corporate 
revolution at Europe's biggest 
carmaker, is adamant that rhin 
wild proliferation must be con- 
trolled. The group's future 
product development will be 
streamlined. 

Prof Seiffert. who was 
demoted from the VW grrap 
board in one of Ur PiBch's 
early purges of top manage- 
ment last year only to be rein- 
stated on the board last 
autumn, is the man appointed 

to iMd tiW implamwntaHnn of 

the new platform strategy. 

H e is introducing a 
strategy in which 
there will be only one 
lead develqtor in the group for 
each of four basic ptetfrnms, 
but there will be seroral usera 
of each platfonn, which will 
develop their own. distinctive 
models under their own brand- 
names. 

“Under the skin” models off 
one platform will be largely 
identical with many sliared 
compooents, but the parts of 
the car visil^ to the customer 
- for example body styling or 
interior trim - will differ. 

“There are a lot of parte that 
we can make idmitical for all 
cars fium one platform, the 
ABS tanking system, the ate- 


ooodltioner, water pustos, ato 
bags or fiiel injection no^es. 
You can standwlise. No one U 
interested if the airbag inilator 
comes from one company or 
another. The customer only 
wants it to woric,” says Prof 
Seilfert 

An of the four platforms will 
be designed and developed in 
Gennany, two by the Volkswa- 
gen divisioa and two by AudL 
Derivatives may then be devel- 
oped by any of the four bnmd- 
name divlsiotts. 

Volkswagen will develop the 
AO small car (Polo) and the 
lower-medium (Golf) A plat- 
forms, while Audi will develop 
the executive ear B platform 
and the luxury car D ^tfonn. 

The AO small car platform 
will be the basis for the new 
generation Polo to be launched 
in the autumn, but it will also 
s pawn toe replacement for ^ 
^oda Favoiit, and the next 
^nerattoa Seat Ibiza. The A 
platform will be the basis for 
the next generatioa Golf but 
also for a small Audi, for the 
Seat Toledo replacement and a 
xrew product range tor Stoda. 

Prof Seiffert defines a ear 
platform to include the drive 
train from radiator and fen to 
the ewging and angina mount- 
ings, fuel lines, gearbox and 
gear shift, steering column, 
fuel tank, brakes and cables, 
exhaust system. Itont and rear 
axles, foot controls and wheels. 


For each platform these will 
be common, he insists. The dif- 
ferentiation will come In body 
styling, the dashboard, the 
seats, the bumpers - “ever>’- 
thing above the floor pan and 
the drive train". 

He claims that 55 per cent to 
60 per cent of the whole devel- 
opment cost for a new car is in 
the platform. This is where he 
hopes the saviitos wtU come. 
The platform leader may have 
10 per cent more costs, but all 
the platfonn users will be 
saved the entire platform 
development cost 

T he gains Prof Seiffert 
promises to reap for the 
grotto will be: 

• increased flexibility and 
transparency between plants 
producing derivatives of the 
same platform. Production 
could be swlt to ed more easily 
between plants. “We will be 
able to contoare plants worid- 
wlde, there will be no discus- 
sion any more of the contents 
of the cars.” 

• Greater certainty in the 
start-up phase of new models 
with shared parts end systems. 
• Lower purdiaslng costs for 
components because of much 
higher purchasing volumes 
and improved chances for 
^bal sourcing. The new Golf 
A platform with Its derivatives 
could be produced In a volume 
Im-lAm units a year. 


Sime Darby profits rise 12% 


ICI, Amoco in China 
$6m polyester venture 


Imperial Chaudcal Industries 
of the UK and Amoco of the US 
have each token strat^e 
stakes 2.5 per cent in the 
Yldumg Chemical Fibre Com- 
pany, China's biggest polyester 
producer, which is being 
floated on the Hong Kong 
stock exchange. The stakes are 
worth US|6m aidece. 

Ylgheng is claimed to be the 
world's filQi Uggeat polyester 
producer. Bfr Alan Spall, ICTs 
finance direetw, said the com- 
pany was a Is^ customer. 
“We are talkjng about a nmn- 
ber of things we might do 
together,” he said. 

I(]!I, which got rid its fibres 
operatims in the l9S0s, said it 
did not intmid to re-enter the 
fibres market, However, It 
recentiy completed a £150m 
(|22Sm) plant in Taiwan mak- 
ing terephtoallc add (TPA), a 
raw material for polyester 
manufoclute. 

Generali premium 
income rises 13.5% 

Aggregate premium income at 
Generali, Italy’s biggest Insur 
ance company, rose 13A per 
cent to Ijl9.2Kto ($11.3bn) In 
1993 after a Anther strong per 
fonnaiuag from its joint venture 
in Spain with Banco Central 
Hispanoamericano, according 
to preUminary results, writes 
Jflhii MiwMim in Mllaii- 

Generali said the parent 
company’s net profits, which 
wfll be revealed after a board 
meeting in early May, were 
otoected to show an Improve- 
ment on the Li^.8bn in 1992 in 
qdte of a hmivler tax burden. 
The parent company premium 
income was L9,^bn, an 
increase of 8.4 per cent. 
Ad^i^ for currency factors, 
the rise was 4.3 per cent 

Improvemeot at 
LemI Lease 

Lease, the large Sydney- 
based property and financial 
services ^up, reported net 
operating profit of A3ll8.9m 
(US|85m) Aw the six months to 
end-Deeember, up 7 per cent on 
the year-ago figure, writes 
NUdd Tait in Sydney. 

The increase was held back 
by a doubkri tax charge. At the 
pre-tax level there was a 


17 pm* emit rise, to A$144.Sm. 

Meanwhile, L^ Lease con- 
firmed it wag oonsldertng a Ud 
for the State Bank of New 
Sootii Wales, Australia’s fifth 
laig^ bank and in the process 
of being privatised via a trade 
sale 1^ tto state govenunent. 

HK mass transit 
groiqt jumps 82% 

Hong Kong’s Mass Transit 
Railway Coitooration (BfTRO 
has reported an 82 per cent 
snige In profits to HKS735m 
(US$95.4m) for the year to 
December 81 1993, compared 
with H^KOSm hi 1993, writes 
Louise Lucas in Hong Emig- 
The company attributed the 
rise to fapTeagM In fares and 
numbers of passengers, 
together with lower interest 
rates on borrowings. 

Bfr Hniwteh Blathers, chair- 
man, said sonrees of recomug 
income rose 13A per cent to 
HE$4.53hn. M^C’s boiTOw- 
at the yeai>ead stood at 
HK$13.58bn. During the year, 
new committed facilities of 
HK83.98bn were arranged. 

Strong advance at 
Tetekom Malaysia 

Triekom B&ateyria, the part- 
ly-privatised telecommunica- 
tions utility, has announced 
pre-tax pi^ts of M$1.6bn 
<US$K6nO for cateodar 1993, a 
20 per cent rise on the previous 
year, writes Eieran Cooke in 
Kuala Lumpur. 

TTie Malaysian govenunent 
floated 25 per cent of Teli^am 
on the Kuala Lumpur stock 
fTOlvmgB in late U90 and the 
utility is the second largest 
listed company on the market 

Mr Rashdan Baba, Telekom’s 
executive chairman, said he 
expected Telekom’s customer 
base to by between 13 

ptf cent and IS per cent over 
the next few years. 

“1 briieve our pnAte are a 
reflection of the scope of the 
nuritet far telecommtmications 
in Blalaysla and, we’d like to 
to inT* . management's ability to 
manage the buriness Cor com- 
merdal success.” he sakL 

Triekom said operating reve- 
nue increased 15 per cent to 
M$3.9ba in 1993 while expendi- 
ture increased by 12 per cent 


THE BBEinr WAUf M CROliP WjC 

(IncoqiOEated with limited liability in England) 

(the “CompanyT 

NOTICE OF RESULT OF MEETING 
to 

the holders of the outstaniting 
£90,748,609 

Variable Rate Convertible Subordinated Notes 
due 2007 
of the Company 

NOTTCE OF RESULT OF MEETING 
OF NOTEHOLDERS 

NOTICE IS HEREBY GIVEN to the holders of the above 
Notes that at the Meeting of the Noteboldera, eonvwted by 
the Notice mailed to bt^deis of Notes in legiste^ on 

1st February, 1994 and publisbed in the Financial Times 
on 3nl Febroaiy, 1994, held on Friday 2Sth February, 1994 
at 1 1.00 a.m. (London lime) the Extraordinary Resdution 
sei out in sudi Notice was duly passed. 


Registered OITice; 
19 Rupert Street 
Loudon 
WIV7FS 


By Order of the Board of Directors of 
TTie Brent Walker Group PLC 
K.G. Dibble 
Secretary 

7ih March. 1994 



1 Results “ Year ended 31 December 1993 


1993 

1992 

Increase 

Turnover 

£1431 m 

£1238m 

+ 16% 

Pre-tax profit 

£95in 

£60m 

+ 59% 

Earnings per share 

12.1 p 

8.0p 

+ 51% 

Final dividend 

3-3p 

3.0p 

+ 10% 


Continuing progress towards superior performance. 


Cookson 

Copies of rfie annual report will be sent to shareholders will be avaihblc from the Group Secretary, Cookson Group pic, 130 Wood Street, London EC2V 6EQ, 


Cookson C 


material solutions for industry worlciwlde 


Electronic Materials 


Ceramics 


Engineered Products 


Plastics 







FINANCIAL TIMES MONDAY MARCH 7 1904 


The Markets 







Global Investor / Martin Dickson in New York 

Waiting for Mr Greenspan 


Howsliwi i w hol d^artlii to 


Bkoss raturn»8aaimt«p.sqi», 96 
■ .10 



rOyMM 
•tnduiByimuid • 


■ -a Mail «»ayaaifi 

.YiabrtflWi Ha ftra cU M M ti ul rlB' 


*0yaaR 


Gdp«i4 tS8(W aovecKinoetargelar 
BeeM8tatutnaa94lStSSP5«K.9f . 



■HXV- * . 1 * 

• ■•6yMrs- ■■..-atyMS.- -tayiack - -^yiara** . 
hnduMy«4MKt:' ' : • 

6oiRcVW**MseeliMr 


(Tnlpnm losotaigots 

Wa wl Bter , mliithin to the SAP Oompoaite 600 




19BB 


in 1990, raising fears that the 


Total Mliini M local curron^ to 8/9/$o 




" • 

. Uei.uiinf 




- •■Us- • 

JipM 

rwii- 

Kab 

we- 

Cash 
Week ' 

006 

0.04 

6.12 

0.12 

0.18 

0.16^ 

Month- 

0.27 

0.19 

051 

0,54 

070 

0.45 

Year 

044 

3.09. 

7JOO 

031 - 

10,81. 

. &63;: 

Bonde S-O vaar 








-i:i7 

-037 

-032 

-094 

OilS' 

- Month 

‘-i.99 

-1.82 

-1.79 

-027 

•2A2 

■tj3- 

Yaar'. 

9J0^ 

4.36 

7.39 

12.12 

20,44 

■•7.82 j 

IBohde-T-IO vaar 






Week 

■0.77. 

-t.86 

..-0,93 

-1^9 

-1.79 


Month! 

•&66 

■SJ» 

■OBB 

^78 

•5.23 . 

- -4,36 

Year . 

:3.12 

4.03 


13J53 

STM- 

tott-. 

Equiitea: 

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■C.4 


'■ rCA 

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. Month 

-■ -3.& 

-07 

-S.4. 

-4.8 

■3JS 


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274) 

207 

21.3 

2&4 . 

17* 


Boot ffW tonil ha otocfca;*?*®* Wo^W Indlooa: 
in ib^'curroneir.to 9f9f94 ■ 





Ohm ' 

WMc. 

■ MmUI'. 

.. Yter 

tasrt^'PiUpk HZJ 

005 

200' 

00: 

■ -500 

N6kla‘PB(^ . 

377,00 

-22J1. 

' SB 

242.7 

KMstan.OpM ^ 

.* 8.84 

' 19^ 

1O0 

98.9 

Nok6sC)ird.:ff^- 

37000 

-IflilO - 

9.8 

217.8 

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'niiteTouri^(Jop$.; 

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17410 ; 

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195.7-. 


6n*e«eOih.«Bon(te>LOnun6ntlwe...: 

MteMatoieMaitotO.iaiTtoRnandaTitiinLMae. i 

QMntm aihi ^■Ob.,h<i MWtot O naWi uAd 


t Global securi- 
ties markets 
recovered a 
measure of 
poise by the 
weekend after 
an extremely 
volatile few 
days trading, 
but the mood remains fragile 
and dependent in no small 
measure on the actions, or ladt 
of them, of the US Federal 
Reserve. 

Much of Wall Street is 
eq;)ectuig Mr Alan Greenspan, 
the Fed «-!>iflirtTiflTi, to follow up 
Last month's 25 basis point 
increase in the Fed funds rate 
with another 25 point move 
during the next few weeks, 
poshly accompanied by a 50 
point rise in the psychologi- 
cally important discmmt rate, 
which acts as a floor for the US 
interest rate structure. 

The Fed’s February tlgh^- 
ing, which Mr Greenspan pre- 
sumably hoped might stabilise 
the Tr^uury bond market, in 
the event sowed Inflationary 
anxiety and sent US bond 
ixices sharply lower. 

Against this background, 
and statistics showing buoyant 
US consumption the Fed Is 
expected to reinforce its inflar 
tion fitting credentials. A 
move could come as soon as 
this week or about the time of 
its polk^-making Open Market 
Committee meetup, towards 
the end of March. 

A Fed move is so widely 
expected that it is already 
lai^ly factored into Treasury 
prices, but the maiket could 
stin fright again, particu- 
larly if a rise were linked to a 
QMdfic piece of economic news 
with worrying inflationary 
implications, rather than, pres- 
ented as part of a planned 
strategy to prolo^ the current 
economic expansion. 

Take, for exanyile, the mar- 
ket's behaviour last Friday 
morning, when the hpartiinp 
statistics for February employ- 
ment were mudi stronger than 
expected, and bond prices fell 


sharply in anticipation of a 

fniii - m o rning H ghtftning by the 

Fed wMdi never materia&ed. 

Closer examination of the 
data convinced economists 
that the figures pointed, if any- 
thing, to slower rather than 
stronger growth, and the. 
benchmark SO-year issue ended 
the day up A for a yield of 
6.829. I’^th US infiationary 
pressures sW modest, the mar^ 
ket looks oversold on funda- 
mentals, but it may take some 
very ad^t proaontation by Mr 
Greenspan to convince Wall 
Street of that, at least in the 
shiMt-nin. 

The manner of a Fed move 
also has important implica- 
tions for European bond mar- 
kets, which so for have been 
u^le to decouple themselves 
from foiling prices across the 
Atlantic. Last Wednesday 
Europe was given an excuse 
fin* market turmoil Its own 
witii figures showii^ tiie most 
explosive growth in German 
money sui^ly since unification 


Bundesbank will move even 
more cautiously in cutting Ge^ 
man rates. 

The figures were distorted by 
numerous special foctors and 
tomorrow’s German labour 
market report will underline 
the delicate state oi the econ- 
omy. Even so, further signifi- 
cant rate cuts by the Bundes- 
bank - the key to a bond 
maiktf rally across Europe - 
stin seem some way ofi. 

■ Recovery stocks 
The volatility in ^obal stock 
prices since the Fbd’s Fdiruary 
move has analysts divided as 
to whether a short, sharp and 
much needed correction in 
equities Is under way, or 
whetiier this is the start d' a 
creeping bear market which 
could see a slow, relentless 
riprTwip in valuatic^ as gmftll 
US investors who have 
plunged into mutual ftmds 
switch out again. 


aowGwfronfMtB 

What havens are there in 
such an uncertain cUmate? 
One possibility is sectors 
wMdi have traditionally ont- 
performed at this stage of the 
economic cycle, and in the US 
that means capital goods and 
basic industries. Anotto altei> 
native is recovery stocks - 
poor performing companies 
whose fortunes are being 
transformed. 

In the US, investment in 
recovery st^s has become 
entwined with the corporate 
governance movement » the 
trend for certain public pen- 
sion funds and private invest- 
ment groups to put very direct 
pressure on companies to 
Improve their performance. 

The main focus of these cam- 
paigns is the company flnnnai 
meeting season, generally 
known as the proxy season, 
winch is just about to b^in. In 
the months preceding the 
meeting investors and man- 
agements go through an elabo- 
rate game of carrot and stick. 


with the shareholders threat- 
sung to put embairassing res- 
olutions oa ballot papers. 

Several leading fond manag- 
ers have developed sophisti- 
cated screening processes to 
identify dc^ while tiie Coun- 
cil of Institutional Investors, 
an nmbraila group, has pro- 
duced a list of SO poor perfi[»ia> 
ers for use by its mesfoers. 

A recent study by the pen- 
sion consulting firm WQ^iire 
Associates of investment 
results by 'The California Pub- 
lic Employees’ Retirement Sys- 
tem, Capers, probably l^e 
most activist lai^ investor in 
the US, pvea powerfol support 
to the that corporate gov- 
ernance activism can pay big 
dividends. 

■ Beating the S&P 

vnishire looked at the returns 
to shareholders of 42 conma- 
oies targeted by Caipers 
between 1987 and 1992. This 
group s^nllicantly underper- 


formed the Standard & Poors 
BOO index of ^*»***ng ato^ in 
the five , years before Caipers 
targetted tto companies. How- 
ever. in the five subsequent 
years they showed a 4i per 
cent excess return over the 
S&F. Adjustii^ for special 
industry foctors, the return 
was 36.6 per cent. WilsMre 
then broke the companies 
dovm into two groups (see 
chart above) - one targeted by 
Caipers between 1967 mid 1989, 
when its activism 

nas ibnitori to giieral Issues of 
corporate governance, such as 
the anti-takeover devices 
installed by companies. That 
group shov^ little improve- 
ment rehtive to the S8f 500. 
The second group consists of 
those targeted by Caipers 
betvreen 1990 and after it 
changed its poli^ to one of 
activ^ seeking to inqirove a 
company’s financial perfor- 
mance by anga gin g jn a dfo- 
logue with its management 
The companies handsomely 
outper fonoed the SAP. 

Similar evidmiee comes from 
Lens, a small fond manage- 
ment group set up by Mr Rob- 
ert Mofnks, me of founders of 
the shareholder activist move- 
ment to take stakes in pom 
performers and pressure their 
ifianag Biq^pt jnto changcs. 

Lens takes a more advet8a^ 
ial approach to management 
than the large pension Amds. It 
initially targeted four compa- 
nies - Sears Rodiuck, Eastman 
Koda^ Westinghouse and 
American Express - all of 
which subsequently went 
tiirough boardroom upheavals 
mainly because of shareholder 
pressure. 

In its first year to last July, 
Lens' investments in the four 
companies returned 26.1 per 
cent con^ared with 7.2 per 
cent for the SAP 500. 


■ Piggybacking 
Of course, few investors have 
Calpera ability to concentrate 
the minds of under-performing 


managers. But others can 
piggy back on their eBbrts by , 
Investing in ^ same stocks. 

Caipers has selected 10 com- 
panies on which it will focus 
attention in the 1994 proxy sea- 
son. They include three it ta^ 
geted last year but are still 
u^rperifoioiDg - paper com- 
pany Boise Cascade, IBfif and 
Westuyghouse Electric. 

The other seven Include two 
photographic cmnpanles. East- 
man Kodak and chmnlcals 
group First Misrisslf^ Navis- 
tar International, the truck 
manufocturer, US Shoe, a foot- 
wear and clothing retailer; 
USX-Maratiion. an energy com- 
pany, and Zenith, the televl- 
siozz mazuifoctorer. Lens Fund. 
which claims to differ from 
large institutional funds in tar- 


geting not Just under-perfornif . 
ers, but companies where It 
foels strong activism can make 
an im^rtant difierence, Is 
invested in Westinghouse. 
engineering group Stone & 
Waster. Scott paper and Bor- 
d^ tto troubled food groim 
whidi ^ just shaken up ito 
top management 
So for, the US foods have 
limited their lists of undm-pe^ 
formers to the US market. But 
American institutional share- 
holders are beginning to rain 
awkward questlcms i^ut cca- 
porate governance at annual 
meetings of foreign companies, 
and It is («iy a matter of time 
before they start demanding 
explanations for poor perfor- 
mance frrai European and Jap- 
anese boards. 












I 


A word of congratulation 
to our clients on tiieir 
successful intematianal 


M&A transactions in 1993. 


Arcadian Partners, L.P. 
has acquired 

Fertilizers of Trinidad and Tc4>ago Limited 

and 

Trinidad and Tobago CJrea 
Company Limited 

from 

The Government of the Republic 
of Trinidad and Tobago 

and 

Amoco Oil Holding Company 
US$175,OOOX)00 


Coeur d'Alene Mines Corporation 

has acquired 

Cyprus Gold NTew Zealand Ltd. 

from 

Cyprus Minerab Company 
USS53,000,000 


Danek Group, Inc 
has merged with 
Sofomor, 5.A. 
LfS$265,000,(X30 


Elf Aquitaine, Inc 
has sold 
Elf Anhalt 
to 

KOCH Industriest 


Corpoi 

has acquired the 

Test and Measurement Operations of 
Philips Electronics N.V. 
USS52,000,(}(X) 


Geraghty & Miller, Inc 

has anruninced its propo^ merger witti 

Heidemij NV*+ 


BFINTSJV. 

has acquired equity interests in 
18 leveraged companies from 
First Chicago Corporation 
US$300,000,000 


The Sterling Group, Inc 

through 

PMI A^iusition Corporation 

has acqiuiM 
Purina Mtlb, Inc. 
from 

The British Petroleum Company p.l.c. 
VS$420,000,000 


Willcox & Gibbs, Inc 
has announced the sale of 
3,491,280 newly issued shares 
of common stodi to 

Rexel, S.A.* 
US$31,400,000 


Yorkshire Water pic 

(through its subsidiary, YW gnierprtses Limited) 

has acquired 

ALcontrol BVt 


IQilder, nabody dienis In boMfftCB type 
’Pendinx transaction '' 

tUndlscloKii US Oollac amount 



Kidder, Peabody 

Now w&''re taiking 


neenr wu, a naai sniT, imm Knee. 

Rooet PEMOor « a aamm « cscRM. BSEiK CO. 100. Tw MNemsaBT 
HK seat jVPfRMBi ar noDBi. PESoaor neMouwa. Lima lien OF VA. 


Argus Fundamentals 

Petroleum Argus 

CALL;crr:FR = £ TP'F, r::n,y :kv- ~ ' ' 3732 


Ill 1 1 1 , 1 1 , 1 n r 

1 1 ■ h 1 ■ ttf" • r T* ' 1 

1 1 • f r . i|j -1 

(;ic . - p . *' ■ ' 1 

1 Will' icr<' •; -I'l T“. -•■•'■.■' t- ' ' 

■ 'i'j: 

1 1 1 C ' r ' - -.11 


1 I’.tii f-'Ai MORE rOf! LESS : 

f>C QUOTE 

1 

■ Z!^ g-}KB hypepfeed I 


Economic Eye / Graham Bishop 

EMU is still alive 

.Bponoiiiic ' 


indeo ECecdoomto h a iM 



^ - ‘..to:.:,- 

, 'ystiiafibiP, aeiiymrt twMroe. gdiwnaiit tiayy 


® The emotion 
and beat of the 
Miaastrldit rati- 
^tionptWKss 

pinng anri mia^ 

pants alike 
have written oS Economic and 
Monetary Uni^ That judg- 
ment may be too has^. 

T Hwanrfal marlrpte - liberal- 
ised by the Single European. 
Maiket - have already created 
such conveigence of long-tenn 
Interest rates among a core 
group of EU members that no 
trend diveigence in exchange 
rates is discounted: a de fot& 
EMU of the few. 

A wave of elections wQl roll 
ac3«ss Europe (n the next two 
years. The neitiy elected gov- 
ernments will have to strike a 
delicate balance between their 
political ambitions fer forther 
int^pntion and economic eon- 
stoaints. When the next biter- 
governmental Conference 
(IGC) starts in 1986 there will 
be a formal constraint on 
thpTn- will the Maastricht crit^ 
ria to permit the start of EMU 
besatisfledf 

'Rto criteria were explicitly 
des^ned to promote price sta- 
bility but there was an invheit 
strategic purpose: to minimise 
tho risk that fitiawriai insteMl- 
ity could spill over into the 
political arena. 

Yet the opposite has hap- 
pened. Policy and financial 
markets have become increas- 
ingly entwined. In 1992-93, 
financial markets — liberaliaed 
by the sin^ market - demon- 
strated their power to disci- 
pline policy by shifting cap^ 
prompting the upheavals In 
theERM. 

However, recognising the 
apparent contradiction of 
inoreasii^ their own ejqposnre 
to mobile capitaL policy mak- 
ers are, reluriantly, accqiting 
toe importance ei markets by 
Bmphaaiaing that economic Sta- 
bility includes low long-term 
interest rates. They should 
conyilete the U-turn and reo^ 
nise the significance of two 
dear messages from the fiwan- 
dal markets: 

• The remarkable conver- 
gence of long-term interest 
rates In some EU memtors 
since the ERM eoUapse inmlto 
that monetary union would 
run with the grain ctf nuukets. 
• Nominal bemd yields, that 
were recently close to pod-war 
lows in many countries, im pl y 
that the purdiasers of govern- 
ment debt do not fbel timt pub- 
lic deficits are excessive amid 


deep recessioa and with infla- 
tion heaiWng for 30-year lows. 

As the 1996 IGC assembles, 
the European Commission and 
the Burc^ean Monetary Insti- 
tuticxi (EMI) wQl ggirmrno com- 
pliance with the Maastricht 
conveigence criteria, which 
cover four main foctors: infla- 
tion, long-term intiest rates, 
exchange rates and public 

Rnaneflfi 

Inflation prospects suggest 
10 ahnnlii pasS tha* teSt. 
The same states had md the 
interest rate criterion before 
tiie February collapse in bond 
markets. 

The ERM test - respect the 
‘’normal fluctuation margins 
for two years” - has a dUferent 
quality now that the margins 
appear likely to remain at 15 
per cent Tlie ERM criterion 
will beemne a dmple test of 
whether exchange rate fluetuar 
Hnna haw been minimal. 

As th^ criteria seem likely 
to be miA, the state of public 
fluanoe be thc key. The 
juds^nent required that “The 
Council shall . . . decide after 
an overall assessment whether 
an excessive deficit exists” - 
will be hi^ily politicaL That 
dedsion may be foreshadowed 
by the review, later this year, 
of Qie wiamhar states’ Conver- 
gence pnerammes; will their 
”plaimed defidts” for 1998 be 
acceptable? 

That is the test trtiere toe 
reality of the market should 
intrude, ft toe caidtal Oows of 
1992^ are any guide, the mar- 
ket will disdidine states for 
whom EMU Is unrealistic. 
Those states that are genuinely 
oonvergent will be presented 
with a de focto EMU. 

The polltieal judges should 


tousfoen the standard applied 
to long-tenn interest rates - 
both to absolute levels and 
convergence - when deciding 
whether a deficit Is excessiva 
Both tests would wnwftw nB the 
role of tiie market's judgmeit 
on whether a budget deficit 
above 3 per cent is genuinely 
excessive in the sense Qiat it 
threatens stability. It is bond 
holders that wiO pay the pen- 
alty most rapidly if the judg- 
ment turns out to be wrong. 

That is why the marto will 
react so powerfully. Such an 
apjHToach could teto to depoli- 
tidse the most crucial judg- 
ment in Qie deniianin tO move 
to Stage Three of EMU, which 
would involve locking 
exchange rates tiBether as a 
prelode to a aingie curreiu^. 

EMU is unlikely to get star 
billing on the politic 
until weU into next year - at 
least until the German parlia- 
mentary, and pi^bly ^nch 
presiden t ial, etections are out 
of the way. And they are not 
the only electicma: in the next 
two years neariy 70 per cent of 
EU electors will go to the 
So most of the politicians who 
sit down at the 1996 IGC wm 
have a fresh democratic man- 
date. The electoral cycle may 
mesh with a recovery in the 
economic ’Teel-good” factor 
(see chart). 

Hlrixoically, an upswing in 
Europe’s economy has rdsed 
politic Spirits - spurring 
another leap forw ard in inte- 
oation. On the EEC’s 2Sth 
birthday in 1982 when ”Euroe- 
clerosis” feeling was at its 
most virulent - the Commu- 
nity was regarded as politically 

de^ Yet political vision was 
re s tored as early as Decern^ 


1962 iriien the beads of govem- 
ment accepted the conc^ of 
the Single Eurc^iean liforfcrt - 
opening the way to an irreven- 
ible liberalisation of Europe's 
marisets. 

1996 could prove to be 
another momentous year. An 
EU already enlarged by the 
ac c oonto n of several Efta mem- 
bers will be acutely aware ot 
the need to reform its system 
of political institutions. Ger- 
many is likely to push for the 
goal of politu^ urdon, perluvs 
stimulated by un e as e over 
developments in Russia. A 
touchstone of the commibneiit 
to doci^ r co-operation wm be 
the willingness to bononr 
existing agreements - just 
when economic convergence 
under the Maastricht 
Is being pvaminod 

The governments whidi the 
f b i a nc ial markets have already 
pushed into de facto EMU 
should be able to avoid an 
excessively legalistic interpre- 
tation of the criteria. As econo- 
mies improve there will be a 
powerful Incentive for states 
on the borderline of pGuticipa- 
tion to redouble th^ eflints to 
join. 

Those in power at the time 
may feel the issue should be 
postponed despite the risk to 
toe members of the core groov 
that an avtam ai n ho nk ooidd 
trigger a tl^ wave of capital 
fhni^ Ihvestns diould reckon 
on a slgnifleant prob^ility 
that EMU Is alive and will ki^ 
into operatic this ceoiury - 
and not exdude the possibility 
that it could start on schedule 
in 1997. 

Oruham Btshap is Adoiser m 
European Finandal A^irs to 
Sabmon Brothers, London. 









><• 



















FINANCIAL TIMES MONDAY MARCH 7 1994 


23 








’ Vrr: 








. g 

i , 

j 

^ Sf {.; i ' : i 

? If ’ ' ^ F ^ 

“•• y .•'. ■■7 •■'■ / I 
'C '-r- r ; •': 'V 


EMERGING MARKETS; This Week 


The Emerging Investor / Stephen Fidler and Damian Fraser 

Shock waves hit the Latin markets 


Wiae is the d^nition of an 
emerging market? A market 
^ you eammt emerge from in 
an emergen cy . 

The eopboria that gareeted the 
new year in emergiiig stock 
mark^ has l^n pnneturedL 
The flows of foreign money 
that had sustained record 
share prices have slowed con- 
siderably or gone into revise 
shiee tlm rise in US interest 
rates a month ago 
Ihe hardest hit rnarlraf^ IQ 
Latin America have been those 
where foreign participatiou has 
been highest. Mexico. C3iile 
and Argentina - where foreign 
participation is estimated 
at between 70 per cent and 
80 per Cent of the market - 
have fallen between 7 per 
cent and 13 per cent in a 

mnnth 

Mr Geoffrey Dennis, head of 
emerging market research at 
Bear Steams in New York, 
believes the Latin markets are 
snSeTii^ shock waves flmn the 
corrections in the US stock anri 
txmd markets. 

Once sentiment turns in 
fovour of the US markets, the 
smaller markets win see for- 
eign buyers rrtum. 

The mnerging markets fall 

hartter than most mature mar , 

kets for a varied of reasons. 
Trading volume there 
has increased &om $300m 
to feOQa. a day, but most of 
that is coDcentiated in a few 
stocks. 

When the Tnarlref 1 $ faniwg , 
many Invesfavs find it rfiffiowit 
to sell IhsL The limited role 


CURRENCY MARKETS 


of marketmakers an d a lack 
of flexible trading roles 
has bindwted Uquldhy in Ihe 
market. 

hi Mexico, a difference of linv 
eign and domestic (pinion over 
prospects fin* the marl^ also 
meant that foreigneis selling 
shares in the past found 
fbw Mexican buyers to take on 
the stock. 

According to Mr Pablo Biveav 
on, head of research (tf ttie br^ 
kerage, Bursamex, Mexicans 
had already scdd most of their 

hnlriitig B- 

“Foreigners have been 
lookiDg at Mexico longer term 
than tile Mexicans,” te sasrs. 
"They say if you invest over 
three to five years yon will 
do wML Mgricaiw are wi^wtig 
at the troubles in store Qds 
year.” 

The main source of these 
troubles became evident on 
Mew Year’s Day, vdien several 
thousand armed rdiels sozed 
half a dozen towns in the 
southern state of Ghiapn s, This 
exposed the wealmesses in 
Mexico's political institutions 
and deep social divi^mis ill the 
country. 

It also heightened concerns 
over next August’s presidentia] 
election, which most investors 
had previously assumed would 
be a shoo-in for the 
of the ruling Institutianal Bev- 
otutionary Party, Mr Luis Don- 
aldo Ccrio^ 

Mexicans have been espe- 
itially worried that Mr Manuel 
Camacho, the peace envoy to 
Chiapas, would declare him- 


Ten best performing steefts 

Sbdt 

Cauaby 

Mfey 

«»)iw 

Week OB wisk daiei 

S « 

CukuravB Elektrik 

Turkey 

0.6011 

01067 

15.38 

GoldstBr 

SJforsa 

30.2429 

2.4360 

a.76 

Light Senneoo de Sectricada 

SrazS 

02803 

00214 


Cho Heung Bank 

S.fforea 

108329 

0.7606 

7JSS 

Everpraen Marine 

Taiwan 

2.00S7 

01387 

7J31 

HanBBanh 

SJ<orea 

11.0436 

06747 

051 

Central nierto 

Argentina 

7iU14 

0.4027 

6.10 

Contraladara Comeretal 

Mexico 

1.9363 

01096 


Formoaa naotles 

Taman 

1.9111 

00987 

5.45 

Cncemar 

Argentria 

7.1514 

0.3^ 

&19 




aauBw SklnB 

akkWk 


self as independent candidate 
for the presidency, says 
Mr Arturo Acevedo, besA of 
research at the brokerage. 
Vector. 

Some investors be^eve his 
candidacy would promote 
democracy and long-term 
stabUi^. bat the majority 
view him as a threat to eonti- 
miity of eamandc policy repre- 
sented by Mr Coloslo, the man 
picked by President Carlos 

Satinaa 

These coDcmns have begun 
to permeate fWicriAngriaqg 
oi in vest o r s outride the coun- 
try. 

Two months ago no fore^- 
ers were tadnwg ^ut political 
risk.” says Mr Acevedo. *Today 
there is much more cmsdous' 
ness of the electoral process 
and political complications 
that ooold arise.” 

”A lot of people were saying 
that Mexico had emerged,” 
says another leading stockbro- 
ker, "bizC they were forgetting 
political risk. You need stabil- 


ity to the transfer of power to 
emerge.” 

The outlook was farther 
dou^ by the disdosure last 
month that Merican growth 
last year was a meagre OA per 
cent the lowest rate for seven 
years. On top of that there has 
hem increased vtdatility in the 
Mexican peso, prazmrting some 
wDiTles abont whether the cur- 
rent exchange rate band is sus- 
tainable throu^ the election 
year. 

Despite an this, some foreign 
analysts at<8Tni«> arguments 
that the market wee^ess is 
dne to local foctors: ”1 don't 
believe it has anything to 
do irith politics, and 1 don't 
buy the stoiy that it has any- 
thh^ to do with the economy,” 
says Mr n^nni* 

When buyers retam, they 
believe Mexico will be well 
placed. “A lot of markets were 
overbought and will not be 
able to austain valuations 
that were driven solely by the 
flood of money into the mar- 


kets,” says Mr Lany Bninard 
of Goldman Sachs in New 
Ywk. 

"When this happens, you 
have to look at the nndeririog 
economic fundamentals. In 
Latin America, fundamen- 
tals are good to k&exieo and 
Argentina right now.” 

With the North American 
Free Trade Agreement in 
pUute. Mexico, along with 
Chile, is regarded as the Latin 
country that has done most to 
gt raamHr^tt its Gconomy. 

Altbou^ the pay-off so far 
to growth has been modest - 
the restructuring of Mexican 
indus^y more 

found than many tbonght 
Ukety beforehand ~ many ana- 
lysts see medimn-tsnn growtii 
prospects as good. 

On top cf that, priee-to^am- 
mgs ratios to Mexico are low 
compared with other Latin 
American markets. Mexico's 
average prospective p/e is 
lower than any Latin Ameri- 
can country save BraziL 

Bear Steams calculates 
Mexum's at Just below 14. cnn- 
paxed with V).3 for Aig^tina 
and iij_a in r?hiip Brazil 
at 1&5, Venezuela at 15.5, and 
Peru at to. 

But while foreigners may be 
content to look at earn in g « 
multiples. Mexicans are hk^ 
to remain uueonvineecL The 
last three presideaeies have 
ended in ftwanriai oisis, which 
soggests th^ prob^ly wtD not 
return to the market in 
strength nwtn the year 

is out 


Markets watch Grermany and the US 


Attention tins week in foreign 
exchanges will focus on the 
two central banks whose activ- 
ities have combined recently to 
throw financial nmrkets into 
disarray. 

On the one hand all eyes will 
be on the Bundesbank on Tues- 
day to see whether, and by 
how much, it cuts the repo rate 
' the iey rate it uses to estab- 
lish the level of numey market 
latea. 

Last week the Goman cen- 
tral bank trimmed the rate by 
3 basis prants to SJ7 per cent 
from 6 per cent. 

Host observers expect It 
v/iU continue the "salami” 
process of trimming rates 
down in gmalL, weekly incre- 
ments. 


On the other hanH^ the mai^ 
ket remains very skittish about 
the US inflation outlo^. 
Although the Fed did not 
ti^iten policy on Friday after 
the release of nrnployment 
data, many believe a H ghNtn. 
tog remains tomtinent - and 
the sooner the better. 

Most analysts agree that 
weak European economies 
need lower rates and look to 
Gomany to provide a tea^ 

They argue that Europe 
needs decirively to *decoa|^” 
from the US, adtere ecnnnn^jc 
recovery Is much more 
adviced 

One factor inldbiting the 
RtiTidfifihwnlc is the toduBtiial 
dispute to the en^neering sec- 
tor. 


At the end of last week, 
employera and unions were 
trying to reach agreemmit, taut 
few eqiected the central h«nk 
to move dedrivety atoile the 
whiff of strikes and lock-outs 
remained to the air. 

Various data releases this 
week - prindpally tommrow's 
fourth quarter GDP figure, 
expected to «*i>n W i 'ii> a "double- 
dip” at the end of last year - 
should lend support to the case 
for a monetaiy easziig. 

Two mfliTi factors are cur- 
rently irifiimnrfwg ttie dollar: 
the trade -dtopute-vrith -fapan, 
and the market view that the 
Fed is Hkely to push rates iqi 

aprtw 

Last week the dirilar actually 
rose after President Clinton 


announced the reactivation of 
the SiQier 301 executive o r der 
which will allow the US to 
impose trade sanctions against 

The mariret's obsession with 
the US inflation outlook will 
have to wait tmtii week 
for price data In the interim, 
Friday's retail sates figtnes and 
the Fed's tan book, to be 
released on Wednesday, are 
sure to be the subj^ of 
intense scrutiny. 

Steritog bas bem out ci the 
hznelight ainna the fuitxe over 
last month's 25 basis poUits cut 
to rates. 

Most observers expect 
annthar cut similar magni- 
tude. hut the Bank of 
is expected to wait until later 


Against the'ootwfoU 
1.70 



Feb . taa* 

ScMOK FTGniMlB 

in the month, or April, whcoi it 
has fresh, and supportive, 
TTiflatinTi data. 


FT GUIDE TO WORLD CURRENCIES 


'nw taUe bakw gtnea Via Heat aiwQiHti ratn of (awidBdl 

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SArjic 





Three times the miles. 

FroiTi 1st February to 30lh April 1994. trif^ milea ge is available 
on all international JAL flights. Call your nearest JAL office for details. 


■ Secondary maiket 

A sharp collapse in the price 
of secondary market oxieigtog 
market debt has many 
traders to the paper nurstog 


Among prominent tradera, 
JP Morgan, the top4Xnked 
New Ymk bank, saw its shares 
fan last we^ as reports sw)^ 
the nraiket that It had lost 
numey in both emeigmg 
market debt and derivatives 
trading. 

Simply holding the paper 
has b^ enoi^ to hMp some 
traders to rldms as prices rose 
rdentteasly over the past few 
years. But Losses since the 
market peaked to mid-Jannary 
have bem rapid. 

An into calculated by West 
Merdiant Bank - vdiitfo 
includes both Brady bonds and 
restructured Vwrv inatift •> b!& 
foSen 0 dino 6 t IS per cent since 
it peaked to mid-Januaty. 

Fans were sharpest to 
countries that have yet to 
adueve a Brady debt 
restructuring. Russian paper 
lost tile most as the prto 
fell more than 40 per cent 
to Just over 30 cents on the 
dcdlar. 

Other Mg losers were Feiu. 
off more than 25 per cent, 
Iflgeria, down 22 per cent, and 
Panama, down 20 per cenL 

■ VenezDela 

Venezuela tiie first 
country with outstandii^ 

Brady bonds to be downgraded 
when Standard A Poor's 
lowered its ratings on the 
republic's Eurobonds to 
doubte-B minus from double-B. 
About g2.ibn of foreign 
currency-denominated debt 
is afiiBCted. It has revised its 


News round-up 



ooUiNdt to stable from 
native. 

S & P said the downgrade 
stemmed from a further 
substantial weakening in the 
COUntrST'S public finann^ ill 
recent months and uncertain 
progpects that the new 
goveroment can pursue 
effective fiscal and economic 
reforms over the medium term. 

■ Manila 

The country's two sto(^ 
exchange trading f](X)rs - in 
the Ortigas Centre and the 
Idakati financial district — 
began their me^r b7 tradtog 
one stock at a sto^ pri(w last 
Friday. It is hoped to complete 
the process to about tw*o 
wedm. 

■ London 

The Investment Rank of Latvia 
bas signed an equity 
agreement with the EBRD. 

The equity stake Is the first 
foreign participation in the 
bank, and represents 35 per 
cent of its capital. The UB. 
^tabliriied in 19GQ, aims to 
promote Latvia's economic 
devdopment by lending hard 
currency to the private sector. 

I jwding goes mainly into the 
wood processing sector, but 


also into tourism, harbour 
fadllties and light toduttry. 

■ Cairo 

Egypt is considering oSerii^ 
shares of some 314 public 
sector companies for public 
subscription. The government 
has said that about 90 of 380 
state companies were running 
at a loss, with debts of about 
$i6bn. 


■ Bratislava 

Direct foreign investment to 
Slovakia was about $l^m in 
1993. down from $151m in 1P92. 
the Sto\’ak statistical bureau 
bas said. Foreign capital 
investmmit since tte 
communist government fen 
in 1989 has totalled $3662m. 

Austria was the leading 
investor from 1990 to 1993 with 
$87m placed in 1.14L 
companies. Gennany followed 
with g77m in 743 companies. 
The US has invested $47m in 
161 companies, and the Czech 
Republic g40m in 666 
companies. 

• Further coverage of 
emergtog markets appears 
daily on the World Stock 
Markets page. 


Baring Securities emerging markets indices 


tni5M 


AOJ9* 


Worid(24Q 

Latin Amaoiea 
Aigentina (19) 
BrazB(2(]) 
Ctiils{12) 
MeDCico(2^ 

L 2 dn Amedea (7^ 
&ropo 
Greece (14) 
Podugalt!^ 
Turkey 

Europe (Sq ......... 


....163.35 

114.06 

174.12 

168.41 

1S55S 

...1S6.58 

88.10 

124.35 

92.40 

...-1Q&48 


Indonesia (17) 

Koiee^ 

MBl^tia(22) 

Philippines (11) 

Ihafiendpi) 

TtiM«i(2a) 

Asia (123) 


15&25 
124.22 
207A8 
256A1 
214.39 
143.06 
.191 A2 


Mk on weak movement IMonth on mmh movement 
Acaml Peicent Actual Percent 

Year to date movement 
Actual Percent 

-7.19 

-431 

-16.45 

-10.15 

-S36 

-3.01 

-6.26 

-6.7S 

-1933 

-14.68 

-130 

-1.13 

-8.76 

-531 

-12.72 

•6.61 

34.47 

24.68 

-6.70 

-437 

-19.74 

-10.61 

1837 

12.79 

-Z26 

-1j43 

-2231 

-1239 

-539 

-333 

-6.00 

•3.69 

-19.47 

-1136 

734 

432 

-0.43 

-033 

-230 

-2.00 

15.01 

1836 

-4.33 

•336 

-4.78 

-3.70 

1233 

10.91 

-10.33 

-laoB 

-3039 

-2437 

-6931 

-4238 

-4.15 

-336 

-&J99 

-736 

-3.75 

-334 

’7J08 

-438 

-2230 

-1234 

-12.79 

-7.46 

-3.30 

^38 

-7.00 

•535 

1432 

1333 

-1332 

-6.02 

-18.40 

-6.13 

-4S.17 

-17.85 

-3032 

-10.71 

-31.50 

-1032 

-65.57 

-2033 

-1333 

-530 

-2036 

-831 

-48.17 

-15.66 

QJB 

0.06 

-1835 

-11.70 

-10.65 

-633 

-1037 

-6.14 

-1639 

-9.02 

-2939 

-1330 


A5 Mm ta 8 krm. .knuMr Tut igdteim. sdww Bm 1« flwaaki 



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WWF 

W?r(d Wide Fund fior Nalufe 

^^^^SM^m.nkrBii .1 Iklfcii 


NQTLCK OP REDEMPTION 

SRF MORTCAGE NOTES 1 PLC 

Class A Mortgage Backed Floatiiig Rate Notes 
Due March 2021 

NOTICE IS HEREBY GIVEN la ilk holder* of the Cluo A Mortgege 
Bochcdl Fleodog Rite Netci Doe Kereli 2021 (the 'Cba A Nola') oTSIV 
Murip^ Nolci J PL^lhe Toner*) ihal, pommol (a the Trval Deed dated 
20ih Mvdi, I9B9(lheTna2 DbedTb hetweeo the I»)hx aad ihe Leir Debcsinix 
Trwl Cerpereliea y.i.e., n Ti-wlec, and ibe Agesey AgrecnicBi doted 
SOih March, 1919 (the 'Ageae^ AB-eeneol*), hclxkcn the Inuer and Heri^a 
Coanoly 'Tnul Cempany New York (the 'Prineipal Payi*S Ageol') 
Bfld elhen, die bnier baa delcrnuBed that, ia aecerdanee with the 
Redeaptien prorttieiuact eul in Ihe Tcrak and CeadilieaaeClheCUn A 
Netea, ATailable Fand* aa deHaed io the Term* and Ceodideoa io the 
Bowmer£S,7N,0Ww)ll be Bi)fiMdwiS2adHBrcfa, 1994(lbe*BedeoiptieD 
Date') to redeem e like aokaot ef Cba A Netea. The Ciaa A Notee 
aeloel^ by dniriog io lots oTJ] 00,000 for redemptioo od the RedemplioB 
DelealaredemplieD prfce (the 'RedempIiMi Priee^equal le their priacipal 
*awHB 4 leptlher with aeeriKd tnlereal thcreea ere ai follewes 
OUTSTANDING CLASS A NOTES OF£I00,000 EACH BEARING 
THE DISTINCTIVE SERIAL NUMBERS SET OUT BELOW 
Bearer Noica 


39 

45 

1» 

Zll 

230 

241 

292 

304 

3S 

397 

4S9 

523 

54S 

705 

737 

786 

847 

90S 

90t 

99 

960 

ia«6 

IM9 

1260 

1263 

1450 

1460 


HKChaANolamaybenuTeoderedforredeiDptHwal ihe^ccSKdeOiee 
ef ny ef the raping Age^ vUeh an H itUcMw: 

Hergan Cuannlj Tniil Cenpany Noipn Guaranty Tmtt Company 
ef New Verb of New York 

60 Vieleria EmhaokmeDl AeeouedaArajS 

London ECiY OJP B-1040Bniaeb 

Banqiie P8ribBa(Lincahoarg)SA. 
iOa Boulevard Royal 
L-2093 Luxemhourg 

la leaped, of Bearer Qam A Nola, the Redenpihm Price wiU be pud upon 
pneentatwn and lamndcr of eueh Nola together with aO unmatiirea Coupoaa 
appertaining thereto, oo or irilhia-a period of tea yean and five yean 
reapeeiively, alter the Bedemplion Dale. Sadi payment wit) be nade (i) 
ia ilerling at the apeeified offiee of the Paying Agent in London or (ii) at 
aay apwuied oITIee of any Paying Agent iiai^ above hy (lerliag eheqee 
ilrewii on, or M the optioa of the holder by innifer to a ateritng Moonnt 
nuinlaiiieo by tbe payee with, a Town Cle^Og branch ofa bank hi landoo. 
On or aber the Reden^boa Dale intoreat riiall eeaa to aoeriM on the CUm A 
Nola which are the aubjecl of tUa Notin of Redcmpiion. 

SRF MORTGAGE NOTES 1 PLC 

By: Hergaa Caaraaty Truat Company 
aa fVinripal Payiitg Agent 
Dated; TlhMareh, 1994 


Mistral Intematfooal 
Umlt^ 

ussi.ioaooo^ 

Varteble rate notes 2005 
TTie notes wWbe^bearestot 
4.4031% per mam ibr the 
btterest period FJfocA iS94 to 
7 June JS94. bOerestpajiMe 
on rJerw iOOtwUlamotaiHo 
USfJl25Z37perlBSJ.m(iOO 
note. 

Ageifr; Morgan Guaranty 
TYmt Company 


TotkehoUosid 

Warrants 

to subacribe fot sbaics of common stock of 

Nissbo Corporation 

issued ia conjunction with 

UJS. $130,000,000 
K per cent. Guaranteed Bonds doe 1997 
Notioe of Stock Split 
. and AtUiistmenl of Subscription Price 
NOTICE IS HEREBY GIVEN in eon&ecUon with the above- 
mentioned winanta (the ’‘lA^rraiiis'') as followe:- 
Tbe Board of Oireclors of Nissho Corporation (.the “Company”) at 
its meeting held on 21st February, 1994 resolved ihu the Company 
shall make a stock split whereby each share (a “Share") of common 
stock of the Company held by il5 staaFCholders of record as at 31si 
March, 1994, Japan time (the “Record Dote”) will be divided into 
M Shares, and ihai such stock ^lit shall take effect on 20th May. 
1994, Japan time, as of which aiwitional Shares will be issued to 
such shareholders of record pursuant to the stoel; ^lit. 

As a result of such stock split, the Subscription Price ai which 
Shares are issuable upon exercise of the Wiriants, cunemly Yen 
1,815 per Share, will be reduced to Yen l,6SO.Oj)tf Share pursuant to 
paragraph (i) of Cause 3 of the Instiumenu Ttiis adjustment of the 
Subsniption Prite shall becoim effective on Isi A|]^, 1994, Japan 
tune, t^ch is the day immediately after the Record Date. 

Tbe Dabn Bank, limited 
on behalf of 

7lhMirch.l994 NISSHO CORPORXnON 


36 

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WORLD BOND MARKETS: This Week 


NEW YORK 


Richard. Waters 


LONDON 


Philip Coggan 


fRANKFUm* 


David Waller 


TOKYO 


•EmM Ter^ono 


While last week ended as it 
had begun - with data 
pointing to stronger economic 
expansion than bond investors 
had expected (or wanted) - 
a d^ree of composure 
crept back into the US 
government bond market This 
week, with little new data, 
Should give the market pause 
to re^dn its bearii^ after the 
frantic slide of the past 
fortnight 

Privy's employment 
numbers (a greater- 
than-«xpected 217,000 increase 
In DOD'farm payrolls in 
February and a decline in the 
unemployment rate to 6,5 per 
cent (&x>m 6.7 per cent the 
month before) seemed to 
provide ample opportunity for 
a sell-oft. But the figures 
contained downward revisions 
in the January numbers and 
a modest 0.2 per cent increase 
in eamit^. The bond market 
shrugged off persistent 
speculation that the Fed was 
on the verge of hiking rates 
again, this time possibly by 
SO basis points, to recover its 


US 


Benchmark yield curve (%)* 

. Momtiago = 



’M ylaMk an market eanvemion 
Seui««! KMtrB L^men 


losses by the end of the day. 

After the pessimism of 
recent d£^, Friday's mood 
swing could set the tone for 
the first part of this week. *1116 
only events of note will be the 
publication of the Fed's Beige 
Book on Wednesday and 
February retail sales figures 
on Friday. If interest rate 
speculation abates, and the 
bond market can ^ to the 
end of the week without losing 
further ground, chalk it up 
as a minor victory. 


cuts traders are hoping that 
this week the market will 
recover some polae. Although 
there was precious little UK 
economic news last week, the 
market was battered by reports 
of increased price pressures 
In the US and rapid money 
supply growth in Germany. 

Ho^ of an imminent UE 
rate cut are diminishing. 
Although there is no official 
word on the outcome of last 
week's monetary meeting 
between the chancellor of the 
exchequer and the governor 
of the Bank of En^and, most 
analysts assume the duo 
decided to keep their powder 
dry for another month. 

The main focus of domestic 
interest this week will be 
tomorrow's manufacturing 
output and industrial 
production figures for January, 
which are expected to show 
an upturn after December's 
falls. Mr James Barty, UK 
economist at Morgan Grenfell, 
said official economic statistics 
have been lagging behind 
survey data fium the likes of 


UK 

Benchmark yield curve (K)* 

^ MonttiHSO ess 



*M yMds are rnaket eotwanilon 
Sauce: ManflLjtnch 


the Confederation of British 
Industry. 'The maritet is 
expecting month-on-montb 
increases of 0.3 per cent to 0.4 
percent 

Most analysts believe the 
sell-off in gilts has been 
overdone, partlculaily in the 
light of news on UK inflation. 
But if the US Federal Reserve 
K ghtana policy further, this 
may turn out to be another 
week when UE economic 
fundamentals take a back seat 
to international Influences. 


If investors are not still 
stunned in the aftermath of 
the “horror” 20.6 per cent 
growth in M3 money supply 
in January (announced on 
Thursday last week) and last 
week's wave of selling from 
the US, there may in the next 
few days be grounds for a 
cautions revival In sentunent. 

First, the threat of a 
damag^ strike in the 
engineering sector has been 
avertetL The wages deal 
reached between the IG Metall 
onion and employers in the 
early hours of Saturday 
morning removes one obstacle 
to furUier interest rate cots 
on the part of the Bundesbank. 

Second, with this obstacle 
removed, the Bundesbank may 
seize the opportunity to steer 
down money maritet interest 
rates by means of a variable 
rate tender for securities 
repurchase agreements (repos). 
The results of the tender will 
be published on Wednesday 
and it may be that after a 
minute three basis point drop 
in the repo rate last week to 


OennaiqF 


Benehmatk yMd curve (Ky 

4/ar94 MB Manttiaoo 

7^ 



•Wl yWcta «• mMMt eomonUon 
eawcKMwiBLyiKh 


SB7 per cent the rate will be 
sha^ fiirther. 

A reduction in money 
market rates, by five basis 
points or more, would help 
restore investors' hopes of 
furthmr gwoerous cuts in the 
discount rate (at 5.25 per cent) 
during the first half of the 
year. But with US interest 
rates likely to rise, it remains 
to be semi whether the 
fortunes of the bund market 
can be decou]^ from those 
of toe US Treasury marlmt 


Seasonal window dressing of 
acc Qiintji ahmid of the March 
book closing, where investors 
prop up their eaminp figures 
with profits from their gains 
from bonds, will continue to 
wel^ on the Japanese 

government bond market. 

However, most traders 
believe that the sell-off in toe 
JGB market peaked last week, 
when the yield on toe No 157 
10-year benchmark rose nearly 
40 basis points on the week 
to 3.99 per cent Facton 
responsible for toe plunge 
included surprisingly strong 
eeonomle figures, further 
weakness on the international 
bond market, and worries 
about over-supply. 

Barclays de Zoete Wedd in 
Tokyo telieves that Investors 
will regain confidence os the 
underlying weakness of the 
amnftmy continues and money 
maiket operations by the Bank 
of Japan reveal that It would 
not tolerate a further rise in 
interest rates. 

The central bank has 
allowed overnight call rates 


Japan 

yield owe (^) 



to ease to 2,123 pt'r cunt from 
2.25 per cout, and the yield 
spread between the call rate 
and too offidol discount rate; 
currently at 1.75 per cent. Is 
at a historical low. 

•\ rise in long-term interest 
rates could hurt the economy, 
which remains vulnerable to 
tlw strengthening of the yen 
and political turmoil and the 
bank could e;»so .short-term 
money market rates lower (Us 
week, to prevent a further foil 
in bond prices. 


Capital & Credit / Conner Middelmann 


Tough times for government auctions 


The recent bloodbath in world 
bond markets bas scared away 
all but the boldest investors, 
and amid the oiling “buyers' 
strike” governments couldn't 
be blamed for worrying about 
who will buy their debt 

In recent weeks. European 
markets slumped as fears of 
h^er US interest rates spilled 
across the Atlantic. The Euro- 
pean sell-off was exacerbated 
by aggressive speculators 
offloading laige and highly 
leveraged long positions, creat- 
ing a sense of panic that sent 
InstituUonai investors running 
for cover, laist week, several 
institutions joined the sellers 
and opted to hold latge cash 
positions until the storm had 
blown over. 

As a result, several recent 
government bond auctions 
have gelded dismal results. 

An auction of Italian five- 
year notes last week barely 
scraped throu^ on a bid-to- 
cover ratio of just over one, 
with the Bank of Italy placing 
only L4.343bn of the planned 
U,500ba. Spain effectively can- 
celled last Thursday's auction 
of three-, five- and lO-year 


bonds by rejecting all bids. 

In Japan, a recent auction of 
four-year bills flop^ with a 
cover of only 1.06 times and a 
large tail (the difference 
between the average and the 
hl^iest accepted yield) of 12B 
basis points; at the 10-year auc- 
tion last week, only some 60 
per cent of the targeted 
amount was sold, with the rest 
placed among the syndicate of 
underwriting banks. In Ger- 
many, the Treuhandanstalt's 
auction of 10-year bonds met 
with meagre bidding, leaving 
the Bundesbank a large 
amount of paper to sell 
through its market tending 
operations. 

Some say all this is just a 
temporary hiccup, and predict 
buyers will return once bonds 
recover on Europe’s bond- 
friendly fundamentals of slow 
growth accompanied by low 
inflation. 

“Ri^t now there's still a lot 
of nervousness, but sooner or 
later investors will focus on 
the fundamentals and return," 
predicts Mr Helmut Kaiser, 
senior economist at DB 
Research in Frankfurt. In the 


Real 10 year bond yields 


Percent 

6 



0 1—1 ■ ■ I * » 

Sep Oet No* 0«c Jan F*b M 
Saucce Midland Global Markets 1994 


meantime, “governments can 
wait this out without too much 
risk - their funding strategies 
have become quite flexible”. 

Moreover, he argues, real 
yields have risen to levels that 
should start attracting buyers. 
The German real 10-year yield 
has risen to 2.83 per cent from 


1B2 per cent at the end of 1993; 
in UR, it rose to aroimd 
4.64 per cent from around 4.18 
per cent over the same period. 

The level of real yields Is 
very silly," says Ms Alison 
Cottrell. European economist 
at Midland Global Markets. 
She expects domestic investors 
to be hired back by attractive 
yields, and also expects some 
of the funds which flowed into 
US assets in recent months to 
return as Europe's economies 
recover and their currencies 
strengthen. 

Meanwhile, many expect 
Europe to get out of toe US 
interNit rate cycle once its fun- 
damentals reassert themselves. 
This decoupling, and the 
resulting tumround in bond 
market sentiment, could be 
spurred by more aggressive 
rate cuts from the Bundes- 
bank. reminding investors that 
European short-tenn rates are 
still headed lower. Friday's 
market action sent encourag- 
ing signals, with European 
bonds outperformii^ US Trea- 
suries after stronger-than-ex- 
pected US jobs data. 

Additional help In funding 


budget d e fi c it s may come from 
higher-tfaan-expected tax 
receipts as Europe's economies 
recover. 

Yet there are some who fear 
the end-of-cycle-blues may 
limit sustained investor 
demand for bonds. 

“It will he much more diffi- 
cult to place stock this year 
than it was last year,” says Mr 
Graham McDevitt, bond strate- 
gist at IDEA. “It's always 
easier to fund in a bull market 
than in a bear markeL” While 
he expects bonds to recover in 
the near term, he says investor 
confidence will be slow to 
return after the recent rout. 
Moreover, as the end of the 
cycle looms, rallies will be 
increasingly short-lived as 
investors are quicker to seize 
opportunities for profit-takiDg, 
he says. 

This means that govern- 
ments will have to gauge mar- 
ket conditions much more 
carefully when they plan to 
issue bonds. “There will be 
windows of opportunity, but 
last year's flexibility is gone,” 
he says. “We could get some 
very messy auctions." 


10 year benehinark bond yields 


Percent 

10 



Source; D aUM heetn IMS '*M4 

MTIIIBSr Wtm AT A QUMCa 

USA ’ JJoati Owrww Fianeo Italy UK 

. . ano 1.7S sa r-ar aoo s,a5» 

owrtw ■ 3.19 aai aoo fss ' " fras , sm 

Threemonth SAS MS S.8I AIS All pSL 

Onavecr ■ ■ 429 g.16 8.43. 5.86 AOS S 19 

Bww &e< AM set S.7S SOJ SJ3 

■fan veer A88 A«l SiO 6J8 9Jfl 

|i) na. ce UKOwM flOii So«« Rmim. 


B US TREASURY BOND RmiRES (C8T) S1(i0,0(XI 32nd5 of 100% 



Open 

Sett price 

Change 

High 

Low 

EsL voL 

Open Int 

Mar 

110-15 

11(^ 

iKO-10 

111-OS 

109-31 

2&153 . 

126,812 

Jun 

109-14 

109-21 

+009 

109-31 

108-26 

422.007 

272,169 

Sep 

1D8-ie 

108-25 

+0-09 

109-00 

108-02 

614 

34.706 


UK GILTS^PRICES 


lirk« AtMt 
Hors MnE *1- On 


MnK 

due 


LbU Or 
Ml Am 


«ni% And 
iMn meet *f- Cm 


UM 


iMt cw 
Me 


Willi Anm 
Notes Mat *f- tm 


HVHt 


isi Or 
Ml Ine 


Wntr (LfM I* to Fin IWte 

Ml i3>tfE I9M lOT;; 

1014 

10ti« 
97V 


i>«n.i0peliLi9B«tt_ 

t<rill3l2KlW* 

Time opt lOMN 

I3K1WS 

MSpeteeo-a.-.. 


iai40e INS. 

timo I3VK leasfi iiiK 

ispeisK n-ta 

ISW ll>A 

iKii 1 Ivec I9NN nsv 


Ml 

ConMrtBB 10 k IOT 

TiHiUi4W 1W7N 

E«A IQijpe 1907 

ItoesaVKlQWN 

MiiSKioa; 

9VpEl99B. 


110 

USA 

inv 

107V 

1Z7ti 

IIIV 


TnsuTVKlOeett lOA'jdl 

TieK6’4Kl99S-9BN.. lOlB 

l4KVft-l IZOB 

TicnisifK'gBN iMiid 

MiaulON 1314 

Tn0S9>2|Kl999tt- mil 


nMtonmnveas 

Etch i;vpc 1999 

Tnusiol.-K 1999 

rir»Nici999tt 

Cannun IOVk 1999.. 

iKJnoott — 

Veos 13 k 2000 

iOkOODI... 

■•KVf t* 

^'014 

9Vk30(C 

IK.'OUN . ■ 

10k 3003. 


ties 1 1 IjK 3001-1. - 


123 
lie 
9BA 
MSI3 
■ lOH 
I3QV 
lie 
<oai» 
SDV 
116,1 
1004 
llOdl 
I23,',to 


1,100 ivBoezJ 
ijgoo jnon 
1.240 nmiieo 
1.000 Mrl7N»l7 
2^50 Ji2SJ|2S 
214 Myliei 

2.900 JtflJr2l 
B40 UylSNnS 
77D J^JNZ 

1,190 Mj9IM 
aoo MllSNilS 
sjosNyismS 
^JaO Jtf2J|22 
3,700 Fenmai 
&SSa MINI 
B30 Ap270e27 
3A5D Jl19J|l9 
7AS0 1*30 Sen 

i,a» iiriii>i 

97DMV2ZIM2 
939 MraOSeaO 
3,909 MVEDIMO 

1.900 iilSJrlS 


3JOSO Mi36Si26 
1292 MtieMilO 

3.900 FdlOAllO 
1,790 UfiltUn 
9JSS IHSl3 
xin jai4jri4 
4,406 HXAia 
3.29) MydlM 

2.900 meiM 
ej27 Fe27Aa27 
7J600 JllODalO 
2AQ3 MfflSeS 
IA30 11190119 


2091207 
011 1204 
17,1 1293 
11.10 134S 
20.121294 
27.9 1271 
19.121254 
11.101290 
16.121305 
27J1309 
11.10 1308 
11.101240 
16121302 
17.1 1253 

24.1 1341 
2091209 
I6i:i273 

21.2 - 
279 lai 
1610 1306 
2iai300 
14.101399 
6131347 


3001264 
1610 1309 
4.1 - 

1610 1242 
261 I2U 
6121299 
30lI 1280 


31.1 1349 
111 - 
31.1 1261 
192 1290 


Fining aijK'SM.- 
Cms:ton9i2K2IIM 
ftH96VpB2004N — 
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9ni 

- 11013 
> I34il 
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- 104Vil 

- 127^ 

- UOit 
. 142V 
. 11512 


543 JaUJfM 
3,412 WSOCS 
a,3» MyaiMe 
3.000 Ilr2etor26 
4^42 dpIOOcIO 
2nM HMIIMI 
3900 IfeSSeO 
2900 3p50G9 
3,ia JN2J)22 
6487 JM6Jri6 
1990 lesBSin 
sa2l Apl30ei3 


6121274 

2661246 


136 1247 
16101295 
31.1 - 

161334 
1613 1293 
1612 MS 
2601301 
691343 


W(n.2pc'9* MoS I37i| 

OK'S! |87J)200Hto 

ihpfsm — (1369 loop 
OitfeVl (762) niUto 


2I«k' 03 (76q 

4VlB'0«N — (12661 

(863 

e'tK'OO boo) 

2iaK'lt 4740) 

21ik'i 3 eaa 

2lzpc’l6 (0101 

OltfCVO (930) 

2>ipe'24N 107.71 

V^-am — P36I) 


1684 

il3ii 

ITBtf 

190(9 

106V 

136U 

I45y 

1408 

ItSV 

1178 


SOOtelONVie 11.105070 

looo mnosiio 7oi3i3 
aoo 0927 0(27 
1000 «r24Sl24 
1050 HySDIMO 
6SO0|l21Oc3t 
loso jilojrio 

1.S0 Hraonai 14.101318 

1000 F*23to03 17.11319 

2000 fnieouie lai >320 

2000 JN6Jr26 20.121321 
64OO0piaOcie 901322 
lOOD Jal7Jri7 1112 1323 
1000 Jat6Jr22 1612 - 


200 - 
162 1316 
14.101317 
14.9 ' 

1112 1314 


Reuss in paerohasn toiow RR ban tor Indtodng 0* 0 
indnlhi prior 10 laauto Md ton* (mm aoiustod >0 nitoet Mbnhig 
of RPI to 100 to Jniwy 1987, ConveMon tactor 3046 RR Mr 
Jim 1983: 1410 and to Januay 1994:1410. 


nHsOKam 

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3,100 IlKSSalS 

1521330 

TiHifiiNKaioiEaMiM 

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- 

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6121245 

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6150 Ftffe4 

31.12 1701 

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171330 

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161 1902 

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611 1260 


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> OaVsl -6 119 ApiOci 3321243 

.. 3944 -2.8 S ApeOcS 131324 

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— 32flal -10 478 AplOcI 212I3IS IMItoSWHieiKe2aD0 


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1574 4OII||3DIM0 27.10 - 

140 -22 40 AplOel 1203146 

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1« -20 SO Mil 011 270 - 


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^j 2 US 2 CC 

Copyright (3r 


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'■pVAiLACLE Oftl,Y OM SUBSCRIPTIO. 


INVITATION FOR THE SUBNUSSION OF INTEREST FDR THE 
PURCHrXSE OF THE GROUPS OF ASSETS OF MINAIDIS- 
FOTIADIS WOOL INDUSTRY SJL. 

OF ATHENS, GREECE 

ETIINIKI KEPHALEOU SA. AilBfaiWialkM of AbcU and UabUNto. at I Stoulaiiua Sir., 
.Mhcni. OKMe, In to capxiiy » UquiMot of MINAOMS • FtmADIS WOOL INDUSTRY SA. 
j company wilh ils legblcRd ofTke In Alteni Crecne, (ifao ConpuTL pimDllr under qKdal 
LU| ri i li lfan accordlin the pioriniflnn of Seaton 46a of Law lHd2fl990, MvtMi InMeMed paalki W 
jutob •'Nka Cwealy iSIl dajs fraa ibe pu Mic n i ian of Ab noUee, NooVlBling «rllto tMdarMiom 
o( nlnm to, 6w piKdaae of any or an of dis kwk at tmm aeMloned beiow. 

BRIEF INFORMATION 

The Cam**) eriaMbbcd In 194} and was in mention nuB 1986, wim ii wn deetoed 
bankrapl. bs acli«Wea Indiuled Ike omuCicniring. Kllhq and growing of vool aal Irlmitnl 
(jhrto On 163.94, ihe ComKiiy niw ptoeed Mder special Hqntoilna weanling H Uk pcovistoaa 
oTSeetinnJtaof Law I892/Ii«e,as ia pplmcnl«dbyariiele Had LawJOOlWI. 

CItOLiPS OF ASSETS OFFERED nn SALE: 

I. A <pinnlag and Weaving mB u Ac Alkena loea (nmoonded kr bhovaun SL-NJua AvewB- 
SVbamiua Sl-IX AalH). of several i— u-Of at >0,^ eqA. standing on a pta at 

appradnuMlji O,l0U sq.nL Bihl eonnhlng aadiim;, me^arieai e qut p snuil and a linued annuat 
ofMtxatin.uade.TheeiuB pa n y ti cpiw i v d name b also being oChied tor safe 

1 AnknollandufapKiiifauRly 6l7g|jn-taeaiedl»Kw*'Neg**TP*w*6|4“4-‘"'kvc^9f 

Kontseako on the M~i of SatandoL 

.V A ptm of land apreminutelf 7D3 ka. Mealed In Ao sanM ana as Che Kwe. 

4. A ploi of land uf apprauaisldr 457 sqan. Mealed beyond Ihc dly ana, M Ao ngtoa at AiiU os 
ihe iMand of Saloanna. 

SALt-PROdiDURE 

the xale of ibe eunpeayb 4Heu wfll be by wqi of htolie AuetMa in 1 


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Caught up in negative sentiment 


Japanese government bonds 
have not remained unscathed 
sunid the recent turmoil in 
intemational bond markets, 
but have been cat^t up in the 
negative sentiment stemming 
from rising US interest 
rates. 

Long-term yields have risen 
to five-month highs, and 
altbou^ investors have expec- 
ted weakness in the bond mar^ 
ket ahead of ttie March year- 
end book closing, where insti- 
tutional investors lock profits 
on their portfolios to shore up 
earnings, this year the danHnA 
has been exacerbated by wor- 
ries of extra supply and hopes 
of an imminent economic 
recovery. 

The yield on the No 157 10- 
year benchmark, which 
breached 3 per cent to a record 
low at the beginning of Janu- 
ary. rose briefly above the 4 
per cent mark last week for Uie 
first time since September last 
year. 

Deteriorating investor confi- 
dence was also hi^il^ted by 
the foilure of last week’s LO- 
year bond auction, where the 
average accepted price was 
97.38. the second lowest on 
record. 

Such weakness in sentiment 
comes as activity slows ahead 
of the business year end. After 
an eig^t-month rally, investors 
rush^ to realise profits, arm 
few have been willing to buy 
bonds to take on new posi- 
tions. 

The low trading volumes 
have made the bond market 
vulnerable to small-lot 
sellii^t 

On top of seasonal trading, 


worries of over-supply, trig- 
gered by the government's 
Y9,400bn economic pack^ 
and Y5,850bn tax cut 
announced last month, have 
weighed down on the bond 
markeL 

New bond issues by the cen- 
tral government for this fiscal 
year to the end of this month 
have risen by 52,5 per cent 
from initial plans to Y12.400bn, 
while bond by munici- 

pal governments, initially 
slated at Y10.350bn, has 
increased by 304 per cent to 
Y13,S00bn. 

For the hbu fiscal year to 
March 1995, the central govern- 
ment is planning to issue a 
total of YZ3,640bci in bonds, a 
10 per cent rise from the previ- 
ous year, of which Y3,130bn 
will be in deficit financing 
bonds - which have not been 
issued for five years. 

On the munidpel level, bond 
issuance is to rise by 

9 per cent to Y14,730bn, of 
which YLSSObn in deficit finan- 
cing bonds, the first issued 
since 1976. 

While foars (tf additional sup- 
ply are expected to be absoihed 
by the third quarter, uncer- 
tainty over the economy has 
shaken bond investors, as 
recent econoxmc indicators 
have sparred hopes of a 
long-overdue awirinmip. recov- 
ery. 

Industrial productimi ^ures 
for January announced last 
week wse stronger than previ- 
ous forecasts by both private 
sector economists and the gov- 
ernment's preliminary indica- 
tions. 

Industrial ou^ut grew by OS 


per cent from the previous 
month with the Inventory to 
shipment ratio easing from a 
peak in December. 

Labour statistics for January 
were also encouraging, with 
the ratio of job offers to appli- 
cants rising for the first time 
since March 1991. 

Most investors also inter- 
preted the Tankan, or quar- 
terly survey on busine^ senti- 
ment, which indicated a 
sideways movement in senti- 
ment, as reflecting a bottoming 
out of conditions surro unding 

the coiporate sector. 

Sentiment levels were 
lately unchanged from the 
previous survey, with manu- 
foeturlng seatun^t remaining 
at -56, and Bon- mannfartiiring 
sentiment rising to -46 from 
-47. 

The level of confidence var- 
ied from sector to sector. Senti- 
ment within the electric 
machinery sector, for example, 
rose to -S3 from -63 and the 
retail sector posted an 
improvement to -60 from 
-65. 

However, many economists 
are loath to call a near-term 
recovery just on the recent eco- 
nomic figures. 

“We know that the economy 
is indeed in a trough, but we 
don't know whether it's gning 
to go sideways or headed for a 
V^haped recovery,” says Mr 
Dick Season, economist at 
brokers James Capel in 
Tokya 

The Tankan. for example, 
indicated that business cona- 
tions at small companies, usu- 
ally leadl^ indicators turning 
points in the economy. 


remained grim. Cfonfidence at 
small manufacturers foil to -48 
from -45. while they expect to 
cut capital spending by 323 per 
cent next business year, and 
predict financial conditions to 
remain tight. 

The sluggish business condi- 
tions. on top of a rise in the 
yen and mounting trade ten- 
sions between the US and 
Japan, have been a concern 
the Bank of Japan, which h^ 
kept a wary eye on the 
recent rise in long-term 
yields. 

In an attempt to curb some 
of the upward pressure on 
interest rates, it has lower^ 
the overnight call rate by 25 
basis points to 2.125 per ce p*, 
cutting the yield spread 
between the official discoimt 
rate to a record low. 

Some traders hope the 
money market manoeuvers by 
the central bank is a prelude to 
a discount rate cut 

“The odds of an ODR reduc- 
tion are higher than markets 
currently expect.” says Bar- 
clays de Zoete Wedd in T<^yo. 
It believes that a discount rate 
cut of 25 to SO basis points dur- 
ing the second quarter is possi- 
ble. 

Although a discount rate cut 
will lift Japanese govenunmit 
bonds, an improvement in 
international sentiment 
towards bond markets is essen- 
tial for a full fledged recovery. 
Mr Nick Stamenkovic, econo- 
mist at DKB rnternationai in 
London, believes that once the 
US Treasury market revives, 
the Japanese 10-year bench- 
toark will reach 3 per cent by 
the summer. 


NEW INTERNATIONAL BOND ISSUES 


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)Qb6 JOLISSB 3S0 101775 
IIRB JinISSB 335 101325 

Ita JuLiog? 33351 lauw 


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9 Min? (U| 100.40 

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OtaSOto 

OeAStat 











financial times MOKDAY march 7 1994 


EQUITY MARKETS: This Week 




NEW YORK 


Investors 
gripped by 
inflation fever 

Having smviveii Friday’s 
nerve^wraiAtag nlease of the 
Febroaty eanidoyinent r^ort 
unscathed, tte stock maAet faces 
a quiet we^ vvitb. nothing on the 

enmwmrie agMdg tn matrh tha imprtH - 

of the monthly Jobs ^nres. 

Awaiting the empknunent 
■was nEve^WFMking becauee both 
the bond and. stodc mai^^s feared 
that if the figures had come in above 
forecasts, the Fedocal Reserve would 
have quicikly iRished iq> Intmst rates 
again in an attempt to dampoi 
inllatiiQinazy inesBures in tte 
incieasincStr buoyant economy. In 
the eveait-the rqiort was mtced, and 
the feared late increase never 
materialised, allowing share laiees - 
to end the wo^ on a positive note. 

Ironically, the fuss ovr; whether - 
the Fed would follow astrang 
enqdoyment r^crt by ratwmp rates 
diverted attention ftom the toct that 
the Fetouiy Jobs figures were bullish 

for StodES. woe rn»i«wr 80 

buoyant as to raise toSTs of an 
oveiheated economy, nor to vtoak 
as to xeidve concern about the state 
of the labour mariset. 

This good news was mostly 
overlooked because the stock market 
has cau^ a bad case of the bond 
maikef 8 inflation fever. In recent 

werire the gH ghtei ri- hrrit. rf r fgiwg 
pricM-tnapnr chgHfTig iiiima g Br a* 

rq)^ say, or a zegumal Fed sur v e y 
- has spooked fixed-income investms 
ariii pokhed up long-ietm 


Pa'rick Harverson 


.‘1 .1^ •. A.!..- :.\ii3ri 


While concerns about inflation 
an?ear ovttdone (few eccmomists 
can find any real evidMce of rising 
laices in tto ecomamy at the . . 

Tnfwnant) ^ fhia g tiw>lr If ylgW- 

to be worried by the right of rishig 
long-tenn interest rates. 

This is because^ as Ur William . 


.4i:. 

Dodto> Dean Wittork chief econmndst 
points out In fids week’s eontly 
researdmote, the stock market has 
moved firam an intmtotxatodiiveh' ' 
phase in the eyde to an 
Mnitogfrdttvea phase, ff interest ' 

rates confirme to risAfiieyv^ - 

evwitoally some m - 

the eoanomy. Weator ecanamic 
growth can only lead to weaker 
coipcg ate eamtogs growth. 

Or, asUrDodgeputoit:‘’Sintwreeb - 
rates do not ton, the tng^-war 


intmest rates wilL begin to earnest - 
from current stock market levris. 

And if interest rates slow the 
econany vrialeTeinalntogM^'the ' 
eamtogs undetptontog win be pnDed 
out finmimder the market" ' 
Fortunately, bond prices perfDoned 
remarkably w^ on Friday, and 
interest rates actually eitded the day 
sU^ifiy lower. Some bbservets bo^ 
that fiiis resilient ffltolay marks a 

tnmiTig pnhit rf awng fcjnH fitr ftiA 
hmui marTwt. The «Mi ppr^iapa, nf 

weeks of jittery, panicky tra&ig: 

If they are xi^it, film the stodE 
market riionld enjoy a welcome 
leRdte frcoi the recent toimoQ that 

hag imaa rt’toa ffnimrial injiriMrfB in 

the DS and BurQpeL ft hetos that thme 
is little important ecooande news 

iliiB thlg va^V tfiat Tiitflfi* "»»» « 

investors..nie main events are 
Wednesday’s pnWication of the Fed's 
"Beige Book” repeat on the economy, 
and Friday’s release of Fehraary 
retail yt** ifata 


LONDON 


Time now for 
the bargain 
hunters 

It was another difficnlt week for 
ecpiitLe^ althoogh file fiiralirto loss 
of only a few prints on the FT-SE 
100 TnAw is 1 ^ to ttself anytbtog 
to lose sfe^ ovET. The question asked 
on all rides quite stoydy, *T8 it 

over yet or is ariotiter 1987 

hnkr^ to the shadows?” 

The answer from madet strategists 
is that tears have been overdooDA 
that a shakeout to bond markets was 
toevittole and that equities itow 
preser r t a buying opportunity not 
to be missed. A^ the market seems 
to be agreeing with fhnn. 

Thna has beenno great selltog 
- of equities T-bonds and stock index 
fotiTO are axidhar matter - and 
the tatotirtions have b^un to buy. 

bsEis^^DS rfltii Br 

firan'buyihg across fire board, and 
fi:^ have eschewed sectors seen as 

dj,i ^) ^um g g gnnH tritWwg^ t bff 

sectors and to particular fiiose with 
s ecuri ties maitets e^tosuTA have 
continued to sufter. 

The good news is that the E ur opean 

hnnH rnaririrttt , iHi'BfftTy wt qMWnrihlB 

for the sethaA in eqidUeA now riiow 

ri g ne rf iWaang aigiTi g *1*** "rm 

Treasury market London, lika Other 
Europton markets, is still lerigned 
to a fintiier ti^itering by the Fedriwl 
BesmvA but sndi tears no longer 
s^pear to be upsetting share prices. . 

Ttift T^wirfrwi e tnrir Tiiwi<wi t ig nn» 

kKdEing towards ecoiiomic recovmy 
for support now interest rate 
proqptots are mtoedonded. This 
we^k hrtwgg potential developments 
onfiiiS'Score. 

The ril'serior’s concem over 

Iflng nialring w iwiB price s r daraii 

.asOpec does not meet until the end : 

Offii gTrMwith Tint ndrilator B nr ttift 

Gulf-CoOperafion Council (GCCD, 
widdi is eftecttvely led by Saudi 
AraWa anil iTnip aft , meet Ju Jeddah 


Terry Byian( 




••'• 9 . •• ' •*, •* 


i" ■ -Mweeiaer;/-' 


fills weolrimd. Nwnura itesearch 

w arna Oiat the fftoc k may 

be greatly ndstaken lii Its apparent 

aa aumpHMi that nU prina w aatoieaB 

is moeiy a tmnporary aberration. 

The GCC Is unlikely to contradict 

the ataiamfiy^ frOm the Sanitia 

last Decembto fiiat they are not . 
meparedto cot iHodactian. Oil 
exitoration stoc^ noteUy Entennise 
andLasmA axe sUn vofaienble to 
adverse news on ril piictog and share 
prices may not wait ter file Opec 
.xnerihig. 

The unctttainties of the past 
fortnight have refocused attention 
on solid dxvidend-paytog stocks which 
win wmlaip ilw the tiatinHy aiiia of 
pensian fund balance sheets. 

The KEOa the 12 r^icmal 
dectricity compenies, plus the two 
Scottish companfes. have bem • • 
overshadowed by awareness that 
thrir distribution reviews are to hand 
and fimi a iwwahcp regulatary regime 

li esahaaA 

T >awmii»a fln wWm haTia waa fTiatr 

dividend paying capacities win not 
be too badly hindered by tighter 
regnlatkm. 

' Fanmure reckons the value of the 
National Grid, owned by the BECa 
is "grotety underestimated’’ to 
balance sheets, and may be worth 
about £Altm. S ctmsiders dividend 
rates of 6 per cent should be possihle 
airi rates Lemdon Electiicity, 

Nbrthem ElectriA Soobooid, Southem 
E tecMc and Yoikshire EtecMci^ 
asbnyA 



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OTHER MARKETS 


ZURICH 

I 

I Ascom, file troubled telecoins 

agrri pniant maker, IS M p ft ft wl to 

reveal a 1993 loss of about SFiKOm 
($2tlin) at a press confenmee to(^. 
Electrciwatt and Baer HniiWng also 
present fidl-year figures today. 
Analysis have been bu^ reviring 
rewards fiirir estimates for CS 
Hriifing which reports prriiminaiy 
results tomoiTow, after Friday’s 
figures from Credit SuissA Estimates 
to eamtogs ran^ up to SEriZtai. 
compared with SFrLOSbn to 1S92. 
Alnsuisse is seen posting a S3 per 
eeiri ten in iH«4az profits taniMrow. 
SBC. giving inn details of its 1993 
results on Wednesday, Iw already 
T^Kirted net income iq> 36 per cent 
atSFrLSTbn. 

BBC and its parent, ABB, report 
ODL Wednesday. Hoaxe Govett ejects 
net prriit to ten to $376m from 
doe to higbE' mm<iecutTing costs 
at ABB. 

FRANKFURT 

Hoechst. the first of Grnmany's Ug 
three cheuiicels groups to report, 
is widely expected to cut the dividend 
to DUB from last time’s DUA 
tomoixow. A 40 per cent ten in 
eamtogs after niiie months was 
attributed to weakness to the 


polypropylene maunfaciurA 

AMSTERDAM 

Fokter reports on Wednesday and 
there is a broad consensus that the 

awyiruft ingnnfSairh iTWr, gy tiirfi >wg 

already unvefied plans to a drastic 
cut in aircraft ontout and JohA w31 
amionnce a Fi 150m S79m) loss to 
1993. Analysts are locking to a 10 
per cent toipiroventent at Bletoeken, 
reporting on Thursday. ABN Amro’s 
figures are ex p ec te d to advance 20 
per cent on Thursday. 

STOCKHOLM 

A spate of results fids weA looks 

Bpt In Mmflrm a gharp tiiriirfwinil 

in eamtogA says UBS. Qamto and 
Sandvik are seen raising net profit 
by 27 per cent tomoiTow whDe Stora 
is eqiected to see a letnm to proffi 
of abori SErfOQm. Besotts on 
Ttosday come from A^ Asea, 
Ericsson with an expected 137 per 
cent rise hi pretax profit, Hennes 
& Mauritx and TreBriKiig. 

TOKYO 

Trade tBrnrions between J{q;Mn and 
the ns foillowtog Waabtogton’s 
dedsion last week to revive the Siger 
301 provisum to retaliatory trade 
tarito may become an important 

Iwfhitnw^ 


RISK AND REWARD 

Derivative 
frailties exposed 
by volatility 


The dramatic 
sgSSiJ^^ srikdl to lead' 
^72^1 ing govern- 
gv ment bond 
jg^\w markets during 
aJi xM the past two 
^Sr y weeks has 
rSjg exposed ftmda- 

|fj|F mental weak* 

' nesses in the 

test-moving world of deriva- 
tives. Pethaps the most serious 
breakdown during fids paiod 
of intense volatiUty has been 
the teilnre of seenxitiss houses 
to ensure liquidity in products 
they had structured and sedd 
vriim the gotog was good. 

Volatility is an important 
I component in Ihe pricing and 
tradtog (d derivatives. It can be 
as a 

of Iha tawHarwy qI g nwrirat , 

price or yirid to vary over 
ttoiA or to the ease of a gov- 
ernment bond, until it 
matures. When a trader has to 
evaluate an option prioA volar 
totw is one of the most impo^ 
tent and difficult gi«»mimtg to 
gauge because it is usually the 
only variable the trader does 
not l^w with certainty in 
advancA 

Vfitii reject to options on 
European government bond 
fUtur^ the toipBed vriatility 
mi Italian Spsmsh goveixh 
ment bond options is r^tively 
high at aroiimd 10 per cenL 
Traders say fhe hirii level of 
implied volatUity in these 
instruments mainly reflects 

tha imnaptarm OUtlOOk On illter^ 

est rates in these oountrieA to 
view of file volatility associ- 
ated with fiiese maikef it was 
not much of a surprise when 
iinpMaH volatility ^ot up dux^ 
ing fire recent heavy tens to 
file fixtures and carii maikets. 

By contrast, traders of fixed- 
income derivatives wese p^ 
ic-stricken when the implied 

v nlatilHy In apHmm cm fi c^an 

bunds more than doubled. 
Before the rout, options on 
bunds were seen as a model of 
jajee stability, boastjng a low 
implied volatility of between 
3K per cent to ^ per emit. 

Acconfing to Ur Peto 
ger, head of futures and 
options at NatWest in Frank-, 
tort, the im^ied volati^ in 
bond igi Hrmn went as Idrii as 


10 per cent last Wednesday, 
when bund futures rose and 
tell by more than two prints 
before closing virtually 
imdianged. The vriatility has 
rince tellen back to around 7V^ 
per cent though the surge has 
caused the historical volatile 
of the (gitions to increase sub- 
stantially. 

Althoi^ the rise in volatil- 
ity made it much more expeur 
aive to investors or tradtts to 
buy egrthms on BundA it also 
meant big paper profits for 
investors udio held them. How- 
ever, many have foiled to real- 
ise these profits since liquidito 
to the wqyyg* has virtually 
dried up. The large rise to vria- 
tiiity has made four-weather 
market-makers reluctant to 
buy ba(te (gtoniA causing Ud- 
ofter spreads to widen to more 
than six basis points from 
between three or four basis 
points during no rmal mariset 
conditions. 

Indeed, many market-mak- 
etA especially those uiio have 
palpated to the recent spate 
of government bond auctfonA 
are keen to sell igitions at eur^ 
rent levels in order to hedge 
their pmriHftntt 

Sane traders of fixed-income 
dmivatives argue the overfiie 
counter market In these prod- 
ucts has never been perttour 
larly rifirient "It has never 
been a Uquld two-way market, 
it has always been n^otiated," 
says a head of departramt at a 

laatling UK hOUSB. 

Obsarerg briim it win be 
some time before liquidity 
ixoproves and they tear that a 
loDg delay could br^ on fiu^ 
ther, deKfKtaMTip houts ri vola- 
tility. The big playas, namdy 
file hedge ton& frioed to liquir 
date podkions when a series of 
bets went wrong, are licktog 
their wounds are unlikely 
to ccKoe bari: soon. 

Anntw brake on liqmdxty 
h«B been the sharp rise in mar . 
^ requirements on several 
futures giVt n pHrma PTf;hang p<t 
which have penalised those 
brave enough to ke^ trading. 
“Less Uquiri^ means a greater 
likelihood in price jumps,” 
saysMrEei^.. . 

Antonia Shaipe 


i‘ sent ink 


TMi » iivcit l i eii i fi i i ,biimeilinc niBp a M> «^i4thiherwiii l reiiiPil»ofttialiMenMiioi>alStt»dcB>ccfa«igeofafa>IJiiiteJPnykw 
iod die ReputiGc of tedand Umtaed (-'the London Stock Exefannae"). b does not cons d imc an InTinkMi to (he pabGc to 
»h«fteCBr.orpiiiidinie.iHYS*c iic i tia . AppBcntioiiliMbeenmadnio th c L o ii doa S M irkHwrhoiU pftirdieonSi iii Triinres 
iDd Ite oenr oidtaniy Atm of llOKQW pfe ^ to be adonued to theOrScU XAl a b etcpecied dw denUofi 

in the ordinaty ifaaiet and ihe new onSoaiy ihara of the CMniMDV win conmeace on Ifidi March. 1994. 

Roxspiir pic 

(IneotponMtbi Siigiana^aider am Oompmks Act IS29.I(egiaeneelbi England No. JS65(S0t9 - 

Acquisition of 
The Brearicy Group Limited 

and 

Placing and Open Offer 

by :J' 

Guiltness Mahon & Co. Limited 

of 

25,0^,938 new onBnary sbarte of 5p each at 21p per skare - 
Sfem CMbht folowtat the Pladag oad Offer 


iiiimiiiiiimiiiiiiiiini 


£500,000,000 
Floating Rate Notes 1999 

In accordance with the 
ptoviskias of cbe Notes, notice ii 
hcKby i^ven iliu, ior the thice 
moodi pniod 3rd Maidt, 1994 to 
3nl Juoe^ 19^ Ae Notes 
will bear interest at die cate 
of 5.1543 per cent, wannom. 
Cotqwn No. 1 w31 merelore be 
pmUe on 3fd Jnoe^ 1994, at 
£\J99S7 pa coapoB fna 
Notes of £100^000 nominal and 
£129.97 per c oe poo firem Notw 
of £10,000 nonnaL 

5.G.W«rboig & Co. Lni 
■AgetuBmk 

IMlIlllinimillllllllll 


jit^hori99^ 

t3.SOHOOO hiOidiBaryshBtwofSpaadi' ft.AAtHP 

The —* '*** **^^ HiMwIWamigiMiln— n«tian«trpl.y|iwMMl«pii[Mn M r, .afegr nirlhriiif 

and sireeitamnite. The prtaAial acdviiy ofThe Breariey Oraop Ltaetad h the natmlnaiiR and Hie of temperanee icnsoia 
and anodaied prodoels. 


ha^rndtoba 



Mahon a Co. IJmited 
32 Sl Maty at Hm 
Londea EC3P3AJ 

(a iiKadMr of The Secmliies and FVtam Aaberity 
Uaited and the LmmIob Suck BschanatO 


Fed Rant a Oomnany Uirited ' 
di2 nunAdneudlft fixect 
Lotion BC3V 9BQ ' 
ta neaber of The Sec u r ili es and Fatarca ABthority 
inii L iw itttTii 


and a (be redotsed offke of the Oompany in Bn^ud' 
Levercrea HeaK, BnroSnk Way, Shtiasbennie. Kad MBIO 3RN 


Tih March. 1994 


COMPAGNIE BANCAIRE 

£100,00A000 

VloMbii Snta Metea -due 1995 
In aceordsnee vnth the ptovisiotis of 
dw Notes, notice is hereby given 
that the Rnu of Interest for 
the three month perfcxl eodliig 
2ik1 Jane, 1994 has been faeo 
at 5.3125% per annum. The intetesi 
accndiig &t such diree mondi 
period wm be £133.90 per 00,000 
Bearer Note, and £1,^.04 per 
£100,000 Beater- Note, on 2ad 
June. 1994 againsi presentation of 
Coupon No. 7. 

Union Bank cfSwiUalaiid 
LandnBnwch AganBaik 
UMmch.l994_ 


AMcefoSheheldBvqf 

AUTOBACS SEVEN CO., LTD. 

(the "CompanjO 

Warrants 

to subscribe for shares of common stock of 
Amobaa Swen Co., Ltd. issued with 

US. $109,000,000 . 

41i per cenL Guaranteed Btmds dnel995 
(the ‘'Wacranis A”) 
and 

Wurants ■ 

tosnbscribe forsharesofeommon Block of 
Aotobnes Seven Co., Ltd. issued wilh 

U.S.$MMMNW,000 

3 per cent Guaranteed Bonds due 1996 . 
(the^WsmiiisB”} 

Pursuant lo Clause 3 (xiv) of each of the Iimnuneiits dat ed 28th 
l^bniaiy. 1991 and i2th Maieb. 1992 (the "Instnimenu’T. relatiag lo 

the Wkerants A and B, notice is hereby given as foUws: 

In accoKlance with the resolution of the Board of EMieeton of the 
Cqi rp""y adopted at the meeting held on 1st Fbbnim 1994, the 
ffimpany wUf ihafce a &ee distribution of shares of in common 
stock (to "ShaxesT lo its shareholders of record as of 3l8t March, 
1994 1^ way of a stock ^lit in the ratio of 12 Shares for-each Share 

COciseaaeDtiK each of the Subscription Prices (as defined in the 
resolve Instnnnenu) of the Wamms A and B wUlbe adjnsted. 
edeciive as of Ist April, 1994 (Japan time), in tilt maimer ei set 
forth below puisuant R> Clsiise 3 (i) of each of the InfUnments: 

1 Warrants A! 

^bscrtpiion Price beToieadjuatmeiii:. Yea8J)S9.00 

Subscription Price after adjustment: Vai7.3S3.60 

2. Warrants B: 

Sub&criptioe Rice before adjusonenc Yen 8,231.10 

Subsription Price after adiastment: Y«n7A32.80 

The Dahm Bank, Umiied- - 
enbehalfaf 

7th Mnrrhi 1994 AUTOBACS SBVitNCft.L'nk 


CONTRACTS A TENDERS 


nmaly lAOOOnilii 
leqriKd-tadHdm bi 
dooiMtiorSinly 


lAOOO mliiarr to peamnd tfam^ioa SonkThe am 


K b nKltadBd w Mti« hdhSiu lamwikn md oniniB, 




RnwlALihnfelhiwliia 

* Atl« 10 wan caperima h faCBudaeal pmieetB h budi ndibr 


, pitjcct mmid irinM of K Imrt US $S6 ^Bao. 
«NUMHUe(«lM(USteOiiaBu. 

The RRP docunom «4deli wS GOK US text wB leqtw 


w3 m|BK the loeemU fins ■ praiiA 8 Pnfaanm 
Qi ftlff lni iBir obmin the Smuest fiv In 


SImIBbil 


Of aabpmiioQoflBnMiri&asDprsfKhMrflisKtofiMK 

ax oceeimled ■ceDuus and a htkf (tandnan fine m^l nBmiy af Arindw 
«nc ■Bw'wfa** br 5A pbl New Yodc dn^ 16 Anili 19Mk ids bib Adcka 


Haaib Aoini Chl4 Bntom ft Ibwnpariaden Scwfcb fifahril NniaM, 
Raem kf&M, 666 UN Fhn, New YoA, NY lOUTOBA. MaiumlDM 

AoulJlieln wridaneBlfi wfah theaBMr cn v il op c dMdr wind T OQbOM 

mMwhkwg pmMi^ wiM. 

»■— *** ^ Jlghwtnn lig lnBMBfal ly bx ’ 

aafe w rirwb miiiwrTOSOM BOX”. 


UNITED NATIONS 


NATIONS UNIES 


THE THAI PRIME FUND UNITED 

(jneorporated In the Republic of Singapore) 

NOTICE OF SIXTH ANNUAL GENERAL MEETING 

NOTICE IS HEREBY GIVEN THAT the Sbctii Annual General Meeting of the Company will be held at the 
Meeting Room, 3rd Floor, Investment Trust Department, The Nomura Securities Co., Ltd., Dai-lchi EdobashI 
Bullring, 1-9 1, Nihonbashi, Chuo-Ku, Tokyo, Japan on Wednesday 30 March 1994 at 9.00 am. to transact the 
following business:- 

1 . To receive and adopt the audited accounts for tile year ended 31 . Decentito 1 993 and the [Mreclors' and 

Auritors^ Reports therecxi. (Resolution 1) 

2. To re-elect the following Directors retiring under the provisions of Articles 118 of the Company's Artide of 

Association. 


a Mr. Odom Vichayabhai 
b. Mr. Lewis Weston 


(Resolution 2A} 
(Resolution 2^ 


3. To re-appoint KPMG Peat Marwick as Auritors and to authorise the Electors to fix their remuneration. 

(Resolution 3) 

4. AS SPECIAL BUSINESS 

(a) To declare a second and final rividend of US$1 .00 tax exempt per redeemable preferred share for the 
year ended 31 December 1993. (Resolution 4A) 


(b) To approve the amount of US$1 0,000 prc^xised as EKrectors! Fees 
5. Any other business. 


(Resolution 4^ 


By Order of the Board 

TAN SOEK BEE (MS) 

Seerriary 

4March1994 

Sngapore 

MOTE 

A member of the Company mtitted to attend and vote at the above Meeting is entitled to appoint a proiv to attend 
and vote in his stead. A proxy need not be a Member of the Company. The instrument appeinfing a proxy must be 
lodged at the re^stered offioe of the Con^xany not less than 48 hours before the time set fbr holding the Meeting. 
There is no Diractors' Service Contract in existence. 


TtelteiMls 

Is srtserbe tel sfeMW af fionma stock af 
MHVA C8., LID. (Ihi 

hSMStelwISMilwWIi 

BJ. |S6a,SIB,m 8 1/8 por COOL tanatead IriM dae 198B 

loteab 0 ndesatodWanmtai,-wclwttoBodfylhnkte 8 iibiafalkBipdeeefto 
ab0rede8afiMdWaBBnl8lHabcaiuevlaedpiiBnant1oCDnAlioa2(A)ot<heT«cina 
md CondiliaM of to WbnuiB fbllawa: 

StoedpliaaFrieebefaexeririnB 10,598X10 
Sufaao^ptiedHamkfiacnviriflii: . .VL23U)D 

lUs nc^uataBeat law Wwo cdtrt Bom tod^r 7, 19M (^fan toA 

/gj Br DiBBdBfcafimBoTtefitC—paMF 

vQf jtoZOtowmqirAMit/tr 

0*u T™- 

DrtNtMwrii7yl9W 


Fif f ureSource 


National & Provincial 
Building Society 

Japanese Yen 10,000,000,000 
Floating Rate Notes due 1995 
For the six months 

Tth March, 1994 to 6th September, 1994 

la accordance with the provtokms of the Notes, 
notice is hereby given that the rate of interest hu 
been at 3.25 per cent, per and that 

the interest payable on the interest payment date, 
6th Septembn, 1994 against Coupon No. 12 win 
be Yen 1,629,452 per Yen 100.000,000 Note. 

' The Industrial Bank ni Japan, 

V Agsnt Bank > 





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_ - - 1 — ll^— 1 — — — -W - ( -* ^ ((W 

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nfti lifdtr enepm/ -AA-h a •r««jnvi'. 


One. 


Rnamdal Times. Europe’s Business Newspaper! 




financial times MONDAY MARCH 7 1994 















































































































































































































































































financial times MONDAY MAR CH 7 19 94 























































































TIMES MONDAY MARCH 7 1»4 


CURRENCIES AND MONEY 


MONEY MARKET FUNDS 


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248000 247030 

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141078 148080 

14103 

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FIXED INTEREST RATES 


MOISV RATES 


NonMV 

Portusal 

Spain 


Dilgliwi (BR) 1M 18X8 

Dannaric (ON) SOU 10 

Rma FR) 80X8 11X0 

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7450 1755 141.1 

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UK INTEREST RATES 



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16842 

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-10035 

18045 

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63X00 

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11510 

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19585 

74 

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MEV RATES 

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pa» nadM CBttdh nuaha mawdia yam 

8-4l( e-A 5^-5 5A-5 Si-Sh 

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HMi wp WwM kr Km dMMe IMMV bm U8 8 COa wid 8DR LMad OMoab OhP 

EURO CURRSMCV BITERBST RATES 

Hard Short 7 dnt Ona ITwa She Ona 


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FT-ACTUARIES WORLD INDICES 


JeMly oaitolad by Tha RranM Itaaa Ul. OdOMmi, Sacha « Oo and NMVMt SacuHaa Ud. ta conjui a aion wOh fta to a dnd a of F ch Mai and ton Baadpr ^ XMmM 

NATIOMAL AIB> 

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Roma in pMwdhaua US Kohg Pwnd UocH laol K Qraaa U8 Round Local Tm 

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teiM(l07)__— 134X2 -OX 133X2 3579 120X6 13247 IX 2X4 134.17 133X6 8526 119X0 131.U 14531 12148 121X3 

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M m .73.13 8X ■ 7575 4578 86X8 02X2 SX 1X3 7500 7248 4507 6452 MXO 78X3 5521 94X8 

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W ^23X2 187X8 188X8 18504 178X1 182X8 


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37$ 94 Gdob 
17 B$GiMUr 
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S9 4A(bllllR 
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13 lt$GariBlll 
2A 144 Genus 
17$ 11$ (Top 
a ?i(mbn 
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1A AGenlM 
21$ lAMiHduN 
74$ nbfiriH 
OA 334GN6IO 


an 7.1 
1JSQ 15 
1.00 19 

in 56 
140 7.7 

ia 7.1 
t.n &3 
on 10 
ta 116 
104 16 
162 14 
140 08 

160 06 
la 1.0 
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140 IS 

in 17 

138 17 
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168 14 

on u 


B 84$ 
13 377 42 

13 ia 53$ 

14 TG5 04 
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0 s 

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14 353 207b 
10 « 

15 325 44 

16 2048 54$ 
0 770 em 
40 203 3A 

m 11$ 

0 0 19$ 

10 02 IA 
in a$ 
n 727 94$ 
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10 224 A 

1* IS 14$ 

17 oat 55$ 

92195 624 


A 

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Si Si 

11$ a 

174 174 
11$ 12 
a$ ZA 
IZ4 724 
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54 84$ 

46$ 0 

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la 

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14$ 14$ t4 
95 a$ 

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114 4TOKS 
0$ AMmS6 
7$ AOmOOE 
3A^tn^7 418 

2A lAAioa 

77$ e BgbF 160 

034$(t36PPr 155 

a34$GrabM 19 
UWl 571|fi>8aP76 79 
IflS 94 (iWi7.72 rj7 

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1A 104 OciabByn 09 

10$ laobbM on 
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3A 14$ a» 00 


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22 a 102 0 35$ 3A A 
U 11 1750 202 94 29$ 
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26 a 1QD5 24$ 3A 9$ A 
9*110* 04 0$ 47$ A 
2 171 4$ A 4$ 

0 024 10$ 10$ 10$ 

2 582 A S$ 8 

16 18 59 37$ 37$ 9$ A 

0 757 28$ 27$ a A 

1239 2634 0$ 86$ 71$ •$ 

at 3 23$ 25$ 83$ 

63 2 26$ 25$ 20$ 

TJ 00 mb 91$ 10$ 

73 2 tab lab tfltb *t$ 

17 IS 150 a 0$ a 

16 0 108 IS lA 15 A 

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04 16 M W$ 13$ 13$ A 

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10 7 10 10 0$ A A 

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140 U 2342 bA 
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19 II 14 237 4lA 
112 42 SB 30* SA 
19 11 a *27 A 
19 52 18 17$ 

12 76 14 2 SA 

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19 41 14 SETS SA 
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145 16 a 1097 27$ 
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19 16 a 170 73 

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110 05 9 7SS 2A 
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12$ 72$ 
18$ 19$ 

lb lb 
34 a$ 
33$ a$ 
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254 (74mber 
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104 isbfirPTO 
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2A 19$0P 
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1A 17IH1IM1I 
301 t7$toEBX 
94 ZA *0*115 
98$ nuanm* 
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34$ 1AM 0bV 
2A A—iFirt 
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2A IStoMieSE 

40 0$ — BX 
11$ Obllrilbw 
12$ odapM 

n SAMUTS 
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IJ$ lAK— ttn 0S7 
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19 3.4 a ten 
19 42 54579 
83 14 

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1T8 12 17 1481 

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15 3042 
19 19 1Z IM 
180 33 a 143 
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43$ 3A 1062* 
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13$ 7$iaMU 
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27$ 744UTO 
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12$ 2bL— FH 


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0$ 42$LIUI 
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6$ AU6EAX 
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1A IDL1V 
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0$ 2B$LiM 
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52$ 0$Lri« M 

0$ lAu— > 
a lAimriM 

2A 1B$V—IP 


lA Amorn 
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3A aWM 
7$ 3$iaei5ap 
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11$ sbtMOibB 
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a 17b unC 
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254 2AM— Ft 
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86 14 20 sA a 

10 720 91$ BA 
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16 15 sn ab SA 

1.4 10 1716 A A 

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Lssa IB SA 9$ 

18 M 8$ A 
14 a 79l9$ SA 
1450 in 11$ 01$ 

14 14 27 1A IS 

12 a 219 37$ IA 

16 7 0 9$ 94 
t6 0 139 45$ 94 
04 14 B1 3A 94 

1 39 4 3$ 

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17 324 lA dIA 

13 12 29 a$ 2A 

4.1 9 4024 ssb M 

16 to 600 20$ 1A 

40 10149 41$ 404 
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7.7 nn 85 as 
17 369 6A 87$ 
10 14 3Dtt a$ 2A 

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16 0 19 41$ 0$ 

1.1 10 79 lA 94b 
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16* 1.7 10 1284 0 86$ SA -14 

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171 7.5 12c 5$ «b A A 

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064 14 9 314 18 15$ IA A 

13 tin 32$ 0$ 94 *1$ 

0 a A A 1$ 

11 an 17b iA It 

9 2*0 lA iA lA A 

12 711 15$ iA iA A 

19 11 343 21$ 2lb 0$ 

in 01 0 309 2A 9 9$*-$ 

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on 13 a 12a S4b ab BA *H 

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la 15 9 77110$ 0b 31$ A 
1.18 OTin B1K$194 i«$ *i 
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49 15 a 424 <1$ 0$ A 

140 16 7 so 4$ 4$ A . 

19Z 11 15 309 M 43 ft A 

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172 15 15 aa a$ iA TO 

oa 16 0 I iA a$ 9$ 

230 7.1 5 0$ 0 0 

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0$ 14b I 

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158 76 16 1148 3A S$ 3A 

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ia 40 12 ais 3A 
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1.12 15 IB2018 0$ 

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172 t.ra 127 4A 4A 
oa ID 6BZB 41$ 4A 
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210a 7b 
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18 nn 8$ 

180 74 zin 




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158 16 4Z185BV(7b 45$ 47 

19 34 17 439 l(M$ 19$ iTO 

43 2561 B Mb 9 •*$ 

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2*1357 A A A A 

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114 114 11' 

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1.12 U A 881194103 ^ - 

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1.12 74 I 0 lA 

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41b 2AWBB— 
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IfTblDIbNTSClO 
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37$ 3P>2Nrina 
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16$ ANriMM 
bA miwi— 
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24 iAm— 

25$ TOmsw 
10 AHriSM 
30$ lAMMO 

aA sAi—vc 
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ll4 5$NriiKil(E8 
TO 2ibNM*Piir 
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43$ Sbl&OBi 

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a$0bNwFlHR 
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17b 134 i—ai 
51$ Z7$ iWKia 
80 0NH— X 
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95*2 nWHOCWM 
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ab iBbNwM 

nnbNM 
34$ TON—M 
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7 4NanlHH 
7A SAlUfliS 
35$ 2I$I— Hwr 
134 4bNairiikK! 
4$ AMiFvk 
7b 3$ICHd 
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7$ nbNSPw 


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1A U II BID 38*2 37$ 
IA 16 14 no 0b 80$ 
aa 16 1 MB 102 

OA 16 9 109 57$ n$ 
in 15 17 IMD 35)2 A 

172 IS 10 IA a a$ 

09 14 10 ZM 1A 1A 

144 10 10 son 48 47 

155 13 17 830 4A 40b 

19 44 18 no <3 41$ 
1.16 46 10 2830 2A A 

10 1077 Ob A 
5 HOD 021 10 
164 4.9 14 305 0$ a 

in UBidA lA 

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IA 43 17 81 44$ dM 
4A 52 2S7l60b 0b 

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IA 46 17 254 27$ 27 

4 XlOO 8$ A 
2 53* 2A 2A 

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IA Id 11 857 28$ TO 

020 1.2 30 29 (7 lA 

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IA 7J 12 40* 94 0$ 
05* 106 2IS sb A 

1» 11 12 09 TO 3A 

112 16 278 12$ 12 

t.S2 56 15 S3 28*2 2A 
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la 11 tsaa a$ a$ 

172 1.7 19 541 41b 4A 
140 17 42 a 14$ 14$ 
065 11 0 Z7Q 45$ 45 

100 1.1 45 2571 n 58$ 
116 13 17 02 TO 55$ 
360 18 14 1197 H$ 

3A 7.8 lO 46 46 

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IA 4.7 13 Sn A$ 3A 
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116 1091053 a TO 
9 478 A A 
19 18 17 1607 68 17 1 

14? 16 a 09 34$ Mb 
110 1.1 8 687 A 9 

145 15 IS 1613 lA TO 

0 20 A 5$ 
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miM 


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alAitaiirit 
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11 iAMnwiMI 
17$ ISbHuVomMO 
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04 
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105 SO 12 a 2ft 8% 29% . . 
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00 14 810361 14$ 14$ 14$ •% 
08 01 0 89 ft ft 9% 

a 0 1 ft 19$ 16 % ft 
00 20 9 87 T7 16% 17 ft 

1.1OS20aa84$34%34$ +% 
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00 00 a 71S 10% 1ft S +1% 
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11$ 8%8rtK0nq> 11 5 ft 9%: 9% ft 

ift ISSiMBRi 00 2016 127 17% l7% 1ft 

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3I22%9|«9 00 10 912184 27$ 8 2ft ft 


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92% 3ft ua CBM X 275 74 8 SI 8 50% ft 

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34%18%(IM 010 0J618 0' 17 T7 17 ft 

74% aiWtf 00 14 0 2 K K'Kft 

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96$a9$IMBK4 10 328168 49$ 47$ 48$ ft 
0 UIMM 075 21 94 490 24% an 94% ft 

0 nUnMCBo U 0 12 Tl$ 11$ ft 

90$ 012630 28 07 xlK 8 8 a 

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0$35%IMHm 276 7J11 8 37% SA 37 ft 

10% 4uimBt 08 4? 6 i7« on 0 

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0 IMMCU IX « .f Jr J. ^ 


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23%16%«|imM 044 20 0 18 


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S5%»%XbbM.135x40 74 2 8 

83I%Xkl0up 08 14 19 363 4ft 
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040 28 17 K 14% M 14% ft 
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2B%16%KnH K 503 20% in 2ft 

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m ftUSSna 032 29 0 940 14% 0 14 

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15% 9$lkMi 24 261 15 Ift Ift 

^SftUMfMi ' 00 18 14 364 33% 82$ 32% 

0$ 14%lM*Kk 10 9J VI 45 17% V 17% 

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81$ IftUMQp UK 9.1 10 88 10% 18$ IH 

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AMEX COMPOSITE PRICES 


4fiaidmUsieli4 


BH. E 108 IIP iMfCton asm 

torUiK 18 S 12% 12% ift ft 

»6«r 020 14 IN 21$ 8 21% ft 

Uhtae 2 S 10 1& IQ 

WbM U N 4% 4A 4% 

0*8 10 11 4 an ^ an 

toiBKAxaMIM 0 20$ 19$ aft 
toMM OK 1 08 5$ 5% 5$ 

KES 1 337 1% 1% 1% 


VE^i* 8 8 10$ 10$ 10$ 

ttRlOH 072 0 14 1i| IM 1» , 

MM 8 n ft 3% ft -% 
W 6 717 ft ft ft ft 

. rttoCMB 1 18 .iS % $ , 

MmA 13 220 ift 15% 16% ft 

SWOchbOK 1X10 4$ 4A 4A ft 
IMrl* OK 17 8 21,$ 21% 21$ ft 
artMTA 044 8 154 8% 5% «% 
3inyR6 17 373 1ft 17% 18 ft 

HTW os 15 28 7& 7% 7A ft 
34*6 9 S 1$8$J% . 

IMbMbi 04618 S 2n 22% 22$ ft 
9HMA 0 8 13% 13 13 ft 

eOBIA 08 34 10 8$ 0$ 8% ft 
aowM* 2K 5 8$ » n ft 
^9Ba4r 0 M 3 2$ 2$ 

Btorn 08 11 K 24% a$ 8ft ft 
MKMA UH14 0 13% 13% 13% ft 


337 1% 1% 11 
8 10 $ 10 $ 101 
14 1i| IM li 

0 n 3% y 


fiMEner 171344 17$ 171 
CrtXBp 0 8 1% ll 

' teknx oa 14 25 24 233 

akMBc 029 0x10 11% iU 
SWMA 08 7100 » Sf 
OMt H 8 0 4 3} 

CMtoko . 34 177 0$ 23l 

Ok* 28 440 5 44 


I IfeBk OO E nk Rk iHiCknCtoK 

I CWk 044 34 10 in 13% 13% ft 
I OMRM 041 91 5% 5% 5% 

I OBrtncD 08 13 10 19 15 15 ft 

CoiiprtPK 6 0 1% 1% ft 
OBMdFbA 6 0 ft 0% n ft 
' QBHIITA OB44K 0 15$ 14% 14$ ft 
CmwCA 0400 130i^ 0 20% ft 
CnunCa 00 16 204 1ft 10$ 1ft ft 
Cubic 08 0 16 20$ 20$ an ft 
nn— 13 15 $% 2% 2^ ft 

Ubife 10 i $ $ $ ft 
IMk 0 112 to 17% 18 ft 
ODBBBni 7 » 3% 3$ 3A 
DirtR 00 8 17 11% 11% 11% 4% 

8*10x 0016 92*7% 19$ 16$ 
Krturai* uains 8 18$ 19$ 19$ ft 
BteB* 00738 2627 12 11$ 11$ ft 

SolSA OS 12 12 14$ 14$ IH 
BMDM 7 0 _ft } n ft 
Bn 171787 38$ 3ft 39$ ft 

B»SBV 09074 3A 3]S 9& 


Ho E 108 Rrt UtoOHiCMH. 

01197 6$ ft 6$ ft 

00 15 an sn sn 35% ft 

8 3 4% ft 4% ft 
3 313 3$ ft n 
216 St 0 11$ 11$ 11$ ft 
12 979 » 3$ 3a 
16 312 12$ 12% ll% ft 


IKHOBp 12472 7 

‘ tanonCll 0.T2 0 0 11 II 

ibOGBm 5 70 S% 


n IN 16 1S$ 15$ 
OM02S8 sn 29$^ 


Stock Ok. E 106 Rrt iMCtonCta* 
OH* . 02410 70 32 31% 31$ 

PihbbS 001041927 1ft 18% 1$:$ ft 
MM 08 SI 110 12$ 12% 12$ ft 
ratMP 10 87 546^ 24% 27% 4ft 
nau) 00 19 00 09% 0eft -$ 
PSHTA 08 19 33 84 33$ 33$ ft 

a EMII 012 0 618 2ft 22$ 0 

: 08 17 10 15% U 15)%. ft 

IMlM OM 1 10 2 1$ ia 4A 

taAS 0 3 2ft 0 0 -1 

• 9 0 B% 9% 6% ft 

fOMfiv a 5 ft 2% 1% 




0 60 6 09$ 

19 27 13% 13% 1 


UhBM 

iMtoM 

LnRBoA 

InitochB 

Mnncp 


0. 20 4% 4% 4 
0 79 a 21$ 21 


10 n tl 

14 8 lit 
7 6 20 


a 'ft 

ft 21$ ft 
^ 1.$ 


sjwcnb 2W10 




HM 0 8 4 3% n 

MVNBmOSN nft 6 ft 4% 
TMHIlto 024 81279 44$ 44% 44% . ft 
TtonuMl 54 50 12% II 
IbBOMtoi 34 131 32% 0 
1Mn* 00 0109 16% 15) 

Dmony o ok ft 2 ; 

Dtn 10108 1$ 1 

18HII* 0 P 5$ 3 

UAM 4 8 1$ 1) 

UdFwkB 00 0 0 19 ij 
UHAH 18 8 ft 5 
0CM 01 10 0$ 0) 
lUMBfW 0 512 1ft 10) 

IMtonv 080 8 27$ 1 
tolCrx 1.0 0 UO 14% 19i 
VlBtHl 0810 0 21$ 0! 


00 U 0 11$ 
0528 0 aft : 
8 627 31$ 
5 3 4A 


StoS 08 9 134 2 

OtoutFdA 070 16 724 2 

SKM- 070 8 30 II 

firtdlMO 11 IM 

C tOB kiHi 8 8 ' 

6MrCdi 034 11 - 0. : 


aa*’’ 


MMiAx QM 0 8 ^ ^ ^ 4% 

MHlK 00 3 10 4 4 4 

IMU SOI n 9% A ft 

■mA 16 691 ft 9 9I%41% 

SBBqt . 2 2U $ 4% A fiS 

ItotPtt 10 09 ft 4% 4% 4A 

NBiUH 34 18 2ft ^ 0 ' 

WIM 0988 90 27% 27% 27% ft 

MhCtoiN 00 9 0 ft 9% 8% ft 

NnacE 10 8 ft ' 6 Oft 

I MR 13 117 B% a 9% ft 

I OOMIaA 34 18 A 9% A 


ID 0 21$ 0$ 0$ ft 

9 8 n ft 0% -ft 


GET YOUR FT DELIVERED TO YOUR HOME OR 
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A subscription hand delivoy is avaiJable in die whole of the Grand Duchy of Luxemboui^ 

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.AB*m 54978 10 A 10 41% 

AHCqk - un 0 8 14% 0 '14 

ANCsip Os 12 IS 0% m 14 
AhMtoC 088X10 5% 5% 5% ft 
aibogM 08 2 10 1& lA iA 4A 
AinK 35019 an onsn ft 

AtoBaAixON B11U 22%82% 22% ft 
AciGtoS 0 8 30% 0' 0 

AaltoMB 19 904 20% in 0 4% 
AciHbIB 94180 17 10 16% ■% 

AaSrttoi 03204 770 6% n 0% 
A*m*i 8268 20% 19% m ft 
AatoM 08169024 an 27$ 27$ ft 
Anto* 2S20 1% 1A 1% 4A 

MrlBB 0 18 % OA % 

AMMtoX 20 8 12 52% 8 S% 4$ 

AnPMCBW 0 408 20% 0 0% ft 

AniliH 10 30 13% 13% 13% ft 

AaFtoaT i 90 . % A A 

Angntoe 161238 4l 3A 40% ft 
AntoAN 00 8330 30% 2A Nft 
Antofto 4 401 A 8$ A ft 

Antorte U 00 in 1ft 1ft 

AcMiM 043 12 30 15% 0$ 14$ ft 
AhbuMAoi 10 U 0 17$ 17% 17% ft , 
AnkiwN 16108 32% 0 0$ 4l , 
Andms 0 341 16% 17% 10% ft I 
AkemS 00 0 0 15% 14% 14% ft 
APPeia 9 00 n 5% A 4% 
A8MMB 0940 8 4A 0ft 

ApctoC 0400620211 37% 36% 36$ 4l 
ANkbcM OMS 90 0 S2A ft 

ArterDr U4 8 98 19% 16$ 19% ■% 
AKtoe 00.19 8 0 28% 28% 4% 

AqcoHt t0 6 74 0% 9A 3A ft 
tomNX 054 0 58 0% 3A 2D% 
Anatoto 08 192712 0% 0 8% ft 
AtoCftp ■ 11. 3M 9% 8% 9% ft 
AmrtM 0 120 34$ N 34% ft 
AHceOBan 08 09 24$ 24% 24$ ft 
ASTRadi 1619K7 24$ 23% 24 4% 

AittHii 0 US n 9% n 4% 

MSBtox 08 34 90 n% 8$ 33 ft 
AHM 08 24 0241*)$ 59% N 4% 
AnkbOe 13 48 4 3$ 4 

Am** 0811 n 7 A 7 


BEIB 080 8 ft 6% ft ft 
EMkN* II 48 13% ift 13% 
B*nHWI 38 % n % 
NHrJ 0812140 20% 20% aft ft 
BHM6.B 00 3 28 15$ 14% 14$ ft 
Bnetoc . 17 88 2A » 2A 
BOrtBM 0B4 1008 10$ 16% Ift ft 
BbCboCp 08 9 176 18 17% 17$ ft 

BaioBin on 11 20 1 A m 0 $ 4$ 

R*MIBn)O0 0 135 33% 33% 33% ft 
OHtoto 0819 10u37% 37 37% ft 
I BMMP UO 16 38 29% 26$ 2B$ ft 
SwVtoB 08 11 08 20% 1ft 20% +% 
StoHrtB 18 12308 53$ S$ 68% 4$ 
anTFtax 10 9 8 an 29% 29% ft 
KM 8 10 11% 11 11% 
BmrtO* 00 0 0 n$ 11% 11% ft 
OartJBiy 17 1771 20% ift tft -1$ 
BbMMM 08 13 470 3ft 30$ 8ft 
OMtop 0817 5 11$ 11$ 11$ 

Mtop 0X18 U$ 15% 10% 

Btoe 18 n 5% 5 5% 

ns 08 16 18 11$ 11% 11% ft 
BtaHrW 08 U 84 13% 12$. 13% ft 
fitogn 40108 8 40% «hfi% 

BtomB 19670 11% 11% 11% ft 
Bb*lbgx1<M12 ID 34 38% S3% ft 
BMCSBtor 84623 on 8$ 60% 42% 
BoMnS 10 92057 25% 0 26% 
BmeoH 027 19 794 0$ 0% 0% 
BoGtoSB 12 11 23% 23% 23% ft 
BMd ' 2408 13% 13% 13% ft 

BcnnKxOra 6 8 37% N 0 

BcnaTiB » 0 n 13% 12 % is 4% 

BcrtiWA on 17 247 4S 44% 44% ft 
Bnan 00 0 06 0 % 6$ 9% +% 
BnmS 00 161237 7$ 7% 7$ 
BNBocp on 7 64 0 8 8% 
SSttoag 048 0 750 3% 3 3% 4^ 


IM* otoKiCtoKiilmlMiam 

BBSktoDp 092 11 872 2«% 34 24% 
OnShCKUDlO 40 6% ft ft 
wan* 032 0 113 14% 13$ 13$ ft 
DBrtbGcxUOn 8 34% 3A 33$ ft 
Mkoctoi 044 11 are 8 0 $ 04 .% 

MfiBK 36208 27$ 25% 8% ft 
OMMQSK OIO U 88 15% 15% 13% 4% 

0*611 150 7 0 27$ 8 27% ft 

Doan 020 4 10 7% 3$ 7% ft 

DHTMI 12 8 17% 10$ W$ ft 

DMB 07211 10 8$ 8 8ft 

DtfM U 307 10% 16$ 19 ft 

OIbIIIbd 82543 16 IS 15$ 4% 

HoBM 0 06 2 1$ 19 

I ng^ 4 tt ft 03% 3% 

I DtanBCp 17 18 3ft 8 3ft 4ft 

ObHDll 00 34 in 10 0% 10 4% 

ONAPkrt 5 052 3 4$ 4$ 

OMkrOR 00 0590 0 0 30% 4l 

DbcOHU 0818 4 Tft 1618% ft 

OnOtSBI 7 377 10% 10% 10% ft 
DnMSan 14 on 13% 12$ 13% 
Dnytt OM0 1N 24 23$ 23$ ft 
DrapanKOnS 8 5$ 5% 0% -% 
nBncto 18 14 10 25% 24% 25% ft 
Dab* - OB 0 431 8$ 26% 2ft 4% 
Durn 00 0 883% 32$ 32$ 

0 **«o 0 s % % % 

DjlBtoCb 14 104 0% 2A 21% +% 


10 10 A 6% 0% +% 

8 8 .4% 4% 4% 

4 40 1$ 1Q iQ -A 
018 M 2842 28$ 25% 28% ft 

73 an 9% 8$ n ft 

2 48 2H 2% 2B 
U12S7 13% 13% 13% 

082 40 46 49 4A * 

2817D57 0% 23$ 23$ ft 
a 04 8% 7$ 7$ ft 
81442 6$ 6 6% 

54 332 10 15% 15% ft 

8 n 2% 2A 2A -A 

3 90 4% 44% 4% ft 
010 0 13 4% 4ft 
040274571 46% 44$ Sft +1% 

XIQO 0% 8% «% ft 
721254 17$ 17% 17% ft 
09671 0 19 0 ft 

14 IN 12 11% 11% ft 
14 IP 19% 19 19 
UO 0 IM 15% 17$ 17$ 

0 103 15$ 1$ 15$ ft 


aa* Ok. E HM Kk Uw l*t CH| 

-K- 

KSUBI 0812 28 23$ 0 23>4<i>l% 
Kknn4i 044 5 28 9$ 9% 9% ft 
MwC on 0 16M 13$ 13% 13% 
totofenC^ 040 15118 26% 24% 0 
Krteia 72512M 7% 7 7% ft 

MlSrx OHD 0 27% P% 27% ft 
KbiCbM 044 1 1IP a 3% 3% 
■tootortv 011 12 10 7% 7% 7% ft 

IKSM OHIO 84 0 29%0$ ft 

NoMitor 15 to 7% 7% 7% ft 

lUlHr 933522a4Ql2 3A 40% ft 

KnatoOgo 62010 12% 12 % 12 $ ft 

MA 0 08 A % % 

Kangtae S04i P% 26% 26% ft 

KMUbS 


tot* Eto. 2 «to ■* iM iHt M 

hOdOK 000 PP$27%0% 

hotoMU 10 14 40 51^4 8% S0% 
PBlHiB 012 15 S 20% 1A 10$ ft 

FynnM 0 6t2 14 13% I3% -% 

Oaoium 9 38 on 0 *% 

batartton 082 n 20 19 tft 19$ «% 

AalFtod 00 n 28 0 $ 22 $ 8$ ft 

(toato* 8412930 18 18% 18% ft 

OuBlBOr S 70 iSla 14% 19% 4.% 

OCHeM 019S5 44% «% 43% 4-1 


8108 in 12% 12$ ft 


BnaoA* 

&nrtB8 


-L- 

IxddPtoB 012 M n A 9% A ft 
ItoORBb «10PP$P%P$ ft 

IwrcMrr 00 19 203 0$ <3$ <3% ‘A 
UKCkc 089 0 176 0% 2A 0% 
LM*0h 0 88 29% 29 0 
lanpda u 0 iani% ii% ft 

UEBECK 8 20 8 A 0 

iJMnS 13 106 17 1 A in ft 

IBank 0*19 38 P% 0 0ft 

uxs asens 27% 2 A p% ft 
UUCP OU 9 12 n n A 
Ud*n 18 70 15% 0$ 15% 
Ugto«0 ITMOK 2A 35% 0 ft 
.UHMBb on 0 171 0 2B%0% ft 

, UftTM 030 10 K 16 17% 17$ •% 
UUkB a 7 4% 4% 4$ +% 
UMA O* 34 0010$ a 0$ ft 
UlP 8 401lAl11%1lA *1% 
UMT 053 I5I0K 18$ 17$ I8% ft 
UMW 0 0 32% 0$ 31$ ft 
UMBlbc 024 a 1978 44$ S 44$ +1 
U*Bn 040 18 7 0% 35% 30% 

boCmB0aM0 0 0% 0$ 29 )% 
iBBStor 12 73 9% 8% 9% ft 
inaO 0748 74 72% 73% ft 

LRCp 0270 4% 3$ 4% ft 
IMM 353 W l«13Ain%iaA 42% 


Mtop map A 5% 5% ft 

ftorS 03414 0 n A A ft 

MoBx 0048160 034%S$4.1% 

Hfl>M 19088 P$ 0 2A -1$ 

An** 1 8 4% n 4> +% 
RKIM 10 14 844 47% 4A 47 

nofOE 11108 A n n ft 

BprtcA 03*0 823 A A Aft 
Ha* »ian2A2A8A ft 

RMkBK 10 1011P 3A 3A an ft 
IMAP 084 7 38 SA 2A 3A 
fkBca* 004 10 M 0 23% M ft 
FMCMBk ON 17 113 1A 19% 1A ft 
fbISiCto IM 11 973 0 2A 2A ft 
Fenm tn b i70 8 8% 8ft 
RMWb*i 00 9 3 7% A 7% ft 

Mb** OS 1034P a4%'2A 0% ft 


UOCn ON 222308 25$ 2A 25% ft 
M5CBD 0 78 2A S.2Af1% 
IhelN 00 8 « 17% 17 lft ft 

l*lho*EXI013 74 32% 0% 0% ft 
MKBCpkr 14 68 0%3A0% 
Stopi A 079 12 579 19 1A 19$ ft 


Itolta 0 28 A « A ft 

ttoBHlN 8 S 13 12% I A 
MBbaDr 15110 A A A ft 

HaMCp 10 0 0 4A 0 

ItonpBli 0 8 2 1$ 2ft 

ItonlBto 17 140 8 7% Oft 

KkuiiartAOM 11 Euo ii% ii% ii% ft 
WnMx 0811 273 0% 0 0% ft 
IMbW 41 30USA 8SA ft 
hboarCD Kiss 7% 7% 7% 

btoOndiR <MD 13 174UIA m \7 
bteCBBle 04617170 0 0% 0$ 

HeCnC 405412 4A 4A 4A 

itodbHO 0 0 $ Q ft 

HldRbB U6 0 28 16 1A 17$ -% 

•to*** 048 13 746 0% 2A 0 


-R- 

TO 241 30 19% tA ft 

14 0 1A A 9$ •% 

3 38 7$ 7% 7$ +$ 
0 0 17$ 17$ 17$ 

0 781130% 0% 3A +1% 
17 30 1A 19 18% •% 

4 774 A 0% 8% •% 
4 14 A A A -A 
17 38 1A lA 1A •% 

317 0838x8$ 9A 94% 43 
11434 6$ A A ft 
OK TO 113 P% 3A 3A ft 
IK 01883 72% 0% 72 ft 

01215 0 7% P 7% 

UO 3 047 15% 14$ IS •% 

10 a 77 4A 45% 4A ft 
00 121519 15$ 1 A 16% ft 
24 7M 0 1A 1A '% 
08 8 184 1A 10 18 
OS 0 353 in iA in ft 
OK 12 U 0 1A 1A 

13 701 7% A 7% 


-8* 

SeImb 10 0 ITS P 8A 8$ 
S Bilnx t 00 II 354 I 5 I 2 IS 15 ■% 
Sctk*gM O0 0148iaA 34% 8A ft 
SedtodL 91B83A 03A ft 

SaStoUi 1013061 0 lA 20$ 42 

SB* 8 4P 9% A A ft 

SKrC^ 08121581 2A 0 TA ft 
SeviBlO 141651 14% 13% 13$ ft 
iSMtoM 1045 MP%3AP%ft 
Sp* 122328 2A P% P$ ft 

SBGp 012 S 7S2A0$ aft 
S*lBi5 ON 0110 2% 1M Til +A 
SrtNibB 1.12 77 0 0% 25$ 28$ ft 
Biquni 8 158 14% 14% Ift ft 

Seqxafi SIIS A A A ■% 
Savlb* IS SM iA iA iA ft 

SEnFflrt 17 14 A A 3$ 

SMMH 15 0 1A tA m ft 

BUM* 094 19270 an 2A 0% ft 
8HL%ctoi P 8P 7 A 7ft 
Sntoraod P 476 17 lA 16$ 

ShoMOP 12438 14% 13$ lA •% 
SkmOii 0198 38>2 02A ft 
SMTuc 3 S 

S*Mx 033 24 88 


an n 3ii ft 


10 11 in 4A 4A 4A ft' MBBnbB om 5 is A A A ft 


fMM* 0 10 7 7 Tft 

Rmv 0 01 2 A 1A 2 A ft 

Itartt 0 627 A A A -ft 

AcdLA 081453(2 AAA 

MB 0000)02205 A A 0 ft ' 

ftoMBrt 1011 8 34% BA 34% 

PandBir 0 2 lA 1A 1A ft 

PKMBO00 7D3A3A3A ft 
RBkrA 0 10 3% SA 3& -A 

Mini 1M1I 45 0$ PP% 

ntEMi L1207 8i0% S$ 25$ 

MFW OK 7 38 IS 14% Ift ft 

n(fto(alx1.1510 10 P% 2A BA +% 
Mirw osMionsA nsAr^V 
.fUhiA IUD12 n3(%2A2A 
ttoi* 00 0 78 18 1A 17% ft 


Bunik 

04ON 

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BA 

2A 

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BttoMT 

0 

677 

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ButokSS 

S 

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Bursn* 

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OMbb* 

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SA 

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BuiBiiS 

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-C- 

CTbe p 4S 2A 2A bA ft 
oeciM* 5 79 7$ A A ft 
CldBHxK 08 P 5M 3A BA BA ft 
' Cie*BCmO0 77 18 14% 14% Ift ft 

I KBiqi 0 58 A A A ft 
I GUgnc 20 0004 11 % iA 1A *1% 
MMBD 0 8 2(% 2A 0% 
Mrtto 4 7M 3 A 3ft 
I Cartk*. 1 2 3 3 3 

Cod* 0 70 A S 2ft 

Camtae 0018 is » 7A 7A -1 
CBHrti 1 12 A 4 A 
CBM 0.12 0 04 4A 4A 40% 

GErtaChl OM 0 10 25$ 2n BA 

CMHH 00 17 8 2A 1A 19 ft 

CMws on IS 98 lA iA tA ft 

CkOBB 5 279 7 dA A ft 

Kitor a 354 lA 1A lA 
caiQi 19 0 1A 1A 12 % ft 

CMMtf 18110 S A A ft 
Orttoecr 2160 11 1A lA ft 

CakiM ^l^1l144l 0 $ 02 A ft 
C*f5pr P 19 13% 1A 13% ft . 
0*** 13 48 7 A 7 

GlKtorl 045 8 90 *% 19 19 ft 

Ctomsh ooB i 06 (n 0 13 13 $ ft 
CHmtogn 0 294 A A A ft 
OBflM 77 16 11$ >11% 11$ 
OMrtbi 1 20 % A % 

can*— • 15 10 A A A ft 

QtoUSk 6168 A A 5A 
GbEmCp 741160 77% 75 P+1$ 

cwfto 10 U 10 sA 5A sA ft I 

ciitoiBp ap0i30 0 3A 0 ft I 

GhnBlK 43016 0%4A4n ft I 

osn* IK 478 A A A ft 

Ctoces* 432)82 uTBTA 79 lA 
CeBcKpxIMU 6 2A 2A bA ft 

GtonMr 8 8 n n A ft 

CNEOr 0 IS lA 12 1A ft 
CkOBtos U 04 A A A 
CdhCB* UD 0 227 3A 0$ aA ft 


-o- 

GBJtpp 113603 A A 9 4.1$ 

GSKSmv ops 39 iA 15 iA ft 

a— 0 063 3$ 3% 3% ft 

SBiHtik 0 10 A A A ft 

emeu 010 a IK A A a 

gm*x 0iinp$0A35$ 

SrtBhd OK 15 0 16$ IS is ft 

Gonlyto 15 72 A 3$ A ft 

r ii HA 8 20 0 2A 2A ft 

OBIKQP <8 41 971 0 0 2A ft 

GtoXBbk 7 342 4$ 4A -A 
fiBBlW t7 188 2A 2A BA ft 

OBbMrt 0 4 iA iA iA 
ObHBEtxOKU sn 2 A 0 $ 23 ft 
HdtollkLX 012 0468 PaAan0% 
OtoBtA on 16 0 17% 17 17 
OkhOto* 11 3 5 S 5* 

endap 02SM illB 1717$ ft 

OMddrtBp ON 0 07 25$ 2A an 
OndcoS* K P A A A 

touidto Q0P12N 2A0$ 2A ft 

OnnAP 03412 3*AiAlA 
ftnx*n 11 SU 1 ^ 1 

toHBMB 1109 AAA 

tondtlto 7P 233 IS 14$ 14$ ft 

encBp IS 48 2A iA BA ft 

SbNVA 4 38 A A A ft 


-H- 

HB*eA 79 16 A A A ft 
Ikriwyk 054 9 S 0$ 2A 0$ 
HapKN 00 15 719 iA iA lA ft 
nOOCD 032 K 15808% 5A 0%+1% 

mbdeb' 0500 M$ aft aA ft 

HtoSac 0816 40 1 A 9$ A ft 
IMhdia 12940( A 7$ A ft 
H*H*r 10 78 A A A ft 

Mtogv 015 0330 1A 1A 1B% ft 
MOTiw B 1« 14$ 0% 14$ ft 
Haur 072 0350 0 0 0$ ft 

appSK 015 0 40 iA A 10 ft 
Hokide 0 10 A A A ft 
HHtoBBd ora 8 10 0 d0 0 
MaMN* 11B07 A A 7$ +1 
HBMak*OJ2 0 01 x0 0 2A 
IMOW 1 28 3A 3A A 

HniBlI 0440 74KA2A3A 

HartBck 170S lA lA IA 
HBMrttoi 044 0 8 A A A ft 
MnUB 00 0130 0 0% 0$ ft 

Mrtk&w 2 BN % A $ 

tMI*to 00 BUS 2A 2A BA ft 

HbhOo on 0 0 a a a ft 

MHKMl 4800 « 3A 0% 

iperBto T7 14 A A A ft 


ItonIvN 016 0 201 1A IB lA 
ItoOirO 00 07773 13$ 1313$+1% 

IkRMU 00 ID STB 19 1A in 
MBCUyG 07D 8 30 0 2A 2A ft 

MaktoB 10 10 48 2A BA BA ft 
•kriMi naap 0 iA 0 ft 
MBhcdcA 08 U1274 1A lA 1A 
IHBrtF 0012 30 1A A 1A 
8*^2020 20 65% M6A+1% 
IBmHk 14 18 BAA 
M ta M p 0250 2A0%0%t1% 

MneaD 3 70 5 % A 4$ ft 

MagcEk 1 B ra A A A 

Mprts 44379 n A A ft 
He* 0705 n% 0% 0 

HdMM sags 3A an P%'*-i% 

HttOllllC 1J»114n3 0Z7% 28 ft 

HdNMn OK 0 M 3A 0$ 0% ft 
MHvH 052 2 729 0$ 0$ 0% ft 

Mko* Id) IK TA BA 0% 

ItoiaiKh 15 372 12 11% 12 

HMcTB 4000 1A 1A 1A ft 

6kdaaiCba00 P A A A ft 
I MortHMxOKK 28 27% 2A P% ft 
kukx OK 1370 35 0 3A ft 
MBtaxIne QM0P4 035%SA ft 
knconi 00191266*1% 1111% ft 
•kMbaaP 000 0 8 S s -1 
H-CUfw 15160 14$ 14 1A ft 
1115^ 08 12 11 0 0 0 +% 

Htoni 13308 SANA 2A -% 
9009* 3 40 m A 9$ ft 


SbrbOm 2 8 1A 15% 13$ A 

siame on 51 150 1 A A iA ft 

Stamp aBi5Ktui2$ 11 % 1A ft 

Sbopm 00 0118 0 $ 0 0 $ +% 

SnCkM sias 0 $ 2 A 0 % 

aMppkBii 733834 0 P% 27$ ft 

softMBop 2 50 7 n n ft 

DrtkwwT S0K 9$ A A 
son* 05417100 0%2A 0 ft 
OortMx 08 a 68 m 18 % 15$ 
NkgBA 00 44138 2A 2A 0$ ft 
atodrtU OK 12129 0 % P$ 0 % ft 
StPBKe 030 8 IN 1A lft lA A 
SkPik K8e»il3l$ 0 0% +1% 

SarBBB 1.1610 776 8 3A sA 

SkkS 05615380 3A 8 SA 
SMNBP 13 an 1 A 18$ 19 ft 
SWRegii 0014 28 0 0$ 0$ ft 

SkrtT* 08 0 an 2A 19$ 2A ft 
SbddifUU 00 2 60 7% 7 7ft 

SKM 19 16 0% »% 0% ft 
aiartxCl 1.10 14 18 2 A 0 22% ft 
snoDir ' 01225 iA iA I 6 ft 
asm 00 05130 0 0 % 0 % ft 
SirtnnO 0 9 19 1A 19 ft 

sbiirdxhb 09 n « 0%0A 1 A 
SunnltBc QM1B 371 0 1A lA ft 

SunnrtTo. 18 107 94% 33% 0$ ft 

iBitart 16 10 7% A A ft 

suMe leaesK an 27$ 2 A + 1 $ 

sweitb p ip 2A 2B% 2A ft 

^MxslK S440 40% 44$ 4A ft 
Symtotoc 04176 1514$ 18 ft 

%ntoy 035 17 N 17$ 17 17 

SynBEon 0 70 A B aA +& 

MK* 3 673 11$ 11% 11% ft 

SyMOc K lie 1A 1A iA 
Sympta 222007 25% U% 0$ ft 

9y*iiS* OTB 15 49 1 A 1A 1A ft 
SyrtanScc 33 734 2A 19% aA -l-A 
%rtMWil 17 30 5 A 4$ ft 


MCRi 016 12 109 2A BA 29% ft 
NtaFMb 0011 95 170A in ft 

IktPta* 14 10 A 6 6% ft 
NKCWrt 00 IS CK 13% U 1A 
IMS* 00 016790^ 16 Ift +1% 

IkitgMpr 11 112 SA 1A SA ft 

•EC OK9 3 K « K ft 

, Uttar 15 4« 29% 2A BA ft 

I MSG* 0B90SA 0% 0$ ft 
Ikto* 10 30 A 8% A ft 

NBccg* 0 3 7% 7% 7% 

, lke« 00 19 19 lA 19 1A ft 

NMfCBK 09 0 3K 01 A 0ft 
NcwbiBK 10 05 1A lA 12$ ft 
MmlgrtM 401273 SA 54% 9 4-1% 
NmpitCp OMIO 8 AAA 
NobkOil 02041 5 7% 7$ 

Nontaix 08 0 247 9SA 9 41% 
ifebb* 0340490 4A 9% 3A ft 
Nb**I 13 178 1A 17% 19 ft 

NSarUn 4 0 A n 5% ft 

NBrtxrttoxan 14178 4A 0$ 41$ ft 
NOHl 268800 BS% 24 24% ft 
Ncnta 0148 4AK% Kft 
IGCGbp 11 4 A A 4$ ft 


CdKBKT 19 9ra 5 4$ 5 

OKBCam P S 11 1A 8$ ft 

GbgKXCb .34 424 0 0% »$ 

CbM IM 39 11$ 11% 11% ft 

CKBBE 15 4« 12 11% 12 4% 

Cgtogm P OK 24% 2A 2A ft 

Cobdtax IM 18 K 0 2A 22$ ft 

CBWta 99 9 92A2A8A 
CbB* OM 16278 2A 2A aA+1% 
CboM 6)2047n »% 2A 0% 4l% 
GROMSp 0926134(7 2A 0% BA *1 
01(19*1*9 11 IP 3A S 3A ft 
CoboO 070 P 2« 19 1A 1A ft 
Canpitta K1O0 1A IS iA ft 

C1XU*B« 47 29 11% 1A 1A 

CbnBDcM 9179 SA 4$ A 4^ 

CartUp - 19 9 BU 44$ 4A 4A 
ChEub 13 is a baa 

CBMirt ' t44 16fOM-lA 10 10 ft 

CeoHU 0 3 1 A 16 1A A 

oaam u .p7 9%dA oft 

floBdA 09 0 841 U 18% 1A 
OBEkk P 2B 11% 1A 1A ft 

CM*Cp &lQn50%K%48% ft 

OHpPA NiasiuiA iA iA ft 

OataB 00 05210 0% 0 2A ft 

OwCBK ' 11221 A 2 2% ft 

bBMlki 5268 A A A ft 

CM* 310(7 4$ 4% 4% ft 


OSCta 3C2SB 55$ n% $A +2$ 
Datkwx 01318 15 54 0 84 42 

OrtE B ** 0 8 A A A 

OMMc 30 317 7% 6$ A ft 

DokEHK 15 71 1A 1A 16 


Rta 0 0 n A A 
ttOHna 551370 0 U% lA -$ 

KIM 16 124 n% m 1A ft 
BBWCB' 0 N A 5 A ft 
BWk iB gBl 6 78 7 5 A ft 

: ngalBc OK 0 172 15 Ift 16 ft 

' Maaiep lie 0 20 3A sA BA 

I MM 0M83 as 15% lA 15% 

' MR* 25134)2 a(%SA 2A ft 

Itamk 0B272 aA2A2A 
kglBlBit on 16 38 1 A 11 $ 11 $ 
•MO* - 34830 2A27$2A ft 

WuWSyx 0 2P 12 11% 11$ ft 

MESS 0 IN A A A 

BH 00 13237K 7A 8 SA 4l% 
W* 10200 4$ 4% 415 +A 

WK« OSKSSe 2AB(% BA 41 
kkrlM 0 2M 1A 10 ID ft 
kdtoie* OM 0 80 1A 14$ 15 ft 

kk* 31654 10 n n ft 

HBkrt 10 SB A A A ft 
tllBta 29 672 1A 12% 12% 
MBMC 243003 14% 13% lA -$ 
IdIkbKH 14 18 1A 17 1A ft 
MR* 080 9 A A A 
IrtTitoi SS SK 11$ 11% 11$ ft 
bmcBx' 001 10 1K 2A aA 2A 
MBOIC 5 2 78 A A 2% ft 

iiMB*i 10 119 1A n% iA •% 

KVtada 10 K 522($221$221$ -1% 


. J. 

juoKck 21 an » IA iA ft 

JHMte 090 7000$ M%lA 
X6U 0100 ITShBA OBA ft 
jokknW 8 i4 34%a(%2A ft 
J— n 10 IP iA 1A 19$ A 

jMEUkd 0100 2D1 iA 1A 0% ft 
JHlyaCSrtaOtl 21 B«% 2A 2A A 
j8Fk QB4 0 28 2A 23 0 
JBBI^ OM U B0 1A 18$ 1A 
Jirtk 016 11 159 lA 14 14$ 4 % 


-O- 

OObM 0 S 14% 0 Ift 4% 

OCMCMI P329 0$2A2A •$ 

Ototxrtg 15 SM Ift 14% 14% ft 

OrtMEN 00 0 0 24 24 24 

ombCcx 2si2 6noAoAs% ft 
OMKM tu 0 30 an 2A 3A +% 
OUUBBS OS 10 IP sn 3A 3A A 
OrtBKC* 10 7 2K SdSA SA •$ 
OmMh 17 M 2A P% 0% A 
OpOcBR 0 48021% 2A 21% +1% 
Ond* 5011591 SA 34 34% ■% 

OrtScMC 41 401 1A 16 lA ft 

oibato* on 0 0 1 A 1 A 1 A ft 

OiHdSkE) 10 21 14% 0 14 

OngBUIK 031 15 IK A 5$ 6ft 
0*K 5 6 4% d4l4 4% 

, OBMk 041 « 60 lA lA 1A ft 
I 0BdB*T 09 11 19 11% lA 1A 
OMTrt U2 13 3W 30$d^ 29$ ft 


.p.Q. 

taev 10 15 271 SA 5A p% ft 
RueDad* as 15 214 m lA 1A ft 
Plkan 10 17 8 2A 0 0% A 

PiencA 0 89 5A so 9 - 1 % 

tonuBbt PG072 0% 31 0% ft 

n— oaoKisp 3A 3A an -1$ 
tantoa 0 K 1A 9% A ft 
PndcH 0942 9 A A A 

FtonDv a 737 14% 1A 1A 
PBBVbg 100 P 084% 0+1% 

, I»EB By)».K 20 16 K S($ 3t 31$ 

I PtoMr 00 U 277 P% 3A P ft 
Fbato*! 102366 A 6 6%+% 
PmmbL 00 0 281 ap% 0 +$ 
tap Be* 1015 1B K4A4A ft 
PMptokk 00 P IN 4A 4A 4n 
tapMH 10T39lAlAtA ft 

PubuSB 1.1215 P M 34 34 
tamaey 0i7S2 * 7% n+i$ 

RmbBI* 02423 A A ^ A 

ncHM a« 5 5 iA m iA 

Ffcknto 31 1215 15 1A 14$ ft 
llrtHM 31 74 2A 0 2A ft 

taBB$ixOK0 78 033 0% 33 ft 

tatOM (1NM2844 83A3S$ A 
PkodBS 00 IS 30107% aA p% A 
taHFW 5 0 5 5 8 

ta«i 15 102 A A A ft 
ftKllto ON 3 79 A n A •% 
nau* 117 732 31$ 80)4 31% + 1 % 
mart SiflOBS »% 0% P ft 
PMSPO 41 712 A A A ft 
PrbibDrt 0 0 8% 7$ A 


-T-. 

T-NlOe 8 7P A 04% 4% ft 
Tjonk 052 19 19 P% P »% ft 
IBCGp 18 3P 1A lA 1A ft 
ICACBto 044 9 19 0 24% 0 
IbChDM 0 1577 41% K 41% +1 

IbcBBMb 0015 222 9 54 9+1% 

Trtrtn 1 10 6% A A ft 

TUnA 5 29 A A A A 

TrteOaBoA 293IIBK 0% 22$ a% +1% 

IMrtl 152I0NP3% 11% 12$+1% 

T**i 41 09x9$ 9 P$ 43 

IUbdN 001 14 50 013% 13% ft 

IbbiTbc - 9 577 7% A 7% 
ibHiiMiioarssasBi 39E%3nft 
ThmOan 0P0SAP$57% -1 

TJM 022 0 40 2A 0% 25$ ft 
DkMk* 2 90 3% n A ft 
IttEOta ft37P 9 82 K S 
TmSllMll 61 118 11$ 11% 11$ +% 

TonaN 02539 n4 7 % A A ft 

mEnta 4200 8 A 7$ ft 
tBnrtd 12 N 1A 13 13 ft 
Dtowd* 10 9 4U an 94% 3A +% 

Ttan 0 19 a 2 $ 2 $ ft 

DtnbB S K 10 n 10 

IhskuBUxIN 10 IM 0 P P ft 

T*Kl* O0 1729P 1Ddg% n ft 

Tyrtw on 18359 p% an aA ft 


USHBBX 00 0908 OA 02% OA ft 
(M* 2 PS 6 A A 

hqdmK 10 14 IS TA TAirH ft 
ISTEi 29 II 154 SA K% 4A 
UtaiSt OK 11 2a m iA u ft 
UMkg 00 19 0 0 aA 0 +% 

UMn 10 SION 41 40% 40% 

NBnep 09 101P2 an BA BA ft 
USBaip 0 K 4% A A ft 

usreap 1.12 6i8SiAii$ii$ ft 

UMk* 12 IP A 7% A 
UMDd* 9 0 K 41$ K 
Udb p S72 n A A ft 


-V- 

09 0 P 18 1A 17% 

« 49 2A 0$ 0 
0 10 15% m 0% ft 
44 873 an P$ BA 
12 K BA 1A 2A 4% 
nasM II82A N +% 
3222SB 14% 1A 1A +1$ 
IM 15 29 82% P$ S2% +1% 


>w- 

VbnBrgi OR 0 sn 0 2A an ft 
WBirtKh S TN 5 A 5 
HUUktiSOM 7pnp$p%21% ft 

WbrtMSLon 8ian 0 % »$ 2 A 

W KrtErt 0440 sn P 9 9 
VHtoMiPMOM 19129 P% 3A 5A ft 
WD^ 20 17 2M 4A MS 44% +1% 

Hdtab K 70 6% A A ft 
Baton 072 ID 927 P 2A 2A ft 
Wdta 121P2 iA iA iA +% 
UMSeeH « 17 a 4 a +% 
WtoxKx O0P1OK5ASASA +$ 
mHSEnam 75397 33% 3A 3A +% 
Mtobnl.x08l4 N I 61 A 1 A ft 
WOngt ON 0 470 1A 1A 19% ft 
wppaBk 0030 ON 3ii SA SA -$ 

6 271 A A A ft 


-X-Y-Z- 

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w».^NCIAt- TIMES MONDA Y NlARCtl 


FT GUIDE TO THE WEEK 


MONDAY 

Kazakhstan holds elections 

Kazakhstan's 

® republic, almost 

a careful course 
under Presideitt 

Nursultan Nazarbayev fabove). Rich, 
in enei^, but yet to e^loit its 
reserves, it has seen big falls in living 
standards and a rise in ethnic tensions. 

President Nazarbayev has called 
for votes for parties which ‘'have 
shown an undersfonding of the real 
problems of the country and are striv- 
ing to find a solution", which means 
those backing him. They will probably 
win a solid i^ority and support his 
so far benign authoritarianism. 

Tuzla airport in north-central Bosnia 
is e]q)ected to re-open under United 
Nations supervision. Agreement to 
open the airport, held by Bosnian 
Serbs, who are also besieging the Mos- 
lem-held city, was secured by the UN 
and Moscow last week. It will facilitate 
the delivery of food convoys. 

BIS m oo Bng; Central bank governors 
fitun the GlO countries gather in Basle 
to discuss intemarional monetary 
trends, under the auspices of the Bank 
for International Settlements. They 
will discuss the current volatility of 
bond and equity markets, and concerns 
about the activities of US hedge funds 
which take bets on maiicets in the 
hope of making big short-term gains. 

PcMPign Affairs ministers of the 
Buropean Union, meeting in Brussels 
(to Mar 8), will discuss Greece's trade 
embai^ against the former Yi^oslav 
republic of Macedonia. This will be 
a sensitive issue, as Greece is chairing 
tile meeting as EU president 

The European Parliament begins 
a week-long pienaiy session. 

Norclie Council: Finland and 
Sweden's agreement of terms to join 
±e European Unioa and the uncer- 
tainty of Norway's position will give 
edge to the meeting of Nordic le^rs 
when they gather for a regular get- 
t(«ether in Stockholm (to Har 10). 

Liberian chrfl wan Disarmament 
of warring factions under the siqMrvi- 
Sion of the Economic Community of 
West African States Cease-fire Monitor- 
ing Group is scheduled to begin, but 
may run into trouble, 

Romania's president Ion Oiescu 
begins a one-week visit to Lithuania. 
South Korea and China, aiming to 
boost trade and foreign investment 
In South Korea he will visit Samsu^ 
and (Goldstar as well as Daewoo which 
plans to invest USS4O0D] in the Roma- 
nian car industry. 



TUESDAY 

Norway on the brink 

European Union foreign ministers, 
meeting in Snivels, will be hoping 
they can iron out the problems that 
prevent^ Norway settling terms by 
the March 1 deadline for an accession 
deal. Agreement is being held up by 
disputes over fish. Spain wants access 
for its fishing Oeet to Norwegian 
waters, while Norway is insisting its 
fishermen be able to sell their catch 
throughout the Union. 

A deal with Norway would allow 
the EU to submit an outline agnmnatt 
with Finland Sweden, Austria and 
Norway to the European Parliament 
Iv Thursday. Accession would stQl 
depend on referendums in favour m 
all four countries. 

UK output flguroQg Economists 
are loolting for a January bounce-back 
in UK manufacturing output and indus- 
trial production, after Demiiiber foils 
in both measures raised doubts about 
the strength of the UK recovery. 

The consensus is for month-on-montii 
rises of 02 and OA per cent respec- 
tively. If the figures are much weaker 
than that, expect renewed speculation 
of further base rate cuts. 

Geneva Meter ehow: Several key 
models for European vehicle makers 
will be unveiled at the (kmeva motor 
show. It has its Press preview today, 
followed by a trade and industry day 
tomorrow. on the list for attention 

be the production vernon 

of Audi's AS aluminium li^tweight 
luxury car. 

The Geneva show, traditionally one 
of the b^-attended by manufoeturers 
from all around the world, runs imtii 
March 16 inclusive. 



Sweetish TV float: Applications 
for shares in the first public Botatieai 
by a Swedish television company start 
today (to Mar 18). TV4. tiie country’s 
only commercial tfliT w s t nal rhannpi , 
is to sell 20 per cent of the company 
for SKr400m ($50m). The Am shares 
are priced at SKrUM eadi and TV4 
hopes to attract 35,000 new investors. 

Intmnational Women's Day: 

Holiday in Russia and Ukraine. 

FT Survey: Credit flfonaganent yvith 
the UK economy emerging from reces- 
^on. the need for good cr^t manage- 
ment is greater than ever. Historically, 
a third of companies that fail do so 
during recession, but two-tturds go 
bust as they emerge from recessioiL 
Good credit managuznent can ease 
the pressure on cash How. 

Football: Scotland play The 
Netherlands at Hampden Park, 
Gla^w. 





WEDNESDAY 

Europe’s regioiis in focus 

The European Union's Committee of 
the R^ns holds its Inaugural meet' 
ing in Brussels (to Mar KQ. The Com- 
mittee, created by the Maastricht 
treaty, is intended to give a consulta- 
tive voice to Europe's r^ons. 

Its first task is to elect a presidaiL 
The Boigian Luc Van den Bituule, 
leader of the Flenush regional govern- 
ment, Jacques Blanc, from Languedoc- 
Bmiadii/in in France, awH C^lmrles 
Gray, fonner leader of Stratimlyde 
council in Scotland, have their hats 
in the ring. But rivalry between the 
first two may brii% forward a Catalan 
candidate, either Pasqual MaragalL 
the mayor of Baroelona, or Jonh ^dol. 
president of the autonomous gowm- 
ment of Catalonia. 

US- J a pa n trades 

US secretary 
of state Warren 
Christopher 
(left}b^lns 
a visit to Japan 
(to Mar ii). 

The main topic 
ontheagenda 
will be trade. 
The atmosphere 
will be tenser, 
following the 

Mk M decimoQof 

the nifTitoTi administration to revive 
its Simer 301 trade weapon. 

Cambodia's two prime mmisters. 
Prince Norodom Ranariddh anH his 
junior partner Hun Sen, begin a visft 
to Japan to attend an international 
conference on Cambodian economic 
reconstruction (to Mar 12). They will 
meet prime minister Morihiro Hoso- 
kawa and representatives of the Keid- 
anren business federation. 

Hong Kongfs government tables 
the second of Governor Chris {^tten's 
politick reform bills. This biU, seen 
as the more contentious, seeks to 
broaden the democratic fraodiise and 
relates to arrangements for the colony’s 
Legislative Council elections in 1295. 

The Eurapean Parliament votes 
on 1 w gi« 1 atinn to establish tniniTniim 
European Union standards for car 
emiwinns by 1996. The parliamentary 
environmental commit^ is demancling 
tougher standards, which could delay 
the le^lation. The vote is expected 
to be close. 

German pay taUcs: Some 3.Sm 
public sector workers be^ tbefr next 
round of pay talks tax Stuttgart 

Off the peak: UE chatterboxes will 
be celebrating, as BT and Mercury, 
the two bisest carriers, abolish their 
peak rate charges for calls between 
Sam and Ipm m weekdays. Both com- 
panies will have a daytinm rate from 
flam to and an off-peak rate from 
^mun^Sam. 

Footbafl: England play Denmark 
at Wembley Stadium, London. Wales 
play Norway at Ninian Park. Cardiff. 


ECOHOTlfflC OtAPCY' y 


THURSDAY 


China's Peoples' Congress 

About 3.000 delegate gather in Beijixig 
for the annual session of (Hiina’s 
Katiooal People's Congress, the coun- 
try's closest eQuivalent to a parliameDt 
Cfongress will endorse fundamental 
changes already way in the 

ffwanHai system. in«^^mWr^g tax and 
banking r^nn. 

Two things, however, will not be 
far from delegates' mlndsi the firail 
appearaira last month of Deng Xiao- 
ping, CSuna’s patriarrii; and fears that 
the ecosomic bomn mi^t be getting 
out of hand. Bering Is frying to win 
hflfk fiwOTHat aiwrt inacioeconofnic 
control from provincial capitals after 
several years of heZterakelter growth. 

EU enlargemenb Tbe Europem 
Parliament has said it ninst receive 
by today of the Tnamharchi p 
deals the European Union has n^ti- 
ated with Ausbia, Sweden. Finland 
- and possibly Norway, if it manages 
to conclude negotiations in thm* 

Hie draft acts of accession are due 
for by the ft> r*w g " affoirs 

committee before the pwriiampnt vote 
on their tests, probab^ in May. Parlia- 
ment must ^qirove the package before 
the applicants «« join the Union. 

Czech mate: Vaclav Klaus, prime 
minister of the Czech BepubUc, will 
sign a ^rtnership for Peace at Nato 
h^dqnarters in Brussels, forging closer 
military with the Atlantic alli- 

ance. The tVoehg win be the lOth state 
from eastern Europe and the fonner 
Soviet Union to sign up. 

Macedonia embargo: Greek foreign 
minis ter, Catolos Papoulias, bolds 
talks in Geneva with Cyrus Vance, 
the UN mediator in Greece's dispute 
with Macedonia over its name. 

Greece is under pressure both from 
the UN and its European Union par^ 
ners to drop a trade ban against the 
former Yugaslav republic and resume 
dialogue with its neighbour. 

An Anglo-Irtei intei^venmental 
conference takes place in London. Pat- 
Mayhew, BritaiD's Northern 
Ireland secretary, and Didt ^ring, 
the Irish foreign minister, will meet 
to discuss the state of the peace initia- 
tive, against the background of con- 
tintring prevarication by Sinn Fein 
and the decision of the Ulster Unionists 
not to talk to the Irish government 
before a devolved Northern freland 
assembly was set up. 

Parade of pampered pooches: 

Ek^ lovers and breed- 
I ^ I ers will be converging 

I- A I on the National Exhibi- 

/ \ ‘.J tiOQ (fentxe, Birming- 
1-- / \ -urn ham, for the start of 
I / (Truffs Dog Show, the 

\E UK’s leading judging 
. '■ competitioQ. They 
B can look forward to 

four days of comparing 
notes and vreighing up the finer points. 

Holiday; South Korea (Labour Day). 


Other economic news 

Monday: Consumer credit 
figures will give a further 
guide to the strength of the UK 
recovery. .Analysts will be 
watchiz^ to see if consumers 
are starting to curtail their 
borrowing as the April tax 
increases approach. In recent 
months, borrowing has been 
quite strong, but analysts 
expect a slowdown to £300m in 
January, from December’s 
£44310. 

Tuesday: Figures for fourth 
quarter West German GDP are 
expected to show a 0.5 per cent 
fall from the third quarter, 
indicating that the economy 
suffered a double dip after two 
successive quarterly rises. Pan- 
German unemployment, which 
teqied an unadjusted 4.03m in 
January, is expected to show a 
further rise. 

Friday: Whole world visible 
trade figures for the UK in 
Decemb^ are exp^ed to show 
a deficit at around the same 
level as the £lbn recorded in 
November. Since the December 
deficit with non-European 
Union countries has already 
been announced, at £6Tlm, the 
new element of the figures will 
be trade with the EU. The 
accuracy of the EU figures, 
compiled under the Intrastat 
system and based on VAT, has 
been questioned. 


ACROSS 

1 Detail Harriers to scramble In 
defeoce against bombers 
(3-1.7) 

10 Free of cbazge. perhaps (5; 

1 1 Two men of a bygone era (9; 

15 Study the actual words, and 
whatever goes with them <7) 

13 parson goes round a nuclear 
establishment (7) 

14 One fot round Scotsman iS) 

16 lUebt way to keep up with the 
times (9) 

19 Dive (or a weapon to use after 
dark? (9) 

20 UQ or the French vessel (S) 

22 Old city in Natal is unaffected 

(7) 

25 Available to customers, or 
about to arrive (231 

27 Dates may be seen around 
here (3,3 

28 Send home from school (.5) 

29 Celebrate launch 14,3,4,3} 


Statistics to be rete ase d this week 


raisiwS Cowivy 


Germany 

Germany 

Oennany 

Germany 

Germany 


Mar 9 Gennany 


Mar ID US 


Jan consumer emtt 
JSn eenswner credt 
4<h qtr productWiy iwvnu e 
Johnson Redbeoh. w/e Mete 5 
40) qtr GOP, Wsstuiif** 

Feb unemployment. West, sees a 
Jan employ m ent, Vtaal, aesssci 
Feb v a cancie s . Wast 
Feb laiamplaynient. East 
Jan manufacturing output* 

Jan manufaixwing output** 

Jan industrlai preduedon’ 

Dec labour income, eeaa adT* 
Feb housing starts (untts) 

Jan preducer prices iKtaC* 

Jan wholesale trade 
Feb coat of Bring. Ilntf" 

Initial dalma, wte March 5 

w/e ^ 28 

M3, w/e Feb 28 

Monthly Ml -FSb 
MonlMyM2.Feb 
Monthly M3 - Feb 
Feb help wanted indea 


Unrtangad 


Osy 

tMeoad OniWy 


Mw 10 Aua'aOa 


Mtr11 U6 


' 2246 


Oiatete 


338,000 

«02.8bP7 


'Jbpon 

Oermwiy 

Gwmwiy 

Gernaoy 

Germany 

Qsrmwiy 


Jan axjtar veHde mSm , wmb n t y 
Feb wiwngfoymanl, MS aef ' 

Feb cooeumer priM 
FebivttflB^ 

DMe, ex-eutoe 
’ Febcooeemer pricea Mstp 
Feb conawner prices bate pate* 
DecvMMe bads • . • , 
Feb atTBiBywBnA dess a(|' 

Feb unenpfdyn^ mts , 

Jan dept atet» sate* . 


<ffi qtr gy, seas BCgteMterf 

Jan capital e/e . '• - 

Jart fangteB* eaptebfc 
Jan telaB sriea - fsai ** ‘ • a(W5 

Jan piQduear prtcaa indar dSK 
Jan prod u cer prtoea MSbC*' ' '0295 



FRIDAY 

Frel takes over in Chile 

Chile's long democratic fradiHon will 
he fully restored when President Patri- 
cio Aylwin hands over power to fellow 
Qiristian Deniocrat Eduardo Frei. 
elected last December. Tlie changeover 
win end a painful period of CHiilean 
history which saw 17 years of military 
rule after a coup led 1^ (kneral 
Allgusto Pinochet in 1973. 

President Aylwin has been credited 
with overseeing a remarkably smooth 
four-year transitioo. during which 
the economy grew by 2S per cent 

Warren dirta t iHPhar, US secretary 
of state, arrives in Beijing for an offi- 
cial visit (to Mar U). He will warn 
t^t billions of dollars in trade are 
in jeopardy because of China's human 
ri^ts record. 

Tlie L n j oral Demoerwts, Britains’ 
centre party, start tbefr spring confer- 
ence in Cardiff (to Mar 13). With the 
ruling Tories ux^iopular and in disar- 
ray, and the opposition Labour Party 
distrusted hx inany voters, the lib- 
Oems can hope to bold the balance 
of power in a hung parliament after 
the nest general election. 

HoHctaqr: Indonesiaa New Year. 


WEEKEND 


Lower Saxony votes 

Germany's seven-month spate of 
elections begins on Sunday with the 
contest for the state parliameat of 
Lower Sa.xony. TTie leftwing SPD, eu^ 
rently ruling in coalition with the 
Greens, bc^ to win enough votes 
to rule on Its own. 

The main question for federal chan- 
cellor Helmut Kohl's lightwing CDU 
Is hovr badly it vrili fare. The liberal 
FDP, ruUng in coalition with the CDU 
in the federal govnmment, may not 
reach the 5 per cent threshold needed 
to win seats at all. 

Austrla'a provliicMi of Carinthia. 
T^nrol and Salzburg hold elections for 
their assemblies on Sunday. The vote 
will test the public reaction to the 
county’s accession deal with the Euro- 
pean Union. 

WtomMi priftsfs: Saturday sees the 
first ordination (n Britain ot wommi 
priests into the Church of England. 

Hie ceremony taices place at Bristol 
Cathedral In presence of visiting clergy 
from around world. 

Sunday is Hothering Sunday. 


Ompikd by Patrick Stiles. 
Fax (^44) (0)71 S73 3191 




-osss 
I -0.1% 
g.lK' • 
-eiJMbn 


a^n^dd- ^cccfte £^- yrrat- 
ere- 


CUNT CKAVroRD. 

HOT DOC SKIER. CALirORKIA. 


DMS4An 


^montii on month, *>tar. 


DOWN 

2 I'm hanging on, Uiere's some- 
thing about to happen (9) 

3 It does, with t'uue (5) 

A A client I'd made perfectlr 
agreeable 19) 

5 Needlewoman elimioates 
waste (5) 

6 Presented with a cauliflower? 
How distinguished! (9) 

7 One askiug for more tobacco 
pertiaps (3) 

8 Spread liberal soil when the 
wind's behind you (3,4) 

9 With which to write three 
Roman numerals? (6) 

15 Checking of soil in France by 
CDQservatloQists (9> 

17 This is an essential part of a 
plairer’s score (9) 

1$ Adrllb of prim outcast (91 

19 Without brakes? Without 
breaks! (71 

21 Suitable voice for a trio? (6) 

23 The sound of tears and rows 
(31 

24 I sell out of this thread i5) 

26 Work hard to process waste 
(5) 



snds Feb ocns B tner mtes -aSM ' 02% 

mda Fst> cotaamw piteeo fcteC* ■ fcIH .2.4% 

Ighjm Dec indtielriM piwaidMatr* . ■ 1' ^2%. 

ata Feb uoecipigynieot - iwg Miid 182% •' '19J59t 

th,*>ear.ei>yte’'tewWrohquartar SMtea.oiviteMMSIintematicte 


MONDAY PRIZE CROSSWORD 

No.8,397 Set by DANTE 

A pi1» of a ftiilcaa New (Xassic 390 ftnmCam pen for the Brst correct 
Mlution opeoed and Bve nmner-up prizes ot £35 PeUkan vouebets will be 
awarded. Solutions by Tbnraday iferch 17, marked Hooday Cro sswo rd 
8387 00 the eovelope, (o the Ftnandal Times, l Southwark Bridge, London 
SEl 9KL. Mutloo oo Monday March 21. 

Mmwmt, .... 

Address- 



Winners &38& 

3. BneUey. Grotion. Oldham 
J.M. Hu^ea, West Moseley, 

j.GJL Pearce, Woburn Sands, 
MntoD Keynee 

ER. Purres, Larchmont, New 
York. USA ^ , 

Eira Sanders, Nether Popple- 
ton, York 

R. Slater, Birmingham 


Solottim 8,38& 


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Introduce some Californian into 

THE CONVERSATfON. 

E*J 

Single cask matured Brandy, 

e Ew <*up ctfian 


Of broking and jobbing Kil- fond. 

See bow swtxtly he puts pour nvtni onto bond. 

Sk§ikaa& 


JOTTER PAD