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FINANCIAL TIMES 


TOMORROW'S 

Weekend FT 

Beware of the 
sickly Russian Bear 




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BMW stays ahead 
of car industry 
rivals in Germany 

BMW has once again proved the leading light 
of the German automotive industry. On the 
strength of a DM5 16m ($293m) net profit last year 
and an unchanged dividend, the Munich-based 
comaker plans to raise about DM800m through 
a rights issue. Daimler-Benz managed a net return 
of only DMSOOm, compared with DM1.45bn last 
time, and the troubled Volkswagen group 
in as expected with a DM1 .9 bn loss, but maintained 
its DM2 payout as an indicator that it was on 
the road to recovery. Page 17 

Russian mayor forced out: Victor Cherepkov, 
mayor of Vladivostok, was removed from office 
by riot police in a move that brings to the surface 
disputes over reform policies in a city where 
the growth of a free market has been more marked 
than any other in Russia. Page 16 

First woman general in German history 

Colonel Verona von 
Weymarn (left) of the 
German Air Force, 
will on April 1 become 
the first female general 
in German history, 
having been chosen 
by defence minister 
Volker Rfihe. Meanwhile 
it was announced that 
for the first time Russia 
will hold large-scale 
naval manoeuvres 
with Germany, Britain, 
the Netherlands. Nor- 
way, Russia and the US, off the Norwegian 
coast from March 21. 

MoOo, one of Sweden’s leading forestry groups, 
signalled a long-awaited upturn in the forestry 
cycle when it announced a sharply reduced loss 
for 1993 and predicted a strong return to the black 
this year. Page IS 

LVMH, French luxury goods group, announced 
a 19 per cent increase in net profits to FFr3J>7bn 
<$590m) for 1993 and forecast strong earning s 
growth in 1994. Page 17 

London ■hampered over planning*: London’s 
position as a world city has been weakened by 
the absence of a single planning authority for 
the central business district, according to property 
agents Hiiiier Parker. Page 9 

Reed Elsevier, Angio-Dutch information and 
publishing group, celebrated its first year as a 
combined operation with a 30 per cent increase 
in pre-tax profits to £534m ($779m) but the City 
marked down the shares of both partners, alter 
they warned of difficult conditions ahead. 

Page 17: Lex, Page 16 

Peres calls for removal of settlers: Israeli 
foreign minister Shimon Peres added his voice 
to the chorus of ministers calling Tor the evacuation 
of all Jewish settlers from Hebron, as new evidence 
emerged that Baruch Goldstein may have been 
aided by a second settler in carrying out last 
mouth’s Hebron massacre. Page 6 

Chemicals upturn: Firm signs of recovery 
after a four-year slump in the German chemicals 
industry emerged as BASF reported unproved 
earnings and sales in the first two months of 
the year. Page 17 

Artificial ‘bone’ created: UK scientists have 
made and tested a replacement bone material 
which knits cleanly together with real bone and 
could most importantly be used in hip replace- 
ments. Page 9 

Japanese spending falls: Japan's difficulties 
in reviving flagging consumer demand were under- 
lined by figures showing that Ja p a nese households 
spent on average 0.6 per cent less in real terms 
last year than in 1992 - the first annual decline 
in household spending for 12 years. Page 7 

•War* warning: An unprecedented liberation 
war lies ahead if the South African government 
crushes opposition to April's all-race elections, 

Chief Mangosuthu Buthelezi, leader of the Zulu- 
based Inkatha Freedom party, warned. Page 6 

Compromise sought on technology hoi: 

Controversial US legislation to speed the develop- 
ment of now manufacturing technologies and 
an “information superhighway" looked set to 
be sent to a House-Senate conference for a compro- 
mise to be thrashed out. Page 6 

Counter attraction: Counterweights at the 
base of the 14th-century marble Tower of Pisa 
have not only stopped its leaning but have actually 
begun to reverse the process. As a result, visitors 
may be allowed to climb its 294 steps again. 




Sarajevo siege eased as drive for peace gains pace 

By Laura Sflber In Belgrade and i , Jlkiri , . „ 

judyn^psey and Bite '-roats ana Moslems to sign agreement in Washington paving way for confederation 


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Hie first steps towards lifting the 
siege of Sarajevo took place yes- 
terday after Serbs and Moslems 
agreed to allow movement in and 
out of the Bosnian capital on the 
eve of a surprise visit to the 
republic by Mr John Major, the 
British prime minister. 

A separate agreement between 
Bosnia’s Croats and Moslems will 
be signed in Washington, high- 
lighting the intensifying interna- 
tional moves towards an overall 
settlement for former Yugoslavia. 


Mr Major is due to meet Gen- 
eral Sir Michael Rose, the head of 
the UN operation in Bosnia. Brit- 
ish officials said that the purpose 
of the prime minister’s trip was 
to see the conditions in which 
British troops were operating and 
to discuss a joint initiative with 
the US to rebuild the infrastruc- 
ture of Sarajevo. 

The Sarajevo agreement, 
signed yesterday by Mr Momcilo 
Krajisnik, speaker of the Bosnian 
Serb assembly, and Mr Hasan 
Muratovic. a Bosnian official 


responsible for UN affairs, comes 
into effect next Wednesday. 

Although the deal falls short of 
allowing complete freedom of 
movement, it signals the gradual 
return of normality to a city 
besieged by Serb forces for over 
23 months, and whose inhabit- 
ants were prevented from leaving 
by tbe Bosnian government for 
tear the capital's defences would 
collapse. 

However, commercial traffic 
will not be allowed into the city, 
people can be refused permission 


Compromise offer 
to UK and Spain 
on EU expansion 


By Lionel Barber and David 
Gardner in Brussels and 
Roland Rudd in London 

Britain and Spain are being 
offered an automatic right to 
delay European Union decisions 
for two months in an effort to 
resolve the crisis over entry 
terms for Sweden, Finland, Aus- 
tria and Norway next year. 

The compromise being infor- 
mally offered by the 10 EU part- 
ners foils short of AngloSpanish 
| ripmanris to main tain present vot- 
ing rules, whereby two big coun- 
tries and one small member state 
can combine to block decisions. 

But it might allow London and 
Madrid to proclaim a partial vic- 
tory in their efforts to protect the 
interests of big member states 
when the union expands from 12 
to 16 countries. 

The UK cabinet yesterday 
authorised Mr Douglas Hurd, for- 
eign secretary, to reach an agree- 
ment that foils short of Britain’s 
present position. But he was 
warned by colleagues that any 
deal must preserve the “sub- 
stance” or the original position. 
Several ministers warned against 
any compromise that could be 
interpreted as a climbdown. 

Mr Michael Heseltine, trade 
and industry secretary, said the 
government would continue to 


fight for Britain’s interests at the 
heart of Europe. 

At prime minister's questions, 
Mr John Major rebuked a Conser- 
vative Euro-sceptic who tried to 
draw him on the negotiations. He 
said Mr Hurd would defend 
“Britain’s best interests without 
any delay in enlargement”. Tory 
Euro-sceptics, led by Mrs Ann 
Winterton. unsuccessfully 
demanded a debate on the future 
shape of the EU. 

Senior EU diplomats made 

■ Germany and France cover up 

their differences Page 16 

clear that the “delaying minor- 
ity” formula was the most the 
UK and Spain could expect when 
EU foreign ministers try, once 
again, to break the deadlock at a 
meeting in Brussels next Tues- 
day. “They will not get all they 
want, but they will receive some- 
thing,” commented one official. 

The compromise would give 
member states at risk of being 
outvoted an automatic right to 
one month's delay. The rotating 
presidency of the EU and the 
Commission would be asked to 
seek a consensus. The procedure 
could be repeated, again for a 
month, at which point member 
states could take a derision. 


Rift with Murdoch 
threatens BBC’s 
TV service in China 


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By Raymond Snoddy in London 

Mr Rupert Murdoch is planning 
to stop beaming the BBC World 
Service Television News into 
China, Taiwan and Hong Kong, 
apparently in response to Chi- 
nese government sensitivities 
over television news from the 
west delivered by satellite. 

Mr Murdoch, who last year 
bought a controlling interest in 
Star TV. the satellite Systran that 
broadcasts the BBC in Aria, is 
planning instead to show a Chi- 
nese-lan g ua g e film channel. 

China recently clamped down 
on Star TV dishes and has 
expressed anger about a recent 
BBC documentary 'on the life of 
the late Chinese leader Mao 
Zedong and references in pro- 
grammes to the massacre in 
Tiananmen Square in 1968. 

News Corporation and BBC are 
already in dispute over the BBC’s 
plans to launch an Arabic-lan- 
guage service aimed at the Mid- 
dle East, a service which would 
have overlapped with the five- 
channel Star service. 

The key issue between the BBC 
and News Corporation, however, 
is the Star news contract, and 
detailed negotiations have been, 
going on for some time. 

Both sides have the right to 
terminate the contract at the end 
of this year but Mr Murdoch 
wants to end the contract before 
that. If agreement can be 


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reached, the BBC is prepared to 
give up the northern beam of tbe 
Star satellite system, which 
broadcasts to China, Taiwan and 
Hong Kong, in return for staying 
on the southern beam, which 
covers India and the subconti- 
nent, for up to 18 months. 

Such a deal would give a 
breathing space to enable the 
BBC to move World Service Tele- 
vision News to other satellites in 
the region. 

If the BBC cannot reach agree- 
ment with Star. It will insist on 
the contract being honoured 
until the end of the year when 
either side has the right to issue 
notice of termination. 

According to the Far Eastern 
Economic Review, the new Chi- 
nese movie channel replacing the 
BBC in China is to be launched 
in early May. 

In a London speech in Septem- 
ber, Mr Murdoch emphasised 
how advances in the technology 
of communications had proved 
an unambiguous threat to totali- 
tarian regimes everywhere. Satel- 
lite broadcasting in particular, 
Mr Murdoch added, bad made It 
possible for information-hungry 
residents of closed societies to by- 
pass state controlled television. 

Last month. Mr Murdoch con- 
ceded at a New Delhi press con- 
ference that "there had been 
some sensitivity, particularly 
about beaming foreign news into 
China.” 


Mr Hurd has said the UK could 
live with a Spanish compromise 
on weighted voting. That would 
increase the threshold of the 
“blocking minority” from 23 to 27 
votes; but it would not apply 
when three member states who 
together have 23 votes and repre- 
sent more than 100m people 
either oppose or abstain on a 
measure. 

However, the informed judge- 
ment in Brussels is that that for- 
mula is not acceptable to the 
European Parliament, which 
must approve accession of the 
four countries by May 4. 

EU diplomats in Brussels have 
also warned that several national, 
parliaments, notably those Off**- . 
gium and the Netherlands, would 
refuse to endorse the Anglos pan'- 
ish proposals because they would 
paralyse decision-making and 
strengthen the power of the big- 
ger states. 

A compromise on voting 
weights would remain in force 
until 1996. when all EU member 
states are due to hold a constitu- 
tional review to examine the 
operation of the Maastricht 
treaty. Hopes that it might settle 
the present differences are tem- 
pered by the knowledge that the 
difficult question of power-shar- 
ing in an expanded union is only 
being postponed. 

Hanson to 
attack 
Asian 
markets 

By Maggie Llrry in London 

Hanson, the Anglo-American 
conglomerate, is to enter the rap- 
idly growing Far East markets by 
establishing a new subsidiary. 
Hanson Pacific, In Hong Kang. 

Tbe attack on Asia will be led 
by Mr Robert Hanson, 33-year-old 
son of the chairman. Lord Han- 
son. He will chair Hanson Pacific, 
which will be run by two new 
appointments to the group, Mr 
Simon Hsu, a former investment 
banker, and Miss Yuen- Cheng 
Ng. a US trained lawyer. 

The new subsidiary is intended 
to develop opportunities in Asia, 
but is unlikely cause a substan- 
tial shift in the source of group 
profits for some time. 

Hanson sees Asian potential 
for joint ventures for subsid- 
iaries, such as Peabody Coal. 
SCM Chemicals, Cavenham For- 
est Products and imperial 
Tobacco - which Is already 
looking at opportunities in 
China. The office will supplement 
Hanson's interests in Australia, 
which include coal and titaniam 
dioxide. 

So far Mr Hanson's success as 
a corporate strategist has been 
limited. As a main board mem- 
ber, his current rote is to look for 
opportunities in Europe. 

In October 1992. he implied 


Continued on Page 16 


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13 FT Actuaries _ 

28 FTMfotid Acfci 


© THE FINANCIAL TIMES LIMITED 1994 No 32.320 Week No 11 LONDON 


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FRANKFURT - NEW YORK - TOKYO 


to leave and anyone wanting to 
cross the front lines on certain 
routes must apply for permission 
24 hours in advance. 

“The siege will not be over 
until all citizens can be trans- 
ported freely," Mr Muratovic told 
reporters in Sarajevo. 

Yesterday’s agreement is a 
result of the shuttle diplomacy 
led by Mr Vitaly Churkin, Rus- 
sia’s special envoy, Mr Charles 
Redman, his US counterpart, and 
UN officials in their bid to main- 
tain the peace momentum after 


Bosnian Serbs fast month agreed 
to withdraw all heavy weapons 
from Sarajevo or risk Nato air 
strikes. 

Another agreement resulting 
from this shuttle diplomacy is 
expected to be sealed today in 
Washington when President Bill 
Clinton presides over the signing 
of a constitution which will bind 
Bosnian Croats and Moslems in a 
loose federation. 

President Franjo Tudjman of 
Croatia and President Alija Izet- 
begovic of Bosnia, are to sign the 








Paul Touvier awaits the start of his trial for war crimes in Versailles 
yesterday. Touvier. 78, was intelligence chief of the militia iu Lyon 


agreement, which is likely to 
pave the way for the establish- 
ment of a confederation between 
Croatia and the new Bosnian fed- 
eration in a move which could 
end the fighting in the western 
part of Bosnia. 

Mr Churkin, who is in Wash- 
ington. is due to hold talks with 
US and UN officials at which he 
is expected to spell out plans for 
an agreement between Serbia 
and Croatia as port of an overall 
settlement aimed at fin; illy bring- 
ing peace to the region. 


Satellite 
venture 
wins $ 600 m 
contracts 


By Louise Kehoe 
in San Francisco 

A US-Russian joint venture to 
launch satellites using Russian 
Proton rockets has secured over 
$6 00m in contracts, including an 
agreement to launch up to five 
satellites for a European televi- 
sion broadcaster, officials of 
Lockheed-Khrunichev-Energia 
International announced. 

Charles Lloyd, LKEI president 
and chief executive officer, said: 
“This is an extremely important 
contract for us. because we beat 
the French in a deal with a Euro- 
pean customer.” Ariane, tbe 
France-based European consor- 
tium that controls about 60 per 
cent of the world's satellite 
launch business, also bid for the 
contract, Mr Lloyd said. 

LKEI will launch up to five 
satellites for Soriltl Europ&ne 
des Satellites (SES), a Luxem- 
bourg-based company that is 
building a satellite broadcast 
network called DirectTV. 

The contract is in addition to 
an earlier agreement to launch 
np to five satellites for Space 
Systems/Loral, of California. The 
first launch is set for early next 
year. Before the formation of 
LKEI last year, the Russian part- 
ners reached an agreement to 
launch communications satel- 
lites for Motorola. 

The latest contracts make 
LKEI a serious contender in the 
$1.6bn commercial satellite 
launch market, analysts said. 

Continued on Page 16 


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FINANCIAL TIMES FRIDAY MARCHJSJ994 


NEWS: EUROPE 


Kinkel’s ‘dynamism’ upsets the French 


By Quentin Peed in Bonn 

Mr Francois Scheer. France’s 
able and experienced ambassa- 
dor to Germany, was not the 
only man in the firing line in 
Bonn yesterday. 

To be sure, bis injudicious 
briefing of German correspon- 
dents on strains in the Franco- 
German relationship was the 
immediate cause of an out- 
burst of German indignation. 

German officials were ada- 
mant that he had been “sum- 
moned'’ to the Foreign Minis- 
try to explain himself, and 
persuaded to issue a retraction 
of bis reported words. The 
French version was that the 


meeting was pre-arranged, and 
the whole affair blown up out 
of all proportion. Yet behind 
the diplomatic flurry, and the 
anxious telephone calls 
between Bonn and Paris, lay 
the hand of the man who was 
clearly the target of much of 
the real French concern about 
Germany’s new foreign policy 
style and direction: Mr Klaus 
KinkeL the foreign minister. 

It is his blunt manner of 
speaking and short fuse in del- 
icate negotiations which have 
clearly upset some of his coun- 
terparts, both in Paris and 
Brussels. He is clearly a man 
who arouses strong feelings on 
both sides. 


“He is like a breath of fresh 
air,” according to one Euro- 
pean diplomat in Bonn. “He is 
certainly a bit of a bull in a 
china shop, but sometimes 
deliberately so. That is his way 
of getting things done.” One 
French minister puts it rather 
differently, albeit diplomati- 
cally: “We have been a little 
upset by his dynamism.” 

In Brussels, officials involved 
in the recent enlargement 
negotiations on the admission 
of Austria, Finland, Norway 
and Sweden into the ETU- ne- 
gotiations on which the Ger- 
man government set great 
store - described his behaviour 
as “extraordinary”. 


Tie was cursing people an 
all sides, saying he was wast- 
ing his time,” according to one 
senior official. “He managed to 
offend the Spanish, the Irish, 
the Norwegians and the 
French, to mention just a few." 

Yet he has his admirers. One 
fairly neutral observer 
declared: “The enlargement 
talks were his finest hour. If it 
had not beat for Kintal, they 
would never have been fin- 
ished. The Germans moved in 
and took over the whole thing. 
They set up informal working 
groups under German chair- 
manship. It was a thoroughly 
impressive operation.” 

Mr KinkeL is the unlikely 


combination for a foreign min- 
ister of an undiplomatic, unpol- 
itical animal Yet he was sin- 
gled out by his former boss and 
mentor, Mr Hans-Dietrich Gen- 
scher, as the right pian to take 
over his mantle, not only as 
foreign minister but also as 
leader of the Free Democratic 
party, the eternal king-makers 
in the German system of coali- 
tion governments. 

The pressure on him today Is 
enormous. Not only does he 
have to carry out all the func- 
tions of a foreign minister, but 
he also has to rescue his party 
from the threat of political 
oblivion. The FDP slumped last 
weekend in the state elections 


in Lower Saxony below the 
magic 5 per cent needed to 
gain any seats. It was a result 
certain to fuel grumbling about 
his leadership. 

His lack of frontline political 
experience also makes him 
hypersensitive to criticism. 
“He has a very short fuse, and 
he is sensitive about being sen- 
sitive,” one Bonn observer said 
yesterday. “He is under attack 
on the domestic front, where 
bis party is in grave trouble. 
And he faces criticism about 
his lack of diplomacy. 

“Mr Scheer could scarcely 
have chosen a worse moment 
to criticise him personally.” 
Odd Couple’s tiffs, page 15 


The conversion of Mr Chernomyrdin 



; Russia’s so-called conservative prime minister has 
become dedicated to reform, writes John Lloyd 




rJn 



Chernomyrdin: extraordinary turnabout 


Mr Victor Chernomyrdin, the 
Russian prime minis ter, long 
regarded as a conservative, is 
enjoying a second career - as a 
reformer. “There is no doubt 
he’s serious,” said a senior OS 
Treasury official this week. 
The evaluation marks an 
apparently extraordinary turn- 
about 

The 55-year-old premier has 
been in office for a little over a 
year, since taking over from 
Mr Yegor Gaidar at the end of 
1992. Instantly seen as a con- 
servative from the energy 
lobby, the spoilt object of state 
investment - he was formerly 
a Soviet oil and gas minister 
and head of the Gasprom gas 
monopoly - he spent much of 
last year appearing grudgingly 
to go along with reformist 
plans driven by deputy prime 
ministers like Mr Anatoly Chu- 
bais (privatisation), Mr Boris 
Fyodorov (finance) and Mr Gai- 
dar (economy). 

Since the last two of these 
resigned in January, it has 
gradually become clearer that 
Mr Chernomyrdin, and his first 
deputy prime minister Mr Oleg 
Soskovets, wish to emerge as 
reformist figures and to be 
seen as men who are as con- 
vinced of the necessity for the 
adoption of market principles 
as their former colleagues. The 
evidence includes: 

• A continued insistence by 


Russia told the US yesterday it would join Nato's Partnership for 
Peace military co-operation programme, Reuter reports from 
Moscow. The partnership offers the countries of eastern Europe 
and the former Soviet Union closer military ties with Nato 
without foil membership rights. 


Mr Chernomyrdin on a tight 
credit policy, of the kind which 
brought down inflation to a 
low of 10 per cent last month. 
Mr Chernomyrdin took excep- 
tion two weeks ago, during a 
meeting of ministers, senior 
officials and regional leaders, 
to a speech by Ur Victor 
Gerashchenko, central b ank 
chairman, in which his one- 
time ally said inflation was 
less important than the main- 
tenance of employment for the 
flirt time, in public; Mr Cher- 
nomyrdin underscored his dif- 
ference of principles with the 
bank chairman. 

Perhaps because of this. Mr 
Gerashchenko has also kept 
the lid on credit expansion this 
year: financial officials say 
that credit is r unning at only 
40 per cent of the level permit- 
ted by the government’s Credit 
Committee. 

• A commitment to radical 
measures - including land pri- 
vatisation. Mr Chernomyrdin 
went to Nizhny Novgorod last 
week and there enthusiasti- 
cally endorsed auctioning of 
land to the members of state 
and collective farms - saying 


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CommunicAsia "94 
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4th Singapore 
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06-10 August 1994 
4th International 
Congress on Lasers in 
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□ 22-23 September 1994 
6th International 
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(PETROCHEM^) 

□ 2-5 November 1994 
1st International 
Congress on Dialysis in 
Developing Countries 


EXHIBITIONS 1994 

□ 6-10 August 1994 
4th International 
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□ 12-16 September 1994 
6th World Meeting on 
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□ 7-10 December 1994 
Sth International 
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that he would ensure that the 
Nizhny model became a federal 
progr amm e. Nizhny Governor 
Boris Nemtsov, the symbol of 
regional reform, was delighted 
• The testimony of those 
close to him - notably that of 
Mr Peter Castenfelt, a 
respected Swedish financier 
with a long record of working 
with Russia, who last month 
was appointed adviser to Mr 
Chernomyrdin and Mr Soskov- 
ets on enterprise reform. Mr 
Castenfelt last month pressed 
Mr Michel Camdessus, the 
managing director of the Inter- 
national Monetary Fund, to 
accept the Russian premier's 
reformist credentials. 

“Mr Chernomyrdin is abso- 
lutely determined to keep to 
the budget,” said Mr Casten- 
felt, now in Moscow. “He's a 
real boss, and now he means 
business. He's much more mar- 
ket-oriented than he's been 
represented - but he’s been 
burned by the criticism of him 
as a conservative and he feels 
isolated from western opinion.” 

However, Mr Chernomyrdin 
must be at least as tough - in 
fact, tougher - than were Mr 


Gaidar or Mr Fyodorov, if his 
newly-minted credentials are 
to stand the test Yesterday he 
told the parliament’s upper 
house that he had signed the 
1994 budget and passed it to 
parliament for consideration. 
That “consideration” will be 
the first real test of the parlia- 
ment’s mood on the economy. 

It will, at the least, not be an 
easy ride: the Rbsl83.000bn 
expenditure envisaged has 
been greeted with threats of 
social explosion from all the 
lobbies, especially from the 
army, and lobbies are weD rep- 
resented in both houses of par- 
liament, On the income side, 
the envisaged Rbsl20.000bn is 
unlikely to materialise: poor 
tax collection and declining 
profits have meant that income 
is running at little more than 
half that annual rate. 

If parliament rejects the bud- 
get. a very hard choice must be 
made. The options are to bow 
to its will and print vast sums 
of money to cover a budget 
even more in deficit than the 
proposed one; to resign; or to 
bring the budget In under pres- 
idential decree - an option 
under the constitution. 

Mr Chernomyrdin has stood 
with President Boris Yeltsin 
for the past year and he stands 
or falls with Mr Yeltsin. For 
the moment, that means he 
stands for reform. 


WEST EUROPEAN NEW CAR REGISTRATIONS 
Januaiy-Fobruary 1994 


Volume 

Vofaene 

Change(%) 

Share (%) 
JarvFeb 94 

Share (K) 
Jen-Fab S3 

TOTAL MARKET 

1.963,000 

♦4.1 

IOOjO 

1000 

MANUFACTURERS; 

Volkswagen goup 

317,000 

+0-0 

16.1 

108 

- Volkswagen 

216,000 

-0-0 

11.0 

11.4 

- Awfi 

47.000 

-7.0 

2.4 

2.6 

- Seat 

48,000 

+3.9 

2J3 

23 

- Skoda* 

8.000 

+32.6 

0.4 

03 

General Motors# 

2S2.000 

+9.6 

123 

12J2 

- Opel/Vauxha* 

241,000 

+8.7 

12^3 

11.8 

- Saab" 

9.000 

+40.7 

04 

03 

PSA Peugeot Citroen 245,000 

+7.8 

105 

12.1 

- Peugeot 

143.000 

+2.7 

7.3 

7.4 

- Citroen 

102.000 

+15.9 

52 

4.7 

Rat graqat# 

235,000 

-4JB 

12A 

13.1 

- Fat 

180,000 

-1.4 

9.2 

9.7 

- Lancia 

31.000 

-15.0 

1.6 

1.9 

- Alfa Romeo 

21.000 

-16-1 

1.1 

1.4 

Ford# 

234,000 

+519 

ff-9 

11.7 

- Ford Europe 

231.000 

+5.8 

11-8 

11.8 

- Jaguar 

2.000 

+8.1 

0.1 

Ol 

Rerun#! 

197,000 

-0.4 

mo 

103 

BMW groupf 

125,000 

+8.1 

84 

83 

-BMW| 

61,000 


3.1 

03 

- Ftova+ 

64,000 

+16.7 

33 

23 

Mercedes-Benz 

74.000 

+45-5 

3.8 

2.7 

Nissan 

69.000 

+7.0 

3.5 

3.4 

Toyota 

49.000 

+03 

2 J5 

2.8 

Volvo 

33.000 

+24.2 

1.7 

1.4 

Mazda 

29,000 

+0.0 

1 £ 

1.6 

1 Bl Iisl 

™naaj 

23.000 

+93 

1.2 

1.1 

Mitsubishi 

19 ,000 

-2-8 

1-0 

1.0 

Total Japanese 

214,000 

+0.7 

109 

113 

MARKETS: I 

Germany 

485.000 

+1.7 

24.7 

25-3 

Italy 

345,000 

-12.8 

17.6 

21.0 

United Kingdom 

344000 

+ 17.9 

T7.5 

75JJ 

France 

265.000 

+115 

13.5 

12-6 

Spain 

115,000 

+15J3 

53 

S3 







Recovery in car 
sales faltering 


By Kevin Done, 

Motor Industry Correspondent 

The recovery in west European 
new car demand faltered in 
February; with sales rising by 
less than 1 per cent to 926,000 
units from 919,000 a year ago. 

In January, sales increased 
by around 7 per cent year-on- 
year, halting 12 months of 
unbroken decline in the Euro- 
pean market 

In the flirt two mouths of 
the year new car sales at L96m 
were an estimated 4.1 per cent 
higher than a year ago. 

Sales in the whole of 1993 fell 
by 15.2 per cent to 11.45m 
units, the steepest decline in 
the post-war period. 

The renewed weakness in 
demand comes as the Euro- 
pean Commission and the Jap- 
anese Ministry for Interna- 
tional Trade and Industry 
resume negotiations today in 
Tokyo on the level of Japanese 
car and light commercial 
vehicle exports to the Euro- 


pean Union this year. 

Sales in the EU fell by 15.9 
per cent to lL74m vehicles last 
year, while direct vehicle 
exports from Japan to the EU 
were reduced by 18.4 per cent 
to 980.000 units. The Japanese 
share of the European market 
rose slightly, however, as a 
result of increasing Japanese 
vehicle production in Europe. 

Last month a recovery in 
sales in France and Spain and 
a strong increase in the UK as 
well as in several smaller Euro- 
pean markets helped compen- 
sate for the continuing steep 
decline in new car demand in 
Italy and the weakness of the 
German market 

In February new car sales 
were higher than a year ago in 
12 of 17 markets across west 
Europe, Demand rose year-on- 
year by 1*18 per cent fn the UK, 
by &2 per emit in France and 
6.1 per cent in Spain. New car 
sales fell by 15.7 per cent in 
Italy, however, following a 
drop of 20-4 per cunt in 1993. 


EUROPEAN NEWS DIGEST 

Pay protests 
sweep France 

wiff—JSaS 

test against a law which they claim undermines the minimum 
wage butwhich the government seesas vi^l ^ r^e youffi 
unemployment More than 30.000 demonstrators took part m 
the protests in Paris, which were toe flirt *» J™ 
action by the largest union groups and student organisations. 
Clashes erupted on the fringes of the march, with some 
demonstrators throwing stones and bottles at not police. Tans 
of of demonstrators also joined protest marches In 

provincial cities including Bordeaux. Lille and Lyons. 

The protestors say the law, which allows apprentices 
between 16 and 25 to be paid less than the m i nimum wage of 
FFr5,866 ($980) per month, undennines wattesr^tsairt 
forces the young to pay for their training. Mr Edouard Balla- 
dor. the prime minister, sought to ease concerns in an open 
letter published in the daily Liberation. “Do you really think 
that the government would deliberately seek to harm the 
young?” he asked. “Our only motive is to end the situation 
where 750.000 youth are deprived of a job. . . I refuse to allow 
one in four young people to remain on the wayside.” Yester- 
day’s protests were the fourth significant demo nstra tion 
against the measures, and were called despite government 
concessions. John Ridding. Paris. 

Spain fines KIO company 

Sp anis h authorities yesterday imposed fines of Ptal.8bn 
($UL58m) on the Kuwait Investment Office’s collapsed Spanish 
hnlHing mmpany and its affilia tes for failing to declare share 
purchases made in 1990 and 1991. Grupo Torres, which went 
into receivership in 1992, was fined Ptal.3bn and the Dutch 
company Kokmeeuw Holdings Pta500m. Smaller penalties of 
Pta5m were imposed on EDO’s former Spanish agent Mr Javier 
de la Rosa, an investment company owned by him and another 
investment ynu controlled by KIO. The case involved indirect 
purchases to increase the group’s stake in the Ercros chemical 
concern and Prixna Inmobiliaria, a property company, said 
Spain's National Securities Market Commission. Under Span- 
ish law. purchases of more than 5 per cent in a traded 
company must be declared. David White. Madrid. 

Economic outlook brightens 

Evidence emerged yesterday 
that France and Germany, 
Europe's two biggest econo- 
mies, are emerging from 
recession more strongly than 
expected. In France the 
National Institute for Statis- 
tics and Economic Studies 
predicted growth of 0.7 per 
cent in the first half, up from 
December's forecast of 0.5 per 
cent The revision is because 
of unexpected strength in 
household spending and 
exports. And in Germany, Mr 
TyU Nectar, head of the BD1 
industry federation, detected 
the first signs of recovery, 
saying industry was reoei- 
vinga small boost from increasing export orders. Mr Edmond 
Alphanddry, the French economics minster (left), was buoy- 
ant: “Everything Is going in the right direction. All our fore- 
casts are being confirmed and, day after day. statistics prove 
the government’s scenario is realistic," be said. However, 
Insee expects unemployment to rise to 12.7 per cent. Mr 
Nectar admitted inland consumer and investment demand 
remained weak, a view endorsed by the Federation of German 
Retail Traders who said retail sales in western Germany 
would foil up to 4 per cent this year. Reuter JAP, Paris, Bonn. 

Bank workers accept 2% rise 

About 440,000 German bank employees yesterday accepted a 2 
per cent pay rise, bolstering hopes that non-inflationary pay 
settlements can be achieved across the board In Germany. 
After four rounds of talks and a final 12-hour session, agree- 
ment was reached in line with earlier pay rises for engineering 
and public sector workers but below forecast annual inflation 
of 3 per cent. Construction, textile and print workers are the 
only big labour groups who have yet to negotiate a pay deal 
this year. Michael Undemorm, Bom. 

Polish reformer chosen 

Mr Waldemar Pawlak, Poland’s prime minister, is to ask 
President Lech Walesa to appoint Mr Dariusz Rosatt an advo- 
cate of free-market reforms, as deputy prime minister and 
finance minister. Mr Rosati, 48, an economics professor, is 
expected to pursue a financial austerity policy. He was pro- 
posed by the leftist Alliance to replace Mr Marek Borowrtd, 
who resigned over policy differences with Mr Pawlak. Mr 
Rosati is bead of the East and Central European section of the 
United Nation’s Economic Commission. AP, Warsaw. 

Compensation for Nazi victims 

The Czech government will pay Kcslbn (533.8m) to an esti- 
mated 10,000 victims of Nazi persecution during the second 
world war. However, the compensation will apply only to 
those who suffered in concentration camps and prisons, not to 
those uprooted and subjected to forced labour. The money for 
co mpen s ati on will probably be drawn from a sale of enter- 
prises formerly owned by the Communist party or from the 
privatisation of small enterprises. The government continues 
to seek compensation from Germany. AP. Prague. 

Turkish Kurd MPs charged 

Six Turkish MPs, representing radical Kurdish groups, were 
charged yesterday and could face the death penalty if con- 
victed for offences against the unity of the state. Mrs Tansh 
(Slier, the prime minister, said the MPs were surrounded by a 
"cloud of terrorism" which linked them to the outlawed Kurd- 
ish Workers' party. Reuter. Ankara 

ECONOMIC WATCH 


Italy reins in budget deficit 

• Italy’s budget deficit fell by 

•“f . 3^5 per cent last year but was 

^ mar fftoafly higher than 
fWjuirSSEs^SSS forecast at Ll53,539bn 

' ($90.85bn). This compares 

HinmaitavBei with a projection of 

Ll5L200bn and the previous 
150 ■ -n**TT year’s L168£40bn. Excluding 

g 1 1 I I interest payments on the ris- 

■ fl fl fl fl fog debt stock, there was a 

loo '■ surplus close to 2 per cent of 

fl fl fl fl H gross domestic product. 
B fl fl fl B Although austerity measures 

M fl 'fl fl "fl ~fl“ to contain public borrowing. 

fl fl fl | fl were the harshest applied by 1 

Q JfluflJJ^ JL _fl_ any EU member, the deficit , 
.1990 91 92 93 94 still represented almost ID per 

Source: ear* of Italy cent of GDP. Italy is commitp 

,, . . ted to bring the deficit within 

to around Ll06,000bn <5A per 
“5 J?SF2£ Tha 1984 budget envisages a deficit of 
about Li5l,000bn. Robert Graham, Some. 

to the Nethert ands rose OS per amt In 
February from the previous month and were 3 per cent higher 
than a year earlier. Excluding indirect taxes, the February- 
consumer pnee index was up 2.5 per cent from a year earfler 
and 0.6 per cent up from January, 

■ Swedish consumer prices rose 0.3 per cent in February, and 
15 per cent since February last year. eoma * y 


. 1990 91 92 

Saras 6anK of Italy 






•i, !,.»!:*•!> tf'CTOvfc' 




•■it 






FINANCIAL TIMES FRIDAY MARCH 18 1994 


NEWS: EUROPE 


Italy’s centre parties launch offensive 


By Robert Graham 



Italy's centre 
parties have 
launched a des- 
perate offensive 
to avoid being 
squeezed to 
insignificance 
by the big 
coalitions to 
their left and 
right in the March 27 general 
elections. 

Centrist leaders yesterday 
began a series of measured 
attacks focusing on disagree- 
meats within the Progressive 
Alliance led by the former 
communist Party of the Demo- 


mii 

am t mi 
Hlllll'II 

ITALIAN 

ELECTIONS 

March 27 


cratic Left (PDS) and the 
potential cost of media mag- 
nate Mr Silvio Berlusconi’s 
economic programme. 

Until now the two principal 
groupings forming the centrist 
Italia n Pa ct - the Popular 
party CPPI), formed from the 
defunct Christian Democrats, 
and referendum leader Mario 
Segni's Pact -have teen mar- 
ginalised. 

Bat in the past few days the 
centrists have taken heart 
from a growing feeling that 
neither the left nor the right 
are likely to win an outright 
parliamentary majority. They 
are thus hoping to play a bro- 
ker's role in forming the next 


government. Mr Giorgio La 
Malfa, the Republican party 
leader and part of the Italian 
Pact, said yesterday: M In the 
past few days the centre has 
relaunched itself because peo- 
ple have realised there are not 
two but three voting 
options ... They also have 
woken np to the fact that 
today's alliances on the left 
and right would be tomorrow's 
government if either wins 
outright” 

He and other centrist politi- 
cians also highlighted the con- 
tradictions in the position of 
the PDS's principal ally. 
Reconstructed Communism, 
formed from the hardline 


rump of the old Italian Com- 
munist party. Reconstructed 
Communism supports raising 
taxes on government bonds 
and withdrawing from Nato. 

At the same time. Professor 
Mario Baldassari, the chief 
economist of the Pact, said the 
free market proposals of Mr 
Berlusconi’s Forza Italia plat- 
form risked a drop of some 
L45,000bn ($27bn) in budget 
revenues. He said yesterday 
the programme would be 
impossible to carry out with- 
out raising the ratio of debt to 
GDP to well over 125 per cent 
by 1995. 

Mr La Malfa went further 
and claimed that a govern- 


ment formed solely from the 
right - Forza Italia, the popu- 
list Lombard League and the 
neo-fascist MSI/Natiooal Alli- 
ance - risked provoking a con- 
frontation with Italy's trades 
unions. 

This in turn put at risk the 
July 1993 tripartite agreement 
between employers, trades 
union and the Ciampi govern- 
ment linking wage increases 
to productivity and ending 
wage indexation. 

Coinciding with these criti- 
cisms, the former Socialist 
prime minister, Mr Glnliano 
Amato, has been pointing to 
the need for a broad-based 
government Both Mr Achflle 


Occhetto. the PDS leader, and 
Mr Berlusconi have been hint- 
ing that this was an option 
they could support 
Flaying oo the large number 
of undecided voters aud the 
fear of a polarised result is the 
best tactic available to the cen- 
tre. Nevertheless, the Italian 
Fact and its leader. Mr Segni. 
still risks being the main vic- 
tim of the new first-past-the- 
post voting system that covers 
75 per cent of parliamentary 
seats. Both the left and right 
appear to have acquired a crit- 
ical mass of support, making it 
hard at the constituency level 
for Pact candidates to get the 
most votes. 


Battle in outpost to open road to Rome 

Robert Graham reports from the port city of Trieste, where electioneering differs from the rest of Italy 


F ew places feel as far 
away from Rome as Tri- 
este, the once proud 
port dty of the Austro-Hungar- 
ian empire, which looks across 
the placid waters of the Adri- 
atic to the Italian peninsular. 

The chatter of Slav lan- 
guages can be heard down by 
the wharves. Dotted about the 
city is an array of buildings 
and monuments attesting to a 


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polyglot influence from north 
and central Europe, including 
a staircase dedicated to the 
sojourn of James Joyce. 

Not surprisingly the general 
election campaign has a dis- 
tinctive local flavour. This is 
dictated by the 25,000-strong 
Slovene-speaking community 
and by the irredentist demands 
of the right for a return of 
large parts of Istria, territory 
lost by Mussolini’s adventur- 
ism and formally alloted under 
the 1975 Treaty of Osimo to 
Yugoslavia, now complicated 
by the break-up into neigh- 
bouring Slovenia and Croatia. 

Trieste is the sole place in 
north and central Italy where 
the neo-Fasast MSI movement 
recently re-baptised the 
National Alliance, is running 
candidates independent of 
media magnate Silvio Berlus- 
coni's Forza Italia movement 
The MSI accounts for more 
than 20 per cent of the vote, 
feeding on the 350,000 Italians 
in the region forced out of 
Istria and still hoping to 
recover property. Mr Gian- 
franco Fini, the movement's 
leader, has chosen Trieste as 
one of the seats he is contest- 
ing for the chamber of deputies 
under proportional representa- 
tion rules. 

Politically, the city also set 
an unusual precedent in 
municipal elections last 
December- Mr Riccardo lily, 
dubbed- ‘♦the king, of coffee" 
because of his big family coffee 


AUSTRIA 


SWITZERLAND 


Milan 




lTIA \ 


Florence " ' ' 






Km 160.' 


business, was elected mayor 
without any previous political 
experience and refuses to draw 
an official salary. 

He beat off a close challenge 
from the populist Northern 
League of Mr Umberto Bossi 
with the support of eight par- 
ties from the left and centre. 
"The big change since the 
municipal elections has been 
the appearence of Berlusconi’s 
Forza Italia movement,” says 
Mr my. 

Forza Italia only appeared 
here towards the end of Febru- 
ary. Already more than 50 
Forza Italia supporters’ dubs 
have sprung up in the city and 
the surrounding region. All 
this is the result of its enor- 
mous resources deployed 
nationwide. 

Indeed, the Trieste operation - 
epitomises the way Mr Berlus- 


coni's Fininvest media group 
has been used to provide a 
national organisational frame- 
work for his political ambi- 
tions. The Forza Italia move- 
ment in many respects is little 
more than a political front for 
Fininvest 

In Trieste Forza Italia's head- 
quarters are almost opposite 
the Fininvest offices so that 
personnel can move between 
the two. Mr Pasquale Maurrao 
Lori a, Forza Italia’s Trieste 
campaign co-ordinator, has 
taken unpaid leave from being 
a local Fininvest television net- 
work manager. 

"You must realise that 1 am 
talking under my Forza Italia 
hat," he insists politely, sitting 
in the Fininvest offices. 

However, his office bustles 
with election -phone calls. Piled 
on a desk are videos on a 


dozen different topics of Forza 
Italia's programme. These 
videos bear the distinctive 
insignia of Diakron - the poll- 
ing and marketing company 
controlled by Fininvest 

Even Forza Italia's hastily 
selected main candidate for the 
chamber. Mrs Antoinette Vas- 
co n. a television documentary 
producer and commentator 
with no previous political expe- 
rience, is linked to the Berlus- 
coni empire. 

She appears on one of the 
Fininvest channels discussing 
Trieste issues. 

The Trieste constituency 
consists of 270,000 voters, split 
into two c hamb er seats on the 
new majority vote system and 
one for the old proportional 
representation system, plus 
one senate seat Here, as in the 
rest of northern Italy, Forza 
Italia is allied with the League 
and a breakaway faction of the 
old Christian Democrat party. 

The polls suggest this alli- 
ance has just more than a third 
of the vote, slightly ahead of 
tiie Progressive Alliance led by 
the former-communist Party of 
the Democratic Left (PDS). 
Much of Forza Italia's strength, 
however, comes from previous. 1 
League supporters - in turn 1 
defectors from the former 1 
Christian Democrats who used 
to account for a quarter of the 
vote. 

Even though Forza Italia and 
the League each agrfiSBWa Held 
one candidate for the two 

i* '■ k 


majority- vote ch amber seats, 
the alliance Is not easy. 

"It is natural that some of 
our League vote goes to Forza 
Italia. We have lost some 
appeal as a new party." says 
League candidate Gualberto 
Niccolini, a well-known local 
sports journalist He can afford 
to be more relaxed as he has 
the easier or the two seats. The 
other seat covers a more indus- 
trial belt with a strong Slovene 
presence long cultivated by the 
left. 

Mr Renato Kneipp, the Pro- 
gressive Alliance candidate in 
this constituency, is a popular 
Slovene. 

However, the League and 
Forza Italia are trying to dis- 
credit Mr Kneipp by stressing 
his membership of Recon- 
structed Communism, the 
hardline rump of the old Com- 
munist party which refused to 
join the PDS. 

“The PDS said it broke with 
communism and now they are 
allied with people who still call 
themselves communist,” says 
Mr Niccolini. 

The TriestiDOS have a tradition 
of hacking parties and candi- 
dates that address local issues. 
Today this means those seen 
ad-most capable of pressing for 
the city’s free pent and offshore 
financial status, developing 
high-tech jobs linked to the 
prestigious Trieste university 
and arguing for a voice in the 
fast changing world on its 
frontiers. 


Doctors in 
Sweden fight 
PM’s cure-all 


By Hugh Camegy 
in Stockholm 

Pressures building over two 
years of reform and spending 
cuts in Sweden's health ser- 
vice. a central pillar of the 
country's famous welfare sys- 
tem, have come to a head this 
month in the form of a rare 
strike by doctors. 

Thousands of non-urgent 
operations have already been 
postponed in hospitals around 
the country because of two 
successive two-and-a-haif day 
stoppages by surgeons and doc- 
tors in a dispute over weekend 
and night-duty pay rates and 
the implementation of a new 
liberal system governing fam- 
ily doctors. With no sign of a 
breakthrough in negotiations, 
the Swedish Medical Associa- 
tion, whose 24,000 members 
represent 95 per cent of the 
country's doctors, has dug in 
its heels, calling out 2.600 of its 
members for a third round of 
selective strikes next week. 

The dispute springs directly 
from efforts by the right-centre 
government of the prime min- 
ister. Mr Carl Biidt. which 
came to power in late 1991, to 
both liberalise the monolithic 
health service and squeeze 
savings out of a system which 
until recently put Sweden 
among the highest spenders on 
health as a proportion of GNP 
within the OECD. 

The current row revolves 
around a reform which for the 
first time gives Swedes the 
right to choose their individual 
family doctor and which gives 
doctors the right to set up pri- 
vate practices independent of 
the local authorities. 

A further change, due to 
take effect next month, will 
also allow specialist doctors to 
set up privately for the first 
time. Neither step amounts on 
its own to a splintering of the 
system. So far fewer than 1,000 
doctors have opted to go pri- 
vate, while the majority are 
apparently content to remain 
within the governance of the 
local health-authorities. • 

The reforms are part of a 


general thrust by the Biidt gov- 
ernment to introduce greater 
competition into the system - a 
move fiercely resisted by the 
opposition Social Democratic 
party, the architect of Swe- 
den's welfare edifice. If Mr 
Biidt should win the general 
election in September < which 
the polls suggest Is unlikely! 
he would like to move on to 
allowing the establishment of 
private hospitals in Sweden 
outside local authority control 

The- medical association, 
ironically, is in principle in 
favour of greater freedoms for 
its members. But it is objecting 
to a proposal that family doc- 
tors who are chosen by fewer 
than 1.000 patients should be 
fired by the local authorities, 
regardless of their length of 
service. 

The second dispute is about 
proposals by the local authori- 
ties - who negotiate centrally 
with the medical association 
- to cut higher weekend and 
night-duty pay rates for doc- 
tors to compensate for health 
spending cuts. 

According to the association 
of comity councils, overall 
health service spending has 
been cut by SKrSbn i£425m) in 
each of the last two years, 
bringing annual spending 
down to SKrll6bn, or about 7.5 
per cent of GNP, one of the 
lowest levels in the OECD. 

Further cuts this year are set 
to take up to another 4 per 
cent out of spending. Up to 25 
per cent of surgical beds have 
been closed and some 30,000 
jobs have been, cut from the 
health service workforce, 
which Is now down to around 
400,0000, or one tenth of the 
country's workforce. 

Other savings have been 
achieved through widespread 
contracting out of services 
such as catering and laundry. 
Mr Bildt’s government says the 
changes have made the system 
more efficient, but doctors 
appear to be facing surpris- 
ingly little public criticism 
of their strike action, which 
has not- affected emergency 
services. 


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NEWS: AMERICAS 


Brazil may complete debt restructuring without IMF 


By Angus Foster in Sao Paulo 

Brazil is actively studying 
whether to complete its $52bn 
commercial debt restructuring 
without the formal blessing of 
the International Monetary 
Fund. 

Going ahead without IMF 
approval of a standby loan 
would make the restructuring 
more expensive and also 
deprive Mr Fernando Henrique 
Cardoso, finan ce minis ter and 


potential presidential candi- 
date. of the kudos of IMF back- 
ing. 

But Mr Cardoso, who was 
yesterday due to meet Citi- 
bank. the restructuring's clos- 
ing agent, in New York, is 
being urged to finalise the deal 
rather than risk another exten- 
sion beyond the April 15 dead- 
line. Bankers fear it may be 
hard to approve another exten- 
sion and that the deal would be 
delayed by October's elections. 


According to the deal's time- 
table, Brazil must give notifica- 
tion by tonight that the April 
15 rinaftUna will be met and old 
debt swapped for new. This 
deadline has already been 
extended and bankers say it 
cannot be stretched further. 

Mr Cardoso had hoped to 
persuade the IMF to agree a 
letter of intent for the stand-by 
loan during meetings on 
Wednesday. Such a letter 
would have kick-started the 


whole deal, and allowed the US 
Treasury to issue zero-coupon 
bonds as part of the guarantee 
for the restructuring. 

Brazil is the developing 
world’s largest debtor, and the 
the only one of Latin Amer- 
ica's big four debtor countries 
- the others being Mexico, 
Venezuela and Argentina - not 
to have completed a Brady- 
style foreign bank debt deal 

Although the IMF was sup- 
portive of Mr Cardoso, it did 


not commit itself to granting 
the stand-by. It is thought to 
have insisted that Brazil run a 
budget surplus this year, but 
Brazil was only prepared to 
offer a balanced budget. The 
IMF has also grown wary of 
Brazil, which has signed but 
tailed to deliver on eight letters 

of Intent and two standby 
agreements in 12 years. 

For the deal to go ahead, the 
hawfcs need to agree a waiver 
of the restructuring's original 


requirement for IMF backing. 
Leading banks mat yesterday 
morning to discuss a waiver, 
which one banker described as 
“do-able”. 

Brazil also needs to provide 
an acceptable guarantee in 
place of the US Treasury’s issu- 
ance of zero coupon bonds. 
According to some reports, it 
hag been Mwaiwuiiating 
through market purchases, 
although whether enough 
bonds are available in the mar- 


Vote sets a precedent as 28 states seek new ways to finance education 


Michigan raises sales tax to pay for schools 


By Jurek Martin in W a s hi ngton 

The voters of Michigan this 
week set a precedent with rev- 
olutionary implications for 
state finances and education. 
They easily approved a ballot 
motion sharply increasing the 
local sales tax as a means of 
paying for the state's schools 
budget, traditionally under- 
written by property taxes. 

The Michigan measure, pro- 
moted by Mr John Engle r, the 
Republican governor, would 
generate an additional SZlbn 
(£1.43bn) in revenues by rais- 
ing to 6 per cent horn 4 per 
cent the state sales tax and by 
tripling the local tax on ciga- 


rettes to 75 cents a pack. This 
sum, specifically earmarked for 
education, more than covers a 
planned SL9bn cut in property 
taxes. 

It would permit the state to 
increase by about 6 per cent to 
$10.2bn the Michigan education 
budget, under such severe 
strain recently that one school 
district last year closed 10 
weeks early because its 
resources had been exhausted. 

Under the governor's plan, 
the state will also try to equal- 
ise the large gap in spending 
between rich and poor school 
districts by providing each dis- 
trict with a guaranteed mini- 
mum sum per student and by 


limiting sp ending increases by 
the wealthier districts. 

This discrepancy, less severe 
in Michigan than in most other 
states, is widely seen as one of 
the most inequitable factors in 
American education because it 
perpetuates the disadvantages 
of society’s underclasses. 

The increase in the sales tax 
is not considered an ideal solu- 
tion, since revenues may vary 
according to the health of the 
economy. 

But it was reckoned prefera- 
ble to a further squeeze on 
property taxpayers, in wide- 
spread revolt over the last 15 
years since the passage of the 
tax-cutting Proposition 13 in 


California, or to the politically 
explosive alternative of higher 
state income taxes. 

Tax-cutting at state level has 
come back Into vogue across 
the country, especially now 
that the economic recovery has 
removed some of the con- 
straints on state budgets. Mrs 
Christine Todd Whitman, the 
new governor of New Jersey, 
has just secured approval for a 
5 per cent cut in Income taxes, 
the first instalment, she prom- 
ises, on a multi-year 30 per 
cent tax reduction. 

Even in California, still in a 
recession. Governor Pete Wil- 
son, up for re-election this year 
like Governor Bugler, has 


found fiscal room to propose a 
modest $135m tax cut, mostly 
directed at the lower end of the 
income scale. 

All told, according to yester- 
day's New York Times, 28 
states are in various stages of 
public and legal debate about 
new ways to finance education 
and nearly 20 have active 
tax-shifting proposals under 
consideration, mostly designed 
to relieve property taxpayers. 

According to one indepen- 
dent study, the recession 
forced the states to increase 
local taxes by a net $9.2bn 
In 1990 and $14.4hn in 1991 
to maintain essential services. 
The respective increases for 


Someone influences 

MODERN DUTCH PAINTING 
MORE THAN REMBRANDT, 

Van Gogh and Mondrian 

PUT TOGETHER. 


A new school of thought 


is sweeping through modern plastics and metals (which are 

Dutch painting. Its influence resold as scrap) are reclaimed; 


can be seen in a change 
of technique from the 
most inept of handymen 
to the skilled master. 
What’s more the whole 
movement now has the 
backing of the Dutch 
government. 

A country, famous for 
centuries for its painters, 
is today earning a new 
reputation for recycling 
its paint. When the Dutch 
redefined paint waste as 
a hazardous material, we 



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

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

Whole cans of paint, full 
or empty, are shredded and 
recyclable materials such as 


and the paint waste is 
mixed with a solvent to 
produce a fuel that can be 
used in cement kilns and 
industrial incinerators. 

During a year, we can 
expect to recover around 

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

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


opened in early 1993 and is the of the art. But, then again, 


a hazardous material, we only one of its kind in Europe. the Dutch have always known 

co-operated with the environ- At present, it handles 24,000 how to handle their paint, 

mental authorities, to design, 
build and operate a plant to 
treat it. With our help, Dutch 


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

THE WORLD’S LEADING ENVIRONMENTAL SERVICES ORGANISATION. 



ket is unclear. 

Ur Cardoso had planned to 
spend a quiet weekend in New 
York with his wife and decade 
whether to resign and run for 
president Instead, he finds 
himself up against an 
extremely fight deadline on the 
hawk deal. Under Brazilian law 
he has to resign by April 2 to 
contest the presidency. 

Success for his domestic 
reforms, mainly designed to 
tackle annual inflation of 


about 2,500 per cent is seen as 
more important for his presi- 
dential ambitions. But Mr Car- 
doso, a former academic who is 
well known in Washington, 
also wanted the IMF letter and 
a smooth conclusion to the 
bank deal. According to 
finance minis try officials, he 
will now use the IMF's positive 
comments as “the best possible 
endorsement” given that the 
economic reform programme is 
still unproved. 


the last two years were 
$1.4bn and gl.lbn. This year 
could see net cuts of around 
$3bn- 

The Clinton administration 
will not be displeased by the 70 
per cent margin by which 
Michigan voters approved 
higher taxes on cigarettes. Its 
proposal for an even steeper 
increase In the federal excise 
tax on tobacco products, part 
of its healthcare reform 
plans, is being vigorously 
fought by the industry. Several 
states, most recently New 
York and Maryland, have 
approved swingeing measures 
restricting smoking in public 
buildings. 



John Bugler: promoted Michigan measure cm maw 


Occidental escapes 
clean-up damages 


By Richard Waters 
in New York 

One of the US’s longest- 
running and most notorious 
environmental clean-up cases 
passed a milestone yesterday 
as a judge threw out a $250m 
(£17 1.2m) suit for punitive 
damages against Los Angeles- 
based Occidental Petroleum. 

The case, brought by New 
York state over co ntaminati on 
at the Love Ganai site In Nia- 
gara, marked the first attempt 
by a US state to win punitive 
damages in a dean-up case. If 
successful, it could have 
prompted other US states to 
take a more aggressive 
approach in such cases. 

Occidental has already been 
found liable for dean-up costs 


of $325m at the site. 

The Love Canal case dates 
back to the 1940s, when Hooker 
Chemical, later acquired by 
Occidental, dumped chemical 
waste in a disused canal on a 
site it owned near Niagara. 
The site was sold in 1953 to a 
local authority, which built a 
school on it Chemical contami- 
nation began to affect the 
school and surrounding hous- 
ing in the 1970s, leading even- 
tually to the displacement of 
2500 local residents. 

A judge ruled yesterday that 
the prosecution had failed to 
prove Hooker had shown 
“reckless disregard for the 
safety of others”, although the 
company "should have made 
greater efforts to keep local 
residents off the property”. 


‘The meeting is 
the message’ 
at Apec forum 


I n the last two months, the 
US has backed Itself into a 
series of conflicts with 
almost half its fellow members 
in the Asia Pacific Economic 
Co-operation forum. 

Besides its tang-running- bot- 
tle to open Japan's markets. 
President Bill Clinton's admin- 
istration has fended with 
Indonesia on human rights, 
with Thailand on access to 
financial services markets and 
with Singapore on the island 
state's decision to cane a US 
teenager for vandalism. 

Most ominous of all, after 
the failure of a mission last 
week to Beijing by Mr Warren 
Christopher, the US secretary 
of state, is an impending clash 
with China over the human 
rights improvements Mr Clin- 
ton is demanding as a condi- 
tion for renewing China’s most 
favoured nation trade privi- 
leges. 

Little of that, however, will 
surface this evening and 
tomorrow when finance minis- 
ters from the 17 Apec countries 
meet on the Hawaiian island of 
O'ahu. 

“The meeting is the mes- 
sage,” said finance ministry 
officials from three different 
Apec countries, hi unison. 

Even US Treasury secretary 
Lloyd Bentsen’s expected bilat- 
eral meetings with his Japa- 
nese and Chinese counterparts 
are unlikely to touch cm Hw 
trade sores between them. 

The meeting is the first to 
take place between Apec 
financ e ministers, and marfcs 
another step forward, after a 
ground-breaking leaders' sum- 
mit in Seattle last November, 
for the fledgling organisation. 

Same member countries hold 
ant great hopes of an Apec 
evolving gradually from “four 
adjectives in search of a noun”, 
as an Australian minister 
described it. into the “new 
Pacific community” enunciated 
by Mr Clinton. 

Even the most enthusiastic 
Apec supporters, however, 
acknowledge that progress 
towards such a goal, not 
shared by all, will be slow. 

Apec offers considerable 
advantages as a forum bring- 
ing together nations from both 
sides of the Pacific. It is, for 
example, one of the rare places 
in which the US and China get 


away from their usual h uman 
rights/MFN dialogue. Even 
more unusual, it includes not 
Only fihina put Hon g Knng and 

Taiwan. 

But its members have wide 
differences of culture, eco- 
nomic development and democ- 
ratisation. and some members, 
notably Malaysia, remain sus- 
picions that the US’s enthusi- 
asm for Apec may disguise a 
spoiling operation designed to 

George Graham 
on the meeting in 
Hawaii of 17 
Asia-Pacific 
countries 

undercut the six-member Asso- 
ciation of South-east Asian 
Nations and Malaysia's idea for 
an East Asian Economic Cau- 
cus, excluding Apec members 
such as the US, Cianada j Aus- 
tralia and New Zealand. 

Malaysia, whose prime min- 
ister, Dr Mahathir Mohamad, 
boycotted the Seattle meeting, 
win participate in full at the 
finance ministers' meeting. - 
with a delegation led by Mr 
Anwar Ibrahim, the deputy 
prime minister and finance 
minister. Dr Mahathir is ainn 
expected to attend the second 
Apec leaden’ summit in Jak- 
arta this airi-iimn 

The meeting in Hawaii this 
weekend is expected to run 
through, the economic pros- 
pects for the region, which con- 
tinues to show the most 
dynamic growth in the world, 
but to stop well short of the 
sort of economic policy co-ordi- 
nation attempted by the Group 
of Seven leading industrial 
nations. 

Finance ministers will exam- 
ine topics such as ways of 
facilitating external financ ial 
flows for infrastructure needs 
and developing capital markets 
in the region. 

Besides the US, Apec 
includes Australia, Brunei. 
Canada, China, Hong Kong, 
Indonesia, Japan, South Korea. 
Malaysia, Mexico, New Zea- 
land, Papua New Guinea, the 
P hilip pines, Taiwan and Thai- 
land. Chile is to be admitted at 
the meeting' in Jakarta. 







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FINANCIAL TIMES FRIDAY MARCH 18 1994 


NEWS: INTERNATIONAL 


Peres calls for settlers’ evacuation 



By David Harovttz 
in Jerusalem 

As new evidence emerged in 
Jerusalem that Jewish settler 
Baruch Goldstein may have 
been aided by a second settler 
in carrying out last month's 
Hebron massacre. Israel's For- 
eign Minister Shimon Peres 
yesterday added his voice to 
the growing chorus of Israeli 
ministers calling for the evacu- 
ation of all Jewish settlers 
from Hebron. 

With the Palestine Libera- 
tion Organisation demanding 
protection horn radical settlers 
as a precondition for returning 
to Middle East peace talks. 
Israel's Prime Minister Yi tzhak 
Rabin also indicated for the 
first time that he might be 
coming round to the idea of 
removing the Hebron settlers. 

Well over half the ministers 
in Mr Rabin's cabinet have 
publicly backed the evacuation 
of the settlers from their three 
small enclaves in the centre of 
the city' -a move that would 
go some way towards meeting 
PLO demands for protection. 

Three weeks after the massa- 
cre of at least 30 Palestinians 
inside Hebron's Cave or the 
Patriarchs, and with the Mid- 
dle East peace process disinte- 
grating. Mr Peres yesterday 
threw his weight behind the 
call, declaring the Hebron set- 
tlers were a continual cause of 
friction and a grave security 
problem. 

While outnumbered at the 
cabinet table. Mr Rabin has 
consistently refused to con- 
sider removing the Hebron set- 
tlers. But interviewed In Rome 


yesterday, after the first ever 
meeting between an Israeli 
prime minister and the Pope. 
Mr Rabin launched a fierce 
attack on settlers and recalled 
that, during his first term as 
Israeli premier in the 1970s. he 
had prevented Jews moving 
into Hebron, “because I knew 
what the result would be". 

In Jerusalem, meanwhile, 
the Israeli judicial co mmis sion 

investigating the massacre 
heard testimony from soldiers 
who were on duty at the Cave 


of the Patriarchs on the morn- 
ing of the killings that Gold- 
stein. an Amori raw-immig rant 
settler, had not carried out the 
massacre alone. 

Flatly contradicting the 
army's previous version of 
events, three soldiers testified 
that Goldstein entered the 
mosque carrying an M-16 rifle 
and tha t, five min utes later, a 
second settler entered, carry- 
ing a Galll rifle. Army ballis- 
tics experts have reported that 
all 110 bullets fired inside the 


mosque came from one Galil 
rifle. The new testimony 
throws open the question of 
whether Goldstein, who was 
beaten to death by worshippers 
inside the mosque, was even 
the main perpetrator of the 
massacre. 

Some witnesses interviewed 
immediately after the inning s 
spoke of at least two men fir- 
ing, others of a settler throw- 
ing Goldstein fresh magazines 
to reload his gun. 

One soldier. Sgt Kobi Yosef, 


also admitted to the inquiry 
yesterday that he fired two 
shots inside the tomb, but 
insisted they were fired into 
the air. “1 thought at first an 
Arab was shooting," he said. 
The army had previously 
insisted, in contrast to witness’ 
claims, that no soldiers opened 
fire inside the building. 

Sgt Yosef also admitted clos- 
ing the nearest exit from the 
mosque, preventing Palestin- 
ians from fleeing and forcing 
them to a more dis tant door. 


Buthelezi warns of a ‘liberation war’ 


By Patti Waldmefa- In Utundl, KwaZulu 

A liberation war lies ahead If the South 
African government crushes opposition 
to April's all-race elections. Chief 
Mangosuthu Buthelezi. leader of the 
Zulu-based Inkatha Freedom party, 
warned yesterday. 

Inkatha seemed almost certain to act 
on its threat to boycott the poll, after 
Chief Buthelezi took a hard line on par- 
ticipation in a speech to the legislative 
assembly of the KwaZulu homeland 
which he heads, and after last-ditch 
talks planned for today between the 
Zulu King Goodwill Zwelethini and 
African National Congress leader Nel- 
son Mandela were called off. 


The meeting, to have taken place at 
Ulundi. the KwaZulu capital, was “post- 
poned indefinitely” after the ANC said 
it believed inkatha members planned to 
assassinate Mr Mandela. They insisted 
the venue be changed after learning 
that thousands of heavily-armed Zulus 
were expected to attend, but Inkatha 
refused. The ANC had counted on a 
private meeting between the two men, 
but Chief Buthelezi yesterday urged the 
king's supporters to attend. 

Chief Buthelezi said the king would 
meet his subjects at Ulundi later today, 
to inform them whether or not they 
should be preparing for elections in six 
weeks’ time. The chief implied King 
Goodwill would use that opportunity to 


call for a boycott 

If he does so, it will be the first time 
the Zulu monarch has issued such an 
instruction, and will dash re maining 
hopes on the part or the government 
and the ANC that they amid make a 
separate peace with the king to support 
elections publicly, despite Inkatha’s 
planned boycott The king said there 
would be “rolling Zulu mass action" 
unless his demands for Zulu sover- 
eignty were met 

Chief Buthelezi yesterday accused the 
government and the ANC of trying to 
overthrow his government “Agitators 
attempting to destabilise the KwaZulu 
government are trying to use the same 
tactics adopted against the government 


of Bophuthatswana," he said. The gov- 
ernment was ousted there last week 
through a combination of civil servants' 
strike, popular protest security force 
mutiny and the intervention of South 
African troops. 

If troops were sent into KwaZulu, the 
chief said, this would “spawn a struggle 
for liberation from ANC/Natumal Party 
oppression with no parallel in Africa”. 
He warned of the “highly explosive situ- 
ation in KwaZulu", with tension likely 
to rise further when the Independent 
Electoral Commission acts, probably 
within a fortnight, to ensure political 
parties can campaign freely in the 
homeland, and polling stations can be 
erected there. 


Tunisians go to the 
polls tightly muzzled 


T nntaiary c go to the polls 
on Sunday to elect a 
new president and par- 
liament Whatever the turnout 
the result is a foregone conclu- 
sion. 

President Zine El Abidine 
Ben Ali is the sole candidate 
for the post he has occupied 
since replacing an ailing Mr 
Habib Bourguiba in November 
1987. while the Democratic 
Constitutional party (ROD), 
which has held a monopoly of 
seats in the national assembly 
since independence nearly 40 
years ago, is assured of a mas- 
sive majority. 

A more liberal electoral law 
allows proportional representa- 
tion in 19 new seats added to 
the existing 144 winner-takes- 
all seats. This will ensure oppo- 
sition parties a few political 
crumbs. 

The one party that might 
have provided serious opposi- 
tion, the Islamic A1 Nahda 
(Renaissance) party, is banned. 
Many of the party's supporters 
have fled into exile. Mr Rashid 
Ghannoushi, its leader, was 
granted political asylum in the 
UK last summer. 

Supporters of A1 Nahda in 
Tunisia and their famfligs have 
faced a systematic campaign of 
intimidation by the security 
forces. 

Many remain tn prison and, 
according to the human rights 
organisation Amnesty Interna- 
tional. some have “disap- 
peared” while others have been 
ill-treated, sometimes tortured. 
In a report last January 
Amnesty wrote that “by per- 
petually denying, in the face of 
compelling evidence, that tor- 
ture occurs and by failing to 
take action against it, the gov- 
ernment has in effect encour- 
aged the continuation of a 
practice it professes to abhor”. 

It added that “Tunisia’s 
growing mastery tn deploying 
the vocabulary and diplomacy 
of human rights abroad serves 
to mask a practice of serious 
and systematic human rights 
violations at home”. 

These are harsh words, but 
senior western diplomats do 
not dispute them, at least in 
private. They point to what 
they see as the widening of the 
circle of repression to include 
the arrest of Mr Hamma Ham- 
mami the leader of the illegal 
Tunisian Communist Workers’ 


party (PCOD, on February 14. 
and to the faffed attempt by 
the former president of the 
T unisian League of Human 
Rights, Dr Moncef Marzouki. to 
stand against Mr Ben Ali. The 
constitution demands that can- 
didates find SO deputies or 
mayors to endorse them. As 
virtually all such people belong 
to the RCD. Dr Marzouki 
failed. 

Meanwhile, censorship of the 
media remains tight. 

Two weeks ago Mr Robert 
Pelletreau. US assistant secre- 
tary of state for near-Eastem 
affairs, told the House foreign 


Francis Ghil&s on 
an election that 
is a foregone 
conclusion but 
might prove a 
two-edged sword 
for the winners 


affairs committee: “Tunisia's 
economic development is the 
achievement of a well educated 
and hard working population 
with a vigorous middle class. 
This is a principle strength of 
Tunisian society. Tunisia's 
people deserve an equal mea- 
sure of political freedom and 
pluralism, and we believe it 
should be possible to handle 
challenges from the extremes 
even in this volatile part of the 
world without compromising 
these principals.” 

He went on to argue that 
Tunisia’s political system 
would “benefit from greater 
openness”, a view shared by 
“many Tunisians from within 
and outside the government”. 

Tunisian officials point to 
the incipient guerrilla war in 
neighbouring Algeria which, 
they argue, poses a big threat 
to their country's hard-won 
economic prosperity. It is not 
easy, they say, to be sand- 
wiched between Algeria and 
the maverick Libyan leader, 
Colonel Muammer GadaffL 

Such concerns are genuine 
and are shared by most of 
Tunisia’s 8m people. But they 
do not answer the question of 
how. in the longer run. the 
regime hopes to win the battle 


of i^oas against proponents of 
radical Islam. 

Avoiding the extremes of 
poverty and wealth, and ensur- 
ing relative economic prosper- 
ity, are two keys to this battle. 
Economic growth has in recent 
years been impressive - 8a per 
cent in 1992. 2-5 per cent last 
year and it is forecast to reach 
6 per cent this yean inflation 
was halved between 1991 and 
1993 to 4 per cent; and a steady 
flow of foreign investment has 
followed liberalisation of the 
economy. The first-ever private 
placement for Tunisia, a Y30bn 
(£191. lm) Samurai bond 
arranged last month, under- 
lined the confidence of interna- 
tional bankers in the future of 
North Africa’s smallest state. 

But even sympathetic 
observers say it bodes ill for 
the future if the very profes- 
sional people and Intellectuals, 
on whose ideas the regime 
relies to ensure Tunisia's con- 
tinued progress, know they are 
being closely monitored by the 
security forces. Few people in 
Tunis believe that Dr Mar- 
zouki. had be been allowed to 
run against Mr Ben Ali, would 
have constituted a real threat 
to the president's re-election. 
But such a campaign might 
have produced an interesting 
trial run for future elections. 
In that sense an opportunity 
has been missed, they say. 

Approval of the well man- 
aged economy and fear of radi- 
cal Islam has made many west- 
ern politicians and diplomats 
hesitate to air their criticisms 
in public, ff however, in the 
months ahead, the Algerian 
Islamic Salvation Front either 
comes to power or ends up 
sharing it with the Algerian 
army, than Tunisia could be in 
for a rude awakening. 

Its leaders have voiced their 
fear of radical Islam for so long 
that they have convinced 
many Europeans that Tunisia 
could be the next domino to 
fall. This is disputed by many 
seasoned observers of Tunisla. 
They fear that the suppression 
of public debate on a wide 
range of topics and the muzz- 
ling of associations not directly 
sponsored by the government 
have deprived the president of 
safety valves. Were his policies 
ever to be seriously contested, 
Mr Ben Ali would be in the 
direct line of fire. 


I 


i 





DC GARDNER 

requires talented and creative 

FINANCE PROFESSIONALS 
seeking a POSITIVE CHANGE OF DIRECTION as 
CONSULTANT-TRAINERS in INVESTMENT 
BANKING, TREASURY and RISK MANAGEMENT. 
(City based with frequent international travel) 

Capitalising on its recent merger with the world leader in public financial 
training services. DC GARDNER is now spearheading ihc growth of li* highly 
successful bespoke cuiuuliancy and training service iq [he international 
financial community. 

RRJUIREMHNTS 

* In-depth fnint-oftkv experience of the main international capital market and 
(rejMJis product., including derivatives. 

* The personal credibility, energy and enthusiasm lo cumiminicalc technical 
know-how lo dieni< in un authoritative and professional manner. 

- lire intellect and sensitivity in conceptualise, cieatc and deliver highly 
structured training programmes to audiences ol \ arving b-tckgrounds and 
levels ol expertise. 

These /’■■xrrnuir urr likely to appeal to iclf-motixatcJ finance professionals 
htiAiri; n* embark i«n a nXUTI\ CARFt'N ( TI.WtlF in order to capitalise on 
ikeir ( ’iroii>it> market e.xpenerwe. They Mud Jenumstraie a high degree of self- 
reliance liitd )/r,iHg huum icrtse. ,i keen commitment to research and 
.orelepnu-nl ami the penonaluv to anen ate anil influence others. 

Iniein.nional experience, foreign language. and an enthusiasm for overseas 
jxsn-.nnu-nts .ire u( particular value, as is the ability to think laterally and 
piiisnrv in lire lace ol tight deadlines. 

The ideal candidate is unlikely lo be undci 'll year, ol age but prulcssuxful 
credibility and excellent presentation skills will be the deciding factor for 
appointment. 

lire iiii.il compensation package on offer will include an attractive salary, 
performance -related bxHiuso. and private health insurance. 

Hrjxe replv in the first instance to: Nicky Mes-jcc. DC GARDNER. Nestor 

1 liwsc, PIjv Ih<iw Yard. London EC4V 3EY. 

A Division ■■( Irunmumcy Publications Pic. 



ANALYST 

Prestigious Investment Firm 
has un ouLct undine position for un experienced analyst lo 
help manage u risk urbitrugc/dlslrcssed portfolio. Good 
benefits. 

Curriculum Vitae to: 

Hov 1HI7. Financial Times. One South wait. Hndgr, London SEI 4HL 



APPOINTMENTS WANTED 


ASSISTANT TO CHAIRMAN/CEO/MD 

Business/Finance Graduate, 29 adaptable, tntetfigent. organised 
with management experience. Background: Fmance/Marfceting in blue- 
chip computer company. Worked overseas. 

Seeks challenging, high prone position. 

Write Box B2308. Financial Times. 

One Southward Bnoge. London SEi 9HL 


ACCOUNTS SUPERVISOR 

Philips Pension Fund 
London EC4 

Philips Electronics is one of the world's leading electronics 
companies. The UK operation employs 1 1 .000 staff and 
has an annual turnover of £1 billion. The Investment and 
Securities Division of the Philips fcnsion Fund is based in 
offices in the city of London, and manages the investment 
and securities portfolio for the Fund. 

Wc arc seeking an experienced Book-Keeper/ Accounts 
Supervisor to join this small team. The key responsibility is 
to supervise administration of the Funds investments records, 
settlement procedures and cash deposits. 

To succeed in this role, suitable candidates should have a 
thorough understanding of book keeping Jails and an tnrerrsr 
in and knowledge of investment practice and related 
settlement requirements across a broad scope of investment 
activities. 

We offer a competitive salary and benefits package, and the 
opportunity to contribute to a successful investment activity. 

To apply, please send your foil CV to: Personnel Manager, 
Philips Electronics UK Limited, Philips House. 

1-19 Tbmngton Place. London WC l E 7HD. 

Closing dare for applications: 31 March 1994. 

PHILIPS 


Philips 

Electronics 


FUND MANAGER, DISTRIBUTION FUNDS 


CompsttlvB salary ptos Rnanctal sector benefits 

An excoteit opportunity has arisen lor a dynamic and articulate Iretvfdual 
to contrtbuto to the Investment maua ^/omentut Sun Llte'3r«pltlyaxpanclng 
DtstribuUon Funds. 

Working dosely with rtw mractor yrxiwfl assist m Ute management o( C3bn 
Invested In equities, fixed Merest and Cndex-Aiked gilts wHfi excellent 
opportunities to take on mare rasponsibBty In the long term. Success** 
applicants wB require the Wowing attributes: 

• 5 years gilt and/or equity experience preferably gained in a fund 
management envtranmont together with deaflng experience 

• an uw toi eto oage»ewH —^ »?”M ” ii*nn rOTifmt> l e 

• proven use of MSaBve to mate effective hvestmemdectetons 

• a scwBui it cornrrMikrtitloii and presentation 

• Drat dess analytical and computer expertise 
kxfudng computer epptcaOens 

Interested applicants should sand lull CV 
(Including current remuneration) to: 

Harriet Calling. Personnel Officer, Sun Ule 
Assurance Society. 107 Chrapslde, London 
EC2V8DU. 



SUN LIFE 


Sun Life otters equal opportunities in employment and welcomes 
applications from suitably qualified people regardless of sex. marital 
statvs. «Wc origin or dlsabBly. 


SPAIN 

British Earn hi in graduate with 
M.Sc Computer Science xxlcs 
■nlcrcuiap and dynamic poJ ID Madrid 
■a Munli .Spain at management/ 
executive kvcL 1 1 ywn very diverse 
pruiesiininal erpoknee: the last 
4Vi vean in Madrid. Present post at 
management level in tectimlogy 
sevUn. 32 yea* old. llucni Spanish, 
nun) Spanish contact* al all level* 
Write w: Hot JLD75 Fnuacu) Timet. 

One Kmuburaik Dmlpe. Umln SCI *JHL 


Securities 

Analyst 

with extensive experience in 
research and marketing id UJ5. 
Iiesfiiuiiuna] Investors for American 
and European brokerage operations 
seeks Marketing, Consulting or 
Edit inn assignment with 
continental broker. Excellent 
writing skills, fluent in French and 
German. 

Dunn Smith. 43 Hashnmk Place. 
Rutherford. NJ 07UT0 U.S. 

TcL 3H -138-6435 


Development Position 
to £25k Oxfordshire 

Very strong 7+ years Windows Development skills including SDK, 
DDK, MDK; 3-5 years experience Wang Imaging development 
skids including Wang VS and OPEN/lmage; Visual Basic skiBs an 
advantage; 2 + years experience GUI design and usability analysis 
including walk-through testing skills; strong communication skills; 
must be fluent in Engfch. 

Apply in writing lo ref. AKU/1Q1 Papina Limited, 15b Ambrose 
Rise, Wheatley, Oxen 0X33 1 YF, England. 

(no agencies) 



Group Finance Director 

Remuneration c£90,000 


For an expanding and profitable Northern bused PLC with turnover in excess of <£2 00m. 
manufacturing industrial products in the United Kingdom and abroad. 


• RESPONSIBILITY is to the Group Managing Director for the financial management of 
a multi -site manufacturing group, providing strong leadership at die centre and to 
subsidiary finance directors. Tire prime tasks are to ensure tight financial control of 
group activities, improvement of management information systems 3nd strategic input 
at board level. 

• THE REQUIREMENT is for a chartered accountant and graduate, aged 38-48 years, with 
strung all round professional and commercial skills and good intellect. While quoted 
company experience is not essential, candidates must be credible in a highly 
operational environment. 

Please write in confidence, enclosing a Curriculum Vitae, quoting ref: E7721 to 


TK 


SELECTION 


13- 1 1 South I'arailo. Lexis LSI 50*. Td. DS3i 426767; p JX 0532 426888 

A DIVISION OF TYZACK & PARTNERS 




BEAR STEARNS 

BOND ANALYST 

A Bond Analyst Is required by the Financial Analytics and 
Structured Transactions Department of Bear Steams in 
London. As well as contributing to the general activities of 
the department, the person will be responsible for 
monitoring developments in the French Franc bond 
market. Work will include the formulation of portfolio 
strategy, the recommendation of trading ideas and the 
valuation of structured transactions. The Bond Analyst will 
be expected to demonstrate original thought and to 
communicate effectively with clients and senior 
management 

nils is a challenging position for a motivated individual in 
an expanding fixed income operation. The successful 
candidate will be fluent in both French and English and 
educated to postgraduate level. A background In 
economics/finance is required and a detailed knowledge 
of fixed income instruments is necessary. Applicants 
should be numerate and will have gained 2-3 years 
experience in a similar position. 

If interested, please send your CV. which will be treated In 
the strictest of confidence, to: 

Mrs S. Callaghan 

Bear, Steams International Limited 
One Canada Square 
London E14 5AD 


C ONTROL 


Management Consultants 
Serving The Financial Community 

FUTURES AND GI.OBAL CTSTAIW 
OPERATIONS 

London Management Consultancy seeks experienced 
professionals with expertise in the following areas, for work in 
temporary consulting assignments; 

Futures and Options:- 

Back office Futures processing • Reconciliation and analysis of 
UFFE traded products 9 Reconciliation and analysis of Far 
Eastern, including Japanese Currency Futures • Qualified 
Accountants with technical understanding of Futures • Options 
revaluation. 

Global Custody y- 

UK & International Settlements • Dividends • Corporate 
Actions • Cash & Asset Reconciliation • Portfolio Accounting. 

interested applicants, please contact Control Associates (UK) 
Limited on 073 929 5252 or alternatively send your Curriculum 
Vitae to us at our address: 

Guild House, 36-38 Fenchuroh Street 
London EC3M3DQ 

Or Fax os tn confidence on 071 283 4466. 












FINANCIAL TIMES FRIDAY MARCH 18 1994 


NEWS: INTERNATIONAL 


Japan consumers spend less 


By WBtiam Dawkins in Tokyo 

Japan's difficulties in reviving 
flagging consumer demand 
were underlined yesterday by 
the first annual decline in 
household spending for 12 
years. 

Japanese households spent 
on average 0.6 per cent less in 
real terms last year than in 
1992, but set aside their spare 
cash for repaying debts rather 
than saving, the government's 
manag ement and co-ordination 
agency said. 

They spent less on food and 
clothes, reflecting the austerity 
imposed by the recession as 
well as a switch away from the 
conspicuous consumption of 


the late 1980s. By contrast, 
spending on cars, medicine and 
utility bills rose. 

Two signs that Japan might 
be near the trough of Its down- 
turn emerged yesterday with a 
slowdown in the pace of corpo- 
rate profits decline and a slight 
recovery in money supply. 
Average pre-tax profits fell 6.2 
per cent in the final three 
months or last year, compared 
with the same period of 1992. 
the Finance Ministry 
announced. 

That makes a record 14 quar- 
ters of decline, but the decline 
was far less bad than the 21.6 
per cent fall in the previous 
quarter, from July to Septem- 
ber. The pace of decline in 


turnover has also slowed, to L4 
per cent. 

Japan's money supply yester- 
day reversed a four-month 
slide, indicating that the gov- 
ernment's economic stimulus 
packages might be starting to 
have some effect 

The broad measure of M2 
and certificates of deposit, 
watched by the Bank of Japan 
in setting monetary policy, 
rose 1.6 per cent last month, 
from February 1993, continuing 
a revised 1.6 per cent rise in 
January. 

Money supply had fallen 
steadily from September to the 
end of last year. 

One worrying sign was a 
record 16.3 per cent decline in 


capital investment in the final 
quarter, a reflection of Japan's 
high real long-term interest 
rates and companies' general 
reluctance to add capacity. 

Hie recent rise in long-term 
bond yields yesterday led to a 
rise in an Important govern- 
ment lending rate, likely to 
feed through to a rise in state- 
backed mortgage payments 
and government loan costs for 
small businesses. 

The Finance Ministry 
increased by 0.65 percentage 
points to 4.3 per cent its 
so-called “zalto” rate for lend- 
ing post-office savings to 
other government institutions, 
the first rise since last 
June. 


Moscow 
fights for 
Kazakh 
oil share 

By Stove LeVine in Alma Ata 

Russia has increased the 
pressure on Kazakhstan and 
its western partners to give 
Moscow a stake in two of the 
hugest energy projects in the 
former Soviet Union. 

The Russian targets are the 
Tengiz oil field being developed 
by Chevron of the US and the 
S6bn (£4.1bn; Karachaganak 
gas development being negoti- 
ated by British Gas and Agip of 
Italy. 

“The Russians want an 
equity share [of the Chevron 
project] and they're going to 
squeeze till they get it,” said a 
western diplomat in Alma Ata, 
the Kazakh capital. 

Moscow argues it has "an 
inherent proprietary interest" 
in natural resources discovered 
during the Soviet period, says 
Mr Ben Miller, director of the 
consultancy firm Ernst Sc 
Young in Alma Ata. This 
applies to Tengiz, where Chev- 
ron plans gradually to expand 
production from 67,000 barrels 
a day to 700.000 b/d by 2010. 

But Russia has restricted 
exports to just over 20,000 b/d, 
claiming the presence of the 
corrosive contaminant mercop- 
tan makes larger shipments 
unacceptable. The two sides 
have also failed to agree over 
the route of a new pipeline to 
carry the increased volume of 
exports. 

Westem diplomats say Mr 
Yuri Shafrimnik. the Russian 
energy minister, has made it 
dear that Russia also wants a 
share of Karachaganak, located 
in northern Kazakhstan near 
the Russian border. 

They say British Gas and 
Agip would probably have to 
reduce their prospective share- 
holdings to accommodate a 
Russian stake. This would be a 
departure from a precedent set 
in neighbouring Azerbaijan, 
where Russian political pres- 
sure recently caused the Baku 
government to accept a dilu- 
tion of its stake in a consor- 
tium being led by British 
Petroleum to accommodate the 
Russian Integrated oil com- 
pany, Lukoil. 

A Kazakh, official said it 
might offer a 3-4 per cent 
equity stake to Transneft, a 
Russian state-owned pipeline 
operator. But several western 
oil executives in Alma Ata said 
the final stake was likely to be 
doser to 10 per cent 

The prospect is making some 
western executives nervous. 
“We’ve already got so many 
problems that iT Russia does 
get these shares it’s going to 
scare a lot of people," said one. 


Boost for 
NZ debt 
rating 

Moody’s Investors Service has 
upgraded New Zealand's for- 
eign currency debt rating to 
AA2 from AA3, Reuter reports 
from New York. About 
US$7 Hbn (£5.2bn) of long-term 
debt is affected. 

Not only had New Zealand’s 
foreign currency debt/exports 
ratio been declining rapidly, 
but this ratio was expected to 
continue falling over the next 
several years, Moody's said. It 
also expected New Zealand’s 
current account and govern- 
ment budget deficit to move 
into surplus. 

It seemed almost certain that 
important political realign- 
ments would occur within New 
Twain nd as a result of the adop- 
tion of a “mixed member pro- 
portional" electoral system 
(MMP). but these should con- 
tinue to reflect the underlying 
support for the overall reform 
process. 

• New Zealand should hold a 
referendum on abandoning the 
British crown as head of state, 
Prime Minister Jim Bolger said 
in Blenheim yesterday, AP 
reports. He wants the country 
to become a republic by the 
year 2000. 



Lewis Preston listening to reporters' questions in Manila yesterday 

WORLD BANK EASES DEADLINE 


Mahathir at last gets Sabah 
to bow to Kuala Lumpur 

Kieran Cooke on the struggle for control of a Borneo state 


S abah prides Itself on 
being exotic. The East 
Malaysia state on the 
island of Borneo called "The 
land beneath the wind" by the 
early explorers, is home to the 
Raffles ia, one of the world’s 
largest flowers. 

Sabah's Mount Kinabalu is 
south-east Asia's highest 
moun tain - an outcrop said to 
be home to spirits who have to 
be appeased by the yearly 
slaughter of a dozen white 
chickens. Orang-utans, once 
adopted as domestic pete, are 
taught the ways of the jungle 
at the state's special animal 
rehabilitation centre. 

Then, for the really exotic, 
there is Sabah politics. 

For years Sabah, the former 
British north Borneo, was run 
like a private fiefdom by local 
politicians who plundered ffa* 
state's vast timber reserves to 
accumulate fortunes. 

One chief mTwigtpr kept lux- 
ury cars in several European 
capitals and thought nothing 
of having his favourite violin 
flown to his holiday home in 
London in a specially char- 
tered aircraft. 

Yesterday Malaysia's ruling 
National Front coalition led by 
Dr Mahathir Mohamad, the 
prime minister, finally won 
control of the local assembly in 
Sabah. Now only one state in 
the Malaysian federation - the 
Moslem fundamentalist ruled 
state of Kelantan - is not part 
of the National Front 
Dr Mahathir has had a tough 
fight taming Sabah. The locally 
constituted Sabah Unity Party 
(PBS) bad ruled -the state for 
nine years. Sabah's L8m peo- 
ple are a mixture of races and 
religions: the PBS, while domL 



nated by local Kariazan tribal 
Christian groups, prided itself 
on being a multi-racial and 
multi-religious party, with a 
following among Moslem, Chi- 
nese and other communi ties. 

On the eve of Malaysia’s last 
general elections in 1990, Mr 
Joseph Pairin Kiting an , the 
leader of the PBS, took his 
party out of the National 
Front. Dr Mahathir was 
enraged, saying Mr Pairin had 
“stabbed the National Front In 
back". The prime inniiatpr 
vowed to bring Sabah back 
under National Front control 
and rid the state of Mr Pairin. 

Local elections last month 
were a bitterly fought affair . 
The PBS accused Dr 
Mahathir’s government of 
withholding much needed 
development funds from the 
state. Mr Pairin said the 
National Front was buying 
votes to the extent that it was 
"dropping money out of heli- 
copters". 

Dr Mahathir said that Mr 
Pairin and the PBS bad held 
up Sabah's economic develop- 
ment Only when the National 


Front gained control would the 
state be able to progress like 
the rest of Malaysia. 

The PBS achieved a narrow 
victory, winning 25 seats In 
Sabah’s 48-seat national assem- 
bly. 

Sabah's politicians hop from 
one party to another like frogs 
at a fireworks display. In the 
days after the election Mr 
Pairin said minimis of dollars 
were being offered to PBS 
assembly members to defect to 
the National Front With PBS’s 
majority in danger Mr Pairin 
applied to the state's governor 
to dissolve the assembly and 
hold new elections. 

In what was rapidly descend- 
ing into political farce, Mr 
Pairin said the governor first 
agreed, then disagreed, with 
his request Meanwhile PBS 
members were hopping away 
-some to the National Front 
others to form their own politi- 
cal parties. 

Among them was Mr Jeffrey 
Klting aa, a younger brother of 
Mr Pairin. Mr Jeffrey Eatingan, 
elected to a PBS seat in the 
recent election, was released 


from detention late last year 
after being held for three years 
on suspicion of wanting to take 
Sabah out of the Malaysian 
federation. 

But now the younger Kitin- 
gnn is on good terms with Dr 
Mahathir and says his new 
party, so far a one-man show, 
will join National Front- 

As a result of the PBS defec- 
tions the formation of vari- 
ous splinter parties, the 
National Front was yesterday 
able to declare itself the party 
of power in Sabah. 

“It is a sad decision for me 
but I truly feel t his is the most 
honourable thing to do under 
the present circumstances," 
said Mr Pairin, resigning as 
rhigf minister. 

Politics in peninsular Malay- 
sia is divided on religious and 
racial lines, with the majority 
Malay Moslems, the Chinese 
and the Indians all having 
their own political parties. 
Sabah has had a different tra- 
dition: critics of Dr Mahathir 
say that the peninsula's 
racially divisive politics will 
now be imparted into Sabah 
and could create tensions. 

But the National Front is 
likely to bring plenty of money 
to the state. Businessmen once 
fearful of investing in Sabah 
for tear of upsetting Dr 
Mahathir are now likely to 
flood in. There is already talk 
that a han on the export of logs 
imposed by the PBS to pre- 
serve the state’s dwindling tim- 
ber reserves will be lifted. 

Having finally tamed Sabah, 
the National Front is unlikely 
to loosen its grip. Perhaps 
“The fend beneath the wind" 
will not be quite so exotic any 
more. 


The World Bank has extended 
to June 30 the deadline for 
the Philippines to comply with 
terms attached to the second 
and last tranche of an 
economic integration loan 
(EIL), Mr Callisto Madavo. 
World Bank director for tee 
East Asia and Pacific region, 
said yesterday, AP-DJ reports 
from Manila. 

Hr Madavo said the bank 
had to move back the original 
December 1993 deadline to 
give the government more 
time to meet the remaining 
conditions attached to the EIL, 
notably liberalised import of 
used trucks and buses and the 
easing of restrictions on farm 
imports, specifically maize. 

Local officials are still 


trying to anwnrf existing rules 
to be able to avail the 
Philippines of the 2200m 
(£136JJm) left in the EIL. 

During the same news 
conference, Mr Lewis Preston, 
World Bank president, asked 
the government to address 
business concerns about the 
deterioration of the country’s 
education system and the poor 
state of local infrastructure. 

He said, however, that 
despite these factors, the 
World Bank was still 
convinced the Philippines 
would succeed in carrying out 
its economic plans and that 
the bank “will continue to 
give strong support to the 
Philippine government on its 
development efforts'*. 


NEWS IN BRIEF 


Egyptian army 
officers executed 

Egypt executed two army officers yesterday for plotting to kill 
President Hosni Mubarak and sentenced nine Moslem militants to 
hang for trying to kill Prime Minister Atef Sedlri. Reuter reports 
from Cairo. The militants, held in cages in the court, exploded 
with rage at their senten c es, chanting: “We will go to paradise, 
Mubarak, and you will burn in helL We wifi kill you. Death is 
coming to you, Mubarak." 

An army firing squad in Alexandria executed the two army 
officers. They were convicted in a secret trial last month for 
planting explosives at an airstrip near the Libyan border which 
was to be used by Mr Mubarak. A third officer sentenced to death 
is on the run. The three have been hailed as heroes by Gama'a 
al- Islamiy a. which is fi ghting to replace the Egyptian government 
with a strict Islamic state. 

Infiltration of the armed forces by Moslem militants is one of 
the Egyptian government’s worst nightmares. It was such a 
group, led by army Lt Khaled al-Islambouli, which murdered 
President Anwar Sadat at a military parade in L98L 

DuPont opens in Vietnam 

US chemicals company DuPont opened an office in Ho Chi 
Minh City yesterday and said Vietnam would be a focal point for 
its efforts to quadruple sales in the region by the turn of the 
century. Heater reports from Hanoi. It was one of the first US 
companies to open shop since President Bill Clinton lifted a 
30-year economic embargo against Vietnam on February 3. 

Mr David Pang, vice-president Asia Pacific, said DuPont saw 
the region as its most significant growth area and intended to 
develop manufacturing, marketing and technical operations and 
form strategic alliances. It was looking to quadruple its sales in 
the region to $l0tm (£&7bn) by 2000 and move it from 7 to 20 per 
cent of global sales, he said. 

N Korea under pressure 

A senior US official said yesterday North Korea could still 
forestall a move toward international sanctions If it kept its 
promise to allow inspection of nuclear sites. He urged Pyongyang 
to act quickly, Reuter reports from Washington. 

Mr Winston Lord, assistant secretary of state, told Congress 
that US high-level talks with North Korea scheduled for Monday 
had been cancelled and the suspension of Team Spirit military 
exercises with South Korea was being reconsidered. 

The International Atomic Energy Agency's board of directors is 
to meet on Monday to decide what to do about Pyongyang's 
interference with the inspection team that returned this week 
from North Korea. If there is no move by Pyongyang to satisfy 
the IAEA, the board is expected to refer the matter to the United 
Nations Security Council, which could impose sanctions. 

Sudan peace talks held 

Sudan's government and rebels met in Nairobi yesterday at the 
start of a fresh initiative to try to end almost 11 years of civil war, 
Reuter reports from Nairobi. 

The presidents of Kenya, Uganda and Ethiopia and the foreign 
minister of Eritrea - co-sponsors of the peace initiative -first 
held a closed-door meeting at Kenya's State House with Lt Gen 
Omar Hassan al-Bashlr. the Sudanese leader. Gen Bashir left 
State House without speaking to reporters and, flew back to 
Khartoum. He did not meet the rebel leaders present in Nairobi. 


ACES (Aamllnus 
Centrales de CdomHai 

Ac Uan Airlines 
ADA-Air 
Adrit Airways 
Aw Arann Ten 
AerUngus 
Aero Asia 
Aero Cafitomia 
Aerocaribe 
Aerocfia 0 i Airlines 
Aaro Casta Rica Aeon 
Aeroflot -Russian 
I nterna ti o nal Airlines 
Aerohneas Argentina* 
Aarollncas Donirocanas 
Aeramodco fAeranas 
de Mexico) 
Aeromonteney 
Aeropelican A u Services 
Aeroperias 
Aerope/u 
Aeropostai 
Aerasur 

Aerotrausportes Mas de 
Caiga 

African Wtest A if 
Aige Azur 
Air Afrique 

Air AJgerie {Compagnie 
Naionafede transports) 
Air Alliance 
Air Alma 
Air Alpha 
Air Aruba 
Air Atlantic 
AJr AHantfcjue 
Air Austral 
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Air B.C. 

Air BeQpijfl 
Airborne of ! 

Air Boblia 
Air Botswana 
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Ir 
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Air CaraiBes < 

Air Caribbean 
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Air Corbiwe 
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Air Ensadina 
AIRES 

Am Excel Netherlands 
Air Express 
Air Facilities 
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A* -India 
Air Inter 
An hare 
Air Jamaica 
Air Kangaroo Island 
Akfcenya Avia Bon 
Mr Kline 
Air Koryo 


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Air Satellite 
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Airspeed Aviation 
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Air SUm) 

Air St. Pierre 

Air SL Thomas 

Aw Sunshine 

Air Tahiti 

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Air Tungaru 

Air UK 

Air Ukraine 

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Mr Vegas 

Air Vithcunce 
Ainnjys International 
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Baltic International 
Airlines 

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BASLE. Business 
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Service 
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Helicopters 
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Business Express 
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Dynamic Air 
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Eastalr Demand) 
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Aviation 
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Of Air 
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Intercontinental de 
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Services 
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Lufthansa German 
Airlines 
Lusur 
MaerskAk 
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Service 

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Mendiana 
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Airlines 
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Middle East Airlines 
Midway Airlines 
Midway Connection 
Midwest Express 
Airlines 

Missionary Aviation 
Fellowship. 


Prospalr Air Charter 
Proteus 

Provincial Airways 
Ptarm i ga n Airways 
CSantas Airways 
Qwestair 
Red wing Airways 
Reeve Aleutian Airways 
Region Air 
Regional Airtines 
Reno Air 

Rheinland Air Services 
RhMntaUkgi Soevaid 
Ge sefl s cha tt 
Riga Airfares 
Rlo-Sul Servcos Aeroos 
Regional* 

Ross Aviation 
Rottnest Airbus 
Royal Air Mwoc 
Royal Brunei Airlines 
Royal Jordanian 
Royal Nepal Airlines 
Royal Swazi National 
Airways 

Royal Tbngm Airtnes 
Ryanair 

Ryan AJr (Alaska) 

Sabarr Airlines 
Sataena Belgium Wtorid 
Airlines 

Sabtxrrin Lake Airways 

SAETA 

SAHSA 

SAL Sronnla Airlines 


Tamo Airfares 
Taman Airfares 
Tajik Air 
Taman 
TAME 

Tanana Air Service 
TAP Air Portugal 
Taquan Air Service 
TAROM 

TAT European Air lines 
Tawnouk Flying Service 
Tatra Mr 
Teddy Air 
Thai Airways 
Thoron Airways 
Tune Av 
lower Air 
Transaero 
Trans Aar Cambodia 
Thins Asia Airways 
Transavia Airlines 
Dansbrasd 

Trans Jamaica Airlines 
Transkel Airways 
Trans! ift Airways 
Trans North Aviation 
Transport Air Centre 
Danspartes Aereos 
Nsuquwi del Esiado 
Transports Aereas da 
GuinA-Bteau 
Transports* Aereos de 
Cato Verde 
Transports* Aereos 
Ratfonaii 

Airtines 
Irways 
Airlines 
Express 



xica 
Ansett Australia 
Arvsett New Zealand 
ADM French Animas 
Aquatic Airways 
Arctic Circle Air Service 
Arcus Air LogHtiC 
Arana Afghan Airtines 
Aries DdSur 
Arizona Airways 
Arizona Pacific Airtines 
Arku Israeli Airtnes 
Asiana Airlines 
Athabaska Airways 
ATI-Aero Transport 
Itaiiani 

Attenbe Air Transport 
Atlantic Airways, Faroe 


Chicago Express 
Airlines 
China Airlines 
China Eastern Airlines 
China General Aviation 
Corporation 

China Northern Airlines 
China Northwest 
Airlines 

China Southern Airlines 
China Southwest 
Airlines 

China Xbvrua Airtines 
amber Air 
CityFtyer Express 
Cwst Air 

Coastal Air Transport 


Ftexair 
FBght West Airtines 

nti„, i m 
rniBSiar 

Florida Gulf 
Flying Enterprise 
Forest Amine 
40-Mile Air 
Freedom Air 
FrtesenBug 

Frontier Flying Service 
Gambia Airways 
Garoda Indonesia 
Gawne Airtnes 
GB Airways 
Ghana Airways 
GW Aviation 
Golden Air Flyg 


Kymatr 

LAB 

LA.B. Flying Service 
Labrador Airways 
LACSA 
LADE 

Ladaoo Abltnas 
I m W i 
Laker Airways 
LAM-Unftas Aereas da 
Mocambique 
Lan-Chile 
Lao Aviation 
LAP (Llneas Aereas 
Paraquayas) 

LAM (tineas Aereas 
FWva das Argentines) 


Nortandair 

Norontair 

North American Airtnes 
North Coast Aviation . 
Northeast Express 
Northwest Airfares 
Northwest Territorial ' 
Airways 

North Wrjgit Air 
NygB-Aero 
O'Connor Airtines 
Olson Air Service 
OLT-Ostfrlesisctie 
LuRransport 
Olympic Airways 
Omen Air 
Ontario Express 


Shorouk Air 
Shuswap Flight Center 
Sichuan Airtines 
Sierra National Airtines 
■SrtkAir 
Simpson Air 
Singapore Airtnes 
Shagway Air Service 
Skycraft Air Transport 
.Skynei Airways 
Skyport Pty 
Sky Service 
Skyways AB 
Skywest Airtines (U.S.) 
Skywest Airtnes (Aus.) 
Skywihgj 
Solomon Airlines 


i Airways 
ide Aviadon 
Vbluejet Airtnes 
VARIG- Brazilian Airlines 

VSnructool 

VtecAo A£rea SSo Paulo 
V1ASA 

Vaxjues Air Link 
Vietnam Airtines 
Vhgn Atlantic Airways 
Vision Airways 
VJva Air 
VLM 

lfeyagaur Airways 
Wagisfa Air 
Wairarapa Airlines 
Wbltars International 
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THE FINEST 


THE SKY. 






Moves to speed up 
WTO negotiations 


By Frances Williams in Geneva 

Trade negotiators in Geneva 
yesterday reached broad agree- 
ment on two important proce- 
dural decisions to be taken 
by ministers next month 
in Marrakesh when they 
meet to sign the Uruguay 
Round trade liberalisation 
accords. 

The first aims to speed up 
negotiations with countries 
which. Tor one reason or 
another, will not automatically 
qualify for membership of the 
World Trade Organisation, the 
powerful new world trade body 
that will supersede the General 
Agreement on Tariffs and 
Trade next year. 

The draft decision would 
allow negotiations on 
WTO membership to start 
immediately after the Marra- 
kesh meeting, without waiting 


for the organisation 
to be established. 

Countries affected fall into 
four categories: China and 
Algeria, which participated 
fully In the round but are still 
negotiating Gatt membership; 
some less developed nations 
which have not yet submitted 
tariff and services schedules; 
some Gatt members which 
joined too late to take a Tull 
part in the round; and coun- 
tries Joining Gatt after the 
Marrakesh signings but before 
the WTO comes into force, 
probably next January. 

The second draft decision 
establishes a WTO preparatory 
committee with widely-drawn 
terms of reference to bridge 
the transition between the 
Marrakesh meeting and the 
WTO's entry into force. 

The committee, open to all 
countries eligible to be WTO 


founder members, would han- 
dle administrative, financial 
and procedural matters relat- 
ing to the future WTO. includ- 
ing accessions. 

It would also draft terms of 
reference for WTO subsidiary 
bodies and launch the work 
programme already agreed in 
the Uruguay Round, for 
instance, on some aspects or 
trade in services, and the links 
between trade and the environ- 
ment. 

Still to be decided, and 
highly controversial, is 
whether the preparatory com- 
mittee is able to discuss other 
suggestions for future work by 
the WTO. 

The US and some European 
countries want worker rights 
to go on the WTO agenda, but 
this is vigorously opposed by 
many developing nations. 


Rivals link up to win ship order 


By John Burton in Seoul 

Mitsubishi Heavy Industries of 
Japan and Samsung Heavy 
Industries of South Korea, in a 
rare show of co-oporation for 
the shipbuilding industry, have 


received a joint order for six 
large container ships from 
Hong Kong’s Orient Overseas 
Container Line. 

According to Samsung, it is 
the first time rival shipbuilders 
from Japan and South Korea 


have formed a consortium to 
bid for an order. 

Mitsubishi will construct 
four of the ships and Samsung 
two. The vessels are for 
delivery in late 1995 and early 
1996. 


House-Senate conference set to seek compromise after Repu blican filibuster 

US technology aid bill blocked 


By Nancy Dunne 
In Washington - 

Controversial US legislation to 
speed the development of new 
manufacturing technologies 
and an “information super- 
highway” looked set yesterday 
to be sent to a House-Senate 
conference for a compromise to 
be thrashed out 

A week-long Republican fili- 
buster in the Senate forced 
Democrats to slash funding for 
the measure from $2.8bn to 
JL9bn (£1.3bn). 

Democratic Senator Ernest 
Hoilings, chairman of tha Sen- 
ate commerce committee, said 
the legislation would help US 
companies face serious 
long-term global competition 
in technology. “It allows the 
government, our universities 
and our industries to work 
together in a partnership to 
support research for small and 
medium-sized manufacturers 
and technology firms,” he said. 

The legislation expands a 
smaller initiative approved 
during the Bush administra- 
tion. It would also: 

• raise from 7 to 14 the num- 
ber of manufacturing technol- 
ogy centres where government 
and universities provide tech- 
nical advice to businesses, and 
add a number of small centres. 

• provide $45 lm for the 



Proponent and opponent of the measure: Senator Ernest Hoilings (left) and Senator John Danforth 


advanced technology pro- 
gramme, a scheme which pro- 
vides research grants to bum- 
nesses developing technologies 
of broad economic value. 

• upgrade the government's 
high-performance computing 
and networking programme for 
the creation of a national infor- 


mation infrastructure. 

• direct government agencies 
to work with computer compa- 
nies and users to research 
advanced applications for edu- 
cation, healthcare, manufactur- 
ing and information. 

• authorise a pilot pro- 
gramme to stimulate invest- 


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meat in technology companies. 

Although US business 
groups have long sought gov- 
ernment financing for generic 
technologies, many Republi- 
cans oppose such measures on 
the grounds that they consti- 
tute an “industrial policy” giv- 
ing the power "to pick winners 


and losers". 

The leading opponent, Sena- 
tor John Danforth. a Missouri 
Republican, used the filibuster 
to demand that the Clinton 
administration reopen negotia- 
tions in the Uruguay Round on 
a subsidies agreement pact 
which legitimised but also lim- 
ited research and development 
aid. 

He is proposing instead of 
subsidies a permanent 
research and development tax 
credit 

Congressional Democrats 
said privately that Republicans 
were trying to deny a victory 
to President Bill Clinton, who 
strongly supports such technol- 
ogy development programmes. 

“They didn't want the money 
to get to the Commerce Depart- 
ment for use as a slush fund to 
buy the 1996 election." said one 
congressional Democrat. Par- 
ticularly they do not want it to 
go to the energetic Mr Ron 
Brown, the commerce secre- 
tary and former chairman of 
the Democratic party, who Is 
gaining many adherents in the 
business community. 

While the legislation 
increases government aid to 
industry, it is still less than 2 
per cent of the $70bn the US 
spends ou research and devel- 
opment About S40bn of that 
goes to the military. 


Uproar forces 
Brussels switch 
on silk quota 


By Rachel Johnson 

The European Commission has 
demonstrated its misjudge- 
ment of the scale of European 
textiles trade with China by 
changing its quota system gov- 
erning silk imports only days 
after it came into force. 

On Monday a new European 
Union-wide quota of 20.000 
tonnes for Chinese silk, linen 
and rami was imposed, provok- 
ing an immediate uproar from 
importers who regarded the 
quota as way below their 
expectations. 

The Commission arrived at 
the 20.000-tonne figure by tak- 
ing the 1992 trade level of 
12.000 tonnes and adding 8.000 
tonnes to accommodate growth 
in the product and newcomers 
to the market. 

The quota was originally to 
be allocated on a first-coin e- 
first-served basis. But follow- 
ing a meeting this week, past 
performance will also be taken 
into account when dividing up 
tile quota. 


The first 12,000 tonnes will 
be granted to companies that 
were trading in 1992; they will 
be given a share identical to 
their 1992 level of imports. The 
remaining 8,000 tonnes will be 
shared between companies 
that have already paid for 
goods not covered by quota 
and newcomers. 

The UK Department of Trade 
and Industry's import licensing 
division yesterday began con- 
tacting ail silk importing com- 
panies on its books requiring 
them to file by 5pm tomorrow 
returns certifying flows of 
Imported textiles from China. 

An official warned yesterday 
that if this method of admini- 
stering the quota failed to meet 
industry's requirements, then 
the UK would be pressing next 
week for the EU to enlarge the 
quota. 

TMI Europe, second-largest 
UK importer of Chinese silk 
after Tie Rack, said that it had 
doubled its turnover since 1 992 
and could fill the entire quota 
on its own. 


Japan eases curbs 
on foreign lawyers 


By IffilGam Dawkins in Tokyo 

The Japanese government has 
finalised plans to ease restric- 
tions on foreign lawyers’ free- 
dom to do business in Japan. 

Under plans prepared by the 
Justice Ministry, foreign and 
Japanese law firms would be 
allowed to merge and to prac- 
tise foreign and Japanese law 
from the same office. At pres- 
ent. c limits have to go to sepa- 
rate legal offices. 

However, foreign lawyers 
will continue to be prevented 
from arguing Japanese cases in 
Japanese courts. 

The proposals are expected 


to be laid before parliament 
early next month. The aim is 
that they should take effect 
within a year. 

They are the result of long- 
standing pressure from the 
European Union and the US, 
keen to have access to Japan's 
lucrative but tightly controlled 
market. 

The Japan Federation of Bar 
Associations has been under- 
standably reluctant to expose 
itself to foreign competition, 
but it compromised with the 
Justice Ministry after Mr Mori- 
hiro Hosokawa. the prime min- 
ister, seized on the plans as 
part of his deregulation drive. 


Iran scraps 
visas for 
free zones 

Iran has scrapped visa 
requirements for foreigners 
visiting its free-trade zones, 
according to a senior official, 
Reuter reports from Tehran. 

Mr Morteza Alviri, head of 
die high council of free zones, 
said that under newly-ap- 
proved regulations foreigners 
could stay in the three zones 
without visas for up to two 
weeks. 

They would need police per- 
mission to stay longer or to 
travel to the rest of the coun- 
try, Mr AIvtrt added. His com- 
ments were reported by Ham- 
shahri newspaper. 

1316 zones - Kish island fax 
the Gulf, Qeshm island in the 
Hormuz Strait and Chahbafaar 
on the Gulf of Oman - were 
set up in 1989 to promote for- 
eign investment, export-ori- 
ented industries and trade. 

Critics in parliament 
opposed easing of entry regu- 
lations for the zones, saying it 
would create security prob- 
lems along the country's mn, n 
sea routes. 


Guyana ends 
investment 
tax breaks 

By Canute James In Kingston 

Guyana has abolished tax 
holidays for foreign investors, 
creating what Mr Asgar Ally, 
finance minister, says will be 
“a level playing field for all 
investors". 

Local business has been com- 
plaining of being put at a dis- 
advantage to foreign investors 
who have enjoyed grace peri- 
ods and exemptions from a 
range of taxes and duties. 

“Existing tax holidays will 
be allowed to expire." said Mr 
Ally. “We have not been grant- 
ing special holidays to anyone 
for more than a year." 

The Guyana government has 
been seeking foreign investors 
to expand the economy which 
is .based ou gold and bauxite 
“rafpg and sugar and rice pro- 
duction. Several have invested 
in power generation, telecom- 
munications and mining over 
the past four years as the gov- 
ernment has been selling off a 
number of state-owned enter- 
prises. 




( 



FINANCIAL TIMES FRIDAY \a ADTu 1 O I ftft 4 



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Bank gets more freedom on gilts issues 


By Philip Coggan 
and Conner Mlddelmam 

The UK Treasury yesterday 
announced it was giving the Rank 0 f 
England greater freedom to operate in 
the government bond (gilts) market 
Once annual guidelines on funding 
policy have been set by the Treasury 
the Bank will be effectively free to 
choose the timing and nature of gilt 
issues. 

.The change Is another step towards 
giving the Bank control over “techni- 
cal" matters of policy with the Trea- 
sury retaining the power to decide 


strategy. It follows the announcement 
last year by Mr Kenneth Clarke, the 
chancellor of the exchequer, rv»?f the 
Bank would have control of the tun- 
ing of interest rate cuts. 

Analysts stressed that the Rank had 
always had the main responsibility 
for the timing of gilt issues and the 
announcement was unlikely to maka 
much difference to funding policy. 
Nevertheless. Mr Don Smith. UK 
economist at Midland Global Markets 
said "This move puts the Rank of 
England further along the road to 
independence - it’s a very subtle 
move, and means more autonomy for 


the bank.” Mr Simon Briscoe, UK 
economist at S G Warburg Securities 
described the change as “a further 
important step towards Bank freedom 
and towards a more orderly market" 

Both the Bank and the Treasury 
emphasised that the new structure is 
designed to be more efficient Accord- 
ing to the Bank, the system provides 
a “fast track process" for approving 
individual decisions for auctions. 

In a statement the Treasury said 
that “In the past individual decisions 
on funding were taken alter discus- 
sion between Treasury Ministers, 
Treasury officials, and the Bank of 


England- In future, any operations the 
Bank proposes that fall within the 
remit and the guidelines will nor- 
mally be approved by Treasury offi- 
cials.” 

A formal remit for the Bank will be 
set out by the Treasury at the start of 
the financial year, which will reveal 
the expected gross issues of gilts 
needed to fund the borrowing require- 
ment. Previously, gilts traders bad 
been forced to estimate this. 

The Bank set out its policy for the 
1994-95 financial year yesterday. It 
said that the likely gross sales of gilts 
would be £37bn, and it would con- 


Why 


tinue to fund via a combination of 
monthly gilt auctions and sales of 
stock “on tap” in the secondary mar- 
ket Individual auctions will be for 
between £2bn and £4bn of stock and 
will normally be held on the last 
Wednesday of the month. 

The Bank has called a meeting at 
4pm today London time to discuss the 
new structure with market-makers 
but the City welcomed the greater 
openness of the system. Mr John 
Shepperd, chief economist at Yam- 
aichi International Europe, said “this 
Is a useful step in terms of the trans- 
parency of the Bank’s operations.” 


parent companies 
want local components 


M r Terry Davies, pur- 
chasing director for 
Panasonic Europe's 
television division, may be on 
the verge of a breakthrough. 

Two decades after Pana- 
sonic’s parent, Matsushita of 
Japan, established colour tele- 
vision manufacturing 
operations in the Welsh capi- 
tal. Cardiff, he believes he has 
found a local source for screws, 
nut, bolts and washers. 

For 20 years the Cardiff 
plant, on the Pentwyn Indus- 
trial Estate, which makes 
500,000 sets a year, has 
imported fastenings from 
Japan. Local manufacturers 
simply do not turn out a broad 
enough range of fixings in suf- 
ficient volume to compete on 
price with Japanese makers. 

Companies like Matsushita 
are anxious to buy from local 
companies - which means any- 
where in Europe. The company 
spends £l40m a year on goods 
including video cabinets from 
Germany, plastics from Swe- 
den and packaging from the 
UK and 21 people in the Cardiff 
purchasing department are 
continually looking for addi- 
tions to Panasonic’s 150-strong 
list of suppliers. 

There are good political rea- 
sons for Panasonic’s policy. 
The company wants to be seen 
as a good Euro-citizen, helping 
to avoid trade friction and giv- 
ing business to local suppliers 
in ways which improve the 
quality of their products. 

There are also good commer- 
cial reasons - for example, 
delivery of a new design of 
component from the Far East 
can take five to six months, 
compared with a few weeks for 
the same component sourced 
locally. 

But some years ago. manu- 


Alan Cane shows why Panasonic 
thinks buying Welsh nuts, bolts 
and screws is very good business 


facturers like International 
Business Machines of the US 
complained bitterly that they 
could not buy components of 
adequate quality locally within 
Europe. 

The Panansonic experience 
suggests that things have 
improved, but there are still 
trouble spots, and some compo- 
nents seem unlikely ever to be 
sourced in Europe. 

Last year some 72 per cent, 
measured by value, of the con- 
tent of Panasonic Europe's 
televisions up to 33 inches in 
screen size came from Euro- 
pean suppliers. The lion’s 
share is picture tubes - which 
represent roughly 40 per cent 
of the value of a set - which 
come from Philips of the 
Netherlands and Thomson of 
France. 


M 


r Davies says he 
wants to increase 
local content to 82 
per cent by 1996 - leaving 11 
per cent from south east Asia 
and seven per cent from Japan. 

The printed circuit board, 
the electronic cornerstone of 
the television set, is a case in 
point Last year, Panasonic 
sourced all its pebs from Japan 
and south east Asia. By 1996. 
Mr Davies hopes to buy 25 per 
cent of hi s pebs from Belgium. 

The plant used to buy all 
boards locally, but stopped 
because of poor quality. Now 
the problem is quantity; Car- 
diff can use up to 22JJ00 boards 
a day in peak months of pro- 
duction and local suppliers 
have been unable to meet the 


volumes to meet such demand. 

The most safety-critical com- 
ponent in a colour television 
set is the flyback transformer 
(fbt), at the end of the picture 
tube, which generates the 
thousands of volts needed to 
drive the picture gun. 

Cardiff buys more than 75 
per cent of its fbts from Japan 
and south east Asia, and some 
23 per cent from Mieco, a Mat- 
sushita subsidiary in East Kil- 
bride. Lanarkshire. By 1996, 
the plan is that SB per cent will 
come from East Kilbride. 

Mr Leahy says statutory 
standards for fbts are higher in 
Japan than in Europe and 
Mieco builds to Japanese qual- 
ity. Replacing Mieco’s products 
from a European owned com- 
pany would not be a priority. 
Similarly, he wiQ “never” buy 
electrolytic capacitors, devices 
which store electric charge, 
from Europe. 

The complicated mouldings 
for the set cabinets also come 
from expatriate Japanese com- 
panies - Diaplastics of Bridg- 
end. and Munekta in Dublin. In 
a complicated tripartite sourc- 
ing deal, Panasonic is buying 
advanced Italian moulding 
tools from Italy costing 
£300,000 each to install at Dia- 
plastics. 

Mr Davies says Panasonic's 
insistence on quality and reli- 
ability has markedly improved 
suppliers’ performance, but he 
still detects a greater willing- 
ness amnng Aslan companies 
to make the extra effort to sat- 
isfy his needs compared with 
their European competitors. 





Michael Hes eltioe said rows with Britain’s partners did the UK no harm 

Cabinet backs EU veto plan 


By Roland Rudd 

Mr Douglas Hurd, the UK 
foreign secretary, last night 
appealed for support from 
senior Conservative back- 
benchers for an eventual com- 
promise over Britain’s demand 
that there should be no change 
to its EU blocking veto. 

The foreign secretary earlier 
received the cabinet's backing 
for a deal which "preserved the 
substance” of -the UK position, 
which seeks to prevent the 
number of votes needed to 
block legislation from rising 
from 23 to 27. But he was 
warned by Euro-sceptics that 
they would not vote for any 
deal which “further diluted the 
Common’s authority”. 


Both Mr Hurd and the prime 
minister, however, have made 
it clear that the dispute should 
not lead to a delay in enlarge- 
ment of the community. 

Mr Major insisted that Mr 
Hurd was negotiating to safe- 
guard Britain’s short and 
long-term interests, and added: 
“I am entirely confident that 
can be dime in an acceptable 
way without any question of 
delaying enlargement." 

Without a compromise by 
Britain and Spain, which, have 
been opposing the proposal to 
increase the number of votes 
required to block decisions, 
Sweden, Finland. Austria and 
Norway will be unable to join 
the EU by next January. 

Mr Michael Heseltine, trade 


and industry secretary, said Mr 
Hurd had the full support of 
his cabinet colleagues for nego- 
tiations with EU foreign minis- 
ters on Tuesday. 

He said he has always 
described himself as a Euro- 
pean because Britain's mem- 
bership of the EU was “a policy 
extension of Britain’s self-inter- 
est”. It did the UK no harm if 
there were rows with Britain’s 
partners, he argued. 

The government plans to 
bring forward legislation in the 
autumn If there is agreement 
on enlargement But a number 
of right-wingers and Euroecep- 
tics are threatening to rebel if 
the government compromises 
over weakening its blocking 
veto. 


Sydney 
plea leads 
to ‘illegal’ 
law raid 


Mr Michael Howard, the UK 
Horae Secretary, was yester- 
day ordered by London’s High 
Court to pay court costs esti- 
mated at £100,000 - £150,000 
for unlawfully authorising the 
police to seek a warrant to 
raid a leading London law 
firm after a request for assis- 
tance from the Australian gov- 
ernment, writes Robert Rice. 

The Court ordered that doc- 
uments seized during the raid 
on the offices of solicitors 
Theodore Goddard and accoun- 
tants Stein Richards should be 
returned. 

Mr Howard had denied that 
he, or the Home Office, had 
acted unlawfully in respond- 
ing to a request from the Aus- 
tralian government for help in 
a criminal investigation. But 
the Court said he had failed to 
follow the correct procedures 
for handling a request for 
assistance. 

in August last year Mr 
Howard received a request 
from the Australian DPP for 
assistance in obtaining infor- 
mation wanted in connection 
with an investigation involv- 
ing the Sydney-based Schein- 
berg group owners of the Best 
& Less retail chain. 

After vetting the request Mr 
Howard passed it to the Metro- 
politan Police giving them a 
free hand in deciding what 
procedures to follow in obtain- 
ing the information. 

At the end of October, fol- 
lowing a further request for 
documents from Australia 
which was passed by the Home 
Office to the police without 
vetting, the police obtained 
search warrants from an oin 
Bailey judge and raided tjj 
offices of the two firms, botn 
of which act for Schcinbergs. 

The documents seized were 
then handed by the polme 
directly to the Australian 
authorities in breach of the 
terms of law which requires 
the Home Secretary to check 
they are the right documents 
and that they are uot privi- 
leged. . , 

The Home Secretary 
last night he was considering 
an appeal. 


MPs set to urge finance shift for Post Office 


By David Owen 

Britain's Post Office should be free to 
raise money outside the public sector 
borrowing requirement to enable it to 
compete against new rivals in the pub- 
lic sector, an influential committee of 
MPs is set to recommend. 

In a report on the Post Office’s future 
to be published next week, the trade 
and industry select committee - on 
which the Conservatives have a major- 
ity - will urge the government to dis- 
close the findings of its 19-month 
review of the corporation as soon as 
possible. 

It will argue that uncertainty over 


government’s plans for the Post Office 
is putting the corporation at a serious 
disadvantage with regard to domestic 
and foreign competitors, and that the 
status quo Is not an option. 

But the report will stop short of rec- 
ommending specific action to Improve 
the corporation’s position. 

The report comes as the govern- 
ment's problems in devising a course of 
action for the Post Office have been 
underlined by pressure from a powerful 
group of cabinet ministers to shelve 
plans for further radical legislation in 
the 1994-95 parliamentary session. 

These ministers believe that with the 
government already committed to diffi- 


cult legislation next year on social secu- 
rity benefits, pensions and Europe, it 
cannot afford to take unnecessary risks. 

The committee’s move - which is 
intended to clear the way to allow the 
government to concentrate on rebuild- 
ing a reputation for its competence 
ahead of the next general election - 
looks set to delay indefinitely the Post 
Office’s privatisation. 

Several ministers have warned that 
privatisation of the Royal Mail would 
invite strong opposition both in the 
Lords and among Tory MPs because of 
potentially damaging implications for 
rural services and local post offices. 

Mr Michael Heseltine, trade and 


industry secretary, told the committee 
last month that there was a strong eco- 
nomic case for privatising the Royal 
Mail, while indicating he had been pre- 
vented from doing so by political con- 
siderations. 

He said the alternative to privatisa- 
tion - the 'halfway house’ of giving the 
Post Office more commercial freedom 
within the public sector - was also 
proving extremely difficult He had 
approached this with less enthusiasm 
than he had full privatisation. 

Mr Heseltine made no apologies for 
not conducting the review, saying it 
would be “irresponsible” to rush the 
decision. 


Britain in brief 




Swans faces 
long wait for 
key order 

Swan Hunter, the Tyneside 
shipbuilder in receivership, 
faces a damaging four-month 
wait to hear whether it has 
won a Ministry of Defence 
order crucial to its future. 

The MoD said yesterday it 
would not decide until July 
which company had won the 
refit of the Sir Bcdivere land- 
ing ship, for which the tender 
deadline is next Thursday. 

Swan Hunter's receiver. 
Price Waterhouse, which is 
optimistic of receiving at least 
one bid for the company before 
Thursday, expects any bids to 
be conditional on the award of 
Sir Bedivere, an 18-raonth con- 
tract which could be worth 
around £30m. 


poor records could still face 
increases. “Overall compre- 
hensive premiums should drop 
b.v 5 per cent or more." said 
Mr Halbert. 

On the basis of Hill House's 
statistics the average cost of a 
comprehensive motor insur- 
ance policy has already fallen 
from £442.54 to £417.34 in the 
past four months, while aver- 
age rates for non-comprehen- 
sive policies - which cover 
third party liabilities and 
some other risks - have 
dropped from £280 to £273. 


Cancer tests 
‘encouraging* 

The first tests on patients of a 
new form of cancer treatment 
developed by a British com- 
pany have had promising 
results, trials data published 
show. 

British Biotechnology’s drug 
batimastat performed well 
enough with 15 patients in the 
trial for investigators to give 
additional doses to some. 

Professor John Smyth of the 
Imperial Cancer Research 
Fund’s Medical Oncology Unit 
at Edinburgh's Western Gen- 
eral Hospital said he was "very 
encouraged" by the results of 
the trial, which suggested bati- 
mastat “may be effective in the 
treatment of ovarian cancer.” 

The mechanism by which 
the drug works means that, if 
it progresses through the next 
two years of clinical trials, it 
could be used in a variety of 
cancers, including breast, lung, 
colorectal and prostate, even 
on patients dose to death. 

Phase n of the clinical trials 
starts in ApriL Phase in trials, 
upon which applications to 
have a drug approved by the 
world’s health regulatory bod- 
ies. should begin later this 
year. 

Other companies are work- 
ing with metalloproteinase 
inhibitors, but none is as for 
advanced as British Biotech- 
nology, said Mr Edmund 
Debler, a New York biotechnol- 
ogy analyst with stock broker 
Mehta and Isaly. 

British Biotechnology shares 
rose 5p to 450p. 


Motor cover 
costs ‘to fall’ 

Most UK consumers can expect 
the cost of their motor insur- 
ance to fall this year as a wave 
of competition drives down 
premium rates, according to 
two of the country's biggest 
chains of high street Insurance 
shops. 

Mr Barry Hulbert, managing 
director of Hill Honse Ham- 
mond, estimated that four out 
of five drivers can expect to 
pay less, although drivers with 


‘No’ to HGV 
test sell-off 

The government has decided 
against privatising the testing 
of heavy goods vehicles and 
buses, currently carried out 
the Vehicle Inspectorate, an 
executive agency of the Depart- 
ment of Transport. 

Mr John MacGregor. Trans- 
port secretary, said that a 
study by Price Waterhouse, the 
accountants, had found that a 
successful sale could not bo 
achieved if competition were 
introduced into testing. 

Van sales back 
up confidence 

Sales of vans and other light 
commercial vehicles bought on 
hire purchase or other forms 
of finance leapt by more than 
one half last month, providing 
a further sign of returning 
business confidence, particu- 
larly among small traders. 

Finance sales of new light 
commercials rose by 51.2 per 
cent But this was narrowly 
eclipsed by finance sales of 
used commercials, which 
jumped by S2.6 per cent 

Statistics from HPI, the 
vehicle credit information 
organisation, also show a 47.8 
per cent rise in finance sales of 
used trucks and other heavy 
commercial vehicles, and a 
rise of 22 per cent in finance 
sales of new “heavies". 


600 jobs to go 
at W.H. Smith 

W H Smith, the UK retail and 
distribution group, expects to 
cut up to 600 jobs as part of a 
restructuring plan in its stores 
which will reduce the number 
of management layers from 
four to two. 

W H Smith said it hoped the 
majority of the redundancies 
would be voluntary. 

The announcement is the lat- 
est in a series of retail job 
losses, including 800 at Tesco, 
the second- largest grocery 
chain, and 650 at J Sainsbury, 
the UK’s biggest grocer. 

British Coal to 
cut 320 jobs 

British Coal is to cut at least 
320 jobs at its Harworth, Not- 
tinghamshire, colliery, in a 
move which signals significant 
further restructuring of the 
industry prior to privatisation 
later this year and next 

Although British Coal has 
completed the bulk of the 
industry rationalisation which 
began 18 months ago. It is 
thought that two or three 
more pits will be closed within 
the next few months among 
the 17 which are currently in 
operation. 


Synthetic bone 
can knit with 
the real thing 


By CBve Cookson, 

Science Editor 

Scientists have made and 
tested a replacement bone 
material which knits cleanly 
together with real bone. 

The "bio-ceramic" has been 
used successfully to repair the 
cheek bones of 30 patients. 
This year a larger c linica l trial 
will start with 400 people who 
require facial reconstruction. 

But the most important 
application will be in hip 
replacements, said Prof Wil- 
liam Bonfield. head of the 
research team that produced 
the artificial bone at Queen 
Mary and Westfield College. 
London. It could eventually 
transform the outlook for the 
500,000 people a year who 
undergo hip replacements, as it 
would last a lifetime. 

The metal and ceramic 
implants used today have to be 
replaced surgically every five 
to 15 years, at an average cost 
in the UK of £6,000 each time. 
They foil when the patient’s 
bone shrinks a way from the 
hard implant and the Joint 
works loose- 

Prof Bonfield toM a confer- 
ence in London yesterday that 
pis team expected to begin 
clinical trials within two years 
in people whose first artificial 
hips have failed. His new mate- 
rial is a composite cont ainin g 
hydroxy apatite, the main min- 


eral in bone, blended with 
polyethylene plastic. 

Several other research 
groups have formulated artifi- 
cial bone from hydroxy-apatite. 
What makes the London mate- 
rial a world first, according to 
Prof Bonfield, is that unlike 
the others it has the same 
micro-crystalline structure as 
real bone. That enables the 
patient's bone to grow cleanly 
into the im plant. 

Hie secret - which Prof Bon- 
field is now negotiating to com- 
mercialise with an unnamed 
healthcare company - lies in 
the way the London group pre- 
serves crystals a few nano- 
metres (millions of a milli- 
metre) long while making the 
hyroxy-apatite into a ceramic. 

Other participants at the 
Hammersmith Hospital confer- 
ence on "nanotechnology in 
medicine" responded enthusi- 
astically to the innovation. 

Prof Colin Humphreys, a 
materials scientist at Cam- 
bridge. said medical research- 
ers had come to realise over 
the last year or so that "they 
have to work with nature on a 
namoscale " if they are to make 
materials truly compatible 
with the human body. He fore 
cast that nanotechnology 
would lead - perhaps in 50 
years - to implanting silicon 
chi ps in the human brain "as 
an aid to memory or treatment 
for Alzheime r's disease.” 


London ‘hindered by lack of planning’ 


By John WiBtnan, 

Pubfic Policy Ecfitor 

London’s future as a world city 
has been weakened by the 
absence of a single planning 
authority for the central 
business district, according to 
Hillier Parker, the property 
agents. 

The UK capital is unable to 
co-ordinate its efforts to attract 
inward investors in the same 
way as other European cities 
such as Paris and Frankfurt, 
the firm says. 

London’s competitors have 
single local authorities that 
can affer comprehensive 
packages to international 
businesses which are looking 
for a European base. 

Since the abolition of the 
Greater London Council in 
1986, planning in London’s 
centre has been the 
responsibility of 10 inner-city 
boroughs, loosely co-ordinated 
by central government's 
Department of the 
Environment 

They have been urged to 
maintain a Central Activities 
Zone where priority will be 
given to the business and 
economic development which 
is essential to the capital’s 
status as a world city. 
However, a study by Hillier 
Parker shows that the 10 
boroughs have designated less 
than half the city centre as 
part of the Central Activities 
Zone. 

Much of the central business 
area - Hpfinwd by the registrar 
general using demographic 
data revealing where property 
is mainly non-residential (see 


map) - has been left out. 

This includes alt of the 
central business area in the 
three boroughs on the south 
bank of the River Thames - 
Wandsworth. Lambeth and 
Southwark. Islington, which 
adjoins the City financial 
district, has designated only 
one small area as part or the 
zone. 

"Overall the picture is of a 
city that is shrinking and 
becoming more fragmented in 
planning terms,” says Mr John 
Parmitsr of Hillier Parker. 

As a result, London will find 
it harder to attract 
international businesses to the 
capital, adds Mr Parmiter. 

Currently there is no single 
body promoting inward 
investment into tbe UK capital. 
Efforts to create a "First-Stop 
Shop" have been made by 
London Forum, a 
private-sector initiative 
launched last year to promote 
London. 

So far, it has had to rely on 
funding from three 
organisations: the City of 
Westminster, the Corporation 
of London (which governs the 
financial district colloquially 
known as “the City") and the 
London Docklands 
Development Corporation, an 
urban regeneration quango. 

A feasibility study on the 
potential for the First-Stop 
Shop found that other 
European cities such as 
Frankfurt and Paris have 
central organisations for 
promotion to inward investors, 
with budgets of several million 
pounds a year. 

In Paris, a deputy mayor 


Lack of authority: the capital’s planning boundaries 

** # **V* <W ***% Camden • Islington 

‘ 


Westminster 


Hackney 

Tower 


% 

^ PadrfngfwT^Sj 

I Kensington 
Gardens 


s 


X 


Kensington & Clwteea 


w 

. Source: Hrter Psfcw l 

with a budget of £4ra a year 
promotes economic 
development. A glossy 
brochure, Paris: No Greater 
City for Working and Living, 
underlines the advantages of 
dealing with a single local 
authority for the inward 
investor. 

Last year, it was left to the 
City Corporation and the 
London Docklands 

Development Corporation to 
represent the capital at the 
Hong Kong World Property 
Market convention. Other 
European and UK cities have 
long marketed their attractions 
at such events. 

Each of the 10 inner-city 
London boroughs is now 





FtivEr Thames 


Wandsworth 


Lambeth 


London’s central business area 
Central Activities Zona j[ 

• • ■ . Borough boundary ? 


completing its first unitary 
development plan setting out 
strategic planning policies on 
matters such as areas to be 
designated for business 
development 

Little effort has been made 
to co-ordinate the 10 plans, 
says Mr Panniter. "Some of 
these boroughs appear to 
regard their central London 
areas as distractions from their 
responsibilities to residents." 

“There is no agreement 
between them on what 
constitutes the central 
activities zone. Camden 
excludes ail but a small part of 
its area while neighbouring 
Westminster casts the net for 
wider," he says. 


T mmmm ■ 

Comparison of the 10 maps 
shows that neighbouring 
boroughs have different 
planning policies. Tlieir plans 
even disagree on factual 
matters as the line of the 
underground railway and the 
route for new lines such as 
Cross Rail. 

Most of the boroughs' plans 
for the central area are too 
advanced to be altered 
significantly. 

“By the time we wake up to 
this, it will be too late to do 
anytblng about it," says Mr 
Parmiter. 

“How can we compete with 
Paris and other cities with 
such an incoherent approach?" 
he asks. 




10 


FINANCIAL TIMES FRIDAY MARCH 18 lW 


THE PROPERTY MARKET 


Market slow to 
buy retail stock 


Perplexing new phase 

Vanessa Houlder on the impact of converging gilt and property yields 


bwestment yields: the gap narrows 



T he revival in property 
share prices promised to 
make this spring a golden 
opportunity for property 
companies to join the stock market 
But this week's placing and open 
offer by Capital Shopping Centres, a 
£830m retail company, met with a 
lukewarm response. 

CSC is the retail property arm of 
Trans Atlantic, the insurance and 
property group. Its sponsor, Robert 
Fleming, has succeeded in placing 
65 per cent of the £209m-worth of 
shares on offer with institutions, 
the remainder being on offer to the 
public until March 23. However, few 
analysts expect the shares to pro- 
vide quick profits. 

The problem is not that the com- 
pany lacks attractions. It will be the 
sixth largest property' company on 
the market and. as the owner of 
seven of the UK's most prominent 
shopping centres, it is the market’s 
only huge retail sector specialist. 

Moreover, its high quality assets, 
low level of borrowings and good 
rental growth prospects should 
ensure a steady rise in its income. 
Mr David Tuns tall of Smith New 
Court, brokers, says it has “the best 
dividend growth prospects of any 
company in the sector". 

One reason why the company has 
not caught the market's Imagina- 
tion is that this is not the first time 
shareholders have been offered 
minority shares in TransAtlan tic's 
property interests. CSC is composed 


of the retail property interests of 
Capital & Counties, a long-estab- 
lished property group, which was 
listed on the stock exchange until 
1992 when TransAtlan tic acquired 
its minority interests. 

But the main reason is the offer is 
perceived to be too expensive. The 
shares have been priced at a 13 per 
cent premium to net asset value, 
which looks expensive compared 
with the rest of the sector. 

Mr Chris Turner of BZW believes 
that the company's lack of gearing 
will hold back growth in its net 
asset value. Even, a 25 per cent rise 
in property values over the next 
two years might be insufficient to 
stimulate a rise in share price - if 
property shares return to being val- 
ued at a substantial discount to 
asset values. 

These criticisms rile Mr Donald 
Gordon, the company's chairman. 
"They don’t realise it is a situation 
with tremendous upwards poten- 
tial.” 

Mr Gordon contends that the 
company's valuers have underesti- 
mated the true worth of the compa- 
ny’s assets. 

According to the prospectus, the 
directors “do not believe that- this 
value properly reflects the 
long-term investment worth of the 
regional shopping centres in the 
London area". 

Their argument carries a certain 
weight, as shopping centres have 
tended to perform relatively well 



Tony Andrawa 

Gordon: true worth underestimated 


compared with competitors in the 
high street. 

But investors are concerned 
about a possible competitive threat 
to CISC’s flagship centre, a 1.32m sq 
ft shopping centre at Thurrock, 
which accounts [or about half its 
total assets. Blue Circle, the cement 
company, has drawn up plans for a 
rival shopping centre. Bluewater 
Park, at Dartford in Kent Analysts 
estimate that the close proximity of 
the rival centre could take 20 per 
cent of Thurrock's shoppers. 

Mr Gordon is sanguine about the 
rival scheme. “1 personally would 
welcome some competition,” he 
says. “We have a vast educational 
problem in reeducating the shop- 
ping public that shopping is a joy to 
do instead of being a chore." 

Vanessa Houlder 


T he property Investment 
market is approaching a 
watershed. The gap 
between gilt yields and 
property yields is starting to dose. 

The reason is twofold: the sharp 
fall in gilt values over the past six 
weeks, in which 20-year gilt yields 
have risen by one percentage point 
to 7.4 per cent, and the rapid surge 
in property values over the past 
nine months. 

Property yields are still being 
driven downwards by the weight of 
money being directed towards the 
sector. 

Average property yields, which 
stood at &2 per cent in February 
1993, are likely to fall to below 7.5 
per cent at some point over the next 
month, according to Mr Greg 
Nicholson of Hillier Parker, 
chartered surveyors. 

This presents a conundrum for 
property Investors. Investors have 
tended to view high-yielding 
properties with secure, long-term 
income streams as a substitute to 
investing in bonds. 

As a result, much of the driving 
force for last year’s drop in property 
yields was the decline in bond 
yields. 

The close relationship displayed 
by bond and property yields last 
year suggests that property yields 
could be dragged up by the current 
rise in bond yields. 

But this seems unlikely. 

Most analysts believe that 
property yields win sink beneath 


gilt yields, as investor confidence 
increases about the prospects for 
growth in property rents. 

This scenario, after all, would 


The erosion of the 
gap between gilt 
and property yields 
may dampen 
investor enthusiasm 


merely be a return to the traditional 
relationship between gilt and 
property yields. 

Many property owners believe 
that property values have nothing 
to lose horn an increase in inflation. 
An inflation-induced rise in rental 
values would be expected to 


compensate for the impact of 
the likely rise in gilt 
yields. 

Nonetheless, the erosion of the 
gap between gilt and property 
yields may dampen investor 
enthusiasm. Some investment 
decisions have been based on 
demanding projections tor rental 
growth. 

Yet, so far, there is little sign of 
rental increases in even the best 
property - although some of the 
incentives such as rent-free periods 
offered to tenants are beginning to 

diminish . 

If the closing of the yield gap 
causes investors to believe that 
property is self-evidently cheap, 
stone of the froth may be taken off 
the top of the market 

At present, there is still a 


scramble to buy property. The 
result is that values are being 
chased upwards - in many cases 
well above the asking price. 

“It is a bit like being In a casino. 
Quoting terms bear no relation to 
the ultimate sale price,” says Mr 
Nicholson. _ 

If some of the heat is taken off the 
market, investors who have seen 
large capital uplifts over the past 1 8 
months, may be willing to sell up 
and take profits. . 

If this happens, a reduction in the 
the shortage of property, which has 
helped drive up prices, will enable a 
much greater equilibrium in the 
market. 

The properties which are most 
vulnerable to a cooling of the 
market are high yielding buildings 
where tenants are locked into 
paying well above market rents for 
long leases. 

As investors have become more 
concerned about prospects for 
rental growth, there has been a 
lessening of interest in these 
over-rented properties. 

Moreover, since many Investors 
viewed the high, secure income 
streams offered by these properties 
as substitutes for bonds, they are 
likely to be more sensitive than on 
average to increases in bond yields. 

But for most types of property, 
the likelihood is that any further 
rises in the bond yields, if modest, 
will slow the property price rises 
rather than put them into 
reverse. 


0 




EXCEPTIONAL SALE OF 
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Excellent location: Charterot/BELGIUM 
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30 minutes from E.C.C. - capital Brussels 
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Most attractive price 

For further defails; fax LUMAT On 32/9/220 25 11 


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Centtrf GRE2VBLATT «S PARTNERS 
Td 071-403-0558 I 


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or David E Hammond BSc AR.ICS 


27 Soho Square London W1V 6 AX 

Offices in the City of London 
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0952 293131 

Land and premises with added value. 


0 










FINANCIAL TIMES FRIDAY MARCH 18 1994 

TECHNOLOGY 


As electricity deregulation begins in 
the UK next month, David Lascelles 
looks at a new generation of meters 

Counting 
the cost 



Oilseed 
fuel on 
trial 

T he UK's first trial to assess 
the commercial prospects 
for re fining oilseed rape 
into biodiesel begins this month, 
fiannway. an agricultural 
co-operative, plans to produce 

25.000 litres of biodiesel at a 
Chemoxv refinery on Teesside 
in north-east England. 

The co-op will then test the 
fuel in one of its vehicles and 
three of its cars for several 
months. 

Further trials are being 
conducted by another farm 
re-op, United Oilseeds, which 
is running three of its cars on 
imported biodiesel far a year. 

The car emissions will be 
checked to see whether the fuel 
holds environmental benefits 
over conventional dieseL 
Farmers are looking at the 
prospects of finding a fuel 
market for produce grown on 
land set aside as part of the 
European Union's Common 
Agricultural Policy reforms. This 
land cannot be used for food 
crops. 

Other countries in the EU. 
sucb as France and Italy, have 
established a market for fuels 
refined from oilseeds. But to 
compete with conventional fuels, 
these products need government 
tax breaks. 

The European Commission 1 
has proposed that biodiesel and i 
other similar products attract 
lower rates of duty. However, 
the British government has 
pointed to the lack of trial data 
in the UK. 

Martin Farrow, manag in g 
director of United Oilseeds, does 
not expect biodiesel to achieve 
mass market status. "But there 
is potential for Its use in 
environmentally sensitive areas, 
urban transport systems, buses, 
taxis and waterways." 

The file) is expected to be lOp 
a litre more expensive than 
conventional diesel. Some users, 
on waterways, for example, may 
be prepared to pay for a more 
environmentally friendly 
product Diesel spills in 
waterways can cause greater 
environmental da mag e than 
biodiesel which disperses within 
weeks. 

Deborah Hargreaves 


I n a tastefully converted bam 
at 0 diham in Hampshire, a 
computer screen shows the 
map of a residential area north 
of Bristol. At the touch of a button, 
the screen prints up real-time 
details of electricity consumption in 
any of 30 houses in the area - not 
just voltage, but wattage and 
whether the electricity being used 
is inductive or reactive. 

More than that, the computer can 
print out the consumption record 
for several days in 11-minute 
blocks, providing a detailed history 
of each household's life patterns 
(the exact identity of each house- 
hold is not disclosed during demon- 
strations). 

The experiment Is being con- 
ducted by a new company called 
Remote Metering System s (RMS) in 
conjunction with SWEB, the Bristol 
utility, to test a new generation of 
metering and fl nirHnnrri nations tech- 
nology. Each house has a novel type 
of electronic meter with a communi- 
cation device which sends messages 
along the electric wires. 

This technology is being devel- 
oped in anticipation of the deregula- 
tion of the electricity market which 
starts this April and will be com- 
pleted in 1998. By then, every house- 
hold in the country will be able to 
buy its electricity wherever it 
wants. 

Metering is a key part of the revo- 
lution because it will provide the 
means to manage an electricity sys- 
tem with multiple suppliers to mil- 
lions of households. The electricity 
will still be delivered to each house- 
hold down the wires of the local 
regional electricity company (REQ. 
But each supplier will need to know 
how much power to put into the 
system to meet customer needs. 

Electricity is already being sold in 
30-minute lots to big industrial cus- 
tomers. Households will probably 
deal in four-hour lots, but the new 
meters will still have to measure 
their consumption by the half hour 
because that is how electricity is 
traded in the wholesale market 
RMS was formed at the end of 
1992 by six electricity companies 
headed by Scottish Hydro-Electric 
and a group of experts in high-speed 
mains signalling technology. “All 
this has vast implications for the 
management of the electricity sys- 
tem, distribution costs and house- 
holds." says Nigel Brown, managing 
director. 

If the Bristol experiment is a suc- 
cess. RMS will install several thou- 
sand remote metering systems in a 
selected area of Scotland, and com- 
mercial production of the technol- 
ogy wfll begin. But it is not the only 
experiment going on. 

Southern Electric, based outside 
Maidenhead, in Berkshire, and Scot- 
tish Power, have teamed up with 
Jtron, a US company, to adapt 500 
meters in both southern England 
and Scotland so that they can be 


read remotely every 30 minutes. 
Instead of using the mains, these 
meters will transmit their si gnals 
via satellite and telephone links to 
computers at the two companies' 
headquarters. 

Although testing the technology 
is a key aim of the experiment, one 
of the main purposes, according to 
Stuart Broomfield. Southern’s direc- 
tor of customer services, is to see 
whether it is commercially feasible. 
That points to the real issue: cost 


New electronic meters cost more 
than £50 each. Although this cost 
would, in the first instance, be 
borne by the electricity company 
(household meters belong to the 
local distributor), it would ulti- 
mately be passed on to the con- 
sumer in the form of higher electric- 
ity prices. But why should an REC 
want to pay for everyone to have a 
new meter unless it saw benefits for 
itself, possibly in the form of auto- 
matic meter reading; or better load 


management? 

Alternatively, a householder 
might want to buy a new meter in 
order to be able to shop around for 
electricity. But would he spend, say. 
£70 in order to achieve a 5 per cent 
saving on a £300 bill? Traditional 
meters cost only £20 and last 80 
years, so the motive to change has 
to be strong. 

Andrew Forrest, marketing man- 
ager for GEC Meters, says: 
"Research bears out that the num- 
ber of customers seriously inter- 
ested in saving money is going to be 
less than 10 per cent." GEC is trying 
to get round the cost problem by 
marketing an attachment which 
can read a standard meter and 
transmit the information back to 
base. This would cost about £3Q-£40, 
depending on whether it sent its 
messages by wire or radio. 

Schlumberger Industries, another 
meter manufacturer, is stressing 
the cost-saving aspects of new 
meters. “We look at this very much 
as part of revenue-collection for 
suppliers and cost messages for con- 
sumers," says Tom Mahoney, man- 
aging director. 

A further cost is the transmission 
of the data. RMS says its form of 
power line communication system 
costs about £12 to install, in addi- 
tion to the meter. 

But Forrest is doubtful about 
power line technology: “It works 
out more expensive than you'd 
expect, and it's fraught with techni- 
cal difficulties.” He favours the tele- 
phone system. Brown agrees that 
his technology may be more expen- 
sive than, for example, radio, but he 
emphasises the value of a two-way 
communication system which can 
not only read the meter but also 
give it instructions. 

The electronic link could be used 
to provide alarm services, or enable 
electricity suppliers to offer inter- 
ruptible supplies to consumers who 
were willing to have inessential 
equipment switched off at peak 
hours in exchange for lower tariffs. 

All forms of meters would also 
enable householders to have live 
meters on the kitchen wall showing 
exactly how much electricity they 
are using at any time. 

At the moment, though, the mar- 
ket is at a standstill because all 
potential purchasers of new meters 
are waiting to see the rules of the 
pricing game. These are being deter- 
mined by Stephen Littlechild, the 
electricity industry regulator, who 
is conducting a review of electricity 
distribution pricing which will be 
completed in the summer. 

In a discussion document on 
metering two years ago, he hinted 
that the review might produce 
changes in the electricity pricing 
formula to enable electricity compa- 
nies to recoup the cost of installing 
new meters. Littlechild believes 
modern meters hold the key to a 
competitive market 


1 1 


Worth Watching • Della Bradshaw 



Voyager workstation 
saves desk space 


For a glimpse of future desktop 
computer design, look at Sun 
Microsystems' Voyager 
workstation, unites Louise Rehoe. 

It features a 12-in, tilting, 
active-matrix, colour, flat-panel 
display that can be folded against 
the vertical computer housing 
for storage. 

Hie unit takes np about 
one-third of the desk space of 
a traditional workstation and 
because of its small size and 
weight is expected to appeal to 
people in financial services, or 
field workers such as consultants, 
analysts or auditors. 

The display uses one-tenth of 
the power of a typical 
workstation and adds about 

S5.000 (£3.425) to the 
price. 

Sun: VS 415 960 1300. 


New chips 
for old 

For many upgradeable PCs, 
replacing the old processor chip 
with the latest one is tantamount 
to potting a Ferrari engine in 
a mini - the rest of the machine 
cannot cope. 

Californian company General 
Macro Systems has now launched 
a machine which connects the 
components on the single board 
with a 64 bit bus which can 
transport data at a rate of 320 
Megabytes a second - far Easter 
than required by today's 
processors. The Predator, sold 
in Europe by ITS, of Bracknell, 
can handle any type of processor. 

GMS: OS 909 980 4813. PP& 

UK 0344 56921 


Freezing technology 
creates novel lollies 

As summer approaches, food 
manufacturers may be interested 
in a novel freezing technology 
which could produce 


intricately-shaped iced tollies. 

Today most lollies are frozen 
in the mould, which is then 
heated quickly to release the 
product. This method results in 
the lolly losing shape and 
definition. 

The latest freezing technology, 
developed in Basingstoke by Air 
Products, relies on the principle 
of zero adhesion, where the 
surface is so cold that nothing 
«ill stick to it. 

By chilling lolly monlds to at 
least -80°C using liquid nitrogen, 
intricately-shaped and coloured 
lollies can be produced. 

The company has already 
developed lollies in the shape 
of a Tried egg and a light 
bulb. 

Air Products: UK. 0932 249273 


Symbol shows 
‘green 1 forestry 

Timber grown and sawn in 
Britain should in future carry 
a symbol guaranteeing that it 
was harvested under licence on 
the basis of sustainable forestry’, 
if a scheme launched this week 
is successful, miles James 
Buxton. 

The Woodmark scheme, 
introduced by the Forestry 
Industry Committee of Great 
Britain, aims to meet public 
demand that consuming timber 
docs not mean depleting forests. 
This demand has risen since 
Britain accepted forestry 
resolutions at the Rio Earth 
Summit in 1992. 

From the middle of this year 
sawmills should stamp every 
plank of British wood with the 
Woodmark if they are satisfied 
that it was appropriately 
harvested. 

FICGB: UK 071 930 9422. 


Computer with a 
sense of smell 

A “neural nose” which can sniff 
out fine wines by identifying the 
grape and vineyard can also smell 
fake perfumes and contaminated 
food. 

The computer with a sense of 
smell, developed by two British 
companies, Neotronics and Neural 
Technologies, incorporates 12 
sensors made of conducting 
polymers - the human nose has 

10,000 sensors. Nevertheless, by 
using neural computing 
techniques the nose can identify 
subtle smell combinations. 

Neural Technologies: UK 0730 
260256. 




T *' i 

£ ‘i f * 


* « 


> J 




PEOPLE 


Dawson g 

Peter Dawson (right), who over 
the past six years has built up 
the commercial vehicle hire 
and distribution company Daw- 
son group to a market capitalis- 
ation of £172m, is going Dutch. 
Today Dawson, who still owns 
almost 65 per cent of the 
shares, resigns as executive 
chairman to become chairman 
and managing director of the 
two-week-old Bawsongroup 
International in Rotterdam. 

Dawson's caution and con- 
servatism have allowed him to 
prosper in a field that has seen 
man y casualties during the 
recession. He felt that the 
group needed to expand inter- 


>es Dutch 

nationally, but was unable to 
find any better way than to do 
it himself. Rotterdam is tbe 
ideal place to start, he thinks, 
since not only is it a good cen- 
tre for transport but also an 
outlet for the Dutch dairy and 
market garden industries. By 
the end of the year he hopes 
the Dutch division will have 25 
portable cold storage units and 
25 trailers. As with every other 
development at Dawsongroup, 
of which he remains a director, 
be tikes to start small and 
grow. 

Michael Williams, a veteran 
of 18 years with Dawsongroup. 
took over as chief executive 



last November. The new chair- 
man is Tony Frendo, 46, who 
was until recently with Argyll 
as manag in g director, finance 
and administration, at Safeway 
Stores. 


Non-executive 

directors 

■ Walter Hayes is joining the 
board of Dagenham Motors, 
the London and south-east of 
England Ford dealer group, as 
a non -executive director. 

Haves, once-upon-a-time edi- 
tor of the Sunday Dispatch, 
vice president of Ford Motor, 
deputy chairman of Ford of 
Europe and close confidant of 
Henry Ford II. retired from 
Ford in 1989, aged 65. 

Having written “Henry", a 
biography of Henry Ford n. he 
returned to the Ford world in 
1990 as a member of the board 
of Aston Martin, tbe UK luxury 

sports car maker, which he 
helped persuade Ford to take 
over in 1 9RJ. 

As executive chairman of 
Aston Martin from 1991 he has 
been instrumental in trans- 
forming the often-chequered 
fortunes of the sports car 
group with the development of 
a new range of sports cars, the 
Aston Martin DB7. which goes 
into production next month. 

Hayes. 70 in April, has just 
retired from the Aston Martin 
chairmanship but remains as a 
non -executive director. 

■ Chris Greig. who was chief 
executive of Invergordon Dis- 
tillers until ti was taken over 
by Whyte & Mackay. a subsid- 
iary of American Brands, last 
November, is returning to the 
whisky industry. He has 
become a non-executive direc- 
tor of William Grant & Sons, 
the family-owned company 
which makes Glenfiddich, the 
UK’s leading single malt. 

Greig says it feels good to be 
back with "a Scottish indepen- 
dent". William Grant being 
one of the last big players in 
the Scotch whisky industry to 


fit that description. “Being 
entirely owned by the Grant 
family allows it to concentrate 
on building a long-term, qual- 
ity business without the dis- 
tractions which takeover bids 
create,” be says. 

William Grant only recently 
decided to appoint non-execu- 
tive directors. Earlier this year 
it brought in Patrick Thomas, 
mana ging director of Hermes 
in Paris. 

The 59-year-old Greig, who 
led the 1988 management buy- 
out of Invergordon from 
Hawker Siddeley and floated it 
in 1990, has also joined the 
board of Robert Wiseman 
Dairies, the Scottish liquid 
piilk processor and distributor 
which is coming to the stock 
market this month. 

■ Oleg Popov, director-general 
of Zarubezneft, a Russian state 
oil company, has joined the 
board of directors of Aminex, a 
small exploration and produc- 
tion company quoted on the 
Irish exploration securities 
market. 

Zarubezneft owns 49 per cent 
of East West Oil, which in turn 
owns almost 40 per cent of 
Amines, which is involved in a 
production project in the Komi 
Republic. 

Brian Hail, the chairman, 
says the strong Russian 
involvement in Aminex has 
opened doors for the company 
in that country. Popov will be 
the second Russian on a Ami- 
nex’s board. 

■ Shiraz Malik-Noor, the 
chairman and chief executive 
of the USM-quoted Royal Jelly 
company Regina, has parted 
company with the other mem- 
bers of the board over “a differ- 
ence In management style”. 
Despite announcing increased 
turnover for the opening six 


months last month, Malik-Noor 
said then that it was not possi- 
ble to sustain the increase. The 
company to appoint a 
□on-executive chairman and a 
further non-executive director 
very soon. 

Other non-execs 

■ James Wallace, group 
finance director at Pifco 
Holdings, at BODYCOTE 
INTERNATIONAL. 

■ Nils Taube has resigned 
from ST JAMES’S PLACE 
CAPITAL. 

■ Colin Wilkinson, marketing: 
manager at Energis 
Communications, at EIDOS. 

H Michael Booban, a former 
partner at Grant Thornton, at 
TIME PRODUCTS. 

■ Roger Graham, former 
chairman and chief executive 
of the BIS group, and Anthony 
Reeves, former ch ai r m a n of 
lifetime Corporation, at 
COMPUTER PEOPLE. 

■ Frank Frame, former deputy 
c hairman of HSBC, at EFM 
DRAGON TRUST. 

■ Rumi Veijee, chief executive 
of Abacus group, at BLACKS 
LEISURE GROUP. 

■ Peter Coster (below), former 
md at C&G Guardian, at 
THIRD WAVE SYSTEMS. 



Burgin joins 
Max and Polly 
at Bluebird 

Mighty Max has a fairly low 
City profile, nothing to do with 
his height of less than one 
inch. Max is one of Bluebird 
Toys’ success stories, a minia- 
ture figure now selling in 60 
countries, along with Polly 
Pocket and other tiny crea- 
tures aimed at capturing chil- 
dren’s hearts. Max and Polly 
have just got a new boss, 
Christopher Burgin, 44. who 
has been made chief executive 
of the company. 

Burgin has been picked by 
Bluebird's founder, Torquil 
Norman, 61, who is giving up 
the chief executive's job - but 
remaining as chairman - to 
concentrate on new product 
development. 

Angus Fisher, group 
operations director for the past 
four and a half years, is leav- 
ing. Norman says that because 
of the board restructuring. 
Bluebird “needed someone 
with more of a marketing back- 
ground as chief executive”, but 
adds that the parting with 
Fisher was amicable. 

Burgin will be working 
closely with Norman and also 
David Laxton, whose title is 
technical director but who Nor- 
man says plays a much greater 
and vital role in product devel- 
opment than the title reveals. 

Bluebird has gone through 
its ups and downs. Established 
in 1980, voted British toy man- 
ufacturer of the year in 1984, it 
was listed on the USM in 1985. 
It seemed unable to put a foot 
wrong, until in 1991 Its shares 
nosedived from a 1987 peak of 
506p to 26p; losses hit £3.510, 
partly a result of the Gulf War 
but also from a failure to keep 
a tight grip cm inventories. 

These days it's flying high 
again: its shares have moved 
from I78p to a recent high of 
B42p over the past 12 months; 
profits rose to £9. 8m from 
gi-fim, while sales increased 50 
per cent to £69m. 

Now Max has been adopted 
by a television production com- 
pany: 40 half-hour anima tinns 
are booked for the US, Blue- 
bird's second biggest market 

The appointment of Burgin, 
who has an 18-year back- 
ground in the Industry with 
toy giant Hasbro, ultimately as 
Hasbro UK’s group sales and 
marketing director managing 
brands such as Tririal Pursuit, 
Action Man and Play-Doh, 
comes at a moment when Blue- 
bird looks set to fly further. 


i- ' •* • •• • _ • . ■* 1 .*•!. v.- 



Unique properties in 
the heart of historic 


Greenwich. 


The Dreadnought Seamen's 
Hospital & The Devonport 
Nurses' Home, London SE10. 

An opportunity to acquire a 
long leasehold interest in these 
historic properties. 

Suitable for residential, 
commercial & institutional 
conversion/refurbishment 
(subject to planning). 







For a brochure or further 
information please contact: 





HUNTERS 

Chartered Surveyors valuers 


45 Ludgate Hill London EC4M 7JU 
Telephone +44 (0)71 329 3322 - 
Fax +44 (0)71 243 0233 
Contact Mark Bunney 


C DRIV ERS 

l T/Sv y a n 




ONAS 

071 - 4-91 9731 

Bnrtotn Iqaut HUM. UmUc* « | * STA 



Fax +44 (0)71 493 2043 
Contact: Jonathan Mikvard 











12 


FINANCIAL TIMES FRIDAY MARCH IS 1994 


V 


MANAGEMENT 


• J * 


Hewlett-Packard is in good shape but its chief executive is fighting complacency. Louise Kehoe reports 


Change while you are ahead 


C ompared with his 
peers in the com- 
puter industry. Lew 
Platt seems to have a 
soft number. When he became 
chief executive of Hew- 
lett-Packard in October 1992, 
the US company's revenues 
and operating earnings were 
growing strongly, while other 
larce computer companies 
were suffering heavy losses. 

Vet Platt is not taking life 
easy. "One of the tremendous 
advantages that I've had is 
tint HP was in fundamentally 
good shape when I took on this 
Job." he says, “but we can't let 
ourselves become complacent”. 

The fear of being lulled into 
a hdse sense of security by 
HP's current success is almost 
an obsession for Platt “People 
ask: What do you think about 
when you're in the shower or 
sli-MVing 1 .'* Well. I think about 
lv.*w easy it is to just keep 
doing what you are doing 
today Tor a little bit too long. 

"General Motors, Sears, 
international Business 
Machines were the greatest 
companies in their industries, 
the best of the best in the 
world. These companies did 
not make gigantic mistakes. 
They were not led by stupid, 
im-pt people. The only real mis- 
take they made was to keep 


doing whatever it was that had 
made them successful for a lit- 
tle too long.” 

Resistance to change is the 
root cause of the demise of 
industry-leading companies. 
Platt believes. “The real secret 
is to build an organisation that 
isn't afraid to make changes 
while it is still successful, 
before change becomes impera- 
tive for survival." 

For HP. however, there is a 
strong temptation not to “rock 
the boat". It recently overtook 
Digital Equipment to become 


the second largest US com- 
puter company in terms of rev- 
enues. It is now the world mar- 
ket leader in “open systems" 
minicomputers, computer 
printers, and test and measure- 
ment equipment. It ranks sec- 
ond in the market for com- 
puter workstations and eighth 
in personal computers. 

But getting there was not 
easy. HP went through a rough 
patch in the late 1980s and 1990 
as it cut back its workforce, 
reduced bureaucracy and reor- 
ganised its operations several 


times in search of an efficient 
structure. 

With hindsight it seems that 
HP was ahead of its competi- 
tors in making difficult adjust- 
ments to fundamental changes 
in the computer market. It 
“anticipated well necessary 
changes in technology”, says 
John Jones of Salomon 
Brothers, the US broking 
house. 

HP was in the forefront of 
the shift from proprietary com- 
puters to “open systems” based 
on industry standards. The 


company was the first to 
implement Reduced Instruc- 
tion Set Computing (Rise) tech- 
nology In mid-range and main- 
frame computer systems, 
providing high performance at 
lower costs. 

HP has also been faster to 
mm * bo terms with an indus- 
try-wide decline in gross profit 
margins as computer prices 
falL Over the past five years, 
its operating expenses have 
declined from more than 40 per 
cent of revenues in 1988 to 28 
per cent in the first fiscal quar- 


From microwave to multimedia 


O ver the past three 
years Hewlett-Packard 
has transformed its 
oldest business into the “point 
division” for its charge on to 
the mnltimedia information 
superhighway. 

The Stanford Park division 
grew directly from HP’s roots 
is the scientific instruments 
venture formed by Bill Hew- 
lett and David Packard 55 
years ago. “We still had engi- 
neering drawings in our man- 
ufacturing area with Bill Hew- 
lett’s signature,” recalls Jim 
Olsen, who heads the newly- 
named Vid group (Video Com- 


munications Division). “We’ve 
gone from selling microwave 
instruments to gearheads 
[engineering types] to selling 
video equipment to men with 
ponytails and earrings - art- 
ists, editors and film produc- 
ers.” 

Vid has become a symbol, 
within HP, of the capacity to 
adapt to change. It is also at 
tire forefront of the company’s 
efforts to draw on the diverse 
expertise of its various busi- 
ness groups to create products. 

Vid is stiQ part of HP’s test 
and measurement instruments 
organisation, but it worked 


closely with the printer divi- 
sions to create the first “video 
printer”, producing paper 
copies of video images that 
can be used to speed up edit- 
ing. Similarly, Vid’s “video 
server”, a video joke box for 
interactive television services, 
incorporates measurement, 
communications and comput- 
ing technologies from various 
parts of the company. 

As the market for multime- 
dia communications products 
develops, HP may need to cre- 
ate a business group to focus 
on tt. For the moment the com- 
pany prefers to form ad hoc 


collaborative “cross-organisa- 
tion” teams rather than 
restructuring its operations. 

“If we reorganised HP today 
to formalise how the divisions 
work together it could waste a 
lot of time,” says Olsen. The 
big gest change in moving from 
microwave to multimedia, he 
says, has been the accelerated 
pace of business. “Product 
development cycles used to be 
two to five years, now it is six 
to nine months.” When speed 
becomes critical, corporate 
structures take a back seat 


ter of 1994 (which ended on 
January 31). 

Achieving a “leadership cost 
structure” in each of its busi- 
nesses is a top goal. “Each 
business to stand on its 
own, be profitable and finance 
its own growth,” says Bob 
Wayman, chief financial offi- 
cer. “You make investments 
and take your losses for a 
period, but then you have to 
test the viability of a business 
by its profitability.” 

One of HP’s core strengths 
may be that it is founded and 
run by engineers who enjoy 
inventing products. In contrast 
to its largest competitors, HP 
brings new technology to mar- 
ket - even at the risk of canni- 
balising sales of its existing 
products - to maintain compet- 
itive advantage. 

“Withholding technology or 
the next price cut may seem 
tikp a good way to maximise 
profit margins, bat it’s a 
deadly game," says Platt 

Under Platt's leadership 
“HP” now also stands for what 
he calk “healthy paranoia". 
Managers are urged to be 
“always looking over your 
shoulder at the competition, 
always thinking about the next 
move". 

In HP's prize printer divi- 
sion, this is practised almost to 



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FINANCIAL TIMES 

L9MDQN n*u • MIAHMUM mnu-TOin 





Low Platt 'Whatever made us successful today wont be good in 1996’ 


a fault “We sometimes tend 
not to celebrate our successes 
as much as we should," says 
Rick Belluzo. head of HP's 
Computer Products Organisa- 
tion, which includes printers 
and personal computers. The 
risk is that by focusing too 
much on competition, HP 
could lose sight of what cus- 
tomers really want 

If success has not created a 
more relaxed environment at 
HP, it does at least allow top 
managers to concentrate on 
long-term market and technol- 
ogy trends. Platt has initiated 
a drive to create products and 
businesses that take advantage 
of the company’s rmnsuai com- 
bination of technology exper- 
tise in measurement, comput- 
ing and communications 
(MCC) - or ”MC squared" as 
he calls it. 

Last year, he created an 
MCC council, composed of top 
technical and marketing staff 
from throughout the company, 
to identify potential new “mul- 
ti-disciplinary" products. 
“We’re hunting for big game.” 
says Joel Bimbaum, head of 
HP’s research laboratories. . 


To make the most of its dif- 
ferent technology groups. Platt 
Is encouraging “cross-organisa- 
tional collaboration”. The 
booming telecommunications 
market, for example, is 
addressed by a marketing team 
drawn from both the computer 
systems organisation and the 
test and measurement busi- 
ness. Similarly, in sales and 
product development, geo- 
graphic and business organisa- 
tion boundaries are being 
breached. 

Platt admits he is unsure 
whether HP will have to create 
divisions to formalise these 
“virtual organisations" at some 
point For the moment, how- 
ever, he seems to be resisting 
the inevitable upheaval of a 
reorganisation. In his 28-year 
career at HP, he has seen too 
many. 

That does not mean that he 
is not shaking up HP. “What- 
ever we’re doing that made us 
successful today won’t be good 
in 1996, 1 can guarantee that” 
he tells his staff. “It might 
work in 1994. Maybe it’ll even 
work in 1995, but it will kill 
you by 1996." .. 


When less could 


mean more 


Christopher Lorenz on a shake-up 
in the funding of UK design 


T he maxim that “less 
is more" has always 
provoked controversy 
among designers. 

It was coined early this 
century by the fathers of the 
modem movement to convey 
the principle - often 
challenged since - that the 
best design is always lean. 

As from this week, designers 
in Britain, and their corporate 
clients, are being asked to 
accept the maxim in a different 
sense: that annual government 
design grants totalling £6m 
will actually be more effective 
than the £7 5m given for the 
last few years. 

The cut is being 
accompanied by a shake-up 
in the way the government 
promotes design in industry. 

The workforce of the 
government-funded Design 
Council, which provides design 
services direct to industry, is 
being cut to about 50 people, 
less than a quarter of its 
present size. 

Its provision of consultancy 
and other services is being 
transferred to the Department 
of Trade and Industry’s, 
nascent network of 
multipurpose business service 
centres, known as Business 
Link. The Design Council will 
become a research, education 
and campaigning organisation. 

When the government first 
outlined these moves six 
months ago. it seemed that 
less would mean less. 

At that stage, the DTI 
wanted to cut the Design 
Council's annual grant to 
about £3m from £7.5m. It also 
planned to give no extra ftmds 
to Business Link, in spite of 
the expansion of its remit to 
include the council’s previous 
services to industry. 

Then Michael Heseltine, 
trade and industry secretary 
- who was 111 at the time of 
last autumn’s announcement 
- decided that if Business T.mir 
were to take on the extra 
services, it needed more 
resources. Hence this week’s 
decision to commit an extra 
£2m a year to Business Link 
over the next three years, 
taking its 199495 budget from 
£17m to £19m. Together with 
the provision of an extra 
annual Elm to the “new” 

Design Council, this mitigates 
the cut in the government's 
overall spending on design 
support to 20 per emit 


Within the new total, the 
“less is more” principle wifi 
apply, only about £Um a year 
will be spent on Design 
Council fixed costs and 
overheads, compared with 
more than £6m in the current 
year, leaving more funding 
for design research and 
promotion. 

Behind Heseltine 's 
intervention, it is understood, 
lies bis recognition that in 
increasingly tough 
international markets, high 
quality and good service are 
becoming mere qualifications 
for competing; they 
differentiate one product from 
another for less than they did 
as recently as the late 1980s. 

As a result, design is becoming 
a much more important 
"differentiator" in all sorts of 
industries. 

One example of this is the 
remarkable success of the 
Rover 600 sales of cars in 
Britain, and, increasingly, 
other parts of Europe. 

The model is identical to its 
sister car, the Honda Accord, 
except in its interior and 
exterior design cosmetics, yet 
these give it a very different 
character. This has helped it 
to outsell the Accord in the 
UK. The Rover 600 Is one of 
six products to win the Design 
Council's annual transport 
awards, announced yesterday. 

A string of examples where 
industrial desi g n has had a 
for-reaching impact on 
successful products went on 
show last week at London’s 
Design Museum*. All the 
products - except for the 
Rover - are made by Japanese 
companies, but with 
considerable input by British 


Exhibits include NEC’s 
UltraLite Versa Notebook 
Computer which has more 
than quadrupled the Japanese 
company’s share of the 
booming US notebook market 
from 2Jj per cent since its 
launch a year ago. NEC 
attributes much of the 
product’s success to its 
modular design, on which the 
company has received 
considerable assistance from 
IDEO. an Anglo-American 
design consultancy. 


* Designed in one - made in 
the other: new products of 
collaboration between Britain 
and Japan. 


ain 1 



M 


i* *. v . 

'f ■ //•. 







FINANCIAL TIMES FRIDAY MARCH 18 1994 


13 


Wide appeal of 
intimate Danes 


ARTS 



‘Woman Standing in Front of a Mirror* by Christoff er Wilhelm Eckersberg, c.1837 


T lurty years ago. the thought 
that any large American 
museum would want to exhibit 
let alone collect paintings by 
obscure early 19 th century 
Danish artists would be considered a joke 
along the lines of “Masterpieces of Bulgar- 
ian Portraiture” or “ Albania n Landscape 
Painting-. The whims of the art market 
and the resourcefulness of scholars have 
c o m bin ed to change all that, as can be 
seen at the Metropolitan Museum of Art in 
the exhibition The Golden Age of Danish 
Pamiing (till April 24). 

Although Danish paintings has always 
had a small band of admirers and support- 
ers (a Danish show was held at the Jeu de 
Paume in Paris in 1928) attention was 
closely paid only during the market boom 
of the late 1970s and early 1980s, when 
forgotten or neglected painters or schools 
were seized upon by an art trade hungry 
for novelty and quality and a surplus of 
eager graduate students and museum 
curators. In addition. Danish pictures ben- 
efited from the emergence of Biedermeier 
as a “hot" style of interior decoration, 

Paul Jeromack 
reviews two rewarding 
exhibitions at 
the Metropolitan 
Museum , New York 


their small scale and attractive secular 
subjects making them the perfect size for 
intimate rooms of penthouse apartments. 

By the mid-1980s, 19th-century Danish 
painting became chic, promoted by fash- 
ionable galleries in New York and London. 
Mindful of their heritage, the Danes made 
it increasingly difficult for foreigners to 
obtain export licences for top Danish 
works, making the available supply 
increasingly expensive - which of coarse, 
added to their appeaL Following the dic- 
tum that "if it's expensive it must be 
worth buying", museums including the 
Louvre, the National Gallery. London, and 
the Cleveland. Metropolitan and Getty 
museums belatedly began to acquire their 
first Danish paintings. 

In 1984/85 the Grand Palais and the 
National Gallery, London, hosted the inev- 
itable exhibition D anis h Painting; tbe 
Golden Age. and ten years later, it is the 
Metropolitan's turn following its premiere 
at the Los Angeles County Museum. The 
LA/Met show is tighter and more coherent 
than the 1984 exhibition, with master- 
pieces attractively displayed in five inti- 
mate galleries painted in fashionable Bied- 
ermeier colours of plum, coffee and green. 

The "Golden Age" of Danish pamtmg 
was relatively brief, lasting only the first 
50 years of the 19th century ironically 
coinciding with an unusually bleak spell 
of economic depression and political 
unrest in Denmark. Although most Danish 
artists made the inevitable trek to Rome, 
producing many brilliant oil-sketches erf 1 


T he Belgian composer C&sar 
Franck wrote four operas, the 
first and last left unfinished. Not 
many people know that; and 
amongst those who do, it rarely crosses 
their minds. Franck’s operas seem to be 
not just dead, but extinct Yet all but the 
most grudging music-lovers will agree that 
his violin sonata and the Symphonic Vari- 
ations - not to mention the other chamber 
music, the symphonic poems, the ever- 
green Prelude. Chorale & Fugue for piano 
and the D minor symphony our parents 
loved - prove him a considerable master. 
Why has his sole full-scale opera Hulda, 
composed during the same “high period" 
in his early 60s as most of those, been 
denied serious attention? 

University College Opera remembered it 
on Tuesday, thanks to their inq airing 
director David Drummond. (Last perfor- 
mances tonight and tomorrow, at the 
Bloomsbury Theatre.) Not only remem- 
bered, in French, but restored - in a recen- 


the Italian countryside, once bade home 
they concentrated on depicting pleasant 
scenes from daily life, sea vistas filled with 
ships with b linding ly white sails, land- 
scapes of the countryside, and numerous 
portraits. 

Perhaps the most various of Hym* was 
Christoffer Wilhelm Eckersberg 
(1783-1853). a pupil of David in Paris who is 
represented at the Met by all of the above, 
plus a small history painting of "The 
Return of Odysseus"; several superb male 
and female academies: and a disquieting 
moonlit view of a bridge down which peo- 
ple are running while two women point 
with alarm to a scene outside the picture: 
the catalogue assumes it to be a fire or an 
attempted suicide. 

Eckersberg’s student. Christen Kobke, 
now considered the leading figure of the 
time, is a more sensitive artist, whose ren- 
dering of light and atmosphere are unsur- 
passed - as can be seen in his two extraor- 
dinary views of the "Small Tower on 
Frederiksborg Castle" and the hazy sum- 
mer “View of Dosseringen with a Group of 
Rushes in the Foreground". 

•k 

Running concurrently with the D anish 
show is Caspar David Friedrich to Ferd- 
inand Hodler. A Romantic Tradition, com- 
prising of 19th-century German and Swiss 
paintings from the Oskar Reinhart Foun- 
dation, Winterthur (closes April 24. 
reopens at the National Gallery, London, 
on June 15). 

Even among many sophisticated collec- 
tors, most German art has been tainted by 
innocent association with the cultural pol- 
itics of Nazism, which celebrated the 
"noble Aryan" artist from Durer down. 
Official Nazi propaganda took its cue from 
much German 19thrcentury painting , »nH 
when the Metropolitan bravely hosted an 
exhibition of this neglected period in 1981, 
it was ignored by the public. 

In the face of public indifference, the 
Metropolitan gets credit for trying German 
art once a g ain, but unfortunately it is hin- 
dered by the private, uneven quality of the 
Reinhart pictures, which, as presented, 
will win no new fans for this esoteric 
mate rial 

U nhappily hung on white walls 
in several large, sprawling gal- 
leries. the R einhar t show is 
twice as large as it should be, 
padded and diluted with a distressing 
number of uninspired work by mediocre 
painters and mino r works by major artists: 
the Reinhart Fuseli, “Jealousy", is dread- 
ful. inferior to the the Met’s own “Lapland 
witches". 

Despite this, there is much to give plea- 
sure and several welcome surprises: nota- 
bly the landscapes of icy glaciers and 
valleys in the Alps by the late 18th-cen- 
tury Swiss, Caspar Wolf, and the crisply 
painted, sun-drenched landscapes of Italy 
and Salzburg by the Austrian Ferdinand 
Georg WaldmuDer. Friedrich is shown in 
Beven examples, highlighted by the 
famous "Chalk Cliffs on Rugen". A superb 
vista of the Unter den Linden in Berlin in 
1852 by Eduard Gaertner is a worthy suc- 
cessor to Bellotto’s views of Dresden and 
Warsaw. 


sion which claims to give us the uncut 
original, minus a dispensable ballet-se- 
quence. At its posthumous premiere, 
dimly received, Hulda suffered brusque 
amputations throughout, and only that 
version has been published. 

Dr umm ond has delved successfully to 
reinstate the lost parts. On tbe face of tt, tt 
had always seemed plausible that Hulda 
might be dead in the water. The play that 
Franck’s librettist Grandmoujin adapted 
(by BjSrnstjeme BjOrnson, Norway’s lead- 
ing playwright unto Ibsen) is a Viking tale 
of violent love and gory murder, not natu- 
ral territory for the church-organist com- 
poser’s decorous muse. It was easy to 
believe the judgments of New Grove Opera'. 


Genre painting is represented by the 
English city and country views by the 
Swiss Jacques-Laurent Agasse and by the 
small equestrian canvases (populated with 
doll-like figures) by Wilhelm von KobelL 
After the mid-19th century, much of the 
individuality of German painting was lost 
as influences from France gradually took 
hold. Some artists, like Wilhelm Leibl, 
were talented enough to translate Cour- 
bet’s earthy realism into an individual and 
incisive style, as seen in two fine portraits 


"almost wholly lacking in genuine 
drama". 

Live experience of the integral opera 
suggests something different. Yes, the 
influence of Wagner on the score reminds 
us that the Master would have pressed the 
murderous junctures harder, instead of let- 
ting them develop within a calm, formally 
deliberate view. But no, that isn't a. simple 
weakness - not when the structure of 
each act (five of them) is bofit so cogently 
to accommodate them within a cooller Gal- 
lic idiom. Smoothly, of course - Franck 
was an ultra-smooth constructor; but 
within his chosen guidelines, quite pun- 
gent e n ough. 

The old cuts in every act, as Drummond 


and a large political genre scene of care- 
worn peasants consulting a land register, 
but more often than not, the loose brush- 
work of Manet or Monet becomes a sloshy 
and unconvincing mannerism in the 
hands of Frank Bucher, Max Liebermaim. 
Max Slevogt, Fritz Schider or Fritz von 
Uhde. 

After this, the innovative work of 
Arnold Bdcklin, and especially Ferdinand 
Hodler, are a blessed relief, both painters 
owing little or nothing to French influ- 


details them In the programme-book, 
denied each of tbem its "symphonic" 
beginning, its middle and/or its end. In bis 
sympathetic hands, the UCL account made 
us hear how much Franck's carefully 
rounded-off forms matter. Climactic pas- 
sages which might seem tame, if detached 
from their contexts, struck home in their 
proper places. True, the mostly amateur 
band had its lapses in pitch and balance 
and the UCL choristers sometimes 
sounded relieved just to find themselves 
still on tbe beat. 

The mostly young-pro soloists, however, 
strove to greater effect. As Hulda. 
wrenched by the Aslak tribe from a family 
whom they have slaughtered, Adele Pax- 


ence. Rather. Hodler’s female portraits, 
the "Convalescent" of 1880 and the "Por- 
trait of Loinse-Delphine Duchosal" of 1885 
anticipate Picasso’s rose period of same 20 
years later; and his extraordinary "Sur- 
prised by the Storm of 1886", where six 
fashionable ladies and gentlemen in a tiny 
boat form an interlocking chain of icy 
terror as they cling to each other as the 
menacing waves rise about them, recalls 
the tortured compositions of Stanley Spen- 
cer and Paulo Rego. 


ton grew steadily toward tragic stature. 
Her faithless Aslak lover Eiolf had the 
lusty tenor (and portly frame) of the Aus- 
tralian Julian Gavin, in a russet suit that 
did him no favours. Her original captor 
was the baritone Tom McVeigh, tougbly 
virile until his early demise. As her might- 
have-been Aslak in-laws, Helen Lawrence 
and Deryck Hamon discovered satisfying 
character in their roles. 

All that was enough to make one appre- 
ciate how good and compelling Franck’s 
score might seem in a full-blooded produc- 
tion that respected his period-constraints. 
Malcolm Hunter's plain staging, in Munch- 
inspired designs by Michael Spencer, goes 
a fair way towards that If it stops short oT 
gearing the action rigorously to the music, 
it goes far enough to show that Hulda is 
not a mere museum piece, but a vital 
period-exhibit. Well worth catching. 


Sponsored by the Friends of UCL, the 
Royal Norwegian Embassy and Zeneca 


Theatre 

Three old 
ladies 

R odney Ackland was a friend and 
admirer of the young Alfred 
Hitchcock when there were still 
silent movies. That is the key to 
the sensational revival of Ackland's play. 
The Old Ladies, at Greenwich. Even Hitch- 
cock would have been impressed by Annie 
Castledine's production. It is the first 
time that I have felt goose-pimples in tbe 
theatre. 

Ackland described in his memoirs, The 
Celluloid Mistress, how he borrowed the 
story from the novel by Hugh Walpole. He 
was so excited at the prospect of produc- 
ing of a great milestone in the art of tbe 
cinema that at first he failed to tcil 
Walpole what he was doing. 

The Old Ladies, he wrote, "seemed 
intensely cinematic; it offered tremendous 
scope for warning shadows, huge close- 
ups of hands and feet and faces, and the 
use of ever such significant angles and 
symbolic objects." Thus Ackland wrote 
the script with only one word of dialogue. 
U came when Miss Berringcr. an elderly 
spinster, was so terrified by her gypsy- 
like neighbour, Agatha, that she cried 
“Jesus!" and then fell dead. 

Walpole, when informed, suggested that 
it might be more lucrative to try a play 
before a movie. Ackland complied with 
this stage version. John Gielgud agreed to 
direct and Edith Evans to star. The piece 
had a decent but not spectacular run in 
the West End In 1935. Tbe movie never 
materialised. 

That was the cinema's loss. Hitchcock 
could have picked up The Old Ladies just 
as Hollywood pnrsued Patrick Hamilton’s 
Rape and Gaslight, which are similar psy- 
chological thrillers from the same period. 
Ackland. like Hamilton, is now making a 
comeback in the theatre. 

T he tension in the Greenwich pro- 
duction is almost unbearable. It 
comes at least as much from the 
set, the lighting and the accom- 
panying sound effects as from tbe acting 
and the plot. For the plot is pretty well 
non-existent 

Here are three elderly ladies together in 
an old house in Polchester, which might 
be Colchester or any place around the 
southern English coast Two of them dis- 
like each other. Yet it is a tribute to 
the play that you never quite lose the 
suspicion that tt may be Lucy, the amia- 
ble one in the middle, who is the most 
unhinged. 

Nor do the ladies, by today’s standards, 
seem especially old. Tliey are just three 
different people, trapped in the same 
surroundings. Iona McLeisb’s two-tier set 
features a central staircase: the bedrooms 
of the two disputing women are at the 
top. Agatha, the gypsy lady played by 
Miriam Karlin, is slightly lame. Anything 
that happens on or around that staircase 
is electric. Even when the lights are out, 
Agatha is always stirring. The shadows 
that Ackland envisaged for a movie ver- 
sion are all over the house. 

The technique is teasing. No-one falls 
down the stairs. The references to drink- 
ing the last drop of coffee or tea are a 
decoy, for no-one is poisoned either. 

There is no premeditated murder. This 
might almost be normality in Polchester, 
which as in the best of Hitchcock is pre- 
cisely what makes The Old Ladies so 

haunting. 

The only falling in Ms Castledine’s pro- 
duction is probably not her fault The end 
is not quite as dramatic as the rest of the 
play has led you to expect. Yet coming 
after nearly three boors, which seem to 
pass like 30 minutes, that it is a small 
fault It may even be deliberate: after so 
much suspense, why not conclude on a 
note of anti-climax? 

Doreen Mantle plays Lucy with great 
gentleness, including a reading from 
Tennyson. Ms Karlin's Agatha is genu- 
inely frightening, and so Is Faith Brook as 
the terrified spinster - but for her frailty 
not her strength. 

Malcolm Rutherford 


Greenwich Theatre until April 2. Tel: 
(081) 858 7755 


Opera/David Murray 

Fresh view of old Franck 


1 International \ 

3 A 1 

AS 

ITS 

GU 

ID 



Music in Florence 

The only staged opera at the 
1994 Maggio Musicals Florentino, 
the festival organised by 
Florence's Teatro Communale, 
will be Luc Bandy’s Salzburg 
production of Salome, with 
Catherine Maffiteno in the tide 
role. But three operas are 
performed in concert, and the 
line-up of orchestras and 
recitalists is more high-powered 
than recent years. 

The festival opens on April 26 
with the first performance by 
Italian forces of Schoenberg's 
Moses and Aron. Zubin Mehta 
conducts the Maggio chorus and 
orchestra, with Theo Adam and 
Thomas Moser in the title roles. 
Mehta also conducts the staged 
Salome, as wen as two concert 
performances of Bartoks Duke 
Bluebeard's Castle and the Verdi 
Requiem. Semyon Bychkov wiH 
conduct Shostakovich's Lady 
Macbeth of Mtsensk (with 
Tatyana Potoektova as Katerina) 
and the closing concert on July 
1 . 


Guest orchestras include the 
Oslo Philharmonic under Mariss 
Jensons, the Bamberg Symphony 
with Georges Prfitre, the Dresden 
StaatskapeUe with Giuseppe 
SinopoB and the Pittsburgh 
Symphony with Lorin MaazeL 
Markus Stenz conducts the 
ttaOan premiere of Henze's 
Requiem, and there wfll be 
recitals by Samuel Ramey and 
the Chung Trio. 

The dance programme features 
MlkhaH Baryshnikov's White Oak 
Dance Project and a new baRet 
for Carla Freed choreographed 
by Gianfranco Paohizi, set to 
music by Hindemith. Fans of Bob 
WBson can look forward to a Noh 
theatre spectacle devised by the 
American director, entitled Dittico 
gfapponese and set to music 
by Marcello Pannl and Jo Kondo 
(BlgRetteria del Teatro 
Communale: 055-21115®. 


m EXHIBITIONS GUIDE 
AMSTERDAM 
Rjjksmuseum Dutch Figure 
Drawings 1 700-1 B50. Ends May 
1. Closed Mon 

Van Gogh Museum Pierre Puvls 
de Chavannes: 150 portraits, stfH 
lifes, genre pieces and sketches 
by the 19th century artist whose 
murals grace many public buildings 
in France. Ends May 29. Daily 
BARCELONA 

Fundactf la Caixa Willem de 
Kooning: 50 paintings, sculptures 
and works on paper by the key 
abstract expressionist painter. Ends 
April 3. Closed Mon {Centre 
Cultural, Passeig de Sant Joan) 
BRUSSELS 


Musdes Royaux d'Art et 
d’Histoire Charles V: Royal 
Collections of Spain. Bids April 
24 

Palais des Beaux-Arts The Closed 
Garden of the Soul: works of art 
by women belonging to religious 
communities in the Low Countries 
from the 13th century. Ends May 
22. Closed Mon 

EDINBURGH 

National GaMery of Scotland From 
Leonardo to Manet 50 outstanding 
prints and drawings acquired over 
the past ton years. Ends April 17. 
Daily 

FRANKFURT 

Deutsches Arehftekturmuseisn 
Modem Architecture in Germany 
1900-1950: Expressionism and 
the Notre SachiichkelL The 
exhibition, the second of three 
tracing developments In 20th 
century German architecture, 
focuses on the avant-garde utopias 
of the interwar years, aimed at 
meeting the needs of an era of 
politics] and social turmoil. Ends 
July 3. Closed Mon 
Schim Kunsthalle Archaeological 
Treasures from Romania- 500 
objects documenting 6,000 years 
of history, including weapons, 
jewellery, gold and silver. Ends 
April 17. Daily 

Museum fur modeme Kunst On 
Kawara (bl 933): seven paintings 
and 62 drawings by the Japanese 
conceptual artist Ends May 15. 
Closed Mon 

Kunstmes&e Frankfurt’s annual 
art fair takes place from March 
23 to 27. with an emphasis on 
postwar art 
GLASGOW 

McLetian Gafieries The Bigger 
Picture: a celebration of 400 years 


of Scottish painting. Ends April 
4. Daily 

Hunterian Art Gallery The Italian 
Renaissance Print works by 
Mantegna, Barocci, Annibale 
Carr acc i and others from the 
Hunterian’s collection. Ends April 
23. Closed Sun 
LONDON 

Royal Academy of Arts Goya: 

100 smafl-scale paintings covering 
his entire career, including sketches 
for major afterpieces, portraits, 
self-portraits, cabinet pictures and 
miniatures on ivory. Ends June 12 
(advance booking 071-396 4555). 
Masterpieces from the George Ortiz 
collection of antiquities. Ends April 
6. The Unknown Modigliani. Ends 
April 4. Dally 

Hayward Gallery Salvador Dali: 

The Early Years. Ends May 30. 

Daily (advance booking 071-928 
8800) 

Tate Gallery Picasso: 200 works 
focusing on the relationship 
between sculpture and painting. 
Ends May 8. Daily 
National Gallery Claude: The 
Poetic Landscape. Ends April 10. 
Daily 

Victoria aid Albert Museum 

Faherge: 350 treasures from 
imperial St Petersburg. Ends April 
10. Daily 

British Musewn The Study of 
Italian Drawings: a tribute to the 
late Philip Pouncey. Ends April 24. 
Daily 

National Portrait Gallery Holbein 
and the Court of Henry VIII. Ends 
April 17. Daily 

Whitechapel Art Gaflery Medardo 
Rosso (1858-1928): retrospective 
of the Italian Impressionist sculptor. 
Ends April 24. Closed Mon 
LYON 


Mus6e des Beaux-Arts The 
Romantic Movement in France: 
paintings, sculptures, drawings 
and engravings from the museum’s 
rich collection of works by Chari et, 
Delacroix and others. Ends June 

19. Closed Mon and Tues 
MADRID 

Centro de Arte Reina Sofia 
Joseph Beuys (1921-86): 
IDinstaliations, 25 sculptures and 
456 drawings by one of the most 
controversial figures in postwar 
German art Ends June 6. Closed 
Tues 
MILAN 

Palazzo Reale The Goths: the 
exhibition aims to shed light on 
a mysterious people, with new 
material dating from the first to 
the fourth centuries, on loan from 
the St Petersburg Hermitage and 
museums in Poland, Moldavia and 
Ukraine. Ends May 8 
NEW YORK 

Museum of Modem Art Frank 
Lloyd Wright architectural 
fragments, full-scale constructions, 
scale models and 350 original 
drawings. Ends May 10. Closed 
Wed 

Metropolitan Museum of Art The 
Decorative Arts of Frank Uoy d 
Wright Ends Sep 4. Degas 
Landscapes. Ends April 3. The 
Golden Age of Danish Painting 
1780-1850. Ends April 24. 19th 
century paintings and drawings 
from Germany and Switzerland. 
Ends April 24. 16th Century Italian 
Renaissance Drawings in New York 
Collections. Bids March 27. Closed 
Mon 

Guggenheim Museum Frank Uoyd 
Wright's Designs for the 
Guggenheim Museum. Ends May 

20. The main museum is dosed 


on Thurs, the SoHo site on Tues 
PARIS 

Salon de Mara The annual art 
market at Champ de Mars opens 
today and runs till March 27. Under 
a vast tent between the Eiffel Tower 
and the Ecole militaire, the Salon 
brings together African sculpture 
and art deco furniture, medieval 
icons and abstract paintings. Daily 
till 9pm. Thurs till 11pm (Place 
Joffre, metro Ecole militaire) 

Mona Bismarck Foundation Early 
Italian Peoples: pottery, jewellery, 
bronze statuettes and amis, 
showing the diversified artistic 
expression of the inhabitants of 
central and southern Italy from 
3000 to 300 BC, overshadowed 
until recently by Etruscan 
civilisation. Ends May 17. Closed 
Sun and Mon (34 quai de New 
York) 

Louvre Egypt's Role in Western 
Art 1730-1930. Ends April 18. 
Closed Tues 

Petit Palais Art of the Tainos 
Sculptors: 85 pre-Columbian 
masterworks in stone and wood. 
Ends May 29. Closed Mon 
Centre Georges PompMouThe 
City, Art and Architecture In Europe 
1870-1993. Ends May 9. Closed 
Tues 

SAINT- ETIENNE 
MusOe d’art modeme Sen 
Nicholson: retrospective of the 
British abstract artist Ends April 
25. Daily 
STOCKHOLM 
Nationalmuseum French 
Symbolism: a conspectus of the 
entire movement, from Pierre Puvis 
de Chavannes. Gustave Moreau 
and Odilon Redon to Paul Gauguin, 
the Nab is and early Art Nouveau. 
Ends April 24. Nordic Profiles: 


Danish, Norwegian, Finnish and 
Swedish design of today. Ends 
April 30. Liv Derkert (1908-38): 70 
paintings by the Swedish modernist 
who died tragically young. Ends 
May 8. Closed Mon 
STUTTGART 

Staatsgalerie Picasso: a rare 
showing of 400 prints from a 
private collection, including 
portraits, still Wes and other 
themes. Ends June 19. Closed Mon 
WASHINGTON 
National Gallery of Art Egon 
Schiele: 70 works by the leading 
figure of Austrian Expressionism. 
Ends April 24. The Age of the 

Baroque in Portugal. Ends April 

3. Ruth Benedict Collection: 78 
prints and drawings from the 16 th 
to 20th centuries, including works 
by Rembrandt, Canaletto. Tiepolo, 
Daumier and Moore. Ends June 
12. Daily 

National Museum of American 
Art Thomas Cole: 70 works by the 
father of the Hudson River school 
of painting, revealing his use of 
landscape and allegorical history 
paintings to comment on society. 
Ends Aug 7. Daily 
Philips Collection Brancusi: 
photographs and sculpture by the 
Romanian- bom modernist. Ends 
April 17. Daily 
ZURICH 

Kunsthaus Richard Gerstl 
(1883-1908): 70 portraits and 
landscapes by the least known 
of the great Viennese 
Expressionists. Ends May 8. 
Friedrich Durrenm5tt paintings and 
drawings by the Swiss author who 
died in 1990. Ends May 18. Closed 
Mon 






FINANCIAL TIMES FRIDAY MARCH IS 19^4 




F or the past five years 
global warming has 
been high on the 
world's list of environ- 
mental worries. Outstripping 
other “green” concents in the 
scale of its potential impact 

and in tlie complexity of its 
causes, it has offered the envi- 
ronmental movement some of 
its grandest images of apoca- 
lypse. 

industrialised countries took 
the threat so seriously that 
they ui3rte curbing emissions 
of carbon dioxide and other 
gases the target of a treaty 
negotiated at the Rio Garth 
Summit in 1992. On Monday, 
that treaty becomes interna- 
tional law. following ratifica- 
tion by more than 50 countries; 
signatories will now have to 
draw up plans for curbing 
emissions. This week in 
Geneva, the United Nations 
has wrestled with proposals for 
a fund to help developing coun- 
tries cut emissions too. 

However, this legislative and 
bureaucratic effort is mis- 
guided. according to Global 
Warming: Apocalypse or Hot 
Air?, published this week by 
the Institute of Economic 
Affairs. The authors, Roger 
Bate and Julian Morris, are 
economists at the institute, a 
free-market think-tank. The 
introduction by Wilfred Beck- 
erman. nn Oxford economist 
fond of tilting at environmen- 
tal exaggerations, urges resis- 
tance to the “cohorts of eco- 
doomsters who warn us we are 
living ou the edge of the 
abyss". 

Bate and Morris acknowl- 
edge that the science which 
underpins predictions of global 
warming is not in dispute. 
Physicists agree that some 
gases, including carbon diox- 
ide. now referred to as “green- 
house gases”, can trap heat 
which is emitted from the 
earth's surface and so prevent 
it passing into space. 

The authors take issue, how- 
ever. with the hypothesis that, 
if greenhouse gases build up in 
tbe atmosphere, the planet will 
warm up. The four leading 
models of climate change used 
worldwide suggest that, if car- 
bon dioxide levels double, the 
world will warm up by 
between t.9°C and 5 j 2°C from 
existing levels. 

Among other criticisms. Bate 
and Morris say such climate 
models cannot fully explain 
the warming of about 0.5’C 
that appears to have taken 
place this century. Instead, 
warming may be occurring 
because monitoring stations 
are located near cities, which 
have been getting larger and 
warmer, they suggest. 

These complaints are 


Greenhouse 
faces stoning 

Is global warming really such a 
threat, asks Bronwen Maddox 


rejected by scientists studying 
models of climate change, such 
as Bruce Callander, head of the 
working party which weighs 
up scientific research for the 
United Nations Intergovern- 
mental Panel on Climate 
Change. In his view: “It is 
naive to bring up urbanisation 
as a problem, because it is 
recognised and has been thor- 
oughly addressed.” 

Callander acknowledges that 
the models have many short- 
comings. The behaviour of 
clouds remains the “single big- 
gest uncertainty”, he says: 
modellers are not sure whether 
clouds speed up wanning or 
slow it down. But he adds: 
“The modellers themselves are 
the models’ greatest critics.” 

Scientists admit that the 
global warming hypothesis is 
unproven, and that they will 
need years of further data to 
know whether predictions are 
accurate. The authors exagger- 
ate the degree of scientific 
certainty and do not succeed 
in establishing that the threat 


of warming should be dis- 
missed. 

They are on stronger ground 
in looking at ways in which 
economists have tried to com- 
pensate for the imperfect state 
of scientific know-ledge In for- 
mulating policy. 

The pamphlet deftly picks 
holes in the green lobby’s 
favourite claim that measures 
to improve energy efficiency 
are a "no-regrets” policy, pro- 
viding benefits such as cheaper 
fuel bills as well as curbing 
emissions. The authors main- 
tain that, if savings from 
investing in energy efficiency 
outstripped the costs, compa- 
nies and households would 
have made those changes 
already. 

They home in, too. on the 
spurious precision of “cost-ben- 
efit analysis" - the technique 
of comparing the costs and 
benefits of a particular policy 
before deciding whether to pro- 
ceed. The estimates are neces- 
sarily tentative, yet are often 
used as firm predictions; the 


Parliament in need of 
wide-ranging reform 


Ukraine already enjoying 
significant benefits 
from new focus of EBRD 


From Mr Graham Allen MP 

Sir, Howard Davies, director- 
general of the Confederation of 
British Industry, is the latest 
person to call for a serious 
review of how parliament 
works (“CB1 chief calls for 
overhaul of law-making”, 
March 15). 

There can surely be few peo- 
ple inside the Palace of West- 
minster who believe the thea- 
tre and yah-boo of the house is 
a substitute for serious profes- 
sional scrutiny of the execu- 
tive. Whether anH when minis- 
ters lie to the Commons is a 
matter for debate. What is 
plain, however, is they now 
evade many reasonable 
requests for information as a 
matter of routine. Standing 
committees on bills often repli- 
cate the worst features of the 

chamber, and departmental 
select committees - a break- 
through 14 years ago - need to 
move up a gear to the level of 
the public accounts committee. 

Rather than extending the 
pre legislative stitch-up to 
include business, as Mr 
Howard suggests, how much 


From Mr Ned Temko. 

Sir. Gerald Kaufman's 
review of the newly published 
history of the Jewish Chronicle 
conveys a misleadin g picture 
of the book, the newspaper, 
and of my predecessor in die 
editor's chair, Geoffrey Paul 
(Books: “Life and times of a 
paper tiger”, March 12). 

Mr Kau&nan is right to say 
that there have been occasions 
during the newspaper's long 
history when it has been reti- 
cent to speak out on various 
issues - Indeed, with benefit of 


better to have open discussion 
on bills with standing commit- 
tees taking evidence before get- 
ting locked into committee 
stage. There are many other 
areas that require reform, from 
the ludicrous late-night sit- 
tings to time-tabling of bills 
and scrutiny of European legis- 
lation. The implications for 
Improving value for money, 
reducing public expenditure 
errors and re-invigorating eco- 
nomic policy-making cannot be 
underestimated. 

As part of what opposition 
leader John Smith has called 
“a new constitution for a new 
century”. Labour’s commission 
on democracy this year will be 
looking at the possibilities for 
creating a modern self-respect- 
ing and democratic chamber, 
able to aspire to Gladstone’s 
dictum of “not running the 
country but bolding to account 
those that do”. All of us - busi- 
ness Included - will be tbe bet- 
ter for that. 

Gr aham Allen, 

shadow home affairs minister, 
House of Commons, 

London SWlA OAA 


hindsight, perhaps too reticent 
Given the fact that, at 153 
years of age. we are the fourth 
oldest weekly paper in Britain, 
that is only to be expected. 

But overwhelmingly, our 
record has been - and contin- 
ues to be - one of fiercely 
guarded editorial independence 
and consistently probing com- 
mentary on communal, 
national and international 
issues. In this, tbe newspaper 
is unique among Jewish publi- 
cations worldwide, and the 
equal of the most distinguished 


From Mr Victor A Yushenko 
and Mr Alexander N Sharov. 

Sir, David Marsh's article, 
“Excess gives way to restraint" 
(March 4) echoes the reaction 
of many officials and profes- 
sionals in countries which 
have received European Bank 
for Reconstruction and Devel- 
opment investment to the 
changes effected by Mr Jac- 
ques de Larosidre since his 
appointment as president of 
EBRD. 

Former EBRD president Mr 
Jacques Attali's reputation as 
a visionary is well recognised. 
However, we felt that, under 
his leadership. EBRD focused 
its attention on investment in 
Russia to form a base from 
which to apply successes to the 
other former Soviet republics. 
As a result, countries like 
Ukraine received little benefit 
from EBRD efforts during the 
past few years. 

By contrast, under Mr de 
Larosifere's direction, Ukraine 
has seen evidence that his pro- 
fessional background as a 


of Britain's national newspa- 
pers. Tbe book Mr Kaufman 
reviewed makes this point 
forcefully, also noting the Jew- 
ish Chronicle’s central role in a 
community whose large major- 
ity. regardless of political or 
religious persuasion, reads the 
paper each week. 

The comment attributed by 
Mr Kauftnan to my predecessor 
that the newspaper “could not 
run ahead of its readership” 
was made in the context of one 
quite specific issue: a deep dis- 
pute within the Orthodox Jew- 


banker, at the Bank of France 
and International Monetary 
Fund, has had its effect both 
on local leadership and in out- 
right results. The bank’s cur- 
rent focus in Ukraine on sup- 
porting local investment and 
banking services has resulted 
in substantial progress and 
an actual extension of com- 
mitments, especially in the 
area of financial institu- 
tions. 

Needless to say, we have 
found the benefits of this 
change of leadership and direc- 
tion within EBRD to have had 
a significant effect on fulfilling 
the original mission of the 
agency and on its impact on 
the developing economies of its 
target countries. 

Victor A Yushenko, 
governor, 

National Bank of Ukraine 
Alexander N Sharov, 

Ukrainian Financial Group, 
organising committee, 

Kiev International Bank, 

Kiev, 


ish establishment in the 1960s 
which led, ultimately, to a 
schism within U. Indeed, Mr ; 
^aul, himself, spoke out coura- 
geously on a number of issues ■ 
even when this meant chal- j 
lenging the views of communal ! 
institutions, or of readers, a ■ 
reflected In the often 
stormy debate that has always ! 
marked our letters pages. 

Ned Temko, 

editor. ; 

Jewish Chronicle 
25 Fumwal Street. 

Condon EC-iV IJT \ 


Ukraine 

Jewish Chronicle can show record of probing commentary 


UK government’s recent pro- 
posals to tax rubbish dumping 
are a case in point 
But as is their attack on sci- 
ence. the authors are shadow- 
boxing at targets which are 
less solid than they claim. For 
instance, the policies which 
the authors warn would slow 
economic growth have not 
been implemented. The " Rio 
convention, in the watered- 
down form which finally 
received International consent, 
tells countries only to draw up 
plans for curbing emissions, 
not to make cuts. And 
although the authors rail 
against the European Union’s 
proposals for an energy tax, 
they seem not to have noticed 
that the proposals are stalled, 
if not dead. 

In addition, the pamphlet's 
only recommendation - dashed 
off in two paragraphs - is that 
ail taxes and subsidies on fossil 
fuels should be removed world- 
wide. “This is likely both to 
reduce emissions and increase 
global economic output," Bate 
and Morris state baldly. 

T he shortcomings of 
their case are unfortu- 
nate. because scepti- 
cism about environ- 
mental scare mo ngering is 
welcome and all too rare. So Is 
the reminder that, in pander- 
ing to green populism, govern- 
ments can put in place policies 
which are counter-productive 
and expensive. 

The Rio convention will 
encourage governments to 
grapple with the important 
question of whether any inter- 
national agreement to curb 
carbon dioxide emissions can 
be binding. Such treaties are 
almost impossible to police, as 
the emissions of individual 
countries are hard to monitor. 
Further, countries may be 
tempted to avoid the inconve- 
nience and cost of the curbs, 
provided they can be satisfied 
that they will benefit from 
other countries continuing to 
observe them. 

The only contribution which 
could settle the global 
warming debate, however, is 
more data about climate 
change. In Callander's words, 
"in 10 years we may say [scien- 
tists' investigation] has been 
an interesting exercise which 
came to nothing, or we may 
say that we were recognising 
something Important happen- 
ing in the atmosphere. At the 
moment, though, [the threatl 
should be taken seriously.” 

Global Warming: Apocalypse or 
Hot Air? Roger Bate and Julian 
Morris. TEA Studies on the 
Environment, 2 Lard North St, 
London SWIP 3LP: £5 


Joe Rogaly 


A mirage on the left 


The fact has to 
be faced: Mr 
John Smith 
may be our 
next prime 
minister. He 
could step into 
No 10 Downing 
Street in. say, 
April 1996. That is Just two tax 
increases away. Peer into the 
crystal. The Scottish ascen- 
dancy triumphs, give or take 
an English namp or two. Chan- 
cellor - Gordon Brown. Home 
secretary - Tony Blair. For- 
eign secretary - Jack Cunning- 
ham. Jack who? Never mind, it 
could be someone else. 

This startling vision, this 
electrifying anticipation, is in 
the political air. No matter 
how much you shake your 
head, the notion that the Con- 
servatives are approaching the 
end of their run will not be 
dispelled. The opinion polls, 
which so misled us in April 
1992, have put Labour at 20 to 
25 points ahead and kept it 
there. Their failure two years 
ago may not wholly invalidate 
their methods. Mr Smith’s 
party is scoring well in tradi- 
tional areas of Tory strength, 
such as management of the 
economy, taxation, and law 
and order. More bo the point, 
we know without benefit of 
poll results that the Conserva- 
tives are no longer trusted. 
“Nobody believes a word we 
say.” one of their senior advis- 
ers complained the other day. 
We do have a lamentable lack 
of faith, we who have been gul- 
led, gulled and gulled a gain 
Most voters now appear to 
believe that Mr John Major’s 
government will be thrown out 
next time. Yet where they 
place their crosses is more tell- 
ing than what they tell inter- 
viewers. It is a fair assumption 
that the Conservatives will 
lose ground in the forthcoming 
by-elections. Not to mention 
the local elections in May and 
the European elections in 
June. If they do it will be diffi- 


cult to resist the conclusion 
that Mr Major Is unlikely to 
remain in office until the end 
of the century, as I once Imag- 
ined he might 

The possibility that Labour 
will come bade has been noted 
in Washington. When he vis- 
ited the American capital last 
week Mr Brown and entourage 
were received by luminaries of 
the administration's economic 
team. A Labour party adviser 
was welcomed into the White 
House and shown around by 
the young heroes of Little 
Rock. It may be too much to 
suggest the president’s politi- 
cal strategists will collude with 
Mr Smith's associates, in retali- 
ation for the support given by 
the Conservatives to President 
Bush. Yet there 
is a political 


as long as 37 months. Mr 
Smith’s slow-motion reposi- 
tioning of his party is the most 
dangerous strategy he could 
have chosen. It leaves him vul- 
nerable to a long, shallow, 
recovery of Conservative for- 
tunes, capped by a surprise cut 
in taxation, a snap election 
during a period of optimism 
about the economy, and a cam- 
paign during which Labour's 
package of proposals, pres- 
ented very late in the day, is 
easily dismissed. 

The Labour leader clearly 
sees matters differently. Solid 
repositioning work is being 
done. Mr Tony Blair would 
make an excellent Conserva- 
tive home secretary. His 
law and order speeches are 
more convinc- 

Smith’s slow 

repositioning of Howard, the 


rapport be- 
tween impor- 
tant individuals his pa r ty IS a mOSt present incum- 

dangerous bent ' They 
strategy. It leaves 
him vulnerable to 


In the two 
parties that 
may pay divi- 
dends - unless 
President Bill 
Clinton is 
brought into 
irretrievable 
disrepute by 
the Whitewater affair. 

The US Democrats are 
looking with interest at Mr 
Smith and, perhaps more par- 
ticularly. at Mr Rudolf Scharp- 
ing, the German Social Demo- 
cratic party leader. If Mr 
Sharping joins, or heads, the 
German government after the 
election in October, Mr Smith 
should gain from the ensuing 
sense of momentum, the feel- 
ir: that the reformed left in 
northern Europe is on its way. 

It would be Imprudent to 
allow this increasingly com- 
mon fancy to determine 
Labour's political strategy. The 
bubble could so easily burst. 
There is no law that requires 
an election before April 1997. 
Opinion poll leads can melt 
away In an afternoon. Any- 


a long, shallow 
Tory recovery 


bent. 

include an 
appeal to both 
reason and 
emotion. Mr 
John Prescott 
has been 
allowed to per- 
suade the party 
that private Investors should 
be persuaded to enter joint 
agreements with public author- 
ities to finance specified pro- 
jects. Mr Donald Dewar has 
distanced Labour from its pre- 
vious, impossibly costly, 
pledges to increase state pen- 
sions in line with prices. His 
recent speech on this subject 
was thoughtful and pragmatic. 
He even managed to propose a 
way of introducing targeted 
benefits while affecting that 
there would be no means test 
involved. The trick is to top up 
pensions from three sources - 
state, private and occupational 
- to create a minimum retire- 
ment income at minimum cost 
Each of these is an instance 
of the steady build-up of reas- 
surance that Labour needs. 


thing can happen in a period The proposition that the peo- 


ple’s party may not be so bad 
after all has to be sold to a 
large number of separate con- 
stituencies. one by one. Mr 
Smith has put some markers 
down indicating what Labour 
would actually do. most nota- 
bly in the field of constitu- 
tional reform. He would con- 
template proportional 
representation only if Mr 
Paddy Ashdown's Liberal Dem- 
ocrats held a pistol to his head, 
but he Is committed to a Scot- 
tish assembly. A bill or rights 

and a freedom of information 
bill could be introduced 
quickly and at no financial 
cost. A first step might be 
taken towards reform of the 
House of Lords, probably by 
excluding hereditary peers 
from the vote. A surprising 
number of appointed Tory lord- 
ships would support such a 
move today if Mr Major had 
the wit to propose it 

Mr Smith's supporters argue 
that, apart from maintaining 
the attack on the government, 
little more need be done than 
carry on with incremental 
changes in stance like those 
listed above. From Labour's 
point of view, they say. there is 
no alternative to lying low 
while the Tories continue to 
destroy themselves. Any other 
strategy comes up against 
questions that are impossible 
to answer - when will the elec- 
tion come? who will be prime 
minis ter at the time? will the 
Conservatives be united? what 
will they have ou offer? 

It is not good enough. The 
imperfections of the govern- 
ment combined with the unin- 
spiring nature of the principal 
opposition party have contrib- 
uted to a national mood of 
political despondency. All poli- 
ticians seem equally reprehen- 
sible. Nothing on offer makes 
the heart beat faster. A new 
Labour paper promising to con- 
trol public spending is entitled 
“trust and hope". British vot- 
ers have lost trust They seek 
in vain, for a source of hope. 


LETTERS TO THE EDITOR 

Number One Southwark Bridge. London SE1 9HL 
Fax 071 873 5938. Letters transmitted should be clearly typed and not hand written. Please set fax for finest resolution 

Malaysia: EU should unite against threat 


From Mr Mark Hudson. 

Sir, Clearly the government 
has decided that, in the case of 
the Malaysian government's 
embargo on giving contracts to 
UK firms, the best course is to 
adopt a low profile and hope it 
all blows over. And prime min- 
ister John Major and foreign 
secretary Douglas Hurd et al 
are right - this decision will be 
rescinded after a decent inter- 
val of time. 

However, even from a busi- 
ness perspective, this mousey 
approach is not ultimately sat- 
isfactory. as U ensures that 
British business will be more 
likely In the future to be dam- 
aged by events and press 
reporting at home - if govern- 
ments abroad see that they can 
use the trade weapon for politi- 
cal purposes with impunity, 
they are more likely to do so. 

Outside the purely business 


arena, it is frankly astonishing 
that a tougher response, such 
as the threat of retaliatory 
trade sanctions, is not being 
pressed forcefully by all those 
concerned with basic freedom 
and democracy. The Issue 
should be one in which the EU 
as a whole could unite to apply 
a major threat (though support 
for Britain is likely to be at a 
low point in Brussels due to 
the debacle over enlargement 
and the blocking veto). 

Malaysia's prime minister Dr 
Mahathir Bin Mohamad 
(Letters, March 17) openly 
acknowledges that it is the per- 
ceived "vilification and libel- 
lous attacks” in the British 
press which he cannot stom- 
ach. He complains that “Brit- 
ish newspapers are freely 
available in Malaysia”, but 
that "Malaysian newspapers 
are not available to the Brit- 


ish". In fact, Malaysian news- 
papers are freely available in 
the UK but are little read 
because the public does not 
choose to do so. 

The Malaysian government’s 
clear link between the trade 
sanctions It has imposed and 
the UK’s free press is a direct 
attack on our freedom values. 
Dr Mahathir prefers the route 
of authoritarian force to that of 
debate. It may seem only a 
small affair, but the principles 
involved demand firmer action 
by the British government 
Mark Hudson, 

13 Englewood Road, 

London SW12 9 PA 

From Mr John M B Asher 

Sir. Dr Mahathir Bin Moham- 
ad’s letter did Britain a service 
in challenging the public to 
stop buying papers which pan- 
der to our belief In our own 


self-righteousness and subtly 
appealing to xenophobia. His 
brilliant letter also deflected 
attention from a more serious 
matter. 

Good government must cre- 
ate, operate within and uphold 
a framework of justice, a con- 
straint which the press does 
not share. Penalising UK com- 
panies for the perceived sins of 
the London press is manifestly 
unjust, and does much greater 
damage to tbe reputation of 
Malaysia than The Sunday 
Times could ever achieve. 

Dr Mahathir is a weighty 
word-smith. By all means take 
on our paper tigers in a war of 
words, but the injustice done 
to UK industry will prove a 
double-edged sword. 

John M B Asher 
11 Merlin Road, 

Blackburn, 

Lancashire BB2 7BA. 



FINANCIAL TIMES 

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

Friday March 18 1994 


Programmed 

for failure 


Mr Michel Camdessus, managing 
director of the International Mone- 
tary Fund, has been put In an 
impossible position by the group 
of seven leading industrial coun- 
tries. He is in Moscow to decide 
whether to release the second 
SIJibn tranche of funds aimed at 
assisting reform. If he does not 
release them, the IMF will be 
blamed for the deterioration in the 
economy. If he does, the economy 
will deteriorate, nonetheless. His 
is a doomed mission. 

So what should the west be 
doing, instead? 

First, it must remember that 
Russia is both a nuclear power 
and Europe's most threatening 
neighbour. Its problems cannot be 
approached as if the country were 
the Philippines, or even Brazil- 

Second. it must understand the 
roots of the disaster, which are the 
collapse of the communist econ- 
omy and the attendant moral and 
fiscal bankruptcy of the state. The 
claims inherited from the Soviet 
Union greatly exceed the 
resources upon which the govern- 
ment can lay its desperate hands. 
The budget deficit is supposed to 
be 10 per cent of gross domestic 
product In fact it is at least 15 
per cent, before meeting the 
defence minister's demand for a 
doubling of the military budget 

Third, the west needs to provide 
enough resources to allow Russia 
to rebuild both its economy and 
its bankrupt government, deliv- 
ered in ways that actually allow it 
to do so. This means currency sta- 
bilisation and funds s ufficient to 
close the budget deficit, condi- 
tional upon the establishment of 
private property, price reform, 
industrial restructuring and tight 
control over subsidies. Hie funds 
required will be large, but their 


duration need not be that great. 
With credibility restored, money 
could pour into the country, some 
of it as returning flight capital 
But the IMF’s $L5bn - roughly 
half a per cent of Russia's GDP - 
is neither here nor there. 

Fourth, the principals should 
themselves be present in Moscow. 
The IMF is not even the ideal 
agent, partly because it is obliged 
to treat Russia as just another 
member country, partly because it 
does not possess the necessary 
political authority and partly 
because it does not have the 
needed resources. If the G7 is to 
act, it should send someone of the 
stature of Mr Larry Summers, US 
treasury undersecretary for Inter- 
national affairs, to talk to those 
who matter, decide whether 
reform Is feasible and then cajole 
the G7 into offering the assistance 
that might malm it work. 

Finally, the west must decide 
whether now is the time. Hie gov- 
ernment of Mr Victor Chernomyr- 
din has made a greater effort to 
hold the budgetary line than 
many expected. Mr Victor Gerash- 
chenko, the central bank chair- 
man, has even started to behave 
like a monetarist. But the perse- 
verance of the government is 
highly uncertain and the support 
of the parliament still more so, 
particularly when President Yelt- 
sin has withdrawn from the scene. 

For all that, it is both right to 
explore the possibilities of today 
and essential to prepare for the 
fresh opportunities for radical 
reform that may. given Russia's 
economic plight, emerge tomor- 
row. What makes no sense at all is 
to prefer the certainty of failure to 
the chance of success. At present, 
the G7 has no policy for Russia. It 
is just making gestures. 


Malaysian moves 


Dr Mahathir Mohamad, the 
Malaysian prime minister, has 
made it clear that he (s in no 
mood to rescind his government's 
embargo on purchasing British 
goods. "No contracts in exchange 
for British mess freedom to tell 
lies,'' he wrote in a letter pub- 
lished in yesterday's FT. 

Dr Mahathir's reaction to news- 
paper reports that bribes were 
allegedly offered to Malaysian pol- 
iticians is unwarranted. The Brit- 
ish government has no control 
over what the country's press 
says, nor should it. By linking 
government contracts to whether 
British newspapers say nice 
things about his regime, Dr 
Mahathir has damaged trading 
relations that are important to 
both countries. If he has been 
libelled, the right response would 
be to sue in the British courts. 

Eventually Dr Mahathir may 
realise that the trade ban will 
damage Malaysia as much as, if 
not more than, Britain. He has not 
only reduced his choice of suppli- 
ers but alerted the world to the 
risks of doing business with Mal- 
aysia. He should remember that 
reputations take longer to buQd 
than to destroy. 

In the meantime, the question is 
how the British government 
should respond. There should cer- 


tainly be no apologies, since Mal- 
aysia has wronged Britain, not 
vice versa. Unfortunately, there 
has been a tendency to appease- 
ment by some ministers: Mr Bich- 
ard Needham, the trade minister, 
has even blamed the press for the 
dispute. 

Though apologies should be 
ruled out, Britain has little inter- 
est, at this stage, in escalating 
matters. An argument could be 
made for a symmetrical ban an 
UK government contracts to 
Malaysian business. But retalia- 
tion should only be considered if 
strang protests fell to change Dr 
Mahathir's mind The UK's Euro- 
pean partners should be asked to 
join such protests, for wider issues 
of press freedom and commercial 
policy are at stake. 

The dispute underlines the need 
for international rules to prevent 
governments using discriminatory 
public procurement in this way. 
Although a Gatt code covering 
public procurement exists, it has 
been signed by only a handful of 
countries, of which Malaysia is 
not one. It would be naive to think 
that Dr Mahathir could be per- 
suaded to sign the code in current 
circumstances. But extending it to 
all Gatt members should be one of 
the European Union's medium- 
term goals. 


Africa’s gloom 


ub-Saharan Africa’s economic 
p cllne may have been arrested, 
nd in some countries modestly 
?versed. But the long-awaited 
/orld Bank report on structural 
diustment in the region is deeply 
rorrying, nevertheless. Current 
rowth rates among the best per- 
mners are “still too low to 
3d uce poverty much in the next 
vo or three decades”. With 
xlay's poor policies, it will be 40 
ears before the region returns to 
s income per bead of the mkJ- 
WOs, says the report 
The sheer misery of countries 
ot covered in the report can only 
b guessed at: Sudan, Africa's 
irgest state, Zaire, potentially one 
[ its wealthiest, Angola, Soma lia 
ad Liberia. Meanwhile, Burundi, 
hich was doing rather well, has 
ad a coup and Nigeria has slid 
ackwards, after having been a 
ading performer between 1987 
ad 1991. Last weekend It was 
iven a justified ticking off by Mr 
im Jaycox, the bank's vice-pres- 
ent for Africa. 

The fundamental questions are 
hy Africa has been left trailing 
y the rest of the developing 
orld and what can be done to 
>medy the calamity. Some of the 
iswers may emerge in Tokyo 
ds week, where the Japanese 
nance ministry has brought 
nether World Bank and IMF offi- 
als, other donors and African 
jvemments, to discuss lessons 
om east Asia's success. 

Mr Lee Kuan Yew or economi- 
tlly successful Singapore made a 
art last November, when he 
Tered Africa bis own sensible 
lecklist: clean government: an 
fective and adequately paid dvil 
srvice: family planning; “pragma- 
3m, not dogma, in economics": 


letting foreigners and local entre- 
preneurs “get on with their busi- 
ness”; universal education; and 
going “for results not political cor- 
rectness”. Mr Lee bad another 
piece of advice, one that goes to 
the heart of Africa's development 
disaster: maintain national soli- 
darity and social cohesion. 

Africa feces many formidable 
obstacles in its efforts to recover. 
The infrastructure is desperately 
poor, privatisation painfully slow, 
the external debt burden heavy, 
manag ement weak and education 
inadequate. In all of these areas 
outsiders can offer some assis- 
tance. But the continent’s most 
formidable hurdles, those of social 
fragmentation and brutal political 
exploitation, are not susceptible to 
outside Intervention, Too often 
governments foil to act on behalf 
of their countries. Obligations 
extend, instead, in concentric cir- 
cles, beginning with family, vil- 
lage and clan, and embracing 
tribe, but not country. 

It 1s not Africa's fault that 
boundaries are arbitrary, that for- 
mer ration states were divided, or 
several nations encompassed 
within newly created territories. 
The Organisation of African Uni- 
ty’s decision to retain those colo- 
nial boundaries was right But 
after independence, African lead- 
ers failed to build either the 
machinery or, more important the 
attitudes required by functioning 
modern states. Building such a 
social compart may require a new 
generation of leaders. 

Make no mistake, structural 
adjustment is necessary, even 
though it is bound to work slowly. 
But it may not work at all if those 
with power do not feel obliged to 
serve the interests of the people. 


P aris and Bonn are getting 
on each other's nerves - 
badly. With an election 
season in frill swing in 
Germany and getting 
under way in France, fits of mutual 
pique could develop into a more 
serious rift with consequences for 
other members of a European Union 
that is shortly to come under suc- 
cessive German and French presi- 
dencies. 

The German foreign ministry yes- 
terday called in Mr Francois Scheer, 
France's ambassador in Boon, to 
complain about his comments to 
German journalists that Germany 
had taken a heavy-handed - and fa 
Paris's view, unhelpful - line in the 
negotiations to admit Nordic coun- 
tries and Austria to the EU. 

But Mr Scheer was just echoing 
his masters' voice. A French minis- 
ter said yesterday Mr Klaus Kinkel, 
Germany’s foreign minister, had 
“irritated us with his dynamism" in 
enlargement talks. In a counter-pro- 
ductive bid to push enlargement 
along; Mr Kinkel had misled new 
members into thinking they could 
get away with partial acceptance of 
EU rules, and had thus “delayed” 
conclusion of enlargement talks, 
the minister complained 
This row, full of portent for the 
future, awkwardly coincides with 
two emotion-charged historical 
brouhahas. One concerns Ger- 
many’s possible presence at the 
50th anniversary of the D-Day land- 
ings in Normandy this June. Chan- 
cellor Helmut Kohl would love to be 
invited, if only to show his elector- 
ate how solidly he has reconciled 
Germany with its former enemies. 

But fearful of a backlash from 
army veterans, older Gaullists and 
even some wartime allies, the 
French government is hanging 
back. It has even shelved its earlier 
Idea of holding some kind of Fran- 
co-German commemoration, on May 
8, the 49th anniversary of the end of 
the second world war, because Mr 
Kohl does not want to be fobbed off 
with second best For his part, Mr 
Kohl has turned down the request 
of France as well as the US and the 
UK to mark the final departure of 
their troops from Berlin this sum- 
mer with a military march-past. 
Instead, he is planning a German 
torchlit parade, with perhaps ques- 
tionable historical connotations. 

There are other pinpricks to the 
relationship. They include: 

• France, awaiting further guaran- 
tees that the European Parijament 
will remain fa Strasbourg, is block- 
ing legislation that would, inter 
alia, give Germany 18 more Euro- 
seats for its eastern Lander. A Ger- 
man diplomat went to Paris 
recently to warn German political 
parties would take it “very seri- 
ously amiss” if they did not get 
extra Euro-seats fa time for June's 
European Parliament election. 

• France's largest promised invest 
ment fa eastern Germany is threat- 
ening to turn sour, with Eif-Aqui- 
talne, the newly privatised oil 
company, trying to evade part of its 
commitment to sink DM3bn (H.lbn) 
into a showcase refinery at Leuna. 
Worried about rising unemploy- 
ment and his falling popularity in 
that region, Mr Kohl has com- 
plained to the French government 
• France's industry minister, Mr 
Gerard Longuet, recently com- 
plained that “Germany has to 
accept there are other industrial 
countries in Europe", expressing 
frustration at the feck of Franco- 
German co-operation in cars, 
high-speed trains and energy. 

Many such tensions would pass 
unnoticed between other countries. 
But expectations of the Franco-Ger- 
man relationship are very high, pre- 
cisely because of what the two 
countries have achieved since they 
signed their Elys6e friendship 
treaty 31 years ago. Indeed, the tra- 
ditional way of giving the relation- 
ship a shot in the arm is for the 
leaders of both countries to 
announce some grand new initia- 
tive. But of new ideas, there seem to 
be few. One exception is a French 
plan for a joint armaments agency 
with Germany. But its adoption at 
this summer’s bilateral summit is 
uncertain, because Mr Kohl is pre- 
occupied with an electorate unap- 
preciative of military spending. 

The Maastricht treaty, of course. 


David Buchan and Quentin Peel examine 
emerging strains in a relationship that has 
underpinned European unity for decades 

Odd couple’s 
testing tiffs 

Franco-German relations: squaring up for a fight? 



Germany’s mercftancBse trade surplus with France 
OM bn 

2S — . — 


20 - 


S - 


France's service trade surplus witth Germany 
PM bn 

3.0 - 

2.5 - 

2.0 - 


o 


-OJ5 - 
- 1.0 - 

French Investment in Germany 
'/ Annual investments (DM bn) 

' 4.0 - 


- _ 




X1D . . 






-mss se m . 


89 90 91 92 



gives Paris and Bonn a long-term 
agenda, and the two countries have 
weathered a series of strains in the 
past year - over currencies, Bosnia 
and the Gatt negotiations. But their 
latest spat over enlargement bodes 
ill for the future, precisely because 
there will be fixture admissions to 
the EU from central Europe. Paris 
is not questioning whether Union 
membership should be increased - 
it accepts its inevitability - but it is 
raising the question of how this 
should take place. 

Hie rock on which the Franco- 
German partnership has recently 
rested is the solid understanding 
built up by Mr Kohl and President 
Francois Mitterrand in their Bfrodd 
meetings over the past decade. But. 
in fids curiously top-down alliance, 
what happens when the top 
changes? Would it be the same if a 
President Jacques Chirac came to 
power in France next year, repre- 
senting a more hard-nosed Gaull- 
ism, or if Mr Rudolf Scharping's 
Social Democrats were to win a 
share of power at this October's fed- 
eral German election, bringing in 
an anti-militarism that could thwart 
France’s ambitions for common 
European defence? 

For all the ministerial encounters 
in Franco-German summits every 
six months for the past 31 years, the 
political classes of the two countries 
are not close. Their institutions and 
parties differ too much. On the left, 
French and German socialists have 
long maintained contact, but on the 
right there is no unified conserva- 
tive party fa France to talk to Mr 
Kohl's Christian Democrats. 

However, the history of the rela- 
tionship is one of hying to create 
links at all levels. For instance, the 
prospect of monetary union is push- 
ing the National Assembly and the 
Bundestag closer. It was striking 
early this year that Mr Jean-Claude 
Trichet presented his first public 
testimony - as governor of the 
newly independent Bank of France 
- to the Bundestag in Bonn a few 
days before he did so to the 


National Assembly In Paris, and 
even more striking that this passed 
without comment fa France. 

Greasing the often creaky wheels 
of the Franco-German locomotive is 
a network of French and German 
bureaucrats who have spent some 
time in each other’s countries, ctvfl 
service colleges and administra- 
tions. The French and German for- 
eign ministries each take in two 
diplomats from the other country 
for mie or two years. This exchange 
has operated far some seven years. 

Since 1947 France's Ecole Nat- 
ionale d* Administration (ENA), 
which has no direct equivalent in 
Germany, has taken nearly 300 Ger- 
mans into its prestigious courses. 
Many of them, fluent in French and 

‘Only Anglo-Saxon 
productions like 
Monty Python or 
Fawlty Towers make 
Germans and French 
laugh equally 1 

often with French wives, are now 
high in the German adminis tration, 
such as Mr Joachim Bitterlich, Mr 
Kohl's foreign policy adviser. They 
have long-standing personal con- 
tacts with their fellow (marques in 
all reaches of French political and 
business life. A for smaller number 
of French has passed through the 
Bundesakademie, the German civil 
service college. 

Si mil a rly, militar y linfcs are being 
forged with the creation in 1989 of 
the Franco-German brigade and the 
establishment this year of the Stras- 
bourg headquarters ot the Euro- 
corps despite cultural differences. 
The reformed postwar German mili- 
tary tradition of the “citizen in uni- 
form" is at odds with the unrecon- 
structed authoritarianism of the 
French military. Germans in the 
brigade find French, officers down- 
right rude at times, while French 


find German officers long-winded fa 
their politeness. 

But by far the biggest point of 
contact between the two countries 
is, of course, business. They are 
each other's biggest trading part- 
ner. In 1992 France took 13 per cent 
of Germany's exports, and Germany 
17 per cent of French exports. For a 
long time, the relationship was 
largely one of trading goods across 
the Rhine, though the German 
chemical companies started to 
invest directly In France in the 
1970s, partly to satisfy French farm- 
ers’ appetite for fertiliser, while 
French investment in Germany 
only caught up a bit with (he fell of 
the Berlin WalL 

But French investment in Ger- 
many still only totals DM12.7bn, 
putting France in sixth place 
(behind the UK), while Germany 
has invested DM22. 7bn in France, 
making it the second-largest inves- 
tor behind the US. Because of the 
labour-heavy investments fa east- 
ern Germany, slightly more Ger- 
mans (250,000) now work for French 
subsidiaries than French (220,000) 
do for German subsidiaries. 

This half-million labours under 
sharply contrasting management 
cultures and styles, though manage- 
ment goals of investing for the long 
term are increasingly similar. “It 
would be hard to find two more 
different cultures - France is very 
centralised and everything happens 
in Paris in a very urban environ- 
ment. In Germany it is just the 
opposite, and the French find it 
hard to adapt to the very different 
environments of Hamburg. Munich, 
Berlin.” says Mr Roland Berger, a 
German management consultant 

Mr Berger finds the French 
“equally puzzled by the decentral- 
ised German corporate structure. 
German corporate few puts the res- 
ponsibility on the company board, 
and German com pan ies tend to be 
managed by a team of different spe- 
cialities on those boards.” 

Mr Rene Laserre, of the Paris 
Institute for the Study of Contempo- 


rary Germany, echoes this. “With 
US it is a monarchy, a presidential 
system, while German companies 
have a parliamentary system.” 

He also points to the difference 
between French and German labour 
relations. “It is two different 
worlds,” says Mr Laserre. “In Ger- 
many, mitbestimmung [co-determi- 
nation] for the workers in manage- 
ment decisions really means that, 
while in France the rolo of the 
camiit d'entreprise [worker’s coun- 
cil] is purely consultative." As a 
result, it is almost impossible to 
exchange shopfloor managers hack 
and forth across the Rhine. 

Because of these differences, “it is 
essential companies allow their sub- 
sidiaries a lot of freedom", says Mr 
Berger, fa addition to the publish- 
ing group Bertelsmann, with its 
thriving magazines in Franco, 
examples of successful cross-Rhine 
management include St Gobain’s 
relationship with Vegla. its large 
German subsidiary. Hoechst's rela- 
tionship with Roussel-Uclaf. the 
French pharmaceutical company it 
controls, and Alcatel's relationship 
with SEL, its telecommunications 
subsidiary fa Germany. 

B ut some managements. 

particularly on the 
French side, arc too 
pushy. Mr Laserre 
claims. The bid by 
Credit Lyonnais to link up with 
Commerzbank was doomed to fail- 
ure because tbc state-owned French 
bank wanted to rival Commerzbank 
in its home market, he says, while 
newly privatised Banque Nationale 
de Paris's (BNP) co-operation with 
Dresdner Bank is working precisely 
because it is limited to third coun- 
tries. He claims Thomson, the 
French electronics group, demoral- 
ised the staff of its Tdefunkcn 
acquisition by managing it from 
Paris. 

Both these setbacks concern 
French state-owned companies, of 
which German businessmen are 
highly suspicious. A survey by Hei- 
drick and Struggles, the manage- 
ment consultant, of the top 200 com- 
panies in France and Germany 
showed 45 per cent of the top 
French managers had worked for 
the state, and only 8 per cent on the 
German side. This is why France's 
current privatisation programme - 
despite its side-effect in freeing Elf 
to reconsider its commercial view of 
the Leuna project - has a wider 
importance in enabling French 
managers to adopt the same pri- 
vate-sector attitudes as their Ger- 
man counterparts. 

A common culture in the broader 
sense is what the new Arte televi- 
sion station aims to foster. Set up 
by President Mitterrand and Mr 
Kohl after German reunification, it 
broadcasts in French or German 
(with subtitles in the other lan- 
guage). It has about 2 per cent of 
the audience fa France and a bit 
less fa Germany. Not much, but 
this corresponds, according to Mr 
Olivier-Rend Veillon of Arte, to the 
number of French and Germans 
who speak each other’s language. 

It is very revealing of differing 
Franco-German habits and tastes. 
“We find that French and Germans 
don't laugh at the same thing,” says 
Mr Veillon. “Only Anglo-Saxon pro- 
ductions like Monty Python or 
Fawlty Towers make Germans and 
French laugh equally.” 

Arte makes a brave effort to get 
the two countries to face their sorry 
past When it aired a documentary 
called War of the Screens, examin- 
ing French and German govern- 
ment wartime propaganda use of 
television, Arte's audience rose to 4 
per cent Every Sunday, too, Arte 
runs film from both sides of the 
same events in the second world 
war. “It is very important for coun- 
tries which are so dependent on 
each other to know each other bet- 
ter," says Mr Veillon. 

France and Germany face a tricky 
transition. Their last war is not dis- 
tant enough to avoid painful anni- 
versaries, yet too distant for new 
generations of leaders on both sides 
of the Rhine necessarily to feel the 
same commitment to unity. It Is 
clearly too early to pronounce the 
Franco-German relationship has so 
deepened that it can survive 
unscathed any changes at the helm. 


Observer 


Browned-off 
and bankrupt 

■ Calling aU bankrupts. David 
Browne, made bankrupt in January, 
wants to hear from you. He's 
designed a nice fine in souvenir 
neckwear for fellow bankrupts and 
he’s now back in business. 

First week's trading saw 43 ties 
sold at E12J50 each, though Browne 
offers discounts to boards of 
directors. Hie ties, made of dark 
blue polyester, are emblazoned with 
a £ sign struck through by a white 
fine, along with the initials TBC, 
standing for The Bankruptcy Club. 

Browne reckons the tie is bound 
to make an impression at any City 
gathering. 

Now he's thinking of expanding 
the market by selling franchises 
to judges in the bankruptcy courts. 
He has opened a “Bankrupt’s Tie 
Hotline” - 0273771818- to take 
orders from those customers whose 
phones are still connected. The 
merchandising spin-offs would, 
paradoxically, seem endless - so 
long as the recession endures. 


Money talks 

■ She may lade her former pulling 
power, but she still polls a large 
whack. Baroness Thatcher is 
currently in Brazil at the invitation 
of Banco Garantfe to speak at a 
conference on privatisation. 
Yesterday she was due to meet the 


president and the foreign minister. 
But Brazil's most important 
government member - finance 
minister Fernando Henrique 
Cardoso - cried off. He had to stay 
over in the US to discuss details 
of Brazil's anti-inflation and debt 
rescheduling plans. 

But the Iron Lady still drives 
a hard bargain. Sbe is understood 
to he charging £120,000 for her 
words and, with the Brazilian 
cruzeiro devaluing by 40 per cent 
a month because of rapid inflation, 
is wisely not accepting local 
currency. 


Now you see it 

■ The London and Shanghai stock 
exchanges are going to be doing 
a lot more co-operating, following 
this week’s visit to China by 
London stock exchange chairman 
Sir Andrew Hugh Smith. But 
Observer hears that Sir Andrew’s 
trip was not without its hiccups. 

To do business fa China a foreign 
businessman needs a Chinese host. 
Not normally a problem, especially 
when the visitor has a knighthood. 
Ttenrn some puzzlement in British 
diplomatic circles when no one 
seemed willing to take care of Sir 
Andrew, in town for a British 
invisibles seminar. 

Sir Andrew’s cv seems to have 
been the problem. Not only is be 
a member of British Invisibles but 
he is also a vice chair man of 
Britain’s Guide Dogs for the Blind 
council. 



Putting two and two together, 
the Chinese seemingly wondered 
whether invisibility was something 
to do with blindness - which 
perhaps ev pfaftM the delay in 
finding a companion for Sir 
Andrew. 

Fortunately the 

misunderstanding was spotted in 
time. 


Liu cleans up 

■ Meanwhile, at last China pays 
attention to human rights. We all 
have a right to a clean toilet and 
China intends InarHng the way with 
its National Patriotic Health 
Campaign Committee. Eighty per 


cent of urban and 30 per cent of 
rural homes must have hygienic 
latrines by the end of the decade. 

Bourgeois resistance is likely 
to be fierce in some quarters, 
according to Liu Yuliang. the 
committee's deputy director “While 
wealthy farmers tend to spend 
thousands of yuan to build new 
houses, few bother to update their 
potty.” 


Quango 


■ Perhaps Mike Espy, US secretary 
of agriculture, should be signed 
up as an honorary member of 
SPUA, the Society for the 
Prevention of Useless Acronyms. 

Pontificating on Wednesday to 
the House Agriculture Committee 
about the latest Gatt round and 
the way to increase farm income 
through exports, he let slip that 
“within our arsenal right now we 
have a number of tools: the EEP 
is one, we have the SOAP/COAP 
and the BEPS, we have GSM, 102, 
103. and the MPP". 


Perennial bloomer 

■ For some odd reason the 
Cheltenham & Gloucester B uilding 
Society, one of the more hardy of 
its species, wants to be loved by 
gardeners. It's paying £400,000 to 
sponsor Classic FM*s answer to 
BBC Radio 4’s Gardeners' Question 
Time. 

Having pruned back its range 


of financial products, C&G is now 
diversifying into sweatshirts, 
watering cans and gardening 
gloves. The thinking seems to be 
that since many C&G customers 
like gardening, they will come to 
love the C&G. 

Maybe so, but the weeding out 
of the society’s unprofitable 
members arouses a suspicion: is 
C&G uprooting itself from the 
building society movement and 
preparing to blossom into a greedy 

pic? 


Hackneyed cab 

■ Fed up with paying too much 
for your car insurance? fa that case 
buy yourself a pastel-coloured 
motor. Barry Hulbert. who runs 
Hill House Hammond, one of the 
UK's biggest chains of high street 
insurance shops, says owners of 
black or red vehicles may have 
to pay higher premiums because, 
statistically, they are more likely 
to make a claim. 

Is the implication that if all 
drivers of red and black cars change 
to lemon, they are suddenly going 
to have fewer accidents? Oh well, 
the Insurance industry always 
prefers putting carts before horses. 


Trend bucking 

■ Washingtonian wits now suggest 
Hfffery Rodham Clinton carries 
on her desk a notice reading "the 
bucks start here". 





[6 


iiS FINANCIAL TIMES 

Friday March 18 1994 


a worn .m k-mifk 


gfuroup 

^ invest in Quality 


HOMES • PROPERTIES • CONSTRUCTION 
021 71 1 1212 


Paris worried over Bonn’s policies on enlargement of European Union 

Franco-German row downplayed 


ROXA/ENS in cHcncxiR-tPiifc 

0 '“ /VVi " 1 i.ionnNO 


in rc*N*r ,,J NAi 


THE LEX COLUMN 


By David Buchan in Paris, 
Quentin Peel in Bonn and Lionel 
Barber in Brussels 

France and Germany struggled to 
limit the damage to their rela- 
tionship yesterday after the 
French ambassador was sum- 
moned to the German foreign 
ministry to explain highly criti- 
cal remarks over Bonn's foreign 
policy. 

The row has brought into the 
open growing concern in Paris 
about both the style and sub- 
stance of Germany's post-unifica- 
tion policies, in particular over 
the enlargement of the European 
Union to the north and east 

More fuel was added to the ten- 
sions being caused by enlarge- 
ment across the EU by an attack 


on the process from the Greek 
minister for European Affairs. Mr 

Theodoras Pangalos, who said he 
had regretted having had to lead 
the negotiations allowing Swe- 
den, Norway, Finland and Aus- 
tria into the union. Greece cur- 
rently has the EU’s rotating 
presidency. 

In what appeared to be a coded 
attack on the heavy-handed role 
Germany played in bringing the 
talks over entry terms to a suc- 
cessful conclusion this week. Mr 
Pangalos said: M Now this is done, 
now that I have done my duty. I 
honestly want to say that this 
decision was wrong." 

He warned that the prospective 
new entrants would males deci- 
sion-making more difficult and 
their entry should have been 


delayed until the end of the 
decade. 

Mr Pangalos's outburst appears 
to have been prompted by fears 
that further pressure to open up 
the EU to eastern European 
countries would be championed 
by Germany with as much vigour 
as Bonn's foreign minister, Mr 
Blaus Kinkel, has used over the 
past two weeks in the recent 
enlargement talks. Greece fears 
that the entry of more poor coun- 
tries may weaken Its access to 
EU funds. 

In Paris a French minister 
admitted that Mr Kinkel had 
"irritated us with his dynamism" 
in Brussels. 

But senior German officials 
said their government was both 
"irritated and annoyed" about an 


Riot police oust Vladivostok 
mayor over bribe allegations 


By John Uoyd in Moscow 

The elected mayor of Russia's far 
eastern city of Vladivostok, 
where the pace of reforms has 
stirred opposition, was forcibly 
removed from office by riot police 
yesterday after a raid on his 
offices. 

The ousting followed allega- 
tions of corruption. bringing to 
the surface disputes over reform 
policies in a city where the 
growth of a free economy has 
been more marked than any 
other in Russia, but where the 
state factories, which provide the 
hulk of employment, fear collapse 
and where some of the highest 
votes for the ultra-nationalist and 
communist parties were recorded 
at the parliamentary elections 
last December. 

Mr Victor Cherepkov, elected 
mayor last year, was removed 
from the mayoral building by 
some 50 Omon riot police - 
although later reports say he was 
not imprisoned and local televi- 
sion showed him lying on a bed 
after a heart attack. The deputy 
mayor. Mr Vladimir Gilgenherg 
was carried out of the building, 
according to Tass, the official 
news agency. 

Mr Cherepkov, a former sub- 

Hanson enters 
Asia markets 

Continued from Page i 

that the group's next sizeable 
deal would be on the continent 
Immediately after, Hanson 
launched a hid for Ranks Hovis 
McDougall. a largely UK com- 
pany. 

Wien that failed, the compa- 
ny's next move was a classic 
Hanson-style US acquisition, buy- 
ing Quantum Chemical last Sep- 
tember. Since then, Hanson has 
been selling rather than buying 
businesses to cut its heavy debt. 

Mr Hanson's new 
appointment is not full time, and 
he will retain his role In the 
group s European operations. 


s.> , —•« -.{v.j. 

A q wg 1.000 X 

: fo Km 1,600 /* 


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RUSSIA 


■ m 

uo ~ go “' t&ssi 

marine captain, has been charged 
with bribery, according to Mr 
Veniamin Chichayev, an aide to 
the regional prosecutor. Mr Cher- 
epkov has denied corruption and 
says that political enemies have 
been trying to remove him before 
next Sunday’s elections to the 
regional legislature. 

Vladivostok’s stock market, the 
most active in Russia, has 
boomed in recent months - by 
trading shares in privatised com- 
panies. Vladivostok has led the 
country in privatising its enter- 
prises - but in doing so has 


appeared to trigger a reaction 
from the state plant directors, 
who see their power base erod- 
ing, and from workers who fear 
unemployment 

Mr Cherepkov has been fend- 
ing for months with the Moscow- 
appointed governor of the Mari- 
time Territory. Mr Yevgeny Naz- 
drazenko - who initiated the alle- 
gations of corruption. Mr 
Nazdrazenko appointed Mr 
Konstantin Tolstoshtn, last year's 
unsuccessful mayoral candidate, 
as acting mayor. 

Mr Cherepkov, like his adver- 
sary Mr Nazdrazenko, is consid- 
ered to be a middle of the road 
reformer, however, and the row 
between the two men is believed 
to centre on local issues and may 
not cany wider implications for 
the struggles between reformers 
and their critics elsewhere in 
Russia. 

Some 300 demonstrators turned 
out in support of Mr Cherepkov 
yesterday morning, carrying 
placards reading “No to lawless- 
ness" and “Shame on the 
provocateurs”. Mr Vladimir 
Chilo, an engineer, said: "The 
city is getting impossible to live 
in. It is drowning in dirt and no 
one does anything." 


US-Russia satellite venture 


Continued from Page 1 

LKEI was formed last year as a 
joint venture between Lockheed 
Missiles & Space of California 
and two Russian aerospace man- 
ufacturers - Khrunichev Space 
Center and NPO Energla, both of 
Moscow - for the worldwide sale 
of Russian Proton commercial 
launch vehicles. The post-cold 
war venture initially raised con- 
cern in Washington that low-cost 
Russian launch services could 
undermine the US commercial 
satellite launch industry. 

"LKEI has continued to work 
hand-in-hand with the US govern- 
ment to ensure fair competition 
among launch services provid- 
ers." Mr Lloyd said. Under a US- 


Russiac trade agreement signed 
last year. Russian launch bids 
cannot undercut the lowest west- 
ern bid by more than 7.5 per cent 
The agreement also limits Rus- 
sian launches of western com- 
mercial satellites to eight a year. 

“The LKEI venture is 
extremely important to us." said 
Mr Anatoly Kiselev, president of 
the Khrunichev Space Center and 
co-chairman of LKEI. “We see 
this effort as critical to the Rus- 
sian aerospace industry and to 
Russia’s ongoing effort to transi- 
tion to a market-based economy." 

Mr Lloyd said LKEI was identi- 
fying work needed to improve the 
Baikonur launch facilities in Kaz- 
akhstan. and has begun talks 
with insurance underwriters. 


off-the-record interview given to 
German newspaper correspon- 
dents by Mr Francois Scheer, the 
French ambassador in Bonn. In 
it, he called for clarification by 
Bonn of its commitment to west- 
ern Europe, and apparently crit- 
icised German heavy-handedness 
in the enlargement negotiations. 

The official line of both govern- 
ments, however, was firmly to 
squash any suggestion of serious 
dissent The German foreign min- 
istry said Mr Kinkel had held a 
“detailed telephone conversa- 
tion” yesterday with Mr Alain 
Juppe, his French opposite num- 
ber, covering all aspects of Fran- 
co-German relations. 

An undiplomatic voice. Page 2 
Odd couple’s tiffs. Page 19 


Sinn Fein 
stresses US 
peace role in 
N Ireland 


By Michael Csssefl, Jure* Martin, 

, Tim Coone and David Owen 

The United States could play an 
instrumental role in helping 
achieve peace in Northern 
Ireland, Mr Gerry Adams, the 
Sinn F6in president, said in Bel- 
fast yesterday. 

In reasonably upbeat remarks. 
Mr Adams told a St Patrick’s Day 
rally that the US admin istration 
was displaying a readiness to 
take a fresh approach to the con- 
flict In spite of sustained British 
pressure. He was speaking ahead 
of yesterday’s meeting between 
Mr Albert Reynolds, the Irish 
prime minister, and US president 
Bill Clinton . 

The Sinn Fdin leader said 
republicans wanted to live in 
peace and without coercion 
among their unionist neighbours. 
He added. Sinn Ffiln neither con- 
doned nor encouraged armed 
actions and stressed that all par- 
ties had to be involved in the 
current peace process. 

Mr Adams’s statement received 
a guarded welcome in Washing- 
ton, with Mr Clinton saying he 
was “quite encouraged". 

Mr Adams’s words came “at a 
good time and 1 hope it has a 
good effect”, the US president 
said, standing with Mr Reynolds 
at the White House. 

But he added it was "prema- 
ture” to discuss the question of 
issuing another US visa to the 
Sinn F6in leader. “The issue now, 
is what is going to be the role of 
Sinn Fein In the ongoing peace 
effort Will they Join? I hope they 
will," Mr Clinton said. 

Speaking later at a special St 
Patrick's day dinner hosted by 
the president, Mr Reynolds said 
that US support for the Northern 
Ireland peace process would have 
“an important influence" on its 
outcome." 

In London, Sir Patrick May- 
hew, the Northern Ireland secre- 
tary, was urged strongly by Tory 
backbenchers to step up pressure 
on the Irish government to 
improve security co-operation. 


United they stand 




Europe today 

A zone of low pressure 'Mil lead to snow 
showers along the west coast of Norway 
and in Finland. In northern and central 
parts at Scandinavia, temperatures will 
remain below freezing. Snow showers are 
also forecast (or Scotland. There will be 
heavy rain in the southern parts of the UK, 
in Ireland, in the southern parts of the 
Benelux, in northern France, and In 
Germany. Wintry showers with sunny 
intervals are forecast for Denmark. Poland 
and the Baltic stales. Conditions in the 
south will be generally mBd and dry, except 
for isolated showers in Greece. In the 
Mediterranean, sunshine will be plentiful. 
Temperatures will be highest in Spain arid 
Portugal. 

Five-day forecast 

A frontal zone, separating cold air over 
northern Europe from mild air over 
southern Europe, wilf flow south. It will 
reach central and eastern Europe during 
the weekend, causing heavy rain and snow 
in the mountains. High pressure over the 
Atlantic will flow Slowly towards western 
Europe and will gradually bring more 
settled conditions. South-western Europe 
will remain dry and sunny. 

TODAY'S TEMPERATURES 


FTWEATHER GUIDE 


Kl. v- 3 " 1000 




Si jZ—F'e''' 


j* . 


2? » 8 >cv -A 




£b tft # * # 

^ yflP 

* 




* 


? 7*0 

'?« /"; » 
Warm front Cold Irani A. A. Wind speed In KPH 


\ LOW 


Quality flights made in Germany. 

Lufthansa 

German Airlines 


Situation at IS GMT. Temperatures maximum lor day. Forecasts by Metro Oonsuft of the Nsterianril 

Cardiff rain 10 Frankfurt tan IQ Mata fair 18 RJq 

Chicago fair 8 Gerxrra fair 13 ManctMSter hail 9 Riyadh 

Gatopie rain 10 Gftrattv sun 20 Mania Ur 32 Rome 

D' Salaam fhurd 35 Glasgow snow 7 Metooume tar 20 S. Frsco 

Dakar sui 30 Hamburg gleet 0 Mexico dry fair 23 Seoul 

OaBas sun 2? HeteWd snow 1 Miami fair 28 Singapore 

DdW far 33 Hongkong Tab- 21 flOan tin IB Stockholm 

Dubai fair 25 Honolulu shower 26 Montreal fair -1 Strasbourg 

Dt£l|n ran 9 Istanbul for 14 Moscow snow 4 Sydney 

Dubrovnik sun Itj Jereey ram 9 Munich rain 11 Tangier 

Edmbugh fair 7 Karachi sun 36 Nairobi fair 27 Te) Aviv 

Faro sun 21 Kuwait sun 26 Naples fat 18 Tokyo 

L Angefeg fair 19 Nassau sun 29 Toronto 

Las Palmas sun 21 NewYork steal e Turts 

Uma tor 26 Nice sui 16 Vancouver 

Lisbon Sun 22 Nfccsfa for 20 Venice 

London rain 11 Oslo far 3 Vienna 

Lux. bong rah 9 Paris rain 14 Warsaw 

Lyon fair 14 Perth sun 37 Washington 

Madeira fair 19 Prague rain 8 WaBngtoo 

Madrid sun 21 Rangoon fair 35 Winnipeg 

M&rca fair 19 Reykjavik cloudy -3 Zurich 



Maximum 

Belfast 

hail 

7 

Cardiff 

rain 

10 

Frankfurt 

tan 

10 

Mata 

fair 


Cefatus 

Belgrade 

fair 

10 

Chicago 

fair 

& 

Genera 

fair 

13 

Manchester 

hail 

Abu Dhabi 

tor 

26 

Bertn 

ram 

7 

Gctopie 

rain 

10 

Gftrattv 

sun 

20 

Mania 

fair 

Aeon 

shower 

31 

Bermuda 

fair 

19 

D’ Salaam 

Ihurd 


Glasgow 

snow 

7 

Metbouma 

tar 

Aigiera 

sun 

21 

Bogota 

shower 

20 

Dakar 

SWl 

30 

Hamburg 

sleet 

a 

Mexico City 

fair 

Arrrelaniun 

rain 

7 

Bombay 

sun 

33 

DaBas 

sun 

Z? 

Helsinki 

snow 

i 

Miami 

fair 

Athens 

lair 

17 

Brussels 

rain 

10 

Deft* 

far 

33 

Hong Kong 

Tab- 

21 

Mian 

sin 

B AHua 

Hum 

27 

Budapest 

tor 

11 

Oubaj 

(air 

25 

HortoWu 

shower 

26 

Montreal 

fair 

0 Mm 

nun 

9 

C.hagen 

fair 

6 

Dublin 

rain 

9 


fair 

14 

Moscow 

snow 

Bangkok 

fair 

38 

Cairo 

fair 

26 

Dubrovnik 

sun 

16 

Jersey 

rain 

9 

MunlcJi 

rain 

Barcelona 

sui 

18 

Cape Town 

fair 

28 

Edmbugtl 

tor 

7 

Karachi 

sun 

36 

Nairobi 

Mr 

Bwjlng 

fair 

10 

Caracas 

fair 

23 

Faro 

SUI 

21 

Kuwait 

sui 

26 

Naples 

fat 


(air 29 
sun 27 
ft* 17 
fair 16 
shower 10 
shower 28 
fair 1 
rein 13 
fair 25 
sun 21 
fair 23 
tor 13 
fair 1 
sun 19 
shower 8 
hazy 14 
fair 12 
snow 7 
shower to 
shower 18 
cloudy 4 


United Biscuits stands on the fault 
line in the UK food manufacturing 
industry and is desperately struggling 
to ensure the ground does not give 
way beneath its feet Strong brands 
and international expansion have 
enabled Unilever and Cadbury 
Schweppes to move to firmer terrain. 
UB may yet be able to Join (hem. Its 
ambitious £12lm restructuring pro- 
gramme will now determine its fate. 

The 2 percentage point drop in 
McVi tie's fat marg ins hi g hli g hts the 
pressures in UB's home patch where 
raw material price rises are still hurt- 
ing. UB may be able to staunch that 
decline if its promised costs savings 
are recycled into increased marketing 
spend. Promising growth in mainland 
Europe and the for east is also contri- 
buting to the cause. But UB’s fortunes 
hinge on the US where most of the 
restructuring costs will fall over the 
next three years. Keebler is taking to 
the hills in salty snacks, trying to 
become a strong regional operator 
rather than a weak national one. The 
marketing and distribution changes in 
its cookies business also seem a text- 
book strategy, the only trouble is Kee- 
per's competitors may have read the 
same book. 

Still, by ransacking the 1993 balance 
sheet, UB at least stands a chance of 
delivering some earnings and dividend 
growth over the next few years. The 
market may well appreciate those 
short-term attractions, especially 
given the underpinning of a 6 per cent 
yield. But the broader risk remains 
that in its world of scarce cash 
resources. UB will only feed its prob- 
lems and starve its strengths. 

Reed Elsevier 

For the market to shave 3 per cent 
from Reed's share price on the day 
when the company demonstrated that 
the merger with Elsevier was working 
is a predictable meanness - The shares 
have all but doubled since the merger 
was announced, and a 40 per cent pre- 
mium rating to the market is difficult 
to sustain without comparable earn- 
ings prospects. Those overly besotted 
with multimedia hype have also 
received a refreshing bucket of cold 
water as the sector's shorter term 
earnings prospects have become 
clearer. 

Yet to dwell on the negative influ- 
ences is to miss the point about Reed 
Elsevier. The company has an envi- 
able mix of high margin steady growth 
businesses and lower margin con- 
sumer titles which are about to benefit 


United Biscuits - 

Share price relative to the 
FT-SE-AAH-Share Index 

jSSI 

.»4- ----- 


- 10 74 76 7a 80 92 84 86 88-90 92 94 
Source: EfettasJream 

from the upswing. Even with that 
spread, the portfolio is sensibly con- 
centrated in specific publishing areas. 
The management’s clear strategic 
view Is a force to be reckoned with. 
Strong cash flow and high interest 
cover mean the group has plenty of 
fire power ready to use as and when 
attractive acquisition opportunities 
emerge. The purchase of Official Air- 
line Guides for $415m and its subse- 
quent rationalisation reassures that 
the company may resist overpaying. 

In the absence of a hot-headed 
aggressive bid, large-scale acquisitions 
may take longer than the market 
would ideally like. Bat then, share- 
holders have long kept faith with 
Reed, despite its humdrum earnings 
record, ft is worth hanging on a little 
longer, since all that remains is for the 
management fully to exploit the 
opportunity it has created for itself. 

Legal & General 

Mr David Prosser deserves full 
credit for turning Legal & General 
around since taking over as chief exec- 
utive in the autumn of 199L Recent 
new business figures have been up 
with the pack after three dismal years. 
Costs have been reduced and L&G's 
mixed record on compliance - witness 
the recent record fine imposed by Lau- 
tro - is being addressed. True, the 
profits recovery evident in yesterday's 
frill year figures owes more to the 
cyclical upswing in general insurance 
rates. By reserving fully against mort- 
gage indemnity losses and buying 
extensive reinsurance cover, though, 
L&G has limited its downside risk. If 
that allows its management to concen- 
trate on the long-term savings busi- 


ness, so much the better. 

There is certainly no shortage of 
challenges. How L&G will cope with 
the tough new regulatory regime 
promised by the Securities and Invest- 
ments Board is difficult to judge- Since 
endowment mortgages account for a 
relatively large slice of sales, full dis- 
closure of commissions is a real :' 
threat. That said. L&G may be big 
enough and have a strong enough; 
brand to diversify into alternative, 
savings products such as unit trusts. 
The company’s respectable investment 
performance in recent years is another 
reason for optimism. 

Yet it remains a racing certainty 
that tougher regulation will result in 
fewer life assurance contracts being 
sold across the industry. Until L&G 
proves itself a winner, its shares are 
likely to suffer with the rest of the' 
sector whatever the attractions hi 
terms of yield- '::- 

Guinness 

Having worked hard to reduce its 
costs and stepped up marketing spend- 
ing on its brands, all Guinness now 
needs Is a drop of recovery in the 
drinks market. The 4 per cent slide in 
its shares following yesterday's results 
partly reflects the downbeat trading 
statement that accompanied them. 
True, there are some glimmerings In 
spirits, up 1 per cent by volume last 
year with Scotch whisky sales up 3 per 
cent. But demand is strongest in low- 
er-priced brands and price rises lagged 
inflation. Even these modest volume 
increases are being bought at the 
expense of margins. 

In brewing, efforts to exploit the 
stout brand are overshadowed by the 
continued slide in Cruzcampo's prof- 
its. Recession and the lack of Olympic 
games custom provide convenient 
excuses for its poor performance, but 
Guinness now has ample cause to 
regret buying into Spanish brewing 
expensively and at the wrong time. 

Still, there may be Uttle alternative, 
as in spirits, but to wait for better 
times. At least the cash inflow from 
the recent LVMH deal will reduce 
gearing to 38 per cent. Since Guinness 
is generating ample cash from 
operations, the LVMH deal hastens 
the day when it must find a way of 
spending some of this money. Presum- 
ably another Cruzcampo is not on the 
cards, though smaller targetted acqui- 
sitions may be. Or perhaps Guinness 
could again boy in Us own shares, 
starting with the 4 per cent stake that 
LVMH must sell by June next year. 




’S'- 


0 


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17 


brother. 

TYPEWRITERS 
WORD PROCESSORS 
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COMPUTERS 
FAX 


FINANCIAL TIMES 


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TOWN SEEKS LIVELY 
intelligent COMPANY. 

F«t lull detail: inJwiing pk-ih-; tW?’ '“1 


ip THE FINANCIAL TIMES LIMITED 1W4 


Friday March 18 1994 


IN BRIEF 


MoDo heralds 


upturn in forestry 

A long-awaited upturn in the forestry cycle was 
signalled yesterday by MoDo, one of Sweden's 
leading forestry groups, when it announced a 
sharply reduced loss for 1993 and predicted a 
strong return to the black this year. Page 18 

N o r th w est hits turbulence 

In January, it might have made sense for North- 
west Airlines, the fourth -biggest US carrier, to 
plan a return to the stock market, this month. 

With hindsight, the tuning could hardly have 
been worse. Page 20 


■Conit Index 
TOO 


650 — 


Comtt shrugs off forthcoming election 

The Italian equity market 
one of Europe’s best perform- 
ers last year, has been 
looking remarkably resilient 
as the country prepares 
to go to the polls on March 
27 and 28, for what is argu- 
ably the most important 
general election since 1946. 
The Comit index posted 
a 37 per cent rise during 
1993. as heavy domestic 
demand was augmented 
by buying from the UK Germany and Prance. 

Back Page 


000 


550 1 



Jan T994 Mar 

Source: DatnaJraam 


Coal pits of despair 

Ukraine’s mighty coal industry has sunk into 
utter decay and despair, bringing down the two- 
year old nation's economy with it Page 28 


RentoMI keeps to 20% growth 

Shares in Rentokil slipped by VAp to 24fi'/ip in 
spite of the UK environmental and property ser- 
vices company maintaining its 12-year record 
f compound growth in profits and earnings in 
excess of 20 per cent. Page 23 


Paper maker says recovery has started 

The paper industry has begun to recover after 
five years of decline, according to Arjo Wiggins 
Appleton, the Anglo-French paper manufacturer. 
It said that paper prices had begun to rise in 
the Last quarter of 1993. Page 24 


Brewers exposed to the elements 

Last week Whitbread, the large brewer, sold £225ra 
worth of shares in eight smaller brewers, ending 
the “Whitbread umbrella” which protected regional 
brewers from takeover by bigger rivals. The ques- 
tion now is: are the regional brewers being thrown 
to the wolves? Some editions of yesterday's FT 
carried this summary prematurely. We apologise 
for the error. Page 26 

UB shows Its scars 

United Biscuits, the UK biscuits and snack manu- 
facturer, showed the scars of competition on both 
sides of the Atlantic. Page 18. Page 25 

Legal & General ahead 56% 

Legal & General, the UK life and general insurer, 
announced a 56 per cent rise in profits. Page 18 


Companies In this Issue 


Ahold 18 

Aijo Wiggins 24 

Attwoods 20 

BASF 17 

BMW 17 

Baynes (Charles) 26 

Betaert 20 

Bluebird Toys 11 

Brieriey 21 

British- Borneo 24 

Bugatti 20 

Burmine 24 

B'hsm Midshires 27 

CTC 20 

Cakn Energy 28 

Cata 34 

Carter Harvey Holt 21 

Celsius IB 

Citoorp 20 

Cookson 24 

Cortoca 27 

Courtaulds Textiles 25 

CrtidK du Word 18 

Dal 20 

Daimler-Benz 17 

Daniels (S) 27 

Devls Services 24 

Dowsongroup 26 

Dawaongtoup 11 

Deutsche Bank 21 

DuPont 7 

Edmond 27 

Emaa 21 

Europa Minerals 24 

Renting European as 

Gold Greenlees Trott 24 

Green (Ernest) 27 

Greencora 25 

HK Dairy Farm Int’l 19 


Market Statistics 


4MnO reports service 30-31 
Benchmark Sort bonds 22 

Bone futures and options 22 
Bond prices and yields 22 
ComTKxSttos prfctt 28 

DMdarKte anooutKfld, UK 23 
ass cummer rates 38 

Eurobond prices 22 

RwJ (merest indices 22 

FT-A World Indices Back Page 
FT Sold Mines Index Back Page 
FTASMA tnB bond SUC 22 


Haden MacLettan 

24 

Hoogovens 

18 

Imry Hokfings 

26 

International Paper 

21 

J&E Davey 

25 

Johnson Matthay 

24 

Jupiter TyndaU 

27 

Kredietbank 

20 

Kvyik Fit 

25 

LVMH 

17 

Learmanth & Burchett 

2B 

Legal & General 

18 

Lufthansa 

18 

Minorco 

21 

Mitsubishi 

19 

Mitsui 

19 

MoDo 

18 

Mount Ebon Gold 

24 

Northwest Airlines 

20 

Occidental 

4 

Oftver Group 

28 

ParamoixTt 

17 

Pochin’s 

25 

Reed Etetwtar 

17 

Regina 

11 

Rosetoys 

27 

Sanderson Bramall 

28 

Sanyo Securities 

19 

Schindler 

18 

Templeton Emerging 

26 

Tokyo Power Electric 

19 

Tokyu 

IB 

Travis Perkins 

27 

United Biscuits 

25, 18 

Viacom 

17 

Vital Forstfffing 

18 

Vodalone 

25 

Volkswagen 

17 

Wagon Industrial 

04 

Whitbread 

28 


FT-SE Actuaries indices 

29 

Foreign exchange 

38 

GIBs prices 

22 

LKte erjuSy options 1 

Sack Pass 

LoncSoti share service 

30-31 

Managed funds service 

32-36 

Money mates 

38 

Mew Hill bond issues 

22 

Recent issues, UK 

28 

Short-term lot rates 

38 

US Wereel rates 

22 

ma Stock Marians 

37 


Chief price changes yesterday 


FRANKFURT (DM) 


BMntart 

878 

+■ 

26 

Llnaftw-hefi 

rate 

395 

t 

10 

AstoPtf 

940 

- 

40 

DUB 

513 

- 

85 

war 

415 

- 

9 

Brahe 

MCW YORK 

Bm 

907 


12 

Ataa 

76 


lli 

US Surgical 

1W 

+ 

14 

Lotus On 

Fate 

CW 

+ 

3S 

Delta 

49W 

- 

t 

14 

Fed Express 

70* 


Gen Beetnc 

1024 


1 


PARIS (FK) 
Hmc 

KW 

726 


18 

Cred Lion 

732 

+ 

17 

taanotwwa 

079 

+ 

30 

ftaJoute 

875 

+ 

25 

RMBMHJCW 

678 

Hh 

17 

Pails 

9 GotSft 

m 

- 

13 

TOtCTOflfwJ 

Man 

Gotten 

842 

+ 

34 

Gnus 

714 

+ 

31 

VBmattteHVael 

1810 


I® 

ram 

AON Bark 

i am 

- 

50 

Ctemlc 

578 

“ 

17 

Summmo Realty 

685 


22 


Nm York prices at 12130pm. 


LONDON (Ponce) 
Hh« 

LUMOoIns 302 


15 

nwwPel 

sa 

t 

4 

Bra Bros 

171 

t 

a 

CtacUonto 

156 

1- 

5 

&eaft«mTrir 

B2 

+ 

7 

HBsdowi 

IF! 

* 

7 

Hutaprim 

24 

+ 

4 

Jupfler lynaal 

Z78 


18 

SWM* 

1674 

* 

11 

Dec mo 

155 

* 

6 

Qftwf Group 

48 

♦ 

4 

5d*oCKsNV 

1173 

♦ 

56 

Trane Memnty 

94 

* 

4 


un secure 

349 

+ 

11 

Fate 

BDimes (Q 

77 

_ 

3 

GALA 

137 

- 

5 

Et*nond MOBS 

22)5 

- 


GflU fteantoi 

184 

- 

88 

CuknRS 

484 

- 

IB 

Loamni) Boren 

06 

- 

44 

Heed Ml 

era 

- 

27 

3MW»MS 

09 

- 

0 

TaWre 

273 

- 

10 


BMW stays in front of rivals 


By Christopher Parkea In 

Frankfurt 

BMW has once again proved the 
leading light of the German auto- 
motive industry, according to fig- 
ures released yesterday. 

Riding on the strength of a 
DM5 16m (8293m) net profit last 
year, and an unchanged divi- 
dend, the Munich-based perfor- 
mance car maker unveiled plans 
to raise around DM8Q0m through 
a rights issue. 

Daimler-Benz, on the other 
hand, with more than three times 
the turnover of BMW, managed a 
net return of only DMtiOOm. com- 
pared with DMl.45bn last time, 
according to Mr Edzard Reuter, 


group chairman. A reduced divi- 
dend was not impossible, he told 
journalists in Berlin. 

Bringing up the rear, the trou- 
bled Volkswagen group namw in 
as expected with a DM1.9bn loss, 
but maintained its DM2 payout 
as an indicator that the company 
was on the road to recovery. 

Surprise of the day was BMW’s 
oue-for-n rights issue, approved 
at a meeting of the supervisory 
board, which includes two repre- 
sentatives of the majority stake- 
holding Quandt family, which 
will accordingly put up most of 
the new capital The proposal for 
a nominal DM82m capital hike to 
DM984m, with the new ordinary 
shares priced at DM500 and pre- 


ferred stock at DM365, will be put 
to the annual meeting on May 19. 
Hie new shares will carry frill 
1994 dividend rights, the com- 
pany said, 

BMW’s stock rose sharply in 
after-hours trading in Frankfurt 
yesterday. Although around 
DM10 down on the day at DM880, 
it was close to its recent record 
high. 

Porsche, the loss-making sports 
carmaker this week also announ- 
ced a rights issue on the strength 
of the stock markets' favourable 
response to its claims of a return 
to “decent" profits in 1997. 

Although BMW’s 1993 net earn- 
ings fell almost 30 per cent from 
DM726m in the previous year, the 


company said recently it expec- 
ted an Increase of 20 to 30 per 
cent this year, excluding any 
profits from the Rover group, just 
purchased for ESOOm (Sl.lbn). 
Last year's profits at the German 
parent, BMW AG. rose margin- 
ally to DM452m. 

Hie company repeated yester- 
day that it bad uo need of a 
rights issue to finance the Rover 
deal, struck at a price equivalent 
to the development costs of a sin- 
gle new model. Observers said 
with long-term interest rates 
tending upwards, and BMW stock 
so much in favour, the issue was 
a sensible step. 

The deficit at VW. revised from 
December forecasts of DM2Jbn, 


reflected the strains of a period 
which started last March with 
management forecasts of a 
break-even result for 1993. 

The main source of the loss 
was the near-collapse of the 
Spanish subsidiary Seat, and 
unexpected losses at the Audi 
luxury division. 

The German parent company, 
VW AG. has been empowered to 
bolster Seat's liquidity by paying 
DMl .2bn in return for its Pam- 
plona factory, which manufac- 
tures VW marque Polos. 

Group sales fell to DM76.6bn 
from DM85bn a year earlier, and 
the VW AG parent company 
earned a net DM71 m after 
DM132m in 1992. 


■ Recovery in US and UK ■ Rising champagne salesB Strong Japanese market 


Hopes high at 
LVMH after 
19% growth 



By John Ridding In Paris 

LVMH, the French luxury goods 
group, yesterday announced net 
profits of FFi3.57bn ($590m) for 
1993. a 19 per cent increase over 
the previous year, and forecast 
strong earnings growth this year. 

Mr Bernard Arnault, chairman, 
said encouraging developments 
bad emerged since the final quar- 
ter of 1993. He cited economic 
recovery in the US and the UK. 
higher champagne sales, lower 
financial charges and a strength- 
ening of the Japanese cognac 
market. The improvement was 
reflected in sales figures for the 
first two months which, he said, 
rose by 28 per cent compared 
with the same period in 1993. 

The group said net profits 
should rise by more than 20 per 


cent this year if the progress 
experienced in the past few 
months continues. 

The shares climbed by nearly 5 
per cent to close at FFr<L389. 

Last year's profits were boosted 
by exceptional gains, largely 
resulting from the sale of the 
group’s RoC cosmetics business. 
Without these FFr602m gains, the 
company would have recorded 
profits of FFriL97bn, a slight fall, 
on 1992 but at the top end of 
expectations. Sales grew 10 per 
cent to FFr23.8bn. 

The cognac and champagne 
businesses contrasted with lug- 
gage and perfumes. In cognac 
and spirits depressed demand 
prompted a foil in operating prof- 
its from FFr2,29bn to FFrlJlbn. 
Champagne produced flat results 
of FFrTBOm, despite a 7 per cent 


LVMH 

Share price (FFr) 



3JQ0 I i ■ ■ x -j -i -i- l a-L. 

1983 94 

Source: FT QcapMa 


rise in turnover. 

Operating profits in the lug- 
gage and leather goods division 
grew’ from FFrl.87bn to 
FFr2.32bn, while perfumes and 
beauty products advanced from 
FFrSOflm to FFr852m. 

Earnings growth this year is 
expected to be supported hy 
reduced financial charges result- 
ing from the reorganisation of its 


shareholdings with Guinness of 
the UK The January reorganisa- 
tion, in which Guinness swapped 
its indirect 24 per cent stake in 
LVMH for a direct stake In the 
French group's champagne activ- 
ities, brought estimated proceeds 
of about FFrllbn for LVMH. 

Mr Arnault said various acqui- 
sitions were under consideration, 
but declined to be more specific. 


Industry observers expect, how- 
ever, that the group will take full 
control of Guerlain, one of 
France's most famous fragrance 
houses in which LVMH has held 
a 15 per cent stake since 1987. 

In line with Mr Arnault's opti- 
mistic scenario, the company is 
proposing a dividend of FFr15 per 
share, an increase of 10 per cent 
Lex, Page 16 


Guinness slips as sales volumes remain flat 


By Paul Taylor in London 

Guinness, the brewing and spirits group, 
yesterday reported a 12 per cent decline in 
pre-tax profits to £702m ($lbn) after excep- 
tional charges of £173m related to a 
restructuring with LVMH. 

The figure compares with pretax profits 
of E795m In 1992 when the group took a 
£l2Sm charge to cover reorganisations of 
Scotch whisky production and the Cruz- 
caxnpo brewing business in Spain. 

Sales increased by 7 per cent to £4.66bn. 
but would have been just 1 per amt hig h e r 
without beneficial currency effects. 


Although the results were in line with 
expectations Guinness’s shares fell ISp to 
484p after Mr Tony Greener, c h air m an, 
cautioned; “At this point of the year there 
is no sign of generally improved market 
conditions.’’ 

Nevertheless he expected a modest 
improvement in profits this year. Com- 
menting cm the 1993 performance he said: 
“In a year of severe economic downturn in 
a number of major markets, pre-tax profits 
on a comparable basis were 1 per cent 
lower, demonstrating once again the resil- 
ience of the group." 

United Distillers showed a 9 per cent 


decline in operating profits to £70lm, 
while the contribution from Guinness 
Brewing Worldwide fell 7 per cent to 
£237m. On a like-for-like basis, excluding 
the effects of exchange rates and other 
non-comparable items, Mr Greener said 
spirits profits slipped 3 per cent while beer 
was down 1 per cent Spirits sales rose 7 
per cent to £2.77bn, mainly due to 
exchange rate movements. Volumes rose 1 
per cent to 52m cases, with Scotch whisky 
up 3 per cent at 27m. 

However, sales growth was mainly In 
the standard and lower priced brands and 
premium sales were flat. Prices rose by an 


average 1 per cent, reflecting exceptionally 
competitive market conditions and 
depressed consumer confidence. 

Brewing sales increased by 6 per cent to 
£L89bn. At level exchange rates, the rise 
would have been 2 per cent. Total volumes 
were level at 24.4m hectolitres, but exclu- 
ding acquisitions they were slightly down. 

Net interest charges fell by 8 per cent to 
£188m. Net debt fell by £l55m to £l.S7bn at 
the end of December. Diluted earnings per 
share of 22Jp were 18 per cent lower but a 
final dividend of 9.13p lifts the total pay- 
ment to liLSp. an increase of 8 per cent. 
Lex, Page 16 


Viacom 
puts tough 
guy into 
Paramount 

By Martin Dickson 
in New York 

Mr Jonathon Do! gen, known as 
one of Hollywood’s shrewdest 
deal-makers and toughest man- 
agers, is quitting Sony Pictures 
Entertainment to head a new 
film and television group at Via- 
com, after its SlObn takeover of 
Paramount Communications. 

The appointment is a key one 
for Viacom, because Para- 
mount’s Hollywood operations 
have a lacklustre record, even 
though they were the main prize 
in the bitter takeover battle. Via- 
com needs to effect a sharp 
improvement to Justify the high 
price tt paid. 

Mr Dolgen’s move, announced 
by Viacom yesterday, is a fresh 
blow to Sony Pictures Entertain- 
ment, which owns the Columbia 
and Tristar studios and has suf- 
fered a mixed box office record 
and senior management 
upheaval. 

Mr Dolgeu, 48, was president 
of Sony's motion picture group, 
where he was responsible for the 
business rather than creative 
side, and renowned for reining 
back its once lavish expenditure. 

He has a reputation as an 
intimidating manager, with a 
confrontational style: his office 
at Fox Inc, where he worked 
before Joining Sony, was nick- 
named the '‘house of pain and 
suffering". 

His move comes as Japan's 
Sony, which paid $3.4bn for 
Colombia in 1989, is exploring 
the possible sale of a minority 
stake in its motion 

Mr Dolgen, 48, will be chair- 
man of Viacom Entertainment 
Group, which will oversee Para- 
mount's film and television busi- 
ness and incorporate Viacom's 
substantial television produc- 
tion, distribution and broadcast- 
ing operations. It does not 
include Viacom’s cable television 
networks, such as the MTV pop 
music video channel. 

Viacom also announced that 
the two existing heads of Para- 
mount's film and television 
operations would be staying on 
and reporting to Mr Dolgen. 
They are Ms Sherry Lansing, 
who beads the motion picture 
business, and Mr Kerry McClng- 
gage, who is in charge of the 
television production side. 

There bad been speculation 
that Ms Lansing, who has only 
been at Paramount for 16 
months, might be ousted. But Mr 
Frank Biondi. chief executive of 
Viacom, said: “Sherry has done a 
wonderful job of rebuilding the 
studio." 


Reed Elsevier advances 


30% but issues caveats 


By Raymond Snoddy bi London 

Reed Elsevier, the Anglo-Dutch 
information and publishing 
group, yesterday celebrated its 
first year as a combined opera- 
tion by announcing a 30 per cent 
increase in pre-tax profits to 
£534m ($779m) from £412m. 

But the City marked down the 
shares of both partners, after 
warnings that price increases 
were more difficult to achieve in 
low inflation conditions and that 
paper and print costs were sub- 
ject to upward pressures. In Lon- 
don, Reed International closed 
down 27p at 878p and Elsevier 
dropped £L33 to £8250. 

Mr Peter Davis, co-chairman, 
responded: "We were not trying 
to signal an end to improvement 
in mar gins. We intend to con- 
tinue to improve them." 

Reed Elsevier’s 1993 sales rose 


14 per cent to £2.8bn, although 
the improvement was only 2 per 
cent stripping out currency fac- 
tors and acquisitions. Operating 
profits rose 17 per cent to £558m. 

During the year Reed Elsevier 
spent £4D3m on acquisitions, 
including £277m on Official Air- 
line Guides. Further acquisitions 
are likely this year, particularly 
in legal publishing, although the 
importance of continued organic 
growth was stressed by senior 
executives. 

Mr Pierre Viaken, co-chairman, 
commented that if the group 
stopped making acquisitions, 
“you can say goodbye to double 
digit growth”. 

Professional publishing 
achieved 14 per cent underlying 
growth, excluding currency 
changes, acquisitions and pen- 
sion credits. Business publishing 
came second with 12 per cent, 


while consumer rose 9 per cent 
Scientific and medical was con- 
fined to 2 per cent, partly because 
of uncertainty in pharmaceuti- 
cals markets. The company 
warned that although 1993 ended 
more strongly than it began, 
there remained grounds for cau- 
tion in the UK and US, while to 
continental Europe indications of 
any recovery in trading condi- 
tions were “very limited”. 

For Reed International share- 
holders. earnings per share rose 
40 per cent to 37.4p - or 17 per 
cent to 35 .8p excluding exception- 
als. The full-year dividend goes 
up 12 per cent to I8.75p. For 
Elsevier shareholders, the earn- 
ings Increase was 20 per cent to 
FI 7.96 - or 16 per cent to FI 7.83 
- and the dividend virtually dou- 
bles to Fl 5.19. 

Auditor change. Page 23; Lex, 
Page 16 



BASF bears witness to upturn 


By Christopher Parkea In 
Frankfurt 

Firm signs of recovery after a 
four-year slump in the German 
chemicals industry emerged yes- 
terday as BASF reported 
improved earnings and sales in 
the first two months of the year. 

Mr Jfirgen Strube, chairman, 
said afl divisions, except plastics 
and fibres, were making operat- 
ing profits but they. too. should 
be back at break-even levels by 
the end of the year. An improve- 
ment on last year's net earn i ngs 
of DM858m ($507m) was possible 
despite an expected sharp 
increase in corporate taxes. 

Group turnover of DM6. Tbn in 
January and February was up 4 
per cent on a like-for-like basis. 
Mr Strube also noted a 
doublwligit rise in orders at the 


parent company, BASF AG. 

“We have come off the starting 
blocks well." he said, reflecting 
mounting confidence elsewhere 
in the sector. But he warned that 
recovery was likely to be slow 
and a worldwide Improvement in 
chemicals markets could not be 
expected before next year. 

BASF’s pre-tax profits last 
year, confirmed yesterday at 
DMl.Wbn, down 14.6 per cent, 
were less than a quarter of the 
record DMUibn earned in 1989. 

A breakdown of 1993 sales, pub- 
lished yesterday, showed the 
impact of the European reces- 
sion. While turnover from North 
and Latin America increased by 
7.6 and 14 per cent respectively, 
generating DMUbn in revenues, 
European sales dropped 8 per 
cent to DM25bn. Germany, which 
accounts for half the group’s 


European business, showed a 12 
per cent fall. 

Plastics and fibres, BASF's big- 
gest single division, and agricul- 
tural chemicals - both plagued 
by overcapacity and price erosion 
- recorded sales declines of 6 and 
19 per cent respectively. 

Mr Strube, appointed at the 
start of the slump in 1990, said 
restructuring would continue. 
Product areas offering no 
long-term prospects of acceptable 
results would be examined to see 
if cooperation with other manu- 
facturers, sale or closure would 
yield improvements. 

Restrurturing efforts last year 
included buying Mobil Chemi- 
cals' polystyrene business and 
ICI's European polypropylene 
operations- BASF also reduced its 
workforce by 9 per cent and 4,000 
more job cuts are planned. 


Thii announcement appears. as a matter of luconl only 



Royal Armouries (International) pic 

£42,500,000 financing for a newly 
formed private sector company to 
build and operate a new museum 
and visitor attraction in Leeds 

Private Sector Funding 
structured arranged and led by: 

3i pic 

Equity subscribed by: 

31 Group pic 

Elecfra Investment Trust pic 
Yorkshire Electricity Group pic 
Gardner Merchant Limited 

Advised by: 

Booth & Co 

Senior Debt provided by: 

Bank of Scotland* Leeds 

Advised by: 

Walker Morris 

Advisers to Management: 

Hammond Suddards 
Ernst & Young 


3 i Group p|c mJ 3i pH - ■n? revulsled tn !l¥! oxvluct of im rJmeni bfainr-* Wr SIB 



9 


18 


INTERNATIONAL COMPANIES AND FINANCE 


Hoogovens improves but 
still FI 234m in the red 


By Ronald van de Krd 
In Ijmutden 

Hoogovens, the Dutch steel 
and al uminium company, nar- 
rowed its losses in 1993, with 
the steel division turning in a 
small profit but aluminium 
activities falling further into 
the red. 

The company’s net loss was 
more frhan halved to FI 234m 
($123m) from FI 595m In 1992, 
when the figures were heavily 
influenced by restructuring 
provisions of FI 370m. The 1993 
figures included slightly more 
than FI 60m in extraordinary 
charges. 

Hoogovens. which raised 
more than PI 360m in a rights 
issue in late 1993, said yester- 


day that it would again omit 
its dividend to shareholders. It 
also announced plans for a 
convertible subordinated bond 
Issue of at least FI 275m. 

Group turnover fell to 
Fl7.22bn from FL7.72bn in 1992, 
reflecting an erosion hi selling 
prices for both steel and alu- 
minium. This external price 
decline offset part of Hoogov- 
ens' Internal achievement in 
getting its costs down by 
FI 450m last year. Since 1991, 
Hoogovens has achieved inter- 
nal cost savings of FI 900m. 

Despite lower demand for 
steel in Europe and the fall in 
general prices, Hoogovens’ 
steel division managed to post 
a pre-tax operating profit of 
FI 5m, a strong reversal of the 


previous year's loss of FI 234m. 
This was achieved partly 
thr ough a boost in exports to 
non-European markets such as 
Gfrinfl gnri the US. 

However, pre-tax operating 
losses in aluminium widened 
to FI 265m from FI 162m. Alu- 
minium prices have been bit 
by surplus stocks worldwide, 
exacerbated by the stream of 
cheaper aluminium from the 
former Soviet Union. 

For 1994. Hoogovens is fore- 
casting that it will make a 
modest profit before extraordi- 
nary items. The recovery in 
steel is expected to continue, 
while aluminium will see some 
improvement, though this divi- 
sion is projected to remain 
loss-making. 


Ahold overcomes US downturn 


By Ronald van de Krol 

Ahold, the Dutch food retailer 
which has built up a large 
presence in the eastern US, 
posted a 15L5 per cent increase 
in 1993 net profit, with 
improved results In the Nether- 
lands and acquisitions in Por- 
tugal compensating for a slight 
fall in earnings in the US. 

Net profit rose to FI 343.1m 
($180.6m) from FI 305m in 1992. 
The company, which is prepar- 
ing to take over its sixth US 
supermarket chain, said oper- 
ating profits in the US should 
show clear improvement in 
1994, and forecast an increase 
in full-year net earnings for the 
group as a whole. 


Ahold is to increase its 
dual-currency dividend to 
FI 0.62 and $0.23 per share, 
from FI 0.57 and $0.22 in 
1992. 

Turnover in 1993 jumped by 
25.5 per cent to F127.1hn, of 
which about four-fifths was 
due to the first-time consolida- 
tion of Schuitema, Ahold’s 
majority-owned Dutch whole- 
saler, as well as to acquisitions 
of supermarkets and hyper- 
markets in Portugal. 

At home in the Netherlands, 
operating profit soared by 32.6 
per cent to FI 296.7m, with 
around two-thirds of the rise 
due to acquisitions. Ahold’s 
Dutch supermarket chain, 
Albert Heijn, is the country’s 


leading food retailer with a 269 
per cent share of the domestic 
market, up from 26.6 per cent 
in 1992. 

In the US, improved results 
were reported by three of the 
group’s chains - BI-LO, Giant 
Food Stores and Tops - but its 
two others, Edwards and 
Finast, posted “disappointing” 
results. Overall, US operating 
profit slipped to $16L9m from 
$1G9 ul 

In February Ahold signed a 
letter of intent on the acquisi- 
tion of Red Food Stores, a Ten- 
nessee-baaed supermarket 
chain with annual sales of 
$585m. 

It expects to conclude the 
transaction by late April. 


Competition hits United Biscuits 


By Tony Jackson in London 

United Biscuits, the UK 
biscuits and snack manufac- 
turer, showed the scars of com- 
petition on both sides of the 
Atlantic yesterday with sweep- 
ing restructuring charges total- 
ling £121m <$180m). 

The company said that its 
US subsidiary, Keebler, will 
undergo radical changes in dis- 
tribution and manufacture. In 
Europe there will be 500 job 
losses, three-quarters of them 
in the UK 

The charges helped pull UB’s 


pre-tax profit down to £ll6.7m 
for the year, a fall of 28 per 
cent. Underlying profit was 
also lower at its all-important 
UK biscuit and snacks busi- 
nesses. 

Mr Eric Nicoli, chief execu- 
tive, said this was due less to 
competition than to rises in 
raw material prices, partly 
caused by sterling’s devalua- 
tion, which the group was 
unable to pass on at a time of 
low inflation. 

In the US. restructuring 
costs will total £92.5m, of 
which £ll-2m had already been 


announced for the closure of a 
snack factory at Raleigh, North 
Carolina. 

Keebler, which has only 4 
per cent of the US salted snack 
market. Is to withdraw from 25 
per cent of the US geographi- 
cally. 

UB said it lost money on 
$250m of snack sales last year, 
and had made no profit in 
snacks since attacking the 
market five years ago. 

The dividend was held 
unchanged at 15 .3p for the 
year. 

Lex Page 20; Details Page 25 


Credit du 
Nord losses 
rise sharply 

By John RldcSng in Paris 

Credit du Nord. the retail 
banking arm of the Paribas 
financial group, yesterday 
announced a sharp increase in 
net losses to FFr610.9m 
($106m) for last year from 
FFr253.4m in 1992 

Mr Bernard Auberger, chair- 
man, said the fank was aim- 
ing to break even this year but 
warned that the property mar- 
ket remained difficult. 

Increased provisions of 
FFrl-8bn, up from FFrL.Gbn in 
1992, reflected the weak state 
of the real estate market and 
largely accounted for the rise 
in losses. 

Credit du Nord said that its 
target of breakeven for this 
year, with profits in 1995 and 
1996, required an increase in 
its capital base. 

Paribas, its parent company, 
said it would inject FFrtlSm 
of new capital and subscribe, 
at market rates, to a FFri^bn 
subordinated convertible bond 
issue. 


Upturn at 
Legal & 
General 

By Alison Smith in London 

Legal & General, the UK life 
and genera] insurer, yesterday 
announced a 56 per cent rise 
in 1993 pre-tax profits to 
£18 lm ($270m) for 1993. 

UK life and pensions profits 
increased by 9.6 per cent to 
£U9.6m and results were also 
helped by a recovery in gen- 
eral UK insurance. 

The main factor in the rise 
in UK pr em ium income from 
£1.6bn to £1.9bn was single 
premium business, in particu- 
lar sales of L&G’s unitised 
with-profits bonds. 

UK general insurance made 
a profit of £39.5m, compared 
with a loss of £46. 7m. Mr 
David Prosser, chief executive, 
said that L&G no longer had 
to make mortgage indemnity 
provisions, as it did in 1992. 

The group’s overseas general 
insurance operation was 
sharply cut as L&G withdrew 
from 20 of its 21 agencies. 

Lax, Page 16 


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Recovery heralded at MoDo 


By Christopher Brown-Humes 
fn Stockholm 

A long-awaited upturn in the 
forestry cycle was signalled 
yesterday by MoDo, one of 
Sweden's leading forestry 
groups, when it announced a 
sharply reduced loss for 1993 
and predicted a strong return 
to the black this year. 

Mr Bemt Lfif, chief execu- 
tive, said: “The upturn in the 
market which we clearly saw 
in the last quarter of 1993 is 
g aining momentum. The bal- 
ance between supply and 
demand is improving." 


He noted that prices for pulp 
and fine paper had already 
risen strongly this year and 
predicted increases for other 
products. 

MoDo said the price rises 
and its own competitive posi- 
tion should enable it to pro- 
duce a profit of more than 
SKrlbn ($127m) in 1994. 

like other Swedish forestry 
groups, its position has been 
improved by cost-cutting, 
lower interest rates .and the 
weaker krona. It expects capac- 
ity utilisation at its units to 
rise to 90 per cent this year, 
from 85 per cent in 1993. 


Last year, the group cut 
losses after financial items to 
SKr449m from SKrl^lbn, with 
the deficit in the fourth quar- 
ter amounting to only SKr 22m, 

against SKr824m in the same 
1992 period. 

The group said higher vol- 
umes, increased productivity 
and a near SKr2bn reduction in 
costs since 1990 had helped to 
compensate for the fall in mar- 
ket prices during the year. 

Sales expanded to SKrl7.ibn 
from SKrl5.7bn. There was an 
operating profit of SKr687m, 
compared with a SKr407tn defi- 
cit in 1992. 


MoDo felt the full effects of 
rationalisation and the weaker 
krona in its Swedish unite, 
where operating profits 
reached SKrl.2bn after a 
SKrl82m loss in 1992. 

However, a deeper operating 
toss of SKrS22m at its French 
unit proved a drag on the 
result as did the higher costs 
of senicing foreign debt 

The French operations were 
negatively affected by the 
strong franc and low market 
prices. 

The group is not proposing a 
dividend for the second year 
running. 


Norwegian insurer well ahead 


By Karen Fossil in Oslo 

Vital Forsikring, one of 
Norway's top three insurers, 
has reported a sharp rise in 
1993 operating profit, helped by 
a substantial increase in finan- 
cial income and lower interest 
rates, which pushed ,up the 
value of its securities portfolio. 

Operating profit jumped to 
NKr3.32bn ($453m) from 
NKr824m as premiums 
increased to NKr3.31bn from 
NKr2.8bn. Gross financial 
income nearly doubled in 1993 
to NKr5.14bn from NKr2.63bn. 

Vital has proposed lifting the 
1993 dividend by NKrl to 
NKr5.75. Group operating 
expenses rose to NKrS70m 
from NKrS46m but costs, as a 
percentage of premiums, fell 


by 2.4 percentage points to 17.2 
per cent 

The company said that since 
1990 its cost ratio has declined 
by 34 per cent as a result of 
increased premium volume 
and it arms to cut the ratio to 
13 per cent by 1997. 

Vital said that premiums 
from group pension policies 
increased by 31.6 per cent, 
while p remiums fix: individual 
annuity and pension insurance 
were 0.1 per cent lower. Group 
life premiums were 4£ per cent 
up on 1992, while individual 
life insurance premiums 
increased by 8.9 per cent 

According to the Norwegian 
Insurance Association, Vital 
increased overall market share 
to 21.1 per cent in 1393 from 
17.8 per cent in 1992- 


The value of shareholdings 
and other investments rose to 
NKr4.3lbn in 1993 from 
NKr3.45bn while bonds 
Increased to NKri9.33bn from 
NKriSmbn. 

Separately, the group said it 
was finalising negotiations to 
acquire a large property in cen- 
tral Oslo, comprising 75,000 
square metres, from Sweden's 
Skanska group for NKrLSbn. 

Vital said the pending deal 
was one of the largest property 
transactions ever carried out 
in Norway. 

The group's real estate port- 
folio comprises a gross area of 
an estimated 270,000 square 
metres and a book value of 
more than NKrL9bn. In 1993, 
real estate activities provided a 
rate of return of 8 per cent 


Lufthansa beats target 
with reduction in deficit 


By David Water in Frankftrt 

Lu fthansa , the German airline 
set for privatisation later this 
year, performed better than 
expected in 1993. The parent 
company returned a pre-tax 
loss of DM50m ($30m) com- 
pared with DM297m in the pre- 
vious year. This reduction In 
losses was better than the tar- 
get of halved losses, the airline 
said yesterday. 

• The improved results 
reflected a boost in sales com- 
bined with reduced costs. The 
number of passengers carried 
rose by 3JS per cent and the 
volume of freight by 5.4 per 
cent 

This helped offset falling 


prices and turnover remained 
flat at the 1992 level of 
DMl5bn. 

Total operating costs 
dropped by DM500m during the 
year, 3 per cent of the total 
This was mainly due to staff 
cuts: the number of employees 
fell by 4,000 during the year, 
saving DMaoOtn. 

Lufthansa has already said 
that it aims to break even at 
the group level in the current 
year after losses of less than 
DM500m in 1993. 

The government is Ukely to 
reduce its 51 per cent stake 
this year by not taking up its 
entitlement to new shares in a 
large rights issue planned by 
the airline. 


Fund income 
boosts Swiss 
lift group 

By Ian Rodger in Zurich 

S chindl er, the world's second 
largest elevator and escalator 
group after Otis of the US, has 
reported a SL2 per cent jump 
in consolidated net profit for 
1993 to SFrl68.6m l$ll7.6m), 
thanks entirely to earnings 
from liquid funds. 

The Lucerne-based group 
said revenues were fiat at 
SFr4.5bn and trading profits 
were near 1992 levels in spite 
of the difficult economic envi- 
ronment and negative foreign 
currency effects. New orders 
were up 5 per cent to SFr4.4bn 
hut orders on hand slid 6.7 per 
cent to SFr2.67bn. 


Advance by 

Celsius 

Industries 

By Christopher Brown-Humes 

Celsius Industries, the 
newly-privatised Swedish 
defence contractor, yesterday 
announced a SKr72lm ($92m) 
profit after financial items for 
1993, up 32 per cent from a year 
earlier. 

The group, which accounts 
for around 50 per cent of the 
Swedish defence industry, 
benefited from rationalisation, 
its purchase of CelsiusTech 
and a strong contribution from 
Safe Partners, the accommoda- 
tion rig company in which it 
holds 40 per cent. 

A dividend of SKr6.50 per 
share is proposed. 

The operating result 
improved by SKr322m to 
SKr348m as sales grew to 
SKrZ1.6bn from SKrl0.5bn. 
Lower interest rates meant the 
group's financial income 
dropped to SKr373m from 
SKrS19m. 

Orders rose by SKr-L5bn to 
SKrll.6bn during the year to 
take the group’s order book at 
the year-end to SKr25.6bn. 

CelsiusTech. which was 
bought from Nobel Industries 
early last year, made a first 
time contribution of SKrl35m. 
Kockums, the submarine unit, 
saw a slight weakening or Its 
result to SKr209m from 
SKr221m. 

Most disappointing was the 
performance of Bofors, the 
weapons systems division, 
where profits halved to 
SKrlL2m from SKr220m. The 
unit was hit by lower sales and 
redundancy costs: 



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MM £jN^[ClAL_TlMES FRIDAY MARCH 18 1994 

INTERNATIONAL COMPANY NEWS 

Japanese 
groups form 
multi-media 
venture 


By Mtchiyo Nakamoto 
h Tokyo 

Four Japanese companies have 
Conned a multi-media venture 
that could prove a strong force 
In advanced co mmuni cations 

In Japan. 

Tokyo Power Electric, Mi ten 
bis hi and Mitsui, the trading 
companies, and Tokyu, a rail- 
way company, are to work 
together on a project to use 
cable TV networks for tele 
phone services. 

Hie project will test the pos- 
sibility of Unitin g an optical 
fibre cable network with a 
cable TV network to offer 
mam-media services. The TV 
link is operated by Tokyu 
Cable, part of the Tokyn 
group. 

The project will initially 
look at fa»rhwi/»«ii and market- 
ing problems, bat will eventu- 
ally study bringing together 
broadcasting, telephonic 
and interactive video 
services. 

Tokyo Electric Power, Mitsu- 
bishi and Mitsui also have 
stakes In a cable network. The 
alliance is widely seen as 
creating a foundation for a 
telecommunications network 
which co old compete effec- 
tively with the industry 
leader, NTT. 

The move comes amid de- 
regulation of Japan’s telecom- 
munications and cable TV 
industries. The ministry of 
posts and telecommunications 
recently said it would allow 
cable TV companies to offer 
telephone services on their 
lines. 

The project also highlights 
growing expectations in Japan 
that the multi-media business 
will offer huge prospects for 
growth. 

Until recently, multi-media 
and the information super- 
highway in Japan were consid- 
ered over-regulated. 

However, the Japanese 
authorities have recognised 
their economic potential and 
taken cautious steps to ensure 
the coun tr y does not fall too 
for behind the US. 

Earlier this week, a govern- 
ment panel forecast that mul- 
ti-media business would be a 
Y70,000bn ($662bn) industry in 
the near future. 


Sanyo Securities unveils Y80bn write-off 


By Endko Teiazono in Tokyo 

Sanyo Securities, the troubled Japanese 
broker, yesterday announced a restruct- 
uring plan under which it will write off 
Y80bn (87 56.5m) of bad loans at its 
finance subsidiaries over the next pipe 
years. 

It is also raising Y20bn in capital 
through a rights issue to Us three lead- 
ing creditor banks and to Nomura Secu- 
rities, its largest shareholder. 

Mr Takas hi Kaminpmi Sanyo direc- 
tor. said the broker would suffer a pre- 
tax loss of Y8bn for the year to March 
31 due to losses from non-performing 


loans at its three non-bank finapee affil- 
iates. Sanyo, one of Japan’s 10 second- 
tier brokers, reported a pre-tax loss of 
Y33.4bn the previous year, and had 
hoped for a profit of Y20Qm this year. 

The decision comes after months of 
negotiations among the three creditors 
- Bank of Tokyo, Oaiwa Raufr and Nip- 
pon Credit Bank - and Nomura Securi- 
ties. The banks have agreed to lower 
interest rates on the loans to the Sanyo 
subsidiaries to 1.25 per cent 

Sanyo said of the YlMJbn in out- 
standing loans at Sanyo Sogo Capital, 
its largest finance affiliate, Y70bn were 
non-performing. The broker plans to 


sell Y40bn of its securities over the next 
flew years to raise capital to cover part 
of the losses. 

The announcement comes a week 
'after a rescue plan for Kankaku Securi- 
ties, another second-tier broker which 
is to write off YSObn in losses stemming 
hum illicit client deals. Daiwa Rank, a 
commercial bank, last year bailed out 
Cosmo Securities, which was also suf- 
fering from heavy losses. 

Japan’s medium -sized brokers have 
been the hardest hit by the Tokyo stock 
market slump. Sanyo said it still had to 
conclude some negotiations and 
hoped to announce a detailed plan 


by the end of this month. 

Meanwhile, other Japanese brokers 
announced revisions in earnings fore- 
casts for the current year to March 31. 
They blamed Iower-than-expected turn- 
over on the Tokyo stock market. 

Nomura Securities, the industry 
leader, scaled down its earlier pre-tax 
estimate of YTObn to YoObn. against a 
pre-tax profit of Y2.4bn the previous 
year. Second-tier brokers expecting to 
fall into the red in spite of earlier profit 
expectations include Cosmo Securities, 
forecasting a loss of Y5.4bn. Oai-Ichi 
Securities, at Y7.2bn. and Yaxnatane 
Securities with a Y3Jbn deficit. 


19 


Bad loans shatter a broker’s biggest dream 

The house is paying for over-expansion during the ‘bubble’ era, writes Emiko Terazono 


W hen officials from 
the Bank of Tokyo, 
Daiwa Bank and Nip- 
pon Credit Bank moved into 
Sanyo Securities in August to 
help with its restructuring pro- 
gramme, they expected the 
worst. 

"We thought we would have 
to deal with all sorts of irregu- 
lar deals and illicit transac- 
tions done daring the “bubble’ 
period," says one banker. 

Sanyo's broking books, how- 
ever, proved to be financially 
healthier than feared. Mount 
in g bad loans at its finance 
subsidiaries turned out to be 
the core problem. 

It took months of haggling 
for Sanyo, Its creditor banks 
and Nomura Securities, its 
largest shareholder, to put 
together a restructuring deal 
agreeable to all 
Sanyo is one of Japan’s 10 
m edium- sized broking bouses 
which rank below the Big Four 
- Nomura, Daiwa. Nikko and 
YamaichL 

The second-tier brokers 


proved more vulnerable than 
their bigger counterparts to 
volatile share prices, mainly 
because of Increased costs 
stemming from over-expansion 
in the late 1980s, and the lack 
of financial reserves. 

For Sanyo, which has been 
one of tbe most aggressive 
amon g the middle- rankers , the 
restructuring plan announced 
yesterday symbolises the death 
of grand ambitious. 

Mr Yoichi Tsuchiya, Sanyo 
president, anticipating the 
reduction of barriers between 
the banking and securities 
industries, saw the company 
becoming a large Rnnmrtai con- 
glomerate with broking and 
banking as its two mam pil- 
lars. It built a huge Y8bn 
(875.7m) trading office In cen- 
tral Tokyo, and ploughed cash 
into its finance subsidiaries, 
which in turn lent aggressively 
to property concerns. 

Mr Tsuchiya was bailed as 
one of Japan's most successful 
young businessmen. Had the 
stock market continued to rise, 


along with trading volumes, 
Sanyo would have been among 
the handful of brokers with 
the operational capacity to 
cope. 

The plunge in Japanese 
shares, however, put paid to 
the medium-sized brokers' 
ambitions to join the ranks of 
the Big Four. 

Weaker houses have been 
forced to seek help from key 
shareholders. Cosmo Securities 
was bailed out by Daiwa Bank 
last year, becoming a subsid- 
iary, while Dai-Ichi Kangyo 
Bank extended support for 
Kankaku Securities through 
subordinated loans. 

A nd analysts expect to 
see more bail-outs of 
medium-tier securities 

houses. 

Japan’s ministry of finance 
is anxious to prevent brokers 
failing and so further weaken 
frail investor confidence. It is 
twisting the arms of ban Ire and 
larger brokers with large 
shareholdings in the weak bro- 


Sanyo Securities 

Share price (Yah) 

2^500 



1990 91 
SOUR3K Datartrwn 


93 94 


kers to help with their 
restructuring. 

The main problem facing 
medium-sized brokers is that 
most have been unsuccessful 
in diversifying their revenue 
sources. 

They are highly geared to 
equity commissions, and in 
most cases are twice as depen- 
dent on such commissions as 
the top four. Nomura, for 


example, derives only one-fifth 
of its revenues from equity 
commissions. 

Reduced ability to cut costs 
may also hurt the medium- 
sized brokers. On average, they 
have succeeded in cutting 
costs by between 10 and 20 per 
cent in the two years to last 
March, but financial analysts 
point out that the room for fur- 
ther cost-cutting is limited. 

Most of the second-tier bro- 
kers have already cut person- 
nel costs by reducing salaries 
and overtime and st reamlinin g 
branch networks. Further 
streamlining may hurt client 
bases. 

However, Ms Alicia Ogawa. 
financial specialist at Salomon 
Brothers, says brokerages are 
taking comfort in the slight 
upturn in the Tokyo stock mar- 
ket 

She says that as long as cur- 
rent market conditions remain, 
the brokers mil “continue to 
limp along." unless, of course, 
they are hit by a very big 
loss. 


Dairy Farm advances 11% despite currency movement 


By Louise Luces hi Hong Kong 

Dairy Farm International the 
food retailing arm of Hong 
Kong's Jar dine Matbeson 
group, yesterday reported an 
11 per cent rise in net profits to 
USS197.5m for 1993, up from 
$177 An the year before. 

Mr TUn Westinghouse, 
finance director, said earning s 
were hit by currency fluctua- 
tions. especially in Australia 
and the UK. combined with a 


competitive retail climate and 
low inflation in many of the 
countries in which the group 
operates. Nonetheless, the 
results were ahead of market 
expectations. 

Earnings per share climbed 4 
per cent to 11.28 cents, follow- 
ing last year’s 8202m rights 
issue of convertible preference 
shares. Shareholders will 
receive a final dividend of 4.1 
cents, up from 3.9 cents a year 
ago. 


Profits before interest fell 15 
per cent to 884.8m in Australia, 
where the group operates 238 
Franklins stores and three Big 
Fresh outlets, partially due to 
the fall in currency but also 
because of increased overheads 
prompted by Sunday trading 
' and the move into Big Fresh. 

Contributions from the UK, 
where Dairy Farm owns 29 per 
cent of Kwik Save, were lifted 
by record earnings at the dis- 
count store; but the Spanish 


retail chain Simago continued 
to make a loss. The chain, 
acquired in 1990, is expected 
to turn Into the black this 
year. 

Asia produced 893.6m of prof- 
its before interest, with Well- 
come supermarkets in Taiwan 
making their first fiill-year 
profit. In Hong Kong, the 
supermarkets performed satis- 
factorily in spite of spiralling 
wage and rental costs. 

Dairy Farm also announced 


its intention to buy up "odd 
lots" of shares from Hong 
Kong and Singapore small 
investors - some 30 per cent of 
the firm’s shareholders hold 
fewer than the 1,000 shares 
which make up a board lot - at 
a 5 per cent premium to the 
market price: a move which 
could potentially cost the 
group 81.8m if fully taken up. 
It affects just 0.06 per cent of 
Dairy Farm's issued share capi- 
tal 


Swire Pacific 


“Solid results for 1993” 


HfeghHffhts 



Profit attributable to shareholders 

US$597 M 

+5% 

Investment property portfolio 

US$7,203 M 

+44% 

Net assets per share 

US$4.93 

+33% 

Earnings per share 

US37.6* 

+5% 

Dividends per share 

US14.64 

+11% 


“prospects. The overall outlook for the Swire Pacific Group for 1994 
is good. The Property Division will again show strong growth in earning?. 
Cathay Pacific Airways expects 1994 to be a difficult year but other businesses 
within the Group should perform well.” 

PDA Stitch 

OuirmuR, Swift Pacific Limited 
Hotig Kong, 14th Match 1994 


1 ° 1 ^tkjut«s per share refer to 'A” shares. Entitlements of ~B" shareholders are in proportion 1 to 5 compared with 
those of 'A* shareholders. 

2. Owklends are declared in Hong Kor® dollars. 


DO YOU WANT TO KNOW A SECRET? 

The UU. Gann Seminar w. show v«i b« * * 
book your FREE piece- 


1 AU/ PACT ■' ’A in IV. V Most f« ClV -N; S, im.; . ; 

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'.OM.VIh. 5 iyN I'MO'.t til) MiMMi. M TO 

£99 MUT-n os i h\i»e • 


THE MALAYSIA CAPITAL 
FUND LIMITED 

.Votov aj expiry of wu mutts tu subscribe far ordinary sbam 

n/ US$1. 00 each of Tbe Malaysia Capital Fund Unwed 

The board of illircim of The Malaysia Capital Fund Limited tthe 
* Company") would like to remind luikJcrs of the above warrant-, 
(the "Warrants* i that under the terms and conditions of the 
Warrants (.the “Conditions"), the ngliLs to exercise the Warmnu 
will expire at the dose of banking bUuncv. in Bru.vx.-Js on .-list 
March, IW-i. Any Warrants which have not been exercised on 
or before such time will lapse and cease to be valid for any 
purpose. 

Holders of Warrants who wish to exercise them must 
deposit the documents and subscription mnnk-i required by tbe 
Conditions witli Morgan Guaranty Trust Company of New York 
at Avenue dcs Arts >5, 104D Brussels. Belgium on or before die 
close of banking business tn Brussels on 3 1st March, 1‘W-i 

17k- last trading day of the Warrants on the Amsterdam Stock 
Exchange (the 'Stock Exchange") will be 3 1st March. 
Listing of the Warrants on the Stock Exchange will be 
withdrawn with effect front the close of business oil .list March. 
l»Wi. 

The closing prices of rhe Warrants and of die ordinary shares 
of the Company u> quoted on the Mock Exchange on iMIi 
March. )V9-» were USS-*.3»> per Warrant and 1'SSI^ 30 per 
ordinary share respective I)* • The current Subscription Price las 
defined in the Conditions) of the Warrants b LMlO. 

Ay order of the Hoard 
MccsPictson (t layman I Limited 

Secretary 

/ ~’tb March. 


SGA SOC1ETE 
GENERALE 
ACCEPTANCE N.V. 

FRF 1.000.000.000 

REVERSE FLOATING 

RATE NOTES DUE 
DECEMBER 17,1997 
For the period 
March 16/1994 
to June 15. 1994 
the new rate nas been 
fixed at 13,76173 % P.A. 
Next payment date : 
June 15, 1994 
Coupon nr :5 
Amount : 

FRF 3478,66 for the , 
denomination of 
FRF 100 000 
FRF 34786.60 for the 
denomination of 
FRF 1000000 

THE PRINCIPAL PAYING 
AGENT SOGENAL 
SOCETE GENERA IE GROUP 
15 Av.E. Reuter -UJXBffiOURG 


LONDON STOCK 
EXCHANGE DEALINGS 


MbMMhSMWIHUtliMiba 




ir 


TffGefli Computer, Inc. 

(int mlA fimUiJ iuhfilt 

m tfw Rrl-uHc wf Kok.iI 

NOTICE 

to die holders of the 
outstanding 
U.S. $30,000,000 

3/5 per cent. Convertible 

Bonds Due 2005 
of 

TriGem Computer, Inc. 

(ihc'BonJk" jnJ die 
■Company" mpccnwlyl 

Nonce is hereby given ro the 
Holden of' the Bondi (hat, as a 
result of o resolution of rhe 
Board of Directors of TriGem 
Compoter, Inc. Jared 27th Jan- 
uary. 1994 rhe Company has 
authorized an issue ro domestic 
investors of W 5 ,000 ,000.000 
6ii per cent. Convertible Bonds 
due 1997. The Conversion 
Price of rhe Bonds has, pursu- 
ant to rhe provisions of die 
Trust Deed consuming the 
Bonds, been adjusted from 
W 26.452 to w 26.226 with 
effect from 7rh February, 1994. 

TriGem Compurer.lnc. 

1 March, 


M I NORCO 

RESULTS FOR. THE SIX MONTHS ENDED DECEMBER. 31, 1993 


STEADY PERFORMANCE 
DESPITE WEAK COMMODITY PRICES 


□ 

□ 

□ 


Completion of die merger transaction 
to acquire interests in gold, base 
metals, industrial minerals and palp, 
paper and packaging. 

Earnings before extraordinary items 
decreased by 10% to USS106 million 
while earnings after extraordinary items 
increased by 23% to USS164 minion. 

Interim dividend maintained at 19 US 
cents per share. 


□ 

□ 

□ 


Operating earnings, now representing 
tbe largest component of earnings, 
increased by 77% to USS67 million 
compared with the previous half-year 
(restated to reflect merger transaction). 

Investment disposals realised USS450 
million and Minorco invested USS270 
million in existing and new businesses 

Proposed change in year-end to 
December 31. 


RESULTS 


USS millions except per dure j mourns* 

Half-year to 
WccniWr 31. 

1993 1‘»2 

Year to 
June 30 
1993 

Sales 

1.200 Ji 

Related 

1,172.0 

Restated 

2,776.4 

Operating timings 

66.6 

37.7 

139.8 

Earnings before taxation 

127.0 

H9.4 

340.0 

Earnings before extraordinary items 

105.9 

117.8 

251.9 

Earnings before taxadon per share {$) 

0.56 

0.66 

1.51 

Earnings before extraordinary 
items per share (J) 

0.47 

0.52 

1.12 

Dividends declared per share IS) 

0.19 

0.19 

0.57 


"[fanni for si pemvl, on 22S.J Million darn in uwe- 

INTERIM DIVIDEND 

An interim dwdv-nd «l' 19 US cent* J»er dure hai fcccu dccbrcil for (he jesr lu 
June >U IVH (uysbte to ihairholden reguteteJ in the boob uf Miuewu a ihc thne oTUuuira 
on April 8. IW. The interim report uill he nulled to i lurch oklerc on or al>jul March 24. 
I<U. Copier ituy be ofeuineJ Horn the UK uamirr Jpem. Lbrebo lUyunun. Uoume J low*. 
34 llcifceuiuni RojJ. Kent. URJ 4TU 


MINORCO 


MINORCO SOCIETE ANONYME. LUXEMBOURG. MARCH 17. 1994 


I 



20 


TO THE HOLDERS OF 

PWA CORPORATION 

Common Shares, 

$14375 Cumulative Redeemable Retractable First Preferred Shares, Series A and 
7 7/8% Convertible Subordinated Debentures and 

CANADIAN AIRLINES INTERNATIONAL LTD. 

Yen Denominated Perpetual Debt. 

NOTICE OF APPLICATION FOR FINAL ORDER 

Relating to the Plan of Arrangement, 
ss Amended, Proposed by PWA Corporation 
and Canadian Airlines International Ltd. 

NOTICE IS HEREBY GIVEN THAT PWA Corporation (“PWAC") and Canadian Airlines 
Internal ional Ltd. (“Canadian*') will make an application before the Honourable Chief Justice W.K_ 
Moore in Chambers at the Court House, 611 - 4th Street S.W.. Calgary, Alberta, Canada, on 
Wednesday, the 30th day of March, 1994 at 2:00 p.m. (Calgary time), for a final order (the “Final 
Order'*) pursuant to Section 186 of the Business Corporations Act (Alberta) (the "Act”) approving the 
plan of arrangement (the “Plan of Arrangement") described in the Management Proxy Circular of 
PWAC dated July 27. 1993 as subsequently amended tthe “Amended Plan of Arrangement"). 

AND FURTHER TAKE NOTICE THAT application will be made for a Final Order providing the 
following: 

a) a declaration that the terms and conditions of the Amended Plan of Arrangement ore fair to the 
persons affected thereby: 

bl approval of the Amended Plan of Arrangement pursuant (o the provisions of Section (86 of 
the Act: 

cl a declaration that the Amended Plan of Arrangement will, upon the filing of Articles of 
Arrangement under the Act and the issuance of the Certificate of Amendment under the Act, 
be effective under the Act in accordance with its terms; and 
ilt such other and further orders, declarations and directions as the Court may deem jusL 

At the hearing of the application the Court will be advised that changes have occurred in relation to 
the Plan of Arrangement since it was approved on August 27, 1 993 by special resolutions of holders 
of Common Shares and $2.4375 Cumulative Redeemable Retractable First Preferred Shares. Scries A 
(collectively, the “Shareholders”) and by extraordinary resolution of the holders of 7 7/8% 
Convertible Subordinated Debentures and holders of (he Yen denominated perpetual debt of Canadian 
(collectively, the “Subordinated Debtholders"), including the following: PWA has prepared a supple- 
menial Restructuring Plan and an updated financial projection for the years ended December 31. 1994 
and 1995 and has released its audited financial statements for the year ended December 31. 1993. 

Shareholders and Subordinated Debtholders and other interested panics who wish to receive further 
information concerning these changes and the application for the Final Order should contact Messrs. 
Bennett Jones Vcrchcrc. Ancntion: A.L. Friend. 4500 Bankers Hall East. 855 - 2nd Street S.W.. 
Calgary, Alberta T2P4K7. telephone (403) 298-3182. facsimile (403) 265-7219. 

This Notice is published pursuant to the Interim Order of the Honourable Chief Justice W.K. Moore 
of the Court of Queen’s Bench of Alberta, Canada dated the 22nd day of June, 1993, as amended July 
16. 1993. 

DATED at Calgary, Alberta. March 18. 1994. 

PWA CORPORATION 

CANADIAN AIRLINES INTERNATIONAL LTD. 



Income after financial items increased 
by 6% to SKr 1,562m (1992: 1,477). 

Net income per share rose to 
SKr 23.75 (22.60). 

}Z., Proposed dividend increase from 
i SKr 9.00 to SKr 10.00 per share. 

■’ In addition a 5:1 split of shares is 
proposed. 

/; Continued improvement In earnings is 
expected in 1994. 

t"i • 

The AGA Group*!. >alcs rose by 35% to SKr 
c i, • ’ 1 6,063m, and operating income increased by 

r _ ■' 28% to SKr 1 ,648m, due ro higher exchange 

rates anj contributions from the colJ storage 
companies acquired around year-end 1 992 - 
French CEGF and German Brvmcrhjvcncr 
‘. r -■ KuhlhJu ser. 

, Gas Opera dons’ sales increased by 27% to 

SKr 1 1,385m, and operating income by 18% 
til SKr 1,37 Jm ( 1,159). Although the continued 


recession in most European countries, and in 
Venezuela and Mexico, subdued growth, most 
gas companies reported satisfactory development, 
due among other things to extensive rationaliza- 
tion programs. Investments in new plant and 
equipment totaled SKr 1,346m (1,517). which 
corresponded to 12% ( 1 7) of sales. New opera- 
tions were starred in Latvia, Lithuania, Poland 
and Kaliningrad. 

Frigosandiz's sales amounted to SKr 4^S8m, 
an increase of 1 8% excluding the contribution 
from the new companies. Operating income rose 
by SKr 145m to SKr 275m. an increase that came 
from the new companies. The Food Process 
Systems business area reported a return to satis- 
factory earnings, while Food Services noted a 
weaker income trend. 

The associate company GuUspflngs Kraft reports 
a 33% increase in income alter financial items to 
SKr 698m (457). AGA’s share of this income was 
SKr 206m (145). 

The Annua) General Meeting will be held on 
May 5. 


) 

i 

t 

i 

i 

i 

r 

i 

i 

S 

< 

( 


i 

1 

N 

I 

i 


« 

r 

l 


1 993 Summary 

9Cr mdhofl 

1993 

1992 

SKrmAon 

1993 

1992 

Sales 

16,063 

11.870 

liquid assets 

2J»2I 

2&2B 

Operating income 

1,646 

1.289 

Ocher current assets 

4 ,285 

3. 624 

Net financial items 

-327 

-3 

Shares, etc 

2,031 

2,472 

Share of income in 



Land, buildings, machinery, etc 

14,454 

11.628 

Gufbplngs (Craft 

206 

145 

Total assets 

22,791 

20552 

Income In other associate 



Loans 

6,400 

6,175 

companies 

35 

46 

Other current llab) Hties 

4,056 

3,054 

Income after financial hems 

1.562 

1.477 

Other long-term liabilities, etc. 

4,025 

3.745 

Net income 

1,136 

1.007 

Shareholders' equity 

8J10 

7578 

Not income per share. SKr 



Investments in plant, etc 

1,663 

1.756 

- after paid rax 

26.65 

26.40 

Return or shareholders’ equity. X 14 J 

14.8 

- after full tax 

23.75 

22.60 

Dividend per share. SKr 

10.00 

9.00 


,V,A r. I me 'll i lie world’, largest pi, compline, with operations 
in IJ outline in Uurnpr. the Uji. .tnd I .inn America. 

I ngimMiiJu n rtir world’* leading cumpany ior the fmving, 

,iiRjgL' .in*l riausport or fuud. The associate company (lullspJng, 

Krall n inn- u) the Ijryx'r power producers ui Sweden. AGA Akocfcobg, S-I8I 81 Udb^& Sweden 



3 

l 

i 

1 


Baer Holding Ltd. 


From strength to strength 
in 1993 


ComoHdaOed Key Figures 



1992 

1993 

Chnga 

* 

Net profit 

9r.« 

68 

147 

+117 

Cashflow 

ffr.m 

118 

1213 

+ 91 

Return en«juhy«* 

11L4 

1&4 

+ 77 

Total assets 

SFr.ln 

63 

7.7 

+ 23 

Equity 

Sr.ru 

674 

919 

+ 36 

Staff 


1387 

1438 

+ 4 


OMfics’auec 

SFr.bn 

33.0 

44.9 

+ 36 

Mutual funds 

Sr, ha 

3.1 

5.4 

+ 77 


The Julius Bier Group oilers services in 
Investment advice and asset management - 
far both private and Institutional clients 
worldwide - as well as fa brokerage and 
foreign exchange trading. The flagship of 
the Group fa Bank Julius Baer, founded 
In 1890. 


JBp°B 

BAER HOLDING LTD. 

BahnhoTstrasfe 36, P-O. Box, 8010 Zurtdi. 

Tel. (1} 22 1 20 35. Fa > » (1) 221 20 26 

Zurich Geneva FrwiVfai London New York Hong Kong 


INTERNATIONAL COMPANY NEWS 


Richard Tomkins reports on Northwest’s problems and prospects 

Floating in a much colder climate 

gest US carrier in the UWapan 


US aiifbies 

S&P Airline* aecttr relative lotto SSP Composite 



Citicorp 
creates post 
of head of 
credit cards 

By Richard Waters 
in New York 

Citicorp, the US’s biggest 
credit card issuer, has handed 
responsibility for its US and 
European cards business to a 
new executive, marking the 
latest senior-level reshuffle In 
the international credit card 
Industry. 

Both Visa and MasterCard 
have recently replaced long- 
serving chairmen. The moves 
signal growing competition 
between banks and other issu- 
ers in Ote credit card industry, 
as well as a shift in focus away 
from the mature US market 

Citicorp said it had created a 
new position of head of credit 
cards for the US and Europe. 
Previously, responsibility for 
credit cards had rested with 
regional managers, who bad 
responsibility for ad retail 
hanking products. 

The bank named Ms Roberta 
Arena as the first head of the 
cards business, catapulting 
her into one of the most prom- 
inent positions in the indus- 
try. She is now general man- 
ager of the US cards business, 
and was previously in charge 
of European credit cards. 

The bank has been largely 
successful in defending its 
market position In the US 
against new entrants in recent 
months. 

The reshuffle in part indi- 
cates an intention to shift 
emphasis to other markets 
with better growth prospects. 
Citicorp has 29m cardholders 
in the US, compared with 
600,000 in Europe. 

Hr James Bailey, who had 
run all of the bank’s US con- 
sumer banking businesses 
since the beginning of 1992, 
has been named head of global 
transaction services. 

Bugatti 

ownership 

revealed 

By Kevin Done, 

Motor Industry Correspondent 


P ity Northwest Airlines. 
Back in January, it 
might have made sense 
for the fourthbiggest US car- 
rier to plan, a retur n to the 
stock market this month with 
an in j public offering worth 
about $4 00m. 

With hindsight, the timing 
could hardly have been worse. 

The company's executives 
must have watched aghast as 
the climate for the offering 
turned from fair to abysmal 
First, the US domestic air Care 
war was given fresh momen- 
tum by the outbreak of a new 
battle in the east coast market 
Then DSAir, the sixth-big- 
gest US carrier, warned that 
competition from low-cost car- 
riers would cause it to lose 
even more money than last 
year’s net loss of $348x0. Next, 
stock market analysts started 
reassessing their forecasts of a 
current year recovery for the 
US airline industry. 

By Wednesday this week. 
Northwest was slashing the 
expected asking price from its 
earlier target range of $13-£21 a 
share to $13 or $14. 

But yesterday came yet 
another blow to the offer when 
American Airlines, the second- 
biggest US carrier, confirmed 
reports that it was heading for 
worse-than-expected losses in 
its first quarter. 

Even before the spate of bad 
news began, enthusiasm for 
the offer had been tepid. Just 
six months earlier, in July 
1993, the airline’s heavy debts 
and mounting losses had come 


By John Griffiths 

The Dutch and Flemish 
governments have cut their 
combined bolding in Daf from 
525 per cent to 48.6 per cent. 
Last year, the two govern- 
ments led the rescue of the 
Dutch truck maker. 

Mr Cor Raan, Daf chairman, 
confirmed a net profit of 
El 1023m ($5. 40m) in the compa- 
ny's truncated financial year 
from March 2 to December 31. 
However, he warned that the 
company still faced very diffi- 
cult market conditions. He 


Sane: Oatntraam 

within a whisker of taking it 
into bankruptcy. 

Northwest was not the only 
airline losing money: the US 
industry as a whole had lost 
$10bn in the preceding three 
years. But Northwest’s prob- 
lems were worse than most 
other companies’ because the 
airline had been taken private 
in 1989 through a highly-lever- 
aged buy-out that left it bur- 
dened with $3.4hn of debt 

Unable to service its debts, 
Northwest narrowly avoided 
bankruptcy by deferring $3.1bn 
worth of new aircraft deliv- 
eries over the next eight years 
and reaching an agreement 
with its unions cutting $886m 
from labour costs over the next 
three years. These moves per- 
suaded its creditors to defer 
the maturities of SIJSbn worth 
of debt obligations due 
between now and 1996. 


indicated that further job cuts 
and cost-savings might be nec- 
essary. 

Rather than having any 
immediate impact on the way 
Daf is run, the move to a 
minority stake by the two gov- 
ernments was seen as a ges- 
ture towards Brussels, and its 
reluctance to see overt inter- 
vention by governments in cor- 
porate rescues. 

The rest of the shares in Daf 
Trucks NV, created with 
Fi 4633m of risk capital a year 
ago, are held by an Amro-led 
consortium of banks and insti- 


Since then, the airline has 
done relatively well it was the 
only one of the five biggest US 
airlines to turn in a profit in 
last year's fourth quarter. (It 
made a net profit of $10.5m 
compared with net losses of 
$695m the previous time.) Ana- 
lysts have predicted that the 
combination of Northwest’s 
lower debt and labour costs 
combined with a pick-up in the 
US air travel market coold 
bring net profits of $300m to 
$400m this year. 

By some measures, the air- 
line’s prospects are attractive. 
Its markets are less exposed to 
low-cost competition than 
those of some other US carri- 
ers; it is building a global route 
network through its strong 
strategic alliance with ELM, 
the Dutch carrier, which holds 
a 21 per cent stake in the com- 
pany; and it is by for the stron- 


tutional investors. The com- 
pany indicated there were 
unlikely to be further substan- 
tial changes in the equity 
structure “for the foreseeable 
fixture”. 

Daf s net profit was on turn- 
over of FI 1.3bn. It made 
FI 24.1m at the operating level 

In spite of the slump in con- 
tinental Europe’s main truck 
markets, Mr Baan said he 
expected further growth and 
“noticeably Higher" profits in 
the current year. 

Production volumes were 
now 10 per cent higher than 


market 

Investors, however, remain 
cautious. Many of the mea- 
sures that have led to North- 
west’s recovery sound more 
like a temporary reprieve than 
a permanent solution. The 
labour cost agreement, for 
example, was for three years 
only, so wages will snap bade 
to pre-concession levels in 
August 1996; the deferred debt 
of will still become pay. 
able in 1997; and aircraft 
renewals cannot be put off for- 
ever. Nor does it help that For- 
tune magazine recently ranked 
the company as for down as 
number 400 in a list of the 404 
most admired US companies. 

At the top of the original tar- 
geted range, Northwest's ini- 
tial public offering would have 
raised 9420m before underwrit- 
ing fees, with the bulk of the 
money being applied towards 
debt reduction. By the middle 
of this week, that figure had 
shrunk to something nearer 
jflgQra . and looked as if it could 
be going still further down- 
wards. 

T he figures may seem 
almost irrelevant in the 
context of the airline's 
$4.4bn of net debt at the end of 
last year. But analysts assume 
that the offering was aimed at 
re-establishing the company on 
the stock market to open the 
way for further, larger scale 
fimd raisings in the future. A 
flop uow will augur badly for 
foe future. 


the 40 vehicles a day originally 
planned. 

However, Mr Baan warned 
Dafs 3,445 employees that 
costs must be reduced further 
and that “a large number 
of proposals have been devel- 
oped which in 1994 and 1995 
should result in a further 
structural fall in the cost 
level”. 

The company delivered 9,432 
vehicles in its first financial 
year, 5,880 of them Dutch-built 
and the remainder from the 
UK-based Leyland Trucks, now 
a separate company. 


Governments cut Daf stake to under 50% 




*1 


Bekaert recovery continues 


Mr Romano Artioli, an Italian 
e n trepreneur, has emerged as 
the 100 per cent owner of 
Bngatti International, the 
Luxembourg-registered hold- 
ing company, which last year 
acquired Group Lotus, the UK 
sports car maker and automo- 
tive engineering consultancy 
from General Motors. 

The ownership of Bngatti 
International has remained a 
mystery ever since the com- 
pany was formed in the late 
1980s, with ambitious plans to 
revive the prestigious Bngatti 
marque and develop a new 
range of 200mph supercars. 

Mr Mario Barbieri, vice- 
chairman of Bngatti Antomo- 
bili, said that Artioli family 
interests now held 100 per 
cent of the equity in Bngatti 
International, following a 
move by Mr Artioli to exercise 
various options allowing him 
to take frill control. 

Bngatti International is 
planning to seek outside 
finance to help fund ambitious 
new model programmes that 
are being developed by both 
Group Lotos and Bugatti 
Automobili. 

Bugatti refused to reveal the 
Identity of the previous share- 
holders, but said that Mr 
Artioli had held a majority 
interest in Bngatti Interna- 
tional from the outset 

Bngatti has engaged CS 
First Boston as financial 
adviser, and Price Waterhouse 
as auditor. 


By Gillian Tett in Brussels 

Bekaert, the Belgian wire and 
steel cord producer, yesterday 
announced net profits of 
BFrtJbn ($60m). 

The result marked the sec- 
ond year In which Bekaert had 
succeeded in breaking out of 
its former loss-making posi- 
tion, after the BFrl.05bn sale of 
its shares in a Japanese steel 
cord joint venture had boosted 
its total profits last year to 
BFr2.7lbn. Without this item 
profits were ahead 35 per 
cent 

Baron Jean Charles Velge, 


By Gillian Tett 

Kredietbank, one of Belgium’s 
largest private banks, yester- 
day said a programme of diver- 
sification and risk control had 
helped it to boost profits by 
15.1 per cent last year. 

Total consolidated net profit 
for 1993 was BFr9j3ba ($269m), 
up from BFr&Sbn the previous 
year. 

The board has proposed a 
dividend of BFr200 per share, 
up from BFrl85 per share in 
1992. 


chairman, said although the 
market for steel and wire cord 
continued to suffer from falling 
prices and currency devalua- 
tion, Bekaert had boosted prof- 
its by expanding into key niche 
areas. 

The board has proposed a 
dividend of BFrtOO per share. 
Up from BFr250 in 1992. 

• CBS, the Belgium cement 
company, announced that 
operating profits before depre- 
ciation had risen by 5.7 
per cent last year to 
BFrlObn. 

But with most of the rise due 
to improvements from its US 


Kredietbank said the growth 
in profits, which was broadly 
in line with market expecta- 
tions, had occurred even 
though its operations in the 
Belgium business sector had 
been hit by felling demand for 
credit and a rising level of 
write-offs during the past 
year. 

“The worst recession since 
the second world war . . . and 
an unfavourable situation 
between short and long-term 
interest rates led to weak 
domestic demand for credit, an 


operations and profits from its 
newly acquired East European 
cement works, the group 
admitted it had experienced a 
difficult year in Western 
Europe. 

As a result the board pro- 
posed the dividend per share 
should fell to BFr604. down 
from BFr606 the previous year. 

The results were the first 
indication of foe group’s per- 
formance since Heidelberg 
Zement, the German construc- 
tion group, bought a 43 per 
cent stake in the company 
from Soci&t& Generate de Bel- 
gique last September. 


appreciable increase in write- 
downs for credit to Belgium 
businesses and great pressure 
on the interest rate margin ," 
the bank said. 

However, this had been 
largely offset by an expansion 
in international lending and 
home loans. 

Meanwhile, customers’ 
deposits had risen by 15.3 per 
cent In 1993 to BFrL4hn. 

Most of the growth was due 
to an expansion of time 
deposits and savings certifi- 
cates. 


Chile reviews 
telephone tariff 
proposals 

By David PBHng in Santiago 

Telephone tariff proposals that 
have indirectly caused the sus- 
pension of shares in Chilean 
telecommunications group 
CTC have been sent back to 
regulatory authorities fin- pos- 
sible revision. 

The sub^ecretary of telecom- 
munications, Mr Jorge Rosen- 
hlut, said be did not believe the 
review would “lead to any sig- 
nificant changes” in the tariff 
structure which, as stands, is 
expected to have a negative 
impact on CTC profits. 

CTC, 43 per cent owned by 
Telefonica of Spain, is Chile’s 
biggest company with a mar- 
ket capitalisation of over $4bn. 
The company trades one quar- 
ter of its shares In New York 
through American depository 
receipts. 

• Banco de CMle, the coun- 
try’s largest private bank, yes- 
terday became the second com- 
pany within a week to have its 
shares suspended in Santiago. 

A government watchdog 
cited a “legal ruling” that bad 
prevented Banco de Chile from 
“pronouncing over an essential 
matter at a shareholders' meet- 
ing” that was to have fe»fr«n 
place yesterday. 


Risk control helps Kredietbank rise 15% 


COMMGNtE BANCAJRE 

COMPAGNIE BANCAIRE 
FRF 800,000,000 
FLOATING RATE NOTES 
DUE 1997 
For the period 
March 16 , 1994 to 
June 15, 1994 the new rate 
has been fixed 
at 6.24609 % P.A. 

Next payment data: 

June 15 , 1594 
Coupon nr : 15 
Amount: 

FRF 157,89 for the 
denomination of FRF 10 000 
RIF 1578,87 for the 
denomination of FRF 100 000 
Notice is hereby given 
that pursuant to 
paragraph “Purchase and 
Redemption* (d) 
‘Redemption at the option 
of the Noteholder*, of the 
Terms and Conditions of 
the Notes, no Notes have 
been presented for 
redemption on the Interest 
Payment Date felling on 
March 16,1994. 
Nominal amount 
outstanding after 
March 16,1994 : 

FRF 451.140.000 

THE PRINCIPAL PAYING 
AGENT SOGENAL 
StX3E7EGS®WlE GROUP 
15. avenue Emile Reuter 
LUXEMBOURG 


Tb the Holders of Warrants of 
NAGOYA. RAILROAD CO-, LTD. 

(the “Company*) 

Issued in conjunction with 
U.S. $160,000,000 
2*A per cent. Notes 1997 

NOTICE OF 

ADJUSTMENT OF SUBSCRIPTION PRICE 

NOTICE IS HEREBY GIVEN pursuant to Clause 4(c) of 
the Instrument dated 28 th January, 1993 under which 
the above described Warrants (the “Warrants”) were 
issued and Condition 11 of the Tbnns and Conditions of 
the Warrants that the Board of Directors of the Company 
passed a resolution on 31st January, 1994 to make a stock 
split whereby one share of its common stock will be split 
into 1.03 shares effective as of 20th May, 1994 to the 
shareholders of. the Company of record on 31st March, 
1994 

As a result of such stock split, the Subscription Price at 
which shares of common stock of the Company are 
issuable upon exercise of the Warrants will be adjusted as 
follows; 

Subscription Price before adjustment: Y457.0 per share 
Subscription Price after adjustment Y443.7 per share 

Such adjustment to the Subscription Price shall be 
effective as of 1st April, 1994 (Japan ISme). 

The Industrial Bank of Japan Drust Company 
as Disbursement Agent 
on behalf of: 

Nagoya Railroad Cc^ Ltd. 

Dated: 18th March, 1994. 


Notice to the Holders of Warrants 
to Subscribe far Shares of C ommon Stock of 


Sanyo Electric Railway Co., Ltd. 
Kobe City, Japan 
(the “Company') 

Issued in conjunction with 

UJS. $80,000,000 

4 /a per cent. Guaranteed Notes 1995 


NOTICE IS HEREBY GIVEN that on 22nd Fehraaiy, 
1994 the Board of Directors of the Company resolved to 
make a stock split on 20th May, 1994 (Japan tune) of the 
Company in the form of a free distribution of shares of 
common stock of the Company to its shareholders of 
record as of 31st March, 1994 (Japan time) at the rate of 
0 .05 new share for one share so recorded. 


Priced pursuant to Condition 7 of the Tbnns 
Conditions of the Warrants scheduled to the Instru 
executed as of 28th February, 1991 by the Coni 
relating to the Notes with Warrants as follows: 
Subscription Price before adjustment: Yen 610.5 
Subscription Price after adjustment: Yen 581 4 
Effective date: 1st Aprils 

(Japan time] 

Thisaonounrement is made pursuant to Conditk 
of the Terms and Conditions of the Warrants. 

By order 

IBJ Schroder Bank & Trust Company 
as Disbursement Agent 

Dated: 18th March, 1994. 


4 










FINANCIAL TIMES FRIDAY MARCH 18 1994 


21 

INTERNATIONAL COMPANIES AND FINANCE 


German bank gets bonus 
from Luxembourg arm 


Qantas in the black at half-time 


By David Waller, recently 
in Luxembourg 

Deutsche Bank Luxembourg, 
the largest bank in the Grand 
Duchy, is paying its German 
parent bank a special dividend 
of DM 174m ($iU3m) on top of a 
normal dividend of DMl24m 
after making record profits last 
year. 

Pre-tax profits at the Luxem- 
bourg arm of Germany’s big- 
gest bank rose by 44.4 per cent 
from DM440m to DM636 m The 
increase reflected what Mr 
Ulrich W eiss ,' cta airman of the 
bank’s advisory board, called 
an extraordinary constellation 
of favourable factors. 

Profits from private cus- 
tomer business more than 
quadrupled, Mr Weiss 
explained at a press conference 
earlier this week, while the 
bank benefited from buoyant 
trading conditions in the world 
securities markets last year. 

In addition, Deutsche Bank 


By Nikki Tart 

Email, the Australian domestic 
appliance manufacturer and 
distributor, said yesterday that 
it was buying the joint venture 
which it owns with Westing- 
house, the troubled US group, 
for around A|65m (US$46m). 

The Email- Westinghause 
venture was set up in 1385, and 
has annual sales of around 
A$i20m- 

Its operations span a number 
of areas, including switchgear, 
metering equipment, air han- 
dling and printed circuit board 


By Terry Had in WeRington 

Brierley Investments has sold 
an 8^ per cent stake in for- 
estry group Garter Holt Harvey 


the US. 

CHH was controlled by a 
joint venture of International 
Paper and Brierley Invest- 
ments. with each partner own- 
ing a 16.5- per cent stake. 


Luxembourg profited from the 
sale of Third World debt at 
high er prices than its written- 
down value. This gave rise to a 
profit of DM209m. which Mr 
Weiss said would have been 
treated as an extraordinary 
gain in the previous year. Prof- 
its from mainstream lending 
business rose 12 per cent 

The profits contribution 
from private customer busi- 
ness was not quantified, but 
Mr Weiss said that the number 
of customers increased by 28 
per cent last year, with a 56 per 
cent increase in special deposi- 
tory accounts for securities. 
The volume of funds under 
management in these accounts 
doubled to DM5-8bn. 

The spectacular increase in 
profits highlights a massive 
transfer of funds from Ger- 
many to Luxembourg in recent 
years, triggered largely by the 
perceived tax benefits of 
investing in the Grand Duchy. 

The first catalyst to the flow 


products. Its tnain manufactur- 
ing sites are in Sydney, 
Melbourne. Brisbane and 
Manila. 

Email said that ail tVia busi- 
nesses are currently profitable 
and it expects the deal to 
Anhanra flaming *; per Share. As 
part of the deal, the ll.lm 
shares in Email owned by the 
joint venture will be sold via 
Potter Warburg, the Australian 
broker. 

Due to this associated share 
sale. Email took the opportu- 
nity yesterday to make a prof- 
its forecast for the year ending 


Brierley will continue to 
hold 8 per cent of CHH through 
the joint venture company, and 
has no plans to sell further 


group faced a liquidity 
crisis. 

Mr Paul Collins. Brierley 
chief executive, said the com- 
pany had been a significant 
contributor to the substantial 


of funds to Luxembourg came 
at the end of 1991 when the 
Federal Constitutional Court in 
Karlsruhe ruled that interest 
income should be subject to a 
withholding tax. 

A 30 per cent withholding 
tax was introduced at the 
beginning of last year, prompt- 
ing further transfers of capital, 
but the capital flows have par- 
tially reversed more recently 
in anticipation of a modifica- 
tion to the tax regime. 

This flow of funds back into 
Germany - DM25hn in the last 
quarter of 1993 - is one of the 
main reasons for the 20 per 
cent-plus increase in German 
M3 money supply in January. 

Although investing in Lux- 
embourg is not illegal for Ger- 
man citizens, the German tax 
authorities last month 
launched a raid on Dresdner 
Bank. Germany's second-big- 
gest bank, claiming that the 
bank was actively helping its 
customers evade tax. 


thin month. It said trading had 
been better than anticipated, 
and that “this provides confi- 
dence that last year's reported 
profit of A$60.1m will be 
exceeded by not less than 40 
per cent". 

• NRMA. the Australian 
insurance group, said yester- 
day that it will decide whether 
to float on the Australian stock 
market in August. 

If it goes ahead, policy- 
holders will be asked to vote 
on the plan in October, and the 
listing could take place in 
November. 


“enhancement" of CHH’s 
value. 

Brierley had stabilised the 
ownership structure, under- 
written two capital issues 
which together raised 
NZ$8S5m, and set up the joint 
venture holding company with 
International Paper. 

CHH, now managed by Inter- 
national Paper, has large 
forests in New Zealand and 
Chile.. 


Earnings 
ahead to 
$66m at 
Minorco 

By David Blackwell 

Minorco, the offshore 
investment arm of Soutb 
Africa's Anglo American 
group, lifted operating earn- 
ings to $66. 6m from $37. 7m in 
the six months ended Decem- 
ber. Turnover increased to 
$1.2bn from SI.17bn. 

The Luxembourg-listed 
group last November com- 
pleted a $l.43bn asset swap 
with Anglo, which owns 46 per 
cent of the shares. It took con- 
trol of Anglo's non-diamond 
interests outside South 
Africa. 

The group, wbich has 
restated figures for the 1992 
half to reflect the asset swap, 
said that for the first time 
operating profits were its 
main source of earnings. “This 
completes the transformation 
from a holding company to an 
operating natural resources 
group," said Mr Hank Slack, 
president and chief executive. 

Significantly lower financial 
income helped to reduce earn- 
ings before extraordinary 
items to SlQ5.9m from 
5117.8m. But extraordinary 
gains of $57.7m, mainly from 
profits on the sale of its stake 
in Charter Consolidated and 
Zambian Copper Investments, 
left net earnings at 8164m. 
against $133m. The interim 
dividend is 19 cents. 

The group is proposing to 
change its financial year-end 
to a calendar year to bring it 
into line with North and South 
American practice. It will pay 
a final dividend for the year to 
June, followed by a second 
final for the 18 months ending 
December this year. 

Minorco now operates four 
divisions - gold, base metals, 
industrial minerals, and pulp 
and paper. Gold production 
improved by 5 per cent to 
331.200 ounces at an average 
price of $380 an ounce, np 
from $353. Copper production 
rose to 51,400 tonnes from 
46>J00 tonnes, with an average 
price 13 per cent down at 92 
cents a pound. 

The group invested $270m in 
Ain sting and new businesses in 
the half. At the end of Decem- 
ber net cash stood at $842m. 


By Nikki Tail In Sydney 

Sharply-reduced interest 
charges and higher passenger 
volumes have allowed Qantas, 
the state-owned Australian air- 
line in which British Airways 
bolds a 25 per cent interest, to 
announce an after-tax profit of 
A$7l.6m (USSSlm) for the six 
months ended December. 

This compares with a 
A $365. 5m loss in the same 
period of the previous year, but 
the 1992-93 figure was struck 
after A$4<J3.2m of abnormal 
items, primarily write-offs and 
restructuring expenses arising 
from tbe merger of Qantas, tra- 


A big political question 
mark overshadows the 
latest results from 
Qantas. Will the airline be 
floated this autumn? Or will it 
come to tbe stock market in 
mid or even late 1995, a full 
two years later than the Aus- 
tralian government originally 
planned? 

Mr Gary Pemberton. Qantas' 
chairman for the past year, 
says the decision must be 
made in the current financial 
year to allow for all the admin- 
istrative work involved in the 
“early" privatisation option. 

And he is blunt about Can- 
berra's options: "It’s going to 
be judgment call for them, and 
not an easy one. They’ve got, 
in many ways, conflicting con- 
siderations. One is the state of 
the share market, which at tbe 
moment is strong - that would 
argue for going earlier. 

"On tbe other hand. Qantas 
has been subject to very signif- 
icant changes - the merger 
with Australian, and in its 
management Tbe business is 
Improving, and we’re making 
progress. So from that point of 
view, you'd be persuaded to 
give it more time." 

This is Mr Pemberton 
playing diplomat Pushed a lit- 
tle further, he admits that 
management wants to wait - a 
view also expressed by British 
Airways' chairman. Sir Colin 
Marshal] - and cites two sim- 
ple reasons. 

First, there is Qantas’ profit- 
ability - or lack of it. “We’ve 
set ourselves a [profits] target 
of over A$40Om (US$285m). 


ditionally Australia's interna- 
tional carrier, with Australian 
Airlines, the large domestic 
airline. There were no abnor- 
mal items in the latest set of 
figures. 

Qantas said yesterday that 
operating profit, before tax and 
abnormals. rose from AS33.sm 
to A$i00.5m, with total operat- 
ing revenues standing at 
AS3.46bn, against A$3.*4bn. 

Even this comparison, how- 
ever, was muddied because 
Australian was included for 
only four months in 1992, com- 
pared with the full six months 
last time. If Australian bad 
been included for the full six 


That's what we've set as the 
right return on shareholders' 
funds," he says. "We never 
quite meant it as a precondi- 
tion to privatisation. What we 
were really conveying is that 
any discretionary shareholders 
will be looking for that sort of 
return. The yardstick has to be 
a normal commercial yard- 


stick. not what people might be 
satisfied with because the air- 
tine industry’s going through a 
tough time." 

Secondly, there is enormous 
internal upheaval .which cur- 
rently suffuses Qantas, as it 
tries to blend long-standing 
international operations with 
Australian’s domestic network 
and undertakes an extensive 
executive overhaul. "From a 
management perspective, we'd 
like to have the time. It’s easy 
to overlook the fact that priva- 
tisation. and all the due dili- 
gence, is a horrendous process 
for management." 

Yesterday's results will 
almost certainly add ballast to 
the Qantas/BA point of view. 
Net profits of A$71.7m, coupled 
with Mr Pemberton's predic- 
tion that the second half will 
be “something less." suggest 
that Qantas will miss its 


months in 1992. Qantas esti- 
mated that the most recent fig- 
ures would have shown a 10.3 
per cent rise in revenues and 
an increase in operating profits 
from AS27.6m to the ASlOO.Sni 
figure. 

Qantas described the results 
as “creditable." but admitted 
tbat operating yields had fallen 
on both domestic and interna- 
tional operations, hitting prof- 
itability. Staff-related costs 
increased “significantly’’, while 
fuel costs rose in line with the 
increase in available seat kilo- 
metres - up 8.7 per cent on 
international routes and 11. 1 
per cent on domestic. 


AS4GQm target by a very Urge 
margin in 1993-94. 

Moreover, much of the latest 
improvement seems to come 
from lower interest charges - 
the product of a recapitalisa- 
tion which accompanied BA's 
A$ti65m investment last year. 
Adjusting to reflect a full six- 
month contribution from Aus- 


tralian in the first half of 
1992-93, Qantas calculates that 
first-half operating profits rose 
by around A$73m, year-on- 
year. The fall in interest 
charges, net of the increase in 
depreciation and amortisation 
costs, explains more than 
A$47m of this. 

Yesterday Qantas declined to 
quantity the fall in operating 
yields during the first half - 
beyond saying that, in percent- 
age terms, it was in single dig- 
its. But it did make it clear 
that the fall affected both 
domestic and international 
operations, although the latter 
suffered more markedly. Since 
December, it suggests that the 
overall position is little 
changed from last year. 

While reporting only “accept- 
able” figures for the first half, 
Qantas also plays up the extent 
of the chang es which its new 


Not interest costs, by 
contrast, fell very significantly, 
to A$3S.3m from ASl£2.3w. 
This follows the recapitalisa- 
tion of the group and the 
injection of the British Air- 
ways investment in February 
1993. 

Mr Gary Pemberton. Qantas 
chairman, warned yesterday 
that the seasonal downturn in 
traffic during the current six 
months would mean that the 
second -half results are weaker 
than those just reported. 

"I would expect so me thing 
less than the first-half result 
in the current period.” he 
said. 


management still feels the car- 
rier needs to make. 

”1 think there's a very big 
issue about the quality of our 
revenues - the markets were 
in. the routes that we're firing. 
There's a lot of roum Tor 
improvement.'' says Mr James 
Strong, who took over as man- 
aging director last autumn. 

Then there is the labour situ- 
ation. “I don't believe the com- 
pany has got anywhere near 
the productivity trade-offs that 
we should Iwve got in terms of 
the enterprise bargaining 
agreements that were entered 
into," he continues. 

Even in those areas where 
optimists might envisage 
short-term progress, the carrier 
takes a very cautious line. 
Qantas. for example, said that 
its American routes continued 
to make losses in the first hair 
- in contrast to Japan, the Ori- 
ent. New Zealand and the UK. 
But the Pacific market has 
seen two major US players - 
Continental and Northwest 
Airlines - retreat during 
recent months. Fares have 
jumped significantly. 

B ut Mr Strong refuses to 
be bullish. “There's a 
tendency to say, they've 
gone, terrific, everyone’s going 
to make money in the Pacific. 
But there really are tremen- 
dous time-lags. It's been a sea 
of red ink for a long, long time 
and it’s not suddenly going to 
be awash with US greenbacks." 

In short, Qantas has made its 
case for a late float Over to 
Canberra. 


Email buys out US group 


Brierley sells stake in CHH 


(CHH) for NZ$51ta (US$298m) It became a shareholder in 
cash to International Paper of CHH in 1990, when the 


compared with si. 04 bn last 
time. 


Political anchors on Qantas float 

No date has been set for the airline's sell-off, reports Nikki Tait 


“From a management perspective, 
we’d like to have the time. It's easy 
to overlook the fact that privatisation, 
and all the due diligence, is a 
horrendous process for management” 


These securities have not been tvgistarad under iha Securities Act of 1933 and may not be ottered or sold mm United Stases except 

in accoidanoe with tf* resafc? restrictions applicable thermo. These sacu/tfes having been pmmusty 
sold, th& announcement appeals as a matter of mcotl only. 





Unidanmark A/S 

(a limited Rabmty company organized under the laws of the Kingdom oi Denmark) 


the parent company of 


Unibank A/S 


6,900,000 Class A Shares 


Certain oi these seorttos havebeen sou m ttia UntedStatas m pmate otmngs 
wftfch included sales purauant to flute MA under m Securities Att of W33. 


Goldman Sachs International 

Indosuez Capital 

UBS Limited 

Unibank 

S.G.Warburg Securities 

( Barclays de Zoete Wedd Limited Cazenove & Co. j 

Dresdner Bank 

Aktfengesellsctiatt 

Enskilda Corporate 

Skandlnavtska Enskilda Banken 

Merrill Lynch International Limited 

March 7994 




PIACER DOME INC. 



Rex J. McLennan 
The appointment by the 
Board of Directors of Rex J. 
McLennan to the position of 
Treasurer of Placer Dome 
Inc. effective March 15, 
1994 is announced by Ian 
G. Austin, Senior Vice- 
President and Chief 
Financial Officer. Mr. 
McLennan joined Placer 
Dome as Assistant Treas- 
urer in September 1991 
following an 1 1-year career 
with a multinational oil and 
gas company. As Treasurer, 
be will be responsible for 
developing strategies to fi- 
nance Placer Dome’s 
growth, and for corporate 
risk management, group tax 
and treasury operations. Mr. 
McLennan has a Bachelor 
of Science degree in Math- 
ematics aal Economics from 
the University of British 
Columbia in Vancouver and 
a Master of Business Ad- 
ministration degree from 
McGill University in Mon- 
treal. Placer Dome Inc. is a 
major global mining com- 
pany whose principal 
product is gold. Placer 
Dome's 16 mining opera- 
tions are conducted in 
Australia, Canada, Chile, 
Papua New Guinea and the 
United States of America. 


Annual Meeting of Shareholders 

The Annual Meeting of Shareholders 

will be held on Thursday, April 28, 1994, 10:00 a.m. at the 

BASF-Feierabendhaus, LeuschnerstraBe 47, 

Ludwigshafen/Rhine, Germany 

Agenda 

1. Presentation of the Financial 

2. Declaration of dividend. 

Statements of BASF Aktien- 

3. Ratification of the actions of 

gesellschaft and BASF Group 

the Supervisory Board. 

for 1 993; presentation of the 

4. Ratification of the actions of 

1993 Annual Report covering 

the Board of Executive 

BASF Aktiengesellschatt and 

Directors. 

the BASF Group; presentation 
of the Supervisory Board 

Report. 

5. Appointment of auditors. 

Shareholders wishing to partici- 
pate in the Annual Meeting and 

Depository banks in the U.K.: 

to exercise their right to vote 

Morgan Grenfell & Co. Limited 

must have deposited their 
shares during normal office 

S.G. Warburg & Co. Ltd. 

hours and in the prescribed 

The deposit is only effective if 

form at a depository bank. The 

the shares are submitted by 

shares should remain deposited 
until the conclusion of the 

Wednesday, April 20, 1994. 

Annual Meeting. Shareholders 

The Board of Executive 

have the right to vote by proxy. 

Directors 

Depository banks and the full 

Ludwigshafen/Rhine, 

Agenda are published in the 
"Bundesanzeiger" of the 

German Federal Republic 

Nr. 53 of March 17, 1994. 

March 17. 1994 

BASF Aktiengesellschatt 

67056 Ludwigshafen 

BASF 


£200,000,000 

MFC Finance No. 1 PLC 

Mortgage Backed Floating Rata Notes Dua October 2023 

In occordsnca with the Terms and Conditions oi Ihe Notes, 
notice is hereby given that the new interest rate3 end periods in 
respect of the subject Notes are as follows:-. 

hm on w»\ hmM Dm »*£• 

aditaoiWwstfartBS* smcD SiiiiBdiWMWiaeraw* 

JMH» witoaiM4jiiiJi*rfW* SM& tolof tatfiHBi* a* »<& 

SSfi ISliWrtilW-BSAsrf’SS' 

hr. CiiiUnk. NA iiMuar Sonrteasl CTTIBANC& 

toRhiamUndafl 

1 


m 

•m O 130+ software applcadons Q 

I © FT DATA FROM $10 A DAY Q 

■ V ■ ■ ■ 0 Signal SOFTWARE GUIDE O 

Caa London TS « + lOJ 7t 231 3656 

C JP tor your guktt and SfrialDrioe 1st. 



NOTICE OF DIVIDENDS JN SHARES 


mdOmoorim Price AJjustmtnt 

Daewoo Heavy Industries Ltd. 

US$40, 800,000 

3 per cent Convertible Bonds 2001 

Notice is hereby given to the hoideis of 3 per cem. Convertible bonis 200] of 
Daewoo Heavy Industrie* Ud. lhatat a Meetlnftof the Board of Directors held on 14th 
December. 1993 the company resolved to dedarc Dividend* in Shares to the Share- 
holders registered as of IFOCi hours on 31st December, 1«»3 in proportion ot 0JK 
Shares per one Share and ihj payment at Dividends in Shares was approved by the 
Shareholders at the General Meeting at Shareholder held on 28th February. 1994 and 
as a result of Dividends in Shares the Conversion price was Decreased from Korean 
Won 6.110 to Korean Won 5.990 per share efib-tivi! retroactively 1st January, 1994. 

Daewoo Heavy Industries Ltd. 





' c 

• i! 

9 


INTERNATIONAL CAPITAL MARKETS 


Prices weaken as Bundesbank confirms rate fears 


By Conner MIddefcnann 
in London and Frank 
MoGurty in New York 

European government bonds 
weakened tn moderate turn- 
over following tbe Bundes- 
bank’s decision to leave Ger- 
man interest rates unchanged. 

GOVERNMENT 

BONDS 

Although few market partici- 
pants had seriously expected a 
rate-cut announcement, there 
had been lingering hopes tor a 
small cut in the 6.25 per cent 
emergency Lombard rate, or an 
announcement of fbced-rate 
securities repurchase agree- 
ments at a lower rate. 

“It was a classic case of silly 
stories m akin g the rounds," 
said Mr Huw Roberts. Euro- 
pean bond strategist at Nat- 
West Markets. He expects tbe 


Bundesbank to continue lower- 
ing its repo rate gradually in 
coming weeks. 

Until the Bundesbank's 
council returns from its four- 
week Easter break, central- 
bank watchers will shift their 
gaze to the US Federal 
Reserve, whose open-market 
committee is due to meet on 
Tuesday. 

Many European dealers are 
hoping for another Fed tighten- 
ing sooner rather than later. 
This, accompanied by further 
European rate cuts, is seen to 
help European bonds separate 
from the US Treasuries 
market. 

■ After finning at the open on 
short-covering in the futures 
market, UK gilts took another 
tumble after German rates 
were left unchanged. More- 
over. after reports of overseas 
selling on Tuesday, some 
traders said the market was 


awash with unwanted supply. 

The Treasury’s announce- 
ment that it was giving the 
Bank of England greater free- 
dom to operate in the gilts 
market had little impact - if 
anything, traders said, it 
should have had a positive 
effect, as It may make gilt issu- 
ance more transparent 

The June long gilt future tell 
by fi point to ILlft. 

■ German bunds shed about V * 
point in the 10-year maturities, 
with traders reporting most 
activity in the futures pits. The 
June bund futures contract fell 
0.45 point to 97.23. 

■ French government bonds 
weakened roughly in line with 
bunds, and traders are now 
focusing on next Thursday's 
meeting of the Bank of 
France's policy council. 
They hope it may follow the 
recent small easing on 


Maltese borrowing debut 
draws high-yield investors 


By Tracy Corrigan 

The first offering by a Maltese 
borrower met selective demand 
yesterday from investors 
looking for higher-yielding 
paper. 

Freeport Terminal (Malta) 
launched a $205m 15-year offer- 

INTERNATIONAL 

BONDS 

mg of bonds to finance a new 
container terminal. The deal is 
guaranteed by tbe Republic of 
Malta and is rated A2 by 
Moody's. 

The issue has a sinking fund, 
which starts to repay principal 
from March 1999. giving the 
issue an average life of 10 
years. The structure, which is 


rather unusual for a Eurobond, 
is designed to suit the nature 
of the project financing. 

Dealers said the issue was 
attractively priced, taking 
account of the structure. At 115 
basis points over the 10-year 
US Treasury, it appeared gen- 
erous relative to other singie-A 
rated credits, they said. More 
than halt the paper was placed 
in the US. where slngle-A cor- 
porate bonds are trading as 
tightly as 60 basis points over 
the curve, according to lead 
manager Bankers Trust 

The offering included a 144A 
option for placement with US 
institutional investors. 

European investors were less 
enthusiastic, as they remain 
nervous about buying long- 
dated dollar paper, and are also 
less familiar with sinking 


funds. “The deal was attrac- 
tively priced - it was just a 
question of selling the story on 
the borrower,” said one syndi- 
cate manager Involved in tbe 
transaction. 

The deal reflects growing 
demand for than top-rated 
dollar paper. Dealers said they 
have seen selective buying of 
doUar-denominated corporate 
bonds, which are trading at rel- 
atively wide spreads and have 
the potential to tighten. 

In the Canadian dollar sec- 
tor, Toyota Motor Credit and 
ASLK-CGER launched smallish 
three-year offerings, which are 
expected to be placed gradually 
with retail investors. 

Elsewhere, in an important 
step in Bolivia's return to the 
international capital markets 
following the Latin American 


Germany’s repo rate. 

“If the German repo rate 
falls again next week, we could 
see a move from the Bank of 
France,'’ said Nat West’s Mr 
Roberts. France's 6J0 per cent 
intervention rate currently 
stands 22 basis points above 
the B undesbank 's repo rate. 

Rollovers from March into 
the June futures contracts on 
Matif dominated trading, with 
investors reported to he largely 
sidelined. The March notional 
bond future closed 0.46 point 
lower on the day. and fell 
another 0.34 point in after- 
hours trading. 

■ Spanish (yinrfe got an early 
lift when the the Bank of Spain 
infected overnight fhnds at a 
slightly lower rate. However, 
the late weakness in other 
bond markets dragged Spanish 
bonds lower, with the June 
futures contract ending at 
101.12, down 0.19 point 


The June Italian BTP fixtures 
contract foil 0.52 point to 
11L58. 

■ The OS Treasury market 
attempted to rally on news of 
low inflation and moderate 
growth in a Philadelphia 
regional economic survey, but 
prices soon retreated amid 
profit-taking. 

By midday, the benchmark 
30-year government bond was 
down £ at 92 S. with the yield 
rising to 6.813 per cent. At the 
short end, the two-year note 
eased £ to 99&, to yield 4JJ13 
per cent 

The impetus for the morn- 
ing's aborted advance was the 
Philadelphia Federal Reserve's 
March business outlook sur- 
vey. The report’s . current 
prices- paid index came in at a 
tame 16.0, compared with 30.4 
the previous month, while the 
overall business activity 
Index slipped to 24.1, against a 


prior reading of 26.7. 

Separately, the Labor 
Department said the initial 
claims for state unemployment 

benefit receded last week, a 
development generally antici- 
pated by analysts. 

Overall, the data reinforced 
the impression that Inflation 
was not a threat to the value of 
fixed-rate securities, as 
suggested by this week’s fig- 
ures on consumer and pro- 
ducer prices. 

The market responded by 
bidding up the long bond to 
modestly higher levels. How- 
ever, after two straight days of 
strong advances - a rarity in 
recent weeks - traders coaM 
not resist the impulse to book 
profits, and bond prices 
quickly reversed course. 

Despite the good numbers, 
the market was holding a cau- 
tious tack ahead of tbe Fed’s 
policy-mailing session next 
Tuesday. 


FINANCIAL TIMES FRIDAY MARCH 18 1994 

Hongkong Bank 
s restructures its 
S treasury business 


NEW INTERNATIONAL BOND ISSUES 


Amount 

Coupon 

Price 

Maturity 

Fees 

Spread 

Book runner 

Borrower 

US DOLLARS 

m. 

99 



98 

tp 


Freeport Termlnal(MaltaJW 

205 

760# 

90.881 R 

MV20O9 

IL60R 

+115(5*94-04) Bankers Trust WL 

Nippon Wraoku Co. AT 

100 

W 

10060 

Apr-1930 

0^30 

- 

Fu0 WL finance 

European frweebnent Banket 

100 

(d) 

vartatfe 

OcL2002 

undaoL 

- 

KJdcter Peabody WL 

Banco CCF Bnezi* 

GO 

7. 759 

100.00 

Mar.1995 

uncSscL 

- 

SocSner ML Baric 

OULDERS 

European Invetement Btffk 

300 

6.00 

99J0R 

Ap rjnoa 

0250 

+3(e) 

Rabobank Nadaitand 

Hoogoims(l)5 

275 

«Vt-5) 

f 00.00 

A*X2001 

2-fiQ 


ABN Amro Bank 

CANADIAN DOLLARS 

Toyota Motor CnOt CWjl® 

150 

B2S 

98J76R 

Dec. 1097 

0223R 

*21 <4 

Wood Gundy 

AA-Cgar tflco<a) 

75 

BjSO 

9866R 

Dec.1997 

0223 R 

427(a) 

Wood Gundy 

AUSTRALIAN DOLLARS 

BNP Pactfto (Auetraln) 

75 

860 

100676 

Apr-1997 

160 

. 

Htottvos Bank 

LUXBNBOURQ FRANCS 








RepuMc of Boland 

2t*i 

BJ>0 

10160 

Apr-2001 

1675 

- 

Kradeltek Luxembourg 

Rnte terms and non-cafe&e urtoea stated. The yield epread (over relevant government bor*6 at launch la suppled by the toed 
manager. ftUMtatsd « private placement. gConvatUe. Coaling ma note. fSamt-ereiuai coupon. FC fixed re-offer prioa; fees are 
shown at the re-offer leveL a) StrMng fund: overage Me 10 yrs. W 3-mfii Libor +02759*. <4 Block bade. Aingfeie with outalandtog 
$SOOm_ Plus 180 days accrued, d) S-mth Ltoor -K9t; min S%, ma* 81496. 4 Over Interpolated yield, f) R*ed today: coin prerrfum 
Mealed at 15-20H. CNIabla from 11/4/V7 to give yield of oatffon +225bp or at par If dm price eirceade cam price for 30 

coneecutfva days. Greenehoa: FQSitl g) Short 1st coupon. 






debt crisis in the 1980s. BHN 
Multibanco, a Bolivian com- 
mercial bank, launched a jlOm 
issue of Euro-notes. The bank 
h a3 already issued certificates 
of deposits, but this is its 
first offering of notes, made 
under a $25m programme 


arranged by West Merchant 
Bank. 

• Moody’s has upgraded the 
rating of New Zealand’s foreign 
currency debt from Aa3 to Aa2, 
reflecting important structural 
changes. The rating agency 
said that New Zealand's for- 


eign currency debt/exports 
ratio and current account defi- 
cit are declining, while eco- 
nomic growth is picking up. 

New Zealand launched a 
?itm offering of five-year float- 
ing rate notes earlier this 
week. 


By Louise Lucas in Hong Kong 

Hongkong and Shanghai 
Banking Corporation and its 
investment banking aim Ward- 
ley Holdings are pooling their 
resources in treasury and capi- 
tal markets operations. The 
move is designed to boost deal- 
ing capacity and better exploit 
Aria’s last-growing debt mar- 
kets. 

Under the restructuring. 
HSBC's 50-strong team and 
Wardley*s 58 dealers will be 
brought together in a purpose- 
built treasury facility in the 
bank’s Hong Kong headquar- 
ters. 

Staff will be hired to bring 
the total to 150 people by the 
year-end, .with room for a fur- 
ther 100 positions. However, 
HSBC and Wanfley will retain 
their own balance sheets and 
legal identifies. 

Hongkong Bank said the 
growing sophistication of 

Wharf wins 
race for S&P 
debt rating 

Wharf (Holdings) has become 
the first big Hong Kong con- 
glomerate to receive a public- 
ly-declared long-term debt rat- 
ing. Standard and Poor's 
rating agency has awarded it 
an implied senior rating of A, 
writs Louise Lucas. 

TfrlS- is msYnniim possi- 
ble, as it matches that 
assigned to the HK govern- 
ment. 

Wharf clinched it ahead of 
Swire Pacific, the conglomer- 
ate which is also seeking a 
debt rating. It will facilitate 
any plans by Wharf to tap 
international debt markets. 


Asian Investors, together with 
the introduction of dragon 
bonds and new derivative 
instruments, had prompted it 
to beef up and restructure 
operations to meet customer 
an d maximise profit- 
ability. 

He said that although Hong 
Kong had long been an impor- 
tant trading centre for foreign 
uwhanga, other aspects of trea- 
sury and capital markets busi- 
ness had only recently taken 
off, especially on tbs debt-origi- 
nation side. 

The new treasury facility 
will be the nerve centre for the 
origination, underwriting, dis- 
tribution and trading of a wide 
range of debt securities. It w ill 
also provide a broad spectrum 
of interest, currency and index- 
related swaps and derivatives. 

It will also embrace the 
group’s existing foreign 
exchange and money market 
services. 

Polish insurer 
seeks Warsaw 
bourse listing 

Potisa, the small Polish 
Insurance company, plans to 
boost its capital to 60Gbn zlotys 
from 53.1bn zlotys through new 
share issues, and to list on the 
Warsaw bourse. Rentier reports 
from Warsaw. 

"We want to become listed 
on tbe Warsaw bourse by the 
end of 1994 . . . and to reach 
this goal we need to make two 
or three public share offer- 
ings." the company said. 

Poiisa must boost its capital 
to reach targets set for pre- 
mium Income. It expects pre- 
miums to rise to 900bn zlotys 
this year. 


si*.:: 


WORLD- BOND PEUCES 


BENCHMARK GOVERNMENT BONDS 

Red Day’s Week Month 

Coupon Date Pnoa change YTsfd ago ago 


Australia 9 .SCO 08.04 

Befguim TVS SO (MAM 

Canada - 6.500 06/04 

Denmark 7 000 12AM 

France BTAN a COO 05798 

OAT 5.500 (MAM 

Germany 6.000 09/D3 

Italy B-5CO 01AM 

Japan Mo 119 4 800 08/39 

no 157 4.5oo asm 

Netherlands 5 750 01AM 

Spam 10.500 10/03 

UK Grits 8.000 03/99 


6.000 09/03 

0_5GO 01AM 


US Treassy * 


5.750 01/04 

10.500 10/03 

8.000 03/99 

6.750 HAM 

9 .000 woe 
5.875 02AM 
6^50 08/23 

6.000 04AM 


ECU (French Govt! 6.000 04AM 
tendon doeno. -Now Yotx mrf-djy 
t Gn» wul yield Qsciuong wMxfeng Ko 
mens US. UK n .Kras. omen n decimal 

US INTEREST RATES 


1 14.1800 -0.590 7.22 7.34 6.30 

101.1200 -0-250 7M 7.04 6.75 

93.8000 40.200 7.37 7.37 6.67 

102.7500 -0.450 6.63 6 66 6.35 

108.0200 -0250 5.76 5.70 5.53 

94.3000 -0.680 628 030 5.95 

99.1500 -0050 012 6 20 5. 88 

95.9000 -0250 9147 923 8.65 

105.6640 -0.140 3.52 3.63 2.98 

103.6560 40.700 3.96 3.95 3.38 

905600 -0.720 6.23 6.16 5.88 

111.0500 -0.350 8.74 8.92 8.18 

97-01 -6/32 067 6.43 5.96 

96-08 -18/32 7.33 7.09 652 

113-19 -1802 7.48 7.23 083 

96-14 *10/32 638 6.42 5-88 

92-28 *14/32 081 6-89 044 

95.4100 -0.420 664 660 6.19 

Yfevte: Locte mteei tented, 
a IU per cent myacta try nonreeKtera) 

Sourer IUMS Mtefte K 


Italy 

■ NOTIONAL ITALIAN GOVT. BONO (BTP) FUTURES 

tUFFEJ* Um aOOm IQOfla of 10096 

Open Sen price Change high Lour 
Jui 1 1260 1 11.44 -0.48 112*0 111.13 

Sep - 110.99 -0.43 


EeL mcA Open he. 
50408 95887 

0 6 


■ ITALIAN GOVT. BOND (BTP) FUTURES OPTIONS (UFFE) Ltra200m lOOths of TOOK 


Stnkfl 

Woe 

Jun 

- CALLS 

Sep 

Jiff 

- PUTS 

Sep 

11100 

Z71 

3.18 

227 

3.19 

11150 

2.45 

265 

261 

3-46 

11200 

260 

2.72 

2.78 

X73 


Est voL tot* Cats 1582 Puts 1516 Ptntaus day V open K. Cota 88138 Puts 63848 


Spain 

■ NOTIONAL SPANISH BOND FUTURES (MEFF) 


UmchUmB Treasury Bib and Bond Hate 

(to nnfli «... 125 Two year 4.90 

mmrur 8 Two owner 156 Thrasjev — 528 

Grater loan rate — — 5 TbreemonBi 158 fee year- — 6J2 

Fedfenb. 3% tononVi 329 10-year 835 

frdfunds o* torvw*n_ - Onejcar *27 Shear MO 


BOND FUTURES AND OPTIONS 
France 

■ NOTIONAL FUe*CH BOW FUTURES (MATIF) 

Open Sen price Change ttgh 
Mar 12650 125.84 -0.48 128.80 

Jun 126 06 125-38 -044 126.14 

Sep 12536 124.84 -0.48 12536 

■ LONG 7ERM FRENCH BOND OPTIONS /MATIF) 


Jun 

Sep 

Open 

101.85 

Soft price 
101.10 
101.13 

Change 

-0-19 

10160 

Lew 

101.03 

EeL voL 

48322 

Open InL 
101329 

UK 

■ NOTIONAL UK GILT FUTURES flJFFB* £50.000 32nds of 10096 




Open 

Sea price 

Change 

Hflh 


ESL V* 


Mar 

Jun 

Sep 

111-31 

111-08 

111-05 

110-05 

108-09 

-0-19 

-0-19 

-0-10 

112-00 

111-11 

110-30 

109-20 

289 

75687 

0 

11725 

143880 

107 


■ LONG GILT FUTURES OPTIONS (UFFE) 530,000 64tha of TOOK 


LOW 

Eat. voL 

Open bn. 

StrKa 


. CALLS - — - 


- pure 

125.80 

198,751 

86688 

Price 

Jun 

Sep 

Jun 

Sep 

125.16 

63.759 

1S8.778 

110 

1-66 

2-07 

1-48 

2-53 

12448 

1640 

13^67 

111 

1-25 

1-44 

2-15 

3-26 


112 

1-01 

1-22 

2-55 

4-04 


Strike 

Price 

Apr 

~ CALLS - 
Jun 

Sep 

Apr 

— PUTS 
Jun 

125 

0.82 

1.51 

- 

0A3 

1.14 

126 

0.32 

1.01 

- 

093 

1.60 

127 

007 

059 

092 

- 

2-25 

128 

0.02 

0.30 

- 

- 

- 

129 

- 

0.13 

0.49 

- 

- 


Eat voL low, cate N/A Pub N/a . Previous toy's °P*n to- cato av.ssa An SM3S7. 

Germany 

■ NOTIONAL GERMAN BUMP FUTURES (UFFQ* OM2SO.OOO 1001 te at 10016 

Open Sett price Change High Low Bat wi Open rnt 
Jin 9734 97.42 -026 98.14 97.16 167290 202259 

Sep 97.58 97.17 -037 97.56 9730 • 135 5033 

■ BUND FUTURES OPTIONS (UFFQ D442SO000 points of 10014 


Strike 

Price 

Jun 

■ CALLS 

Sep 

Jiff 

- PUTS 

Sep 

9700 

1-25 

1.49 

083 

182 

9760 

098 

1.24 

1.06 

1.57 

9800 

078 

1.01 

184 

184 


fet V* total. Ceto 12916 Pub 11 8*8 Piwtaus toy's open ht, Cato 2*7013 Puts 214330 

■ NOTIONAL MEDIUM TERM GERMAN GOVT. BOND 

(BOBLXUFFE)- DM250,000 IQOtha of 100% 

Open Sett price Charge rtgh Low EsL val Open Int 
Jun 101.82 101.25 -0.16 101.63 10136 84 2834 


Em. ML IDW CM* HUB Ms 2334. Pravtous toy's open mu Csto 74439 Pun 58098 


Ecu 

m ECU BOND FUTURES [MATIF) 

Open Sefi price Charge «gh Low Eat. voL Open InL 
Mar 11850 117.98 -040 11050 117.76 ZBB3 7.185 

Jun 92 .00 8152 -044 92.20 91.38 822 3595 


■ US TREASURY BOND FUTTOB3 (C8T) Si 00.000 32rda of 100% 

Open Latest Change HSgf > Low EsL vet Open int 

Mar 111-02 110-27 -004 111-03 110-22 7,298 39,178 

Jon 109-31 109-35 -0-04 110-02 106-20 444,795 371,899 

Sep 109-01 10845 -0-03 109-03 108-23 1384 39.604 


Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

(UFFE1 Yioom tooths ol 100% 

Open Close Change high Low Eat vd Open hit 
Jun 110.94 - - 111-25 11094 2474 Q 

* UFFE oarfracts toiled on APT. M Open to tefe Ogv era tor previous toy. 


|;UK GILTS PRICES ^ " 




Hates W V,M n«i PricoE+or- 

_ 1993194- 

me 

_Yfeto_ - 1993/94 — 

fetes M fed Price £ -or- itogn Um 

-KWd- » 1993/94 — 

Hate ID P) Price E +■- Hgn Um 


Shots" (Uses op la fire Tests) 


TlBte. lOpelA l99*tt— 

959 

656 

101ft 

-ft 

iosu 

101ft 

Ena IZ>2K 1994- 

12.11 

454 

103ft 

-A 

IIOA 

UOft 

Trees Bpe 1994ft 

8.77 

459 

102(1 


10&O 

102(1 

12pe 1995 

1133 

494 

HRS 



mu 

10M5 

EicAfece»90-es — 

3JJB 

MI4 

97U 



t» 

94 


903 

422 

lOG% 


109% 

106% 

TtoBi:lipGl995#— 

14gc 1996 

11-43 


11 ta 


110-4, 

111.1 

1221 

961 

114% 



120% 

114% 

ISUJK 1S98T4L- 

1254 

479 

11 Mi 


125% 

118(1 

&Ui I3%ac 19964 — 

1152 

560 

115 ft 


120ft 

115ft 

Oreetoi inpc 1996 — 

913 

607 

10a.; 


112% 

106% 

Trees 13%pc 1907# — 

1122 

622 

118% 

•ft 

122 i. 

116ft 

Fuji IO*jbc 1997 - . 

944 

626 

111% 


11411 

110ft 

Trim 8ft tcIWT# 

8.TS 

tua 

107,*, 

'4 

110% 

105*2 

Each ISpC 1997 

1151 

E52 

127 


132U 

12WS 


661 

858 

1IM1 


114(1 

109.1 

itoMTftncTsaa# 

7.06 

65SI02%*( 

*% 

KJaft 

99fl 

Date 6ftK 1995-96#- 

6.64 

421 

101% 

-ft 

102*» 

97U 

14CC96-1 .— 

11.13 

SB3 

1291] 

>% 

131% 

l»ft 

Hreai5%oc-9S# 

mss 

673133%* 


I-SOU 

I33« 

80S 1 fee 1998 

497 

657 

120ft 

+ft 

126ft 


Tr*B9%IIC 1999#— 

656 

651 

111 

♦ft 

110ft 

100.1 


Hw to ra nee Teem 

Each 12U(IC 1999 

rmonjijpc IBM 

totefeclSM#—-. 
Cwwretan UA.PC 1 999.. 

fee 20am 

Tan 13X3000 

1 fee 2001 

7peVl # 

JpsVlA- 

Wipe 2002 — 

fee 200#*— 

10pe 3003 


829122*8 
691 115U 
MS ?/.« 
898 1151* 
6.95 11 Hi 
72* 129ft 
724 1141J 
709 999, 

7.12 49U 

734 I l«|I 

7 35 105 

730 *17% 


♦A 128*4 

a sa 

♦ft 121*4 
ii«*» 
-A 1368 
-ft 122ft 
-ft 106-.’. 

51 A 

-d 123ft 

a iisii 

-% 1274 


1008 Rn8ng3 l 0cV9-4. — 

101 A Conversion 9 1 jpc ?00« 

10W Trass B4*pc 2004$ 

‘Wjl SLpeaXMA 

1058* cow 9 ijpezaas 

” Treas iz*jp:2in3-5 — 

“f? /trpeaoo&tt 

'■« fee moe-rn 

"3 Irate 111,* 2003-7 — 
UEl Trees B*ipc 2007 # 

OTfa »%**■»-* 

lift Trass fee 2006# 


Over FUtiiea Years 

97U Trass fee 2000- 

'Si TnasBIMpc&IO 

Cow fee Ur 2011 « 

V±7 Trete fee 201ZM 

' aBl * TrSSS 5*2PC 2006-12#— 
Trass Boeztni#- ._ 

71*2012-15#- 

Traas8LncZ017tt 

. Erdil2BC 13-17 

1204 

*a 

1124 

106 

125*4 IMMttf 

10912 nnwtefec 

07is «teloan3*ai6tt- — 

49JJ Qvw3l4PC'81Aft 

106*, Trass fee '68 /Wl 

97,\ CQnsqb2*z|K 

MS®, Tnat 2*jpe 


943 7.43 121 Jl*l 

4.49 847 77U 

825 1M 1154 
701 738 981, 

701 7 20 88** 

621 740U5j}d 

8.41 733 132U 

732 737 103A 

772 7.4£I03|W 

831 732 128** 

7.60 7M 1083 
961 7ASM01W 
792 7.461130)8 


799 7.44 1054*9 

735 737 B9*s 

785 7.47 IMfl 

732 7.47 11S*« 

668 73B 82*, 

758 7.4610S*z«1 

7.48 7.43 103*; 

736 7.48 1141, 

839 736 l«3S 


730 - 51U 

753 - 46*1 

U8 - 62/iff 

7.7B - 384ff 

730 - azw 

7.72 - 3ZV>« 


-A 129U 
-A 864 
-* 125H 
-A iasa 
-A Wh 
-A I2SJ 
-il 1 0U 
-4 USB 
-h 111% 
-V 1384 
-H HSU 

-** wig 

124fi 


-4 1I5J1 
-*4 »A 
-4 *260 
-4 127H 
-U 94 

-A 1I7L 

-% *141, 
-A 1261. 
-h 199*1 


-% SO 
-4 54U 

-% n 

44% 

-4 36*2 

— 37% 


Trtte 2*eV4 — -(1025) 

SbcVB- (873) 1SB 154 200*, — 204^ 19411 

453PCVW (135.81 1.78 IM 1104 1134 1054 

2*aBC"0l (7831 250 238171*1* ♦,*, 176% 156 

2*ipc'03 (783) 172 101 167% *4 173% IB 

4%pcW6f (1393) 174 HE 114* *% 118% 105% 

ZBC06 (89S) 288 338 178% 184ft 15B< 

(7831 336 33S 158% -ft 1864 144 

2%9e'll (74.6) 111 U I fe% -ft 1 75a (48(7 

2*WC13 (8823 XM 330 138% -ft 146% 122ft 

2*M* '16 (S1-Q 120 335 146% -% 157% 130U 

Sh/ew ? sag 336 336 HDtfxt -ft I52H 1&S 

Zlarclitt (977) 124 136 118% -ft 129% 1CE% 

^4%fC30Tt (1311) 127 336 117% -% 128(7 10tt 

IVoraiectM real retornpOon rate on protected Mtetan of (« lOfe 
and W S9L fta» Rgures In para fflti eaM show RP1 tm tor 
todeteig fe 8 months prior *> issue) and have been sdtosted to 
reltoct re tmring of RP1 to 100 In Januray <987. CanvanfeM *»*«- 
3346. HP1 lor Jwm 1663: 1*1 J) and for January 1994: 1413. 


- WA — 137, *, 131% 


— 2D4*j 194(7 
•_ r 1134 1054 
+,« 178% 156 

*4 173% ia 

*% 118% 105% 


4*HX-30Tt (13S.1) 


Other Fixed Interest 


fei%an0e»l!%2Dia 

Adai D** io%8C20oa_ 

Bias 1l%pcZ0l2 

toate c*j 8*2x10 


13BeV7-2 

HydoGaOrc 1Soe20ll 

Lett 13*200 2006 

Unrato 3%getM 

LX fee “M Aft. 

Mandate- 1 1* 
IfctlWr.feeV 
Nvrito Awdh 3*_, 

4%pe8.2D24 

UHiierSaasie^aw 


_ii(id_ 

to tea Wag ■ 

854 7.78 130ft 

640 7.73 122ft 

638 B32 130 

735 - 106% 

837 - 101% 

156 - 112% 

Hi ” 3 S& 

^ ^ 
9.13 630 IS 
AM 7.10 72% 

- 169 141 

- 180 IS 

1.15 - 149 


.- 1983/94 — 

•ar- tV> (to 

ia 

142 114 

IS 95 

116 97% 

— IS 110 

,3 S 

44% 34 

— 40% 30% 

138% 1)4 

— 75 83% 

150% 117% 

— 146% 116% 

— f3B% ir% 


FT-ACTU ARIES FIXED INTEREST INDICES 

Prtoe Incficto Thu Day** Vtad Accnjod jd atft. 

UK Gate Mar 17 change 98 Mra 16 Interest ytrf 

1 Up to 5 yaras [23) 12638 +<L06 12631 2-14 2417 5 yis 

2 S-1Sy*wCZ4) 151.76 -Q.12 15135 1.70 SJSO IS yn 

3 Over 15 yeas (9) 171.42 -023 171.81 14)0 3ft3 20 yn 

4 Irraderanabtea (Q 19924 -14)2 20120 223 1X7 IrrerLT 

5 Al stocks (62) 147.94 -0.10 148419 1.78 34X1 


— Law coupon yield— ■ — Mato coupon yield — — Wgh coupon yield — 
Mar 17 Mar 16 Y7. ego lifer 17 Mar 16 Yr. ago Mar 17 Mar 16 Yr. ago 


S.S2 

8.84 

883 

685 

684 

awn 

888 

888 

7-00 

786 

781 

784 

7.45 

TA2 

889 

7.71 

7.86 

689 

7.48 

780 

7.48 

782 

788 

883 

7.48 

7A* 

885 

7.72 

787 

886 

inflafion 6% — 

— 

— 

Inflation 10% - 

— 



Ma- 17 Mar 16 Yr. . 


Mar 17 Mar 16 Yr. 


6 Up *0 5 years (2) 

7 Over 5 yaam (1 1) 

8 A* stocks (13) 

Debentures and Loans 


+04)1 187.98 

- fire m3 an 

-04)1 182417 


1.41 Up to S y« SUM 24» 2.12 1.79 1.79 1.32 

1-29 Over S yn 3^9 328 138 3.12 3.12 119 

129 

5 jeer yfaM— — - ■■■■• — W yete yield —— — —25 jeer yield — 

Mar 17 Mar 16 Yr. ago Mar 17 Mar 16 Yr. ago Mar 17 Mar 18 Yr. ago 


9 DotaS Loans (73) 144.85 -038 145.18 Z21 288 827 436 a-42 8A 8 8.48 018 450 451 

Average gross rcde nip Oon yWto are shown above. Coupon Bates Lour OWr7%H; Uteura 8M-KWH1 Ugh: 1 1N and om. t Ral yWd. yW Yea to das. 


FT FIXED INTEREST INDICES 

Mar 17 Mar 16 Mar 16 Mar 14 Mar 11 Yr ego High - 


GfLT EDGED ACTIVITY INDICES 

Mar 18 Mar 16 I 


Govt. Sect. (UK) 9955 99.94 10050 100.09 100471 97.73 10730 9328 Q8t Edged bar 
Fixed Merest 120.96 12137 12120 121.88 12237 11231 13337 108.87 6-dey average 

'tor feMK Owanwwnr Seatedee Ifefi fees nuntetelisL 12748 toe 46.16 pn/TQ . ffced tnarari Nflh tenoe cam 
1006 end R>ed Inteate 1626. SE acttvfey Meet rebssed 1974 


99 J 100.B 1072 88.1 87.0 

963 944 940 982 1033 

I3U7 , tow 9163 (Wra . Been 100: Gosanmoir Secuten 157 


FT/ 1 SMA INTERNATIONAL BOND SERVICE 


Utetf an On lew tamamf tends tor wrteft im to an adeftfeMtoandtoy martat Lfeete prices te 7109 pn on Mach 17 

toeoed BU Ofcr Ctig. YVdd leaned BU Offer Chg. YWd 


baaed Bid Ofer Chg. YWd 


US. DOLLAR STRAR3HIS 

«fcey Ptea Traosuy ^2 tO 

AtotaAofe»»%66 

Auterta8% OQ 

Be* of Tokyo S% 98 

Bdgun9%6B 

BTC67%97 

Brtiflh Qtt021 

C*ed* 9 98 

CCCE9%95 

Ch8ffgN3Rfti6%98 

Card Euope S 96 

Oetfe Fonder 9*2 89 

0enmA9% 95 .. ■ 

60908% 96 

ffiC8%« 

BB7%98 

BB9% 97 

aecd»Fnre»9 96 

Eaolma9%98 

Er+nBar* Japai802 

Esport Oar Cap 9% 98 

Rrtand Vi 37 

FMff E*nt 9% 95 — 

Fad McearCmdt8% 98 

Gen Sec Cfeite 9% 96 

GM4C 9% 98 

MBkJapanRnT^ 97 

tote Amr Qw 7% 96 

My6%S 

Jfeto0wS(8%01 

Kanssl Bee Par 1096 

LTCBFbn 897 

UsbuMs 3x7^02 — 

Mppon Cad Bk K^i 96 

Nppoi Tel Td 9% 95 

Naeey7%97 

Ontoto 7% 03 

Qser KcrxMork 8*2 01 ___ 

PefcoCanada 7% 98 

Ptnjgal S% 03 

OuabtoHydcSft 98 

QutoeePtor998 

SSnSbuy 9% 98 

SAS 10 99 

88489*295 

SNCF9*2 98 

Spdn B% 99 

SWa»NSW8%9B 

9MedffS%95 

feadd< Efeort 8% 98 

Tdgaaec Psmr 8% 96 

Tdgo Mtoopcfa B% 96 

ToyotaM*orS%9B 

Unled Ks^dOm 7% 07 

WQddBrtc8%99 

WMiBafcB%97 

DQJTSCHE HARK STRAJOMTS 

*kiseas6%»_ 

CadtFo»aa 7% 03 

D*mak6%96 

0gAFine«e6% 03 ... ■ 

Dhjw»akfti7%03 


- WOO 96% 

— 600 108% 

-400 109% 
.100 105 

-250 112% 
.ISO 105% 
.1500 12% 

- 1000 100% 

- 300 104% 

-500 33 

- 100 105% 
-300 113% 
. isn io»% 

_ IBS T0B% 
_ MO 105% 
-250 104% 
. 1000 110% 

- 200 110% 

- 100 107% 

_ SOO KP% 
-ISO 112 
-200 UB% 
-200 W8% 
. 1500 99% 
-300 107% 
-200 105% 
-200 105 

-203 104% 
.3500 83% 

-500 109% 
-350 106% 

- 200 t05 

. two »f% 

- 160 *05% 
-200 104% 

. 1000 104 

.3000 102% 
. 200 110 
-200 103% 

. 1000 91% 
-ISO 112% 
-200 R»% 

- 180 107% 
-200 110% 
-500 105% 

- 150 112% 

. 1500 100% 
-200 WPs 
.2000 100% 
-TOO 105% 
-300 

-200 108% 
.1500 ®% 

.3008 102% 

. 1500 100% 

. 1500 108% 


2000 98 

2000 104% 
2000 101% 
1503 99% 

am «»% 


98% 4% 

M»% 

110 % ♦% 
105% -% 
113% t% 
H)5% 

12% 4% 

107 t% 
104% 

94 -% 

108 4% 

113*2 ♦% 
104% 4% 

108% 4% 

!M% +% 

105 
110 % 

110% 4% 
107% 1% 
107% ♦% 
112 % +% 
105% +% 
106% -% 
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i 



FINANCIAL TIMES FRIDAY MARCH 18 1994 


23 


COMPANY NEWS: UK 


Rentokil shares slip 
despite rise to £147m 


By Andrew Bolger 

Shares in Rentoldl slipped by 
7Kp to 248!&p in spite of the 
environmental and property 
Services company maintaining 
its 11 -year record of compound 
growth in profits and earnings 
In excess of 20 per cent. 

Rentokil's pre-tax profits 
increased by 20.1 per cent to 
£147Jn in the year to December 
31, while sales increased by 27 
per cent to 2600m. Currency 
movements depressed the prof- 
its figure by 21.2m. 

The group said good organic 
growth in North America. Asia 
and the UK had offset lower 
growth in Europe. 

Securl guard, the security 
group bought for 276m after a 
hostile bid battle last July, con- 
tributed sales of £86.3m and 
profit after interest of £3 Jim. 

Mr Clive Thompson, chief 
executive, .sai d : “nw business 
has proved at least as good as 
we thought at the time we 
bought it. In some cases bet- 
ter." 

Mr Thompson said Rentokil’s 
strategy, in the medium to 


long-term, was to move 
improve Securlguard's low 
profit margins by providing 
better levels of service. 

He said: “Our view is that 
security in future will require 
higher levels of quality - and 
customers will be more con- 
cerned with quality than price, 
although price is always 
important” 

Securlguard was making a 
profit margin of 5-6 per cent at 
the time of acquisition, a mar , 
gin which Mr Thompson said 
should be capable of being 
lifted into the teens, although 
not above 20 per cent He said 
the group's US tropical plants 
business was making margins 
of 56 per cent at the time of its 
acquisition in 1988, and was 
now making 20 per cent 

Rentoldl set up an acquisi- 
tion provision of 268m to cover 
redundancy and reorganisation 
at Securiguard, of which it had 
utilised 21.3m by the year-end. 

Year-end net cash fell Cram 
2603m to 215.6m after £102. 6m 
had been spent on acquisitions. 

Earnings per share grew by 
21 per cent to 8.02p (9.71p). A 


final dividend of 23Ip gives a 
total for the year of 2.85p 
(2L31p), an increase of 23 per 
cent 

• COMMENT 

Analysts were pleasantly sur- 
prised by the size of Securi- 
guard's contribution, but the 
feet that results were in line 
with forecasts meant the rest 
of the group had performed 
slightly below expectations. 
The size of the Securlguard 
provision also raised eyebrows, 
and there is scepticism over 
how much profits can be lifted 
in the security business. These 
specific grouses betray a 
deeper unease that Rentokil’s 
wonder growth story will be 
harder to sustain as a FTSE- 
100 company. Doubters point 
out that Rentokil's 36 per cent 
premium rating is maintained 
solely by the earnings story - 
the yield is low and the group 
has net assets of only 2109m, 
compared with Its market capi- 
talisation of £2.4bn. The shares 
have had a good nm since the 
year-end, and could suffer fur- 
ther profit-taking. 


OGC beats expectations 


By Peggy HoIBnger 

OGC, the oil services group of 
which 40 per cent was floated 
last year by Fairhaven Interna- 
tional, reported a better-than- 
expected 7 per cent increase in 
1993 pre-tax profits from 
210.5m to £UL2m on sales 43 
per cent lower at £217.1m, 
against 2226.6m. 

The Bermuda-registered par- 
ent, owned by Mr Fred Olsen, 
the Norwegian shipping mag- 
nate, also announced a sharp 
jump in profits from $ 18 . 1 m to 
$38.6m (£26.4m). That was 
largely due to the £30m pro- 
ceeds of floating OGC. 

Sales were 12 per cent down 
at $46 1.9m (5524.4m). Since the 
flotation Fairhaven has 
become largely an investment 
vehicle 

Investors, who took up 
OGCs shares at I30p in June, 
were rewarded with a proposed 
final dividend of 3-5p. for a 
total of 535p. This compares 


with a notional net pay-out of 
4.4p, and is more than twice 
covered by earnings of lL9p 
(I0.9p). The shares closed yes- 
terday 6p higher at 155p. 

Mr Richard Wilson, the 
chairman, said that while sales 
had been expected to decline, 
the year had remained "partic- 
ularly busy". 

Most of the profits were due 
to the Aberdeen-based AOC, 
which provides services to 
North Sea projects. Several 
contracts came to an end dur- 
ing the year, allowing OGC to 
recognise the full profits. 

Fairhaven enjoyed a less suc- 
cessful year, however, showing 
a 9 per cent decline In profits 
before exceptional items. Hie 
2303m exceptional gain from 
the flotation of OGC was offset 
by an £8m charge arising from 
litigation in the US. 

Mr James Davidson, chair- 
man. said significant amounts 
due to Fairhaven were the sub- 
ject of litigation in the US. 


"While we believe that these 
matters will be resolved in our 
favour, hopefully in 1994, this 
is not certain." The litigation 
had been expected to be 
resolved last year. 

On a brighter note, Mr 
Davidson said margins and 
sales had been better than 
expected and in line with those 
of 1992. However, the company 
was hit by adverse exchange 
rates, following the devalua- 
tion of sterling. 

The main contributor to prof- 
its was the holding in OGC. 
Belmont Constructors per- 
formed below expectations 
while the partnership with 
Nishika returned a loss. 

The final dividend of 1.3 
cents (0.6 cents) is proposed for 
a total of 13 cents (03 cents). 
Earnings per share rose from 
439 cents to 12.75 cents. 


Blenheim 
pays £17m 
for three 
acquisitions 

By David Wijtfiton 

Blenheim Group, the 
exhibitions organiser whose 
shares have almost halved 
over the past year, has made 
three acquisitions for a mini- 
mum £i7m in cash. 

They Include its first pur- 
chase in east Asia, a fast-grow- 
ing exhibitions market where 
it has little presence. 

The first buy involves a com- 
plicated restructuring of 
France’s giftware and interior 
decoration exhibitions. Blen- 
heim, which has two small 
exhibitions In the sector, Is 
baying the rival MIC exhibi- 
tion for FFr30m (233m) and 
injecting all three into the 
market leader, the Paris Ate- 
liers d'Arts Show, which is 
owned by a trade association. 

Blenheim is also commiting 
a farther FFr30m in cash in 
return for a 50 per emit stake 
in the joint company. 

Mr Christopher Crowe roft, 
finance director, said that the 
smaller exhibitions had suf- 
fered from the recession and 
the industry did not Uke the 
competing shows. Mr Crow- 
croft said the deal would 
enhance Blenheim’s earnings 
this year. 

Blenheim has also agreed to 
pay L223bn (£9m) for Editori- 
ale PEG, an Italian publisher 
Of mapwinw; Cover- 

ing heating, plumbing and 
sanitation. It also organises 
Mostra Convegno Expocom- 
fart, an exhibition in Milan 
covering air conditioning and 
beating equipment. Editorale 
PEG made a profit of L3.7bn 
(£13m) on turnover of L343bn 
(213.7m) in 1992. 

The third deal is designed to 
give Blenheim a base from 
which to replicate some of its 
existing exhibitions in Japan. 
It is paying $13m (£900,000) 
for 70 per cent of Vertical 
Planning International, which 
organises the Japanese Aero- 
space exhibition every four 
years. Blenheim has agreed to 
acquire the remaining 30 per 
cent in 1999 for np to $8.7m. 


Trade Indemnity returns 
to black with £5.8m 


By Simon Davies 

Trade Indemnity Group, the 
credit insurer, reported a 
return to profit in 1993 and a 
positive view of the current 
year. The shares rose 4p to 94p. 

The company is forecasting 
business tenures, as reported 
by its customers, will fall 10 
per cent during 1994, following 
a 26 per cent drop to 6,303 
(8.470) last year. 

TIG, which is 77 per cent 
owned by a group of leading 
European insurance compa- 
nies, reported pre-tax profits of 
£53m (losses of £43m). 

. The proposed final dividend 


is 03p, its first payment since 
1990. Earnings per share were 
43p fiosses ip). 

Gross premium income from 
continuing operations tell mar- 
ginally to £145m (£147m), 
reflecting a decline in custom- 
ers' sales levels. 

Mr Vic Jacob, managing 
director, said premium income 
increased significantly in the 
second half, and had continued 
to grow in 1994. There was also 
a 24 per cent increase in UK 
export insurance business. 

Net claims paid fell 17 per 
cent to 2483m, enabling a 
release of £1.7m to be made to 
the profit and loss account 


(DIVIDENDS ANNOUNCED I 


Canes - 

Total 

Total 

Current Date of 

ponding 

far 

last 

payment payment 

tSvktend 

year 

year 


Aijo Wiggins 
Attwoods 


-fin 

Jnt 


Baynes (Charles) fin 

BriCsh-Bomeo fin 

Cats fat 

Courtaulds Text - — Bn 
Daniels (S) fln 


Davis Service fln 

Dawsongroup fl n 

Edmond fin 

Fairhaven fln 

Green (Ernest) § ....... J nt 

Gtdnness fin 

Haden MacLeOan fln 

Jupiter Tyndall fln 

Kwik-Ftt fln 

Legal & General 
OGC 


Redan’s . 
Reed Ml 
Rerrtokfl 
Ftosabys 


-in* 

-fin 


-Tin 


Sanderson Bmtl 
Trade Indemnity 
Travis Porickis 
United Biscuits 



3. 85 

May 27 

3.85 

63 

63 

1.75 

Aug 1 

1.75 

- 

5 

1.075 

May 27 

0.9 

1.65 

1.425 

4.433 

May 23 

4A33 

7.1 

7.1 

03 

May 6 

075 

- 

23 

9.5 

May 8 

02 

143 

13.6 

03 

May 25 

025 

03 

035 

025f 

June 6 

025 

738 

7.98 

3 

June 24 

025 

43 

3 

015 

July 1 

015 

03 

03 

13* \ 

June 2 

0.6 

13 

03 

2.75 

May 3 

2.75 

- 

7 

9.18 

May 24 

83 

123 

1135 

1 

JNjfy 1 

1 

2 

2 

7 

May 26 

43 

11 

73 

23 

May 9 

nil 

33 

335 

13.8 

June 1 

123 

20.1 

19.1 

33 

June 10 

- 

535 

- 

8 

Apr 18 

8 

- 

29 

12.75 

May 18 

- 

18.75 

12.75? 

2.01 

May 11 

1.67 

235 

231 

325T 

May 13 

3 

4.85 

3.9 

1.74t 

Apr 30 

1.4 

2.4 

2 

05 

July 1 

nfl 

03 

rtf 

53 

May 23 

53 

8 

8 

93 

Jufy 1 

08 

153 

153 


Dividends shown pence per share net except where otherwise stated. ton 
increased capital §USM stock- * US cents throughout fFor 9 months. 


Fraser float price set at lowly 180p 


By Ncfl Bucfdey 

House of Fraser, the 56-store 
department chain being floated 
by its owners, the Fayed 
brothers, yesterday set its flo- 
tation price at 180p. 

That valued the group at a 
Lower- than-expected 24133m. 

The price was at the bottom 
end of forecasts, which ranged 
between 180p and 220p, and 
puts the shares on an historic 
p/e of 163 times. 


A dividend of 5p that would 
have been recommended last 
year would give a gross yield 
of 33 per cent 
Since publication of the 
House of Fraser pathfinder pro- 
spectus most analysts had pre- 
dicted a price of between L90p 
and 200p. However, recent vol- 
atility in the stock market is 
thought to have persuaded SG 
Warburg, which is handling 
the flotation, to plump for a 
lower price. 


By fixing the price at 180p, 
House of Fraser has effectively 
neutralised the market’s reser- 
vations, and the shares look 
attractive. The recent tighten- 
ing of planning restrictions on 
retail developments means 
opportunities for opening 
new stores will be limited. But 
there Is considerable room 
for improving sales from the 
group’s very cheap, mainly 
freehold, existing selling 


space as the new management 
refurbishes the stores, 
improves the range and intro- 
duces new systems- The his- 
toric multiple of 163 tun es is a 
16 per cent discount to the 
stores sector. On forecasts 
of £43m for this y^r the 
discount fells to about 11 per 
cent, but the management 
needs to provide more evidence 
of its expertise if the 
shares are to move to a market 
rating. 


Float will value Nottingham at £81. 4m 


By Simon Davies 

Nottingham Group, one of the 
UK’s largest suppliers of edu- 
cational products, is to raise 
£13.6m from a flotation, which 
will value the company at 
£8L4m. 

Nottingham is to offer 243m 
shares at 15Gp each, of which 
16.1m will be placed firm with 
institutions and 8.4m will be 
sold through an intermedi- 
aries offer. 

The company made pre-tax 
pr o fits of £7.3m in 1993 after a 


21.1m write-off on fixed assets. 
Based on earnings excluding 
the write-off; the shares are 
being listed on an historic p/e 
of 143 and a notional yield of 
4*45 per cent. 

About 67 per cent of 1993 
turnover was in sales to pri- 
mary and secondary schools. 
Nottingham hopes that utilisa- 
tion of the state schools’ esti- 
mated £400m budget surplus 
wiH help fuel sales growth. 

The £38m share offer is 
sponsored by Goldman Sachs, 
broker to the deal along with 


James Capel. Nottingham is 
issuing 9m new shares, a fur- 
ther 600,000 wifi result from 
conversion of preference 
shares, while 153m existing 
shares will also be offered. 

Following flotation, the 
directors will control 15 per 
cent of Nottingham, having 
sold 25 per cent, and existing 
institutional shareholders will 
own 33 per cent 

The ww»h raised will be used 
to redeem outstanding prefer- 
ence shares. Dealings will 
begin on March 30. 


Inspec gets £136m valuation 


By David Wighton 

Inspec. the speciality chemicals company which 
was the subject of a £40m management buy-in/ 
buy-out from British Petroleum 18 months ago, 
will join the stock market with a valuation of 
£13&4m after a 2483m issue of shares at 160p. 

The price set yesterday represents 18.4 times 
pro forma 1993 profits of 27.4m, mrlnrimg a full 
year from the dotation proceeds and recent US 
acquisition Allco. 

Mr John Hbflowood, chairman J said the rating 
was a 20 per cent diswnmt to the average of 
comparable speciality chemicals companies 
Allied Colloids, BTP and Yo rkshire Chemicals. 
“Its a fair price given that Inspec has no track 
record.” 

The notional dividend of 33p for 1993 gives a 
yield of 2.7 per cent which is in line with the 
sector. 

Of the shares on offer £32 .2m have been 
placed firm with institutions and a further 


£173m are available to private investors 
through financial intermediaries. The issue is 
being Twmrtipd by Morgan Grenfell, the mer- 
chant bank, and stockbrokers Cazenove. 

• COMMENT 

Inspec combines a handsome legacy from Brit- 
ish Petroleum - including excellent facilities, 
market positions and operational management 
- with Mr Hbllowood’s proven ability to grow 
speciality chemicals businesses. The price has 
been set at a good discount to the sector - 
which has had a very strong nm - though the 
pro forma profits for 1993 were boosted by the 
acquisition of Allco and a 20 per cent tax 
charge. This will rise only gradually over the 
two years and analysts are looking for earnings 
growth of around 15 per cent this year which 
cuts the rating to 16. The reception from institu- 
tions has been very good and the shares are 
likely to open at a healthy premium when trad- 
ing starts on March 30. 


• COMMENT 

There are no listed companies 
that can offer a direct compar- 
ison with Nottingham, but on 
the basis of its generous divi- 
dend yield and a p/e at a sub- 
stantial discount to the market 
average, the shares should 
offer something for the stags. 
The company is strongly cash 
generative, pnp Wh| g it to fund 
farther acquisitions to 

build up its distribution net- 
work. This should provide 
some further lift for a solid 
but unexciting business. 

Appld Distribution 
shares at 140p 

Shares in Applied Distribution, 
the contract distribution 
group, dosed at I40p on the 
first day of trading yesterday - 
a premium of 5p to the offer 
price. 

This values the company, 
formed five years ago under a 
2163m management buy-out 
from Geest, at more than 242m. 

Of the 1735m shares placed, 
representing 57 per cent of the 
enlarged capital, 1135m were 
newly issued. The balance of 
53m shares were sold by exist 
ing shareholders. 

About 13m shares changed 
hands yesterday. Baring s, the 
sponsor, described the trading 
as “a very satisfactory start.” 

Broker to the issue was Nat- 
West Wood Mackenzie. 


Reed Elsevier restructure 
will reduce audit fees 


By Andrew Jack 

Reed Elsevier, the 
in ternati onal publishing group, 
plans to reduce its audit fees 
by nearly two-fifths as a result 
of a restructuring of its 
operations which has led to the 
appointment of Deloitte 
Touche Tohmatsu as world- 
wide auditors. 

It also aims to reduce the 
number of legal entities regis- 
tered in the UK by three-quar- 
ters as part of the process 
in an effort to reduce the num- 
ber and costs of statutory 
audits. 

The fees of Reed, Elsevier 
and Reed Elsevier, their joint 
venture, are expected to fall 
from about £2 dm to £L3m as a 
result of an audit tender for 
which all the largest six 
accountancy firms competed. 

Mr Nigel Stapleton, a direc- 
tor of Reed International, said: 


“We did not make the decision 
on who came with the lowest 
fee, although price was obvi- 
ously an important consider- 
ation.” 

He said the reduction 
reflected the elimination of 
duplication from having two 
Arms of auditors as a result of 
the merger, as well as improve- 
ments to Internal audit and 
changes in the structure of the 
company. 

He stressed that the audit 
tender prices from all the firms 
were very close to each other. 
“We want a challenging audit, 
not the firm that will give 
us the easiest audit,” he 
said. 

The process began in June 
last year, and by October three 
firms remained for detailed 
selection: Touche. Price Water- 
house, current auditor to Reed, 
and Coopers, auditor to Elsev- 
ier until now. 


Museums block Norton’s 
strategy for a kick-start 


By Tim Burt 

Attempts to kick-start the 
Norton motorcycle company 
by raising much-needed cash 
from the sale of 10 vintage 
motorcycles appeared close to 
breakdown yesterday. 

Lawyers acting for three 
British museums where the 
motorcycles have been on dis- 
play - some of them for more 
than 50 years - have halted 
moves to return them to Nor- 
ton Motors (1993), a Canartian- 
backed company which bought 
the famous manufacturer last 
year. 

The move is a blow for Nor- 
ton, which had asked Sothe- 
by's sell the fleet next month 
as part of its strategy to real- 
ise capital to restart produc- 
tion. 

Yesterday, however, cura- 
tors at London’s Science 
Museum, the National Motor 
Museum and the Museum of 


British Road Transport said 
they would not part with the 
vehicles, including an 1898 
Ariel tricycle and 1905 Match- 
less, unless tiie company could 
prove its ownership. 

Mr David MacDonald, Nor- 
ton’s former chief executive, 
has written to the curators 
warning them that the com- 
pany has no rights to the 
motorcycles. 

Norton has merged and 
changed hands several times 
since the motorcycles were 
loaned to the museums, and it 
could prove impossible to 
unravel which company now 
owns them. 

The Science Museum said 
yesterday: “We're waiting for 
Norton to prove ownership. 
The matter Is with our solici- 
tors." 

Norton, which has also 
called in its lawyers, said it 
remained confident it could 
sell the bikes. 


This notice is issued in compliance with the requirements of The International Stock Exchange ol the 
United Kingdom and the Republic of Ireland Limited (the "London Stock Exchange") and appears as a 
matter ol record only. It does not constitute an oiler or an Invitation lo subscribe lor or purchase any 
securities of Templeton Emerging Markets Investment Trust PLC. 



Templeton Emerging Markets 
Investment Trust PLC 

(Incorporated in Scotland under the Companies Act 1985 with registered no. 1 18022) 

Placing off 105,000,000 ( C’ Shares off £1 each 
(“‘C’ Shares”) 
and 

Offer of up to 35,000,000 *0’ Shares 
all at lOOp per *0’ Share 

Application has been made for the ’C Shares now proposed lo be issued to be 
admitted to the Official List. It is expected that admission will become effective, and 
that dealings in the 'C Shares on the London Slock Exchange will begin, on 

22nd April. 1994. 

Listing Particulars relating to Tempfeton Emerging Markets investment Trust PLC are 
included in the Companies Fiche Service available from Exlel Financial Limited. 
37-45 Paul Street, London EC2A 4PB and may be obtained during normal business 
hours (Saturdays and public holidays excepted) until 21 st March, 1994 by collection 
only from the Company Announcements Office, The London Stock Exchange, 
London Stock Exchange Tower. Capel Court Entrance, Off Bartholomew Lane. 
London EC2N 1HP and until 14th April 1994 from: 


Smith New Court 
Corporate Finance Limited 
Smith New Court House 
20 Farringdon Road 
London CC1M3NH 


Templeton Investment 
Management Limited 
Saltire Court 
20 Castle Terrace 
Edinburgh EH1 2EH 


Dated 18th March. 1994 


This announcement appears as a matter of record only. 

Fresh Connection Ltd 
£ 13,000,000 
Management buy-in 
of 


DON MILLERS 


Don Millers Hot Bread Kitchens Ltd 

Arranged and led by 

LLOYDS DEVELOPMENT CAPITAL 

Equity provided by 

Lloyds Development Capital 

Funds managed by 

CIN Ventures 

Senior debt provided by 

Bank of Scotland. 

0 / W° 

Lloyds Development Ciplul Limited h a member of The Securities and fmum Authority 

■18 Chi, well Street, London. EC lY 4 XX. Tel: 071 600 1236 . F*x: 071 J 22 5889 . 

Hmbatty lloutc. 60 Church Street. Birmiu^hjic, Bf 2 DJ Tel 021 200 1787 Fan 011 236 5169 
27 Parlt Cro„ Street. Lceili. I.Sl 2 QH. Tel. 0512 841001 . Fu 0532 421872 


Will you run with the Stag? 

Al House of Fraser there's more at stake this season than the am 
summer fashions, wui profit from their new shares finance your next 
shopping spree? or will your wardrobe be ‘bear’7 

Had the answer in New Issue Share Guide, the private Investor's 
Independent guide to new issues. Each month New Issue Share Guide 
gives you the Impartial advice you need to make the right decisions. 

To Bud oat how you can get In on the ground Door, return the 
coupon below free of charge, or call as on 071-625 8650 

N 13 C, me Iioooj. BKKKuwia niwaiKw. Pm*. «nw>n ran mca. 


Iter to New Issue SBMsQunx tntSBPOSn, IBC Boon, Hmnustn immui 
Pm*, Wkraanc KT 13 QBB. 


rjaOwdSkiwWAntn 
PMaHmt Ud or ctiurtmnfHb rnltd^d a 


dttterO 




THE VENEZUELA HIGH INCOME 
FUNDN.V. 

DIVIDEND NOTICE 

Oo m biwtt with the authorization granted by the Bond of Supervisory D ire c to rs on 
March U, 1994, notice is hereby given that the Fund will pay a distributioa of UA 
SO .25 per dtare on April IS, 1994 to common shareholders of record at the ctase of 
boahtesa on March 31, 1994, in the esse of thanes held in regisaered form, or upon 
presentation of coupon number U attached to the common share certificate to the 
Pantfa Paying Agent ion or after April 13. 1994), in the case of comumn shares held 
in bearer form. 

By order of the Managing Director 
inf 


Curacao Corporation Company N.V. 
Da Royterhade 62 , P.O. Box 812 
WnJeBJSud, Curacao 
Ni 


Administrator, Registrar, Transfer and 
Baying Agent 
CUiunst (Bahamas) fJmtwNt 
Thompson Boulevard 
P.O. Bax N1576 
Oakes Field 
NaaaauJ 


Scodder, Stevens & darit, Inc. 



i ; 












The prospectus relating to House of Fraser PLC dated 17th March, 1994, 
from which the Information contained in this document « drawn and 
which alone contains full details of House of Fraser PLC and of the 
securities being offered, comprises listing particulars relating to House of 
Fraser PLC in accordance with the listing rules made under section 142 of 
the Financial Services Act 1986, and has been delivered to the Registrar of 
Companies in Scotland for registration in accordance with section 149 of 
that Act. 

Application has been made to the London Stock Exchange for the whole 
of the issued ordinary share capital of House of Fraser PLC to be admitted 
to the Official List. It is expected that admission to the Official List will 
become effective and that dealings in the ordinary shares will commence 
on Wednesday, 6th April, 1994. The issue of this document has been 
authorised by the London Stock Exchange without approval of its 
contents. 

The Directors are satisfied that this document contains a fair summary of 
the key information set out in the Prospectus. 

S.G. Warburg is a member of The Securities and Futures Authority 
Limited. S.G.Warburg is acting as sponsor to House of Fraser PLC and 
underwriter to the Offer and will not be responsible to anyone other 
than House of Fraser PLC for providing the protections afforded to 
customers of S.G.Warburg or for providing advice in relation to either the 
Pladng or the Public offer. 

No action has been or will be taken to permit the offer of ordinary shares 
other than in the UK or the distribution of this document in any 
jurisdiction other than the UK. The distribution of this document and/or 
the offering of ordinary shares may be restricted in certain jurisdictions. 
Persons in possession of this document should inform themselves of and 
observe any such restrictions. This document does not constitute an offer 
to sell, or the solicitation of an offer to buy, ordinary Shares in any 
jurisdiction or in any circumstances in which such offer or solicitation is 
unlawful. 

In particular, this document is not for distribution in or into the United 
States or Canada. The ordinary shares have not been and will not be 
registered under the United States Securities Act or under the securities 
Laws of Canada and, subject to certain exceptions, may not be offered or 
sold within the United States or Canada or to any national, resident or 
citizen of Canada. S.G.Warburg may arrange the offer and sale of a 
portion of the ordinary shares within the United States exclusively to 
persons reasonably believed by It to be qualified Institutional buyers (as 
defined in Rule 144A under the Securities Act) in reliance on the 
exemption provided by Rule 144A. 

No person has been authorised to give any information or make any 
representations in connection with the Offer or the Group other than as 
contained in the Prospectus or this document and. if given or made, such 
Information or representations must not be relied upon as having been 
authorised by the Company, the Directors. S.G.Warburg, Harrods 
investments or any of them. Neither the delivery of this document nor 
any purchase made on the basis hereof shall constitute a representation 
or create any implication that the information herein is correct as at any 
time subsequent to the date of this document. 




Placing and Public Offer 


S.G.Warburg & Co. Ltd 


229.6 million ordinary shares in 
House of Fraser PLC 

of which 172.2 million are being placed firm 
and 57.4 million are being offered to the public 
at 180 pence per share 
payable in full on application 


DEDUCTIONS 

Act 

Appficattofffonn 

Company 

WrKton 

Employee Share Mans 

Hot Pmonil Bank 

GE Capital 


Harrods Investments 


House of Frasor or Group 
House of Fraser (Stoned 


mtennedbrias Bulk 
Application Form 
Listing 


London Stock Exchange 

Offer 
Offer Price 
ordinary shares 


Preferential Applicant 

P r ef ere nti al 
Appli ca tion Form 
Preferential Offer 


PubSc Appftcation Form 


Securities Act 
S-G. Warburg 


the Companies Act T»5 (a* ***** 

or all of them. * the cartel requires 

Housa of Fraser PLC 

the directors af the Comfxviji 

the House of Fr«er Sharesavc Option! Scheme and the 

Mouse of Fraser t99a Share Optwri «an 

The Fir* Personal Bank pic. a wMM of GE Capital 
rvneta] Hedrte Capital Corporation, a subsWwry of d* 

«■**“ c «"p any ol ttif 

affiliated to the EngIKh company with a umflar name) 
the Harrods s«N* or. « 

Harrods Umtted, the owner of the Harroti* swe 

Harrods Investments pic. the holding 
controlled by the Fayed family 
House of Fraser PLC and its subsidiary undertaking* 
House of Fraser (Stores) Limited, the v^"ty-o«ned 
subsidiary of the Company, which operates all the 
group's department stores 

a bulk application lorm (or use by eligible financial 
Intermediaries in respect ol the Public Offer 

the admission to the Official Ust of the 

Exchange ol the issued ordinary share capital of the 

Company 

The international Stock Exchange of the United 
Kingdom and the Republic of Ireland Limited 

the Public Offer and the Placing 
180 pence per ordinary share 

ordinary dura of 20 pence each W the capital of the 
Company 

the placing by S.G.Warburg of 229.600,000 ordinary 
shares described in Part Five of the Prospectus, 
including the 57.4 00.000 ordinary shares which are 
subject to right of recall far the pirpOMB ol the Public 
Offer 

an applicant eligible to apply tor shares under the 

Preferential Offer 

the application farm for use by Preferential Applicants 
In respect of the Preferential Offer 
the arrangements tor eligible employees, eligible 
pensioners and Directors to apply under the Public 
Offer, which are described in Part Five of the 
Prospectus and separately In the Preferential 
Application Form 

the listing particulars relating to House of Fraser PLC 
dated 17th March. 1994 

the application farm for use In respect of the Public 
Offer (but not the Preferential Offer) attached to this 
document 

the offer for sale by S.G.Warburg of 57,400,000 
ordinary shares described in Ban fiw of the Prospectus, 
which indudes the Preferential offer 
the United States Securities Act of >923 
S.G. Warburg A Go. Ltd. 



Authorised 


Issued and fully paid 


Number £ Number £ 

310.000,000 62,000,000 ordinary shares of 20 pence each 229.500.000 45,920,000 

The Offer comprises the entire issued ordinary share capital of House of Fraser PLC The 
ordinary shares win rank in foil for aff dividends or other distributions declared, paid or 
made hereafter in respect of the ordinary share capital of the Company. 

INDEBTEDNESS 

At the dose of business on 15th February, 1994 the Group had outstanding borrowings or 
indebtedness In the nature of borrowing of £117.1 million, comprising overdrafts of £21 A 
million and loans of £95.0 million (both of which were secured), a mortgage of £0-5 million 
and loan notes of £0-2 million. With the exception of the mortgage and loan notes, all of 
the Group's borrowings are from bank lenders. 

The Company and House of Fraser (Stores) had outstanding on 15th February, 1994 
guarantees of certain bank borrowings of Harrods Investments and Harrods Holdings pk, 
supported by charges over all the Group's assets. Under an agreement with the banks 
concerned these guarantees and charges will be released on Listing becoming effective. 

Save as aforesaid and apart from intre-Graup liabilities, neither the Company nor any of its 
subsidiary undertakings had as at 15th February, 1994 any loan capital (including term loans) 
outstanding or created but unissued, any mortgages, charges, or any other borrowings or 
indebtedness in the nature of borrowing, including bank overdrafts, liabilities under 
acceptances (other than normal trade bills), acceptance credits, hire purchase commitments 
or finance lease obligations, guarantees or other contingent liabilities. 

At the close of business on 15th February, 1994, the Group had cash balances of £27.4 
million. 

On 25th February, 1994 the Company entered into new facilities for up to-£155J) million. 
These new facilities will be available for use by the Company on Listing becoming effective: 
at that time, the Company will repay in full the secured loans referred to above with 
amounts borrowed under the new facilities (part of which yvill be secured by new charges 
over certain of the Group's properties) and the existing charges over the Group's assets will 
be released. 


Latest time for receipt of completed Application 
Forms in respect of the Public Offer 


10 am on Friday, 25th Match 


Basis of allocation announced 

Monday, 28th March 

Despatch of nenounceable fetters of allocation 

Tuesday, 5th April 

Dealings to commence 

Wednesday, 6th April 

Last time for splitting 

3 pm on Wednesday, 4th May 

Last time for registration of renunciation 

3 pm on Friday, 6th May 

Despatch of definitive share certificates 

By Friday, 27th May 

The procedure for application and the Public Application Form are set out at the end of this 
document. 

OFFER STATISTICS 


Offer price per ordinary share 

Number of ordinary shares in Issue 

Percentage of the issued share capital subject to the Offer 
Market capitalisation at the Offer Price 

180 pence 
229.6 million 
100 per cent 
£4133 million 

1994 earnings per ordinary share" 1 
before exceptional items 
after exceptional items 

11.1 pence 

10.1 pence 

Historic price earnings multiple at the Offer Prioe 01 
before exceptional Hems 
after exceptional items 

16 2 times 

17M times 

Notional net dividend per ordinary share 9 

Notional gross dividend yield at the Offer Price 1 " 

Notional dividend cover** 

5.0 pence 
3.5 percent 
22 times 


Number of stores" 56 

Selling space (million sq ft)" 4.74 

Number of employees*” 10,562 

Equivalent number of Mi 
time employees'” 7,734 


Operating profit before 
exceptional items 

Net assets 

Net borrowings 


<» 77wm figures hwe been eriracttdfromtfw Accountants' Report far Part Sx of the Prospectus. 

(21 The historic price earnings multiple is calculated by dividing the Offer Price by the 1994 earnings per 
ordinary share. 

(3) Notional net dividend per ordinary share represents the dividend per ordinary share for the year ended 
29th January, >994 which the Directors believe they would have been justified in recsmmenAng if the 
ordinary shares had been fisted on the London Stock Exchange for the whole of the 1994 financial year 
with the ament capital structure. 

(4) Notional gross dividend yield at the Offer Prioe Is calculated by dividing the notional gross dhridend per 
ordinary share (being die notional net dividend per ordinary share plus the awodated 20 per cent tax 
credit} by the Offer Price. 

(5) Notional dhMend cover Is calculated by dividing 1994 tamings per onttnary share before exceptional 
items by the notional net dividend per onflnary share- 

(6) Measured as at 29th January, >994, taking account of the dasure of the Army 4 H**y stores fa lew idwm 
and Gravesend and Amotts in Glasgow which took place at or since the year end. The selling space of 
these stores was 02 million sq ft 

(7) as at 29th January, 1994. 

Year ends 

Unless the context implies otherwise, e reference in this document to a year, such as ”1994", is to the 

financial year of House of Fraser ending on the last Saturday in January of that year. 


The Directors are Brian McGowan (Chairman), Andrew Jennings (Managing Director}. Tony 
Hancock (Operations Director and Deputy Managing Director), Ian Martin (non-executive 
Director), William Mathieson (non-executive Director) and Richard Scott (Finance Director). 


TERMS AND CONDITIONS OF APPLICATION 

i roars and coMomoMs 

Application, n motto on thv following lorm and randtttam, Ugvtitor wife ilm set out 
or monad to in (fir relevant AppSoUcn Form or to jDOtjtcd guide <n the o me Of a 
(Oint oppBuaon. idmwn In UwK terms and unhkn to "you" or ** ‘ a xfclir* art 
to oath of you, and mu' MHUty h |okn and vnriL tin 'Gukto to the PitoUc AppScatran 
Form- toms part ol the* Tarim and Mndttrant lor apparatus uong too Pitoik Appfiotan 
Farm. Tha 'GuKte to lh« Preferential AppfkaiMn Form" Form nan of the** non and 
umrfKMm For epplKMtts using the fWerericMJ AppkcaUun Farm. The 'Guide ra the 
tnienrmdarwt Sulk Application Farm" loom part ol tool* trams and conditions for 
aophcanb uilng tfM feitcmndtanai Bulk AppSadon Form 

|A] Tha contract jmteg From the acuptactcn of an xraAutoKi under the Pubkc Offer vrtfi be 
h kB uu uoI on U Lining becoming effective at or before 9 jm on 6fe April, 199*, or sudi 
later time Or date at S/j.warbuig. Mimxh ksuestmrns and the Company may agree and 
(■A fee nactnq and after for Sale Agree mem nrfened to In paragr oph 10 of Part Seven of 
Itw Protpocnit beeonvng wholly unconditional and not being lermmjted before Luting. If 
rcnckOom (It and pi) are not MMAed, monies coSectcd m respect id appbrattecit mil be 
refunded Ivaithmil HHcresl] by roiummg dm appfeonCs cheque or banker's draft or by 
semhsg a rfiequa enmetf 'Account Payee * in fjvoor of tha oppi-cocmil rfneugh the post 
to fee odOreu ol the JpplKanl or. m the sate of | 0 inl oppnronf* to fee tttyi-named 
appkcmt at the risk of the oppkumts). 

IB) The rtfytl n reserved to present cheques and Bankers drafts on or after 28th March, 1994 
for payment before the comSuam referred to m paragraph (A) have been satisfied and to 
retain renounceible letters of a Fixation jsd surplus application motves (it anyl serving 
dearanco of applicants' theatres and bonkers drafts. The nghs a abo reserved to i*je« 
any jopFcauan *i respect af much the appUtantfsJ cheque or banker's draft has not been 
clawed on firei presentation and, >n any event, by 3 pns on lilt March. 1994. Appboman 
monies «M bo kepi in a separate bonk aretMii tewrpe application manes in respect of 
apokcicsocss on Prefermdaf rtnpfcaftoi Forms, wMcft «d be pouf into j mat account of 
The Sort Centre Ltd pending transmission to UOyds Bar*. Me. Lloyds Bank Begdsanl 
i G Wactevg may. or agent of Karrodk Investments, requne an applicant to boy Interest or 
its other irsutilng eosb lor bothi if me cheque or banker's draft accompanying his 
appMcanon <s nor Honoured on first presentation. If an applicant is required to pay interest 
he or otMgetf ra ouy dse amount cSecemvned by tG.Wortsunj ra be Ore uiwcv t r on 
fee amount of the cheque or banker's draft from fee date on which the basis of altercation 
under the Puukt Crfln n putrbcly announced, until fee da'r of receipt of cleared hank 
The >ata ul interest e>n| be fee then pubJMted bank bate rate ot a deanng bank selected 
to iu Warburg plut 2 Pec rent pri annum 

(O fi lb e rt TO the evens of ihv Pcxtwwuur Offer, the bans of a f locauon far applications wiF 
be determined by t G Warburg at IB obsokite disci etton but after coraulutiDn wife the 
Company, the eight is reserved to ceioct In whole oi In pars or to scale down any 
appbsetion In mcIkuLii. but without Smiting tile following teems and condition*, the 
right is ■ewnred bo retext an« oppOcation from tor suspected ra be fnm) within die Uncled 
States of America, rtt tomt rates a, possessions (the 'Usffed Sumrior made on briuff of 
(or sus peeled so be made on behalr of) anyone wtiMn the United States or from (or 
sutpccfed to be from) or made xm behalf of (or suspected ra be made on behalf e/I a 
Canadian person (at defined befool If any appUuum h not accepted, or n accepted for 
timer chain than the number appfced lor, tin apofccaWsn monies or. os the case may be. 
the balance of fee application monies, wcF be re fund ed (svnhovt h a ae sQ by returning fee 
applKanfi cheque or banker's draft or by tendhvg a cheque ironed -Account Payve" In 
favow of the appheanttd through the poo to fee address ol die applicant or. hi fee caw 
of i tsertt applicants. Id [he lint -named applicant at the risk of tho appUcantUi. An 
AppAcabon Form may be refected If ■! b not completed In a9 respect! In acamSanca wife 
the Instructions or is not aocqnqsanred by a power of attorney where necesary, or If tne 
accompanying cheque oc banker's draft h tor the wrong amount. In these dturebnen 
die deduces of S G Warbuig at. in fee caw of applications an the Preferential Ape Hatton 
Form. The Share Cenne Ltd. at to whether to re(eet (he application nr treat Hie 
application as vaFtL and a tq how to construe, amend or compsen fee Application Form 
feU be fmal. An apriMant wiK not. howeeer. be treated to having ottered to purchase 
more ansaiacy srsaiei thus h Indicated In fas apokcotlan ADpbCarm wbl not be entftjcd TO 
exercise any remedy of rescission for innocent misrepresentation at a"y time after 

acceptance of (fie* appfkaeonc. nut don not affect any other ngfic they may hat*. 

(Dl The Public Offer Is being made by S G Warburg as agent of Itanods Investments. 
Appftr atium mint bf made pn fee acnenponying *ubl*t AppHooon from nr. u» fee caw 
of appOuttont under dse term of tho Preferential Offer, an a Preferential Appkcatian 
Form IM. in the case of eppheebom from eligible financial inter media net. bn the 
liWBmsedlanet Bulk Applicaiton Form. By tempted ng and dstriereig an Appfccjrwn form 
you. « fee MMcantft) (and if fee Application Form b qgned on behalf of somebody rise 
ora corporation that person c w mparonenl 

0) agree that sow Application Form ft addressed to S.G.warDiug and Harrods 
kwreantnci onds In the case ol Preferential AppGeaMm. The Dtira Gmtrellda 
Ci>| offer to acquire the number at onimry shares specified m ytisff AflpBqnon Frem lor 
vs each cate, such smaller number for wlitdi the op p9 s feion Is aorepled) on fee (ana 
and subject to fee rami coin set ouf or referred to m thh document and subject to 
the Memorandum and Arhdo* ol Amoeoon of Hie Gompany; 

(Hi) m trie COM of jppkcaffont on a UK ApeHeatten Perm or bubiftf to fee tpecM 
terms apohcatali ihereto) on on Intermediaries BuU AppBcJtton Form, authorise 
Uoytia Bonk Ffa Ltoyrh Bonk Registrars to und on jwfsjjf of Siawartup {« agefe 
tor Homos Invwtmesiu) e renounceable letter of allocation for the number of 
ordinary thorn for which your application ft accepted and/or a cheque tinned 
'Account Payee- fr» eny monies rrhifTtablt (without meresti by DOB at fee rife a( 
fee person tsl envtied, to yme adferm k». *i fee case o* pM aoodtanec to tfiat oi 
fee ftrfl named appAkfnt as set ouf ur ydur Application form} and IP do of) tfkngt 
necessary to procura feet your name (together with the nanseft) of any other joint 
appBcanftsJ) htare ataoM art fee ragMcr of members af the Ovnpriiy hi respen of 
tuen ordinary shares fee mt n fr m gg ra wtw* ha nor been duly renounced ami in 
fed com df apoBcabons at a Preferential Apptieauxm Fonts, authorise lloydi Bank Pfe. 
Uoydl Bank Ifeglsvart, to send on UeHaW of S-fi Warbuig (as agen: forHarracb 
fe s es tnsa nri a letter of aBocoikm to The There Centre Ud. lor ns nommeol for the 
aggregate number of ordinary shares For wfefti appucations on feeferemiai 
Applkauon Forms ate accepted and authorise The (here Centre Ud to send • 
certificate of beneflDM entllfanenr fix «ho number of ordeiafT snares fcr ntuh yaur 


appheedon h aoceffted andfor a cheque crowed -Agcount P n j W for any monks 
returnable (without mterest) by pan at your risk and to your addm. 

(M m conddaritton of TC. Warbuig and Harnxh hmuAuin e greea tg feat dtey wf» net 
seft prior to listing, any of the ordinary shorn offered to any person other titan by 
means of fee procedures referred to in this ApcuoiwO and of yG-Warfeeg ay rct ny 
that It wtl roruKSrr and process a p pbca tl ons on AppScation Forms lor fee onfnary 
shorn m accordance wife tho procedures referred to m thh ikxumtix, and u a 
coUaterri oontrea betwee n you and S.G.Warbcrg wtveh wW become NncBng on 
despatch of fee Appha b on Form by post, or on deBvcry by hand, la tha acKbns 
ipeclfkd on fee AppBtadon Feme 

(a) agree Him your application may not be revoked untB offer 19th Apr* 199* 

(U »»an ant feat yow rem tt Mc H c s>*M be henpseed on Best pm er njihi iiand agree 
that, if tads cheque or banker's draft I* not so honoured you wfll not be 
endskti to receive a renounoea b le letter at allocation or. In tho case ol an 
appdcaifon on a Preferential Application Form, a certificate of beneficial 
tn t Mtofnen* Vi respect of tha onfinary shares appBad for. or to on Joy or receive 
any rights or dbntbutlorti In respect of sudi onBnary shares inkss and until you 
make payment Vi Chared funds lor such onBnary shares and such payment M 
accepted by $.G.Warburg or. In the c me of an appGcallon on a Preferential 
Application Form. The Share Contra Ud. (Wfsldi aoayxance Shad be in the 
•Bsotot* discretion of T-G-Warburg (or The Shore Centre Ltd. In tha case of 
appKcatlont on Preferential AppUreticui Forms) and on the bash that you 
indemnify Harrods Invavtmmti and l.G.Warbtirg and. In tho rose ol an 
appBcatlon Oh a Prefcfentsel AppBcatton Form. The Share Centre Ltd. against 
all oorM damages, tonos. eapanse* and BiMEdas wfsasg ouf of or vt amnedon 
with the talkrre of your re u Ft ttnu e to be honwaad on first presentation} and 
that at any time prior to unconditional sacepcanoa by S-G-W/arbiing or. as fee 
case may be. The Shore Centre urt of such late payment US.Warburg may dot 
itself ondfer on behalf of Homxfs irwestinentj) (wttheue prehaflee to any cither 
dgfxs few » or Florodslmi oi pti c nn way here} asraldiho agreement, or Imtnact 
The Share Centre Ltd. to avoid tha agwsana n t. to allocate such ordney shares 
or bervafttial entMemocn to you. without ftabiHty, and may allocate such 
ortBnory shires or beneficial entifeaoent to tutii ordfesy shares to some other 
person. In which cam you wttl not be entitled to any refund or payment in 
respect of Mtfi ordewy shares (other than the refund ra you at your risk af any 
proceed! of the cheque or banker's draft wFikh aemmpankd your qppBcadon. 
without Interest); 

KJ undert a ke to pay entreat at she rate desofead m par a graph HBI above If the 
cheque or bankoVs draft acrarnpanyVig your appBcation q not honoured on 
Bmp moiu n m 

Id) agree that any nmounccaMe letter of a location or uniflcato ol beneficial 
e no tie m ent to wfvth you may become aithlerk and monies returnable to you. 
may be recoined pending tiewance of four cinque or bankops draft or pending 
investigation of any suspected broach of the wan an ties contained in wb- 
peragrapha tvKL bun. Uk (afik (riflk Or fab) bakw and feat any moneys SO 
reratnad feoll bear no mtBrot and 

tri agree, on request try S.awarburg or. In the usa of on application on a 
Preferential Appteadon Form, The Share Centra LUL. to ebsehne yromptiy vt 
writing to It any information which ft may tequati In co re m ul on with your 
jppUmwn and authorise i| to dbdotm any tofomatioi* relating to ymir 
appfeation « It conslden appropriate: 

M agree that In raspect of those onBnary feores *m which your kmBctban has bean 
received and Is not re jeered, alteration of such ordinary shares to you shall be 
cons ti tut e d at the elec ti on of IG-WarfeUft. either by notification to (he London 
S«d Eotiunge of the hash of eBoe W t 0n which rare oSocattou jhsl be on feet 
bans) or by the detarmmatiors ol the rnanber of shares to be ritoraeed pursuant to 
the arr an g e ments made between SG. Warburg. Lloydi BoMi Raglanan and The Share 
Centre uq. ra. n the case of applications on bvumedteriet BuBr AppfiratliMi Forms, 
on sudi attire bails as may be appBrafala therrin: 

fafl agree fear all a«p«raitonA acrapxwseaa of appBcat te ns arid cortrab rauUng from 
theonpifer fee Pddft Offer feall ba govanied by. and crasstrued In accordance wfth. 
Enghn law and feat you submit to tire furiuBcuan of the bsgkih courts and agree 
that nothing dill banA the right of itwotug Harrods bnrabnentXi tha Comssany 
or. in Ukraiaof an aoohcjrion on a Pref*ronb«l AppAcattoP Form. The 5har« Centre 
Ltd, lb bring any action Of proceedtegf in connection wife any ouch appAonfam 
acceptances or contracts in any manner permitted by law or Hs any court of 
competent lurtaqicnon; 

Ml) if fee laws of Anyplace outride we UK r* applhabfe to your application, warrant 
that mu nave compiled wfth al such lows and out none of fee Company. Hotrods 
i nww x w B. S.G.Warburg or. fn (fie com of An oppllution on a Pirferentlal 
Application Fohn. The Share Contra Ud, or any Of their respective a panes win 
Infringe the lows of any place outyUa the UK m i teailt of occeptinci of your 
oPtfecotton; 

Ink) werranl that, if you Age an Application Form on behalf of somebody ate or 0 
serpot aiion y*« have the authority to do so and that web othar person or 
corpnotipn wil be bousd auuidmyjy and vmH be dccsoad aba to have given fee 

oonflmiattorat wwrantlef end mtertakingi cantakird In theft win and camStiom 
of application; 

da) cmfVru Thai vt mapbig tins applcptlen neither you nor anypenon on whose bchoft 
you are applying d rcfylrtg on orfii Information or repra s entatlrai In relation rathe 
Company or W any other nu mb e r of the Group ofeer Dun as may be co ntra te d in 
this document it the Prospectus and you accordingly agree that no person 
responsible solely or (Oirnlt fra the Prospectus, or any part of Ik shall have any 
naawy Her any xjttr hricnnadersor r ep re iancpdere 

M (aMi)s»arrem That you ore not ampting fet Inritadon ramprited m fee Offer from 
withes fee United Tates or on betuH of anyone wfthkt The Lhvted States or 01) (A) 
eck n owted g o . rapresem and ogroe that you one a qualified 1110111100001 buyer 
(*qdn arfthui fee meaning of Rule T40 a under fee Secuntt* Art. Thai you are 
Bcqumny fee Ordnary sftarat for your rami oocoum or far fee aoaount of a OB and 
Thor tho owflrt pi y shores may nor be transferred except in a transaction that ft 
repiNVMf umH* fee SacwfttHAct or punuratt KfliAg Tooa undef fet Tenmitf Act 
ot in a nether transaction feat l| t ar m pt frank or not nibtare To. fee reghtraflon 
requirements of the Sacurttks Acs and (BJedusowledge feat fee orfenaryfeareshaae 


not been aetd will not be rogtstorod under the Securities Act and that your 
subscription for ontinoiy shares is being made to a transaction e a rn ha from me 
lo gh t rauuri raqi d re me rta of fee Seamtios Act; and <bf wartans that ymi are not a 
Canadian panan (as defined m paragraph (Q below) and are not applying fra, end 
will no* be acquiring, ordinary shares on behalf of or lor the account ol any 
Canadian person re with a view 10 reoffer ra re-sale in Croatia or to arty Canadian 
person; 

M agree that faring had the oppanufey to read the Praspoouk you feall be deemed 
to hove had notice of ob information and re wa i e n rati at vi concerning the Company 
or any other ombre of the Group cantafead (hereto; 

Itifl ratot to the extent that you delete points fiLOQra(UI]setmnoniha Publk 
Apptt cati on Form monanc Ait |w ore not any inch person as ferrate referred (a 
(life b for Ramp duty and stamp duty reserve on pwpovnt 
(aW) warrant that you ore nm. and are not applying on bcraM of a potion who Ik raider 
IB yean of ago (or X yean cri age In the cafe of a person reddvnt vt leney) on fee 
dare of trair appflcaslon except, in the rase of on apoBcMon on a PuMk AppSradon 
Farm or teetrmodfaelei Bub AppBesdan Form fra fee benefit of a mteor os described 
te shy guWte ra the iri a vam Appdcarion Franc 
(fed warrant, In she rate of an oppUotien mode on a Preferential AppAevtian fkmk fej 
■hat yrai are (or, d you ire rignteg on bahelf of another pwson, feet fee pwion Is) 1 
Preferential Appfcawt and feat Om P referen tia l AppGation Form h mraplaeed and 
debvored solely for the account of the applicant and not ferocity or OdirrcUy. Vi 
whale or In part, fra or on behalf of any other person and Ob) feat only one 
appKaticvt hat bean made by ypa or on yojr behMfon 4 PreftrenOri AppCration 
Form; end 

Irv) agree that S.G.Warburg will not treat you as Its customer by virtue of your 
oppfiratlon being ecrapted and that. In pretktoar. SkJG.Warbuig eg nor owe you any 
duties ra respantiblHB tonrartdng tha prtra of the onBnary Wares or the ttoubnty 
of the ordhary shares ter you. 

IE) As dotribed to fart Ftre «f fee Pro s pec tus , up to IB pre cent of the ontnory tisares khkh 
ore tire subject ol fee niMk Offer (the "10 per cent Untie") hove been reserved tar 
Preferential Applicants. The Directors have the absolute dhcretton to decide In any 
tedMduri raw whether the ranmtons of oUgOtifity to poi ud p vte In die F ref aai u ol Offer 
hare been satisfied. AppBcatianf under the Preferential Offer mist be made on the pink 
Prefer enti al Appdraoon Form. A panan oB g lMo to apofy on a Preferential notification 
Form may also mike on eppUcatian on a puMc Ap pl ic a tion Form. To fee extern that 
app lca W u in from Pratwentia) Appficarra are roomed In Excess o( fee 10 per cent ImH. 
tho aptifirationt may be seated down os SALWAoburg thinks fit. such that appUetioro 
sfekh hare been vrated dawn to fee Bmft set by S&Wwtiug WIB be sxrtafiad to full wsd 
appOcaiioro above that Brnit will be deemed to ba separata oppUtatiarts on a Public 
Application Fram and vriB be treated acaatitephi. 

P) Ho penun recalling a copy of fell doo a nrait ra an AppBrabon ftsrni In any atffpaty othar 
titan feaUKnay bear the same os corotftutfeig on tev fei tk x i ra ntira to Mux nor Should 
he to any event urn rods a fram inkss. In tha referent territory, axtl on tarna ti on or offer 
oauU lowfifey ba made to him or sudi tomt could lawfully be reed wfthout e unun re uuu n 
af any re gWrati ow or other rtgoletory or legal requbaoienb and mtbout any acffonr 
being required on the part of tha Company, Harrow Inia suo aii tl . S.G.Warburg, 
igwotuy SrouttSvi ltd. or, in the rasa af an oppfirat l on on 1 P referential Appfiration 
Fgrak The Share Canoe ud, fra the purpose of nsdting such ww ftati rai ra offer lawful m 
sudi lefTtwry Indwfing, wi th out limitation, the prejsaratiqn (or registration ot any 
pnmpocttn te sjeft terr ito ry: ft ft a do m ption of any a p pB ra don by any parson esutskfe the 
UK feat he has saddled hkosoH as te full qbwrwnra of tfse lows of any irianoni trmtory 
In ennn«Don wife fee application, hKtudtag obuteMg any raqufdra gmremm ent al or 
other consents nftkll may ba required and ranplW.ce wtA any nfeor rvqulsln tarmaBiMS 
and payment of arty tesua. transfer or othar taxes duo In any other territory Tha 
daamtt and (ha othar docmana relitteg » tfxr Offer hate rrat bean submumf to the 
cJaarann procedures of any authorities other than retevant authaftttoi in the UK. 
&G.wansurg r ue eves tha right m he abftduN tikareboa to reject any app* a tioft made 
by or on balsa If of a person qutude fee UK. 

KJ The ordteory tisares hare not been and will not he registered under the Saaottias Act and 
Subject to certain exemptions may not oe offered or 1 aU vmhta tha United Lares. 
LG. Warburg nuy arrange the offer and sate of a portion of the ardnary shares wfthin the 
IbtlKd stoKi esduonoly n arty pwion reonuWy befieved by |r u bo a 0 l> In rcOanra on 
■ha raam p tlo n tram reghu atten provided by Rule saoa. Any pradsora of asdbsaiy shores 
being o f fered vritidn the Untati Sans is hereby nodfiod tisat me olfar and sale of lutii 
totinary Wares to it may be made te refianor upon the eaampston fram the ra g l ru ao on 
requlramenb of BUI Seofeoes «a (Bonded by Flute I94A, or ofeerMie In a transocticas 
(xesqpt from such registration requirements. The Company bos Ag reed w furnish 10 
invanors upon request such etfermotion os may ba required by Hula MfA. In addition, 
until 40 days after the ronrawncateent td the offering an offer ra leie of ordinary shares 
within the Untied Hates by any deafer fahetfw or not participating te fee afferirig] may 
Maine The rrgtanfttan requireraents of fee Saturates Aet. H «Kh offer or srir b made 
ofeanrise dun IntctardantetMl Huh ?4AA under the Serxmses Aer. 

No app Brabon miy be made on any AppUanlon Farm by qr on bqhaH oTa Caruufian 
p er r on. 

For the purpese of ltd) Mcument, a "Canadian person" moon* 
fi) anylmteaduilresIdfwttoGaqadx: 

0Q iy oatporettotk patbia n lilp, Hrnk Vnn ju n an t fund, pgrelon fixvl. emte, oug or 
other entity toastporated. eq a bfiihtd » orgwfeed ifedw. nr goveroad too fee laws 
of Canada or any political subdhfrian thereof fewept ter a brands of s Canadian 
rarpor atari partnonhip or firm located In the UK, ra k Canafean irwesonartt fund, 
pend on fend, astau or trust fee tovesdnent oners of which are managed on a 
dhtretionary basis by a person oOSkrwta entitled to make »n opptlratfon ttotirr tixi 

Of to* 

OB) any branch In Canada of a corporation, partnerehip or firm btcorporated or 
asodftted ossdde Canada; «r 

M an mdivfduaf res td em oututie Canada, or any Inve st inei n hind penaon fund esutg 
or trust orgotisod unaor, or governed by. tha tews of a hntaJWon outrida Conadfi. 
tise te eo i t irai ri Mows of whom o« which are managad on • tib cre t ha iai y baas Iff a 
Canadian person described m (Ql. B) ra (M. 


(H) The daces and buses referred to In those terras and conditions may be altered by 
S4Wataq so as to be ndont with the Haeng and Otter for Safe A g re em ent refen ed 
is *1 paragraph 10 ^ fan Swaen of tile PTOspecbB (as fee same may be aieerad from time 

ra time). 

2 BASBOf A4XZPTAIICEAND KALMG ABRAMGE1ICIITC 

tabfic Appncation Frxrnf and tetwroedlartei Btofc ApplwftarT Forms taint be amt by post 
or defivarqd by hand ra Lloydi Bank ytc. Ltoyds Bank Regmrara, Reraivlng Bonk Services. 
Antitoita Mouse, n Queen Sheet, London {CAN 15L aid Preferential AppGcatton Forms 
must be sent to The Share Centre Lad. P.O. Bo> 1000. St. Peter's Howe. Marine Ware. 
Tnng, Hartfonfddre HPJJ 4JR, 10 as to anfve no brar than 10 am on Friday. 2Sfe March, 
T9#c Tha appfiration tea wflf open or 10 am on Friday. 29th VnktW and wBcfote as 
soon feoreofter as S.G.warbuig may doterasma. Accept a nce ot any oppUratton wIB be 
effected at tise efeetton of $.G.Warburg cither by notiftraifon to die London Stock 

Exchange of she bash Sot alteration ra by tiw determteMon of fee nundrar of onfinray 

shores to be allocated, as ret out in paragraph KDRv) above. The basis on which 
app nations have been aenpted win be announced as soon as oossibla after fee 
■ppDration ton dot e. K b exported that temporary tioqjmai Hs of titfe. In tha form of 
cenrajiKCobfe tetters of oAocation. will be potted to succouful appfleants (other fears 
suctasdto apfetcenft indre fea Prefrvwitiri Oftar tee below) and successful appBrants on 
tetenrsedterteB BuHt AppStstion Formk wtndi will be governed by fee special terms 
A P pB rah te (hereto) on Tuesday. S tii April 193a bur wltl no* be negotiable until Uting 
beeomes effectW Suoraufui applicants under the Preferential Offer will not be fern 
tcnounreable tenets of adoration, butted. The Share Centre Ltd. (ra Hr nwisteee) Win 
reoekra a single ranramcoaMe tenet of aBoeation in respea of el ordinary shares allocated 
ra app drams under dse Preferential Offer and wd send to wets afwfcants certificates of 
bene/Waf entitiement in respect of ordinary shares allocated to there under the 
Preferential Offer. It ft expected Wat Were certificates will be posted on Tuesday. 5th 
Aprik 1994. Dcodngs In Wo ordinary Wares ore expected to comment* on Mtedmesdsy, fish 
Aprfk 1984. Deafings rater to tocefpi of ranraescettte letters of alaratMn or certificates of 
beneficial entitlement, at the raw may be. wil be at the risk of appfirantL a person m 
ttadtag must noagnbe We risk (hat an oppDation may not hove been accepted ra fee 
exram anticipated, or vt all ra that Listing my not become effective. 
a suaesdul applicant (rafter than under tho Preferential Offer) mar tell or oWenWn 
dftpose of tome or ell of fee onBnary shares In respect of which hte appButiwi has been 

acratacd by aaeajtirai of the fram of raneictebort an Ms ranounoeabte tetter of aloratlon 
and deitety of We ranouncEabte toner of allocation to the transferee. A successful 
aupktjin under the P iifmm ito l Orig may sell or ofeorwh e dbposa q« uxne ra al of fee 
onfteaty diaras te rttpect of nfuds hhappOaeton he, dean acrapoed. by dtaBng tirou^r 
TTse^ie Cenq* Ud. us the manner notified separately 10 ferae entftled tq apply infer 
fee Preferential Offer. 

Femncis who bulge r m ocai rea bfe totters of aBoeation lilufy cranpletari Hs aetordante wfW 
fee mraimtero saated on feero) tar registration under the Offer by 3 pm on Friday. BW 
***?-_' ”* "« "ot be irapibed to tuyhny rag b braton fee upon such regtoratien. Share 
ranHfcatesartBbadoqiacdtodbyfkicclasspatanarbeforeFridev.ZTWMay, >994. 

3 SIAM bUTY AND STAMP DUTY RSSStUE TAX 

Harrods Investment* will meet the liability of original applicants, places* Or Weir 
renounraM to stamp duty (at fee raw of 50p per CIOB) arising to respect af fee transfer of 
Wtasraj Were* to such applicants, platens or renounce*! purauotn to legWratton of 
H1W1 " "tewtton on or before the latest time fra registration. However, these 
‘Sf * W **"* *■*» “ "“to ** "Mfe *» under 

^ «*»"«tov»4o IBM twfed, broadly apply "fare *• 

f!^^^ P ^. g ^ !n ° kJ ^ lxttaanoo ^^- e ^^PTTTOfiwtsofeb U iln«lira 
mriudratauin, deoraftory receipts ora ponon whose brateess q or hvfexlfe fee promlrai 
Of dearanco sravsras lor the punherara rate of chcrgeabto tooetfed. 

* ' '*"•"***• * fa*" * *Horadon- te paragraph 14(D) of Bart 

seswn Ol fee Prospaouk ranounraes are rtgraraUste fra she draharg* of their ram SabdRy 
To nomyi duty reserve tax. 

^ crarmroti no ruunp duty ra scamp raqy tmerwi ip, will be parable by 

If?? 1 "J®**** 1 * l ?P*“ »■ «9bWl»on of renounoMbfe teams ol 

Pra ° n ^ 6,h “*»■’»«■ M-9 «** -«*« *- ^ 

4 iHSOWEQumrpuunmnr) 

1 bfhM ol qsuMfMg 

®° 4,1 of Income ond capital 941 m ta» atebouoh m« taM 

ririultefetee, tevratmran. tashto . PEP „ « dte-tota teraptel^i^pota. 

ra * dMd ^ ^ ^ ^ ^ r8di ^ ^ ^ ^ 

^ 3 »0Tw^kH PEP in <»«dh e*e y«ra 

f T “tfiftehrio b fttafedfetiorafeMra. 

ta ' t” 1 *" -fe-h-LnwZetta 
T rSLU ""e* a ^phh, PCP u, WA t*. w 1 , eras*** 
SStaTyJi^ * HteTOAtlve to vwertng up ra (Moo ^ pyp M fee 

A«Hscmrt«J t*„ Lh* of qn 

ir, rtta Pufiter CKter (fevetixSHs rhe 

i Froferenttel AnoOcantt) and Df the application is suuatrinO 

rnnite ttxta ortfttra, Bkues tiro a gwioral PSP indta, taote^™»riw!S«AJ 

*" “ ,V “ “ * h<i ransuh w. feteripH-fe 




25 


f 


4. 


f 


FINANCIAL TIMES FRIDAY MARCH 18 1994 


COMPANY NEWS: UK 


Courtaulds Textiles’ 
flat £39m pleases City 


By Tim Burt 

Shares in Courtaulds Textiles 
climbed 5p to 568p after fears 
of a sharp fell in profits at the 
clothing and fabrics group 
failed to materialise. 

The group, which three 
months ago saw its shares fell 
10 per cent to 489p following a 
profits warning, yesterday 
reported flat pre-tax profits of 
£3 8 jm (£39. 1ml for the year to 
December 31. 

Although hit by volatile con- 
sumer demand and continued 
recession in continental 
Europe, turnover increased by 
3.8 per cent to £923.lm 
(£889.6m) and operating profits 
rose marginally to £49.5m 
(£49 -3m)- 

Expresstng confidence in its 
future prospects, the group is 
proposing a final dividend of 
9-5p (92p) to lift the total for 
the year to 143p (13.6p). 

Earnings per share, however, 
fell from a restated 30. lp to 
29_2p. 

Mr Noel Jervis, chief execu- 
tive, said the company would 
have reported increased pre- 


tax profits had it not decided to 
abandon its policy of offsetting 
interest charges by taking a 
pension credit through the 
profit and loss account. 

Last year the company 
reduced the pension credit - 
part of a surplus built up on 
the group's pension fund - to 
£L3m (£45m) and warned of no 
further credit payments. 

This led to a sharp increase 
in net interest payable to £4.2m 
(Ei Rm ) on unchanged year-end 
borrowings of £L7.7m. 

Of the group's five divisions, 
branded clothing suffered the 
sharpest decline as operating 
profits fell to £600,000 (£5.9m) 
despite increased turnover of 
£1 95.1m f£l93.6m>. 

Mr Jervis blamed the down- 
turn on operational problems 
at its Axis toe factory In the 
Midlands, which makes 
hosiery for retailers such as 
Marks and Spencer, and large 
stock write-downs at Georges 
Jtech, its French underwear 
business. 

The fabrics division saw 
profits fall to £19 An (£22 lm) 
as margins in Europe were hit 


by felling prices, which wiped 
out improved performances in 
Britain and the US. 

Reduced profits in the two 
divisions were offeet by gains 
tn home furnishings, spinning 
and own-label clothing, with 
the latter business reporting 
the largest rise to £16-3m 
(£169m). 

• COMMENT 

Having forecast bad news last 
December, Courtaulds Textiles’ 
flat performance came as a 
pleasant surprise. Although 
there are still problems to be 
Ironed out In its fabrics busi- 
ness, increased reorganisation 
costs of £7.6m (£63m) signalled 
its intention to further restruc- 
ture any operations making 
unsatisfactory returns. Having 
spent more than £41m on 
acquisitions, it is also expected 
to emerge as a group with a 
strong international presence 
and highly regarded products. 
That prospect is reflected in 
forecast profits of up to £48m 
which, on a forward multiple 
of 15.9, make the group a mod- 
erately attractive option. 


Kwik-Fit advances by 49% 


By Paul Taylor 

Property sales, cost cutting 
and aggressive marketing 
helped Kwik-Fit Holdings, the 
tyre, exhaust and brakes fitter, 
lift full year pre-tax profits by 
49 per cent 

Pre-tax profits in the year to 
February 28 increased to 
£25. 4m. ag ains t £l7.im, on 
turnover which grew by U per 
cent to £260. Lm (£233.6m.) The 
profit figures included net 
property profits of £4.08m 
(£3.74m). 

Earnings per share increased 
by 47 per cent to iOJ9p (7.06p) 
and a final dividend of 23p (2p) 
is recommended making a total 
for the year up 13.4 per cent to 
3 Ap (3.35 p). The shares dosed 
lip up at 167 /tP- 

Operating profits advanced 
51 per cent to £23. lm (£l53m), 
reflecting the benefits of 
higher volumes and reductions 
in the underlying cost base. 

At the year-end Kwik-Fit was 
operating through 626 retail 
centres, up from 610 a year ear- 


lier. This included 125 In Hol- 
land and Belgium and 10 in 
Ireland. 

Mr Tom Fanner, chairman , 
said UK sales and profit 
growth were achieved “against 
very demanding conditions’’. 
Operating profits increased 35 
per cent to £l8m on turnover 
up 9 per cent at £202m_ 

The group launched a cut- 
price tyres campaign In 
November aimed at boosting 
volumes and market share. As 
a result it niaimeri its share of 
the replacement tyre market 
jumped by four percentage 
points to 18 per cent and over- 
all sales for the year grew by 
10 per cent to £108 An. 

Exhaust sales grew by 4 per 
cent to £63 .lm while revenues 
from the new nationwide brake 
fitting business grew by 40 per 
cent to £9 .5m. 

Overseas operations contrib- 
uted £5.1m (£2m) to profits on 
turnover which increased by 19 
per cent to £58. lm (£49m). 

Net interest costs fell to 
£1.77m (£L96m) and the group 


ended the period with £2Q.7m 
(£100,000) of net cash. 

• COMMENT 

Kwik-Fifs business is growing 
again, but the group faces an 
uphill slog to get back to its 
peak profit performance. Prof- 
its last year were helped by 
property sales, the recovery of 
the Dutch operations and cost 
reductions which will be diffi- 
cult to repeat. The decision to 
go for volume and market 
share in the replacement tyre 

market moans mar gins which 

were already under pressure 
because of the shift in sales 
mbr , will be lower. The move 
into the brake repair and 
replacement market could 
enable the group to make bet- 
ter use of its fixed cost base, 
but Kwik-Fit has yet to demon-. 
Strata that it can win a sizeable 
share of the market. Pre-tax 
profits this year should be 
about £235m. producing earn- 
ings of 9.6p. The shares are 
trading on a forward multiple 
of 17.4 and look fairly valued. 


Imry buys 
£118m 
property 
portfolio 

By Vanessa Houlder, 

Property Corre sp ondent 

Imry Holdings, the property 
company taken over by Bar- 
clays, the clearing bank, in 
December 1992, has acquired a 
£117. 9m property portfolio 
from Tlmbexlaine, a subsidiary 
of General Accident 

The portfolio consists of 
l.7m sq ft of space In the 
south-east of England, mainly 
in Hampshire and Surrey. 

Imry said the deal gave it a 
portfolio of “scope and qual- 
ity", which complemented its 
w i pin g investment and trad- 
ing portfolio. The deal was 
financed by debt provided by 
GE Capital and equity from its 
own resources. 

General Accident said the 
deal gave it the opportunity to 
rationalise Us overall pr op e rty 
holdings and concentrate on 
new investment areas. 

About 28 per cent of the 
portfolio is unlet, mostly in 
new buddings. About £5 3m of 
the purchase price relates to 
development sites, particularly 
in Southampton and BristoL 
The portfolio consists iff 42 per 
cent offices, 32 per cent indus- 
trial and warehouses and 24 
per cent retafl. 

Barclay’s involvement in 
Imry began In 1989 when it 
financed a highly-leveraged 
takeover of the company. Imry 
has said that it expects to be 
floated or reversed into a 
quoted company. 


Fleming European 
£50m share issue 

Fleming European Fledgeling 
Investment Trust is seeking up 
to £50m, before expenses, by 
the issue of up to 50m conver- 
sion shares at lOOp each. 

Of the shares, 10.5m have 
been conditionally placed with 
the balance being made avail- 
able to shareholders and war- 
rantholders and to the public 
through an offer for subscrip- 
tion. 

The conversion into ordi- 
nary shares will be on the 
basis of the relative net asset 
values. Warrants will also be 
issued an the basis of l-for-5 
new ordinaries. 


£121m restructuring costs hit UB 


By Tony Jackson 

United Biscuits' full year 
profits before exceptional 
were up 6 per cent before tax 
at flffLBm. in what the com- 
pany said was a year of prog- 
ress. However, the figures were 
marred by reorganisation costs 
totalling £ 12l.3m, and profit 
fells in UB’s central business 
of UK biscuits and snacks. 

The restructuring costs fell 
mostly on UB’s troubled US 
subsidiary Keebler. Including 
provisions already annrmrjepd 
of ail Aq for the closure of a 
s nw rit plant at Raleigh, Ndrth 
Carolina, the total US cost will 
come to £925m. 

In the UK and Europe costs 
will be £285m, of which £4m 
will be spent on closing a plant 
in Hungary and tlx* rest rhiefly 
on r arinnrfnnHpg especially in 
middle management. 

Before exceptional, profits 
in UK biscuits were down 10 
per cent at £83 ^n, while UK 
snack profits were down 4 per 
rynt at £34Bm. Biscuit profits 
overseas were up 10 per cent at 

£7.1m. 

Snack profits in Europe were 
up 49 per cent at £l?Jttn, while 
snack profits in the Asia 
Pacific region, helped by last 
year's acquisition of Smith's in 
Australia, went from an £0.7m 
loss to a eis-Sm profit. 

Ross Young’s, the UK frozen 



foods business, increased prof- 
its by 7 per cent to £30 Am. 

At Keebler, profits before 
exceptionais were up 51 per 
cent to £40.1m. In dollar terms, 
profits of $64m were still well 
below the 1991 peak of $120ra 
Mr Eric Mcoh, chief executive, 
said Keebler's dollar profits 
were up 55 per cent in the 
secondhalf. 

Volume sales iff biscuits in 
the US bad fatten substantially 
last year, he said. However, 
studies UB had undertaken as 


part of its rationalisation pro- 
gramme did not envisage vol- 
ume fading further, 

Group sales were up 10 per 
cent at £3A5bn. Overseas sales 
woe 55 per cent of the total, 
compared to 52 per cent the 
year before. Exceptional 
charges totalled with, 

the reorganisation costs partly 
offset by £47.6m profits cm dis- 
posals, chiefly the UK confec- 
tioner Terry’s. 

After reorganisation costs, 
pretax profit was down 28 per 


cent at £U6.7 hl Earnings per 
share before exceptionais were 
up 4 per cent at 24Jtp. After 
exceptionais. earnings were 
IZBp, leaving an unchanged 
dividend of 15-3p for the year 
only 84 per cent covered. UB 
said its Intention was to 
rebuild dividend cover to two 

tipwi 

UB said there were encourag- 
ing si g ns for trading in the cur- 
rent year, thou gh ail Its m a in 
marfaptg remained hi g hl y com- 
petitive. 


Dublin broker fined 


Pochin’s halved to 


over Greencore placing 


£0.8m but interim held 


By Tbn Coone in Dublin 

The London Stock Exchange 
hag rep rimand ed and imposed 
a I£150,000 (£144,000) fine 
on J&E Davy Stockbrokers, 
Dublin's largest firm of bro- 
kers. 

The moves followed a 
protracted enquiry into the pla- 
cing last April of the Irish gov- 
ernment’s 30.4 per cent stake 
in Greencore, the sugar, min- 
ing and malting group. 

In a brief statement the Lon- 
don Stock Exchange said 
Davy’s conduct In the plarnng 
“was, in some respects, detri- 
mental to the interests of the 
Stock Exchange”. 

It gave no further details of 
which rules it judged had 
been infringed by the D ublin 
firm. 

The l£6Sm placing came 
close to being a debacle when 


it transpired that Davy had 
entered into a profit or loss 
charing agreement with SG 
Warburg in London as a buyer 
of last resort for 10m of the 
shares. 

On thft day of placing; , 
however, Davy unwoimd this 
arrangement and in stead sold , 
7m of tiie shares to firms con- < 
nee ted with Davy without 
informing the market. 

Several large institutional 
investors then pulled out 
of the piartng and ft was only 
rescued when the Bank of 
Ireland, which owns 90 per 
cent of Davy, stepped in to 
buy 9 .fim shares at a cost of 

T£2Sm. 

Trading in Greencore shares 
had to be suspended for several 
days following a ruling from 
the Irish stock exchange that 
the market was trading “on 
misleading information”. 


Pretax profits at Pochin’s, the 
building; plant hire and prop- 
erty group, were halved from a 
restated £l_6m to £836,000 in 
the six months to end Novem- 
ber. 

However. Mr Nicholas 

P wWn riH nrin im, that fhf» 

result was an advance on the 
second half of last year and 
that both pro fits and turnover 
for those 12 mouths had been 
“inflated by a large design and 
build project”. 

Mr Pochin «1H he thoug ht 
“a fragile recovery" In the 
industry had started. He added 
that although there was no 
consistent pattern, Pochin’s 
had recently been more suc- 
cessful In gaining work and 

the forward order book was 
“reasonable". 

Earnings per share were cut 
to 5(L2p (UOjSp) but file interim 
dividend is hel d at 8p. Turn- 


over on continuing activities 
fell to £lK3m 024.4m) - all the 
corresponding figures are 
restated - and there was a 
£338,000 (nil) contribution from 
acquisitions. 

At the operating level, there 
were losses of £2.000 (profits 
£899,000), Other income edged 
ahead to £lm (£939,000) and 
interest payable eased to 
£168.000 (£234,000). 


Vodafone placing 

Vodafone, the cellular phone 
operator, said its acquisition of 
one-third of the issued share 
capital of General Mobile Com- 
munications from Compagnie 
Gtoferale des Earn is bong sat- 
isfied entirely by a planing iff 
531m new ordinary 5p Voda- 
fone shares at 5S4p apiece - 
raising about £33m. 


! , 





FINANCIAL TIMES CONFERENCES 

Asian 
Capital Markets 

London, 28 & 29 April 1 994 

The rapid growth of Asia's economies has caught the attention of investors worldwide. This 
in turn is creating a demand for deeper knowledge about individual markets, the economic 
and political factors driving their growth, as well as the practical ways the markets can be 
accessed and managed. 

This two-day meeting will bring together a distinguished panel of speakers to assess the 
crucial issues relating to capital market investments in the region. 


Speakers include: 

Mr Satish Jha 

Asian Development Bank 

Mr Francis Leung 

Peregrine Investments 
Holdings Limited 

Dr Mark Mobius 

Templeton Investment Management 
(Hong Kong) Ltd 

Mr Shijuro Ogata 

Yamaichi Securities Co Ltd 


Dr Arnab Banerji 

Foreign and Colonial Emerging 
Markets Limited 

Mr Edward Kim 

Korea Development Securities 
Co, Ltd 

Mr Meocre Li 

Arthur Andersen & Co 

Mr Robert Uoyd George 

Lloyd George Management 
(Hong Kong) Limited 


ASIAN 

CAPITAL MARKETS 

f"l Please send me conference details 
I | Please send me details about marketing opportunities 


Financial Times Conference Organisation 
PO Box 3651, London SW12 8PH, 

Tel: 081-673 9000 Fax: 081-673 1335 

Name Mr/Mis/Ms/Other 

Position _ Dept 


Company /Qign nutation 

Address 


m 


pa 


FINANCIAL TIMES 
CONFERENCES 


Post Code 
Tel 


Tlx 


City 

Country 

_Fax 


Type of Business. 


Dairy 


Farm 


Highlights 1993 

A Year of Expansion 

■ Profit after taxation +11% 

■ Earnings per ordinary share + 4% 

■ Dividends per ordinary share + 5% 

After a further year of investment in Asia, Australasia and Europe, the Group, including 
associates, now has: 

■ Sales of US$9.6 billion 

■ 2,440 retail outlets 

■ 80,000 employees 

“With its extensive experience in discount food retailing, trie Company is welt placed 
to retain its leadership in trie markets which it serves. In 1994, Dairy Farm’s focus 
will be on the development of its existing businesses and the search for expansion 
opportunities into new markets, particularly in the Asia-Pacific Region. ” 

Simon Keswick, Chairman 
17th March 1994 


[ 1993 RESULTS 


Year ended 31st December 


1993 

1992 


USSm 

US$m 

Turnover 

4J87&6 

4,738.7 

Operating profit 


155.3 

Share of profit of associates 

905 

B42. 

Other operating income 

103 

06 


2708 

246.1 


(105) 

(203) 

Profit before taxation 

2523 

219.8 

Taxation 



— Company and subsidiaries 

(293) 

(19.9) 

— associates 

(253) 

(223) 

Profit after taxation 

197.8 

177.7 

Minority interests 

(03) 

0.1 

Profit after taxation and minority Interests 

197.5 

177.8 

Extraordinary Hams 

- 

1209 

Profit attributable to Shareholders 

197.5 

304.7 

Preference dividends 

(8.7) 


Profit attributable to ortSnary SharehoWera 

1808 

304.7 

Ordinary dividends 


(89.2) 

Retained profit for the year 

833 

2155 

Shareholders' funds 

1,001.1 

7263 


US« 

use 

Earnings per ordinary share 

11.28 

1081 

Dividends per ordinary share 

5.65 

538 


Dairy Farm Inte rnati onal Holdings Limited 

Incorporated in Bermuda with Bmitad Bab&ty 


rofttei, 


The EnalOvkJand of USO4.10 per onSnary share be payable an 8to June 1994. adject to approval at the Annual General Ueatkn to hold 
on 3 1st May 1994. to onSmuy Stmhoktars on tfw register of mentors at ffw dose of business on Oh Apr* 1994, end w« be maBaUe kt cash 
wt&i a scrip a&amatfvs. T7w ortSnary share registers t& be dosed from 1 Ithlo lOhAprt 1994 Industm. TTtaonSnarytavUandrdBbaavaSatlBln 
United Slates DoSars, AustraBan DoSa/s, Hong Kong DoSars ana Starting. OrtSnary Strarehokigfs on the Jersey branch register wS receive United 
Stales DoSars wttSe ortSnary SharetxMers on Ore Hong Kong branch repfeter recofra Hong Kong DoSars, unless they elect for one d me 
alternative currencies by no&ylng he Company’s registrars or transfer agents by 20th May 1994. OrtSnary Sharehouers whose shams am hm 
ffnugfi the Centra/ Depository System In Sngapore ("CDP7 eriS receive Hong Kong DoBars, anises they sleet ttuou&i COP to receive Urtted 
States DoSars. 


r 




1 ■ 

V,’ 




uj> \iS& 








COMPANY NEWS: UK 


Arjo optimistic despite 
24% decline to £122m 


By Daniel Grew 

The paper industry has begun 
to recover after Gve years of 
decline, according to Arjo Wig- 
gins Appleton, the Anglo- 
French paper manufacturer. In 
an optimistic statement yester- 
day. it said that paper prices 
had begun to rise in the last 
quarter of 1993 and remained 
firm this year. 

However, the benefits of this 
recovery in prices and volume 
came too late to prevent a 24 
per cent fall in pre-tax profits 
to £122. 1m (£161.1 m) in 1993. 

Volume rose by 3 per cent 
and turnover by 4 per cent to 
£2.73bn. However, at constant 
1993 average exchange rates, 
turnover fell 4 per cent imply- 
ing an average fall in prices of 
7 per cent. 

The pre-tax figure was hurt 
by exceptional restructuring 
costs of £13.7m Tor the closure 
of a German pulp mill and a 25 
per cent reduction in staff at a 
Spanish mill. 

It was also hit by provisions 
for unrealised losses on foreign 
currency loans to its Portu- 


By David BlackweH 

Johnson Matthey. the precious 
metals group, and Cookson, 
the specialist industrial materi- 
als group, are planning to link 
their ceramic interests in a 
joint venture that would be 
number two in the world mar- 
ket. 

The colour and print division 
of Johnson Matthey, which 
makes colours, stains and liq- 
uid precious metal prepara- 
tions for the tableware, sani- 
tary ware and glass industries, 
would be joined with Cook- 
son's ceramic supplies and 
minerals division. This side 
makes colours and glazes for 
the tableware, sanitary ware 
and tile industries. 

Both companies cater for dif- 
ferent aspects of the world 
market, which Mr Chris Clark, 
managing director of Johnson 
Matthey. estimated as worth 
£lbn a year. The market leader 
is Ferro of the US. with more 
than 20 per cent. 

Johnson Matthey's division 
made operating profits of 
£11.3m on sales of £103 .3m in 
the year to the end of Mairh 


guese associate Soporcel. This 
figure was £14. lrn (£3 m). 

The effect of these was that 
operating profit, before excep- 
tionals, was down just 5 per 
cent to £184.4m <£193m). 

Earnings per share fell by 35 
per cent to 7.5p (ii.6p). The 
proposed final dividend is held 
at 3.85p making an unchanged 
6.5p for the year. 

The dividend cover of 1.3 was 
a low in the current cycle, said 
Mr Alain Soulas, chief execu- 
tive. He repeated the compa- 
ny's aim of maintaining long 
term cover in the 2 to 2.5 
range. 

Net borrowings rose slightly 
to £3032m (£284. 9m) with gear- 
ing at 25.7 per cent (23.6 per 
cent). Mr Soulas said that the 
strength of the balance sheet 
meant “we can grow by acqui- 
sition, especially in paper mar- 
chanting. " 

• COMMENT 

At first sight, Mr Soulas' opti- 
mism looks overdone. A few 
months of recovery seem scant 
compensation for years of tail- 
ing sales and profits and a fro- 


1993, when its net assets were 
£69.9m. Cookson 's division 
made operating profits of 
£11 -8m on sales of £l35.6m in 
the year to end December, 
when net assets were £90m. 

The joint venture, to be 
known as Cookson Matthey 
Ceramics, would be owned half 
and half and have up to 20 per 
cent of the world market Both 
companies are transferring 


zen dividend. But a business 
like Area's has huge opera- 
tional gearing: when sales and 
prices recover, a lot of the gain 
falls straight through to the 
bottom line. The real question 
is whether the sales growth 
since the autumn has been 
much more than merchants 
restocking. Four years of fall- 
ing prices meant that stocks 
were as low as possible on the 
grounds that they would be 
even cheaper the following 
month. But there are some 
good signs: real price rises and 
six months of better sales 
sounds like genuine demand. 
Even if there is a hiccup over 
the slow summer months, 
1994's pre-tax profits should 
easily exceed 1992’s and possi- 
bly stretch towards the £I70m 
mark. That would be a long 
way short of the £260m 
achieved as recently as 1991 
and would still leave the stock 
on a chunky prospective p/e in 
the upper 20s. But if recovery 
continues, that operational 
gearing should come to the res- 
cue and push the p/e below the 
market average by 1996. 


assets of equal value to the 
venture, so there would be no 
compensating payments. 

Mr Richard Oster, who has 
spent the past few years refo- 
cusing Cookson on its core 
businesses, including ceramics, 
described the proposed deal as 
“sort of a dream come true". 

Mr Oster win be chairman of 
Cookson Matthey Ceramics, 
and Mr Clark chief executive. 


Gas move 
benefits 
British 
Borneo 

By Peggy HoWnger 

Greater exposure to the gas 
market helped British-Borneo, 
the exploration company, to 
offset the effects of a declining 
oil price and report a 14 per 
cent increase in net profits to 
£8.7m for the year to Decem- 
ber 31. 

Mr Alan Gaynor, managing 
director, said British-Borneo 
had had “a hell of a year. I 
think we have now come of 
age.” The company increased 
its oil and gas revenues by 56 
pa* cent to £28m* 

Mr Gaynor said British-Bor- 
neo had maintained its explo- 
ration success rate of 40 per 
cent for the third consecutive 
year. It intended in the car- 
rent year to step up invest- 
ment in exploration, particu- 
larly in the US. from about 
$18m a year to up to 130m. 

The changes to the petro- 
leum revenue tax Introduced 
in the last budget had made 
the North Sea a less attractive 
option. Exploration costs were 
some four times higher as a 
result, Mr Gaynor said. 

British-Borneo had doubled 
investment in the US to about 
$9m in the year just ended, 
helping it to benefit from the 
15 per cent increase in the 
average US gas price during 
the year. Part of the revenue 
improvement was doe to 
becoming an operator, as 
opposed to being a hands-off 
investor, for the first time. Mr 
Gaynor said. 

British-Borneo was begin- 
ning to see epportunites to 
build op its oil assets in light 
of the weak price. Any acquisi- 
tions and investments would 
be ftmded through casta flow, 
Mr Gaynor said. 

Income from the group’s 
portfolio of oil and gas invest- 
ments fell from £7.2m to 
£5. 4m. However, the group 
realised some £4 .3m from the 
portfolio which ended the year 
with a market value of 
£19.3 ixl 

The dividend was main- 
tained at 4-433p, for a steady 
total of 7.1p. Earnings rose 
from 16-93p to 19.33p. 


Chieftain buy 

Chieftain, the insolation and 
fireproofing group, has paid 
£250,000 for Blackett Charlton 


JM and Cookson in ceramic link 



ton <fcr Mmt 

Chris Clark, left, and Richard Oster: getting together to create 
the number two in a world market estimated to be worth $lbn 


Wagon £6m acquisition 


Mount Edon again denied 


Wagon Industrial Holdings, the 
materials handling, engineer- 
ing and automotive products 
group, has paid £6.1m in cash 
and shares for the refrigera- 
tion, air conditioning and 
maintenance division of Ken- 
yon UK. 

According to management 
accounts the division made 


profits of about Elm for 
1993. 

The directors stated that the 
book value of the assets pur- 
chased amount to £3.7m with 
no debts being assumed. 

Up to Elm of the purchase 
price will be repaid if certain 
profit targets are not achieved 
within the first year. 


Mount Edon Gold Mines has, 
for the third time been denied 
by the Australian courts in its 
opposition to the recommended 
takeover of Europe Minerals, 
the mining finance house in 
winch it has a 19.9 per cent 
stake, by Bunnine, an Austra- 
lian company. 

Mount Edon is trying to 


scotch what is in effect a three- 
way merger between Bunnine 
and Euro pa. Mr Justice Jenkin- 
son of the Federal Court of 
Australia affirmed the decision 
of the independent scrutineer 
to disregard the votes cast by 
Mount Edon and its associates 
on resolution 6 at the Bunnine 
meeting. 


Haden MacLellan calls for £13m 


By Andrew Baxter 

Knflpn MacLellan Holdings, the 
engineering group, yesterday 
announced a l-for-4 rights 
issue to raise about £13m and 
1993 pre-tax profits up from 
£4 .3m to £4Jjm. 

Haden, with interests includ- 
ing paint finishing systems for 
the automotive industry and 
distribution of industrial fas- 
teners and machine tools, 
wants to strengthen its 
finances to fund organic 
growth opportunities. 

Turnover rose from £294 2m. 
including £)A2m from discon- 
tinued activities, to £309-6m. A 
lower tax charge of £1.5m 
(£2.1m) left earnings per share 
at 3.5p (2.6p) and the proposed 
final dividend is held at lp. 
making an unchanged 2p for 
the year. 


Mr Harold Cottam, chair- 
man, said the strategic review 
which he initiated after joining 

the group in 1992 had estab- 
lished the way forward for the 
company, and the latest results 
showed it had achieved its first 
and most immediate objective 
of stabilising earnings. 

Process engineering and ser- 
vices lifted profits from £2.6m 
to £3.2m, reflecting a turn- 
round from a loss of £3.4m to 
profit of £l-5m in its restruc- 
tured North American busi- 
ness. However there was a 
deeper-thanexpected downturn 
in Europe and a £500,000 provi- 
sion for closing the Spanish 
operation. 

In manufacturing - and distri- 
bution, profits dropped from 
£4m to W-ftm Manufa cturin g 
dropped to £600,000 (£1.8m), 
reflecting Elm of reorganisa- 


tion costs, and distribution was 
unchanged at f.?.2im with, a 
good performance in industrial 
fasteners - identified as a core 
busienss for future growth - 
offset by a downturn on the 
machine tool side. 

The rights issue is priced at 
62p per share, compared with 
yesterday's closing price of 
78p, down 2p, and is fully 
underwritten by Schroders- De 
Zoete & Be van are brokers to 
the issue. Mr Cottam said the 
issue would be broadly neutral 
for shareholders and had 
received strong support from 
institutions. 

• COMMENT 

A modest rights issue makes a 
good deal of sense. Net cash 
has fallen from about £18m at 
the end of 1991 to a negative 
p.ll. fim in line with the virtual 


disappearance of advanced 
payments and even, on occa- 
sions. phased payments, is 
contracting. Yet without the 
money, topped up over the 
next few months, perhaps, by 
about £7ra from selling the 
Duport foundry business, 
Haden would clearly be unable 
to exploit the opportunities 
from its global leadership in 
paint finishing systems. Nor 
would it be able to take full 
advantage of the reorganisa- 
tion and refocusing of the past 
16 months. Shareholders will 
be encouraged by the compa- 
ny's intention to re sume divi- 
dend growth once appropriate 
cover has been achieved, and, 
with a modest rise in profits 
this year as business picks up 
in the second half, the prospec- 
tive p/e is between 15 and 16, 
based on the current shares. 


Davis Service advances to £21. 8m 


By David Wighton 

Davis Service Group, the business services 
company formerly khown as Godfrey 
Davis, saw pre-tax profits rise from £17.5m 
to £21Bm in 1993 tho ug h underlying trad- 
ing profits were Da L 

The figures were boosted by the £52m 
acquisition of the HSS tool hire business 
from John Mowlem in May. which made a 
£L9m contribution after financing costs. 
The deal was funded largely by a £34. 7m 
share placing. 

Mr John Ivey, chief executive, said that 
HSS had performed slightly better than 
expected with demand showing some 
recovery in the fourth quarter. “We were 
lucky to buy it at the right time.” 

Operating profits from continuing 
operations slipped from £19-2m to £19m 
due to problems in the textile maintenance 
division where profits fell Elm to £l2^m. 

The workwear nmnnfartnrfng business, 
which broke even in 1992, fell into the red 
an sales of around £20m due to stiff compe- 


tition from both UK and overseas suppli- 
ers. Mr Ivey said the company was under- 
taking “a detailed review” of its manufac- 
turing operation and declined to say 
whether it formed part of the group’s 
long-term p)aw« 

Profits from portable building rental 
rose from £3.4xn to £3Bm and support ser- 
vices, which supplies cleaning and cater- 
ing services, saw profits jump 20 per cent 
to £3.7m. However this growth stemmed 
largely from new contracts won at the end 
of 1992. 

Little new work was taken on last year 
due to the confusion over whether the 
Tupe regulations protecting employees’ 
ri gh ts when their employer changes hands 
apply to contracting out of services. The 
group's policy is not to take on new public 
sector contracts until the position is clari- 
fied 

Mr Ivey said that HSS's profits for the 
year as a whole were 20 per cent up on 
1992 on turnover 13 per cent higher. The 
company is looking to add 20 new 


branches to the HSS network this year. 

Reported earnings per share rose from 
lA36p to I5.49p, but adjusting for gains 
and losses on disposals earnings edged up 
from 15p to 15.1p. Dividends are held at 
7J38p with a final of 5J25p. 

• COMMENT 

But for the HSS acquisition, Davis’s pros- 
pects would be looking distinctly dull 
There Is scope for recovery in textile 
rental, though its markets will not pick up 
in a hurry, and workwear manufacturing 
should be back in the black this year but 
support services have been snared in the 
legislative tangle over contracting out. 
Luckily Davis picked up HSS at just the 
right and unlike Mowlem, can afford 
to invest in iL Supplying small builders 
and the DIY market it has already seen 
demand pick up nicely and its full year 
contribution could take profits to over 
£25m putting tbe shares at 261p on a mul- 
tiple of little over 15. One for the more 
conservative investor. 


GGT shares fall 55p 
on profits warning 


By Diane Summers, 

Marketing Correspondent 

A second profits warning in 
five months from Gold Green- 
lees Trott, the advertising 
group, yesterday prompted a 
55p Call in the company’s 
shares to 184p. 

GGT also warned that it 
would be cutting its total divi- 
dend from &3p to 53p for the 
12 months ending April 30. 

The company said it was 
unlikely that pre-tax profits 
would exceed £3m for the year. 
In October it said profits would 
exceed 1993’s figure of £A3m, 
but warned that City 
forecasts of around £6m were 
optimistic. 

The company said it bad ade- 
quate cash balances - averag- 
ing about £20m - bat the direc- 
tors considered it “prudent to 
adjust tbe dividend in order to 
revert to a more normal level 
of dividend cover”. 

The final pay-out wzD be cat 


to 2p. The directors said 
the balance between the 
interim and final dividend 
would be adjusted next 
year. 

The warning in October fol- 
lowed lower-than-expected 
profits in the UK, but GGT said 
then that it hoped a strong per- 
formance from the US would 
cushion the impact of the 
shortfall. 

Tbe company said yesterday: 
"It has now become clear that 
this will now not happen, pri- 
marily due to the postpone- 
ment of a national launch by a 
major client [Coors Brewing!, 
pending the results of a 
regional test market, and 
higher than expected new busi- 
ness-related costs." 

GGT added that it remained 
confident in the underlying 
strength of its business 
and had already taken 
steps to improve growth and 
profitability, particularly in 
the UK 


Cala at £337,000 and 
calls for £7.9m 


to two, reducing overheads 
and improving site operations. 
Turnover for tbe six months 


% Jean Marshall 

Cala, the Edinburgh-based 
housebuilder and property 
developer, is raising £7.9m 
through a l-for-5 rights issue 
of np to 7.16m new ordinary 
shares at 116p. 

At tbe same time, the com- 
pany announced a continua- 
tion in the recovery seen in 
the second half last year with 
pre-tax profits of £337,000 for 
the six months to December 31 
against losses of £2B5m. 

Mr Geoffrey Ball, the chair- 
man, said the return to profit- 
ability had been helped by 
lower interest rates and 
Improved trading conditions 
in tbe UK housing market. It 
had also been helped by action 
taken, including running 
down the joint venture house- 
bail ding business in southern 
England, closing the commer- 
cial property division in 
England, reducing the house- 
building divisions from seven 


rose by 31 per cent to £2 7.1m 
(£20. 6m) generating operating 
profits of £755,000 (£l.38m 
losses). Interest charges took 
£402,000 (£1^4m). 

Bantings per share emerged 
at (L63p (5.39p losses) and the 
interim dividend is stepped up 
to 0.9p (0.75p). The directors 
are hoping to recommend a 
final of not less than 1.8p. 

Mr Ball said that since the 
beginning of 1994 Cala'fi trad- 
ing experience in Scotland had 
been consistently good while 
that in England remained 
pa tch y. 

The proceeds of the rights 
issue will be used to increase 
Cala Homes (Scotland)’s 
growth and enable Cala 
(South) to build up its land 
bank over the next two years. 
It is fully underwritten by 
Hein wort Benson Securities. 

The shares fell 5p to 137p. 




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FINANCIAL TIMES FRIDAY MARCH 18 1994 


COMPANY NEWS: UK 


Courtaulds Textiles’ 
flat £39m pleases City 


By Tim Burt 

Shares in Courtaulds Textiles 
climbed 5p to 568p after fears 
of a sharp fell in profits at the 
clothing and fabrics group 
failed to materialise. 

The group, which three 
months ago saw its shares fell 
10 per cent to 489p following a 
profits warning, yesterday 
reported flat pre-tax profits of 
£3 8 jm (£39. 1ml for the year to 
December 31. 

Although hit by volatile con- 
sumer demand and continued 
recession in continental 
Europe, turnover increased by 
3.8 per cent to £923.lm 
(£889.6m) and operating profits 
rose marginally to £49.5m 
(£49 -3m)- 

Expresstng confidence in its 
future prospects, the group is 
proposing a final dividend of 
9-5p (92p) to lift the total for 
the year to 143p (13.6p). 

Earnings per share, however, 
fell from a restated 30. lp to 
29_2p. 

Mr Noel Jervis, chief execu- 
tive, said the company would 
have reported increased pre- 


tax profits had it not decided to 
abandon its policy of offsetting 
interest charges by taking a 
pension credit through the 
profit and loss account. 

Last year the company 
reduced the pension credit - 
part of a surplus built up on 
the group's pension fund - to 
£L3m (£45m) and warned of no 
further credit payments. 

This led to a sharp increase 
in net interest payable to £4.2m 
(Ei Rm ) on unchanged year-end 
borrowings of £L7.7m. 

Of the group's five divisions, 
branded clothing suffered the 
sharpest decline as operating 
profits fell to £600,000 (£5.9m) 
despite increased turnover of 
£1 95.1m f£l93.6m>. 

Mr Jervis blamed the down- 
turn on operational problems 
at its Axis toe factory In the 
Midlands, which makes 
hosiery for retailers such as 
Marks and Spencer, and large 
stock write-downs at Georges 
Jtech, its French underwear 
business. 

The fabrics division saw 
profits fall to £19 An (£22 lm) 
as margins in Europe were hit 


by felling prices, which wiped 
out improved performances in 
Britain and the US. 

Reduced profits in the two 
divisions were offeet by gains 
tn home furnishings, spinning 
and own-label clothing, with 
the latter business reporting 
the largest rise to £16-3m 
(£169m). 

• COMMENT 

Having forecast bad news last 
December, Courtaulds Textiles’ 
flat performance came as a 
pleasant surprise. Although 
there are still problems to be 
Ironed out In its fabrics busi- 
ness, increased reorganisation 
costs of £7.6m (£63m) signalled 
its intention to further restruc- 
ture any operations making 
unsatisfactory returns. Having 
spent more than £41m on 
acquisitions, it is also expected 
to emerge as a group with a 
strong international presence 
and highly regarded products. 
That prospect is reflected in 
forecast profits of up to £48m 
which, on a forward multiple 
of 15.9, make the group a mod- 
erately attractive option. 


Kwik-Fit advances by 49% 


By Paul Taylor 

Property sales, cost cutting 
and aggressive marketing 
helped Kwik-Fit Holdings, the 
tyre, exhaust and brakes fitter, 
lift full year pre-tax profits by 
49 per cent 

Pre-tax profits in the year to 
February 28 increased to 
£25. 4m. ag ains t £l7.im, on 
turnover which grew by U per 
cent to £260. Lm (£233.6m.) The 
profit figures included net 
property profits of £4.08m 
(£3.74m). 

Earnings per share increased 
by 47 per cent to iOJ9p (7.06p) 
and a final dividend of 23p (2p) 
is recommended making a total 
for the year up 13.4 per cent to 
3 Ap (3.35 p). The shares dosed 
lip up at 167 /tP- 

Operating profits advanced 
51 per cent to £23. lm (£l53m), 
reflecting the benefits of 
higher volumes and reductions 
in the underlying cost base. 

At the year-end Kwik-Fit was 
operating through 626 retail 
centres, up from 610 a year ear- 


lier. This included 125 In Hol- 
land and Belgium and 10 in 
Ireland. 

Mr Tom Fanner, chairman , 
said UK sales and profit 
growth were achieved “against 
very demanding conditions’’. 
Operating profits increased 35 
per cent to £l8m on turnover 
up 9 per cent at £202m_ 

The group launched a cut- 
price tyres campaign In 
November aimed at boosting 
volumes and market share. As 
a result it niaimeri its share of 
the replacement tyre market 
jumped by four percentage 
points to 18 per cent and over- 
all sales for the year grew by 
10 per cent to £108 An. 

Exhaust sales grew by 4 per 
cent to £63 .lm while revenues 
from the new nationwide brake 
fitting business grew by 40 per 
cent to £9 .5m. 

Overseas operations contrib- 
uted £5.1m (£2m) to profits on 
turnover which increased by 19 
per cent to £58. lm (£49m). 

Net interest costs fell to 
£1.77m (£L96m) and the group 


ended the period with £2Q.7m 
(£100,000) of net cash. 

• COMMENT 

Kwik-Fifs business is growing 
again, but the group faces an 
uphill slog to get back to its 
peak profit performance. Prof- 
its last year were helped by 
property sales, the recovery of 
the Dutch operations and cost 
reductions which will be diffi- 
cult to repeat. The decision to 
go for volume and market 
share in the replacement tyre 

market moans mar gins which 

were already under pressure 
because of the shift in sales 
mbr , will be lower. The move 
into the brake repair and 
replacement market could 
enable the group to make bet- 
ter use of its fixed cost base, 
but Kwik-Fit has yet to demon-. 
Strata that it can win a sizeable 
share of the market. Pre-tax 
profits this year should be 
about £235m. producing earn- 
ings of 9.6p. The shares are 
trading on a forward multiple 
of 17.4 and look fairly valued. 


Imry buys 
£118m 
property 
portfolio 

By Vanessa Houlder, 

Property Corre sp ondent 

Imry Holdings, the property 
company taken over by Bar- 
clays, the clearing bank, in 
December 1992, has acquired a 
£117. 9m property portfolio 
from Tlmbexlaine, a subsidiary 
of General Accident 

The portfolio consists of 
l.7m sq ft of space In the 
south-east of England, mainly 
in Hampshire and Surrey. 

Imry said the deal gave it a 
portfolio of “scope and qual- 
ity", which complemented its 
w i pin g investment and trad- 
ing portfolio. The deal was 
financed by debt provided by 
GE Capital and equity from its 
own resources. 

General Accident said the 
deal gave it the opportunity to 
rationalise Us overall pr op e rty 
holdings and concentrate on 
new investment areas. 

About 28 per cent of the 
portfolio is unlet, mostly in 
new buddings. About £5 3m of 
the purchase price relates to 
development sites, particularly 
in Southampton and BristoL 
The portfolio consists iff 42 per 
cent offices, 32 per cent indus- 
trial and warehouses and 24 
per cent retafl. 

Barclay’s involvement in 
Imry began In 1989 when it 
financed a highly-leveraged 
takeover of the company. Imry 
has said that it expects to be 
floated or reversed into a 
quoted company. 


Fleming European 
£50m share issue 

Fleming European Fledgeling 
Investment Trust is seeking up 
to £50m, before expenses, by 
the issue of up to 50m conver- 
sion shares at lOOp each. 

Of the shares, 10.5m have 
been conditionally placed with 
the balance being made avail- 
able to shareholders and war- 
rantholders and to the public 
through an offer for subscrip- 
tion. 

The conversion into ordi- 
nary shares will be on the 
basis of the relative net asset 
values. Warrants will also be 
issued an the basis of l-for-5 
new ordinaries. 


£121m restructuring costs hit UB 


By Tony Jackson 

United Biscuits' full year 
profits before exceptional 
were up 6 per cent before tax 
at flffLBm. in what the com- 
pany said was a year of prog- 
ress. However, the figures were 
marred by reorganisation costs 
totalling £ 12l.3m, and profit 
fells in UB’s central business 
of UK biscuits and snacks. 

The restructuring costs fell 
mostly on UB’s troubled US 
subsidiary Keebler. Including 
provisions already annrmrjepd 
of ail Aq for the closure of a 
s nw rit plant at Raleigh, Ndrth 
Carolina, the total US cost will 
come to £925m. 

In the UK and Europe costs 
will be £285m, of which £4m 
will be spent on closing a plant 
in Hungary and tlx* rest rhiefly 
on r arinnrfnnHpg especially in 
middle management. 

Before exceptional, profits 
in UK biscuits were down 10 
per cent at £83 ^n, while UK 
snack profits were down 4 per 
rynt at £34Bm. Biscuit profits 
overseas were up 10 per cent at 

£7.1m. 

Snack profits in Europe were 
up 49 per cent at £l?Jttn, while 
snack profits in the Asia 
Pacific region, helped by last 
year's acquisition of Smith's in 
Australia, went from an £0.7m 
loss to a eis-Sm profit. 

Ross Young’s, the UK frozen 



foods business, increased prof- 
its by 7 per cent to £30 Am. 

At Keebler, profits before 
exceptionais were up 51 per 
cent to £40.1m. In dollar terms, 
profits of $64m were still well 
below the 1991 peak of $120ra 
Mr Eric Mcoh, chief executive, 
said Keebler's dollar profits 
were up 55 per cent in the 
secondhalf. 

Volume sales iff biscuits in 
the US bad fatten substantially 
last year, he said. However, 
studies UB had undertaken as 


part of its rationalisation pro- 
gramme did not envisage vol- 
ume fading further, 

Group sales were up 10 per 
cent at £3A5bn. Overseas sales 
woe 55 per cent of the total, 
compared to 52 per cent the 
year before. Exceptional 
charges totalled with, 

the reorganisation costs partly 
offset by £47.6m profits cm dis- 
posals, chiefly the UK confec- 
tioner Terry’s. 

After reorganisation costs, 
pretax profit was down 28 per 


cent at £U6.7 hl Earnings per 
share before exceptionais were 
up 4 per cent at 24Jtp. After 
exceptionais. earnings were 
IZBp, leaving an unchanged 
dividend of 15-3p for the year 
only 84 per cent covered. UB 
said its Intention was to 
rebuild dividend cover to two 

tipwi 

UB said there were encourag- 
ing si g ns for trading in the cur- 
rent year, thou gh ail Its m a in 
marfaptg remained hi g hl y com- 
petitive. 


Dublin broker fined 


Pochin’s halved to 


over Greencore placing 


£0.8m but interim held 


By Tbn Coone in Dublin 

The London Stock Exchange 
hag rep rimand ed and imposed 
a I£150,000 (£144,000) fine 
on J&E Davy Stockbrokers, 
Dublin's largest firm of bro- 
kers. 

The moves followed a 
protracted enquiry into the pla- 
cing last April of the Irish gov- 
ernment’s 30.4 per cent stake 
in Greencore, the sugar, min- 
ing and malting group. 

In a brief statement the Lon- 
don Stock Exchange said 
Davy’s conduct In the plarnng 
“was, in some respects, detri- 
mental to the interests of the 
Stock Exchange”. 

It gave no further details of 
which rules it judged had 
been infringed by the D ublin 
firm. 

The l£6Sm placing came 
close to being a debacle when 


it transpired that Davy had 
entered into a profit or loss 
charing agreement with SG 
Warburg in London as a buyer 
of last resort for 10m of the 
shares. 

On thft day of placing; , 
however, Davy unwoimd this 
arrangement and in stead sold , 
7m of tiie shares to firms con- < 
nee ted with Davy without 
informing the market. 

Several large institutional 
investors then pulled out 
of the piartng and ft was only 
rescued when the Bank of 
Ireland, which owns 90 per 
cent of Davy, stepped in to 
buy 9 .fim shares at a cost of 

T£2Sm. 

Trading in Greencore shares 
had to be suspended for several 
days following a ruling from 
the Irish stock exchange that 
the market was trading “on 
misleading information”. 


Pretax profits at Pochin’s, the 
building; plant hire and prop- 
erty group, were halved from a 
restated £l_6m to £836,000 in 
the six months to end Novem- 
ber. 

However. Mr Nicholas 

P wWn riH nrin im, that fhf» 

result was an advance on the 
second half of last year and 
that both pro fits and turnover 
for those 12 mouths had been 
“inflated by a large design and 
build project”. 

Mr Pochin «1H he thoug ht 
“a fragile recovery" In the 
industry had started. He added 
that although there was no 
consistent pattern, Pochin’s 
had recently been more suc- 
cessful In gaining work and 

the forward order book was 
“reasonable". 

Earnings per share were cut 
to 5(L2p (UOjSp) but file interim 
dividend is hel d at 8p. Turn- 


over on continuing activities 
fell to £lK3m 024.4m) - all the 
corresponding figures are 
restated - and there was a 
£338,000 (nil) contribution from 
acquisitions. 

At the operating level, there 
were losses of £2.000 (profits 
£899,000), Other income edged 
ahead to £lm (£939,000) and 
interest payable eased to 
£168.000 (£234,000). 


Vodafone placing 

Vodafone, the cellular phone 
operator, said its acquisition of 
one-third of the issued share 
capital of General Mobile Com- 
munications from Compagnie 
Gtoferale des Earn is bong sat- 
isfied entirely by a planing iff 
531m new ordinary 5p Voda- 
fone shares at 5S4p apiece - 
raising about £33m. 


! , 





FINANCIAL TIMES CONFERENCES 

Asian 
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London, 28 & 29 April 1 994 

The rapid growth of Asia's economies has caught the attention of investors worldwide. This 
in turn is creating a demand for deeper knowledge about individual markets, the economic 
and political factors driving their growth, as well as the practical ways the markets can be 
accessed and managed. 

This two-day meeting will bring together a distinguished panel of speakers to assess the 
crucial issues relating to capital market investments in the region. 


Speakers include: 

Mr Satish Jha 

Asian Development Bank 

Mr Francis Leung 

Peregrine Investments 
Holdings Limited 

Dr Mark Mobius 

Templeton Investment Management 
(Hong Kong) Ltd 

Mr Shijuro Ogata 

Yamaichi Securities Co Ltd 


Dr Arnab Banerji 

Foreign and Colonial Emerging 
Markets Limited 

Mr Edward Kim 

Korea Development Securities 
Co, Ltd 

Mr Meocre Li 

Arthur Andersen & Co 

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Lloyd George Management 
(Hong Kong) Limited 


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FINANCIAL TIMES 
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_Fax 


Type of Business. 


Dairy 


Farm 


Highlights 1993 

A Year of Expansion 

■ Profit after taxation +11% 

■ Earnings per ordinary share + 4% 

■ Dividends per ordinary share + 5% 

After a further year of investment in Asia, Australasia and Europe, the Group, including 
associates, now has: 

■ Sales of US$9.6 billion 

■ 2,440 retail outlets 

■ 80,000 employees 

“With its extensive experience in discount food retailing, trie Company is welt placed 
to retain its leadership in trie markets which it serves. In 1994, Dairy Farm’s focus 
will be on the development of its existing businesses and the search for expansion 
opportunities into new markets, particularly in the Asia-Pacific Region. ” 

Simon Keswick, Chairman 
17th March 1994 


[ 1993 RESULTS 


Year ended 31st December 


1993 

1992 


USSm 

US$m 

Turnover 

4J87&6 

4,738.7 

Operating profit 


155.3 

Share of profit of associates 

905 

B42. 

Other operating income 

103 

06 


2708 

246.1 


(105) 

(203) 

Profit before taxation 

2523 

219.8 

Taxation 



— Company and subsidiaries 

(293) 

(19.9) 

— associates 

(253) 

(223) 

Profit after taxation 

197.8 

177.7 

Minority interests 

(03) 

0.1 

Profit after taxation and minority Interests 

197.5 

177.8 

Extraordinary Hams 

- 

1209 

Profit attributable to Shareholders 

197.5 

304.7 

Preference dividends 

(8.7) 


Profit attributable to ortSnary SharehoWera 

1808 

304.7 

Ordinary dividends 


(89.2) 

Retained profit for the year 

833 

2155 

Shareholders' funds 

1,001.1 

7263 


US« 

use 

Earnings per ordinary share 

11.28 

1081 

Dividends per ordinary share 

5.65 

538 


Dairy Farm Inte rnati onal Holdings Limited 

Incorporated in Bermuda with Bmitad Bab&ty 


rofttei, 


The EnalOvkJand of USO4.10 per onSnary share be payable an 8to June 1994. adject to approval at the Annual General Ueatkn to hold 
on 3 1st May 1994. to onSmuy Stmhoktars on tfw register of mentors at ffw dose of business on Oh Apr* 1994, end w« be maBaUe kt cash 
wt&i a scrip a&amatfvs. T7w ortSnary share registers t& be dosed from 1 Ithlo lOhAprt 1994 Industm. TTtaonSnarytavUandrdBbaavaSatlBln 
United Slates DoSars, AustraBan DoSa/s, Hong Kong DoSars ana Starting. OrtSnary Strarehokigfs on the Jersey branch register wS receive United 
Stales DoSars wttSe ortSnary SharetxMers on Ore Hong Kong branch repfeter recofra Hong Kong DoSars, unless they elect for one d me 
alternative currencies by no&ylng he Company’s registrars or transfer agents by 20th May 1994. OrtSnary Sharehouers whose shams am hm 
ffnugfi the Centra/ Depository System In Sngapore ("CDP7 eriS receive Hong Kong DoBars, anises they sleet ttuou&i COP to receive Urtted 
States DoSars. 


r 




1 ■ 

V,’ 




uj> \iS& 







COMPANY NEWS: UK 


Attwoods falls to £9m as 
German recession bites 


By Peggy HoflEnger and 
Bernard Simon in Toronto 

Attwoods, the UK waste man- 
agement company, yesterday 
announced a sharper than 
expected 53 per cent decline In 
interim pre-tax profits From 
£19.3m to £S.98m as the effects 
of severe recession in Germany 
began to bite. 

The company also said it was 
planning to strengthen its 
board with three non-executive 
appointments. The first would 
be Mr Mark Radcliffe, a direc- 
tor of the London Stock 
Exchange. The others would be 
named soon. Lord Lane of Hor- 
sell chairman, said. 

Laidlaw, the Canadian group 
which owns 35 per cent of 
Attwoods and has three direc- 
tors on the board, yesterday 
reaffirmed its commitment to 

the UK company. Mr Jim Bull- 
ock, Laidlaw's chief executive, 
said he did not intend to main- 
tain the status quo with 
Attwoods in the long term. 
But, “we are not in any way 
poised to sell our position.” he 
added. 

Attwoods, meanwhile, 
stressed the rest of the year 
would be difficult. Mr Ken 
Foreman, chief executive, said 
full-year profits were expected 
to be lower after a series of 
one-off charges. 

Mr Foreman was more opti- 



Ken Foreman; one-off charges 
would affect full-year result 


mistic about 1995 however. u l 
believe real growth will show 
through then,” he said. There 
were signs of an improvement 
in the UK, with landfill prices 
expected to firm after the 
introduction of environmental 
legislation In May. 

Pre-tax profits for the six 
months to January 31 were hit 
by the final £2.7m exceptional 
costs of settling protracted liti- 
gation in the US. The previous 
year had also been flattered by 
some £5m in currency gains. 
At the operating level, exclu- 
ding litigation costs, profits 
were 12 per cent lower at 
£lt26m. Sales were 9 per cent 


higher at £178.49m. 

The UK returned the best 
performance, with a 39 per 
cent increase in operating prof- 
its to £2m on sales 17 per cent 
ahead to £30.4m. Mainland 
Europe suffered from the sharp 
downturn in Germany, and 
operating profits fell by 40 per 
cent from DMl3L2m to DM7.9m 
(£3. 07m) on sales 4 per cent 
lower at DMSt.4m. 

US profits, which suffered 
from losses in the medical 
waste operation as a result of 
price pressure, fell from $2l.2m 
to 813.8m (£9 -4m) on sales 82m 
lower at $17l.6m. 

The dividend is held at 1.75p. 
Earnings fell from 5.27p to 
1.97p per share. 

• COMMENT 

Attwoods shares are likely to 
be overshadowed by Laidlaw’s 
future intentions, the problems 
in Germany and exposure to 
very mature markets. While 
the good news is that signifi- 
cant progress has been made 
on improving the balance 
sheet, and prices are firming in 
the UK, doubts remain about 
margins in other parts of the 
world. Forecasts were down- 
graded from about £30m to 
about £23m after a disappoint- 
ing second quarter. This puts 
the shares on a prospective p/e 
of about 22, which looks fully 
valued. 


Learmonth & Burchett’s 
shares fall on warning 


By Alan Cane 

Shares in Learmonth & 
Burchett Management Sys- 
tems. the USM-quoted comput- 
ing services company, fell by 
31 per cent from 140p to 96p on 
a warning that profits for the 
year to April 30 were likely to 
be well below expectations. 

The company also said it was 
unlikely to pay a final divi- 
dend. 

At the halfway stage, Mr Rai- 
ner Burchett, chairman, had 
indicated pre-tax profits for the 
full year of about £1.8m. 

The source of the company's 
problems is poor trading In the 

Stake sale 
boosts Cairn 
to £2.3m 

The placing of a minority 
stake in a US offshoot enabled 
Cairn Energy, the oil and gas 
explorer and producer, to 
report pre-tax profits up 
from £818,000 to £2.31m in 
1993. 

The £3.66m surplus made up 
for a write-down of oil and gas 
assets totalling £2.66m. 
Results were also helped by 
the acquisition of Teredo 
Petroleum in May and a firm 
US gas market 

However, Mr Norman Les- 
sels, chairman, warned that if 
the current low oil prices were 
maintained 1994 cash flaw and 
profits would bo adversely 
affected. 

Group turnover was up from 
£13.lm to £L8.2m. Earnings 
per share were 3.52p (3.03p). 

Daring the year the group 
sold its interest in the Hatfield 
Moors UK onshore gas field 
and an onshore New Zealand 
oilfield for a total of £L.9m. 


UK, where customers have 
been slow to finalise orders. 

Mr Nell Davies, chief finan- 
cial officer, said that full-year 
losses before tax of up to Elm 
could be expected if two or 
throe of the company's larger 
customers failed to complete 
purchases. 

The company said that a 
reorganisation had been put in 
place, including the resigna- 
tion in December of the direc- 
tor responsible for operations 
and a reduction of £2m in oper- 
ating costs, but improved 
results from the UK business 
could not be expected before 
next year. 


At the halfway stage the 
shares lost a quarter of their 
value when the company 
reported pre-tax profits of only 
£210,000, 73 per cent lower than 
the £753,000 recorded the previ- 
ous year. 

Turnover for the half year 
was £ 13.1m. 

LBMS develops large scale 
and expensive computer soft- 
ware which makes it easier for 
computer specialists to write 
programmes. 

The company now derives 
more than half its turnover 
from the US, where LBMS is 
growing at an average of 50 per 
cent a year. 


Oliver takes first step 
on road to recovery 


By Gary Evans 

Oliver Group, the multiple 
shoe retailer, has marked the 
first stage of its recovery pro- 
gramme with a return to the 
black in the year ended Janu- 
ary 1 1994. 

Following its exit from non- 
core activities, the group 
turned in a pre-tax profit of 
£344,000, compared with a 
restated £20.87m loss previ- 
ously. The shares rose 4p to 
43p yesterday. 

Sales in the year fell by 10 
per cent to £73.6m. largely 
reflecting an average of 72 
fewer branches than last time. 
However, on a like-for-like 
basis sales growth was 5.7 per 
cent, which Mr Denis Cassidy, 
chairman, said "represents a 
promising step forward." 

Mr Cassidy said this year 
had started well with sales in 
the first 10 weeks ahead of last 
year on a Like for Like basis and 


in line with expectations. 

At the trading level, the 
profit was £1.12m (£11 .26m 
loss) before a £489,000 surplus 
(£7.53m loss) on disposal of 
properties. There was also a 
£277,000 charge this time for 
closure casts, which mainly 
comprised a £261.000 goodwill 
write-off on the Brick Studio 
business. 

Net interest was halved to 
£1.09m. helped by falling inter- 
est rates, a £2 .85m increase In 
cash and a £2.7m fall in bank 
borrowings. Gearing was 
reduced to 58 per cent (73.1 per 
cent). 

Earnings per share were 
1.49p (82.Q8p losses). Again no 
dividend has been declared - 
none has been paid since 1991. 

Mr Cassidy said major 
improvements in children's 
footwear ranges had produced 
impressive gains in 1993. "We 
intend to push home this 
advantage in 1994,” he added. 


Folding of the brewing umbrella 

Regionals lose the protection of Whitbread. Tony Jackson reports 



Purchases 
help 
Baynes 
rise 48% 

By Tim Burt 

Contributions from 
acquisitions helped Charles 
Baynes, the distribution and 
specialist engineering busi- 
ness, lift 1993 pre-tax profits 
by 48 per cent 

The group, which spent 
£48m on purchases daring the 
year dominated by Buck & 
Hickman, the Industrial tools 
distributor acquired for £33m 
last autumn, said contribu- 
tions from these operations 
pushed profits up from £5-6m 
to £8 .2m. 

Sales advanced to £9 1.2m 
(£7 0.3m), including £27.2m 
from acquisitions. The com- 
parative figure included 
£5. 68m from discontinued 
activities. Continuing activi- 
ties rose 41 per cent 

Acquisitions provided 
£2J56m of operating profits of 
£7 .9m (£4.lm). Profits from 
underlying businesses moved 
ahead 34 per cent to £5.4m, 
despite a 1 per cent fall in 
turnover. 

Earnings per share 
increased to 3.71p (2£p), while 
a proposed final dividend of 
l.075p (0.9p) takes the total to 
L65p (1.425p). 

Welcoming the figures, Mr 
John Perkins, finance director, 
said the group had defied flat 
markets in the UK and conti- 
nental Europe and Increased 
operating margins by embark- 
ing on a cost-cutting pro- 
gramme. 

Aerospace engineering suf- 
fered the brunt of the rational- 
isation as the workforce was 
cut by 25 per cent to 430 after 
six plants acquired from Cook- 
son Group were merged on one 
site. 

“The aerospace business 
remains poor and we do not 
envisage a substantial pick up 
before 1995,” according to Mr 
Perkins, who predicted further 
rationalisation in the valves 
and packaging sectors. 

He also hinted at fresh 
acquisitions, which would be 
financed from cash reserves or 
debt rather than new equity. 

• COMMENT 

With net cash of £10.lm, 
Baynes is well-placed to pick 
off small engineering compa- 
nies and has the support of its 
bankers to go for larger prey. 
Its ability to do so has been 
enhanced considerably by 
stripping ont costs from exist- 
ing businesses and making 
shrewd purchases at home and 
abroad. Impressed by its strat- 
egy, analysts have upgraded 
profit forecasts to £12.lm. 
Although the prospective mul- 
tiple of 17.5 is ahead of the 
sector average, the shares are 
worth considering given the 
group's record for earnings 
enhancing deals. 


O n Thursday of last 

week, with little fuss, 
one of British brew- 
ing's historic institutions was 
abolished when. Whitbread, one 
of the giants of the industry, 
sold £225m- worth of shares in 
eight smaller brewers. 

Thus ended the so-called 
“Whitbread umbrella", 
whereby for 40 years Whit- 
bread bad held strategic stakes 
in local brewers to protect 
them from takeover by their 
bigger rivals. 

The obvious question now 
arises: given that protection 
was necessary In the first 
place, are the regional brewers 
being thrown to the wolves? 

Not necessarily. In many 
industries, size means every- 
thing. In UK brewing, there is 
evidence that middle-sized 
companies these days can not 
only hold their own against the 
giants, but can actually gain, 
ground. 

T his can be simply illus- 
trated by combining the 
results of a dozen 
regional brewers* and compar- 
ing them with Britain’s biggest 
brewer and publican, Bass. 

Last year, the regional sam- 
ple had combined sales of 
£1-Sbn and operating profits of 
£255m, a margin of 14 per cent. 
Bass's brewing and pub divi- 
sions had combined sales of 
£2L3bn and profits of £361xn, a 
margin of 16 per emit. Scale 
economies, it seems, are worth 
something in UK brewing: but 
not much. 

Look at the best performers 
in the regional group, and the 
balance tilts the other way. 
Morland, the Oxfordshire 
brewer, had a margin last year 
of 23 per cent Over the past 
five years, its sales have grown 
by an average 19 per cent a 
year, while its earnings per 
share are up 11 per cent over 
the period. Greene Eng, based 
in East Anglia, has margin* of 
19 per cent and average sales 
growth of 7 per cent Bass as a 
group raised its sales by 2*5 per 


cent a year over the period, 
while its earnings fell by 
□early a third. 

In one sense, Bass could 
argue that its poor perfor- 
mance Is the result of enemy 
action. Since 1989, when the 
government took steps against 
the industry on competition 
grounds, there has been a ceil- 
ing on the number of licensed 
premises the big brewers can 
own. Not only are groups like 
Bass and Whitbread barred 
from increasing their pub 
estates: in compliance with the 
Beer Orders (as the legislation 
is known) they had to get rid 
of pubs and take large restruct- 
uring charges against profits. 

In feet, the Beer Orders are 
less of a constraint than they 
appear. They limit only the 
number of pubs the big brew- 
ers wn own. Bass, many 
of its amaiiar competitors, has 
little desire to Increase the 
number of its pubs. This is 
because the tied house system 
has left the brewers with a 
long tail of small, unprofitable 
tenanted pubs whose sole pur- 
pose is to mop up the last of 
the brewery's output- The big 
or middle-sized brewers want 
to get rid of those pubs and 
acquire bigger, more profitable 
managed pubs in stead. 

M ore fundamentally, 
the big brewers face 
the problem that in 
some parts of their business, 
size can be a positive disadvan- 
tage. 

It is, of course, more econom- 
ical to produce bear in huge, 
modem breweries, and to pro- 
mote national brands through 
the national media. But distri- 
bution is another matter. Very 
often, the local brewer has all 
his pubs within a few miles of 
the brewery, and for a product 
consisting almost wholly of 
water, most of whose retail 
price goes to the government, 
this is an important advantage. 

As for the pubs themselves, a 
crucial drawback for the big 
brewers is that they have 


foiled to Introduce branding 
into their outlets. 

Retail chains litre Boots or 
Marks and Spencer can use a 
standard national format to 
drive smaller rivals out of busi- 
ness. For the big brewers, the 
reverse can be the case. Wat- 
□eys, for instance, now jointly 
owned by Grand Metropolitan 
and Fosters, has in recent 
years expunged Its name from 
many of its pub frontages, pre- 
ferring modest anonymity. 

The result of this can be a 
reverse economy of scale. Run 
one pub, and you make a given 
profit Run fifty, and you have 
to hire an accountant, a buyer, 
a property expert and security 
staff. Quite possibly, none of 
those pubs will be more inher- 
ently profitable than the one 
you started with. If so, the 
extra overhead Is a dead loss. 

So what shape will the 
industry take, now that Whit- 
bread has taken its umbrella 
away? 

Brokers' analysts, who are 
perhaps Interested parties, 
argue for a degree of concen- 
tration. But, they agree, it will 
take a limited form. Rather 


than the big brewers snapping 
up the smaller, the medium- 
sLzed brewers will snap up the 
smallest. This may take time, 
since many of the smallest are 
protected by family holdings or 
restricted voting structures. 

The point is. however, that 
the middle-sized brewers from 
which Whitbread withdrew its 
protection last week are mostly 
able to take care of themselves. 

C ompanies such as Mor- 
land, Greene Eng. Mar- 
ston and Wolverhamp- 
ton & Dudley have developed 
varied and successful strate- 
gies to cope with the changing 
world of UK brewing. 

In stock market terms, all 
stand on higher multiples and 
lower yields than the industry 
leaders. For the big brewers, 
the Beer Orders are a handy 
excuse for not snapping up 
their smaller rivals. In truth, 
they might be pushed to afford 
them. 

*Boddington. Devenish. Eld- 
ridge Pope, Pullers, GreenoU, 
Greene King, Mansfield, Mar- 
ston, Morland, Vaux, Wolver- 
hampton & Dudley. Youngs. 


Dawsongroup advances 67% to £7.9m 


By Dmkf BlackweB 

Dawsongroup, the Milton Keynes-based 
commercial vehicle hire and distribution 
company, lifted pre-tax profits by 67 per 
emit for the year ended December 31. 

Mr Peter Dawson, the executive chair- 
man who holds almost 65 per cent of the 
shares, said that the performance proved 
that the company had pursued the right 
strategy through the recession. 

Profits were up from £4.75m to £732m. 
Turnover grew by 14 per cent from £46.7m 
to £53.3m, and operating margins rose 
from 192 per cent to 24 2 per cent 
Earnings per share rose from 10.4p to 
17.3p. A final dividend of 3p is proposed, 
giving a total of <L5p (3p). 

Mr Dawson, who today resigns as execu- 
tive chairman to become chairman and 


managing director of a new Dutch divi- 
sion, said the group was continuing to 
make progress to broaden its customer 
base. - - 

The group has two main divisions - 
truck and trailer rentals and a large Volvo 
truck dealership. 

The rentals division’s profits before tax 
were 77 per cent ahead from £4J?lm to 
£7.45m on turnover up 3 per cent at £38 .6m 
(£34m). 

Mr Michael Williams, who took over as 
chief executive in November, said the key 
factor in the rentals division performance 
had been the utilisation and hire rates on 
short-term rentals for both trucks and 
rentals. 

The average short-term truck fleet was 
11 per cent down, while utilisation was 4 
percentage points ahead at 76 per cent 


The average short-term trailer fleet was 14 
per cent ahead, with utilisation main- 
tained at 83 per cent 

77ie size of the contract hire Beet, which 
contributes 40 per cent of revenue, had 
been maintained. In contrast, the portable 
cold store fleet grew by 40 per cent and 
doubled turnover to 22m. 

Pre-tax profits for the commercial 
vehicles division fell from £534.000 to 
£475,000 on turnover sharply up from £23m 
to £3S.3m. 

Mr Dawson said he expected to see con- 
tinued growth in the coming year. The 
two-week old international division, which 
he is heading will operate in the cold store 
and trailer markets, and hopes to have 
25 units in each market by the year 
end. 

See People 


Templeton raising up to £140m 


By Gillian O’Connor, 

Personal finance Editor 

A conversion issue by Templeton Emerging 
Markets Investment Trust is to raise up to 
£l40m in a placing and offer of up to 140m C 
shares. Conversion will take place once the 
assets relating to the C shares are 80 per cent 
invested or on September 16 1994, whichever is 
the earlier. 

Tbe institutional placing, through Smith New 
Court, mil account for 105m of the new shares, 
and the remaining 35m will be available to exist- 
ing investors and the public. Templeton, with 
total assets of about £39 lm is already the largest 


of the 8 emerging markets investment trusts. 

The new shares wffi be offered with warrants 
attached on a l-for-5 basis. The warrants, which 
are exercisable at 399p annually from 1995 to 
2004, will also be given to existing shareholders. 

As at March U 1994 the trust's diluted net 
asset value was 3963P per share. 

Last applications under the public offer are 
due on Thursday April 14. 

Emerging markets funds were popular with 
investors last year, and Mr Mark Mobius, Tem- 
pleton's investment manager, is regarded as one 
of the experts In the area. However, the shares 
of all emerging markets trusts have come off the 
top recently. . 


Sanderson Bramall lifted 
by acquisitions to £3.8m 


Bolstered by acquisitions, 
profits of the Sanderson Bra- 
mall Motor Group advanced 
from £1.4lm to £3.77m pre-tax 
in 1993. 

Turnover surged from 
£106 .83m to £223.06m. The Skip- 
per companies, acquired last 
July and partly financed by a 
£17m rights issue, contributed 
£84m to turnover and £1.41m to 
profits. 

In all, acquisitions added 
£103m to turnover and £2. 12m 


to profits. 

Earnings worked through at 
I0.09p (5.04P) and a proposed 
final dividend of L7^i tuts the 
total by 20 per cent to 2.4p. 

In October, the group com- 
pleted the purchase of 28 per 
cent of Ftightfonn, the UK 
franchise holder for Thrifty 
Vehicle Rental, the US rental 
company. Earlier this month 
contracts were exchanged to 
purchase motor group Petrtit. 
gate. 


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Tftlfinnm Markets 



Notice of a Downward Revision in the Subscription Price of 
the Warrants (the "Warrants”) of 

TAISEI PREFAB CONSTRUCTION CO., LTD. 

(the "Company”) 

Issued in conjunction with 

U.SSi 00,000.000 3 per cent Guaranteed Notes 1996 
guaranteed by The Fuji Bank, Limited 

Notice is hereby given that on Itth March, 1994, the average dosing pride per share of 
common stock of the Company, for the five consecutive trading days up to and including 
that (fete, multiplied by 1.02S and rounded upward to the nearest one yen, was less than 
the Subscription Price in effect on such day by not less than one yen, and that therefore, 
in accordance with Condition 2(A) of the Terms and Conditions of the Warrants (Downward 
Revision), the Subscription price of the Warrants is to be adjusted as follows: 

1. Subscription Price before adjustment: Yen 1,984.30 

2. Subscription Price after adjustment Yen 1,588.00 

3. Effective date of the adjustment 28th March, 1994 (Japan time) 

The Fl$ Bank and Trust Company 
as disbursement agent tar and on behalf of 

ism March, 1994 Taiset Prefab Construction Co., Ltd. 





Daewoo Heavy Industries Ltd. 

US$ 40,000,000 

3 per cent. Convertible Bonds 2001 

NOTICE OF DIVIDENDS IN SHARES 

AND CONVERSION PRICE ADJUSTMENT 

Notice is hereby given to the holders of 3 per Convertible 

Bonds 200lof Daewoo Heavy Industries Ltd, that at a Meeting 
of the Board of Directors hekte on 14th December, 1993 the 
Company resolved bo declare Dividends h Shares to tbe 
Shareholders registered as of 17:00 hours on 31th December, 

1993 in proportkin of 0.02 Shares per one Share and the 
payment of Dividends in Shares was approved by the 
Shareholders at the General Meeting of Shareholders held 
on 28th February. 1 994 and as a resit of DividaKlsii Shares 
the Conversion price was decreased from Korean Won 6,110 
to Korean Won 5,990 per share effective retroactively 1st 
January, 1994. 

Daewoo Heavy industries Ltd. 



CREDIT LYONNAIS 

USD 500.000.000y- FRN 

DUE 1996 

Bondholders are hereby 
informed that the rate for the 
coupon N° 5 has been fixed 
at 4%, for a period starting 
on 14/03/1994 until 
13/06/1994, inclusive. 

The coupon N° 5 will be 
payable on J 4/06/1994 at 
foe price of USD L02.22 for 
the USD 10 000 Notes, and 
USD 1.022^2 fertile 
USD 100 000 Notes. 

The Principal Paying Agent 

[^CREDIT LYONNAIS 





Toihs SharehoWara of 
SVENSKA SELECTION FUND 

You are hereby convened to attend the 

ORDINARY 
GENERAL MEETING 

ol Svenska Selection Fund, which Is going to he held on April 1M. 1894 at 
1445 pjn. at (he Heed Office, 146, bd de la P&iusse L-2330 Luxembourg with 
the (Mowing 

AGENDA 

1. Reports ol the Boad of Diraciors and the Auxfitora. 

2. Report of the Independent Auditor about llie financial situation of this 
corporation. 

3- Approval ol the Balance Sheet and the Profit and Loss statement aa at 
December 31st 1383. 

4. Discharge to Via Directors end to the sanitary Aixfltor. 

G. Statutory elections. 

6. Miscellaneous 

Yours talthhAy J 

The Board of Dferscxora ] 


To the Shareholders of 

SVENSKA HANDELSBANKEN ROND FUND 

You are hereby convened to attend the 

ORDINARY 
GENERAL MEETING 

of Svenska Handetebankan Bond Fund, which is going to be hold on April ti 
1994 al 14.30 p.m. at the Head Office. 146. bd! fe l“pJmi?seLa® 
Lnmmbourg^thgtoBowirjg 

agenda 

1. Reports of the Board of Directors and the Audttom. 
a R opon ot t he independent Auditor about the financial situation ef.tt 
corporation. 

a Approval of the Balance Sheet and the Profit and Less statement as 
Oasamber 31st 1893. 

4. Discharge a the Directors and to the statutory Auditor. 

5. Statutory ejections. 

& MfsceZaneous 

Yours fetthfufly 
The Board of Directors 










5S 


FINANCIAL TIMES FRIDAY MARHH 18 1994 


COMPANY NEWS: UK 



- in V7i) r , 

j * f - * •** ■ • • ! • 


: 1 , • ! j I { Pi.. 

tW r*« 

, . - , . V '\\ 

|Slf P,! 


Survey points to an increase in takeover and merger activity over the next 12 months 

Eyes focus on the construction industry 


By Andrew Taylor, 

Construction Correspondent 

More than a fifth of contractors and 
building material companies expect to 
be involved in acquisitions, mergers or 
joint ventures during the next 12 
months, according to an industry sur- 
vey published today Is New Bonder 
magazine. 

The survey asked manag in g directors 
and chief executives of ISO companies 
about t heir in tentions on staffing, 
merger activity and financing over Che 
next year. It included most of the 20 
largest contractors and building mate- 


rial suppliers in the UK. Twenty nine 
per cent of contractors, 20 per cent of 
building material companies and 27 
per cent of housebuilders expected to 
be involved in mergers, joint ventures 
or acquisitions. 

Takeover activity is expected to rise 
sharply as the industry moves out of 
recession and companies move to 
widen skills, increase their market 
share and reduce capacity in the sector 
by purchasing financially weaker 
rivals. 

Travis Perkins, file builders’ mer- 
chant, yesterday announced the pur- 
chase for £41-8m of the building mer- 


chants' interests of AAH - increasing 
by more than a quarter the number of 
outlets it operates from. 

Taylor Woodrow, the large construc- 
tion and property group, last month 
paid £30.Sm to buy Heron’s housebuild- 
ing operations. Chief executives of 
Wimpey, the contractor and house- 
builder, Rugby, the cement group, and 
Mariey, the building materials com- 
pany, announcing annual results ibis 
week, signalled that they are also pre- 
pared to make acquisitions - taking 
advantage of improved balance sheets 
and better trading conditions in the UK 
and US. 


Housebuilders such as Beazer, Per- 
simmon. Redrow and Wainbomes - 
currently involved in share issues 
likely to total more than £7Q0zn - have 
also not ruled out acquisitions as a 
means of increasing their land hold- 
ings. Rationalisation of the brick 
industry is long overdue with compa- 
nies like Ibstock Johnsen, which has 
straggled during the recession, a poten- 
tial candidate for takeover or merger. 

Builders' merchants are expected to 
be particularly aggressive following 
the £210m float announced recently by 
Graham Group, currently part of BTR. 
the industrial conglomerate. 


Lower debt provisions help 
Birmingham Midshires 


Travis expands as profits double to £20.5m 


Travis Perkins is paying 
£4L8m to acquire the builders' 
merchants division of AAH, 
the pharmaceuticals and distri- 
bution company, writes 
Andrew Taylor. 

Mr Tony Travis, chairman, 
said the purchase would put 
the company - the UK's fifth 
largest builders* merchant - on 
a par with Harcros and Jew- 
sons, the second and third big- 
gest builders’ merchants 
behind market leader Wolse- 
ley. 

The group also announced 
more than doubled pre-tax 
profits of £20. 5m (£iQm) for 
1983 on a turnover 14.6 per cent 
ahead at £347.7m. Earnings 
jumped to I3p (6.7p) and a 


maintained final dividend of 
5.5p makes an 8p (same) total. 

Travis Perkins, which oper- 
ates mainly in southern 
England and the south Mid- 
lands, currently owns 166 
branches. It win be acquiring a 
further 46 outlets, many of 
which are in northern En gland 
and a)sn in Sco tland 

Wolseley, the world’s biggest 
supplier of heating and plumb- 
ing equipment, operates from 
more than 600 branches. Rival 
bidders tor the AAH business 
are thoug ht to have included 
Wolseley, Meyer, CRH and 
Erith. 

Mr Travis said the mer- 
chants had benefited from cost 
cutting in previous years as 


NEWS DIGEST 


Edmond hit 
by higher 
provision 

An increased provision of 
£1.65m against land holdings 
left Edmond Holdings, the 
Northampton-based house- 
builder, with higher pre-tax 
losses of £1.89m for the 1993 
year on turnover lower at 
£llm. 

The comparative figures 
showed land provisions of 
£322,000 and pre-tax losses of 
£Li5m on turnover of £12.6m. 

Mr Andrew Nalsh, chairman, 
said the second half had seen 
an improvement for the first 
time in five years, resulting in 
a profit for the period cf £61.000 
before provisions and tax. 

The company said that in 
view of the better trading and 
its underlying strength it was 
proposing to maintain the fipal 
dividend at tX15p for a total of 
0.3p (0.5p). Losses per share 
were 3-Ip (l-5p)- 

Ernest Green falls 
to £207,000 

Profits of Ernest Green and 
Partners Holdings, the USM- 
traded structural, civil and 
environment engineering con- 
sultancy, declined from 
£302,000 to £207,000 pre-tax for 
the Half year ended December 
31- 

Turnover was virtually static 
at £3. 66m (£3.64m). The share 
of profits of the associate rose 
to £119,000 (£83,000), while 
interest receivable slipped to 
£68.000 (£135,000). 

Earnings fell lp to lBp, but 
the interim dividend is being 
maintained at 2.75p. 

Directors said the order book 
was improving and the group 
remained financially strong. 

Rosebys rises 

20% to £2.81m 

Rosebys, the curtain and linen 
stores' group, returned pre-tax 
profits of £2.8lm for 1993, an 


improvement of 20 per cent 
over the previous year’s 

5234m. 

The advance, which included 
£220,000 from lease disposals, 
was achieved against a back- 
ground of “patchy" trading 
conditions was scored from a 
turnover 6.6 per cent ahead at 
4&83m. 

Earnings emerged at 9.6p 
(8p) and a final dividend of 
325p makes a 4.65p (3.9p) total. 

Rosebys was floated by Cat- 
tle's in 1992 to raise additional 
capital. 

Cortecs reduces 
Interim losses 

Cortecs International, the 
pharmaceuticals company 
which has announced plans to 
raise £I5m through a London 
flotation, yesterday reported 
slightly reduced interim losses. 

Net losses were cut from 
A$432m to A$424m (£2.08m) in 
the six months to December 81, 
on sales of A$5.4m (A$5.14m). 
Losses per share were 
unchanged at 53 cents. 

The company, incorporated 
in Australia, but with research, 
development, manufacturing 
and sale in toe UK, already 
has an Australian listing. 

Recovery continues 
at S Daniels 

S Daniels, supplier to food 
manufacturing and baking 
industries, continued its recov- 
ery in 1993 with profits of 
£63,000 pre-tax compared with 
losses of £64.000. 

Mr Paul Daniels, chairman, 
said although the profit was 
modest and “far from our 
future aspirations" the year 
saw a big investment in people 
and projects designed to 
improve future results. 

Sales rose 14 per cent to 
£36.7m (£32 .3m). Earnings per 
share were 0.6p <QSf> losses). 
The proposed single final divi- 
dend is Q.3p (Q-25p). 

The balance sheet remained 
ungeared for most of toe year 
and showed net bank balances 
and cash at a seasonal peak of 
gi im at the year end. 


Oil Refining Company Limited 

UA *150000000 3.73 per cent. Comrertlbte Honda dw 2008 

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Bpn qu c figibw Luxembourg 

5? property finance ☆ ~ 

Hew sources tor commercial properties: up 

Tel: 071 403 7050 Fac 071 4S9 627B 


legal notice 

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Na.00]419uf IflM 
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IN THE MATTER OF 

PWIBBO FNERCV UM1TEP 
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IN THE MATTER OF 

the companies act was 

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MkUnuK-ifce Cwnpsay , — 


COMPANY 

NOTICE 

CANADIAN PACIFIC 
LIMITED 

At a meeting of the Board of 
Directors Held loOay. a quarterly 
dividend ol eight cents (8c) 
Canadian P« r share on the 
outstanding Ordinary Shares was 
rteefared, payatte on Apr* 28. t9W, 

to hoWere of record at the ck»e ol 

business on March 25. 1894. 

By Order ofTtW Board 

D. J- DWgan .... 

vw^reeidem andSaaeWy 
Calgary. Alla., March 14. 1994 

advertise your 

XEGALMmCES 

Please contact 
Tina Me Gorman 
on 071 873 4842 
Faut: 071 873 3064 


volume sales increased by 
about 11 per cent last year, of 
which only 3-4 per cent was 
due to previous acquisitions. 
Prices had also risen by about 
3-4 per cent. 

This b a *1 eophipd t-ho mer- 
chants to increase net margins 
from 3.2 per cent to 5.7 per 
cent Travis Perkins sells a 
broader mix of products than 
AAH, which concentrates on 
lower margin beavyside goods 
such as bricks and blocks. 

The builders' merchants 
business of AAH by compari- 
son generated net margins or 
about 3 per cent on sales of 
£78. 3m and pre-tax profits of 
£2.zm in the year March 31 
1993. Profits are thought to 


have increased to about £L4m 
in toe current year on similar 
sales. 

The purchase price could be 
adjusted by up to £5m depend- 
ing on an audited value of net 
assets. 

AAH, which is also negotia- 
ting the sale of Its Yorkshire 
Brick subsidiary, said toe pur- 
chase price represented an exit 
p/e of 29.4 on 1993 profits. It 
said the sale would increase 
AAH earnings for the year to 
March 31 19S4 above market 
expectations. 

Following the purchase 
Travis will be left with borrow- 
ings of about £25m compared 
with cash of £11. 7m at the end 
of last year. 


• COMMENT 

The purchase price is not 
cheap even on an exit p/e of 24 
on 1993-94 profits. Nonetheless, 
there is plenty of potential for 
margin recovery and cost 
savings and the management 
should be supported. The 
acquisition not only gives 
critical mass in terms of pur- 
chasing power but also 
improves the regional spread 
of the business - only five out- 
lets out of 200 are likely to 
close because of overlap. Prof- 
its could reach £27m-£28m this 
year rising to £36m-£38m in 
1995. Worth having in your 
portfolio in a sector which 
looks becoming increasingly 
aggressive. 


By Alison Smith 

Birmingham Midshires 
Bunding Society announced a 
two-thirds rise in 1993 pre-tax 
profits to £39.7m, compared 
with £23 5m, helped by a fail in 
provisions for bad and doubtful 
debts. 

The society, the UK's 13th 
largest, cut its provisions from 
£37m to £22.3m. Mr Mike Jack- 
son. chief executive, said that 
toe society had acted earlier 
than some others in making 
provision and in taking aggres- 
sive action to deal with, 
arrears. He expected provisions 
to fall at a similar pace In 1994. 

Assets rose over the 12 
months by 13 per cent to more 


than £4bn for the first time 
with £4.3bn. against £3.8bn, 
after a series of mortgage book 
acquisitions during toe year. 

The society's cost to income 
ratio remained above the sec- 
tor average, though it fell from 
53 per cent to 49.4 per cent last 
year. Mr Jackson said he 
expected the ratio to continue 
to fall, though at a slower rate 
because of the investments the 
society was undertaking. 

Birmingham Midshires is 
spending some £90m in a new 
building, and is also investing 
in changing its core computer 
systems. 

Mr Jackson said that the 
society was “in growth mode" 
and set as its priority the 


development of new products 
for its customers such as cur- 
rent accounts and offshore 
operations. 

The society has stepped bock 
from some of toe activities into 
which it diversified a few years 
ago. It has sold its commercial 
insurance broker, stopped 
offering to process mortgages 
for third parties, and has a 
reduced estate agency business 
of some 22 branches compared 
with the 71 it had in 1990. 

Birmingham Midshires 
attracted net retail funds of 
£25lm in 1993. in which its 
postal accounts were on impor- 
tant element. Wholesale fund- 
ing was 21.7 per cent of total 
shares and deposits. 


Jupiter Tyndall advances 65% 


By Nlpe) Clark 

A substantial increase in toe profits of the fund 
management division were behind toe 65 per 
cent increase in 1993 pre-tax at Jupiter Tyndall 
Group. 

Mr John DufDeld. chairman, said that there 
had been a good start to the present year, with a 
further substantial rise in toe fund management 
activities. 

The shares rose by I8p to 279p. 

On turnover up 33 per cent to £19.3m (£14.5m), 
profits were £9.4Jm (£5.71m). Earnings per share 
were 22.1p (13.6p) and an increased final divi- 


dend of 7p is proposed for a total of lip (7.5p). 
An enhanced scrip Issue alternative is also 
planned at a level 50 per cent higher than toe 
cash payment 

Fund management profits advanced 68 per 
cent to £6. 69m with rises from pension funds, 
investment trusts, offshore funds and the com- 
pany's Hong Kong office. The banking side fell 
slightly to £3.lSm. 

As a result of toe growth in fund management 
the split between Jupiter's two activities had 
changed from 53 per cent for fund management 
to 47 per cent for banking in 1992 to 68,32 over 
1993. 


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FROM THE FINANCIAL TIMES 


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28 


FINANCIAL TIMES FRIDAY MARCH IS 1994^ 


COMMODITIES AND AGRICULTURE 


Close vote expected on Nymex/Comex merger 


Ukraine’s pits of despair 


By Laurie Morse 
fo Boca Raton 

Members or the blew York 
Mercantile Exchange and the 
big New York metals market, 
Gomes, will vote 25 April on a 
proposal to merge the two 
futures exchanges, pending 
final approval of the merger 
prospectus by both exchange 
boards of directors next Mon- 
day. 

The merger, which has been 


A fter an inauspicious 
start in January, the 
African National Con- 
gress and the South African 
mining industry have stopped 
chest-thumping and begun 
what seem to be level-headed 
discussions about the coun- 
try's future mining and miner- 
als policy. 

The ANC wants the estab- 
lishment of a new forum to 
include government. labour 
and a wider representation of 
the ind ustry than the Chamber 
of Mines - made up of the lead- 
ing minin g houses but not for- 
eign companies like RTZ and 
ShelL Joint technical commit- 
tees are already tackling issues 


ALUMINIUM prices finished 
close to 19-month highs at the 
London Metal Exchange. Deal- 
ers said the market took 
advantage of a constructive 
technical picture and recent 
strength in copper to break 
through resistance at $1,330 a 
tonne for three months deliv- 
ery. 

COPPER initially extended 
this week's upward move and 
the three months price traded 
up to an Sii-month high of 
$1,981 a tonne before running 
into heavy overhead sales. By 
the close it was showing a loss 
of $5 on tiie day at $1,960. 

London Commodity 
Exchange COFFEE futures 


under discussion for a year, 
would make the C-omex a sub- 
sidiary of the Nymex and give 
members of each exchange 
some overlapping trading 
rights. 

Nymex has offered $50m for 
the smaller exchange, and has 
projected about $8m of cost 
savings each year as a result of 
ramhining the two administra- 
tions. The two exchanges 
already share trading space in 
New York’s World Trade Cen- 


such as mineral rights, the 
environment, and safety, while 
the ANC has instructed its 
newly-established Minerals and 
Energy Policy Centre to draw 
up a small-mining policy. 

These developments stand in 
stark contrast to the stormy 
briefing in late January when 
the ANC presented its draft 
policy to the industry. Mining 
executives vented their spleen 
at what they understood to be 
plans for the nationalisation of 
mineral rights and state inter- 
vention in minerals marketing. 

In reality, the ANC talks 
only of the “reversion" of min- 
eral rights to the state and the 
creation of a state minerals 


closed with strong gains after 
opening at the highest levels 
since the dollar contract 
started three years ago. The 
May position opened $19 higher 
at $L330 and quickly put on 
another $10 as the market 
sucked in a further surge of 
investment fund and trade 
buying. 

Some traders said positive 
chart patterns now heralded 
further gains, initially target- 
ing $1,400. a tonne and some 
even talking of $1 ,500- 

COCOA had a quiet day, end- 
ing mostly lower despite a firm 
start. 

Compiled from Reuter 


tre. Both are seeking to expand 

elsewhere in New York. 

The plan to merge the two 
exchanges has been controver- 
sial from the start, and a 
Nymex official this week gave 
it only a 6040 chance of gain- 
ing membership approval Mr 
Daniel Rappaport, Nymex 

chairman, noted that for the 

initiative to pass at the Comex, 

it must earn the approval 0 f 
two thirds of the membership, 
adding: “We all know that get- 


marketing auditor, although 
Mr Paul Jourdan, co-ordinator 
of mineral and energy policy, 
has done much to clarify its 
position after the furore. The 
latest draft stresses the impor- 
tance of consultation with 
industry and omits wild esti- 
mates of extra revenue that 
might be raised by the 
“national marketing” of miner- 
als. 

MY Jourdan stresses that the 
ANC intends only to bring the 
country’s mineral rights 
regime in fine with public own- 
ership that exists in some US 
states, Canada and Australia, 
and that has to be negotiated. 


poration put forward by the 
Macro-Economic Research 
Group, a left-wing ANC-aligned 
think-tank, which never made 
it to draft policy, while the 
ANC was unaware that the 
South African Reserve Bank 
already monitored mineral 
exports daily. 

Mr Nick Segal, economics 
spokesman for the chamber, 
says the two parties can now 
focus on the central issue: 
“The maintonanffg of a healthy 
mining industry which 
includes more players than in 
the past”. The cbarnlw empha- 
sises how precarious the min- 
ing business can be with 
employment on gold and coal 
mines having declined from 
more than 600.000 to 390,000 
between 1989 and 1993, and the 
sector’s contribution to gross 


ting a two-thirds affirmative 
vote on anything at the 
exchanges is nearly unheard 
of". 

At the Nymex the proposal 
needs 50 per cent of the vote to 
pass. 

A law suit filed last month 
by a group of options traders 
at the Comex will complicate 
the transaction, Mr Rappaport 
said. The options traders, who 
have minority membership 
rights at the metals exchange, 


domestic product shrunk from 
more than 16 per cent in 1986 
to less than 10 per cent in 1992. 

The mines have worked hard 
to stay in business, investing 
R50bn (US$14 bn) in new pro- 
jects in the past decade, 
improving productivity, and 
building a more constructive 
relationship with labour. The 
chamber says a sound future 
will depend on a stable eco- 
nomic and fiscal enviro nme nt 
aimed at supporting existing 
mines and encouraging new 
investment 

I n general, the ANC finds 
little fault with the cham- 
ber’s analysis and has 
come to appreciate that the 
country’s huge mineral wealth 
is a mixed blessing in some 
ways. The rigours of the global 
mining business are such that 
undisciplined exploitation of 
the lion’s share of world 
chrome, platinum, and vana- 
dium reserves that South 
Africa has would see commod- 
ity prices tumble and bring the 
industry to its knees. 

However, a sense of injustice 
pervades ANC thinking on an 
industry that it sees as domi- 
nated for too long by a small 
clique of white-owned corpora- 
tions. If minin g, which still 
contributes nearly three quar- 
ters of foreign exchange earn- 
ings. is to provide the back- 
bone of reconstruction and 
development, which Mr Jour- 
dan believes it can, the indus- 
try will need new sticks and 
carrots to take up the chal- 


are suing to share in the $50m 
distribution should the merger 
be approved. 

“The suit introduces a level 
of uncertainty about how 
much each Comex member 
would receive in the event of a 
merger" he said. “This poten- 
tially could tip the scale” 
against the plan. He said that 
while the Nymex is named in 
the suit, it is the Comex that 
must resolve the options trad- 
ers' complaint. 


Large new capital projects 
given the go-ahead in the past 
18 months have created pre- 
cious few jobs while the ANC 
argues the stranglehold the 
chamber's members have over 
South Africa’s most attractive 
mineral rights precludes the 
development of small-scale 
PTtnmg businesses and deters 
foreign investment. Passing 
mineral rights ownership from 
business to the state is a vital 
first step. The long tenure of 
mineral rights vital for devel- 
oping high-risk long-term pro- 
jects can be met by tailoring 
mining leases to industry 
needs, Mr Jourdan argues. 

Mr Segal says there is no 
question of the chamber 
defending the status quo for 
the sake of it, but the complex 
mixed mineral rights regime, 
developing over 100 years, 
remains the cornerstone of the 
industry and underpins its 
ability to mount deep-level, 
long-term projects. He believes 
the absence of small-scale min- 
ing is overstated by the ANC - 
South Africa has dozens of 
small gold and coal operators - 
and encouragement of the sec- 
tor has to be squared with the 
country’s unique geology, 
which lends itself to large min- 
ing operations. 

He adds: “There is scope for 
small-scale mining , for which 
access to mineral rights may 
be an impediment but so are 
finance, safety and environ- 
mental considerations. We 
have work to do". 


U kraine's mighty and 
mythicised coal indus- 
try has sunk into utter 
decay and despair, bringing 
down the two-year old nation's 
economy with it 
The country has been pour- 
ing money into the Donbass 
coal mining region to save it - 
but that tas only mat- 
ters worse. Ukraine's hyperin- 
flation. 90 per cent in Decem- 
ber, is largely caused by the 
massive subsidies needed to 
keep 262 coal mines operating 
and 1.2m coal workers 
employed (5 per cent of the 
labour force). 

Employment in Ukraine’s 
coal industry Is no bed of 
roses, however. Four or five 
miners die for every 1m tonnes 
of coal produced, making it the 
most deadly in the world. And 
it pays the lowest mining 
wages in Europe - so low that 
many cross the border ille gally 
to work in Russian mines at 
cat-price rates. But cheap 
labour does not maan that the 
industry offers good value for 
money to the nation as a whole 
- the Ukrainian miner pro- 
duces only 5 per cent of the 
coal his European or North. 
American counterpart does. 

There is also an environmen- 
tal cost, which extends beyond 
Ukraine’s borders. The coun- 
try’s coal industry contributes 
8 per cent (&2bn cubic meters) 
of the worldwide emission of 
mpthurift , a greenhouse gas 
associated with global 
warming. 

At the time Of inHpp p nriimwi 
in 1991 Ukrainians had hanked 
on the rich coal reserves of the 
Dan River basin to offset lost 
Russian energy imports and 
earn precious dollars abroad. 
Coal was to be a key asset of 
the Ukrainian state, rather 
than the drain on resources it 
is today. 

The Kiev government spends 
trillions of its currency, the 
karbovanets, (hundreds of mil- 
lions of US dollars) propping 
up loss-making coal mines. 
Last year the coal Industry 
could only cover 20 per cent of 
its costs and the government 
had to make up the rest. This 


year subsidies have been 
reduced to 49 per cent, but still 
amount to fSOm a month. 
Same coal pits are extremely 
profitable and could could be 
viable without state subsidies- 
But the government channels 
the proceeds from the profit- 
able mines to the unprofitable. 

At present the state takes 95 
per cent or production at fixed 
prices, through the Soviet-style 
state order system, to satisfy 
about a quarter of Ukraine’s 
energy needs. Only 5 per cent 
of production is left with the 
mines to sell at unregulated 
prices. 

This arrangement leaves the 
successful mines with no 
money for technological 
improvements and investment. 
Everyone, from the Soviet fac- 
tory bass. Deputy Prime Minis- 
ter Valentin Landyk, to the 
coal strike committee chair- 
man, agrees that the inefficient 
mines need to be closed down. 

Even Zhenya, a 27 year-old 
miner at the Gorky pit in 
Donetsk, is under no illusions. 
“This pit should have been 
shut down years ago," he says. 
“They only keep it running so 
that we’re employed. They're 
afraid of us." 

The Gorky mine, nearly 
exhausted. Is almost 1km 
below the ground. Extracting 
the coal from its thin layers is 
such a laborious process that 
its 660 miners only get 1,600 
tonnes a day. (In Europe. 

Where mining- is fully marhan - 

feed, 660 workers take out over 
66,000 tonnes of coal a day on 
average.) Many of the mines 
are negative value adders, 
meaning the below ground 
resources are worth more 
untouched than the value of 
the coal mined. “It would be 
cheaper to close down the 
mines, just pay workers their 
salaries and impart coal from 
abroad.” suggests one western 
official. 

As in Europe and North 
America, closing down loss- 
making mines without mass 
unemployment is a daunting 
challenge for Ukraine’s lead- 
ms. There is no political will to 
take action as no one want to 


take responsibility for unem- 
ployment and the potential 
social unrest, 

About 90 per cent of the coal 
industry is based In the dense- 
ly-populated Donbass region of 
eastern Ukraine, where there is 
virtually no labour mobility. 
Kiev fears that sudden unem- 
ployment could cause a "social 
explosion", especially among a 
highly Russified population 
that is disenchanted with 
Ukrainian independence. 

The government is also 
reluctant to challenge the pow- 
erful eastern coal mining 
lobby, which exploits the east- 
west tensions in the country. 
Ending coal subsidies could be 
portrayed as an anti-eastern 
move, fueling the popular per- 
ception In the east that Kiev is 
controlled by western-national- 
ist interests. 

To close the pits without 
social unrest would require a 
long term retraining pro- 
gramme and development of 
new industries to hire workers. 
But Ukraine has no money for 

an ambitious, co-ordinated 
restructuring programme. 

Meanwhile, the pits are in 
ruins. Wooden supports from 
Russia are ratting out - one of 
the chief causes of frequent pit 
collapses - as Ukraine cannot 
afford to import new ones. 
There has been no significant 
investment in the coal indus- 
try for over 10 years. Much 
mining is still done by hand. 

One Innovative, but 
long-term, solution for Donbass 
is to harness its methane, the 
natural gas that is now caus- 
ing underground explosions 
and environmental destruc- 
tion. There are 25.4 trillion 
cubic metres of methane in the 
Dan Basin, enough to satisfy 
even Ukraine’s inefficient 
energy consumption for over 
250 years. 

Though uneconomic at the 
moment, technological invest- 
ment could make coal-bed 
methane extraction an energy 
production alternative in the 
future, while reducing 
Ukraine’s 80 per cent reliance 
on natural gas imports from 
Russia and Turkmenistan. 


ANC takes the heat out of mining policy debate 

Chest-thumping has given place to level-headed discussions, writes Matthew Curtin 

lenge. 


MARKET REPORT 


Aluminium hits fresh highs 


Confusion about minorats mar- 
keting stemmed from a pro- 
posal for a state marketing cor- 


COMMODITIES PRICES 


BASE METALS 


Precious Metals continued 


GRAINS AND OIL SEEDS 


SOFTS 


MEAT AND LIVESTOCK 


LONDON METAL EXCHANGE 

(Prices from Ama/gamarad Meta/ fradhgj 
■ ALUMtiOUM. 99.7 PURITY ($ per tonne) 


Close 

Caste 

1314-8 

3 mites 
1338-8 

Previous 

1291-2 

13145-15.0 

Hflh/tow 

- 

134371334 

AM Official 

1313-3.5 

1335-55 

Kerb dose 

Open ml 

Total drty turnover 

264.773 

72^33 

1338-9 


■ ALUtWNKIM ALLOY fS par tonne) 


Close 

1275-80 

1289-93 

Previous 

1230-5 

1245-8 

HigtVW 

- 

129071265 

AM Official 

1260-70 

1275-7 

Kerb close 


1286-90 

Open irtt. 

4.454 


Total daily turnover 

837 


■ LEAD (5 per tonne) 



Clone 

483-3 

478-7 

previous 

458-9 

472-3 

rtgIVlow 

468.5 

485/471 

AM Official 

468.5-9.0 

483-15 

Kerb ck»e 


474-5 

Open irvL 

34.900 


Tort d sty turnover 

•MM2 


■ NICKEL (S par tome) 


C»as»j 

S71O-20 

5770-80 

Previous 

5556-65 

5620-30 

High-low 

- 

583075700 

AM Official 

5690-700 

5764-8 

Kerb dose 


5775-80 

Open ml 

48.387 


Total arty turnover 

14.238 


■ TIN l$ per lonnc) 



Close 

6515-20 

6585-70 

Previous 

5430-40 

5480-5 

High low 

- 

5580/5540 

AM Official 

5600-5 

5550-5 

Kerb cicoe 


5550-5 

Open ML 

19.765 


Total drty turnover 

4.635 


■ ZINC, apodal high grade (S per tome) 

Clew 

943-4 

962-3 

Previous 

931-2 

950-1 

ifcgh/low 

- 

9687961 

AM Official 

9484J.5 

9665-7 0 

Kerb doso 


964-5 

Open ml. 

106.309 


Total dirty turnover 

15.432 


■ COPPER, grade A IS per totmoi 


Close 

1956-7 

1965-B 

Previous 

1943-5 

1956-7 

Wghtow 

1960(1959 

198571954 

AM Official 

1959.5-60 

1967.5-8.0 

Korti dose 


1962-3 

Ctoen Int. 

227.30a 


Total dotty turnover 

92.510 


■ LME AM Official ITS rate: 1,4873 

LME Ctmtog C/S rate: N/A 


Spot! *9*5 JmStyf 4899 6m0ttt.487D 9 mms 1.4644 

■ MICH GRADE COPPER (COMEX) 


ifalT* 


0p» 

Ctoae dungs 

Mgh tow 

M Vet 

tew 9200 -1.50 

9290 91 SO 

3,083 668 

Apr 9195 -1.35 

9260 91.90 

1.J54 10 

Htey 91 SO -1 35 

92.70 9170 

41894 9.774 

Jrtl 91 ID 155 

91.70 91. ID 

845 2 

M 9100 125 

9175 9000 

11.067 1.153 

Aag 90.70 -1.40 

91 35 90.70 

408 

Tote 


88008 11,735 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prices ouppUyd by N M flotfigtffUfl 


GoWfTroyoi) 

S pnee 

6 equv. 

Ctoae 

3S3.00-383L38 


Opermg 

383.80-364 20 


Morning to 

moo 

256.470 

Afternoon ft* 

383.40 

255.656 

Day’s rtgn 

384 JO-38500 


Day 1 ? Low 

383.60-383.00 


Previous dose 

33S.ro- 386.10 


Loco Ldn Mean Gold Landing Rates (Vs US$) 

1 month ............ 


3,47 

2 montfts 

328 12 months 

3.72 

3 months 



Steer FU 

prtrOV OX. US era oqwv. 

Spot 

339.00 

536-00 

3 nxmh3 

363.50 

540.95 

8 months 

367.85 

54840 

1 you 

37890 

558.00 

Oo Id Cotes 

S price 

C eamv. 

Krugon«id 

385-388 

258-261 

Mo0a Leaf 

3B4 10-39&S5 


Now Sowerexjn 

92-95 

64-67 


■ OOU) COMEX HOP Troy or.; S/tray oz.) 



Sea 

Itayta 



am 



pries 

ctasge 

mgb 

tow 

M 

VcL 

Mar 

382.4 

-25 

- 

- 

- 

- 


3810 

-26 

384.4 

3827 50033 10601 

fear 

384.1 

-25 

- 

- 

- 


Ju> 

38S.3 

-28 

388.7 

3800 37.187 

4.797 

*■0 

387.7 

-25 

388L0 

3873 

7506 

72 

Oct 

3002 

-ZB 

301.4 

3909 

4.270 

116 

Tote 




142828 24503 

■ PLATINUM NYMEX (50 Troy oz.; Sftroy at) 

Apr 

3905 

-4.9 

4020 

397.5 

10608 

1517 

Jut 

3892 

-62 

4035 

3088 

9.965 

328 

Oct 

399.7 

-52 

4005 

399.7 

1,182 

18 

ter 

400.1 

-52 

404-0 

4001 

563 

4 


4012 

-52 

4043 

4013 

820 

11 

Tate 





22^18 

1576 

■ PALLADIUM NYMEX (10Q Troy uu. S/lroy oz.) 

tear 

133.75 

-025 

w 

w 

14 

1 

Jn 

13150 

-02 5 

13AH0 

mno 

4123 

385 

s* 

13330 

-025 

- 

W 

398 

1 

Dec 

132.70 

-025 

- 

* 

181 

- 

rate 





4,7t« 

267 

■ SILVER COMEX (100 Troy oz.: Centsftroy oz.) 

•tat- 

53£4 

•23 

537.0 

5340 

1337 

178 

ter 

535.7 

-25 


- 

18 

- 

»»to 

537.7 

•25 

5405 

536.0 

71523 

13548 

JUf 

5<r.5 

26 

5445 

5400 

17581 

795 

sw 

5*5.6 

-27 

5400 

5400 

4712 

30 

(toe 

5518 

-28 

5540 

5500 

0237 

657 

Tote 





H7A 10518 


ENERGY 

■ CRUDE OB. NYMEX (42500 US ga to. 8/bwreQ 


Latest 

Oart 


Opea 



Price 

eftange 

Htt 

law M 

tft* 


I49a 

-0.QS 

1509 

1422 57 390 

33.764 

» fey 

14.98 

-007 

1527 

1481 92275 

42892 

Jun 

15.0* 

-058 

I5.lt 

1427 72415 

18J08 

JbI 

15.15 

-058 

1520 

1510 32*15 

5554 

taB 

15.25 

-059 

1527 

1522 162*8 

2188 

Sw> 

15.38 

-0.10 

15.43 

1524 18.88* 

2813 

Total 




430272119239 

■ CRUDE OIL IPE 




Laten 

Defe 


Open 



tera 

Stooge 

Mga 

law tel 

Vrt 

May 

1178 

-026 

1321 

1329 70.304 

5997 

Jm 

1174 

-a 06 

Ii80 

13.70 21209 32267 

M 

1J4S 

-005 

13.W 

13 M U.129 

W 98 

tag 

13.38 

*0.10 

1420 

1391 8,798 

28*4 

Sw> 

1457 

♦017 

1408 

1402 4108 

909 

Oct 

1420 

rO.15 

1420 

- J2*2 

188 

Total 




124221 

6*685 

■ HEATING OIL KVMEX (42000 US gaftL: OUS ptaj 


Uteri 

o*r» 


Op* 



price 

cfamge 

HU* 

law lot 

Vat 

Apr 

44.60 

+0.13 

4470 

4410 362*4 14,963 

May 

4345 

-009 

43.75 

4220 50.068 

5233 

Jn 

43.43 

-0.15 

4280 

4235 34.296 

*201 

te 

4405 

■0.10 

4435 

4290 22J86 

2381 

tag 

44.75 

-025 

«4.75 

4* 85 9.*39 

603 

S«P 

45.80 

-020 

4580 

45.75 8JJ17 

706 

Total 




199478 35,123 

■ GAS OH. PE ammo 




Sea 

toys 


Open 



price 

ctasge 

H«b 

low tai 

*01 

ter 

13825 

+1.00 

138.75 

13S.00 29.544 

2210 

tea* 

13750 

♦120 

13820 

137.00 16.722 

2220 

ter 

13X00 

+120 

13820 

137.50 18.403 

1.323 

M 

139.75 

+125 

13975 

12550 12.808 

841 

tag 

141,75 

♦I2S 141.7S 

141 DO 5.806 

124 

s«p 

143.75 

+100 

143.75 

14050 2231 

101 

Tote 




108,775 

2208 

■ NATURAL OAS NYMEX 00.000 mntitli: J/tamBIUJ 


U lest 

Beys 


(toes 



Price 

items 

Kgfa 

Low tot 

vet 

Apr 

2120 

■OOU 

2135 

2.105 15231 

12*47 

May 

2105 

-0277 

2170 

Z.145 14217 

3.157 

Jun 

2155 

-0222 

2165 

2145 9540 

988 

M 

2166 

-0075 

2155 

2140 2999 

1.263 

Aog 

2IB0 

-0.D1? 

2160 

1150 9.717 

850 

Ste 

2100 

-ooir 

2185 

2175 10*83 

785 

Tate 




122539 107*8 

■ IMLEAOB7 GASOLINE 



WMEX W5Q0 U5 gab: C/U5 ptej 




Latest 

Price 

Dqn 

ttugi 

ngk 

Open 

law bti 

Wot 

ter 

4520 

-025 

4570 

*505 25222 191166 

May 

4575 

-027 

47.15 

4560 45.733 

5718 

JtaO 

47.06 

■020 

4X35 

4890 22,130 

2041 

M 

4700 

-015 

47.15 

4590 7JS7I 

943 

te 

4570 

-023 

47.10 

4060 0,709 

399 

See 

Total 

4629 

■OSS 

45.70 

4520 2«7 158 

118,158 32488 


■ WHEAT LCE per tame) 



Sea 

price 

toy”* 

efaoge 

■ate 

low 

Om 

tat 

M 

Mar 

104.70 

+005 

104J0 

104.40 

37 

10 

May 

10535 

-015 

10535 10550 

1,463 

64 

Jon 

10830 

-010 

10550 

10520 

523 

31 

Sep 

8220 

+030 

93-20 

92.75 

282 

39 

Nor 

94.00 

+025 

9430 

9330 

1361 

155 

Joe 

9535 

+020 

9535 

9530 

586 

10 

Tote 





4361 

312 


■ WHEAT CBT (50OObu min cente/SOto bueheQ 


■ COCOA LCE (Bftomrt 



Salt 

toy's 


teM 


price ■ 

iteage 

RV> 

Uw U Vd 

Mr 

947 

-2 

955 

947 238 108 

M*J 

961 

+3 

976 

881 23,448 1300 

JM 

073 

-4 

985 

072 15344 1348 

Sep 

965 

-2 

995 

085 11386 374 

Dee 

998 

-2 

1006 

995 173® 2328 

H* 

1013 

•1 

1023 

1012 233® 515 

TUN 




107,718 8333 

■ COCOA CSCE (10 tonnes; S/tonne* 


■ LIVE CATTLE CME (4O0OOB»; cents/tea) 



toy's Om 



tees dnege Mg& Low lot 

W 

Apr 

75475 +0.100 75600 75150 35257 

5362 

Jun 

74375 +0200 74300 74300 23312 

X70B 

Aeg 

72375 +0050 72325 72JS 12.150 

662 

Oct 

74300 +0175 74375 71750 9308 

13S5 

Dec 

74.150 +0125 75250 73300 2303 

252 

Hb 

74300 +0325 74300 7X750 69 

18 

Mti 

84317 10887 


■ LIVE HOBS CME {jOjOPbc centa/tes) 


Mta 

337/4 

♦1 72 

33874 

33770 1380 

1,080 

m 

1216 

-27 

1248 

1214 

120 

126 

ter 

40500 

-0475 48350 40360 

0439 

2491 

"toy 

341/6 

-014 

34376 

341/0 61360 18345 

Jri 

1240 

•30 

1275 

1240 41388 5381 


83325 

-0450 5X475 82300 10356 

1334 

JoJ 

32876 


32616 

327/4 99,715 22315 

top 

1263 

-28 

1294 

12B3 

18390 1376 

JM 

52525 

-0480 52350 52.400 

3377 

874 

top 

3300 

-074 

331/2 

328*4 17320 

1.455 

Dae 

1209 

-24 

1325 

1289 

0301 

2S3 

kn 

51900 -0025 51-400 50.850 

2798 

309 

Dec 

338AJ 

-I/O 

339/0 

337*8 22390 

1360 

lb 

1332 

-24 

. 


6352 

1Z7 

Oct 

47375 

■0525 47.700 47325 

1,759 

117 

Mar 

3*0/0 

-VO 

3400 

338/0 20 

10 

"te 

1352 

•24 

1378 

1362 

9358 

267 

BBC 

48200 

-0575 48300 40050 

1327 

845 

Tote 




2Z3370 44,765 

Tow 





9S3M 7348 

Tote 



30471 

0375 


■ MAIZE CBT (5.000 bu n*K canta/5t9b buahel) ■ COCOA QCCO) (SOn-s/taroe) ■ PORK BELIES QIE MOJOOteg cocnattaj 


atar 279/s - mw zm s.1 a? s.4*6 

Mar 2B6/0 -W2 287/D 285MSS2085I3G.O15 

M 2900 -012 2900 289/4580,185 74,705 

top ZW* - 278(8 277/818X378 1X13D 

Dec 265/4 +0/B 285/6 284/2297,065 37 .no 

Mar 271 <2 +018 271M Z70/4 19,155 1,950 

Total 1 .641 M 27X330 

■ BARLEY LCE (E per tonne) 


Hv 

10435 

■045 

. 

34 

w 

may 

10500 

•010 

- 

■ 186 

. 

Sap 

9X85 

- 

- 

- 13S 

- 

Mm 

9SJ5 


8S3S 

8535 86 

3 

J *n 

9635 

• 

• 

13 

- 

■toy 

9730 

- 


- 

- 

Tout 




«8 

8 

« SOYABEANS CBT ROOMsi min; cerWBto lUMf 

•tar 

890/2 

-1/6 

8824 

88974 5375 

2J890 

■toy 

89174 

-341 

805*0 

891/0306350 184385 

JM 

882/4 

.2/8 

695/6 

8924)234^75 57.160 

Aog 

6B4fi 

-2ffi 

687/B 

884/4 37320 

4.475 

Hop 

667/0 

-3/2 

670U 

687/D 19310 

X110 

Me* 

6S3/S 

-310 

857/0 

553/4152305 

3X400 

Total 




7708851 

*395 


■ SOYABEAN OIL C8T (BOOOOtba: cents/tot 


Urn 

2X95 

-ais 

2923 

2833 

1.457 

720 

■toy 

2836 

-ats 

29.18 

2882 34303 12J27 

■w 

2X77 

-031 

29.08 

2871 

28312 

7325 

A»n 

2833 

-022 

28.60 

2H^7 

B374 

53S 

tog 

27.80 

-031 

2818 

27.75 

8385 

853 

Del 

2735 

■038 

Z728 

27 IS 

8798 

781 

Total 





99331 

24387 

■ SOYABEAN MEAL CBT (100 tons; Mon) 


liar 

19*3 

-f.O 

IKS 

(94.3 

1341 

947 

May 

1985 

-03 

1872 

1981 

29.185 

1215 

JM 

1973 

■0.4 

18&Q 

1963 24,379 

4.118 

A« 

136.1 

■03 

1988 

1980 

6384 

264 

top 

1943 

-0J 

1952 

1942 

5396 

368 

Oct 

1923 

-0.4 

1922 

1922 

8.431 

121 

Total 





80097 18390 

■ POTATOES LCE (C/tome) 




AW 

1783 

-42 

1513 

1753 

69t 

19 

■ay 

1983 

-72 


1913 

524 

31 

Jen 

1300 

- 

• 


2 

. 

Hot 

fiOfl 

w 

- 

- 

- 

. 

Bar 

1053 

to 

- 

- 

- 

- 

Apr 

128J 

-13 

1283 

1253 

- 

17 

TOW 





1341 

67 

■ FREIGHT QS1FFEX) LCE (SIQ/lndax poM 



IT78 

-5 

. 

117* 

297 

. 

Apr 

12S3 

+0 

1255 

1250 

1354 

18 

»y 

1352 

■»3 

1252 

1140 

378 

100 

M 

1146 

+0 

1148 

- 

S3 

20 

Oct 

1275 

■2 


- 

241 


Jm 

1330 

+17 

- 


74 

- 

Total 

Ctoae 

ftev 



2.710 

138 

bu 

1138 

1134 






WOOL 

Austrian wad xU «*> aflain Ms week, and 
the overt! mortal iKteator totalled another 8 
cents higher at a now Seasons peak o t 554 
cents a kg. New Zealand was oteo a Arm 
marts®, nfch some wools dm, though the 
selection there had astern » carper types and 
not always comparable vAth last week's sharply 
dearer sate. The outafemrtng motel of the 
wes k waa the auction of British wool in 
Bradford with prtcoa 7 A % to 10* newer, and 
ateo ei now seasonal paste. AO the pmn to 
rising prices seems to be carting from primary 
markets and Ktte pte Iran the rtaH and b 
Me a l e d In the hade. Austraten offerings am 
higher man expected In lha remanin g weete of 
the saaarei and a negfgibie anoint M stock- 
pile wod is id Da added Is throe auctions to 
test out ns method of atotepfle depart, due 
to start In the test had of the next season. 


■or 17 



Price 


Fiat, day 

DaPy 



- 969.68 


97X74 

Mar 18 





10 day average — 


-93533 


92X76 

■ COreS LCE (Vtorma) 



mm 

1324 

♦25 

- 

. 

341 

mm 

1333 

+23 

1340 

1325 1702S 1042 

JM 

133S 

+X2 

1340 

1328 

11063 2061 

top 

1333 

+23 

1335 

1325 

5,798 727 

tin 

1328 

+17 

1333 

132S 

2702 an 

JOS 

1328 

+X1 

- 

- 

5041 

Total 





44042 4019 

■ COFFEE ‘Cf CSCE (3730 (*« centa/lba) 

thr 

8030 

•830 

81.10 

8035 

129 38 

Met 

82.10 

-820 

8X85 

8135 

5112811075 

JM 

8X45 

815 

8X35 

8X95 

10031 2*36 

•to 

8435 

830 

8500 

8430 

5348 298 

Dec 

8X55 

870 

8820 

85.10 

3040 77 

Mar 

8835 

865 

8720 

8805 

1.103 ID 

Tote 





5803414,112 

■ Cores (ICO) (US cants/pomd) 


■tor 17 



Price 


Pro. day 

Con®- itatir 


_ 7604 


7X76 

IS day average _ 


_ 7425 


7402 

■ No7 PREMIUM RAW SUGAR LCE (centa/toa) 

toy 

1238 

804 

1Z35 

- 

1068 10 

JM 

1X87 

+001 

- 

- 

2,738 

Oct 

1X09 

801 

- 

- 

145 

JIB 

1X04 

801 

• 


■ 

TWaf 





4,151 M 

■ WHITE SUGAR LCE (S/tonne) 


toy 

33330 

830 

33400 

33X00 

7.711 80* 

te 

32S20 

+830 

33000 : 

32790 

I486 919 

tot 

30930 

+880 

31000 30830 

4,033 207 

Dec 

30820 

■*870 

- 

- 

117 

Ms 

30430 

+1X0 30400 30330 

416 25 

■toy 

30800 

810 



202 

Tote 





14160 2055 

■ SUGAR *11’ CSCE (1i23O0lbs; oantaflbs) 

May 

1X14 

803 

7X19 

1X10 63203 7083 

Jut 

1X31 

+002 

1X32 

1X27 34030 2040 

Oct 

11-78 

80S 

1103 

1174 29341 1,703 

Itor 

1130 

808 

11.40 

1128 

1X187 469 

May 

1128 

806 

1134 

1128 

1,766 86 

JM 

1123 

808 

1130 

1123 

1010 32 

Total 




14X4*12017 

■ COTTON NYCE (50300t»; oenOftbo) 

Mar 

78.17 

878 

77.16 

Tan 

• 

JM 

7X8S 

873 

7700 

7890 2X458 4016 

Oct 

74.70 

80S 

7505 

7405 

15.788 1213 

Dec 

7230 

828 

7X70 

7225 

204S 112 

■tor 

7X21 

828 

7330 

7X21 

13083 1053 

»*» 

7177 

8X8 

7406 

7X77 

591 17 


TMtf 82010 axis 

■ ORANGE JUICE NYCE MS.OOOftm; cantteUte) 


tear loom +036 roan 10000 

2 SS 

82 

Hoy 11X15 +G£5 11 X 45 11105 

8,723 

448 

JM 11450 +005 11500 11400 

5090 

272 

««p 116,75 -rOM 11700 11630 

2038 

67 

Ntar 11X40 +0.40 115/10 11500 

1068 

1 

Jn 11X45 +G» 11530 11X20 

1048 

B 

Tote 

190V 

888 

VOLUKE DATA 

Open Merest aid Votene data 

shewn 

I] 

uKtoaua traded on COMEX. NYMEX COT, 
NYCE, CME. CSCE «1 tPE Crude 01 are one 

day In arrears. 



INDICES 

■ ROJTBB (Base 18/8/31=1 00) 

H» 17 Mar 16 month ago 

yoar ago 

18303 1824.3 178X8 

17S70 

■ Cfti Futures (Baacc V9/S6-10Q 




Mar 18 Mar 15 month ago year ago 
22M7 22031 227.09 209.56 


titer 54JXK -Cm 54.400 63423 137 9 

May 55.150 -OS2S S55D0 54450 X311 1501 

JM 55.475 -0500 55500 55.100 2510 <70 

Mg 532*3 -0425 5X700 52590 541 105 

Ml 5B550 -0550 59500 58500 54 25 

MV 58550 - - - 3 1 

TOW 8564 2511 


LONDON TRADED OPTIONS 

Strike price S tonne — Cafe Puts — 

■ ALUMINUM 


(99.7%) LME 

May 

Aup 

May 

Artg 

1300 - _ 

SB 

87 

21 

36 

1325 

41 

73 

32 

48 

1350 

30 

60 

46 

SB 

■ COPPB1 





(Grade A) LME 

May 

Aug 

May 

Aug 

1900 

87 

114 

21 

48 

TS50 

56 

68 

40 

67 

2000 

33 

63 

67 

83 

■ cores LCE 

May 

Jld 

May 

Jul 

1250 

93 

115 

10 

30 

1300 . 

58 

84 

25 

49 

1360 

32 

59 

49 

74 

■ COCOA LCE 

May 

Jul 

May 

Jii 

928 

48 

78 

12 

28 

860 

S3 

61 

22 

38 

976. 

21 

48 

35 

50 

■ RREKT CRUDE tPE 

May 

Jun 

May 

Jui 

1350 

62 

116 

22 

40 

1-100 

38 

• 

39 

99 

1450 

19 

53 

- 

- 


LONDON SPOT MARKETS 


■ CRUDE OIL FOB 1pm bairt/May) 

+or- 

Dubai 

$12jB6-2.72w 

+0.105 

Brant Sand (dated) 

01404-409 

+007 

Brent Send (May) 

$1X74-3.76 

+aii5 

W.TJ. (1pm esq 

$1407-409w 

+023 

■ O*. PRODUCTS NWEpnxrt* deftrery Ctf ftonne) 

Premium Gasofaie 

$183-156 


Gas 04 

$140-141 

+1 

Heavy Fuel 08 

$73-75 


Nephlha 

$133-134 


Jet Fuel 

$159-161 

+1 

POroisue Argui BKsntan 



■ ons) 



Odd (per troy cw}A 

$38X15 

-2.78 

S8var (per tray ae)f 

6340C 

-8.00 

Ftafirem (per troy cz| 

$39X85 

■X<0 

PatecJum (per tray oz.) 

$13X75 

-050 

Copper (US prod.) 

97.0ft 

+100 

Lead (US prod.) 

36.130 


Tin (Kuala Uanpu) 

1401r 

+OZ3 

Tin &4ew York) 

2540OC 


Zinc (US Prtma W.) 

Untj.- 


Cattle (he wdghOt 

130.73ft 

+ 1 33- 

9wep wMomjt* 

14O03p 

+1402* 

(We welgW) 

7701P 

-408* 

Lor. day sugar (raw) 

S2940O 

+070 

Lon. day sugar (wts) 

$33X50 


Tate & Lyfe expert 

£30X00 

-1.00 

Btafey (Eng. feet? 

Unq 


Maiaa (US N03 Yteow) 

Unq 


Wheat (US Dork NorlfQ 

£1800* 


Rubber (Apr) V 

exsop 

+000 

RubborJMoyff 

89.00p 

+000 

RuutwlkLRSSNsl/tert 

24790m 

+1.00 

Coconut 01 (P^§ 

SB3S.OL 


Pten 08 (Malay 

£40X0/ 


Copra PWfi 

$34X0 

+50 

Soyabeans (US) 

E1940W 

+10 

Cotton Ouflook A Index 

8000c 


Woettops {54s Super) 

389p 


C pw am urfcj* DOwatae Mptod. p p«teeftp. 

ccemi/ti. 


r i«iggin«. m Mtieywn ewteka. * Apr w 1 Mwun. 

x Aprrtfay. f Lateen PtiyteeaL 5 CF Hnowito i^f M an 
maw ana*. 4 3hnp W»e mfe* prim). ‘.Owp » 
MU. p t meaiaf pries*. 


CROSSWORD 


No. 8,407 Set by GRIFFIN 



ACROSS 

1 Goes an at relief worker on 
the way back (8) 

5 Unusual Sun article on iron 
that’s dangerous (6) 

10 Chains one man to pole (5) 

11 Spots cats surrounding cat 
after bail (9) 

18 Dispenser with cold has to nip 
out (4J) 

18 Alight second, going back 
here (5) 

14 Are given food outside, being 
respected (6) 

15 Two points be can possibly 
add to (7) 

18 Proclaim “time" with spirit, 
darling! <T) 

20 At home Bill races round 
uninjured (6) 

22 Barker’s firm rebuilt rig (5) 

24 Thanks to natural evolution 
finds spider (9) 

25 Material produced by college 
then on Eastbourne front (9 j 

26 Private hotel about to make a 
comeback (5) 

27 Harangue as traffic island’s 
first to be introduced (6) 

28 Remarkable new gun is left 
by retreating gunners (8) 

DOWN 

1 A sandwich each (6) 

2 Bride’s outfit free to a US user 
(9) 

3 Is fitting the Tn/tnapnfr direc- 
tor found outside stolen? (151 

4 Bound to indude everything 
which matched (7) 


6 lacking status, nevertheless? 
(15) 

7 “Allowed”, said for everyone 
to hear? (5) 

8 Turn and sneer when trapped 
(8) 

9 Di removed disc they repro- 
duced for an old grass^utter 
( 6 ) 

16 Prisoner tamed up to go on a 
lake nightly (9) 

17 Keep top up on broth con- 
tainer (8) 

19 Stagger a rag-and-bone man 
( 8 ) ■ 

20 National airs arranged by 
priest (7) 

21 it's just the Queen that’s 
more beautifUll (6) 

23 Which measures direction on 
river (5) 



LiinnanflB 

□ □ D O 
aOPEBQB 
a a n b 

amnBEE 

□ □ E 

UDQQQQE 

a □ b „ 

QQ EHQ0 

□ □BE 

BmHQQDG 

q a a a 

□QDDB 1 
H B B 
00DQ0I 








I a „. 

9 | ■“ 

9 |l 


financial times Friday march is 1994 


MARKET REPORT 


LONDON STOCK EXCHANGE 


Gains trimmed at close of a nervous session 


By Terry Byland, 

UK Stock Market Editor 

Another nervous session in UK 
equities saw early conscience chal- 
lenged in the final hour of trading 
when both government bonds and 
stock index futures ran into selling 
pressure. Securities markets 
accepted with good grace the Bund- 
esbank’s decision to keep its key 
interest rates unchanged, and at 
first responded well to favourable 
indications on US inflation from the 
Philadelphia Reserve Board. But the 
readiness of investors to sell into a 
brief advance in gilt-edged securi- 
ties seemed to disclose underlying 
nervousness over interest rates. 

The final reading showed the 
FT-SE 100 Index at &2S5.7 for a gain 
or 12.8 on the day. The market 
peaked at Footsie 3,2624 just before 


the announcement from the Bund- 
esbank, and came back smartly for 
a while as it digested the decision of 
the German central bank to leave 
both the Lombard and discount 
rates unchanged - as well as giving 
no Information on the next repo 
tender. 

Few analysts had counted seri- 
ously on any redaction in German 
discount rate, while any change in 
the Lombard rate would have been 
of largely cosmetic significance. 
Consequently, share prices soon 
steadied in London and began to 
move higher again as Wall Street 
responded favourably to the news 
from the Philadelphia Reserve 
Board. 

The Dow Jones Industrial Aver- 
age lost Us early gain, however, to 
show little change from overnight 
when London closed down for the 


Qptw Dadnttn; 
Mar 10 


day. Mora importantly, UK bonds 
turned down and quickly showed 
that they still have the power to 
upset the stock market 
Traders stressed that the pres- 
sures associated with the expiry 
this morning of the FT-SE 100 Index 
March contract were affecting share 
prices last night The FT-SE Mid 2S0 
Tnriey, unaffected by <«piiy consid- 
erations, slipped 3S to 3.886.6. Seaq 
volume remained fairly high, at 


659.4m shares; on Wednesday, 
625.5m shares were traded through 
the Seaq electronic network, return- 
ing a retail, or customer, value of 
£L46bn. 

Company news continued to pro- 
vide many individual features but 
gave less guide to the market as a 
whole. Reuters, the global business 
information group, improved on the 
news that it has revised its Globes 
contract with the Chicago Mercan- 
tile Exchange. But the early gain in 
the shares was later reduced. 

The Footsie was helped by firm- 
ness in the pharmaceuticals, as well 
as by indications of a strengthening 
market for oQ shares. Good trading 
volumes in equities continued to 
indicate that the institutions are 
not net sellers of UK shares but are 
busy reshuffling portfolios in 
response to the sharp rise to yields 


FT-SC-AJUMham Indue 


1,800 - - - 


Equity Shone*' Traded 

Tiantmar bv «*gne (nflfcgiE 

Mm+rarter bushes* uxt oven*** wmawr 

- 1,200 


in the bond markets. Dividend- 
yielding stocks found buyers again, 
with Schraders, the London mer- 
chant bank, again providing a good 
lead for the financial sectors. 

With the Bundesbank now 
unlikely to make any definitive 
move on interest rates for a month, 
attention is expected to refocus on 
the US Federal Reserve, which is 
still expected to tighten credit pol- 
icy. UK equities have shown this 
week that they are still highly vul- 
nerable to moves in the London 
bond markets. 

However, the stock market is 
expected to be preoccupied today 
with the effects of the futures settle- 
ments on both sides of the Atlantic. 
In London, there were signs that 
futures traders appeared unwilling 
to positions into the June 

contract on the FT-SE 100 Index. 





.800 . J 

Hi 

mm 

;.ii l;' 

600 fl 

ijite i 

400 | 



2D0 I 
0 1 

||| 

ii|j iil-Ji 


Avar. FT OnflNto . 1894 j*' ; 

■ Key bu&cators 


indices md radios 

FT-SE 100 

FT-SE Md 250 

FT-SE-A 350 

FT-SE-A Aft-Share 
FT-SE-A AH-Sharo yte(d 

3256.7 

33865 

1648.4 

1640.76 

3-53 

+-12.B 

+45 

+454 

(3^ 

FT OnOBnary Index 
FT-SE-A Non Rns p/e 
FT-SE 1 00 Fut Mar 

10 yr Gilt yield 

Long g0t/aqu3y yid ratio: 

2S665 

21.78 

3247.0 

755 

2.19 

+13.5 

(21.74) 

+9.0 

(7.18) 

(2.17) 

Best perfonoliiH sscCots 


Worst performing Meters 

-15 

2 Plwmiaoeutlcab — 


— +15 

2 Tobacco — — - 


-05 

-0.8 

4 hfineral Extraction 


— +15 
— +15 

4 Mecfia 

5 Other Services & Bare 

t 

-0.6 

-as 




* h „ =‘ 


Guinness 
slides on 
results 


International drinks group 
Guinness was the worst per- 
former in the FT-SE 100 stocks 
yesterday as it reported dull 
results undermined by sliding 
margins and continued tough 
trading. The shares retreated 
18 to 484p on turnover of 10m. 

Although profits came in 
line with expectations - the 
company gave a good indica- 
tion following its restructuring 


with French group LVMH in 
January - some market spe- 
cialists were disgruntled by 
two exceptional items of £17m 
which they felt slightly flat- 
tered the headline figure. The 9 
per cent drop in operating prof- 
its at United Distillers also dis- 
appointed some, as did the 
retreat in Spain. 

Klein wort Benson said the 
poor figures pointed to another 
year of earnings decline, with 
little in the way of optimism 
for 1995. The broker, which has 
reduced its profits forecast by 
£15m to £925m, has the stock 
as a long-term hold but 
believes further weakness is 
likely in the short term. 

NatWest Securities dis- 


agreed, pencilling in 7 per cent 
gamin g« growth this year after 
taking into account Hib recent 
restructuring with LVMH, and 
with a profits forecast virtually 
unchanged at £935m. The bro- 
ker pointed out that Guin- 
ness's key markets - the US, 
UK and Japan - have bot- 
tomed out 

Reed tumbles 

Magazine publisher Reed fell 
heavily as full-year figures 
were accompanied by a disap- 
pointing statement The shares 
ended the day 27 lower at 878p 
on exceptionally heavy volume 
of 4m and the Dutch arm 
Elsevier fell 2.4 per cent 


EQUITY FUTURES AND OPTIONS TRADING 


Dealers reported an 
uneventful session on the 
last full day of trading in the 
March contracts in both 
Footsie futures and stock 


index options, writes Joel 
ffibazo. 

In futures, the March 
contract on the FT-SE 100 
started trading at 3,247 and 


■ FT-SE 100 MDEX FUTURES (L1FRE) £25 per ftJ Index potfw 



Open 

Sett price 

Change 

High 

Low 1 

Eat vd 

Opan tot 

Mar 

3247.0 

3247.0 

+20 

32875 

32380 

18139 

19832 

Jun 

32605 

32545 

+65 

32735 

32475 

10579 

47788 

Sap 

- 

3275.0 

+85 

- 

- 

0 

880 

■ FT-SE MD 200 INDEX FUTURES (UFFE) CIO par Ul Max point 



Mar 

3685.0 

38885 

-2.0 

3800.0 

3895.0 

455 

780 

Jui 

3814.0 

3805.0 

-55 

39200 

3914.0 

421 

944 

■ FT-SE MD 250 MOB( FUTURES (OMLX) CIO par tuO Max point 



Mar 

3885.0 

38905 

+5.0 

3895.0 

38855 

538 

20504 

Apr 

3903.0 

39115 

- 

38035 

39025 

535 

20879 


At opart rttfut tguw are far pratfna t Enact uakana gfnnrn. 

■ FT-SE 100 NNDBC OPTION (LiFFE) (*3257) £10 per fril index point 


3100 3150 3200 32S0 3300 3350 3400 3480 

CPCPCPCPCPCPCPCP 
Mar 1S7>2 h 1W*Z h 57b 1 7*2 10 *2 S3 * 2 103 ** 153 >2 203 

Apr 164*2 17*2 124*2 23 88 42*2 60*2 64*2 38 92*2 22*2 127 12 IBB S 210 

to 189 37 153 50 121 67*2 e>2 68*2 6B*2 115*2 41 144 33*2179*2 21*2217*2 

Jun 2M*j 51 *J 188*2 65 138 84*2 109 104 86 130*2 65*2159*2 48 193 35*2239*2 
D«t 286 111*2 223*2 148 188*2 190 125*2243*2 

CSfc5J?a PS* 0,787 

■ EURO STYLE FT-SE 100 INDEX OPTION QJffQ £10 par tu8 Index pottt 

3075 3125 3175 3225 3275 3325 3375 3425 


Mar 

173 

h 123 h T3 1 

2 28 

3 3 28*z 

h 

78 *2 128 

*2 

178 

Apr 

181 *2 

13 148*2 21*7 103^2 34*2 ?»2 

53 47*2 78 

29 

109 16*2 148*2 

6 

168*2 

to 


170*2 4412 

IM 

77 

a 

128 

26*2 

1» 

Jon 


163*2 55 

123 

93*2 

77 

148 

44*2 212*2 

Sept 


231*2 87 

171 

123*2 

m 

171 

a 

230*2 


Ctei ms Pub 1,113 • Undartytog tadoc nfet Pmotfum Store an hand on MOcara* grins, 
t Uma titttt am norths. 

■ EURO STYLE FT-SE HP 250 WDEX OPTION (QMUQ CIO par hil Indw poklt 

3950 4000 4080 4100 4150 4200 4250 43 

Mar 1 80 - 108 *2 158 >2 258 *2 258 *2 358 >2 * 2 

Apr 48*2 98*2 38*2 130*2 18 188*2 12 212 8 3 2 1*2 

Cans 0 Pntc 0 SeUemart prims and wtanes arc Mm rt 430pm. 


FT - SE Actuaries Share indices 


slow but steady buying saw 
it advance to the day’s peak 
of 3,267 just before midday. 

News that the Bundesbank 
had left rates unchanged saw 
March come off the top and 
it drifted gently lower for the 
next few hours on light 
selling. 

A bout of heavy seffing by 
independent traders in the 
last half-hour before the 
close brought a further 
retreat before March finished 
at its starting level of 3,247, 
a 10-point discount to cash, 
with volume of 15,640 at the 
official dose. 

June finished at 3,252 with 
turnover reaching 8,781 lots. 
A trader pointed out that the 
cost of rolling over a long 
position had fallen from 10 
to 7 points, showing a 
willingness to maintain a 
short position in March 
ahead of its expiry. This was 
said to signal a retreat in the 
market over the next few 
sessions. 

In the Liffe FT-SE Mid 250, 
volume in March was 473 
tots, and the same contract 
on the OMLX saw 538 dealt 

Business In Liffe traded 
options was dull, volume 
reaching 25,829 contracts. 


The UK Series 


FT-SE 100 3255. 

FT-SE MM 250 3886.1 

FT-SE MM 250 ex Irw Trusts 3802- 

FT-SE-A 350 1848/ 

FT-SE SmaOC^i 200031 

FT-SE ftnsKap as taw Trusts 198B.7I 

FT-SE-A ALL-SHARE 1640.71 

■ FT-SE Actuaries All-Share 


ga% Mar 18 Mar 15 Mar 14 ago 

+04 3242.9 3267.4 3233.4 2878.7 
-U1 38904 3902.5 3885.7 31335 
-0.1 39000 3818-2 39009 3152.4 
+03 1644.8 16855 16406 14205 

2008.70 201155 2011.70 156850 

1988/47 1992.16 1992.48 157656 

+03 163652 164657 1832.78 141150 


Dto. Earn. 
yjrtdS yjtedBB 

3.71 550 

3.15 5.01 

355 558 

356 559 

2.75 3.71 

258 4.09 

353 555 


Pfls Xd *4 Totrt 
ratio ytd Return 


Day's Yoar Dtv. Earn 

Mar 17 chgrrtt Mar 16 Mar 15 Mar 14 aQo yteld% yMd% 


10 MMERAL EXTRACf10M(18} 
12 Extractive InduetrtasW 

15 OS, tnteg ra tedg) 

16 OS E/ntaration 0 PnxKII) 

2D QB4 MANUFACTURERS(264) 

21 Bittdng & Gonstnjction(3l) 

22 Biddtog Matts & MarchsPO) 

23 Chemicai!i(2<Q 

24 DwonUed todusWateflO) 

25 Bectranlc & Sect Equtp(34) 

20 Englnfwring{72) 

27 Engineering. VehfctesflZ) 

28 Printing. Paper & PGKg(27) 

28 Textiles 0 

30 CONSUMER GOOOSfH) 

31 Brewerin(17] 

32 Spirits, Wines & CMorSflC® 

33 Food Manufecturers(23) 

34 Household Go«±jfl2) 

36 HeaRh Cara(20) 

37 PtBrmaceutiCTtaflO} 


40 samcEspta) 

41 DistributorsPT) 

42 Lajauna & Hatels(22) 

43 Medta(37) 

44 Retteere. Food(17) 

46 Retailers. Ganarte(43) 
46 Support Ssntcsa(40) 
49 TrsnspOtSIQ 

51 Other Services & 


+15 2519.82 2531.12 251257 214850 
+09 3944.64 396850 3924.49 309350 
+15 242357 2433.11 241837 2031.70 
+08 1838.18 184954 184035 210440 
+04 215957 2174.78 216956 171950 
-05 146158 145253 146028 82150 
-03 229156 2302.06 225056 148850 
+15 246256 2473.60 2463.67 2142.10 
+09 2162.07 2173.45 21 68.03 164650 
-03 209550 21 1954 210355 166150 
+02 198653 197152 196458 1472.80 
+1.02341.63235057233896 181650 
+05 301 756 303250 301 B59 229350 
-03 182357 1977.43 1963,45 181 1.00 

+05 2882^2 288047 266158 286650 
-02 2243.82 2251 .04 223650 214550 
-15 306155 313252 310754 288630 
*0.72344502346.11 234258248220 
-0.1 2672.16 271 429 273051 2365.10 
+05 177018 1784.42 178751 180450 
+15 307252 306758 305058 313850 


: L'A ft I’Lj: '-'N l L 


3.66 457 

32S 447 

357 557 

323 358 

3.45 358 

2.46 358 

3.11 2.73 

072 456 

423 424 

3162 8.11 

2.77 3.00 

441 3.14 

258 4.10 

351 002 

450 756 

4.07 756 

3.49 853 

4.02 755 

322 6.93 

358 5.54 

4.02 7.10 

551 852 

251 653 

2.74 456 

356 457 

154 459 

3.75 9.70 

272 529 

232 658 

324 348 

358 354 

4.10 7.16 

353 1056 

5.76 t 

270 5.67 

453 1356 

353 552 


if • 


60 UTXJTIES(3B| 

62 Boctndty(i7) 

64 Gas DtaWjuflotxa 
66 Tet e c u riimunicatlona W 
69 Watefia 


70 FHANCIALS(10q 

71 BenkafrO) 

73 liraixanccflB) 

74 Life AssurancefB) 

76 M o i cha nt Broks(5) 

77 Other BnsncWCZS 

79 Property^ 


88 FT-SE-A AUL-SHARE(862J 


.■n 


209127 208223 210150 2066541808.60 251 653 

3103.78 +0.1 310153 308529 30B3592S81. 00 274 456 

232755 +05 231355 232558 2304.45 175820 356 457 

3214.72 -05 323257 326159 324858 221270 154 459 

184857 164752 1BS450 163456 210720 3.75 8.70 

17S3.11 -0.1 1761.73 1758.49 1742.11 1604.20 272 529 

171654 -05 173158 173850 173550 1556L90 232 656 

259299 +02 2B8355 259423 2S7257 208420 324 340 

-05 1226.44 1226.60 1255.71 1344.60 
243552 +02 2431.492449.16 242S54 21 18. 10 4.10 7.16 

2344.51 +05 233459 233754 231358 173620 353 1056 

207628 +05 206854 2065.73 205055 193750 5.76 t 

213450 +02 213020 215253 214357 193050 370 5.67 

1874.74 -051889561904.131887.73183420 453 1356 

+05 1780.90 1772.13 175757 154&40 353 552 


2368.10 _ 2365.74 237926 2352.73 190150 375 558 

303650 -0.4 3047.71 308258 303853 228750 354 624 

1381.46 +05 135344 1357.13 134723 136330 459 300 

2614.13 +1.8 2S6628 2555.40 252S29 261310 448 455 

3087.93 +02 3061 57 2989.72 296720 235950 309 7.64 

203224 -02 203553 203318 2027.79 137650 318 550 

170306 -021705.75 171754 1711.19124050 awn asm 

-0.1 293343 


164376 +05183552 1646571633781411.80 353 655 


P/E Xd a*. Total 
ittjo ytd Return 

2547 2753 100957 
2652 2653 106046 
2459 3159 89451 
3313 qOO 105050 
3336 11.18 107923 
3756 361 1109.78 
4953 152 104091 
2751 20.00 107922 
3057 2450 108752 
20.08 250 
4457 8.73 110387 
4344 2051 112350 
2355 150 116927 
2386 156 1056.98 
1369 1308 96372 
1659 1151 98316 
1957 1853 996.09 
18.15 11.13 96551 
1652 157 93228 
2153 398 1011.18 
10.40 3555 97372 
14.11 300 85456 

2382 B58 100652 
2456 557 105053 
2758 1325 112372 
2312 1450 109942 
1250 153 96828 

2371 454 91724 

1759 156 1024.41 
aa?n S52 895.77 

3390 397 102951 
1724 550 91150 

1153 1555 94651 
t 050 91740 

2152 059 68750 
367 348 90251 
21.7B 6 67 1219.47 


2309 29.00 91954 
19.01 5558 89755 
1451 1352 90754 
2755 391 96151 

1550 11.44 90852 
2251 1337 106338 
4335 380 95059 


2152 10.13 126300 


■ Hourly movements 

Open 950 1050 1150 1250 1300 1450 1650 16.10 Kflh/day Lore/day 

FT-SE 100 32437 32545 32S24 32594 32612 32595 32S15 32515 32574 32625 32464 

FT-SE Mid 2S0 38805 38915 38900 38925 38922 38915 38905 38885 3887.7 38834 3888.0 

FT-SE-A 350 1647.1 16495 16464 1651.4 1852.1 16615 16475 1648.1 16802 16838 16475 

hma of FT-SE TOO Hgh lSL1«pm Low M4an 

■ FT-SE Actuaries 380 Industry baskets 

Open 950 1050 1150 1250 1350 1450 1550 16.10 Pore P r e ttoro Change 

Bldg & Cnstrcn 13855 13855 13875 1387.1 1386.7 13845 1384.0 13835 13804 13804 13865 55 

p+usmaceutfata 30739 30785 3061.1 3090.7 30965 30961 30905 30669 30966 30965 30431 +64.7 

Water 18815 18638 1879.1 188S5 1886.4 18845 18835 19815 18735 16705 18855 <155 

Banka 3059.7 3079.7 30705 3070.1 3077.7 30767 30665 30695 30755 30732 30661 -115 


I The market focused on cau- 
itfous crunrngnts concerning the 
pick-up in the price of raw 
matariaTg and difficulty Of 
raising the price of the end 
product in a period of low 
inflation. Smith New Court, 
which had a top of the range 
forecast of £628m for the com- 
bined group’s 1994 figures, 
trimmed by ElOm and argued 
that the rating was up with 
events in the short term. 

However, like many ana- 
lysts, it felt the market had 
reacted badly to the statement; 
Ms Chris Munro of Hoare 
Govett painted out that Reed 
had already made allowances 
for the paper and print rises 
by locking in costs. 


TRADING VOLUME 


■ Major Stocks yesterday 

VoL Oaring Day* 


ASM Qrauot 
Abbey Nokrtrtt 
AftritAMr 

IsSL 

AaMC. BrtL Port* 

HAAf 

BAThdAt 


Bit 

BTRT 

Bar* tt Scofendt 
Bricteyat 


BkjaCkdvt 

Bocfcar 

Baobt 

Bo— rf ^ 

Brt. Arinpamf 
Brttati Afanqnt 
BriOriiQrat 
BrtMUnd 

BrtMi smart 

Butt 

Bumrii CaMf 
Buton 

CrtMAVAot 


Color Uraup 

Carndont 

CrtMCamma.t 

CoUi v ynAgf 

Cam Uttant 

cartoon 

cautoUkUl- 


DaLalfcia 

□bora 

EMniBtt. 

EntMrtrittBria. 

EngCNnoClM 

BMjMoOlf 

Ernrinl Undo 

FM 


Den. Acddontl 
Qowm Boctf 
Qtoat 
0)nw«1 
QranadoT 
Grand Mfet 


OKN 

Orton— >t 
HS8C(75prittt 


Wt t 

fcchcapnt. . 

Johnson kknhoy 

attg 

Uttbraiiat 
Land SocwtWt 
L—m 

Logri & Qanortt 

sas 

LASMO 
London B—t. 
Lonho 


Maks A Sponertt 
MUandsBecL 
Mattson OMnJ 
WCt 

NriMatEMd 
Nrifanrt F— t 
NH 

NortlWMVf— t 
ifartun Boot 
Nottwm Foodst 


■wnu l 


4.100 SB*» 

1500 487 

•91 63 

1500 018 
906 

4.700 £ 

6MH 302 
S3 957 
S30 563 

565 1006 

3400 473 

563 131 

627 441 

451 726 

13000 369 

664 337 

6400 418 

MOO ZW 
*fiO0 387 
2200 200 
6100 5S3 

1AOO 525 

2.100 3SS 

33 418 

1AOO 547*2 
559 483 

BBS 609 
2400 427 

2500 312 

42 410 

6400 145*2 
148 182*2 
64 640 

651 54 

4500 4S2 

1,400 G03 

27 325 

307 
179 985 

2.100 260 
631 581 

262 
1400 507 

458 


RBd«3^a9nrit 

fMandt 

HsadkAf 

HanMHft 

Asutsraf 


Scortrtl* Naw-t 
ScdL Hydro-B—L 


3mm Tiqmt 
ShMirtrapont 

SttiwLIA 


13N 

najMri 

Tnoo 

Tris&Lyfa 

T^tarWOodnw 

Teaoot 

n—m vn—rt 

Thom awt 

Tom M —t 

TfrirtgtrHou— 

UrtoriB 

UnBamt 

Unkad Bwskat 

UU. Ne wsp apers 

vodrionef 

WattugOCOt 


2.000 257 

418 615 

6300 311 

0.400 690 

129 363*2 

6200 565 

ZBOO 478 
1AOO 5® 
1J00 166 

167 668 
IftOOO 464 

2200 824 

87 384 

14JQ00 284 

262 210 

1.700 301 

6500 171 

51 353 

6900 787 

1/400 663 

90 671 

784 003 

87 606 

1.700 207*1 

646 703 

131 804 

2LS00 610 

524 413 

1.700 691 

SJDO 132 
431 613 

6500 156*2 
6200 215 

168 483 

1200 189 

339 726 

2JDOO 424 
273 632 

185 118*2 
6400 247 

6200 493 

•£00 476 

782 22Z*z 


970 
681 
222 
781 423 

621 638 

905 576 

6000 878 

7-200 248*2 
664 2021 

6600 192 

050 438 

1JB00 278 

ZJOO 387*2 
779 1223 

760 643 

1,600 388*2 

Z200 age 

axu* ii9>2 

IJOO 210 
170 343 

1J3B0 564 

3A0B 683 
SM 500 
266 
lino 321 
1200 144*2 

3J300 408 

1.100 375 

81 4M 
642 
709 


1,500 1138 

2.100 236 


2J600 238*2 
1300 195 

342 430 

2.100 168 
2300 220*2 
SOS 630 
406 1144 

1*00 258 

1200 106 
251 3S3 

2JJQ0 1061 
&200 346 




El 6M_ Tha FT4 
=BCTAT at 4ha a 


FT|3E AcH 


Acfuarfaa kafeuky 
lum Mat Is 
I art of grant ten. 


Ygaiulme Mstar 
Zenaest 
B— ad on nraig Wtaa for a — to 

sacuM- dsaa tfatxqfi ma SEAQ i 
maattay utt 4Jfem. Ikad— sta 


Meanwhile, the squeeze from 
supplier was signalled by con- 
fidence from Aijo Wiggins 
Appleton. Profits of £ 122.1m 
were at the low end of fore- 
casts. But analysts raised esti- 
mates to around £X75m for 1994 
on the belief that paper price 
rises of between 4 and S per 
cent in January were sticking. 
The shares jumped 13 to 302p. 

Relief that figures from 
United Biscuits were; not as 
bad as some had feared helped 
to lift the shares 11 to 349p on 
turnover of 5£m. Speculation 
of poor trading, particularly at 
US subsidiary Keebler, had 
dogged the stock in recent 
weeks, a situation undermined 
by large provisions made 
recently by other food manor 
facturing groups. 

UB made a £110m provision, 
mostly against Keebler, 
although this was offset to 
some extent by a good perfor- 
mance by the snack foods busi- 
ness outside the UK. In spite of 
this, some analysts continue to 
fret over the US business, 
although others took a more 
optimistic view. “They have 
bitten the bullet on Keebler,” 
was the view of one. 

Keen jockeying ahead of next 
week’s Opec meeting and 
strong oil stock performance 
overnight in the US, pumped 
activity in the sector. Two 
camps - one believing the 
weak oil price is about to go 
up, the other fearing it has fur- 
ther to fall — made for heavy 
turnover with much interest 
focused on BP whose price 
added 9 at 369p with 12m 
shares changing hands. 

Turnover of Enterprise 


NEW HIGHS AND 
LOWS FOR 1993/94 


BULMNO A CUSTOM (1) 8m Brew. BUM 
MAILS 6 MCHTS (3) Grafton. lOngapan. 9w 
(Af- CHBWQALS 0} Rxwrtr, Wo M artialnw rank. 
DWTWaUTOBS CO I luartan, Sant*«on 
BmmrtL MVBH9FKO MDLS £2) Kvaamtr B. TT, 

ascimc » bbct bqup ttq abba b. 
Foramd Tochnrtogy tacto. FtajHi. MIL Into. 
MOaditaM. Motonto, iffiC. Nakto CorpPrt, 
PMlpt, Toriifea. CNGBieowa «aoakaTooL 
Hnatt Wagon totfL 7M Pt, BKL VEHKUS8 
O) AttMT tanto. eXTRACTIUE B8» CT Ae&o 
Angr. CmL tad Maato. NSM. HOD MAHUF 
(1) Ookfan tods, MSUIMNCE ft) Ttad* 

Mrilttqr, HVeBTHBir TRUS1B M Bony 
SttWKBUInsMKOMMlMttZn 
Prt, M 6 a Rtconery Cap, LB3U8E A HOTB4 
(4) OnxMonto. Mrifafnriar WtL Ptertton. 
VMM, lriSHA PI Hodber HoKfew, MetoM 
ManrtM MBKHAirr BANKS (1J Hoo Brm. 
oil EXPLOfwnon a pnoo (i) ooc. pirnriL 
PAPER * MGHQ Ut Mggtas Apptoun, Da 
Ui Rtti BrapL PROPERTY (11 RettkMon. 
RCTMUStS, OBVRAL M OBttr. ROttbva. 
SlgnM em> PL. 3oOMby^ SUPPORT SBH8M 
CRT, Gongafei Poopto. Htam, ManpoiHr 
tog. THJCOWI UraCA TIQHS ft) OH Onto 
Notes; nUMBPORT ft) SriBMriL AMEHCANB 
(9 QBttao, Lflwrf*. CAHMMAM8 fl) Pto Algom. 
NEW LOWS {U|. 

qub m Bnennea fi) Qn«M Mng, 
EXTRACTIVE BB6 fl) Moutt BugriM. 
ni wsnwwrTwune pi Wrinrio rt iwto Put, 
MBMA fl) Qrtd Owfass TrdK 5p. BUPPOT7 
SBW8 fl) Lorimonm 8 Burtwo. TEXTILES A 
APRARB. n Itoggra u. AMBBCANS n 
NouttBO kljo. Wtonhtt tt W CAWADW43 fl) 
Hudzon*4 Bsy. 

soared to 9.1m, after a chunk of 
3£m shares was placed in the 
market at 406 Vtp late In the 
session. Enterprise closed at 
413p, up 2. 

Fears over its treasury 
operations in Hong Kong and 
Asia knocked 15 from the price 
of HSBC which ended at 824p. 
The bank announced a change 
in its treasury operations, but 
rumours that it would reveal 
losses had gripped earlier trad- 
ing. 

A sharp improvement in 
profits for Legal & General 
saw the life insurer’s shares 


rise 8 to 510p. Legals 
announced a foil-year profits of 
Ei8im against £116JLm last 
time. 

Reuters recovered 13 to 2Q21p 
after the group said it would 
meet with the Chicago Board 
of Trade to iron out a dispute 
over Globes, Reuters after- 
hours electronic trading sys- 
tem for futures and options. 

Conglomerate Hanson 
gainprf 4V4 to Z834p in active 
trade of some 14m shares as 
the company held a presenta- 
tion in London, to analysts and 
institutions *>**4 announced its 
intention to expand into the 
Pacific Run. 

Buying in the US on Wednes- 
day night lifted the London 
price of some leading stocks. 
Glaxo, which has underper- 
formed the market recently 
lifted 14 to 690p, while ICI 
gained 12 to 787p. 

Engineering group Lucas 
Industries shrugged off recent 
weakness after Henderson 
Crasthwaite issued a buy circu- 
lar on the stock ahead of Mon- 
day’s interim figures. The 
shares gained 6 to 215p on vol- 
ume of 9 ftm. 

Car repair group Kwik-Flt 
jumped U ahead to 167&p, 
after a 49 per «wt increase in 
full-year figures. 

Metals group Johnson Matt- 
hey hardened 3 to S71p after 
annnimring up a joint venture 
with industrial materials com- 
pany Cookson Group. The lat- 
ter, a strong performer in 
recent sessions, relinquished 2 
to 281p, on profit-taking. 

Figures from environmental 
services company Rentokil 
Group fell below market expec- 


tations leaving the shares 
trailing 8 to 24 9p as several 
brokers downgraded profit esti- 
mates. 

Other Big moves 

USM-listed Learmonth and 
Burchett Management Systems 
slumped 44 to 96p after 
announcing that difficult trad- 
ing conditions meant group 
results for the year to April 
were hkeJy to fall “well short” 
of market forecasts. 

Advertising group Gold 
(freenlees Trot t dropped 55 to 
184p on its second profits warn- 
ing in six months. It said it 
was unlikely to make mure 
Hun Cfan fo the year to April 
and would therefore cut the 
total dividend to 5.3p a share 
from 8.3p last time. 

Regional newspaper group 
Midland Independent saw its 
shares make a sparkling debut 
as they opened at a 2Sp pre- 
mium to their flotation price of 
140p. They continued to rise 
throughout the day and dosed 
at 172p with nearly 24m traded, 
the heaviest turnover on the 
London stock market 

New issue Israel Fund, a 
closed end Investment trust 
concentrating on Israeli com- 
panies. made a successful start 
with a hefty turnover of 13m. 
The shares that traded with a 
warrant attached to every five 
rose from 82.4 to 86 cents. 

MARKET REPORTERS: 

Christopher Price, 

Joel Kfoaro, Petw John, 
Christine Buckley. 

■ Other statistics. Page 22 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


— cute • — .. Adi — 

Option Pgr M Del for M Out 

AM-Lfom 800 38H 43 S2 9 Z7» 34M 
(*818 ) 050 7 1M29M3m 58 84 

Aim 240 18H 27% XV, S 15M 20M 

(*2sz } sbo mum tan hh zr3w 

ASHA GO 11 13K 14H 1 2H 4 

r» ) 00 « 714 9 4 8M 8H 

Mfea 420 BBB 41 11H 28 311* 
r«7] 400 4H 19 84 37 SOM 55H 

MBMA 390 26 41 SIM 7 19 27M 

{*«» ) 420 12 29M38M 22 34M 43 

BoQte 500 54M 63 TOM 34 11 IBM 

CM) 550 18 30 42 ID 31M 37M 

BP 360 IB 29 KM 7 15M 21 

(*369) 390 5 15 7m 2532H37M 

MUlM 140 19 KM 29 4 9M 12M 

HAS ) 1B0 2 7M 11H IBM 21 24M 

6391 500 34 48M SI 5M 17M24M 

(*525 ) 550 8 34 38 30M4SM51M 

Ctte&Eto 450 18 KM - 15 29M - 

T«2 ) 475 7M MM - 28 4ZM - 

BUtaridS 550 SOM 40 B5M 9M 33 41M 

(*567 ) 600 7MZIHSH 39 63 70 

Qmnlktn SSO 3BM BOM 81 4M 14 22 

(*580 ) 600 927M 34 Z7H 37 47M 

D 750 51 73M93M7M 22 33M 

(789 ) 800 18 44M 55 Z7 44 57M 

KtogBdKf BOO 25 3BM 51 7DM37M 47 
(*603 ) 680 7 19M 31 52 70 77M 

Laid Saar 700 1IK38M » 14 33M37M 

CTO) 750 5M 11 19M 50B8M71M 
UMkl & S 420 IBM 28 3ZH 8M 2DM 22M 
r«4 ) 460 3 fft 19 37H 4SM 47M 

HriWte 460 40M55M 92 5M13H21M 
r«3 ) 500 14 31 41 2DM 30 3SM 

Satojtuy 380 32M 41 48M 4 16 20V4 

r»8 I 390 1ZH 22 KM 15 30M34M 
SM Tran. 650 41M 98 80 4 13 20M 

(*683 ) 700 18 » 37 25 34 46 

SBTduBB 220 1ZM 20M 25 5M IS 15M 
(*225 J 240 3M 11 16 17M 25 27 

ItoUgar IDS 6M 15 - 5 10M - 

HOB) 115 6 11 - 11 16 - 

Urttettr 1050 39 89M71M 18M 31M 44M 
f1081] 1100 13 38 54 48M 59 70 

hnaca 750 24M 49M 63 21 38M 51 
{*750} 800 6M » 41 55M 68 80 

Bond Met 460 26M 4ZH 5ZM 11M 21 2BM 
(*475 ) 500 10M 33 a 33 43 48 

LaArakg 200 IB MM 30% 7M 12M 19 
(*207 ) 220 6 14M 21 10 24 30M 

IM Btacrtb 330 ZOM a 3811H 17 34 
(*3*7 ) 360 7 17 S31M 36 41M 

Flam 130 BM 15 & 3 10M15M 

(*133 ) 140 Z WM 18% 8M 16M 21 


Op«on 

H a a u a 

PM) 

Uamo 

n»i 

Lucas kite 

(*215 ) 

p a o 

fWl) 


rw») 

Ftejrt knea 

r277) 
Tbwo 
(*220 ) 


P531 ) 
Opto 

/war nw 
1*467 ) 
AmriraO 
f38) 

Bwa* 

rss4> 

Bte tote 

rrej 

a®* Ok 

r3iz) 


— c to Puts — 

i«ar *»b ito tor to to 
280 13 19 34 8 13 17 

300 5 IBM W I9M 24M 28% 

130 12M 18M 34 10 15% 20 
140 6 15 19 Iffli Zt 28 

20O2DK27K 32 5M 11 16 
220 8 IB 21% ISM 20% 27 

850 KM 7ZH 83H 12% Z7M 4ZM 
TOO 23% ABM 98 35 53 68M 
180 2BSM30M 4 9 11M 
200 8 15 IBM 12M 19 21 

330 13M21H 27 16M2ZMZ7M 
360 4M WH15M 40 43 46H 
850 42 80 61% 28 43M 58 
900 17 42% 50 58 TOM 86 
650 96 48 59% ISM 28 41% 
OK 11 SM 37 S2H 58 7UM 
260 26M 35% 41% 7 12% 18% 

260 14% 25 31% 17 22 ZBM 
220 IBM 17 23 13M17M22M 
240 3K 9% 15 28% 31% 35 
590 37 55M 7118M3ZM44M 
600 14 3ZM49M 48 91 71% 
390 17% X 33% IBM 23 2BM 
420 0 14 Zl M 37% 42 47M 

Anr Jrt Oct Apr Trt Oct 
1000 33 57 79M2DM 45 S3 
USD 13 33% 93% SIM 73 91 
500 39 47% 53 4 17% a 

550 8% 18% 99% 25% 48 50 
to Jan Sap MU Jm SBp 

480 29% 42% 64 1 It 18 

500 2% IBM K» 19 29 37 
35 4 DM 8 1 3 4H 

40 1 4 B 3H BM 7 

550 12 34% 48% 7% 24% 37% 
600 IM MM 29% 48 55% 67 
330 28 94 44% 1 11 IB 

350 0 17 29 9 28 33M 

300 14 » 29% 1% 12 16% 
330 1 9% 11% K 30% 33% 

200 16% 29 29% 1% 7M 15 
220 3 M 19% 8 17 25% 


opto to to to to to to 

BrttAtro 500 44 62% 79 27 44 58 

CSBOt 550 2B40H 57 63 73 65 

BAT tea 460 24 33% 45 IBM 26 33% 
(*473 ) 500 7M 17 X 45% 52 59 

BIB 360 34% 44% 9BH 6 9M 17 

(*387 ) 390 14% 28% 32% 16 22% 30% 

ttlihw 3K 33% 41% 46 3% 12% 16% 
1*418 1 420 14 K 29% 14% 26% 31 

(tour SOI 493 24% - — 12 - - 

(*303 ] 642 5 - -43% - - 

EttmOc 000 48% 66 88% BM 2* 31 
(*633 ) 850 17% 32 48% 31 50 57 

SatBBtm 400 3S44H03M L2 Z3» 30 

(*483 ) 500 12 2SH 34 35 46H 52H 

SEC 300 20% 29 38 G 14 17% 

{*311 } 330 BM 11 18 23H 32 35 


mum 190 12% 16 19% 1 8 11% 

ri70) 190 2 9 11 12 a 23% 

Lanin 140 18 29 31% 1 6M 12% 

HSB } 180 3% 15 22 BM 16 ZZM 

to tarn- 460 20 34% 44 2 18 26 

(*478 ) 500 TK 15% 25% 25 39% 47% 

Scat tow 390 11 25% 34% 4 15 24% 

(*395) 420 T% 13 20% 20 32 42 

Soars 120 3 7 10% 2% 8 10% 

n® ) 130 1 4 6 11% 15% 18% 

Forte 240 19 24 31 1% 9 14% 

r257) 280 4 12% 21 BM 19% 25 

mac 193 8 19% - 3% 13% - 

(195 ) 200 2% 12 21 7% 17% 23% 

Para EM 1108 59 84 105 2 25 51% 

HI**) 1150 11 SB 75% 17% 47 75 

158 22019% X » 1 5% 12 

(*236 ) 2*0 3% 14% 22% BM 14 21% 

Tonkfcs 240 17 25 30% 1 7 13 

(*2S5 ) 2SC1 Si 13% MM 7JS 16 27% 

Mown 800 SB 57% 88% 4 25H38M 

("830) 650 8% 33 88% 28 52% 65% 

Open to Jrt Oct Apr Jul Oct 

Gbm 650 84 80 93% 9% 27 45 

{690 ) 700 24 S3 87% 30% SO 89 

BSK75pai BOO 85 95 1W 24 54% 78% 

{825 ) 850 2954 71 83 SO 78% 100 

Batten 2000 73% 148 in 46 96 124 

(*2021) SOD 47 122 IK 70% 121 148 

opnan to to to to to to 

Mtetoca 180 18 22 27 8% 12 18% 

<*192 ) an «K a mt rm 22 % zr 

- UndartikW —arty prioa. ffurtuma ahum — 
baaril m oaring ttfar pricaa. 
km* 17. Tttrt eonbacis: 2SJ714 CttE 13 jSW 
Put*: 1Z34G 


FT GOLD MINES INDEX 


a«r %c*g aw Mar Tew Cm dte K anah 
IB an to 15 14 aga yteld % Wgt Lou 

1 Max (34) 202897 -417 20aMB 2041 JB 1191 JB US 2387 j48 1187JBB 




AMca (15) 280898 +0.4 279880 280SLB0 1392*1 4*7 344080 139042 

flUWirtu l u (8) 2803*8 -U 2E52JB 2863.42 1381.12 1X2 3013*9 1240*2 

Non* America (11) 171479 - 4 * 1730*1 172772 1110.10 055 203855 1110.10 

Copyright. TW ElnandU Tkma UnM 1994. 

tom n bradM* aim nuiaar or cewpartw. Bate US Man. Baaa Vrtu«: 100000 31 * 12 / 92 . 
Pnaoeataor Gold Mw Indsc Mm 17:2140 idWa chongs -35 poHm Vv ugac 070 T PWOri 
Lafari prtcM wars unwriatts teMMo artaan. 


Britten Funds 

Otfior Fixed Interest 

Mnerri E xt raction 

General Manufactures . 

Consumer Goods 

Sendees 

UtStiea 

Rnwutials 

Irmotmant Trusts 

Others 


1 ragratt has not bean 1 


Rteae 

Fata 

Saw 


19 

42 

13 


2 

0 

13 


42 

89 

74 


132 

140 

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LONDON RECENT ISSUES: EQUITIES 

hauo Ant Mtt, Chna 

price paid cap 100S/M pries 

p up (BiQ Wflft Lem Sloe* p +/■ 

- FJ». 310 248 245 Ahtrust N Down C 246 

140 F P. 2685 177 1B3 Alpha Alrparta 177 

136 FP. 424 142 IBS Appfled Dtattaa 140 

- FP. 1 21 8*2 1 ijCwaUKWta S» 2 

105 FP. 325 118 101 Cadardata 108 -1 

- FP. 958 mh 8871* Chaster Water £87ij 

150 FP. 965 143 142 CNroadra 142 -1 


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515 

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102 


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862 

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112*2 


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1065 

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213 


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170 

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74.1 

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189 


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RIGHTS OFFERS 


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financial times equity indices 

Mar 17 Mar IB Mar IS Mir 14 Mar 11 Yr ago -High -Low 

Granary Share 25685 25S25 25695 25465 2519. 7 52475 27135 2124.7 
OrL dhr. yield 3.62 354 351 354 358 458 452 3,43 

Earn, yfct % U 4.92 455 451 455 457 &10 658 3 82 

PTE ratio nat 22.08 2155 2211 2155 2219 20.45 3346 1240 

PVE ratio rrt 2306 2253 2309 2292 2353 1858 anra> 1814 

OtorStmUn rtnea oompunikiic Mgi ZHM 2*02/91; toe 2BIW0 
FT QrIhjf fim kuu MW drifi 1/7/Xl. 

Ordbwrjr Shore hoiriy cfaangne 

Open 050 1000 1150 120 0 1200 1450 1650 1850 HUh Lorn 

25005" 28838 25645 25715 28724 25885 26631 2563.7 2S875 25734 25034 
17 MOrlg Mar 16 Mra 14 Mar 11 Yr ago 

SEAQ barpalna ~ 3453* 30578 33517 34,173 41581 M513 

Batty turnover (Emjf - 1456.1 14065 12430 18726 1 S 7 

Equity ber9P«t - 345M 33574 30,169 45520 39438 

Sharas batted (ft'Ot - 5914 53S.7 4675 

t Etaftrihg Mra+naiM faurtoaoi and owr u ea unow. 






FINANCIAL TIMES FRIDAY MARCH 18 1994 


LONDON SHARE SERVICE 


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I9XUW 
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«S4 E76»? 
IB as 


LBSURE A HOTELS -Cont 


NdM Price 

Pwehnl Japan. 117 *»? 

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AnwrBBrrtek_ 
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19931M IMA TW BC&B 

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37626637 49 301 


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11 11.5 PraBtoW M 337 +2 SOB 117 926 

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1ft 


438 -2 

170 — 
233 -IV 


417 

Itort 

2SZ 

24 

222 


22M 


+3 Sft 

— 0 

430 

— 145 

311 

♦4 BB 

240 


230 

280 

112 


, X Brownl Jrtaa — VO 3V, — *lft 2V, 208 
2_7 27$ Brown (HI 1« 440 j« 316 Bl 

26 ,12 “ 

#»7 a uarnara at 

^ X Csroartta- 4WG 

ffi U.4 41 105 

10 644 14 17.4 

IBS 30B 09 *1-7 1° 

632 1625 24 241 

51 048 1-9 15.1 2 

9* 295 45 306 g^Ylwa* N 

iWc £09 27 ii, £?£-:-r — rX 

245 4G50 19 - WSFienade — -LU 

*1 272 4 7 71' 

3.7 18.9 

y at 

s iai isfcis 

11 K1 


-11C 


- Kimsiana tu,; hb,*. 


271 1375 
BZ 195 
2G2 1674 
15 119 
101 412 

163 1155 
191 80S 
9 112 
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- UmnferACft-^ 6B>. -4 nft 42ft 1*75 


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- 95 Plyw™ taC 

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46 - Aegon A D 

- -tostaFU 

2.1 - SCAB 30 

1.9 175 a Ms 


415 

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238 +1 

a +? 

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177g1 

118 +2 
M3 


**31 

70 

271 

GO 

148 

Ml 

128 


289 405X1 
0 SL1 


30 

1.1 


_ Gems. 


SS 


fcaa to u 40 


SI 

10 2U 
304 149 2IU 

MB 144 3808 

SO 295 474 

181 87 286 

258 IK*? 26*6 

E — 128 78 IU 

1W -1 181 154 316 

87581 — 835 374 2144 

308 -2 3S3 268 32U 

214 +2 233 169 8402 

Oft ■ft lift 77 158.7 

10 21 1 574 

286* — 284- 71 307 

29 — 273 203 1515 

617 — . 8M 4» 4114 

50 7V » » 

10081 IK 75 IU 

IK 180 24 21.1 

235 *2B4 1B2 1®4 

51 88 0 IU 

MB 23 *17 




473JJ T2ftn 
11.1 8JJ 


IM Yld 
Ca^ra firs 
4^7 05 

isa 5.7 
11a 18 

- 13 
7643 52 
7208 59 
3670 39 
1E97 14 

220 85 

- 53 

903.fi 05 
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1044 45 
4374 31 
4^78 4.1 
1526 IS 
1454 25 
5300 25 
4577 46 
6700 - 

3590 as 
15a 43 


69 136 SOUTH AFRICANS 

15 206 

40 - ■»«* 

5J fe tones Pike 

_ " ^ y A ““ 


1993/94 M; 
wpi tow Cspiin 


£221, -V, EZ3*? £71? 1538 15 6 

MM tV. SSfi E3|{ 8284 70 85 

£14,’, -*, na £7% 1J30 18 241 



68 162 95 370 

215 1.999 44 

£7H 7XM8 2.' 225 

513 1,10 1, 166 

212 4111 2.7 15.4 


33 116 few...-—' 

._ u - Horace Seai D 67*? -i«? 

178 4632 4.1 10X1 fetoHfet — «** 1010 — 


45 155 Uefearttoh 

06 

40 

30 

Lrarii Mi 


78X1 

0 

4 

86 

177 

32 

3ft 

LowefFH- C 

yvj Ljto® ta 

a 

17 17 fl Z|LJ 


fI _ NO 1081? 

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17 - 32*™-— ~ — * 

to 16 J ^ T jj 

ID 2B4 a* g»°odgip3i*B 

u 216 ' 

2 X> 285 

25 974 Stroru & Rsher. , . Cl 
17 415 TltaY. 

is t Mg 

32 20* fetoff) M 

19 177 


GUIDE TO LONDON SHARE SERVICE 

Priced tor toe London am Servfca defrared by Enttl Rnaneto*. 3 
roartw id the RnondalTlraes &b*l 

OotaUfe da g ta taw we baud an man irted to dw FT -EL Acroaries 
Smbittt 

Qortng ntocncee era rtnwra in pence mums ettenehe sated Hgtoanf 
lavra era beta an bera-dey rttf- prices. 

Mfeem etoebe era itamtortEd in amnetts oOier men stefdng. ns h 
btotaed rtter die nem. 

SfttDota Rhnttg to ttatonl au rapev In the bow; mum detfr » » 
grtde to jiekb ■* »E «rtkn. Dfetoenk and DMtftwJ nwera xt puahlrd 
enfenfe 

MartrM ctoUttettn shorn Is crtaind separately to cart ine d flea 

quoted. 

EsSRtted pricBtartnos rate ara neoed on West anna) report and 
ectartto «rd, udvra pessfett. ora iqxhded on btterloi fl^jies. Pies m 


23 146 cafefettif on *nrt^ dsoBxdtan ttas. earnings per da/r being cxravfed 
14 - on pR*> after raan, e>tartaoeirapeoBrtpnAs,tataes/Mumril»Ed 

11 14.4 ACT wter a ppifc s fe. Yields are baud on md-pfces. are gross. aQuaxi 


, aflusrrd 

lor a dMdeod rat cradfe ol 3D per cent and alow lor taw 5 declernl 
(MtkrtbB a* iVssi 

Btowettd Hei ta el Vataea w*V B ate ffi a ai w b wesintrt Tnats in 
pence per mare. 4)009 nOn oir penertaoe dtauils (DW or pmnfeens 
•to -) to the aerart ckobig rtm price. The NAVtasis ossuraesi pr«r 


□ fadetaee me eiom acdiefe traded stodcu. TUs mules uk sucks 
taera naedtane and pikee ere Mfehed carrinubusiY VTOjrt> #» 
Stock Cral nnge Areonotod Ountakn qean EEAOJ ana am-UK 
tackf ttimvi the SEAO bdentaota amm 

• Mata ■»! to*» narud Sus Im bean started 10 Man ta nghet 
tesueetocoti 

btanm atoce fnoensd w rasraneri 
btabn rioce raouced. prased ar drtwrad 
Figures or report awrtttd 

Not odfctato IK Quad: dertbigB perafekd mder nte 835i4aai 
Free anraulrairim report urttvnr, we palais netow. 

USM; net aettd on Stock Eafeange and company oai suDJected la 
a» decree cf nntaon as feta seaatbs. 

T T toe rfffcaa» UK fereA dtoings ponrthed inter hrte sasGj 
f Mce at few of taBpervtoi 

1 bidkattil Mdmd tad eRar pendkg solp andw dgrts esue. 

♦ Margar Hd or nantattUbn to progress 

5 Parecea dridend jfett ptt based on earnnps updated by Men 



46 27 
8X1 113 
4.0 * 

56 - 

16 256 
26 176 


lacnamo. 


t : TOBACCO 

16 C6 

H totes Price 

37 IU BATlufe. 8*0 473 

- - l2V40lflH3TO_. £128,*, 

4 tatransbnlUBYC 416 


15 


♦ or 199&B4 Wd m 

- birti ta C«£n firs WE 

-5 670 407 146G3 55 117 

ftcev&eiiBA si&2 9.7 - 

-A « 31ft 2774 37 111 



4 UnrepMed coan 

aYMdbasadoo vNotartitedioACT. 1993-94. 

z DMfendyHd Inc- M ftfRjas town on MR 

Uk a spacU pajmert itear Eamtogs - 

FYM luted on P figures based on 

cnenectus or othrt prosnectiB or rther 

ortca Beamae s to official estosatts let 
l®* ISM. 

6 Attained jtetortter R Forecast amnaBse 

Bfleritottfasoe. panfiuseuoal/ar tad. p« based on 

and Mfend rtffe uua. praspedus or « ha 

offica eahnaies. 


CratSwmK.ftSC GBU +5 659 334 UM 


« VS Si S SS 

Sgr 1 : 5 SS S « 


63 
113 

10 1154 16 217 


Mia ib - 
357 37 237 


riV.. . 


MB — 985 


♦ sso* soft +it*? nft 

- sot ji a __ -3oi» 

- sum UO 348 +5 *30 

- SfeCifDS) JO 614 — 517 

- SeNrtliSC. □ SB 381 

- some ,4t 112 lig 


629 ""i 822 455 4075 12 175 3®“ Xl 

in __ iaa i«8 ioij «; 2,3 .ivlWL— “ 

4V, 057 

eft 3123 
943 1/478 
570 3811 
292 aim 
ft 215 


avr _o 11671, -cb 

: JO 30 


10 
-1b 2ft 
-i Bja 
■Cfl*t23Wc 


“ MH Fim&*e*tV9C 

-j * feaea 

2J ire H*V5S9pner_1fG 

W 11.6 £ 


169 

121 

424 

esa 

294 


416 


IM 

ra 


2n 1907 18 173 SS*®" 1 

X* 7946 ii 35' “rerep 
i.i 


- - Sort ft S». 


3K 1581 

Si 22* 


.72 222'? +1 

SI -1 

-it * •* 

76 32 


73 3041 

496 

270 175 
2(1 4187 
177»? 480 

120 96X7 
56 16J 
311 11763 
445 3631 
IK 477 
331 I3ft 6U 

U 36 312 

« IS 131 

37 26 767 


U 30.4 

m ^ TRANSPORT 

SXJ - 

32 17J tons Price 

26 208 Ar Linden v 71 

U !82 A* moon AT 701V, 

1.7 eu feocBt Porb-MC 663* 

17 3U BRA C. 100 

39 115 BUgeto 1£ 118 

46 - BeroesenMir EHJ3 

26 766 Brt&iAInrara-tBJC 

12 6 Can thee C, 

25 217 CSX AS 

21 170 Canny toe 4(3 f 

- w ia 


1993/94 


IM Wd 


Harts t 

juU zlto scrip tasae. HYWd 
n RUB (ssub parting pracpartK t rttw 
q EMripi baaad on office* esJHnm to 
prefenfean Igoga. 1933. 

■ Dnitadtad KltaUtaadoi 
orfudesispectf pnapacteirolHr 
pqa«rt. effiert eshndes to 

fnauiHM 


1994 


T figures EESUBHd. 

W (to lornw flasn. 

Z DtWttnd ywo to ibi 


MbnririoB 


- ■nrCbnOa ttrt Pff 


427 

18891 


799 
+3 SZ7 
+10 1083 

ra 

*U £1 
+1 ' 


- Thsfcvnobar O 

- ueiGraffi j- 

- vice 

- 8pOW 

WaaSngtoi |j]_ t*CI 


13ft +M £39*; C2ft 4464 


1993194 


MU 

tJOfl" 

ss raifi 
675 1638 


42 135 Owrrans +1** £K*J £43'; 18488 

_ ra G «nwrtd Energy _U 2* 3Vi IV. 729 

95 - £«oS_ W 2 +4 S*ft £37^5408* 


31 31 9 7J 

an „ as 21 ia 

2*2 — 264 62 1817 

122 — TK 73 476 

253 .. . 30 233 2DX4 

. . SOB -2 511 zm 3375 

LYynfefan PrpwftN 10M +1 10 S3 IU 


5s w PROPERTY 

16 389 
36 196 

41 - Notes 

- ttcdLmtoi SO 


ii j£q PWttsefiM N 105* . — 113 88 237 

it a PMrt to 37 -1 61 24 587 

: _ QSOdgS 264 — 313 IBS 10U 

_ _ fctteS*p.-44*Q 30 — 66 

. ftM fO a — 68i? 

an 


jj| _ fteerra 
*0 595 

] 5 4* *<?* »? .mt iw-iLj 

10 2.1 


JID Itti? 
_ 37^ 
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-3 


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a 

us 

m 

raw 


3.6 575 BU5- — 

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j S rna OnXaemFeftnS— £11* 


ffi5*; £36 2804 
-A *M £14), 4j a 
+/. £15,4 Oft 3699 


4.4 

44 

14 

57 


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<p nttPran tua 

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1933*4 

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ta Cas£r> 
4* 713 

firs 

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as 

295 uawfiSOa — oa_ 

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07 

23 

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113 

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47 

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s — 1 «l: 120*?* 

SvAAtoAS 1280 

Staeaaae *C 226 

ta mi — bb 

IS — 188 

146 778 

ft — ■ 

418 -2 40 

0 37 

88 88 

179* -3 IK 


a 363 
3ft 336 
IZO «L4 
93 160 
11 11U 
11 276 
40 10 
0 0)2 
713 4276 
176 0U 
a 48i 

148 T1K2 
71 7S3 

ft ua 

382 2687 
*2 77.1 
45 7.12 
142 686 


2 A 3U OMsm 

26 26.6 Dart * 

- - Dwxnjm ji 

- - EarotmodUB 0 

- - w*rpitoi«3_ij 

37 160 Ffclwyi 

2.7 7.7 Famn 

25 186 SATXS 


3 

- 2 '? 


— t £ 


1*6 

440 -14 

539 -5 

»i? — . 
as _ 
50 


56 678 
495 iai17 
348 1X85 
7DT 5,150 
10 1166 
Eft 686.7 
249 460 
230 12ft 6377 
Bji £44>i 8jne 
132 77 2670 

113 SB 215 
50 227 

135 1677 
332 1/452 
II 14U 


67 12.7 
05 


kMd. ptt tap baaed on L Etfsufed murihed * ex dvtasi; 
bust Bata eamnga. jHO. pre load an aasattfcas; 


178 


47 127 Goods Durrani ,3tJG 

16 A HriiCameotaL ta 

26 $ bfetawn it 

17 01 JacotoUB t 

- - lantrSeaeRfe D 

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IE IU HneyDwka O 

11 194 WCVarYto SofCH 

17 - tofe MDa ie M glO 

26 223 IkrirtiE. 

16 - CkeanOp_ ID 

4.1 136 Dea»iHfctni_iO 
06 as P4DDU «C 

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16 IU ftp Orff 

13 3ft I Sura _gfe 


B0 

42b 

87 
50 

nr,: — Ez»:: £20% szia 
1« -2 

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267 

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473* -6 

20* -3 

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662 ,3 

10 

1*'; — 


10 
20 
4.3 
06 
32 176 
4.9 - 

21 229 
36 * 

27 - 

26 186 
15 f 


n Forecast a esfroated kateS oral Buneigs. ffen 
amwfead Ofetoid HYIeUbscdm atu 

YH6pieb»dn preauchatiiAin i «* capta tfabtuflon. 

imM jaart sandnga rtfcb esSmatta to 

Tbb amice fe anoabta ta caaparie* stae share* are ragobtly 
bafeal h Ac lUttd Khntan to a lee o! 212S5 a year lar eat* 
Mtaibrd—, antggfe EtBU i - a fe u dtoa 


3.1 


SeeDonaOmE 
f SefeUS. 


nii! 

13'? 


FT Free Annual Reports Service 

You can obtain the current annual/interim 
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sa? inn 14 2 i 5 Please quote the code FT7738. Ring 
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Is 37* FT Cttyffne 

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Ill 41 76.1 

478 269'; 1,241 
*534 264 4213 

•S9I 218 1711 
282 1B1 IBM 

SB 106*? 1&4 

348 244 4746 


61 

728 

194 

Ml 

*« 


177 1055 
10 TU 
117 228 


-** QOS n,A 11S5 
-*? 21*; 7*S 064 


44 
66 - 
3.1 20.7 

4.0 



FINANCIAL 


times FRIDAY MARCH 1994 



















































































































































































































































































































































































































36 


CURRENCIES AND MONEY 


FI NANCIAL TIMES FRiDA^ ^ MAR£H li> l"** 4 

" MONEY NIARICET FUNDS 


MARKETS REPORT 


Buba holds fire 


Closing Change Hdfcfler 
mkfrpcim on day spread 


Day's Md 
high tow 


On* month Three months 
fiat* %PA Rats HPA 


Om yw Bank of 
Rata KPA Eng. index 


THE BUNDESBANK'S decision 
to leave its key lending rates 
unchanged caused little con- 
sternation on the European 
foreign exchanges but was nev- 
ertheless enough to trigger fur- 
ther falls in the dollar, unite 
Emma Tucker and Graham 
Bowley. 

Few had expected the Ger- 
man central bank to lower its 
discount rate, but the market 
was hoping for a symbolic cut 
in the Lombard rate. 

A drop in this rate - which 
forms the ceiling for German 
market rates - would have had 
little real significance but 
would have been interpreted as 
a sign or the Bundesbank's 
co mmi tment to further relax- 
ation of monetary policy. 

The dollar moved as high as 
DM1.6920 ahead of the Bundes- 
bank's announcement and in 
anticipation of such a cut, but 
slipped once it became clear 
that the Bank had not acted. 

Mr Paul Chertkow, head of 
global currency research at 
LIBS, said: "The markets were 
very frustrated by the Bundes- 
bank's lack of action. The 
D-Mark immediately strength- 
ened against the dollar and 
other European currencies. 1 ' 

Analysts are now strongly 
optimistic that the Bundes- 
bank will ease rates at its next 
meeting on April 14. In the 
meantime, the authorities are 
expected to continue making 
gradual reductions in the secu- 
rities repurchase rate. 

The repo rate is now 5.88 per 
cent, compared with 6 per cent 
at the beginning of the month. 
Mr Huw Roberts, assistant 
bond strategist at NatWest 
Capital Markets, believes one 
more cut in the repo rate will 
give the French room to reduce 
their intervention rate - cur- 
rently at 6.10 per cent - next 
Thursday. 

The last change in the 
French key rate was on Febru- 
ary 24. but the authorities cut 
by only 10 basis points, a move 
which Tailed to impress those 
looking for a more trenchant 
easing in monetary policy to 
spark economic activity. 


Dollar 

Against the DM (DM par £) 


1.78 — 



■ hi Nm Yartt 


mat 17 
£8D0t 1.4956 

1 nm 1.4833 

3mtf1 1.4905 

1 yr 1.4847 


• Pm. eta# 
1.4948 
1.4927 
1.4899 
1.4845 


to forecast a range for sterling 
over the month ahead. The 
results included a low of 

DM2.46 and a high of DM2.57 
with a mid-point range of 
DMSL5Q25-DM2.5425- 

“Sterling is still definitely in 
its sick bed." commented Mr 
Chris Furness, senior currency 
analyst at IDEA adding that 
technically, the pound looked 
“very bearish indeed". 

It dosed down in London at 
DM2.5158, from the previous 
day's DM2^227. 

Mr Turner said: "There was 
a steady selling of the pound 
around the DML60 level The 
markets are still feeling last 
month’s base rate cut They 
feel the government is taking 
risks with inflation and doubt 
its commitment to keeping it 
down.” 


and subdued price pressures. 
As a result, fears of tightening 
in US monetary policy receded 
further. 

Mr Chris Turner, currency 
strategist at BZW said: “The 
federal reserve published a low 
activity n umb er, but the price 
indices were the main market 
focus and both the input and 
output price numbers were 
lower than expected. They left 
the US bond market stronger 
and the dollar more vulnerable 
as expectations of a rate cut 
receded." 

Other news from the US 
went largely unnoticed by the 
markets. Initial jobless claims 
for the week ended March 12 
came in at 342,000. in line with 
expectations. 

Mr John LaWare, a federal 
reserve governor, said the 
economy's vigour has picked 
up. but White House economic 
adviser Mr Robert Rubin said 
the CLinton administration 
does not see any signs of a 
resurgence of Inflation. He pre- 
dicted growth of 3.0-3.5 per 
cent and said long term inter- 
est rates should remain in a 
range consistent with that 
growth. The dollar closed in 
London down over a pfennig 
on the day at DML68. 


■ There was relief on the UK 
money markets when most of a 
£2.45bn shortage was removed 
in the early round. This fol- 
lowed several particularly 
tight days. The overnight rate 
softened after the early round 
to 5% per cent, only to move 
back up to around 6 per cent 
over lunchtime when the Bank 
did not carry out any midday 
operations. Later the Bank pro- 
vided the market with around 
£40Om in unspecified late help, 
bringing total assistance for 
the day to £2.45bn. 


Austria 

(Sch) 

17.6835 

Bftftim 

(BFr) 

51.8285 

Deranaik 

(PKl) 

92573 

Rtoand 

(FM) 

82147 

Fiance 

(FFr) 

8^736 

Gairtany 

(DM) 

2J158 

Greece 

(Dr) 

368.513 

kftand 

W 

1.0381 

Italy 

W 

246523 

LiDoamboutg 

SLfi) 

51.8385 

Nethmtanda 

(R) 

22267 

Norway 

(NKr) 

10.9140 

Portugal 

(E »l 

258.916 

Spain 

(Pia) 

208.723 

Sweden 

(SKr) 

11.7D41 

SwrtzartOTd 

(SFr) 

2.1387 

UK 

n 

- 

Ecu 


12035 

SDR 

- 

0.940416 

Amaricas 

Argentina 

(Peso) 

1.4969 

Brazil 

(CO 

1167.35 

Canada 

(CS) 

2.0487 

Mexico (New Pesft 

4^418 

USA 

(Si 

1/1875 

PkHc/MU£q East/Africa 

Austrata 

(AO 

2.1018 

Hong Kong 

(HKS) 

11.5704 

Ma 

(Ra| 

46.9788 

Japan 

W 

158279 

Mftaytaa 

(MS) 

4.0684 

New Zealand 

(NZS) 

2.6073 

Rrtppines 

(Paw) 

41 2937 

SaucS Arabia 

(SR) 

SA151 

Singapore 

(S$) 

22686 

S Africa (Comj 

1 P) 

5.1346 

S Africa (Ro) 

(W 

6.8212 

South Korea 

(Won) 

1207.98 

Taiwan 

OW 

332565 


-a 0622 758 - 351 


024 503 - 643 
85147 *0.0016 CMS - 249 

-0.0026 696 - 775 
-04066 144 - 172 
-0568 166 


860 


-0.0026 388 - 393 


9.8721 98358 
82440 B.1990 
63391 83510 
23295 2.5142 
368302 360.185 
1.0418 1.0368 


2.6393 2 8250 


2.1445 2.1362 


-0.003 025 . 045 1.3080 1.3023 


*0.0056 963 • 974 1.4S81 1/4917 

*22.46 666 - 774 1168.00 1145.00 


509 

980 


2.0497 2.0360 
4. 3509 43311 
1.49SS 1.4920 


039 2.1039 2.0897 


4.0684 *0.0007 663 - 70S 
*0.0187 046 - 098 
*0.1544 178 - 695 
+00204 129 • 172 
*0.0035 671 - 701 
5.1346 -00129 317 - 374 
0.0106 114 -309 
*5.11 733 - 8S9 

0.1479 358 - 77 2 30 5800 394200 

(Bi) 37.8043 *0.1268 741 - 144 37.9200 37.7630 
Tfion rate to, 16. BfcVfttar apnato in the Potnd Scot erife chow a*/ me last three dacoto 
tm — tmpn«rf !■). «*— I i i i —B»h 9 h4u fai-M»H hyii«iiM» ft England Boat 
too Date Spot tatfcn tortvod tan THE WWHEUTERS CLOSING SPOT RATES. Sane «&ea 


•L0763 4.0567 
2.6099 2.5830 
41.5695 40.8534 
5.6196 XS947 
28723 2-3630 
5.1584 5.1227 
6.8402 67852 
1209.73 120345 


172817 

as 

17.6781 

02 

- 

- 

114.1 

512735 

-12 

512635 

-1.0 

SZ178S 

-0.7 

1152 

9.8662 

- 1.1 

92809 

-12 

92157 

-0.G 

114.9 

. 

. 

. 

- 

- 

- 

612 

8.5819 

-12 

82984 

-12 

82203 

-02 

1066 

22174 

-08 

2.5205 

-02 

25207 

-02 

12X6 

1.039 

-1.0 

1.0406 

-12 

12464 

-08 

10X0 

2491.83 

-XI 

250523 

-X3 

2556.03 

-22 

752 

51 2735 

-1.0 

519635 

-1.0 

52.1785 

-07 

IIBlO 

22284 

0.1 

ZBS79 

-02 

22246 

at 

7166 

102083 

as 

102209 

-03 

10912 

00 

8X1 

259293 

-42 

261238 


- 

- 

_ 

207283 

-32 

200433 

-X3 

21 i 433 

-22 

8X1 

11.7Z41 

-XI 

11.7388 

-12 

112686 

-1.4 

7X9 

2.1379 

12 

2.1343 

1.0 

2.1133 


117.7 

. 

. 

- 

- 

- 

- 

802 

12048 

-12 

1.3072 

-1.1 

1212 

-07 

- 

204Q 

1.6 

22438 

1.0 

2.045 

02 

882 

1.4955 

72 

1.4328 

1J 

1.4874 

a7 

68.1 

2.1003 

02 

22979 

07 

2-096 

03 

_ 

11.5574 

12 

11.552 

06 

112029 

02 

- 

157.899 

ZB 

167.179 

22 

154.044 

Z7 

18X7 

2210C 

-12 

22145 

-1.1 

Z6237 

-06 

— 

- 

- 

- 

- 

- 

- 

- 


Thailand 


1985 ■ 1003d. altar 
iiamlad by dm F.T. 


orocfly quoted lo the 
and Md-otaa in both thta and 


I DOLLAR.SPOT FORWAR^A^l't^WfefH^LiAR- *. 


Mar 17 


Closing 

mid-point 


Change BW/ofler 
on (toy spread 


Pay'd mid 
high low 


One month DnemoaSe One year JJ 3 Morgan 


Rale MPA Rata MPA Rata MPA Index 


Europe 

Austria 

Beighan 

Denmark 

Finland 

France 

Germany 


■ The Canadian dollar was 
very weak, falling to a 7 year 
low against the US dollar. It 
later rallied when the Bank of 
Canada intervened and bought 
Canadian dollars. Mr Turner 
said that yesterday’s very good 
inflation figure meant that 
underlying inflation was no 
more than 1.0 per cent 

"Short term interest rates 
could go below US rates but 
real bond yields are attractive 
and could boost the currency.’’ 
he sftid 

The Canadian currency 
closed at C$1.3678 compared 
with the previous day's close of 
C$1,361. 


Ireland 

Italy 

Lunmbaug 

Netherlands 

Norway 

Portugal 

Spate 

Sweden 

Switzerland 

UK 

Ecu 

SDR 


(Sell) 

(BFi) 

(DKr) 

(FM) 

IFF*) 

(D) 

(Dr) 

OE) 

(U 

(Lfi) 

R 

(NKr) 

(Esj 

(Pta) 

(SKr) 

(SR) 

(Q 


MSI 00 
34-6100 
mg 
5/4856 
67253 
1.6800 
244.750 
1.4426 
1859.85 
34.6100 
1.8876 
72881 
172.900 
138.045 
78156 
1.4288 
1.4975 
1.1488 
128774 


-*1085 075 
-0202 BOO 
-0.0231 800 
-00195 806 
-02232 245 
-0011 796 
-IS 600 
*00068 413 
-lOI 900 
-0202 900 
-00117 671 
-0236 671 
-125 850 
-0875 020 
-00417 120 
-00051 285 
*0.0098 970 
*0.0069 483 


650 

906 

280 

604 


1215 11-902S 11.8075 
300 34.8300 34.5700 

86089 6 5645 
55235 5.4806 
5.7515 5.7045 
1.6920 1.6779 
900 247.000 244.600 
438 1.4438 1.4338 

ISO 188825 1657.75 
300 342300 34.5700 
1.9025 12860 
72430 72885 
950 174.100 172.650 
070 138210 137850 
7.8627 7.7942 
1.4353 1.4270 
1.4S89 1.4920 
1.1500 1.1416 


11.8305 -at 11.6575 -1.6 11.8676 -Q5 


103.1 


681 

B91 


195 

292 

980 

493 


(Paso) 


Argentin a 
Brazil 
Cauda 

Mexico (Now Paso) 

USA (5) 

PacificAedda East/Afrtca 


0.9996 
(Ci) 77B.533 
ICS) 12681 
32000 


- 995 - 996 0.9998 09995 

♦12.128 530 -535 779.550 779.530 
*0.0087 678 . £83 1.3683 10640 


Australia 
Hong Kong 
IncSa 
Japan 
Malaysia 


(AS) 

0*S) 


1/4035 
7.7265 
(R6) 312700 
JY) 105.695 
2.7168 


■ The Bundesbank's caution 
was not the only thing contri- 
buting to the dollar’s jaded per- 
formance yesterday. A report 
from the Philadelphia Federal 
Reserve showed lower activity 


■ The pound remained vulner- 
able yesterday, following the 
mixed bag of economic statis- 
tics published earlier this 
week. A survey by IDEA, the 
financial market consultants, 
asked foreign exchange dealers 


■ OTHER CURffiMCCS 


■Ur 17 

Ira 


UAL 


E S 

154.415 - 154668 103150 101250 
259760 - 260100 174800 - 175000 
0/4461 -04472 02980 ■ 0305 

33004.4 - 330284 220470 - 220476 
2564.75 - 257225 1707/00 - 171200 
5.4629 - 54942 16715 - 38735 


(MS) 

New Zeeland (NZS) 1.7411 
PMIpptoes (Peso) 27.5750 
Sauft Arabia (SR) 3.7490 
Singapore (S$) 

S Africa (Cam) (R) 

S Africa (Bn.) (R) 

South Korea (Won) 806.650 
Taiwan (IS) 26.4150 

Thatand (Bt) 253050 

tSOR rate tar Mar 16. Bdtoflor 
tut an kipfad by euiw« MM 


1.5617 

34288 

4A550 



025 - 045 
2S0 - 270 


484 - 498 
812 - 822 


280 • 295 
500 • 600 


3429 

-22 

3421 

-22 

3X07 

-12 

1042 

8598 

-22 

6521 

-22 

86625 

-12 

1032 

5.4913 

-12 

84986 

-OB 

X5018 

-03 

762 

8739 

-22 

87801 

-2.4 

5.7936 

-12 

10X1 

12634 

-22 

1.8885 

-2.0 

1.6B41 

-08 

1042 

248.4 

-17.9 

yesyp 

-172 

28X75 

-1X9 

71.1 

1.4391 

22 

1.4342 

22 

1.4201 

1.6 

. 

16884 

-42 

167876 

-4.6 

171815 

-32 

7X4 

3429 

-22 

3421 

-22 

3X07 

-12 

1042 

12905 

-12 

12943 

-1.4 

12979 

-OS 

10X7 

72988 

-12 

72113 

-12 

72241 

-05 

9X0 

17328 

-88 

17524 

-5.6 

1805 

-4.4 

911 

138 62 

-80 

139235 

-4.6 

142.795 

-34 

802 

7.8428 

-4.1 

72801 

-3.3 

72608 

-2.1 

822 

1/4298 

-07 

1.4298 

-02 

14201 

02 

1042 

1.4955 

12 

1.4928 

T2 

1.4874 

0.7 

892 

1.1461 

22 

1.1421 

2.4 

1.1343 

12 

- 

12684 

-02 

1269 

-02 

12745 

-OS 

842 

32016 

-08 

32044 

-05 

3215 

-OS 

- 

- 

- 

- 

- 

• 

- 

1012 

1.4045 

-02 

1/4074 

-1.1 

1.4149 

-02 

67.7 

7.7272 

-0.1 

7.7312 

-02 

7.75 

-03 

- 

31.435 

-2-5 

3127 

-2.6 

- 

• 

- 

TDXS9 

12 

10X29 

12 

10X605 

Z1 

1452 

2.7108 

Z7 

22943 

32 

Z7668 

-12 

- 

1.7427 

-1.1 

1.7472 

-1.4 

1.7614 

-12 

- 

X752 

-02 

X7563 

-07 

17751 

-0.7 

_ 

1.5817 

00 

1.5617 

OO 

1.6052 

-1.5 

- 

14431 

-5.0 

14721 

-XI 

15693 

-4.1 

- 

4286 

-62 

4.65 

-82 

- 

. 

_ 

80925 

-42 

81115 

-12 

63125 

-11 

- 

26.5175 

-4.7 

28665 

-32 

- 

- 

- 

25275 

-32 

25215 

-32 

25.655 

-1.4 

- 


670 - 720 1 06.050 105-570 

163 - 173 2.7259 2.7163 

400 - 422 1.7422 1.7289 

000 - 500 27.7500 27.4000 
3.7498 3 7494 
1.5854 1.5812 
3.4525 3.4265 
45800 4.5375 
10 - 800 80X800 806.100 
10 - 200 26.4400 26.4100 
O - 100 263100 25.3000 
Spot bUo show onry Itw lot torsa decanq plKas. Fowtod i«ai ore not dreeny quotad to tt» irarM 
t ECU a* quotad to US eunnqr. IP. Itayai M eta te a r ter Mr 16 Base tnngi WQ-lfll 


:CROSS*RAi.ES AND DERIVATIVES - 


EXCHANGE CROSS RATES 

Iter. 17 BFr DKr FT* 


DM 


R 


NKr 


Pta 


SKr 


SR 


CS 


Ecu 


Bdgtem 


(BFr) 100 19.02 18.5* 4854 1003 4795 5.454 21.05 4985 3960 22.57 4.129 1.929 6953 1890 305.4 6514 


EMS EUROPEAN CURRENCY UNIT RATES 

Mar 17 Ecu can. Rate Change M */- Iram K 

against Ecu on day 


rates 


can. rate 


Dtv. 

tod. 


Denmark 

(DKr) 

52.58 

10 

X698 

Z5S3 

1253 

2521 

2268 

11.07 

262.7 

20X7 

1127 

1171 

1215 

1079 

1520 

100.6 

1.322 

Iraiand 

0208828 

0798249 

*0000053 

-153 

4.70 

France 

(FFr) 

6045 

1120 

10 

2234 

1211 

2898 

3297 

1172 

3022 

241.1 

1165 

1496 

1.166 

1390 

1.747 

184.6 

1220 

Netherlands 

119872 

117083 

-0.00058 

-1.18 

422 

Germany 

(DM) 

20.60 

1918 

1408 

1 

0413 

987.7 

1.124 

4236 

1019 

82.15 

4.650 

0851 

0297 

0214 

0595 

8192 

0516 

Belgium 

402123 

39.7728 

-0.0137 

-1.09 

423 

Iraiand 

OP 

49.93 

9.496 

8-260 

Z424 

1 

2394 

1724 

1051 

249.4 

199.1 

11.27 

1082 

0.963 

1.974 

1/443 

1515 

1255 

Germany 

1.94964 

123135 

-0.00118 

-094 

457 

Italy 

W 

2.086 

0397 

0345 

0101 

0042 

100. 

0.114 

0439 

1042 

a318 

0471 

0286 

0.040 

0.082 

0.060 

0-370 

0.052 

Ranee 

653883 

657050 

*0.00064 

048 

250 

Netherlands 

(Ft) 

1X33 

3.487 

1033 

0890 

0367 

879.0 

1 

3259 

9158 

7112 

4.138 

0757 

0254 

0725 

0230 

5X00 

0.461 

Denmark 

7.43679 

7.55140 

*000246 

154 

153 

Norway 

(NKr) 

47.51 

9.035 

7250 

2206 

0.951 

2278 

2591 

10 

2372 

1895 

1072 

1.962 

0917 

1278 

1273 

14X1 

1.194 

Spate 

154.250 

15X878 

♦0033 

187 

022 

Portugal 

(B) 

2022 

3.807 

1312 

0272 

0401 

8592 

1.092 

4214 

100. 

7924 

4519 

0827 

0286 

0791 

0279 

61.14 

0.503 

Portugal 

191854 

19X821 

-006 

109 

0.00 

Spain 

(PU) 

2X07 

4.768 

4.148 

1217 

0502 

1202 

1268 

5278 

1252 

100 

5260 

1.035 

0404 

0991 

0725 

7X58 

0830 







uWLuen 

(SKr) 

4420 

6.425 

7.328 

1150 

0287 

2124 

1416 

9225 

221.3 

176.7 

10 

1.829 

0255 

1.751 

1-280 

1352 

1.114 

NON Bttl MEMBERS 





Switzerland 

(SFr) 

2422 

4.606 

4207 

1.176 

0.485 

1161 

1.321 

5.098 

1212 

96.58 

S/467 

1 

0/467 

0957 

0700 

7197 

0.008 

Greece 

264.513 

281.845 

*0228 

648 

-118 

UK 

W 

51.83 

8.857 

8274 

1518 

1.038 

2485 

2227 

10.91 

25X9 

206.7 

11.70 

1140 

1 

1049 

1.496 

15X3 

1203 

toy 

1793.19 

190678 

+1/4 

623 

-105 

Canada 

ICS) 

2X30 

4211 

4.104 

1228 

0507 

1213 

1.380 

6226 

128/4 

100.9 

6.710 

1244 

0.488 

1 

0731 

7726 

0638 

UK 

07X3748 

0.788902 

*0001005 

-252 

X78 


10 


-11 

-20 

-21 


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Japan 

Ecu 


7J83 

BB 07 

8573 

Ton pot 1.00ft Damsti Krmw, French Franc. Nurwogun Kroner and Swoftah Kroner p a 1ft Bftetfti Rate. 


($1 34.60 
(Y> 327/4 
39.76 


6-580 

62-27 

7.665 


5.724 

54.1B 

6.580 


1.B80 

153B 

1^31 


0693 

6-557 

a797 


1669 

15686 

1907 


1-887 

17.66 

2.170 


17218 
1836 
198.7 
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138.0 
1306 
156.6 
id Aesea 


7.810 

7131 

8-979 

to 100. 


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13.52 

1-842 


a666 

8J17 

0.767 


1.368 

1294 

1.573 


1 

9.463 

1.150 


105.7 
1000. 
12 IS 


0l870 

8-231 

1 


■ D-MARK FUTURES 0MM) DM 125JXX) per DM 


(IMM) Yen 125 per Yen 100 


Ecu crraift rang mi by Bw Baopran Cwn ftta o n . Qwndwto to dto dto ftnp retoBira ftiwigh. 
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(17/993 Swing and fcrtto Lira afftatodad bom SWL Atafttmarc calcutatod tty Om RnandftTmas. 



Open 

Latest 

Change 

High 

Low 

EsL vft 

Open bu. 


Open 

Latest 

Change 

High 

Low 

Eat vft 

Open to. 

Jl4l 

0 58* 

0.5917 

*00022 

05933 

0.5881 

4X972 

87,182 

Jut 

09471 

0.9485 

*00019 

09508 

0.9488 

14/410 

47.690 

Sep 

05883 

05899 

*00022 

05914 

05883 

317 

2.756 

Sep 

0.9550 

09640 

*0.0036 

09552 

09540 

163 

1.642 

Dec 

" 

0.5895 


0.6885 


1 

131 

Dec 

■ 

0.9590 

■ 

0.9590 

' 

14 

403 

■ SWISS FRANC FUTURES (IMM) SR 125200 perl 

SR 



■ SreMJKG FUTURES (IMM) ££2,500 per £ 




Jun 

0.6977 

0.6979 

*0 0005 

07005 

0592S 

1X610 

31745 

Jut 

1.4910 

1.4928 

*00026 

1.4948 

1.4878 

13297 

26.179 

Sep 

06998 

0.6987 

+0.0004 

Q.70tS 

06980 

20 

257 

Sep 

- 

1.4900 

- 

1.4300 

ft 

B 

588 

Dec 

jMWjl 



0.7025 

0.6999 





1.4880 


1.4880 



‘ 


■ nflLADELPHMSE E/9 OPTfOMS £31,250 (cents per pount^ 


SbSoe 

Price 

Apr 

- CALLS - 
May 

Jun 

Apr 

— PUTS — 

way 

Jun 

1-400 

032 

925 

9.30 

- 

008 

024 

1425 

633 

7.00 

7.18 

aoi 

024 

055 

1/450 

451 

451 

X24 

019 

084 

159 

1/475 

251 

3.14 

3. BO 

068 

155 

152 

1500 

122 

1.86 

256 

1.73 

2/49 

358 

1525 

045 

0.97 

1/13 

140 

4.05 

4.81 


Prswoia toy's VOL. Calk 7467 Puta 7416 . Pro*, toy's Open kit, Cato 487458 Pua 974408 




MONEY RATES 


r WOtfTH EURDMARK FUTURES (UFFE)" DM7m pptrts at 100% 


March 17 

Over 

One 

Three 

Sot 

One 

Lamb. 

Dts. 

RepQ 


nkjht 

month 

mths 

mths 

year 

Inter. 

rate 

rate 

Belgium 

_ 

6i 

fiW 

04 

64 

7.40 

5.00 

_ 

week Jflo 

- 

6« 

0* 

6’» 

8% 

7.40 

5.00 

- 

Franco 

8: 

6 V « 

Si 

G 

5* 

X10 

- 

7.75 

wcer oqo 

6 k. 

O'. 

6% 

64 

SB 

6.10 

- 

7.75 

Germany 

5 75 

5.85 

5.75 

5.58 

5 38 

X75 

52S 

X88 

week tvjo 

6 00 

X85 

5.85 

5.65 

5.43 

8.75 

525 

5.94 

inlaid 

ei 

64 

6!t 

6% 

6% 

- 

- 

X75 

wot* .VJO 


6i 

6'k 

6'.% 

6% 

- 

- 

6.75 

Italy 

6£ 

8* 

64 

81* 

814 

- 

8.00 

822 

«o:i* ago 

8(J 

Bi 

04 

04 

84 

- 

800 

X92 

Netherlands 

5.53 

5.JS 

5.27 

517 

5.13 

— 

525 

- 

week ago 

5.53 

5.45 

527 

5.18 

5.15 

- 

525 

- 

Switzerland 

4 

4£ 

44 

4 

3R 

6 625 

4.00 

- 

tt«** dfPO 

4’t 

JJ 

44 

Ji 

35 

8.625 

4.00 

- 

US 

3’.* 

3's 

3E 

44 

4'tt 

- 

3.00 

— 

week xxj 

J3j 

3W 

33 

44 

4h 

_ 

3.00 

- 

Japan 

2V* 

2^k 

2li 

Tm 

Si 

- 

1.75 

- 

«A iJO 

2'* 

2% 

2’* 

2V4 

24 

- 

1.75 

- 

■ 5 UBOR FT London 








Intertunli Fining 

- 

3S 

3’* 

4H 

43 

- 

_ 

_ 

week ngo 

- 

3fi 

3% 

41* 

44 

- 

- 

- 

US Dollar COa 

- 

3.44 

3.64 

3.91 

4.31 

- 

_ 

_ 

week ago 

_ 

3.44 

3.66 

3.97 

4.36 

_ 

_ 

_ 

SDR Linked Ds 

- 

3'i 

3* 

3% 

4 

- 

- 

- 

wck ago 

- 

3‘* 

3"* 

37k 

4 

- 

- 

- 



Open 

Sett price 

Change 

High 

Low 

EsL val 

Open InL 

Jun 

94.59 

9452 

-025 

9420 

94^1 

.64962 

255333 

Sep 

94 89 

94 80 

-0.05 

94.89 

94.77 

48555 

162291 

Dec 

95.07 

94 99 

43.06 

osna 

8426 

28331 

151887 

Mar 

9X16 

95.07 

-0.06 

9X18 

95.05 

13530 

122558 

■ THREE MONTH KUROURA HTJUTE FUTURES (UFTQ 

LI 000m points of 100% 


Open 

Sett price 

Change 

HUte 

Low 

EsL vft 

Open brt. 

Jun 

91.92 

91.65 

-0.06 

91^6 

9124 

6664 

57846 

Sep 

9220 

92.12 

-0.05 

9121 

92.11 

1180 

29179 

Dec 

9225 

9128 

-0.04 

9226 

3227 

1806 

39605 

Mar 

92.36 

9131 

-OJ03 

9138 

9131 

655 

2866 

■ 1WS MONTH EURO SWISS FRANC FUTURES fUFFg) SRIm points ft 100% 


Open 

Sett price 

Change 

Wgh 

Low 

EsL vft 

Open to. 

Jun 

9620 

96.1 1 

-0.07 

9620 

9X10 

6366 


Sep 

0825 

9620 

-0.03 

9X25 

9X19 

1363 

7297 

Dec 

96.17 

9614 

*003 

9X19 

9X11 

111 

4860 

Mar 

96 US 

9X05 

*0.02 

9625 

96.02 

13 

86 

■ THREE MONTH ECU FUTURBS (UFFE) Eculm points of 10046 . 



Open 

Sett price 

Change 

High 

Low 

EsL vft 

Open Irrt. 

Jun 

9J21 

94.13 

-0.07 

9421 

94.12 

1613 

11068 

Sep 

94.44 

9428 

-0.04 

94.44 

94.37 

1111 

10093 

Dec 

94.57 

9421 

-0.02 

94.58 

94.50 

503 

6600 

Mar 

94.56 

94 54 

-0.02 

94.60 

94 53 

72 

328 


' LTTE Anns (rated err APT 


ECU UiKod 03 mM rntax i mtn: 6i. 3 imfK 64: 6 mitt: 6 . i year. Ft. 3 LBOS irssiut Bung 
-a5a are oiftml rata/ (or SI On quoad ID IM martM by tour ft ranw twaa or 1 ion each wort a na 
toy T>w taf *» iw. Qjnkera Into. 8*0 ft Tokyo. Swctan and Kfttonft woaonkw*. 

VO lica am -Jmn tor Dm domsaUc uom* Rutoe. U6 t CD» ird S* l**aa Depaaita (Eto). 


■ THREE MONTH EURODOLLAR (IMM) Sim pftTIB of 100% 


EURO CURRENCY INTEREST RATES 


Short 

term 


7 dove 
nodoa 


One 

month 


Thrae 

(TiCflthS 


One 

yea- 


Botgran Franc 

0*4 

eis 

6»4 ■ 

6 »S 

6|4 - 

0.V 

0 ‘s 

-0 

Bi 1 . - 

5!2 

tic 

• sa 

Danish Krone 

A 

5 >j 

6 1 * 

- 6 


- B 

8 ** 

5% 


5^ 


-5*s 

D-Mart 

s^l 

54. 

s\l 

5U 

5R - 

SU 

5B 

5H 

S*B- 

5,« 

S’l 

- s,i 

Dutch Guttler 

5S 


Sfi 

5,i 

5«S- 


s,’< 

5ii 


54 

si 

■ 5|* 

fnsrete Franc 

6\ 


« 

6A 

s,\ - 

e& 


6 *s 

X‘« 

si; 

S-3 

- 5?. 

PcrtagucM Esc. 

10*4 

• to 

10*2 

■ 10 

10 >s ■ 

-Mi 

9^ 

9i* 


9 1 ! 


■ 81 V 

Spwh Pesca 

8 .’. 

- 81 , 

S>4 


V. 

- 8 

8*4 

7S 

W* 

7H 

8 - 

7li 

Swing 

5 - 

4T 

U 

SU 

5£- 

5£ 

Si 

5i« 

5,1 

5 i. 

5% 

-5k 

Ewrj From 

4U 

- 4 

4^4 

- 4 

4«S 

- 4 

4,1 

Hi 

HI 

3)2 

3(2 

-3)2 

Con Dolar 

4 - 

3'* 

3* 

3*1 

3li - 

-ill 

3|« 

4^ 

- 4 

4.4 

4,4 

5k 

- 5 

US Dour 

Ji 

■ 3,1 


3 Li 

3.* ■ 

3,'. 

3* 

34i 

4>f 

- 4 

4,’. 

- 4,'. 

■IlLjn bri 

9 • 

7l' 

IP, 

7% 

8%- 

n* 

0‘s 


8*» 

7^* 

7k 

- 7k 

Yen 

n 1 
-14 

■34 

FI 5 

2*8 

21s- 

3t'« 

2h 

2i 


2.1 

2k 

-2A 

Asun SSmg 

3'i 


3>Z 

2*1 

3‘z- 

2>2 

4 

3 

4 

3 

4k 

-3*, 



Open 

Latest 

Change 

High 

Law 

EsL vft 

Open to. 

Jun 

9X72 

9X71 

- 

96.73 

9568 

137.105 

497106 

sep 

9X32 

95 JO 

-0.01 

9X32 

9529 

111019 

372.042 

Dec 

94J7I 

94.88 

-OOI 

94-91 

94,88 

51073 

285.072 

■ US TREASURY BLL FUTURES (MM) Sim per 100% 



Jun 

9X11 

96.10 

. 

9X12 

9X10 

3542 

34,712 

Sep 

95.75 

9X75 

- 

95.75 

95.75 

933 

6.226 

Dec 

- 

95.43 

*0.05 

- 

~ 

383 

2JOOB 


«3 Open kaaron flgs. n (or creftozra toy 
■ EUROMARK OPTIONS (UFFE) DM 1m poSiK ol 100% 


Svr » rxos JTO lJ» to tlw IB Donor m Ten. oOmtc two toyr notfca. 


■ THREE MONTH PtftOft FUTURES IMATIF) Parts lmertsar* ortered rata 


Strike 

Price 

Jiff? 

— CALLS - 
Sep 

Dec 

Jun 

PUTS — 

Sep 

Dec 

9460 

012 

039 

058 

0.10 

009 

069 

9475 

0.04 

023 

0.41 

027 

0.18 

0.17 

8500 

002 

012 

027 

0.50 

nx> 

non 

Eft. vft. BM. Cato rate Puts 4891. Prawns toy's span ML. Cato 

106107 Plttl 135573 




Open 

Sen proa 

Change 

High 

Law 

EsL vft 

Open to. 

Jun 

94.25 

94.18 

■0.07 

9X28 

94.16 

38.883 

87.240 

Sep 

04.56 

94.50 

-0 05 

94.60 

94 48 

0.671 

44.589 

Dec 

94 73 

94.69 

-004 

94.78 

94.87 

13,306 

31,924 

Mar 

94 87 

94.78 

-0.06 

94 88 

94.77 

5.792 

35^53 

■ THREE MONTH EURODOLLAR (UFFE)' Sim points ft 100% 




Opfti 

Son once 

Ctemge 

High 

Low 

EsL vft 

Open to 

Jun 

95 72 

85.72 

*003 

95.72 

9X72 

140 

4449 

Sop 

9531 

95 33 

*0.04 

35 JT 

9X30 

101 

2031 

Dec 

34 91 

94.93 

*006 

9431 

94.80 

135 

1331 

Alar 


94 70 

*006 

- 

- 

0 

531 


■ EURO SWISS FRANC OPTIONS (UFFQ SFr 1m poklls of 1 00% 


Strike 

Price 

HOG 

9825 

9650 


•kai 

0.19 

0.08 

om 


CALLS 

Sep 

030 

0.15 

(UK 


Dec 

032 

018 

0.09 


Jun 

008 

0.22 

0.41 


PUTS 

Sep 

0.10 

0.20 

0.38 


Dae 

018 

029 

0.45 


Eel tft. srsL Cab 0 Puts 100 Pmnoio day's open rat. Cftb «3 Putt 830 


LONDON MONEY RATES 

Mar 17 Ouar^ 7 days 


One 

month 


Three 


Six 


one 

yrar 


teterhank Stertng 

6k -4k 

5k-4* 

5k -6 

6A-5A 

5A - 5,‘s 

Si- Si 

Starting CDs 



5A-5A 

5k- 6^* 

6A-5A 

Si-Si, 

Treasury Bib 

- 

- 

A*-4H 

4k-4k 



Bank Bills 

- 

- 

4%-4S 

4%-4» 

AB-4S 

- 

Local ftrthority deps. 

A)i -4ji 

«U-«H 

5k - 5 

5k-b 

5k - 5 

5A-5i 

□teooto market deps. 

5k - 4k 


- 

- 

- 

- 

UK clearing bar* base lending rate Sk per cant tom February X 1994 

Up to 1 1-3 3-8 6-8 

ti until month months months 

9-12 

months 


3* 


3*2 


Carts ft Tax OOp (Cl 00X00) 4 3\ 

Caras ft T» dap. iradft CIOCLOOO to i | ipc. Oapoftta atthdran tor caah Vpc. 

arto raft ft reacoml 4 7981 pc ECtto Itxed caft tag. Export Ftrarca. Mako up Coy February 28, 
1004 Aqreed raft to* ptood Mar 28. 1964 ft Apr 26. 1904. SStonaa 0 8 Bt ftSOpc. R atatanca rale tor 
P*M Fab l . 1994 to Fob 28. 1004. Scharnaa N & V 22SBpc Hnanoo Houn Bar** Roto 5»ta>C Irom 
Mar 1. 1904 


! THME MONTH STEHLEtO FUTURES (LIFF6) CaOOXXX) points ft 100% 


Jun 


Dec 

Mar 


Open 

Sett price 

Change 

Mfti 

Low 

Esl vft 

Open to 

9X89 

64^5 

-0.02 

9L30 

94/84 

17316 

118678 

94.77 

94.73 

-0.02 

94,79 

94.71 

9686 

73441 

9466 

94X0 

-002 

9456 

94.46 

10948 

100370 

9425 

9L20 

-0.02 

9X28 

94.17 

6164 

30528 


Traded on APT. All Open rataraat 8ga. are tor Bratova day. 


■ SHORT STERLING OPTIONS (UFg C500000 points of 100% 


Strike 

Price 

Jun 

- CALLS - 
Sep 

Dec 

Jun 

— PUTS — 
Sep 

Dec 

9475 

017 

021 

018 

007 

023 

044 

9600 

006 

OIO 

0.10 

021 

037 

060 

9525 

0.01 

0.04 

0 05 

041 

058 

080 


ESL «oi mol. Cato 22*5 Put* 2M&. Prftaoift tey'a cytoi H. I 


112810 PUtt 119304 


BASE LENDING RATES 


Adam&Company ,_5 25 

AkadTiustBarti _5J5 

AIBBft* 525 

•Henry Anshacher 525 

BankftBsmda 525 

Banco Btoao Vac^a.. 52S 

BerkalCypnB 52S 

Barft ol Jrnlflnd 525 

525 

BorkofSostend -525 

BftdsyaBa* -525 

Brt BhrfVfcJ Eaa.... S23 

•Broun Sh(tey 525 

CLBankNedartand.. 525 

CBbarttNA— JSSS 

Oydasdala Barit 525 

Coopers#* B&k. 525 

Couds&Co 525 

OodlLymnas 525 

Cypis ftapufar Bank ^£26 


% 

DmcaiLawto 525 

Eater aortfUrind— 625 
FirancM & Gan Ba* - 6 
•Robert Romtoo & Co _ 525 

GHteft 525 

•GOmwMton 525 

Hat* Bank AG Zurich. 525 
■HambrosBonk 525 


■ Rwtutfa Guaranaw 
Coqnrikin LferMd b no 
b^vaaoWB 
a bftMng HriUtan. 8 
RoyaOi ft Scotland - 526 
•SrrAh 6 Htensn Sees . G2S 
Stendanl Chartered — 525 
TS8 _S25 



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Duff Forecasts and Market Myths for 1994 

no !/S doi’er Will i=cr; doricilon V.llf ro-ll-i:.-. ..... 


The US flcl’ci will iocr; de;ic!!or v.llf 
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NOT read I“a! :n ftsliotMonoy • th 
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052 Anno iVhilby 
Tel: C7N73d 717 a 
F ax. 07 1-J39 4?d6 
c f::. j 33A f.tsrpbur 


Hftfabb 8 Gan Imr Bt 525 

•f*Samu8f.._ — 525 

C-HcbibSCo -.-525 

Hanyang & Shanghai. J2 

JtkanHoegaBB* 525 

M«poWJewfti B S»B 525 

Lloyds Bark — 525 

MefttrafBankUd 525 

MdandBa* 525 


•UritsdBkftOiMft- 525 
IMyTtiatBeriiPte— 526 

Wn^ftnTiud. 525 

WMaanylaUaw.— 52S 
YtrfcdksBar* -525 


‘MoutBBkng. 


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Nft toB SOtoafcr 525 

•Res SrftTiere 525 


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EUROPE 

Msmudtan7/5cR} 


ABM 

BMusf 

cncet 

Ufian 

eat 

Lenmfl 

OgA 

man 


Stayrt) 

IMMO 

VMM 


20T5 

ijon 

733 

4,010 

1,507 

1.310 

OT 

000 

BOS 

S38 

388 

726 

540 

4,001 


~2J0O 1JB0 24 
■412IS 909 DB 
-2 834 400 ft# 

-15 4,280 2080 _ 
*9 1.713 890 IJ 


*10 1 J31 
■*1 1,071 
*4 1.106 
~ 513 
-S 251 

*3 m 

_ 701 
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484 IJ 
56? I 5 
700 20 

290 IQ 
146 25 
211 1 5 
380 22 
440 1.5 


*1 <440 2820 0.6 


■awnwiiWMB^fftern/fa.) 


WBcp 


2JQO 
4,085 
MmB flJ30 
Atari 4JX» 
BBL 4,300 
MU 1B0M 


CMB 


0*YI 

DM 

BnA 

smhfy 

BMC 


-5 2085 2.1H 24 
-Ifl * JBO 2J» 1.7 
_uaob£00 29 
•80 4X0 1.730 
+S5 *£70 9.100 45 

— lutoiuasaj 

86 RFI 20,010 *2835 awns ractn 21 
mm 40,050 +254207531.000 54 

Mol 54.900 •eoaSUWOiaJU 1.4 

one** 129GO -so i 2 an am 29 
_. 2 BOO 1,492 32 
+» 6.180 *J2» 3-B 
-1 « 81 29 

-10 8,600 5.050 U 
-10SO1.O8O 10 
-10 EUQ0 5.610 6J 
-9O0JBOO&ASO BA 

-16 3.000 2.030 30 

+30 4.540 2805 42 

... 4380 Z&00 40 

-10 1480 1.110 26 

-10 0J1O 7,070 _ 

._. 1MB0 BJ1Q 1.7 

-10 5,030 2.000 2.4 

. ™ 3350 2.480 4.3 

73W “I® S-200 5.760 13 

73W -00 7X0 5X0 1.5 

--6080 3000 _ 
_ 1340 1012 6.1 
— 17.05012100 0.1 
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-70 3,660 2545 4.1 
-IB 388 273 

£200 4 026 33 

-1D6JM0 3J10 20 
-3 2300 1086 4.1 
—35 2.790 1300 43 
— I50OB 9.001 4.0 
1300 12<w 6-7 
14.790 < 250 litO> 10.776 03 
Dial 11.100 -100113017,750 40 
UC0 23.000 -75 76.700 HUTS 2.4 

1M*l 2680 -10 2830 1350 43 


□BNMnc(Marl7/Ki) 


OB* 

GWflM) 


SMB. 


monk 

KXMf 


2*70 
6,100 
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1.438 
070 
GJS0 
3 380 
4030 
4300 
1315 
3490 
0000 
4.750 
3,426 


8320 

1060 


2M <41 29s 132 

\Ji .3 BSSS 
iSJ.Tf sasa 
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+4 5M 333 1? 

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B35 +fi lJJsg fiSI *' 

iiS r l '-SB “s il 

Sr * s 87321150 — 

, .3** +25 1.1S 630 112 

k ,4 S£S r-2C> 189 125 AO 

25} + iZ S « 
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LW* -9 M , ’ 7B ® , <“» 26 

-230471a) 210 _ 
577 -5 mo 210 \SI 

533 _ 610 405 BJ 

«£?* -0 700 430 50 

2^1 -a a 2470 787 

' _ 574 — 792 B70 30 

a 3,370 +40 25T4 1.1S0 13 

484 +4 59fl an 

CM-IJD 377 £fl 

e ,3£2!! + 3 3 - 100 1300 13 
F JH 1 * JX 2, < 137 43 

332.ro -JO 354 21510 3j 
18* -1 227 IBS (5 

*65 -19 W ISu 

sw -3 550 317 4.4 

076 —3 BOD 451 aq 

v" 7 -2a ijw ke 51 
38250 *5.70 300 137.10 32 
320 -4 355 220 aS 


KnBBUuns0tarl7/Flg.> 


AHNflmr 67. 70 -1J0 7180 6050 43 


.„ *apH 
_ Mold 
AKZO N 


„. HUM 

— Gamma 
_ oafOpR 

- 


IWBa 


™ SWMWf{Mar17/DiTV) 


9030 +30 111 7400 29 
9130 -30 52404230 _ 
22? -400221501343 23 
_ AnvOpH 79 +130 8030 5030 4.1 

Bttttn 4230 +.10 4730 37.75 __ 

„ BOMX) 4830 -.70 52 2530 13 

_ Cai 7000 -1 JO 7730 5000 

_ DEM 126.40 -.10 1Z7.1D 6040 1 2 

_ MAPI 18800 +1J0 2D1JB13U0 26 
177.40 -«J01S5.ro >20 13 
1400 +.10 IS 8-10 5.1 
9830 —IflUB 71.70 4 4 

54.70 -.706830 33 23 

149 +1 757 JD 6025 
231 -1.10 23700 18239 1.5 

315 +7 315 17B 3.1 

8430 -130 0B 2000 63 

94 JO -3092503530 13 
4200 4,10 4S21-7S aa 

8430 -30 94.70 5430 33 

86.70 -00 8830 4930 13 

46.10 -JO 54 23,10 21 

8130 +30 52 2735 03 

55 +1.40 5730 3430 33 

71.: 5! -30 8330 2290 43 

91 +30 1181% BHJSa 22 
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_ OceVtt MM +330 8630 38 26 

Pni8> 55.10 +30 5530 1080 03 

7000 -30 1430 43 13 

EtobOBO 12730 +.10 131 06.70 28 
Radon 6280 +30 8B4&.CU 01 

Ram I2fi JO 1K.40 05.30 23 

nom 0330 -jo 10050 ea 40 

HOuUi 19830 +1 JO 21540 142SD 40 

SbrtM 4230 +110 492600 1.7 

WDp 20250 +00 23B 18*10 28 

WU 164 — 254)20030 K7 JO 20 

WODpfl 61 JO -3D63J0J1J0 33 
WHDpR 115.50 -.7013330 61 1J 


ROKBr 12*00 +150 12050 5080 0-5 
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SGSBr 2080 -1D2JOO 1J67 22 

— SMHBt 610 +34 1295 B30 _ 

— SMHRg 16330 +530 ZBB 146 _ 

— Smear 3J70 +10 4.440 2050 1J 


SmtPC 3.920 
3JB40 
1370 
1.077 
435 

— SMflkRn 216 

— Sarfttr B75 

— SMTMg 628 

— BID 

— UnBkBr 1J44 

— Miftg 701 

— 1J80 


+1S4J80 2780 1J 
-10 4J502.79O 12 
+80 1.725 520 10 
-16 1.100 581 1.6 
-1 631 304 3.7 
+1 250 U&30 — 

— 615 496 

+1 775 464 ._ 

-2D BBS 43D 

*6 1317 B45 23 
—7 83S 522 
-7 1315 1300 _ 


— unaau 

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— KlUt 

— fcmBuffll 
_ Kuraoo 

— Dun 

— KmDB 
Kuna 

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_ KLu 

KMPHT 

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= PACIHC 
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... Mwnu 

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17350 

10.400 


tesw 


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PKha 

2250 
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5300 

SijrtO 

Soc£na 2795 
BBnAFV 2.705 
SoBna 15jm 
GsMe 1340 


600 

237 

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Codan 5300 
Dfsn2 133.000 
Dntfn 079 

UnM 372 

EMM 1W 

HOB 537 

BMord 860 

BS B 238 

J 7 IMR 382 

LlttlS 1320 

HKTW5 205 

NuNKB 7m 

RMoB 068 

SqmA 560 

Sums 57G 

&s*& 4B0 

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(MOW 251 


— 730 388 2-2 

+1 201 197 23 

-2 338 2B8 09 

— 7300 3900 0.7 
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-5 1.140 010 1J 
-1 427 235 22 

3025 SO 40 
♦3J0 615 375 22 

— 67021330 10 

-a 270 182 _ 

.._ 406 217 33 

—10 10601350 OJ 
-607 385 105 3.4 

+3 78381 524 03 

-2 737 32*20 0.7 

— 313 400 m 

-B 611 365 OjB 

-3 585 320 10 

— 1.372 8*5 1.1 
-6 287 110 43 


« _ 1S10O 

MARB1J5S30 
Wa 2.613 

MM 03430 

AAo 1370 

MkaPt 040 
BtSF 31830 

Bdknnk 464 

416 
377 
47100 

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BnywV 4ES 

Mr STB 

BBflKr 209.60 
BWBh 43530 
MgS 893 

CdKnr 1,190 

CdKnP (fro 

CW* 36330 
CWH 2B8.60 
DUW 513 

DBA* 853 

D0UM 513 

STMT 277 

DlctlBk 823 

DkNRk ICO 

Drwsl* G05 

OrOwk 263 

DrMBk 414 

GEHE 5S3 

Grmftm 295 

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HamOB 220 


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140TO 

146 

4100 

210 

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217 

213 

220 

222 

408 

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+S 228 ISO 10 

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132 5310 .... 
247 115 1 3 
230 07 13 

258 108 _ 
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410 02.10 07 
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KeMG 150 
kntdt 670 
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KH) 148 

HockW 141 
LMimyr 720 
LAM 770 
UmA 881 .HO 
Untt 395 
Lanftn 197 
195 
44700 

PI 340 

MtMOfll 425 
IMrrtiV 760 
MroOM 344 

KSStio aS 

PWA 224 
Piwmn 51S 
Pm«3i 907 

£ 5 r 2 £ 

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602 24 
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-500 30320100 2J 
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+17 856 *56 20 
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*110 409 320 4.7 
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♦33J0 1055 72700 1.1 
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-401.120 360 _ 
—2.50 31B J07 20 
-200 472 273 1J 
♦1050 486 201.50 17 
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-3 BB5 44500 1.4 
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+28 900 635 10 
-.80 3480011*50 1.7 
-300 535 383 3J 
+200 1JKS 707 10 

— 1060 802 OB 

— 1.100 425 1.1 
-3 308 220 3J 

-1^ ^ 180 1.4 
-800 525 392 10 
-100 68753IUQ 10 
+00 52*60 31 4JD 10 
+800 27790 14030 
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—4 JO 170 04 JO 20 

♦600 035 40300 2J 

+1 296 211 10 

-100 472 339 20 

+6 901 aaso 1.3 

+5 304 185 1.7 

876 520 22 

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+51,380 785 00 
068 502 1 0 
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+00 169 95-70 „ 

+3 630 47B 2.1 
+14 5S0 383 14 
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+0 835 582 1.7 
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+400 9SBBM08 10 
+10 619 304 2.0 
+2 200 97 _ 

+1001*700 B1 1J 
-200 4SS 251 1.9 
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— 4.100 2085 03 

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+200 535 384 SB 

+1.60 424 303 13 _ 

-40 1.470 756 00 _ 
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_ 536 395 10 _ 

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-.80 H32 359 2.4 — 

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— AhocAT 

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KM 

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10000 -00 111 ?S 2 A 

160 +00 182 7B50 00 

1603 +051900 1335 _ 
150 +1 153 SO 10 

102 +200 114 22 _ 

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+1 12100 09 20 

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_ 430 IBS _ 
♦5 217 78 0.7 

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7700 -1 88 65 6.1 


1010 
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CSK 2070 

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C«*1 1,700 

Canons 2010 
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WdaF 816 
Kanin 305 
Hand 1050 


916 

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-10 3010 2000 

+20 780 543 __ 
+101.130 740 „ 
-ID 1040 790 00 
+4 640 475 _ 

+10 aiooijqo 
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Mango 
— MHSM 




— uocvp 

— ssteae 

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1000 
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1080 
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507 
356 
865 
506 
1000 
2.700 
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707 
624 
2,190 
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484 
1040 

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742 10 _ SunjM 349 

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+tai0Bo ms _. _ suroi ess 

— 10«O aw 10 _ SurnfSsr 833 

+ fS 3 -S2 1 -S2 -■ SumTie 1030 
-19 909 485 ... SuUWlH 770 

+0 625 310 _ _ SuzuU 1.320 

-1Z 1,150 640 TDK 4,470 

H6H —3 708 501 ... ._ Tubed HB7 

7S3 -12 930 5S0 0.7 — TahoPti 2000 

1000 +2820901060 00 “ TiUta TO4 

739 +* 750 371 __ m TkiaSb 004 

BOS -6 533 311 rnm 1040 

1000 -101.470 790 0.6 ... HmS 1010 

2060 _3.19O20DO TenStt 935 

-»101O 613 _ — . THkl 470 

+8 634 443 _ _ TaEbi 090 

-130 8K Tern*. Ml 

-2 542 JZ3 — — ToaQee 705 

- 749 490 ~ ... TbAma 517 

S 3 3 70 — — TotaiBw TOO 

—4 536 3K5 — TooaCp 763 

-I 805 821 _ ... Toei B70 

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+40 2072 1,703 37 J UVifivn 1080 


270 


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8*5 00 
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~ SPAA [Mar 17 /Pin.) 


6,150 
6030 
3030 
acnai 2050 
BExter 4016m 
EPMf 16060 
BSanrn 6000 
BneMo 770 
caw 30io 
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+30 6050 3080 20 
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+120 17.7HI 1(535 2J3 
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-10 6.1401000 20 
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-15 4000 2.605 20 
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—4 563 2fl6 90 
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+15 4,460 3060 50 
— 2.185 1.135 1J 
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-7 73B 308 60 
+35 3030 1015 161 
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-45 3.120 1053 10 
-5 3.160 901 10 


__ Ongfla 1,400 

“ aSbuE 2050 

_ C»o*mr 1J40 

= ^ fS 

_ QrtWi 924 

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D'caC 555 

DBUD3 455 

_ Oafcd 1000 

Dam* urn 

DoKB 1060 

DdtiP Ijeo 

DaHn 848 

Daftya 1030 

__ D-irani 845 

__ Bmnk 515 

_ DWNPn 1J4Q 

~ DeWr 1000 

~ mm 7m- 43G 

OsdmaP 1.170 

__ DTcKFM 783 

_ Dalmfi 990 

_ DAnH 1030 

_ DMivaS 1.700 _ 

_ Denup 4050 +30 4.700 2050 00 __ 

_ DimmW 653 +11 730 467 10 — 

_ Dooattl 535 _ 67B 386 _ _ MM 

__ Ebara 1000 -3010601,100 „ ■*+, 

Z tm -lOiMOl'jOT SSa 

_ EzuMG 1030 __ 1280 0B3 _ 

__ fAu: 4J7D -40 4040 2060 ._ 

_ RidoOn 640 +3 750 448 00 

-10 2000 1030 _ 

+a sea so) 

— ?8 2000 2.170 _ 

+14 769 559 1.1 
_ 422 236 _ _ 


-40 3.490 2J60 _ 

__ 1000 1.140 _ 

-20 9.140 2.190 _ 

+10 20101.190 _ 

+61,17® 760 00 
-8 tm 55® _ 

_ *40 367 __ 

-10 627 339 Mh+> 

-201070 790 __ Esor, 

_ 1.790 1.030 00 _ JESS, 
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-11 1,000 025 _ 

-10 1 060 603 — 

-16 010 485 — 

-11 575 347 _ 

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-20 1040 1040 — 

-7 547 306 _ 

-20 2.160 885 _ 

-1 870 609 00 

-10 1010 B46 — 

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559 

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340 

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840 

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<70 285 _ _ Tcedco 501 

+7 327 360 ... TofdoM 1030 

-201020 836 — — ThSoda BO 

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-1 714 385 _ _ TWd 1070 

537 ._ ... TMtomo 2090 

281 _ _ TKBPw 3070 


823 


— MPet 
— MKSOk 
— Metros 362 
— MVTlS 1050 

— laton 942 
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75S 

905 
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- Mori 6 2020 

— HiHm 4080 
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— hoc in 1 . 10 D 

- NGX3P 1040 
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SHEDBiWBr 17/KrnrBrl 


241 04 
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BOD 10 


-4 270 101 1.7 


ITALY (Mar 17/Ure| 


BCommSjoom 
BNdzAO 4030 
B Rone 1.940 
RaMng 62 
BnaiBI 26.900 

BWDD 10060 


OK 
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2.400 

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617 6.1 
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410 80 
368 50 


HrtSpd 12425 
Ganna 1014 
Onus 39000 
OMM 3J40 
IH Pi 20,700 

n» 12010 

UcU 10056 
Man 11020 
Man 5075 

uSur 13000 

UdM 18.100 

ttnW 1000 
aw 2010 
Pin* 4.800 
a«o 
25040 
Mar 10220 
SASBS 9000 
SF 4000 
SIFT 5.000 
BOftsA 6020 
small 3.085 
SPMo 10.635 
sn (uwo 
SMI 669 

SMBP 2.075 
ToroAs 260*0 
TCOH 23050 
unm 12030 


-IBS 8405 3010 34 
+30 4030 2010 14 
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+74 2470 970 20 
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+3010201055 _ 
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+16 3005 2,130 30 
+130 12010 7076 1.4 
+67 18534 10S2 _ 
+112 5.140 20M 20 
+55 3085 1075 01 
+151 4050 2.730 40 
+120 156)5 9030 40 
♦IB 1037 1030 40 
+2»42.®aj*0 _ 
+120 3.440 2000 _ 
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-70 1*480 12S16 
+106 11.400 4010 _ 
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+150 18000 10001 10 
+ 19 1068 02 — 
+60 2638 1.170 — 
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+ 12D2450 1.D7B __ 
+645 30090 H0OO 10 
+170 1DJBD 7,16fi — 
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-24 4,650 1010 1.7 
+83 5067 1.736 20 
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+28*485 2019 .. 
-161230 8050 28 
+120 10090 7.750 50 
♦18 740 380 50 
+5 2130 875 — 
+130 33,090 71050 „ 
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AGAA 

AGAB 

Ana A 

Anna 

AstnaA 

AWaB 

ABKA 

AflotS 

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Eric* 

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EMMB 

GnmrDB 

HSMB 

HMaA 

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506 

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417 193 10 
477 172 1,0 
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+1 1S6 10650 2.3 
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9120 CUM 
2115 Canute 
10730 Ca*r 
52615 Cart>cP 
14554 Csnlno 
10*95 CanGtn 
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87600 CtaOd 
B8711 Coonen 
B8320 Cons 
21000 Qhcw 
115700 Con 
78054 Croemx 
17200 DmM 
5100 Dorian 
191001 Dofaca 
328E0 Doohir 
112122 Dumw 

2380 DuPrlA 
1 3811 DmBA 
7200 Eropn 
18550 &hoB 
20650 Emco 
11D110 EuNe*i 
22204 m 
500 Hmh 
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7300 Forte 
19677 PrHM 
2000 FlimV 
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58531 SMA 
249007 Sient) 
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214500 TtchB 
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152312 Tima 
16600 Trlmecx 
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5400 IMP A 

3050 UCarp* 
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25435 Vfeero 
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532255 MBK: 
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474965 HnTW X 
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KBoEx 685 
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154036 AMoE 
134000 NbM&x 
50SZ72 AfcnAI 
182380 Amour 
10600 Alcoa x 
5175 BCSugA 
20329 BCTHi 
920645 BCE* 
1574 BCE lb 
15736 BGRA 
505 Bmswfe 
417716 BRUmd 
440C0B BKHCriS 
101550 BeeuEz 
131021 BUMS 
90141 BOHVM 
*003860 Brndoa 
99600 MM 
11363 Bmoar 
132430 CAEx 
55000 CMVllRa 


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10 % +% mv 19 % 

17 +1* *17 16% 

33% +*ZI&132% 

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04 300 PkrMI 
649019 PDCOP 
47S28 PeomA 
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246800 Posen 
187744 PmCoi 
28820 FYttEn 
542292 N)om 
109906 FWCp 
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B0BO +150 9000 6054 _ 
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2.180 —10 2010 l.*60 — 


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300 
B.60 
353 
11.78 
6JDW 
BX 
500 

_ KxndPos ajaw 

— NBW%K 357 

— PbeOuK 505 

— Pencon 1.88 

— Penmen z 

_ Pfcrtn 3.18 

— HBPk 202 

— PWtnc 789 

— PnaSM 302x5 

— ffiSEm 505 

— OCT Re IJ3 

— FMntSd 5 

— Rottran 7 

— Senas 402 

— SmOHer B 0 O 
_ Suita ox 
_ snep 300 
_ SWdd 338 

— TNT ZJ3 

— TMCoH ACT 

— Mtmir ftBttad 


5.75 4 ^3 10 Nippon Steel — 

Z 5,931 

+03 0.72 OX 4J _ NEC — — ~ 

-07 602 302 30 204 NKK — 

.02 10? 1.10 Htarf,,- 


._ Keanu 
_ Lendls 

z tia N 

— MayneN 

z ssr 


NewsCp 


♦02 1^40 039 — 15 
-04 3.45 150 15 — 
-OB 256 255 _ _ 
-51 1.60 1.11 4.8 — 
„ 205 206 70 130 
-.10 3.60 203 50 .... 
-01 1.7B OX 21 2.8 
+01 1.78 1A0 60 — 
+51 20S 205 40 8J 
-m 202 ox a.i _. 

-.11 202 070 _ — 
+021100 570 20 400 
+03 301 1.42 BJ _ 

— 19J0 1308 4 J 330 
-.01 3.40 245 4 2 _. 

_. 3.23 101 10 800 
-38 1004 8.15 35 250 

— 4J1 IX 20 _ 
-08 1114 7X 4J 130 

- 750 555 20 _ 
12 075 00 90 
-03 6-28 ZX 25 _ 
+04 2.79 T.T6 25 

— 4.15 206 35 240 
... 502 4J5 *0 — 

-.08 2-16 OX — 

-06 2.43 OX — 

-JOS 302 219 4.7 13J 
-X 190 IX 1.1 
-05 90S 205 — 

-.01 5.10 1.47 50 
-04 858 3.75 30 
+01 IX IX 75 
-05 625 20S 15 
7.70 5.15 5.4 
-X 452 200 55 
+X 7.10 106 40 
- .10 190 <15 M 
♦X 300 204 — _ 

— 3.70 203 7.1 24 J 
— 252 169 — — 

+.15 4«J TXffl 30 _ 

+J7 9.75 500 30 — 


Stocks 

Traded 

13.9m 

13.6m 

9.Bm 

9.4m 

a2m 


INDICES 


US INDICES 


MJ 

17 


MV 

16 


M7 

15 


Htfi 


-1993F4- 


-1893#- 


m 


LOW 


fieart C9F12/77) 

(U) 70522*1 

3B8622 254JU40 ISOM 

MHndb 

K (Matad/IAa 

2164.4 

21715 

21725 

Z34O0B 3*2/94 

wiHngnn/m 

10290 

10485 

103&9 

113ELW 3/934 

tarabta 

Craffl flMmptviZflW 

44118 

44875 

447.17 

48086 2fflW 


M 238223 238203 2881.17 8®M 150415 25/2/93 


PC (Mv 197a 


Traded Mm£/1<91) 1169.79 118951 1163L3HT I2ZLK 1/2/94 


151811 151ZJ9 151407 154266 9/2/0* 


eazon/isn 


a-, -j 


. - v '_0; 
+i-’ r .j+'+' f 

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.tr* 


BorospsCSnaW) 

ti 

140840 

135080 

1486406 16/3/9* 

Nb0fcM**iS7q 

M 

37B&6T 

370240 

383493 1/284 

Canpiraet PUTS 

M 

4525 KO 

450000 

4S8U0 v?m 


fu) 

212577 

211000 

218208 11284 

am 

KAGea (31/12/80) 

M 

<3723 

49324 

4B&80 4*284 

Doqmg^. 

397.43 

39958 

399.11 

415J9 2/2/M 

MS 

hex 6MBrticnn29ai 

18760 

18705 

1864.1 

1B7Z8D 4/284 

Sraat 

®250(J1/t2W| 

1504 40 

1501.47 

150819 

159620 MW 4 

CK 40(31/1207) 

3M704 

224271 

2258.52 

235503 208* 

■mmoi 

fW/Wmpi/1 ass 

32850 

829.75 

82028 

BG&flST 471/94 

OrawobraWnawi 

2365.30 

237430 

23S2J0 

245300 4/184 

Q«P0fl387)J 

217506 

2172.73 

216559 

225706 3/184 

taWEB 

*Wto5E(3in3am 

108966 

10B7.7D 

1067 46 

119458 IB/104 


HHiKaV 

foiSntfnfTAQ 


951113 9720 61 986156 12201J* *1«i 


146600 1371/33 
564.01 13/1/33 

30026 14/1/93 
71206 15/1/93 

M2S0B 4/1/93 

7107 4/1/S3 

2743J1 2WJ93 
377380 21/1/93 
172037 21/1(03 

2B1209 1G/5/B3 

2 MX 01/93 

043.10 22/1/93 

111419 S/UB3 

177121 zarux 

99833 14/1/83 
1BM30 14/1/93 
151650 13H/33 

8BJ2 SMB 3 

54S7X WSJ 


CBS TWfcGwtnd 83) 
CBS « Sl» End 83) 


437.7 437.4 09.1 CUD 31/1TO4 
335 283.4 2845 29100 3I/IA4 


Cap 40(1/7/86) 228577 225824 224901 2439B4 3®94 

Odd SEM(!(U83 T1B237 11KL90 117136 121110 28094 

UnbCoTV C/l/BS) 271831 284230 2KH46 330807 4 019* 

Portugal 

BTA (19771 3156.1 3135J 31075 322660 1BOS4 


5ES M'S , (xnOV75i 5SB.12 56557 5580? 64101 4rt/94 

SMb Attea 
JSE EOkl PB/B7® 

JSEMBWm 


Kttatirn|£44/t/K)r 

Strata 

MwMdSEOOnara 


296J0 4/1/93 
naso 13/1/93 

2200 22/2/94 

08903 77/1/90 

127008 4/1/SO 

H0820 14/1/93 

394.10 13/1/93 


Hour >lcn«i 

Uar 

16 

Us 

15 

Mgr 

14 

1903/4 

ago lam 

Staa eauutabon 

Wgb Uw 

MUOtak 

360.15 

364859 

386250 

397638 324105 
(31/1/94) Gon/B3) 

397636 

(31/W4) 

4152 

(2/7/32) 

None Bonds 

10235 

102.17 

10234 

1 

10677 10217 

16/10/33) (15/3/84) 

10677 

nonuBS) 

5400 

(1/IWl) 

Tampon 

175238 

173450 

1726.12 

118229 14530* 
fzc/wi mm 

1B0U9 

mm 

1238 

(8(7/32) 

UttUES 

207.42 

20703 

20&£l 

25648 70703 
pi/asa (150/94) 

25646 

pi/B/BS) 

1050 

mm 

DJ tad. toy-. WCT 387353 13880*8 ) Low 38130* I3828X ) m*cret)c*44 
to/* b«n 38S8J0 £3872.06 ) Low 38SJLB2 P83SL23 1 (Actual 

StamM and Peon 


Cooswte t 

489.42 

45701 

46738 

48208 42005 

mm pn/ra 

48208 

mm 

440 

0*321 

taunaKV 

549.78 

547X 

54804 

5GD09 490.48 

mm (26/4/93) 

58859 

mm 

352 

(21/8612) 

Data 

44.41 

4301 

■4350 

4640 3900 

(2819/93) mm 

4648 

(BV9ft3) 

854 

tintra) 


B%Snaj1979) 3752J 37310 37585 420700 28/39* 210Q5T 23/4/93 


taarm tomfioa®) soox 


W 


to 01209 91/9* 27131 5/T/H3 


Kt 191604 XK4X 2082.16 3W-9* ««•» 



SKOwdHhSH 

m 

COW) U (1973 6B0G 67875 6TO06 6B90S 18/2.94 
MB &onl (t/T/94) 1089.0 10620 1 0650 1HEM® 18/2 « 


19560? 

61080V 

19830 

man 

19870 

81020 

33100 4/1/94 

61 0600 17/3/M 

77600 5FV93 
433308 19M/93 

89656 

90653 

911.43 

97626 ZOW 

58533 V3I33 

33697 

34017 

34123 

35631 31/14)4 

2t5fi0 4/1/33 

151800 

1S2SJ0 

152590 

180690 31/1A4 

879.10 28 nm 

134671 

1009.77 

134702 

100804 

135806 

101490 

142634 31/1/M 
108329 31/UB4 

90400 11/1/93 
87630 11/I/B3 

539706 

533134 

527404 

M56S2 fi/1/M 

300843 fl/1/93 

12GB04 

129307 

1302.13 

175333 4/1/M 

81804 1/ES3 

151300 

151273 

« 2088300 13/1/04 

3B96S3 1/140 

63LB* 

FPUS 

6H2 

64100 um 

48800 13/1/93 

146100 

12S7.42 

M 

« 

146628 
125699 
31705 
151 39 

148935 

126106 

32000 

1(2.92 

154618 31/1/M 
131101 3fflW 
385,15 5/1/64 

1 tUl 14/2/94 

108302 13/1/93 
88223 13/1 A3 
U&S2 tn/sa 
9801 4033 


WSECono 
Am MM Kd 
NAS&AO Cmo 

■ RATIOS 


26034 

!K«oa 

25001 

297 J1 

mm 

23621 

(8/1(93) 

257.71 

mm 

4.40 

osum 

46902 

468.13 

46806 

aim 

mm 

39504 

mm 

atm 

mm 

2931 

(9/12/72) 

78899 

73152 

79200 

88047 

64507 

08047 

5*07 




pi /UK) (20/4/93) 

(31/1/94) 

(31/1072) 


Mar 11 

Mar 4 

Feb 25 

Year ago 

SLOT 

2.62 

2.62 

2M 

Mar 16 

Mar 9 

Mv 2 

Year ago 

2.37 

2J7 

2.38 

2.44 

24A8 

24-53 

2404 

26.62 


44833 mm 

ma 10/MM 


Ttataed 


ItDkar 


WORLD 


CaOSMORDBI 


XapeBpra pviaBBl 
BstaQi &mft(7/1/S2) 


M CAC-40 STOCK NOB RITUBS (MAT1F) 


Dow Jones ind. Dhr. Yield 

S A P tad. Dnr. yield 
S 8 p tad. P/E ratto 

■ STANDARD AND POORS 500 INDEX FUTURES S500 times Index 



Open 

Latest 

Change 

Hiflh 

Low 

EoLvoL Open W. 

Mar 

- 

46025 

- 

- 

- 

25 AW 

67,024 

Jim 

47005 

470.15 

■050 

47000 

470.15 

82,007 

167,146 

Sep 

- 

472L60 

- 

- 

- 

S78 

4,244 


Own nurest figures ere (fir prerous day. 


■ HEW YORK ACTIVE STOCKS ■ TfCADMG ACTIHITV 


1»«S5{W5N» 20W2.16 20677 77 M50A® 2H4&11 13WK WO^TI 2Smm Mar 

SB fl/HHE] 30312 30403 30131 80404 1011/93 »0* »JVB3 ** 

’OdtWlAS 164653 165327 16«?0» MB/S7 V*B «M6 SWM 

ZMSacfimH/VTO Z2I.32 221177 2211^* 236LS7 7SB3 HB1J2 2H1«* 


Opan 

Salt Price Change 

High 

Low 

EsL voL Open ni 

2272.0 

2267.0 

■ao 

2272.0 

2244.0 

20,751 

40037 

2282.5 

2267 .S 

-30 

2282.5 

22580 

1.165 

4087 

2279.0 

2271.0 

■3.5 

2279.0 

22640 

1001 

4033 


May 

Open new Run tar imn* itay. 


nacaevMHSfi} 10 c jo 


K) 131446 H-W B*42S 13nj ® 

Ex 903.42. Bn vatan «4 d tadcea m 100 maopc AunsDa A* Oodnry 


MfettaMay 

Sbde 

Ouse 

asm 


toted 

pries 

an day 

TeMoss 

10049 JOO 

61% 

*h 

Hansoo He 

4,108000 

20% 

+% 

IE Sepal 

3.110800 

18*6 

+3% 

Adi Hoa 

Z87D.ODO 

29^1 

♦>» 

An 

2057000 

S2%i 

+5* 

Stan#) USA 

2518.700 

26 



AciSf Ixpr 

2.47U00 

30b 

+n 

M-Um 

2jm#X‘ 

57 

+1W 

I'm Pat 

2287.700 

27% 


Kenya 

2283200 

59% 

-2 


• VJtame (auUonl 

Urn it Her 15 


Km 1/413 SE 
Ann 

lustwo 

308.118 301263 280139 
17041 15.101 16022 
Kfl 303080 265002 

WSE 

banes Traded 

2.777 

2.787 

4798 

nan 

1J5« 

1.110 

1.163 

Fans 

794 

1002 

MS 

unsoegM 

624 

675 

TOO 

HewrtUhs 

89 

92 

67 

Nm Lnro 

69 

77 

82 


-S-to « Umn RUMfnra M0. Tbp-100. 1SW OwnTSrona CuraTOteuda A 

SSSfe-— 1155 


T CanBctxxL * Calndawd a 1600 GMT. • 
6 The OJ bn*, ttta taeonucal ray's nptra 
otadc wnaraos tad ataud da/» reois and to 
during the day. fit* fgun in hbcMks am 


Endudna bonds, t taduiatd. oAn UtdUea. Fearctrf xd U rm ra ua m. 
and M *t> die aremges of d» Hdrai «1 Owes pntaa metraa cuing me ray by each 
we teu&fed by TMAhud rapmvd to highest and town) vakm mat me index Iras reached 
(ramus di va. 0 ) fiuapee a rtfcui raeHcuMion. 


Closing 

Change 


Stocks 

Closing 

Change 

Pricwt 

on day 


Traded 

Prices 

on day 

360 

+4 

Honshu Paper 

80m 

770 

+48 

376 

+5 

Fujitsu 

7.4m 

1.080 

+30 

1,110 

+30 

Kobo Steel 

5.8m 

293 

+5 

284 

+4 

Sanyo Bectnc 

50m 

510 

-2 

970 

4-13 

Mitsubishi Kasai 

50m 

490 



BUSINESSES FOR SALE 


SALE 

Manrithis Garment Co. 

£L30K Cash/CrediL 
Long land! ease. Taxfree Export 
Rue 2304547412 Tefc 230 4645318 
London Enq: 081 856 6061 fere) 


Well-Established and 
Profitable Narrowboat 
operating and fitting-out 
company based in Wiltshire. 

Tel: 0225 702242 


Specialist Light 
Fabrication Company 1 

based in Soulfa Wales. Freehold premises, 
good enstoma base, good taog lenn onler 
book, prods in mm or £100,000. 
I*>yal waitag and «U|)(abfe worfcdrce. 
Owner wi sh jp g do retire. 
Principals only to apply in writing In 
Bos 2546, Flnanria) Tones. 

One Sombwork Bridge. London 5E1 DHL 


VILAMOURA, ALGARVE. 

Modern sports and leisure 
complex, with villas and further 
potential. Business for sale. 
Outstanding opportunity . 

0895 621051 


CONTRACTS & TENDERS 


PETROLEO BRASELEIRO &A. - 
PETROBRAS 

F.P.S.O. CONVERSION FOR 
PETROBRAS 

PETROBRAS - PETROLEO BRASILEIRO S.A. 
announces that it will be holding an International Bid 
for engineering, procurement, construction and 
commissioning services to convert P.P. Morses Vessel 
into a Floating Production Storage and Offloading 
System (F.P.S.O.J, with a Turret to operate at 
Barracuda oil field in Campos Basin, Brazil, 

All requirements related to the Public Announcement 
number 9-574-001-94 must be complied with by the 
interested companies. 

Further information wfli be available at: 

PETROBRAS - PETROLEO BRASILEIRO S A 
SERVICO DE ENGENHARIA - SEGEN 
Public Announcement number 9-574-001-94 
Rue General Canabano, 500 - 9th floor - Maracani 
Rio de Janeiro - RJ - BRAZIL 
Postal Code: 20.271+201 
PHONE: 0055-21-566-5499 
FAX: 0055-21-566-5634 



COMPANY 

NOTICE 



Read tomorrow's newspaper today. Check your Pulse 

The City news stories that will make tomorrow's front ypjj LSF. KtSS” 
page are already on Pulse financial pager. — + - 

CALL NOW FOR YOUR FREE TRIAL ON 0800 28 28 26 EXTENSION 1157 r*Vo A » L, M VVT’o'i Dou-JonfSstgjSSZ 


DourJonessfcJcrate 


Appear in the Financial Times 
on Tuesdays, Fridays and 
Saturdays. 

For further Information 
or to advertise in this section 
please contact 

Karl Lnynton on 071 873 4780 
or MetanieKHB8071 873 3308 




Spanish 4% External Loan 
(1974 issue) 

The coupons doe Is April 1994 may be 
pr u c utad for payment «i Banco Encrior 
de Espana, 9 King Street, London, 
EC2V 8HB between ibe bom of 10 am 
and 2pm. 

London, ISlh March 1994, 





n n a 

Dd % E 100* Ugh Lav Onto 

0.48 1B558 7% 17 1G$ 16$ 

0.18 1.1 37 513 1G>4 1G% IS 

1.68 16 22 7407 83$ ' 

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£1 OS 11 

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43 9% 9 9 

358 3% 9% B% 

258 10% 10% 10% 

123 10 9% 10 

58 8% 03$ 8% 

49 9% 9*4 0% 

55 8% 74, 7% 

2 28 % 
6% 8% 



HUM 

mu imsm 

17% 11% AW 
29% 12% A L Law A 
G7% 54% AW 
72% 55% AW 
5 3 AUK 
56% 29% ASA 
30% 22% AMO. 

13% 8% Atom* Pr 
15% 8% AqXncWi 
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12% 10% ACM On Hi 109 9.3 
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10% 8%ACMGrt3» 0.9810.1 
12% 10% AQHfifISO 109 101 
12% 9% ACM Mao 1X10B 
9% S$ ACM Iteragfl 0 72 83 
12% 7% AcmaCrv 044 4 9 11 
11% 6% Acme Bed 34 

Z8% 16% Acansa 1 060 2.1 14 SOI u28% 

9% 6% Aeon t 038 £5 2 3W 8$ . _ 

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21% 17% Attain E»f Q36 2.0 0 161 17% 17% 17% 

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3.00 131 1210830 29$ 29% 28$ 
0.16 IS 10 3 6% 8% G% 

010 0.512S 15 1S% 18% 18% 

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32% 18% AdvMc 
B% 5% ArMSt Cn> 

24% 14% AdWhC 
58% 41% Aegon ADR 
66% 43$A8WL 
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31 21% An Bus Prd 0 BO 32 18 SO 
8% 7 Am Cop Inc x 0.65 II 438 


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38% 25% Am Genl 
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4% 2%Anacomo 
51% 25% Anaflarta, 
31% 15% Analog 
29% 22% Angeflcak 
60% 43% Ante* 
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49% 26 Anthem 


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2.78 4.8 10 2792 57% 57 574 

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3 3^7 A JJa £*■ Jig 

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18411.9 11 53 15% 15% 15% 

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1X20 12 fi 994 17 16% 16% ■% 

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028 1 2 15 163 22% 22% 22% *% 

0.28 1.J 15 150 20% 19% 20% +% 

044 l.S 23 6510 29% 28% 28% -% 

030 1J 45 4022 24% 24% 24% +% 

100 1.81403 453 581, 56 56% ♦% 

060 2.1 5 U1 29% 28% 28% -% 

IX 52 35 187 19% 19 19% *■% 

048 2.4 18 1014 20% 20 20% +% 

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0 76 II 12 115 15 14% 14% -% 

0.40 1 7 14 1321 23 22 % 22% *% 

II 66 2% 2% 2% -% 

154 83 27 208 26% 25% 26 •% 

018 15 160 30% 9% 10 ♦% 

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aM 12 19 523 27% 27% 27% +■% 

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196 94 507 10% dlO 10% 

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0.08 1.1 6 1289 7% 7% 7% 

048 1.8 17 91 25% 25% 25% 

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187 62 9 2132 31% 31% 31% ♦% 

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192 4.8 12 5609 59% 58% 99% 
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040 05 14 4130 BS 84% B4% 
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Conttwedoonextpa 




■V 


FINANCIAL TIMES FRIDAY MARCH 18 1994 


4 pm abse Uaa/t 17 


NYSE COMPOSITE PRICES 


39 


NASDAQ NATIONAL MARKET 


4pmcioseMara 17 


tWM 


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AMERICA 


Philadelphia Fed data 
provide some support 


F INANCIAL TIMES 

Political reform sustains Milan bourse 

Analysts are positive ahead of this month’s general election, writes Michael Morgan 

T 


Wall Street 


US share prices were mixed 
after an incipient rail? on the 
bond market fizzled out, but 
advancing technology stocks 
pushed the Nasdaq into record 
territory, writes Frank 
McCarty in New York. 

By 1 pm. the Dow Jones 
Industrial Average was 2.01 
lower at 3,&4ti.l4. while the 
more broadly based Standard 
& Poor's 500 eased 0.27 to 
469.15. In the secondary mar- 
kets. the American SE compos- 
ite inched 0-23 ahead to 470/05. 
The Nasdaq composite was 2J39 
better at 801.38, just above the 
all-time closing high of 800.48 
reached on January 31. 

Equity prices moved steadily 
ahead in early trading, sup- 
ported by comforting data from 
the Federal Reserve of Phila- 
delphia. Its March business 
outlook survey showed a mod- 
erating growth trend in the 
region, and a significant 
decline in prices paid by manu- 
facturers. 

The news set off a flurry of 
buying in the benchmark 30- 
year Treasury bond, which had 
rebounded in the previous two 
days on a series of data sug- 
gesting that inflation was in 
check. 

But the long bond’s rally 
could not be sustained. As a 


ASIA PACIFIC 


result, the modest advance in 
share prices eroded. Most of 
the Dow industrials entered 
the afternoon session showing 
little change on the day. 

There were exceptions. Alcoa 
climbed $1% to $75, while Gen- 
eral Electric fell $1 to $102%. 

Among the airlines, AMR, 
parent of American Airlines, 

NYSE volume 

Daily (million) 

350 " “ 



200 


4 r B 


9 10 11 14 IS 10 17 
March 1994 


shed $1% to $62!4 after warning 
that it expected a loss greater 
than Wall Street's estimate of 
24 cents a share. Elsewhere in 
the sector, Delta dropped $1 to 
$49Y* and UAL, United Air- 
line's parent, by $1% to $130. 

In other transport-related 
issues, Airborne Freight fall 
$1% to $36% while Federal 
Express, its rival in the pack- 


age delivery business. lost $1% 
at $70%. 

Amoco, up $1% at $55%. and 
US Surgical, $1% ahead at 
$19%, continued to rise on 
expectations that their 1994 
performances would show 
improvement 

On the Nasdaq, Lotus Devel- 
opment surged $3% to $83% 
after ann ouncing a 
and development agreement 
with AT&T. Intel gained $1% 
to $73 and Aldus $1% to $33%. 

Brazil 

Shares in S&o Paulo recovered 
early losses as confidence 
returned following disappoint- 
ment after hours on Wednes- 
day that the IMF had yet to 
agree a stand-by loan for the 
country- At midsession the 
Bovespa index was up 287 or 2 
per cent at 14.371, having ear- 
lier dipped to a session low of 
13,625. 

On Wednesday the index 
rose 412 per cent ahead of the 
IMF announcement 

Canada 

Toronto stocks edged higher at 
midday, led by gains in the 
minin g, energy and forestry 
product sectors, offsetting 
losses in gold and pipelines. 

The TSE 300 composite index 
climbed 7.40 to 4^33.00. 


Fall in Hong Kong puts 
selling pressure on region 


Tokyo 


Although heavy profrt-taking 
ahead of the March 31 book 
dosing depressed share prices, 
the Nikkei 225 average was 
finall y only marginally lower 
as some of the losses were 
eroded by foreign investors’ 
purchases of large-capital blue 
chip issues, writes Emiko Tera- 
zono in Tokyo. 

The Nikkei lost 85.61 at 
20,592.16 after a day’s high of 
20,092.97 and low Of 20,449.44. 
Corporate selling pressured 
prices from the start, but the 
index fluctuated in a narrow 
range during the afternoon, 
supported by bargain hunting. 

Volume amounted to 570m 
shares, against 629m. Traders 
forecast that corporate and 
institutional profit-taking 
would last to the end of the 
month, but also noted growing 
investor confidence. 

Declines led rises by 598 to 
427. with 163 issues unchanged. 
The Topix index of all first sec- 
tion stocks shed 4.74 to 1,648.53 
and the Nikkei 300 was 0.91 
easier at 303.12. But in London 
the ISE/Nikkel 50 index gained 
3.40 at 1,368.13. 

Steels continued to be 
bought by foreign investors. 
Nippon Steel, the most active 
issue of the day. rose Y4 to 
Y360 and Kawasaki Steel 
moved up Y5 to Y37S. 

Overseas investors also pur- 
chased blue chip high-technol- 
ogy stocks. Hitachi strengthen- 
ing Y13 to Y970 and NEC Y30 
to Yl.llO. 

Trading houses were higher 
on reports of their entry into 
the multimedia industry 
through cable television. Mit- 
subishi gained Y30 at Y1.130 
and Nissho Iwai YU at Y-184. 

Profit-taking depressed car 
shares. Toyota Motor receded 
Y10 to Y2.100 and Nissan 
Motor Ylfi to Y897. 

Construction issues were 
also lower, with Ohbayashi 
down Y23 to Y660 and Toblsh- 


ima falling Yll to Y517. 
Department stores, which are 
expected to report weak earn- 
ings. lost ground, with Mitsu- 
koshi retreating Y13 to Y942. 

Some individuals and dealers 
targeted speculative stocks. 
Honshu Paper forged ahead 
Y48 to Y770 and Keisei Electric 
Railway Y36 to Yl.010. 

In Osaka, the OSE average 
slipped 42.78 to 22,545.16 in vol- 
ume of 156m shares. 

Roundup 

A sharp fall in Hong Kong 
affected neighbouring markets, 
although some rises were 
recorded further afield. 

HONG KONG shed 2.1 per 
cent, led by selling in the 
fixtures market, the Hang Seng 
index losing 207.48 at 9,513.13 
after a day’s low of 9,432.79. 
Turnover picked up to a provi- 
sional HK$4.Sbn from Wednes- 
day’s KK$3.5bn. 

HSBC was the most active 
stock, falling HK$2.50 to 
HKS96.50 in turnover of 
HK$41Q.2m. Cheung Kong lost 
HKSl at HK$40 and Hang Seng 
Bank HK$1.50 at HK$55.50. 

KUALA LUMPUR was L8 per 
cent lower, depressed by 
broadly based profit-taking 
among index-linked stocks and 
second and third liners. The 
composite index fell 19J28 to 
1,027.29. 

SINGAPORE was marked 
down 1.5 per cent, pressured by 
Institutions unloading blue 
chips and speculators selling 
cheaper- priced stocks. The 
downward pressure was also 
attributed to programme- 
linked selling and redemption 
selling from Foreign investors. 

The Straits Times Industrial 
index dipped 32.16 to 2,153.65. 
DBS Land fell 14 cents to 
S$4.02 in spite of posting 
healthy 1993 earnings. 

SEOUL continued to retreat 
for the third straight day amid 
further consolidation in blue 
chips, and the composite index 
receded 757 to 898-56. 


MANILA rose sharply on 
strong buying of blue chip 
stocks, taking the composite 
index ahead 70.41, or 2.6 per 
cent, to 2,713.31. 

While volume fell to 3.04bn 
shares from Wednesday's 
3.49bn, turnover value 
increased to 1.14bn pesos from 
l.OSbn pesos. 

TAIWAN put on 12 per cent 
as buyers came into the mar- 
ket late in the day. The 
weighted index rose 65.72 to 
5.397.06, although turnover was 
thin at T$39.05bn. 

AUSTRALIA eased in light 
trading, reflecting a weakness 
in the bond market The All 
Ordinaries index shed 9.1 to 
2,164.4 in A$527.2m turnover. 

BHP slipped 4 cents to 
A$17.46 and Western Mining 
declined 20 cents to A$7.13. but 
CRA defied the trend, rising 10 
ce nts t o AS17.76. 

CHINA’S B shares weakened, 
with Shanghai's index losing 
2.7 per cent to 61.71 and the 
Shenzhen index 0.5 per cent 
to 69m 

Brokers commented that 
overseas investors were wor- 
ried about the overheating 
economy, with many reweight- 
ing portfolios in favour of 
Japan. 

KARACHI closed at a record 
high on strength in the finan- 
cial sector as the market 
resumed trading after a seven- 
day holiday. 

The KSE 100-share index 
rose 27.65 to 2,589-71. 

BOMBAY was steady, the 
BSE 30-share index edging up 

I. 02 to 3,792.98, as liquidity 
picked up marginally from the 
very low levels of the previous 
two sessions which followed 
the imposition of a ban on for- 
ward trading. 

COLOMBO finished higher, 
the all-share index gaining 

II. 23 at 1,252.02, but brokers 
said they expected the 
improvement to prove short- 
lived and that the market 
would resume the correction 
which began on March L 


he Italian equity mar- 
ket, one of Europe’s best 
performers last year, 
has been looking remarkably 
resilient as the country pre- 
pares to go to tbe polls on 
March 27 and 28, for what is 
arguably the most Important 
general election since 1945. 

The Conut index posted a 38 
per cent advance during 1993, 
as heavy domestic demand was 
augmented by buying from tbe 
UK, Germany and France. 

US investors have joined the 
fray this year and the market 
has risen a further 9.9 percent, 
boosted by the successful pri- 
vatisations of the IMI financial 
services group and Banca Com- 
merciale Italiana. and the 
planned fusion and privatisa- 
tion later this year of the tele- 
communications sector, a long 
time favourite with foreign 
investors. 

But turnover, while still 
hi gh, has slipped this month 
from the record levels seen in 
February when it surged to a 
daily average of almost L955bn. 
peaking at around LL20Qbn on 
some trading days. 

Last year’s strong perfor- 

EUROPE 


mance took place against an 
unpromising background of 
political uncertainty and the 
fast unfolding and widening 
corruption scandal. 

Few doubt that the market 
faces a period of uncertainty 
while the new coalition, govern- 
ment, whatever its ultimate 
composition, finds its feet 

However, most analysts are 
positive on the medium term 
outlook. Mr Lorenzo Stanca at 
Credit o Italiano expects that 
tbe generally acknowledged 
need for constitutional reform 
will trigger the formation of 
a broad coalition, but not 
perhaps for 45 to 60 days after 
the polls, as parties jockey for 
position. 

He says that the next cabinet 
will have room to continue the 
policy of cutting the budget 
deficit begun by the Amato 
and Ciampi administrations. 
The financial markets, he 
expects, will react negatively 
in the immediate aftermath of 
the election, before picking up 
again as the identity of the 
new government becomes 
clearer. 

Mr Nicholas Potter, his col- 


Itaty 

indices mbas&d 
130 — 



league, expects to see the 
Comit index up at the 760 
level within a year, from 680 
yesterday. He says the eco- 
nomic picture facing the 
incoming administration will 
include inflation falling as a 
result of structural changes in 
the labour, service and retail 
marke ts. 

However, he thinks that the 
official target of 2.5 per cent 
inOation by tbe end of this 
year, compared with last 


month’s provisional 4-2 per 
cent, is optimistic. 

Mr Potter adds that service 
sector employment is falling 
rapidly for the first time in 
nearly 20 years, which will 
leave consumption, flat in 1994; 
and he thinks the aim of reduc- 
ing the public sector borrowing 
requirement as a proportion of 
gross domestic product will 
need to be achieved through 
spending cuts rather than new 
taxes, which are already 
becoming unbearably high. 

Mr Fabio Basagni of Actinv- 
est, an independent research 
group, sees no reason to 
change bis forecast of a rise to 
around the 800 level in the 
Comit index by August, before 
the market stages its tradi- 
tional reversal during the 
autumn as complex negotia- 
tions get under way for tbe 
1995 finance biH 

He expects a moderate, cen- 
tre right-inspired coalition 
government to emerge from 
the election and believes that 
the equity market has already 
decided that this would be a 
vast improvement on previous 
administrations. 


The market, he says, will 
continue to be driven by strong 
liquidity, the accelerating pri- 
vatisation process, the positive 
outlook for the lira and the 
strength and speed of an 
export-led economic recovery. 


M 


r Mark Howdle at JP 
Morgan expects Italy 
to be the strongest 
performer among tbe main 
European markets this year, 
and he believes that shares 
could rise by a further 35 per 
cent over the coming 12 to IS 
months, taking the Comit 
index above its life-time high 
of 908 set in May 1986. 

“Italy's partial catch-up with 
other European markets over 
the past 18 months was a 
period of rehabilitation, when 
a chronically underperforming 
market began to react to pros- 
pects of structural reform In 
Italian society," he says. Bat 
this year and next should be a 
period of “rerating", in which 
its financial markets adjust 
more fully to tbe radical politi- 
cal and economic changes 
already achieved, as well as 
those still to come. 


Continent weakens after Buba holds ground 


Bourses were mildly higher in 
the morning, but tended to 
ease after the Bundesbank left 
bey interest rates unchanged, 
writes Our Ma rkets Staff. 

FRANKFURT led the way 
with the Dax index 233 higher 
at 2.175.06 on the session, bnt 
felling to 2.160.45 as bund and 
index futures weakened in the 
afternoon. Turnover fell from 
DM9.7bn to DM8bn. 

Financials, which had risen 
earlier this week on interest 
rate hopes, came back on the 
Buba news. Deutsche Bank 
weakening from a close of 
DM823 to DM80830. Chemicals 
were also weak after gains ear- 
lier in the day, and there was a 
suggestion of nervousness 
ahead of today's “triple- witch- 
ing" expiry of stock and Dax 
Mure options. 

BMW came in the afternoon 
with a one-for-eleven rights 
issue and a comparatively gen- 
tle fell in 1993 profits, accord- 
ing to Mr Christopher Will at 
Lehman Brothers, who noted 
the comparison with Volkswa- 
gen’s DMl.Sbn loss, confirmed 
at around the same time. The 
rights issue took BMW down to 
DM855 at one point from its 
earlier close of DM871, before 
the profits brought it bade to 
DM85950 at tbe end of the day. 

Lufthansa had a better recep- 
tion for a substantially reduced 
parent company loss for 1993, 
which took the shares in tbe 
airline up DM2 to DM197 in 
floor trading. In specialty 
chemicals, Beiersdorf jumped 
DM26, or 3.1 per cent to DM878 
on a better than expected 13 
per cent rise in net profits. 

PARIS remained in positive 
territory, although the CAC-40 
index ended off the day’s Ugh 
of 22BO.B0 with a rise of 5.13 to 
2^24754. Turnover was a little 
under FFrtbn. 

LVMH and its associates 
were the day’s main story as 
the luxury goods group pleased 
the market with its results, lift- 
ing the shares FFr208 or 5 per 
cent to FFr4^89. 

The effect rubbed off on asso- 
ciates Christian Dior, up 
FFr16.4 or 4.4 per cent at 

SOUTH AFRICA 

Weakness in gold stocks was 
offset to some extent by tbe 
industrials sector, where tbe 
index added 48 at 6,106. The 
golds index lost 24 at 1,059 
and the overall 14 at 5,188. 
Anglos shed R5.50 to R220 and 
Western Deep R2 to R185. 


JonHy confided by The Financial Times Lid.. Gotinun Sachs A Co and NetW«a Securities Lid. in carburettor 
NATIONAL AND ^ 

with the Institute of ActuarJ 

TUESDAY MARCH IS 1994 
Pound 

Stertkig Yon DM 

Index index Index 

to and It 

m Faculty of Actumta 

DOLLAR INDEX 

Year 

1063794 1993/04 ago 
Hfeti Low (Hpprox) 

Figures in parerKhosra 
allow nurnOor ol lines 
of Mock 

US 

Dollar 

mas* 

Day's 

Change 

Si 

Pound 

Stoning 

index 

Yen 

Index 

DM 

Index 

Local 

Currency 

Index 

Local 
%chg 
on day 

t DnT 

Yield 

US 

Doflar 

Max 

Local 

ixrency 

Index 

Australia |69j . 

.175.64 

-a? 

174 S4 

117.41 

154.41 

76369 

0.J 

3.31 

175.98 

175.83 

11569 

15529 

16548 

166.16 

13019 

13701 

Aiotnn (17) 

191.78 

0.9 

J 90.50 

128.20 

108.59 

160.46 

0.6 

0.92 

109.97 

18854 

127.47 

167.53 

167-39 

19541 

139.63 

147^40 

Belgium »ar> 

. ..iro.-w 

0.4 

169.38 

113.94 

149.84 

14633 

oa 

352 

16950 

188.78 

11093 

14574 

14531 

170.76 

141 .82 

14&33 

Canada I»0?) 

.137.52 

0.6 

1JM.68 

91.93 

12083 

135.56 

0.4 

2.48 

136.73 

13S.91 

01.74 

12057 

13500 

14531 

12146 

12307 

OermarV (3?) 

.2 ra.il 

0.1 

268.65 

180.71 

237.66 

242.08 

-0.1 

086 

27009 

26847 

18122 

23518 

24522 

275.70 

195.68 

19583 

(Stand (221 

. .. .148.90 

1.6 

147.97 

9934 

13090 

17203 

09 

085 

146.58 

146.71 

9536 

12927 

17041 

15572 

70 02 

7002 

Franco (99) 

......180.26 

-Oi 

179.13 

120.50 

158.47 

162.54 

-0.5 

253 

mn 

17953 

12126 

15926 

183.42 

18537 

14500 

155L34 

Gomany <591 

137 62 

0.7 

I36.7S 

91.99 

12098 

120.88 

a* 

1.71 

138.85 

13553 

91.89 

120.50 

12050 

14538 

107.59 

11259 

Hong Kong |S6) 

.. .397.50 

-1.4 

395.03 

265.72 

349.46 

304.24 

-1.4 

259 

403.12 

40071 

27049 

355.50 

399.02 

50556 

237.68 

23597 

tretw<d|1-»l 

_ 191.38 

-O.S 

190.17 

127.82 

16023 

188.07 

-05 

3.17 

19950 

191.15 

12503 

169-56 

18591 

209.33 

141.63 

141.79 

iwy 169) - 

77.29 

-0.4 

76.01 

61.87 

6795 

98.38 

-as 

1.75 

77.57 

77.11 

52.05 

08.41 

96.84 

7&S3 

6521 

5731 

Japan (469) — 

. — 156.60 

1.0 

155.63 

104 68 

137.67 

104.60 

0.6 

077 

155.10 

154.1? 

104.07 

136.78 

104.07 

165J1 

115J24 

11524 

Malaysia 169) 

490.47 

0-3 

487.41 

327.08 

431.18 

515.03 

ao 

1.47 

488.86 

48554 

32502 

431.11 

51503 

621.03 

27549 

Z77.12 

Mexico 1101 

2047.89 

-2.0 

2035.10 

1360.93 

160030 

7382.18 

-35 

068 

2089.97 

2077.47 

1402-34 

184506 

7507.85 

2647.08 

1431.17 

1591.42 

NOdmrtflfW P6) 

.... .202.65 

-0.1 

201.38 

135.46 

170.15 

175.67 

-04 

3.12 

20E.68 

201.07 

13513 

17501 

17544 

207.43 

16530 

18304 

Now Zealand (14) 

70 48 


70.04 

4712 

61.96 

64.04 

02 

3.59 

7037 

6095 

47.22 

82.06 

64,83 

77^9 

45.45 

46.10 

Norway (M) 

204.18 

1.1 

202.88 

13647 

179.48 

302.90 

0.8 

1.82 

am .98 

20077 

13563 

17512 

201.27 

208.42 

149.77 

151.62 

Singapore (45) 

318.73 

-as 

316-75 

213.06 

20021 

23385 

-0.7 

1.79 

32046 

31555 

215.03 

282.81 

234.33 

37592 

216.12 

21512 

Soum Africa (60) 

-..267.25 

-i.i 

286.58 

178.65 

234.94 

286.68 

-09 

2.30 

27025 

263.63 

181.33 

23532 

26505 

23026 

16159 

102.04 

Spa*i (42) 

...... 148.15 

-0.7 

147.19 

98.01 

13031 

155.68 

-1.0 

3.71 

149.14 

14525 

10007 

131.52 

157.21 

155.70 

11533 

i2S tn 

Sivodcn (38) ... 

22158 

02 

230. ta 

148.12 

194.79 

257.74 

-0.1 

1.47 

231.09 

219.77 

14535 

194.98 

2S7.95 

zio.ee 

154.79 

16127 

Switwrtana (49) 

163.45 

-0.3 

162.43 

10926 

143.69 

14531 

-0.0 

15S 

18351 

162.93 

109.98 

144.66 

14540 

17556 

11527 

11530 

United Kingdom 1215) - 

.._ .198.73 

-0.7 

197.47 

132.83 

174.70 

197.47 

-07 

370 

20009 

19509 

134£6 

17546 

190.89 

21456 

169 J0 

170J20 

USAJ51B) 

.....191.03 

as 

189.84 

127.70 

167.94 

191.03 

05 

2.77 

190.11 

1B587 

127.58 

167.65 

190.11 

19504 

17591 

184.25 

EUROPE (745) 

. — 170.99 

-0£ 

169.92 

114.30 

150.32 

102.89 

-05 

251 

Ut.40 

17038 

115.01 

1B1.1S 

163.63 

17558 

13508 

13502 

N0rtte(113) 

.... J14 31 

0.4 

£12.97 

143.26 

168.40 

217J50 

0.1 

157 

21357 

212.09 

143.17 

10516 

217-35 

220.00 

14505 

14904 

ftwfic BaSm (722} 

... 165.70 

0.7 

164.86 

ttart 

145.37 

115^4 

04 

1.05 

16454 

16256 

110.41 

145.11 

114.78 

16560 

12006 

120.08 

Euo-Padfic (14651 

-,...167.75 

0.3 

186.70 

112.13 

1*7.47 

133.98 

0.0 

150 

10724 

16024 

112^2 

147.48 

133.92 

170.78 

12795 

13725 

North America (6£5) 

. — 187.71 

0.5 

186 54 

125 47 

165.01 

187.19 

0.5 

2.75 

180.79 

10507 

125.33 

104.72 

186^8 

182.73 

173.70 

16048 

Europe Ex UK (530) ..._ 

.....152.44 

ao 

151.49 

101.90 

134.01 

141.96 

-03 

2-28 

15259 

151.48 

10325 

13438 

142.37 

155.73 

12002 

130.69 

Pacific Ex Japan (253) 

25*67 

-08 

253.09 

1703* 

223.88 

233.67 

-OB 

2.BB 

250 58 

255.13 

17022 

22534 

235.06 

28521 

16704 

10754 

World Ex. U£ (165?) 

..... 169.06 

02 

166.01 

113.01 

148.62 

13720 

ao 

1.81 

18853 

167.63 

113.15 

14571 

13120 

172.51 

129JJ1 

i 2 H.cn 

WoiM Ex, UK (1355J .... 

.... .173.08 

as 

172.00 

1 1Su7D 

153,16 

14031 

03 

1.99 

17251 

17120 

115.62 

161.95 

149.40 

17558 

14409 

14530 

World Ex Sa. AI.R110) 

174.79 

0.4 

173.70 

110.84 

153.03 

153,17 

02 

2.15 

174.17 

173.13 

11587 

153.60 

162.69 

17556 

14563 

146.66 

Wood Ex Japan (1701) 

187.27 

ai 

186.10 

125.19 

164.03 

18080 

ao 

2.73 

187.13 

18501 

12556 

105.02 

182.70 

19520 

1B3.82 

164.09 

7I» World Index CM 70) 

175.34 

OJJ 

174^5 

777-21 

154.14 

154X6 

02 

2.18 

174.75 

173.71 

11720 

>54.10 

15579 

17587 

146.63 

14&65 


FFr389 20 and Bon Marche, the 
supermarket chain, up FFr41 
or 53 per cent at FFr809. 

Merrill Lynch, in a note 
issued earlier this week, 
upgraded LVMH from neutral 
to above average, reckoning 
that after two years of under- 
pedonnance, all the bad news 
was out 

AMSTERDAM closed slightly 
lower in line wtth the trend 
elsewhere on the continent, the 
ABX index slipping just 0.74 to 
424-50 after an earlier session 
high of 42734. 

Results came in from Elsev- 
ier, Hoogovens, and Ahold; the 
first two fell back and the lat- 
ter rose against the trend, 

Elsevier was one of the day's 
biggest failers, off FI 430 at 
FI 177.40. although its results 
came broadly in line with 
expectations. Some brokers 
expressed disappointment over 
its cautious forecast for 1994. 

Hoogovens off FI 130 at 
FI 6430, suffered on news of a 
convertible bond launch, while 


FT-SE Actuaries Share indices 


Mar 17 
Houly changes 


Opto 10-30 11.00 12m 13.00 


THE EUROPEAN SERIES 
14jOO 15.00 CM 


FT-SE EuntracK 100 
FT-SE Emback 200 


1409** 

150339 


1471 S3 
1610.02 


1470. 02 147065 
150055 151062 


148087 

1511.75 


148009 

150086 


1462.54 1461.88 
150111 190136 


Mar 18 


Maris 


Mr 14 Mir 11 


Mar ID 


FT-SE Emma* KM 148028 14803S (45050 143165 14*5-28 

FT-SE Unmade 200 150412 151124 148508 1471 SB 149<L35 

Bta on imo cenami: Ntfrtv. ioa - wn Me am - 151 iff um&t 100 ■ iwi.m am - imlzi. 


Ahold, the retailer, up 50 cents 
at FI 5130, pleased investors 
with its forecast of improved 
earnings in 1994. 

MILAN pulled ahead on the 
first day of the April account 
amid strong demand for indus- 
trials as investors begin to 
focus on the prospects for 
improved 1994 corporate 
results. The Comit index rose 
335 to 680.60, 

BCI opened at L5.9Q0 as the 
new shares, sold at L5.400 in 
the bank's privatisation, were 
admitted to the market The 
shares closed at L5398, a net 
fell of L149 for the old shares. 


trading ex-dividend. The 
shares were sold on the open 
outcry system early in the day 
to cope with a flood of profit- 
taking by small investors on 
their privatisation allocations. 

Pirelli, seen as a recent 
underperformer, rose L126 or 
53 per cent to L2.428, helped 
by recurrent talk that the 
group could be considering 
making a capital increase. 

Stet added 138 to L4.993 in 
response to comments by toe 
industry minister that he 
hoped a merchant bank would 
be appointed before the elec- 
tions at the end of tbe month. 


to advise an the privatisation. 

ZURICH marked time in 
moderate volume as investors 
adjusted positions ahead ot 
today’s expiry of Soffex options 
and futures. The SMI index 
edged 0.6 higher to 2387.7. 
restrained by a SFrlS loss to 
SFrl.250 by the heavily 
weighted Nekte and a SFrl2 
fell to SFrtffl by Ciba. 

Schindler certificates rose 
SFr60 or 3.7 per cent to 
5Fri370 as the elevator pro- 
ducer announced better than 
expected 1993 results. SMH 
bearers bounced SFr34 to 
SFr870 on the view that 
Wednesday's foil had been 
overdone. 

MADRID'S general index 
ended just 030 lower at 33937. 
Continente. the hypermarket 
operator, closed at Pta2,720 on 
its market debut against an 
offer price of Pta2,650. 

Written and edited by William 
Cochrane, John PRt and Michael 
Morgan 


10848 


'9, 70S 


'9,136 


' 7,913 


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Bank, NA* has by way i 
Stand-by Letter of Credit** _ 
provided holders of 

Units at the jd&RS? Maturity Dale in 
May 2003 with an 
Irrevocable undertaking to 
pay an amount which ensures 
the return to investors or their 
initial subscribed capital In respect 
of Loan Notes held at the Maturity Date. 


enough? 


Units are US$ denominated, have no sales 
charge, and may be liquidated monthly.*" 

For more information, please contact: 

London: John Townsend or Brian Fudge 
Fax: +44 71 826 6458, Teh +44 71 285 3200 

Bahrain: Arthur Bradly or Antoine Massed 
Fax: +973 533 078, Tel: +973 533 288 
Miami: Steve F. Phillips or Simon E. .tmich 
Fax: +1 305 530 9621, Tel: +1 305 539 9700 

Hong Kong: Anthony Hall or Margaret Yao 
Fax: +852 557 1205, Tel: +852 521 2933 
Tokyo: Matthew Dillon 


Fax: +81 5 3238 6327, Tel: +81 3 3238 6321 

THIS FUND rs ONLY ON OFFER UNTIL 22 APRIL 1994 SO ACT NOW! 

TO RECEIVE INFORMATION FAX THIS COUPON TO ■» ill 71 626 6458 



MINT 

Please send me more information on Mint Plus Guaranteed 2005 limited. 


F.T.WC2W2 


Name. 


Country. 


Addrtss. 


Wort Phone No.. 
Home Phone No.. 


Fox No.. 


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KD&FMan Interanllond I AL. Panda Dtxbloft, Sugar Quay, Ijiwct T hainct $n«t, London fcXSRSntl. F-nfUnd. KuIXs.** 


KD&FIVtal InteranlJonBl (M. Itanda Dtfbton, Sueur Quay, l^rwcr TIwik* garret, London tKSRflTIU, F-nfUnd. Kax No. *44 71 0000138, TW Pfa. *+471 2663800 


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tn Hie Ilk hy Hie 5 hui<Hm and JomUtwnU Board 


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EDAF MAN INTERNATIONAL LTD 



FIN ANC1AL TIMES FRIDAY MARCH 18 1994 


RECRUITMENT 


i 


As a new style of organisation emerges from the recession, companies are turning to temporary managers 


The permanent temp is a Handyman 


H ow hard do you need to work 
at getting a job? Most people 
have heard of aspirants firing 
off scores of applications and 
of advertisements attracting hundreds of 
inquiries, even for quite lowly posts. 

There is nothing unusual about the com- 
mitted job seeker, but the trend towards 
more flexible workforces and slimmer 
companies is influencing individual 
approaches to employment. 

Richard McKeown has gone one step fur- 
ther than chasing every vacancy, turning 
his skills as a chartered secretary into an 
aggressively marketed business service 
aimed at short-term employment opportu- 
nities. McKeown. 46. who lives in 
Uxbridge, west London, was made redun- 
dant in 1987 after the company he worked 
for moved to south Wales and he decided 
not going to go with it 
He invested £7.000 with an outplacement 
agency which did not find him a job but 
which gave him valuable advice about 
interviews and how to write a CV. 

Since 1988 he has had a series of tempo- 
rary contracts in the company secretarial 
role and is now completing a short stint as 
a temporary assistant company secretary 
at Kingfisher. 

McKeown's name is registered with 
three recruitment agencies but he has 
gone beyond being merely a hopeful job 
applicant He spends £5,000 a year on mar , 
keting himself. This includes employing a 
public relations expert 


He produces a glossy brochure advertis- 
ing his skills, experience, previous employ- 
ers, selected references and the work he is 
capable of doing. He is, in Ins own worts, 
“the all singing, all dancing one-man 
band". 

. McKeown may be the manag er of the 
future; the sort of individual whom man- 
agement philosopher Charles Handy, 
writes about in his new book. The Empty 
Raincoat. 

Handy talks about a portfolio approach 
to life where you decide how much you 
want to work, how you want to work and 
where you want to work. Newly restruc- 
tured organisations, he has observed, are 
moving incre asing ly towards the employ- 
ment of fee- charg in g professi onal s. 

A whole new employment industry has 
sprung up over the past 10-15 years to 
provide temporary - or “interim’* - man- 
agers. 

Many do not see themselves as tempo- 
rary workers in the long term but are 
prepared to fulfil such roles until a per- 
manent post comes along. McKeown 
claims to have ’'crossed the Rubicon" in 
this respect and now sees hims elf as a 
permanent temp 

He says he does not feel insecure, has 
never been despairing and is relaxed about 
his prospects. His experience as an itiner- 


ant employee is growing. His former cli- 
ents include BTR, Lautro and Mercury 
Communications. 

The use of temporary staff started in 
Silicon Valley in the US among start-up 
companies. They employed a core of essen- 
tial staff on a permanent bams and made 
up the rest of their workforce with tempo- 
rary contractors. 

Now the strategy is spreading to individ- 
ual managers. 

McKeown argues that it can be good for 
professionals because they can command 
higher fees than they would get on a sala- 
ried basis. It can be good for the company 
because it is buying a short-term and often 
essential stop gap at a fixed price. The 
downside for the employer would seem to 
be cost and. to some extent, uncertainty 
about quality, although the temporary 
nature of the employment lessens the 
potential damage of recruiting a dud. 

Jeff Grout, managing director of Robert 
Half, which has about 500 temporary 
accountants on its books, says: “As compa- 
nies have come out of the recession they 
are not rushing to recruit staff back on a 
permanent basis. 

“The traditional temp has changed dra- 
matically. It used to be in low-level grades 
but there are now some very senior people 
doing it" 


Charles Russam, managing director of 
the GMS consultancy and secretary of the 
Association of Temporary and Interim 
Executive Services, says his company 
database lists 3,500 executives to supply 
companies that need senior business man - 
agers at director level or one level below. 

He estimates the executive leasin g or 
interim management sector is worth 
between £70m and £l00m in the UK and 
that it is growing at about 30 per cent a 
year as it is increasingly viewed as a seri- 
ous alternative to long-term employees. He 
says: “Interim management is no longer 
being seen as the recycling of clapped out 
executives but as a credible option for 
business. 

“Businesses are saying to themselves 
why do I need to keep such people on my 
payroll when I can go into the market and 
get someone in to do a specific job." 

But how do you avoid getting a useless 
manager attempting to revive a washed-up 
career? Russam admits that such people 
have found their way on to agency books. 
His own company, he says, wiQ no longer 
list anyone for whom it does not have 
three satisfactory references. 

As registered employment agencies, 
such companies take their fees from 
employers. “It means that we owe a duty 
of care to our clients so it is in our inter- 


ests to ensure that the people we are sup- 
plying are of a good calibre." says Russam. 

Interest in temporary managers is grow- 
ing, he says, among expanding small busi- 
nesses which need hands-on manage p i p n t 
help, often on a part-time basis. 

Use of the temporary professional has 
expanded markedly in the field of informa- 
tion technology. About 20,000 to 30,000 
freelance employees are working in this 
area in the UK, with about 20 agencies 
marketing their services. The biggest oper- 
ator, CSS-Comac, has about 1,100 people 
working. Tony Coombes, professional ser- 
vices director of Systems Resources of 
Coventry, which has about 500 contract 
staff working for employers such as IBM, 
says quality control is hem ming increas- 
ingly important as customer companies 
are demanding good people and consis- 
tency from suppliers. 

“Everyone we place is an ambassador of 
the company. If they don't do well manu- 
facturers will blame us.” he says. 

The company has become rigorous with 
its contractors. All conversations with 
freelances discussing their abilities are 
recorded afterwards and kept on file. “It 
may appear big brotherish but it's not. It 
is really a way of making a quality selec- 
tion against the requirement the client 
gives us," Coombes says. 


Contracts tend to be for three months. 
Employees do not have the holiday 
arrangements that their full-time col- 
leagues enjoy but the trade-off in job secu- 
rity tends to be higher salaries. Computer 
operators in the £15.000 to £20.000 salary 
range may find themselves earning the 
equivalent of between £20,000 and £28.000 a 
week for the duration of the contract. 
Experienced programmers will be earning 
the equivalent of £30.000 to £45,000 a year 
compared with £20,000 to £30,000 in a 
full-time post. 

Richard McKeown agrees that the fees 
commanded by temporary professionals 
are higher than full-time salaries. The fee. 
he says, has to account for personal over- 
heads, self-provision of pensions, holidays 
and car. He also feels justified in including 
an additional element to reflect his avail- 
ability at short notice. 

One of the biggest problems for individu- 
als. he argues, Is adopting the frame of 
mind that accepts temporary contract 
working as the norm. To do this, he 
believes it is necessary to build up capital 
that can be used as a buffer for the times 
when demand is quiet. 

He says: “There is a vast pool or highly 
qualified people out there. They might 
have come to to it through redundancy, 
but so wbat? 1 think Fm tetter at my job 
now than I was 10 years ago. It has teen a 
positive experience." 

Richard Donkin 


UK Equity Analysts 

Top Asset Management House 

Competitive Salary + First Class Bank Benefits 

Exceptional opportunity for two talented sector specialists to join highly 
successful c.£50 billion investment management business, part of 
prestigious UK based international merchant b anking group. Meritocratic 
environment where individual responsibility is encouraged and rewarded. 


City 


THE POSITIONS 

♦ Analysis will cover eilher ihc consumer sector 
(particularly food retailing and/or stores) or the 
financial sector (focusing on banks and/or property). 

«► Pan of well established, high calibre, UK research 
team, rigorous in .style. Considerable involvement 
in stock selection. 

♦ Individual accountability high. Extensive senior 
level contact with corporate management. 


QUALIFICATIONS 

Ideal candidates will be graduates, with at least two 
years experience as equity analysts in leading 
investment management business or stockbroker. 
Knowledge of relevant sectors preferred. 
Alternatively, relevant industry experience 
considered. 

► Confident, credible, enthusiastic and incisive. 
Excellent communication skills, numeracy and 
persuasive ability essential. 


Please .send full cv. stating salary. Ref N 1 049 
NBS. 54 Jeruiyn Street, London SWIY 6LX ^ 



NB SELECTION LIB 
a BNB RioOuna pic 
company 


•~-*y '• y r 


London 071 4936392 
Aberdeen • Birmrugtxam • Bristol • Edinburgh 
Glasgow • Leeds • Manchester • Slough 


Corporate Finance 


US Investment Bank 


To £50,000 + Bonus 


City 


Rare opportunity for talented young professional to join corporate 
finance team of prestigious US Investment Bank at Associate level. 


THE COMPANY 

♦ Blue chip American firm. Long established. 
Knowledge driven. Client focused. 

♦ Provides full range of investment banking services 
including public and private financings, M&A and 
client advisory assignments. 

♦ Over 20 offices worldwide. London is European 
headquarters. 

THE POSITION 

♦ Key member of small European leam. Full 
involvement in all aspects of transactions. 

♦ Support marketing initiatives. Client contact at 
senior levels. 


N B SELECTION LTD 
a BNB R o o m cm pic 





QUALIFICATIONS 

♦ Highly motivated, entrepreneurial and ambitious. 
Ideally aged 27-33. Mature graduate, probably with 
further professional qualification. 

♦ Minimum two years relevant experience with top 
investment/merchant bank. 

Strong interpersonal and communication skills. 
Must thrive in small team environment. 

<► Knowledge of healthcare, technology or 
media/communicaiions would be considered an 
advantage, as would European language skills. 

Please send Full cv, stating salary. Ref N0707 
NBS, 54 Jennyn Street, London SWIY 6 LX 

-r.v 

London 071 493 6392 
Aberdeen * Birmingham * Bristol • Edinburgh 
Glasgow* Leeds • Manchester* Slough 



Risk & Performance Analyst 

Fund Management 


'"..S’'- ‘ill-: ■' j'VwL, 38K«.yfc£l' 


‘ *.\ 


Head of 

Loans Administration 


London 

Our client i>a blue chip financial services inatimtiun 
with :i Worldwide reputation for excellence. They have 
•.pent the |Wh« 10 years developing and improving a 
mcrhodoloev for evaluating the risks of fixed interest 
iiimviged funds. There is ,i well established team 
JcJii.ued to tin* service in New York and Europe and 
now >>ur client is seeking an individual to concentrate 
■ >n i hi* area in their London office. 

Working closely with colleague* overseas, the successful 
candidate will analyse the risks associated with fixed 
interest managed funds. This will involve looking at rhu 
fund portfolio holdings, the historic performance and 
the management, as well us such specific issues .is 
concern rai inn and liquidity risk. In addition, this 
position involves establishing relationships with both 
fund managers and investors in the LUs to increase the 
awareness ol this service. 

Applicants should be of graduate calibre anJ will 


£ Excellent 

already have a good understanding of financial 
instruments and fund management Techniques. This 
experience may have been gained in a variety of 
environments including fund management, investment 
consultancy, a competitor or performance analysis 
position. The successful individual will be a confident 
self-starter, able to work borh independently and in 
j team environment. Excellent written and oral 
communication skills combined wirh strong 
interpersonal skills are essential. 

Our client will offer an arrractive remuneration package 
which will reflect the level of experience of the 
successful candidate. 

Interested candidate^ should in the first instance contact 
Karina Pietach on 071 831 2000 or write to her 

enclosing a full curriculum vitae at Michael Page 
City, Page House, 39-41 Parker St reet . London 
WC2B 5LH. Please quote reference 183280. 


London 


£ Excellent 


IwSs* 


• fi 


Our diem is a highly successful global hank committed 
to enhancing growth and profitability in the European 
financial markets. They are a major corporate and 
institutional lender and are seeking an experienced 
loans administrator to head up rhis critical cornerstone 
of the business. 

The position has three key dimensions: 

• To revitalise the current systems and procedures 
in order to enhance the capabilities of rhe loans 
administration area. This is essential to successfully 
respond to the growth of the loan pen folio and the 
increasingly complex requirements of the business 
originators; 

• To manage and develop the loans administration 
team. 

• To establish and develop clitic links with the 
business originators to ensure clients 
expectations of service are fulfilled. 


The successful candidate will bring a thorough 
understanding ofluans administration, including loans 
agency work, and will be keen to use their experience 
and vision to respond to the challenges of this position. 
Excellent interpersonal skills and a background in an 
automated environment are essential. Candidates 
should also display initiative and commitment. 

This is an important and high profile rule and for the 
right candidate, our client will offer an attractive 
remuneration package. 

Interested applicants should contact Karina Pietsch 
on 071 831 2000 or write enclosing a hill curriculum 
vitae at Michael Page City, Page House. 39-41 
Parker Street, London WC2B 5LH, quoting reference 
180827. Fax 071 405 9649. 

All applications will be treated in strictest 
confidence. 


Michael Page City 

IfucrTaurhiital Rcc/uimx-nt G'linilKinu 
Luvulun Porta Anutenimn Diweklarf Sydney 




i, 


Michael Page City 

lmcm.iiHin.il Rccniirmcni Consulcmu 
London Paris Amsterdam Dnmlibrf Sydney 


-.'I* ’S 


Futures and Options 
Operations Manager 


£60,000 basic + 
benefits package + bonus 


We have been retained by a leading Futures and Options Broker, a subsidiary of a major international 
Bank to recruit an Operations Manager. Our client is a global clearer of all of the world's Financial 
Futures and Options markets and is also a participant in the Commodity Futures markets. 

The successful candidate will have responsibility for all clearing, settlement and margining of 
on-exchange activities assisted by 20 support staff. Candidates must have had several years 
managerial experience within an active back office environment and must be able to demonstrate a 
■drone level of computer literacy. An exposure to the Rolfe & Nolan system would be preferable and 
an in-depth knowledge of the full range of margin, reconciliation, delivery and Option declaration 
procedures is essential. In addition to these qualities an accountancy qualification would be useful but 

is not a pre-requisite. 

This position offers a unique opportunity for a well organised, conscientious individual to make a 
significant contribution to the future growth and development of this dynamic Financial Institution. 

exchange 

/ appointments 


Please contact Angus Watson on 071 929 2383 


/-'n urth Floor Vo. I Royal Exchange Av enue, London EC3V 3 LT. Tele phone Of I 929 2383 Facsimile 07/ 929 2S0S 
IUVSi'ii'm f.oMV'inrrlKS COM MODITY & FINANCIAL Kl'TURKS l-OREIGN EXCHANGE OPTIONS SWAPS 


JAPANESE & FAR 
EASTERN EQUITY/ 
DERIVATIVE SALES 

Amsterdam, Brussels 
Zurich, Singapore, 
Hong Kong 


£ Substantial Package 


AMSTEL 


Am st el Securities is a highly successful international firm of 
Stockbrokers with offices in five major financial centres. 
Specialising in the Japanese and other Asian Securities markets, 
the firm has quickly built a substantial market share in an adverse 
dimate. Amstel's success is based on a client orientated sales 
philosophy and the professionalism of all its employees. 

The company now seeks to recruit a number of key individuals 
who will contribute lo the implementation of Amslcl's continuing 
growth strategy. 

The successful candidates will be experienced sales people who 
can demonstrate an impressive track record of selling a full 
product range to institutional investors in Europe and/ur the Far 
EasL They will also be highly motivated individuals who thrive on 
a high level of individual responsibility and independence. 

We are also interested in talking to experienced sales people and 
fund managers who may prefer to work on an associate or 
affiliate basis, making use of (he company's facilities. 

Amstel offers a dynamic environment where career progression 
depends entirely on an individual’s drive and determination to 
succeed. The compensation package reflects the company's 
ambition lo attract people of the highest quality. 

ft" you feel that you meet the exacting standards required, please 
contact Jonathan Cohen or Tony Marshall on 071-629 4463 or 
send your CV to the address below, (fax: 071-629 39541. 

HARRISON & WILLIS 
CITY 

Cardinal House, 39-40 AJbenwrk Street. London W1X 3FD. Tel; 071-629 4463 




FINANCIAL TIMES FRIDAY MARCH IS 1994 


TOP OPPORTUNITIES 

ccuino DncmnNQ iM ftCNCRAI MANAGEMENT 




Turks & Caicos Islands 
Inward Investment 
Agency 


The Turks and Caicos Islands are naturally very 
beautiful, with a population of less than 15,000. 

As part of its policy of encouraging private-sector 
Inward investment, the government of the Turks & 
Caicos islands, a British dependency in the West 
Indies, is setting up a powerful new agency to 
encourage inward investment, assist and advise 
would-be investors, and advise the government on 
investment policy. 

At the same time, the government Is making sweeping 
changes to the current legislative and administrative 
framework to remove previous disincentives to high 
quality investors and to create one of the most 
attractive environments for the investor in the region. 

The new agency will also take over responsibility for 
an existing development-banking facility, funded by a 
leading regional institution, in support of local 
investors. 

Chief Executive 

As head of the agency, you will require strong 
negotiating skills and bread commercial and general- 
management experience. Knowledge of North American 
markets and business practices is essentia], since a high 
proportion of inward investment is likely to come from 
the region. Experience in the Caribbean region will be 
an advantage. In view of the need for dose working 
relationships with a British style of government, ideally 
you will have familiarity in dealing with UK government 
departments. You will also be expected to form a dose 
working relationship with the Minister for Development 
and with heads of department concerned with the 
processing of investment prelects. 


Inward Investment 
Manager 

Reporting to the Chief Executive you will have 
overall responsibility for the day-to-day inward- 
investment operations. You are likely to have 
between 5 and 10 years' of broad experience in a 
financial or economics environment, and will be 
familiar with prelect appraisal and with prelects in 
the region. Ideally, you will be a Turks & Caicos 
islands Belonger with the potential to assume the 
post of Chief Executive, although candidates of 
other national origins will be considered. 

TERMS AND CONDITIONS OF EMPLOYMENT 
An Internationally competitive employment package 
(tax-free in the Turks & Caicos Islands] will be 
offered. Appointment will be on a three-year 
contract to the agency (a statutory board), with the 
possibility of renewal. 

Closing date for receipt of completed applications Is 
15 April 1994. 

For further details and application form, please 
write to Appointments Officer, Overseas 
Development Administration, Ref No 
AH304/MMcC/FT, Abercrombie House. Eaglesham 
Road, East Kilbride, Glasgow G75 8EA, or 
telephone 0355 843531. 


t.'.V - ...-* 
-v ■ 






■■ . 


IDATE is a leading European communications research 
and consulting organisation located in Montpellier, 
France. Its mission is to carry out techno-economic 
assessments, Industrial and market analyses, public 
policy studies, etc. Its main clients are the EC, European 
Governments, and leading manufacturers arid service 
providers. 

It is seeking a well-qualified economist (Ph. D. or 
equivalent) as 




Director for Audiovisual Studies 




>■-. - •' .. 

■iii t'i 

w". ; 

it-. 






■ 

+ \ * . 

• . 







'■Vii-'V'""' 




v 


m 


The person appointed will be responsible for developing 
and broadening I DATE'S activities In the audiovisual and 
media sector. 

It is likely that the successful candidate will have at least 
seven years experience of consulting, industrial strategy 
and/or research in the audiovisual field. He or she must 
have proven abilities in market analysis and forecasting, 
and good negotiating skills. 

This post requires an excellent command 
of both English and French 

Send resume and salary expectations to Pierre MIRALLfcS 
Institut do I'aucfiovisuel et des telecommunications an eurape 
BP 4167 - F-34092 Montpellier codex 5 - France 




The Top Opportunities Section 

For Senior Management Appointments 
For advertising information call: 

Philip Wrfgley on 071 873 3381 


Our Client, a major U.S. corporation is continuing its growth and development in the Continental 
European market sector and now wishes to appoint a 

EUROPEAN TECHNICAL BMECTM 

INDUSTRIAL GASES 

c. $80-90,000 + Bonus + Relocation Spanish base 

A mature individual, aged 40-50, you must hold a recognised degree level qualification in mechanical /chemical engineering 
and have a minimum of 15 years senior technical management experience in the production of industrial gases. You will 
also require a profound knowledge of European industrial gas safety andlSO 9000 standards. 

Fluency in English is essential with the ability to communicate in aLleast one other Central /East European language a 
distinct advantage. Strong organisational, analytical and interpersonal skills will be required. 

Your tasks and responsibilities will be r to provide full technical support and the coordination of a continuous production 
system evaluation between a number of. European group companies and the U.S. Headquarters. You will also be required 
to provide technical analysis and support to the European Management on future acquisitions and investments. 

You will be based in Spain, at a location to be determined and report directiy to the European Vice President This technical 
support role will involve extensive European travel. B 

illc 

Please forward your written application, including a current C.V. to: 

PMC Int Ltd, 4 Liberty Court, Bell Street, Reigate, Surrey, RH2 7JB. 


Vienna Berlin Bratislava Budapest Sofia Warsaw London Dublin Moscow Prague 

Personnel & Management Consulting International Limited 


Spreading a Global Vision 


Direct o r o e C o r p o r a t e C o m m l n i c a t i o \ < 


London based 


k-.ulinj: prnviJcr uf global mobile com mu me at ton, 
*.«p. itv> via sari-lluc to users at «a. on Ijnd anJ ui the 
.nr, Inmarsat i> an intemationally-i.iwneJ cooperative 
hacked b\ 7? countries. The Inmarsat partnership b a complex 
MTu-k oJ mrcmal .ind external inrer-rel;iru»n»hip» maJe up ut 
inve.ti'Tc. service proviJcr*, manutacturers. gtiv eminent 
.iilniini>(r:ui.m& anJ the directorate representing j broad 
spec mini of perce|>tn>ns and inturors. 

Tlie r.ipidlv changing rclccoinmiinicunuru. environment and 
iliv gnwing rcilirv of ci>mpetitHin are com tine new challenge, lis 
live ■ irg.inis.in.in. To meet them. Inimnai'i oxiimunioiii'-rv. and 
puMic rel.ui.«is fiincTion.s mitf c. tnnnue to evolve - this will (.Tin .1 
mail ir part «*t yv Hit brief .*• Director .4 Cnrpt»r.ite O ■mmunic.ni»<V' 

Reporting to rhe \ r ice-Pre>iJeni tor Corpor.ire 
Coinniunicarnins, vmi will be play an active :mj important part 
iiv the nv.niageinent and direction of Inmarsat’s worldwide 
Corporate communications and public relations policies and 
pr. •eniiimo. Tins will print qvillv involve: 

■ m.iior public rel.irioa' .iciivities JnJ. 

• csr.ihlishmg and mam laming channels ■■( tunnnunic.irMro 
herween Inmarsat, organi-sifion. and individual. , . n .1 
worldwide basis 


Your focus i» to he on developing and implementing 
Communications programmes to help Inmarsat achieve its 
business objectives m this emerging environment. The 
programmes will call for. 

• rhe effective employment of PR and media techniques, 

• information and promotional pruJuct periodical publishing, 

• exhibition*. special events, sponsorship* and other 
rn'TOotional tis.Ls, and, 

• the inipicmenrarion of Inmarsat's corporate iJenriry and 
brands. 

^ ou will have direct management napwruibilrr) torn ream of 
50 professionals within the department and Together you will 
ensure that approved projects are earned out .tn time and wirhin 
budget 

In return, there is a highly competitive salary and benefics 
package which reflects the high level of competence, experience 
and pr. •lessional qualifications required. 

To jpp/>\ p/cj.sc fax or mail your full career details 
In Ylvitnc Sdrc/i. S+T+C Selecrii'n. 54 Jermyn Street, 
London SIXTY 6LX, L'nitcJ Kingtium . Fax: +44 71 499 7546. 
Cl -sing date: i April (994. 



Inmarsat 


EUROPEAN LEASING - LONDON 

We have several vacancies for graduate 
bankers with fluent German, Spanish or 
Scandinavian languages, who are experienced 
in sourcing, pricing and closing high value 
cross-border leasing/asset financings 
(non-aircraft preferred}. SALARY HIGH. 

HIGHLY STRUCTURED UK LEASING 

Two prime UK merchant banks seeks graduate 
bankers trained in credit, pricing/structuring, 
plus 2/5 years marketing/negotiating, 
experience covering high-value structured 
lease transactions. NEG E30-E45.000 

SALES AID VENDOR LEASING 

We urgently seek ■overtanjer sales/marketing 
executives aged 25/28 years capable of 
producing leasing deals In the E25Qk+ per 
month range, covering office equipment 
transactions (e.g. copiers, fax telecoms, etc.) 
PACKAGE NEG E22-E35.000 4- BENEFITS 


SENIOR S/YEN DEALER 

A major international bank requires a senior 
spot trader with at least 5 years experience 
of profitable dealing in S/Yen and associated 
crosses. An excellent package is on 
offer the the successful applicant 

£ HIGHLY NEG 

COMPLIANCE SPECIALIST 

A major US investment bank seek a dedicated 
compliance specialist with an audit 
compliance, asset administration management 
background. Excellent communications skids 
and creative thinking are important as will be 
familiarity with IMRO/SEC. Brief will cover 
advisory, training, audit procedures and 
systems. E HIGHLY COMPETITIVE 

CREDIT RISK ANALYSTS 

We have two major banks seeking 
graduate/AGIB qualified bankers, aged 
25/28 years, who have received formal 
crerfit training. 

SALARY RANGE £25-28,000 4- BENERTS 


Contact or send detailed CVs to BRIAN GOOCH/STEPHEN SHANAHAN 


OLD BROAD STREET BUREAU 65 London Waif. London EC2M 5TU 
fell S Search & Selection Consultants Tel: 071-538 3991 Fax: 071-538 9012 


SARGENT 
BROTHERS LTD. 

Currently seeking University 
educated fndMdual to supplement 
successful, exchange-baaed 
(UFFE) options market-making 
firm. Candidates must tie 
conpottfve. mo ti vated and highly 
numerate. AH interested parties 
please forward CV to 

Gregory 0 Sargent 
16b Smith Street 
London SW34EE 


International 
Consulting Croup 

is planning to increase activities lo all 
pans of the UJC Appfccabaa are 
invited from professionals with 
backgrounds is all aspects of indnsoy 
amt (e fl U HCt 
Send CV to M B Beanie. 
Itfcxnaamai Business CboSuitants, 
4S Frederick Street, Edinburgh 
EH21EP 


BANKING FINANCE & GENERAL APPOINTMENTS 


Anglo Irish Bankcorp 


Anglo Irish Bank Corporation pic is a fully integrated banking group with an asset base 
exceeding 1R£I billion. The bank, which is publicly quoted on the Stock Exchange in 
Dublin and London, now wishes to recruit two Senior Managers for its banking divisions 
in the UK and Ireland. 


SENIOR MANAGER, BANKING (UK) 


This position will suit an experienced banker 
with a number of years experience in the UK 
secured lending market at a senior level. 

The successful candidate will be responsible 
for the development and control of an 
expanding loan portfolio and will be 
expected to make a foil contribution to the 
continued growth of the bank's UK 
operation. The position is a senior one, 
carrying a high degree of autonomy. 


An attractive remuneration package is available 
and will be discussed ax interview. 

To apply, please contact John Rowan, General 
Manager, by telephone or in writing, at: 

Anglo Irish Bank Corporation pic 
Moor House 
119 London Wafl 
London EC2Y SET 
telephone: (071)628 4004. 


SENIOR MANAGER, BANKING ( Ireland ) 


The successful applicant, who will report 
directly to the Director of Banking, will be 
responsible for the control and development 
of two lending teams and the continued 
growth of the bank's corporate business. 

The successful candidate will have a third 
level or professional qualification. He/She 
shoyld have several years lending experience 
and be a resourceful and innovative banker. 
The-' - position carries a high degree of 
autonomy. 


An attractive remuneration package reflecting 
the seniority and responsibility of die 
appointment wifi be discussed at interview. 

7o apply, please contact BUI Barrett, Director of 
Banking, by telephone or in writing, at: 

Anglo Irish Bank Corporation pk 
Stephen Court 
18-21 St Stephen's Green 
Dublin 2 

Telephone: (010 353 1)676 0141. 


All applications will be treated in the strictest confidence. 

THE CLOSING DATE FOR APPLICATIONS IS THURSDAY, 31st MARCH, 1994. 


CITY RESEARCHER 


LEADING EXECUTIVE SEARCH CONSULTANCY 

LONDON ATTRACTIVE SALARY + BONUS POTENTIAL 


• Whitehead Maria is one of the leading executive 
search companies in the UK. operating at the highest 
levels in both the UK and internationally. 

• The company has a good reputation for developing its 
researchers and prospects for promotion are excellent 

• Opportunity to join small, highly respected specialist 
financial service team working lor a variety of blue chip 
institutions in commercial and Investment banking, retail 
financial services and investment management. 


• Key position Involving senior level contact and 
requiring excellent communication skills, tenacity, 
creativity and a high degree of energy and initiative. 

• Graduate aged odd to late twenties. Will have a good 
knowledge of treasury, capital markets, securities and 
derivatives. 

• Should be used to operating tn an International 
environment and a second language is useful but not 
essential 


• Broad involvement in all aspects of assignments with • May already be a researcher with a reputable search 
substantial client contact and specific responsibility for company or alternatively have experience in banking or 
identifying and approaching candidates. securities with good undersanding of trading markets, 


Ptesse apply m witting quoting Re£ RES/94 
wfch Ml career and salary details to: 
Jama Roberts 
Whitehead Mann Limited 
44 Wribeck Street, London W I M 7HF 

Tht: 0719356979 


Whitehead Mann 

AMROP INTERNATIONAL 














FINANCIAL TIMES FRIDAY MARCH IS 1994 


An LStclk IU I ijifH Wti inily cxwis tor an <u«si:mvling profession:!! with experience 
-UK .1 1 Hmnifj i grr hi ruling in derivative products ui join a htnk with an inicmiitinrul 
icpt Hat Hin lor pnxiuci innuvutUm. f Unkcre Ws cpital strength. intermediary sk.lLs 
entrepreneurial .*>piril make us one of the wurld's leading investment ixinks. 


v,kU a!fe 


Excellent Salary + Bonus & Benefits 


City 




ThLs highly visible and critical role has respnresihiliry f„ r rho execution and 

negotiation o| swaps, equity, uuniiiodiiy and other derivatives documentation. 

It involves; 

The neg« uiiiticm erf master agreements, guarantees. credit and oilier 
derivaiives documentation. 

lift'eitive liaison with senior trader;, credit, operations and legal to ensure 
successful execution with counterparties. 

Transactional work relating lo latest and most complex derivative products. 

A law yer with a mininuim rrf 2 ywiis* Capital Markets exjxrientt:. including a good 
understanding of ISDA agreements. you wilt iutve worked in a similar banking role or 
in a leading city law firm. Stamina, initiative and ability to thrive in a high pressure, 
fast paced environment are essential. Some familiarity with equity derivatives Ls 
preferred. lixcvllent inrerpcreonaJ anti communication skills are necessary to huikl 
relationships with Iraders and deal constnictively with contentious issues. 

If you want a de m a ndi ng personal challenge, exceptional career prospects 
and the rewards appropriate to senior, successful individuals, please write 
ten Ms J Hogan, Bankers Trust Company, 1 Appold Street, Broadgate, 
London EC2A 2HE. 


D Bankers Ti 


rust 


EXCEPTIONAL PEOPLE 
ARE OUR HUTURH. 


HOUSE OF COMMONS 

(Department of the Clerk of the House) 

SELECT COMMITTEE SPECIALIST ASSISTANTS 
£17,776 - £24,620 

The Treasury and CM] Service Committee requires one or two Specialist 
Assistants to cover economic questions. The Committee regularly examines 
Government economic policy, taxation proposals, pubDc expendtture and 
international monetary arrangements. Candidates should be wefl versed in 
at least one of these flalds. The duties will include giving specialist 
a s sistance to the Clerks of the Committee and undertaking research into 
specific questions at their request 

Applications are invited from candidates with a good degree or an 
equivalent professional qualification in a relevant subject together with 
several year's relevant practical experience. An Interest in public 
administration wil be an advantage, and familiarity with the use of a micro- 
computer is essential. 

Starting salary wfll depend on age, qualifications and experience. The 
appointments will commence as soon as possfcte and wfll be tor an initial 
period of two years, with the possibety of an extension tor a further two 
yearn. 

There Is an attractive remuneration package including a norveontritiutory 
pension scheme In respect of personal benefits, interest free loan for 
season ticket purchase and generous leave. 

Strict poetical impartiaflty is required at all House of Commons staff and the 
appointees will be expected not to engage in political activities for the 
duration of their appointment 

For further details and an application form writs to: Recruitment & 
Assessment Service. Alencon Link, Basingstoke, Hampshire RG21 1J8 or 
telephone 0256 4685S1 quoting reference number CV94/209& 

Cfoslng date for return of application forma: 31st March 1994 

flpp fca Bons Iron Rogteterad Disabled caneMateg wM boweteomecL I 

The Mouse 0 ( Conrans Service is on Equal Opportunities Employer 

CORPORATE FINANCE OPPORTUNITIES 

TURKS TOP CITY BASED BANKS REQUIRE : 

* Corporate / Project Pi twice:- Energy *nd Natural Resources: minimum Z years 
experience, second language preferable - good oonumiaicalioa skills with a dynamic 
personality. Age 26-29. Salary negotiable. 

* Corporate Finance:- German speaking - minimum 3 yean experience to be based in UK. 
Self starter with the ability to generate deals - ibis is a unique position requiring as 
e xc ep tional person, preferably German Nationals. Age 28 02. Salary negotiable. 

* Cross Boader Corporate Pinanoft- Good Quality M.BA Lawyer graduate most have at 
least 2 years experience - essential second tangnage preferably French. Mint be able to 
dcotnonstme good commanicaikia skins. Age 26 - 29. Salary negotiable. 

For farther derail s please coll on 071-377 6488 or Kmtflii ynor CV lo Deborah MVchdlo. 
All apptkolian* are uca led In Ike strides confidence 
CAMBRIDOE APPOINTMENTS 
232 Sboicditch High Street, Loodon El 6PJ. Rax No. 07 1-377 0887 


.vK ■:-k yLfiv : r* ■<<* Vd ji; . 


ntmeh^ 


Capital Markets -Middle Office Opportunity 


LONDON 


CONTROLLER - RISK /FINANCE 


£ EXCELLENT PACKAGE 


T his Isa lury positiun within the Capital Markets’ subsidiary of one 
nf the world’s largest hanks with assets in cx-ccks of US$250 billion 
and a network of operations embracing every major financial centre. 

The Company has a record of exceptional performance, well managed 
client rclatioiuhips and sustained growth. It is now seeking to appoint a 
key individual to head a middle office function for the Derivatives 
Arbitrage Division. 

Working beside a leading-edge, innovative and cosmopolitan team, 
key nisponsibiliries within the role will indude: 

# Market risk analysis of a complex array of instruments 
• Daily mark to market 

• Management of short term cashflows 

• Overseeing of Daily P&L reporting 

• Capital utilisation and allocation 

• Management of an expanding high calibre team producing 

monthly management accounts and annual financial statements 


The successful candidate will be able to demonstrate an advanced 
mathematical background and a detailed understanding of the risk 
characteristics of derivative instruments. In addition, candidates must be 
able to work effectively in a fast pace, complex environment, be able to 
initiate innovative risk assessment techniques, and be a confident 
communicator at the most senior leveL 

This high profile, demanding position requires a qualified accountant 
with a proven record of success and team management. The ideal 
candidate will currently be working in a sophisticated middle office or 
front office environment 

For further information please contact Fiona Jobsun or Tun Buxton 
on 07 1 404 3 1 55 or write to them, enclosing a Curriculum Mtac. at 
Aklcrwick Pcachril and Partners at the address below. All enquiries, will 
of course be created in the strictest confidence. 


Alderwick Peachell 


& I’AKTNKKS LTD 

Aldcnvick Pcachril & Partners Limited, Rcciuinucnt CunMikants, 125 High Holbom. London WClV 6QA. Tel: 071-404 3155. Fax? 07 1-404 01 4U- 

. «. ..«• : f*'*’ y >,v #*r * ; , T7*4-Wh ,, 1 -fop? "" •* 



Samuel Montagu 


Head of Compliance - 
Merchant Banking 


Simtiv! Mimr.igu is the merchant blinking arm of the 1 1SBC Investment 
Ranking Croup for the UK, Continental Europe ami the USA. Tlic 
other membeni *4 the Group are James Capcl, Wardley anil HSBC Asset 
Management. Samuel Montagu focuses on corporate finance, specialised 
financing, private equity an J export and project finance. Overseas, 
Samuel Montagu has offices in New York, Paris, Oslo, Stockholm, 

I lelsinki, BuJ-.ipest, Warsaw and Fragile. 

S.imtiel Mi mr.igu wishes to recruit a Head of Compliance who will report 
directly to tlw Chief Executive. The Head of Compliance will he 
expected to play a key role in the development of the business and will 
wurk closely with the business heads both in the UK and overseas. 

The Head of Compliance will be responsible for the implementation of 
compliance policy, ensuring that appropriate nil« and procedures 
are in place in all business ami support areas. He/she will also 


provide a strong advisory service to the Chief Exec urivc and directors on 
compliance related issues. Close relationships will also be maintained 
with the central compliance (unction of the HSBC Group in London. 

To be considered for this role candidates must have the personal 
authority to deal with senior line management as well as having 
knowledge of both merchant banking and relevant rules and regulations, 
including those of the SFA, Stock Exchange and the City Code on 
Takeovers and Mergers. 

A competitive remuneration package and a lull range of banking benefits 
will he offered to rcflccr the importance of this position. 

For an initial confidential discussion please contact Anna Williams at 

Michael Page City, Page House, 39-41 Parker Street, London 
WC2B 5LH or phone her on 07 1 S3 1 2000. 


Michael Page City 

Inti-nvitKiivil Rccniioncnt GireulEmcs 
London PHri» Amsterdam DmmeUorf Sydney 


. V • • ' • - V '■ 'A* <f 1 4?' 


DERIVATIVES TRADER 


(I NTEREST RATE PRODUCTS) 


Ai parr rrf nur growing iuvesimrnt in the 
area uf Interest Rare rruduets, American 
l\pre>» Rank require an experienced Interest 
Kiiie Ornrirtives Trader with a minimum of 
2 years experience ul trading Interest Rale 
Swaps and Interni Rale Options. 

The success (ul incumbent will join a 
Miccesstnl Treasury G'roup abont to strengthen 
its presence in this area uf the market. 

Thus the successful candiJ-ite will have the 
oppommiiv to provide a shaping influence 
.mo the next phase .>( growth .»! tins business 
within Aiuertcan Is press Bank. In this rule 
they will he expected to provide ri*k analysis 
ul ihc banks interest Rat* exposure, a- well 
as providing a i.uikel making and reading 
itipahiluv to rhe banks clients. 

Applicants will ne«*J «•* have a degree 
■n a related area c.fi. applwsl inathcmatks. 
statistics, a* well as |hisso> excellent 
analytical skills. In addition candidates 
will need tu be able to demonstrate 
well developed intrrpereunal skills 


e.g. ci mini unication, and have high personal 
levels of motivation. 

The rewards include n highly competitive 
base salary, bonus, stock awards, company 
car as well as rhe usual banking sector 
beitelitx. 

To apply you should write to Ms M. King 
ar American Express Bank Ltd., 
iiO Buckingham Palace Road, London 
SW1W0RU. 


AMERICAN 

EXPRESS 

BANK 

nEtvwrrs*CAHTALraoitcnoij ■srrctAuua) hjmis 

INVta'rSIENT *3X401 ANU BUSINESS H-NANCEBCXFUtT 
STOCKS A NO BONUS • TREASURY SERVICES 
A SSL I PROTECTION • COR RESPONDENT SANK INC, 


uusiuKiMtoyeif *V!A 


<m> 

BANK IHAHimG 

MANAGING CONSULTANT 

We are a leading firm of consultants engaged in training, 
education and publishing. We have offices in London, 
Amsterdam, Frankfurt and Budapest from which we provide in- 
house and public training courses and training consultancy. 

A vacancy exists in London for a Managing Consultant covering 
the following areas: 

* Treasury management 

* Foreign exchange 

* Capita] markets 

* Asset management 

The successful candidate will be well educated, will have recent 
practical experience of at least two of these areas, and possess 
excellent communication skills consistent with a training 
environmenL 

The role will demand skills in team management; the preparation 
and delivery of training programmes; business and product 
development 

Opportunities to grow with this progressive business arc excellent 
for an ambitious, entrepreneurial and committed individual. 
Financial rewards wil] include an excellent salary and package. 

Please send a full cv to the Managing Director at BPP Training & 
Consultancy f JH, Moorgatc Hall, 155 Moorgatc, London EC2M 
6KB. 

Other opportunities for consultants also exist in these areas - 
please send yonr cv and a covering letter explaining your 
specialist subjects. 

Applications must be submitted by 31st March 1994, and ail 
communications will be treated in strictest confidence. 


Mm MAKING FK/DERIVATIVES 
'lALES PROFESSIONAL 


Citibank provides a comprehensive range of financial products and services to 
corporate, institutional and individual cuslomers globally. 

Based at our European headquarters in London, our Foreign Exchange team 
is recognised to be one of the world leaders, dealing across 136 currencies. 

Working in the market making team, you will have direct contact with 
professional clients, travelling extensively marketing FX and Derivative 
products to central bonks, sovereigns and correspondent banks globally. 

Ideally, you will be o Graduate with 1-2 years' experience and already have a 
proven track record of selling and trading FX/Derivative products. A 
knowledge of European languages would be advantageous. 

A highly competitive remuneration package is offered, together with career 
development opportunities both within the FX function and Gtibank as 
a whole. 

CmBAN«S> 

Wb or* an aqaal opporhmMM employer 


Financial Services Regulation 

Policy Development City 


ToHwty.pleme 
send ynwr fuflCV 
and a covering letter 
to Joanne Lh, 
Human Resources 
Office - , 
Citibank NJL, 
P.0. Box 78, 
336 Strand, 
London 


IMRO - Investment Management 
Regulatory Organisation Limited - was 
established under the Financial 
Services Act. IMRO's objective is to 
protect investors by setting and 
promoting high standards of integrity, 
competence and solvency for its 
Members and by monitoring and 
enforcing those standards effectively 
and efficiently. Members, numbering 
around 1 100, include fund managers, 
unit trust managers, pension fund 
managers, venture capital companies, 
banks and trustee companies. 

Our Legal & Policy Department plays 
an important role in developing 
IMRO's standards of investor 
protection and standards of 
regulation. We now require two 
additional experienced professionals 
to join our multi-disciplinary team. 
They will be Involved in the 
identification and analysis of policy 
issues relevant to IMRO's standards, 
and the preparation of policy papers, 
Board papers and consultation papers, 
proposing practical solutions to 
problems identified. 

Candidates should have a sound 
understanding of the main lines of 
investment business, both wholesale 


and retail, and of the UK regulatory 
structure. Among ihc competencies 
required are strong analytical and 
communication skills, a facility for the 
interpretation of statute and 
regulations, and experience in the 
drafting and presentation of policy 
issues. Organisational and 
management skills are also desirable. 
For one of the vacancies a legal 
qualification and experience is 
essential; for the other a legal or 
accounting qualification wilt be an 
advantage but is not essential. 

Both posts offer opportunities for 
further progression in due course and 
will provide valuable career 
development experience. A competitive 
remuneration package will be offered, 
related to experience and qualifications, 
and this will include non-contributory 
pension and life assurance. 

Please write (under confidential cover) 
with a curriculum vitae, including 
salary details, and state your reasons 
for applying and how you meet our 
requirements, to: Robert Charleston. 
Head of Personnel, IMRO, Broadwalk 
House, 6 Appold Street, London EC2A 
2AA. Please quote reference number 
LP94/03. 


■ FUND MANAGER - FIXED INTEREST 

■ UK ECONOMIC & FINANCIALS 
ANALYST 

T wo opportunities have arisen within our City-based 1 IK investment Division, 
which manages assets in excess of'XShn. 

Fund. Manager, Sterling Fixed Interest: 

Responsible for management nf a portfolio of c.£.4(K)ni. the successful candidate 
will have a mininuim of three years experience in fixed interest investment and 
possess a thorough knowledge of the sterling corporate bond markets and credit 
analysis techniques. 

UK Economic & Financials Analyst: 

This jHMitinn, responsible for both original research into UK Financial companies 
and regular commentary on the l IK economy, is within the eleven-strung UK 
Equities team, which manages cJ»3hn. Candidates must have a minimum of two 
veins research experience within the Financials Group and economic 
qualifications to degree level. 

In both instances the ideal candidate is likely to he in his/her mid to late twenties. 
Please forward C.V.s to: Mrs Ii. Day, Confederation Life Investment Division. 
Birchin Court, Birchin Lane, London FCjW 9A1L 


Porrfederation Life 

^ * raA iCIIOUP Ol tOWHWIII II — fc— 


s 


SCOTTISH WIDOWS 

Portfolio Manager 


Japanese Equities 

ScoUish Widows InvouwnL Manafipmcnl is one oT 
the leading liudituiwni, Iri Lhe UK »ilh 

(MMUi under m image muni iiMeding £21 billmn. 
Continual Kiwlli haa now led In an opportunity for 
un ttfvpttoftlU individual tn jnin their established 
and highly niiEHarM [nun in Edinburgh, 
researching com pnmea and in due roiirtc maruigingo 
number oT portfolio* in Japan. 

Application! are nought from Lop quality gnidiiiiln 
who Ideally will be aged in their raid lo Into 2ffn and 
have around 2 yvan' exp er ience of JapancM K-quHy 
Analysis. The aueeaMfu) enndjdau will held, or be 


Edinburgh 


willing to fttudy towards. Araocule Membership of 
the Inalitiilv of Invmlmenl Mun.igcrnonl And 
Research or an equivnluM qiuilifirnliun. 

[UatiirnJIy, mativaViBti, imitative and well developed 
aiainuiniealion skills nn? prc-rrquiMle rwiuimnenl* 
uf thiv pcuL 

A campeliuw remuneration pnrknga will hi) u ITr red 
to the right candidate. nVmj; with rvnHIcnt atrcer 
prurpcuM with one or Britain* mi*»t forward looking 
inautilllMl*. 

Senl/uA ll'uW /nreWnuui/ Manofynirnl Ijit « <r 

number ><f IMHO 


For a eonfidentiol discussion, telephone or write with full CV to: 
Gavin Brydon, ASA Into nut tionol LUi 
63 George Street, Edinburgh. EH2 2JC. Tel: 031 236 6222 
Intervicwu will bo hold in Idindoti and Edinburgh 
AH CVa sent to our elient will be aaa "' 

forwnrded to ASA International. 




ASA International 


ASA 










Supervision of Retail SROs 

- a senior management position 


The Supervision of Retail SROs Department 
within the Securities and Investments Board (SIB) 
aims to ensure that Retail SROs provide high 
standards of investor protection. 


SIB wishes to appoint a Senior Manager, reporting 
to the Head of Department. 


The job holder will: 

• manage a small ream collating and interpreting 
information from every source about che 
performance of the SROs; 

• identify and seek resolution of regulatory issues, 
maintain constructive working relationships 
with the SROs; 

• assist in che development of supervisory 
techniques and procedures; 


• provide briefings on a wide range of 5R0 issues. 
Applicants will have a sound working knowledge of 
the recall investment industry including products 
and players. They should be of graduate calibre and 
will have a record of successful management of 
people and issues. Other essential attributes Include 
an aptitude for critical analysis, excellent 
communication and negotiating skills and an ability 
ro provide concise, focused briefs. A mature 
personality with quick intelligence and sound 
judgment will flourish in this role. 

Interested applicants should in the first instance, 
contact Anna Williams at Michael Page City, 

Page House, 39-41 Parker Street, London 

WC2B SLH or phone her on 07 1 831 
2000. Closing date 29th March 1994- 


Michael Page City 


(nrcrruiiiral RecTulira.ni Consultant} 
London Puri* Amsterdam Dumeldorf Sydney 




Senior International 
Ban kin g Opportunity 


India 


£70,000 pa + first class benefits 


Our client Is Increasingly recognised 
internationally as one of the leading financial 
institutions in the United Arab Emirates. 


Building on a strong domestic business, and 
with an established international presence in 
London, Hong Kong and the sub-continent, 
they now wish to appoint a Country Manager, 
with senior level banking experience, to head 
up their expansion into India. 

The key accountability wfll be to establish 
the Bank's presence in India, initially in 
Bombay. 

Key tasks will include 


appointment reporting to the UA£ based 
Assistant General Manager (International). 
Candidates should bring up to 20 years 
retail/commerclal/corporate baulking experience 
to die role, including notable business 
development success and demonstrable 
experience of successful management of an 
operation at regional or territory level. 


- developing, gaining approval for, and 
implementing a business plan for the 
Indian operation 

- establishing a branch operation 


The person appointed will need 
considerable motivation and commitment, 
together with a hands-on approach, to 
drive this start-up operation. Communication, 
presentation and negotiating skills of the 
highest order will be required to ensure 
success. 


- obtaining all resources required to 
implement the business plan and run the 
branch operation 

- developing quality business 


In return, the Bank offers a competitive 
salary and a very attractive expatriate 
benefits package, including fully furnished 
accommodation with domestic servants, car 
and driver, generous leave and leave air fare 
entitlements, club membership and generous 
children's education provision. 


- ensuring the implementation of credit 
and operational controls in line with 
Group and local statutory requirements. 
This is a high profile, senior level career 


Interested candidates should write in 
confidence quoting the Ref: 1331/6 to Tim 
Knight, M5L International Limited, 32 Aybrook 
Street, London WlM 3JL 


International 


Consultants in Search and Selection 


EUROPEAN INVESTMENT BANK 


The EIB, the financial institution of the European Community, is currently seeking for 
appointment to its Economic Research Directorate in LUXEMBOURG an: 


Energy Economist m 

(with 3 to 5 years practical experience) 



The person appointed will participate in the economic evaluation of energy investment projects submitted to 
the Bank for financing and perform energy sector work. 


evaluation of energy projects ana the preparation 
Private sector experience would be appreciated. 


energy; 


Languages: as the Bank's working languages are English and French, excellent knowledge of one and good 
command of (he other are essential. Working knowledge of a third Community language would be an advantage. 


The Bank offers attractive terms of employment a generous salary and a wide range of welfare benefits. 
It is an equal opportunities employer. 


Applicants, who must be nationals of an EEC Member Country and preferably not over 35 years of age are 
requested to send a detailed curriculum vitae, together with a photograph to: 

EUROPEAN INVESTMENT BANK 
Recruitment Division (ref. ET/PM 9402) 

100, Boulevard Konrad Adenauer 
L-2950 LUXEMBOURG. Fax: 4379 3360. 


Applications will be treated in strictest confidence and will not be returned. 


FINANCIAL TIMES FRIDAY MARCH 18 1994 


International Banking 

Marketing Manager Credit Card Operations 


to £55,000 (tax free) 4- expatriate package 


Our dkat, a prominent plajw within the immuioona! banking commuraxy, operates in all major marteo, indufing the UK and 
the US. They provide a range of services fiac both private and corporate efients and have tbckvdof capoafasaum and financial 
rcsouios to justify ihetr global objectives. 

We are inching ftr a Marketing Manager, reporting to the Head of the Crofii Card Business. This is a new management Kile in an 
expanding area, a critical dement of die new Domestic Banking Division. With respansibiHry for all credit card marketing, me role 
advertising, promotional campaigns and new product development. 


You will be a professional marketeer with experience in financial services and a proven track reoral in card marketing. Good project 
TTMnng rynpnT and excdlenr corrtiminkaikin skills arc esacntiaL Graduate calibre with a profcsaoml marketing qualification preferred. 
The contract wiH be renewable after an initial two year period 


If you wtjuM like to be considered far this port please write giving fob details of your career and Currem aaUry 
quoting reference 0219, to AAD Executive S ek ct fag , 7 Canon Street, lo ndw i W1Y 7FL 


AAD 


The Exeaukie Selection Division of Odgers and Co. LuL 


CORPORATE 

FINANCE 

PROFESSIONALS 


City 


Excellent Package 


A continuing increase in business levels has resulted in the 
r?eed for this high profile and respected UK Merchant Bank 
to recruit experienced corporate financiers. 

Successful candidates will demonstrate the following 
attributes: 

• Outstanding academic background and/or professional 
qualifications 

■ A minimum of one year's experience in a corporate 
finance environment 

a Strong technical skills allied to the ability to build 
relationships both internally and externally 
- Highly ambitious and goal orientated outlook 
Roles exist within both transaction and origination learns for 
individuals wishing to move to a progressive environment 
offering realistic potential for career progression. 

Interested candidates should contact John Axworthy on 
071-629 4463 (day). 071-720 0613 feven/ngs) or send in a 
full cv promptly. 


HARRISON 0 WILLIS 


FLEMINGS 


SEARCH AND SELECTION PARTNERSHIP 


39-40 Albemarle St., London WlX 3FD. Fax: 071-491 470S 

LONDON ■ READING ■ GUILDFORD • SI ALBANS • BRISTOL ■ BIRMINGHAM 


CU MORLEY INVESTMENT MANAGERS 

MARKETING MANAGER: PENSION FUNDS 


CU Morley is the pension fund management arm of Commercial Union Investment Management 
Ltd. Pension Funds under management exceed £l.4bn. Recent restructuring has put in place a new 
management team with a clearly defined Investment style and an ambition for success which has 
been reflected in recent performance. 


The Managing Director is seeking an individual to 
assist in the development of the marketing function. 
Duties will include developing marketing material, 
making presentations, liaising with consultants, 
completing consultants questionnaires and building 
a database of marketing information. 


group at an early stage of development and with 
considerable potential for career growth. 
Remuneration will be sufficiently attractive tor the 
right individual 


Interested applicants will be graduates aged 25-30, 
and will have at least two years’ experience of the 
pension ftind management industry. Ideally they wfll 
have worked in a marketing function already and 
will have a knowledge of pension hind consultants. 
The successful candidate will be capable of working 
both independently and as part of a team. 


To discuss thlsfljrther, in strictest confidence^ . 
please contact Christopher Lawless on <yflb79 1100 
or write to him at 


This is an excellent opportunity to join an ambitious 


The Bloomsbury Group, 

Search & Selection Consultants. 
The Second Floor, 

Bedford Chambers, 

Covent Garden. 

London WC2E 8HA . 

(Fte 071 2406382). 


THE 

BLGDMSBURY 

GROUP 


SALES 

PROFESSIONALS 
needed to sell CAD 
Bureau Services to all 
sectors of industry and 
commerce in Scotland 
and the North of 
England. Current sales 
activities in related 
fields would be a plus. 

Apply to Dim C Kenny 


IBC45 Frederick Street 
Edinburgh EK2 1EP 



banking recruitment consultants 


manager, eurobonds 

c£4S,000 


Leading City -baaed International Investment Bank 
currently seeks an experienced Ftted Income Manager 
trilb first das® man management sldUa to Join into 
highly successful operation. Candidates should 
possess at least 5 years' experience of Eu robo nds, 
Domestics. Government Bonos. Repos. Convertibles, 
Emerging Markets etc, ideally gained In a etmllar high 
volume environment. 


counterparty risk analyst 
c£30,ooo 

A graduate calibre Credit Analyst with at least 2 years' 
Counterparty Risk experience 1s sought by this leading 
IntmaUonal Investment bank. The role will involve 
credit analysis and assistance In the preparation of 
counterparty line requests In relation to Capital 
Markets and Derlvauvcs Business. Excellent 
prospects. 


INTERNATIONAL 
EXPORT MANAGER 


maikotSng manager 
£40,000 

An opportunity exists in this dynamic orgmfafion for 


a Manager to support the Financial Services DMskso. 
You will provide marketing and sales support, to 
Indude production of corporate literature and monthly 
newsletters. Previous marketing experience from an 
Investment management environment is sought. 
Knowledge at another European Language would be 
advantageous. 


Established world famous 
US consumer/professional 
hand toot mfg. is seeking an 
experienced Export Mgr. 
Knowledge of DIY hard goods. 
Must b© fluent in English, 
French 8. German. 


European Language 


accountant 

cC30,000 

Qualified Accountant possessing a minimum of 2 years' 
post qual ificat ion exp er ie nc e combined with a working 
knowledge of dertvartve products Is sought by leading 
Investment Bonk. Working dandy with the Tlwfcre ana 
Operations teams you wffl undertake the production of 
management accounts, resolution or financial control 
problems, daily P &L combined with analysis of risk 
postttana. P ro fic i en cy with spreadsheets ess ential 


Joslin Rowe Associates Ltd Bell Court House II Blomfield Street London EC2M 7AY 
Telephone 071 638 5286 Facsimile 071 382 9417 

A Mmkrr of lit Blomfield Group 


Please fax resume with 
salary retirements to: 
BK 201 -843-3911. 


Km'wtmiiii 


■i/if/f //// // 


MERIDIAN 


RISK. MANAGER 


JUNIOR GILTS SALESPERSON 
MAJOR EUROPEAN RANK 


An exciting opportunity to join an expanding 
GEMM Sales Team of a Major European Bank. 
The successful candidate vvill be a highly intelli- 
gent, dynamic and personable graduate with a 
good (2:1 or above) finance related degree. This 
individual will have gained at least one year's 
relevant experience in a prime financial insti- 
tution. 


A leading bankwkh a gtoballyoqjanlsed totterest cate derivatives 
unit b yoking risk manager with approximately 5 years 
experience to work wKhin is London team. The team Is 
establishing pricing and risk management capabilities in 
-second generation* derivatives including path-dependent 
produce. The successful carxfidate will have at leas three yews 
experience of risk management and is Likely to have 
postgraduate qualification® in mathematics or related 
discipline. He or she will also requite programming drills 
in order to work with our dedicated programmers. Tbe 
candidate will week within a small tram of skniLady highly 
skilled professionals. 

A competitive remuneration package will be offered to the 
right candidate. 

Please forward your c.v to Alex Butterwortfa 
Closing date for applications: 25th Match 199-1 

2$ Museum Street, London WCLA 1JT 

■■ RECRUITMENT CONSULTANTS 



BOND SALES 


Ceres Financial Concepts SA is a dynamic and successful financial firm established 
in Switzerland in 1992. Our main activity is broking fixed income products. Owing 
lo the high institutional demand for our services, we are currently looking to 
expand this activity. 


We are therefore seeking to employ several highly experienced, professional bond 
salespeople with a proven record of success and an established institutional cGenlelc. 
The successful applicant must be highly motivated and a self-starter. He/ahc should 
have good communication and presentation skills. 


Our performance-based compensation package is very competitive. Please reply in 
Confidence with full personal and career information to : 


Excellent prospects, competitive salary, plus 
banking benefits. CV's will be sent unopened to 
our client. 



Mr B. Hagen or Mr. B. Mcrkenich 
Ceres Financial Concepts SA Av. C.-F. Ramuz 80 
CH - 1009 Pully-Laimannp Switzerland 
Tel. 41 21 729 87 36 Fax 41 21 729 89 17 


Please contact Brenda Shepherd 


Fax 

071-826 MOO 


Ridgway House 41/42 King William Street 
London EC4K SEN 


Telephone 
071-626 1161 


An expa nding inienjabocal M&A advboty firm with offices in tea countries 
globally is seeking e n t re p re neurial MAA professionals, with ■ mini anno of 5 
yean transaction experience, m join its London. Paris and Dussekiorf offices. 
The finn is a leader in mkMnartret cross border M&A. 

Please send resume in confidence in the address below ro obtain farther 
mfonaaliM. 


SHEPHERD LITTLE 


Write Bax B2306. Financial Times, One Southwark Bridge, London S6l 9HL 


STOCKBROKERS 

REQUIRED 


DIRECTOR- SOUTH AMERICA 


For youag dynamic dry based company 
expanding activities in the private di«H 
field. Cornu (tom hied package, dient 
base prov i de d min 
3yn»exp. 

Call 071 403 3212 
REF TIL 
for mare details. 


An International company is the field of Product Identification and Systems 
Integration seeks an experienced executive to continue Hie growth and 
development of ■ welt established South American business. Location - Sao 
Paulo. 


At least 5-10 yean experience running Brazil -based industrial businesses, wdl 
balanced general management skills, and fluency in English and Portuguese ate 
prerequisites, fifumwh kmgsage sa additional asset. 


Appty wtth Utter andfitU curriculum vitae to: 

Bor B2379, fi nanci al Tunc*. One Southwark Bridge, London SEI 9HL 



5 


1 % 














FINANCIAL TIMES FRIDAY MARCH 18 1994 


LONDON CREDIT MANAGER 


CITY 


MAJOR COMMODITY TRADING HOUSE 


SALARY CIRCA £50,000 


This major international commodity trading organisation is 
primarily involved In the physical oil trading and energy 
derivative trading markets. It maintains a significant role in 
the trading of petrochemicals. fcnUbcn. coal and coke, 
agricultural and soft commodities in all areas of the world. 
Due to the significant expansion of the London operation, 
they now wish to recruit a London Credit Manager. 

Hie Credit Manager will be responsible for managing the 
credit function for all physical and derivatives business 


conducted out of the Company's London office. The 
individual must have at least 5 years' experience of corporate 
credit analysis and should have the benefit of a professional 
credit training program at a major financial institution. 
Preference wQl be given to candidates with a knowledge of 
documentation applying to commodity derivatives. 

The environment is extremely last moving and the 
successful candidate must be capable of ajwmning a high 
level of responsibility and effective control of a broad and 


ROBERT WAITERS ASSOCIATES 


diversified book of business. The candidate must possess a 
high energy level as weQ as being adaptable and willing to 
undertake a variety of different tasks within the team. 


Interested candidates should telephone Stephen Grant 
on 071 379 3333. (Fax: 071 915 8714) or write, enclosing a 
detailed CV, to Robert Walters Associates, 25 Bedford 
Street, London WC2E 9HP. 


The Communication Group pic 


Financial and investor Relations 

The Communication Group pic, one of Britain’s 
most successful independent public relations 
consultancies, 

is expanding its Financial and Investor Relations 
Unit 

We are seeking to recruit ambitious, experienced 
senior executive staff to join the Unit and be 
actively 

involved in its further development City 
experience is essential as is a thorough working 
knowledge 

of financial media and investor relations practice. 
A generous remuneration package will 
match skills and experience. 

Reply to: 

Peter Hamiltion 
Managing Director 
The Communication Group pic 
19 Buckingham Gate 
London SW1E 6LB 


d&X ! SECURITIES & FUTURES 




COMMISSION 


T he S ecurities and Futures Commission, which was established in 1989. is 
a statutory body with overall responsibility for regulating and promoting the development of 
Hong Kong's securities and futures markets. 

The Commission is managed by a Board of Directors appointed by the Governor of Hong 
Kong and operates through a team of professional staff. The following challenging senior 
position is now available. 

DIRECTOR - ACCOUNTING POUCY 

* To assist the Commission on all aspects of policy formulation for financial 
disclosure by listed and public companies in Hong Kong including accounting 
and auditing standards and compliance and enforcement matters. 

* To act as senior accounting resource to the Corporate Finance Division and the 
Commission on financial disclosure matters including accounting and auditing, 
to provide professional and technical direction and guidance to staff, and to 
participate in the professional development of staff. 

* To represent the Commission in its dealings with the Hong Kong Society of 
Accountants in respect of listed and public company accounting and auditing 
matters. To represent the Commission on the relevant accounting standards 
and emerging issues committees and subcommittees of the HKSA. 

* To oversee the Stock Exchange of Hong Kong's discharge of its frontline 
responsibilities in relation to financial disclosure matters including its review of 
financial reporting by listed companies in audited annual accounts, semi-annual 
accounts and other documents. 

* To develop policy proposals to address inadequacies in existing accounting and 
auditing standards and emerging areas of concern to the Commission and 
identify and address actual and potential problems and issues. 

Requirements 

* Tertiary education. Must be a professionally qualified accountant 

* Substantial experience as a senior staff in a major accounting firm or at a similar 
level in a commercial or regulatory environment. Should have detailed 
awareness of the securities and futures industry. 

* Excellent managerial, organisational and interpersonal skills. 

* Good verbal and written skills, ability to make public presentations and to make 
positive contribution to policy making and planning. 

* The applicant should be fluent in English and Cantonese. The ability to read 
and write Chinese and speak Putonghua would be an advantage. 

Compensation 

* Attractive remuneration package including medical and dental benefits. 

Please apply by 31 March, 1994 with details of qualifications, experience and 
salary history to: 

Personnel Services Manager 
Securities & Futures Commission 
12/F Edinburgh Tower 
The Landmark 
Hong Kong 




Bloomberg 

FINANCIAL MARKETS 




Account Managers 

French, Spanish Speakers Based London 

This is an opportunity for young professional people with languages 
and experience gained in the financial markets to develop their career 
in a world leading company. 

Bloomberg is a rapidly growing supplier of sophisticated screen based 
news, information and decision support services within the international 
financial markets. 

Expansion of the business and internal promotion has created 
Opportunities for account management/sales support staff of high calibre 
to grow with the company. You will provide quality service, support and 
relationship management to Bloomberg users in Europe. 

With 2-5 years experience in a related role, you must have a good 
understanding of financial instruments such as: Fixed Income, Futures 
and Options or Equities. Ideally experience will have been gained wirhm 
the investment community in a sales, trading or support role. Fluency in 
French or Spanish is essential. Candidates must be willing to travel. 

Salary is negotiable according to experience. 

Apply to The Freshman Consultancy during office hours on 
071-721 7-?6l or send your CV by post or fax quoting reference FT/3/94. 


The Mhiuh Consultancy, Cnppeqam: House. 16 Brum: Street, London El 7 NJ 
Telephone: 071-72 1 “16 1 Facsimile: 071-721 7362 


J 


CAPITAL MARKETS 
CONSULTANCY 


London 


£35-45,000 + Bens 


This leading International Investment Bank has a dominant presence in the international Capital Markets with principal offices in 
London, Paris, New York, Tokyo, Frankfurt and Singapore. It has a reputation for offering opportunities for self- motivated 
individuals who have the ability to respond positively to the competitive pressures of a fast moving international business. 

As a direct result of growth in core business areas two outstanding opportunities have arisen. 

The successful candidates will be part of a small high profile consulting team which focuses on the operations of capital markets, 
primarily the middle and back offices. The responsibilities of this team include 

• Formulating the strategic policy of capital markets operations departments 

• Undertaking specific investigations at the request of senior management 

• Initiating and implementing change in a variety of key departments 

The ideal candidate will be aged 26-35 with a minimum of three years' high quality work experience gained in either a major 
financial institution or large management consultancy. A good technical knowledge of Equities/Equity Derivatives is essentiaL 

Applicants should have excellent verbal and written communication skills and should be able to contribute at a strategic level 
To discuss these opportunities in greater detail please contact Jon Vonk at the address below quoting ref 5745. 


MARKS ♦ SATTIN 

FINANCIAL RECRUITMENT CONSULTANTS 
IS HANOVER STREET. LONDON W1R 9HG. TEL: 071-408 1312. FAX: 071-355 4501 


REPO SALES 

We are a leading US investment bank with a significant 
presence in the securities lending markets. We are seeking an 
experienced repo specialist with a minimum of one years 
experience and a demonstrated record of success in the 
European markets. 

The ideal candidate for this challenging role is probably a 
graduate and should have excellent technical skills, be highly 
numerate and have the ability to work in a dynamic team 
environment. Fluency in at least one European language is 
desired. 

Plcnse forward your CV to: 

Box 82309, Financial Times, 

One Southwark Bridge, London SE1 9HL 



INVESTMENT TRUST ANALYST 

Smith New Court, one of rhe UK's leading independent 
stockbrokers, is looking for an Investment Analyst to join the 
Company's Investment Trust team. 

The successful applicant may already have 1-2 years experience 
of research analysis and will have a strong academic background 
with evidence of numeracy as well as literacy. Attainment of 
appropriate professional qualifications such as che Securities 
Institute Diploma or the Institute of Investment Analysis may 
also be useful. 

Strong interpersonal skills and the ability to communicate 
effectively both through written research and personal 
presentation are essentiaL 

Applicants should write, giving details of work and academic 
background to: 

Kirsten Wright, Personnel Department 
Smith New Court Securities Li mi red 
Smith New Court House 
20 Farringdon Road 
London ECIM3NH 


Deputy Compliance Officer 

JJ*Morgan Investment Management Inc. (JPMIM) in London is the international 
institutional investment arm of JJPMorgan fir Co. Incorporated. With 545 billion 
under management, it is one of the premier investment management houses in the 
world. 

Due to continuing expansion, the need has arisen to recruit a Deputy Compliance 
Officer who will have responsibility for all aspects of compliance, with particular 
emphasis on project work, advising management on new developments, making 
recommendations and participating in implementing procedures. 

The successful individual will be professionally qualified with a minimum of three 
years compliance experience, either within a compliance department or regulatory 
body. Knowledge of IMRO rules is essential and experience of US regulation would 
be advantageous. 

Applicants should be practical, diplomatic and have highly developed interpersonal 
skills. 

The position offers a generous salary and benefits package. 

JJ* Morgan Investment Management Inc. is an equal opp or t uni ty employer. 

Interested applicants should write with their cv, in confidence, to Sandra Prettejohns 
at Jonathan Wren & Co. Ltd., No.1 New Street, London EC2M 4TP Tel. 071-623 1266 
Fax. 071-6265259 


JPMorgan 


Derivatives - Economic Analyst 


A leading financial forecasting company, headquartered in 
London, is looking for an analyst who has experience in 
options and derivatives markets, together with a strong 
understanding of economic fundamentals. Candidates 
should either be practicing economists with an ability to 
apply options theory, or an options analyst with a thorough 
understanding of economic fundamentals. A high degree of 
numeracy is essential, while at least a years experience in 
either options or economic analysis (preferably both) is 
desirable. A competitive package is on offer for the 
successful candidate. 

Please send full C.V. to Box B2304. 

Financial Times, One Southwark Bridge, London SE1 9HL 


COUTTS & CO (PORTFOLIO MANAGERS) LIMITED 
PORTFOLIO MANAGER - BONDS 

An immediate vacancy exists for a Portfolio Manager to join a small professional investment management 
f«wn responsible for the effective management of client portfolios. 

The successful candidate will ideally: 

• be m mid-late 20s 

• have gained a degree qualification, preferably in a finance related subject or have significant relevant 
experience 

• either possess Stock Exchange Examinations or show proven progress in achieving these 

• be experienced in the investment of internationally diversified diem portfolios 

• possess investigative and analytical abilities preferably having spreadsheet software skills 

• be expected to participate in the development of investment policy. 

Coucts & Co Portfolio Managers Limited is the premier investment firm on the Isle of Man directly 
ma nag in g over £1.5 billion of offshore diem portfolios. 

The position offers an attractive salary and benefits package to the successful candidate. 

Send detailed Curriculum Vitae, in strictest confidence to: 

The Personnel Office 

Reference INV4, CouOs & Co f Services ) Limited 
Coats House, Summerhill Road. Onchan Isle of Man IM3 1RB 
Tel: (0624) 632222 


APPOINTMENTS 

ADVERTISING 

appears In rhe UK edition 
every Wednesday &. Thursday 
and m the Inwraation&l edition 
ev ery Friday 
For farther iafonndian 
please call: 

Philip Wrigfey on 
07] 8733351 
Andrew Skanynski on 
071 8734054 


Research Economist 

£18-20,000 AAE 

International London firm is seeking a graduate with 
research related experience ideally in the energy sector. 
Reading ability of French/German essential, together 
with good interpersonal and analytical skills and 
computer literacy. 

The Language Business 
071-379 3189 (Rec Cons) 





VI 


ACCOUNTANCY COLUMN 


FINANCIAL TIMES FRIDAY MARCH IS 1994 


Celebrations for the Father of bookkeeping 


Y ou might have thought 
that with half a millen- 
nium during which to 
work, accounting histori- 
ans would by now have got their facts 
straight about the development of 
double-entry bookkeeping. If so. you 
would be wrong. 

Five hundred years after the publi- 
cation of what is generally acknowl- 
edged to be the first textbook of mod- 
ern accountancy, the academics 
researching the topic still seem to be 
as divided in their interpretations as 
they ore In their (surprisingly large) 
number. 

Most would at least agree to a com- 
mon definition of double-entry book- 
keeping: for every debit there is a 
corresponding, balancing credit It is 
a sacred principle still worshipped 
today, the basis of ledger-keepmg - 
manual and electronic - used daily by 
millions of number crunchers around 
the world. 

That is about as far as the consen- 
sus goes. Few could debate that a 
weighty book was published in Venice 
in 1494 called Summa de Aritnmetica, 
Geometric, Proportioni et Proportion - 
alita , and attributed to Friar Luca 
Pacioli, a Franciscan monk turned 
teacher, which describes the so-called 
“Venetian method” of accounting. 

But was he the author? Was his 
work original? Was he truly the first 
codify double-entry bookkeeping? 
More important, does it all matter 
anyway? In the past few weeks, 
intense argument has been aired on 
these and other related topics. 

Pacioli has certainly triggered a 
great bout of self-reflection. Some 
individuals and professional bodies 
have been so eager to unpop the 
champagne corks of celebration that 
tbey have not waited for November, 


The anniversary of a text by a 15 th-century monk has sparked 
debate over the origins of double-entry, writes Andrew Jack 


which was the month of publication 
500 years ago. 

Last month, the Institute of Char- 
tered Accountants in England and 
Wales - eager to get in first - dressed 
up a hapless soul in a habit to publi- 
cise its "Figures in proportion" exhi- 
bition on Pacioli In characteristically 
more didactic fashion, the Institute of 
Chartered Accountants of Scotland 
held a two-day "Festival of Account- 
ing”. conference earlier this month. 

In April, the Italians gather in 
Venice to discuss and dine sumptu- 
ously in memo ri am of the monk. 

It has been left to the enterprising 
Americans to arrange a four-day re- 
creation of Pacioli ’s "historic" trek 
from his birthplace of Sansepolcro to 
Urbino. The trek takes place this sum- 
mer, at the conclusion of a seminar, 
“The Pathway of Pacioli", and has 
been organised by Dave Tinius and 
Bill Weis, two Seattle-based academ- 
ics who have done more than anyone 
to nurture festivities over nearly a 
decade. 

Yet these signs of homage are in 
stark contrast to the dark ages of just 
a few years ago. Copies of Pacioli’s 
Summa were changing hands for 
extremely modest sums. He was 
barely recognised or memorialised in 
his own home town. The Italians had 
little time for him, in contrast to some 
of his contemporaries such as Leon- 
ardo da Vino, his friend and collabo- 
rator. 

Pacioli was certainly an unconven- 
tional monk in spite of taking monas- 
tic orders, his friendship with Giul- 
iano della Rovere. who conveniently 


became Pope Julius II, led to a Papal 
bull in 1508 waiving Pacioli's obliga- 
tion to obey the Franciscan vow to 
live “in obedience, without property, 
and in chastity”. 

He seems to have taken frill advan- 
tage of all three exemptions, being 
accused of self-love by Erasmus, liv- 
ing comfortably and incurring the 
wrath of bis fellow monks at death by 
leaving much of bis money to his fam- 
ily and not ids monastery. 

For Frans Volmar of the University 
of Limburg In the Netherlands, 
Pacioli was "the perfect accountant*’. 
He sees him as a crusader against the 
heathenism of his times, a leading 
proponent of the Franciscan beliefs 
tha t mathematics and the arts could 
revive Christianity. 

He says that while the Summa was 
not original in its thoughts, it was a 
detailed description of the best 
accounting practices, which met the 
definition of a conceptual framework 
as used today by the US Financial 
Accounting S tandar ds Board. 

He argues that among the points 
Pacioli highlights are the importance 
of orderly bookkeeping and internal 
controls, fairness, consistency, full 
disclosure, relevance, prudence, mate- 
riality and the role of profit genera- 
tion as an objective. 

Volmar even sees in the text discus- 
sions on more advanced accounting 
issues such as the treatment of bank- 
ing transactions, joint ventures, 
branches, bills of exchange, extraordi- 
nary items and foreign currency 
translation. 

Some academics stress that Pacioli 


was a great popularises writing, for 
example, in the Tuscan and Venetian 
dialects rather than the Latin which 
was all bnt ubiquitous in scholarly 
curies at the time. It was this that 
helped form the basis of innumerable 
copycat accounting texts elsewhere in 
Europe and beyond from the early 
16th century onwards. 

A more cynical commentator might 
suggest that Pacioli was also the 
father of modem creative accoun- 
tancy. As his text on inventories 
advises: "Giving to each entry an 
average price from your own personal 
knowledge, rather higher than low, 
that is, should they appear to you as 
worth 20, put them down at 24. By 
this m eans you will obtain better 
profit" 

Others are certainly less convinced 
than Volmar about the Parioli’s leg- 
acy. Among the accusations are that 
he did not invent double-entry book- 
keeping but merely codify it; that he 
may not have written the Summa 
himself; and that his test is Hawed. 

A & early as 1550, he was being 
accused of plagiarising from the work 
Piero della Francesca, his first 
teacher. The father of modem Pacioli 
iconoclasm is Basil Yamey, emeritus 
professor at the London School of 
Economics. He has suggested a series 
of inadequate or confusing points in 
Padoli's text that cast doubt on the 
usefulness of the text as a means of 
instruction in double-entry. 

These views are shared by Richard 
Macve from the University of Wales, 
who also highlights vital omissions, 
contradictions and obscurities which 


he says make Pacioli’s treatise like a 
computer software manual "which 
always seems to omit the crucial 
instruction". 

He stresses that PacioU’s experience 
of commerce is second-hand, and that 
he falls to describe state of the art 
accounting already long in place in 
Venice, covering issues such as depre- 
ciation and contingency reserves. 

Other scholars have traced rudi- 
mentary double-entry back at least as 
for as the 13th century, while some 
suggest it may have its origins in 
regions and eras as diverse as ancient 
Greece or Rome, Arabia, India, Bran, 
Peru and Spain. 

The more fundamental question is 
whether double-entry bookkeeping