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FINANCIAL TIMES 


•Etif'ops’s "Business ;.:N$W3pap£r : 


Bundesbank calls 
for curb on local 
council spending 

The Bundesbank has launched an attack on a 
root cause of inflation with a demand that west 
German local authorities act to stem rising deficits 
and local service charges by reducing their work- 
forces. privatising more services and preparing 
for several years of belt-tight ening 
The central bank also warned the federal govern- 
ment to avoid loading extra burdens on to city 
and local administrations by forcing th«m to 
provide increasingly sophisticated services. Page L4 

UK will not hold up Ell expansion: Hie 

British government said last night that it would 
not allow the dispute over its blocking veto to 
jeopardise the enlargement of the European Union. 
French-German EU strains show. Page 14 

Tapto to seH assets: Credit Lyonnais has 
reached agreement with Bernard Tapie for the 
businessman- turned-politician to start welling 
much of his corporate and personal assets to 
repay the FFrlbn (($L60m) he owes the bank. 

Page 15 

Heron threatened again: The threat of 
receivership is again hanging over UK property 
and trading group Heron Intern a tio na l, which 
completed a £L4bn refinancing in September. 

A collapse in the Spanish property market has 
raised the risk of the group defaulting. Page 15 

China on offensive In IIS trade reran China 
warned that the cancellation of preferential trade 
access to the US market would have devastating 
consequences for the Taiwanese and Hong Kong 
economies. Page 5, China takes one step back 
on prices, Page 4; Editorial Comment, Page Id 

UAL buyout in doubt: The future of the $5bn 
employee-led buyout of UAL was placed in doubt 
when the US airline announced it had been unable 
to reach an agreement with its unions on definitive 
documentation for the deal Page 15 

UK operations help Thomson: Record 
publishing and UK travel earnings helped Thomson 
Corporation of Canada overcome the poor perfor- 
mance of its North American newspapers last 
year. Net earnings rose to USJ277m, from $ 1.66m. 
Page 15 

Banana row nears end: Costa Rica is expected 
to accept a plan to Increase its access to the Euro- 
pean Union banana market, ending a bitter dispute 
which began in July. Page 5 

Environment fund accord near: Three days 
of negotiations in Genova on sotting up ar$2hn 
Global Environment Facility to fwA projects 
in developing countries were nearing a successful 
conclusion last night Page 14 

Asko back In the Mack: Aston, one of 
Germany's biggest retailers, reported net annual 
profits of DM432m (S256m) compared with a loss 
of DM462m in the preceding nine-month period, 
but will not resume dividend payments on ordinary 
shares until the end of the year. Page 20 

ICL profits fall by 40%: Restructuring charges, 
higher interest payments and weak markets 
depressed 1993 pre-tax profits at ICL, UK-based 
computer company owned by Fujitsu of Japan 
by 40 per cent to £23.4m ($3L2m). Page 24 

Tokyo says US Is violating afar accord: 

Tokyo accused the US of violating an air accord 
by failing to approve a scheduled Japanese airline 
flight to Hawaii just two days before it was sched- 
uled to go into operation. Page 5 

Rhdn e-Poulenc, French chemicals and 
pharmaceuticals group, ruled out an increase 
in its FFr2.8bn ($486m) bid for Cooperation Phar- 
maceutique Franpaise, distributor of drugs and 
healthcare products. Page IS 

Groupe Bull, French computer group to be 
privatised this year, has made restructuring provi- 
sions of FFrl.65hn (*286m), taking total net losses 
for 1993 to FFr5.07bn. Page 16 

Australia puts on 4% g r o w t h : The Australian 
economy grew by 4 per cent in 1993, the strongest 
annual growth for five years, the Australian Bureau 
of Statistics said. Page 4 

Westland accused of inflating prospects: 

GKN accused Westland, the UK helicopter manufac- 
turer, of inflating its order prospects in an attempt 
to fight off a SASTim (5726m) hostile takeover bid 
by the engineering and industrial services group. 
Page 22 

Balladur reforms anger unions: France’s 
big union federations will today demonstrate 
against the Balladur government's new law permit- 
ting young apprentices to be paid less than the 
minimum wage. Page 2 


■ STOCK MARKET IfHMCes 


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THURSDAY MARCH 1? 1994 




France forces Brussels to back down on fish prices 


By Lionel Barber In Brussels 

A late-night French threat to 
block Norway's entry into the 
European Union produced a 
rapid pay-off for Paris early yes- 
terday with Brussels announcing 
a two-month extension of mini- 
mum prices for fish imported 
into the EU. 

France's strongarm tactics 
forced a U-turn by the European 
Commission which 24 hours ear- 
lier had refused to extend crisis 
measures to prop up fish prices. 

The Commission's retreat will 
upset fish exporters in the US 
and eastern Europe but offers a 


breathing space to the French 
government, which has struggled 
to contain violent protests by its 
fishermen against cheap imports. 

Mr Alain Lamassoure. French 
minister for European affairs, 
said he had intervened with. Mr 
Jacques Defers, president of the 
European Commission, during a 
marathon negotiating session on 
Norwegian accession to the EU 
which ended early yesterday. 

“I made it quite clear this was 
a condition for our agreement to 
Norwegian membership, and 
especially on the fish arrange- 
ments with Norway," Mr Lamas- 
soure told French-Info radio. 


The French threat was success- 
ful. and shortly before midnight 
Norway and the EU reached 
agreement on fishing rights. But 
a final accord on the terms of 
entry for Sweden. Finland, Aus- 
tria and Norway remains elusive 
because of AngioSpanish objec- 
tions to power-sharing arrange- 
ments in an expanded Union. 

Minimum import prices are the 
reference prices which the EU 
uses to monitor the market They 
will apply to imports of cod, had- 
dock, hake, angler, coley, Alas- 
kan pollack and salmon. 

The crisis measures are identi- 
cal to those imposed a year ago 


when Breton fishermen ran- 
sacked warehouses and orches- 
trated a shutdown of French 
ports. Two months ago, mini- 
mom prices were restored after 
Breton fishermen burned down 
their historic parliament building 
in Rennes. 

Last week. Mr loannis Paleo- 
krassas. Greek commissioner 
responsible for fishing, provoked 
a furore in France by indicating 
he would allow the minimum 
import prices to lapse. He argued 
that the measures should be tem- 
porary because they did not 
address the structural weak- 
nesses of the industry. 


Mr Paleokrassas shifted posi- 
tion on Tuesday night after being 
drawn into the conversation 
between Mr Defers and Mr 
Lamassoure, according to a Com- 
mission spokesman. 

A second Commission official 
said "new elements” bad entered 
the discussion. These included 
British and Dutch concerns about 
cheap imports from eastern 
Europe which were entering 
the EU via Sweden. Also, tresh 
data showed EU fish prices 
for cod, one of the most impor- 
tant fish species, continued to 
fall in 10 member states last 
month. In France and Belgium, 


however, cod prices were stable. 

The decision to extend mini- 
mum import prices will come 
into effect later this week, and 
will apply until May 17. The 
move will be reviewed at a meet- 
ing of EU fisheries ministers in 
Luxembourg on April 12. 

Separately, the French govern- 
ment has introduced delayed 
inspection of US fish exports, 
prompting protests from Wash- 
ington. It has also launched a 
FFrlOm (SI. 7m) advertising cam- 
paign to persuade consumers to 
eat more fish, a promotion 
funded partly by the European 
Union. 


Sanctions against Serbia to be phased out in return for concessions 

Russia, US 


AUSTRIA 


HUNGARY 


say Bosnia 
peace deal 
is in reach 


. ■ ’ , SLOVENIA 

'LJUBLJANA 


Slavonia 


Enfut 

VOJVOOINa''-. 
Belgrade' 



By Judy Dempsey In London and 
Laura Saber in Belgrade 

Washington and Moscow believe 
they are within days of reaching 
an overall peace plan for former 
Yugoslavia. 

Part of the complex settlement 
involves Serbia recognising the 
pre-war borders of the republic of 
Croatia and giving up some Cro- 
atian territory it gained in the 
war in Croatia which ended in 
January 1992. 

The other part involves accep- 
tance by Washington and 
Moscow that territory in eastern 
Bosnia held by Bosnian Serbs 
will enter into a loose union with 
Serbia proper. Underpinning this 
plan is an acceptance by Serbian 
president Slobodan Milosevic to 
make some concessions in return 
for the the west gradually lifting 
sanctions against Serbia. 

The involvement or the US and 
Russia has been a key to getting 
the warring factions closer 
together. 

US State Department officials 
are preparing public opinion - 


and the United Nations - to con- 
sider phasing out sanctions In an 
attempt to end the war in the 
Balkans. The negotiated compro- 
mise would mean the US would 
no longer have to f ulfil its com- 
mitment to send ground troops 
into Bosnia to oversee the imple- 
mentation of any peace plan. 

Mr Stephen Oxman, assistant 
secretary of state, sold any moves 
to ease sanctions would be linked 
to “positive steps taken by the 
Serbs in the negotiating process”. 

Although both US and UN offi- 
cials were reluctant to say when 
the sanctions would begin to be 
lifted, they said a meeting in 
Croatia next week could tip the 
balance in favour of peace. 

Serbs from Krajina, the 
self-styled republic in south-west- 
ern Croatia, will meet Croatian 
officials at the Russian embassy 
in the Croatian capital, Zagreb. 
This is the first meeting of its 
kind since Croatia broke away 
faom the Serb-dominated Yugo- 
slav federation and declared its 
independence in June 1991. 

Mr Vitaly Churkin. Russian 


-*>4 

special envoy to the region, met 
Mr Milan Martic. leader of the 
Krajina Serbs, in Belgrade yester- 
day to explain the goal of next 
week's meeting. 

Mr Churkin said the agreement 
would end military and other 
hostilities between Croats and 
Serbs in Croatia. But UN diplo- 
mats said it would also Involve 
Serbia making some territorial 
concessions. 

Mr Martic still Insists that the 
Krajina Serbs would never live in 
an independent Croatia and that 
the region should be linked to 
Serbia proper through corridors 
stretching across Serb-held terri- 
tory in north and eastern Bosnia. 

However, Mr Milosevic, whose 
government once provided Krai- 
ioa with a military and economic 
lifeline, is increasingly inclined 
to break Belgrade's links with 
Krajina, and recognise Croatia's 
current borders, in return for get- 
ting sanctions lifted. 

In return, Russia will insist 
that if Croatia wants control over 
Krajina, it must grant extensive 
autonomy to the Serbs. 


SERBIA 

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• Master : 

■'MONre^EGTOV- 5 X 

KOSOVO /' 

“There cannot be genuine 
peace in Bosnia-Hercegovina if 
tensions remain in Krajina,” said 
Mr Churkin. 

The future status of Bosnia will 
also be discussed tomorrow in 
Washington between Mr Churkin 
and Mr Charles Redman, the US 
special envoy to the farmer Yugo- 
slavia. 

Bosnia's Croats and Moslems 
are expected to sign a draft con- 
stitution for a new federation in 
one part of Bosnia, and a “gen- 
eral framework” for a confedera- 
tion with Croatia. 

The Bosnian Serbs, who con- 
trol about TO per cent of Bosnia, 
remain reluctant to join the fed- 
eration. Instead, UN diplomats 
said Washington and Moscow are 
likely to accept the Bosnian 
Serbs having a special relation- 
ship with Serbia as the price to 
be paid for an overall peace set- 
tlement 

“What is taking place between 
Washington and Moscow is a 
sophisticated, diplomatically 
sanctioned carve-up of Bosnia,” 
said a senior UN official 


Malaysia PM 
says ‘die is cast’ 
over UK ban 


By Robert Pestort In London 

Hopes of an early end to the 
Malaysian government's ban on 
trade with the UK receded last 
night, when Dr Mahathir 
Mohamad, the Malaysian prime 
minister, said there would be 
“no contracts in exchange for 
British Press freedom to tell 
lies". 

In his most detailed explana- 
tion to date of the reasons for 
the ban. Dr Mahathir says In a 
letter to the Financial Times that 
the “die 1s cast”. 

Malaysia decided three weeks 
ago to deny any future govern- 
ment contracts to UK companies 
because of its anger at British 
press reports of alleged bribes 
offered to Malaysian politicians 
and disclosures of a link between 
a £ibn defence contract won in 
1988 and £234m of British aid for 
the Pergan hydroelectric dam. 
The contracts freeze conld cost 
UK companies hundreds of mil- 
lions of pounds in lost business. 

Dr Mahathir says: “If you have 
scruples, don't sell arms at 
all . . . When arms are sold, 
long-term payments or offset 
programmes or special terms are 
invariably offered by everyone. 

He adds; "It has never been 
proven conclusively that It [the 
Pergan loan] was for the arms 
purchase 

He also says that the benefit 
for Malaysia of receiving the Per- 
gan loan at a subsidised interest 
rate, of 0.8 per cent, was “mar- 


ginal". Malaysia conld have got 
similar terms from other coun- 
tries such as Japan, he says. 

If the subsidised loan bad not 
been offered for Pergan, work on 
the dam "could have gone to 
non-British companies”. The 
leading contractors on the dam 
are the British construction 
groups Trafalgar House and 
BICC. 

Dr Mahathir is convinced that 
the British media portrays 
Malaysians as “corrupt” because 
“they are not British and not 
white”. “The allegation against 
the Malaysian prime minister 
has turned out to be baseless.” 
he comments. 

He singled out the Sunday 
Times, which alleged that 
Malaysian politicians had been 
offered bribes by the construc- 
tion company Wimpey, for 
attack: “The Malaysian prime 
minister need not subscribe to 
that even as Andrew Neil [editor 
of the Sunday Times] did not 
accept reports on his affair with 
Pamela Bonks.” 

Mr Nell said last night: “The 
letter betrays a very confused 
mind”. He said Dr Mahathir had 
not addressed the allegations 
made in last weekend’s Sunday 
Times that the Pergan loan had 
indirectly enriched Malaysians 
close to the government, because 
it bad been paid to an electricity 
company which was privatised 
soon afterwards. 

Letters, Page 12 


Nordic refiner OK 
Petroleum sold to 
Saudi for $1.2bn 


By Christopher Brown-Humes 
m Stockholm and 
Robert Confine In London 

OK Petroleum, the Nordic 
region’s biggest oil refining 
group, was yesterday sold to 
Sheikh Mohammed Al-Amoudi, a 
Saudi Arabian businessman, in a 
deal worth $1.2 bn. 

OK has two refineries on Swe- 
den's west coast, with a com- 
bined refining capacity of 265,000 
barrels a day. It accounts for 23 
per cent of Nordic refining capac- 
ity, and about 60 per cent of out- 
put is exported. 

The current owners are Swe- 
den’s KF co-operative group, 
which owns 52 per cent, and 
Neste, the Finnish oO company, 
and the Swedish state, each with 
24 per cent. They will receive 
$750m for the equity, with 
assumed debts making up the 
rest of the price. 

The OK purchase is being car- 
ried out through a private com- 
pany. Corral Petroleum Holdings. 
The state-owned Saudi Aramco 
group had considered buying OK 
Petroleum last year, but the rela- 
tively small number of retail out- 
lets Included was thought to have 
deterred U. 

The Saudi link should provide 
OK Petroleum with strong finan- 
cial backing far further invest- 


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ment Industry observers said it 
was not clear whether the private 
Saudi interests would have pref- 
erential access to Saudi crude oil. 
which is produced by a state 
monopoly. 

“Our intention is that OK 
Petroleum should grow within its 
current area of operation'*, said 
Mr Chazi Habib, who will repre- 
sent the sheikh on the OK board. 
Mr Habib is a former head of 
Samarec, the Saudi refining and 
crude marketing company which 
was merged with Saudi Aramco 
last year. OK’s Swedish base and 
management will be retained. 

The deal includes storage facili- 
ties, stakes in several hundred 
retailing outlets and some 
upstream operations. It excludes 
around 650 OK petrol stations 
which are owned independently. 

OK Petroleum was founded in 
1986 by a consortium Including 
Neste. Last year net profits were 
SKr552m ($TOml after SKr4lm a 
year earlier, alter sales increased 
to SKrl9.5bn from SKrl&Obn. 

Sheik Al-Amoudi, who is a 
member of a merchant family 
from Jeddah, has not previously 
been involved in the oil business, 
although he has had business 
rtofliing s m Sweden for more than 
20 years, including involvement 
with the Swedish construction 
company ABV. 


CONTENTS*; 


N Korea 
nuclear site 
deal near 
collapse 

By John Burton in Seoul and 
Patrick Blum in Vienna 

A deal to resolve suspicions 
about North Korea’s nuclear pro- 
gramme appeared to be an the 
verge of collapse yesterday after 
the International Atomic Energy 
Agency confirmed its inspectors 
had been unable to carry out 
some checks on one of the 
nuclear sites. 

“Important measures agreed to 
in writing before the team went 
[to North Korea] were refused,” 
an agency said. This was particu- 
larly the case at the Yongbyon 
radiochemical laboratory. “As a 
result the agency was not in a 
position to verify there had been 
no diversion of nuclear material 
at the facility." 

The IAEA will hold a special 
meeting of board member states 
on Monday to decide on a 
response to obstructions. 

The US state department said 
last night that a high-level meet- 
ing between Washington and 
Pyongyang officials on possible 
diplomatic recognition was 
unlikely to go ahead next Mon- 
day because of the restrictions 
placed on the IAEA inspectors. 

The IAEA said six experts of its 


Continued on Page 14 


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f> mu FINANCIAL TIMES LIMITED 1994 No 32,319 Week No 11 




FINANCIAL TIMES THURSDAY MARCH 17 1994 


NEWS: EUROPE 


IMF chief steps into Russia’s 
gathering economic storm 


Russian economy: a bleak state of affairs ■ 

fn/tetiofl fawth on month 96 change) - ' ‘ Real ^ exchange rate to 


Inflation (month on month 96 change) 


80 


35-1 ' -. 




By John Lloyd in Moscow 


These are hard times in 
Russia, and fears are growing 
that the country is becoming 
ungovernable, or governable 
only with an iron hand. 

Mr Michel Camdessus, man- 
aging director of the Interna- 
tional Monetary Fund, arrives 
iu Moscow today for a five-day 
visit whose rarity testifies to 
the urgency ot the times. It is a 
crisis compounded of political 
drift, a largely absent president 
and a swathe of problems 
un tack led and festering: at 
root, however, it is economic. 

The credit squeeze of last 
year inis worked. Inflation 
came down last month to 10 
per cent, half of January's fig- 
ure. But industrial production 
was also down, by 24 per cent 
against February 1993 us a 
result of the squeeze. 

This may continue. Russian 
officials say Mr Victor Gerash- 
chenko. the central bank chair- 
man. has massively undershot 
the credit targets recom- 
mended by the government's 
Credit Committee, advancing 
only -10 per cent of the total 
agreed. Though the motives of 
one who has always called for 
Large credits in order to pre- 
vent industrial collapse are 
unclear, the result is that the 
squeeze is likely to continue. 


The budget agreed by the 
government - but not yet 
passed by parliament - is simi- 
larly tough. It proposes expen- 
diture of around RbslSO.OOObn, 
and an Income of Rbsl20,000bn 
- the deficit is as touch as 10 
per cent of gross national prod- 
uct (on IMF calculations, more 
like 16-17 per cent!. 

But on these figures, say the 
main powers in the land, there 
is no way of maintaining social 
order or production. General 
Pavel Grachev, the defence 
minister, yesterday publicly 
complained that the 
Rbs37.U00bn put by for the mil- 
itary on the 1994 budget was 
less than half of what they 
needed, “if the situation does 
not change, there can be no 
talk not only about reforming 
the army, but about providing 
for Russia’s security as well." 

He estimated that if the sum 
were not increased, the arms 
ordered would have to be cut 
back by one quarter - decimat- 
ing the already fragile military 
industrial plants. 

The energy, agricultural and 
regional leaders have not yet 
made their demands public in 
this way - but they will be of 
the same order. The possibility 
of holding the line looks slim. 

Yet on the income side, the 
picture is worse. Budgeted rev- 
enues of Rbsl20.000bn now 


look impossible to attain - 
since government income is 
now running at Rbs70,000bn- 
RbsSO.oOObn a year and, in the 
words of one western financial 
expert, "there is no reason why 
it should get any better". 

This is the potentially horri- 
fying situation into which Mr 
Camdessus steps today. Rus- 
sian officials say he is now 
under pressure from the Group 
of Seven industrial countries to 
deliver aid: senior G7 officials 
say this is not so, pointing to a 
discussion in Frankfurt last 
month at which it was agreed 
that the Fund should make up 
its own mind and insist on the 
observation of conventional 
criteria. 

Certain it is that the manag- 
ing director brings no panacea: 
however, he does bring a slen- 
der lifeline of the second half - 
$1.5bn - of the $3bn systemic 
transformation facility set up 
after last year's Tokyo IMF 
summit to provide rapid loans 
to Russia, though he may not 
be able to throw it if the gov- 
ernment cannot convince him 
and his officials that the bud- 
get is credible. 

Mr Camdessus is deeply con- 
cerned with Russia - the larg- 
est and most intractable prob- 
lem the Fund has to deal with. 
But while IMF officials have 
found their engagement with 


the Russian government ear- 
lier this year wearing, they ami 
other western finance officials 
have been impressed by the 
seriousness of the Russian 
leadership's approach to 
reform. These people now 
acknowledge that the prime 
minister, Mr Victor Cherno- 
myrdin. conventionally viewed 
as a conservative, energy-lobby 
man, has become a convert to 
tight budgets. 

This message was conveyed 
to Mr Camdessus, and to senior 
World Bank officials, earlier 
this year by the Swedish finan- 
cier and investor, Mr Peter 
Castenfelt, whose company, 
Archipelago Enterprises.is 
actively involved in the Rus- 
sian market. After their meet- 
ing in Washington, Mr Cam- 
dessus was invited to Moscow 
to see for himself. 

Mr Castenfelt, named in Feb- 
ruary as an unpaid adviser to 
the Russian prime minis ter on 
enterprise issues, said yester- 
day: “1 believe these people are 
very tough and want to con- 
tinue enterprise reform. They 
are faced with huge problems, 
and this budget is murder for 
the companies - but ( am sure 
they will go to great lengths to 
stick to it" 

If they do so. they risk a 
great deal. The Russian power 
structure has at its apex - 


50 — V 


20—1. / W 




FMAMJ J ASOKDJFMAMJ J A SO NO JF. 
1992 «*B3 1904 


FMAnmSONQ JF.KAMJ J ASOND 
1098- ' • 


Industrial production 
100 

\ index ot rest ipdUsVial produc&on 
Dec 1991*100 


■ OH production (rnSteoiOnpes) 

:boo — c —'r r 5 * 



Fab May J A 3 O' M O J F M.A »J,'l A 
1998 ' 1998 ’ ' 

Soiree: Can** tor Ecanonjteflefgnn - - 


1993* 

XAmteriy 


President Boris Yeltsin - off at 
the Black Sea resort of Socchi 
for a two-week recuperation 
from Qu after two and a half 
months of exceptionally low 
profile. Many in the parlia- 
ment, including relatively sym- 
pathetic figures such as Mr 


Grigory Yavlinsky, head of the 
Yabloko group, point to the 
dichotomy between a president 
with exceptional powers in the 
constitution and no apparent 
will to use them. 

Calls for a firm band have 
reappeared. A Yeltsin ally. Mr 


British stonewalling puts EU enlargement at risk 

The UK's obduracy on voting rights is absolutely untenable, say other EU members. The sooner they realise the better’ 


By David Gardner in Brussels 


T he message was more polite 
than might have been expec- 
ted. but no less clear for that 
The British government has been 
told by its European partners that if 
it continues its obduracy over voting 
rights in the EU Council of Minis- 
ters. the Union will move backwards 
into crisis rather than forward to an 
enlarged membership of 16. 

EU foreign ministers put off any 
showdown until Tuesday, when they 
will have another go at resolving the 
votes dispute, the precondition for 
Sweden. Finland. Austria and Nor- 
way to join the Union next January. 

in this week’s long meeting, how- 
ever. anger with the UK was widely 
aired. Mr Alain Lamassoure, 


France's Europ ean affairs minister, 
accused Britain of wasting time. 
The final result is not in doubt.” he 
said. “The sooner they realise that 
the better.” 

Mr Niels Helveg Petersen, foreign 
minister of Denmark, which sparked 
off the Maastricht treaty crisis with 
which this dispute is now being com- 
pared, said: The British position is 
absolutely untenable.” He invited 
the UK to call its partners when it 
had reconsidered, as though this was 
Inevitable. 

But real concern that the EU was 
slipping into crisis cut short 
Britain's time in the dock. “There 
was an acceptance that when you're 
up against a stone wall, there's no 
point kicking people around the 
place.” as Mr Dick Spring, the Irish 


foreign minister, put it 

Britain's partners, led by Mr Klaus 
Kinkel, the German foreign minister, 
instead worked intensely to find a 
formula on voting which the UK, 
and its ally Spain, could accept Mr 
Kinkel twice saw Mr Douglas Hurd, 
the UK foreign secretary. But the 
British, for the moment are refusing 
to be drawn on any of the ideas 
being floated. 

Mr Hurd left the meeting saying 
only that “we and the Spanish are 
holding firm to the same position". 

The UK wants to change the per- 
centage of weighted votes in the 
Council of Ministers needed to block 
EU decisions. The position now is 
that 30 per cent of the votes - dis- 
tributed among member states in 
rough proportion to their size - can 


form a “blocking minority”. 

Britain and Spain’s partners argue 
that this means the current blocking 
minority of 23 votes out of 76 should 
move to 27 out of 90 once the Nordic 
and Alpine countries come in. Simi- 
lar adjustments have accompanied 
all previous enlargements. 

Spain is happy to see the threshold 
at which EU decisions can be 
blocked raised to 27 votes - except 
when three member states, who 
together have 23 votes and represent 
more than 100m inhabitants, oppose 
or abstain on a measure. UK officials 
say privately they could accept this. 

But the European parliament, 
which must ratify the accession 
treaty by May 4 to meet the January 
1995 enlargement deadline, says it 
will not accept this additional brake 


on EU decision-making. 

The secretariat general of the 
Council - which crafted the legal 
protocols which enabled Denmark to 
re-present the Maastricht treaty to 
its voters in a new wrapping - is 
therefore suggesting as a compro- 
mise a sort of “delaying minority". 

Under this formula, 27 votes would 
be the threshold, but where a block 
of 23 votes had emerged in opposi- 
tion, a two-month grace period 
would be granted to seek a consen- 
sus. This regime would last until the 
voting question is re-examined in 
the constitutional review in 1996. 

There are already variants of this 
sort of formula, and difficulties 
which can be found with all of them. 
Spain's lawyers point out, for exam- 
ple, that any such amendment to the 


internal rules of procedure of the 
Council could be overturned by a 
simple majority of member states. A 
firmer anchor, such as a legal proto- 
col enshrining transitional rights for 
the smaller minority, would be 
needed, one Spanish official said. 

But one senior EU diplomat 
warned early yesterday that Britain 
was angling for a formula “which 
prejudges the 1996 review' 1 on deci- 
sion-making and power-sharing, pre- 
dicting that neither the 10 nor the 
European parliament would stomach 
this. 

Publicly, at least, British officials 
seem almost insouciant in their 
refusal to give anything away. "It's a 
bit like Mlcawber," one official said. 
“We’re waiting for something to 
turn up.” 


HPr* 


m> -m-. 



Norway’s opposition says 
referendum No vote likely 


By Karen Fossfi In Oslo and 
Hugh Camegy in Stockholm 


Norway's main opposition 
Centre party yesterday 
denounced Oslo's accession 
agreement with the European 
Union as a sell-oat and 
predicted a repeat of 1972 when 
the electorate narrowly 
rejected an earlier application 
for GU membership in a 
bitterly divisive referendum. 

“This will be a fight on 
whether Norway will continue 
to be an independent 
nation or whether we will 
hand ourselves over to a 
union.” declared Mrs Anne 
Inge Lahnstein, the party 
leader. 

Other powerful 

anti-European Union 
groupings comprising farmers 
and fishermen also said they 
would fight against 
membership, ensuring the 
expected tough battle for the 


minority Labour government 
in a new referendum despite 
its insistence that it won a 
good deal, particularly on the 
highly sensitive issues of fish 
and agriculture. 

Like fellow Nordic EU 
applicants Finland and 
Sweden, Norway is unlikely to 
set a referendum date until the 


remaining row over 
enlargement within the EU’s 
existing ranks is resolved. 

But Finland is expected to 
vote in September or October, 
with Norway preferring to wait 
until after Finland and Sweden 
have voted. 

There remains sharp 
disagreement in Sweden over 
the referendum date. Mr Carl 
Bildt, the prime minister, 
favours June or general 
election day in September, but 
Mr Ingvar Carlsson, leader of 
the opposition Social 
Democrats, said yesterday the 
dispute in Brussels over 


post-enlargement voting rights 
strengthened the argument for 
delaying at least until the 
autumn. 

The Internal EU row over 
enlargement is likely to stiffen 
the strong anti-EU movements 
in the three countries which 
remain strong despite recent 
opinion poll swings towards 
the Yes camp. 

In Norway, where opposition 
is most entrenched, opposition 
groups said the government 
bad sacrificed vital national 
interests by agreeing to a deal 
which would flood the country 
with cheap food imports and 
give away fish to countries 
which had mismanaged their 
own resources. 

Mr Einar Hepsoe, head of the 
Norwegian fishermen's 
association, said Norway had 
lost on all accounts. “This 
accord is worse than I feared 
when we began negotiations.’’ 
he said. 


Journalist questioned on 
Berlusconi scandal leak 


By Robert Graham in Rome 


Fresh controversy has blown 
up over illicit payments on 
football player transfers 
allegedly made by the 
Fininvest group, owned by 
Italy's aspiring politician Mr 
Silvio Berlusconi. 

The row has been simmering 
since last Wednesday when 
Tv5, one of Finiii vest's three 
national television channels, 
announced that Milan 
magistrates had sought 
authorisation to arrest six 
senior Fininvest executives. 
The arrests were allegedly 
connected to the payment of 
undeclared sums on the 
transfer to cup-winning AC 
Milan of Turin's prize player 
'Gigi' Lentini in 1992. 

Milan magistrates 
immediately claimed the news 
had been deliberately leaked 
and took possession of a copy 
of the Tvs video of the 
announcement They suspected 
the news was matte public to 
avoid high profile arrests of 
persona linked to Mr 
Berlusconi at a sensitive 
moment in the campaign for 
the March 27 general elections. 

Yesterday, the magistrates 
interrogated a Tv5 journalist 



Berlusconi: "persecuted” 


about the leak, a day after a 
Milan judge declined a request 
for the arrest of the six 
Fininvest officials, it was later 
announced that the journalist 
was formally under 
investigation for aiding and 
abetting. 

Arrest warrants are usually 
issued in corruption cases if 
there is reasonable proof 
indicating suspects might 
leave the country or tamper 


with evidence. In the wake of 
the leak none of the Fininvest 
people under investigation left 
the country, and thus the 
arrest warrants could not 
easily be justified. 

The Fininvest officials 
included Mr Marcello DelTUtri. 
the head of Publltalia, the 
advertising arm of Fininvest, 
and the organisational core 
around which Mr Berlusconi’s 
Forza ftalia political movement 
has been built Mr DellUtri is 
part of Mr Berlusconi's Inner 
circle and they have known 
each other since student days. 
He is widely credited with 
having helped persuade Mr 
Berlusconi to enter the 
political ring. 

Mr Berlusconi himself has 
claimed he and Fininvest are 
being persecuted by the Milan 
magistrates in a political 
vendetta. However, yesterday 
the magistrates let it be known 
they were continuing their 
investigations into the transfer 
operations of AC Milan 

A former head of Turin 
football club has alleged that 
at least L6bn ($3 ,6m) was paid 
through foreign banks to 
secure the Lentini transfer - 
on top of the sum officially 
declared. 


Balladur 

reforms 

anger 

unions 


By David Buchan in Paris 


Vla dimir Shumelko, chairman 
of parliament's upper house, 
has proposed a state of eco- 
nomic emergency. 

This is the deepest economic 
crisis Russia has yet faced: It 
will make the next few months 
dangerous indeed. 


France's big union federations 
will today mount a rare show 
of unity in demonstrating 
against the Balladur govern- 
ment's new law permitting 
young apprentices to be paid 
less than the minimum wage. 

Individual union federations 
and students unions have held 
repeated protests at the ccmirat 
d'insertion professionelle (CIP), 
which passed relatively unno- 
ticed into law last autumn os 
part of the government's 
labour reforms but provoked a 
union outcry when implement- 
ing decrees were published last 
month. The communist-leaning 
CGT federation, for instance, 
demonstrated alone last Satur- 
day against the CIP, but is join- 
ing the three other main union 
movements in today's action. 

Mr Balladur has said he will 
not go beyond the concessions 
he made to unions on March 3, 
when he promised that young 
people under 26 with diplomas 
would not be paid less than the 
so-called Smic minimum wage 
(currently FFr5,600 [£641] a 
month), or less than 80 per 
cent of any sectoral wage 
agreement He also promised a 
tighter definition of the “tutor- 
ing” of young workers under 
the law. 

But these concessions have 
not appeased the unions, with 
Mrs Nicole Notat bead of the 
moderate CFDT union federa- 
tion taking the line this week 
that “it is not for the young to 
pay for their training". 

While repeatedly promising 
not to introduce a cut-price 
“youth wage”, Mr Balladur 
clearly thought - at least until 
last month - that he had qui- 
etly got away with doing just 
that in the guise of this CIP. In 
addition, the pre-March 3 for- 
mulation of the law aroused 
concerns among the educated 
young that their diplomas were 
being effectively devalued, 
since those with university 
degrees could be paid as little 
as those without paper qualifi- 
cations. At the same time, 
older workers are anxious lest 
the young take their Jobs. 

In the circumstances, this 
Sunday's first round of depart- 
mental elections threatens to 
become a national referendum 
on government policy. Depart- 
mental by-elections over the 
past year have run strongly in 
favour of the governing coali- 
tion. but with Mr Balladur's 
own poll standing In decline 
after rows over education 
reforms and now labour 
reforms, this trend could well 
be reversed. 

The CIP issue may, in fact, 
be raising exaggerated fears 
and hopes in all camps. Taking 
a formally neutral stance on 
the issue, the Patronat employ- 
ers’ federation has leading 
members who question - the 
CIP's value as a generator of 
jobs for those under 26 who 
represent a quarter of France's 
3.3 unemployed. They would 
far prefer a rapid reduction in 
interest rates or a speedy 
switch in welfare costs from 
company payrolls to the bud- 
get But Mr Balladur is now 
constitutionally committed to 
letting the Bank of France set 
interest rates, and politically 
committed to reducing the budr 
get deficit. 

Mr Didier Mailiard, Paribas’ 
chief economist, yesterday 
commented that the CIP mea- 
sure was a step in the right 
direction, because “structural 
rigidities relating to wage costs 
for less-skilled, among them 
inevitably many younger work- 
ers, are responsible for 8-9 per- 
centage points" of the jobless 
rate of 12.2 per cent. 

He pointed to the fact that 
since the Smic was created in 
1970, successive governments 
have increased its level by 98 
per cent, while under a strict 
application of the original 1970 
formula it would only Have 
risen by 32 per cent. 


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jlNANClAL TIMES THURSDAY MARCH 17 1994 


NEWS: EUROPE 


EUROPEAN NEWS DIGEST 

Denmark must 
repay illegal tax 

Denmark's Supreme Court yesterday ordered the government 
to repay a company DKr800.000 (£80.0001 in taxes ruled illegal 
by the European Court, but it tailed to set a clear precedent 
for other companies on DKr55bn levied in total in illegal 
between 1988 and issi. The court ruled that Bose Danmark, 
the subsidiary of an American loudspeaker company, should 
have the tax repaid on the grounds that the tax causal the 
company a loss. But it ruled against a second company, 
Denkavit, which sold milk substitutes to farms, because the 
company proved no loss. 

The tax. known as the labour market contribution, was a 
special 2.6 per cent addition to value added tax and replaced a 
wage bill tax. The effect was to benefit exporting mmpanipq 
(VAT is not paid on exports) and to penalise importers and 
companies with mainly domestic sales. The European Court 
ruled last year the tax was illegal because it was discrimina- 
tory. Mr Ole Stavad. minister for taxation, welcomed the 
ruling, but said that it was unclear how much money the 
government might have to repay. Hilary Barnes, Denmark. 

Italian insider trading case 

Ital/s first insider trading case is set to start today when Mr 
Luigi Busiello, a financial products sales manager, goes on 
trial in Rome. The case has been brought under a law imple- 
mented three years ago. Mr Busiello, an employee of the 
Fideuram sales network controlled by IMI, Is alleged to have 
traded in the shares of Banca Manusardi in 1991 in the 
knowledge that Fideuram and Banca Manusardi were shortly 
to merge. He is alleged to have invested about Ll7Qm (£68.880) 
and made a profit of a few million lire. 

Mr Busiello faces a maximum penalty of a year’s imprison- 
ment and a L300m fine which could be tripled at the judge's 
discretion. The Consob stock market watchdog, which sees the 
insider trading law as part of reforms to increase investor 
confidence, has also pursued investigations against a second 
defendant due to go on trial in Milan in April. John Simkins, i 
Milan. 

French MP keeps immunity 

The French parliament 

de clin ed to lift the immunity 

of Mr Michel Noir. mayor of 
Lyons, under investigation on 
suspicion of diverting city 
funds to finance his election 
campaign. A Lyons judge had 
asked parliament to lift Mr 
Noir’s immunity so that he 
could be placed under judicial 
control, which could involve 
restricting his movements, 
barring him from contact 
with other persons in the case 
and possibly making him pay 
bail. Mr Philippe Seguin (left), 
president of the National 
Assembly, said the assem- 
bly's standing committee had ruled that, under the constitu- 
tion. parliament’s authorisation was required only if a mem- 
ber was to be arrested. "The request said that the committee's 
authorisation was sought only for the measures involved in 
judicial control" Mr Sdguin said. Only if Mr Noir violated bail 
terms set by the judge and was subject to arrest would the 
assembly’s permission be required, be added. Reuter, Paris. 

Unilever acquisition cleared 

The European Commission approved the acquisition by Uni- 
lever, the international food group, of the European frozen 
food group Safral, whose subsidiaries are active in the French, 
German and Belgium icecream market The merger is expec- 
ted to give Unilever almost SO per cent of the icecream market 
in France. This would not constitute a monopoly, the Commis- 
sion said since the market, was already competitive and frag- 
mented. split between the restaurant and street trade, and 
scoop and "instant whip" icecreams. "The characteristics of 
the market do not lend themselves to the creation of an 
interdependent oligopoly." the Commission said. Separately, 
the Commission said it would examine whether FFr6G7.5m 
(£76. 5m) in loans and subsidies to Cellulose du Rbdne et de 
(’Aquitaine, a French paper pulp manufacturer, were illegal 
state aid. Gillian Tett, Brussels. 

Swedish health row deepens 

A row over healthcare reforms and pay which has led to a 
series of strikes by Swedish doctors deepened yesterday as the 
Swedish Medical Association called 11600 doctors out on a 
two- and -a -half day stoppage next week in the north, centre 
and south-west of the country. With talks deadlocked, it is set 
to be the third action of its kind in recent weeks in selected 
hospitals and health centres that have led to hundreds of 
postponed operations. The medical association, which repre- 
sents 95 per cent of Sweden's doctors and surgeons, is object- 
ing to proposals to sack doctors who are not selected by at 
least 1,000 patients Hugh Camcgy. Stockholm 

ECONOMIC WATCH 



French deficit 


France 

Government budget deficit 


FFr bn 
400 


Ml Initial budget projection 
CH OuWn 



Soorre: Ministry t* Rrwnct? 


growth slows 

The French budget deficit last 
year stood at FFr315. 7bn 
<£36.2bn), widening from 
1992's deficit of FFr226bn, but 
FFrl.Sbn below a previous 
official estimate. Budget min- 
ister Nicolas Sarkozy said 
government policy and the 
stirrings of economic recov- 
ery had put a stop to the 
upward drift in the budget 
deficit. He said the Treasury’s 
receipts were above expecta- 
tions last year, outstripping 
higher spending than expec- 
ted. He said the sharp fall in 
interest rates had allowed the 
state to save FET16.5bn ou 

debt servicing. 


manv's income from federal and state tax® rose 2.4 per 
ist year to DM©7.99bn <£271.5bn). of which general tax 
e rose 15 per cent to DM56257bn. Western German 
sale prices rose 0.5 per cent in February and were up 05 
nt from a year earlier. . . . . . 

torn German unit labour costs remained 44 per cent 

■ than those of western Germany in 1993, despite a sharp 

««■ 10 «* 

months to February to around 4^.000 from tjm 

■ its hiekest since early 1988. and just over 7 per cent of 


the workforce. 


THE BUSINESS SECTION 

Appears Every Tuesday & Saturday. 

To advertise please contact Karl Loynton 
on 071-873 4780 
or write to him at 

The Financial Times, One Southwark Badge, 
London SE1 9HL 


Spanish Socialists seeking inspiration 

The party’s conference in Madrid will concentrate on renovating a jaded image, writes David White 



Party schism: Alfonso Guerra was formerly the right-hand man of Prime Minister Felipe Gonzdlez 


T he slogan for the Span- 
ish Socialist Workers' 
party conference 
starting in Madrid tomorrow 
- "Socialism's new impe- 
tus"-^ indicative of nothing 
except that, after more than n 
years in power, the party is 
running out of slogans. 

Nine months ago the Social- 
ists rather surprised them- 
selves by winning a fourth con- 
secutive term - although 
without an absolute majority 
and now uncomfortably depen- 
dent on parliamentary support 
from Hafraian nationalists. This 
time there will be no trium- 
phalism at the conference, the 
party’s first since 1990 and the 
most difficult that Mr Felipe 
Gonzdlez, the prime minister, 
has faced since he first swept 
into office. 

The party needs to patch 
together a semblance of unity 
before preparing its campaign 
for European elections in June 
and a regional poll in Mr Gonz- 
alez's home territory of Anda- 
lucia at the same time. Its 
image is jaded, having lost a 
large part of the urban and 
young vote to tbe conservative 
Popular party. 

Searching for the first glim- 
mers of economic recovery 
after tbe recession of 1993. Mr 
Gonzalez wants to bring the 
party firmly into line behind 
government policies for con- 


trolling the budget deficit and 
curbing welfare abuses, Tbe 
draft policy statement for the 
conference is clear about the 
party’s role: "The party should 
support the government and be 
an instrument for explaining 
its actions to society." 

Heated argument over tbe 
easing of Spain's notoriously 
restrictive labour Laws has 
abated, with reform legislation 
on Its way through parliament 
undeterred by a one-day 


national protest strike seven 
weeks ago. The voice of the 
Socialist-led General Workers' 
Union (UGT) has in any event 
been muted by embarrassment 
over the collapse of a union- 
backed housing co-operative. 

Other ideological bat- 
tles - notably over the welfare 
state and regional policy - are 
likely to be eclipsed in the pub- 
lic eye by personal struggles 
for influence in the party hier- 
archy. The big question is bow 


much power remains in the 
hands of Mr Alfonso Guerra, 
the long-standing party num- 
ber two. and his allies. 

Mr Guerra was the shadow 
following Mr Gonzalez into 
office: behind-the-scenes organ- 
iser, holder of the party reins, 
architect of election victories. 
Mr GaazAlez was the engaging 
figurehead, the communicator. 
Friends horn student days, tbe 
two men have grown apart. 
They are now like an 


estranged couple trying to 
keep up appearances. 

Mr Guerra resigned a*? dep- 
uty prime minister three years 
ago over allegations surround- 
ing his younger brother who, 
with Mr Guerra's permission, 
used a government office in 
Seville to run a business. 
Despite the affair, which sup- 
porters see as victimisation, he 
has retained a following. His 
brand or orthodoxy - although 
not the purist left wing of the 
party - continues to have 
appeal, especially in backward 
areas such as Extremadura, in 
the south-west. 

To opponents he represents 
an outdated style of party dis- 
cipline and clannishness. No 
longer with a representative in 
the cabinet, the Guerra faction 
has a limited power base 
among tbe regional party "bar- 
ons". about 30 per cent among 
the nearly 900 delegates due to 
attend the conference. 

The dominant group among 
tbe delegates - mostly teach- 
ers. civil servants, lawyers and 
economists - goes by the label 
renovadores or "renewers". 
Back in 1974. near the end of 
the Franco era, when the 
young Mr Gonzalez became 
party leader at a conference in 
the Paris suburb of Suresnes, 
the rvnoi'adores were the new 
blood taking over from the 
exiled histdricos. The tag now 


refers broadly to advocates of 
an open party organisation and 
(ree-market policies. But U cov- 
ers a range of opinions. The 

only common bond is opposi- 
tion to Mr Guerra. 

In previous conferences. Mr 
Guerra drew up the list of can- 
didates for parly office. This 
time, for the first time. Mr 
Gonzalez is doing it himself. 
Mr Guerra has threatened to 
stand down if the party execu- 
tive is uot "balanced". But 
there have been efforts over 
the last few days to achieve a 
consensus between the differ- 
ent factions to avoid an open 
break. It is a fairly safe predic- 
tion that the 52-year-old Mr 
Gonzalez will get his way. The 
party is closely identified with 
him, and he now seems intent 
on maintaining his hold for 
several more years. 

Wooed, among others, by 
German Chancellor Helmut 
Kohl as a successor to Mr Jac- 
ques Delors as president of the 
European Commission, Mr 
Gonzdlez told Mr Delors last 
month that Brussels was not in 
his plans. 

For all its talk of “renewal", 
the party has failed to renew 
itself by protruding a new gen- 
eration. Ami even in Mr Gonz- 
alez’s generation there is 
nobody who could easily now- 
fill his shoes, either in govern- 
ment or in opposition. 



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FINANCIAL TIMES THURSDAY MARCH 17 1994 


4 

NEWS: INTERNATIONAL 


Economy shows 
growth of 4% 
in Australia 


By Nikki TaK In Sydney 

The Australian economy grew 
4 per cent in 1993, the strongest 
annual growth seen For five 
years. 

According to the Australian 
Bureau o£ Statistics, gross 
domestic product grew 1.7 per 
cent in seasonally-adjusted 
terms during the final three 
months of the year, pushing 
the rate for the 12 months to 
end-December to 4 per cent. 

Market forecasts ahead of 
the data's publication had been 
bullish, and the result for the 
final quarter was at the lower 
end of predictions. Some ana- 
lysts, for example, had 
suggested an advance of 2 per 
ceot-plns could be recorded in 
the final period. 

Australia now has the third 
highest annual growth rate in 
the Organisation for Economic 
Co-operation and Development, 
behind Turkey, where growth 
is running above 7 per cent, 
and New Zealand, with 4.2 per 
cent. 

The latest figures mean the 
government wUl again revise 
its official growth target dur- 
ing the 1993-94 fiscal year in 
the May 10 budget. H ln the 
light of these figures, we will 
be revising our estimate up 
again," Mr Ralph Willis, the 
treasurer, said yesterday. 

What precisely that number 
will be, will be revealed in the 
budget." 

Mr Willis had said he expec- 
ted growth in the 12 months to 
end-June 1994 to be about 3.5 
per cent. The government’s 
original forecast, made in the 
budget last August, was 2.75 
per cent 

Yesterday, the treasurer also 
confirmed that growth in the 
next fiscal year. 1994-95, was 
likely to exceed 4 per cent. 

Australia's strong growth in 
the latter half of 1993 was 


AustraBa 


Real GDP growth 
Annual % change 



1988 89 90 91 92 93 94 
Source: Datasfteam 

driven by private consumption, 
which rose L8 per cent in the 
final quarter, and 3-2 per cent 
tor the year, and by exports, 
which rose by 2.7 per cent and 
6.6 per cent for the same 
respective periods. 

However, business invest- 
ment was flat in the final quar- 
ter and showed a 12.5 per cent 
decline over the year. This was 
Immediately attacked by Mr 
Alexander Downer, opposition 
spokesman on economic issues. 
“It is a matter of great concern 
that business investment 
remains flat . . If recovery is to 
be sustainable, business invest- 
ment must pick up strongly 
and underpin economic 
growth.” 

Prime Minister Paul Keating 
used the business investment 
figures as an opportunity to 
sound a reassuring note on 
interest rates. There was “a 
way to go" before business 
investment picked up, he 
declared. "We're not about to 
choke that off with any mis- 
placed sort of caution.” 

Speculation has been rife 
recently that Australian inter- 
est rates might have to rise, 
although Mr Willis has played 
down the possibility, at least in 
the short term. 


Polisario snubs UN 
on W Sahara deal 


By Francis Gfties 

The Polisario Front which has 
been battling Morocco for the 
independence of the former 
Spanish colony of the Western 
Sahara since 1975, has rejected 
two United Nations options tor 
a settlement and expressed 
strong reservations about a 
third. 

Last weekend. Mr Boutros 
Boutros Ghali. UN secretary- 
general, proposed three options 
to break a deadlock over the 
UN-sponsored peace plan, first 
proposed in summer 1991. for a 
referendum on the fate of the 


disputed territory. 

The first was to hold a refer- 
endum at the end of this year, 
irrespective of whether either 
side had agreed on those Saha- 
rans entitled to vote. The sec- 
ond was for the UN to drop the 
proposed referendum and with- 
draw most of its peacekeeping 
force. 

The third option would be 
for both parties to continue 
talking until the and of June in 
the hope of reaching a compro- 
mise. Polisario could not sup- 
port the third option unless it 
was “revised and reformu- 
lated". 


Scandals 
hit Japan 
budget 
debate 



Fashion shopping in Shan ghai: the bad news for consumers is that Inflationary pressures are likely to persist for a few months 

China takes one step back on prices 

But new curbs do not mean the end of steps forward, writes Tony Walker 


C hinese officials may not 
have hit the panic but- 
ton over inflation, but 
measures adopted this week to 
slow price increases reveal a 
deepening concern. 

Mr 22m Rongji. China’s vice- 
premier in charge of the econ- 
omy. spoke of the dangers of a 
“domino effect" of price rises 
that might threaten the gov- 
ernment's entire economic 
reform programme. 

Western economists In Bei- 
jing see the skep6 taken to con- 
trol prices of some 20 items, 
including basic commodities 
and services, as recognition 
that measures such as curbs in 
money supply growth and 
credit restrictions were not 
enough to deal with an infla- 
tionary spiral. 

But equally they do not view 
the new steps as an abandon- 
ment of the government’s liber- 
alisation programme under 
which prices of about 90 per 
cent of consumer items and 
basic commodities in the mar- 
ket have been de-regnlated. 

“They must realise." said a 
World Bank economist, “that 
price control never succeeds in 
the end.” For the moment, 
however, because of the disor- 
derly state of China's markets 
during its economic transfor- 
mation, economists believe 
intervention is justified. 

“The national unified, open, 
orderly and competitive mar- 


China 


National rotaS prices 
Annual % ctiange 



, 1968 90 91 92 93 

SouHMcVfcxtdaoak 


ket system has yet to shape 
up," wrote an official of the 
State Planning Commission in 
an internal memo recently. 
“Market infrastructure lags 
behind Monopoly, cheat- 

ing, unbridled pushing up 
prices and unauthorised levy- 
ing of administrative charges 
[are all contributing to infla- 

tionr- 

Officials have been under 
enormous pressure on prices. 
Painful reforms of state enter- 
prises -a number are simply 
being allowed to wither cm the 
vine - are causing hardship for 
thousands of workers who 
have lost jobs or are working 
part-time on reduced wages. 

Mr Zhu, in an unusually can- 
did address to delegates at the 
current session of the National 


People’s Congress, blamed 
price rises mainly on specula- 
tion. He also warned that 
wages have “spun out of con- 
trol". 

The cost of living (COL) in 
China's 35 main urban centres 
rose by 23.3 per cent In Janu- 
ary compared with the same 
period Last year, and inflation- 
ary pressures, especially in the 
potentially volatile cities, show 
little sign of easing. 

More worrying perhaps for 
the government than the COL 
increase (the COL index 
includes services whose costs 
have been rising sharply) were 
signs that the retail price index 
was also rising East 

The index, which is heavily 
weighted towards food and 
clo thing soared to 19 per cent 
in December 1993 compared 
with a year earlier. The aver- 
age annual increase in 1993 
was 13 per cent, more than 
doable that in 1992. 

Western economists are pre- 
dicting that retail prices win 
rise 15 per cent for the first 
quarter this year, making the 
year’s target of 10 per cent vir- 
tually unattainable. 

Mr Zhu also warned that 
unchecked price increases 
were making worse the diffi- 
culties of fettering state enter- 
prises which were in danger of 
being “strangled" by the “debt 
chain", the inability of strag- 
gling enterprises to pay each 



Zhu: ‘domino’ warning 


other for raw materials or fin- 
ished products. He appeared to 
foreshadow a “carrot and 
stick" approach to public sec- 
tor mrirfitorinpgg, saying that 
while banks had set aside 
Funds to write-off public sector 
debts, a new bankruptcy law 
which comes into effect this 
year will be applied rigorously 
to hopeless cases. 

It is debatable, however, 
whether, given the political 
sensitivities involved, that 
even the redoubtable Mr Zhu 
has the nerve to follow 
through on this threat 

Among measures outlined by 
Mr Zhu to curb inflation and to 
calm the economy, which grew 
by more than 13 per cent last 


year, were a further clamp on 
capital construction; reforms of 
the grain supply system; a 
freeze on fertiliser price 
increases; and controls on 
prices of basic items. 

He also called for a halt to 
the phasing out of subsidies to 
public utilities such as gas and 
electricity. 

Mr Zhn jdngfori out vegetable 
prices as the key to damping 
down inflation, an** blame d the 
property boom for cutting into 
arable land near the cities. 

Western economists also 
point out that a shortage of 
vegetable retail outlets in the 
larger cities has led to disor- 
derly pricing. There was, for 
example, a 50 per ^ * differ- 
ence between wholesale and 
retail prices in many cases. 

A World Bank official says 
that Chinn is stffi paying tiue 
price in terms of “cost-push" 
inflation for the construction 
binge of early last year that 
saw increases of between 50 
and 70 per cent in the.prices of 
raw materia Ir such as cement 
and steeL 

The bad news for Mr Zhu 
and long-suffering Chinese con- 
sumers is that inflationary 
pressures are likely to persist 
through the middle of the year. 
The slightly better news is that 
some economists are forecast- 
ing an easing or these pres- 
sures in the second bait . 

See Editorial Comment 


By WBRam Dawkins in Tokyo 

The Japanese government and 
apposition, were yesterday par- 
alysed by separate sc andal s. 

tonin g to delay market- 
opening measures urge ntly 
npfljfed to defose the trade row 
with Washington. 

Mr Kfichi Miyazawa, former 
prime minister a faction 
leader in the opposition Liberal 

Democratic party, yesterday 
denied press allegations he was 
involved in efforts to prevent 
the Fair Trade Commission 
bflrtng action against a con- 
struction industry cartel. 

The allegation, in the Asahi 
Shimban, a daily newspaper 
with a long record of uncover- 
ing LDP corruption, has 
reinforced the opposition's 
determination to fight back by 
making use of a separate year- 
old s candal, to put pressure on 
Premier Morihlro Hosokawa. 

The LDP is boycotting a par- 
liamentary debate on next 
year's budget until Mr Hoso- 
fcawa submits documents prov- 
ing he repaid a loan from the 
Sagawa Kyubin trucking- com- 
pany. It also wants Mr Hoso- 
kawa’s secretary to give evi- 
dence in the chamber. 

Opposition officials said yes- 
terday the budget boycott, 
started three days ago. would 
continue. Mr Hbsokawa, who 
has repeatedly denied impro- 
priety, continued to hold firm. 
The budget debate “shows no 
signs of resuming. The govern- 
ment takes tiie situation, seri- 
ously" said Mr Masayoshi Tak- 
emura, chief cabinet secretary. 

Continued blockage on the 
budget for the year starting 
April 1 jeopardises the govern- 
ment’s tax the main point 
of its second economic stimula- 
tion in six months, designed to 
pull Japan oat of its worst 
recession in post-war years. 

The wrangle delays work on 
draft plans to stimulate 
imports, as the government 
decides whether or not to 
impose trade sanctions under 
the recently revived Super 301 
provision of US trade few. ft 
wants the plans to indude fur- 
ther deregulation, incentives 
for foreign investment tougher 
controls against cartels, and 
more open public procurement 

It is also working on wider 
economic measures, to be 
released in time for the Group 
of Seven summit in Naples in 
July. 

• Sales at Tokyo department 
stores foil 6.1 per cent last 
month, from February 1993, 
marking the 24th consecutive 
monthly decline. Consumer 
spending is sluggish, but 
department stores are doing 
especially badly, because they 
are losing market share to new 
discount outlets, which report 
strong turnover. 


Suffering the politics of drought 

Leslie Crawford on corruption surrounding Kenya’s growing famine 


be worst drought in a decade is 
extending its grip on Kenya. 

The government says 5m people - 
one-fifth of the population - are in need of 
emergency food handouts. Maasai herds- 
men in the Great Rift Valley have lost 
250,000 head of cattle, and in the densely 
populated Eastern Province the failure of 
the December rains has wiped out half the 
staple maize crop. 

If the rains that are due to start this 
month fail again, “a rapid deterioration 
will result and famine relief may be 
required." warns a cable from a western 
embassy in Nairobi. 

The drought comes at a delicate time for 
President Daniel arap Moi, who recently 
abolished the government’s maize trading 
monopoly at the insistence of the World 
Bank and International Monetary Fund. 
Until October it was illegal for private 
traders to Import maize into Kenya; until 
December it was illegal to move it around 
the country. Price controls were lifted only 
three months ago. 

The private sector, however, does not 
yet have the ability to import the vast 
quantities of maize needed this year. 
About 1.7m tonnes, or just over half the 
national maize consumption, will have to 
be met by a combination of commercial 
imports, government purchases and food 
donations. 

The government recently hauled in pri- 
vate grain traders to berate them for the 
paltry Level of commercial imports. The 
traders retorted they did not have enough 
market information with which to act. 
How many tonnes were earmarked for free 


distribution? How many tonnes remained 
in the stocks of the National Cereals and 
Produce Board, the former state monop- 
oly? Under what conditions would these 
stocks be released on to the market? 

Western donors complain that the NCPB 
treats Its maize stocks as a state secret 
This is not surprising, since the manipula- 
tion of stock levels feeds a complex web of 
corruption which marketing reforms can- 
not fully eliminate. 

A confidential study being circulated 
among embassies in Nairobi describes in 
detail the 40 most common scams In NCPB 
grain depots and concludes: “An analysis 
of routine practices at a typical maize 
depot shows more than 60 per cent of the 
purchase value of all maize acquired by 
NCPB is lost due to corruption at the 
depot level alone.” 

Kenya's two biggest food donors - 
Usaid and the European Union - 
are urging the government to use NCPB’s 
stocks to meet the current food emer- 
gency. But the government clearly expects 
the donors to cover the shortfall. 

“There is a subtle kind of blackmail 
going on." complains one ambassador in 
Nairobi “If donors do not pledge the food 
aid being demanded by the government of 
Kenya, this could be used as an excuse to 
reverse the grain marketing reforms.” 

He fears too much food aid would allow 
the NCPB to sell its maize to urban con- 
sumers, pocket the proceeds and maintain 
the undesirable business practices donors 
want stamped out 

Underlying this mistrust is the way food 
aid was commandeered for political ends 


in the last grain emergency in the run-up 
to Kenya's first multi-party elections in 
1992. The United Nation's World Food Pro- 
gramme discovered that donated maize 
was frequently diverted to areas where the 
ruling Kanu party needed to drum up sup- 
port In other areas, food which was meant 
for free distribution was sold by local offi- 
cials. 

This time round, WFP is organising its 
own transport to ensure there are no 
diversions en route. It has also set up 
school feeding programmes and appointed 
monitors to supervise the distribution of 
food aid in the local communities, rt 
expects to distribute about 150,000 tonnes 
of maize until the next harvest in Septem- 
ber. If there is another bad harvest, how- 
ever, Kenya’s dependence on food hand- 
outs will continue until 1995. 

T he government, for its part, has set 
up a drought relief task force which 
is importing 200,000 tonnes of maize 
for free distribution. Mr Philip Mullei, a 
senior civil servant heading the Relief and 
Rehabilitation Department, is confident 
no-one will starve. 

High up in the Epangot {fills, overlook- 
ing the Great Rift Valley, farmers and 
their dependants are waiting for relief food 
to arrive. Their crops have failed, cows 
have died, and many families have already 
eaten the seed grain earmarked for the 
next ploughing season. 

The politics of Kenya's modern rain 
gods have not been kind to these commu- 
nities. 



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UN winds up m Cambodia, 
but the war is far from over 

Victor Mallet watches preparations for a dry season offensive 


H alf way between the 
Cambodian capital, 
Phnom Penh, and the 
town of Battambang, workers 
paid by the United Nations are 
Bllittg in the road’s cavernous 
potholes and resurfacing it 
with tar and gravel; a little far- 
ther on. three government 
tanks on the way to the battle 
front are ripping up the new 
surface with their tracks. 

Half way between Battam- 
bang and the Thai border, hun- 
dreds of Cambodians paid by 
foreign aid a nd rnmmanriwt by 
ex- British army Ghurkas are 
painstakingly clearing old 
minefields to make the land 
safe for fann ers : a little further 
on, government troops and 
Khmer Rouge guerrillas are 
laying new minas as they pre- 
pare to fight 

The two-year, $2bn UN oper- 
ation to bring peace and 
democracy to Cambodia is 
being wound up, but the war is 
not yet over. The coalition gov- 
ernment of royalists and com- 
munists elected under UN aus- 
pices last May Is poised for a 
dry season offensive to seize 
Pailin, the gem-mining town 
on the Thai border that is 
regarded as the main strong- 
hold of the Khmer Rouge. 

Truckloads of troops, along 
with tanks, artillery pieces and 
multiple rocket-launchers 
known as Stalin organs, can be 
seen on the move towards 
Pailin. So many government 
soldiers - 7,000 according to 
some estimates - have been 
deployed at the front that resi- 
dents of Battambang fear they 
will be without protection 
should Khmer Rouge guerrillas 
decide to attack the town. 

The government offensive 
was supposed to begin a week 
ago but was delayed, probably 


Khmer Rouge 
leaders have 
sought to win 
peasants’ support 
by adopting a 
xenophobic form 
of Cambodian 
nationalism and 
by condemning 
government 
corruption 


because it would have clashed 
with an international donors’ 
conference in Tokyo which 
raised $773m for Cambodia last 
week, and because the army 
was shaken by a humiliating 
defeat at Anlong Veng in 
northern Cambodia. 

Government forces captured 
Anlong Veng from the Khmer 
Rouge in early February after 
suffering heavy casualties 
caused by mines and booby 
traps, but lost it three weeks 
later and retreated in chaos, 
short of water and ammuni- 
tion, when the guerrillas 
counter-attacked. 

The Khmer Rouge, which 
flouted a 1991 peace agreement 
by refasing to disarm its guer- 
rillas or participate in the elec- 
tion. is nevertheless in decline. 

Guerrilla numbers have 
fallen to below 10,000 from as 
many as 25,000 in 1991. accord- 
ing to diplomats in Phnom 
Penh, and some Khm e r Rouge 
officers have defected to the 
government since the election. 

A successful, three-week gov- 


ernment offensive last year 
drove the Khmer Rouge out of 
the territory it had taken in 
the previous 18 months, while 
the increasing trade in logs, 
gems and other goods across 
the border with Thailand is 
opening up the previously 
remote areas where the Khmer 
Rouge is strongest 

Khmer Rouge leaders - the 
same ones who murdered and 
starved to death about lm 
Cambodians when they emp- 
tied the towns and attempted 
to create an agrarian revolu- 
tionary society between 1975 . 
and 1978 -have sought to win 
the support of peasants by 
adopting a xenophobic form of 

ramhmtian nflUrmaHam and by 

condemning the corruption of 
government officials. 

But it is becoming harder to 
make any ideological distinc- 
tions between the two sides in 
the war as they fight - or nego- 
tiate -over lucrative trade 
routes: Army officers planning 
the assault on Pailin talk 
openly about their deals in logs 
or gems with their Khmer 
Rouge “enemies", and impor- 
tant logging roads in some 
areas of Cambodia ..have 
remained curiously free of 
mines - the result, it seems, of 
secret trade agreements 
between the combatants. 

Cambodia remains a lawless ' 
country. When bases or cars 
are attacked and robbed by 
armed men on the Phnom 
Penh-Battambang road, it is 
often unclear whether the 
assailants are Khmer Rouge 
guerrillas, unpaid government 
soldiers or bandits. . 

A grenade planted under fuel 
tanks at a Battambang petrol 
station last week was attri- 
buted by some residents of the 
town to Khmer Rouge sabo- 


teurs; others blamed the own- 
ers of rival petrol stations. The 
device was exploded harm- 
lessly by a British ordnance 
expert. 

An army victory In the 
assault on Pailin would boost 
the government’s morale, 
would deprive the Khmer 
Rouge of border trade revenue 
and could push the guerrillas 
one step closer to formal peace 
negotiations. But the organisa- 
tion’s leaders are probably 
already .in hiding in the hills 



north or south of the town, and 
few Cambodians or foreign 
observers believe the capture 
of Pailin would immediately 
end tiie war. 

Residents of Battambang 
accustomed to the depreda- 
tions of drunken government 
soldiers, are bracing them- 
selves for the aftermath of the 
offensive and the return of the 
troops. “It’s going to be an 
unpleasant town whether they 

wm or lose.” said one foreign 
aid worker. 


/ 









*v. 

f 







FINANCIAL TIMES THURSDAY MARCH 17 19 94 


NEWS: WORLD TRADE 



China goes 
on offensive 


US stalls over BA-USAir code-sharing 


By Paul Betts, 

Aerospace Correspondent 

The British and US governments 
yesterday continued the tense diplo- 
matic poker game over the future of 
airline services between the two coun- 
tries as today’s deadline for US 
renewal of a ticket code-sharing 
agreement between British Airways 
and USAir approached. 

Airline lobbyists on both sides of 
the Atlantic were anxiously scram- 
bling to find out whether the US 
Department of Transportation would 
finally renew the BA-USAir code-shar- 
ing arrangement or provoke an aB-out 
airline trade war between the two 
countries by withdrawing the British 
carrier's code-sharing rights. 

Under intense pressure from some 
of its biggest carriers, including 
American Airlines and Delta Air 
Lines, the US authorities have also 
threatened to renounce the existing 
aviation agreement between the two 


countries, a move which would badly 
damage US-UK relations and under- 
mine both countries' efforts to liberal- 
ise international air transport. 

The UK has already warned Wash- 
ington it would retaliate swiftly 
against a decision not to renew BA's 
code-sharing rights with its US airline 
partner or to renew them only for a 
very short period. 

This is likely to involve restrictions 
on flights by American Airlines and 
United Airlines into London's Heath- 
row airport 

In turn, such a move would inevi- 
tably lead to an escalation in trade 
tensions, with the US restricting 
flights by UK carriers into its market 
threatening to provoke even more dis- 
ruption for transatlantic passengers 
already shaken by the recent IRA ter- 
ror campaign at Heathrow airport 

At the heart of the conflict are US 
demands for greater access immedi- 
ately for its airlines into Heathrow 
airport, which under a 1991 


agreement, can only be served by 
American and United. The US has 
also sought to link the BA code-shar- 
ing rights with USAir. the sixth larg- 
est US carrier, with the broader rene- 


The UK says it 
may review its 
position on a new 
‘open skies’ deal 

gotiation of the bilateral aviation 
agreement between the two countries. 

The UK. for its part, has proposed a 
gradual three-stage process of liberali- 
sing transatlantic air services and has 
Insisted that the US must honour its 
obligations tinder the 1991 agreement 
granting UK carriers code-sharing 
rights in the US. 

The US, however, refused to discuss 


the British three-stage proposal and 
cancelled negotiations in January*. 
Although the UK side has since 
attempted to revive the negotiations, 
the US has continued to refuse to hold 
formal talks to try to resolve the dead- 
lock. Both American Airlines and 
Delta urged their government last 
week to renounce the current bilat- 
eral agreement and withdraw BA's 
code-sharing rights, arguing that the 
UK carrier was now able to tap the 
huge US domestic aviation market 
without comparable benefits for US 
carriers in the UK. 

The issue has been further compli- 
cated by BA's decision last week to 
suspend additional investment in 
USAir because of the parlous 
financial state of its US airline part- 
ner in which it has already invested 
SlOOm <£268m) for a 24 per cent stake. 

The British government has since 
said it would have to review its posi- 
tion on a new "open skies” deal with 
the US given that US approval of BA’s 


future Investments in USAir have 
been a central part of the liberalisa- 
tion talks. 

But the UK transport authorities 
said this week that they wanted talks 
to continue and that the UK was "not 
walking away” from the process. 

"Although the BA-USAir develop- 
ment means that we cannot for now 
determine our position on important 
elements of liberalisation, there is 
still work that needs to be done on 
other parts of the agreement, and we 
see no reason to hold up that work." 
the UK Department of Transport said. 

With the two sides both keeping 
their cards close to their chests and 
showing no signs of concessions, risk 
of a confrontation was rising yester- 
day. 

The stakes are huge: nothing less 
than the future relationship between 
tbe two countries linked by interna- 
tional air routes with the world's 
highest volume of traffic (U. am pas- 
sengers last year). 


Tokyo accuses Washington of violating accord 


By Michiyo Nafcamoto m Tokyo 

Tokyo has accused the US of violating 
an air accord by failing to approve a 
scheduled Japanese airting flight to 
Hawaii just two days before it was 
scheduled to go into operation. 

The US informed Japan Air Lines it 
was deferring its decision on whether 
to approve the flight from Sgpdai in 
northeastern Japan, to Honolulu, 


pending aviation negotiations 
between tbe two countries. 

The move by tbe US, which came 
just two days before the flight was 
scheduled to go into operation, 
is "a clear violation of the 
bilateral agreement," an 
official at Japan’s transport ministry 
said yesterday. 

A 1989 memorandum of understand- 
ing between the US and Japan gives 


carriers of both countries the right to 
fly from three regional points to desti- 
nations in each other's country. "JAL 
was merely exercising its legitimate 
right.” the airline said. 

Japanese transport minis try offi- 
cials said the US move stemmed from 
unhappiness with Stalled wa gwHatinns 
over landing rights at Kansai interna- 
tional Airport near Osaka which is 
srhadulpd to open later year. 


Tbe US has demanded more landing 
slots at Kansai than Japan is prepared 
to give, while Japan has been angered 
by US claims that the bilateral avia- 
tion accord allows US carriers unres- 
tricted onward flight rights from US 
destinations to Japan and from there 
to a third country. 

Japanese officials and airlines have 
claimed that US carriers were abusing 
their onward flight rights 


and taking business away from 
Japanese carriers. 

“We Intend to tell the US that its 
move is in breach of international 
rules," a transport ministry official 
said yesterday. "We find it curious 
that the US has linked the issue to the 
aviation talks which have been stalled 
since last August, largely as a result 
of US reluctance to carry on with 
them,” the official said. 


over MFN 


By Tony Walker h Baying 

China yesteniay warned that 
the cancellation of preferential 
trade access to the US market 
would have devastating conse- 
quences for the Taiwanese and 
Hong Kong economies. 

Mr Qian Qichen. China’s for- 
eign minister, in a clear 
attempt to mobilise regional 
concerns over Most Favoured 
Nation status to press Beijing's 
case, said that Hong Kong and 
Taiwanese businessmen risked 
losing billions of dollars in tbe 
event of a trade war. 

“I think the OS can bear 
such losses, so can China, but 1 
don't think the other regions 
and countries can,” Mr Qian 
said- 

Huge quantities of Chinese 
exports were transshipped 
through Hong Kong to the US, 
he said, while Taiwanese busi- 
nessmen had invested vast 
sums in mainland enterprises 
geared to the US market 

Tbe World Bank estimates 
that 96 per cent of Chinese 
exports, principally textiles 
and garments, benefit from a 
tower tariff regime in the US. 

Mr Qian was speaking some 
48 hours after Mr Warren 
Christopher, the US secretary 
of state, left Beijing following 
acrimonious discussions on the 
human rights issue. 


Washington is seeking to 
link "overall, significant 
improvement” in China’s 
human rights behaviour to the 
renewal of its Most Favoured 
Nation trading status. China 
had greeted Mr Christopher's 
arrival by detaining more than 
a dozen dissidgnts in preceding 
days. 

Chinese officials have 
warned that cancellation of 
MFN would cripple access for 
US business to China. Two-way 
trade exceeded $40bn (£2?.3bn) 
last year, heavily in China's 
favour. But American compa- 
nies are beginning to make a 
stronger showing. 

Hong Kong would be most 
affected by a rupture over 
MFN. The HK government esti- , 
mates that projected economic 
growth this year of 5 St per cent 
would halve and perhaps as 
many as 75.000 jobs would be 
lost 

Some $24bn worth of trade 
would be jeopardised. 

Mr Christopher sought to put 
the best face on what had been 
a fairly disastrous visit saying 
differences had “narrowed”. 
But the Chinese themselves 
were less sanguine. 

"I am somewhat disap- 
pointed." said Mr Qian. “My 
talks with Christopher have 
not produced as many results 
as previously expected." 


Exporters 
of rum 
seek a lift 

By Canute James in Kingston 

Caribbean rum producers are 
visiting several European capi- 
tals next week to urge the 
European Union to increase its 
rum quota in the short term 
and eventually abolish it alto- 
gether. 

Producers says there is a 
r um shortage in the EU but 
they are facing growing oppo- 
sition from France to any 
increase in shipments. 

The West Indies Rum and 
Spirits Producers’ Association 
alleges that the French prime 
minis ter has told the European 
Commission France is against 
any changes to the current 
quota and will not support its 
abolition. 

The Caribbean, producers are 
asking for a 10 per cent 
increase in the quota of 214,000 
hectolitres per year, and 
its abolition by 1996. 

The conditions for access to 
the European rum market are 
contained in a protocol of the 
Lome Convention, a trade and 
aid treaty between the 
EU and the African. 
Caribbean and Pacific group of 
countries. 

The rum producers have crit- 
icised the EU for being slow to 
honour legal commitments to 
react automatically by increas- 
ing tiie access for rum to meet 
growing demand. 

Mr Philippe Dannuzey, the 
European Commission's dele- 
gate to Barbados and the 
Eastern Caribbean denies 
there is a serious problem over 
rum shipments to the Euro- 
pean Union. 

“The rum protocol of toe 
Lome Convention has provided 
A CP producers with a very sta- 
ble. enabling environment, 
which has certainly been a 
very strong incentive for them 
to contribute to an increase m 
their production.” be says. 


Banana 
row may 
end soon 

By Deborah Hargreaves 

Costa Rica is expected to agree 
on Monday to a plan put for- 
ward by the European Union 
for increasing its access to the 
EU banana market 

The agreement would mark 
the end of a bitter dispute 
between the EU and Latin 
American banana suppliers 
which has soured relations 
since last July. 

The deal would mean export- 
ers could ship 2.1m tonnes of 
Latin American bananas to the 
EU this year rather than the 
current 2m tonnes, rising to 
2 Ab tonnes next year. 

Latin American banana 
exporters complained to tbe 
General Agreement on Tariffs 

and Trade about tbe ElFs 
arrangements for the banana 
trade. Their complaint was 
npheld by a Gatt panel which 
ruled the ED’S trading deal for 
bananas with African, Carib- 
bean and Pacific countries 
under the Lomd Convention 
ran counter to Gatt rules. 

The EU has made its offer of 
a greater quota for Latin 
American fruit conditional on 
exporters dropping their Gatt 
complaint. Colombia, Nicara- 
gua and Venezuela have all 
agreed to the EU’s new plan, 
but Costa Rica had hoped to 
gain further concessions. 

Guatemala, the other Gatt 
complainant, is unlikely to 
agree. 


Correction 


OECD 

Due to a transmission error, 
the OECD Export Credit Rates 
for the US dollar for up to 5 
years should have read 5.83, 
not 5 . 43 . per cent as reported in 
the Financial Times of March 
8 . 


in our view, 100% commitment to product support is a 24-hour responsibility. 

A significant measure of Airbus Indistrie’s commitment is that ane third of all our personnel are directly involved in prodnet support for aur constantly evolving family of civil aircraft 
A total of 23 different langoages are spBken by tbe staff of anr Prodnet Support Directorate, which indicates the global scope of aur activities in this vital part of the civil aviation 
market. A mufti-million dollar investment programme also easaros that inr international support facilities will continue to match ear increasing worldwide customer base. 




.* 




FINANCIAL TIMES THURSDAY MARCH 17 1994 


6 

NEWS: THE AMERICAS 


US growth 
no threat 
yet to prices 


Fed cops eye US economic juggernaut 

Michael Prowse on the outlook for interest rates in the light of soaring growth 


US Iona bond ytekt . 

Percent 



5_5 l -q. I » .1 1 l.» I l « Hi I I .1 1 t t •. > i - i ■*- 1 . I i t 

1992. ' 1999 94 


Previous EPISODES OP FBI TIGHTEMMG 



Duration 

(quarters) 

Rise In Fed 
lands rate 
foasbpts) 

Framfto 

{per cent) 

1961 03 to 1966 04 

21 

39 0 

J.7 to &6 

1967 03 to 1969 03 

9 

S10 

3.9 to 9.0 

1972 Q1 to 1974 Q3 

10 

850 

3.5 to 12J) 

1977 Ql to 1980 Q1 

12 

1040 

4.7 to 15.1 

1983 01 to 1984 03 

6 

270 

8.7 to 11-4 

1887 Ql to 1989 Q2 

9 

350 

02 . to 9.7 

Average: 

11 

568 


Average eXr 1 S 70 &r 

11 

380 


SnmJPMran 


By Michael Prowse 

in Washington 

The strong CIS economic 
recovery is putting only mild 
upward pressure on consumer 
price inflation, official figures 
indicated yesterday. 

The Labour Department said 
the consumer price index rose 
0.3 per cent and by 2.5 per cent 
in the year to February, in line 
with market expectations. 

Separate figures showed that 
the housing industry is begin- 
ning to recover after disrup- 
tions caused by severe winter 
storms. Housing starts rose 4.1 
per cent last month to a sea- 
sonally adjusted annual rate of 
1.31m. But figures for January 
were revised down to show a 
tall of 22 per cent rather than 
17.6 per cent 

Bond prices rose modestly in 
early trading following release 
of the price report. The core 
consumer price index - which 
excludes the volatile compo- 
nents of food and energy - also 
rose 0.3 per cent last month 
and by 2.8 per cent in the year 
to February. 


Earlier this week official fig- 
ures showed little evidence of 
inflationary pressures at the 
wholesale level The producer 
price index for finished goods 
rose 0.5 per cent but tbls 
reflected a surge in energy 
costs. Core producer prices 
rose 0.1 per cent and by 0.4 per 
cent on an annual comparison. 

The consumer price report 
showed a continuing diver- 
gence in Inflation trends in 
goods and service industries. 
The index for services other 
than energy rose 0.4 per cent 
last month and by 3.7 per cent 
in the year to February. Hie 
core index for goods fell 0.1 per 
cent last month and rose only 
0B on an annual comparison. 

The increase in housing 
starts was restricted to the 
north, east and south. Starts 
feU in the midwest and the 
west. Most analysts expect a 
stronger rebound in housing 
activity this month, despite a 
fell in building permits in Feb- 
ruary, reflecting the low level 
of mortgage rates and a rise in 
consumer confidence in recent 
months. 


T he US economy is like a 
speedin g jn ffit n mairt- and 
the US Federal Reserve 
like a traffic cop. Last month 
the Fed delivered a mild warn- 
ing in the shape of a quarter 
point increase in short-term 
interest rates to 3.25 per cent 
When Fed governors and 
regional presidents meet in 
Washington next week they 
may decide sterner action will 
soon be required. 

If the Fed was concerned by 
the pace of growth in early 
February, it ought to be doubly 
concerned today. In recent 
weeks revised figures have 
shown the economy grew at an 
annual rate of 7JS per cent in 
the fourth quarter of Last year, 
rather than the 5B per cent at 
first reported. The Jobless rate 
has fallen fester than expected 
and, at 6.5 per cent, is only 
fractionally higher than the 
level previously associated 
with rising wage inflation. 

Adjusting for severe 
weather, economic data since 
January have been uniformly 
stronger than expected. Sales 
and production of cars and 
light trucks are booming. 
Retail spending is robust 
despite a temporary dip in con- 
struction activity: according to 
the Johnson Redbook survey, 
sales in early March were run- 
ning 14 per cent higher than 


Source: O tfa ai w ro 

last year. Industrial production 
appears to be growing at an 
annual rate of 7-8 per cent this 
quarter - a slight acceleration 
Cram late last year. The rate of 
capacity utilisation in manu- 
facturing has Jumped to 82.6 
per cent. Just short of the S3 
per cent level seen as a trigger 
for price increases. 

This week bond investors 
were relieved that rapid 
growth does not yet appear to 
be putting much upward pres- 
sure on broad measures of 

inflation. 

But the encouraging con- 
sumer and producer price fig- 
ures do not alter the interest 
rate outlook much because Mr 
Alan (hesispan, the Fed chair- 


man, has signalled that the 
purpose of tightening policy is 
not to fight an inflation threat 
today but rather to prevent 
inflation getting out erf hand in 
1595 and 1996. 

Looking forward, the Fed 
will note that traditional lead- 
ing indicators of inflation are 
beginning to creep higher.. 
These include commodity 
prices (other than oil), the 
price indices compiled by pur- 
chasing managers, and various 
measures of capacity utilisa- 
tion. 

The Fed is also aware that 
the European and Japanese 
economies are starting to show 
signs of improvement. The 
prospect of a concerted surge 


in demand in 1995 significantly 
str eng th en s the case for a pre- 
emptive tightening of ps mon- 
etary policy this year. 

Analysts are divided over the 
likely timing and magnit ude of 
increases in short-term rates. 
At (me extreme, JJP. Morgan, 
the New York bank, believes 
the sharp rise in long bond 
yields in recent weeks to 
nearly 7 per cent is folly justi- 
fied. Morgan economists argue 
that the economy has lost little 
momentum since the second 
half of last year when real 
gross domestic product grew at 
an gnmnal rate of more than 5 
par cent 

They expect growth of more 
than 4 per cent this year and 
predict the Fed will raise short 
rates to 5 par cent by the aid 
of this year and 6 per cent by 

the, Tnidtfiq of pwi year 


This would not be out of line 
with previous business cycles. 
The average increase In short 
rates In the last six episodes of 
Fed ti ghtening was nearly 5.7 
percentage points. Excluding 
the Inflationary 1970s, the 
increase was 3B percentage 
points, which would suggest 
short rates could rise to about 
7 per cent in the next few 
years. 

Other economists believe the 
recovery is less rebust and pre- 
dict the rate of economic 
growth will decline in the sec- 
ond half of this year to 3 per 
cent or less. They doubt the 
Fed will need to act as aggres- 
sively as in past cycles in part 
because the risk of a big rise in 
inflation seems slight and in 
part because the bond market 
is now hyper-sensitive to infla- 
tionary pressures. 


“The rise in bond yields is 
disciplining the real economy 
and helping the Fed do its job," 

says Mr Bill Dudley, a senior 
economist at Goldman Sachs. 
The argument Is that the sur- 
prisingly rapid steepening of 
the yield curve will curb some 
of the most buoyant sectors - 
such as housing and business 
Investment - and hence reduce 
the required increase in short 
rates. 

The timing of any rate 
Increases is also hotly debated. 
Mr Greenspan has a reputation 
for gradualism, which suggests 
he may be contemplating small 
quarter point increases every 
few months. 

But some analysts, such as 
Mr Neal Soss. chief economist 
at First Boston Corporation, a 
New York brokerage, argue 
that such tactics would 
amount to Chinese water tor- 
ture. 

Rather than creating a pro- 
longed period of uncertainty, 
they say, the Fed should rap- 
idly raise rates to the “neutral 1 ' 
level mentioned by Mr Green- 
span in recent congressional 
testimony. This is widely taken 
to imply rates of 4-5 per cent 
With the agony over, bond and 
share markets might then be 
able to recover their equilib- 
rium, if not last year's high 
spirits. 



’ aJ^HAACING SKILLS BY EXPLOITING TECHNOLOGY. 

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IS WHAT IT TAKES 


. Mercury 
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BRITAIN'S LEADING INVESTMENT HOUSE 


AMEMBCftOFIMeo 


Chicago win 
provides fillip 
for Clinton 


By Nancy Dunne 
in Washington 

Congressman Dan Rosten- 
kowski, one of the most power- 
ful members of the US House 
of Representatives, has won a 
fierce battle for the Democratic 
nomination in his Chicago dis- 
trict aided by a campaign visit 
from President Bill Clinton last 
month. 

It was as much a victory for 
the president struggling to put 
the Whitewater affair behind 
him, as for the chairman erf the 
influential House ways and 
means committee. 

Mr Clinton took a gamble in 
supporting a congressman who 
has come under a political 
cloud because of an ongoing 
federal grand jury investiga- 
tion of his finances that recal- 
led old Chicago-style politics 
based on perks and patronage. 

At ways and means Mr Ros- 
tenkowski ha s been a feithfui 
ally of Mr Clinton, overseeing 
the administration's most 
important initiatives - health- 
care, welfare reform, and trade 
and tax bills. 

A member of Congress since 
1958, Mr RostenkowsM’s seat 
was for the first time thought 
to be in jeopardy in the three- 
Tna p race for the nomination. 


In the end he won with 50 per 
cent of the vote. 

Mr Rostenkowski acknowl- 
edged the president's role in 
the win. “There was a point, a 
pivotal moment in the cam- 
paign, when a very, very gutsy 
and honourable and coura- 
geous man named Bill Clinton 
ramp to town," he told his sup- 
porters. Tm proud to be a sol- 
dier in the president's march 
for change.” 

Mr Rostenkowski may have 
hurt the president inadver- 
tently when, in a television 
interview yesterday to discuss 
his victory, he said congressio- 
nal hearings on the White- 
water affair are “inevitable”. 

The affair concerns Mr and 
Mrs Clinton’s financial deal- 
ings in Arkansas in the 1980s. 

Whitewater was the name trf 
an Arkansas development in 
which the Clintons Invested 
along with their friends Mr 
James McDougaL head of the 
Madison Guaranty savings and 
loan institution, and his wife. 
Madison felled at a cost to the 
taxpayer of $47m (£32Jm). 

Democrats have been fight- 
fog off Republican demands for 
congressional hearings, which 
would give the opposition more 
scope to equate the affair with 
the Watergate scandal 


Paraguay 
peasants 
in protest 

By John Barham 
in Buenos Ahes 

Paraguayan peasants have 
staged the biggest demonstra- 
tion in the capital Asuncion 
since President Juan Carlos 
Wasmosy took office seven 
month* ago. 

The peasants demanded land 
reform and protested at low 
prices for cotton, one of their 
staple products. 

About 15,000-20 JUO peasants 
crammed into one of the capi- 
tal’s main squares in front of 
the Congress building on Tues- 
day, while their leader, Mr 
Alfonso Cohene, met opposi- 
tion leaders to demand the 
expropriation of unproductive 
fend. He also demanded gov- 
ernment subsidies to offset the 
decline in cotton prices. 

The peasants were unable to 
petition President Wasmosy 
because be was on an official 
visit to Brazil. No one was 
reported hurt in the protest, 
despite police efforts to prevent 

protesters reaching Asuncion. 

Last month police clashed 
several times with peasants in 
the interior of the country 
after protesters blocked roads 
and occupied farmland owned 
by wealthy landowners, includ- 
ing one property owned by a 
senior member of the ruling 
Colorado party. 

Over half of Paraguay's pop- 
ulation of 4.5m lives in the 
countryside, often in great pov- 
erty. Demands for land reform 
have always been an Important 
Issue, although the 35-year 
regime of former President 
Alfredo Stroessner crushed 
simmering opposition. 


Codelco 

defendant 

testifies 

By David Piling 
h Santiago 

The man at the centre of the 
Codelco futures scandal, Mr 
Juan Pablo D&vila, was yester- 
day due to testify before a 
judge appointed to investigate 
potential criminal aspects of 
the case. 

Mr Davila, who is accused of 
losing Codelco, Chile's state 
copper company, more than 
$200m (£l34m) in speculative 
metals trading in London and 
New York, has spent the past 
five d ays in detention giving 
testimony to Urn police depart- 
ment, who are investigating 
allegations of fraud against 
Him. 

Mr Jos£ Benqitis, the special 
judge appointed to the case by 
former president Patricio Ayl- 
win, said on Tuesday that 400 
of the 8,000 futures operations 
conducted by Mr Davila in 1993 
were “strange" anil “unusual". 

Mr Beuquis, defending the 
five-day detention of Codelco’s 
former chief futures operator, 
said; “He is being interrogated 
on many technical aspects that 
have to be cleared up and 
about which he must give his 
own explanations." * 

Mr XMvila was befog treated 
as a “h uman befog as befits 
any other person”. 

He had daily visits from Ida 
lawyer as well as a medical 
practitioner and was in good 
health, Mr Benquis 

The judge did not rule out 
the possible Interrogation of 
other fonner Codelco execu- 
tives, eight of whom resigned 
after the losses became public. 


N 



FINANCIAL TIMES THI Qrs A V >t>nu mnA 



J obless figures fall but slow retail sales 


hamper growth 


By Emma Tucker 
and PhUp Coggan 

Unemployment in the UK resumed 
its downward path last month, but 
a sharp drop in retail sales 
prompted calls for another cut in 
interest rates to help the economy 
weather nest month's tax increases. 

The number of people out of 
work, and claiming benefit, foil a 
seasonally adjusted 38^00 in Febru- 
ary to 2,751300, or 93 per cent of 
the UK workforce, the lowest level 
since Jane 1992. 

But retail sales dropped 03 per 
cent in February, dragging the year- 
on-year growth rate down from 3.7 


per cent in January to 25 per cent, 
the slowest rate since May last year. 

Mr Gordon Brown, the shadow 
chancellor, said it was time lor an 
immediate reduction in lending 
rates. 

“The figures undermine hank and 
government optimism about the 
recovery.” he said. “Retail sales are 
falling even before taxes have gone 
up and the government must act 
now to prevent further damage to 
the economy.” 

Bui Mr Kenneth Clarke, the chan- 
cellor, vigorously defended the 
impending tax increases as neces- 
sary to keep the recovery going. 

"We have a background of a large 


amount of borrowing, as does every 
other country coming out of the 
recession,” he said. 

Citing low inflation and rising 
manufacturing output, he said* “We 
are in a recovery that can get stron- 
ger,” To keep the recovery on track, 
"we have to ensure that inflation 
remains down.” 

But yesterday’s mixed-bag of fig- 
ures also included the first pick-up 
in the annual growth rate of aver- 
age earnings for two years. This 
affected sentiment in the govern- 
ment bond market where investors 
grew uneasy that a long period of 
subdued wage rises was coming to 
an end. 


The underlying rate of average 
earnings in January was 335 per 
cent, higher than the 3 per cent 
analysts had expected. The June 
long gilt future foil 1M points on the 
news to llQg. Shares also fell yes- 
terday, with the FT-SE 100 index 
falling 215 points to 32423. 

Overall, the official retail sales 
figures painted a less downbeat pic- 
ture than a survey (torn the Confed- 
eration of British Industry earlier 
this week which showed two succes- 
sive months of slowing retail sales 
growth. The official figures, from 
the Central Statistical Office 
included a sharp upwards revision 
to January’s month-on-month 


increase, from o.e per cent to 0.9 per 
cent. The employment figures 
showed that January's unexpected 
increase in unemployment was 
revised even further upwards, from 
15500 to 19330. 

The figures for employees in 
employment (.collected from 
employers) show that full-time 
employment rose by 19,000 between 
September and December, while 
part-time employment fell by 5,000. 
However, the quarterly Labour 
Force Survey - a survey of 60,000 
households - seems to show the 
opposite. 

The survey says that, between the 
summer and the autumn of 1993. 


part-time employment rose by 
90,000, while full-time employment 
fell by 17,000. Although the statis- 
tics cover slightly different periods, 
the contradiction is apparent. 

An extra 23,000 people were on 
work-related government training 
programmes, while 9,000 fewer were 
employed in the armed forces. 

Generally, the figures from the 
Department of Employment 
suggested that' many of the new 
jobs being created are not in tradi- 
tional areas. A rise in the number of 
self-employed people was the main 
cause of the increase in employ- 
ment In the fourth quarter of 1993. 
Manufacturing employment contin- 


ued to decline, while the Labour 
Force Survey showed a continuing 
shift to part-time employment 

Mr John. Prescott, the shadow 
employment secretary, kept up 
pressure on the department to alter 
the way it measures unemployment 
by saying that the current. Figures 
gave a misleading impression of the 
true state of the labour market. The 
employment department’s chief 
statistician had, according to Mr 
Prescott, admitted that changes to 
the count since 1979 had removed at 
least 400.000 From official figures. 

"That alone would push the offi- 
cial unemployment rate up to 115 
per cent." he said. 


Will 




! i 
£ 


u 


ip 


i or 


Tories slip back into 
the messy pastime of 
rowing about Europe 


Nallblting stuffs how safe is the recovery? 


W hen Mr John Major 
replaced the then 
Mrs Margaret 
Thatcher, Mr Douglas Hurd 
took the opportunity to review 
the way Britain bandied nego- 
tiations with its European 
partners. 

The foreign secretary had 
long deprecated the former 
prime minister's bargaining 
style. She too often found her- 
self in less-than-glorious isola- 
tion. 

There were solemn declara- 
tions she would never back 
down, confident assertions that 
the rest of Europe was isolated 
and frequent public tantrums. 
Then of course came the 
retreat 

So Mr Hurd sent his col- 
leagues some guidelines to 
help them occasionally to win 
the argument in Brussels. It 
was pretty basic stuff: the sort 
of advice found in cheap paper- 
backs on winning friends and 
influencing people. 

Ministers should not show 
all of their cards at the outset 
They should work at building 
new alliances. They should lis- 
ten as well .as speak. They 
should not stake out publicly a 
bottom line from which they 
would be forced to retreat 
More than one minister 
thought such rules to be so 
blindingly obvious as to be not 
worth writing down! Now it is 
Mr Hurd who is breaking 
them. 

The impasse this week over 
the supposed "dilution" of Brit- 
ish authority in the EU's Coun- 
cil or Ministers bore all the 
depressing hallmarks of the 
Thatcher era. 

The government sets out 
what ft states to be an Immov- 
able position. It become pro- 
gressively isolated. It then pre- 
pares for the climbdown, 
relying on its partners for a 
fig-leaf to hide its embarrass- 
ment 

The latest argument is about 
the arcane but important issue 
of how many countries can 
block a decision when the 
European Union acts through 


Philip Stephens 
on the renewed 
infighting that 
could damage 
the government 

qualified majority voting. 

At present the 12 countries 
share a total of 76 votes. Larger 
countries have 10 each and 
smaller ones five or less. For a 
measure to pass it must secure 
54 votes. That means 23 votes 
- two big countries and one 
small - constitute a blocking 
majority. 

But when the four new 
entrants - Austria, Finland, 
Sweden and Norway - join the 
total number of votes will rise 
to 90. 

Fairly predictably Britain’s 
partners (with the exception, 
for complicated reasons, of 
Spain) want the blocking 
minority to rise proportion- 
ately to 27 votes. 

Mr Major's government has 
combined passionate advocacy 
of enlargement (wider member- 
ship means a less centralised 
Union) with a refusal to coun- 
tenance any dilation of its own 
influence. 

It has couched the argument 
in terms of preserving the sys- 
tem whereby two large and one 
small country can together 
muster a veto with 23 votes ~ 
though in reality Mr Hurd has 
deeper but unacknowledged 
concerns that the present vot- 
ing system Is heavily biased in 
favour of smaller nations. 

Either way, the issue has 
been elevated into one of great 
principle. The absurd notion 
that ft is a battle against fiend- 
ish federalists in turn has 
fuelled the Eurosceptic fire on 
the Tory backbenches 

Unsurprisingly he has found 
himself outmanouevred. Its 
partners will not accept the 
enlargement Britain wants 
without the voting change. 

But a large chunk of the 
Tory party now see the change 


as an unacceptable encroach- 
ment on British sovereignty. 

The party's pro-European 
wing meanwhile is furious that 
the government is cast once 
again as the obstructionist of 
Europe. So Europhobes and 
Europhiles are both predicting 
another Tory civil war before 
the June elections for the 
European parliament 
Mr Hurd is confident he can 
still puli his hands from the 
fire: that a deal can be con- 
cocted that will satisfy the rest 
of the Union and be sold at the 
same time to most Conserva- 
tive MPs. Enlargement will go 
ahead and the fragile facade of 
party unity will be put 
together again. 

The foreign secretary's 
friends are vehement in his 
defence. By fighting his corner 
with vigour he will ensure the 
resultant deal, whatever it is, 
will be much better than it oth- 
erwise would have been. 

But others whisper that Mr 
Hurd should not be blamed. Hie 
was locked into an aggressive 
stance by the combative 
instincts of Mr Kenneth Clarke 
and the weakness of Mr Major. 

But for pro-European Conser- 
vatives the saga has exposed a 
depressingiy defeatist view of 
Britain's place in Europe. It 
has conducted the debate as If 
it will always be part of a 
minority - seeking to block 
rather than to promote deri- 
sions. 

It has admitted tacitly it has 
little hope of winning over the 
Union's new entrants to the 
cause of a liberal, decentralised 
Europe. What is left is a strat- 
egy designed to reinforce 
Britain's capacity to obstruct 
So Mr Hurd has stirred up 
the antagonisms in his own 
party and given further cause 
for Britain's partners to doubt 
its commitment to Europe. 
Sooner or later - and probably 
next week - the sticking plas- 
ter of compromise will be 
applied. In the interim Mr 
Hurd might consider re-issuing 
his negotiating ratebook - and 
then reading it 



Average eamfcngs 
Underlying annual % change 

8 ■ — 



1992 

Retail sales volume 
Annual 94 change 



Public sector borrowing requirement 
Eton 

00 

50 


NaranteBudgatfimcaat 109S-&4 




UK government 
borrowing lower 
than forecast 


Apr 1093 

Source: OatMtmfflflXaaauiy 


94 Mar 


Kenneth Cfarica 


By Graham Bowioy 

The government borrowed 
£4.6bn in February to finance 
public-sector spending, taking 
the public sector borrowing 
requirement for the first II 
months of the financial year 
1993-94 to £34.7bn. 

February’s figure was lower 
than the £6.7bn economists 
expected due to larger-than- 
usual borrowing repayments 
by local authorities and priva- 
tisation proceeds of £0.7bn, 
mainly from the British Tele- 
communications. It is now 
unlikely that the PSBR for the 
year will reach the £49.8bn 
forecast by Mr Kenneth Clarke, 
the chancellor of the exche- 
quer, in his November budget 

Mr Simon Briscoe, economist 
at SG Warburg Securities. sai± 
“This is good news because ft 
points to lower-tban-expected 
government spending. 


"Investors in gilts should be 
reassured because it promises 
lower government borrowing 
and so a lower rate of issuance 
over the next year." 

Yesterday's figures from the 
Central Statistical Office 
showed that central govern- 
ment borrowing was £5.1bn in 
February, making a total of 
£39.Bbn for the first eleven 
months of 1993-94. 

The Treasury said tax reve- 
nues were in line with expecta- 
tions, although customs and 
excise receipts and social secu- 
rity contributions were higher 
than last year, and spending 
by local and central govern- 
ment was under control 

February's move back into 
public finance deficit follows a 
surplus in January of £1.6bn, 
due to seasonal payments of 
corporation tax and compares 
with a deficit of £5-5tm in Feb- 
ruary 1993. 



I 

t; 

if 

f 

e 

cS 


Be sure to stay warm this winter. 

Over, the years, the Canary Islands" climate of “eternal spring’ " has excited the 

9 — 



desert island fantasies of many visitors. Columbus 
included - He wintered quite happily on Gran Canaria <$, 
the New World * An altogether briefer voyage of discovery away to the west lies Tenerife. ■ Another short 
hop to the east and you’ll land on Fuerieventura • More easterly and yet more unusual is the island of 
Lanzarote • And as the islands get smaller, their appeal and diversity show no signs of diminishing. 
There’s La Palma, the greet) island. The almost circular Comera. And Hierro, island of ash cones • Each 
one offering a warm welcome to all life’s explorers. From January to December. 



Passion 
for life 


FINANCIAL TIMES THURSDAY MARCH 17 1994 



8 

NEWS: UK 


French bid for Swans ‘within the week’ 


By Chris Tighe 

French-based shipbuilder 
Constructions Mecaaiques de Nor- 
mandie confirmed yesterday it 
intends to make a bid for Swan 
Hunter, the Tyneside shipbuilder in 
receivership before next Thursday. 

That is the closing date for submis- 
sion of tenders to the Ministry of 
Defence for the major refit of the 
landing ship Sir Bedivere. 

Swan Hunter’s receivers Price 
Waterhouse said yesterday they were 


optimistic they would receive, and 
accept a bid for the company, possi- 
bly but not necessarily from CMN. 
before the March 24 tender deadline. 

But the receivers expect any bid 
will be conditional on the north east- 
ern shipbuilders winning the Sir 
Bedivere refit - a condition which 
again pins the survival of north east 
England’s last shipbuilder on the 
award of a keenly-fought MoD con- 
tract. 

It was Swans’ failure to win a vital 
MoD helicopter carrier order, after it 


bid £Tlm more than a rival VSEL/ 
Kvaerner Govan consortium, which 
plunged the Tyneside company into 
receivership last May. 

The 18 month Sir Bedivere refit, 
worth around £30m, will provoke 
another fight; tenders have been 
invited from Swan Hunter, VSEL, 
Yarrow, the Devonport and Rosyth 
naval dockyards. Appledore shipbuild- 
ers and repairers and Tees Dockyard. 

Yesterday joint receiver Mr Ed 
James said: "We are accepting the 
award of the Sir Bedivere to Swans is 


likely to be a condition of any bid to 
buy the company." He added: “There 
is a slight sense of dqja vu." 

He said Swans was formulating the 
"most competitive and compliant" bid 
possible. Since receivership, the com- 
pany has slashed overheads, shedding 
nearly 1,500 jobs. It now employs 
1,038. 

Swans' tender must be underwrit- 
ten by a prospective purchaser guar- 
anteeing completion to cost and on 
time. 

Mr Fred Henderson, leader of the 


CMN bid team, said: “We would 
expect to be submitting a bid prior to 
the closing date for the Sir Bedivere 
tender.” 

Swans only current workload is two 
frigates. Without Sir Bedivere Swans 
would be “very unattractive”, said Mr 
Henderson. CMN was still considering 
whether to make its bid conditional 
on winning the refit, he added. 

The other known potential bidders 
are Southampton-based shipbuilder 
Vosper Tbomycroft and the conglom- 
erate GEC. 


Axe taken to 
Churchill’s 
grand design 


By Diane Summers 
and Mot oko Rich 

The Design Council, the 
government-funded body 
which provides design sendees 
to UK industry, is to cut its 
staff from 200 to 50. close its 
five regional offices and trans- 
fer many of its industrial func- 
tions to the national network 
of one-stop business service 
centres known as Business 
Links, 

The council, founded by Win- 
ston Churchill’s wartime gov- 
ernment for “the advancement 
of British industry by the 
improvement of the design of 
its products.” achieved a high 
public profile through its trian- 
gular merit labels an selected 
goods. 

But it came under growing 
financial pressure in the 1980s 
and responded by dropping its 
public-awareness activities - 
including the famous labels. 

The council's new lower pro- 
file removed it from the view 
of politicians and opinion-for- 
mers and reinforced the 
impression that it was drifting 
away from its original broad 
remit to an excessive concern 
with engineering aspects of 
design. 

Mr Michael HeselHne, trade 
and industry secretary, said 
the council was “out of keep- 
ing” with the government’s 
aim to bring services to busi- 
nesses on a local level. 

it is also understood that the 
Design Council's budget could 


be reduced from about £7.5m a 
year to just under £4m begin- 
ning in 1995. 

The council itself will cease 
to provide services, many of 
which will pass to the private 
sector. Instead, says a 
review document published 
yesterday, the council will 
become “an organisation with 
the attitude and capacity to 
inspire and orchestrate action 
by others”. 

The Design Council will 
advise and monitor the 200 
planned Business Links, which 
will bring together the func- 
tions of Training and Enter- 
prise Councils, chambers of 
commerce, local authorities 
and the Enterprise Agency. 

The restructured Design 
Council, intended for a Decem- 
ber relaunch on its 50th anni- 
versary. will continue to act as 
the UK's authority on design. 
It will also conduct research 
and develop design education 
and training. 

A union spokesman lor the 
council’s workforce said: “Our 
major concern is that the 
expertise that the Design 
Council has built up is being 
dispersed. If it is fragmented 
then you lose the benefits of 
one unit - the synergy, the 
effectiveness, and the cross- 
fertilisation of ideas." 

The CBI, the employers' 
organisation, welcomed the 
review but expressed reserva- 
tions about the details or pass- 
ing on industrial services to 
Business Links. 



Maxwell pensioners at parliament call for compensation as MPs issue report non mm, mmm 


MPs seek 
new law on 
pensions 

Ely Norma Cohen 

A cross-party committee of 
MPs has called for new laws to 
force companies to include 
pensioners on the boards of 
trustees of corporate pension 
schemes and to raise employee 
representation to half of all 
trustees. 

The committee also called 
for laws to bar companies 
from winding up pension 
schemes without the consent 
or a new pensions regulator 
and urged regulations requir- 
ing employers to seek the per- 
mission of their employees 
before transferring them to a 
new scheme. The report by the 
Commons social security com- 
mittee, go well beyond those 
made by the government’s 
Pension Law Review Commit- 
tee. 


Threat to private transport projects 


By Charles Batchelor, 
Transport Correspondent 

The leasing industry is 
unlikely to back any private 
sector transport projects if the 
Treasury sticks to its present 
fmanring g uidelin es, Mr Tony 
Maliin. chairman of the 
Finance and Leasing Associa- 
tion said yesterday. 

Leasing companies have the 
ability to write £5bn worth of 
railway equipment business 
but have been disappointed at 
the failure of the government's 
private finance initiative to 
create opportunities, he said. 


Proposals for a £440 m deal to 
finance new trains for London 
Underground are currently 
stalled because they do not 
meet Treasury guidelines. 

The only way that the leas- 
ing industry would be able to 
finance deals is if it could 
negotiate special terms for 
deals which reduced the risk 
assumed, said Mr Maliin. 

“The leasing industry is not 
yet willing to do deals because 
we are being asked to finance 
risks we are not familiar with," 
he said. “We would have hoped 
to have more projects to take 
forward." 


Although lease financing 
was used to fund the railways 
in the 19th century (he indus- 
try has no recent experience of 
this sector and is unsure 
whether a viable second hand 
market far rolling stock and 
other assets can be created. 

Leasing companies base 
their charges in part on the 
expectation that leased equip- 
ment will have a residual value 
when a lease comes to an end 
and can be sold on. In existing 
sectors funded by leasing, such 
as cars and aircraft, there are 
active second hand markets. 

Under Treasury guidelines 


the private sector must take on 
about 10 per cent of risk, 
roughly equivalent to the 
residual value or the asset 
when all lease payments have 
been made, of deals valued at 
up to £lm. This rises to 30 per 
cent on deals worth between 
£lm and £10m and to “the 
greater majority of risk,” nor- 
mally interpreted to mean 80-70 
per cent on deals worth more 
than £10m. Because of their 
lack of familiarity the compa- 
nies expect to form joint ven- 
tures with manufacturers and 
possibly also Insurance compa- 
nies and service companies. 


Britain in brief 



Rail union 
strike call 
over sell-off 

The RMT rail union is calling 
a strike ballot of all its British 
Rail members over the need to 
protect their existing job pro- 
motion, transfer and redun- 
dancy agreements (PT & R) 
when privatisation of the cor- 
poration begins next month. 

"Job security features high 
on the list of fears for the 
future our members have”, 
said Mr Jimmy Knapp, the 
RMTs general secretary, in a 
letter to his union branch sec- 
retaries. 

Ballot papers calling on 
RMT members to back a series 
of 24 hoar strikes on the rail 
network are to go oat on 
March 29 to be returned by 12 
AprS. 

BR has told the onion in 
intensive negotiations that the 
existing promotion, transfer 
and redundancy arrangements 
cannot go on in their present 
form. 

Last night a BR spokesman 
said they “were not aware” of 
RMTs strike ballot and had 
received “no formal notifica- 
tion” from the union. 


Labour holds 
poll lead 

The opposition Labour party 
retains a lead of 25 percentage 
points over the Conservatives 
in an opinion poll by ICM pub- 
lished yesterday. 

The poll puts Labour on 49 
per cent, down from 51 per 
cent a month ago; the Conser- 
vatives on 24 per cent from 28 
per cent; and the Liberal Dem- 
ocrats on 22 per cent from 20 
per cent 

The poll will cause serious 
concern to Conservative lead- 
ers because it suggests that the 
party is making no headway 
against the opposition parties, 
with less than two months to 
go to tile beginning of a round 
of parliamentary, European 
and local elections. 

The government will be par- 
ticularly worried by ICkTs fold- 
ings that Labour is well ahead 


on issues traditionally 
regarded as safe for the Con- 
servatives, including taxation, 
the economy and crime. 


Biggin Hill 
for sale 

The former World War Two 
aerodrome at Biggin Hill is 
among 94 listed military build- 
ings being put up for sale. It 
was announced today- 
junior Defence Minister 
Lord Cranborne proposed the 
formation of a military heri- 
tage trust to help preserve 
other historic buildings owned 
by the Ministry of Defence. 

As the size of the armed 
forces shrinks to less than 
250,000 personnel, a large 
number of surplus buildings, 
some of which are listed - 
such as the Royal Arsenal at 
Woolwich, south-east London 
- are to be sold. 


Ferry link 
to close 

The German-owned ferry com- 
pany Olau Line is to close its 
link between Sheerness on the 
north Kent coast and Vlissen- 
gen in Holland. Twice daily 
sailings are thought to have 
carried 750,000 passengers in 
1991 and 60.000 tonnes of 
freight A spokesman for Olau 
T.inn said that the routes are 
theoretically viable but profits 
have been affected by a dispute 
with German workers. It is 
now thought that a charterer 
or alternative operator will be 
sought 


All white., 
eventually 

Yorkshire Water is handing 
ont free washing powder to 
customers in a district of 
Leeds, northern England, 
whose clothes are turning 
brown. The water company 
has also told householders 
that tf they cannot clean their 
clothes they can send them to 
the company for laundering. 
Baths, sinks and lavatories 
have been stained a dirty 
brown by the water. 

A YW spokeswoman admit- 
ted the company had handed 
ont Glo-Whlte to its custom- 
ers. The discolouration was 
caused by peat, she said, and 
the problem would be sorted 
out early next year when new 
water treatment works opened 
In the city. 


* 


6 






i 


OUR CHAIRMAN 



I'.'.i.jm \ ihl r»i'Mi • i j 1 1 i:.i--_r -••.■•p-v . h*n «n »'OM.vr 

C> „r: £l'F 01.\ v V.rc F-A ! I'M !IC AteVti-rr-.. Tn: NnwnjvTs 


I (!l’A (-.> V. V.M?» 


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. 

Bur it’s sttll just the beginning. 

We WANT OUR FUTURE CHAIRMAN, OR 
CHAIRWOMAN, TO BE PART OF A PEACEFUL 
AND PROSPEROUS SOCIETY. ALONGSIDE 
YOUR OWN CHILDREN. 


SO, TOGETHER. LET'S CARE. 


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FINANCIAL TIMES THURinAv . 

<.HURSDA\ MARCH 17 1994 


MANAGEMENT: MARKETING AND ADVERTISING 


Deborah Hargreaves on products 
appealing to consumer conscience 

The cost of a 
fair deal 



Jean NouveTs glass pataca which wfl house the headquarters of Cartier France and foe FbndatJon Cartier art eolection 


Art, but not just 
for art’s sake 

Cartier is using sponsorship to raise awareness 
among the young, writes Alice Rawsthom 


Diane Summers looks at a Brussels 
questionnaire on advertising 

Breaking down 
Euro-barriers 


T wo years ago. Justino Peck, 
a cocoa farmer from a small 
village near the Maya 
mountains in Belize, abandoned 
his crop following a collapse in 
international prices. Now he is 
back in production with a 
three-year contract to supply 
cocoa beans to Green & Black's 
chocolate company in Britain. 

Maya Gold chocolate made from 
Peck’s beans went on sale in 80 
supermarkets in the UK last week 
as the first product to carry a seal 
of approval from Fairtrade, an 
organisation which is trying to 
ensure workers in the Third 
World get a better deal. 

In July, the Royal Society for 
the Protection of Animals 
(RSPCA) plans to issue its own 
label - Freedom Food - for meat 
and eggs which have been 
produced, transported and 
slaughtered in a humane way. 

Both organisations hope to 
capitalise on the conscience of 
the 1990s consumer who fills his 
supermarket trolley with, 
environmentally friendly washing 
powder and recycled toilet paper. 

A poll by NOP for Christian 
Aid conducted in October last 
year found that 6$ per cent of the 
1,000 adults surveyed said they 
would be willing to pay more for 
products that guaranteed a fair 
return to formers and workers 
in the Third World. The average 
amount consumers were prepared 
to pay was 25p on an item that 
normally costs £ 1 . 

The RSPCA 's own research has 
indicated that 30 per cent of those 
polled would pay up to 50 per cent 
more for meat from an animal 
that had been well treated. 

Maya Gold chocolate costs £1.55 
for lOOg compared with 65p for 
the same amount of Cadbury's 
Bournevflle chocolate, but the 
company says it contains three 
times as much cocoa. Green & 
Black's is paying the Belize 
fanners 48p per lb for their cocoa 
beans which is higher than the 
current free market price of 41.5p 
per lb. 

Similarly, Catedirect, a 
high-quality ground coffee 
containing beans from Costa Rica, 
Mexico. Nicaragua and Peru, pays 
its suppliers up to double the 
market rate paid by other 


companies. Cafedirect, which has 
been on the supermarket shelves 
for two years, will carry the 
Fairtrade mark from April. 

Fairtrade is looking at other 
products such as tea and honey, 
but these are not likely to capture 
more than a very small share of 
the mass market. Although many 
consumers say in market research 
they want to pay more for a 
"conscience" product, it is hard 
to get them to part with their 
money. 

The Co-operative Wholesale 
Society has been looking for 
several years to launch its own 
brand of “conscience" products 
such as coffee, tea and honey. 

But “when it comes to the crunch, 
particularly in a recession, people 
are looking for bargains", says 
Martin Henderson from the Co-op. 

The Co-op was the first 
supermarket chain to cany 
Cafedirect, but has found that 
sales have been disappointing. 
“We're looking for a bigger 
volume market to move into, but 
we haven't cracked it yet,” says 
Henderson. 

The most important problem 
faced by retailers and companies 
looking to appeal to peoples’ 
consciences is in how to turn 
aspirations into hard gash 

Mike Sharp, marketing 1 manager 
for the RSPCA, says the problem 
lies in public confusion over 
claims made by certain products. 
Consumers are also cynical about 
being offered another marketing 
ploy. 

The RSPCA is hoping that its 
Freedom Food mark will not only 
occupy a nicbe but also cover as 
wide a part of the market as 
possible. 

“The consumer response has 
been very positive because the 
RSPCA is trusted as an 
independent party,” said Sharp. 
The label will be issued on pork 
and eggs in July and move to all 
other products derived from 
animals in the longer term. 

Richard Adams, who runs the 
New Consumer Organisation, a 
research group, thinks the way 
to encourage the public to buy 
"conscience” products could be 
to group them in a separate High 
Street store. He is currently 
conducting a feasibility study. 


S ome company chairmen 
might be tempted to see 
their corporate art collec- 
tion as a chance to indulge 
themselves by dabbling in the art 
market: but Alain Dominique Per- 
rin. head of Cartier, the jewellers, 
prefers a business-like approach. 

“It’s pure marketing,” he claims. 
'Tm passionate about art, but that 
has absolutely nothing to do with 
our corporate activities. Cartier 
began buying contemporary art 10 
years ago - strictly for commercial 
reasons. It’s been part of our mar- 
keting strategy ever since.” 

This month marked the start of a 
new phase in Cartier's art strategy 
with the opening of a shinning 
FFri20m (£14m) glass palace In the 
Montparnasse area of Paris 
designed by Jean Nouvei the futur- 
istic French architect. The new 
building will house the headquar- 
ters of Cartier France and the Fon- 

J dation Cartier art collection. 

Art sponsorship is an established 
part of corporate life in France. A 


good corporate citizen is expected to 
support the arts: not simply by 
sponsoring occasional exhibitions 
but by forging a long-term relation- 
ship with a particular medium. The 
GAN insurance group has nurtured 
Close links with the rinpma’ as has 
Credit Commercial de EYance, the 
bank, with photography. 

Cartier had a dual aim when it 
ventured into the cultural arena. 
Perrin decided in the early 1980s to 
“give a face-lift to a 150-year-old lux- 
ury house” by raising awareness of 
Cartier among younger consumers 
and opinion formers. 

The company in 1983 conducted a 
research study that identified con- 
temporary art as an appealing area 
to both target groups. It created the 
Fondation Cartier in the following 
year and gave it an annual budget 
(worth FFr26m in 1993) to build up 
a collection. The foundation has 
since staged exhibitions in a villa 
and park at Jouy-en-Josas near 
Paris and has sponsored shows in 
other countries. 


Cartier regularly researched the 
impact of the foundation’s work. 
Perrin says that it has been “clearly 
proven" to have “a very positive 
impact on the brand” among the 
target groups. The foundation has 
also become part of Cartier’s staff 
relations programme by organising 
regular visits and contemporary art 
classes for employees. 

After 10 years the foundation has 
completed its original objective of 
bunding up a contemporary collec- 
tion. Cartier has decided to mark 
the move to central Paris with a 
change of direction. The core of the 
existing collection will be displayed 
at Montparnasse, but the bigger 
pieces of sculpture will be donated 
to museums in eastern Europe. 

Hie emphasis of the foundation’s 
work will also switch from acquisi- 
tion to organising temporary exhibi- 
tions and artists’ residencies at 
Montparnasse. “The foundation has 
achieved a lot over the past 10 
years,” says Perrin. “Now it’s time 
to move on.” 


A ny day now, thousands of 
businesses across Europe 
will be receiving a fat enve- 
lope containing a questionnaire 
from the European Commission 
on “commercial communica- 
tions". 

The combination of the words 
“Commission” and “question- 
naire” on the missive would prob- 
ably be enough on their own to 
make some people reach for the 
waste paper basket. Compounding 
matters is the unfamiliar notion 
of “commercial communications”. 
In rough translation, this means 
advertising, bnt also includes 
sales promotion and direct mar- 
keting material, as well as aspects 
of packaging and labelling. 

The Commission is trying to 
find out what barriers would pre- 
vent a company conducting, for 
example, a pan-European press 
advertising campaign or market- 
ing its products in another mem- 
ber state. In the UK. the Advertis- 
ing Association would see the 
French Loi Evin, which placed 
severe restrictions on alcohol 
advertising from January 1993, as 
the latest example of such a bar- 
rier. 

The survey is also intended to 
help Brussels to get a grip on Its 
policy making and establish a sin- 
gle point of contact on marketing 
issues. Currently, proposals 
affecting advertising and market- 
ing spring from every directorate 
and there is a widespread view 
that these areas have largely been 
forgotten in the discussion about 
completion of the internal mar- 
ket 

The association has compiled a 
list of such draft legislation cur- 
rently on the books. It includes: a 
proposal for a total ban on 
tobacco advertising throughout 
the EE (stalled at the final 
stages); draft roles on “distance 
setting" through direct response 
advertisements and mail order (in 
a council working group and 
awaiting a second reading by the 
European Parliament); proposals 
on comparative advertising 
(awaiting Commission redraft); 
and roles on claims in food adver- 
tising (awaiting a Commission 
proposal). 

To file the Euro-questionnaire 
in the bin too hastily would be a 


mistake, according to Lionel S tan- 
brook. the association's expert on 
Europe. In his view, the Commis- 
sion is providing a “make or 
break chance” for businesses to 
press for freedom to advertise 
their goods and services across 
member states. 

The questionnaire is the start of 
a year-long consultation by the 
Commission on advertising and 
the European internal market, 
intended to lead to the publica- 
tion of a green paper later this 
year and the formulation of a pol- 
icy during 1995. 

This policy, says Stan brook, 
“could mean heavy restrictive leg- 
islation; it conld mean a green 
light for effective self- regulation: 
it might mean a confirmation of 
the status quo”. If the Commis- 
sion receives powerful evidence 
from respondents of the question- i 
naire that the single market in ' 
commercial communications is | 
not working. Stan brook even 
believes it could “propose a Euro- | 
pean deregulation initiative of 
spectacular consequences”. 

He believes the questionnaire 
forms part of a “genuine consulta- 
tion with a genuinely uncertain 
outcome” and that the Commis- 
sion officials concerned “have a 
good knowledge of the economic 
importance of marketing commu- 
nications in a free market". 

At the same time, however, he 
acknowledges that the Commis- 
sion is not starting from a clean | 
sheet and Maastricht Treaty 
amendments bring two farther 
elements to the discussion: sub- 
sidiarity, and an obligation to 
establish as a priority a high level 
of consumer protection through- 
out the EU. 

It is here, he fears, that the gen- 
uinely free market in communica- 
tions conld come unstuck. S tan- 
brook says: “The Commission 
itself is starting to include ‘minir 
mal clauses’ in draft legislation 
an consumer protection, allowing 
member states to set higher stan- 
dards and roles than those set ont 
in the draft legislation. This trend 
is tmlikely to establish a single 
market without internal barriers- 
In this sense, subsidiarity conld 
prove to be the fatal catch-all 
excuse for the maintenance of 
national trade protection”. 


Thu announcement appear* as a nutter of record only. 



RvidedBook 


Barclays Vic Zocte . Wcdd Securities. Inc. . 
was named an agent Tor a $500 ftiHKop 
bank note program for The Prevalent Bank.. • 


February 199+ 




HARRIS CHEM1CAU OROUPi WC- 


BZW Wvirio'n acted a* sc*e aoxangisr 
m the structuring and syndication ^ 

a 5 year $150 million revolving credit 
a* part of the xvcaffaSaXhm of the • . 

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Financial Security A,wance> thc * 
structuring of a $7(.niifBb» \ 

bond purchase agrocruen* ^ 

related interest rate cap fox the Student 
Umu Acquisition Authority of Amooa; 


May T993 



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AMERICA'S BEST 
CONTACTS AND 
EYEGLASSES L-P. 


BZW Division provided Si 5 million '• 
in subordinated debt with warrants 
to America’s Best Contacts and ■ i •. 
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Oecutnbor 1993 



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Corporation of Vfrgfoa' as firiarii&l advisor 
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facilities for this ?340 mtthoo, privately . . 
owned and fohded 14 mile te>U road 
extension from the OVdJe* fojcrmtkwial . 
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BZW Division acted «s financial > 
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subsidiary of Guardian Royal Exchange pfo; 
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Casualty Company from Allianz (,UK) 

. tiadted, a subsidiary of Allianz A.C. 
Holding (Germany), for $100 million. 

December 1993 



Sprint 


BZW Division acted a»- managing agent 
. fo die structuring and syndication of a 
3 yew 4l-l billion, revolving credit for 
. the Sprint Corporation. . 


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BZW Division was ranked the. number one 
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10 


FINANCIAL TIMES 


THURSDAY MARCH 17 1994 


TECHNOLOGY 


Genetic engineering is sparking a food revolution. 
Della Bradshaw reports on its impact 

Acquiring a taste 
for genes 



T<c*or HmplYtaa 

Bernard Atkinson and the world's first beer brewed with genetically altered yeast 


L ast month, international 
brewers sat down, put their 
feet up and enjoyed a beer 
which had taken nearly 30 
years to develop. The 150 bottles of 
the premium-quality lager Nutfieid 
Lyte were the first in the world to 
be brewed using a genetically-al- 
tered yeast. 

There was a real "schoolboy ele- 
ment” among some of the thrilled 
imbibers on receiving their bottle of 
the new beer, reports Bernard 
Atkinson, director of BRF Interna- 
tional. in Nutfieid. Surrey, which 
carries out pro-competitive research 
into brewing. BRF’s members 
account fur 25 per cent of the 
world's brewing volume. 

The eager public, however, will 
have to wait before being able to 
taste such a novel drink. The aim of 
the exercise, says Atkinson, has 
been to demonstrate the possibili- 
ties that genetic engineering opens 
up to the brewing industry. 

If brewers decide to use BRF"s 
genetically-altered yeast, which was 
approved for UK use by the Advi- 
sory Committee on Novel Foods and 
Processes last month, they could 
have a beer on the market by the 
end of the year. 

More likely, says Atkinson, is 
that they will use the genetic engi- 
neering techniques to adapt their 
own favourite yeasts, which could 
take several years. "We have modi- 
fied our yeast, not the brewers'. The 
sensible thing would be for them to 
modify their own yeasts.” 

Nevertheless, believes Atkinson, 
the breakthrough has demonstrated 
to both brewers and the general 
public what can be achieved using 
genetically-altered food processes. 
He thinks Nutfieid Lyte will help 
fuel the debate. “Science doesn't 
actually leap into the marketplace. 
It takes time for people to accept 
the developments." he says. “Peo- 
ple's thought processes are moving 
on. The reality is that until you 
have a hard case the debate doesn't 
become focused. The beer is here 
now: people can drink it.” 

The debate about genetic engi- 
neering’s impact on foods is likely 
to intensify this year as milk from 
cows treated with the manufactured 
hormone bovine somatotrophin 
(BST). which greatly stimulates 
milk production, and tomatoes, 
genetically altered to prevent them 
turning squashy, appear on Ameri- 
can supermarket shelves. 

They could be the first of many 
such foods, says Robin Jenkins, of 
Genetics Forum, the London-based 
group which argues for the respon- 
sible use of genetic engineering 
technology. "There isn't a single 
fruit, vegetable or animal that isn't 
the subject of research of some 
kind." 

His main concern about genetic 
engineering is that "the technology 
has moved ahead of the science 
base". He believes that until the 


individual genomes are mapped out. 
there could be risks in moving 
genes from one organism to 
another. 

He also believes that most geneti- 
cally-altered foods are produced to 
suit food manufacturers, not con- 
sumers. "There Is no way the tech- 
nology can be market led. The mar- 
keting department can't go down to 
the research department and ask 
them to produce spinach which 
tastes like chocolate, which chil- 


dren would love to eat and which 
parents would love them to have 
because it's good for them.” 

Further, he believes that food 
companies have spent so much on 
developing the products - Mon- 
santo and other chemical compa- 
nies have spent close on $lbn 
f£600ml developing the BST hor- 
mone - that the technology will be 
foisted on an unwilling public, 
whatever the cost. 

Those lobbying against genetical- 


ly-engineered foods believe they 
could make dining a risky process, 
labelling them “Frankenfoods". The 
genetically-altered tomatoes, being 
developed by the Californian bio- 
technology company Calgene, and 
Zeneca, formerly part of Britain’s 
IC1, use an antibiotic-resistant 
marker to signal the successful 
transfer of the added gene, which 
blocks the enzyme that makes 
tomatoes soften and eventually go 
squashy. One fear in the long term 
is that if enough tomatoes are eaten 
the consumer could inherit a resis- 
tance to that antibiotic. 

Calgene responds by saying that 
the marker is de-activated once it 
enters the human digestive system, 
and therefore cannot produce any 
unwanted side-effects. 

The tomato has yet to receive 
approval from the US Food and 
Drug Administration, but a spokes- 
person for Calgene said that once 
the green light was given it would 
take only three to sir months to get 
the new tomato on to US supermar- 
ket shelves. 

Atkinson makes a straightfor- 
ward distinction between the toma- 
toes and his beer, in the former, the 
new gene is part of the food; in the 
latter it is only part of the food 
production process, as is the use of 
BST in increasing milk yields. The 
genetically-altered yeast used in the 
brewing process is removed and 
under current regulations has to be 
destroyed. “You're not tasting 
genetically-altered beer, you're tast- 
ing beer produced by genetically-al- 
tered yeast,” he adds. 

The brewers altered a gene in 
order to produce a low -carbohydrate 
beer, with fewer calories than tradi- 
tional brews. Brewer's yeasts, 
unlike other strains of yeast. Lack 
the enzyme which converts the 
starch from the malt into alcohoL 
By adding an enzyme-producing 
gene from another yeast the same 
amount of alcohol can be produced 
from less starch. 

Atkinson believes that genes with 
different properties could enable 
beer makers to produce the 
required brew more easily. One 
potential application he cites is in 
the production of a better-tasting 
beer. A particular “off flavour" pro- 


duced by yeasts is a butterscotch 
taste. Today brewers need to manip- 
ulate the fermentation process in 
order to eliminate the taste. Eventu- 
ally this could be done by altering 
the yeast. 

It could also prove a simpler pro- 
cess to develop new ranges of beer. 
“Now. if you want a new flavour in 
your beer you have to find a new 
yeast Now. we’re talking about tak- 
ing a yeast you know about and 
tuning it it’s a very elegant solu- 
tion." 

While tomato and beer makers 
are pondering the potential of such 
gene manipulation, some genetical- 
ly-altered processes are already in 
widespread use, in the production of 
cheese, for example. 

Traditionally, the enzyme needed 
to clot milk and turn it into cheese, 
is extracted as rennet from a call's 
stomach. Researchers have now 
cloned the gene for the clotting 
enzyme and transferred it to bac- 
teria, which produce large quanti- 
ties of rennet in fermenters. 

Only the enzyme itself is used In 
the cheese-making process. And, 
says Mike Gasson, head of the 
genetics and microbiology depart- 
ment at the Institute of Food 
Research in Norwich, the enzyme is 
"nature identical" to the one 
extracted from the stomachs of dead 
calves. 

Gasson describes the laboratory 
production of the enzyme as 
“squeaky clean”. Jenkins, too, is 
supportive of this type of genetic 
engineering, and believes many of 
the big food companies are doing 
Innovative work in the areas of food 
production. 

However, the sale of these 
cheeses has highlighted the prob- 
lem of whether genetically-altered 
foods, or those produced using gene 
alteration techniques, should be 
labelled. The issue has produced 
strong reactions in the US. where 
milk produced using BST does not 
have to be labelled to that effect. In 
Europe, too. it looks unlikely that 
such foods will be labelled. 

In the UK, the Coop food chain 
labels cheeses if they are produced 
using the laboratory-created 
enzyme. But recent recommenda- 
tions from the Polkmghome ethical 
committee say foods need only be 
labelled when they contain a 
human gene, or if a non-vegetarian 
gene is inserted into a food which 
vegetarians might eat - a fish gene 
into a tomato, say - or if the new 
gene might offend on religious 
grounds. 

As a result says Jenkins, a beef 
product which contained a gene 
from a pig would be labelled as 
such: a beef product which con- 
tained a gene from a horse would 
not be labelled, although many peo- 
ple would find the latter more dis- 
tasteful- “Ail they did.” he com- 
plains , “was pander to those who 
responded loudest." 


Globalisation 
prompts exodus 

Deborah Shapley on the rise in US 
companies’ overseas R&D spending 


A re US companies losing 
their taste for research 
and development activities 
in their own country? If so. how 
much does this matter? 

Hie answer to the first question 
seems to he yes, based on the 
latest figures for US industry’s 
R&D spending from the National 
Science Foundation’s (NSF) 
survey of 23,000 companies in 
its report. Science Indicators 
1993. Funds committed to R&D 
abroad have soared - they rose 
nine-fold between 1985 and 1991 
- while the amount spent in the 
US has stagnated. 

The second question Is tougher, 
since world business trends make 
it inevitable that companies will 
spend more on foreign R&D. Thus 
says Proctor Reid of the Academy 
of Engineering; “It is not clear 
that the larger number of dollars 
being spent overseas would have 
been spent on R&D at home, had 
they not gone abroad." 

As with the take-off in US 
overseas capital investment in 
1970s, Reid says the build-up of 
foreign R&D to support US 
companies globally is a natural 
development which will 
strengthen them at home in the 
long ran. 

Globalisation is one of the three 
main forces behind the exodus 
of IK Industrial R&D abroad. 

But it affects other countries, 
too. According to Manuel Serapio, 
a business professor at the 
University of Colorado: “Not only 
are US companies moving R&D 
abroad, the Japanese are 
increasing their R&D investment 
in the US and Europe, while 
Europe is increasing its R&D 
investment in the US and Japan." 

As US industry moved more 
manufacturing operations abroad 
In the 1980s, design and 
engineering followed. Serapio 
notes that companies have two 
kinds of motives. One is to tailor 
products they already make in 
a local market; the other is to 
test an antiled region. 

The second force is the 
worldwide spread of knowledge. 
In the post-war decades, the US 
dominated the knowledge base 
for most advanced products. Now, 
not only Europe, bat Japan . Sooth 
Korea, Taiwan and Latin America 


generate innovation, too. Third, 
foreign science and enginewing 
workers can be much cheaper; 
software that would cost Sim 
(£600.000) in til® US might cost 
jost $50,000 In India. 

Under these powerful 
influences, US industry spending 
on R&D abroad rose after the 
mid-1980s: it went from a level 
equivalent to 6.4 per cent of the 
sum spent in the US in 1985 to 
11.3 per cent in 1991. The total 
ofS6.7bn spent abroad in J991. 
the last year for which the NSF 
has data, was a record. 

While overseas R&D spending 
has accelerated. US companies' 
r &D spending at home has stayed 
at $65bn in real terms. Moreover, 
industrial research managers 
predict flat or declining R&D 
spending in the US, according 
to the Industrial Research 
Institute. 

As much as three-quarters of 
the aon-US R&D effort is in 
Europe. In Germany, the focus 
is mainly on R&D in the motor 
industry. That In Britain and 
France is mainly in chemicals 
and drugs- Only 6 per cent of US 
overseas R&D investment goes 
to Japan. 

The areas in which US 
companies tend to concentrate 
their foreign R&D efforts are: 

• Cars. US motor concerns spend 
the most on R&D in the US. bat 
do not release figures showing 
changes in domestic R&D. In 
1988, they spent nearly $l.5bn 

on R&D overseas, a sixth of that 
year’s R&D total. Today. US car 
makers spend at least $2bn a year 
in Europe. 

• Chemicals. Drugs and medical 
groups increased their overseas 
R&D three times over In 1985-91. 
while their US R&D did not even 
double. 

• Software. The survey revealed 
a 672 per cent leap in 

“non -manufacturing" companies' 
overseas R&D spending in the 
same period. Though this was 
only $121m of the total spending 
on R&D overseas in 1991, it 
included the significant area of 
software. 

This is one area in which 
modern communications easily 
allows companies to obtain access 
to skills abroad. 


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PEOPLE 


Strutt returns to Hong Kong 


Henry Strutt. 40. head of 
Robert Fleming’s Far East 
broking operations, has been 
appointed managing director of 
Jardine Fleming, the jointly- 
owned Hong Kong merchant 
bank which regularly provides 
around a third of Flemings' 
total profits. 

Strutt is no stranger to Hong 
Kong. He worked for Jardine 
Fleming from 1980 to 1992 and 
was in charge of Jardine Flem- 
ing's Tokyo business before 
returning to London. He takes 
over in July from Alan Smith. 
50, who has been managing 
director for more than a 
decade. 

Jardine Fleming, set up in 
1970 with a capital of £250,000, 
is jointly owned by Jardine 
Matheson and Robert Fleming. 
It is Hong Kong's oldest mer- 
chant bank, operates in 15 
countries in the Pacific basin, 
and employs 2.200 people, or 



nearly as many as Robert 
Fleming's total UK staff. In 
1992 it reported after-tax prof- 
its of STtta and in the first six 
months of 1993 earned $77m. 

Robert Fleming’s Peter 
Jamieson, the first managing 
director of Jardine Fleming, 
was an old university chum of 
Henry Keswick, the chairman 
of Jardine Matheson, who also 
sits on the Robert Fleming 


board. Since then Jardine 
Matheson has tended to supply 
the joint venture's non-execu- 
tive chairman and Robert 
Fleming has often provided the 
managing director. John Man- 
ser. Fleming’s current chief 
executive, headed Jardine 
Fleming in the late 1970s. 

However, Alan Smith. 50. a 
British solicitor who joined 
Jardine Fleming in 1972. has 
spent the bulk or his career 
with the Hong Kong merchant 
bank and his promotion to 
executive chairman suggests 
that the joint venture is 
starting to have a life of its 
own. Traditionally, the Taipan 
of Jardine Matheson's Hong 
Kong operations has been 
c hgirman of Jardine Fleming. 
Smith tak es over as chairman 
next month from Nigel Rich, 
the current Taipan, who is 
moving to London to be chief 
executive of Trafalgar House. 


■ Mike Bett, 58. one of British 
Telecoms's two non-executive 
deputy chairmen, is standing 
down at the end of this month. 
His departure is uo surprise; 
he became a non-exeentive 
deputy chairman three years 
ago, having previously been 
managing director of BT UK. 
His departure leaves Paul 
Bosonnet as BTs sole deputy 
chairman. Bett will continue 
as chairman of Cellnet BTs 
cellular mobile joint venture 
with Securicor, until next Jan- 
uary. 


Michael Argent will step 
down as director and secretary 
at the end of July but wil] con- 
tinue as a non-executive direc- 
tor until the end of 1995. Colin 
Green, chief legal adviser, also 
takes on the role of secretary. 

■ Michael Busbell, md of 
MR-DATA MANAGEMENT 
GROUP'S UK document image 
processing division, has been 
appointed to the main board. 

■ John EQis, formerly national 
solutions and services manager 
at IBM. has been appointed 


sales director of Decision 
Systems International, part of 
OLIVETTL 

■ Paul Wiltshire, formerly md 
of Bachman Information 
Systems, has been appointed 
sales director of IBS! (UK), 
formerly known as Delta 
Software International 

■ Jon Letts, formerly UK md 
of Network Systems Corp, has 
been appointed md UK. Middle 
East and Africa, and Vincent 
De Gennaro. formerly md of 
Sybase iUK). as s ales director, 
of INFORMIX SOFTWARE. 


Yates' logical move to 
put theory into practice 


Martin Read, nearing the 
completion of his first year as 
managing director of Logica, 
the UK computing services 
company, is continuing bis 
reconstruction work on the 
company's management team. 

Latest recruit is 45-year-old 
Jim Yates who. but for tardy 
paperwork connected with a 
Citroen DS23 he was buying, 
would be back in his native 
Australia, rather than taking 
responsibility for Logica' s trou- 
bled North American and Asia 
Pacific operations. 

Educated at the Royal Mel- 
bourne Institute of Technol- 
ogy. he was an officer in the 
Australian Army signals corps 
when in 1974 he decided to tour 
Europe, ostensibly for a couple 
of years. Held up by the paper- 
work needed to export the car 


from the UK and at a loose 
end. he accepted a job as com- 
puter programmer at Ferranti 
International and stayed for 16 
years. 

When the company was 
brought down by fraud at ISC, 
its US subsidiary, be was given 
charge of clearing up some of 
the mess, which convinced him 
that British companies could 
make a better job of managing 
their overseas subsidiaries 
than often appeared to be the 
case. 

More recently he has been 
managing director of G EC/ 
Ais thorn's transport signalling 
business and md of GEC Infor- 
mation Systems. 

As director of international 
operations at Logica he has the 
opportunity to put his theories 
Into practice. The US has been 



a black hole for Logica for 
some years. Much of the 
restructuring work has been 
done but profitability remains 
elusive. 

Yates got rid of the Citroen 
when Ferranti supplied him 
mth a company car. He regrets 
that; the car has become a col- 
lector’s item and is worth more 
now than he sold it for. 


McCready 
squares 
the circle 

Blue Circle Properties, a 
subsidiary of Blue Circle, has 
appointed John McCready to 
be managing director of its pro- 
posed £3 00m Bluewater Park 
retail and leisure scheme at 
Dartford. 

Since November 1992, 
McCready has been working as 
a consultant on the funding of 
the 1.625m sq ft project The 
realisation of the project 
depends on finding a develop- 
ment partner to fund it 
though he says he is hopeful 
that the scheme will go ahead 
later this year. 

McCready. 37, began his 
career as an accountant. After 
taking an MBA at Insead in 
France, be joined Goldman 
Sachs In London, where he spe- 
cialised in property and lei- 
sure. He then worked as a cor- 
porate financier for 2 Vi years 
for the Arab Banking Corpora- 
tion, which he left in the after- 
math of the Gulf War. 

He replaces Peter Nuttall 
who resigned recently bo join 
Embassy Property Group. 

■ Peter Shaw is appointed to 
the board and Patrick Hall 
deputy md of GREAT 
PORTLAND ESTATES. 

■ Jim Dawson has been 

appointed vice-chairman of SIR 
ALEXANDER GIBB & 
PARTNERS. 

■ David Hookway has been 
appointed chief operating 
officer of HIGH-POINT while 
remaining chairman of Rendel 
Palmer & Tritton; he is 
succeeded as md of Rendel 
Palmer & Tritton by David 
Hattrell. 

■ Don Ross, formerly md of 
the south west regional 
company, has been appointed 
chief executive, and Alan 
Adams group marketing 
director, of C.H. Pearce 
Construction, part of CREST 
NICHOLSON. Ross succeeds 
Bernard Cripps who becomes 
chairman. 

■ David Calveriey, formerly 
md of Trafalgar House’s Ideal 
Homes, has been appointed md 
of Try Homes and to the board 
of TRY GROUP. 

■ John Boyle, director of 
Pochin (Design and Build), has 
been appointed to the board of 
POCHIN (Contractors). . 

• Patrick Hall has been 
appointed deputy md and Pete 11 
Shaw a director of GREAT 
PORTLAND ESTATES. 


i 


i 


c 







FINANCIAL TIMES THURSDAY MARCH 17 1994 


ARTS 


H ispanic or not - 
and I rather think 
“not" - the pro- 
gramme which 
marks the first appearance of 
the Spanish National Dance 
Company in this country is of 
curious and awful predictabil- 
ity. The company’s director 
and, seemingly, only choreog- 
rapher. is Nacho Duato, for 
several years a dancer and cre- 
ator with Nederlands Dans 
Theater. There he showed him- 
self a dutiful apostle of Jiri 
Kylian, who is Czech, and 
whose many NDT choreogra- 
phies have propounded a tor- 
so-wrenching energy allied to 
a bleeding heart (no human 
suffering, no oppression or 
social social disaster, but can 
find its memorial in KyUan's 
oeuvre) as a dance-style that 
ma k e s every creation a Dag- 


A display of non-specific Hispanic angst 

Clement Crisp reviews the Spanish National Dance company, in Britain for the first time 


day for a Good Cause. And 
Kylian and his followers (they 
include oar own Christopher 
Bruce! shop for good causes in 
the Jumbo AO-family packe t- 
War, pestilence and famine are 
their themes; anguish their 
stock in trade; girls in deadly 
long dresses, men in no-colour 
work-clothes - relieved by the 
occasional pnttee - their 
pawns. 

Their dance works begin all 
too often with the cast staring 
up-stage at some amorphous 
dun-coloured set - “the old 
country" or a heath blasted by 
radiation, or. I’ll bet, a threat- 


ened rain forest It is, yon may 
be sore, ecologically sound, 
politically correct. Green as 
Green (except the favoured 
colour is a muddy beige), and 
guaranteed biodegradable. 

There follow sequences of 
movement in which the 
women either behave like 
peasants who have lost their 
all, or are thrown, torn, forced 
into squatting poses, manhan- 
dled like sides of beef, by their 
partners. There is usually a 
trio in which some poor crea- 
ture is tugged into sexually 
crass positions - do these cho- 
reographers fear women? - 


and spun on her poor knees on 
the ground, or made to slide 
face-down over the stage. The 
men also have a hell of a time, 
and tend to huge, pointless 
leaps and tense, meaningless 
gesture. 

T hus the common- 
places of the Kylian 
school, much adored 
in parts of Europe. It 
is, I suspect, a dreadful 
harking back, and a physically 
brutal updating, of the more 
tedious forms of central 
European dance of the 1930s, 
when despair was all. And, as 


this introduction should warn 
you, it is exactly what the 
Spanish National Dance 
Company proposed In its first 
programme of four Duato 
pieces. Na Floresta, said the 
programme, was in praise of 
the Amazon Jungle, that 
well-known Spanish 
beauty-spot. At curtain-rise 
the cast were gazing at a dingy 
back-drop, then flung 
themselves into anguished 
action in the sort of outfits we 
have, alas, come to expect 
(Spain, K recalled, was the 
home of Balenciaga), while 
charming Villa Lobos music 


was played and delightfully 
song. 

Cor Perdut was a dnet for 
Catherine Allard (in one of 
those long skirts that do more 
for the dance than the dancer) 
and Mr Duato, in which they 
may have been lovers, or 
merely seeking to borrow 
some coffee-powder from each 
Other. Cautiva was 
Interminable, inexplicable, 
decked with voices intoning 
what they thought was poetry, 
while 16 dancers went on the 
rampage. It was set to a score 
by Alberto Iglesias which 
suited it exactly. Who was the 


girl in the red and 
unforgiveable ball-dress, in 
need of both a coiffure and an 
analyst? 

N o reason was 
discernible for 
anything that 
happened, and what 
happened was bombastic 
effort, flatulent attitudinising, 
and the Olympic trials for 
rodomontade. Duato’s 
choreography drains his 
dancers’ energies with an 
undifferentiated blare of 
dynamics. It is vampiric tosh. 
The closing Rassemblemcnt 


1 1 


is about Haitian slave-songs, 
which sound touching, and are 
nsed for yet another display 0 f 
mopery - not especially 
relevant, one would have 
thought, but the Kylian School 
believe that any cause 
(however lost or remote) is 
better than none, better than 
choreographic invention or 
structural rigour. 

Another glum setting; more 
predictable clothes, and yet 
more predictable dances. The 
company work frightfully 
hard tfarongbout the evening; 
Duato makes them look as if 
they are suffering from 
Non-specific Angst. There is no 
cure. 

Spanish National Dance 
Company is at Sadler’s Wells 
until March 19. Sponsors: Gil y 
Carvajai. G&C. BSIS 


W hat exactly is going 
on in the title man- 
sion of Bille August’s 
The Bouse Of The 
Spirits? Isabel 
Allende’s original novel was a 
bestselling chunk of ma gic realism by 
the niece of the junta-toppled Chilean 
lead e r Salvador Allende. Writing in a 
prose style breathy with mysticism. 
Miss Allende is to writers Kite Gabriel 
Garcia Marquez what Daphne du 
Maurier is to Emily Bronte. Rapt, 
romantic, rainbow-emotioned: but 
somehow, in the final accounting, 
more Reader’s Digest than real liter- 
ary thing. 

In the infinite process of cultural 
bio-degradation, we now have the 
film, which is to the novel what Syl- 
vie Krin is to Daphne du Maurier. In a 
“nameless” South American country 

THE HOUSE OF THE SPIRITS 
(15) 

Bille August 

THE MUSIC OF CHANCE (15) 

Philip Haas 

AUTUMN MOON 

Clara Law 

THE THIRD MAN (PG) 

Carol Reed 


the years pass while passions explode 
and expire. Centre-screen is hand- 
some. hardhearted Jeremy Irons, a 
landowner and aspiring politician 
who owns the “most productive haci- 
enda in the country" and the most 
baffling accent since Loyd Grossman. 
(Is it American? Irish? And why does 
he sound as if he is speaking through 
a set of dislodged false teeth?) 

Around him swirl Glenn Close, 
incestuous sister, Meryl Streep, teleki- 
netic wife, and daughter Winona 
Ryder who, to Irons's climactic shot- 
gun-toting fury, loves revolutionary 
Antonio Banderas. You can tell that 
this young man is a dangerous misfit 
He appears to be the only person in 
South America speaking with a Span- 
ish accent 

As the hours and decades go by, the 
relationships grow ever more compli- 
cated. The seething backdrop of politi- 
cal change exacerbates things. Close 
dies, Streep dies. Irons ages; the audi- 
ence ages, the script ages, the film 
reaches for a quietus or at least for a 
climax. But when the big coup finally 
comes and the rent-a-rebels charge 
across the land, our now 70-ish hero 
has entered his four-hours-in-the- 
make-up-room phase and writer-direc- 
tor August (late of Pelle The Con- 
queror and The Best Intentions) is 
searching frantically for a Point To 
All This. 

Of course there is none. The book's 
notional theme was something about 
the reconcilability of present-day ene- 
mies under spiritual guidance from 
the past (Everyone comes back as a 
ghost, causing major congestion in 
production designer Anna Asp's lov- 
ingly detailed mansions). But the 
movie seems more about the reviva- 
bility of three once starry acting 
careers, hoping to jump-start them- 
selves with a prestige property. La 
Streep gets another bite at a modern 



An ageing process: Glenn Close gets to play with Meryl Streep in Bille August’s The House of the Spirits' 


Cinema/Nigel Andrews 


Low spirits on the literary front 


literary “classic" after the ill-fated 
Ironweed. La Close gets to play with 
La Streep, a longtime ambition 
according to the blurb. And Senyor 
Irons gets to try another way-out 
character part like the one that got 
him an Oscar in Reversal Of Fortune. 
But this is the worst performance of 
his life: caricatured in accent and 
appearance, undercooked in concep- 
tion. 

* 

I n Philip Haas’s The Music Of 
Chance the Significant Modem 
Novel strikes again. Another tal- 
ented cast stands and delivers 
the dialogue, all but reading out the 
page numbers as they turn. 

Paid A uster's fiction is a question 
of taste: very dry, very teasing, Kke a 
piece of cheese in a mousetrap. This is 
the one about two itinerant gamblers 
(James Spader, Mandy Patmkin) who 
lose their all, and more, to two toy 
poker-playing millionaires (Charles 
Dinning. Joel Grey). To repay 610.000 
they must rebuild the castle wall 
their creditors have had shipped into 
their back garden in loose stones. 


Shades of Auschwitz? Vision of 
America as theme park cum penal col- 
ony? Ex-documentarist Haas has no 
particular idea and thereby hangs the 
problem. A movie that needs toe for- 
ward thrust of a convinced and con- 
vincing metaphor is instead neutral, 
craftsmanlike, uncommitted: a sort of 
radio play with pictures. Good per- 
formances lovingly recorded - espe- 
cially from Spader, greasing himself 
into black locks, black moustache and 
black-comedy New York accent - are 
no substitute for a kinetic vision. The 
lumpy, wordy scenes sit on Auster’s 
story and squeeze all the life out of it 
•k 

Clara Law's Autumn Moon, a slow 
mood-piece from Hong Kong, streaks 
ahead of toe competition this week. 
At last! A film-maker who under- 
stands that cinema is more than 
exposing strips of celluloid before 
grandstanding actors. 

Miss Law's main actors, Masatoshi 
Nagase and Li Piu Wai, hardly act at 
alL He, a young Japanese drifter in 
Hong Kong, is all touching, kooky 
quizzicality, with a haircut that looks 
as if it had been plugged into the 


same mains-socket as his ubiquitous 
camcorder. She. the schoolgirl who 
platonically befriends him , is all 
zonked teenage anomie mixed with 
bits of sly awakening. 

The third main character is the city 
itself, filmed like a giant computer 
circuit-board. Maze-like streets and 
waterways connect with sudden 
chunks of skyscraper; the bluish pho- 
tography lends a dreamlike miasma; 
and occasionally God's tweezers 
descend, as it were, to shove in a new 
karmic microchip or to gJmffle around 
thp microscopic h uman components 
and their dffstinj ftfl- 

This could have been a maudlin 
“meeting cute" story between two 
strangers each with his/her own lan- 
guage - they converse in pidgin 
English - and his/her own hfe-and* 
love agenda. He is seen strenuously 
coupling with a Japanese girlfriend; 
she timidly beds a self-obsessed 
schoolmate. But writer-director Law 
gives the film toe larger lung power 
of poetic imagery. 

A scene of scatterbrained chat 
under a bridge is filmed in a mesmer- 
ing lightshow of reflected ripples, 


mimicking the rubato of the conversa- 
tion. The girl's granny keeps a fridge 
full of sinikeriy splendid jarred vege- 
tables, resembling the petrified forest 
of her own mind. And near the end a 
do-it-yourself firework display sizzles 
and flares like the character's own 
thoughts, ft not quite a masterpiece, 
this is the work of a director who 
could clearly go on to make one. 


A utumn Moon is at toe ICA. 
From there why not run to 
Hampstead to see The Third 
Man in a new print? You 
would arrive in the right breathless 
state to catch this still breathless clas- 
sic. Did a British director really make 
this roaring rococo plaything, featur- 
ing the best lost-in-a-foreign-city 
atmospherics in movie history and a 
show-off performance (O. Welles) that 
never out-showoffs the direction? 
Carol Reed's film shows in a season of 
homegrown cinema at the Everyman, 
also including The Fallen Idol, Brief 
Encounter, Odd Man Out and (new 
print) Brighton Rock. 


Theatxe/Alastair Macaulay 

Beckett’s 

‘Footfalls’ 


L ong after the perfor- 
mance of a Samuel 
Beckett play ends, its 
meanings go on gather- 
ing. Plays seldom come shorter 
than his Footfalls (1976), and 
yet its brief mysteries lodge 
such a wealth of suggestion 
and connection in your head 
that it can effectively fill a 
whole evening. 

The play, which lasts less 
than 20 mimitp*^ hag come to 
the West End for a week, two 
performances per night, all 
tickets at £4, with Deborah 
Warner directing Fiona Shaw 
and Susan Engels. The prate 
lem, however, is whether 
Warner and Shaw help you to 
attend to the play as much as 
to their own way with it 
The two women of Footfalls 
are mother and daughter. The 
mother is a voice (Engels), 
unseen; the daughter. May 
(Shaw), a woman now in her 
forties, whom we see, continu- 
ally and audibly paces this way 
and that, as she goes over toe 
past in her mind. She has 
never recovered from some 
early shock or shocks; it is pos- 
sible that she has never recov- 
ered from being born. Voice of 
mother: "I had you late. 
[Pause.] In life. [Pause.] For- 
give me again." 

Each woman looms in the 
other’s mind. May (after pac- 
ing): “Were you asleep?" Voice: 
“Deep asleep. [Pause] I heard 
you in my deep sleep. [Pause] 
There is no sleep so deep I 
would not hear you there." 

Here, as throughout, how 
many implications a line can 
have. The numerous implica- 
tions of this last line include: 
Big Mother is hearing you; so 
deep is my love for you that 
your voice will never go 
unheard by me; toe umbilical 
cord between us is unbroken 
and troubles me still; I would 
sleep easy were it not for you; 
you are a voice in my dreams; I 
will hear you even when I 
reach the great sleep of death; 
you keep breaking into my 
sleep and you always will; I 
can never sleep easy where 
you are concerned. . . 

Since we never see the 
mother, we may well come to 
interpret her voice as a voice 
within her daughter’s mind: in 
which case that line acquires 
further connotations: Mother. 1 
will always wake you; Mother, 
you will never escape me; 
Mother, I will always haunt 
you; and more. 

There is probably not a 
meaning in the play that Fiona 
Shaw and Deborah Warner 


have not thought about - 
though they choose to ignore a 
few of Beckett's precise 
instructions. (He required that 
May's feet be heard but not 
seen, and that she have grey 
hair and wrap. Shaw's feet can 
be seen: likewise her dark hair 
and red dress.) Shaw's obses- 
sive intensity, her wit. her abil- 
ity to alternate voices, her 
Irishness. all pay dividends. So 
does Engel's ponderous, culti- 
vated contralto. 

Warner’s most daring stroke 
is to have Shaw spend most of 
the play not onstage but on a 
special platform in toe centre 
of toe dress circle; and to have 
Engel's voice emerge from 
beneath her, so that Shaw, in 
the very centre of the audl- 


Thanks largely to 
Warner, Shan' 
has developed 
a dreadfully 
solipsistic way 
of acting 


ence, seems to pace upon her 
mother's tomb. 

But must Shaw and Warner 
reveal their talent in so seif-ad- 
vertising a manner? Shaw’s 
withered-old-maid posture is 
too obviously contrived; her 
sexually frustrated fiddlings at 
the folds of dress before her 
crotch are over-emphatic: and 
her little-girl petrified-virgin 
voice makes toe whole affair 
artificial 

In some ways. Footfalls seem 
to encapsulate all those other 
Shaw- Warner collaborations 
that London has seen in recent 
years (Electro, The Good Per- 
son of Sichuan, Hedda Gabler). 

I do not mean that as much of 
a compliment. Thanks largely 
to Warner. Shaw has developed 
in recent years a dreadfully 
solipsistic way of acting, as if 
there were no one else onstage; 
thanks also to Warner, she has 
become our most emphatic 
exponent of female neurosis 
and/or victimisation and/or 
masochism. True. Footfalls is a 
far more appropriate vehicle 
for all this than those other 
plays - but one still feels that 
this is just more of the same. 

At the Garrick Theatre until 
March 19. Presented by Debo- 
rah Warner and Maison de la 
Culture. Bobigny, Paris. 


Interna tional 


ARTS 

Guide 


ATHENS 

garon The main event in the 
ning week is a series of staged 
■formances of Ariadne auf Naxos 
h Bamberg Symphony Orchestra 
KJucted by Horst Stein. Next 
as, Thurs and Sat, Ariadne will 
sung by Sizabeth Connell, with 
inne Piland as the Composer, 
irt Fri, these notes will be sung 
Rosalind Plowright and Agnes 
tsa. Stein also conducts 
n phonic concerts on March 28 
j 29 (01-72 8 2333/01-722 5511) 

BARCELONA 
[au de la Musks Tonight John 
it Gardiner conducts Orchestra 
/olubonnalre et Romantique In 
rks by Mozart and Beethoven, 
i: Orauestra Simfonica del Valles 
vo rks by Beethoven and Brahms, 
n: Orpheus Chamber Orchestra 
vs works by Handel. Telemann, 
bem and Mozart (268 1000) 


■ bologna 

Teatro Communal© This month's 


opera production is The 
Makropoulos Case, staged by Luca 
Ron coni and conducted by Christian 
Thielemann, with Ralna Kabalvanska 
in the title role. Next performances 
tomorrow and Sun afternoon, with 
three further performances till March 
29. Krystian ZJ merman gives a piano 
recital on Mon (051-529999) 


■ GENOA 

Teatro Carlo Fefice This month’s 
opera production Is Tosca. with 
Ghena Dimitrova and Anna 
Tomowa-Stntow alternating in the 
tide rote and Neil Shicoff and Alberto 
Cupldo as CavaradossL Next 
performances are tomorrow and 
Sun afternoon, with five further 
performances till March 30 
(010-589329) 


■ LONDON 

THEATRE 

• The Birthday Party: a new 
production of Harold Pinter’s 1958 
classic, in which comedy gives way 
to a sense of inescapable menace. 
Sam merries directs a cast 
including Emma Amos, Dora Bryan 
and Anton Lesser. Opens tonight 
(National 071-928 2252) 

• A Month in the Country: Helen 
Mirren and John Hurt star in a new 
production of Turgenev's portrait 
of languid romantic evasions In a 
wold of flux. BiQ Bryden directs, 
Hayden Griffiths designs. Previews 
from Tubs, Press night March 29 
(Albeiy 071-887 1115) 

• La Gran Sultana: Campania 
Nacional de Teatro Clasfco, Spain's 
leading theatre company, presents 
Cervantes’ lively comedy set in 16th 
century Constantinople. March 


23-26 only (Sadler’s Wells 071-278 
8916) 

• The Kitchen: Stephen Daklry's 
in- the- round production of Arnold 
Wesker's 1959 play about dishes 
and dreams In a busy London 
restaurant (Royal Court 071-730 
1745) 

• The Life of Galileo: David Hare's 
new version turns Brecht’s play 
fnto a fast-paced topical parable, 
while Richard Griffiths captures the 
moral cowardice and blind egotism 
of the worldly-wise scientist 
(Almeida 071-359 4404) 

• An Absolute Turkey. Felicity 
Kendall plays a h a r ass ed wife and 
Griff Rhys Jones a frantic bachelor 
in Peter Hall’s enjoyable production 
of Feydeau’s Le Dindon (Globe 
071-494 5065) 

OPERA/DANCE 

Covent Garden The Royal Opera 
has Trevor Nunn’s new production 
of Katya Kabanova conducted by 
Bernard Haitink (till March 25) and 
a revival of Un balk) in maschera 
with cast ted by Nina Rautio. Dennis 
O'Neill and Giorgio Zancanaro (till 
April 13). The Royal Ballet retoms 
on Sat with Kenneth MacMillan's 
Mayeriing, followed next Wed by 
a mixed bUJ Including works by 
Ashton and Bintley (071-240 1066) 
CoEseufti ENO repertory for the 
next two weeks consists of revivals 
of the Philip Prowse production 
of Bizet’s Pearl Fishers and the 
Pountney staging of Falstaff, with 
Arwei Huw Morgan in the title role 
(071-836 3161) 

CONCERTS 

Barbican Tonight, Morn Colin Davis 
conducts LSO in two programmes 
with soprano Jessye Norman. Sat 
Richard Hickox conducts City of 


London Sinfonia in all-Mozart 
programme, with piano soloist 
Cecile OusseL Sun: LSO chamber 
music concert with Mikhail Rudy, 
Moray Welsh and others. Tues; 
Alexander Lazarev conducts BSCSO 
in Kanchell, Medtner and 
Shostakovich. March 24, 27: Radu 
Lupu is piano soloist with LSO 
(071-638 8891) 

South Bank Centre Tonight 
London Brass plays Michael Nyman, 
Mark Anthony Turn age and others. 
Tomorrow: Thomas Allen song 
recital. Sat Elgar's The Dream of 
Gerontius. Sun: John Lilt 50th 
birthday piano recilaL Mon: Yehudi 
Menuhin conducts YMSO, with Igor 
Oistrakh and John Lill. Mon (QEH): 
Edward Downes conducts first 
public performance of Prokofiev’s 
complete melodrama Yevgeny 
Onegin. Tues; Christoph von 
Dohnanyi conducts Philharmonla 
Orchestra in Bruckner’s Eighth 
Symphony. Wed: Peter Maxwell 
Davies conducts RPO. Next Thurs: 
Vienna Philharmonic Orchestra. Next 
Sat Grufini conducts Beethoven's 
Ninth (071-928 8800} 


■ MADRID 

Auditorio Nacional de Musica 
Tonight Angel Romero guitar recital. 
Tomorrow, Sat Sun: Matthias 
Bam art conducts Spanish National 
Orchestra and Chorus in works by 
Glinka, Schnittke and Prokofiev, 
with mezzo Linda Finnie and cellist 
Natalia Gutman. Tues: Natalia 
Gutman plays Bach cello suites 
(01-337 0100) 

Teatro Urico La Zarzuela Sat 
Glutlano Care! la conducts first night 
of Hugo de Ana’s production of 
Lucia di Lammermcor, with cast 


headed by MarieHa Devia, Ramon 
Vargas and Michele Pertusi. 
Repeated March 21, 24, 27 and 
29 (01-429 8225) 


■ MILAN 

Teatro aOa Scala Tomorrow, next 
Wed, Fri and Sun; Gabriele Faro 
conducts Pier Luigi Pizzl’s Pesaro 
Festival production of Rossini’s 
Maometto II, with cast headed by 
Bruce Ford, Cecilia Gasdia and 
Samuel Raney. Mai: Ruggero 
Raimondi song recital. Tues: 
Riocardo Mutl conducts first night 
of Stefano Vizioli’s new production 
of Don Pasquale, with cast headed 
by Bruno De Simone, Nuccia Focile 
and Ferruccio Furianetto (02-7200 
3744) 


■ NAPLES 

Teatro di Corte Tomorrow, Sat, 
Sun, also next Tues-Sat Salvatore 
Accardo conducts Filippo Crivelli's 
production of Rossini’s L'occasione 
fa il ladro, with alternating casts 
headed by Luctana Sena and 
Claudio Deeded (081-797 2331) 


■ PRAGUE 

CONCERTS 

• Libor Pesek conducts Czech 
Philharmonic Orchestra and Prague 
Philharmonic Chorus tonight in 
Dvorak Hall in works by Novak, 
Kricka and Suk. Prazak Quartet and 
pianist Jaromir Klepac give a recital 
next Wed (02-286 0111) 

• Jan Simon conducts Czech 
Radio Symphony Orchestra in 
Dvorak Hall next Tues in works by 


Nielsen, Brahms and Debussy 
(02-232 2501) 

OPERA 

• National Theatre has 
performances of Dalibor tonight 
and Sun, Don Carlo tomorrow. La 
traviata on Sat and The Jacobin 
next Thurs (02-205364). Estates 
Theatre has Die Zauberflote on 
March 21 , 23 and 31, Don Giovanni 
on March 25 and 29 and II 
matrtmonio segreto on March 27 
(02-228658) 

• Repertory at Prague State 
Opera includes Swan Lake. Madama 
Butterfly, Carmen and Un ballo in 
maschera A new production of 
Hans Krasa’s 1933 opera Veriobung 
im Traum opens on March 27 
(02-265353) 


■ ROME 

Teatro Olimpico Tonight Giuseppe 
Sinopoli conducts I Sdistl 
dell’Accademia Filarmonica Romans 
in works by Wagner, Webern and 
Schoenberg, with soprano Luisa 
Castellan!. Next Thura: Rudolf 
Buchbinder piano recital (06-320 
1752) 

Teatro Valle Tomorrow: Cleveland 
Quartet. Sat, Sun, Mon, Tues: Lu 
Jia conducts Orchestra 
dell’Accademia di Santa Cecilia in 
works by Haydn and Brahms, with 
piano soloist Grigori Sokolov 
(08-878 0742/05-6880 3794) 


■ TURIN 

Teatro Regio Tues: Donato Renzett! 
conducts first night of Giorgio 
Galflone’s production of Puccini's 
La Rondine. Runs till April 10 with 
alternating casts (011-881 5214) 


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/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430. 
1730: 





FINANCIAL TIMES THURSDAY MARCH 17 1994 


12 


English ennui and 
French polish 



BOOK 

Review 


I was full 
of anticipation 
when 1 read the 
press release 
accompanying 
Alistair Cole's 
book, which 
says it is the 
first in-depth 
political biography of Francois 
Mitterrand. Many thick books 
have already been written by 
French authors on this subject, 
some of them quite distin- 
guished, so it seemed a bold 
claim to make. 

On the other hand. President 
Mitterrand is such an impor- 
tant figure in the postwar his- 
tory' of France, and indeed of 
Europe, that there must still be 
room for the definitive biogra- 
phy. At the moment, as be 
approaches his final year of 
office, he seems a cold and 
dying star, weakened by the 
collapse of his Socialist party, 
by his own unpopularity, and 
by the overwhelming power of 
the conservative government 
majority. But history may wed 
judge that his achievements as 
a French and European politi- 
cal leader place him second 
only to Charles de Gaulle. 

De Gaulle restored France's 
self-respect after the debacle of 
1940, and he rebuilt its political 
stability after the Algerian war 
of independence 20 years later. 
But it was Mitterrand who sti- 
fled the French Communist 
party: it was Mitterrand who 
converted the French to the 
principles of the liberal econ- 
omy: and it was Mitterrand 
who converted the French 
political establishment to the 
cause of European integration. 
These are not mean achieve- 
ments. 

Unfortunately, Alistair 
Cole's book is not the biogra- 
phy we have been waiting for. 
In fact, it is not a biography at 
all, in the ordinary sense of the 
term. Cole is a lecturer in poli- 
tics at the University of Keefe, 
and this appears to be an aca- 
demic textbook for students in 
the department of politics. It is 
constructed as a series of 
themes - “the party leader", 
“the world leader", “the Euro- 
pean statesman" - which sys- 
tematically cut across the 
sequence of chronology; and 
the book's essential purpose is 
set out in Chapter 11, which 
purports to evaluate Mitter- 
rand's political leadership 


FRANCOIS 

MITTERRAND: a study in 
political leadership 
By Alistair Cole 

Rout ledge. 216 pages. £19.99 

LA FIN D'UNE EPOQUE 
By Fnaz-Olirier Giesbert 

Fayard Scuit. 304 pages. FFr120 


against a matrix of 
“resources", “constraints" and 
“opportunities”. 

Cole's bibliography shows 
that he has read a great deal of 
the published material, and l 
do not reproach him for produ- 
cing a book which is essen- 
tially constipated in tone, sec- 
ond-hand in its facts and 
tentative in its judgments. 
Francois Mitterrand is still 
very much alive, and the 
French political establishment 
is unusually loquacious in pri- 
vate conversations with the 
media; an English academic 
cannot expect to match the 
vividness or the sureness of 
touch of the French press. 

What I do reproach him for, 
however, is giving an account 
that all too often does not quite 
correspond with the reality I 
recognise. The facts are there, 
bnt the story that emerges 
seems time and time again to 
be just that bit off beam. To be 
blunt, despite his considerable 
book-learning. 1 am not sure 
that Cole fully understands 
much of the stciiy he is telling. 

Take the big turning point in 
1983, when Mitterrand aban- 
doned economic reflation and 
went for austerity. Cole's eco- 
nomic explanation for this 
switch is obviously out of kil- 
ter he implies that the crucial 
factor was the cost of the 
nationalisation programme, 
whereas in reality it was the 
massive injection of purchas- 
ing power through- a sudden 
increase in wages and in public 
employment. But the deep 
lacuna in his explanation is 
that he does not make the link 
between the need to keep the 
franc in the European Mone- 
tary System, and the need to 
keep France close to Germany 
at a crucial moment in the 
Euro- missile crisis. That is one 
of the consequences of chop- 
ping up “leadership" into sepa- 
rate little system boxes. 

Similarly, Cole seems to 
think that the disintegration of 


the Socialist party after 1988 
was due to Mitterrand's failure 
to “exercise leadership over his 
former lieutenants". This is 
naive rubbish. The simple 
truth is that the Socialist party 
factions, which he had origi- 
nally created to divide and rule 
the party, automatically 
turned into feudal baronies 
fighting for the succession, 
once Mitterrand bad been re- 
elected and was therefore a 
lame duck. 

To say that Pierre Mauroy 
gave up the leadership of the 
party by “consent” is simply 
misleading: be was forced out 
by the turncoat alliance 
between Laurent Fabius and 
Michel RocarcL And when he 
talks about the Socialists' seis- 
mic defeat in 1993, Cole under- 
plays in an extraordinary way 
the significance of the corrup- 
tion factor, both wholesale in 
the party and scandalously at 
the centre of power. 

In addition, Cole's prose 
appears to have been trans- 
lated from a remote foreign, 
language by someone with a 
shaky grasp of English. He 
uses “bestowed" when he 
means “endowed", “deduct” 
when he means “deduce", 
“whole-scale" when he means 
“wholesale". Robert Schumann 
when he means Robert Schu- 
man. “primary" when, he 
mmiw “primitive", “pursuing" 
when he means “promoting", 
and “reverential" when he 
means “revered"; and he does 
not seem to know the me aning 
of “aphorism" or “endemic". 

After Cole's painful efforts. 
La Fin d'um Epoque by Franz- 
Olivier Giesbert, editor of the 
Figaro, comes as a delightful 
relief. This is his fourth book 
on contemporary French poli- 
tics, and it is constructed as a 
series of personalised vignettes 
covering the first months or 
the new cohabitation between 
Mitterrand and the conserva- 
tives. 

Sceptics may query the lit- 
eral accuracy of the many con- 
versations in quote marks; but 
whatever one's misgivings 
about creative licence, it is 
hard to deny that he gives 
insights into the personal 
power play of French politics 
that Cole could study with 
advantage. 

Ian Davidson 


O ne aspect of the 
much-discussed new 
flexibility of the UK 
labour market is 
that the jobs figures have 
become a more useful Indicator 
of general economic trends 
than they used to be - but still 
not on the basis of a single 
month's figures. 

Merchants or short-term tid- 
ings have made mnrii of 
“bad news" of a rise in unem- 
ployment in January and now 
of the “good news" of a fall in 
February. But those who have 
the patience to take a slightly 
longer view will see that unem- 
ployment has been on a faffing 
trend for a full year and has 
recently been declining by an 
average of 24,000 a month. The 
vacancy figures provide some 
independent corroboration of a 
ti ghtening in the labour mar- 
ket, having risen from 120,000 
vacancies in February 1993 to 

141,000 last month. 

Surprise was expressed last 
year at the fall in unemploy- 
ment so early in the recovery 
because in the past it has 
lagged well behind the general 
economy. In the previous 
upswing of the early 1980s the 
unemployment tread did not 
turn until nearly four years 
into the recovery phase. 

This time unemployment has 
shown a decisive and unex- 
pected early improvement and 
has done so against the trend 
in other European countries, 
where it has relentlessly dete- 
riorated against a backg ro und 
of international concern 
reflected in the Detroit Ministe- 
rial meeting. 

Moreover, the present recov- 
ery, at least on the published 
figures, has been only moder- 
ate. The most frequently cited 
headline figures, based on 
overall Gross Domestic Prod- 
uct, flatter what has occurred. 
Real UK GDP, excluding the 
highly volatile North Sea sector. 
is estimated to have risen by 
only 12 per cent in the year to 
the final quarter of 1993. This 
is no more than the estimated 
trend rise in output 
The independent Employ- 
ment Policy Institute has 
suggested two special factors 
behind the unemployment 
drop. One is that far fewer 
young people are coming on to 
the labour market, {tartly for 
demographic reasons and 
partly because more young 
people are staying on in educa- 
tion. The other is that employ- 
ers may have over-reacted to 
the trauma of Black Wednes- 
day 1992. when the UK left the 
exchange rate mechanism, and 
proceeded to sack workers 
whom they afterwards needed. 

A recall of workers sacked in 
a panic is once-for-all and can- 


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economic Viewpoint 

UK employment 

and recovery 

By Samuel Brittan 


FtflJ-time employment (seasonally adjusted) 
Mon Cm) 



Woman fin} 


12- 


11 1984 85 86^87 ffi83 90 81 92 93 

Part-time employment (seasonally adjusted). 




Women (ra) 
bS 




>— hi »i A. V. 


, V, 


1984 05 86 87 8 
3ouok UK Lobov Force 3uvey 


89 90 91 92 93 


1384 86 88 87 88 


90 91 92 98 


not provide the basis of a sus- 
tained decline in unemploy- 
ment But as unemployment 
contin ues to fall, other possi- 
bilities need to be investigated. 
The most optimistic is that 
output has been rising faster 
than estimated. The most pes- 
sismistic is that the growth of 
output per head has now 
slowed greatly. 

Prod activity estimates for 
the whole economy for the last 
quarter of 1993 will not be 
available until today week. But 
the latest batch of Department 
of Employment (DE) statistics 
did contain up-to-date esti- 
mates of manufacturing pro- 
ductivity in creases, which sug- 
gest that they had fallen back 
from the very high rate of well 
over 5 per cent early in the 
recovery to 229 per cent, which 
is not quite adequate to meet 
international competitors. 

The return to slightly rising 
unit costs in manufacturing is 
due more to the productivity 
deceleration than to the very 
small bounce back in earning s 
from aut umn lows, attributed 
by the DE to bonuses and over- 
time. As the productivity decel- 
eration mainly affects the esti- 
mates from October last year, 
it may still be an aberration. 

Can the the British unem- 
ployment figures be used to 


suggest that in the UK at least 
output is growing above trend 
and faster thaq the GDP esti- 
mates suggest? Interpretation 
is tricky. IF the unemployment 
fall is due mainly to fewer peo- 
ple registering far benefit, and 
effectively leaving the labour 
force, it is not a sign of recov- 
ery. We have, therefore, to look 
at estimates for employment; 
and these come with a lag and 
at three monthly intervals. 

The DE regular series shows 

Labour market 
estimates are 
neutral; but 
capacity surveys 
show a dosing gap 

total employment rising by 
nearly 0.3 per cent in 1993, 
mainly as a result of the 
growth in self-employment 
The Labour Force Survey 
(LFS) - which is preferred by 
critical commentators - shows 
a similar trend in the year to 
last autumn. 

But before concluding that 
slack is being taken up, we 
most reckon with another 
much-dlscusssed complication, 
the rise of part-time employ- 
ment defined as work for 30 


hours or less a week. 

The trend to part-tone work- 
ing is long-standing: and it is, 
of course, absurd to exclude 
part-timers from computa- 
tion. The question is whether 
the rise in the number of part- 
timers has more or less than 
offset the fall in the number of 
full-timers, fa other words, has 
the total number of hours 
worked fa the British economy 
increased or shrunk? 

The LFS estimates that in 
the year to last autumn, the 
number of full-time workers 
fell by 177,000 and part-time 
workers rose by 223JOOO, includ- 
ing the self-employed. This 
sugge s ts that the total number 
of working hours continues to 
decline very slightly. But in 
the last three month s of the 
period the fall in full-time 
employment slowed, and the 
increase in part-timers acceler- 
ated. Confusingly, however, 
the DE series cast doubt on 
whether the improvement was 
sustained in the final months 
of tike year. As the ffarline fa 
average hours worked per 
employee has levelled off, the 
safest conclusion is the total 
number of hours worked fa the 
economy has been more or less 
stable fa recent wwnths 

Thus if we are looking at the 
trend of output in relation to 


capacity, the labour market 
estimates give a neutral 
impression, and surveys of 
manufacturing capacity sug- 
gest that the capacity gap has 
been narrowing sharply. Aver- 
aging the two. we get the 
impression that output is ris- 
ing at a good bit above the 
sustainable rate. 

This is exactly what ought to 
happen at the present stage of 
the business cycle, although 
the government have got there 
at least as much by luck as by 
judgment The only argument 
for a stimulus is that the econ- 
omy might slow down as tax 
rises take effect The size erf 
these rises has been hyped up 
fa the City - which is always 
sensitive to a lead from the 
Labour Party. A straw poll in 
the Goldman Sachs research 
department showed a belief 
that household taxes would 
rise by E10-E12 per week from 
April, against an estimate of a 
good deal less than £5 by 
in-house economists. 

T he only Dicker in the 
recovery so far is that 
retail sales volume 
has increased by 
"only" 2.7 per cent in the year 
up to the last three months, 
compared with 3J3 per cent in 
the three months to January. 
In addition, consumer confi- 
dence surveys have shifted 
downwards, but only to where 
they were fa autumn. Other- 
wise, car safes, house prices 
and construction orders are all 
moving firmly upwards; and 
the 1993-94 Budget deficit looks 
like being below expectations 
thanks to a more buoyant 
recovery. 

It would be unfair to see 
signs of increasing inflation 
yet. Producer price rises have 
been less than expected. But it 
is probably true that, fa the 
language of City analysts, “the 
best inflation news is already 
behind us”. The fall fa wage 
settlements has grounded, if no 
worse; and commodity prices, 
whether measured fa sterling 
or a currency basket, have 
started to rise. In addition 
room should surely be left for 
some rise in exports when the 
European economy recovers. 

Although F««ny economists 
are still covering themselves 
by saying that the risks to 
their forecasts are on the 
downward side, I would now 
say they are at least symmet- 
rical. And on interest rates, 
they are on the upside. 
Whether or not the chancellor 
finds the chance to lop off the 
Y* pc in the present 5% base 
rate, by the second half of the 
year the trend must surely be 
upwards; the question can only 
be by how much and when. 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be clearly typed and nor hand written. Please set fax for finest resolution 

Malaysia: no contracts for Britain if the 
consequence is vilification 


From the prime minister of 
Malaysia. 

The reports and debates on 
the Malaysian ban on contracts 
for British firms expose a sad 
degree of ignorance or careless- 
ness on the part of the British 
Press and British personalities. 

fa the first place everyone 
seems incapable of distinguish- 
ing between a loan mad a 
grant. Persistently, the loan for 
the Pergau Dam is referred to 
as a grant Had it been a grant 
the amount which covered 
more than half the cost of the 
project would certainly have 
made it a wonderful buy for 
the Malaysians, contrary to 
what the press and some Brit- 
ish officials insist it was. 

A loan has to be repaid with 
interest however small. The 
benefit for Malaysia would 
o nly be mar ginal. On the other 
hand, if it was not offered, the 
project could have gone to non- 
British companies. Japan 
offers soft loans on a yearly 
basis. Other countries also 
offer grants or loans when bid- 
ding for projects. 

The Pergau loan serves to 
help pay a British company 
which presumably would make 
a profit. So the aid benefits a 
British company. Malaysia gets 
nothing other than a margin- 
ally lower price. How driving a 
har d bargain fa order to save 
the Malaysian government's 
money Is considered corrup- 
tion Is beyond us. 


Malaysians are not con- 
cerned about British scruples 
over selling arms. Arms are 
arms and, whether they are 
gifts or subsidised or aided or 
sold at a massive profit, the 
purpose is the same. If you 
have scruples don't sell arms 
at alL In no other business is 
there so much hypocrisy fa the 
west. When arms are sold, 
long-term payments or offset 
programmes or special terms 
are invariably offered by every- 
one. 

In an y case it is clear that 
the loan is for the Pergau Dam. 
It has never been proven con- 
clusively that it was for the 
arms purchase. The attempt to 
link it with the arms sale is 
political and intended to 
embarrass the British govern- 
ment Malaysia is not con- 
cerned and did not react or 
comment 

Unhappy with the lack of 
results over the expos*, the 
British press then shifted its 
focus to Malaysia. Of course 
the natives are corrupt They 
must be, because they are not 
British and not white. To 
allege that the Malaysian 
prime minister accepted bribes 
is second nature. He should 
accept this allegation because, 
as a British newspaper later 
commented, all politicians in 
Asia are corrupt The question 
is: why do the British insist on 
corrupting “corrupt" people. 
Don't they have any scruples 


or do they consider giving 
bribes is not corruption? 

The allegations against the 
Malaysian prime minister have 
tanked out to be baseless. Wim- 
pey denied [them]. Even the 
editor of The Sunday Times 
said he was misunderstood. 

There was no tender for an 
al uminiu m smelter. There was 
no smelter project Only a fea- 
sibility study aided by the Brit- 
ish government which hoped 
to get the project for a British 
company, Wimpey. It was not 
feasible. 

Alleging, wrongly, that the 
Malaysian prime minister is 
corrupt may be part of British 
press freedom. But the Malay- 
sian prime minister need not 
subscribe to that, even as 
Andrew Neil himself did not 
accept reports on his affair 
with Pamela Bordes. 

Press freedom is about tell- 
ing the truth, not fabricating 
lies for whatever purpose. The 
contempt for the hurt Inflicted 
on others seems to be con- 
doned by the British govern- 
ment and people. No scruples 
about lying, seemingly plenty 
about selling arms? The stan- 
dard answer to the Malaysians 
is that the British press is free. 
“Lies, damned lies" are free. 
Redress isn't. This Is what 
western democracy and human 
rights is all about. If this is not 
moral decadence, then what is? 

Giving contracts to the Brit- 
ish seems to expose Malaysia 


to vilification and libellous 
attacks. Why let British com- 
panies make money out of Mal- 
aysia if this is to be the conse- 
quence? If we are going to be 
vilified, at least we should not 
pay for it Thus the decision to 
stop giving contracts to British 
firms. 

And Britain should be 
happy. No contracts means no 
soft loans, no grants and no 
corruption of the natives. Since 
Britain was, according to Brit- 
ish papers, responsible for Mal- 
aysia becoming one of the 
"economic tigers" of South 
East Asia, Malaysia would 
soon realise the folly of its 
ways. Then the free press can 
gloat when Idi Amin/Hitler/Ma- 
hathir comes crawling back 
with offers of contracts. 

But instead we hear more 
threats and ties. Seems that 
paper gunboats still abound. 
What can Malaysia do? The 
free press is free for the Brit- 
ish. It is not free for Malay- 
sians. While British newspa- 
pers are freely available in 
Malaysia, Malaysian papers are 
not available to the British. 
And the British papers never 
publish Malaysian views. This 
is the practical result of west- 
ern-style press freedom. 

For Malaysia, the die is cast 
No contracts in exchange for 
British press freedom to tell 
lies. 

Dr Mahathir Bin Mohamad, 
Kuala Lumpur 


Radical change needed, 
or just tinkering? 


From Mr Trevor Harvey. 

Sir, The paradox of the 
debate - or lack of - about 
building society governance is 
that among large societies indi- 
vidual members provide some 
70 per cent of the loanable 
funds. 

At the same time, at least 99 
per cent of their directors have 
been initially appointed, not by 
members, but fa typical pic 
style by existing boards. 

Boards of societies have been 
happy to tolerate a gap 
between constitutional gover- 
nance theory and practice sc 
long as its results were conve- 
nient. 

The financial services indus- 
try has over-capacity. A 


mutual, member-based consti- 
tution diffuses power and the 
pressure of accountability. It 
also prevents an effective mar- 
ket for building societies devel- 
oping. 

Low participation rates 
among building society mem- 
bers is nothing new. ft is even 
lower amnng mutual life insur- 
ance companies. The real ques- 
tion is whether this is an issue 
for radical rfiang a or mere tin- 
kering? Will the Bunding Soci- 
eties Commission please take 
note? 

Trevor Harvey. 
director of resources, 

Ashridge Management College. 
Berkhamsted. 

Hertfordshire HP4 INS 


Absence of biographies of 
modem business leaders 


From PV Zealander. 

Sir, It is not surprising that 
your March Review of Busi- 
ness Books does not contain 
a biography of a success- 
ful leader of a modem busi- 
ness. 

A visit to any large bookshop 
win similarly fail to unearth 
among the fives of politicians, 
film stars, novelists and sport- 
ing idols, any accounts of how 
the leaders of today's success- 
ful companies reached 
the top and created wealth 
and worth in getting there. 

Why is this? Are the pluto- 
crats and dynasts of industry 
uniquely modest or is there no 
human interest fa how their 
power Is manifest? 


There is great educational 
value fa disseminating the art 
of business leadership, both to 
managers in work and to a 
general readership who are 
the customers of their enter- 
prise. 

Perhaps the Financial Times 
could bring together the lead- 
ers of the publishing world 
with those of our most success- 
fill retailing, financial and 
manufacturing companies. 

P v Zealander. 
head of employment 
and remuneration. 

Post Office Counters. 

Drury House. 
fflS Bfackfriars Road, 

London 
SBI 9UA 





FINANCIAL TIMES THURSDAY MARCH 17 1994 


13 


FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Thursday March 17 1994 


Banks, deals 
and dividends 


For much of the past decade the 
off-balance sheet liabilities of the 
commercial banking system have 
posed a serious headache for cen- 
tral bankers engaged in prudential 
supervision. Now that bank capi- 
tal in the English-speaking econo- 
mies has largely been restored, 
there may. paradoxically, be an 
equal and opposite problem in the 
form of rapid growth in off-bal- 
ance sheet assets and an accumu- 
lation of excess capitaL 

This thought is prompted by the 
spate of takeovers of mutual fund- 
based financial groups in the US. 
This week has seen a $2.2bn 
approach from GE Capital for the 
Chicago-based Kemper Corpora- 
tion. It follows last year’s $l.7bn 
takeover of the Dreyfus group by 
the Mellon Bank. Commercial 
banks now control mutual fund 
assets worth not far short of 
$200bo, compared with a mere 
$30bn five years ago. 

While GE Capital is uot strictly 
speaking a bank, its reasoning is 
the same as that of most other 
financial institutions buying into 
mutual funds. The lending busi- 
ness is relatively mature and Its 
profit potential is becoming less 
exciting, in contrast, managing 
other people's assets is a growth 
activity with long term potential. 
Personal pension and annuity 
products in particular look attrac- 
tive as private individuals take on 
more of the burden of pension pro- 
vision. The volumes of business 
stand to increase with rising per 
capita incomes. 

That is not to say that the game 
of old-fashioned bank intermedia- 
tion - the collecting of money 
from depositors and on-lending it 
to borrowers - is dead. If anything 
it has been making a comeback 
over the past few days with four 
big money centre banks offering 
no less than SSbn worth of finance 
for the competing offers from Mar- 
tin Marietta and Northrop for fel- 
low defence contractor Grumman. 

Turning point 

The buoyancy of stock markets 
last year smoothed the way for 
all-paper bids, such as the $6bn 
offer by Merck, the leading phar- 
maceuticals firm, for Medea But 
the recent epic battle for Para- 
mount Communications appears 
to have marked a turning point. 
As the bid auction developed the 
markets fought shy of the paper of 
both Viacom and QVC, forcing 


them to offer cash as well as stock 
for Paramount Since then it has 
become clear that banks are foil- 
ing over each other to finance big 
corporate deals. 

Yet syndicated bank loans for 
big deals no longer necessarily 
count as conventional hank inter- 
mediation, because they are often 
refinanced in paper and securities 
markets, thereby removing the 
assets from the banks' balance 
sheets and putting them onto the 
books of mutual funds and other 
institutions. 

Shifting risk 
The risk here is not that the 
banks will necessarily run up yet 
more bad debts. Neither Northrop 
nor Martin Marietta could be 
described as overborrowed and the 
concentration of risk will be dis- 
persed in the event of syndication. 
The big risks are more likely to be 
taken at a later point in the cycle 
when the market is palpably over- 
heating. The more interesting 
question is whether by shifting 
risk out of the banking system 
into the securities markets and 
onto private individuals, the 
banks incur fewer bad debts, gen- 
erate more stable fee income and 
end up with excessive capitaL 
Because it is expensive to ser- 
vice. an excess of capital means 
commercial banks lose competi- 
tive advantage in intermediation 
vis d vis the markets. Historically, 
it has also tended to bum a hole 
in bankers' pockets, leading to 
injudicious acquisitions and loans. 
This is, in a sense, a novel dimen- 
sion to the banks’ longstanding 
problem in sh rinking the more 
mature areas of their businesses. 
The central banks' reluctance to 
allow deposit- taking institutions 
to operate within an open market 
in corporate control makes con- 
traction a difficult option, even if 
some, such as Wells Fargo in the 
US or Lloyds in the UK have dem- 
onstrated a greater ability to 
retrench than others. 

The overwhelming priority for 
the banks, if their balance sheets 
do Indeed become burdened with 
surplus capitaL should be to avoid 
joining the dealmaking stampede, 
either as financiers or direct par- 
ticipants, when the party is turn- 
ing into a riot The under-explored 
virtuous alternative is to return 
capital to shareholders in the form 
of dividends. But can they bring 
themselves to do it? 


There has to be 
a better way 


Last weekend's visit to Beijing by 
Mr Warren Christopher. US secre- 
tary of state, was an unmistakable 
debacle. Arriving with stem warn- 
ings that China’s persecution of 
its dissidents was jeopardising 
renewal of its most favoured 
nation trading status, Mr Christo- 
pher was met with a robust 
refusal by Chinese leaders to dis- 
cuss any link between human 
rights and trade. To ram home the 
message, the authorities rounded 
up a number of their usual sus- 
pects before and during the US 
envoy's stay. In spite of it all, Mr 
Christopher has lamely tried to 
present a few cosmetic Chinese 
concessions as evidence of a "nar- 
rowing of differences” between 
Washington and Beijing. 

If the visit served no other use- 
ful purpose, it confirmed what 
many observers have suspected 
ever since President Bill Clinton 
attached a list of human rights 
conditions to a further renewal of 
China's MFN status, due by this 
June; that his administration has 
landed itself in an embarrassing 
bind over trade policy towards 
China. The risk, unless the issue 
is bandied with greater care and 
clarity in the next two months, is 
that embarrassment could turn 
into humiliation or, worse, a trade 
dispute that will harm both sides. 

Wrong-headed 

Mr Clinton’s attempt to use 
trade sanctions to influence China 
over human rights fulfilled a cam- 
paign promise but was wrong- 
headed from the start, for both 
philosophical and practical rea- 
sons. First, ft was never likely to 
work: Beijing is least likely to give 
ground when under Intense, pub- 
lic pressure. Second, trade is the 
wrong weapon. Export-led growth 
has brought the population of its 
southern coastal provinces 
increasing prosperity and eco- 
nomic freedom, which may over 
time bring greater political free- 
doms in its wake. Withdrawing 
MFN would penalise the very 
same people and give a great fillip 
to conservative bureaucrats still 
sceptical about the merits of Chi- 
na's opening to the world. 

Third, the Clinton administra- 
tion has muddied the waters with 
conflicting signals in its dealings 
with the Chinese government - 
investing considerable effort, for 
example, in upgrading political 


relations at the same time as 
threatening sanctions to foster 
political change. In pursuing 
closer political contacts. President 
Clinton is acknowledging that 
Washington has a broad range of 
interests - strategic as well as eco- 
nomic or humanitarian - to dis- 
cuss with China. Against that 
background, the MFN debate 
seems curiously out or proportion. 

Commercial fall-out 

Fourth, it now seems dear, the 
threat is so severe as to lack credi- 
bility. Withdrawal of MFN would 
l e n d to swingeing tariff increases 
that would harm other commer- 
cial powers of interest to the US - 
principally Hong Kong - at least 
as much as china itself. Chinese 
retaliation against US exports - 
$9bn last year and growing rapidly 
- would be inevitable. Beijing can- 
not have foiled to notice the grow- 
ing clamour In Washington from 
US businessmen anxious about 
the potential commercial fall-out 

President Clinton thus risks 
being damned if he does and 
damned if he doesn't If be seeks 
to renew MFN citing puny human 
rights concessions, he may be sub- 
ject to attack in Congress for cav- 
ing in. IT he chooses not to, he will 
face a crisis in America’s relations 
with the world’s fastest growing 
economy and in his relations with 
his own business community. 

Averting the latter outcome, 
and preventing any recurrence of 
the MFN dilemma, ought now to 
be the highest priority for the 
White House. Fortunately, a way 
out of the mess is available. This 
would involve the US joining with 
its partners in the General Agree- 
ment on Tariffs and Trade to 
negotiate speedy Chinese entry on 
the right terms. 

Chinese Gatt membership, with 
proper safeguards to tackle the 
specifically economic problems of 
integrating a state-dominated 
trading power into the world econ- 
omy. would morally oblige the US 
to extend MFN status to China 
without political conditions. 
Washington could and should still 
show strong concern over human 
rights in China by political means 
such as increased contacts with 
dissidents and heightened atten- 
tion to oppressed Tibet. But it 
would be better able to do so with- 
out an economic gun. aimed at its 
own head as well as China’s. 


T he Crimean Peninsula - 
a region of Ukraine, 
dominated by R uss ian s - 
is one of the world's new 
danger zones since the 
recent election of a president who 
appeared to promise It would again 
be part of Russia. The CIA sees it as 
one of the main threats to Russian- 
Ukrainian relations and Mr Zbig- 
niew BrzezinskL the former US 
national security adviser, has said 
in an article that it is “on the verge 
of an ethnic explosion". 

This impression was confirmed 
this week, when Mr Yuri Meshkov, 
the president, said he would go 
ahead with a March 27 “opinion 
poll" on broadening the region's 
autonomy - expected to be a pre- 
lude to a closer relationship with. 
Russia, if not full unity. President 
Leonid Kravchuk of Ukraine 
annulled the “poll” on Tuesday 
night, saying it was a referendum 
u n der another name and thus ille- 
gal under the constitution: Mr 
Meshkov insists it will go ahead. 

The reality is alarming, but those 
who occupy the centre of the Cri- 
mean stage mock the warnings of 
^icagtor and insinuate that a deal is 
possible which would bring stabil- 
ity. Its conditions and structure will 
be important not just few: the penin- 
sula, but also for many of the areas 
in which 25m Russians live outside 
their motherland - a diaspora con- 
stituting one of the greatest chal- 
lenges to post-Soviet peace. 

Mr Meshkov, in his late 40s, uses 
the stump politician's passion to 
excoriate the world for misunder- 
standing him. He is not an extrem- 
ist but a moderate, an anti-Commu- 
nlst and a reformer, he said tn the 
Supreme Soviet (parliament) build- 
ing in the capitaL Simferopol 
But will he hold the referendum 
he promised on the status of the 
republic - a device to achieve a 
vote for union with Russia? He 
evades, talks about the need for eco- 
nomic stability, and finally says 
that “the people are not concerned 
with a referendum”. It seems as 
close to an admission that his elec- 
tion referendum pledge will be 
delayed as It is possible to get his 
announcement of an “opinion poll” 
is a modified version, not binding 
on him or the government. 

Others around him are more 
explicit Mr Yevgeny Saburov, a for- 
mer Russian economics minister, 
has been tempted back to his native 
Crimea from Moscow on what he 
says is a sixth of his salary as a 
presidential adviser to plan the eco- 
nomic fixture of his region. Mr Sabu- 
rov, grinning slyly from behind his 
pipe, says: “The longer the referen- 
dum is delayed, the better it will be 
for the economy . . . The important 
thing is the standard of living. But 
any attempts to isolate Crimea from 
Russia would mean the strongest 
opposition here... if Ukrainianisa- 
tlon continues, then of course peo- 


Under a separatist president, Crimea’s economic and 
political tensions are mounting, writes John Lloyd 


Lid for a bubbling 
cauldron 


pie win vote for joining Russia.” 

This appears to be a foil consen- 
sus. What Is on. offer to President 
Kravchuk is a deal undo- which Cri- 
mea is allowed to go entirely its 
own way, in return for which it will 
allow Itself to be governed, titular- 
fly, by Kiev. If, as expected, the 
opinion poll yields a large majority 
for greater autonomy, Mr Meshkov 
ran he expected to rfaiwi a mandate 
for virtual economic independence. 
To adapt the old Soviet joke, the 
deal is: they pretend to role us, we 
pretend to obey. 

In fact, Ukrainian rule would be a 
fogade. Mr Safonov's fledgling eco- 
nomic plan is to recognise the 
dependence of Crimea on Russian 
markets - especially for its agricul- 
tural produce - and to Legitimise 
the use of the Russian rouble and 
hard currencies, notably the US dol- 
lar. He wants to get Russian banka 
Into the peninsula (“they are 
already quietly buying property",) 
and remove customs borders with 
Russia. Mr Meshkov and Mr Sabu- 
rov would have a Russian republic 
in all but juridical status. 

It is a plan, which could avoid the 
predicted explosion, and let a ner- 
vous Europe sleep better. So would 
it work? 

Crimea, privileged because the 
Soviet elite came here to relax in its 
resorts, has suffered disproportion- 
ately from the break-up of the 
Soviet Union. The inflating cur- 
rency, the carbovanat, makes trans- 
actions a daily horror; the agricul- 
tural exports to Russia incur 
customs and other restrictions; and 
the Ukraine government demands 
that the shipyards, which have con- 
tracts with Sweden and Greece, 
change 50 per cent of their hard 
currency income at a low rate of 
exchange - thus confiscating more 
than their entire profits. 

Mr Saburov's plan is simple 
enough. D emolish customs barriers 
with Russia and revive trade; allow 
the foreign currency earners to 
keep their earnings (but pay taxes); 
and levy taxes on the resorts, which 
pay none. Add to this foreign busi- 
nesses and banks: “I would love 
them all to come, though I know 
they take a long time and I am not 
counting on it soon.” 

With a revived economy, Mr 
Meshkov and Mr Saburov believe. 



wffl come a contented population. 
But what of “ethnic explosions"? 

Of tiie peninsula’s 2.7m people, 
about 70 per cent are Russian. Of 
the rest, some 20-25 per cent are 
Ukrainian and 200,000 are Crimean 
Tatars. Ukrainian-Russian relations 
in Crimea are placid: but the small 
Ukr ainian political class is dis- 
turbed Mr Igor B anakh, leader of 
the Ukrainian Civil Consensus 
group, blames Mr Kravchuk for let- 
ting Crimea out an too king a leash, 
and now being unable to pull it 
back. “We have to institute the law 
here, which says that you don’t 
recognise the election of a Crimean 
president. We see from the example 
of Yugoslavia that you can’t ignore 
such things.” 

The Tatars are a different matter. 


These were the peninsula's natives, 
their Mums displaced from rule In 
the peninsula (under the Turkish 
empire) only in the 1780s. During 
the war, accused of mass betrayal 
(to the Germans) they were shipped 
off to Central Asia. Ukraine has 
sanctioned their return. Gratitude 
to Ukraine and distrust of the Rus- 
sians led most Tatars to follow the 
call of their Mejlis, or separate 
assembly, to vote for the pro-Ukrai- 
nian presidential candidate, Nikolai 
Bagrov. Now on the losing side, 
they fear they will suffer. 

Mr Mustafa Jemfiev, Mejlis chair- 
man and former dissident, says Mr 
Meshkov wants to disenfranchise 
the Tatars by ending the system of 
14 protected seats in the Supreme 
Soviet for them. “If he does that, of 


course, there wifi no more Tatar 
representatives in the Sovie t 

But politics is not the most ***’ 
ous of the Tatars' problems - pov- 
erty is. They are utterly depe“J®*JJ 
on the state; the returnees 
a aw«7i plot of land and some fohW- 
ing materials. In one setttefe® i' 
Mbfodyezhnoye 5 near Simferopol, 
re-year-old Asfore Maileyeva ana 
her daughter-in-law, Zenia, sit in a 
breeze-block hut the size of a gar- 
den died which houses a foamy w 
six. She is a testament to the anility 
to withstand hardship, but also to 
her people’s desire to return. i 
don’t regret coming.” she says. 
"Nobody can tell you to move on 
from here." 

The Tatars have neither the num- 
bers nor the wifi to fuel an ethnic 
crisis: the more explosive issue is 
that of ownership of the Black Sea 
Fleet, based in the old and stflL m 
parts, noble port of Sevastopol This 
fleet has been a political tug of war 
since the collapse of the Soviet 
Union, and remains so. Captain 
Andrei Grachev, the fleet’s spokes- 
man, does not disguise his contempt 
for tiie separate fleet being built up 
by the Ukrainians (“five admira l s 
and four ships”) and is happy to say 
that Admiral Eduard Baltin, the 
Russ ia n commander of the fleet, 
has barred the employment of 
Ukrainian naval officers because 
they have fatten an oath to a for- 
eign state - even though the fleet is 

nnrirrepri to be Joint Russian-Ukrai- 


F or his part, Vice-Admiral 
Volodomir Beskorovai- 
niy, commander of the 
diminutive Ukrainian 
navy, insists that the 
accord readied between Presidents 
Kravchuk and Boris Yeltsin of Rus- 
sia last September, under which 
Ukraine would return its half of the 
fleet and lease Sevastopol to Russia, 
is now nufi, and that the question of 
how to divide the fleet still has to 
be resolved. He bases thin view on 
the failure of experts on both sides 
to agree on the details of the fleet’s 
transfer to Russia. 

The Russians, who have so for 
prevented the build-up of a power 
fill mili tary force in any or the for- 
mer Soviet republics, are unlikely 
to give way: the Ukrainians cannot 
What, then, are the chances for a 
peaceful resolution of the Crimean 
dilemma? On his recent trip to the 
US, Mr Kravchuk said privately 
that he would never allow the cir- 
culation of the rouble in Crimea - 
but that he knew well how to nego- 
tiate with the Russians and he did 
not expect anything like an explo- 
sion. To be sure, this apparently 
most fissiparous of relationships 
retains its curious character logi- 
cally afarming , but actually placid. 
The new leaders of the Crimea, per- 
haps in collusion with Kiev, assume 
that the logic will re main in Umbo. 


Citizen’s Charter - half-way 



The FTs audit of 
the Citizen's Char- 
ter on. Monday 
damped it with faint 
praise. “Not 
all objectives 

y . - w — years into a 10-year 

programme it would have been as 
easy - and feirer - to argue the 
other way. “Real measurable prog- 
ress made.” Glass half ML 
Yes, the Citizen’s Charter pro- 
gramme is ambitious. That is why it 
is being studied by governments 
across the world. The prime minis- 
ter's aim is to change the foce of the 
public service; to give those who 
provide it new pride; to give those 
who pay for it quality performance; 
to give those who use it the satisfac- 
tion that comes from services that 
offer what they want, when they 
want and how they want 
Your article made the common 
mistake of equating the charter 
with the charter documents them- 
selves. It is for wider than that The 
documents are only part of the 
story, one means to the common 
end of wider choice, higher stan- 





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dards and new ideas. This wider 
programme is about competition 
and choice. It covers privatisation 
and contracting out - putting pri- 
vate sector skills and ideas at the 
service of the public - just as much 
as devising mechanis ms to improve 
performance where the service 
remains in the public sector. 

Before the charter, the FT cnnlii 
not have published an article listing 
the published objectives and seek- 
ing to measure performance in the 
public sector. There simply was no 
published information about service 
standards by which to Judge. 


Now all that is changing. Publica- 
tion of league tables for schools 
gives parents the knowledge to use 
their power to choose. Rail track 
results are in the stations. Waiting 
lists are visibly down. Hospital per- 
formance indicators are on the way. 
This is truly a revolution. 

The main charters explained to 
users what the public is entitled to 
expect But others act as “models” 
which will guide those writing local 
charters of service for colleges and 
council departments and many 
many others. The local charters will 
be expected tn every case to contain 


testable performance measures. 

On independent audit, the FT 
article is just plain wrong There is 
Independent audit of schools by the 
new OfstecL For the first time ever 
every school in the country will be 
regularly inspected and challenged 
to Improve and reports wfll go to 
every parent 

In the health service and local 
authorities we have given the Audit 
Commission powers to publish per- 
formance tables of results for other 
local services, not just schools. 
Increasingly, charters are being 
used to measure organisations’ per- 
formance. The parliamentary 
ombudsman baa said that he find* 
charter standards a useful guide 
and in one major case used it to get 
improved redress for a class of vic- 
tims of maladministration. 

As for independent review of com- 
plaints, three years ago it would 
have been thought extraordinary 
for organisations such as the Inland 
Revalue, the Home Office’s immi- 
gration and nationality depptment 
or the prison service to provide this. 
Now those organisations are setting 
the trend and other - less well 
known - public service organisa- 


there 


tions are appointing independent 
adjudicators to whom people can 
take their complaints. 

Have Charters raised standards? 
There is real evidence that they 
have. The charts - just examples - 
tell their own story. 

Of course, with a reform pro- 
gramme that affects the whole of 
the public service - employing 5m 
people and with every one of us a 
customer - there is plenty more to 
do. That is why the Citizen’s Char- 
ter second report, published yester- 
day, contains a Ml agenda of fur- 
ther improvements. And why we 
have also published a widely avail- 
able booklet, “Report Back 94”, 
which sets out commitments and 
future plans in key services. 

We have always said that this Is a 
ten-year programme. But it is clear 
that in less than three years the 
charter has begun to change the 
attitudes and culture of public ser- 
vice organisations. 1 believe the 
glass is hair full, and filling rapidly. 

William Waldegrave 

The author is minister of public ser- 
vice and science 


Observer 


Good Friday 
for whom? 

■ The world’s financial markets 
are in a bit of a tizzy about Easter. 
Problem is that Good Friday 
coincides with the first Friday of 
the month, which is when the US 
Bureau of Labor Statistics normally 
puts out its employment figures. 

it might be a religious and a bank 
holiday, but it is not a federal 
holiday, so the bureau, despite 
fierce lobbying from the financial 
community and even Congress. 

reasons that it should publish and 
be damned. As the numbers are 
some of the biggest market-movers 
in the business, the Chicago futures 
exchanges have decided to break 
with precedent and open some 
contracts for a short session. 

Not that it was an easy decision. 
The Chicago Board of Trade has 
changed its mfad about the 
proposed holiday three times in 
a matter of days ina bid to keep 
pace with the Chicago Mercantile 
Exchange. To make matters doubly 
confusing, the CBT is still closing 
an hour earlier than its arch rival, 
the Merc- Don’t bet they won't 
think again. 


American hot 

■ Remember all those good old 
anti-communist jokes that flooded 
out of Poland, Czechoslovakia and 
Hungary? In Budapest they're 


telling one about a pizzeria, its 
entrepreneurial owner Zoltan 
Czvitko and the law. Trouble is, 
it’s a true story. 

Red stars and other communist 
paraphernalia were officially 
banned last year. Czvitko, 30, has 
responded by opening a pizzeria 
called Mantiim, with decor best 
described as commie kitsch - walls 
festooned with Soviet posters, 
barbed wire, that type of thing. 

The cellar boasts a five-pointed 
star, unfortunately also on the 
banned list The Czvitko defence 
is that the star is stylised and 
irregular; prosecutors will no doubt 
appear armed with their protractors 
to measure angles. 


Liberal talents 

■ His party could never bring itself 
to sup with Neil Kinnock's 
socialists, but Des Wilson, the 
Liberal Democrats’ former 
campaign manager, prides himself 
on his professional ability to turn 
tricks in all directions. 

Now he’s signed a contract to 
run a public relations camp ai g n 
for an organisation which thought 
Kinnock too soft - the Trades 
Union Congress. For a fee around 
£50,000 - modest enough in British 
PR terms - Wilson will build a 
zimmer frame to help the TUC 
clamber forth from the 19th 
century. 

Burson-Marstelier will be pleased; 
not for the cash but more for the 
free PR it gets from handling a 



well-known, if somewhat humbled, 
client Meanwhile, Wilson is 
certainly having more success as 
a buccaneering spin-doctor than 
one glned to a party line. 


Waterproof 

■ Britain’s John Major and his 
Malaysian counterpart, Mahathir 
Mohammed, may not get on but 
they share one feeling - that they 
are being hounded unfairly by the 
British press. 

Indeed, John Major used tiie 50th 
anniversary of Canning House in 
London the other day to trot out 
a hardy favourite of persecuted 
politicians: what would the 

^ • 


headlines say, asked the PM, if he 
rowed into the middle of the 
Serpentine, found himself marooned 
and walked back over the water 
to dry land? 

Answer “John Major Can’t 
Swim”. 


Big blue new view 

■ IBM boss Lou Gerstner shook 
a few trees last July by saying “the 
last thing IBM needs right now 
is a vision”. Now he is moaning 
in IBM’s annual report that many 
extracts from his statement omitted 
the words “right now”. Can he be 
suggesting that while IBM didn't 
need a vision them, it does now? 

“The fad: Is, no company is going 
to succeed without a dear set of 
tough-minded strategies," says 
Gerstner. “Some call it mission. 
Some call it vision. I call It 
strategy.” In his new “IBM 
Principles", contained in the annual 
report, Gerstner says IBM will 
“never lose sight of our strategic 
vision”. 

Some call it inspiration. We call 
it an about-face. Lou. 


Euro-togs 

■ The trains might not yet be 
running on time but at least-fhe 
uniforms will soon be ready. 
European Passenger Services, 
which will ran Eurostar trains 
through the Channel TonneL has 
signed up Pierre Balmain, to 

^ \ 


create its new uniforms. 

The airline-style togs are in the 
Eurostar colours of blue and yellow 
and will be worn by everybody from 
drivers to receptionists. Pierre 
Balmain is one of the grand old 
names of French couture but has 
been living on its past glories in 
recent years, according to 
Observer’s fashion expert 

Will it be any more successful 
than royal couturier Hardy Amies’s 
mission to smarten up British Rail's 
porters in the 1980s? Designing the 
uniforms is the easy bit Getting 
the lower ranks to adhere to the 
correct dress code may be a mite 
more difficult 


Ski heaven 

■ Turning the other cheek has 
gone out of fashion, even on the 
piste. Masters un - which describes 
itself as a Christian ski organisation 
- has complained to the 
Advertising Standards Authority 
that a competing Christian ski 
company, Westfleet Services, has 
allegedly been economical with 
number 9 of the 10 commandments. 

The ASA has criticised Westfleet 
for advertising “all-in" ski holiday 
prices which actually turned out 

to exclude ski hire, boot hire and 
Insurance. MasterSun also took 
exception to Westfleetis slogan; 

“Hie only Christian ski 
organisation providing you with 
a snow guarantee.” MasterSun says 
It provides a guarantee, too. Cod 
is omnipotent, after all 


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1994 


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Divisions over enlargement could undermine Kohl re-election campaign 

French-German EU strains show 


By Quentin Peel in Bonn 

Close diplomatic and political 
ties between Paris and Bonn, tra- 
ditionally regarded os the princi- 
pal driving force of European 
integration, have come under 
strain because of French con- 
cerns at the whole process of 
enlargement of the European 
Union, according to senior gov- 
ernment officials. 

Criticism of Germany's alleg- 
edly heavy-handed tactics in forc- 
ing the pace of the enlargement 
negotiations in Brussels emerged 
in Bonn yesterday, causing anger 
and alarm in the office of Chan- 
cellor Helmut Kohl. 

The French are worried that 
the new northern EU members 
will bring a strong free trade 


lobby, and that Union institu- 
tions will be mad e weaker and 
more cumbersome by rapid 
enlargement to eastern Europe. 

Criticism of German foreign 
policy in the Frankfurter AU- 
gemeine Zettung, quoting French 
sources in the German capital, 
has clearly embarrassed the Ger- 
man chancellor, who has just 
launched his re-election cam- 
paign. 

Mr Kohl is basing his appeal to 
German voters, both in the forth- 
coming European elections and 
in the general election in Octo- 
ber. on bis record as a staunch 
proponent of European integra- 
tion, and the guarantor of good 
relations with major powers like 
France. Britain, the US and Rus- 
sia. Any suggestion that his clos- 


est ally, France, is dissatisfied 
with the relationship is seen by 
senior German officials as 
extremely unhelpful. 

The article is the latest to a 
series of diplomatic upsets, and 
follows uncertainty about 
whether the German leader 
should be invited to the 50th 
anniversary celebrations of the 
D-Day landings in Normandy. 

According to well-placed offi- 
cials, the article was based on an 
interview with Mr Francois 
Scheer, the French ambassador 
to Bonn, by Mr Claus Gennrich, 
the German newspaper’s diplo- 
matic correspondent. 

In it, he suggests that the Nor- 
mandy and Berlin incidents were 
only minor upsets, but should be 
seen against the background of a 


general mistrust of German for- 
eign policy in Paris. 

"A more fundamental dialogue 
is needed to create greater clarity 
between Bonn and Paris over the 
definition of foreign policy in a 
united Germany, but it is not tak- 
ing place,” the newspaper said, 
citing the French sources. 

The Frankfurter AJlgemeine 
stud the French were calling for 
German clarity on its attitude 
towards eastern Europe. They 
were seeking a “clear restate- 
ment” of Germany’s commitment 
to western Europe, particularly if 
Bonn wished to reinforce its rela- 
tions with Russia, 


British stonewalling puts 
enlargement at risk. Page 2 


Deal close 
on $2bn fund 
for global 
environment 


Bundesbank demands curb 
on local councils 9 spending 


By Christopher Parices 
in Frankfurt 

The Bundesbank has launched 
an attack on a root cause of infla- 
tion with a demand that west 
German local authorities act to 
stem rising deficits and local ser- 
vice charges by reducing their 
workforces, privatising more ser- 
vices and preparing for several 
years of belt-tightening. 

The central bank also warned 
the federal government to avoid 
loading extra burdens on to city 
and local administrations by forc- 
ing them to provide increasingly 
sophisticated services. 

The calls came in the bank’s 
latest monthly report, published 
yesterday, which hi g hli g hted the 
extravagant spending policies 
that have turned the local 
authorities’ 1989 surplus of 
DM2bn into an estimated deficit 
of DMl0.5bn last year. 

Growth in spending exceeded 
growth in revenues by an aver- 
age 2 percentage points annually 
in the three years to the end of 


1992, and total local authority 
debt rose 14 per cent to DM127bn 
($72bn). Underscoring the plight 
of urban authorities, the report 
showed Frankfurt, Germany’s 
financial capital, with debts 
approaching three times its 
annual tax revenues. 

The Bundesbank, which has in 
the past identified rising public 
service charges among the most 
persistent sources of inflation, 
noted that spending had slowed 
markedly last year. 

Total revenues rose 5 per cent 
in the first nine months of 1993. 
compared with an average of 7 
per cent to the previous three 
years, while outgoings increased 
5.5 per cent, the report said. 

Personnel costs, which account 
for 25 per cent of local authority 
expenditure, rose around 3 per 
cent last year after soaring 26 per 
cent in the previous three years. 
But social welfare costs had gone 
up a Anther 14 per cent after 
rising 32 per cent in the three 
years to the end of 1991 

The report noted that income 


from taxes last year hardly 
increased, attributing the stagna- 
tion to corporation tax reforms 
and, indirectly, to sharply rising 
unemployment and falling real 
incomes. 

These factors are expected to 
continue depressing revenues for 
some time, while authorities will 
have to find extra funds to pay 
for statutory kindergarten places, 
new sewage treatment works 
demanded by European legisla- 
tion. and, starting next year, 
increased contributions to help 
eastern Germany. 

The report, which closed for 
publication before last week's 
effective real pay freeze for pub- 
lic sector workers, made no men- 
tion of the deal's likely benefits. 

However, it noted pressure on 
budgets would be eased by new 
funding methods for care of the 
elderly and infirm, and federal 
measures to stem the flow of ref- 
ugees and asylum seekers whose 
housing and welfare has in the 
past largely been (he responsibil- 
ity of local authorities. 


N Korea nuclear deal near collapse 


Continued from Page 1 


team just back to Vienna after a 
two-week visit to North Korea 
had been unable to take some 
samples and measurements, and 
that there were "problems" with 
seals placed on IAEA monitoring 
equipment. 

Mr Hans BJL\, IAEA director- 
general, yesterday briefed repre- 
sentatives of 50 member states, 
although details of the briefings 
were not made public. 

Tlu* US had promised to cancel 
this year's Team Spirit military 
exorcise in South Korea and hold 
a new round of high-level talks 
with North Korea if Pyongyang 
allowed unrestricted IAEA 
inspections and exchanged 
envoys with Seoul. If the deal 
collapses this year's Team Spirit 
will proceed. 

A senior South Korean foreign 
ministry official said North 


Korea's refusal to carry out the 
terms of its agreement with the 
VS might be part of a strategy to 
gain “leverage” to win new con- 
cessions from Washington. 

On Tuesday, North Korea com- 
plained the US "had raised unrea- 
sonable preconditions” for sus- 
pension of Team Spirit, adding it 
would stop negotiations with 
Washington unless the demands 
were dropped. 

By raising uew objections, 
Pyongyang may be seeking the 
repetition of a deal reached in 
January 1992 under which Wash- 
ington suspended that year's 
Team Spirit in return for North 
Korea accepting regular IAEA 
inspections, according to analysts 
in Seoul. Progress in nuclear 
talks between North and South 
Korea was not included as a con- 
dition in that earlier agreement. 

North Korea was also balking 
at an exchange of envoys, who 


would discuss the implementa- 
tion of a 1991 bilateral non-nu- 
clear pact, to an attempt to cre- 
ate differences between Seoul 
and Washington over the nuclear 
issue, South Korean diplomats 
said. 

Pyongyang also wanted to min- 
imise the status of South Korea, 
which it has accused of being a 
client state of the US, they added. 

North Korea threatened to 
withdraw from the nuclear non- 
proliferation treaty a year ago in 
response to the IAEA's demand 
to examine two undeclared sites, 
suspected to be nuclear waste 
dumps. The IAEA believes 
inspection of the waste could 
determine if the North has pro- 
cessed more plutonium than it 
has declared. 

North Korea has repeately said 
it will not allow inspection of 
these two sites, which were not 
included in the recent IAEA visit 


By Frances WHiams in Geneva 

Three days of negotiations in 
Geneva on setting up a $2bn 
Global Environment Facility to 
fund projects in developing conn- 
tries were nearing a successful 
conclusion last night 

The GEPs grant aid will 
enable Third World and former 
communist countries to help 
combat global environmental 
problems snch as climate 
change, loss of biodiversity, pol- 
lution of international waters 
and ozone depletion. 

Mr Mohamed EFAshry, chair- 
man of the fond, which has oper- 
ated ou a pilot basis since 1991 
and has 87 participants, said dis- 
agreements over procedure had 
been resolved following “solid 
indications” from donor nations 
that the frill $2tm would be forth- 
coming. 

By far the biggest contributors 
will be the US, Japan and Ger- 
many. The US was expected to 
pledge about $430m, Japan about 
$41 0m and Germany about 
$395m for the three-year replen- 
ishment, to ran from the middle 
of this year. 

This week's deal increases the 
likelihood that the fund, jointly 
managed by the World Bank, 
United Nations Environment 
Programme and UN Develop- 
ment Programme, will be the 
chosen permanent financial 
mechanism to fund projects 
under the international conven- 
tions on climate change and bio- 
diversity. 

Voting, to the absence of con- 
sensus, will require a GO per cent 
majority of countries, and 
approval by donor countries rep- 
resenting at least 60 per cent of 
contributions. This gives both 
donors and recipients a veto. 

The governing council will be 
chaired jointly by the GEF’s 
chief executive and an elected 
chairman. Sixteen of Its 32 seats 
will go to developing countries, 
14 to industrialised nations and 
two to former communist coun- 
tries. 



Europe today 

Cold air from the arctic win gradually Row 
into I he northern halt of Europe. Norway 
and Finland will have overcast skies and 
snow showers. Sweden will be generally 
drier with sunny spells. There win be 
sunshine and wintry showers in the 
northern part of the UK. in Denmark, the 
Benelux. Germany. Poland, and the Baltic 
states. 

There will bo rain m the southern part of 
the UK which wifi drift into the southern 
parts of the Benelux and northern France. 
South of the Alp Massif, conditions will be 
sunny and dry. apart from persistent cloud 
along tho I ben an north coast. There will be 
mlermittenl sunshine In southern Italy and 
in former Yugoslavia. 

Five-day forecast 

Cold air tram the north win flow south, 
reaching central, eastern and south- 
eastern Europe during the weekend. Wintry 
showers will fail as far south as the Alps 
and the Balkan states. South-western 
Europe will remain dry and sunny, with 
spring-like temperatures. High pressure 
near the Azores will move towards western 
Europe, gradually bnnging more settled 
conditions. 



TODAY’S TEMPfiAATURES 


Siiujhonjl 12 GAfT. Teinpenlures trwomum tor day. Forecasts by Meteo Consult 9f the Netherlands 



Mailnurm 

Belfast 


Culsiua 

Belgrade 

Abu Dhabi 

fair 

27 

Berlin 

ACCM 

tfiund 

32 

Bermuda 

Alger; 

cloudy 

10 

Bogota 

AnisWffan 

haB 

9 

Bombay 

Athens 

far 

19 

Brussels 

8. Alios 

shower 

M 

Budapest 

B.Kvn 

rain 

10 

CJwqen 

Bangkok 

la* 

35 

Cairo 

Barcckma 

Sun 

17 

Cape Town 

Boiimj 

fair 

15 

Caracas 


fail 

6 

Car aiit 

ram 

10 

cloudy 

15 

Chicago 

Gaudy 

5 

shower 

8 

Cologne 

thund 

10 

shower 

20 

O' Salaam 

fair 

31 

shown 

19 

Dakar 

sun 

23 

sun 

3a 

Dallas 

fair 

27 

shower 

10 

Delhi 

fair 

33 

fair 

13 

Dubai 

lair 

27 

windy 

7 

Dublin 

rain 

3 

sun 

24 

Dubrovnik 

cloudy 

IS 

fair 

2S 

Edinburgh 

had 

T 

shower 

25 

Faro 

sun 

21 


Frankfurt 

Shower 

10 

Malta 

Geneva 

fair 

11 

Manchester 

Gibraltar 

sun 

19 

Mania 

Glasgow 

snow 

7 

Melbourne 

Hamburg 

ted 

7 

Mexico Crty 

Helsinki 

snow 

2 

Miami 

Hang Kong 

drzd 

16 

Milan 

Honolulu 

shower 

26 

Montreal 

Istanbul 

fair 

14 

Moscow 

Jersey 

rain 

10 

Munich 

Karachi 

fair 

35 

Nairobi 

Kuwait 

sun 

23 

Naples 

L Angeles 

shower 

21 

Nassau 

Las Palmas 

fair 

22 

New York 

Lima 

fair 

27 

Nice 

Lisbon 

sun 

22 

Nicosia 

London 

far 

11 

Oslo 

Lurubourg 

shower 

9 

Paris 

Lyon 

cloudy 

13 

Perth 

Madeira 

fair 

19 

Prague 

Madrid 

sun 

19 

Rangoon 

Majorca 

fair 

19 

Reykjavik 


fair 

IS 

Rn 

shower 

ZT 

aleet 

9 

Riyadh 

sun 

24 

far 

33 

Rome 

fair 

17 

far 

17 

S. FrSOO 

fair 

17 

fair 

23 

Seoul 

fair 

11 

sin 

24 

Singapore 

ram 

30 

sun 

19 

Stockholm 

far 

2 

Snow 

-3 

Strasbourg 

shower 

13 

snow 

4 

Sydney 

fair 

22 

shower 

9 

Tangier 

sun 

20 

shower 

29 

Tei Avtv 

(at 

23 

few- 

18 

Tokyo 

Shower 

12 

fair 

2? 

Toronto 

fair 

0 

fair 

4 

Tunis 

rain 

19 

sin 

17 

Vancouver 

rain 

11 

sun 

19 

Venice 

hazy 

IS 

lair 

3 

Vienna 

cloudy 

13 

shower 

13 

Warsaw 

ha* 

7 

sun 

35 

Washington 

fair 

6 

shower 

8 

Wettngtoo 

cloudy 

18 

fair 

35 

Winnipeg 

snow 

3 

few 

-3 

Zurich 

fair 

11 



Quality flights made in Germany. 

Lufthansa 

German Airlines 


THE LEX COLUMN 


pay tl 

tie 

| FT-SE Index: 3242.9 (-24.5) | 


It is a measure of the heightened 
sensitivity of bond markets that yes- 
terday’s mixed bag of UK economic 
statistics sent gilts into a spin. An 
unexpected rise in average earnings 
was the culprit But since there is no 
sign of upward drift in pay settle- 
ments it would be premature to diag- 
nose the return of the British disease. 
Year-end bonuses and overtime may 
be the less threatening explanation, in 
which case yesterday’s rise in gilt 
yields was overdone: 

There was certainly nothing in the 
labour market data to suggest that 
workers have employers over a barrel 
Employment in manufacturing, where 
average earnings growth was stron- 
gest, actually fell in the final quarter 
of last year. Productivity improve- 
ments continue to flow through in an 
encouraging manner. While the fall in 
headline unemployment must be a 
relief to the government after Janu- 
ary’s disappointment, there are still 
lingering doubts about how many full 
time jobs are being created. 

Together with weak retail sales in 
February, that doubt might incline the 
chancellor more strongly towards 
another cut in interest rates before tax 
increases take effect next month. Good 
news on retail prices next week could 
provide the peg. The danger must be 
that another rate cut will fray nerves 
about inflation in the gilts market and 
bring forward the moment when rates 
will have to rise. Since the yield on 
10-year gilts is already U5 basis points 
above German bunds, UK bonds 
already look good value. Unless inves- 
tors come round to this point of view, 
funding next year's borrowing require- 
ment could prove tricky. 

Schroders 

Now that Schroders has taken the 
plunge on disclosure it turns out that 
the company does indeed have much 
to boast about Not only did profits 
rise 35 per cent last year; the quality is 
good too. Schroders is much less reli- 
ant than some of its competitors on 
dealing income. Fee income accounts 
for almost two thirds of operating 
income. Schroders has been continu- 
ing to win new fund management 
business since the start of the year. 
That should help offset any fall in its 
income caused by weakness in finan- 
cial markets. There must be more ven- 
ture capital gains in the pipeline, 
although the timing is uncertain. 

Even without any increase to prof- 
its. Schroders would be on a forward 
multiple of less than 11 times. If that 


UK merchant banks 

Sri&tt prices (mbased) 



makes the shares seem good value, 
one is left agape at the 6.6 times divi- 
dend cover. There is clearly minimal 
constraint on dividend progression. 

But such high earnings retentions 
when the company already has sur- 
plus capital are where the strategic 
questions begin. A 23 per cent return 
on capital might seem low at this 
stage in the cycle, though Schroders is 
barely geared and its profits are less 
volatile thnn those of other merchant 
banks. Arguably Schroders missed an 
opportunity to enhance its return by 
buying back its own shares when the 
price was cheaper. It cannot accumu- 
late capital for ever. The worry is that 
it may do something just to ease the 
discomfort However, it has a record of 
getting the strategic decisions right 

Coats Viyella 

Coats Viyella 's longer term attrac- 
tions emerge undimmed from the del- 
uge of data accompanying its annual 
results. The company has restructured 
its businesses during recession and 
positioned itself well to exploit fast- 
growing emerging markets. Recent 
acquisitions have performed encourag- 
ingly. With gearing cut to 3i per cent 
the balance sheet remains strong 
enough to permit more. 

But Coats' suggestion that the eco- 
nomic outlook was only faintly 
encouraging was enough to knock 7 
per cent off its shares. Coats believes 
UK tax rises will dent confidence more 
than most assume. Rising cotton 
prices could also prove difficult to 
pass on to retailers, implying some 
margin squeeze. That suggests the 3Ji 
per cent Tall in underlying operating 
profits may not easily be reversed - 


especially as currency effects will be 
less favourable this year. 

The market may also be tiring of 
Coats’ habit of paying paper divi- 
dends. Coats certainly has a better 
case to make than most with almost 
£UX)m of unrelieved Advance Corpora- 
tion Tax. This time. Coats will retain 
£35m of cash, which it has earmarked 
for worthy Investments. But two pre- 
vious enhanced scrip dividends and 
the conversion of preference shares 
have expanded Coats' equity base by 
16 per cent since 1992. The latest scrip 
payment may add a further 2 per cent. 
It may be easy to lift the dividend 10 
per cent when Coats does not have to 
pay. But it will become painful when 
Coats starts paying hard cash on so 
many more shares. 

Porsche 

With its heavy dependence on US 
sales. Porsche led the pack into the 
great German car industry pile up. 
The fall in US sales - down by almost 
75 per cent from the 1386 peak - 
meant that Porsche had to adjust 
much faster than those German car- 
makers which boomed as Trabants 
were swapped for Golfs after German 
unification. The early attack on costs 
has left Porsche better placed than 
some larger German car companies. 
Porsche was also fortunate that some 
of the 344 model manufacturing was 
subcontracted to Audi. When demand 
slumped Porsche lost the incremental 
profit on sales volumes, but was not 
stuck with the associated overheads. 

Since costs have now been cut to at 
least break-even, and the new 911 
model is selling well, the company has 
bought itself a breathing space. The 
rights issue will help develop the two 
new models - a new 911 and a cheaper 
2-sea ter 986 convertible - which must 
take up the running from 1996-97. The 
issue now is whether to the longer 
term the Porsche and Pidch family 
control can be maintained. 

Continued investment to engine and 
gearbox technology means Porsche 
does not face the severe development 
cost crunch which is forcing other spe- 
cialist manufacturers into defensive 
mergers. Joint purchasing of parts 
with other German carmakers also 
eases Porsche's cost problems. The 
new models may be priced at only a 
modest premium to Japanes e competi- 
tion. to that case the strong brand and 
evolutionary design development may 
serve Porsche well against those man- 
ufacturers which reinvent the wheel 
every time they launch a new modeL 



Swiss Bank Corporation 

Schweizerischer Bankverein 
Societe de Banque Suisse 

Notice is hereby given lhal the 

122 nd Annual General Meeting 

of ihe company will be held in the Festival Hall of the Swiss Industries Fair [entrance 
“Messepla t*J in Basel (Switzerland) on Tuesday, 26th April, 1 994, at 3 p.m. 

Agenda 1 • Adoption of die Annual Report, the Annual Financial Statements and (he Group 
Accounts 

2m Release of the members of (he Board of Directors 

3> Use of the balance-sheet profit: the declaration of a dividend and Uw setting of the 
dale of its payment; announcement of the terms of payment of the dividend 

Elections to the Board of Directors 

5 « Creation of authorized and conditional capital 

6« Revision of Articles of Association 



Holden of registered shuns fas of 25th March IW) will have rheir invitation sent to them personally. 

Between 26rtl March and 26th April MM, no new cm rics empowering holders u> exercise voting rights at ihe General 
Meeting will be made on the Sharer Register. 

We can arrange Tor the shares of llu** shareholders vim da not intend 10 be present at the General Meeting 
personally, to be represented by proxy. If no imiruciions ore received concerning ihe casting of votes, they wit! be cum 
in favour of ihe proposal* of the Board of Directors. In accordance wiih the stipulations of Art. 689c of the Swks Code 
of Obligations, the Societe Fiduciaire Suisse - Coopers & Lybrand SA. P.O. Bax, 4152 Basel has been designaied us 
an independent body which can he mandated as proxy by shareholders-, if this body receives no instructions for the 
casting of voles, it will vote in favour of ihe proposal, of the Board of Directors. 

The Annual Report for the year ended 3Lm IX-cembcr 1993. containing the Auditors’ report and the consolidated 
financed statements and the report of the Group Auditors, are available to share ho Were at the tank's Swiss branches 
as of 28th March 1994. Any sliarehokJcr can request that a copy of these documents be .sent to him or Jwr 

Proxy holders ur deposited shares tin accordance wiih Art. 689d of rhe Swiss Code of Obligation^ are reumsted in 
notify the company in good time of the number, type, pur value and class of shares represemexf bv them at ita 
12.00 noon on 25th April 1994. Institutions subject to the Federal Law Regarding Banks and Savinw Banks id 
Nov outer 8. 1934, as wdl as professional asset managers, qualify as proxy holders of deposited staresT 


Basel. SifoA/lardi 1994 


for the Board of 0tre:lors 
Walter Frehner 
Chairman 




15 


brook 

Hansen 



FINANCIAL TIMES 


p O W E R 


CONNECTIONS 

Controllers, Electric Motors, 
Gearboxes 


COMPANIES & MARKETS 


©THE financial TIMES LIMITED 1994 



YOUNG WORKi NG 
town SEEKS LIVELY 

intelligent company. 

I w lull JcLui.. iii jil u plii iiu.” I J*lj» 1 .t*) ? 'll \ 

Telferd. 


IN BRIEF 


Rhone-Poulenc 
will not lift bid 

Rbdnc-Poulenc, the French chemicals and 

PFSSSpb***' to ruled out an increase 
In Its FFr2^bn bid for Cooperation Pbar- 
maceutique Franpaise, oue Q f France’s bigeest 
distributors of drugs and healthcare products 
to retail chemists. Page 16 

Swedish banks turn on the government 

This time last year, most of Sweden’s banks were 
queueing up for government aid to rescue them 
from a loan-loss ducking that nearly sank them. 
Now the state is under fire from the same hankg 
for weighting its support too heavily towards 
just one institution, Nordbanken. Page 20 

Paper tiger 

The CS320m (US$238m) newsprint mill at Gold 
River, British Columbia has stood idle since Christ- 
mas as its leading shareholder, Canadian Pacific 
Forest Products, haggles with international hankc 
over its future. Page IS 

Porsche rights issue gets into gear 

The planned capital increase for Porsche, aimed 
at raising DM200ra ($U4m) to help fund new sports 
car developments, is to take the form of a one-for- 
four rights issue at DMS75 a share. Page 20 

Mariey slips into £1m loss 

Marley, the UK buildings material group, enjoyed 
a 55 per cent rise in trading profits to £4 1.5m 
(862m) but the write-back of goodwill and a disposal 
left it with a pre-tax loss of £Um. Page 22 

ICL fells 40% 

Restructuring charges, interest payments and 
weak markets pushed pre-tax profits 40 per cent 
down at ICL. the UK-based computer company 
owned by Fujitsu of Japan. Page 24 

Debt to a lady 



SB 


Companies scrambling to take part in Australia’s 
biggest diamond exploration boom for many years 
owe a great debt to Ms Maureen Muggeridge. 

This British bora geologist found Australia’s 
first diamond in 1972. Page 26 

Emergers retrench 

The world's emerging mar- 
kets continued a general 
retrenchment last week, 
although there were some 
individual exceptions. 

All the regional indices 
declined in dollar terms'. 

Latin America by L4 per 
cent, Asia by 2 2 per cent 
and Europe/Mideast by 
4.3 per cent. Investors have 
been looking at G7 economic 
recovery. Back Page 


1FG Composite 
(In S terms) 

106 — 



Jan 1994 Mar 

Sauce: Coldstream 


Companies In this Issue 


Adobe Systems 

18 

Woedmw 

Aerospatiale 

16 

Lambert Howarth 

AMU5 

18 

Logics 

Merivale Moore 

American Express 

18 

AsUd 

20 

Murray European 
Nichols (JN) 

BT 

10 

Norctoankan 

Blue Circle 

10 

Northwest Airlines 

Britton Group 

25 

Oxford Molecular 

Broadcast 

24 

Porsche 

crc 

18 

Premier Consol OH 

Can el out 

16 

Principle Hotels 
Rea Brothers 

Caterpiflar 

18 

Rhdne-Poulanc 

Chieftain 

2S 

Robert Fleming 

Church & Co 

25 

Schraders 

Coals Viyefla 

16, 24 

Sleepy Kids 

Cod an 

20 

Spandex 

Credit Lyonnais 

15 

Specialeyes 

EFM Dragon Trust 

24 

Tetepec 

EFT Group 

24 

Telstra 

GKN 

22 

Thomson 

UAL 

Grotsch 

16 

US Shoe 

Group© Bull 

16 

WSP Group 

Heron 

15 

Wasco) Group 

ICL 

24 

Westland 

Independent Ins 

24 

Zagreb Brewery 


16 

24 

10 

24 

24 

25 
20 
18 
22 
20 
24 

24 

25 
16 
10 
16 
25 
25 
24 
24 
20 
15 
IS 
18 
24 
24 
22 
18 


Market Statistics 

^Annual reports sendee 28-29 

Benchmark Govt bands 21 

Band futures and options 21 

Bond prices and yields 21 

Commorittes prices 2 B 

Dividends announced. UK 22 

EMS currency rates 34 

Euotxmd prices 21 

RinJ Merest indices ri 

FT-fl World Indicss Back Pa fls 

FT Gold Mures index Back Page 

FT/TSMA Ind bond sve 21 

FT-SE Actuate! IndtaB 27 


Foreign exchange 34 

GDIs prices 21 

Lifts equity options Back Page 
London share seofee 28-29 
London Iradl options Back Pago 

Managed funds service 30-34 
Money markets 
New bib bond issues 
Recent Issues. 

Short-term H rates 

US Merest rate* 

World Stock Marian 


Chief price changes yesterday 


FRANKFURT (DMJ 
Rhs 

OiMdrw ft 415.: 

GacKctxnUt 625 

WefeW 825 

Fell* 

«nM KV 

SnUnner And 679 

Vata 3W 

New york tsi 
Rise* 

NOUS Corn 3.' 1 

ftmoeoCwo S**- 

US Surgical IBS 

Fails 

M*r Sya W 

tana* Ltd ?0M 

Uasdom tacp 34': 

PAKS(FFr) 


NSW Vorft priCOS at 12.30pm. 


LONDON (Penes) 


(Uses 


+ 

ae 

Dodo France 

7S0 

+ 

+ 

11 ) 

sue 

aoa 

+ 

* 

ts 

F«Ho 





Accor 

no 


- 


GJumonttSucM 

980 


- 

t: 

krtnobancpw 

940 

“ 

- 

6 

fates 

486 




TOKYO (Yen! 




(Hue 



+ 

0*1 

1 9 

Asatt Optical 

540 

* 

r 

<n u 

BraMrM 

sea 

+ 

t 


Gun-B Chen 

582 

4- 



MnsHina ft 

640 

+ 


•vl 

ih 

loyotn 

468 

+ 


n 

Fall* 





Banyuflhana 

9» 

~ 


40 


31 

24 

43 

« 

IB 


Outfit &i 
I Unbob 
KtoriMfl Brean 
MMm 
Sea Bun 
So* wan Mr 
Spwdp 
Fall* 

Br* Hour 

CesBVfttU 

Dcm 


440 

378 

MB 

161 

68 

IMS 

5® 

206 

260 

SCO 


Everest Foods 

Gra**W 

Mnrea 

iww 

Maytan 

funsnma 

Stow** 4 * 

wufone 

WBamsKWOS 

vwsriuy 


80 

178 

215 

195 

IBS 

15 

10S 

5S7 


947 - 


- 20 


Tapie to sell 
assets to 
repay FFrlbn 


By David Buchan In Parts 

Credit Lyonnais has reached 
agreement with Mr Bernard 
Tapie for the businessman- 
turned-politician to start selling 
much of his corporate and per- 
sonal assets to repay the FFrlbn 
(J»160m) he owes to the French 
bank. 

The agreement, confirmed yes- 
terday by both sides, is another 
move in the financial restructur- 
ing of the troubled state trank, 
which is expected to be finalised 
next week when Credit Lyonnais 
announces its results. 

The chief plank of the bank’s 
restructuring is expected to be 
the funnelling of some FFr20 bn 
worth of non-performing prop- 
erty loans into a separate com- 
pany which will be bolstered by 
an injection of some FFr3bn- 
FFr4bn from the French govern- 
ment 

“It means we have turned off 
the tap [of credit] for Mr Tapie. 
and turned over a new page Cor 
the bank,” said Credit Lyonnais 
yesterday. 

The Bernard Tapie Group, 
wholly owned by Mr Tapie, said 
it would be recapitalising certain 
of its corporate assets - believed 
to include two makers of indus- 
trial wei g hin g marchings Terrail- 
lon and Testut, and also La Vie 
Claire, a chain of health food 
shops - in order to sell than. 

In borrowing from Credit Lyon- 


nais over the past 20 years, 
chiefly through its small subsid- 
iary, Societe de Banque Occiden- 
tals CSDBO), Mr Tapie had mort- 
gaged personal assets, incl uding 
the Paris mansion that be bought 
from the founder of the Civenchy 
luxury goods business. Credit 
Lyonnais is calling in this mort- 
gage. 

Credit Lyonnais would not 
comment on whether there was 
any deadline on Mr Tapie's debt 
repayment, but said be would at 
least get ‘'several months" for the 
economy and property market to 
improve so as to realise the best 
price for his assets. If Mr Tapie 
were pushed into forced sales, 
the bank might not get all its 
money back and would be 
obliged to make loss provisions 
in its accounts, credit Lyonnais 
pointed out. 

Yesterday’s statement by the 
Tapie Group put its president's 
assets sales in the context of his 
“desire to put his political career 
first". 

Mr Jean Peyrel evade, chairman 
of Credit Lyonnais, has been sort- 
ing through the bank's problem 
credits since he moved from 
UAP. the French insurance 
group, last autumn. 

The bank is still burdened by a 
troublesome relationship with 
MGM, the Hollywood film studio, 
and by a court case bn Switzer- 
land involving the bankrupt com- 
pany of Sasea. 


Thomson up 67% 
despite costs of 
newspaper revamp 


By Bernard Simon In Toronto 

Record publishing and 
information profits helped Thom- 
son Corporation to a two thirds 
Increase in net profits, despite 
the poor performance of its North 
American newspapers last year. 

Net profits of the Canadian- 
controlled company rose to 
US$277m, or 48 cents a share, 
from $166m, or 30 cents a share, 
in 1992. Revenues fell slightly to 
$5.85bn from $5.98bn. 

The results included a fourth- 
quarter S7Sm after-tax charge for 
restructuring Thomson’s North 
American newspapers, especially 
the five biggest dailies with cir- 
culations of more than 75,000 
each. The performance of these, 
the biggest of which is Canada’s 
Globe and Mail, has lagged the 
group’s smaller titles. 

In 1992, Thomson's newspaper 
interests took a $170m charge, 
mainly reflecting the reduced 
value of Its UR community 
papers, most of which have been 
sold or closed. 

The information and publish- 
ing group's operating profits 
soared to $358m from $249rn. The 
recovery of UK regional newspa- 
pers gathered pace, although cir- 
culations of daily titles remained 
under pressure. 

In the US, a strong perfor- 


mance by scientific and medical 
data services helped overcome a 
“severe" decline in pharmaceuti- 
cal advertising and automotive 
collision repair data. 

Thomson Travel’s operating 
profits rose to a record 9115m 
from $104m. The advance would 
have been $20m higher without 
the adverse effects of currency 
translation. The company said 
the start of the summer 1994 
booking season had been “excep- 
tionally strong”, with bookings 
up 47 per cent 

A Thomson official expressed 
the hope that overall buoyancy 
in the UK travel market would 
prevent any large-scale tour dis- 
counting this year. The Lunn 
Poly travel agency chain 
increased its market share of 
summer tours last year. But the 
cost of opening 127 new shops 
reduced profits. 

Thomson, which is moving its 
executive offices from New York 
to Connecticut also announced a 
split in its fast-growing speci- 
alised information and publish- 
ing division. 

The division will be separated 
into financial and professional 
publishing with annual revenues 
of Jlbn, and a business, educa- 
tion and information group, 
which will include UK regional 
newspapers. 


UAL fails to meet 
buy-out deadline 


By Patrick Harwerson 
In New York 

The future of the S5bn 
employee-led buy-out of UAL was 
In placed in doubt yesterday after 
the US airline announced it had 
been unable to reach a definitive 
agreement 

When UAL and the pilots and 
machinists unions agreed to the 
buy-out last December, a dead- 
line of March 15 was set for com- 
pletion of the documentation. 
Pilots and ground crew unions 
had agreed to wage, benefit and 
work-rule concessions in return 
for a 53 per cent stake in the 
company 

Yesterday, UAL revealed that 
the deadline had not been met, 
and said that there could be no 
assurance that the transaction 
would be completed. 

la the documents, which must 
be sent to the Securities and 
Krahange Commission, UAL has 
to provide details of the transac- 
tion and a plan for how it intends 
to run the airline after the 
buy-out 

Neither UAL nor the unions 
would comment on the delay, but 
the news unsettled Investors on 


Wall Street where - after trading 
was briefly halted pending the 
announcement - UAL shares ini- 
tially fell $2 to 9127. The stock 
later recovered and at midday 
was down $1 at $128. 

Although the failure of man- 
agement and unions to complete 
the documentation could scuttle 
the billion-dollar buy-out, ana- 
lysts doubt that the delay will 
kill the plan. 

Mr Michael Derchin, airlines 
analyst at NatWest Securities in 
New York, speculated that the 
delay was caused by UAL’s fail- 
ure to put together a new man- 
agement team in time for the 
documentation deadline. 

He said: “You can’t go out with 
proxy material on this kind of a 
transaction without stating who's 
going to run the company.” How- 
ever, Mr Derchin believed that a 
new management team would 
soon be appointed. 

Even if employers and unions 
complete the documentation, the 
buy-out faces farther hurdles. 
UAL still has to receive approval 
from Its shareholders, which ana- 
lysts say is not a foregone conclu- 
sion. 

Northwest offering, Page 18 


Andrew Adonis finds that smaller European countries are 
showing the biggest appetite for private investment in telecoms 


A: 


n odd pattern is emerging 
in Europe's telecommuni- 
cations industry. While 
the larger continental EU states 
dither, the smaller states are 
rushing to restructure and sell 
off their public telecommunica- 
tions operators. 

The Greek socialist govern- 
ment announced this month its 
intention to sell a 25 per cent 
stake in its public telecommuni- 
cations operator or PTO. On the 
same day the Irish PTO publi- 
cised an offer from Cable & Wire- 
less. the UK telecoms group, for a 
strategic partnership - short of 
privatisation, but a first step on 
the way. 

Denmark and the Netherlands 
are weD advanced on the privati- 
sation trail, with legislation 
enacted and dotations imminent. 
The Portuguese government is 
restructuring and valuing its 
telecoms operators as a prelude 
to privatisation. The Belgium 
PTO and telecoms ministry are 
deep in talks about a sell-off, 
with British Telecommunica- 
tions, the privatised UK operator, 
touted as a possible partner. 

The pattern is odd because pri- 
vatisation usually goes hand-in- 
hand with liberalisation, yet 
ostensibly smaller EU states are 
under less pressure than larger 
ones to liberalise telecoms. 

While the rest of the EU 
(besides Spain) must allow com- 
petition in basic voice services by 
1998. Greece, Ireland and Portu- 
gal need not do it until 2003. Fur- 
thermore, most of the smaller 
states have left-wing or centre- 
left coalitions whose trade union 
allies are fiercely opposed to pri- 
vatisation of their PTOs. 

Greece is the starkest case: its 
socialists, under Mr Andreas 
Papandreou, won an election last 
year promising to scrap the pre- 
vious right-wing government's 
privatisation plans. But they 
have revived them, only reducing 
the proportion of OTE, the Greek 
PTO. to be sold from 49 per cent 
to 25 per cent 

By contrast, the right-wing 
French government has put the 
privatisation of France Telecom 
on the back-burner. Legislation 
to privatise Deutsche Telekom is 
advancing at a snail's pace and 
Italy is for from proceeding with 
a sale of its various state-owned 
telecoms operators. 

In reality, fiscal and business 
pressures are dictating policy, 
irrespective of party programmes 
and Brussels derogations. 

Three acute pressures are evi- 
dent among the PTOs in the 
smaller states: network moderni- 
sation, shortage of cash, and the 
impact of internationalisation. 

Not that all the smaller EU 
states have backward telecoms 
networks. Ireland and Portugal 
have fewer lines per bead than 
the average, but Denmark is at 
the top of the EU league and the 
Netherlands third behind France. 


Heron says 
it may 
default on 
its debts 

By Maggie Uny in London 

The threat of receivership is 
again banging over Heron Inter- 
national, the property and trad- 
ing group which completed a 
£1.4bn (S2bn) refinancing in Sep- 
tember. 

Heron yesterday warned bond- 
holders “the Group is currently 
exposed to a number of signifi- 
cant uncertainties” and said 
there was “a significant poten- 
tial for cross defaults” on its 
debt 

A collapse in the Spanish prop- 
erty market has raised the risk 
of the group defaulting. It also 
contributed to a net loss of 
£63. 4m in the she months to Sep- 
tember and a rise in the group’s 
negative net worth from a pro 
forma £109m on March 31 to 
El 57. 8m on September 30. The 
group’s interim results, prepared 
on a going concern basis, 
included a provision of £i3Jtai 
for a farther fall in property val- 
ues and a £30.5m foreign 
exchange loss. 

Two weeks ago the group 
called meetings of its bond- 
holders to seek approval of a 
deferral of interest, dne on 
March 31. to June 30. Yesterday 
Heron said a further deferral 
beyond Jane 30 was possible. 

Bondholders were told by let- 
ter yesterday if they did not 
approve the deferral then default 
would occur. Further, the Span- 
ish banking facilities needed 
renegotiation and if this failed 
another default would be trig- 
gered. A review of the group's 
properties was being under- 
taken, and initially showed that 
Heron would not now be able to 
repay its senior debt by its doe 
date of March 1997. This debt 
would have to be renegotiated. 


Company cash 
filters through 
political bars 



However, for most of the 
smaller states the challenge is to 
ensure adequate funding and 
know-how to keep up with the 
pack. Belgium, for instance, has 
an adequate network, but not 
good enough to match its ambi- 
tion of becoming Europe's tele- 
coms hub. One area of weakness 
is mobile communications: a year 
ago Belgacom, the state operator, 
brought in Pacific Telesis, the US 
regional Bell operator, to help 
build a cellular mobile network 
to the pan-European GSM stan- 
dard. Now Belgacom Is in the 
process of establishing a mobile 
subsidiary in which Pactel is 


likely to take a 25 per cent stake. 
“In effect this is a dry run for 
privatisation of Belgacom as a 
whole,” says a consultant close to 
the company. 


Ii 


f know-how were the only 
requirement, modernisation 
.need not require privatisa- 
tion. Although now committed to 
a flotation, the Greek govern- 
ment appears to have dropped its 
predecessor’s plan to offer a 35 
per cent stake of OTE to an over- 
seas strategic Investor - France 
Telecom, Stet of Italy, Telefonica 
of Spain and Korea Telecom were 
on the shortlist - because it 


thinks it can recruit technical 

expertise separately. 

But modernisation needs 
investment too. With state defi- 
cits piling up, PTOs are looking 
to privatisation to fund invest- 
ment. Telecom Eireann, for 
instance, has a respectable net- 
work. but with debts approactiing 
l£lbn (Si.-lbn) the attractions of a 
deal with Cable & Wireless, 
reported to be wurth up to 
l£500m. are obvious. 

However, governments want 
privatisation proceeds to allevi- 
ate budget deficits. In Greece a 
row has erupted between the gov- 
ernment and OTE over the divi- 
sion of the estimated $lbn pro- 
ceeds. Ministers want 60 per cent 
to go into state coffers: OTE 
wants 60 per cent for network 
investment 

Internationalisation is equally 
pressing. Smaller PTOs Tear mul- 
tinationals will steal lucrative 
business customers. They believe 
they cannot afford to wait to 
form alliances. For many, last 
year's $5.3bn alliance between BT 
and MCI. the second-largest US 
carrier, was the moment of troth, 
coming immediately after the 
launch by AT&T, the US giant, of 
a “world partners” venture also 
geared to multinationals. 

PTOs need not be privatised to 
form alliances, but that way they 
are more attractive to potential 
allies, most of whom are private 
concerns. Ironically, the link-up 
between France Telecom and 
Deutsche Telekom, announced 
lost autumn to counter BT, suf- 
fers from the fact that both com- 
panies are still state monopolies, 
restricting their scope for cross- 
ownership and joint activities. 

As Mr David Wheeler, director 
of the telecoms group at Lehman 
Brothers, the merchant bank, 
puts it “In the smaller states, it 
is much easier to persuade PTOs 
and their ministers that they can- 
not survive globalisation without 
the flexibility that privatisation 
gives to forge alliances and stay 
in the international telecoms 
game." 

It is not a foregone conclusion 
that all alliances will be permit- 
ted. Mr Philip Lowe, head of the 
ElFs merger task force, said this 
week that the commission 
intended to police telecoms joint 
ventures closely to ensure compe- 
tition did not suffer. 

However, competition is driv- 
ing the alliances. The EU obliga- 
tion on PTOs to make leased- 
lines available upon request is 
already giving large customers 
and companies dedicated to line 
resale tbe opportunity to side- 
step PTOs and their high interna- 
tional tariffs. 

The competitive threat is par- 
ticularly strong in Ireland, where 
Telecom Eireann faces a haemor- 
rhage of its international traffic 
to re-sellers. Ironically, the larg- 
est of them is Cable & Wireless. If 
you can't beat ’em ... 


Q 


1993 net profit up 8% to BEF 11,6 bn 
Optional stock dividend in 1994 


2 Sharp increase of non -interest income 
S Current profit before taxes up 29 % 
a Overheads well under control 
1 Total assets up 6.7% to BEF 3,680 bn 
s Net dividend up BEF 20 to BEF 340 


Consolidated figures - BFr bn 

1993 

1992 

% change 

Gross operating profit 

108.9 

96.0 

+ 

13.5% 

Overheads 

63J 

63.0 

+ 

0.5% 

Gross profit 

45.7 

33.0 

+ 

383% 

Depreciation, write-downs and provisions 

24,8 

16.9 

+ 

47,3% 

Current profit before taxes 

20.6 

16.1 


29.0% 

Net profit 

11.6 

10.7 

+ 

8,Q% 

Total assets 

3,680 



-?7% 

Customer deposits 

2,310 

Mgr 

+ 

5.7% 

Private sector lending 



4- 

4.5% 

Public sector lading 

Own funds . . • ’ * 

.. '807 

M ” 811 

- 

0.4% 

"*::V 4V 100 

94 

+ 

53% 

Own funcJa#Si^rtated loans 

190 

171 

+ 

11.1% 


-VV^:>;v 


ROA 

Risk Asset Ratio 


t2.78% 
0.33% • 
9.70% 


Stock Price 1993 


Generate Bank 

Belgium’s leading bank 




FINANCIAL TIMES THURSDAY MARCH 17 1994 


16 . 

INTERNATIONAL COMPANIES AND FINANCE 


Rhone-Poulenc rules out 
increased bid for Cooper 


Schroders reveals inner reserves 


By John Ridding in Paris 

Rhine -Poulenc, the French 
chemicals and pharmaceuticals 
group, yesterday ruled out an 
increase in its FFrZ.Sbti 
(S486m) bid for Co-operation 
Pharmaceutique Franpaise 
(Cooper), one of France's big- 
gest distributors of drugs and 
healthcare products to retail 
chemists. 

Mr Igor Landau, Rhone-Foul- 
enc Tnana gj p g director, said it 
was “out of the question to pay 
one franc more" for its 
FFr2,400 per share bid, which 
offers an alternative of IB 
Rhdne-Poolenc shares for each 
of Cooper's. 

RhOne-Poulenc's bid, which 
it describes as friendly, has 
been accepted by Cooper's 
management. But it has met 
resistance from some share- 


By John Ridding 

Aerospatiale, the French 
aircraft and missiles group, 
yesterday announced a sharp 
reduction in losses in 1993, 
from FFr2.38bn to FFri.42bn 
(3246m), but warned of contin- 
ued severe competition in 
international markets. 

According to the group, the 
improvement was the result of 
efficiency and economy mea- 
sures, from lower spending on 
operating costs to stricter con- 
trols on investments. Net debts 
were reduced hum FFrl6.5bn 
at the end of 1992 to FFrl3.3bn. 

The state-owned aircraft 


By John Ridding 

Carrefour, France's largest 
food retailing group, is set to 
take control of Picard Surgeles, 
a private company which is 
one of the country's biggest 
distributors of frozen food. 

Carrefour said that it had 
reached agreement to raise its 
stake in the company from 10 
per cent to more than SO per 
cent, although it declined to 
specify the exact amount of its 
projected investment or the 
amount to be paid. 


holders. SabOton, a Lyon-based 
investment company which 
holds 21 per cent of Cooper's 
shares has declined to say 
whether it would accept the 
offer. Predictions about the 
level of support for the offer 
are further complicated by the 
dispersed shareholdings in 
Cooper, with almost 40 per 
cent of the shares held by 
about 3,000 retail chemists. 

Rhdne-Poulenc expressed 
confidence about winning the 
B7 per cent of Cooper’s shares, 
excluding treasury stock, 
which it has set as the target 
for completing the deal. But Mr 
Landau warned of the conse- 
quences should the bid ML 

In particular, he said that 
RhOne-Poulenc could withdraw 
its Doliprane paracetamol from 
Cooper's distribution network 
and create its own over-the- 


company said that 1993 was 
“profoundly affected by the dif- 
ficult situation facing airlines 
and overcapacity in the sec- 
tor". It said its markets were 
also hit by severe competition 
for military orders resulting 
from budgetary constraints. 
The various factors helped 
explain a fall in turnover from 
FFr52-3bn in 1992 to FFr50 .8bn 
and a decline in orders from 
FFr39 ^bn to FFr2&9bn. 

It said 1994 "would probably 
not see any significant 
improvement in the economic 
environment” and competition 
would remain intense. But it 
pointed to some encouraging 


Picard is the third largest 
distributor of frozen foods in 
France and is particularly 
strong in the Paris region, 
where it has a market share of 
24 per cent. Its turnover last 
year amounted to FFrl.fibn, 
while net profits reached 
FFr6l.7m. 

According to Carrefour, the 
Decelle family, which estab- 
lished Picard Surgeles in 1974, 
will remain active at both the 
management and shareholder 
leveL 

Olivier Decelle and Xavier 


counter distribution network 
for Doliprane and other prod- 
ucts. Doliprane is one of 
France's largest selling drugs 
and represents one of Cooper’s 
largest sources of profits, 
according to Rhdne-Poulenc. 

The pharmaceuticals group, 
which was privatised at the 
end of last year, said it 
remained determined to pursue 
its strategy of expanding its 
OTC and self-medication activi- 
ties. It sees the expansion of its 
distribution activities as an 
important strategic move. 

Rhdne-Poulenc's offer is 
equivalent to 17.7 times the 
earnings per share achieved by 
Cooper in 1992, when it 
recorded net profitB of 
FFrl95m. A French court has 
frozen 18 per cent of Cooper's 
shares, which it has classed as 
treasury stock. 


deficit 


signs in its performance. 

According to the group, Its 
share of many or its principal 
markets had been maintained 
or improved. Eurocopter, for 
example, raised its market 
share from 50 per cent to 56 per 
cent. Demand for missiles, 
ATR aircraft and in its space 
activities were also described 
as encouraging. 

By contrast, the group's civil 
helicopter operations suffered 
from depressed demand while 
Airbus, of which Aerospatiale 
is one of the four consortium 
members, felt the impact of a 
higher rate of cancellations 
than new orders. 


Decelle are currently chairman 
and managing director respec- 
tively. 

• Carrefour has also 
announced that it is to enter 
the Mexican market through 
the establishment of a 50-50 
joint venture with Gigante. 
Hie new company will develop 
large supermarkets. 

The Mexican company, 
which has activities In food 
and electronics retailing as 
well as cafeterias and restau- 
rants, achieved sales of 
FFriASbn last year. 


Asset sales 
help Coats 
Viyella at 
pre-tax level 

By Daqlel Green hi London 

Exceptional gains, mostly 00 
property sales, helped Coats 
Viyella, the UK textiles and 
clothing manufacturer, push 
1993 pre-tax profits to £16b3m 
($223. 9m), compared with 
£134.7m the year before. 

Underlying operating profit, 
however, fell 3J3 per cent to 
£187,6m from £194>Bm, before 
reorganisation costs and 
adjustments for exchange-rate 
fluctuations and acquisitions. 

Mr Neville Bain, chief execu- 
tive, warned that “there are no 
immediate signs of significant 
improvement in external con- 
ditions in our major markets". 
The shares fell 20p to 260p. 

Debt-equity gearing was 
reduced sharply from 64.6 to 
31 per cent, the lowest level 
since before the £252m acquisi- 
tion of TOotal three years ago. 
Mr Russell. Walls, finance 
director, said: “We have 
digested TootaL" 

The decline in gearing fol- 
lowed the conversion of 
£m.4m of redeemable prefer- 
ence shares to equity. Net bor- 
rowings foil from £404£m to 
£26&3m. 

Earnings per share rose to 
14.6p from lOp and the divi- 
dend was raised 10 per emit 
from 7.25p to 8p for the year. 
The company again intends to 
offer an enhanced scrip divi- 
dend. 

By geographical areas, Coats 
recorded a decline in sales in 
North and South America and 
In Europe, outside the UK 

The slowing sales in the rest 
of Europe and tike Americas 
were partly the result of a 
trend in men's fashions away 
from knitwear, said Mr Bain. 
The decline was sharpest in 
continental Enrope. where 
operating profits fell 
32.3 per cent to £3L2m from 
£46. lm. 

Cost-catting led to operating 
profit rises in the Americas. 
Brazil, which has been a per- 
sistent loss-maker for the com- 
pany, recorded a loss of £5m, 
compared with £15m a year 
ago. 

Acquisitions had sales of 
£200m and pre-tax and minor- 
ity profits of £20J>m, adding 
lp to earnlngs-per-share. 

Lex, page 14 


By Norma Cohen, 

Investments Correspondent 

Schraders, the UK merchant 
bank, yesterday revealed for 
the first tiwiB that ^ has been 
carrying £201.6m (5151m) is 
inner reserves on its books and 
said pretax profits rose 85 per 
cent in 2993. 

In 1993, pre-tax profits were 
£195-8m against £i05.7m in 
1992. The inclusion of the inner 
reserves forced Schroders to 
restate its 1992 earnings, rais- 
ing them slightly. 

Of 1993 profits, the fund 
manag e men t arm contributed 
29 per cent, £56.8m. up from 
£30 -2m in 1992. Meanwhile, 


By Ronald van do Kroi 
in Amsterdam 

Grolsch, the Dutch brewer, 
posted virtually flat results in 
1993 but it expects to see a 
“significant" rise in 1994, due 
in part to the recent overhaul 
of its strategy In Britain and 
Germany. 

De clining beer markets in 
north-west Europe caused net 
profit to remain at FI 43.5m 
($22. 9m) compared with 
FI 43.4m in 1992, on turnover 
down 8.5 per cent at FI 793 -5m. 

Since the start of 1994, 
Grolsch has set up a distribu- 
tion joint venture with Bass, 
the UK's largest brewer, to 
boost sales in Britain and 
Ireland. It h«« also announc ed 
the sale of WicktUer, its subsid- 
iary in Germany, to the Ger- 


By John Rkkflng 

Groupe Bull, the French 
computer group which is 
slated for privatisation this 
year, has taken restructuring 
provisions Of FFrL65bn ($286m) 
in its accounts for 1993, taking 
total net losses for the year to 
FFr5.07bn. 

The result compares with a 
deficit of FFr4.72bn in 1992 and 
means that total losses for the 
past four years have amounted 
to FFr19 -9bn. Operating losses 
grew to FFrl.89bn from 
FFr642m, while sales declined 
to FFr2&25bn from FFr30 J9bn. 

The company’s financial 


merchant and investment 
banking earned £139m. up from 
£75£m. 

Despite the sharp rise in rev- 
enues, administrative expenses 
rose 20 per cent to £272m, most 
of which reflected increases in 
salaries and bonuses. Mr Win 
Bischoff, group chief executive, 
said £15m to £20m had been set 
aside to cover bonuses for 1993. 

Schroders also announced a 
50 per cent increase In the 1993 
dividend to HL5p per share. 

Schroders, like other Euro- 
pean merchant banks, is being 
forced by an EU directive to 
detail bidden reserves, tradi- 
tionally used to smooth profits 
over the years, and to break 


man brews 1 Bran und Brun- 
nen, in return for a distribu- 
tion pact that will give Gfrolsch 
entry to 6,000 cafes across Gar- 
many within five yeans. 

These changes, plus effi- 
ciency measures at home, 
should lead to a significant 
Improvement In 2994. 

Mr Paul Snoep, chairman, 
said Grolsch did not rule out 
ftiture acquisitions. But in con- 
trast to the 1991 acquisition of 
Wickfiler, which gave Grolsch 
a range of local beers and the 
prospects of a gradual intro- 
duction of its own brand in 
Germany, any takeover must 
have as its prime goal the 
accelerated expansion of the 
Grolsch brand. 

He denied that the WicktUer 
investment represented a fail- 
ure in corporate policy, saying 


plight and the French govern- 
ment’s decision to privatise the 
group as quickly as possible 
has prompted a recovery plan 
aimed at returning the group 
to profit by 1995. 

Mr Jean-Marie Descarpen- 
tries, who took over as chair- 
man last October, is Imple- 
menting cost cutting and 
measures to improve produc- 
tivity. Industrial partners are 
being sought to take stakes in 
the company and allow its 
entry into the private sector. 

The group said that priority 
is to be given to internal reve- 
nue growth. It said the experi- 
ence of the past few months. 


down the source of revenues 
into trading activities and that 
earned on fees and commis- 
sions. 

“The hemline is lifted a little 
bit hi ghor than has been the 
case in other years,” said Mr 
George Mallinckrodt, chair- 
man. 

Analysts point to the very 
strong growth in Schroder 
Investment Management, the 
fund management division. 
Total assets under manage- 
ment rose 47 per cent to £53bn, 
about 40 per cent of which was 
outside Britain. 

Net new cash in 1993 totalled 
£6J5bn, a rise of about 15 per 
cent of 2992 total funds under 


it had given Grolsch the oppor- 
tunity to enter into a partner- 
ship with Brau und Brunnen 
and achieve a breakthrough in 
distribution. 

In the UK the Bass deal will 
give the British brewer the 
right to produce Grolsch beer 
locally, with the exception of 
beer bottled in Grolsch’ s trade- 
mark swing-top bottles. 

The move is a departure for 
Grolsch, which was previously 
keen to set itself apart in the 
UK by being a foreign-farewed 
beer. Bat Mr Snoep said, 
“Extensive market research 
has shown that UK consumers 
are used to d rinking foreign 
lagers that are brewed and bot- 
tled in the UK” Grolsch had 
no plans for a similar produc- 
tion arrangement in the US, its 
second biggest market. 


which saw a 22 per cent 
increase in sales in January 
and February, year-on-year, 
showed this is possible. 

Bull is aiming for a “drastic 
reduction in all non-salary 
costs". The reduction in the 
number of its Paris sites, for 
example, is expected to save 
FFrfOGm this year. 

A FFr7bn capital injection 
from the French government 
to support the computer group 
is currently being examined by 
the European Commission. Its 
acceptance will depend on the 
viability of the recovery plan 
and the company's success in 
finding industrial partners. 


jn fl nF gflmant . with £2.7hn of 
that coming from UK pension 
funds. Schroders has had par- 
ticular success in attracting US 
pension fond assets and is now 
the largest foreign manager of 
foreign equities for US institu- 
tions. Moreover, since the start 
of this year, SIM has attracted 
some £2hn in new cash. . 

By comparison, Schroders’ 
profits from trading were 
ro ughly 13 per cent of the total 
This is for below its contribu- 
tion to other merchant banks 
which, owing to strong market 
performance in 1993, earned 25 
to 30 per cent of profits from 
trading. 

Lex, Page 14 


Klockner 
sees return 
to the black 

By Quentin Peel In Duisburg 

K36ckner-Werke, once the 
weakest link in the German 
steel industry, expects to be 
back in the black this year, 
having disposed of most of its 
steel interests, and written off 
much of its steel-related debt 
burden. 

The company has been trans- 
formed into an internationally- 
diversified plastics and engi- 
neering group, with a residual 
interest in the Bremen-based 
KlQckner Steel integrated 
plant, Mr Hans Christoph von 
Rohr, the chief executive, said 
yesterday. 

In spite of a drastic restruct- 
uring programme, launched 
last year as part of the “compo- 
sition proceedings" - the last 
step before bankruptcy under 
German financial law - KlBck- 
ner Werke still suffered a loss 
of DM376m in its 1992/93 finan- 
cial year, of which DM361m 
($213m) was directly attribut- 
able to the steel operations. 

The company is awaiting a 
final decision tn early April by 
Sidmar, the Belgian steel-mak- 
ing subsidiary of the Arbed 
group, on whether it wifi take 
a 25 per cent stake in the Bre- 
men steel plant if the deal 
goes ahead, KISckner's own 
stake will (hup to 25 per cent 
and management of the plant 
will be transferred to Sidmar. 

Mr von Rohr said that the 
Bremen plant would be making 
a profit in 1994, thanks to the 
restructuring measures. 


Aerospatiale reduces 


Carrefour takes control of Picard 


Grolsch forecasts improvement 


Bull full-year loss tops FFr5bn 


This tatnotmcetaeni appears at a matter of record only. 


New Isxne 


Starch 1994 


ik 

Hokuetsu Paper Mills, Lid. 
US.$70,000,000 

1 3 A per cent. Guaranteed Notes 1998 

with 

Warrants 

to subscribe for shares of common stock of Hokuetsu Paper Mills, Ltd 
The Notes are unconditionally and irrevocably guaranteed by 

The Dai-Ichi Kangyo Bank, limited 

Issue Price 102.S per cent 


Yamaichi International (Europe) Limited 
Bayerische Vereinsbank Aktiengesellschaft 
Goldman Sachs International 
Nikko Europe Pic 


DKB International 
LTCB International Limited 
Nomura International 


Normchakin International pic 

Bank von Ernst & Cie AG 
Commerzbank Aktiengesellschaft 
Robert Fleming & Co. Limited 
Kleinwort Benson Limited 
Mitsubishi Trust International Limited 
Okasan International (Europe) Limited 
Sodete Generate 

Tong Yang Securities Europe Limited 


Yasada Trust Europe Limited 

Barclays de Zoete Wedd Limited 
Dai-ichi Europe Limited 
Kankakn (Europe) Limited 
Lehman Brothers 
Mitsui Trust International Untiled 
J Henry Schroder Wagg& Co. Limited 
Taiheiyo Europe Limited 
UBS Limited 


S.G.Warburg Securities 


iiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiHiiiiiiiiiHiiiiiiiiiiiimiiiiiiiiimiiiiiiiiiiiiiiMiii 

This announcement appears as a matter of record only 


Advice and Finance for 
International Mergers and Acquisitions 


immiimimmiinimimimii 


iiimiimiiiimiiiMimiiiiiiiii 

AKZO NOBEL 


AKZO 

Akzo N. V. and Nobel Industries A.B. 
have merged to create 

Akzo Nobel N.V. 


Dfl 1.4 billion underwritten 
equity issue to fund the 
merger between Akzo N.V. 
and Nobel Industries A.B. 

S.G.Warburg 

acted as financial adviser to 

Akzo N.V. 


S.G.Warburg 

acted as global co-ordinator 
of the above issue 

mimiiiHimmmiinimimm 


imiimimiiiiiiiiiiiiiiiiMiMi 


S.G. Warburg 


S.G.Warburg Group pk 
London, New York, Tokyo 

Amsterdam, Auckland, Bangkok, Boston, Chicago. Frankfurt, Geneva, Hong Kong, Istanbul, KuaU Lumpur 
Lisbon, Luxembourg, Madrid, Melbourne, Milan, Montreal Moscow, Osaka, Paris, Seoul Singapore 
Sydney, Taipei Toronto, Vancouver, Warsaw, Wellington, Zurich 

mmmmnmmmmmmmimmnmmmmmnmmmmmmmmm 



All of these securities having been, sold, this announcement appears as a matter of recoid only. 


$500,000,000 


@ 


Bank of China 


$400,000,000 6 3 /4% Notes Due 1999 
$100,000,000 8V4% Bonds Due 2014 

Interest payable March 15 and September 15 


MORGAN STANLEY & CO. 

Incorporated 

CS FIRST BOSTON 


MERRILL LYNCH & CO. 


J.P. MORGAN SECURITIES INC. 


BEAR, STEARNS & CO. INC. 


SMITH BARNEY SHE ARSON INC. 


March 1991 



INTERNATIONAL COMPANY NEWS 


Fund launched 
to invest in Peru 
privatisation 


By Stephen Fkfler, Latin 
America Editor 

A new fund to invest In Peru's 
radical privatisation pro- 
gramme is to be launched next 
month using a format previ- 
ously successfully in Chile and 
Argentina. 

Midland Bank of the UK, 
Cbase Manhattan of the US 
and Banco de Credito del Peru 
are sponsoring the fund, expec- 
ted to attract up to 9250m in 
cash and sovereign debt paper 
from banks and other financial 
institutions. 

The International Finance 
Corporation, the private sector 
financing arm of the World 
Bank, is also expected to be an 
investor. A participation of up 
to 10 per cent of the fund’s 
value, probably in cash, is 
awaiting approval by the IFC’s 
board. 

The Peru Privatisation Fund 
will be managed by Montagu 
Mining Finance, mining sub- 
sidiary of Midland's merchant 
banking unit 

Although mining will be an 
important element in the pri- 
vatisation programme, the 
fund will also consider 
investments in oil and gas, 
electricity generation and dis- 
tribution, fishing and manufac- 
turing. 

The fund aims to be opera- 


tional by early next month 
when the privatisation of Cen- 
tromin, the mining , smelting 
and refining conglomerate, is 
scheduled to take place. 

The government has said 
that the base price for the com- 
pany would be $28Qm in cash, 
plus at least $60 m in debt 
paper anil a minimum invest- 
ment of $240m over three 
years. 

Previous debt-for-equity 
funds - also involving Midland 
and the IFC - have been suc- 
cessful in both Argentina and 
Chile 

Montagu said the acceptance 
of debt in part payment for pri- 
vatised assets should increase 
investor interest in privatisa- 
tion, reduce overall debt and 
pave the way to an overall debt 
restructuring. 

It should also, said an IFC 
official, help in the develop- 
ment of Peru's domestic capital 
markets. 

Peru has raised some &2.5bn 
in its privatisations so far, 
$2bn coming in one unexpect- 
edly large bid in the most 
recent telecommunications 
sale. 

After numerous delays, the 
process now appears to be 
going ahead in earnest, 
although uncertainties re main 
about how exactly the debt 
swap mechanism will work. 


Price cut likely for 
Northwest offering 


By Martin Dickson 
In New York 

Northwest Airlines, the 
fourth-largest US carrier, 
appears to be substantially cut- 
ting the asking price of a pub- 
lic offering of shares through 
which it plans to return to the 
stock market over the next few 
weeks. 

When Northwest announced 
its offering in January It indi- 
cated that it hoped to sell the 
shares at around $20, raising 
between $400m and $460m in 
new capital 

However, Wall Street ana- 
lysts said yesterday that it 
appeared now to be seeking 
some $13 to $14 a share. North- 
west declined to comment, cit- 


ing securities regulations 
which preclude discussion of 
public offerings. 

Lehman Brothers Is lead 
underwriter for the offering, 
which is expected to be priced 
next week. 

Analysts said the offering 
was never going to be a partic- 
ularly easy one to selL 

Northwest narrowly escaped 
bankruptcy last year by per- 
suading employees to accept 
an equity stake in return for 
labour concessions. 

It faces a continuing fares 
war against rival carriers in 
the depressed North American 
market and is one of the lead- 
ing US airlines serving the 
Pacific, where Japan's reces- 
sion has hit trade. 


Caterpillar in China deal 

Caterpillar, the US heavy 
equipment manufacturer, has 
signed a joint venture agree- 
ment with China's leading die- 
sel engine maker to build 
engines in China, writes Mar- 
tin Dickson. 

Caterpillar will be the major- 
ity partner in the venture with 
Shanghai Diesel Engine. 

Under a previous agreement 
between the two companies, 


engines were built in China 
with Caterpillar technology, 
but sold under a different 
trademark. They will now be 
marketed in China as Caterpil- 
lar engines. 

• ITT of the US said its ITT 
Flygt unit has signed a joint 
venture agreement with Dyna- 
pac Comercial for the manufac- 
ture and sale of submersible 
pumps and mixers in Brazil. 


Amexco 
concentrates 
credit card 
jobs in UK 

By Michael Skapinker, Leisure 
Industries Correspondent 

American Express said 
yesterday it was consolidating 
some of Its European charge 
card operations and moving 
them to Brighton in the UK, 
resulting in a net loss of 900 
jobs. 

The administration and pro- 
cessing of American Express 
card operations is done sepa- 
rately In 16 European coun- 
tries. Over the next IS months, 
these functions wiB be trans- 
ferred to Brighton. 

This wiB add 390 jobs to the 
Brighton facility, bringing tfae 
number of American Express 
employees there to 2,500. The 
company said it could not say 
what the costs of the redun- 
dancy exercise would be but it 
would be funded from existing 
resources. Nor could it say 
what savings would be 
achieved by the staff reduc- 
tion. 

American Express said some 
staff from its continental 
European operations would be 
transferred to Brighton and 
the job losses will be spread 
throughout the other IS coun- 
tries. 

The move does not affect the 
American Express traveller’s 
cheque operations or its travel 
business. 

The jobs affected will be 
those which do not involve 
any direct contact with card- 
holders. The functions being 
centralised in Brighton 
Include opening new accounts, 
establishing card applicants’ 
credit-worthiness and dealing 
with correspondence. 

American Express said the 
consolidation would enable it 
to save costs by developing a 
single system for dealing with 
European charge card holders. 
It added that different proce- 
dures for dealing with custom- 
ers had developed in tfae differ- 
ent European countries. 

The company said consoli- 
dating these operations would 
enable it to increase the speed 
wtth which It responds to new 
applicants and existing card- 
holders. 

Brascan settles 
dispute with banks 

Brascan. a key holding 
company in the Edper-Hees 
group, has settled a dispute 
with an international banking 
consortium, writes Robert 
Gibbens in Montreal. 

It will repay immediately 
US$625m or 12J per cent of 
$500m owed to 10 foreign banks 
led by Chemical Bank of the 
US. 

A lawsuit begun in the UK 
by the banks has been dropped 
and Brascan will consult the 
banks before making any Fur- 
ther significant asset sales. 
Another $12. 5m will be paid to 
Germany's Commerzbank, 
which is owed another $100m. 


Forestry group’s river of gold runs dry 

A new Canadian newsprint mill has been idle since Christmas, reports Bernard Simon 


I ma gine having a spanking 
new car in your driveway 
but being unable to drive 
it. That’s the analogy used by a 
banker to describe the plight of 
the newsprint mill at Gold 
River, British Columbia. 

The C$32Qm OJS$239m) mill, 
commissioned little more t han 
four years ago. is among the 
most modem in the world. But 
it has stood idle since Christ- 
mas Eve as its leading share- 
holder, Canadian Pacific Forest 
Products, haggles with interna- 
tional banks over its future. 

The Gold River saga Is being 
closely watched by forestry 
companies and their bankers 
throughout North America. 
Industry executives are ner- 
vous that the Gold River clo- 
sure signals a growing impa- 
tience among lenders with an 
industry which is reeling bom 
four years of heavy losses. 

For the bankers, the mill 
raises the difficult question of 
what to do with a brand-new 
project when supply and 
demand for newsprint are 
finely balanced. 

Prices remain near their low- 
est recessionary levels, and a 
new newsprint machine is the 
last item on a pulp and paper 
company's shopping list. But 
the market outlook has 
improved as the North Ameri- 
can economies pick up. Produc- 


ers are expected to succeed in 

pushing through at least part 
of an 11 per cent price increase 
which took effect on March 1. 

The eight-member Gold 
River banking syndicate has 
indicated, however, that it 
wants substantial changes at 
the mill before it would agree 
to restructure the C$226m debt 
It has turned down CP Forest's 
proposal for short-term fund- 
ing to keep the mill going. 

Instead, the banks have 
explored more radical options 
such as a new controlling 
shareholder to replace CP For- 
est, and converting the news- 
print machine to a different 
type of paper. 

One member of the lending 
group notes that “in the right 
hands and in the proper cir- 
cumstances, the facility is 
valuable”. The group is led by 
Toronto-Dominion Bank, and 
includes National Westminster 
of the UK, Bank of Tokyo, 
Union Bank of Switzerland, 
Australia's Westpac and three 
Other Canadian banks. 

But the banks have so far 
come up empty-handed in their 
search for a buyer or another 
operator. One sticking point is 
that the newsprint facility is 
closely integrated with a 
nearby CP Forest pulp mill. 

Rumours abound in the for- 
estry industry that, should 


CwiwBan Pacific Forest 
Products. 


400 



talks with CP Forest foil, the 
machinery may be shipped 
elsewhere, probably to a US 
miO 

Nowhere Is the discomfort 
greater than at CP Forest, 
which was a subsidiary of 
Canadian Pacific, the diversi- 
fied rail and resources group, 
until CP spun its stake off to 
the public last year. 

CP Forest initially took a 61 
per cent stake in the Gold 
River limited partnership. But 
its right partners, who include 


publishers in the US, Japan, 
UK and Singapore, have pre- 
ferred to give up equity over 
the past four years rather than 
participate in cash calls for the 
mill As a result, CP Forest’s 
interest ha s rfimhari to 84 per 
emit 

Relations between CP Forest 
and the banks have been 
bumpy. The mill was commis- 
sioned just as the newsprint 
market started sinking. “We’re 
a long way short of the trans- 
action prices we anticipated in 
the feasibility study ” says Mr 
Norman Lard, who heads CP 
Forest’s restructuring team. 

To add to the problems, the 
null's start-up was plagued by. 
uninng other thing*, technical 
problems and soil subsidence. 

The Montreal-based company 
vented its own frustrations late 
last year by refusing to sink 
more money into the partner- 
ship. As a result, debt-service 
payments were halted and the 
mill was unable to re-open 
after the Christmas holidays. 

CP Forest wrote off its entire 
C$14Tm investment in the 
fourth quarter, contributing to 
a C$286m loss for 1993. Long 
viewed as one of North Amer- 
ica's stodgiest forestry groups, 
CP Forest has lost C$1.12bn 
over the past four years. West 
coast lumber properties were 
spun off last year into a new 


public company, and the same 
is b rin g done with its paper- 
board business. Several indi- 
vidual pulp and paper mills 
have been sold or closed. 

Progress in negotiations 
between CP Forest and the 
hawks ewer Gold River has so 
for been slow. The company 
has yet to deliver a revised 
business plan which was prom- 
ised by last month. 

Mr Lord says that CP Forest 
was distracted by Us 
short-term funding proposal 
The long-term plan will be sub- 
mitted by the end of March, he 
says. “Other than losing 2-3 
weeks in the process [the nego- 
tiations] are running pretty 
much as we'd expected." 

W hether Gold River 
eventually sinks or 
swims, it has ful- 
filled a purpose for at least one 
group of stakeholders. In the 
four years that it operated, its 
annual output Of 230,000 tonnes 
has helped drive down west 
coast paper prices. 

Mr Mason Sizemore, chief 
operating officer of the Seattle 
Times newspaper, consoles 
himself that intensified compe- 
tition among newsprint suppli- 
ers has made up for the write- 
off which his company has 
biifm on its 5 per cent stake in 
Gold River. 


Shareholders 
demand US 
Shoe break-up 

By Martin Dickson 
in New York 

A group of dissatisfied 
shareholders at US Shoe, an 
American clothing, optical and 
footwear retailer, is to propose 
at the group’s annual meeting 
this spring that it be broken 
into three separately quoted 
companies. 

The suggestion has been sub- 
mitted by private investors 
associated with Mr Alfred 
Kingsley, who runs Greenway 
Partners, a New York money 
management firm. Mr Kingsley 
has been trying to raise share- 
holder support for the scheme. 
His firm owns or has voting 
control over more than 4 per 
cent of US Shoe’s stock, hut 
has not held -it long enough to 
file a proposal itself. 

Mr Kingsley, a former associ- 
ate of Mr Carl Icahn, the corpo- 
rate raider, argues that US 
Shoe’s three divisions lack syn- 
ergy. 

Mr Robert Burton. US Shoe's 
director of corporate communi- 
cations, said its board planned 
to file a preliminary reply to it 
within a week. 

US Shoe has annual sales of 
around $2.7bn. The company 
has a lacklustre earnings 
record and is one of 10 poor 
performers being targeted far 
action during the annual com- 
pany meeting season by the 
California Public Employees 
Retirement System, one of the 
largest and most aggressive 
investment funds in the US. 


Aldus and Adobe set to merge 


By Louise Kehoe 
hi San Francisco 

Aldus and Adobe Systems, two 
pioneers of desktop publishing 
software, are to merge in a 
stock swap deal valued at 
about $S25m. Combined, the 
companies have annual reve- 
nues of about $520m. 

Adobe will exchange 1.15 
shares of its common stock for 
each share of Aldus common 
stock. 

Aldus' share price rose 
sharply yesterday on news of 
the merger agreement, trading 
at $31%, up from Tuesday’s 
dose of $26%. Addie Systems 
was trading at $28%, down 
from $32%. 

"We believe our two compa- 
nies, each with, a rich history 


of inventing different aspects 
of the electronic publishing 
revolution, are simply much 
stronger together - both tech- 
nologically and financially," 
said Mr John Wamock, chair- 
man and chief executive of 
Adobe Systems. 

Adobe and Aldus are widely 
recognised for having created 
“desktop publishing" - the use 
of personal computers in pub- 
lishing newsletters, magazines 
and newspapers. Over the past 
decade publishing software has 
grown into a $2bn industry. 

Adobe's flagship product is 
PostScript, a computer lan- 
guage for printers that has 
become an Industry standard. 
It also makes programs that 
allow computer users to print 
text in various typefaces. 


Based in Mountain View, 
California, the company 
reported fiscal 1993 revenues of 
$3 13m and net income of 
157 m. 

Aldus’ leading product is 
PageMaker, a program for the 
"lay out" or design of docu- 
ments such as magazine pages. 
Based in Seattle. Washington, 
It had 1993 revenues of $207m 
and net income of $9 .5m. 

The companies’ products are 
complementary, with little 
overlap, analysts said. Mr Tim 
Bajarin, president of Creative 
Strategies, a California market 
research firm, said the deal 
would allow them “to be much 
more of a powerhouse when it 
comes to nexbgeneratkm desk- 
top publishing, printing and 
graphics technology”. 


CTC shares remain suspended 


By David Pflfing In Santiago 

Trading in CTC, the Chilean 
telecommunications group, 
was suspended for the second 
day in New York and Santiago 
yesterday after doubts emerged 
on Tuesday over Chile's new 
five-year telephone tariff struc- 
ture. 

Shares in the company, in 
which Telefonica of Spain has 
a 43 per cent stake, dropped by 
13.8 per cent in New York, 
where CTC trades a quarter of 
its stock under the American 
Depository Receipt (ADR) 
mechanism. 

CTC fell by R3 per cent in 


Santiago, precipitating a 1.2 
per cent fall in tire IPSA index 
of most-traded shares. 

The company, which has 
asked the Comptroller General 
to declare the new tariff pro- 
posals Illegal, said it was due 
to meet the ministry of trans- 
port and telecommunications 
last night to appeal against the 
draft proposals. 

CTC had expected the tariffs 
to be increased slightly but it 
now seems that there will be 
significant cuts, which would 
hit the company's revenues. 

Mr Daniel Yarur, rfiarn gari 
of Chile's securities and 
exchange commission, said 


CTC shares would continue to 
be suspended until the com- 
pany had folly disclosed the 
potential effects of tariff 
changes on its performance. 

Analysts in New York said 
the incident confirmed the vul- 
nerability of Chilean compa- 
nies to changing US sentiment. 
Eight companies have already 
placed AJDRs and 13 others 
hope to follow suit this 


Mr Yarur said New York list- 
ings had a positive effect “The 
US looks for transparency and 
maximum disclosure and 
therefore strengthens, not 
weakens, the process," he said. 


Croat brewer 
attracts several 
European bids 

By Patrick Blum in Vienna 
and Gavin Gray in Zagreb 

Several leading European 
brewers have placed bids for a 
24 per cent stake in Zagreb 
Brewery (ZB), Croatia's largest 
brewer with the capacity to 
produce up to Im hectolitres of 
beer. 

The bidders include Inter- 
brew, the Belgian company 
that makes Stella Artois, Brau 
AG of Austria, Castel of 
France, a German group, and a 
millionaire former Croat 
emigre. 

The whole of the company is 
being privatised with over 50 
per cent of tile shares reserved 
for employees, and the 
reminder going to pensions 
and other funds. A foreign 
partner was sought to help 
modernise production. 

ZB has a book value of 
around DM4lm ($23 Jim) but 
the market value as reflected 
in the bids is considerably 
higher, says Mr Peter Golschei- 
der, managing director of Epic, 
the Vienna-based investment 
fond which organised the for- 
eign tender. 

While ZB has mainly a 
regional market, demand is 
expected to pick up strongly 
when tourists return to Croatia 
once the war In Bosnia is over. 

The winning bid will be 
announced in a week’s time. 
The brewery has a strong his- 
tory of profitability, a low debt, 
and a good management team, 
Mr Gktlscheider says. 




4 




litis mutt rhiis hern jaw// hv linlnsiiv; Capital Set mines IL'K) Limned. u member nf The 
Seeuritirs am I Future* Authority This nolu <■ tloex wv (ivunuift- an after or iiinuilinn to 
in iv person to subscribe lor or to punhasr any Units. Share > or Warrants 
amt appears as a nuilier nf record only. 


THE LATIN AMERICA NEW GROWTH FUNDS. A. 

I S t left- il In ivsti OfWrtW ft t 'apital Fixe rneorptiraicd with limiter! liahili/v in. 
ami muter the fates at. the ( inmj Duchy of t.iixeiilhniir^l 

US$75,000,000 

r.tiKcd through the placing of 75H.C8K1 Unit-, cumprtsinp Shares and Warrants 

by 

Indosuez Capital Securities (UK) Limited 

W.I. Carr (America) Limited L.C.F. Edmond de Rothschild 

Securities Limited 

Investment Manager 

Gartmore Capital Management Limited 

Adviser to the Investment Manager 

Indosuez Capital Latin America 


The Latin America New Growih Fund S.A. (ihc “Fund”) was incorporated as a 
closed -ended investment company in Luxembourg on 28 February. 1994. Subject to share- 
holder approval, the Fund may buttMlc open-ended on or alter 10 March. 1 997. 

Each Unit comprises five Shares in the Fund and one Warrant to subscribe for one 
Share at a price of USS20.00. Each Unit was placed at an initial subscription price of 
U SSI 00.00. exclusive of selling commission. 

The Shares and Warrants of the Fund are listed on the Luxembourg Stock Exchange 
and The Irish Stock Exchange, with effect from 10 March. 1994. 


The Latin America New Growth Fund 
39 Alice Scheffer 
L-2520 Luxembourg 

17 March. 1994 



Anal 

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gscBESEaeiaaivS 

I RES 

|| Residential Property 
Securities No. ) PLC 

cnjaoopoo 
CUstAI Nona 
Mortgage Backed Hoaxing 
Hite Notes due .2025 

Nm«>- h hndtr pwn ika ik« util he 
d pmapj npMTQcri 'if L7.6T7 prr 
Miwprmpt tu rhun iSbl of 
ihr IHa -Jfl the faifrred J)B)|i»i« dale 
Vhh Mxdi W. rhe prindpj mme* 
tMUinling an Wt Mxdi IW* wiO 
ihcrvfiwv hv Un.t 1 2 per 



as Basses 


Mortgage Securities 
(No.Z) PLC 
S250.000.000 

Mortgage backed floating 
rate notes due 2028 

For the interest period IS 
March 1994 to 15 June 1994 
the note s mill bear interest at 
S3S7S% per annum. Interest 
payable on IS June 1994 toil I 
amount to SJ, 352.90 per 
SI 00. 000 note. 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 


^ll^iBank 

Australia and New Zealand 
Banking Group limited 

AusmJion Ctimfwn;, Number 005 357 522 
< I nftirporoeeduttdi limited liability in thr Scute of Victoria, Australia) 

U.S. $ 200 , 000,000 

Subordinated Floating Rate Notes due 1998 

For the six months 16th March, 1994 to 16th September, 1994 the 
Notes will carry an in rerest raw of 4^% per annum with an 
amount of Interest U.S. $2, 363.89 per U.S. $100,000 denomination, 
payable cm 16th September, 1994. 

Listed on the Luxembourg Stock Exchange. 


Q Bankerslhut 
Company, Loudon 


Agent Bank 


☆ PROPERTY FINANCE * 

source* for commercial properties: 19 to 90% loan to valuation; most 
: Mflkmun ££00,000. Contact: RtcharH wn Gttzen, 
rOMiMSFA) 

T«fc 071 493 7050 Fan 071 


CS^JiO a tz 

PC QUOTE 

6-?KC HY PEP FEED 



sr-o 


ECU Tamrinvot P1X 


FUTURES f. OPTIONS SP.OK 


London SW1X8HL 
Tafe ,71 2450088 
Hoe +712388588 
mnUmSTfl I 


ROUND 

TRIP 


An important 
announcement to our 
stockholders : 

Copies of the 1993 Annual 
Report of Citicorp can now be 
obtained from:- 
Citibank, NA, 336 Strand, 
London WC2R 1HB. 

Postal applications should be 
addressed for the attention of 
Sonia Gordon, Corporate Affairs. 

CITIBANKS? 

CiOcorp. 399 I^Avmje,Neyv York, New Ybik 10043 
tncarporeied in foe State of Delaware 


Notice of Interest Amount 

EMBRATEL 

EMPRESA BRASILEIRA DE TELECOMUNICACOESSA 
Floating Rate Notes 

NOTICE IS HEREBY GIVEN that the UBO RATE for the INTEREST PERIOD 
beginning March IS, 1994 and ending on September 15, 1994 has been 
fixed at 4.18750%. The INTEREST AMOUNT totaling S365.732.fil payable on 
the SEMI-ANNUAL DATE (ailing on September 15, 1994 Is comprised of the 
following amounts: 


Series Interest Amount 


A 

B 

C 

March 17. 1994 


$116^2528 
$ 85,351 .35 
$ 58,41164 


Series 

D 

£ 

F 


Interest Amount 

S 43.S09.4S 
$ 43.S09.4S 
$ 17,523.85 


CITIBANK, N A, » Agent Bank 


<? 


# 







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FINANCIAL TIMES THURSDAY MARCH 17 1994 


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- ARK LA, INC. 

BAKER HU GHES I MCO RPORAT E D 
THE BROOKLYN ONION GAS COMPANY 
CONSOL IDATEDN ATO RAL GASCOMPANY 
DIAMOND: SHAMROCK, INC. 
DRESSER INDUSTRIES, INC. 

DUAL DRILLING COMPANY 

U.\ • »* '» ' , '• * 

tLP/OVERSEAS LIMITED : 


•V'V ENRON CORP. 


HORNBECK OFFSHORE SERVICES, INC. 
K E \X£X;jC$L:&yGA± PArtTN 0RS,LTD . 


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tlASMO': PLC 




MAXUS ENERGy CORPORATION 

»«.*!, . / « I, ^ •* ■ 

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MICHIGAN CoWSOLIDATED GAS COMPANY 


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MITCHELL ENERGY fcite V E LOPM E NT^jC O R P. 

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liiTIOlSflL FUEI/GAS GO** PAN* 

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NORTHERN BORDER PARTNERS, O*. 

,£H: '"/V • •■■‘i 

NORTHERN ILLINOIS GAS cdtfPANY 

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Mb VA C O R P O R ATI O N OF ALBERTA 

OCCIDENTAL PETROLEUM CORPORATION 

»*£*• •' f# ' ■- 

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PACIFIC ENTERPRISES 




ANDLE EASTERN CORPORATION 


•• ■■A-V 

, ; J PEN NZOIL CO M PAN Y 

-j^RWJNA . j&A. 

V^H It d'PS P £ TftOLE llM c DM PA'ififV / .? : ; 

THE P|£il DENTIAL-BACHE. ENERGY INCOME FUNDS 

REPSOL, S.A. 

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* SEAGULL ENERGY CORPORATION 
SOUTHERN CALIFORNIA G&S COMPANY/ 

TEJ AS, G AS CORPO RATIO N 
TENNECO INC. : . 

TOKYO GAS CO- , LTD. : 

TRANSCO ENERGY COMPANY 
TRANSCONTINENTAL GAS JPi PE LINE CORPORATION 
TRITON ENERGYCORPORATION 
TU Bb S C O PE Y ETC O INTERNATIONAL CORPORATION 
UNITED M ERlbiANv-CO R PO RATI Of* 

' WAINOCO OIL CORPORATION 

WEATHERFORD INTERNATIONAL INCORPORATED 
W. R. GpACE & CO. 

YPF SOCIEDAD ANONIMA 


THE DIFFERENCE 
BETWEEN SETTING A GOAL 
AND ACHIEVING IT 

Our goal is to be the energy industry’s most trusted financial 
advisor, consistently providing our clients with the highest 
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During 1993, we completed seventy advisory and financing 
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But there is much more involved in achieving our goal: we 
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We understand the difference between setting a goal and 
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The difference is Merrill Lynch. 



Merrill Lynch 


A tradition of trust. 


19 




© 1994 Merrill Lynch & Co. 

Approved tor publication in the UK by Merrill Lynch ImmunonaJ Limited, a member of die Securities and Futures Authority Limited. 




20 


INTERNATIONAL COMPANIES AND FINANCE 


FINANCIAL TIMES THURSDAY MARCH 17 1994 


Asko returns to profit 
but opts to omit payout 


By Christopher Parices 
In Frankfurt 

Asko. one of Germany's 
biggest retailers, returned to 
profit last year, but will not 
resume dividend payments on 
ordinary shares until the end 

of this year. 

By then the company should 
be experiencing a marked 
Improv eme nt in warning s. Mr 
Klaus Wiegandt, chairman, 
said yesterday. 

It will, however, pay out 
around DMl^bn in the form of 
a DM7.50 dividend for prefer- 
ence shareholders, according 
to Mr Horst Weber, finance 
director. 

The payment comprises 


DM2.50 for each of the past 
three years, and meets a statu- 
tory requirement for a mini- 
mum 5 per cent annual divi- 
dend to holders of preferred 
stock. 

Preference shareholders 
would have acquired voting 
rights at the next annual meet- 
ing if the payment were not 
made, he said. 

The company, majority- 
owned by the Swiss Metro 
group since last year, earned a 
net DM432m ($255.fim) tor the 
year ended September. 1993. 
compared with a loss of 
DM462m in the preceding nine- 
month period. 

Last year's profits from ordi- 
nary activities, excluding 


extraordinary g»ina and pay- 
ments resulting bom a wide- 
ranging restructuring, totalled 
DMlS6m, Mr Wiegandt said. 

He confirmed that the group 
would go ahead this year with 
a rights issue to reinforce 
Asko's capital base. The board 
has approval a nominal 
DM83JSm capital increase. 

Majority shareholders - 
Metro. WestLB bank and Bego- 
ha-Holding, accounting tor 70 
per cent or the outstanding 
shares - would take up their 
entitlement to the rights offer. 

The group’s ordinary shares 
gained DM39 yesterday, closing 
at DM1,089 in Frankfurt, while 
the preference stock rose DM2S 
to DM980. 


Porsche details fund-raising 


By Christopher Park os 

The planned capital increase 
tor Porsche, aimed at raising 
DM200m (SI 18m) to help fund 
new sports car developments, 
is to take the form of a one-for- 
tour rights issue at DM575 a 
share. 

The subscription period for 
the 350.000 new shares, half 
ordinary and half preferred 
stock with a nominal value of 
DM1 7.5m, will run from March 
22 to April 7. The new shares 
will be eligible for 50 per cent 
of any dividend payable for the 

financial year priding - on July 

31. The offer follows approval 

Sales at Visa 
exceed $500bn 
for first time 

Visa International said its 
worldwide sales volume for 
1993 rose to S542.2bn, up 163 
per cent from 1992*5 $463-7bn. 
This is the first time sales have 
topped $500bn, Reuter reports 
from San Francisco. 

The company said the num- 
ber of cards issued worldwide 
rose to 333.1m compared with 
304.6m in 1992, a gain of 9.4 per 
cent. It attributed the growth 
to the brand prominence of 
Visa and to renewed consumer 
confidence. 

Visa said its US sales volume 
was S229-9bn, up 18-2 per cent 


at the annual meeting in Janu- 
ary of a proposal to increase 
the company's capital by up to 
DMSQzzl 

The new ordinary stock is 
already destined tor the Por- 
sche and PiBch families, which 
own all existing voting shares, 
and have shown no inclination 
to relinquish absolute control 
They are also understood to 
own 40 per cent of outstanding 
preference shares. 

The company, which last 
year lost almost DM240m, and 
has previously said it expects a 
further deficit this year of 
around DMlfiGm. after a short- 
fall of DMll5m at the half-year. 


has confidently forecast a 
return to profits in 1984/95 and 
“decent" earnings the follow- 
ing year. 

By then it expects to have 
two new models on the market 
to bolster a range which at 
present depends heavily on the 
911 series. The company has 
estimated its investment needs 
at DMlbn until the end of the 
1996/97 year. 

Further details of the 
company’s prospects are expec- 
ted on Monday at the public 
launch of the rights issue by 
the lead manager, Dresdner 
Bank. 

See Lex 


SA gold mine plans 
R284m rights issue 


By Matthew Curtin 
In Johannesburg 

Joel, the South African gold 
minp controlled by Johannes- 
burg Consolidated Investment, 
yesterday announced a R284m 
($ 82 m) rights issue and new 
mining plan. 

Joel will redeem Rl50m 
worth of preference shares, 
and pay for the early stages of 
an eight-year R657m revamp of 
the mine's underground and 
surface operations through the 
issue of 98m new shares at 290 
cents each. 


JC1, which is part of the 
Anglo American group, and 
the Saniam jjfg insurance com- 
pany. holders of 55 per cent 
and 7 per cent stakes in Joel 
will take up their entitlement 
to the offer. The balance will 
be underwritten by Smith New 
Court and NM Rothschild. 

JCI has sunk R900m into Joel 
since 1987, but in the past year 
considered dosing or merging 
it with the neighbouring Bea- 
trix mine, owned by Genoor. 

Joel’s results have been 
dented by high working costs 
and heavy borrowings. 


Top Danish 
insurer back 
in black at 
DKr815m 

By Hilary Barnes 
In Copenhagen 

Codan. which last year became 
Denmark’s largest general 
insurance company with the 
take over of Hafnia. made a net 
profit of DKrS15m (5125.4m) in 
1993, compared with a 
DKr74m loss Is 1 992. 

Hafnia collapsed in 1992 
after an unsuccessful attempt, 
with Norway’s Uni Storebrand, 
to mount a takeover bid for 
Skandia, the big Swedish 
insurance group. Codan is con- 
trolled by the UK’s Sun Affi- 
ance. 

The Hafnla acquisition is 
reflected by a rise in Codan’s 
premium income, from 
DXr2.09bn to DKr&85bn last 
year. The figure indudes both 
general insurance and life 
assurance. The group's total 
assets rose to DKr55.34bn 
from DKrl5.32bn. 

Codan said the overall result 
for 1993 was acceptable, but 
that the result for general 
insurance was “unsatisfac- 
tory”. There was a loss on 
Danish general Insurance, 
before investment income 
from insurance activities, of 
DKr770m. 

However, rising bond and 
share prices in 1993 pushed up 
investment income. Invest- 
ment income on the general 
Insurance business amounted 
to DKrtilOm. Other investment 
income was DKr664m, while 
the life assurance business 
made a profit of DKr428m. 

Codan said performance In 
general insurance would 
improve in 1994, as premium 
prices had been increased and 
because 1993 was burdened 
with non-recurring provisions 
arising from Hafnla. These 
included DKr400m to cover 
losses on finance guarantees 
over and above tbe amount 
already set aside by Hafnia. 

The final result In 1994 win 
depend on the movement of 
bond and share prices, said 
Codan. It is paying an 
unchanged DKrSO-a-ehare divi- 
dend for 1993. 

• BAS, the big Italian insur- 
ance group, expects pre-tax 
profits for last year to exceed 
the L94.6bn (556m) of 1992, 
writes John Simpkins from 
Milan. 


Being punished for prudence 

Nordbanken’s rivals say state aid was unfair, writes Hugh Carnegy 


T his time last year, most 
of Sweden's banks were 
queueing up for govern- 
ment aid to rescue them from a 
loan-loss ducking that nearly 
sank them. Twelve months 
later, the state is under fire 
from the same banks for 
weighting its support too 
heavily towards just one Insti- 
tution, Nordbanken. 

The issue is set to be thrown 
into sharp relief next week 
wizen Nordbanken, now wholly 
state-owned, announces profits 
for 1993. These are likely to be 
well in excess of those of its 
rivals. It is a profit the bank 
could not possibly have 
achieved without a wholesale 
clean-up of its books last year. 
The operation involved an 
Injection of taxpayers' funds of 
more than SKrsObn ($6.4bn). 
and the assumption by the 
state of Nordbanken bad loans 
worth SKr67bn. 

What is more, Nordbanken 
has meanwhile become the 
largest Swedish bank, by mar- 
ket share, through the take- 
over of Gota Bank. Goto was 
second only to Nordbanken in 
the scale of its loan-loss deba- 
cle and also was taken over by 
the state. That operation cost 
more than SKr27bn and 
involved the state purchase of 
bad assets worth SKr43bn. 

Nordbanken and Gota Bazik 
were not the only banks to 
receive state aid. However, 
they did swallow the lion's 


share end the other banks, par- 
ticularly Skandinaviska 
Rnckflria Ranker! and SVBDSka 
Handelsbanken, are peeved. 
The two are Ipading commer- 
cial banks which survived fee 
crisis without direct state 
assistance. 

SE-Banken and Handelsban- 
ken both returned to profit in 
1993 after huge losses in 1992 - 
respectively posting operating 
earnings of SKx357m and 
SKrLSbn, due mainly to low 
Interest rates and rising invest- 
ment income. But they contin- 
ued to be burdened by high 
loan losses - as was S wed- 
bank, the largest In the Nordic 
region by asset values, and the 
grnflTW VBir pnlnpuhanWen . Both 
remained in the red in 1993. 

The growing sense of unfair 
treatment among Nordban- 
ken’s rivals was given its 
strongest airing earlier this 
month in a protest from toe 
Swedish Bankers’ Association. 
Led by SE-Banken and Han- 
delsbankezx, the association 
com plaine d that the extent of 
state aid to Nordbanken was 
excessive, and called on the 
gov ernment to claw bade some 
of its support. 

"The state support for Nord- 
banken. has been comprised in 
a way tost gives Nordbanken a 
dear competitive advantage 
over the other players in toe 
payment and credit system,” 
the association said in a letter 
to the Bank Support Authority. 


STATE SUPPORT FOR 
SWEDISH BANKS 


SKifan 


Swedbank 

&0 

Nordbanken 

16l2 

Securum 

35.0 


2-5 

Gota Bank 

20.0 

Equity tar Retriva 

3£ 

Guarantee for Retriva 

3.5 

ToW 

89.0 


the Rjksbank, the fHiawHai 
inspectors. 

Handelsbanken, in particu- 
lar, would appear to have 
grounds for complaint It was 
the least affected by loan 
losses - mostly accrued by its 
rivals through wildly-impru- 
dent property landing - and 
was toe only bank which did 
not apply for state aid. 

Y et its reward for solid 
management has been 
limited to an increase 
in market share, from around 
14 per cent to 16 per cent and, 
in the words of a government 

nffjria^ the p'n'hiypre'-rrKqit of its 

"reputation and standing in 
the market". - 

The authorities, however, 
have shown little sympathy for 
the Bankers’ Association pro- 
test Mr Stefas Ingres, chief 
executive of the Bank Support 
Authority, says allowfrzg Nord- 
banken and/or Gota Bank, to 
collapse would have reduced, 
not anhnTu*»d, competition in 


the system - if. indeed, the sys- 
tem had survived the shock. 

He rejects a proposal by the 
Bankers’ Association that 
Nordbanken should be penal- 
ised through the suspension of 
interest payments due on 
SKrSObn in assets held by 
Securum, the so-called bad 
hqnk into which toe govern- 
ment placed Nordbanken’s bad 
loans. 

Mr Ingves said although 
Nordbanken was not paying a 
formal price for Gota, it would 
have to spend around SKrtbn 
to bring Gota’s capital ade- 
quacy ratio above the interna- 
tional requirement of 8 per 
cent. In addition, the BSA 
intended to “disentangle’’ over 
toe nest year both Nordbanken 
from Securum and Gota from 
Retriva, the Gota "bad bank”. 

However, the main concern 
of tbe authorities appears to be 
to achieve the best payback to 
the taxpayers when Nordban- 
ken is re-privatised, rather 
than to placate the competitive 
jealousies of other banks. 

It was the perception that a 
merger with Nordbanken 
would enhance these returns 
tha t fed the government not to 
sell Gota Bank as a stand-alone 
entity late last year. 

Mr Ingves insists the final 
reckoning of the government’s 
bail-out of Nordbanken and 
Gota Bank should not be made 
until Nordbanken is sold off, 
probably some time next year. 


NEWS DIGEST 

Telstra 
cautious in 
spite of rise 

By Nikki Tait In Sydney 

Telstra, the Australian 
telecommunications company, 
yesterday reported a 26-5 per 
cpTit increase in profits after 
tax, to A$997m (US$717 3m) for 
the six m onths ended Decem- 
ber. However, it warned 
that increasing competition 
would put pressure on future 
returns. 

Mr David Hoare. chairman, 
described toe first-half results 
as "sound”, but said that com- 
petition had been "fierce”. 
"This will increase pressure 


of Telstra’s future profit 

margins and cashflows,” he 
sa id 

Due to the progressive dere- 
gulation of the Australian tele- 
communications sector, Telstra 
now feces competition from 
Optus in the long-distance 
market, and from Optus and 
Britain’s Vodafone tor mobile 
telephone services. The govern- 
ment’s aim is to move to full 
network competition by 1997. 

Telstra’s revenues dining toe 
six months rose 35 per cent to 
A$6.41bn, while operating prof- 
its were 12 2 per cent higher at 
A$L48m. 

Telstra’s debt fell, leaving 
the gearing ratio at 37 per cent 
by the end of 1993, compared 
with 41 per cent six months 
earlier. 

The company, which said it 
would pay an interim dividend 
of A$361m to the federal gov- 
ernment, does not provide a 


detailed break-down of its fig- 
ures. 

Poseidon Gold 
acquisition delayed 

Poseidon Gold, part of Mr Rob- 
ert de Crespigny’s Normandy 
Poseidon group, said its pro- 
posed purchase of a 40 per cent 
interest in the Boddington 
Gold Mine from Reynolds Met- 
als had been delayed by the 
oourt action brought by New- 

CTBSt Mining . 

The deal - which involves 
payment of US$ll6m. plus 
delivery of 30,000 ounces of 
gold over seven years - had 
been due to close on Tuesday. 

A new completion date Trill 
be set when court proceedings 
end. Newcrest is seeking to 
block the deal, although 
PosGoZd maintains the legal 
action “has no merit”. 


Pasminco sells 
mine interest 

Pasminco, toe Australian zinc 
and lead producer, is selling a 
40 per cent interest In the 
Klura rlnn/lend mine in New 
South Wales to Korea Zinc 
Company for A$40m 
(US$28.7m). 

The price will be paid in two 
instalments; A$27m when the 
deal is completed, and a fur- 
ther A$13m when the mine is 
upgraded to allow it to operate 
at its "installed” capacity of 
i-ftm tonnes of ore a year. It 
currently operates at only 
around 800,000 tonnes a year. 

Once back to installed capac- 
ity, Pasminco will take 60 per 
cent of the output to supply its 
Australian smelters, while 
Korea Zinc will use the remain- 
der to supply zinc and lead 
smelters in Korea. 



H. J. JOEL GOLD MINING 
COMPANY LIMITED 

RaglNraHon Numbar B5S0IS9&06 
(Incorporated in the Republic m South Africa) 

CH.J. Jo«r or company*) 


Results of general meeting - salient dates of rights offer 

1. General Meeting 

H. J. Joel announces that at a general meeting held on 16 March 1994, the ordinary shareholders 
of H. J. Joel passed two special resolutions. The first of these had the effect of Increasing the 
company's authorised share capital by creating 100,000,000 new ordinary shares (ranking pari 
passu in all respects with the existing ordinary shares) and 100 new redeemable preference shares. 
The second sets out the rights and privileges attaching to the new redeemable preference shares. 

At the same general meeting, an ordinary resolution was passed, placing all of the ordinary shares 
and the 100 new preference shares In the authorised but unissued capital of toe company under 
the control of the company's directors and granting the said directors with toe authority to allot and 
issue such ordinary shares and with toe special authority to allot and Issue such new preference 
shares to the holders of toe redeemable variable rate preference shares ("existing preference 
shares') upon redemption of such existing preference shares. 

The special resolutions and the ordinary resolution were lodged and registered with the Registrar of 
Companies on 16 March 1994. 

Z Rights Offer 

In terms of toe rights offer, 97,980,267 new ordinary shares will be offered to holders of ordinary 
shares, on toe basis of one new ordinary share for every one ordinary share held in H. J. Joel at 
the close ot business on Friday, 18 March 1994. 

The Johannesburg Stock Exchange ("the JSE') has granted a listing for the renounceable (nil paid) 
letters of allocation ("letters of allocation’) from Monday, 21 March 1994 to Wednesday, 20 April 
1994. Dealings will commence in the (nil paid) new ordinary shares on toe London Stock 
Exchange (“the LSE”) from Monday, 21 March l994.The JSE has granted a listing of the new ordinary 
shares from Thursday, 21 April 1994. Application has been made to toe LSE for the listing of the 
(fully paid) new ordinary shares from Monday, 25 April 1994. 

Johannesburg Consolidated Investment Company, Limited ("JCI") and South African Nations) Ufe 
Assurance Company ("SANLAM") effectively hold 55.16% and 7.12%. respectively, of the issued 
ordinary shares in H. J. Joel. JCI and SANLAM have undertaken to take up their respective 
entitlements in terms ot the rights offer. The balance of the offer will be underwritten by Smith New 
Court Securities Limited and N. M. Rothschild & Sons Limited. 


3. Salient Dates 

Last day to register for the rights offer 
Listing of letters of allocation commences on the JSE 
Dealing in (nil paid) new ordinary shares commences on the LSE 
RIGHTS OFFER OPENS at 09.30 in Johannesburg and London 
Last day far dealing in letters of allocation on the JSE 
Last day (or splitting letters of allocation: 

- In London (15.00) 

- in Johannesburg (14.30) 

Listing of new ordinary shares commences on the JSE 
Last day tor dealing In (nil paid) ordinary shares on toe LSE (16.00) 

RIGHTS OFFER CLOSES at 14.30 in Johannesburg and London 
(last day tor lodging and payment) 

Listing of (fully paid) new ordinary shares commences on toe LSE 
Last day for postal acceptances (In Johannesburg only) 
postmarked on or before Friday. 22 April 1994 (will be accepted until 14.30) 

Posting of share certificates 
Copies of toe rights offer circular and toe letters of allocation, which contain full details of the 
rights offer; are to be posted to ordinary shareholders on Friday, 25 March 1994. 

On behalf of the Board 

K W Maxwell Johannesburg 

WA Nairn 1 7 March 1994 


1994 

Friday, 18 March 
Monday, 21 March 
Monday. 21 March 
Friday, 25 March 
Wednesday, 20 April 

Wednesday, 20 April 
Thursday. 21 April 
Thursday, 21 April 
Friday, 22 April 
Friday, 22 April 

Monday, 25 April 

Wednesday, 27 April 
Friday, 29 April 


Sponsoring Brokers: 

(South A fries} 

Dads Borfcum Hem & Co. Inc. 

(Registration No. 72/09126/21) 

(Member of The Johannesburg Stock Exchange) 


(United Kingdom) 

Smith New Court Cor po rate Finance Limited 
{Member of the London Stock Exchange and the 
Securities and Futures Authority) 


COMPAGNIE FINANClfeRE 
OTTOMANE SA 

23 aveune de la Porte-Nenve 
LUXEMBOURG 
R.G Luxembourg B44561 

The Annual General Meeting of shareholders will be held on 
Wednesday IS May 1994 at 11-30 anz in toe Hotel Le Royal, 
12 boulevard Royal, Luxembourg to receive reports from toe 
directors and the auditors, to approve the accounts for the 
year ended 31 December 1993 and proposed distributions, to 
discharge toe directors and auditors, to elect directors and to 
re-appoint auditors. 

To attend tbe general meeting, holders of bearer shares must 
deposit their shares at least 10 days before toe date fixed for 
the Meeting: 

la Luxembourg at the head office of the company at the 
above address 

In London, at Ottoman Financial Services, King William 
House, 2A Eastcfacap. London EG3M I AA 

In France, where shares are deposited with S1COVAM. 
shareholders must advise the blocking of their shares 
through their deposit agent either to Banque Paribas, 3 rue 
d’ An tin, 75002 Paris or to Compagnie Financ&rc Ottomans, 
7 rue Meyerbeer, 75009 Paris. 

Tbe report and tbe accounts which will be presented to the 
general meeting are available to toe shareholders at tbe bead 
office in Luxembourg and at the offices in London and 
Paris. 


J WIN ANDY 
Secretaire G£ndral 


17 March 1994 


BAYER AKT1ENGS3EUSCHAFT 

The Annual GeneteO Moating of 
Borne AftflongoMiKtian w« be mu 
an 27TD April. 1994 in Cologne, 
ferment ce o Ovktona o* 72% tot ihe 
year 1993 >M m prepooed. 

Coptol o* Ote Corrpcny t Annual 

Report toe 1993 m Cngltfi wil be 
awcMato 0am3.GWartva & Co. UU 
UnJed lOigdoen S ha^noUen vmo 

wiWi lo eOoeyl and veto at the Amud 
C en o nJ Meeting ihnid by 19th Apt! 
19W, Warm S-C.Wartog & Co. ltd. 
Paytng Agency. 2 Anbury Avenue. 
London EC2M 2PA who wft mate the 
neeemiry arrangements on their 
bend). 

Under Section 123 of the Caiman 
Companies Act. Hie Boom or 
Management Is only, obliged to 
provide mronnaiton on prepare* and 
no n Jn dfa ns that may be made by 
rfvawftatoen If the pdrtiM concerned 
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goad tire 

BAtW AKTCNCCSEUSCHAn 

irth Match. 1VM 


SOCIETE GENERALE 

FRF 500.000.000 

Subordinated 

Floating Rate Notes 
due 2001 

For the period 
March 1§, 1994 
to June 15, 1994 
the new rale has been 

fixed at 6,30859 % PA 

Next payment date: 
June 15, 1994 

Coupon nr: 13 

Amount: 

FRF 318,93 for the 
denomination of 
FRF 20000 

THE PRINCIPAL 

PAYING AGENT 

SOGENAL 

S0CETEGB\BIALE<3»UP 
15, Avenue Emile Reuter 
LUXEMBOURG 


FtffureSaurce 


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Slimes Spill Disaster 

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FINANCIAL TIMES Thijb SflAV \ir a it i An« 



INTERNATIONAL CAPITAL MARKETS 


Bundesbank gives brief boost to European paper 

By Conner MkkteJmarai 
in London and Rank MeGurty 
In New York 


European government bonds 
had a volatile session, rising in 
the morning following the 
latest reduction in the 
Bundesbank's repo rate but 
slipping back towards the close 
amid scant retail demand 
and reports of overseas 
selling. 

“Investors see value in these 
markets, but no one wants to 
be the first to buy," said Mr 
Gariy Jones, senior strategist 
at Paribas Capital Markets. 
However, he said that "some 
people are starting to nibble at 
the market”, buying on dips 
rather than selling into 
strength. 

■ UK gilts were Europe's 
weakest market yesterday. 


shrugging off lower-tban-expeo 
ted retail sates numbers and 
falling by more *b«p a point as 
January average-earnings 
unit labour cost d ata reignited 
inflation concerns. 

The June long got future on 
Lifie fell by around IA point to 
110 $. 

Gilts sharply underper- 
formed their core European 
counterparts, causing their 10 - 
year yield premium over Ger- 
man bunds to widen to about 
115 basis points on an annual- 
ised basis from KB basis points 
at the open. 

Friday's expected announce- 
ment by the Bank of En gland 
of its next gilt auction 
exerted further pressure on 
prices. 

“In the absence of overseas 
investors, new supply will 
have to be taken up by domes- 
tics - who have been keeping a 


very low profile in recent 
weeks,” said a trader. 

B German bunds strength- 
ened in the morning, despite 
some disappointment that the 
Bundesbank shaved only six 
basis points off its minimum 
repo rate, bringing it down to 
5.88 per cent 


GOVERNMENT 

BONDS 


However, the drop was 
larger than the recent three- 
basis- point reductions, serving 
as a reminder that the German 
monetary e as i ng process con- 
tinues. 

According to Mr Carl Holt, 
head of trading at ABN-Amro. 
"the market got a bit over- 
extended in recent days", and 
slipped back yesterday amid 


scant retail activity. He did see 
some investor interest in 
shorter maturities, which are 
seen to benefit from further 
cuts in short-term rates, but 
"people are cautious towards 
the long end", be said. 

Looking to today's Bundes- 
bank council meeting, few 
traders expect a cut in the 5J25 
per cent discount rate, 
although there was continued 
talk erf a reduction in the &25 
per cent Lombard rate. 

The next council meeting is 
scheduled for April 14. Until 
then, most traders expect the 
Bundesbank to continue its 
policy of cautious repo-rate 
cuts. 

The Dutch government today 
will reopen its T/i per cent 30- 
year benchmark bond at an 
auction that is expected to 
raise between FI ibn and 
F12bu. 


B Europe's high-yi elders 
moved roughly in line with 
bunds on moderate volume. 
The Italian June BTP future 
fell 0.07 point to 112.10, while 
the Spanish June bond future 
slipped by 0.15 point to 
101.35. 

■ The US Treasury market 
traded higher yesterday morn- 
ing, relieved by more favoura- 
ble news on inflation. 

By midday, the benchmark 
30-year government bond was 
s better at 92&, with the yield 
dipping to 6.853 per cent On 
the short end, the two-year 
note was up £ to 90S, to yield 
4^29 per cent 

For the second day running 
the Labor Department helped 
ease concerns that accelerating 
growth was pumping up infla- 
tionary pressures in the 
economy, a threat to the value 


of fixed-rate Treasury 
bonds. 

The government said the 
February consumer price index 
had risen 0.3 per cent, a figure 
which matched the forecasts of 
analysts. On an annual basis, 
the index fell to 2L4 per cent, its 
lowest level for seven years. 

It was the last big hurdle fac- 
ing the market this week. The 
absence of any unpleasant sur- 
prises was enough to allow 
bonds to extend gains shuck 
the previous session on a 
weaker-than expected producer 
price figures. 

However, buying continued 
to be restrained, and prices 
appeared to be settling into a 
narrow trading range. Some 
observers believed the tight 
pattern would hold until 
after the Federal Reserve's 
policy-making session next 
week. 


Philips returns to market 


By Antonia Sharpe 

Philips, the Dutch electronics 
group which this month 
announced a return to profit in 
1993 and its first dividend since 
1990, returned to the interna- 
tional bond market yesterday 
after an absence of six years 
with a FFribn offering of eight- 
year Eurobonds. 

A Philips spokesman said 
the proceeds of the transaction 
would be kept in French francs 
and used for general corporate 
purposes. He added that Phil- 
ips had chosen to make its 
return in the French franc sec- 
tor because it was the most 
receptive to long maturities 
from corporate borrowers. 

Syndicate managers said 
Philips' bonds were correctly 
priced at a yield spread of 85 
basis points over the 8V4 per 
cent French government bond 
due 2002, and that the spread 
met current demand among 
investors for decent returns. 
They added that a further 


attraction was the likelihood 
that Philips’ fortunes would 
continue to improve. 

Lead manager CCF said 
domestic investors took up 
around half of the bonds which 
it sold yesterday, while the 
other half were sold to inves- 
tors in Germany. Benelux and 
Switzerland. 


INTERNATIONAL 

BONDS 


When the bonds were freed 
to trade, they slipped from a 
fixed re-offer price of 9955 to 
9&20, in line with weakness in 
the underlying market. The 
spread widened by one basis 
point. 

Elsewhere, New Zealand’s 
successful issue of floating-rate 
notes on Tuesday prompted 
two further five-year FRN 
offerings, one of $500m from 
Hydro-Quebec and the other of 
$15Qm from insrtfaito National 
de Industrie (INI), the Spanish 


state industrial holding com- 
pany. 

The tighter pricing on INTs 
offering, which was off its Euro 
medium-term note programme, 
reflected its superior credit rat- 
ing. Some syndicate managers 
feared that the FRN market 
was close to saturation follow- 
ing the recent rush of offer- 
ings. 

The World Bank followed 
the European Investment 
Bank’s footsteps into the Greek 
drachma sector yesterday 
when it launched a DrlSbn 
offering of three-year Euro- 
bonds. The proceeds of the 
transaction were swapped into 
dollars. The World Bank said 
the deal reflected its policy of 
co n st antl y trying to diversify 
its funding sources and inves- 
tor groups. In addition, the 
bank had achieved an attrac- 
tive cost of funds on an after- 
swap basis. 

Lead manag er Midland Rank 

Athens said the high coupon 
on the bonds of 15% per cent 


NEW INTERNATIONAL BOND ISSUES 


nomower 

US DOLLARS 

Hydn><iuebect 

MdsubfeM Of Oajbft 

M RnreveX 

Amount 

m. 

SCO 

250 

ISO 

Ccwpon 

% 

W 

1X5 

» 

Price 

9B.18R 

100.00 

8680R 

Maturity 

Apr. 1999 
Apr. 1998 
Apr. 1999 

Few 

% 

0.15R 

2X5 

0.1SR 

Spread 

bp 

Book rumor 

CS Rntf Boston 

Yamstchi Inti 

Memfl Lynch tntt 

D-MARKS 

SGZ* 

100 

m 

101.40 

AprX004 

1.7S 

- 

DG Bonk 

YEN 

Mitsubishi Cbrp. Rnance 

lObn 

M 

10090 

Jun. 1907 1 

D. 1875 


IBJ Intematfaual 

Panasonic Finance Neiteje) 

5t3bn 

3X5 

100.75 

JU.1997 

unifiacL 

- 

Menll Lynch IntL 

FRENCH FRANCS 

Phffipe 

Ibn 

6875 

96591 

Apr .2002 

0.40R 

+65 (BV496-02) CCF 

CANADIAN DOLLARS 

Banta for Dutch MunWpeHes 

150 

650 

9S98R 

Apr. 1997 

O20R 

+23 (Q) 

ABN Amro Bank 

ESCUDOS 

Europeoi Investment Bank? 

15bn 

(h) 

100.00 

Mre.1999 

0.15 

- 

BPI 

DRACHMAS 

World Bank 

15bn 

1550 

loo. are 

Apr. 1997 

1X75 

- 

MkSond Athens 

SWISS FRANCS 

SudwestdeutBChe LB CapJOds. 

100 

4X5 

102X5 

Apr. 1999 

. 

. 

Lehman Brcthera(Switz.) 

fiJUL PIM, (N9tt«sJ»*§ 

65 

P 

100.00 

AprXOOO 

- 

- 

Barkers Trust (Swttz.) 


fM terms and non-caftabie unless staled. The yield spread (over relevant governmen t bond) at hunch is supplied by the I eat 
iranger. *Prtvate ptacemenL §Convertbta. $WKh equity warrants, tfloathg rale note. R: fixed re-offer price: fees am shown at the 
ifroflsr level a) 5-mth Ltoor flat b) Rxteg: 24/3/94. <4 3-rmh Libor -j,M. d) bd ta let 2 yn end 6-rrrth Libor fiat mtn SVfctt. max 
7*%. thereafter, a) Short lal cotton. 9 394 to 27/8/96 aid as* thereafter. Cabbie on 27/B/B6 at par. g) Ovar Interpolated yield, h) 
6-mth Uobor -0275%. 9 Fbdng Friday: com prawn t0% Coupon and redemption proceeds paid In DM. CcUeble after l yr. affect 
10 150H rule. at 10896 faffing tfttpa. Puttabla ki 4 yra at BOOL’S +80bp. 


appealed mainly to continental 
investors. When the bonds 
were freed to trade, they rose 
from an issue price of 100% to 
103%. 

Rank for Dutch MunicipaU- 


ties took advantage of demand 
among Benelux retail investors 
for short-dated Canadian dnllar 
bonds by issuing a C*150m 
offering of three-year Euro- 
bonds. Lead manager ABN- 


Amro said it had sold over half 
of its commitment, around one- 
third of the total amount, by 
the close of trading. The bonds 
closed unchanged at their fixed 
reoffer price of 99.86. 


London-Shanghai 
SE move closer 


By Tony Walker in Beijing 

The London and Shanghai 
stock exchanges yesterday 
agreed to work towards the 
listing of Chinese companies 
abroad as part of increased 
cooperation between the two 
markets. 

Sir Andrew Hugh Smith, 
chairman of the London stock 
exchange, signed a memoran- 
dum of understanding with his 
Shanghai counterpart aimed at 
facilitating technical contacts. 

Sir Andrew said that these 
contacts would assist in bring- 
ing closer the regulatory proce- 
dures of the two exchanges. 

Among issues being dis- 
cussed was the trading of 
Shanghai stocks on the London 
market. Shanghai Petrochemi- 
cal, which was listed abroad 
simultaneously in Hong Kong 
and New York last year, is 
being traded in London. 

Sir Andrew, who has been 
addressing seminars in Beijing 
and Shanghai organised by the* 
China- Britain Trade Group, 
said that be could foresee Brit- 
ish companies seeking listings 
in Shanghai. The timin g would 



Sir Andrew: can foresee UK 
company listings in Shanghai 


depend, he said, on further 
de-reguiution of the foreign 
exchange market. China has 
not yet moved to lull convert- 
ibility for the yuan. 

Shanghai is une or two stock 
exchanges in China. The other 
is located in the Shenzen Spe- 
cial Economic Zone adjacent to 
Hong Kong. There are plans 
for a third, possibly in the 
Yangtze river town of Wuhan. 


Mexican bank to raise 
$150m in global offering 


By Sara Webb 

Grupo Financiero GBM 
Atlantico. one of Mexico’s 
regional banks, is hoping to 
raise up to $150m with a global 
share offering which is due to 
be priced today. 

GBM-Atlantico is issuing 
22m "L" shares, with 45 per 
cent to be offered to US inves- 
tors in the form of American 
Depositary Shares. 30 per cent 
to international investors in 
the form of Global Depositary 
Shares, and 25 per cent issued 
to domestic investors. 


The shares will be priced at 
close of trade in Mexico today, 
although some market partici- 
pants point out that the issue 
is taking place against a diffi- 
cult background. 

“The Mexican stock market 
has been relatively weak over 
the last month, and investors 
are concerned about the cur- 
rency and the general political 
background." said one invest- 
ment banker. 

He added that the kidnap- 
ping of a prominent Mexican 
banker earlier this week has 
not helped investor sentiment 



| WORLD BOND PFHCES 






BENCHMARK GOVERNMENT BONDS 

Red Day's 

Coupon Date Price change YWd 

Week Month 
ago ago 

Italy 

m NOTIONAL fTAUAN GOVT. BOND (BTP) FUTURES 
(UFFE)* Lira 200m lOOttre at 10096 

FT-ACTUARtES FIXED INIERfaSI INDICES 

Price Imfices Wed Dajris Tue Accrued 

UK GOte Mar 18 change % Mar 15 Intereet 

Kd 04. 
ytd 

— Low coupon yield — — Mecfitan coition ytaid — — High coigian yteid — 
Mer 16 Mv 15 Yr. ego Mar 16 Mar 15 Yr. ago Mar 16 Mar 15 Yr. ago 


Australia 


9.500 

(HAM 

114.7700 

+1X80 

7.13 

7X4 

530 

Belgium 


7X50 

04/04 

101X700 

-0.480 

7X5 

7X1 

8X8 

Canada " 


5.500 

06AM 

93X000 

+0X50 

7.40 

7X0 

6X8 

Denmark 


7.000 

12AM 

103X000 

+0.100 

557 

6X5 

6X1 

France 

BTAN 

&000 

05/95 

108X700 

- 

5.70 

5.70 

5l42 


OAT 

SJ500 

04AM 

04.9800 

-0X20 

518 

529 

5X4 

Germany 


5000 

09/03 

98X000 

+0X50 

511 

526 

5X2 

IWy 


8X00 

01AM 

951600. 

+0X80 

9.10T 

511 

axe 

JSpon 

No 119 

4 £00 

06/99 

105.8270 

-0.050 

3.49 

3X4 

&05 


No 157 

4X00 

06/03 

102.8600 

+0.070 

4.06 

•4X4 

3X2 

Netherlands 


5750 

01/04 

07X800 

-0.100 

512 

516 

5X4 

Spain 


10500 

10/03 

111.4000 

-0.1 DO 

6X9 

8X8 

512 

UK GNte 


5000 

08/99 

97-07 

-21/32 

563 

547 

5X8 



5750 

11AM 

98-24- 

-38/32 

7X4 

7X8 

556 



8X00 

10/08 

114-05 

-ease 

7.40 

7X4. 

&8B 

USTreesuy 

i ■ 

5X75 

(SAM 

98-04 

+11/32 

541 

540 

5X8 



6X50 

06/23 

92-14 

+17/32 

6X5 

6X7 

546 

ECU (French (3ovl) 

5000 

04AM 

05.8300 

-0-040 

558 

6X5 

6-18 


Jun 

Sap 


Open 

112.40 


Sett price Chongs 
111.92 -048 

111.42 -CL 48 


High 

113.0S 


Low 

111.70 


Est vol Open hit 
60291 98527 

0 S 


Jun 

S'* 

Jun 

Sep 

2.09 

3.18 

2X7 

3X6 

2-42 

2X4 

2X0 

3X2 

2.18 

2.72 

2.78 

3X0 


London dtatag. Hwv York tnid-diiy 
t Onm areal yWd (hdudtag -WhofcSng tre> m 1£6 per cm pqrafcto by nonoUereri 
Wow: US. 1ft? In XMs. atm In deem] 

US INTEREST RATES 


■ ITALIAN QOVT, BOND (BTP) FUTURES OPTIONS (UFFQ Lje200m IQOthe ol 100H 

SMfe CALLS — — PUTS - -- 

Price 
11150 
11200 
11250 

EM. vd. ml cm 2564 Are 2138. Flwtatre <*«yU open ire, cm 65090 Pus 63300 


Spain 

■ MOTIONAL SPAI88H BOM) FUTURES (Mfff) 


Soiree- Mtt MmMM 


Luncffltma 


Treasury Bfis and Bond Yields 


Open Settprica Change tfgh 

100.78 

101.50 10131 -0.15 101.95 


Low Est voL Open M. 
101-25 BO/416 96,509 




One eerth .. 

3-25 

Ttoojere 

4X5 

Prim rite. 

E 

5 

u 


3X4 

Rreiear 

5£7 

FaUintaattatarereffin- 

Ora jeer 

— 430 

aftere 

U5 


BOND FUTURES AND OPTIONS 
Franc® 

■ NOTIONAL FRENCH BOND FUTURBB (MATT) 


Mar 

Jun 


UK 

■ NOTIONAL UK OtLT FUTURES (Uffg* ES0.Q0Q 32nd» ol 10096 

Open Settprica Change Wgh Low Eat vd Open int 
Mar 118-31 111-24 -1-08 113-01 111-1B 320 11977 

Jm 111-30 110-24 -1-08 112-18 110436 115045 138258 

Sep 109-28 -1-11 0 107 

» LONG QB_T FUTURES OPTIONS (LUTE) E50.CC0 84B16 Ot 10096 


Open Sett price Change Ugh 
r 126.44 12830 <0X8 126.88 

1 125.98 125X2 *0X4 126X0 

3 125X6 125.10 +0.04 126X0 

LONG TERM FRENCH BOND OPTION8 (MATIF) 


Low Esl voL Open M. 
126.12 222.183 88/00 

125.88 61.067 126X69 

125.00 2X22 12X62 


Strike 

Price 

110 

111 

112 


Am 

2-13 

1-43 

1-15 


GAULS 


PUTS 


Sep 

2-35 

2-06 

1-45 


Jun 

1-29 

1- 59 

2- 31 


Sep 

2- 43 

3- 14 

303 


Strive 

Price 

Apr 

CALLS 

Jun 

Sep 

Apr 

— PUTS ~ 
Jim 

Sep 

12S 

. 

1.79 

1.75 

0.31 

1X0 

1.70 

128 

0.49 

1X1 

1X2 

0.71 

1X9 

- 

127 

0.15 

0.73 

0.92 

- 

- 

• 

128 

_ 

0.42 

0X3 

- 

2.57 

- 

129 

_ 

0X0 

0.45 

- 

- 

- 

Ere VOL Wire cm 24.000 

Pure 45X10 . 

Prevwre day’s 

opwi inu cm 350X54 Pure 295200. 


EM. «oL MM. cm 5713 PUS 4038. Prevtore dn/l open int. CM 73300 Puts 5S136 


Ecu 

■ BCU BOND FUTURES {MATTR 


a rm a ny 

MOTIONAL GERMAN BUND FUTURES (UH-tj* OM25Q.OOO IQOthg of 100% 

Open SMI price Change Wgh Low Eet vd Open W. 
i 07.96 97X8 -0X0 98.05 97X2 166797 209053 

> 97^70 97.44 -0X2 97.70 97.52 350 4772 


Open Sett price Change Wgh Low BsL voL Open InL 

118X0 118X8 +0.08 118.80 118.10 2X22 8X80 

92X0 91.98 - 92X5 91.70 1X82 2X30 


Mer 
Jun 

US 

m US TREASURY BONO FUTURES (CBT) SI 00X00 32nds ol 100% 


■ BUND FUTURES OPTION S (UFFE) PKZSO.OOO points at 100% 
GALLS 


Strike 

Price 

0780 

9800 

98S0 



Open 

Latest 

Change 

Wgh 

LM 

Esl moL 

Open InL 

Mar 

110-08 

110-09 

+0-08 

110-19 

110-02 

21,450 

50.190 

Jn 

109-06 

109-08 

+0X9 

109-17 

109-00 

551X47 

357X20 

Sep 

106-10 

100-11 

+0-10 

108-19 

108-05 

1X08 

39.750 


Jtm 

1.10 

0.85 

0.64 


Sep 

1X5 

1.12 

0.82 


Jim 
n a? 
1.17 
1.46 


Sep 

1.41 

1X8 

1X8 


EM. voi MK4, cm 19303 Puts 28292- PreMom day* Open cm 241*31 fttta 211798 

IAL UteDIUM TERM GERMAN QOVT. BOM) 

UFFET PM250.000 IQOttre 100* 


Japan 

■ NOTIONAL LONG TERM JAPANESE QOVT. BOND FUTURES 
JJFFE) VIO&n IQOtfre ol 100% 


Open Senprice Change 

101.48 101.41 -0-06 


FflQh 

101.81 


LOW 

101X1 


Est vd Open Int 
83 2709 


Open Close Change H&i Low Est vd Open InL 
Jun 110X5 110X7 110X2 1318 0 

- IFFE CMW B CM tradod on APT. M Open Mas IfeB. m* to previous dear. 


UK. GILTS PRICES 


Held 


_TleM~ 

w Ml Pricer + 


_ 199304- 
or- Uw 


VW — 1993/M _ 

H M MceC+or- Bfr Las 


a__ _i«sw_ 

BPitet +cr- Waft Law 


1 (Urn ep«A« Tend 


l*2pC 1994 

QpcLll.189*#. 

ijpcISW 

K 

1995 

cte0O-95 

Clfl85— 

;\pci«5tt— - 

1993 . 

c 10960 

*41*1996#—- 
tan 10 k 1 WO — 
JtapctWT# 

Rape 1997 

Vpc1907tt 

pc 1997 — 

: 1996 

Upc 1996#--- 
Vpc 1906-88#- 

»-l 

S'iPcVW 

pc 1998 

■zDC 1999ft — - 


Rm mam lea* 

£>0112141*1999. 

fleas io'iOci«9 

freaepcieMtt. 

Careen#™ iovpc »W 8- 
9 «roona 

trees Upc — 

10PC2U01 — — - 

7pc TJ1 tt — 

Tpclll * 

9J.pt 

9pcK»m 

1 0pe 2003 — 


1137 

989 

12.10 

8.77 

1133 

306 

9X2 

11.43 

12X1 

1264 

11-52 

9.13 

1122 

9.44 

8.15 

1182 

6X2 

7X7 

464 

11.14 

11X9 

998 

658 


10X3 

9.10 

B.IS 

690 

8.18 

10X7 

868 

702 

7X4 

847 

760 

&48 


9TB — 


sm iooU 

5.11 101A 
498 103A 
4X0 10Z11 
496 KBS 
5X4 
WS 108>! 
541 11I& 
559 114 5 ! 
578 1160 
578 USA 
6X7 1091* 
423 tt& 
62S 111& 
435 1070 
648 1280 
8X8 110b 
6 50 102b Ol 
529 10)9 
6X1 iZSil 
670 1330&I 
6X4 IMA 
878 UOJ) 


493 122 Ad 
487 1150 
46? 97AN 
603 USA 
489 no 
717 JZ9A 
7.18 USj. 
702 89jJ 
roA m 
736 I15*e 
MB lOMr 
7X1 117% 


-A 1O0A 
-A 106 B 
-A iiW 
-& 105U 

-A 

-a iis% 

-A 

it >75% 
-A 1Z0A 
-A 112 s * 
-U 122A 
-11 11« 
-A 

-*2 J321S 
J, I HU 
10BA 

102L 

-s* ISIS 
-O 1400 
128,1 
-A 11GA 


TWBlUzpC 3001-4 — 

IOOU FtfeS* 3*jpfi 'W-4 

uni CDreB9ai¥bpc2004— 
1BJA T»6%(Kai»ttt— 

10241 8WPC20MA — 

1050 cun 9 *i pc 2005 

M T®es12*»c 2003-5 — 

JOft 7Vpc20KfT 

1A flpean2-6# 

"3 TMi I UiPC 2003-7 — 
® Tree* BJjpc 2007 £+ 

i3*a*w-o 

ffi. 

110A 

10ft 

ias 

109,6 

m 


M2 7X7 122 W 
4.48 &40 7iA 
334 7X4 1131 

700 7.19 96JJ 
700 7.19 9SU 

8X0 7.34 115©d 

9X8 757 13ft 

7X2 T03A 
7.401030*1 
9X9 7X5 12ft 
7.77 7X0 10BU 
9X0 7X9t«Brf 
7X0 7.401 Hie) 


7X1 

7.71 


-11 1SW 
-iA esA 
-1& 12SU 
•111 105* 
-iH 10«% 
-•A 12SH 

^«a 

-1U 117JS 
-e iti^ 

-1» 136A 
-tfi 11911 
-U» ISIS 
-m i24B 


-i! 128*2 

-S '7ft 

-V 10154 
S 12ft 
-5 uft 
-i i*a 
-« 1224 
-1 10GA 
-5 51A 
-ft 1237. 

-4 I13H — -? — 

-ta 127 A 10ft Ti o»2‘il* 


Trees 00C2DO9 

7X7 

7A010S%jd 

-ia 

USB 

frcrefl 1Wgc2(H0 

7X3 

7X3 

Bft 

-iU 


Crew99cU201ltt — 

7X3 

743 

115 

-*% 

12HB 

Tren«c20im 

7X0 

7j44 

1138 

-m 

12/ii 

TW5%pcffl(»-T2ff~ 

9X1 

721 

KJ, 

-A 

94 

TreosBpcanSQ — 

7X7 

7A31053M 

-ifi 

117% 

7%pe 2012-15# 

743 

7-30 

104% 

-il 

114% 

Trw*8%pean7j± 

7U 

743 

114^ 

-2 

128% 

fedllftc 13-17 

834 

7X3 

1CSJJ 

-2* 

1®% 


120,1 
11% 

9612 

1(6 

12ft ItadaW 

iosu Qrt0b *P^ 


lift 

STB 

!0ft 

aft 

96A 

10ft 

134A 

84U 

84,1 

116Q 

97A 

m i 

101t» 


a«l 

100*2 

100 ,'. 

7ft 

«Ji 

Oft 

97A 

12SB 


MhKMM m 

Ttm^K-M tIOZXI 

2K VO (579! 

IVe’BOW— 

2iapC01 (70X1 

2tyX 133 (7185 

— (135J^ 

2K1B 693 

2H0CO3 (70S 

Z*2pcH (74X3 

Z*2iJC ' 1 3 09 X) 

ftp clO 016 

2*2jca 


- 1371 — 187A 131*» 

25320ftM -4. 2041* 19411 

2.43 110d -i 113ft 106ft 
2X71 71 j 16 -1A 17ft 150 
382 187U -ft 17ft 156 
UQIIftU 118*2 «>ft 


693 2X5 107 lWs -ft 1»«, 19B 1 * 

I (706 300 32 1S9A -ft 168,' # 144 

(74X3 110 32 105H -1,5 175}1 140JJ 

3X0 136j} -1^ 14ft *??ft 


97i| WMlarftpcW- 
4gy Gowshpcnm., 
lOft iwas a* w /a— 
97A Gmbo4i2*2PS— . 


7X9-52 
7M - 47/. 

585 - 83 A 6 

7JB - 08 Spa 

7X0 - 33AM 

7.72 - SftM 


- 4 J 80 

■ft S4S 
ft 71 
-it 44% 
ft 3ft 
ft 37% 


43% 

38% 

00 % 

33% 

26% 

Z7U 


157 
1.78 
2X0 
273 
2J5 
2X5 
300 
210 
114 

3X0 3X5 146% -1% 1671o 1308 

. US U0141flai -ft fsas U4S 

2%ptf»tt 67X) 3X4 3X6 11W -ft 12ft 102% 

4%pc-3l$ fl 35.11 3XE X3B U7% -ft 128t( 10ft 

Prospective reel redemption m on pre|0eted Mailon of (1) 10H 
end pj 9«. 09 Rgures ki perenmeea show RPI Base lor 
Meoang 0 b 8 mortt* prior to tasue] ad have been readied (o 
reflect rebetang a! RPI B> 100 In Jerury 1987. Conrasicn lector 
3.945- RP! IgrJire 1993: 141X end lor Jenuery 1994: 141 J. 

Other Fixed Interest 

_YMd-. — 199394 _ 

Mb Int Bid Price E«ar- Wge Lee, 

MrtcaiOoiftano 

Mnlfei10%K2OO8_ 

Blare 11%pc 2012 

MOM no 6*2*10 

9pe Cat 1096 

13pcV7-2 

HMD mebeeispc 2011 . 

LBSdB IftEC 2006 

Lhopori 3%ec kiEd. — 

LS3pc70M_. 

MKMMni%0C2OG7- 

IIB.1l*.^pt■B , -. 

KmeAnplB 3%pe20?i. 

«%pel2024—— 

iMMes Sores ib* 2 |)c 70(0 


8X4 

7.76 

130A 

HB 

*42.1 

115% 

8.40 

7.73 

1EU, 

-a 

138% 

10BU 

U5 

8X2 

IX 

-% 

142 

114 

7X5 


108*. 

ft 

120 

95 

PB7 

_ 

101% 


118 

87% 

11X6 

- 

112*3 



uo 

110 

968 

473 

15U 

-IA 

I70A 

1** 

9J3 

- 

14ft 

ft 

140% 

128 

6X4 

_ 

40% 



44% 

34 

8X3 

- 

X 



4ft. 

3ft_ 

&13 

430 

IX 


136% 

114 

4.14 

7.10 

7ft 

ft 

75 

63% 

- 

300 

141 

ft 

150% 

117% 

_ 

330 

IS 

ft 

145% 

115% 

11.15 


MS 


ia% 

132% 


• Top- aoo. 


tt 1M-M » ncwreuawia rei 


E Auedenl 


. Ml Bl (MMe. Gfeetag mUftew n 4n. iA purede. 


1 Up to 5 years [23} 

2 5-15 yeara (24) 

3 Over IS yea* (0) 

4 irredeemables (6) 

5 W stocks 632) 

Index-Mud 


12581 

-0X8 

127.14 

2-11 

2X7 5 yre 

584 

549 

8X5 

6X4 

571 

6X2 

6X8 

6.81 

7.00 

151X5 

-1.00 

153,49 

1.66 

3X0 15yrs 

7X1 

7.18 

7X4 

7.42 

7X5 

517 

7.66 

7.52 

538 

771X1 

-1X3 

174.47 

0X6 

3.53 20yis 

7.42 

7X0 

7X2 

7X4 

7X7 

8X4 

7.67 

7X3 

546 

201X0 

-043 

202.17 

2-79 

1.47 Irrad-t 

7XZ 

7.48 

542 







145X8 

-0.87 

149X8 

1.73 

3.00 


— bdUh 

»6%- 



bifiattc 

<1 10% - 




Mar 16 Mar IS Yr. 


°g° 


Mar ifl Mar IS Yr. ago 


Q Up to & years (2) 

7 Over 5 years (11) 

8 AM stocks (13) 
Debentures and Loans 


187.98 

-0.13 

18523 

587 

1.41 

Up To 5 yis 

2.63 

2X9 

203 

1.79 

1.74 

1.23 

182X9 

-0X5 

183X5 

' a S3 

1X9 

Over 5 yre 

3X8 

3X2 

3.41 

3.12 

305 

3X4 

182X7 

-0.77 

183.48 

a 56 

1X9 









S year yield 15 yorer ykM 25 year yMd 

Mar 16 Mar 16 Yr. ago Mar 16 Mar 15 Yr. apo Mer 16 Mar 15 Yr. ago 


9 Detoe S Loam (73) 14 Sl1B -0.49 145.90 2-18 2.68 8J5 8.15 8^7 B.46 8J8 

Avwaoe pn rwMrappon ytokM are Mxmn above. Cason Bresta: Low. 0%-7««; MaHrere 8H-10KW: Hgtc 11% end over, f PM ytafcL yld Yew m dare. 


9X5 


&48 


9A9 


FT FIXED INTEREST INDICES 

Mar 18 Mar 15 Mar 14 Ma it Mer 10 Yr ago Wgh- 


LOW 


GILT EDGED ACTIVITY BIDICES 

MarlS Mar 14 Marl! 


Mar 10 


Mar 9 


Govt. Secs. (UK) 99.84 100X0 100.09 100X1 101.07 97.34 107.60 93X8 GM Edged bargains 1006 107.2 88.1 87.0 90.0 

FfeadMeraet 121.37 121X0 121.68 122.37 12282 112.00 133^7 108-67 5-day average 94£ 94.0 98X 103 9 113.8 

• tar iflB3«4. Govwivnwe Securttee Mga Mno* cortpiMM iL iTTM 6M/3Q. low 4Ria (Vi/75). Axed tataraM wgh a**» comp* na on . 138X7 (21/1/W) . tow 50X3 (Vi/75) . Bash K» Govwnmeni Secutaae IV 
1026 end Ftad IrnnM 1020. BE ecMy tadtaes retaeed 1974 


FT/JSMA INTERNATIONAL BOND SERVICE 


■:X* 


Uetad res the Mest tatematanel bond! fcr «*** Owes b on 
tonal Bk) Oder Chg. 


adeem seccnday nrertreL 1 ntiret prices at 7aoo gen on flfereh W 

Bd Otter Chg. Yield 


US. DOLLAR STWUOHTS 


MrecPRwtneftgs. 

AuSBftOO 

Be* ol^ Tokyo 0% 06 _ 

Be0tfi>ft08 

BRZ7%07 

ateti qb D2i 

Oradi 9 96 

CCCEft 85 , 


Qsig Kong Fta 5% 68 . 
Cored BrepaOM — 
Osdi Fend® 9*2 00 — 

CWmart ft 95 

BSC ft 06 

EC 9% 98 

EE 7* 96 

GB ft 97 . 


Bee ds France B 88 — 

Eudmaft 96 

Ex-tan Bank Japan 8 02 . 
Eapul Dev Ccrpft fi6 . 
FWndft 87. 


FMdiBportftK __ 
RreJMaxOwaftSB. 
QanBecCNM9%86. 
awe ft ® . 


tad 6k Japan Fn 7% 07 . 
hMAmarOav7%g0_ 
Rdyft23. 


JreanDorBiftOT - 
Kan* Bac Per 10 SO . 
LTCBRnfl07 


Matadra Btac 7% 02 _ 
Mppon Cred Bk 10% 66 . 

Nppcn Td Td ft 85 

Novoy7%g7 

Ortarta 7% 03 , 


Oeaar Konadbar* ft 01 , 

PefaDCarotaft 98 

ftrtugdS%Q3 

OabacHptaiftse — 

aabKPm99B 

Saretuyft D6 

SASIOO. 


SB46 ft 95 

SNCFftOe 

Spain 6*2 99 

SOB ER NSW ft 96. 

Sweden ft9j. 


9mbh&patftB0_ 
Tokyo Bee PaacrUi 95. 
Tofqo MeDopob ft B6 _ 

Toyota Uokr 5% 88 

Ur*d Kingdom 7% CE_ 

Wold Bar* 8% 08 

Wtdd0a*ftS7 


DBiTBOC HARXSTRNGHI5 

AusktaftM 

Qwftftnoar7 l x 03 

Demsrtft9B 

□tptaFtaanoa(S*|03 

OMSK B< ftl 7*2 03 

ECSCftBB 

ED 8*2 00 

SftOO 

Fietand7*;00 

tetyft*. 

Norway 6*1 96 

Qrrat) ft 04 

Spain ft 03 

3eedm8S7 


. WOO 

95% 

00 % 

*% 

7.12 

-600 

106% 

10B% 


5X7 

-400 

1 D 8 *J 

10 ft 

+% 

649 

- 100 

105 

105% 


571 

-250 

112 % 

1121 % 


522 

_ wo 

105% 

10 ft 

ft 

677 

. 1500 

11 % 

12 % 


805 

.1000 

109% 

106% 


532 

.300 

104% 

10 ft 


4.74 

- 500 

S3 

83% 

ft 

7X8 

_ too 

105% 

W ft 


657 

-300 

lift 

113% 


837 

. 1571 

10 ft 

104% 


4J3 

_ TOT 

106% 

100 % 


673 

- 100 

105% 

W 8 

ft 

5X2 

-250 

10 ft 

X)ft 

ft 

680 

. inn 

110 % 

110 % 

ft 

803 

-200 

10 ft 

110 % 


&M 

- 100 

107 

107% 


5 l 44 

-600 

108% 

W7% 

ft 

85B 

_ 150 

111 % 

lift 


826 

-200 

105 

105% 


692 

-200 

106% 

106% 

ft 

5X7 

1500 

99% 

100 % 

ft 

648 

-300 

107% 

108% 


558 

.200 

105% 

TOft 


591 

-200 

10 ft 

105*2 

ft 

809 

- 200 

10 ft 

105 


556 

3600 

8 B% 

89% 

ft 

7X0 

-500 

100 

10 ft 

ft 

870 

. 350 

10 B% 

10 ft 

ft 

654 

-200 

10 ft 

105% 

ft 

6 X 6 

. 1000 

101*2 

101 % 

ft 

7.13 

- 150 

105% 

108% 

ft 

856 

-200 

Wft 

10 ft 

ft 

4X8 

KID 

103% 

104% 


U3 

3000 

102 

1 K% 

ft 

7.19 

-200 

100 % 

110 

ft 

872 

-200 

W3% 

101 

ft 

&G 0 

1000 

91% 

91% 

ft 

7.12 

- 160 

112 % 

112 % 


8 56 

-200 

108% 

10 ft 

ft 

844 

-ISO 

107% 

107% 

ft 

5X9 

-200 

110*2 

111 % 

ft 

728 

-500 

105% 

105% 

ft 

4X8 

-ISO 

112 % 

112 % 

ft 

621 

1500 

100 

10 ft 


6 « 

.200 

M5% 

10 ft 


579 

2000 

100*2 

10 ft 

ft 

617 

-700 

105% 

10 ft 


548 

.300 

106% 

107% 


563 

.290 

100 

10 ft 

ft 

572 

1500 

SB 

98% 

ft 

820 

3000 

102 % 

102 % 

ft 

8X7 

1900 

109% 

109% 


6X0 

ISA 

1002 

10 ft 


5S7 

2000 

96% 

(ft 

ft 

Ban 

2000 

104% 

104% 

ft 

&G 2 

2000 

101 % 

101 % 

ft 

577 

1500 

Bft 

99% 

ft 

846 

2000 

106% 

1 ft 

+ft 

BIB 

- 700 

106% 

107% 

ft 

584 

300 

HO *3 

102 % 

ft 

5X9 

1500 

101 % 

101 % 

ft 

800 

son 

toe 

106% 

ft 

824 

can 

10 ft 

W4% 

ft 

536 

1500 

101 % 

101*2 

ft 

574 

1500 

07% 

B7% 


563 

4000 

10 ft 

104% 

ft 

B£3 

2500 

108% 

m 

ft 

59* 


hared 







Wortd Ba* 5% 03 

— 3000 

VMS 9ok 84)00 

SUBSB FRANC STHNOHIS 

— 1250 



CDmd Euopeft 98 

— 250 







Hjuvb) t tar 07 

— 100 













YB4STRNGHIS 




BKdsFrmre5%96 

. 20D0D 
MDQQ 

tier timer Oev 7% 00 arm 



J^reiDw8k6%01 

Nppon Tri 7d 5% 96 

120 X 0 

50000 

- w * 1 


30000 




50000 

OTHER STRAIGHTS 

Mtad 7% 95LFr 

— 600 


Issued Bid Otter Chg. YWd 


104% 

100 % 

7th 

9ft 

114 


lift 

102*4 

no 

ITT 1 ; 

114% 

lift 

102*2 

109*2 

112*2 

10ft 

10ft 

» 

lift 

102 

113% 


104% 

101 % 

27% 

87% 

114*2 


112 % 

10C% 

103*2 
112% 
lift 
112 
103 ft 
lift ft 

113% ft 

110 ft 
107% 

100 

117 

102*2 ft 

114 


ft 

ft 


104*2 

112*2 

108% 

107% 

lift 

93% 

105% 

113 

fi»% 

10ft 

113 

104% 

113% 


5X6 

&S0 

613 

625 

594 


497 

406 

391 

518 

554 

4J9 

499 

SX 

526 

4.77 

521 

510 

4J9B 

4.73 

4X6 


4.15 

427 

au 

307 

116 

457 

395 

441 

315 

255 

428 
2X1 
425 


ABanceLdcs 11%97E . 
Brtsfi Gas 12% B5 C _ 

Btnh Land 8 % 23 C 

BB10 97E 

Kdkn 10% 97 £ 

Haeon 10 %B 7 E 


HSBC HcUngs 11XB D2C . 

#a(y 10% 14 C 

JaxnDavA700C 

Land Sees ft 07 C 

0nBtoil%01E 

PoNwgan 8% 03 C 

Sevan Tram !1%99C — 


Wortd Bark 11% 95 E _ 
Abbey Natand 0 96 143. 
TC7C fin 9% CC NZS — 
CS’tE 1005 FFi 


5t4CT 9% 97 FFf 

FLOOMO RATE NOTES 


- 100 

112% 

113 

ft 

V? 

-300 

10ft 

106*2 

ft 

548 

- 150 

96% 

96 

-1% 

9X* 

-637 

108% 

100% 

ft 

6X6 

- 100 

109*2 

no 

ft 

873 

-500 

109% 

110*4 

ft 

7.14 

_ 153 

113% 

119% 

-1% 

836 

-400 

119% 

120*4 

-1 

841 

- 200 

99% 

89% 

ft 

7X0 

-200 

107% 

107% 

-1% 

8X2 

- too 

nr% 

117% 

ft 

7.77 

- 250 

106% 

iJA 

ft 

7X6 

- 150 

117 

117% 

ft 

749 

- 150 

119% 

118*2 

ft 

7X3 

.. 100 

106% 

106% 

ft 

541 

. 100 

85% 

86% 


ASS 

_ 75 

1137* 

114% 

ft 

808 

3mn 

104*4 

105 

ft 

too 

son 

121% 

121% 

ft 

7D1 

4TOQ 

109% 

109*2 

ft 

531 


breed 


09er Gqn 


BnaSTCoUTtH 10 95 C3 
&« mi0%98CS 



Abuey Nat Treewy ft 99 - 

1000 

9856 

99X6 

3.7GS6 

Banco Rcma 0 99 

30 

0959 

0970 

3X760 

Begun A 97 0M 

.500 

99X7 

lOQOr 

58750 

BFCE -002 98 

350 

39X3 

99X6 

34175 

Mnn nm»ir 

ISO 

3? BS 

100 OS 

55375 

Canatift 99 

2000 

99 S3 

9967 

3X12S 

CCCE006EOJ 

200 

9031 

9904 

6X500 

Cradt LycnruE 00 

r X0 

9973 

10023 

5X000 

OrenartcftSS 

1000 

«55 

99X5 

1750) 

Cteaher finance A 98 DM . 

1000 

9931 

10802 

53568 

fwodriSteaiOW 

«0 

1001? 

10036 

tnwi 

Rntsid D 97 

woo 

■H* 

10004 

34U1 

MMUBS&35E 

250 

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COMPANY NEWS: UK 


Marley in the red after 
goodwill write-back 


By Andrew Taylor, 

Construction Correspondent 

Marley. the buildings material 
group, enjoyed a 55 per cent 
rise in operating profits to 
£41 .5m in 1998 but the write- 
back of goodwill, interest 
charges and a small loss on a 
disposal left it with a loss of 
£l.lm pre-tax 

The results were slightly 
lower than some analysts had 
expected following the big prof- 
its rise announced on Tuesday 
by rival building products 
group Wolseley, and Marley’s 
shares fell lOp to 195p. 

Following the disposal last 
year of its Nottingham and 
Errol Brick subsidiaries in an 
asset swap with Tarmac, Mar- 
ley had to charge against its 
1993 profits £308m of goodwill 
previously written off against 
reserves. 

Pre-tax profits for 1992 were 
£4 .6m after a £3 .5m loss on a 
disposal 

Turnover rose from £561m to 
£622m. Net interest payable 
amounted to £11. 1m against 
SSm. 

Losses per share were 4-4p 
<0.5pV Excluding losses on dis- 
posals and the goodwill write- 
back, earnings per share were 
7.3p <0.7p). A final dividend of 
2_lp is proposed, maintaining 
the total at AJ2p. 

Operating profits in the UK, 
benefiting from cost savings in 
previous years, amounted to 
£ 12.3m (£300,000 loss). Overseas 
profits, with gains in the US, 
continental Europe, Africa and 
Australasia, increased from 
£27. 1m to &a.2m 

The main en gines for growth 



AMtorMivtmf 

David TrapneU, chief executive: improvement In housing markets 


were the housing market 
recoveries in the UK and US 
and the continuing strong 
demand for homes in Ger- 
many. Volume sales of tiles, 
concrete blocks and bricks rose 
sharply on both sides of the 
Atlantic although price compe- 
tition has remained intense. 

Since December the group 
has raised prices of clay and 
concrete products by between 5 
and 7 per cent 

About 60 per cent of turn- 
over now comes from higher 
margin plastic products for the 
building and automotive indus- 
tries. 

• COMMENT 

Some £30m was taken out of 
costs by Marley during 1991 


and 1992 and the company is 
now reaping the benefits as its 
main markets start to recover. 
Price rises could add another 
£5m to profits even if volumes 
stand stQL Clay and concrete 
sales in the UK rose by about 5 
per cent in the first 10 weeks of 
this year. The recovery in the 
US. meanwhile, continues to 
run aliped of that in the UK. 
Political developments in 
South Africa, which accounts 
for about 10 per cent of profits, 
however, could cause a prob- 
lem. Profits this year could 
reach £45m, putting the group 
on a prospective p/e of more 
than 18, which suggests that 
its virtues are well known and 
already in the share 
price. 


Domnick Hunter priced at 
£65m following share placing 


By Andrew Botger 

Shares in Domnick Hunter 
Group, which makes filters for 
compressed air and liquids, 
have been placed with institu- 
tions at 200p, valuing the 
group at £65 .2m. 

The shares were aggressively 
priced at 21.5 times historic 
earnings, reflecting the high 
level of interest shown in the 
company during its presenta- 
tions. 

Analysts said the north-east 
of England group was one of 
the best to be floated in the 
past year. 

The value of the placing was 
£20.9m, with 32.1 per cent of 
the enlarged ordinary share 


capital being placed. Net pro- 
ceeds receivable by the com- 
pany will be £l&3m. 

Mr Brian Thompson, execu- 
tive cha irman, said: “We are 
delighted with the level of 
interest that institutions have 
shown and we are looking for- 
ward to an exciting future as a 
quoted company.'* 

The group, which employs 
554 people and exports more 
than 60 per cent of its sales to 
more than 40 countries, claims 
to be a world leader in high-ef- 
ficiency compressed air filtra- 
tion. Its filters can purify air to 

One miflinn times rlt*aner than 
file air we breathe. 

About 75 per cent of the 
group's sales last year were in 


industrial products, used to 
purify and dry compr essed air 
and gases. Activities are split 
between the group headquar- 
ters at Birtley and a factory at 
Team Valley, both in Tyne and 
Wear, 

The prospectus was pub- 
lished yesterday and dealings 
in the shares are expected to 
begin on Tuesday. March 29. 
The Dotation is being spon- 
sored by Granville and Com- 
pany, with NatWest Wood Mac- 
kenzie acting as brokers to the 
issue. 

The notional net dividend 
per share for the year to 
December 31 was 4^5p, giving 
a notional gross dividend yield 
of 2.7 per cent 


GrandMet 
and Brent 
Walker off 
to court 


By Maggie Ucry 

Grand Metropolitan is taking 
Brent Walker and William Hm 
to court in an attempt to clar- 
ify an aspect of the September 
1989 agreement between them, 
under which GrandMet sold its 
betting shops business for 
£685m. 

The legal proceedings look 
set to r egenerate a bitter dis- 
pute betwee n the two compa- 
nies over the deal. The pur- 
chase of William Hill and 
Mecca Bookmakers from 
GrandMet, the debt taken 
on to effect it, proved the final 
straw for Brent Walker, the 
leisure and property group, 
which was already overbur- 
dened with borrowings. 

A year after the purchase 
went through, Brent Walker 
was tipped into the financial 
crisis from which it has never 
recovered, Brent Walker has 
been attempting to reclaim 
£20Qm of the purchase price 
from GrandMet since 1990, 
saying that profits of the busi- 
ness were not np to the prom- 
ised level. 

Brent Walker, which finali- 
sed a financial res tru c turi ng 
in March 1992 but has since 
met further problems, only 
refinanced the £375m William 
Hill loan at the beginning of 
this month. The timing of 
GrandMefs more sugge s ts it 
was waiting for the refinanc- 
ing before proceeding. 

The disagreement between 
the two companies over the 
purchase price had gone to 
independent arbitration, but 
as yet no conclusion has been 
reached. 

In its statement Brent 
Walker said GrandMet was 
“seeking rectification of cer- 
tain clauses of the agreement 11 . 
These are thought not to relate 
to more than half the value of 
Brent Walker’s claim. 

GrandMet said that origi- 
nally both sides had inter- 
preted one aspect of the agree- 
ment the same way. However, 
in the last 18 months or so, it 
asserted, Brent Walker had 
changed its interpretation of 
the agreement GrandMet said 
it was going to court so the 
question of how to interpret 
the clauses could be settled by 
a judge. . 

Brent Walker never paid the 
final £5 Dm instalme nt due to 

GrandMet in September 1990. 
GrandMet sued Brent Walker 
for the payment and the court 
ordered Brent Walker to pay. 
However, the amount due is 
still rolling up interest and 
GrandMet has not received it 


INDEPENDENT 

INSURANCE GROUP PLC 



1993 RESULTS 

Gross written premium up 52% to £215.7 million. 
Record profit of £15.8 million. 
Dividends increased by 17.9%. 


RESULTS IN BRIEF 

Jan - Dec 

1993 

£000's 

Jan -Dec 
1992 
£000*3 

Gross Written Premiums 

2 >5,613 

14 1.755 

Underwriting Result 

1,981 

.7,0Ui 

Profit before ia\ 

IW7 

3,724 

Gamings per share 

3S.2p 

I0.9p 

Dividend per ordinary share 

8.25r 

7P 

Net assets per ordinary share 

-Up 

I48p 


Michael Bright, Chief Executive of Independent Insurance Group PLC, 
commented: 

“Once again the strength of our underwriting approach has 
been the foundation of a seventh successive year of profit - 
our best yet at £15.8 million. 

We believe that our carefully selected brokers and the 
business that wc transact with them will ensure that we 
continue to prosper. 

Although we face increasing competition in some areas, our 
strategics anticipated such market changes and we are already 
focused on niches where we believe profit margins will be 
greater. 

With our growing financial strength we arc ideally placed to 
take advantage of market opportunities." 

Any enquiries should be directed to rhe Company Secretary 
on 071-623 8877. 


Tbt fiUhbl imlatnuian in ibi » -Uln-cni b„ bn, mnnnl from ik* uuudnrJ profit and lots Ktnw foe the dmp Cm ih far 
ended M IWnhi 1441. JV amdiletl A a mu fepen & ibnwn Mill fee fw«ed » itmWfni » Uirr ffene II April |«44 rod 
ililiuml to the Return i ->( l^armci a<l(r the Haouil litunl Meeting ia Mi, 1H4 


Westland order prospects under fire 


By Dm Burt 

GKN yesterday accused Westland, the 
helicopter manufacturer, of inflating its 
order prospects in an attempt to fight off a 
£497m hostile takeover bid by the engi- 
neering and industrial services g roup . 

Sir David Ti Pes . GKN chairm an, clamed 
the Yeovil -based manufacturer was trying 
to win shareholder support by laying 
claim to future sales which could prove 
illusory. 

In what he admitted was a more robust 
approach to the takeover, Sir David 
described Wetland’s firm order book as 
“unremarkable and unexciting". 

Writing to the group's shareholders, he 
warned: “Prospects is the past have foiled 
repeatedly to turn into orders." 

He cited unfulfilled hopes for previous 


helicopters, such as the Westland WS) and 
Kiartr Hawk, as examples of the group's 
“uncertain business judgment". 

Westland has so for rejected. GEN’S offer 
of 290p per ordinary share, claiming it 
undervalues its £L4bn order book and the 
potential of its fla gship helicopter - the 
EH1QL 

Mr Alan Jones, Westland ch airm a n , said 
the company's share price - unchanged 
yesterday at 326p - reflected market senti- 
ment about the offer. 

“GEN’S tone has turned arrogant. Why 
should my shareholders kow-tow to his 
protestations that 290p is a good offer?" 

Sir David, however, claimed the price 
inflrpwap. had been, driven by bid specula- 
tion rather than the underlying value of 
the helicopter business. 

“Until speculation started at the end of 


November, the Westland share price 
traded in a range of between 210p and 
2500 This is consistent with GEN’S view 
ofWestland’s value as a stand-alone busi- 

^GKN which has promised logistical, 
marketing and financial support for the 
helicopter group, said Mr Jones had 
refased to meet Sir David to discuss toe 
offer “a meeting would not have resolved 
anything unless there was a subs tanti ally 
inciSased offer on the table." according to 
the Westland chairman. 

Both c ompani es have now begun oourt- 
ing institutional investors in an effort to 
win their support 

They are expected to concentrate on 
M&G and Schroders. which control a com- 
bined 9.5 per cent in GKN and more than 
25 per cent of Westland. 


Oxford Molecular £30m flotation 


By David Wlghton 

Oxford Molecular, the first 
company to be span out from 
Oxford University, is planning 
a £30m flotation next month 
which will value the universi- 
ty’s stake at about £3m. 

The company was formed in 
1989 to commercialise com- 
puter software for use 2c drug 
design developed at Oxford and 
other academic laboratories 
around the world. 

Although it recorded a loss 
of £L2m on revenues of only 

VI Am last year the rm-n parr y is 

keen to distance itself from 
other “blue sky" flotations, 
particularly those in the bio- 
technology sector. 


Mr Martin Robinson, of 
Henry Cooke Lumsden, the 
company's stockbrokers said: 
“Oxford Molecular is not ask- 
ing for money to develop tech- 
nology but to and mar- 

ket technology that Is tried, 
tested and already selling." 

He compared the company to 
Tadpole Technology and Divi- 
sion, the successful Dotations 
of which the broker also han- 
dled. 

Rather than invest heavily in 
development itself Oxford 
Molecular takes software writ- 
ten by academics, to whom it 
pays royalties, which it turns 
into a mtnwwrlal product. Mr 
Tony Marchington, deputy 
chairman, said this approach 


was one of its strengths. 

“Our fnain US rivals have 
taken one product from a uni- 
versity which they add to 
in-house. We get a continuous 
transfer from 30 academic 
teams around the world." He 
said the relationships with 
these academics represent a 
“high barrier to entry". 

The market for “computa- 
tional” chemistry software is 
currently worth about $200m 
(£14Qm) and is growing at an 
estimated 25 per cent a year. 

Most is used by computer 
experts but Mr Marchington 
argues that the software will 
soon find its way onto the 
desk-top computers of chemists 
without specialist computer 


knowledge. “Then the market 
will grow by an order of mag- 
nitude." 

Customers include Pfizer, 
Glaxo, SmithKline Beecham 
and British Bio-technology. 

Ail the £10m to be raised 
from the flotation will go to 
the company with the existing 
shareholders barred from sell- 
ing for two years. 

The company was co-founded 
by Mr Marchington. 38. who 
worked for 1C1 after completing 
his doctorate at Oxford, and Mr 
Graham Richards, 54, a reader 
in computational chemistry. 
Mr Timothy Cooke, who spent 
20 years with software house 
Logica, has joined as chief 
operating officer. 


Amstrad in computer printer venture 


By Paul Taylor 

Amstrad. the consumer electronics group 
headed by Mr Alan Sugar, is re-entering 
the mainstream computer printer market 
through a collaborative agreement with 
JaifaDa ICC, the Swedish computer printer 
manufac turer that until last week was 100 
per cent-owned by IBM. 

Prototypes of the first jointly developed 
product, a compact ink jet printer usng a 
new type of print head, were being shown 
at the CEBit European computer fair 
which opened in Hanover yesterday. 

Mr Malcolm Miller, Amstrad’s group 
managing director, said, “We have been 
looking for opportunities to increase the 
price competitiveness and technological 
performance of our computers and com- 
puter related products. 


1 believe this collaboration may lead us 
back into the printer market, a sector we 
put on the back burner some time ago. 
awaiting such an opportunity." 

Amstrad engineers have designed the 
printer cabinet, carriage assembly and the 
electronics which drive the new printer 
while Jarfolla has designed the shuttle 
assembly inrimfing tiie critical print head. 

Mr Miller said the new printer, which Is 
due to begin shipping this summer, will be 
sold both as an Amstrad badged product 
and available for OEM manufacture. 

Jarfolla, which has annual sales of about 
£10Qm and has been making printers for 
almost 25 years, was IBM’s biggest printer 
manufacturing facility. 

As part of IBM’s retrenchment last year. 
It was one of four European IBM plants 
which were set up as “independent busi- 


ness units” run by their local manage- 
ments and warned that if they did not 
make a profit wi thin 12 months they 
would dose. 

The company is now jointly owned by 
IBM Sven&ka, which has a 35 per cent 
stake, and Atle ForvaitnJngs, a Swedish 
venture capital group. 

In recent wedcs Amstrad has made a 
flurry of product announcements includ- 
ing a new range of highly competitive per- 
sonal computers built around Intel's 80486 
microprocessors, new facsimile machines 
and advanced feature telephones. 

Yesterday Mr Sugar and Mr Bordan Tka- 
chuk, Amstrad's sales and marketing 
director, underlined the group's renewed 
commitment to the “brown goods" sector 
by unveiling new ranges of audio, VCR, 
and satellite products. 


Cortecs Inti seeking 
£15m in flotation 


By Daniel Green 

Cortecs International, the 
pharmaceuticals company, is 
planning to raise about £L5m 
through a flotation on the Lon- 
don Stock Exchange next 

mo nth 

The company, incorporated 
in Australia but with research, 
development, manufacturing 
and sales in the UK, already 
has an Australian listing. The 
shares closed there yesterday 
at Aji.05, barely changed on 
the day. representing a market 
capitalisation of about Aj$80m 
(£39. 4m). 

The shares will be issued at 
the equivalent of not less than 
A$i.05. said Henry Cooke 
Lumsden, the Manchester- 
based stockbroker 
which is handling the 
flotation. 

Cortecs has three strands to 


its business. 

• research into drug delivery 
systems, such as capsules for 
swallowing. 

• manufacture and m a rk eting 
of medications. In one of its 
businesses, these two activities 
are combined: it imports the 
arthritis drug Diclomax into 
the UK In bulk and puts it into 
capsules. 

9 developing diagnostic equip- 
ment 

Henry Cooke Lumsden said 
it hoped to issue a pathfinder 
prospectus at the end of next 
week and complete a placing 
by mid-April 

Tim health of such compa- 
nies is partially measured by 
their cash balances and rate at 
which they consume capital. 
The company's 1993 report and 
accounts shows cash of 
A $9 98,000, compared with 
$A654m a year earlier. 


British Mohair blames 
decline on yarn side 


British Mohair Holdings, the 
Bradford-based yarn and speci- 
alised engineering products 
maker, reported a fall in pre- 
tax profits from £2.lm to 
£L47m for the year to Decem- 
ber 31. 

The reduction was largely 
because of a decline in demand 
for yarn in the second half, the 
company said, although the 
non-textile companies margin- 


ally increased profits. How- 
ever. early indications of 
demand for mohair yarns 
showed some improvement 
and raw material prices had 
risen. 

Turnover was little changed 
at £39.3m (£39.2m). 

A maintain ori final dividend 
of 7JLp is proposed to hold the 
total at 8.5p. uncovered by 
earnings of 7.39p (lOBp). 


| DIVIDENDS ANNOUNCED 1 


Correa - 

Total 

Total 

Current Data of 

ponctoig 

for 

test 

payment payment 

rfvWend 

year 

year 


Tarmac plans $100m 
US efficiency drive 


By Andrew Taylor, 

Construction Correspondent 

Tarmac, the construction 
group, yesterday announced 
plans for a SlOOm (£68. 4m) 
Investment and reorganisation 
of its US businesses which it 
estimates could reduce the 
division’s overheads by a fifth. 

It forms part of a group-wide 
efficiency drive launched by 
Mr Neville Simms, chief execu- 
tive, who has already substan- 
tially reduced costs in the UK 
housing division. 

The three year programme 
will Include a $20m investment 
to overhaul the group's Penn- 
suco quarry near Miami The 
company will also be improv- 


ing its fleet of ready-mix con- 
crete lorries. 

In addition Tarmac is reor- 
ganising its US management 
which previously had operated 
as separate regions into three 
product based businesses: 
aggregates and cement, ready- 
mlx concrete and concrete 
products. 

Construction activity, partic- 
ularly housebuilding, has been 
recovering in the US, although 
building activity in the first 
few months of this year has 
been restricted by bad winter 
weather. 

Nonetheless, building mate- 
rial companies are expecting to 
see further recovery in earn- 
ings during 199 1 


Institutions take 65% 
share interest in CSC 


By Simon Davies 

Robert Fleming has placed 
59-2m shares, or 65 per cent, of 
the £209m Capital Shopping 
Centres share offer. The 
remaining 31.8m shares are 
being offered to the public. 

The hill prospectus for the 
flotation was published yester- 
day showing the shares are 
bring offered at 230p, a 13 per 
cent premium to net asset 
value. 

CSC, the retail property arm 
of TransAt] antic, the insurance 
and property group, will 
be the sixth largest prop- 
erty company on the stock 


market, with a value of £85lm. 

Robert Fleming, the lead 
sponsor to the flotation, has an 
over-allotment option, whereby 
it can Increase the 91m shar e 
offer by up to 9m new shares. 
Its decision will depend upon 
the level of demand. 

Pan Atlas in black 

Pan Atlas Holdings, the travel 
company, returned to the black 
with pre-tax profits of £57414 
for the year ended September 
30 1993, against £133,666 losses. 
Turnover increased from 
£4.5 lm to £4.68m. 


British Mohs* 

fln 

7.1 

May 23 

7.1 

05 

05 

Britton 

fin 

CL09T 

May 24 

- 

0.15 

003 

Broadcasts § - — 

fin 

0.75 

- 

nil 

1 

nil 

Chreftatn § 

Bn 

2 

Apr 24 

3 

3 £ 

5.1 

Church & Co 

fin 

10 

May 9 

9.5 

13 

12^ 

Coats Wyefla 

— IS n 

4.75 

May 17 

4-25 

8 

7-25 

EFT 

fin 

1.04t 

May 3 

0 -a 

1.5 

1.3 

Exmoor Dual her 

— int 

£25? 

May 31 

2A 

- 

10.55 

F4C High income 

— Int 

12. 

Apr 29 

12 

- 

2.SZ 

Independent Jns - 

— fin 

4.7S 

May 31 

- 

025 

- 

Lambert Howarth 

—Jin 

9^5 

May IS 

8.75 

13.75 

13 

Marley 

— fin 

2.1 

dune 6 

2.1 

42 

42 

Murray European 

fin 

028 

May 28 

016 

028 

016 

Nfchoto(JN? 

fin 

3.6 

May IB 

3.4g 

5.70 

S.44§§ 

Rea Bros — 

_fin 

0.45 

May 8 

025 

0.75 

05 

Schroders 

fin 

12J5 

May 6 

8* 

105 

11* 

Spandex § 

ft! 

4.9 

July 15 

4.6 

7 

6 £ 

WSP 

——fin 

Q.9t 

May 9 

09 

1.8 

2 

Dividends shown pence per share net except where otherwise stated. fOn 
increased capital. §USM stock. 'Actyjsted for scrip Issue. {Second Interim 
mating 4.5p(5.1p)eo date §§Adjusted tor sotxflvtefon of shares. 



Th» Guentlol mul lor rh* icriuns ImmtiK 

Market-Eye 

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_FINANClfAJL TIMES THURSDAY MARCH 17 1994 







FINANCIAL IZVESTIA 

TALKS BUSINESS TO 300,000 INFLUENTIAL 

RUSSIANS EVERY THURSDAY. 

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FINANCIAL TIMES 


LONDON WU5 rRANKHJIlT • NtW YORK • TOKYO 


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24 


COMPANY NEWS: UK 


FINANCIAL TIMES THURSDAY MARCH 17 1994 


Outcome depressed by restructuring charges and higher interest costs 

ICL shows 40% fall to £23.4m 


By Alan Cane 

Restructuring charges, higher 
interest payments and weak 

markets depressed 1993 pre-tax 

profits at ICL, the UK-based 
computer company owned by 
Fujitsu of Japan. 

However, Mr Peter Bonfield, 
chairman chief executive, 
said ICL had achieved its 
objectives: to improve reve- 
nues, reduce overheads, 
remain profitable and conserve 
cash. 

After deducting restructur- 
ing charges of £47.7m (£33.9m) 
and net interest costs of £25 Jm 
0888m), pre-tax profits for the 
year to end-December fell by 
40 per cent from £38.6m to 
£23.4m. 


After providing for the cost of 
a reorganisation. Lambert 
Howarth Group, the footwear 
supplier, reported pre-tax prof- 
its halved from £2 .99m to 
£L42m in the year to end-De- 
cember. 

The outcome was achieved 
on turnover up by 10 per cent 


Specialeyes 

deficit 

reduced 

Specialeyes, the USM-traded 
retail optician, incurred a pre- 
tax loss of £481,000 for the 12 
months ended November 27 on 
a turnover from continuing 
activities of £20^4m. 

The figures compared with 
£2.27m and £25.94m respec- 
tively for the 78 weeks to 
November 28 1992. 

The second half, normally 
the stronger period, was seri- 
ously affected by a downturn 
in sales in the run up to the 
Chancellor's autumn Budget 

However, for the opening 14 
weeks of the current year sales 
were ahead of budget A "clear 
programme” for the next stage 
of recovery in 1994 was also in 
hand. 

Losses per share for the year 
emerged at 3.11p (l-LlGp for the 
78 weeks). 

WSP Group 

Pre-tax profits of WSP Group, 
the consulting engineer which 
merged with ABC Consulting 
last October, halved from 
£560,000 to £262,000 in the 12 
months to December 31. 

Mr Peter Welch, chairman. 


cent from £2.4Sbn to £2£2bn, 
and after a higher tax charge 
of £18m (£10.4m) and minority 
interests of £4.8m (£l.9m) 

retained earnings were £600,000 
(£26. 3m). 

Year-end net debt was 
reduced to £51m (£9&2m), giv- 
ing gearing of LB per cent. ICL 
raised £50m from Fujitsu last 
year through a rights issue 
with the guarantiee of a further 
£5Qm this year. 

Mr Bonfield said the com- 
pany had spent more than 
Elbe on acquisitions, joint ven- 
tures, research and develop- 
ment and. rationalisation over 
the past three years. 

Last year it spent £309m an 
research and development It 
aims to work more closely with 
Fujitsu on advanced projects to 


from £56. 6m to £62.6 m, of 
which £-L3m related to Tecnic 
Shoes, acquired at the end of 
last year. 

The pre-tax outcome was 
struck after providing £706,000 
for reorganisation, while last 
year's results benefited from a 
£363,000 one-off profit on realis- 


said that mnsidnring the reces- 
sion in the property and con- 
struction industry and the 
additional work required as a 
result of the merger the results 
compared favourably with the 
sector as a whole. 

Turnover moved ahead to 
£lL5m (£10m) with continuing 
operations at £9.43m. Earnings 
per share halved to 1.9p (3-8p) 
and the proposed final divi- 
dend is maintained at 0.9p for a 
L8p (2p) total 

Broadcasts 

Broadcasts, the USM-quoted 
financial services group, nearly 
doubled pre-tax profits from 
£276.000 to £507,000 in 1993. 

The improvement was 
because of a fall in interest 
payable to £781,000 (£1.08m). 
lower administrative expenses 
of £787.000 (£1.03m) and a 
reduction in the provision for 
bad and doubtful debts to 
£383,000 (£436,000). 

Net income amounted to 
£1.68m (£l.76m). Earnings per 
share rose from L17p to SL2p 
and the group, which returned 
to the dividend list at the 
interim stage, is proposing a 
final of 0,75p for a lp totaL 

Murray European 

Murray European Investment 
Trust, managed by Murray 
Johnstone, lifted net asset 


share costs, hi particular, ICL 
is working on a joint multime- 
dia venture which the Japa- 
nese company Is frinriing 

ICL has undergone substan- 
tial reorganisation in the past 
three years. The company now 
derives more revenues from 
computing services than from 
hardware manufacture. Main- 
frame sales account for less 
than 10 per cent of revenues. 

The company has been split 
up into 26 semi-autonomous 
business units to achieve a bet- 
ter market focus while control- 
ling costs. The business units 
demonstrate a diversity of 
growth and profitability. 

.Revenues at CFM Group, 
ICL's facilities management 
operation, grew by 77 per cent 
last year, while sales in the 


ation of fixed assets. 

A fall hi net inv estment and 
interest income from £377,000 
to £25,000 this time also 
impacted on the result. 

After a tax credit of £72,000 
(£713,000 charge) earning* per 
share came out at 24Sp (39J2P). 
Despite the downturn an 


value by 39.4 per cent to 64£p 
over the year to December 31. 

Net revenue amounted to 
£151,000 (£60,000) and earnings 
per share were <L5p (0-2Sp). The 
dividend is raised from 0.16p to 
02Sp. 

Wescol Group 

Wescol Group, the USM-quoted 
steel products company, 
reported pre-tax profits up 
from £13,000 to 230,000 for the 
six months to January 31 
helped by a £40,000 fall in inter- 
est charges to £164J)00. 

Turnover for this Halifax- 
based company was static at 
£8.15m (£8.iam). Earnings per 
share were unchanged at O.lp. 

EFM Dragon Trust 

Net asset value per share of 
EFM Dragon Trust stood at 
124.17p at end-February, an 
improvement of 45 per cent 
over the 85.44p standing at 
August 31 1993. 

The available deficit for the 
half year to February 28 
amounted to £216.000 (£17,000), 
equal to losses per 20p share of 
O.G82p (O.G24p). 

EFT Group 

EFT Group, the asset ftnanrm 
company, reported record pre- 
tax profits of £L03m for 1993, 
up 40 per cent on the compara- 


retail systems unit grew by 17 
per cent 

Pressure on costs and staff 

numbers frari been maintain 

Mr Bonfield said. Overheads 
had been reduced by about 
£100m last year while staff 
numbers, currently about 
25,000. were being reduced by 
an average of S per cent a year. 

Plans to float up to 49 per 
cent of the company an the 
London Stock Exchange are 
still in place, but await 
improved economic conditions. 

Mr Bonfield said he saw no 
improvement In the market, 
but that 1994 would see the 
completion of restructuring 
measures m d elimination 

of much of the company's debt, 
giving the possibility of 
improved profits in 1995. 


improved final dividend of 
9-25p (B.75p) is proposed, mak- 
ing 13.75p (13p) for the year. 

The benefits of the restruct- 
uring were not expected to 
come through quickly, the 
company hut by the sec- 
ond half there gfamM be same 
film evidence Of biniravHTnent. 


ble £1.45nL Revenue was up 
from £7.4m to £7.G5m, of which 
£332,000 was from acquisitions. 

Mr Ted Black, managing 
director, said the company bad 
experienced an excellent start 
to the present year with strong 
demand. 

Earnings per share rose to 
4.01p (3.01p), the third succes- 
sive year growth had been 
above 30 per cent A final divi- 
dend of L04p is recommended 
for a Lflfe (14 p) total 

Merivale Moore 

Merivale Moore swung back 
into the black in the half year 
to end-December as the prop- 
erty company reported signs of 
a "fairly significant Improve- 
ment in the residential and 
commercial property markets". 

On sales and rents down 
from a restated £ 13.4m to 
£62m, the company returned 
pre-tax profits of £133,000 for 
fixe period, against a deficit of 
£5L68m last time. 

The outcome was boosted by 
a fell in interest charges tram 
£3.64m to £1.78m and reduced 
administrative expenses of 
£583,000 (£719.000). 

After a £44,000 tax bill 
(£247,000 credit) earnings per 
share worked through at 0.65p 
(17.83p losses). 

The board expects to 
announce a dividend with the 
foil year results. 


Telspec 
ahead of 
forecast 
with £3.4m 

By Paid Taylor 

Telspec, the Kent-based 
manufacturer of advanced 
electronic tdecommunications 
equipment, yesterday reported 
higber-than-expected pre-tax 
profits of £8.41m for 
1993. 

The figure, which compared 
With £3. 36m for 1992 and a 
forecast of not less than £&3m 
set out in the flotation pro- 
spectus, reflected strong 
growth for the company’s 
products in the UK. 

As expected, earnings per 
share emerged at &28p (7 .13p). 
There is no dividend, although 
the group has indicated its 
intention to pay an interim 
dividend for the six months to 
en d-Jtme. 

Telspec’s shares, which were 
placed with institutional 
investors at 160p in December, 
closed 3p higher at 283p yes- 


Tefespec ! 

Stare price (pence) 

300 



Stxn»: FT GrapWte 1904 . 


terday valuing the group at 
£88£m. 

A decline in turnover to 
£17. 6m (El&2m) reflected the 
antic ipated fail in sales by the 
group’s Telspec Australia sub- 
sidiary to Telecam Australia. 
Telspec expected the economic 
recovery in Australia to lead 
to higher order levels this 
year. 

In December the group wan 
a £7m contract to supply 
equipment to Deutsche Tele- 
kom. It has also entered Into a 
joint venture agreement to 
manufacture its products in 
Slovakia and has won an ini- 
tial £3. 5m order from Slovak 
Telecom. 

Since flotation Telspec has 
significantly expanded its 
marketing efforts resulting in 
an expanded order book of 
£31m. 

However, the group cau- 
tioned that tiie market for Its 
products remained competitive 
and that this was likely to lead 
to some pressure cm margins 
in same product areas. 

Pre-tax profits for 1993 were 
boosted by net interest 
receipts of £44,000, against 
previous net interest costs of 
£109,000, and by £199,000 
(£95,000) in government 
grants. 

Commenting on the results 
Mr Frank Ha eke tt- Jones, 
i-hairmnn, said the successful 
flotation in December had 
marked a significant mile- 
stone, “setting the stage for 
strong growth in years to 
come. 

"Our international customer 
base has been successfully 
expanded and overall demand 
for Telspec's products has 
risen to record levels," he 
said. 


Turnover Improved 6 per 

Independent Insurance at £15.9m 


By Richard Lapper 

A tumround in underwriting results in 
the UK pulled Independent Insurance, the 
small general insurance company floated 
on the stock market last year, firmly back 
into the black in 1993. 

Pre-tax profits amounted to £l5.9m 
(£3.72m) Including realised gains of £5.6m 
(£3.7m). 

Underwriting profits of £2m compared 
with losses of £7m in 1992. Further losses 
on stop loss policies underwritten for 
Lloyd's Names in 1989 and 1990 amounted 
to £52m (£8.5m) and held back what would 
have been even stronger profit growth. 

Overall gross written premiums 
increased by 52 per cent to £215.7m 
(£141.&n). Investment income Increased to 


£83m (£7m). Its share of profits of associ- 
ated undertakings was £16,000, against 
losses of £19,000. 

framin gs per share improved to 352p 
(I0.9p) and, as forecast, a final dividend of 
4.75p is proposed, making a total of 825p 
(7p), an Increase of 18 per cent 

• COMMENT 

The markets responded positively to yes- 
terday’s result marking the shares up 5p 
to 29Sp. Independent’s focused underwrit- 
ing approach means it is well placed to 
continue profit growth this year, despite 
indications of a return of some rate compe- 
tition in the UK market The group's pre- 
miums from personal motor - where price 
pressure will be strangest - amounts to 
only about 17 per cent of its total premium 


income. Moreover, Independent ban begun 
to specialise in non-standard risks such as 
“classic" cars, which should be less 
affected by competition. Its emphasis on 
risk control and surveying allows it to 
record better results on commercial busi- 
ness than the market average and it 
appears that the worst of the Lloyd's stop 
loss problems, which have dampened prof- 
itability in the last two years, are over. 
1994 profits of about £20m (before capital 
gains) look well within reach, putting the 
shares on an attractive multiple going for- 
ward of about 9. In v e st o rs should bear in 
mind, however, that the shares are now 
trading at a premium to net asset value of 
mote than 40 per cent while the historic 
yield of 3^ is at a substantial discount to 
the rest of the sector. 


Lambert Howarth hit by reorganisation 


NEWS DIGEST 



More acquisitions for Coats 


Mr Neville Bain, (left) chief executive of Coats 
Vtyella, Europe’s largest textiles company, and 
Sir David Affiance, chairman, have set their 
sights on more acquisitions fids year, writes 
Daniel Green. 

New companies made a strong contribution 
to Coats' annual results published yesterday. 
The company has brought gearing down to 31 
per cent, the level tt was three years ago before 
It took over Toatai, the thread maker, in a 
£252m hostile hid. 


"The acquisitions are likely to be under £50m 
each”, said Mr Bain, adding that a figure as 
high as £10Om was possible. 

Target businesses are likely to be in the com- 
pony's biggest areas of business; thread, cloth- 
ing, homewares and precision engineering out- 
side the UK. 

The company «lsn announced yesterday the 
$i2£m (£8.5m) purchase of a US precision plas- 
tics company, Precision Engineering of Minnea- 
polis, Minnesota. 


Premier Oil slips by 33% 


By Robert Corzine 

Premier Consolidated Oilfields, 
independent exploration and 
production company, yesterday 
reported a 33 per cent fall in 
1993 net profits to ZUMm. as 
planned maintenance pro- 
grammes eroded production 
and low oil prices took their 
toll of revenues. 

Turnover at £45&n was 18 
per cent Iowa. Earnings per 
share fell to l-84p from 2.76p. 

The impact of a 21-day main- 
tenance shutdown at the 
onshore Wytch Farm firffl md 
the decommissioning of the 
Angus offshore field was 
reflected in last year's average 
production figure, which 
slipped to about 12,000 barrels 
a day of oil equivalent (includ- 
ing natural gas) from 13,888 b/d 
last time. But Mr Charles 
Jamieson, chief executive, said 
current production had recov- 
ered to 1992 levels and was set 
to rise to 20,000 b/d within two 
years. 


Cash balances stood at 
£47.2m at year end, with debt 
of Gearing was 50 per 
cent 

The removal by the govern- 
ment last year of petroleum 
revenue tax relief on explora- 
tion a«fl appraisal drilling was 
reflected is an £8.8m one-off 
exceptional charge. The 
amount relates to deferred FRT 
In prior years. 

Mr Roland Shaw, rhair-num 
anw that arfrip from the excep- 
tional charge, the loss of tax 
relief on exploration expendi- 
ture had been “offset to some 
extent by the lower PUT 
rate". 

Analysts said the exceptional 
charge was the only surprise in 
the results, which ware other- 
wise in line with expectations. 

Additional appraisal of finds 
enabled the company to boost 
its estimate of proven reserves 
by 15 per cent 

Mr Jamieson said the low oil 
price environment bad caused 
the company to focus on pro- 


jects which could lead to an 
early payback. He said 75 per 
cent of the company's effort 
would be aimed at projects 
which could enhance short to 
m e diu m term flash flow, with 
25 per cent reserved for longer 
team exploration activity. 

• COMMENT 

Cuba, Cambodia and M yanmar 
are just a few of the exotic 
though difficult locations 
which have appealed to Pre- 
mier's explorers So far the 
strategy of going into difficult 
countries has worked wefl. Pre- 
mier gets good terms and huge 
stakes. If finds are made same 
of the stake is fanned out 
topay for development, leaving 
the company with a good 
rtmnic of the consequent pro- 
duction. But if oil prices linger 
at low levels it can only extend 
the strategy if the majors 
which operate many of its 

predating Wolds nm cpnthi np 
to make significant cuts in 
their costs. 


Cliveden chief buys Principal 
Hotels chain from receiver 


By lan Hamilton Fazey, 
Northern Correspondent 

Principal Hotels, which went 
Inin receivership two years ago 
with debts of 000m, has been 
taken over in a £85m deal led 
by Mr John Lewis, chairman of 
Cliveden, the former stately 
home that is now a luxury 
hotel. 

Principal, based in Leeds, 
has 22 hotels, mainly of three- 
star standard, with two in both 
Denmark <md the Netherlands. 
The chain includes the Nor- 
breck Castle in Blackpool, the 
Royal in York, and the Impe- 
rial in Harrogate. 

It has been ran successfully 
by its management under Mr 
Edward Klempka, corporate 
recovery partner of Coopers & 


Lybrand in Leeds, the receiver, 
making £Bm profit in 1992 and 
£7-5m last year. 

Mr Lewis, who will be keep- 
ing his prestigious Cliveden 
operation entirely separate, 
won a tight contest against a 
consortium led by Legal & 
General end Mr Mtehnof Pw- 
tni. Principal's managing direc- 
tor. 

Mr Purtill will leave the 
group, but the rest of the man- 
agement team will continue 
under Mr Lewis, and will get 
some equity participation. 

The price paid for Principal 
is not bring disclosed, but is 
believed- to be close to £60m, 
with the remainder of the £66m 
being raised for working capi- 
tal 

About £32m of the total 


finance is equity, provided by 
NatWest Ventures, the leader 
of the deal, Granville Develop- 
ment Capital, Prudential Ven- 
tures, Bankers Trust and Royal 
Bank Development Capital 

The loan finance Is being 
provided by Morgan Grenfell 
and the Bank of Scotland, but 
it is believed that Barclays 
Bank may also participate. 

Blenheim Capital Ventures, 
a new financial services group 
set up by former Bank of 
Tokyo and Hill Samuel staff, 
facilitated the deal and 
brought together the equity 
partners. 

Mr Lewis takes on ail liabili- 
ties incurred by toe receiver 
during the two-year admlnis- - 
tration, but the deal excludes 
any prerecelvarahip debt 


International Trade Finance is the essential reference source for the 
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International Trade Finance enquires 

PO Bex 2551. wCncoi’ S'.V12 cpf-i. Fax (O! S’- -573 "335 

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7s I r-14 (0j 81-573 -:': ; 55. ::;a:incj your inierss: in Intcrpnlioral Trarir, Fin.:;;: 



•JR BRITISH 

* INTERNATIONAL 
HELICOPTERS 

USD 55.000,000. 


Senior Secured loan 

FOR 

CHC HELICOPTERS (UK) LIMITED 

GUARANTEED BY 

CHC HELICOPTER CORPORATI ON 
CHC HELICOPTER HOLDINGS LIMIT ED 
CANADIAN HELICOPTERS LIMITED 


AND BY 

BRINTEL HOLDINGS LIMITED 
ARRANGED ft. UNDERWRITTEN BY 


INGAi)L£ASE 

ING LEASE STRUCTURED FINANCE 

FUNDS PROVIOED BY 

ING lease Structured Finance 
M ac Pierson N.V. 

Commerzbank (Nederland) N.V. 


-March 1994- 
BcGwSBSSniui 

Rob J. Moan. Mnsgb* Dtraaor 


F.O. Box 1971 
(OqOBZA mf rtm 
The NdtottttndJ 


contact 

SyUc K on ft Placem en dr* 
Itaotateing 
ptoee; *-31.30-6523830 
telecopier + Si JO - 6S2 58 03 


Notice to Holders of Warrants 
to Subscrfee for Shares of Common stock of 

TOBU RAILWAY CO., LTD. 

(the "Company”) 

Warrants (the “Warranta-1994") Issued with 
U.S. $300, OOO, 000 4 3 /» per cent. Notes 1994 

W ar r an t s (toe ''Warrants- 7 995”) Issued with 

U.S. £300,000 ,000 4 V« per cent. Notes 1995 

NOTICE IS HEREBY GIVEN as follows; 

The Beard of Directors of the Company at its meeting held an 1st March, 1994 resolved that the 
Company shall make a stock spilt whereby each share of common stock of the Company ("Share") 
held by Us shareholders of record as at 3lst March, 1994, Japan time, will be efivided into 1.03 Shares 
with effect from 20th May, 1994, Japan time. 

As a result of such stock split, the subscription prices of the abovs*nentioned Warrants wig be 
actuated as Mows: 

1 ) Subscription prices before the adjustment Warrants-! 994 Yen 1,622^0 

Warrants-1995 Yen ’721.00 

2) Subscription prices after the adjustment Weirants-1994 Yen 1,575.00 

Warrants-1995 Ybn 700.00 

3) Effective date of the adjustment 1st April. 1994 (Japan time) 

TOBU RAILWAY CO., LTD. 

By: The Fuji Bank, Limited 
The Mitsubishi Baric. Limited 

17th March, 1994 _ oaeft as Prindo^pS^A^nt 


To the Holders Of 

Restructured Obligations 
Kfced by Senior Assets, B,V. 

want to the Indenture dated 
y i, 1990 , as amended and 
itaied as of June 1 5, 1 99o. 
ween Che Issuer and State 
Be! Bank and Trust Company. 
Trustee, notice is hereby given 
t for the Interest Accrual Period 
rch 10, 1994 through June 9, 
14. the rates applicable to the 
cured Senior and Secured 
nior Subordinated Floating 
te Notes are 4.175 and 4.625 
pectivdy. 


£75,000,000 

HMC FINANCING 3 PLC 

dess A 

Mortgage Backed Floating ffete 
Notes due December 2018 
For the interest Ffenod from March 
15, 1994 to June 15. 1094 the 
Note fere has been determined 
at 5,6% per annum. Th* interest 
payable on the relevant internet 
payment data, June is. >994 
wfl be £565.88 per £40.080.78 
nominal amount. 

Bjr.1taGtettHsflfeMnBare.IUL 
tendon, Aganl Bank 
March 17. 1994 


U&$ 20,000,000 
SOFINLUX SA Luxembourg 
Floating Rate Notes due 1999 

Notice is hereby given that for die 
period 3 1st January. 1994 to 31* 
January. 1995 the notes will cany an 
jnttie st Rate of 4 172% per annum. TM 
lateral payable on the retoran tatcrea 
payment date 3 lit January, 1995 trill 
•mount to U.S.S 4.562^0 per UAS 
lommn bmimi 

p »y in «Ag<Mrt 
SaCtk Finance Limited 


Petroleum Argus Daily On p nce R e por 

CALL Ar f fUS 
















JN Nichols 
recovers in 
second half 
to £8.65m 


Rea Brothers 
more than 
doubled to £2m 


By Simon Davies 

Rea Brothers, the private 
banking group, announced pre- 
tax profits more than doubled 
from £805,000 to £2. 05m in 1993, 
helped by a tumround from its 
fund management operations. 

Net interest income fell mar- 
ginally to £3 .98m (£4 .2m) 
because of lower interest rates 
and the company's conserva- 
tive lending policy. Customer 
accounts grew to £239m 
(£238m), while loans and 
advances to customers fell by 
£2m to £27m. 

Fee income, however, 
increased by 35 per cent to 
£9. 44m, boosting overall operat- 
ing income to £14.1 m, com- 
pared with £11 .7m. The compa- 
ny's corporate finance and 
trust administration busi- 
nesses, both had record years. 

Rea Brothers' fund manage- 


In line with its forecast at the 
interim stage. Chieftain, the 
USM-quoted specialist insula- 
tion and fireproofing company, 
finished the year to end-De- 
cember in the red. 

The pre-tax loss of £285.000 
compared with a profit of 
£396,000 last time, hut repre- 
sents a small Improvement on 
the loss of £481,000 reported at 
the interim stage. 

The first-half result had been 
hit by a £995,000 exceptional 
charge for two branch closures 
and provisions for the full 
effect of the receivership of 
Swan Hunter, one of its main 
clients. 

Mr Peter Wardle, chair man , 
said that in common with most 
other companies in the bund- 
ing and construction sectors. 


men! operation, however, was 
the main source of growth. Mr 
Roger Parsons, managing 
director, said the company had 
increased funds under manage- 
ment more than threefold in 
the past three and a half years. 

The fund management busi- 
ness made a pre-tax contribu- 
tion of £647.000 compared with 
a small loss in 1992, with funds 
increasing by 22 per cent dur- 
ing the year. 

Rea Brothers made a £300,000 
provision for legal costs related 
to proceedings against the 
company over a now defunct 
pension scheme. 

The directors have recom- 
mended a final dividend of 
0.45p, making a total of 0.75p, a 
50 per cent increase. 

Earnings per share increased 
more substantially to 4.05p 
(0.82p) because Of a marginal 
fall in tax payments. 


Chieftain had suffered from the 
severe and prolonged reces- 
sion. 

Turnover for the year fell 
from £i4.9m to £ 12.6m, how- 
ever, at the trading level, prof- 
its were slightly up at £623,000 
(££13,000). 

Losses per share emerged at 
3.33p (4.36p earnings) and the 
final dividend is reduced by lp 
to 2p, making 3.5p (5.1p) for the 
year. 

Despite the difficulties dur- 
ing the period, the group ended 
the year with no borrowings, a 
ranh balance of about Elm and 
a firm order book of £7m, Mr 
Wardle said. 

Since the year end the acqui- 
sition of Blackett Charlton had 
been concluded at a purchase 
price of £25,000, he added. 


By Nigel Clark 

Pre-tax profits for JN Nichols 
{Vim to), the soft drinks com- 
pany, improved slightly from 
£8 -54m to £8.65m in the year 
to December 31. 

The result marked a recov- 
ery in the second half follow- 
, ing a fall from £3. 53m to 
£3-4m at the interim stage. 

There were improvements 
for the core Vimto fruit and 
herb drink, particularly over 
seas, and the foods offshoot, 
which made up for falls in the 
canning operations. 

Mr John Nichols, managing 
director, said that the first 
half of the year, which had 
been affected by a poor May 
and June, was always more 
dependent on the weather 
than the second. 

He added that it .was too 
soon to say how the present 
year would turn out but he 
thought the market for Vimto 
was growing on the back of 
the expanding cola market. 
"And there wfll always be a 
niche for Vimto." 

Turnover for the year 
improved by £2 ,5m to £49-5m 
for increased operating profit 
of £7. 93m (£7.48m). Earnings 
per share came ont at 14.98p 
(I4.l6p) and a proposed 
increased final dividend of 
3.6p makes a total for the year 
or 5.76p (5.44P). 

The Manchester-based com- 
pany is concentrating on 
expanding its overseas mar- 
kets and food activities. 

The launch on the Russian 
market was going well with 
the export of canned Vimto 
expected to be replaced in the 
near future by local produc- 
tion based on concentrate from 
the UK. 

The foods side now provided 
£15m of group turnover and 
was about to move into a pur- 
pose-built factory. 

Mr Nichols said the contract 
canning activities were depen- 
dent on Die weather but as the 
operation switched from con- 
tract work to Vimto that was 
becoming a less of a factor. 


Chieftain incurs 
£285,000 deficit 


Gelpack and Taco help with tumround 

Britton £2.7m in black 


By Maggie Urry 

Britton Group, the packaging company created 
from the shell of Firstland Oil and Gas, reported 
pre-tax profits of £2. 73m in 1993. 

The figures included a full year from Gelpack, 
acquired in October 1992 and five months from 
Taco, bought last August for £36.7tn funded by a 
rights issue and placing. 

In 1992 the group recorded a loss of £2. 32m, of 
which E2.1m was the disposal loss on the oil and 

gas Interests. 

Group turnover was £2&8m, with £ 13.3m com- 
ing from Gelpack and £13. 5m from Taco. Operat- 
ing profits were £2. 96m, with £1.96m contributed 
by the higher margin Taco business. Interest 
charges were £226,000. 

Mr Robin Williams, chief executive, said the 
group's strategy was to develop a packaging 
group with two or three divisions in fragmented 


sectors of the industry. With two acquisitions 
Britton was already the second largest UR poly- 
thene extruder. 

Adding another division would require fur- 
ther external binding. 

Gearing was 17 per cent at the year end, 
assuming full payment of £5.5m deferred consid- 
eration for Taco. However, Taco is now not 
expected to meet its earn-out target and Britton 
hoped to claw back much of that money, giving 
the group's negligible gearing, said Mr Simon 
Beart, finance director. 

Britton is p lanning a 10-for-i share consolida- 
tion as it has 514m shares in issue. 

A final dividend of 0.09p is proposed to give an 
effective total for the year of 0.15p. Gamings per 
share were 0.68p. 

Mr Beart said the 26 per cent tax rate in 1993 
was artificially low and would probably rise to 
about 31 per cent in future. 


Spandex advances 22% 
and makes £2.9m purchase 


By Tim Burt 

Shares in Spandex rose 35p to 
5&5p yesterday after the 
USM-quoted distributor of sign- 
making equipment announced 
a 22 per cent increase in profits 
and a £2 .9m acquisition. 

The Bristol-based group saw 
pre-tax profits rise to £5.45m 
(£4.46m) In the year to Decem- 
ber 31, despite continuing 
recession in some of its key 
European markets. 

Growing sales of sign-mak- 
ing materials and labelling 
products lifted group turnover 
8 per cent to £59.2m (£55m). 
while operating profits moved 


ahead from £5.4m to £5.9m 

Increased turnover in Europe 
- dominated by Germany, 
accounting for 34 per cent of 
sales - left the group with net 
cash of £3.75m <£3m) at the 
year end. 

Gearing, meanwhile, fell 
from 28.6 per cent to 2.7 per 
cent after the group cut net 
debt to £388,000 (£4^7m). 

Mr Dick Bostock, finance 
director, said gearing would 
increase following the group's 
FFr25m (£2.9m) cash acquisi- 
tion of Adhebak. the French 
distributor of self-adhesive 

vinyls. 

The acquisition, involving an 


initial FFr17 ,5m payment and 
FFrl^m payable in three fur- 
ther tranches, will complete 
Spandex's distribution network 
in western Europe. 

Mr Bostock said the group 
was now considering expan- 
sion in eastern Europe and 
envisaged strong demand for 
new machinery, such as its 
“Gerber Edge” computerised 
sign-making equipment. 

Earnings per share improved 
to 32p (22_5p), while a recom- 
mended final dividend of 4Jp 
(4.6p) makes a total of 7p, com- 
pared with 6*>p. The group also 
announced a 2-for-l scrip 
issue. 


Sleepy Kids awoken by Budgie 


Reflecting continued progress 
with Budgie The Little Helicop- 
ter, Sleepy Kids, the indepen- 
dent producer of children’s ani- 
mation, yesterday reported 
that profits accelerated in the 
second half of 1992-93 and for 
the year to October 31 came 
through at £89,235 compared 
with a loss of £356^43. 

The USM-traded company, 
which owns the worldwide 


rights to animate and mer- 
chandise Budgie, is confident 
about showing further prog- 
ress at the interim stage. 

There is no dividend but Mr 
Martin Powell, chaYrmam, said 
once the trading pattern 
became firmly established a 
progressive dividend policy 
would be adopted. 

The shares closed I2p lower 
at 105p. 


Mr Powell said the improved 
results were achieved when 
Budgie was at the early stages 
of development In the current 
year many licensing agree- 
ments had been entered into 
covering a wide range of Bud- 
gie products. 

Turnover for the year was 
£262,696 (£88,293) and darnings 
per share were 0J33p (losses 
1.52p). 



Lytfu van am Um 

John Church: 1993 boosted by 'significant' advance from Jones 


Church surges by 
70% to £3.2m 


Pre-tax profits of Church & Co, 
the footwear manufacturer and 
retailer, surged by 70 per cent 
from £1.9m to £3 .2m for 1993. 
boosted by a “most significant" 
advance from its wholly owned 
subsidiary A Jones & Sons. 

Group sales advanced by 7 
per cent to £74m (£68.9m). 

Earnings per share were 
17.4p, up 45 per cent on last 
year’s 12p, while the dividend 
is stepped up to 13p (12.5p) 
with a final distribution of lOp. 

The directors' aim is to 
return to a dividend cover of 
two times as soon as possible. 

Mr John G Church, the 
chairman, said that Church 
Footwear and Cheaney further 
improved their performance. 
However, losses were incurred 
in the two North American 
companies, while the French 
retail concern also suffered a 


modest loss, mainly as a result 
of recessionary pressures in 
continental Europe. 

The chairman explained that 
1993 was a year of consolida- 
tion in which "we concentrated 
specifically on improving the 
profit performance of our vari- 
ous subsidiary companies, both 

in manufa cturin g and re tail. " 

The group, he added, 
acquired a further 25 per cent 
in its Hong Kong associate, 
taking the holding to 50 per 
cent 

Results for A Jones revealed 
a jump in pre-tax profits from 
£569.000 to £1.7m for the 12 
months, from turnover of 
£33 5m (£30. 15m). During 1993 a 
shop was opened at 133 Bond 
Street London, and two more 
shops will be opened this year. 
However two others are being 
closed. 


% S 




v. 


1 1 


su 


i i i 


i I 



NEWS IN BRIEF 


DALGETT is to purchase 
Jaeger Participations, a pri- 
vately-owned -French food 
ingredients business for an 
undisclosed sum. 

EFG (garden centres and horti- 
cultural products) has won its 
appeal against enforcement 
notices issued by Aylesbury 
Vale District Council. The 
notices alleged breach of plan- 
ning control at World's End 
garden centre at Wendover, 
Buckinghamshire. 

FINE LI ST GROUP, vehicle 
parts distributor, has acquired 
the Brake & Pipe motor parts 
distributor for £ 85,000 cash. 
GARTMOKE BRITISH Income 
& Growth Trust received appli- 
cations for its offer for sub- 
scription in excess of £48. 5m. 
Valid applications were 
received for 23.3m geared 
income shares at 100p, 19m 
zero dividend preference 
shares at 116p and 1.47m units 
teach comprising one geared 
income and one zero dividend 
preference share) at 216p. 
Applications for geared income 
shares have been scaled down. 
GREAT WESTERN Resources 
received acceptances for its 
open offer in respect of 14.27m 
shares (about 67 per cent). 
Dealings are expected to begin 
on March 21. 

GT CHILE Growth Fund: Net 
assets per share for 1993 were 
$33.89 (£23. 2p), against $24.1. 
Earnings per share were 78 
cents (72 cents) and final divi- 
dend of 60 cents makes total 
for year of 120 cents (25 cents). 
HEWITT GROUP will receive 
an investment subsidy of 
DM550,000 (£216.000) from Treu- 
handanstalt. which also agreed 
to waive accrued interest of 
DM350.000 on the purchase 


consideration as part of claims 
made under a 1991 agreement 
to buy assets from EiSenberger 
Ton-und Brennhilfsmittelge- 
sellchaft for DM2 ,5m. 
INTERNATIONAL INVEST- 
MENT Trust Company of Jer- 
sey has sold its investment 
property in St Helier, Jersey, 
for £L2lm cash. 

NO PROBES: The proposed 
acquisition of Newspaper Pub- 
lishing by Mirror Group Con- 
sortium bas been cleared by 
the EU. The proposed acquisi- 
tions of 20 per cent of HTV 
Group by Flextech, of certain 
Yorkshire Travel assets by Cal- 
daire and of the Bourne and 
Hillier milk business by Uni- 
gate. will not be referred to the 
MMC. 

PTARMIGAN INTERNA- 
TIONAL Capital Trust has set 
the conversion price of its 3.25 
per cent subordinated convert- 
ible bonds 2009 at 267p. 
QUADRANT has received 
applications for its placing and 
open offer of 11.7m shares at 
35p from holders of 8.7m shares 
representing 74.4 per cent of 
qualifying holders entitlement 
The remaining shares will be 
taken up by placees. 

ROXSPUR has received appli- 
cations for 12.89m new ordi- 
nary shares under the open 
offer which closed on March 
10. This represented 81 per cent 
of the shares subject to the 
offer, not including 9.74m 
placed firm. 

SEVERN TRENT has sold its 35 
per cent interest in Acer Engi- 
neering (subsidiary of Acer 
Group) to Welsh Water for £lm 
cash. Welsh Water acquired 
Acer Group in January 1993 
and now has full control of the 
subsidiary. 




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Nigeria warned 
cash crisis may 
hit oil output 


By Paul Adams in Lagos 

Multinational oil companies in 
Nigeria foresee a decline in the 
Industry unless the govern* 
meet can raise its investment 
in production and exploration 
over the coming year. 

The Nigerian National Petro- 
leum Corporation owns GO per 
cent of the joint ventures with 
the multinationals, but has 
failed to maintain its share of 
the operating costs, which 
average about $150m a month, 
and was up to five months in 
arrears by last month. 

The Nigerian government 
says it has cut the arrears 
owed to its partners to $350m 
but the multinationals put the 
figure at close to $500m. The 
government figure is based an 
arrears dating back to the start 
of 1993, but some of the debts 
go back to at least 1991. 

The government and the oil 
companies also differ on the 
investment needed to maintain 
current levels of output. The 
government budgeted for 
$3.l3bn total investment in 
1994 but wants to cut this to 
SL2bn and has asked the oil 
companies to reduce this year's 
operating budgets. 

Mr Etiebet is trying to secure 
as much government invest- 
ment as possible for the indus- 
try but feces competing claims 
from other ministries, which 
argue that NNPC’s share of the 
budget is too large and want to 
spend the money on other pro- 
jects. 

Mr Etiebet recently told the 
oil companies that selective 
cuts in exploration and some 
operating costs would not 
reduce production capacity. 
The oil majors acknowledge 
that same reduction is made 
necessary by the government’s 
lack of cash and the drop in 
the oil price but warn that a 
8900 m cut in the budget will 
bring down production capac- 
ity next year. 

“By next year it will have a 
substantial impact on produc- 


tion and the operations cannot 
just gear up quickly after such 
a sharp cut," according to an 
industry expert in Lagos. 
“The first thing that we will 
cut is exploration,” said one oil 
company executive. “We are 
also postponing some new pro- 
jects for a year or so. If that 
does not produce enough 
savings we will have to reduce 
maintenance." 

Nigeria's oil fields contain 
lots of small reservoirs and 
new which last a short time 
before a new well is needed. 
The oil companies are already 
reducing their drilling pro- 
grammes, as it costs at least 
$7m to drill a new welL The 
drilling contractors and other 
oil service companies have 
been the first to feel the effects 
of the recession in Nigeria's oil 
industry. 

“We plan to stop drilling any 
more wells by August,” said an 
executive at one of the multi- 
nationals yesterday. “If that 
happens across the board same 
of the contractors are going to 
pack up and leave Nigeria, put- 
ting a lot of Nigerians in the 
oil producing areas out of 
work” 

The government has ruled 
out divestment of its equity as 
a solution to the cash crisis, 
but risks a cut in its Organisa- 
tion of Petroleum Exporting 
Countries quota if it allows its 
production capacity to drop. 
Mr don Etiebet, the oil minis- 
ter recently argued for a cut in 
Opec’s production to boost the 
oil prices but Nigeria is keen to 
increase its quota when the 
market picks up. 

The government denies that 
it is exceeding its Opec crude 
oil quota of 1.865m barrels a 
day, which it claims is supple- 
mented by 175.000 b/d of con- 
densate from the Mobil Oso 
plant 

Last year Nigeria was aiming 
to boost its SL3m b/d capacity 
to £5m by 1995, but oil compa- 
nies warn that it could drop 
well below 2m by next year. 


The glittering prize that was almost overlooked 

Kenneth Gooding talks to the British-born lady geologist who in 1972 found Australia’s first diamond 


Russia is to allow private buyers to bid for 
diamonds in an open tender, reports Heater 
from Moscow, hot a senior said the 

auction would not breach a marketing deal 
with De Beers* Central Selling Organisation, 
which controls the vast bulk of the world dia- 
mond market. 

Mr Pavel Kovyim, bead of the Almazexport 


branch of Russia’s Diamonds of Russia-Sakha 
producers, declined to say how many carats of 
diamonds would be offered for sale. But he said 
trade reports that Russia would seD 100,000 
carats were “a big exaggeration**. 

“We win hold a tender soon, (diserving all 
our obligations to the CSQ,” be said, “and the 
volume win be much dqq flat" 


C ompanies scrambling to 
take part in Australia’s 
biggest diamond explo- 
ration boom for many years 
owe a great debt to Ms Mau- 
reen Muggeridge. 

This British-born geologist 
earned a place in geological 
history when she found Aus- 
tralia's first diamond in 1972 - 
before that many experts 
believed there were no dia- 
monds to be found in the coun- 
try, despite its huge size, 
because the geology was 
wrong. 

She was also part of the 
team that seven years later 
located the Argyle AKl deposit 
in the far north of Western 
Australia, one of the country's 
most important mineral discov- 
eries and now the world’s larg- 
est diamond producer, at least 
in terms of the weight. 

Ms Muggeridge. now 46, was 
born in Croydon, near London, 
and is the niece of the late Mr 
Malcolm Muggeridge, the 
eccentric British writer. She 
spent her childhood in Nigeria 
and earned her geology degree 
at St Andrew’s University, 
Glasgow. She recalls she then 
set out for Australia “to get 


some sunshine unquote”. 

She was given a job by Tan- 
ganyika Holdings, which then 
was the only company seri- 
ously exploring for diamonds 
in Australia, apart from, inevi- 
tably, De Beers, the South Afri- 
can group which dominates the 
industry, via its subsidiary 
Stock dale. Tanganyika was 
eventually absorbed by CRA, 
one of Australia’s big mining 
groups a pd one capable of find- 
ing the large sums req u i r ed to 

flnuT-wp a diapmiid mine 

Ms Muggeridge recalls that 
the vital dues to the massive 
Argyle deposit were nearly 
missed. T was a bit pushy and 
insisted we leave no gaps in 
the exploration work.” So with 
only one geologist assistant 
she set out in a helicopter on 
what proved to be an 
immensely profitable sortie for 


CRA. One consolation was that 
her ^gsistaT it on that trip was 
Mr John Towie. now a director 
of rival Australian diamond 
exploration group, Triad Min- 
erals, whom she had then just 
wed. 

The 38 diamond grains in the 
sample they sent tack for test- 
ing could have fitted easily on 
the head of a match. Once 
those traces had been found, 
however, it was an easy task to 
trace them back to the Argyle 
deposit 

“Searching for diamonds is 
much worse than looking for a 
needle in a haystack,” says Ms 
Muggeridge. “At least you can 
bum down the haystack and 
use a metal detector. Success 
in diamond exploration 
depends heavily on the exper- 
tise of the people involved and, 
because diamonds and their 


host rocks are so rare, they are 
extremely hard to find and a 
long tqrm approach is an abso- 
lute necessity.” 

For the past five years she 
has been exploration director 
of Moonstone Diamond Corpo- 
ration, which last November 
raised A$5m (US$3.6m) on the 
Australian Stock Exchange, 
enough for two year's explora- 
tion work. 

Ms Muggeridge was among 
the speakers at the first Aus- 
tralian Diamond Conference 
here in Perth last week. 

The standing room only 
event was one indication of 
how diamond (Sever has 
hold in Western Australia. 
Another «»"* from Mr M )rhaa| 
Thomson of stockbrokers 
Eyres Reed when he estimated 
that in the past year diamond 
exploration companies in Aus- 


tralia had raised at least 
A$72m. 

As usual in mfimig booms, 
many of the companies 
involved are as interested in 
bulling up their share prices as 
in looking for gem stones. This 
has led to some unease and 
complaints, particularly about 
the way some report their 
exploration results - so for no 
set procedures have been fixed 
for this. 

At the' conference Mr Wolf 
Marx, convener of the diamond 
reporting committee of the 
Australasian Institute of Min- 
ing and Metallurgy, read from 
a number of recent explorers' 
reports that left out crucial 
information such as the value 
of AiammAtj found or referred 
to values or even connotations 
of value (such as “gem" or 
“near gem") of a small number 
of diamonds that were poten- 
tially Tfltaiftadtng , 

“Diamond exploration geolo- 
gists, exploration managers 
an d even chairmen of mining 
companies are unlikely to have 
sufficient expertise to give 
accurate assessments of dia- 
mond values,” he explained. 
“This is made worse if the 


stones are micro diamonds 
which, by definition, cannot be 
considered to have any value 
other t han scientific." 

Delegates cheered up, how- 
ever, when Mr Chris Jennings, 
an international explorer asso- 
ciated with the discoveries in 
the North West Territories that 
caused Canada's recent dia- 
mond rush, said new technical 
expertise and knowledge justi- 
fied more exploration in Aus- 
tralia, ii\H ud trig in those areas 
already studied for diamonds. 
“ Sh e a Argyle there has been 
no r ptengfl exploration in Aus- 
tralia," he said. “There are 
probably big areas where there 
is some sort of potential for 
diamonds - I feel confident 
about it" 

Nevertheless, finding those 
diamonds will not be easy. Mr 
Yannic Merder, Geneva-based 
chairman of Ms Muggeridge's 
Moonstone Corporation, jok- 
ingly told delegates that when 
he was first invited to invest 
be replied: “Setting up a dia- 
mond exploration company 
raises only two questions; how 
much money you want to lose 
and how long will you give 
yourself to lose it". 


US calls for proof that its stockpile sales 
are disrupting the world bauxite market 


MARKET REPORT 

Copper leads metal rally 


By Canute James 
in Kingston, Jamaica 

The US government will limit 
sales of refractory grade baux- 
ite (aluminium are) sold from 
its strategic stockpile in the 
1994 fiscal year to Chinese 
material, but has asked for evi- 
dence from a major producer 

to gnlud-antiate rlaimg that Che 

sales are depressing prices paid 
to producers. 

The US embassy in Guyana 
says the limit is In response to 
concerns expressed by the 
Guyanese government over the 
tale of 48,000 tonnes of refrac- 
tory grade bauxite between 
October 1992 and September 
1993. 


Guyana and China dominate 
the world market for refractory 
grade bauxite. The government 
of the English-speaking repub- 
lic in north-east South America 
says the sale is depressing the 
world market price of the 
bauxite and threatening efforts 
to rehabilitate the local bauxite 
industry. 

"In response to Guyanese 
government concerns about 
the impact of stockpile refrac- 
tory bauxite sales an the Guya- 
nese market. . . the stockpile 
hag ta ken affirmative action to 
Emit refractory bauxite offer- 
ings in fiscal year 1994 primar- 
ily to Chinese material," an 
embassy statement says. It 
adds, however, that the US 


interagency committee, which 
monitors the impact of stock- 
pile sales, has asked the Guy- 
ana government to provide 
additional information to sup- 
port its contention that the US 
sales have caused undue dis- 
ruption in the market 
“This committee did not 
believe that the bauxite sales 
in fiscal year 1993 would cause 
an undue disruption of the 
world market for refractory 
bauxite, which amounts to 
over lm tons annuall y," it 
says. Guyanese officials had 
claimed that the sale from the 
US strategic stockpile had 
driven world prices for refrac- 
tory grade bauxite from $150 a 
tonne to under $100. 


The US Congress has 
directed the Defence Stockpile 
Centre to sell its surplus stock 
of refractory bauxite by Sep- 
tember 1997 because stockpil- 
ing requirements have 
changed because of a lessening 
in potential threats to US 
national security. 

The decision to reduce the 
strategic bauxite stockpile has 
been a cause of concern among 
producers. 

Mr Nenad Altman, secretary 
general of the International 
Bauxite Association, the pro- 
ducers' group, said recently 
that despite the sale of rela- 
tively small amounts, produc- 
ers were being affected by the 
price of tiie US material 


After hours “kerb” trading was 
active at the London Metal 
Exchange yesterday today with 
a strong COPPER market, 
which ended at 754-month 
peaks, pulling other metals 
higher. Dealers thought fur- 
ther grins were likely in the 
shortterm. 

ALUMINIUM was bolstered 
by heavy late buying, and 
broke through the $l,320-a- 
tanne level for three months 
delivery, where sizeable stop- 
loss buying orders were trig- 
gaud. 

The LEAD and ZINC markets 
broadly took their cue from the 
overall trend in base metals, as 
there were no particular funda- 
mental factors evident to jus- 
tify strength at present, nota- 
bly i n zinc , dealers said. 

COFFEE and COCOA futures 


ended lower at the London 
Commodity Exchange in a 
mild correction to recent ral- 
lies, though traders said under- 
lying sentiment in both mar- 
kets remained positive. 

After a brief attempt to 
break through the high at 
$1,325, May coffee slipped bade 
to end $7 lower at $1,310. But 
its ability to keep above $1,300 
throughout the day ted traders 
to believe the current uptrend 
was still intact 

After a weak start cocoa 
foiled to build up any momen- 
tum, staying in the minus col- 
umn all day. The May position 
finished 23 down at £966 a 
tonne, £1 below the day's high. 
“We’ve seen a lot of players 
taking profits,” said one trader. 

Compiled from Reuter 


COMMODITIES PRICES 


CROSSWORD 




& 





$ 



BASE METALS 


Precious Metals continued 


LONDON METAL EXCHANGE 

(Prices from Amalgamated Meta Trading) 

■ MJJMMUM, 98.7 PURITY $ per tonne) 



Cash 

Sitriha 

dose 

1201-2 

13145-15.0 

Previous 

1272-5-15 

1301-2 

Kg Mow 

- 

1324/1310 

AM Official 

1291-1.5 

1315-55 

Kerb dose 


1223-35 

Open tnL 

250,614 


Total daRy turnover 

61.410 


■ ALUMINIUM ALLOY ($ per tome) 


Close 

1230-5 

1245-8 

FVevtous 

1220-30 

1235-40 

H)gti/tow 

1235 

125071242 

AM Official 

1230-5 

1245-50 

Kurt) close 


1245-55 

Open ait 

4.444 


Total datty aenowr 

790 


■ LEAD (5 per tonne) 



Ctooa 

456-0 

472-3 

Previous 

453-4 

487-6 

HltfVtow 

- 

475/468 

AM Official 

457-6 

472-3 

Kerb dose 


474-5 

Open tnt 

35.083 


Total do At turnover 

Shit 


■ NICKEL (S par tonne) 


Close 

5555-65 

5620-30 

Previous 

&S30-5 

5590-0 

HlQhAow 

55*0 

5675/5550 

AM OJTtaol 

5535-45 

5605-10 

Koto done 


6675-80 

Open tn L 

49,210 


Told dotty turnover 

10.873 


■ TO (S per tonne) 



Ctawo 

5430-40 

5480-5 

Prevwua 

5430-40 

5485-9 

legh/low 

- 

5540/5560 

AM Official 

5435-40 

6480-5 

hob ckfto 


5535-40 

Open It*. 

19.678 


Total da tty turnover 

JSX 


■ ZINC, spoctal high grade (S per lonnrA 

Clooe 

931-2 

850-1 

Previous 

029-30 

947-8 

Hkfvlw 

9313 

958/949 

AM Offiari 

931-1.5 

951-1.5 

Kerb doao 


953 4 

Open tre 

107227 


Total dotty turnover 

11.167 


■ COPPER, trade A (S par tonne) 


Ctoso 

1943-5 

1956-7 

Previous 

1940-1 

1955-8 

rtgh/kwr 

1953 

1967/1954 

AM Official 

1953-1 

196050.5 

Kerb do an 


1965-6 

Open m. 

223.323 


Total dotty turnover 

76.065 


■ UC AM Official E/S rate; 1.4870 

LME Ctostog C/9 rata: 1.4825 


Spec 1.4933 3 rafts 1 4890 6 mate 1.4883 9 mftK 1.4MB 

■ HUSH GRADE COPPER (COMEX) 


Bar's 


O0BH 

One etaoaga 

«W low 

M rid 

Me 9350 + IJ0 

93 SO 91.45 

3JS25 419 

Apr 8X30 .1 15 

9125 9225 

1.161 56 

May 93.15 -MO 

3320 9120 38,306 7,763 

Joe 92.65 *110 

91.50 91.50 

8*3 

JM 9225 *1)5 

9230 9030 

HUM 1861 

ttitt 9210 *1.10 

- 

408 

Tetri 


6003 10587 

PRECIOUS METALS 


■ LONDON BULLION MARKET 


(Prices auppttfld by N M FtauwchW) 


Gold /Troy oi.) 

S puce 

£ eqriv. 

335.70.386. 10 


Operang 38G.90OS7.30 


Morning fix 

365.30 

259.077 

ARanuon ft* 

38EL50 

256.51? 

Day’s High 388 80-36720 


Day's Low 364.00085.30 


Previous cfcwe 388.00-38150 



Loco L!n Mean Goto lending Rates fl/a uS$) 

1 month 322 8 morris JL4S 

3.29 12 monffia 3.73 

—3.33 

pftrojr oz. US cte equtv. 



364.60 
369125 
373.40 
382.75 
S poCe 
387-090 
396 l85-388l1S 
33-90 


S4225 
547.35 
552-55 
56045 
£ equtv. 
250-203 

82-0S 


■ (SOLD COMEX (100 Troy <«.; Srtroy CZ-1 


Sa8 Oaf* Open 

pries dongs Mg» loo H WoL 

Mo- 384J) -20 

Apr 3868 -20 3860 385.3 60.478 26016 

May 3867 -20 

Jn 3878 -20 3663 367 J 36635 4JM8 

Aug 3963-20 381.3 3965 7,446 1005 

OCt 3820 -20 • • 4.198 20 

Tots* 142387 30,795 

■ PLATINUM NYMEX (50 Troy oz.; Sftrey oz) 

Apr 

403.4 

-343 

4060 

4025 16710 

1.483 

Jri 

404.4 

-10 

4060 

4060 6723 

1,816 

Oct 

40M 

-10 

4070 

407.0 T.159 

27 

Ja 

40S.3 

-10 

- 

- 560 

6 

Apr 

Trial 

4064 

-ID 

4060 

- 619 

22777 

34 

3,166 

■ PALLADIUM NYMEX (100 Trey oz.; S/troy oz) 

Pttw 

135.00 

-695 

13100 

15 

7 

Jon 

13175 

-695 

13650 

13280 3JH7 

183 

S«P 

133.45 

-695 

114.50 

- 396 

5 

Dtc 

TOM 

13295 

-695 


■ 181 

6S81 

IBS 

■ Sfl-VBR COMEX (100 Troy oz.; Cents/tioy oz) 

Mr 

537.7 

-65 

5410 

5360 1,337 

28S 

Apr 

5362 

-aB 


■ 18 

49 

May 

5402 

-67 

547 J) 

5365 71,523 

15J91 

Jd 

5*4.1 

-as 

5B1J) 

5415 77,861 

730 


5*6.3 

-68 


5465 4,712 

604 

Dae 

Tetri 

5548 

-68 

5660 

555.0 6237 246 

IT&BE3 17,873 


ENERGY 

81 CRIXME OIL NYMEX (42,000 US gal6 S/bansQ 


Latest 

Bafa 


Opea 



pries 

dteaga 

MW 

Lon lot 

Vol 

AW 

14.75 

-cm 

14.85 

1668 83870 <7,910 


1476 

-007 

1487 

14.70 81718 423R 

Jun 

1480 

-0.12 

14.91 

14.77 71536 

13901 

M 

14.02 

-0.10 

14.08 

1498 32536 

4,401 

*0 

1593 

-610 

T5.I3 

1498 16708 

2.233 

Sap 

1122 

-608 

1122 

1613 19939 

2.193 

Total 




<26774116750 

■ CRUDE OIL IPE (S/ban-el) 




latest 

Oafs 


apan 



pries 

change 

M0h 

Low U 

KM 

*P 

14.04 

-601 

14.18 

1181 3X033 

11104 


1182 

•610 

1178 

1155 64906 26533 

Jaa 

1158 

612 

13E9 

1154 20.971 

5,577 

M 

1166 

-0.14 

1176 

1180 12718 

2916 


13 76 

619 

113* 

1171 1300 

1-398 

Sap 

1100 

613 

1190 

1184 1906 

230 

Total 




140945 46831 

■ HEATING (ML NYMEX (42000 US Ba*S4 Cttfi gattaj 


Latest 

Dan 


Opsa 



pries 

change 

Mgb 

Law Id 

VM 

Apr 

4190 

673 

44J0 

4175 36626 

16829 

Hay 

4105 

644 

4130 

4285 51.115 

8934 

JM 

<110 

641 

«L35 

4205 31688 

4.740 

■tat 

4165 

641 

4185 

<150 21969 

1.409 

Ana 

44.40 

641 

44J0 

44.40 & 353 

573 

Sep 

4580 

631 

4600 

4660 7948 

178 

Tetri 




190921 

36538 

■ GAS OIL FE (S/ta*W 




Salt 

Dai 1 * 


(tew 



prfca 

chares 

Mgh 

law M 

VOI 

Apr 

13725 

650 13850 137.25 31892 

vex 


13650 

650 

13730 

13d SO 15830 

1938 

Jan 

137 JX) 

625 

137.75 13675 16367 

762 

Jd 

13650 

625 

1382S 

13850 12974 

881 

Aog 

14650 

62 5 

HUB 

MOJO 6-457 

321 

Sffi 

14275 

-025 

. 

- 1356 


TOW 




109856 11818 

■ NATURAL GAS NTWX (UU100 mnflU4 SfanOU 


latest 

oaite 


Open 



price 

change 

Mgh 

Lm tot 

W 

** 

2135 +6031 

2145 

2085 16685 

6389 

am 

2155 *6013 

2(75 

2.130 1639 

2301 

In 

2160 +6018 

2170 

2130 1770 

19*8 

Jd 

2155 *6018 

2160 

2130 8951 

518 

lag 

2167 +6019 

2168 

2140 99Z2 

179 

Sep 

2187 +6019 

2100 

2165 10.400 


Totri 




122934 

12MB 

■ UNLEADED GASOLME 



NTNEX (42JU0 US gaffi.- cAE QfllsJ 



latest 

Daj* 


DPWJ 




dnge 

MSB 

low hi 

w 

«w 

4580 

621 

4620 

*5.90 36222 19,106 

May 

4638 

618 

4660 

4610 45.733 

9,718 

Jan 

4655 

628 

4690 

4645 22130 

XW! 

Jri 

4645 

633 

4680 

<643 7.671 

043 

lug 

4620 

630 

4650 

4620 6709 

380 

Sap 

4600 

620 

4640 

4605 10*7 

188 

TOM 




116150 32988 


GRAINS AND OIL SEEDS 

■ WHEAT LCS (E per tonne} 



San 

pries 

Oafs 


Law 

Oped 

Id 

M 

liar 

10LGS 

- 

10495 

10*90 

118 

9 

Kay 

10610 

-615 

10675 

10610 

1,485 

158 

Jua 

10680 

•605 

10725 

10655 

508 

48 

Sap 

9290 

+635 

93.10 

8100 

255 

13 

Nat 

8175 

*625 

8190 

8190 

1948 

81 

Jaa 

0685 

*625 

B5J5 

0590 

566 

20 

Tetri 





4.W4 

313 


■ jjBWCT Cgr gjjOjfcu min; centoflOb buriiri) 


SOFTS 


■ COCOA LCE g/tonna) 



Sad 

0«f* 


" «P* 



price i 

ettogB 

»ttt> 

Law tat 

Vri 

tear 

04S 

-5 

948 

946 274 

55 

■ay 

066 

-3 

967 

968 22JT75 2991 

Jri 

077 

-4 

077 

9® 1597B 1.065 

Sap 

987 

-3 

997 

060 10904 

602 

Dae 

966 

-3 

99S 

BBZ 17941 

388 

Mw 

1014 

-4 

1014 

1008 21147 

340 

Total 




106904 5901 

■ COCOA CSCE (10 tonnes; ptonnea) 



MEAT AND LIVESTOCK 


■ LIVE CATTLE GME HOOOOftac centt/toa) 



Sad Daft • 

opw 



price chwge Hffib Low 

tot 

W 

Apr 

76375 - 76875 76225 36381 

5988 

Jm 

74.173 +6175 74.425 71925 23988 

4945 

Are 

72825 +0200 71000 72600 12117 

957 

Oct 

73925 +6330 73925 73925 

6151 

646 

Dac 

74925 +6225 74975 71800 

2332 

145 

m 

73975 +6275 71775 73975 

848 

17 

Tetri 


849*9 12928 


■ UVE HOGS CME (40Q0Gfc«; canta/toa) 


■ar 

338/2 

+4/4 

336/4 

3330 1935 

555 

K*T 

342/2 

+50 

3«* 

33712 82160 13915 

Jri 

329/4 

+3/2 

320/6 

3260 89925 22815 

Sap 

330/4 

*1/4 

331/8 

338/4 17.755 

1,100 

Dae 

3400 

+30 

3400 

338/2 22035 

2185 

Mar 

341/0 

+3AJ 

3410 

339/4 15 

8 

Total 




224,190 46878 


■ MAIZE CBT (5,000 bu min; cante/56B> buaheQ 


Her 

1212 

-2 

1215 

1100 

<7 

9 

tore 

1243 

+8 

1250 

1222 41.125 6*13 

Jri 

1270 

+12 

1Z75 

1247 18908 

1984 

S*P 

128 1 

+10 

1294 

1208 

8974 

232 

Dec 

1323 

♦10 

1320 

1300 

8930 

2T7 

tte 

1356 

+8 

1354 

1340 

9932 

851 


Total 94,857 *011 

■ COCOA flCCO) (BOR'a/tonra* 


Apt 46375 +0.225 47.175 48.725 10.16* 1062 

JH 51475 -0025 53.750 56300 10*18 13*5 

Jri 52375 <0050 56250 52.775 1191 350 

tog 61.83 *0050 51.700 51150 2,784 324 

OCt 47000 40.175 <7075 47350 1,707 129 

Dec 46775 +0075 46675 46600 230 171 

TOM 30066 5016 

■ POHK SUES CME (40.00Qfce: centafos) 


Mar 

2790 

+W 

281/2 

278/4 8915 13970 

**»y 

2862 

+20 

2880 

283/4803945 13499 

Jri 

29012 

+2/2 

2920 

287/4578900 86*85 

Sffi 

278/4 

+20 

279/4 

2700129925 6235 

Den 

2040 

+0/2 

2660 

284/2295,720 36*25 

tow 

270/4 

• 

2710 

270/4 18965 740 

Tetri 

to BARLEY LCE (E per tome) 

19002*7* 


Mar 10600 -635 10600 10600 B1 0 

May 104.90 -655 10590 10590 191 5 

Sap 9165 +648 BIBS 8390 139 2 

tow 9595 +635 8595 8625 85 11 

JM 9095 13 

toy 0790 

Trial 488 28 

M SOYABEANS CBT gUJOOtai n*s eartaOOBt bushaO 

Rw 

03210 

+S« 

883ft 

88818 

6*16 

4935 

May 

094/4 

+sa 

687/11 

687/4303980142905 

Jri 

695/2 

+4/2 

mo 

838/2 232.420 54,388 

Ana 

687/4 

+4/4 

6904) 

682*1 36235 

5935 

Sap 

E7W2 

*90) 

672/D 

067*1 19740 

1845 

toy 

66BB 

+02 

B5W2 

£54/6152.695 26W5 

Taw 




7762852*6060 

■ SOYABEAN 08. CBT {BOJJOCBr: ctawto) 


tow 

29.14 

+661 

2615 

90 SJ 

1948 

MB 

May 

2995 

♦661 

2399 

28.44 31483 

5950 

Jri 

mss 

+695 

2990 

2838 25,343 

1110 


M 

+OS9 

2656 

2890 

7969 

722 

Sap 

79.11 

+66? 

2612 

2790 

7.738 

<90 

<W 

27.13 

+025 

2725 

2680 

5937 

245 

Trial 




96714 11978 

« SOYABEAN MEAL COT (100 tana; S/ton) 


Mar 

1959 

-1.7 

1879 

1963 

190* 

750 

*ay 

197.1 

-1-0 

1963 

1969 29,763 12943 

Jri 

107.7 

•1.0 

I960 

1079 24J&2 

8957 

are 

198.7 

-62 

1979 

1965 

8914 

S73 

Sep 

1949 

-67 

195J 

1949 

5946 

300 

Set 

1929 

-as 

1917 

1929 

2985 

143 

Total 




81929 22,182 

to POTATOES LCE (Erioma) 




Apr 

1829 

-19 

I860 

1829 

704 

16 

Bay 

2065 

+59 

2053 

2029 

94 

70 

JM 

1360 

- 

- 

- 

2 

- 

Bov 

aao 

- 



. 

. 

Apr 

1368 

•1.7 

1360 

12S9 

• 

0 

May 

1400 


- 

- 

- 

- 

Trial 





1948 

92 

to FREIGHT (BJFFBQ LCE (SICWncte* pattri) 


Mar 

1183 

+28 

1165 

1105 

300 

4 

Apr 

52S0 

+15 

1260 

1240 

1.109 

123 

May 

1249 

+14 

1255 

1240 

334 

75 

Jri 

1140 

+30 

1135 

1125 

590 

12 

Set 

1277 

+12 

- 

- 

W1 

. 

Jwj 

1313 

+10 

- 

- 

74 

- 

row 





2.723 

214 


Oom 

Piw» 





BR 

1134 

1129 





COTTOM 






Uhwpaat- spot and Mpmem sales amoumad 

to 206 ttsmas tor Bw week ended 11 march 

against SO tonnes 

In the previa us wank 

HBstricted operaoens towtved few fresh deal- | 

Inga only occasioral inierast dtaOtayod In 

ferae*. Central Aafwi and American styles. 



Her 15 Pita Ptm. m 

0aS| 972.74 0040 

Her 16 

10 toy usage 92670 92227 

■ COffgUCEff/tome) 


tow 

1299 

-0 

1311 

13® 

340 

18 

■re 

1311 

■0 

1323 

1303 

16990 2901 

Jri 

1313 

+2 

1323 

1304 167® 1.470 


1310 

-1 

1318 

1301 

5970 

1934 

to* 

13® 

• 

1320 

1301 

3987 

4® 

ton 

1307 

-1 

1319 

13® 

642B 

92 

7aW 





4Z97> 5.787 

to corva ‘C* CSCE (379oaba; oantatoet 


•ter 

9090 

+1® 

8095 

78® 

W* 

98 

ifcy 

0130 

+6® 

8290 

0630 34JM0 5JS2 

JM 

8160 

+605 

8136 

81® 

BJ30 1915 

Sap 

0498 

+0® 

85.10 

8170 

5.481 

187 

Dae 

aaa 

+L15 


84® 

3920 

1Z7 

MW 

87.® 

+696 

87® 

85® 

1®8 

55 


TMri 64060 7,783 

■ COFFEE Qcq (US cenfa/pound) 

Mr 18 Price few. My 

Comp, may 7670 7657 

15 enr a g e 74.02 7679 


■ No7 PBSMBUM RAW SUGAR LCE (cants/Tbs) 


■ay 

1634 

+603 

1223 

w 

1®8 

5 

Jri 

12® 

-604 

1291 

1295 

2.738 

30 

Oct 

12.10 

- 

1210 

11® 

1® 

28 

Jaa 

12® 

- 

- 

- 

- 

- 

Tetri 





4,136 

83 

■ WHITE SUGAR LCER/tarme) 



May 

33L2 

+62 

334.4 

von 

7,418 1,1® 

Are 

Una 

+64 

329.0 

3279 

0202 

5BS 

Oct 

303.1 

♦68 

3032 

3079 

3923 

370 

Dae 

3059 

+66 

3059 

3049 

137 

41 

Mar 

3039 

♦62 

- 

- 

416 

- 

<toy 

3011 

+1.4 

• 

• 

202 

- 

Tetri 





17900 2.117 

■ SUGAR nr CSCE (iiajXJOfa* certa/lba) 


■re 

12.17 

+604 

12® 

1297 0399211.1® 

Jri 

1229 

- 

12® 

1217 34902 5924 

Od 

1191 

+602 

11® 

lljri 26019 2.498 

Mw 

11® 

+6® 

11.40 

1197 12947 

902 

•toy 

119* 

+605 

- 

- 

1952 

B 

Jri 

1191 

+602 

- 

- 

1®7 

18 

Totri 




141,119 1997B 

■ COTTON NYCE (OOflOtJbs; certts/lbs) 


»y 

7093 

+610 

77.17 

76*0 32.486 5,7® 

Jri 

77® 

+618 

77® 

77® 

)XS« J®7 

Od 

7595 

619 

7120 

7493 

29B2 

144 

Dac 

7296 

-629 

72® 

7240 

13989 

1292 

Mar 

7X47 

698 

7395 

7X45 

582 

J9 

■re 

74® 

-625 

74® 

74® 

164 

48 

tow 





S2®8 61® 

to ORANGE JUICE NYCt (ISjDOCtos; centaAbS) 

Kv 

ioa® 

-0® 

10610 

10690 

290 

45 

Bre 

11190 

-ara 

Til® 11675 

8996 

5(0 

Jd 

11425 

- 

11425 11395 

4TO 

385 

Sap 

118-25 

620 11025 11890 

6206 

77 

Ho* 

115. DO 


US® 

115® 

1,267 

ID 

ton 

11125 

+620 

115® 

115® 

1®7 

73 

TsM 





18940 1,1® 

VOLUME DATA 





Open 

interest 

riid 

Ittume 

data 

Shown 

for 


c c n iMcn traded on COMEX, NYMEX. CST, 
NYC6. CME CSCE and IPE Crude 00 ere one 
day in annua . 


INDICES 

■ REUTERS (Base: iaq/3l=l0q 

Mar 16 Mar 15 mortti ego ygr ago 
18243 1322.0 17865 17634 

a OM Rffirsa (Baas- WSe-lOO? 


Mar IS Mar 14 month ago year ego 
22631 22656 22722 20639 


Her 

54950 -61® 55900 54950 

143 

3 

May 

3975 +4126 S&475 393 

0137 

2®0 

Jri 

55975 +023 5073 9593 

2964 

682 

•re 

5003 +6075 5423 63900 

538 

a 

M 

56400 +4773 669® 57950 

40 

8 

Mw 

Total 

5893 - 37® 560® 

3 

0733 

1 

0884 


LONDON TRADED OPTIONS 

Strata price S tome — • CaBs — —-Pula — 


■ ALUMINIUM 


(89.796) L0« 

May 

Aofl 

May 

Aug 

1276 

SB 

90 

17 

30 


43 

75 

27 

38 

1329 

31 

ei 

38 

60 

■ COPPER 





(Grade A) LME 

May 

Aug 

May 

Aug 

1900 

80 

117 

21 

40 

I960 

58 

88 

39 

80 

2000 

36 

64 

66 

88 

to COfFtaLCE 

May 

Jul 

May 

Jri 

1260 „ 

78 

i® 

15 

37 


45 

71 

34 

56 

1050 

24 

50 

83 

87 

to COCOA LCE 

May 

Jri 

May 

Jri 

825 .... 

52 

79 

11 

27 

950- - - 

38 

64 

30 

37 

975 . 

23 

51 

32 

48 

■ BRENT CRUDE /PE 

May 

Jun 

May 

Jun 

1300 __ .... 

82 

i® 

24 

45 

1360 

57 

71 

46 

64 

1400 _ 

30 

31 

- 

- 


LONDON SPOT MARKETS 


■ CRUDE OIL FOB (per bancVMay) +or- 


Out* 

S12-S5-2M1W 

+0XJ3 

Brant Blend (dated) 

$14,18-421 

-001 

Brer* Send (M ay) 

SI 333-3.64 

+004 

W.TJ. (Iprn eat) 

S14.74-4.7BW 

+0025 

to OCL PRODUCTS NWE prompt dfrivery CLF (tame) 

Prenttum Gasofina 

$163-156 

+3 

Gas OS 

$139-140 


Heavy Hal OB 

573-75 

-1 

Naphtha 

$132-134 


Jet Puri 

SI 58-1 80 

-1 

Patnxeum Argue Gaaiirtw 



■ OTHER 



GoU (bar boy o44 

$38690 

-035 

S>ver fp'V troy co)f 

54Z8C 

♦1C 

Plattaum few troy oz) 

$401^5 

-040 

PaOadun (par boy ozj 

$133^6 


Coppar (US prod) 

9600C 

*100 

Lead (US prod.) 

3013C 

+1.13 

Tin (Kuria Lunpur) 

14J0» 


Tin (New YortQ 

2S4J0C 

*3.00 

2nq (US Prtme W.) 

Uhq. 


Cattbs fcvo wrigh^t 

12&31P 

+1-65* 

Sheep 0w» nwrfaVfA 

135iB2p 

+11J3* 

Pl»» pve weigh 0 

8634p 

-2.6T 

Lon. day sugar (raw) 

*233-30 

-020 

Lon. day au®r (vna) 

$33850 

-1JO 

Tats & Lyle export 

£310® 

-4®) 

Bwley Eng. bod/ 

- unq 


Maize (US No3 Y<*ow) 

Unq 


Wheat (US Dark North) 

El 80. Ox 


RUboer (Apr)V 

6600p 


Rubber (May)¥ 

68-50p 


RriffiarflO. RSS Nol Apr) 

2+65071 

*200 

Coconut 01 (Phfl)§ 

$S 20 Ox 

•5.0 

Patel OO WaiayJ§ 

S30OOW 


Copra (PWI)5 

$3300 

SO 

Soyabeans (US) 

E180Ow 


Cotton Ovtfoek A Meat 

80.60c 

-030 

Woottope (64a Super} 

Sfflp 



.pfeuigEaiM 


CMrMHIfl.. 

r ittaR/kg- m Mriuafcn canUVg. v Oct/Dec w May i M 
Sec. * H*n**1- V terion PoymceL i OF FriMm. \ 
Mon ndfM ctoeo. 4 SMOP JJwe wrigM priced • 
Change on ae 


No. 8,406 Set by DOGBERRY 



ACROSS 

l Great orb of tree on top of 
tree (6) 

4 Aid to walking on a slope - 
injection of horse power (3-5) 

9 Note bird conveying wrong 
sort of Image (6) 

10 One once caressed in God's 
Country 0) 

12 Bottom tuns an female dra- 
matist (8) 

18 Soldiers’ transport in retreat 
from such bullets (8) 

15 Don't swim in the basin! (4) 

16 On reflection, markets lager 
with eag l e's head in air car- 
rent (10) 

19 Means of controlling lots of 
traffic - base trick ahead (10) 

20 Semf'scholariy sex symbol (4) 

23 Girl pr otecti ng boy from dis- 
ease (6) 

26 Right leads' to wash op mess 
(8) 

27 Truant alters base book on 
the poet Cummings (8) 

28 Jumped and dashed Into the 
doctor's backwards (8) 

29 Put spice into doll routine: 
turned to organised crime 0) 

30 Psychic manipulator (some- 
times meretricious; (6) 

DOWN 

1 Classical flier rising to (tine, 
patmg barb (7) 

2 Willing to take Maigref s lead 
in “The Unnamed Murder 
Victim" (9) 

3 Quote compiler about purge 
<6> 


5 Oversleeps on bridge (4) 

6 Ruth swallows alternative 
religion first, that’s the main 
thing (8) 

7 Greek spies upheld race (5) 

8 Grass instrument said to have 
preserved spirit (2,4) 

11 Blow about to sicken the dis- 
trainer (71 

14 It's relevant that a backer 
rejected bribe (7) 

17 Ample cost tit emanation {© 

18 Shelter many found in itinian 
belief (8) 

19 Handy deal (7) 

21 Active type embracing 
humorist's widow (7} 

22 Basic means ctf a ttachment (6) 

24 Beam up most of the middle- 
man's intention? (5) 

26 Save one from fabled horror 
(4) 

Solution 8,405 



□QQCaQQQnB QQDQQ 

aaamanDQ 
BP3BEDQ BfnEaHQSQB 








'r. 





VI 



■ 'l 








FINANCIAL times THURSDAY MARCH 17 1994 




LONDON STOCK EXCHANGE 


MARKET REPORT 

Wage cost data unsettle nervous share prices 


By Terry Byland, 

UK Stock Market Editor 

Renewed weakness in British 
government bonds, following the 
latest data on UK economic prog- 
ress, brought losses in share prices 
in London yesterday. Selling was 
not heavy, and equities were influ- 
enced by activity in stock index 
futures ahead of the expiry tomor- 
row of important fixtures contracts 
. The downturn In gilt-edged secu- 
rities, and in sterling, discouraged 
London from joining in the gener- 
ally favourable response in other 
markets to the reduction in rates 
at the Bundesbank money market 
tender, and to the 0.3 per cent rise 
in the US consumer price index in 
February. 

On the UK front, higb p r earnings 
and unit wage trends hinted at 


inflationary pressures ahead, 
although a dip of 0.5 per cent in 
February retail sales was seen as 
increasing the likelihood of an early 
base rate cut 

Equities opened steadily, taking 
the German repo rate news comfort- 
ably, but turned down when UK 
bonds began to give way as the 
pound softened. Share prices 
reacted quickly to bouts of selling 
of the March FT-SE 100 contract, 
which expires tomorrow. 

The Footsie slipped to 3,242.3 
before steadying to show a final 
reading of 3,2424, a loss of 344 on 
the day. Trading volume increased 
a g ain , to 625.5m shares; Tuesday's 
616m shares brought a retail worth 
of £1.41bn. The FT-SE Mid 250 Index 
fell 12.1 to 3490.4, but the second- 
line issues were somewhat over- 
looked as the futures markets cast 


Account Dealing Dates 

’Find Daeenea: 

Feta 28 

Ua 14 

Mar 29 

Option DacUrattanc 
Ma 10 

Ma 24 

Apr? 

Ltat n»a9ngr. 

Mar 11 

Ma 26 

Apr 9 

Account Dm 

Ua 21 

Aprs 

Apr IB 

-Naw tlnto (tooting* 

may taka 

placa from two 





their spell over the blue chip issues. 

Strategists found difficulty in 
exp la inin g London's weakness in a 
session in which other global mar 
kets held relatively steady in the 
face of developments in German 
and US markets. Mr Nick Knight at 
Nomura Research suggested that 
the UK stock market might react 
unfavourably to the base rate cut 
widely expected soon, since it might 
be regarded as a move likely to be 


reversed later in the year. Mr Robin 
AspznaH at Panmure Gordon com- 
mented: “The Bank will not be 
happy if it is forced into a cut while 
sterling looks fragile.'' 

Attention is likely to focus this 
morning on the policy meeting at 
the Bundesbank. Analysts predict 
that, in the wake of yesterday's 
modest trimming in repo yields, a 
reduction in the upper level Lom- 
bard rate is possible today, 
although the key discount rate is 
not expected to change. However, 
UK strategists now believe that the 
expected cut in UK base rates 
hinges on domestic political factors, 
including next month's increase in 
taxes, and the local authority elec- 
tions in the UK. 

Technical factors were blamed for 
the erratic movements in share 
prices over the past week. The mar- 


ket is believed to have become over- 
sold at the end of last week and has 
now become over-sensitive to the 
price gyrations associated with the 
expiry of derivatives instruments. 

In their turn, these futures and 
options have traded through a diffi- 
cult period which has seen interest 
rates ease across Europe, and both 
the US and UK stock markets 
undergo a significant correction 
from their post-Christmas peaks. 
This has left fund managers and 
securities houses with subs tantial 
futures trading positions which 
must be either rolled over to the 
next expiry period or sold out. 

These pressures are expected to 
increase as the stock market faces 
further economic statistics from the 
UK and the US, cu lmi na tin g early 
next week in the form of trade fig- 
ures on both sides of the Atlantic. 


FT-SE-A All-Share Index Equity Shares Traded 


1400 



Hanover by vtfuma (mMon). Enctuong: 
intTO-mam« bwaws* ana (mows turnover 
1400 



■ Key Indicators 
Indices and ratios 


FT-SE 100 

3242.9 

-24.5 

FT Ordinary Index 

2552.8 

-16.5 

FT-SE Mid 250 

3890.4 

-12.1 

FT-SE-A Non Fins p/e 

21.74 

Cl .94) 

FT-SE-A 350 

1644.8 

-10.7 

FT-SE 100 Fut Mar 

32310 

+34.0 

FT-SE-A AB-Snare 

1638.52 

-10.05 

10 yr Gilt yield 

7.18 

(7-tej 

FT-SE-A Alt-Stare yield 

3.53 

(3-51J 

Long gBt/equhy ytd ratio: 

2.17 

(2.15) 


Best performing sectors Worst performing sectors 

1 Merchant Banks — +3.1 1 Textiles & Apparel -2.7 

2 Life Assurance +0.4 2 Tobacco ... ... -1.7 


3 


+0.2 

3 



4 


+QJ* 




5 

Other Financial 

+0.1 

5 

Electronic & Boc Eqpl - - 

-1.2 



ryi: 




favour 


Textiles leader Coats Viyella 
was the biggest casualty in the 
FT-SE 100 Index constituents 
yesterday as the company 
came out with a set of results 
that looked good but failed to 
retain the market's enthusi- 
asm. The shares dropped 20 to 
260p on turnover of 7.8m, far 
higher than average, in spite of 
a £i50.3m profit at the top of 
the range of analysts’ esti- 


mates. 

Analysts said that once the 
benefits of acquisitions and 
currency had been stripped 
out, the underlying business 
had declined. Also the com- 
pany predicted flat sales in 
most of its markets, while 
material prices were creeping 
upwards. However, more 
enthusiastic observers pointed 
out that the stock had jumped 
from 2S9p just over a week ago. 
S.G. Warburg reduced its 1394 
estimate by £15m to £l60m. 

Schraders ahead 

Schroders, the merchant 
bank, delivered the best indi- 
vidual performance of any of 


the FT-SE 100 stocks as it 
announced net profits far in 
excess of market expectations. 

Net Income totalled £ 1404m, 
compared with the most opti- 
mistic forecasts of around 
£120m. The dividend total 
was also well ahead of expecta- 
tions. 

Ironically, Schraders is one 
of the casualties of the most 
recent screening of FT-SE 100 
constituents and is scheduled 
to drop oat of the UK market's 
premier index as from Monday. 
Schroders ordinary were up 80 
at 1170p, after 1185p, on turn- 
over of lm shares. 

Schroders doubled net profits 
followed similarly bumper 
results from other merchant 


banks in recent weeks. 
S.G. Warburg, the UK's pre- 
mier merchant bank anH also a 
FT-SE 100 constituent, man- 
aged only a fractional improve- 
ment at 803p, but Kletnwort 
Benson advanced 16 to 548p, 
Hambros 14 to 378p and Close 
Brothers 15 to 540p. 

Lasmo busy 

There were distinct signs of 
nnpagp around Hip oil explora- 
tion and production sector as 
first Enterprise Oil, and to a 
lesser extent Lasmo, attracted 
sizeable selling pressure. 

The latter was the market's 
second most heavily traded 
stock after a block of 1.6m 


TRADING VOLUME 


EQUITY FUTURES AND OPTIONS TRADING 


The setback in UK gilts after 
the release of economic 
statistics brought a sharp 
fall in stock index futures, 
writes Joel Kibazo. 


The first trade in the Uffe 
March contract on the FT-SE 
100 was struck at 3,266, off 
6 points from its previous 
dose. Sporadic buying in the 


■ FT-SE 100 INDEX FUTURES UFFE) C2S par flil Index point 


(APT) 



Open 

Sett price 

Change 

Htfi 

Low 

Eat voi 

Open M. 

Mar 

32610 

32380 

-340 

32720 

3230-0 

24113 

25354 

Jui 

32710 

3247.5 

-35.5 

3279.0 

32420 

8872 

41522 

Sep 


32610 

-350 



0 

880 

■ FT-SE MB 250 MDEX FOTUReS (LFFQ E10 per ful hdnpoH 



Mar 

3905.0 

38810 

-17.0 

39050 

38870 

35 

780 

Jrai 

3017.0 

38100 

■130 

3917.0 

38010 

120 

825 


■ FT-SE MD 260 MDEX FUTURES (DMLX) CIO per fid index point 


- 10.0 


3890.0 38KL0 


2478 

232 


Mar 3893.0 3883.0 

Jun 3910.0 

M> open I mam! Sgurm am tor previous day. f Exact mkans rihown. 

■ FT-SE 100 INDEX OPTION (UFFE) (*3242) CIO par Iu8 Index point 

3050 3100 3150 3800 3280 3300 3350 8400 

CPCPCPCPCPCPCPCP 

Mar mk h Wh h seh h &2 22 iw 

Apr 117 11 16B*z 19 118 31 83 47 55*z 69 3ft 98*2 20*2 134*2 11 175 

May mh 29 UB%40>2 146 5312 115% 72>2 87 94 65 122*j44>2 152 31 168% 

Jin 2354.4112 t9fl 55 1S4 602 133% 88 18412 109 S3 137 62*2 186*2 47 201*2 

Oeet 279*2 116 216 15042 165 196% 12B 25612 

CM* 10JMVMO 8699 

■ EURO STYLE FT-SE 100 INDSt OPTION (UFFEj E10 par fuB Indatt point 


3075 


3126 3176 3226 3276 


3328 


MV 

183 *2 113 *2 

64 

ih 

24*2 

11*2 * « 

>2 

87 

Hr 

176 14*2 139*a 23*2 

*8*2 

37*2 

88*2 

57 44*2 82*2 

27 

115 

m 

164*2 46*2 



no 

91*2 

63*2 

133*2 

Jun 

178*2 58 



in 

97*2 

74 

151 

sapt 

227 90 



167 

127*2 

117*2175*2 


3375 
% 137 
15 


3425 
% 187 
153 8 195*2 
2S%204% 
<3 216% 
80% 235% 


1 4322 PlUb 417 * IMMitao Mb value. Mans Stan era baHI aa taUnts* prim. 

t Long doted nMy masta. 

■ BUBO STYLE FT-SE MD 280 WDEX OPTION IQMUq E10 par lul Indax point 

3050 4000 4050 4100 4160 4200 «S> 4300 

Mar 2% 81*2 1 111 *2 161 % 211 *2 261 % *»% *2 % 

Apr (5*2 99*2 29 132*2 « 171 13*2 213*2 6 2 2 2 

COM 0 PM 4 SoUtomant prfces and wtanra ore Horn at Utftn. 


initial stages saw the contract 
advance to a high of 3,272. 

The release of a dutch of 
UK economic data brought 
a reversal in the fortunes of 
March as dealers reacted 
to the dedine in UK bonds. 
The contract feU back 
sharply, pulling the underlying 
cash market lower. Traders 
also reported a significant 
amount of technical trading 
ahead of tomorrow's expiry 
of March. 

It finished at 3,238, down 

34 from its previous close 
and at a four-point discount 
to cash. Volume at the official 
dose stood at 22,141 Ids. 
June ended the session at 
3,247 on turnover of 9,044 
contracts. 

In the Uffe Mid 250 futures, 

35 lots were dealt in the 
March contract, which dosed 
at 3,690, though volume in 
June was 120 contracts and 
it ended at 3,910. 

Business In the Uffe traded 
options was subdued and 
turnover came to 37,672 lots, 
of which 20,418 were in the 
FT-SE 100 option and 4,799 
in the Euro FT-SE 100 option. 
British Gas, the most active 
stock option, had 1,905 
contracts dealt 


1 FT - SE Actuaries Share. Indices : 


i he UK Series ■ | 



Day's Year 

Dh r. 

Earn. 

P/E 

Xd >4 

Told 


Mar 16 chgaM Mar 15 Mar 14 Mar 11 ago 

yteU% 

yMd% 

ratio 

ytd 

Return 


32420 

-18 3207.4 3233/ 3191.9 28880 

173 

191 

2150 

2112 

119121 


38914 

-13 39020 38817 3857.4 31219 

115 

458 

24.71 

1450 

141650 


39060 

-13 39112 39000 3872.1 31440 

124 

133 

2351 

14/0 

1417.78 


1044.8 

-0O 18515 16416 1821.7 14S1.7 

159 

550 

2155 

1045 

124153 


2009.70 

-0.1 201105 2011.70 2008-48 1582.13 

2.75 

177 

3105 

111 

153153 


1889.47 

-11 1092.16 1992.48 199109 157156 

259 

4.18 

3146 

755 

151104 

FT-SE-A ALL-SHARE 

163602 

-16 104157 1832.78 181112 141457 

153 

556 

2150 

1113 

125174 

B FT-SE Actuaries All-Share 


Div. 

Earn 

P/E 

Xd 04 

Total 


Mar IS 

choaW 1 M» 15 Mar 14 Mar 11 ago 

yieWW 

yield 96 

ratio 

ytd 

Rattan 


251182 

-14 2531.12 251207 250118 217140 

161 

454 

2114 

2753 

99850 


304404 

-08 396800 3924-40 388171 310160 

128 

451 

2168 

2053 

107186 


2423X37 

-14 2433.11 241137 241858 205100 

172 

114 

24-23 

31.09 

97950 

is at Exntoraflon & Prodfll) 

183118 

-17 184854 184056 1831.70 212160 


191 

32.85 

100 

104150 


3uldhg & CooBimcitanpi) 
Sufldbig Matfo A MerctaPQ 
ChemlcaWOT) 

□heraHtea mduetrtJtHiB) 

Electronic & Bad B*4pp4) 
EngmeortnsfTS) 

EnguvM»ma vei*daa<12) 
Printing. Paper & PO&27) 
rexttoa A Ap oaroCa 
CONSUMER 00003(33} 
3renMKies(i71 

Spirits. Wines A OderefTO) 
Food Mamrtadurers(23) 
Household Gootfe(12) 

Health Cnn*20) 
PhamtaceuOcalsflOl 
robaccoil) 


215937 

1451.68 
2231.38 
248X86 
2162-07 
209120 
1966.33 
2341.83 

3017.68 
1923.87 


-0.7 2174.78 215108 213050 171850 

148 

195 

32.81 

11.18 

107143 

-11 1452.93 148028 1482.05 91450 

2-45 

3.09 

4224 

2.B1 

111160 

-15 2302.08 22S058 223058 150180 

110 

258 

5050 

152 

105116 

-14 247350 348357 248188 213150 

176 

458 

2195 

20.00 

106858 

-15 217145 2169XB 2131.63 184850 

4-27 

427 

3054 

2450 

107116 

-15 211184 210125 2068.84 1680.90 

351 

108 

20.15 

250 

89657 

-13 197152 1964.68 1962-02 1471.10 

2.78 

101 

4450 

173 

1102.07 

-14 235027 233856 2364.41 181110 

4.45 

117 

4254 

2161 

111250 

-0.6 303250 301108 29B929 228220 

2-70 

4.13 

2950 

1.00 

11SB41 

-3.7 197743 198345 1909X57 188110 

350 

111 

2450 

156 

1060.16 


2862-42 -4X8 288S-47 2361 2B 283020 2887.00 

2243-82 -0.3 2251.04 223630 2210.66 2160-60 

3081.05 -1.8 313232 3107.24 307021 2332.80 

2344.50 -12 2348.11 234268 2337.64 24I&50 

2672.16 -1-8 2714.29 2730-51 2727.53 2364J0 

1776.18 -0.5 1784.42 1787.81 173927 1738.10 

3072.92 -W 3087.38 3050.68 3026.61 3208.70 
4QP5 73 -1.7 4077.10 4005.73 3647.07 4074.50 


452 

7.00 

1163 

19.08 

86958 

458 

755 

1101 

11X71 

98353 

144 

556 

19.63 

1953 

100950 

454 

740 

1655 

11.13 

95174 

321 

192 

16.54 

1.07 

933.68 

110 

556 

2145 

256 

100750 

450 

722 

1117 

3555 

95154 

120 

124 

1455 

0.00 

862X99 


iswicescna) 

HstributorsOI) 
etexe A Hotttep21 
teJta(37) 

totaBars. Food(17) 

WBflOTS, Oenertil(43) 
lipport Servteoel40) 

TansportflB) 

Mia Sendees A Buamesa(l2l 


2092.23 

3101.03 

2313.05 

3232.57 

1847.42 

1751.73 

173148 

258155 

1228.44 


-0.4 2101.60 208534 2070.07 181120 
*02 3085l29 308169 3071.1 7 2552-40 
-05 2325.06 2304-45 2286-50 1747.40 
-a9 3281-09 3248-58 322028 2202.40 
-0.4 1854.80 163468 1504.42 2137.70 
-0.4 1 758-49 1742.11 172177 150050 
-0.4 1738-60 1735.50 1725X30 156030 
-02 2504.23 2572J7 2578.14 2087.10 
o i9M 80 1255.71 1258.05 1345.70 


2.81 

553 

2179 

108 

100148 

2.74 

457 

24.84 

157 

104950 

110 

440 

27.41 

1325 

112158 

153 

4.10 

2953 

1450 

110S52 

175 

160 

1251 

153 

95109 

2.72 

529 

2170 

4-34 

91652 

2.30 

183 

17.19 

158 

103351 

124 

150 

3114 

552 

994X17 

188 

352 

4109 

197 

103453 


2431.49 
233449 
206064 
213020 
II 


-0.7 2449.18 2425.04 2375.12 2120.10 
_ai 2337 M 2313.08 2237.29 173020 
-09 2085.73 2QSa55 2008.02 1938-30 
-1.1 215083 2743.07211018 184090 
-0.7 1804.13 1667.73 1842.B1 182&.70 


4.11 

7.17 

1751 

550 

90948 

355 

1051 

1158 

1555 

94254 

179 

* 

t 

100 

91355 

in 

5.69 

eua 

0.00 

88557 

459 

1146 

174 

348 

90928 


1780.90 -0-8 1772.13 \7STXt 1741.071, 


056 5.63 21.74 8-87 1215J7 


2385,74 

3047.71 

1353.44 

2508-38 

308157 

2036.83 

170575 

793043 


-06 237038 2362.73 2309.7B 1B8O20 
-1.1 308039 303583 2963.78 227030 
-03 1357.13 134723 1329^2 1345.00 
404 5B56.40 262029 248084 2564.50 
+3.1 2889.72 2967-20 2952.74 228020 
*11 2033.16 20Z7.78 1909.09 137560 
-07 1717.54 1711.19 1698.74 1211 SO 




•SHARS8S3J 


1636.52 -08 1846.57 1832.78 1815.12 1414.57 


ire 

558 

£0.09 2950 

91190 

353 

121 

1109 

5166 

90152 

4.71 

109 

14.52 

1132 

90249 

450 

4.74 

2656 

251 

944.42 

110 

7.66 

1193 

11.44 

90757 

117 

147 

22.92 

1137 

106451 

359 

apfl 

4142 

250 

052.10 

2.18 

1.75 

57.11 

14.80 

97358 

163 

158 

2150 

1113 

125174 



1050 

1150 

1250 

1350 

1450 

1550 

1110 

Hlgh/day Lcwr/dey 

32625 

39005 

18513 

30511 

39015 

16522 

3281.0 

39015 

16510 

32515 

3897.6 

18495 

32455 

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shares was sold into the mar- 
ket at 130p and quickly placed 
at 130'Ap, while a further 
700,000 was bought and sold at 
a profit of only 0.25p. 

Lasmo is scheduled to 
announce preliminary results 
next Wednesday and the com- 
pany's shares have held rela- 
tively steady in recent months 
in spite of the continued weak- 
ness of crude oil prices, cur- 
rently just above their lowest 
levels for five years. 

At the close Lasmo was mar- 
ginally easier at 130p after 
turnover of 10m shares, the 
highest single day’s volume 
since December 10. Enterprise 
shares dipped 4 to 411p. 

Turnover in Rolls-Royce rose 
to 10m ami the shares hard- 
ened 4 to 190p after Henderson 
Crosthwaite issued a buy 
recommendation and upgraded 
current-year profits estimates. 

The broker raised its forecast 
by £10m to £120m and urged 
investors to buy the stock, say- 
ing; “Rolls-Royce Is the pre- 
mier investment in the engi- 
neering sector, with a major 
appeal to international funds.” 
US investment hank I-ehman 
Brothers was also reported to 
have been a big buyer, of the 
shares. 

Metals group Johnson Matt- 
bey firmed 3 to 568p after BZW 
issued a favourable review on 
the stock. 

Worries about the pressure 
on profits in the cable industry 
continued to hurt electricals 
group Delta. The shares gave 
up 13 to 509p, after a meeting 
with institutions. 

Prospects of losing the bene- 
fit of the pension surplus from 


NEW HIGHS AND 
LOWS FOR 1993/94 

NEW MOHS PflL 

BAkOCS {■! Sumitomo TnrB & Hk.. B1DQ MAILS 
4 MCH73 C9 SL Cotan Tutar, CH BOCALS 
ID Akao. DSTHBIiTOAS 0 Evans Hattta*. 
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MEW LOWS (SL 

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AMBBCANS (2) Anar. Cyanrend NYNEX 

the balance sheet, highlighted 
by Coats Viyella’s figures, hurt 
Williams Hnlding w. The shares 
relinquished 13 to 394p. 

Legal & General rose 
strongly against the market 
and closed 9 higher at 502p. 
ahpgd of this morning's prelim- 
inary fiugures and following 
good support from James Capel 
and Robert Fleming Securities. 

The latter, recommending 
the shares as a buy “for the 
first time in many months,” 
pointed to the shares' yield- 
premium of nearly 45 per cent 
and the actual yield of nearly 
5.5 per cent. Flemings' said 
“worries about fines for pen- 


sion overselling are overdone." 

Stores analysts digested the 
details of the CBI retail sales 
survey which showed sales 
growth slowing for the second 
month in succession, and the 
latest government figures. 
Great Universal Stores bucked 
the muted trend, the shares 
rising 2 to 575p. on evidence of 
stronger mail order sales. 
Brown and Jackson recoverd a 
half-penny to 3'i after collaps- 
ing on Tuesday after revealing 
disagreements with its bank- 
ers. Talk of a profits down- 
grade in Kingfisher saw the 
shares slide 12 to 607p. 

Leisure group Granada con- 
tinued to see analysts and insi- 
tutional investors ahead of its 
closed season. The meetings 
kept the stock up for most of 
the session, although it ended 
a penny off at 560p. Smith New 
Court reiterated its positive 
stance arguing that with 
BSkyB stripped out it deserved 
more than a market rating. 

Hotel stocks firm market 
with Kleinwort Benson's latest 
research suggesting UK roam 
demand in December 9.4 per 
cent ahead of the same period 
a year earlier. Forte added a 
penny at 256p and Ladbroke 
was steady at 207p. 

Transport and property 
group P&O, which reports next 
week appreciated 8 to 689p, 
after a BZW recommendation. 
The securities house expects 
the group to report profits of 
£540m (including £3 00m of 
exceptionals.) 

Channel tunnel operator 
Eurotunnel moved ahead 3 to 
544p, with SG Warburg said to 
have recommended the stock. 


Fisons added 3 at 134p os US 
buying led to a return of bid 
rumours. 

Reed International improved 
2 to 905p ahead of figures 
tomorrow. 

Marbetmakers were prepar- 
ing themselves for the first day 
of trading in Midland indepen- 
dent the newspaper group that 
includes the Birmingham 
Evening Mail and daily Post. 
The shares were offered at MOp 
and some dealers were suggest- 
ing that the shares, five times 
oversubscribed by institutions, 
might open at a hefty pre- 
mium. 

A forecast upgrade in Cad- 
bury Schweppes, said to be by 
company broker Hoare Govett, 
helped the shares rise 3 to 
499p. United Biscuits gained 5 
to 338p ahead of results today, 
some buyers speculating that 
the rumoured provisions may 
not be as bad as feared. 

Other big moves 

Profit-takers took the shine 
from Sleepy Kids' return to 
profits, the shares sliding 12 to 
105p. 

Improved profits and a 
French aquisition from Span- 
dex, a supplier to the sign 
industry, helped the shares 
surge 35 to 585p. 

Worries over trading pro- 
sepets at Everest Foods saw 
the shares fell 8 to 60p. 

MARKET REPORTERS: 

Christopher Price, 

JaeJ Kibazo, Peter Joint, 

Steve Thompson. 

■ Other statistics. Page 21 


LONDON EQUITIES 


LiFFE EQUITY OPTIONS 


Cats —Ms 

Option Apr JM Oct 3pf -U Oct 

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rS23 ) 650 816 22 32 34H 54ft 91 

ftSj3 240 IB 27 30 5 18 20H 

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ASHA 60 «b 8 9b 4 6 BM 

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Bril Akwsys 420 21 32b 40b 12 26 32 

p428 ) 490 4b 16b 24b 37b 51 56 

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(*704 ) 750 9 12 21 48b 67 70 

Maria 9S 420 15b Mb 32 9 20b 23 

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Sataabuy 360 2B 38b 47 4b 17 21b 

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5M Trans. 650 38 B3tt 61 5b 15 23b 

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Reuters 

2000 

67b 

141 

1B5 52b 

103 

126 

(*2007) 

2050 

43 

115 

159 79b 

127 

150 

Option 


HU 

** 

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Aug 

rtav 

Rdbflofn 

180 

15 

21b 

26 7 

12b 

17 

H0O1 

200 

5H 

12b 

17 IBh 

23b 

28 


* underlying aacurtiy pice. Premtoma (houm 


Mart* 15 Total oomreelE 37.779 CMS 21.706 
Puts 19X711 


FT GOLD MINES INDEX 


RISES AND FALLS YESTERDAY 



■Hass 

Fata 

Same 






( 








110 




21 






335 






70 

134 

187 



ei 

318 

Others 

„ - 50 

46 

32 

Tata 

419 

794 

1489 


Data Mod on torn compartas bead on the London Stare Sarvtoa. 


TRADITIONAL OPTIONS 

Rrel Dealings Marc* 7 Lad Dac ia a li ens Juno 16 

Last Deamgs March 18 Far satBanent June 27 

CoIk Cavondnte, Cons. MurctL, Edmond Mda** Royal Irak, Schrodor SpH Cap, 
Sleepy Kids Puce Kleanaza, Royal Ina. Sleepy Khta Puts a Cats: Llonheort, 
Schrodor Spit Cap.. SkBaw 


LONDON RECENT ISSUES: EQUITIES 


Issue Amt 
prica pdd 

P 

MB. 

cap 

(CmJ 

1M3/94 

Hgh Low Slock 

Ctosa 

prica 

P 

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Nat 

ON. 

Div. Grs 
cov. yid 

FVE 

net 

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FP. 

31.0 

246 

246 Ahmet N Down C 

246 


- 

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• 

140 

F.P. 

2626 

176 

163 Alpha Airports 

174*2 +2*2 

HAW-03 

2-2 2.9 

1M 

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FJ>. 

121 

6*2 

1 {Core UK WrtB 

6>z 


- 

- - 

- 

105 

F.P. 

32.8 

110 

101 Cedatdaa 

107 

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RN1.91 

2J Z2 

17-5 

ISO 

F.P. 

97.2 

145 

143 Chircndanca 

143 

-a 

- 

- 

- 

124 

F.P. 

241 

IBB 

142 CUnfcal Computing 

148 


• 

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23.6 

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1356 

50 

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- 

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12£ 

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49 


- 

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- 

100 

F.P. 

141J) 

99 

93 Fktaaty Jpn Values 

94 

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F.P. 

163 

54 

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54 


- 

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FJ>. 

31.6 

156 

130 Rnakst 

146 


R3J 

2-3 2_fl 

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2.60 

105 

98 Ftamng Japsi C 

104 

+*i 

- 

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F.P. 15016 £31*z £30% Fnritti Res 

C31*2 

* 

026c 

- 0.6 

- 

170 

F.P. 

74.1 

171 

159 Gakfeborougfi HHh 

180 


WN&3 

2-6 2-4 

its 

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F P. 

2413 

215 

195 Graham Group 

214 


LN4.6 

2.3 2.7 

20.4 


FP. 

661 

74 

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73 


- 

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- 

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F.P. 

555 

30*2 

16*3 Do Warrants 

30*2 tf** 

- 

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IX 

FP. 

663 

103 

94 Herald BvTei 

102 


- 

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F.P. 

BM 

53 

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51 


- 

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F.P. 

5316 

495 

464 Meicuy Euro Pnrtn 

484 


- 

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50 

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20-4 

53 

49 MHtxas Inv Tat 

51 


- 

- 

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F.P. 

2-06 

20 

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26 


- 

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■■ 

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F.P. 

5XU 

200 

198 Ptairigan trfl C 

199 


- 

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125 

FP. 

175 

IX 

114 ffeKfetone Tech 

114 

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2.4 23 

144 

100 

F.P. 

575 

96 

94 Saracen Vatuo 

95 


- 

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F.P. 

456 

43 

38 Do Warrants 

35 


- 

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- 

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FP. 

5665 

500 

491 Schroder UK Gwtfi 

SOI 

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200 

F.P. 

32.0 

216 

203 Irfan 

206 


KJQ 

12 X4 

17.1 

118 

F.P. 

545 

140 

128 Tring Inti 

120 


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153 

F.P. 

535 

160 

153 Untied Camera 

158 

-1 

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t Introduction 5 Placing price. 

FP. RBy-ped sacuttv. For an artfauilui of oriier nom ptoroo rater 

to Did Gude K> Linton Stare Swvtoa. 






RIGHTS OFFERS 







isnw 

Arrant Latest 





Closing ■ 

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price 

paid Renun. 

1093/04 




prtoa 


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FINANCIAL TIMES EQUITY INDICES 

Mar 16 Mar 15 Mar 14 Ma 11 Mar 10 Yr ago *Htfi low 

Ordbury Shers 2552.8 25603 25402 2518.7 2547.2 2249.0 Z71M 2124.7 
Old. rtv. yield 3.64 061 064 308 3*3 4J7 <L52 3^3 

Earn. ykL % (id 4.B5 4.01 4.05 4.87 4.62 6.15 638 182 

P/E ratio nai 21.05 22.11 21.95 22.18 22L30 2025 33/3 19.40 

R/E ratio rH 2183 2109 2132 2123 2147 1172 3080 1114 

Tor 1993/84. OnBnery Sim W* abo* oorplrttoit hgh 27159 MB/M: k» 49.4 2WW0 
FT Oidnory Stare "Vtot bBM 8SM 1/7/35. 


15 


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fioUMaa Wax (34) Z0«LS8 -11 


2D4U0 20215# 1M557 

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280500 2748.44 1376.90 

AM 

3441 BO 137680 

2563.42 2643.79 1164.72 

138 

301363 1164.72 

1727J2 1 741.67 1134JS 

064 

203965 111110 


Africa ( 15 ) 279169 

AusMBbm 2652.18 

Haiti Aorolca ( 11 ) 1730 X 11 

COpyroM, Tha Hnamta TVnw LMed IBM. . _ „ 

Ftaaae h tosetaa rtiow noitoar a co n utaax Basts US Dctar s. Sme VatoBa. 1 « 0 XM 31 / 12 / 62 . 
FMaconr real unw Indax: ia> ** ZiaS , ria/» etapsa -64 poMt; Tea aga B7.1 T Ftart 
Lam prioea m laiaaBtala tor I 


Ordnary Shore hourly changed 

Open 8XM IDlOO 11X» 1100 1100 14J0 1600 1100 Wgl* tow 
2668.2 25615 25863 25519 25511 26517 2552.0 2552.4 25516 2570.0 2551 J 


htar 10 Ma IS Mflr 14 Ma 11 Mar 10 Yr ago 


5EAQ burgee 30175 33.017 34.173 41X»1 

Equity tutnOva ffinUT - 14018 12410 18721 

Equity barporet - 30-574 38.168 46.520 

Shares traded prt)t - 5317 407 A 713,9 

T Eadudtop MMmrtoK buanees aid cmaraeas nmonr. 


34,943 

2118.1 

31825 

7613 


32.410 

imi 

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FINANCIAL TIMES THURSDAY MARCH 17 


s 


LONDON SHARE SERVICE 




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32 


FINANCIAL TIMES THURSDAY M ARCH 17 1994 


FT MANAGED FUNDS SERVICE 


















































































































FINANCIAL t imes THURSDAY MARCH 17 





































































34 


CURRENCIES AND MONEY 


FINAN CIAL TIMES T HURSDAY MARCH 17 1994 

MONEY MARKET FUNDS 


MARKETS REPORT 


-POUND SPOT FORWARD AGAINST. THE: POUND 


Sales data knock pound 


Hopes for an early UK interest 
rate cut received a boost yes- 
terday from the release of 
weaker than anticipated retail 
sales figures which added to 
doubts about the strength of 
the UK economic recovery. 
writes Philip Gavoith. 

February retail sales fell by 
0.5 per cent compared to the 0.2 
per cent growth expected In 
the market. Sterling finished 
the day weaker as a result, 
closing in London at DM2.5227 
from DM2.53 on Tuesday. 

Across the Atlantic, a 0J3 per 
cent rise in February consumer 
prices, in line with market 
expectations, dampened hopes 
of a tightening in US monetary 
policy this week. The dollar, 
which was trading at DMl.6970 
before the figures, lost 0.6 pfen- 
nigs to close at DM1.691. 

In Germany, meanwhile, the 
Bundesbank cut the repo rate 
by 6 basis points at its weekly 
tender - also in line with mar- 
ket forecasts, but double the 
three basis points of each of 
the last two cuts. 

■ Like the curate's egg, UK 
economic releases were goad in 
ports. Countering the retail 
sales number, which hinted at 
an economic slowdown, was 
the 38,000 fall in February 
unemployment, considerably 
more robust than the general 
expectation of a 15,000 foil. 

The market focused on retail 
sales and sold sterling. This 
downward move was helped by 
the weaker dollar, with the 
pound unable to rise past the 
Si .50/51 level against the US 
currency. Mr Jeremy Hawkins, 
senior economic adviser at the 
Bank of America, said the fig- 
ures had Increased the pros- 
pect of a Bank of England rate 
cut, irrespective of what the 
Bundesbank does (today).” 

Following the controversy of 
the previous rate cut - on Feb- 
ruary 8 - he predicted that the 
Bank would "be very keen to 
make sure it has the economic 
justification this time.” The 
general view is that If the 
retail prices number next week 
is low, then this will open the 
way for another 25 basis point 
cut. 

The data was positively 
received in the sterling futures 
market with the June contract 
rising by four points to 94.86. 
The December contract was 


Sterling 

Against the D-Mark (DM per £) 
2.62 



SL54 — w - — ' 


2M2 


7 Feb 1 894 Mar 16 

Source : FT Graphite 

■ Pound in H— York 

Marie — LOtet — -Prw. ctoao- 

Capot 1.4930 1.4910 

1 mat 1.4909 1.4988 

Omni 1,48*1 1-4883 

1 jr 1.4823 <-3988 

eight points higher at 94.52, 
while the longer contracts for 
March and September 1995 
were up by 14-15 points. 

Dealers said speculation 
about a rate cut would con- 
tinue to weigh on sterling 
where sentiment is anyway 
depressed. Mr Stuart Frost, 
technical analyst at Natwest 
Treasury, said dealers saw 
repeated sterling resistance at 
the Sl-60/51 level as an oppor- 
tunity to make money. 

Sterling has also been hitting 
a ceiling at DM2JS3 against the 
D-Mark. Mr Frost predicts that 
If it falls through the "key 
technical level” of DM2.52. 
technical dealers will sell the 
currency. 

Liquidity conditions in the 
UK discount market were 
again fairiy tight with over- 
night rates rising to a high of 9 
per cent in mid-afternoon. This 
followed the market realisation 
that the Bank of England was 
not going to offer a repo. After 
revising the estimated short- 
age to £95Qm, the Bank pur- 
chased £l27m bills outright 
before offering £630m of late 
assistance. 

■ Following the fairly subdued 
producer price data on Tues- 
day, the dollar drifted lower 
when consumer inflatio n came 
in line with the market fore- 
cast The February Consumer 
Price Index (CPI) and the 
“core" rate, which excludes 
food and energy, both rose 05 
per cent. 


Mr Haw kins said the mar- 
ket's reaction had been predict- 
able with some buying of the 
dollar before the lunchtime 
data release, and light profit- 
taking afterwards. He said the 
general consensus was that 
although the next policy tight- 
ening from the Fed was just a 
matter of time, it would proba- 
bly now only come through 
next week. 

The caveat to this scenario Is 
the release today of the Phila- 
delphia Fed survey. Last 
mouth the Fed tightened policy 
when the Philadelphia report 
showed inflation pressures 
after a good set of core infla- 
tion figures. 

The dollar fell back against 
the yen, closing at Y105.750 
from Y106.150. Although the 
US currency has been firmer 
recently, analysts said renewed 
weakness probably flowed 
from the combative stance 
taken earlier this week by Mr 
Mickey Kantor, the US trade 
secretary. 

This showed that while the 
Motorola dispute might have 
been settled, the broader trade 
dispute between the two coun- 
tries remained very much 
alive. 

■ The D-Mark was barely 
changed in Europe yesterday 
after the Bundesbank repo cut 
It closed -at FFr3.399 against 
the French franc from FFr3588 
and L9875 from L985.4 against 
the I talian lira. 

Although the repo cut was 
broadly in line with expecta- 
tions, it disappointed the 
futures market and the three- 
month euromark contract was 
three basis points lower at 
94.57 yesterday evening. The 
December contract was 
unchanged at 95.04. 

Mr Nick Parsons, chief econ- 
omist at CIBC, said the repo 
cut was "very encouraging”. 
He said if the Bundesbank con- 
tinued to cut at the current 
rate - 12 basis points in the 
past two weeks - the discount 
rate could foil to 3.25 per cent 
by next year from 555 per cent. 

■ OTMM CUHRPtCMS 

Ifer IB f S 

KNOT 154.419 - 154*72 103*40 - 103*40 
tan 305.00 - 2811*0 1748*0 - 175000 
Kami 0.4438 - IL4453 02978 • 02960 

Potto 32942.1 - 32884.1 22021* - 22021* 
BUR* 2584.75 • 2372*5 1707*0 - 1712*0 
UAE. 54774 ■ 54807 18715 - 3*735 


MarIB 


Surop* 

Austria 

(S<SU 

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FWand 

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Francs 

OFFr) 

Gammy 

PM) 

Greece 

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Ott 

Italy 

w 

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Portugal 

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Spain 

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Sweden 

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Switzerland 

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UK 

M 

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SDR 

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S Africa (Com J (Ft) 

S Africa (Rn.) 


South Korea 

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Taiwan 

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Ctastag Change Bktfoltor 

mid-point on day spread 


Day* mw 

Mgh taw 


Ona month Tim months Om ytfw Bank of 
Rote %PA Ran %FA Rata HPA Eng. tnd«* 


(9dV 17.7477 -0.0496 380 - 573 17.7888 17.7096 

61*881 -0.1789 112 - 609 32.1032 61*421 

9*548 -0.0207 501 - 597 0.8823 9.8364 

8*131 -0.0489 028 - 233 S3000 8.1910 

8*763 -0*232 718 • 806 8.6031 85561 

2*227 -00073 315 - 239 2*360 2*183 

387*82 -1.086 688 - 578 368423 366 406 

1*406 +0*007 393 ■ 418 1.0418 1*387 

2491.10 -2.17 963 - 268 2485173 2484.77 

-0.1788 112 - 609 52.1032 Sl.8421 61*811 


2.6338 -0*085 319 - 353 
10*288 -0*23 217 - 320 


2*438 2*285 


2.1394 -0*106 379 - 408 2.1524 2.1333 


- 1*065 -0*031 055 - 075 1*095 1*039 


2*310 

4*188 

14913 


+0.0004 907 - 918 
+18.15 450 - 528 
-0. 0026 299 - 321 
-0*405 097 - 279 
+0*004 914 - 824 


1.4919 1.4851 
1146*8 1122.00 
2.0345 2.0243 
4.9359 4*097 
14925 1.4855 

2.0920 2.0894 


2.0900 +0.0179 891 - 920 

11.5251 +0.0028 205 - 297 

(Raj 48.8028 +0.0182 815 - 241 

157.769 -0*54 841 - 898 

4.0877 -0.0123 648 - 705 

2*886 +0*012 881 - 910 

(Pa90) 41.1393 +0.0111 844 - 141 

5*947 +0*013 825 - 968 

2*851 -0.0022 838 - 866 

5.1476 -0.0018 448 - 503 

*8106 +010168 008 • 203 

1202*5 +0*2 237 - 332 

394088 +0*33 879 - 292 394282 39.2500 

TtHSand (BO 37.7875 -0.0048 473 - 876 37.7876 37.6130 

fSQR raw br Msr IS. BkVofter •oraad* h Uw Pomd Spot tottis incw only the to* three dedmel 
Out one JfflpM Oy aumrt kmaat mat 8Mu Ur aUM Or me Sink at SiotoxL 
the Dakar Spot Khtae (fatted Inn THE WMHBU1ER9 CLOSING SPOT HATES. Sams 


46.8241 46*080 
158.450 157420 
4.0764 4*513 
2*910 2.S7S9 
414141 40.8534 
5*988 5.5708 
2*671 2*587 
5.1514 5.1302 
9*203 6.7812 
1203*2 1197.78 


17.7439 

aa 

17.7383 

0* 


. 

514611 

-1.0 

520711 

-10 

62*881 

-0.7 

9*836 

-1.1 

9.6785 

-10 

60133 

-00 

fe5844 

-u 

8.6009 

-1* 

80228 

-05 

*3243 

-08 

2.8274 

-aa 

20276 

-00 

1.0416 

-I4J 

10431 

-10 

10489 

-08 

2497.B 

-3.1 

2811.5 

-a* 

2561.5 

-2.5 

61*811 

-1.0 

620711 

- 1.0 

52*881 

'-0.7 

2*333 

ai 

20347 

- 0 * 

2.6315 

Ol 

10.9212 

0.6 

100338 

- 0 * 

100249 

00 

260.492 

-AS 

282.437 

-4J5 

- 

- 

207.516 

-3* 

20&6S6 

-3.3 

£1*686 

-2.3 

11.7428 

-2.0 

11.7761 

-10 

110871 

-1.4 

2.1376 

1.0 

2.134 

10 

2.1129 

1* 

1*078 

-1* 

1.3102 

-1.1 

1018 

-07 

*0284 

1.9 

2.0261 

1.0 

20274 

02 

1.4898 

1.7 

1.4873 

1* 

1.4825 

0.6 

*0691 

as 

2.0667 

0.7 

20848 

03 

1 1.3121 

1.4 

110067 

aa 

11-4576 

aa 

157*89 

23 

166.689 

20 

163.534 

2.7 

2.5915 

-13 

2.5953 

- 1.1 

2.6044 

-06 


113* 

114* 
116* 
ST. 8 
108.6 
1262 

102.7 
76.7 

114* 

1184 

84* 

85* 

76* 

117.7 
80.6 


88 * 

68* 


places. toward nxan m not <*scdy qualM la In market 
IMS - IflOSkt Offsr and MW+atao *i bath the and 
rounded by ms F.T. 


DOLLAR SPOT FORWARD AGAINST THE. DOLLAR 


Mar 16 


CkHing Chongs BkVatler 
mU-potnt on day, spread 


Day's mid 
high low 


One month Three months One year J.P Morgan 
Rata KPA Rata %PA Rata %PA Index 


Europe 


Austria 

(Sch) 

11.8960 

-00365 

Belgium 

(BFr) 

340120 

-0.128 

Denmark 

(DKr) 

80066 

-00157 

Finland 

(FM) 

60061 

-00343 

France 

(FFr) 

5.7485 

-00165 

Germany 

(0) 

10910 

-00053 

Greece 

(DO 

248.050 

-00 

Ireland 

OE) 

1.4338 

-00005 

Italy 

1U 

1889.76 

-1.9 

Luxembourg 

(LFt) 

34012Q 

-0.128 

Netherlands 

(Ffl 

10993 

-0.0082 

Norway 

(NKr) 

70241 

-00174 

Portugal 

(69 

173.950 

-0-25 

Spain 

(Ra) 

138.720 

-0/42 

Sweden 

(SKr) 

70675 

-0.0237 

Switzerland 

(SFr? 

1.4340 

-00075 

UK 

(Q 

1.4919 

+00004 

Ecu 


1.1419 

+00020 


11.9445 11.8840 
34.9720 34.7950 
8.6300 6.6993 
5*675 5.4034 
5.7715 5.7375 
1.6080 1*880 
247.700 245*00 
1.4350 1.4276 
1675.00 1667*0 
34*720 34.7950 
1*090 1*976 
7*560 7*166 
174.800 173.150 
138*50 138*60 
7.9019 7.B40B 
1.4438 14320 
1.4925 1.4855 
1.1430 1.1377 


11.9165 

-2.1 

110435 

-1.8 

110536 

-05 

103.1 

34092 

-20 

35.0(2 

-2.3 

35072 

-10 

1040 

60211 

-20 

60441 

-20 

8.8886 

-10 

1030 

5.5108 

-1.3 

50161 

-08 

S.5213 

-00 

701 

5.7622 

-2.9 

5.7633 

-2.4 

5.8187 

-10 

105.0 

7.6945 

-04 

1.8999 

-2.0 

1.7051 

-08 

1040 

249.7 

-170 

266.56 

-17.1 

28505 

-160 

71.1 

1.4303 

20 

1.4254 

2.3 

1.4113 

10 

- 

16760 

-40 

166805 

-40 

172605 

-06 

704 

34092 

-20 

35.012 

-20 

36072 

-1.3 

1040 

10023 

-10 

1.906 

-1.4 

1.9098 

-OS 

103.6 

70348 

-10 

70473 

-10 

70601 

-05 

BOO 

174.33 

-8LB 

17809 

-60 

18106 

-40 

93.1 

139.296 

-6.0 

14031 

-4.6 

143.47 

-3.4 

aoa 

7.8845 

-4.1 

70218 

-30 

6.0225 

-2.1 

two 

1.4348 

-07 

1.4348 

-03 

1.4253 

00 

104.0 

1.4888 

1.7 

1.4873 

1.2 

1.4825 

08 

99.4 

1.1332 

20 

1.1352 

2.4 

1.1274 

1.3 

- 


SDH 

Americas 

Argentina 

Brazil 

Canada 

Mexico 

USA 


- 1*9787 


(Peso) 
(Crj 
PS) 
(New Paso) 
SI 


0*996 

787.406 

1.3814 

*2970 


- BBS - 988 
+11*7 400 - 410 
-0.0022 811 - 818 
-0.028 920 - 020 


1.0000 0.9980 
787410 767*90 
1.3846 1*811 
3*100 3*960 


Paciflc/Mddki East7AMca 


• 017 1.4031 1.3889 

■ 258 7.7282 7.7240 

750 31*720 31*850 
800 108*90 105.700 
27$ 2.7340 2.7240 

' 361 1.7361 1.7323 

- 000 - 500 27.7500 27.4000 
498 - 502 3.7502 3.7438 

848 - 858 1.6870 1.5848 

495 - S10 3.4540 3.4435 

600 - 700 4*750 4.5550 

200 - 300 808.700 806*00 
100-200 264200 284000 
100 - 200 25*200 25.3100 

180H rate tar Mr IS. BkVofhr spreads in Ow Polar 3pet tstse show only Use tw three decimal fencM- Formant raws are rex drectty quoted to the market 
tut mo krpfcid By current MtaaM nm UK. Ireland A ECU art quoted h US cunOKf. J-P. Mayan nk» shewn for Mar IB. flasa swage ISMMO0 


Austmla 

(AS) 

14013 

+00118 

Hong Kong 

(HKS) 

7.7251 

-0.0002 

Incfla 

P8) 

310713 

+00038 

Japan 

M 

100750 

-0.4 

Malaysia 

(MS) 

2.7265 

-0009 

New Zealand 

(NZS) 

1.7351 

+0.0003 

Philippines 

(Peso) 

27.5750 

- 

Sauch Arabia 

(SR) 

3.7500 

-00002 

Singapore 

(SS) 

10653 

-0.0019 

S Atriai (Com.) 

(H) 

3.4603 

-0.002 

S Africa (FtnJ 

W 

40650 

+0.01 

South Korea 

(Won) 

606050 

. 

Taiwan 

ra 

204160 

+0015 

Thriland 

(Bt) 

25.3150 

-001 


10817 

-00 

10823 

-00 

10678 

-06 

840 

30988 

-0.8 

30014 

-00 

3012 

-05 

101.1 

1.4Q24 

-00 

1.4052 

-1.1 

1.4128 

-00 

804 

7.7288 

-0.1 

7.7298 

-02 

7.7488 

-00 


31.4383 

-20 

31.5713 

-2.6 

• 

- 


105.845 

1.2 

105046 

10 

10308 

2,1 

146.0 

2.7205 

20 

2.704 

30 

2.7786 

-10 


1.7367 

-1.1 

1.7412 

-1.4 

1.7564 

-10 


3.7524 

-08 

17568 

-07 

17755 

-07 


1.5853 

OO 

10853 

OO 

1.6088 

-1.6 


3.4646 

-5.0 

3.4836 

-5.0 

30908 

-4.1 


4096 

-8.1 

4.68 

-80 

- 

- 


80906 

-40 

812.75 

-30 

831.25 

-3.1 


260175 

-L7 

20865 

-3.8 

- 

/ * 


2S085 

-03 

25025 

-30 

28.886 

-1.4 



CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Mar.18 BFr DKr FFr DM 


BE 


FI NKr 


PM 


C9 


Belgium 

Danmark 

Franca 

Germany 

Ireland 

Italy 


(BFr) 100 18.97 1651 4.858 2.004 4798 6466 21.04 409* 398* 22*6 4.118 1.925 3.010 2*73 303* 2*14 


Norway 

Portugal 

Spain 

Sweden 

Switzerland 

UK 

Canada 

US 


52.70 

10 

8.702 

2080 

1058 

2528 

2078 

11.09 

2613 

2090 

1109 

2.170 

1.015 

2081 

1014 

160.1 

1025 

tretand 

0.808628 

0.798196 

+0001318 

-104 

4.75 

80.58 

11.49 

10 

1942 

1014 

3905 

3005 

1174 

302.6 

2410 

1187 

2494 

1.188 

2388 

1.740 

184.0 

1023 

Netherlands 

219872 

217139 

-0.00048 

-1.(6 

404 

2058 

1906 

1399 

1 

0.413 

987.3 

1.133 

4032 

102.9 

8201 

4.646 

0.848 

0098 

0805 

0081 

8254 

0018 

Belgium 

400123 

39.7885 

-0.0321 

-1.08 

404 

49.89 

9.487 

8038 

2.424 

1 

2393 

2.722 

10.50 

2490 

1880 

1106 

2055 

0981 

1.961 

1.433 

1510 

1055 

Germany 

1.94984 

103251 

-000054 

-0.B8 

4.05 

2.083 

0096 

0044 

0101 

0042 

100. 

0114 

0.439 

1042 

8008 

0470 

0086 

0040 

0.082 

0.080 

6.335 

0052 

France 

803883 

808986 

-00022 

0.47 

286 

1803 

1477 

3.026 

0890 

0367 

879.0 

1 

3.857 

9107 

73.01 

4.135 

0755 

0353 

0717 

0528 

55. 6B 

0461 

Dormaric 

7.43679 

7.54894 

+000334 

1.51 

1.80 

47.52 

9.016 

7046 

2008 

0952 

2279 

2.593 

10 

237.4 

1890 

1072 

1057 

0.915 

1.868 

1065 

144.4 

1.195 

8petn 

164050 

158.845 

+0111 

285 

008 

2002 

1798 

1305 

0.872 

0401 

9609 

1.092 

4012 

100 

79.73 

4018 

0824 

0.386 

0.783 

0575 

8081 

0003 

Portugal 

192064 

198001 

+0343 

114 

OOO 

25.10 

4.763 

4.145 

1.219 

0003 

1204 

1070 

5083 

135.4 

100. 

6.685 

1034 

0483 

0982 

0.721 

7027 

0631 







44.32 

8.409 

7017 

2.153 

0088 

2125 

2.41 a 

9028 

221.4 

1780 

10 

1025 

0053 

1.733 

1073 

134.8 

1.114 

NON ERM MEMBERS 





24.28 

4.607 

4.009 

1.180 

0487 

1186 

1.325 

5.110 

121.3 

9073 

5.479 

1 

0.488 

0.950 

0.898 

7177 

0611 

Greece 

264013 

281.317 

+0.023 

805 

-103 

51.94 

9.855 

8078 

2023 

1.041 

2491 

2.934 

1093 

269.5 

2009 

11.72 

2139 

1 

2.031 

1.492 

157.8 

1.306 

Italy 

1793.19 

190508 

-202 

606 

-294 

25.57 

4.852 

4.223 

1.242 

0913 

1228 

1.3S5 

6382 

1270 

101.9 

5.771 

1.053 

0.492 

1 

0.735 

77.70 

0643 

UK 

0.788748 

0785897 

+000188 

-2.86 

504 


Ecu 

Yen per 1,000: 


7.855 
74*7 
5.874 

Donon Kroner, French Franc. Nareeglan Kroner and Swedtei Kronor per Hfc Belgian Franc. Escudo, Lira and Peseta per 100. 


») 34.81 
(Y) 329* 
39.77 


8.605 

62.45 

7*48 


S.748 
64 35 
8.587 


1.891 

15.99 

1.932 


0*98 

8*87 

0.797 


1870 

15786 

1907 


1.899 

17.98 

2.170 


7.326 

89.26 

8-369 


173.9 

1844 

198.7 


138.7 

1311 

1584 


1.434 

13.58 

1*38 


aero 

6337 

0.766 


1*61 

12*7 

1*55 


1 

9.455 

1.142 


105* 

!00a 

120.B 


0*76 

8.776 

1 


■ D-MARK FUTURES (IMM) DM 125*00 per DM 


■ JAPANESE YEN FUTURES (IMM) Yon 12* per Yen 100 



Of*" 

Latest 

Cnenga 

High 

Low 

Eat wol 

Open int 


Open 

Latest 

Change 

High 

Low 

EaL val 

Open Int. 

Axi 

0 5887 

0.5882 

+0.0018 

05883 

0.5859 

42098 

85.717 

Jun 

0.9456 

09483 

+00027 

09484 

09450 

20795 

47.447 

Sep 

0.5849 

0.5860 

♦00014 

00880 

05849 

51 

2.703 

Sep 

00520 

0.9526 

- 

00926 

0.951 5 

284 

1092 

Dec 

0.5860 

0 5860 

+0 0022 

0.5880 

0.5860 

21 

131 

Dec 

- 

09563 

- 

- 

- 

14 

403 


EMS EUROPEAN CURRENCY UNIT RATES 

MarlS Ecu can. Rate Change %+/-frpm M spread DN. 

rates against Ecu on day can, rate a weakest Ind, 

10 


-10 

-20 

-21 


Ecu OM rates ran By on European Con u i de ei o rt Currande* are In deo o endkm rWettve etrengd*. 
PercarHajo changes era tar Ecu a pome cnange denotes a weak currency. Owegene* Am In 
rano barman two spreads tiw pereentage dfhranca between the acncd market raid Ecu cotmd rates 
toracurency. and tha marinian pemtfted percanatga deration at Sw currency's market n*e horn Ra 
Ecu cnim ram. 

|1 7/9/92) Swing and Rattan Urn suependad Irani EHM- AdNetmwK cafcrined by the Rnandd Tiroes. 
■ PHBJUMUtMA SB tJS OETIOHB 01*50 (cents per pound) 


■ SWISS FRANC FUTURES (IMM) SFr 125.000 per SFr 


■ STERLING FUTURES (IMM) €62,500 per E 


Jun 

0 6929 

0.8987 

+0.0040 

0.8970 

08924 

25,883 

32,427 

Jun 

1.4880 

1.4840 -0.0023 

1.4868 1.4812 

10011 

24,787 

Sep 

0.G98S 

0.6979 

+0.0035 

0.6979 

06965 

37 

253 

Sep 

. 

1.4820 

1.4790 

6 

saa 

Due 

- 

0.6990 

- 

0.6990 

- 

2 

35 

Dec 

- 

1.4790 

1.4780 

5 

30 


Strike 

Price 

Apr 

- CALLS “ 
May 

Jiai 

Apr 

— PUTS — 
May 

Jun 

1.400 

a.39 

806 

8.46 

- 

0.12 

035 

1.428 

8.04 

8.19 

6.43 

007 

038 

075 

1.480 

283 

4.21 

4.80 

008 

0.89 

1.39 

1.475 

208 

260 

108 

1.06 

1.78 

205 

1000 

000 

1.49 

109 

206 

104 

3.64 

1026 

0.31 

0.70 

1.19 

401 

4.79 

5.31 


MONEY RATES 

March 18 Over One Three Sl\ One Lomfa. Do. 

ragnt month mtha mths year Inter. ms 


■ THREE MONTH BUROMARX FUTURES (UFFE) ■ DM 1m points Of 100% 


Repo 

ran 


Belgluni 

_ 

Qi 

6'm 

Si 

64 

7.40 

5.00 

_ 

week ngo 

- 

Si 

6* 

8ft 

6ft 

7.40 

500 

- 

Franca 

82 

«A 

8'i 

«4 

5ft 

8.10 

- 

7.75 

week Jaw 

&!« 

ts: 

O'M 

84 

S3 

6.10 

- 

7.76 

Germany 

5.80 

5.90 

5.8 0 

560 

5.43 

8.75 

505 

5.66 

Mol agci 

5.98 

5.90 

5.85 

5.85 

5.43 

6.75 

505 

5.94 

behind 

« 

64 

0't. 

6ft 

0ft 

- 

- 

8.75 

w+k ago 

8,1 

■34 

Si 

64 

6k> 

- 

- 

6.75 

Italy 

81 

84 

BA 

8ft 

8>4 

- 

8.00 

8.92 

m.'L-k ago 

8L- 

8i 

8*4 

81 

8ft 

- 

a. oo 

8.92 

Notfuuljnds 

553 

5.46 

508 

5.18 

5.14 

- 

505 

- 

«r* 

5SJ 

5.48 

60S 

5.16 

5.14 

- 

505 

- 

Switzerland 

4 

44 

44 

4 

33 

6.625 

4.00 

- 

WTOk ago 

4'. 

44 

44 

4 

39 

6.626 

4.00 

- 

US 

31 

J'i 

33 

44 

4ft 

_ 

3.00 

- 

vrerk (Ujo 

3'.j 

3ft 

33 

■»4 

4ft 

- 

3.00 

- 

Japan 

2'a 

21* 

2\* 


24 

- 

1.75 

- 

week ago 

2’Y 

2*5> 

2'i 

2ft 

J8 

- 

1.75 

- 

■ S LIBOR FT London 








Intartunk firing 

- 

34 

3-:. 

4ft 

44 

- 

- 

- 

wwtt ago 

- 

3J 

3ft 

4'.ti 

4% 

- 

- 

- 

US EKHMr CDs 

- 

3.45 

366 

303 

4.32 

_ 

_ 

_ 

w ago 

- 

145 

J.73 

4.03 

4.44 

- 

- 

_ 

SDR Linked Ds 

- 

3-4 

3ft 

3ft 

4 

- 

- 

- 

week age 

- 

i-a 

3ft 

3ft 

4 

- 

- 

- 

ECU Linked Dm rnta run: 1 mm: 4;. 3 iraho. S'. 

1 e milts: 

6 . 1 year S’» 5 USOR tatertur* (b*xj 


rates rar ttinni Hx SlOm epored u Ota mortal By taw rafetence beta at ltam each eartung 
day The tanta am Bantam Trust. Bank of Tokyo. Radar* Ml Natural W a wnwawr. 

Wot Hire ora shown hr Sw donwstic Martov Hates. US S COs and SDR bt+od Deposits fry. 

EURO CURRENCY INTEREST RATES 

Mar 16 snot 7 dma One Three S» One 

term notice month months months year 


Efcjgtan Franc 

6*4 

oh 

8‘a ■ 

■Oh 

*A 

6.‘. 

oh 

■ 6 

eft ■ 

5i! 

6ft ■ 

6SS 

Danren Krone 

5-'« 

bh 

6 1 * 

-0 

8*4 

■6 

sh ■ 

J’i 

Oh - 

s-a 

3ft ■ 

Sft 

D-Mark 

5! 3 

ill 

5J3- 

■5ji 

Hi 

5JS 

■ 

Sii 

5J3- 

SJi 

5il ■ 

Sft 

Duicn Odder 

5N 

5*2 

Si ■ 

5.'. 

5*2 

Vn 

5ft - 

5,4 

5'* - 

5*a 

8ft - 

5ft 

Fiwrch Franc 

i,\ 

BA 

BA- 

e,i 

BA 

6A 

oh - 

Sh 

8ft- 

5{a 

5ft- 

5ft 

Pctiuguosa Esc. 

iau 

■ 10 

KU* 

■ 10 

I0U 

■9i 

oh- 

9*4 

8*2 

■ 9 

9ft - 

8ft 

Spanish Posota 

3>0 

8,’. 

SJ, . 

bA 

oh 


81* - 

8ft 

8*t - 

712 

8ft - 

Th 

Sfetirtj 

5’* 

S^s 

5«b 

- s 

5.4 

5A 

5.1 ■ 

5ft 

5,4 ■ 

sft 

Sft- 

Sft 

Sunsa Franc 

•**« 

• 4 

4*e 

■ A 


- 4 

■1ft- 

313 

313- 

Jij 

3{* ■ 

3(3 

Can. EXMor 

3!i 

J|< 

31*- 

3»2 

111 

3*a 

41* 

- 4 

41,- 

4ft 

6ft 

■ 5 

us Dollar 


JU 

3Jj. 

3 1 * 

3A 

3& 

ll - 

3’« 

44 

- 4 

4ft 

V* 

Katon Lira 

9 - 

> l 2 

9%. 

77g 

Oh 

7h 

8lj. 

3^1 

8‘d - 

7ft 

7ft- 

7ft 

ven 

+lr ■ 

2i <1 

V,- 


2*+ 

2.'. 

2h ■ 

aft 

Z’j - 

2ft 

zft- 

2ft 

Asian SSotg 

3»; - 

2'i 

3‘j- 

= l 2 


2*2 

4 - 

3 

4 - 

3 

J, 4 ■ 

3ft 



Open 

Sett price 

Change 

High 

Low 

Esl voi 

Open int 

Jun 

9409 

9407 

-0.03 

94.60 

94.56 

28343 

254943 

Sep 

9407 

94.85 

-0.02 

9409 

94.83 

25485 

182191 

Dec 

95.0S 

9504 

- 

95.07 

95.01 

21488 

149899 

Mar 

95.12 

95.13 

- 

95.18 

95.10 

77310 

119558 

■ THREE MONTH BUROURA INT. RATH FUTURES (UFFE) LI 000 m points of 100% 


Open 

Sett price 

Change 

High 

Low 

EaL voi 

Open xil 

Jun 

91.96 

91.91 

•0.03 

9109 

9109 

8485 

57745 

Sep 

92.19 

92.17 

-0.02 

9202 

92.10 

1808 

20619 

Dec 

9*03 

9202 

+0.02 

92.34 

9209 

2541 

40590 

Mar 

92.34 

9204 

+0.03 

9206 

92.31 

1879 

1615 

■ TKOI MONTH EURO SWISS FRANC FUTURES (UFFE) SFr 1m points of 100% 


Open 

Son price 

Change 

H*gh 

Low 

Eat voi 

Open tilt. 

Jun 

06*0 

96.18 

-OOI 

9601 

96.17 

1881 

30277 

Sep 

96.27 

9603 

-004 

9807 

9602 

999 

8858 

Dec 

98.16 

96.11 

0.09 

98.21 

96.11 

232 

4609 

Mar 

96.15 

96.03 

-007 

86.16 

98.03 

36 

50 

■ THREE MONTH ECU FUTURES (UFFE) Eculm points of 100% 



Open 

Sen price 

Change 

High 

Low 

Est WX 

Open hrt. 

Jun 

9401 

9400 

- 

9402 

94.17 

1461 

11419 

Sep 

94.43 

94.42 

- 

94.45 

94.42 

829 

10105 

Dec 

9404 

9403 

- 

94.55 

94.53 

481 

8753 

Mar 

9407 

94.56 

+0.01 

9407 

94.55 

203 

140 

* UFFE taavtts traded on apt 






■ THREE MONTH EURODOLLAR (IIWl) Sim points of 100% 




Open 

Latest 

Change 

High 

Low 

EaL voi 

Open Int 

JlXT 

95.69 

95.70 

>0.03 

95.73 

95.87 

160078 

490767 

Sep 

9520 

9509 

+0.03 

5501 

9507 

117.758 

375.566 

Dec 

94.87 

9408 

+003 

94.90 

9405 

75.111 

282007 

■ US TREASURY BILL FUTURES (IMM) Slro per 100% 



Jlti 

96.07 

96.09 

+0.02 

96.11 

9607 

4085 

34.095 

Sap 

9S.74 

95.74 

+0.03 

95.74 

95.74 

511 

8006 

Dec 

- 

95.J3 

- 

95.42 

- 

105 

2,940 

aa Ctaon kmrest Bge am tar prevtaus 4av 





■ ELBtOMAAK OPTIONS (UFFE) DM Ira points of 100% 




Snon wi» itiie* ere cel Ira the U3 Dour ana Yen. atom: two flay* 1 ratios. 

■ THRKB MONTH PtBOfi FUTURES IMATTF) Pane Werbar*. offered rate 


Strike 

Price 

Jun 

~ CALLS - 
Sep 

Dec 

Jin 

— PUTS 
Sep 

9460 

0.18 

0.43 

0.62 

0 09 

0.08 

8478 

007 

006 

0.44 

005 

0.18 

9800 

0.03 

0.14 

000 

046 

0.29 


Deo 

008 

ais 

0*8 



Open 

Sett price 

Change 

High 

Low 

Est voi 

Open int 

Jun 

94 28 

9425 

♦0.01 

9408 

9404 

21.888 

87,005 

SCO 

9458 

94 55 

-001 

94.80 

0405 

10.123 

45090 

Dec 

94.74 

94.73 

■0.01 

94.78 

94.71 

13.413 

31.588 

Mar 

9401 

94.84 

- 

94.89 

9400 

*.797 

34.940 

■ THREE MONTH EURODOLLAR (UFFE)' 

Sim paws of 1001 s 




Open 

Sett price 

Chang* 

wgti 

Low 

E8L voi 

Open tat 

.Lin 

95.88 

95.89 

+ 0.01 

95.89 

95 68 

201 

4248 

Sep 

9529 

9509 

- 

9509 

9508 

121 

2112 

Dec 

94 87 

94 87 

-001 

94.88 

84.87 

24 

1391 

Mar 

94.63 

94.64 

- 

94.83 

94.83 

50 

481 


Eat wot. tool. Cato 8720 Aits 5000 Pmuua casn taL Cato ^9Mt6 Puts 13555+ 
■ EURO SWIMS FRANC OPTIONS (UFFE) SFr 1th points of 100% 


Strike 

price 

9600 

9626 

9850 


Jun 

0*3 

0.07 

002 


CALLS 

Sep 

0.32 

0.17 

0.07 


DSC 

0.38 

0.25 

0.15 


Jun 
0.05 
a i4 
0.34 


PUTS 

Sep 

0*9 

0.19 

0.34 


Dec 

0*7 

0.39 

0*4 


vdL total Cefli o Puts 0. Ptaotaus dayY open mt, CUB 409 nxsfttt 


Prevtaus day^ wjL, Cat* 7469 Pun 38476. Pnw. day'* open Int. Cela 481.737 Ms 370409 


LONDON MONEY RATES 


Mar 18 

Chrer- 

mgtit 

7 days 
notice 

One 

month 

Three 

months 

She 

months 

One 

year 

imerbank Steitag 

g - sft 

5ft - 5 

5A -5 

5A - Sft 

S,i - 5ft 

Sft - 5ft 

Storting CDs 

- 


5ft - 5ft 

5ft -Sft 

5ft - Sft 

Sft -5ft 

Treasury B*a 

- 

- 

4 H-4S 

4ft -4% 

- 

- 

Bank Bto 

- 

- 

4H-4J5 

4B-4JJ 

4S3-4JI 

- 

Local authority daps. 

sfl - 5ft 

Sft - 4{] 

5ft -5 

6 ft - 5ft 

Sft -5 

Sft - Sft 

Discount market deps. 

8 - 5ft 

Sft • 5ft 


- 

- 

- 

UK dealing bank base landtag rate Sft per cent bom February 8, 1994 

Up to 1 1-3 34 88 

mor«n man tfi mantas months 

9-12 

months 


Certs or Tax dep. (£i 00 , 000 ) T*a 4 31* 3* 

Cota or Tea dap. under GHXMMb to 1 k 2 pc. Dep o e M w W w i lor cash Vpc. 

Awe. tender ran of ducunt J. 7881 pc. 6CGD ttmd rata Sdg. Export Ftaanoa Make up day February jb. 
ISM. Agreed mo ta> pottod Mrr 26. ISM to Apr M. 1944. Scheroei n ■ n &50pa CMeranca ran tar 
potad Feb 1. 1994 to Feb 2a T994. Schemea IV & V sattspc Finance House BoaeRaia 9 < 2 pc Irani 
Mar 1. 199* 

■ THREE MONTH STERUIM FUTURES (UFFE) £500,000 pares oM 00% 



Opma 

Sen price 

Charge 

High 

Low 

Est voi 

Open In. 

Mar 

94 82 

94.01 

-0.01 

94.83 

84.81 

7910 

53641 

Jun 

94.91 

94.87 

-0.03 

94.95 

9404 

39583 

113197 

Sep 

94 79 

94 75 

-OJ04 

94 £5 

94.72 

20259 

7322S 

Dec 

94.60 

9402 

4X08 

94.65 

94.49 

15325 

97274 


Traded on AFT. A1 Open Inroreet Ggo. ora tar pnntaus day. 

■ SHORT STERLING OPTIONS (UFFE) CSOO.OOO points of 10096 


Strike 

Price 

Mar 

~ CALLS - 
Jun 

Sep 

Mar 

— PUTS - 
ton 

Sep 

9475 

0.08 

0.19 

002 

0 

0.07 

002 

0500 

0 

0.07 

0.11 

0.19 

000 

0.38 

9326 

a 

0.02 

0.Q5 

0.44 

0.40 

0.55 


Eat wet carat Cafe 4m Pua 343J. FYewaur dly - * apart loU Cafe 205B78 ftds Watt 


BASE LENDING RATES 


Adam 5 Company 5*5 

AEdd Trust Sank a*5 

AfflBar* 5*8 

OHanryAnSbactier. — 5*5 

BWkotBaiaia 5*5 

Banco BftaoVtaaya-. 5*5 

BankalOypna 5*6 

Bark of Ireland 5*5 

BarAaf IndlB 5*5 

Bark of Scotland _5*B 

Bodays Hank 5*5 

BrdBkdMMEad 6*5 

•Brown Shiptoy 6*5 

CLBarANfeJMnd... 5*5 

CttbenkNA *25 

OydHdeJeBoA „5JS 

The Owpadw Bank. 5*5 

CouBs&Co -5*5 

CrtxnLyonnaB 5*6 

Cyprus Ftapdar Bank -**5 


% 

Duncan limits — 5*5 

Exeter Bank LMKd._ 6*5 
Financial 6 Qsn Bank- 8 
•Ratal Ftantng & CO _ 525 

Gtobank 3*5 

•GLkwsSs Mahon . — 525 
Hat* Bank AG Zurich . 6*5 
•Katrina Bank ...... — 5*5 

Heritage & Odd InwBk. 528 

•FBI Bemud -.525 

C-HoereiCo — 525 

Hcngkang&ShsnshaL 5*5 
Man Hodge Bank —5*5 
4K4Cf>dd jgssphSStns 5*8 

UtyfeBank 5*5 

MoglYat Bar* Lid 125 

MUandBanfc 525 

* Mount BenMng — 8 

NatWretmata- -525 

•ReaBruhos.. 525 


* Rreburghe QuataMM 
Corpordkn United Is no 
longer adhorteedaa 

a banking insRuKon. 8 
Royal & or Scotland- 3*5 
•Srrtfh & Wlnun Secs . 5*5 
Standart Chartered __ 5*5 

TSB 5*5 

•United Bk of Mwatt— s*s 

Unity Trust Bar* Pfc__ 525 

WaatamTnat -125 

WWswtpy LakSaw .... 5*s 
Ycnkshfes Bank 625 

* MomtMrs of Brltlsn 
Merehanl Banking 8 
Securttlss Houses 

Aas odabon 

* fnadmMstmn 


Money Market 
Trust Funds 


CouttaSCo 

ManmnurewiwAKB 


i9imDMsm.Uwfe>p'«ii 

wnpiwwipw-l sasi 


• MW 


( an-ABWfl 


iPLCPrsalirAcc 


m ua Her 


it Co Ud 

lIWUD 0732 

ibroeeRRM.— I 4ST - LOS 

Kwatwamfee M7 - US 

DTOOdtaOwQ Aal B.17 -I S27 


TMCOFCbarffiss 

1 Ft« awn InM eCJY 


iBW/HP .on 
Ism ire am 
noMi-cawoo — fjoj JE 

E2JO0-C11000 1» 2S1 I MB 

Oumtutcmee 1 243 


Ml) £78 


IBIS 

Ob 

Or 

ffir 

or 




■ 745 MOT 

an^MMrHrm are «U» 


H rta* 


-I 


savs SSkSsASRSL 


Cent BtLofFta. ciaamai of BroU nd t 

2 Foe Strafe tDOdaa EC2Y IMO 07MM1S1B 

-.1 inla-tan 


— I 109 


J.KR0MI 

SgggSSSk&rleBTs i«w«» 


Money Market 
Bank Accounts 


tttkM Hns Bank ole 

ncxyttafeunoiaecitwr. en-saesoTO 

f ~rrijiT'i*~~~'*~~*"Ti i 

QsanK44SA9e — (ate usa I «as 

SSOMQarm 1 sen 3.79 1 ST2 

Bgfernrafee-fcunjiii-- ^ 

ctcuna-msM — I <Da son 407 


AHed Trait Bank ltd 

97-101 Cbneei at. uoow. BOM EM O7v+O90e79 





1 Til ilin SM 42 0 3*2 Ob 

OSflM u £9,999 423 319 432 Or 




E1M0-UA99.SS- 
nim rawii 

E167~‘ 

onMBR 

esasco+j 


; Ea 

073 

IM 

UO 

283 

ua 

3*3 

U1 

XS2 

400 

MO 

407 

423 

3.18 

423 

4.73 

3.3# 

US 


Bank of Maud BU> Manat Ctnqoa An 

SS-49 legti 8t. BtraghOLl 1H. ersaBISSifl 

£10000 . 1 UOB 2429 I 3*48 ttr 

0000-49.90 f ZJSO 1479 12*241 Ob 

Bankgf Scotfcnd 
39 Hwtaia St. 0» HH 

reOMtatziOHCiun^ | us zes 
as.ooo-ezuijm ire ui 

£290,000- I 340 179 


Iteeeay tout Meit araeee toc wfe , . 

SS8Sffi!!"lTs tSfflllSSl S 

KMnmtBennnUd ___ 

1M HacraTMO Hd. LonddaMMI 2BT _ 077-2J7 INS 
HJLCJL K2J00-I 7)4.123 1093 I 4.1 OB I BMy 

Nobiteort Benson Wt toto— * 

H «Mdw U KMweit Own mmiwX etawgratuo 

iax«re*I»i4PMd.UediI'X«B2*T 07I-2B7IM 

IUCA (£1308*1 — I 4128 XOS3 f 4.199) Mr 

s as 1 

maw. -i 4ss in 

irooao+ 

IDAnd BBflkpki 
MOrniamim. 


Katiomriifa BMg 5oc - fluafnos ri inw etn r 


Barclays Select 
POSH f20, wwex 


ctaoo-eosaB-M 
muxn-c24B9S- 
maaiHUS,BBB- 
t«i rm|i-foqoqo 
C100JWO+ - 


wraooa to fe, Cneney 



100 400 Yeefe 

470 3M 470 featy 

1M 179 MD ttm 

US 184 129 Y eeny 

SAB 411 sea hMiy 


US ISO 1X0 

!» I» M 

179 100 ITS 

135 251 130 






07(2 

.1 3.73 

221 

173 

J 4J0 

197 

*20 

. BM 

3.73 

U» 

.1 MM 

4.12 

UO 

.1 523 


128 


2.48 


m Sr 





437 


100 

429 

nr 

UO 




EKUXJ0-C40JHS 

Kn.000-e28.9BS 


' A Co Ltd 

FmtmOMtOiMraiLMlMBS 871-6000833 

MCA 1 400 lOO 4417 Ob 

MDmmIW.. — I 400 MO I 4071 Or 

Caledonian Bank Pie 

lamtaeSranSIMIlEHaOT 031 99BS235 
MCA I 479 16B2EI -IVMIy 


UO 413 
MB 170 
400 130 

are ies 
UO 130 

2 071-023 1199 

SSKSSfiSlS S5 «S[ S 

OimaMtaMMfe- I 429 lie I 4321 Otr 

wjs?aaifis ,- 8X-. 


300 
UO 170 
300 239 

230 130 

ire r.rs 


409 

330 

333 

232 

IJI 


Cater Aim lid 
aMtaumLcnMaECWBOi 

wot ... ... ire 


Donat! dOOOobi 490 

ownoim 1 030 


GftartHtauM Bank Uadtad 
1 Mtermtorlto, EC4U ItK 


on -SKI auo 

S i I iai I 9M 
7 4S0 Mb 

-I s.11 1 m 


£29300 -man — 

g 

,0000 

OafereoM 1170 231 333 

tcasMfeMi veer— .1191 - 430 

TBUWOS -_1 4SS - I 478 


Or 

or 

Ob 


101 

"SSL 


E2300-C1 9.080 J 
C203Q0-C48.993- 
£30.00949 9300- 

eiooreo+-^H 


09300-649.989 

>50300-680388 — 
1100300-9 108390- 

I S2a>300+-^^M 


ire in 
430 ua 
429 3.10 

4N are 
ire i.ii 
230 130 

125 139 

100 IIS 


132 

437 

433 

490 

131 

232 

237 

231 


WreM Bank ole 
29-SI PitacefeVfcone St, 


, 0272 

2829 2.718 | 3379 
1790 2813 3303 

9379 2000 1932 

4380 1000(4300 
4376 -I 4447 


7*4720 

Or 

t» 

Ob 

3D 

Ob 


ns* oMronMdM era eniiin -te n — p — 
tnmmsm 

Ovdasdata Bank RoatiMs Mutton Me 

XTSnenc— n*d*.0ta»BewC12M. ,041-240 7070 
£10300-629399—1970 238 1 ITS Ob 

cxuMo-rmaM ITS zai 3* ® 

eiaaooo-ciooreo I xao im I are/ or 


H» Co-oporethra Bank 
FO Bn TO SMHwreae. tin 
I are 


83*9252000 
-1 3— hr 


Mfekr-MOMMIM , 

MBA—.— — _T*re iso I soil m 

I M feta 

.43 

40 

1 23 


1 1 i — el W-MDte 

£60003+ H 

careo-E4a.OT9 

na—BM— — 


naooiwr+BAMJ 
aWHM WN 
OepM 

JSOreO-fT+S.'BB.. 
£1 turn £40309 — 

GOK)«<-ta 


tebgt 

5.25 334 I 532 B-Mti 

430 338 495(8-101 

430 100 434 O-Wl 

235 235 1 102l0-Wi 

lire' iai I I79|s-*m 

a 28 1« 338 ft-nth 

239 130 I 220le-*m 

ire* are I 498)8-101 

330 2.30 3.08 B-Mh 

239 238 237 ft-Wl 

a as ire I zrels-Moi 


oat aoooi outer— 

taete— iQgifewCHot. 

HIM £30000+ 

Mm £100000+ 

1*08 TESSA 

ULC Trust UmBod 

1DMCanbliUMI4L«aaaWtH7M. ,071-3810084 
£1<MUMNdtenOMT835 938 492 3-4* 

rauw-reoav—teul 7J0 9» 7.8+J6-— I 

£29300-1 T— 1 735 944 1 -1 1—17 

Unlfad OnrabtloM Tint Ud 

FO Btt 82 I to GgctateM HUM. «•!■. BM 007 08) 447 

2M8 

crew Hie O— ■ tat— 4 

0308+.. ■ ■ — +-1476 330 ( 434 f Or 

XHmtnr Sduodte VBBgg ACb LM 

120 CtnepfeKi L— BC2V8DS 071-3828000 

—MMC.. 4IBB 147 ( *30 in 

£1 0308 BM Oban. 1*379 968 1 4801 Ml 

Wostera Triad Up MoraN Oiaqn Acc 
TtaMmyeirtra.n— o — HI® , 0752*3*1*1 

*18300+.— — I 478 are *3* Ob 

E83Q0-C14M8 (400 338 488 Ob 

C1J0Q8-C4MB 1 425 1181 4321 Ob 


—tag amt el — deducted el boob nte km 
— b Mi fe b— —fete—y MM—kr feteOM fe 
ben rata — one to. (Sen CM .Ban fe.enM ■ 


at carapoMMa e> k— feta a—r ■— 

rum. a—UtaM Ante Mb'. « Or faK—ncy 

et — tar — 11 Beaird h dm eeaaufe 


JMO dVMD a— TU MI-429 5520 


LVMH 


MOPTHBMNKSY. LOUIS VUITTON 

A FRENCH "SOCHTTE ANONYME* 

SHARE CAPITAL OF F. 789^L506 FRENCH FRANCS 
REGISTERED OFFICE : 30 AVENUE HOCHE- 75008 PARIS (FRANCE) 
REGISTERED WITH THE REGISTRE DU COMMERCE 
ET DES SOC1ETES 

UNDER REFERENCE PARIS B 775 670 417 


USD 50^)004)60 7 per wntwawtMilt Bond due 1999 - Netke to Bpnrfboldm - 

Notice is hereby given Out (tac Baud of Dusdoni decided on January 19, 1994, to 
proceed 10 the reduction from FRF 50 la FRF 10 of Ibe share par value approved 
by 3 resolution passed ai the Extraordinary Meeting held on June 10, 1993. 

ThedrvrsioQQf the capital in do FRF [0 shares will lead to the distribution of 5 new 
FRF 10 shares for one outstanding FRF 50 share. 

Pursuant to the terms of the issue conditions the Conversion Rate has been 
amended to take account of this operation. 

Consequently the new Conversion Rule, effective March 21. L994, is 38.4 shares 
of FRF 10 pet USD 1,000 principal amount of bonds. 

Board of Directors 


LEGAL NOTICES 


No 000717 of 1994 

IN THE HIGH COURT OF JUSTICE 
CHANCERY DIVISION 
COMPANIES COURT 

IN THE MATTER OF SYSTEMS CONNECTIONS CROUP PLC 
AND 

IN THE MATTER OF THE COMPANIES ACT 1985 
NOTICE IS HEREBY GIVEN that a Petidoa was era 2nd February 1994 presented to Her 
Majesty’s High Court of Justice for ihc confirmation of the reduction or the capital of to 
above named Company from £2.575 JOQ0.OQ 10 £164,129.00 and die reduction of the 
balance standing to the credit of the Share Premium Account of Ibe above named 
Company from £2457427.00 to £105,157. 

AND NOTICE IS FURTI 1ER GIVEN dim die rcid Petition b directed to be beard before 
Mr Reghorer Buckley at the Royal Courts of Justice. Strand. London. WC2A ZLL on 
Wednesday to JOUt day of March 1994. 

Any Creditor or Shareholder* of to said Company desiring 10 oppose the making of an 
Older for to confirmation of the said reduction of capita! and the said reduction in to 
balance to to credit of to Share Premium Account should appear at to time of bearing 
m person or by Counsel for tot purpose. 

A copy of the said Petition will be furnished 10 any such person requiring the same by to 
undermentioned Solicitors on payment of to regulated charge for the same. 

DATED this 1 7 day of Match 1994 

Harris and Harris Sobotm of ll Stony Sired Fromc Somerset SA11 IBU (reference 

JEC/F1HV41) 

Soiiritors for the above named Company. 


fa to High Court #7 Junta No 00358 of IH4 

Chancery totslii 

IN TH£ MATTER OF 
WEST TRUST PLC 

U4 

Iff THE MATTER Of 
TUB COMPANIES ACT JMff 
NOTICE IS HEREBY GIVEN tha to Outer of 

to High Conn uf Justice (Chancery Onnin) 

dated JJrd February 1994 coatlrmiag me 

redactino of to abate p readme sconml or to 

lbo+cfumud Company from £2,705. 789.52 to 

£131 1,79152 waa regfatoed by to Registrar of 

Companies os to axhdavof Fcfcnuiy W9+. 

Datad ttib 1 7th ihr* of Mnvh 1994 

Edge & Ell ban 

IR |9 Sontonptnd Plsre 

Lohtad WCI.X TAJ 

SoUriroo Cor to above -turatd Company 


COMPANY 

NOTICES 


ADAdreraneneu 

n our cmem "ftira sol 


n our onem Tonus BUEtniotara. arpira 
whfcfa aa; nyiMdib by writing taw* 
iVIwjntaacin ProJaelkw UUnsoe tlta Fliey 


TTma, OseSnCnvadL Stoat Lmdco5£i fKL 

TeL U7 1 8T1 322} Fas 071 873 5064 


general motors 

CORPORATION 

NOTICE IS HEREBY GIVEN llul lewfa 

from to curporaliun'i deeliniiM 0 

■UYldend of SO zn tgirni) par share of 

caramon AmJi d( ( he tmafak 

^(Oti, !9U 

rejen of to hearer Jepoaitnrj rccetpti 

ljrn« drsmbwhM of UJO cm per aoH. 1 

depositary will gjug further nouc* of 

ncrtlng cquivaleai of the net dbtrtoitan 

ad sho to L5tb March (9 
All c tiiMM rout bo aeeorapanicd bj 
wmpleto eUm tan nt USA to dedrau 
Dtiuliublc from to tfeposlnry. Clnfnu 
reHwton UK hanks and raemheiaftoS* 
*whw<fe mun lodge ibetr bearer deposit 
"Wlp* fnr mritog. PmxI date* gun 
T he eotpqratkHrt ut tpnitcr U 
n»ori wlntw ivaBaWe enon anofSratinn to 
*(»X«ry itatod hetaw. 

S^toitoGiutarStftiM 

lua Fcadwna Slrett toodon EOF JHF 




WORLD STOCK MARKETS 


low W M 


EUROPE 

NBTH«(Mtf16/Scfy 


♦ /- IK ton W M 


► /- 


W UiW Ht 



toa 732 *.7 _ *n«o MIW *405A40«J0 SMUr' 

1® --SOMtLSOniSJO 4 8 _ M70N 276B0 -1.602850)3450 r_9 _ SmBPC 

2* *» ■ - _ tawOpR 77J0 -1X06940 5BAO 4.t __ aSSta 

«B-iaa 589 333 17 _ B<»W* 4240 -20 4720 37.75 __ _ aSSfi 


-20 7340 6050 « 
-I 111 74.40 19 
+J0SX40 43J0 


Htt 1£2S0 
WMl 7.160 
SQEBr ‘ 

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790 +5 BBS 420 _ 

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+8 614 330 
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74405 -30# ______ 

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9.8BO -16 HUM, 7.750 5X _ 

640 -6 740 380 64 _ 

£070 +65 £130 875 _ _ 

20410 +210SSJBQ71250 _ _ 

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245 

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840 

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645 

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840 

£940 

1280 

1.790 

2460 

680 

445 

879 

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1X70 

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KDO 


-12 292 84X0 — 

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-7 670 377 14 _ Kagona 
-40 £095 1X50 1.1 — Kama 

-14 1J3S 688 — _ KWh 
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-5 788 372 _ — Karate 

-23 (770 811 ,4 _ fQWtka 

-15 942 581 1.7 _ Ktatel 
-80 *30 £060 £8 _ Ksafi 
*30 24*0 1X00 _ — KMte 

-20 1480 618 £1 — Kao 
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BBO 635 _ - KBa& 

-* 175 100 _ _ Kami 

+20 SOB 4«S 14 

-20 1400 486 £5 



-71X371416 14 
-9 175 07.75 _ 
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+60 £705 2430 _ 
_ MO 101 5-4 
-60 1X40 1.110 ._ 


_ Kinder, 

— Wrt* 

— Kkta 

_ KataSl 

— KUtDM 
_ KoHEhi 

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TJfiO 


+10 £300 1X20 OX 
+11 535 210 _ 

+42 904 545 0.7 
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+1 B37 385 — 

+40 £110 1.130 — 

+13 6*9 261 „ 

+21 950 510 — 

♦14 7DB 4,3 __ 

+15 1420 780 07 ... 

_ £5001280 04 _ ftotal 
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-”!£S zSSn 

♦20 14001219 _ _ Suntan 
-20 £200 1418 _ __ Santoro 
+1 467 312 _ _ Bwwfc 

+1 732 48, 14 _ SnwaBk 
+14 680 357 _ _ BnwaSli 

+20 £480 2400 — SnyoB 

+6 015 S8H — _ Staora 

+30 14301.100 „ _ Sedan 

+8 481 302 — — Sanetn 

+6 445 201 _ _ SeixiW 

+10 389 Z73 _ _ SetooT 

■4 809 S» SaryoF 

+1D 710 481 __ Seryu 

-41.110 700 0.7 „ SekCta, 
+20 £540 1438 OX _ 

+7 885 640 _ _ 

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+30 24601X80 _ 

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sen £in 


1200 +1014201420 14 

718 -2 930 600 

3.420 -30 4400 £180 OX E 

521 — 50* 410 — 

715 +8 823 540 ,4 

£740 +10 32401410 — 

525 +12 503 350 14 

*90 -10 689 403 IX 

807 +10 837 527 _ 

4490 +20*2301,760 — 

1X10 +201X90 B80 — 
0,5 +18 890 422 

1480 -10 1.750 1.110 — 

630 +9 732 421 _ 

£570 +*» 3480 £210 £4 

1X80 -SO £570 912 — 
£250 +30 £4BO 1XE0 

937 +11 1.1*0 785 _ 

512 _ 514 342 — 

B3S +8 1.1*0 830 — 
8400 -40 7430 5460 £8 

7470 -100114)0 7410 _ 
4410 -10 *450 £100 _ 

+40 1480 12*0 £8 
+501J10 800 — 
-301X101480 — 
-10 1,180 075 
-30 1X00 928 1 4 
+8 5» 300 1.1 
0250 -100 9200 B4S4 — 
1,720 *20 1.700 928 _ 

-20 3250 £150 _ 
+3 1.KM 715 
_ £210 1.400 


1.770 

1260 

1480 

1.110 

1X70 

435 


l,r*u 

£710 


Emal 

£16 


642 

342 35 255 

sr 

ifl 

-.10 

♦ 

142 

1.40 

1.10 

£39 

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Fakir 

£10 

-42 

£45 

150 

15 

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£60 

1261H 

+44 

£48 

£55 

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150 

1.11 

44 


BnPrTr 

£60 

-42 

£95 

£00 

7513.0 

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3.10 

-.14 

340 

£03 

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1X4 

-42 

1.78 

£83 

£1 

2.7 

150 

-41 

1.78 

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£56 


£85 

245 

4.7 

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HireAS 

1.96 

-42 

242 

0.70 




BMUS 

10X6 

+4B 11.40 

£70 

£6 404 

totan 

345 

+.13 

346 

1.42 

£2 

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LamLs 

17.90 

-48 IB-20 1348 

42 315 

UDbN 

320 

+.10 

3X0 

£45 

42 

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320 

+.04 

£23 

141 

14 804 

Lj'.TJ 

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-42 1044 

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421 

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1146 

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621 m 

-48 

750 

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12 

£75 

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5.33 

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£63 

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£32 

-43 

£79 

1.16 

£5 

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NOW* 

£57 

+42 

4.15 

£06 

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SJS 

-45 

542 

425 

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toncon 

1.7E 

-44 

£16 

£56 



Pamncn 

£06 

- 04 

7-43 

£95 





Ptartn 

£24 

+43 

£42 

£19 

44135 

PtaPac 

£86 

-43 

£90 

125 

1.1 

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020 

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£25 

246 

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£43 

-43 

5.10 

1X7 

£8 


QB£ki 

559 


640 

175 

£7 


OCTRi 

142 

♦in 

141 

145 

74 


IfaanQd 

646 

+45 

825 

246 

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7 

—.10 

7J0 

6.15 

£4 

£0 

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SS 


452 

240 

5-4 

94 

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7.10 

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+.10 

940 

£15 

£1 

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£90 

£94 

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+40 

£70 

243 

74 244 

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+.02 

£52 

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446 


4.45 

143 

£5 


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£82 

4-.1D 

0.76 

550 

30 

— 



Stocks 

Closfeig 

Ch]M0e 


Stocks 

Closing 

Change 


Traded 

Prices 

on day 


Traded 

Prices 

on day 

Kawasaki Steal .. 

18-5rn 

373 

+10 

Sumitomo Chem 

7.1m 

469 

+21 

Nippon Steel ___ 

16.0m 

356 

+2 

Sumitomo Mil Ind — 

7.0m 

284 

+4 







802 

+7 

FfltecW . . . 

. . 8.7m 

957 

+3 


6.7m 

448 

+12 

JAL 

7.6m 

693 

+42 

tsuzu Motors 

BAD 

482 

+10 


INDICES 


US INDICES 


Mar 

16 


-1933*4- 


Hgb 


low 


Mar 

15 


-1088/4- 


Wl 


Lorn 


Ua, 

15 


1093/4 


14 


11 




HW> 


Lm 


Gonert (ZSR2/77) 


W 2008822 2072382 25430X8 10/ZS4 «WJBS 8/3«3 


M (Wnrt*(Vl/W» 

AIMMngnnm 

AhsMi 

CrwNAtaaiOOn 2/845 
TntedMM3n/9i] 


BB3HV1/911 


Bowsta (29/12/83) 


tfeOb MWaff197S 
ComposUrf (187S 
PaHk4o§§ («nXt 

Cbfc 

PGA Gen plf 2/801 


aipw tao Mn sgyifla 


»cx GmtaesnMB 


»2»pinzya» 

CK 40(314387) 


FA2 Wian01/12'5n 
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Mm Sa3in3*0) 

ttegloq 

Harp Swo(31 <7*41 

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ba Comm fat |1373J 
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MM 22S (18/5/49) 

•tea 300 fL'iara 

Ta» WIVES 

ssk( soctm (ATiSS 


21 735 
10405 

2T725 

10300 

21703 

10374 

234OE0 3®9* 
113018 312/M 

149000 

sBcra 

448.75 

110041 

447.17 

116337 

44656 

1157.74 

460*0 2«M 
122225 1/2/94 

8Q02B 

71ZDB 

1512-39 

151407 

151443 

154256 0094 

112SXB 

W 

135000 

132974 

13X0040 15/394 

71X7 

333 

3702X0 

450060 

211090 

3680X0 

447040 

210034 

382448 1084 
458150 1094 
218258 1/2/94 

274341 

323550 

172007 

M 

4382-Jt 

4445-3 

406758 4094 

281259 

39958 

38011 

387.17 

41539 2094 

26140 

18703 

1X64.1 

18795 

197200 4/2/94 

843.10 

1S01X7 

2242.71 

150019 

225852 

148753 

221542 

160030 2/2/9* 

■ratatha 2/2/94 

nun 

177221 

(£075 

237430 

217173 

out 

23SUB 

7l65iS 

STOW 

234070 

2145.17 

8X587 4/UM 
24S85S Aim 
22B75B 3/1/94 

90082 

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151650 

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108748 

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1,9458 18/1/94 

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548750 

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44853 

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13/U93 


Z1 71/93 


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242958 

2BBL17 

CBG mftn^nd 83) 

437 X 

4301 

438.7 

45180 

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2845 

2835 

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Cap. 40 (1/7/Bq 

225324 

2249.41 

2221.43 

213954 

tebSm(2n«i 

118250 

117158 

117038 

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■fate Conp (2/1/65) 

264250 

263140 

2631 58 

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PertNN 

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31358 

31075 

310450 

warn 

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se5A6-smK2/v7q 

58557 

58952 

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0*141 


1508.15 25/2S3 


20530 4/1/93 
198X0 137IS3 


22X0 22/264 


88083 27/1*3 


3849X9 386298 38S23D 397&3B 3241X5 

QiTi/94) czarixss) ennm 

10231 10577 102.17 10577 

(iB/ions) nsomp nano/83) 

1721X* 188229 I4S3JM 1882X9 

pom iwm pnm 

208.70 25545 207X3 2B4B 

(31/8/93) (15/3/94) (31W33) 

DJ bid. D*y*a high 3888X8 (389421 ) Low 387645 (383548 ) (nworedcU#) 
CMy-a MU> 387245 (3871.14 1 Low 383623 (185022 > (ActuaHH 


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102.17 102X4 


1734X0 1726.17 
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taaaC<apB<4/I/B0p — bs 911X3 91243 9782B 2BIB« 

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46701 

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(2/204) 

(210/92) 

39110 

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(28/9/33, 

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(1/10/74) 

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25859 

23101 

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23021 

767.71 

4.45 

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(2/204) 

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arm 

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tan lid 1M 

48013 

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48588 

46750 

39584 

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(2/2/94) 

(VI 2/72) 



NASDAQ tap 

79152 

702*0 

78020 

BQ0X7 

G4587 

096X7 

5457 

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4/1/93 




(31/104) (26/4031 

cn/i/9A 

(31/10/72) 

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SMteBkM (31/12158) 1347X2 135X98 1347.10 140334 3VW4 
14/1/93 SBC tend (W/B7) 100504 101440 100599 108349 31/UB4 


80440 11/1/93 
87578 11/1/33 


WcttteftPDAIGBr 533134 5274J4 S333X7 5454X2 B/I/94 30BX43 9/1/93 


Dow Jones ind. Dhi. YMd 

S a P fn± Dtv. yfeU 
S X P bid. P/E ratio 

■ STANDARD AND POORS 500 MDEX FUTURES S500 ttanee nxtex 


Mar 11 

Mar 4 

Feb 25 

Year ago 

2.81 

£62 

2.02 

258 

Mar S 

Mar 2 

Feb 23 

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Z3T 

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£36 

£48 

2453 

24.34 

28.09 

26.18 


BMigpofc SET (30/4/75) 
Tudcqr 


WORLD 


wnw7njs 


129107 

,30213 

128656 178333 

4/UB4 

81854 1003 



Open 

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466.60 

467.10 

+090 

467.10 

46460 

26.B9B 

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JCmBrau PV12/88 U 32090 323.10 XE.W 50/94 18841 Vl/93 

Bpfeigt EflteM7/UB2) 18120 1X2X2 104,1? 18272 14/2/94 91X1 4/2/93 

■ CAC-40 STOCK DKKDC FUTUMS IMATIPI TeWonn 


Mar 

Ate 


■ NEW YORK ACTIVE STOCKS M TRAMNQ ACIWITY 


Sorts 

&aM 

9,155.100 

993X^00 


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price 

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2,787 

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w>v+-.wwdw dm mud aawV Wtaa aid bat& (supptad by TNetara) repreaeni ttia Mgtert and loweH rahiea the! ft* bidea tea reaBiad 
dimnO ft* day. (The fguma n brac tett an ptmoua doy% ? Suttee, » oMdal recataMkn. 



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Financial Times. Europe’s Business Newspaper. 




I 


FINANCIAL 


rocnAV TufARCH 17 1994 


* pm dose Man# 16 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


IttPI a Oom 

Low dock wi % E iota ««> Im Onto ' 

1?3» 11%MR a48 Z05GZ ig0u17$ 16% 18$ 

29$ 12% A LIMB A 0.18 1.1 07 S9 16% 18$ 16$ 


®rt W$A1B> 1* 26 = I4JG 63$ 834 63$ -$ 
7*% S5%AM* 01 9530 B4$ 62% 64 +% 

3 I %AHX 16 161 4% 40, 4$ 

68$ 29$ ASA 100 4 6 23 419 45** 44% *4% -$ 

300, 22% fUSL 0.76 27 16 6088 23$ 28 28*4 -% 

130, 8%AttMPr 050 3 7 8 240 10% 13% 13% -$ 

15% rtAepOtefel 21 18 11% 11% 11% +$ 

08 25% ACE US 0.40 1.5 4 576 26% 0G % 26% -% 

12% 10% ACM GM In 1 09 94 130 11% 11% 11% -$ 

10% 8% Adi BvQpD 0.80 8.7 32 9% 8% 9% -% 

10% B%AGUB«Sp 096iai 345 9% 8% 9% +% 

12% 10% ACM Oh S* 1031O1 678 10% 10% 10% +% 

12% B$ACMHur in 108 338 ID 9% 10 +% 

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85% 5!%lttemc OK 00 a 541 
96% 12%MdBNDpx OK 10 » 570 
30% Z7% rtftwBW 2K 03 47 


043 07 a 545* 80% 59$ 59$ 

140 11 12 225* 115$ 114$ 114% 
132 30310 542 71$ 78% 71% 
IK 15 19 183 67% 67% 67$ 
IK 24 a 1522 42% 42 42% 

044 20 41 H 19 18$ W 

8 579 Z3$ 23% 23$ 
159 70 17 3Sll34% 34% 34% 


OK 00 a 641 80$ 79% W% 
OK 10 » 070 32% 31$ 32% 


27$ 18% Plan 2125 212 70 44827$ 27% Z7$ +% 

M$ 4%PKXMrft 213 150 6 2a 13$ 13% 13% ■% 

15% 13$ M> 1-12 70 « 14% 14$ 14% -$ 

368 324Mfe212X 112 05 21K 358 3te S5B 

46$3B%l*myS 104 13 31064 44$ *4 44% +$ 

31% TS%PQti OK 07 OT 1771 » 27$ 20 +% 

28% 11% PhcarDeo OK 1.1 9 7298 23$ 23$ 23% -% 

3D% 19%fehlMx OM 10600 41 24 23% 24 +% 

13 7R«fearB 16 37 7% 7$ 7% 

32% 14% Pfew Creek 102 40 19 413 31$ 31% 31% -% 
21% 9%PDteRfed 23290* 17% 17$ 17% +% 

38% 25%ft*tf OK 10 21 MB 3Z 31$ Jl% +% 
57% 21% PtjMrr IB 363 38% 37% 38% +1% 

42%23%FfeOaa 037 09 44 221 42 41% 41$ -$ 


18 Pap* 6TU 078 17 15 IK 


54% 35% Mtefta 
11% 10MM1 
40$ 23$ fereS 
44$ 28$ Mutex 


2M 00 12 5S2B 90$ 57% 58$ 
102 41 12 685 37$ 38% 37 

OK 90 15 10$ 10$ 10% 

102 27 16 4K 37% 37% 37% 
1.12 16 1017696 31% 31% ST$ 


11%Uucurft OK 11 33 399 17% 18% 16$ 

45$ 26% tetWl 072 10 » 133 44$ 43% 44% +% 

51% Kltelyu OK 10 7 0420 *4% 48$ 44 +$ 

21% 1$ ManyOM aO5 10 72W3$3%3$+% 
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3$ 1$Ma*aU1te 040130 15 96 3$ 3 3-% 

10% rtUertfcbo 15 5 9% 9% 9% 

59 43UBkQKx 300 71 nOO 64 54 5* 

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40$ IBMtefeFd 049 10 9 3609 33$ 31$ 32% +1% 

8% o%t« 8 43 7$ 7$ 7$ -$ 

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13t$97%MMM 302 34 17 2547103$ 102% 102% -% 

Z7 lafeagaRte 42 3842 34% 24% 24% -% 

29$ ISMfeUBaAx 048 16 23 IBB 1B% 18 W% +% 

27$14%MfeMBflx OK 20 491 18% 18$ 18% +$ 

9 1% fed Cbrp 22 31S 6% 5$ 5% +$ 


45$ 28% teteh 072 10 a 133 
51% 281401*] OK 10 7 8420 

21% 1$ WaryGtdld 005 10 7 274 

8% 3$ Nate 2 12B1 

3$ l$MaaUd19t 040130 15 96 

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OOB 04 32 1<$ 14 

072 15 23 3753 Z*$ 27% 28$ 
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TK 7.1 11 831 23$ 23 23$ 

OK 10 17 13GB 19% 18$ 18$ 
024 07 19 101 33% 33$ 33% 
T.12 14 16 7» 79$ 79 79$ 

040 14 24 3M 20$ 25% 25% 
27 410 15 14$ 14$ 

inau 9 11 T 1 I 
IM 12 74 7447 56% 55$ 56% 


jS A 

34 


48$27%(%ptek0fex OK 06 9 772 31 
1 14% B$nateH OK 21 19 23 12 
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OK 21 19 23 12 
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21% 14 Prop 77 Am IK 49 30 703 20^ 


3% Praps 

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84% 89% Mote 340 40 IS 4744 78$ 77 

27%ie%IMtertr IS 80 19$ 16 

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19% 12% Nudteten 016 1.1 11 205 15 15 

80% 48$ Mesm 132 30 18 8324 77$ 77 

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9$ 7$ MntedQirx 057 74 515 7$ 7% 7% +$ 

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9$ 7$ftbnArtX 072 9.1 550 8 tJ7$ 7$ 

77 90$ DjUbOX 212 34 14 740 93 62$ 62$ -$ 

15 11% tedarD 040 20 28 338 14 13$ 14 +% 

21% 140rsnwx OK 20123 300 022% zi 22% +1$ 


7% 7% 
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18$ 18% 


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OK 60 IK 9$ d9% 
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44 2S$QaaUar 1.10 30 18 565 33 32$ 33 

37% Z2% OUteRly 048 Tl 7 453 28% 29 28$ 


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41% 2S%WBBNfe IK 30 12 218 40$ 
73 52$ HOI Cup IK 11 14 49 80$ 
58% 42MECO OM 12 42 184 54$ 
37$ 30$ RtesCh OK 16 17 1143 38% 
31% 26%Rnlmx 072 16 10 208 28% 
19$ 1ZKMU0 032 23 11 3096 14% 
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outages 11 263 13% 12% 13% -% 
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Bate J OOB 13 493 21% 21% *1% 

Bktori.8 020 35000 14 13% 14 

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BrtStxtilx 044 101919 17 W% 16% J, 

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Bartmorti 0£0 11 38 19 18% 18% 

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BaniaGeo 052 18 125 37fe 36% 37% -% 
BassUF 080 15 163 28% 28% 28% -% 
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Bqtaida 1^0 12 2796u56% 56 96% +T% 

BBSTRn 1JB 9 853 30% 30 30 Jg 

BE Am 28 507 11% 10% 10% -% 
BeniBCDs 028 27 27 12% 11% 12 +% 

BenSJwiy 18 470 17% 16% 16% 
BerifeyWR 044 14 178 37% 37% 37% *% 
BHA&p 012 IS 50 10% 10% 10% 

Okie 100 136 5% 5 5 

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BobEKHS 027 201628 U23 21% 23+1% 

Bade 8 B 12 58 24% 23% 23% -% 

Bbland 25 9625 13% 13 13% +% 

Boston Bk 078 6 610 38% 34% 36% +1% 
Boston Tc 65 3303u14% 14 14% +% 

BradyWA 088 17 61 44% 44 44 1 ; 

Brtncox 020 20 97 8% 8% 8% -% 

BiunS 024 173188 0% 0 8% 

BS8 Bncp 076 7 34 23% 22% Z3>2 +1 

BTaipna dab 0 2 sb 3% 3% 3% +% 

Btdtefc 36 764 24% 23% 24 +% 

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Fa* Grp II 11 5% 4% 4% 

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FRamfes 4 207 3% 3 3%+% 

HIHIhrd 1J8 14 715 47% 47% 47% -At 
FBIyOtf 10 305 5% 5% 5% +% 
FTggtaA 024 30 1771 11 9% 10% +1 

Fhnel 38 1293uZ7% 27 27% +% 

FBMHraxl20 101008 32% 31 32 +% 

FkMAm 084 7 9200 29% 29*4 29% 
FsiBcONo 004 11 380 26% 25% 25% -% 
FslCott* 080 17 59 10% 1^4 19% -% 
FdSoOy UK n SG6 29 28% 28% -% 
Fat Term 1J0 9 302 38% 38% 36% +% 

fti wam OJB a 97 7% 7% 7% +,% 

FsUadlfc 052 11 329 24% 24% 24% +% 
Ftartrx 156 11 ZlOO 40% 46% 46% -% 
FtoSmba 41 24 7 8% 7 ♦% 

Ffeen 2fl 898 23% 21% 23% +1 

HowH 20 132 7% G% 7 

FondLA 009 173888 6% 6% 6A -It 

FtocLB 0086501180 6% 6% 6% 
Fcrenoat 1JB It 55 34% 33% 33% 

Forertnar IS 75 T5% 15 15% +% 

Ftunafianc 030 52 T 79 31% 31 31 

Foster A 38 IBB 3% 3% 3% -% 

Frihfin 104 it 60 27% 27 27% ♦% 

FM Eastn 1.12517 48 28% 25% 25% -% 

FStRnlX 040 8 440 15% 15% 15% +% 
Fat Haunt 1.18 10 75 27% 26% 27 -% 

Fuller t€ 056 28 537 41% 40% 40% +% 

fidtonfta 058 13 285 25 23% 25 +% 

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touland 



CaaroCp 83 1260 B% 0% 8% 
Catgane 225 8 1318 12% 12% 12% 
CtaMfCTO 21 439 22% 22 22% 

CambrBk) 41439 3% V, 3& 

candtol 2 200 3 % 3% 3li +A 

CoSes D G9 2% 2% 

Carom 059112 79 8D% 80% 80% J 4 
Canada 1 5 3% 3% 3% •% 

Cardksd 012 25 144 46% 46% 46% 
CaritonCm xOB4 24 177 29% 28% 29% +% 
Casc ad e OEO 17 66 19017% 10% -% 

Casey S OOB 161501 12% 12% 12% 

Caipene 7 324 0% 8% 8% 

Crtfer 8 334 19% 1B% 19% 

CEMCP 19 42 12% 12% 12% 
CotitalM 35035794 ID% 9% 10% +5% 

Centocor 02329 12% 11% 11% J 4 

QdriFUa 1.12 111301 Zflfe 28% 29% 4% 
CnkfSpr 25 :100 12% 12% 12% -% 
CWKfcr 11 59 B% 6*4 6% -% 

Chapter T 048 7 1 184 19% 19% 19% +% 
DfeiSh tUB 17 8368 12% 12% 12% 
OHriKbSpi 41 2309 BA Bh B, 5 , 
Chemtah IS 846 12% 11 11 

Chemfe 1 290 % d% % 

Oanpows 17 594 4% 4% 4% 
□UpsSTfl 7 2370 8% 5% 5% -% 

Cterpn Cp 88 623 72% 70% 70% -% 
Dm Hn 128 13 481 57% 56 56*2 

Cfetas Dp x 017 29 627 30% 30 30 -% 

Ckirtgc 309938 38% 38% 36% -% 

QSTedi 1811120 * 3% 3% -% 

Osafiys 4311972 79*2 70 78% +fe 

CtzBancp 1J8 16 17 29 28% 29 +% 

QeanNbr 29 *12 8% 8 8%+% 

CHK Dr 40 2 11% 11% 11% 

Ckdhertn 13 240 B 7% 7% -% 
CoeaCotafi IJO 19 14 32 31% 31% -% 

CndaEnjar 97 260 4% 4% 4% +% 
CodaNsrm 2fi <7 io% m% 10% -% 
CogneCp 371474 u» 28% Z3% +3% 
Cognoa 109 337 1 2% 11% 12 -*4 

Coherere i5 m 12% 11% 12% -% 

DRagoi 92 233 23% 22% 23 

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Crtd&rp d£0 9 214 36% 28 28% ■% 

Corratr 024 15 1039 23% 22% 23 +% 

CraalA K32 24 2S60 20 IBI2 19% +*2 

CmcsMSp 009 2412141 19% 10% 19% +% 
OrnnEkStBiOOD If 86 32% 32% 32% +% 
COttfuQ 070 07 34 tS 1 ^ 17% 18% +% 
ComprteB 42 1484 13 12% 12% -% 

Cundhare 5* 75 12% 11% 12 -% 

Comrtxtfl 58 1140 5& 5& 5% to 1 * 

Ctrfap 128 29 1422 44% 43% 43% -% 

Conaflua 13 58T 9% 8% 9% +% 

Conart \M 10 5036 11% 10% « +% 

CbntrtCel 21 196 16 15% 18 +% 

cammata 141403 b% 9% 0% +% 

ConsA 050 34 1561 19 18% 18% -% 

Ccpytefe 97 678 11% 10% 1(4 -% 

Cants Cp *1 1519 47% 48% 47 

Qxp CK A 45 298 16% 15% 16% +% 
Darter Bx OIC 34 3037 29 38% 28^ +% 

Cray Camp 1 1008 2% 2% 2% +% 
CrauaHn 6 776 6% 8% 6% 
Diogan 3 3320 4% « 4% -% 


- D - 

DSC Dn 3710865 57% 56% 57% +% 
Dan Gnu 013106 151 86% 84 84 

Detafiatei 14 21 2% 2% 2% -A 

Datefla 30 48 7% 7% 7% +% 

Datasoipe 15 130 16 15% 15% +% 

DeujdwOp OS7 11 131 24 23% 23% +% 


GSKSnvx 007 23 711 15*2 15 15% +% 

Gantoa 0 299 4% 4% 4% +% 

Ganwfti 15 133 4(i 4% 4% Jg 

few Ob 016156 33 6% 6% 6% -% 

tod Bind 040 15 945 15% 14% 15 -% 

tody® 17 407 4% 4% 4% +% 

totdaB) 8 408 20*4 19% 20% +% 
totter Cp 400 44 2060 2B% 25 26*4 +1 

Sena Inc ' 8 811 4% 4% 4,\ 

Sanya* 112 405 28% 28 28 -% 

Own D 040 14 256 23 22% D 

GbUngsL 012 20 618 28% 26 26* j 

GBasrlA 080 20 32 18% 17% 18% 

0*1 Btam 11 17 5% 5% 5% 

Good Guys 24 1718 u1B% 16 18% 
GnrtbPirar 080 21 301 24% 34% M% 
OataSys 39 88 2% ' 2% 2% -% 

firardte 020 77 450 23% 22% 23% +% 

Green AP 034 11 15 20 19% 19% -% 

QnactlPh 1 915 1% 1% ]/, +,( 

Grtnanans 1 848 4% 4% 4% -% 

ErodWh 737 74 15% 14% 14% 

GDCBp 14 258 19% 18% 18% -% 

fitritf Sag 4 282 8 7% B +% 


- H - 

Han# op A 79 38 8% 8% 8% 

Harievyd X 064 9 12 25 24 34% +% 

KaiperGp 020 15 4063 16% 15% 16% +% 
HBO&Cn 032 42 7B4 50% 49% 50% -% 
Herthcar 22 1 328 24% 23% 24 

Heafficre 006 15 638 9% 9*4 9% -% 
Hrtdthdyn 12 1093 8% 7% 6% 
KeaUdrt 11 501 7 6% 6% -% 

Hschtagar OIG Z2575Zui3% 12% 13% +% 
Heahn) 861 12% 12 12% +% 

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Heddl 072 20 6965 u 30*2 27% 30*2 +2% 
tfegw Q/S 015 31 174 IDfe 10% 10% 
Hoktfc 30 46 6% 6*2 A 

home Bert 028 0 13 21% 20% 21% +% 
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tort tads 044 23 237(03% 33 33 

17 5902 16% 15% 16 +% 

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Hwtangtnx 080 01416 22% 22% 22% +% 
tortoCo DOS 0 35 3 3 3 +% 

HutcbTectl 475 378 38 % 37% 38 ♦% 


005 273657 25% 24% 2G*j *% 
23 217 26 25 26 .7, 

080 52 23 17% 16s 16% 

IbtenGE 186 14 56 33% 32% 33 *% 

Magma Phi 151677 34 32 34 .2 

Magna Dp 076 121214 19% 18% 19 *% 

MalBn 13 991 8% 8% 8% % 

MarcamCp 38 282 13fe 12% 13% 

151470 5% 5% 5% ♦% 
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0 276 2 1% 1% 

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Marshal 056 11 403 21% 20% 20% 

Maxim H 42 4041)55% 54% 55% +% 
Cp 04321 7% 7% 7% 
McGrath R 040 13 11 17% 17% 17% 
McCnrmfc 048 18 6447 23% 22% 23 +% 

MeCaaC 457287 51% 50% 50% +% 

ted knag 0 273 % % ft 

Medan tac » 0.16 23 100 18 17% 17% 4-% 

Matches 048 13 25* 23% 22% 23 -% 
Medamaie 024 5 83 5% 5>2 5% +A 
Mentor Cp 016 54 137 16*4 15% 18% +% 
tentrG 024 20 1470 14% 13% 14 +% 

MsroantBx QG9 ID 908 19% 18% 19 +A 

Uotuy G»0.70 8 168 30*4 29% 30 +% 

ManiSan 128 11 4134 29% 28% 29*4 +1% 
Merisel *1 2529 21% 21% 21% -% 
MettKrie A 005 16 665 16% 15% 18% +% 
MkriaetF 020 II EB4 10 9% 0% -% 
IBdt NaB 200290 317 64 63% 64 

MtamHUl 14 11# 6% 5% 5% -% 

Mcraage 23 1530 31 30% 30*2 

Mtemn 4 2208 6% 5% 5JJ +£ 
Mertprtt 14 2849 8 7% 8 +% 

Mcrpofa 52372 7% 7% 7% 

«ftaH 24129BB 85% B4lj 84% Jg 

MdAflM 343601 39% 39 39% +% 

Mdbrtk IJO 11 2663 28% 28% 28% +% 

Mtdw&tan 050 25 238 30% 30% 30% Jg 

H 052 24 549 33% 33% 33% 

Mrtfe 478 24% 24% 24% +% 

temtech 16 107 12% 12 12 

MoMeTel 41 4872 16% 16% TG% -% 
Modem CD 020 TO 14 8 8 B Jg 

MadtaalM 048 20 17ft 29 2B% 2B% +J 4 

Motet 003 630 35 34% 35 

Mate he 004 26 766 35% 35 35% 

Uoscom 004 17 316 10% 10% 10% J4 

MoetaeeP 056 24 46 33 31Iz 33 +% 

I* Coffee 181544 15% 14% 15% Jg 

MTSSysx 056 13 2 32% 32% 32% 

MHmed 13 2782 30% 30 30*2 +% 

3 350 II 10% 10% J< 


- N - 

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Rad) Fort 072 11 5 17% 16% 17% +% 

HatPbze 14 33 6*2 5 6 -% 

BM CuiW *036 14 239 13% 13 13 

NteSunx 020 28 308 17% 18% 17% *% 

tongaur 11 26 20*2 10 20% 

MEC 046 05 31 u50% 50% 50% -1 

Melcar 171541 28% 27 28 +% 

NetwkGea 30 762 21% 21% 21% 
NttwkS 1121898 8 7%“%+% 

Neuogen 25 3 7% 7% 7% 

Krona 027 18 313 18 17% 18 

NbwEBik 080 221031 20% 19*4 10% -1% 
New Drape ID 1685 12% 11% 12% +% 

MfegeNel 48 8227 62% GO 82fe +2% 

mewprt Cp OW 10 164 5*2 5% 5% +j*e 

MntdeDri 24 3443 8% 7% 7% +% 

Nonbon 056 27 130 60% 50% 60% +1 

!*Mm> 034 235983 40% 39% 40% +% 

NUStanl 13 68 17% 16% 17% +fe 

NSarUn 4 344 5% 5% 5% ■% 


MXttmTdx 088 14 1178 41% 41% 4i% 


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DB Conans 55 4448 18% 18% 18% +*2 

■State! 9 1876 9% 9% 9% +% 

tnanucor 39 111 6% 6 6% 

tnmtmogm & 325 6% 6 6% +% 

knperiBc 040 28 57 14% 14% i<% +% 

tad Bmp 1.16 1ft 833 37% 36% 37% +% 

hdM 024224 2 15% 15% 15% +% 

HIM 25 4455 21 ZDfe 20% ♦% 

ItSOrttdx 27 8304 22% 22% 22% +% 

tagtesMK 066 17 245012% 12*4 12% +% 
HeipDek 36 4349 30 % 29% 30% Jg 
30 12012% 11% 12% +% 
MgbWd 34 382 5% 5% 5% +% 
trite ODD 1327X5 72 71% 71% +% 

taM 9 663 4% 4% 4% -% 

MgriB 032 465262 26% 26% 26% +fe 
HerTeC 25257BiHlfe 10% 11% +% 

HarieeAx 024 19 200 15 14% 14% •% 
MW 32B23 10 9^2 10 +% 

12 0187 8% ?% 8% +% 
287 2866 14% 13% 14% ♦% 
Wereo* 23 488 13 12% 12% -% 

WDrtyOA 14 353 18*2 17% 17% 

tat Res 008 20 S 3 3 3 Jg 

M Total E43 207 12% 12% 12% +% 

hvaepre 001 16 519 28% 27% 28% +% 

tomeoCp 2 322 2,', 2% 2% 

bwnato 17 67 10% 18% 18*2 fe 

UVOM do 13)39 21 214 214 Z14 


- J- 

JSJ Snack 211143 18% 18% 18% 

Jam be 026 22 4 14% 14% 14% +% 

JLGMx 010 28 47 32% 31% 32% +1 

JDtUBHiW 00 76 25% 24% 24% -1 

Jonas H 11 878 14% 14% 14% Jg 

Jonas MafrfLID 20 556 14% 13% 13% -% 

JastynOP 123 11 2 24% Mfe 24% +% 

JS8FW 064 14 721 23% 22% 22% 

Ju»U0* 024 18 70 18% 18% 10% 

tetta 016 11 789 15% 14% 15% +fe 


- O- 

OCnarieyis 25 432ui#% 16 16 

Octet Com 20 999 27 2612 26%+% 

OMfeLg IS 1023 14% 13-% 14% +% 

OgWsry N 080 8 17 X 24% 24% 

OhbCs 292 13 114 £4 63 % 83% +% 

OtdKare 1.16 9 400 31 30% 31 +% 

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Ofttoaan il 00 8 421 32% 31% 32% +% 

One Price 20 483 uM 1 * 25*2 26 

Optic* H 21 307 22% 21% 22% +% 

oradrt 491 7704 34% 33*2 33*2 -% 

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Oahap 5 11 4% 4% 4% +% 

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OodmshT 050 II 324 11% 11 11% -% 

OttaTae 1.72 15 33 34 33% 34 +% 


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PacDuttop 062 14 150 15*2 «% 15% -*4 

PTeton 122 16 354 25% 2«% 25*. +% 

PtatfDe 21 T71 52 51 51% 

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Peoples K 102838 10^ 10% 10% ■% 

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Pharmacy 25 1 64 u9 B% 8% -% 

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PCtuetB 30 2271 15 14% 14% J4 

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Quantum 8710091 19% 18% 19% +% 

QurtsA 21 M3 15 14% M? s Jg 

OK NeiKk 2613491 39% 38% 38% -1% 


-n- 

RaodKM 10 257 10l : 10 tal; +% 

Ralln 101581 It ID 11 .% 

Hwerop! 32745 7 6*: 7 +% 

Haymorei 24 21 15 is >a +% 

pKtdpn j? 753 30% 29% 29% -1% 

toJfcA 19 7301(21% 19% 20% +1% 

Bertram 4 517 6*-< 6 B 1 ' +% 

Hep waste 4 83 3% 2"g 2% 

RestchliU 17 224 ID 9% 10 J« 

ReoteS 217 32 3397 91% 80% 91% -% 

Reran the 1 356 6% 6% 6% +% 

RM* Fa 1 056 10 01 3fi%d3S% 35*2 -% 
RoativrS IJO 24 1164 73 71% 73+1% 

RaNgm 012 If 162 fi 7% 8 +% 

RochSvBk 056 3 444 16% 15% 1S?g +*g 

BooseraH 1 2D 8 227 45% 44% 44% -% 

Ross SIT 020 12 531 15% 15% 15% -% 

RortthMed 2 MS 18% 177* 15% +% 

tart* > 06P 66 57 18% IS 18 -% 

9PM k)C 052 21 777 1«% 18% <8% +% 

flSFw Q 41) 11 3 19% 19*4 19*4 

RwnFmty 15114S 9% 7% S 


- s - 

Scdecq IJO 9 3816 56% 5S* B 56*g +% 
Sanderson 130 12 32 1G% 16% 16% 
CUdmogiA 056 3 1065 34 33% 33% +% 

SclUcdL 92385 35% 33% 35% *1% 
SO Syan IE 1749 2t% 20% 20% Jg 
Scte 8 642 9 8% 97g 

Sow Cp 052 11 1359 25% 24% 25% +% 
Score Bid 14 2061 13% 12% >3% +% 
SuDritf 120 45 11 37 »% 37 ■% 

jfflte 1311931 28% 27% 26 +-'4 

SEJ Cp 012 29 41 24 23% 23% 

Seto&B 030 l 305 1“ 1% i7„ 

toocttki 1.12 17 40 2S% H% 
5«*jent 55 2346 14% 14% 14% +% 

Seraiua 40 781 6A ail 8 A 

5enlecn 16 686 11% 11 11% 

Savftacl 17 19 4 3% 3% 

Sevenm 15 7 16% 16% <6% 1% 

SfeMed 084 20 1027 27% 27% 27% .% 

SH.Srstm 98 809 8% 7% 7% ■% 

ShnwDOd 27 2133 10% 15% <6*: +% 

simmfcp 13 2S0 14*4 13% 14% +% 

SkrraCin 21 1104 27% 26% 26% -% 

SteiaTuc 3 5 3re 3% 

agmrt 053 242784 51% 5151% +% 

StgmaDes 2 141 13% 12% 12% -% 
SBcriVBc OJB 51 546 10% 9% 10*4 
SMcnVGp 38 2820 13% 12% 13% +% 
Sknpm 058 29 1493 (C3% 22% 23% +1 
SndlWld 29 179 21% 21% 21% +% 
SnapptaBd 5931802 23% 21% 22% -% 
SoftwareP 2 3719 6% 8% 6% +% 

SoffwareT 5610876 10% 9% 10*4 +% 
Suioca 054 17 412 24% 23% 24% +% 
Souttfct 068 8T854 10*4 lft% 18% +% 
Spiegel A 020 42 365 20*2 10% 20 Jg 

» JukMd 040 12 4426 29% 28% 29*2 +1% 

9PauBc 030 P 255 10% 10% 18% Jg 

SlcyB 2 265 Vu 3% 3,’* +& 

Etudes 461400 30% 30% 30% +*g 

Star Banc 1X0 10 578 36% 35% 36% 4% 
smear 056 162400 39 36% 38% +% 

SU Ukn 13 1763 10% 18% 19% +% 

SU Rams 088 15 04 22% 22 22% +% 

SBHdTec 0J6 23 560 21% 20% 21% 

ShdMISA 020 2 162 6% 8% 8% 

StaBt 154 10 *1% 21% 21% +% 

StremMa 1.10 14 129 23 22 22% 

SbudDy 31 1037 15% 14% 15*4 +% 

Snytar 028 251105 31% 31 31% *% 

StokaiD 28 94 18% 18 16% +% 

Surnttomcfl 080 76 206 21% 21 21% +% 

SunndtBC 084 12 328 20 19% 2D 

SunmrtTe 622308 36% 35 35% -1% 

SunSport 16 89 6% B% 6% +% 

Sunlfic 7615888 31% 30% 30% +% 

SwtftTra 27 33 2b% 26% 2B% Jg 

Sybase a* 582407 50*2 40*2 50 +% 

Symantec 296971 16% 16% 16% +% 

SynaBoy 036 18 37 16% 10 18 

Siwram 7S 15A 6% 3% 3% 

Synergan 3 798 12% 12 12% Jg 

Synetk: 43 30 10% 10% 10% +% 

Synoptics 2410576 28*4 25% 26% +% 
SpamScfl 012 19*772 17% 10% 17% ■+% 
SyaemSco 38 1223(^3% 22% 23% +% 
S»5Wnw 18 608 5% 5% 5,** 


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TCACalfe 044 271740 23% 22% 22% -% 

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Takelec 1 a 6% 6% 6*a ♦% 

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TeteConanA 287I7B13 a% 21% a +1% 
TataUl 16 7517(113% 12% 13% +1% 

Tetiabs 42 15K 59 57% 58 

TetaiCp 0£ri 15 773 I5* 2 15 15 Jg 

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TetaPhADH <027 32 43a 33% 31% 31% 
three Cun 2311*69 u63% 61 % &2% +2% 
TJ H 022 37 1755 K% 24% 24% 

1 okas Med 2 369 4 % 4% 4% .% 

Tokyo Mar 037 37 19 63 63 83 +2 

Tom Brown El 256 n% 11% 11% Jg 

TOW. Co 038331 946 6% 6*3 6% ■% 

HI Enter 4 486 B 7% B +% 

Tmnstald 11 250 13 12% 12% ■% 

Trentafcki lJO 9 413 34% 33% 33% ■% 

Tritaro a M 2% 2% :% 

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VLSI Tech 

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% 


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WatfitntiA 022 11 115 IC9 20 28 
WaUsaiFVxOM 20 1060 32% 31% 32% +% 
WIHti 200 17 127 43% (M3 43% +% 

W«Uk 47 G92 0% 8*2 8% Jg 

Wed One 072 11 1019 28% 27% 78+% 

IfttPUfa 105826 161; 13% 18+1% 

WBpSW I 247 10 18% 10% +fe 

WatSaslA 40 SO 4% *% 4% Jg 

Wlmilr 090 26 1539 5«% 53% 53% -% 
WnsSranma 75 7064 33% 31% 33 +1% 

WUotaiL 020 1* 47 16% 16 16% 
Whogu 0363 3659 20 19% 10% 

WFP Ooup OK 21 1753 3% 3% 3% -& 
WymaretoiOAO 6 635 6*2 6fe Gfe Jg 


-X- Y-Z- 

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Kona top 2 37S 4% *fe 4% 

leiou 094 43 1222 29% 29% 29% 
YwkRsch BO 340 5,1 5% 5, 7 « 
SonsUtah 1.12 9 150 30% 39* 4 39% 


3S 

WORLD STOCK MARKETS 


FINANCIAL TIMES 


Thursday March 17 1994 


AMERICA 

Dow ignores 
bond rally, 
inflation news 


Wall Street 


US blue chips eased yesterday 
morning as Investors shrugged 
off more reassuring news on 
Inflation and a subsequent 
firming trend in bonds, writes 
Frank McGurty m New York. 

By l pin, the Dow Jones 
Industrial Average was 4.03 
lower at 3.845.66, while the 
more broadly based Standard 
& Poor’s 500 was a scant 0.07 
better at 467.08. The American 
SE composite moved Q.4S ahead 
to 46S.61. In keeping with the 
recent pattern, the Nasdaq 
composite outperformed other 
indices. It added 2.88 at 796.69. 
only 4 points below its all- time 
closing high. 

On the NYSE, equity Inves- 
tors foiled to establish a clear 
direction in spite of a welcome 
decline in long-term interest 
rates as reflected in the yield 
bid on the benchmark 30-year 
US Treasury bond. 

By midday, the return on the 
long bond dipped nearly 3 bams 
points to 6&42 per cent thanks 
to further evidence of subdued 
inflation. The Labor Depart- 
ment followed up Tuesday's 
favourable report on February 
producer prices with consumer 
price data which matched the 
consensus forecast of analysts. 
The CPI was up 0.3 last month. 

The Commerce Department 
offered additional grounds for 
a rally in stocks. It suggested 
the economy had shown resil- 
ience last month, reporting a 
better-than-ezpected activity in 
the housing market after Janu- 
ary's weather-related plunge. 

In spite of these signs that 
the economy was showing a 
healthy balance of robust 
growth and tame inflation, sen- 
timent remained in the dol- 
drums. Some of the decline 
was linked to program trading, 
as investors unwound posi- 
tions ahead of Friday's “triple- 
witching” expiration of stocks 
options and futures. 

Among cyclical stocks, 
whose performance is closely 
linked to economic trends, Cat- 
erpillar shed SlVi to but 


Cummins Engine jumped $2% 
to $4S l ft. Alcoa added SI to 
$74%. a day after announcing 
plans to shut a California facil- 
ity where workers had rejected 
contract concessions. 

In the energy sector, Amoco 
climbed S3 to $54% after Dean 
Witter Reynolds said that a 
coming restructuring could 
improve profitability. 

Nike jumped $5% to $58% 
amid optimism over the com- 
pany's fixture. After the close 
of Tuesday’s trading, the Ore- 
gon-based athletic shoe manu- 
facturer said that worldwide 
orders for delivery during its 
first fiscal quarter were 4 per 
cent ahead of 1993 levels. 

Investors also marked up US 
Surgical on expectations of an 
immin ent return to growth. 
The stock gained $2% to $18% 
after the company said that it 
would stay in the black during 
the rest of the year. 

Kemper, whose share price 
Jumped over $20 on news of GE 
Capital's takeover intentions, 
gave back $1% to $60%. 

On the Nasdaq, Aldus leapt 
$6% to $32% alter the 
announcement of a merger 
between the software devel- 
oper and Adobe Systems, 
which shed $2% to $29%. 

Canada 


Toronto held on to earlier 
gains fo quiet midday trading, 
aided by a firmer Canadian 
bond market in response to the 
morning’s US inflation data. 

Strength among banking, 
consumer product and mining 
groups overcame losses in pre- 
cious metals and media, taking 
the TSE 300 composite index 
4.82 higher to 4,405.40 In vol- 
ume of 4186m shares. 


SOUTH AFRICA 

Industrials lost the momentum 
of the past few days and fell 44 
to 6,058, while the gold shares 
index added 16 at 1,983 as the 
price of bullion remained firm. 
The overall index relinquished 
53 at 5,202. Western Deep 
moved ahead Rl to R187. 


EUROPE 

Bourses unsettled, unable to sustain recent rally 


| FT-SE Acluaris 

;S Si; a 

!i'& frcices 



Maria 

Hoift} ChMOBS 

Open 

10J0 

THE EUROPEAN SERES 
11 DO 12D0 13JB0 14D0 15DQ Una 

FT-SE Eunnek 100 
FT-SE Eunta* 200 

1473JK 

15J1-96 

1J7079 

150025 

148101 14OTD4 1407.29 
1507,24 1805.77 150529 

148BJS0 

150S.0B 

14BSS5 140528 
150328 1 50422 



Mar IS 

Mr 14 M* 11 

Mar 10 

Mar 9 

FT-SE arena* 100 
FT-SE Eunsa* 200 


14682& 

161124 

149&5B W31DB 

1495.08 14MJ39 

14452U 

149428 

144SW7 

148563 


tw <e*a raw canam HVNV too ■ an ■ isuub i bmv hb - i«us an - isostzi. 


Germany trimmed repo rates 
again, the US CPI data was 
regarded as encouraging, and 
there was a Bundesbank meet- 
ing today to anticipate. How- 
ever, bourses were unsettled 
by Tuesday’s setback for the 
US equity market, and were 
unable to sustain their recent 
rally, writes Our Markets Staff. 

FRANKFURT ran out of 
steam after fha Dax at 

Its intraday high of 2,188.10, 
registered a near 10 per cent 
gain over its March 2 midses- 
sion low of 1,992.70. The key 
index closed at 2,172.73, down 
6.18 from Tuesday's post- 
bourse close, and eased further 
to 2,168.11 in the afternoon. 

Turnover rose from DM98hn 
to DM9.7bn. Some financials 
Initially resisted the change in 
tack amid reasoning that the 
Bundesbank’s easing of tts low- 
est accepted repo rate from 584 
to 588 per cent, while disap- 
pointing the optimists, was at 
least another move in the right 
direction. 

However, while the session 
saw gains in the big hnnicg . 
Bayernhypo by DMB.20 to 
DM46120, Deutsche by DM7.10 
to DM82480 and Dresdner by 
DM880 to DM41580 - all three 
were trimmed back later. 


The most noticeable pres- 
sures were on former front line 
cyclical^, with a number of 
automotive stocks and chemi- 
cals stocks showing weakness 
throughout the day. Volkswa- 
gen stood out with a foil of 
DM13.70 to DM48180 by the 
end of the post hoarse. 

PARIS fell back In the 
absence of major news, and the 
CAC-40 index, which had seen 
a day's high of 2JS5G, closed off 
1581 at 2^42-7L 

Turnover dropped from 
FFr5bn to FFr38bn, reflecting 
the easier tone of trading. 

Legrand was one of the day's 
better performers, putting on 
FFr70 to FFr6,070. Goldman 
Sachs, initiating coverage of 
the electrical equipment 
maker, recommended the stock 
as a long-term outperfonner, 
based an earnings growth aris- 
ing from steady volume growth 
and marke t share gains, while 
price increases coupled with 
productivity gains would lead 
to an improvement in margins. 

“In the past, on a cyclical 
upturn, margins have been 
squeezed by sharply rising raw 
material costs. However, this 
time we believe the impact of 
rising raw material costs will 
be more restrained and this Is 


one reason why above average 
earnings is sustainable in the 
longer term.” 

AMSTERDAM drifted 
slightly lower, the AEX index 
losing 2.03, or 08 per cent at 
42584. 

Fokker, the aircraft manu- 
facturer, dropped by some 15 
per cent at one stage, before 
ffnrifnp- a measure of support to 
close FI 180 or nearly 12 per 
cent down at FI 1480. The sell- 
ing was prompted by a report, 
denied by the company, that it 
was to lower the nominal value 
of the shares. 

Last week the group, in 
which Daimler of Germany 
holds a majority stake, 
announced a bigger than 
expected loss for 1993. James 
Capel, which maintains a sell 
i *v*irnmenrfatinn an the Stock, 
commented earlier this week 


that with a further substantial 
loss expected in 1994 another 
capital Injection is likely. 

On a more positive note Van 
Ommeren, the transport and 
tanker group, advanced FI L1Q 
to FI 50.60 as it forecast 
Improved trading condition 
this year. 

Grolsch, the brewer. put an 
70 cents to FI 49.70 after report- 
ing flat 1993 results and Indic- 
ating an improvement in 1994. 

MILAN turned lower in tech- 
nically inspired trading on the 
last day of the the March 
account as investors prepared 
themselves for what could be a 
restrained patch in the run up 
to the March 27-28 general elec- 
tions. The Comtt index foil LSI 
to 676.75. 

Telecommunications stocks 
retreated after recent strong 
gains. Sip foil IBS to L4806, 


Stet L80 to L4835 and Italcable 
L420 to 1*10,752. 

Short covering helped some 

industrials higher. MootedigniT 
rose L36 to LL247 and Pirelli 
L48 to 1*2,302. Olivetti added 
188 to 18878 on further specu- 
lation about the prospects of 
its winning the licence to oper- 
ate Italy's second mobile tele- 
phone Hwwfft 

Among the banks, BCI 
dipped L90 to IA247 on the last 
trading day before its privati- 
sation share makes its debut 
on the bourse. 

ZURICH took tts lead from 
weaker bonds and the SMI 
index fell 198 to 2887 JL. 

Roche certificates remained 
at the top of the active list, 
giving up SFr40 to SFr7J50. 

Profit-taking left cyclical 
issues lower after their recent 
strong performance. Brown 
Boveri lost SFrl4 to SFrl820 
and Sulzer foil SFr23 to 
SFr 1,045. 

MADRID followed the herd, 
the general index losing 386 at 
34017 with profit-taking most 
obvious In the US-quoted 
stocks which lifted the market 
on Mbnday. 

Turnover was slightly down 
at Fta308bn. Telefonica and 
Repsol were the most active 


stocks, losing Fta40 to PtaL9K 
md PtallO to Pto4,790 respec- 
ively: in utilities. Endesa 
hopped PtalfiO to Pta7,43Q. 

OSLO was helped higher oy 
ower interest rates and a 
ptrong rebound in Norsk ^sag- 
he forestry group. The aU- 
share index rose 6.12 to 67182 
a turnover of NKr863m. 

Norsk Skog rose NKrl5 to 
!JKrl85, more than recouping 
Tuesday’s NKrl4 fell which fol- 
owed an announcement that 
he company was planning 
ihare Issues to raise up to 
UKrSOQm. 

ISTANBUL rose 485 per cent 
following a rally at midsession 
is the overnight borrowing 
ate was cut from 700 per cent 
» 200 per cent The composite 
Tutor added 616.12 to 15,1278. 

TEL AVIV rose for the sec- 
>nd consecutive session 
il though turnover remained 
noderate and some profit-tak- 
ng was evident late in the day. 

T}y Miahiwnim jpHg* pat Oil 
iqq or nearly 2 Der cent to 


Written and edited by Wtfflwn 
Cochrans, John Pitt and Mcharf 
Morgan 


ASIA PACIFIC 

Nikkei average rises to second 1994 high of the week 


Tokyo 

Share prices rose as heavy 
arbitrage buying and pur- 
chases by foreign investors 
overwhelmed selling by compa- 
nies and investment trust 
fluids, and the Nikkei 225 aver- 
age climbed 0.8 per cent to 
another 1994 high in active 
trading, writes Ermko Terazono 
in Tokyo. 

The index gained 16882 at 
20,677.77 after a day’s low of 
20818.05 and high of 20.781.93. 
A rise in the Nikkei futures 
market on the Chicago Mercan- 
tile Exchange on Tuesday 
prompted buying by futures 
traders in Osaka. 

Volume increased to 632m 
shares from 561m. Overseas 
investors pursued large-capital 
stocks, which have been lag- 
ging behind the index; dealers 
and arbitrageurs were also 


buyers. However, some traders 
said the substantial volume 
reflected large-lot arbitrage 
and dealer activity and did not 
show real demand. 

The Topix index of aD first 
section stocks put on 1088 at 
1,653.27 and the Nikkei 300 
added L72 at 304.03. Advances 
led declines by 747 to 289. with 
153 issues unchanged. In Lon- 
don the ISE/Nikkel 50 index 
gained 482 at L388.76. 

Steel companies were higher 
on foreign buying. Kawasaki 
Steel, tiie most active issue of 
the day, firmed Y10 to Y373. 

Chemical and textile shares 
were perceived as laggards. 
Mitsubishi Kasai advanced Y27 
to Y490. Sumitomo Chemical 
Y21 to Y489 and Kurabo Indus- 
tries Y16 to Y432. 

Toshiba gained Y7 at Y8Q2 
on prospects of firm earnings. 
Sales are expected to rise in 
the current year to the end of 


this month, for the first time in 
three years; profits are expec- 
ted to increase for the first 
time in five years in 1994/95. 

However, corporate profit- 
taking depressed a few con- 
sumer electronics stocks. Mat- 
sushita Electric Industrial 
slipped. Y30 to Y1810 and Vic- 
tor Y50 to Y1.530. 

Some financials lost ground 
on profit-taking. Nomura Secu- 
rities declined Y20 to Y2.370 
and Daiwa Securities Y20 to 
Yi.740. Daiwa Bank retreated 
Y4D to Y1.000. 

In Osaka, the OSE average 
was 149.56 higher at 2288784 
in volume of 145.5m shares. 
The index gained for the fifth 
consecutive day on buying by 
foreign investors. 


Roundup 


Regional markets put in mixed 
performances. Kuala Lumpur, 


Jakarta and K arachi remained 
on holiday. 

HONG KONG fell 18 per 
cent after a rally in the open- 
ing minutes, sparked by rises 
in Hong Kong shares liked in 
London overnight and positive 
US economic data, was swiftly 
reversed. 

The Hang Seng index closed 
14285 down at 9,720.61, having 
been 101 points ahead in early 
trade. Turnover was a- provi- 
ricral HK$3A 3hn. 

HSBC Holdings, the day's 
most active stock In turnover 
of HK$215.4m. finished HK$1 
lower at HK$99. 

MANILA recovered from an 
early fall following PLDT’s 
drop on Wall Street, pr o mpt ing 
the view that the market was 
ready to test higher ground. 

The composite index gained 
9.44 at 2,64280 as PLOT lost 25 
pesos at I860 pesos. 

TAIWAN gained ground. 


boosted by persistant buying of 
bine chip electronics issues by 
some new local trust funds. 
The weighted index moved up 
57 AO, or 11 par cent, to 583184 
in thin turnover of T$38.04hn. 

Among the electronics 
groups, Acer, also helped by 
last week’s court verdict in a 
patent dispute, appreciated T$2 
toT$538Q. 

AUSTRALIA flmsheri in posi- 
tive territory, in spite of same 
late selling: The market drew 
encouragement fr o m a rally in 
bonds, which followed the 
release of local economic 
growth figures and modest US 
inflation data. 

The All Ordinaries index 
ended LQ up at 24.738 after an 
intraday high of 2,1828. 

SEOUL saw persistent con- 
solidation in blue chips, 
although there was growing 
interest far low-priced shares. 
The composite stock index 


finished 480 off at 90683. 

Bank shares, however, were 
generally higher on institu- 
tional support and expecta- 
tions that a number of banks 
were planning rights issues. 
Commercial Bank of Korea, 
which topped the actives list 
with 283m shares traded, rase 
Won280 to WonB,600. 

SINGAPORE was easier In 
spite of a rebound in Malaysian 
shares traded over the counter. 
The Straits Times Industrial 
index shed 4-14 to 2J858L 

BOMBAY closed stronger, 
but few deals were done as 
the ban on forward trading 
reduced liquidity in the mar- 
ket The BSE index advanced 
3388 to 3,79186. 

COLOMBO was easier again 
as the market continued its 
decline after the 40 per cent 
rise in the first two months of 
the year. The all-share index 
lost 2789 at 1240.79. 


Emerging markets remain weak 


By John Pitt 

T he world's emerging 
markets continued a 
general retrenchment 
last week, although there were 
some individual exceptions, 
according to data supplied by 
the IFC. 

All the regional Indices 
declined in dollar terms, Latin 
America by 1.4 per cent, Asia 
by 22 per cent and Europe/ 
Mideast by 4.3 per cent 
Mr Michael Hughes of BZW 
In London says teat while the 
emerging markets bubble has 
not burst, there has been a 
clear change in attitude by 
investors. "There has been an 
adjustment in tactics, rather 
than strategy, 1 ' he maintains. 

Investors have been looking 
at economic recovery in the G7 
nations and switching funds 
accordingly. 

BZW has been neutral on 
emerging markets in general 
since December - although it 
still likes Korea as a story. 

• The IFC is postponing “for 
an Indefinite" period the 
entry of the China index to 
the composite and Asia indi- 
ces, which had been planned 
for April 1. 

Explaining the decision the 
IFC said that there were 


EMERGING MARKETS: IFC WEEKLY INVESTABLE PRICE INDICES 



No. of 

Mar 11 

OoOar terms 
% Change 

% Change 

Local currency terms 

Mar 11 % Change % Change 

Mariwrt 

stocks 

1894 

over week 

on Dec ■93 

1984 

over week 

on Dec ’83 

Latin America 
Argentina 

C25) 

941.80 

-4.0 

-55 

577514.11 

-4.0 

-55 

Brazil 

(57) 

3S1.96 

+6-3 

+426 

330,638549.4 

+145 

+225.4 

Chile 

(25) 

619.54 

+■3.0 

+125 

1,07292 

+29 

+126 

Colombia' 

OD 

877.89 

-0.8 

+365 

157244 

-05 

+375 

Mexico 

(09) 

927.26 

-4.2 

-75 

1,32051 

-25 

-15 

Peru 3 

(11) 

149.70 

■4J0 

+23.8 

199.09 

-35 

+255 

Venezuela* 

02) 

725.10 

-13.0 

+225 

157555 

-125 

+315 

East Asia 

China* 

(18) 

113.20 

-15 

-245 

124.45 

-15 

-245 

South Korea* 

f15Q 

124.04 

-0.4 

+55 

13154 

-05 

+5.1 

Phfflpplnes 

(18) 

254.36 

-1.6 

-255 

33352 

-25 

-245 

Taiwan. China 1 

(90) 

11B.80 

-5.8 

-121 

117.70 

-65 

-120 

South Aida 

India 7 

(77) 

125.59 

-0.7 

+75 

13858 

-0-6 

+75 

Indonesia* 

(37) 

100.89 

-2L0 

-145 

124,60 

-15 

-125 

Malaysia 

(105) 

272.88 

-25 

-JftS 

27350 

-24 

-18.7 

Pakistan* 

(15) 

435-21 

+0.8 

+122 

59955 

+05 

+135 

Sri Lanka" 

(5) 

226.15 

-35 

+27.8 

241.11 

-4.1 

+265 

Thailand 

(55) 

362.47 

-35 

-24.1 

364.42 

-3.1 

-24S 

Euro/MW East 
Greece 

(25) 

269.28 

+0.7 

+185 

44754 

- 0.0 

+165 

Hungary" 

(5) 

238.60 

+25 

+435 

29256 

+1 A 

+445 

Jordan 

(13) 

175.42 

+15 

+65 

253.70 

+15 

+65 

Poland" 

H2) 

1.281.84 

+2-0 

+56.7 

1,783.11 

+25 

+615 

Portugal 

(25) 

132.19 

+35 

+165 

15750 

+15 

+14.0 

Turksy" 

(40) 

109.41 

-115 

-485 

1,03652 

-8.0 

-28.7 

Zimbabwe 1 * 

(5) 

291.81 

+7.7 

+445 

34757 

+6,7 

+62.8 


tnOtm cm cofcuhM s> an d weak red — M y Chwa n m poetntago monment Sent ttm prMoua FHtav- Btm dWK Ok T9BB-KXJ worn mam noted 
-flfcft mw. nftb 1 toot: rOOte 31 IBBSt (3M*i S nstf fVJtc 31 19SBS ®Jtn 3 19SB; fiUre 4 1X1; OJNorB mb fBfitp W »» «Mr 1 MW; Pfl 
OK 31 toss: (1 ttOoc 31 103!; (ISJChe 31 IO!St (131* Iff 4 tOSSS (14lUy £ 1003. 


difficulties in “ensuring in a timely fashion". index constituents by $2.5bn 

that cash dividends and cor- The IFC also said that it from March 18, to reflect the 

porate actions by Chinese com- was increasing the market greater openness of the mar- 

panles are properly recorded capitalisation of the Taiwan ket to foreign investors. 


FT -ACTUARIES WORLD INDICES 


Jointly compood by The Financial Timas LtaL Goldman. Sachs & Co. and NetWWt Securities Ud. In conjunction with the httitute ol Actuaries and the FacUty of Actuaries 
NATIONAL ANA 

REGIONAL MARKETS TUESDAY MARCH 15 1964 MONDAY MARCH 14 1904 — DOLLAR INDEX- 


Figures in parentheses 
show number ol Snes 
at stock 

US 

Dolar 

Index 

Day's 

Chenge 

% 

Pound 

Staring 

Index 

Yen 

Index 

DM 

Meat 

Local 

Currency 

Inrirer 

tnoox 

Local 

K chg 
or day 

Grass 

ON. 

Yield 

US 

Daier 

Index 

Pound 

Sterling 

index 

Yen 

Index 

Local 

OM Curancy 1983454 1993104 
Index index High Low 1 

Year 

ago 

[aPProX} 

Australia (69) 

iraaa 

-0.1 

175.83 

11858 

15559 

18048 

-05 

331 

177.12 

17071 

11858 

16650 

16451 

18015 

13019 

134,16 

Austria (17] ... 

189.97 

-0.1 

18854 

127.47 

10753 

16759 

03 

053 

19011 

18859 

12753 

16750 

16858 

19541 

13953 

14740 

Belgium (42) 

169.60 

-03 

198.78 

11353 

149.74 

14651 

ai 

359 

17033 

16857 

114.00 

14953 

146.18 

17076 

14152 

14&16 

Canada (107) 

136.73 

0.4 

13551 

91.74 

12057 

13550 

07 

2.49 

138.19 

135.11 

91.15 

11954 

134.12 

145.31 

121.48 

12354 

Danmark (32) 

27a 00 

0-0 

38857 

18152 

238.18 

24352 

06 

096 

27019 

2eac3 

18083 

23758 

24154 

275.79 

195.68 

18079 

Finland (22) ... .. 

146.56 

-2-0 

146.71 

9858 

12957 

170.41 

-15 

085 

14955 

14048 

10016 

13148 

17257 

15072 

70L02 

7152 

France (99) 

180.71 

IS 

179.63 

12158 

15958 

163.42 

1.7 

2.84 

17347 

17755 

11045 

15658 

160.72 

18557 

149.80 

15025 


136.65 

02 

13553 

91.68 

12050 

12050 

05 

1.72 

13338 

15557 

9156 

118.7B 

fiora 

14258 

10759 

11354 

Hong Kong 

403.12 

-15 

400-71 

270.40 

35550 

399.82 

-15 

254 

40841 

408.16 

27335 

368.79 

405.12 

606-58 

23354 

23354 


19280 

-0.1 

191.15 

129.03 

18958 

1HM1 

ai 

316 

19253 

19150 

12858 

109.14 

18374 

20953 

14153 

14154 

Italy (69) — 

T75T 

05 

77.11 

52. oe 

68.41 

9084 

OB 

1.74 

7751 

7680 

51.68 

8753 

9028 

7H.B3 

5&21 

59. W 


155.10 

0.0 

154.17 

10457 

130.78 

10457 

02 

078 

156.16 

16352 

1035S 

13851 

10355 

16551 

114.51 

11451 

Malaysia (69] 

488.86 

-0.4 

48654 

328.0? 

431.11 

61553 

0.0 

147 

48078 

48658 

32848 

431.16 

51853 

82153 

27440 

27440 


.2089.97 

-4.7 

2077.47 

140254 

184356 

7597 55 

-25 

058 

218253 

2174.75 

146752 

182853 

782378 

264758 

1431.17 

152755 


50258 

0.1 

201.67 

136.13 

17091 

17844 

05 

3.11 

202.72 

201.11 

135.68 

17859 

17551 

207.43 

183.03 

183.03 

New Zealand (14) 

70.37 

15 

6955 

4752 

8206 

8453 

1.7 

359 

68.16 

8061 

4029 

8076 

63-76 

7759 

4546 

4554 


201.88 

05 

200.77 

13553 

178.12 

20157 

0.7 

1.63 

20140 

199.79 

134.79 

17852 

19957 

208.42 

149.77 

18156 


3KM6 

-0.1 

31855 

215.03 

282.61 

23459 

at 

1.75 

32066 

31850 

214.75 

28157 

2345S 

37852 

21357 

21357 


27026 

15 

26853 

18153 

23852 

289-05 

15 

256 

267.15 

266.02 

17850 

23458 

28457 

28026 

18159 

184.84 

Spain (43) 

14014 

0.7 

148-25 

10057 

13152 

15751 

15 

372 

148.10 

14851 

89.12 

13010 

15551 

155.79 

11033 

12553 


221,00 

-0.8 

219.77 

14856 

19458 

25758 

-05 

147 

22339 

220.62 

14854 

19557 

25650 

23002 

154.79 

15758 

Switzerland (48) 

193.91 

05 

16253 

109.98 

14455 

146.49 

09 

154 

16345 

162.15 

10958 

14350 

145.16 

17656 

11327 

113.70 

United Kingdom (216) ~ 

20000 

05 

19858 

13456 

178.45 

188.89 

15 

367 

19856 

19097 

13258 

17443 

19857 

21458 

16001 

18001 

USA (618) 

mu 

05 

188 57 

12756 

187.65 

19011 

aa 

2.78 

19018 

18065 

12757 

16745 

19016 

10004 

17651 

18454 

EUROPE (746] 

171-40 

05 

17058 

11551 

151.16 

16353 

05 


17060 

189.14 

114.11 

149.78 

18252 

17858 

138.88 

13848 

Nordic (113) 


-05 

21259 

143.17 

188.16 

21755 

-ai 

157 

21458 

21256 

14368 

188uG9 

217.65 

22060 

14086 

14752 

PBCtffc Basto C72Z) 

164.54 

-0-1 

163.56 

11041 

146.11 

114.78 

ai 

1.06 

1B4.74 

16343 

11056 

144.73 

11457 

18850 

non 

nan 

Eure-PacMc (1467) 

167-24 

0.1 

18654 

11252 

147.48 

13352 

04 

150 

16859 

16556 

111.78 

146.69 

13336 

17078 

12752 

12752 

North America B2S) 166.79 

05 

18557 

12S53 

184.72 

18858 

ao 

2.77 

18651 

18S52 

125.03 

184.11 

18828 

192.73 

17070 

18060 

Europe Ex. UK (330] — 

.152-39 

0.4 

161.46 

10255 

13458 

14257 

05 

257 

16151 

15060 

10151 

133.36 

14153 

155.73 

12002 

121.04 

Pacific Ex. Japan (253) . 

._2S6.ee 

-05 

256.13 

17252 

22854 

23556 

-05 

2.60 

288.18 

258.12 

17380 

22651 

23840 

29021 

18454 

18454 

World Ex. US (1652) — 

108.63 

at 

16753 

113.15 

14&71 

13750 

04 

151 

16845 

187.10 

11374 

147.98 

13654 

17251 

12645 

15845 

World Ex. UK (1955) — 

172.31 

05 

17158 

115.62 

15155 

14ft 40 

02 

250 

17334 

17058 

11554 

15159 

148.14 

17558 

144.13 

144.13 

world Ex. so.ju.emoi 

174.17 

ai 

17113 

11657 

isaeo 

15258 

05 

2.16 

174.09 

172.70 

11651 

15353 

15253 

57B56 

14650 

14850 

World Ex. Japan (1701) 

107.13 

ai 

18651 

12556 

16552 

182.79 

03 

2.73 

188.94 

185.48 

125.12 

16422 

18251 

195.20 

16352 

16454 

The World Index (2170) 

174.75 

ai 

173.71 

11756 

154.10 

163.78 

05 

2.18 

174.85 

17325 

11659 

15342 

15340. 

17857 

14651 

14031 


CapTOta. TIM Financial TtnMI LMM OaUmon, Sacra and Co. and NatWaa t SoortMa Lkrttnd. 1087 
Latest prices un a iiMM M a to ftta udKen. 





I'V ' / 









. >\ 


v 


Active in some 40 countries, 
Lafarge Coppee is one of 
the world’s foremost producers 
of building materials. 

We hold leading positions in each 
of our core businesses: cement, 
concrete and aggregates, gypsum, 
and specialty products, both 
calcium aluminates and 
formulated ready-to-use products. 
We have also diversified into 
bioactivities. 

Our strength: building expert 
teams and making the best use 
of their know-how. 

Our strategy; expansion by 
broadening our product line and 
focusing on countries with high 
growth potential. 


£ 


LAFARGE 

COPPEE 


19 9 3 


RISE IN EARNINGS 


The Board of Directors of Lafarge Copp«?e, presided by Chairman 
Bertrand Collomb, met on March 9, 1994 to review the group’s 
1993 accounts. 

Before interest and tax, operating income came to FRF 3.5 bn, 
representing a rise of 10% on 1992- 
This resulted from a combination of: 

• recovery in North American business, the gypsum division, 
and an increased contribution from central Europe, 

• a steady contribution from growth areas as a whole, and the 
resilience of the group's cement business in France, 

• falls in the Spanish cement business, concrete and aggregates, 
and speciality products. 


1 fP.f- ii'iHtvoi 


/ 992 

Cfron-r 1 

Sales 

30/430 

30/451 

- 

Operating inoocoe 

3/162 

3,135 

+ 10% 

Net income, group share 

1,553 

1.228 

+ 26% 

Net income per share (FRF) 

23J5 

21J 

+ 10% 

Average number ol shares (in millions) 

66 

577 

+ 14% 


NET INCOME, GROUP SHARE, UP 26% 

Net income, group share, was up 26% from FRF 1.228 million in 
1992 to FRF 1853 million in 1993. Lower interest expense and 
increased holdings in a number of subsidiaries meant that this 
rise was sharper than that in operating income. 

Net income per share was FRF 238 representing a rise of 10% 
from FRF 218 in 1992. 

The Annual General Meeting of Shareholders will be asked to 
approve a dividend of FRF 9 DO or FRF 1380 including tax credit 
The impact of the bonus share issue in November 1993 means that 
this represents a rise of 10% on the dividend for the previous year. 

INCREASED INVESTMENT 

In 1993, group investments totalled FRF 48 bn, up from FRF 3.6 
bn. This was financed out of working capital provided by 
operations amounting to FRF 3.6 bn, compared with FRF 38 bn 
in 1992, and proceeds of divestments amounting to FRF 0-7 bn. 
Exchange of securities represented a_ further FRF 1.1 bn, notably 
in connection with the swap offer far Asland shares. 

The group also continued its expansion, strengthening its 
industrial bases in Germany, Turkey, Morocco and Greece, 
raising stakes in subsidiaries based in Brazil, Spain, Austria and 
the Czech Republic, and acquiring new businesses in the US, 
France and Spain. 

STRONGER FINANCES 

The success of new share issues by Lafarge Coppee and Lafarge 
Corporation helped raise consolidated stockholders' equity from 
FRF 228 bn at the end of 1992 to FRF 268 bn at the end of 1993. 
It also substantially reduced debt, down from FRF 97 bn at the 
end of 1992 to FRF 58 bn at the end of 1993. 

Lafarge CoppSe can thus call on these new resources to pursue 
its strategy, and has set 1994 targets calling for a further rise in 
earnings. 

h- Ml MITEL. 3616 CUFF 


WORLD LEADER IN BUILDING MATERIALS 


i 


d^JJi U52,