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japan s new taste 
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TUESDAY MARCH 15 1994 


D8523A 


G7 ministers 
start talks to 
tackle jobs issue 

Germany faces the loss of 3m unskilled jobs over 
the coming eight years. &oup of Seven, ministers 
were warned yesterday as they started work in 
Detroit on.a plan to tackle wn»« unemployment. 

DS president Bill Clinton, opening the two-day 
summit of employment and economics ministers 
from ifib fmfas t rialised nations called on. thp 
G7 to tackle bedrock economic issues rather Hum 
focusing exclusively on macroeconomic policy 
and high finance. Page 24 

HetaB gaaqllachaft, the troubled German metals 
group, has cleared an important obstacle to a 
possible public offering of its controlling stake 
in M stall Mining, which is listed on the Toronto 
Stock Exchange. Page 25 

Swire Pacific, Hong Kong-based property, 
aviation and trading group, improved annual 
profits by 5.4 per cent last year to HK$4JJ6bn 
(US$803m). Last week Cathay Pacific, Swire's 
5L8 per cent-owned airline, reported a 218 per 
cent drop in profits- Page 28 

UK unyielding on Ulster talks: The British 
government, responding to new IRA demands 
far direct talks on Northern Ireland, repeated 
that there would be no negotiations with the 
republican. Sinn Fein party before an end to vio- 
lence by the Irish Republican Army. Page 10 

Tula airport opens: An aircraft touched 
down at the besieged Bosnian town of Tuzla for 
the first time since May 1982. It carried UN officials 
preparing for a planned aid airlift to the city, 
which is surrounded by Serb forces. Serbs pot 
new price on Bosnia peace, page 2 

P5M In chair after boardroom battle: 

Former Bundesbank 
president Kail Otto 
Pfihl was made tempo- 
rary chairman of Cor- 
ange in a fierce board* 
room battle at the 
Bermuda-based pharma- 
ceuticals group which 
is parent company 
of Boehringer Mannheim, 
a big German healthcare 
company. Curt Engel- 
horn, who owns 24 
per cent of Corange, was removed as chairman 
and replaced by Mr Pfihi. deputy chairman since 
1992. The row reflects a strategy shift at Corange 
since last year’s appmstmait of a chief executive 
unconnected with the I&igelhom family. Page S 

Anglo-Indian deal signed: General Electric 
of the UK signed a $1.5bn deal to build a power 
station in the Indian state of Maharashtra. The 
signing came at talks in London between British 
prime minister John Major and his Indian counter: 
part, Narashnha Rao. Page 8 . 

Threat to plant lifted: Suzuki of Japan has 
dropped its threat to close its subsidiary Santana 
Motor at the southern Spanish city 'of Linares, . 
but workers will be told that production will 
continue only if unions agree to large job cuts. 

Page X Suzuki to take over distribution, Page 9 

Liberals victorious: Colombia’s ruling liberal 
Parly won 53 of the 100 senate seats in congressio- 
nal elections, according to official results with 
over 90 per cent of the votes counted. Page 4 

SHCF and British Rail, French and OK railway 
operators, may demand compensation from Euro- 
tunnel for the delay in the start of freight services 
through the Channel tunnel. Page 2 

Ford injects £SOm into Aston Martin: 

US carmaker Ford has injected £50m of new equity 
capital into Aston Martin Lagonda, in c r e a sing 
its stake in the UK luxury sports car manufacturer 
from 75 per cent to 99-5 per cent Page 25 

Malta boss arrested: Italian police arrested 
Benedetto Capizzi, 49, alleged leader erf the Sicilian 
Mafia. Capita had been at large for two years 
after convictions for being associated with the 
Mafia and drug trafficking. 

Fears over Philippines volcano: Philippines 
scientists thfok pressure is building within the 
country's Taal volcano, which last erupted violently 
in 1985 when it killed 235 people. 

Alleged spy named: A senior Russian arms 
industry official charged with spying for Britain 
was named by Russia’s Interfax news agency 
as Vadim Sintsov. He was arrested in January. 

Far cry from Bradford: The first branch of 
a British building society opened in Germany 
when the Bradford & Bingley Bausparkasse started 
business in Hamburg- 


Compromise on blocking majority may allow new members to join 

Britain signals EU climbdown 


By Roland Rudd in London and 
David Gardner in Brussels 

The British government 
yesterday signalled that it was 
prepared to compromise over its 
power to block Brussels legisla- 
tion ahead erf today’s meeting of 
European Union foreign minis- 
ters in Brussels. 

Downing Street officials indi- 
cated that Britain may not veto a 
rise in the number of votes 
needed to block legislation from 
23 to 27 to prevent it being 
blamed for jeopardising the 
Union's enlargement 

Agreement by Britain to com- 
promise would allow successful 
negotiations on the entry into the 
EU of Sweden, Finland and Aus- 
tria to be approved by the Euro- 
pean Parliament and help smooth 
the few remaining obstacles to 
Norwegian entry into the 
Union. 


The signs of movement in Lon- 
don were welcomed by European 
Commission nfficfaig in Brussels 
last night. Without a compromise 
by Britain and Spain, who oppose 
increasing the number of votes 
required to block decisions by the 
EU Council of Ministers, Sweden, 
Finland, Austria and Norway win 
he unable to join the EU by next 
January. 

However, UK government busi- 
ness managers are worried about 
possible backbench rebellions by 
Euro-sceptic MPs and have 
warned ministers of the difficulty 
of getting legislation through the 
House of Commons if they agree 
to compromise. 

At present the blocking minor- 
ity is 23 votes out of the total at 
76, distributed between the 12 
members. After enlargement, 
with the entry of Austria, Nor- 
way. Finland and Sweden, it is 
proposed that the blocking 


minority would increase to 
27 votes out of a new total 
of 90. 

But Britain may have been 
attracted by a Spanish proposal 
which would allow the blocking 
vote to rise to 27 once the new 


Observer 


..Page 23 


members join the EU, while 
maintaining a further blocking 
vote at 23 provided a maximum 
of three countries made up the 23 
votes. 

That would keep the status quo 
intact and allow two large EU 
members and one small one - 
with a combined population of at 
least 100m - to block decisions, 
possibly until an EU intergovern- 
mental conference in 1996 
when voting weights could be 
renegotiated. 

But as Mr John Major last 


night met Mr Douglas Hurd, fop 
eign secretary, to finalise 
Britain's negotiating position, 
leading Conservative Euro-scep- 
tics said they would oppose any 
“climbdown”. Mr William Cash, 
one of the leading Euro-sceptics, 
said the Commons would not put 
up with “more erosion" of its 
powers. 

However, faced with the choice 
of another dispute with its Euro- 
pean partners or its Euroscep- 
tics, Whitehall officials predicted 
the government would pick the 
latter as long as tt was confident 
of limiting any backbench 
rebellion. 

Mr John Major’s officials said 
the prime minister was deter- 
mined to defend British interests 
in an enlarged Community "and 
get enlargement”. 

The Foreign and Common- 
wealth Office last night said that 
it had not received any accept- 


able offer over the size of the 
blocking veto, but uuderlined its 
commitment to enlargement. 

Another official predicted that 
”a compromise of some sort will 
emerge”. 

Senior British officials in Brus- 
sels signalled over two weeks ago 
that they could live with the 
Spanish formula, although, for- 
mally, they were yesterday insist- 
ing there was no change in Lon- 
don's position. 

Nevertheless, Spanish negotia- 
tors are depending on UK sup- 
port, and any likely compromise 
may take the form of a “declara- 
tion” by the 12. 

Anything more binding risks 
being turned down by the Euro- 
pean Parliament, which is refus- 
ing to ratify the new members' 
accession treaty if the 12 make it 
too easy for a minority of mem- 
ber states to block European 
laws. 


Clinton friend I Oil spill threat 

likely to quit 
as justice aide 


irows in Bosporus 


By Nancy Dunne in Washington 

Mr Webster HubbeU, the US 
associate attorney-general and a 
close friend of US President Bill 
Gl fotnn and his wife Hillary, is 
expected to resign from his posi- 
tion, Justice Department officials 
said yesterday. 

Administration crfficia&yssftsv^ 
day linked the probable resigna- 
tion to questions <rf overboiling 
by Mr Hubbell at the Rose Law 
Firm in Little Rock, where he 
and Mrs Clinton held partner- 
ships. 

However, Mr Hubbell, number 
three at the Justice Department, 
has also been linked to the 
Whitewater affair, which 
involves the Clintons' financial 
dealings in Arkansas in the 
1980s. Mr HubbelTs father-in-law 
borrowed heavily from the Madi- 
son Guaranty savings and loan 
institution at the centre at the 
controversy, and failed to repay 
more than $500,000. He (fid some 
work for federal thrift regulators, 
although Rose had once also rep- 
resented Madison Guaranty. 

Another of the Clintons’ 
friends, Mr Benue Nussbaum, 
was forced to resign as White 
House counsel earlier this month 
when it was revealed that he met 
Treasury officials to discuss an 
investigation of Madison. A third 
of the Clintons' friends, Mr Vince 
Foster, another White House 
lawyer, was found dead Last sum- 


mer, an apparent suicide. 

Asked about the reports that 
Mr Hubbell was set to quit, Ms 
Dee Dee Myers, White House 
press secretary, said: “Fm not 
.confirming it, but fm not deny- 
ing it The president knows the 
state of play." 

Mr HubbelTs probable resign a- 
•' tfen xomes just : ds the ddimn&- 
tration seemed fo be takfrig the 
offensive in the Whitewater 
affair. Mr Lloyd Cutlery the new 
but temporary White House 
counsel, was co-operating closely 
with Mr Robert FLske, the special 
counsel investigating the Clin- 
ton’s financial dealings and 
related matters. 

Mr Hubbell, the subject of con- 
servative attacks even before he 
took office, was a golfing partner 
of the president In Little Rock, 
where he had served as mayor, 
he was seen, as a reforma- who 
crusaded for open government. 

He has denied any overbiHing, 
and said he was co-operating 
with a Rose internal investiga- 
tion into billing matters. 

In Washington, Mr HubbeU 
came under close scrutiny from 
the Wall Street Journal, which 
portrayed him as the Justice 
Department’s political fixer for 
the White House. For the admin- 
istration's opponents he came to 
symbolise the supposed “crony- 
ism" of the Clinton White House. 

Joe Rogaly, Page 22 I 



Disney 
plans $2bn 
rescue 
for theme 
park 

By David Buchan In Paris and 
Alice Ftawsthom in London 


Walt Disney, the US enter- 
tainment group, has agreed 
terms for an outline rescue deal 
worth around FFrl3bn ($2.2tibn) 
for Euro Disney, Us troubled 
European theme park subsidiary. 

The deal, which could save 
Euro Disney from the threat of 
closure, involves a FFr&bn rights 
issue aud a five-year waiver of 
Disney's royalty entitlements. It 
was agreed on Sunday evening 
after weeks of intricate negotia- 
tions by the US group and a 
steering committee representing 
Euro Disney’s 63 banks. 

The terms of the reeuc were 
presented to Euro Disney's 
shareholders at an annual gen- 
eral meeting yesterday in the 
Buffalo Bill Wild West Saloon at 
the EuraDisneyland theme park 
near Paris. However, the 
steering committee needs unani- 
mous agreement from the other 
lenders to Implement the deal, 
which involves Euro Disney's 
debt being reduced from 
FFr20.3bn to FFrlQbn and the 
banks agreeing to an 18 month 
interest-rate holiday on their 
loans. 

Mr Baudonin Prat, of Banque 
Nationale de Paris heading the 
banks steering committee for 
Euro Disney, said the plan, 
which was yesterday outlined to 
all 60 banks, was generally 
favourably received, but it would 
take some weeks for every credi- 
tor to come to a considered judg- 
ment. Formally, the plan needs 
approval by all creditors, but Mr 
ftot said it was premature to 
speculate tm what would happen 
if any institution rejected It 

“Getting all the hanks to agree 
will be the next big hurdle,” said 
one negotiator. “In cases like 
this there are usually one or two 
small lenders who don’t want to 
pay up. Let’s hope they can be 
persuaded to fall into line." 

Euro Disney, which faced clo- 
sure without a rescue package, 
saw its shares rise sharply yes- 
terday morning only to foil dur- 
ing the afternoon to close 
FFr190 lower at FFi33£5. In 
New Toil at lunchtime Walt Dis- 


Lex, Page 34 
Background, Page 25 


Water is poured on to Cyprus- 
registered oil tanker the Nassia 
in Turkey’s Bosporus after a 
mid-channel collision over the 


weekend which left at least 12 


crew dead and .the threat of a 
hazardous oD spill. The incident 
raised Turkey’s concerns over 
increased tanker traffic through 
the straits. Report, Page 24 



Christopher may call for 
renewed China trade link 


Ely Tony Walker In Beijing 

Mr Warren Christopher. US 
secretary of state, yesterday 
appeared to be preparing the 
ground for a recommendation 
that the administration should 
renew China's Most Favoured 
Nation trading status, saying the 
two sides had narrowed their dif- 
ferences on human rights. 

He sought to put the best gloss 
cm two days of bruising talks 
with Chinese officials in Beijing. 
Mr Qian cyeVien, China's foreign 
minister, was however less con- 
ciliatory. noting that there was 
still a wide gap between the US 
and China in their human rights 
“concepts". 

Mr Qian also warned that US 
business would be excluded from 
the vast Chinese market if the 
administration failed to renew 
the country's MFN status. 
Two-way trade exceeded $40bn 
last year. 

Mr Christopher, who has to 
advise President Bill Clinton 
within the nest two months on 


r 


whether to continue China's pref- 
erential trade access to the US, 
described his meeting yesterday 
with Mr Qian as “businesslike 
and productive”. He was confi- 
dent China wanted “broad and 
solid” relations with the US. 

“I find that the differences 
between China and the US are 
narrowing somewhat,” he told 
reporters before leaving Beijing 
for Vladivostok, where he met Mr 
Andrei Kozyrev, the Russian for- 
eign minister. 

The US official was hard put to 
point to examples of specific 
progress on the vexed human 
rights issue, beyond a memoran- 
dum ntimdBNfamrimg on trade in 
prison labour products. 

The two sides agreed to a 
mechanism that would facilitate 
inspections of prison facilities 
alleged to be manufacturing 
items for export. Human rights 
groups have charged China with 
using "slave labour" to produce 
goods for the US market. 

Mr Christopher said there had 
been progress on Issues erf emi- 


CONTENTS 


gration and political prisoners, 
with the Chinese side providing 
lists of 235 detainees, including 
106 Tibetans. US human rights 
experts would be evaluating 
these cases. 

He had urged China to begin 
discussions with the Dalai Ijhth» 
about “cultural and religious 
matters" in Tibet Tibetan activ- 
ists allege widespread human 
rights abuses, including the 
destruction of traditional culture. 

The secretary of state’s visit 
was marked by acrimonious 
exchanges with officials, and fry 
harassment of several prominent 
dissidents, some of them "exiled" 
from Beijing while Mir Christo- 
pher was in town. 

The US official said he had 
urged the Chinese to “release all 
those Chinese citizens who were 
arrested or detained at the time 
of my arrival here”. 

China and the DS alsn ftrarked 
the visit by agreeing to resume 
military consultations broken off 

Continued on Page 24 


THE LINK BETWEEN THE PAST 
AND THE FUTURE 


Omega Constellation. 
Self-winding chronometer 
in IS L gold. 

Swiss made since 1848- 


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AMri MrtNw*— — < Ltara 

Vtorid Trade New 8 Ma n agamart __ 

UK News— 8,10 Chaw 

People . „17 Tochnotofly 

nEcontadom 33 FTUwFkports. 

Weattur : 34 Arts : — i 


_av Ma Glide 21 FT Warid Petueriaa 48 TtamawOpeane 48 

Quawwl ,,34 Foraijyi E*flfluu«s — -42 trwfcft SE 

.23 -mind 1 1 GridlMets 34 

JO. UK 3032 EquftyO pfaw 48 43,46 

.18 M. Capita 28 let Bond Seriate J28 Bourses. 4446 

-S3 MCOflpta 28-28 Managed Fuida 3M2 

>18 Htauu Money Matas 42 _ 

-20 Commodta* 34 HMM (sever 46 

.21 FT taariea 35 ShanMymOon — 307? Buidnas Books _Sap sad 


& THE FINANCIAL TIMES LIMITED 1994 No 32,317 Week No 11 


LONDON - PARIS - FRANKFURT - NEW YORK - TOKYO 













NEWS: EUROPE 


US and 
Russia 
agree to 
disagree 

By John Lloyd In Moscow 

Russia and the US yesterday 
acknowledged that the “honey- 
moon" between them was over 
and that they were Dated to 
have disagreements. Bat they 
also agreed to remain yoked in 
a partnership which, it was 
stressed, was one of equals. 

This emerged from a one-day 
meeting between Mr Andrei 
Kozyrev. Russian foreign min- 
ister, and Mr Warren Christo- 
pher. US secretary of state, in 
the Car eastern Russian port of 
Vladivostok. 

The meeting came after Rus- 
sia had expressed anger with 
what it saw as Nato's failure to 
consult it about air strikes in 
Bosnia, differences over the 
withdrawal of Russian troops 
from the Baltic states, and a 
growing swell of opinion in the 
US that the attempts of the 
two countries to forge a close 
partnership is - in the words 
of Mr Zbigniew Br mzinski, the 
former US national security 
adviser - “premature". 

Mr Kozyrev said after the 
talks that Russia and the US 
were building a "mature rela- 
tionship" of equals which 
would survive differences. 

Mr Christopher said that “we 
recognise that as large nations 
with large interests we are 
bound to have differences, but 
we pledge to deal with our dif- 
ferences openly”. 

According to the Rusian 
Information Agency. Mr 
Kozyrev said Russia wanted a 
rapid withdrawal of its troops 
from the Baltic states, but 
"this will happen only if we 
agree on a civilised exit [of the 
troops] and as long as the 
deportation of the miliar y pen- 
sioners is stopped". 

The Baltic states, especially 
Estonia, have protested against 
Russia l in king the withdrawal 
of the troops - set to be com- 
pleted by the end of August - 
with other demands, a stance 
which has been supported by 
the main western countries. 

Mr Christopher said that 
Russia welcomed the imple- 
mentation of the “Partnership 
tor Peace" accord, under which 
central and east European 
states, including Russia, could 
become more closely associ- 
ated with Nato, short of full 
membership. However, in a 
recent article in the daily 
Izvestia, Mr Kozyrev had said 
that “the Partnership for Peace 
is not to be thought of as the 
summit of creation" and that 
the Nato act in ignoring Rus- 
sian interests in Bosnia 
showed that it remained an 
organisation which excluded 
Russia. 

• Mr Pavel Grachev, Russia's 
defence minister, has post- 
poned a trip and remained in 
Moscow to ensure reliable con- 
trol of Russia's nuclear forces 
while President Boris Yeltsin 
is on leave, the Defence Minis- 
try said yesterday. Mr Yeltsin 
earlier in the day left for an 
unannounced holiday by the 
Black Sea. 


Serbs 


By Laura SBber hi Belgrade 
and Judy Dempsey in London 

Mr Nikola Koljevic, 
vice-president of the self-styled 
Serbian republic in Bosnia, 
said yesterday that the region's 
Serbs would back a Washing- 
ton peace plan - which already 
envisages creating a Bosnian- 
Croat and Moslem federation 
-if any Bosnian Serb territory 
could Hwk up with Serbia 
proper. 

The preconditions, put for- 
ward in Belgrade yesterday, 
are aimed at expanding the 
proposed federation of Bosnia 
to a broader confederation 
encompassing Serbia and Mon- 
tenegro. In effect, it would re- 
invent part of the old Yugo- 
slavia. 

Mr Koljevic was speaking 
after holding talks with Mr 
Vitaly Churkin, Russia's spe- 
cial envoy to the region. But 
western diplomats In Belgrade 
said any preconditions could 
undermine the Washington 
p lan - which is due to be 
signed in the US on Friday 
- because Croats and Moslems 
would not accept any re-inven- 
tion of the old Yugoslavia. 

Croatia’s fight for indepen- 
dence was about breaking 



new price on Bosnia peace 



US mediator Charles Redman flanked by Bosnian prime minister Baris SHajdric (right) and 
Croatian foreign minister Mate Granic after talks in Vienna on the Moslem-Croat federation <u> 


away from Serb-dominated 
Yugoslavia. 

More importantly, UN and 
US diplomats in Vie nna, who 
are hosting the Bosnian Croat/ 


Moslem talks, said the viability 
of any Croat/Moslem federa- 
tion would require Bosnian 
Serbs ceding control of land 
they hold in the republic to 


about 49 per cent They already 
control about 70 per cent of the 
territory and show no signs of 
giving up any land. 

Mr Koijevic said it was “diffi- 


Tbe commander of UN troops 
hi Bosnia, General Sir Michael 
Rose, flew into Tozla yester- 
day on hoard the first aircraft 
to land at the besieged town’s 
airport in almost two years, 
Sarajevo radio announced, 
Reuter reports from Sarajevo. 

Gen Rose and other UN offi- 
cials inspected airport facili- 
ties in advance of a planned 
airlift of humanitarian sup- 
plies to Tuzla, which is sur- 
rounded by Serb forces. The 
airport has been closed since 
May 1992, when Serb artillery 
fire damaged runways. Follow- 
ing talks in Moscow earlier 
this month, the Bosnian Serb 
leader, Mr Radovan Karadzic, 
said his forces ■would allow the 
airport to reopen. No date has 
been set 

■ Bosnian Moslem and Croat 
authorities allowed families 
long divided by war to meet on 
front lines at the Bosnian 
town of Novi Travnik in 
another step towards normal 
relations between the sides. 

cult to believe that this [con- 
federation] is a serious possi- 
bility because the other two 
sides have rejected any confed- 
eration with Yugoslavia”. Mr 


Churkin and Mr Charles Red- 
man, the US special envoy to 
the former Yugoslavia, require 
consent from President Slobo- 
dan Milosevic of Serbia, and 
the Bosnian Serbs, for the fed- 
eral plan for Bosnia. 

The Bosnian draft plan 
allows for a constitution, a 
presidency, a federal govern- 
ment, an assembly and a 
decentralised system with an 
unspecified number of cantons. 

Without the ftiH, and uncon- 
ditional, consent of the Serbs 
the federation is mean ingless 
because it will have no agreed 
boundaries between the federa- 
tion and Serb-held territories 
in Bosnia. Mr Koljevic said the 
Bosnian Serbs were wilting 
fast to negotiate a peace agree- 
ment, but they would only 
attend t alks “under equal con- 
ditions'’. implying that sanc- 
tions on Serbia would have to 
be first lifted. 

A UN official said yesterday 
the US might be prepared to 
lift the sanctions if Mr Milos- 
evic agreed to extend diplo- 
matic recognition to Croatia. 

This would mean recognising 
the republic's borders, as well 
as disowning the Krajina Serbs 
who have declared their auton- 
omy in south-western Croatia. 


SNCF and BR may act on Eurotunnel delay 


By John RidcSng in Parte 

SNCF and British Rail, the 
French and UK railway opera- 
tors, may demand compensa- 
tion from Eurotunnel for the 
delay in the start of freight ser- 
vices through the Channel 
Tunnel according to Mr Alain 
Poinssot, head of SNCF’s 
freight division. 

Speaking at a joint press con- 
ference with Mr Ian Brown, his 
British Rail counterpart, Mr 
Poinssot said that the delay in 


the launch oE freight 
operations, which were due to 
have started yesterday, 
entailed si gnifican t costs both 
in terms of lost revenues and 
the uncertainty facing clients. 

Mr Poinssot said that the 
loss of earnings was being 
evaluated by his company's 
lawyers. British Rail and SNCF 
are already involved in a dis- 
pute with Eurotunnel concern- 
ing the fees for use of the 
Channel Tunnel rail link, 

Enrotunnel has not set a 


firm timetable for its services 
following last month's 
announcement of delays due to 
the complex commissioning 
and testing process. The offi- 
cial opening of the Channel 
T unn el will go ahead as 
planned on May 6. 

Despite the desire for com- 
pensation, Mr Poinssot said 
that the delay in services 
should be put into context. 
“Hie tree should not obscure 
the forest,” he said, describing 
freight services through the 


Tunnel as “revolutionary”. Mr 
Brown estimated that by 
1996-1997, the annual volume of 
freight passing through the 
tunnel would amount to more 
than 6m tonnes. About 60 per 
cent of this would be repre- 
sented by container traffic. 
Automobile shipments are 
expected to account for 25 per 
cent of total freight 
According to Mr Brown, the 
work needed to prepare for the 
launch of Channel Tunnel 
freight services had been com- 


pleted last weekend. He said 
that services would be expan- 
ded progressively, starting 
with 10 tr ains per day in each 
direction and increasing to 35 
trains each way by 1995-1996. 

Mr Brown said that the 
launch of freight traffic ser- 
vices through the Tunnel was 
of particular importance to 
British Rail. “The tunnel is a 
50km journey, but it joins the 
UK's 15,000km network to the 
240,000km continental ran net- 
work," he said, adding that it 


would provide an Important 
stimulus to demand for rail 
freight 

British Rail and SNCF have 
set up a series of joint ventures 
to manage and market their 
Channel Tunnel freight ser- 
vices. British Rail has also 
adapted parts of its network, 
including rebuilding 90 bridges 
between London and the Chan- 
nel Tunnel, to allow the 
smooth passage of freight 
trains to the continental 
network. 


The success of Spain’s high-speed train gives hope to the makers of Germany’s Transrapid 


Madrid-Seville 
fast rail link 
heads for profit 


By Tom Bums 

Billed as a white elephant, the 
AVE. Spain's high-speed train 
between Madrid and Seville, is 
confounding its critics. The 
AVE almost broke even in its 
first full year of service and it 
is set to become one of the few 
profitable units in the deficit- 
ridden railway network. 

According to provisional 1993 
results, the AVE generated 
income of Ptal3J>bn (£65m) and 
reported losses of Pta90m after 
paying back Pta4JJbn on loans 
to acquire the 16 trains it oper- 
ates, similar to those r unning 
on France's Train k Grande 
Vitesse (TGV) system and built 
by the same Anglo-French 


engineering group, GEC-Als- 
thom. 

This year the high-speed 
train unit aims to raise its 
total number of passengers by 
24 per cent to nearly 4m and to 
post a profit. By 1998. with 
expected income of more than 
Pta22bn, the unit says it will 
have paid off its Fta45bn 
rolling stock investment The 
Pta450bn construction bill for 
the 471km link between Madrid 
and Seville -a track built to 
the narrower European gauge 
specifications and which 
includes 17km of tunnels and 
32 viaducts -has been picked 
up by the Transport Ministry. 

"There has been an incredi- 
ble difference between the 


speculation that surrounded 
the AVE and what has turned 
out to be the reality,” said Mr 
Jos6 Alberto Zaragoza, the 
planning chief at the Transport 
Ministry. The decision to build 
the link, which opened in time 
for Seville's Expo '92 Universal 
Exposition, prompted critics to 
charge that Prime Minister 
Felipe Gonzdlez had favoured 
his home town and Ignored 
economic common sense which 
dictated linking Madrid to Bar- 
celona, twice as wealthy and as 
large as Seville, and to the 
French frontier. 

The government countered 
that the AVE had been routed 
to Seville to prevent the under- 
developed south decoupling 
from the richer north and offi- 
cials dubbed the policy the 
“Mezzogiorno factor" after the 
regional imbalances in Italy 
that Spain wanted to prevent 
It was "a very political deci- 
sion", said Mr Zaragoza. 

AVE's success, which has 
slashed the railway travel time 
between Madrid and Seville 
from 5 hours and 55 minutes to 
2 hours and 40 minutes, has 


underlined the lessons learnt 
by France's experiment 

• The high-speed train cap- 
tures the largest share of the 
travel market. Before AVE 
went into service. 51 per cent 
of travellers between Madrid 
and Seville used a car and 20 
per cent went by train; now 39 
per cent drive and 44 per cent 
take the AVE. 

• Air travel is particularly 
penalised by competition from 
a high-speed train link. Before 
the AVE, Iberia, the domestic 
carrier, accounted for 18 per 
cent of Madrid-Seville travel. 
This has dropped to 7 per cent 
and the airline, which has 
already cut its 71 flights a 
week between the two cities to 
64, plans to reduce them to 52. 

• High-speed trains generate 
new customers. Of AVE users 
24 per cent had never previ- 
ously travelled between Madrid 
and Seville. 

Building on the AVE's suc- 
cess. the Transport Ministry 
has given the green light to the 
Madrid-French frontier link, 
which should be completed by 
2003. 


A tale of two trains 




The AV& reduces the 470km 
trip between Madrid & Souffle 
from about ax hours to two 
hours and forty minutes 


The Tranarapld: afrits to cut the 
300km journey between Berifri 
& Hamburg from three and« ‘ 
hart hours to toss than an hour 



Minimum 
hot air 
from us. 



Maximum 
fresh air 
for you. 


Prom March l. ail 
Cathay Pacific flights 
between the UK and 
Hong Kong became 
njn-siMihiAg. So now fly 

the Fresh Airline... and 
arrive in even better shape. 

ThM H » *kl«i™ IP oltn-r Cjlfuy 
PkHc PQB-jmpliiBa Itjhta Mitaa-fe. 


CATHAY PACIFIC 

Amw In baler slope. 


‘Whispering arrow’ on target 


Michael Undemann in Lattwn, 
north-west Germany 

There was an anxious silence 
in the cabin. One of the Trans- 
rapid executives had been 
explaining the ins and oats of 
the so-called “whispering 
arrow" but as it exceeded 
380kph (236mph) he stopped 
talking. 

The green liquid crystal dis- 
play over the doorway to the 
cabin showed 400kph and the 
50 or so passengers watched 
carefully as the figures crept 
up to 42 Dtp h and locked in. 

Mr Peter Wiegelmann began 
talking again. “Ladies and 
gentlemen, there you have it 
- 421kph. For safety reasons 
we cannot take yon up to the 
maximum speed of 450kph but 
1 am sure that was qnite 
impressive enough.” 

The tree tops, which were at 
window level ontside, blurred 
into a green mass and not one 
of a duster of buildings which 
made up the Transrapid test 
site in Latben, near the Dutch 
border, was recognisable as we 
shot past Writing at 42Lkph 
was not a problem and expan- 
sive seats - larger than they 
are likely to be in the real 
Transrapid - made for ample 
leg-room. Sound levels inside 
the cabin were not louder than 
those in a French high-speed 
Train & Grande Vitesse (TGV) 
or the German ICE. 

A murmur of approval could 
be heard as we slowed down to 
ZTOkph and heads nodded In 
awe at the world's fastest mag- 
netic-levitation train. 

“Yon should see what it’s 
like in the summer," Mr Wie- 
gelmann said as we climbed 
np the stairs to board the 
train. “People pull up fane In 
their campers and wait for 


days to get a ride. IPs amaz- 
ing." The Transrapid, which 
tears around on a 32km con- 
crete track built on stilts, has 
lured thousands of visitors to 
this flat corner of north-west- 
ern Germany, difficult to get 
to and visited by few. 

Half the train is a cabin to 
seat about 50 people while the 
other houses a bank of com- 
puters at which engineers 
from Thyssen Industrie, the 
engineering group which built 
the Transrapid, test the train's 
capabilities. 

On March 2 the German cab- 
inet approved plans to build a 
300km track from Berlin to 
Hamburg, tbe country's two 
largest cities, which would 
reduce tbe present travel time 
of more than three-and-a-half 
hours to 53 minutes. 

“Travelling to either one of 
those cities will then be the 
same as taking a subway to 
one of the outlying areas of 
Hamburg.” said Mr Wiegel- 
mann who does publicity work 
for Magnetschnelibahn, the 
company created to oversee 
the Introduction of tbe Trans- 
rapid. 

However, the opposition 
Social Democratic party (SPD) 
has vowed to block the project 
in the upper house of parlia- 
ment. It says tbe Berlin ran 
would be a white elephant, 
failing to meet the projected 
annual passenger target of 
14m. an eight-fold increase on 
tiie present volume. 

Thyssen Industrie is pushing 
hard to have the project 
approved. Company executives 
are bullish all the same. When 
the TGV from Paris to Lyon 
was first being considered 6m 
passengers a year were pre- 
dicted. Last year 2lm people 
travelled that route, proof. 


Thyssen says, that if tbe 
Transrapid is bnilt passenger 
volume will rise dramatically. 

The train is also safer than 
all other forms of conventional 
transport, Mr Wiegelmann 
says. It cannot derail because 
the entire train straddles the 
concrete runway. And only 
one train will travel along the 
rente at any one time, making 


collisions impossible. AH that 
can go wrong is that tbe elec- 
tricity - needed to drive the 
magnetic motors - is cut off, 
but even then the train has its 
own emergency generating 
system which will enable it to 
coast to a standstill. 

While environmen talis ts say 
the concrete runway on stilts 
is an unwarranted eyesore. 


Transrapid supporters point 
out that cows and wildlife are 
free to graze nndearneatii the 
track which causes much less 
disruption than conventional 
railways. In answer to charges 
that tbe train is too noisy, 
independent experts have 
recorded just 81 decibels at 
300kph, half the noise gener- 
ated by the TGV. 


Suzuki 
reprieve 
for plant 
in Spain 

By Tom Bums hi Madrid 

Suzuki of Japan has dropped, 
its threat to close its Spanish 
subsidiary, but it will today 
tell workers that production 
will continue only if unions 
agree to large Job cuts. 

The move marks a shift in 

Suzuki 's former determination 

to wind up its Santana Motor 
subsidiary in Linares, southern 
Spain, unless it received finan- 
cial support from the govern- 
ment. 

Four-wheel drive vehicles 
are made at the plant, which 
employs 2,400 workers. 

The Japanese group, which 
owns about 80 per cent of San- 
tana, placed it in receivership 
at the end of last month, say- 
ing it had accumulated lasses 
of Pta21bn (tioim) in the last 
three years. 

The Industry Ministry said 
yesterday that Suzuki had 
agreed to remain Santana’s 
dominant shareholder “for the 
time being” and had under- 
taken to make a “substantial" 
finan cial contribution to its 
balance sheet 

It is believed the Japanese 
parent company will writeoff a 
considerable part of the esti- 
mated PtalShn debt owed to it 
by Santana. 

In exchange for keeping open 
the Linares plant, which 
accounts for virtually the sole 
industrial activity in the area, 
Suzuki wants to cut the labour 
force by as much as 50 per 
cent 

It is likely the Spanish 
administration will allocate 
emergency funds to ease the 
labour shakeout 

The commitment given by 
Suzuki follows talks at the 
Industry Ministry last week 
between Mr Yo&hio Saito. the 
group's chairman who is also 
deputy chairman of Santana, 
and senior ministry officials. 
Mr Saito was told that the sud- 
den closure of Santana would 
represent a serious political 
and social problem for the 
government and that it 
would rebound badly on 
general Japanese interests in 
Spain. 

The decision to keep the Un- 
ores plant operating gives both 
Suzuki and the administration 
a breathing space in which to 
search for another industrial 
group willing to shoulder the 
Santana burden. A senior offi- 


f 


rial in the domestic vehicle 
sector said it was possible that 
a Korean car group could even- 
tually take the place of Suzuki 
in Linares. 


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PuNribed by The financial Times (Europe) 
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Invitation for Prequalification for Patnow II Power Plant - 
Contract No. 6, Electric Power Systems 

VAP, a joint venture company in Poland, has applied for a loan from EBRD. A portion of the proceeds of this loan 
will be used for this contract. On behalf of VAP, Vattenfall Energisystem AB intends to pre qualify suppliers for 
Electric Power Systems. The plant is situated in the center of Poland. The main objective for the project is to 
reconstruct two out of eight units, each with an electrical output of 200 MW. 

The prequalification is valid for a complete functional delivery comprising design, manufacturing, shop testing, 
erection and commissioning, for the following scope of supply: 

Electric power systems tar the two units including unit auxiliary transformers, intermediate and low voltage 
system, uninterruptible systems, operation and protection systems, cabling system and interconnections 
with substations. 

Prequalification is open to firms from any country. 

Applicants may obtain the prequalification documents by calling, writing or faxing to: 

Vattenfall Energisystem AB. Project PatnOw II Attn: Mr Curt Andersson, PO Box 528 S- 16 P is waitinnhu 
Sweden Tel: +46-3 739-7332 Fax: +46-3 739-6294. ' vamngoy. 

The request must clearly state 'Request for Prequalification Documents for Patndw II, Electric Power Systems' 

The documents are available at a non-refondable fee of 50 US dollars. Please make payment by commercial 
cheque or money order to Vattenfall Energisystem AB. Documents will be promptly dispatched by reoistered 
airmail. Vattenfall Energisystem AB will under no circumstances be held responsible for late delivery or loss of 
the documents so delivered. ^ 

The minimum requirement for qualification must be to have successfully carried out. within the last five vears at 
least three projects of a nature and complexity comparable to the proposed contract and to possess a relevant 
international experience. 

The applications are to be delivered not later than May 2. 1994. 

Vattenfall Energisystem AB reserves the right to accept or reject late applications. 

Applicants will be advised, in due course, of the results of their applications. Only companies ouaiifuino 
this prequalification procedure will be invited to tender. M ^ ® 



\% v 

% 


av 


!i 






FINANCIAL TIMES TUESDAY MARCH 15 1994 


EUROPEAN NEWS DIGEST 

Entire Slovak 
cabinet quits 

The entire gover nm ent of the 
Slovak republic resigned yes- 
terday, rejecting an appeal by 
President Mtehal Kovac to 
remain in office until an 
interim government was 
formed, deposed -prime minis- 
ter Vladimir Medar said. Mr 
Medar (pictured left) lost a 
vote of no-coofideBoe in par- 
liament on Friday after 
months of wrangling with Mr 
Kovac and defections in his 
own party. Leaders of nearly 
all the other parties in parlia- 
ment said they would meet 
la te r yesterday to discuss a 
nominee to farm the new gov- 
ernment and a timetable for 
early elections. Mr Medar said he would return to parliament 
as a deputy to lead bis Movement far a Democratic Slovakia in 
apposition. Tm going back to parliament, and as a deputy I 
will disclose further facts about the practices of the presi- 
dent,” Mr Medar said. Last Wednesday, Mr Kovac gave a 
stinging speech in parifamgn* in which be alluded to corrupt 
practices in Mr Medal's go vernment. The speech helped trig- 
ger the no-confidence vote two days later. Raster. Bratislava. 

Russian coal strikes subside 

Strikes across Russia’s coal industry subsided yesterday as 
miners began to receive wages overdue from December and 
January. However, thousands of workers have yet to return to 
the pits and some union leaders are threatening to turn their 
financial grievances into demands for a new government 
Stoppages took place throughout Russia’s coal regions last 
week. They are also seeking J7bn in state support for the 
debt-ridden Industry. The government has argued that such 
aid would fuel infla tion and pot too much pressure on the 
budget. MOscow is already struggling to keep the deficit down 
to 10 per cent of gross domestic product this year. Miners’ 
leaders wffl meet later this week to decide on any farther 
action. JiUBarshay, Moscow. 

Spanish economy brighter 

There are signs that Spain is emerging from recession but 
its welfare syst em must adapt to survive, Mr Felipe GonzSlez, 
the prime minister, said. A slowdown in the growth of 
registered unemployment last month showed that the econ- 
omy was picking up, he told the Efe news agency. The 
improvement would be seen mainly in exports, tourism and 
construction, he said. Mr Alfredo Pastor, the economy minis- 
ter, reaffirmed expectations of export-led growth of L3 per cent 
this year against negative growth of 1 per cent in 1998. He 
hinted there might be room for further interest rate cuts 
following a half-point cut in the affinal benchmark rate to 8 
per cent earlier this month. Spain’s broad M4 money supply 
fen 6.3 per cent in February- David White, Madrid. 

Norwegian hopes rise 

Improved economic ftmdamentals, easier monetary co n di t ions 
and private sector financial consolidation have paved the. way 
for sustained recovery of Norway’s oil-dependent economy, the 
Organisation for Economic Co-operation and Development 
says. However, str u ct u r a l reforms are needed to improve effi- 
ciency reduce the budget deficit. It predicts real-growth in 
gross domestic product of more than 8 ‘per cent in 1994 and 
nearly 4 per cent in 1995. The economy prntnfifng oil is set to 
expand by respectively 2.25 per cent and 3 per cent Unemploy- 
ment, currently at 6 per cent, is expected to decline only 
slightly. An extensive overhaul of the labour market is needed 
as unemployment growth can no longer be stemmed by fiscal 
stimulus and public sector job creation. Karen Fossti, Oslo. 

French struggle to find jobs 

Almost three quarters of young French people are so keen to 
find work that they will take any job they can get, according 
to an opinion poll published yesterday. The poll for the busi- 
ness daily La Tribune showed that 73 per cent of those aged 
between 18 and 24 would accept any job. It also showed that 68 
per cent said job security was a priority, ahead of an adequate 
wage or a chanwig m g career. France has an un u sual l y high 
rate of youth unemployment - one young person in four below 
the age of 26 is out of work. The go v e rn ment has tried to boost 
employment among young people with a law allowing employ- 
ers to pay ffrgm less tb«n the minitmnn wage. Beater, Paris 

Iliescu aide suspended 

Romania said yesterday President Ion Hiescu’s chief military 
adviser and the country’s foreign intelligence chief had both, 
been sacked, amid press reports of a major spy scandal Tim 
popular daily Evemmentul Zfiei has linked Iliescu aide Lieut 
Gen Marin Pancea and Maj-Gen Gheorghe Diac o nescu, head of 
the Counter-Intelligence Division of the Romanian Intelligence 
Service (RIS), to a French spy ring. “Gen Pancea was 
suspended from active duty ... I have no information about 
the newspaper allegations,” Premier Nicolae Vacaroin said. 
Reuter. Bucharest 

ECONOMIC WATCH 

Austria’s trade deficit falls 


NEWS: EUROPE 





-• 1988 

Source: Dgti iri ng m v 


Austria’s trade deficit was 
Austria SchTJbn ($602m) in January. 

.. down 16 per cent from 
Vfefatotrtcto balance (Sch bn) • - SchS.5bn in December, but 

imparts are c o ntinuin g to out- 
pace exports and the deficit 
remains much higher than 
the Sch4.1bn recorded in Jan- 
uary 1993. Both exports at 
Sch34.5bn and imports at 
ScMLSbn were higher than a 
- year ago. Private and public 
consumption remained rela- 
tively high throughout Aus- 
tria’s nine-month recession 
Vast year, and now that the 

- 12 1 r J ‘ economy is picking up this is 

1983 likely to give a further boost 

Source: twesfawn ‘ to imports. Exports are expec- 

ted to rise by about 2Ji per cent fids year, but analysts expect 
the trade balance to remain in deficit, with the current 
account showing a surplus, thanks to earnings from services 
and tourism. Growth of about L5 per cent is expected this 
year. Patrick Bhtm, Vienna. 

■ Norway's trade surplus fell 17.4 per cent to NKr3.59hn 
($493m) in February from NKr435bn a year earlier. Imports 
rose I/L5 per cent to NKrlOShn and exports were up &3 per 
cent at NKrl795bn. 

■ Retail sales in tbe Netherlands edged up a nominal 02 per 
cent in January from a year ago, but were down 1.1 per cent 
after adjustment for price rises. 

■ Spam’s broad M4 money supply fell 63 per cent in February 
from January. Lending to the private sector in tbe period rose 
29 per cent. 

■ The Bank of France said its survey of business leaders in 
February confirmed a trend towards industrial recovery, with 
improved output expected in all sectors. 

■ French M3 money supply fell 0.6 per cent in January front 
December, when it fell L5 per cent from November. In the 
three months to January, M3 fell 2.7 per cent from the same 
period a year earlier, compared with a decline of 13 per cent 
in the three months to December. 

■Registered unemployment in Poland rose to 16.1 per cent of 
the workforce in February, from 16 per cent in January. 


Pollsters keep eye on Italy’s red-belt frontier 

Robert Graham visits a microcosm of the country’s fast-changing political geography 


fiiu^ 

uiiaMii 

mini'll 

ITALIAN 


The medieval 
city cf Viterbo 
once bristled 
with 240 
defence towers. 
From its strate- 
gic position on 
ffie slopes of 


tst Ern/uK Mount ClUiiD O, 
50 miles north 
March27 -. of Some. 
Viterbo has historically con- 
trolled the Tnarp zrtyxx to the 
city from northern Italy. 

Today Viterbo still serves a 
strategic function but of a 
rather different nature. The 
town and its unspoiled agricul- 
tural hinterland represent the 
southern frontier of the 
so-called red belt -the swathe 
across central Italy dominated 
throughout the post-war era by 
the Communist party, trans- 
formed since 1991 into the 
Party of the Democratic Left 
(PDS). 

As campaigning moves into 
top gear for the general elec- 
tions on March 27, this elec- 
toral college of 245,000 voters 
has become a microcosm of 
Italy's fast-changing political 
geography. 

The left is struggling to 
retain its hegemony, the once 
powerful centre parties are in 
retreat and the right is push- 
ing up from the south claiming 
new respectability under the 
umbrella of media magnate Sil- 


vio Berlusconi's Forza Italia 

movement 

"This has always been the 
frontier with the red belt 
where upper Tjmn touches the 
border with Tuscany," says Dr 
Ferdinand o Signorelli, three 
times senator for the neo-fas- 
cist msl “Now they and the 
centre parties are paying the 
price for having wasted money 
with such poor results in local 

aH yninig rre tifm. 7 * 

Dr Signorelli, a prominent 
local surgeon working in a pri- 
vate clinic, cites the example of 
Viterbo’s new state-run 
regional hospital. It was 
started in 1970 and since 1990 
has been left unfinished at a 
cost of LiSObn (£72m). 

Dr Signorelli is of the old 
school, proud to talk of Musso- 
lini’s achievements in health- 
care and paying little heed to 
the two month-old metamor- 
phosis of the MSI Into the 
National Alliance. He claims 
he is sufficiently known to 
spend little on his campaign 
for the one senatorial seat of 
Viterbo backed by Forza Italia. 

Mr Berlusconi’s movement 
first appeared cm the scene in 
this town last November. In 
four months over 40 Forza 
TtaMa support chibs have been 
set up in and around Viterbo. 
The technique has been the 
Mwft as elsewhere in Italy. 

The prime mover has been 



• v 

ITALY- 

-v •*rT?aoi« ,, V. 



Sflvio Berlusconi: no need to visit the region 


Publitalia, the advertising arm 
of Mr Berlusconi’s Fininvest 
media holding. Tbe network of 
Publitalia’s representatives 
and contacts has been used to 
recruit Forza Italia members, 
often through Lions and 
Rotary clubs. 

A dentist from a well-known 
local family, Mr Giuseppe Laz- 
zarini, was persuaded to enter 
politics as the Forza Italia flag- 
bearer . He is now contesting 
one of two Viterbo seats in the 
chamber of deputies ha cked by 
the National Alliance. 

Mr Berlusconi has never vis- 
ited the region to spread his 
promises of creating jobs and 
preventing the wicked left 
from entering government He 
does not need to. His message 


and catchy Forza Italia’s cam- 
paign song came here via the 
televlskm. 

The right has had a strong 
niche in Viterbo ever since 
Mussolini established it as a 

separate province in 1927. 

But since 1946 the Commu- 
nist party either held power 
alone or shared it discreetly in 
local administrations with the 
parties in the national govern- 
ment This state of affairs con- 
tinued after tbe Communists 
transformed themselves into 
the PDS in I99L 

After provincial elections 
last Jane, it looked as though 
the PDS had once proven its 
superior organisation. A PDS- 
led alliance with other 
left-wing parties won 63 per 


jv* ■ ■ - ;; ^ = 


cent of the vote. The Christian 
Democrat and Socialist vote 
dumped, while support for the 
MSI almost doubled to nearly 
20 per cent 

The threat of the PDSdomi- 
nated Progressives repeating 
this triumph in the general 
elections Iras provoked a back- 
lash which in turn has helped 
polarise local opinion. The 
Christian Democrats split in 
January With the main«rtrpam 
forming the Popular party 
fPPI) and part of it, the newly- 
baptised Christian Democratic 
Centre, allied with Foiza Italia 
and the National Alliance. 

“We feel squeezed in the cen- 
tre,” says Mrs Luisa La Malfa, 
an educationalist running for 
the chamber of deputies for the 


allied central grouping of the 
PP1 and Mr Mario Segni’s Ital- 
ian Pact 

"The traditional catholic 
electorate is confused. The 
rural vote we feel will hold up 
for us; but for the rest we have 
to rely on people mistrusting 
the left and finding the new 
right distasteful," says Mrs La 
Malfa, the sister of Mr Giorgio 
La Malta, leader of the small 
Republican party. 

She feels possessing an eas- 
ily identifiable name is a clear 
help; but she also believes local 
issues are important. Hie main 
local issue is the extent to 
which Viterbo should be drawn 
into Rome's commuter orbit. 

There is also a big environ- 
mental problem. The fate of 
tbe power station at Montalto 
di Castro near Civitavecchia - 
blocked by the 19S7 nuclear 
power referendum - has put 
the Greens at odds with their 
allies, the PDS. Here as else- 
where, the PDS also enjoys an 
uneasy relationship with the 
hardline communists who split 
to form Reconstructed Commu- 
nism. 

All this suggests a closer 
contest than in tbe provincial 
elections of June. The PDS has 
been placed on the defensive; 
and If the right does well here 
and captures a seat in the 
chamber it will mark a big 
shift in political allegiance. 


I know its late, tut ifl like some 
susti. How far do I tave to go? 7 



I,., — • ; t.-.U : 


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s r 


pr. 








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NEWS: THE AMERICAS 


President Frei ‘inseparably wedded’ to export-led development 

Chile eyes trade accord with US 


By David Pining in Santiago 

Chile has a "good chance" of 
concluding a free-trade agree- 
ment with the US by the end of 
this year or the siart of 1995. 
Ur Eduardo Aninat, Chile's 
new finance minister, said yes- 
terday. 

Mr Aninat said the new 

administration of President 
Eduardo Frei had been assured 
by Mr Mickey Kantor. US trade 
representative, that Chile was 
next in line for an agreement. 
It was still not clear whether 


this would take the form of a 
bilateral deal with the US or 
accession to the trilateral 
North American Free Trade 
Agreement, Mr Aninat said. 

Addressing a foreign invest- 
ment convention in Santiago of 
more than 100 company execu- 
tives. Mr Aninat said Chile 
would continue the process of 
opening up its economy. It 
would seek to reduce tariffs 
and gradually open up its capi- 
tal account, though there 
would be no “adventures" that 
might destabilise exchange 


rate policy or threaten growth. 

Mr Aninat foresaw a step-by- 
step relaxation of restrictions 
to foreign investment - such as 
the one-year period for capital 
repatriation - over the next six 
years, but not in “the very 
short term". 

He predicted that this year 
would see growth of 15 per 
cent and an Investment rate of 
about 28 per cent, one point 
higher than the record level 
achieved in 1993. 

Mr Frei, who assumed power 
last Friday, told the conven- 


tion that he was “inseparably 
wedded” to the export-led 
development model which he 
predicted would allow Chile to 
double the size of its economy 
in the next decade. 

That growth would be har- 
nessed to eradicating extreme 
poverty by the end of the cen- 
tury. one of the “great tasks" 
of his government. For this, 
there was not only a “moral 
imperative," but also “an 
important economic objective" 
in terms of expanding the 
domestic market and ensuring 


social stability, he said. 

Mr Ricardo Lagos, minister 
of public works, said growth 
and poverty eradication would 
require huge improvements in 
infrastructure. He estimated 
that $33bn (£22bn) would have 
to be invested by 2010, a goal 
that would demand the co- 
operation of the public and pri- 
vate sectors on an unprece- 
dented scale. The government 
had “set a target" of spending 
Sl.obn a year on infrastructure, 
double the amount allocated in 
the 1993 budget, he said. 


Germany rejects US plan for ideas forum 


By David Goodhart in Detroit 

Germany yesterday rejected a 
US proposal at the Group of 
Seven jobs summit in Detroit 
to establish new G7 working 
parties to exchange ideas on 
unemployment, education and 
training. 

“This is superfluous, we can 
talk about these things 
through the OECD" said Mr 
GQnter Rexrodt. the German 
economies minis ter. The minis- 
ter also rejected US pressure 
for further macroeconomic 
stimulus, saving that Germany 


was already providing such 
stimulus through Us huge 
investments in the east Ger- 
man economy. 

While stressing what Ger- 
many could learn from the 
more flexible and deregulated 
American labour market, Ger- 
man ministers also stressed 
Germany's model qualities, in 
particular in training. 

Mr Norbert Bliim. German 
labour minis ter, said the US 
labour market model was not 
compatible with European 
social standards. But he also 
warned that 3m jobs for lower- 


skilled workers would disap- 
pear in Germany within eight 
years and that more creativity 
and flexibility was required in 
German companies. 

Mr BIQm welcomed the 
recent flexibility shown by the 
German pay bargaining system 
and said the country had to 
move towards a system in 
which minimum rates were set 
at national level and wages 
were then topped up at plant 
or company level dependent on 
performance. 

Mr Theo Waigel the German 
f Inane* minis ter, said that HO 


country was doing more than 
Germany to consolidate its 
public finan ces. In due time 
this would allow further cuts 
in interest rates, he said. 

Mr Rexrodt stressed the 
closeness of US-German links , 
but like other G7 countries, he 
was critical of the bilateral 
trade discussions between the 
US and Japan. 

Mr Kenneth Clarke, UK 
chancellor, rejected the idea 
that there was a significant 
gulf between British and US 
labour market thinking . “We 
are very’ much in the main- 


stream of G7 thinking. US and 
UK policy is very close indeed. 
We are nearer to the 
Americans than the continen- 
tal Europeans. But all of us are 
going to have to change," he 
said. 

Speaking at a working ses- 
sion yesterday afternoon, the 
first day of the two-day sum- 
mit. Mr Clarke stressed the 
importance of active labour 
market measures - including 
training and small business 
stimulation - as well as poli- 
cies promoting labour market 
deregulation. 


Rostenkowski faces up 
to poll test in Chicago 


By Laurie Mono in Chicago 

Congressman Dan Rosten- 
kowski, the powerful chairman 
of the House ways and means 
committee, faces the political 
race of his life today when vot- 
ers from Chicago's mean west- 
side streets and a scattering of 
suburban neighbourhoods vote 
in a Democratic primary ahead 
of November’s mid-term elec- 
tions. 

Encumbered by a federal 
investigation into misuse of 
House post office funds, Mr 
Rostenkowski, after 35 years in 
Congress, is facing rare opposi- 
tion from Mr John Cullerton, a 
junior state senator who has 
s hake n the Democratic estab- 
lishment by daring tO mount Z 
challenge. Mr Cullerton has 
proved nearly as popular as 
the incumbent in recent polls. 

With President Bill Clinton 
depending on Mr Rostenkows- 
ki ’s clout to strongarm 
through a new national health- 
care package, a defeat in 
today's primary would be a 
blow to both the administra- 
tion and the Democratic party. 
Also at stake is the stream of 
pork barrel dollars that Mr 
Rostenkowski has directed 
toward Chicago since 1958. 
when he arrived in Congress. 

Mr Rostenkowski, 66, is the 
most skilful of Chicago's Dem- 


Global Business Options. 




Rostenkowski: encumbered by a federal investigation 


ocratic backroom dealers, but 
has proved ill-prepared to deal 
with the year-long investiga- 
tion into his financial dealings. 
The federal probe has yielded 
reams of bad press but no 
indictment, and has been diffi- 
cult for the Democratic 
machine to rebutt 

Mr Clinton broke the wall of 
silence last month, when he 
travelled to Chicago against 
the wishes of Ms Janet Reno, 
the attorney-general, and 
appeared with Mr Rosten- 
kowski to boost his healthcare 
programme and the Congress- 
man's election prospects. 

Since then a stream of Wash- 
ington celebrities have been 
pounding Chicago's podiums 
on Mr Rostenkowski’s behalf, 
and millions of federal dollars, 
in the form of a jobs training 
centre and a fire and rescue 
helicopter, have been awarded 
to the city. 


Even with these last-minute 
offerings, weekend polls 
showed Mr Rostenkowski with 
only a slim lead, garnering 27 
per cent of decided potential 
voters, with Mr Cullerton on 24 
per cent 

However, with voter registra- 
tion in Chicago at its lowest in 
60 years for an off-year elec- 
tion, apathy may favour Mr 
Rostenkowski. 

In the end it may be Chica- 
go's old-fashioned system of 
Democratic ward committee- 
men that comes through for Mr 
Rostenkowski. 

Chicago's Mayor Richard 
Daley has stood firmly behind 
the congressman throughout 
the campaign, and today is 
expected to bless the unpaid 
leave of hundreds of city work- 
ers who will door-knock 
throughout the fifth district to 
boost turnout for Mr Rosten- 
kowski. 


Camacho doubt 
confuses poll 
calculations 

Damian Fraser studies form in 
Mexico’s presidential race 


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J udging by most opinion 
poBs Mexico’s rating Insti- 
tutional Revolutionary 
party (PRD will coast to vic- 
tory in August's presidential 
election. But in a country 
where there is little tradition 
of testing political opinion hon- 
estly. the reliability of such 
polls has been attacked 
fiercely. 

While the polls differ, the 
PRTs clear advantage is undis- 
puted. A Harris poll paid for by 
Mexico's businessmen's organi- 
sation gives it some 51 per cent 
of the vote, against 17 per cent 
for the left-wing opposition 
Party of Democratic Revolu- 
tion (PRD). Even the poll least 
favourable to the PR1 - by 
Mori of Mexico - gives the par- 
ty's candidate a 16 point lead 
over his nearest rival 
The possibility that Mr Man- 
uel Camacho, the govern- 
ment’s peace envoy in the 
southern state of Chiapas, 
might challenge the PRI's offi- 
cial candidate, Mr Luis Don- 
aldo Colosio, for the presidency 
complicates the picture. 

His candidacy would proba- 
bly both divide the PRI and 
take support from Mr Cuauht- 
emoc C&rdenas, the PRD candi- 
date. Bnt since Mr C-olosio is 
currently ahead of Mr Car- 
denas. according to the latest 
Mori opinion poll, the PRI can- 
didate has most to lose from a 
Camacho candidacy. 

Under Mexico's electoral 
rules, an opposition party can 
change its candidate up to a 
month before the August 21 
elections. With the two main 
opposition parties apparently 
committed to their candidates, 
Mr Camacho would have to 
persuade one of the smaller 
parties' candidates to make 
way for him - which may not 
he easy. 

Even if Mr Camacho decides 
not to run. as is still perhaps 
most likely, he is sure to 
remain a thorn In Mr Colosio's 
side and thereby provide 
another element of uncertainty 
in the run-up to the election. 

The PRD reckons voters are 
in any case highly volatile, and 
that much can change before 


the election. At this time six 
years ago Mr Carlos Salinas 
was well ahead of Mr Cuauht- 
emoc Cardenas in the polls, 
only to see his advantage 
almost disappear. 

Mr Miguel Basanez, head of 
Mori of Mexico and publisher 
of the opinion magazine Este 
Pais, concludes that although 
the PRI is well ahead, the race 
is closer than it looks. In his 
view, the undecided are more 
likely to vote for opposition 
than government If so, current 
declared support for Mr Colo- 
sio, at an average of around 37 
per cent is far short of what is 
necessary to win. 

Critics of the polls further 
argue that many are biased in 
the governing party's favour, 
either deliberately or uninten- 
tionally. Mr Basanez says that, 
in an authoritarian culture, 
people are afraid of saying they 
will vote for the opposition. 
Unless the pollster's neutrality 
Is clear, then, support for the 
PRI wffl be artificially high. 

_ In a recent survey Mr Basa- 
nez told those questioned the 
poll was for the PRI, and found 
that the party won 60 per cent 
support. When he told them 
the poll was being conducted 
for Este Pais, support dropped 
to 36 per cent, against 20 per 
cent for Mr Cardenas and 29 
per cent undecided. 

However. Mr Abraham 
Nadelsticher. head of Pearson, 
a Mexican market and public 
opinion research firm, says 
there is no evidence Mexicans 
lie in polls, and says tech- 
niques such as secret balloting 
can protect those fearful of 
saying whom are they will sup- 
port 

Such a view is shared by Mr 
Salinas's pollster, Mr Ulises 
Beltran. He says the undecided 
are no more likely to vote for 
the opposition than the govern- 
ment. and that since 1988 his 
polls on state elections coin- 
cided with the eventual result, 
indicating that they are a reli- 
able guide to election returns. 

Cynics like Mr Basanez say 
this is because electoral results 
are manipulated to coincide 
with government polls. 


Colombian Liberal part] 
keeps Congress majoritj 

fonner dew l°pment minister 
Ernesto Samper as the Uberal party candidate for the presii 

S Liberal maj0rit T *<> » 

™ tti llti y ra f? In Sooday's poll, at about 70 
cent, was very high and voting was affected by the guen 
presence in a number of areas. The fonner guenllla mo vem 

S. 1 pe , ! n a : P0 ? 1 rlir ' •W* a ,ess lhan cent ofT” 
GiUMr£ i ”' 11Kled ®ri*fian movent. 

H *U r ■“ toe Ltocral Party must head the transfer 

hon which would restore credibility to Colombian pouScs 




FINANCIAL TIMES TUESDAY MARCH 15 1994 


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6 


NEWS; INTERNATIONAL 


Long snakes and short ladders in Africa 


Intensive US diplomatic 
efforts near to bearing fruit 


Michael Holman on a formula for development failure 


Israel-PLO 

talks likely to 
resume soon 


U nseen hands play 
Snakes and Ladders 
across sub-Saharan 
Africa. Democracy fitfully 
emerges la South Africa, Is 
denied in Nigeria. Civil war 
revives in Angola, Zaire slides 
towards anar chy, a fragile 
peace pact holds in Mozambi- 
que. 

News is as unpredictable as 
the throw of the dice. Snakes 
marked Drought, Corruption or 
Civil War writhe across the 
board; ladders appear as Debt 
Rescheduled or World Bank 
Loan. Short ladders, long 
snakes. . . and loaded dice. 

As the latest World Bank 
Sub-Saharan Africa report pub- 
lished at the weekend makes 
clear, the destination labelled 
Recovery remains out of reach. 
A decade of structural adjust- 
ment. and net aid flows of 
SITObn f£113bn>, has stemmed 
the region's decline but not 
launched a revival. "Current 
growth rates among the best 
African performers are still too 
Low to reduce poverty much in 
the next two or three decades," 
warns the Bank. 

Whoever is to blame, the pol- 
icy at the heart of relations 
between Africa and the west is 
failing. “Good governance", the 
concept which link s aid to 
Africa with economic reform, 
human rights and democracy 


has not got to the heart of the 
continent’s predicament. 

Admirable in principle, com- 
plex in practice, today the pol- 
icy appears confused- Increas- 
ingly the west is placing 
responsibility for Africa on the 
World Bank, but providing nei- 
ther adequate mandate nor 
clear guidance. 

Once enslaved, later colon- 
ised, and marginalised in the 
1980s, the continent faces a 
continuing crisis in the 1990s - 
but with a new dimension. 
Africa is not only in danger of 
losing the battle; the world Is 
losing interest The countries 
that led the scramble for 
Africa's resources some 100 
years ago are now disengaging. 

“If only the west cared 
enough to want to recolonise 
us,” an African diplomat rue- 
fully observes. “But we're 
hardly an attractive proposi- 
tion,'’ 

At one level, the west contin- 
ues to respond positively. Sub- 
Saharan Africa's share of 
global aid is up to 38 per cent 
in 1991 from 17 per cent In 
1970. But the critical link 
between economic and political 
reform is being neglected, and 
aid is ineffective. 

Under the auspices of the 


World Bank’s economic recov- 
ery programme, Africa's gov- 
ernments were expected to cut 
budget deficits, curb inflation 
and monetary growth, intro- 
duce competitive exchange 
rates, reform tariffs and revive 
agriculture. The good news, 
says Mr Kim Jaycox, the 
Bank’s vice-president for 
Africa, is that the formula 
works: “The six countries that 
improved their policies the 
most [over the period 1987-91] 
saw their GDP growth per cap- 
ita jump about 2 percentage 
paints per annum between 
1981-88 and 1987-91." 

T he bad news is that this 
is not nearly enough. 
The Bank's claim in a 
1989 report that African econo- 
mies could grow at a rate of 4-5 
per cent has proved optimistic. 
Growth has been barely half 
that, well below the region's 
3-2 per cent annual rise in pop- 
ulation. 

Part of the reason for 
Africa's failure is made clear in 
the report Implementation of 
the World Bank structural 
adjustment reforms has been 
poor, political will lacking, and 
management resources scarce. 
But essential to the success 


oE economic reforms, donors 
have argued, is a matching 
programme of political reform. 
Transparency, accountability 
and democracy are vital to sus- 
tain development, they main, 
tain. The World Bank report 
agrees, hut it 'does not address 
how it can be achieved in prac- 
tice. or assess the part political 
problems have played in 
Africa's failure to reach eco- 
nomic targets. 

The only reference is to “a 
strong social consensus on the 
need to improve governance”. 
Corruption is not mentioned, 
nor military spending, nor is 
there any discussion of a cen- 
tral issue; how to reward 
reformers, punish laggards. 

Yet the experience of Bank 
representatives in capitals 
across Africa is that this is pre- 
cisely the area which needs 
attention. 

“Structural adjustment 
means reducing state patron- 
age,” explains a Bank official 
in west Africa. “Reducing 
patronage undermines the rul- 
ing party. Unless the president 
is prepared to risk political sui- 
cide, there is not enough I can 
do to force him down a path of 
reform, whether it's the big 
stick or the big carrot” 


The reason for the report's 
reticence on “good gover- 
nance” issues is not hard to 
find. The Bank, officials pri- 
vately point out is constrained 
by a mandate which precludes 
it from a political role; and its 
mandate is determined by the 
directors - “none of whom 
wants to rock the boat”. 

T he board’s third world 
appointees tend to 
reflect the views of their 
leaders, who would be the last 
to support tougher measures, 
say their domestic critics. 
Developed country directors, 
may be reluctant to jeopardise 
commercial or security inter- 
ests. 

But the misgivings of direc- 
tors representing the biggest 
donors about applying tougher 
pressure on reluctant African 
reformers stem from a further, 
more understandable concern: 
the generally poor performance 
of Africa’s opposition parties. 

After the high hopes of the 
“new wind of change”, the 
wave of democratisation that 
swept through Africa in the 
late 1980s, opposition parties 
have turned out to have most 
of the weaknesses of the 
regimes they oppose: ethni- 


cally based, few carefully 
worked out policy alternatives 
and likely to be as corrupt if 
ever they won office. 

“Who can blame us for our 
reluctance to follow through a 
policy that could destabilise 
Nigeria, with its 80m people 
and huge problems, and where 
the opposition seems as incom- 
petent as the army?” an 
irritated European diplomat 

The report leaves further 

questions unanswered. If 

democracy is essential to sus- 
tained growth - the assump- 
tion that underpins the con- 
cept of good governance - how 
can the position of Ghana, 
under military government 
until 1992 but the leading 
reformer, be explained? 

As long ago as 1981 the Bank 
called for “a new kind of social 
compact, an agreement within 
the world community that the 
struggle against poverty In 
Africa Is a joint concern which 
entails responsibilities for both 
parties”. 

World Bank officials and aid 
workers argue that Africa's 
need for such a compact is 
overwhelming. But until the 
west renews its interest in 
Africa, resolves the anomalies 
in its policies, and gives the 
Bank and other donors a 
clearer mandate, the compact 
will remain a pipe dream. 


By Jufian Ocarme In Jerusalem 

Israel and the Palestine 
Liberation Organisation yester- 
day edged towards resuming 
peace talks amid intensive US 
diplomatic efforts, as Mr Yit- 
zhak Rabin, Israeli prime min- 
ister, prepared to fly to Wash- 
ington. 

“Negotiations are about to be 
resumed,” said Mr Yossi Sarid. 
Israel’s environment minister. 
Mr Sarid said he hoped official 
talks would begin at the end of 
this week and urged the PLQ 
not to set pre-conditions but to 
bring their demands to the 
negotiations. 

However, a PLO official in 
Tunis described the Israeli 
remarks on early resumption 
of taTVg as “very optimistic”. 

The PLQ suspended talks 
two weeks ago after the massa- 
cre of some 30 Palestinians by 
a Jewish settler in Hebron. 

Mr Sand's comments came 
after an Israeli delegation led 
by Mr Uri Savir, Foreign Minis- 
try director general, met Mr 
Yassir Arafat, PLO chairman, 
in Tunis to detail Israel's 
response to PLO demands on 
security for Palestinians in the 
occupied territories. 

Officials said Mr Arafat 
demanded the deployment of 
an international force in the 
territories to safeguard Pales- 
tinian security, and the swift 
conclusion of negotiations on 
Palestinian self-rule in the 
Gaza Strip and West Bank area 
of Jericho. Mr Arafat also 
asked Israel to name a date 
when he and his senior col- 
leagues could return to take up 
residence in Jericho. 

Mr Dennis Ross, US Middle 
East envoy, and Mr Tetje Hoed 
Larsen, a Norwegian mediator, 
also met Mr Arafat and senior 
PLO officials in Tunis yester- 
day to try to save the Israeli- 
Palestinian peace process. FLO 
officials in Tim is described the 
meeting as “crucial”, and said 
they expected Mr Boss to hold 


a second meeting with Mr Ara- 
fat later last night 

The PLO has said it will not 
return to formal peace talks 
until the US and Russia, co- 
sponsors of the Middle East 
peace process, guarantee 
implementation of a United 
Nations Security Council reso- 
lution condemning the Hebron 
massacre and calling for mea- 
sures to protect Palestinian 
lives. The vote on the UN reso- 
lution, due last night, was yes- 
terday postponed for the fourth 
time by the Security Council, 
without explanation. 

Before departing for Wash- 
ington, Mr Rabin said: “I 
believe we will put the peace 
negotiations back on track. 
Those who want peace have to 
know how to overcome painful 
events.” His government also 
stepped up the crackdown on 
extremist Jewish groups ban- 
ned and branded terrorists by 
the cabinet on Sunday. 

Israeli police raided the 
homes of settlers in the heart 
of Hebron, confiscating weap- 
ons and issuing arrest orders. 
Police officials said 23 move- 
ment restriction warrants 
would be served on followers 
of the two anti-Arab groups - 
Kach and Kehane Lives - 
which advocate violence 
against Palestinians. 

Observers said Mr Rabin was 
determined to have the crack- 
down under way before arriv- 
ing in Washington, where he 
may face pressure from US offi- 
cials to da more to rein In mili- 
tant Jewish settlers. Mr Rabin 
is also likely to corns In for 
criticism for the continuing 
aggressive settlements policy 
of Jews In what the govern- 
ment calls “Greater Jerusa- 
lem” but which is actually part 
of the occupied West Bank. 
More than 206,000 Jews have 
now settled in Arab East Jeru- 
salem and the settlements con- 
sidered part of “Greater Jeru- 
salem”, outstripping the 
Palestinian population. 


Inkatha ‘may still 
join all-race poll’ 


By Patti Wafdmeir in Johannesburg 

A senior member of the Zulu-based 
Inkatha Freedom party said yesterday 
that the party might still participate 
in South Africa's first all-race elec- 
tions. despite its failure to register 
candidates for the poll by last Fri- 
day's deadline. 

Mr Ben Ngobane, a member of 
inkatha's executive, said that “far 
from being out of elections, the IFP 
has yet to decide on participation or 
non-participation”. But the conditions 
he set for participation may make it 
difficult to ensure Tnkatha takes part 
in the April 26-28 poll. He stressed 
that international mediation must 
result in changes to the constitution, 
and agreement must be reached on 
the constitutional status of the Zulu 
king. Goodwill Zwelithini, before 
Inkatha would take part 

African National Congress and 


Inkatha negotiators are continuing to 
discuss the issue of international 
mediation, but with only six weeks to 
go until polling, results may be 
delayed until near the date. If this 
happens, Inkatha is counting on a 
decision to delay the election, but 
ANC leader Nelson Mandela is ada- 
mant there will be no delay. 

The Independent Electoral Commis- 
sion has said Inkatha's name has 
been deleted from ballot papers being 
printed at the moment in Britain. But 
Mr Ngobane said he believed Presi- 
dent F.W de Klerk could change the 
deadline for registration by proclama- 
tion, if he so desired. 

President de Klerk warned of the 
risk of serious violence in Inkatha's 
Natal province stronghold if the party 
boycotted the elections, and ultra- 
right leader Eugene Terre 'blanche 
said South Africans were “heading for 
chaos, not an election”. 



President F.W. de Klerk greeting a commuter on an election campaign train ride in Pretoria yesterday 


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NEWS: INTERNATIONAL 


Battle for Australian pay-TV worthy of the medium 

Nikki Tait on a struggle between the media heavyweights and the underdogs for satellite broadcasting licences 


T he convoluted power games 
surrounding the introduction 
of pay-TV In Australia would 
do credit to any television soap 
opera. 

On one side are the nation's 
media heavyweights, including Mr 
Rupert Murdoch's Mews Limited 
and Mr Kerry Packer’s dominant 
Nine Network, as well as Telecom, 
the giant state-owned telecommuni- 
cations group. They are joined by 
Network Ten and Seven Network, 
two other commercial TV stations, 
in a consortium known as PMT. 

On the other are a couple of fledg- 
ling companies and joint ventures 
which - to everyone’s sur- 
prise - have ended up as holders of 
two satellite broadcasting licences. 

The big guns want to overturn 
those licence awards and headed 
into court last month, on the 
grounds that the authorities did not 
comply with the bid guidelines, to 
try to do so. But government minis- 
tens appear to have stepped in - per- 
haps aware that the pay-TV saga 
does nothing fbr Australia's image 
and reportedly concerned that one 
state agenpy (Telecom) was suing 
another (Australian Broadcasting 
Authority, which awarded the 
licences). On Friday, via a five-min- 
ute court hearing; the consortium’s 
action was withdrawn. 

For one of the licence holders, the 
recently floated Australis group. 


this is a huge relief. Had a legal 
wrangle developed, its Imminent 
fund-raising plans, expected to 
involve about A$200m (£98-5m), 
could have been jeopardised. 

But while the underdogs may 
have won the latest battle, the red 
question is whether they have won 
the war. Analysts, looking at the 
opposition’s clout, are doubtfuL 

"Murdoch and Packer are not 
likely to let Australis steal their 
market," says Mike Magnan, at Pra- 
Bache Securities. 

In theory, Australia’s 18 m inhab- 
itants should be a ready market lor 
subscription services. Disposable 
income is high and TV-watdnng is 
an ingrained habit. About 60 per 
cent of households have two televi- 
sions, according to a survey by the 
Australian Broadcasting Authority. 
About S3 per cent own a video 
recorder. 

But, tor various reasons, pay-TV 
never got a look-in during the 1980s. 
This spared the nation’s existing 
commercial networks any threat to 
their revenues. Only in 1991 did the 
Labor government lift a morato- 
rium on subscription services. 

Even then, it took another two 
years, and furious political jockey- 
ing, before a system tor allocating 
satellite licences was devised. A 
two-channel licence was reserved 
for the state-owned Australian 
Broadcasting Corporation (the C 



Kerry Packer deft) and Rupert Murdoch: outbid for four-channel licences 


licence). Two other four-channel 
licences (A and B) were put up for 
auction last April 

The A licence was subject to 
stringent cross-media ownership 
rules and designed to attract new 
entrants. The B licence, by contrast, 
was expected to go to the newly 
formed alliance between Messrs 
Murdoch and Packer and Telecom. 

But PMT was outbid, and the A 
and B licences ended up in the 


hands of two largely unknown com- 
panies, UCOM and New World Tele- 
communications. Behind both was a 
Lebanese-born computer distribu- 
ter. Mr Albert Hadid. 

At the end of 1993. Mr Hadid sold 
the B lice nc e on to Australis Media, 
acting in conjunction with Lenfest, 
a US-based cable company. The A 
licence, meanwhile, went to a joint 
venture between Continental Ven- 
ture Capital, an Australian invest- 


ment company, and Century Com- 
munications, another second-league 
US cable operator. 

With a legal challenge to Aus- 
tralis in effect now ruled out, 
observes are wondering what cards 
PMT, or its members individually, 
will play next 

There are some areas that will be 
closely watched. First, Australis has 
yet to tie up any programming. Sec- 
ond, its plan envisages that satellite 
services will be delivered into most 
homes via microwave delivery sys- 
tem (MDS) which cuts out the need 
for a satellite dish. 

This latter element could prove a 
problem in the short term, given 
that Mr Bob Collins, the former 
communications minister, decided 
last year that MDS delivery of 
pay-TV should be banned until after 
the satellite system was up and run- 
ning. Australis says that there is 
nothing to stop the ABA doing pre- 
paratory work on MDS delivery 
approvals, and then giving the 
green li ght simultaneously with the 
satellite launch. 

But even if these issues are put to 
one side, it seems that the PMT 
pressures on Australis are likely to 
increase. Most immediate, tor exam- 
ple, Is the danger that other tech- 
nologies for delivering pay-TV wtH 
steal a march or at least woo the 
most accessible consumers and cre- 
ate enough confusion to make satel- 


lite marketing difficult 

Only days after the PMT lawsuit 
was Bled, a company called Cable 
Television Services announced a 
deal with Telecom which, it 
claimed, “would launch Australia’s 
first pay-TV service in July 1994". 

CIS is beaded by Mr Lynton Tay- 
lor. a former senior executive at Mr 
Packer's Nine Network. He was 
chairman of the PMT consortium 
until November. CTS*s plan is to 
deliver a 10-channel service via a 
cable network provided by Telecom. 
Much of this is in place, with fibre- 
optic cables extending to the local 
exchanges, although Telecom would 
have to cable the final stretches 
into the home. 

CTS says it has finalised program- 
ming agreements with Turner 
Broadcasting in the US. giving it 
non-exclusive rights to CNN, the 

Turner Cartoon Channel, and TNT, 
the movie channel. 

However, it will be months or 
years before most Australians see 
any benefit. Pressed for details. 
Telecom says the plan is to hook up 
about five high-density Sydney sub- 
urbs by the July launch date, bring- 
ing the CTS service to perhaps 6.000 
homes at the outset. Even on the 
CTS forecasts, this cable network 
will reach only l.lm homes, a fifth 
of the nation’s households, in three 
years' time. 

Telecom says that it is in discus- 


sions with various other would-be 
cable operators. “There's u high 
probability that some additional 
agreements will be reached, 
although only two others are of the 
size of CTS," says Mr Ross Kelso, 

manager or the regulatory and tech- 
nology aspects of Telecom’s pay-TV 
strategy. 

The telecoms group is also talking 
about running trials of an alterna- 
tive ADSL (asymetrlc digital sub- 
scriber line) cable system in 1995 nn 
a commercial basis. This would 
send video images down existing 
copper wires Into the home. If suc- 
cessful, this might be a cheaper and 
easier way of delivering subscrip- 
tion services to outlying areas. 

For some observers, then, the 
final outcome of Australia's pay-TV' 
battle is plain: PMT, or its mem- 
bers, will end up making life so 
difficult for Australis, that either 
the company, or Its B licence, will 
eventually end up in the consor- 
tium’s hands. 

Mr Magnan. for example, agrees 
tint this is a likely outcome - “but 
not at these prices", he warns. 

For consumers, meanwhile, the 
upshot is an array of possibilities, 
many promises but no service yet. 
Two decades after pay-TV became 
available in the US, Austra- 
lia -home to some of the world’s 
best-known media moguls - is still 
waiting. 


N Korean 
nuclear 
inspection 
completed 

Experts from the United 
Nations nuclear safeguards 
agency have completed their 
inspection of North Korea's 
declared nuclear sites and will 
leave Pyongyang today, the 
agency said yesterday, Reuter 
reports from Vienna. 

International Atomic Energy 
Agency (IAEA) spokesman Mr 
David Kyd refused to say 
whether the inspections had 
been a success. 

“Certain restrictions were 
placed on what they could do 
at one or two locations and it’s 
a question of how seriously 
these wifi^be viewed." he. said. 

The US has made unimpeded 
IAEA inspection of the seven 
declared sites a condition for 
holding high-level talks with 
the North Koreans in Geneva 
at the end of next week. 

The talks were part of a 
package negotiated by the US, 
North Korea and South Korea 
to deflise tensions on the Kor- 
ean peninsula and stop North 
Korea from proceeding with a 
nuclear arms programme. 

If the IAEA's six-man inspec- 
tion team reports it was pre- 
vented from carrying out a 
meaningful examination of the 
nuclear facilities, the deal 
could be in danger. 

New Zealand 
balances books 

The New Zealand government 
expects to balance its books in 
the financial year to March 31. 
Minister of Finance Bill Birch 
said yesterday, writes Terry 
Hall from Wellington. 

Last October, the govern- 
ment forecast a deficit of 
NZ$l.8bn (£686m) this year, 
and balance by 1996. However, 
tax revenues were running 
NZ$800m higher than expected, 
Mr Birch said, while govern- 
ment spending was NZ$5 00m 
less than forecast He predicted 
a surplus of NZ$30 Qm. next 
year. 

Togo opposition 
wins election 

Opponents of Togolese Presi- 
dent Gnassingbe Eyadema won 
a majority in parliamentary 
elections, limiting presidential 
power and obliging Mr Eyad- 
ema to appoint a prime minis- 
ter from the ranks of his rivals, 
Reuter reports from Lome. 

Results of last month's polls, 
announced yesterday by Togo’s 
Supreme Court, gave Mr Eyad- 
ema's Togolese People's 
Assembly and Its allies 38 of 
parliament's 81 seats, while the 
rival Action Committee for 
Renewal and Togolese Union 
for Democracy won 43 seats 
between them. 

Business monthly 
for Vietnam 

Swiss publisher Rlngier yester- 
day launched Vietnam's first 
English-language monthly 
business magazine, Reuter 
reports from Hanoi 

The Vietnam Economic 
Times, which focuses exclu- 
sively on doing business In 
Vietnam, was launched with 
an initial print run of 16,000, 
half of which would he circu- 
lated abroad, Rlngier said. Rin- 
gier’s partner is the Vietnam- 
ese Association of Economists, 
with which it publishes the 
Vietnamese-language weekly 
Vietnam Economic Times. 


Chinese bring 
business to 
new Vietnam 

Would-be refugees are now 
exporters, Iain Simpson writes 


T en years ago. Vuu Khai 
T hanh spent his life try- 
ing to find a way out of 
Vietnam for himself and his 
family. He toiled to do so, but 
now is one of the most success- 
ful entrepreneurs in the coun- 
try. 

Mr Thanh, an animated, 
gold-toothed man in his mid- 
Ms, runs Binh Tien bnex Cor- 
poration, which is universally 
known as BiTi’s after the shoes 

the company manufa ctures. 

Binh Tien was set up in 1982 
with 30 workers in two small 
workshops churning out rub- 
ber sandals far export to east- 
ern Europe. 

Now, 11 years lateT, Binh 
Tien is worth $15m (£&3m) and 
produces some 8m pairs of foot- 
wear exported all over Asia 
and to the rest of the world. 

In the late 1970s, Mr Thanh 
wanted to leave Vietnam 
because he is ethnically Chi- 
nese and at that time the gov- 
ernment was making a serious 
effort to force all ethnic Chi- 
nese people out of business. A 
few years later, the situation 
changed and he decided to 
stay. 

“I could have left in 1986 
because my brothers and rela- 
tives abroad sponsored me and 
I was ready," he says. 

“But then I changed my 
mind because I saw better 
opportunities in Vietnam due 
to the open policy of the gov- 
ernment, so I stayed.” 

Now, his brothers are com- 
ing back. Some have invested 
in other projects in Vietnam; 
others are working to set up 
representative offices for BiTi’s 
In the US as soon as the eco- 
nomic embargo is lifted. 

Cho Lon, the Chinatown of 
Ho Chi Mlnh City, became a 


Eleven years 
later, Vuu Kai 
Thanh’s business 
exports footwear 
all over Asia and 
to the rest of the 
world 


ghost town in the late 1970s. as 
businesses closed and their 
owners fled, taking whatever 
they could carry and hide on 
small boats sailing across the 
South China Sea to Hang Kong 
and the countries of Southeast 
Asia. 

Until 1975, business in South 
Vietnam was controlled by the 
ethnic Chinese traders and 
business people in the capital, 
Saigon. 

Now renamed Ho Chi Minh 
City, it is again the driving 
force In the country’s economic 
development and the ethnic 
CUnese are back in centre 
stage. 

Cho Lon, which literally 
means big market, 1$ now at 
the very heart of the economic 
reforms in Vietnam. 

Chinese-Vietnamese who fled 
the country in the late 1970s 
and early 1980s, most of the 
first wave of “Vietnamese boat 
people” who arrived in Hong 
Kong were ethnic Chinese, are 
beginning to return to Vietnam 


in search of investment oppor- 
tunities. 

They are well placed to profit 
from the government’s eco- 
nomic reforms, using links 
with family and friends to 
explore business prospects. 
Those who have done best out 
of the reforms, though, are peo- 
ple like Mr Thanh who never 
left the country. . * 

Another man who profited 
by staying behind is Lo Ky 
Nguon. He runs Viet Hoa Con- 
struction. which literally 


Ho Chi Minh 
City is again the 
country’s driving 
force., and the 
ethnic Chinese 
are back in 
centre stage 


means “Vietnam ese-Chinese 
Construction," and he has just 
been instrumental in establish- 
ing the Vlet-Hoa Bank. 

Viet Hoa Construction was 
formed five years ago to buM 
the An Dong Centre, a five- 
storey market and retail com- 
plex with a hotel on top. 

The project was intended as 
a token of the ethnic Chinese 
community’s faith in Viet- 
nam’s economic reforms and 
all the investors in the project 
are ethnic Chinese. 

The first development was so 
successful that the group is 
now building An Dong Two on 
a site next door. This time, the 
plans are much less modest 

An Dong Two will be a 22- 
storey block, built of steel and 
glass, and will, Mr Nguon says, 
be the most spectacular build- 
ing in Cho Lon. 

The company is also develop- 
ing several other commercial 
sites, as well as building a 
series of residential blocks in a 
joint venture with a Taiwanese 
construction company. 

Like his counterpart at 
BiTi’s, Mr Nguon stayed in 
Vietnam when his relatives 
and friends were queueing up 
to leave. 

After modest beginnings in 
manufacturing, he too has 
become a successful entrepre- 
neur in Ho Chi Minh City and 
is acting as an adviser to over- 
seas Chinese and Sino-Viet- 
namese who are Interested in 
returning to invest in the coun- 
try. 

“I have met a lot of friends 
who lived here, then went 
abroad but have now decided 
to come back and invest here,” 

Mr Nguon says. 

“This is because there is an 
economic decline in the coun- 
tries where they are now liv- 
ing. So they want to invest 
here again, where the economy 
is growing fast." 

Estimates of the wealth that 
was lost, hidden or smuggled 
out of the country by ethnic 
Chinese people in the 1970s 
vary widely, but there is no 
doubt it runs Into the tens of 
millions of dollars. 

Slowly and, in most cases, 
quietly, a great deal of that 
money is now being put back 
to productive use. 


Unions cut links with Hosokawa partners 


By WISan Dawkins in Tokyo 

A fresh crack appeared in the 
structure of Japanese politics 
yesterday, when four unions, 
repres en ting L8m voters, cut 
links with the Social Demo- 
cratic party. . 

This opens the way for more 
switching of alliances in Pre- 
mier Morlhiro Hosokawa’s 
seven-party coalition, in which 


the Socialist party is the larg- 
est member. The unions, repre- 
senting teachers, municipal, 
telecom and postal workers, 
are members of the 8m-strong 
Rengo union federation, which 
has always backed the SDP. 

Unions say they want the 
freedom to support liberal pol- 
iticians from the coalition and 
opposition Liberal Democratic 
party, to help create a new 


centre-left grouping. This is a 
stage in the realignment of 
Japan's politics pushed ou by 
the recent parliamentary pas- 
sage of plans to reform the 
political system. The coalition 
and LDP are expected to 
evolve into two to three group- 
ings to fight a general election 
under the new rules late this 
year or early next 
The LDP yesterday 


relaunched its campaign to 
destabilise Mr Hosokawa. It is 
blocking parliamentary debate 
on next year’s budget until he 
folly discloses alleged dealings 
with Sagawa Kyubln, a truck- 
ing company involved in a 
political corruption scandal 
Mr Hosokawa has admitted 
he borrowed YlOOm (£641,000) 
from Sagawa 10 years ago, but 
repaid this with interest by 


1991. He denies LDP allega- 
tions he illegally used the cash 
in an election, and says this 
was a private loan. 

The LDP budget blockage is 
causing disquiet at the 
Finance Ministry, which has 
warned It may not be able to 
deliver Mr Hosokawa's recent 
tax cuts without a budget for 
the fiscal year starting at the 
end of this month. 


•• J y* 

... i 




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Sn$digppse$rious business. FewwhgSfbre 
as* disagreeable to us as rehearsed joviality 
For ftils reason, we’re most particular 
about who we hire. A smile can be taught, 
in time, but meaning it can never be; * * 

swissair + 







NEWS: WORLD TRADE 


Kumagai sells stake 
in Thai expressway 


By Victor Mallet In Bangkok 

A dispute between Kumagai 
Gumi. the Japanese construc- 
tion company, and the Thai 
authorities over a Slbn f£660to) 
elevated motorway in Bangkok 
was resolved yesterday when a 
consortium led by Thai inves- 
tors bought Kumagai's 65 per 
cent stake in the project. 

The dispute had cast a 
shadow over other proposed 
Thai infrastructure projects 
because Kumagai and interna- 
tional banks financing the toll- 
road accused the Thais of 
breaching the revenue-sharing 
contract and effectively nation- 
alising the road as soon as 
Kumagai had built the first 
■20km section. 

Full details of the accords 
signed yesterday were not 
released, but executives from 
both sides said a consortium 
led by Ch. Kamchang. a Thai 
construction company with 
close links to the armed forces, 
was buying Kumagai's equity 
in the Bangkok Expressway Co 


(BECL) for about Bt3.5bn 
(£93m). 

They also said the new part- 
ners in BECL would pay off the 
dissatisfied international 
banks immediately, releasing 
them from the project in accor- 
dance with their demands, and 
would pay unpaid creditors - 
including construction compa- 
nies and materials suppli- 
ers - as soon as possible. 

Kumagai executives put a 
brave face on yesterday's deal, 
although at best the company 
is likely to have broken even 
on the project after five years 
of work. Higher than expected 
traffic on the road, boosted by- 
congestion on the streets of 
Bangkok below, has now made 
the project into a cash cow. 

Ch. Kamchang executives 
were jubilant following weeks 
of negotiations to secure sup- 
port from Thai banks and 
finance companies. They plan 
to build a further 10km of the 
road by October 1996 and to 
list BECL on the local stock 
exchange as soon as possible, a 


move that will probably mean 
substantial capital gains for 
the new shareholders. 

Replacing Kumagai as proj- 
ect manager is a new joint ven- 
ture including Ch. Kamchang. 
its partner Tokyu Construction 
of Japan, and Bilfinger and 
Berger of Germany: they will 
also be shareholders in BECL. 

The foreign banks, including 
National Westminster. Credit 
Lyonnais, the Asian Develop- 
ment Bank and several Japa- 
nese banks, previously said 
were owed about $l45m. 

"The money is to be remitted 
tonight." said Mr Athueck 
Asvanund of legal firm Baker 
and McKenzie, which drafted 
yesterday's agreements for Ch. 
Kamchang. He said the next 
section of the road would be 
financed by Thai banks, “but 
in the future the company 
[BECL] would invite foreign 
banks". He added: "The credi- 
tors will be paid but not tomor- 
row We need contractors 

and contractors need us. 
Everyone is happy." 



Tony to* 

Heavy traffic in Bangkok snarls around excavation work during 
con s truction of part of the Thai capital's new Slbn expressway 


GEC will build $1.5bn 


power station in 


China-Gatt talks 
to resume today 


By Stephanie Gray 

GEC. the big UK Industrial 
group, yesterday signed a 
memorandum of understand- 
ing worth S1.5bn (£1.03bn) to 
build a 1.000MW coal-fired 
power station in Maharashtra 
state. India, ft will also take a 
SlOOm equity stake in the proj- 
ect which wilt sell power to 
the state electricity board. 

The memorandum was one 
of three signed yesterday after 
Mr P.V. Narasimba Rao . 
India's prime minister, saw Mr 
John Major, his British coun- 
terpart in London to review 
the year-old Indo-British Part- 
nership Initiative (IBPD estab- 
lished when Mr Major visited 
India with a group of business- 
men in January 1993. 

Rolls-Royce signed a memo- 
randum of understanding to 
transfer transformer technol- 
ogy to Kirloskar Electric of 
Bangalore, and GPT. the tele- 


coms equipment joint venture 
between GEC and Siemens, 
signed one for a communica- 
tions contract in Bombay. 

Britain is India’s largest 
investor with assets of more 
than £2bn. Co-chairmen of the 
IBPI told a news conference 
that it had led to a 26 per cent 
increase in UK exports to 
India and a 20 per cent rise in 
imports from India. 

The two countries also 
signed an investment protec- 
tion agreement, including 
intellectual property rights. 
The UK is the first country 
with which India has signed 
such an agreement 

The accord, aimed at nurtur- 
ing the IBPI - extended for a 
further year from the original 
one year - offers two-way pro- 
tection for a wide range of 
investments including move- 
able and immovable property, 
mortgages, liens, pledges, 
shares and stocks. 


India 

Mr Robert Evans, chairman 
of the British side, said that 
while the latest Indian budget 
had been welcomed, there 
remained reservations in the 
areas or transfer of capital, 
industrial relations, the tax 
regime and intellectual prop- 
erty rights. 

Dr Jamshed Irani, the 
Indian chairman, welcomed 
the initiative's success and 
denied that there had been 
complaints from some smaller 
Indian companies about the 
inequality of the relationship 
with British partners. 

• Nuchem-Weir, a joint ven- 
ture between India’s Nuchem 
Plastics and Weir Westgarth of 
the UK, is entering the rapid- 
ly-growing bottled drinking 
water market in India, 
Andrew Baxter writes. They 
will build a water purification 
and bottling plant at Nuchem- 
Weir’s headquarters in Farida- 
bad. 


By Frances WriBams in Geneva 

Negotiations on China's 
application to rejoin the Gen- 
eral Agreement on Tariffs and 
Trade resume today, but trade 
diplomats said yesterday they 
expected little progress during 
the four-day meeting. The lat- 
est stand-off between the US 
and C hina over H uman rights 
made a breakthrough unlikely. 

With the US continuing to 
threaten non-renewal of Chi- 
na's most-tevoured-natioa sta- 
tus because of lack of progress 
on human rights issues, US 
trade officials in Geneva were 
in no position to offer China 
the prospect of early Gatt 
membership, officials said. 

The tense relationship 
between Washington and Bei- 
jing has repeatedly dogged Chi- 
na’s Gatt membership talks, 
which began in 1987. They 
came to a halt after Beijing’s 
suppression of student demon- 


strations in 1989. and have 
since limped along in half- 
hearted fashion. 

However, China is now 
extremely anxious to speed up 
the talks with the aim of join- 
ing Gatt by the end of the year, 
enabling it to become a foun- 
ding member of the new World 
Trade Organisation which will 
succeed Gatt in 1995. 

This aim is backed in princi- 
ple by most Gatt members, 
including the European Union, 
and supported by Mr Peter 
Sutherland, Gatt director-gen- 
eral. who wants the WTO to 
have near-universal member- 
ship. Sir Leon Brittan. EU 
trade commissioner, has said 
trade and huma n rights should 
be dealt with separately. 

However, the EU and others 
want China to join with special 
conditions reflecting its partial 
transformation to a market 
economy, such as safeguards 
against surges in exports. 


The Japan that insists 
it can say No says Yes 

Michiyo Nakamoto on satisfaction in Washington 
and embarrassment in Tokyo at cell phone deal 


T he young sales lady at 
the IDO Plaza in central 
Tokyo reached over the 
counter to pick up a mobile 
phone Cram a row of nearly a 
dozen, mostly Japanese, mod- 
els the company offers. 

She chose a Motorola Micro- 
tek 

“If you are thinking of sub- 
scribing to a cellular phone 
service, we have two systems 
you can choose from.” she 
said, brandishing the Motorola. 

Whatever the complaints 
about uneven access to Japan's 
cellular phones market the US 
may have had, in the shops 
where Motorola’s handsets sit 
side by side with those of Japa- 
nese makers, the trans-Pacific 
argument over mobile phones 
that has become a US crusade 
to open Japan's markets, 
seemed worlds away. 

The Japanese government 
has tried to keep the latest 
bilateral bickering strictly in 
the hands of private business. 
But the agreement reached 
over the weekend dashed any 
hopes that in the world of US- 
Japanese trade anything that 
promises as much profitable 
growth and fierce competition 
as Japan's mobile phones 
market can be left strictly 
free of government interven- 
tion. 

The agreement between 
Motorola, and IDO, the Japa- 
nese mobile phone operator 
has, for now, satisfied both the 
US government's, and Moto- 
rola’s, contention that greater 
investment by IDO in Moto- 
rola’s system was needed to 
ensure fair access to the 
Japanese mobile phones mar- 
ket 

The US side has hailed the 
agreement as a model that 
could be used to resolve other 
bilateral trade disputes. For US 
negotiators who have been 
angered by Japan's refusal to 
agree to measurable indicators 
in opening the country’s mar- 
kets to imports, the IDO-Moto- 
rola deal contains just about 
everything they have been call- 
ing for. 

There are concrete fig- 
ures - IDO has consented to 
build 159 additional base sta- 


tions for Motorola’s mobile 
phones systems in the Tokyo- 
Nagoya region and reallocate 
l.5MHz of radio frequency to 
the US system. 

There is a. time scale - IDO 
has consented to begin operat- 
ing those additional base sta- 
tions provide coverage to 
95 per cent of the population in 
its region by the end of fiscal 
1995. 

And. most important, there 
Is a government pledge to 
ensure that IDO carries out its 
co mmi tments. The Japanese 
government agreed to monitor 
IDO’s progress in fulfilling 
those goals and to “take ail 
available measures to ensure 
compliance”. 

“We think (the agreement) 
ends a long 10 years of frustra- 
tion.’’ Mr Walter Mondale, US 
ambassador to Japan, said yes- 
terday. “We believe that both 
Motorola and IDO are pleased 
with it and that it is good news 
for the Japanese consumer." 

In Japan, however, officials 
have found themselves desper- 
ately fighting any suggestion 
that the government has caved 
in to US demands. 

H aving resisted just a 
month ago US calls for 
the setting of numeri- 
cal indicators to measure the 
openness of its markets and 
having underlined, to wide 
public acclaim, the "need to 
say No” at times to US 
demands, the government 
appears to have turned around 
completely and swallowed pre- 
cisely those demands. 

The government has tried to 
pretend that its involvement 
was limited to merely giving 
its stamp of approval to a pri- 
vate business agreement Mr 
Takenori Kanzaki, the minis ter 
of posts and telecommunica- 
tions, stressed that the agree- 
ment did not represent Japa- 
nese acceptance of US 
demands for objective criteria 
in opening up the country's 
markets. 

Mr Masayoshi Takemura. 
the chief cabinet secretary, 
was yesterday also obliged 
to defend the Japanese posi- 
tion. stating that Japan had 


not bowed to US pressure. 

“It is not that we yielded to 
US pressure, but the agree- 
ment was reached after private 
level talks made headway," he 
said. 

Their defence of the Japa- 
nese position reflects the 
extent of public concern in 
Japan that the mobile phones 
agreement has sent the wrong 
signal to the US. 

The fear in Japan is that not 
only has the agreement con- 
firmed US suspicions that 
trade can be "managed" by 
applying sufficient pressure on 
the Japanese government in 
the form of threats of sanc- 
tions, it has also provided the 
US with a strong case for pro- 
ceeding in a similar maimer on 
other bilateral trade issues. 

Despite protests to the con- 
trary, the Japanese bureaucra- 
cy's central role in the negotia- 
tions is well recognised. “I 
thought it was charming to sit 
in the ministry of posts and 
telecommunications and to 
hear that file government was 
not involved," Mr Mondale said 
yesterday. 

Neither has IDO managed to 
hide its unhappiness with the 
deal. "The agreement is not all 
positive." Mr Toshio Enomoto, 
vice president of IDO said in 
reference to the enormous cap- 
ital investment the company is 
being forced to make in Moto- 
rola equipment - up to Y60bn 
f£380m) from a planned Y27bn. 

And while Japanese officials 
were at pains to explain that 
the agreement would not set a 
precedent for other bilateral 
trade deals, the US side is 
already pointing to the 
deal as a model for others to 
come. 

By showing what can be 
achieved when decisions are 
made at high government lev- 
els, when the two sides get 
practical and results-oriented. 
the agreement provides a les- 
son for "how to proceed on 
other matters'', Mr Mondale 
said. 

If that is the lesson the US 
learned from the agreement. 
Japanese concerns that it has 
set a risky precedent could 
prove well founded. 



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FINANCIAL TIMES TUESDAY MARCH 15 1994 


9 


NEWS: UK 


Emergency law set to clarify receivership ruling 


By Kevin Brown and Andrew Jack 

The UK government is to bring in 
emergency retrospective legislation 
to reverse an appeal court ruling 
which threatened tens of thousands 
of jobs at companies in receivership 
or administration. 

Ur Michael Heseltine, secretary of 
state for trade and industry, told the 
House of Commons yesterday that a 
bOl would be introduced “as a mat- 
ter of urgency" to remove uncer- 
tainty caused by the court ruling. 


Mr Howard Davies, Director Gen- 
eral of the Confederation of British 
Industry, said: “If Mr Heseltine had 
not stepped in with the promise of 
immediate legislation hundreds 
more companies would have gone 
out of business, and thousa nds of 
their workers would have lost jobs." 

The statement follows two weeks 
of Intensive lobbying by insolvency 
practitioners, who had already 
begun to lay off staff at insolvent 
companies rather than risk incur- 
ring additional employment costs. 


Their action was triggered by a 
controversial ruling involving Para- 
mount Airways. the charter airline 
which is in administration under the 
1986 Insolvency Act 
The court ruled that where admin- 
istrator or receivers continues for 
more than 14 days after their 
appointment to employ staff and pay 
riiAm, they are in effect liable for 
employees* holiday entitlements, pay 
in lieu of notice, and other responsi- 
bilities under their existing con- 
tracts. 


Under the emergency legislation, 
administrators and receivers will be 
able to adopt restricted contracts of 
employment, excluding employment 
costs other than wages, salaries and 
pension contributions. 

Other liabilities arising from 
employees' original contracts will 
remain, but would be treated as an 
unsecured claim against the com- 
pany. 

However, the legislation will do 
nothing to reduce the impact of the 
appeal court ruling on companies 


already in receivership or adminis- 
tration, including Paramount itself. 

The creditors of the company met 
yesterday and are believed to have 
tentatively agreed to take their case 
to the House of Lords on condition 
that most of the legal costs are paid 
by the insolvency profession. 

Mr Heseltine said the practice of 
administration bad been “placed in 
jeopardy” by the court judgement, 
“with all that that means for jobs, 
commercial activity and business 
confidence." 


Trade and industry* department 
officials are working full time on the 
bill, which has opposition support 
and is expected to become law 
within two weeks. 

Under rarely-used emergency pro- 
cedures it will go through all its 
stages in both houses in 24 hours 
and take effect retrospectively from 
midnight last night- Administrators 
who are in the first mo weeks of 
their appointment will benefit from 
the new rules if they delay accep- 
tance of contracts until today 


‘Factory gate’ 
figures revive 
rate cut hopes 


Suzuki to take over distribution operation 


GM import compromise ends legal fight over Isuzu 


General Motors' VanxhaD subsidiary and 1M 
(International Motors), the UK’s largest private 
motor-imports group, have backed away from a 
legal fight over who is entitled to import and 
distribute four-wheel-drive vehicles produced 
by Isnztt of Japan, in which GM has a 37 per 
emit stake, John Griffiths writes. 

A compromise has been reached under which 
both Vanxball and IM will sell various versions 
of the vehicle to dispute, the Isuzu Trooper, 
until late 1906. By then Of should have avail- 
able a full range of similar vehicles built by a 
rival manufacturer, Ssangyong of South Korea. 

Vauxhall dealers will start selling some 
Trooper models in May, but they will be re- 
badged as the Vauxhall Monterey. 

Under EUJapanese market monitoring 
arrangements, it is expected that 6,700 Trooper/ 


Monterey models will be available to the UK 
this year, of which more than half will be sold 
by Vauxhall dealers under the IM compromise. 

During 1995, when DCs current Isuzu dealers 
will have already begun selling Ssangyong’s 

Mercedes-powered four-wheel-drive alternative, 
UtTs share of Trooper sales will be halved to 
around L500 units. 

Mr Bob Edmiston’s IM. whose wholly-owned 
Isuzu (UK) subsidiary has held the Isuzu fran- 
chise since 1987, last year declared tts intention 
to seek legal action to block GSFs Isuzu plans 
after Vauxhall’s Mr Charles Golden, 

said Vauxhall would "take up its right” to 
import Troopers from January l. 

IM maintained that GM unlawfully sought to 
procure the termination of Isuzu (UK)’s con- 
tract to operate the franchise in the UK. 


By PWflp Coggan, 

Economies C or respondent 

Hopes of farther cuts in UK 
base rates were revived yester- 
day by figures showing that 
inflationary pressures remain 
subdued. 

Output, or factory gate, 
prices of home sales of manu- 
factured products rose by 35 
per cent in the 12 months to 
February, compared with an 
increase of 3.7 per cent in the 
year to January. 

The news helped sentiment 
on the stock market, where the 
FT-SE ZOO index climbed 415 
points to close at 3,233.4. 
Shares were also buoyed by 
Friday’s rise on Wall Street 
and a strong performance on 
the European markets. Gilts 
were encouraged by the fig- 
ures, with the June long gilt 
future closing half a point 
higher. However, bond markets 
re main nervous ahead of this 
week's US inflation data, 
which some dealers fear might 
prompt the Federal Reserve to 
signal an increase interest 
rates again. 

Producer price statistics are 
generally seen as a good indi- 
cator of the future path of 
retail price inflation and yes- 
terday's figures were better 
than expected. The Central 
Statistical Office said output 
prices rose by an unadjusted 
0.1 per cent between January 
and February, compared with a 
consensus forecast of .05 per 
cent. 


If the volatile elements of 
food, drink, tobacco and petro- 
leum are excluded, output 
prices rose also by a seasonally 
adjusted 0.1 per cent between 
January and February. The 
anrmai growth In this measure 
- seen as an indicator of "core" 
Inflation - was just 2.4 per 
cent, down from 2.6 per cent in 
January. Furthermore, the 
core rate appears to be tailing. 
On an annualised basis, prices 
over the three months to Feb- 
ruary were just 15 per cent 
higher than in the previous 
three months. 

Mr Adrian Cooper, UK econ- 
omist at James Capet, said the 
figures indicated that “disinfla- 
tion is very broadly spread 
across the manufacturing sec- 
tor as a whole". He added that 
the figures represented a "nec- 
essary, but not sufficient condi- 
tion” for a further interest rate 
cut, which was likely to be 
triggered by signs that April’s 
tax increases were slowing the 
recovery. 

The market was also cheered 
by news of continuing declines 
in manufacturers’ costs. Input 
prices - the prices of find and 
raw materials bought by manu- 
facturing industry - rose 05 
per cent, on a seasonally 
adjusted basis, between Janu- 
ary and February. 

Over the 12 months to Febru- 
ary, input prices fall 3.6 per 
cent, compared with a 35 par. 
cent drop in the year to Janu- 
ary; a fall in ail prices has been 
the main cause of the decline. 


By John Griffiths 

Suzuki, the Japanese car, 
motorcycle and power products 
group, is taking control of the 
highly profitable UK import 
and distribution activities far 
its vehicles. The operations 
have been owned and operated 
for the past 20 years by Mr 
Gerald Hanson's Heron Inter- 
national. 

Suzuki, struggling against 
losses at Santana Motor, its 
Spanish-based European manu- 
facturing operations, will take 
control of UK sales and distri- 
bution on March 31, when its 
most recent five-year contract 
with Heron Suzuki expires. 

Heron International is seek- 
ing rescheduling of interest 
payments to bondholders after 
the troubled group’s £1.4bA 
restructuring last September. 

Heron Suzuki, known as 
Suzuki (GB) until a name 
change two years ago, made 
pre-tax profits of £7to on turn- 
over of £lQ6m in tts year to 
March 1992. the most recent 
year for which accounts have 
been filed. 


It was profitable throughout 
the steep motor industry reces- 
sion at the start of the 1990s, 
when some of the larger car- 
makers and importers sank 
into losses. 

Last year it sold more than 
11.000 cars, leisure four-wheel- 
drive vehicles and light com- 
mercial vehicles. When motor- 


cycles and power products are 
included, the company has a 
total of 500 dealers in the UK. 

Suzuki's clawback comes as 
no surprise to Mr Ronson or 
Heron, however. Renewal con- 
tracts are typically signed well 
over a year before they are due 
to expire, and Suzuki Motor 
Corporation indicated early 


last year that it intended to 
change the relationship with 
the struggling Heron. A num- 
ber of proposed alternatives 
were looked at. including take- 
over by a separate investor 
group led by Mr Ronson. before 
Suzuki decided to assume con- 
trol itself. Neither side would 
say what Suzuki would 


pay Heron for the takeover. 

Dealers have been told 
that, in operating terms, the 
business will remain 
unchanged. Mr Norman, who 
joined Heron Suzuki soon after 
the importer was founded in 
1963, said he would continue as 
chief executive and that the 

existing management team 
would remain. 

The Suzuki takeover is the 
latest example of a trend by 
vehicle manufacturers to 
assume control of import-and- 
distributlon businesses previ- 
ously run by independents. 
Nissan has taken control from 
Mr Octav Botnar's Nissan UK, 
Volkswagen has taken back its 
UK franchise from Lonrho, 
Volvo from the Lex Service 
group and Flat has taken Alfa- 
Romeo back from Inch cape's 
TKM subsidiary. 

However, Suzuki’s acquisi- 
tion of the UK business is 
understood to relate only to 
the changed situation at 
Heron, with no clawbacks 
envisaged elsewhere in Europe 
where it has a number of other 
independent distributors. 


Union leader to tell of ‘rescue by EU cavalry’ 


By Robert Taylor 

European Union social directives 
imposed on Britain will rescue the 
country from the worst excesses of 
Labour wartri deregulation within the 
next five years, a senior British trade 
union leader will tell a high-level 

Washington rmnniKiiinn today 

Giving evidence to the presidential 
commission on management ynd labour 
relations. Mr John Edmonds, GMB 
General Union’s General Secretary will 
say that Britain’s industrial relations 


system is likely to be "stuck in limbo” 
for the time being. 

But in written evidence to the 
commission he argues that “at least we 
know that the European cavalry will 
eventually arrive to rescue us from the 
worst effects of a deregulated 
economy.” 

Mr Edmrmris is taking comfort from a 
number of important European legal 
rulings in recent weeks covering areas 
such as part-time . .working, transfer of 
ownership _ in ail enterprise and 
collective redundancies which have 


strengthened the position of the UK’s 
trade unions. 

The GMB leader will tell the 
commission today that Britain cannot 
escape from the introduction of works 
councils - consultative and information 
forums in large companies - inside the 
EU. Multi-nationals are unlikely to 
establish them everywhere but in the 
UK, he Raid. 

British employers will also be greatly 
inconvenienced by EU directives which 
seek to improve the conditions of 
part-time workers, and other vulnerable 


groups. Mr Edmonds will tell the 
commission "whenever a new directive 
is signed by the other 11 European 
countries and British workers do not 
benefit, everybody’s trade union will 
slap in a claim for equivalent 
treatment 

“In multi-national companies the 
c laims write themselves. How can you 
deny to your British employees benefits 
which your other employees 
throughout Europe have by legal right? 
British companies will quickly find 
themselves on the defensive". 


£4m plan 
for English 
language 
teaching 

By Raymond Snoddy 

Four British organisations 
yesterday launched a £4m 
campaign to teach the English 
language to millions of people 
all over the world. 

The core of the Look Ahead 
campaign Is a new 60-part 
series of television pro- 
grammes backed up by 60 
complementary radio pro- 
grammes and self-study and 
classroom materials. 

The Look Ahead television 
and radio programmes aim to 
build on the success of the 
BBC's Follow Me series width 
was broadcast in over 70 coun- 
tries and in China alone hod 
an audience of more than 
500m viewers. 

The Look Ahead project 
brings together The British 
Council, BBC English - the 
English language teaching 
department of the BBC World 
Service - publishers the Lung- 
man Group - part of Pearson 
(owners of the Financial 
Times) - and the University of 
Cambridge Local Examina- 
tions Syndicate. 

Worldwide, more than 300m 
people speak English and 
700m use it as a second or for- 
eign language. 

According to Look Ahead, 
over two thirds of the world's 
scientists publish in English 
and 80 per cent of the world’s 
electronic information is 
stored in it 

An estimated lbn people 
will want to learn English or 
improve their ability in the 
language between now and the 
year 2000 - a global industry 
worth £500m a year to the UK 
alone. 

Mr Roger Bowers, director 
of professional services at the 
British Connell said the initia- 
tive would enable a student in 
Brazil following the classroom 
coarse to take an international 
examination or a teacher ia 
China watching the television 
programmes " to open a win- 
dow on the wider world for 
her students.” The Council fa 
represented in 101 countries 
worldwide. 

Look Ahead was launched 
yesterday by Prince Charles in 
his capacity as vice-patron of 
the British Council. 


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csp., inc. 


. .! BZW Division provided S4 miOron 
fa su&onifaated debt with warrants to 
■.■'.'L,M, Rabmowit?; and Co., Inc. 


October 1995 


:.r ‘, : / 



— SBWAR^a«CBESOURCE5 : 


BZW Division acted as financial advisor 
and agent. to Sierra Pacific Resources 
.io the .placement of $50 million 
senior note*. 


:> : Ajwi im 


ASSET SALES 


• • B2W Division’s asset sales group arranged • 
' short-term financing totalling in excess of 
,S8t> bflHoia ft* U5. c|lcnt» during 1991. 

' " Tbdre loans Were placed with over 75 . U.S. 
-•? MtvKtton, 


April .1993 : 

BZW Division is the Investment banking arm of Barclays Bank PLC, Barclays de Zocte Wcdd Securities Inc., Barclays dc Zoctr Wcdd Inc. and Barclays Business Credit Inc. are separate subsidiaries of Barclays Bank PLC. 


BZW: 
Multiple 
Financial 
Solutions for 
Corporate 
America. 






FINANCIAL TIMES ^ ,i;gnAY MARCH 15 1994 


10 


NEWS: UK 


Major insists on ending of IRA violence 


By David Owen 

The British government yesterday 
gave Us firmest assurance yet that 
there would be no negotiations with 
Sinn Fein until after the IRA has 
called a permanent bait to its 25-year 
campaign of violence. 

As London and Dublin struggled to 
stop their peace initiative being blown 
off track by last week's mortar 
attacks at London's Heathrow airport, 
officials promised new talks on secu- 
rity cooperation between the two gov- 
ernments, to be pursued as a matter 
of urgency. 


Downing Street - responding to 
new IRA demands for direct talks 
between London and republican lead- 
ers - said it was a “fundamental prin- 
ciple" of December's joint declaration 
that there would be no negotiations 
with Sinn Fein in advance of an end 
to IRA violence. 

That principle was not going to 
change. It was “deeply offensive" to 
people in Britain and Ireland that the 
IRA should claim to be interested in 
peace while continuing to kill people 
in cold blood and to prosecute its 
campaign of terror. 

Downing Street’s choice of words 


appeared to leave the door open for a 
possible resumption of messages 
between London and republican lead- 
ers, however. When last year's secret 
contacts were exposed in November, 
Sir Patrick Mayhew, Northern Ireland 
secretary, said the messages had not 
amounted to negotiating with terror- 
ists. 

Mr Gerry Adams yesterday contin- 
ued his efforts to wrong foot the gov- 
ernment, saying Sinn Fein had "no 
great concern" to be engaged in bilat- 
eral discussions with London on con- 
stitutional matters. 

The Sinn Fein president welcomed 


the first official IRA response to the 
Downing Street Declaration on Sun- 
day. describing it as a “positive reit- 
eration" of the IRA's commitment to 
reaching a negotiated peace settle- 
ment 

Mr John Hume, leader of the mainly 
Catholic Social Democratic and 
Labour party, said London should 
launch new talks with Sinn Fein to 
exploit the best opportunity for peace 
in 20 years. 

He Insisted that the IRA did not 
intend to detonate any of the ten mor- 
tar bombs which were fired Into 
Heathrow in three separate attacks. 


Mr Albert Reynolds, the Irish prime 
minister, said the attacks on Heath- 
row were “a gross miscalculation by 
the IRA" which was not going to 
advance the peace process. 

Mr John Major is expected to come 
under increased pressure to tighten 
security in meetings with the leaders 
of the two main unionist parties later 
this week. 

Rev Ian Paisley, leader of the hard- 
line Democratic Unionist party, said 
yesterday that the British prime 
minister had not got “the guts or 
spine or ability" to stand up to 
Dublin. 


Extra flights 
boost Gatwick 
expansion plans 


By Paul Betts, 

Aerospace Correspondent 

Gatwick airport's efforts to 
expand scheduled air services 
were yesterday given a strong 
boost with the announcement 
of 13 additional scheduled 
flights this spring and summer. 

BAA. the airports operator, 
has been seeking to develop 
Gatwick's role as London's sec- 
ond biggest international 
schedule airport after Heath- 
row and transform its tradi- 
tional image as a charter holi- 
day airport. 

The new services include the 
launch by American Airlines 
of flights to Nashville. Tennes- 
see, and Raieigh/Durbam, 
North Carolina, in May bring- 
ing to 19 the US destinations 
served from Gatwick. 

Emirates, the Dubai-based 
carrier, is returning to Gatwick 
with a new service to Abu 
Dhabi. Emirates, like other 
Gatwick-based international 
carriers, moved to Heathrow 
following the government's 
decision three years ago to 
scrap London's air traffic dis- 
tribution rules. 

Other new routes include 
Gatwick's first scheduled link 
with Johannesburg to be oper- 
ated by Flitestar this summer. 

Southeast European is 
returning to Gatwick at the 
end of this month with ser- 
vices to Athens, while British 
Airways, which has signifi- 


cantly expanded its presence at 
the airport following its take- 
over of Dan-Air, is launching 
services to Stavanger in Nor- 
way, resuming services to Nice 
and increasing service frequen- 
cies to Tel Aviv and to Malaga. 

The new services will bring 
the number of scheduled air- 
lines operating from Gatwick 
to SO. flying to more than 120 
destinations. 

BAA said yesterday traffic at 
its seven airports had contin- 
ued to show strong growth last 
month. The seven airports han- 
dled 5.3m passengers last 
month, an increase of 5.9 per 
cent on February 1993. 

Passenger numbers at Stan- 
sied were 27 per cent higher, 
while passenger traffic grew by 
7.4 per cent at Heathrow and 
0.4 per cent at Gatwick. Traffic 
at Glasgow rose 4.3 per cent 
and by 9.8 per cent at Edin- 
burgh. But it fell per cent at 
Aberdeen due to bad weather. 

Severe weather disruptions 
on the US East Coast also hit 
North Atlantic traffic which 
fell by 3 per cent last month. 
However, long haul services to 
and from BAA airports rose 15 
per cent, while domestic pas- 
senger levels were 5 per cent 
up and European scheduled 
services were 6 per cent 
higher. Traffic to Ireland rose 9 
per cent. 

Cargo activity was also buoy- 
ant with a gain of 17 per cent 
last month. 


Extradition loophole to be closed 


By Tim Coone In Dublin 
and Jimmy Bums in London 

A Loophole in Ireland's 
extradition law, under which 
an IRA suspect was released 
from custody in Dublin yester- 
day. is expected to be closed by 
the end of next month. 

Mr Anthony Gorman, 
wanted in Britain for the 1992 
killing of an army sergeant 
outside a recruiting office in 
Derby, was released by a dis- 
trict court yesterday, after the 
Irish state offered no evidence 
against him. 

New legislation will prevent 
IRA suspects blocking extradi- 
tion to Britain on serious crim- 
inal charges on the grounds 
that their crimes are “politi- 
cal". The bill completed its 
Dail (parliament) stages with 
little opposition, and is due to 
go to the Senate next week. 

The decision follows a ruling 
by the Dublin High Court last 
month ordering the release of 
Mr Joseph Magee, wanted for 
the same murder, on the 
grounds that his alleged 
offence was politically moti- 
vated and that prejudicial Brit- 
ish media coverage of the case 
would deny him a fair trial. 

Defence lawyers for IRA sus- 
pects can currently argue that 
possession and/or use of a non- 
automatic firearm is a political 
offence, and non-extraditable 
under the Irish constitution. 

The Irish department of jus- 
tice says the bill will be 
brought into force once “speci- 
ality" arrangements are in 
place between Ireland and the 
UK to prevent a suspect being 
charged with a different 
offence to that upon which he 
or she has been extradited. 

Both governments are final- 


ising arrangements and are 
expected to be ready in tfmp to 
coincide with the passing of 
the new extradition bill. 

Downing Street yesterday 
gave a low-key response to Mr 
Gorman’s release, saying it 
never commented on judicial 
decisions taken in the Republic 
of Ireland. It was “always a 
possibility" that government 
law officers might contact Dub- 
lin on the subject, officials 
said. 

Meanwhile. Scotland Yard 
said yesterday that it was 
“quite inconceivable” that the 
IRA carried out attacks on 
Heathrow without the inten- 
tion to “kill or maim " 

“The devices were loaded 
with high explosives and con- 
tained detonators. They were 
carefully constructed," a Yard 
spokesman said. 

But in the absence of official 
clarification as to whether the 
detonators were pruned to 
explode, some anti-terrorist 
experts believe mechanical 
‘failure* of IRA mortars used at 
Heathrow was a deliberate 
ploy to generate maximum 
publicity while minimising 
casualties. 

Major John Wyatt, a bomb 
disposal expert with long expe- 
rience of IRA operations, 
believes the most likely expla- 
nation is that the mortars were 
“fixed" not to detonate, but did 
not rule out the possibility that 
equipment was drawn from old 
stock and was faulty. 

Professor Paul Wilkinson of 
St Andrews University, 
another specialist in counter 
terrorism, said it was incon- 
ceivable that the IRA would 
have risked large-scale casual- 
ties among US tourists by hit- 
ting a plane or terminal. 



Anthony Gorman walks free from the special criminal court in 
Dublin yesterday tum nM/M»tan 


Britain in brief 



BT managers 
may face 
redundancies 

Senior managers at British 
Telecommunications, Britain's 
largest company, some earn- 
ing annual salaries of over 
£100,000, face the prospect of 

compulsory redundancy in the 
coming financial year as the 
company’s drive to cut jobs, 
draws in its top managers. 

Managers earning more than 
£50.000 a year are the first to 
be targetted in BTs drive to 
cat 15,000 jobs by 31 March 
1995 

The company said around 30 
to 35 of its 170 managers at 
director level - who earn on 
average £76,000 a year - are 
being encouraged to leave. 

BTs threat of compulsory 
redundancies for senior man- 
agers, which is extremely rare 
among large companies, 
marks a farther toughening of 
its stance. Earlier this year the 
group froze the base wages of 
most managers for this calen- 
dar year with the suspension 
of its year old performance 
related pay scheme which it 
said was too expensive. 

According to the company 
only 245 senior managers have 
voluntarily taken redundancy 
in the current financial year 
which is no more than 3 per 
cent of tile 6,957 senior manag- 
ers on personal contracts. 


Hint at higher 
retirement age 

Savings from equalising the 
state pension age at 65 should 
be used to meet the costs of 
long-term care, Mr Frank Field, 
the Labour MP who chairs the 
cross-party Commons social 
security committee, said yes- 
terday. 

But he warned that even 
diverting most of this amount 
would not cover the whole cost 
of nursing home care in the 
longer term. He hinted that a 
move to an even higher retire- 
ment age - to 67 - could not be 
ruled out for consideration at 
some time over the next 40 
years. 


Tupe ruling 
in IBM case 


fixty-three employees who lost 
heir jobs when IBM in Ports- 
aouth changed its contract 
aterer could receive up to 
300,000 in compensation in 
mother important tost case 
or the Transfer of Undertak- 
ngs (Protection of EropJoy- 
oent) regulations, 
Southampton industrial m- 
nmal has ruled that the Tupe 
emulations. which give work- 
•rs some protection in busi- 
tess transfers, did apply tothe 
ransfer. Bromwich Cat ering 
rhieb won the contract from 
lardner Merchant argued, 
jong with IBM. that the regu- 

-x!.. JIJ ,nnl« Thp 


Growth seen in 
housing market 

The UK housing market 
enjoyed substantial growth last 
month, says a survey of more 
than 100 estate agents pub- 
lished today. 

The increase bodes well for a 
rise in bouse sales during the 
peak spring buying season 
according to the Royal Institu- 
tion of Chartered Surveyors, 
which conducted the survey. 

Only 13 per cent said activity 
had remained constant or bad 
fallen. Fourteen per cent of 
agents said prices had risen 
during the period compared 
with 6.4 per cent who said they 
had fallen The rest said prices 
were unchanged. 


Miners festival 
to go ahead 

The Durham Miners' Gala, 
under threat because of the 
demise of the Durham coal- 
field, is to be held this year 
after all following a strong 
response to an appeal for 
financial support 

Much to the surprise of the 
National Union of Mineworit- 
ers, companies are among 
those expressing Interest in 
supporting die event which to 
recent years has been a plat- 
form for leftwingers. 

The NUM said yesterday 
that the volume of offers 
meant the 110th gala - which 
is to cost £20,000 to mount - 
would definitely go ahead on 
July 9. Hie event’s subsequent 
future remains undear, how- 
ever. 



*Mi ' 


f 


TAGHeuer 

i SWISS MADE SINCE 1860 


D 

O 

N 1 

T 

C 

R 

A C 

K 

U 

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D E 

R 

PRESSURE 


Don’t settle for less. 

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FINANCIAL TIMES TUESDAY MARCH 15 1994 

SIEMENS 

NIXDORF 


II 


ADVERTISEMENT 



WORLD NEWS 

Ihmntrv Snftrirink 


Toronto: Softdrink 
manufacturer Cott is re-engineering its 
business with R/3 LIVE. 


With a profit increase of 184% in the 
past year, Cott Corporation requires 
a flexible IT application system as 
a basis for the company's future 
growth. Siemens Nixdorf has met 
all of the needs with an open sys- 
tem architecture package, including 
scaleable hardware, user-friendly 
software and comprehensive inte- 
gration services. At the heart of the 
re-engineered business infrastruc- 
ture is a high-performance RISC 
computer running the state-of-the- 
art business application R/3 LIVE, it 
is "Live" with Colt's customers, the 
retailers, and its supply chain part- 


ners via Electronic Data Exchange. 
Cott's employees are "Live" with 
the system through more than 600 
terminals across North America. 
And it's "Live" because of the ongo 
ing system integration services. 
These are provided by the special- 
ists at Siemens Nixdorf's "North 
American Center of Expertise", and 
include facilities management and 
global communications network. 
Even more "Live" is the relation- 
ship between Cott's personnel and 
Siemens Nixdorf. In fact, it has 
grown into a successful internation- 
al IT partnership. 



Amstelveen: BS2000 - best protection 
for artists' copyrights. 


Protecting the interests of artists: 
Buma/Stemra, in the Netherlands, has 
devoted rtseff to this task. For more 
than 80 years, this non-profit-mak- 
ing organization for performing 
rights has represented worldwide 
copyright protection - whether for 
the works of composers, music pub- 
lishers or authors. To manage its 
total of 1.5 million copyright own- 
ers, Buma/Stemra depends on a 
Siemens Nixdorf H100 universal 
computer, running underthe BS2000 
system. Connected to it via a 
TRANSDATA network: an MX300 
computer and PCs, complete with 
peripherals. Together, they provide 
Buma/Stemra with a fast and effi- 
cient information network which 
instantly springs into action, when 
compositions or publications are 
marketed. More than 2 million titles 
and 1 million contracts and perfor- 
mances can be instantly accessed 
and evaluated from each computer. 


For Buma/Stemra, the BS2000 ser- 
vice cannot be copied. "The flexi- 
bility of BS2000 working with the 
TRANSDATA network is, for us, the 
best solution for international con- 
nectivity", says the company. 



company accelerates turn- 
over, with the fastest printer. 


La Redoute is presenting its mail 
order offers even more effectively. 
Customers are now receiving eye- 
catching mailshots, produced by 
Siemens Nixdorf 2240 printers, the 
world's fastest. They produce 340 
pages a minute, two-up. The result: 
La Redoute customers learn about 


the latest offers, even faster. Mass 
mailings are transformed into high- 
class mailings by the 2240 laser 
printers. Text and pictures are repro- 
duced in razor-sharp quality. Improv- 
ed quality and - above all - faster 
direct marketing for La Redoute 
also means faster sales. The first 
results were convincing: in the next 
12 months, 12 more 2240 printers 
are on order. And not only for direct 
marketing.Thanks to their top-qual- 
ity output, six will be used for other 
tasks throughout the La Redoute 
organization, printing everything 
from invoices to correspondence. 





SIEMENS 

NIXDORF 


FINANCIAL 


TIMES TUESDAY MARCH .5 1994 

ADVERTISEMENT 


Johannesburg: Reader's Digest, 
looking good with Siemens Nixdorf. 


Every year. Reader's Digest South 
Africa moves about 1,220 km closer 
to its readers. That's the length 
of paper this publishing house uses 
for its direct mail promotions.The 
customers aren't just 1.5 million 
South African readers. They also in- 
clude an increasing number of com- 
panies which make use of a variety 
of services offered by this world 
leader in direct marketing. The print- 
ers are the key: as well as tried and 
tested non-impact printers, there 
are new, ultra-fast Siemens Nixdorf 
printers with LED-plus technology. 
They offer a huge choice of type- 
faces and special effects, and make 


it possible to print two DIN A4 pages 
alongside each other, providing 
Reader's Digest graphic artists with 
more creative scope in designing 
circulars. The Siemens Nixdorf 
printers process around six million 
sheets of paper a month, ultra-fast, 
and extremely cheaply. Each page 
costs Reader's Digest South Africa 
less than five cents, compared with 
six to ten cents for a normal copier. 
No wonder that Siemens Nixdorf 
printers are the best for Reader's 
Digest. "Our graphic designers are 
wild about the new system", says 
Colin Palmer, MIS Manager at 
Reader's Digest South Africa. 




London: Selfridges rings the changes 
with Beetles for their point of service 
systems. 


Siemens Nixdorf in Great Britain is 
just embarking upon a major pro- 
ject for Selfridges. With over 20 
million customers. Selfridges is one 
of the world's largest department 
stores. The store has ordered 430 
BEETLE terminals to provide the 
basis for a system to improve both 
the quality of customer service and 
the efficiency of customer transac- 
tions. Siemens Nixdorf will be instal- 
ling and networking the devices in 
all 313 departments of Selfridges. 
The new system will use advanc- 
ed open systems- 
based software 
from Siemens 
Nixdorf partner 
RTC and allows 
details of more 
than a million 
different products 



to be accessed from all BEETLE 
terminals. Faster, more efficient 
customer service will be provided 
through facilities such as accepting 
a range of foreign currencies and 
providing electronic authorisation 
of cheques. The BEETLE terminals 
provide a single hardware solution 
to a diverse range of applications, 
ranging from traditional point of 
sale, through Estimating (Carpets, 
Curtains etc) and Bridal Registry, to 
Delivery Scheduling.The contract 
with Selfridges takes the total num- 
ber of Beetles sold worldwide over 
the 150,000 mark, 
providing a further 
illustration of 
Siemens Nixdorfs 
expertise in PC- 
based point 
of sale systems. 


Nieder-0lm:At Eckes, everything 
flows more smoothly on BS2000. 


Eckes Edelkirsch, Chantre, Mariacron, 
Echter Nordhauser, hohes C, and 
Dr Koch's: Eckes products are drunk 
ail over Germany. The name has 
stood for quality and good taste for 
decades - and the consumer won't 
accept anything less. Even though 
the competition is getting tougher, 
Eckes is still on top. The IT system 
at Eckes is also on top, thanks to its 
R/2 standard commercial software 
from Siemens Nixdorfs strategic 
partner SAP. The software includes 
modules for everything from fixed 
asset and cost accounting and per- 
sonnel and materials management 
through to logistics and sales. 

R/2 is driven for the 
whole group of com- 
panies by a high- 
power Siemens 
Nixdorf H100 host 
operating under 
BS2000, with around 
300 connected ter- 


minals. The BS2000 computer man- 
ages large volumes of R/2 data 
reliably and quickly, so that routine 
daily business flows more smooth- 
ly at Eckes. Orders from Germany 
and abroad can be processed faster, 
current trends evaluated more 
effectively, and new marketing strat- 
egies planned more efficiently. 
Siemens Nixdorf organizational 
quality goes hand in hand 
with Eckes brand 
quality. 



I - 



1 3 



FINANCIAL TIMES TUESDAY MARCH IS 1994 


■ : 'S 


y i... . 

DQnr..r 




Frankfurt 
The right reactions 
produce a new 
chip card system 
for Hoechst. 


The old factory pass has had its day 
at Hoechst Working with Siemens 
AG, Siemens Nixdorf has replaced 
it with an intelligent, multi-function- 
al chip card system. Hoechst com- 
missioned Siemens Nixdorf for 
the project because "it was import- 
ant for us to cooperate with a part- 
ner who we could entrust with the 
entire responsibility", says Werner 
Schroer, project manager at Hoechst 
So the chemistry was right be- 
tween the world's second largest 
chemicals company and Europe's 
largest computer company. Siemens 
Nixdorf went to work with Siemens 
AG Semiconductors Division. After 
an extensive analysis, a new chip 
card was jointly developed. Com- 
bined with 250 terminals and 15 con- 
centrators, it handies several tasks: 
recording hours worked, access 



ADVERTISEMENT 


control for sensitive 
areas, and cashless 
'payment A special fea- 
ture of the ID production 
system is the on-fine generation of 
the "passport photograph", with 
a colour code for the relevant de- 
partment, in a single process. The 
computer controls access in sensi- 
tive areas of company operations; 
in the canteen, it will be able to reg- 
ister bills for meals and transferthe 
amounts for deduction from the 
workers' wages; in the various pro- 
duction establishments, it records 
the hours worked. The data is swift- 
ly processed by the central compu- 
ter, in time for incorporation in the 
next wage slip, for example. More 
protection against unauthorized 
access, and more cost-efficiency 
in accounting - all this makes 
Hoechst very enthusiastic about its 
new chip card system, and the co- 
operation that made rt possible. 
Werner Schroer speaks highly of 
the "good cooperation" and the 
"smooth course of project imple- 
mentation". 



Copenhagen: Danish retailers play the right 
card with Siemens Nixdorf. 


Denmark has set the crown on cash- 
less payment transactions. The new 
Danm0nt cards are especially suit- 
able for small payments.They can 
be used practically everywhere as 
an alternative to Danish Kroner 
-whether as a telephone card or in 
fast-food restaurants, service sta- 
tions, kiosks or museums. The pre- 
paid cards issued by Danm0nt A/S, 
a company owned by the Danish 
banks and telephone companies, 
are based on chip technology from 
Siemens.The DMT2 terminal for 
the Danmpnt cards was developed 
by Siemens Nixdorf. It is linked to 
either Siemens Nixdorf POS sys- 
tems, used in a stand alone version 
or connected to cash register sys- 
tems from other manufacturers, 
throughout the retail trade. DMT2 


is very easy to use. After inserting 
the card, the balance due and the 
amount payable is displayed. Press 
a button to accept, and the amount 
is paid and recorded in the Danmtfnt 
terminal. Everyone benefits from 
this new cashless payment system. 
The retail trader no longer needs to 
give change, and needs less cash in 
the drawer. This makes it less attrac- 
tive to thieves. And the Danmtfht 
card-holder has a convenient way 
of paying which eliminates coins 
and small notes. 


Paris: France Telecom uses Siemens 
Nixdorf server for system integration. 


Few computer companies have 
shown such commitment to open 
and integrated systems as Siemens 
Nixdorf, the European market lead- 
er in UNIX® multi-user systems 
and a founder member of all the 



leading organizations for standard 
interfaces. Precisely the right quali- 
fications for France Telecom.The 
company commissioned Siemens 
Nixdorf to supply efficient servers 
based on UNIX and OS/2 PCs to be 
perfectly integrated into its existing 
system architecture. More than 
1,200 tower PCs as servers and 
5,000 desktop PCs were installed at 
the company -all integrated into 
the existing network infrastructure 
of mainframes, servers and PCs 
from other manufacturers. The suc- 
cess is due to close cooperation 
between R&D engineers from the 
French PC plant of Siemens Nixdorf 
and technical specialists from France 
Telecom, as well as between the 
R&D teams in France and Germany. 
The result France Telecom now 
has a modern client-server net- 
work of computers which mutual- 
ly complement and strengthen 
each other. While mainframes 
manage the central corporate 
data, various applications run 
on the application servers 
-from customer and person- 
nel administration, through 
work planning, to marketing. 
All data can be accessed 
from every computer. It 
means a modern distribu- 
tion of tasks that introduces greater 
economic efficiency to the France 
Telecom organization. 


Maputo: 

For Banco de Mogambique, the 
Siemens Nixdorf client-server solution 
is chosen as an ideal investment. 


Of 13 computer companies that pre- 
sented bids to Banco de Mogambi- 
que, only one emerged victorious. 
With its proposed client-server solu- 
tion, Siemens Nixdorf won the multi- 
million DM commission, financed 
by the World Bank, to provide Banco 
de Mogambique (The Central Bank) 
and Banco Commercial de Mog- 
ambique (Commercial Bank) 
with a modem EDP 
facility. 



For the 

Central Bank, as 
well as the headquarters of 
the Banco Comercial, Siemens 
Nixdorf installed UNIX RM6Q0 high 


availability computers with ultra-fast 
RISC processors for central data 
storage. They are linked via a net- 
work of RM400 branch servers, PCs 
and peripherals to form a client- 
server network which connects 27 
branches. The contract included 
preparation of a secure computer 
room with installation of fire protec- 
tion and network cabling. 
Now Banco Commercial de 
Mogambique will be oper- 
ating with state of the art 
. technology. Information 
* on customer accounts, 

, transactions, loans, con- 
tracts or currency busi- 
;• ness can now be eval- 
'• •; uated, exchanged be- 
‘ tween computers, 

A and managed effec- 
tively. For the ba nk, it 
$ means greater effi- 
j ciency a nd, for the 
customers, a better 
faster service. The Cen- 
tral Bank, a part from dramatically 
improving the operating conditions, 
will also benefit from the data com- 
patibility for bank supervision and 
control and data consolidation for 
macro economic management 


UNIX isafcuisiefodiFiilumjikiif UNIX Sy:tfrml3hor«t<;'ir-Slrtc. in tf.«j USAdndiiht p [''ur>>ii*b 



14 


SIEMENS 

NIXDORF 


FINANCIAL TIMES TUESDAY MARCH 15 1W* 

ADVERTISEMENT 




Brussels: Totalisator organization backs 
a winner with Siemens Nixdorf. 


Siemens Nixdorfs new System for 
the Pari Mutuel Unifie (PMU) - the 
Belgian totalisator agency for horse- 
race-betting - looks like a winner. 
PMU has installed two BS2000 main- 
frames at the Brussels headquar- 
ters, and more than 1,900 PCs at bet- 
ting shops throughout the country. 
This computer capacity and spe- 
ciafly-designed software programs 
have PMU's customer service and 
administration running at a crack- 
ing pace. The PC network means 
that the punters have more time to 
play their favorite game, because 
the period for betting is now extend- 
ed until shortly before the race. 

At the touch of a key, data is sent 
from betting offices direct to head- 
quarters via a permanent on-line 
connection or over the telephone 


network. This means that, just be- 
fore the start, thousands of trans- 
actions can accumulate, all running 
together in the central office. Secur- 
ity is a key aspect of this critical ap- 
plication: the two central systems are 
linked together, so ail transactions 
are "mirrored" on both computers. 
The principle: double data proces- 
sing giving double data security. 

In opting for the Siemens Nixdorf 
solution, PMU has certainly backed 
the right horse. The new system 
cuts through all the previous logis- 
tical problems, and saves costs and 
a lot of time. But that's not all - the 
new organizational solution has 
generated some new ideas and will 
allow PMU to launch new types of 
games, such as the new 'Bingoal' 
football betting system. 






Offenbach: Deutsche Flugsicherung orders 
"Best Security 2000" with BS2000. 


For Deutsche Flugsicherung (DFS), 
security comes first. When it needed 
a cost-effective all-inclusive solu- 
tion for commercial information pro- 
cessing, it took a long, hard look at 
the range available, and concluded 
that only one company met the re- 
quirements: Siemens 
Nixdorf. The solu- 
tion: a BS2000 uni- 
versal computer for 
the Offenbach head- 
quarters, with stand- 
ard R/2 commercial 
software including all 
modules, from fixed asset 
accounting to distribution. 

Linked to the system are the 
PCs at headquarters and offices 
at German airports, which have 
continuous access to BS2000 data 
and the capacity to process it. As 
well as data supply, the BS2000 
ensures "Best Security 2000", 
reducing downtime on 
all connected sys- 
tems practi- 
cally to 


zero. All installation work was com- 
pleted in just a few weeks. Siemens 
Nixdorf has taken responsibility for 
service and DP management in the 
DFS computer center. Siemens 
Nixdorf also provides support in 
specialized areas of the company's 
operation for introducing new SAP 
modules and servicing existing 
modules, using experts who know 
the systems inside out For Deut- 
sche Flugsicherung, this means 
not just more security, but also 
reduced costs. Just as you 
would expect from a cost- 
effective, all-inclusive 
solution. 



Stockholm: Siemens Nixdorf 


helps Swedish employment 
offices find jobs. 


To make sure that job-seekers get 
the right job at the right time in the 
right place, Swedish employment 
offices have gone to the company 
with the right answer Siemens 
Nixdorf and its multi-level client- 
server system. More than 750 UNIX 
systems in local employment offices 
act as application clients for over 
7500 PC workstations across the 
country -from recruitment and 
placement services through to job 
information, documentation, statis- 
tics and archiving. All the compu- 
ters are connected to three BS2000 
mainframes at the Stockholm 
Employment Center. The BS2000 
systems operate as database serv- 
ers round the clock. During the day, 
they provide the local computers 
with central data and printing ser- 
vices. At night, they batch-process 


important data, save it and send the 
updated information back to the 
networked computers - in some 
cases, across up to 2,000 km .The 
BS2000 computers also distribute 
software updates direct to UNIX 
systems in the local employment 
offices. Thanks to the client-server 
network, the Swedish employment 
offices can give their clients much 
faster and more effective advice. 
They always have up-to-date infor- 
mation on what jobs are being 
offered and by whom - and, using 
special programs, they can provide 
job counselling at the individual 
level. 




For further information, please contact 
Siemens Nixdorf 
Informationssysteme AG, UK 41, 
Otto-Hahn-Ring 6, D-81739 Munchen 

Synergy at work 


Plzen: Pilsner 
Urquell goes to the 
right source for 
its organizational 
solution. 


When national trade barriers came 
down, the Pilsner brewery in the 
Czech Republic threw away its old 
information processing system as 
well. It was a relic from the past, 
totally unable to meet the needs of 
the newly-formed joint stock com- 
pany. Siemens Nixdorf provided a 
new brew of hardware, network- 
ing, training and service. It installed 
an MX500 server using the S/NIX® 
open operating system and serv- 
ing 80 workstations, all 
interconnected via the 
existing telephone net- 
work. This meant cost 
and time savings and 
made it possible to set 
up a remote service line 
to Siemens Nixdorf ser- 
vice technicians in Prague 
Munich and Paderbom. 
From those locations, prob 
lems such as program errors 
can be diagnosed and put right 
without delay, often in a matter of 
minutes, via the computer hotline. 
The program is the L5000 ; 
market-specific software pack 
age from Weihenstephan business 
consultants, which runs all the brew- 
ery's business management func- 
tions, from stores and accounting 
through to domestic distribution 
and export In choosing Siemens 
Nixdorf to supply its organizational 
solution, the original Pilsner brew- 
firs tapped into a rich source of 
expertise, and is now geared up to 
compete internationaiiy. 


SINIX' is the UNIX' operating system fiom Slemorfe NUdO'f 



15 




‘A .J» 




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!' Tu «tk 


i,,u MUS 


"Ik. 


FINANCIAL TIMES TUESDAY MARCH 15 1994 

MANAGEMENT: 


THE GROWING BUSINESS 


Affordable accounting packages are now available for 
even the smallest companies, says Richard Gourlay 

Computers to 


keep the books 


Li 


ittle more than a decade 
after CBM introduced per- 
sonal computers to the 
[office desktop, there has 
been an explosion in powerful soft- 
ware available to help companies 
manage their accounts. 

Collapsing hardware prices and 
increasingly user-friendly software 

have given managers in the small- 
est companies a speed of access to 
information unimagined by thgj r 
predecessors. 

Where a few years ago companies 
might only have known the state of 
their cash books at the mid of a 
month, real-time accounting pack- 
ages, costing little more th»p the 
petty cash a llowance, now update 
ledgers the moment a transaction is 
completed. 

Yet, according to Paul Walker, 
managing director of Sage, a UK 
supplier of integrated accounts 
packages, as many as 40 per cent of 
companies with up to 50 employees 
are still not computerised. 

What are these companies miss- 
ing? At the simplest level, the 
choice includes Sage’s Money-wise. 
Microsoft’s Money and Intuit’s 
Quicken. These system are basic 
cash management packages. They 


replicate manual books, but are 
really only suitable for sole traders 
or individuals with the simplest of 
needs, according to Dennis Keeling, 
mriepAnriAnt analyst of accounting, 
business and manufacturing 
systems. 

Bigger and more complex compa- 
nies need full-blown, double-entry 
bookkeeping accounting systems 
that have purchase and nomi- 
nal ledgers. These so-called inte- 
grated packages include Sage’s Ster- 
ling products, which cost from £100 
to £900 through dealers. 

Knee the company’s launch in 
the mid-1980s, it has attracted 
170,000 users of this software in the 
UK; Sage services more than 53,000 
support contracts. Sage is working 
with Microsoft, the US software 
house, on a joint promotion to allow 
the two companies* products to link 
and form what Sage calls “an inte- 
grated office environment” that 
incorporates spreadsheets, word 
processing and accounting pack- 


Bnt as ever in the fast-moving 
computer world, there are pretend- 
ers to the market leaders* throne. 
"In Stortin g you have a world-class 
package with incredible volumes,” 


says Keeling “But the product that 
has come from nowhere in 18 
months to become a significant 
number two is Megatech's Tas 
Books:" 

Sold via mail order and costing 
£99, Tas Books has “taken on Sage 
and really eaten into its market to 
the UK”, Keeling says. Sage’s Ster- 
ling still dwarfs Megatech. But 
Megatech nevertheless claims 20 
per cent of the integrated account- 
ing packages, helped by a rare 
recommendation from the Institute 
of Chartered Accountants in 
Bngiand and Wales. Sage has about 
60 percent of this market 

The feature of Tas Books that will 
excite prima business people — and 
appall some accountants - is that it 
allows users to correct their mis- 
takes. And it conies with a detailed 
tutorial on doable entry bookkeep- 
ing. 

Just as word processors correct 
typing errors, so Megatech says its 
Tas Books acts as an account pro- 
cessor. Many accountants would 
say that mistakes should be 
reversed by contra entries even if 
fMg Tp»Hs to clutter «m a more 
expensive avnw 

“With the account processor you 



of £28m through 98 outlets. 

Some critics also say Tas Books 
has a limited appeal because it is 
available only within a Dos operat- 
ing system, and not within Win- 
dows. 

Sage, for example, which has 
500,000 users in the US, says half its 
UK sales of accounting packages 
are in the Windows format “Some 
people do not want it [accounting 
packages] in Windows at the 
moment” says Walker. "But in 
America if you don’t have a Win- 
dows product you might as well go 
to sleep.” 

Encouraged by its success in the 
market Megatech says it is now 
launching a Tas Books 2 version. In 
addition to the existing features, 
this software will allow users to 
automate stock control, sales order 
processing and purchase order pro- 




BK 


can make changes so the Books rep- 
resents your source document 100 
per cent accurately,” says Theo van 
Port founder and chief software 
designer at Megatech. 

"We say forget what accountants 
wlQ like, this is what businessmen 
will like. We want to record the 
original documents not mis- 
takes.” To protect against unauthor- 


ised entries, the system keeps an 
audit trail. 

While Mega tech claims some very 
big customers. Keeling says the sys- 
tem is probably liimtod to compa- 
nies with sales of £5m- Van Dort 
disa g r e e s , giving an example of one 
content Tbs Books user, Massarella 
Catering Group, a retail caterer in 
department stores which has sales 


This product will move Megatech 
towards a market serving bigger 
companies with socalled modular 
systems. Products in this market 
include Pegasus Senior, Sage’s Sov- 
ereign, Tetra’s 2000 and Cameleon, 
Sun Systems’ Sun Accounts and 
Multisoft’s Prestige. Each module - 
the cash book, the sales ledger, the 
purchase ledger - can cost up to 
£ 1 , 000 . 

It is a more competitive, higher 
end of the market where there is 
less growth, partly because most 
companies buying such packages 
will already have some form of com- 
puterised bookkeeping. 

The real growth is below this 
level, according to Walker. “The 
new small- to mediumsized com- 
pany market is still expanding. 
There is the company that has sLUl 
not computerised and those people 
that computerised four to eight 
years ago and who have decided to 
catch up with technology and are 
buying new software." 


C orporate venturing in the 
UK has failed to ynateh early 
hopes, according to a papa* 
published last week. 

Corporate venturing is the 
process where big business invests 
in gmall business through talnny 
minority equity stakes - usually 
in emergent, high-technology 

companies. It is supposed to 
provide windows on new tech- 
nology, takeover opportunities as 
research matures and eventually, 
big profits. 

Investment may be direct, but 
is more usually via a fund nm by 
an experienced venture capital 
manager used to finding growing 
businesses worth backing. 

The paper, by Kevin McNally 
of the Urban Policy Research Unit 
at Southampton University, makes 
depressing reading for anyone who 
attended a 1984 London conference 
organised by Arthur Andersen, 
the accountancy firm, and Verdure 


Uphill struggle all the way 

Ian Hamilton Fazey on a disappointing 10 years for UK corporate venturers 


Economics, the collector and 
publisher of venture capital 
(fata 

The conference tried to persuade 

phatrmwi, rhtef Mmentfafla and 

finance directors of leading UK 
companies that corporate venturing 
was a good thing. What has 
happened since can only be 
interpreted as 10 years of feature, 
as McNally reveals. 

Whereas the PS v entur e capital 
industry received about 20 per cent 
of funds from corpor a te venturers 
during the 1980s, Britain’s peaked 
at a 6 per share (£34m) in 1388 and 
a value of £62m (4 per cent share) 

In 1989. 

McNally says there is some 


evidence cf pick-up since - £50m 
from corporate sources in 1992 and 
a 15 per cent share of flmds raised 

rpgt yn y — hnt p grrerirm firnriq 
iTugrr anra wwnpatifaa and n thor 

financial ftigHtnfinns fontfaiiw to 

itaminato flip ranks of 

fimd-providers. 

The research covered 41 venture 
ca pital funds. Althoug h 16 had 
attracted corporate venturin g 
co nt ri buti ons, the b ase is narr ow; 
12 were run by Advent 
International and only one-third 
of all the corp or ate venturers were 
UK companies; 30 per >*nt were 
from the US, 11 per cent Japan, 
and 7 per cent Australia. 

Of the remaining funds, six had 


been rebuffed by companies they 
approached and many of the others 
had not bothered an the grounds 
that there were easier ways cf 
getting investors. 

Many fund managers believe 
corporate venturers are not worth 
the trouble. They are seen as 
short-tennist, with unrealistic 
expectations of quick, spectacular 
returns. They also fail to - 
understand how venture capitalism 
works - as a portfolio of 
investments where tha lemons 
ripen before the plums. 

Corporate venturers may be less 
common in the UK because of the 
industry's focus. Seed capital, 
start-up or early-stage funding 


accounted for 31 pa cent of monies 
disbursed by US funds in 1991, 
compared with 6 per cent in the 
UK. 

Also, if TnflTMigpfflpnt buyouts 
and buy-ins are excluded. 84 per 
cent of US disbursements were in 
technology-related projects, against 
the UK’s 30 per cent This suggests 
the UK venture capital industry 
may not actually be doing mnrfi 
in the market segment where 
corporate venturing might appeal 
more to big companies. 

McNally thinks c or po ra t e 
venturers could fill funding gaps 
now appearing as pension ftmds 
and insurance companies become 
more cautious. 


His research is useful because 
it shows how to develop more 
mutual self-interest for both sides. 
Potential corp or ate venturers need 
to correct their long-term vision, 
but venture capital funds need to 
find more technological projects 
at a fundamental or prototype stage 
for them to look at 
One problem, however, remains 
the same as spelt out by a speaker 
at the 1984 conference: “Large 
companies are usually very 
uncomfortable with small 
businesses. There is often an 
attitude of ‘If it's good why don’t 
we own all of it if it’s bad, why 
are we messing about like thisT” 

It looks uphill all the way. 

*Sburtes of Finance for UK Venture 
Capital Funds: the Role of Corporate 
Investors, by Ruin McNally. Urban 
Pohcy Research Unit, Department 
of Geography. University of 
Southampton. Price £10. 



Rugby tickets reward 
for business angels 

The chance to buy tickets for 
December's annual rugby match 
between Oxford and Cambridge 
at Twickenham is the 
inducement being offered to 
business angels participating 
In a new survey. 

The study*, supervised by 
Hamisti Stevenson of Venture 
Capital Report, previously a 
research fellow at Templeton 
College, is being carried oat 
by Oxford University. It aims 
to capture the views and 
experiences of individual private 
investors who have backed, or 
want to back, small unquoted 
businesses in the UK. 

"There is an important debate 
going on at the moment about 
what sort of people business 
angels ore arid how much money 
they are willing to invest.” 
Stevenson said yesterday. “Our 
results should have important 
implications for industry 
practice and government 
policy." 

* Business Angels project. 
Freepost (OF92S), Templeton 
College, Oxford QXl 4BR. or VCR, 
Tel 0491S799S9. 


Scheme to cut cost 
of administration 

Small businesses fed up with 
the time and money sprat on 
administration may be 
interested in an initiative 
launched yesterday by the 
British Chambers of Commerce. 

The BCC Invoice Clearing 
fioose scheme requires 
companies to compile a list of 
suppliers, with the amounts 
to pay each one, and send a 
single cheque covering the full 

flmnmit; the grhfme then makes 
payments to all the individual 
suppliers. 

Two dates pm* month can be 
chosen for the payment of 
regular bills, including 
electricity, rates bills and 
personal credit card accounts. 
The BCC claims its scheme will 
lower bank charges as well as 
saving time and other 
administration costs. 

Further information on 
071-222-1555. 


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EMpit«nl PCA wnh basB*E» nd 
ncgoitoiag«k&b; GonsklErfeifesucsoB ta 
Bmope, vefemc caphaL Hafi, leiiwe md 
frw+iitiag SpeebBet fe uwimd 
and prod nptiaSwutes. Would writeomc 

IPrifefete^«P^U7b«x 
One SovtbxvHc bridge, London SEl 9HL 


INDEPENDENT HARDWARE SERVICE COMPANIES 

UK subsidiary of US Corpoorioo supplying high value apeaalfat comparer 
systems and services to the financial community requires farther 
rSvermficadon mro inde pende nt hardware coanpnter services and is tootong 
for suitable UK established bn si nes a rs to acquire for 100% cash purchase. 
We are looking foe 

Profitable turnover c£Sm bm smaller and larger businesses considered; 
dynamic nfe na g em cnC large ccapotate/priyaie sector 'evergreen' contrac t s ; 
wockatanoo/Ians environmenr with thrmring value added culture. 8SS750 
desirable but not essentiaL 

IirvhaiionB are invited from bona fide owners (no agents) with summary 
tnformaboa in confidence tnc 

Be* B2533. Financnl Times. 

One Sondnrarfc Bridge, London SEl 9HL 


CAPITAL AVAILABLE 
FOR GOLF 
PROJECTS 

Our client I 


Pffmnril Kerr 

Fcrster 

Associates 


investment m 


Fleaso write : John Ashwonfa, Director, foneO Kerr Frnter Associates. 
New Garden House, 78 Hatton Garden. London £C!N 8JA Reft 153 


BUSINESS WANTED 

USA based fax service company offering unique features 
actively seeks interest in UK and/or European fax bureaux. 

Ptease send datells with briert htetrxy to: 

Box B2S2B, Financial Times, 

One Southwark Bridge, London S£1 9HL 


AGRICULTURAL 
MACHINERY DEALERSHIP 


A major imernaiional company 
wishes to invert in an Agricultural 
Machinery Dealership, prefer - 
dbiy bared in the North, tbc East 
or West Midlands, or East AngKa. 

Fond* are available to purchase 
Ihe business as an on-going unit. 
Multi-branch operations are of 
specific interest, but liigtt turnover 
individual n ni ta will be oonsideied. 

Interested parties should con- 
tact (be Boa Number below, giv- 
ing details of the scale and scope 
of iheir business. 

All replies will be treated in (he 
uriaesi confidence. 

Box number B2S30. The 
Financial Times. I Southwark 
Bridge, London SEl 9HL. 


OWNEDC AR 
FLEETS WANTED 

EstaWis bed contract hire 
co m p a ny wiAbb to aegnire 
company owned car fleets 

(fleet fises npwttds of 60 to 
LOW vehide«).'nm«i^i ft Sain 
and Lease Back release capital, 
and so o-este an instant 
cash firod to improve yonr 
Uqtxidify and cashflow. 

IfefflMfo itdeteB onSdanta. nnopsh 
adf. Write Box BSTlO.nmcialTiiBn, 
Oa o 8oitthwHA Bt M a a Wan to n HRl HHL 


ACQUISITION: 

Cbemital Dlstribtnioa and Services 
Company with broad industrial 
customer base in UJL wishes to 
acquire medimn sized 
profitable (£100K+) companies in 
chcinkal»)jlasticsifoMnpositts or 
related distribution sectors. 

Ptmst rrj>fy to Bar 025*8, Financial 

Tima, One Soatktna* Bridge, 
LamdtmSBlWL 


WANTED 

Document Storage/ 
Microfilming Company 
Proffle: 

Basting Customer Base 

* T/O >E350k - <£5rn 

♦ M25 - Home Courses 

Piinct p afe only. Write uk Bat B2S39, 
Rnancral Timas. On Sduthwaric 
Bridgs, London SEl SHL 


Established Computer 
Company 

specialising in the IBM 
marketplace wishes to acquire a 
profitable networking business with 
the fbQowiqg profile: 

T/O: £lm + 

Staff 10-20 

Location: MZSbeh 
Write to: Bo* B2S31. Financial Times, 
One Southwuk Bridge, London SEl 9HL 


BISCUIT PLANT FOR 
EXPORT TO AFRICA 

Fully Anromaiie Reconditioned 
Bison! Plant 10 m anu fact urers. 
Soft and Hard Dough Bbcuits. 

Conacfc Mr A D’Costa 
Teh 071-935 3894 


QUOTED SHELL 

Group wishes lo acquire 
control of small quoted Shell 
company. Cash available 
and assets lo inject. 

Please write W 
Bax B2S34, Financial Tines. 

One Southwark Bridge. Lumt* SEl 91 IL 


ENGINEERING COMPANY 
WANTED 

Esublisbeil metal labricaiimi business 
+»hh Tnnwvcx in esteem of film. 
Proven track record essential. 
Looufcxr North or Midlands 
Write ro: Box B237B, Fiaucul Times. 
OneSoiuliwHk Ebidfc, London SEl ‘JHL 


FRANCHISING 


r® 


ranchise 
orld 


Hew to Franchis* Vonr Burimna 
The toadoiq xaiTMta, lor 
(KSWnlal trxnchwors 
Pratonted try Stay Haynsm 
London 22nd Marctt 190* 
Brochure from 061-707 1371 
• FranfedM Dtactanr. Raw 


AUCTIONS 


NEXT AUCTIONS 

of life sasmance policie s for investment 


wiD be held on 17 March and 7 april in 
London and on 34 March in Bristol 

Telephone 

HJE. Foster ACruiktd 
071*606 1941 for catalogue 
A MEMBER OF FTKBRA 


BUSINESS 

OPPORTUNITIES 


FOR SALE/MERGER 

Ferrous Foundry 
Located in South Yorkshire 
Turnover Lm, 5 Ton Gapndty, 
BS 5750 Approved 

Enquiries to: 

Robert M. Oricemn & Co. 

MoKOrifelndge.8facffidd.SlO IBS 
(0742) 680357 


CAR INSURANCE 

Small adc pcadenl co m p a ny opcratiDga 
umqne motor imotance service seeks 
magerfcoopenikfe with brohexf 
company uj deal with huge pub be 
response. Last month 40U0 diems 
approached us and wc need help 
lOcapbiUhe pomdal to become 
a real force in tbc market. 

CALL 061 » 2733 






16 


FINANCIAL TIMES TUESDAY MARCH 15 1994 


BUSINESSES FOR SALE 


Enquiries arc invited Tor the 
ossets and undertaking of a well 
established, BS57JO approved, 
profitable press-taof making 
business { 1993 £70K+-; 1994 cat 
£ IOUK.+ } situated in a Freehold 
Premises in the West Midlands 
having a full order book; at a 
premium to Net Assets of 
£36uKL 

Please apply for further details to: 
The M-D-, Sumik Associates Ltd 
72, Dunstall Road. Halesowen, 
West Midlands, 063 1 BE. 

Fax 021 -602-01 74. 


Am Movem ent Control 

EOUiP|v<Ei^xjCflM ^rtX 

Small company, established for 16 
yean. Turnover now approaching 
£5Un,tlQn, with good profits 
supplying specialist air flow control 
equipment in the huspital. dean 
room and smoke control market. 
Owner wishes to retire from day to 
day involvement. Could interest 
company with technical ability, and 
sheet metalwork capacity. 

Write to Bax B25Z7, Financial 
Times, One Sooth work Bridge, 
London SE1 9HL 


■il 

|J 

'-.5 


Porkuioys 1 


TIIK MOTORISTS' SUPERSTORE 


3 

$ 


Parkways Stores Ltd 

The Administrative Receiver G.M. K rustier FCA offers 
for sole the business and assets on a going concern 
basis oF the above company which is an established 
retailer of motor car accessories based in the Midlands 
and North West of England. 

• 12 leasehold retail outlets (1,982-14,628 sq.ft.) 

• Head Office and Distributing Centre, 

Castle Bromwich, Birmingham. 

• Annual turnover c £3m. 

• Stock in excess of t'Am (at cost) 

• 50 employees 

F or further particulars contact: 

David Hodgson Colin Reid 



d BARTFIELD & CO 


-4 REGISTERED AUDITD RS Be 
V CHARTERED ACCOUNTANTS 
V.i Rurkv Houur. 120jicnlon Ron], 
••=J 1nd>LS2<!NE 

f; j Tdtfl hmw OS32 1 4905 f 


Weatherall 

GrMnftSmlth 

Bnmti lines* IMjirrySiiraBln^hallM 

021-2005863 


eg fin SiS 




Smalley 

Excavators Limited 

The Joint Administrative Keceiven otfer Ibr sale 
the business and asset* of this established designer 
and manufacturer of specialist machinery including 
compact excavaron and hydraulic earth moving 
machinery. 

♦ Previous turnover c. million. 

♦ Established customer lose. 

♦ Significant order book. 

♦ Established in 1064. 

♦ Leasehold premises of 6840 sq. ft. in Uoumc. 
tinea inshire. 

♦ 23 employees 

♦ Newly developed produce with worldwide 
potential 

For further details please contact Phil Revifl, the 
Joint Administrative Receiver, or Adrian Allen at 
Stoy Hayward, Foxhall Lodge, Gregory Boulevard, 
Nottingham NG7 bLK 
Td: 0602 62657ft, Fax: (1602 6*1043. 


STOY HAYWARD 


Ammumts and Business Advisers 
Authorised by 
die Institute of 
Chartered Accountants 
in England and Wales 
to cany an investment business 


A membra of Harwath International 
rhcioadan wi 

So^eli Em >An 
ofSc&f IbfWBiJ me 
irg u B cr cJ |a 

nan. 




Touche 


& 


(In Administrative Receivership) 
The joint Administrative Receivers, Len GatofT and Ian Brown, oftcr for 
sale the business and assets of the above company. 

■ The company's business Is the manufacture of upholstered fumitiure. 

■ The company has a workforce of ( JO employees. 

■ The company operates from a 40,000 square loot leasehold feeWry hi 
Tyneside. 

■ The company customer list comprises a portfolio of the country a 
leading furniture retailers. 

■ Approximate annual turnover of £4.S million. 

For further information please contact either W. Paxton or R W Gray 
at Touche Ross 8t Co., Central Exchange Buildings, 93a Grey Street, 
Newcastle upon Tyne NG1 6EA. Tel: 091 261 +111. Fax: 091 232 7665. 


.WxMklkl 


■ I «J w*. tu um r — 


GOLF DRIVING RANGE. 
NORTH LONDON 

* Highly Profitable Business with future 
development potential (Subject to Planning) 

* Approximately 25 acre site 

* Excellent Location adjacent to 
major trunk road and within the M.25 


FOR SALE FREEHOLD 


Further Infnrnuiion 


Ret: AJH 

SBRAFFETY 

■Kbuckland 

COMMERCIAL LEISURE 


Telephone (0753) 838047 


J 


NAVER TEXTILES LTD LEICESTER 




The sliarcholdcrs oiler fur sale, as a going concern the business and 
assets of a yam dychousc. specialising in package dying acrylic and 
acrylic mixtures, to established chain store suppliers. 

Features: 

1. Profitable and financially sound. 

2. Skilled workforce of 35. 

3. Turnover £3m - £4m. (Capacity up to -Ml Tonnes per week) 

4. Modem freehold premises. Site about 2 acres. Factory about 35,000 sq ft 
situated at the ccziirv of the knitwear and hosiery industry. 

5. Fully equipped plant. 

Apply for further details to: 

The Managing Director, Naver Textiles LnL, 

94 Gipsy Lane, Leicester LE4 6RE 
Tel: 05J3 666551 Fax: 0533 610394 


s 


CHESHAM. 

BECAUSE YOU ONLY SELL 
YOUR BUSINESS ONCE. 

And you want the right buyer. With 
confidential briefs from hundreds of 
acquisitive public company chairmen 
who are looking to buy successful, 
private companies worth £500,000 to 
£25 million, we ought to be able to help. 

So if you’re thinking of selling your 
business, contact our Managing Director 
to arrange a confidential discussion. 


CHESHAM 

AMALGAMATIONS 

The first name in merger broking. 


Chesham House, 2 Ben duck Street, London W1M 5RN. 
Telephone: 071-935 2748 



jCoopers 

j&Lyorand 


MODERN RETAIL GARDEN CENTRE 


ft... 


BDL Specialist Products Limited 

(In Administrative Receivership) 

The company produces Enessco, a chemical used in a 
revolutionary process (or dc-lnktng waste paper. The Joint 
administrative receivers offer for sale the company's patent 
rights, stock, goodwill and entire undertaking. 

Further particulars available from: 

Norman H Davis & James R Austin, LAN 

Lane Heywuod Davis, 

Anchor Brewhuuse, 

50 Shad Thames, 

London SEI 2YB. 

Tel: 071 403 4403 Fax 071 357 6357 


H E Y W 0 0 D 
D A Y I S 


Chartered Aceanvta n(« 





Tha Joint Atim In istraflva Receivers otter for sale os a going 
concern, the business and assets of ttvis retail garden centre near 
Samos, Middlesex. 

Principal features of the business Include: 

• S acre freehold premises at La led am. Nr Staines, Middlesex 

• 24, 000 square reef under cover 

• turnover c £1 .2 mffllon par annum 

• garden centre developed in 1989 loa high specification. 

For further WomxSon please cortoa the Jolm AdnMsfrcdhe Receiver, 
R W Bkcha*. or Coopers & Lybrond, 66 Queen Square. Bristol BS1 
4JP. Telephone: (0272)292791. Fax: (0272) 307008. 

Cbtqxav A Lj brand K authorised by the In-tituic of Chartered 
Account oms in England and Wila lu carry on Invcximem Business. 


COMPANY NOTICES 


BUSINESS SERVICES 



Following the DIVIDEND DECLARATION by Ford Motor 
Company (U.S.) on 13 January 1994 NOTICE is now given 
lhal the following DISTRIBUTION will become payable on 
or after 15 March 1994. 


Gross Distribution per unit 
Less 15% USA Withholding Tax 

Converted at $1 -505 


2-0000 Cents 

0- 3000 Cents 

1- 7000 Cents 
£0-01129668 


Claims should be lodged with the DEPOSITARY; National 
Westminster Bank PLC, Basement, Juno Court 24 Prescot 
Street, London Et 866 on special forms obtainable from 
that office. 

United Kingdom Banks and Members of the Stock Exchange 
should mark payment of the dividend in the appropriate 
square on the reverse of the certificate. 

All other claimants must complete the special form and 
present this at the above address together with the 
certificated) for marking by the National Westminster Bank 
PLC. Postal applications cannot be accepted. 

Dated 15 March 1994 


DERIVATIVE 

SYSTEMS 

SOLUTIONS 

A team of experienced 
systems professionals 
working for a global 
investment bank is 
forming an independent 
consultancy. 

Our mission: empowering 
your company to meet the 
derivatives challenge. 

Take the first step to 
achieving the leading edge 
in derivatives by 
contacting us at: 


Previous Respondents 
PLEASE REPLY 


Box B2504, Financial Times, 
One Southwark Bridge, 
London SEI 9HL 


FUNDING 
FROM BANKS? 
CONVINCING BACKERS? 

A wel [-prepared business plan Is 
vital. We create a professional 
plan to your specification 
inckxfing cashflows, prafft and 
loss and batanca sheet 
projections at tow cost 

Planning Success, 

78 Westboume Road, 
London N78AI3. 071 6079504. 


UQll WATlONSfRECElVERSHlPS 

Every week, way company that has 
gone bno liquidation and iccci v o a tiip. 

What they did. who the liquidator/ 
receiver is and tfacir telephone Dumber 
far direct access. Winding up petitions *■ 
dozens oF auctions 4- Businesses for 
Sole. The weekly journal for the most 
comprehensive and authoritative 

nationwide coverage of Itqukfcuum, 

reccrverriupa aud auctions. 

For wfcacription details contact page I: 
Td (047Z) 37 1336. Fate (04721 37 14SS 


LEGAL NOTICES 


No. Ml 252 oT IW 
IN Till? I lllill COURT OF JUSTICE 
irHANCESV DIVISION 

IN THE MATTKK OF BUCK TIME 
SYSTEMS LlNrren 
- ud - 

ENTIIBMAmSROP 
THE COMPANIES ACT I9SS 
NOTICE LS llbREUY UIVKN lhal X Pciliion 
«n presented lu Ifcr Majesty's High Cuait at 
Jmuee. Chantvxy Dl, iwn on 22ml Pcbrwry 
IW4 lot Uic imrinuanoa at the aacrihuM ut 
the Jure ptcauui account at Ibc ariove named 
Curepre, 

AND NOTICE IS ranter gnrea ihsl die uU 
Pc lit kic i, ilucclcil l>i he hunt befuic Mi 
Regfftnr Buckley el the Royal Courts at Justice. 
Suaad. London WC2A ZLL ua Wednesday ihc 
2JiU Oaf at Match |WM 

Any creditor or Shaiehulilci a( the .aid 
Company ikstnnK “ appose the making of u 
ill dec fur the continuation of the said 
voraJIalua at duic premium account snoald 
Ippcaf ji ibc lime irf Ik Sling in peewn as by 
Cuumcl fur tbit purpose 

A copy of ihc aid Pcittoa »2I be inmahal u 
my person reipiirfiig the same by the 
■uMkimcndoiieJ Solicitor* on payment of the 
Bc^uLxal Chiryc fat the *anM. 

UkoI the lSih itoy of Much |<W 
irUFfORtt CHANCE 
mo Aide ngale Sired 
Londna EC1A4JJ 
Krt-RWC 

Sufaeducs hi the Company 


No. OOI2S4 of 199d 
IN niRltlCIt COURT OF JUSTICE 
CHANCERY DIVISION 
IN THE MATTER OF BUCKTSLCVUSION 
COMMUNICATIONS L1MTFED 
■ and. 

IN THE MATTER OF 
THE COMPANIES ACT IMS 
NOTICE IS HEREBY GIVEN that ■ rc till on 
»a* preaeated to I lor Majesty’s High Court of 
Justice. Chancery Division on 22nd February 
IW lur the cou t h unma n at d» euxUon at 
(he share premram armnn at the above named 
Uaupany 

AND NOTICE ia fnnber given lid the sold 
Pel I lion ti direclcd to be heard before Mr 
RqMnr Dachiry et the Raya I Own at Imiat, 
SicanJ. London WC2A 2U. an VetoaOuj the 
Unldayof Man* IW 

Any Creditor or Shareholder or the said 
Company dmltiag la oppore the making of an 
Clidet for the continuation uf the said 
canretlanea of abate prenuom necoa oi sboolil 
appear at the lime nf hearing in perena or by 
Cuansd fm that purpose 

A copy of the said Mhni wfll be fontinhcd n> 

nay pet son reifnlrtag the Same by Ihc 

uulcnaentfaMKd Salititon an payment of the 

Regulated Ctcugc (or the same. 

timed the 1 3th day of Mavch ISM 

CUFFORDCSIANCe 

20U Aldetagale Sores 

London ECLA4JJ 

ReftRWC 

SoBetonm m the Cnumny 


No PUI2SI of 1W4 
IN THE HIGH CUURT OF JUSTICE 
CHANCSItY DIVISION 

1NTHK M. VITER OF BUCK pk 
-tad- 

IN T1IE MATTER OF 
THE COMPANIES ACT 1985 
NOTICE (S HEREBY GIVEN that a Peril ion 
was presented la Her Majesty’s High Covn of 

Justice. Chancery Drvbrioa an 22nd February 
1094 fm the ooarixm rtion ol the mteetlaion of 
the stare preahtai rocxrunt at the above named 
GumpQBy 

AND NOTICE is fntlher given that the said 
Petition it dltecscd to be heard before Mi 
Reerttw BecUcy at the Royal Cnn/ls of Justice. 
Scrawl. London WC2A 2LL. on Wednesday the 
23 td day uf March IW 

Any Ctediim or Sturebotdci of the Mid 
Company d esi ri ng m oppose the nsaLing of an 
Order for Ihc CHfinuliM at Ibe said 
cancellation of share premium arcmini should 
appear at the lime of hearing in person or by 
Cmimcl Cor lhal purpose 

A copy of the said Petition vnfl be fmoiahed to 
any person rcqniflng iho same by the 
oodermemauned Sol firms on payment of the 
hpUolCtiU|K fix Ihc same. 

Dated the I Ml day ol Match 1994 
CLIFFORD CHANCE 
SB AUctMpae Street 
Lundoa RC1A4JJ 
Ref. RWC 

SoCaton S) the Comtuny 


USA 

Seaior California resident 
British Executive available 
for long or short terra 
assignments. Marketing, 
Sales, Research & Consulting. 
Fax: 310 671 3729 


Let the experts handle the 
sale of your business 

calf Mike Bailey 
of Sumik Associates 
on 021-550-3074/ 

Fax 021-602-0174 


GROVESNOR ST. W1. 

Prestige fum & serviced 
Offices, Sec. fax short/long 
let From £75 pw. 

Tet 071 493 7830. 



HARLEY STREET 
BUSINESS CENTRE 

Fttfy sanfeed offices, business 
address, boardroom, dl secretarial 
services plus tree telephone and 
message taking. 

For further detafe phono: 
071 637 5605. 


Approximately 150 
Acre Freehold Site 


suitable for an 

18 hole Pay & Play 
Golf Course 

and other leisure uses 

Lrocated in the heart of 
Lee Valley Regional Park 

16 miles Central London,-5 miles M25 

Diatmwta a pproxima te 


Knight Frank 

071 629 8171 teKutley r.,>n<i«»n wikoaii 



Powder Coating 
Company 

For Sale 

Comprehensive pre - mm intent and costing 
CrcUMes 

0S57MflSOW02 ngiacmd since H88 
Ovwlapment .irjrf QA facilities 
Highly skilled tmoriclonx 
m rummer approximately limpet annum 

m Based in Southern England 
Mcjsp mptv in seritm/t to frdti Mcjkms. Bmsr A W turn, 
Bechet House, I Umheth Palace Root London SCI ?OJ. 
Telephone: 071-9JI MOB Facsimile: (ffhOSI 34X1 

=U Ernst & Young 

luttrortunl by Ihr lusfiunr at ChanrerU ArxawstxtrfM hr FajOuotl 
ana HUM fa retry ou brnMnotMew 


FOR SALE 

Supplier of Machinery to the 
Waste Recycling Industry 
Rapidly growing business 
Turnover £500,000 + pa. 
PBT £100,000 + p4L 
Sales worldwide, based 
in Lancashire 

Write to Box B25S4. 
Financial Times, OneSoudwark 
Bridge, London SEI 9HL 


ELECTRICAL 

CONTRACTORS 

£800,000 Turnover p/a 
50% turnover secured 2 years 
London area. 

Won u: Box B2535, Financial Times 
One Soudnwk Bridge, London SEI 9HL 


IT PUBLICATION 1 yaar old BusbMMVTT 
Monthly magazine tor sals or merger. 
OUMmdriQ 1st year. Huge pofenM. (War* 
In wonsa a EH*. Cal Sarah on 071 403 
9136. 

WEUL-C8TABUSKED ' and Profitable 
Narrow boat operating and fittlng-out 
company Hosed In WteNm. T* Q22S 70Z« 


OFFICE EQUIPMENT 


BOXED QUALITY 
OFFICE FURNITURE 
75% DISCOUNT 


L-'or example Liyltt Oak Desk and Pedestal £89.00 
Black Ash Desk and Pedestal H89.00 


(950 AVAILABLE) 


ALSO 15<H) SQ. FT. WAREHOUSE TO CLEAR 
A.S.A.P DUE TO RELOCATION 


COME AND MAKE US AN OFFER ON KKKTs OF ITEMS 


TEL 081 743 2100 FAX OS I 749 9500 


Clearance of Major City 
Banks Office Furniture 


Desking, work stations, storage cabinets, 
beautiful reception units, meeting & boardroom 
tables & chairs, divider screens. 

Leather visitors chairs. Host of other items. 

Phone 081 549 9339 


WANTED 


urgently required by 
substantial buyer. Any 
quantity, good quafity will 
be promptly coffected by 
professionals 
and paid by 
CASH or DRAFT. 

TEL: 0202 398327 <5 Ones) 


Office Furniture 

Due to city bank order 
postponement we have a large 
quantity of quality executive and 
system ranges - conference and 
receptions. Large choice of 
veoeere: (Walnut, Rosewood, 
Ashme.) with discount of op to 
40* from R.RJM 
London showroom for viewing. 

Please contact 
UNEASURO LTD. 

0992503313 


Residential Park 
Home Estate 


13 1 

\ « 
H 

dl 

t*a 


3) 

-J 


b 






Carr Bridge Residential Park, 
Peel, Near Blackpool 

Well established residential park home 
estate with further development 
potential. 

■ Planning permission for 1 55 park 
homes and 22 holiday caravans 

■ Currently 91 park homes and 15 
holiday caravans sited 

■ Steady income 

■ Conveniently situated for major 
North West conurbations 

■ Semi rural location with variety of 
local amenities 

■ Price £850,000 

For further details contact the Joint 
Administrative Receivers: 

David Rowlands and Malcolm 
Shierson, Grant Thornton, 

1 Stanley Street, Liverpool LI 6 AD. 
Teh 051 227 4211. Fax: 051 227 1153. 

Grant Thornton# 

"UK U JL member ftrraof Grant Tkonepn litternitMtifL 
Authorised by die btstinuc of Omtereii Atxounuou in 
England and Wales to cuiy on mvesonax btnincss. 


Lf J 

J? ^ 

y'i 

O sQ 


FOR SALE 

Long*establish'ed and profitable. Ei Midlands based 
[manufacturer of knitwear goods. Excellent customer base 
(high mail older content). T/O approx. £1-1.5 m, expect lo 
generate 10-15% net profit Offers around £250 1C 

Write to Bax B2528, Financial Times , 

One Southwark Bridget London SEI 9HL 


FOR SALE 

Distributor of Catering Charcoal 

* Specialising in lodna and Greek Restaurants 

• Countrywide Distribution • Division of lai^cr company 

* Tmnovw drca £830,000 * Business and Asads for sale 

Principals only reply lo: 

Box B2551, Financial Tunes, One Soulhwaik Bridge, London SEI 9HL 


Business For Sale 

Consisletitly profitable, wbO established manufacturing business based in West 
Midlands. Supplier of electrical wiring harnesses -to broad base of customers 
and industries. 

Ownet/directocs seek £0_5m to retire. 

Farther detnOs from Bob Law, Masons, St Martins Lux Howe, 

BoB Ring, BiimLagbani BS SDT 


Computer VAR 

Well established PC VAR In 
Thames Valley Area wishes to 
dispose of Assets, Goodwill &. 
Customer List which comprises 
the bulk of core business activity. 
Turnover £650K with high GM. 
Large proportion of Snppon and 
Mainienance Contacts. 

Write lo Box 82542, Financial 
Times, One Southwark Bridge, 
London SEI 9HL- 


MUST SELL/FINAL SALE 

Latex Gkrves 

1 60 K Boxes of smal size 

65 KBoMHOfMedumsizs 

260 K Boxes of Powder Free Gloves 

SbB ratio 20/60/20 

Adult Diaper* - 4 K Casta 

Procndm Glovaa aiza 6 or Smafi 

Orty- 160 K Pair. 

Condoms 312 MHBoo 

S2 UHJJOM EVALUATED 

If Interested ptaass cefl/fax 
Tot 31 0-634 9626 Fax 31 0*34 061 2 

IQUaflw IY aMfciBi 


Compressor/Pneumatic 
Engineering Co. 

South CbMLT/O cjMOOKL Prestigtoua 
ifistribiKkM sgreemenB and catabtiAed 
customer base. Hig^i potential lor loog- 
term growth. Modem letscbold 
prenrisoB. fITSK. 

Wrilo to Box B2544, PlnaarialTfanea. One 
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L ocated in Central Scotland,. Purpose 
built modern premises with 
app roximatel y IV, ram of yard. Going 
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17 


FINANCIAL TIMES TUESDAY MARCH 15 1994 

PEOPLE 


McKinnon 
to chair 
T. Cowie 



Sir James McKinnon, 
previously director general of 
Ofgas, the gas industry regula- 
tory body, has been appointed 
non-executive chairman of T. 
Cowie, the motor finance and 
retailing group with a turnover 
of £800m- 

His appointment, which 
takes immediate effect, reflects 
the enhanced influence on 
Cowie policy of chief executive 
Gordon Hodgson since the 
company's forceful founder 
and chairman Sir Tom COWie 
retired last year. 

Until now Cowie has had 
only one non-executive direc- 
tor at a time on its board. Hie 
company is now seeking a 
third, to join Sir James and 
Lord Elliott of Morpeth, tmtn 
now the only one; an 
announcement is expected 
shortly. 

A spokesman says Cowie 
believes non-execs can bring a 
valuable outside perspective. 
Sir James had been chosen 
because of his extensive city 
experience and the "right 
chemistry” with Hodgson. 
Both, said the spokesman, 
were self-made men from mod- 
est backgrounds who had 
trained as accountants. “They 
both have a forthright and 

frank manner " 

Sir James, 64, was earlier 
this month recruited as chair- 
man of Trafficmaster, a pro- 
vider of in-car traffic informa- 
tion, which is to be floated. 
Currently ha chairs MAI. the 
money, securities and televi- 
sion company, is deputy chair- 
man of Scotia Holdings (phar- 
maceuticals), chairman of 
lonica (radio telecommunica- 
tions) and a non-executive 
director of. Admiral (computer 
services, systems development 
and software). His Cowie role 
is expected to take up four to 
five days a month. 

'-HSS&jSWr 


,.,:w 


■ Fred Writings, 52, who has 
seen more building industry 
booms and basts than most of 
his stockbroking colleagues, 
haspr oved that there can be a 
profitable after-life for ageing 
stockbroking analysts. Hie quit 
being a full-time broker on his 
50th birthday, and has carved 
oat a new career as consul- 
tant, author and non-executive 
director. 

Berkeley Group, the success- 
ful UK housebuilder, has just 
appointed Wellings to its 
board. He has been working 
for the firm as a consultant for 
a couple of years. WeDings has 
also recently published his 
first textbook. Construction 
Equities: Evaluation and Trad- 
ing, and is correcting the 
proofs of a company history of 
Mariey. His next project is a 
bibliography of banking his- 
tory. 

Wellings, who also acts as a 
consultant for accountants 
Hobson Rhodes and stockbro- 
kers Credit Lyonnais Laing, 
started his city career with 
Phillips & Drew in 1962 and 
spent time with J ft A Scrim- 
geonr before ending up at 

Tarng & Q milnthflnlC- "When I 

started every analyst was 
required to cover three or four 
sectors. Now there are three or 
four analysts per firm cover- 
ing each sector,” says Well- 
ings, who has no regrets about 
Us mid-life career switch. 

He’s not the first building 
analyst to move into the 
industry. Bob Eritb, 55, who 
covered the building industry 
at Savory MQln for many 
years, sits on the board of 
Crest Nicholson. 

■ Jan Hall (below) has joined 
the board of travel group Own- 
ers Abroad, whose top manage- 
ment is being restructured 
under the Iflfldership nf gnurefo 
Baron, its new chief executive. 

Hall's experience of branding 
makes her a useful non-execu- 
tive find loir Owners Abroad. 
For the past 10 years, she has 
been chairman of Coley Porter 
Bell, a corporate and brand 



indeutity consult ancy which 
became part erf the WFP group 
in 1389. Hall. 36. recently left 
the company. 

Baron, who took over late 
last year, has said he wants to 
trim the group’s diverse and 
confusing holiday brands, 
which include Sovereign, 
Enterprise, Falcon and 
Sunmed. He is also pondering 
changing the name of the 
group. The Owners Abroad 
label dates back to the compa- 
ny’s original business, which 
was selling flights to people 
who owned holiday homes 
abroad. 

One of Hall's final projects at 
Coley Porter Bell was to over- 
see a branding project for Air- 
tours, Owners Abroad’s rival 
Her former company helped 
Airtours come up with Going 
Places, the new name for its 
Pickfords Travel and Hogg 
Robinson travel agency chains. 
Hall says she has assured Air- 
tours that no confidential 
Information will be passed on 
to Owners Abroad. 

Other non-execs 

■ Floris Maljers, chairman of 
Unilever, at AMOCO. 

■ Richard Pierson has 
resign ed fr om KLEINWOKT 
CHARTER INVESTMENT 
TRUST. 

■ Reger Murray, president of 
Cargill Europe, at FLEMING 
EMERGING MARKETS 
INVESTMENT TRUST. 

■ David Beety, a solicitor with 
Wilde Sapte and a part-time 
lecturer at Kingston 
University, as deputy 
chairman at NATIONWIDE 
BUILDING SOCIETY. 

■ BUI Thomson, md of 
Edinburgh Tankers and a past 
chairman of the B ritish Ports 
Federation, at MASTHEAD 
INSURANCE 
UNDERWRITING. 

■ Jean-Mtehel Runacher, 
former chief executive, at 
KELT ENERGY. 

■ Thomas Cusack, senior 
vice-president of Transamerica 
Corporation, at SEDGWICK 
GROUP. 

■ Raymond Homey as 
chairman at JERMYN 
INVESTMENT CO on the 
resignation of Gerald Newton. 

■ Richard Young has resigned 
from BROOKS SERVICE 
GROUP. 

■ Sir Ian Wrigglesworth, 
deputy chairman of John 
Livingston & Sons and former 
MP for Stockton South and 
Teesside Thomaby, and Alan 
Fletcher, a partner and 
director of Apax Partners, at 
CRABTREE GROUP; Lake 
Johnson has resigned. 



■ Frank Bill (above left), 
formerly commercial director 
of Balfour Beatty Building, 
has been appointed 
commercial director of 
TARMAC Construction’s 
budding division. 

■ Tony Evans (above right), 
formerly md of Laing Eastern 
building region, has been 
appointed md of LAING Civil 
Engineering. 

■ Max Barr has been 
appointed finance director of 
Hall & Tawse Scotland, part 
of RAINE. 

■ Terry Hawksby, md of Bett 
Homes, and Sandy Grant, 
promoted to group finance 
director, have been appointed 
to the board of BETT 
BROTHERS. 

■ David Webb, md of 
Shepherd Building Service, 
baa been appointed to the main 
board of SHEPHERD 
CONSTRUCTION. 

■ Alike Welion, formerly md 
of Balfour Beatty Civil 
Engineering, has been 
appointed operations director 
and to the board erf BALFOUR 
BEATTY. 

■ Clive Groom, formerly md 
of Matthew HaK has been 
appointed chief executive of 

Building and Property 
Management Services, recently 
bought by AMEC from the 
government He is replaced 
by joint mds: John Maclean 
and John Pita Allstar 
McKerrell has been appointed 
md ofDenco, an AMEC 
company, on the retirement 
of Barrie Carter, who becomes 
a nonexecutive director. 

■ Bob Stephens, formerly md 
of Twigden Homes, part of 
Kier, has been appointed 
divisional chief executive for 
the BERKELEY GROUP in 
the south west and Wales. 

■ David Calverley, formerly 
a director of Trafalgar House, 
has been appointed md of TRY 
Homes and to the group board. 

■ Chris Lea has been 
appointed a director of ST 
MODWEN Developments. 

■ Roger Brayshaw. formerly 
regulation policy controller 
at the Housing Corporation, 
has been appointed finance 
director of HIGH WEALD - 
HOUSING ASSOCIATION. 



On Friday, March IS the Financial Times Is publishing an in-depth survey of Poland. 
Poland Is the biggest and most strategically placed country in Central and Eastern 
Europe with Its economy expanding faster than any other European country. 

But Is it the Mg Investment opportunity the world has been waiting for? 

Among other Issues the survey will take a close look at the restructuring of the 
country's industry and banking system as well as the booming stock exchange. 

FT Poland Survey. 

FT. Because business is never black and white 




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At the meeting of the Board of Directum of Scnshukai Co., U«l. 
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SENSHUKAI CO., LTD. 

By: Uui-Lchi Kangyu Tne-J Cunij -.in* uTNi-w link 
as Dfebunetnnu Agent 

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18 


FINANCIAL TflVIES 


TUESDAY MARCH IS IW 


TECHNOLOGY 


Miranda Eadie on a programme to promote terrestrial 
uses of innovations developed for space missions 

Science brought 
down to earth 



ESA 

Spin-offs from space research appear /h nearly afl fields of science and technology 


From Jurassic Park 
to Gatwick Airport 

Della Bradshaw on the clarity of 
computer-generated designs 


F or two decades, space tech- 
nology has provided inno- 
vative technical solutions 
to everyday problems as 
well as making glamorous space 
exploration missions possible. The 
European Space Agency (ESA) has 
realised, however, that many more 
earth-based uses for space technol- 
ogy could be found in fields such as 
medicine, electronics, communica- 
tions. energy and materials science. 

Everyday examples of space tech- 
nology transfer, the process of 
applying innovations developed for 
particular space missions for earth- 
based use. include the anti-scratch 
protective layer on plastic contact 
lenses, air-filled soles of high-tech 
running shoes, aluminium foil, digi- 
tal clocks and microwave ovens. 

Although technology transfer has 
occurred informally in space 
research for several years, many 
potential terrestrial applications 
remain unexploited. Lack of time, 
and tunnel vision on the part of 
research engineers, are two of the 
main reasons for this . 

ESA therefore initiated a 
technology transfer programme in 
October 1991. with the aim of 
identifying space technologies that 
might have civil or commercial 
applications, and encouraging their 
transfer. 

The initiative is run by Spacelink 
Europe, a consortium of technology 
brokers from the UK (JR A 
Aerospace). France (Novespace), 
Germany (MST Aerospace) and 
Italy (D'Appolonia). 

Spacelink scouts ESA contractors 
for possible transfers, catalogues 
the ideas, contacts non-space 
companies which may be interested, 
and eventually negotiates a deal 
and takes care of inquiries. 

The Spacelink catalogue, 
featuring the space technologies 
available for exploitation, is called 
Test (Transferable European Space 
Technologies) and is published 
annually. The latest edition. Test 3. 
contains 60 technologies in many 
Helds such as optics, sensors, 
communications, life sciences and 
robotics. Including the earlier 
catalogues, there are 170 
technologies on offer. 

Spacelink's objective is for 
non-space companies to sign a 
licensing agreement or form a joint 
venture with the “owner" of the 
technology. This is either the ESA 
contractor, ESA itself or shared 
between the two. The technology 
may be protected by a patent, but 
this is not always necessary to 
license the technology. 

Although one of the original goals 
oF the programme was for it to 
become self-financing, through 
licensing and technology transfer 
services, its main aim is not 
economic benefit but to show that 
space is not just for sending rockets 
but can have applications on earth. 
Anne Marie Hieronimus-Leuba. 


head of ESA's space com- 
mercialisation office, says that it is 
“more concerned with showing that 
investment In space is paying 
dividends in terms of terrestrial 
applications, and that it is not just 
about sending beautiful objects into 
space". 

The ESA also hopes the 
programme will increase each of 
the member states' financial return 
and share in the technology 
spin-off. ft is an ESA policy that 


each accounting unit paid by a 
member state into the agency 
budget awarding Industrial 
contracts should eventually flow 
back to that member state. 

The direct terrestrial applications 
of space research (weather 
forecasting, communications via 
satellites, satellite television, etc) 
are more evident than the indirect 
ones, or spin-offs, which do appear 
in nearly all fields of science and 
technology: lucid image processing 


software, developed for use in 
remote sensing, has applications in 
the security forces in number plate 
detection, face recognition and 
fingerprint analysis; Aerocoat fire 
protection materials, developed to 
protect equipment on the Ariane 
space rocket from very high local 
temperatures generated during the 
launch phase, are now used to 
protect sensitive equipment in 
trains for the Channel tunnel link: 
human waste management systems, 
developed for use in space, are now 
being considered for hospital clean 
rooms, where hygiene is also a 
priority; Cream (Cosmic Radiation 
Effects and Activation Monitor), 
developed for the Nasa Space 
Shuttle, has been adapted for high 
flying aircraft and fitted to 
Concorde; and Radfets, miniature 
real-time radiation dosimeters, used 
to monitor background radiation on 
ESA spacecraft, are being developed 
to measure radiation doses during 
cancer treatment 

“Technology transfer is a very 
slow process and financial return 
cannot be expected in less than four 
years," says John Routes, managing 
director of JRA Aerospace. "There 
is a time delay of about a year and a 
half between the initial contact 
with a technology, the definition of 
the licensing agreement and the. 
signing of a contract A further two 
years is then needed for the 
adaptation, testing and fabrication 
of the technology." 

Although the process is 
traditionally slow, the programme 
has advanced more rapidly than 
expected. When it began, the goal 
was to secure six transfers in the 
first three years. 

The fact that nine have already 
been agreed (and that there are 
many more in the pipeline) 
indicates great prospects for the 
programme. The rapidity of these 
transfers can, in part, be explained 
by the fact that 40 per cent of them 
have occurred in the field of 
software engineering where transfer 
modifications are minimal 

ESA invested E2m in the 
programme at its conception. The 
majority of this is used to pay the 
members of Spacelink to run the 
programme but, occasionally, if a 


transfer looks interesting and there 
is a shortage of finance to carry it 
out. ESA may offer some financ ial 
support. 

This was the case at the Brunei 
Institute of Bioengineering, where 
shape memory alloys, originally 
used to make linear actuators tor a 
space teleprocessing facility, showed 
prospects in medicine as “staples" 
to mend broken bones. 

The institute received £12,000 
from ESA to develop these staples, 
and general advice was given with 
regard to the technology transfer. 
Financial support was also gained 
by AEA Technology after the huge 
interest shown in its solid 
lubricants which appeared in Test 
1: £5,600 was donated to help pay for 
a short study into possible 
terrestrial applications. 

Tony Anson, the research 
engineer at Brunei, is an 
“enthusiast" of the programme. He 
says that besides the programme 
being an encouraging initiative, the 
financial support is "extremely 
welcome in a country like the UK 
where the government does not 
have a particularly philanthropic 
approach towards research and 
where there is a dire shortage of 
funding". He believes he has a 
dozen or so technologies which 
could realistically have a 
considerable impact In the medical 
field, if only he could find the 
money to exploit them. 

One of these is the use of shape 
memory alloys as a prosthesis for 
hole in the heart Other transfers 
which have taken place as a result 
of the programme include: high 
stiffness composites developed by 
Domier to build space structures 
for the Rosat X-ray satellite, which 
are now used for ground-based 
telescope reflectors and for large 
screens needed for training 
systems: ESA's software standards, 
which have been adopted by many 
space and non-space companies and 
which are about to be published by- 
Prentice Hall for worldwide 
distribution; and image processing 
software, developed to analyse 
astronomical images, such as those 
from Hubble, licenced by Photek for 
possible application in an image 
intensification camera. 

This camera, which contains a 
Swedish optical chip, again 
identified through the progranme, 
could be used for research into 
arthritis and cancer. The latter 
examples demonstrate the range of 
applications for space technology 
and highlight how separate 
European initiatives can combine 
for common good. 

ESA ultimately hopes that space 
Industries themselves will strive to 
identify potential technology 
transfers as early as possible in the 
R&D stage. Such lateral thinking 
should lead to joint development 
schemes and more marketable 
products. 


T he graphics design 

technology that produced 
the animatio n in 
blockbuster films Jurassic Park 
and Batman is now being used 
to help to design “environments" 
such as the interiors of buildings. 

British Rail's Intercity division 
got together with design 
consultants PSD Associates of 
Isleworth, Middlesex, to redesign 
the facade of the Gatwick Express 
station at the London airport's 
north terminal. 

The brief was simple: to make 
the entrance immediately 
noticeable. "We wanted something 
with a bit of life, a bit of interest, 
a bit of sparkle." explains Simon 
Brazier, InterCity's architectural 
business manager. 

Using a Silicon Graphics 
workstation and software from 
Alias, PSD designed a number 
of options for the new portals. 

The design company then met 
representatives from Intercity 
and Gatwick Airport, which owns 
the site, to decide on a design. 

At that point, says Steve 
Hughes, associate director at PSD, 
one of the big advantages of the 
system came into play. "It was 
a hands-on meeting, where we 
could pull out different elements 
of the design. We gets lots of 
people round the table and they 
could ‘buy in’ to the final design." 

The photographic quality of 
the computer-generated designs 
also helped. Hughes believes. 
"Because it looks like a photo, 
not a drawing, everyone can 
understand the image. People 
look through sketches and they 


don't really believe them. 

Brazier, too. was impressed with 
the photographic quality of the 
images. “With drawings you don t 
get a real feel. With the 
photographic quality there is no 
doubt what you are going to get." 

He also liked the short 
animation sequence, which 
manipulated the images to give 
the viewer the impression of 
walking through the portals of 
the new entrance. "To be able 
to walk through while the design 
is still on tiie drawing board or 
computer is a wonderful facility. 
These options will be very 
valuable for other schemes.” 

These could include the interior 
design of buildings, station 
entrances or even trains. Brazier 
envisages being able to design 
a train interior and then walk 
through it as a passenger would. 
The software enables the designer 
to change the seating plan nr even 
the colour of the fabric. 

At PSD the designers are 
looking ahead to further uses of 
the system, in particular where 
It can be used to speed up the 
design process. They are 
considering using 
videoconferencing links so that 
they can discuss their designs 
with international clients. 

As for the design of the new 
facade for the Gatwick Express 
station, in the distinctive Intercity 
claret colour, it has been put on 
hold while the airport authorities 
decide whether to go ahead. If 
not. says Brazier Til go back 
to PSD and get them to modify 
the sketches." 



OUR CHAIRMAN 



To RECEIVE A I’Kfcr- BOJKLO r OOTI IMMi CXiQU’i CAKING. jtlUUttd PHILOSOPHY, CONTACT 
Canon Eukota li.Y. V.O Box 1 190 EG AMjrenxe:, The Netherlands. 


We know that today’s baby talk will turn into tomorrow’s 
BUSINESS NEGOTIATIONS. WHICH IS WHY WE’RE WORKING FOR 

FUTURE GENERATIONS. OUR R&D CENTRES 

in Europe and around the world are 

GENERATING EXCITING NEW IDEAS - TO 
IMPROVE BUSINESS COMMUNICATIONS AND 
BRING PEOPLE CLOSER TOGETHER. 

OUR MANUFACTURING PLANTS IN COUNT- 
LESS COUNTRIES ARE PRODUCING PRODUCTS 
THAT ARE EVEN MORE ECOLOGY FRIENDLY. 
Already, Canon office equipment is 
SETTING FAR HIGHER STANDARDS. 

But it’s still just the beginning. 

We want our future chairman, or 

CHAIRWOMAN, to BE PART OF a PEACEFUL 
AND PROSPEROUS SOCIETY. ALONGSIDE 
YOUR OWN CHILDREN. 


x n umirf ro work wiih 


So. together, let’s care. 


i 





FINANCIAL TIMES TUESDAY MAKCH 


25 1994 


19 





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*rj:\ . Because here’s a . Lexus (so it must be • 
luxurious) designedby Giorgetto Giugiaro, 

•. th$ man behind $ora.e of. the worid’s.most 
v .^xe.itihg*cars. yry ’• .. 

It s the- Lexus .(5S300. To use Motor.. 
^ ei >d 3 s words; “a: luxury car With style, 


Here’s the proof. First the luxury half 
of the equation. How well equipped is the 
Lexus GS 300? 

Air conditioning? Yes. Six way elec- 
tronic seat adjustment? Of course. Seven 


for complete tranquillity just turn it off. 
The Lexus is as quiet a car as you’ll find. 

But enough about comfort for the 
moment. .There’s the driving to consider. 


, 212HP ( 156k W.) An 


output few other slx cylinder, three litre 
engines even match. Beneath both feet, 
stabiliser bars check body roll. (Specially 
sculptured seats check the other kind of 
body roll, incidentally.) 

Double wishbone suspension keeps the 
wheels perpendicular to the road (should 
the urge to test die laws of physics get the 
better of you). 

Why not see your Lexus dealer about 
the GS300? You’ll soon realise that being 
driven by ambition doesn’t exclude you 
from having the ambition to drive. 




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20 


BUSINESS AND THE LAW 


FINANCIAL TIMES TUESDAY MARCH 15 1994 


When only direct 
challenge is valid 



EUROPEAN 

COURT 


/ — Individuals who do 
/j\ I A not take up their 
flgpgl.. to challenge 

European Commis- 
sion decisions by 
bringing direct 
actions in the 
European Court of 
Justice cannot 
later challenge them by way of a 
reference from a national court to 
the ECJ for a ruling on a prelimi- 
nary point of law, the Court ruled 
last week. 

The case concerned the payment 
of state aid to a German textile 
company about which the Com- 
mission had not been notified and 
which was therefore declared 
unlawful. The German govern- 
ment was ordered to seek restitu- 
tion of the money. A copy of the 
Commission decision was sent to 
the company by the Federal eco- 
nomics minis ter who advised the 
company it could challenge the 
decision by a direct action in the 
ECJ. 

No such proceedings were 
brought either by the company or 
the German authorities. More 
than six months later, the Federal 
economics minister withdrew the 
decisions to grant the aid, in com- 
pliance with the Commission deci- 
sion. 

The company brought proceed- 
ings for judicial review in the 
national courts a g ar pct the minis- 
ter's decision. The proceedings 
were dismissed at first instance. 
The company appealed, claiming 
that the aid in question had been 
partially compatible with the 
Rome treaty rules and that this 
vitiated, at least in part, the Com- 
mission decision declaring the 
whole package unlawful 
The company claimed that it 
was entitled to invoke this c laim 
despite the fact that the limitation 
period for bringing a direct action 
before the European Court of Jus- 
tice had expired. The appeal court 
referred the issue to the European 
Court for a preliminary ruling. 

The Court set out its own juris- 
prudence on the issue. First, it 
said a decision which had not 
been challenged in a direct action 
by its addressee within the limita- 
tion period set down in the Rome 
treaty became definitive. Second, 
a company benefiting from an 
individual state aid which was the 
subject of a Commission decision 
was entitled to bring a direct 
action before the ECJ challenging 
It, even if the decision was 


addressed to a member state 

The Court said time limits set 
out in the Rome treaty for direct 
actions applied equally to member 
states and individuals. Thus, a 
member state which failed to 
bring a direct action within the 
limitation period could not chal- 
lenge the validity of a decision 
thereafter. The reason for this was 
that the imposition of limitation 
periods safeguarded legal cer- 
tainty by avoiding the situation 
whereby Union acts could be chal- 
lenged indefinitely. 

The Court then ruled that the 
same reasons led it to exclude the 
possibility of an individual benefi- 
ciary of State aid challenging a 
Commission decision by attacking 
the national measures taken to 
ensure compliance with It, where 
that individual had had the oppor- 
tunity to chaitongn the Commis- 
sion decision directly before the 
ECJ but had failed to do so. If it 
were otherwise, the Court contin- 
ued, the individual would be 
chang in g the definitive nature of 
the Commission decision. 

The Court distinguished the 
present case from previous ones in 
which it had ruled that the mere 
fact that a direct action had been 
brought before it did not stop the 
same party from bringing an 
action before the national courts 
in order to challenge national acts 
executing the decision which 
formed the basis of the direct chal- 
lenge. The Court pointed out that 
in these previous cases, direct 
action had been brought by the 
individuals concerned. 

The Court also distinguished 
another case, in which it had 
ruled that an individual was enti- 
tled to challenge the legality of a 
Commission decision by challeng- 
ing a national act taken pursuant 
to that Commission decision. 

The Court stated that the only 
act capable of being challenged by 
the individual in that case was the 
national act and that the individ- 
ual had the right to challenge 
such decisions indirectly before 
the national courts when direct 
action was not available. In the 
present case, the individual was 
made fully aware of the Commis- 
sion decision and the possibility of 
challenging it directly. 

C-188192: TWD Textilwerke Deg- 
gendorf GmbH v Germany. ECJ 
FC, 9 March 1994. 

BRICK COURT CHAMBERS, 
BRUSSELS 


R ecent reforms of the legal 
profession are beginning to 
bear fruit Five years after 
Lord Mackay, the Lord 
Chancellor, launched his ambitious 
plans to find "new or better ways of 
providing [legal] services and a 
wider choice of persons providing 
them", traditional demarcation 
lines are breaking down. 

Solicitors have been granted the 
right to appear as advocates in the 
high er courts. The Bar is consider- 
ing allowing the public direct access 
to barristers. And four organisa- 
tions, the Institute of Licensed Debt 
Practitioners, the Institute of Com- 
mercial Litigators, the Chartered 
Institute of Patent Agents and the 
Institute of Legal Executives have 
applied to the Lord Chancellor's 
advisory committee cm legal educa- 
tion and conduct for limited advo- 
cacy rights or the right to conduct 
litigation. 

The threat posed to the Bar by 
solicitor advocates has been appar- 
ent for some time, but challenges to 
solicitors' monopoly on the prepara- 
tion of cases for trial - the so-called 
conduct of litigation - are new. 

Solicitors have little to fear from 
three of the institutes. The debt 
practitioners want litigation and 
advocacy rights in unopposed debt 
work in the county courts. Patent 
agents, who already hold advocacy 
rights in the patents County Court, 
want litigation rights in the High 
Court Legal executives, who have 
some rights as solicitors', represen- 
tatives in chambers hearings want 
extended rights for limited areas of 
work in open court 
The application by the Institute of 
Commercial litigators is a different 
proposition, however. The ICL was 
founded by construction consul- 
tants James R Knowles and Buck- 
nail Austin and by chartered quan- 
tity surveyors Cyril Sweett, Tweeds 
and Beard Dove. It is seefong the 
right to conduct litigation in build- 
ing. construction and engineering 
matters, including negligence dis- 
putes, in the High Court (mainly 
the Official Referee’s Court), county 
courts and in any appeals. 

If its application is approved by 
the advisory committee and subse- 
quently by the Lord Chancellor and 
England's four senior judges, mem- 
bers of the institute could pose a 
considerable threat to the solicitors’ 
monopoly in lucrative construction 
and building litigation. 

The construction industry is the 
largest in the UK with an annual 
turnover of some £30bn, employing 
around 1.3m people. Construction 
contracts can be extremely complex 
involving employers, main contrac- 
tors and sub-contractors working 
closely with architects, quantity 
surveyors and consulting engineers. 
Problems unique to the construc- 
tion industry such as bad weather, 
unsuitable ground conditions, com- 
bined with others such as design 


Fight to take 
case to trial 

Robert Rice on the challenge to 
solicitors’ sole conduct of litigation 



Lineen: the ICL can cut client costs Jensen: ‘one stop shops* case is clear 


problems and material failures, 
result in disputes. These disputes, 
which often involve complex techni- 
cal matters, and issues of feet and 
law, occur regularly. 

Patrick Lineen, Knowles’s finance 
director and a director and founder 
member of the ICL. estimates that 
the construct! on/huilding disputes 
market is worth about £150m a 
year. Construction consultants and 
quantity surveyors already take 
about 30 per cent of that market 
through their conduct of arbitra- 
tions. They both prepare claims and 
present them on behalf of contrac- 
tor clients. But if a dispute goes to 
litigation, the conduct of the case 
must be relinquished to a solicitor. 

This is what construction consul- 
tants object to. Mr Lineen says 
there is little appreciable difference 
between preparing a case for arbi- 
tration and preparing it for trial 
But more importantly construction 
clients dislike the duplication of 
effort and additional cost when a 
dispute goes to court 

Paul Jensen, deputy managing 
director of Knowles, says the advan- 
tages to construction clients of 
being able to use construction con- 
sultants and quantity surveyors as 


“one stop shops” for disputes are 
clear. He says it is more economical 
to brief one group rather than two, 
consultants are cheaper than solici- 
tors, and there is a technical affin- 
ity between consultant and client 
which rarely exits between con- 
struction client and solicitor. 

"When a client comes to us with a 
potential dispate involving complex 
technical issues we understand the 
problem immediately, whereas for 
most solicitors who don’t possess 
the necessary expertise there is a 
learning curve for which the client 
is paying," he says. 

There is no shortage of legal 
s kills either. Of 186 consulting staff 
at Knowles, 26 have law degrees in 
addition to industry qualifications, 
18 are hamsters and 81 are associ- 
ates or fellows of the Chartered 
Institute of Arbitrators. 

The ICL’s application was put 
together over 15 months and has 
been very carefully pitched. Its pro- 
fessional conduct, discipline and 
complaints rules are based on those 
of the Law Society. Tr aining for 
those wishing to become fellows of 
the ICL would be handled by the 
University of Bristol under the 
guidance of Professor Malcolm 


Furmston and would follow the 
approach currently taken by the 
Law Society and the Bar - a s kills - 
based course followed by a period of 
supervised on-the-job training. 

Consultants and quantity survey- 
ors who are already dual qualified 
as barristers or solicitors would 
have to pass an exam on Commer- 
cial court procedures, plug any gaps 
in their specialist knowledge and 
undergo a period of supervised 
training. 

The application Is at first sight 
difficult to fault. But the ICL 
expects strong opposition from 
solicitors. John Bishop chairman of 
the 200-strong Official Referee’s 
Solicitors Association and senior 
partner of Masons, one of the lead- 
ing construction litigation law 
firms, regards competition from 
non-solicitors for the right to con- 
duct litigation as "inevitable and 
probably a good thing”. 

Provided they are competing with 
solicitors on level terms fay comply- 
ing with similar standards of train- 
ing and conduct he is happy to let 
the market place decide. But he 
says: Td be surprised in the short- 
arid medium-term if they could 
match the experience and expertise 
that solicitors have in managing 
major litigation.'’ 

Andrew Lockley, head of the Law 
Society’s legal practice directorate, 
says there are some obvious con- 
cerns. He foresees problems with 
the ICL’s low membership - five 
members at present - and its lack 
of experience in training or regula- 
ting members . 

“It seems odd that they haven't 
asked their various professional 
bodies, such as the Royal Institute 
of Chartered Surveyors, with good 
track records to apply on their 
behalf,” he says. 

He also foresees a problem in 
preserving the infa^rity of expert 
witnesses. The ICL seems happy for 
consultants to conduct litigation 
and instruct a member of their own 
firm as an expert witness, he says. 

“It would not be possible for a 
solicitor, other than in very special 
circumstances, to provide a witness 
from his or her firm and certainly 
not an expert. If it is not prohibited 
by the rules of this institute we 
would have very grave concerns,” 
he says. 

Mr Linpen is sanguine about 
these grumbles. The ICL is prepared 
to leave it to the advisory commit- 
tee. which will at the end of this 
week put the application out to con- 
sultation. The institute should have 
a better idea of its chances of suc- 
cess by the autumn. Mr Lineen says 
that if the green light is given it 
will begin a recruitment drive. He 
says other industry sectors such as 
property, shipping and supply 
industries might also benefit from 
similar rights, and the ICL is bud- 
geting for more than 1,000 members 
within five years. 


legal briefs 


iT 




US legal system 
not consulted by 
40% of low earners 

E ach year roughly half of low 

and moderate income 
households in the US face 
a i fg ai problem but most of them 
do not consult a lawyer or turn 
to the civil justice system. 
According to the National Law 
Journal a US legal m ag a z i ne, a 
survey commissioned by the 
American Bar Association 
discovered that more than 40 per 
cent of households in both income 
groups attempted to resolve 
problems on their own, while 38 
per cent of the low-income 
households did nothing at all. 
Asked why they took no action, 
respondents said they “thought 
nothing could be done”. The most 
common reason given by 
respondents for not consulting 
a lawyer or using the civil justice 
system was they “did not think 
it would help”. 

In 71 per cent of cases where 
a legal need was identified by 
low-income households and 61 per 
cent in middle-income households, 
the dvil justice system had not 
been involved. Most common legal 
problems were defat and consumer 
Issues; housing; personal injury; 
and family and domestic relations. 
Mr R William, ABA president, said 
the inability to resolve such 
problems simply because 
Americans did not have access 
to appropriate help was “a national 
tragedy". 

Maternity rights 

T he Law Society’s governing 
council last week adopted 
a proposal by the Association 
of Women Solicitors to enhance 
maternity rights to women law 
firm partners, as part of its model 
anti-discrimination policy. The 
move is in line with maternity 
rights for ail women employees 
under die 1978 Employment 
Protection (Consolidation) Act 
Equity partners, not being 
employees, fall outside the 
statutory protection. 


pi •*••■*•* 





21 


FINANCIAL TIMES TUESDAY MARCH 15 1994 

ARTS 


Hidebound 
by rhetoric 


I t has to be said at once that Unbound, 
which with Dali- The Early Years, 
makes up the spring double-header at 
the Hayward, is as dispiriting and 
misbegotten an exhibition as could be cotv 
trived. What makes it worse, if that is 
possible, is that it raised beforehand a 
certain curiosity and even a few hopes. 
Subtitled Possibilities in Painting, it prom- 
ised the work of some 14 artists from 
around the world united only In “their 
passionate devotion to the physical, intel- 
lectual and emotional range offered by 
painting." We should have known better. 

In the event it proves to be a celebration 
only of the kind of painting that fits the 
narrowest curatorial interest, which may 
be characterised as the orthodoxy of the 
conceptual avant-garde. We are in a time' 
in which, as the Hayward's publicity mate- 
rial puts it, "galleries ... are reporting an 
upsurge of interest in paintings”, to which 

William Packer casti- 
gates the organisers of 
‘ Unbound : Possibilities 
in Painting ’ 


disingenuous remark there are two thing s 
to say. There is no such upsurge of inter- 
est for the simple reason that there was 
never a downsurge: painting continues as 
it has always been, a principal means by 
which artists express their engagement 
with their experience of the world. Had 
there been one, however, any such down- 
surge would have been brought about pre- 
cisely by the curatorial myopia and theo- 
retical narrowness that such a show as 
this represents. As for the poor punter, he 
would be forgiven for never wanting to see 
“a possible painting" ever again. 

The ploy is this. Since, to the sincere 
and educated curator of contemporary art, 
the only art to be respected Is that sanc- 
tioned by its engagement with the cun 
rency of the avant-garde: and since that 
present currency is insistently conceptual 
- that is to say idea led - and since 
painting, stubborn as ever, wont go away: 
what to do? Why, shoe-hom it somehow or 
other into that fixed set of received princi- 
ples. That done, the position is secure 
from all attack - heads, we win: tails, you 
lose. “Those who treat painting precisely 
as an ‘old-time religion', and they are 
endemic, especially in Britain,'* writes 
Adrian Searle in bis catalogue apologia for 
himself and his colleague, Greg Hilty, 
“will find little comfort here. This is not a 
return to order but a breaking of bounds.” 

But what of those of ns who treat paint- 
ing as, well, painting? Let us take a work 
by the German, Imi Knoebel “ ... at first 


sight (it) seems nothing more than a blank 
sheet of plywood, pinned to the wall. ..it 
is a painting which has turned Its back to 
us: it is the reverse side of a painted pan- 
el . . .it comprises several paintings sand- 
wiched together, paintings we shall never 
see." Himnnr and that makes the painter 
himself so special? Indeed. "He works 
between positions, and with all positions: 
he works with dualities, oppositions, repe- 
titions and contradictions. He does not so 
much have a repertoire of painting, as 
scrutinise what a repertoire means. His 
work is rigorous ...” And is it for him or 
us to him a face to the wall, and weep? 

It is easy enough to mock, but neces- 
sary. Take the American, Jonathan Las- 
ker, whose practise is to over-lay simple 
abstract figures, one upon another - grids, 
whirls and pictograms, all drawn with a 
self-conscious clumsiness. His has been, “a 
scrutiny of Intention and order in paint- 
ing. and yet his work is filled with para- 
dox . . . the final mark ... as much a nmiai, 
or cancellation ... as it is a summation." 
Raoul de Keyset, a Belgian, presents a 
suite of small canvases, each painted with 
a perfunctory simplicity, the image some- 
times roughly gestural but more often a 
set of rectangles, ambiguous blocks or 
apertures within the picture-plane. They 
have "the concentration of a stare . . . they 
are Full of impetuosity and strange- 
ness. ..the activity of painting is often a 
series of delays . . . (undermined) with 
some reckless manoeuvre . . 

So the special pleading goes on. Michael 
Krebber. another German, offers Imagery 
of an almost cynical ineptitude, its signifi- 
cance. we are told approvingly. "Jeopard- 
ised by the abject manner of its descrip- 
tion . . . What we are offered ... is snatched 
back, in repeated acts of self-consump- 
tion.” What do we learn of our own Zebe- 
dee Jones, and his “opaque, all-over, sin- 
gle-hued surfaces”? "The light in the 
painting s is fugitive, depending on how 
one stands In relation to the object”, 
which is a great help. 

Hie presence of Peter Doig and Fiona 
Rae in such company is a surprise, that of 
Paula Rego oddest of aU, for whatever else 
they might be, they are all true painters in 
s omething more than the menhaniral and 
process-driven sense so dear to the selec- 
tors. But Doig won the John Moores Prize 
last autumn, Kona Rae has been a Turner 
Prize contender, and Paula Rego presents 
the acceptable Face of narrative painting, 
so it was safe enough to put them in. But 
for the “Possibilities of Painting” that they 
adumbrate in their work/we are far more 
likely to find them relished and explored 
at the Summer Show of the Royal Acad- 
emy than ever at the Hayward. 


Unbound: Possibilities in Painting, Hay- 
ward Gallery, South Bank Centre SE1, 
until May 30. 



Opera in London 

Revivals and rarities 


A recent Arts Council report 
complained that English National 
Opera had an insufficient stock of 
“revivable productions". There 
are no problems for the Royal Opera there: 
by taking fewer risks in the 1970s and ’80s 
the company has furnished itself with a 
good number of productions that it can 
bring back again and again. 

The present production of Un ballo in 
maschera has been treading the boards 
since 1975. It has acquired some fussy 
stage business lately, but in visual terms 
its appeal grows. Verdi’s opera is set 
emphatically in the 18th-century Sweden 
for which it was originally intended, a 
land of cold gloomy nights and plain Inte- 
riors. It was a clever idea to design the 
sets In the style of those at Gustavus’s 
own theatre at Drottningholm, finally 
revealed in the masked ball of the title. 

The theme of people in disguise is 
woven right through the plot, but it is no 
good any production hoping to dress up 
second-rate singers. With the Russian 
soprano Nina Rautio the only surprise is 
that such a small frame should hide such 
a big voice. She is not masquerading as a 
Verdi soprano - the top of the voice Is 
tremendous, unfettered and powerful. 
Lower down a lack of Itallanate colour is a 


hindrance, hut her Amelia makes an 
undeniable impact 

Unlike some sopranos, she has the grace 
not to dwarf Dennis O’Neill's short but 
sturdy Gustavus. This is one of the tenor’s 
more effective roles, although crude Itat 
ianate effects still lie alongside phrases 
that are shaped with genuine style. Paolo 
Coni was overparted as AnckarstrOm. His 
bright, youthful baritone has to stretch to 
its limit to reach the appropriate level of 
gravity. Both, men sounded strained at the 
big moments, though for different reasons. 

There was an Ulrica <rf some class from 
Jane Henschel, the fast vibrato an unusual 
feature, but not unappealing. Judith 
Howarth has all Oscar’s solos under her 
belt, but never really makes them sparkle. 
The music Verdi gives her asks to dazzle 
with its brilliance, which Daniele Gatti 
made sure it did in the pit The liveliness 
of his conducting would be welcome if it 
was not bought at the price of exaggerated 
speeds. 


Unfortunately, the generation of Italian 
conductors born baton in hand with an 
innate command of Verdian style seems to 
be dying out. as are Italian singers with 
voices on a grand opera scale. Today they 
eat pizza in Moscow, but Russian singers 
sing Verdi at La Seals. That is the free 
market in the late 20th-century. 

Richard Fairman 

F or London opera-lovers, the Chel- 
sea Opera Group does indispens- 
able service of a high order it 
unearths, or dusts off, semi-forgot- 
ten pieces whose time may have come, or 
come again. It does that on best advice, 
with scrupulous preparation and a happy 
marriage of rising professional soloists 
with Its own semi-pro orchestra and cho- 
rus. Sometimes its efforts inspire grander 
revivals; but the COG’S thrifty concert-per- 
formances are stfll dependably rewarding 
in their own right 


At the Queen Elizabeth Hall on Satur- 
day we heard The Nightingale, by the 32- 
year-old Stravinsky, and the 34-year-old 
Bizet's Djamileh : not really a dose match, 
though both are Eastern-exotic exercises. 
Stravinsky's music for bis fairytale China 
drifts between Slav folk-fantasy and per- 
cussive barbarism in the vein of Le Sucre 
- which he had composed between 
starting and finishing thi« miniature 
opera. The one-act Djamileh is pure 
French operetta. 

The Nightingale hardly needs rediscover- 
ing, for every few years somebody puts it 
on with the rich costumes and balletic 
ritual that are part of Its conception. 
Despite Its switch of styles in midstream, 
which used to be thought a decisive fault, 
it has come to occupy - hauntingly - its 
own unique niche in the canon. The plain 
COG performance, in English, justified 
Itself through Michael Lloyd's well-paced 
conducting, Eileen Hulse’s lovely, fluid 
delivery of the Nightingale's coloratura 


music, David Bazrell’s solid character as 
the Emperor and Philip Sheffield's coolly 
fervent Fisherman-narrator. 

Sheffield came into his own in Djamileh, 
as the hedonistic young Caliph of Cairo 
who smokes, drinks and gambles as if 
there were no tomorrow, and expects a 
new slave-girl mistress every month. If 
there are young French tenors who can 
match Sheffield's well-arched, period-styl- 
ish legato, bright diction and disarmingly 
fresh timbre, I have not heard them. He 
promises to be an invaluable performer in 
this repertoire. 

As Djamileh herself, the lovelorn cur- 
rent slave-girl who longs to stay on indefi- 
nitely, Margaret McDonald was tremulous 
and chaste as only a British mezzo can be. 
Barrell gave us a ripe Splendiano, the 
Caliph's cynical accountant-cum-procurer. 
The whole romance floated charmingly, 
and wanted only some tacky "exotic" 
dancing to fill it out If Bizet's score is 
lightweight. Its chromatic inventions 
reach beyond anything in his earlier Pearl 
Fishers (currently at the ENO. and warmly 
recommended). Here Djamileh made a 
bracing listen, no less illuminating than 
engaging: another COG success. 

David Murray 


Dance 

Stars shine 
at Nureyev 
gala night 

P irouettes by the million. Stars by 
the score. Enough emotion to 
float a battle-cruiser. The great, 
the good, the generous, from bal- 
let and theatre. An audience ready to 
rejoice, and in the process to help the 
charity CRUSAID. And the spirit of Rud- 
olf Nureyev to unite us all. Thus Sunday 
night's gala. In which something of 
Nureyev’s unique and uniquely potent 
I presence was again to hold a packed thea- 
tre in thrall. 

Derek Deane, to whom all praise, mas- 
terminded a show that sought - and suc- 
cessfully found - a way to say something 
about Nureyev's life and work. So such 
eminent figures as Vanessa Redgrave and 
Nigel Hawthorne, Alan Bates, John 
Schlesinger, Jayne Torvill, Stephen Fry; 
such dance colleagues as Sibley and Dow- 
ell, Lynn Seymour and David Wall, Dame 
Beryl Grey and Sir Peter Wright - among 
many others - spoke of him, and Intro- 
duced, with miraculous brevity, dancers 
from around the world in works which 
reflected Nureyev’s attainments or his 
tastes. 

Any commentary on a gala inevitably 
reads like a laundry list. 1 simply note 
certain high-lights In an evening that 
went with exemplary smoothness, aston- 
ishing speed (ah, memories of those galas 
that seemed to take place daring a go- 
slow by time Itself), and enormous good 
humour. There was Irek Mukhamedov to 
frame Nureyev’s career In the West: 
appearing first In an evocation of the 
Poeme traglquc In which Nureyev raced 
into our lives, and closing the show with 
Liz Robertson in "Shall we dance” from 
The King and I, and making us want to 
see him in the entire thing. 

The Paris Opera paid grand, homage to 
its erstwhile director, with Elisabeth Pla- 
te! impeccable in La Rayad&rv, partnered 
fay the prodigious Nicolas Le Riche, mak- 
ing his London debut. Also from the 
Opera, Charles Jude, looking hauntingly 
like Nnreyev, in a solo to Beethoven; Isa- 
belle Gu£rin and Laurent Hilaire very 
dashing in Sleeping Beauty: and Elizabeth 
Mamin leading in triumph a group of 
young dancers who fizzed and whizzed, 
spun and spun again. They were angels 
an, with Johan Kobborg. Yat Seng Chang. 
Giuseppe PI cone Hying in the face of grav- 
ity, and Ambra Vallo and Marta Barahona 
sparkling alongside them. 

Darcey Bussell was thrilling in Balan- 
chine’s Tchaikovsky pas de deux: Igor 
Zelensky (from St Petersburg) was truly 
Balanchine's Apollo - serious, powerful - 
and Evelyn Hart and Rex Harrington 
from Canada were all emotion in Kylian's 
Nuages, a duet admired by Nureyev. Mak- 
arova found herself high-ki citing with 
Kermit the Frog (and Miss Piggy, not the 
least of Nureyev's partners, we recall, iu 
buoyant attendance), and Nureyev’s 
Borneo and Juliet was touchingly evoked 
by Agnes Oaks and Thomas Edur in the 
balcony duet. His tremendous appear- 
ances In the Carsarre duet were remem- 
bered through Tetsuya Kumakawa and 
Mlyako Yoshida cm transcendental form. 

There was more. And more. Stephen Fry 
confessed that he didn't think he could 
ever have been a dancer - describing his 
possible dance-self as looking like "a bin- 
liner filled with yoghurt". I must point 
out. encouraging as always, that this is 
tire ideal physique sought by some post- 
modern troupes. Alan Bates was a sensi- 
tive guide to the one heart-tearing 
moment of the evening - a collage of film 
clips showing Fonteyn and Nureyev. We 
all wiped the eye. 

But it was, in essence, a celebration of 
Nureyev’s work and art, and as audiences 
knew throughout the world during his 
career, we left the theatre exhilarated by 
him, and by his influence on dancing. The 
programme book for the evening was 
most handsome, and a worthy reminder of 
him. And for anyone wishing to help CRO- 
SAID’s work, in memory of Nureyev's 
contribution to their joy in the theatre, 
contributions please to CRUSAID at l 
Walcott Street, London SW1P 2NG. 

Clement Crisp 


I NTERNATIONAL 

Arts 

Guide 


■ AMSTERDAM 

Concertgebouw Tonight Ton 
Koopman conducts Amsterdam 
Baroque Orchestra and Choir In 
Bach’s B minor Mass. Tomorrow, 
Thurs, Fri: Marias Jansons conducts 
RoyaJ Concertgebouw Orchestra 
in works by Strauss and 
Tchaikovsky, with cello soloist 
Heinrich Schiff. Fri (FGeine Zeal): 
Nikolai Demidenko piano rectal. 

Sat afternoon: Edo de Waart 
conducts Radio Philharmonic 
Orchestra in Mahler's Seventh 
Symphony. Sat evening. Sun 
afternoon: Netherlands Chamber 
Orchestra plays Schubert, with violin 
soloist Ernst Kovacic. Sun evening: 
Alfred Brendel plays Beethoven 
piano sonatas- Mon: Amsterdam 
Tonkunst Choir in Bach's Matthew 

Passion (24-hour information service 
020-675 441 1 ticket reservations 
020-671 8345) 

Muzfekth eater Tonight, Fri, next 
Mon. Thurs, Sat Alberto Zedda 
conducts Dario Fo’s production 
of II barblere dl Slvfglia, with cast 
headed by Vassily Gerello, Monica 
BaceUi and Hongi-Shen U. Sat Sun: 


opening performances of Dutch 
National Ballet's Balanchine 
programme, In repertory till April 
9 (020-625 5455) 


■ BASLE 

Casino Tomorrow: Martin Tumovsky 
conducts Basle Symphony 
Orchestra In works by Haydn, 
Beethoven and Debussy, with piano 
soloist Christa Romer. Thurs: Kywg 
Wha Chung and Stephen 
Kovacevich plays violin sonatas 
by Bach. Mendelssohn and Ravel 
(061-272 1176) 


■ BRUSSELS 

Monnare This month's production 
Is Rossini's Otello, staged by Luca 
Ronconi and conducted by Gianlidgl 
Gdmetti, with cast headed by Chris 
Merritt and Leila CuberiL Next 
performances tomorrow and Sat 
(02-218 1211) 

Palais des Beaux Arts Tomorrow: 
Philippe Herreweghe conducts 
Collegium Vocals In Bach's Easter 
Oratorio. Thurs: Guido Johannes 
Rumstadt conducts Belgian National 
Orchestra In works by Villa-Lobos, 

Walton and Stravinsky, with violin 
soloist Isabelle van Keulen. Fit 
Pierre Barthdomde conducts Liege 
Philharmonic Orchestra in Dukas, 
Strauss, Falla and Sibelius, with 
piano soloist Brigitte Engerer 
(02-507 8200) 


■ CHICAGO 

CHICAGO SYMPHONY 

Tonight’s Beethoven and Dvorak 
programme at Orchestra Hall is 
directed by Christoph Eschenbach. 
On Thurs, Fri afternoon, Sat and 


next Tues, Riccardo Chalfly 
conducts works by Schnittke, 

Mozart and Rav/el, with piano soloist 
Maria Joao PIres. Christopher 
Hogwood conducts The Academy 
of Ancient Music on Fri evening 
(312-435 6666) 

THEATRE 

• The Night of the Iguana: Robert 
Falls directs Tennessee wnfiams' 
late play, with William Peterson as 
the debased minister drawn to a 
New England spinster, played by 
Cherry Jones. Till April 10 (Goodman 
312-443 3800) 

• The Mesmerist: Ara Watson's 
play, set in 1884 India, about the 
leader of a spiritual society who 
is investigated when her mystical 
powers are caned into doubt Till 
April 3 (Steppenwotf 312-335 1650) 

• The Master and Margarita: this 
stage adaptation of Bulgakov’s 
novel is a collaboration between 
Steppenwotf Theatre Company and 
Lookingglass Theatre, one of 
Chicago's best small ensembles. 
Just opened (Steppenwotf Studio 
312-335 1650) 

• The Importance of Being 
Earnest Oscar Wilde's classic 
comedy directed by Nicholas 
RuddelL Till April 3 (Court 312-753 
4472) 


■ GENEVA 
Grand Theatre Tonight Roderick 
Brydon conducts premiere of 
Francesca Zambello's new 
production of Billy Budd, with cast 
heeded by Robert Tear, Rodney 
Gflfty and Wfflard White. Repeated 
March 18, 21, 23, 26, 29 (022-311 
2311) 

Victoria Han Tomorrow; Diego 


Masson conducts Suisse Romande 
Orchestra In works by Mozart and 
Berio, with violin soloist Josef Suk 
(022-311 2511). Sun: Wolfgang 
Sawaflisch conducts Vienna 
Symphony Orchestra in symphonies 
by Haydn and Bruckner (022-310 
6611) 


■ VIENNA 

OPERA 

Stoats oper The main event this 
week is a revival of Der 
Rosen kavalier on Fri conducted 
by Carlos Kleiber, with cast headed 
by Felicity Lott, Anne Sofia von 
Otter, Barbara Bonney and Kurt 
Moll (repeated next Mon and Wed). 
Repertory also Includes II trovatore, 
Marion Lescaut and Andrea Chenier 
(51444 2955) 

Volksoper Tonight Bizet’s Pearl 
Fishers. Tomorrow and Fri: Lady 
Macbeth of Mtsensk conducted 
by Donald Run nicies. Thurs: Le 
nozze dl Figaro. Sat Die . 
Fledermaus. Sun: Don Giovanni. 

Next Mon: Lahar’s Gluditta (51444 
2959) 

CONCERTS 

Musikverein Tonight Pinchas 

Steinberg conducts Austrian Radio 
Symphony Orchestra in works by 
Lalo, Berlioz and Prokofiev, with 
mezzo soloist Vessefina Kasarova. 
Tonight, Thins (Brahms Saai): Dmitri 
Hvorostovsky song rscitaL Sat and 
Sure Franz Wdser-Most conducts 
London Phllhaimonic in Haydn. 
Schumann and Shostakovich, with 
piano soloist Mttsuko Uchida. Sun 
afternoon, next Mon evening: Yefim 
Bronfman is piano soloist with 
TonkOnstier Orchestra. March 24: 
Frederica von Stade song recital. 
March 26, 27: Harnoncourt conducts 


Matthew Passion (505 8190) 
Konzerthaus Tonight Michael 
Gielen conducts Ensemble Modem 
in works by Varese, Webern, Cerha 
and Spinner. Tomorrow: William 
Christie conducts Les Arts 
Florissants In concert performance 
of Johann Adolf Hesse's three-act 
opera Cteofide. Tomorrow, Thurs, 
Sat, Sun (Mozart Sard): Tokyo 
Quartet Next Tubs: Cheryl Studer 
song recital (712 1211) 

THEATRE 

A new production of John Osborne's 
The Entertainer opens at Theater 
in der Josefstadt on Thurs (402 
5127). Claus Peymann's new 
Burgtheater production of Ibsen's 
Peer Gynt can be seen on Sat and 
Sun (51444 2959). Repertory at 
Aksdemletheater Includes David 
Mamet 1 s CMeanna, Gorki's Children 
of the Sun and Pirandello's Six 
Persons In Search of an Author 
(51444 2959) 


■ WASHINGTON 

OPERA/CONCERTS 

• Washington Opera's season 
ends this week with performances 
of Un ballo in maschera and 
Madama Butterfly (202-416 7800) 

• Semyon Bychkov conducts 
Orchestra de Parte In symphonies 
by Berlioz and Beethoven tomorrow 
at Kennedy Center Concert HalL 
On Thurs, Fri, Sat and next Tues, 
Otto Wemer-Muellar conducts 
National Symphony Orchestra in 
works by Schubert Rodrigo and 
Haydn, with guitar soloist 
Christopher Parfcenlng. Leonard 
Slatkfn conducts Saint Louis 
Symphony in the Mazetti version 

of Mahler's Tenth on Sun afternoon 
(202-467 4600) 


• Johnny Mathis sings EUington 
on Thurs, Fri, Sat and Sun afternoon 
at Baltimore’s Joseph Meyerhoff 
Symphony Hall (410-783 8000) 
THEATRE 

• The Sisters Rosensweig: Wendy 
Wasserst eln’s Broadway hit about 
the reunion In London of three 
American Jewish sisters. Till April 
10 at Elsenhower Theater (202-467 
4600) 

• Peace and Quiet: a new play, 
written and directed by Kristen 
Kann, about a dysfunctional family. 
Opens on Fri at Gunston Arts Center 
(703-519 91231 

• Abundance: Beth Henly's 
comedy about two mail-order brides 
in thB Wild West Opens tonight 

at Signature Theater (703-820 9771) 


■ ZURICH 

Opemhaus Tomorrow: Glazunov's 
ballet Raymonds, choreographed 
by Bemd Bienert. Thurs: Die 
Zauberflote. Fri, Sun afternoon: 
Salome. Sat Rafael FrOhbeck de 
Burgos conducts first night of Ruth 
Berghaus' new production of OteJlo. 
with Frederic Kalt and Daniete DessL 
Sun evening: ballet mixed bill. Mon: 
Margaret Price song recital (01-262 
0909) 

TonhaOe Tomorrow. Fri: Yehudi 
Menuhin conducts Tonhalle 
Orchestra In works by Gounod, 

Sarto k, Lutoslawski and Mozart, 
with cello soloist Leonid Gorokhov. 
Thurs: Edmond de Stoutz conducts 
Zitfich Chamber Orchestra in Haydn, 
Franck, Strauss and Ibert, with piano 
soloist Michel Bdroff. Next Mon: 
Wolfgang Sawallisch conducts 
Vienna Symphony Orchestra in 
Haydn, Apostei and Schumann 
(01-261 160Q) 


ARTS GUIDE 
Monday: Berlin, New York and 
Paris. 

Tuesday: Austria. Belgium, 
Netherlands, Switzerland, Chi- 
cago, Washington. 
Wednesday: France, Ger- 
many, Scandinavia. 

Thursday: Italy, Spain, Athens, 
London, Prague. 

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 
(Central European Time) 
MONDAY TO FRIDAY 
NBC/Super Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euronews: FT Reports 0745, 
1315, 1545, 1815, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Supar Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730: 


7 


l 







W hen Mr Yukio 
Higuchi started 
Kawachiya. 
Japan's first dis- 
count liquor store. 30 years 
ago. he had a hard time fend- 
ing off gangsters sent by com- 
petitors to loiter around his 
warehouse. Discounting was 
virtually unheard of and shop- 
pers were sceptical about the 
quality of his beers and whis- 
kies, drastically cheaper than 
in other retail outlets. 

Today, however, his business 
in the east end of Tokyo is 
buoyant. Annual sales have 
more than doubled over the 
past three years to Yl5bn 
<£95.5m). and it is not the thugs 
he has trouble keeping out 
from his stores anymore, but 
the swarm of shoppers 
attracted by the cheap prices. 

Kawachiya is just one exam- 
ple of the many Japanese dis- 
count retailers now experienc- 
ing' a surge in sales. Hit by the 
sharp downturn of the econ- 
omy and subsequent declines 
in overtime and annual bonus 
payments, consumers have 
curbed spending and are 
looking for bargains. 

The shift in consumption 
patterns has begun to alter the 
archaic landscape of Japan's 
retail industry. Until now. 
Japan's traditional small cor- 
ner shops and upmarket 
department stores have, unlike 
their western counterparts, 
seen only limited competition 
from supermarkets and special- 
ist discounters. 

The start of a shake-out is 
evident in the sharp rise in 
earnings of discount retailers 
such as Aoyama. the men's 
suit retailer, which have used 
their bulk purchasing power to 
cut prices and threaten manu- 
facturers' dominance. Taxable 
profits at the top five discount- 
ers last year were 94 per cent 
higher than in 1999 <see chart). 

Success has been at the 
expense of Japan's upmarket 
but sleepy department stores, 
where sales fell an average of 
2.5 per cent in January from 
the previous year, the 23rd con- 
secutive monthly decline. Mit- 
sukosht expects to report 
losses for the year to the end of 
February, the second year in a 
row. 

Apart from Japan's reces- 
sion. several domestic and for- 
eign factors account for the 
rise of discount retailing: first, 
pressure from the US to cut 
Japan's $8.26bn trade surplus 
has led to the deregulation of 
Japan's multilayered distribu- 
tion and retailing system. 

In 1990 the Japanese govern- 
ment responded to US com- 
plaints by curbing the “anti- 
competitive practices" 
employed by manufacturers to 


Cheap and 
cheerful 


Emiko Terazono on changing 
patterns of Japanese retailing 


Japanese retailing: competition grows 



1984 85 88 87 88 89 90 91 92 93 

fans Baring Seartte 


maintain retail prices at artifi- 
cially high levels. 

In the past manufacturers 
would threaten to stop deliv- 
eries if a retailer failed to apply 
the “suggested retail price" set 
by the manufacturer. Not sur- 
prisingly, the habit had proved 
intractable because the pre-set 
retail price traditionally 
included profit margins for the 
four to five wholesalers along 
the distribution line, all of 
which lost out when prices felL 

The reforms of three years 
ago gave more power to the 
Fair Trade Commission, the 
country's previously toothless 
anti-monopoly watchdog, to 
clamp down on overpricing. 

The commission forced lead- 
ing Japanese beer companies, 
including Kirin Brewery and 
Asahi Breweries, to place 
advertisements In newspapers 
announcing that retailers and 
wholesalers were allowed to 
set their own prices. Last year, 
the commission told the sales 
subsidiaries of leading con- 
sumer electronics companies, 
including Matsushita and 
Sony, to allow retailers to dis- 
count their products without 
fear of losing supply contracts. 

American pressure for access 


to Japanese consumer markets 
can also take much of the 
credit for liberalising the laws 
which protect small retailers 
from new high street competi- 
tors. As a result, retailers can 
now open stores with floor 
space of up to 1,000 square 
metres without the approval of 
the Ministry of International 
Trade and Industry. Existing 
small shopkeepers, often oper- 
ating in premises of less than 
100 square metres, tried unsuc- 
cessfully to resist this change. 

S econd, the first foreign 
retailers to set up in 
Japan since the retail- 
ing law was reformed 
in 1990. are breaking the links 
between the manufacturers 
and the high street. In 1991. 
Toys TT Us, the US discount 
toy store chain, became the 
first retailer to skip over the 
intricate web of wholesalers to 
deal directly with one of its 
suppliers. Nintendo, the video 
game maker. Toys ’R’ Us 
undercut Japanese toy prices 
by leaving out the middle man. 
This approach has gone down 
so well with customers that its 
Japanese turnover per store is 
Sl5m to $2Gm a year, double 


the sales per store in the US. 

More foreign retailers can be 
expected to follow this example 
if only because the number of 
wholesalers is expected to 
decline sharply through bank- 
ruptcies and mergers. Britain's 
Marks & Spencer, for example, 
and The Gap, the US-based 
clothing chain - long accus- 
tomed to dealing directly with 
their suppliers in their own 
markets - are expressing inter- 
est in Japan. 

Third, the expansion of 
national supermarket ch ains 
with greater bulk purchasing 
power has led to price cuts of 
imported clothing and foods. 
Some supermarkets have 
seized on this advantage, mag- 
nified by the strength of the 
yen. to promote their own dis- 
count brands. For example, 
Daiei. the country’s largest 
chain, has launched a private 
label orange juice imported 
from Brazil at half the price of 
national brands. Now its own 
label product accounts for 30 
per cent of Daiei's total orange 
juice sales. 

The company has been a pio- 
neer of the profound changes 
affecting Japan's conservative 
high streets. Mr Dean Perry, 
who studies the retail market 
for Lehman Brothers, the bro- 
ker. in Tokyo, says “ Waimart 
wannabes" will continue to 
take market share from “mom 
and pop" corner stores and 
department stores. These are 
price-efficient discount c hains 
modelling themselves after 
Waimart, the largest discount 
c hain in the US. 

Mr Paul Heaton, retailing 
expert at Baring Securities in 
Tokyo, agrees that the outlook 
for department stores is poor, 
but notes that their malaise 
may not be terminal because 
they are flush with cash from 
many years of overpricing. 

Isetan. a leading department 
store, reckons that one way to 
attract consumers is to speci- 
alise. So it has formed a joint 
venture with Barneys, the 
upmarket fashion store in New 
York, to open a Tokyo shop for 
high-fashion customers. 

Most observers believe that 
Japanese retailing will follow a 
pattern s imilar to that in the 
US in the 1930s, when the 
advance of supermarkets and 
discount stores forced indepen- 
dent retailers to specialise, 
become more efficient or go 
out of business. With struc- 
tural changes in place and con- 
sumers more aware of value 
than in the past, it is difficult 
to see how the cozy, cartel-like 
links between manufacturers, 
distributors and retailers can 
be reforged even when the 
country emerges from its pres- 
ent slowdown. 


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Joe Rogaly 

Clinton’s best chance 


Nobody, not 
even the most 
K A sceptical of us. 
jrar should rejoice 
N" - u ft T at President 
Bill Clinton's 
self-inflicted 
discomfiture. 
H TrvM The spectacle 
of bis proud wife, Hillary, 
being obliged to justify herself 
in magazine interviews may 
satisfy some, but it is not good 
news. When the White House 
is in trouble, everyone is. 

This proposition, which has 
informed western policy for 
the past 50 years, remains true 
in spite of the end of the cold 
war and the subsequent Inabil- 
ity of President George Bush to 
establish a new world order. In 
President Clinton, we have a 
reluctant internationalist, but 
our ultimate dependence on 
the Americans remains the 
same. The US is no longer will- 
ing to intervene in every coun- 
try that falls victim to invasion 
or civil war. but it is the only 
superpower we have. When its 
chief executive is distracted, it 
affects every national interest. 

You cannot get around this 
by saying that only the domes- 
tic programme now before Con- 
gress will be affected by the 
debilitating atmosphere of sus- 
picion that has suddenly 
descended on the presidency. 
Mr Warren Christopher may 
fly to China and Russia in an 
effort to produce a coherent 
foreign policy, but that does 
not constitute evidence that 
the secretary of state's agenda 
has the full attention of the 
White House. President Clin- 
ton's healthcare and welfare 
bills are under greater immedi- 
ate threat horn Congress than 
his inchoate foreign relations, 
but that does not alter the 
case. A US president who is 
weak at home cannot be strong 
abroad. If he fails to get health- 
care through. Congress will be 
that much more difficult to 
persuade when he tries to 
send US troops to keep an 


agreed peace in Bosnia. 

To the question. Is the US 
government on hold?" I was 
given a simple one-word 
answer by White House offi- 
cials last week. "Yes." The sud- 
den explosion oF media interest 
in the Whitewater affair has 
left Mr Clinton frustrated. 
Granted, he is not standing 
still. He is out and about, offer- 
ing a new initiative every day. 
A few days ago he was in New 
York, talking about crime. Yes- 
terday he was in Detroit, 
addressing the Group of Seven 
meeting on employment. He 
spoke with his cus tomar y mas- 
tery of his subject This is an 
intelligent president, who is 
also a consummate practitio- 
ner of the political arts. He is. 
you fed while in the US. per- 
manently on TV. The trouble is 
that, whenever 
he appears, he 
is asked about 
Whitewater. 

Last week 
Georgia's Presi- 
dent Eduard 
Shevardnadze 
had to stand 
silently by 

Mr Clinton's 
side, squirming, 
while a 

press confer- 
ence called to mark his visit 
was turned into a Whitewater 
Inquisition. When the US presi- 
dent is with his staff at 1600 
Pennsylvania Avenue, his 
quicksilver mind is similarly 
diverted. He must pay atten- 
tion to this or that strategy 
meeting on how to get out of 
the mess. He has no overall 
chief to turn to, no topdown 
command structure. 

The Clinton White House is 
composed of loosely Interlock- 
ing taskforces, ad hoc semi- 
nars, groups and committees. 
“That's why I don’t believe the 
wild accusations about bump- 
ing off Vince Foster,” one dose 
observer said, speaking of the 
Clinton associate who commit- 
ted suicide. “This lot would 


Damage control 
advisers say the 
best policy is to 
get the whole 
story, every 
embarrassing 
detail of it, out as 
soon as possible 


still be debating how to do it, 
in a seminar." 

New presidents often get into 
difficulties in their first year or 
so. In 1980-81, President Ronald 
Reagan’s officials were simi- 
larly disorganised. On being 
told that messages from his 
staff conflicted with one 
another, Mr Reagan remarked 
with his actor’s rueful smile 
that “in this White House, the 
right hand sometimes doesn't 
know what the extreme right 
hand is doing". 

Mr Clinton is not yet ready 
to joke his way into happier 
times. The origin of the White- 
water affair was a land deal in 
Arkansas some 15 years ago. 
Few White House officials at 
any level doubt that some eva- 
sions of the civil law occurred. 
Perhaps tax was tardily paid. 

or the influence 
of the then gov- 
ernor Clinton 
was improperly 
used to protect 
his friends or 
his wife Hillary, 
a partner in the 
state's most 
powerful law 
firm. As to 
the subsequent 
clumsy at- 
tempts to con- 
ceal the details, everyone at 
the White House agrees that 
this was a “mistake”. Some 
even beg you to hear their con- 
fessions. So far, so unserious. 
The trouble comes with the 
next layer of speculation. 
Nobody I met will confidently 
affirm that Alabama-style 
petty corruption and an 
attempt to hide it is the limit 
of the matter, that the many 
harsher allegations, some 
involving criminal behaviour, 
will all prove to be false. No 
one is. or can be. certain. 

The consensus among expe- 
rienced damage control advis- 
ers is that the best policy is to 
get the whole story, every 
embarrassing detail of it, out 
as quickly as possible. Let 


nothing be concealed. It is not 
clear that this has yet been 
done, not even now. not after 
all that has happened. Mr Clin- 
ton answers questions when- 
ever he meets reporters, but at 
the weekend he was tetchy 
when one such session touched 
on his tax statements. Mrs 
Clinton has broken her silence 
by giving interviews, but it 
remains to be seen whether a 
decision to put her on TV with 
her husband, taken in the 
White House last Friday, is 
implemented. 

The administration has co- 
operated with the special pros- 
ecutor, Mr Robert Fiske. It has 
sent him the documents he 
asked for. The staff he has 
summoned to appear before a 
grand jury have turned up, 
personal lawyers at their sides. 
Agarnst that. Democrats in 
Congress are resisting the idea 
of committee hearings while 
Mr Fiske proceeds. This is 
technically sound, but it looks 
odd from the very Democrats 
who harassed Mr Clinton’s 
Republican predecessors with 
hearing after hearing. 

Yet Mr Clinton may not be 
permanently lamed by what 
has happened He appears to 
be taking the advice of greyer 
heads than the team of 
inspired twentysomethings he 
brought in from his campaign. 
He could survive a quick and 
not too damning report by Mr 
Ftske and the sacrifice of a few 
minor officials. Mr Bernard 
Nussbaum and Mr Webster 
Hubbell being the first. The 
Republicans may conclude that 
being totally obstructive in 
Congress would rebound on 
them. Mrs Clinton could 
absorb most of the oppro- 
brium. Mr Clinton could stop 
trying to do too much at once, 
and succeed in what he focuses 
upon. 

That is the best-case scenario 
I was offered last week. It 
might come true, absent fur- 
ther damaging disclosures. 
Keep your fingers crossed 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 
Fax 071 873 5938. Letters transmitted should be clearly typed and not hand written. Please set fax for finest resolution 


for the right people 


Wrong tune 
for the 
unskilled 

From Mr G M Simon. 

Sir, Professor Adrian Wood 
(Personal View, March 10) pro- 
poses stimulating the employ- 
ment of unskilled workers by 
increasing the cost of employ- 
ing skilled workers. 

As the oldest piano maker in 
the world, we very much hope 
that this imag inative idea is 
adopted in mainland Europe, 
where the professor believes 
that there will be applause for 
his suggestion. The Wood plan 
should be of great benefit to 
our export trade there since it 
would put up European costs 
and prices and thus be disas- 
trous for our local competitors. 

However, given the risk that 
the Wood plan would simply 
add to the level of unemploy- 
ment in Europe by the collapse 
of the businesses which 
employ the expensive skilled 
workers, perhaps that would 
not be to our benefit. With 
growing unemployment, 
maybe the Europeans would 
not be able to afford our pianos 
after all. 1 suggest that the pro- 
fessor is encouraged to study 
the problem of unskilled unem- 
ployment again and to ask 
himself whether a better 
answer is to increase the 
demand for skilled workers 
and thus provide an Incentive 
for the unskilled to be trained. 
Or is that too American for 
him to tolerate? 

G M Simon. 

John Broadwood & Sons, 

45a High Street, 

Stony Stratford. 

Milton Keynes MKll lAA 


Possibly 

From Mr Ken Mackenzie. 

Sir, With reference to the 
Franglais row, perhaps it is rel- 
evant to note that the French 
for “No" is “En principe, out". 
Ken Mackenzie 
66 rue de Levis. 

75017 Paris 


Right jobs 

From Mr Richard Thomas. 

Sir. Michael Prowse ("A mis- 
guided focus on job creation", 
March 14) says that “inequality 
is simply the price we pay for a 
general level of prosperity 
unimaginable under any other 
economic system". I agree - 
though I would argue about 
the levels of inequality he 
regards as necessary. 

What I cannot agree with is 
his use of the word “we". Mich- 
ael Prowse is not paying the 
price of inequality, except per- 
haps in h i gh er insurance pre- 
miums for his car. This is not a 
rant against Mr Prowse, whose 
ear is usually pretty close to 
the ground: who exactly pays 
the “price" he describes is - or 
should be - central to discus- 
sions on employment 

The debates in Detroit this 


From Mr John Apperley. 

Sir, Ms Isabel Ashman 
(Letters. March 10), like many 
others, may have been con- 
fused by the, at times esoteric, 
debate on the clearing cycle. 
There are two elements which 
have been confused: first “the 
amount of time it takes before 
(a bank) pays interest on a 
cheque” (“Lloyds gives way on 
cheque clearing”, March 4) 
and. second, the amount of 


From WNS Calvert 

Sir, You comment in your 
leading article on Europe's 
competitiveness (“How Europe 
can compete", March 9) that 
the poorest performance 
among European industries is 
in those most exposed to inter- 
national competition. 

This is the reverse oF the 
truth in the case of Europe’s 
footwear industry. Unlike tex- 
tiles, it has had no protection 
and yet has stood up to formi- 
dable low-cost competition far 


week about the apparent 
trade-off between more jobs 
and better jobs, the concerns of 
the Europeans and Americans 
respectively, have missed at 
least half the point who gets 
the jobs. If it is the same indi- 
viduals and families who suffer 
from market-generated 
inequalities, the result is US- 
style ghettoisation, crime, fear 
and waste. Spreading the pain 
around is as important as pain 
reduction. 

An example of this crucial 
distributional issue in the UK 
is the growing gap between 
“work-rich" (two-earner) and 
“work-poor” (no earner) fami- 
lies. The jobs which have been 
created have been taken at the 
top by men, who work the lon- 
gest hours in Europe, and at 
the bottom by their over-quali- 


time before a customer can use 
the funds. 

Your article was correct in 
saying that Lloyds, Midland 
and NatWest will pay interest 
two working days after the 
deposit of a cheque, which has 
long been Barclays' practice. 
However, as cheques can still 
bounce after that time, it takes 
longer until customers can use 


better than its US and Japa- 
nese equivalents. This is 
despite a severe handicap in 
exporting in that most thir d 
countries, including those with 
the most competitive indus- 
tries, do not themselves accept 
imports. As a result EU foot- 
wear production has inevitably 
fallen. However, a recent study 
carried out by Brussels showed 
that, given world-wide free 
trade, this fall would actually 
be reversed. 

The industry has stood up 


fled wives who want to com- 
bine part-time paid work with 
looking after their children. 
This trend is caused by the 
inflexibility of our welfare sys- 
tem and the insistence of men 
to work such long hours (a mil- 
lion extra jobs could have been 
created in the 1980s if working 
hours had continued declin- 
ing). 

Of course job creation is 
vital. But equally important is 
the efficient and equitable 
functioning of labour markets. 
Governments can and should 
play an important part in mak- 
ing this, the most important of 
all markets, work better. 
Richard Thomas, 

Institute for Public Policy 
Research, 

30132 Southampton Street, 
London WC2E 7RA 


between the banks, but the 
length of time cited by Miss 
Ashman sounds correct for the 
circumstances at Barclays. The 
bank is introducing new tech- 
nology this year which will 
reduce the clearing time for 
similar deposits. 

John Apperley, 
head of customer service, 
Barclays Bank, 

1 Royal Mint Court 
London EC3N 4HE 


well because it produces the 
world’s best shoes, and 
because it has adapted skilfully 
to its ruinous trade environ- 
ment But it will only thrive if 
Brussels becomes much more 
determined than hitherto to 
win for it a level playing field 
in international trade. 

WNS Calvert 
director general 
British Footwear 
Manufacturers Federation, 

72 Dean Street, 

London W1V5HB 


Clearing up an esoteric banking point 


the money. 

There are still variations 


In step with most intense competition 


Tougher entrance qualifications would reduce student numbers 


From Rev Dr George 
Worthington. 


Sir, Your editorial. “Open 
universities" (March 4) con- 
fronts the problem of limited 
government funds lor universi- 
ties and the likely denial of 
places to students wanting 
them. Your solution is to make 
students repay, in the future 
out of their enhanced earnings, 
some of their tuition fees. 

If you actually worked in a 
university, particularly one of 
the “new" ones (ex-polytech- 
nics etc), you might well see 
the problem rather differently. 

Seen from Inside, the central 
fact is that in recent years 
there has been great pressure 


from the government (medi- 
ated through vice-chancellors, 
deans and so on, all on perfor- 
mance-related pay) to increase 
student numbers. This has 
been achieved, first by recruit- 
ing anyone who could be found 
with remotely plausible qualifi- 
cations (a couple of E grades at 
A level for example), and, sec- 
ond, by ret aining those stu- 
dents whom one has got. 
almost regardless of perfor- 
mance. The latter aim is 
achieved, among other meth- 
ods, by partially replacing 
exams with a man datory mini- 
mum of "continuous assess- 
ment”, that is project work 
done in the students' own time 


but all too often not by their 
own unaided effort 

Added to all this is a Depart- 
ment of Education-Inspired cul- 
ture which regards all failures 
by students to complete their 
courses as "wastage" which 
reflects badly on the university 
concerned. The result is a rec- 
ipe for the production of great 
numbers of poorly qualified 
graduates who may well never 
achieve the higher incomes 
from which they will suppos- 
edly repay their Tees. 

If numbers are now to be 
limited, the best way to do it, 
both for the sake of equity and' 
for the restoration of the qual- 
ity of higher education. Is to 


toughen entrance qualifica- 
tions. This should be to the 
point where getting into uni- 
versity is once again seem by a 
young person’s family and 
friends, as it used to be, as a 
significant achievement rathe: 
than just a way of keeping 
away from the dole queue. 
E xams should also be tough- 
ened within the universities to 
the point where graduation Is 
again seen by employers as evi- 
dence of that young person's 
ability to work effectively, to 
reason accurately, and to write 
grammatical English. 

George Worthington 
S Abbey View Road 
St Albans, Herts 


FINANCIAL. TIMES TUESDAY MARCH I S 1994 






r 



FINANCIAL TIMES 

Number One Southwark Bridge, London SEJ 9HL 
TeL* 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Tuesday March 15 1994 

A good deal 
for Poland 

Poland's agreement with the ment rate and a $L3bn trade defl- 
Landon Club for the reduction of cit. 

its S132bn commercial bank debt Foreign investment Is needed if 
Is a good deal for the country. It such growth Is to be 
opens the door for a resumption of The way Polish companies, 
lendin g to Pola nd o n normal com- constrained by reluctant banks 
merdal terms, after a lengthy hia- and expensive Towns, have man- 
tas. Above all, it sends a signal to aged to fund their own expansion 
private investors that investment out of retained profits ^ g< = 
in Poland is a normal risk. impressive* The explosive growth 

The outline terms agreed in in Polish share prices is another 
Frankfurt last week still have to indication ttwrf- Poland’s ability to 
be fleshed out by months of finance growth out of its domestic 
detailed research into the exact savings may be hi g frw r than <*nrdH 
amounts of debt and accrued have been imagined one year ago. 
interest owed to each of the 400 or But even this will not be enough, 
so b anks involved. Warsaw also Access to international capital 
still has to make known the markets on normal pjwnmpyrfni 
amount and terms of its debt buy- terms is e$<a»nHat if Poland is to 
back. But the agreement indicates fund the heavy infrastructure 
that the banks are to a write down investment needed to modernise 
between 42jj and 45 per cent of the road, rail and tel e mmfniminatfnn 
net present value of the debt. This Knirc . restructure the energy sec- 
is more generous than the second- tor, and reduce pollution, 
ary market had been expecting. Improved infrastructure is 
The price of Polish debt accord- required if the current recovery is 
ingly fell after the deal was to be turned into sustained rapid 
announced. growth. The London Club agree- 

Neither side obtained exactly ment will facilitate such ara***^ to 
what it wanted. The Polish team foreign capital, 
had been seeking a 50 per cent Above all, h o wever, the Frank- 
reduction. similar to that obtained fort agreement will encourage 
from the Paris Club of official equity investment. This is the 
creditors on $33bn of government- kind of investment most r wttvi p d 
backed loans three years ago. But by all post-communist countries, 
the banks refused to be bound by because it brings technological 
the Paris Chib agreement, which know-how, managwHai skills, new 
obliged the Polish government to exportable products and access to 
seek comparable toms from the world markets. Until now Hun- 
banks. While aware of the tight, gary, with a higher debt burden 
IMF-approved budgetary con- per head than Poland but an 
straints on the Polish government, ‘ impeccable repayment record, and 
the banks argued that their share- the Czech Republic have received 
holders could not be treated in the the lion's share of inward direct 
same way as governments, which investment Now Poland, with its 
agreed to a 50 per cent write off as market of 39m people and strate- 
a political gesture of recognition gic position, is poised to compete 
for Poland's role in the downfall of more effectively for such funds, 
communism and support for its This is one of the most impor- 
pioneering market reforms. tant prizes Poland has earned for 

Three years down the road, persevering with its painful, mar- 
those reforms have started to pay ket-orientated reforms. Both 
off. Last year Poland, with 4 per Po land and the London Club have 
cent growth, boasted the most sent a clear and powerful message 
dynamic economy in recession- to countries like Russia and 
struck Europe. This year growth Ukraine, whose faith in market 
is expected to accelerate to 5 per re f orms, never strong. Is faltering, 
cent, albeit against the back- If you stay the course, there is 
ground of inflation at 38 per cent hope. If you waiver, the pain can 
last year, a 15 per cent unemploy- only got worse. 

Basic gallantry 

Standards in British public life toons of generals, admirals and air 
have declined in the last century marshals qualified by moral char- 
or two. Or have they? The armed acter, as wen as militajy genius, 
forces at least seem to have to fill the post of chief of defence 
improved, either in military prow- staff. So no sooner had Lady Buck 
ess or in private morality, or both, revealed Sir Peter Harding’s (and 
Or maybe it is just that Britain is her own) shortcomings on the for- 
now safer than it was during the mer point than he resigned from 
Napoleonic wars, and so can be that post. His “pro f essio n al i sm, 
chooser about its military leaders, energy and sJoU”, though 
In those days the nation was acknowledged by the defence sec- 
reduced to entrusting its fortunes rotary, were found expendable, 
to notorious adulterers. The Duke How Sir Peter must have wished 
of Wellington, it will be remem- that the Duke of Wellington’s 
bered, was im worried by Iffiss Har- riposte to Miss Wilson - “publish 
riette Wilson’s throat to publish and be damned" - were available 
her autobiography, and with, good to him. But then the Duke of Wel- 
reason. fington had not recently launched 

He knew that Lord Nelson had a code of conduct requiring “bet- 
been allowed to retain his com- ter standards of personal behav- 
mand , fa spite of Ms public and iour" from officers and men. 
prolonged dalliance with the wife Perhaps marriage today is taken 
of a sailor diplomat Both noble- more seriously than in WeDing- 
men got away with what the admi- ton's time, although (or even 
table Lady Buck - whose public because) it is more easily dis- 
spirit last week triumphed over solved. And no doubt integrity is a 
mere sentimental loyalty - would virtue to be prized in the armed 
no doubt have called “the most forces even more than elsewhere, 
immense security risk". But are we really so virtuous that 

Thank goodness times have adultery has become a disqualifi- 
fihang u d There are now whole pla- cation for military co mm a n d? 

Rescued 

The British way of receivership, tion was the only solution. Banks 
adminis trati o n and liquidation is, might also have been encouraged 
by comparison with, say, the Ger- to assess creditworthiness more 
ma n approach, a rough old busi- on the basis of asset values, 
ness. But the Department of Trade because gre ater res ort totiquida- 
and Industry has recently been tion would destroy goodwill while 
doing its best to foster a more leaving assets intact Since the 
constructive climate for insol- detailed legislation will not appear 
vency practice in Britain. The on the statute for some time - 
Appeal Court ruling in the Para- though it will apply with effect 
mount Airways case clearly ere- from midnight last night — it 
a ted uncertainty about the per- remains to be seen how Mr 
sonal liability of insolvency Besettine has dealt wit h the potem- 
practi ttona ri in relation to tial claims against receivers and 
employees' contracts and thus administrators stretching back to 
threatened jobs. Against that the implementation of the 1986 
background Mr Heseltlne’s deci- Act But there is no question that 
sion to amend the 1986 Insolvency the insolvency practitioners’ lob- 
Act is a commendable step down hying has scored a victory, 
the road towards a rescue culture. This was not, however, the only 
To anyone but a lawyer the area of insolvency in which cur- 
grounds for the Appeal Court's rent practice involves a threat to 
decision looked pedantic. Until jobs. One score on which the 
now, receivers and administrators accountants have not been lobby- 
have followed earlier case law to tag relates to the potential conflict 
avoid liability under the act for all of interest where they advise 
contracts that they adopt after banks on the viability of client 
their appointment. This has companies and then accept the 
involved writing to employees resulting receivership or admlnls- 
within a 14-day period to disclaim tratton. The abuse of this conflict 
liability for em plo yment contracts, can never be susceptible of proof. 
Lord Justice Dillon decided that But sufficient suspicion has been 
this was purely cosmetic; and that aroused over the past recession to 
where administrators and receiv- suggest that this should be 
ers continued to employ staff and another priority for the DTL 
pay thwn in accordance with their The irony ta the present legfsla- 
previous contracts, they would be tive revision is that it attacks the 
deemed to have adopted those con* enhanced status of employees in 
tracts. an insolvency vis d vis other credi- 

. The wo r ry was that insolvency tors - the de facto position, if not 
practitioners would feel unable to the legal one, in the much tram- 
take on the increased risk of keep- peted German approach to corpo- 
ing the company afloat with a rate rescusatation. There are res- 
view to sale as a going concern cue cultures and rescue cultures, 
and conclude Instead that liquids- it seems. 


In, out, share 
the work about 

David Goodhart tests how far labour 
flexibility has reduced UK unemployment 


Employments part-time Britain? 

Part-time employees in Great Britain FuS-tima employment In GB manufacturing sector Mflion 



1971 1981 1891 1993 198S 99 87 88 89 90 91 02 93 

Source* Brcfeymant Oapatmart, DMMraea 


T he UK labour market is 
behaving with all the 
unpredictability of the 
weather at Wimbledon. 
As the economy came 
ont of recession, unemployment 
began falling earlier than most 
experts had expected. It stopped 
faffing last summer, continued fall- 
ing in the autumn, and then 
Stopped again In January. 

At the core of most explanations 
for this erratic behaviour is the 
notion that the labour market has 
experienced a significant change in 
flexibility. The government says 
that its policies of promoting flexi- 
bility - by, for instance, reducing 
the power of trade unions - are 
responsible for the earlier than 
expected fell in the jobless total 
That is the success story Mr Ken- 
neth Clarke, the chancellor, was 
parading at the two-day Detroit job 
summit yesterday. 

Similarly, businessmen (see 
below) agree that increased flexibil- 
ity gy plamg the unexpected fell in 
unemployment, though they diaim 
the credit for themselves. But crit- 
ics say that for from being a 
straight-forward positive develop- 
ment flexibility has merely allowed 
foil-time jobs to be repackaged as 
part-time ones, creating an 
of more work in the economy. Some 
go further, adding that whatever 
the advantages of flexibility to indi- 
vidual employers, it has the big dis- 
advantage of increasing employee 
insecurity, damag in g consumer con- 
fidence in a fragile economy. 

Amid the conflicting explana- 
tions, there is one certainty: unem- 
ployment has been felling. Even 
nytag faternatirmai Labo ur Organi- 
sation figures (which are based on 
survey evidence and are judged a 
better indicator than the govern- 
ment's unemployment benefit 
claimant statistics), the jobless total 
fell by nearly 100,000 between win- 
ter 1992 and winter 1993. Most City 
analysts expect that trend to con- 
tinue when the government tomor- 
row publishes Its seasonally-ad- 
justed total for February. 

The wn>m reason for faUmg ima m, 
ptoyment has been a reduction in 
the flow of people coming on to the 
jobs market Companies have been 
sacking fewer people and the num- 
ber of young people coming on to 
the market is lower than in the 
early 1980s, thanks to demographic 
chang es and more pupils staying cm 
at school a ft e r reaching 16. 

More debatable is whether many 
jobs are being created. This does 
not sapm to he the case in manufec- 


ecanomy as a whole, there was a 
small increase of 67,000 in the num- 
ber of employees in work between 
January and September 1993, from 
21183m to 21.250m, according to the 
labour Force Survey, published by 
the Department of Employment. 

But over the same period the 
number of foil-time jobs fell by 
40,000 and part-time jobs increased 
by more than 100,000. Thus, when 
the figures are calculated in turms 
of “full-time equivalent" jobs, the 
increase is negligible- Further sup- 
porting the conclusion that work is 


being spread around rather than 
growing, are figures for working 
hours, which fell from 936m per 
week in 1992 to 927m in 1993 (the 
1990 peak was just over 11m}. 

The idea that work is being 
spread may seem beneficial, but 
many people are being excluded: 
employment market experts say job 
losses are concentrated among low- 
er-skilled mate workers whose part- 
ners do not work (voluntarily or 
because the welfare system pro- 
vides a disincentive to enter 
employment) while new part-time 


women whose partners are in work. 

There is some evidence that the 
male share of part-time work is 
starting to rise, as manufacturing 
follows the service sector in increas- 
ing its use of part-time labour, but 
men still constitute only 15 per cent 
of the 5Bm part-time workforce. 

The government says, neverthe- 
less. that growth in part-time 
employment is a welcome develop- 
ment, shortening the time lag 
between changes in economic out- 
put and unemployment levels. This 
has some truth to it - but is only 
part of the story. According to a 
recent analysis by the US invest- 


ment bank Goldman Sacha, the 
main reason why unemployment 
fell fester after the end of the latest 
recession than after the 1981-83 
downturn was because the working 
population was growing fester in 
the early 1980s. 

Another important part of the 
improvement, was the result of a 
“bounce-back”; over pessimistic 
employers shed labour too rapidly 
at the time of the autumn 1992 
European Exchange Rate Mecha- 
nism crisis and had to increase 
employment when the impact on 
the economy turned out to be less 
detrimental than feared. But it was 
also, says Goldman Sadis, due to an 
improvement in labour market flex- 
ibility which led to employers tak- 
ing on more part-time workers 
instead of increasing overtime. As a 
result, the average hours worked by 
full-time employees fell between 
summer 1992 and summer 1993 from 
36.6 hours a week to 36A. 

- So is Mr Kenneth Clarke right to 
claim that the current government 
is responsible for creating that 
more flexible mar ket? If he is claim- 
ing credit for the growth of 
part-time work, the answer is no. 
The weakening of union power in 


■At a pin g r 

the 1980s may have removed an 
obstacle to the increasing use of 
part-timers and outside contractors. 
But many of the legislative and 
finandal incentives for employers 
to take on part timers - such as 
exemption from many work-related 
benefits - have been largely 
unchanged for 25 years. 

Moreover, contrary to the view 
that part-time work has only 
recently started to accelerate, it 
increased at a slightly faster rate in 
the more regulated and union-domi- 
nated labour market of the 1970s 
than in the 1980s. In 1971 the num- 
ber of part-time employees was 3.3m 
or 15.3 per emit of all employees, by 
1981 tiie figure had jumped to a sm 
and 2L2 per cent of all employees. 
By the end of 1991 the total had 
increased to 5.7m or 26.4 per cent of 
all employees. 

This suggests that the rise in 
part-time work is driven as much 
by broader business and social 
trends - such as the growing 
demand of married women for 
part-time employment - as by dere- 
gulation. For that reason this 
month's House of Lords r ulin g, 
based on European Union law, that 
part-time workers should have the 


taring, where employment has been 
gliding ginrp 1968^ with only a slight 
irpward blip in the late 1980s. ta the 


jobs are in general being taken by 


Emma Tucker on the employers’ view of the jobs market 

Shifts in perception 


T he government likes to 
claim that the UK labour 
market adjusts virtually 
simultaneously to changes 
in demand. Employers appear to 
agree - but they give scarcely any 
credit to the government far bring- 
ing about this state of affairs. 

The flexibility of the jobs market, 
they say, has little to do with 
reforms to labour legislation, and 
mine to do with global co mpetiti on, 
the recent recession and changing 
attitudes towards work. 

“A shift in the perception of 
work, together with a shortage of 
work and the fact that businesses 
are open for much longer hours 
have combined to make the market 
very definitely more flexible than ft 
was 10 years ago," says Mr Keith 
Cameron, group personnel director 
at the Burton Group, the retail 
group. 

A reorganisation at Burton a 
year ago resulted in the shedding 
of 2,000 full-time jobs and their 
replacement with about 3,000 


part-time positions. “We spread the 
available work across more peo- 
ple,” says Mr Cameron. The move 
has also allowed Burton to respond 
more efficiently to busy and slow 
periods in its clothing stores, he 
main tains. 

Other employers say a change in 
union attitudes helps explain dif- 
ferent work patterns. Describing 
tiie flexible approach to hours now 
adopted by Courtaulds Clothing, 
the clothing division of Courtaulds 
Textiles. Mr David Hunt, personnel 
executive, says: “The trade unions 
would not have talked to ns about 
such changes some years ago, 
because they were banned by union 
policy and conference mandates. 
Now they understand that, if there 
Is going to he a recovery in the 


industry, which is much smaller 
than it was, they need to be well 
aware of what it takes to satisfy 
the customer.” 

ffis view is shared by Mr Geoff 
Armstrong, director-general of the 
Institute of Personnel Management 
“Government reforms were not the 
primary driver behind all the 
changes in working practices," be 
says. “These were things that 
would have happened anyway. 
More and more managers and 
employees have had to find innova- 
tive ways of working in order to 
compete, and many trade unions 
have been supportive of the pro- 
cess." 

Some employers are more cyni- 
cal, believing that the high number 
of unemployed people, unable to 


find full-time work, means that 
employers can save money by hir- 
ing part-time staff. 

“I don’t think there are massive 
structural differences between now 
and 10 years ago,” says Mr Paul 
Dowling, head of corporate affairs 
at Asda, the supermarket chain, 
which employs many part-time 
workers. “The labour market just 
waxes and wanes with recession.” 

Mr Ian Handford, national policy 
chairman of the Federation of 
Small Business, agrees: “The thing 
that makes life easiest for employ- 
ers now is simply the number of 
full-timers looking for jobs, 
part-time or otherwise." 

As for as he is concerned, the 
government continues to hinder the 
efficient functioning of the labour 


Observer 


Corking good 
time 

■ Cabinet ministers are displaying 
a remarkable lack of candour ta 
some of their parliamentary 
answers, despite William 
Waldegrave's assurances last week 
that Sid’s are misled only in times 

Of naHmai pm prggncy 

Labour MP Roland Boyes has 
been trying to tease out the inner 
secrete of foe ministerial drinks 
cupboard. To be specific, how many 
bottles of whisky, gin, sherry and 

port have been consumed in 
ministerial offices - at taxpayers’ 
expense - over the past year. 

The Treasury's Anthony Nelson, 
standing in for his beer drinking 
chancellor, concluded rather 
pompously that “disaggregated 
information of this sort could only 
be obtained at disproportionate 
cost". Could it mean Treasury 
ministers have guzzled so much 
of the stuff - while awaiting the 
green shoots to finally surface - 
that they're unable to keep count? 

A similar dead bat was played- 
by Michael Howard at the Home 
Offica All he would say was that 
the aimmnt, whatever it was, is 
included in bis department’s overall 
entertainment budget. 

Education secretary John Patten 
at least tried to show be has a sense 
of humour “The information at 
this level of distillation is not 
readily available." 

But Sir Nicholas Lyeli, the 


attorney general under fire for his 
part in the Scott inquiry, is clearly 
fa no mood either for jokes or 
parties at foe moment His answer 
to Boyes: •'None". 


Uncharted water 

■ like many sophisticated 
Americans. David Hale, chief 
economist with Kemper Financial 
Services in Chicago, is not unduly 
rorprisedby the stories of alleged 
influence pnd cronyism seeping 
out about Arkansas, home state 
of the Clintons. "It is an emerging 
market you see," he says brightly. 

So is that a buy or a sell signal, 
David? 


The Crookery 

■ Is this the first recorded sighting 
of a Maxwell House? Jack Rose, 
a veteran property man whose book 
is reviewed in today’s Business 
Books supplement, records how 
he had tried to buy a derelict 
factory on London's Marylebone 
Road in the late 1940s. However, 
a recently demobbed Robert 
Maxwell pipped him to the post, 
turned it into a wholesale bookstore 
and renamed it Maxwell House. 

Maxwell's partner in foe deal 
was none other than Clarence 
Ha try, who in his hey-day was an 
even better known fraudster than 
Cap'll Bob. The collapse of the 
Hairy empire in 1929, after Hairy 
had been caught forging bogus 



share certificates, helped precipitate 
the 1929 Wall Street crash. 

So now we know where Maxwell 
learned the tricks of his trade. 


Droit de seigneur 

■ Prince Charles - Britain's future 
king, who has admitted talking 
to his vegetables - speaks neither 
Japanese nor Chinese, hut thinks 
the rest of us should learn. 

Perversely enough, he asserted 
that at yesterday's launch of a £4m 
project - led by foe British Council 
- tO help the world l earn Rn gfish, 
Tha prince lamented foe drop in 
standards of spoken En glish over 


the past few decades, saying It 
is not good enough to expect other 
people to conduct business ta 
English . . .We’re not good enough 
at teaching other people’s 
languages." 

Asked if he spoke Japanese or 
Chinese he replied in foe good 
old-fashioned style his father would 
appreciate: “Of course I bloody 
don’t I don’t have the time." 


On manoeuvres 

■ So much for the senior service. 
One of the odd aspects of the 
resignation of Sir Peter Harding 
as chief of the defence staff is that 
the Army's Sir Pete Inge, the 
eldest of the three service chiefs, 
has leapfrogged Admiral Sir Jock 
Slater, the vice chief to take control 
of the country's defences on a 
temporary basis at least 
Inge is regarded as a “soldier's 
soldier" rather than a “Whitehall 
warrior”, so he might well be foe 
forces' favourite for the job on a 
permanent basis. The other oddity 
is that while Sir Pete 1ms resigned 
as chief of defence staff, hft has 
not resigned as a marshal of the 
RAF and so remains technically 
on the “active service” list along 
with all the other five star 
officers. 


Euroslogan contest 

■ The Conservatives have been 
having trouble dreaming up a 


23 


same rights over redundancy pay 
and unfair d ismissal as full timers, 
may prove to have relatively little 
impact on demand for part-timers. 

However, the government can 
claim some credit for other factors 
which may be contributing to job 
creating flexibility. The growing 
divergence between the pay of 
skilled and less skilled workers, 
encouraged by measures sucb as 
the abolition of wages councils, may 
have prevented demand for low 
skill labour falling further. 

The reduction in benefit pay- 
ments relative to income from 
employment, may also have encour- 
aged some people to accept jobs 
which they would not have done in 
the 1970s. 

The government is on firmer 
ground in claiming credit for creat- 
ing more flexibility among those 
with jobs. Over the past decade, 
government-inspired curbs on 
union power, as well as the shadow 
of high unemployment, has cer- 
tainly reduced resistance to moves 
by employers to take more control 
over pay and working practices. 

The corollary of this new flexibil- 
ity within companies, according to 
some analysts, is a pervasive inse- 
curity in foe British workplace. Mr 
Eric Salama, joint managing direc- 
tor of the Henley Centre, says that 
the combination of employment 
Insecurity and the feeling that the 
state will no longer provide for peo- 
ple is having a strong impact on 
consumer confidence and savings. 
Nearly one-fifth of respondents to a 
recent Henley survey said that con- 
cerns about job security had pre- 
vented them from making major 
purchases in the test 12 months. 

H owever. worries 
about greater insecu- 
rity in the workforce 
may be exaggerated. 
Employment depart- 
ment figures on the number of peo- 
ple in “atypical work" - casual, 
temporary, contract or seasonal - 
show a slight fall over the past 10 
years. The total fell from 1.08m in 
1984 to i.05m in 1993, although 
within that total, contract work has 
doubled to 600,000. 

It may be that such statistics are 
not picking up other aspects of a 
more flexible and less secure labour 
market foe increase in foe propor- 
tion of the working population who 
fear losing tbeir jobs and the 
increase in job-hopping 
But it may also be that consumer 
spending, now back at pre-recession 
levels, can adjust to the new labour 
market flexibility thanks to the cre- 
ativity of the consumer finance 
industry, for example by adapting 
hire purchase schemes to be more 
like leasing deals. 

In any case, recent improvements 
in labour market flexibility are 
unlikely to be reversed: as markets 
and technology change rapidly, the 
relationship between employers and 
employees is becoming more fluid. 
The British experience is that not 
everyone benefits: foe picture Is 
still of some people moving into 
employment - but others moving 
out That suggests flexibility alone 
is TnsiifnrfAnt- to make a large dent 
in foe unemployment mountain. 


market, particularly through the 
s tr u c tur e of social security pay- 
marts. 

“It is simply not true to say that 
there is more flexibility in the 
marketplace as far as part-time 
work is concerned," he says. “Only 
this week I wanted to extend the 
hours of one of my members of 
staff, but she couldn’t do it because 
of the losses to her social security 
benefits that the extra hours would 
have entailed." 

Another test of a responsive 
labour market is the ease with 
which employers can hire and Are 
to cope with changes fa demand. 
Until the mid-1980s, the bill for 
making redundancy payments was 
refunded through the National 
Insurance Fund. Now employers 
have to carry the burden them- 
selves, and this appears to be 
restricting foe flexibility of the 
jobs market. This is particularly so 
for small employers, for some of 
which the cost of redundancy is 
prohibitive. 


catchy slogan for June’s elections 
to the European parliament With 
Tory Europhobes and Europhiles 
at Westminster sensitive to the 
slightest hint that foe other ride 
has gained the upper hand, foe 
party's image-makers have their 
work cut out 

One front-runner was “Making 
Europe Work for You”. Rather dull, 
admittedly; but it has the merit 
of being studiously neutral and 
fits in nicely with a similar Tory 
theme for foe May local 
government elections. 

But there’s a snag - isn't there 
always these days for the Tories? 

It turns out that Paddy Ashdown's 
Liberal Democrats - unpatriotic 
federalists in Tory eyes - have 
already unveiled their slogan: 
“Making Europe Work for Us". 

Back to the drawing board at 
Central Office. Perhaps “Making 
Europe Work for Them"? 


Welkom 

■ Parents of students at that seat 
of learning, the University of 
Leicester, are invited to a rare Open 
Day next Saturday, March 19, when 
there will be an opportunity to 
observe foe redbrick institution 
in action. “Their is a wide range 
of demonstartions, talks and 
displays envotvfag the whole 
University," says the invitation, 
presumably in an attempt to spell 
it out The English Faculty, clearly, 
should be the first stop for 
concerned mums and dads 


t 






24 


FRUEHAUF 

trailers 


Carrying the 
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For information call 0362 695353 


FINANCIAL TIMES 

Tuesday March 15 1994 



G7 starts work on five-point plan 
to deal with mass unemployment 


By George Graham in Detroit 

Ministers from the Group of 
Seven industrial nations yester- 
day began work on a five-point 
plan to tackle mass unemploy- 
ment as the German labour min- 
ister. Mr Norbert Blum, warned 
that his country faced tbe loss of 
3m unskilled jobs over the next 
eight years. 

US President Bill Clinton, 
opening a two-day summit of G7 
employment and economics min - 
isters on measures to boost job 
creation, called on the G7 to 
tackle down-to-eartb economic 
issues rather than concentrating 
exclusively on macroeconomic 
policy and high finance. 

But a US plan to set up a G7 
working party' to study employ- 
ment policy has already been dis- 
missed by several countries. 

Mr GUnter Rexrodt. Germany's 
economics minister, said a work- 
ing party would be "superflu- 
ous - . since the Organisation for 
Economic Co-operation and 


Development already performed 
a similar task. “If you set up 
machinery, a lot of the work goes 
into setting up the machinery 
rather than into substantive 
work," added another official at 
the meeting. 

Germany has been the least 
enthusiastic participant In the 
Detroit meeting, with Mr Rexrodt 
dismissing US calls for more 
expansionary macroeconomic 
policies as part of an overall jobs 
strategy. 

Mr Clinton proposed the jobs 
summit at the G7 s ummi t meet- 
ing in Tokyo last year. Tbe sum- 
mit, on the shores of Detroit's 
East-West river, is expected to 
yield a framework for the frill G7 
meeting in Naples this summer. 

G7 officials declined to discuss 
details or the five-point plan, but 
it is Likely to address subjects 
such as re-employment, open 
markets and technology, and to 
remain general in order to avoid 
offending any country. 

Mr Clinton did not abandon the 


traditional subjects of G7 discus- 
sion. While he promised that the 
US would continue to bring its 
budget deficit down, he also 
called on Japan to stimulate 
domestic demand and for Europe 
to work for lower interest rates. 

But he also called for more fun- 
damental structural changes in 
unemployment benefit systems, 
tr ainin g systems and employ- 
ment regulations, in order to 
reassure people that they could 
gain from a dynamic economy. 

“Unless people believe they are 
prepared for the jobs of tbe 
future, that productivity benefits 
them and they can have both 
strong work lives and strong fam- 
ilies in a dynamic economy, they 
will turn against change," Mr 
Clinton said. 

He made a plea against age dis- 
crimination. "If you want people 
to embrace change, we all have 
to change our attitude about who 
is employable, and especially on 
each end of tbe age spectrum " 
he said. “We have people that 


wou't hire kids* because they 
don't have any experience. How 
are they ever going to get any 
experience if they don't get a job, 
right? Then we have people who 
won't hire older people because 
they've got too much experi- 
ence, 1 ' he added. 

Mr Clinton's message won 
broad acceptance from delegates 
with quite different political 
approaches. 

“We are completely in agree- 
ment with the policies outlined 
in Mr Clinton's speech." said Mr 
Kenneth Clarke, the UK chancel- 
lor of tbe exchequer. 

“Listening to President Clinton 
1 was struck by the coincidence 
of the way he presented the prob- 
lem and the kind of answers he 
outlined with the work we have 
done in the European Union.” 
said Mr Pascal Lamy, chief of 
staff to Mr Jacques Delors, the 
European Commission president 


In, out, share tbe work about. 
Page 23 


Pollution threat as tanker 
collision leaves 12 dead 

Turkey raises concern of growing 
maritime traffic in the Bosporus 


By John Murray Brown 
in Istanbul 

A Greek Cypriot-registered oil 
tanker was still burning last 
night after a collision in the Bos- 
porus, which left 12 crew dead 
and up to 16 missing, as Turkish 
officials warned of the threat of 
large-scale pollution. 

The collision, which occurred 
late on Sunday night near the 
Black Sea mouth of the straits 
and has caused an oil spill, 
brought home Turkey’s fears 
over the dangers posed by 
increased tanker traffic through 
the Bosporus, one of the world's 
most crowded waterways. 

The collision was between the 
Nassia. a Greek-Cypriot regis- 
tered oil tanker, and a coaster. 
An official at the Turkish port 
authorities warned that there 
could be large-scale pollution if 
tbe wind direction changed. 

“It is tragic that an accident 
like this has to occur for us to be 
able to make our case," said Mr 
Timur Erkmen, a maritime 
expert in the Turkish prime min- 
ister's office. 

Unhindered passage for all 
merchant ships using the waters 
of the Bosporus and Dardanelles, 
which divide Europe and Asia, is 
guaranteed under the 1936 Mon- 
treux Convention. Only warships 
require permission of the signa- 
tory countries. This was an 
important control over the Soviet 
Union's fleet during the cold war. 

Although the passage is consid- 
ered dangerous with erratic cur- 
rents and 12 narrow turns, it is 
not obligatory to take naviga- 
tional pilots. The Istanbul mari- 
time authority estimates that 


fewer than half of the 40,000 ves- 
sels which cross the Bosporus 
each year take a pilot on board. 

In the wake of the break-up of 
the Soviet Union, sea trade vol- 
umes have increased sharply as 
the Bosporus Is the most direct 
route to western markets for 
many of the newly emerging 
states. 

Additional traffic is expected 
following last year’s opening of 
the Mainz-Danube central Euro- 
pean canal system, linking the 
Baltic with the Black Sea. 

However. Turkey's main con- 
cern is over the threat posed by a 
large increase in oil cargoes if the 
central Asian countries choose to 
ship oil from new fields to west- 
ern markets via the Bosporus. 

Turkey estimates that 80m 
tonnes of crude would pass every 
year through the straits if the 
Black Sea route is used, com- 
pared with 5m tonnes today. 

Azerbaijan is currently in final 
negotiations with a western oil 
consortium led by British Petro- 
leum, while Kazakhstan is devel- 
oping the vast Tenghiz field. 

The issue is of particular con- 
cern Tor the Russians, who want 
both countries to use tbe existing 
Russian port at Novurossysk. 

The Turkish government has 
raised its concerns with the inter- 
national Maritime Organisation, 
the United Nations body which 
handles maritime disputes. From 
July. Turkey will tighten rules 
for vessels of more than 150 
metres in length, in a move 
clearly aimed at oil tankers. New 
traffic lanes, and restrictions on 
large vessels using the straits at 
night will be introduced. 

Yesterday . the governor of /st- 



w 

T U R \ K E Y 
rf- 



anbul. Mr Hayri Kozakcioglu. 
said no further growth in tanker 
traffic should be allowed. Mr Hik- 
met Cetin, Turkey’s foreign min- 
ister. called for an end to ship- 
ments of all explosive materials 
through the Bosporus. 

Turkish officials believe restric- 
tions through the Bosporus may 
force oil companies to support 
Turkey's own proposal to build a 
pipeline to the Mediterranean. 

In a related development. 
Lloyd's of London has been com- 
missioned by an unnamed group 
of US oil companies to consider 
the navigational and environ- 
mental safety aspects of extra 
traffic through the Bosporus. 


Disney plans 
$2bn rescue 

Continued from Page 1 


ney's shares had fallen 8% to 
$46‘/a. The rescue plan's FFrfbn 
rights issue involves the creation 
of 600m new shares at the par 
value of FFrlQ.0. 

Disney will subscribe for its 
full 49 per cent stake and the 
issue will be underwritten by a 
group of lenders, notably 
steering committee members. 
Tbe issue will dilute the stakes 
of existing shareholders 4.3 
times by increasing file number 
of Euro Disney shares from 1 70m 
to 770m. 

Disney is injecting FFrl.4bn 
into Euro Disney by leasing two 
of the EuroDisnevIand rides. It 
will also waive for five years its 
entitlement to fees and royalties 
worth around FFr450m annually. 
The interest rate holiday should 
save another FFr8 00m a year. 

Euro Disney lost FFr5.3bn in 
its last financial year to Septem- 
ber 30. 

China’s 

status 

Continued from Page 1 


after the Tiananmen Square mas- 
sacre of 1989. They agreed to 
establish a joint commission on 
defence conversion, a pressing 
issue for both sides as they 
attempt to revamp old military 
plants for civilian industrial pro- 
duction. 

But US officials sought to play 
down the extent of defence 
cooperation. 

They said the round-up of dissi- 
dents on the eve of Mr Christo- 
pher's arrival in Beijing and con- 
tinuing argument over 
disagreement about human 
rights dictated caution. 



Europe today 

A lingering cold front will cause overcast 
skies and rain m south-eastern England, 
trie southern parts of the Benelux, northern 
France, Germany, the Czech Republic and 
southern Poland. South of the front, it will 
remain dry and mild. 

Sunshine will be plentiful south of the Alp 
Massif, in holy, the southern Balkan states. 
Greece and Turkey. North of the front, 
strong westerly winds will cause cooler 
conditions. Clouds will break over the 
British Isles, southern Scandinavia, 
Denmark, northern Germany and Poland. 
However, wintry showers will fall, 
especially in ihe northern and western 
parts of the British Isles and south-western 
Norway. Spain and Portugal will be mainly 
sunrii’, except for the north coast which 
will be mostly cloudy. 

Five-day forecast 

A strong westerly to north-westerly air flow 
will bring colder air towards the northern 
half of Europe. The gusty winds will be 
accompanied by showers, snow or hail. 
Temperatures will fall a few degrees. 

The southern half of Europe will remain 
settled and dry, warm and sunny, 
especially in the Mediterranean. 



TODAY'S TEMPERATURES 


Sflualion at 12 GMT. Temperatures maximum for day. Forecasts by Mateo Consult o( the Netherlands 



Maximum 

Bellas? 

shower 

8 

CardtM 

cloudy 

9 


Cefoius 

Belgrade 

far 

23 

Chicago 

sun 

T 

ADU DtVltH 

lam 

30 

Berlin 

shower 

10 

Cologne 

rain 

11 

Accra 

fhund 

3? 

Bermuda 

fair 

20 

O' Salaam 

few 

32 

Algiers 

sun 

21 

Bogota 

shower 

19 

Dakar 

sun 

23 

Amsterdam 

cloudy 

a 

Bombay 

fair 

33 

Danas 

rata 

21 

Athens 

lair 

19 

Brussels 

rain 

10 

Ddh< 

cloudy 

31 

B. Ames 

shower 

33 

Budapest 

far 

19 

Dub® 

fair 

30 

Blum 

cloudy 

9 

CJwgen 

cloudy 

9 

Dublin 

fair 

9 

Bangkok 

cloudy 

35 

Cairo 

aun 

21 

Dubrovnik 

fair 

18 

Barcelona 

sun 

19 

Cape Town 

sun 

26 

Edinburgh 

n«f 

8 

Etoiprtg 

cloudy 

11 

Caracas 

fair 

25 

Faro 

sun 

21 


Quality flights made in Germany. 



Lufthansa 

German Airlines 



Frankfurt 

ran 

13 

Malta 

sun 

18 

FSo 

shower 

30 

Geneva 

dowdy 

14 

Manchester 

doudy 

9 

Riyadh 

sun 

28 

Gibraltar 

sun 

19 

Manila 

fair 

33 

Rome 

far 

17 

Glasgow 

hail 

a 

Melbourne 

far 

21 

S. Frsco 

rain 

18 

Hamburg 

cloudy 

a 

Mexico City 

fair 

24 

Seoul 

doudy 

9 

Helsmki 

snow 

0 

Mom) 

sun 

28 

Singapore 

shower 

31 

Hong Kong 

drzzl 

23 

MBan 

fair 

20 

Stockholm 

deet 

2 

Honolulu 

shower 

25 

Montreal 

snow 


Strasbourg 

rain 

16 

Istanbul 

fair 

13 

Moscow 

sleet 

3 

Sydney 

an 

25 

Jersey 

drzz) 

11 

Munich 

shower 

14 

Tangier 

sun 

20 

Karachi 

fair 

35 

Nairobi 

fair 

29 

TefAyiv 

shower 

ir 

Kuwait 

fair 

26 

Naples 

SU1 

18 

Tokyo 

far 

8 

L. Angeles 

sun 

23 

Nassau 

fair 

29 

Toronig 

(air 

e 

Las Palmas 

fair 

21 

New York 

ram 

12 

Tunis 

fair 

20 

lima 

lair 

27 

Nice 

sun 

18 

Vancouver 

ram 

11 

Lisbon 

sun 

21 

Nicosia 

fair 

15 

Venice 

fair 

17 

London 

min 

10 

Oslo 

If* 

7 

Vienna 

(air 

IB 

Usc-Dourg 

rain 

11 

Paris 

doudy 

14 

Warsaw 

shower 

10 

Lyon 

cloudy 

16 

Perth 

fair 

29 

Washington 

doudy 

11 

Madera 

cloudy 

19 

Prague 

ram 

12 

Wettngfon 

ram 

16 

Madrid 

sun 

21 

Rangoon 

doudy 

35 

Winnipeg 

lair 

-3 

Majorca 

sun 

20 

Reykjavik 

snow 

-3 

Zurich 

doudy 

15 


THE LEX COLUMN 


Disney’s rude awakening 


It was appropriate that Euro Disney 
staged its annual meeting in its rodeo 
hall, given that the restructuring pro- 
posals threaten to trample ordinary 
shareholders underfoot. The agree- 
ment conjured up between the banks 
and Walt Disney promises a massive 
dilution of shareholders’ interests. The 
FFr6bn rights issue, supported by 
Walt Disney and underwritten by a 
syndicate of banks, will probably be 
priced around the FFrlO par value of 
the shares. Combined with related 
leasing deals, this implies that the 
number of shares in issue will rise 
from 170m to closer to 800m on a fully 
diluted basis. After rising 8 per cent in 
the morning, the shares closed 7 per 
cent lower as that reality dawned. 

At least Walt Disney and the banks 
now seem fully committed to making 
the park work. By forgiving 18 months 
of interest charges and deferring all 
principal payments for three years, 
the h anks have bought Euro Disney 
plenty of breathing space. Euro Disney 
should eventually be able to service its 
remaining FFrlObn debt with little dif- 
ficulty. The question is whether any 
upside exists when Euro Disney re- 
emerges from its temporary financial 
fantasy land. 

It is tempting to believe the new 
shares may hold some speculative 
appeal when the French economy 
recovers. But as has always been tbe 
case. Walt Disney's shares must offer 
a better bet for those convinced that 
Euro Disney will flourish. Walt Disney 
has waived its lucrative royalties and 
management fees for five years but 
they will be reapplied in time. And if 
Euro Disney proves a wild success, 
Walt Disney's magical incentive fees 
will be transformed into gold. 

English China Clays 

Demerging out of building materials 
makes strategic sense now that 
English China Clays has set its sights 
on chemistry rather than digging 
holes in the ground. The exercise also 
usefully relieves the parent of the 
need to support its capital-intensive 
offspring during the upturn. Yet ECC 
has resisted the temptation to burden 
Camas, the demerged company, with 
more than its fair share of the divi- 
dend. It is touch and go whether ECC 
would have covered its share of the 
pay-out once earnings from building 
materials and land sales are stripped 
out of yesterday's full-year figures. 

While surplus land is being sold and 
capital spending is below depreciation, 
the cash cost of the dividend is bear- 


FT-SE tndeiR 3233.4 (+41.5) 


Clays 


Stave price rotative to the 
FT-SE- A Aft-Share Index 



Source: FT Graphite 

able. But at the current rate of prog- 
ress the land bank will be empty 
within two years. Neither can a sud- 
den revival in minerals - which 
accounts for four-fifths of continuing 
turnover - be relied upon. True, mar- 
gins are now some 5 percentage points 
below the peak and recent price 
increases are an encouraging sign. If 
changes in paper technology depress 
demand for kaolin, though, rebuilding 
margins will be a long haul. 

ECC thus still needs to find earnings 
growth elsewhere. Calgon, the spe- 
cialty chemicals company acquired 
last year, provides a useful first step 
in that direction but is too small to 
transform the prospects of the group. 
Additional critical mass might also 
help Calgon compete from a poor third 
place in the US market. After two 
rights issues in three years ECC has 
room to borrow. To justify maintain- 
ing the dividend through the down- 
turn, it now has to spend wisely. 

UK economy 

Taken in isolation, yesterday's UK 
producer price figures should have 
been a tonic for gilts. Output prices 
showed an underlying increase of just 
2.4 per cent in the year to February 
and there has been a marked decelera- 
tion in the last throe months. Input 
prices showed a small seasonally-ad 
justed increase in February, but they 
are still down 3.6 per cent on the year 
despite scaremongering about com- 
modity price rises. That gilts only 
managed a half-point rise in low vol- 
ume clearly reflected continuing wor- 
ries about how the New York bond 
market will react to this week's tor- 
rent of US data. 


With long gilt yields some 5 percent- 
age points above inflation, the positive 
message from yesterday's producer 
prices must eventually reassert itself. 
Then the authorities might again have 
an opportunity to raise long-term 
funds at rates well below 7 per cent 
This week they must decide whether 
to hold an auction in March. If they 
are brave enough to go ahead, they 
may have to content themselves with 
a short-dated issue. The producer price 
figures could help with that by keep- 
ing hopes of lower base rates alive. 

The figures are good news for equi- 
ties too, whether or not they lead to a 
rate cut. The large discrepancy 
between the trends in input arid out- 
put prices suggests manufacturers are 
enjoying higher mar gins without infla- 
tionary price rises. Small wonder earn- 
ings and dividends are turning out 
higher than the market expected. 

MAI 

MAI's strong performance in all of 
its main businesses must reassure any 
investors concerned about the expen- 
sive acquisition of Anglia Television. 
Money and securities broking contin- 
ues to push up profits. Meridian, the 
majority-owned Channel 3 franchise, 
is ahead of expectations. Information 
and market research is also doing 
well. Across the board, the profit 
increases have been underpinned by 
strong management and cost controls. 

With that record, MAI should be 
relied on to squeeze value from Ang- 
lia. Several of Anglia's peripheral 
holdings may go and the recent dis- 
posal of MAI's final holding in Havas 
shows how profitably it can manage 
such investments. Despite paying 
almost £300m for Anglia, the company 
retains a virtually ungeared balance 
sheet 

What remains at issue is whether 
the market will rate MAI as a steady 
financial broker or a go-go media 
stock. Next year around 20 per cent of 
earnings will come from television 
while 60 per cent may come from brok- 
ing. Yet it may be a mistake to rate 
the company too lowly. Broking has 
consistently grown faster than pre- 
dicted, and television earnings are 
highly geared to recovery. There is 
scope for a pleasant surprise. It is also 
worth keeping a weather-eye on the 
pace of MAI’s progress. Anglia, an 
increased stake in SIS racing, interest 
in Channel 5 and the National Lottery, 
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COMPANIES & MARKETS 



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Tuesday March 15 1994 


<S CKOS' LNOR SIKUT I.OMWN \U\H]i|i 


071 629 8 1,5 1 


IN BRIEF 


More good news 
from ABB 

-;::f cMr Percy Barnevlfc may court controversy with 
.7 his opinions, but he always preferred to hit the 
- he adlines by announcing good news from Asea 
7 ■: Brown Boveri. Last week, he wasted no opportunity 
fa do so. Page 26 


Wffl 


Jack go down In flames? 




!T ? 



The weekend panning of Paul Hogan's latest 
film. Lightning Jack, by New York critics has 
become hot stock market news in Austr alia The 
reason: Lightning Jack was financed by Australian 
first publicly-quoted film trust. Page 27 

Payless buyout threatened 

The buy-out of Payless, the US drug store chain 
owned by Kmart, has run into opposition from 
banks, threatening one of the biggest buy-outs 
launched in the DS since the 1980s- Page 27 

Cathay drop falls to dent Swire 

Profits at Swire Pacific, the Hong Kong based 
property, aviation and trading group, rose 5.4 
per cent Last week Cathay Pacific. Swire's 51.8 
per cent owndd airline, reported a 23.8 per cent 
falL Page 28 ; 

Spring ctoan far Japanese banks 

With the March financial year-end fast approach- 
ing, Japanese hanks are scrambling to spruce 
up their books and rid their balance sheets of 
bad loans resulting from the reckless lending 
of the late 1980s. Page 38 

Good times for Chilean farmers 

Agriculture in Chile is booming. The climate 
hi the main agricultural area is Mediterranean 
and snow melt from the Andes provides water 
for irrigation. Seal quality is mainly good and 
productivity is improving. Page 34 

Waiting for Buba to cut 

European equities stabilised yesterday, in line 
with a feeling among European analysts that 
the Bundesbank would cut interest rates at its 
council meeting in two days' time. Back Page 

ftuf^yy raises Anal payout 

Rugby, the UK cement group, announced it was 
raising its final dividend from 3. Bp to 3J2p making 
a total of 6.77p for the year. Most forecasters had 
expected the company to do no more than hold 
the dividend. Page 30 

Companies in this Issue 


ANI 

28 Hugo Boss 

26 

Abtrust Lloyd's hnv 

33 IDO 

8 

Air Canada 

27 ISA Inti 

33 

Amoco 

27 ITT 

27 

Anglo United 

32 Investor 

25 

Abm Brown Bovon 

26 JIB Group 

31 

Aston- Martin Lagonda 

25 Johnson Cleaners 

32 

Automagic 

33 Kumagai Gumi 

8 

Aztec Mining 

28 Unde 

26 

BSM 

33 MAI 

30 

Banco Cant. Wspano 

28 MetaHgeseHschaft 

25 

Bang & CHufssn 

26 Motorola 

6 

Bensfard 

33 North west Water 

26 

Berkeley Group 

17 Owners Abroad 

17 

Boehringer Mannheim 

25 PayLess 

27 

Bongaln 

28 Peek 

31 

CaMerbum 

33 Persimmon 

32 

Oookson 

31 Porter Ctatfcum 

32 

Corange 

25 Rugby Group 

30 

Costain 

33 Sobering 

26 

WrygokJ 

32 Scotia Holdings 

33 

Engfish China Clays 30, 26 Sea Containers 

31 

Euro Disney 

25 Simon Engineering 

30 

European Leisure 

32 Spring Ram 

30 

Export-Invest 

25 Sprint 

27 

Fairey 

31 Sumtomo Rubber 

27 

Ford 

25 Suzuki 

2 

Fujitsu 

28 Swire Pacific 

28 

GEC 

8 T. Cowte 

17 

GKN 

32 TR Property Trust 

33 

GHT Bu* Group 

31 Takare 

32 

Gooding Consumer 

30 Tate & Lyle 

33 

Greggs 

32 Toshiba 

28 

Grundtg 

30 Walt Disney 

25 

Hammereon 

33 Watmoughs 

30 

Hartstone 

30 Westland 

32 

Horilcks Farms 

32 Young (H) 

32 

Market Statistics 


fflmial reports swvtca 38-37 

Benchmark Gwt bonds 29 

Bold futures and options 29 
Bond prices and yields 29 

CoranaMes prices 34 

Oridends announced. UK 30 
EMS currency rates 42 

Eurobond prices 29 

Rimd irterasl indices 31 

FT-A world Indiras Back Page 
FT GoH Mncs index Back Pane 
FTfiSMA Inti bond sve ® 

FT-SE Actuaries Indicss 3S 


Foreign exchange 
Gfits prices 
Llfle equity options 
London share service 
London trad options 
Managed ftfflds semes 
Money marten 
New bid bond issues 
Recent Issues. UK 
Short-term mt rates 
US Interest rates 
World Stock Markets 


42 

29 

Back Page 
36-37 
46 
38-42 
42 
29 
35 

42 
29 

43 


Chief price changes yesterday 



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Alice Rawsthorn and Martin Dickson report on restructuring at the European park 

Walt Disney Mickey Mouse digs deep 

prepares to 
share the pain 


F or the past two weeks a 
team of executives from 
Walt Disney’s Los Angeles 
headquarters has been holed up 
in a Paris lawyers’ office trying 
to piece together a rescue deal for 
Euro Disney, the stricken Euro- 
pean leisure group. 

Their efforts were rewarded on 
Sunday when the Disney negotia- 
tors and a steering committee of 
Euro Disney's banks, si gnari an 
outline agreement for a package 
worth roughly FFT13bn ($2i!bn) 
that should save Euro Disney 
from the receivers- 
But the critical questions are 
what the restructuring means for 
the finances of Euro Disney and 
its US parent? 

When Walt Disney first 
mapped out a European version 
of its hugely successful US theme 
parks, it calculated it would 
make a profit from its opening 
year, instead . Euro Disney, which 
opened in April 1992, produced a 
net loss of FFrl88m in the year to 
September 30. 1992, and thudded 
into a bigger deficit of FFr5.3bn 
the following year. 

Euro Disney had some opera- 
tional problems, aggravated by 
the economic recession which 
meant that, although attendance 
levels were almost In line with 
expectations at around lim In 
the first year, expenditure at the 
park fell below expectations. 

But the crux of Euro Disney's 
difficulties was its financial 
structure. Disney had financed 
EuroDisneyland's construction 
through the dotation of the 
remaining 51 per cent stake and 
through loans. Euro Disney had 
originally expected to reduce its 
debt by selling property around 
the park, but the recession forced 
it to abandon this. Meanwhile the 
high rate of French interest rates 


raised the cost of servicing its 
remaining debt 

Early last year the company 
hoped to restructure its finances 
by persuading its bankers to 
relax the terms of their loans. 
But when the recession deepened 
it realised that more drastic 
action was required. In Novem- 
ber Disney summoned the hanire 
to tell them it would support 
Euro Disney until March 31 but 
that, unless a rescue was agreed, 
it would pull the plug and Euro 
Disneyland would close. 

The two sides have since been 
thrashing out an agreement The 
main elements are a FFr6bn 
rights issue and a FFrl.-lbn trans- 
action whereby Disney wifi lease 
two of the theme park rides. - 
the Temple of Doom and Discov- 
ery Mountain. 

The US group will also waive 
its rights to royalties and man- 
agement fees for five years: while 
the banks will accept an 18 
month interest holiday on their 
loans. 



Sourco: Euro Obnsy/ Moigan Stanley 


FFrUSbn in the year to Septem- 
ber 30 and another loss of 
FFrl40m next year before Euro 
Disney returns a net profit of 
FFr450m in 1995/96. 

However, analysts say the deal 
is positive for Walt Disney and 
its chairman, Mr Michael Eisner, 
and while the parent is going to 
have to suffer its share of Euro 
Disney pain, along with other 


will take Walt Disney's total new 
financing commitment up to 
around $75Qm “and we think over 
the long term Disney will more 
than recoup that". 

Disney's loss of royalties and 
management fees will not hurt 
much either. These only 
amounted to $36.3m last year, a 
small sum relative to Walt Dis- 
ney's ?l.7hn of operating income. 


The deal removes a large element of investor 
uncertainty over the fate of Euro Disney, and the 
financial implications for Walt Disney. 


This package should halve 
Euro Disney’s debt from 
FFr20Jbn to FFriObn. The com- 
pany should also save FFrgOOm a 
year in interest charges and 
FFr45Cim in payments to Disney. 
Euro Disney now hopes to break 
even next year. 

Ms Rebecca Wiimington-In- 
gram, an analyst at Morgan Stan- 
ley in London, is less optimistic. 
She forecasts a net loss of 


investors and lenders, the burden 
is well within the range Wall 
Street was expecting. 

The fresh equity injection of 
S520m will be in a company with 
a better structured capital base, 
and which therefore stands a 
chance of eventually making a 
return on the investment. Ms Jes- 
sica Reif. of Oppenheimer & Co, 
believes that the lease financing 
deal, together with the equity. 


and no one on Wall Street had 
expected them to survive the 
restructuring. 

On the positive side, the deal 
removes a large element of inves- 
tor uncertainty over the fate of 
Euro Disney, and the financial 
implications for Walt Disney. The 
uncertainty has been hanging 
over the US company's stock for 
months, undermining an other- 
wise strong earnings outlook. 


Walt Disney reported a 34 per 
cent jump in first quarter net 
income, to S368.6m. or 68 cents a 
share, and analysts said yester- 
day's outline settlement would 
have no impact on their full-year 
earnings per share forecasts of 
$2.10 to $2.15. up around 30 per 
cent from last year. 

The strongest earnings growth 
will come from the film business. 
The Lion King, an animated 
movie due for summer release in 
the US, is expected to be a big 
success, as will the release on 
video of Snow White. Disney’s US 
theme parks should also see 
renewed growth, helped by the 
opening of more attractions. 

Mr Christopher Dixon, at New 
York brokers PaineWebber, says 
that these factors “and a final 
solution to the Euro Disney mess 
should go a long way to restoring 
investor confidence”. Walt Dis- 
ney shares, he believes, “are well 
positioned to move up from 
here". 

Adds Ms Reif: “Disney has 
more positive catalysts than any 
other company I follow over the 
next six months." 

Lex, Page 24 


Metallgesellschaft moves to sell mining arm 


By Bernard Simon In Toronto 

Metallgesellschaft has cleared an 
important obstacle to a possible public 
offering of its controlling interest in Metall 
Mining , the international mining arm of 
the troubled German group. MetallgeseUs- 
chaff's 50.1 per cent stake in Metall Min- 
ing, listed on the Toronto Stock Exchange, 
is presently worth about C$530m 
(US$395m). The German group has indi- 
cated that it planned to sell the Metall 
Mining interest as part of its efforts to 
recover from the huge losses suffered in 
international oil trading last year. 


However, the disposal is complicated by 
agreements between Metall and its part- 
ners in joint ventures which were con- 
cluded when Metallgesellschaft bundled 
its mining interests into the Toronto-based 
company. Under these agreements, the 
partners either have a right of first refusal 
on Metall' s stakes in their projects or a 
right to demand that the shares be trans- 
ferred back to Metallgesellschaft in the 
event of the German parent relinquishing 
control of MetalL 

Metall has, however, secured a modifica- 
tion of its agreement with Mr Norman 
Keevil, whose family shares control of 


Teck Corporation, the diversified Vancou- 
ver-based mining group. 

Mr Keevil has relinquished his right to 
require Metallgesellschaft to take over 
MetalTs multiple-voting Class A shares in 
Teck if the German company spins off its 
stake in Metall to the public. In the event 
of a third party taking control of Metall, 
however. Mr Keevfl will acquire voting 
rights over MetalTs interest in Teck as 
well as the right to buy the shares himself. 

Teck is controlled by Temagami Mining, 
a private company in which Metall Mining 
owns about 49 per cent and the Keevil 
family about 51 per cent. MetalTs 6.8 per 


cent direct stake in Teck Class B shares is 
not affected by its arrangements with Mr 
Keevil. Temagami owns 2.2m multiple vot- 
ing shares, equal to a 39 per cent voting 
staking in Teck. Teck’s total market value 
is presently C$2,1 bn. 

The initiative for the change is under- 
stood to have come from Metafigesells- 
chaft Mr Keevil is said to have agreed in 
order to remove some of the uncertainty 
over Metall’s future if the control block is 
spun off to the public. Mr Keevil said that 
he has “no present intention" of acquiring 
further Teck shares, but left the door open 
to possible future purchases. 


Pohl takes 
chair at 
German 
drug group 

By David Waller In Frankfurt 


A fierce boardroom battle has 
broken out at Corange, the Ber- 
muda-based pharmaceutical 
group which is parent company 
of Boehringer Mannheim, one of 
Germany's largest healthcare 
companies. 

Mr Curt Engelhorn. the 67- 
year-old German who owns 24 
per cent of the family-owned Cor- 
ange’s shares, has been removed 
as chairman and replaced on 
temporary basis by Mr Karl Otto 
Pohl, the former president of the 
Bundesbank, who has been depu- 
ty-chairman since 1992. 

The Corauge board is also 
attempting to eject Mr Eugcl- 
horn as chairman of the supervi- 
sory board of Boehringer Mann- 
heim, a company founded 125 
years ago. Mr Engelhorn was 
chief executive for 30 years until 
1990 when he moved up to the 
supervisory board. 

The dispute follows a change 
of strategy at Corange, a group 
with worldwide sales last year of 
S3.2bu (£2.14bn) in diagnostics, 
pharmaceuticals and orthopaedic 
products. 

The new strategy is due to the 
appointment of Mr Max Link as 
chief executive last year. He 
made two moves Into the fledg- 
ling US biotechnology sector and 
has implemented a restructuring 
of Boehringer Mannheim. This 
will lead to the loss of 15 per 
cent of the 9*600 jobs in Ger- 
many and some manufacturing 
activities are to be transferred to 
cheaper locations abroad. 

The restructuring is in part 
dne to the impact of German 
healthcare reforms on Boehrin- 
ger Mannheim's profits last year. 
The company's business outside 
Germany is thought to have 
more than compensated for the 
domestic downturn and profits 
last year - before restructuring 
costs - are likely to have been 
unchanged from the DM70m in 
1992. 

Mr Peter Warburton, the Lon- 
don-based international counsel 
to Corange, said Mr Engelhorn 
had been displaced as chairman 
“because of a complete break- 
down in confidence between the 
board and Mr Engelhorn”. 

Mr Engelhorn said that Cor- 
ange's attempt to remove him 
will be pnt to a vote of the 
group's family shareholders at a 
special meeting on April 6. 

Mr POhl, who left tbe Bundes- 
bank in 1991, is the only German 
national among the six members 
of the Corange board, a symptom 
of the group’s loosening ties to 
Germany. 


Ford increases Aston Martin 
stake to fund new sports car 


By Kevin Done, 

Motor industry Correspondent 

Ford, the US carmaker, has 
injected £50m ($7 5m) of new 
equity capital into Aston Martin 
T.^gnnria , increasing its stake In. 
the UK luxury sports carmaker 
from 75 per cent to 99.5 per cent. 

The capital has been provided 
partly to cover losses but most 
importantly to fund the develop- 
ment of the new Aston Martin 
DB7 sports car, which is planned 
to begin production next month. 

The launch of the DB7 is set to 
transform the fortunes of the UK 
luxury sports car maker and 
raise its annual output more than 
fivefold by 1995-96. 

It will provide a successor for 
the famous DB6. which ceased 
production in 197L 

Ford initially took a 75 per cent 
Stake in Aston Martin in late 
1987. The US group dominates 



Fuel injection: the DB7 should transform Aston Martin's fortunes 


the UK luxury car sector follow- 
ing its takeover of Jaguar in 
1989. 

The burden of the DB7 project 
has pushed Aston Martin into 
heavy loss, it suffered a pre-tax 
loss of £18.87m last year follow- 


ing losses of £15.97m in 1992 and 
£5An in 1991. The DB7 develop- 
ment programme was previously 
funded by a £34m revolving loan 
from the Ford parent company 
which has been paid off following 
the E50m equity injection. 


Investor bids SKr3.45bn for 
Export-Invest stablemate 


By Hugh Camegy 
in Stockholm 

Investor, the Wallenberg family’s 
chief investment vehicle, yester- 
day anno unced a bid worth 
SKr3.45bn <S440m) for its similar 
but junior stablemate Export- 
Invest in a move to strengthen 
the Swedish group's capital base 
after a period dominated by 
retrenchment and recession. 

The near deal between the 
companies - Export-Invest is also 
controlled by the Wallenbergs 
and shares offices in Stockholm 
with the bidder * is based on an 
issue of nine new Investor shares 
for every 10 Export-Invest shares. 


It will raise Investor's net asset 
value by SKr3.8bn to SKr41.3bn 
and lift Investor's solvency ratio 
from 55 per cent to 57 per cent. 

The move follows an upturn in 
Investor's fortunes. Pre-tax prof- 
its slumped to SKr-llOm from 
SKrl.tfbn. but there was a 
rebound in the fourth quarter 
based on recovery at Saab- 
Scania, its vehicle and aerospace 
group. Net debt fell to under 
SKr5bn from SKrS.Tbn. 

The bulk of Export-lnvest's 
portfolio mirrors that of Investor, 
with holdings in such Swedish 
blue-chips as Astra, tbe pharma- 
ceutical group. Stora, the forestry 
group, and Electrolux, the white- 


goods group. But Investor said 
the acquisition of Export-lnvest's 
holdings in foreign stocks such 
as Roche, the Swiss pharmaceuti- 
cals group, and Alcatel Alsthom 
of France, signalled a move to 
increase its investments abroad. 

Mr Claes Dahl back. Investor's 
chief executive, envisaged build- 
ing foreign investments to 10 per 
cent of Investor's portfolio from 3 
per cent. 

Executives of both companies 
insisted the deal was fair to 
smaller shareholders, despite the 
lack of a cash alternative. The 
offer represents a premium of 
25.5 per cent on market values of 
Export-lnvest’s A shares. 


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INTERNATIONAL COMPANIES AND FINANCE 


Sobering sees earnings 
match as sales surge 21% 


By Christopher Partes 
h Frankfurt 

Sobering, the Berlin-based 
drugs group, yesterday 
reported a 21 per cent sales 
surge in the first two months 
Of this year and forecast earn- 
ings for the year would at least 
match last time's DM254m 

(5151m). 

The sharp rise in turnover, 
together with an executive's 
remarks that the profits fore- 
cast was made with “typical 
understatement," helped push 
the group's shares up DM16 to 
DMl.036 in Frankfurt 

The group, a leading supplier 
of contraceptive pills, and 
which last year won US 
approval for Betaseron, the 
first effective treatment for 
multiple sclerosis, also 


announced a 1993 dividend of 
DM1422, after DM13 last time. 

The pay-out includes the 
benefits of recent in 

corporate taxes, and with tax 
credits would yield a net 
DM2021 a share - unchanged 
from last year - Cor sharehold- 
ers liable for German taxes. 

Mr Klaus Pohle, finance 
director, said progress this 
year would depend on the 
impact of exchange rates and 
health reforms, while the with- 
drawal of tax concessions for 
companies based in Berlin 
would also affect results. 

Earnings from Betaseron 
would not makg a significant 
contribution to profits, he 
added, blaming high develop- 
ment and launch costs. Sales of 
the new product had so far 
failed to match expectations. 


According to Mr Giuseppe 
Vita, group chairman. Betase- 
ron added only DMTm to group 
turnover last year. It was tak- 
ing longer than expected for 
hea lt h insurance companies to 
approve payment of potential 
patients' prescriptions. Esti- 
mates of annual treatment 
costs range between $5,000 and 
$ 10 , 000 . 

Although only 4,000 US 
patients were taking the drug 
at the end of last year, Mr Vita 
said he expected the number to 
rliwih to around 40,000 during 
1994, bringing in sales of 
DM3Q0m. Sobering aims to 
start marketing the treatment 
in Europe, where it will be 
called Beneseron, in mid-1995. 
An application for approval 
will be sent to the Brussels 
authorities later this year. 


Linde plans to reduce payout 


By C hris topher Parkas 

i .inrip , the German on ghnwing 
group, is to propose a DM1 cut 
to DM14 in its dividend for 
1993, after a 302 per cent earn- 
ings fall to DM3G9m ($220m). 

The company, a leading sup- 
plier of fork lift trucks, indus- 
trial gases and refrigeration 
equipment, said its materials 


handling divisions had been 
worst hit by the recession. 

Group sales fell 42 per cent 
to DM72bn last year, while 
incoming orders of DM723bn 
were little changed, it said in a 
statement yesterday. 

Unde, which earned record 
profits In 1992, consistently 
warned of a downturn for most 
of last year, reporting a 26 per 


cent contraction in the Euro- 
pean fork lift truck market in 
the first six months. Profits at 
the German parent Unde AG, 
foil 222 per cent to DMl50m. 
The workforce was reduced by 
22 per cent during the year 
and investments of DM675m 
were lower than planned, 
although held at around 9 per 
cent of turnover. 


North West 
Water recruits 
from Tarmac 

By Peggy Hofllnger and 
Andrew Taylor In London 

North West Water, the UK 
utility, yesterday sought to lay 
to rest any anxieties over its 
international expansion by 
appointing as its new chief 
executive Mr Brian Staples, 
fanner head of the contracting 
business of Tarmac, the UK 
contractor and building materi- 
als group. 

He replaces Mr Bob Thian, 
widely credited with building 
North West's international 
business. Mr Thian left in 
November following what was 
reported as a “difference in 
management style” with the 
equally hands-on chairman, sir 
Desmond Pitcher. 


ECC to hold payout 
after demerger 


By Maggie Uny in London 

English China Clays (ECC) 
promised the total payout to 
shareholders would be at least 
maintained at the 20p 1993 divi- 
dend after the demerger of its 
construction materials division 
this summer. The new com- 
pany will be called C amas and 
is expected to have a market 
value of between £250m 
($365 tn) and £300m. It will pay 
a 3.75p 1994 final dividend. 

ECC yesterday set out the 
capital structure and board of 
Camas, and details of the time- 
table for the split Shares will 
be given to ECC shareholders 
on a one-for-one basis. 

The news accompanied 
results for 1993. which showed 


group pre-tax profits down 
from £100 .2m to £88.1m. The 
firnnas business ltftwd operat- 
ing profits from £15 -5m to 
£16.9m before one-off costs. 

The split will leave ECC to 
concentrate on its minerals 
anri speciality chemicals busi- 
ness, with a continuing ca sh 
flow from sales of its housing 
land hank. C amas operates in 
Europe - largely in the UK - 
and in the US, integrating 
quarrying; coated stone, con- 
crete products and road surfac- 
ing activities. 

The demerger is due to 
become effective on June 1, 
after a special meeting on May 
31, with shares going to hold- 
ers on the register on May 27. 
Lex, Page 24; Details, Page 30 


Bang & 
Olufsen sees 
profit of 
DKrlOOm 

By Hilary Barnes 
In Copen ha gen 

Bang A Olufsen, the television 

wHta w piipinep t mamrfatv 

turer, said it expects to return 
to pr o fi t for the first time after 
three years of losses. It fore- 
casts a pre-tax profit of 
DKrlOOm (Sl5m) for the year 
ending on Stay 31 c ompa red 
with a loss of DKr42-3m in the 
previous year. 

The group has adjusted the 
forecast made in its half-year 
Interim statement in January, 
when ft predicted pr o fi ts for 
the full year of about DKr70m. 
The performance has improved 
after a rationalisation pro- 
gramme Was hn pl»m»wt«d in 
the autumn of 1992 aiming at 
reducing costs, reorganising 
the European sales nr| d mar- 
keting operations, and introd- 
ucing a cheaper range of tele- 
vision sets. 

First-half group sales were 
ahead by 18 per cent to 
DKrl.21bn from DKr 1.031m 
and pro fits after net tiwanrinl 
costs were DKrSOm against a 
loss in the same period of the 
previous year of DKr 45m. 

Saks in file second half of 
the fiscal year have 
exceeded expectations 
fax several of its European mar- 
kets, including Denmark, Nor- 
way, Germany and the Nether- 
lands. 


Hugo Boss lifts 
dividend after 
record result 

By Michael Undemam In Bonn 

Hugo Boss, Germany's best 
known menswear manufac- 
turer, yesterday raised its 
annual dividend after report- 
ing record profits of DM78 ,5m 
($45.6m). Ordinary shares will 
receive a DM23 dividend, up 
Grom DM21. while holders of 
preferential stock will receive 
DM24J0, also up DM2. 

The company, part of the 
Italian Marzotto group, said it 
was optimistic about good 
cash-flow figures and predicted 
sales would recover after a fall 
in turnover blamed on the 
recession. Overall group sales 
fell 7.8 per cent to DMB46 l3ul 


On the threshold of a third phase 


M r Percy Bamevik 
may court contro- 
versy with bis opin- 
ions’ on thorny issues such as 
western aid for the former 
Soviet Union, but he has 
always preferred to hit the 
headlines by announcing good 
news from Asea Brown BoverL 
Last week, he wasted no 
opportunity to do so. Beaching 
the UK table on a whistle-stop 
tour of a Copenhagen dining 
roam, where journalists from 
35 countries were tucking in at 
ABB's annual results shindig. 
Mr Bamevik revealed with 
some pleasure that ABB UK 
had notched up the group’s 
biggest Im provement in earn- 
ings last year. 

The president and chief exec- 
utive of Europe’s largest elec- 
trical engineering group is in 
confident, almost sprightly 
mood by his standards these 
days, and not only because of 
the performance of ABB UK. 

The entire group's pre-tax 
profits after financial Items 
rose by 7 per cent last year to 
$L19bn. in spite of a 4 per cent 
tall in revenues to $2&3bn. In 
dollar terms, that may not look 
too exciting - ABB's pre-tax 
pamfng g have, after afi. hov- 
ered around $Llbn since 1990. 

Mr Bamevik, thou gh, sees a 
deeper meaning in the result 
than simply marking the 
return to r ising profits after a 
slight dip In 1992. For one 
thing, he points out, profits 
expressed in local currencies 
rose by an average 25 per cent 
on a 6 per cent increase in rev- 
enues, a better indication of 
underlying trends. 

More significantly for the 
long-term future of the com- 
pany, its 206,000 employees and 
Europe's role in the world 


engineering industry, he 
believes ABB Is stand ing on 
the threshold of a new phase in 
its short corporate history. 

Phase , one, from 1988 to 1990. 
saw the creation of 
the company from the engi- 
neering interests of Sweden's 
Asea and Brown Boveri of 
Switzerland, followed by heady 
growth and acquisitions 


for growth and reap the bene- 
fits of restructuring which will 
be completed by this autumn, 
and will save $200m in a fiiU 
year. 

Mr Bamevik may be one of 
Europe’s most admired indus- 
trial strategists and vision- 
aries, but hard-nosed City ana- 
lysts judge' ABB by its 
Bwanrial performance. By hlt- 


membennant of the old envi- 
ronmental services business 
segment. 

There is also considerable 
scope for synergies, and hence 
savings in the newly created 
power transmission and distxi- 


Asea Brown Boveri is looking for 
expansion, writes Andrew Baxter 


in an expanding market. 

Phase two, from 1991 to 1993, 
was owe of caosotidatknr and 
selected growth. Amid deep 
recession in Europe and North 
America, 47,000 jobs were cut 
ami d restructuring and reor- 
ganisation in western coun- 
tries. On the other hand 
g r owth opportunities mainly in 
Asia and the former commu- 
nist countries of eastern 
Europe and, more recently the 
old Soviet Union, have added 
35,000 new jobs. 

The atm h as been to exploit 
fast-growing new markets 
while laying the foundations 
for profitable growth in west- 
ern countries when they 
emerge from the recession. 
This culminated last year with 
a reorganisation designed to 
improve global co-ordination 
and efficiency, and a net $596m 
non-recurring charge due 
mainly to restructuring in the 
yvwnd half of the year. 

Now, says Mr Bamevik, ABB 
hag reached another turning 
point and a third phase - 
expansion — is beginning. With 
the recession over for practical 
purposes, he says, ABB can go 


ting the accelerator now, 
though, they believe he has 
every chance to achieve the 
expansion profitably. 

“If ABB cant deliver earn- 
ings growth after all their 
restructuring, it’s pretty well 
li ghta out for everyone else," 
says Mr Russ Mould of 
S. G. Warburg Securities. 

Mr Bamevik is in sight of 
achieving a cherished financial 
target that looked even beyond 
him two years ago - a 10 per 
iynt operating margin (return 
on operating profits after 
depredation) and thus come 
closer- to the profitability of its 
big rival General Electric of 
the US. 

T he margin rose from 6.1 
per cent in 1992 to 7.7 
per cent last year, and 
Mr Mould believes ABB could 
get very close to teaching 20 
per cent within a couple of 


new segment, industry and 
building systems, which 
employs nearly 86,000 people 
alone. Here, in particular, Mr 
Bamevik: will be under pres- 
sure to prove be has not cre- 
ated a conglomerate within a 
Leviathan. 

Fte fftpr market conditions in 
western markets will help lift 
profits but the biggest contri- 
butions to earnings improve- 
ment will came from new. mar- 
kets. The fact that ABB is 
al rea d y - making good profits in 
countries such as Poland and 
the Grech Republic is a hopeful 
sign for the future, says Mr 
Mould. 

In the Asia Pacific region, 
ABB is trying to boost its 
already significant presence - 
$3-6bn of sales last year - by 
becoming a t rue “insider”. la 
power transmission and distri- 
bution alone, for example, it 
has 20 plants and plans 
another 23 over the next few 


A lot more restructuring 
goes an behind the scenes, he 
says, than is apparent 
from ABB’s publicly 
annnuncad rwirganisatiim mea- 
sures, such as the 1992 dis- 


And it may not matter that 
all ABB’s competitors - Gen- 
eral Electric and Westinghouse 
of the US, Siemens and GEC 
Alsthom from' Europe - are 
doing much the same, because 
the growth prospects are so 
mindboggiing. 

China, says Mr Bamevik, 
needs to Increase Its power 
capacity by 15.000MW to 
18JM0MW a year - compared 
with the 15.000MW built by 
Switzerland over the past 100 
years. 


Bongrain improves 22% 
despite flat turnover 


By John Rkkfing 
in Paris 

Bongrain, one of France’s 
largest cheese makers, yester- 
day annniiT»«pH net p i n fl ts of 
FFr434m ($76m) for 1993, an 
increase of 22J> per cent over 
the figure recorded In 1992. 

The rise in profits, which 
included an exceptional gain of 
FFrl45m. was achieved on flat 
sales of FFrS.Sbn. 

Operating profits were also 
relatively stable, rising by just 


over 1 per cent to FFrS93m. 

Bongrain said that the oper- 
ating result was achieved 
despite a difficult eco nomic 
environment and without 
reducing long term Invest- 
ments. 

It reflected the effectiveness 
of cost cutting and productiv- 
ity measures, according to the 
company. The group said that 
its strategy of expansion was 
continued during the year, 
with acquisitions in Hungary 
and the n»«li republic. 


IBCA lowers ratings on 
Banco Central Hispano 


By Our Madrid Staff . . 

Banco Central Hispano, one of 
Spain's leading banks, 
yesterday saw the IBCA 
ratings for both its short term 
and long term debt down- 
graded. 

The London-based agency 
said it was adjusting Its rating ■ 
for the hank’s short-term com- 
mercial paper from Al+ to A1 
and for its long-term debt from 
AA-toA-K - 

Bank affirials said BCH was 


being “excessively penalised” 
by the impact of the crisis at 
Banco Espaflol de Crbdito, for 
which the Bank of Spain is 
mounting a rescue plan. How- 
ever, they argued that the rat- 
ings change had already been 
discounted by the market fol- 
lowing last week’s announce- 
ment by Moody's that it was 
reviewin g the lank for possible 
downgrade. 

The move coukL affect plans 
by BCH to issue $200m of sub- 
ordinated debt. 


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This announcement appears as a matter of record oniy 


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is pleased to announce that it 
has commenced trading 
as a member of the 


Hong Kong Futures Exchange Ltd, 


For information , please contact: 


Paul Roberts 
London (4471) 382 4370 


David Bromley 
London (4471) 382 4351 


John Lau 

Hong Kong (852) 846 5379 


S.GWarburg 


S-G.Warburg Group pic 
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MARCH 15 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Banks oppose Payless buyout 


By Richard Waters 
in New York 

The $lbn buy-out of Payless, 
the U$ drug store chain owned 
by Kmart, has run into opposi- 
tion from banks, threatening 
one of the biggest buy-outs 
launched in the US since the 
1980s. 

The California-based Leo- 
nard Green & Partners, which 
is leading the buy-out, origi- 
nally sought $850m from 
banks, in financing led by 
Bankers Trust. Citibank and 
UBS. 

Late last week, financing 
was scaled back to S600ra, hav- 
ing already been dropped to 
$750m, as a number of leading 
financial institutions said they 
would not back the transac- 
tion. 

To fill the gap left by the 
lower level of bank debt, the 
backers are now planning to 


raise $600m through one of the 
biggest issues of sub-invest- 
ment grade bonds since the 
junk bond market sprang back 
to life a year ago. 

However, the bond issue 
comes at a time when mutual 
funds, which have been the 
biggest supporters of the high- 
yield junk bond market, have 
experienced a steady out-flow 
of cash. According to one esti- 
mate. investors have with- 
drawn a net $l-5bn from high- 
yield fund in the past fortnight 
as the US fixed income mar- 
kets have fallen. 

Leonard Green said the size 
of the bank deal had been 
scaled back in part to enable 
the transaction' to close by the 
end of this month. The firm 
added that the three lead 
banks had fully underwritten 
the transaction, so the financ- 
ing for the deal was assured. 

The head of syndication of 


one big US bank which has not 
backed the transaction said: 
“It’s a very controversial deal 
- a lot of high-quality, lever- 
aged lending b anks have said 
no.” Another leading bank 
added that the difficulty In 
attracting cash showed that 
“the market is not so over- 
heated that anything will 
sell". 

One bank said that it had 
decided not to participate In 
part because previous Leonard 
Green buy-outs had a poor 
track record. 

The firm said, though, that 
only one of its buy-outs had 
resulted in Chapter U bank- 
ruptcy protection, that of 
Almac's, which sought protec- 
tion from its creditors last 
year. 

‘'TCiat’s not a bad record in 
20 years," the firm added. 

Until now, US buy-outs have 
been steadily increasing in size 


since the lull in the early 1990s, 
which followed the failure of a 
buy-out at United Airlines to 
attract bank finance. 

Mr David Browning, manag- 
ing director of structured 
finance at Citibank, said the 
changes made to the proposed 
Payless financing did not mean 
that the deal was in trouble. 

“You make your best judg- 
ment [about the sources of 
finance]. We have not changed 
the debt structure, only the 
mix." 

A leveraged buy-out of Jeff- 
erson Smurfitt in the US has 
become the first deal of the 
1990s to attract more than $ibn 
of bank finance 

The buy-out has won back- 
ing from 13 banks, each of 
which has underwritten $100 m. 
Bankers in the US continue to 
predict a rash of big bank-fi- 
nanced buy-outs. 


ITT plans 
educational 
services sale 

By Richard Waters 
in New York 

ITT, the US conglomerate, took 
a further step towards narrow- 
ing its range of activities as it 
announced a flotation for its 
ITT Educational Services sub- 
sidiary. 

The company said it planned 
to sell 19.9 per cent of the 
unit's shares, in a move which 
analysts said would probably 
precede a full disposal 
The partial sale would be 
likely to put a higher value on 
the business than that 
accorded it by ITT sharehold- 
ers, said Mr Gary Schneider, 
an analyst at Bear Steams, the 
New York securities house. 

It would prepare the unit for 
an eventual disposal by ITT. he 
said. 

The educational services 
business has more than 20,000 
full-time students attending 
technical institutes in the US, 
and accounted for about $l50m 
of revenues in 1992. the latest 
year for which figures are 
available. 

The plan follows ITT's com- 
pletion last month of the 
spin-off of Rayonier, a forestry 
products company with annual 
sales of about $lbn. 


Trading on bad 


By Nikki Taft 

F ilm reviews do not usu- 
ally appear on the busi- 
ness pages of any news- 
paper. But the weekend slating 
of Paul Hogan's latest produc- 
tion. lightning Jack , by New 
York critics has become hot 
stock market news in Austra- 
lia. 

The reason: Lightning Jack 
was financed by Australia's 
first, and only, publicly-quoted 
film trust 

Units in the trust are traded 
on the Aust ralian stock mar- 
ket, and have provided a punt 
on whether the archetypal 
Aussie movie-star would repeat 
the success at his 1988 film. 
Crocodile Dundee, or whether 
Lightning Jack would flop, like 
bis subsequent 1990 film, 
Almost an Angel. 

Yesterday, the critics' views 
outweighed some fairly 
healthy box office returns from 
the film's opening weekend. 

The units, sold to investors 
at A$1 apiece last July, fell to 
A$l.l5 at one stage yesterday 
morning, before recovering to 
around AS1.20 by mid-after- 
noon. That compares with 
A$1.37 on Friday night, and 
AS1.S5 in late February. 

In Brisbane, Morgan Stock- 
broking, which underwrote the 
AS35m issue of units last sum- 
mer, said there had been an 



Hogan: box office success 


early rush of panic phone calls, 
but reactions had calmed by 
the end of the day. 

Despite the poor reviews, the 
film reached number two at US 
box offices, after Guarding 
Tess starring Shirley McLains. 

But whatever the eventual 
public verdict on Mr Hogan's 
“comic western”. Investors will 
not walk away empty-handed. 
The trust was structured so 
that unitholders enjoy two 
years of tax breaks. 

Investors who hold their 
units until June 1994 can write 
off SO per cent of their invest- 
ment as a tax deduction in the 
current tax year. A further 50 
per cent deduction will be 
allowed if the units are held 
until June 1995. 


reviews 

Thereafter, the value of the 
units will depend on how popu- 
lar the film is. Essentially, the 
unitholders own the copyright 
to the film for seven years 
after Us completion. After this, 
copyright switches to Mr 
Hogan's private company. 
Lightning Ridge Films. 

As revenues start to flow. 
lightning Jack must first make 
deferred production and mar- 
keting-related payments - 
including a $2m payment to Mr 
Hogan, representing half his 
acting fee. 

The next A$35m goes to the 
unitholders, so that they 
recoup their capital outlay. 
Further general expenses then i 
have to be met such as a sales 
marketing fee. Finally, any 
residual revenues will be split 
50:50 between Lightning Ridge 
and the unitholders. 

But investors had a scare 
recently, when a question 
mark loomed over whether the 
Australian Tax Office would 
agree to the full tax deductions 
originally mooted. 

In the event these have been 
agreed. But the hiatus may 
have some bearing on whether 
the Australian stockmarket 
houses any more film stocks. 
Mr Clarke admits that in the 
light of the ATO’s ruling, a 
precise replica of the trust is 
unlikely, although he thinks 
variants might he attempted. 


Digital 
plans to 
raise 
$500m 

By Louise Kehoe 
in San Francisco 

Dig ital Equipment, the 
Straggling US computer manu- 
facturer, plans to raise $&Q0m 
through a public offering of 
20m depositary shares priced 
at $25 a share. 

The company said proceeds 
would be used for working 
capital and other general cor- 
porate purposes. 

It recently announced plans 
to cut its European workforce 
by 20 per cent with the loss of 
6,000 jobs over the next 12 
months. 

Each depositary share repre- 
sents a one-fourth interest tn a 
Series A cumulative preferred 
share. 

For the six months to Janu- 
ary l this year. Digital suf- 
fered a net loss of $ 155.3m, 
compared with a loss of 
$334. 4m in the same period a 
year ago. 

Digital has been struggling 
to come to grips with funda- 
mental changes in the com- 
puter market. These have 
shifted demand away from its 
mini-computers to networks of 
much cheaper personal com- 
puters, and workstations, 
using “open systems” rather 
than proprietary software. 

The dividend rate, redemp- 
tion provisions and dividend 
payment dates of the preferred 
stock will be established at the 
time of sale. The company said 
the preferred stock would not 
be convertible. 

• Alcan Aluminium is selling 
two of Its US extension plants 
to Cressona Aluminum of the 
US, for an undisclosed sum, 
writes Robert Gibbens in Mon- 
treal. 

The facilities employ 300 
people and have annual capac- 
ity of 45.000 tons of extru- 
sions. 

Alcan is also negotiating to 
sell its remaining North Amer- 
ican extension operations, 
including three plants and a i 
diemaking operation in Can- 1 
ada and an extrusion plant in 
the US. I 

Together they employ 700 | 
and have annual sales of 
USS120m. The moves are part 
of Alcan's broad restructuring. 


Sumitomo Rubber down 
68% on falling demand 


By Paid Abrahams in Tokyo 

Sumitomo Rubber, Japan's 
third largest tyre manufac- 
turer, yesterday reported con- 
solidated pre-tax profits down 
68.6 per cent at Y4.93bn 
($45 .64m) for the year ending 
December 31. Net profits fell 
24.1 per cent to Yiffibn. 

The result underlined the 
continuing dire state of tbe 
Japanese tyre industry which 
has been hit by falling de man d, 
lower prices, and a deteriorat- 
ing product mix as consumers 
trade down to cheaper prod- 
ucts. 

The company also blamed 
the rise of the yen which bad 
reduced the value of overseas 
profits. Earnings per share 
dropped from Y33.77 to Y24.6. 


The fall in profit was 
achieved on sales down 13 per 
cent at Y5G3bn. 

The Japan Automobile Tire 
Manufacturers' Association 
recently reported that demand 
from automotive manufactur- 
ers and consumers wanting to 
replace tyres had fallen last 
year. Shipments to domestic 
vehicle constructors tell 12.1 
per cent during 1993 to 50m 
units. Sales to the replacement 
market dropped from 67.6m 
units in 1992 to 60.9m last year. 

Sumitomo Rubber warned its 
net profit would fall further 
this year, reaching only Y4bn. 
It predicted pre-tax profits 
would be static at Y5bn on 
sales of Y530bn. 

Earnings per share would 
also fall at Y24.41. 


• Mitsubishi is to take a 20 per 
cent interest in the new ASTOm 
(US$50.3ra) methanol research 
plant which Broken Hill Pro- 
prietary Petroleum, part of the 
Australian resources and steel 
group, is building in Mel- 
bourne, writes Nikki Tait, 

The plant is designed to 
research and develop forms of 
methanol-producing technol- 
ogy, first developed by ICI 
Katalco in the UK. 

“The joint venturers believe 
that methanol, which can be 
transported and stored like 
other petroleum products, 
could be a cost-competitive fuel 
for power generation,” said 
BHP yesterday. 

BHP began building the 
plant last year, and it is about 
three-quarters complete. 


Sprint puts $350m into network 


By Louise Kehoe 

Sprint, the third largest US 
long-distance telephone com- 
pany, hag announced plans to 
spend $350m over the next 
three years to double the 
capacity of Its 23,500-mile net- 
work, using advanced digital 
transmission technology. 

The group said the upgrade 
would provide its customers 
with the ability to send voice, 


video and data traffic over its 
network simultaneously at 
speeds of up to 2.5 gigabits per 
second. A further upgrade to 10 
gigabits per second is planned 
as capacity demands increase. 

Sprint said it had selected 
Alcatel Network Systems and 
NEC America to provide syn- 
chronous optical network, or 
Sonet, transport equipment 
and optical amplifiers to boost 
the capacity of its network. 


Sonet equipment will be 
installed at each of the 338 
locations where Sprint's 
long-distance network con- 
nects with regional telephone 
services. 

Sonet is the transport ele- 
ment of Sprint’s broadband 
network design which was 
announced in 1992. This also 
employs asynchronous trans- 
port mode switching technol- 
ogy. 

Air Canada 
seeks foreign 
equity finance 

By Robert Gibbens in Montreal 

Air Canada is seeking 
shareholder approval for a new 
class of non-voting common 
shares to be used to raise 
equity, mainly outside Canada. 

The company said it had no 
immediate plans to issue any 
of the new class A non-voting 
common shares but it was 
creating the flexibility to 
obtain foreign equity financing 
“within the framework of the 
ownership restrictions existing 
under federal Legislation”. 

At present, no individual can 
own more than 10 per cent of 
the voting shares. Foreigners 
are restricted to 25 per cent. 


Amoco may cut costs 
by restructuring units 


By David LasceUes, 

Resources Editor 

Amoco, the fifth largest US oil 
company, is considering a big 
internal restructuring to 
reduce costs and raise its per- 
formance. 

The plan would replace 
Amoco’s three operating com- 
panies with leaner business 
units, and reduce the corporate 
staff to a minimum- At the 
moment the operating compa- 
nies. in production, refining 
and chemicals, represent the 
core of Amoco's operations. 

Mr Larry Fuller, Amoco 
chairman and head of the stra- 
tegic planning committee, told 
staff yesterday the restructur- 


ing would eliminate much of 
the company's cost structure. 

But there would also be a 
significant transfer of person- 
nel and a net loss or jobs 
throughout the corporation. He 
said it was too early to be spe- 
cific about the impact of these 
changes, but he hoped deci- 
sions would begin to be made 
by early summer. 

The reorganisation follows 
the disappointing performance 
of Amoco stock which lagged 
behind the Dow Jones Indus- 
trial Average last year. 

The present three-company 
structure dates from the 1960s 
and has left Amoco less com- 
petitive than it should be, Mr 
Fuller said. 



Hanson Industries 


has sold its 

Office Products Dealer Group 

to 

Corporate Express, Inc. 

The undersigned acted as financial advisor to Hanson 
Industries in connection with this transaction. 

ROTHSCHILD INC. 

Affiliated companies in 
London Paris Frankfurt Milan Hong Kong Singapore 

Sydney Tokyo Shanghai Toronto Zurich 

March 15, 1994 



n 


BANQUE PARIBAS 

USS2OO.O0O.O0O 
Undated Hnatlng rale 
securities 

In acconhince with the 
fifiH'isions of the securities, 
nniire is hereby given that for 
t hr direr month interest pcrwtl 
f»,m 15 Miw’ft to 15 June 
the securities will carry an 
interest rah: of -1. 1575 ' u per 
annum Interest due on 15 June 
liK/4 will annuml to US$10 70 
ivr USS If >00 security 

Agent; Morgan Guaranty 
Trust Company 

JPMorgan 


n 


8ANQUE PARIBAS 

USS-100.000,000 
Undated subordinated 
floating rale securities 

In accordance with the 
provisions of the securities, 
notice is hereby given that 
fur the interest period from 
15 March 1904 to IS June 1094 
the securities will cany an 
interest rule of 4% per annum. 
Interest payable value 15 June 
1994 per US$1,000 security will 
amount to US$10.22 and per 
USfl 0,000 security will amount 
to USSI02.32. 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 


US$100,000,000 
Subordinated Collared 
Floating Rate Depositary 
Receipts due 20tU issued by 

The Law Debenture Trust 
Corporation pic evidencing 
entitlement to payment of 
principal and Merest on 
deposits with Banco di Napoli 
Hongkong Branch 

The receipts will bear interest 
at & 1 25% per annum from 
15 March 1094 to 15 September 
1904. Interest payable on 
15 September 1994 will 
amount la USS3I.3I per 
USS 1,000, USS3I3.06 per 
USS 10.000 and US$3, 130.56 
per US$100,000 receipt 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 


IRELAND 

US$500,000,000 
Floating rate notes 
due September 1998 

In accordance with the 
provisions of the notes, notice 
is hereby given that for the 
six months interest period 
from 15 March 1994 to 
15 September 1994 the notes 
will cany an interest rate of 
4.02% per annum Interest 
payable on 15 September 1994 
Will amount to US$205.47 per 
USS 10,000 note and 
US$5. 136.67 per US$150,000 
note. 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 





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S.C.Warburg 

and 

Buenos Aires Capital Partners 


S.G. War burg 
and 

Asset-Chile Ltda. 

have formed an exclusive association 
in 

Argentina, Uruguay and Paraguay 

- 

have formed an exclusive association 
in 

Chile, Peru, Ecuador and Bolivia 

February 1994 

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London, New York, Tokyo 

Amsterdam, Auckland, Bangkok, Bogota, Boston, Buenos Aires, Chicago, Frankfurt, Geneva, Hong Kong. Istanbul 
Kuala Lumpur, Lisbon, Luxembourg, Madrid, Melbourne, Milan, Montreal, Moscow, Osaka, Paris, Santiago, Sao Paulo 
Seoul, Singapore, Sydney, Taipei, Toronto. Vancouver, Warsaw, Wellington, Zurich 

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riMAryJdAT. TIMES TUESDAY MARCH -IS 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Swire Pacific moves ahead 5.4% 


By Iwae Lucas in Hong Kong 


Swire Pacific, the Hong 
Kang-based property, aviation 
and trading group, saw profits 
for the 1993 calendar year 
improve to 5.4 per cent to 
BK$&66bn (US$603m). This fol- 
lows a 43.5 per cent advance in 
net earnings in 1992. 

Mr Peter Sutch, chairman, 
said the progress was achieved 
despite difficult operating 
conditions in the airline indus- 
try and a significant reduction 
in profits from the sale of 
investment properties in 
1993. 

Last week Cathay Pacific, 
Swire’s 5L8 per cent-owned air- 
line, reported a 23.8 per cent 
drop in profits largely on the 
bade of recession in key mar- 
kets. especially Japan, allied 
with increased competition. 



Peter Sutch: advance despite 
airline industry difficulties 


Gamings, which were at the 
top end of analysts’ expecta- 
tions. were lifted by the 


group’s aviation units and 
strong growth in net rental 
incomes. 

Shareholders are to receive a 
dividend of 85 cents on the ‘A’ 
shares and 17 cents on the *B’ 
shares, an increase In each 
case of 10.7 per cent over 
1992. 

Swire’s property division 
made a smaller contribution 
than previously, chiefly 
because of the reduction in. 
profits from the sale of invest- 
ment properties, which stood 
at HE$396m last year and 
HK$838m in 1992. 

This year and next the prop- 
erty outlook will be enhanced 
by the group’s commercial 
developments in Quarry Bay 
and the sale of further residen- 
tial units in Robinson Place - 
both an Hung icnw g The 
group will continue to expand 


Its property investment portfo- 
lio - valued at HK$56-L8tm at 
the end of last year - following 
last year's HK$2.85bn site pur- 
chase with Citic Pacific. 

The industries division 
tamed in flat earnings, with 
gains being offset by excep- 
tional losses at Taikoo Engi- 
neering provis ions for clo- 
sure costs at Swire Magnetics 
Holdings' manufacturing 
operations and Swire Duro's 
paint factory, which has been 
replaced by a new operation 
with Id in Guangzhou. 

On the trading front, profits 
slipped slightly; the sports 
shoe market had a difficult 
year while file Taiwan-based 
b usiness es involved in the dis- 
tribution of imported Volvo 

anH Chrysler cars, and Moto- 
rola cellular telephones, made 
the largest contribution. 


Toshiba and 
Fujitsu back 
General 
Magic 


By Mfctfyo Nafcamoto m Tokyo 


GIO says 
state bank 
purchase 
unlikely 


Aztec takeover prompts writ 


By N9dd Taft In Sydney 


By Nikki Tait 


GIO Australia, the Australian 
insurer privatised by the New 
South Wales government in 
1992, yesterday described itself 
as “an unlikely end acquirer” 
of the State Bank of New South 
Wales, the fifth-largest Austra- 
lian bank being auctioned off 
by the NSW authorities. 

Mr Bill Jocelyn, GIO manag- 
ing director, said that the 
acquisition of the bank “would 
make more sense to a foreign 
bidder than it does to us”. GIO, 
he added, would be more inter- 
ested in Suncorp, the Queens- 
land-based financial services 
business that may be sold 
off by the state government 
there. 

GIO'S c omm ents came as it 
announced operating profit 
after tax and extraordinary 
items of A$93.9m (US$66.7m) in 
the six months to end-Decem- 
ber, up from A$425m in the 
same period in 1992. The fig- 
ures benefited from unrealised 
capital gains of A$49.6m, the 
result of a surge in share 
prices, compared with a loss of 
AS2.4m in the same period the 
previous year. Operating profit 
before tax was A$13l.5m, 
against AS72.8m last time. 


The fallout from Poseidon 
Gold's speedy victory in the 
A$237m (US$203m) takeover 
battle for Aztec Mining last 
week turned nastier last night 
when FosGold's thwarted rival. 
Pan continental Mining, sued 
the winning bidder. 

Pancontinental, which had 
made an all-paper bid for Aztec 
and seen its terms Initially rec- 
ommended by the Aztec board, 
said that it had Issued a writ in 
the federal court alleging “con- 
spiracy to by ore" and “breach 
of section 615 of the Corpora- 
tions Law”. 

Last week, PosGold, which is 
part of Mr Robert de Crespig- 


ny's Normandy Poseidon 
group, raised its cash offer to 
74 cents a share. It then swept 
into the stock market, acquir- 
ing the 37 per cent stake in 
Aztec held by Alumax, the US 
group, and a large tranche of 
shares held by Bankers Trust 
Australia Other investors also 
quickly sold out to PosGold, 
with the result that the Udder 
had secured over 85 per cant of 
its target’s shares by the close 
of the day’s trading. 

P anrnntingnfcar g board, how- 
ever, said that events were “of 
an unprecedented nature and 
give rise to a number of seri- 
ous legal issues". The company 
added that it was “disturbed 
that it was offered no chance 


to renegotiate its agreed 
merger". 

This, it claims, caused a 
“very substantial loss” to 
Aztec shareholders. 

Since securing control of 
A2tec, PosGold has questioned 
whether Pancontinental is still 
obliged to go ahead with its bid 
- in which case, PosGold direc- 
tors have said they would con- 
sider the option of accepting 
on b ehalf of PosGold ’s Aztec 
shares. 

This would give PosGold a 
large minority interest in Pan- 
con. Pancon has raid that it 
does not believe that it is 
required to proceed with the 
bid. A court ruling is likely to 
decide the matter. 


Australian 


engineering 
group up 11% 


By NDdtiTaft 


China consolidates in electronics 


By Tony Walker In Bering 


China has consolidated the 
cream of its electronics indus- 
try into a single consortium to 
meet foreign challenges after 
the country rejoins the General 
Agreement on Tariffs and 
Trade (GATT). 

The China Electronics Corpo- 
ration (CEC), formed last week 
with assets of $894m, draws 
together 62 subsidiaries into 
one company. 

CEC will concentrate on 
micro-electronic and telecom- 


munication products at 
its plants around China. It 
plans to generate revenues of 
more than $2bn by the year 
2000. 

Electronics is regarded by 
Chinesp gover n ment as one of 
its four “pillar Industries” 
along with motor vehicles, 
machinery and construction. 
Revenues from the electronics 
industry exceeded $20bn last 
year, occupying 5.2 per cent of 
the country’s total industrial 
output. 

China’s reentry into GATT. 


expected to take place within 
the next year or so. would 
expose its fled g lin g electronics 
industry to potentially devas- 
tating foreign competition 
under a lower tariff regime. 

China’s electronic exports 
readied t&Ubn in 1993, 18 per 
cent more than 1992. Imports 
readied $l0.6bn, an increase of 
32 per cent over the previous 
year. 

Chinese offldalg expect the 
electronics industry to grow 20 
per cent this year, and exports 
to exceed $10bn. 


l%is announcement appears as a matter of record onfy. 


THE BANK OF NEW YORK 


is pleased to announce 
die establishment of a 


SPONSORED AMERICAN DEPOSITARY 
RECEIPT (ADR) FACILITY 




B AT INDUSTRIES 


AMEX Symbol: BTI 


NOTICE IS HEREBY GIVEN OF THE 
ANNUAL GENERAL MEETING OF SHAREHOLDERS 


to be held ic Julius Baer Bank and Trim Company Lid. 
Kirk House, Grand Cayman, Cayman Islands, 
on the Srh day of April, 1994 at 10 a.m. 


Arana* 

1. lb receive mad rounder and. if 
thought fit, adapt the jcconau pre- 
vented by the Director* hr the year 
ended Mr December I9tl and the 
report* of the Director! awl Aodiion. 

2. lb nufy the ira of Direct orv 

I. To mppraec the appointment of Price 
WotcrhotKc e* Auditor, and author- 
lie the Director* to fin the Auditor,' 


By inter if lie BeerJ efUQUIBiEB. 
Jehet Barr U.S. D tiler Feed Limited, 
P.O. Be* I IPO. Creed Ceyaeea 
Ceymea Itleadi. 


Copies of the Annual Report indod- 
mj Audited Accounts are available for 
iarpectkm and may be obtained ar the 
rcgiitemi office of the Company and 
Fran the Agents Hated below. 

There arc do service contract* in 
existence between the Company tad any 
of its Director* *od none are proposed. 

Participating shares arc listed OO the 
Loodan Stock Exchange and particulars 
of (he Company arc available is the 
Eatcl Statistical Service. 

15th March. W 


A shareholder holding registered jjy 

■bares u emailed ru attend, vote and ap- ^ 
point one or more proxies to attend and 
voce instead of Urn. A proxy need not be 
a shareholder of the company. * 

A ahurtsoMCT bolding bearer share* 
is entitled to attend and rote. Eicraie W11 

of chew right, in t expect of bester * *“ 

shares will be lecogoaied only on pre»eo- ® e * 1 
tenon at the Meeting of the bearer err- 
tificnie or satisfactory evidence of the m 

holding. Sock evidence may be obtained * 
by depoaibug the certificate with ink of 
tic Agent, lasted below against written l ’ 1 

receipt, which mwtr be produced at the 
Meeting 


• Jdm Boer ZanL and Trots Cmipauy Lad. 
Kirk Ilooac.RO. Boa ll» 

Grand Cayman, Cayman Mand, 

Aar kt i 

• Bank Jsfiiw Barr A Ctx I Jd. 
Sahniio&tns* 14. P.O Bo* 

8010 Ziasch, Swiestrlnad 

• Bank Jidkn Baer 4 Co. Ltd. 

Sens Marks Home. Bern Marks 
Lnodoo EfUA 7NF 

United Kmgdtan 

• Soddrn Brahe Jtew Baer SA Ceoeut 
Btsdtnrd do Thcktre 2. EK3. Boa 
1211 Genera I I.Mcmiaad 


JULIUS BAER U.S. DOLLAR FUND LIMITED GRAND CAYMAN 
A com pans incorporated an the Cayman Islands with limited lUbllitr 


TOE 



Kir funher information regarding The Bank of New Yorks ADR Services, 
please contact Kenneth A. Lopian in New \ork (.M2) sSl5-2084. or Michael 
McAulifte in London (071 ) 322-hASb. 


NACIONAL FINANCIERS SJ4.C, 
Trust Division 

as trustee of the Nafin Finance Trust 

M not imder Ar km i nf etrtkvl 

USS20Q4WUM0 Guaranteed Floating Rule Notes doe 1997 


NACIONAL FINANCIERA, SJS.C. 

Notion in hereby given (hot (ha Role of Interest has been (bead at 4.375% 
and fat interest p t y t ifc fe an the refeuanf interest Payment dole Jur>o 
15. 1994 against Coupon No. 6 in respect of US$10,000 originally 
issued face amount of the nates wifi be US$87.50. 




Lehman Brothers 
Holdings PLC 


ilw w iwialrjpi iBffeed f.-rmerU aW 
SbrrwsLWraSrfn fl-ulVt tlrU-gl PLO 


U.S. $175,000,000 
acuitml floating Rate 
Notef due 1993 


Ciimjairmi <u (.’ fxismmt 4 rniwiAdi 
■rtJ I^rnrs u*» imJituinjur and 
im sadHyjp 

Lehman Brother* HnLLng* Inc. 

tltuitp-ialrJ wt lit Slaw rfPcLwe 
Finwdr and Sbnm Leimt* Bioikrn 


In moidincr with thcTcnos and 
Conditions of the Nous, notfcc is 
hnrtv pvvti, that fur the Interne 
PctavJ I mm March 15, 1994 to 
June 15. 1004 the More* u-ill cany 
an Interest Rate uf 4W5*» f*r 
annum. The amount payable un 
June 15. 199* will be U.S. SIUC 
bv Notts in iknnmnunnai of U &. 

JUtt) 


Bw TV CBawManlwtad BaaL,KA. 

LaaJon. Agrsst (had. 


U.S. $200,000,000 

Midland International 

Financial Services B.V. 


oeamntae mb namvaedu 

»i ThtHtBmmrt) 


Guorantsad Floating Rate 
Notes due 1999 


OuarantMd on s aidtordmatM bass as i 
payment orpmapal and inmost by 


HUMUmd Bank pic 


Nonce Is hereBy ghren that for the 
six mantis merest Period ton 
Match 15, 1994 to September 15, 
1994 (184 days) the Non Ran 
has been determ i ned at 5?a per 
annum. The interest payable on 
the relevant interest payment date. 
September 15. 1994 vwfll be US. 
S2S5.56porU.S- $10,000 nominal 
amount. 


Sy-UeCtowlfctotta Raik.KJL 
LMfRLktelBlik 

March 15. 1994 < 


City of Stockholm 


USS325.0QO.000 
Floating rate notes 1999 


."*bft« is hereby given that the 
notes axil bear interest at 
3A125% per annum from 
BAhnJiB&toISJuneBM. 
Interest payable on IS Ame 1994 
wiil amount to USS9. 74 per 
USS1 ,000 note. USS97.43per 
HSSS0.000noleandUSS974.31 
per USSW0.000 note. 


Agent: Morgan Guaranty 
Trust Company 


JP Morgan 


CmCORPO 


U.S. $260,000,000 

Floating Rate Notes Due December 1995 

Notice i» hereby given that the Role oF Interest has been Fixed at 
4% and that the interest payable on the relevant Interest 
P ayment Date tone 15, 1994, against Coupon No. 2 wiH be USS51 .1 1 m 
respetf of US$5,000 nominal erme Nates and USS 1,022.20 in respect of 
US> 1 00,000 nominal aF tee Nates. 


March 15, 1994, London 

9rr Ct&anfc, NA (bluer Smvicesj, ApenrBj ife 


CmBAfKO 


Petroleum Argus Daily Oii Price Reports 


Petroleum Argus 

CALL N OW ..i DR^T TRIAL !-"i i R7C'2 


Japanese banks try to 
get the books in order 


Fujitsu and Toshiba, two of 
Japan’s leading electronics 
companies, plan to invest In 
General Magic, a US company 
developing communication 
software for multimedia. 

The decision will help Gen- 
eral Magic’s software become 
the industry standard far mul- 
timedia companies. 

Matsushita and NTT have 
already invested In General 
Magic, hoping to be key play- 
ers in the market for products 
that combine the functions of 
computing, telecommunica- 
tions data transfer. 

The US company’s telescript 
is a next-generation commxad- 
cations^ software that allows 
users to send and receive data 
and computer programs, while 
Magic Cap is a system soft- 
ware that provides an easy-to- 
use interface in personal com- 
puters. 

Last week Motorola became 
the . first company to announce 
a product that win use Magic 
Cap and Telescript. Fujitsu 
plans to introduce its first 
product using the software in 
a year or two. 


Australian National 
Industries, the heavy engineer- 
ing business which owns 
Britain’s Aurora group, yester- 
day reported an II per cent 
increase in first-half profits to 
AS29Am (US$21 .2m) after tax 
and extraordinary items dur- 
ing the six months to end- 
December. 

Sales rose from Af6l0m to 
A|767^m, and operating prof- 
its for the first half stood at 
A$46m, compared with 
A$UAm last time. 

The company predicted fur- 
ther profit improvements as 
an u pturn in business in Its 
di str i buti on and service divi- 
sions extends to other group 
interests. 


W ith the March finan- 
cial year-end fast 
approaching. Japa- 
nese companies are scrambling 
to spruce up their books in 
the fece of the fourth consecu- 
tive year of declining earn- 
ings. 

The trenlrc many of Which 
axe busily trying to rid their 
balance sheets of bad loans 
resulting from the reckless 
lending of the late 1980s, are no 
exception. 

Dal-Ichi Kangyo Bank, 
Japan’s biggest bank in terns 
of assets, expects to write off a 
total of Y700bn ($6.6bn) in 
problem loans this year and 
next. Other banks are also 
accelerating write-offs, 
reflecting a policy shift by the 
ministry of finance. 

Initially the minis try had 
backed the traditional Japa- 
nese approach, urging the 
hanks to sit tight on high-risk 
loans until the economy recov- 
ered, rather than making pro- 
visions. But it is dear that ear- 
lier estimates of Wu* extent of 
bad banking loans had been 
too low. Bad Items among the 
top 21 hanks are now believed 
to total about YSO.OOObn. 

The ministry fears that eco- 
nomic recovery could be 
endangered if had loan expo- 
sure and consequent balance 
sheet strain forces the banks to 
curb new. lending. 

The main vehicle helping 
hanks confront their bad loans 
is the Cooperative Credit Pur- 
chasing Company (CCPC). This 
was established by the banks 
last March, after strong public 
opposition towards the govern- 
ment’s suggestion of using 
state funds to bail out the sec- 
tor. 

The hanks sell their proper- 
ty-backed bad debt to the 


CCPC at a discount, writing 
the difference off as an income 
loss. The CCPC. which buys a 
loan with funds injected by the 
hank selling the loan, then 
tries to recover it, in some 
ftwps selling the property col- 
lateral on the real estate mar- 
ket 

There are doubts about the 
extent to which the CCPC can 
ride to the banks' rescue. At 


Hie hangover from 
the high-spending 
1980s is greater 
than was first 
estimated, and 
despite best efforts 
the government is 
worried it could hurt 
recovery, writes 
Exniko Terazono 


the end of February, it bad 
bought Y2£57.lbn of bad debt 
from the banks, but collected 
only 0.6 per cent of total Items 
purchased. 

At tiie same time, the minis- 
try is allowing the banks to set 
pro virions at their own discre- 
tion. According to IBCA, the 
UK bank credit rating agency, 
resolving the problem could 
cost the loading 21 hanks more 
than YlO.OOOhn, assuming that 
a third of total problem loans 
need to be written off. Some 
Y4,000hn is likely to be written 
off this financial year, leaving 
Y6,000bn plus further increases 
in bad loans, which the agency 
expects will take at least three 
to five years for toe stronger 
banks to resolve. 

Meanwhile, the ministry of 
finance is to allow bauka to set 


up purpose companies, 

enabling them to shift 
“restructured loans" - loans 
on which banks have waived 
all or most of the interest to 
help restructuring - to non- 
bank ffrararal institutions. 

During the past week, the 
ministr y has put forward plans 
to allow h anks to set up subsid- 
iaries which will buy land col- 
lateral at a court auction price. 
In short, the banks will sell the 
land to themselves, while book- 
ing the loss on the sale as a tax 
deduction. 

But such plans, where banks 
fund separate entities to buy 
and warehouse the bad or 
restructured loans and land 
collateral, leaves the financial 
institutions vulnerable to a 
rise in interest rates. And 
while such schemes will speed 
the write-off of bad loans, it 
wifi pose problems for inves- 
tors; the complex structure and 
the lack of transparency will 
make it virtually Impossible to 
assess the real risks banks 
face. 

For example, when selling a 
bad loan to the CCPC. a bank 
will need to supply the funds 
for the purchasing company to 
buy it In effect, the bank is 
changing a non-performing 
loan into a performing loan 
extended to the CCPC. 


M r David Marshall, of 
IBCA, says that such 
accounting practices 
deviate from western stan- 
dards and are far from pru- 
dent Although bad loans may 
have been shif ted to the CCPC 
and losses written off, he 
points out that unless the pur- 
chasing company can recover 
toe loan, the ultimate risk will 
remain in the hands of the 
banks. 


Hysan Development surprises with leap 


By Louise Lucas 


Hysan Development, the Hang 
Kong property investment 
company with a strong pres- 
ence in the office and shopping 
district of Causeway Bay, has 
surprised analysts with a 53 
per cent leap in net profits to 
HK$1.5bn (US$194m) for 
1993. up from HK$980m previ- 
ously. 


Hong Kong's buoyant prop- 
erty market, with Hmitori sup- 
ply and strong demand, led to 
big improvements in the office 
leasing market, while luxury 
homes saw continued healthy 
demand. Rental levels on the 
retail side were firm, the com- 
pany said. 

The company also unveiled a 
massive upgrade in its net 
asset value following an inde- 


pendent revaluation of its 
properties and investments 
portfolios, to HK$36.4l per 
share against HKfl9.24 in 
1992. 

Directors are recommending 
a final dividend of 58 cents, up 
from 44 cents a share the previ- 
ous year. 

gamings per share rose 40 
per cent to HK$1.58 against 
HKSU3. 


This announcement appears as a matter ol record onfy. 


$21,000,000 

Common Stock 


ENVIRONMENTAL ALLIES INTERNATIONAL N.V. 


MeesPierson N.V. 

Mees Pierson Inc. 

Placement Agent and Hnanaat AcMsor 


Faisal Finance (Switzerland) S.A., Geneva 

(A member of die DarAJ-Maaf Al-isfami Group} 

Fiduciary Agent 


Islamic Investment Company of the Gulf, Bahrain 

(A member of the Dar AJ-Maal At-tsiami Group ) 

Participant 



I January 1994 


Notice to the Bondholders of 


Chettenh te nacGtoue es ter 

. 8ufc*ngSocfety 


HOGY MEDICAL CO., LTD. 


£175.000.000 


ILS. $50,000,000 

2X percent. Convertible Bonds 1997 


Floating Rate Notes due 1994 


In accordance with the pro*i»xB of the 
Note, notice a berebv given that the 
Rate of Interest for the three month 


period rad ins |0th June. 1994 has 
hceo fixed at 5.29844% per anmim. The 


"invest accruing for son three month 
period will he £0X55 pertlOjODO Bearer 
Note, and £IJJ5 JO per £100.000 Bearer 



Note, and £IJ3550 per ClOaODO Bearer 

Note, on I Oth June, rest* aguna 
presentation of Coupon No. II. 

Dawn Bank aTSwincrlawd 
f Saha Branch Agent Bank W 
tOrt March. 1994 


Pursuant to Clause 7 01(3)4 the Truss Deed dated 25th January, £93 (the ' 
Trust Deed*) retaUng to the abose-c a ptioned Bonds (the ‘Bonds*), notice is 
hereby gWen as follows: - 

La ac cord an ce with rbe resolnlioo oTlbf Board of Directors of HOGY MEDICAL 
CO., LTD. (the “Company*) adopted ar the meeting held on 2Sch February. 1994, 
the Company triB make a free tfiatribudoa of shares of Us common stock (the 
"Shares*) to hi ahareboMere of record as of 31st March. 1994 in the ratio of OJS 
Share breach Share held, by srayofmautdtaplh. - - 

Consequently, (he Copaenfoo Price (as defined in (he Treat Deed) of the Bonds 
will be adjusted, effective as of 1st April, 1994 (Japan time), pursuant to Clause 7 
(H) 41) of the Treat Deed a« set forth below; 


Conversion Price before adjustment: 
Conterefam Price after adpacmenc 


VenSJWSJ! 

YraSJKO.7 

HOGY MEDICAL CO _ LTD. 


Gentra Inc. 

(foneerlr Hotel Tbeetca LonHedi 
(LS.SlSfUWO'OM 

Floating Rale Subordinated 
Debenture* Doe 1998 

Notice a hereby given that the rate of 
interest bar tee six monte naiad 
18 Matte MP4 ta 16 Sept emb er M9Has 
been fixed at 4JKR5 percent The amount 
P*jabte per U.S. 80,000 Note on 
IS September 1994 wffl be LLS. JE2L89 
against Coupon .Vo. fe The muont 
ttstffe per U.S. 5X0,000 Note w31 be 
UA SJKJfgtfiMLCaratB No. 18. 

BuktfHMilirel 
bb Agent 


Dated: IS* March, 199* 


BytTHESANWA BANK. LIMITED 
as Principal Paying Agent 1 


Christiania Bank og Kreditkasse 

( Uter r enrmi n, dm Kaapfa, me* t-W Haigot) 


„ U.S. $250,(700,000 

Floating Rote Subordinated Notes Due 2001 


Notice is 

4.0625% 


THE WARDLEY 
CHINA FUND 
LIMITED 


Unaudited NAV 
per share as at 
28th February, 1994 
US$11.35 



Mardi 15, 199A, London „ _ 

By. Gfior*, RA (Issuer SavicesJ, Agefrf8on*: CfTlBANCQ 



The cucniUl no) fur the scrlosn ■ 


Market-Eye 


-ma Cnmp.Tii;, 
Announce i*l cnt5 


071 329 9282 


;|H 






* ■;«» 


i. I<* bW 


ttXCHUft'tftnwr 


* '* rrr 




**»<**-*» 

hut 

. 






*N; ** . 

% V 

** 

►4 

i. 













FINANCIAL TIMES TUESDAY MARCH 15 1994 

INTERNATIONAL CAPITAL MARKETS 


European prices firm on hopes of monetary easing 


By Conner Mlddelmsnn 
in London and Frank 
McGurty In Mew York 

European government bonds 
put on a solid performance yes- 
terday, closing more than V, 
point higher on renewed hopes 
for European monetary easing. 

However, turnover was thin 
as continued uncertainty kept 
Investors at bay. “After the 
volumes we're seen recently, it 
felt like a Friday in August,” 
said the chief trader at a US 
bank in London. 

In addition to Thursday’s 
Bundesbank council meeting - 
the last before the central 
bank’s Easter break - market 
participants are awaiting this 
week's raft of key economic 
and inflation data in the UK 
and the US. 

“No one wants to take posi- 
tions ahead of numbers and 
events that can’t be predicted," 
said Mr Andrew Roberts, a 
gilts analyst at UBS. 


■ UK gilts were given an early 
boost by lower than forecast 
February producer price data, 
which reignited hopes of 
another cut in base rates, How- 
ever. follow-through buying fiz- 
zled out, with most dealers 
reluctant to take on large posi- 
tions ahead of this week's data 
releases. 

"The market didn’t move 
much because everyone and 
his dog are waiting for the 
retail sales number," said Mr 
Roberts. 

February retail sales figures 
are due to be announced 
tomorrow, along with the Feb- 
ruary unemployment report, 
average earnings and unit 
wage costs. “A bullish retail 
sales number could really hurt 
the short end," he added. 4 

Moreover, dealers are ner- 
vous ahead of this week's US 
inflation data, which some fear 
might prompt the Federal 
Reserve to tighten its mone- 
tary reins again. US February 


PPI data are due to be released 
today and CPI is due tomor- 
row. 

The June long gilt future 
rose '4 point to close at 110 ft. 

■ German bunds ended the 
day just below their highs, sup- 
ported by Friday’s public-sec- 
tor wage settlement, upbeat 


GOVERNMENT 

BONDS 


comments from Bundesbank 
president Hans Tietmeyar over 
the weekend and the moderate 
outcome of Sunday's elections 
in Lower Saxony. 

All eyes are on today's 
announcement of the Bundes- 
bank's latest securities repur- 
chase agreements. Dealers 
were for another round 

of variable-rate repos, with the 
minimum rate slipping another 
three to five basis points from 
last week’s 5 J4 per cent 


'The D-Mark is strong 
against the dollar and we have 
had two very encouraging 
wage settlements [In the engi- 
neering and public sectors] - 
thin should make the Bundes- 
bank feel more confident on 
the inflation outlook," said Mr 
Stephen Hannah, head of 
research at IBJ International. 

The June bund future on 
Uflfe was up 0.57 points at 9&85 
in late trading. 

■ French bonds tracked bunds 
higher, shrugging off the Rank 
of France's decision to leave its 
key intervention rate 
unchanged at 6.10 per cent 

The March notional bond 
futures contract on Matif rose 
0.92 points to 125.56. 

■ Italian bonds also strength- 
ened slightly, with the June 
BTP future rising some 0.75 
points to 110.55. However, the 
market remains clouded by 
political worries ahead of the 


March 27-28 elections and- ana- 
lysts say the Italian 10 -year 
yield spread over bunds could 
widen further amid political 
jitters from the current 320 
basis points gap. 

■ Prices of US Treasury bonds 
dipped yesterday morning as 
traders adjusted their positions 
ahead of a batch of inflation 
data to be released later this 
week. 

By ipm, the benchmark 30- 
year government band was A 
lower at 91$L with the yield 
rising to 6^17 per cent. At the 
short end, the price of the two- 
year note slipped A to 99% as 
the yield climbed to 4£46 per 
cent 

The market opened on a 
weak note, failing to carry 
through cm a rare bunt of buy- 
ing which surfaced in the final 
session of last week. 

Many dealers were betting 
that today’s report on Febru- 
ary producer prices would spell 


mare trouble for the market, 
where prices have plunged in 
recent weeks on inflationary 
fears and uncertainty over the 
direction of US monetary pol- 
icy. Last month’s consumer 
price index, due out tomorrow, 
represents yet another obsta- 
cle. 

Evidence of accelerating 
price pressures in either report 
would support the view that 
the Federal Reserve was poised 
to boost short-term interest 
rates for a second time, per- 
haps after its March 22 policy- 
making session. 

The Fed's survey of manufac- 
turing conditions In the 
Atlanta region, released yester- 
day, painted a gloomy back- 
drop for this negative scenario - 

The overall index indicated 
robust economic conditions in 
the south-east, while the 
prices-paid segment of the 
report showed a moderate 
increase over the previous 
month. 


New Zealand FRN expected 


By Antonia Sharpe 

New Zealand is expected to 
raise $lbn in the Eurobond 
market today through an offer- 
ing of five-year floating-rate 
notes. Morgan Stanley and 
UBS have been awarded the 
mandate. The discounted mar- 
gin on the notes is likely to be 
set at Libor less ’/*. 

Syndicate managers have 
been waiting for New Zealand 
to tap the Eurobond market 
ever since the country's 
finance minister, Mr Bill Birth, 
visited leading financial cen- 
tres at the beginning of the 
month. 

Mr Birch's international 
tour, the aim of which was to 
highlight New Zealand's eco- 
nomic progress, came hard on 
the heels of news in late Febru- 
ary that Moody's, the interna- 
tional credit rating agency, had 
placed New Zealand's Aa3 for- 


eign currency debt rating on 
review for a possible upgrade. 

Syndicate managers involved 
in the deal said the proceeds 
were likely to be used to refin- 
ance New Zealand's maturing 
debt Mr Birch told reporters in 
Wellington yesterday that the 
government had decided not to 
cut its NZ*4.45bn bond tender 


INTERNATIONAL 

BONDS 


programme in 1993-94 because 
it had a large amount of matur- 
ing debt to roll over this year. 

However, Mr Birch added 
that surplus money raised by 
the programme would be used 
to help repay New Zealand's 
NZ$66.7bn foreign debt, which 
be said was too high. 

L-Bank, the recently re- 
named state development 
agency of Baden- W ttrttemberg. 


is considering launching its 
first global bond offering later 
this week. The deal will be 
lead-managed by Deutsche 
Bank, J. P. Morgan and Salo- 
mon Brothers and will raise 
DM3bn. The borrower is 
thought to be leaning towards 
a five-year maturity. L-Bank 
officials told Investors recently 
that they planned to raise $8bn 
out of a total annual funding 
programme of around $ 10 bn 
through four global band offer- 
ings, denominated equally in 
dollars and D-Marks. 

Among yesterday’s offerings, 
Ford Credit Europe took 
advantage of improving condi- 
tions in the German govern- 
ment bond market to launch 
its first Eurobond offering 
denominated in D-Marks. The 
five-year deal raised DMaoom 
and was priced to yield 50 basis 
points over five-year German 
government notes. 


NEW INTERNATIONAL BOND ISSUES 


Amount 

Coupon 

Price 

aeatuiir 

Fees 

Ztarieed Book runner 

Borrower 

US DOUARS 

DL 

% 



96 

tap 

Gnjdtt Local de France 

200 

(a) 

«%, 

Apr.lflSa 

(X25R 

(a) PM%-99) Ft# inti. Finance 

Korea Dewatopment Bankt 

200 

W 

Apr. 196:3 

OZOfl 

IBJ AaM 

Pereero. Caymflrvt 

139 

« 

100.00R 

Mar.1999 

1 DOR 

Nomura ML (UK) 

D-MARKS 

Rorri CnMH Brrepe 

ZOO 

exn 

89-3SR 

Msr.feeo 

asm 

+50 (5*96-88] Monty Lynch Bank 

YEN 

Datura Mli9nancra(CeyH4§ 

SObn 

W* 

10000 

Mar. 1836 

2.50 

Salomon Brothers ma. 

ITALIAN L8TE 

RepuUc of AustrtaW 

200bn 

8^0 

100.15 

OcL2004 

2.00 

Deutsche Bonk London 

Rnal terms end novcaMHe imtesa streod. The yWd spread fovv nelevert government boraftsi launah la euntBed by the lead manager. 
SComerltMa tFfaattng rate note. ftSaml-annual axipon. ft (bead ra-affar price; «eea are shown *t the ro-o/ftsr levoL a) ftfcod today at 
23-26bp over Tteasuriee. 14 6-mth Ubor +0396. c) 6-rrtfh LDor +1296. CQ Fbcad Mer. BcchangaaPSe into Dakm Bank atuiee. mdriraed 
ImW premium 1096 and coupon 21696. Exchange price is revised arnuriy on Msdi 31 el 21896 ower prawtam nndcet price and 

coupon steps dawn to 11696. e) Short 1st coupon. 






Lead manager Merrill Lynch 
said the yield spread compared 
favourably with secondary 
market spreads on D-Mark 
Eurobonds issued by other 
motor companies. For example, 
Volkswagen’s recent five-year 
deal yielded 35 basis points 
over German government 
notes. Merrill said. Ford's 
bonds remained in syndicate 
overnight and were expected to 


appeal mainly to retail inves- 
tors. 

Elsewhere, the Republic of 
Austria was attracted by the 
aggressive funding levels avail- 
able in the Eurolira sector and 
raised L200bn through an offer- 
ing of 10-year Eurobonds. One 
syndicate manager familiar 
with the Eurolira sector esti- 
mated that Austria had 
achieved a binding level of 70 


basts points below lira-Ubor 
bid be added that the borrower 
would have had to give up 10 
basis points in order to swap 
the proceeds into dollars. 

Lead manager Deutsche 
Bank said the bonds were sold 
into Germany and the Renata* 
region and appealed to inves- 
tors who believed the lira 
would strengthen once the Ital- 
ian general election was over. 


Japan tightens forex 
loss disclosure rules 


By EmUco Terazonb tn Tokyo 

Japan’s minis try of ftaancp is 
to riamp down an the account- 
ing practice by companies 
whereby unrealised profits and 
losses on forward foreign 
exchange transactions have 
been concealed. 

From the business year 
a t a ri ta g in Ap ril, the ministry 
is to require companies to dis- 
close profits and losses which 
until now have not been dis- 
closed, 

Japan’s financial authori ti es 
have become increasingly con- 
cerned about the large number 
of companies suffering from 
unrealised losses on forward 
contracts oh dollar purchases, 
due to the appreciation of the 
yen over the past few years. 

Many Japanese companies 
speculated in the foreign 
exchange markets during the 
late 1980s and, , rather than 
realising the losses pud writing 
Hwan off, have extended such 
contracts in the hope that the 
yen’s rise on the foreign 


exchange markets would be 

The decision wtH force corpo- 
rate managers to curb foreign 
exchange deals rolled over con- 
stantly to hide losses. The 
extent of such losses is not 
clear, even to *ba financial 
authorities, but more Japanese 
^ pr jujr flWnrw have been forced 
to disclose their mounting 
losses recently as the yen has 
strengthened fhrtber. 

Showa Shell Sektyu, the Jap- 
anese subsidiary of Royal 
Dutch Shell, last year reported 
an unrealised loss of YlKfon 
(fLSSbn), while Nippon Steel 
Chemical, an affiliate of 
japan’s laaHtag steel company, 
was forced to write off YMbn 
last September. 

Nihon ggfaai Sblmhun, the 
business newspaper, estimates 
that unrealised losses at 
Japan's listed companies total 
Yl,000bn but corporate report- 
ing of the unrealised kisses, to 
start with the September six- 
month period, is expected to 
reveal the true extent 


JP Morgan tops emerging 
market debt league table 


Turnover in the market is 
estimated by traders at 
gl.QOQbn to Sl.SOObXL, about 


By Tracy Corrigan 

J.P. Morgan has emerged as 
the leading trading firm in 
impaired and restructured sec- 
ondary market debt, with turn- 
over in 1393 of close to $2O0bn, 
according to a market survey 
conducted by wdr magazine. 

Many market participants 
reported increases In trading 
volume of more than 100 per 
cent. In a record year for 
w nw g tri g market debt trading. 

American banks took the top 
five places in the survey, while 
Morgan Grenfell, which topped 
the list last year, fell to sixth 
place with a relatively modest 
volume increase of 60 per cent 
to $107 -9bn. 


three times the estimated size 
for 1992. 

Continental Bank, Goldman 
Sachs and the Venezuela- 
owned VestcorPartners, based 
in Miami, reentered the rank- 
ings, while Banco Santander 
and MG Emerging Markets, 
owned by Metallgesellschaft, 
the German oil and metals 
group, fell out of the top 20. 
Metallgesellschaft is winding 
up Us debt trading operations 
following its recent heavy 
losses in derivatives trading. 

J. P. Morgan also beaded the 
list for emerging market 
options trading. 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

fed 
Data 


Coupon 


Price 


Day's Weak Month 

change Yield ago ago 


Italy 

■ NOTIONAL ITALIAN GOVT. BONO (BTP) FUTURES 
OJFFEJ- Ura 2O0m lOOtha Of TOOK 


FT- ACTUARIES FIXED INTEREST INDICES 

Prtca Indcaa Mon Day'll Frt teemed xd adj. 

UK QBta Mar 14 change H Mar 11_ Interest ytd 


— Low c wp on yield—- —Medium co upon yield— — Ngh coupon yWd — 
Mir 14 Mar 11 Yr. ago Mar 14 Maf 11 Yr. ego Mer L4 Mar 11 Yr, mo 


Auatrafaa 
Bafc*um 
Canada ' 
Denmark 
Fiance 

Germany 

Italy 

Japan 

Nethertands 
Spam 
UK Grin 


BTAN 

OAT 


Nona 
No 1S7 


9.500 
7.250 

6.500 

7.000 

8.000 

5.500 

aooo 

8.500 
4.800 

4.500 

5.750 
10.500 

aooo 

6.750 
8000 
5.875 
6250 
6.000 


08/04 

04/04 

06/04 

12AM 

05/98 

04/04 

OB433 

01/04 

06/99 

06/03 

01AM 

10/03 

06/99 

11/04 

10/08 

02AM 

08/23 

04AM 


114.8400 

101.4000 

933500 

102.4700 

107.8600 

94.4700 

88.4900 

94.4380 

105.6440 

1Q3JS680 

96.6600 

110.8000 

87-10 

96-24 

114-18 

95-16 

91-18 

95.4000 


+0.810 7.15 

+0350 7.06 

+0.900 7.44 

-0.330 6.67 

+4X420 5.70 

+4X910 625 

*0.730 021 

-0.900 fX38f 
+0.460 3.53 


HBfl 

7.15 

654 

5-63 




Open 

Sett price 

Change 

High 

Low 

EsL vd 

Open tro. 

1 

Up to 5 yews (23) 

12849 

+0.08 

128.80 

104 

2.07 

5 yra 

059 

052 

6.45 

6.79 

653 

6.73 

650 

654 

651 

6.63 


110.60 


+1.00 

111.00 

111X33 

32024 


2 

5-15 years (24) 

152J20 

+4X24 

152J0 

1.6fl 

aso 

15 yra 

7^9 

7.30 

750 

758 

7+41 

aio 

754 

756 

852 

0.59 

Sap 

11030 

+1.10 

0 

S 

3 

Over 15 yeas (8) 

17256 

+028 

172.07 

096 

5X53 

20 yra 

7.40 

7.40 

759 

759 

7+42 

858 

7.68 

757 

8.40 

&21 




4 

bradeemeblaa (6) 

201.54 


201^4 

2.71 

1.47 

Irradf 

750 

750 

858 







5.35 









5 

Al stocks (61) 

14&3S 

+020 

14028 

1^8 

3.00 










5.89 

■ ITALIAN GOVT. BOND (BTP) FUTURES OPTIONS (UFFE) Ura200m tooths ol 10096 









— tent 

on 9% — 





kuSetic 

re lO%- 




US Treasury • 

ECU french Govt) 

London aouig. f*0w Ted. mKS-doy 
T QnrM Omani yckl (nduUnq wftlhofclng tax el 116 par 
Mom; US. UK m 32nda, oohm in decknal 

US INTEREST RATES 


-0210 

+4X400 

+0.890 

+7/32 

+13/32 

+11/32 


9.06 

340 

407 


3*7 
8.21 
8.60 
8.60 034 


8? a 
3.04 
3.45 
64M 564 

865 766 


Strike 

Price 

Jun 

■ CALLS 

Sep 

Jun 

■ PUTS 

Sep 

11050 

2.60 

3.12 

2+40 

352 

11100 

255 

258 

2.65 

358 

11150 

aio 

2.08 

250 

3.86 


btdox-Qntod 


Mir 14 Mar 11 Yr, qqo 


Mar 14 Mar 11 Yr. ago 


724 
7.38 

+7/32 8.50 

+26/32 093 6.78 

-0.180 0.04 0-S2 


093 

7.12 

031 


085 

056 

8.88 

5-94 

6.42 

6.13 


Yields: Local mortmt mandanl 
cent payable by na e e d dwst 

Sourog: UhfS ktmrmaorml 


Eat mL ratal. Cana 1206 Puu 1250 Previous day's qpan bit, CeN 63888 Putn 51440 


Spain 

■ NOTIONAL SPANISH BOND FUTURES (MSD 


8 Up to 5 yeera(2) 

7 Over 5 yeera(ll) 

8 Al e*x*s(13) 

Debantww and Loons 


moo 

-4X01 

18651 

0+84 

1.41 

Up to 5 yra 

252 

251 

253 

1.77 

1.78 153 

16157 

+4X39 

181.67 

053 

1.16 

Over 5 yra 

359 

351 

3.44 

3.12 

S14 357 

182.05 

+4X34 

161+42 

055 

1.18 

—6 year yield— 

— _ 

— 10 year yield — 

26 year yWd 


9 Debs & Loans (73) 146.06 -4X08 148+48 2.11 

A vera g e gum m dampeo n yteidi an dwen above. Coupon Bands: Uw OK-7W4; 


2^8 8S8 S41 8+42 8+45 (L47 

MatAene 8K-10WH; Hft 11H end over, t Rat yield. pd Year to dan. 


9.20 8.32 8.49 9.45 


Lunchtime 


Ommatib — 
6 Taoendi _ 
5 ibraamorth- 
— 3,». Sbc monO — 

- 0MRW 


Treasury BUS and Band Ytakte 
13 Too j 


350 Tina year.. 
058 Fhr year _ 
394 10-yaw 
43 3HPW 


4*5 

52* 

5.90 

547 

582 


Mar 

Jun 


UK 


Open Sett price Change High 

101-05 100.78 +4X65 10138 

100.65 100.74 +103 101.00 


Low Eat voL Open int. 
100.82 54£B2 21,748 

104X30 42L997 95539 


FT FIXED INTEREST INDICES 

Mar 14 Mar 11 Mar 10 Mar 9 Mar 8 Yr ago Hgtr LOW 

Oovt Secs. (UK) 100.09 10001 101.07 10047 101+34 97.74 107.60 33.28 

Head Merest 121.88 122J7 122S2 123.17 12058 1ia« 13637 10&87 

'tar 1983/94. Government Sedates 
10/25 and Ffced riwnwr 1835 36 


GILT EDGED ACTIVITY NONCES 

Mar 11 Mar 10 Mar 9 


MerB 


MW 7 


OR Edged bargains 
S-dV average 


88.1 

9&2 


870 

7059 


90.0 

nas 


979 

1239 


1289 

137-6 


e Mob stoe oampAdore 127+« (B/l/SSX law 48,18 p/t/TS), Bead tataraet Ntfi erica cenpMlort 13187 (21/I/M) , taw 0CL33 (3/1/73) . Bade 1Kb Qovammm Secutes 15/ 
ncdvtty Micas ■ Ww aaO 1874 


■ NOTIONAL UK GILT FUTURES (UFFET E5 OflOO 32nds at 10094 


BOND FUTURES AND OPTIONS 
France 

■ NOTIONAL FRENCH BOND RTTURES (MATIF) 



Open 

Sell price 

Change 

Hgh 

Low 

Ea. vol 

Open InL 

Mer 

111-22 

111-20 

+4M8 

111-24 

111-11 

514 

12370 

Jun 

110-24 

110-22 

+0-16 

110-28 

110-12 

46057 

131789 

Sep 


10950 

+41-10 



0 

107 


■ LONG Gd-T FUTURES OPTIONS (LffFE) ESQ, 000 frtttw of 10095 


FT/ISMA INTERNATIONAL BOND SERVICE 


Utad am tw bust keranoond bonds far Whldi thorn Is an adequate seconder mertaL utmt 
Issued BU Oder Chp. YWd 


prices at 70S pm an Match 14 
tetrad Hd Otar Cbg. 


Open Settprioe Change Ugh Law 
Mar 12S.42 125.58 +4X82 12598 12530 

Jin 124.78 125.10 +094 125.38 124.76 

Sep 124.10 12438 +4X94 124.60 124.10 

■ LONQ TERM FHQ4CM BOND OPTIONS (MATW) 


toued M Otar Cbg. YMd 


EsL voL 

Open int 

Strike 


CALLS 


• PUTS 

165524 

105.140 

Price 

Jun 

Sep 

Jun 

Sep 

38534 

111.966 

no 

2-05 

2-2S 

1-25 

2-33 

1.124 

12,137 

in 

1-38 

1-00 

1-56 

3-04 

112 

1-09 

1-36 

2-29 

3-44 


Strike 

Price 

Apr 

- CALLS — 

Jrai 

Sep 

Apr 

— PUTS — 
Jire 

Sep 

125 

0.77 

1.51 

152 

a77 

1.40 

- 

126 

058 

a97 

1.11 

157 

1.89 

- 

127 

an 

0.62 

- 

- 

258 

- 

128 

0.04 

0.38 

0 58 

- 

352 

- 

129 

- 

ais 

- 

- 

4.11 

- 


Eat. vaL taw. CM* DIB Pub 3423. ftenouo tto/a open it. Cate 72773 Purs 53248 


Ecu 

■ ECU BONO FUTURES (MATIF) 


IIS DOLLAR STRAIGHTS 


Afcatdtevhca 9% 95 . 

Arabia 8% 00 

BanK o/TbKyo 96 _ 

Bal0LniBS|98 

6R3E74iW 

MMi Qss021 

CmtJa99B 

CCCE9>«» 


Eat. voL HaL Cabs 20.730 Pols 12318 . Pnmous day's open tat. Cab 343.185 Pitt ZKL6SL 

Germany 

■ NOTIONAL OEBMAN BUND FUTURES RJFFB' DM250,000 IQOtfaoF 10095 

Open Sett price Change ngh Low EsL vof Open bn. 
Jun 88.90 9639 +4X61 97.03 96.66 106682 207931 

Sep 96.69 96.68 +0.82 66.70 98.60 632 4719 

■ BUND FUTURES OPTIONS (UFFE) DM2S0300 poWa of 100% 



Open 

See price 

Chrei ge 

High 

Lew 

E at vet 

Opm int. 

Mer 

11750 

11756 

♦4176 

117.9a 

117.60 

2501 

9,963 

Jun 

9150 

91+46 

+4X98 

91.60 

91.10 

474 

1,436 

US 









■ US TREASURY BONO RJTURES (CBT) (100300 32nds of 100% 


Strike 

Price 

Jun 

. CALLS 

Sep 

Jun 

• PUTS 

Sap 

9650 

150 

153 

0.91 

156 

9790 

1.05 

130 

1.18 

1.62 

9750 

aso 

109 

1+41 

1.91 



Open 

Latest 

Change 

High 

Low 

ESL woL 

Open InL 

Mar 

109-31 

109-30 

- 

110-06 

109-27 

11574 

59559 

Jun 

108-30 

108-29 

■ 

109-10 

106-25 

5Q95S4 

335.136 

Sep 

106-08 

106-00 

-0-02 

108-11 

107-27 

1500 

37.173 


Cheuig Kong Fh 5*2 9B 

CDund &aape 8 96 

CradtFancwglj B9 — 

Oarnafc^flS 

ECaCS'+flB 

ffl: 81*99 

*74*96 

BB&1+S7 

Bstdaftrea 998 

BnfenaS^OB 

&-»n Bank Jrpon 9 <E , 
Export Dav COp 9*2 98 _ 

FWandT^W 

AnM£q»t9%96_ 
Fad Motor CnnB4Vi 96 
Gan Sac Optol 9% 98> 
GUACtffVB 


Eat KV. MaL Crib 10344 Pub 15858. flmriera day's opra W, Cato 233448 Puts 214441 

■ NOTIONAL MEDIUM TERM HERMAN QOVT. BOND 

(BOemLIFPEJ- OM25Q4XM lOOtha of 100% 


Jun 


Open 

10131 


Salt price Change 
100.98 +4X25 


HSh 

10131 


Law 

100.90 


Eat vo/ Open Int 
245 3336 


Japan 

■ NOTIONAL LONG TERM JAPANESE QOVT. BONO FUTURES 

(Llffg YIQOm IQOttta Of 100% 

Open Ctoae Chongs High Lour Ba. wol Open int 
Jun 11035 li 1.02 110.75 1131 0 

- umr cemraca traded on APT. A3 Open riant Spa. os ftr pngtioua day. 


rid Bk Jepen Rn 7^ 37 
tear Jme- Dsu 7^93 - 
6^6% 23 


JaawDwBi8%(H . 
ftnsri Efec Pw 10 B6 
LTC& Fri 897 


1 OK GILTS PRICES ■■ ■ 1 

YWd — — 1 993/3+ _ 

Noire tat Red Price £ + or- Mga in 

— Ytakl — 

Notre tat Rad MceE+ar- Mgh Low 

_YWd_ _ 1993194 _ 

Has m H Price E +»- Mob Low 


:7l«ir_ 

Ntoan Odd Ek 10% 86 . 
Nam T« Trigs 95 _ 
N3N9714B7. 

»t % r 



Bari I2imc 1954 — 
Trass 9teia»4W_ 
I2pc 1995. 


EanapCCasWHB 

I DM* 1095 — — 

froffl !2VpC 1995^4 — 1141 

14pe 1996 ‘ “ 

H'eOe 1990X4 

Exdl13ipc1996tt: 

Qsnaraoo lOpelSaa — 

Traal 131tPC 1997ft — 1120 

Enri lW+pc 199/ 

Trass 54>|K 1957ft. — 


Ti8»7 1 4flcl9San 

TnaaStipc 1995-90)3— 


Exch I2pc 1908 

Tiras 3>2pc I99it) 


HieriRtMTaan 

Beri I2<«pe 1999 

Tinas HMape 1888- 

Tie336dc 199943 

Oomarstai 10t«pc 1999- 

9X20001+ 

Tubs KfecSOOD 

I0[t200l 

7peVl« 

7pcUIA- 

94riKStX>2. 


Bpe2UB4t 

1 Ope 2003 


Veang 





1138 

467 

101A 

-A 

■OBA 

849 

438 

18U 

-A 

KBil 

1 2-03 

438 

103% 


110*1 

378 

454 

102% 



10541 

1132 

483 

105U 


mg 

306 

503 

97H 



88 

161 

520 

106% 



109% 

1\A\ 

S3B 

1UB 


118% 

12-21 

554 

1140 

-i‘. 

120% 

12-82 

571 

USD 


iaft 

1151 

574 

lift 


iaoA 

9.11 

538 

iosa 


112*1 

>151 

6.14 

118(1 

♦i 

1224 

9+42 

417 

111U 

** 

114*1 

8.13 

528 

107,’. 

+i 

110% 

11.78 

6.41 

1271 

+% 

132U 

8.7V 

5 51 

lift 

ft 

JI4H 

7J36 

547102{M 

+* 

108£ 

663 

51S 

wifi 

ft 

102% 

1t.lt 

677 

128 

+A 

131% 

1158 

8B7134A*! 

ft 

i+oil 

90S 

678 

I2«l 

ft 

12M 

854 

574 

111% 

ft 

1164 

1030 

686 122 IPS 

ft 

■20% 

B 07 

694 

116H 

ft 

>21% 

6.17 

650 97, U 

+A 

101 U 

B87 

890 

115% 

ft 

121% 

116 

509 

1C 

+u 

lift 

HUM 

7.13 

*2913 

ft 

136B 

8JS7 

7.16 

us,’. 


1224 

7.m 

700 

99% 

♦ll 

1064 

7JC 

705 

4941 


5ft 

0.48 

738 

728 

7,18 

1»SA 

109U 

+t 

12SA 

113*3 

0.47 

732 

1IBA 


1Z7A 


Thrall Ijpc 2001-4 

1014 RaidegSlaOcVS-J 

101 A CDomrfon IPjpC 2004 

Tnra(*pcZ»*» 

Wri>ea»4A 

Dsn* 9 >i pc 2006 

, ** Treat i?i2Pc2O0J-B 

71ri*200e» 

13JS fe* 5002-6# 

iinu T«S' I VpC 2003-7 — 

JJ2J TuraSJzpe 2007|4 

13*2BeW-8 

,52 TnastU! 200 Btt 


940 

735 122 %N 

ft 129U 

4.48 

8-4C 

78A 

+4 864 

622 

734 

115A 

+4 i2sg 

899 

7.18 

98% 

+4 1054 

899 

7.IB 

96% 

ft 104% 

519 

7-35 

116* 

ft lZ5ti 

938 

797 

133% 

ft 143fi 

7.49 

732 

tow 

ft 112U 

7.71 

739 HT®*I 

111% 

528 

70S 

12641 

ft 1364 

7.75 

735 

109B 

ft lift 

958 

738i4«%re 

ft reig 

7M 

7JB1I43H 

ft 12*8 


9 

OwnMlbn 






rrere8pe2009 

758 

73BID54M 

ft 

11543 


T rare GiMpc 2010 

730 

738 

904 

-IB 

984 

133)3 

118% 

1064 

ctiwabe (jian># — 

7.1V 

738 

1164 

ft 

126fl 

Trans 9pc 2012# 

778 

738 

ue 

+% 

izm 

Thra5%pc200B-.i2#_ 

681 

7.18 

83% at 

-% 

9* 


fleas ape 2013# 

733 

737 1084# 

ft 

117% 


7%peanz-i5# 

7.45 

734 

tM£ 

1154 

ft 

114% 


Traa9 8%pc2017# 

790 

737 

ft 

128% 

120,1 

EablSpc 13-'17 

899 

736 

1*4% 

*"A 

199% 


118% 

67Q 

105% 

95% 

96* 

105% 

124a 

844J 

«A 

1I8JJ 
B7& 
131A 
101 W 


K& 

in% 

l°0iv 

W+ 

m 

05% 

97A, 

iasn 


w 


OxbacHydoMBB. 
Owfcec Prov 9 38 . 
S-ahuyB^SB. 


fleas. 2 bc *4 (1023 

■85 157 a 


» 


IJ3 

1J4 

2.49 


- 1374 
25I200.VO 
i40 110A 
2JB171%* 

102 1G7R 

103 113U 
107 170,% 

125 159% 

128 105% 

131 1381; 

335 wafi 
138 149% sS 
136 )l|V 
3 39 117% 

„ on pr^aded Irritation of 0)10% 

and (3 S9L (b) Flgues In pareruheaos ahrav RP1 beee tor 
radmhtg do 8 months prw to Issue) and rave b»n adjusmd » 
100 tf1 4*™*? ’887. Convaf»on taMor 
3J45.RH lor June 1893; 141.0 and far JanaBy 19M; 1413. 

Other Fixed Interest 


iVBtt 4135LR 

2'jCC HI (7831 

2«2pein (788i ire 

4%KlMtt — (135 Q 175 

3K-O0 (695) 185 

Z'tfCOg 1735) 306 

2%PCT1 
|ge;j3- 




KtSea 


. YWd_ 
hi Ikd PUcbe- 


1993/94 - 
or- Wgb irar 


«U 
112.1 
106 

125% v— « 

I0BH Oaaadaaae 

9 7H «br bun 3*aictt_ 
49A CDn» 3%pe'Bl Aft. — 

109% Treat 3pc’8BM 

974 Oaitritatrpe 
108% flats. 2* jpe — 


798 

- 52A 


n 

7.42 

- *74 

B4U 

536 

- B21W 


71 

732 

- 38%ra 

-U 

44% 

733 

- 33.W 


38% 

7.71 

- 324W 


37% 


«% 


Adrian Dav 11% 3010 

tabn Dev 10%oc 2009 

Brian i|ijpc20l2. 
riMadCasB^BcT 

See Q» 1998 

13PC97-2 

Hydra Ouriuei5oc 2011. 

Leeds 1 3%pe 2006 

LbePDdJ%pchal 

ICC See 70 Aft.. 

MnttMrarn%K2007. 

MBL Mr. 3pc V 

mate «n^a3%pe 2021. 

4%a:iL2K« 

IMM*SBris16*0c3S9 


B St 
838 
858 

773 

7.71 

8.12 

122U 

2 

142,*. 

138% 

142 

115% 

108*1 

114 

733 

— 

108% 

_ __ 

120 

95 

837 

- 

101% 



116 

97% 

1158 

— 

112% 

_ _ 

130 

110 

H33 

898 

155)J 

ft 17D4 

1394 

948 

— 

142% 



148% 

128 

0.43 

— 

41% 


44% 

34 

an 

— 

37 



40% 

30% 

895 

604 

128% 


136% 

114 

*08 

692 

73% 


78 

63% 

- 

192 

142% 



150% 

117% 

— 

394 

1371* 

, 

145% 

115% 

1098 

- 

150% 

— 

158% 

132% 


DSflBCHE MARK SIRNGHIS 

Austtfa 8% S4 

Own Fonoar 7% 03 
Doirakfi%90 

frataa 6% as 

0UH1B Bk Fin 7% 03 

ECSC8%96 

00 

BB 0% 00 

Ftfttxl 7% 00 _ . ■ . ■ 

te%7%98 ... 

Jta**0%B8 

Oram 6% 04 

Sn*" 71+ m 

S«ndanS97 


.1000 


98% 

4% 

7.12 

— 600 

106% 

108% 

-% 

629 

-400 

109% 

«B% 

4% 

8A9 

- 100 

104% 

105% 

-% 

526 

-250 

112% 

112% 

4% 

BIB 

- 150 

105% 

105% 

-% 

SBZ 

1500 

«> 

12 

4% 

OLIO 

1000 

H»% 

106% 

-% 

533 

_ 300 

104 

W4% 

-% 

489 

-500 

83% 

9*% 

-% 

725 

- 100 

105% 

105% 


W 

-300 

112% 

U3% 


628 

1571 

104% 

W* 

-% 

4JS 

-IBS 

108% 

106% 


5.73 

- 100 

105% 

109 

4% 

541 

- 250 

W% 

IDS 


550 

1000 

110% 

110% 

-% 

603 

^ 300 

109% 

110% 

-% 

aw 

-100 

107% 

107% 

4% 

539 

an 

10S% 

107 

+% 

681 

- ISO 

111% 

112% 


827 

-300 

MS 

105% 


592 

200 

«»% 

106% 

-% 

£29 

1900 

MO 

100% 

♦% 

635 

-300 

107% 

10B% 


557 

-200 

MB 


4% 

585 

-200 

W4% 

ws% 


8.13 

900 

104% 

MS 


&5B 

3500 

38% 

89% 

4% 

501 

-200 

106% 

UB% 

4% 

573 

-350 

MB% 

109% 

-% 

556 

-an 

ns% 

108% 

4% 

897 

MOO 

101% 

M1% 

+% 

7.17 

- ISO 

105% 

108% 

-% 

557 

-an 

104% 

104% 

-% 

491 

MOO 

103% 

W4% 

-% 

663 

3000 

101% 

102% 

4% 

721 

.200 

109% 

8)9% 

♦% 

675 

_aoo 

103% 

103% 


554 

MOO 

91% 

91% 

+% 

7.14 

ISO 

rt2% 

112% 


865 

200 

109% 

WB% 

4% 

648 

150 

107% 

107% 

-% 

590 

300 

TW% 

110% 

-% 

742 

.500 

105% 

W5% 

4% 

590 

UO 

112% 

112% 

4% 

622 

1600 

100% 

100% 

4% 

646 

.200 

106% 

MB% 


579 

2000 

W0% 

100% 

-% 

5.17 

.700 

105% 

1tt5% 


549 

300 

100% 

M7% 


593 

-200 

M6% 

108% 

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S92 

1500 

9B% 

06% 


817 

3000 

102% 

102% 

♦% 

699 

isoo 

109% 

KH% 

4% 

839 

1500 

108% 

WB% 


597 

aooo 

94% 

94% 

+% 

aw 

2000 

103% 

104% 

4% 

866 

am 

101 

101 

4% 

594 

1500 

SB% 

96% 

4% 

657 

9000 

104 

Wh 

4% 

888 

7D0 

M7 

107% 

4% 

Sl79 

2900 

102% 

102% 

4% 

807 

1500 

100% 

KS1% 

1% 

807 

8000 

105% 

105% 

4% 

932 

5000 

104 

104% 

4% 

BOB 

1500 

vn 

101 

4% 

594 

1500 

88% 

06% 

4% 

873 

4000 

103% 

W4 

4% 

698 

26m 

M0% 

106% 

4% 

596 


Utad Khgdore 7% 87 , 


UAsnagan hU Fta 7 03 

— 1000 
2000 





smss FRANC SnWOfTS 




Card Euopg 4% BB 

futulnd 

— 250 

Btt da Bran 7% 06 


KrWnH 7% M 


Bane* Mokn 7% 05 


Hyundd Mour Ri 6% 97 

— M0 

ItobetfiOl - 






WCF704 


Wald BarkS 03 




yEMsnwoHis 


BBS*. 00 


Seeds Preen 5% 90 20000 

Mar Anar Day 7% 00 

-30000 

Japan De* a 5 99— — — 

JmanOwHc6%oi 

Mppai re Tri 5% 96 

Nowq’5% 95 

nsn 
120000 
-60000 
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SNTP Bl| t« 

30000 



WcddQrt6%00 

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onsisimiGKis 


Gan9nanaelJnB%BBLA— . 

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- 1000 
-1000 
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_ 500 
— 500 

BN Canada Vfii 96 CS 

BtahOrentoiMBSCS 

aaitfeBBM 

— ISO 

— HD 

— 130 


5600 104% 1«% 
101 101*4 
2B*j 28% 
90% 9B>2 


KB 

HB>2 

112 


110 


99>z 


112 

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103% 

mh 

115 

112>2 

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113 

100 % 

107*2 

KM 

117 


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112% 113% 


Wit 

112\ 

m 

107% 

117 

B4»* 

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113% 

107 

KB 

113% 

104% 

113% 


94% 


109 


107 


BKde Ranee 9% 9BC8_ 
QtnQwCqU 1098CS. 
KN/ tat Fri 10 01 CS 


-ZB « N% 
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- 400 111% 
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.1500 


GttBO Hydra 10% 90 C3 500 113% 

: 10% 99 CS — 190 111% 
200 110 % 
1290 106% 
1100 112% 
. 125 104% 
1125 KB% 
.600 111% 
1000 119% 
106% 

B%01 Ecu 2790 113% 

110 % 
108% 
126% 
107% 
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101 % 

110 

103% 

109% 

112 % 

J£P% 

lift 

107% 

111 % 

m 

107% 

111% 

lift 

100 % 

lift 

1T1% 

111 % 

105% 

113% 

106% 

110 

112 

1®% 

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4% 

578 

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112% 

113% -% 073 

4% 

694 

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300 

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107% +% 498 

-% 

629 

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160 

38% 

90% -% 9/7 

4% 

637 

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108% 

100% -% 65! 

4% 

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HNBkW%97E 

100 

100% 

110% -% 800 



Hamon 10% 976 

500 

110 

110% -% 7.W 



HSBC ftotiga 1100022. 

153 

119% 

110% -% 636 


AM 

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400 

119% 

120 -% 8/2 


611 

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200 

99% 

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-% 

405 

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200 

109% 

MB% +% 043 

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524 

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MO 

117% 

117% 7.7B 

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557 

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250 

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100% -% 790 


494 

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150 

117 

117% +% 7/9 


601 

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1W% 

118% -% 793 


527 

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106% 

107 +% 523 

-% 

590 

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100 



-% 

491 

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75 




521 

CEPKEWflSm 

2000 

104% 

104% -% 621 

-% 

696 

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— 3000 

BD% 

120% +% 797 


496 

9fCF9%97FR 

— 4000 

W8% 

109% +% 604 


473 






497 

FUMIVn RATE MOTES 







tetrad 

BU 

Otar Ccpn 


410 

tttay Nel Traaauy -U SB 1000 

9856 

9996 37868 


422 

BranoRomaOBB - 

an 

0694 

0981 33730 

-% 

323 

Babkin Ik 97 DM 

500 

9896 

10006 08750 


ana 

SKE-aozae 

350 

9695 

9887 3/175 

JL, 

412 

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ISO 

9909' 

10004 85375 

• 

450 

Qradi-%aa 

— 3 no 

PZjP 

0698 33125 


30B 

OXEOOBEw 

200 

9678 

9902 62500 


430 

CMtlyvnb^OD 

300 


10022 50000 


305 


— WOO 

9658 

9698 3.7000 


2/4 

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mm 

9691 

tOdJin 69888 

4! 

421 

Fern M Scat 0.1007 

430 

Mitt 

10036 30000 


224 

FHandOW 

— woo 

9994 

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-% 

421 

H*»BBiB5E 

350 

you 

10003 59000 



Mand09B 

300 

0870 

9991 3+4400 



«%%B6 

— 2000 

WQ99 

10094 30BS 


695 

LRS Badan/Mret Ri •% 00 

MOO 

9996 

9975 14376 


688 

LJqdtBinkPspSaio 

800 

8458 

9690 41000 


6/8 

RWaytoAOS 

000 

10801 

HXL32 52500 


529 

New ZaNsid % SS 

2D 

POOR 

warn 3/SB0 


679 

OntatoOBB 

— 2000 

6655 

9990 65025 


OAO 

Haifa 096 

GOO 

8636 

9658 13750 

4% 

795 

BodNe Qenaree 0 96 

300 

9896 

9073 32812 

4% 

8/9 

StaaWin* Barin -006 98 DM - 6000 

6993 

10O0D 69128 


695 

staaBtcVtaMaaosaB 12a 

9972 

9994 30344 

4% 

798 

SutereOn 

— 1500 

100.13 

10021 37500 

-% 

689 

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— 4000 

naria 

9692 3.1250 

4% 

4% 

794 

7 98 

CQHVBnSLE BONDS 




4% 

818 


Cora. 


+% 

798 


toned Price 

BU Oder Item. 


♦% 

ft 

ft 

4% 

ft 

+% 

ft 

ft 


7jB3 

T« 


8% 06. 


.400 

.250 


ABC 109945 


12% 96 AS MO 

U#ratel3%89AS _ 100 
12% 85 AS IS 

15 95*— .100 
NSW flamy Zara 0 2D AS — MOO 

RSIBa*7%03* OB 8ft 

ShAudGMRnBOZM ISO 10ft 

.1298* 190 115% 


113% ft 
lift ft 
10ft ft 
127 ft 

wr% ft 

111 ft 

!& ^ 
105% ft 

1W% ft 


“* Land Sacs 6% 02C . 

Ua»7%05E_ 
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eftm 300 

• 7% oo as 

• SOB 

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Hawnftosc a 

523 


758 

7JJ7 

7S6 

587 

829 


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-84 
— 90 
.200 


92% 

88 

41+52 

12554 

25875 

18.1 

6J2 

164 

23316 

2283 

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39077 

lift 

38069 

39 

£51 


t C»Ar niaM mrira airaad e^u P *" 


4% 03, 


. KU 
.250 
-85 
.600 


Sunburn Bank ft 04 300 

SunAtaice7%«E 155 

Tb»m Oapkri fl 05 E ZOO 

tof HatataaBMiraeftoa 300 

113 ‘ 

737 


88 % 

99% 

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103% 

104% 

+21+43 

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108% 

tare 

122 % 

123% 

42596 

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1 «% 

41698 

135% 

13S% 


102 % 

103% 

-Q27 

60% 

91% 


86 % 

90% 

+2707 

103% 

104% 

4797 

HS% 

122 % 

+1653 

95% 

98% 

+6397 

101 

101 % 


BOV 

91% 

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107% 

108% 

+3035 

122 

123 

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108% 

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.1 




COMPANY NEWS: UK 


Simon seeks £50m as losses rise 


By David BtaoKwefl 

Simon Engineering, which 
yesterday announced a pre-tax 
loss of £l60^m for 1993, is plan- 
ning a £50m lights issue. 

Mr Maurice Dixson, who 
became chief executive in a 
boardroom shake-out last Sep- 
tember, said the rights issue 
would be “the comer stone 
that pots us on a sound finan- 
cial footing". 

Yesterday, the shares recov- 
ered from a low of 82p to dose 
at U7p, up up. 

Simon, which rrmfrpg access 
eq uipment including fire res- 
cue gear, flagged its losses in 
January when It announced 
plans to raise £40m through 


£lQL5m. This followed the 
company's unwise diversifica- 
tion in the late 1980s and early 
1990s, when it acquired busi- 
nesses based on markets and 
people, and with very little 


The deficit, which compares 
with a previous pre-tax loss of 
£l.Q4m, mostly reflects good- 
will written off totalling 


The operating loss on con- 
tinuing operations was £&9m, 
compared with an operating 
profit of £7.4m last time. 

Losses per share were 22^tp 
(3p). The board is not recom- 
mending a dividend. 

Turnover from continuing 
operations eased to £340 .2m 
from £343 .6m. Turnover from 
discontinued operations was 
£46m (£144m). 

The new management’s 
strategy is to cut debt and con- 
centrate on three core markets 
- the access division, the stor- 
age division and Slmon-Carves, 
the process engineering con- 
tractor. 


Of the three, only Simon 
Storage reported an operating 
profit for the year, up from 
£&3m to £&5m on turnover of 
£42L6m (£39J3m). 

By the year end debt had 
been reduced to £ 117.8m from 
£14Sm when Mr Dixson took 
over. 

After the proposed rights 
issue, gearing would be cut 
from 264 per cent to 54 per cent 
immediately, and Mr Dixson 
was confident tt would be 
reduced to about 45 per cent by 
the end of this year. 

However, the group would 
not go ahead with the rights 
issue until it had completed 
protracted negotiations with 
its lenders. It hoped to normal- 
ise its lending facilities so that 
It could grow the business to 
enhance shareholder value, 
rather than to pay down 
debt 


The shares reacted immedi- 
ately to the horrible figures 
coupled with a proposed rights 
issue. But the later recovery 
reflects market realisation of 
the new management's consid- 
erable achievement since Sep- 
tember. In the first half the 
company's haemorrhage of 
cash was continuing, with an 
outflow of £43.7m; the second 
half saw a cash inflow of 
£ 13.1m. At the present rate, 
this year should see the com- 
pletion of the restructuring, 
and benefits should start to 
flow through to shareholders 
in 1996. Investors who bought 
into the company at the 34p 
low last July have already 
done well. On balance, it looks 
as though the shares are still a 
buy, but the management is at 
the beginning of a very long 
road. 


Watmoughs shows 26% rise to £15.4 


By Pad Taylor 

A buoyant domestic market for colour 
printing coupled with expansion in Spain 
and Hungary helped Watmoughs (Hold- 
ings), the Bradford-based printer, report a 
26 per cent improvement last year. 

Pre-tax profits for the year to mid-De- 
cember rose from £l2J£m to £15 .4m on 
turnover up from £1 IS. 9m to £149.Sm, 
including £14. lm from new operations. 

After adjusting for the capitalisation 
issue in October, earnings emerged at 
15£p (I3p). A recommended Anal dividend 
of 5.ip (4.4p) raises the total to 6.6p (5.75p). 
The shares gained 7p to close at Slip. 

Mr Patrick Walter, chairman and chief 
executive, said the Improvement reflected 
"further progress in the group's UK activi- 
ties, a successful start to Watmoughs 
Espafia, and the continued expansion of 


RAvai Nyomda in Hungary". 

Operating profits increased by 38 per 
cent to £17m (£l£3m), including a £2J33m 
contribution from the new continental 
European operations. 

In the UK the advance achieved during 
the first half continued, and profit for the 
year rose by 11 per cent from £l2m to 
m&n, despite reorganisation and redun- 
dancy costs of £471,000. 

Mr Walker said the improving trend in 
demand for the group's specialised gra- 
vure and web offset capacities in the UK 
ftnntfntifld throughout the year and «a?aa 
rose by 12 per cent to £l2&&n (mam.) 

Net interest costs increased to EL .96m 
(£456,000) reflecting an increase in net bor- 
rowings to £43.8m (£26m). Gearing climbed 
to 47 per cent (27 per cent). The higher 
borrowings reflected the growth in capital 
expenditure last year which rose to 


£25 2m, including £l&8m to complete the 
group’s gravure investment in Spain. 

• COMMENT 

Tighter market conditions are providing 
Watmoughs with the opportunity to weed 
out contracts with thin margins and push 
up contract prices by an average 3 to 5 per 
cent as they come round for renewal Both 
moves should help push UK margins 
higher. The group has invested more than 
£100m over toe past three years in the UK 
and overseas, mid now has some of the 
most up-to-date presses in the industry, as 
well as a growing business in southern 
ami eastern Europe. Pre-tax profits should 
reach about £20m this year, producing 
about 20.7P of earnings. The shares have 
doubled in the past 15 months and are now 
trading on a lofty prospective multiple of 
24.7. A quality stock for holding. 


ECC holds pay-out despite earnings fall 


By Maggie Uny 

English China Clays held Its 
20p total dividend for 1993, as 
promised with last year’s 
rights issue, although earnings 
per share of 20.45p, against 
26.72p, barely covered the pay- 
out Mr Andrew Teare, chief 
executive, said the thin divi- 
dend cover had not constrained 
the business. 

Calgon, the US-based chemi- 
cals business acquired halfway 
through the year for SM&Sm, 


partly funded by the £ll3.4m 
rights issue, contributed £?2m 
to operating profits of £1052m 
(£90.7m). Its purchase was 
“mildly earnings enhancing," 
Mr Teare said. 

Group turnover rose 17 per 
cent to £L13bn, with continu- 
ing operations up 9 per cent at 
£1.05bn. Pre-interest profits of 
£105.3m (£105 .6m) included 
nearly £18m of profits on land 
sales, part of ECC's strategy of 
running down its housing land 

hawk. 


Ttaey were strut* after a 
£L8m of profits on disposals 
and £1.7m of provisions for 
costs of the demerger of the 
construction materials side. In 
1992 there was a net £17.1m 
profit on disposals. 

Interest charges rose by 
£UAn to £172m, to leave pre- 
tax profits down from £1002m 
to £88.110. 

At the operating level, ECC 
International, the minerals 
division, increased sales vol- 
umes by 2 per cent, but a 


squeeze on prices and cost 
increases cut operating mar- 
gins from 15.6 to Ll.l per 
cent, with operating profits 
down from £9L8m to £74.4m, 
before £3 -3m of rationalisation 
costs. 

Construction materials prof- 
its recovered from £15J5m to 
D65m, before an asset write 
down of £1.4m (rationalisation 
costs of £5Jjm). 

Construction, which 
Included the land sales, 
(hipped in £20m (£8 2m). 


cymDT prom 

SKANDIA'S YEAR-END REPORT 
ON 1993 RESULTS 


Skandia is on international group engaged in insurance and financial services, with a home 
marker in che Nordic countries. 

Skandia* primary focus is on che Nordic countries, where operations are conducted through 
a unique cross-border coordination, and on che private savings market - mainly through 
the rapidly growing unic linked assurance operations. 

Skandias life assurance operations accounted for 47 per cent of total new sales in the Swedish 
marker 1993. 

The reinsurance and non-life insurance operations outside the Nordic countries are being 
consolidated to limit Skandias risk exposure. 


SKANDIA rtXPOWTi STRONG 
MPAOV8JMNT IN RESUUrs 


• The (Turagcmcnc operating result, 
which includes changes in surplus values, 
amounted to MSEK 4,0M {-3,721}. 

■ The reported operating result of 
MSEK 2,010 (-3/240) was the best in 
Skandias history. 

• Net asset value rose by MSEK MO# 
and amounted to MSEK 18,781 at year- 
end 1993. This corresponds to 5EK 203 
(148) per share. 

• The solvency margin rose from SI to 
84pereenrin 1993. 

• The Board of Directors proposes that 

a dividend of SEK 2 (0) per share be paid 
ro the shareholders, 

• A new share issue, Mailing approximately 
SEK 3 billion, is planned. 

■ The Annual General Meeting will be held 
on April 14, 1994. 


SUMMARY OF RESULTS 



Skandia 


5-IOJ 50 Stockholm. Tel >46 8 788 10 10 


aasax 

1003 

i«n 

litsurane*, nonilfa kmiranu and rainsorance 

633 

•394 

Direct mvastiiient bwomo 

3.050 

~ 3318 

Change* in value 

2.879 

-1,788 

Cutrancy variations 

-102 

-106 

Investment rvtsub 

5.787 

1327 

Investment Incoma apptcabie to the inawanoa operations 

-2^02 

■2344 

lnvaalmantlnoame.net 

2385 

-1.817 


non IWa luowiioa and taHiauianoa 

3418 

•sum 

Haaadt, Bfa eowpanlai 

28 

-34 

BaanH, unit Unlced cumpaatlaa 

-28 

•110 

Cheng* in autpiua vatuasof urttfiWmd funds 

548 

272 

Ottwr changes In valua 

383 

288 

Matdt aasodatod convanlas 

1308 

-609 

Waaaitt of aparatlumi 


-2,203 

Result, finance compantes 

-389 

-208 

Remit from aold and tftcontoutoopwafora 

•39 

•190 

FhoftHharing system 

-148 

- 

Joint-group opereflng expenses 

-142 

•248 

Amxtiafion of gocaSMB 

•321 

-248 

interest expenses on loans 

-528 

•823 

Management operating reasrft, group 

4089 

-3,721 

Of which, changes m surplus vaiues of assets 

2359 

-481 

Operating remit, gmop 

2,01 Q 

-3,240 

Minority 1 imereeis 

-67 

10 

Ttaee 

-559 

881 

Mat grafft far ffm year 

l»gi- 

•a^n 


Broking 
strength 
lifts MAI 
to £48m 

By Raymond Snoddy 

MAX, the financial services 
and broadcasting group yester- 
day announced a 42 per cent 
increase In Interim pre-tax 
profit to £48m mainly became 
of the strength of its wholesale 
broking business. 

Turnover increased by 67 
per cent to £321m and earn- 
ings per share rose by 38 per 
cent to 9p a share In the six 
months to December 31. The 
interim dividend stays at 2p. 

Sir James McKinnon, chair- 
man, said trading in the sec- 
ond six months continued to 
be good with high levels of 
a ctivit y in the financial mar- 
kets and an i mp roving trend 
in car sales, market research 
and television adver ti si n g. 

The most significant devel- 
opment was the purchase of 
Anglia Television which 
marked a change in the centre 
of gravity of the company 
towards media and television 
in particular. 

In February the group also 
Increased its stake in Satellite 
Information Services, the com- 
pany broadcasting live raring 
to betting shops to 17J5 per 
cent and sold its holding in 
Havas, the French media 
group for £45m. 

Lord Holltek, chief executive 
expected 40 per cent of MAFs 
business to come from the 
media within the next few 
years although financial ser- 
vices win remain the core. 

MAI’s first big move into 
television - winning the TTV 
licence for the south of 
England with Meridian Broad- 
casting - performed better 
than target and made a small 
profit in its first year despite a 
difficult advertising market 

In the six months to Decem- 
ber Meridian had a turnover of 
£90m and profits of £5.6m. 

Lord Hollick dismissed as 
*mnch ado about nothing” 
reports that minority holders 
in Meridian, Carlton Commu- 
nications and SelecTV, fear 
they will not get tile foE bene- 
fit of the Anglia deal Some in 
the industry believe the rela- 
tionship between Carlton and 
MAI may have become more 
edgy because of advertising 
sales issues. 

• See Lex 


Rugby hits £ 63 . 8 m and 
encouraged by outlook 


By Andrew Taylor, 

Construction Correspondent 

Pretax profits of Rugby Group* 
the supplier of cement to the 
UK, European and US con- 
struction industries, rose by 
more than a tenth last year, 
from £57.6m to 063.8m. 

On the back of the improve- 
ment the final dividend is 
bring lifted from 3.6p to &92p 
malting a &77p (6.48p) total. A 
1-for-l scrip issue is also pro- 
posed. 

Most forecasters bad expec- 
ted Rugby to do no more than 
hold toe dividend at the previ- 
ous year’s level. 

The rise in operating profibs 
from £52 -8rn to £64. 6m, Of 
which acquisitions accounted 
for about £2m, was also higher 
than expected 

At the pre-tax level, profits 
were held back by a £1.2m loss 
on the sale of the group's 
French glass business at toe 
end of last year. 

Earnings per share rose by 
10.7 per cent to l4J>p (13. Ip). 


Turnover increased by J64 per 
cent, from £6S0.im to £75S-4m. 

The group, which also sig- 
nalled that it was looking for 
acquisitions, was mo derate ly 
encouraged about toe state of 
construction markets in the US 
and Australia and in the UK. - 

Mr Peter Carr, m ana gin g 
director, said that UK cement 
sales had risen by 5 per 
cent during the first ten. 
weeks of this year compared 
with the corresponding period 
of im 

Sales were not expected to 
wmtimig to rise at this rate but 
could stfll increase by about 3 
per cent this year provided the 
housing market recovery was 
not undermined by tax 
increases and spending cuts on 
road building maintenance 
were not too deep. 

Cement prices on average 
had risen by 4 per cent at the 
beginning of the month. These, 
imHfc-o increases in previous 
years, were expected to hold 
although perhaps not by the 
full amount. 


UK cement profits,- boosted 
by a Om pension reftrad, rose 
by 5.4 per cent last year 
£17.7tn. UK Joinery profits, ben- 
efiting from the housing mar- 
ket recovery and helped by 
{nice increases, rose, by 20 per 
cent to £17 Am. 

Aust ralian cement and Ume 
profits, assisted by additional 
capacity, improved by 6JJ per 
emit to £]&5m. 

• COMMENT 

Rugby's reputation as a well 
managed building materials 
group Is deserved. It has ridden 
out the recession well and 
rewarded its shareholders with 
an early return to dividend 
Increases. Profit forecasts are 
likely to he upgraded in the 
light of yesterday’s figures but 
the rate of recovery in the UK 
could be slow. Pre-tax profits 
of. £76m would put the group 
on a prospective p/e of 19. Most 
of Rugby's virtues are already 
recognised in this rating. 
Future fireworks may depend 
on acquisitions. 


Spring Ram losses at £36.4m 


By David Bteckwefl 

Spring Ram, toe kitchens and 
bathrooms group, reported pre- 
tax losses of £36.4m for the 
year ended January b against 
pre-tax profits of rai-im- 

The loss mainly reflected the 
£30 -2m provisions announced 
at the time of the interim 
results, and was in line with 
the forecast made in January, 
when the group's new manage- 
ment announced .a £42. 2m 
rights Issue. 

Mr Roger Regan, who took 
over as chairman last summer 
and forced the resignation of 
Mr Bill Rooney, co-founder and 


chief executive, said the 
group’s businesses had 

generated an increased level of 
sales throughout the year in 
spite of the recession in the UK 
hrwMtng market 
"We are on the grind of a 
recovery programme, and we 
are very pleased with the way 
it’s going,” he said. 

Turnover rose by 24 per cent 
from £U&3m to £239.5m, with 
the kitchen division account- 
ing for £1235m (£109-8m)- 
However margins were 
squeezed in the kitchen, divi- 
sion, and operating profits foil 
from £13 -3m to £8 .3m. This 
reflected the new. manage- 


ment’s action to cut stocks and 
overheads. 

The bathroom division made 
an operating loss of £&9m an 
turnover of £60.1m, compared 
with a previous loss of £600,000 
on turnover of £60.6m_ 

Net borrowings at the end of 
the year were £24, 8m. Mr 
Regan said that the proceeds 
from toe rights issue, which 
was 97.4 par cent taken up, had 
wiped out core borrowing: 

Losses per share were lip, 
compared with earnings last 
time of 3.6p. The board is pro- 
posing a final dividend of 0-lp 
(0243p) to give a total of O.lp 
(0-S46P). 


Hartstone to raise at least £15m 


Hartstone, toe hosiery and 
handbags group, yesterday 
announced details of a rescue 
refinancing including an 
equity issue to raise more than 
£15m tola summer. 

Hartstone is required to 
repay £15m by October to Its 
creditors as a condition of the 
new financing- arrangements. 


Gooding Consumer joint 
venture with Grundig 


A UK-based joint venture set 
up by Gooding Consumer Elec- 
tronics and Grundig 
announced plans yesterday to 
become a brand leader in the 
market for satellite television 
reception equipment with a 30 
per cent market share within 
three years, writes Paul Tay- 
lor. 

Grundig Satellite Communi- 
cations, which claims to be the 
first launch of a large UK con- 
sumer electronics company in 
20 years, plans to design and 
build toe equipment at a plant 
In Llantrisant, Mid Glamorgan 
providing an initial 200 jobs, 
tiring to 600 in three years. 

Production will begin the 
end of Me roll and the company 
aims to be producing lm satel- 
lite receivers a year by the end 
of 1996. 

The majority 70 per cent 
stake in the new company is 


held by Gooding Consumer 
Electronics with Grundig hold- 
ing the balance. Gooding Con- 
sumer is owned by Mr Alfred 
Gooding with a minority hold- 
ing by Mr Koen van Oriel, a 
former managing director of 
Grundig UK. 

The new company will ini- 
tially concentrate on the UK, 
expanding in the second half 
Into continental Europe and 
toe newly-emerging Asia mar- 
kets. Investment in the project 
over the first three years is 
expected to be £8£m. 

Reed results 

Reed Elsevier, Reed 
International and Elsevier are 
announcing preliminary 
results on Thursday, not 
Wednesday as reported yester- 
day. 


These will provide lending 
facilities until January 15 1996. 
The group said yesterday It 
intended to issue shares to 
raise the funds, and to provide 
any necessary working capital. 

The new financing arrange- 
ments fnrJu t fa- 

• As part of July 1993’s stand- 
still arrangements, the banks 
made extra facilities available. 
The remaining £&3m of this is 
to be repaid with about £&8m 
of the amount owed at the 
beginning of the standstill 
period. The banks have con- , 
verted the balance of their 
lending - about £45.1m - into 
secured loans. 

• The holders of the notes - 
issued by Hartstone Hokfrngs, 


the US bolding company, have 
agreed to continue to lend 
about $47Jm (£3L6m) of their 
original total loans of $50m, 
the balance of which is to be 
repaid. Of the continuing 
loans, a further $2.1m win be 
repaid on March 31. 

• Charterhouse Group Inter- 
national will be paid about 
SS0QJI00 in partial payment of 
the outstanding consideration 
for Etienne Algner and Mich- 
ael Stevens. The balance is to 
be converted into a secured 
term loan of about $lL9m of 
which 1600,000 will be repaid 
on March 8L 

• Aggregate interest to March 
31 - about £5 An - to the main 
creditors is to be paid. 


[DIVIDENDS ANNOUNCED j 


Cones - 

Total 

Total 

. Current Date of 

ponefing 

far 

last 

payment payment 

oMdend 

year 

year 


CaMerfaum .... 

ft 1 

4JI 

Apr 29 

4J? 

7.7 

7.7 

Big China Clays Hr 

13.4f 

May 24 

ia4 

20 

20 


—fin 

8 

Jun 15 

&s 

11.8 

10.2 

Owgga 

— fti 

12 

May 27 

10 

18 

15 

BA 

fin 

1-1t 

May 31 

1.018 

1.65 

1A 

Jffi 

— fin 

5T 

May 16 

5 

7£ 

7J5 

Johnson Cleaners — fin 

20 

May 3 

1&7 

27 

25 J 

IfAf 

tnrt 

Z 

May 3 

2 

- 

8£ 

Merchants Trust An 

2J8S 

May 20 

2.65 

11 

10.6 

Peak 

— fin 

Z35 

Jti 5 

2J36 

04 

3.4 

Perafcianon 

fti 

82t- 

Apr 18 

6.8 

9 

8.6 

R«*y 

..fin 

3L92 

May 13 

3.6 

6.77 

046 

Simon Eng 

fin 

m 

- 

rtf 

rtf 

5 

Spring Ram 

fin 

0.1 

J cm 3 

0243 

0.1 

0346 

Stag Furniture 

— fin 

rtf 

- 

4 

1.5 

025 

Tabra 

—Jin 

1-4t 

Apr 29 


2.1 

1^ 

Watmoughs — — 

— fin 

5.1 

Apr 22 

4.4' 

6.6 

5.75' 


U.S. $100,000,000 

GW 

Great Western financial 
Corporation 

Floating Rate Notes Due 1995 


Interest Rato 

5)4% per annum 

Interest Period 

15th March 1994 

15th June 1994 

Interest Amount per 
U.S. $50,000 Note due 


15th June 1994 

US. S870.83 


CS First Boston 

Agent 


TEMPLETON GLOBAL STRATEGY SICAV 
Soca&g dTnvestissement k Capital Variable 
2, boulevard Royal, L ti c oitf wmg 
R.G Luxembourg B -35117 

DIVIDEND ANNOUNCEMENT 

TEMPLETON GLOBAL STRATEGY SICAV will dot on March 
18. 1994 the following dividend against presentation of the respective 
coupon:- 

Templeton US Government Fund: USD 0.04 coupon no 28 

Paying Agent ip 
Hanque 


l 


The firnd is traded ex-dividend as from March 11, 1994. 

For any qucrks, shareholders ait invited to 
Investment 


efcflfll- 

The Board of Directors 
Luxembourg, March 1994 


Dividends shown pence per share not except where otherwise stated. tOn 
increased caoHaL §U3M stock. 'Adjusted for caoftaTisaflon issue. 



1993: Recovery 

SCOR posts net income of 177 mittton francs for 1993 


CMrcd by Aaridc Peugeot, the SCOR SA Board of Director* met on 
9 March 1994 to review the Groin's ooaxaBtbxed financial saremems and 
to approve the parent company's accounts far the 1993 ftwicfad yew. 

CONSOLIDATED FINANCIAL 
STATEMENTS FORTKEJCOB GROUP 


(UftfoOBd 

1993 

1993 


Cnanunwnr* 

9739 

I1MA 


Nctoenova* 

7SOI 

9M7 

*25% 

Tool not income 

-ITS 

177 


Group etc Income 

■135 

15 7 


Net taehnled reserves 

15.442 

18325 


Tool capital equey 

4JSI 

5AI9 

Idf/JI 

Tool sroup espial equity 

4J0S 

4,941 


Asm utder nunsgemenc 

I8JOO 

21786 

+3JU 


■hcfcfcjo+mmw nfefte udedMto tfpdUes obM b/ UV> a SCOR Sind to 
(OH. 


VVherew cha dtoppalntinj r«njJo of *e ytars from J9$9 through 1992 
were due to both the high number of (Blasters and the weakening of 
artft. 1993 witnessed a ligitfont recovery nsJnty In Germany, the UX. 
and France, tberety conBrmtng die Indkadani made by insurers « die 
end of 1992. Compared ea 1992, natural events outside fnne* were as 
frequent bus leu toady. 

Ufd®" these conditions, the Increase In (he SCOR SA Group's resated 
MX premium* ha* bean imprcure: +25X During this financial year, net 
technical ranrm Increased by 18*. in the absence of malar disasters, to 
netdi IU Wlon Francs. Against a background of Mng int e rest rates, 
net investment Income (results from operations and capital gab w) 
reached 1.7 billion Francs, up by MX, The tret group income, or 
157 mBon Francs exceeded forecasts and marks the bqbadiy of a dor 
recovery, 

PARENT COMPANY FINANCIAL STATEMENT ■ 

N« bKome far the financial yaar, afar tax. employee profit-sharing wd | 
•fept'etfadon expenses and provMons. amounts to 44J mflfion Francs. * 
Tha Bwd has decided to propose w dM Annual General Meeting thas a J 
dividend of 9 Francs, Inctoifttg tax sredft.be (fitcHbuted. S 


1# ' 




ft 1 ’ 


: * 

i 

, j : 


4 


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FINANCIAL TIMES TUESDAY MARCH 15 1994 


COMPANY NEWS: UK 


Fairey impresses City 
with 27% rise to £21.8m 


By Tim Bun 

Shares in Fairey Group 
climbed I8p to 759p yesterday 
after the specialist electronics 
and engineering company 
unveiled a 27 per cent rise in 
1993 pre-tax profits to £21 An. 

The improvement was 
fuelled mainly by the electron- 
ics and electrical power divi- 
sion. which contributed Slt&n 
(E10.7m). 

Mr John Poulter, group chief 
executive, said the division, 
representing 68.6 per cent of 
operating profits and 62 per 
cent of turnover, was the driv- 
ing force behind the company 
and would be the focus of fur- 
ther expansion. 

The group is understood to 
have identified a number of 
potential acquisitions a nd is 
said to be in talks with several 
target companies. 

Such acquisitions are expec- 
ted to be funded from the 
group's positive net cash bal- 
ance of £l0.2m (£2.l4m). 
although Mr Poulter did not 


rule out coming to the market 
if a larger opportunity 
emerged. 

He said Fairey's ability to 
expand had been underpinned 
by increased profits in the 
group's two other core busi- 
nesses - aerospace and 
defence, which reported gams 
of £3.34m (£2. 24m) and 
filtration and specialised 
ceramics, ahead 18 per cent at 
£3- 4m. 

Together they boosted total 
operating profits by 36 per cent 
to £21. 6m (£15.8m) and lifted 
group turnover to £130J2m 
(£104.3m). 

Mr Poulter said the results 
had also benefited from a £im 
currency gain on earnings by 
US subsidiaries. 

While welcoming the 
“healthy figures”, Mr Michael 
Fay, group finance director, 
said earnings per share of 37.8p 
(33.4p) had not advanced 
further because of tax changes 
in the US and the diluting 
efTect of a £l0.3m vendor 
placing in 1992 to acquire 


Infrared, the gauges business. 

A final dividend of 8p makes 
an lL8p (10-2p) total. A 1-for-l 
scrip issue is also proposed. 

• COMMENT 

Despite its bulging wallet. 
Fairey is not about to embark 
on a shopping spree. It has a 
reputation for spending money 
only on companies which can 
deliver high margins in diffi- 
cult markets. That cautious 
approach has, for example, 
won new business for the aero- 
space and defence business at 
a time when, the industry is 
contracting. Impressed by a 
management whose catch- 
phrase could be “the price is 
right”, analysts are not expect- 
ing dilutive acquisitions and 
have upgraded profit forecasts 
to £24m. Although that puts 
the shares above the sector 
average on a prospective multi- 
ple of 18.5, it could be a price 
worth paying for a business 
which last year reported 
underlying cash generation of 


Listing for 
GRT Bus 


GBT Bus Group, the 
Aberdeen-based bus and coach 
operator, is to seek a listing 
next month. The flotation is 
likely to be by way of a plac- 
ing arranged by James CapeL 

The company was formed to 
effect a management-led 
employee buy-out in January 
1989 of Grampian regional 
council's bus and coach 
operations, when Grampian 
Regional Transport became 
the first Scottish municipal 
bus company to be privatised. 

The gronp employs 1,850 
people and operates a fleet of 
725 vehicles. 

Employees currently hold 39 
per cent of GRTs equity and 
the management a farther 51 
per cent 

Since the buy-out, GRT's 
turnover has risen from 
£11. 8m in 1989 to £32m in file 
year to March 1993, with oper- 
ating profits rising from 
£850,000 to £3.6m. This 
excludes the Leicester and 
Northampton operations - 
acquired in the latter part of 
1993 - which had 1993-93 turn- 
over and profits of £l&8m and 
£894,000. 


Growth in SE Asia 
behind JIB advance 


By Richard Lapper 

Growth in south east Asia and 
the strength of the US dollar 
helped JIB Group, the insur- 
ance broker in which the Hong 
Hong-based Jardine Matheson 
has a 61 per cent interest, 
increase its pre-tax profits by 
20 per cent in 1993. 

Profits for the year to the 
end of December came out at 
£21.Hm f£l&2m), at the upper 
end of expectations. 

Earnings per share 
amounted to 11.4p, against 
9-9p- 

Tbe company is recommend- 
ing an unchanged final divi- 
dend of 5p per share, making a 
same-again total of 7.5p. 

Profits from south east Asia 
rose by 43 per cent to £7A8m 
(£5.29m), more than a third of 
the total. 

Overall turnover Increased 
by 16 per cent to £21 3. 7m. while 
exprases rose by 12 per cent to 

£197. 7m. 

After adjusting for the 
effects of acquisitions and 


exchange rates, underlying 
revenues grew by 3 per cent 

• COMMENT 

Investors responded positively 
to yesterday’s results marking 
the share up ISp to close at 
199p. The question, now, after 
a period of underperfonnance. 
is how much more does JIB 
have to offer? The main prob- 
lem is the group's dependence 
on the highly competitive US 
market for more than a third 
of its business. With the long- 
expected turn in the market 
proving to be something of a 
mirage, JIB will do well to 

maintain its margins. On the 
plus side more currency gains 
are possible this year, and fur- 
ther growth from south east 
Asia seems likely. Profits of 
£25m for 1994 look likely, put- 
ting the share on a prospective 
multiple of 16.2. The prospect 
of an 8p dividend this year pro- 
vides yield support Even so, 
some of JIB's rivals among the 
medium sized insurance bro- 
kers may offer better value. 


Cookson 
in £ 72 m 
engineering 
disposals 

By Simon Davies 

Cookson, the specialist 
industrial materials group, 
yesterday completed the latest 
phase of its strategic restruct- 
uring, with the £72m sale of 25 
engineering subsidiaries, 
through a management buy-in. 

Cookson will record a book 
loss of about £6m from the 
transaction, bat Mr Richard 
Oster, chief executive, said he 
felt Cookson had achieved a 
good price for businesses 
which posted pre-tax profits of 
£4.3m in 1993. 

”In March 1993, we talked 
about divesting businesses 
that didn't fit into our core 
strategy for the future", said 
Mr Oster. “This concludes the 
short-term divestiture pro- 
gramme; now we have to focus 
on building up these core busi- 
nesses." 

The proceeds will help fond 
expansion in its strategic core, 
electronic materials, ceramics, 
precious metal fabrication and 
plastics. Analysts believe this 
will inclode small bolt-on 
acquisitions. 

The companies sold by Cook- 
son employ 1800 people and 
are involved in industrial 
materials, precision castings 
amt al uminium . 

They are being purchased by 
a management team put 
together by Mr Jim Cooper, 
former business development 
director of John Wood. It will 
be renamed Calder Group. 

Morgan Grenfell and its 
development capital arm, have 
underwritten the deal which 
involves £84 .5m of funding to 
cover the acquisition cost ami 
to build up of working capital. 
The management will have a 
178 per cent stake, with a per- 
formance-related option for a 
further 2.5 per cent 
Cookson has been paid 
£69.4m in cash and will 
receive a farther £0.3m in Sep- 
tember. The Calder Group 
companies have also repaid 
£7.3m of inter-group loans 
from Cookson and have taken 
on £2 An in external debt 
Cookson could receive as 
much as £l0m. if Calder is sold 
or floated within a five year 
period. The size of payment 
depends on the value of the 
transaction. 


Traffic side helps 
Peek to £7.7m 


By Simon Dairies 

Peek, the international traffic 
and field data systems group, 
announced pre-tax profits up 
from £4.84m to £7.7m for the 
year to end-December, aided by 
a strong performance Grom its 
traffic business. 

Turnover rose 13 per cent to 
£l00.6m (£88, 8m). but organic 
growth was only 5 per cent, as 
a result of weak UK and US 
markets and a fall in orders 
from Husky, its mobile data 
systems company. 

Peek has expanded aggres- 
sively through acquisition in 
the past five years, building up 
its traffic business from 28 per 
cent of group sales to its pres- 
ent level of 70 per cent. 

Traffic operations focus on 
systems and products related 
to traffic evaluation and con- 
trol. and in 1993 the division 
contributed £7.lm in trading 
profit, up from £6. 6m. 

Peek invested about £1.7m in 
building up its presence in 
Asia, Germany and the US. 
during the year, and this 
should be reflected in stranger 
1994 figures. It has picked up a 
£Sm order to develop a traffic 
control system in Bangkok, 
and contracts worth £8m for a 
second phase of this system 
are under negotiation. 

Mr Alien Standiey, chief 
executive, said Peek was ten- 
dering for £50m of contracts in 


Asia, including a number of 
projects in China, through a 41 
per cent owned joint venture. 

Field data operations saw 
trading profit fall to £1.9m 
(£2.l2m), primarily due to 
delayed orders, but the com- 
pany said Husky experienced 
“an excellent order intake in 
the fourth quarter”. 

The final dividend is main- 
tained at 2.35p. for an 
unchanged 3.4p total. Earnings 
per share were 4.6p. against 
7.2p. although the 1992 figure 
was significantly inflated by 
the release of tax provisions. 

Peek will have a 17 per cent 
stake in TrafficMaster. the traf- 
fic monitoring system pro- 
ducer. following its imminent 
flotation. Peek said this was a 
long-term strategic investment. 

• COMMENT 

Peek has succeeded in develop- 
ing a dynamic and broadly 
appealing business, traffic con- 
trol, but it has yet to translate 
this into strong organic 
growth. The longer term poten- 
tial from new developments, 
such as electronic vehicle tag- 
ging, is enormous. But in the 
shorter term. Peek's gamings 
growth will be more pedes- 
trian. Pre-tax profits should 
increase by 10 per cent to 
£8Am in 1994. The shares are 
on a prospective p/e of 19 and a 
yield of 3.7 per cent, which 
appears to leave it fully valued. 


31 


U.S. $75,000,000 



Christiania Bank og Kreditkasse 

Floating Rate 

Subordinated Notes Due 1994 


Sea Containers rises 
and plans expansion 


Sea Containers, the Bermuda- 
based leisure, ferry and con- 
tainer leasing group, reported 
net earnings up by 8 per cent 
from $39 Am to $42£m (£29 Am) 
for the 1993 year. 

Revenue fell from $42 lm to 
8417m. principally because of 
the strengthening of the dollar 
against the pound. Earnings 
emerged at $2.66 ($2^5). 

The company also 
announced two share transac- 
tions. With a view to acquiring 
the 58 per cent of Orient-Ex- 
press Hotels it does not already 
own. it is offering 0.17 Class A 
Sea Containers common shares 
for each Orient-Express com- 
mon share. 

If. following the offer, it 


owns more the 90 per cent of 
Orient-Express, it intends to 
merge it with a Sea Containers 
subsidiary on the same 
exchange ratio basis as the 
offer. In aiMitinn Sea Contain- 
ers plans a public offering of 
5m Class A common shares 
with the primary purpose of 
retiring the 2.3m 1982 series 
$2.10 cumulative preferred 
shares at their current redemp- 
tion price of $15^6 apiece. 

Hie dividend rate on these 
shares is 14 per cent a year. 
The additional equity, in com- 
bination with bank borrow- 
ings, will help the company 
fund its container and ferry 
capital expansion programme, 
the company said. 


Interest Rate 
interest Period 

interest Amount per 
US.S10.000 Note due 
15th September 1994 


5)4% 


per annum 


15th March 1994 
15th September 1994 


U.S. $268.33 


CS First Boston 

Agent 


U.S. $400,000,000 

Hydro-Quebec 

Undated 

Floating Rate Notes, Series GL, 

Unconditionally guaranteed as to payment 
of principal and interest by 

Province de Quebec 


Interest Rate 
Interest Period 

Interest Amount per 
U.S. $10,000 Note due 
15th September 1994 


4)4% per annum 
15th March 1994 
15th September 1994 


U.S. S217.22 


CS First Boston 
A gent 


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HFC 

BANK 

Guaranteed by 

Household International, Inc. 

£ 8 o, 000,000 

Revolving Credit Facility 

Arranged by 

N M Rothschild & Sons Limited 

Provided by 


Hill Samuel Bank Limited 

Baycrische Vereinsbank AG 

l. out fait Bnutvlf 

Landcabank Hessen-Thuringen 

Girozentrale 

/. on Jon Brunch 

DG Bank Deutsche Genossenschaftsbank 

/ mu fan Brunch 


NationsBank 

Den Danske Bank 

London Branch 

N M Rothschild & Sons Limited 


Kredietbank N. V. 

Loudon Branch 


Agent 



N M Rothschild & Sons Limited 


February 1994 



This announcement appears as a matter of record only. 



HFC 


BANK 

Household International Netherlands B.V. 

U.S. $ 175 , 000,000 

A funding Vehicle for 

HFC Bank pic 

6% Senior Notes Due March 15, 1999 

Guaranteed as to Payment of Principal and Interest fry 

Household International, Inc. 


Price 99.59% and Accrued Interest , If Any 


MORGAN STANLEY & CO . 

Incorporated 
February i IS. 199S 


CS FIRST BOSTON 



FINANCIAL TIMES TUESDAY MARCH 15 1994 


COMPANY NEWS; UK 


Latest to join growing list of share issues from UK housebuilders 

Persimmon calls for £49.2m 


By Andrew Taylor, 

Construction Correspondent 

Persimmon yesterday joined 
the growing list of UK house- 
builders to announce share 
issues to finance land pur- 
chases and take advantage of 
the housing market recovery. 

The company is raising 
£49. 2m in an underwritten 
right issue by offering share- 
holders shares at 282p apiece 
on a 2-for-ll basis. 

Persimmon also announced a 
96 per cent jump in 1996 pre- 
tax profits to £ 18.6m. Earnings 
per share doubled from 6_8p to 
I3.7p. The dividend for the year 
is raised from 8.6p to 9.2p, with 
a 6-2p final. 

The group's share price 
slipped from 337p to 333p fol- 
lowing the rights issue 
annoiTnefloien t 

Housebuilders by this spring 
will have raised substantially 
more than £lbn from rights 
issues, share platings and no- 
tations sincp the beginning of 
last year- Some of this money 
has been used to repair bal- 
ance sheets but a good propor- 
tion has been set aside to 
acquire land. 

To support sales of 4.000 
homes a year by the mid-1990s, 
compared with 2,973 sales last 
year. Persimmon says it will 



Persimmon 

Shaw prte* (pence) 
400 






Duncan Davidson: family 
holdings cut to 16.4 per cent 

need to increase the number of 
plots owned with planning per- 
mission from 15.200 to 20,000. 

The effect of the issue would 
be to leave the group with vir- 
tually no debt. Borrowings, 
however, would be expected to 
rise as land buying arid output 
increased. 

Mr Duncan Davidson, chair- 
man, said: "Depending upon 
the strength of the market we 
would be comfortable with 
gearing of between 30 per cent 
and 40 per cent indicating net 


90 91 92 - 93 94 

Soros: FT Graphite 

debt of up to £80m at our pres- 
ent size.” 

He added the group had usu- 
ally financed land purchases 
out of shareholders funds, leav- 
ing work In progress to he 
financed by borrowings. He 
and his wife Sarah, are not tak- 
ing up their rights, reducing 
the family holding s from 19.4 
per cent to 16.4 per cent 
Persimmon said that recov- 
ery in the housing market was 
continuing with forward 
orders, including reservations. 


more than 10 per cent higher 
during the first ten weeks of 
this year frhtm the correspond- 
ing period last 

Prices had also risen a little. 
The average price of a home 
was currently about £64,000, 
compared with £61.000 last 
year. Part of this increase was 
rhip to change tn product mix 
but some of it was doe to a 
genuine rise in prices. 

Turnover in 1993 increased 
from £140. 6m to £M3m. 

• COMMENT 

The latest cash call by Persim- 
mon on its shareholders is a 
Tittle bit cheeky. Sinra the end 
of 1990 the number of Persim- 
mon shares in issue win have 
risen by 49 per cent from 77 An 
to 116.1m following the latest 
ri ghts issue. 7216 offer price is 
at a sufficient dismimt to be 
attractive to shareholders and 
the rights should be taken up. 
Persimmon's net margins have 
rffmheri to more than 10 per 
cent after interest and are bet- 
ter than many of its competi- 
tors. Nonetheless, some of the 
gloss has gone off the company 
as it hag embarked on an ambi- 
tious expansion programme. A 
pre-tax profit of £27m for the 
current year puts the group on 
19 times earnings which is 
probably high enoug h 


Textile rentals and currency gains 
boost Johnson Cleaners to £18.2m 


By Peggy Hoillnger 

Johnson Group Cleaners, the 
largest dry cleaning group in 
the UK and US. announced a 20 
per cent jump in pre-tax profits 
helped by currency gams and 
steady growth in its textile 
rental operation. 

Mr Terry Greer, chairman, 
retained his usual cautious 
outlook in spite of the increase, 
with warnings that the out- 
come for the current year was 
far from certain. Trading had 
declined in the first few weeks. 

"People are still nervous, 
waiting for the tax increases in 
April to hit their pay packets.” 
Mr Greer said. 

Business had also suffered 
from harsh winter weather in 
both the US and UK. 

Such concerns bad not been 
apparent in the 12 months to 


December 25. when Johnson 
achieved pre-tax profits of 
£18An (£15.1m) on sales 10 per 
ahead at piss 9m. 

The advance was achieved 
after interest charges were 
halved to £814,000 and was also 
helped by a 15 per cent 
improvement in the average 
dollar/steriing exchange rate. 

The strongest profits 
advance came from textile 
rental, with a 15 per cent jump 
at the operating level to SiO.lm 
on sales 10 per cent ahead at 
£45.1m. The profits increase 
included a better than expected 
£505,000 contribution from 
Im perial and Queen Laundries, 
the textile rental business 
acquired in January. 

This division improved prof- 
its both In the US and UK. Mr 
Greer said this was partly due 
to a greater focus on the more 


hygienicafiy stringent food pro- 
cessing industry and partly 
due to "early signs of increased 
demand”. 

The dry cleaning division 
remained difficult in both mar- 
kets. with franchising in the 
US continuing to make losses. 
Operating profits were largely 
flat at £&9m on sales 9 per cent 
higher at tiMw 

Johnson Group also 

flnnnumwi plans for a c apital 

reconstruction aimed at 
improving the marketability of 
the shares. The company pro- 
poses to subdivide the 25p 
shares and consolidate them 
into ordinary shares of lOp 

parh 

The final dividend was 
increased by 7 per cent to 20p, 
for a total pay-out 5 per cent 
higher at 27p. Earnings per 
share were 62.01p (49.4p) 


Anglo Utd sells Charringtons 
Fuel business for £41. 5m 


By Peggy Holfinger 

Anglo United, the heavily 
indebted fuels group, yesterday 
announced the sale of its Char- 
ringtons Fuel business to man- 
agement in a venture capital- 
backed deal worth £4L5m. 

Anglo will receive £30m, 
reducing the core bank debt to 
less than £l00m. Last year the 
group reported negative share- 
holders funds of £l45.Lm. 

Mr John Gainham, managing 
director of Anglo, said the 
group had investigated other 
options for Charringtons such 
as a trade sale, but manage- 
ment bad come up with the 


best offer. 

The managment team is led 
by Mr Howard Birtwistle. 
Chamngton's chairman and a 
former director of Shell UK OiL 
The team is backed by a syndi- 
cate headed by 3i, the venture 
capitalist group. The syndicate 
will provide £l6.5m of equity 
finance, while debt and work- 
ing capital facilities of £25m 
will be funded by Chemical 
Bank and the Royal Bank of 
Scotland. 

Management is investing 
about £200,000 and will hold 
some 22.5 per cent of the 
equity. An employee trust will 
hold a further 2.5 per cent 


Mr Birtwistle said there were 
opportunities to expand Char- 
rington's market share. 

Mr Gainham said Anglo 
could not afford to invest in 
Charringtons. The disposal 
would free Anglo to more than 
double hs capital investment 
in its coal businesses from £2rn 
to £5m in 1994-95. 

Mr Gainham said he was 
confident Anglo would 
improve its performance this 
year, after 1993*s £30m pre-tax 
loss. However, there was con- 
siderable uncertainty given the 
lack of direction on the future 
of British Coal, for which 
Anglo once hoped to hid. 


basic or 59.23p (48p) fully 
diluted. 


Than Is a risk with Johnson 
Group of endlessly repeating 
the same story. Yet there Is 
little to add while discretion- 
ary spending remains stub- 
bornly depressed. Johnson 
does extremely well to bold dry 
cleaning profits and even bet- 
ter to build a textile rental 
division through the ravages of 
recession. When the eventual 
upturn comes - and only then 
- Johnson is expected to show 
substantial improvements. 
Forecasts of £l9m for this year 
put the shares on a prospective 
p/e of about 17. While this may 
be up with events in the short 
term, those punting on longer 
term growth are unlikely to be 
disappointed. 


Efficiency 
gains help 
Greggs 
rise 29% 


By Chris TOghe 

Greggs, the baker, reported a 
very good 1993. with pre-tax 
profit up 29 per cent to 29m 
for the 53 weeks to January 1, 
against £6. 97m for the 52 
weeks to December 26 1992. 

T ur no ver rose 9.3 per cent to 
£ll0.4m (£101m), or 8 per emit 
adjusting for the effect of the 
extra week. 

The company said an 
Improvement in its pre-tax 
margin from 63 per cent to 8J 
per cent reflected productivity 
gains and improved energy 

rffiripnri»f 

Earnings per share were up 
30 per cent to 53p (40.6p). A 
proposed final dividend of 12p 
makes a total of 18p (15p), an 
increase of 20 per cent 

In January, Greggs opened 
its 500th shop and plans to add 

a net 20 outlets this year. 
“We're the biggest retail bak- 
ery company in Britain and 
the most profitable,” said Mr 
Mike Barrington, managing 
director. 

During 1993 Its London busi- 
ness, acquired in 1987 and 
since expanded, moved into 
profit for the first time. All 
other divisions improved their 
performances and profitabil- 
ity, with Scotland showing the 
best profit increase. 

Net cash stood on January l 
at £i2wi. This year Greggs is 

i n vw i t i ng PI 4m innhiiWnjr Eftffl 

on two new bakeries in Lon- 
don and Birmingham. Allow- 
ing for this investment pro- 
gramme, financed from cash 
reserves, it a nti cipates having 
net cash of between £6m and 
£7m by the end of this year. 

Mr Darrington forecast a 
very satisfactory i mp rovement 
in profitability for the first 
half of the present year. The 
investment programme was 
likely to mean slower profit 
growth in the second half and 
early 1995. However its prime 
«<m, he said, was to enhance 
the quality and enjoyahiKty of 
Greggs’ products. 

Britain, he thought, placed 
too much emphasis on effi- 
ciency and too little on mak- 
ing products people wanted to 
buy. “I see more talk about 
getting unit costs down than 
about mafring excellent prod- 
ucts. If they aren’t going to 
enjoy the product it doesn’t 
matter how Cheap I mata it” 


EuroLeisure in loss and 
finance package agreed 


By Tim But 

European Leisure, the debt- 
laden snooker hall and disco- 
theque operator, said yesterday 
it had completed a financial 
restructuring to reduce gearing 
from 227 per cent to 101 per 
cent 

It also reported a loss of 
£344,000 pre-tax for the half 
year to end-December com- 
pared with previous profits of 
£54,000. 

The group blamed the turn- 
round on Maygay, its fruit 
machines division which strug- 
gled to break even during the 
period - it made profits of 
£L5m in the previous half year. 

Group turnover fell from 


£35.3m to £30. lm and losses 
per share came out at 0B9p 
(O.G5p). 

In the restructuring Euro- 
pean Leisure has reached 
agreement with a syndicate of 
eight banks, led by the TSB, 
Barclays and Bank of Scotland, 
to convert £20m of debt Into 
equity and roll anticipated 
annual interest of Elm into 
loan notes over the next three 
years. 

Mr Ian Rock, chief executive, 
said the company had been 
forced Into the res tru ct urin g 
by a cycle of over-priced acqui- 
sitions, significant trading 
losses in France and Spain and 
high interest rates in the early j 
1990s. i 


Takare founder ousted 


By Maggie Urry 

A ferocious boardroom row over management 
style at Takare ended last Friday afternoon 
when Mr Deverok Pritchard, one of the group’s 
founders, was stripped of his executive duties. 
He was managing d ire ct or and deputy chair- 
man and is likely to receive co m pe nsa tion of 
about £130,000. 

However. Mr Pritchard, 52, appears to have 
dug his heels in remaining a non-executive 
director and can only be removed by a vote of 
shareholders. He holds IfUhn shares, HL2 per 
cent of the total and was not available to com- 
ment either on his removal from office or any 
plans to sell the shares. 

Mr Keith Bradshaw, chairman, who set np 


Takare with Mr Pritchard 14 yeara ago, said he 
iinpod for a resolution of the position before the 
ammal meeting on April 2L 
In a strongly worded sta temen t he sad tm 
entire board, aside from Mr Pritchard, had 
decided to “terminate” Mr Pritchard’s position 
as managing director. The disagreement was 
“not susceptible to any other solution". 

Mr Bradshaw said that the style needed to 
manage a group employing 7,000 peopl e wa s 
very different to the entrepreneurial style 

ap propriate when Takare was founded. 

Mr. Wawiiifom Anstead moves up from deputy 
managing director to managing director, and 
Mr Son Reid, finance director, adds commercial 
director to his role. Mr David Pegg. a non-exec- 
utive, becomes deputy chairman. 


Profits ahead of forecast at 
£14.9m and south-east targeted 


By Maggie Uny 

Takare, the nursing home 
group, is targeting the south- 
east of England for new devel- 
opment. More than half the 
bed s now under construction 
are in the south-east At pres- 
ent only two of the group’s 39 
Twrmag are in the area. 

Mr R<dth Bradshaw, chair- 
man, g»id that the Community 
Care Act, which came into 
effect nearly a year ago, had 
resulted in greater differences 
between foe rates in different 
regions. This made it possible 
to generate the same return 
from a home in the southeast 
as elsewhere. 

Mr Ron Reid, finance direc- 
tor, said that Takare's foe rates 
in the south-east averaged £340 
a week, compared with £285 
elsewhere, which would cover 
hi gher wage rates and land 
prices. 

The group beat its rights 
issue profit fbmRps t of at least 
£14-8m in 1993, recording pre- 
tax profits up fr om ciutm to 
£14.9m, including a £371,000 
exceptional profit on the sale 
of a nurting home. 


Earnings per share were 
13-7p (l2JLp), or I3.3p excluding 
the exceptional profit, and a 
final dividend of i_4p is pro- 
posed, as forecast, to give a 
total of 2.07p (L8p). 

Turnover growth was 52 per 
cent, from £48m to £72 An, 
largely reflecting the rise in 
the number of beds the group 
had in operation, with prices 
rising only about 2 per cent. 
Operating profits were 59 per 
cent higher at £l7.4m {£10 5m). 

However, interest payable of 
£2Am (receivable. £941,000), 
after capitalising £2.39m 
(£4J.6m), held back the pre-tax 
pr o fit s growth. Takare received 
the £63m rights proceeds in 
mid-November. 

At the year aid the group 
had net cash of £l0.Im. How- 
ever, £SQm of debentures pay 
interest at 1L8 per cent while 
its cash deposits earn less than 
half that 

Capital spending dipped to 
£33 Am (£40 Am) in 1993 as Tak- 
are delayed new construction 
while tiie community care 
reforms were implemented. 
During 1993 the group added 
2^95 beds to take its total to 


Dairygold pays £21. 4m 
for Horiicks Farms 


By Tbn Coone In Dubfti 

Dairygold, the private Irish 
dairy and meat processor, has 
acquired Horiicks Farms and 
Dairies, a Somerset-based Ched- 
dar cheese manufacturer, for 
£2L4m. The sum includes £7m 
of debts which Dairygokl will 

flgsinna 

Horiicks was acquired from 
SmfthTnfnp Beecham in 1989 in 
a management buy-out, and 
currently produces some 5,000 
tonnes of Cheddar cheese per 


annum, which is exported 
throughout the EU. Turnover 
for tiie year to March 1983 was 
£20m- 

The current management 
team of Horiicks, h epHari by Mr 
Stephen Curtis, the managing 
director, is to be kept in 
place. 

Mr Dennis Lucy, chief execu- 
tive of Dairygold, said the 
acquisition was, "an important 
part of our strategy to develop 
our dairy business throughout 
Europe”. 


Porter Chadburn sells 
two offshoots for £2.7m 


Porter Chadburn, the pack- 
aging and consumer products 
group, has entered into a con- 
ditional agreement to dispose 
of two subsidiaries, Sportline 
and TPL Marketing, to H 
Young Holdings for about 
£2.710 in cash. - 
Sportline distributes Head 
sports equipment and luggage 
to the mail order and retail 
trade in the UK while TPL sells 
a variety of products into tiie 
promotional and incentive 


markets. In the 13 mnn»m to 
April 3 1993 the two offshoots 
incurred operating losses of 
£152,000. 

The disposals represent the 
first steps of the strategy of 
disposing of businesses which 
do not meet the group’s finan- 
cial criteria. 

H Young, the Henley-based 
purchaser, is a marketing and 
distribution com pany . Comple- 
tion is scheduled for March 
31. 


5,340 at the year end, with 
annHtwr i 9o n under construc- 
tion. This year capital expendi- 
ture of about £50m is expected, 
with L500 to L800 beds under 
construction. 

Mr Bradshaw said following 
the rights issue, Takare was 
able to fond a greater propor- 
tion of its development from 
internal resources, and would 
not contemplate joint ventures 
or sale and leasebacks to pay 
for expansion. 

• COMMENT 

Aside from the unfortunate 

mawwgnmont wrangle, and the 

question over Mr Pritchard’s 
shareholding, the Takare story 
has not changed. Indeed, the 
move south-eastwards is to be 
welcomed. However, following 
the rights and with a rising tax 
charge, earnings growth will 
be dull this year, to be 
resumed next On forecasts afa- 
bout £2im pre-tax, the prospec- 
tive p/e is in the region of is 1 /, 
with the shares down 8p at 
266p. After a good run post the 
rights, which came at 195p, the 
shares should mark time for a 
while. 

GKN gets 
go-ahead for 
Westland bid 

By Pate Che— aright, 

NBdtands Co r re sp ondent 

GKN, the engineering group, 
has won shareholders’ 
approval to go ahead with its 
bid for Westland, tiie helicop- 
ter group of which it already 
controls 4A8 pa cent of the 
equity. 

GKbTs 290p a share bid is 
handled by SG Warburg and 
values Westland at £497m. 

Sir David Lees, GKN chair- 
man, told an extraordinary 
general meeting in Birming- 
ham that proxy returns 
showed a majority of share- 
holders were in favour of tiie 
hkL 

The meeting, attended by 
about 40 people, voted unani- 
mously for the bid, for the 
increase in the authorised cap- 
ital necessary to accommodate 
the proposed takeover, and for 
the rights issue which will 
help to finance it 
The rights issue would raise 
£248m in two instalments 
through the issue of con- 
vertible unsecured loan 
stock. 

The offer, GKN executives 
believe, has now come down to 
a straight issue of price. 


This announcement appeals as a matter of record only. 


BULLERS PLC 

[ In c o rp o rated and registered in England No. 627609) 

A holding company of a group of companies whose 
principal activities are the provision of 
post-production services to the television industry 
and the manufacture of quality giftware. 


CAPITAL REORGANISATION ACQUISITION OF 
CLASHFLEET AND PLACING AND OPEN OFFER OF 
26,000 BOO ORDINARY SHARES AT IIP EACH 


At an Extraordinary General Meeting of Buffers held on 
14th March 1994 the above transactions were approved. 
Dealings in the ordinary shares are expected to commence 
on the Official List on 15th March 1994. 

Rowan Daxtington arranged tiie 
Placing and Open Offer and advised in connection with 
the transactions. 



Tha aUataemtnt has tern am*** to fan Otrtwtan Sr Co. LU a mmitr of 
The Lawton Stoek Exdmnrraol TteSteurtftB end Starts AiUtortfy Limtud. 

15th March 1994 


::l U<: - R-: 


CANON INC. 

1 Advice fw» bean jocewed from 
Tokyo thai 93rd Otfrwv 
Geres* Mowing at ShenMton 
of me Corrpany wS be nefcj Ot The 
Head Office of Jhe Compav JO-2 

Sttmoma n im 3-Owma.CHtoXu. 
Tokyo/* flam, on W ote w wtay. 30fh 
MarcftlflM. 

Mahers to be Reported 

< Heport on Hie hiakien report, 
bounce fi»of cud riatemart af 
mcome and RritSied eanugi for 
me ?3id txdiesi ferni (From 
Januay ltf.1993 to Oocombor 

Matters to be Reserved 

tram 1 

Approval of the praft appropriation 
plan forth* AM burire* term. 
Rent 2 

Pofflcriamflndrrefltitotha q tWclai 
of incavontton. 

Rem 3 

Beeson of ore Statutory AucSor 
Rem 4 

Qtanpe in the fenuwation oT 
SKAMiyAucBon. 

HoUe w of De po*ay Receiph af 
Beater (SJIta and 8070 wrtwg 
fa ateicfce irate wring rtgfte tn 
reject of file Shares raprosontad 
by the Receipts rteid by them ora 
■eminded Ack, In occofdanee vteh 
Clause 8 of the Carettoralhey 
rrxnt lodge the* Gecelpti w*h W 
Samuel Bank linked by 3p.m. 

23 rd Mach 19<M. or w*h ore of 

Ihe *4j-og*ntJ by 3p.m. 18th 
Maeh 1994 . where lodgement 
ferns ae awtexM Voting teatfis 
moy rely be ewched n aespect of 
DepoStov Receipts roprojonttng 
Onjroy fiwroi on me rogtteroi 
or 3M December 1993. 

Copies of me ful ted of the Nonce 
cantering itie meeting oro 
(irAXH r vguNd 

HUB Samuel Bank limited, 
45 Beech Street, 

London EC2P21X 


CREDIT LOCAL DE FRANCE 
FRF 300,000,000 

CAC 40 INDEX-UNKED BONDS DUE 1997 

Notice is hereby given to the Bondholders that, 
pursuant to the Terms and Conditions of the Bonds, 
Condition 4. " INTEREST", "R2\ (term of the formula 
for calculation of the Interest Amount payable per 
bond on April 1st, 1994) is equal to 0,083541771 in 
accordance with the following formula : 

r-,_ CAC2-CAC1 
CAC1 

where "CACV = 1 999 and "CAC2" on 
March 4, 1994 = 2 166 

therefore, interest payable against surrender of 
coupon nr 2 will be 

FRF 835,- per denomination of FRF 10,000 
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SOCIETE GENERALE GROUP | 

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Notice to fte holders of 
the Warrants of 

Denyo Co., Ltd. 

(the 'Company”) 
Warrants (the "Warrants”) 
issued in conjunction with 
LL5-S5 0,000, 000 
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Notes doe 1998 

Pursuant to Clauses 4(A) and 4(0 of 
(he (nstmtneni dated 27th lanuary. 
1994 concerning die Warrants, notice 
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The Company resolved at ihe meeting 
ot the Board of Directors held on 
10th March, 1994 to make a Stock Split 
in the form of Ihe free distribution of 
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After adjustment; Yen 1,510.00 

Effective date: 1st April, 1994 

(Japan time) 

SAKURA TRUST 
INTERNATIONAL UMTTED 

15th Match, 1994 


Kidder Peabody ' 
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USS20&000.000 
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FINANCIAL TIMES TI IP^faav , . 

lUESDA^ MARPH 15 1994 


33 


COMPANY NEWS: UK 

Balance sheet back in shape after Australian coal mining disposals 

Costain £68.7m in the 



Peter Costain: interest payments should fall sharply this year 


Research costs leave 
Scotia loss at £6.35m 


By Andrew Taylor, 

Construction Correspondent 

Costain Group, the construct- 
ion and mining group which 
was seriously threatened dur- 
ing the recession, bounced 
back into the black with pre- 
tax profits of £68.7m for 1993. 

That compared with losses of 
£204-6m for the previous year. 
The directors said , however, 
that trading conditions 
remained difficult and that it 
was unlikely dividend pay- 
ments would be resumed 
before 1995. 

All but £200,000 of last year's 
profits was raised from the sale 
of the group's Austr alian coal 

mini n g business to Peabody, 
part or Hanson, the industrial 
conglomerate. 

The sale, together with pro- 
ceeds from last autumn's 
£83. 9m rights Issue, enabled 
Costain to reduce net debt 
from £331m to £83m taking 
gearing down to 37 per cent of 
increased shareholders f und of 
£228m. 

Interest costs, however, rose 
from £i8.9m to £22. lm due 
mainly to the strengthening of 
the US dollar and bringing off- 
balance sheet loans on to the 
balance sheet Mr Peter Cos- 
tain, chief executive, said inter- 
est payments should fall 
sharply in the current year 


Automagic 
jumps to 
£163,000 

Automagic Holdings, the shoe 
retailer and key cutter, more 
than doubled pre-tax profits 
from £76,000 to £163.000 in the 
28 weeks to January 8, on a 
reduced turnover of £6.01m. 
against £6 .38m. 

The company attributed the 
improvement to greater effi- 
ciency at controlling over- 
heads. It had also reorganised 
field operations management 
in readiness for expansion. 

The directors were confident 
that “the out-turn for the year 
as a whole will prove to be 
another positive milestone". 

A programme of further 
resiting and opening of new 
branches was well under way, 
some of which would be com- 
pleted by the year end. Further 
disposals were planned, several 
of which were well advanced. 

Interim earnings per share 
were up by lp to 1.9p. There 
was again no interim 
dividend. 


when the group would have 
the benefit of rale and rights 
issue proceeds for a full 12 
months. 

Nonetheless, borrowings 
were likely to rise again this 
year due to the timing of capi- 
tal investment in the US, pay- 
ments to US sub-contractors 
and spending on the Spital- 
6 elds development in London. 
Borrowings were expected to 
fail sharply again In 1995. 

Turnover on continuing 


Abtrust Lloyd- s has 
£38m commitments 

Abtrust Lloyd’s Insurance 
Trust, one of the trusts set up 
to take advantage of the accep- 
tance of limited liability capi- 
tal, has taken underwriting 
commitments of £38 .3m for the 
1994 year of account. 

The trust said that it had 
taken a cautions approach and 
the commitments represented 
66.8 per cent of its overall pre- 
mium limit as allowed by 
Lloyd’s. 

Its exposure follows the aver- 
age for the Lloyd's market 
except for being above average 
In non-marine property loss or 
damage and non-marine gen- 
eral liability and slightly below 
average for aviation and per- 
sonal accident. 

For the 1995 year it is 
looking to achieve underwrit- 
ing up to its limit. 

The information came with a 
report of results from its incor- 
poration on August 25 to 
November 30 showing net reve- 
nue of £19,560 and net asset 
value per share at the end of 
the period of 95.18p. 

It was granted corporate 


activities remained static at 
£l.lbn fl.l7bn) while earnings 
per share recovered to I8.8p 
(losses 84. 6p), including profit 
on disposals. 

In addition to its financial 
achievements, the group also 
increased operating profits. 

Engineering and construc- 
tion made profits of £14.7m 
t£5-3m deficit) on a reduced 
turnover of £808m (£S34m). 

Almost two-fifths of the 
group's construction order 


membership of Lloyd's from 
January L Its next reporting 
period will be the 16 months to 
March 31 1995. 

The net £28.7m proceeds of 
the public issue has now been 
invested resulting in a net 
asset value of 95.9p at Febru- 
ary 28. 

TR Property Trust 
share Issue 

TR Property Investment Trust 
is considering increasing its 
size substantially with a con- 
version share issue to raise 
new capital, by means of a pla- 
cing and open offer. 

The trust says it is also con- 
sidering the acquisition of a 
portfolio or investment proper- 
ties. 

Berisford makes 
£7m property sale 

Berisford International, the 
food, financial services and 
property group, through Beris- 
ford Property Investments, has 
sold the Castlehill Industrial 
park in Stockport, Gtr Man- 
chester, for £7.63m, or £7m net 


black 


book is for higher margin over- 
seas work, of which about half 
is in Hong Kong where the 
group is involved in the con- 
struction of the new airport 
and tin* Tsing Ma bridge. 

US coal mining also reported 
improved profits which rose 
from £6.1m to £8.3m. Severe 
winter weather, however, had 
meant tha t the business had 
got off to a poor start in the 
first few months of this year. 

• COMMENT 

Costain, having got its balance 
sheet back in shape, has made 
no secret of the fact that it 
faces another tough trading 
year. Forecasts for 1994 profits 
will not have been improved 
by warnings of a poor start by 
US coal and a slowdown in the 
rate at which international 
construction orders are being 
won. Meanwhile, gearing could 
climb to more than 50 per cent 
this year before getting back to 
nearer 30 per cent in 1995. 
Group profits for 1994 may be 
no more than £6m-£8m. Ana- 
lysts are looking for no more 
than £15m in 1995 but this 
could rise further ijf Costain's 
investment to improve coal 
mining productivity starts to 
pay off. The stock has been 
through too much to start rec- 
ommending It now on the basis 
of jam tomorrow. 


of voids and expenses. 

The property is a fully-let 
industrial investment of 
150.000 sq ft 

Tom Cobleigh 
completes pub trawl 

Tom Cobleigh. the Notting- 
hamshire-based pub Chain , has 
completed the acquisition of 51 
pubs from Whitbread. 

Directors stated that the 
company had signed a £20m 
term loan facility, with a group 
of hanks , to fund its expansion 
{dans. Some £l&5m would be 
drawn immediately to replace 
borrowings and to satisfy the 
undisclosed consideration. 

Tate & Lyle 
£7m purchase 

Tate & Lyle, the sugar and 
sweeteners group, has paid 
£7 .2m for Hartham Holdings, a 
feed and fertiliser business 
owned by Cultor of Finland. 

Hartham comprises FSL 
Bells, a farm feed supplement 
business, and Soil Fertility 
Dunns, a specialist fertiliser 
company. 


BSM tops 
flotation 
profit 
forecast 

By David Blackwell 

BSM Group, the owner of the 
British School of Motoring 
which was floated last Octo- 
ber, increased both operating 
profits and turnover by 12 per 
cent for the year to the end of 
December. 

Operating profits rose from 
£4.IIm to £4.63m, just ahead 
of the £4 .55m forecast in the 
prospectus. Turnover rose 
from £ 21 m to £23.6m. 

Mr Paul Massey, chief execu- 
tive, said the company was 
delighted to have beaten its 
profit forecast After clearing 
about £30m of debt with the 
proceeds of the flotation, the 
group was in a good financial 
position for the future, with a 
strong balance sheet and high 
cash generation. 

At the pretax level profits 
were £1.0 2m, after paying net 
interest of £3.77m. That com- 
pares with a loss of £528,000 
for 1992 after paying net inter- 
est of £4.69m. 

A high tax charge of 
£698,000, or a little less than 
70 per cent, depressed earn- 
ings per share to 2.2p, com- 
pared with losses of lOJtp last 
time. From now on the group 
expects a constant tax charge 
of about 25 per cent as it takes 
advantage of capital allow- 
ances on its fleet of 2.000 
cars. 

The group said pro-forma 
pre-tax profits were £4.47m, 
up from a pro-forma £4.06m 
for 1992. With tax at 25 per 
cent, pro-forma earnings were 
lL8p (10.7p). The pro-forma 
net interest payment was 
£154,000, compared with 
£45,000. 

As forecast in the prospec- 
tus. this year’s interim divi- 
dend will be the first to be 
paid, but the company esti- 
mated a pro-forma dividend of 
5.78p for 1993. 

BSM is the UK's biggest 
driving instruction company, 
operating 134 branches and 
2,000 franchised instructors. It 
said the decline in the UK 
market, which has been in 
donble figures. levelled ont 
last year, falling just 2 per 
cent BSM’s own business rose 
by 4 per cent 

The group also operates a 
health and safety division, 
which provides training to 
company car drivers, and 
MCR, its maintenance arm 
which is expanding beyond 
BSM's own fleet These two 
accounted for 10 per cent of 
turnover. 


By David Wighton 

Scotia Holdings, the pharma- 
ceuticals company built on 
sales of evening primrose oil. 
yesterday reported buoyant 
demand for its existing prod- 
ucts as it reported its first 
figures since its October flota- 
tion. 

Sales for the year to Decem- 
ber 31 rose 9 per cent to gts_gm 
in 1993, boosted by a new UK 
distribution agreement and the 
reentry of its nutritional prod- 
ucts into the US market. Oper- 
ating profit slipped 8 per cent 
to £5.92m before research and 
development spending of 
£S.52m. up 11 per cent. 

After a net £3.8m exceptional 
debit, covering items referred 
to in the prospectus, there was 
a pre-tax loss of £6. 35m. up 
from £839,000 in 1992. 

Scotia's research focuses on 
lipids, important constituents 
of the membranes which sur- 
round cells. 

However Mr David Horrobin, 
founder and chief executive, 
said the level of interest in 
lipid technolog)' was increas- 


By Tim But 

ISA International, the comp- 
uter equipment distributor, 
reported a 57 per cent increase 
in profits following a strong 
performance by its new Scandi- 
navian subsidiary. 

A £668,000 contribution by 
CTS Svens ka, acquired for 
£3.6m in February last year, 
lifted pretax profits to £4 ,3m in 
the 12 months to December 31, 
against £2.7m in 1992. 

The comparative figure was 
restated using average cur- 
rency conversion rates rather 
than year-end figures to calcu- 
late overseas profits. 

After stripping out CTS 
Svenska's gams and a £236,000 
downward readjustment of the 
1992 results, the group saw 
underlying profits grow 33 per 
cent to £3.6m 

Mr John Parkinson, chair- 
man. said the improvement 
reflected a new emphasis on 
direct sales rather than dealer 
distribution. 

The move helped operating 
profit increase to £4.7m 
(£3 .38m). while turnover rose 
34 per cent to £140m (£U3m). 

Having initiated that strat- 
egy. however. Mr Parkinson 


ing very quickly. 

He pointed to the fact that 22 
hospitals around the world had 
now applied to enrol patients 
in phase IH trials of Scotia's 
EF13 compound for use in 
treatment of pancreatic cancer. 
"Everyone seems to want to 
join the trial and there is a 
feeling that something very 
exciting is happening." 

Scotia's most advanced prod- 
uct, for complications of diabe- 
tes, is in phase HI trials with 
700 patients. These should be 
completed by the end of the 
year. 

Last year’s flotation raised a 
net £37m. rather more than 
originally planned, and Mr 
Horrobin said this had enabled 
the company to push ahead 
faster than expected with some 
of its less advanced products. 
These include compounds 
aimed at rheumatoid arthritis 
and angioplasty, which have 
just started phase HI trials. 

There was a loss per share of 
I2.5p. The shares, which were 
offered at 290p, reached a high 
of 323p shortly after the flota- 
tion before falling back below 


announced his retirement to 
make way for “someone with 
more experience of strategic 
marketing”. 

Signalling a shift in the over- 
all direction of the group, he 
added: “The company would 
benefit from a change in opera- 
tional leadership. We’d like to 
see further improvement from 
some subsidiaries and new 
products introduced." His fol- 
low directors are understood to 
have been surprised by his 
decision, which follows a 
lengthy review of ISA's perfor- 
mance. 

The review persuaded the 
board to invest £4m on a new 
computer system designed to 
cut costs and offset the effect 
of tighter margins in Europe. 

Mr Parkinson hinted that 
ISA was also considering fur- 
ther acquisitions, which would 
be funded from reserves of 
£3.4m left over from its £7m 
placing and offer to acquire 
CTS Svenska. 

Eamings per share rose 35 
per cent to 7.46p, against a 
restated 5-52p. A final dividend 
of l.lp makes a 1.65p (l-5p) 
total. 

The shares closed up 5p at 
136p. 


the issue price. Yesterday they 
added lOp to 255p. 

• COMMENT 

Despite the initial enthusiasm 
which accompanied its flota- 
tion. Scotia has since received 
relatively little serious atten- 
tion in the City. This may stem 
partly from its maverick focus 
on lipid technology and the 
“new age" aura which sur- 
rounds its evening primrose 
products. But the recent trial 
results, particularly in inopera- 
ble pancreatic cancer, suggest 
it is on to something and if 
some of its new products do 
make it to market its pioneer- 
ing status makes the potential 
upside all the greater. It has a 
very powerful patent position 
and most of its products are 
aimed at diseases for which 
there is little or no existing 
drug treatment. Its compounds 
also tend to show few side 
effects which lessens the 
chance of them failing the 
phase IH trials. The shares are 
clearly speculative but they 
have a more attractive mix of 
risk and reward than many. 


Calderburn 
25% lower 
at £2.1m 

Calderburn, the Preston-based 
office furniture group, 
returned pre-tax profits of 
£2.1m for 1993, a 25 per cent 
shortfall on the previous 
year’s £2 .83m. 

The 1993 figure took account 
of non-recurring costs of 
£400.000. but excluded any 
contribution from Specialised 
Banking Furniture Interna- 
tional, acquired on December 
29. 

Turnover improved from 
£25. 9m to £26.7m. Earnings 
emerged at 5.7p (7.4p) but 
“reflecting confidence in 
future prospects" the total div- 
idend is held at 7.7p via a pro- 
posed final of 4.9p. 

The directors said there had 
been a strong start to the year 
across the group with order 
intake for the opening two 
months well ahead of the com- 
parative period of 1993. 

They added that a continua- 
tion of the current trends 
wonld lead to an unproved 
performance for the first 
half. 

The enlarged factory at 
Altham will be completed on 
schedule in July and directors 
stated that it would be within 
the budgeted cost of £4m. 


NEWS DIGEST 


Acquisition helps 
lift ISA to £4. 3m 


INTERNATIONAL ECONOMIC INDICATORS: BALANCE OF PAYMENTS 


Trade figures ora given In btflons of European currency units ffcuj. the Ecu exchange rate shows the number at national curancy uiits par Ecu. The nominal effective exchange rate b an Index wtth 1985=100. 


■ UNITED STATES 


■ JAPAN 


■ GERMANY 


■ FRANCE 


■ ITALY 


■ UNITED KINGDOM 




IUh 

CWlMt 

Eoi 



«Uk 

Cmra 

Em 

Btrettw 


MaA* 

Creirei 

Eca 

B*ea» 


Vfefeto 

CwTMt 

Em 



M*fc* 

Cumre 

Ca 

Bee** 


vfatre 

C mrmt 

Ecu 

Bream 




irad* 

■QQOttM 

i«cb«a« 

rchngfi 



TTfftl 


«tth**a* 


are* 

■ccrxt* 

irhreqi 

•reams* 


m* 

renux 

sreMng* 

■reMng* 


trad* 

■noCTXTt 

gtekups 

itrhfiQp 


tradn 

aaxMMl 

ndaqi 




Emm 

balnc* 


lata 

re* 

b*wh 

beta nee 

btea 

nfo 

nta 

Expm 

Mma 

Unt 

rate 

rare 

Crew 

Hare 

Mm 

rare 

DM 

Brew 

bntanoB 

Mann 

MB 

IB* 

Earn 

tataoct 

twlmrw 

rare 

nam 


1965 

279.8 

-174.2 

-1828 

0.7823 

1008 

230.8 

788 

648 

18080 

100.0 

242.8 

33.2 

21.7 

28260 

100.0 

133.4 

-36 

-08 

6.7942 

100.0 

103.7 

-16.0 

-5.4 

1443.0 

ioao 

132.4 

-5.7 

38 

06890 

100.0 

1985 


230.9 

-140.8 

-152.7 

08836 

808 

211.1 

968 

88.9 

165.11 

124,4 

2436 

538 

408 

2.1279 

1038 

127.1 

0.0 

3.0 

6.7946 

102.8 

99.4 

-2.5 

-1.4 

1481.8 

101.4 

1083 

-148 

-1.3 

0.6708 

918 

1986 

1967 

2202 

-131.8 

-145.0 

1.1541 

708 

1978 

86.1 

758 

168.58 

1332 

254.3 

56.6 

39.8 

2.0710 

1158 

1288 

-46 

-3.7 

68265 

1036 

ioa7 

-76 

-2.1 

14948 

1018 

1126 

-16.4 

-7.1 

0.7047 

90.1 

1987 


272.5 

-10<L2 

-107.5 

1.1833 

66.0 

2198 

80.7 

86.8 

15181 

1478 

272.6 

618 

423 

2.0739 

174.6 

1418 

-38 

-3.4 

7.0354 

1006 

1086 

-88 

-88 

15388 

078 

1208 

-326 

-258 

0.6843 

956 

1988 


330-2 

-99.3 

-028 

1.1017 

69.4 

2458 

708 

52.4 

15187 

1418 

310-2 

658 

52.3 

20631 

113.5 

1628 

-6.3 

-36 

7.0169 

99.8 

1278 

-118 

-17.0 

15098 

986 

137.0 

-36.7 

-336 

0.6728 

928 

1989 


309.0 

-79.3 

-72.1 

18745 

65.1 

220.0 

50.1 

28.3 

163.94 

1268 

323.9 

518 

378 

2.0537 

119.1 

170.1 

-78 

-78 

6.9202 

104.8 

133.6 

-08 

-18.0 

15238 

100.8 

142.3 

-26.3 

-25.6 

0.7150 

91.3 

1990 


340.5 

-53.5 

-8.7 

1.2381 

B48 

247.4 

83.1 

62.9 

168.44 

1378 

327.4 

118 

-168 

2.0460 

117.7 

175.4 

-48 

-4.9 

6.9643 

102.7 

1378 

-106 

-17.1 

1531.3 

98.9 

147.7 

-14.7 

-ias 

37002 

91.7 

1091 


345.8 

-84.1 

-51.2 

1 .2957 

to a 

2548 

101.8 

998 

1B4.05 

142.9 

3306 

1B8 

-108 

2.0187 

1218 

1826 

4.6 

2.7 

6.8420 

106.0 

1378 

-8.0 

-20.6 

15916 

95.7 

145.5 

-188 

-11.8 

37359 

88.4 

1992 

1993 

397.2 

-98.9 


1.1705 

65.6 

3008 

120.8 

111.0 

13081 

1738 



-18.8 

18337 

1248 

1778 

13.3 


6.6281 

1086 




1836.7 

79.6 

155.4 

-17.3 


0.7780 

802 

1993 



-218 

-18.7 

1.1920 

88.4 

72.4 

308 

308 

144.36 

158.5 

76.9 

48 

-48 

1.9476 

1258 

43.0 

28 

1.0 

0.6O87 

1106 

32.4 

08 

-2.4 

18398 

806 

376 

-48 

-37 

38017 

786 

1st qtr.1993 



-25.4 

-228 

1.2069 

84.3 

73.4 

298 

26.1 

132.76 

172.4 

75.1 

7.6 

-Z9 

1.9530 

1248 

448 

38 

2.1 

66118 

109.7 

368 

38 

28 

18148 

818 

37.9 

-4.1 

-38 

0.7882 

802 

2nd qtr.1993 



-2 72 

-248 

1.1443 

65.4 

79.8 

31.9 

27.9 

12a 89 

183.7 

78.6 

6.1 

-98 

18180 

123.9 

44.9 

3.7 

3.5 

6.8508 

108.4 

348 

8.1 

3.4 

1813.0 

798 

406 

-4.0 

-3D 

0.7605 

818 

3rd qtr.1993 

4th qtr.1993 

107.8 

-24.6 


1.1388 

86.4 

758 

298 

288 

12380 

1802 



-28 

18181 

1248 

456 

4.2 


6.8431 

107.3 




1879.8 

77.0 

396 

-58 


37035 

81.1 

4th qtr.1993 

— 




1.1839 

68.7 

yi q 

108 

9 A 

14287 

1598 

27.4 

18 

-18 

18437 

1258 

14.7 

0.73 

0.33 

86848 

1106 

118 

a4 

0.1 

18338 

808 

126 

-16 

n. 0 . 

3B179 

768 

1993 February 





1.1789 

668 

258 

10.4 

138 

138.61 

104.4 

24.0 

1.7 

08 

18390 

125.7 

146 

0.97 

-0.15 

66919 

1098 

11.7 

-0.1 

-06 

1878.4 

786 

12.8 

-16 

IUL 

08061 

782 

March 





1.2214 

848 

24.8 

108 

9.7 

137.17 

167.8 

256 

28 

-2.4 

1.9483 

1258 

14.6 

0.94 

-a 06 

66875 

1106 

11.8 

1.1 

06 

1871.4 

79.0 

12.4 

-18 

n.a. 

0.7894 

835 

Aprfl 





1.21B1 

638 


10.1 

8.9 

134.15 

1718 

24.6 

2.9 

-1.1 

1.9548 

124.1 

158 

169 

287 

6.8636 

1098 

12.4 

18 

0.9 

17938 

too 

12.5 

-1.4 

rua. 

37855 

806 

May 





1.1833 

648 

258 

8.8 

78 

126.97 

1788 

25-1 

28 

0.6 

1.9559 

1228 

14.6 

065 

-a is 

6.5842 

108.9 

12.5 

1.6 

1.1 

17788 

826 

138 

-18 

n_a_ 

0.7837 

79.6 

June 





1.1349 

65.9 


118 

98 

122-24 

181.1 

24.1 

28 

-4.1 

18463 

122.0 

158 

1.70 

1.04 

8.6299 

107.0 

14.7 

4.4 

38 

17968 

808 

136 

-18 

rua. 

3758S 

816 

July 





1.1251 

85.7 

268 

98 

88 

116.79 

1888 

268 

2.1 

-38 

1.9081 

123.6 

148 

a44 

187 

6.6761 

1056 

7.6 

as 

a2 

18046 

79.7 

14.0 

-0.6 

riJL 

0.7545 

B1.0 

August 





1.1728 

64.7 


10.7 

98 

12383 

181.8 

26.9 

18 

-1.9 

18886 

126.1 

15.4 

1.59 

1.16 

6.6465 

1078 

128 

0.9 

08 

18388 

78.9 

136 

-18 

IUL 

0.7685 

808 

September 





1.1597 

658 


9.7 

98 

124.03 

m4 

27 2 

48 

-2.4 

18995 

1288 

15.0 

183 

1.12 

66631 

1068 

138 

28 

-2.0 

1854.9 

788 

135 

-13 

aa 

0.7712 

80.4 

October 





1.1282 

B&6 



8.1 

121.66 

1818 

27.7 

4.1 

08 

18182 

1246 

148 

D.99 

D47 

6.6837 

106.8 

12.4 

1.7 

-06 

1880.7 

77.0 

12.9 

-1.7 

aa 

0.7820 

818 

November 





1.1287 

67 J) 

25.7 

108 

9.1 

12382 

1788 



-0.4 

18308 

123.7 

156 

2.00 


6.6025 

1086 




19038 

70.1 

13.1 

-2.1 

aa 

0.7573 

81.7 

December 

January 1994 



ruL 

1.1139 

078 

27.0 

11.4 

10.1 

124.03 

177.0 




18415 

1228 




86856 

1078 




18826 

76 6 



aa 

0.7456 

82.4 

1994 January 


ff >0 the introduction of the SUigle MarluU. Kcox^are 

boss, except tar German and Itatan anports which use the OF method flnchxflng caniage 
=FA from national government and central bank sources. 


ol compOng trade 
, insurance and ~ 


A1 trade figures i . r . . _ 

chargee}. German data up to and fndudtag June 1990, shown in dates, refer to the former West Germany. The nominal effective exchange rates are parted averages of Bank o t England o-ado- weigh te d indices. Dam siw*ed By Daaastream and 


The Managed Convertible Fund 

SICAV 

LuNcmtwQ?- 1 1 ■ Aldringcn 

R.C. Luxembourg N° B. 34758 

Notice of Meeting 

N„.kv is hcret* «&i«.n “ Exuaorduuiy GenoaT Meeting 

.Slm‘w*r! nil fctaU •« d* regi «red itaCom^y 

nil \5 Marih at 4.00 a.m. »tlh ihd following agenda. 

Agenda 

nriJe of USD 10 per share according io the modalities as 

- period (on dale of 

- tpM* X. ].ner man 12 noon Lmtan M the 

fcSSiS , L oT aSU i« * — 

- IP present ihcir former 

’ h ™ w ■ mi crston against new shares a. a ratio to be 
xb.ias k r in order to obtain on dale 

— ° f USD 10 

... „ ^.uuhlers are advised that the resolutions require a 

1 W ,,, hi of i he shares outstanding and a majority of 
W""'" '* Tilw 'h .res present or represented .31 the Meeting. 

JSSS "** - K “ k SA 

1 ,ii wmhuui ecoi sc. B v or j cr ol she Board of Directors 


COMMERCIAL UNION PRIVILEGE PORTFOLIO 
SICAV 

toMnrfl Office 

A L ruw dr * G«re Court Mtrenre, St Boor 
L-lfilt LUXEMBOURG 

R.C. Lmcmboarg BJ2640 

NOTICE OF ANNUAL GENERAL MEETING 

The Anuta] General Meeting of shareboUere of COMMERCIAL UNION PRIVILEGE 
PORTFOLIO SICAV wOl be held at its rt gi aered office. 41. ivesoe de b Gan:. L-1HII 
L ux e m bo u rg. Grand-Duchy on Tuesday SA April 1944 at 1500 GET. far Ibe puzpuc of 
cotsdering md vadng on ibe fallowing iniMe 

1. To receive and adopt Ibe Directors' Report tad Ibe report of die Autos far ibe yen 
ended 31 December 1993; 

2. To receive and adopi ibe Sure men I of Nd Assets, Suicoicni of Operations and 
Statement of Changes in Net Assets and in Issued Shares for Ibe teat ended 31 
Deconba 1993; 

3. Discharge erf die Dirccmrc and or dc Autos. 

4. To re-appoint ibe existing Direct oe and to antborisc ibe Directors to fix die Auditors' 
remn net a hon . 

5. To re-appoint Gtapea A Ljrhrand SjC- ts AwAtera 

Voting 

Tbe Resotuikm any be passed wfthow a quotum, by a simple mjoeay of die vmes cast 
tl i r fgn n u the meeting. 

Voting arrangement* 

la oidn co vote at ibe meeting, tbe hidden of tbe bearer shares must deposit then shares noi 
later than I April 1994 cither ai tbe regtored office of ibe Fund, or with anj bank or 
rtmm-iai icsti&rtioo acceptable id dr tod. and ibe retime Deposit R crapes (which may be 
obtained from the registered office of tbe Rradt imm be (oneaided to the registered office of 
die hod io arrive ml later than 1 April 1994. Tbe shares so riqnutfd will remain Mocked 
until ibe day following the Meeting w any adjammmi thereof. 

The Holders of registered shares need nor deposit their certificate* bm can be jneseai In 
pesm or represented by ■ duly appointed proxy. 

Shareholder! who canoM attend die meeting in person are invited to send a duly completed 
and mgred proxy form lolbc regdtered office te arrive net inter dm 1 April 1991 
Pro*) forms will be sent Io registered s hare ho [den with a copy of tins Notice and can be 
obtained bran ibe icgbcred office. 

The Honnl of Directors 


☆ PROPERTY FINANCE * 

Knur nourcM tor commarofal propor tio n up id 90% ban to valuation: most 
competitive and B&dbia terms: MUruti E5QQ,00Q. Contact Hijtwa von Gitzan. 
fcdcbeoi Laurio Partnarafdp Ltd (Member of the SFA) 

Tfib 071 493 7050 Fnc 071 499 9279 


Invitation for Prequalification for Patnow II Power Plant 
Contract No. 3A, Civil Works 

VAP, a joint venture company in Poland, has applied for a loan from EBRD. A portion of the proceeds of this 
loan will be used for this contract. On behalf of VAP, Vattenfall Energisystem AB intends to prequalify 
contractors for Civil Works. The main objective for the project is to reconstruct two out of eight units, each with 
an electrical output of 200 MW. The prequalification is valid for the following scope of work: 

■ Dismantling of existing boilers and boiler building. 

■ Sealing and stabilizing of remaining buildings. 

■ Foundation for new boilers and flue gas cleaning equipment. 

Applicants may obtain the prequalification documents by calling, writing or faxing to: 

Vattenfall Energisystem AB, Project Patndw II, Att: Mr Lennart BjOrkman, Box 528. S-162 15 VALLINGB ) , 
SWEDEN Telephone: +46-8- 739 5812, Fax: +46-8- 739 6294. 

The request must clearly state "Request for Prequalification Documents for PatnOw II, Civil Works'. 

The documents are available at a non refundable fee of 50 US dollars. Please make payment by commercial 
cheque or money order to Vattenfall Energisystem AB. Documents will be promptly dispatched by registered 
airmail. Vattenfall Energisystem AB will under no circumstances be held responsible for late delivery or loss of 
the documents so delivered. 

The minimum requirement for qualification must be to have successfully carried out, within the last five years, 
at least three projects of a nature and complexity comparable to the proposed contract and to possess a 
relevant international experience. 

The applications are to be delivered not later than April 15, 1994. 

Vattenfall Energisystem AB reserves the right to accept or reject late applications. 

Applicants will be advised, in due course, of the results of their applications. Only companies qualifying under 
this prequalification procedure will be invited to tender. 


34 


FINANCIAL TIMES TUESDAY MARCH 15 1994 


COMMODITIES AND AGRICULTURE 


Coffee surges on cut in 
Brazilian crop estimate 


By Alison Maitland 

Coffee futures prices surged 
through the Sl,300-a-tonne 
level in London yesterday after 
the US Department of Agricul- 
ture revised its forecast of Bra- 
zil’s 1994-95 crop downwards by 
□early im bags. 

The second position robusta 
futures contract reached its 
highest closing level since last 
September, ending at $1,305. up 
$30 on the day and just $2 
below the day’s high. 

Technical buying in London 
was accompanied by interest 
from investment funds and the 
market remained buoyant after 
a strong start in New York. 

“It’s gone from strength to 
strength and hasn't looked 


back,’’ said one trader. 

In early afternoon trading in 
New York the second position 
arabica futures contract was 
up 2.45 at 8L25 cents a pound. 

The boost to an already bull- 
ish market came from the 
USDA’s downward revision of 
the Brazilian crop from 24.3m 
bags (60kg each} to 23.5m bags. 
GNL the London broker, said 
the USDA’s figures were usu- 
ally about 4m bags higher than 
Brazilian est imates because it 
used a much higher figure for 
local demand. 

“However, this should mean 
that the local consensus will 
fall and a crop of 19m to 20m 
bags should be expected," it 
said In Its daily commodity 
report. 


One analyst said the USDA 
figures provided further 
encouragement to a market 
buoyed by signs of smaller 
crops in Colombia and across 
Central America, as illustrated 
by lower shipments in the four 
months since the start of the 
crop year last October. 

"Everyone’s pleased,” ha 
said. "It adds a bit more sup- 
port to the coffee world, which 
has been through so many 
rough periods.” 

The other positive funda- 
mental factor has been the rel- 
atively smooth running of the 
export retention scheme which 
came into operation in October 
in most coffee-producing coun- 
tries in an attempt to shore up 
prices. 


coal review agreed 


Australian 

By NikkJ Taft in Sydney 

Australia's coal-producers and 
mining unions yesterday 
agreed to a six-month review of 
the nation's export coal Indus- 
try in an attempt to identify 
the main opportunities and 
impediments to its growth. 
Coal is Australia's largest 
export category. 

The study was announced by 
Mr David Beddall. the federal 
resources minister, after a tri- 


partite meeting between gov- 
ernment, union and corporate 
representatives, in Brisbane 
yesterday. The meeting had 
been called by Mr Beddall after 
widespread outcry over the 
annual coking coal settlements 
reached between producers 
and the Japanese steel mills 
earlier this year. The con- 
tracts, which involved produc- 
ers taking prices-cuts for the 
fourth successive year, as well 
and reduced tonnages, and led 


to a six-day protest strike by 
coal unions. 

Yesterday, Mr Beddall admit- 
ted that there was “a diver- 
gence of views on necessary 
future action”, but added that 
the Industry had “real pros- 
pects for expansion, particu- 
larly in Asian markets”. He 
added that Japanese buyers - 
who take the lion’s share of 
Australia's coal exports - 
would be welcome to make 
submissions. 


Profitablility declines worldwide 


By Michael Smith 

Profitability of coal companies 
worldwide has declined 
sharply in the past decade and 
the industry appears to be 
entering a period of stagnation 
or decline, according to a 
report by Sheffield Energy & 
Resources Information Ser- 
vices. 

The return on average coal 
assets among 39 companies 
tracked by Seris fell from 10.4 
per cent In 1985 to GJL per cent 
in 1992. 

The authors also note that 
the 63 companies in their cool 
export survey registered a 


small decline in export vol- 
umes during 1991-92. 

The top 10 world coal compa- 
nies ranked by profit margin 
include six whose operations 
are mainly in the western 
states of the US. RTZ of the UK 
has recently bought into this 
highly profitable sector, the 
report notes. 

Whereas the rate of return 
for eight companies whose 
operations are mainly in the 
eastern US is consistently 
higher than the global rate, the 
opposisite is the case for the 10 
companies based mainly in the 
centre and east of the US. 

The report notes a restruct- 


uring in the world industry, 
the most extreme example of 
which has been seen in the UK 
in the last 18 months with the 
closure of more than 33 of 50 
pits. 

A s imilar process has been 
occurtng in Japan, France and 
Belgium and in the coal and 
lignite mines of eastern 
Europe. 

In the US. restructuring has 
concentrated mroe on takeover 
and merger activity. 

Coal Companies Worldwide Vol 
4. 103 Carter Knoicle Road. 
Sheffield. S7 2DY. Price £295 
including dispatch. 


Chile warms up to agricultural exporting 

Food products are now accounting for 29 per cent of the country’s overseas earnings 


C hile’s new democratic 
president. Mr Eduardo 
Frei, whose coalition 
government assumed power 
last Friday, has inherited an 
agricultural industry with a 
growth record that few can 
match. Expanding farm pro- 
duction and a dramatic 
increase in overseas sales of 
food products, which now 
account for 29 per cent of 
export earnings, have made a 
big contribution to the coun- 
try's economic growth, which 
has averaged almost 7.5 per 
cent over the past three years. 

Since 1986 exports derived 
from agriculture, horticulture 
and forestry have risen horn a 
little more than US$lbn a year 
to almost USJSbn, the greatest 
expansions being In fruit and 
timber products. 

Most agricultural production 
takes place in the Central Val- 
ley which stretches 240km 
north and 950km south of the 
capital, Santiago. The c lima te 
in the area is Mediterranean 
and snow melt from the vast 
Andes range of mountains pro- 
vides more water for irrigation 
than C hil e a n farmers are ever 
likely to need. Soil quality is 
mainly good and productivity, 
already generally high, is 
improving as new technology 



By David Richardson 


is introduced. Average wages 
are low, generally not much 
more than US$3,000 a year. 

These factors add up to a 
potent agri-economic force, 
always R g- ynming that infla- 
tion, currently 122 pm- cent a 
year, can be controlled and 
that labour remains cheap. 

"Chilean businessmen are 
very ambitious,’' says Mr Joan 
Figueroa, the outgoing minis- 
ter of agriculture, who looks 
back on his period as minister 
with satisfaction. “We set out,” 
he says, “to increase produc- 
tion and productivity; to 
increase profits to benefit all. 
including those on low 
incomes; and to improve envi- 
ronmental protection. We have 
been successful as for as we 
can tell" 


Needless to say the Sodedad 
Nacional de Agriculture, the 
Chilean farmers’ union, does 
not Mr Figueroa's achieve- 
ments in quite such a favoura- 
ble light. Mr Haul Garda, the 
secretary general of the union, 
points out that the’ growth of 
agricultural production baa 
slowed during the last couple 
of years. 

He lists a variety of reasons: 
fanners' profits are too law 
because of subsidies in other 
countries and the of tfrwm 
in Chile; the low value of the 
Chilean peso restricts export 
profits; and the Chilean gov- 
ernment has ' allowed the 
dumping of farm products from 
other countries, such as wheat 
flour from Argentina, which 
under mines prices for Chilean 
fanners. 

T his combination of fac- 
tors means that many of 
Chile's army of small 
forms are not viable, the secre- 
tary general says. He argues 
that the government should 
design a programme for ration- 
alising these small properties 
and assisting the individuals 
concerned to move to other 
activities. 

Nevertheless Mr Figueroa's 
“ambitious businessmen” are 


showing what can be done in 
spite of the problems. 

Mr Manuel Aritzia, whose 

family has built an pnn rmnin 

poultry production and pro- 
cessing business, is a case in 
point The production side of 
the business consists of 530 
houses, each accommodating 

22.000 chickens for meat, 
together with all the breeding 
hens, originally from North 
American stock, to make the 
company totally integrated and 
self-contained. Another 33 
houses forms the basis of what 
could become a turkey enter- 
prise of similar scale. The com- 
pany also mills and mixes the 

24.000 tonnes of foe d the poul- 
try consume each month and 
than, perhaps less acceptably 
to British taste, feeds much of 
the dhlnlwm droppings to beef 

cattle running on the 15,000 
hectares of land the family 
owns. 

The company also processes 
every bird it produces, tailor- 
ing each carcass, cut, kebab or 
whatever to the market for 
which it is destined. Aritzia 
products are exported to every 
continent 

Chile's leading fruit export- 
ing company is David del Cur- 
tis. Dealing in the entire range 
of fruit from apples and pears 


to grapes kiwi fruit, the com- 
pany grows 20 per cent of what 
it exports and buys the rest 
from about 1,000 Chilean grow- 
ers. Bat it is only interested in 
export quality produce. Any 
fruit supplied to it which does 
not meet the standards 
required (and these vary from 
market to market in nightmar- 
ish derail) is wholesaled on the 
domestic mar ket for what it 
will fetch and the grower paid 
accordingly. The company has 
an annual turnover of 
USSlOOm. 

And t hen of course there is 
the wine. wine makers 

have a tradition, not for vin- 
tage special years, but for con- 
sistency. In order to achieve 
ihia they blend the production 
of different vineyards and even 
different years. 

Having been brought up in 
the European school of wine 
appreciation I was ready to cri- 
ticise this “supermarket" 
approach. But hard as I tried - 
am? i researched the matter 
most conscientiously - I was 
unable to find a red or a white 
that 1 could classify as less 
than excellent. Like the rest of 
Chilean produce it is good 
already but is, I predict, likely 
to became an even bigger force 
to be reckoned with. 


EU beef stocks ‘to fall further’ 


MARKET REPORT 

Copper hits 6-month high 


By Frances Williams In Geneva 

European beef exports are 
expected to drop by over a fifth 
this year from last, with 
another sharp decline in beef 
stocks to their lowest level In 
five years, according to the 
General Agreement on Tariffs 
and Trade. 

Gatt’s latest annual report 
on International meat markets 
says this should lead to firmer 
world beef prices and increased 
export opportunities for other 
producers, especially those of 
South America. The EU was 
the biggest exporter last year, 
accounting for more than a 
quarter of the total but is 
expected to slip into second 


place behind Australia in 1991 

By the mid of 1993, European 
Union beef stocks had shrunk 
to 600,000 tonnes from 1.09m a 
year earlier, and they are fore- 
cast to drop to 360,000 tonnes 
by the end of 1991 EU beef 
production, which fell 5 per 
cent last year, is expected to 
stagnate or rise only margin- 
ally in 1994, with a bigger 
increase predicted for 1995. 

World beef and veal produc- 
tion declined by about 1 per 
cent in 1993 and may rise by 
the same amount this year, 
Gatt says. Most central and 
eastern European countries 
and the Commonwealth of 
Independent States have 
reduced cattle herds because of 


rising production costs and 
failing domestic demand, and 
further foils are likely this 
year. However, outside Europe, 
herd numbers are rising. 

World beef and veal con- 
sumption also fell last year, 
reflecting lower demand in 
Europe and North America. 
However, consumption rose in 
several Asian markets includ- 
ing Japan and South Korea 
which have recently liberalised 
beef imports. World beef 
exports shrank by more than 4 
per cent in 1993. 
international Markets for Meat 
1993-94, available from Gatt, 
Centre WRUam Rappard, nw de 
Lausanne 154. 1211 Geneva 22. 
SPr25. 


London Metal Exchange 
COPPER prices built on Fri- 
day’s surge in early trading, 
when the three months posi- 
tion reached a six-month high 
of $1962 a tonne. Profittaking 
then appeared and by the dose 
it was back to $1.94490, up 
$14.75 on the day, but traders 
remained confident that bull- 
ish charts, improving funda- 
mentals, a shortage of good 
quality metal and a big expec- 
ted drawdown from exchange 
warehouse stocks would help 
the market to mount an 
assault on upside resistance at 
$1,970 before kmg. 

Other base LME contracts 
fared less well, notably 
NICKEL, which fell S55L50 to 


$5,565 a tonne for three months 
delivery as it met trade selling 
and long liquidation in thin 
market conditions. 

COCOA futures climbed to 
the highest levels for nearly 
three months as fund buying 
in the US. boosted values at 
the London Commodity 
Exchange. The May futures 
position dosed at £957 a tonne, 
up £31 on the day. 

Traders saw the dose above 
£950 as very constructive. “The 
£949/£950 level was an impor- 
tant chart point,” one Baid. 
“Until then people were filing 
into the market Now they may 
be encouraged to cover shorts 
and even go tong." 

Compiled from Reuter 


COMIVtQDmES PRICES 


BASE METALS 

LONDON METAL EXCHANGE 

(prices from Amalgamated Metal Tracfingl 
ALUMINIUM, 99.7 PUHfTY IS per tonne) 


Cash 3 mths 

Close 1272,5-55 1286-7 

Previous 1278.5-7.5 1280-300 

Wgh/taw 130471292 

AM Offlcfcfl 1273-4 1290-7 

Kerb dose 1295-8 

Open bit 112830 

ToU da4y turnover 274,468 
■ ALUMINIUM ALLOY (S per tonne) 

Close 

1212-5 

1227-30 

Previous 

1220-30 

1225-30 

HgWlow 


1235/1225 

AM Official 

1216-20 

1230-1 

Kerb ctoae 


1225-30 

Open mt 

4,552 


Total daty turnover 

896 


■ LEAD ($ per tonne) 


Close 

448-50 

463.5-4 

Previous 

452,5-3.5 

400-7 

Wgh/kwv 

453 

473/457 

AM Official 

453-55 

467-741 

Kertr ctoto 


459-50 

Open lot 

36.930 


Total daily turnover 

11,418 


m NICKEL (S per tonne) 


Close 

5495-505 

5560-70 

Previous 

5565-65 

5615-20 

HglVIow 

5545/S540 

5665/5535 

AM Official 

5545-8 

5600-5 

Kerb dose 


5540-5 

Open Int. 

52037 


Total daily turnover 

19.003 


■ TIN (3 per Lxvraj 



Close 

5425-35 

5475-80 

Previous 

5390-400 

5430-5 

high/low 


5490/5450 

AM Official 

5400-10 

5450-5 

Kerb dose 


5470-80 

Open hit. 

20.043 


Total dally turnover 

8.380 


■ ZINC, special high grade (S per tonne) 

Close 

3305-15 

949-50 

Previous 

838-9 

055-6 

WgWlow 

935 

957/B44 

AM Official 

834.5+05 

952-2.5 

Kerb ctoae 


945-6 

Open mt 

110077 


Total dally turnover 

24,487 


■ COPPER, grade A (S per uma) 


Close 

13305-1,5 

1944-5 

Previous 

1912.6-35 

1929.5-30 

rtgh/taw 

1925/1823 

1852/1935 

AM Official 

1925-8 

1944-5 

Kerb dose 


1945-6 

Cpen Jrt. 

231,915 


Total daBy twnover 

108,591 



■ LME AM Official £/S rat* 14870 

LME Cloning E/9 rat* 10842 

Spat 1-4945 3 0018:1.4898 B ntBa:1.4BB9 9 rnlKl.4852 

■ HIGH GRADE COPPER (OOMEX) 




Bays 



Qpn 



Ctose 

dkangc 

HOU 

taw 

tat 

Vol 

Mar 

81.10 

+0.15 

9120 

9000 

3314 

708 

Apr 

9090 

+005 

9085 

90.50 

1,168 

25 

May 

9090 

+0.05 

91.15 

8010 30250 

9041 

Jon 

90.45 

+005 

• 

- 

845 

3 

JM 

*u» 

+005 

9020 

69.45 

9,770 

1,415 

Aug 

9003 

+0.10 

- 

- 

406 

- 

Total 





B20O4 11,386 

PRECIOUS METALS 



■ LONDON BULLION MARKET 
(Prices suppled by N M RothschW) 




Gold (Troy ae.) 
Close 
Opening 
Morning fix 
Afternoon fix 
Day’s High 
Day 1 * Low 
Previous ctoae 


S price 

386-90-387-30 

380.40-380-80 

386-30 

388450 

387.10-387.50 

385.70-388.10 

38640-387.20 


e equhr. 


268.170 

258.183 


Precious Metals continued 

■ GOLD COM EX (100 Troy S/tmyoz.) 


GRAINS AND OIL SEEDS 

■ WHEAT LCE (£ par tonne) 


SOFTS 

■ COCOA LCE (g/tormej 



sen 

Day's 


Open 



Sait 

Day** 



Open 



salt 

Day** 


OpM 




price 

donga 

Hp 

tow M 

VoL 


price 

dtaege 

MW 

low 

tat 

VM 


price i 

change 

MOB 

lew tat 

W 


Mar 

388.4 

+1.1 


- 

- 

Mar 

10425 

-035 

104.40 

103.95 

138 

72 

Btar 

946 

+38 

923 

914 335 

27 

Apr 

AW 

3872 

+1.1 

m3 

386.5 62,612 33,933 

May 

1 06.15 

-035 

loom 

105.60 

1565 

51 

May 

957 

+31 

982 

9Z7 2X031 

3358 

.ton 

toy 

3880 

+1.1 

- 

- 

3 

Jan 

10675 

-010 

10650 

10020 

503 

a 

M 

969 

+32 

070 

940 14,764 

665 

Am 

Jan 

388.5 

+1.1 

390.7 

388.8 36628 

6,957 

Sap 

92.50 

•040 

- 

- 

247 

- 

Sop 

980 

+31 

975 

954 11,223 

108 

Oct 

Aofi 

3918 

+1.1 

3926 

391.1 6.474 

425 

Bn* 

93.45 

-040 

- 

• 

997 

- 

Dac 

989 

+26 

991 

967 17335 

ISO 

Dec 

Od 

3844 

+1.1 

395.4 

3944 4,154 

41 

Jan 

9570 

-055 

9520 

9520 

562 

to 

Mar 

1008 

+31 

1008 

983 22582 

316 

M 

Tatal 




14&2S9 45037 

Total 





4,118 

183 

Total 




100328 73*9 

Totta 


PLATINUM NYMEX (50 Troy 0Z4 Srtroy QtQ 


AW 

4054 

-1.4 

4060 

4040 

11093 

5057 

JM 

406.7 

•1.4 

4080 

4065 

7.488 

1063 

Oct 

4072 

-1.4 

410.0 

4060 

1.128 

29 

Jan 

407.8 

•1.4 

4100 

4060 

539 

9 

Aw 

4067 

-1.4 

4100 

407.5 

560 

9 

Total 





21006 

7067 

■ PALLADIUM NYMEX 000 Troy at; Srtrey ozj 

War 

13435 

■1.70 13700 

13700 

1Z 

_ 

Jua 

13475 

-1J0 13500 13400 

4067 

268 

Sap 

133.85 

-1-70 135-25 

- 

387 

1 

Dec 

133.45 

-1.70 

- 

• 

181 

- 

Total 





4^57 

258 

■ SOVEfl COMEX (100 Troy oz.; Centa/troy oc.) 

Mar 

544,7 

+7.0 

5*90 

5300 

1007 

212 

Apr 

5440 

+60 

- 

- 

14 

- 

Bay 

5475 

+66 

5520 

539.0 70.429 

15,110 

Jo) 

551.3 

+68 

5560 

8465 

17011 

960 

Sap 

555.8 

+60 

5505 

5480 

4,100 

S3 

Dec 

5810 

+70 

5850 

5530 

6037 

126 


WA 18,572 


ENERGY 

■ CRUDE OIL NYMEX (42,000 US galta. S/banel) 


Apr 


JM 

MB 

tap 

Total 


Laaaet Oaf* 
price cbanpe flgb 
1439 -(LOS MJjO 

14.44 -0.04 1401 

1454 -004 14.70 

1489 4L04 14.79 

14.65 -Q.03 1482 

1582 -004 1B.10 


Open 

Low M Voj 
1431 79J00 44873 
1488 79,641 34841 
1480 73,392 15889 
14.65 33.086 8.818 
14.79 15,775 3.498 
I486 18059 485 

441094 11%S» 


■ CRUDE OIL 1PE (S/banel) 



Later 

toy’s 



Open 



talc* 

cftflnpp 


Low 

tat 

IM 

Apr 

1303 

-a 02 

1301 

1305 49007 

21071 

Hay 

1306 

■0.07 

1304 

1302 

59001 

19,669 

Jot 

1334 

■Oil 

13.53 

1301 

16723 

3047 

Jut 

1306 

-006 

1300 

13.46 11016 

3272 

Aog 

1305 

•003 

13.71 

1305 

8088 

2,201 

Sw 

1167 

-611 

1304 

1307 

4099 

1022 

Total 





44035 51048 

■ HEATING OIL KYKK (42,000 US grits.; c/US gaftL) 



UH 

toy's 



op» 



price 

rirange 

Ngfi 

Law 

tat 

Vai 

Apr 

43.45 

■005 

4185 

4215 

43042 

11.447 

M»y 

42.40 

■008 

4205 

4205 

51.648 

7.068 

Jun 

42.50 

-618 

4205 

4245 32003 

3,467 

M 

43.15 

-613 

4145 

4210 21034 

953 

Aag 

4305 

-023 

4400 

4305 

9012 

509 

S«P 

44-90 

-616 

4509 

4400 

7,719 

958 

ratal 




101057 27027 

■ GAS OIL BV (SrtDone) 





San 

Dare 



Open 



price 

efrange 

Ngb 

Low 

bit 

W 


13600 

-625 

1370S 

135.75 

32068 

4079 

M*T 

13500 

-650 

137.00 

13505 

15.163 

1078 

Jea 

13600 

-075 

137.50 

13600 

16550 

1.587 

JU 

137.75 

-625 

13600 

13700 

12.525 

316 

/tag 

13900 

-675 

139.75 

13650 

5021 

100 

Sap 

141.75 

-100 

141.75 

141.75 

3081 

98 

Total 




110014 

9011 

■ NATURAL GAS HTMEX (10000 mmOlL; S/irmBu.) 


inter 

tor. 



Open 



Pfca 

eftanga 

w* 

Low 

tat 

urn 

Apr 

2048 

-0046 

2060 

2025 

1B0O9 

8063 

May 

2105 

■0 032 

2110 

2085 

14021 

2614 

Jun 

2105 

-6020 

2110 

2095 

9.662 

1.232 

Jnl 

2110 

-6010 

2110 

0095 

6067 

850 

Aag 

2125 

-0005 

2125 

2110 

0083 

339 

Sep 

2143 

-6005 

2.145 

2130 

10002 

303 


Loco Ldn Mean Gold Lending Rate* (Vs LBS) 


AM 

■ UNLEADED GASOLINE 

HYWBt (42JOO US gate.; OUBgafcJ 


122,108 19012 


2 months 

308 12 months 

3.71 


latast 

Day’s 


Open 

3 months 

...001 



Price 

change 

Hah 

Lew bri 

Silver Fix 

p/Troy oz. US cts equhr. 

Apr 

4473 

-612 

*525 

4400 32079 

Spa 

358.90 

53675 

May 

4500 

-003 

4509 

4505 45072 

3 months 

36306 

54100 

Jon 

4505 

-6ZS 

4605 

4575 26«® 

B months 

367.46 

546 76 

■Ml 

4595 

■003 

- 

4500 7029 

1 year 

376.70 

559.60 

Aog 

4505 

■628 

46.10 

4585 6.411 

QoM COns 

S price 

0 equhr. 

Sap 

45.75 

•633 

4500 

45.70 3042 

Krugareno 

388-391 

256-350 

Total 




120019 

Maple Leof 

38800-40670 

“ 






New Sovereign 

to-M 

62-85 







943 

422 

36 


■ WHEAT CBT (50OOtxj min; oantalBOb busfteQ 

MV 330® -1/4 33314 32914 2385 330 

May 33478 -tVB 337/4 334/D 80995 13300 

M 323/4 ♦1/2 325/4 323/0 97.100 13345 

Sep 325/4 +1/2 327/2 32S/2 17,495 740 

Dec 334/6 +1/4 335/2 333/D 20.340 1.380 

Mar 337/8 +2 K - -15 10 

Total 218080 29,153 

■ MAIZE CBT (5,000 Du nw y oante/589» bushel) 

Mar 280/2 

May 287/0 

JM 290/4 

Sap 278/0 

Dee 265/B 

Mar 271/2 

Totd 

■ BARLEY LCE (2 per tonne) 


COCOA CSCE (10 tannea; Vtonnea) 


+5/2 280/4 ZTfiffl 10,720 1^549 
+5/0 287/4 283/0818,060117,635 
+54 291/0 285/4561.605 53,190 
*5/6 278/2 274/0 127.315 4035 
+6/8 2858) 282/2290,350 28,415 
+6/2 271/4 288/4 17570 1,330 
LOW 21*185 


Mar 

10505 

60S 



58 

_ 

H»» 

10550 

600 



195 

- 

Sep 

9X20 

- 



139 


No* 

95.00 

606 



8S 

- 

Jaa 

9665 

• 



13 

- 

Mar 

8700 

- 



- 

- 

Total 





403 

- 

■ SOYABEANS CBT (5,00000 ato, antffOOBi tanrefi 

■tar 

088/0 

+15/6 

688/4 

674* 

12065 

4055 

Stay 

690/2 

+15/0 

692/0 

876* 325,575 11 3,«D 

Jnl 

691/0 

+14/8 

692/0 

677/422X400 37030 

Aag 

883/4 

+14* 

68SB 

671* 38060 

7,150 

Sap 

670/2 

+14/2 

673* 

661* 

19095 

755 

Nov 

660/4 

+14/2 

665/0 

640/4138.640 

15030 


7ebl 


77*05017*9(0 


■ SOYABEAN OS. CBT (BOJOPfos: centaflb) 


Mar 

28.46 

+001 

28.61 

2519 

3052 

1048 

May 

28-41 

+004 

28.68 

2511 

33061 

7090 

Jal 


+000 

7H is 

2805 25,347 

2.716 

At* 

2703 

+008 

2520 

27.75 

7.9)9 

567 

Sep 

2762 

+000 

2700 

27.40 

7,723 

494 

oct 

2607 

+002 

2700 

2600 

5443 

355 

Total 





97088 14028 

■ SOYABEAN MEAL CUT (100 torn; S/ton) 


Otar 

197.4 

+50 

197.4 

1920 

2 149 

1055 

May 

198.6 

+50 

1990 

1930 33.788 

7,707 

Jal 

1980 

+60 

1990 

194.1 

24058 

2012 

Aog 

1970 

+50 

I960 

1020 

7079 

373 

Sap 

1957 

+4.7 

I960 

1910 

5078 

128 

Oct 

1930 

+51 

1940 

190.0 

3036 

61 

Total 





B5400 12041 

■ POTATOES LCE (E/tonne) 




Apr 

188.7 

+14.9 

1900 

1760 

831 

286 


309.7 

+14.4 

2100 

I960 

773 

216 

Jun 

130.0 


- 

- 

2 

- 

Mav 

800 

• 

- 

- 

- 

- 

liar 

1050 

- 


- 

- 


Apr 

1320 

+4.5 

130.1 

1280 

- 

33 

Tabu 





10B3 

538 

M FHQGHT (BffFEX) LCE (SI 0/lndex point) 


Mar 

1146 

. 

. 

. 

300 

. 

Apr 

1228 

+2 

1230 

1225 

1.104 

23 

May 

1222 

• 

1220 

1320 

202 

7 

Jnl 

1115 

6 

• 

- 

SBQ 

- 

Oct 

1250 

+5 

- 

• 

241 

- 

Jan 

taw 

+10 

- 

- 

74 

w 

Total 

Chne 

Pm 



2078 

30 

BH 

1123 

1110 






Tea 

Thve was good general demand, report s the 
Tea Brohera' Association. The few best east 
Africans on offer held firm but britpit liquoring 
teas lost 3 to 5 pence. Cafcuy medkxns were 
genendy steady tail other* were irregular end 
sometimes earier. Brighter Ceytons met goad 
compantton and prices mowed higher. Plainest 
types were often neglected. Good demand at 
firm rales. Quality 190p/fcg. flood medium 
1 35o4«g. medium USpricg. tow metflum 80p/ 
kg. The highest price reaBsed this weak was 
2Z8p/hg lor a Rwanda pf.i. 


Mv 

May 


Sap 

ON 


1229 

+48 

1230 

1167 

88 

2 

Apr 

45925 +0275 47.180 40800 10,406 

B.123 

1250 

+50 

1252 

1190 38004 5060 

Jan 

53430 +0.175 53079 53075 

10020 

4,410 

1271 

+40 

1275 

1217 16078 1031 

JM 

62025 40.130 53.100 52079 

3089 

753 

1290 

+48 

1296 

1237 

8028 

920 

ABfl 

51.475 +0025 51050 51050 

2.785 

581 

1320 

+49 

1322 

1287 

8082 

684 

OCl 

47000 +0.130 47.700 47000 

1060 

282 

1358 

+59 

1360 

1302 

9009 

95 

Dec 

48000 +0050 48000 48000 

1070 

230 





91005 8012 

TWO 


30058 12042 


Total 

■ COCOA PCCCO (SDfTs/tonne) 


■ PORK BBXB58 CME f4O0OQIb«; oentaflbq) 


Mar 11 

My - 

Mm 14 

10 day 


Pries Pier, day 

. 83004 92*58 


91587 


■ COTTEE LCE (S/lonne) 


MW 

1297 

+01 

1291 

1287 

392 103 

May 

1308 

+31 

1307 

1275 15044 3009 

JM 

1306 

+30 

1306 

1276 10070 2032 

Sap 

1303 

+28 

1303 

1282 

4.746 403 

liar 

1304 

+28 

1294 

1282 

&155 285 

Jan 

1304 

+28 

1284 

1283 

606* 30 

Total 





41006 8072 

■ COHFHE •C CSCE (370OObs; cenia/Iu) 

Mar 

7870 

+200 

7800 

78.00 

188 27 

May 

81 A0 

+200 

8105 

7800 32098 7,159 

JM 

97 6S 

+2-50 

8200 

8105 

8078 1037 

tap 

8305 

+2.49 

8400 

62.00 

5,447 298 

dec 

8500 

+200 

8900 


3063 191 

Mar 

8500 

+2.35 

8600 

-8800 

1095 30 

Total 





51089 8087 

■ COfTEE (ICO) (US cents/pocnd) 


■tall 



Price 


Pint, day 

coop. daPy 



-7400 


75.41 

15 day average — 


-7180 


7301 


■ 1*07 PBEMMM HAW SUGAR LCE (cfintnEa) 


*tay 

1255 

+009 

12JB0 

12-45 

1309 

41 

JM 

1205 

+0.04 

12*1 

12.81 

2037 

2D 

Oct 

1218 

+005 

- 

• 

130 

- 

Jta 

1210 

+002 

w 

- 

- 

. 

ratal 





4,178 


■ WHITE SUGAR LCE fS/torme) 



Bay 

33800 

-100 

33750 

33500 

8.402 

918 

tag 

33000 

-100 33200 33000 

5028 

280 

Oct 

31000 

+050 

31200 30850 

3041 

211 

Dae 

30600 

+030 

- 

- 

125 

- 

Mar 

30500 

+030 

30550 

305*50 

406 

10 

tar 

30600 

- 

- 

- 

202 

- 

Total 





18000 1386 

■ SUGAR If CSCE 11120000 m; conta/tos) 


May 

1234 

+006 

1247 

1225 8336514098 

JM 

1242 

+006 

1250 

1234 32881 

4303 

Oct 

1102 

+008 

1105 

1109 27365 4388 

Mar 

11.42 

+001 

11.48 

1139 

10037 2009 

May 

11.40 

+002 

11.43 

1139 

1047 

271 

JM 

1109 

+003 

11.42 

1136 

1011 

22 

Tetri 




137,42425057 

■ COTTON NYCE (5a000tb8; cents**) 


May 

7507 

■088 

7850 

7937 24,116 8025 

JM 

76.77 

078 

7735 

7805 

13320 

1A64 

Oct 

7500 

002 

75.75 

7405 

2091 

271 

Dec 

7275 

062 

7125 

7200 

12026 

1362 

Mar 

7300 

080 

7400 

7308 

501 

82 

■ay 

7405 

065 

7400 

7400 

TSfl 

25 

Total 





53030 9038 

■ OftANOE JUICE NYCE (150OOtbsr centa/toe) 

Mar 

10900 

-105 

10900 

10800 

324 

57 

May 

11210 

050 

11279 

11105 

8.467 

389 

JM 

11455 

035 

11400 

11300 

9.140 

107 

Sep 

116.40 

039 

116.75 

11905 

2055 

44 

Mw 

11505 

+020 

11500 

11400 

105a 

87 

Jaa 

11550 

+030 

11600 

114.70 

1047 

88 

Total 





18055 

780 


VOLUME DATA 

Open Interest and vokim data shown for 
contracts traded on OOMEX. NYMEX. CUT. 
NYCE. CME. CSCE and 1PE Crude Ofl are one 
day In arrears. 


INDICES 

■ REUTERS (Baa* laSPI-IOC? 

Mwr 14 Mar 11 month ago year ago 
18248 1808.4 1783.4 17718 

M CRB Futiaaa (Base: 4/9/683100) 

Mar 11 Mar 10 month ago year ago 
22784 227.09 22786 207.79 


Aag 

M 


Mri 


54800 -0825 54400 64400 
55025 -1850 55175 54.700 
55125 -1.425 BB800 54425 
53.130 -0975 54450 52400 
58450 -0850 58450 57800 
57800 -0800 - 57800 


182 73 

5774 2718 
2,634 823 

506 87 

38 2 

3 1 

5143 3,701 


LONDON TRADED OPTIONS 

StrtJce price $ tonne -—Celts — — Puts — 
■ ALUMINUM 


(99.7%) LME 

May 

Aug 

May 

Aug 

1275 

44 

74 

28 

40 

1300 

31 

61 

40 

51 

1326 

22 

40 

55 

64 

■ COPPER 





(Grade A) LME 

May 

Aug 

May 

Aug 

1900 

71 

106 

30 

47 

1950 

44 

78 

S3 

99 

omt) 

26 

66 

83 

96 

U COFFEE LCE 

Mpy 

Jul 

May 

JU 

1200 _ 

113 

128 

7 

23 

1250 

74 

% 

18 

40 

1300 „ 

43 

67 

37 

62 

■ COCOA LCE 

May 

JM 

May 

JU 

800 

68 

90 

9 

21 


49 

74 

17 

30 

Qffl 

34 

60 

27 

41 

■ BRENT CRUDE 8*6 

May 

Jui 

May 

Jun 

1300 

79 

- 

39 

53 

1360. 

60 

- 

55 

_ 

1400 

31 

44 

- 

- 


LONDON SPOT MARKETS 

M CRUDE Ofi-FOG [per btSTei/May) +or 


DubM 

S120O-205W 

+005 

Brent Blend [dated] 

S1307-40O 

+0085 

Brent Bland [May] 

$1X35-306 

+0.066 

W.TX (1pm eeq 

SI 440-4.45 

+0006 

■ OB. PRODUCTS NWEprompt drihwy CF (tome) 

PiwiJufli Gasafne 

SI 60-152 


Gas Ofl 

SI 38-138 


Heavy Fuel On 

$76-78 

-1 

Naphtha 

$132-134 


Jet Fuel 

SI 57-153 

+1 

nwafeum firgua arinnte 



■ OTHBT 



Gold (pw troy oz)4 

$387.10 

+0.10 

SUver (per troy ca)f 

B44J5C 

+10 

Platinum (per troy at) 

$403-00 

-0.75 

Pafledum (per boy at) 

$133.00 

-0.76 

Copper (US prodi 

9500c 

+300 

Load (US prod) 

35.00c 


Tin (KuMa Ltartpw) 

14.08r 


Tin (New York) 

25200c 

+600 

Zinc (US Prime W) 

Unq. 


Cattle (five weighgt 

128J59p 

+200* 

Sheep 0iw orightTr* 

mitt 

♦700- 

Riga (five weight) 

B2.30p 

-108* 

Lon. day 3ugar (nrer) 

$29500 

+600 

Lon. day sugar (wta) 

$34200 

+200 

Tola & Lyle aoeport 

£31000 

+400 

Bailey (Eng. 

09. Ov 

+0-0 

Maize (US No3 YaBowt 

Unq 


Wheel (US Daric North) 

eieacbc 

-50 

RUibar(Ap0¥ 

680OP 


R»*bar{May)f 

BBJSQp 


Hubbo^O. FtSS Nol Apr) 

245J50m 


Coconut Ofl 

$53a0x 

-50 

Patoi Ofl (MtaoyJS 

$3770t 

+170 

Copra (Pt4S 

$3430 


Soyabem (US) 

Cl 830 


Cotton Outiooic A Msk 

S140c 

-009 

Woottopa (04a Super) 

389p 

+2 


C psr toms ursms aearvHse sated, p psneaAtg. 
r rtogriUte. m Mriayatan csrSWIeo. v Oct/Dsc 
Sa- « ApdMay. V London neatest. I Of 
Human merit* dose. 4 Sheep (Use weight 
Change an weric, pratMoiwl 


hv-i JW 

ftmerdem. * 
Prices). ' 


CROSSWORD 


MEAT AND LIVESTOCK 

M LIKE CATTLE CME (4Q0OOBM; contaflba) 

Mt DaTa Opaa 

price change ftp Lea . tat 
75575 -0825 77450 78425 38473 
74175 -0500 74400 74.160 24481 
72.700 -0850 73475 7Z6Z5 14297 
75400 -0.150 75700 75325 9412 
75750 -5175 73400 75700 2849 
75375 +0025 75600 73475 851 

85098 12400 

UVEHOQSCMEHOflOOfiaScentaffi^ 


No.8,404 Set by DANTE 



ACROSS 

1 Commercial mail for a booth 
in the stock exchange (7,4) 

7 A dance-step that reflects 
vitality (3) 

9 A very rich man delves into 
his pocket perhaps (5) 

10 State employment (9) 

U Pecularlty of men in arms (9) 

12 Priest and Old Testament 
poet (5) 

IS Dazed American general in 
retreat and encircled (7) 

15 Sound man for the post (4) 

18 Over the aide (4) 

20 They are nailed on the hand 
CD 

23 Have a drink before the play 
<5) 

24 The importance of star rating 
(9) 

26 A law to punish backward 
people in a race (9) 

27 Them's drunk, them's what 
drinks it! (5) 

28 A well-equipped health centre 
(3) 

29 Provide food and support for 
a lover of greens (11) 


DOWN 

1 Evidence of a slack washer (0) 

2 Promoted ahead of one's time 
( 8 ) 

3 Problem children (5) 

4 Attempt with catapult to get a 
young bird (7) 

5 Best that it can be raised with 
mother after work CD 

6 Train-crash included elderly 
actor (9) 

7 Hie breaks a hip on the edge 
(6) 

8 A tense amendment for a gov- 
erning body (6) 

14 Act I lines sadly lacking in 
flexibility (9) ' 

16 Compensation concerning a 
quilt that’s ruined (8) 

17 He values a vessel having an 
arrangement of roses OS) 

15 Storm created by Shakespeare 
CD 

20 Aircraft destined for scrap (7) 

21 Creatures that increase - but 
don't multiply? (6) 

22 Food taken from the hand (6) 

25 I need a doctor, one for the 

feet (5) 


Solution to Saturday's prize puzzle on Saturday March 26. 
Solution to yesterday's prize puzzle on Monday March 28. 


JOTTER PAD 







iim 





market report 


FT-SE 100 recaptures 3,200 after bonds recover 


By Steve Thompson 

TTse Loudon stock market regained 

m “ re ? f U,e e round lost last 
Fnday as dealers warmed to further 
encouraging news on innation and 
responded to yet more hints of 
European interest rate cuts. 

There was further comfort for 
London in the performance of us 
markets, where the long bond 
attracted little pressure in either 
direction and where the Dow Jones 
Industrial Average opened marein. 
ally firmer before slipping into nee- 
ative territory after London closed 
Mr Jan Harnett at broker Strauss 
Turnbull described the London mar- 
ket s showing as “a tremendous per- 
formance". adding that he saw 
scope "for more interest rate cuts”. 

The FT-SE 100 Index ended a rela- 
tively subdued trading session a net 


41.5 ahead at 3.233.4, just short of 
the day's high and easily outpacing 
the FT-SE Mid 250 Index of second 
line stocks, which rose 28.3 to 
3.885.7. 

London's excellent performance 
was part of a Europe-wide advance 
by bond and equity markets as 
some of the impetus of the recent 
Whitewater story in the US was lost 
over the weekend. 

UK share prices began the new 
two-week trading account in good 
form, with dealers marking prices 
higher in response to Wall Street's 
good showing and the widespread 
strong gains in gilts and bonds. 

The FT-SE 100 was up 11 points at 
the opening, a creditable perfor- 
mance given that no less than 15 
constituents were quoted ex-divi- 
dend, equal to 12 index points. 

Sentiment was given a substan- 


Account Dealing Dates 

TM Pi— ngi: 

Fob 28 

Mar 14 

Mar 28 

Opttoe Dtrimton; 
Mar 10 

U» 24 

Apr? 

Lad n—lngai 

Mar 11 

Mar 25 

Apr8 

Account Day: 
tor 21 

Apr 5 

Ns 16 

butoELareymraAr 

may Lata place from Iwe 


tial boost shortly after the opening 
from news of much better than 
expected producer price numbers 
for February, indicating that infla- 
tionary pressures remain under 
control and leading to increased 
speculation of a further reduction 
in UK interest rates. 

Dealers responded to the good 
producer price numbers by marking 
share prices sharply higher, 
attempting to head off any sizeable 


buying, and the FT-SE 100 
responded by touching the day's 
best level. 3,236.1, up 44.2. shortly 
before the Wall Street opening. 

The latter's reluctance to make 
further headway and its gradual 
decline as European markets closed 
for the day triggered small bouts of 
profit-taking in London, with the 
FT-SE 100 eventually settling for a 
1.3 per cent gain on the day. 

One of the more disappointing 
features of the trading session, deal- 
ers said, was the low level of busi- 
ness . Turnover was never more 
than modest all day and eventually 
reached' 555.2m shares, one of the 
lowest daily totals this year. Non- 
Footsie stocks accounted for 58 per 
cent of the total 

Marketmakers warned that the 
low level of activity yesterday 
would drag the value of customer 


Equity Shares Traded 

Turnover by volume imBflori Excluding. 

In Ira .mart el business and overseas turnover 


business transacted towards the 
£lbn. Last week saw a pick-up in 
customer activity, which topped 
£2bn on Thursday. 

The value of customer trade on 
Friday was £1.8bn. They also said 
that many of the big trading firms 
had been badly bruised during the 
erratic trading in bonds and equi- 
ties in recent weeks. 

Although encouraged by the mar- 
ket's resilience after the recent 
slide, senior dealers cautioned that 
the rest of the week sees a raft of 
important economic data horn the 
UK and the US. 

From the latter, today's producer 
price numbers and tomorrow’s con- 
sumer price figures are seen as cru- 
cial indicators. Tomorrow also 
brings important data on UK retail 
sales and unemployment treads for 
February. 



Source FT GmohK* 


■ Key Indicators 

Indices and ratios 

FT-SE 100 3233.4 +41 .5 

FT-SE Mid 250 3885.7 +28.3 

FT-SE- A 350 1640.6 +18.9 

FT-SE-A AH-Share 1632.78 +17.66 

FT-SE-A All-Share yield 3.54 (3.581 

Best perfor min g sectors 

1 Electricity +3.4 

2 Retailers, Food .............. +2.5 

3 Banks +2.5 

4 Gas Distribution 1 2.2 

5 UtUlttes +2.1 


FT Ordinary index 2546.2 +26.5 

FT-SE-A Non Fins p/e 21.68 (21.70) 

FT-SE 1 00 Fut Mar 3233.0 +62.0 

10 yr Gilt yield 7.18 (7.23) 

Long gUb'equhy yld ratio: 2.16 12.14) 

Worst performing sectors 

1 Engmeenng, Vehicles -0.7 

2 Health Care -0.6 

3 Transport -0.2 

4 Other Services & Bsns -0.2 

5 Bidding & Construct -O.l 






1 i 
H 


£ 


* 


& 


* 


Dilution 
fears hit 
Disney 

A roller coaster ride in Euro 
Disney ended with shares in 
the theme park operator under 
severe pressure as analysts 
and investors took fright at the 
group’s restracturing plan. 

The day had started well for 
the loss-making French group 
as the refinancing scheme 
hammered out with its bankers 
sent the shares sharply higher 
in London and Paris. 

Underpinning the rise was 


the belief that a FFr6bn rights 
issue would be issued at 
slightly below the current 
share price of around FFr25. 
However, at a subsequent 
meeting with the company the 
picture changed dramatically. 
Shareholders learned that the 
rights issue - which will more 
than quadruple the number of 
shares to 770m - was to be 
made at just FFr10. 

Euro Disney shares fell 
sharply on news of the poten- 
tial dilution, closing a net 28 
off at 390p with turnover 
approaching 500.000, 10 times 
its normal London level. Ms 
Rebecca Winnington-Ingram at 
Morgan Stanley said: ‘‘The 
dilution is enormous. We con- 


tinue to believe that , the sha res 
are fundamentally overvalued 
at current levels." 

A report that the industry- 
wide hit over the mls-selling of 
pensions would be only £10Qm, 
compared with a previous esti- 
mate of £lbn, gave a lift to life 
insurers, with Legal & General 
leading the way. L&G, further 
squeezed by a shortage of stock 
in the market and patchy buy- 
ing ahead of figures on Thurs- 
day, rose 16 to 483p. 

The report, cited in a Sunday 
newspaper, apparently 
suggested that only one person 
in every 10 who transferred 
from occupational pensions to 
personal plans was expected to 
claim. The news helped senti- 


ment, although one analyst 
pointed out that Refuge, a 
small life insurer, had made 
£il.6m of provisions for pen- 
sions and that figure would 
probably translate to £lbn 
across the board. Refuge closed 
at 341p xdL 

Oil major British Petroleum 
moved ahead 8 to 359p as con- 
sideration of the full report 
and accounts released on Sat- 
urday confirmed previous opti- 
mism over cost-cutting and the 
reserve replacement figures. 
Hoare Govett pointed out that 
although the annual report 
showed that costs were flat in 
sterling terms, they were down 
by £lbn in dollar terms, the 
currency BP deals in prind- 


EQUITY FUTURES' AND OPTIONS TRADING 


TRADING VOLUME 


The recovery in both US and 
European bonds, together 
with renewed hopes of a 
reduction in interest rates, 
helped the derivatives sector 


to a steadier performance, 
writes Joel Kibazo. 

In its last full week of 
trading ahead of Friday's 
expiry, the Uffe March 


contract on the FT-SE 100 
opened at 3,203, in line with 
the opening on the 
underlying cash market 
Buyers encouraged by die 
recovery in US bonds at the 
end of last week helped the 
contract advance in early 
trading. 

The release of encouraging 
February producer price data, 
once again led to hopes of 
a reduction in interest rates, 
encouraging increased 
buying of March as it climbed 
to its peak of 3,238 in the 
afternoon. 

Following a bout of 
profit-taking March finished 
at 3.233, up 62 on Its 
previous dose and at parity 
with the cash market Volume 
at the official close stood at 
10,756 lots. 

The Uffe FT-SE mid-250 
March contract dosed at 
3,895 after business of 175 
lots, while the same contract 
on the OMLX finished at 
3,888.2 after trading 235 
contracts. 

In traded options, volume 
on Uffe fell to 32,435 lots 
with 18,471 dealt In the 
FT-SE 100 option and British 
Airways, the busiest stock 
option at 1,889 lots. 


The UK Series 


■ FT-SE 100 MOEX FUTURES (UFFE) £25 par fteltodax potot (APT) 



Open 

Se« price 

Change 

rtgh 

Low EsL vol 

Open mL 

Mar 

3210.0 

3233.0 

+82.0 

3238.0 

32030 

475 

36324 

Jun 

3220.0 

32435 

+630 

3247.0 

3214.0 

6843 

33B45 

Sep 


32628 

+02.0 



0 

630 

■ FT-SE MID 250 MDEX FUTURES (UFFE) £10 per 

g 

I 

1 



Mar 

38700 

38858 

+378 

3905.0 

38708 

175 

691 

JlXI 

3924.0 

3914.0 

+398 

39248 

38148 

23 

600 

■ FT-SE MID 250 INDEX FUTURES (OMLX) £10 per hd index point 



Mar 

3890.0 

38978 

+78 

39028 

38878 

235 

3,103 

Jun 


3916.0 


3921.0 

39000 

227 

232 


Mi open munu 69 m to aro lot provttu* day. t Enact vatumo slam. 


■ FT-SE 100 INDEX OTOONIUFFE) (3233) CIO per Ml Index port 


3050 3100 3150 3200 3250 3300 3350 3400 

CPCPCPCPCPCPCPCP 
Mar 187 »2 138 1'j 89 2*2 43 13*i 31‘j 3 71 >2 120 h 170 

Apr 1M 12*2 153 22 118 34 82 51 SB 73* 2 103*; 20*2 140 It 10O>2 

May 218 31 110 43 143*2 56 114 76 85*2 97* 2 64 126*z44>2 157 30*z193*2 

Jui 233 43*2186*2 56*2 161*2 7l 132*2 91*2 104 112*2 83 14l1j 62*2 170* 2 47*2 206 

Sept 277*2118*’ 216 152*2 163*2199*2 119 253*2 

CJK 10965 PUS 7.150 

■ EUSO STYLE FT-SE 100 IWQEX OPTION (LUTE) CIO par lull todex pant 


3075 3125 3175 3225 3275 3325 3375 3425 

Mar 159*2 1 108*2 2*2 0*2 5 27 16 7 47*2 1*2 32 b 142 b 192 
4(V 172*2 16*2 1»'2 36*! 97 41 67*3 61 44b «7b 27 T» 15*j 158b 8 200*2 
May 162 49b 98*2 85 53 138 29 209b 

JUn 177*2 61 118b 101 74 IK 43 222b 

Sept 225 92 185*2 130 119*2178*2 7*b 2® 

Cate )J5i PUB 1.017 * Underlying ndo value. Piertm Dam in UncU on women prices 
t Long dated etfUn nunSB. 

a EURO STYLE FT-SE WD 250 INDEX OPTION PMLX) £10 perfuJ Index potol 


3950 4000 4050 4100 4150 4300 4250 4300 

Mw Tb 53b 1*2 105b 1 IK 1b 205 1b »5 1*2 300 1b 1b 

Apr 60 98 32*2 130 20b 187*2 12b 209b 7 4 2*2 Z 

Cato 30 Puts 15 EaOonenl prtaa and WUIK3 m taken aMSOm 


■TTT;- SE A^uarifts Share Indices, 


Day's 

Mar 14 chge* Mar 11 Mar 10 Mar 9 


Year 


Dfv. Earn, 
ytekl*. yiaMW 


P/E Xd a4- Total 
ratio ytd Return 


3.74 

5.79 

21.00 

23.12 

1194.70 

3.1 B 

4.95 

24.B9 

1480 

1415.18 

3.24 

589 

23.48 

14.40 

1415.90 

3.60 

580 

2180 

1045 

124019 

2.75 

3.47 

3684 

ail 

153286 

2.60 

381 

34.15 

785 

152034 

3.54 

5-45 

22.44 

1013 

125586 

Xv. 

Earn 

P/E 

Xd ad). 

Total 

*1% 

yMd% 

ratio 

ytd 

Hewn 

3.62 

4.93 

25.16 

27.63 

993.79 

380 

480 

2686 

26.93 

1065.38 

373 

5.14 

2486 

3189 

97687 

123 

388 

33.09 

080 

1048.67 


-SE 100 92334 

SE MM 250 3885.7 

■SE MM 350 ox Inv Trusts 3900.9 

-SE-A 350 1840.6 

-SE SmaflCap 2011.70 

■SE SmMfCop ox Inv Trusts 1992.48 

-SE-A ALL-SHARE 1632.78 


♦IS 3191.9 323X9 3246.7 292X4 
+0.7 3857.4 3908.4 3913.0 3113.0 
+0.7 3872.1 3922.9 3928£ 3127.5 
♦1.2 1621.7 1643.1 16445 1442.9 
+03 2008.48 201933 2022.41 1661-21 
+0.1 198039 2000.17 200334 1569.10 
+1.1 1815.12 1635.49 1640.68 1424.95 


FT-SE Actuaries All-Share 


Day’s Year 

Mar 14 edge*. Mar 11 Mar 10 Mar 9 ago 


10 MffietAL EXTRACTIONpB) 

12 E*iracflve InduatncsWI 

15 CM. Integrated (31 

16 CM EwtoraOon & PnxKIH 


251237 +0 3 2506. 16 252836 2831 .05 21 23u50 

3924-49 +1.4 3668.71 3921.70 3949.57 312230 

241 6-37 -0 1 241638 2433.7B 2435.12 200230 

1849.35 +10 1831.70 185831 18S5.84 207X20 


GEN MANUFACTURERS^ 215*06 

Budding S CortsHucBon(31) 146038 

Bu<kkng Malls S> Me*cnst30) 2250.58 

OwniGafcCO) 2463.87 

Diversified IndustrtoUm 6) 21S9.03 

Electronic 5 Bod Ecpip(34) 2UEL25 

Engineering^ 1964.68 

Engineering. VeWcleeoa 2338.96 

Prmww. Paper 3 PchgC7) 3018.09 

Textiles S AppareKPl 1963.45 


+0.9 2139-80 
-0.1 1462.05 
+0.9 2230.88 
+0.1 2460.88 
+1.3 2131.63 
+1.8 2066.84 
+0.6 1952.02 
-0.7 2354.41 
+08 299039 
+1.8 1929.57 


215884 215637 1731.40 
148380 1483^8 894.70 
2258.73 2261.29 149280 
246184 2435.53 216880 
213825 2120.74 1881.70 
2093.62 210587 1B60.10 
1972.79 198581 1478.00 
2391.69 239681 1801.60 
3034.48 3035.76 2316.50 
1926.41 192283189280 


3.46 

283 

3.14 

3.75 

485 

381 

2.78 

4.45 

2.70 

385 


a 83 
185 
2.60 
4.68 
4.26 
6.06 
2.93 
3.17 
4.13 
5.01 


33.82 

BO-OOf 

5280 

26.96 

3084 

2085 

4623 

41.99 

2981 

25.00 


11.18 
2.61 
182 
20 00 
24.00 
280 
6.73 

2am 

1.60 

186 


107483 

1119.19 

1031.47 

1069.32 

108186 

100080 

110081 

1111.54 

115986 


CONSUMER GOODS(S3) 2861 28 

BiewwwsilTl 2236.30 

Spirits. Wines 3 CideraUO) 310724 

Food M jnularturerM23| 234? 88 

Household GowtsOOl 2730.51 

Health CoietCOI 1787.91 

PhamwceuiicaWO) »50.K 

TotMCCOdl .. 4005 .??. 


♦TUB 2839.20 
+18 2210.55 
♦1.0 307681 
+08 2337.84 
+0.1 2727.53 
-0.6 179987 
+08 3025.61 
+1.5 3947.07 


288288 2879.86 294480 
224885 228985 21 71 .90 
3106.61 3 1C®. 56 2954.10 
238085 2368.802487.90 
277081 2783.14 242580 
1807.49 180484 1805.80 
304003 3053.69 3328 10 
3963.84 4068.71 406080 


4.02 7.08 

4.07 7.88 

3.41 580 

484 7.40 

3.14 6.72 

388 5-32 

4.12 788 

586 B84 


16.65 1908 
1586 IIOI 
19. BO 1983 
16-05 11.13 
1783 1 -07 
22.43 288 
16.05 35.65 
1485 080 


1018.17 


964.05 

101480 

949.71 


40 SERV1CES{218) 

41 DtatribulorsOD 

42 Leisure & Hoi-risCll 
4J M«lia(37) 

44 Remkira. FoecXiT) 

45 Recalls. GuwaH-Wl 

48 Support S*tv<«£(-*GI 

49 Trarwt».vHl6i 

51 Olhn Swrvmv. 6 Business! 1 +»_ 


2066.34 
308388 
2304 45 
3248.58 
1634.66 
1742.11 
1735.50 
2572.37 
1 255.7 1 


+08 2070.07 2094.11 210084 1B2S.80 282 583 22.80 686 1003.65 

+0.4 3071.17 309280 3095.75 2563.70 2.7B 480 24.70 587 1044.10 

+0LB 2286.59 2298.52 231 7.83 1 770.80 3.10 4.41 2780 1385 111782 

+0.7 322&2B 327045 3278.06 222280 182 480 29.B2 14.30 1111.00 

+2.5 1594.42 1623.62 1922.39 216180 3.7B 9.77 12.71 1.93 94S88 

+0.71729.77 17448217S4.94 151680 2.73 582 2387 484 911.49 

+08 172586 175082 175687 1565.70 289 682 1782 186 1035.67 

-08 257a.14 2605.il 2608.83 208680 386 382 32.93 583 98785 

-08 125B.05 1292.96 130089 134020 3.78 3>IS 40.96 087 105099 


2425.04 
231308 
2CS0.SS 
2143.97 
1067 73 


+2.12375.12 2432.18 2481.63 214480 4.12 7.18 17.17 580 

+3.4 223789 2292.70 231 7.09 174280 158 1071 11.46 1585 

♦2.2 200682 2039.12 206181 198080 5.B4 * t 0.00 

+1.4 2114.18 216080 221054197780 3.88 5.65 21.6Z 089 

+1,4 1842.61 1BSZ.70 1848.54 1810-70 4.95 1381 6.64 3.48 


93481 

891.70 


1ALSC629I 


11-51 


1 747 67 +1 .0 1 741.0 7 1761.66 1768.46 1564.77 385 580 21.88 087 1213.48 

91385 

Pom 

955.13 


2352.73 

3036.83 

1347.23 

2525.29 

2967.20 

2027.79 

1711.19 


+19 2309 782348.512349.42 1883.40 3.77 5.43 2289 29.00 
+2 5 2963.78 301980 301284 2309.50 3. 54 586 23.34 5586 

+13 1329.92 134888 135383 1349^0 4.74 7.98 14.87 1382 

+1 A 2488.84 2516.97 255346 2574.90 483 481 26.13 281 

+0 5 2952-74 2991.64 2971.04 228360 307 7M 1688 1144 

+14 1999.09 201196 201283 1377.00 3.19 584 2357 1287 
,0 7 169374 1736.66 173336 1166.10 _38fl 327 4055 280 


TRUSTSC119) 


5HAREC852I 


2912,41 294783 294689 2252.70 316 1.75 57.06 1480 _9?2.75 

+1 1 1615.121835.491640 881424.85 384 345 22.44 10.13 1255.66 


1632 78 


ements 

Open 980 


KttU) 

)5«M 6 


,Vn Lfn 6 20am 


1080 

11.00 

1280 

1380 

1480 

1680 

18.10 

Nlgh/dsy LewMw 

3220.9 
J672 5 
1634 5 

3225.9 

3501.9 
1637^4 

3232.7 

3887.3 

16408 

3233.5 

38878 

16408 

32358 

38898 

10418 

322 88 
3886.4 
1638.7 

3233.1 

38858 

16408 

3238.1 
3889.7 

1842.1 

32038 

38848 

1826.7 


iries 350 Industry baskets 

w 6.00 1080 “ 


140' * 
3013 L' 
ISJt* 3 


unr 0 
30251 
165£ ■» 
3O40.5 


1180 

1280 

13.00 

1480 

1580 

16.10 

CiOM 

Prevteue 

Chaigs 

1407 7 
3026.0 
1960 4 
3060 0 

1JO8.0 

3026.3 

1873-3 

30S8.8 

1405.4 
30258 
1872.6 

3069.4 

1404.8 

30258 

16769 

3061.7 

14000 
3011.1 
1873.0 
3057 A 

1395.7 
30208 

1862.7 
3071.4 

1396.8 

30200 

18632 

3074.1 

14028 

2995.1 

1837.7 

3000.0 

-5.7 

♦248 

+258 

+74.1 


- ... ... Sim* I* vrem e 
’ ‘ * ,.,r. £ 1 JHl. Thr FT-6+ 1 

i,,i+n.n: ---s-i srw* a l«nW- 

,e. 1 w Cl • - RtcDuofcc oi Wfln 

■ *.V4' ■' W* IfW LOOW 

. • .. •, than BO ■«> 



■ Major Stacks yesterday 



Vat 

Closing 

Day's 


000b 

prioe 

change 

ABOA QraupT 

Abony NnSondt 

s.«oo 

1,400 

58 >2 
488 

2* 

Aborl FJsnar 




AIM-Lyomt 

An^hnMtetwf 

060 

520 

827 

515 

+12 

+6 


385 

356 

+4 

Aryyl Groupf 

ssrcLtot 

1.700 

1,100 

251 

287 

+6 

42 

Peace. Bra. Parti 




BAAt 

2^00 

038 

+3 

BATtocrat 

3J00 

470 

+7 

BET 

5700 

133 

44*2 

BICC 

1700 

431 

411 

BOCf 

907 

731 

48 

BPt 

uoo 

350 

40 

BPBIncto. 

1800 

332 

43 

BTt 

5>U0 

416>2 

44 

BTP/Pm 

6700 

299*2 

+S 

HIRf 

oaxi 

389 

40*4 

Bonk d Scotlandt 

g.nrui 

195 

+9 

BorClny*t 

*300 

533 

4225, 

EtaMtt 

ft 500 

525 

48 

BtoaClretet 

739 

355 

45 

Boo+or 

22 

416 


Booert 

1.S00 

549 

*4 

Bomerf 


505 

49 

BnL Aampacat 

1800 

516 

47 

teatsti Akwayet 

3.900 

424 

42 

gntJiQast 

ft900 

308 

47 

BrantiLond 


405 

+10 

BnwhStMrt 

3.100 

142 

+3 

Buret 

SIB 

182 

.1 

Surmon Caaomrt 


829 

40 

Bunun 

554 

SO*, 

+*7 

Ctoto ft Waat 

4. *00 


+13 

CodCury Scforropprat 

'JCO 

<82 

A 

Calcr Group 

ss 

32< 

-i 


JCB 

332 

-6 

Carton Cacnra-t 

685 



Cob» Vltyrftal 

2.600 

277 

+11 

Comm Unlont 



•5 





CaurraddSf 

ess 

556 

+5 

Datoaty 

Ds La Rue 

622 

351 

471 

980 

•4 

♦4 

G&dE) 

160 

212 

♦z 

Eawem Beet 

879 

631 

■17*2 

Eum IfcannD Beta. 

797 

an 

+28 

Eng CWna Ooy» 
EnuttprewOOf 

2,900 

7*7 

524 

414 

413 

+3 

Eurwwv’"' Ltom 

<64 

540 

-21 

FKl 

1.100 

205 

44 





Fdeton ft CoL LT. 

482 

287 

+C*4 

Gerv Acddanrt 
General Bect-I 

1.400 

3^00 

BOB 

315*2 

•6 

+8*2 

C3a)co+ 

3000 

670 

4fl 

GlynunsS 

315 

389 


Granmtrt 

1J900 

555 

40 

Onsaritotj 

1.600 

483 

+7 

GRET 

1400 

541 

572 

191 

+4 

GKN 

302 

555 

+7*2 

Qurncrmt 

2700 

502 

*1 

HBOC t«p drarf 

3-400 

852 

405*2 

Hamrnerson 

110 

390 

-3 

Haneont 

ItUMO 

277 

+7 

Harmon* CrosfieU 


210 

-1 


360 

303 

-1 

HB»rto«n 

10.000 

165 

+4 

ma 



41 

Of 

1.000 

770 

49 


B18 

542 

40 

Johnson UnrUsnjF 

177 

56B 

40 

Ktogft*<xt 

B72 

608 

4< 



607 

+5 

Lodtrafcet 

4.700 

209 

+7 

Land Seemliest 

SI1 

995 

40 



801 

42 

Lagd A Qenenirt 

900 

483 

♦10 

LASMO 

110 

ZJOO 

4200 

412 

581 

131 

«ie 

♦17 

4+ 

London Beta. 

027 

035 

+25 

Lonttn 

2200 

163*2 

♦6 

Lucas 

1800 

212 


MEPCt 

ABO 

<31 

♦3 

MR 

2J00 

105 

43 




+22 

Maries ft Spancerf 
MsAands Sect 

ftlMO 

418*2 



639 

+28 

Mormon (Wm.) 

776 

117 

+ 1 

NFCt 

411 

259 

-1 


7200 

485 

+18 

Naaonel Pnwirt 


450*2 

+i3*a 




+*2 

North Wen Wdert 

1.700 

236 

♦7 

Ni ii Timm nan 

7W 

861 

426 

Norths™ Fuodet 

568 

220 

42 

Nor*«ab 

082 

8S8 

420 

Prwnorrt 

334 

890 

+10 

PftOT 

>200 

STD 


PNdrflton 

3200 

195 

+1 

PoMiSent 

1.100 

3200 

150 

310 

058 

+5 

RTZt 

2200 

045 

♦18 

RbcsI 

Wl 

225 

-1 

RamcOrat 

RKMt ftCohnant 

823 

249 

419 

555 

■4*2 

+2 

Rodradt. 

923 

562 

412 

Hood hilt 

424 

sea 

48 

S2S? 

628 

254 

SOSB 

♦1 

439* 

STBh^ndt 

0200 

1200 

164 

+38 

279 

4<*2 

tIO 

♦13 

Soatabteyt 

9200 

67 

378 

1069 

416*9 

+15 


1200 

538 



2200 

379 

♦10 

Sccnnh Pormt 

3,100 

<07 

♦M'S 


7200 

119 

43 

Sedfl-k* 

1200 

201 







1800 

564 

♦8 


0200 

677 

-*4 

5<Mt 

BIS 

611 

40 


196 

269 

♦4 


518 


Strati a Negnewt 

1200 

143*2 


SraK Boadhant 

850 

386 

45 

SmM erwdran Uo.t 

«5 

361 


smtramds. 


496 

♦1 

Saunern Becvt 

776 

635 

+20 

South Wtabs Beet 

71 

703 

+15 

South Wed Water 

22S 

SE7 

12 

South want Bod 

304 

641 

+21 

Southern Water 

30 

564 

+3 

Sandora Orantt 

403 

1109 

+12(2 


8JOO 

£28 

4f*» 

Sun Afltancat 

6200 

327 

40*2 

TIN 


2+0 



2MI1 

391 

-1*2 

T5BT 

&2W 

237 

48 

Tomae 

904 

ISO 


Tasa ft Lyle 

525 

428 

-1 

TagtoWfluw 

223 

194 



3.400 

2Sil 

4J*S 

Thormweait 

1,000 

529 

40 

Them QrVt 

340 

1129 

+11 

Tomanst 

2.700 

255 

44 

TrtWonrFtog» 

3200 

109*2 

♦3*2 

LMgee 

<84 


-6 



1091 

+9 


1.100 

332 

*3 

UU MswSpapffiB 

162 

688 


Vtxfibnrit 

1200 

575 


rarava 

<35 

799 


Wetoomrit 

840 

633 


wawi vnear 

500 

854 


weesw Water 


659 

♦10 

Whaanaot 

1200 

551 

+4 

WXemi HUgs-t 

1,100 

<03 


WBN Conran 


221 

-4*« 


S36 

218 


Wnnaiavt 

273 

SOB 


TOABhOa Bod. 

299 

037 




530 


Zaneart 

2200 

739 

*11 


Based on mamg vofem tor a slacken of rnapr 
■acurtoea dnhtmou^intoSEAO -ytown 
yfcdMCey JSJ iM>¥L. Trta* a< one maonw 
iron era rounded sown, t IrxB caM t an FT-SE 


pally- 

Shell Transport was held 
back by a large line of stock 
washing around the market. 
The shares, which went ex a 
15p dividend yesterday, closed 
unchanged at 677p after a line 
of 2m shares was placed in the 
market at 677p. 

Rumours resurfaced that 
French oil group Elf was 
poised to sell its near 10 per 
cent stake in Enterprise, the 
exploration and production oil 
company. Analysts said the 
disposal made good sense and 
would possibly happen one day 
but both companies had denied 
the speculation, which had 
been sparked by a Sunday 
newspaper report. Enterprise 
ended 3 up at 414p. 

Oversold composite insurers, 
with big holdings in leading 
financial markets, bounced in 
response to rises on Wall 
Street, the Footsie and US 
bonds. Royal Insurance, 
regarded as the cheap buy in 
the sector after underperform- 
ing the All Share index by 17 
per cent over the past three 
months improved 13 to 279p. 
Commercial Union lifted 5 to 
583p, and Sun Alliance gained 
6'A to 327p. 

Insurance broker JIB jumped 
IS to 199p after announcing top 
of the range profits of £21 An 
and an upbeat statement. 

The busy building and con- 
struction sectors saw a demer- 
ger, several results and inter- 
est rate cut hopes inspire a raft 
of sharp moves forward. Fig- 
ures from English China Clays 
came in ahead of market fore- 
casts and were joined by 
details of the group's plans to 


NEW HIGHS AND 
LOWS FOR 1993/94 


NGW H1QHS (57). 

BULOma C CUSTOM tl) Bw Bra.. BUM 
MAILS A MCHTB (4) Epwn, Grafton. Mmpspsn. 
SL detain. CHEMKALS M Atta. BASF. Boyar. 
HncM, U5TMUTDM n Evans Htoanaw, 

ISA talL. NortMin. ELECTRMC & ELECT EOUP 
OASEAB. EtocfteAo. Eumhonn. Thorpe IFVft, 
Vr+di, ENOMEEMNQ Adas Copco B, Ocwe 
pL Prone Syoum. Ul CCO. OWL VEHICLES 
(3J Abbey Panels. Datmbt-Oenz. Mohawar/an. 
EXTRACTIVE INO& (7) An^o Amer Coal CtoB 
Res- Ml Mueto. MU NSU. WiMU. WOm 
BMn, INSURANCE (1) Domestic & GenenL 
tNVESTlS<T TRUSTS (9) Abntartfi So* Lovd 
COpk. Nsomarta! Ventun Cap. Sptiem Til Zara 
PL. INVESTMENT COMPANIES B hboneen 
Equity, Korea Ubenri Wftts. MEDIA m Hoad* 
HaaQIne. Jatraton Press, Sleepy Kids. Sunsa S 
Una m« FMAfSCtAL (3) Braaacacda EFT. 
Ind. btv. TSL Jersey. PfUNO, PAPER & PACKS 
CO Bjppi. Wtomougno. PROPERTY « CMfl. 
MoufWnew EetO. RETAOERS, FOOD o Groflos. 
Park Food. RETAILBtS, OENSIAL (I) 6 

7/Bp Cv Pf, SUPPORT SERVS (0 KaMnacoo, 
HERE. Serna. TEXTILES ft APPAREL (1) 
deramont Garments, TRANSPORT fl| 
DawBon^qup, AMEMCAMB (t) Oiute 
NEW LOWS (18). 

GO.TB (5). FOOD MANUF p) DaKpak. EverasL 
HEALTH CARE (1) Lite Science* ini. 
INSURANCE |1) Premium Trust. MVESTMENT 
I H U M! » (i) Nonwort Euo Prvu OH. 
EXPLORATION ft PROD fl) Aflantic HkMtfd, 
PRTNO. PAPER ft PACHd (1) PaifcaKto tetL. 
PROPERTY fl) ChetefleW, SUPPORT SCHVS (1) 
Sherwood Compear Servo, AMERICANS CQ 
Armr. CyonaimL NVNEX. 

spin-off CAMAS, its construc- 
tion materials division. The 
demerger will be by way of a 
one-for-one share issue effec- 
tive on June 1. ECC shares 
added 13 to 524p. UBS reiter- 
ated its buy stance. 

There were results also from 
Rugby Group, which again 
came in ahead of market 
expectations. They closed 4 up 
at 328p. additionally helped by 
the proposed one-for-one scrip 
issue. Spring Ram results were 
in line with forecasts and this 
relieved some buyers following 
the group's recent chequered 


history. The shares gained 4 to 
67p. Costain climbed 2'.+ to 
361 ip following a return to 
profitability. German interest 
rate cut hopes helped RedJand, 
up 12 at 562p. 

Restructuring plans at 
Simon Engineering, including 
a £50m rights issue, were well 
received and the shares 
advanced ll to ll7p. 

Expectations that the gov- 
ernment will soon announce 
the lifting of the limit on over- 
seas ownership in Rolls-Royce 
and British Aerospace boosted 
both stocks yesterday. The for- 
mer gained 5 to 184p, and the 
latter 8 to 5l9p. Analysts 
expect the government to raise 
the limit from the 29.5 per cent 
to 49.5 per cent. 

Nervousness about figures 
later this month saw Lucas 
Industries surrender 3 to 212p. 
TI Group, which disappointed 
the market last week with the 
presentation of its figures con- 
tinued in the doldrums. The 
shares closed at 391 xd. 

The market appreciated 
Cookson Group's £71. 9m dis- 
posal of its engineering busi- 
nesses to Calder Group. Shares 
in the industrial materials 
group gained 9 to 285p. 

International conglomerate 
Lonrho gained 5 to 163p on 
reports that Ashanti Goldfield, 
set to he floated this year, will 
be valued at around £1.5bn 
against earlier predictions of 
around £lbn. Lonrho has a 25 
per cent stake in Ashanti. Wil- 
liams Holdings put on 8 to 
403p, ahead of today's results. 

Media investment group MAI 
rose 18'/j to 299p after sharply 
improved interim profits. 


Mirror Group Newspapers 
gained 5 at I90p in anticipation 
of good figures today. Saat- 
chi & Saatchi. which is also 
reporting today, rectxied 5 to 
142p, although the stock suf- 
fered from receding specula- 
tion of a US bidder. 

Big turnover in Hillsdown 
Holdings was thought to have 
been inspired by a positive 
note from James Capel. a 
delayed reaction to last week's 
results and report of directors' 
share buying. The stock added 
4 at 165p, with turnover touch- 
ing 10m. 

Food retailers were buoyed 
by weekend press reports of 
tough talking from Asda to its 
suppliers on price and selected 
brokers continuing to peddle a 
positive outlook story. Asda 
shares edged IV, ahead to 
59‘/=p. J Sams bury climbed 15Vt 
to 376p and Tesco 2* = to 224p. 

Renewed doubts over the 
opening date of the channel 
tunnel hit Eurotunnel, the tun- 
nel’s operator. The shares fell 
21 to 540p. 

A threat of legal action saw 
Mersey Docks & Harbour fall 
14 to 495p. 

Encouraging figures from 
Scotia Holdings, the research- 
based pharmaceutical company 
floated in October, saw the 
shares leap 10 to 255p. 

Coats Viyella improved ll to 
277p ahead of figures scheduled 
for tomorrow. 

MARKET REPORTERS: 

Christopher Price, 

Joel Kibazo, 

Peter John. 

■ Other statistics. Page 29 


LONDON EQUITIES 


LH-FE EQCirry 




— 

CHS 


— 

Puts 

— 

Option 


Apr_ 

JUI 

Oct 

H* 

jm 

OCt 

AftBUpra 

GOO 

38' 

Oft 

58 

7 : 

23ft 

31 

rsza i 

650 

Ii : 

KM 

34 : 

jift 

52 

58ft 

ftqju 

240 

1714 ; 

20ft 

32 

6 

IBft 

71ft 

1*250 ) 

260 

7 

16 

23 

16 : 

26ft : 

32W 

ASDA 

50 

11 

13ft 

15 

1 

2ft 

4 

rse J 

80 

4 

7ft 

9 

4 

6ft 

Hft 

Bril Airways 

420 ' 

in> : 

am: 

98ft 

13 : 

28V): 

33ft 

r«n j 

460 

4 

15 : 

QV4' 

10ft 

53ft 

58 

MQfctoA 

390 : 

am 

34 ' 

I4M 

104 

a 

33 

1*395 ) 

420 

8: 

7114 

31 

31 

43 . 

50ft 

Buds 

500 

54 1 

63ft 

70 

2ft 

1214 

17 

rwa l 

HO 

17 

31 

<1 

17 

33ft 

38 

BP 

330 

39 

ttfti 

16)4 

2 

Sft 

13 

(-338 ) 

350 

1214 

22»: 

raw 

I2M 

22 

26 

MUiSM 

140 

■ 

14 

18 

5ft 

11 

14 

I*1« ) 

160 

2 

B 

9ft 

IBM 

24 

26ft 

Bass 

500 

34 

48ft 

61 

6 

16 

25 

(•523 ) 

550 

B 

24 

36 : 

31ft 

47 

52 

QUeftHn 

450 

19 

36ft 

_ 

15 

29 

_ 

r«53) 

475 

9 

29 

- ; 

27ft 

Oft 

- 

Oouradda 

550 

27 

40ft 

si 

14 

35 

42ft 

(*39 1 ' 

600 

6H 

IB 

30 

47 

65ft 

72ft 

Conn Untaa 

550 

41)4 

68 

B3 

4H 

14 

21ft 

(*582 J 

BOO 

11 

29 

35 : 

26ft 

38 

46ft 

a 

750 

37 

61 

rift 

13ft 

27 

41 

(*7701 

BOO 

12 

36 

47 

40 

54 

87 

KtoGAgter 

BOO 

3B 

42 1 

53W 

16ft 

36 

46 

(*606 ) 

650 

8<4 

22 : 

32ft 

4914 

GB 

7Sft 

Laid Secur 

650 

62 

60 

68 

3ft 

1414 

IBM 

(*995 | 

TOO 

15 

27: 

35ft 

18 

36ft 

42ft 

Maria ft S 

390 

33 

39ft 

48 

2ft 

10ft 

12ft 

{*410 ) 

420 

12!)k : 

21ft 

29 

12 

23H 

25ft 

ttfWKn 

480 

35 

48ft! 

57ft 

8 

16ft 

25 

{*484 I 

500 

1314 

27 

38 

27 

35ft 

45 

Satoaury 

360 : 

25*4 

33' 

43ft 

7 

19 

25 


390 

9' 

2114 

29 

22 

38 

41 

SMI Trans, 

950 

39)4 

53)41 

Sift 

5 

15 

23ft 

(*077 ) 

700 

a: 

26ft 

34 

26 

36 

4? 

StorehmBB 

220 

12 

19ft: 

Mft 

6 

15ft 

16 

(*224 ) 

240 

314 

10ft 

15ft 

IBft 

26 

28 

TraMgar 

106 

9ft 

IB 

_ 

5 

Sft 

_ 

nD9) 

115 

514 

12 

— 

BW 

ISM 

- 

IWtover 

1050 

50ft 

66ft 

BOft 

14ft 

2B 

39ft 

no9® 

1100 

16 

43ft 

58ft 

43 

53ft 

65 

Zenera 

700 

5014 ' 

72ft 

B4K 

7 

21 

32ft 

1*738 ) 

760 

19ft 

44 1 

56ft : 

?7ft 1 

42ft 

56 

Option 


m 

<teB 

Nov 1 

May 

Aug_ 

Nov 

Saai MU 

460 : 

MU' 

47ft 

57 

9ft 

18 

24 

T482 ) 

500 

14 : 

78ft: 

96ft 

29 

38ft 

44 

LadbroM 

200 

17 

20 

30 

7 

12ft 

19 

(-208 1 

220 

7 

15 

21 

18 : 

23ft 

30 

Utd Btscuas 

330 

12ft 

22 : 

28ft 

18 » 

24: 

30ft 

1*332 ) 

360 

3ft 

12 

T7 ■ 

93ft 

46ft! 

50ft 

Option 


Ur 

ton 

S«P 

Mar 

Jui 

Sep 

Rams 

130 

"ST 

13ft 21ft 

4ft 

mT 

16ft 

P31 ) 

140 

2 

9 

IB 

11 

16 

22ft 

Option 


—7 

£5L 

Nov : 

May 

*4) 

Nov 

Brit Aaro 

"551 

SOW 1 

raft 1 

36ft 

23 

40 : 

53)4 

fSIB) 

550 

31 

46 1 

53ft 

50: 

87ft 1 

79ft 

bat mis 

460: 

28ft 

38 

48 

is: 

34ft 

32 

("477 ) 

500 

9 

10ft 

Z7 ' 

(2ft' 

49ft: 

58ft 

BTR 

360 

34 ' 

46ft 

53 

5 

914 

15 

n89) 

390 

17 

25 

36 

16 

22 : 

29ft 

Bril Tdacsm 

390 

34 

42ft 

47 

3W 

12 

16 

(■417 ) 

420 

14 

24 

30 

14ft 

26 , 

30ft 

CaduniGch 

453! 

38W 

- 

- 

6 

- 

- 

r*«2 1 

493 

13 

- 

- 

20 

“ 

- 

EasaraBa 

600 i 

15ft: 

58ft 1 

3ft 

9ft 

25 

32 

1*631 > 

650 

1714 : 

32u: 

am 

33 : 

51ft, 

58ft 

GdBnsa 

500 : 

71ft 

3514 

48 

X 

35 

44 

rso3» 

550 

5ft 

V 

29 1 

S3ft 

69 

75 

ere 

300 

22 

27 

32 

6' 

13ft 

17 

T314 ) 

330 

B ' 

lift 

17 : 

22ft 

30 

34 





Cals 

— 

— 

PlriB 

— 

Option 


Hoy 

Aug 

Nov 

May 

Aug 

Nov 

Kansnt 

260 

22 

26ft 

30ft 

Sft 

7ft 

11 

(-277 ) 

280 

8Vr 

15ft 

19ft 

11 

16 

20 

Laano 

130 

12 

18ft 

ZSft 

10ft 

16 

20ft 

1*131 1 

140 

7- 

14W 

18ft 

17ft 

22W 

20ft 

Lucas rids 

200 

17W 

25 

29ft 

7 

12 

17 

(*211 1 

220 

7 

14W 

IBM 

17ft 

23 

29 

P & 0 

650 

38 

SBft 

68ft 

20ft 

36 

51ft 

(-6® ) 

700 

14W 

35ft 

47 

50 

65ft 

82)4 

PMngton 

100 

20ft 

26 

30 

4 

9 

lift 

na 1 

200 

8 

14ft 

19 

13 

18W 

21 

Pndwtal 

300 

22)4 

28ft 

34 

7ft 

12ft 

IBft 

(-319 J 

330 

BW 

14ft 

20ft 

2Gft 

30ft 

35 

RTZ 

800 

M 

68 

100 

14 

27ft 

41 

1*844 l 

050 

34ft 

58ft 

72ft 

34 ft 

49ft 

64 

Ftatond 

550 

27ft 

30 

40ft 

26 

34 ft 

50 

(-502 1 

E00 

8 

IBM 

28ft 

63ft 

88ft 

81 

Royal Insca 

260 

27ft 

37 

42ft 

6 

12ft 

18 

rm j 

280 

16 

26 

32ft 

15 

21ft 

28 

Tasco 

220 

12 

19 

24ft 

12 

16ft 

Z1W 

C223 1 

240 

4ft 

11 

16ft 

27 

30 

33ft 

Vodatom 

550 

«ft 

62 

77ft 

16 

28ft 

30ft 

rsrs ) 

EDO 

18)4 

37ft 

53W 

42 

55ft 

65W 

WUnra 

300 

23 

SOW 

SB 

13 

1954 

27 

1*402 ) 

420 

a 

17 

25 

32ft 

37ft 

43ft 

Opflpn 


Apr 

M 

Oct 

Apr 

Jui 

Oct 

BAA 

950 

53)4 

74 ft 

92ft 

9 

30ft 

38 

(*988 ) 

1000 

23ft 

46 

66 

30ft 

54 

Sift 

Thames Wi 

500 

37V. 

44 

50 

5 

19ft 

24 

(*528 1 

550 

8 

17 

204 

2B 

49 

52 

Option 


Mar 

ton 

Sep 

Mar 

Jun 

Sep 

Abbey Nall 

460 

SOW 

43 

54ft 

1ft 

11 

18ft 

C407 ) 

500 

3)4 

20ft 

33 

16ft 

28ft 

36ft 

Amstrad 

35 

3 

5ft 

7)4 

1 

3ft 

4ft 

(*37 1 

40 

1 

3ft 

5ft 

4ft 

6 

7ft 

Barclays 

500 

35 

51 

63 

1ft 

13 

24 ft 

(*532 ) 

550 

4 

24 

3814 

22ft 

36 

49 

Bkis Onto 

330 

29 

34 v> 

48 

1ft 

11 

18ft 

C3SS) 

360 

6 

18 

30ft 

10ft 

26ft 

34 

Britt* DBS 

300 

11 

18ft 

23 

2ft 

14 

18 

(*308 ) 

330 

1 

5 

11 

24 

33W 

30ft 

Domra 

200 

14ft 

23 

28 

2 

6ft 

IB 

r2n j 

220 

3 

13 

18ft 

12 

IBM 

2614 

tObdMn 

160 

7 

12 

IB 

2ft 

lift 

14 

(*164 | 

160 

1ft 

4 

Bft 

17ft 

26V4 

26 

Lonrho 

1B0 

7ft 

19 

26ft 

4 

13 

IBft 

(163) 

180 

1W 

11 

18 

16ft 

25 

31ft 

MU Power 

420 

31 

42 

48 

1ft 

10ft 

16ft 

(-440 ) 

460 

Sft 

IB 

28 

15ft 

31 

39 

Seal ftwrer 

390 

2D 

33M 

42 

2ft 

10ft 

21 

T407 ) 

420 

an 

I7h 

26ft 

17 

26 

3/ 

Seara 

110 

9 

12 

15K 

1 

4 

e 

ni7 1 

120 

2 

6 

Bft 

4ft 

Sft 

11ft 

Fate 

240 

law 

21 

28W 

2 

11 

IB 

<*253 ) 

SO 

3 

11 

IBft 

Sft 

23 

27 

Tarnac 

174 

IBft: 

24ft 

_ 

1 

7ft 

- 

na») 

193 

4 

14 

- 

Bft 

16ft 

- 

Thom EH 

1100 

35 

7Zft 

94 

6 

30 ! 

58)4 

(*1128) 

1150 

7ft 

48 

67ft 

30 

54ft 

85 

TS8 

220 

IB: 

ZSft 

32ft 

1W 

Sft 

11 

HOG | 

240 

4 

14 

22 

7ft 

16ft 

22 

Tonkins 

240 

17 

25: 

30)4 

1ft 

7ft 

13ft 

f2S4| 

a* 

3 

13W 

19ft 

Sft 

16ft: 

23H 

WdttlM 

m 

30ft 

61 

83 

5 

26 : 

Wft 

("633 ) 

850 

8ft 

35ft 

5714 

25 

54 1 

raw 

Option 


Apr 

Jui 

Oct 

Apr 

Jd 

Oct 

On 

650 

41 

67 

80 

1614 

33ft! 

saw 

(Tffl > 

TOO 

16ft 

4314 

67 

44ft 

60ft 

80 

HSBC 7302b 

950 

45ft 

m 

108 

40ft 

nwi 

90ft 

r*si j 

am 

27 1 

BSft 

M 

71 

904 

116 

Reutara 

2050 

7214 

145 

185 

57 

112 

133 

(*+057) 

2100 

51ft 

119 

189 : 

84ft 

138 

157 

Opiicn 


May 

Aug 

** 

m 

Aug 

Nov 

flefc-foltx 

180 

10ft 

17ft 

22 

10 

15ft 

19)4 

TIB* 1 

200 

Sft 

_9_ 

14 : 

23ft 

27ft: 

31ft 


- Urctartytng security tnte FienM i mi Stewn are 
and on closing oBer prices. 

Uadi 14 Total m ia ou* 31,720 Cola: 19^9® 
Puts. 13240 


|PT GOLD 1 

WINES ih 

IDEX v ... 

' r l 



Ev % rtg 
11 on toy 

Mar Mv Tear 

10 9 age 

Gross dh 

yield K 

52 mask 

Mgb Low 

6oU MlflM MV (34) 

202658 +02 

202254 195038 116359 

155 

2367X0 116359 

■ Begtoml britoe* 

Alma (15) 

AwwbjmW 

Nath America fill 

2748.44 +05 
2543.79 4*2 
1741.67 -oa 

Z73SJS1! 2654.81 13S730 
2441.32 2385.87 1201.06 
17SGD4 1696.72 110396 

551 

1.42 

054 

344050 135750 
301350 1164.72 
2039.65 11(096 


CopynaN. U» Fmnost Timas United 199*. _ „ „ „ 

Rgun n show runMr ot cBmpaniac. Boon UB Dobra. Rasa Valuas: 10000D 31/12*92. 

Prsdscaner Ootd Minas tode* Mar 14: 2113 : day's dunga; +18 ndpts: Yea ogee 9tL0 T Pardat 
Uteft prieoa taiauntapto tor ma edklan. 


RISES AND FALLS YESTERDAY 





(Him 

Falls 

Some 





12 


Other Fixed Interest 



3 

0 

12 

Mineral Extraction 



._ _ .. 113 

21 

71 

General Manufactures 



229 

92 

360 

Consumer Goods 



68 

28 

97 
















183 

46 

182 

Investment Trusts 



203 

22 

235 

Others 



70 

£7 

32 

Totals 



1.090 

317 

1.306 


Dam Posad on ifiooe companies Bated on Ow London Shore Sonnes. 


TRADmONAL OPTIONS 

Fhd DeaBn^ March 7 Last Dedarauons Juno 16 

Lost Daaletga March 18 For settlement June 27 

CaBc Avoaco, Bar 6 WAT A, Brown A Jackson. Canton St Ims, Dares Est, 
Etoo t un nel, Hanson, Kunlcfc, LBMS, Marley, Nestor-BNA, RagaEan. Saatchi ft 
Saatchi. s^nat Prof, TuUow 06, Verson IntL Puts: EurotunneL Martey. Puts S Calls; 
Costaln, EJswtek, FtegaOan, Tarmac- 


LONDON RECENT ISSUES: EQUITIES 


Issue 

price 

P 

Arm 

P»rt 

up 

Mkt 

cap 

(EmJ 

1903704 

High Low Stock 

Close 
price 
p +/- 

Net 

tfiv. 

D*v. 

cov. 

Gn 

p.t 

nel 

. 

FP. 

315 

248 

245 Attrusi N Down C 

246 +1 

- 

- 

- 

- 

140 

FJ>. 

257.5 

170 

163 Alpha Airports 

171 +1*2 

RAW 03 


2.9 

19.5 

- 

F.P. 

1-43 

8 J 2 

1 Scare UK Wits 

fl'j + 1>2 

- 

- 

- 

- 

105 

FP. 

33.1 

118 

101 Coda-data 

106 

flNI .91 

29 

Z2 

17.7 

ISO 

FP. 

995 

148 

147 OiriKdence 

147 

- 

- 

- 

- 

124 

F.P. 

24.0 

186 

142 CSncal Computing 

148 45 

- 

- 

- 

216 

50 

FP. 

1355 

50 

47 &fln New Tiger 

48*2 + 1 2 

- 

- 

- 

- 

130 

FP. 

315 

155 

130 Finchs! 

145 -1 

R13 

2.3 

2J 

18.8 

- 

F.P. 

2.59 

103 1) 

98 Flemoig Japan C 

103*2 

- 

- 

- 

- 

_ 

F.P. 2,5295 £30 It 

£30% FranWto Res 

£30(4 

028c 

- 

06 

- 

170 

FP. 

74.1 

171 

159 Goktsboraugh Hth 

169 

WN3.3 

2.6 

2.4 

18.5 

183 

FP. 

2365 

206 

195 Graham Group 

206 +3>2 

LN4.6 

23 

2.8 

19.7 

- 

FP. 

66.4 

74 

663t Guangdong Dvlpt 

73 +3*2 

- 

- 

- 

- 

- 

F.P. 

550 

29*2 

18<2 Do warrants 

29 +1*2 

- 

- 

- 

- 

100 

FP. 

665 

103 

94 Herald Inv Tst 

101 >2 +1 

- 

- 

- 

- 

— 

FP. 

653 

53 

45 Do Warrants 

51 +1 

- 

- 

- 

- 

- 

FP. 

5385 

495 

468 Mercuy Euro Pnrtn 

468 

- 

- 

- 

- 

50 

FP. 

20.4 

53 

49 AOUvas Inv Tst 

51 

- 

- 

- 

- 

- 

FP. 

2.08 

28 

25 Do Warrants 

26 

- 

- 

- 

- 

. 

F.P. 

554 

200 

198 Ptarmigan Inti C 

199 

- 

- 

- 

- 

125 

FP. 

175 

133 

116 Radstone Tech 

116 -4 

R3.0 

24 

12 

14.7 

100 

F.P. 

575 

98 

9J Saracen Value 

95 

- 

- 

- 

- 

- 

FP. 

456 

43 

38 Do Warrants 

38 

- 

- 

- 

- 


FP. 

683.4 

506 

491 Schroder UK Gwth 

498 +4 

- 

- 

- 

- 

200 

FP. 

325 

218 

208 Intel 

208 

RS* 

22 

3.4 

17.1 

118 

F.P. 

545 

140 

12B Trfng Inti 

129 

RN3.8 

21 

3.7 

15.3 

153 

F.P. 

535 

160 

153 United Canters 

159 

- 

- 

- 

- 


t WimtocUon. 5 Hoang prise. R P. Futysdd jecuray. For coi mpianatwn d oner noma. f*uso idw 
lo tea CUdo to Ote London Shore StMt. 


RIGHTS OFFERS 


Issue 

price 

P 

Amount 

paid 

up 

Latest 

Ramin. 

date 

1993/94 
high Low 

Stock 

Closing 

price 

P 

♦Or- 

92 

Nil 

11/4 

15pm 

11 pm 

Buriord 

12 pm 

-*4 

173 

m 

5/4 

27pm 

17pm 

■JCap. & Regional 

17pm 


4*4 

Ml 

14/4 

6pm 

3pm 

Cara UK 

4pm 

+1 

42 

NS 

14/4 

IBpm 

4pm 

Conrad RHbtat 

4pm 

-‘i 

15 

NI 

25/3 

4pm 

3pm 

Creaton Land 

3pm 


12 

NB 

13/4 

13pm 

10 pm 

Frith 10 Ml 

11 *:pm 

-1 

120 

NI 

21/3 

45pm 

3Jpn 

jOoswanor Inns 

15pm 


315 

Ml 

m a 

Mpm 

52pm 

Weuierepoon JD 

52 pm 



pm Price bz a pomun 


HNANCIAL TIMES EQUITY INDICES 

Mar 14 Mar 11 Mar 10 Mar 9 Mar 8 Yr ago ‘High 'Low 


Ordinary Share 

SSA&2 

2519.7 

2547.2 

Ord. dh#. yield 

XU 

3.66 

3.63 

Earn, ykl % (us 

4.9S 

4.87 

4.82 

P/E ratio net 

21.95 

22.16 

22M 

P#6 ratio nil 

22.82 

2353 

23.47 


2553.0 

2558.0 

22688 

2713.6 

2124 7 

3.62 

3.62 

4J2 

452 

3.43 

4.81 

4.81 

6.07 

A3B 

3.82 

22.43 

22.45 

20.52 

33.43 

19.40 

23.51 

23Ja3 

18^7 

m nn 

18.14 


-For 1993/94. Ordinary Star* mdax stow cra dRflaorc high 271M 24C/94: tow 46.4 
FT Oninary Shan mom base dan 1/7/35. 


Ordbnry Share hourly changes 

Open fl.00 1080 1180 1280 1380 1480 1580 1680 Mflh Low 
26178 25342 2541.6 2546.0 2549.6 25488 2549.9 25448 2545.6 2550 0 2517.3 


Mar 14 Mar It Mar ID Mar 9 Mar B ft ago 


SEAO bargama 
Equity turnover (Ertyt 
Equity bergenst 
Shares iradad Imih 


34,173 


41.061 

1872.3 

45820 

7139 


34.343 

2118.1 

38.825 

760.3 


T Eftdudtog Mm-ntorVcf cuomai and cnarsaas hanewt. 


31,485 

1650.7 

36.793 

606.4 


33509 

1385.5 

36863 

627.B 


30837 

1203.5 

43608 

502.2 






36 



FINANCIAL TIMES TUESDAY MARCH 15 1994 


LONDON SHARE SERVICE 


wawni.'i. 


CV:9rt - 

U.'SJl 


YU 


on 

Pit 

4-6 

« 

15 

302 

36 

16.4 

4.7 

* 

72 

I1JJ 

07 


S3 

75 

19 

112 

55 

4.7 

,9? 

35 

2&S 

68 


88 

- 

3.6 

04 

4 

19 


15 

58 

13 


92 


14 

.. 

04 

_ 

14 

6 

34 

4 

45 

123 

03 


05 

155 

07 

26.7 

41 

14.0 

45 

113 

48 

02 

3.1 

IBB 

05 

SZ9 

04 


17 

109 

95 


04 

292 

08 

745 

4.1 

102 

07 

501 

07 

6Z9 

23 

+ 

08 

S25 


GH 

WE 

4.7 

14.0 

36 


35 

145 

28 


45 


21 

102 

35 

205 

35 

15.0 

11 

143 

35 

315 

- 

545 

1 T 

MS 

OR 

306 

25 

145 

25 

1.66 

14 

17.2 

15 

178 

20 


45 

165 

4.1 

I8-* 

20 

785 

4.1 

112 

31 

143 

IS 

21.7 

4.1 

18.6 


GTS 

nt 

24 

103 

29 

809 

15 

■ 

1.1 

275 

15 

312 

18 

300 

m 


Gra 

WE 

14 

* 

35 

154 

2J 

745 

12 

17.1 

15 

— 

45 

235 

35 

363 

35 

— 

45 

33 

26$ 

55 

190 

15 

447 

12 

140 

20 

as 

45 

95 

20 

18.7 

45 

155 

215 

__ 

12 

— 

50 

18.7 

25 

— 

14 

* 

45 

575 

10 

* 

13 

19.7 

35 

4 

05 

17.0 

13 

170 





5a BIO 

£18 4914 
168 69.1 

S 1J2 
1884 
80 1295 
38 144 

178 895 

98 2&0 

31210,121 
188 688 
164 2003 
27 


m 




tw 


firs 

re 

45 

— 

45 

as 

12 

182 

IS 

185 

20 

34.6 

?4 

isi 

28 

14.1 


05 

02 

119 

1.7 

ISO 

35 


55 


S-2 

17S 

1.7 

45 

23 

is 

4.4 

143 

10 

23.1 

16 

195 

45 

112 

13 

211 


43 

2Z2 

14 

197 

14 

200 

12 

— 

24 

145 

25 

301 

4.1 

79.1 

IS 

1SL7 

40 

145 


209 

21 

— 

11 

180 

44 

1 16 

22 

3Z4 

27 

198 

ZB 

18.7 

21 

200 

12 

15.1 

00 

— 

IS 

* 

11 


29 

156 

4.7 

372 

45 

155 

5.7 

175 

45 

Z7.1 

27 

150 

17 

270 

12 

588 


130 90 

837 475 


47.1 

24 

_ 

(025 

(« 

(76 

735 

040 

05 


105 

128 

1.14 

— 

— 

382 

- 

- 

3540 

IT 

312 

575 

24 


855 

14 

_ 

129 

3.1 

- 

15S 

- 

- 

8518 

- 

04 

1750 

29 

154 

1701 

29 

I&4 

980 

14 


127 

43 

275 

as 

- 

- 

822 

26 

242 

1723 

27 

40. 1 

905 

09 

- 

11.1 

— 

04 

1900 

30 

_ 

3380 

IS 

4 

107 

20 

Ml.t 

U 


1780 

28 

206 

077 

06 

_ 

280 

IS 

341 

Mt 

5.9 

250 

OBI 

or 

- 

227 

47 

170 

502 

1 5 

34 4 

745 

33 

315 

6855 

98 

- 

24914 

98 

240 

5J( 

1 4 


145 

39 

9.3 

404 

35 

(39 

465 

31 

36.3 

30.7 

- 


1700 

JO 

326 

125 

- 

_ 

3.14 

33.7 


35 

249 

16 

* 

13 

177 

125 

- 

55 

_ 

27 

327 

28 

300 

12 

195 

ID 

2M 

7.4 

: 

05 

284 

13 

— 

55 

195 

28 

2 52 

35 

— 

28 

210 

28 

Z7.1 

24 

- 

45 

75 

27 

♦ 

02 

17.4 

15 

415 



m 


07 

M2 
330 379 

120 88 

132 89 

110 70 

STS 369 
408 382 

170 12B>j 
2M 134 
81 
180 


10 
15 
10 
08 
MOB ZB 
BOB 1.6 
1103 55 

nut is 

204 15 

303 

202 1.6 

492 41 

0125 20 

313.1 32 

88.1 

281 104 
185 

U 
35 
42 
35 
20 


145 75 80 

735 15 - 



3G 


151 

ma 
nos 
94.1 
758 
MJ 
OBJ 
252 
8835 

ms 
no 

220 1785 
807 9m 
3B 757 

4 159 
06** 1115 
150 37M 

5 215 
IIS 4712 

IS 7985 
£B*z 1514 
Oh 257 
14 

161 825 

4*1 205 

190 1535 
£43| 4BU 
7*2 15.1 

18 105 

58 124 
£18 7561 

49 t&S 
2h W 
2*1 722 

360 7040 
I2h 850 
154 2175 
45 270 
26 2414 
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1 




38 


FINANCIAL TIMES TUESDAY MARCH 15 1994 , 

















































































































































































































































FINANCIAL TIMES TUESDAY MARCH 15 1994 






























































































































SS15333SS5338S 


























































































42 


FINANCIAL TIMES TUESDAY MARCH 15 1994 


CURRENCIES AND MONEY 


MARKETS REPORT 


POUND SPOT. FORWARD AGAINST THE POUND 


D-Mark moves lower 


What Foreign exchanges lacked 
in trading activity yesterday, 
they made up in policy specu- 
lation as both the D-Mark and 
sterling weakened amid height- 
ened expectations of interest 
rate cuts, unites Philip Gawith. 

In Germany the catalyst was 
the heavy political defeat for 
the ruling CDU party in the 
Lower Saxony parliamentary 
election, and bullish inflation 
comments from Mr Hans Tiet- 
meyer, the Bundesbank presi- 
dent. 

In the UK, better than expec- 
ted producer price figures 
again focused market attention 
on the prospect of Lower inter- 
est rates. 

The dollar had a quieter day 
after the tribulations of last 
week. The release of February 
producer inflation figures 
today - and consumer numbers 
tomorrow - will, however, 
return it to centre stage. 

The Bundesbank repo 
announcement today will also 
be closely watched for indica- 
tions of the pace of monetary 
easing in Germany, and hence 
Europe. 

■ The D-Mark was softer 
across the board yesterday 
ahead of the repo announce- 
ment In each of the past two 
weeks the Bundesbank has 
trimmed the repo by three 
basis points. 

The German currency closed 
In London at FFr3 -396 from 
FFr3.402 against the French 
franc; at L988.1 from L990.9 
against the Italian lira; and 
Pta81.94 against the Spanish 
peseta from Ptafi&tt. 

Although the CDU’s poor 
showing in Sunday's election 
was not unexpected, it 
reminded the market that 
some political risk must attach 
to a country that Daces 19 elec- 
tions in seven months. 

Of greater importance were 
Mr Txetmeyer’s co mmen ts that 
he expected German consumer 
inflation to move below 2 per 
cent. 

Mr Avinasb Persaud, head of 
currency research at JP Mor- 
gan (Europe), said the Euro- 
mark contracts in the futures 
market “showed some halting 
of the interest-rate pessimism 
of last week." The June con- 
tract rose by four basis points 
to 94.56, indicating that the 
market expects rates to fall by 


St ortin g 

Against the O-Mark (DM per Q 
2.92 



■ Pound la Not Yortt 


Mir 14 

Espot 
i mb 
3 d* 

lyr 


1.4930 

1.4828 

1.4901 

1.4847 


- Pm. don- 
1.9000 
1.4979 
1.4962 
1.48S8 


50 basis points over the next 
three months. The repo rate is 
currently at 5.94 per cent 

Analysts believe the Bundes- 
bank has scope to cut interest 
rates more aggressively. Com- 
pared. with conditions when 
the discount rate was lowered 
in mid-February, the D-Mark Is 
now much stronger, key wage 
settlements have been very 
modest and the inflation out- 
look is better. 

Of the Bundesbank's inter- 
mediate targets, only M3 is out 
of line. Ironically, the 21.2 per 
cent growth in January was so 
bad that analysts argue that 
credibility could actually be 
lost if too much attention is 
paid to it 

The Bank of France yester- 
day left its intervention rate 
unchanged at 6.10 per cent. 
Although the DM/FFr 
exchange rate remains fairly 
stable, dealers report evidence 
of greater volumes in this cur- 
rency pair. 

■ Sterling weakened yesterday 
when the release of better than 
expected February producer 
inflation numbers renewed 
speculation about an interest 
rate cut. Output prices for 
manufactured goods rose by 0.1 
per cent last month, slower 
than the 03 per cent forecast 
by economists for February, 
and also below January's 03 
percent increase. 

The Bank of England's ster- 
ling exchange rate index fin- 
ished at 80.6 after opening at 


803. The UK currency closed 
slightly higher in London at 
DM2.5254, from DM2.521, 
against the weaker German 
currency, but was down com- 
pared with the dollar. It fin- 
ished at £1-4945 from $13025. 

Mr Mark Geddas, treasury 
economist at Midland Global 
Markets, said the numbers 
Indicated a “total lack of infla- 
tionary pressures,” and gave 
the government more flexibil- 
ity about a future rate cut. 

Mr Robert Thomas, bond and 
currency strategist at Natwest 
Markets, said he thought the 
government was more con- 
cerned about conditions in the 
real economy than inflation. 
He predicted that the govern- 
ment might wait for a general 
lowering of European rates. 

Sterling futures responded 
positively with the June con- 
tract up by two points to 9434. 
The March 1995 contract rose 
by five points to 9434, indicat- 
ing that the market is expect- 
ing base rates of 5.76 per cent a 
year hence - 50 basis points 
above the current level of 535 
per cent 

In the cash market sterling 
three month money was 
unchanged on the news at 5£ 
per cent In the discount mar- 
ket the Bank of England pro- 
vided £375m late assistance. 
Earlier it had provided the 
market with £999m of liquidity, 
compared to a revised shortage 
of £1.45bn. The overnight rate 
reached a high of 7 per cent 
during the day. 

■ The dollar was steadier 
ahead of today’s important 
February producer inflation 
release. Ever since the Fed 
tightened policy on February 4. 
financial markets have been 
nervous about resurgent infla- 
tion in the US. 

The US currency finished 
one mark up against the 
D-Mark at DM1.6898 from 
DM1.6779. Helped by the reso- 
lution of the Motorola cellular 
phone case, it also finished 
firmer against the yen at 
Y 105380 from Y105.125. 


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Austria 

(SCft) 

17.7678 

*0.0683 

662 - 793 

172229 17.7508 

17.784 

ax 

17.7584 

OX 



11SX 

Btogum 

(BFr) 

52J1116 

-0005 

733 - 489 

502517 512733 

62.0618 

-IX 

62.1666 

-1.1 

63.4018 

-0.7 

114X 

Denmark 

(DKd 

92355 

-00106 

307 - 402 

08913 9.8307 

9X445 

-i.i 

AL8882 

-IX 

9X94 

-06 

1188 

Finland 

<m 

82122 

-02148 

019 - 224 

6-2580 8.1030 

to 


- 

to 

- 

- 

81X 

France 

IFR) 

&67SS 

+00028 

748-860 

&B153 8-5771 

8X894 

-IX 

8X051 

-IX 

Rmn 

-OX 

1007 

Germany 

(DM) 

2-5254 

+00044 

241 -266 

22366 22225 

2X274 

-IX 

2X304 

-ox 

2X308 

-ox 

123X 

Greece 

(Dr) 

363.096 

+098 

873 - 518 

368^03 367.106 

- 

- 

- 

- 

- 

- 

- 

Ireland 

TO 

1-0398 

-0001 

387 - 409 

10449 1JK383 

1X408 

-IX 

1.0423 

-1.0 

1X481 

-ax 

1Q2X 

Holy 

(U 

2484.70 

-328 

311-628 

2504.60 2491.17 

2601 X 

-3X 

2S18X8 

-3X 

2667X0 

-ax 

75.7 

Luxambomg 

(U=d 

5243116 

-0205 

733 - 489 

622517 81^733 

62.0618 

-IX 

82.1568 

-1.1 

62.4016 

-07 

114X 

Netariands 

FH 

22386 

♦00032 

349 - 383 

Z8482 Z8304 

2X372 

-OX 

2X381 

-02 

2X3S 

ai 

lias 

Norway 

(NKr) 

102274 

-00154 

999 - 39G 

11.0067 10*160 

10X217 

0.6 

10X343 

-OX 

10X254 

ax 

85.0 

Portugal 

(Ha) 

259.072 

-1-238 

781 -383 

260.837 258*11 

260X47 

-4X 

261X92 

-4X 

- 

- 

— 

Spain 

(Pta) 

206284 

-0481 

740 - 026 

208*26 206*32 

307.488 

-3X 

20B.5&) 

-32 

212X74 

-2X 

88.1 

Sweden 

(SKf) 

11.7386 

-00285 

289 - 480 

11*276 11.7141 

11.7586 

-2.0 

11.794 

-IX 

11X03 

-1.4 

78.8 

Switzerland 

(SFr) 

2.1409 

+0.0118 

394 - 423 

2.1423 2.1267 

2.139 

IX 

2.1365 

IX 

2.1128 

IX 

117X 

UK 

w 

- 

- 

- 

- 

- 

- 

- 

- 

to 

- 

- 808 

Ecu 

— 

1-3074 

+02015 

008-081 

1*109 1*057 

1X089 

-IX 

1X111 

-1.1 

1X164 

-07 

— 

son 

- 

3.938206 

- 

- 

to 

- 

- 

- 

- 

- 

- 

- 

Amarieas 

Argentina 

(Peao) 

1.4942 

-00081 

938 - 947 

15009 1.4838 


- 

_ 


_ 

_ 


Bracdl 

(CD 

1111^40 

+11.42 

102 - 178 

1114.00 1094.00 

- 

- 

- 

- 

- 

- 

— 

Canada 

<CSJ 

22325 

-00123 

314 - 335 

2.0438 2.0314 

2.0338 

IX 

2X276 

IX 

2X2S8 

OX 

as x 

Mexico (New Peed) 

42796 

-02712 

704 - 887 

48887 4.B030 

- 

to 

- 

- 

- 

to 

- 

USA 

m 

1.494S 

-0008 

940-960 

1^005 1.4940 

1.4923 

IX 

1.4899 

IX 

1X844 

07 

66.1 

PocWc/Wdtoe East/AMce 
Auatrate (AS) 2.0807 

-0.0338 

785 - 828 

2J1999 20785 

2X792 

ox 

2X768 

0.7 

2X749 

OX 

_ 

Hong Kong 

(«CS) 

11.5468 

-02808 

422 - 514 

11.5981 11^422 

11X338 

IX 

11X284 

as 

11.4793 

OX 

— 

India 

(R^ 

462825 

-0L2S1 

630-019 

47.0830 480830 

. 

- 

- 

- 

- 

- 

- 

Japan 

(V) 

166238 

+0287 

140 - 336 

168.190 157030 

157X48 

3X 

157.143 

2X 

153X63 

28 

183-9 

Mtoaysta 

IMS) 

4.0722 

-00161 

689 - 754 

4X835 4X682 

- 

- 

- 

- 

- 

- 

- 

Mow Zealand 

(NZS) 

22949 

-00264 

924 - 973 

2-6123 2X924 

2X978 

-IX 

2X021 

-1.1 

2X107 

-OX 

- 

PhBppinea 

(Pe«4 

41,1738 

-02204 

356 - 115 

41.4115 40X358 

- 

- 

- 

- 

- 

- 

- 


Saudi Arabia 


[SR) 


S Africa (CofnJ 
S Africa (Fin.) 
South Korea 
Taiwan 
Thatend 


<R) 

R 


5.1572 

6.7589 


5.6277 6,6019 

25780 24862 - - - - - 

5.1861 5.1802 - - - 

64521 6.7491 - - - - - 

1209.81 1204.76 - - - - 

39.6100 39.4267 - - - 

374650 374131 - - - 

ISOflwMfty My ii. Bkte l ta rer ead tatha Found Spot MHe draw otay the mi lw d«*td ptacre. Forewd wire we not moody quoted mi 
but an Impanel bt amn Mrat im. Swung Max erioteui by Bw* of Butane Dm mag* isu ■ i004kt OH* and HMM ki Dot 

the Mar Spot Beta Mhed tram THE WMfflSJIBRS CLOSWQ SPOT RATES. Soma tarn* am ranted by <ho F.T, 


54042 -0-0299 019 - 004 

24678 -0.0122 882 - 683 

+0.0021 543 - 600 
-007 491 - 688 
-5.77 476 - 587 
(TS) 39.4396 -01888 267 - 531 

374406 -0.1575 131 - 684 


(Won) 120342 


DOLLAR SPOT FORWARD AC 




Mat 14 e 3 

tagary 154.405 - 1 54S83 101360 - 101400 

tan 2616.00 - 262240 174840 - 175000 

Kuwait 0.4445 - 0.4455 02975 - 02975 

Pound 32708.1 - 327504 218934 - 210910 

Rada 2504.75 ■ 257225 170740 - 171240 

UAE 14811 • 5.4823 34715 - 16735 


Mar 14 

Ckratag 

mid-paint 

Change 
an day 

Bid/offer 

spread 

Day's rM 
high km 

Ona month Three months 
Rata ftPA Rato MPA 

One year JP Morgan 
Rata %PA Max 

Europe 

Austria 

(Seh) 

11.8888 

+01088 

850 - 925 

11.8925 11.8800 

11X093 

-2-1 

11.8363 

-1.8 

11.9483 

-05 

102-2 

Belgium 

(BFr) 

34X020 

+0182 

880 - 160 

34X870 34.7300 

34.887 

-2.9 

35.007 

-2.4 

35302 

.-IX 

104.4 

Denmark 

[DKr) 

8X811 

+0028 

801 -821 

BX023 8.5789 

6X906 

-ax 

Q.8198 

-2-3 

6X611 

-IX 

104X 

Finland 

(FM) 

5.4949 

+00133 

899 - 009 

5X109 6.4779 

5.6006 

-IX 

6X059 

-08 

52111 

-OX 

704 

Franca 

CFFr) 

5.7410 

+0.0322 

395 - 42S 

6.7490 0.7310 

5.7568 

-3.1 

6.7758 

-ax 

5X132 

-IX 

105X 

Germany 

(D) 

1X898 

+0X119 

895 - 900 

1.0921 1X855 

1X938 

-2.7 

1X984 

-2.0 

1.7049 

-09 

104.9 

Greece 

(Dr) 

246X00 

+1X5 

100 - 500 

248.500 245.700 

249X5 

-17X 

2S8X 

-17.1 

286X 

-15X 

712 

(refund 

TO 

1.4373 

-00064 

363 - 383 

(.4430 1.4361 

f.4336 

23 

1.4263 

23 

1X148 

IX 

- 

Italy 

U 

1669XS 

♦07 

876 - 975 

1871X6 1000.74 

1678X6 

-52 

16803 

-4.0 

1729X6 

-3.6 

702 

Luxembourg 

(LFt) 

34X020 

+0.182 

880 - 180 

34X870 34.7300 

34X87 

-2-9 

36.007 

-2-4 

38X02 

-1.4 

104X 

Netherlands 

m 

1X980 

+00122 

975 ■ 965 

1.9009 1X940 

1X012 

-2.1 

1X049 

-12 

1X094 

-06 

103X 

Norway 

(NKr) 

7X117 

+00288 

107 - 127 

7X438 7X730 

7X224 

-IX 

7X348 

-IX 

7X477 

-OS 

901 

Portugal 

(E9) 

173X50 

+0.1 

200 - 500 

173X60 173X00 

174X3 

-6X 

176.79 

-06 

18095 

-4.4 

92X 

Spain 

(Pta) 

138-430 

+0.43 

380 - 480 

138.730 138X40 

139.04 

-SX 

139.985 

-42 

143X89 

-32 

803 

Sweden 

(SKr) 

7X346 

+00229 

507 - 582 

7X816 7X329 

7X816 

-4.1 

7X188 

-3X 

8.0196 

-2.1 

SIX 

Switzerland 

(Sft) 

1.4325 

+00155 

320 - 330 

1.4330 1.4218 

1.4333 

-07 

1X333 

-OX 

1X234 

08 

104X 

UK 

K3 

1/4945 

-0008 

940 - 950 

1X005 1.4940 

1.4923 

IX 

1X899 

IX 

1.4844 

0.7 

sax 

Ecu 

- 

1.1432 

-00075 

429 - 434 

1.1488 1.1429 

1.14® 

3.1 

1.1384 

2X 

1.1277 

IX 

- 

SDR 

- 

1.40468 

- 

- 

- 

- 

- 

- 

- 

- 

to 

- 

Americas 

Argentina 

(Peso) 

0X898 

-0X001 

997 - 998 

1X000 0X880 

m 

_ 

_ 


_ 



Brazil 

(CD 

743X60 

+11X86 

655 - 066 

743X76 743X55 

- 

- 

to 

- 

- 

- 

- 

Canada 

(CS 

1X600 

-00009 

597 - 802 

1X821 1X590 

1X603 

-OX 

1X800 

-OX 

1.3864 

-OS 

84X 

Mexico (New Peed) 

3X650 

-0X9 

600 - 700 

3X700 3X800 

3X668 

-06 

3X894 

-05 

3X8 

-05 

- 

USA 

m 

- 

. 

- 

- 

. 

to 

- 

to 

to 

to 

teas 

PadflcfflBddle EasVAMca 
Audrain (AS) 1X922 

-0015 

912 - 931 

1X990 1X889 

1X9S3 

-09 

1X981 

-1.1 

1.4037 

-08 

87X 

Hraig Kang 

(HKS) 

7.7282 

+0X007 

257 ■ 287 

7.7276 7.7257 

7.7288 

-Ol 

7.7309 

-OX 

7.7497 

-03 

- 

Irate 

IBs) 

31.3700 

to 

675 - 723 

31.3750 31X850 

31.435 

-2X 

31X7 

-2.6 

to 

% 

to. 

Japan 

(Y) 

105X80 

+0755 

850 - 910 

105X10 105X80 

106.775 

IX 

106X75 

IX 

103X6 

2.1 

14SX 

Malaysia 

(MS) 

2.7246 

+0.0038 

235 - 260 

2.7260 2.7220 

2.7188 

2X 

2.7023 

3X 

2.7748 

-IX 

- • 

New Zealand 

(NZS) 

1.7363 

-00097 

352 - 373 

1.7403 1.7352 

1.7379 

-1.1 

1.7424 

-IX 

1.7666 

-IX 

- 

PhBippines 

(Petra) 

27X300 

- 

000 - 000 

27.7500 27.4000 

- 

- 

- 

- 

- 


- 

Saud Arabia 

|SR| 

3.7499 

+0X001 

488 - 601 

3.7501 3.7496 

3. 7323 

-OX 

3.7567 

-07 

3.7764 

-0.7 

to- 

Singapore 

(ss 

1X843 

+00003 

838 - 848 

1.5848 1X835 

1X843 

Q.0 

1X843 

oo 

1X078 

-IX 

- 

S Africa tComJ (TO 

3.4308 

+0.0198 

500-515 

3.4615 3.4400 

3.4081 

-5X 

3X941 

-63 

33013 

-41 

- 

9 Africa (Fin.) 

(H) 

4.5225 

-0.0225 

175 - 275 

4X800 4X175 

4X535 

-ax 

4X175 

-ax 

- 

- 

- 

South Korea 

IWorfl 

806X00 

+0.45 

400 - SCO 

807.600 806X00 

809X 

-42 

813 

-ax 

8312 

-3.1 

- 

Taiwan 

rrs) 

28X900 

+0.015 

900 - 900 

26.4000 26X900 

28.4825 

-4.7 

26.64 

-3 X 

- 

. 

- 

ThaBand 

(BD 

25X200 

+0X3 

100 - 300 

26X300 25X100 

26X9 

-3-3 

25X3 

-32 

25X7 

-IX 

- 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Mar.14 BFr DKr PRr DM 


K 


n 


NKr 


Pta 


BKr 


SFr 


e 


cs 


Ecu 


Mg turn 


(BFr) 100 18.91 16.50 4.855 2.000 4797 5.455 21.02 4982 3973 22X7 4.117 1.923 3.907 2473 3042 2X13 


EM3 EUROPEAN CURRENCY UNIT RATES 

Mar 14 Ecu can. Rato Change MW-ltam 96 spread 
rtoas agakntEcu on day 


can. me 


Dtv. 

v auto m at bid. 


Denmark 

(DKr) 

52X8 

10 

8.724 

2267 

1.057 

2S37 

2.885 

11.11 

263X 

2104 

11X4 

2.177 

1X17 

2.088 

1210 

1609 

1X29 

IrelHMt 

0808628 

0796930 

-0000832 

-127 

4X8 

Ranee 

(FFr) 

6062 

11.46 

10 

2.943 

1X12 

2908 

3X07 

12.74 

302.0 

241.1 

1368 

2X95 

1.166 

2X68 

1.741 

1B4X 

1223 

Netherlands 

2.19672 

2.17218 

*0X0277 

-1.12 

3X8 

Germany 

(DM) 

2080 

3X95 

3X88 

1 

0412 

988.1 

1.124 

4X23 

102X 

81X4 

4.850 

0X48 

0386 

0805 

0.692 

82.65 

0218 

Belgium 

402123 

39X493 

-0X403 

-090 

3X6 

Ireland 

OE) 

5001 

9.457 

0250 

2.426 

1 

2399 

2-728 

1051 

249.1 

1909 

11X0 

2X59 

0862 

1.064 

1.437 

152.1 

1X57 

Germany 

1X4984 

1X3233 

+000197 

-089 

3X4 

Italy 

(U 

2X85 

0X04 

0.344 

0101 

0042 

100 . 

0114 

> 0438 

10.38 

6X93 

0471 

0X68 

0X40 

0081 

0X60 

0341 

0052 

France 

063883 

828058 

+0X0212 

047 

2X4 

Netherlands 

(FT) 

1033 

3.487 

3X24 

0X90 

0X67 

8792 

1 

3X53 

91X3 

72X3 

0138 

0.756 

0352 

0716 

0227 

55.76 

0461 

Denmark 

7X3878 

723918 

+000023 

1X8 

1X3 

Norway 

(NKr) 

4726 

8X98 

7X50 

2.310 

0X52 

2283 

2296 

10 

237.1 

1892 

1074 

1X59 

0915 

1.859 

1X67 

144.7 

1.196 

Spain 

154X50 

158X55 

-0872 

2.68 

006 

Portugal 

(Efl) 

2007 

3.798 

3.311 

0X75 

0X01 

962X 

1.095 

4X18 

too 

79X5 

4231 

0X26 

0X86 

0.784 

0577 

61.08 

0204 

Portugal 

192.864 

198.101 

-1.063 

2.72 

0X0 

Spain 

m 

35.14 

4.754 

4.147 

1X20 

0503 

1306 

1X71 

5X83 

125X 

?oa 

5.074 

1.035 

0483 

0982 

0722 

78X6 

0X32 







Sweden 

(SKi) 

44X0 

8X77 

7X08 

2.151 

0886 

2125 

2X17 

9X10 

2207 

1782 

10 

1X24 

0-862 

1.731 

1X73 

134.8 

1.113 

NON ERM MEMBERS 





Switzerland 

(SFi) 

24X9 

4294 

4X07 

1.179 

0.488 

1165 

1X25 

5.105 

121 X 

9084 

6.483 

1 

0.467 

0X40 

0896 

73.89 

0610 

Greece 

264213 

281.158 

+013 

8 X8 

-3X6 

UK 

ra 

52X1 

9.035 

8.580 

2225 

1.040 

2495 

2.837 

10X3 

239.1 

206.9 

11.74 

2.141 

1 

2X32 

1.484 

1682 

1X07 

Italy 

1783.19 

1910X5 

-084 

625 

-320 

Canada 

PS 

25X0 

4.840 

4X22 

1X43 

0512 

1228 

1.396 

5X79 

1272 

101 X 

5.778 

1.054 

0.492 

1 

0.736 

77X5 

0X43 

UK 

0788749 

0764633 

-0X01338 

-2X2 

5.71 


US (9 34-81 6.583 6.743 1480 0.696 1670 1.839 7218 173.4 1382 7458 1.433 0-069 1260 1 

Japan (Y) 328.8 62.17 5424 15.96 8474 15771 1743 69-09 1638 1308 7421 13-53 6221 1244 9-444 

Ecu 39.79 7.525 6.565 1232 0.796 1909 2.171 8263 1982 1562 8482 1438 0.765 1455 1.143 

Van par 1.000; Danun Kramr. Frendi Franc. No oio^i n Kroner am S —atoi Kronor par 10s Belgian Franc, Escudo. Ura and Fuata per IQa 


1054 

1000. 

1214 


0475 

8262 

1 


■ P-MAHK FUHJWBS (Hfl4) DM 12S400 per DM 


■ JAPAMBSa WH roiUHES PMM) Yen 124 par Yen 100 



Open 

Lalaat 

Change 

rtgh 

Low 

Eat vol 

Open hit 


Open 

Latest 

, Change 

Hflh 

Low 

Eat vd 

□pan int 

Mar 

0.5922 

05930 

■00008 

02831 

02922 

9.647 

55X81 

Mar 

0X516 

0X470 

-0X047 

0.8516 

0X451 

8.471 

46X53 

Jim 

02888 

06899 

-00009 

05603 

02879 

80X78 

84,892 

Jun 

0X517 

0.9506 

-0X048 

0X520 

0X486 

22,703 

45.504 

Sap 

02870 

02860 

-0X010 

□2880 

02889 

184 

2.702 

Sep 

- 

09605 

- 

- 

- 

195 

1X48 


-0 

-19 

-13 


Ecu centre! rate aet by aw Euopean Cum idMl n a Qx io ncW am h deg u a mJ Ing itoadim mangm. 
Percentage changm w* lor Goo a potatoe ofanga tenote a war* Conner. Otaganoa ohoam the 
redo tarewn tiro spreads die paroaraaga rtW wen re hwtewn lha actual madaH and Ecu eanM ram 
tor e currency, and ttw madnaan u o ra nme d peroreage dramon tola owenc/a marXat rota tom to 
Ecu central rale. 

(1 7AV9S) Swing and BaBan Lira suspended from EM Acgmenent catcUatad by Bw RnancW Ttoisa. 
■ WLMBtfta SB tft OPI5QWS E31250 (canto per pouraj 


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toMtomto-totaBaaMtotowi 

remmu. — . . .Tag toJM l t» t-Mto 

2ZG.000-e«Um I 4J0 331 1 439ls-M0i 

EKU3Q0-+24i»90 400 300 4-04 B-«3) 

BtoWW. - — 1278 US I lOZU-MOl 

^ ii I inlt-Mk 

128 144 J fail. 

225 ml 220l5-4«B 


ill Co UP 

071 

|U0 4.13 030 
Im 431 I 987 


-002 BOOS 
80 MW 
87 MW 


J. Hoary Sdradsf' 

naCMankw,Uaon 

e^DPtoaMatowrl 

Woetaoi noot Mgh WsreatCtaqaa tee 
n»Mmaicotata*a«Oinj ia o?s2Mi4i 

tiyWk- 1 473 130 I 48*1 Or 

CSA00-n4« .1430 338 458) 00 

□jMM4jt0a I 439 110 I 432 1 Ok 



430 338 453 e-M 

SOI 220 I 328 8-MS) 

273 ZM 277 8-MSI 

1 231 ml uBle-Hb 

3HB aw HOcataait 74 081-4MH2B 


■KB- Mac QataM am to Wren pawta <** 
■tow aorta at we dataoa s t BaaM nto Moana to. 
HK na to MHI «MHa tow aMta to toMM to 
Ba* wk maaa wr. Mat CNk Qoaa ta aonaOtoto u 
na wuiu o to ca m a noi to nsm mu gear an 
■a a pear, ’cmvasadan mnto Mr. totew ftrauam 
« tack imwi la ttara to ■» amta 


(1MM) SFr 125,000 per SFr 


■ STBtUNO FUTUHBS (IMM) C82400 per E 


Mar 

07025 

07028 

-0X002 

0.7030 

07023 

6X37 

22X21 

Mar 

1.4970 

1X970 

-0.0032 

1.4980 

1.4980 

3X67 

20263 

Jun 

07020 

0.7022 

-02004 

07028 

07008 

22X74 

33,951 

Jita 

1.4940 

1.4916 

-0X038 

1.4846 

1.4900 

13.624 

24X84 

Sap 


0.7033 

- 

- 

07030 

209 

289 

Sep 

1.4900 

1.4894 

-0.0026 

1X800 

1.4884 

26 

827 









Dec 

- 

1.4880 

- 

- 

1.4890 

3 

30 


Straw 

Price 

Apr 

- CALLS - 
May 

Jun 


— PUTS — 
May 

Jun 

1.400 

9X6 

9X0 

9X8 

- 

007 

0X7 

1X25 

6X8 

6X8 

7.18 

0X4 

0X7 

059 

1X00 

4X0 

4X8 

5X3 

025 

007 

1.18 

1X76 

2.85 

3.13 

3X0 

079 

1.40 

1X9 

1X00 

1X9 

1X5 

2X7 

1X8 

2X1 

3.14 

1X25 

0X1 

0X8 

1X5 

3X3 

4.12 

4X0 


WORLD INTEREST. RATES 


MONEY RATES 

March 14 Over One Three £5* 

right month rntho mths 


■ THHEE MOMTH BUROMARK PUTUBCS pJFFE)* DM1 m points ol I00K 


year 


Betgkan 

weak ago 


week aQQ 
Germony 
week ago 
Ireland 
week ago 
Italy 

wntoc ago 
Netheriontto 
week ago 
Switzerland 
week ago 
US 

week ago 


week ago 


84 

6ft 

525 

6.05 

84 

04 

84 

a* 

5.53 
5-53 
4 
4 'A 
34 
34 
2ft 
2i 


6ft 

6ft 

m 

6ft 

6X0 

6.00 

64 

84 

84 

64 

5.49 

549 

44 

44 

3ft 

3ft 

2ft 

2ft 


6ft 

6ft 

6ft 

6ft 

5.85 

5-85 

6ft 

6ft 

84 

84 

5.30 

5.26 

44 

4ft 

aa 

38 

2W 

24 


84 

6ft 

64 

04 

5.65 

5.72 

6ft 

6ft 

84 

84 

5.21 

5.18 

44 

4 

44 

44 

2ft 

2ft 


84 
84 
53 
53 
5.43 
5.48 
Bft 
6ft 
64 
ai 
5.18 
5.13 

33 6.625 
33 6.625 

4ft 
4ft 

2fl 

24 


Lamb. 

Ota. 

Repo 


Open 

Settpnoe 

Change 

High 

Law 

Est vd 

Open tat 

Intw. 

Ida 

rate 

Mar 

94.13 

94.13 

- 

94.14 

94.13 

5248 

127744 


5.00 


Jun 

94.56 

94.66 

♦0X4 

94X7 

94-54 

41547 

244675 




Sep 

94.77 

94X2 

+0X7 

94.83 

94.77 

19348 

158981 

6.10 


7.75 

Dec 

94X4 

94X6 

+0X6 

94X7 

94X2 

14703 

148700 

6.10 

- 

7.75 

■ THRU MONTH BUROURA HTJUTC FUTURZS (UFFE) LIOOOlTl points at 1Q0W 

0.75 

6.76 

5X5 

5X5 

6.94 


Open 

Sett price 

Change 

High 

Low 

ESL vd 

□pan kit 



6.75 

Mar 

91.82 

91.66 

X. 05 

91.82 

91X7 

1716 

21939 




Jun 

91X5 

91.61 

+axi 

91X7 

91.79 

5638 

58555 


8.00 

092 

Sep 

92.09 

92X7 

♦0.03 

92X9 

92X5 

1481 

2490Q 

- 

aoo 

832 

Dec 

92.17 

92.1 B 

+0X4 

92X0 

82.10 

2921 

39402 


52S 

525 

4.00 

4.00 

3.00 
3.00 
1.75 
1.75 


■ THREE MONTH EURO SWISS PfUMG FUTURES (UFFE) SFrlm points o t 10096 


" 


□pen 

Settpnoe 

Change 

Hgh 

Low 

Est vd 

Open InL 

_ 

Mar 

95X5 

95X4 

•0X1 

95.95 

95X4 

465 

19513 

_ 

Jun 

9021 

96.18 

-0.01 

96X1 

96.18 

3049 

28736 

_ 

Sep 

90X5 

96X4 

-0X1 

96X0 

9625 

456 

6544 

_ 

Dec 

90X0 

9016 

-0X1 

96X1 

96X0 

53 

454Q 


■ S LHJOS FT London 

kadh^MtoMaakla n-lu 

UMiiAiiiu ruing 

week ago 
US Dot tar CDa 
week ago 
SDR Linked Da 
week ego 


34 

34 

3.44 

3.44 

3ft 

3ft 


3ft 

3ft 

3.70 

3.71 
3% 
3ft 


4ft 

4ft 

3.99 

3.97 

3ft 

3ft 


4ft 

44 

4.40 

4J4 

4 

4 


ECU Unfcarf da oH i anr i mBe Oto: J unto: 0ft 8 mte 0 ; t yotr 33 S UBOR Inaarttac Otag 
rotoa aro tolorod raws tor SlOm quoted to Hie iraW tor lour rtonrenc o bonks at tlarn ctai wortang 
day. R» banks an; Bonk** gust. Bank to Tokyo. Bodays on! ruoanto Wesbnntar. 

MU ram wa shown tar lw danaaoc Money Rales. US S CDs old ST" ‘ " - 

EURO CURRENCY INTEREST RATES 

Mar 14 Short 7 days One Three 


■ THWBS MOMTH ECU WITWIBS ttJFFS} Bailm ptonp Ol 100ft 

Open int 

10440 
11389 
8553 
6618 

■ LHTE Ibtues traded an APT 


■ THREE MONTH EURO DOLLAR ITMM) Sim potato Of 100% 






Open 

Sett price 

Change 

High 

LOW 

Eat vd. 

” 

- 

" 

Mar 

93.73 

93.75 

+0.03 

93.73 

93.72 

267 

- 

" 

“ 

Jui 

94.12 

94.15 

+0.06 

94.15 

94.12 

2162 

- 

- 

- 

Sep 

94X3 

94X5 

+0.07 

94X6 

94X0 

1015 

- 

- 

- 

Dec 

94.43 

94.47 

+009 

04.40 

94.42 

219 


notice 


i null i 


months 





Open 

Latest 

Change 

ngh 

Low 

Est vd 

Open im. 



Iter 

98.14 

96.13 

- 

9014 

9612 

53*97 

283X41 

Sbc 


Jun 

95.66 

95X7 

+0X1 

95.63 

95.65 

127X50 

457X04 

months 

year 

Sep 

95X9 

95X8 

-a oi 

95X0 

95X7 

119,122 

385.153 


Belgian Franc 

6*4 

■eh 

■ 

eh 

BM 

■ 8»a 

BA - 

B>'. 

ah 

-6 

84 

-e 

Danish Krone 

5 k 

’ 5 l 2 

6V 

-a 

6>4 

- 6 

oh - 

5 h 

eis - 

6^1 

Sh 

s% 

D-Mart 

6A 

-SB 

«.'* 

■sij 

fli'* 

■5B 

Sh - 

5\ 

5li - 

SA 

s& 

SA 

Dutch GiAter 

5% 


5* 

■5/. 

■Jr 

■ sh 

5* - 

6,1 

s^r • 

Sh 

SA 

V. 

French Franc 

8* 

-8«* 

6V 

•ah 

eh- 

■a 1 * 

6'*- 

8*» 

6,'. - 

5B 

BB 

5U 

Portuguese Esc. 

10' 

-Vh 

10 • 

9V 

io - 

912 

9M- 

9>4 

9* - 

eh 

94 

84 

Spanish Peseta 

8U 

-«.'c 

ad ■ 

81* 

BA 

■ah 

B>4 - 

BA 

BA 

• 8 


7B 

Staring 

eh 

-51a 

5S- 

5^, 

sh 

■5ie 

6,1- 

5A 

5A - 

■A 


Sl« 

Swiss Franc 

4*« 

- 4 

4^* 

- 4 

4*a 

-4 

4*- 

at: 

3B- 

311 

3*1 

3(i 

Out. Date 

3iS 

- 3ii 

31. - 

■eh 

3^i 

■3% 

*h 

- 4 

4h- 

*h 

SA 

4B 

US Deter 

3h 

•S'* 

3*a ■ 

■ 3L 

3A 

3A 

ah ■ 

3h 

4>S 

- 4 

V. 

4.*. 

man Ura 

9 - 


8V 


ah 

rh 

a* - 

rh 

eh - 

1\ 


74 

Van 

2M 

-a A 

Si- 

2 A 

2h- 

2 /* 

2& - 

2>4 

2A - 

2h 

24 

2 A 

Asan SSng 

3>J 

■a * 2 

3*1 • 

,2*3 

3»J 

■ 2*2 

4 - 

a 

4 - 

3 

44 

34 


■ UOTHEASUHY BU FUTURBS (IMM] Sim per 100% 


Sfaan Win rtous sra ad tor toe US Datar and Yen. totan- too days' ihOcsl 
■ THHEE MONTH PWOto RJTUHBS (MATH=) Parte interbank ottered rate 


Jun 

Ban 

98X9 -am 

9811 

90.09 

4,752 

31X90 

Sep 

95.77 

95.77 +0.01 

95.78 

95.77 

384 

8X99 

Dec 

- 

- 

- 

- 

• 


AI Open Marasl Bgs. an tor pnwtous day 





■ BUROMARK OPTIONS (UFFE) DM1 m points at 100ft 



Strike 

Price 

Mar 

CALLS 

Jui 

Sep 

Mar 

PUTS — 
Jim 

Sep 

9400 

0.13 

0X7 

0lS5 

0 

0X1 

a 03 

S42S 

0 

0X4 

0X2 

0.12 

0X3 

aos 

0450 

0 

0.16 

0.«3 

0.37 

aio 

an 


Eto. VOL Uto. CM 0443 Puts sesa. previous day's scan on. Gets 311271 Puts 194810 

■ EURO. 



Open 

Sett price 

Change 

High 

Law 

Est vd 

Open Int 

Strike 


- CALLS - 



— PUTS - 


Mar 

93.79 

93.75 

-0.03 

93.79 

93.7G 

- 

70X43 

Price 

Mar 

Jun 

Sep 

Mar 

J«1 

Sep 

Jun 

94X2 

94X1 

+0X3 

94X2 

94X0 

19X83 

05X99 

6575 

ai9 

046 

0.53 

0 

0.03 



94.48 

94X0 

+0-00 

94.SH 

94.47 

8 . 842 

44X09 

9600 

0 

0X3 

033 

0X8 

0X6 


Dee 

94X6 

94X8 

+ao7 

94.69 

94.64 

5X43 

30X67 

8625 

0 

ao7 

0.17 

0X1 

au 

aia 

■ THRU 

MOMTH eUHOOOriAR (UFFQ' Sim Rctata ol 100ft 



Eat ta. 

total. Cam 0 Pus a ftnaa tajra open C«u 2Q» Puta 3782 



Open 

Sett price 

Change 

High 

Low 

Eat vd 

Open tat 








Mar 

95.13 

95.13 

+0.01 

96.14 

9613 

218 

5954 








Jun 

95.06 

95.66 

+ao4 

95X7 

95.0S 

131 

4510 








Sep 

05X8 

95X6 

♦0.03 

95X8 

85.28 

10 

2142 








Dec 


94X5 

+0.00 



0 

1401 









Pmvwus DofU vd.. CWs 6M10 Pu» 34J089 . Prev. rfiiyli open tot. Cals 047,006 Pud 58X780 


UK INTEREST RATES 


LONDON MONEY RATES 

Mor 14 Over- 7 days 

night 


One 


Three 


Six 


One 



Are you dealing in over $lm? 
Fast, Competitive Quotes 24 Hours 
on 07 1-329 3333 or fax 071-329 39 19 


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SATQUOTE'* 1 - Your single service for real time quotes. 
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MerbarH Staring 

7-5 

SH-6^4 

5A-5>« 

5A-5 

m 

"ff 

in 

6A-5A 

Staring CDa 

- 

- 

SA-5lt 

6A-5A 

SA-Bi, 

54-54 

Treasury BUa 

- 

- 

*a-4 h 

4h-4 h 



Bank Bis 

- 

- 

4fi-4n 

4fl-4fi 

4U-4B 

- 

Local autaortty def*. 

sfi-BH 

SA-5j)i 

SA-5, 1 . 

SA-6A 

54 - SA 

5^|-5l« 

Discount market daps. 

7-514 

5*2 - S’* 





UK (tearing bank base landtag rata S 1 * per cent tram February 8, 1994 




Uptol 

1-3 

Wl 

641 

9-12 



montfv 

month 

months 

monttit 

nmffis 

Cats or Tax dap. (£100. ooO) 

■ i«a 

4 

3J* 

Sh 

3*2 


ferctai 

bad on Sdg. Esport Finance. Make ip day tamary 28, 


Cuds to Tax dm- undtr EIOOOOO to 1 
Are. wioar raBs to dtocoua 4.7B81pc 
1994. Aoead raw tor petal Mar a. 1994 la Apr S3. 1994, Gdtonws R 8 « eJSOpc. Rahnnce nto lor 
panod Fob 1. 1994 to Fab 28. 1994, Schamaa W & V UOSpc- Fhwrae House Boas Roto 6%tx toom 
Mur 1,1994 

■ THREE MONTH 8TCTUWQ WITUBES (L1FFE} E500XXX) potato ot 100% 



Open 

Sett price 

Ctange 

Hgh 

Law 

Est vd 

Open hit 

Mar 

94X3 

94X1 

. 

94.83 

94X0 

6016 

57833 

Jim 

34.85 

94X4 

+0.02 

94X7 

94X3 

14597 

107579 

Sep 

94.72 

94.72 

+0X3 

94.75 

94.71 

10018 

71714 

Dec 

94.52 

94X2 

+0X5 

94X4 

94.40 

7883 

98884 


Traded on APT. Ad Qp*n Merest flga. ara lor pmtow dre 
■ SHORT STBRUM OPTIONS (UFFE) 2500,000 potato of 100% 


Strike 

Price 

Mar 

- CALLS - 
Jun 

Sep 

Mar 

— PUTS - 
Jim 

Sep 

9475 

0X7 

ai7 

0X0 

aoi 

0X8 

n •n 

8800 

0X1 

0x6 

aio 

0X0 

0X2 

038 

9525 

0 

0x1 

0X4 

0X4 

042 

0X7 


Esc voL tow. Ctoto 1*33 Pun 3100. Pitawa day's «tn Int, Caw 202788 Pun 187608 


BASE LENDING RATES 

* % * 

Adam&Campeny — &2B EXmcanLewrie 5^6 * Ptodnanlw Guarantoe 

ASed Toot Bar* _52S Bsatar Bata UaOed _ 625 btopwtoonUtaedteno 

AfflBro* — 626 Firanda] & Geo Beta „ a MvauttatoB 

•HenyAistwtar S25 mFtcixKtnatrlng&Co ..&2S <t tenting k&bjtan. a 

JSP*’"* 525 Royal Bk to Sctotend- BJS 

Banco BbaoVIa»ya_ 625 KUrranlMun 625 •Sttoh A woman Sues . 535 

Bar* to Cyprus 525 Habib Bra* AG 2uWi.&2S SteratedCnartared— .5JS 

Bank tobtoard -525 OHambrao Bank ... G2S TS8— &2S 

BarfctotxSo .....625 Hvaat*iKGentairBk.52a tMJMtodBktoHwA-. 525 

BanktoScoftmd.. 625 ■HBSernuto._... 525 UrSy Treat Bor* Pta— 625 

Barclays Bar*.- -625 CHoere&Co.- .525 Western Truat^ ^525 

BritBktoMd East — 52S Hawtong A StretawL 625 Wtawy ItoJaw 625 

•Brawn SHptoy — -625 Ji5an Hodge Beta 625 Yortertra Bank SJS 

CL Bator Nadertand ... 629 •Laoptod Joatai&Sww&25 

ORataW ..- - . ,6» UgydsBai*...- 525 • Members of British 

Qytta daloBm k 5g MnghrajartUJ 625 Merchant Banking A 

The CCMpe^he Bank. 925 MUsndBsta 625 BwuHtfW Housm 

CrXtosA Co 52S *Moto*8ctaing^ 8 AaaadMon 

CtodRLyamta 625 NatWoartonster. 625 • tnaMMtoratan 

Cypres Router Bar* _62s «RaaBrotm 325 


FimjitiS 

& 0 PH 0 KS 

TRADERS 

yoRANEfyicmr 

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\Sb> 




.nWANCIAlTIMttn IW n.v MAR CH , 


5 1994 


WORLD STOCK MARKETS 


EUROPE 

*B5T1U (Mar 14 /5tM 


r.0H« .so 2.M0 i j>» 2.4 __ 


— — *L - to* Ld, tm 

[ ^pm 584 HIBm™ i'S HOW*' 120W -200 H8S0 5,880 03 Kmsei 838 

««raH »6B .950 1 77 S'* -• lUMCn 7050 -1» 7*70 £BX 05 _ WAS* 898 

»Sff *9^ W7 131.50 ao Z ABMAn. 8860 +Z0Q 73* SO. 50 42 .... imBr *8$ Tfoljss’eso ^ "" k2mL §S 

Sm* iJk i™ 70 ^ U - SS" *-S« 1 llES XB -• Tm -1 ’a m Z Z SKiv hm 

SS* ,< S*“r8 , ®« ~ 2 Sn :£8 +13£2$3 a - ^ 'SHBIBSi’i z £5? im 

F?ta 403^ a» * -. *?*£« 22 +1 IS 525-2? 41 - *££ £-£§ Jisijsilmi 1* .Z urn 'ssb 

522 -3 MormSH — £“i fiL Ijn^eSwSi* ~ S**"*- 1 *=3 -*251.728 6311 6 - Huts 3590 

PW41H. .<•+*. ...3_5raz«50 45 ... BoadM 50.10 *M S22S30 1.8 _ SutzRfl 1076 *37 I0BO SOI IS — kun 6,750 

-4 ?SS2i ! ,~i “ *■*» 434 HO 531 30i 37 ._ K'doSh 450 

*JIm55i1n't ~ &rtWfl?1350 +3 2SBI4S0 _ ... Kvtau «S 

K5™ ,Si -2*^g si z .78io^io«^ , ^o^ z tSSf, Stl jS KS S SS? sJSSI 

— 6 V SS ~*S '■=“ »5 3.8 _. 16-20 1.80 25 8.10 4.6 _. *3* 7* .X ® ffl I " Ltoto ^8 

U2 I 57371150 ._ ._ Ganna 99 -1 1085071.70 4-3 ■ *»,» i ~£ 2 1 ?T7 845 23 Lo^Sr 336 

Rncrw SS-aS’-g KH” - SS52 * 1J "SS«S “ - 3 « £=“ z X£ 1“ 

ss -w iB 23 ?s r SGTiJS njESSa z “ «* - - SSff 2 $ 

-, 52? ^ 2« 561 B.1 _ HoCBs 3tB +2 302 178 03 _ 5^2 'Sj! 

‘’25 , S 3 2S u “ ,j ,.»?**■« 67.2) *250 57.60 20. BO «0 ._ E35 

,25 + I? 706 480 3.1 Hurt** 85 -JO 9350 35*0 1 .8 _. £*5, SS 

'■J2 V2* 1 ■ 05D *■» ... <3 JO .-. 4521.75 9.7 _ PACIFIC S22j 1 T70 

HU IS 41 ^ 210 ~ ■■■■ 862D +100 94.70 6400 SB ... W U SSL H2 

SJ *17 GOO 310 10 _ HMc 812 *1.70 8880 4850 15 _ JAPAN (Mar 14 / YOU 5^ 'iS 

SK -2 e*S 405 3J _ OM 4890 -JO 54 2310 2J> ._ 1*™ 14 / TM1J h*BB ^WO 

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m .MS 787 — KHflpR 51 _ E7J0 34 2D 84 „ Anm 1J» -30 1.4801.100 _ _. SESf m 

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103 _ 1.45 a?S £4 __ 


Z ■ TOKYO - MOST ACTIVE STOCKS; Monday, March 14. 18B4 


- W*nun 2*70 +40 £410 1 410 0 6 _ OonMH 046 -03 072 0X4* _ 


— CWSRit 

---ss 6 

. OKiEi 


OnodaC 604 
Orta PTl 5.400 
OnaKas 1200 
Oitert 718 


622 +421.060 628 — EtDU 

!70 +16 6*2 CM . ... Eftpyfte 

689 -6 773 475 FAT 

984 -1 1.10O 800 .. Fate 

605 +5 660 316 — _ FWttC 

SS9 +40 1,110 516 _ .... Fostn 

99£ +14 1.110 691 1.1 .... WiTr 

1080 +201*10 895 - - 

1,740 -10 1.810 964 

604 +14 894 459 — — 

5,400 +XG.IM «J50 0* .. 

1200 +10 1*20 1,020 U _ Hrgrffi 

718 +14 930 600 — — HnaM 


Toshiba 

Nippon Stool ... 

rttachl 


Ote 3.470 -X 4.300 2.1 W 0 4 51* IQAus 

OratoG 509 -1 594 410 — _ radon 

Permo 717 ... 823 540 1.0 — Lend-! 

Ptenf £700 +40 3*40 IJMO _ ... Lton N 

Mate 515 -1 M3 350 1A — 

RUOMI 480 ,15 699 403 1* ... 

Rtoter 778 +10 »7 527 _ _ 

Hotel 4.100 -X 4JM 1.780 „ ._ 

Royal t*80 — 1.5x0 880 „ Name 

Ryca 600 +11 600 422 _ _ NeasC 

Stem 1*30 +» 1*50 1.110 _. 9 WaA 

Sateen BIS +10 732 4£1 — „ Nmdft 


1*20 -3 

2*80 -1 
960 +2 

430 +1 


-30 1*80 619 30 _ Kao 

-10 £850 1*75 £7 — tort 


£850 1*75 £7 
1000 514 1* 
537 370 £8 


_. 730 380 6 3 _ GBttBA 


IS 8*00 3*30 _ _ 


-11 1070 617 6.1 — Seteern 3.O1O -55 4.46S 2*19 _ 

+.70 155 IDS £7 ... SFWte. 10,750 -40 1£»0 8*50 2* _ 


fetal 514 *1 5W 410 8* — SMI 

Mrtc BS3 + 3 689 366 5.4 — SAB 

LVMH 4095 +113 4*49 3.120 0.6 ._ SnteflP 

utcop 474 +3 104P1W 274 £0 ... TeraAa 

lOrnt I *65 —40 1.395 980 0* .... ToaFf 

l+gmd 5,930 -40 6.1X £840 0.7 — Uterm 


9*00 +201 

G45 +8 


+5 898 486 1.3 
-20 1*00 485 £5 


2*40 +50 3*00 101B _ _ Safe® £580 +50 3080 ££10 a4 

Ml +11 467 312 _ _ Sara 1*10 -10 2*70 912 .. 

680 -6 732 481 1.0 _ Smteflk £2D0 +10 2*80 1.450 -. 

473 -2 580 357 _ SnwaSn 928 -6 l.izn 785 _ 

£800 -30 3.490 £200 _ _ Snyoe 507 +10 510 342 _ 

470 -17 615 360 _ _ Sworn 330 +11 1.120 830 _ 

1*00 -101*301.100 Secern 0,060 +40 7*30 5*60 0* 

400 +10 481 W2 _ SegxEn 7*30 +4011*00 7*10 _ 

333 +3 445 261 __ _ Satxfe 4*20 +220 4*50 £100 — 

364 -1 309 773 _ „ Stool 1*90 +10 1 JB0 1*40 £7 

696 +26 808 MO S*+*f 1**0 -X 1*10 GOD _ 

582 +20 710 481 _ _ SAryu 1*80 _ 1*10 1, OKI — 


4*20 +220 4.650 £100 — 
1*90 +1D 1JB0 1J40 £7 

1**0 +X 1*10 GOO _ 
1*80 _ 1*10 1,090 — 


945 +62 1.110 760 £7 _ SteOim 1.120 +4Q1.1X C76 _ _ 


Emu 530 -04 602 3 02 3.7 285 Victor 

ar IS -m {3 AJS Z 13 

Fate 308 + 03 3/45 1*0 1* _. 

£63 +.02 £96 £55 _ _ 

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£62 - 01 80S £06 7 7 13.1 

3J2 *16 3 60 £03 4.7 .... 

1.47 *03 1.78 0*3 20 £7 

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£56 -.02 £85 £05 4.7 8* 

148 -0£ £02 0*8 10 _ 

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9 „ 1004 6.15 3* 26-5 ■ VI 

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11.96 4.10 13 14 7*5 4 J 139 “ 

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MewsCp 9.70 -X 12 6.75 0* 31 

9 Wrt 5.44 +.09 0*8 2*3 £6 _ 

NmdPoa £30 +08 £79 1.16 £6 ... 

NBMtok 3*5 +.03 4.15 £06 £7 23.8 

toeflun S35 +.10 5J2 4J5 4.0 _ 

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319 -01 342 £18 4.7 13* 

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7.10 +.10 7.70 5.15 5.4 8.1 

4 +00 4*2 £00 Si 9* 


Sanyo Bectrie — 

Mitsubishi Heavy 

Japan Energy 

NKK 

Nissan Motor 


Stocks 

Closing 

Change 

Traded 

Prices 

on day 

8.4m 

507 

+10 

5.6m 

710 

+1 

5*m 

452 

+14 

5.1m 

252 


4.7m 

923 

+23 


-10 £540 1.836 0.4 _ Stodtte 1/400 -10 1*00 826 10 — S nte tta 8.70 -.15 7.10 S06 £1 _ I 


805 640 _ _ 


_ 589 300 1 2 SonGura £82 -.12 £74 4.16 52 _. I 


SnteflP 1.990 —42 £130 875 

ToraAs 26250 -45033090 21^ 


uncam 1£2DO -299UA45 





-IS 170 67.75 

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1*80 

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3-48 

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£94 _ 


... Ppsear 



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275 

+8 374 240 __ 

filnwp 

1.710 

+20 1.750 928 — 


3*4 

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£70 

£83 72 


_ pfiSto 

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-30 5.705 2*30 — 

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2*80 

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£180 

-X 2*10 1(460 — 



-.10 

£75 

£50 11 


INDICES 


INDICES 


Gnnccr 

tatertete 

a Onjroneam/Ba 
ft ■tetegli.'ifflO) 

Aosata 

CtbU AkBen30n’84) 

Intern WMM2 : US1) 


Boaiqvi CS'12/83) 

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Caroosfe4 0975 
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(4 251093 2508.14 M81.17 8®94 1504.15 250S3 


nrg 3 21511 

1037* 10161 


2155.1 040*0 3M4 
10016 1136.10 30B4 


44165 444*8 44504 46088 2094 

1157.74 1152*3 1157*1 1 77775 1/284 

1514 33 151tt«1 1515*8 tSA£65 9094 

«8 12687.D 1*6680 T2BBT0O 1VW 

M 3GS500 3666.19 383433 1 OW 

M 444890 444120 4SB10O 1094 

(Ut 2101*8 3B6.41 21 82*9 U294 


140500 m/93 
S84J0 13rt»3 


300*6 14/1/93 
71206 15/1/93 


274131 21/1/93 
3275*0 21/1/93 
172007 21/193 


CBS 1Mn6n(End 83 ) 
CBS Al Sto End 83] 


436* 45450 31094 

2818 29480 31/194 


22143 2215J4 228.74 VOW 3994 


2B5L70 4/193 
10900 13/193 


Da® Jones 

lb 

11 

Bar 

10 

Mfe 

9 

1933/4 

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Musnfe 

386270 

383002 

3853.41 

307BJB 3241*5 
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397836 

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41*2 

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Heme (feeds 

102*1 

102*2 

102/5 10177 10331 

(18n(W3l oiawi 

18177 

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1/2104 

1/24.79 

7743*3 

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710*8 

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01/093) cwm 

25046 

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(BW3Z) 


05b SE0YK2/I93I 1170*8 1156.45 117420 1211.10 28994 8B9S3 27/193 

OMBOnp 0/1951 2631*3 255673 255284 3308*7 4/194 1270*8 47193 

BTA0S77] 3104*0 3102*0 310010 322980 18/294 180920 14/193 


DJ ted. Day's 387283 (3885.51 I Lew 380660 PS01.83 ) (Thaor Mat*) 
nay"* tett 386£70 |3GS£51 1 Low 3810.70 (3814*0 1 (Actual*) 


44447 44825 4867X 4/29* 2BC09 «Y5«S 


C®iyttVtofiE(11/83) 397.17 397*t X102 415J9 2/294 

H0f Ger*K*28>1290) 1S7£6 18794 19113 197200 4/294 

S8FM0 (31/12'Sq 1487*3 147143 IMIH »» 2084 

CAC 40(31/129/1 221502 2174J1 2184*8 235633 2«9« 

MT AWtertH/12,'561 M 80613 318.78 »*7 


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JSE ML <289/7$ 
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50040? 50620 80160 681900 10094 

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775X0 5/193 
433300 19/493 


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£Jn/7.T>4> 998007 9905*6 1012905 12201® 


BS SOU10T9I id W7* S3 «.«+ 

Sraoto^uiaMa «5 ** 51431 Baw 5,1/94 

SoStotAinMI 192526 1910*9 W27J6 2082.16 2W94 

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11U.T9 28/193 
171221 2S/I93 

598*2 14/193 
160820 14/1/93 
1516*0 13/193 


2100*7 23M93 


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T9SSS 1910*9 W2I*6 208116 SW94 « 1VMO 


Itatte SE (30/I2B5I 33908 33330 33171 3SL31 31/194 

SMdn 

HbrnMn (1/2/37) 1525*0 1501*0 1524*0 18B9S0 31/194 
SrtTiatBt 

Safes Bk M (31/1 2/5^ 1347.10 1333*8 1346.14 1423*1 31/194 

SBC Gerard (1M9 7) 100500 99427 100604 108329 3VI94 

J25todtoOM«r 5333*7 5327*7 536603 645453 6/194 

Bantfa* SET (30Wre) 129 63 131841 133£38 175173 Wa 

TattY 

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mu 

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Bn Tfld-100 C6S90) 1247.16 122840 <24272 137101 2/294 

JOpanps (31/1298) 61 320*8 32823 385.19 5^94 

BaWEmoanSQ 184.12 16424 18803 1EZJ7 14094 


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48190 

48706 

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42905 

pn«t 

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547 A3 

54S05 

54872 

58859 49848 

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42*2 

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46879 

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■£47 64507 

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—n 

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5407 

(31/10/72) 


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67970 11/193 


Dcro Jones Ind. Dw Yield 

S A P m Dr/, yaw 
S & P Ind. P/E ratio 


Mar 11 

Mar 4 

Feb 25 

2.61 

2.62 

£62 

Mar 9 

Mar 2 

Feb 23 

2.37 

2*8 

£36 

24*3 

24.34 

2&09 


£88 

Year ago 
2.48 
26.18 


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Opan 


Coarse 

Hieh 

Utw 

Mar 

467.10 

466 95 

-0.85 

467.40 

466.70 

Jui 

467*0 

467S5 

+0*5 

468.80 

467.70 

Sep 

470.05 

47a 15 

+055 

47a70 

470.00 


I083JB 13^93 
98233 13/193 
1B8JS 4/193 
9901 4993 


44833 V193 
94400 10/194 


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K INDEX FUTUREl 

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1 (MA TTF) 

Htfi 

Law 

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Mar 2208.0 

2227 0 +460 

22300 

2208.0 

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46*59 

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22330 +460 

22330 

22180 

543 

3,730 

May 22300 

22410 +46.0 

2238.5 

22380 

999 

2.675 

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■ STANDARD AND POORS 500 MOEX HTTURBS 5500 times index 


26056 87*98 

84,471 131003 


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1 00 52 35 334 19% 19% 19% 


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4 _ 


. '-'tor ■■■- - 




- C - 

87 2S 29% 28% 28% 

8 609 8? 7% 8 +? 

(tafiehtote 1*1 17 45 29% 29? 29% +? 

CadmusComOX 17 52uT5% 14% 14% -? 
Caere Cp 88 687 9? 8? 8? 

CaWne £25 8 2830 12% IT? 12% +1? 

X 2685 22% X% 2% +1 

41096 3? 3ft 3ft +ft 

1 22 3% 3 3% +? 

0 £10 2% 2% 2% +? 

Canon he 059112 47 81% B0% 80% 

Canards 1 zlOO 3% 3% 3% 

Canlrte 012 X 144 46% 48% 48^4 

CaritonCm ,084 24 122 29^4 X? X 

Caaade 060 17 8 18%d17% 1^4 

CtasyS OK 18 2438 12? 12% 12% 

7 1979 9% 6 6? 

B 334 19% IB? 19% 

19 56 12% 12% 12% 

186 798 5% 4? S 

6 2482 11? 11? 11? 

CD01 Hd x 1.12 10 1074 29% 28% 28? 

OtotSpr X 3 12% 12% 12% 

Chancier 12 50 6% 8% 8% 

Chapter 1 048 71680 19% 18% 19% 
CrtmSn OK 17 3879 12% 12? 12? 

OroWte 41 994 uB% 8ft 8ft -ft 

Oitnrtab 16 10 11? 11? II? -1? 

Cterttx 1 200 % d? % 

Qwiroora 171604 4? 44?*? 

CNpS&Te 73100 8>2 8? 644 -? 
CMronCP 71 8623 76% 73*2 73% -3% 
QnrFto IX 13 491 57% 55% 57% +1% 
Qntas t»x 017 X 1678 30% »% 90% ♦% 
Cote!#: 3816592 38% 35? 96% +? 

CSTkS XD 1962 4 3? 4 +% 

CcsaSys 437906 80% 79% BO +% 
CCBaiWilXIB 11 28% 26 2B% 

CfcaiHpr 29 107 8% 8? B? -? 
QSt5 Dr 40 6 12 11% IIJ4 -% 

CUtestm 13 690 8 7% 7% -? 

COesCobB IK 10 517 32% 31 71% -1% 

Cota&er 951305 5 4% 4% 

CodeASrm 27 32 10? 10% 10? +? 
CognotCp 30 35 X 19% 19% 4| 
Coma 11113852 12% 12? 12% -% 
IS 106 12% 11% 12% ♦% 
81 245 23 22% 22% -% 

IX 14 94 23 22 22% -% 

0*0 9 278 Z4 J 4d23% 24? +% 
024 154875 23 22 23 +% 

672 24 3210 19% 19? 19>4 -? 
OretaASp 003 24 6073 19? 18? 19% 
QnnflteSdlBO 11 112 32% 32% 32% 
Cdroma OX 07 12 18% 17% 18% 
Canprtacs 43 1287 13? 12? 13 

CDnstGR 53 334 12 11% 11% 

Constttfl 571258 5ft 5? 5ft 
ConPap IX X IX 44% 44 44? •? 

13 1T2 9 8% 8% 

1*4 18 1452 10% 1D% ID? +% 

X 141 15% 15 15 -% 

14 172 9% 9? 9? 

CLOT 24 1751 19 18? 18? 

101 133 11? 11? 11? -% 
X3I53 47% 46 48% +% 

*41153 18% 15% IB +% 


Catenas 

Cotagai 

Cam Gas 

CoH&p 

Cattail 

DncstA 


+? 

-? 

J 4 


Cdrsfem 


CteWCH 
caiDm 
Cmra 

Copytae 

ConfcQ) 

Cup HA 

CrtdttBxlUB 332BK 28? 28 26% 


Coy Comp 
Own Res 
Cytogen 


17750 2% 2% 2% *? 


8 299 
3 838 


6? 

5 


6 a? +ft 
*? *% -% 


- D - 

BSC On 3615536 56? 55 58% +1? 

Danfroi 0131 OB 150 38? 85% BG? -? 

DASwttb 15 586 2% 2% 2% +% 

Deoflex 31 32 7% 7? 7% +? 

Dauscape 15 524 16% 15% 15% -% 

DaupnWJp 092 11 121 23% 2% 23% 


- F - 

11 114 5? 5 5 +% 

024 14 13 8? 5% 5% 

OW SB 1524(08% 36% 37 -% 

16 1262 28% 28 26? +% 
4 385 3% 3? 3? -% 
IK 14 478 47% 47 47% 

11 234 8 5% 6 +% 

024 Z7 331 9% 9% B% +? 
X 1801 27% 28% 26% 
xlX 10 555 31? 30? 31? 

0*4 7 479 30? X? 29? 
FrtBcOUo 094 11 B? 24% 24 24% 

FdCoSk OK 17 500 19% 19? 19% 
FstSeoty 1*4 11 822 29% 28% 28% 
FsrTenn IK 9 166 39% 38% X? 

Fat Weak) OX 6 in 7% 7? 7% 
FstfKMc 052 10 405 24? 24? 24% 

IK 11 575 47% 46? 47 

X 45 7 6% 8% +% 

X 5714 21% 21 21% +% 

19 348 8? 6% 8% +% 

OK 161321 6% 6%' 6? -? 

009625 510 6? 6% 6% 

IK 11 34 34% 33% 33% -% 

14 47 15% 15 15 

PkneBanc OX 52 MOO 31 31 31 4% 

Faster A X 370 3% 3% 3% -% 
FrtlFki 1*4 11 14 27% 27% 27% +% 

Fd Esstl 1.12517 6 26% X? X? -? 

Fsf FW x 040 8 62S 15% 14% 15% 

Fat raw) 1.18 10 79 27% 26% X% -% 

OK X 155 40% 39% 40 J4 

OK 12 3* 24% 23% 23% -% 

02* X 2 17% 16% 17% +1 


FMtofrl 

Rserv 

Vtowhtt 

ftwJLA 

FoodLB 

Foremost 

r orachnar 


FteertS 

Fulanfin 

Fuon 


-% 

-? 

-? 

-% 

-? 

-? 

*? 

+? 

+? 


GfrApp 


c - 

48 5% 5% 


GStCSerax 0*7 22 B2 15% 15 


5% 

15 

5? 

4% 


Cantos 0 523 5% 4? 

Gemeilb 19 422 4% 4% 

Cert Co 016156 X 6% B% 8% 

Cert Bind 040 IB 7 15% 15 15% 4% 

Gaalyte 16 159 4? 4% 4? 

GertoaPti 8 267 20% 19% 20 4% 

GnttaxCp 4*0 304548 23% 72% 23% +1? 
Cents he 7 IX 4% 4% 4% +% 

Cerayme 113 757 XX 28% 

GbsonQ 040 14 418 X 22% 23 +? 

GtodhgaLx 012 19 735 X% 24% 25% +% 

GiteTA OK 19 89 18% 17% 17% +? 

ashBtom 11 IB 5% 5? S? 

Good Guys 73l003u18% 18 18% +% 
Gote&Prop OK 22 298 25% 24% 24? -? 

CrtecoSya 37 18 2% 2? 2% -% 

Grartte 020 X 906 23 22% 22% 

Green AP Q3*i2zl00 X X X -% 

frrachPh 1 1308 1ft 1ft ift -ft 

Onanans 1 2731 4? 4 4%-? 

frndwtr 750 IX 15% 14% 15 +% 

on corp 1* bo 19? 19% 19? -? 

OriffMB * 230 6 7% 8 +? 


-H- 

WnfegA 79 5 B? 8% 8? 

Htoleuyylx OB* 9 99 X 24 2«% +? 
Harper Gp OX 14 88 18% 15% 15% -% 

HBOS CO 032 43 368 51% 5> 5! 

21 1115 24? 23% 23% -% 

Neettnoe OK 16 601 9% 8? 9% +? 

12 436 8? 7% 8 

11 517 7 8% 6% -? 

H acH m et 016 214114 12? 12? 12? +% 
HetanJ 112 12? 12 12% +% 

HetonTroy 8 405 14 13% 13% -*4 

raw 072 173S31u25% X% 25% +1? 
Hogan Sys ai5 X 308 10% 10 10% -? 

ttaote X 103 7 B% 6% -? 

Home Bad 078 0 61 21% X% 21% 

HO nartjn 256 IX m 7J4 7ft -ft 

Home OtC8 072 X XI u21 X X% 

HOH hxto 0*4 X 90u33% 33 33% +? 
turnback 104694 14% 13% 14? +% 
rtnetflas 0M23 5 5% 5% 5% +% 

HUriX OX 24 402 34% 24% 24% +% 

Huftagtox OK 0 598 X% X% 22' A -% 

Hum Co OK 0 124 3 2? 2? -? 

HUtehTedl 471 130 37% 37 37% +% 

HyrarBto 18 13 4? 4? 4? 


ffiSys 5t 21 9 8% 8% 

08 Comma 54 2707 16% 16 18% 

Ekto 81816 6% 7? 8% +% 

hnmtror 38 166 8% 8% 6% -% 
hiPitonom 5 440 6% 6 B -% 

brtWlBc 040 28 482 14% 14 14% -% 

Mtencp 1.16 IB 333 38? 38? 38% +% 
MW 024223 989 15? 15% 15? 
wta 246384 21% dX X -1% 

Infant* 278461 23% 22% 22% -% 

topteMU OK 17 1012 12% 12% 12% +% 

integrftat 377113 31% 3D? X? 

hdflSSys X 21 12% 11% 12% +% 

raWMt 322845 5? 4? S% 

lr«al OX 131SX5 70% 88 70 +1? 

me* iD ix 4? i% *ft -ft 

WgrrtS 032 43 2748 26% X 26% +% 

World X 323 10? 10? 10? 


- L - 

Ladd Fun 012 S3 153 9% 8% 0? *? 

Lam teak 4 1 1394 37% 39% 36% -% 

Lancaster x OK 19 X 45 44% 44% 

Lana he 096 IS 508 SO 19% 18% -% 

UMkrttGpn 36 632 X% 27% 27% 

Lanoptta 14 42 10? <P0 ID? +? 

Laanepe 7510S7 7? 6% 6% +1 

Lamer S 131732 17% 16% i$? .? 

Lawson Pr 048 19 50 28l 2 25% 28% +% 

LDOS 407 7292 2B% 27% X% +% 

UXCp 016 B 105 8% ft? 5? -? 

Lector) is 165 15% 14% 15 +% 

Legent Cp X5191 34 33 33% +% 

LfiSyWBr* 078 14 113 29% X% X% +% 

Lda Tacbx fLX 14 554 17% 16% 16% -K 

UdeOB 22 571 4? 4? 4% +? 

UBytndAx 040 24 107 25% C«J 4 25% -% 

Lmfr 93 428111% 110 110 -I? 

Una*) T 052 18 138 17 16 16% -% 

UndssyW 14 43 32% 31% 31% 

Linear! 9C 024 X 1842 u47% 45% 47 +1% 

UquBto 040 18 zlX 35% 35% 35% -1% 

Laewen Cp 0*6 31 1905 X? 28? 26? +% 

Lone Star 11 1060 8? 7? 7? -% 

Lotus* 6311174 79% 77% 79% +1? 

LTXCP 3 990 3% 3% 3? +? 

L.VM4 OSS 19 12141% 14*140% +1% 


H Sh 

»** Pto. E IPto tfcto f it o-, 

htotoiM X 797 14 13% 14 

(Mrtaug 10 28 6? 6? 6% +% 

OuteeiChn 062 97 167 19% 18% 16% -% 

OolFoad 0X18 313 24% 24 24 

Quantum 828307 18? I77 g ia% -? 

OuUtev 21 969 IS? 14% 19 .? 

OVCNefwK 2715M d1% 40% 40ls -? 


- R - 

ftstflbm 16 150 19% 19% 19% -% 

Halys 14 7B5 18% 9? 9% -? 

fesfempa 3 158 7 6? 7 

Raymond 2* 9 18 IS i& *% 

Rtotaon 26 X5 1131 29% 30% +% 

Rente A 19 8 X 19% X +% 

ftpogen 4 210 6% 6 6 

R*P Waste 4 252 3ft 2? 3 

t«w 17 170 10% 10 10 

Bettors £17 3215923 9C 92 92% 

Roam he 1 530 6% 6% 6? 

rtwFSJ QK 10 X 36L.tI3S% 35% 

ItataS 1.40 23 1160 71% 7D% 71% 

Wrtgre 012 15 57 7? 7? 7? 

RoebGxflk 056 3 507 15% 15% 15% 

Roosevelt IX 8 267 45% 44% 45 

frasStr OX 171837 16? 15% 15? 
Roteeteled 21 555 18% 17 17? 

Fhxroi 068 66 928 18% IS 18 *ft 

RPUhu. 052 21 386 19 1B% 19 *% 

RSRn 048 11 38 19% 18% 19 

RyanFmty 15 968 8% 7? 8? +? 


-% 

-% 

-% 

■^0 

-? 

T% 

-? 

+% 

-% 


MO On 

0*5 2152005 25% 24% 24% 

-? 

Sequota 

40 493 

6% 

6 

a 

-ft 

MS Cta'a 

22 

446 25 Z4% 24? 

+% 

ServTtoi 

18 354 11? 

11 

11 

•? 

Mae Mo 

OK 52 

43 IB? 18% IB? 

*% 

ScnFren 

17 21 

3? 

3% 

3% 


MadbonGE 

IK 14 

11 X? 32h 32? 


Sevensoi 

16 7100 

18 

18 

18 

+1% 

Magna tow 

14 3819 32% 31 31% 

+1 

EMM 

08* 20 1021 28% 

27 

26 

+% 

tagnaGtp 076 12 

106 18? IB? 18? 


SHLSystm 

IK 762 

8% 

7% 

a 

T? 

MaaSox 

13 

®M 8? B% 8% 

+% 

Shranmod 

25 918 16? 

18 

16 

'? 

MarcamCp 

35 

214 14 12? 12? 

•1? 

StotetzP 

13 2063 14? 

14 14? 

■»? 

Mate Dr 

IS 

827 5% 5% 5% 

*% 

Stare On 

212068 

27 

26 28% 



hitRricaAx 024 19 315 


k«te 

HOW 


3 739 
11 1151 


16 14? 14% +? 
10 9% 9% 

7% 7? 7% +% 


IBM* 
HMyW 
nnn 
M Total 
Invacua 
Braga Cp 

fcwfUW 


340 229 12% 12 12 

22 1132 13% 12% 12% 
14 42 17% 17% 17% 

OK X 60 3? 3 3ft 

6371177 13 12? 12% 

On 18 321 X 27? 27% 

2 250 2% 2? 2? 

17 55 19% 18% 18% 


KYtftadp 1X40 71 219 218 219 


- J - 

JU Stack 21 IS IB? 18 IB? 

■teen he OX £1 218 ulS 14% 14% 

JL&tnd. 010 27 1B9 32% 31 31 -1 

JttnsonW 60 B 24% 24% 24% 

JtotaM 11 373 15% 14% 14% -? 

Jones Med AID 72 229 15 14? 14? -? 

Joslyn Cp IX 11 114 a? 23% 23% -% 

JSBFh 0*4 14 115 23 22% 25% 

Junpug. 024 ig 32 18% IB? 18? -? 

Jurth 016 11 1340 14? 14% 14% +? 


Martel Cp 10 31 43? 43% 43% -% 

Marques! 0 39 2? 1? ift +ft 

Menlona 17 4 7? 7? 7? -% 

«tastemM044 11 12 11% 11 11% 

HnM OK 11 316 21% 20% 21? -? 

Mtodrokl 42 518U55? 54 55 +? 

Manor Cp 0 2553 7? 7% 7? 
McGrath R 040 13 50 17% 16% 17% +% 
McCtnalc 048 182479 22\ 21% 22 +% 
HeCarC 444704 40% 49 49% +% 

Medbino 0 151 ft % ft +ft 

Medax hex 0.16 22 40 17% 17% 1^2 -J 4 

MatSdneS 046 13 871 Z3% 22% 22% -% 

MetaBhe 024 5 70 5% 5% 5% -% 

Mater Cp 016 53 708 18% 15% 16 +? 

Memo 024X2275 14% 13? 14? +? 
ManuftB OK 10 1568 19 18% 19 +? 

Mercuy Gx07D 8 891 30% 29% 30% +? 
IX 10 1899 28% X X -% 
221622 22 21% 22 +? 
MartcdeA 005 1618*8 18% 15% 16 +% 

Michael F OX 11 144 10% 10 10 

McbMB 2*0288 342 84% 83% 63% •% 
Mcn*88> 15 50 6% 5% 6% +% 

24 2DQ2u31% 29% 31+1? 

4 596 5% 5? 5? 

Uargrefit 133634 7% 7? 7% +? 

Mtrprtfe 58263 7% 6? 7? +% 

WcsD 24181 69 84% 82% 83? +2? 

WdAdM 34 548 39% M? 36 

IK 11 845 27? Z7? 27? +% 

hWwGiah OK S 83 30% X% 30% 

H OS 34 1148 34 33? 33? +? 

Mien) 153 34? 24% 24% 

16 177 12% 12 12% 

MabDBTd 424206 17? 17 17? -? 

UntanCo 033 X 1458 B% 8 8?-? 
Mo®* Ml 046 21 839 29% 28% 29% +% 

am 473 34? 34% 34% +? 

Mata Inc Q-D4 27 329 3S% 35% 35% »% 
004 181337 11 TO? 10? +% 

MnrtweP 036 23 22 31% 31% 31% -% 
MrCtdhe 181089(115? 14? 15 +% 

MTSSysx OK 13 115 31% 31% 31? +? 

13 1605 30I4 29% »? -? 
Mymgan 3 295 10% d9% 10? +? 


- N - 

NACRe 016 12 50 28? 28% 28? 

Marti Fncft 072 11 168 17% 18% 16% •% 
NaiFfen 15 40 6% 6 6% 

Nat Conte *036 14 IK 13% 13 13? +M 

WraSunx OX X 994 17% 16% 17? +? 

II IS 20% X X -% 
NEC 046 94 12 50? 50? 50? +1? 

17 793 28% X X -% 

Hfltwk Gad 301082 21% 21% 21% -? 

NrtteS 1121535 8% 7% 7? -? 

Nauagui 25 3 7? 7? 7? 

027 18 859 17% 16% 17% +? 

Mate Bus 080 241325 21 20% 21 +? 

Inter 10 1498 12% 12 12% -% 

MxdgaNet 457974 61? 59% 60? +? 

NetexlCp 004 10 SI 5% 5? 5% 

on a 340 7? 7? 7? 

OK 27 56 60% 59% 60% -% 

Nttarro 034 X 1483 40% 39% 40 -% 

Norstanl 13 30 17% 17% 17% 
MStarUn 4X5% 5% 5% 

NottnTax 088 14 306 *2 41% 42 +% 

total 26826349 24 23? 24 +? 

WtaUiB 35 1681 40% X 38% -1 

NSC Cup 11 235 4% 4% 4% -ft 


- o - 

OCnrieye 25 245u15% 15 15% +% 

Octet Com 201803 27 XX? +% 

Oftatxelg 14 B5B 14? 13% 13% -% 

Ogtabay N OK 811X 24% X% 24% 

OmoCB £92 13 532 64 62 % 64 +1 

Old Kara 1.16 91064 30? 30? 30% 

OUNaSB 092 16 452 38% 36 ] 4 38% +% 

OrtsncorpxlK 7 116 31% 31 31 +% 

One Price X B31tl25% 24% 25% ~% 

Optical R 21 1510(123% 72 22% +% 

□rectos 5213963 35? 34% 35? +? 

(bbSm 5311324 21% IB 1 2 20% +2 

OActacto 039 X 272 9% 66% &% +% 

OrebdSdip 10 77 15 14% 14% -% 

Oregnrteet 031 16 127 B? 6% 6? +? 

Ostap 5 266 *? U4% 4% *4 

OtfriOA 041 49 127 15% 14% 15% *% 

OtttrobT OK 11 510 11% 11 11% +? 

Quart el 1.72 15 37 33% 32% 33% 


- s - 

Sateco IK 8 8618 55? 54% 55 -? 

Sanderson 0-30 11 108 16 15% 15% -% 

SctexbgtA 036 X 82 34 33% 34 +% 

SO Med L 9 X30 35% 34% 34? -? 

SO Swam 162087 20% 19% 20% .% 

Sdos 8 1770 B% 8? 8? 

ScttnCp 052 11 918 24% 24 24? +% 
Score Brd 123970 12 10% 11? -? 
SeaMd 120 45 1? 1 37% 35% 37? +? 

S<m 12 5721 2B»a 27? 27? -? 

SB Cp 012 30 509 24% 23% 23% -% 

SefflefcB 036 1 IX 1? 1)2 1ft 

Setocdns 1.12 17 48 20% 2B% X? +? 

Setpiert 563356 14? 13? 14? +? 


StaiaTne 3 72 4? 3? 3? 

SRpnAI 033 24 2499 54 52% S3 +>2 

agmaDH 2 1125 13% 12% 12% 
SlicnVBc 0*6 49 75 IIP4 9% 9? -? 
SScrtIGp 38 6523 ul 3? 12? 13? 4% 
Sknpsui OK X 38 22% 31% 22% 
SmKtffld X 587 22 21% 21% 

Snspoh&l 6221429 S £3% 23% 

SotarareP 2 713 6? 8? 6% 

SoflKBBT 52 6872 9? 9 0? 

Screw 0*4 17 733 24% 24 24% 

SDUtma OK 9 464 -10 18% 19 

Spiegel A OX 42 191 X 19% 

St JurtMd 040 12 552 28% 2B 

StP&UBC OX 9 452 18? 18? 18% 

2 48 3% 3? 3? 
Staples 48 1831 X% 30 30% 

Star Banc IK '10 478 36% 35% 38% 

State Sb OK 16 1919 37? 37? 37? 

SB 1*00 12 725 18? 17? 18 

su Rate an is « 22% 22 22% 

Steel Tec OK 24 IK 21% X% 21% +? 

SBMyUSA OX 2 738 8? 8? 8% 

SON 153 310 21% 21 21% 

StaHtxCI 1.10 14 52 22% 22 2% 

SbVCHOy X 2810 IS? 14% 14? 

Sbytar OX X 1609 33% 31% 31% 
SJhonD 26 50 18% IB 18% 

SunteHufi OK 74 37 21% X 20% 

Summit Be 084 12 24 2D 19% 19? 


A 
-? 
+% 
+% 

X +% 
26 -% 
4? 

■A 


4? 

+? 

•■% 


+? 

+? 


- P - Q - 

PBaar IK 15 13 57% 57 57% 

PecOudop 062 14 2K 15% 15> 4 15? +% 

Plate 132 IS 15 X 24% 25 

PadflCre 21 299 53 51% 52 -? 

PanmSic 369095 31% 23% X? +1% 

Paychex 024 482660 30 38% 38% +% 

PsycoAm 23 X 9% 9% 9% -% 

Peerless OK 45 9 10% 10% 10% 

PWlTtty 9 ZlOO 14% 14% 14% +1% 

PtinVig IK X 15 35 33 33 

PBirayto. 230 17 X 31% 31% 31? r? 

Prater (L72 16 624 37% 38% 37 -% 

Pertotai 16 301 8% 6 6% +i\ 

PenweatL 0X2 71 23% 22 22% i? 

Peep Bare IX 15 57 48 «7% 47? -? 

PnophsH 10 72* 10? 10? 10% +? 

MOW 1.12 18 X 33% 33% 33% -1% 

Phrarancy 25 253 u9 B% B% +% 

Ptaamlcn X 306 5% 5? 5? -? 

PTOUB 048 5 17 14? 14 14? +% 

Pleurae 31 1140 15 14% 14% 

erton 52 68 20% X 26% +% 

FVnearGp 0*8 X 896 U34 33I2 33% +% 

FtoneerHI OK 25 1 399 37% 38% 37% +% 
■■St 014 15 183 27% 28% 27% +? 
Ponce Fed 5 193 6? 5? 8? +% 

PBwel 17 275 6? 5 6?+% 

Pres Ufa 009 3 237 6% 6% 6% +? 

Presstok 115 IX 31% 31 31% -% 

Prtcra X 148(7 20% 20% 20? +? 

PiUaPrt X 673 5% 5 5 -ft 

Prmhonl 14 6 6% 6 8 

FrodOpe 024 X 18 28*4 26 28% +% 

Puritan B 012 7 63 2D% 19% 19? +? 


4? 
-? 

Summit Ta 62 3391 X 33% 35? +2? 
Sun Sport 15 87 B? 6% 6% 

SunWc 1626116 X? 29? 2B? +% 

StetTra 27 ® 28% 28% X? +% 

Sybase he 58 9074 u5l 48% 50? +2? 

Syiratae a 715 IS? 15? 15% +? 

Syratay 036 18 736 18% 17 18% +1% 

Synereom « 71 3% 3% 3% +? 

Synenjan 3 1776 12? 11% 12% +? 
synetto 42 164 10% 10% 10% -? 

Syuopbes 2310663 25% 24% 25% +% 
SysbiSolt 012 19 B86 17 16? 16? +? 

SyttmSo) 36 634u22% 21? X? +? 
SystHitad 17 276 5? 4? 4? 


- T - 

T-OMSc 8 614 5 4? 4? +% 

Tjowefr 052 22 1025 u36 X% X+2% 
TBCCp 18 324 13? 13? 13? 

TEA Cable 0*4 X 862 24% 23? X? -? 
TacbOnta X 1087 *0% 39% 40% +% 
TncumstexOK 16 474 82% 57% 60+1% 

Tateta I 15 6% 8 6%-? 

Trtco Sys 7 3786ul2% 17? 12% +1? 

TeteCnmmA 27815333 a? 21? 22% 

Trarant 152093 tz? 12? 12? ^? 

Trtata 41 876 57? 58% 57? +? 

TebnnCp 0*1 161636 15? 14% 15? +% 
Trara Tec 58 266 7% B? 7 +? 
TMPhADRrtLZT 31 3877 X? 29? X% 

Three Com 267729 57% 56% 56? -% 
TJW 022 X 1771 X? X% 24% -? 
Tokos Mod 22268 4? 4 4% -? 

Tokyo Mil 037X2100 61 61 61 -% 

Tara Brown 62 IK 11? 11% 11? +% 

TcppeCD 0X343 1073 7 6? 6? 

TO Enter 4 154 8 7 % 7% 

Tmted 12 55 12% 12% 12% 

Trenrickd IK 9 IK 34% 33? X? -? 

Tricare a 89 3 2? 2? 

Tnmbla 51 141 10% 9% 9? -? 

TturtcaBkCxIK 10 2 20>2 X% 20? -% 

Tseng Lab 020 16 867 9? 9%9% -% 
TyfdA OK 161121 20% 20% 20% -? 


- U - 

US rather x QK 23*000 86% 65% 65% 
Uteab 


A 

-% 


21616 6 5% 5% 

UCItiesG* IK 14 62 17? 17% 17? 

U5 T9 ZK 12 307 51 49% 51 +1% 

(Mtadfr 040 12 151 14 % 13? 14 % +% 

UMtog 020 19 236 25 23% 25 +? 

Untth 1*0 21 1348 40% 40% 40% 

US Bancp x 068 10 3351 X? 25 25? •% 

US Energy 
1ST Crap 
Utah Med 
UUTelev 
UUt 


32 197 4? 4% 4? +? 
1.12 6 111 12 ? 12 12 % +% 
12 122 7% 7? 7% 

0 IX 42% 42% 42% 

19 57 6? 6? 6? 


♦% 

-? 


- V - 


VUnort 

OR 17 17 16% 16% 


VngnlCel 

50 90S X% 29? 

X 

■*% 

VMfbte 

71 917 19 18% 

19 


War 

43 799 28? 27% 27% 



11 1252 18% 17? 

18 

A 

wrangle 

37 870 29 28? 

29 

+% 

VLSI Tech 

356141 18? is? 

16 


Wwfl 

UM 18 8 85? 85? 85? 



- w - 



wnmarEn 

012 23 882 30? 28% 3D? 


Wraiipch 

B7 000 5ft 5 

5% 

-% 

WteMUSBOfiA 81440 22 21% 

22 +h 

WteAdSLoaa 91543 22 21? 

22 

■*? 

UfateMA 

0*4 22 40 57 56 

56 

-1 


WuaiPMrtU* 19 331 31% 30% 31% 
MMO 2*0 18 139 44 043 43? -% 

wetta 47 817 6% 8% 8? 

Were Ota 072 11 10*9 28% 27% 28 +% 

IMPub B 2130 14? 13? 14 -? 

WdpSA 1 41 19 18% 18? +% 

WHSaaiA 47 47 4% 4% 4% 
White 0» 29 1664 54 53% 53% +% 

WlBStnoma 73 337 32% 32 32% -? 

HUOtenL 028 14 7 16% 15% 16% +% 

mntfl 036 X220* 20 19% 19? 

WPPfrOup 003 21 940 3ft 3% 3% 
WymravOfcOAQ 6 722 8? 6% 6? 


■ X- Y-Z - 

ram % 881 56 S3? 54% 

XansOap 3 346 4? 4% 4% 

Telow 09* 44 1650 X 29? »? 
Tort Ram X 829 5% 5% 5% 

ZkKHUrtl 1.12 9 418 39% 39% 39% 


-? 



r 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Tuesday March 15 1994 


AMERICA 


US investors 
await week’s 
economic data 


EUROPE 


Bourses buoyant after Friday’s recovery in Dow 


Wall Street 

US share prices were mixed 
yesterday morning, as inves- 
tors cautiously awaited a batch 
of economic news due out later 
in the week, writes Frank 
AIcGurty in New York. 

By l pm. the Dow Jones 
Industrial Average was 5.91 
lower at 3,855.79. while the 
more broadly based Stan- 
dard & Poor's 500 dipped 0J5 to 
468.19. Secondary markets 
were better, with the American 
SE composite up 1.49 at 467.47. 
and the Nasdaq composite 1.58 
ahead at 790.78. 

Volume on the NYSE was 
moderate, with 154m shares 
traded by 1 pm. Advancing 
issues led declines, 1.083 to 954. 

After Friday's heady 32-point 
advance, a sober mood 
returned to Wall Street Inves- 
tors are facing a series of eco- 
nomic reports over the course 
of the week, and the anticipa- 
tion reinforced a general sense 
of uncertainty which has domi- 
nated the market since the 
beginning of February. 

Today's producer price data 
and tomorrow's consumer 
price index were commanding 
the most attention. With bond 
traders expecting the reports 
to supply further evidence of 
accelerating Inflation. US Trea- 
sury prices eroded and the 
yield on the benchmark 30-year 
issue again crept within stri- 
king distance of the 7.0 per 
cent level. 

During yesterday's session, 
the pessimistic scenario on 
inflation was reinforced by the 
Atlanta Federal Reserve. Its 
February survey of regional 
economic conditions showed 
an unsettling increase in prices 
paid by manufacturers in the 
south-east, a possible harbin- 
ger of a more general trend. 

The report also indicated 
strong economic conditions in 
the region, but on balance, the 
likelihood of continued weak- 
ness in bonds left equity inves- 
tors in a timid mood. 

The negative sentiment was 
most evident in blue chips. 


which meandered within a nar- 
row range of opening levels 
during the morning. 

Industrials were hurt by Dis- 
ney, down gift to $45% on 
heavy volume. The stock fell 
on news of a restructuring 
plan for its Euro Disney theme 
park. 

Technology stocks were well 
represented in the NYSE's 
most active list Digital Equip- 
ment advanced $IV* to $32% 
after aimnunring plans to issue 
20m depositary shares priced 
at S25 each. 

Meanwhile, International 
Business Machines gained $1% 
to $57 ‘.i and Unisys added S'/a 
to $16'/« in volume of more than 
3m shares. 

Among financial issues, 
Chemical jumped SI % to $37% 
after Mr Judah Kraushaar. an 
analyst at Merrill Lynch in 
New York, raised his rating to 
“buy" American Express was 
better at $29Vi. 

On the Nasdaq, Microsoft 
was marked up $1 to $82% after 
the company unveiled new 
applications software for 
Apple’s Macintosh computers. 
Apple was $% higher at $38. 

Canada 

Toronto was stronger at mid- 
session but activity remained 
subdued. The TSE 300 compos- 
ite index was 25.04 firmer at 
4.471.90 in volume of 36.4m 
shares valued at C$320m. 
Advancing shares outpaced 
declines 356 to 227. with 314 
issues steady. 

The base metals sector was 
up 39.03, or 1 per cent, to 
3,694.03 helped by firmness in 
Inco, up C$% at C$33% and 
Alcan Al uminium, up C$% at 
C$3214. 


SOUTH AFRICA 

There were good rises ahead of 
today's futnres expiry, 
although the general mood 
remained cautious, The overall 
and industrial Indices both 
added 32. at 5,156 and 5,994 
respectively. The golds Index 
rose 31 to 1,964. 


Bourses were buoyant on 
Friday's late recovery on Wall 
Street, but there was an under- 
lying note of caution ahead of 
US economic figures this week, 
writes Our Ma rkets Staff. 

FRANKFURT, relatively firm 
last Friday afternoon, posi- 
tively took off yesterday with 
the Dax index 41. 68, or 2 per 
cent higher at 2,145.17 on the 
session, and another 1.1 per 
cent better in the post bourse 
at an Ibis-based 2J.69.40. 

Financials returned to 
favour. Deutsche Bank topping 
a session rise of DM12.50 to 
DM803.50 with a further DM11 
to DM814.50 after hours. Mr 
Horst-Kaspar Graven of Merck 
Finck in DUsseldorf said that 
the turn in US bond yields, the 
low dollar and a firm domestic 
bond market - reflecting hopes 
of a further Interest rate cut 
this Thursday - had produced 
a scenario in which Deutsche, 
particularly, could be expected 
to make money. 

Foreigners were buying the 
big blue chips again, said Mr 
Graven. Turnover rose from 
DM8.2bn to DM8.5bn and 
Volkswagen, a blue chip in 
favour, rose DM13.70 to 
DM485.50 in the morning, and 
another DMT to DM492.50 in 
the afternoon. 

Analysts were Impressed ini- 
tially with Schering’s 21 per 

ASIA PACIFIC 


cent sales growth in the first 

two months of 1994, but a more 

cautious tone came Into the 
market late in the afternoon 
and the shares closed with 
their session gain of DM16 to 
DM1.036. 

PARIS ended the day 
broadly higher in line with 
other European markets and 
the positive tone from Frank- 
furt in particular. The CAC-40 
index finished up 40.11 or L8 
per cent at 2JEL5.02. 

The day's main excitement 
was Euro Disney, which ini- 
tially advanced some 8 per cent 
on news that the financial 
restructuring package had 
been agreed, before f alling 
back by almost the same 
amount as investors realised 
that the rights issue would he 
extremely dilutive. The shares 
finished down FFr2.90 at 
FFr33.85. 

Mr Michael Woodcock at 
Nikko Europe explained that 
600m new shares would be 
issued at FFr10 each, swelling 
the number in issue from 170m 
to 770m. The package, he said, 
was good news for Euro Dis- 
ney. which bad got its restruct- 
uring package through, and 
thereby would be able to half 
Its debt to some FFrlOfan, but 
was bad news for the minority 
sha rehold ers. 

AMSTERDAM, recouped Fri- 


day's losses, the AEX index 
ending 5.97 or 1.4 per cent 
higher at 423.30. 

KNP BT, the paper and pack- 
aging group, picked up E1L70 
to FI 50.10 after reporting over 
the weekend that it was to 
declare a 45 cent dividend, and 
giving a bullish outlook on 
prospects for 1994. 

Ahold and Elsevier, which 
are due to publish 1993 results 
on Thursday improved respec- 
tively by 70 cents and FI 2J90 to 
FI 49.40 and FI 178J90. Hoare 
Govett liked both, and com- 
mented that Ahold should be 
one of the major beneficiaries 
of strength in the dollar. 

MILAN finish ad higher but 
off its best, helped by strong 
telecoms and by short-covering 
ahead of tomorrow's end of the 
monthly account. The Comit 
index added &52 or L3 per cent 
to 673.78. 

Telecoms were supported by 
weekend comments from Mr 
Carlo Azeglio Ciampl, the 
prime minister, confirming the 
privatisation timetable. Sip 
rose L70 or 1.5 per cent to 
L4.604 and Stet added L110 or 
22 per cent to L5.016. 

Cogefar rose L135 or 4.1 per 
cent to L3.435, as interest was 
spurred by the launch of Its 
rights issue on Thursday and 
the planned merger with other 
building companies into Italy's 


largest construction group. 

Domestic and foreign 
demand took Mediobanca L685 
or 4.5 per cent higher to 
L15371, but analysts said there 
was no news to account for the 
rise. BCL whose privatised 
shares will be traded from 
Thursday, added L100 or 1.6 
percent to L6.212. 

ZURICH advanced 1.4 per 
cent, taking its lead from 
strong bond and equity mar- 
kets elsewhere in Europe, but 
the low level of business indi- 
cated that investors remained 
cautious. The SMI index rose. 
38L9 to 2370-5. 

Cyclical stocks remained at 
the centre of attention. Foreign 
riwnawH and a positive recom- 
mendation from a local bank 
took OerUkon-BUhrle SFrl5 
higher to SFrl69. Brown Boveri 
bearers continued higher, 
adding SFr38 to SFr 1,212 and 
Sulzer certificates rose SFr 45 
to SFH.,060. Banks picked up 
some of their recent losses. 
Credit Suisse bearers rose 
SFrl8 to SFr634. 

MADRID offered good rises 
in US quoted stocks and, inter 
alia , in Banesto and in Aceri- 
nox, the stainless steel com- 
pany in which Banesto had a 
343 per cent stake until some 
five months ago. 

The general index rose 532. 
or 1.7 per cent to 33838 in tun- 


FF-SE Actuaries Share Indices 


THE EUROPEAN SERIES 

Hourty c tmqu Op* io3Q n4B i&m mn t4JD 1SJ0 °2L_ 

n-sEEuvrakfoo rt«.w i«&S7 i«&« !Se 

FT-SE BuroWcK 200 H93.1P 149*40 1484.12 149M0 148804 149839 1WM0 1 485.06 

lh n Ma 10 Har B IftrB 9W7 

FT-SE BimaO 100 1«1* £££ 

FT.SS Puma* 900 1471.59 1484.35 I49&53 1SI1.1B 181B.1B 


FT-SE Eunnack 100 
FT-SE Eumacfc 200 


bbm iooo cMno/wfc mtuw. 100 - 200 • 148MS lM ' '**•” ®° ' 1 * Mr 

FT-SE Eurotrack indices changes 

The FT-SE Euro track Indie*** Committee met on Thursday March 
10 and approved the following quarterly changes to the FT-SE 
Eurotrack 100 Index, to be made on Monday March 21, 1994: 

For inclusion: Unldanmark A/S (Denmark); Bancario San 
Paolo (Italy); Compagxue UAP (France); DU Spa (Italy); Outo- 
kumpu A (Finland): Volvo B (Sweden). 

For exclusion: Ital Gas (Italy); Pirelli Spa (Italy); Canal Plus 
(France); Credito Itallano (Italy); RAS (Italy); Bayerische H & W 
Bank (Germany). 

Indicative Reserve List: Montedison Spa (Italy); investor A 
(Sweden); Philips Electronics (Netherlands); Mlchelm B (France); 
Swiss Re (Reg) (Switzerland); Bayerische H & W Bank (Ger- 
many). 

TBleftmfcn (Mtoary replaces Telefonica ADR as a constituent. 


over of P£a273bn. Of the ADR 
stocks, Repsol rose Ptal45 to 
Pta 4.730 and Telefdnica by 
Pta45 to PtaL950. Banesto rose 
Pta33, or 43 per cent to Pta768 
as Santander converted loans 
into 2_1 per cent of the equity; 
Acerinox recovered another 
Pta260 to Ptal2300 after dip- 


ping to PtalO.SOO nearly two 
weeks ago, but dealers were 
cautious after a rise from 
around PtaQ.OOO last Septem- 
ber. 

Written and edited by William 
Cochrane, John Pitt and Michael 
Morgan 


Cellular phones accord takes Nikkei up 2% to 1994 high 


Tokyo 

Resolution of the US-Japan 
trade dispute, a retreat in the 
yen against the dollar and 
signs of improving economic 
conditions took the Nikkei 225 
average up by 2 per cent to a 
year’s high, writes Enriko Tera- 
zono in Tokyo. 

The index was ahead 41034 
at 20,526.15 after an opening 
low for the day of 20,157.72 and 
high of 20,58036. "The market 
rose on technical baying amid 
the feeling that corporate sell- 
ing was out of the way.” said 
Mr Rod Smyth, a strategist at 
Baring Securities. 

The yen and bond markets 
stabilised following the US- 
Japan trade accord on cellular 
phones over the weekend. A 
survey by the Ministry of 


Trade and Industry indicated 
an improvement in business 
confidence. 

Volume was 480m shares, 
against 737m last Friday when 
March futures and option con- 
tracts were settled. Foreigners 
and arbitrageurs turned buy- 
ers, while dealers, who had 
refrained from activity last 
week, citing fears of rising US 
interest rates, supported share 
prices. Technical analysts are 
now focusing on whether the 
Nikkei 225 index can break 
through the 21,000 level 
reached last September. 

Rises led falls by 882 to 194, 
with 124 issues unchanged. 
The Topix index added 1937 at 
1,63937, while the Nikkei 300 
advanced 3.46 to 301.88. In Lon- 
don the ISE/Nlkkei 50 index 
put on 339 at 1,362.17. 

High-technology stocks 


Italy and Germany forge ahead 


Bv John Pitt 


A wide range of perfor- 
mances characterised 
the world's equity 
markets last week. 

Among the European compo- 
nents of the FT-Actuarles 
World Index, strong rises by 
both Italy and Germany, np 
2.7 per cent and 1.6 per cent 
respectively in local currency 
terms, were countered by a 23 
per cent decline in the UK. one 
of 1.9 per cent in Norway and 
of I per cent in Switzerland. 

Norwegian equities turned 
negative late in the week after 
Norsk Hydro, the energy and 
fertilisers group, unexpectedly 
announced thnt It was to raise 
some NKr5bn through an 
internntionai rights issue. 

However, the market stabi- 
lised yesterday, in line with a 

general feeling among Euro- 
pean analysts that the Bundes- 
bank would make a further 
cut in interest rates at its 
council meeting in two days' 
time, its last before a four 
week break over Easter, 

Mr Brian Mnllancy of Mor- 
gan Stanley’s global economics 
gronp comments that resolu- 
tion of the IG Mctall dispute 
represents "a giant first step 
in Germany's struggle to 


improve competitiveness. 
Given the moderation In 
domestic cost pressures, we 
would expect the Buba to 
revert back to a more consist- 
ent pattern of easing and 
begin to downplay the poten- 
tial inflationary risks associ- 
ated with a somewhat weaker 
Deutsche mark”. 

The situation among Asia's 
markets remained nervous, 
with Malaysia and Singapore 
continuing to add to the falls 
of the previous week, partly 
over worries that US interest 
rates might be on the rise. 

In spite of Japan's slight fall 
last week, contributing to a 
0.1 per cent decline in the FT- 
Actuaries World Index, senti- 
ment there remained good. 

UBS Global Research, for 
example, forecasts that the 
Nikkei average will finish the 
financial year-end at around 
the 20,000 level, an estimate 
supported fay yesterday's 2 per 
cent gain. 

“While investors were 
largely chasing an illusion of 
economic recovery in 1993, 
they should be able to buy into 
the reality in 1994," UBS 
writes. The problem in this 
scenario is the extent to which 
the exporting sectors, which 
are supposed to drive the 
recovery, have already out- 


MARKETS IN PERSPECTIVE 


Austria 

Belgium 

Denmark .... 

FWand 

France 

Germany 

Ireland 

Italy 

Netherlands 

Norway ... 

Spain 

Sweden - — 

Switzerland 

UK 

EUROPE 


Australia 

Hong Kong .... 

Japan 

Malaysia 

New Zealand . 
Singapore — 

Canada 

USA 

Mexico 


% Chug* h M cumnay f 


% changa 

%*ane- 

kiUStt 

f WMk 

4 WMka 

1 1W- 

Kart nf 
W 

Start ot 
W» 

Start of 
IMS 

+0.51 

-098 

+30.85 

+41.66 

+37.44 

+36.39 

+ 1.53 

-087 

+1090 

+33.48 

*29.16 1 

*23.17 

+0.12 

-1-36 

+37.85 

+51.93 

+46.60 

+45.49 

-0.95 

-1.73 

+83.86 

+125.53 

+117.06 1 

+115.43 

-a 50 

-4.27 

+14J1 

+34.29 

+21-20 

+20.28 

+1.59 

-0.82 

+19.22 

+3427 

+30.59 

+29.60 

+0.57 

-2.03 

+84.13 

+58.26 

+4186 

+40.78 

+2.78 

-2.57 

+30.84 

+56.97 

+40.20 

+39.13 

-0.05 

-5-12 

+23.94 

+38-10 

+34.23 

+3321 

-1 .88 

-1.62 

+87.80 

+51.94 

+45-42 

+44.32 

-0.58 

-5.05 

+33.57 

+5097 

+28.28 1 

+25.32 

-0.29 

+058 

+38.05 

+47.27 

+3401 

+32.99 

-0.99 

-3.88 

+32.70 

+39.62 

+46.50 

+44.39 

-2.43 

-5.10 

+10.42 

+1534 

+15.34 

+14.48 

-0.78 

-3.73 

+1641 

+28.27 

+25.44 

+2)449 

+1.81 

-4.02 

+24.B2 

+33.64 

+39.36 

+38.30 

+0.19 

-13.29 

+58.11 

+82.18 

+83.96 

+82.56 

-0.24 

+0.61 

+20.12 

+23.75 

+48.11 

+46.99 

-2.01 

-4.51 

+84.29 

+95-55 

+89.40 

+87.97 

-023 

-7.37 

+37.23 

+43.42 

+61.05 

+59.80 

-333 

-328 

+40.34 

+45.23 

+51.56 

+50.41 

+0.78 

+1.37 

+19.75 

+25.40 

+1305 

+17.16 

+035 

-0.73 

+2.40 

+6.52 

+7.33 

+6-52 

-2.54 

-11.35 

+48.05 

+88.88 

+32.51 

+31.51 

+2.42 

+7.80 

+57.70 

+67.42 

+8021 

+78.83 

-013 

-1.57 

+13.74 

+1039 

+25^3 

+24.48 


WORLD INDEX -0.13 -1.57 +13.74 

T Bawd on March life tom. Co^tlow. RnancW 


paced the market In the elec- are already at levels which are 
trical machinery sector, p/e difficult to justify, even on the 
ratios of a number of issues basis of past peak profits.'' 


r^^^C^£BTES^W.ORCD>INDiCES 


NATIONAL AND 
REGIONAL MARKETS 

Fflurrc. ai parpnthtens 

(HimfiPt <if ttrwvi 

ci 


Aic-taLa i6?l . . . . 

Austro 

1-0 

Canada <10T\ 

O+^rear*. ilD 

Copland (223 . . 

Frnco (99> 

Oomam <59) . . .. 

Hcfyj Aonc <5C< 

I'T-jnd ti4> .... 

W. <*») . 

Ja can 14631 

MaUv&a lotft 

r.te«,co tith . 
fJ+t*M*riar«l CGI 
No-. Copland (141 
Nonx jv £ 

Sfliqjppn- .4?, . .. . 

Town it'flt 

SOJ:i (4.’' 

Sivnam i3W 

£*-&c/tandi49f .. . 
Uni led tjogdem (.Mb) 
USA (5181 ... . . . 


EUROPE fTASi 

Notch: U 13| . 

Panic Boan (722) 

Eura-PacAC (14S7| . . .. 

ffc+tti Amedeo (525) ....... 

Furaw fi Uk iSXtl ...... 

Pa wc £*. Japan K53i .. 
WsndEi US ,1652) .. 
Wo*td Ex. 'JK H955) 
World £«,. Cn. AI (31 iq 
Worts Ea. Japan (i'01i 


Fitundif nmos Ltd.. Gotdnun. Sachs A Co. or vj NtnWftsf Sacuntma Ltd ei aornunctlon Wifi tha msOtuta of Actuaries and the Foamy ot Actusrfes 

_ .... rMAiV TlillOfinAV IfliDTlI 4fl HGQ« fVU 1 AD lUflCV 

us 

Dollar 

Day's 

cnango 

Pound 

SiofWtfl 

mi RHWV 

Yen 

Indcn 

DM 

Index 

Local 

Currency 

Index 

Local 
% eng 
on Cay 

Grass 

Dnr. 

Yield 

US 

Ootar 

Index 

nwmwni 

Pound 

StorttnQ 

Index 

1 KIWI 1 

Van 

Index 

Local 

DM Currency 1993/94 
mdox hdsx HWri 

1993/94 
Low i 

Yew 

BflO 

[appreog 

. . 1 23 04 

■03 

170.74 

114.99 

150 94 

161.95 

-02 

304 

173.63 

171.44 

116.00 

152.40 

10226 

189.15 

100.19 

13823 

.... 191.16 

0.6 

188.63 

127 03 

168.75 

166-29 

-03 

0.93 

1S0.10 

187.71 

127.01 

166.95 

166.77 

195.41 

139.63 

14680 

...irons 

a.i 

100.50 

113.47 

148.95 

145.79 

—0.4 

3.92 

irass 

16840 

11355 

140.78 

14627 

■70.76 

141.92 

14817 

.. 135.40 

■J12 

133 63 

90.03 

118.18 

133.51 

0.0 

2J2 

136.83 

134.11 

9a 75 

11028 

13334 

14521 

121.48 

123.71 

. ..220 re 

-0 3 

26719 

179.60 

236.20 

241 33 

-0.9 

0-96 

271.89 

208-27 

101-52 

23SJM 

243^8 

275.79 

19560 

201.91 

14996 

-1.7 

147 97 

99.95 

13081 

172.33 

-2J 

0.77 

152.56 

150-63 

101.92 

133.98 

17625 

156.72 

70432 

73.78 

... '77.03 

0.0 

174.C0 

117.64 

154.42 

158.53 

-0.7 

2.93 

177.06 

174.02 

110-29 

155.48 

159.67 

185 37 

14860 

15875 

...134.54 

-1 1 

133 05 

69.60 

117.62 

117.62 

-1JB 

1.78 

13651 

134.00 

91.07 

119.71 

119.71 

14228 

107*9 

114^9 

40J.J7 

-2.1 

399.11 

268.78 

352.32 

401.17 

-2.1 

262 

aiat» 

407.89 

275J9 

362.75 

409.77 

506.56 

23884 

268 S3 

191 15 

-O.Q 

180 62 

127.02 

166.74 

10066 

-1.0 

320 

102.65 

1 0022 

128.71 

169.19 

188.43 

209.33 

140.98 

144.45 

T634 

0.9 

75.JJ 

50.73 

66 58 

94.78 

04 

1.78 

7562 

74.87 

90S2 

BE.41 

94.43 

78.93 

55421 

60 47 

1S4 J8 

a7 

152.33 

102.50 

134 06 

102.58 

0.2 

0.79 

153-29 

isije 

102.42 

134.83 

102.42 

165.91 

114*1 

114*3 

— 4sjt 46 

0.6 

404 95 

376.50 

420.71 

sis.ca 

0.6 

1.47 

488.65 

482.50 

328.48 

429.18 

512.06 

62163 

274 AO 

27836 

-J16710 

-1.9 

2130.37 

1440 06 

1690-34 

7807.17 

-13 

0.65 

2210.03 

2182.18 

1478.54 

194088 

7913.47 2647.00 

1431.17 

1547*8 

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-06 

1»Q1 

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175.33 

173.58 

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20250 

20035 

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175.88 

207.43 

161.72 

164.44 

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134.74 

177.11 

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. . aro.w 

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279.94 

234.25 

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215.33 

283.71 

23852 

378.92 

213,57 

219.78 

4K44S 

-1.9 

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331.03 

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26020 

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153.83 

155.79 

11603 

177.41 

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146.31 

193.07 

2S537 

-1.1 

1.52 

220.57 

217.60 

147.37 

193-72 

25008 

230.02 

154.79 

10891 

. . . no 19 

-09 

161 01 

10B.43 

142.34 

143.35 

-1.1 

157 

164.45 

162.38 

108A7 

144.42 

144^8 

17856 

112J7 

114.30 

..187 re 

-1.2 

194.07 

131.10 

173.09 

194.67 

-12 

175 

199.78 

19756 

133.40 

175.45 

19726 

214.96 

16846 

17Q.B1 

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0.8 

187.19 

126.00 

105.48 

189.71 

D.6 

2.73 

188.84 

18027 

128.03 

105.87 

188.04 

19804 

17801 

10825 


-0.7 '67 08 

-05 210.64 

0.4 161.59 

-O J 163.72 
0.5 183 87 

-0.4 UB 72 

-1.0 251.97 

-at 165.14 
03 169.23 

0.1 17CAJ 
-C.J 183.55 


gained ground on broad-based 
buying. Toshiba, the day’s 
most active issue, moved for- 
ward Y13 to Y793. 

Expectations of a smaller 
loss for the current year to 
March supported Victor, the 
audio visual maker. The stock 
closed at a bidded price of 
Y 1.560. Overseas buying sup- 
ported automobile issues. Nis- 
san Motor gained Y23 at Y923. 

Individual investors sup- 
ported speculative favourites. 
Japan Energy climbed Yi4 to 
Y452 on its development of an 
anti-Aids drug, while Clarion 
rose Y12 to Y497. 

Kajima, the construction 
group, weakened Y14 to Y948 
after last week's arrest of Mr 
Kishtro Nakamura, former con- 
struction minister, for alleg- 
edly receiving bribes from the 
company. 


Kankaku Securities, a second 
tier Japanese broker, lost Y6 at 
Y639. The broker announced 
last week that it had incurred 
losses of Y50bn from illicit cli- 
ent transactions. But Dai-Ichi 
Kangyo Bank, the commercial 
bank which will support Kan- 
kaku by extending subordi- 
nated loans, rose Y30 to Y1350. 

In Osaka, the OSE average 
moved ahead 275.24 to 2237233 
in volume of 114,3m shares. 

Roundup 

Yesterday was die Moslem hol- 
iday of Eld Al-Fitr. Markets 
were closed for this, or other 
holidays, in Bombay, Karachi, 
Singapore, Kuala Lumpur and 
Jakarta. 

HONG KONG reversed early 
losses after a more conciliatory 
tone emerged from Sino-US 


talks in Beijing. The afternoon 
rebound left the Hang Seng 
index 7441 up at 9360.07 after 
an earlier fall of about 300 
points. Turnover was light 

Swire Pacific, $2 higher at 
HK$55, reported a 5 per cent 
rise in profits. 

AUSTRALIA'S All Ordinaries 
index gained 263 at 2,1793, 
brokers citing Japan's opening 
of its cellular telephone market 
to the US-based Motorola, 
stronger bond prices and a 
higher Wall Street close on Fri- 
day as buoying sentiment 

The golds index was 58.9 
higher at 23923 on the bullion 
price, which rose on political 
tensions in South Africa. 

SEOUL climbed for the third 
consecutive session on interest 
in banking shares and asset 
plays, the composite index 
adding 9.41 at 912.83 after 


touching 92137. Banks were 
tipped for support in advance 
of rights issues, the sector 
index gaining 2533 at 60417. 

TAIWAN rose 13 per cent in 
a technical rebound from last 
week's 6.1 per cent drop, the 
weighted index closing 60.77 
higher at 5,333.87. Turnover 
was thin at T$40.82bn, 

MANILA rose on bargain 
hunting and stock dividends 
from Manila Electric and 
Filin vest Land, the composite 
Index closing 72.80 up at 
2,631.53. 

SHANGHAI investors went 
on a buying spree after a pack- 
age of measures from security 
regulators to rescue plummet- 
ing share prices. Turnover was 
so high that it knocked out the 
computer system for a period; 
the A share index rose 75.44 or 
103 per cent, to 811.69. 


FINANCIAL TIMES 


FT EXPORTER 



mmm 

V 'f. 5 

jLZzZ**: >;■*> ■< 




FT EXPORTER: Spring Issue - April 19 


il» Wcrtd Inoc* £1701 


fi.in.-eiM Tlmei UWoe. Ooxarnr. Saew I m Ca and NaflMsai SaCuffiM LMW1 ' 
UJttn ppif» m urcr-okM’ to* admn 


173,55 171J30 115.95 152.41 


the next issue of Europe's premier export review, the FT 
Exporter wtt appear with the Financial Times throughout the UK 
and Europe on the 19th April 1994 Written by RnanciaJ Times 
Jounraflsts based In leading business centres across Europe, the 
FT Exporter will show, through case histories, how orders are 
being won and wtw practical problems are being overcome. 

An essential guide to current trade issues, btendtag news, 
analysis and make! opportunities lor com p a nie s of aH sizes, the 
spring issue wffl indude market profiles of BrazB, Southern Africa 
and Vietnam, payment problems experienced by subcontractors, 
report on the use of rmiscurency accounts by small and mecSum 
size exporters and assess when it is cost effective to employ just- 
kvttme delivery. 


As recognition has grown that exporting is a core business 
activity so the FT Exporter has developed into one of the most 
cost effective means of reaching bath UK end European business 

decision makers. 


To book into the next issue contact 

Derek van Tienen [display] 

Tel: 44 (0)71 8734882 Fate 44 (0) 71 407 5700 

Janet Kellock [classified] 

Tel; 44 (0)71 873 3503 Fax: 44 (0) 71 873 3098 




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