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Asylum seekers 
or criminals? 


Peg* 17 



Gold rash 

New techniques to 
transform mining 

Page 10 


Russian ecom 

jg- 1^ On the brink. 
if of collapse 


FINANCIAL TIM 


'Z - TUE S D AY firfABC H 22 1994 



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EU enlargement 
faces delay over 
voting rights row 

France and Germany will today press Britain 
and Spain to try to resolve the crisis over voting 
rights in an enlarged European Union. Neither 
London nor Madrid appears ready to soften its 
position at today's meeting of foreign ministers 
in Brussels and the European Parliament further 
damped hopes of a solution when the Socialists, 
largest group in the assembly, rejected the compro- 
mise being offered to Britain and Spain. The issue 
could force tile EU to delay a decision on new 
voting arrangements, jeopardising an already 
tight timetable for the entry- of Finland, Sweden, 
Austria and Norway by January 1 1395. Page 18 

SPO ‘let tax cat out of the bag 1 

* Germany's opposition 
Social Democrats were 
last night trying to 
save themselves from 
an electoral own-goal 
in the form of ah electiun 
programme committed 
•' to raising taxes on 
higher income-earners. 
The mass-circulation 
Bild newspaper claimed 
party leader Rudolf 
Scharping (left) "let 
the tax cat out of the bag” and said half of ail 
German taxpayers would be affected if the plan 
were implemented. Page 18 

Porsche seeks more work: Luxury sports 
car maker Porsche is to further expand its business 
of building cars for other manufacturers. It has 
contracts at present with Mercedes-Benz and 
Audi. Page 19 

US criticised over trade pact delays: The 

US was attacked by Australia. Indonesia, New 
Zealand and Singapore For its apparent willingness 
to consider delaying the implementation of the 
Uruguay Round of trade agreements until next 
year. Page 4 

EU imposes tariffs on South Africa: The 

European Union has imposed tariffs of nearly 
50 per cent on Chinese and South African imparts 
of ferro-siiicon. a material used in iron and steel 
production, saying these producers are dumping 
their products on EU markets. Page 4 

Lucas Industries, UK motor and aerospace 
components group, reported interim pre-tax profits 
up to £29.1 m 1 529-3 4m) from £4.2m, helped by 
cost redact ms. but w arned that its markets 
remained iu.uk Pago 2lk Lex. Page 18 

UAP profits climb 31%: Union des Assurances 
de Paris, the insurance group which is the next 
candidate for the French government's privatisa- 
tion programme, reported a 31.8 per cent increase 
in annual net profits to FFrl.42bn ($230m) in 
1993. Page 20 

No»-EU trade deficit narrows: The UK's 
visible trade deficit with non-European Union 
countries narrowed to E672m (5981m) in February 
from a revised £7«Sm in January, but a deteriora- 
tion in trade volumes continued. Page 8 

Talks consider Palestinians’ protection: 

Talks between Palestinian and Israeli officials 
about protection for Palestinians in the occupied 
territories continued, but were expected to adjourn 
without a solution to the row which has stalled 
resumption of full peace talks. Page 6 

Hibernian Group, Dublin-based insurance 
and financial services company, announced a 
surge iu 1993 pre-tax profits to I£47.4m ($66. 7m) 
from i£5.66m. The figure included [£27m from 
investment profits, compared with previous losses 
of l£11.9m. Page 29 

BK Vision, an investment fund that is the largest 
shareholder in Union Bank or Switzerland, is 
proposing that the bank cut its board membership 
From 22 to a maximum of nine. Page 19 

Banks near accord on Euro Disney rescue: 

The Euro Disney banks are expected formally 
to approve a FFrl3bn ($2.25bn) rescue package 
Tor the stricken leisure group which runs the 
EuroDisney theme park near Paris within the 
next few weeks. Page 22 

Clinton sends aid to fishermen: The Clinton 
Administration is sending $30m of emergency 
aid to fishing communities in tlie north east US 
suffering from a collapse in fish stocks. 

Page 3 

Earthquake costs expected to rise: The 

financial tall of January’s California earthquake 
is likely to reach os much as $4bn following an 
announcement by US insurer Allstate that it 
has raised its estimate of losses. Page 19 


■ STOCK MARKET INDICES 


FT-SE 100; ...21981) t-M.il 

Yield .......4.78 

FT-SE Eunrtack 100 .. .1436.71 HJ-&3) 

FT-SE-A M-Siara -__-161&2B (4L») 

fSckd — Closed 

Nnt York: hmMrae 

Dow Jones ild Art — 3,68283 (-32.82) 

SSP Composite 46747 (-3.49) 

a US LUNCHTIME HATES _ 

Federal Rnds — 3ft% 

3-mo Tress Bis: YU ..4569% 

Lora Bond 91 ,i 

Yield 6952% 

■ LONDON MONEY _ 

3-mo Interbank *. — 7 „.. 5*4% (same) 

Ijfle long gSl future: -Mar 110*3 (Marl I0jj) 

■ NORTH SEA OIL (Argus) 

Brail isday (May) 1-413.775 i1344j 

■ Odd 

New York Domex (Apr) — $3803 (387.6) 

London *3862 {same) 


New York lunchtime: 

* 14815 

London: 

S 1.4845 (1.4868) 

DM 25202 (2525) 

FFr 66897 (84016) 

SFr 2134 (21453) 

Y 157.788 (15746) 

E Index 864 (804) 

■ DOLLAR 

New Ytofc fmcMme 
DM 1.70225. 

FFr 529825 

SFr 143885 

Y 1082 
London: 

IW 14979 (1.6961) 

FFr 67862 (5.7777) 

SFr 14375 (1.441) 

Y 10629 (106435) 

S Index 665 {66.4) 


S Index 665 
Tokyo dosed 


Oreo* MW 

Hong Kong WStfl 
Hungry R185 

Icofcnd K2U 

kxfei ftsSJ 

bad 9*630 

tdy L30M 

Japan YS00 

Jordan JD130 

KukM F*3J6Z5 

UHWn US$1.50 


Lux LFiSS 

Meta LmQ.60 

Monoo 

Net) FI M0 

Ngeta NawSO 
Norway Ml 740 
Orrai OB150 
PaMstr Bs40 
R W ppncs PsaSO 
Wand axyno 
Portugal B2ZS 


Qatar ORUOO 
SJtaUa SR1 1 
Singapore SSU0 
StoveJt ftp KSLS0 
Souti AMcs R12OT 
Span paeca 
Sweden SXrlfi 
S*te Sfr3J0 
SjfU SC6000 
Tixtraa Onl.SOO 
Tutey L13000 
UAE CHTZO0 


Chernomyrdin meets Yeltsin amid coup allegations 


By John Lloyd in Moscow 

Mr Victor Chernomyrdin, the 
Russian prime minister, can- 
celled talks with the head of the 
Internationa] Monetary Fund yes- 
terday and flew to the Black Sea 
resort of Sochi for talks with 
President Boris Yeltsin, amid 
allegations of a coup plot. 

According to a document 
printed in the liberal daily 
Obshchaya Gazeta at the week- 
end. a group of senior officials 
had agreed to overthrow Mr Yelt- 


sin because of his physical inabil- 
ity to fulfil his presidential 
duties. 

The group, which includes Mr 
Oleg Soskovets, the first deputy 
prime minister, General Mikhail 
Koslenikov, the head of the gen- 
eral staff Mr Vladimir Shumeiko. 
the leader of the upper house and 
Mr Yuri Luzhkobv. the Moscow 
mayor is a curious one, because 
most of its members have been 
dose allies of the president 

However, the allegations have 
been token seriously in Moscow. 


and security services spent the 
weekend interrogating ministers 
on their possible participation in 
the alleged plot Meanwhile, Mr 
Soskovets demanded that the 
public prosecutor investigate the 
matter. 

The allegations caused alarm 
in the west However, senior offi- 
cials in Washington said last 
night that they had no informa- 
tion as to their veracity. 

Mr Chernomyrdin's unsched- 
uled trip was said by one of Mr 
Yeltsin's press spokesmen to be 


no more than a routine meeting 
at a date convenient to both men. 
However, Mr Chernomyrdin 
broke an appointment with Mr 
Michel Camdessus, the IMF man- 
aging director, which had been 
on his schedule as late as Sunday 
night 

The Obshchaya Gazeta docu- 
ment said Mr Yuri Skokov, the 
secretary of the Security Council, 
had been due to appear on Cen- 
tral TV on March 10 to proclaim 
Mr Yeltsin's unfitness to govern 
and to present a video of Mb' Yelt- 


sin under the influence of alco- 
hol At the same time, a parallel 
process was to be set in train in 
parliament to transfer presiden- 
tial powers to Mr Chernomyrdin, 
constitutionally the next in line. 

However, Mr Alexander Yakov- 
lev, the head of Central TV, 
refused to countenance the 
broadcast and informed the presi- 
dent's office about it, after which, 
according to the document, Mr 
Skokov and Mr Koslenikov both 
went abroad. The document said, 
however, the conspirators did not 


Clinton vows to defend Seoul as Pyongyang defies pressure over N-site inspections 

S Korea to 


get Patriots 
as fears of 
attack grow 



By John Burton in Seoul, Nancy 
Dunne in Washington and Patrick 
Blum in Vienna 

US President Bill Clinton 
yesterday agreed to the deploy- 
ment of Patriot missiles to South 
Korea as a “purely defensive" 
move and said the US would 
defend South Korea from attack 
by North Korea. 

Mr Clinton's assurances fol- 
lowed defiant statements from 
Pyongyang claiming that US 
demands for further inspections 
of nuclear sites were “perfidious 
acts . . . creating a grave situation 
on the Korean peninsula, which 
may bring the Korean nation 
back to the phase of confronta- 
tion and war”. 

Pyongyang’s tough language 
has prompted concent in Seoul 
and accelerated plans for the 
deployment of Patriots. 

In response to the mounting 
tension with North Korea, Mr 
Clinton said: “Wc have agreed 
that it is in our national interests 
and the interest of the people of 
South Korea and the security of 
our armed forces there to proceed 
with the Patriot deployment. So 
we will do that.” Mr Clinton did 
not disclose the dates of the 
deployments or the numbers of 
missiles involved. 

Pyongyang yesterday main- 
tained its defiant stance against 
concerted international pressure 
to open its nuclear sites to full 
inspections. 

North Korea threatened to 
withdraw from the nuclear non- 


% ,-r^m 


PAGE 6 

■ North Korea's 'sea of fire' 
threat shakes Seoul 

■ Bering fears trade sanctions 
on rogue regime 

■ Self-reliance may soon be put 
to the test 

■ Editorial Comment Page 1 7 

proliferation treaty if the US 
resumes its annual military exer- 
cise in South Korea and if the 
International Atomic Energy 
Agency decides that North Korea 
has not complied with its nuclear 
obligations. 

The IAEA is likely to refer the 
North Korean nuclear issue to 
tlie UN Security Council today 
after Pyongyang blocked inspec- 
tion tests at the Yongbyon 
nuclear complex. The UN Secu- 
rity Council may then consider 
economic sanctions on. North 
Korea. 

Leaving room for Pyongyang to 
avert an international crisis, the 
IAEA called on North Korea to 
allow the agency’s inspectors to 
undertake meaningful tests at a 
radiochemical laboratory at 
Yongbyon and at other sites. 

A meeting of the agency's 
board of governors in Vienna 
also asked Mr Hans Blix, its 
director general, to inform the 
Security Council of its request. 

After belligerent statements at 
the weekend, the North yester- 
day accused South Korea of 
“driving the North-South rela- 






Hans Blix, director-general of the International Atonric Energy Agency in Vienna, calls on North Korea to 
allow the agency's inspectors to carry out tests at its nuclear sites Associated Press 


tionship into a situation of con- 
frontation and war", after the col- 
lapse of inter-Korean talks. 

Seoul also resumed prepara- 
tions for the Team Spirit military 
exercise, although a decision on 
its timing has been delayed until 
President Kim Young-sam dis- 
cusses the situation on the Kor- 
ean peninsula with Chinese and 
Japanese leaders this week. 

US Secretary of State Warren 
Christopher said US policy would 
take account of all the risks- and 
dangers, but emphasised that 
some form of international action 
was necessary to combat nuclear 
proliferation. Seeking to calm 


fears of a looming, nuclear con- 
frontation, Mr Christopher said: 
“We're going to be proceeding 
very deliberately and prudently 
in this situation-" 

In Mokow, the foreign minis- 
ters of Russia and Japan added 
their countries’ support to the 


IAEA. “We [Russia and Japan] 
demand that North Korea agrees 
to receive Inspectors from the 
International Atomic Energy 
Agency," Japanese foreign minis- 
ter Tsutomu Hata said after talks 
with his Russian counterpart 
Andrei Kozyrev. 


abando n their plan, seeking to 
persuade the head of the Gas- 
prom state oil producing corpora- 
tion, Mr R. Byokhirevo, to make 
.the broadcast 

Senior politicians said the 
upper echelons of government 
were in turmoil. Mr Boris Fyodo- 
rov, former vice-premier in 
charge of finance, said that “It's 
clear something is going on, and 
that the situation is very tense”. 

AH foil down. Page 17 
Loan pact hopes fade. Page 2 


Global 

- 

telecoms 

project 

unveiled 

By Louise Kehoe 
in San Francisco 

Mr Bill Gates and Mr Craig 
McCaw, two of America's richest 
technology entrepreneurs, set 
out yesterday on an ambitious 
space odyssey: the creation of a 

global satellite communica- 
tions system by the year 2321. 

The two billionaires, each 
using “a few million dollars" as 
seed capital, aim to launch a 
fleet of 849 small satellites into 
orbit about 400 miles above the 
earth. The system would offer 
wireless data, video and voice 

communications worldwide. 

The plan, however, faces tech- 
nical mid commercial doubts as 
well as daunting financial and 
political hurdles. 

' Mr Gates, aged 38, is co- 
foander and chairman of Micro- 
soft, the world's biggest software 
company. Mr McCaw, .44, . built 
McCaw Cellular Communications 
into the largest US cellular tele- 
phone company. It is now being 
sold to AT&T for 3l2.6bn. 

Mr Gates, Mr McCaw and 
McCaw Cellular each will own 30 
per cent of Teledesic, the new 
venture. Mr McCaw is chairman, 
but Mr Gates does not bold an 
executive position. Microsoft 
itself is not involved. 

Teledesic revealed its plans 
yesterday by applying to the Fed- 
eral Communications Commis- 
sion for permission to begin con- 
struction of the satellite system, 
Using' very high frequency 
transmissions, the refrigerator- 
sized satellites would send and 

Continued on Page 18 


Denmark leads off telecoms 
sales with likely $2.7bn float 


MERCURY HAS THE 
RIGHT PEP FOR EVERY KIND 
OF INVESTOR 


By NBary Barnes in Copenhagen 
and Andrew Adonis in London 

Tele Danmark, the Danish state 
monopoly telecommunications 
operator, launched the sale of 
48.3 per cent of its shares yester- 
day, expected to be worth about 
$2.7bn. 

The flotation is the first of a 
string of telecoms privatisations 
expected in the ElTs continental 
states over the next two years 
and the world's largest since the 
sale of the final tranche of Brit- 
ish Telecommunications in June. 

More than 80 per cent of the 
63m shares on offer are expected 
to be sold outside Denmark, mak- 
ing the privatisation one of the 
biggest international equity 
issues. 

The offer will be marketed in 
five tranches: the Nordic coun- 
tries - which will be guaranteed 
about 20 per cent of the shares - 
the US, the UK, continental 
Europe, and the rest of the world. 
It will be priced at the end of 
April and close in early May. 

The shares are expected to be 


listed on the Copenhagen and 
New York stock exchanges, and 
will be quoted through Seaq 
International 

Unusually for a telecoms priva- 
tisation, all the net proceeds will 
go to the company, not to the 
government. Analysts believe the 
Danish government’s decision to 
forgo a slice of the proceeds is 
likely to increase the attraction 
of the offer, particularly to insti- 
tutions seeking a medium or 
long-term return. 

The Danish government will 
retain a controlling 51 per cent 
stake in Tele Danmark, but the 
company wiU have operational 
independence. Mr Hans Wurzen, 
chief executive, said privatisation 
would enable it “to move away 
from political control in the Dace 
of competition in an open market 
in Europe". 

The initial offering is expected 
to be in the price range DKr275- 
DKr3i5 per DKno share (or 
$20.83-$23 .86 per American depos- 
itary share), according to the pro- 
spectus. 

By capitalised value Tele Dan- 


mark is expected to become the. 
second largest group listed on the' 
Copenhagen Stock Exchange 
after the A.P. Moller shipping 
group's companies, D/S 1912 and 
D/S Svendborg- 

Tele Danmark operates one of 
the cheapest and most advanced 
telecoms networks in Europe. 
Denmark has about 59 telephone 
subscribers per 100 people, com- 
pared with about 45 in the UK, 
and it has the highest proportion 
of cellular subscribers of any EU 
state. 

Telecoms privatisations are 
also likely or possible this year in 
the Netherlands, Greece and 
Italy, with several others expec- 
ted beyond the EU. The Greek 
privatisation is expected to raise 
about $lbn. the Dutch about 
$3bn. 

Tbe sale of the first tranche of 
shares in the German operator 
Deutsche Telekom, the largest 
privatisation on the horizon, is 
not expected until the end of next 
year at the earliest 

Denmark maps route, Page 20 


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MERCURY INCOME PEP 

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European Nam 2 

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Wad* — 

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15 


Craaswxd 


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— 30 FbeefemEx 


15 

H. Band Sente 
Managed Finds. 


MERCURY 

BRITAIN'S LEADING INVESTMENT HOUSE 


Member oTIMRO 



Mngnt Educafn 31-38 


J© THE FINANCIAL TIMES LIMITED 1994 No 32,323 Week No 12 LONDON ■ PAHIS - FRANKFURT ■ NEW YORK - TOKYO 


Suiine: Micro pal. Figures to iJS-l. Offer to bid r™ Income rulomred. » Estimated gjnaa yield u IJS4. ■ Tlie Plan Muner Is 
Mercury Asset Management pie. ■ Phi performance Is not necessarily s gable to Ac future IT You sluuM remember dut tbe value 
of inturtmons ami tbe to come from then, can H actuate Invescon ms; not get back i be amount they tnvesL ■ Change m ibe rate 
of etclij.au between curacies may ernee the vsjue of the tovesunnt to fluctuate. ■ Tie Ins treatment of PEP, may be Hu need 
by Future legislation ■ Data PtotetsJon Ac, 1984. We will not Juelose your details outside Mercury, iu associated comnauin 
sad uibcodtMeten or i|u« acting an mau of Mercury sail it, associated companies. Those details may he added to a madia* 
llir to enable you to reeeUw detail* of tbe CfMp* pnsdnru. If yoa noulrf prefer not to it cehre tack deuOs. pfetse (ante to uZ 


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. .J 


FINANCIAL TIMES TUESDAY MARCH22l9g*. 


NEWS: EUROPE 


Krajina 
talks hold 
the key 
to overall 
peace deal 

By Laura saber in Belgrade 

Prospects for an overall peace 
settlement in former Yugo- 
slavia hang in the balance 
today, with the Croatian gov- 
ernment due to meet Serb 
leaders of Krajina, the self- 
styled Serb state in Croatia. 

Ur Vitaly Chorkin, Russia's 
special envoy to the region 
will mediate in today's negoti- 
ations, which are considered 
crucial for cementing a settle- 
ment between the Bosnian 
Croats and Moslems. Any such 
settlement would determine 
the status of internal borders 
in Bosnia and Croatia. 

President Franjo Tudjman of 
Croatia said yesterday that 
peace in Bosnia “will not be 
reached until the question of 
Krajina is solved”, the Serbian 
daily Politika reported. 

The future status of Krajina 
could determine what bound- 
ary concessions the Bosnian 
Serbs are prepared to make to 
the Bosnian Croats and Mos- 
lems, who signed an accord in 
Washington last week. 

That accord paves the way 
for a Bosnian Croat/Moslem 
federation in (me part of Bos- 
nia which will have a loose 
confederation relationship 
with Croatia. But it failed to 
address the federation’s new 
boundaries, largely because 
any agreement on boundaries 
depend on what relationship 
President Slobodan Milosevic 
of Serbia wants with the Bos- 
nian Serbs - and with the 
Serbs in Krajina. 

An agreement on Krajina’s 
status could also lead to a 
peace treaty between Croatia 
and Serbia. 

Mr Tudjman is demanding 
the ret ur n of Serb-held territo- 
ries to Croatian control. But 
Mr Milan Martic, leader of 
Krajina, who takes instruc- 
tions from Mr Milosevic, yes- 
terday repeated that he would 
accept “nothing less than 
self-determination” for the 
Serbs. This would amount to 
independence for their “state” 
carved out during a six-month 
war In 1991 - something Mr 
Tudjman would never accept. 

Mr Martic agreed to back 
the Russian initiative for 
today's talks, which will be 
held in the Russian embassy 
in Zagreb, partly because Mr 
Milosevic wants a peace 
accord with Croatia which 
would eventually end sanc- 
tions against his country. 

Mr Churkin remains opti- 
mistic, according to the Ser- 
bian media, which reported 
that “both sides wanted to 
endorse a settlement". 

Before any real compromises 
«m be made, said Mr Slobodan 
Jarceric, Krajina’s foreign 
minister, the two sides must 
agree on a ceasefire and the 
withdrawal of the Croatian 
army from Krajina. 

According to Belgrade radio, 
the Serbian delegation will 
include Admiral Busan Baltic, 
defence minister. General Mile 
Novakovic, national security 
adviser, and Mr Jarcevic. 

The Croatian delegation is 
expected to be led by Mr 
Hrvoje Sarinic, the republic’s : 
national security adviser. 

Meanwhile, in Bosnia, as 
part of the growing Croat/Mos- 
lem rapprochement, President 
Alija Izetbegovic invited Mr 
Tudjman to visit Sarajevo as 
“another step towards imple- 
menting the agreement”. 

Bosnian Serb forces have 
positioned weapons Inside the 
exclusion zone around Sara- 
jevo, the United Nations 
claimed yesterday. Three 
tanks, three anti-aircraft can- 
non, four howitzers and 18 
mortars have been found, 
although they are not pointing 
at Sarajevo mid “are not capa- 
ble of engaging Sarajevo”, 
according to a spokesman. The , 
Bosnian Serbs claim the weap- 
ons are outside the zone. 


THE FINANCIAL TIMES 
PnbMial by The Faunal Times (Barone) 
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Hopes fade for Russia-IMF pact 


By John Lloyd in Moscow 

Agreement between Russia 
and the International Mone- 
tary Fund seems unlikely in 
the near future, and Is likely to 
require government measures 
to convince the Fund that the 
1994 budget is viable. 

Talks between Mr Victor 
Chernomyrdin, the Russian 
prime minister, and Mr Michel 
Camdessus, the managing 
director of the Fund, set for 
yesterday, were postponed 
until today, following Mr Cher- 
nomyrdin’s sudden decision to 


fly to Sochi for talks with Pres- 
ident Boris Yeltsin. However, 
the outline of a longer term 
deal is already emerging, 
though very strong doubts 
remain on both sides about its 
feasibility. 

A senior Russian official was 
quoted as saying that “the 
talks have got nowhere 
because of the IMF’s non-con- 
structive attitude”. Fund offi- 
cials in Moscow will not com- 
ment on the talks, though 
sources say they are impatient 
with the lack of information 
provided on the budget 


The talks, which began on 
Friday, have been going on at 
two parallel levels. 

The first, between Mr Cher- 
nomyrdin, Mr Camdessus and 
Mr John Odling-Smee of the 
IMF, focus on broader policy 
and political aspects of manag- 
ing the economy. 

The second, involving Mr 
Sergei Dubinin, the finance 
minis ter, and the wider IMF 
team, concern the details and 
the underlying assumptions of 
the budget 

The key problem for the IMF 
team is the income side of the 


budget, where high inflation 
and low tax collection point to 
the government's inability to 
collect the Rbsl20,000bn for 
which it has budgeted. 

The likelihood is that the 
IMF will work out with the 
Russian government various 
ways of attempting to increase 
the tax take- and wait for 
around two months to judge 
whether or not these measures 
are working. 

This approach, a standard 
IMF technique, would also test 
how committed Mr Cherno- 
myrdin's government is to rad- 



US defence secretary William Perry (right) with Ukrainian counterpart Vitaly Radetsky as he inspects an honour guard In Kiev ap 

More US aid for Kiev to disarm 


Mr William Perry, the US defence 
secretary, yesterday promised Ukraine an 
additional SlOOm (£68. 4m) to help disman- 
tle its nuclear warheads and finance 
defence industry conversion, Reuters 
reported from Kiev. 

Mr Perry’s visit is part of a broader 
American effort to reward Ukraine for its 


decision last month to give up its nuclear 
arsenaL The three agreements he signed 
in Kiev earmark $50m to help dismantle 
the nuclear missiles in Ukraine, $40m 
towards the conversion of Ukraine's pow- 
erful military industries to civilian produc- 
tion, and $10m to fund tighter security for 
the shipment and storage of nuclear weap- 


ons In Ukraine. Mr Perry’s assertion that 
America’s relationship with Ukraine “is of 
great strategic importance to us" was a 
welcome signal for his Ukrainian hosts. 

The Ukrainians have been feeling 
increasingly threatened by their Russian 
neighbours and are eager to build stranger 
ties with the west 


leal economic reform. The 
prime minister has repeatedly 
committed his government to 
observing the budget, and has 
in the past month given other 
public indications of his desire 
to continue economic change. 

Mr Mikhail Zadornov, the 
rharrmgTi of the paitiamantary 
budget committee, said that 
“no agreement on the second 
tranche of the IMF focflzty Is 
likely to be signed in the near 
future” - a prediction with 
which tire Fund and the gov- 
ernment are unlikely to dis- 
agree. 

Austrian 
state oil 
group to 
shed jobs 

OMV, the Austrian 
state-controlled oil group 
which is due to be privatised, 
has announced job reductions 
which win lower its workforce 
by a fifth over the next two 
years. Renter reports from 
Vienna. 

The company said the num- 
ber of employees at its parent 
company would be cot to 4 ,000 
by 1996. That would represent 
a 50 per cent reduction from a 
decade earlier. 

A statement said OMV strat- 
egy was to strengthen the bum- 
ness “with the ampliairirt on 
reducing personnel costs.”' It 
would also focus on central 
European markets. In particu- 
lar the growing daman ri for 
natural gas. 

The sta te men t did not say 
whether the piamw>H job mb 
had been agreed with union 
leaden, nor did it remark an 
their significance for the 
company’s privatisation pros- 
pects. 

The Austrian government 
wants to reduce its 72 per cent 
stake in OMV to below 50 per- 
cent through a sale to a strate- 
gic partner. Abu Dhabi is 
tipped as a landing candidate, 
but Austrian partners are also 
being sought 

OMV has said it expects to 
make a 1993 loss of Sch4.7bn 
(£264m), including restructur- 
ing costs. 


French mainstream parties advance 


By David Buchan in Paris 

The French political landscape 
has regained a certain stability 
after the first round of local 
elections. Although the govern- 
ing centre-right parties under- 
lined their supremacy, the 
opposition Socialists and then- 
left-wing allies managed to 
recover from recent electoral 
disasters. 

The mainstream parties 
gained at the expense of the 
fringes. The environmentalist 
vote slipped to less than 4 per 
cent, to the benefit of the left, 
and the National Front vote 
(9.8 per cent) dropped for the 
first time for many years below 


that of the Communist party 
(1L3 per cent), which rallied 
after a long decline. Despite 
record unemployment and vio- 
lent anti-government protests, 
prime minister Edouard Baha- 
dur's coalition won 44.7 per 
cent of the vote, compared 
with 4&9 per cent in last year’s 
legislative poll, and the Social- 
ists and their allies took 28A 
per cent, up from 20 per cent 
last year. 

In the short-term, therefore, 
the Balladur government will 
be reinforced in its determina- 
tion not to cede further to the 
trade unions over its plan to 
allow French employers to pay 
some young people less than 


the national minimum wage, 
in return for extra training-on- 
thejob. While also continuing 
to meet yesterday with the 
unions to try to win their 
acquiescence to the youth 
wage plan. Mr Michel Gfrand. 
the labour minister, said over 
the weekend the government 
would stand as firm against 
the protesters as France had 
against the Goman offensive 
at Verdun in 1916. 

For his part, Mr Michel Roc- 
ard. the Socialist leader, 
claimed that his party had 
showed itself “half way” to 
regaining power. 

But in a poll in which almost 
every party claimed satisfac- 


tion. if not victory, the 
National Front could pcunt to 
its success in doubling the vote 
it gained in the 1988 cantonal 
elections, even if it fell well 
below the 12 per cent it scored 
in 1992-93 polls. In the sooth, 
the National Front did well in 
the scandal-ridden Var depart- 
ment, whose president, Mr 
Maurice Arreckx, after being 
questioned by police searching 
for the killers of the murdered 
MP, Mrs Yann Piat, has been 
forced into a difficult runoff. 
But allegations of financial 
misconduct did do harm to Mr 
Bernard Tape, who came out 
top in a Marseille canton. 

While last Sunday's first vot- 


ing round was a pure test of 
parties’ relative popularity, 
next Sunday’s run-off is more 
complex as eliminated candi- 
dates throw their support to 
those still in the race. These 
alliances sometimes cross the 
classic left-right divide. 

The broader conseque n ce of 
the polling will be to sfimee, 
temporarily at least, critics of 
Mr Bafiador and Mr Rocard 
inside their own parties. Sup- 
porters of Mr Jacques Chirac, 
the Ganlhst RPR leader and Mr 
Balladur’s rival for the presi- 
dency, openly acknowledged 
the poll’s apparently positive 
verdict on the Balladur 
government 


Turin seeks a new driving force 

The city’s dependence on Fiat poses problems for its politicians, writes Andrew Hill 


Turin does not 
look like a city 
r with an iden- 

ailimH tity crisis. Tbe 

!!!bTih 3 « rBcefu j 

Blllllllia squares and 

MU 1 1 'HI P al t®f s °* ;t e 

centre ^du tne 

ELECTIONS j!i s PfcjF; 

07 esque factories 

March27 . of the periph- 
ery bear witness to the domi- 
nation of two dynasties: the 
royal House of Savoy and, in 
this century, the industrial 
House of Agnelli, founders of 
the Fiat motor group. 

But this legacy is not enough 
to sustain the city. At the cen- 
tre of the intriguing election 
campaign being fought on the 
piazzas and production lings is 
the question of Turin’s eco- 
nomic and industrial fixture. 

Mr Gino Giugni, labour min- 
ister in the country’s current 
technocratic government, and 
one of the leading candidates 
in Turin for the left’s Progres- 
sive Alliance, sums up the 
problem. “If the city lives by 
praying to Fiat and identifies 
itself with the Awocato 
[Gianni Agnelli. Fiat chair- 
man], Juventus [the Fiat-con- 
troDed Turin soccer team! and 
other symbols of Fiat power, 
then it is destined to decline." 

Train’s dependence on Fiat 
has benefited the city daring 
the good times, but when the 
company is facing difficulties, 
as ft has recently, the city also 
suffers. 

This is a particular conun- 
drum for the Progressive Alli- 
ance. Turin has always been a 
dud rosso, a stronghold of the 
left, which has drawn on the 


The Catholic Church yesterday issued a thinly 
veiled warning to Italians to avoid voting for 
media magnate Silvio Berlusconi and his Forza 
Italia movement in the March 27 elections, 
writes Robert Graham in Rome. A document 
from the Italian bishops’ conference urged vot- 
ers to be wary of “conquerors of power”. 

The church has traditionally warned of the 
dangers of voting for communists and the left, 
and has also never concealed its distaste at the 
moral tone of Italian commercial television, 
mostly controlled by Mr Berlusconi. 

But yesterday’s document appeared to be an 
implicit reference to the political ambitions of 
Mr Berlusconi and his electoral promises. No 
other politician in the campaign has so openly 


exposed his desire to run the next government 
Monsignor Dionlgi Tettamanzi, the bishops’ 
conference secretary, explaining the document, 
reinforced the church’s oblique criticism or Mr 
Berlusconi by saying that voters should judge 
electoral policies by their content not their 
form. Mr Berlusconi has been promising lower 
taxes and large-scale job-creation. 

Throughout the post-war mu the church has 
thrown its considerable weight behind the gov- 
erning Christian Democrat party. 

But with the DC’s collapse, it can no longer 
call for a unified Catholic vote. Thus Mons 
Tettamanzi yesterday called for “coherence” in 
the catholic vote - an elegant way of admitting 
voters face a difficult choice. 


support of Fiat employees. But 
advocating that Turin reduce 
Its dependence Elat will, not be 
enough unless the left can also 
propose alternatives which will 
tackle the 1L2 per cent unem- 
ployment rate and restore 
some of the city's pride. 

Mr Giugni points to high- 
tech industry - for example, 
telecommunications and elec- 
tronics - as one alternative 
path which the left intends to 
encourage, but he admits that 
north-west Italy still needs to 
encourage the strong entrepre- 
neurial spirit which has devel- 
oped in the north-east 

The days are also gone when 
the left could rely on the inher- 
ent militancy of the city’s 
workers. In last year’s run-offs 
for the election of a new 
mayor, the hard-left candidate 
was defeated by Mr Valentino 
CasteOani, a university profes- 
sor representing the more mod- 
erate Party of the Democratic 
Left (PDS), the main party in 
the Progressive Alliance. 
According to Mr Ezio Mauro. 


editor of the Turin-based daily 
La Stiunpa, “that proved that 
in Turin a space had opened up 
in the centre for a non-radical 
left which could beat both the 
right and the radicals”. 

Mr CasteOani himself admits 
that the general elections will 
be a tougher test of this moder- 
ate support His candidacy for 
mayor was eventually sup- 
ported by the traditional Tori- 
nese families, white-collar 
workers. Fiat and the city's 
employers' federation, but 
opponents say that was mainly 
because Mr Castellani repre- 
sented the lesser of two evils. 

This time around, the PDS 
will have to confront In a 
direct contest the challenge of 
the centre parties, and more 
importantly, the right-wing 
alliance of Mr Silvio Berlus- 
coni's new party, Forza Italia, 
the federalist Northern League 
and the neo-fascist National 
Alliance. 

The PDS may also be handi- 
capped by its uncomfortable 
alliance with Reconstructed 


Communism, the hamnrer-and- 
sickle communists who refused 
to be absorbed into the 
reformed PDS. In Turin, the 
task of playing down the con- 
tradictions is made doubly dif- 
ficult by the fact that Recon- 
structed Communism’s leader, 
the articulate Mr Fausto Ber- 
tinotti, is standing for election 
there. 

As Mr Enzo Ghigo, co-ordina- 
tor for Forza Italia in Turin, 
puts it “We are the real alter- 
native to the left we are the 
centre." Forza Italia and the 
League are hoping to encour- 
age support among entrepre- 
neurs and employees by reduc- 
ing the cost of employing new, 
particularly younger, workers, 
and encouraging small and 
medium-sized enterprises. To 
answer Turin’s desire for more 
autonomy from Rome, a mild 
fiscal federalism along US or 
German lines Is also being 
stressed. 

The Progressive Alliance is 
likely to win more support in 
Turin, however, in spite of 


these obstacles. One reason is 
that it has carefully tailored its 
party list to run along the 
city’s political dividing lines. 
Reconstructed Communism’s 
Mr Bertinotti, for example, is 
s tanding in one of the constitu- 
encies dominated by Fiat work- 
ers, while in the historic centre 
the Progressive Alliance is 
fielding the moderate PDS can- 
didate Mr Franco Debenedetti, 
soft-spoken brother of Carlo, 
chairman of the Olivetti com- 
puter group, 

Mr Debenedetti faces the 
toughest task of any Progres- 
sive Alliance candidate. One of 
his opponents is Mr Valerio 
Zanone, a former m ay o r stand- 
ing for the centre parties; 
another is Mr Gipo Farassino, 
who Tnyte his ™me as a singer 
of dfaiert ballads and is now 
secretary of the Northern 
League regional branch. 

Mr Farassino is particularly 
critical of the costly deal 
struck with Flat last month by 
Mr (Hugni in Ms capacity as 
labour minister, to avoid big 
job losses and Industrial unrest 
in the motor industry. Fiat 
itself appears not to be taking 
sides in the campaign, but the 
right claims the Giogni accord 
may have bought the votes of 
many of the company’s 115,000 
Turin workers for the Progres- 
sive Alliance. 

But although the agreement 
should be enough to help Mr 
Giugni’s election, the big ques- 
tion for Turin is whether it win 
also buy breathing space after 
the poll, during which a new 
government can help the city 
develop new confidence and a 
new sense of identity- 


EUROPEAN NEWS DIGEST 

EU clears way 
for Sofia loans 

EU finance ministers yesterday agreed to a 
balance of payments loan to Bulgaria. Ike a f£®f nie *? JSIj!! 
the way for the release of a $600m (£41lm) IMF mid World 
Ran k pacicag w to Mp the Sofia guveinnient reschedule its 
?9.3bn debt to commercial banks. 

Ministers held frarfr a ftxrther Ecu4flm in the hope tnaia 
disbursement of Ecul50m vritt be matched by other members 

of the (houp of 24 nations, including Japan and other 
countries. Without G24 support, Bulgarian officials have 
warned that Sofia would have to renegotiate a new pachas® 
with the IMF and World Bank. Foreign financing is needed so 
that. Bulgaria can in*** a June 30 deadline for rescheduling us 
commatfel debt The IMF is providing stand-by loans ana 
funds of 2400m, with the World Bank providing *2»m- 
Finance ministers agreed to delay offering further macroeco- 
nomic aid to Romania until later this year under the German 
p residency of the EU. “The (reform) situation is not yet ripe, 
Rflkl one official- Lionel Barber, Brussels. 

France sees recovery signs 

The F rench economy is on course for a progressive return to 
growth this year, according to the economy ministry, with 
gross domestic product set to increase by 1.4 per cent in 1994 
and by 2.7 per cent next year. 

At present the French economy is still in a fragile state. 
Business surveys in recent months have registered an 
improvement in mnfjrimnft, but there is no sign of a pick-up in 
nwMwmfr activity unemployment is still increasing, 'albeit 
at a slower pace. The economy ministry expects the situation 
to improve s teadily during the coming months and to see 
“significant signs of recovery" in the second half of the year as 
"reductions in iwhww wt rates stimulate consumer demand and 
teduptn ” 11 investment”. France, waft* the ministry, should also 
benefit from the pick-up in other European countries. 

However, the employment situation is not expected to 
improve until the second half of this year, when there may 
signs of job creation in the service sector. Retail price inflation 

ghnulrt remain Irw, wfth the ministry fore casting a l.fi per cent 

increase far 1994 and L7 per cent next year. Alice Rawsthom, 
Paris. 

Italian newspaper launched 

Mr Indro MontaneBi, the 84-year-old doyen of Italian journal- 
ists, was set to rediscover his voice today as editor-in-cbdef of a 
daily newspaper malting its first ap pear a nce on the country’s 
news-stands. La Voce, winch is expected to have a liberal 
political flavour, is published just in time bar next weekend's 
general election and a few months after Mr MantaneDi stepped 
down as editor of H Giomale after the proprietor, Mr Silvio 
Berlusconi, entered politics as leader of Forza Italia. 

Mr Mcurtannlh, a veteran anti-communist whose support for 
tile populist Northern League in last year’s mayoral elections 
in Milan is said to have been, worth fhewmamte of votes, is of 
such stature that his name win appear undo- the newspaper's 
masthead. He has, hnwgrae, criticised all sections of the Ital- 
ian right wing and, in recent interviews, has advised voters to 
“choose tiie lesser evil” by wei ghing op candidates and voting 
tactically- La Voce, a Mflan-hased broadsheet with an editorial 
staff of 75, is aiming at a break-even circulation of 100,000. 
Financial backers, which include the Benetton group, are 
limited to a 4 per cent stake. John S&nkszs, Milan 

EBRD in property project 

The European Bank for Reconstruction and Development yes- 
terday announced a $4.im investment in a 520m office project 
In St Petersburg: The Aral will be its first investment in the 
property sector and its first project in St Petersburg. It 
involves the refurbishment and restoration of Nevsky Pros- 
ppfct 25, an 18th cent ur y building in the centre of t be city. The 
refurbished braiding will provide 10.000 sq m of office and 
retail space. The budding win he the first substantial develop- 
ment of modem office space in the city when It is completed in 
1995. The EBRD expects the project to encourage the develop- 
ment of Russia’s competitive sector, by enabling international 
companies to set up businesses more easily in the city. 
Vanessa Boulder 

Vladivostok poll cancelled 

A power struggle in Russia’s Ear eastern rity of Vladivostok 
took a new twist yesterday with the postponement of provin- 
cial elections scheduled for Sunday. Itar-Tass news agency 
said Mr Yevgeny Nazdratenko, governor of P. nmorye region. 
ordered the polls postponed to October 23. Mr Nazdratenko, 
ap po in ted by President Boris Yeltsin, is in dispute with Vladi- 
vostok’s elected officials. Corruption charges have been filed 
against tbe mayor, Mr Viktor Cherepkov, and last Thursday 
the governor sent police to evict tom from his offices. Mr 
Nazdratenko said that be bad postponed the elections because 
there was no money for them and because of tbe need “to find 
funds for the social needs” of the poor. Moscow, Reuter. 

Optimism on Cyprus talks 

Turkish and Greek Cypriots are earning dose to agreement on 
the e wwntiaig cf a package of confidence-building measures cm 
the divided island, the UN special representative, Mr Joe 
dark, said yesterday. “My impression is that at the talks, we 
are drawing quite dose to an agreement on the basic ele- 
ments,” he said after meeting tbe Turitish-Cypriot leader, Mr 
Rauf Denktaah in Nicosia. Mr Clark launched the talks 
between Mr Denktaah and Cypriot president Qafbos Clerldes 
on February 27. His deputy, Mr Gustave Feissel, has shuttled 
between the Turkish and Greek sectors of divided Nicosia to 
secure agreement The UN secretary-general, Mr Boutros Bout- 
ros-Ghali, has said he expects an agreement on the package by 
the end of March. Nicosia, Reuter. 

ECONOMIC WATCH 

Romanian inflation edges up 

. ... „ ... . .. Romanian consumer prices 

llootitoter--'."" rose by 59 per cent In Febru- 
* r ' ‘ ary, compared with January. 

■ taking the average monthly 

30% ' v ; * 1 inflation rate for the first two 

■ " v .l ■. ” : ' months of the year to 5.4 per 

... — •fl~ ! - & . « ■■■ cent. Consumer prices 

'.'ll - • ; ;■ .* ' increased by around_5 per 

2M£- — *. .fo . ' • ■ ' cent in January over Decem- 
:".*• > . f | r,.; ’.. .** lw- Monthly Inflation rates 

’*r l were 14 per cent in November 

V '■ Vf ■’ i hCJ . ' •I't"'' - a? 1 7 P® cent in December. 

. l"*”""*' The country is aiming at 
7 5 ff. :*V rv'j-'* inflation in 1994 of 70 to 80 

»j : ; t r. r. : J per cent and 35 per cent by 

. V- i t* 1 ® ““i down from 

"V- 2955 per cent in 1993. In Feb- 

; i '•* j-.yy”’ "'x - 'ov.v*. ) ruary, food prices increased 
sowwisj.-- v by 69 per cent, service prices 






rose by 6 per cent and prices for commodities increased by 4.7 
per cent Net average wages increased by 4£ per cent in 
February, compared with January, to 106,378 lei ($1 is worth 
L650 IfiD- Industrial production increased by ZJ. per cent in 
February over January, but was down by 2A per from 
February 1993. 

■ Spain’s merc handis e trade deficit on a cus toms basis .shramfr 
47 per cent to Pts89.69bn <£431-2m) in January from 
Ptsl6&91bn in January 1998. The January trade deficit was GO 
per cent lo wer tha n the D ecember shortfall of Pts22L80bn. 

■ Switzerland’s industrial production rose by 4 per anfl 
new orders to industry by I per cent in the fourth quarter of 
1993 compared with a year earlier. However, total order books 
at the end of 1993 were 5 per cent lower tbsiy a year pp» 4 i 0 r 

■ Denmark’s Consumer Price Index rose 0-8 per «yn t in Febru- 
ary from January, taking the year-on-year inflation rate to i_r 
percent 








FINANCIAL TIMES TUESDAY MARPft 22 [994 


« 




Cl 


NEWS: THE AMERICAS 


Ex-judge to testify 
in Whitewater probe 



Left-wing leader Baben Zamora (left): claims be will force a ran -off. Arena's Armando Calderon Sol: confident of victor}’ 


By Nancy Dunne 
in Washington 

A former Arkansas municipal 
judge, who has alleged a link 
between President Bill Clinton 
and a questionable loan in the 
Whitewater affair, will today 
enter a plea bargain with Mr 
Robert Fiske. the prosecutor 
investigating the affair. 

Mr David Hale was to go to 
trial on March 28 on four fel- 
ony charges unrelated to 
Whitewater. However, as part 
of his plea bargain over these 
charges he has agreed to tes- 
tify on Mr Clinton's alleged 
role in Whitewater. 

Whitewater was the na me of 


an Arkansas holiday develop- 
ment in which Mr and Mrs 
Clinton Invested with their 
Mends. Mr James McDougal, 
head of the Madison Guaranty 
savings and loan institution, 
and his wife Susan. 

Questions have been raised 
about the Clintons' investment 
and whether Mr McDougal ille- 
gally funnelled depositors' 
money into Whitewater and to 
retire a Clinton campaign debt 

Mr Hale had offered last Sep- 
tember to testify that Mr Clin- 
ton eight years ago pressured 
him to make a $300,000 loan to 
Mrs McDougal Mr Hale then 
owned a company which mad** 
loans backed by the Small 


Business Administration. 

The loan to Mrs McDougal 
went to her small public rela- 
tions company. Mr Hale alleges 
some of the money went to the 
Whitewater account 

Mr Clinton has long denied 
exerting pressure on Mr Hale 
to make the loan and claims 
not to remember the loan at 
all. Justice Department law- 
yers rejected Mr Hale's story. 
However, Mr Fiske is more 
interested. After pleading to 
lesser charges, Mr Hale will be 
brought before the grand jury 
on Whitewater. 

Mr Hale admitted misleading 
the SBA about his assets to get 
additional federal funds. 


Left may 
force 
second 
poll in 
Salvador 

By Edward Orfebar 

in San Salvador 

The race for the presidency In 
El Salvador may go to a second 
round, according to prelimi- 
nary results of Sunday’s poll - 
the first to be held since the 
end of a bloody civil war two 
years ago. 

With two thirds of the votes 
counted the supreme electoral 
tribunal declared that Mr 
Armando Calderon Sol of the 
ruling Arena party was ahead 
of Mr Ruben Zamora by 49.6 
per cent to 2SJ> per cent Mr 
Zamora is running for a 
left-wing coalition Including 
the former FMLN guerrillas. A 
first round victory would 
require SO per cent or more of 
the vote. 

Observers say that although 
Mr Calderon Sol would be 
favourite to win a second 
round, the right-wing party’s 


failure to secure an outright 
win would help provide greater 
checks and balances in El Sal- 
vador's fledgling democracy. A 
second election for president 
would be held on April 24. 

However, Mr Calderon Sol 
predicted certain victory in the 
first round. He declined for- 
mally to declare hims elf win- 
ner but was in upbeat mood 
after early returns. 1 

The elections have proved a 
notable success for the FMLN, 
which has become the second 
most important political force 
in the country, two years after 
it laid down arms following a 
United Nations-brokered peace 
agreement 


The FMLN, which was run- 
ning its own candidates in 
simultaneous congressional 
and municipal elections will 
now head the opposition in 
congress and appears to have 
won a substantial number of 
municipalities, particularly in 
areas which it controlled dur- 
ing the 12-year civil war. 

Election day was marred by 
irregularities, which the 
left-wing coalition said 
amounted to baud on the part 
of the electoral tribunal, con- 
trolled by Arena. 

The coalition claimed that 
various strategies had been 
used throughout the electoral 
process to reduce the number 


of voters, on the premise that a 
high turnout would favour the 
left. “The tribunal has done 
everything to impede that 
there is a democratic election." 
says Mr Facundo Guardado, a 
senior FMLN official. 

Tens of thousands of voters 
who had electoral cards were 
unable to vote because they 
did not appear on electoral 
lists, while some 74,000 people, 
a high number of which were 
from areas believed to be sym- 
pathetic to the FMLN, were 
excluded because they did not 
have birth certificates. 

FMLN leaders put the the 
total number of excluded vot- 
ers at over 300.000. Most of 


these ore new voters who. they 
believe, are more likely to sup- 
port a left-wing coalition. 

The UN mission in El Salva- 
dor, which has highlighted the 
country as a success story for 
peace where democracy is 
being consolidated, played 
down the irregularities. How- 
ever. independent observers 
have questioned the will of the 
tribunal to ensure the election 
was as Tree and fair as possi- 
ble. 

"I used to give them the ben- 
efit of the doubt, but it comes 
to the point when you have to 
say it is bad fnitb," says Dr 
David Browning, the official 
British observer. 


Land fuels quest for 
Hawaiian sovereignty 

George Graham on a struggle for nationhood 


O ne hundred and one 
years after the 
overthrow of Queen 
Lili’uokalani by a US gunboat 
acting on behalf of white sugar 
planters, native Hawaiians are 
striking back. 

Sovereignty for the indige- 
nous people of Hawaii has 
become one of the most 
fiercely debated political Issues 
in the Pacific archipelago, and 
nationalists see signs that suc- 
cess may be within their grasp. 

A sovereignty advisory com- 
mittee appointed by Mr John 
Waihee, the first Hawaiian to 
win the governorship, has 
delivered a report recommend- 
ing a plebiscite - to take place 
perhaps in June next year - on 
whether to "restore a sover- 
eign Hawaiian nation”. 

That could lead, in turn, to a 
constitutional convention for 
the establishment of such a 
nation, which might include 20 
per cent of Hawaii's roughly 
Ira population. Demands for 
sovereignty range from auton- 
omy within the state - such as 
is enjoyed by a number of 
other American Indian nations 
over education and policing, 
for instance - to full indepen- 
dence outside the US. 

The resurgence of demands 
for native Hawaiian rights 
reflects some of the islands' 
complex divisions. Dominated 
by white Americans, or haole, 
until the second world war, 
Hawaii's political establish- 
ment has changed complexion 
with the enfranchisement of its 
inhabitants of Japanese, Chi- 
nese and Filipiuo origin. 

But class divisions overlay 
the racial splits: for example, 
Portuguese, who, like many of 
the Asian population, came to 
Hawaii as field labourers, are 
not always considered haole. 

Although some of the more 
radical Hawaiian nationalists, 
such as Professor Haunani-Kay 


Trask of the University of 
Hawaii's Center for Hawaiian 
studies, have often been 
accused of reverse racism, the 
sovereignty movements insist 
on a more inclusive definition 
Of Haw aiian than the State's, 

which counts only those with 
more than 50 per cent Hawai- 
ian blood. 

Of all the archipelago’s eth- 
nic groups, native Hawaiians 
have, since the US takeover in 
1893, fared worst. Their life 
expectancy is five years less 
than for all other groups in 
Hawaii and their high school 
dropout rate is a third higher. 


Hawaiians are 
the only major 
US native 
people without 
some autonomy 

They are also the only major 
native people in the US not to 
be recognised as at least partly 
autonomous by the federal gov- 
ernment. But the issue is not 
just one of social neglect or 
cultural identity. It has much 
to do with 1.6m acres of Hawai- 
ian crown land held in trust 
for native Hawaiians who are 
supposedly eligible to live on it 
and form it 

Native Hawaiians have 
received some recognition of 
their claims on these lands. 
The state last year agreed to 
pay $136m in overdue rent on 
ceded Hawaiian crown lands to 
the Office of Hawaiian Affairs, 
a state agency set up in 1978 
whose trustees are elected by 
people claiming Hawaiian 
ancestry. 

But the OHA, and this settle- 
ment ore greeted with derision 


by sovereignty groups such as 
Ka Lahui. which declared itself 
a new nation in 1987 and 
boasts 23.000 adult members. 

The OHA says the $136m 
payment from the state in no 
way extinguishes the Hawai- 
ians' land cl aims , but some 
state officials have suggested 
otherwise, and sovereignty 
activists consider it unlikely 
that the state government will 
willingly abandon the trust 
lands, which make up virtually 
its entire land hnlrling s 

Internal disagreements may 
have weakened Hawaiians’ 
drive for sovereignty, but Ms 
T.ililcaia Kame’eleihiwa, a Ka 
Lahui activist and colleague of 
Professor Trask's at the Uni- 
versity of Hawaii, retorts: 
"Hawaiians are always being 
compared to crabs in a bucket, 
all pulling at each other. What 
I say to that is crabs don't 
belong in a bucket; they belong 
on the beach, and Hawaiians 
belong on their land.” 

With native Hawaiians mak- 
ing up three quarters of the 
state’s homeless, other sover- 
eignty groups such as Ohana 
have begun occupying land to 
press their claims to the ceded 
territories. 

The OHA is itself, to some 
extent, a sovereignty group 
with 69,000 registered voters, 
but it is working for the estab- 
lishment of a Hawaiian nation 
within the state or Hawaii 
along the lines of the other 
native American peoples. 

“There is one sovereignty 
movement, though it may be 
moving in different direc- 
tions.” says Ms Linda Delaney, ! 
an OHA official- “Where we do 
disagree is in terms of what 
happens to Hawaiian state- 
hood.” She argues that Hawai- 
ians have more leverage within 
the state, where they make up 
20 per cent of the population, 
than in the wider US- 


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n|Mn. Kln:.irlllv ilim, li^hlwi'iqhl yet hO-lltMl. 
ii is ,i ^K'lnli'l ilixiir.il in: and pmnic.il 
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It, -ax . pl.ir,- nil ltliii'li iiiili.il* can 
lu- ■•ugr.iivil. hi a i • uniMii* lroco 
•-■■■Iua-oI l‘r* ■•imuii ■.•iifciiiccrol 
.lixl Inn. I liiirdml, ih.- -nmuili. 

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in .i | ii ■ -i-iii.iii"ii l>'» an mu - 

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FINK VALUE Ari’SI.M.Vn 

IMMMI.lL. ■ ..IfM.ll'- lll'HHWSS sift 

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i ir.mii i,r imIvlv , m-KTOST iu:«. 

Aliw-s. Kuu-Miiiv IVI7I1BK. 

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ORDER FORM f/W «•*•* 



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Can I Cues at £31.9'’ each £ 

Kncp~.ivinf. at £4. 30 nu ll £ 

PJS P .n 11.75 cadi £ .... 

Ghc-r\ni'fPO r mii no I liir TOTAL £ 

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Expiry dale: 


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ln4ll|kRlY !4l>. 


Fall in fish stocks spurs $30m Clinton aid 


By Nancy Dunne 
in Washington 

The Clinton Administration is 
rushing $30m of emergency 
assistance to fishing communi- 
ties in the north-east suffering 
from a collapse in fish stocks. 

The US Commerce Depart- 
ment said this was the first 
crisis in the fishing industry 
which warranted extensive fed- 
eral assistance. Some 20,000 
jobs are in jeopardy from the 
foil-off in stocks and new fed- 


eral rules designed to rebuild 

thpm 

Washington is still worried 
about jobs, which are being 
created at a slower rate than in 
past economic recoveries. Such 
funding as is available in these 
days of stringent budgetary 
restraint is given high profile 
treatment 

The Commerce Department 
credited the assistance to Pres- 
ident Clinton's trip to Boston 
last week when he directed Mr 
Ron Brown, commerce secre- 


tary and Mr Leon Panetta, 
office of management and bud- 
get director, to develop an aid 
package for New England. The 
department had been working 
on the package for several 
weeks. 

Mr Brown was in Boston yes- 
terday with members of New 
England’s congressional dele- 
gation, Massachusetts gover- 
nor Mr William Weld, a Repub- 
lican, and members of fishing 
communities to make the 
announcement 


The financing will be pro- 
vided by two commerce depart- 
ment agencies as well as 
states, localities and the pri- 
vate sector. Commerce's Eco- 
nomic Development Adminis- 
tration. which will provide 
$18m of emergency assistance 
fluids to go to communities for 
reinvestment projects and 
diversification. 

The National Oceanic and 
Atmospheric Administration 
will provide $12m for loan 
guarantees and grants to stim- 


ulate investment in alternative 
activities and establish a scries 
of fishery assistance centres to 
serve as a clearing house for 
assistance to fishermen. 

The administration is also 
proposing a comprehensive ini- 
tiative to build sustainable 
fisheries. It is designed “to pro- 
duce billions in overall eco- 
nomic gains and tho usan ds of 
jobs annuall y by the end of the 
decade.” the commerce depart- 
ment said. 


ACES (Aerohncas 

Air New Zealand 

Bailie International 

Country Connection 

Keh Air Monaco 

Lufthansa German 

Ptospair Au Chartor 

Taino Airlines 

Centrales tie Cntamfcn) 

An Niagara 

Airlines 

Airlines 

Hellcoplei Shuttle 

Airlines 

Proteus 

Taiwan Auiinta 

Action Airlines 

Air Nippon 

Bangkok Airways 

Crane Air 

Hetnlnter 

linair 

Provincial Airways 

Tajik Air 

ADA-Air 

Air Niugini 

8.A.S.E. Business 

Croatia Airlines 

Helmet Airways 

Macrak Air 

Ptarmigan Airways 

Taman 

Adrva Airways 

Air Nordic Sweden 

Airlines 

Crossair 

HeJikopterservice 

Makung Airlines 

Qantas Airways 

TAME 

Aer Ararm Ten 

Aw North 

Baxter Avulion 

Crown Airways 

Hemus Air 

Malaysia Airtmes 

QwesUHr 

Tanana Au Service 

Aer Lingus 

Air Nova 

Bearskin Lake Aw 

CUBANA 

Hfo*Air 

MALEV 

Redwing Airways 

TAP Aw Portugal 

Aero Asia 

An Ontario 

Service 

Cyprus Airways 

Holmstroero An 

Mall Temouctou Air 

Reeve Aleutian Airways 

Taquan Air Scrmce 

Aero Catrfomia 

Air Pacific 

Bafawa 

Cyprus Turkish Airlines 

Hong Kong Dragon 

Sonnce 

Region Air 

TAROM 

Aerocanbe 

Air Rarotonga 

Bel lair 

Crechasiorak Airlines 

Arrtmes 

Malmu AviatKknfCrty Air 

Regional Airlines 

XA.T. European Airlines 

Acrochogo Airlines 

Air Rwanda 

Banudji Airlines 

Daalio Airlncs 

Horizon Aw 

Scandanavia 

Reno Air 

Xatonduk Fiymg Service 

Aero CosU Rica Aeon 

Air Sami Martin 

Bor wig An 

Danair 

HcwL-on Airways 

Mandate Airlines 

Rnesiland Air Services 

Tatra An 

Acrolbt-Russian 

Aw Sask Aviation 

Berliner SoftMl Ftug 

Delta Air Lines 

IBERIA 

Mandarin Airlines 

RheintaHlug Seewaid 

Teddy Air 

Intcnutional Airlines 

Air Satellite 

Sir Sky Airlines 

Deutsche BA 

Icelandair 

Mara Airlines 

GesaHlsduft 

Thai Airways 

Ae roll ocas ArBermnos 

Arr Senegal 

Bunan Bangladesh 

LufltDhrtgeseftzdtall 

Ibarnna Air Taxi 

Martrair Express 

Riga Airlines 

Theron Airways 

Aerolineas Dornirocanas 

An Seychelles 

Airlines 

Oominoir 

Indian Airlines 

Markair 

Rio- Sul Services Aereos 

Time An 

Acromcxica lAeroiiss 

A t Smji 

Blackhawk Airways 

Dommicana de Aviacnn 

Intercontinental do 

Mardruu Holland 

Re&onaa 

Tower Ai> 

dc Meucoi 

Awspced Avuhon 

Bopair 

Dorado Air 

Aviacron 

Moya Airways 

Ross Aviation 

Transaeru 

Aeromonleney 

Aw SL Barlhelemy 

Bouraa Indonesia 

Dr^onau 

International Flying 

MBA 

Rottnesl Airbus 

Trans Air Cambodia 

Actopelican Air Senices 

An Slu'd 

Airlines 

DrukAw 

Services 

Mendiana 

Royal Air Moroc 

Trans Asia Airways 

Aaopertas 

An St.Pieire 

Braathere. SAF.E 

Dynamic Au 

intetol Airways 

Mcrpoti Nusanlara 

Royal Brunei Airlines 

Transaina Airlines 

Acooero 

Air SL Thomas 

Airtransport 

Eaf^e European Airways 

Intourtrans 

Airlines 

Royal Jordanian 

Transbrasil 

Anroposlal 

Air Sunshine 

Branson Airlines 

Eastair (Iceland) 

Iran Air 

Mesa Airlines 

Royal Nepal Airlines 

Trans Jamaica Airlines 

Aerosur 

Air Tahiti 

Brasil Central Lin ha 

Eastland Air 

Island Air 

Mesaba Auhnes 

Royal Swazi National 

Transkei Airways 

Aerolransportes Mas de 

Air Tanzania 

A area Regional 

EastMWSt Airlines (Aus.1 

Island Airlines 

Metavia Airknes 

Airways 

Translilt Airways 

Caigi 

Air Transport Pyrenees 

Bnt Air 

East West Airlines llnd.l 

bland Express 

Metro Airlines 

Royal Tongan Airlines 

Trans North Aviation 

Alncan Wesl Air 

Air Tungam 

Bntannia Airways 

Ecuato Guinea na do 

island Hoppers 

MEXICAN* 

Ryanair 

Transport Air Centre 

Aigle Acur 

Aw UK 

Bnlsn Awways 

Aviacron 

Islands Aviation 

MIAT-Mongplian Airlines 

Ryan Air (Alaska) 

Transportes Aeioos 

Air Alnque 

Air Ukraine 

British Inlei national 

ECUATORIANA 

Istena Airlines 

Middle East Airknes 

Sabair Airlines 

Ncuquen dot Estado 

A n A| gene (Comjupue 

An Vanuatu 

Helicopters 

Egyptair 

Isles Ol Sully Skytous 

Midway Airlines 

Sabona Belgium World 

Transportes Aereos da 

Nalonale de Transpyts) 

Airtfega* 

British Midland 

Elf Air 

Istanbul Antines 

Midway Conned ion 

Anllnes 

Guine-Shsau 

Air Alliance 

Air Vltkovice 

British World A u lines 

Emirates 

Japan Air Commuter 

Midwest Express 

Sabounn Lai® Airways 

Transportes Aereos do 

Air Alma 

Airways inlemalnnal 

Business Air 

Empire Airlines 

Japan Airllnos 

Aalmc* 

SAETA 

Cabo verde 

Air Alpha 

An isne 

Business Express 

Ensor Air 

Japan Air System 

Missionary Aviation 

SAHSA 

Transportes Aereos 

Air Aruba 

Aw Atlantic M J 

Air AlUntique W W 

Air Austral j 

Air BaHm . 1 

Ait BJ3. » Mi 

Airtxsrrie off SwRen 

Air Zimbabwe 

Air 2000 ^ 
AklakAw ™ 

BW1A International 

Internal tonal 

E4ua itnafl I ema Lknvi i 

Japan Asia Aimrays 
Japan TransocSi Air 
Jersey Europe 

r M(\ d 

JAAirwaysV II M, 

Jo™™* 

KampucheaAir Tines 

Karat roy 

Fellowship 

Madiluft 

Monarch Airlines 

SAL Saxooia Alriines 
SAM - 

Samoa Avialion m 

mb 

Rexona i^ 

Trans sum Auimes 
nypJ^tirwjys 

Trinidad & Tobago Air 

Aw Botiua 

Atilatta 

Cape Air 

Europe Aero Service 

Nantucket Airlmos 

Airlines) 

Services 

Air Botswana 

Air Burkina 

Air Bunxidi t U 
Aw Udojuj^V 

Air Caribbean 

Air Chaihoms 

Air China J odM 

Air Comoros M < 

Air Cortxere M , 

An Crwbec W 

Aw Dc4omil< f 

Au Enpadirut * 

Aiken Air ^ 

Alpine Aviation 

AKan 

jj^^^^faDernocralic 

Anselt Australia 

Cape Smythe Ah Service 
Care Airlines 

Carnival Air Unes 

CC Air ** 

Central Amo Kan 

Airlines ar 

Central lJu ntam Arr 

ismb 

Chicaeo Express 

Sr tel cm Air Transport Airlines 

Fij Air Services KLM City Hopper 

Rnnta g KLM -Royal Dutch 

Fenajlln Airhnes 

maemm 

Ftoai i (J Kymair 

NaJwAir 

N^Mial Airlines (Chile) 
kBnal Aut wws ISJU 

New York Md ropier 
Corppralicwi 
NiMaguonsus de 

ffacrtn 

mm 

Nortandair 

SATA Air Acraes 

SATENA x 

Servido Aoroo Leo 

Lopez 

Servteios Acncos Litoral 
Servivensa 

Wt 

Shoiouk Air 

Tiopicjl Sea An 

Uganda Airtines 

Uktaine Inlemotionjl 
Aiding 

UnilairJ 

•JfniiedMiilme-. 

Airways 

VotAKiona do Avijcnjn 

AIRES 

Anseu New Zealand 

Airlines 

Flight West Airimes 

LAB 

Noronlalr 

ShUSWDp Flight Center 

VOlucJet Avlmcs 

An Erce! Netherlands 

AOM French Atrikies 

Chrna Airlines 

Flilestar 

L A.B. Flying Service 

North American Airlines 

Sichuan Airlines 

VARIG-Brazilxan Airlines 

Aw Express 

Aquatic Airways 

China Eastern Airlines 

FkwKfa Gull 

Labrador Airways 

Nor III Coast Aviation 

Sierra National Airlines 

Vayudool 

Air Facilities 

Arctic Circle Air Service 

Ctuia General Avialion 

F tying Enterprise 

LACSA 

Northeast Express 

SrtkAu 

VtacdO AervO Sao Paulo 

Aw France 

Arcus An LOgbliC 

Corporation 

Fores) Airline 

LADE 

Norlhvresl Airlines 

Sampson Aw 

VIASA 

Air Gabon 

Arana Afghan Airlines 

China Northern Airlines 

■10-Mite Air 

Ladeco Airlines 

Noithwesl fcmtorial 

Singapore Airlines 

Vioiuis Au Lmk 

Air Gambia 

Aries Dei Sui 

China Noithwesl 

Freedom Air 

Ladeco 

Airways 

Skagway Air Sertnce 

Viol rum Airlines 

Air Guadeloupe 

Aieau Airways 

Airlines 

Fnesenflug 

Laker Awways 

North Wnghl Au 

Skvcraft Air Transport 

Virgin Allanlic Airways 

Air India 

Aarana Pacific Airtkics 

China Southern Airlines 

Frontier Flying Service 

LAM-Lrnhas Aereas dc 

Nrge-Aeno 

Skynw Airways 

Vision Airways 

Aw Inter 

Arlua Israeli Airlines 

China Southwest 

Gambia Airways 

Mocimbique 

O'Connor Airlines 

Skypcri Pty 

Viva An 

Au Ivone 

Asia rid Airs res 

Airlines 

Garuda Indonesia 

Lon -Chile 

Olson Air Serv ce 

Sky Son ice 

VIM 


An Jamaica 
Air Kangaroo island 
Ahuenya Aviation 
Air Kiiroe 
Air Kory© 

An LA. 

Air Lanka 
A a Liberie 
AMine Lithuania 
Airlines of Camaceu 
Airlines ol Tasmania 
Anfink 
A* Littoral 
An Madagascar 
Ao- Malawi 
Air Malta 
Air Manitoba 
Air Maiganu 
Air Marooctiy Airlines 
Air Marshall Islands 
Ait Marl ■raque 
A* Maun tame 
Air Mauritius 

Air Midwest 
Au Moldova 
Air Molokai 
A* Moorea 
An Nomiba 
Air Nauru 
Air Nevada 


Alhabaska Airways 
ATI -Aero Transput i 
Italian! 

Atlantic Aji Transport 
Atlantic Airways, Faroe 
Islands 


China Xinhua Airlines 
Cimber Air 
OryFtyo E>pess 
Coast Air 

Coastal Ah Transport 
Coast lo Coast Airlines 


Gavroe Ant.rks 
OB Airways 
Ghana Airways 
Gifl Aviabon 
Golden Air Flyg 
Goldfields Air Sorvfces 


Lao Aviation 
LAP i tineas Aereos 

Pamquayas) 

LAPA (Lmcas Aercas 
Privadus Argentina*) 
Larrys Dying Service 


OLT-Osllriesische 
I ullianspxt 
Otyinpie Airways 
Oman Air 
Ontario Cap css 
Orbi Georgian Airways 


Skyways AB 
Skywust Airlines (U.S.) 
SVywcsi Airlines (Aus.i 
Skywings 
Solomon Airlines 
South Alncon Airways 


Vuyageur Airways 
Wagisla An 
Wji, jnpj A-dnks 
Walkers Inter, talvjn.V 
WarUrtow'-., Air Vaiiuic, 

Walcnn.nes Airways 


Atlantic coast Arihnes 

Cofgan Air 

Gonini An Service 

Las Vegas Antines 

Orient Air 

South Central Air 

westdii Coiivnuler 

All ante Southeast 

Coiurnhte Pacific 

Coba Shuttle Express 

Latvian Antines 

Oxley Airlines 

Southeast Animas 

Airlines 

Antines 

Auhnes 

GP Express Airknes 

Lauda Air 

Pacific Airlines 

Southeast European 

West Air Sweden 

ATS Vtilcar 

Comau 

Grand Airways 

Lesotho Airways 

Pacific Coastal Airtines 

Animas 

Western Avlines 

Augusta Airways 

Commercial Airways 

Great Barrier Airlines 

Letobd Airways 

Pbcilic Express Airlines 

Snulhcrn A» 

West Isle Air 

Aungnv Aii Services 

Compagn>e Aencnno 

Cleat Chna Airlines 

LOW 

Pacific t&Linri Aviation 

Southwest Airtines 

Whvalla AirivvT- 

AusAir 

Corse MedUerranee 

Great Lakes Aviation 

l uttta h ngesc 1 bch an 

Pakistan irocmationat 

Spoil Amines 

Widcroe’s Fiyvesetskap 

Austrai 

Compagnie 

Groniandsfty 

Walter 

Airlines 

Spuming Air 

WihJe/noss Awlme 

Australia Asia Airline 

AeranaulKpio 

Gurnee Airlines 

HAT 

Pbntanal Lnhas Aereos 

Slablechance 

Wmdwoid Islands 

AusLmjii Airimes 

EuiccvunrH.- 

Cult Arr Company 

LiOcrty Airlines 

Pjfiltn Airways 

Siareswost Auhnes 

Airways Inlemjiianal 

Austrian Air Services 

Compama dc Avacion 

Gulfstream International 

Una Congo 

Parodist? island Airtines 

Suckling Airways 

Wings of Alaska 

AVENSA 

Faucet! 

Airlines 

Lincoln Airtines 

Pem-Air 

Sudan Airways 

Wngnt Air Service 

AV1ACO 

Condor Fkjgdvnst 

Guyana Airways 

link Airways 

Pwair 

Sunairc Express CN 

Xiamen Airlines 

AVLACSA 

Connect air Charters 

Hafjeiand Aviation 

Lithuanian Airlines 

Penmt-lci Arrtinos 

Sun-An of Scandinavia 

G^ropanv 

Aria Fx press 

Conquest Airtines 

Services 

Logman 

Philippine Airlines 

Sunflower Airlines 

Xiniiang Auimes 

AV1AKCA 

Contact An 

Hainan Airimes 

Lokcn Aviation 

Pred moot Ainrecs 

Sunshine Amahon 

Vanda Airtiires 

Avia nova 

Conli-Ftug 

Homes AirwAyS 

lone Star Airtines 

PLUNA 

Sumtorrt Airways 

YemL-nia-Ywncn Airways 

aviaTElA 

Continental Airlines 

Hi#li Trans An 

Long Island Airlines 

Pahtncsian Airlines 

SWISSAIR 

Yunnan Airtines 

Awood Air 

Continental 

Hamburg Anting 

LOT Polish Airtirtes 

Rvtugalia 

Syrian Arab Airlines 

Ylitana Airlines 

Azerbaijan Hava Voftan 

Micron esrainc 

Hanna’s Air Saitspnng 

Love All 

Prairre Flying Scrvico 

(AAG -Angola Airtines 

Yule Air Alaska 

Bahamasoii 

OJPA (Comparva 

Hoibor Aid tries 

LTU. Inicmoiioital 

Precision Airlines 

TABA 

Zambia Airways 

Baker Aviation 

Panankau do Mum) 

Hostou, Au 

Anwovs 

Piurite J»?t 

TftCA (ntomatanal 

2 AS Airlinii of 

Batkon-Bulganon 

Corpoiale Airlines 

HOwdiun AntmeS 

Lutllvaari Maalschopp,| 

Promaii Auslialu 

Airtines 

Zhongyuon Airlines 

Airlines 

Canberra 

Harelton Antines 

Twcnle 

P.-rxnecn Air 

TAESA 

Zirtiana rtu AvuCiOu 


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FINANCIAL MARCH 22 l*H 



TAGHeuer 


10.03 

7.79 

a« 

724 

9.39 

1032 

062 

1038 

065 


1424 

13.25 

1122 

1124 

12.41 

11.98 

11.83 

13.86 

1022 


11.47 

1058 

1054 

1151 

17.87 

1020 

1029 

11.23 


11.02 

9.77 

10.41 

1096 

14JB2 

1158 

9.73 

559 


1030 

11.53 

1004 

9.09 

7.40 


62 1158 1013 3.04 

65 1052 12.49 2.47 

75 9.30 1027 1.89 

72 829 9.10 222 


5.4 1157 723 3.19 


13.13 

1250 

1127 

11.12 

10.08 

9.68 
9.04 
924 
824 

8.69 
8.78 


INTERNATIONAL ECONOMIC INDICATORS: MONEY AND FINANCE 


This table shows growth rates for the most widely followed measures of narrow and broad money, a representative short- and fong-term Interest rate sertea and an average otjity 
market yield. AD figures am percentages. 


UNITED STATES 


■ JAPAN 


9-0 

as 

8.00 

1029 

nJL 

ias 

82 

6.49 

7.67 

3.43 

112 

82 

622 

829 

3.12 

4.3 

S2 

725 

824 

3.61 

1.0 

3.9 

8.99 

a49 

143 

3.7 

52 

806 

824 

3.60 

5.9 

32 

527 

725 

321 

12j4 

2.4 

3.76 

700 

225 

11.8 

1.1 

322 

526 

2.78 


SO 

92 

622 

821 

n.a. 

62 

82 

5.12 

525 

0.84 

102 

112 

4.15 

424 

025 

8.4 

10.4 

4.43 

4.77 

024 

4.1 

102 

521 

622 

0.48 

22 

82 

722 

821 

0.6S 

5-2 

20 

721 

627 

0.75 

42 

-0.4 

4.28 

525 

1.00 

30 

1.4 

223 

4.18 

027 


42 

5.1 

5.45 

8.94 

IUL 

100 

82 

4.64 

520 

1.79 

90 

72 

4.03 

6.14 

221 

9.7 

6A 

424 

6-46 

221 

82 

52 

7.11 

624 

9.99 

4.5 

42 

a49 

8.71 

an 

5.1 

52 

925 

8.44 

2.38 

7.1 

82 

922 

7.77 

2.45 

92 

72 

728 

6.44 

2.11 


■ FRANCE 


■ ITALY 


■ UNITED KINGDOM 




let qtr.1993 
2nd qtr.1993 
3rd qtr.1993 
4th qtr.1993 


1093 March 
Afrii 


June 

Jutl 
August 
September 
October 
November 
December 
1994 January 
February 


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T2 

-0.4 

329 

424 

1.00 

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300 

425 

023 

32 

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223 

425 

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32 

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92 

72 

821 

627 


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82 

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Super 301 is not for you, EU told 


By Guy de Jonquttres and 
Lionel Barber 

The US has sought to esse transatlantic 
trade tensions by insisting it is not con- 
sidering invoking Super 301 sanctions 
in its disputes with Brussels over public 
procurement and audio-visual markets. 

Mr Stuart Eizenstat, the US ambassa- 
dor to the EU, also expressed cautious 
optimism Washington was making 
progress in its efforts to improve Euro- 
pean understanding of its attempts to 
open Japan's market. 

'There is at least a beginning of (EU) 
interest in talking to the US and trying 
to learn more,” he said. However, their 
approaches still differed widely, and 
Brussels' suspicions of US tactics 
remained high. 

Although Mr Eizenstat said the US 
would continue a firm line with Brus- 


sels on outstanding bilateral trade prob- 
lems, his generally conciliatory tone 
suggests Washington is anxious to 
lower the temperature of its dealings 
with the EU. 

In particular, he went out of his way 
to soothe recent concern in Brussels 
that Washington would take Super 301 
action unless the EU acted more deci- 
sively to open its telecommunications 
equipment markets to foreign suppliers. 

The EU and the US are holding fur- 
ther talks on public procurement in 
Washington this week to try to resolve 
their differences before next month's 
ministerial conference of the General 
Agreement on Tariffs and Trade in 
Marrakesh. 

Although the two sides have sought 
to clarify their dispute by commission- 
ing an independent study of transatlan- 
tic procurement markets, their interpre- 


tations of Its preliminary findings 
appear to differ sharply. 

The EU claims the study shows US 
markets are less open than its own. But 
Mr Eizenstat said the study merely con- 
firmed the lack of transparency in ten- 
dering for European state and munici- 
pal contracts. 

He said the US was taking a “co-oper- 
ative" stance on audio-visual trade, 
where its main priority was to avoid 
farther EU broadcasting restrictions. 
Washington hoped talks between enter- 
tainment industries on both sides of the 
Atlantic would lead to a more open EU 
market and increased collaboration. 

The US would accept the outcome of 
a forthcoming review by Brussels of a 
five-year exemption from competition 
law of the leading Hollywood studios' 
European distribution arrangements, 
providing the case was a given “a trans- 


parent. fair, due-process hearing on its 
merits". 

Mr Eizenstat said he was “gravely 
concerned" that that objective could be 
prejudiced by recent moves in the Euro- 
pean Parliament in support of Europe's 
television industry and statements by 
Mr Jodo de Deus Pinheiro. the Euro- 
pean culture commissioner. 

Mr Eizenstat said the US and the EU 
had “an identity of interest” in working 
to cut the Japanese trade surplus, but 
Japan had obscured it by persuading 
Brussels that Washington was engaged 
in an attempt to manage trade. 

He did not want the EU and the US to 
give the impression that they were 
“ganging up” on Japan. “If we the EU 
understands what we’re up to, if we can 
get the EU to focus on its own self-inter- 
est, it would send an important signal,” 


Americas embrace ‘open regionalism’ 

Stephen Fidler on rapid - some say worrying - trade integration 


E conomic integration in 
Latin America seems to 
be going forward at 
breakneck pace. Hardly a week 
passes without a trade deal 
being signed or a new initia- 
tive announced. 

In the last few weeks, Brazil 
has launched an initiative for a 
South American free trade 
area and Mexico has signed a 
free trade agreement with 
Costa Rica. 

The US administration also 
has announced that a summit 
of the leaders of elected gov- 
ernments in the Americas 
would be held in Miami In 
December. Free trade in the 
western hemisphere will be 
one of the main talking points, 
with the coming into force of 
the North American Free 
Trade Agreement between the 
US, Canada and Mexico at the 
start of the year. 

These government moves are 
being accompanied by a sharp 
rise in trade within the region. 
Other Latin American coun- 
tries accounted for 16.7 per 
cent of the region’s exports in 
1992, up from 10.S per cent in 
1990. according to the Eco- 
nomic Commission for Latin 
America. Trade expanded by 
more than 50 per cent in 199L 
and 1992 and grew further last 
year. US exports to Latin 
America have doubled in seven 
years, rising to more than 
$80bn in 1993. 


THE FASTEST GROWING TRADE RELATIONSHIPS IN 
LATIN AMERICA 

Reciprocal exports (Annual growth rate %) 



1966 

1987 

1888 

1888 

1990 

1991 

1992 

natations governed by broad Kberaltaaflon agreements 



Argenttrta-Braza 

152 

-42 

18.4 

242 

22.1 

432 

59.0 

Colombla-Venazueda 

52 

35.6 

82 

15.8 

312 

27.1 

47.1 

Argenti no-Uruguay 

35-4 

282 

32 

-2.4 

20.8 

372 

33.7 

Argentina- Paraguay 

18.7 

112 

-02 

28.0 

382 

92 

502 

Chfle-Mexico 

-482 

33.0 

2282 

-17.8 

182 

13.6 

44.9 


1686 

1887 

1888 

1089 

1890 

1991 

1892 

Relations not governed by agreements 





Brazll-Mexico 

-322 

■2.7 

19.7 

472 

17.6 

402 

632 

Mexieo-Venezueia 

-232 

54.1 

12 

482 

1272 

-192 

542 


Source tm m afloraf CWans <By Trade Data Bat* (Cwnfr***) of git United Mm Statotkai l 
(Uaaft *id otfisr oAdH aoucM 


Most governments claim the 
proliferation of free trade 
areas, customs unions and 
bilateral trade deals point in 
one direction - to what they 
call open regionalism. This 
means intensifying their rela- 
tionships with other countries 
in the region while remaining 
open to the outside world. 

But not everybody believes 
that the haphazard network of 
trade alliances is necessarily 
benign, Mr Moises Naim, 
senior associate at the Car- 
negie Endowment in Washing- 
ton and a former Venezuelan 
minister, says that far from 
being the building blocks of a 
hemispheric free trade zone, 
sub-reglonal free trade agree- 
ments “are more likely to be 
stumbling blocks". 


The Madrid-based Institute 
for European Latin American 
Relations argued last year that 
the current round of market- 
driven regional trade accords - 
with ever greater links 
between those countries with 
the most dynamic economies - . 
could reinforce rather than 
reduce wealth differentials 
among counfries in the region. 

Even free trade with the US 
may not yield many trade ben- 
efits. A 1992 report from two 
World Bank economists 
suggested only Brazil and 
Mexico would benefit substan- 
tially from free trade with the 
US since most exports from 
most other countries already 
face Low duties there. 

In July, Washington will 
name those countries that, in 


principle, would be eligible to 
negotiate free trade agree- 
ments with the US. The nomi- 
nation does not commit the US 
to negotiations and says noth- 
ing about whether accession to 
Nafta or a bilateral trade 
accord with the US is the right 
way forward. The list will be 
next reviewed in 1997. 

In spite of the lack of trade 
benefits, most Latin govern- 
ments will be anxious to see 
their names on the list They 
are emphasising other reasons 
for joining Nafta: insurance In 
case the world farther develops 
into regional trade blocs and 
the Increased investment they 
believe is implied by being in 
the Nafta club. 

The process towards Nafta 
may not be that easy. Despite 
its promises to Chile that it 
will be next on the US free 
trade agenda, the administra- 
tion of President Bill Clinton 
may not want to open another 
trade debate in a hurry. A lot 
of political capital was spent 
on securing the Nafta accord 
and other countries do not 
have the strategic significance 
to the US that Mexico has. 

Nonetheless, Nafta’s attrac- 
tion may well loosen the ties 
that are binding Latin Ameri- 
can countries together. Argen- 
tina is generally thought to be 
next in Une after Chile for 
Nafta treatment, but it is com- 
mitted to negotiate with the US 


as part of Mercosur, a regional 
common market to come into 
force next year with Uruguay, 
Paraguay and Brazil. 

Yet Brazil's economic prob- 
lems and the traditional mis- 
trust of its governments for the 
US mean that Nafta is a low 
priority for BraziL 

While Mercosur governments 
this month reiterated their 
intention of trying to negotiate 
jointly with third parties such 
as the US, Brazil also took the 
opportunity to launch its own 
South American free trade 
zone. The Brazilian govern- 
ment stressed that this was not 
meant to be a competitor to 
Nafta and that the two initia- 
tives were complementary. 

But to some governments in 
the region, the initiative looks 
like a Brazilian attempt to 
recover some political weight 
lost in the region over the last 
decade and to counterbalance 
North American Influence. 

Whatever the case, some 
economists believe the idea 
may have real economic merit 
if it gives neighbouring coun- 
tries free access to the big and 
still relatively protected Brazil- 
ian market 

“In the short run," says Mr 
Naim, “Latin American 
exports could increase more 
through freer access to the 
Brazilian market than they 
could by signing a free trade 
agreement with the US." 


US warned against 
trade pact delays 


By George Graham, 
recently bi Honolulu 

The US is coming under 
mounting criticism from some 
of its most important trading 
partners for its apparent will- 
ingness to consider delaying 
the implementation of the Uru- 
guay Round of trade agree- 
ments until next year. 

Australia, Indonesia, New 
Zealand and Singapore all 
attacked the US at the week- 
end meeting of finance minis- 
ters from the 18-nation Asia 
Pacific Economic Cooperation 
forum in Hawaii, warning that 
any slippage from the US could 
encourage other countries to 
delay carrying out their own 
promises to cut tariffs and 
reduce trade barriers. 

Mr Lloyd Bentsen, the US 
treasury secretary, told his col- 
leagues that the Clinton 
administration was committed 
to completing the agreement 

EU slaps 
tariffs on 
S Africa 

By Gillian Tett in Brussels 

The European Union has 
imposed tariffs of nearly 50 
per cent on Chinese and South 
African imports of ferro-sill- 
con, a material used in iron 
and steel production, saying 
these producers are damping 
their products on EU markets. 

The tariffs, which will last 
for five years, follow a six- 
month commission study 
which shows thatin the last 
four years Chinese and South 
African Imports have risen 
from 9,000 tonnes to 31,000 
tonnes while European pro- 
duction has fallen from 
190,000 tonnes to 102,000 
tonnes, the study says. Chi- 
nese and South African 
imports now represent 6 per 
cent of the market. 

The new anti-dumping tar- 
iffs, which came into effect on 
Sunday, will be set at 49.7 per 
cent for Chinese imports, and 
47.4 per cent for most Sooth 
African imports. 


this year, or at the latest in the 
first half of next year. This 
assurance did not, however, 
satisfy all his fellow ministers. 

Mr Ralph Willis, the Austra- 
lian treasurer, warned: "It 
would be a tragedy if the 
immense human effort that led 
us to this agreement - which 
brought with it so much expec- 
tation of improved world trad- 
ing relations and economic per- 
formance - were now to be 
postponed and perhaps dissi- 
pated through slow implemen- 
tation.” 

The Uruguay Round of nego- 
tiations to liberalise the Gen- 
eral Agreement on Tariffs and 
Trade is due to be wrapped up 
in Marrakesh next month, but 
the US has recently indicated 
that it might not be able to 
ratify the agreement this year. 

Mr Richard Gephardt, the 
leader of the majority Demo- 
crats in the House of Represen- 
tatives, has warned that it will 


be difficult to get agreement on 
the tax increases or spending 
cuts which, under US budget 
rules, will bo required to offset 
revenue lost from the tariff 
cuts the US has agreed to. 

“It can be done this year, but 
I'm not sure it needs to be done 
this year." Mr Gepliardt said. 

Other countries are indig- 
nant at the idea dint the Cafct 
deal might be held up because 
of revenue supposedly lost, 
since the whole premise of the 
pact is that it will boost 
growth, and hence government 
revenue, around the world. 

The Uruguay Round tariff 
cuts are estimated to cost the 
US government around $14bn 
(£9.5bn) in tax revenue over 
five years, but Mr Mickey Kan- 
tor. the US trade representa- 
tive, told Congress last week 
that the Gatt agreement would 
bring in an extra $3 in federal 
tax revenue for every $l of lost 
import duties. 


Caution on labour 
rights sanctions 


By Frances WBMams In Geneva 

Mr Peter Sutherland, 
director-general of the General 
Agreement on Tariffs and 
Trade, yesterday warned indus- 
trialised countries not to use 
trade sanctions to enforce envi- 
ronmental or labour standards. 

“Simplistic demands for 
drastic trade remedies against 
so-called eco-dumping or 
social-dumping” sometimes 
bore a striking similarity to 
more conventional protection- 
1st rhetoric, ho «M- In some 
ways they were more danger- 
ous because of their popular 
emotional appeal 

Mr Sutherland’s remarks, in 
a speech for delivery to the 
Canadian Club in Toronto, can 
be interpreted as a caution to 
the US and some European 
nations which are keen to see 
environmental objectives and 
worker rights put on the 
agenda for future trade talks. 

Gatt members are currently 
trying to draw up a work pro- 
gramme on trade and the envi- 


ronment. However, developing 
countries are fiercely resisting 
any suggestion that this 
should include discussion of 
“levelling the competitive 
playing field” by harmonising 
national environmental stan- 
dards. Worker rights is an even 
more sensitive issue. 

Mr Sutherland said increased 
pressures for industrial adjust- 
ment as a result of the globali- 
sation of trade and production 
threatened to overload the rich 
world's economic and political 
circuits. Differing approaches 
by newcomers to environmen- 
tal protection or social welfare 
were proving a touchstone for 
claims that these countries 
wielded unfair trade advan- 
tages which must be met by 
trade restrictions. 

“Resisting adjustment on the 
grounds of discredited theories 
of the threat of ’pauper labour 1 
will impoverish our societies 
all the faster, not lay the 
grounds for rejuvenation of 
our economies and the creation 
of well paid new jobs,” be said. 








FINANCIAL TIMES TUESDAY MARCH 22 1994 


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FINANCIAL TIMES TUESDAY M ARCH 22 1994 


NEWS: INTERNATIONAL 


N Korea’s ‘sea of fire’ threat shakes Seoul Self-reliance 


Pyongyang may be set on cultivating a nuclear madman image, writes John Burton 


T he mood in Seoul has 
turned distinctly som- 
bre since last Saturday 
when the chief North Korean 
delegate at an inter-Korean 
meeting declared: "Seoul will 
him into a sea of fire." 

After four decades. South 
Koreans had thought they had 
grown accustomed to the belli- 
cose rhetoric of their northern 
brothers. But the inflammatory 
remarks by Mr Pak Yong-su 
are the talk of Seoul; the aver- 
age South Korean has been 
made starkly aware of the 
potential seriousness resulting 
from the dispute over the 
North's nuclear programme. 

It was the first time in more 
than two decades that North 
Korea had threatened the pos- 
sibility of war in a meeting 
with South Korea. But South 
Koreans appeared more 
shocked by the personal 
threats directed against their 
delegates and journalists 
attending the meeting at the 
truce village of Panmimjom. 

The outburst was triggered 
when Mr Song Young-dae, the 
chief delegate for South Korea, 
mentioned the possibility of 
UN sanctions being applied 
against North Korea for its 
refusal to accept full interna- 
tional nuclear inspections. 

“ft does not matter what 
sanctions are applied against 
us. We are ready to respond 
with an eye for an eye and a 
war for a war,” said Mr Pak. 

“Seoul is not far away from 
here. If a war breaks out, Seoul 
will turn into a sea of fire. Mr 
Song, you won't survive the 
war," he added. 

Meanwhile, North Korean 
journalists covering the meet- 
ing were telling their southern 
counterparts: “You'd better 


prepare passports for flight to 
the US if you are not prepared 
to risk your life Tor your coun- 
try." 

But some government offi- 
cials in Seoul yesterday were 
speculating that the barrage of 
insulting comments was care- 
fully orchestrated and that 
North Korea is deliberately 
cultivating a “madman” image 
as a new psychological negotia- 
ting tactic to win concessions. 

“The North's whole strategy 
on the nuclear issue is based 
on intimidation, playing on 
international fears that they 
will lash out if they are pushed 
too far," one government offi- 
cial said. 

The prevalent view in Seoul 
has long been that North 
Korea has fostered its image as 
a nuclear power to try to black- 
mail the US into granting con- 
cessions, including diplomatic 
recognition, the lifting of trade 
sanctions and the supply of aid 
for its tottering economy. 

Some analysts even believe 
the North is now blocking fuii 
inspections by the Interna- 
tional Atomic Energy Agency 
not because it has something 
to hide, but because it does not 
want to disclose that its 
nuclear programme is an 
empty threat This would seri- 
ously weaken its negotiating 
position. 

Most officials in Seoul are 
convinced that the North is 
pursuing a nuclear weapons 
programme, although Pyong- 
yang might agree to abandon it 
if the US offers concessions. 

Complicating the game of 
diplomatic poker are signs of a 
power struggle in Pyongyang 
over the nuclear issue. 

Economic pragmatists, who 
want to open the country 


North Korea: the countries It trades with 


Imp or t* 

1991 total = $SL28bn 


Exports 

1991 total =• $1.24bfi 


may soon be 
put to the test 


CH&4A / JT-Wi China 

_ r= -'.“V 22.7% 

*vt Japan-, f 

! V.; r \3S *7*1 / 

NORTH ^t^y' Li" 

VS-X 

Hamhung 5.416 | _J 


******** 


r jc 

Hamhung^ J/Jt-k?'- 1 --- —'f< ■> 5.416 

•Yangon °*** 







By John Burton in Seoul 


1% , • 

r? 

i. r* 


Europe £896 


2* iV 


.South Korea 11.7% 


■ ,kA4 •*. • v • 


4“%»7T- r. 


Main trading partners 

$m ■ Imports M Exports 
2,000 




SOUTH 

KOREA t-^Xr 

Taaoo « y&i; 

Pusan _ J- 






&* f * s ” ^ •• ■ 


1887 88 89 90 flV 

or* CfS/USSR 


1387 88 ® 90 91 

China 


1987 88 83 90 91 

Japan 

Source: BU 


to foreign investment in a 
Chiuese-style reform pro- 
gramme, may be urging Presi- 
dent Kim Il-sung to play the 
nuclear card soon to avoid fur- 
ther international isolation. 
Plans to create economic zones 
for foreign investment have 
proceeded apace in parallel 
with the nuclear dispute over 
the past year. 

But the conservative old 
guard fears that allowing for- 
eign influence into the country 
will undermine the govern- 
ment. They view a nuclear pro- 


gramme as their chief security 
guarantee against absorption 
by the South. 

What has added to the 
North’s frustration in reaching 
an agreement with die US is 
the involvement of South 
Korea in the negotiations. 
Seoul has insisted that Pyong- 
yang fulfil its 1991 bilateral 
non-nuclear pact before the US 
makes significant concessions 
to North Korea. Washington 
has supported the South Kor- 
ean stance. 

North Korea has consistently 


sought to establish ties with 
the US and ignore South 
Korea’s demands in an attempt 
to drive a wedge between Seoul 
and Washington. Pyongyang 
used a similar "divide and 
rule” strategy in playing off its 
former patrons, China and the 
Soviet Union, to gain conces- 
sions from both and maintain 
its independence. 

The vehemence of Mr Pak's 
remarks against the South Kor- 
ean delegates reflects Pyong- 
yang's belief that Seoul is try- 
ing to block a direct deal 


between North Korea and the 
US. 

But government officials in 
Seoul believe that the North 
Koreans may have miscalcu- 
lated this time with the "sea of 
fire” outburst. "Many South 
Koreans appeared to have been 
little concerned about the 
nuclear problem,” said Mr Kim 
Jang-piL the chairman of the 
ruling Democratic Liberal 
Party. "They will now have to 
wake up from their illusions 
and prepare to meet the situa- 
tion quietly but firmly.” 


Beijing fears trade sanctions on rogue regime 


By Tony Walker In Shanghai 


When China's Premier Li Peng hinted 
at the weekend the US should make 
some gesture towards recognising 
North Korea, he was repeating stan- 
dard Chinese advice for easing the 
nuclear crisis. 

But Beijing’s prescription for deal- 
ing with a rogue regime appears not 
to be attracting ranch support in the 
west, where pressure Is building for 
stronger UN condemnation and possi- 
ble trade sanctions. 

It is this latter possibility that 


alarms China. At this stage, it would 
be likely to oppose vigorously any 
attempt to impose economic penalties 
on North Korea. 

The question for the US and other 
western powers would be whether to 
risk fracturing the Security Council 
consensus, or yielding to Chinese 
pressure for farther diplomatic 
efforts to defuse the crisis. 

Western officials in China believe 
Security Council consensus would be 
hard to achieve on any punitive mea- 
sures. At best Beijing may be per- 
suaded to abstain on a resolution of 


condemnation. They contrast the 
North Korea crisis and the Golf War 
of 1990-91, in which China abstained 
on the vote imposing sanctions 
against Iraq, but fell into line on 
implementing them. 

This time , the stakes for China are 
higher and the complications infi- 
nitely greater. North Korea may be 
seen in the west as a renegade state, 
but to the Chinese, North Koreans 
have been allies in war, and their two 
countries share a common border and 
a fairly extensive trading relation- 
ship. 


Chinese leaders may well regard 
recent developments In North Korea 
with dismay and its idiosyncratic 
leadership a menace to civilisation. 
But they seem firm in their views 
that confrontation carries greater 
risks than likely rewards. 

The immediate question for west- 
ern powers is whether to give quiet 
Chinese diplomacy further scope and 
possibly active encouragement, with-, 
out any real hope that such an 
approach might work. 

Chinese officials believe the west 
has failed to appreciate fully the 


depths of North Korean paranoia 
over its growing isolation following 
the collapse of the Soviet Union, the 
virtual disappearance of friends in 
eastern Europe, and vast changes in 
China, which proved a less-than- 
steadfast ally by normalising rela- 
tions with South Korea in 1992. 

These officials say Pyongyang 
wants to reduce its isolation, and it is 
.prepared to make concessions to 
escape from its predicament; hence 
Beijing's advice to the US that they 
should try to avoid at all costs plac- 
ing the North Koreans in a corner. 


North Korea has preached for 
years that its ideology oljuchc 
(self-reliance) Is one of the 
world's greatest doctrines, ft 
may soon find that principle 
put to the test if the UN Secu- 
rity Council imposes economic 
sanctions for Pyongyang's 
refusal to allow full inspections 
of its nuclear facilities. 

The self-sufficient nature of 
North Korea's economy is 
likely to enable it to withstand 
several years* sanctions. Ana- 
lysts also believe sanctions 
would do little to stop vital 
food and oil supplies from 
China and foreign-exchange 
transfers from Japan. 

One reason is that North 
Korea’s border with north-east- 
ern China is porous and that 
Chinese officials would 
covertly support continued 
trade even if Beijing would 
allow a sanctions resolution to 
pass the Security Council 

"The last thing China wants 
is to see North Korea collapse 
on its doorstep and have refu- 
gees pour across its border,” 
said Mr Michael Breen, a North 
Korean analyst for Merit Com- 
munications in Seoul 

China accounts for three- 
fourths of the energy and food 
supplies imported by North 
Korea and is Pyongyang’s larg- 
est trading partner at an esti- 
mated $860m (£577m) in 1993. 
Those supplies are important 
to bridge the shortages that 
North Korea suffers. 

Although Japan has said It 
would support economic sanc- 
tions. it may have difficulty in 
stopping hard-currency trans- 
fers, estimated at between 
$6Q0m and $l.8bn, that flow 
annually from Korean resi- 
dents living in Japan. 

"The remittances might be 
regarded as h umanitarian aid 
and thus would not be subject 
to UN sanctions since they are 
given, at least theoretically, by 
Korean-Japanese to support 
their relatives in North Korea,” 
one South Korean government 
official explained. 

Japanese officials have 
expressed reservations about 
clamping down on funds to 
North Korea. They fear that 
stopping the money transfers 
would lead to terrorist acts 


The Israeli security leak 
that could save Rabin 


David Horovitz on the prime minister and the 
judicial inquiry into the massacre in Hebron 


Talks 
consider 
protection 
for Arabs 


By Marie Nicholson In Cairo 


U ntil this week, few 
Israelis had heard of 
the “Territories 
Forum,” a top-secret gathering 
at which Mr Yitzhak Rabin, 
Israel's prime minister and 
defence minister, hosts his 
most senior army and intelli- 
gence officers for discussions 
on ail aspects of the Israeli 
presence in the occupied West 
Bank and Gaza Strip. 

Now the existence of this 
forum has token on tremen- 
dous importance: a meeting 
held last October may prove 
crucial to Mr Rabin's efforts to 
avoid taking personal responsi- 
bility for (ailing to prevent the 
massacre last month of Pales- 
tinian worshippers at Hebron's 
Cave of the Patriarchs by Jew- 
ish settler Baruch Goldstein. 

On October 16 last year, the 
Moslem authorities in Hebron 
sent Mr Rabin a letter, accus- 
ing a settler they named only 
as “Baruch” of attacking Mos- 
lem guards and pouring acid 
on Moslem prayer mats in the 
mosque. The Moslem authori- 
ties insist now that the “Bar- 
ueir in question was Gold- 
stein - although they didn’t 
know his surname at the time, 
they had witnesses who could 
have described him to Mr 
Rabin or any Israeli investiga- 
ting official. 

Mr Rabin never responded to 
their letter. 

However, on October 22, at 
the defence ministry in Tel 
Aviv, he convened the Territo- 
ries Forum. According to an 
excerpt from the minutes, 
leaked to the Israeli media this 
week, Mr Rabin warned his top 
officers that, among West Bank 
settlers, were several individu- 
als who would stop at nothing 
to torpedo the peace process. 

The acid-pouring Incident 
“must put us on alert", he cau- 
tioned. “1 wouldn't be sur- 
prised if there were those 
among the Jews who don’t Just 
want to destroy prayer mats, 
but who will try to create a 
religious conflict to destroy the 
peace deal as well” 

The aim of this extraordi- 
nary feak. from the highly -con- 
fidential discussions of a secu- 
rity forum, seems plain: to 
demonstrate that, months 


Hizbollah guerrillas yesterday 
killed two Israeli soldiers and 
two allied militiamen in a 
series of attacks against 
Israel’s occupation zone in 
south Lebanon, Reuter reports 
from Maijayoun. Israeli 
reprisal shelling killed a 
12-year-old schoolgirl and 
wounded 22 other school- 
children in the market town 
of Nabattyeh, witnesses said. 
Guerrillas firing anti-tank 
rockets and machine guns 
ambushed an Israeli army 
patrol in the Rlhan area just 
inside the 15km deep zone. 

The pro- Iranian Hizbollah said 
five Israeli soldiers were killed 
or wounded in the ambush. 


before Goldstein carried out 
the massacre, Mr Rabin had 
urged bis commanders to take 
precautions against precisely 
such an incident And while, as 
minister of defence, Mr Rabin 
in theory carries ultimate 
responsibility for the entire 
Israeli military establishment, 
the leak seems clearly designed 
to exonerate him from personal 
blame. The guilty men, runs 
the implication, are the com- 
manders In the field who felled 
to heed his warning. 

In the Immediate aftermath 
of the massacre, Mr Rabin at 
first resisted calls for the 
appointment of an independent 
commission of inquiry, fearful, 
it was presumed, that the fin- 
ger of blame might point in his 
direction. He only gave In 
when he realised how over- 
whelming was the cabinet 
majority against him. 

Now, day alter day, new evi- 
dence is emerging of security 
blunders, Imperfect precau- 
tions and unclear orders at the 
tomb. Low-ranking soldiers 
have been blatantly contradict- 
ing evidence given by their 
decorated seniors. The stench 
of failure is rising ever-hlgher. 
Tomorrow the commander of 
the army's Central C ommand. 
General Danny Yatom, is being 
recalled to testify again about 
open-fire regulations - ap- 
proved late last year both by 
Mr Rabin and by chief of staff 
Ehud Barak - which some sol- 
diers interpreted as forbidding 


them ever to shoot at settlers. 
Later tomorrow, chief of staff 
Barak is himself to give evi- 
dence. 

Officials at the inquiry 
refuse to say whether Mr 
Rabin will also be called. But 
there are reports that he has 
Instructed a lawyer attached to 
his office. Shmuel Hollander, 
to begin gathering relevant 
materia], just in case. 

Mr Rabin knows he may 
have cause for concern. The 
Kahan Commission of inquiry, 
which investigated the massa- 
cre in 1382 of Palestinians at 
Beirut’s Sabra and Sbatilla ref- 
ugee camps, found that Ariel 
Sharon should have realised 
Christian Phalangists were 
“liable to commit atrocities'’ 
against the Palestinians, and 
in the end forced Mr Sharon’s 
resignation as defence minis- 
ter. 

Mr Moshe Negbi, Israel's 
most prominent legal analyst, 
says that the present commis- 
sion under the chairmanship of 
Meir Sham gar. the Supreme 
Court president, has equiva- 
lent powers to the Kalian Com- 
mission, that at some stage he 
believes Mr Rabin will be sum- 
moned, and that “there Is a 
possibility” the Inquiry could 
badly damage him. 

As the army’s top legal offi- 
cer In the 1960s, Mr Justice 
Shamgar worked closely with 
then-chief -of-staff Rabin. Last 
year, a full quarter-of-a-century 
on, after Mr Rabin had ordered 
400 alleged Islamic militants 
into exile, it was Mr Justice 
Shamgar who headed the 
Supreme Court panel that 
allowed the deportations to 
proceed, saving Mr Rabin from 
considerable embarrassment 
and possibly resignation. 

One question is whether the 
commission will consider Mr 
Rabin's warning on October 22 
to his commanders as suffi- 
cient grounds for his exonera- 
tion. After all, the inquiry has 
heard that the army’s govern- 
ing strategy in devising secu- 
rity precautions at the Cave of 
the Patriarchs was that while 
an attack by Arabs on Jews 
was quite probable, an attack 
by Jews on Arabs was unthink- 
able. 


Talks continued late yesterday 
between Palestinian and 
Israeli officials about mea- 
sures to protect Palestinians 
in the occupied territories, bat 
Palestine Liberation Organisa- 
tion officials said they expec- 
ted the discussions to adloorn 
without a solution to the row 
which has stalled resumption 
of full peace talks between the 
two sides. 

Mr Dennis Ross, the US Mid- 
dle East peace envoy, arrived 
in Tunis for the second time in 
a week to join the talks. He 
described only as “useful” an 
early session with Mr Yasslr 
Arafat, PLO chairman. Mr 
Ross Is expected to continue 
his shuttle with stops today in 
Jordan and Egypt -where be 
will meet President Hosni 
Mubarak. 

However, PLO officials in 
Tunis said they did not expect 
Mr Ross to be carrying a solu- 
tion to the dispute about pro- 
tection of Palestinians in the 
occupied territories which has 
stalled resumption of fall PLO- 
Israeli talks since the Hebron 
massacre more than three 


weeks ago. 

The PLO has insisted that 
Israel must toughen its control 
of Jewish settlers in the occu- 
pied territories and accept the 
UN call, made In resolution 
904 last week, to Install an 
International presence to safe- 
guard Palestinian security in 
the occupied territories. The 
PLO leadership has said It can- 
not otherwise resume full 
peace talks with Israel. 

PLO officials said the Israeli 
delegation in Tunis, led by Mr 
Uri Savir, had rejected a call 
to remove Jewish settlers from 
the centre of Hebron and had 
instead proposed gathering all 
the settlers together in Hebron 
as a means of increasing con- 
trol over them. This sugges- 
tion was dismissed by one PLO 
official as “unacceptable”. 

PLO officials in Tunis said 
both sides were nevertheless 
exchanging ideas, but that 
“nothing has crystaiised yet”. 
The officials said they did not 
expect the T unis talks to con- 
tinue into today. “We have a 
long way to go before we can 
resolve this,” said one. 


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Consulate general closed in Bombay 


India-Pakistan row flares 


By Stefan Wagstyl 
in New Delhi 


Pakistan has closed its 
consulate general in Bombay 
in a move which is likely to 
inflame its diplomatic conflict 
with India. 

Pakistani officials accused 
India of making it impossible 
for the consulate to function 
by refusing to grant Pakistan 
the use of Jinnah House - the 
Bombay borne of Mohammed 
All Jinnah, Pakistan’s indepen- 
dence leader and first gover- 
nor-general. 

The move follows weeks of 
public argument between the 
two countries over the trou- 
bled north Indian state of 
Jammu and Kashmir, part of 
which is claimed by Pakistan. 


Pakistan earlier this month 
foiled in a high-profile attempt 
to persuade the United Nations 
Human Rights Commission in 
Geneva to send a fact-finding 
mission to Kashmir . Pakistan 
argued that Indian security 
forces were committing atroci- 
ties against the mainly Moslem 
population of the Kashmir val- 
ley but it foiled to secure suffi- 
cient support from other coun- 
tries. 

Diplomats in Delhi are con- 
cerned that the decision to 
close the Bombay consulate 
general, which opened only in 
August 1992, may start a series 
of damaging diplomatic actions 
by the government of Prime 
Minister Benazir Bhutto. 

Indian officials, delighted 
with Pakistan's debacle in 


Geneva, are keen to prevent 
the “internationalisation” of 
the Kashmir troubles, which 
Delhi treats primarily as a 
domestic security problem. 

But they also want to keep 
foreign countries informed of 
India’s views on the troubles, 
notably that Kashmiri Moslem 
Insurgents are supplied with 
arms and advisers from Pakis- 
tan. 

Indian officials will have an 
opportunity to present their 
case to two US officials who 
are visiting India - Ms Robin 
Raphel, assistant secretary of 
state responsible for south 
Asia, who arrives on a four-day 
trip tomorrow, and Mr Strobe 
Talbott, deputy secretary, who 
is due to visit next month. Mr 
Talbott wiU go to Pakistan. 



President Kim Il-sung 
of North Korea 



Militants 


shot dead 


in Egypt 



Egyptian security forces 
yesterday shot dead six sus- 
pected Islamic militants in a 
dawn raid near the southern 
Egyptian town of Abu Tig, the 
Interior Ministry said, writes 
Mark Nicholson in Cairo. 

The shooting followed a 
security sweep by more than 
150 security officers In search 
of gunmen who killed five 
police officers on Sunday in 
the same area. One policeman 
died in yesterday’s raid. 

The Incidents are the bloodi- 
est this year In the continuing 
cycle of violence between secu- 
rity forces and Islamic mili- 
tants around the Upper Egyp- 
tian town of Assiut 


Government win 
in Tunisia 


Tunisian President Zine el- 
Abidine Ben Ali and his ruling 
party made a clean sweep In 
Sunday's presidential and par 
liamentary elections, Reuter 
reports. However, under an 
electoral code amendment, 
opposition parties were 
assured of entering parliament 
for the first time since indepen- 
dence from Prance in 1956, 
whatever the ballot’s results. 
Mr Ben AIL the only presiden- 
tial rsrnrilriatg , won more than 
99 per cent of votes cast 


Privatisation sale 
stopped in Israel 


The latest stage in Israel’s pri- 
vatisation programme, the sale 
of Shikun ITPituach construc- 
tion company, has been can- 
celled by its underwriters 
because of fears the Issue was 
priced too high to attract buy- 
ers In the depressed Tel Aviv 
Stock Exchange, writes David 
Horovitz in Jerusalem. 

Tomorrow’s planned sale 
would have been the find 
entirely state-owned company 
to be sold off and was expected 
to raise about Sbklbn (Bffltan). 


let'!* 






m 




ordered from Pyongyang mid 
carried out by some of the 
estimated 260.000 pro-North 

Korean-Japanese. 

Sanctions would stop North . 
Korea’s trade with Japan, its 
second largest trading partner 
with an estimated volume of 
5480m last year. Trade would 
cease with Russia and South 
Korea, North Korea’s next larg- 
est trading partners, which 
supply oil and rood products. 

North Korea's arms exports, 
one of Us biggest foreign cur- 
rency earners, would also be 
cut off if a naval blockade was 
imposed. This would lead to a 
collapse in trade with IrasL. 
which supplies oil In exchange 
for Scud missiles. 

Sanctions would eventually 
take their toll on North Korea 
if they were rigidly enforced. 
South Korea estimates that 
while the North needs 6.6m 
tonnes of grain to feed its peo- 
ple, It produced only 3.88m 
tonnes last year due to pom 
weather and a lack of fertilis- 
ers, The country is also run- 
ning out of anthracite coal, its 
main source of energy. It pro- 
duced 29m tonnes last year, for 
short of the 52m tonnes needed 
to keep its factories running at 
full capacity. 

North Korea could make up 
the shortfall by drawing on its 
war reserves of food and oiL 
Some analysts warn Pyong- 
yang might fulfil its threat of 
war in response to sanctions, 
from fear its defence would be 
weakened if it was forced to 
use emergency stocks to sup- 
port the economy. 



P 




Bhutto setback 




Hie government of Prime Min- 
ister Benazir Bhutto yesterday 
suffered a setback when the 
opposition’s candidate for 
chairman of Pakistan’s upper 
house of parliament won by a 
comfortable margin, writes 
Farfaan Bokhari in Islamabad. 



I 



financial times Tuesday march 22 1994 


NEWS: UK " ^ 


Icelandic fishing boat seized in Atlantic 

Motoko Rich reports on the latest incident to highlight the disputed 
status of Rockall island - lying 200 miles off the Scottish Hebrides 
- and of interest to Ireland, Denmark, Iceland and the UK itself 


An Icelandic-owned Ashing 
vessel is being detained by 
British authorities after it was 
apprehended for alleged illegal 
fishing activity in disputed 
waters near Rockall island - 
about 200 miles west of the 
Outer Hebrides. 

The boat is understood to be 
Cypriot-registered with a Far- 
oese crew. It is being held In 
Stornoway Harbour on Lewis 
in the Outer Hebrides. 

The trawler, known as the 
Res, was spotted by a Scottish 
Fisheries Protection Agency 
plane about 150 miles west of 
Rockall. which has been 
claimed as British territory 
since 1955. 


An agency patrol boat and 
the Royal Navy vessel HMS 
Orkney escorted the Rex to 
Stornoway Harbour. 

According to the Fishery 
Limits Act. any unlicensed for- 
eign vessel caught fishing 
within 200 miles of British ter- 
ritory is breaking the law. 

Ownership of Roc kall which 
is uninhabited, is disputed. Ice- 
land and De nmar k claime d in 
1985 that Rockall and the 
waters around it fell within a 
“continental shelf boundary" 
around their countries which 
would give them territorial 
rights over the outcrop of rock 
but this was disputed by Lon- 
don. 


Ireland also rejects Britain's 
claim to the island, which is no 
more than a few hundred 
square yards large. 

The Foreign Office said: “As 
far as we are concerned it is 
not disputed at all." 

European Union officials 
made no comment on Britain's 
claim and the Doited Nations 
said it does not take a position 
on disputed territory unless 
complaints are taken to arbi- 
tration or to the International 


Court of Justice in the Hague. 
No claims have been filed at 
the court. 

The waters around the island 
are valuable for fishing yields 
and because there is strong 
evidence of oil about one kilo- 
metre below the island. 

According to legal authori- 
ties in Stornoway, the Rex 
entered the 200 mile zone 
about II days ago and had 
“thousands of pounds” worth 
of fish on board. 


A summary complaint for 
violation of the Fishery Limi ts 
Act will be served today 
against the master of the ves- 
sel in Stornoway Sheriff Court. 
Stornoway. 

The vessel will be detained 
until legal proceedings are con- 
cluded and the skipper of the 
trawler could be liable for a 
fine of up to £50,000. 

Icelandic authorities were 
not immediately available for 
comment. 


Later last night. Mr Helgi 
Agustssoa. the Icelandic 
ambassador to Britain, said 
Iceland had offered the vessel's 
owners help in Finding legal 
assistance in order to meet the 
charges placed against them. 

Iceland maintains that unin- 
habited rocks are not a basis 
for the extension of fishing lim- 
its, but the government is not 
planning to file a claim on 
Rockall with the International 
Court of Justice or elsewhere. 



The Cyprus High Commis- 
sion said they were investiga- 
ting the incident as the ship is 
registered there but were 
unable to make any further 
comment 



Sheffield, northern England, re-entered the age of the urban tram yesterday when its ‘ Supertram' made its debut on a track between 
the city centre and the Meadowhall shopping complex. Bat members of the public were not allowed to travel on the first tram which 
was for invited guests only - fare-paying passengers took the return trip. Several British cities are planning tram services. 


London and Dublin seek 
united front over Ulster 


By David Owen 
and Tim Coone 

London and Dublin yesterday 
sought to present a united 
front over their joint Northern 
Ireland peace initiative, alter 
weekend remarks by Mr Dick 
Spring, the Irish foreign minis- 
ter, had raised fears of a rift 
between the two sides. 

Senior ministers from both 
countries, including Mr Spring, 
joined forces to emphasise that 
there could be no negotiations 
with Sinn Fgln, the political 
wing of the Irish Republican 
Army, without a permanent 
end to IRA viotence. 

Meanwhile. Sir Patrick May- 
hew. the Northern Ireland sec- 
retary, edged towards accept- 
ing Mr Spring’s weekend 
message that a temporary IRA 
ceasefire would be “a step in 
the right direction”. A tempo- 
rary ceasefire would be “better 
than violence ” he said. 

Their efforts came as Rev lan 


Paisley, leader of the hardline 
Democratic Unionist party, 
emerged from a stormy meet- 
ing with Mr John Major to 
declare that June’s European 
elections in Ulster would in 
effect be a referendum on the 
Downing Street Declaration. 

The DUP leader - whose 
party is boycotting the political 
talks process coordinated by 
Mr Michael Ancram, the 
Northern Ireland minister - 
traditionally secures the big- 
gest vote in European elections 
in the province. Three MEPs 
are elected on the basis of a 
single poll. 

Mr Ancram. who attended 
yesterday's meeting, said Mr 
Major “took Rev Paisley to 
task” for misinterpreting the 
joint declaration on a number 
of occasions. 

Hp said areas of common 
ground were “fairly lew and 
far between" in the course of a 
“very frank” 30-minute meet- 
ing. 


Downing Street officials said 
Mr Major told Rev Paisley and 
his DUP colleagues that he had 
a UK-wide mandate for the 
task of stopping the day-to-day 
horror in Northern Ireland. 

Speaking after an hour of 
talks in Dublin, Mr Spring and 
Mr Douglas Hurd, foreign sec- 
retary, emphasised that there 
would be no negotiations with 
Sinn F6in unless there was “a 
clear and unequivocal renunci- 
ation of violence" by the IRA. 

But Mr Spring reiterated 
that Dublin would seek to 
build on any temporary IRA 
ceasefire. “We would want to 
convince those involved in a 
temporary ceasefire that they 
should go ail the way,” he said. 

Mr Hurd used a speech in 
Dublin to the Institute of Euro- 
pean Affairs to argue that the 
relationship between Britain 
and Ireland had been trans- 
formed and was “no longer 
transfixed by difficulties rooted 
in the past” 


Mr Punch 
may get 
last laugh 

By Raymond Snoddy 

Stories about the death of Mr 
Punch, a battered remnant of 
the traditional British sense of 
humour, have it seems been 
greatly exaggerated after all. 

Two years after United 
Newspapers quietly interred 
the 150-year old humour mag- 
azine because of its mounting 
losses Mr Punch is showing 
signs of life again. 

Mr Gary Smith, chief execu- 
tive of Winchester, the mer- 
chandising company which 
owns the worldwide rights to 
the cartoon series Love Is .... is 
believed to be. together with 
cartoonist Mr Bill Tidy, in 
advanced negotiations with 

United. 

Tbe assets not only include 
the title but a library contain- 
ing bound volumes of every 
Issue of the magazine, more 
than 2.000 original cartoons 
and the lunch table where the 
very famous were encouraged 
to carve their names. Many of 
the cartoons arc still in 
demand for use in other publi- 
cations. Mr Smith said yester- 
day :“We never comment on 
market rumours.” 

During its long history 
Punch rejected all the submis- 
sions of Charles Dickens but 
encouraged the work of P.G. 
Wodehouse. 

The recent history or tbe 
magazine has been one of sad 
decline. From a peak of about 

175.000 in the 1940s it fell 
below 100,000 in 1976 and 
reached an average or only 

33.000 in 1991. 

The magazine suffered from 
a reputation of being a den- 
tists waiting room publication 
and from growing competition 
from sharper-edged publica- 
tions such as Private Eye. 

The British sense of humour 
may also have changed. 


Britain in brief 

£2.2bn spent 
on foreign 
acquisitions 

UK companies spent £2J2bn on 
acquisitions of overseas com- 
panies in the fourth quarter of 
1993. according to figures pub- 
lished by the Central Statisti- 
cal Office yesterday. Over 1993 
as a whole, expenditure on 
overseas acquisitions was 
£9.3bn. compared with £7.2bn 
in 1992. 

While the value of transac- 
tions increased in 1993, the 
number of individual deals fell 
to 452, from 679 In 1992. The 
CSO said that US acquisitions 
accounted for 53 per cent of 
the total value or deals done 
during the year, compared 
with 29 per cent in 1992. 

Expenditure on UK acquisi- 
tions by overseas companies 
rose to £4.7bn. from £4.lbn in 
1992. 

Trade union 
bank results 

Unity Trust. Britain’s trade 
union bank, suffered a drop in 
the size of its retained profit to 
£104,000 in 1993. it announced 
yesterday in its tenth year of 
operation. 

This compared with a 
£3*>4,000 retained proFit in 1992 
and was due to the bank's bad 


tfc's operating profit 
i debt provision and 
was 22.3m last year 
with £l”m in 1992. 
ting income rose to 


£7.18m last year from £6.08m in 
1992. 

Last year the bank wrote oS 
£5.72m of bad debt against ear- 
lier provisions. 

“None of these provisions 
arose from loans to our trade 
union customers,” said Mr Gor- 
don Beesley, the bank's manag- 
ing director yesterday. He 
blamed the decrease in prop- 
erty values in respect of secu- 
rity' offered by the bank's cor- 
porate customers. 

Biggest union 
to keep fund 

The Transport and General 
Workers Union, the largest 
union affiliated to the Labour 
Party, is today expected to 
announce an emphatic vote in 
favour of retaining a political 
fund, which allows it to 
finance political activities. 

Following legislation in the 
early 1980s all unions with 
political funds have to ballot 
every 10 years on whether to 
keep them. Almost all unions 
won endorsement for their 
political fnnds in the first 
round of elections and several 
established them for the first 
time. 

In this second round of elec- 
tions, most of which will have 
to be completed by the end of 
next year, two unions - the 
AEEU craft union and the STE 
telecommunications union - 
have both voted overwhelm- 
ingly to keep their funds. 


One mile and 
no more — 

A new car with just one mile 
on the clock when it left a 
showroom was written-off Just 
three hours later. The gleam- 
ing blue Rover 214 was left 
perched on top or a stone wall 
near Macclesfield, Cheshire, 
central England, after it was 
involved in a smash with a 


lorry. The car spun off the road 
and landed on the wall, leaving 
the driver with serious shoul- 
der injuries and the passenger 
with a broken wrist 


27 arrests over 
motorway link 

Police arrested 27 people yes- 
terday after protesters opposed 
to the building of a motorway 
link road forced their way into 
one of the houses on the pro- 
posed route. 

Security staff guarding the 
house in Leytonstone, in the 
suburbs of east London, raised 
the alarm after the protesters, 
who are campaigning against 
the Mil extension through the 
area, arrived shortly before 
midnight Those arrested were 
later released on police bail. 


BBC World TV 
in Asia deal 

BBC World Service Televi- 
sion’s broadcasts from London 
to northern Asia will cease in a 
month's time after a deal was 
signed yesterday between the 
Corporation and Mr Rupert 
Murdoch’s News Corporation. 

Under the deal the BBC will 
give up its broadcasts to north 
eastern China. Hong Kong, 
Taiwan. Korea and Mongolia 
on the northern beam of the 
Star TV satellite system from 
April 17. 

In return, Mr Bob Phillis, 
BBC deputy director general 
and chairman of World Service 
Televirion, has negotiated a 
contract extension to preserve 
broadcasts to India, Bangla- 
desh and Pakistan. 

Both the BBC and News 
Corp had the right to termi- 
nate the Star contract by the 
end of this year and Mr Mur- 
doch, who bought control of 
Star last year, made it clear he 
wanted the BBC off the sys- 
tem. 


“Quadrat us”. A solid gold watch 
with the dial engraved in 

Clou dc Paris” pattern. 


the 


CORUM 

Moitres Artisans d'Horlogene 

SUISSR 



. , , -c 1 1, ni L » I I II « > V cnicnl with date and second hands. Water-resistant. Also 
Aiiiuniii ■«- * wrirc to: Corum, 2301 La Ctoiux-dc-Fonds, Switzerland, 

in white gold, tur j — . _ _ . 



You want a meeting for how many people? 

Conferences. Conventions. Sales meetings. Spain can accommodate all manner of business 
gatherings • The organizational flair that played host to the world at the Barcelona Olympics, 
Expo’ 92 in Seville and in Madrid as European Capital of Culture, is ready and waiting. 
As is a network of hotels boasting all the latest conference facilities and communication 
technology • And Spain has one or two other business incentives • A pleasant all year climate. 
A menu of gastronomic delights. And a wine cellar the envy of Europe • Plus some of the finest 
museums and galleries in the world. And things with a peculiarly Spanish flavour. Like 
the neighbourhood , fiesta • In Spain, the bottom line is always the same • A conviction 
that work and leisure aren’t mutually exclusive. 



Passion 
for life 



NEWS: UK 


Smaller trade deficit 
hides trend in volumes 



^afe society: Dino Carpanini's Tonypandy cafe is one of the few with a prosperous future and an willing heir 

Cappuccinos run dry in the valleys of South Wales 


By Jim Kelly 

One of Europe's more bizarre cultural 
hiccups gave the grim industrial valleys of 
South Wales a sprinkling of small Italian 
cafes. The Brace his. as they were called 
after the founding family, sold espressos 
and hot pies to the boom towns of coaL 
But today they are in decline. From a 
peak of 70 in Pontypridd and the Rhondda 
Valley, they have fallen to about 15, as the 
forces of recession and cultural change 
wipe them from the landscape. *They 


came with coal and they are going with 
coal" says author Colin Hughes, whose 
book Lime, Lemon and Sarsaparilla, 
chronicles their story. 

A century ago. immigrants came to 
Wales from Bardi, in northern Italy, flee- 
ing rural poverty. Mr Hughes has traced 
the immigrants to London, as early as the 
1840s, where they worked as organ grind- 
ers. Later they transferred the same 
employment unit, of adult and working 
boy. to the newly founded Welsh cafes. 

Their integration into the host commu- 


nity was remarkably gaud - says Mr 
Hughes - because the Bardwiam would 
sit and talk with their cu*ti Hirers, earning 
their trust and friendship. 

The first and second generations wore 
happy to work in the cafes, hut members 
of the third are moving on to pruliv.siun.il 
careers. Guiseppe Antnniazzi. whose cafo 
is in Caerphilly, wants to retire, “it is Lime 
to put down tools and enjoy myself." lie 
says. His premises will be let. as Ins j*ons 
are pursuing careers such as accountancy. 


Receivers finish Leyland Daf sale 


workforce of 650. sells us Lev- 


By Philip Coggan, 

Economics Correspondent 

The UK's visible trade deficit 
with non-European Union 
countries narrowed to £672m in 
February, from a revised 
£78Sm in January. But the 
improvement disguised a con- 
tinued deterioration in trade 
volumes. 

Over the three months to 
February, the volume of UK 
imports (excluding oil and 
erratic items, such as aircraft 
and precious stones) was 3.5 
per cent higher than in the pre- 
vious three months, while 
exports rose by only 2 per cent 

Import volumes in February 
were the highest ever recorded. 
The Central Statistical Office 
estimates that, on a trend 
basis, import volumes are ris- 
ing by 1 per cent a month, 
while exports are broadly 
unchanged. 

The deterioration in volume 
terms has been disguised by an 
improvement in the terms of 
trade. British exporters have 
been increasing their prices, 
while import prices have been 
falling. Over the three months 
to February, export prices were 
7 per cent higher than in the 
same three months a year ago, 
while import prices were 1.5 
per cent lower. 

The main reason for the 
improvement in the headline 


The French-owned company 
hoping to buy Swan Hunter, 
the Tyneside shipbuilder in 
receivership, said yesterday it 
would not bid for the company 
unless it received immediate 
firm assurances about the Min- 
istry of Defence’s future policy 
on awarding naval contracts. 

Constructions Mecaniques de 
Normandie said it wanted writ- 
ten confirmation, preferably 
from defence procurement min- 
ister Mr Jonathan Aitken, that 
if it bought Swan Hunter. 

• ft would be allowed to ten- 
der for future MoD contracts; 

• Its tenders, provided they 
were competitive, would be 
given equal consideration to 


figure in February was the ofl 
balance, which improved to a 
surplus of £L4m. from a deficit 
of £75m In January. If oil and 
erratics are excluded, the trade 
deficit actually widened to 
£673m in February, from £6l2m 
in January. In the three 
months to February, the defi- 
cit, excluding oil and erratics, 
was £I.76bn. compared with 
£1.71 bn in the previous three 
months. 

One encouraging trend Is 
that, according to the CSO. 
imports of intermediate and 
capital goods increased in the 
three months to February, 
while imports of consumer 
goods, excluding cars, felL This 
suggests that the rise in 
imports is due to manufactur- 
ers expanding capacity and not 
a consumer boom sucking in 
imports. 

Mr Kevin Gardiner, UK econ- 
omist at Morgan Stanley, said 
the outlook for exports was rel- 
atively bright, as world trade 
grows and Britain remains 
competitive. 

Figures for trade outside the 
EU are compiled separately, 
and published earlier, than 
those for trade with Britain's 
EU partners. 

The EU figures for December 
were published earlier this 
month and showed a sharp 
deterioration, with a deficit ris- 
ing to £903m, from £543m in 


those from rival UK yards; 

• The MoD's Defence Export 
Services Organisation would 
support it in the export field. 

CMN is the only company so 
far to confirm it intends bid- 
ding for Swan Hunter, in 
receivership since last May. 
March 24 is the MoD's deadline 
for tenders for the Sir Bedlvere 
refit, a contract worth around 
£30m. While in receivership 
Swans cannot win unless its 
tender is underwritten by a 
prospective purchaser. A bid 
for Swans from CMN or any 
other company is likely to be 
conditional on winning Sir 
Bedivere. 

Mr Fred Henderson, leader of 
the CMN bid, said that despite 
receiving "lots of verbal 


November. The EU figures are 
compiled under a new Intrastat 
system, based on value added 
tax, and the statistics are 
regarded as unreliable. 

• Consumer confidence con- 
tinues to decline as April's tax 
rises approach and is now at a 
four-year low. according to a 
new poll, adds Graham Bow- 
ley 

In its March survey of con- 
sumer confidence, Gallup 
found that 42 per cent of people 
think their household’s finan- 
cial position will deteriorate 
over the next 12 months, 
whereas only 17 per cent think 
it will improve. The balance of 
pessimists over optimists has 
now fallen for two successive 
months and is the worst since 
April 1990. 

While 23 per cent of consum- 
ers think the general economic 
situation will improve over the 
next 12 months, 40 per cent say 
it will deteriorate. The nega- 
tive balance of 17 per cent is 
the lowest since February 1993. 

The balance of people expect- 
ing a rise in the jobless num- 
ber over those expecting a 
decline in the next twelve 
months is 44 per cent, up from 
33 per cent in February. 

The survey of 2.029 people 
was conducted by Gallup on 
behalf of the European Com- 
mission between March 3 and 
15 1994. 


come-on” during months of 
talks with the MoD. CMN had 
not received categorical assur- 
ances on future policy. 

Unless obtained in writing 
by tomorrow CMN would not 
bid for Swan Hunter and would 
not underwrite its Sir Bedivere 
tender. 

"There's no point making a 
final bid for the yard unless we 
get these assurances," he said 

The MoD said it had no 
objection to Swans in foreign 
ownership bidding for MoD 
work provided it was on a 
sound financial footing, could 
comply with national security 
arrangements and guarantee 
any MoD work would be done 
in the UK. “The situation is 
quite clear," it said 


Farmers 
show a 
high rate 
of suicide 

By Alison Maitland 

Stress, loneliness and 
depression are rife in Britain's 
rural communities and farm- 
ers have one of the highest 
suicide rates of any occupa- 
tional group, a conference in 
Warwickshire heard yester- 
day. 

The suicide rate among male 
farmers and farm workers, is 
187 per million, nearly twice 
the national average of 110 per 
million. Some 39 per cent of 
these suicide victims use shot- 
guns or other firearms, easily 
available on the farm. Only 
vets, who often share the rural 
isolation and have access to 
drugs, have a markedly higher 
level of suicides. 

"Farmers are up there with 
vets, dentists and pharmacists 
as the groups having the high- 
est suicide rates," said a 
spokeswoman for the National 
Farmers’ Union. 

The conference on rural 
stress, organised by a coalition 
including the NFU, the Depart- 
ment of Health, the Ministry 
of Agriculture and the Samari- 
tans, heard that the causes 
included poor rural services, 
long working hours, unpre- 
dictable weather and a sense 
of having little control over 
the future of the farming busi- 
ness. 

The decline of agriculture 
has already cut the farming 
workforce by more than half 
to 622,000 in the past two 
decades. People are leaving 
the land at an average of 
about 6,000 a year, putting 
added pressure on those who 
remain. 

Now the industry faces far- 
ther change, with the reform 
of the Common Agricultural 
Policy and the conclusion of a 
world trade deal likely to lead 
to more production cuts and 
greater rural unemployment 
The Department of Health is 
funding a two-year research 
project by Oxford University 
to look at the causes of rural 
stress and how it might be 
eased. Health professionals 
will be encouraged to learn 
more about problems facing 
farming so they can discuss 
these when they detect signs 
of stress. 


By Kevin Done, 

Motor Industry Correspondent 

The administrative receivers 
yesterday completed the sale of 
the final part of Leyland Daf. 
the former UK subsidiary of 
Daf. the Dutch commercial 
vehicle maker, which collapsed 
14 months ago with debts of 
more than FI 3bn l£l.lbn). 

It is understood that the 
receivers have raised around 
£110m net from the sale of the 
various Leyland Daf busi- 
nesses. but it is unlikely that 
there will be any payment to 
ordinary creditors. 

After the payment of pre- 
ferred creditors, the Daf bank 
consortium led by ABN-Amro 
of the Netherlands which 


includes National Westminster, 
Lloyds and Barclays is expec- 
ted to receive around £lD0m. 

The administrative receivers 
Mr John Talbot and Mr Mur- 
doch McKillop of Arthur 
Andersen have succeeded in 
securing the survival of all file 
elements of the former Leyland 
Daf business by splitting it up 
into more than 10 independent 
units. Around 2.760 jobs have 
been saved from the 5,300 peo- 
ple employed by Leyland Daf 
in the UK. 

The final piece of the jigsaw 
was completed yesterday, 
when the former Leyland Daf 
test track and technical centre 
at Leyland. Lancashire was 
sold to a combined manage- 
ment buy-out and buy-in team. 


The first breakthough in the 
UK receivership was achieved 
in late April last year when the 
receivers sold the former Ley- 
land Daf van operations based 
in Bir mingham to a manage- 
ment buy-out team, a move 
that saved around 1,000 jobs. 

The key to the viability of 
the rest of the UK operations 
was the early rescue last year 
by the Dutch and Flemish gov- 
ernments of the former Daf 
heavy truck operations in the 
Netherlands and Belgium, 
which are now trading as Daf 
Trucks. This company is the 
main customer for the Lanca- 
shire-based Leyland Trucks, 
which was sold to a manage- 
ment buy-out team in June last 
year. Leyland Trucks, with a 


land Daf 45 series nt light 
trucks, through the Daf Trucks 
European dealer network. 

The receivers created sepa- 
rate rescues for: 

• the former Leyland l»af 
spare ports salts ami distribu- 
tion business in Charley. Lan- 
cashire with 350 jobs, which is 
now trading as Multipart Pis 
tribution, 

• the components manufac- 
turing businesses in Glasgow 
and Leyland now trading as 
Albion Automotive. 

• the six African subsidiaries 
sold to local African busi- 
nesses. 

• the sale of the engine recon- 
ditioning plant in Lancashire 
to British Polar Engines. 


Shipyard promises sought 

By Chris Tig ha h Newcastle 


3 


$ 


& 


This announcement appears as a matter of record only. 



. , . 

A member dt , •• i ■* “ 




BZW Division acted aa fo^tf^d.advispv apd . 
agent to Ubbey Owens 'Ford W. Ac ■ 

placement of $11, 475,000 senior secured'. 
notes and equity m a leveraged lease for its 
Sherman, Texas glass fabricating facility. 


}<inuaiy 1994 


Detaoif 

Edison 

Renaissance Energy Company 


BZW Division acted as -sole arranger 
and agent in the structuring and 
syndication of a $400 million revolving 
credit facility for the Renaissance 
Energy Company. 


Aug®* 1W 



ThePrudential 


BZW Division was appointed sterling 

commercial paper dealer for die 
Prudential Funding Corporation. ' 


May IVH 




V ; * -V&S*- 

• V> # ■ 





vi. 


.. v-; 


' KCW Divtsfoo provided a SlJfbUKoq ;f 

, -. ip 'CMAC. v: .y •' • ; • • 


December i9W 


RENEER FILMS CORPORATION 


Barclays de Zoete Week! Inc. initiated the 
sale of Rower Films Corporation, a . 
subsidiary of The Goodyear Tire Sc Rubber 
Company, to GcnCoip Inc, and' acted as 
exclusive - fi nancial advisor 'to The Goodyear - 
Tore & Rubber Company'. ''I ' - 


lufcy 1993 


AMERICAN BANKERS INSURANCE GROUP 


■. BZW Qfyuiibn acted ah- financial advisor and. 

- 'agent in the structuring and syndication of a : 
i' year 5 1 SO million revolving credit fadBty ' 
for American Bankers Insurance CJrcWp. 


- .March 1993 ' 






- BZW Cttvbkxi taed as sole agent . 

" and arp^erifoi the structuring and - 
• '-.-ay&jd&tioft rfV'J mithc© 

. jre*o!9j»|j credit facility for the 
•• 'UhiWW.Cdq^aifoo- v V. 

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b ' ! 


D««rnfef-A99* 


;• ••'•••• ., , I*' 1 ";'-' 


■ !.\ ■*!' f • 


BOEDER FOODS INC 


8Z W Diriaten. provided' $3 railfeoa in - t 
subordinated debt -With warraw»>o 
' Border .'foods fee. _ . , ' < 





ENERGY 


'•' BZW Division acted ai syttehcatioa agent hr 
*yB<bc«iQ» of a 

.17 year project {feandag for Oyster Creek 
- Ottatcd, a ct^eac*aac9t pUfrt jointly owaed 
. v by Deshxrand .Americas Natiofeif TtowsrA, 


KB* •* 


.^Aenertom 
WJ National Can 


82W Division acted a« fiwncud advisor ... 
to American National Can Company in.' 
tie placement of S3 00 naifiioo senior 




.jwa •• ', 


Sprfrt 

t/p fflrf Telepho ne- ' 
rauujtaijfir 


BZVf,fHyisiOKi acted aafbtonoal -advisor 
L.to The lioited- - 


■TeCepfe^'Ont^pB^ trf’-Pcnu^fyajaia ■ 

■ m the placement - of - first -- 


v\-:. 


ASSET SECURITIZATION 


'.BZW Divjsfop. asset 9eanttj*atfeQ, . 

. grtfep fecoagfidiy .cptap ieted nine . 
foauioigs a total of 

-:;tndre $1.6 bMfen for’its ' . . 

. l&xth America cBews during 1593. 


BZW Division is the investment banking arm of Barclays Bank PIC; Barclays de Zoctc Wedd Securities inc. and Barclays dc Zocte Wcdd Inc. are separate subsidiaries of Barclays Bank PL.C. 


BZW: 


Multiple 
Financial 
Solutions for 
Corporate 
America. 



« 


4 




FINANCIAL TIMES TUESDAY MARCH 22 1994 


u 


LL OF US, 

AT EURO DISNEYLAND, 

ARE HAPPY 
TO ANNOUNCE... 





FINANCIAL 


TIMES TUESDAY MARCH 21 ! ‘ m 


10 


TECHNOLOGY 


Smart 
move on 
fraud 


S mart cards, with chips 
rather than magnetic 
strips in the plastic, have 
yet to make much of a mark 
outside Europe, bnt China and 
India are giving them a close 
look as ways of checking 
Identities and preventing fraud. 

Sempac, a small Swiss 
company, hopes to benefit from 
trends in both markets, as well 
as in Japan where smart cards 
are being considered as a 
replacement for magnetic cards 
in making telephone calls. 

Based on the methods 
developed by Esec, its parent, 
to make semiconductor 
equipment, Sempac produces 
a line of machines which have 
introduced a new technology 
into smart card manufacture. 

Its process enables cards to be 
printed and have chips 
embedded in one step. 

Willi Truckenbrod, Sempac's 
vice-president for marketing, 
says manufacturing costs can 
be cut by up to 50 per cent This 
is because its system uses four 
machines instead of the eight 
or more in other techniques, 
though the Sempac output of 
700 or more cards an hour is 
less than in rival systems. 

The main technologies used 
for smart cards are: the 
lamina tion of several layers, 
with the chip module then 
placed into cavities; processing 
of cards in large sheets with 
the cavities milled into the card; 
and cards with p re-moulded 
cavities. Sempac's process uses 
semiconductor assembly 
technology with Injection 
moulding machinery. 

Truckenbrod says some 300m 
smart cards are now produced 
a year, which is expected to rise 
rapidly to lbn, mainly in 
Europe. Its customers include 
Rexroth Electronic of Germany, 
which has ordered an assembly 
line to make forgery-proof cards 
in which colour photographs 
and computerised data are 
printed on to the plastic. 

Sempac has held talks with 
the Chinese who are thinking 
off issuing smart identity cards 
to Hong Kong inhabitants when 
they take over there in 
1997. 

Andrew Fisher 


T echnology has come to the 
aid of the volatile South Afri- 
can gold mining industry 
more than once over the past cen- 
tury. Today, new advances are 
being sought to transform produc- 
tivity as companies recover from a 
crisis which, brought many mines to 
the brink of closure. 

Executives are still nervous at 
memories of the early 1990s, when a 
combination of steadily declining 
real gold prices, double-digit infla- 
tion and the deteriorating quality of 
the ore reserves sent the industry 
into a spiraL 

In the event, only two big gold 
mines closed. South African gold 
output steadied above 600 tonnes a 
year from the late 1980s, but cost- 
containment and Improved produc- 
tivity meant the mines shed more 
than 150,000 jobs or nearly a third of 
their workforce between 1989 and 
1993. 

Yet successful as this restructur- 
ing of the industry has been, the 
mines need technological advances 
or consistently higher gold prices of 
at least $450 an ounce - compared 
with around $385 today - if gold 
production is not to go into slow 
but steady decline. 

The problem is. says Kobus Oliv- 
ier. chief consulting engineer at the 
Gencor group's gold division, that a 
breakthrough which would trans- 
form the mines’ productivity under- 
ground has proved elusive. 

However, two new techniques are 
now in sight, generating more 
excitement about the technological 
possibilities than there has been for 
years, he adds. The techniques are: 
diamond wire cutting pioneered by 
Gencor and Anglo American, the 
country’s biggest gold producer; 
and the impact ripper, an industry 
research project recently taken over 
by minin g house Gold Fields. 

The first simply applies the estab- 
lished method of quarrying granite 
and other hard stones to under- 
ground mining , A synthetic-covered 
steel cable less than a centimetre 
thick and studded with industrial 
diamonds saws through the rock- 
face, cutting away the ore in large 
chunks. The impact ripper is an 
hydraulically powered chisel, 
mounted on rails, which attacks the 
rockface with an accuracy that 
blasting lacks. 

Olivier says the potential benefits 
are huge because either technique 
could transform the cost structure 
of the industry and underground 
productivity. Diamond wire cutters 
can operate 24 hours a day. require 
less labour and minimise the 
amount of waste rock mined. Dia- 
mond wire is expensive - the first 
material Gencor ordered cost R1.000 
($290) a metre - but greater demand 
would reduce its cost and eliminate 
much of the need for explosives 
used for the 900,000 blasts the gold 
mines make every day. 

Ken Dix. general manager of 



The West Driafontein gold mine at Gatarand, west of Johannesburg 


Gold 

rush 


Matthew Curtin reports on 
advances in mining which may 
transform productivity 


Anglo American’s Freegold opera- 
tion. which is using diamond wire 
cutters on a trial basis, says the 
technique would lead to the rede- 
sign of underground mining plans 
and thus save more tunnelling, tim- 
ber and explosive costs and shave 
60 per cent off transport costs. 

Underground safety would 
improve, too, bringing new efficien- 
cies, because the narrower s tope- 
widths and minimal use of explo- 
sives would do less to aggravate the 
rock pressure underground. Rock- 
falls kill about 270 workers a year 
underground on the gold mines. 

Much the same benefits apply to 


the impact ripper. Len Gibbs, con- 
sulting engineer at Gold Fields 
which has a number of machines 
operating at its Kloof mine, says: 
"The possibilities have to be excit- 
ing. The deeper you go. the more 
you need mechanised mining meth- 
ods and less reliance on man- 
power.” 

This has been true since the early 
days of gold mining; the geological 
challenges of extracting the pre- 
cious metal at deeper and more dan- 
gerous levels have farced producers 
to refine their techniques. Much 
gold output dow comes from mines 
sunk to below sea-levei or more 


than 3.000 metres underground. 

The MacArthur Forrest cyanide 
process saved the South African 
gold mining industry whan it was 
introduced in 1330 at the Salisbury 
min e near the mining camp of 
Johannesburg. Existing mercury- 
based techniques, adequate for 
recovering gold from surface ore. 
were no good for treating me tail ur- 
gicaily difficult underground mate- 
rial which the mines had to exploit 
because they bad exhausted surface 
reef outcrops. Gold recovery rates 
had fallen to less than 50 per cent, 
but to the surprise of miners at the 
time the new process quickly 
achieved recoveries of S5-95 per 
cent. 

Yet impressive as the refinements 
made over the years have been, 
metallurgical and mechanical min- 
ing technology has not changed for 
decades. The cyamdisatlon process 
has been modified to push recovery 
grades to more than 99 per cent, 
allowing the retreatment of millions 
of tonnes of low-grade waste mate- 
rial in recent years, but leaving lit- 
tle room for improvement 

The labour-intensive underground 
production routine of drilling holes 
in the rockface, rilling them with 
explosives, blasting once a day and 
cleaning up the broken rock before 
hoisting it to the surface, is the 
same as it was 100 years ago. 

South Africa’s remaining gold 
reserves are hnge. well-defined, but 
deep. Exploration has identified 
extensive high-grade ore reserves in 
the Potchefstroom Gap, an area 
south-west of Johannesburg, but at 
depths of up to 5,000 metres below 
surface. The capital cost of a sink- 
ing a new mine shaf t to that depth 
would be more than RiSbn. 

Despite the excitement about the 
new methods, there have been 
teething problems. Gencor gave up 
its experiment with diamond wire 
cutting last year. Olivier says the 
group “knows it works", but found 
the wire tended to get pinched as 
the rockface closed once it had been 
cut Gencor seems happy to wait 
and see what progress Anglo can 
make, given that the group's min- 
ing equipment and industrial dia- 
mond businesses have a keen inter- 
est in the technology's success. 

Dix paints to the excessive wear 
and tear on expensive equipment, 
but stresses that “it’s early days". 
Gold Fields has found that the first 
orebody on which it tried the 
impact ripper proved more suscepti- 
ble to the technique than the ore- 
body at Kloof where the equipment 
would most likely be used. 

However, Olivier says the prob- 
lems are unlikely to be insurmount- 
able. He adds that while one tech- 
nique might not transform gold 
mining, a combination of the new 
technologies with further refine- 
ments still promises the break- 
through for which the miners are 
yearning. 


Keeping a sense 
of balance 


Ian Rodger on 
could prolong 

A start-up Swiss company 
has developed a polymer 
compound that provides 
continuously adjusted balancing 
for the life of a vehicle tyre when 
applied to its inside wall. 

Overbalance, led by Swedish 
entrepreneur Bertil 
Carnehammar. claims its 
compound lengthens significantly 
the life of tyres and provides a 
more comfortable ride for 
passengers than tyres balanced 
with conventional lead weights. 

So for, testing of the compound 
has been concentrated on 
commercial vehicles, but it is now 
being extended to cars. 

The development is based on 
the discovery that vibrations 
caused by imbalances in the tyre 
and rim of a vehicle will cause 
a liquid within the tyre to move 
away from the source of the 
vibration. 

Carnehammar, a former 
marketing executive with Philips 
and Rank Xerox, says he and his 
colleagues learned of this 
phenomenon by reading patent 
applications for compounds 
designed to seal tyre punctures. 

The origin of their own research 
was. in fact, a tyre sealant 
compound that had been 
developed by a Danish scientist 
for Volvo in the early 1980s. 

However, they soon become 
disenchanted with the notioa of 
sealing and concentrated on 
balancing. The challenge was to 
develop a compound that had the 
properties of a liquid but would 
also adhere all around the inside 
wall of the tyre when the vehicle 
was stationary. It also had to be 
viscous in all climates, nontoxic, 
noncorrosive and effective on 
several types and sizes of tyre. 

By 1988, they were sufficiently 
satisfied to begin road tests with 
a few US fleet operators. "The 
reception was very good, but 
people did not come back," 
Carnehammar recalls. 

It seems that customers were 
nervous about putting a chemical 
compound in their tyres. Also, 
tyre manufacturers threatened 
to invalidate warranties. 

This forced Everbaiance into 
new research and testing to prove 
that the compound would have 
no ill effects on tyres. This has 
now been completed, and the 


a treatment that 
the life of tyres 

group, with endorsements from 
recognised German anil US testing 
organisations, is starting general 
distribution, . t . . . 

The compound, which is made 
mainly from non-toxic glycol, 
cellulose fibres and corrosion 
inhibitors, sells for about $25 per 
kilogram, onough for one truck 
tyre. 

Carnehammar says the increase 
in tyre life varies with brands 
and with vehicle types, but 20 
per cent is typical. It will not work 
on tyres that are more than 500g 


The Increase in tyre 
life varies with 
tyre brands and 
with different 
vehicle types, but 
can be as much as 
100 per cent 


out of radial balance nor on tyres 
with a significant lateral 
imbalance. 

One of the main distributors 
is Sumitomo Corporation, the 
Japanese trading company at the 
centre of a group that includes 
tyre-maker Sumitomo Rubber. 

Car nehammar says that tyre 
companies, still reeling from the 
reduction in their sales caused 
by the universal adoption of 
long-lasting radial tyres, are 
unhappy about the Introduction 
of a product that will make their 
tyres last still longer. 

But Sumitomo concluded that 
the compound would be successful 
and saw it as an opportunity to 
build market share. 

Everbaiance hopes to introduce 
a balancing compound for cars 
next year, but development has 
proved complicated. Whereas the 
normal life of a truck tyre is a 
year or less, car tyres tend to 
remain in service longer, so the 
product's endurance must be 
ensured. And it must be tested 
on a much wider range of tyres, 
some 200 compared with 30 truck 
tyre types. 

Also, the existing formula does 
not perform well at speeds of 
above jLOQmph. although that 
would seem to be a problem only 
in Germany. 


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For more than a century and a half, Patek Philippe has been known as 
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a particular Patek Philippe 
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we will take four years. The 
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A watch with a distinction: 
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it has been worn, loved and 
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those who will only accept 
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A watch that was made to 
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PATEK PHILIPPE 

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FINANCIAL TIMES TUESDAY MARCH 22 1994 


© DISNEY 














FINANCIAL TIMES TUESDAY MARCH 22 1994 

MANAGEMENT: THE GROWING BUSINESS 


EXPORTING 

Twists and turns 
of the tax maze 

Ian Hamilton Fazey answers questions on VAT 


There are two 
types of Foreign 
trade as far as 
European VAT 
authorities are 
concerned - trade 
within the 
European single 
market and “third 
country” trade 
with the rest of the world. The 
following answers to common 
questions hare been compiled 
with the help of UK Customs and 
Excise officers, notably Barry 
Price, a VAT specialist since 1972. 

Q: Are exports free of VAT? 

A: Third country trade is zero 
rated, provided you can prove 
goods have been exported. Export 
evidence must be obtained within 
one month and retained to justify 
zero rating, otherwise VAT will 
be charged at standard rate. 
Documents most identify the 
exporter, the customer, the goods 
and the export destination. Vague 
descriptions are not acceptable. 

Q: Which documents trill be 
accepted by VAT inspectors? 

A: Authenticated bills for air 
or sea carriage, as well as 
standard international 
consignment notes or bills of 
lading - receipts of goods placed 
on board a ship - are all 
considered primary evidence of 
export. Secondary evidence - such 
as a certificate of shipment - is 
also acceptable if issued by a 
carrier, but the carrier most hold 
the necessary primary evidence 
so it can be traced if verification 
is required. 

Q: What if a company sells to a 
foreign customer but does not ship 
the goods itself or appoint the 
carrier? 

A: This sort of indirect 
exporting happens commonly 
when a customer arranges 
collection of goods direct from 
the factory or warehouse. The 
exporting company needs 
something to prove the goods have 
arrived at the other end, such 
as transit documentation and 
receipts. 

Customs officers advise taking 


a deposit equal to the amount 
of VAT, returnable when 
satisfactory proof of export is 
obtained. This gives the customer 
an incentive not to forget to send 
the evidence. 

Q- Is trade between European 
Union countries also zero rated? 

A: Zero rating is allowed, 
provided supply is made In the 
UK to a person or company in 
another EU country registered 
for VAT there. The exporter most 
obtain the local VAT registration 
number of the customer, show 
It on die sales invoice and keep 
copies. Evidence of removal of 
goods from the UK must also be 
obtained and retained. If these 
conditions cannot be met, then 
VAT must be charged to other 
EU customers at the UK rate. 

Q: Do you need to register for VAT 
in EU countries icfiere you trade? 

A: It depends on where the 
supply of goods is deemed by the 
local VAT authorities to have 
taken place. If you have a 
warehouse in another EU country, 
transfer of your own goods to it 
will be deemed a supply and you 
will need to be registered in that 
country so as to zero rate the 
consignment in the UK - 
otherwise you will have to charge 
yourself VAT. Goods offered on 
sale or return terms are treated 
similarly. 

Another pitfall is the 
VAT-registration threshold in 
any EU country where you trade. 
This was raised to an annual 
turnover of £45,000 in the UK last 
November in order to take tens 
of thousands of small businesses 
out of having to account for VAT 
at all. But the threshold is zero 
in Belgium, Italy, the Netherlands 
and Spain. 

Technically, this means yon 
cannot legally, say, take a stand 
at an exhibition or trade fair m 
any of these countries and sell 
the actual goods displayed on it, 
as many companies have done 
in the past to save transporting 
the goods home afterwards. Ton 
cannot sell the stand either, as 
some companies have done to help 
pay for going to the trade fair 


in the first place. You can, of 
coarse, take orders to supply the 
goods from the UK. even if they 
are the same goods you had on 
exhibition. 

Q: Does the type of goods being 
exported make any difference? 

A: Supply of anything that has 
to be installed or assembled by 
the vendor takes place in the EU 
country where this work is done, 
so local registration may be 
necessary. The UK has simplified 
procedures so this will not require 
registration of companies selling 
such Items into the UK, but there 
is not yet universal reciprocity 
on this. Customs and Excise 
advises exporters to contact the 
fiscal authorities in other 
countries to find out if 
registration is necessary. 

Q: Sb what if I have to register? 

Is it going to cause problems? 

A: Not if you have fixe language 
skills and knowledge of local 
accounting terms and systems 
to fin in another set of quarterly 
VAT returns in Dutch. French, 
Italian, Spanish or whatever. In 
practice, exporters without the 
necessary administrative 
i nfrast r uctu re in file country 
concerned use local fiscal agents 
- some countries may require 
this anyway. Some large firms 
of accountants with offices spread 
throughout the EU offer this as 
a service to UK clients. Charges 
vary individually, but will almost 
certainly not be economic without 
a volume of regular business to 
make them worthwhile. 

This in turn brings us back to 
a central theme in this series on 
exporting: as the Institute of 
Export advises consistently, do 
not do it on a one-off. 
intermittent, sporadic or casual 
basis. Ian Campbell, the institute's 
director-general, never tires of 
stressing that exporting should 
always be part of the main thrust 
of a business, not a bolt-on 
function. The regular exporter 
should have the sales volume to 
pay for and cope with any 
administrative burdens, such as 
VAT. which foreign trade brings 
with it. 



T hey want better standards 
and improved quality, 
which we deliver, but then 
won't pay higher prices to 
meet the extra costs. So we lose 
out” 

The complaint comes from one of 
50 small engineering companies, 
mostly subcontractors, surveyed 
recently for the 600 Group, the UK 
machine tool producer. It shows 
that, in a world of partnerships, pre- 
ferred suppliers, long-term deals 
and single sourcing, the relation- 
ship between the humble "subbies” 
and their larger customers can still 
be an edgy nm» 

There are thousands of subcon- 
tractors in the UK and they tend to 
keep a low profile. The changing 
nature of their role, however, has 
increased their importance, and 
made it all the more crucial that 
they can work effectively with their 
customers without feeling they are 
being put upon. 

The traditional role of subcontrac- 
tors, to provide extra capacity for 

manufa cture^ at peaV demand, has 
virtually gone; instead, they have 
become a vital part of industry’s 
manufacturing strategy as custom- 
ers prefer to concentrate their own 
efforts on activities where they can 
add value and outsource as much as 
possible of everything else. 

This makes a great deal of sense. 
says Andy Sandford, editor of Sub- 
con magazine. The customer gets a 
predictable supply and total flexibil- 
ity, and does not have to invest in 
new machinery which may be 
under- utilised. The subcontractor, 
meanwhile, becomes a manufactur- 
ing specialist, spreading the cost of 
expensive but efficient manufacture 
over a number of contracts. 

The new approach is already 
quite sophisticated, and subcontrac- 
tors have responded well to the 
challenge of, for example, supplying 
an automotive sub-assembly rather 
than a simple part, or adding more 
value to a component. That could 
involve, for example, sending out a 
machined part to be electroplated 
before delivering it to a customer. 

As its role develops, the engineer- 
ing subcontracting industry is also 
becoming better at getting its mes- 
sage across to potential customers. 
More than 500 “subbies" will be 
showing what they can offer at the 
Subcon’94 exhibition at Birming- 
ham's National Exhibition Centre 
from April 11-15. 

But many believe that, behind the 
rhetoric of supplier development 
programmes and long-term partner- 
ships, there is still some way to go 
before an ideal level of trust 
between both sides or the industry 
is achieved 

“Things are moving in the right 
direction," says Bob Knox, manag- 
ing director of Luton-based Stan- 
bridge Precision Turned Parts, “but 
one is always a little bit worried 
about a long-term partnership. 



Tmra Ikltpin 

Bob Knox: “One is always a little bit worried about a long-term partnership'* * 

Wanted: a more 


gentlemanly style 

Engineering “subbies” still have an uneasy relationship 
with their larger customers, writes Andrew Baxter 


What happens if someone comes 
along and offers to cut the price for 
the customer by Vip on each part?" 

The problem of lack of trust was 
highlighted last month in a report 
by Professor Richard lemming of 
Bath University School of Manage- 
ment for the Department of Trade 
and Industry and the Society of 
Motor Manufacturers and Traders. 
The necessary levels of trust are not 
present in the motor industry for 
“lean supply” and consequently 
comprehensive lean production - to 
become a reality, he says. 

Sandford agrees that the automo- 
tive industry has had a reputation 
for being ruthless with its suppliers, 
whereas partnerships in the aero- 
space industry are more estab- 
lished. Overall, he says, when there 
is trust in a partnership it works 
well but when the relationship is 
poor it can be unfair on the sup- 
plier. "The supplier must be able to 
invest and make a reasonable 
profit otherwise when the next con- 
tract comes up it will lose out on 
cost" he says. 

One potential problem area is 
abuse of the open-book costing sys- 
tem. where subcontractors - but 
not. usually, their customers - 


reveal all their costings and profit 
margins. “If the books show the 
subcontractor is making a 5-6 per 
cent profit margin and the customer 
says, ’We think you should only be 
making 2 per cent and investing in 
new equipment,’ that’s when the 
problems start," says Sandford. 

Fortunately for the subcontrac- 
tors, many customers realise they 
would be harming themselves by 
ending a long-term relationship sim- 
ply because a rival supplier offered 
a slightly better deal, as the rela- 
tionships are becoming deeper and 
thus less easy to end. 

Companies such as Stanbridge, 
meanwhile, are developing their 
own expertise to ensure that they 
can retain their long-term custom- 
ers and win new ones. The survey 
for the 600 Group pointed to the 
need for “subbies” to invest in high- 
quality equipment. “A state-of-the 
art facility pulls a lot of weight 
Customers like to see progress 
being made improving efficiency.” 
says Edward Kydd. managing direc- 
tor of Gatehouse Industrial Ser- 
vices. based in Mildenhall, Suffolk. 

Gatehouse, which makes sheet 
metal parts for the electronics, fur- 
niture and office equipment indus- 


tries. has just spent about £250.000 
on new equipment which has led 
efficiency to rocket, says Kydd. 
Then there is the need for proof of 
quality manufacturing. Kydd is 
awaiting accreditation under Brit- 
ish Standard 5750, and says that 
with 75 per cent of his customers 
having achieved the quality assur- 
ance standard already. Gatehouse 
needs it to maintain its position. 

At Stanbridge, Knox says the 
company’s commitment to quality 
over the past five years, symbolised 
by its achievement in 1991 of Ford’s 
highly demanding Q1 assessment, 
has helped it win extra business. 

Sometimes, the commitment to 
quality ieads to increased costs that 
cannot be passed on to the cus- 
tomer. But the “subbies" are also 
forming their own long-term rela- 
tionships with their suppliers, for 
example of raw materials, so that 
costs and benefits can be 
balanced. 

Kydd sees this as a return to a 
“more gentlemanly” way of doing 
things, echoing a call from one of 
the companies quoted in the report 
for the 600 Group: “We’re all in this 
together and should work together 
more to weather the storm.” 


BUSINESS OPPORTUNITIES 

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Trafalgar Square 



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AMSTERDAM 

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Photocopier, Fu, W.P, * Flexible lease Terms 

Personal Telephone Answering ■ ImmetlialcU Available 

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Your Partner in u»er HO InlcnuilonaJ Baling Location, 


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We are an independent, service orientated company who will show you a 
flexible alternative to inflexible bank facilities 
MBOs AND ACQUISITIONS A SPECIALTY 
TURNOVER £5O0K PA. AND ABOVE ONLY 
Write or telephone in the first instance: 

Scott Bradley or Brian Sumner 
Causeway Invoice Discounting Company Limited 
12 St Ann's Square. Manchester M2 7 HS 
Telephone: 0OI-K32 4442 Fa.v 061-U32 4U5« 

Grant Smalc or Richard Ingoldhy 
Causeway Invoke Discounting Company Limited 
7 Hanover Square. London WIR 9 HE 
Telephone: U71-495 2525 fax: 071-19 1 2050 


COMMERCIAL PROPERTY 

Manufacturing company wishes in purchase an excellent modern and 
well located facinry/showroonuoffices from J Receiver for it’s own use. 
Private mortgage required of fl^m. 

Excellent return offered plus possible equity participation. 
PnncqutN oniv. please reply to: i Perrin Esq. FCA. ATII. Wagner and Partners 
Ctuni-Kil . UvnunuoK Mama House, J W J Finchley Road. London NVV3 6BX 
Tel: 071 7*M Uh5S Fa*: 071 43V U44V 


MASTER 

LICENSE 


Go with o proven leader In 
commercial and residential 
cleaning services. 64 year old 
USA company now expanding, 
offers master franchise In your 
marker. Entrepreneur maga- 
zine ranks In Top 1%. Extensive 
training programs. Staff avail- 
able for immediate develop- 
ment. Si 00.000 minimum 
capital requited. Contact: 


Duradean 

I.F, Marshall, President 
Durodean International 
Deerfield. IL60015 USA 
Tel: (706) 945-2000 
Fax: 708-945-2023 


FRANCHISE 
MASTER LICENCE 

Established fraocfai.sc system in 
Ibc United Kingdom ia selling its 
UK master licence. Master 
licence in other European 
countries also available. Profit 
centers include franchise sales, 
supply sales and royalty income. 

This one of a kind service 
business with no competition is 
one of the fastest growing 
franchises in America. 

For information contact: 
Professional Carpel Systems 
Sieve Hoff 
(404 J 362-230U USA 
(4041 362-2R88 Facsimile 


■a 


COMMERCIAL ACCEPTANCES LT* 


i nurNaM-irATuirewNOC 
nwf«— *- r (Mfnnriaf 
and fi— mrfr 1 


| OAT - • 


071 289 3326 


LUXURY HOLIDAY HOMES 

GIVING A SECOND INCOME IN 

CORNWALL 


mjH 

Icraijb'J JO ya 
lcutltld 




i* ■ tr i i wn 

'tSVET&VU lRHga 

-Lam Cobb 
•S eortOwmbp 
■ Send tab ritolppltePnperty'lKfag fare* 
(UsCBa- 


Cnrt ttw Hckm, fib: Sdflr* <juj Sim. TotTHSC 


0872 22S580 


^ Books ^ 
and Records 

Long established Home Counties 
books and records business has 
weathered the recession and needs 
fresh energy and ideas for 
development. Owner seeks partner 
with enthusiasm and finance. 
Turnover in excess of JElm p-a. 

Write ro Bax B2586, Financial 

\ Times, One Sautkmsrk Bridge, 
London SEI 9HL 


CONFIRMABLE DRAFTS 
BACKED BY CASH 

* Issued in Your Name 

* Confirmed by Major Inrt Banks 
to Prove AvalbbOliy of Funds 

* Backed by Private Investors 

CAPITAL SUPPORT CORP 

U.S. i7 14J 757- 1070- Fas (714} 757-1 2TO 


Plastics Venture 

Corporate partner sought, preferably 
with moulding and fabrication capacity 
to participate development and licenced 
manufacture advanced automotive 
energy storage sysartn*. £6tn total capital 
required, £50m-* potential sales. 

Write to Box 82583, Financial Times, 
One Southwark Bridge. London SE1 'HfL 




toumum jfo Qitir 77to ffio qti-. 




ENTS 


Opportunity available lo 
buy/sell pet investments. 

For further information write to 
Box B2S6K. Financial Times. 
One Southwark Bridge. 
London SEI -JHL 


Nationwide Mail Order 
Computer Supplies Co. 
Vo 600k, Lrge Data Base 
No hardware or software 
For sale/Merger/Synergy 

rniMiipab mb reply Box BC575. 
FnnnruJ Tirmx One Scultiwart Bndgc. 
London SEI WJIL 


FOR SALE 

PATENTS FOR ELECTRICAL 
DIY PRODUCTS 
Full wcnldwidi! patens (or innovative 
map: of electrical DIY products for wk 
or license. Products fully developed 
and ten marketed. 

For further information write to: 

Box B25ft7. Fuuncial Tunes. 

One StWhmtk Bridge. London SEI VHL 


COMMERCIAL FINANCE Verrira Capttri 
avMafcto turn £260,000 upwaraa StttslUe 
Rales. Scnsfirfe Fees. Broker enquiries 
wScome Anglo American Ventures Ltd. 
Jet <t»24) 201365. Fat (OB241 201377 

NIGERIA Have CBN/FMF connection to 
recover monies property rite. Pa ree rt ug e 
foe only. Minimum ESO.OOO. Fax: 081 STB 
8530. 


I M MEDIATE 
LOANS 


Short term cash loans 
available against: 

Antique! & nuihegs, 

Jewellery a>hi valuables. 
Non-tarn, CCJv no problmi- 

Bond St. Investments 

ll'iam fiw 


Tel: 071 493 2947 


CHANNEL 

ISLANDS 

Offshore Company Formation 
and Administration. Also Libera. 
Panama & BVI etc Total offshore 
facilities and ! 


As d cMh ud appo int— write 
Ouy Then Ltd., Bdmaw Howe. 
2-6 Bdnum M.SI Heticr. Jeney.CX 
Tel: 0534 78774, Fa 0534 35401 
0x4162227 CO FORM C 


TWO MILLION 
SWISS FRANC 
Tax Lou available when you purchase a 
Swiss re s to r ed SA Company with Two 
Hundred Thousand Swiss Franc Share 
Capital. The Company is domiciled in 
Geneva. Offers from Principals only by 
Tin March 1944. 

Write to: Box B2570. Financial Tunes 
Ooc Southward Bridge. Loodon SEI 9HL 


OPPORTUNITY 
FOR INVESTMENT 

In Established Distribution 
Company (T/O I A M) 
(SE UK) Seeking £100k+ 

Beptjr Mi Box B2S8I. Finmriil Timet, 

Ok SoariMxit Brito lowlon SEI 6HL 



r*u dewfc Ml liliMmr. la i 


■MaoawBniitibtm 




FUNDS AVAILABLE 
TO PURCHASE 

* Letters of Credit 

* Bank Guarantees 

* Other Acceptable Collateral 

* Backed by Private Investors 

THRU MAJOR INTI. BANKS 
CAPITAL SUPPORT CORP. 
US (714I757-I0J0* ftfif714| 737- 1Z» 


FOR SALE BY TENDER on TTfi Aprt IBM. 
Suffolk industrial and Building s and 
operation ns a going concern. Freehold 
surface end minerals comprising 
approximately 29 acres. Write to Box 
B2S&4. Financial Tlmaa.One Southwark 
Bridge. London SEt 9HL 

PAH-EUHOPEAN COMPANY Is looting for 
participation or takeover of a British 
company In tiro urea of computer 
maintenance. Write to B* B3S7E, ftmU 
Tknaa, One Southwwk atdge, London SEI 
9HL 

GERMAN COMPANY IS Interim art In 
participation or takeover ol a British 
corepNiy woridng h access control antVor 
a™ and an a alma Wffta to Sox B2SSD. 
Financial Times. One Southwark Bridge. 
London 8E1 SH. 


FOR SALE 

0.25 acre industrial development site at Rushden. Northamptonshire. 
The site has the benefit of a planning consent for a ready mix concrete 
plant In general, a variety of Bl and B2 uses are likely to the 
acceptable to the local planning authority. 

Write to Box B2582. Financial Tunes. One Southward Bridge. London SEI 9HL 


BUSINESSES WANTED 


ft 




FUND MANAGERS 

On behalf of a UK based client we are offering to buy existing 
discretionary and non discretionary trust or fund management 
agreements, and/or companies Involved in such businesses. 

CXr dent is wHtog to pay-on unusually attractive purchase price for 
funds under management on tong term cantrocls. 

For shorter term contracts or companies Themselves the price wffi be 
negotiated on a case by cose basb. 

Please reply in strictest confidence to: 

Crtsum Corpora te CoreuBtng limited. 

I Sfofce Road, Guffdtord, Stxrey GUT 4HW 
Teh <04631 458300 Fcoc (0483) 458400 


% 




WANTED 

rr TRAINING COMPANY 

Diverse pic wisbes to acquire an IT Training company. 
Ideally the company would be manufacturer approved over a 
range of software applications, programming languages and 
networks. Turnover £lm toflOm. 

Replies from principals only in strictest confidence to 
Box B25S5, Financial Times, 

One Southwark Bridge, London SEI 9HL 


WANTED 

COMPUTER SOFTWARE AND SERVICES COMPANIES 
A software and services poop requires com pinks in l Ik fol lowing sectors: 

♦ Local Government Software ♦ Network Services ♦ Payroll Processing 
* Network cotueetivirv products <► Dbtribarion Software 
The companies need not be profitable and an outri&tu purchase or an imresfmem 
will be considered. Please contact Grant Oliver in complete confidence at 
Frontier, 184a Ashky Road, Hale. Altringham. Cheshire WAL5 9SF 
TcL 06 1 7472 Fax: tte I *»29 7IX) I 


flfiqmgjfion or Haag laamBfc 

Agricultural and Garden chemicals 

Wa are a long established family company, currently trading In the 
manufacture of pest control products. 

Wp geek to acquire (or po&stoty marge with) a similar company, preferably with 
an identifiable and directly marketed product. We anticipate suitable 
companies win have turnover ol up to £Z5m and preferably be located In the 
Mdtands 

We totally respect confidentiality. 

Writi to BOX B2S58, Financtammes, 

One Sotuwhark Bridge, London SEI 3FB. 


BUSINESS WANTED 

Successful nuntgcKlit team seek in 
expand their existing business by 

merger or xetpasiDoa 

We wold like to hear from companies 
bl the North West in [be engineering, 
fabrication or mcriunicil bundling 
sectors (Turnover £1-5 million) lo 
dbam sale or earn-out opportunity. 
Reply ar Box B2S57. Financial Tima. 
One Soohwart Bridge. Lutxho SEI 9HL 


Long established textile 
manufacturing company wishes to 
acquire (textile yarn agencies 
and textile importers) as part of 
our expansion programme. 

Write to Box Bi5t2, Financial Times, 
One Sou&nork Bridge. 

London SSI 9HL 


PUBLIC COMPANY wants lo Acquire 
oam pa ntafl and Intuse captol. Contact Ray 
SnuBfei at SOO-74S44S7 or 801-57^831 1 


BUSINESSES 

WANTED 


PLANS TO RETIRE? 
UNFULFILLED 
DEVELOPMENT PLANS? 

A group of West Midlands based 
businessmen and investors 
wishing to expand their portfolio 
of interests welcome the 
opportunity to acquire majority 
shareholdings with ongoing 
management paiticfpation. 

Interesbed principals should forward 
In compteta confidence details of 
business and future business 
management development proposals 
to: 

Senior Partner. Herbert Wilkes. 41 
Church Street. Birmingham BS 2PT. 


OWN ED C AR 
FLEETS WANTED 

Estab lish ed contract hire 
company wishes to acquire 
company owned car fleets (fleet 
sizes upwards of 60 to ljOOO 
vehicles). Through a Sale and 
Lease Back release capital, and so 
create an instant cash fond to 
improve you/ liquidity and 
cashflow. 

Replica in Birirteatconfijknco. Prmopeb 
■mIj. Wriio Box B2710, Fin an cial Tiraw, 
One Saathmrk Brides, Idadoo SB1 9HL 


OFFICE 

EQUIPMENT 


FINAL WEEK 

MASSIVE CLEARANCE 
OF 

MAJOR CITY BANK 
OFFICE FURNITURE 


otfAMimc 

50 Flexiform Storage Cabinets 
£35.00 

200 Intarcrafi Storage Units 
£75.00 

Desks 
from £3500 
VDU Operators Chairs 
£50.00 

Selection of Executive Suites 
Board Roam and Meeting Room 
Tables and Chairs 
Divider Screens 
£45.00 
Workstations 

PHONE 

081 549 9339 


Recruitment 

Consultants 

Baaed South of England 
Prestigious high-tech diem base 
Turnover £1 -5M+ 

Seeks merger/ acquisition as a way 
of bene firing from 
new market opportunities. 

Write ro Box 82573. Financial Times, 
One Southwark Bridge. loodon SEI riHL 


Office Furniture 

Due to city bank order 
postponement wc haw a large 
quantity of quality executive and 
system ranges - conference and 
receptions. Large choice of 
veneers: (Walnut. Rosewood, 
Ash etc.) with discount of up to 
40% from R.R.P.I 
London showroom for viewing. 

Ptease contact 
LINEABURO LTD. 

W92 5033U 


BUSINESS SERVICES 


ARE YOU SETTING-UP A MEDIUM-SIZED COMPANY? 

FOR HIRE 

FULLY-INTEGRATED ACCOUNTING department 


.... ang Staff • 

Administration Assistant * Complete systems set-up guaranteed' 

£21 Ok pa - available on monthly notice. 

Write Bax B25S6. Financial limes, One Southwark Bridge, London SEI VIIL 


LIQUID ATIONSVRKCEIV EKSHIPS 

Every week, every company that has 
atone into liquidation and icoeivership. 

Whal they did, who the liquidator/ 
receiver is and their telephone number 
fur direct accesn. Winding up petitions 
4 dozens of auctions * Businesses Tor 
Sale. The weekly journal for the mast 
com prt benstv* and audroriniive 
aalkmwidc ewe tape of liqunbtioiis. 

receiverships and auahNb. 

Fur snfocriptwa details contact Page L 
Tri (1*172) 37128k Fu t 0472) J7I4S8 


business "Trouble shooter 
Sou* eustnen Mvtaot. Tet oeoa own 
F&K 0603 762239 

GROVESNOR ST. W1. Preetige h>n 
Miviced Offitaa. sec. lax shoriAang I, 
From £75 pat. Tet 071 493783a 

DAILY UPDATES DIRECT U your PC oJ , 
Wlndtag-ttP notltiofra / iktuMauona 
teodtotfafaa. Gompctawn manst ea«* 
FWOtor Wonrerim- UwtoX 081-201-5588 


HARLEY STA£ET BUSINESS CENTRE 
Fifty aunrirad triBces. business address, 
boardroom, all seaetortai sendees pins 
tree latophone and menage taking. Far 
tuttnr tttrfc ptane: 07) 637 &G06. 

RUSSIAN WTEHPHETEB I ENT REP RE N EUR 
For you ft afifoaftuBroninMiue *n OWYow 
canty. TaVFac M7 044 211 3201 May. 
UKrehe. 


All Advertisement bonltings nr 
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Terras and Condirinns, copies ■; 
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One Southwark Bndqc. 
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Tet 071 K7J 3323 Fax: 071 IC73 3 


















FINANCIAL, TIMES TUESDAY MARCH 22 1994 


13 


INVITATION FOR THE HIGHEST BID 
FOR THE PURCHASE OF THE GROUPS OF ASSETS OF 
MINAIDIS-FOTIADIS WOOL INDUSTRY SA^ OF ATHENS^ GREECE 

ETKNIKI KEPHALEOU SA., Administration of Assets and Liabilities of 1 Skoulniou So, Athens, Greece, in its 
r* M,NIA,D,S TOTTADJS WOOL INDUSTRY SA a company with its registered office in 
Con yanyl» presently under special liquidation according to the provisions of Section 46a of Law 
HW2/199U. (» supplemented by anide 14 of Lw 200ft'199I V, 

announces a call for tenders 

buibu purchase of any « all of the groups of assets mentioned below. 

BRIEF INFORMATION 

Tbe Company was eatoblished in 1943 and was iu operation until 1988, when it was declared banknmc On 21-5-1989, it 
was pla ced under special liquidation according to article 7 of Law 1386/83 and on 15-2-1994 under special liquidation 
acrorthjg to Uk provisions of section 46a of law 1892/90. as supplemented by article 14 of Law 2000/91. lts activitie* 
included the manutaciunng. selling and export of wool and blended fabrics. 

GROUPS OF ASSETS OFFERED FOR SALE 

1. A spinning ami weaving mill in tfie Athens area (surrounded by lakovnlon St. N. Ionia Avenue S. VLtantiou Sl D. 
Kant), consisting of Several buildings, covering an area of 10.438 sq. m, sanding on a plot of approximately 6.100 
sq^m. and containing machinery, mechanical equipment and a limited amount of stock in trade. The company's 
registered name ts also being offered for sale, allbough as well as other assets, excludiue wh rtarim* as have been 
asagued to third parties. 

2. A pkx of land of approximately 617 sq. m. located beyond the ertv pfenning area, iu the region of Kootsoufco oo the 
island of Salamina. 

3. A pkH of land of approximately 705 sq. m- located in the same area as the previous one. 

4. A plot of land of approximately 457 sq. nu, located beyond the city area, in the region of Alflti on the island of 
Sa lamina. 


OFFERING MEMORANDUM - FIIRTFTF R INFORMATION: 

Interested parties may obtain the Offering Memoranda in respect of the Company and its assets thereof upon «ig«iinp a 
confidentiality agreement. 


TERMS AND CONDI TIONS OF THE AUCTIONS 

1. The Auctions shall take place iu accordance with the provisions of article 46a of Law 1892/1990. the terms and 
conditions set forth herein and the Terms and Conditions of Sale" contained m the Offering Memoretula. Such 
provisions and other terms and conditions shall apply irrespective of whether they are mentioned hereto or not. 
Submission of binding offers shall mean acceptance of such provisions and ocher terms and conditions. Submission 
of offers in favour of third parties to be appointed at a later stage shall be accepted under the condition that express 
mention is made m this respect upon submission and that the offeror «haH give a personal guarantee in favour of such 
third parry. 

2. Binding Offers: Interested parties are hereby invited to submit binding offers, not taler ihun |4dr April 1994, at 11.00 
am hours, to the Athens Notary Public Mrs Ioanna GsvrreUl-Anagnosialaki, at the following artHn-pe- 18. Ftdiou Sir. 
Athens. Tel: +30-1-361.97 .28. Fax; +38-1-362^1. 9 L Offers should expressly state the offered price and the detailed 
terms of payment (m cash or instalments, mentioning the number of instalments, the dates thereof and the propo se d 
annual interest rate if any). In the event of mu specifying a) the way of payment, bl whether the instalments bear 
interest and cj the interest rate, then it shall be deemed that a) the offered price is payable immediately m cash, b) the 
instalments shall bear no interest and c) the interest rate shall be the legal rale in force (presently 32% yearly). 
Binding offers submitted later than the above date shall neither be accepted nor considered. The offers stall be 
binding until the adjudication. 

3. Letters of Pumnw Binding offers must be accompanied by a Letter of Guarantee, issued, in accordance with the 
draft Letter of Guarantee contained in the Offering Memoranda, by a bank legally operating in Greece, to remain 
valid until the adjudication. The amounts of the Letters of Guarantee must be as follows: (a) for the cotton spinning 
and weaving mill in Athens area (1st Auction}: Drs. 80400.000. • (EIGHTY MILLION), fbl for the plot of land in 
Koutsouko 1 2nd Auctions: Drs. 500.0(0. - [FTVE HUNDRED THOUSAND), (c) for the plot in the same Region (3rd 
Auction j: Drs. 500.000. - (FIVE HUNDRED THOUSAND). 

Letiert of Guarantee shall be returned alter the adjudication. In the event of noo-compliancc with the provisions and 
other terms and conditions referred to in paragraph 1 hereof, the Letters of Guarantee shall be forfeited as a penalty. 

4. Submissions: Binding offers together with the Letter or Guarantee shall be submitted in sealed envelopes. 
Submission* shall be made in person or through a duly authorised agent. 

5. Envelopes containing the binding offers shall be unsealed (successively as mentioned above, ic 1st Auction. 2nd 
Auction etc.) by the above mentioned Notary Public hi her office, on 14th April 1994, at 14-00 boura pan. Any party 
having duly submitted a binding offer shall be entitled to attend and sign the deed attesting the unsealing of the 
binding offers, 

6. As highest bidder shall be considered the participant, whose offer will be judged, by over 51% of the Company's 
creditors (the "Creditoi*”), in their absolute discretion, upon suggestion of the liquidator, to be in the best interests of 
all of the crcdiiots of the Company. Mention is made that for the purposes of evaluating an offer proposed to be paid 
in instalments. I be present value (hereof «haH be taken into account, which shall be calculated on the basis of a 
discount interest at an annual rale of 22% compounded yearly. 

7. The liquidator shall give written notice to the highest bidder to appear on the date and place mentioned therein and 
execute the contract of sale in accordance with the terms contained in his binding offer and/or any other i m prov ed 
terms, which may be suggested by the Creditors and agreed upon. Adjudication shall be deemed to take effect upon 
execution of the contract of sale. 

8. All cu>b and expenses of any nature in respect of (he participation and the transfer of the assets offered hereby for 
safe shall be exclusively borne by the participants and the purchaser respectively. 

9. The liquidator and the Creditors shall have no liability nor obligation whatsoever towards the participants in relation 
to the evaluation of the offers or the appointment of the highest bidder or any decision to repeat or cancel fee Auction 
or any decision whatsoever in connection with the proceeding? of the Auction. The liquidator and the notary shall 
have no liability for any legal or actual defects of the assets. Submission of binding offers shall not create any right 
for the adjudication nor the participants shall acquire any right, power or claim from tbia invitation and/or their 
participation in the Auction against the liquidator and/or the Creditors for any reason whatsoever. 

It). This inviution has been drafted in Greek and translated info English. In any event fee Greek version shall prevail. 

To obtain fee Offering Memoranda and any farther information, please apply to the liquidator's attorney in Athens, Mr 

Nikolai* Psurondakis at 3- Voukoureation Sir™ 10654 Athens. Tel: +30- 1^322.1 8.69 and +30-1-325.4L40, Fax: +30-1- 

325.41.40. 


Leading Fire 
Protection Company 

wishes to acquire a Ore extinguisher 
company/service con Irocts/re- filling 

facility- Wifein the U.K. 

Write to Box B 2559, 
Financial Timex, One Soutkwarit 
Bridge, London SB 1 9HL 


INSURANCE BROKERS 
Mainly commercial, 
located East Midlands. 
General insurance and 
financial services. Total 
commissions £lm plus. 

Reply W Bo* B257L FmuukuI Times On 
Suollnraifc Bndftf, LonJua S6I "HU 


EQ&jSALE- 

WelJ esuMi+hed. profitable shnpfminp 
and fo malting coasuluna company, based 

in west couniij with good U.N. 
aalomcr/cftrflf hue and reputation. Men 
factory t I2JXM fU available oo lease 
rrum co mml ptopricuns. Turnover in 
cv.-cs» ot £9oM Itu Dec 93 k 
Write to Bos tCSriJ. Financial Timet. 
One Swithwark Bridge. London SEt **HL 


TRAVEL AGENCY 

Long cxtaWislicd. 

AflTA and UT A Uornccs. 
Turnover 60*13)00 pa from business 
clients, based in Berkshire, 
l-nr further delaib: 

Box B25TI. Financial Tims. 

One Simibw ark Bridge. London SEt 9HL 


100* LIVE BUSINESSES FOR SALE 
Ml ware ol assets kxmloMy on 282118J 
F®c 071 70S 3484 



I*?.*-.,.* - j. r^-vs: 
• '-<•*’* ‘ ' -f/j r M y'>' 


Appear in the 
Financial Times on 
Tuesdays, Fridays 
and Saturdays. 


For further 
information or to 
advertise in this 
section please 
contact 


Karl Loynton on 

071 873 4780 


or 

Melanie Miles 

071 873 3308 



BUYING • SELLING 

BUSINESSES - ASSETS - PLANT? 

You should be reading the following: 


THE HP BOSHESS TO BUSHESS BULLETIN 

Receive details of up to 1,000 businesses tor sale each month through our 
bulletin and network service. 

AUCTION HEWS 

The national weekly guide to industrial and commercial auctions and tenders - 
liquidations, receiverships, bankruptcies, government surplus collective etc. 

BUSHESSES & ASSETS MAGAZINE 

Over 10 years nationwide advertising of businesses and auctions by receivers 
and liquidators - also coverage of 100+ live businesses -tortmghtiy. 

WEEKLY UQUKMTKNf & RECEIVERSHIP REPORTS 

Comprehensive weekly listings ot UK liquidations and receiverships plus 
winding-up petitions tuUy Indexed - the most up-to-date reports on the market 


TO RECEIVE FULL DETAILS CALL 071 418 421 2 


MUST SELL/FINAL SALE 

Latex Gloves 

180 K Boxes ol small size 

65 K Boxes of Medium size 

260 K Boxes of Powder Free Gtoven 

Size ratio 20/60/20 

Adult Diapers - 4 K Cases 

Procedure Gtovns size 6 or Small 

Only- 160 K Pair. 

Condoms 3.2 Million 
$2 MILLION EVALUATED 
If interested pteasn callflax USA: 
T«XtMd<Jr063+0528F^CtOT-3MH3+fl6l2 
I0W ftwo PrwnU4« 


Soaps and Toiletries 

FuUy equipped factory with 
extensive plant and machinery. 
Large capacity for production of al 
types of soaps and also liquid 
toiletries w®i varied packaging, 
cartoning and tube/bottto RHIng 
capability. Merger or outright sale 
of business considered. 

Write to Box B2S74. Financial Times. 

One Soutowarii Bridge. 

London SE1 DHL 


Tableware Distributor 

Long-established and profitable 
importer and distributor of 
tableware primarily to the catering 
market. Turnover approximately 
£3 million, strong balance sheet 
Sale due to lack of succession. 
For farther information. 

please contact: 

Bo* B25o3- Financial Times. 

One Svnihwarfe Bridge. London SE1 9HL 


SMALL INDUSTRIAL BUSINESS. 
OCCUPIES APPBOX. -W1 SO. FT. 
NO SPECIAL SKILLS NEEDED BV 
STAFF. FIRST FULL YEAR OF 
OPERATION 1993 SALES HOOflOO. 

PROFIT .Wr OF SALES VALUE 
AFTER ALL COSTS EXCEPT RENT 
' AND RATES. GOOD PRODUCT. 

Onat polrttbL WhwB« B364. 

fna.ii] Tines. Oae SaatmA Brldp. 
Links SEJ 9HL 


VtLAHOURA. ALGARVE. Modem marts 
„uj Mgws complex wan vlos and Mthei 
po^ntiW. Business tv sale. Ouatantfog 
cpporamly. 0fl» 82,061 ■ 


TELECOMMUNICATIONS 
FACILITIES MANAGEMENT 
COMPANY 

For Sate In London 

♦ T/O CSOOk 

♦ £80,000 Annual Support 
Contracts 

♦ UK and European Biue Chip 
Financial » Co mm ercial Base 

♦ Over 10 yarns of sofld tracing 

WMe to: Box B2S78, FhancW Ttmaa, 
One Soutoww* Bridge. London SEi 9HL 


FOR SALE 

SEAFOOD WHOLESALER 
South Coast 

owner wishes to retire. 

Sates £400.000 Gross Protit 28% 
Not Profit £50.000. Sound customer 
base. Leasehold premises; new 
equipment and storage facades 
owned. W1H sod goodwB. £195.000. 

Wlttn Id Box 02806. Ftnemfeinws, One 
Souhwmfc Bridge. Londwr SEI 9W- 


Profitable 
Niche Market 
Mail Order Business 
For sale due 10 owner's 
retirement plans. 

Apply U Bo> B2S76. 

Ftnaraxl Tims. One Sootlnmk Bridge. 
UndoaSEI 9HL. 


MOTOR FINANCE 
COMPANY FOR SALE 
Quality £7.0m motor hire 
purchase portfolio. Low arrears. 
Provincial base, preferably 
sale as a going concern. 

Write to: Bn* H2577. FubdcbJ Tunes, 
One Southwark Bridge. LoedonSEl 9ffL 


INSURANCE BROKERAGE cowercul 
S.E. England C.l. £*00.000 could be 
nuapod. Good preRa. WMa e Bn B2». 
mandat Timas. One Southwark Bridge. 
London SEI DM. 


BUSINESSES FOR SALE 


u 

p‘j 

t 

vO 


Established Trade 
Stockist 


C 


A . 

6 1 
Lf *b c 
^ f 
$ 


* 


V 


1 




3 

& <r'' 

•°h* 

^ r 


Southern England 

Batchelor St Lee Ltd (In Receivership) 
is a supplier of contractor’s tools, 
janitorial products, protective clothing 
and road hazard equipment to the 
building and civil engineering industries 
and public authorities. 

■ Established 1972. 

■ 6 locations in the South of England. 

■ 2 freehold properties; Bristol and 

Folkestone. 

■ 4 leasehold properties; Iver, 
Wimbome, Abingdon and 
Peterborough 

■ Annual turnover £ 10m. 

■ Large customer base. 

■ Experienced sales team. 

■ 109 employees. 

For further details contact The Joint 
Administrative Receivers, 

Peter Flesher and Maurice Withall, 
Grant Thornton, Grant Thornton 
House, Melton Street, Euston Square, 
London. NW1 2EP. 

Tel: 071 383 5100. Fax: 071 383 4077. 

Grant Thornton® 

The UJL member firm of Gram Thornton ImemukxuL 
Amfaortjoi try the lototuicot Chartered Accountant! iu 
England ind Wile* «o carrr oc investment bpwam 


{p 

N 

j? * 

h 

lA, 

^O 1 

$ 

vr 

r? 

if ^ 

b'f 



Wimbledon 
& South West 
Finance PLC 

The Joint Administrate rc, Malcolm Cohen and 
Raymond Hoclang of Stoy Hayward, seek often 
for the whole or parr of the business and loan 
book of the above company which is currently 
authorised under The Banking Act 1987. 

The company has a mixed loan portfolio valued 
at _£26m as at 31 December 1993 consisting oF. 

♦ Residential property mortgages. 

♦ Home improvement loans. 

♦ Property development loans. 

♦ Other commercial property loans. 

There arc over 350 loans which vary m site 
from j£5,000 to ^1.2m. 

In addition the company has leasehold premises 
in the City, EC1 . 

Interested parties should contact Malcolm Cohen 
ar 8 Baker Street. London W1 M I DA or 
Telephone: 071-186 5888. Fax: 071-935 3944 
quoting reference 7/PDC. 


STOY HAYWARD |*fewssfc$ 


.■h.vurtljnls znj Busina: .ijrnm 
Authorised be 
the Institute of 
Chartered Accountants 
in England and Wales 
ro carry on investment buune*. 


A member of Horwaih International 


TV L*Im jpd 
VdiEAiAn 
aSwiH<yuriw 



nz»r 


Humberts Leisure 


Staffordshire 

Wolverhampton 6 miles Telford 8 miles 

Patshull Park Hotel, Golf and 
Country Club and Patshull H al l 

A modem hotel set within mature parkland golf course, 
overlooking superb ornamental lakes and with potential for 
expansion subject to planning. 

• 49 ensuite bedrooms 

• 18 hole golf course constructed within Capability 
Brown parkland 

• 85 acres of lakes, stocked for trout and coarse fishing 

• Listed mansion with potential Tor alternative use 

• Within 30 minutes drive of entire West Midlands Fj 

conurbation 2 

Approximately 258 acres in all. * 

FREEHOLD FOR SALE BY PRIVATE TREATY AS 
A GOING CONCERN. 

25 Grosvenor Street, London W1X 9FE 
071-629 6700 


HOTELS & LEISURE 


CHESHAM. 

BECAUSE YOU ONLY SELL 
YOUR BUSINESS ONCE. 


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

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



CHESHAM 
AMALGAMATIONS 
The first name in merger broking. 


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


J 


NAVER TEXTILES LTD LEICESTER 



The shareholders offer for sale, as a going concern tbe business and 
assets of a yam dyehouse. specialising in package dying acrylic and 
acrylic mixtures, to established chain store suppliers. 


Features: 

1. Profitable and financially sound. 

2. Skilled workforce of 35. 


3. Turnover £3m - £4m. (Capacity up to 40 Tonnes per week) 

4. Modem freehold premises. She aboul 2 acres. Factory about 35,000 sq ft 
rimaicd ax fee centre of tire latswear and hosiery indistry. 

5. Fully equipped plant. 



Apply for further details to: 

Tbe Managing Director, Naver Textiles LnL, 
94 Gipsy Lane, Leiceser LE4 6RE 
TeL 0533 666551 Fax: 0533 610394 


r 


jj&itSx&v i . . " . ""J ‘ . “ 1 .... ..... j.. • •: ........ ■ .■ . 

f^SS;%SCSREEJWLAS J LtMITED: 


Touche 

Ross 



(Ln Administrative Receivership) 
The Joint Administrative Receivers, J. B. Atkinson and A. R Peters, 
offer for sale the business and assets of the above plastic 
thermoforming company, supplying principal h the horticultural, 
produce and building marker. 

■ Annual turnover of around 1 1 million. 

■ In house larilitv to recede thermoplastic. 

■ in house sheet extrusion facility. 

■ ApproximateK 1.5 acres freehold premises with development 
potential situated in Welshpool. Powvs. 

■ Loval and experienced workforce. 

For further information, please contact joe Atkinson or Fiona 
Conway at Touche Ross & Co., Co I more Gate, 2 Culmore Row. 
Birmingham B3 2 BN. Tel: 03 1 200 22 1 I . Fax: 03 1 2 3b 1 5 U. 


)i4Kyr.d b> Uk fe Idmi J ■ kahml # I »,Ual W sL- «■• . #!• Ip.Miinaii R— -• 


ELSIE WHITELEY LTD IN 
ADMINISTRATIVE RECEIVERSHIP 


The Joint Administrative Receivers, Nick Robinson and Gary Blackburn, offer for 
sale this established manufacturer of ladies blouses. Oilers are invited from interested 
parties in the business as a going concern, as a whole or in part. 

H Annual turnover in excess of £2m. 

■ Current order book of over £1 /2m. 

■ Skilled workforce of 80 

■ Established customer base of independent retailers and high street multiples. 

■ Freehold premises in Halifax and Barnsley of 53,000 and 5.000 sq. ft- respectively. 
For further details contact: Mike Hall or Lindsey Cooper, Kidsons Impey, 

Devonshire House, 36 George Street, Manchester, Ml 4 HA. 

Tel: 061 236 7733 Fax: 06l 236 7020. 


KIDSONS 

IMPIY 


Chartered Acceuetsils 


A member of HLB International 

Registered to carry on audit work and authorised 
to carry on investment business by the Institute of 
Chartered Accountants in England and Wales 



Turner-Fain Limited - TF Archiplas Limited 
Turner-Fain (Shopfronts) Limited 

The Joint Administrative Receivers otter lor sale the business and assete ol the above companies:- 
Prindpal features include: 

■ Manufacturers and Installers ol htflh quality aluminium and upvc windows and shoplronts. 
aluminium curtain walling boih thermally broken ana non-ihermally broken 

■ Combined turnover ol c£4 million pa 

■ Based Drottwicn (wtunn 5 mBes ol MS junction 5). Freehold premises ol 1 1.000 and -11.000 sq.lt. 
For farmer Information contact the Joint Administrative Receiver. John Wheatley. 

KRUG Peat Marwick. 2 Cornwall Street. Birmingham B3 2DL 
T«k 021-233 1666 Fac 021-233 4330 


IWWI 


Corporate Recovery 






Control System Engineers 

Specialists In design, manufacture, supply and installation of 
heating, ventilation, and air conditioning control systems. 

Located in South East of England. 

Reputation for high quality and reliability. 

Annual turnover in excess of £3 million. 

Consistently profitable track record in previous years. 

Annual net profit in excess of £500.000 before proprietors’ 
emoluments. 

All interested parties (Principals only) contact: 

Peter Nash 
NASH ASSOCIATES 
Roslyn House. Sun Street 
Hitehin, Herts SG5 1AE 


Tel: 0462 42001 1 


Fax: 0462 441433 



RETIREMENT SALE 

Leading Supplier of 
Ladies Blouses, Soft 
Separates. Dresses and 
Evening Wear to Major 
High Street Stores. 
Turnover £4 Million 
PBT £414.000 
Based in London 

to B2607. FhancW Tlnwh 

Southwark Brtdpo, London SEI 8HL 


COMMERCIAL 
PRINTING CO. S.E. 

Old Est business. Sole 
proprietor wishes to retire. 
Blue chip clientele. WBUng to 
sdl/rnerg e/take consultancy 
buy-out T/O 500 K, Low 
overheads. Gd lease. Exe staff. 
Profitable. Principals only. 

Reply to: P Mutter, 

The Old Post Office, West 
Grtnstead, Cowfold, 

West Sussex RH 13 SLY 


dew writ* or fa* 
to fee firs Inriam to 
Andrew Egon lor farther derails 

Fax 0532457413 


Weatherall 

Green & Smith y 

29 King Street Leeds LSI 2HP 

0532-442066 


W. - 1 * ■ - - - to* 


BUSINESS ft INVESTMENT ANALYSIS 
Spain & South AiMriea. Corporatn 
Rnance fam o&are Hgh qtatoy sntviw to 
knnstog ktaboana. aoctonlcera, wdtn 
eaptoftBs. etc. knaresed h tmeetmm h 
Spain and South America. Contract ot 
prajaet basis. BCN CAPITAL S.UI. Atom 
At aw, Rogar da LTurfa 44 S*. 08009 
Barcelona, Spain. Tel. 34-3-3019090 
Fw 301 9036 


UNIQUE HISTORICAL CAR COLLECTION 

7 superb vin tage , pre-war and historical cars used in conjunction with a 
HIGHLY SUCCESSFUL BRIDAL CAR HIRE BUSINESS 
Long established market lemler with excellent reputation. 200-300 weddinpi a 
year. Over £40,000 worth of advanced bookings. Superb opportunity to combine 
tnuresi/bobby with secure income. Merger or safe considered. 

Price guide £200X410 • £2SOjdOOL 

Tel: 0734 732630 









14 


Spanish state aids 
can continue 



EUROPEAN 

COURT 


The European 
Court of Justice 
bas ruled that 
Spanish tax 
exemption provi- 
sions benefiting 
the public sector 
were state aids. 
But the Court said 
the provisions could remain in 
operation since they predated 
Spanish membership of the Euro- 
pean Community and had not 
been declared incompatible with 
the common market by the Euro- 
pean Commission under the 
appropriate procedure. 

The ECJ gave its ruling in 
response to questions from a Val- 
encia court relating to the inter- 
pretation of the EC competition 
and state aid rules. The questions 
arose In the context of a dispute 
between the Banco de Credito 
Industrial SA and the Valencia 
Ayuntamiento over the imposition 
of a local business tax during the 
tax years 1983 to 1968. Banco de 
Credito claimed that it was 
exempt from all public taxes. 

The Luxembourg Court clarified 
a number of preliminary matters 
before turning to the Spanish 
court's questions. It noted that 
Banco de Credito was considered 
by the Valencia court to be a state 
company, because of an indirect 
capital holding by the state. It 
pointed out that the questions 
were irrelevant with regard to the 
tax years 1983, 1984 and 1985. 
because they predated Spanish 
accession to the Community. And 
It said that the factual background 
of the case indicated that only the 
Treaty rules on state aids were 
relevant to the national litigation. 

Accordingly, the ECJ redefined 
the questions referred. It said the 
Spanish court was really asking 
whether treaty rules governing 
the public sector read together 
with the prohibition of state aids 
precluded the application of a 
national law granting a tax 
exemption to public sector busi- 
nesses. 

The ECJ held that, although 
such national laws were state 
aids, they could continue in opera- 
tion so long as the Commission 
bad not declared the aids incom- 
patible in accordance with the pro- 
cedure applicable under the treaty 
to existing aids. 

The Court confirmed that the 
state aid rules apply to public and 
private business alike, subject 
only to the exception available to 


the provision of public services of 
a general economic interest, ft 
said that a measure whereby cer- 
tain businesses were granted a tax 
exemption not available to others 
constituted a state aid. Where 
such an aid was of a type to affect 
trade between member countries 
and to restrict competition, it was 
incompatible with the common 
market unless it could benefit 
from the exceptions provided for 
by the treaty state aid rules. 

However, the system for moni- 
toring state aids set up under the 
treaty requires constant review of 
aids by the Commission, which is 
responsible therefore for declaring 
the incompatibility of aids, subject 
to the control of the Court, in 
accordance with the applicable 
procedures. The Commission's 
powers extend to aids granted to 
public sector businesses, and in 
particular to those to which mem- 
ber countries have entrusted the 
provision of services of a general 
economic interest. The distinction 
made between the procedure 
applicable to existing and new 
aids applies equally. 

The ECJ said that, since the aid 
in question was created prior to 
Spain's accession to the Commu- 
nity, it was to be categorised as an 
existing aid. In accordance with 
the Court’s case law. existing aids 
may continue in operation so long 
as the Commission has not 
declared than incompatible. 

Consequently. It followed that, 
so long as the Commission had 
not declared an existing aid 
incompatible, it was not necessary 
to examine if. and to what extent 
the aid could escape the treaty 
prohibition of state aids under the 
public sector exception available 
to businesses entrusted with the 
provision of services of a general 
economic interest 

C-3S7I92, Banco de Credito Indus- 
trial SA ( now Banco Exterior de 
Espana SA) v Ayuntamiento de 
Valencia. ECJ FG March 15 1994 

Spanish museum charges un- 
lawful 

The ECJ Has condemned as dis- 
criminatory museum entry 
charges in Spain. While all Span- 
iards enter free, other EC nation- 
als must pay unless they are 
under 21 or resident in Spain. 

C-45193, Commission v Spain, 
ECJ FC. March 15 1994 

BRICK COURT CHAMBERS, 
BRUSSELS 


FINANCIAL TIMES TUKSOAY MAKi il -.. 1 W4 

BUSINESS AND THE LAW 


Analysts wary 
of tighter net 


Robert Rice looks at the impact of 
expanded insider dealing regulations 



7haSootSffMn 

Mackie: his acquittal bas done little to allay investment community fears 


T he quashing last month of 
the insider dealing convic- 
tion of Mr Thorold Mackie, 
a Scottish Investment ana- 
lyst, has done little to calm the 
nerves of the UK securities industry 
about the new insider dealing laws 
which came into force at the begin- 
ning of March. 

His conviction in 1992 sent shock 
waves through the securities Indus- 
try. To many Mr Mackie's prosecu- 
tion seemed little more than a 
heavy handed attempt to punish a 
respected analyst for doing his job 
welL 

Events leading to the conviction 
involved Mr Mackie. who worked 
for Edinburgh stockbrokers Bell 
Lawrie White, learning from Mr 
Peter Runciman, chairman of waste 
disposal company Shanks McEwan, 
that things were not going well at 
the company. Mr Mackie subse- 
quently advised his clients to sell 
short. Soon afterwards Shanks 
McEwan issued a profits warning. 
The shares sold by Mr Marine's cli- 
ents realised £l.4m more than they 
would have done after the warning 
was issued. 

Mr Runciman gave evidence at 
Mr Marine's trial that he had told 
Mr Mackie that the company was 
about to issue a profits warning. Mr 
Mackie maintained that he had 
merely said there would be little by 
way of growth In earnings per share 
during the current half year. 

But his ordeal also served as a 
sharp reminder to the investment 
community of what the new law 
had in store. The drive to create 
open and fair markets by widening 
the scope of the UK’s insider deal- 
ing laws appeared to threaten irre- 
versible change to the traditional 
relationship between investment 
analysts and the corporate sector. 

Since the Mackie trial many ana- 
lysts will now only talk to compa- 
nies in pairs so that corroboration 
of what was said is possible if 
required. And it has become 
increasingly common for analysts 
to begin meetings with company 
chairmen by begging them not to 
tell them anything which may 
make them an insider. 

In spite of Mr Marine's subse- 
quent acquittal the investment com- 
munity remains wary and there is 
little sign of them relaxing their 
guard while the full impact of the 
new laws remain uncertain. 

Their concerns were on display in 
Edinburgh last week at a seminar 
organised by the Securities Insti- 
tute. Mr Frank Doran and Ms Kath- 
leen Stewart of Scottish solicitors 
McGrigor Donald attempted to calm 
nerves by pointing out that despite 
the wider ambit of the new regime 
many of the principles of the old 
law still applied. 

The new laws make it an offence 
to deal in securities or encourage 
another to do so when in possession 
of inside information, or to disclose 


inside information other than in the 
proper performance of a job. 

Their scope has expanded in three 
respects: the securities covered; the 
markets regulated; and the geo- 
graphical area of the offence. Deal- 
ing now includes any off-market 
deal made through a professional 
intermediary as well as those on a 
recognised stock exchange. Securi- 
ties has a wider meaning and will 
include debt securities, depositary 
receipts, options and futures. The 
offences now cover markets in 19 
European countries and extend to 
any investments made through 
intermediaries, and disclosure or 
encouragement made to persons in 
the UK from anywhere in the world. 

Inside information is defined as 
specific price-sensitive information 
relating to particular securities 
which have not been made public. 
The 1993 Criminal Justice Act pro- 
vides that it will be judged price- 
sensitive when, if made public, it 
would be likely to have “a signifi- 
cant effect" on the price of any 
securities. There is no longer any 
requirement for a connection 
between the insider and the com- 
pany to which the information 


relates, but the individual must 
have obtained the information from 
an inside source. 

There are a number of general 
defences: the insider had no expec- 
tation of any profit, or the avoid- 
ance of any loss would result from 
dealing on the basis of the informa- 
tion; the insider reasonably believed 
that no parties to the transaction 
would be prejudiced by not having 
the information; and the insider 
would have done the same thing 
even without inside information. 

There are also specific defences 
for market makers acting in good 
Eaith; persons acting reasonably on 
market information; and those act- 
ing in conformity with the price sta- 
bilisation rules in the 1986 Financial 
Services Act. 

Part of the problem faced by the 
financial community in interpreting 
the new law over the coming 
months is the lack of any precedent. 
Since insider dealing laws were first 
introduced in the UK in 1980 there 
have been just 32 prosecutions and 
15 convictions, of which 9 pleaded 
guilty leaving only 6 convictions 
resulting from contested cases. As 
Mr Neil Davidson QC pointed out 


six cases under a previous regime 
are not much of a guide as to toe 
likely impact of the new law. 

Companies fear the new law will 
interfere with normal contacts with 
investment analysts. Mr Brian Fid- 
ler. finance director of Christian 
Salvesen. told the seminar that if 
the net result of the new regime 
was that companies stopped talking 
to analysts it would be a big step 
backwards in the drive to create 
more perfect markets. 

His views were echoed by Mr 
Adrian Fitzgerald, director of equity 
research for NatWest Securities in 
Edinburgh. The new laws could 
seriously threaten valid lines of 
communication between analysts 
and companies, he said. If the effect 
of the was that analysts would be 
forced to tell companies “please 
don’t tell me anything which may 
help me to make a better value 
judgment” then there was a serious 
danger of information and commu- 
nications becoming sterile. 

He said the regulations would 
lead to less efficient markets with 
securities incorrectly priced; more 
speculative comment; more volatile 
securities prices; and an increase in 
profits warnings under stock 
exchange guidelines on dissemina- 
tion of price-sensitive information. 

But there are more specific con- 
cerns. Mr Fitzgerald said it would 
often be unclear whether informa- 
tion had been made public or not. 
This meant that when analysts 
wanted to use information but were 
unsure whether it was public they 
would have to consult a compliance 
officer and possibly lawyers. 

There is also concern about what 
is and what is not price-sensitive 
information and what constitutes 
"significant impact” on the price of 
securities. To many in the City sig- 
nificant means movement of 10 per 
cent or more. But Mr Fitzgerald 
said there was “little logic in a law 
which says here is a grey line, step 
over it and you commit an offence, 
stay behind it and you are OK”. 

He added that If “significant” was 
judged by an arbitrary movement in 
share prices you could end up with 
odd and nnfair results. A fund man- 
ager who got it right and made 
£150.000 would escape prosecution if 
the shares moved only 3 per cent, 
whereas an Individual who got it 
wrong and shares moved 10 per 
emit could face prosecution even if 
only £100 profit was made. 

In addition to these concerns, 
many believe that the only people 
to benefit from the new law will be 
lawyers. But until precedents have 
been established analysts and fund 
managers should bear in mind that 
even the best legal advice cannot 
guarantee whether conduct remains 
within or outside the law. Their 
only real comfort is as Mr Doran 
pointed out: "The Act was not cre- 
ated to punish people who are act- 
ing innocently.” 


LEGAL BRIEFS 





Lender to bear 
loss resulting from 
negligent valuation 

A finance house which lent 
money for the acquisition 
of a commercial property 
based on an incorrect valuation 
cannot recover any of its capital 
loss from a negligent valuer, the 
English High Court has ruled. Hie 
court's decision in Nycfcoln Finance 
v Stnmpbrook Continuation comes 
shortly after the Banque Bruxelles 
Lambert v Eagle Star case In which 
it was ruled that a negligent valuer 
was not liable for losses resulting 
from a collapse In the property 
market. But the judge in the latter 
case had left open the possibility 
of a claim by the lender for loss 
of its “cushion” - the difference 
between the amount of the loan 
and the perceived value of the 
property'. In Nyckeln, the judge 
did not award damages for loss 
of "cushion”. 

Mr Edwin Cheyney of Wilde 
Sapte. Nyckcln's solicitors, said 
the decision would take many In 
the property world by surprise. 

“It means capital losses can now 
only be recovered If the lender has 
lent more than the actual value 
of the property after the drop in 
the market value has been taken 
into account,” he said. The 
administrator of Nyckeln, Mr 
Maurice Withall of accountants 
Grant Thornton, is considering 
an appeal. 

In-house concern 

T here is considerable 

pessimism about the future 
growth of company in-house 
legal departments, according to 
a survey of lawyers working in 
commerce, finance and industry 
carried out by the Law Society. 

The growth of recent years has 
halted and financial constraints 
have led to the employment of less 
qualified staff. 

The survey also found that many 
employed lawyers were extremely 
dissatisfied with the society's 
efforts to address their specific 
interests and problems. 


LEGAL NOTICES 


UNITED STATES BANKRUPTCY COURT 
FOR THE DISTRICT OF NEW JERSEY 


UNITED STATES BANKRUPTCY COURT 
NORTHERN DISTRICT OF TEXAS DALLAS DIVISION 


In in 


Cut No. 9T-29IJ4 INLWI 
Chapter II 


MUTUAL BENEFIT OVERSEAS, INC., 

Debtor. 

NOTICE OF CONFIRMATION HEARING FOR THE 
SECOND AMENDEDJOINT PLAN OF REORGANIZATION 
MUTH - 


■ ■ IIWIIV. UUI UIMMI Ilf jwi IWT IU W UIUIHOI milM 

'•■'k' llte aj’iwi i* uiv tulhtf ot»J nhimh; u heihn sou imcfci A\vpt or pcfevl ibe Pbn You muif 
m « our baUol In the entity er person dan vtil h to you ir.A.eitoer Um Drbtoror Depositary 
I Cofnpaaj participant. tiiifncte Sccttritfrt Trail OmpmiT participant. PhUtddptla 

-*■ — 1 ’ ,J ’ '’-'il participant mot Vnroctmr parlirtpant, 

t. nrofcrtaitt dim. agcttl, rastod&n or other 


WEIL, GGTSHA1 A MANGES 
767 Fifth As cntie 
New York, NY IO 1 53 
(414) JIO-HOOO 

SpWtnl Counsel nor the Dcbwr 
and Debtor in Possession and 
Official CnrdhotV Cnmmlrtte 
Ann Bruce R. ylriiaky. Euj. 


AH Advertisement bookings are accepted subject to our 
current Terms and Conditions, copies of which are 
available 
by writing to 

The Advertisement Production Director 
The Financial Times, 

One Southwark Bridge 
London SEI 9HL 

Tel: 071 873 3223 Fax: 071 873 3064 


FIRST CITY BANCORPO RATION 
OF TEXAS, ENCL, 


5 


3 C«N.v W-VUT+-IIC.VII 

} Chapter 1 1 

i 

* 


Pl.F-vSE TAKE NOTICE ilut ihc United Sides Bankruptcy Cuun far the Do trio uf New 
Jersey nhe (u> cmciciJ an 1 * 1)0 approving the Scciml Amended Dt-do-m* Statement 

RrJjiuir Tu The Siwmd AiwixkU hum Wait uT Revnoai/atiuo m Mutual Benefit Oteryav Inc. 
Jaied March 15. IWtiilte-DiscItisiireSuKnietn'l.liledhylheabuve^iniuReddeteM’anddeienr- 
mpm (the -netav'i and rhv ullieial cresfiiurs* ia*rwiiltiXfllk , “Comtiiituw _ l appointed m 
ihf DeMur'v resinrjiu/atuHi case under chapter II. title II. United Slates Cude 

PI.K.VXK TAKE EURTliER NOTICE that a hearing uhe -CunlirmaikM Hearing"! will be 
held beftuc ihe I Iihiun M e Nuv-alyn Wlnlield. United Slides Bankruptcy Judge, at the United Stales 
RjnkiuptcyCuun Xm Ihc OnintiiifKnt Jersey. King Knienl Building. So walnut Sum. Newark. 
New Jersey in Kivhii t.\ at IQ-,00 a on. (New York Chy dmel am April 14, 1994. or As sum 
■hereafter as cxinsel ran te heard, locunlimi ihc Second Amended Juini Plan ufRcufyani/aliun 
Pn<»>-tfdby Mutual Benefit Qt«fsor>. Inc and ihuOITH.ialCtedi<an'Oliiuiullee.iiatalMaTCh 15. 

1‘WI trite ‘ Plant 

PI -KvShTAKfcl I URTIIKR NOTICE that all napuho and utwctkmv it any. tu cimfim»- 
litti "I Ihc Plan iihtj! In.' in » ntinj!. Rate with pann.nl ji ny foe grounda K* the objection, identify lh< 
ruiitv-uljr Plan .iruckiv <ci»<n in which such uhicciKjn pcitainv tiled with the Cuun. and served 
in a manner vi as h<tv RKCEIVhDoa or before Aprfl7, Itkl ut JdOpaclNtw York City Uaei 
h». i.s'Cnniiinv. Del IXs>. Union, tlnllmfcr A Yecehwnr, One Kiverirunl Pla/a. Newark. New 
Jersey K7|II’.S4»I7. vun P.iut R. DuKilipps. Kstc.lbl Well. Ootdial A Monies. 7h7 Filth Avenue. 
New Y**rC New Yivfc Idl.'l. Ann* Bruce R. /ann-l y. Ijut; rci Stanley A /-idler. P.C. f JI 
Madison \w-nuc. M«*nsluwu. New Kwey IT7*Vi2. |U7U. Alin. Robert K. Makinc. hv|.:ondld!ihe 
OilKCi-nlK-l'niicUSi.-ue-.Tiii-icv. I Newark Center. SuireilUl.Ncwmt, New Jersey (17102. Ann: 
P.iinck vc Turner. K-u. 

PLKASK TAKE TUKTIIXK NOTICE THAT IF ANY OBJECTION TO CONFIRMA- 
TION OF T1IK PI AN IS NOT FlIJKn AND SF-RVF.D STRICT1.Y AS PRESCRIBED 
HEREIN. THE OBJECTING FARIT HIM. BE BARRED FROM OBJECTING TO 
CONFIRMATION OF CHE PI AN AND WILL NOT OF. IIF.ARD ATTKE CONFIRMA- 
TION HFXRINII. 

lI.EASKTVKh ET'KT11F.R NOTICE Ihal.purMiM hr Mimkruf the Cmirl doled March 15. 
pan. seiruiL- ».*nui| pnsedures un die Plan uhe -Voting Procedures Onler"\ the Court h*. 
csLibli-lktl Marsh 15. IfL) a. lire uxsed slate for dclamunne holders uf Bends (as hereinafter 
■Iriinol icniiilcdtn sine iiuccvpr nr reject Ihe PLuitihc-Rcconl Dais-"). AlsopuroiantioitK V.mng 
l‘nvciKiie-.ihdcr.s*j..hth>likr>it Ih'ndsiastertfralMrdcriiksll&scditeltix'iHdDilcandeachoitw 
srs-dihw »l ihe LlfWirr, i*lierili.ai Ihc bottlers ui Bunds l.r.hcnriitjirerdeliocsil held mlvaier lorm. 
ts herns' ,ent a cups >a ihe llr-efcssiiie Si.wcmcrrl I with Ihe Plan at Fahihii A Ihurciuk a ballot, and 
ichs-r sfusiiinciK. u-kiiine iheietu isnlleclisefy. the "bsdieitaiHjn MaierialiT 

.11 1. CREDIT! *R.5\oriNt;O.NTUK Pi .AN ARE URGED TO REVIEW THE: VOTIXG 
PROl F [HIRES ORDER ANNEXED .IS EXHIBIT (i TO THE. DISCLOSURE! STATE- 
MENT FOR THE PHI HE.DL'RF.S SET EORTII THEREIN FOR VOTING ON TIIK MAN. 

PI .K.1NE: F ike: EI'R niKK notice: Uui in mb n< your vote to be counted you must 
s-inipfcic ihs- ai'iKi >[h i aic hath raid indicate u her her vuu vs.ue to accept or reject ihc Pbn. Y< 

Trust 

Uepudinry'lrusi Cumpany pnrtkipsml. Ccd«l 
t u mim rr lid hunk, irusi cnuipany, pretj agent. 

a ill homed nominee leoOrctlvriy. I be -llrlemicdiaricOu sr llrt suck buflot or wnnary 
hdlm (in Hie rose uf un IrrtcrmctlJnryl it received by (he LtehCor lot Ibe addreu indicated 
Isclonl, sia hand nr mail. by 5:l« pan. (New York City lime! on April 12. IW (the “Volins 
Draditar“l. fale sc inesrtiipfLic halluis will nut iv courted. All ballon must bv Mgrrcd by tbe 
K-iu.lk.ul in.ib.-r inr its authorised jecitl ut Uiiiiiincct id (he cLini bclnc voted. 

M.FASE TAKE FURTHER NOTICE that, nursuamtulhc Voting Procedures Order, txildos. 
>4 rUHKl. liidtestiscly.ihc 1 '- Wi Sulking hind Bumhduc February I . l‘W6. l !.5/b'*-Sinkim[Euod 
Bond. due Ecbiuary 1, 1'nS. andZcxuCyup.'n BuirJsslucl'ebruary I. AEMrsvucd by die Ltehuri 
asul Uie Kivurd Hate win' Iteid their Bsmdt in teller Isxm and who wish w sore on On- plan mud 
omiact i I k- Ol+ikt a. indicated Ivhm innxter lorsxci's' the Soti.-iiuihm Marenals. Thcreuuun. in 
■«s!st!mi i hor vole in K- cuunlcd. a huliler must nut only comply with ihe preceding paragraph, but 
hum also sufiipls niihllKfolhwinju la> present ill tkiodlsl hj ansifBeerofabonk-iRrslcangxinv. 
sk-pniuirs i>r iib-inK-r finu nl ihc I ariemUnn: Siuck F.vdun^etibicausc ihc trudulliv-eriueae«.-uie 
accinlicaic.'l ■•urierJnp in the lisnii sopplievlby die PrefXHteHsliei Sign and comptew ihc bollonsV. 
and »'J > null 1 * debtor rhs- talker s i. (..usher Uiih (hcvruitcaieuf onnenftip. cuUkr Debtor (d (he 
addic-s li.ied Kl.sn i -si dial il is RECEIVED b> ihe V.jiing Deadline. 

Pl.FANE: T \KE. ET'KTHKK NOTICE. Hcu ilv Desclusuie Stalenteni iincludiru ihe Plan a* 
l-.iliiln| a iIm.il-i.ii i. .hi ide with ihe Clerk ul the Court uhe -Cterk") and may be examined bn 
mh.ss-sli.sl pjiucs Jl ilie.elxv .<Tihe CJerl « if lib- United States Rinitnip(s.-v CsuKt (or rhe Dtslrvf <4 
New Jv»b-y kini- Federal Huildiup. S) WaliuU Street. Newark. New Jersesr. 3nJ Fliejr. durmp 

n^'ulor fsi.iae-- . Imi'.. 

PLEASE TAKE FURTHER NOTICK that all itiquirtes vuteemiiu the Debtor, thr Pbn. ihe 
Orsckrsaic Stareiuem and intuit* -hnuU he duectoJ to ihe Debtor 
.Mutual Benefit Ovmc». Iltc. 

I.VNI .Vwnur of the Anwrieaa 
i.tnl Floor. Stilftt J.I.40J 
New York. New York 10019 
Aim: Kevin F. Itenrty. CEO 
Tcleptumc; 

Dated: March i A l»t 
CRUMMY. DEL DEO, DOL\N, 

GRUnXCER A VECCHIONE 
A Profnsluiul Corporation 
One Riv-erfrunt Itua 
Newark. Nl OTIUi 
[20 0596-tWO 
Cnottef SeOflk'itl 

CresUtoo’ GmuuIocc 
.V ltiu Paul R. CkflJijipo. Emj. 

SILkNLEY A EVillER. P.C. 

LU Madison Avenue 
WorrlaUrwn, NJ- O'THt- 
(2011 2HS 1000 
Connsri Ibr Ihc Debtor and 
Dchtar iu PtnaCMiou 
ABni Knbett K. MaJunsi. F-Sf|. 


Debtor. 

NOTICE OFTHE UFARONC TO CONSIDER 
AggROVALOf PROPOSED DiSCLOSUHE yTATEMBVT 

All creditors of lint City BJiteufporaik.« ul Tev*». Inc. i -Hrst Cit>~L duiieh.Iders and other 
parties in interest, i Deluding all holders til firsi City esnumun -Uisk. Hry aty Senes A Prvf erred 
Sluci. Brvl City Series R Preferred Stuck, lira Cily Senes h Preferred SmA. and (he irsJcnhire 
tnHbxxforlhe U IM*4 Notes due Ss-picinbcr 15. IdPL iK- Mon mg Rale Nucs due January 1993. 
and the Subordinaied HoaunuRatc Notes due April IWh. issued try Hist City are hereby notified 
that on Mdieh 1 1 . 1994. First City Rancurpurnlum uf Tctar. Inc. lital a Disclosure Statement in the 
United States Bankruptor Cuun h« ihe Nurthem Oatrici ul Texas. Dallas Disrikm. 

THK FILING OF TTIK DISQ QSURF. STATEMENT is NOT INTENDED 10 BE. NOR 

snout o rr BE considhri d a soj.icttation of acceptance or rejrctjon of 
HRST CITY'S PROPOSED PI. AMOFRKORGANrMnONr WHICH WAS I-1LEDON MARCH 
7. 1994 1 . Under the Banktvptcy Code. FiiM City may trx Hdicn acceptance nr rejecuoa uf a plan 
of rcurganiralluti fmni cmliiors. sharehoUcrs anal other parties in imcresi i*ik>v ai Bhc l ime of or 
before such enlKtiatv.ev. ilteie l« iRuismallcd to such ctvdilor. shareholder or other party in uueroa 
db* plan or a summary uf the pi oil and a written disdusurc Ttateinera approved, alter nuoce and a 
heatine. by (he Court mosr umiy afay afe lafonruuoa. 

PI.K.VSBTAKE NOTICE: ilur a hearing will be held to consider uppowal uf live Dhelosure 
Suteiitetil on April 1 8. J9>M. betore (he Honorabte Harold C Abramson. United Slate* Bonk lupby 
Jtalge hw the Non hem Dtsmcrot Teut.lt 00 Cuimneroe Si nxt. I4ih Fluor. Dal la^Toues 75JJL 
at J.JOjp.m. 

PI .EASE TAKE. EURTIIER NOTICE ithi all objection, rorbe Disci us arc- Siairaeni ia meter 
to ta timely nmst be lik'd svith the Clerk. United States Bankruptcy Court. 11090 mimcnv Struct 
Room 14A7. Dallas. Tecas 75AJI. *u>l a oipy Jclrverol to lal t anington. Coleman, Skrtion A 
U himcmhal. I.I.P. ( Ancnuon : Stephen A Gs*odsi.in. Khl L Anomrys for FirsiCity Rnncurporation 
s*f Texas. Inc . SXlCieseuM Cuuit. Sune I sno. Dallas. Tci.x. 73Jfil.ibl Andrews A ECmth. LUP. 
lAiiemwn: James DswnelL Eaq l. AtrorocysforiheOniciol Unsecured CnaktursCr>mniitteo.4iXl 
Texas LunuiKnx- Tower. I fou-lnn. Tcsas 0002: (cl .\km. Gump. Slraibs. Hancr A FeJiL U.P 
l AtTcntivn H. Rcy Suuube. III. ljs«j.L Attorneys for ihe Ad Hoc Coiruthuvcol Holder, or .Series 


■ wtui.r7<s|x iiwcrawcnrjinn. jusra a w. ivim. ifui /J.«w«irttenxwmi 

cr than bvjl.w pm. i Dallas. Texas Thnet on April I i. 1994. In order In be considered at the 
vp. ans .*rrjccimn must set forth wi* particulamy the grounds *tf such objuctiuti aivJ. lu dte 
line ubjcctse wishes t. ■ easi>e a disclosure vuteutent (o cun Lnn addruurul disekiwires, mud set 
:(unes-. s * imetriuav. and 

RTHER NUTICF. lhai j c«my uf Ihe plan and foe nbiwtr-nrl'ereneed 
m rile wrmtheOert United Steles fttalmncy Court. iVorthem Dhcricl 
. 1 1U0 Commerce- SuceL Dallas. Texas 73242. and may be examined by 


i.weraron n. airouoe. in. Esq. l Attorneys lurine Ad Hoc Coiruthucc ot Kokias or Series 
B oral Sc-rka K Picteircd ami Common Sbtels, 1900 Peitn/snl Place. South Tower. 71 1 Ijuuivuuta. 
Houslun. Texas TTftJ’; nil Gib-am. Chinn & CroTehcr i ARcrthaL- Michael A. Rnscalha). F.wi t. 
Attorneys hn ,\d I fuc Comnuncc ul HuMers ul Scries A Prutcmd Sluci. 1717 Main Slrvvi. Suite 
3400 Dallas. Tctm 7JM 1 .7.V.W-. and lu) Utlice or foe United Slate-. Tni-acv i Auenuon; Gcsxse 
McEIrtafo. Fro) ). I lOOCiTumcrsv Srrret. Rsvyn 9C60. Dallas. Vctas 15242 m *» tube nxivved 
r»'lolcr than I "" 
hnnn^, an> ■ 

cvtenliheub) 

lurtli pnwMsud ianesuve chines-, so- imettiuay. and 
PLEASE: TAKE niRTHER NUTICF. lhai a eu 
drsdusUre stahyiase are on I 

vt Tetox Dallas Distdun. 1 

any micrested party oi anv tune tkring regular business hums jWdillured iniurrati>>n can be 
obtained lonn Cswuvel lo Fitri City 

PI. E:\SE: TAKE. ETIRTUKRTVOTICE lhai. m JCVontiDcc wuh Rule JO 1 7(a) of the F-cskraJ 
Rules ul Bankruptcy Pnscctluro. uto ( utty in inhrcsr may ohLun a copy uf ihe plan andfor disc hrsure 
sCrmtafiK by submiftme j ciyuetf fur Mich ductnrenrs u wriiiite and served up* *□ Hrsl Cilv by lira 
class or overman maiT or persuiul •eiswe. care *rt Cairingion. Cotenum. Sin rum A Uluincnfoul. 
I-1.P. (Aiienruei NcpheuA Gssjdsvhu 2rti Crescem Cswt. Suite I Sin. Pallas. Team 73201 ><ti 
or before Apnl H. IW. 

PI.KA.SV: TAKE FURTHER NOTICE that llic lleatinp desenbed above nay be aiiuu/ncd 
froai lime te> tun; w afoteil further mu ice hi cnxldms unntenraed (unies other ituui by amtouncemert 
uf the adpiumcif dale at said f fearing. 

DATEa Dados, Terns hi Stephen A. Ooa riwfn 

March 18. 1994. .Saepiiai ijoridwiri 

Slate Bar No. 88186 SUO 
CARRINfTTON.O)r>'JVlAN..Sr.OSUN 
A Bf . D.VKhfTHA L. LLP. 

200 Crtseeot Coon, Suite 1590 
Dal lax Teem 75281 
12141 XS5-J800 
12141888-1113 - Fas 

ATTORNEYS FOR ETRST CITY 
BA NCOR PORiX Tf ON OF TEX .AS. INC 


TAKE 

PRECISE AIM 


By placi.'ic 

YOUR 

HRCRUlfitBXT 
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PEOPLE 


Taking a chair in 
social housing 


Former Mercantile House 
chairman John Barks hire, who 
in the 1970s and 1980s was one 
of the City's more entrepre- 
neurial figures, has lakpn on 
the chairmanship of Chaco 
Investments which is pioneer- 
ing ways of attracting institu- 
tional finance into social hous- 
ing. 

Chaco, a subsidiary of TR 
Property Investment Trust, 
was set up four years ago by 
Leon Clifton, 45, who had been 
helping finance inner city 
developments. Its name comes 
from Chaco Canyon in New 
Mexico where a group of 
Indians had pioneered commu- 
nity housing. 

The rapid growth of housing 
associations, and the cutback 
in government funding for 
social housing, has led to 
Increasing calls lor private sec- 
tor funding to augment the 


resources provided by banks 
and building societies. Chaco’s 
brief is to encourage tbe big 
investment Institutions to start 
investing in social housing 
again after an absence of over 
30 years caused by worries 
about rent controls and other 
financial restrictions. 

Chaco recently helped Scot- 
tish Amicable buy 500 housing 
association properties, worth 
£8m, from Coventry’s CCHA 
Housing. It was the first time 
that an institution had taken 
an equity stake in housing 
association properties built 
before 1988 and was welcomed 
by the Housing Corporation, 
the government regulator. 

However, if Chaco is to do 
more deals of this type it needs 
access to a much bigger pool of 
institutional funds and the 
company is hoping that under 
John Barkshire’s chairmanship 



its name will become better 
known in the City. Barkshire, 
59, who sits on the boards of 
Sun Life, Savilis, Household 
Mortgage Corporation, and TR 
Property Investment Trust, 
expects to appoint at least one 
more non-executive to the 
Chaco board. He has also not 
ruled out the possibility of wid- 
ening Chaco’s shareholder base 
at some stage. At the moment 
TR Property owns 90 per cent 
and Clifton owns 10 per cent. 


Sheehan to 
leave LET 

Nicholas Sheehan has resigned 
from his role as chief executive 
of London and Edinburgh 
Trust the UK property arm of 
SPP. the Swedish insurance 
group. 

His resignation follows a 
structural reorganisation of 
SPP’s international property 
interests, which have incurred 
heavy losses in recent years. 

Jeremy Plummer has been 
appointed head of the group's 
international property portfo- 
lio . with overall responsibility 
for SPP’s property portfolio in 
the UK, Germany, the Nether- 
lands, Prance, Spain, Italy, the 


US and Singapore. 

SPP is integrating the 
operations of SPPJLET, which 
is the manager of SPPs inter- 
national property portfolio, 
into its own portfolio manage- 
ment operations. The company 
says the decision marks 
SPP.LET’s transition from a 
development company to an 
investment institution. 

Anders Ek, chief investment 
officer for SPP. says Sheehan's 
skills “had been Invaluable in 
rationalising the UK portfolio 
in difficult market conditions”. 

SPP bought London & Edin- 
burgh Trust, the UK property 
company, for £49lm in 1990. 
The company incurred a pre- 
tax loss of £44&6m in 1992. 

■ Andrew fisley has been 


appointed a director of 
HELICAL Properties 
Investment and Aycfiffe & 
Peterlee Investment, and Tom 
Murphy company secretary of 
Helical Bar. 

■ Michael O'Flaherty has been 
appointed regional operations 
director at Barnard Marcus, 
part of ROYAL INSURANCE 
Property Services. 

■ Bill Downie, formerly md of 
Headland (South), has been 
appointed a director of 
Taywood Homes. TAYLOR 
WOODROWs Scottish 
housebuilding operation. 

■ Piers Shepherd, md of 
subsidiary Mechplant, has 
been appointed to the board or 
SHEPHERD BUILDING 
CROUP and a member of the 
group management committee. 



Paul Revel! is the new 
managing director of Derwent 
Valley Foods, manufacturer of 
one of the more successful 
snackfood brands to be 
invented in recent years. 

Revell (left) had a ten-year 
stint with United Biscuits 
before joining DVF, most 
recently as commercial direc- 
tor of McVitia’s (UK). UB 
bought DVF in February IS93 
for £34m. Before his job with 
McVitie’s, Revell worked In 
another UB branch, KP Foods. 
A decade's experience of 
snackfood brands will be use- 
ful for Revell’s steerage of 
DVF*s PhOeas Fogg snacks, a 
premium range including 


eccentric nibbles such as Torti- 
lla Chips and Punjab Puri. 

DVF’s founder and former 
managing director, Roger 
McKechnie, has stepped down 
from his chairmanship of the 
company though stays on as a 
non-executive directin’. He set 
up DVF in 1982; by 1986 it was 
joint winner of a Business 
Enterprise Award. 

McKechnie has now 
ploughed some or his £2m cash 
from UB’s acquisition of DVF 
into a new venture called tbe 
Medomsley Road Seed Capital 
Company, which - as its name 
implies - provides seed capital 
for startup companies in the 
north-east of England. 


Finance 
directors 
on the 
move 


Andrew Flanigan, 37, chief 
financial officer of BIS, is tak- 
ing over as finance director of 
Scottish Television from Don 
K inloch who retires in the 
summer. 

Richard McGregor, 55, direct 
tor of finance and planning at 
J. Bibby’s materials handling 
division takes over as finance 
director of J. Bibby & Sons 
from Alan Gresty, 49. who has 
been made chief executive of 
Bibby’s papeT and converted 
products, laboratory products 
and electrtxjptics divisions. 

Phillip Ashforth, 38. group 
finance director of Brown & 
Tawse, has taken over as 
group finance director of Jac- 
ques Vert, replacing Malcolm 
Heald who left in January. 
Stephen Bellamy, 34, who 
trained as a chartered accoun- 
tant in New Zealand and has 
been executive director of 
Brierley Investments’ London 
operations since 1987, has 
joined Sherwood Computer 
Services as fijiance director. 

Michael Stoddard, a former 
finance director of Nu-Swift. 
joins Record Holdings on May 
2 as executive group finance 
director and Fred Watt, who 
joined Wassail in 1989 as chief 
accountant and company secre- 
tary, has taken over from 
David Roper as Wassail's 
finance director. Roper and 
Philip Turner, two of Wassail's 
founding directors, have been 
appointed deputy chief execu- 
tives. 

Leon Angrave. 37, who 
helped rationalise Mosaic 
Investments before leaving to 
set up his own financial con- 
sultancy in 1993, bas joined 
Apollo Metals as group finan- 
cial director. As a result, Rex 
Walker steps down from the 
Apollo board and takes on the 
role of company secretary. 

Steven Salmon, the former 
finance director of In Shops, 
has been appointed finance 
director of Birkby following 
the latter’s acquisition of In 
Shops. He replaces Kim Taylor 
Smith who becomes deputy 
chief executive. 

Les Kemp. Enterprise Com- 
puter Holdings' financial direc- 
tor. has announced his resigna- 
tion because he wants to 
pursue his career in the UK 
rather than the US. 


i 






FINANCIAL TIMES TUESDAY MARCH 22 1994 


ARTS 


Fringe theatre in London 


Rare Cocteau and Strindberg 


J ean Cocteau (1889-1963) did some ter- 
rible things in his time, but for our 
sakes I hope The Eagle Has Two 
Heads ( L'Aigle a Deux Tites, 1946) is 
the worst. It is a miracle that its 
audience at the Lilian Bay I is does not 
laugh, or groan, out loud. On the one 
hand, there is its plot, which is three acts 
of melodramatic royal romance - a kind of 
cross between The Prisoner of Zenda, 
Queen Christina, and Mayerling: on the 
other, there Is its language, which is typi- 
cally inflated stuff, reminding you of what* 
ever irritated you most in Wilde. Maeter- 
linck, and Cocteau himself. Glamorous, 
and wholly phoney. 

The widowed Queen still mourns her 
royal husband and keeps herself from her 
public ten years after Ms death - when, 
suddenly one stormy night, into her room 
bursts his lookalike, a peasant poet who 
happens to have plans to assassinate her 
but whom she saves from death. They 
promptly fall in love and (natch) start 
hatching plans for a double suicide. She, 
ID minutes after meeting him: “You are 
my destiny . . . It is my death whom I have 
saved from death . . . You are my death." 
He, later. “We are the dre ams of a m^ n 
who dreams so soundly he does not know 
he dreams." 

In between, Cocteau drags in his usual 
King Charles’s heads. Poets, love, death. 
People talk of the blood of a poet in all 
three acts; spout such bravado as “The 
one unpardonable crime is failure" and “If 
I were not a queen I should be a revo- 
lutionary myself"; solemnly produce sub- 
Wfldean lines like “ Assassina tion is the 
privilege of princes”. “Gossip is about 
poets, not by poets”, and “Police and poets 
never do get on with each other"; and wax 
fancy, as in “What is a queen? She is a 
woman in an evening dress who is trying 
to overtake time." 

Susannah York has somehow found 
time amid her current performances of 


■Sep/ ember Tide to direct this; and she has 
cast Lisa Harrow to play the Queen - a 
role created for Edwige FeuillSre, and 
played later by Eileen HerLte and Jill Ben- 
nett. Harrow, with her gloriously sculpted 
face and cheekbones, has beauty, charm, 
polish, and variety. Her performance, how- 
ever, reminded me of problems I had with 
York's in September Tide: the lines seems 
to call for a more scintillating spontaneity, 
and a more violent sincerity, than she yet 
provides. 

As the poet, Stash Kirkbride does some 
intelligent and sensitive line-readings 
without investing the role (which was for 
Jean Marais) with much stature. Both the 
carriage or his head and the use of his eyes 

One play is glamorous 
and wholly phoney , the 
other full of absorbing , 
horrid surprises 


are dulL Maybe York wants to dust any 
superfluous glamour ofT the play. Who 
knows? Alas, she dilutes its romance too. 
But who cares? Though some of Cocteau’s 
material is exhilarating, not a jot of it 
rings true. 

Beneath all his wretched determination 
to be surprising is a quite maudlin flair for 
clichg. "I could kill you so as not to lose 
you.” ‘1 know this love could not endure 
(and so I took poison).” “All love is a little 
death, and great love is suicide." Finally, 
the Queen (stabbed by the poet) says to 
him (as she reels from the poison he has 
taken) “T hank you for making me live . . . 
Thank you for making me die." Thanks, 
but no thanks. 

Meanwhile, down in “the room” at the 
Orange Tree Theatre, Richmond, Strind- 
berg's rare 1907 play, The Pelican . is 


receiving its second-ever production in 
this country. Not unlik e Gorky's Vassa 
Zhelesnova (seen at the Gate in 1990), a 
play begun at the same time, this is about 
a latte relay Clytemnestra and her children. 
The Mother has deceived her husband and 
forced him to his death before the play 
begins; Strindberg's stage action concerns 
her children's discovery of her crimes. 

The pelican Is a bird that, in legend, 
gives its own blood to feed its children. 
The Mother here has brought her children 
up in starkest poverty, and has seemed to 
be such a pelican. Now they discover that 
she deprived them - skimming the milk 
and keeping them in the cold - so as to 
save money for herself. She is a compul- 
sive cheat; she has even stolen her new 
son-in-law from her daughter. And they 
come to recognise not only her evil but 
her odd helplessness in it: she is “like a 
sleepwalker who can't be woken.” They 
know, however, that their own lives 
re main ruined. 

As the Mother, Jan Waters gives the 
most detailed and intense performance, 
though also the most over-cultivated. (She 
prqfects not greed but vanity; not mean- 
ness but hyper-sophistication.) Charlotte 
Williams (as daughter and maid), Brett 
Fancy (the Son-in-law), Alan Wes ta way 
(the son) are sometimes a tad too pallid, 
but keep the absorbing, horrid surprises of 
Strindberg’s drama unfolding freshly. 
Sean Holmes directs; the new translation, 
very effective, is by Eivor Martin us. Like 
The Eagle urith Turn Heads, the play is 
given without an interval, and gains 
thereby. It lasts only 95 minutes and holds 
its audience's attention with easy com- 
mand. 

Alastair Macaulay 

The Eagle with Two Heads is at the Lilian 
Baylis, EC1; The Pelican is at the Orange 
Tree, Richmond. Both rim until April 2. 


I f the result of the Ameri- 
can civil war, or the war 
between the states, as 
people in the south still 
call it, had gone another way. 
the history of the world after 
1865 or thereabouts would 
have been quite different How 
different, in what ways and 
whether for good or ill, no-one 
can tell. But if you t hink about 
the question for a moment, 
you will realise that the propo- 
sition is true: the preservation 
of the American union was a 
decisive historical event 
It was also one of the most 
brutal campaigns ever fought, 
muting new technology in the 
north with older notions of 
valour and chivalry fn the 
south. There were more 
recorded casualties than In 
any previous war. 

That is part of the back- 
ground to the new piece at the 
Bush by the Canadian writer, 
John Murrell. Democracy is 


Democracy in the 
Deep South 


one of the most cerebral plays 
you are Ukety to see. It con- 
sists largely of a dialogue 
between Ralph Waldo Emer- 
son, the thinker, and Walt 
Whitman, the poet: the ratio- 
nalist opposed to the romantic. 
The exchanges take place near 
Washington as the battle rages 
in Gettysburg in 1863. 

Murrell writes beautifully. 
Emerson has a speech about 
war which goes on so long 
that it most qualify for the 
Guinness Book of Records in 
the theatre. Spoken by Hugh 
Ross, it remains riveting 
throughout Describing the 
aftermath of the conflict, he 
relates: “Some of the boys 
coming home from Gettysburg 


didn’t even seem to recognise 
the name of the great battle 
that they had fought” 

When he says: “It was hell, 
Walt It was hell itself”, there 
is not even the faintest sugges- 
tion that such words could be 
a cliche. This is an Immaculate 
performance by Ross. 

The other star In Democracy 
is Robert Jones, who designed 
the set When yon enter the 
theatre, the stage is concealed 
behind billowing red curtains. 
They disappear to reveal a set 
of woods and wet grasses so 
naturalistic that some of the 
audience started to show 
symptoms of hay fever. 

This is the romanticism 
behind the war. Whitman has 


given shelter by his pond to 
two young drop-otxts from the 
conflict, one a southern 
deserter, the other a dying sol- 
dier from the north. 

They talk, sing and achieve 
a kind of harmony while the 
main business remains 
between Whitman and Emer- 
son. 

Democracy is not a play that 
I would recommend to all-com- 
ers. There is too moch 
shouting in the first act It 
could be said to have more 
than a share of north Ameri- 
can sentimentality: too mnch 
of the fondness for the pond. 
The nature of the dialogue is 
not the most obvious subject 
for the theatre. Yet under 
John Dove's direction I 
admired it enormously, and 
enjoyed it 

Malcolm Rutherford 

Bush Theatre. (081) 743 3388 






7?<i- 


'The Duenna with Two Children*, 1795. by Goya: he has a real claim to be the first great modern painter 


G oya is generally 
acknowledged as 
one of the 
supreme masters 
In the post-Re- 
na issance western tradition, 
and for once we should not be 
shy of an accolade all too often 
given. Rather more to the 
point he has a real claim to 
being the first great modern 
painter, providing the link 
between that older tradition 
and the modem movement 
that we so glibly read as a 
break with the past. All art has 
Us history and context 
The Goya link is more of a 
complex double-knot than a 
simple tie. The threads within 
it are the humane profundity 
of Velasquez and the rococo 
virtuosity of the 18th century 
on the one hand, the romantic 
realism of Courbet and Dela- 
croix and the proto-impression- 
ism of Manet and Degas on the 
other. And all the while there 
is Goya himself, with his sin- 
gular vision of the world, at 
once natural and fantastical, 
delighted and appalled, mor- 
dantly ironical 
There has been no finer 
painter of the male portrait 
than he, not in its grander pre- 
tensions but on the intimate 
scale of conversational scru- 
tiny, bead and shoulders, one 
to one. Yet that same sensibil- 
ity, capable of such profound 
psychological insight, spent 
half a career producing decora- 
tive schemes, both religious 
and secular, the rival of any- 
thing out of France or Venice. 
And all the while his eyes were 
open to the incidental and the 
everyday, to the common 


A singular vision 


Hugh Ross, Johnny Lee Miller, Nick Waring and Stanley Townsend on Robert Jones’s wonderful set 


sports and festivals, picnics 
and bull-fights, and to the 
darker spectacles of the prison 
and the asylum. The step 
across into fantasy, albeit the 
ironical fantasy of the rational 
man, with its travesty of true 
religion in the black arts, was 
not so great. 

We find the whole artist in 
the intimate, reflecting glass of 
his smaller paintings. Lhat are 
now brought together as never 
before. The small painting, 
whether preliminary sketch, or 
cabinet picture complete in 


1790s left him stone deaf, 
which could only have 
increased his alienation, spiri- 
tual quite as much as physical 
that is so clear in the work. 

None of the etchings of the 
“Horrors of War”, nor any of 
the "Black Paintings” of this 
period, from the Prado, are in 
this exhibition. Even so. the 
contrast of mood could hardly 
be better pointed than by the 
presence of the early tapestry 
sketches, the “Four Seasons" 
of the mid 1780s for example 
and, next door, the grim prison 


William Packer finds himself looking 
over Goyas shoulder into his dark ; 
ironical world at the Royal Academy 


itself, is not unique to Goya, 
but what is peculiar to him in 
his time is its sense of immedi- 
acy and privacy. We discover 
an artist working more and 
more for himself as he grows 
older. So lively and direct are 
these things in the makin g, it 
is as though the paint were 
still wet and we looking on at 
the artist's shoulder. 

Goya lived through difficult 
times, bom in 1746 in the 
repressive Spain of the failing 
Bourbons, to whom he was 
appointed Court Painter in 
1786, a post that somehow he 
still held at his death in exile 
in Bordeaux in 1828. The 
French Revolutionary wars 
and Napoleon’s subsequent 
invasion of Spain, inspired his 
bleakest work and darkest 
inventions. Illness in the early 


interiors, the Witches Sab- 
baths. the gypsies’ caves, the 
cannibals, shipwrecks, and the 
robbed coach - owned inciden- 
tally by a bank - of the 1790s. 

But there are more subtle 
contrasts to draw, consisten- 
cies even. There was ever a 
darker, more violent side to 
Goya's imagination, as perhaps 
to the Spanish temperament 
itself, with his tavern brawls, 
the cat up a tree and the 
strange straw mannikin 
thrown in the air to set against 
the real horrors to come. 

In more poignant contrast. 
The Meadow of San Isidro of 
1788 gives us the image of the 
perfect Spring afternoon, and 
the company en fete for the 
communal picnic, across the 
river from Madrid. The fair is 
down on the water-meadow, 


1 1 INTERNA TIONAL 1 1 

A 

K 

rs 

Gl 

Jl 

DE 





■ AMSTERDAM 

Concertgebouw Tonight: Michael 
Morgan conducts Royal Flanders 
Philharmonic Ore has 1/3 in works 
by Janacek, Pass, Bruch and 
Mahler, with cello soloist Robert 
Cohen. Tonight. Thurs. Sat (Kleine 
Zaai); Tokyo Quartet plays 
Beethoven stnng quartets. Fri. 
StanisJaw Skrowacewski conducts 
Radio Symphony Orchestra in 
Tchaikovsky and Bruckner, with 
piano soloist Mikhail Rudy. Sat 
afternoon: Frans Bruggen conducts 
Orchestra of 18th Century and 
Gulbenkian Chorus in Haydn s me 
Creation, with Joan Rodgers, Luba 
Orgooasova and John Mark Ainsley. 
Sun afternoon: Philippe Herreweghe 
conducts Royal Concertgebouw 
Orchestra and Collegium Vocale 
Ghent in Bach’s St John Passion, 

with Howard Crook as the 
Evangelist (24 -hour information 

service 020-675 -Mil ticket 
reservations 020-671 8346) __ 
Muziektheater Tonight, Fri, bun 
afternoon (m repertory till April 9J- 
Dutch National Ballet presents 
Balanchine programme. Thurs. 5a ■ 


Alberto Zedda conducts Anal 
performances of Dario Fa's 
Netherlands Opera production of 
II barbiere di Slviglia (020-625 5455) 

■ ANTWERP 

deSing ei Fri: Rafael Orozco piano 
recital. Next Mon: Siglswald Kuijken 
directs La Petite bande In works 
by Bach and Vivaldi (03-248 3800) 
de Vlaamse Opera Next Tues: first 
night of new production of 
Lohengrin, starring G6sta Winbergh 
(03-233 6685) 

■ BASLE 

Casino Tonight Cleveland Quartet 
Tomorrow: Albert Kaiser conducts 
Basle Symphony Orchestra, with 
soprano Tina Klberg. Thurs: 
Wolfgang Sawaflisch conducts 
Vienna Symphony Orchestra in 
works by Haydn, Apostet and 
Schumann (061-272 1176) 
Stadttheater Tonight, Fri: Lulu. Sure 
fl vfaggio a Reims (061*295 1 133) 

■ BRUSSELS 

Mon note Tonight, Thurs, Sim 
afternoon: Gianluigi Gelmettf 
conducts Luca Ronconi's production 
of Rossini's Otello, wHh cast headed 
by Chris Merritt and Leila Cubed! 
(02-218 1211) 

Palais ties Beaux Arts Thurs: 

Andrei Gavrilov piano redtal. Sat: 
Philippe Herreweghe conducts Royal 
Concertgebouw Orchestra and 
Collegium Vocate in Bach s St John 
Passion (02-507 8200) 

■ CHICAGO 

CHICAGO SYMPHONY 


Tonight’s concert at Orchestra Hall 
is conducted by Riccardo Chailly 
and includes works by Schnittke. 
Mozart and Ravel, urith piano soloist 
Maria Joao Pires. Myung-Whun 
Chung conducts symphonies by 
Mendelssohn and Sairrt-Saens on 
Thurs, Fri afternoon. Sat and next 
Tues (312-435 6666) 

THEATRE 

• The Night of the Iguana: 
Goodman Theater artistic director 
Robert Falls directs Tennessee 
Williams’ late play, with William 
Peterson as the debased minister 
drawn to a New England spinster, 
played by Cherry Jones. Till April 
10 (312-443 3800) 

• The Mesmerist Ara Watson’s 
play, set in 1884 India, about the 
leader of a spiritual society who 
Is investigated when her mystical 
powers are called into question. 

Till April 3 at Steppenwolf Theatre 
(312-335 1650) 

• The Importance of Being 
Earnest Court Theater. Chicago's 
third-largest non-profit theatre, 
presents Oscar Wilde's classic 
comedy- Till April 3 (312-753 4472) 

• Joseph and the Amazing 
Tochni colour Dreamcoat the 
Andrew Lloyd Webber musical is 
directed by Stephen Pimfott, with 
former teen heart-throb Donny 
Osmond as the Bible's flashiest 
dresser. At the Chicago Theatre 
In an open-ended run (312-902 
1500) 

■ GENEVA 

• Roderick Brydon conducts 
Francesca Zambeflo’s new 
production of 8Cfy Budd tomorrow. 
Sat and next Tues at Grand Theatre, 
with a cast headed by Robert Tear, 


Rodney^Gilfry and Willard White 
(022-311 2311) 

• Andras Scfirff gives a piano 
recital tonight at Victoria Hall 
(022-310 9193). Kurt Sanderiing 
conducts Suisse Romande 
Orchestra in symphonies by 
Beethoven and Brahms on Fri 
(022-311 2511) 

■ SALZBURG 

EASTER FESTIVAL 
This year's festival, the first under 
Claudio Abba do's artistic direction, 
opens on Sat with the premiere 
of Herbert Wernicke's production 
of Boris Godunov, conducted by 
Abbado with a cast led by Anatoly 
Kotscherga, Mariana Upovsek, Philip 
Langrfdge and Aags Haugland. 
Abbado conducts two orchestral 
concerts and Georg Solti four, 
including two performances of 
Beethoven's Missa Solemnis. The 
main innovation this year is a series 
Of chamber music concerts, entitled 
Kontrapunkte, featuring members 
of the Berlin Philharmonic, the 
festival's resident orchestra. These 
concerts at the Mozarteum will 
focus on 20th century Russian 
music, and have been priced to 
attract a youngs' audience. The 
festival ends on April 4 (0662-8045 
361) 

■ VIENNA 

Staatsoper Tonight Salome. 
Tomorrow: Carlos Kleiber conducts 
Der Rosenkavalier. with Felicity Lott 
Anne Sofia von Otter, Barbara 
Bonney and Kurt Moll. Thurs: Der 
fltegende Hollander. Fri, next Mon: 
Cav and Pag. Sat ballet mixed biD. 
Sun: Andrea Chenier (51444 2955) 


Konzerthaus Tonight Fri: Cheryl 
Studer song recital. Tomorrow: 
Syfvain Cambrefing conducts 
Ensemble InterContemporain in 
works by Schoenberg, Boss mans, 
Stravinsky and Ligeti. Thurs: 

Heinrich Schiff cello recital. Sat 
afternoon, Sun morning: Philippe 
Entremont conducts Vienna 
Chamber Orchestra. Sun: Handel's 
Messiah (712 1211) 

Musikverein Thurs: Frederica von 
Stade song recital. Sat and Sun: 
Nikolaus Harnoncourt conducts 
Concentus Music us and Arnold 
Schoenberg Chorus in Bach's 
Matthew Passion, with soloists 
including Hans Peter Bloch witz, 

Otaf BSr and Barbara Bonney (505 
8190) 

■ WASHINGTON 

MUSIC/DANCE 

• Boston Ballet opens the 
Kennedy Center's dance season 
tonight with the world premiers of 
a new work by Meroe Cunningham. 
Boston Ballet Is in residence at the 
Opera House till Sun, while Bella 
Lewitzky Dance Company and 
Dayton Contemporary Dance have 
programmes at the Terrace Theater. 
The season continues with the Royal 
Ballet April 6-17, Dance Theatre 

of Hartern April 19-May 1, Parsons 
Dance Company May 3-6 and San 
Francisco Ballet later in May 
(202-167 4800) 

• Cecilia Bartoli gives a song 
recital on Fri In Kennedy Center 
Concert Hall (202-467 4600) 

• Mario Venzago conducts 
Baltimore Symphony Orchestra on 
Thurs, Fri and Sat morning at 
Baltimore’s Joseph Meyertioff 
Symphony Han. The programme 


includes symphonies by Haydn and 
Schubert (410-783 8000) 

THEATRE 

• The Sisters Rosensweig: Wendy 
Wasserstein's sophisticated comedy 
about the reunion In London of three 
American Jewish sisters. Till April 

10 at Eisenhower Theater (202-467 
4600) 

• Wedding Band: Alice Childress' 
drama about an interracial couple 
who reveal the racism in others and 
themselves. Till April 10 at 
Roundhouse Theater (301-933 1644) 

• Single Exposures: a festival 
of America's leading solo 
performers, including Tom Cayfer, 
Tim Miller and Claire Porter. Tiif May 

1 at Woolly Mammoth (202-393 

3939) 

• Abundance: Beth Henly's 
comedy about two mail-order brides 
in the Wild West. Till April 23 at 
Signature Theater (703-820 9771) 

• Get to Tomorrow: Roy Barber's 
new musical about the triumph of 
an inner dty family over the 
challenges it faces. Till April 3 at 
Source Theater (202-462 1073) 

■ ZURICH 

Opemhaus Tonight, Fri, Sun: Rafaal 
Frtjhbeck de Burgos conducts Ruth 
Berghaus* new production of Otello, 
with cast headed by Frederic Kail 
and Daniefa Dessi. Tomorrow. La 
boheme. Thurs, next Tues: L’ltallana 
in Alger! with Vesselina Kasarova 
and Simone Alaimo. Sab Ariadne 
auf Naxos (01-262 0909) 

Tonhade Thurs: Nicolae 
Moldoveaunu conducts Tonhalle 
Orchestra in works by Haydn. 
Debussy and Lutoslawski, with 
soloists including soprano Sotveig 
Kringelbom (01-261 1600) 


and on the grassy slope the 
girls sit beneath their parasols, 
and the men lounge and flirt 
and have another drink. 

Some 30 years on and it is a 
“Bullfight in a Village” that is 
the festival - not that there is 
any inference to draw from 
that. But the company is 
clearly rougher, the evening 
drawing on, and the eye is held 
not so much by the protago- 
nists, bull and picador, as by 
the squat triangular back-view 
of hat and greatcoat beneath 
and between them. It is the 
formal fulcrum of the picture, 
and self-portrait besides. 
Would only a deaf man, as 
Sacheverell Sitwell has 
suggested, give only his back 
to the world? 

The self-portraits, indeed, are 
the key to the show, from the 
opening image of the early 
1770s, the young man fresh- 
laced and confident, to the odd 
self-mockery at nearly 50, 
caught contre-jour in brocaded 
jerkin and funny hat. But it is 
the tiniest of them, painted 
only a year or two later, that 
hangs in the memory. A shock 
of hair, black coat and high 
stock, together frame a face 
half in deep shadow. The brow, 
catching the light, is tense and 
furrowed, and out of the shad- 
ows those two dark eyes fix us 
for ever. 

Truth & Fantasy: Goya - the 
Small Paintings: EoyaJ Acad- 
emy of Arts, Piccadilly Wl, 
until June 12. Sponsored by 
The Times and Classic FM, 
with support from Iberia - 
part of the Spanish Arts Festi- 
val. 


ARTS GUIDE 

Monday: Berlin, New York and 
Paris. 

Tuesday: Austria, Belgium. 
Netherlands, Switzerland. Chi- 
cago, Washington. 
Wednesday: Franca, Ger- 
many, Scandinavia. 

Thursday: Italy, Spain. Athens, 
London, Prague. 

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 

(Central European Time) 

MONDAY TO FRIDAY 
NBC/Super Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euronews: FT Reports 0745. 
1315, 1545. 1815. 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Rep0»t3 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430. 
1730; 





FINANCIAL TIMES TUESDAY MARCH 12. I*M 


16 


T he Organisation of 
Petroleum Exporting 
Countries meets on 
Friday in Geneva 
amid continuing signs that its 
members lack the political will 
to make the deep production 
cuts needed to drive up oil 
prices, now lingering near five- 
year lows. 

There are fears in Opec that 
its influence on prices might 
weaken further in a world 
where oil supplies from inde- 
pendent producers remain 
abundant The expectation that 
production quotas may stay at 
low levels for the next three 
years or so has prompted some 
members to look beyond oil for 
new sources of income. 

For Qatar, the quintessential 
small Gulf emirate, oil reve- 
nues have allowed the 150.000- 
200,000 Qataris to live free from 
material want and taxes. But a 
combination of declining 
reserves and weak prices has 
prompted the ruling al-Thani 
family to base its international 
commercial ambitions on the 
one resource in which Qatar is 
a giant - natural gas. The 
world's largest single concen- 
tration of natural gas. likely to 
become the fastest growing 
and most environmentally 
acceptable fuel, lies off the 
coast of Qatar in the North 
field. 

Qatar Is already a privileged 
society, where petrol costs the 
equivalent of just 50p a gallon, 
less than bottled water, and 
housing is heavily subsidised. 
An army of expatriate workers 
from India, Pakistan and the 
Philippines fin blue-collar and 
lower-level clerical jobs, leav- 
ing most local males free to fill 
management positions in the 
public sector. Women mainly 
remain at home. 

But this state of affairs is 
based on dwindling reserves til 
3.7bn barrels of oil, modest by 
Middle East standards and 
likely to last for only another 
25-30 years. Hence the attempt 
to shift Qatar's fortunes from 
oil to gas. 

In January these ambitions 
surfaced in a way which sent 
shock waves through the Arab 
world. Officials confirmed 
direct talks with Israel about 
supplying natural gas in spite 
of the Arab economic boycott 
Syria In particular was furious 
that Qatar might undermine 
the embargo before a compre- 
hensive settlement was in 
place. But Qatar has shrugged 
off the criticism. 

Mr Abdullah bin Hamad Al- 
Attiyah, Qatar’s energy minis- 
ter, now concedes gas sales to 
Israel would depend on a peace 
settlement between Tel Aviv 
and its neighbours. But a feasi- 
bility study will go ahead and 


Robert Corzine on Qatar’s 
efforts to shift its fortunes 

The gas-man 
cometh 



Saudi • ''N-*-*'''".- 
Arabia -V 


.1— • 


“Qatar is ready to supply gas 
to anyone** if commercial 
terms are right, he says. “We 
consider Israel as we would 
any other potential customer.” 

Qatar's commercial drive is 
fuelled by the North field's 
227,000bn cubic feet of proven 
reserves, a pool of gas which 
dwarfs UK reserves of l9.lQ0bn 
cubic feet Experts say Qatar’s 
reserves could last 200 years. 

The challenge for the coun- 
try is to ensure that its two 
multi-billion-dollar gas export 
projects based on North field 
reserves - known as Qatar Gas 
and Ras t-aFfan Gas - come 
onstream in the late 1990s. Suc- 
cess in these inaugural 
schemes might open the way 
for further, more lucrative gas 
projects. But expanding gas 
infrastructure established for 
domestic purposes into one of 
the world's biggest exporters is 
proving difficult 

All large gas export projects 
are tricky to put together. The 
capital costs for liquefied natu- 
ral gas or pipeline projects run 
into billions of dollars, while it 
can take 25 years or more to 
recoup the investment and 


make a profit Oil can be sold 
on well-established markets in 
London and New York, but gas 
producers must first line up 
buyers wiLling to enter 
long-term contracts and agree 
a complex pricing formula 
linked in part to unknown, 
future oil prices. 

Qatar’s task has been compli- 
cated by inexperience on inter- 
national capital markets. Its 
location is also problematic - 
far from the world’s main gas 
markets but at the heart of 
potential conflict, sandwiched 
between Saudi Arabia and 
Iran, which has a small portion 
of the North Field in its territo- 
rial waters. 

Yet Qatar is managing to 
bring its gas export plans to 
fruition where similar projects 
suggested in many countries’ 
in the Middle East, the former 
Soviet Union, Africa and Asia 
remain mere paper planning. 

The infrastructure for both 
Qatar's gas export projects is 
being built at the port of Ras 
Laffan. A visit reveals the 
scale of the task. Camels graze 
on scrub vegetation just yards 
from the fence enclosing the 


largest port construction proj- 
ect under way worldwide. Off- 
shore, the world's second-larg- 
est dredger works alongside 
the Skm-long main breakwater 
that juts into the Gulf to shel- 
ter the harbour for liquefied 
natural gas carriers. 

By the time the port is com- 
pleted next year. S750m will 
have been spent and Qatar will 
have established its credibility 
as a prospective gas exporter. 
But that is only the beginning 

of a stream of financial com- 
mitments and construction 
milestones which C&tar must 
meet in coming years. 

The first hurdle is the financ- 
ing of Qatar Gas, the first of 
the two projects. Costing $4bn, 
it will supply 4m tonnes of 
liquefied natural gas a year to 
Japan from 1997. Financing of 
the deal was been split into 
chunks to ensure that “it 
didn’t scare off international 
markets”, according to one 
western banker. 

J apanese banks and gov- 
ernment agencies domi- 
nate the financing of the 
“downstream” processing 
and transport portion of 
Qatar Gas. This Includes 
$1.6bn for a liquefaction plant 
and SlAbn for seven liquefied 
natural gas carriers. 

Within weeks Qatar will 
choose from among three com- 
peting consortia of banks from 
the US, Europe and the Gulf to 
arrange the final tranche of the 
$4bn total, amounting to 
$65Qm-S700m. This will pay for 
the offshore platforms and 
pipelines to produce and bring 
the gas ashore. 

“Qatar’s future access to 

inte rnational finanHal market5 

is largely conditional on the 
success of this financing,” says 
a western hanker , The financ- 
ing of a second, larger and 
more expensive project, Ras 
Laffan Gas led by Mobil Oil of 
the US. will need to follow 
shortly afterward s if it Is to 
meet Its 1998 start-up date to 
export up to 9m tonnes of 
liquefied gas a year to South 
Korea and Taiwan. 

A third project. Eurogas, to 
supply gas to Italy has col- 
lapsed. Europe remains a cov- 
eted market for Qatar gas, but 
there are doubts that such a 
project will pay until well into 
the next century. 

Not every Opec member has 
the gas reserves to emulate 
Qatar. Those states that do. 
such as Iran and Nigeria, are 
keen to initiate projects, while 
existing exporters, such as 
Algeria and Indonesia, are 
expanding their activities. But 
all will remain dependent on 
oil revenues until well into the 
next century. 


Quite simply 
the Royal Oak. 


m 

iUDEMARS PIGUET 

The master watchmaker. 


h.nr tnlimiulhm .mil cmMUkui.-. pW-u wnt« l» 
AlllinuiN I'iKUlt it Cn- >.iV. 1 i IH La.' llttnlis. SwiCfcfldllJ 
lut tl i'J jl I'M U 41 Hi* U 1 1 



Joe Rogaly 

Time out for reflection 





Britain’s Con- 
servatives bad- 
ly need to lose 
a general elec- 
tion. They are 
not at ease 
with them- 
selves. They 
are confused, 
bothered, dispirited, disillu- 
sioned. They should be 
relieved of the burdens of gov- 
ernment This would give them 
time to reflect on what they 
have to offer us. When they 
have cleared their heads they 
might once again be permitted 
to form an administration. 
How long should they be out? 
If they are fortunate enough to 
go in 1996, a return early in the 
21st century sounds good. 

The latest manifestation of 
the Tories' doctrinal disarray 
is the current argument over 
the system of voting in the rul- 
ing council of the European 
Union. As matters stand. 
Britain can block EU decisions 
it does not like if it can form 
an alliance with, say. Germany 
and Denmark. The government 
hopes to retain this qualified 
minority veto when the EU is 
enlarged by the admission of 
Sweden, Finland, Norway and 
Austria. The other member 
states of the EU, except Spain, 
want a small increase in the 
necessary number of blocking 
votes. A strong, united Conser- 
vative government would be 
confident that Britain could as 
readily find three or four allies 
out of 15 cither members as it 
can two ont of IL This Conser- 
vative government is not 
What should be a typical 
Eurodebate, rich in technicali- 
ties, ripe for a compromise res- 
olution, has reached apparent 
stalemate. Last week Mr Doug- 
las Hurd tried to prepare his 
party to accept a tradeoff. 
Tory Eurosceptics, and some 
others, are saying that they 
will do no such thing. The for- 
eign secretary argued that 
enlargement of the EU was a 
Conservative prize worth nego- 


tiating for. The Europhobes. 
who have an apparent annlock 
on the prime minister, will 
only countenance a settlement 
on their terms. Mr Hurd 
appears to be trapped. 

It could be different in oppo- 
sition. The party would be as 
divided as ever about Britain’s 
place in the evolving European 
community, but it would have 
space in which to settle its 
arguments. There would be no 
need to take decisions on the 
run. The Conservative coali- 
tion could reassemble itself, 
with an eye to an audience 
wider than that constituted by 
its own depleted ranks. Liberal 
nationalists could argue their 
case, as Mr Michael Portillo. 
Mr Peter Lilley 
and Mr Michael 
Howard now do 
in veiled terms 
from *h»ir min- 
isterial chairs. 

Christian Dem- 
ocrats and 
Europeans un- 
der the skin - 
like, say, Mr 
Kenneth Clarke 
- might enjoy 
the unchal- 
lenged ascendancy that should 
come naturally in a popular 
Conservative party. 

Moderate conservatives who 
have the capacity to reflect on 
such matters are to be found 
inside the government, but 
many of them are out of sight 
One, Mr Stephen Dorrell, 
emerged from cover earlier 
this year. In an address to stu- 
dent Tory reformers at Down- 
ing College, Cambridge, the 
financial secretary to the trea- 
sury rejected both minimalist 
government and the “exagger- 
ated histrionics of flag-waving 
nationalists”. Love of country, 
he said "does not imply hostil- 
ity to foreigners”. He did not 
mention Mr Portillo, nor did he 
need to. Mr Dorrell projects the 
kind of decency that has won 
Mr Tony Blair of the Labour 
party much applause, although 


The Conservative 
coalition could 
reassemble Itself, 
with an eye to an 
audience wider 
than that 
constituted by its 
depleted ranks 


neither of them will thank me 
for saying so. For example, 
speaking of family responsibil- 
ity the financial secretary said 
that “In this respect western 
culture needs to relearn forgot- 
ten lessons from some mem- 
bers of its own ethnic minority 
communities”. Plenty to chow 
on there. 

There Is more food for 
thought in a new pamphlet by 
Mr David Hunt, published yes- 
terday by the Conservative 
Political Centre. This should be 
read. The employment secre- 
tary. a known Tory Christian 
Democrat who grovelled to tlio 
Eurosceptics at last yaar’s 
party conference, confronts the 
liberal-nationalist wing of his 
party head-on. 
“That is what 
troubles me 
with the obses- 
sive individual- 
ism of liberals: 
its potential 
drift into insu- 
larity." he says. 
He goes further. 
“Tories have 
always re- 
garded human 
beings as social 
beings - ours is a communitar- 
ian philosophy, and we regard 
communities and society os 
being somehow organic. The 
Kantian conception of the self 
- an abstract rootless being 
with absolute characteristics - 
is alien to us.” There are 
plenty of similar sentiments. 
One more: ”... we must not let 
our opponents on the left claim 
that we endorse the worst, 
most selfish, manifestations of 
the capitalist spirit. It falls to 
us to police the market” 

Mr Hunt’s contribution 
would be better expressed, and 
therefore even more valuable, 
if it had been produced in 
opposition. The employment 
secretary has been obliged to 
dot his observations with the 
butter of support for all the 
stated policies of the govern- 
ment of which he is a member. 


He throws in tittle dabs of 
praise for the prime minister 
he serves. Perhaps he wants 
the job of chairman of the Con- 
servative party, a post he. is 
tipped to be offered In ttild- 
summer reshuffle. There is 
some sense in this, although 
possibly more political advan- 
tage in giving the task to Lord 
Archer. When Mr Chris Patton, 
now governor of Hong Kong, 
was Tory chairman he helped 
Mr John Major win an election. 

Like the employment secre- 
tary, Mr Patten is both a 
thoughtful European and a 
wistful Christian Democrat - 
You and I might regard it as 
crazy to accept the chairman- 
ship of a disintegrating party, 
but Mr Hunt is an optimist, the 
kind who would tell himself 
that, starting from hero, the 
Tories’ fortunes can only 
improve. 

Just who leads the Conserva- 
tives to what should be defeat 
is of small significance. What ^ . 
they discuss while out of office * ■' 
is more important The divi- 
sion between Christian Demo- 
crats, proponents of the social 
market economy, and the fac- 
tion called liberal by Mr Hunt 
has already become blurred. It 
may be less relevant at the end 
the decade than it seems to be 
now. 

TO take one specific example 
- will the fashion for adding 
layers of management to pub- 
lic services, as with health, 
survive? Private companies are 
downsizing their white-collar 
staffs; perhaps the Tories dis- 
covered 1970s management 20 
years too late. There are other, 
more universal, questions, like 
how do you re-insti! a sense of 
structure in an atomised 
polity? Mr Dorrell and Mr Hunt 
are both aware of this 
one. They know about Europe, 
too. 

A long period of sabbatical 
leave from government would 
enable them, and their col- 
leagues, to search for 21st-cen- 
tury answers. 


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 fox for finest resolution 


Good time 
to write off 
Africa debt 

Prom Sir David Steel ifP 
and Mr Tom Clarke MP. 

Sir, Michael Holman is right 
to point out the shortcomings 
of the World Bank’s structural 
adjustment programmes In 
Africa (“Long snakes and short 
ladders in Africa", March 15). 

We have just returned from 
an Oxf am-sponsored visit to 
Uganda, where we saw the 
impact of that country’s debt 
burden on the most v ulnerable 
groups in society: orphans, 
people with disabilities and the 
poor. 

Burdened with a debt burden 
of gLfibn, Uganda is forced to 
spend one third of its annual 
budget on repayments, more 
than four times what it is able 
to spend on health and educa- 
tion. 

We were alarmed! to discover 
that nearly 70 per cent of 
Uganda’s debt is owed to multi- 
lateral agencies such as the 
World Bank and International 
Monetary Fund, whose roles 
forbid rescheduling. 

Most outrageous of all is 
that, over the nest five years, 
Uganda will be forced to make 
a negative transfer of more 
than $200m to the IMF - an 
institution which, by selling 
only 10 per cent of its gold 
stocks, could write off 
debts owed to it by all the 
countries In sub-Saharan 
Africa. 

This year sees the 50th anni- 
versary of the World Bank and 
the IMF. What better time to 
review the development role of 
these institutions and to 
reward countries such as 
Uganda, which has done all it 
can under existing rules to 
tackle its debt crisis? 

David Steel, 

Tom Clarke, 

House of Commons. 

London SWIA OAA 


Government tinkering over cars 


Firm Mr Philip Robin. 

Sir, The government is tin- 
kering at the edges over its lat- 
est proposals to limit the use of 
private cars (“Gummer aims to 
reduce car use”, March 16). 
Without a dear strategy to find 
and develop superior public 
transport systems as an alter- 
native, car usage will continue 
to grow. 

The aim of the Planning Pol- 
icy Guidance Note on Trans- 
port, to Unfit the use of private 
transport to reduce fuel con- 
sumption and harmful emis- 
sions, is laudable, bid the pro- 
posals have not been thought 


through. A massive cultural 
change would be needed to 
wean the public away from 
cars. To have any hope of ach- 
ieving this, the alternative sys- 
tem must be exceptionally effi- 
cient, comfortable and secure. 
This has a price, but so for the 
environment secretary has 
ducked the issue. 

His policy does set out some 
measures to reduce the attrac- 
tiveness of cars, including 
increasing duty on fad, elec- 
tronic tolling and congestion 
charging in urban areas. But 
these will only serve to force 
less well-off car owners to use 


public, transport rather than 
choose it as an alternative. 

If the government is really 
committed to reducing car 
usage, cutting the top speed 
Unfit to 50mph would have an 
immediate Impact This would 
at least get more people travel- 
ling an long journeys by rail 
Otherwise the government has 
got to make a major financial 
contribution to public trans- 
port to prove it Is serious. . - 
Philip Robin, 
head of planning & 
development, 

Healey & Baker. 

3 Tenderden Street. London Wl 


Commitment to reform 


From Sir Anthony Grant 

Sir, Graham Allen MP 
(Letters, March 18) is abso- 
lutely right in calling for wide- 
ranging reform of Parliament 
The silly confrontational style 
in the chamber itself, espe- 
cially at question time, is now 
pure pantomime for the benefit 
of tiie media. 

This, coupled with the mod- 
em MP’s desire to join the 
executive rather than to scru- 
tinise it is why Parliament, 
though much harder working. 
Is much less effective. 

The only useful work is done 
in select committees, but this 
has been impeded by the petu- 
lant “non-cooperation” policy 


of opposition leader, Mr John 
Smith. - ■ 

However, a start on reform 
was agreed by all parties in Ore 
Jopfing report just prior to the 
last election. Subsequently, the 
Labour “establishment” has 
gone cold on this. Despite the 
wishes of its more sensible 
backbenchers, the front bench 
remains terrorised by a small 
leftwing clique opposed to any 
change. 

Labour should put this right 
before embarking on “a new 
constitution for a new cen- 
tury”. 

Anthony Grant, 

House of Commons, 

London SWIA QAA 


Cover-up on the beach 


From Mrs Erica de 
Graaff-Btmter. 

Sir, Your entertaining article 
on worldwide beach fashion 
("Art of wearing very little”, 
March 5/6) was spoilt by a seri- 
ous omission. 

Germans may be covered up 
In the Baltics, but in the Bai- 
earics they are more or less 


totally uncovered - and the 
larger they are, the less they 
wear. 

It becomes rather over- 
powering by the end of the sea- 
son! 

Erica de Graaff-Hunter, 

Cola Gas. 

07530 Cola Ratjada, 

Majorca 


Finland 


The letter published yesterday 
purporting to have been from 
the Finnish mission to the EU 
in Brussels was not sent by the 
mission. 


Building society boards are folly accountable to members 


From Mr GR Lister. 

Sir, Peter Birch’s suggestion 
(tetters, 11 March 1994) that 
rival financial Institutions be 
allowed to distribute literature 
to building society customers 
takes the concept of direct mail 
to new extremes. Such custom- 
ers might well feel that the fact 
that they have a mortgage or 
savings account with a particu- 
lar society should be regarded 
as confidential Information, 
and thus unavailable for distri- 
bution to any organisation that 
feels it would like to know 
their names and addresses for 
its own commercial advantage. 

There is, however, a more 
fundamental point Mr Birch 
draws a parallel between pub- 
lic companies and building 
societies, but ignores a crucial 
difference. Building society 


customers have paid nothing 
for their membership rights, ft 
is not clear, in equity, why 
those customers that happen to 
have such rights at a time 
when a third party makes a bid 
for a building society should be 
entitled to a windfall gain. The 
situation in a public company, 
owned by individuals or insti- 
tutions that have put up equity 
capital and who (ace the risk of 
loss as well as the possibility of 
profit, is quite different 
Mr Birch apparently feels 
that building society boards 
are not accountable for then- 
actions. hi fact, building societ- 
ies have no monopoly over the 
mortgage and savings markets, 
as recent trends in market 
share show. In today’s dimate 
if they do not offer the right 
product at the right time to the 


right customers they rapidly 
diminish in importance, as cus- 
tomers take their business 
elsewhere. 

Uniquely among financial 
Institutions, building societies 
are required by their legisla- 
tion to contact their members, 
and gain their approval, before 
moving Into new business 
areas outside of their main- 
stream mortgage and savings 
activity. Moreovor. boards face 
their electorates at the annual 
general meeting each year. 
Over the past few years, mem- 
bers of societies have been 
elected as directors without 
the backing of the existing 
board (including a member of 
Abbey National to its hoard 
when it was still a building 
society) and this year has once 
again seen a hotly contested 


election at a large society. 

Building societies' corporate 
governance is based on the 
principle of "one person one 
vote”: votes are not for sale to 
the market place. Most of the 
shares in our large pic finan- 
cial institutions are owned by 
other financial organisations. 
The question of who is 
accountable to whom, and how 
responsibility for that account- 
ability is discharged within a 
relatively small group of 
organisations, mostly based In 
the City of London, is perhaps 
a more fruitful starting point 
for any investigation into 
issues of corporate gover nance 
t han the building societies. 

G R Lister. 

chairman The Building 

Societies Association. 

3 SaoQe Row. London Wl 


# 


Biographies 
of business 

From Mr John ML Harper. 

Sir, Consolation for Mr Zea- 
lander (Letters, March 17) re 
his complaint about the 
absence of biographies of mod- 
em business leaders. I am fin- 
ishing a book called The Birth 
of BT - VO Telecoms and BT 
1964-84. It details the achieve- V 
meats and approaches of Sir 
William Ryiand, Sir Edward 
Fenessy, Sir William Barlow 
and Sir George Jefferson while 
they led BT and its predeces- 
sor. 

Like Mr Zealander, I am Post 
Office - that is public sector - 
trained and bred. Do our two 
letters tell you anything about 
public sector attitudes? We 
want to learn. 

John M. Harper, 
it Lullingian Close. 

Seaftird BN25 43H 



— - 4.x. 1 77*f 


FINANCIAL TIMES 

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

Tuesday March 22 1994 


The Korean 
conundrum 


International frustration is 
understandably growing at North 
Korea's refusal to allow full 
inspections of its nuclear facilities. 

With yesterday's referral of the 
issue by the International Atomic 
Energy Agency to the UN Security 
Council, the frustration appears to 
be approaching the point of west- 
ern action against Pyongyang. 

But in contemplating action - 
whether economic sanctions or 
something more direct - the US 
and Its allies need to tread with 
the utmost caution. The latest 
threats from Pyongyang to turn 
the South Korean capital into a 
"sea of fire” attest that they are 
dealing with an adversary of 
uncertain motivation and highly 
unpredictable reactions. Moreover, 
they have precious few options 
that seem likely to influence its 
behaviour in the way they wish. 

Part of the problem is that 
nobody outside has the faintest 
idea what is really going on in 
North Korea. While some western 
intelligence agencies claim that 
Pyongyang has a well-advanced 
programme to develop, deploy or 
sell nuclear weapons, other 
sources contend the North 
Koreans are engaged in a giant 
game of bluff with the aim of sec- 
uring US diplomatic recognition 
and forestalling a German-style 
absorption of their country by the 
South. Unconfirmed rumours 
abound of power struggles and of 
the imminent demise of ruler Kim 
Il-Sung. More solid evidence exists 
of severe economic problems in 
North Korea, which lend an air of 
desperation to the regime's behav- 
iour. 

If not even North Korea’s com- 
patriots in Seoul can read its 
motives and likely responses, bow 
can the west hope to frame a well- 
judged policy to contain its desta- 
bilising potential? 

Trade sanctions 

In the circumstances, there is 
bound to be a temptation to 
ratchet up the pressure through 
trade sanctions. There are a num- 
ber of difficulties with this course, 
however. First, it is far horn cer- 
tain that such a measure would - 
pass the UN Security Council A 
sanctions resolution would very 
probably be vetoed by China, still 
at least a nominal ally to Pyong- 
yang. Second, it is not clear what 
sanctions would achieve, beyond 

Challenge of 
trade deficits 


driving the Kim Il-Sung regime 
deeper into its laager. North Korea 
is already an international pariah; 
even if China co-operated with 
attempts to isolate it further, an 
embargo would leak to an orient 
that would enable Pyongyang to 
defy it for a considerable time. 

At worst, sanctions could pro- 
vide North Korea - as it fre- 
quently warned - with a corns 
belli. Although some members of 
the Pyongyang regime might wel- 
come such a confrontational diver- 
sion from their current plight it is 
certain that hardly anyone else, in 
South Korea, China, Japan or the 
west, would relish such a pros- 
pect Whatever the justified alarm 
about the implications of North 
Korea's alleged nuclear pro- 
gramme - in sparking a new arms 
race in Asia or setting back the 
international fight against nuclear 
proliferation - the west is in no 
mood to form a Gulf war-style mil- 
itary coalition to destroy it 

Close neighbour 

Where does that leave the many 
countries in Asia and beyond that 
are anxious to neutralise the 
North Korean threat? Their least 
undesirable option is enlisting 
Chinese assistance in defusing the 
crisis. China, as a “friend” and 
biggest trading partner, is the 
only power that has a chance of 
bringing Pyongyang to heel In 
theory, as a close neighbour, it 
should have every interest in co- 
operating to Coster peace and sta- 
bility in the Korean peninsula. 
Instability could disrupt its march 
towards market-driven prosperity: 
hostilities, as happened four 
decades ago, might well force it to 
side with a regime from which it 
has done much to distance itself 
in recent years. 

The trouble is that the US - 
currently at loggerheads with Bei- 
jing mi trade and human rights - 
is not best placed to seek Chinese 
cooperation on this issue. China , 
while making co-operative noises, 
has shown little public sign of put- 
ting pressure on Pyongyang, 
instead repeatedly counselling the 
west to show “patience”. 

Unfortunately, Beijing may be 
right. Without active Chinese 
assistance, the west - forced to sit 
tight until the Pyongyang regime 
collapses under the weight of its 
contradictions - may find 
patience is its only option. 


The UK is living beyond its 
means. That is the conclusion 
which will be drawn from statis- 
tics for the country's trade with 
the world outside the European 
Union, published yesterday- Some 
will go on to argue that the UK 
recovery is doomed to drown in a 
sea of current account deficits. 
How plausible is that view and 
what might it mean for policy? 

As a share of gross domestic 
product, the UK's measured cur- 
rent account deficit never fell 
below 1 per cent of gross domestic 
product during the recession. On 
average, independent forecasters 
predict that it will run at about lV* 
per cent of GDP during 1994 and 
1995. But there are far more pessi- 
mistic views. Bill Martin of UBS 
global research argues, for exam- 
ple, that the current account defi- 
cit will rise from i2 per cent in 
1994 to &3 per cent in 1995. 

This forecast, bad enough on its 
own, is part of a grim view of 
economic prospects, which rests 
on two main points: first, that the 
growth of domestic demand will 
remain strong, notwithsta nding 
the tax increases due in 1994 and 
1995; and, second, that the supply 
capacity of the economy is inade- 
quate, despite high unemploy- 
ment. The UBS team forecasts 
inflation ranking at 7-8 per cent 
during the latter years of this par- 
liament, with base rates reaching 
a floor around 5 per cent this year, 
before moving towards double dig- 
its, if not beyond. Such views have 
to be taken seriously, in the light 
of experience and particularly 
when a more complacent view of 
economic prospects is held by 
most forecasters, including the 
Treasury. 

Unfavourable trends 

The current account deficit 
shows that there is already an 
excess of aggregate demand over 
aggregate supply, despite unem- 
ployment at just under 10 per cent 
of the labour force. Moreover, 
trends seem unfavourable- In 
December to February, for exam- 
ple, the volume of UK exports 
(excluding oil and the erratic 
items) to the world outside the 
European Union rose 2 per cent by 
comparison with the previous 
three months, while the volume of 
the equivalent imports rose by 3V= 
per cent More encouragingly, the 
value of these exports rose by 18 
per cent over the past year, while 


the value of imports rose by only 9 
per coat But this reflects a sharp 
rise In export unit values, which 
must threaten the future growth 
of export volumes. 

If domestic demand were to 
expand at a brisk pace, there 
could well be inflationary pressure 
in sectors producing non-tradable 
goods and services, while the 
trade deficit would also rise. If for- 
eigners were to prove unwilling to 
channel funds to the UK or UK 
residents prove unwilling to repa- 
triate wealth held abroad in the 
requisite amounts, either the 
exchange rate would fall or the 
interest rate rise, or both. So a 
trend deterioration in the external 
balance would impose a constraint 
on economic growth by threaten- 
ing higher inflation. 

Gloomy scenario 

The nature of that inflation 
needs to be understood. If the 
devaluation since September 1992 
does prove insufficient to generate 
a financeable current account at 
existing interest rates, as eco- 
nomic demand expands, the impli- 
cation is that the UK's real 
exchange rate remains overval- 
ued. 

The implication of the gloomy 
scenario is not that growth need 
stop. It is rather that the UK 
might find itself in the middle of 
another real depredation of the 
exchange rate. Such a devaluation 
could be achieved either over a 
long period, during which wages 
rise by less than productivity, or 
by a nominal devaluation of the 
currency. The former would be 
consistent with continued low 
inflation; but the latter would 
threaten a period of higher infla- 
tion. 

What might this possibility 
mean for policy? First, the rele- 
vant measure of inflation for the 
UK is that for domestic costs, prin- 
cipally labour costs. Second, the 
government must prevent the 
growth of nominal demand from 
surging as it did in the second half 
of the 1980s. Third and most 
important, a policy of high inter- 
est rates and a high exchange rate 
may be an unsustainable way of 
controlling inflation, because of 
its adverse long-term effects on 
the supply of tradable goods and 
services. The fiscal alternative is 
being used this year and next. 
Higher taxes may have to be used 
again, in the still further future. 


M r Victor Cherno- 
myrdin, the Rus- 
sian prime minis- 
ter, yesterday 
broke off a sched- 
uled meeting with Mr Michel Cam- 
dessus, managing director of the 
International Monetary Fund, and 
flew to Socchi on the Black Sea, 
where President Boris Yeltsin is 
reported to be recovering from a 
bout of flu. "I have some things to 
discuss with the president,’’ he said 
as he took off. 

The things he has to discuss with 
the president centre around a fully 
fledged allegation of a coup against 
him, prepared and circulated in the 
press and political circles over the 
weekend, probably by Mr Yeltsin's 
opponents in parliament. The 
rumoured attempt to overthrow the 
government resulted in ministers 
being questioned by the security 
services - as well as Mr Cherno- 
myrdin's trip. The status of the 
coup is not yet clear - is it a provo- 
cation, a real plot which was 
aborted, or a real plot which is still 
in motion? The certainty is that it 
has convulsed a government 
already shivering before the pros- 
pect of an economic blizzard. 

For the Chernomyrdin govern- 
ment has inherited an infrastruc- 
ture from the communist period 
which Is ill-equipped to translate 
the rigours of economic reform into 
even a semblance of prosperity. It 
struggles against the wave of cor- 
ruption and crime which the 
reforms have encouraged (though 
certainly not created) and with 
which the state cannot properly 
cope; it has lost a par liamentar y 
and probably also a popular constit- 
uency for radical reform and thus 
must enact change, if it will do it at 
all against the will of the people; 
and it must struggle against high 
inflation which decimates its 
income and makes those who 
demand extra money even more 
desperate. 

lids is the wwinmiri climate with 
which the government must strug- 
gle and in which it is trying to 
persuade the IMF to release a fur- 
ther $L5bn loan; 

• Production across all sectors fell 
an average of almost 24 per cent 
last month compared with February 
last year. Mr Chernomyrdin, 
addressing the lower house last 
week, said that thousands of enter- 
prises had stopped work and thou- 
sands more were working part-time. 
The crisis, he said, was made up of 
their inability to sell their stock, 
compounded by a debt crisis which 
means that companies owe a total 
of Rbs25,000bn and are owed 
Rbs32.000bn. 

• The production of ofl, Russia's 
most precious commodity because it 
is by for its most tradeable, contin- 
ues to fall rapidly - down more 
than 14 per cent in the first two 
months of this year over the same 


A push and they’ll 
all fall down 

Allegations of a plot against Yeltsin have shaken a 
government facing economic crisis, says John Lloyd 



period of 1993. At this rate, it will 
not be long before the predictions 
made and widely derided two years 
ago - that Russia will be an oil 
importer before the end of the 
decade - will come true. 

• The budget for 1994, not yet 
debated by parliament though it is 
nearly at the end of the first quarter 
of the year, is less of a finan cial 
document, more of a field of strug- 
gle. Its headline figures - expendi- 
ture of Rbsl83,000bn and income ctf 
Rbsl20,000bn, with a resulting defi- 
cit of some 9 per cent of gross 
national product - do not indicate 
the virtual impossibility of either 
the income being collected or the 
expenditure being kept to that level 
The foll-off in government income, 
because of the effects of very high 
inflation on tax revenue, coupled 
with declining profits and the huge 
pressure on expenditure from prac- 
tically bankrupt enterprises, from 
the energy producers, from the mili- 
tary and from agriculture mean 
that the real deficit could be twice, 
three times or even more than that 
advertised. 

• There are two brighter spots. 
Privatisation, as Mr Anatoly Chu- 


bais, deputy premier for privatisa- 
tion, told the lower house yester- 
day, is rolling along - with nearly 
B0 per cent of small enterprises now 
auctioned off, and up to 14,000 
medium and large concerns also 
through the auction process. In 
addition, two huge and profitable 
giants - the Gasprom production 
and distribution monopoly and the 
Norilsk Nickel plant are about to 
come under the hammer. However, 
the financial condition of the priva- 
tised enterprises is generally no bet- 
ter than that of their state counter- 
parts (sometimes worse), and the 
sefl-oSs have been attended by cor- 
ruption in some 30 per cent of the 
cases (according to those who have 
seen security service estimates). 

The other bright spot is inflation. 
It was down to 10 per cent a m»nth 
in February and - according to Mr 
Chemnmynlin - is likely to stay at 
that level this month. The govern- 
ment has claimed it is following a 
tight budget policy this year, but 
for the moment inflation is still a 
result of decisions made in the last 
quarter of 1993 rather than a reflec- 
tion of virtue in the New Year. 

As disheartening as any other 


fact for Russian ministers is the 
obvious truth that, after more than 
two years of official reformism, 
there is little to show in the way or 
domestic success or foreign confi- 
dence. No western companies of 
size have made very large commit- 
ments to Russia. Trade has shrunk 
to levels where most countries can 
discount it as negligible; foreign 
bankers do not believe that Russia 
will pay back any real debt in the 
next five years; and the rouble is 
driving steadily down to the iOOO to 
the dollar level 

The excited buzzing about invest- 
ment possibilities which surrounds 
the names of China, India and even 
Vietnam is largely absent in discus- 
sion of Russia At best business 
people will tap the side of their 
noses and say: “There's a lot of 
money to be made in Russia - if 
you blow how to bend/make/ignore 
the rules.” But long-term business 
commitment comes not from know- 
ing how to circumvent, but how to 
observe, the rules. 

The conjunction of dire circum- 
stances makes an agreement with 
the International Monetary Fund 
for the payment of the next tranche 


of the “systemic transformation 
facility” loan - the second instill- 
ment of a special $3bn fund 
designed to speed the transition 
from communism to capitalism - 
more than usually important, if 
Russia is to retain a reform momen- 
tum. 

The loan is needed both to cover 
immediate hard currency expenses, 
such as debt servicing, but more 
particularly to increase waning con- 
fidence and to retain some momen- 
tum to the west’s involvement in 
Russian reform, reaffir med at two 
Group of Seven summits and likely 
to be at or near the top of the 
agenda at the G7 summit in Naples 
in July. 

The west's involvement, now 
under increasing criticism in Russia 
and in the west itself, has, say crit- 
ics. produced nothing but rhetoric 
by western politicians, often 
self-serving. The IMF and the World 
Bank, the two main lending agen- 
cies, say that this is at best a 
half-truth. They have been ham- 
pered, continually, by their inability 
to find partners in Russia to whom 
to lend. 

T he World Bank, for 
example, which takes its 
lead from the IMF, has 
been trying for months 
to make large loans to 
cover the cost of a social security 
network, and to assist agricultural 
reform. The first of these has been 
refused by the Russians because 
ministers do not want to pile up 
more debt and do not believe that 
the local uLhorities. to whom the 
money would be passed, would pay 
it back. In the second case, the vari- 
ous actors in the agriculture sector 
- the Moscow ministry and commit- 
tees. the regional and local authori- 
ties, the state and collective farm 
managers - cannot agree on what a 
loan would be used for. The result 
is that, in two of tbe most vital 
sectors for reform, little is 
being done except local pilot pro- 
jects. 

Nothing that the government can 
now do would improve matters in 
tbe short term. When it does act - 
as it did last week when it intro- 
duced higher customs duties on a 
range of imported goods - it stirs 
up more opposition from tbe public 
(who, in the large cities, have 
become increasingly accustomed to 
buying imported food and other 
commodities), and protects indus- 
tries which often (not always) 
appear indifferent to becoming com- 
petitive in world markets. 

This is the geology, the substruc- 
ture, of the turmoil we now see. A 
shrinking wealth, a government 
which struggles to find its bearings, 
an advanced world which cannot 
agree on a convincing way to assist 
these are the elements which are 
producing an ever-deepening politi- 
cal crisis. 


Edward Mortimer argues that the UK is treating asylum seekers as if they are the guilty ones 

Avoidably detained 


O n the outskirts of Oxford, 
close to Kidlington air- 
port, an unobtrusive sign 
paints down a suburban 
side road to “Campsfield House”. 
The road leads to a group of red 
brick buildings surrounded by a 20- 
foot high perimeter fence. 

Beyond that fence, 200 people are 
living in a world that is part Franz 
Kafka and part George Orwell In 
tbe custody of private security com- 
pany Group 4, supervised by Home 
Office immigration officers, they are 
known as “clients” bat are in fact 
prisoners, tormented by a continu- 
ous stream of Tannoy announce- 
ments, starting with a demonstra- 
tion of the fire alarm at 6am. They 
do not understand why they are 
there, and they do not know when 
they will get out. 

Most have not been charged with, 
let alone convicted of, any crime. 
They are foreigners whose right to 
remain in the country is being 
investigated by the Home Office, or 
whose deportation orders are being 
reviewed by the courts. The great 
majority have applied for political 
asylum. Most have been there for 
two or three months, but some 
c laim to have been in detention for 
more than a year. 


Last July there were 317 such asy- 
lum seekers in detention in the UK. 
Apart from short-term facilities at 
airports and police stations, the 
largest numbers were at Harmonds- 
worth detention centre near Heath- 
row (which can hold 95) and at Has- 
lar prison, Hampshire, which has 
100 places for men. But many were 
also held in regular prisons. 

It was ostensibly to avoid sending 
the “overspill” to ordinary prisons 
that the government opened Camps- 
field last November. The Immigra- 
tion and Asylum Appeals Act, 
which came into force last July, 
was also intended to reduce the 
number of detainees by speeding up 
the procedure for deciding who 
stays and who is deported. 

But the effect seems to have been 
the opposite. The proportion or asy- 
lum applications refused jumped 
from 14 per cent in the first half of 
1993 to 72 per cent in the second 
half, while the proportion granted 
“exceptional leave to remain” fell 
from 76 per cent to 22 per cent. (The 
latter formula is used when appli- 
cants are considered to have a good 


case in equity, but do not clearly 
qualify as refugees under the UK’s 
res t rictive interpretation of the 1951 
Geneva Convention - for instance, 
if they have fled from civil war, 
rather than from persecution 
directed at them as individuals.) 

Those who are refused leave to 
remain seem to be detained, pend- 
ing deportation, as a matter of 
course. As a result, the 200 places In 
Campsfield were filled straight 
away, and the total number in 
detention is now more than 700. 

Eleven days ago, 105 detainees in 
Campsfield went on hunger strike - 
not against the conditions of their 
detention but against the fact that 
they are detained at all The Home 
Office reacted by moving nine of 
them - whose behaviour is alleged 
to have been “disruptive and Intimi- 
datory’’ - to prisons in Birmingham 
and near Bicester, Oxfordshire. Yes- 
terday the number of Campsfield 
strikers had fallen to 80, according 
to the Home Office. 

Meanwhile, the strike has been 
joined by 18 detainees at Haslar, 16 
at Harmondsnorth and 46 at seven 


other prisons across the country. 
This clearly poses a serious chal- 
lenge to the whole policy of detain- 
ing asylum seekers. 

Virtually all the Campsfield 
detainees claim to have been vic- 
tims of repression In their own 
countries, or have plausible reasons 
for why they are afraid to return. 
Some of their stories are harrowing. 
A Cameroonian woman told me 
both her parents had died after 
being arrested and tortured Tor 
organising a boycott of French 
products. She herself had been a 
member of their association and 
had distributed leaflets, but bad 
been able to get out of the country 
last September. She had left her two 
children aged 10 and three in tbe 
care of a friend, but had bad no 
news of them. “I don't know iT they 
are alive or not,” she says. 

Needless to say, the truth of such 
stories is not easy to establish. No 
doubt some are invented and others 
exaggerated. It Is the job of the 
Home Office and tbe courts to 
decide in each case. What seems 
bizarre, however, is that applicants 


are in effect treated as guilty until 
proved innocent. 

Mr Charles Wardle, immig ration 
minister, has said that “if they 
decide to leave the country, they 
are perfectly free to go”. That 
means, of course, that they are free 
to be deported to their countries of 
origin. But the asylum seekers con- 
tend that they would not be safe in 
those countries. 

Mr Wardle has also explained that 
“if they don't comply with restric- 
tions while they are here, a tiny 
proportion [of asylum applicants] 
are detained while their cases are 
being considered". Those I spoke to 
said they were quite willing to com- 
ply with any restrictions, only no 
such option had been offered. 

Many of the detainees are genu- 
ine political activists: intelligent, 
articulate, middle-class people, who 
have had tbe courage to stand up 
for human rights and democracy 
against corrupt and dictatorial 
regimes. Just the kind of people, in 
fort, that Britain claims to support 
“Before we came here," they said in 
the statement announcing their 
hunger strike, “we knew that the 
UK is the leading country in the 
world in human rights.” Sadly, they 
now know better. 


OBSERVER 


Pro Bono 
publico? 

■ Edward de Bono, the skilled 
self-publicist who has made himself 
a nam e for thinking laterally, 
believes the time has come for a 
fresh approach to the world’s 
economic problems. Ten out of ten 
so for. 

As well as writing in yesterday’s 
FT on the need for a bit of 
imagination in tackling 
employment issues, he’s crafted 
a think -tank paper for the Centre 
for the Study of Financial 
Innovation. In the latter, he 
proposes inventing something 
called “target currencies”, with 
companies like IBM creating their 
own economies by Issuing their 
own currency. 

De Bono says the idea could be 
extended to cover sectors; people 
would be paid in “housing 
currency” or “luxury goods 
cunency or “supermarket 
currency”. 

He believes this would enable 
governments to manage the overall 
economy much more selectively 
- particular sectors could be 
stimulated without triggering 
all-round inflati on. A secondary 
market would enable people to 
trade between different types of 
currency. “It would be like the 
human body with membranes 
separating the various currencies " 

He points to examples already 
existing in prototype; the US Food 


Stamp programme and Singapore’s 
Central Provident Fund, which 
holds a portion of people’s salary 
but allows them to borrow against 
it or invest it 

Oh, of course; socialism with a 
human face. 


High table 

■ What is it about even the most 
sophisticated women’s networks 
that makes them ever so slightly 
naff? After last Friday's seminar 
on Power and the Media, organised 
by the pukka women's networking 
organisation Forum UK, delegates 
were allocated to “dine-arounds” 
(ugh!) in members' houses, while 
on Saturday there followed an 
“optional” lunch with Lord and 
Lady Astor. Despite the cover 
charge of £75 a bead. Lord Aster’s 
private Kentish home was 
“oversubscribed". Luckily, Lord 
Mounibatten volunteered to feed 
and water the overflow. 


iQiEC? 

■ Whatever prompted Theo Waigel 
to stop by yesterday’s meeting of 
European Union finance ministers? 

Thn O rman finance minister 

graces such gatherings but rarely 
- and then generally only in times 
of crisis - to the extent that peers 
have taken his absences as a 
calculated snub to the European 
cause. 

So why should the garrulous 



to make our own nuclear 
inspectors’ 

Bavarian have changed his ways? 
Could it just be that his thoughts 
have turned to the early summer 
nomination of his country's two 
new European commissioners? 
Waigel will have none of it - “it 
is all very flattering but there is 
no question [of my candidacy],” 
he made out yesterday. 

Still, the attractions of a 
perk-filled five-year spell in 
Brussels cannot have escaped 
Waigel as be labours to contain 
the costs of unification, and 
attempts to put behind him his 
foilure to secure the Bavarian 
premiership. 

Indeed, in the run-up to the 


general election, a certain 
cageyness would be understandable 
His predicament is nothing 
compared with that of chancellor 
Kohl who has to choose liis 
commissioners some four months 
before he knows whether he has 
a mandate to govern the country 
beyond October. 


Apart-hate whine 

■ Disquieting news for those who 
made the supreme sacrifice by 
boycotting South African wine 
during the long hard years of 
apartheid. Their pain was in vain, 
it seems. For if they turned to 
Bulgarian wine as an acceptable, 
reasonably priced substitute, they 
were in fact quite likely to have 
been drinking Stellenbosch's finest 
South African wine producers 
proved themselves a cunning 
adversary; they successfully 
marketed their product in Europe 
and elsewhere through obliging 
Bulgarian middlemen. Cheers: or 
Totsiens, as they say in Afrikaans. 


On your marks 

■ At least someone in the Tory 
parly is preserving a sense of 
humour. As the government braces 
itself for a series of electoral 
disasters, the organisers of this 
weekend's spring conference in 
Plymouth have obviously been 
thinking through the consequences. 

Doesn't the juxtaposition of 


Michael Heseltine, Kenneth Clarke 
and John Major speaking in rapid 
succession at the close of 
proceedings look a trifle like a dress 
rehearsal for an autumnal 
leadership battle? 


Paisley pattern 

■ Raised eyebrows at Downing 
Street yesterday. Journalists 
covering John Major's meeting with 
Ulster's Reverend Ian Paisley were 
intrigued to see the red carpet 
treatment laid on for the hardline 
Democratic Unionist party leader. 

But, as Paisley knows, 
appearances can be deceptive; the 
carpet was actually rolled out in 
honour of the lunchtime visit of 
the Kazakhstan president After 
a meeting-tumed-slanging match. 
Paisley was escorted out of a side 
entrance to address the waiting 
hacks. 


Creased up 

■ Who bought the 117m pairs of 
male socks, 73m male underpants 
and 12m male vests sold in the UK 
last year? (Vests? you mean those 
funny string things with holes in 
that your mother made you wear?) 

Out of 1,500 adults questioned by 
market researchers Mintel, about j 
a third of the men said they never 
bought any of those items but left 
it to women. If only they left their 
outer garment purchases to women 
the world might be a better place. 





IS 


< ! 


mom&ko 

Resources for Technology & Business 



FINANCIAL TIMES 

Tuesday March 22 1994 



TRAFALGAR HOUSE 

COHSTWCnOH 


0816892266 


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Row over decision-making puts EU enlargement timetable in jeopardy 

MEPs reject votes compromise 


By Lionel Barber and David 
Gardner in Brussels and 
Kevin Brown in London 

Prance and Germany will today 
exert heavy pressure on Britain 
and Spain to try to resolve the 
crisis over voting rights in an 
enlarged European Union. 

Neither London nor Madrid 
appeared ready yesterday to 
soften their position at today's 
meeting of foreign ministers in 
Brussels. The issue could force 
the EU to delay a decision on 
new voting arrangements, jeopar- 
dising an already tight timetable 
for entry of Finland. Sweden, 
Austria and Norway by January 
1 1995. 

The European Parliament fur- 
ther damped hopes of a solution 
being reached today. The largest 
group in the Strasbourg assem- 
bly. the Socialists, yesterday 


rejected the compromise being 
offered to Britain and Spain. 

Mr Jean-Pierre Cot, leader of 
the Socialist MEPs, said: "What 
is at stake is the whole concept of 
a future Europe." 

The European Parliament has 
to approve the accession treaty 
by May 4 to make it possible for 
the four newcomers to enter by 
January. But the Strasbourg 
assembly has said it will with- 
hold assent if Britain and Spain 
win their demands to retain the 
“blocking minority" at 23 votes 
in the Council of Ministers, 
allowing two large and one small 
member states to obstruct deci- 
sions. 

London and Madrid's 10 part- 
ners insist the blocking threshold 
should rise to 27, since the 
weighted votes in Council will 
rise from 76 to 90. But as a com- 
promise, they are prepared to 


offer a two-month delay on deci- 
sions which are opposed by 23 
votes, to try to get consensus. 

Mr Cot said yesterday that 
“there is no chance of having any 
sort of mixed solution go through 
[the European] Parliament, such 
as a two-month cooling off 
period, which would only exacer- 
bate delays in decision-making. " 

Mr Kenneth Clarke, the UK 
chancellor of the exchequer, 
repeated that Britain was deter- 
mined to keep the weight of vot- 
ing power with the larger EU 
states. “The situation now, where 
two large and one small country 
can block a decision, is perfectly 
satisfactory," Mr Clarke said in 
Brussels. “I am not prepared to 
see a situation develop where a 
collection of small states can vote 
down a collection of bigger ones." 

Mr Douglas Hurd, UK foreign 
secretary, was more conciliatory, 


but be indicated it was unlikely a 
solution could be reached today. 
The Union had to find a way 
through the voting impasse, he 
said, during a visit to Dublin. 
“We may not do so in Brussels 
tomorrow [Tuesday], but we will 
persevere until we do/ 

Mr Clarke said that it was 
“absurd" to blame Britain for 
delaying enlargement. It was 
wrong to assume enlargement 
automatically meant changes to 
make decision-making easier at 
the expense of the minority. 

But a long-serving EU diplomat 
accused the UK government of 
“lying" about its earlier position. 
He said all 12 member states, 
including Britain, had agreed at 
the EU summit in Lisbon in June 
1992 that the admission of the 
four Nordic and Alpine countries 
would require a “mechanical" 
adjustment in voting weights. 


Brussels censured over financial waste 


By Lionel Barber in Brussels 

The Court of Auditors of the European Union 
yesterday attacked the European Commission 
for its poor financial management, weakness 
in tackling fraud and obstruction of efforts to 
track down waste. 

Mr Andre Middlehoek, president of the 
Court of Auditors, identified “numerous 
administrative and control weaknesses" in 
Brussels and among member states in spend- 
ing on regional aid and farm subsidies. 

He told a meeting of E(J finance minis ters 
in Brussels that the Commission would like 
to pretend that the problems reported were 
no more than isolated “accidents" which the 
Court had extrapolated in an “irresponsible" 
way. “The contrary is true," he said. 

The Court's report on the 1992 EcufiSbn 


($75bn) EU budget calculated that some 
EculTQm had been wasted in irregular out- 
lays and lost receipts. But only 7 per cent of 
the amount deemed recoverable had been 
clawed back. Mr Middlehoek said. 

The UK, the Netherlands, Denmark and 
Germany are pressing for tougher action 
a gainst fraud an d tighter controls on spend- 
ing. Britain will tomorrow propose in Brus- 
sels that member states make fraud against 
the EU budget punishable in n» «mp terms 
as fraud against a national budget 

The Commission will respond this week 
with measures to combat fraud, including a 
blacklist of companies and individuals found 
violating EU rules. Mr Peter Scbmidhuber, 
the EU budget commissioner, will also press 
for extra staff and closer co-operation with 
national police and customs forces. 


The Luxembourg-based Court of Auditors 
has assumed a higher political profile as a 
result of the Maastricht treaty, which calls 
upon EU institutions to co-operate more 
closely to save money and prevent waste. 

Mr Middlehoek ‘criticised the practice which 
gives the Commission a right of reply to 
comments in the Court’s annual report. It 
was disturbing that the Commission “seems 
to consider that it should always have the 
last word, even with regard to those conclu- 
sions of the Court which can only be finalised 
in the light of the Commission's replies to the 
Court's comments". 

He added that the Court's staff had diffi- 
culty verifying the Commission's internal 
audit because of “restrictions placed by cer- 
tain services of the Commission" , including 
access to the main computer system. 


Tax fears embarrass German opposition 


By Quentin Peel in Bonn 

Germany’s opposition Social 
Democrats were attempting to 
save themselves from an elec- 
toral own-goal last night after 
stirring public fears with a com- 
mitment to raising taxes on 
higher-income earners. 

The party leadership, surprised 
by a setback in local elections at 
the weekend, claimed that gov- 
ernment ministers and their sup- 
porters in the German press were 
deliberately distorting the tax 
plan to suggest it would affect a 
majority of taxpayers. 

The emergence of concerns in 
the Social Democratic party 
ISPD) comes only a week after it 


emerged as clear victor in the 
first of Germany's 19 state and 
national polls, and a few days 
after it confidently announced a 
draft election platform. 

The proposal to impose a 10 per 
cent “solidarity surcharge" only 
on the better-paid, instead of the 
present plan for 7.5 per cent from 
all income taxpayers from next 
January 1 has aroused criticism 
from Chancellor Helmut Kohl's 
government and from many SPD 
supporters. 

Banner headlines in the mass- 
circulation Bild newspaper 
denounced the “tax hammer" of 
Mr Rudolf Scharplng, the SPD 
leader. It said income earners on 
a gross salary of DM3,846 a 


month would be affected - more 
than half of all taxpayers in the 
country. 

Chancellor Kohl and his Chris- 
tian Democratic Union, which is 
lagging far behind the SPD in the 
opinion polls with seven months 
before the general election, seized 
on the tax plan with undisguised 
glee. Mr Peter Hintze, the CDU 
general secretary, said Mr 
Scharping was “demolishing his 
own election chances". 

Some commentators suggested 
that the drop in SPD support in 
the local elections in northern 
Schleswig-Holstein at the week- 
end - where Its vote dropped 
from 429 per cent (in 1990) to 399 
- was partly due to the tax 


furore. The CDU also lost sup- 
port. down from 419 to 37-5 per 
cent 

Last night the SPD leadership 
insisted that its opponents were 
deliberately misinterpreting its 
tax plans, which it said wouid 
add no more than DM23 a month 
to the tax bills of the top 17 per 
cent of taxpayers. 

Its defence came too late to pre- 
vent BQd Zeitung from another 
blistering attack yesterday morn- 
ing. Under the headline “Are we 
really rich. Mr Scharping?” ordi- 
nary German workers, including 
a carpenter, a railway worker 
and a child minder, claimed to 
have incomes above the sur- 
charge limit 


Gates and McCaw launch $9bn global telecoms system 


Continued from Page l 

receive digital signals from tele- 
phone directory-sized receivers 
and small antennas installed in 
homes and businesses. Each sat- 
ellite would, in effect, be a tele- 
phone switching system. 

The small satellites could be 
launched in clusters, reducing 
the cost However, low-orbit sat- 
ellites tend to fail out of their 
orbits far quicker than the 
22.300-mile-high geostationary 


satellites now used for telephone 
communications. 

They must therefore be 
replaced more frequently, adding 

tO the COSt Of maintaining the 
system. 

Teledesic has yet to begin rais- 
ing the $9bn needed to build the 
satellite system. It aims to draw 
together a broad alliance of man- 
ufacturers, telecommunications 
companies and governments to 
bade the massive effort. 

Regulatory approvals would be 


required from the governments 
of the countries to which the sys- 
tem offered services. Alliances 
would also have to be formed 
with telephone companies all 
over the world. If it gets off the 
ground, Teledesic feces competi- 
tion from less expensive satellite 
projects such as Motorola’s Irid- 
ium, which will provide mobile 
communications to car drivers. 
Teledesic also envisages rivalry 
from stationary wireless 
communications services. 


Motorola bas spent three years 
raising (800m to launch Iridium, 
which is expected to cost a total 
of $3.4bn. The new venture 
would also have to compete with 
Iridium for funding. 

According to Mr Russell Dag- 
gatt, Teledesic’s president: “The 
real promise of the system is to 
bring access for rural and 
remote areas of the world to the 
health and education services 
that yon get in major urban 
centres". 




Europe today 

A zone of low pressure near Iceland will 
bring rain to England. Ireland and Scotland 
will have broken cloud and scattered 
showers. Rain will also spread over the 
Benelux, northern France, and western 
Germany. During the afternoon, southern 
Scandinavia will also have rain, while the 
higher areas will have snow. 

Further north, conditions win remain dry with 
sunny spells. Sub-zero temperatures will 
however persist Central Europe will have 
mainly dry conditions, with some sunshine. 
The Mediterranean will have plenty of 
sunshine. Southern Spain will be particularly 
warm, with afternoon temperatures as high 
as 26C. 

Five-day forecast 

Conditions in northern and western Europe 
will remain unsettled, with showers. The UK 
and all coasts upon the North Sea will be 
windy. There may be gale force winds on 
Thursday. Conditions elsewhere win be 
generally mKd. Temperatures will be between 
10C -ISC. At the end of the week, cooler 
coraJif/ons with sunny spells are forecast 
Southern Europe will have fair weather, with 

plentiful sunshine and afternoon 
temperatures above 20C. 

TODAY’S TEMPERATURES 




Mawmurtl 

Belfast 

shower 

11 

Cardiff 

doudy 

12 


Celsius 

Belgrade 

fair 

19 

Chicago 

sun 

21 

Afju Dhabi 

fast 

30 

Berfln 

ter 

9 

Cdfagna 

cloudy 

13 

Aasa 

fair 

32 

Bermuda 

fan 

23 

D 1 Salaam 

ter 

31 

Algiers 

fair 

19 

Bogota 

Ur 

21 

Defer 

sun 

2b 

Amsterdam 

ram 

10 

Bombay 

lair 

3? 

Dallas 

sun 

23 

Alberts 

far 

20 

Brussels 

rate 

12 

Delhi 

fair 

33 

8. Am» 

cloudy 

22 

Budapest 

shower 

10 

Dubai 

sun 

31 

Bhan 

rain 

13 

tihagen 

cloudy 

6 

Dublin 

fair 

13 

Bangkok 

cloudy 

34 

Calm 

sun 

23 

Dubrovnik 

lair 

18 

Barcelona 

few 

17 

Cape Town 

fair 

28 

Etfnburgh 

shower 

13 

Be«fng 

ft* 

10 

Caracas 

fair 

27 

Faro 

GUI 

21 



Your bonus program. 
Lufthansa Miles & More. 

Lufthansa 

German Airlines 


Frarkfurt 

fair 

13 

Malta 

fair 

21 

Hio 

fair 

31 

Geneva 

cloudy 

12 

Manchester 

rain 

13 

Riyadh 

SUI 

30 

Gibraltar 

sun 

23 

Manila 

cloudy 

Z9 

Rome 

faff 

17 

Glasgow 

shower 

11 

Melbourne 

SUI 

24 

S. Fraco 

ram 

14 

Ham bug 

shower 

10 

Mexico City 

lair 

26 

Seoul 

rain 

11 

HeteWd 

fair 

1 

Miami 

shower 

23 

Singapore 

cloudy 

29 

Hong Kong 

cloudy 

19 

Milan 

titr 

18 

Stockholm 

fair 

5 

HonohJu 

cloudy 

28 

Montreal 

shower 

2 

Strasboug 

cloudy 

13 

btanbii 

fair 

15 

Moscow 

fair 

0 

Sydney 

far 

21 

Jersey 

rain 

13 

Munich 

cloudy 

12 

Tangier 

sun 

21 

Karachi 

tair 

31 

Nairobi 

lair 

25 

Tat Aviv 

Ur 

20 

Kuwait 

fair 

28 

Naples 

Nr 

IS 

Tokyo 

ckudy 

14 

L Angeles 

fair 

16 

Nasscu 

fair 

30 

Ttffonlo 

sun 

7 

Las Palmas 

fair 

21 

Now Yorit 

shower 

8 

Twite 

cloudy 

20 

Lima 

sun 

25 

Nee 

fair 

17 

Vancouver 

shower 

a 

Lisbon 

fair 

22 

Nicosia 

fair 

22 

Venice 

douefy 

17 

London 

rain 

13 

Oslo 

sleet 

3 

Vienna 

dandy 

10 

Lux-bourg 

cloudy 

11 

Pate 

cloudy 

14 

Warsaw 

fair 

5 

Lyon 

cloudy 

14 

Perth 

faff 

34 

Washington 

fair 

13 

Madeira 

sun 

18 

Prague 

Nr 

10 

Woffington 

shower 

16 

Madrid 

sun 

20 

Rangoon 

cloudy 

31 

Winnipeg 

fair 

5 

Majorca 

fab 

18 

R eykjavft 


3 

Zufcft 

cloudy 

12 



THE LEX COLUMN 


Bright spark at Lucas 


Progress is being made restructuring 
Lucas Industries, but there is still a 
sense that the company is waiting for 
Godot. Mr George Simpson is due to 
take over as Lucas's chief executive at 
the end of the month. Until he has had 
a chance to walk around, kick the 
tyres, and decide how much more time 
is needed in the body shop, it is diffi- 
cult to see whether the company will 
prove an economical little runner. 

Like several other component manu- 
facturers, however, Lucas is already 
insisting that it can earn margins of 10 
per cent That sounds fancifol when 
margins were only 9 per cent even at 
the height of the boom in 1989. But 
quantum jumps in productivity from 
new manufacturing plant rationalisa- 
tion benefits, and the disposal of low 
margin contracts, will all help meet 
the boast Mr Simpson may well drag 
some reluctant sacred cows to the 
block. Cuts in working capital - prin- 
cipally stocks - could also reduce bor- 
rowings substantially. 

If the management performs, 
thoughts will turn to growth pros- 
pects. Expanding the braking business 
is an obvious possibility, though per- 
suading another British manufacturer 
to sell may be more difficult Still, 
double-digit margins, growth and 
lower interest costs by 1996-97 implies 
profits of over £250m. Heady stuff, 
since even the famously naked divi- 
dend would then be covered three 
times. Unfortunately, the market 
already seems to know that, and the 
company is trading at 10 times the 
most optimistic earnings estimates 
three years out Mr Simpson will be 
hard pressed to make the shares per- 
form from here. 

NatWest 

There are echoes of old follies in 
National Westminster's decision to 
spend S500m on Citizens First 
Bancorp. At nearly 2.5 times net 
assets, the price looks high. If Nat- 
West itself were trading on the same 
multiple of book, its price would be 
nearer 800p than 472p. It thus looks 
vulnerable to the accusation of paying 
through the nose to build up its US 
business. But that does not necessarily 
warrant yesterday’s 3 per cent slide in 
its share price. 

In the group context this is a small 
deal which will add only around 1 per 
cent to total assets. Citizens will 
enhance NatWest Bancorp’s distribu- 
tion network and bring useful effi- 
ciency gains. Because of that it may 
have been worth paying a little over 


FT-SE Index: 3198.0 (-20.1) 


Lucas Industries 

Share price relative to the 
FT-SE-A AU-Share Index 



Source: Da m tre mn 

the odds. Still NatWest is buying when 
US bank earnings are at a cyclical 
high. The acquisitions trail would 
have been cheaper a couple of years 
ago, although it was then still wres- 
tling with its own problems in the US. 

Nor is the strategic relevance clear. 
The wholesale business of NatWest 
Markets requires a US presence but 
retail banking need not be global. The 
diversification argument has lost cred- 
ibility given the simultaneous impact 
oT the recession on both sides of the 
Atlantic. The justification must be 
that NatWest can see a high return in 
the US. That may be possible at the 
moment, but relative returns may look 
less favourable once UK provisions are 
back to normal. NatWest Bancorp will 
then have to sweat harder given the 
price paid for Citizens. 

Argos 

Argos has done well from the dour 
business of selling its vast range or 
consumer goods more cheaply than 
the competition. On the evidence of 
yesterday's figures, the formula is far 
from r unning out of steam. Second- 
half safes growth from existing stores 
of 8 per cent is especially impressive, 
although that rate of improvement 
will be difficult to sustain whether or 
not next month’s tax increases 
dampen consumer spending. While its 
new stores are performing well, Argos 
stands out as a retailer delivering 
decent sales growth without surren- 
dering much by way of margin. 

The nagging worry is that margins 
might have to be sacrificed in order to 
remain the cheapest retailer in town. 
So far any such price initiatives have 
come from the company itself, and 


compensating efficiencies have been 
found. Limited price wars have been 
dealt with by surrendering market 
share, as was the case last year in 
DIY. The wider danger ls tluit Argus 
will find its cost advantage gradually 
eroded by specialist retailers with 
greater purchasing muscle in each of 
its product areas. 

That is ail the more reason for 
Argos to sow the seeds of diversifica- 
tion. With average cash balances run- 
ning at over ElOOm. it has no shortage 
of resources. The costly flop that was 
Chesterman should not argue against 
other, better-timed Initiatives. While 
the cash pile is not yet largo enough to 
demand immediate action, a sensible 
move to spread its bets cannot come 
soon enough. 

Hong Kong 

There is no shortage of excuses for 
the sharp fall in the Hang Seng index 
which has left it nearly 30 per cent 
below its peak. US interest rates have 
turned up. There are growing worries 
about the Chinese economy over-heat- 
ing, not to mention the impact on the 
territory's trade if the US refuses to 
renew China's most-favoured-nation 
status. Even taken together, though, 
these factors do not seem to warrant 
such a steep fall in equities. The real 
cause has been withdrawal of liquidity' 
by US hedge funds and other specula- 
tive international investors. The ques- 
tion is whether the deriiuc has now 
gone on far enough to attract 
long-term buyers again. 

Yesterday's pick up In volume sug- 
gests this point might be close. So for, 
the results season has lived up to 
expectations or even, as yesterday 
with TVB and C1TIC, exceeded tlicm. 
The consensus puts the market on a 
prospective p/e of between 12 and 13, 
which is hardly expensive. 

Admittedly a further rise in US 
interest rates would damage confi- 
dence in the property market, which 
must be dose to its top. But it would 
also be easy to over-estimate the 
impact of higher rates an corporate 
earnings even if they were passed on 
to the local market Hong Kong would 
probably continue to enjoy negative 
real interest rates, while the corporate 
sector itself is under-geared. If one 
believes the US needs China’s support 
in curbing North Korea's nuclear aspi- 
rations. the MFN threat may even 
recede. That would leave trading com- 
panies looking particularly good value 
for anyone with the courage to climb 
back on board. 



The strategic partnership between Dillon Bead 
and Baring Brothers was created to address 
the transatlantic advisory needs of our clients. 
In 1993, the success of our partnership gave us 
the number one ranking in advisory services 
for transatlantic mergers and acquisitions. 




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19 



FINANCIAL TIMES 

COMPANIES & MARKETS 



CONTRACT HIRE 
SELL AND LEASE BACK 
CONTRACT PURCHASE 


©THE FINANCIAL TIMES LIMITED 1994 


Tuesday March 22 1994 


NORTH 091 5 lO 0494 
CENTRAL 0345 585840 
SCOTLAND 0738 2503 1 


* 


1 





Sell-off candidate 
advances 32% 


Union des Assurances de Paris (UAP). the 
insurance group which is the next in line for 
Prance's privatisation programme, ha< reported 
a 31.8 per cent increase in net profits to FFrL42bn 
($230m). Page 20 

Kemper gives list to GE Capital 

Kemper, the US financial services group, is prepar- 
ing to hand a list of its shareholders to GE Capital, 
in a move which would allow the General Electric 
subsidiary to step up its $2.2bn campaign for 
control. Page 22 

Cltlc Pacific advances 81% 

Citic Pacific, the Hong Kong-listed arm of the 
Beijing foreign investment company, has unveiled 
an 81 per cent advance in net earnings to 
HK$L89bn iUS$244m) for 1993. Profits were swollen 
by a string of acquisitions. Page 23 

Big ahns from Badgerllite 

Badgerline, the UK bus operator, is offering £38m 
(SS6m) for Rider, the leading supplier of bus ser- 
vices in West Yorkshire. Badgerline said the 
enlarged group would be the largest private sector 
bus and coach operator in the UK. 

Page 26 

Housing recovery helps Wilson Bowden 

Pre-tax profits at Wilson Bowden, the housebuilder, 
jumped almost 85 per cent last year to £3 1.3m. 
($46m) due to the UK housing recovery. Mr David 
Wilson, chairman, described it as a “magnificent 
performance". Page 28 

A large drop in the ocean 



Oil companies operating in Norway may suspend 
activity in the Barents Sea after 13 years of disap- 
pointing results from 52 exploration wells costing 
an estimated NKrlObn ($1.3hn). Page 30 


13 


Hong Kong In retreat 

Hang Seng lndax('OoO) Hong Kong was in retreat 

as a combination of economic 
and political developments 
at borne and abroad con- 
spired against it The fall-out 
was felt elsewhere in south- 
east Asia. Japan, on the 
other hand pulled ahead 
as foreign investors, particu- 
larly in the US. rebuilt 
their holdings. One analysis 
suggests the Hang Seng 
index will drop to the 7,700 
level before institutional buyers will be enticed 
back. Back Page 



Jan 1994 Mar 


Companies In fills issue 


Air Franco 
Airflow Sciences 
Allstate 

Aran Energy 
Argos 

Arlington Securities 

Avonside 

BK Vision 

BPl 

BPP 

Baltimore Bancorp 
Barlows 
Beazer Homes 
Baden 

Brightstone Props 
Chaco Invesimems 
Citic Pacific 
CiBzens First 
Credito ItaKano 
CrestaCare 
De La Rue 
Doeflex 
EW Fact 
Bf 

English Scot Inv 

EuroDoney 

Ford 

GE Capital 
GhoCredrt 
Govett Global 
Guoco Group 
Hibernian Group 
Hongkong Land 


22 

Hypo- Bank 

20 

29 

ICI 

29 27 

19 

Just Group 

27 

29 

Kefler 

28 

27 

Kemper 

22 

29 

LET 

14 

27 

Lucas Industries 

20 

19 

MB-Ctarte 

29 

28 

Marks and Spencer 

29 

28 

Mercury Comma 

29 

23 

NM Smaller Austral 

29 

29 

NatWest Bar* 

19 

29 

Nelson Packaging 

28 

22 

Newport Holdings 

29 

28 

Norsk Hydro 

23 

14 

art? Estates 

29 

23 

Pendragon 

29 

19 

Porsche 

18 

23 

RH Macy 

22 

27 

Ricardo 

29 

29 

St Ives 

28 

28 

Stanhope Properties 

20 

28 

TVB 

24 

20 

Tay Homes 

27 

29 

Tele Danmark 

20 

22 

TratfordPark 

29 

22 

Trtrec 

23 

22 

Turk Petrol Holding 

29 

22 

UAP 

20 

29 

UBS 

19 

23 

United Bisucits 

14 

29 

Wilson Bowden 

28 

24 

Xtra- vision 

29 


Market Statistics 

^Annual reports service 38-39 
Bmfimark Govt bonds a 

Bond hares and options 
Bond prices otd yields 
Commodities prices 
Dividends announced. UK 
EM5 cwrency rates 
Eurobond prices 
ftaed interest mScas 
FT-A World Indices Back Page 
FT Gotf Mines index BxkPage 
FT/ISMA Inti bond SVC 25 

FT -SE Actuaries Uldtes 37 


Foreign exchange 44 

GDIS prices 25 

Lifts eqidty options Back Page 
London share service 38-39 
London tradl options Back Page 
Managed finds service 40-44 


Money markets 
New in« bond Issues 
Record issues, UK 
Short-term int rales 
US Interest rate 
World Slock Markets 


Chief price changes yesterday 


FRANKFURT (DM) 


FaHa 


KS Oaifcctw 

Fads 

Ckanftw Oh 
UAH M 


MEM 

Zandra Fata) 

MEW YORK (SI 


2» 

4 

6.5 

HenJwy Foots 

4tt» 





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3965 

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7.S 

MtnCortuiy 

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343 

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PARIS GFFr) 



4655 

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RHea 



3555 

- 

10.5 

CkOHBl 

416.5 


228 

_ 

&2 

FOR* 






CKdUHaa 

614 

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Spftil GoSatn 

672 


I9W 

♦ 

11, 

Sima 

560 

- 

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TJi 

Thom«nCSF 

1953 

- 



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UnBMfl 

571 

“ 


BaBfenc Bare 
Catena Decor 

m 


Japan cIomkL Utm York prices a* l2Jft*n. 


2 

1» 

IS 


S-S 

14 
16 
26 

5.7 

15 


LONDON (Pence) 
Mara 


CHys» 

148 

* 

7 

Dearer 

13h 

* 

»’i 

Erarca tads 

67 

+ 

5 

U.LSH 

234 

+ 

9 

Hepae tap 

29 

+ 

2h 

tram ft* 

37 

4- 

6 

FA 

S3 


7 

AWK6 

92 

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6 

BVKdp 

2S 

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20 

CsOgnCmn 

940 

- 

23 

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960 

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41 

CaftHDt 

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HS8C(75fl*fl 
Lima Inb 
Mndiesarum 

MdWbstBvh 
Herd wi 
Rk*m 
Sjmjv ss 
SonOft 
nv Hemes 
WBBOMT 


385 

- 

15 

936 

- 

zs 

760 

- 

27 

209 

- 

10 

678 

- 

21 

472 

- 

(3 

646 

- 

21 

ZB 

- 

4 

143 

- 

6 

355 

- 

19 

211 

- 

« 

10* 

- 

3*5 


to pursue work for other makers 


Porsche 


By Christopher Parkas 
in Frankhat 

Porsche is to branch out further 
from its niche as a luxury sports 
car maker and expand its busi- 
ness of building cars for other 
manufacturers, It emerged yes- 
terday. 

"Great efforts” are to be made 
to build small-volume contract 
manufacturing into “a strategic 
business sector", according to a 
rights issue prospectus published 
yesterday. 

Negotiations are under way to 
add to Porsche's existing manu- 


By Richard Waters In New York 
The financial toll of January's 

PaHfnrala e arrti qnalro nnnirut set 

to rise sharply to as much as 
$4bn. following yesterday's 
announcement by another big US 
insurer that it has raised its esti- 
mate of losses. 

Allstate, the US insurer with 
the second-biggest exposure to 
the earthquake, said it now 
expected the disaster to cost it 
(600m, rather than the $35Qm it 
estimated before. 

The increase followed an 
inspection of most of the 38JJ00 
claims received from policy- 
holders. the company said. Many 
revealed more serious damage 
than expected. 

Another US insurer, 20th Cen- 
tury Insurance, said on Friday it 
expected the earthquake to cost 
it 8325m, more than double its 
original estimate of 3162m. The 


By Alison Smith 

Natioual Westminster Bank, the 
UK’s second biggest bank, yester- 
day announced that it was buy- 
ing Citizens First, the New Jer- 
sey retail bank, for $5 00m 
(£340m). The US bank will be 
merged with NatWest Bancorp, 
the bank's existing US retail 
operations. 

The purchase is the most sub- 
stantial by a British bank in the 
US since the losses endured in 
the late 19806. although the Royal 


facturmg contracts with Merced- 
es-Benz and Audi, the Volkswa- 
gen group's quality car division. 

Mr Wendelin Wiedaklng, Por- 
sche chairman, said recently that 
his new negotiating partners 
were “not necessarily” German. 

The contract with the Daimler- 
Benz subsidiary, under which 
Porsche makes the Mercedes 
500E series, is due to expire later 
this year. However, the company 
has just started production of the 
Audi Avant RS2. a high-perfor- 
mance estate car. This 50-50 joint 
venture is a brainchild of Mr 
Ferdinand Pifich, VW group 


company, based in Los Angeles, 
warned that the costs would wipe 
out a quarter of its net worth. 

Mr Jack Snyder, an insur ance 
analyst at AM Best, the US rat- 
ings company, said the two 
annotmepirumts reflected a gen- 
eral trend among US insurers to 
revise their loss estimates 
upwards by between 50 and 100 
percent 

The revisions suggested the 
total insured losses from the 
disaster, put a month ago at 
around $2.5bn. were likely to be 
more like 84bn, he added. 

Allstate estimated its market 
share of Californian homeowners 
insurance policies at 15.6 per 
rent behind State Farm, the mar- 
ket leader. State Farm has yet to 
revise its expected losses, but the 
cost to the company could be 
811m, said Mr Snyder. 

The higher level of losses is 
unlikely to be reflected in catas- 


Bank of Scotland has made a 
string of smaller acquisitions for 
its Citizens Financial Group US 
subsidiary. 

The move strengthens NatWest 
Bancorp’s position in northern 
and central New Jersey, particu- 
larly in Bergen county which is 
one of the richest areas in the 
US. NatWest Is paying 89.75 per 
Citizens First share - 2.47 times 
estimated book value at the end 
of last year. The deal will be 
firnded by cash and an ADR issue 
in the US, and A maxi Citizens 


chairman, who also owns an esti- 
mated 10 per cent of Porsche. 

According to information 
released ahead of today's opening 
of the subscription period for the 
one-for-four DM200m (8110m) 
rights issue. Porsche expects to 
build 16,000 of its own cars this 
year and 2,000 for third parties. 

Orders have already been booked 
for 560 Audi RS2s. 

The aim of the rights issue is to 
help meet estimated development 
costs of DMi.Sbn for two new 
sports cars, due to be launched in 
1996-97. Subscriptions for the 
issue, offering new shares at 


trophe insurance premiums until 
the end of the year, when most 
policies are renewed. 

Allstate said the revision 
meant it would report a pre-tax 
charge of 8750m in all in its first- 
quarter results to reflect catastro- 
phe losses, with the remainder of 
the losses coming from bad 


First shareholders will be able to 
choose between them. 

Mr Derek Wanless, group chief 
executive, said that the acquisi- 
tion of Citizens First the last 
independent commercial bank in 
the northern part of New Jersey, 
would move NatWest Bancorp 
from 17th largest in Bergen 
county to second. The addition of 
about 250,000 customers to Nat- 
West Bancorp's existing lm, wiQ 
give it some 10-15 per cent of the 
local personal banking market 

NatWest expects to make 3035 


DM575 for both ordinary and 
preference shareholders, must be 
in by April 7. 

It also emerged yesterday that 
the Porsche and PiSch families, 
which own all Porsche's voting 
stock, recently reduced their 
holdings of preference shares. 

Less well-off members had sold 
part or all of their non-voting 
stock to cover the cost of their 
entitlement to new ordinary 
shares, a company spokesman 
said. He did not know bow many 
of the preference shares - previ- 
ously estimated at 40 per cent of 
the 875,000 outstanding - 


weather. The losses would result 
in an operating loss for the quar- 
ter of 30 cents a share, and a net 
loss of around 15 cents a share, it 
added. 

• Lloyd's of London said yester- 
day that the insurance payouts 
as a result of the Los Angeles 
earthquake were unlikely to be 


per cent cost savings within 24 
months, and also predicts an 
enhanced income stream from 
selling NatWest products to Citi- 
zens First customers. 

Analysts said that the move 
was not a great surprise in terms 
of NatWest’s strategic develop- 
ment in the US, since the bank 
had signalled that it had not fin- 
ished building its US business. 
The transaction raises NatWest 
Bancorp assets to $26bn. 

However, they questioned 
whether NatWest might be pay- 


remained in family hands That 
was a private matter, he said. 

Porsche made a DM1 14m loss 
in the six months to January, 
despite increasing turnover by 
almost 20 per cent to DM980m. 

Forecasting sales of more than 
DM2bn and a deficit of DMl40xn- 
DM150m for the foil year, after a 
DM240m loss last time, tbe com- 
pany said total deliveries to cus- 
tomers had increased by 6 per 
cent to 7.033 cars in the first half. 
Deliveries of Porsche marque 
cars had risen 8 per cent to 6.600. 

Tbe company expects to break 
even in the 1994-95 financial year. 


large enough to trigger any pay- 
ments from its reinsurers. 

Payments so far from London 
reinsurers for the earthquake 
were 820m from non-marine and 
just 8207,000 on aviation insur- 
ance policies. These were only 
triggered once claims in the US 
had risen above 83bn. 


ing too much. Mr Chris EUerton. 
at SG Warburg, highlighted US 
equity market fears that US 
banks had hit a cyclical peak. Mr 
Rod Barrett, at Goldman Sachs, 
said that in the near term it 
might seem “a bit pricey”, 
though in the longer term it 
would probably work out to be 
reasonable value. 

After the merger. NatWest 
Bancorp will have a branch net- 
work of 183 offices in New Jersey 
and 127 in surro unding areas. 
Lex, Page 18 


Investor 
wants size 
of UBS 
board cut 

By Ian Rodger in Vienna 

BK Vision, an investment fund 
that is the largest shareholder in 
Union Bank of Switzerland, is 
proposing that the bank cut its 
board membership from 22 to a 
maximum of nine. 

BK has used a new provision 
in Swiss company law entitling 
large shareholders to pat 
motions to an annnal meeting, 
and asked that a resolution to 
this effect to be put to the UBS 
annnal meeting on April 29. 

It has also submitted a motion 
that would require the nomina- 
tion of each director of UBS, 
Europe’s largest bank by market 
value, to be put to a separate 
vote by shareholders. 

This is the third issue on 
which BK. which is controlled by 
Mr Martin Ebner's BZ Bank, has 
tangled with UBS. A year ago, it 
complained about the bank's 
decision to sack Mr Christoph 
Blocher, a BZ ally, from the 
board. And it took the bank to 
court over the creation of equity 
capital that could be nsed to 
TTiakp acquisitions without prior 
shareholder approval. 

At the end of last year, BK, 
which promises investors it will 
take an active role as a share- 
holder, held 9.6 per cent of the 
total UBS equity, worth 
SFrl^bn, and 17.6 per cent of 
the registered shares. Mr Kart 
Schfitknecht, a BK director, said 
the fond, which raised SFr480m 
(8324m) in a rights issue in Janu- 
ary, had not reduced its UBS 
stake since then. 

Mr Schiltknecht said it was 
widely accepted that large 
boards were ineffective in repre- 
senting shareholder interests. 

UBS said it would recommend 
that shareholders reject the BK 
motions. It added that as a large 
and influential institution 
within the Swiss economy, it had 
to have leaders on its board from 
different regions and sectors, 
and they had to represent not 
only shareholders bnt also 
employees and clients. The bank 
pointed out that the executive 
committee of the board, compris- 
ing eight people, formed the 
hard decision-malting body BK 
wanted. 

Mr Schiltknecht said the best 
thing the bank could do for the 
Swiss economy would be to 
remain successful. He said the 
executive committee still had to 
refer decisions to the board and 
the political influence there 
could be strong. 

The BK motion would require 
two-thirds of the shares being 
voted at the AGM. 


M Financial toll set to double M Companies increase provisions after seeing claims 

Insurers face 


$4bn California 
earthquake hit 



The aftershocks continue: The front of a Los Angeles shopping centre collapses as firefighters douse the 
flames yesterday after the earthquake which struck the area on Sunday 


NatWest pays $500m for New Jersey bank 


Alison Smith explains the impact on UK 
financial services group of giving poor advice 


Pension groups put a 
little aside for the future 


L egal & General last week 
became the latest UK Ufa 
insurer to admit to mak- 
ing provisions to cover potential 
compensation to people who suf- 
fered from poor advice to transfer 
out of an occupational pensions 
scheme. But it refused to reveal 
the extent of its provisioning. 

There is no reason to expect 
Prudential - the UK’s largest life 
insurer - and Sun Alliance, 
whose annual results are due 
today and Thursday respectively, 
to be more forthcoming. 

National & Provincial, the UK’s 
eighth largest building society 
(with pre-tax profits of £12lm 
[8179ml). is one of the few to give 
any figures: £2m provisions in 
respect of its 850 pension transfer 

cases. 

If the santR level of provision- 
ing was adopted by other insur- 
ers, banks and building societies, 
the total for the 500 , 000 -plus pen- 
sion transfers sold since 1988 
would be well over £lbn. 

Mr David Prosser, L&G chief 
executive, argued that to reveal 
the figures for provisioning, or 
even to give an “order of magni- 
tude". would be unhelpfol as it 
would foel speculation. 

There is a risk that refusing to 
give any indication may lead the 

market to think that the position 

for individual companies is worse 
than it will turn out to he. It Is 
true, however, that firm judg- 
ments about provisioning and 
compensation arrangements 
must await the work of the Secu- 
rities and Investments Board, the 
City's chief regulator. 

The SB's guidance is due to be 
published in July. But next 
month it will tefl organisations 
which are the priority categories 
- such as people coming up to 


retirement or who transferred 
out of index-linked schemes. 

Some Important issues bearing 
on the cost of compensation 
remain unresolved - including 
the basic question of who should 
be eligible. 

As tbe life insurance industry 
never tires of pointing out, even 
in files where the information 
recorded is seriously incomplete, 
customers could still have 
received satisfactory advice and 
be better off thaw if they had 
stayed in their previous employ- 
ers’ schemes. In many instances 
the question mil be more com- 
plex - for instance, where a cus- 


Figures suggest 
the total bill may 
be nearer £500m 
than £lbn 


tomer rereived advice that was 
suspect at the time of the deri- 
sion but which seems to have 
been vindicated because of the 
buoyancy of the stock market 

Even after the rales for who 
should be compensated have 
been set, the question of how to 
do it remains unanswered. 

The life industry and its regu- 
lators believe that compensation 
should be settled promptly, 
rather than leave organisations 
with liabilities stretching on 
until their pension transfer cus- 
tomers reach retirement. 

The SIB proposals seem likely 
to offer same variant on giving 
the victim of poor advice the 
choice of either staying in a per- 
sonal pension - enhanced with 


some “top-up" payment from the 
life company - or being rein- 
stated In the scheme of their pre- 
vious employer. 

The costs of reinstatement vary 
according to tbe scheme from 
which the lump sum was trans- 
ferred and the performance of the 
personal pension. But some idea 
of possible s ums can be drawn 
from examples given by Mr Mike 
Wadsworth, a partner at consult- 
ing actuaries. R Watson & Co. 

The illustrations cite a 35-year- 
old man with 30 years to normal 
retirement and 10 years' service 
with his ex-employer, transfer- 
ring a lump sum of £10,000 from a 
scheme providing l/60th of pay 
for each year of service. 

If he had transferred out of the 
scheme on March 1, 1989, it 
would cost almost £19,600 to rein- 
state him on March 1, 1994, plus 
perhaps £200 in a dmin istrative 
charges levied by the scheme, 
while the value of his personal 
pension would be £17,400 ff - a 
shortfall of £1200 plus charges. If 
he transferred out of the scheme 
on March 1 1991, the overall 
shortfall would be only £500. 

Although the relationship 
between individual examples and 
the cost to companies is tenuous, 
the figures suggest the total bill 
for the sector may be nearer 
£500m than £lbn. 

The co-operation of occupa- 
tional pension schemes in t aking 
former members back would be 
essential. But views differ 
sharply: the mineworkers' pen- 
sion scheme allows former mem- 
bers to return, that of British 
Steel does not. In the interests of 
resolving tbe matter cleanly, the 
Treasury is likely to exert moral 
pressure on schemes to reinstate 
former members. 


This announcement appears as a matter of record only 

£1.3m Equity Financing 



CINVen 


to assist Cartera de Medios SA, Madrid 
in the management buy-in of 


Spanish national radio network 


Equity provided by 

Funds managed by CINVen 
Mercapital SA 
& others 



Having the capital to back a big idea is only half the secret. 
Having the vision to spot one is the other half. 



CINVen 


QNWn U*bBM a ■ manner el IUf)Q 







FINANCIAL TIMES TUESDAY MARCH 22 1994 


INTERNATIONAL COMPANIES AND FINANCE 


UAP boosts net profits by 32% 


By ADce Rawsthom In Paris 

Union des Assurances de Pails 
(UAP), the Insurance group 
which is the nest candidate for 
the French government's pri- 
vatisation programme, yester- 
day reported a 3LS per cent 
increase in net profits to 
FFrL42bn ($230m) in 1993 from 
FFri.ogbn in the previous year. 

The group, which Is France’s 
largest insurer and which 
recently fulfilled a long-stand- 
ing ambition to expand into 
Germany by taking control of 
Colonia, said it had benefited 
horn a "strong improvement" 
in profits from foreign activi- 


Bavarian 
bank 33% 
ahead at 
pre-tax level 

By David Wetter in Frankfurt 

Bayerische Hypotbeken- and 
Wechsel-Bank, one of Ger- 1 
many's two big Bavarian-based 
regional banks, yesterday initi- 
ated what promises to be a 
strong results season for Ger- 
mans banks when it reported a 
33 per cent rise in 1993 pre-tax 
profits to DMl.Mbn (*580m). 

The bank released this fig- 
ure, arrived at after providing 
for bad and donbtful debts, 
after a meeting of the supervi- 
sory board. Further details of 
Hypo-Bank’s and other institu- 
tions’ 1993 results will emerge 
In the coming weeks, with the 
banks expected to report 
record profits. 

There was no break-down of 
profits yesterday, but the fig- 
ures reflect strong growth in 
German mortgage business, a 
Hypo-Bank speciality. For the 
German banking sector as a 
whole, 1993 is likely to prove a 
strong year, with robust main- 
stream commercial activity 
complemented by buoyant 
market conditions which bene- 
fited fee-income and own- 
account tr ading 

Hypo-Bank is. as expected, 
paying a 1993 dividend of 
DM14-50 a share, up from DM13 
in the previous year. It said 
yesterday that group assets 
rose by 20.4 per cent to 
DM266m last year. 

At the parent bank, pre-tax 
profits after provisions rose 
252 per cent to DMSGOm. 


ties and increased asset sales. 
These helped to counter the 
steep foil in insurance profits 
within France and a FFr&25bn 
charge for Basque Worms, its 
banking unit. 

Mr Jacques Friedmann, the 
financier who last year became 
chairman of UAP to orches- 
trate its privatisation, recently 
warned the stock market that 
the group’s profits would be at 
the lower end of expectations 
for 1993. at about FFrl-5bn. 

The profits were slightly 
below that forecast, given the 
gravity of Banque Worms’ 
problems and the continuing 
pressure on the French insur- 


ance sector. But they are not 
expected to affect UAFs priva- 
tisation prospects given that 
the group, which saw profits 
peak at FFrt.2bn in 1990. is 
seen as a recovery stock. 

Mr Friedmann yesterday 
confirmed that UAP would 
stage a capital increase as part 
of the privatisation. He also 
announced plans to split UAP’s 
shares into three. Other 
French privatisation candi- 
dates have adopted similar tac- 
tics in order to make their 
shares more marketable. 

UAP mustered a 122 per cent 
increase in consolidated sales 
to FFrl41.5bn in 1993. Life 


insurance interests, buoyed by 
a strong performance from Sun 
Life in the UK, saw sales rise 
17.7 per cent to FFr74.1bn. The 
non-life division experienced 
slower growth of 7 per cent to 
FFr67.4biL 

UAP's French insurance 
interests suffered a 31.7 per 
cent fall in net profits to 
FFr94Sm. with profits outside 
France rising 8.6 per cent to 
FFrl.09bn_ 

Banque Worms, badly 
affected by the problems of the 
property market, remained in 
the red with a FFrl.49bn loss, 
only slightly lower than its 
FFrl.53bn deficit in 1992. 


Portuguese group to invest 
Es60m in cable TV system 


By Peter Wise fn Lisbon 

A Portuguese company is to 
invest EsSObn (S430.7m) to sup- 
ply cable television to 2m 
homes over the next six years, 
using a fibre-optic network 
that will enable the system to 
evolve into a multimedia infor- 
mation highway. 

TV Cabo Portugal (TVCP), 
wholly owned by two of Portu- 
gal’s state-owned telecommuni- 
cations operators, wifi choose a 
company to supply the infra- 
structure for the project by 
April. It is negotiating with 
Philips of the Netherlands, Sie- 
mens of Germany, Sirti of Italy 
and Intelcis of Spain. 

The contract is estimated to 
be worth Es2Q.OOO for each 
home supplied. 

The company is also holding 


talks with 40 programme pro- 
ducers, mainly European satel- 
lite TV companies. TVCP will 
offer a service of 30 channels 
for ES5.000 a month plus an 
installation charge of Es 15,000. 
Additional channels wifi he 
added on a pay-per-view basis, 
pending the approval of new 
legislation. Broadcasting is due 
to start in October. 

TVCP will act as a holding 
company for nine regional 
cable TV operators. It wfll own 
51 per cent of each company. 
Municipal authorities and pri- 
vate investors will subscribe to 
the rest of the reptfai through 
negotiation. The regional com- 
panies are expected to be 
floated on the stock market 
after two years. 

The capital of TVCP itself 
will be opened to private 


investment after the partial 
privatisation of Portugal's tele- 
communications sector due to 
take place by mid- 1995. Mr Jose 
Manuel da Graca Bau, TVCP 
president, said the project 
should show a profit after six 
years. 

"Being a later starter means 
Portugal can avail itself of 
more advanced technology," he 
said. “Installing an optic fibre 
network means that the cable 
TV system can later be used 
for multimedia products such 
as interactive computer and 
television technology.” 

The Portuguese government 
has authorised TVCP to use 
the optic fibre network of the 
basic telephone system for 
cable TV. Investment in the 
project would otherwise be 
double. 


British Land to face challenge 


By Vanessa Houktar, 

Property Correspondent 

The struggle for control of a 
complex of London office prop- 
erties intensified yesterday 
when Mr Stuart Lipton, chief 
executive of Stanhope, a trou- 
bled property company, 
launched a legal action to 
block the sale of 29.9 per cent 
of his company to British 
Land. 

Mr Lipton is attempting to 
overturn a deal in which Brit- 
ish Land bought into Stanhope 
with a view to putting pressure 


on it to sell its properties at 
Broadgate and Ludgate. British 
Land in fr-miis to transfer the 
stake to the £500m ($730m) 
British Land Quantum Prop- 
erty Investment Fund, the 
joint venture formed last June 
between British Land and Mr 
George Soros, the US investor. 

Mr Lipton is challeng in g the 
share sale on the grounds that 
he had pre-emption rights 
which gave him first refusal 
over the block of shares. He is 
taking legal action against 
British Land. Bank of Nova 
Scotia, which sold the shares, 


and Olympia & York (UK), 
which originally owned the 
shares. 

British Land's proposals 
have dismayed Stanhope 
because they would leave Stan- 
hope’s shareholders without 
any interest in Broadgate Prop- 
erties. which consists of some 
of London's most prestigious 
modem buildings. 

“British Land's proposal 
would be very good for British 
Land,” said Lord Sharp, Stan- 
hope's chair man. There is very 
little in it for Stanhope’s share- 
holders.” 


Elf given 
deadline 
on plans 
for refinery 

By MJchaal Undamarm In Bon n 

The Treuhand, the German 
privatisation agency, yester- 
day gave Elf Aquitaine, the 
French energy group, until the 
end of this week to give final 
details about its investment 
plans in the delayed DM4.5bn 
Leona oil refinery in easte rn 
Germany. 

Two Elf directors were nego- 
tiating with a senior Treuhand 
official until last night, when 
talks were interrupted to 
allow experts to review legal 
details, a Treuhand spokesman 
said. “Progress was made,'’ he 
said. “We now have to reach a 
conclusion.” 

Elf said it wants less than 50 
per cent of the project, having 
originally taken a 67 per cent 
stake. 

The agreement for the larger 
stake was struck before the 
French energy group was due 
to be privatised. 

Under this original plan. 
Elf s stake would have risen to 
100 per cent after Thyssen 
Handelsunion, the construc- 
tion arm of the German group, 
had handed over its share once 
the refinery had been built 

Meanwhile, Mr Klaus 
Schucht, a member of the 
Treuhand management board, 
said that Rosneft, the Russian 
state-owned oil enterprise, 
would take a 20 per cent stake 
in the showpiece refinery 
which it would pay for with 
crude oil deliveries. 

Mr Schucht suggested that it 
was acceptable to reduce refin- 
ing capacity from 10m tonnes 
to 8.5m tonnes but he insisted 
that work on the project 
should start in April, a month 
after construction was to have 
begun. 

The uncertainty surround- 
ing Elfs investment has 
caused the French and Ger- 
man governments severe 
embarrassment 

Both Chancellor Helmut 
Kohl and President Francois 
Mitterrand were Involved in 
the agreement, the biggest sin- 
gle industrial investment proj- 
ect in eastern Germany. 

However, Elf has so far 
foiled to find a buyer and has 
come under increasing pres- 
sure from the German govern- 
ment to keep the project 1 


Denmark maps out route 
for telecoms privatisations 


T elecommunications 
shares have been out- 
performing their stock 
exchanges worldwide. But Tele 
Danmark, the Danish state 
operator whose privatisation 
was announced yesterday, is 
likely to prove particularly 
attractive to institutional 
investors. 

It is partly the luck of the 
draw. Tele Danmark is the first 
of a string of EU privatisation 
candidates. With only the UK 
and Spain currently boasting 
large operators with private 
shareholdings, investor choice 
is limited. State operators in 
the Netherlands, Greece. Ger- 
many and Italy are following 
behind, as are numerous opera- 
tors outside the EU. As the 
numbers grow, so will investor 
discrimination. 

Tele D anmar k - an operator 
formed by the merger of five 
regional telephone companies 
- can nonetheless withstand 
fairly exacting comparisons. It 
is near the top of the EtFs effi- 
ciency league, benefiting from 
its regional inheritance. 

Although each of the constit- 
uent companies had a regional 
monopoly, they competed 
fiercely to demonstrate to the 
public that they wee the best 
and the cheapest. With 59 
exchange lines per 100 people. 


Denmark is ahead of the rest of 
tile EU. 

Tele Danmark's cellular 
mobile networks also have an 
impressive record. The com- 

Andrew Adonis and 
Hilary Barnes on Tele 
Danmark's prospects 

pany operates two mobile 
phone systems, the Nordic 
Mobile Telephone service, 
where It has exclusive rights to 
Danish traffic, and a GSM ser- 
vice, where it claims a 60 per 
cent market share in competi- 
tion with a second licence 
holder. Dansk Mobil Telefbn. 

Denmark boasts nearly 50 
cellular subscribers per 1.000 
people, against barely 30 in the 
UK and fewer still in France 
and Germany. 

Tele Danmark is anxious not 
to he submerged fay larger tele- 
coms operators as European 
markets open up, and appears 
to be succeeding better than 
many of the ElTs smaller oper- 
ators. It has helped establish 
optical fibre links between 
Copenhagen and St Petersburg, 
Copenhagen and Poland and 
south through Poland to the 
Czech border. 

It is also developing cellular 
networks in east Europe, with 


a 16 per cent share In mobile 
phone network under construc- 
tion in Hungary and Ukraine 
and 20 per cent in a service tn 
Lithuania. 

Tele Danmark reported a 
turnover in 1993 of DKrlSJSbn 
(*2.45bu) compared with 
DKri5.65bn in 1992, and made a 
net profit of DKrl.56bn, up 
from DKr916m in 1992. 

According to the prospectus, 
about DKrlL4bn of the privati- 
sation proceeds will be used to 
settle pension commitments 
and repay debts to pension 
funds and for other expenses. 

On the assumption that the 
issue raises DKrlShn. about 
DKr6.5bn will be left to 
strengthen group equity capi- 
tal, which was DKrS.7bn at the 
end of last year, when total 
assets were DKr26-lbn. 

T he success of the sale 
will have a bearing on 
others planned. “This Is 
the road mop for a string of 
other privatisations,” said Mr 
Scott Mead, head of European 
communications group at Gold- 
man Sachs, one of the global 
coordinators of the privatisa- 
tion. "All the EU’s smaller 
states will be looking to see 
how international investors 
take to it, and what happens to 
the company afterwards.” 


Lucas improves as cost-cuts 
help to offset weak demand 


By Andrew Bolger in London 

Lucas Industries, the UK motor 
and aerospace components 
group, said cost-reductions 
were continuing to rebuild 
profitability, but warned that 
its markets remained weak. 

Sir Anthony Gill, rfniirman 
and chief executive, said: 
“With aerospace and defence 
spending remaining much 
depressed, it is too early to be 
optimistic about any early 
overall recovery in Lucas’ 
markets.” 

Pre-tax profits rose to £20. lm 
(529.6m) from £4_2m in the six 
months to January 31. Sales 
fell to £1.29bn from £129bn. 

Sir Anthony said the cost- 
cutting momentum established 
last year had quickened. Sub- 


stantial progress lifted pro fi ts 
by £29 ul 

These savings, together with 
increased sales volumes, more 
than offset the adverse effects 
of stock reduction on output, 
the lower recovery of engineer- 
ing costs from customers and 
translation of foreign earnings. 

Restructuring continued, 
with costs of £9 .8m charged to 
the £88.4m provision estab- 
lished in 1991-92 and another 
£4.9m against first-half profits. 
A net 1,000 jobs were lost 

Sales again outperformed 
general industry trends. Sir 
Anthony said: “Automotive 
demand in the UK and US is 
recovering, and we sense that 
the bottom has been reached in 
the continental European auto- 
motive market.” 


Lucas said group borrowings 
had been substantially reduced 
by the effects of divestments, - 
last year’s enhanced scrip divi- 
dend, and the sale and lease- 
back of six US sites, combined 
with improved profit and work- 
ing capital performance. 

Net borrowings at the half- 
year were £360m - resulting in 
gearing of 48 per cent, com- 
pared with £479m (66 per cent). 

Automotive operating profit 
increased from £13m to £27m. 
Aerospace profits increased 
from £6-7m to £S3m, although 
sales declined from £323m to 
rassm. 

Earnings per share were 
22 p, compared with a loss of 
(L2p last time , and the interim 
dividend was held at 2Jp. 

Lex, Page 18 


mm 


vfS:. 

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gSV c: 


4 I * 


Bank of England 
Gilt Repo Facility 


The securities have not been registered under the United States Securities Act of 1933 and may not 
be offered or sold in the United States or to, or for the account or benefit of, a U.S. person. 

This announcement appears as a matter of record only. 


^)bnl : 


Banco BNL do Brasil S.A. 

A ssociado h Banca Nazionale del Lavoro S.p-A. - Grupo BNL 

( Incorporated in the Federative Republic of Brazil ) 


As part of its money market operations, the Bank of 
England has introduced a twice-monthly gilt sale and 
repurchase facility. 


US$ 20,000,000 


9 7 S % Notes due December 1996 
(First series issued under a US$ 80,000,000 EMTN Programme ) 


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For further details and an invitation to our Gilt Repo 
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Next drawdown: 23 March 1994 - 1 1 .30am 


Lead Manager 
TNG BANK 


Co-Managers 
BANCO DO BRASIL S.A. 
LTCB INTERNATIONAL LIMITED 
SOCIETE GENERALE 



*Subfitt toutifoaotj Jecumenutien. 

Nat Wat Capital Markets Limited b a member of Tbt Securities and Futura Authority an A era solely as agon far National Wtaatnsur Bant file, a Member of IMRO. 


ING Ai)BANK 


Internationale 

Nederlanden 

Bank 

December 1993 




FINANCIAL TIMES TUESDAY MARCH 22 1994 


21 



Maybe you can bounce bads. 

In the worst of economies, even the best managed companies can stumble. 

But you know you can save yours — if. 

If you can make it investable again. If you can squeeze additional value out of every asset and 
every activity. And if you can find someone who can look at all your businesses, holdings, positions — 
everything — and help you restructure it all at once. 

That’s why you turned to a firm you knew could pull together a world of resources for you. 

They immediately put a team of professionals to work inside your company. They set up 
models, made projections and weighed the potential performance of each of your businesses. They 
helped you decide what to hold, sell or spin off. And used their global contacts to find the right buyers 
and partners. 

They studied your balance sheet to see what could be securitised. Analysed your real estate for 
possible sale/leasebacks. Even helped strengthen your management structure. Finally, they projected 
the value of your company under several scenarios to help you select the strategy that would make it 
most attractive to investors. 

And now comes the add test for your restructuring — the equity offering. 

Will it succeed? You’re facing a world of hard-nosed investors. But you’ve given your company 
the strength and flexibility to be what it must be. 

Resilient. 


MORGAN STANLEY 


Chicago 


Front fori Hong Kong London 


Los Angeles Luxembourg Madrid Melbourne Milan New York Paris San Francisco Seonl Singapore Taipei Tokyo Toronto Zurich 





77ms announcement appears as a matter of recoin only. 


Captec 


CAPTEC FRANCHISE LEASING N.V. 

A Franchise Income and Growth Opportunity 

US$ 17,750,000 

Common Stock 

- Placement Agents: 



U§- TC1C 


The International Investor 
Kuwait 

Kuwait Foreign Trading Contracting 
& investment Co. (& A.K) 

Financial Advisor. 

Mee^Pierson 

Islamic Advisor 

The International Investor 
Kuwait 

October 1993 


Tba amouncemeni appears as a maitgr cf record only. 


New issue 


February 1994 



ZIVNOSTENSKA BANKA 


a.s. 


CZK 1,000,000,000 
11.5% Bonds of 1994/1997 


Issue Price: 100% 
Repayment: February 11, 1997 


Lead Manager 

Xivnostenska banka, a. s. 


Co-Lead Managers and International Arrangers 

BHF-BANK Merrill Lynch International Ltd. 


n 




1993 

1992 



£m 

£m 



35.3 

33.7 

Up 

4-7% 

6.3 

4.1 

Up 

51.6% 

2.9 

1.9 

Up 

56.0% 


Private Medical Insurance 

Preliminary Results for 1993 


Contribution Income 
Underwriting surplus 
Surplus after Tax 

“Without doubt, 1993 was a most satisfactory year for BCWA. 
A much improved underwriting performance provided us wich 
rhe opportunity both ro hold contribution rates at the review in 
October and to enhance further the competitiveness of our 
schemes for smaller companies. As a result of a profitable year's 
operations, solvency cover rose by 25%, providing us with 
additional financial strength on which to build for the future." 


Chairman 



Bnilol Omlribuli.'ry Auocl.it Ion LitnitcJ 

Bristol I luUbc, 40-% VtctorU Struct Bfttfol, BS1 6AB 


By Richard Waters 
In New York 


FINANCIAL TIMES TUESDAY MARCH 22 1994 

INTERNATIONAL C OMPANIES AND FINANCE 

GiroCredit 
executives 
threaten 


Borden forced to restate earnings 


Borden, the troubled US foods 
company, has been forced to 
restate its 1992 and 1993 earn- 
ings in a move that signals a 
broader regulatory crackdown 
on how US companies report 
restructuring charges. 

The accounting adjustment, 
stemming from a restructuring 
charge which Borden 
announced in 1992, was forced 
by the Securities and 
Rnohang e Commission. 

It is the first sign of 
a more aggressive approach by 
the securities regulators 
as to how companies book 


such oneoff charges. 

The SEC has written in 
recent weeks to companies 
which have taken big restruct- 
uring charges to remind them 
that the charges must meet 
certain criteria to qualify. 

Many . US companies have 
taken substantial restructuring 
charges in recent years in an 
attempt to make themselves 
more competitive. 

Such one-off charges, which 
often follow the appointment 
of a new management team, 
could allow companies to 
report expenses which should 
be spread over future years, in 
effect boosting profits in 
future years and flattering a 


company's earnings trend. 

IBM, the struggling com- 
puter giant, reported a $&9bn 
restructuring charge List year 
after Mr Louis Gerstner was 
brought in as chief executive. 
The company could not imme- 
diately be reached for com- 
ment yesterday about the 
SEC‘s apparent campaign to 
police such charges more 
actively. 

Borden said that, following 
discussions with the SEC, it 
had decided to reclassify part 
of its 1992 restructuring charge 
as “cost of goods sold or as 
marketing, general and admin- 
istrative expenses in the years 
incurred”. 


The company said it had 
reduced its 1992 restructuring 
charge, which was originally 
reported as $W2m, to $377m. 

Of the difference, $60m has 
been applied to 1993, causing 
the company to report an 
increased net loss for the year 
of $63lm. The other adjust- 
ments have been reflected in 
the 1992 figures, and will not 
affect reported results In 
future, Borden said. 

Mr Lawrence Data, Borden's 
r ft ipf financial officer, left the 
company a month ago in a 
departure that was thought at 
the time to be part of a broader 
management restructuring at 
the troubled group. 


Banks near 
accord on 
FFrl3bn 
Euro Disney 
rescue plan 

By ARco Rawsthom 
in Paris 

The Euro Disney banks are 
expected formally to approve a 
FFrl3bn ($&25bn) rescue pack- 
age for the stricken leisure 
group within the next few 
weeks. 

Lenders representing more 
than 50 per cent of its 
FFr20.3bn loans have already 
agreed to participate. 

Euro Disney last Monday 
announced that Walt Disney, 
its US parent company, had 
secured an outline agreement 
with its banks for a restructur- 
ing plan that would enable a 
reduction in its net debt to 
FFrlObn. 

This was on condition that 
the banks agreed to an 
18-month interest holiday. 

A senior banker within the 
Euro Disney loan syndicates 
said yesterday that every bank 
on the steering committee that 
negotiated the restructuring 
had already agreed in princi- 
ple to support it 

Several banks outside the 
committee have also signalled 
approval. 

The consenting banks 
include: Banque Nationale de 
Paris, Credit Agricole and 
Banque Indosuez of France, 
Barclays and National West- 
minster of the UK, and Deut- 
sche Bank or Germany. Caisse 
des Ddpots, the state- 
controlled French financial 
institution, has already pub- 
licly stated Its support for the 
rescue. 

The steering committee is 
negotiating with the other 
members of the 63-strong syn- 
dicate to try to secure their 
consent “So far, no-one has 
actually said ‘no’," said the 
banker. 

It is common In such large 
corporate restructurings for a 
few small lenders to object to 
the terms of the deal. 

However, the terms of the 
Euro Disney rescue do not 
require any of the banks to 
provide extra capital. It is also 
understood that the steering 
committee, chaired by BNP 
and Indosuez, is empowered 
by its mandate to accept an 
agreement on behalf of all the 
banks. 

The committee is believed to 
be willing to exercise that 
right as the package has 
already secured so much 
support. 

Walt Disney, which is bank- 
rolling Euro Disney, has been 
pressing the banks to finalise 
the rescue as quickly as possi- 
ble. 

However the legal process is 
expected to take a few weeks, 
and will not be completed in 
time for Disney's original 
March 31 deadline. 


Kemper and GE Capital 
closer to proxy bid battle 


By Richard Waters 

Kemper, the embattled US 
financial services group, said 
yesterday it was preparing to 
hand a list of its shareholders 
to GE Capital, in a move which 
would allow the General Elec- 
tric subsidiary to step up its 
S2J£bn cam paign for control. 

The request from GE Capital 
could signal the start of the 
first big proxy solicitation bat- 
tle in the US for more than two 
years. 

It is the first since the intro- 
duction of regulations making 
it easier for shareholders to 
launch attacks on incumbent 
manag ements. 

GE Capital said on Sunday it 
had written to Kemper asking 
for a list of shareholders. The 
request followed a unanimous 
decision by Kemper's board 
last week to reject a bid. 

In a proxy battle, one share- 


holder seeks support either to 
force a board of directors to 
pursue a policy it has rejected 
- such as putting a company 
up for sale - or to engineer a 
change in the composition of 
the board. 

Such battles, a familiar part 
of the 1980s corporate land- 
scape, have become rare In 
recent years. In the most 
recent case, USX, the steel, 
energy and chemicals group, 
fought off an attempt from the 
corporate raider Mr Carl Icahn 
to break up the group. 

Kemper said yesterday it was 
consulting its lawyers about 
whether it should hand GE 
Capital a shareholder list. It 
added, though, that it expected 
to hand over the list, “once we 
est ablish that they are a share- 
holder of record”. 

Regulations introduced last 
year allow shareholders to 
communicate directly with oth- 


ers, in theory making it easier 
to build an alliance against an 
incumbent board of directors. 

GE Capital is believed to 
have hired D.F. King, which 
along with Georgeson is one of 
the two biggest US proxy soli- 
citation firms, to help with its 
campaign. 

King was active for QVC in 
its recent unsuccessful fight 
for control of Paramount Com- 
munications, while Georgeson 
worked for Viacom, the even- 
tual victor. 

In the letter to Kemper, Mr 
Gary Wendt, chairman and 
chief executive of GE Capital, 
said: “You leave us no choice 
but to proceed unilaterally and 
communicate directly with, our 
fellow shareholders, who 
surely will feel the time-sensi- 
tive urgency to consummate 
this transaction as promptly as 
possible or risk seeing their 
values decline.” 


Macy rescue plan hits snag 


By Frank McGurty 
in New York 

The board of R.H. Macy was 
convening yesterday after a 
last-minute glitch emerged in a 
plan to bring the company out 
of Chapter 11 protection. 

The conflict, centring on the 
valuation the company would 
place on itself in the reorgani- 
sation proposal, threatens to 
scupper a strategy des i gn e d to 
allow the New York-based 
department store chain to 
remain independent 
In January, Federated 
Department Stores, a long-time 
rival, proposed a merger 
between the two groups and 
purchased $4 50m of Macy's 
highest r anking debt 
The deal gave Federated con- 
siderable influence over Macy's 
future and the right to come 
up with a reorganisation plan. 


Until late last week, yester- 
day's board meeting was expec- 
ted to endorse a proposal ham- 
mered out after weeks of 
negotiations between Macy's 
management and two of its 
most important secured credi- 
tors, GE Capital and Fidelity 
Investments. 

The package was intended to 
pay off both Federated and 
Prudential Insurance, which 
also holds about $4 50m in 
Macy's debt, and pave the way 
for a reorganised Macy to issue 
new equity to other secured 
creditors. 

Mr Cyrus Vance, the former 
US secretary of state who was 
appointed fast month, to medi- 
ate in the negotiations, would 
then review the proposal 

However, a challenge to the 
management-sanctioned plan 
surfaced in the days leading up 
to yesterday’s meeting. Mr 


Laurence Tisch, an influential 
outsider director, was expected 
to argue for a $34flm valuation 
for the company, compared 
with $3.5bn recommended by 
Macy's financial advisers. 

Under a $3.8bn valuation, 
public bondholders and other 
junior creditors would realise a 
greater return on their claims 
and receive a bigger proportion 
of the stock issued by the com- 
pany when it emerges from 
Chapter 11. 

Senior creditors would 
receive less. As a consequence, 
some of them, led by Fidelity, 
are threatening to withdraw 
their support for Macy's inde- 
pendence if Mr Tisch wins. A 
letter signed by the group was 
sent to Mr Vance, warning him 
of their intention to back Fed- 
erated unless the lower valua- 
tion was sanctioned by the 
board. 


to resign 

By Patrick Blum and 
tan Rodger fat Vienna ■ 

The four executive directors of 
GiroCredit. Austria's third 
hugest bank, have threatened 
to resign at the end of June 
unless the long struggle over 
control of tiie bank Is resolved. 

Mr Hans Haumer. chief exec- 
utive, said he and his throe col- 
leagues were expressing their 
frustration at working in a 
strategic vacuum. 

GiroCredit was established 
by Austria’s savings banks as 
their central clearing institu- 
tion. It has used that platform 
to become a leading participant 
in capital markets. 

However, the two largest 
savings bonk groups, Erste 
Oestcrreichlsche and Bank 
Austria, which between them 
control more than half of 
Giro’s equity, have come to 
regard Giro in recent years as 
a competitor, and so have sty- 
mied its development. 

For more than three years, 
Giro executives have been try- 
ing to promote a resolution of 
a stalemate on their supervi- 
sory board, 

A year ago, Erste attempted 
to assemble a group of savings 
banks that would buy Bank 
Austria’s 30 per cent stake and 
take effective controL 

Last month, Bank Austria, 
which had become impatient 
with the delays in completing 
this deal, branched a unilateral 
counter-bid for 20.4 per cent of 
Giro shares. This would be 
enough to give it dear control 

H soon became clear that 
Bank Austria would probably 
not achieve its target, so the 
stalemate would remain 
intact 

In recent weeks, both 
Moody's and Standard & Poor's 
have put Giro's credit ratings 
under review, citing the owner- 
ship uncertainty. 

The Austrian finance minis- 
try has expressed its displea- 
sure with the situation at the 
bank. 

Mr Haumer yesterday met 
Mr Rend Alfons Haiden, chair- 
man of Giro's supervisory 
board and chief executive of 
Bank Austria, to present him 
with the decision of the four 
executives not to renew their 
contracts when they expired at 
the end of June. 

Mr Haumer said later it had 
become very difficult to 
run the bank, and the notices 
by the credit agencies proved 
that the situation had become 
untenable. 

He said that the bank was In 
a very strong financial situa- 
tion, having raised its pre-tax 
profits fast year by 55 per cent 
to Sch2bn ($167.4m) in spite of 
the uncertain atmosphere sur- 
rounding it 


Ford near to $lbn sale 
of First Nationwide 


By Martin Dickson 
in New York 

Ford Motor, the US car- 
maker, appears to be close to a 
sale of its unprofitable thrift. 
First Nationwide Financial 
Corporation, which has been 
on the auction block for the 
past four months. 

The car company is believed 
to have attracted two offers, 
each worth around Slbn. 

Market sources identified 
one of the bidders as Mr Gerald 
Ford, who beads a Texan 
thrift, Madison Financial but 
has no ties to Ford Motor or to 
the former US president of the 
same name. 


The other is understood to 
have come from a partnership 
between Great Western Finan- 
cial a large Californian thrift, 
and Lehman Brothers, the 
investment bank which Ameri- 
can Express is spinning off. 
Lehman would be involved 
solely to package and seU off 
First Nationwide’s problem 
real estate loans. 

The sale of the San Francis- 
co-based thrift would close an 
embarrassing chapter for Ford, 
which bought First Nationwide 
in 1985 for around 5500m but 
has since invested more than 
gniOm to offset real estate loan 
losses. First Nationwide has 
not been profitable since 1990. 


Air France waits for 
Czech talks outcome 


By ABce Rswsthom in Parts 

Air France was last night 
anxiously awaiting the conclu- 
sion of negotiations in Prague 
to sell its 19.1 per cent stake in 
Czechoslovak Airlines (CSA) to 
Konsolidacni Banka, the Czech 
state-controlled bank, for 
between $25m and 830m. 

The French airline, which 
acquired the stake in 1992 and 
is under acute financial pres- 
sure after a strike last autumn, 
has for weeks been embroiled 
in negotiations with the Czech 
authorities over the share sale. 

The two sides had originally 
hoped to announce terms of a 
final agreement yesterday 


afternoon, but the talks contin- 
ued into the evening. 

Meanwhile, the European 
Bank of Reconstruction and 
Development, which also owns 
19.1 per cent of CSA. was also 
attempting to conclude negoti- 
ations with the Czech govern- 
ment for the latter to take over 
Air France’s guarantee for TO 
per cent of its stake. 

EBRD is understood to be 
hoping to hold on to its shares 
providing the Czech authori- 
ties agree to accept the old Air 
France guarantee. However, 
the bank, which has mitten oft 
30 par cent of the investment, 
may reconsider its position if 
the guarantee is not renewed. 


U.& $150,000000 

'gJl MARINE MIDLAND 
BANKS, INC. 

Resting Rato 

Subotdnared Notes Due 2009 


5X% par annum 

22 nd Macnraw 
22nd Juna 1994 


22 nd Juna 199* 

DarUS.llOflBNoa US. 1134.17 
p*rUS 950000 Now US. *07063 


CSFm 


CS Fib/ Binun 


DMOSIAEPMnSIS 

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tNWe Pm »«r r i B p o uti ng 


BCU 

NOTICE IS NEWBY G/VFN dm far 
fmoraai Panod comma ncina on 
23fd March. HM. dn Nscn win boar 
iranrooi « tfia ma of pat jmum 
Oia inw/oa Mysbfa on 23id Juna. 1894 
Coupon N* H all bl 
ECU 1 8.770833 osr ECU IJM0 nominal. 

RxalAqatn 

§53 ROYAL BANK OF CANADA 
gjSSS EUROPE UMfTED 


U.S. $100,000,000 



Arab Banking 
Corporation (B.S.C.) 

Floating Rate Notes Due 1996 


Interest Rate 
Interest Period 


5/6% per annum 

22nd March 1994 
22nd September 1994 

Interest Amount per 
U.S. $10,000 Note due 

22nd Septemb er 1994 U.S.$26&33 

CS First Boston 

Agent 


J Helaba 

Amsterdam 

US.$I(X),000,000 

Guaranteed Floating Rate Notes 
Due 1996 

(Pursuant to the Terms and Conditions, Hessiadw 
Landesbank - Gnozentxaie - has been substituted by Helaba 
Finance B.V. as principal debtor of the Notes as per 1st . 
December; 1988) 

(Coupon No. 16) 

In accordance with Note conditions, notice is hereby given that 
for the interest period 22nd March. 1994 to 22nd September; 
1994 (184 daysX an interest rate of per cent, per annum, 
will apply. 

Amount per coupon (No. 16) - US.Sl039.19 
Payable on the 22nd September, 1994. 


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FINANCIAL TIMES TUESDAY MARCH 22 1994 


INTERNATIONAL. COMPANIES AND FINANCE 


Citic Pacific in line with 
forecasts at HK$1.89bn 


By Louise Lucas 
in Hong Kong 

Citic Pacific, the Hong 
Kong-listed arm of the Beijing 
foreign investment company, 
yesterday reported an 81 per 
cent advance in net earnings to 
HKJliSbn (USS244m) for 1993. 
up from HK$1.04bn in 1991 The 
results were in line with mar- 
ket expectations. 

Profits were swollen by a 
string of acquisitions during 
the year and partially funded 
by a HK$7.1bn placement 
which went towards the 12 per 
cent stake in Hongkong 
Telecom and the controlling 
Interest in two mainland power 
stations bought from parent 
Citic Hong Kong last Januar y 

Taken on a per share basis, 
earnings grew 24 per cent 
to 108.2 cents, from 87.4 
cents. 

Dah Chong Hong, the motor 
trading group which became a 
wholly-owned subsidiary in 
April 1992, was an important 
factor in last year's growth, 
contributing around 35 per 
cent of total profits - ahead of 
the 30 cent from Hongkong 
Telecom. 

However, increased competi- 
tion in the motor sector eroded 


Guoco Group, the Hong Kong-based company controlled by the 
Malaysian Quek family, reported a 287 per cent snrge in earn- 
ings to 12. 8 m for tiie six months to December 31 compared 
with HK$210.1 last year, writes Louise iJtras 
The dividend rises just 1 cent on last year, to 21 HK emits. 
Subsidiary Dao Heqg Bank Group, spun off in a separate 
listing last December, made a net interim profit of HK$40(L5m - 
an increase of 135 per emit over the HK$170.1m last time. 

The gr oup said Overseas Trust Bank, bought from the colony's 
government last October for HK$i-46htL, was making a strong 
contribution. There is no jit tarim dividend at Dao w^"g - 


margins, while the macro- 
economic measures adopted in 
China hit sales there, said Mr 
Larry Yung, chairman. 

This year the contribution 
from Dah Chong Hong is likely 
to shrink to around 25 per 
cent, reflecting the increased 
contributions from other parts 
of the group. 

Of the two power plants, nr»e 
started operation during 1993 
and the 56 per cant-owned 
Ligang Power Plant has been 
running since January 1. . 

The group will also start to 
benefit in 1994 from the 50 per 
cent interest in the develop- 
ment of Discovery Bay, a resi- 
dential complex on Lan tau 
Island which was bought by 
Citic for HK$3.4bn earlier this 
year. 

Road and tunnel projects 


will provide earnings further 
down the line, with the West- 
ern Harbour Tunnel, in which 
Citic has a 10 per cent interest, 
expected to be completed in 
mid-1997. 

Profits on the aviation side 
benefited from increased 
flights at Dragon Air, the air- 
line jointly owned with Cathay 
Pacific. 

The group also owns 12 per 
cent of Cathay Pacific - which 
is expected to turn in flat prof- 
its this year - and, since last 
November, 10 per cent of Hong 
Kong Air Cargo Terminals. 

The directors are proposing a 
final dividend of 28 cents, 
making a total payout of 38 
cents. This represents an 
increase of 26 per cent over 
1992’s total dividend of 30.2 
cents. 


Lend Lease 
forges link 
in Indonesia 

By Nikki Taft 
In Sydney 

Lend Lease, the Sydney-based 
financial services gronp. is 
linking with Sinar Mas. the 
large privately-owned Indone- 
sian holding company, and 

Rank Tnta masinnal In dones ia, 
a s ubsidiar y of Sinar Mag and 
the second largest private bank 
in Fmjnnesia. 

The three groups have 
agreed to develop joint venture 
arrangements in pension funds 
administration and wholesale 
and retail funds management, 
and in project management for 
property services. 

Lend Lease added yesterday 
that joint ventures in areas 
such as life insurance, payroll 
services and property develop- 
ment and management mi ght 
be considered. 


Norsk Hydro disputes 
NKr690m tax claim 


By Karen Fossfi in Oslo 

Norsk Hydro, Norway's largest 
publicly-quoted company, hag 
became embroiled in a dispute 
with the Oslo Tax Board which 
is claiming NKr690.1m ($93 .8m) 
in extra taxes covering a four- 
year period. 

The disagreement concerns a 
deduction for losses on shares 
in Norsk Hydro Qanwda a unit 
which produces magnesium, 
and the waiving of inter est on 
equity loans for Hydro Fertiliz- 
ers in the UK 

Norsk Hydro intends to 
appeal against the tax board’s 
claim and said deferred tax 
provisions were included in 
consolidated accounts for the 
relevant years. 

The co m pany mamtains that 
“the new assessment, there- 
fore, has no effect on total 
taxes compared with the pre- 


liminary result for 1993 pub- 
lished on February 21”. 

It explains that- the tax board 
had disallowed a deduction for 
loss on shares in Norsk Hydro 
Canada, a-nd ha the board’s 
view the waived interest on the 
loans to Hydro Fertilisers 
should have h**" inrimM in 
taxable inramp m Norway. 

• ABB Finland has won a 
$50m contract from Central 
Hidro electrica de Camas 
(CHEC), the Colombian utility, 
to supply transformers and 
other equipment for 21 new 
substations throughout the 
Caldas region of the Colombian 
Andes, writes Andrew Baxter. 

The deal is a further sign of 
revival in the South American 
power equipment markets. 
Union Bank of Finland is pro- 
viding 85 per cent of the 
finance through a $42.5m 
12 %-year export credit loan. 


New Jersey 
bank buys 
Baltimore 
Bancorp 

First Fidelity Bancorporation, 
the New Jeney-based bank, is 
to acquire Baltimore Bancorp 
for $346m in a $20.75 per share 
cash deal, agencies report from 
New York. 

The price represents about 
twice Baltimore Bancorp’s 
expected book value at dos- 
ing, Fidelity noted. Baltimore 
Bancorp, with $2.2bn in assets, 
is the parent company of the 
Bank of Baltimore which has 
$2bn in deposits. $1.4bn in 
l oans and 42 b ranch offices. 

First Fidelity said the acqui- 
sition was expected to dose by 
the end of 1994, starting to 
add to its earnings in the first 
quarter of 1995. It said there 
will be no up-front charges. 

Mr Tony Terracdano, First 
Fidelity chairman and chief 
executive, said the acquisition 
positions his bank in a grow- 
ing and geographically contig- 
uous market. 

Be added that the Baltimore 
bank’s distribution system 
provided an opportunity to 
develop new business and rev- 
enue for middle market, small 
company and private banking 

bqgjpMws . 

First Fidelity said it needed 


no external financing to close 
the transaction, which has 
been approved by the boards 
of both Baltimore Bancorp and 
First Fidelity. 


Credito Italiano 
turns in 36% 
profits increase 

By John Simldns 
In Milan 

Credito Italiano, the newly 
pr iv a tised Italian hank which 
is the country’s seventh larg- 
est in terms of assets, yester- 
day reported a 36 per cent 
increase in group net profits to 
LZ74.9bn (3164m) in 1993. 

Interest income was up 16.8 
per cent at L2,716-Zbn while 
non-interest income rose 75 
per cent to Ll,597bn. 

The results, which follow a 
steep fall in net profits in 
1992. reflect an improved per- 
formance by subsidiaries. 
Gross operating profits were 
up 87 per cent at LL770.7bn. 


Trizec negotiating 
C$600m injection of 
equity in shake-up 


By Robert Gibbons in Montr ea l 

Trizec, the biggest property 
unit in Toronto's Edper-Hees 
group, Is negotiating a C$600ra 
fUS$438m) equity infusion 
which would form the basis of 
a revised recapitalisation. 

Trizec. which is controlled 
by the Toronto branch of the 
Bronfman family , is restructur- 
ing its debt It was affected by 
the collapse in North American 
property values that began in 
1990, and Its debt totals nearly 
C$2bn at the corporate level, 
plus a further C$3bu due to 
five years in the operating sub- 
sidiaries. 

The Calgary-based group, 
one of North America's fastest 
growing development compa- 
nies, last week wan an Alberta 
court order delaying enforce- 
ment proceedings by senior 
and junior debenture holders 
until March 31. 

Trizec said that this would 
give it time to complete negoti- 
ations for the third-party «ish 
infiision. 

Last August, Trizec proposed 
a recapitalisation to handle 
debt maturing in five years. 
Debt holders would have ended 
up with 49 per cent of the 
equity of the reorganised com- 
pany and the Bronfmans would 
have lost control 

Last January, the senior debt 
holders presented a counter- 


proposal but an agreement was 
not possible. Trizec said in a 
statement It then tried to raise 
new equity and “several 
sophisticated investors'’ began 
due-diligence proceedings. 

In the past week. Trizec said, 
the plan for a third-party infu- 
sion of C$600m was tabled, 
partly to buy senior debentures 
and partly to strengthen the 
company’s equity base. 

It asked the senior debenture 
holders for extra time to final- 
ise negotiations, but they 
refused and accelerated pay- 
ment of all debentures under 
the March 19 19M trust deed. 

Trizec said Saturday's court 
delay “will proride the time 
needed to complete the talks”. 
The plan would require a vote 
by all debt holders and share- 
holders and court approval. 

The group retains about 80 
office buildings and shopping 
centres totalling 54m square 
feet of commercial space <77 
per cent in the US and 23 per 
cent in Canada). It recently 
sold its chain of nursing 
homes. 

In the year ending October 
31 last, the loss was C$3 12m. 
including C$287m in write- 
downs and losses on undevel- 
oped properties and cash flow 
remain insufficient to service 
debt. Its holding in a sister 
company. Bramalea, was writ- 
ten off to 1992. 


Price cuts take toll 
on Swiss drugs group 


By Ian Rodger In Zurich 

Ares-Serono, the Geneva 
pharmaceuticals group that 
specialises in fertility drugs, 
reported a 33 per cent slide in 
1993 net income to $72 .5m. 

However, the fall was exag- 
gerated by an extraordinary 
$27. 7 m gain on the sale of 
assets in 1992. Net income from 
continuing operations was 
down 9.4 per cent 

Sales fell 12 per cent to 
$755.3m, hurt by currency 
devaluations in Italy and Spain 
and drug price reductions 
imposed by governments in 
several countries. 

The group said the improve- 


ment to operating margin was 
due to cost-cutting. The diag- 
nostic division, accounting for 
12 per cent of group sales, 
returned to profit 

Pre-tax profits were down 17 
per cent to $1 00.6m. 

• Movenpick, the Swiss hotel 
and restaurant group, said con- 
solidated net income recovered 
slightly to SFriL5m ($5 .9m) last 
year from SFriL5m in 1992. on 
sales up 1.5 per cent to 
SFrl^Sbn. 

Mr Ulrich Geissmann, chief 
executive, said measures to 
strengthen the group, which 
changed hands two years ago. 
had already begun to take 
effect 


23 




LlJegrand 


legrand’s Board of Directors roel under the chairmanship 
of Mr. Francois Grqppotte in order to dose the consolidated 
accounts for the year ending December 31 1993. 


Consolidated accounts - certified 
{in millions of FF) 

1993 

1992 

Solas 

9.983 

10.249 

Operating Margin 

1.569 

1.783 

Net income (Group interest) 

578 

657 

Net cash flow 

1.401 

1351 


When restated for comparable structures and identical 
exchange rates. Leg rand sales advanced 1.2% in 1993 with 
11 % dedine in volume. The market decline was significantly 
steeper in France than in the rest of the world. 

Insufficient sales volumes and the full impact of devalu- 
ations obviously cut into earnings. Yet signs of an upturn fhal 
began to emerge in the second half of the year held the fall 

in net income to 12% or 5.8% of sales. Net cash flow slipped 
9.7% to 14% of sales. 

To ensure that Shareholders continue to ploy an active 
role at Leg rand, while giving the Group a management 
structure in keeping with its current size and growth pros- 
pects, Mr. Grappotte submitted to the Board the following 
appointments: 

- Messrs. Jean-Pierre Verspieren, Bernard Decoster. Benoit 
Verspieren and Raphael Verspieren, as Vice-Chairmen of the 
Board of Directors. 

- Mr. Patrick Puy as General Manager, and Messrs. Olivier 
Bcrzil and Pierre Mazabraud as Deputy General Managers. 

Finally, the Board w ill propose that the Annual General 
Meeting of Shareholders, to be held on May 25, 1994, distri- 
bute a dividend equal to that paid last year, i.e. FF 5750 per 
ordinary share, and FF 92 per preferred share. After an 
advance payment on February 1, the balance, i.e. FF 2850 
per ordinary share, and FF 45.60 per preferred share, will 
be payable as of June 15, 1994. 


FINANCIAL INFORMATION : O. BAZIL. G. SOSNEPP- TEL.: (33- 1)43 60 01 80 


Issue of U.S. $300,000,000 

BM 

R&I Bank of Western Australia Ltd 

AC.N.050494454 

Undated Floating Rate Notes 
exchangeable into 
Dated Floating Rate Notes 

of which U.S.5200, 000.000 
is being issued as the Initial Tranche 


I merest Rate 

Undated Notes 

Dated Notes 
(merest Period 

interest Amount due 
22nd September 1994 
Undated Notes 
perU.S.$ 10,000 Note 
per US. $250,000 Note 
Dated Notes 
perU.S.$ 10,000 Note 
per U^. $250,000 Note 


4.225% per annum 
4.0625% per annum 

22nd March 1394 
22nd September 1994 


U-S.S215S4 

US.S539&61 

U-S.S207.64 
U.S.S5. 19057 


CS First Boston 

Agent 


Rhone-Poulenc SA. 

Notice of annual general meeting 
of holders of participating shares series "A r 


The holders of Participating Shares Series A ("PSSAs") of Rhdne-Pouleoc SA. 
are hereby notified that their Annual General Meeting will be held on 
Tuesday. April 12, 1994 at 930 ajn. or, in case the quorum requirement is not 
met. on Thursday, April 21, 1994 at 10:30 a.m., in each case at the registered 
office of Rhdne-Poulenc S.A., 25 quai Paul Doumer in Courbevoie 
(Hauts-de-Seine). France. 

No vote of the holders of PSSAs will be solicited at the Meeting. The agenda 
for the Meeting will include presentation of the management report of the 
Board of Directors on the situation and the activity of Rhflne-Poulenc S.A. 
during the fiscal year 1993; and presentation of the reports of the auditors on 
the annual financial statements and the consolidated financial statements for 
the fiscal year 1993 and on the elements serving as the basis of the 
determination of the annual payments on the PSSAs. 

In the order to be admitted to or to be represented at the Meeting, hold ers of 
PSSAs in registered form must be inscribed in the register held by SOCIETE 
GENERALE, acting in the capacity of agent, at least five days before the date 
fixed for the Meeting, and holders of PSSAs in bearer form must deposit with 
Rhone-Poulenc S.A. or authorized banks or financial establishments, within 
the same time period, a receipt of deposit of PSSAs obtained from any bank, 
financial establishment, or stock broker. The access cards permitting 
attendance at this Meeting or the proxies for the purpose of being represented 
at this Meeting will be delivered to holders of PSSAs who request them. The 
documents which have to be communicated at the Meeting, will be placed at 
the disposition of the holders of PSSAs to accordance with legal requirements. 


(tP RHONE-POULENC 


Notice U hereby pv«n that tbe Annual General Mesing of ASEA AB Shareholders 
will be bdJ at ApM Congo** Center, Mankgaian 7 in Vijrerii, Sweden 
at 1030 x.bl on Tfaanday, April 14, 1994. 


Agenda 

The agenda wUl include the ciuwmsiy am u 
stipulated in the Swedish Companies Act and 
the Articles of Aesoa'arion. 

Notification , 

Shareholders who wish to panuapwe in tbe 

Anninl General Meeting must notify the Board 

of Directors of their intention » attend, either 
in writing under the address ASEA AB, P.O. 
Box 7*73. S-105 91 Stockholm, Sweden, by 
telephone *46^613 6560 or by ♦*«- 
613 6565. not later than 12:00 noon {Swedish 
local time)* Monday, April 11. *994. 

Shareholders must stare their name, perso- 
na] registration number, address, telephone 
number and the number of registered shares 
held. 


to participate 
Only those shareholders who are recorded m 
the Shareholder' register maintained by varfe 


pappencentraleo VPC AB (Swedish Securities 
Register Centre) not brer than Thursday, March 
31, 1994 are enrided to parridpare in tbe 
Meeting. Shareholders, whose shares are held 
in tnur by banks or other trustees, must tem- 
porarily reregister tbdr shares in their own 
names not brer than Thursday, March 31, 
1 994, in order to be eligible to partidpate in the 
Meeting. 

Dividend Pa yments 

The Boaid of Directors has proposed Tuesday. 
April 19. 1994. as the date of record for the 
dividend. If the proposal is approved by the 
Annual General Meeting, it is expected that the 
dividend payments will be made through VPC 
on Tuesday, April 26, 1994. 

By older of the Board. 

Stockholm, March, 1994. 


U.S. $45,000,000 

Pulp and Paper International 
Investments Limited 

flnccvparatad In Tbrtcia, British Virgin Islands with limited Habitity) 

Floating Rate Guaranteed 2% year 
Amortizing Notes 

Unconditionally and irrevocably guaranteed by 

CJL Venezdana de Pulpa y Papei S.A.C.A. 

(Incorporated in Venezuela) 

For the interest Period March 22, 1994 to June 22, 1994 the Notes 
wifi cany an interest Rate at 8.34% which constats at the 
Lftjor Rale 3.84% plus a Margin of 4.5%. The interest payable 
on the relevant Interest Payment Date June 22. 1994 wfll 
be U.S. $2,13133 per U.S. $100,000 and U.S. $10,856.67 per 
U.S. $500,000. 

By: The Chase Manhattan Bank, NJL 
London, Agent Bank 
March 22,1994 


CHASE 


KDRffl(fBCHflNBEBRNK 

Korea Exchange Bank 

USD 100,000,000 
Floating Rate Notes 
Due 1997 

Interest Rate: 434063* 

interest Period: 2103.94 m 22.09.94 

Interest payable per 

USD 250.000 Near. USD 5A01.91 

USD 500000 Note: USD 1 1,603.83 

By Fop Bank (Uaabwql SA 
Agent Bank 


LONDON STOCK 
EXCHANGE DEALINGS 

tw woraumoN am an am m e. ■udi 
apeean <M«y 9Ba«y. b »pP<W to m FVwras 
Tim» by tfta LMSon Sue* bohanp. 
Sim** mom an ataad by tba Sbx*&«*«gs 
Inan among ausa tanaaMc aial ascafflai 
■fna pocas do M wgas ki oar dtfy Lsretoe 


TteSAriwatac 
accartUg to Be whoao at Bodng U Mattel 
sods regbured oy no Sn* Exriaa^u Mring 
ma *Mt ntaag on es* Ttuvby Tknloe 
dtritog take* Una « a sod. » «fl not be 
Indadad In on Movtag 


o 


BONUS 

BNANOAL MANAGEMENT 

Russian Federation Treasury Bonds 
de nomin ated in US dollars dealing 
Call now for further information: 70952099239 

InSTOMOMC Moscow Agent Bank 


pic 

< i ncoi3oraariio ftifcn aa rt ia Mt ’wESpaii4> 
USS500.000.000 Undated 
Floating Rate Primary 
Capital Notes 

The Rate of interest has been fixed 
at 5% p.a. The Interest payable 
on the relevant Interest Payment 
Date September 22, 1994 against 
coupon No. 18 In respect of 
US$1 0.000 nominal of the Notes 
will be US$255.56 


Citibank, NA (issuer Services], 
Agent Baric 

March 22, 199* 


¥50,000,000,000 


Province de Quebec 

Floating Rate Notes Due 1999 
Notice to twraby given that tor the 
Merest Period tram March 22. 1334 b 
J une 22. 1994 ire Nous <rt 
carry an- inures ran at 2.60625%. 
The interns payable on the relevant 
interest payment date. Jute 22. 
1994 *« be ¥3,330,208 per 
¥S0C.000j000 nomhiai amort. 

ByltaEteHMtafafaMJL 

iteta.JpdlBk © 

March 22. 1994 



1993 RESULTS CONFIRMED 
Steady market share 

The priority far BSN in 1 993 was to hold onto maitat share, and (his goal was achieved in fufl thanks to (he strength 
of its brands. Advertising expenditures were kept steady, while promotion outlays were increased. Financing for me 
greater part of these additional expenses represented the first rewards of o major drive to ail costs. Provisions set up 
previously meant that restructuring costs <fcd not weigh on income for Ire year. 

Income figures confirmed 

The BSN Group has reported 1 993 c onsol i dated sales of FF 70. 1 billion, representing a comparable 1.9 % increase 
excluding changes in scope of amsolidoihxi and exchange rates. 



FFaXom! 

1992 

1993 

Sdn 

70,840 

70,108 

Operating inenree 

7,117 

6751 

Net inoome (Graup ihare) 

3A38 

3,422 

Eanings per share (Lily (fluted) 

FF 55.60 

FF 53.96 

Cadi Row* torn operations 

7,399 

6.691 

CapHai a^endHure 

3,397 

3,063 

Free oath flow 

3,802 

3,628 

Stockholders' equity, exd. nenorities 

27778 

31,914 


Most of the decline in operating income was due to exchange-rale variations, which hod o negative impact of 
FF 389 million, and to a foU in Aw income of foe Containers division. 

Qwckemng expansion 

Debt remained low, free cash flow was again vigorous at FF 3.6 bn, and foe Group continued its expansion. More 
them FF 6 billion were invested in expanding existing businesses, notably mineral-wcter and doiiy-product operations ; 
in geographical terms foe focus was on Eastern Europe and Asia. 

Dmdbid inoeased 

The Board of Directors further decided to ask the Annual General Moo ting of Shareholders on May 1 0, 1 994 to 
approve a dividend of FF 1 5.50 per share out of 1 993 income (FF 15.00 in 1 992). This corresponds to a total 
dividend of FF 23.25 mdutfing "avoir fiscal* tax cr«£t (FF 22.50 in 1 992}. 

As in 1 993, shareholders may opt to receive their dividend in BSN shares, issued' at □ price equal to 90% of the 
□wage opening price for foe 20 trading days preceding foe Annual Gened Meeting of Shareholders, bs the tfividend 




Explorer 

Securities limited 

(In corpormrd irldi bmital hab&t* 
m du Cayman lilsreb) 

U A $50,000,000 

Secured Floating Rate 
Notes doe 1993-1996 

For- the I merest Period 22nd 
March, 1994 to 2 2nd June, 
1994 the Notes will cany 
an Interest Rare of 4%-% 
per annum with Interest 
Amounts of U.S. $872.98 and 
U.S. $2,182.45 lor Notes with 
original principal amounts 
of U.S. Sltt. 000 and U.S. 
$250,000 respectively payable 
on 22rkl June, 1994. 


Q fonkgra Trust 


Compan y, Lo n do n AcnnBank 


NBD BANCORP. INC 
ussioo.an.ooo 

Floating rate subordinated 
notes due 2005 

Notice is hereby given diet for 
the interest period 22 Match 
1994 to 22 June 1994 the 
interest rax has been fixed 
at 525%. Interest payable on 
22 June 1994 mil amount to 
USSl34.l7perU5S10.000 

note. 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 


GfroCredlt Bank 
Aktiengesellschaft 
der Sparfcassen 

ttamertyl 

Ghaaentrale und Bank 
dor bscaixeichiscbeD 
Spaikassan 
Aktiengosoll fl c h a t t 

Japanese Van 10.000.000.000 
Floating Rate Moles due 1995 
For tbaote months 
22nd March 1994 
to 19th September \®94 
In accordance with the 
previsions of the Notes, notice 
is hereby given that the rate of 
Interest has been &xad at 395 
per cent, par annum, and that 
the nacres! payable on the 
{merest Payment Date I9tb 
September 1994 against 
Coupon No. 12 will be 
Yen 1,909,178 per 
Yen 100.000.tXX) Note. 

The Industrial Hank ot Japan, 
r l mlwH 





24 


FINANCIAL TIMES TUESDAY MARCH 22 1994 


INTERNATIONAL COMPANIES AND FINANCE 



CREDITO FONDIARIO E INDUSTRIALE 

HNftieuao>i 

ECU 100,000,000 
Floating Rate Term Loan 

Afiaagadby 
Credito haHano 

China Invonmani Bank Umttad 
Tlw Fufl Bank. Urnttsd 
Lwutastunk HasranThoringon Gtrawnraht 

Load Manaoen 

Banea Nuionala dal Lavom Group 
Banea CanTBRMa itoBana. London Brandi 

Banea Di Roma IntanUtioaal 

BayartsctHi vwahsbei* AkxJanmalacftaft. London Branch 
WfettLB Group 

CO Uanagars 

Banes D* America a D'ltaBa SoA. Bnuaoto Branch 
Banco Arnfartnlano Anna SpA, London Branch 
Banco DI ScHa In m rn a Bomu SJ>. 

Bonquo at Calm d'Epargna da I'Etst. Luxembourg 
Istttuto Bancarto San Paolo dl 'fcrino SpA, London Branch 

Manager, 

BaftQua Worms. MBano 

CARIPLO - Cnaa (D Rfaparmio dels Provinda Lombards SpA, Nam '*K*t Branch 
Cats da Aherns del Macfltarnlnaa ASeante (Spain) 

Car monte Banea S.P.A. Luxarntjourg Branch 
Sabann Bank pie 

Agent 

CnxSto Itafiana London Brandt 


February 1934 



mm Bank 

Australia and New Zealand 
Banking Group Limited 

Australian ComJwnj Number 005 357 522 
(Incorporated uxtfi faniLeJ tiabUiry m the State of Victoria, Australia) 

U.S. $125,000,000 
Floating Rate Notes due 1995 

Norice is hereby given that few the Interest Period 22nd March, 1994 
to 23rd September, 1994 the Notes will carry a Rate of Interest 
of 4-39063 per cent, per annum with an Amount of Interest of 
U.S. S225.63 per U.S. $10,000 Note and U.5. $2,256.30 per U.S. 
$100,000 Note. The relevant: Interest Payment Cbcc will be 23rd 
September, 1994- 


0 Bankers Trust 
Company, London 


Agent Bank 


SAMMZ STEEL CO„ LTD. 

itncorponaed In the KrpubOc of Korea with limital liabihryi 

Notice to the WarranthoMers of the outstanding 
US$50,000,000 

IX per cent. Bonds due 1994 with Warrants 
to subscribe for Non-voting Shares of Samnri Steel Co, Ltd. 
NOTICE IS HEREBY GIVEN to the Warrantholders thin cm 2lsi 
February. 1994. the Company has authorised the issuance of Bonds 
(W20 Billion) convertible into Common Shares of the Company. The 
issue dale was 7th March. 1994 and the initial conversion price was set 
al W7.400. 

The consideration per Common Share receivable (W7.400) by the 
Company from the issue is less than the current martet price (determined 
in accordance with the provision of the Instrument constituting the 
Warrants) at 21st February 1994, which was W 10.0 1 5 
Accordingly, in accordance with the provision of die said Instrument, [he 
existing subscription price of W45J246 has been adjusted with effect 
hum 6th March. 1994. to W44.311 . 


March 22nd. 1994 


Sammi Steel Co., Lid 


Hongkong Land 
posts flat profits 
of US$306m 


By Simon Hofberton 
hi Hong Kong 

Hongkong Land, the property 
development and management 
arm of the Jardine group, yes- 
terday reported unchanged net 
earnings, with 1993 profits 
before extraordinary items of 
US$306.5m, compared with 
US$305m fax 1992. 

Last year’s earnings at the 
operating level were ahead by 
only 1.6 per cent, and growth 
was further undermined by 
Hongkong Land's share, total- 
ling $20 .6m, of losses at Trafal- 
gar House, the UK property, 
engineering and construction 
conglomerate. 

Mr Alasdair Morrison, man- 
aging director, said he hoped 
Trafalgar House's problems 
were behind it and that losses 
would not recur. 

Profits after an extraordi- 
nary gain of $2l3.2m on the 
sale of a Hong Kong property 
were $519. 7m. The dividend is 
going up 5.3 per cent, to 10 
cents a share. The company 
ended last year with net bor- 
rowings of just $82m. 

Hongkong Land owns the 
most highly-prized office and 
retail properties in the central 
district of Hong Kong island. 
Mr Morrison, who is stepping 
down at Hongkong Land to 
take over as bead of the Jar- 
dine group, said the company 


expected improved earnings 
ihis year on the back of hi gher 
rents. About a third of the 
company's property leases 
come up for renewal this year. 

He said the average rent dur- 
ing 1983 was HKS45 per square 
foot for office accommodation 
and HKS105 for retail space. In 
recent rent reversions, the 
company had achieved around 
HKSIOO per sq ft for small 
offices in Exchange Square - 
its prime office development on 
the Hong Kong waterfront - 
and expected to rent larger 
spaces for more than HKS9Q 
per sq ft. 

"We see rents increasing for 
some time; most of the space In 
core central is fully let,” Mr 
Morrison said. In real terms, 
current rents were still below 
those of 1989, he said. 

Mr Morrison said that Hong- 
kong Land was interested in 
property development in 
China. It was conducting a 
market survey of Shanghai and 
hoped to Identify opportunities 
there. 

• Sun Hong Kai Properties, a 
leading Hong Kong property 
developer, has entered into a 
joint venture agreement to 
develop an integrated commer- 
cial complex In Shanghai The 
project, Central Plaza, will 
require an investment of 
HK$8Q0m (US$103. 5m), the 
company said. 


Surge at HK broadcaster 


By Simon Holberton 

Television Broadcasts (TVB), a 
Hong Kong broadcaster, yester- 
day lived up to its reputation 
as the colony’s most profitable 
media company with a 42 per 
cent rise in net earnings, to 
HK$519.6m (US$67. 2m). for 
1993. 

Profits were struck on an 11 
per cent rise in turnover, to 
HE$2bn. 

A final dividend of 65 cents a 
share makes a total of 80 cents. 


an increase of 33 per cent on 
1992. 

Underwriting TVB's profit- 
ability is its near -80 per cent 
share of terrestrial television 
advertising revenues in Hong 
Kong. Directors remain confi- 
dent that demand for advertis- 
ing air-time will remain strong 
this year. 

TVB entered the satellite 
television market last Septem- 
ber with the launch of a Chi- 
nese -language TV station 
aimed at Taiwan. 


HK checks share-buying mania 

The colony’s authorities are curbing investor zeal, writes Louise Lucas 


J ust six months ago, inves- 
tors would have fallen 
over themselves to buy 
shares in Chaifa, a small Hong 
Kong company planning to 
expand its business - making 
and selling clothes embellished 
with the Playboy bunny logo - 
into mainland China. 

Now, however, with stock 
market sentiment battered and 
the China tag no longer the 
gilding it once was, new issues 
are a different ball game. Chai- 
fa's' modest HKS54.1m 
(US$6 Jm) offering was just 1.56 
times subscribed, and on its 
first day's trading, the shares 
closed at 99 cents, 7 cents 
under the Issue price. 

Nor are H shares - China 
enterprises listing in Hong 
Kong - immune. Yizheng 
Chemical Fibre, China's big- 
gest producer of polyester, saw 
its HK$714m public offer close 
last week 20 times subscribed. 
In December, Kunming 
Machine Tool’s HKS128.70m 
offer was 627 times subscribed. 

While the chief reason for 
the lacklustre IPO market is 
undoubtedly the poor senti- 
ment and volatility in the 
Hong Kong stock market (now 
down almost 25 per cent from 
its January peak), it also high- 
lights different attitudes 
towards new issues. 

Regulators have been moni- 
toring oversubscriptions in the 
IPO market since 1992. And 
Investors themselves, no lon- 
ger counting on turning round 
one or two-day profits, are cast- 
ing a for more critical eye over 
the listing prospectuses before 
diving in. 

Last year, discretion was 
often sacrificed. Investors 
descended on the lending 


banks in hordes, at times forc- 
ing the Exchange Fund to step 
in with cash injections to stabi- 
lise interbank rates and gen- 
eral liquidity. Share prices 
invariably roared upwards on 
the first day of trading. 

Denway Investment, a com- 
pany from China malting and 
selling cars, earned Itself a 
place in the colony's history 
books when it saw its 
HK$402m offer some 657 times 
subscribed. The offer, just over 
a year ago, pulled in about 
HK$264bn - almost one-third 
of Hong Kong’s gross domestic 
product that year. 

Since then, the Monetary 
Authority has implemented a 
seven-point plan to curb bank 
lending for new issues - insist- 
ing, amo ng other things, that 
financial institutions take a 10 
per cent margin from all cus- 
tomers. Prior to this, certain 
Institutions were settling for 5 
per cent; in certain cases, 
where issues were widely 
believed to be hugely oversub- 
scribed, no down payment was 
required. 

E arlier this month, the 
stock exchange 
launched its bid to rein 
in the new issue market by 
h arming multiple applications 
and applications that exceed 
the total offer. In the past, it 
was not uncommon to receive 
applications for HK$500m 
worth of shares for a HK$60m 
offering. 

Underpinning the regulators' 
steps is a growing disenchant- 
ment with the IPO game. In 
the past, stagging was an easy 
road to riches regardless of the 
company fundamentals. 
Rumours of 109- fold subscrip- 



Joseph Tam: market still 
not clean of anomalies 


tion levels became self-fulfill- 
ing prophecies, and there were 
plenty of buyers to push the 
price up when trading started. 

Now, however. with 
short-term gains no longer 
guaranteed. Investors are 
looking further ahead. Not all 
the companies which floated in 
a blaze of hype and met their 
promised profits in year one 
went on to turn in surging 
earnings in the second year. 

Many brokers believe the 
quality of companies coming to 
market has deteriorated. It is 
partly this reeling which has 
prompted many to advocate a 
second stock market board - a 
concept rejected by the stock 
exchange in 1990, and again in 
its latest strategic plan this 
month. 

Proponents of a second board 


argue this would be a more 
natural home for many of the 
smaller and poorer quality 
companies coming on line. Out 
of this year's 17-strong IPO 
league, more than half have 
raised less than HKSlOQm. 
These smaller capitalisation 
stocks, which seldom merit 
much broker research, are 
almost exclusively bought by 
retail investors. 

In this sense at least, brokers 
judge the dwindling interest in 
the IPO market as healthy; the 
market will support the quality 
companies and allow them to 
raise funds for further expan- 
sion, while shunning the 
weaker offerings. At the same 
time, underwriters - who now 
face being left with stock - 
will be forced to take a harder 
look at potential clients. 

Pricing mechanisms also 
came under attack during last 
year’s oversubscription mania. 
However, as yet there has been 
no marked increase in price 
earning multiples: Yizheng 
Chemical Fibre is on a fully 
diluted p/e of 13.S times, mak- 
ing it broadly comparable to 
last year’s H share Issues. 

Mr Kevin Westley, chief 
executive of Ward ley Holdings 
- one of the colony's most 
active underwriters - reckons 
IPO pricings this year have 
only risen in line with the 
blanket re-rating of the Hang 
Seng Index. • 

However, Mr Joseph Yam, 
chief executive of the Mone- 
tary Authority, believes p/es 
still tend to be quite low on 
issue. The lull in Investor 
frenzy mid the curbs in place 
do not mean Hong Kong's IPO 
market is clean of anomalies 
yet, he warns. 


Underwriters threaten to cancel Israeli issue 


The underwriters of the share 
offering for Shikun ITPituah, 
the Israeli state construction 
group, have threatened to can- 
cel the issue. The move has 
prompted threats of a lawsuit 
by the treasury, Renter reports 
from Jerusalem. 

The sale of Shikun ITPituah 
was to have been one of 


Israel's largest share offerings. 
It would also have been the 
first time that a state-owned 
company had been completely 
privatised on the Tel Aviv 
stock exchange. 

Analysts said underwriters 
of the offering - scheduled to 
have gone ahead today - had 
shelved the issue because they 


believed the planned price was 
too high to attract buyers in a 
depressed market 

The finance ministry said: 
“The treasury reserves the 
right to sue for damages if the 
underwriters foil to underwrite 
the offer." 

The flotation was expected to 
have brought the government 


a return of about $337m. 

A number of recent privati- 
sation Issues In Israel have had 
a rough ride, with buyer inter- 
est well below initial projec- 
tions. 

This trend has been intensi- 
fied by stock market weakness 
amid a rash of insider-trading 
investigations. 


All of these securities having been sold, this announcement appears as a matter of record only. 


March 1994 


5,000,000 Shares 


UroMed 


CORPORATION 


Common Stock 


1,000,000 Shares 


PaineWebber International 


Vector Securities International, Inc, 


James Capel & Co. 
UBS Limited 


Swiss Bank Corporation 
S.G.’Warburg Securities 

This tranche was offered outside the United States and Canada. 


4,000,000 Shares 


PaineWebber Incorporated 


Vector Securities International, Inc. 


Dain Bosworth 

Incorporated 


Forman Selz 

Incorporated 

Needham & Company, Inc. 


Alex. Brown & Sons CS First Boston Cowen & Company Kidder, Peabody & Co. 

Incorporated Inccuporatcd 

Merrill Lynch & Co. Montgomery Securities JJ* Morgan Securities Inc. 

Oppenheimer & Co., Inc. Robertson, Stephens & Company S.G. Warburg & Co. lac. 
William Blair & Company 
ladenhurg, Thalmann & Co. Inc. 

Neuberger& Berman Piper Jafifray Inc Sutro & Co. Incorporated 

Tucker Anthony Volpe, Welty & Company Wessels, Arnold & Henderson 

loraporatni 

Adams, Harkness & Hill, Inc Brean Murray, Foster Securities Inc 

First Manhattan CO. Genesis Merchant Group Moors & Cabot, Inc 

Securities 

Pennsylvania Merchant Group Ltd Pryor, McClendon, Counts & Co., Inc 


Pimk,23egel&Knoell R^en M^tcKenzle Unterberg Harris Van Kasper & Company 

This tranche ntt offered in the United States. 



Sharply improved earnings 
and strong inflow of orders 

Celsius Industries Corp. has pleasure in presenting its 
first year-end report as a publicly quoted company* 
As shown in the statement, Celsius enjoyed strong 
growth in 1993, both with respect to operating income 
and inflow of orders. This favourable trend is also 
reflected in the Board of Directors proposed dividend 
payment. The Board proposes a dividend payment of 
SEK 6.50, an increase of SEK 2.10 per share. 

■ Income after net financial items increased by 32% 
to SEK 721 M. 

• Operating income improved by SEK 322 M to SEK 
348 M. 

• Profit per share amounts to SEK 22. 10, which corre- 
sponds to a 19 (17) percent return on equity. 

• In February 1993, die companies CelsiusTech 
Systems and CelsiusTech Electronics were acquired 
from Nobel Industries. 

• The inflow of orders has been strong, and the back- 
log of orders at year-end totalled approximately 
SEK 26 billion . 

• In February 1994, Celsius Industries acquired a 
controlling interest in Enator, which is quoted on 
the Stockholm Stock Exchange's OTC list, and 
which is active In the information technology sector. 

'Figures in parentheses refer w 1992 Million - 1,000 miHic-vi 
*Smdiho&n Swdt Exchange 


KEY INDICATORS 


SBC M 

1999 

1992 

Sdw 

11 600 

10 484 

Income offer firmwclol items 

721 

54S 

Equity 

3 561 

2941 

Liquid funds 

4662 

4546 

Asset/ equity ratio (%) 

25 

23 

Profit per share after tax, SEK 

22.10 

1840 

Equity per share, SBC 

127 

108 

Dividend per share, SBC 

6J0 

4.40 


Celsius Industries is Sweden's leading defence indus- 
try group. Group companies which focus on the de- 
fence sector are Kockums, Bofors, CelsiusTech, FFV 
Aero tech and Telub. The Celsius Group also com- 
prises several wholly-owned companies with a non- 
military focus, most of which are gathered under Cel- 
sius Invest. Celsius Industries also has substantial in- 
terests in the offshore sector, real-estate management 
and information technology 



CebwsbidustrmrAB 


For (he complete year-end report write In 
CefaUis Industries Catp. Box 8954. S-W2 74 Gothenburg, Swredai, 
or raff +46 <0131-658636. 


Argus Fundamentals 

Petroleum Argus 

CALL fer a F.R5E t=;al to ’his .Men inly publication (44 7 1 ) 2£S 



MM 








KdEafl 

i 

» 

1 







WW*SrH; 






* 



i 




.fj[N^NCIAJL TIMES TUESDAY MARCH 22 1994 


INTERNATIONAL CAPITAL MARKETS 


US Treasuries fall further ahead of Fed meeting 


By Fran* McGurty in New York 
and Antonia Sharpe in London 

US Treasury bonds suffered 
further losses yesterday morn- 
ing ami d continued worries 
over monetary policy and 
ahead of this week's influx of 
fresh supply. 

By midday, the benchmark 
30-year government bond was 
jg lower at 91%, with the yield 
rising more than five basis 
points to 6J3SJ per cent At the 
short end, the two-year note 
was down £ to 99?„ to yield 

5.051 per coat. 

After a sharp downturn in 
bond prices in the previous ses- 
sion. the tone of the market 
remained defensive. Uncer- 
tainty over the timing of the 
Federal Reserve’s next strike 
on short-term interest rates 
was the catalyst to renewed 
selling pressure and the 
absence of any significant buy- 
ing interest 

The Federal Open Market 
Committee, the Fed’s policy- 


making arm. Is scheduled to 
meet in Washington today. The 
consensus among Wall Street 
analysts sees the central bank 
lifting its target for the Federal 
Funds rates - at which Hanfrc 
make overnight loans to one 
another - by either 25 or 50 
basis points, from the current 
3.25 per cent level 
But the extent of the mar- 
ket’s recent weakness has sur- 
prised some analysts, given 
last week’s unthreatening data 
on consumer and producer 
prices. The perception of politi- 
cal interference in the rate- 
setting process was partially to 
blame , following Friday's unex- 
pected talks between President 
Clinton and Mr Alan Green- 
span, the Fed chai rman 
Another factor exacerbating 
the market’s jitters was the 
breakdown of negotiations 
between US and North Korea 
and threats by the White 
House to take steps to punish 
the recalcitrant Asian power. 

Of more direct concern was 


the Treasury’s plans to sell 
$17bn in new two-year notes 
today, followed by an auction 
of Sllbn in five-year securities 
on Wednesday. Interest in the 
new issues could prove to be 
slack in view of the fluid state 
of Fed policy. 

■ An overwhelming belief that 
the US Federal Reserve will 
farther tighten policy today 

GOVERNMENT 

BONDS 


sent European government 
bond markets lower at the 
start of trading yesterday. Ana- 
lysts said they expected the 
Fed to proceed cautiously since 
a rise of more than a quarter- 
point would be mewed nega- 
tively by the markets. “The 
Fed will try to avoid upsetting 
the markets,** said one analyst 
However, traders said the 
lower levels attracted some 
bargain-hunting, which pushed 


prices a shade h i ghe r in the 
afternoon. They added that a 
widening in the yield differen- 
tial between 10-year German 
government bonds and UK gov- 
ernment bonds to more than 
100 basis points prompted some 
investors to switch from bunds 
to gilts. The spread has been as 
narrow as 50 basis points in 

the past. 

■ In London, gilts drifted 
higher after a weak opening 
but most of the activity was in 
the futures market. The June 
long gilt future on Lifie traded 
between the day’s low of 108g 
and high of 109£ before set- 
tling at 109% in the late after- 
noon. down & on the day. 

In the cash market, five-year 
gilts matte the day's best gains, 
of around £, as traders who 
had gone short of paper with 
that maturity last week in the 
belief that the Rank Of England 
would announce a five-year, 
fixed-rate auction were forced 
to cover their positions. 


The Rank ig due to announce 
details of its first auction of 
floating-rate gilts for 15 years 
today. The market expects the 
issue to have a five-year matu- 
rity, to be priced to yield 20 to 
25 basis points below the Lon- 
don interbank offered rate 
(Libor; and to raise in the 
region of £3bn. 

Analysts reported that the 
Bank had been in close consul- 
tation with leading partici- 
pants in the gilts market 
regarding the size of the issue, 
which reflected its desire for a 
smooth launch. A successful 
issue would open up new fund- 
ing avenues for the Bank, ana- 
lysts said. 

The defensive nature of the 
issue is likely to appeal in par- 
ticular to the monetary sector, 
to centra] hankc and to foreign 
institutions. 

fl Bunds recouped some of 
their early weakness on hopes 
of a further fall in the Bundes- 
bank’s repo rate tomorrow, to 


5.8 per cent from 5£8 per cent 
The bund future on Lifie broke 
above a chart resistance point 
of 96.20 and rose to the day’s 
high of 96J>2. However, It fell 
back to 95.82 in the late after- 
noon. down 0.78 points, due to 
lack of follow-through buying. 

The market also found some 
support in economists' b ullish 
forecasts on German inflation. 
Provisional cost of living data 
for the month to mid-March 
are expected to be published by 
the end of the week. A year-on- 
year figure of 3 per cent would 
please the market By contrast 
traders said the publication of 
M3 for February would not 
have much impact on the mar- 
ket provided it came within 
forecasts of around 15 per cent 

■ Italian government bonds 
eased as the countdown started 
to the March 27 genera] elec- 
tion. The I talian government 
bond June future fell just over 
one point to 109.36 in the late 
afternoon. 


Indian investment 
log-jam bypassed 


By Norma Cohen, 

Investments Correspondent 

An Edinburgh-based fund 
manager has struck an agree- 
ment with an Indian custodial 
bank, allowing a log jam of 
securities transactions in India 
to be bypassed. The log-jam 
has been responsible for a dra- 
matic slowdown this year of 
foreign investment in India. 

The fund manager, Martin 
Currie, is to raise an additional 
$l5Qm through an issue of con- 
vertible preference shares in 
the Indian Opportunities Fund. 
The IOF, managed jointly by 
Martin Currie and TnHian mer- 
chant bank Indbank, raised 
$100m in an initial placing of 
ordinary shares last July. 

A further tranche planned 
for earlier this year had to be 
postponed after difficulty arose 
at custodial b anks in India. 
Hongkong and Shanghai Bank- 


ing. the leading custodial hank 
in India, which acts as Martin 
Currie’s custodian, told its cus- 
tomers it was temporarily 
Unable to hanrilp any further 
increase in foreign investments 
in India. 

Custodial h anks hold share 
certificates for safe keeping, 
collect dividends and follow 
instructions to pass shares to 
new owners when they are 
sold. In India each share has 
its own certificate and the vol- 
ume of paper this creates has 
raised serious administrative 
burdens for large, active insti- 
tutional investors. 

Martin Currie has struck an 
agreement with Industrial 
Credit and Investment Corpo- 
ration of India, which acts as a 
sub-custodian for several large 
US banks. The local fund man- 
agers will have a period of six 
months in which to Invest cash 
raised by the latest issue. 


Scarce borrowers stick to floating-rate note issues 


NEW INTERNATIONAL BOND ISSUES 


Amouit Coupon Pita Maturity Foes TTpmnil Book nansr 

Borrower m. % % bp 

US DOLLARS 

Baringafett ISO (la) 99.44B Mar.2001 0250 Baring/ CS Ftat Boston 

FRENCH FRANCS " ~ “ ” 

Toyota Motor Credit Corp. 840 fc} 100.00 Apr. 1 035 undfecL - Bancye Partoaa 

Final tarns and non-caflebie unless salad. The ytakJ spread low relevant government bond} eS taurch is suppfiad by the lead 
manager. -t F fcm ttg rate note. R: tad reoffar price: fees ere shown at the re-after level, a) Cafabto and p. on any coupon dtfa 
fmm Mar. 99 at par. b] 3-mth Ubor +HK. Short 1st coupon, d) (7.63% x N/3B6fc N it days 3-rrah Ptbor (els within docking range 
(6.35-5.60% to 5.65-4X5%). 


French bank to securitise 
commercial property loans 


Loan for 
Oman fully 
subscribed 

A S300m sovereign loan 
syndication for Oman was 
more than 100 per cent sub- 
scribed, Renter reports from 

Manama 

Bankers described the 
response as a measure of the 
confidence bankers have in the 
oil producer. 

The arrangers fear the five- 
year deal were Gulf Interna- 
tional R ank, Chase Manhattan 

Bank. Commerzbank and R ank 
of Tokyo. 

As Oman was repaying debt, 
it created room for hanks to 
take on new paper, a banker 
said. Japanese banks were said 
to be particularly interested in 
the deal perhaps trying to re- 
establish their presence having 
taken a lower profile during 
the 1990-91 Gulf war. 


By Tracy Corrigan 

Renewed volatility in 
government bonds dampened 
activity in the Eurobond mar- 
ket again yesterday. Dealers 
said they expect the flow of 
new issues to be very subdued 
this week. 


INTERNATIONAL 

BONDS 


The few borrowers to brave 
the market stuck to floating- 
rate note issues, which are l es s 
sensitive than fixed-rate bonds 
to interest rate uncertainty, 
since they perform like money 
market instruments. 

Barings Launched a $l50m 
issue of floating-rate notes due 
March 2001, with put and call 
options from March 1999. The 
notes have a discounted mar- 


gin of 50 basis points over 
three-month Libor. An official 
said that the proceeds would 
be used to provide funding for 
Barings' securities business. 

Like a number of other 
banks in recent weeks. Rarings 
took advantage of the opportu- 
nity to secure floating-rate 
note funding, as an alternative 
to hank credit lines. 

In the French market, 
Toyota Motor Credit launched 
a FFr84 Cm one-year deal, 
which pays 7.63 per cent times 
the number of days that the 
Paris interbank offered rate 
falls within a predetermined 
range. 

In the sterling market, 
Cheshire Building Society 
launched a anaii fiiom issue of 
Pibs (permanent interest bear- 
ing shares) via Hoare Govett, 
the second such offering to pay 
a variable interest rate. The 


deal pays interest of 2.4 per 
cent above six-month Libor. 

First National Building Soci- 
ety, Ireland’s second largest 
building society, launched the 
first floating-rate Pibs issue, a 
£25m deal earlier this month. 

Dealers said that more float- 
ing-rate Pibs are likely to be 
launched, although demand 
may be rather limited 
“Natural buyers of Pibs are 
fixed-rate investors who want 


to lock in a certain level of 
income,” said one syndicate 
official. 

• Elf Aquitaine has had its 
long-term securities ratings 
placed under review for posa- 
ble downgrade by Moody’s 
Investors Service, which cited 
concerns over the effect of 
lower crude oil prices on Elf’s 
balance sh ee t. Elf’s long-term 
debt and preferred stock are 
currently rated Aa3. Its 


Prime-1 short-term rating is 
not under review. 

• Moody’s and Standard & 
Poor’s, the US credit rating 
agencies, have given Malta an 
a2 and an a (stable) rating, 
writes Godfrey Grima from 
Valeria. 

Mr John Da Hi the finance 
minister, said both agencies 
view the Island's wwinmy as 
strong and in the process of 
increased liberalisation. 


By Tracy Corrigan 

Bankers Trust International 
has arranged a FFr9bn securi- 
tisation of commercial prop- 
erty loans, designed to restruc- 
ture the balance sheet of 
Comptoir des Entrepreneurs, 
the French hank 

The securitisation is split 
into three tranches, consisting 
of two asset-backed commer- 
cial paper programmes and one 
bond offering. 

The deal will allow CdE to 
refinance itself without the 
need for further capitalisation, 
according to Mr Graeme Thom- 
son of Banker's Trust’s global 
investment hank division. 

The first two tranches con- 
sist of FFrl.5bn to FFr3bn of 
revolving credit back-up facili- 
ties, one in French francs and 
one in dollars, supporting, 


respectively, a billets de treso- 
rerie (BTl programme, and a 
dollar commercial paper pro- 
gramme, both maturing on 
December 31 1998. 

The third tranche is a 
FFr4.5bn fixed-rate bond due 
December 31 1998, to be 
arranged by a group of French 
h anks next month. 

Under the structure, CdE 
sells its property loan portfolio 
to a special purpose vehicle. 
CdE’s shareholders, Assur- 
ances G€n6rales de France, 
Credit Foncier de France. 
Union Assurance de Paris. 
Caisse des D6p6ts et Consigna- 
tions and Groupe des Assur- 
ances National es. all act as 
guarantors. 

There Is also an uncondi- 
tional and irrevocable guaran- 
tee from MBIA, a triple- A rated 
specialist insurance company. 


(world bond PRICES 1 

BENCHMARK GOVERNMENT BONDS 

Rad Day's Weak Month 

Coupon Date Price change Yield ago ago 

Italy 

■ NOTIONAL KALIAN OOVT. BOM3 (DTP) FUTUISS 
(UFFET Lira 200m lOOths of 100W 

FT-ACTUARfES FIXED BTTEREST INDICES 

Price Mtaea Mon Day's Fri Acousd 

UK Gffis Mar 21 change % Mar 18 kiterast 

xd ac|. 
ytd 

— Low eodpon yWd— — Medium coupon yield — — Nte oot^xm yield — 
Mar 21 Mw 18 Yr. ago Mr 21 Mv IS Yr. ago Mar 21 Mar 18 Yr. ago 


AmlraUa 


£500 

0&O4 

1143100 

*0350 

730 

7.15 

£72 

Belgkxn 


73 . SO 

04AM 

903800 

-a 820 

734 

7.05 

£93 

Carada* 


6.500 

06AM 

flZAOOO 

-0950 

738 

7A4 

£94 

Denmark 


7.000 

12AM 

100 9500 

-0500 

£87 

637 

£49 

France 

BTAN 

£000 

05/98 

1073500 

-0350 

5.76 

5.70 

5.42 


OAT 

5TO0 

04AM 

823000 

-0730 

£48 

635 

639 

Germany 


£000 

OSAS 

97.0300 

-13BD 

£42 

£21 

£01 

Mv 


£500 

OIAM 

94.1500 

-0490 

£43f 

938 

£84 

Japan 

No 110 

4300 

06/99 

1 05.7210 

*0040 

331 

333 

100 


No 157 

£500 

06703 

102.6810 

— 

4.10 

3.97 

338 

Nolherianda 


5.750 

OIAM 

943800 

-0740 

£47 

631 

632 

Spain 


10500 

10/03 

100.9000 

-0350 

£91 

830 

£47 

UK Gits 


QjOOO 

06/99 

98-25 

*7/32 

£73 

830 

636 



£750 

11AM 

95-15 

-6/32 

7M 

734 

£80 



9.000 

10706 

112-11 

-8/32 

739 

736 

7.04 

US Treasury ' 

5375 

Q2AM 

95-00 

-26/32 

£57 

630 

£05 



6350 

06/23 

91-03 

-32732 

£97 

£93 

£81 

ECU (French Govi) 

£000 

04AM 

93.7200 

-0.400 

538 

634 

£39 



Open Sefiprice 

Change 

Wgh 

Low 

Esl voi Open Int 

Jun 

11035 10933 

-078 

11058 

10936 

45649 88348 

Sep 

109.18 

-0.76 

- 

- 

0 6 

■ ITALIAN GOVT. BOND JBTP} FUTURES OPTIONS flJFFQ Lira200m lOOths of 100% 

Strike 

— CALLS 

* ■* * 


PUTS 

Price 

Jun 

Sep 


Jun 

Sep 

10950 

238 

3.10 


2.45 

142 

11000 

232 

2.87 


239 

a so 

11030 

238 

235 


235 

337 


EM. ML total CMS 3394 Puts 1965. Pltttoum *Mf% open tt. Crib 67791 Pun 503* 


London dosing. -Nam York mU-dny 
t Grom maul you fnctateg wWri u M nu ■* at 12 * pw cam payable by no ren * tanta| 

PHhk US, UK to 32nd». eUMm to decrial Stans IMS MwnMMnM 

US INTEREST RATES 

LuncMkn* 


Spain 

■ NOTIONAL SPAMSH BOND FUTURES (MEFF) 


Treasury BBa wA Bond Yttte 


Mow rata — . — . — .- 

6 

Om month ... 

Two month 

141 

— i<3 

um> jar 

Dace year 

oJJS 

5.44 

FretlondS 

FoUnk aHotenartton- 

3% 

StaBonti 

Ore yew 

199 

427 

Writer 

852 

£95 


Jun 

Sap 


UK 


Open 

10020 


Sen price Chongs 
89.87 -031 

101.13 


High 

10021 


Low 

0935 


Esl VOL Open M. 
53.400 106223 


» NOTIONAL UK GR-T RflURES QJFFQ* ES0300 32nda o( 100% 


BOND FUTURES AND OPTIONS 
Franc© 

■ NOTIONAL RWTCH BOND FUTURES (MATTF) 



Open 

Se« price 

Change 

rtgh 

Low 

Esl vo l 

Open art 

Mar 

109-28 

110-04 

-0-07 

110-00 

109-28 

52 

11239 

Jun 

108-30 

109-05 

-0-06 

109-18 

108-19 

82307 

150196 

Sep 

• 

109-09 

-0-06 

- 

- 

0 

107 


■ LONG GBJT FUTURES OPTIONS (UPFE) C50.000 64ths of 100% 



Open 

Seri price Change 

Hgh 

Lew 

Est voL 

Open ret 

Mar 

124.64 

12424 -0.32 

124.70 

123.72 

150.481 

78308 


124.14 

123.74 -034 

12430 

12332 

127388 

142398 

Sap 

123.42 

123.00 -0.36 

123.42 

122.68 

786 

12.712 

■ LONG TERM FR8JCH BOND OPTIONS (MAT1F) 




Strfca 

Price 


CALLS 

Jin 

Sep 

Apr 

PUTS — 
Jte\ 

Sre» 


Satara 

Price 

109 

110 
111 


CALLS 


Jun 

2-02 

1-38 

1-11 


Sop 

2-11 

1-49 

1-28 


Jun 

1- 56 

2- 26 
3-01 


PUTS 


2- 57 

3- 31 

4- 08 


124 

125 
128 
1Z7 
128 


0.60 

025 

006 

0.05 


1.43 

1.00 

0.82 

035 

022 


1.18 


040 


035 

1.62 

2.42 


1.73 

230 

?» 

3.63 


322 


EM. w* tot* cm 42.166 Put* 61.118 . Previous day* opan te. Cafe 30*207 Puts 284*79 

Germany 

■ NOTIONAL GEHMAN BUND FUTURES (UFFET PM2SO.OOO IQOths o 1 100% 

Opai Seri price Change High Low Eat vol Open int 
Jun 96.38 9537 -033 9832 1*5-75 140008 197548 

£ 95.75 95.71 -0.64 85.75 85.75 276 5150 


Em. vet. totra, Oos 2720 Pu® 3S«1. Previous day's open ml. crate 73830 Ftota 58385 


Ecu 

■ ECU BOND FUTURES (MATTF) 

EsL voL Open W- 
1378 5344 

1,101 4.731 


BUMP FUTURES OPTIONS (LIFFE) DM250.000 ports of 100% 


PUTS 



Open 

Sad price 

Change 

High 

Low 

Mar 

117.00 

11638 

•0.18 

11700 

11034 

Jun 

9060 

8938 

-038 

9030 

89.78 

US 






■ US TREASURY BOND FUTURES (CB11S100300 32nd8 Of 10 


Open 

Latest 

Change 

High 

Low 

Mar 

109-15 

109-14 

-009 

109-17 

109-07 

Jun 

108-18 

108-16 

-0-08 

106-21 

109-09 

Sop 

107-22 

107-20 

-006 

107-24 

107-13 


An 

Sep 

Jut 

Sep 

1.44 

1.66 

037 

1.45 

1.17 

138 

1.20 

137 

093 

1.19 

1.46 

1.98 


L vri. lout, cm 97B8 Puts 133*7. PrevtoW riav'4 °P an Ct *’ 249684 2148,0 

NOTIONAL MSHUM term GERMAN OOVT. BOFD 
(pfiPi g jFFEj* QM250.000 IQOths of 100% 


Open SeOprice Change 
100.66 ioam -025 


Mgh 

10037 


Low 

10035 


Est vat Open ml 
51 2621 


EsL wcL Open ML 
14,588 27383 

422.412 349344 

1.198 39308 


li NOTIONAL LONG TERM JAPANESE OOVT. BOND FUTURES 

CUFFE) naan moths t* ioo% 

Open Owe Change High Low Esl voL Open ML 
Jun 11060 - - 11058 11050 377 0 

■ LBTE con tr acts mtod on APT. 41 O pan Mated Sgs. are lor previous day. 


;uk GILTS PRICES 


MW 


-Kite .. 

H Red Pnee£ + ur- 


_ 1983/8* — 
Wte_ Law 


_YWd_ 

tat Bed Price E ■ 


_ 1S83AM _ 
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Ugh Lire 


t*“ (Uses up to Fta TeareJ 

IJtjpC 199« - 1328 

i lose Ul >99443— 

ll'jpe I9M 

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K IV® 

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HtenltlDC 1996—. 

; I3'4PC I Wtt — 

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15pu 1397 

H* 1998 

n't pc (99814 

I bit pc 1995-98**-. 

*1H 


9.89 

12.11 

6.77 

1134 

306 

9.63 

11.43 

1123 
12.86 
1154 

914 

1124 


SLjDt , 9Ba 

I a* 1996 

9‘,K IWtt — 


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11 12UBC 1939 

as 10'jpe 1999 

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8.18 
1135 
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739 
£36 
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1132 
1001 
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1807 

9.13 

6,20 

834 

823 

10.1J 

876 

7.09 

739 

854 

738 

857 


4.97 un^d 
4.96 101* 
439 I0M 
497 102^ 

а. 98 lOStf 

536 en: 
523 10813 
539 HI 1 ! 
MO 11«B 
MO 119,1 
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б. 09 1D9% 
624 

629 111 

641 107 

asstsv* 

665 (101* 
638102 >1*1 
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£31 123,*. 
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687 110,. 


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736 114/5 
735 109k 
730 118% 
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720 9® 

733 4851 

7 48 114,1 

720 104£ 

721 11651 


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110* 103* 

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109% 1063 
116% 111% 
120% 1143 
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112% 108% 

122 A 117% 
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110% 105% 

1323 128* 

I14H 109.V 
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102% 97U 

131% 125* 
1403 133* 
126A 118% 
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4* 


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753 

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454 

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754 114% Jd 

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7.06 

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736 

736 

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9.48 

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730 

750 

102 

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937 

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128% 120* 
1Z1% 1131 

101 3 86* 
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116% IN 
13SJ1 125** 
122* IWil 
106* 973 

51i 48% 

123* 10*% 
1133 97* 

127* 109% 


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7%pc 2012-15** 

Tiw» Bins 201 7** 

BrtW]J-'l7 


770 757 103% *1 
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734 731 1134 

732 761 11® 

677 7J9 8TA 

739 730 10«d 

731 7J8 101% 

770 738 112,-. 

£46 730 141% 


MSB 

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94 

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118% 

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105% 

943 

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106% 

124* 

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87* 

131* 

101 % 


93* 

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4%se-gB*t *1865 132 2JB10 

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235 112113** 

236 3.18 174” 


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7.12 

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734 

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43% 

38% 

60% 

35% 

28% 

27H 


Mien On 11% 2010 £87 

MaaDwl0%pc2fl09— . £53 

ehen11%gc2D12 886 

MwdGapBiipcna iao 

BpcCaoiggs 830 

HtTH 1138 

H|tos(kKtecl5pc2D11. 830 

Leeds 13%pc 2006— _ 933 

LAwpaoi 3%sc Med £64 

UXSpeTOM. 853 

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Md.n-.Spe'B- 414 

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«%*£2oa 

IMIfaatelWiwiOflB 11.16 


734 ia% 
732 120% 
£32 130 

- 108% 
- 101 % 
- 111 % 
£90 153* 

- 140% 

- 40% 

38 

£30 126 

7.10 72% 

£99 141 

IBB 138 

- 148 


1 Up to 5 yearn (23) 

2 5-15 years (24) 

3 Over 15 yean ft 

4 lired oe n wM w 

5 At stocks (82) 


12040 

*005 

12064 

136 

238 5 yra 

£73 

£75 

£97 

8.96 

£99 

£95 

737 

7.10 

7.11 

150.48 

+0.10 

15069 

1-58 

3.75 15 yis 

7.48 

7.47 

737 

7.68 

738 

£21 

7.B3 

7.83 

£42 

168-26 

-035 

190.35 

1.14 

333 20 yra 

7.60 

7.00 

739 

7.80 

739 

aan 

735 

733 

830 

19039 

*039 

195.83 

239 

1.47 bred-t 

7.72 

7.74 

9.44 







14078 

*006 

14633 

136 

334 















— 

— Inflation 8% 

— Inflation 10% - 

— 



Mar 21 Mar 18 Yr. ago 


Mar 21 Mar IS Yr. ago 


6 Up to 5 years (2) 

7 Over 5 years [11} 

8 A9 Stocks (13) 

Debentures and Loren 


186.48 

-009 

187.76 

-0.17 

233 

Up to 5 yra 

275 271 

231 

132 

137 

139 

18037 

18011 

-024 

-023 

18081 

18033 

060 

052 

129 

131 

Over 5 yra 

337 335 

141 

321 

£19 

322 






— 

— 5 year ytaid 

15 yete yield 

25 year yield 


9 DeM & Leant ( 73 ) 13739 +OJ 6 137.12 227 

A ve re ga pore re dempt i on yiekto srt shown abewe. Coiaxai Bands Lam 0M-74(%; 


2.68 £41 £55 £60 £65 £72 

MetetaC 8M-10HW: Hgh: llto aid over, f Ftot ytefeL yid Yew re ricte. 


£32 £72 £77 9^1 


GILT EDGED ACTIVITY INDICES 

Mar 18 Mar 17 Mar 16 


Mar 15- Mar 14 


FT FIXED INTEREST INDICES 

Mar 21 Mre IB Mar 17 Mar 16 Mar IS Yr ago Hgh* LaW 

Govt. Secs. (UK) 9832 9072 9935 9934 10050 9085 107.60 9635 QBt Edged bee g a l w a 96.7 B93 99.7 1008 1072 

Rod Internet 11045 120.14 12036 12137 12120 11234 13337 112.94 S-day avenge 908 97.0 96^ 94.5 94.0 

- tar leBSAL Govemmart Sacutdre H^i ataca oarepa re ot c 127.40 (BriON. taw 4B18 QTVm Rod tatareat M|8i comabtian: 73337 pir/OQ . taw 5053 (371/75} . Bate 100: Oovananwa SacuWaa 157 

10/28 Bid Ftoad tatarare 1923. SE actMiy kxtoea rebaa ad 1974 


FT/tSMA INTERNATIONAL BOND SERVICE 


Latod eta the West Meiaognri 


bonte tor nMch thee it an atetpate secondly marica. Latoat price* at 7100 pm on Mtoch 21 
issued BU Oder Chg. Yield laeued BU Offer Chfl. YMd 


bread BU OHre Chg. Yield 


UL& DOLLAR STTMOflS 

MtayNM1tewy6>2 03 1000 

MretoPcvinca 8% 95 800 

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BatMn0%9B 250 

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BMiGaOtl . 
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1S00 


Chang Kong Fir 5lj 98 

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Crete Fcncwr 9% 39 — 

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EC3CB%96 

BBC 8% SB 

BB 7% SB 

EB 9% 97 . 


500 


1571 


Breda Fiance 9 BB — 

EuaEtne9% 98 

E»-lm Ba* J^rei 8 02 . 
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FHand7% 97. 


500 


Fimsh Export 9% S — 
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GMAC9% 9B . 


Md8kJapanfti7%S7 . 
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.3500 


Japan De* Bk 6^ 01 - 
Karats Bre Per 70 98 . 
LIC8fti897 . 


7%0E_ 
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f£pon Td Td 9% B5 

Nonrey7%97 

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170 234 200 -% 2D4li 194,". 


1 8% 01 

17% 88 

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S4S109S . 


200 


1000 


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1500 


339 135% -% 146>t 122* 

129 344 144% -* 157% 130h 

134 146138Qd 152b «' 


333 144 116* -S 129% 102% 

(135.1) US £47 1I5U V. 12BI 103% 

neapedtve real redemptnn ma on per fe cted ei fta bon c4 (1} 109k 
and (2) SK. (M Figures n peenthaaaa show RPi bade tar 
Mreung Be 8 months prior to baua) and hawa bean a^uated to 
redact ra b aa m g ol RPIto 100 In January 1987. Converekre rector 
3345. RPI tar June 1993; 141.0 and tar Janrey 1094; 1413. 

Other Fixed Interest 


— Yield— -1933194- 

tt Dad NfeaC+ar- H» Ure 


darefediExpon^SD — 

Tdqo Bee Rarer 8% BB . 
Tokyo Urto p tii 8% 96 _ 

Toma Mon Sg 98 

lMsdKngdom7%02 _ 

VtMdBo*8%eB 

Wo«BBr*8%87 


.2000 


142 114 

-% 120 95 

-% 116 87% 

130 HO 

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14B% 128 

44% 34 

— 40% 30% 

— 136% 114 

78 83% 

150% 117% 

145% 115% 

159% 132% 


DBITSOE HAIK 5THMGHTS 

Ate »S%24 2000 

Crate Fonder 7% 03 2000 

Dnmi6>|S8 2000 

Depta finance 8% (B 1500 

□eteta Bk FM 7% 03 . 

ECSC5%96 



EB 6% 00 

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HrT%« 

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Sweden 9 07 


. 3000 


. 1500 
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- 5600 

104 

104% 

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535 

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95% 

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720 

VcBcswagan Ml Fri 7 03 

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93% 

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709 

105% 

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520 

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531 

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111% 

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488 

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467 

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521 

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531 

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109% 

110 


541 

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113 


525 

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515 

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730 

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101% 

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113 

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422 

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109% 

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331 

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405% 

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301 

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93% 

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252 

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102% 

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106% 

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407% 

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578 

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107 

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656 

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150 

111 

111% 

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108% 

107 

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99% 

93^ 

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EB 10%9BCS 

— 130 

110% 

111% 

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105% 

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530 

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108% 

100% 


768 

100% 

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517 

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108% 

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559 

MW tot Fm 1001 CS 

400 

110% 

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A 

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111% 

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820 

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112% 

113% 

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7.71 

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110% 

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110% 

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776 

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£24 





Cored Bnpa40l&u 

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112% 

112% 

A 

£90 





Crec* l^cnnds B B6 Ecu 

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404% 

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£58 

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92% 

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100% 

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My 10% 00 Ecu 

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118% 

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106% 

105% 

A 

825 

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IWtod Kingdom 9% 01 &ai 

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112% 

112% 

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£77 

106% 


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587 

ACC 10 B9 « 

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106% 

109% 

A 

706 

101% 

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£10 

BP America 12% 06 AS 

_100 

K8% 

100% 

A 

700 

100% 

101 

-% 

£10 

Qmn Bk Auotea 13% BB AS 

_ 100 

125% 

125% 

-l 

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105 

105 

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Bandore 12% 95 AS 

75 

107 

107% 


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103% 

104 

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£09 

McDonddiCrate I595AS . 

_100 

110 

110% 

A 

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100% 

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26 


FINANCIAL TIMES TUESDAY MARCH 22_I994_ 


COMPANY NEWS: UK 


Takeover creates UK’s largest private sector bus and coach operator 

Badgerline buys Rider for £38m 


By Andrew Boiger 

The rapid consolidation of 
Britain's bus industry moved 
up a gear yesterday with a 
£38m agreed offer by Badger- 
line, the Avon-based operator, 
for Rider, the leading supplier 
of bus services in West York- 
shire. 

Badgerline, which came to 
the market in November, said 
the enlarged group would be 
the largest private sector bus 
and coach operator in the UK- 

Last month it agreed to 
pay £23m for PMT Group, the 
Staffordshire-based coach 
company. 

Rider operates 1,100 buses. 

It was the subject of a 
buy-out from the West York- 
shire Passenger Transport 
Executive in 1988. About 90 per 
cent of Rider's 3,200 employees 
own shares in the private 
company, and their average 


holding will be worth about 

£S,000. 

The offer Is 16 Badgerline 
shares for every 5 Rider shares 
held. Badgerline shares closed 
at ll8p, down lp. valuing each 
Rider share at 377.6p. 

Rider shareholders will be 
entitled to take up to half of 
their consideration in nasH or 
loan notes. The offer has been 
recommended by the Rider 
board and holders of a major- 
ity of the shares have already 
agreed to accept 

Badgerline currently oper- 
ates 2£00 buses and coaches in 
the West Midlands, the Pot- 
teries, south Wales and the 
south of England. 

Mr Trevor Smallwood, Badg- 
erline's executive chairman, 
said: The acquisition of Rider 
is expected to be significantly 
earnings enhancing in the next 
couple of years as the enlarged 
group takes advantage of the 



Trevor Smallwood: acquisition 
will be “earnings-enhandng" 

opportunities to increase 
margins." He added: T see this 
in many ways as a merger of 
two of the bus industry’s lead- 
ing operators.” 


Rider made pre-tax profits of 
£3 -9m on turnover of £83Jhn in 
the year to March 31 1993. 

Net assets at March 31 last 
year were 219.8m. 

Mr Bill Cottham, Rider’s 
chairman, said: "For some 
time we have been considering 
bow. in the current environ- 
ment, we might best develop 
our business." 

“We have examined a num- 
ber of options and have con- 
cluded that Rider can best be 
developed as part of a larger 
bus grouping.” 

Badgerline said this deal 
would make It bigger than 
Stagecoach, the Perth-based 
group which ranm to the mar- 
ket last ApriL 

Last week a third bus opera- 
tor, the Go-Ahead Group, based 
in Gateshead, said it planned a 
flotation this s ummer with a 
market capitalisation of more 
than £40m. 


Astec (BSR) doubles to £14.9m 


By Paul Taylor 

Astec (BSR). the Hong Kong-based and 
London-listed electronics company. 48.9 
per cent owned by Emerson Electric of the 
US, yesterday reported a sharp Increase In 
pre-tax profits reflecting the benefits of its 
reorganisation in recent years. 

The group, which claims to be the 
worlds largest supplier of power conver- 
sion products, reported a near-doubling of 
pre-tax profits to £14Sm, against £7.82m. 
struck after ES JBm of restructuring costs 
offset by £5.5m or profits on the sale of 
operations. 

Turnover grew by 16 per cent to £291 ,4m 
(£25 lm). On a comparable basis, adjusting 
for exchange rate movements and discon- 
tinued businesses, turnover increased by 
6.6 per cent 

Group operating profits grew by 58 per 
cent to £l5.1m (£9.6lm) as margins wid- 


ened from 38 per cent to 5.2 per cent 

The core power conversion business 
reported operating profits of £13.1m 
(£9.15m) on sales up 29 per cent to £135.6m 
(£182£m). 

Adjusting for exchange rate movements, 
power conversion sales grew by 8.6 per 
cent compared with world market growth 
of 6.2 per cent 

After returning to profitability in 1932 
the electronic components business 
reported increased operating profits of 
£2m (£465,000) on sales down 18 per cent to 
£55 8m (£6S.4m). 

Adjusting for discontinued operations 
and exchange rate movements, sales 
decreased by 1.2 per cent 

The group ended the year with £78m of 
net cash, compared with net debt of 
£lL6m at the aid of 1392. 

Earnings per share increased to 4.16p 
(2.i5p). An 0.5p final dividend is recom- 


mended making a total of 0.75p (nil). 

• COMMENT 

Astec’s senior management, led by Mr 
George Tamke, chief executive, has made 
considerable progress re-focusing the 
group on its core power supply business, 
restructuring the balance sheet and posi- 
tioning it Cor growth. The world power 
supply market remains highly fragmented, 
but Astec already r anks number one and 
expects to grow bigger, both through 
organic growth and acquisition. Econo- 
mies of scale and tweaking the product 
ml* fihnnid enable the group to keep mar- 
gins moving ahead. Pre-tax profits of 
about £208m look possible this year produ- 
cing earning s of about 5.7p. The shares, 
which gained 2p yesterday to Sip, have 
risen steadily over the past two years and 
are now trading on a prospective p/e of 16. 
They could go higher. 


Tesco plans £12m investment in Hungary 


By Ne3 Buckley 

Tesco is to become the first UK 
Good retailer to invest in east- 
ern Europe. It is negotiating a 
£l2m investment in Global, a 
regional food retailer In Hun- 
gary. 

It will be Tesco's second 
move into continental Europe 
after buying the Catteau chain 
in northern France for £175m 


last year. The company said in 
January that it was looking at 
new business opportunities 
both in the UK and overseas 
when it announced it was cut- 
ting back its UK expansion 
programme. 

Tesco plans to buy a 45 per 
cent stake in Global when it 
raises capital and floats on the 
Budapest stock exchange next 
month, as part of the govern- 


ment’s privatisation pro- 
gramme. 

The company said it had 
been watching eastern Europe 
for several years and had cho- 
sen Hungary as it “appears to 
have developed furthest 
towards a market economy”. 

Two continental European 
retailers, Austria's Julius 
Meinl and Germany's Tenge 1- 
already have operations 


in Hungary, but food retailing 
Is dominated by small regional 
chains, many state-owned. 

Global made pre-tax profits 
of £lm on sales of £25m last 
year, from 43 stores totalling 
100,000 sq ft 

"This is small beer for us - 
less than the cost of building 
one UK superstore - but It 
gives us a window on what is 
going on there” Tesco said. 


Vymura to 
float with 
£40m tag 

By David Wlghton 

Vymura, Britain’s biggest 
domestic wallpaper manufac- 
turer, is to be floated on the 
stock market next month with 
a value of about £40m. 

The company was bought by 
its management for £14m in 
1992 from Eulchem Vinyls 
Corporation, a Joint venture 
between ICI and Eulchem. 

Based in Hyde, near Man- 
chester, the company design^ 
manufactures and markets 
wallcoverings under the 
Vymura and Novamnra brands 
as well as private label ranges. 

The Vymura brand name 
was created in 1965, when 
ICFs paint division invented 
paperbacked vinyl wallcover- 
ing, but by 1988 the business 
was losing money. 

It was put into the joint ven- 
ture with Eulchem and the 
present management foam, 
headed by Mr Tom Small, 
managing director, pushed 
through a restructuring. 

Costs were cut, manufactur- 
ing was consolidated on one 
site and sales targeted at 
larger national retailers. 

In the two years to 1993 
sales rose by more than a 
quarter to £33 8m with operat- 
ing profits rinnhltn g to tR-flflm. 

The new money raised by 
the company will pay off the 
bny-ont debt and fund 
increased capital investment 

Mr Iain Bell, managing 
director of Johnston Press, the 
Scottish newspaper group, has 
been appointed non-executive 
chairman of Vymura. 

The float is being handled 
by Barclays de Zoete Wedd 
with UBS as stockbroker. 


Strong dollar helps lift 
Bunzl 38% to £56m 


By Maggie Uny 

The strong dollar, acquisitions 
and profits on disposals as well 
as organic growth helped 
Bunzl raise pre-tax profits by 
38 per cent, from. £40 ,4m to 
£55£m, in 1993. 

The shares rose 2p to 183p. 

Mr Anthony Habgood, chief 
executive, said that with 60 per 
cent of group sales coming 
from the US, the 16 per emit 
rise in the dollar contributed 
about 9ft percentage points to 
the 13.5 per cent rise , in sales 
from continuing operations to 
£L46bn. Total turnover was 16 
per cent up at £1.52bn 
(£L31bn). 

Operating profits rose 12.5 
per cent to £64m, including 
pi m from acq uisitions and an 
unchanged £1.4m from discon- 
tinued operations. Mr Habgood 
said the group suffered from 
failing prices during the year 
and a £L5m cost of dosing the 
southern Italy papa: distribu- 
tion business. 

Profits on disposals totalled 
£l-3m (losses £SJ2m) and inter- 
est charges dropped by fci-Rm 
to £9.5m. 

A tell in the tax rate helped 


lift earnings per share from 
5.6p to S^p. 

A final dividend of 23p (2-2p) 
is proposed to give a total of 
4.1p (4p). Mr Habgood said that 
although small, it was the first 
Increase since the dividend 
was cut in 199L 

He said that under FRS3 
accounting the group had paid 
£80m in dividends from no 
profit over the previous four 
years. Even now the cover was 
only two times. 

Operating profits from paper 
and plastic disposables rose by 
28 per cent to £40.6m, matching 
the rise in sales. This division 
benefited from the currency 
gain and the purchase of ACS, 
t-hrmigh the Grossman acquisi- 
tion made a small loss as 
expected. In dollar terms sales 
rose 5 per cent although prices 
fell 2 per cent. 

Fine paper distribution suf- 
fered from fantng paper prices, 
especially in Germany where 
prices were 16 per cent lower. 
Profits foil from £12Jhn to £6m. 

A rebound hi profits in build- 
ing supplies, from £700,000 to 
£ 4.2m followed cost cutting and 
a rise in demand Profits from 
cigarette filters rose 10.7 per 


cent to £ll*4m and made a 34 
per cent return on capital. 

Plastic products records a 
40 per cent jump in profits to 
gttfl r* with the main cats ana 
plugs business doing wen ana 
In spite of continuing losses at 
Stewart, the consumer plastics 
operation. 

• COMMENT 

The new management at Bunzl 
has cer tain ly brought a disci- 
pline and coherence to a group 
which had been one of the 
worst examples of late 1980s 
acquisitiveness. Even so, there 
is still precious little homoge- 
neity to the five divisions and 
a d istinc t impression that the 
building supplies side, at least, 
could be up for sale once its 
recovery is nearer completion. 
If paper and packaging distri- 
bution is to be the core, with 
cigarette filters a mature cash 
cow, Bunzl does not deserve 
the significant premium to the 
market it currently enjoys. 
With forecasts of about £66m 
for the year, and a higher tax 
charge slowing earnings 
growth, the prospective p/e is 
about 19ft, a rating which 
looks further into 1995. 


Greyfriars transformation via buy 


By Stolon Davies 

Greyfriars Investment Comp- 
any will be transformed from a 
£2 .5m investment trust to a 
£30m financial services busi- 
ness if it gains approval for a 
back-door listing by the IAF 
group. 

Greyfriars Is acquiring IAF 


DIVIDENDS ANNOUNCED 




Current 

payment 

Data of 
payment 

Cones - 
ponding 
dividend 

Total 

for 

yew 

Total 

last 

year 


— fin 

5.65 

May IB 

4.0 

B 

7 

Astec (BSR) 

— An 

05 

June 7 

nfl 

075 

nfl 


— fin 

2J3 

May 27 

22 

4 2 

4 

bpp Hokfings 

— A\ 

5*8 

May 12 

03 

8-8 

8 


fin 

*L3t 

July 1 

22 

Alt 

4 

CnntaCare 

— fin 

(L5t 

May 3 

0.4 

0.75 

05 

Doeflex 

— fin 

3 

May 30 

3 

4*6 

4*6 

Fact fEW) 

— fri 

2J38t 

May 13 

2.71 

4.74 

4.31 

Flaming Inc Cap „ 

—An 


May 1 

1 

4JB 

4*725 


—fin 

4.7 X 

May 10 

4,1 

7 

62 


— int 

2.1 

Jiiy 1 

2.1 

- 

7 


—fin 

4.8 

Apr 28 

4.4 

72 

8*6 

Toy Hamas — - 

—int 

1.35t 

Maya 

1.2 

- 

5.85 

TruffurU Park 

—int 

005 

May 12 

0.86 

- 

22 

WBaon Bowden 

—tin 

OB5t 

May 26 

62 

92 

a 7 


Dividends shown pence per share net except where otherwise stated. tOn 
increased capital. §USM stock, flrtah pence throughout. 


for £2L7m, through the Issue of 
£}.7m new shares at 33p. The 
company will raise a further 
£6m through a placement of 
9.8m shares and a rights issue 
of 8.4m new shares at 33p. 
Shareholders are offered one 
new share for every existing 
share and/or warrant. 

English Trust, which took 
effective control of Greyfriars 
last September, will see its 32 
per cent shareholding substan- 
tially diluted. It said ft viewed 
the proposals as positive and 
would retain its stake. 


IAF was formed in 1987 as a 
joint venture between Tiphook, 
thetransportation group and 
Mr David Massie. Tiphook sold 
out in 1991. 

It is forecast to make static 
profits before tax and excep- 
tional items of £2 ,5m in the 
year to June 1994. It had net 
assets of £39m at December 31. 
At the 33p placement price 
Greyfriars will have a capitalis- 
ation of £30m and its name will 
be changed to IAF Group. 

Mr Massie will became exec- 
utive chairman. 


Buy-in at BET company 


A management buy-in team 
has taken over the cleaning 
and hygiene supplies distribu- 
tion business that was for- 
merly part of BET’S Initial 
Group. 

Previously Initial Supplies 
and henceforward Alpha Sup- 
plies, the new company began 
trading yesterday. Last year’s 


turnover was in the region of 
£37 Ul 

The buy-in team, headed by 
Mr Wayne Bradley, who 
becomes chairman, and Mr 
Mike Stubbs, managing direc- 
tor, was advised by Arthur 
Andersen, which structured 
and negotiated the £5 .2m 
buy-in. 


The concept - a dedicated 115 acre 
Automotive Component Park in the 8lack 
Country, with shared, centralised R&D, 
testing and waste management facilities. Plus 
the priceless benefit of interaction between 
neighbouring companies - like the ACP's first 
occupant, USA's Johnson Controls. 

The benefits are manifold. 

Poised at the northern tip of the new 
2.5 mile Black Country Spine Road dual 
carriageway, currently under construction, 
the A CP benefits from rapid road access to 
the MS Junction 1 and M6 Junction 9. Which 
means you can reach manufacturers like Rover. 
Jaguar, Peugeot, Rolls Royce and Toyota Just 
In Time - within about an hour. Ford, General 
Motors and Honda are within a further hour. 

Skilled labour, materials, sub-contract 
assembly and business services are close at 
hand. And you can be on an Intercity rail 
platform within ten minutes, or in your 
departure lounge at Birmingham 
International Airport within about thirty. 

The ACP Is only one part of the 300 acres 
opened up by the Black Country Spine Road, 
which, together with a further 400 acres of 
sites from around 2 to 80 acres elsewhere in 
the Black Country Development Corporation's 
area, are available for a variety of uses. 

With all these opportunities to choose 
from, you'll hardly need to invent a reason to 
return the coupon. 


One of the 
most 

significant 

automotive 

developments 

since 

the invention 
of the 
motor car. 



This notice is issued in compliance wit!) (he requirements of (he International 
Stock Exchange of the United Kingdom and the Republic of heland Limited 
("the London Stock Exchange ”)- 1 does do( constitute an iavitatioa to the pdbQc 
to subscribe for or purchase any securities in Creyfrima Investment Company 
Pic ("the Co m pa n y"). 

Application has been made to the London Stock Exchange for all of the 
Ordinary Shares and Warrants in the Company and the new Ocdhwy Shares to 
be issued pursuant to the acquisition, pinring and rights issue (together "die 
Proposals") to be a dm it ted to the Official List. Dealings are expected to 
co m m en ce oo 12th April. 1994. 

GREYFRIARS INVESTMENT COMPANY PLC 

dunging tax name to IAF Group pic 

(Incorporated in England and Wales uoderibe Computes Act 1985 - No. 2366568) 
Acquisition of IAF Group pic 

Placing of 9,800409 new Ordinary Stares 
of 25p each at 33p per share 
and 

Rights Issue of 8^00 JHN) new Ordhnry Shares 
of 25p each st 33p per share 


Share Capital following the Proposals 
Authorised Issued and fully paid 

£ Number £ Number 

3OJ0OOJDOO 1 20 ■000,000 22.735,416.75 90,941.667 


The IAF Group lx a diversified financial services group which provides a broad 
range of management, administrative and adviaaty services. 

Copies of listing particulars relating to the Company may be obtained during 
normal business hours on any weekday (Saturdays and public holidays 
excepted) up to and including 24th March, 1994 from the Company 
Annou n ce m e n t s Office of the London Stock Exchange. Stock Egdbaqge Tower, 
Capel Court Entrance, off Bartholomew Lane, London EC2N I HP (far 
collection only) and up to and mctafoig 1 1th ApriL 1994 fr om : 

Registered Office 
197 Knightsbridgr 
JCnightsbriilge House 
London SW7 IRB 


English Trust Co. Ltd 
12a Charterhouse Square 
London EC1M6AX 
22nd March, 1994 


Girig. Middleton & Co. Ltd 
66 Wilson Street 
London BC2A2BL 


NOTICE to HoWare of 

Certificates of Accrual on Treasury Securities 
(“CATS") 



DEVELOPMENT CORPORATION “ 1 
TELEPHONE: 021-511 2000. FAX: 021-544 5710/021-552 0490 

To: Linda Clement, Blade Country Development Corporation, Black Country House, Rounds Green Road, Oldbury, 

West Midlands B69 2DG. Please send me details of: \ 

the Automotive Component Park |_ j other sites available In the Black Country | I further information about the Corporation’s work [_ J 

Name Position Organisation 


Address 


Postcode 


Tel 


FT 23/3 



Of CATS m any s _ .... 

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l a holder ol CAT® purcuani o ma pneadng sarames MS not regnMM si at Um 




Impala 
Platinum 
Holdings Limited 

(hxxnparamd in the Republic of South Africa) 
(Ragfenadoa Number 57AU97WW) 


Closure of Impala Platinum Limited’s No. 11 Shaft 


Impala a n n o unces that cfiscosaxins are underway With 
employee representatives regarding the intended 
closure of No. ll Shalt Production at Impala Platinum 
Lim ite d will be marginally affected for the remaining 
3 months of this financial year but wiO return to present 
levels in the new financial year through improved 
recoveries and Increased production at other shafts. 

No. ii Shaft ; which has been in operation for 6 years, 
has continually encountered geological dfffkaflties and 
is operating at only hall of its capacity which has 
resulted in high unit costs. Closure of this shaft will 
improve Impala ’s overall cost per kilogram of PGM 
produced ax-smatter in the coming year A portion of 
No. 11 Shaft's existing reserves will he accessed from 
No. 4 Shaft, Wildebeestfonteln North. Limited 
development will continue, with the Intention of re- 
opening the shaft when market conditions Improve. 

Regrettably, closure of No. 11 Shaft will result in 
2 134 jobs becoming redundant. Employees were 
informed in February 1994 that the margin at No. 11 
Shaft was such that closure was being considered. 

Johannesburg 
21 March 1994 


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COMPANY NEWS: UK 


*v 


^6 n 




■ -miviiir 


Argos jumps to £ 83 m 
but warns on spending 


By Nefl Buckley 

Argos, the catalogue retailer, 
announced a sharp Increase in 
pre-tax prefits from £52.9m to 
£83. Sm for the year to January 
1 1994 but warned that the 
pick-up in consumer spending 
could still be damaged by next 
month's tax increases. 

The 1992 figure was 
depressed by £l8.9m of losses 
and closure costs at the Ches- 
terman furniture nhaln. Taking 
account of those, however, 
underlying profits increased by 
16.3 per cent 

Mr Mike S mith, chief execu- 
tive, warned, however, that 
while sales had not so far been 
damaged by the threat of tax 
rises, the group was prepared 
for a downturn in ApiiL 

“We’re planning on the basis 
that it will happen,” he said. 
"So if it doesn’t, that will be a 
bonus ” 

Sales increased by 10.6 per 
cent to £1.11 bn - although last 
year’s figures were for a 53- 
week period, and included 
Chesterman. Excluding the fur- 
niture c hain, sales in the cata- 
logue business were up 12.4 per 
cent, with like-for-like 
sales up 7.3 per cent and new 

Just Group 
plans to raise 
£260,000 

The Just Group, the character 
licensing company, plans to 
raise £260,000 net of expenses 
via a placing of l&8m ordi- 
nary Ip shares at 2.5p apiece. 

The shares being Issued, 
which represent 30-4 per cent 1 
of the enlarged capital, will be , 
traded under Stock Exchange 
Rule 535/2. Broker to the plac- 
ing is Keith, Bayley Rogers 
and the financial adviser is 
Clifton Financial Associates. 

Just Group operates as an 
agent on behalf of nine princi- 
pals, and licenses the manufac- 
ture and sales of 300 approved 
products with an emphasis on 
children's characters. 

Mr Wilf Shorrocks, manag- 
ing director, said the funds 
raised would finance the 
group's entry into the interna- 
tional market and open the I 
door to animation concepts, i 



Mike Smith: prepared for a 
downturn in April 

stores adding 5.1 per cent. 

Like-for-like growth 
increased from 53 per cent in 
the first half to 8.1 per cent in 
the second, and Mr Smith said 
sales growth had continued at 
about 8 per cent since January. 

He said part of the reason for 
the sales improvement was 
very competitive pricing, with 
three-quarters of Argos’ lines 
carried over from its summer 
to winter catalogues at the 
same price or less, stronger 


price promotions and an 
expanded range. Argos 
increased market share in 
nearly all product areas, with 
furniture, office equipment and 
gifts the best performers. 

The gross margin increased 
by 0.25 points in the first half 
but declined in the second half, 
leaving it 0.1 points up. 

Mr Smith warned that gross 
margins would fall as Argos 
continued to improve price 
competitiveness, but the effect 
on operating margins would be 
limited by “managing' the 
gross margin - increasing the 
range of high-margin areas 
such as gifts and jewellery - 
careful cost controls, and con- 
tinued store expansion. 

The home delivery operation 
showed a 37 per cent rise in the 
number of product lines contri- 
buting to a 49 per cent increase 
In sales to £37m 

Argos plans 30 new stores in 
1994, taking the total, after 
some closures, to 345. The 
eventual target is 500 to 600 
stores. 

Earnings increased to 18.6p 
per share (ll.Tp) and the pro- 
posed final dividend is 5.65p, 
lifting the total from 7p to 8p. 

See Lex 


Rising house sales help 
lift Avonside to £5.5m 


By Andrew Taylor, 

Construction Correspondent 

Avonside, the building services 
and housebuilder floated off 
from Cannon Street Invest- 
ments in 1992, increased pre- 
tax profits by 21 per cent to 
ESJlmin 1993. 

The rise followed a drop in 
first half profits from £2^m to 
f-g.gm. Since then house sales 
had risen significantly and 
margins had also improved, Mr 
Christopher Glynn, chairman, 
said yesterday. 

Even so margins fell slightly. 
Profits were helped by a 
£203,000 contribution from 
acquisitions, BS Glazing and 
Clydesdale Roofing, and a 21 
per cent increase in the 
number of homes sold to 
262. 

The group operates in Scot- 
land, north England and 


Wales. Turnover increased by 
29 per cent to £6&3m (£51 .5m). 
Mr Glynn said this was a satis- 
factory performance in difficult 
market conditions. 

The proposed final dividend, 
is to be increased to 2L3p mak- 
ing a total for the year of <k2p 
(4p). This is covered by earn- 
ings per share of &54p (7.06p). 

Mr Glynn said prevailing 
economic conditions of low 
inflat ion falling interest rates 
and a slight improvement in 
unemployment levels had 
encouraged an increase in 
house sales. 

Margins in the building ser- 
vices division, however, had 
begun to recover from their 
recessionary low. The group 
expected house prices to stabi- 
lise in 1994 and tor margins 
and prices hi the building ser- 
vices division to continue to 
recover. 


Advance 
to £1.2m 
for Tay 
Homes 

By Andrew Taylor, 

Construction Correspondent 

Tay Homes, the Leeds-based 
housebuilder, increased pre- 
tax profits by 18.5 per cent 
from £1.03m to £lJ2m during 
the six months to the end of 
December. 

Turnover fell from £37 Jm to 
£ 26 . 6m as the number of 
homes sold rose by 6 per cent 
to 434. Earnings per share rose 

from 3.04p to 3.63p, a 19 per 
cent increase. 

The company which has 
extended its housebuilding 
operations to north Birming- 
ham and north Bristol Is 
increasing the interim divi- 
dend from L2p to 1.35p. 

Mr Trevor Spencer, chair- 
man, said Tay had seen a sig- 
nificant improvement in sales 
since the new year with unit 
sales currently 8 per cent 
ahead of the corresponding 
period. 

Last November, when 
announcing a £10.2m rights 
issue, Tay said it in tended to 
increase land purchases to 
take advantage of the housing 
market recovery. Since then it 
has bought a number of sites 
enabling it to maintain its 
land bank at 4^00 plots. In 
addition, it has 750 plots for 
sale in Scotland. No land sales 
are proposed this year. 

Gearing, which stood at 80 
per emit at end-December, has 
been reduced to 35 per cent 
following the rights issue. 


London Share 
Service changes 

As from April l the following 
companies, which are invest- 
ment trusts but which are not 
eligible for inclusion in the 
FT-SE Actuaries Share Indices, 
will be shown below the exist- , 
tug Investment Trusts group- I 
ing: 

Brazilian Investme n t Trust; 
East German Investment 
Trust; Korea Europe Fund; 
Korea Liberalisation Fund; 
Larin American Investment 
Trust; Mediterranean Fund; 
Oriental Smaller Companies 
Investment Trust Company; 
Schroder Korea Fund; and 
Scottish Asian Investment 
Company. 


Putting China top of the agenda 

Simon Holberton reports on ICI’s expansion into mainland China 

I n what used to be a banana The same can be said for jing office to a technical centre • Paint. ICI has ambitioi 
grove on the outskirts of many of Id's competitors in and by 1995 to have opened a plans to invest in paint fad 
Guangzhou (Canton), the Europe and the US. They. like "systems house", where cus- ries throughout China It 


I n what used to be a banana 
grove on the outskirts of 
Guangzhou (Canton), the 
capital of Guangdong province. 
Imperial Chemical Industries 
has built a beachhead for its 
expansion in China. 

On Friday, Sir Denys Hen- 
derson, ICI chairman, opened a 
joint venture factory which 
will produce a range of decora- 
tive paints and coatings for the 
household sector, automotive 
and packaging industries in 
China and Hong Kong. 

The 15m litres a year plant - 
with capacity expandable to 
50m litres - will employ some 
160 people, and is cheap in 
terms of investment. Total 
cash expended is just £8m of a 
£l5m plant. Swire Pacific, a 
Hong Kong-based trading com- 
pany. and a local Chinese 
investor are joint owners of the 
factory. 

However, this Investment 
represents a return to the 
Chinese mainland for ICI 
which, like so many large 
foreign Industrial companies, 
was forced out of China in 
the aftermath of the Commu- 
nists' assumption of power in 
1949. 

Sir Denys said that ICl’s 
board had been thhiMng about 
China quite a lot recently. “As 
China has become more recep- 
tive to inward investment and 
more politically stable, we 
have begun to take it more 
seriously,” he said. 

Mr John Chandler, chairman 
of ICI China, put the point 
more forcefully: “There is not a 
single b usines s of significance 
within Id where China is not 
on its agenda.” 


The same can be said for 
many of Id’s competitors in 
Europe and the US. They, like 
ICI. are hired by the attraction 
of a market for chemicals 
growing in line with the rapid 
expansion of the Chinese econ- 
omy. 

Over the past decade this 
growth has averaged nearly 10 
per cent a year in real, infla- 
tion-adjusted, terms. In Guang- 
dong, southern China’s fastest 
growing regional economy, 
growth has been quicker, with 
total output in 1903 rising by 
more than 20 per cent in real 
terms. 

On Friday. Sir Denys said 
that ICTs paints division had 
often been the division to lead 
the company into new mar- 
kets. This was the case in 
Taiwan where ICI has been 
manufacturing paints since the 
1970s. 

Over the past five years ICI 
has invested £350m in Taiwan. 
This culminated two years ago 
in the opening of a pure tere- 
phthalic acid (PTA) plant 

PTA is an essential ingredi- 
ent in the manufacture of poly- 
ester fibre for the textiles 
industry - an industry which 
is growing rapidly in Taiwan 
and China. 

Id China is pursuing oppor- 
tunities in three main business 
areas: 

• Polyurethane. The company 
currently ships 20,000 tonnes of 
polyurethane from factories in 
the US and the Netherlands. It 
has established a liaison centre 
in Beijing and a technical 
development centre in Shang- 
hai. 

It wants to upgrade the Bei- 


jing office to a technical centre 
and by 1995 to have opened a 
"systems house”, where cus- 
tomised polyurethane can be 
produced. The latter will cost 
up to £10m. 


‘As China has 
become more 
receptive to inward 
investment and 
more politically 
stable we have 
begun to take It 
more seriously’ 


• PTA. ICI’s Taiwan plant 
produces 350,000 tonnes of PTA 
a year. Currently up to 10 per 
cent of output is exported to 
China, but customers on the 
mainland want more. ICI's 
board is considering a proposal 
to double the capacity of the 
Taiwan plant, some of which 
would go to satisfying demand 

OH thfi mainland . 


O ne of ICTs main cus- 
tomers in China is 
Yizheng Chemical 
Fibre Company. Earlier this 
month ICI paid S7.7m (£5-3m) 
for a 2.5 per cent share of the 
company, which is to be listed 
shortly on the Hong Kong 
stock exchange. 

Additionally, ICI has 
licensed its PTA manufactur- 
ing process to two mainland 
Chinese chemical companies. 


• Paint. ICI has ambitious 
plans to invest in paint facto- 
ries throughout China. It is 
currently assessing sites in and 
around Shanghai, and intends 
to invest in plants in Tianjin. 
Beijing, Wuhan and others. 

For automotive paints, cur- 
rently refinish paints, it has 
about 300 outlets throughout 
the country. Last year it estab- 
lished 60 outlets to sell decora- 
tive paint and hopes to have 
180 open by the end of 1995. 

Mr Barry Matthews, manag- 
ing director of ICI Swire 
Paints, said the company had 
no ownership of these retail 
and business outlets, however 
they tended to stock only 
ICI paints, "It is relatively 
rare in China to have such a 
broad distribution network," 
he said. 

According to Mr Chandler, 
one of ICI's biggest challenges 
will be building up local man- 
agement. The company 
believes that the biggest brake 
on its growth in China will be 
the supply of qualified and 
trained personnel. 

“People are both the problem 
and an opportunity,” he says. 
“In China the outlook and val- 
ues are different, and trying to 
fit them into a western com- 
pany is very difficult." 

An added pressure is that 
with mainland management 
resources so scarce, ICI has 
been forced to take risks with 
people which it would not nor- 
mally be prepared to do. 

“We've been forced to take 
expensive decisions about peo- 
ple before we have really got to 
know them.” says Mr Chan- 
dler. 


CrestaCare £341,000 in the black 


By Maggie Urry 

CrestaCare, the nursing home 
operator, swung from losses of 
£i.58m to pre-tax profits of 
£341,000 in 1993 in spite of the 
upheavals of a new manage- 
ment team, a withdrawal from 
property activities, a £33.3m 
share placing and a number of 
acquisitions. Turnover was 
£30 ^m, against £25-9m. 

Mr Andrew Taee. chief exec- 
utive since March last year, 
said the group was now in 
shape and he predicted that it 
“will bloom” In 1994. 


A final dividend of 0.5p (0.4p) 
is proposed to give a total of 
0.75p (0.5p). 

Profits were hit by a £L35m 
loss on property, including a 
£359,000 provision against the 
sheltered housing side. The 
property activities were cut 
from £9.4m to £600,000 over the 
year through sales and provi- 
sions. 

The nursing home division 
increased turnover from 
£17.3m to £23. 2m. helped by a 
38 per cent increase in bed 
numbers to 2,142. 

The new community care 


legislation bad reduced occu- 
pancy rates to 912 per cent, 
but had since recovered to 93 
per cent 

Nursing home operating 
profits rose from £4.16m to 
£5.12m, before exceptional 
charges of £385,000 covering 
compensation for the former 
chief executive and relocation 
costs for Mr Taee. 

Interest costs were £2.05m 
(£2. 88m). 

Gearing at the year end was 
17.5 per cent, but the group has 
of fixed rate debt paying 
0.4 per cent, and cash on 


deposit earning a lower return. 

Mr Taee said he could spend 
£35m t akin g gearing to about 
60 per cent Beyond that he 
aimed to use sale and 
leaseback deals to fund expan- 
sion rather than go to share- 
holders. 

He said the group was 
looking at all areas of 
long-term health care from 
chronically sick children to 
elderly mentally ilL 

A £554,000 tax charge left 
losses per share of 0.2p (1.9p) 
and a retained loss of £1.27m 
(£2m). 


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Highlights 1993 


Hongkong Land 

Strong Growth in Property Values 

Net asset value per share + 50% 

Earnings per share +0.5% 

Dividends per share + 5% 

Extraordinary profit on sale of property US$213 million 
Property portfolio US$7,857 million 
Shareholders’ funds US$7,680 million 
Net debt US$82 million 

Investment properties fully let 

US$410 million 7-year Convertible Bonds issued 

Trafalgar House balance sheet strengthened 

The Hong Kong commercial property market remains strong, and the Group's rental income will begin 
to grow once again in 1994 on the back of the positive rental reversions which are now being achieved. 
The Group has the financial strength and the resources to exploit new property and infrastructure- 
related opportunities in Hong Kong or elsewhere." 

Simon Keswick, Chairman 
21st March 1994 



Year ended 31st December 

1993 1992 

USSm USSm 

Net income from properties 

392.6 

390.5 

Operating profit 

Share of results of associates 

Other income 

Net financing charges 

374.6 

(20.6) 

19.2 

(17.1) 

368.8 

0.5 

4.5 

(18.5) 

Profit before taxation 

Taxation 

356.1 

(49.6) 

355.3 

(50.3) 

Profit after taxation 

Extraordinary item 

306.5 

2132 

305.0 

Profit attrto triable to Shareholders 
Dividends 

519.7 

(261.7) 

305.0 

(248.6) 

Retained profit for the year 

Shareholders' funds 

256.0 

7,679.7 

56.4 

5,102.9 

Earnings per share 

Dividends per share 

USe 

11.71 

10.00 

use 

11.65 

9.50 


uss 

USS 

Net asset value per share 

2.93 

1.95 


Hongkong Land Hokfings Limited Araombareftb* .taidiw IfarthNoa One* 

Incorporated in Bermuda with limited liability umbi 

The ^ dividend dUS«&85 per ordttary stare nil be payable on 7ft Juw 1994. subject to appmutl at the Annual Genera! Meeting to be held on 31si May 
1991, to ShrmhoMoraon the register of mantras ol the daseatbusmass on 8lh Apd 1994. and *iB be anSableki cash with a scrip atumauva. The shore 
roosters wfl be dosed Atm lift to ISO i Apd 1991 Mustve. The dividend ™J be amiable kt United Scares DoBats. Hang Kong Dollars and Sterling. 


Great 


Place. Great People- Great Business. 


Sfem h oMwa on Ate Jetsev trench register wfl racehe Unted Stales flofere tide Shareholders on the Hong kong branch register receive Hong Kong 
DoBam. unless they elect lor one of the alternative currencies by nodylng the Company's registrars or transfer agents By 20ft May 1AM. SharehoUem 
whose shares am held through tha Central Oeposaory System In Singapore fCOP) »a receive Hong Keng DoBara, unless they elea ftreugh CDP to receive 
United Sum DoBars. 




COMPANY NEWS: UK 


UK housing recovery and pension fund windfall build 85% advance 

Wilson Bowden leaps to £31m 


By Andrew Taylor, 
Construction Correspondent 


Pre-tax profits at Wilson 
Bowden jumped by almost 85 
per cent last year to E3l£m 
as the group took advantage of 
the recovery in the UK housing 
market 

The figure included a £5-5m 
pension refund. 

Without it pre-tax profits 
still rose by 52 per cent, from 

£16.9m to £25.Tm. 

Ur David Wilson, chairman, 
described this as a magnificent 
performance given the patchy 
nature of the recovery. 

The group is proposing a 
6.65p (6.2p) final dividend as 
forecast at its £57 .2m rights 
issue in November, giving a 
total up from 8.7p to 9.3p. 

Earnings per share, exclu- 
ding the pension fund windfall, 
increased by almost 58 per cent 
to 22. 4p (14.2p). Turnover 
increased by 45 per cent to 
£185. lm (£127.?m). 

After the rights issue, which 
received 99.1 per cent accep- 
tances. the group was left with 
net cash of £20.7m and share- 
holders funds of £23L2 hl 

Land purchases completed 
following the year end have 
left it with net debt of £4m. 


This is expected to rise to 
about £20m by the end of 1994 
as the group pursues Its target 
of building 3,000 homes a year 
by the late 1990s. 

Last year it completed 1.860 
homes, a rise of 36 per cent. 
Housing operating profits 
increased by 60 per cent to 
£22.1m, and the average price 
of a home rose from £75,000 to 
£83£00l 

The increase was due to a 
change In sales mix towards 
more expensive, higher margin 
homes rather than an underly- 
ing increase in house prices, 
said Mr Wilson. 

Profits from commercial 
property sales rose by 36 per 
cent to £62n (£4.4m). Mr Wilson 
said reduced demand for small 
industrial units meant that 
sales would become “more 
lumpy”, but he would be disap- 
pointed if the group did not 
increase property profits in the 
current year. 



\ 



• COMMENT 

Housing operating margins 
reached 14.7 per cent in the 
second half and will easily top 
15 per cent in the current year. 
The group’s strength is its long 
land bank with average plot 
costs of about £16,000, exclu- 


David Wilson: a move towards more expensive homes 


ding land creditors. This com- 
pares with an average selling 


price likely to exceed £90,000 £6m, increasing group pre-tax 


this year. Property profits will 
depend upon the timing of the 


Brightstone for market with £8.8m tag 


By Simon Davies 


Brightstone Properties, the property arm 
of the collapsed London United Invest- 
ments is making an uncharacteristic 
entrance to the listed property sector, by 
placing its shares at a substantial discount 
to net asset value. 

The company has been set up to buy 
Brightstone Estates from the administra- 
tors of Walbrook. an LUI subsidiary, for 
£8. 15m. it will have an initial market capi- 
talisation of £8.75m, compared with a 
net asset value of £10-3m, or 147p per 
share. 

Brightstone has placed 65m shares at 


125 p, and Mr Richard Jacobs, the chief 
executive, has subscribed for a further 
100.000. 

The directors will own 13 per cent of 
Brightstone, and other backers wifi 
include PDFM. Jupiter Tyndall and Cleri- 
cal Medical Managed Funds. 

Despite the collapse of its parent group, 
Brightstone remained profitable through- 
out the recent property slump and has 
been managed independently. 

Brightstone's net worth grew from £3.1m 
in 1982 to £10.25m, and its property portfo- 
lio is currently yielding 10 per cent against 
its December valuation of £125m. 

Of the portfolio 69 per cent in the east 


LVMH 

MOET HENNESSY. LOUIS VUITTON 


1993 NET INCOME OF 3,574 MILLION 


Consolidated LVMH Mo£l Hennessy Louis Vuirton net income for 1993 amounted to FF 3.574 million, up 19 % from the 
1992 level. This figure includes non-recurring income of FF 602 million, primarily reflecting capital gains on the disposal of 
RoC. Excluding non-recurring items, consolidated net income totalled FF 2,972 million, basically unchanged from ihe 
comparable 1992 level. 

Consolidated sales in 1993 totalled FF 23,819 million, an increase of 10 % over the prior year. Income from operations rose by 
2 % to FF 5,614 million. 

Major Consolidated Highlights 


In FF millions 

1992 

1993 

• Soles 

21.458 

23,819 

• Income from operations 

5,486 

5,614 

• Net income. Group share, 
excluding nan-recurring items 

3,007 

2,972 

Net income. Group share 

3,007 

3,574 


Following a difficult first half, the recovery in a number of geographical markets important to LVMH. which generates 85 % 
of its sales outside of France, had a very favorable impact on the Group's sales in the third and particularly fourth quarters of 
1993. The strong growth in sales recorded in late 1993 continued in January and February 1994. In the first two months of the 
year, consolidated sales grew by 28 % over the comparable 1993 period. 

The major trends by segment of activity in 1993 were as follows : 


Consolidated Highlights by Segment 


In FF millions 


Income from operations 



1992 

1993 

1992 

1993 

• Champagne and wines 

• Cognac and spirits 

■ Luggage and leather goods 

■ Perfumes and beauty products 

• Other 

5,245 

5,553 

4,700 

5,487 

673 

5,444 

5.846 

5,665 

6,128 

736 

780 

Z286 

1,86? 

809 

-258 

776 

1.910 

2,318 

852 

-242 

LVMH 

21,658 

23,819 ' 

5,486 

5,614 


Champagne and wines : iMoet & Chandon. Veuve Clicquot, Pommery, Ruinan. Mercier. Canard-Duchdne) 

In a highly competitive environment resulting in strong pressure on prices, LVMH's champagne and wines segment recorded a 7 IF 
increase in sales volume in 1993. This increase, particularly notable in the fourth quarter of the year, compensated the higher cost of 
inventories and thereby enabled the segment to preserve its profitability. 

Cognac and spirits : (Hennessy, Hine. F.O.V.) 

In the cognac and spirits segment, die rapid increase in sales to China was not sufficient to offset lower consumption in Japan which, 
combined with higher raw materials (eaux-de-vie) prices and important marketing efforts, resulted in a decrease in income From 
operations. 

Luggage and leather goods : (Louis Vuiaon, Loewa, Berluti) 

The luggage and leather goods segment experienced growth in all of its markets, reflecting the extension of existing lines, the launch of 
a new Louis Vuiaon line for men (Taiga), and the expansion of the retail network. Income from operations increased by 24 %. 
Perfumes and beauty products : (Christian Dior. Givenchy, Christian Lacroix, Kenzo) 

In a worldwide market characterized by marginal growth in 1993. the Group’s perfumes and beauty products activities recorded 
significant increases in sales and market share. This stems in particular from the segment’s active program of product launches, 
including new skiocare products at Parfums Christian Dior (Dior Svelte and Capture Lift) and a new cologne for men at Parfums 
Givenchy (Insensd). However, the costs associated with these new launches together with higher advertising and promotional 
expenditures have slightly hindered the growth in income from operations. In addition, Kenzo perfumes, which recorded a 42 % 
increase in sales in <993. will not be folly consolidated until 1994. 

Guinness PLC recorded a 17 % drop in net income in 1993. while its income from operations rose by 4 %. 

Financial expenses rose by 4 % in 1993; this reflects costs associated with the restructuring of LVMH's debt which will enable the 
Group to folly benefit from lower interest rates in 1994. Excluding these costs, financial expenses would have decreased by 6 % last 
year. 

In 1994, the continued improvement in worldwide economic conditions - together with the pursuit of the Group's long-term strategy 
aimed at striking the right balance and 1 exploiting synergies among LVMH's various brands and activities in wines and spirits an luxury 
goods - should lead to a very significant increase In profits. If the trends of the past several months continue, LVMH's consolidated net 
income should rise by at least 20 % in 1994. 

The Board of Directors of LVMH has reviewed the 1993 financial statements of the Company. To simplify die Group's legal structure 
following the restructuring of LVMH’S partnership with Guinness, the Board has decide! to propose to the Annual Meeting of 
Shareholders of June 17, 1994, to merge LVMH and Jacques Rober. Jacques Rober would then disappear. The only asset of Jacques 
Robcr, which has no debt cm its balance sheen, is a 44.7 ® interest in LVMH. As a result, the planned streamlining would be financially 
neutral for LVMH shareholders. Reflecting the five-for-one split of the LVMH share on Monday, March 21, 1994, the Board of 
Directors will also propose a 10 % dividend increase, to FF IS per share, to the Annual Meeting of Shareholders. 


LVMH, THE WORLD'S LEADING LUXURY PRODUCTS GROUP 


Recession 
in Europe 
takes toll 
on Doeflex 


ampton shopping centre. But 
they should exceed last year’s 


profits to £35 -5m and putting 
the company on a prospective 


sale of a £27m Leicester leisure pe of 21: a must for any house- 
development and £20m North- building portfolio. 


Midlands, although Central House in Croy- 
don is valued at £3.lm, accounting for 24 
per cent of the portfolio. 

Mr Richard Jacobs, chief executive, said 
Brightstone’s properties had primarily 
been developed by the group. After suffer- 
ing from the financial restraints imposed 
on its parent company, it plans to resume 
an active development programme. 

The company is sitting on £3. 7m of cash, 
which will be partially used to repay £lm 
of a £5. 3m debenture. Pre-tax profit 
amounted to £400,000 in 1993, but property 
income was double debt repayments. The 
shares are being issued on a notional net 
yield of 3 per cent 


BPI bays Nelson 
Packaging for £13m 
British Polythene Industries 
has acquired Nelson Packag- 
ing from St Ives for about 
£l.3m in cash. 

Nelson, which makes carrier 
hags, had operating profits of 
£203.000 on turnover of £5.4m 
in the year to July 30 1993. 



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jigpniMaBAinr. 


Announcement of 
Annual General 
Meeting 


Seriating AManseaaBreMt 
Beilin 


(Securities Code No. 717 200) 


FINANCIAL TIMES TUESDAY MARCH 22 


Language training fall 
behind decline at BPP 




By David BtackweS 


Pre-tax profits of Doeflex, the 

Surrey-based PVC and thermo- 
plastic sheet manufacturer, 
fell by £287,000 to £l-22m in 
the year to mid-December as 
the recession in continental 
Europe began to take its toll. 

Mr Richard Bickerton, chair- 
man, said many of the 
group's UK markets bad dem- 
onstrated growth, bnt the 
dominant feature had been its 
exposure to the first full year 
of the deep recession in conti- 
nental Europe. 

Turnover grew to £29.9m 
(£ 26 . lm) bnt at the operating 
level profits were down from 
£2. 29m to £1.9 8m. Tax took 
£296.000 (£494,000) and earn- 
ings per share emerged at 
8.83p <UL28p). 

The fn yri dividend is again 
3p, maintaining the t ot al for 
the year at 4.6p. 

Doeflex also announced the 
exchange of contracts for the 
sale and leaseback of its free- 
hold property on the H&wk- 
s worth industrial estate in 
Swindon, which houses the 
main operating facility of its 
PVC division. 

The property, which had a 
book value of £2.15m at the 
year end, has been sold to 
Conegate for £2 .25m cash. Sub- 
ject to completion, Doeflex 
wfl] lease the property for 30 
years at an initial rent of 
£240,000 a year. 

The proceeds from the sale 
will be used to reduce debt. 


Shares in BPP, the education 
and training group, fell yester- 
day as the company predicted 
that this year would not be 
easy for the group. 

BPP reported pre-tax profits 
for 1993 down from £&7m to 
£&3m, in line with the forecast 
given in a profits warning last 
November. The shares closed 
at 225p, down 20p on the day. 

Slightly Improved profits in 
three of the group’s divisions 
were more than offset by a 
£728,000 loss (£207.000 profit) at 
Linguarama, the language 
train lug business. 

Mr Richard Price, chairman, 
said the group continued to do 
well in areas where exams 
were being taken, but was 


under pressure in more discre- 
tionary areas, such as lan- 
guage training. He blamed Lin- 
guarama’s loss on a worsening 
economic climate almost every- 
where in continental Europe. 

During the year the group 
withdrew from language train- 
ing in Japan and Belgium, tak- 
ing a loss on the disposal of 
£219,000 on top of a £650,000 
provision made in 1992. Turn- 
over in the division fell from 
£17.5m to £L5.3m. 

New competition held back 
the performance of BPP Pub- 
lishing, where trading profits 
edged ahead from £3 .29m to 
£3.3 im on t turnover up from 
£113m to £14£m. 

Profits in the professional 
training division also edged 
ahead from £2.47m to £2£3m 


on turnover of £lMm UKLfinX 
The main profit generator in 
the division is accountancy 
training. Over the past five 
years the number of chartered 

accountancy students has 
fallen from about 17.500 to 
11.500. but the number of nan- 
chartered accountancy stu- 
dents is rising steadily. 

The academic training divi- 
sion. which has four A-Levol 
centres, boosted profits from 
£306.000 to £409.000 on turnover 
down from £4.36m to £4 .25m. 

Earnings per share fell from 
U£p to 13.2p. The group’s total 
turnover edged ahead from 
£4&7m to £49.8m. 

The board is proposing to lift 
the final dividend is from 5.3p 
to 5.8p, taking the total for the 
year to 8.Sp l$p). 


Keller floats with 
valuation of £70m 


Full-time side 
helps EW Fact 
advance 57% 


By Andrew Bofger 


Keller, a specialist in ground 
engineering, will be floated 
n*»y t month through a placing 
and intermediaries offer giving 
it an estimated market value of 
£70m_ A former engineering 
offshoot of GKN, Keller was 
bought by its management for 
£26m three years ago, backed 
by funds led by Candover 
Investments. 

It will use the proceeds to 
repay debt and finance further 
overseas expansion. Projects 
outside the UK account for 
more than 80 per cent of sales. 

In spite of recession. Ketier 
has increased operating profits 
by 46 per cent since 1991 from 
£6.3m to £9 .2m on turnover up 
by 30 per cent to £148m. 

Most of Keller’s sales and 
profits come from Austria and 
Germany, where the company 
hag b enefited from infrastruc- 


ture improvements. 

Although established by 
GKN as a site investigation 
business in the early 1950s. the 
group takes its name from 
Johann Keller, a German spe- 
cialist company which it 
bought in 1974. 

In 1984. the group expanded 
into the US by purchasing Hay- 
ward, Baker, a company spe- 
cialising in grouting - 
strengthening ground and 
reducing waterflows. In Janu- 
ary this year Keller paid S9m 
for Case International, a Chica- 
go-based foundation engineer 
which it said would comple- 
ment Hayward Baker and will 
lift the group's North Ameri- 
can sales to in excess of $70m. 

The float is expected to raise 
about £30m of new money and 
about 75 per cent of the compa- 
ny’s equity will end up being 
held by institutions and pri- 
vate investors. 


A continuing high level of 
demand for its full-time 
courses enabled ESV Fact, the 
accountancy and banking 
tuition group, to show a 57 per 
cent Increase In 1993 pretax 
profits from £862,000, restated 
for FR5 3, to £ 1.35m. 

Turnover was 6 per cent 
higher at £4.98m (£4.67m). The 
pre-tax figure was also helped 
by a one-off credit of £235,000 
in settlement of property 
rights and lower interest 
charges of £42.000 (£101.000). 
Borrowings fell over the year 
from £L06m to £92,000. 

Mr Emile Woolf, chairman, 
said there had been a satisfac- 
tory start to the present year 
to both of the main businesses, 
Emile Woolf Colleges and ATL 
Group, which was acquired at 
the end of the year. 

Earnings per share were 
13.19p (7.44p). A final dividend 
of 2.98p is recommended for a 
total 4.74p (4.3 Lp). 


NOTICE OF EARUf REDEMPTION 
to the Noteholders of 


Yasuda Trust Asia Racific Limited 


Ftoating/Rxed Rate Gua ra n te ed Notes due 2002 


NOTICE IS HEREBY GIVEN that, pursuant to Ihe terms of the Fiscal Agency Agreement dated 22nd April. 
1992. between Yasuda Trust Asia Pacific Limned (the “Company”). The Yasuda Trust and Banking 
Company. Limited (the “Guarantor' 1 ). Yasuda Bank and Trust Company (U-SA). as fiscal and principal 
paying agent The Yasuda Tmst and Banking Company. Limited. London Brandi. Banque Internationale 
a Luxembourg SA and Swiss Bank Corporation as paying agents, the Company haselectad to redeem 
the entire U.S. $50,000,000 outstandmg principal amount of Ihe Company’s Floating/Fixed Rale 
Guaranteed Notes due 2002 on April 22. 1994 (Ihe “Redemption Date") at Die price of 700 % of the 
principal amount thereof plus interest accrued thereon to the Redemption Data Payment will be mado 
upon presentation and surrender of the Notes at the betow-Estod paying agents together with alt 
appurtenant coupons, it any. maturing su bse quent to the Redemption Date. The amount of any missing 
unmatured coupons wall be deducted from the sum otherwise due for payment Interest on the Notes wifi 
cease to accrue from and after the Redemption Date. The Company has elected to redeem the Notes 
pursuant to section 5(b) of the Terms and Conditions of the Notes. 


On and after the Redemption Date, the sole right of the holders of Ihe Notes shall be to receive 
payment at the redemption price (Including payment (Or a missing coupon in respect ot which a 
deduction shall have been made from the redemption price as aforesaid) together with accrued interest 
to the Redemption Date. 


Payment wiB be made at any ot the fotiowing paying agencies listed bekwr 

Banque Internationale a Luxembourg S A 
2 Boulevard Royal 
L-2953 Luxembourg 


The Ybsuda Trust and Banking Company, Limited 
London Branch 
1 Liverpool Street 
London EC2M7NH 


Swiss Bank Corporation 
Aeschenvorstadt 1 
CH-4002 Basel 


Payment pursuant to the presentation of the Notes tor redemption made by transfer to a United States 
dollar account maintained by the payee with a bank in the United States, may be subject to reporting to 
the United States internal Revenue Service (IRS) and to backup with hording of 31% of the gross 
proceeds froduefing premium, if appltcabte) if a payee laila to provide a paying agent with an executed 
IRS Form W-S in the case of a non-US. person or an executed HRS Firm W-9 in the case of a US. 
person. Those holders who are required to provide their accurate Taxpayer Identification Number and 
who tea to do so may also be subject to an IRS penalty ot US. $50. Accordingly; please provide ail 
appropriate certification when presenting the Notes for payment 

YASUDA TRUST AStARAdRCUMTTBD 

By: YASUDA BANK AND TRUST COWANY (USA) 

as RscaJ and Principal Paying Agent 


Dated: March 22. 1994 


SCHER1NG 


Our shareholders are invited to 
attend M> year’s Annual 
General M e et i ng, which wW 
take piece on Wednesday, 

4th May, 1994 at 10 ul at tha 
‘KongresshaUe am 
Atoxanderpiab’, 

Atexenderptatz 4, 

10178 Battel (MNtej. 


4. Resolution lor the dscharglng 
of Ihe Supervisory Board. 


S. Election of the Supervisory 
Board. 


Agenda: 


1. Presentation ot the approved 
accounts, the group accounts 
and the annual report 
for Sobering AG and the group 
(or the business year 1893 
Including the report of the 
Supervisory Board. 

2. Resolution for the appropriation 
of the net profit 

3. Resolution tor toe discharging 
of the Board of Executive 
Directors. 


6. Election of the auditors for Ihe 

business year 1994. 

7. Resolution tor convertible 
bonds, option debenture bonds 
and contfbonaj capfcat. 

a Resolution tor the creation of 
an authorised capftaL 
The complete agenda. Including 
the resolution put forward, 
(s due to appear In the 22no 
March. 1994 Issue (No.56) 
or Bundesanxelger (Federal 
Gazette). Please refer to this 
announcement tor details of 
the agenda and of the procedure 
for depositing shares in 
order to attend the Meeting. 
Ctoaing date for such deposits wifl 

be Wednesday, 27m April, 1994. 


Pursuant to Section 126 of the 
German Companies Act we have 
sent Notices to Shareholders and 
•he abridged version of our annual 
report tor 1993 intended Tor all 
holders of Sobering shares in 
safe custody, tor them to pass on 
to efl holders of Setwring shares. 
Shareholders who have their 
Sobering shares held In safe 
custody by a bank and have not 
as expected received these 
documents from their bank by 
2lat April. 1994 are requested 
to apply tor them to their bank. 


Berfln, 22nd March, 1994 
The Board of Management 


Daily Gold Fax - free sample 

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COMPANY NEWS: UK 


:il>b 


' ; v : . 

;; > \ \\ 1 


New car market showed recovery while used car prices finned 

Pendragon rises 41% to £7.4m 


By Paul Taylor 

Stronger demand and 
unproved margins helped Pen* 
dragon, the luxury and execu- 
tive car dealer, report a 41 per 
cent improvement in 1993. 

Pre-tax profits rose to 
£7.3?m, against £5.23m last 
time, on turnover up 29 per 
cent to £276. 4m (£214.6m). 
including £5. 59m from acquisi- 
tions. 

Earnings per share emerged 
at 14.1p { lL8p) out of which an 
increased final dividend of 4£p 
(4.4p) is being paid, raising the 
total for the year to 7 Jtp <6-fip). 
Despite the increase the shares 
dosed 2p lower at 304p. 


Mr Trevor Finn, chie f execu- 
tive, said: “New and used car 
profits, after-sales contribu- 
tions and profits from the con- 
tract hire business, all showed 
unproved results in 1993. 

Operating profits grew by 31 
per cent to £8J9m (£6£7m>. , 
Interest costs were flat at 
£1.62m (£1.64m). 

Buoyed by the general car 
market recovery, new car gross 
profits increased to £ 11.7m 
(£9.lm). Similarly the increased 
availability of nearly-new cars 
enabled the group to sell more 
used cars at higher margins. 
Overall used car gross profits 
increased by 82 per cent from 
£L3m to £ 4*m. 


firmer used car prices also 
helped lift the profitability of 
Pendragon's contract hire busi- 
ness, which turned in a 73 per 
cent gain in profits to £2.5m 

Meanwhile the contribution 
from parts, service and body- 
shop activities - the mainstay 
of profit growth throughout 
the recession - increased to 
£20.4m (£16 JJul) 

The group ended the year 
with net debt of £&2m (£8An) 
representing gearing of 16 per 
cent 

• COMMENT 

Pendragon has used the pro- 
ceeds of Last year’s £!6.6m 


rights issue wisely, and now 
has the largest grouping or 
executive and luxury car fran- 
chises in the UK Future 
growth is likely to come from 
adding fr anchis es to gristin g 
sites, somewhat greater repre- 
sentation in the volume seg- 
ment of the market and an 
expansion of the contract hire 
business. Meanwhile the 
upturn in the UK luxury 
market lagged the general 
upturn so Pendragon should 
see further benefits this 
year. Pre-tax profits of about 
£9,2m are likely, pro- 
ducing earnings of l&8p and a 
reasonable prospective p/e of 
about 18.1. 


Beazer offer i Strong advance for Hibernian 

1.3 tunes 


subscribed 


The public offer of shares In 
Beazer Homes, the UK’s fourth 
largest housebuilder being 
floated by Hanson, attracted 
applications for 91.8m shares, 
1.3 times the 70.2m available, 
writes Maggie Uny. 

A further 210.6m shares 
were placed firm with institu- 
tions. The shares were priced 
at 165p, making the retail 
offer worth £ll5-8m and valu- 
ing the company at £463.4m. 

Applicants in the public 
offer for 105,000 shares or less 
will receive the foil amount 
Those who asked for more 
than that will receive 105,000 
shares. Most Larger investors 
bought in the placing. 

On this basis 99.8 per cent of 
the 33,615 applications under 
the public offer will be met in 
full. Dealings in the shares 
start on March 25. 

NM Smaller Tst 
seeks £33.7m 

The NM Smaller Australian 
Companies Trust is seeking 
£33.7m net via a placing and 
intermediaries offer of up to 
35m C shares at lOOp. 

Some 7m of the shares have 
been reserved for the interme- 
diaries offer while indications 
of interest from prospective 
placees have been received for 
26m shares. 

Existing share and warrant 
holders will be given priority 
application forms. Sponsor to 
the issue is NatWest Securi- 
ties. 

Dealings are expected to 
commence on April 14. 

The placing and intermedi- 
aries offer is conditional on 
approval of share and warrant 
holders and subscriptions 
being received in aggregate for 
at least 15m C shares. 

Orb Estates £14m 
property disposals 

Orb Estates, is selling 
non-performing properties val- 
ued at more than £14m, 
including a portfolio of two 
English and three Scottish 
properties, to Barlows for 
£5.2m. 

The directors stated that 
the group had acquired the 
head office of Scotia 
Investments, which is located 
in Guildford. Surrey, for less 
than £lm. 


By Simon Davies 

Hibernian Group, the Dublin- 
based insurance and finan cial 
services company, yesterday 
announced a surge in 1993 pre- 
tax profits from l£5.86m to 
l£47.4m (£45. 7m). 

The figure, however, was 
based on revised accounting 
policies and included l£27m 
from investment profits, com- 
pared with previous losses of 
of XE11.9m. 

Operating profits rose to 
£20 .27m, a 16 per cent increase 
over 1992's £17.53m. 

The group's core general 
insurance business performed 
strongly in 1993, despite an 


increase in ni«imc related to 
adverse weather. Profits of the 
division rose by I£1.4m to 
l£l(L8m on the back of a 13 per 
cent increase in gross written 
general insurance premiums to 
£20G.4m. 

Hibernian has been expand- 
ing into foe UK and hac nj 
offices, which brought in I£27m 
of premium income, an 18 per 
cent increase from 1992. It has 
also been bufiding up its life 
insu rance business, which con- 
tributed £3.4m, an increase of 
63 per cent, aided by a broader 
range of products. 

Investment profits, including 
unrealised gains, reflected foe 
performance of Irish equities 


Marks and Spencer 
forges Turkish link 


By John Murray Brown 
in Istanbul 

Marks and Spencer, foe stores 
group, has formed its first fran- 
chise operation in Turkey link- 
ing with a local petrol and fast 
foods group. 

M &S has announced that 
Turk Petrol Holding, an oil 
retailer 42 per cent owned by 
Burmah Castrol, had been cho- 
sen from some 46 original 
applications. 

The venture wifi make use of 
the marketing opportunities 
provided at TPH’s outlets. 

! although foe company stressed 
the main reason Cbr the link up 
was TPH’s “entrepreneurship 
and progressive man a gement". 

TPH has more than 650 retail 
filling stations throughout Tur- 


key, 10 per cent of a market 
which is growing by 5 per cent 
a year. TPH is also expanding 
its consumer business and is 
foe local franchisee to Wendy 
Hamburger. 

M&S franchise will open one 
store before the year end, 
stocking a full range of clothes 
and household appliances. The 
company said it wanted to 
“keep pace with the opportuni- 
ties’*. 

Turkey’s retail sector is 
growing rapidly in line with 
urbanisation, rising incomes 
and a new awareness of foreign 
brands. Carrefour of France 
opened its first megastore last 
November. The French stores, 
Prisunic and Promodes of 
France, are both in negotia- 
tions with local partners. 


Xtra-vision petitions for 
appointment of examiner 


Xtra-vision, foe USM-quoted 
video rental stores operator, 
has petitioned foe High Court 
for the appointment of an 
examiner. 

The Ireland-based company 
said the protection afforded by 
the examiners legislation 
would best facilitate foe neces- 
sary restructuring and should 
enable discussions, which have 
been ta kin g place with inves- 
tors. to progress to a satisfac- 
tory conclusion. 

The company, whose shares 
were suspended at 2Vip, came 
to the USM in 1989. The shares 
at one point reached I00p. 

Over-expansion, an inappro- 


priate depreciation policy and 
the growing impact of satellite 
TV on the market, caused the 
company to run into financial 
difficulties by 1991 with debts 
of l£18m (£17m). 

Debts have since been 
reduced to I£TL5m, but it is 
apparently having difficulty 
making repayments under a 
restructuring agreement with 
bank creditors made in August 
last year, and is feeing contin- 
gent liabilities of np to 
I£500,000 a year in the UK 

Examinership has been 

sought as a of maintain . 

ing the company as a viable 
trading unit 


and bonds following last year's 
devaluation of the punt which 
also increased translated prof- 
its on overseas holdings. 

Mr Cedi Hayes, general man- 
ager finance, said the invest- 
ment performance under foe 
new accounting policy would 
be volatile, but it had averaged 
a I£3m profit over the past 
decade. 

The company is continuing 
to expand its life assurance 
business and broaden its expo- 
sure to the UK 

Earnings per share, pre-in- 
vestment profits but after tax, 
amounted to 26-2p (22.6p). A 
recommended final di vidend of 
4.7p makes a ?p (6.2p) total. 


£177,000 
pay rise for 
ICI chief 

Sir Denys Henderson, 
chairman Of ICI and 7^-ppca, 
saw his total pay jump from 
£527,000 to £704,000 last year. 
The £177,000 increase was 
largely the result of a £149,000 
bonus linked to foe demerger 
of Zeneca from ICI and the per- 
formance of both com panies . 

Mr Ronnie Hampel, chief 
executive of ICI, received a 
total of between £475,000 and 
£480,000 up from £350.000- 
£355,000. His safer)' rose from 
£340.840 to £425.000. 

English & Scottish 
lifts asset value 

English & Scottish Investors 
lifted its net asset value per 
ordinary and B share from 
106.7p to 144.4p over the year 
to January 31. 

Net available revenue for the 
12 months unproved from 
£3 -16m to £3.18m for earnings 
per ordinary share of 1.96p 
<L95p). 

A second interim dividend in 
lieu of a final was declared last 
month for an unchanged 1.75p 
total. A maintained interim of 
04)10938p per B share was also 
declared. 

Ricardo US 
acquisition 

Ricardo Group, the engineering 
consultancy, is acquiring Air- 
flow Sciences Corporation, of 
Detroit, Michigan, for an initial 


Arlington Secs 
falls by £7.75m 


By Vanessa Houlder, 

Property Correspondent 

Arlington Securities, the 
business park subsidiary of 
British Aerospace, announced 
a reduction in pre-tax profit 
from £12Jm to £5.1m for 1993. 
after £5m of provisions against 
rental guarantees on property 
sales in previous years. 

Turnover increased from 
£74.5m to £121.51x1, because of 
land sales, institutional sales 
and speculative pre-funds from 
its eight business parks. 

Arlington let 400,000 sq ft of 
space 1387,000 sq ft), in what 
was described as a very diffi- 
cult market by Mr Patrick 
Deigman, chief executive. 

The annual report i was 
accompanied by a press state- 
ment concerning criticisms 
that Arlington, which . was 
bought at foe peak of the last 
property cycle, has been a lia- 
bility to its parent company. 
“British Aerospace's so-called 
property ‘black hole’ owes 
more to science fiction than to 


reasoned analysis of foe prop- 
erty market,” it said. 

Arlington separated from foe 
remainder of BAe’s property 
interests in December 1992, 
with a view to concentrating 
the management's effort on 
business parks and preparing 
for a possible flotation in a few 
year’s time. At present, BAe 
describes Arlington as a core 
business because of its role in 
masterplanning BAe’s disused 
sites. 

Arlington said that the 
clamp-down on out-of-town 
developments signalled by Mr 
John Gurnmer. environment 
secretary, would enhance foe 
value of its land bank. 

The company has fend capa- 
ble of sustaining 13m sq ft of 
space with planning permis- 
sion. as well as fend capable of 
sustaining a further 8m sq ft of 
space that is going through the 
pfenning process. 

Net current assets increased 
from £116.6m to £168.4m. There 
is a dividend of E3m for 
BAe. 


Newport Holdings placing 


Newport Holdings. the 
property investment group, is 
pfenning a placing or 5.3m 25p 
ordinary shares at lOOp 
through brokers Rowan Dar- 
tington. after which it will 
apply to be admitted to the 
Official List 

Dealings in the 6.1m issued 


NEWS DIGEST 


$2 .26m (£ 1.54m) in cash and 
shares. 

Further consideration to a 
maximum 54.74m is dependent 
on ASC's performance to 1999. 

Trafford Park rises 
to £2.44m 

Turnover of Trafford Park 
Estates, the property invest- 
ment management and devel- 
opment concern, edged ahead 
from £4 .87m to £4. 98m and pre- 
tax profits expanded to £2.44m 
for the six months ended 
December 31 1993, compared 
with £L74m. 

Earnings per share were 
2.4l3p, against l.72p, while foe 
interim dividend is lifted to 
Q.95p (QB5p> - last year’s final 
payment was L95p from pre- 
tax profits of £4. 12m. 

The directors stated that the 
general outlook for the full 
year, and long-term prospects 
for growth, were promising 
with further increases in rental 
income anticipated. 

Govett Global 
£50m placing 

Govett Global Smaller Compa- 
nies Investment Trust has 
announced an issue of up to 
50m ordinary shares, with war- 
rants attached, of lOOp each. Of 
this amount. 20m have been 
placed, with foe balance avail- 
able in an offer for subscrip- 
tion which will close on April 
13. 

Aran Energy $6.9m 
oil and gas field bny 

Aran Energy, the Dublin-based 
oil and gas exploration and 


ordinary shares are expected to 
commence by March 28, and 
the company will be capital- 
ised at £6.1m. 

The proceeds of foe placing 
will be used primarily to 
finance the purchase, at a dis- 
count to market value, of prop- 
erty portfolios. 


development company, is buy- 
ing a 100 per cent working 
interest in a Louisiana oil and 
gas field for 36.9m (£4.7m) sat- 
isfied by loan notes. 

The field covers mature 
leases and Aran believes there 
is a potential for redevelop- 
ment which could result in sig- 
nificant additions to existing 
reserves. 

Mercury purchase 
multimedia stake 

Mercury Communications, 
whose parent company is 
Cable and Wireless, has made 
its first investment in a multi- 
media' group with foe acquisi- 
tion of 36.8 per cent of 11133, for 
£3.75m. 

M.33 produces reference 
books and multimedia prod- 
ucts under the Andromeda 
Oxford and Andromeda Inter- 
active nam« 

Mercury has electronic 
on-line distributive rights, 
allowing it to market Andro- 
meda interactive products 
directly to consumers. 

De La Rue acquires 
cheques maker 

De La Rue. foe security printer 
and cash-handling machine 
maker, has acquired MB- 
Clarke, a maker of cheques and 
other security documents, from 
Caradon. 

The net assets acquired are 
less than l per cent of both De 
La Rue’s and Caradon’s net 
assets. 

Caradon -said that the busi- 
ness was now peripheral to its 
m a i n UK businesses which are 
in the building products sect- 
or. 


liiT.unrrr 




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30 


FINANCIAL TIMES TUESDAY M ARCH 22 1994 _ 

COMMODITIES AND AGRICULTURE I 


Disappointed oil explorers 


Green light close for Brazilian gas bonanza 


may cut Barents Sea losses 


By Karen Fossil In Oslo 

Oil companies operating in 
Norway may decide to suspend 
activity in the Barents Sea 
after 13 years of disappointing 
results from 52 exploration 
wells costing an estimated 
NKrlObn (£910ffi). Several wells 
have yielded natural gas. but 
they are not considered com- 
mercially exploitable because 
of the long distances to mar- 
kets and high development 
costs. 

With the current low level of 
oil prices and the high, costs of 
exploring the remote region, 
companies say activity in the 
area is an “exotic indulgence". 

Recognising the decline in 
oil company interest in the 
area, the government recently 
proposed more attractive terms 
and conditions for exploring 
there. The authorities earlier 
linked the award of the most 
attractive Norwegian shelf 
exploration acreage to com- 
pany commitment to invest in 
high-risk acreage such as the 
Barents Sea. 

Many oil companies have 
welcomed the proposed 
changes but nevertheless say 
they do little to enhance pros- 
pectivity, given low oil prices, 
distances to markets and Nor- 
way's stringent tax regime. 

Statoil. the Norwegian state 
oil company , says it must 
develop new strategies before 


MARKET REPORT 

Copper retreats 

A technical sell-off in late 
afternoon trading saw the Lon- 
don Metal Exchange three 
months delivery COPPER price 
tumble below $1,950 a tonne to 
find underlying support 
towards the $1,940 level. 

Copper's weakness s pilled 
over Into the ALUMINIUM 
market, where the three 
months price fell back to test 
support under $l,330-a-tonne 
following waves of speculative 
and trade selling. 

Commission house buying 
helped to underpin ZINC. 
Compiled from Reuter 


it proceeds and is not likely to 
drill a new well in the region 
for at least two years. The 
group has spent some 
NRr2.5bn, about 25 per cent of 
total oil company exploration 
costs there. 

"We’re at a crossroads, and 
must soon deride whether - 
and how - we are going to 
continue in the southern Bar- 
ents Sea or switch our atten- 
tion to other parts of the Nor- 
wegian shelf,” Mr Tor E^aeran. 
Statoil senior vice president for 
domestic resource develop- 
ment, said recently. 

He welcomed the new pro- 
posals but stressed that the 
potential for finding hydrocar- 
bons - particularly oil - was 
the principal factor determin- 
ing Statoil’ s commitment 

Mr fjaeran said oil compa- 
nies' expectations for the 
region had been reduced 
because of the dominance of 
gas. "The area is primarily a 
gas province and no way has 
been found for selling the gas 
already discovered,” he said. 

At the same time, according 
to Mr Fjaersn, present geologi- 
cal information suggested that 
only small oQ discoveries could 
be expected, while environ- 
mental challenges added to 
costs. 

Statoil recently completed 
testing a Barents Sea discovery 
that yielded a high gas flow 
and low oil production and 


By Matthew Curtin 
in Johannesburg 

Impala Platinum, the world's 
second biggest platinum pro- 
ducer. has closed a marginafly- 
profi table shaft with the loss of 
more than two thousand jobs. 
It now employs about 35,000 
workers, having shed more 
than a third of the workforce 
in the past two years in a bid 
to preserve profitability at a 
time of steadily declining 
metal prices. 

A company official yesterday 
said that the six-year-old shaft 


established that the find, 
though technically producible, 
was not commercial. 

The Norwegian Petroleum 
Directorate, the industry 
watchdog, estimates the poten- 
tial recoverable petroleum 
reserves of the region at L12bn 
tonnes of oil equivalent, of 
which oil accounts for 1 80m 
and gas 930m. About 260m 
tonnes of petroleum has been 
discovered, it says. 

Mobil Exploration Norway, a 
pioneer explorer in the area, 
has spent about NKr750m to 
drill seven wells. “We have not 
completely lost interest, but we 
have to look at the Barents Sea 
compared with other prospec- 
tive areas,” says a company 
executive. 

" Although we appreciate the 
new proposals, the fiscal 
regime is still the same." 

"Saga Petroleum, Norway's 
largest independent oil com- 
pany, spent about NKrlSOm 
exploring in the Barents Sea. 
"We feel the Barents Sea is 
still interesting given its size 
and, there are new explora- 
tions models but. given the 
small amount of oil discovered 
so Tar, it is hard to justify 
investment in the area right 
now." says a Saga executive. 

Norsk Hydro, Norway's big- 
gest listed company, has spent 
about NKrl.7bn in the region 
but says it will continue to 
evaluate future activity. 


had been beset by under- 
ground minin g difficulties, 
which had led to it being oper- 
ated at only half of its rated 
capacity. Its closure would 
have a marg inal impact on the 
group's overall platinum out- 
put of more than lm troy 
ounces a year. 

She added that the closure of 
the shaft would improve Impa- 
la's working costs in the year 
ahead. "Limited development 
work will continue as Impala 
plans to reopen the shaft when 
market conditions improve,” 
she said. 


By Sally Bowen in Lima 

Within the next couple of 
weeks. Royal Dutch Shell will 
sign an agreement with the 
Peruvian government that is 
expected to lead to the develop- 
ment of the huge Camisea nat- 
ural gas fields discovered by 
the company in 1986. Earlier 
attempts to sign an exploita- 
tion contract under the left-of- 
centre Alan Garcia regime 
foundered for political reasons. 

Now, with a new hydrocar- 
bons law in place, a liberal eco- 
nomic regime and renewed 
investor confidence, the 


By Alison Maitland 

The European Commission 
yesterday signalled that it was 
prepared to be flexible in its 
dispute with Latin American 
countries over banana imports 
by filing a much Higher import 
quota than usual for the sec- 
ond quarter oT this year. 

It set the quota at 580,120 
tonnes, about 60,000 tonnes 
higher than the average of sec- 
ond quarter imports over the 
past four years. 

The move came as the Euro- 


By Kunat Bose in Calcutta 

The Indian federal government 
has decided against allowing 
the import of bulk tea for reex- 
port 

At the same time, however, 
Mr Pranab Mukheijee, the 
commerce minister, has told 
local tea producers, who are 
against imports of any kind, 
that he finds no "inherent con- 
tradiction in the simultaneous 
export and import of the same 
commodity”. 

“It is very Important”, he 
says, "that India retains the 
image of a sustainable steady 
supplier of commodities. In 
times of domestic shortages we 
may resort to Import to main- 
tain export. It is never easy to 


chances of real agreement look 
bright. Development of Cami- 
sea - located in the south-east- 
ern jungle in Cuzco depart- 
ment - will increase Peru's 
current reserves position 
almost sevenfold. 

"Our interest in developing 
Camisea has never lapsed," 
said Mr John Auger, Shell's 
representative in Lima, at the 
weekend. Under the new agree- 
ment, Shell - together with 
Peruvian experts - vrQl carry 
out a feasibility study, expec- 
ted to take some fourteen 
months. By late May 1995, the 
company should be negotiating 


pean Union awaited word from 
Costa Rica on whether it would 
drop its complaint to the Gen- 
eral Agreement on Tariffs and 
Trade about the EITs preferen- 
tial banana trading arrange- 
ments with former colonies in 
Africa, the Caribbean and the 
Pacific under the Lome con- 
vention. 

The EU is expected to resub- 
mit its offer to increase the 
annual I .a tin Ame ri can quota 
to 2.2m tonnes over two years 
from the 2m tonnes fixed last 
July if Costa Rica joins Colom- 


regain a lost market" 

Mr Mukherjee thinks that 
the Indian Tea Board produc- 
tion target of lbn kg of tea by 
the turn of the century is ambi- 
tious. Last year India's crop 
was a record 760m kg. against 
704m kg in 1992 and 742m kg In 
1991. The minister has 
expressed concern that “with 
the domestic consumption of 
tea going up by 15m to 20m kg 
a year, there is a pressure on 
the exportable surplus.” 

Mr SM Dutta, chairman of 
Hindustan Lever, who is spear- 
heading the tea import cam- 
paign has also cast doubt on 
India hitting its turn of the 
century production target. 
Those in favour of import point 
out that the rate of growth in 


a development contract which, 
in turn, should be signed by 
December 1995. 

Camisea is Peru's biggest 
ever find and, when developed, 
will represent the largest sin- 
gle investment in the country’s 
history. Probable reserves 
amount to II trillion [million 
million) cubic feet, or the 
equivalent of 1.7bn barrels of 
oiL In addition, according to 
Mr Auger, the three deposits in 
the Camisea field already iden- 
tified contain some 500m recov- 
erable barrels of liquid petro- 
leum gas. 


bia, Nicaragua and Venezuela, 
the other three main suppliers, 
in abandoning the complaint. 

A meeting is provisionally 
scheduled for tomorrow 
between Mr Rene Steichen, EU 
agriculture commissioner, and 
Mr Roberto Rojas, the Costa 
Rican foreign trade minister. 

"We've had no indication 
from them that they're pre- 
pared to accept our offer, but 
we would hope to find a solu- 
tion,” said a commission offi- 
cial. 

The rise in the second quar- 


domestic consumption of tea is 
higher than the production 
growth rate. They rise contend 
that with -annual consump tion 
of tea in India being only 65kg 
a head, there is considerable 
scope for growth. This, how- 
ever, is not possible without 
import if Indian tea exports 
are not to be affected. 

Even then Mr HP Barooah, 
chairman of the Indian Tea 
Association, admits that "one 
day, some countries may be in 
a position to offer good enough 
tea to the Indian consumer at a 
competitive price. If the price 
is attractive and the quality 
acceptable, the Indian con- 
sumer may not be willing to 
pay the extra high price for 
indfon tea, even though it may 


of finding yet more In the same 
area,” said Mr Auger. 

Development of Camisea has 
become a matter of some 
urgency for Peru. For lack of 
exploration over the past 
decade, oil reserves have 
slumped to about 350m barrels 
and the country has been 
forced to Import some of its 
light crude requirements. The 
national electricity deficit is 
variously estimated at between 
300MW and 500MW. 

One of the options Shell will 
be considering is the installa- 
tion either in lima or in the 
Camisea area of thermal power 


ter quota is in response to 
applications for import licences 
for that amount, which corre- 
sponds to 29.5 per cent of the 
awmmi 2m to mw quota. 

"It doesn't mean the 2m 
tonnes will change," said the 
official. “But the facility is 
there to import more if there's 
a demand and we're willing to 
use these mechanisms. 

“By accepting all the licence 
demands, no one can turn 
round and say to us that it's 
the regime which is causing 
the rise in prices." 


have an edge in quality”. 

The basic problem in India, 
Mr Barooah points out, is that 
because of the low productivity 
of workers (730kg per man- 
year) and of land (1,610kg a 
hectare in north India, where 
quality tea is grown), the coun- 
try has become a high cost pro- 
ducer. The cost of production 
of north Indian tea is $L60 a 
kilogram, compared with about 
$1 in Kenya. 

According to Mr Barooah 
him, the Indian tea industry 
cannot ask for protection when 
the country's business is being 
globalised. In the long run, the 
import of tea can be avoided 
only by making the domestic 
Industry competitive in terms 
of quality and price, he warns. 


stations to generate electricity 
from Camisea’s gas. Another 
option is to lay a gas pipeline 
hundreds of miles across the 
Andes to Lima. If eventually 
built, this would be the highest 

in the world. „ 

Mr Auger was reluctant to 
speculate on the scale of possi- 
ble future investment, 
although earlier studies would 
indicate something between 
Slbn and S2bn. In the 1980s. 
Shell invested over SBUQin in 
Initial exploration work. It 
seems likely that it will seek 
consortium partners for C.imi- 
sea’s eventual development. 


Coffee pact 
talks begin 

By Afison Maitland 

The International Coffee 
Organisation embarked yester- 
day on a 10-day meeting that 
could decide its future exis- 
tence. The 56-member body is 
due to agree a new interna- 
tional coffee pact to replace the 
1983 accord, wlilcli has been 
extended four times. 

But the 40 coffee-producing 
countries disagree with the 16 
importing members about 
whether the new pact should 
contain the option to reintro- 
duce measures to regulate the 
market, such as export quotas. 

Such "economic” mecha- 
nisms were dropped from the 
old agreement in 1989 and cof- 
fee consuming countries want 
the new pact to remain merely 
administrative, providing a 
data base and research on the 
coffee market 

If the ICO council cannot 
agree a new pact, it may meet 
again shortly, to extend the 
current one yet again or to 
abolish it, said gn official 

The producer and consumer 
sides were discussing their 
respective positions yesterday 
and an outcome on the pact is 
not expected until towards the 
end of the meeting on March 
30. Producers, basking in the 
success of their export reten- 
tion scheme in buoying prices, 
would like the new accord to 
enable the council to imple- 
ment economic measures. 


Platinum shaft closed 


And there's the possibility 

EU shows flexibility on banana regime 


India not yet ready for tea imports 


COMMODITIES. PRICES 


CROSSWORD 


BASE METALS 

LONDON METAL EXCHANGE 

(Puces from Amalgamated Motet Trading) 

B ALUMINIUM. 99-7 PURTTY (S per tome) 



Cash 

3 men 

Close 

1308-9 

1332-3 

Pievious 

1323-4 

1346-7 

HraMow 


134271327 

AM Official 

1314.5-5.5 

1339-95 

y.erti ckrse 


1327-8 

Open hL 

271.106 


Total <Safty turnover 

52.918 


M ALUMINIUM ALLOY (8 Pta tonne) 


Close 

7295-300 

1310-5 

Previous 

1304-9 

1316-8 

WgtVtow 


132071310 

AM Official 

1300-05 

1315-8 

Kerb rioae 


1310-12 

Open int 

4.4SO 


Total daily turnover 

1.456 


M LEAO (S per lonrw) 



Close 

462-5-3.0 

477-fl 

Previous 

462-3 

476-7 

High/low 


482/471 

AM Official 

482-2.5 

475-8 

Kerb ctrase 


4725-35 

Open im. 

33.660 


Tola) daily turnover 

4,319 


H NICKEL {S per lonne) 


CWw 

9550-80 

5715-20 

Prcvoitt 

5720-30 

5780-90 

1-fcgh.Vwr 


5780/5680 

AM Official 

5680-8 

5745-50 

here dose 


5880-5 

Open mt 

50.359 


Total (fcriv turnover 

7.858 


M TOM (S per tome) 



Ctoi-e 

5S35-40 

5585-80 

Fievaxr, 

5540-50 

5590-5 

Hvyvtow 


5630/5540 

AM Official 

5560-5 

5615-20 

Kerb do so 


5570-80 

Open ml 

19.555 


Tblri Only turnover 

2.619 


M ZINC, special high grade (S per none) 

Close 

958.5-7.5 

977-8 

Frewous 

S555-6.5 

975 5-6.0 

Hgivlow 


985/971 

AM Oh ical 

954-4.5 

974-5 

Ketb close 


978-9 

Oocn 

107X76 


Tofal daily turnover 

28.918 


M COPPER, grade A (S per lormaj 


dose 

1333-4 

19466 

Previous 

1956-8 

1968-9 

HtqtlAOw 


196071942 

am Offloal 

1940-1 

1954-5 

Kerb dose 


1942-3 

Open mi. 

227,746 


Total daily tunover 

61.879 



■ LME AM OmcM E/S rates 1.4830 
LME Poring C/5 rate 1-4840 


50X1. -W0 JraUBM 47B 6 ntttnt 1.4766 9 mris. 1.4749 


■ HIGH GRAPE COPPg) jCOMSQ 




Day-i 






ciom 

change 

High 

ton 

M 

Vo! 

Mjr 

91X0 

-1X5 

91.90 

90.75 

L840 

659 

H* 

9085 

-1X5 

91.15 

91.10 

1,159 

370 

May 

90 70 

-1.50 

92.10 

9055 42241 

8,958 

Jhh 

90.45 

-1.15 

90.40 

90.40 

923 

2 

Jul 

9020 

-1.15 

91 35 

90.10 

11X91 

1.417 


9010 

■1 15 


- 

472 

69 

Total 





6&S28 12X50 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prices supplied by H M Rothschild) 


Gold iTrOy Oil 

S pics 

C squffi. 

Clow 

386.00-386.40 


Openroj 

<386.(0-386.50 


Morning ftp 

38680 

260.858 

Afternoon 8* 

386.45 

280X23 

Day's High 

387X0-388X0 


Day's Low 

385.00-395.40 


Previous dose 

38600-386.40 


Loco Ldn Mean Gold Lending RMeo (Vs USB 



_x.sn 

Xmontfr; 

._..3.32 12 months 

3.79 

3 irwrittw 

3.38 


Silver Fix 

p/trey qz. US eta equv. 

Spot 

384.40 

540.75 

3 months 

368X0 

545X0 

b menths 

373X0 

551X5 

1 year 

382X5 

563X0 

Gold Coins 

S prise 

C equhr. 

Kiu-jeirand 

386-301 

£61-264 

Mapli* Leal 

397 56-400.05 

- 

New Soverergn 

90-93 

60-63 


Precious Metals continued 

GOLD COM EX [100 Troy cc.: Sftroy os.) 


GRAINS AND OIL SEEDS 

WHEAT LCE (E per tome) 


SOFTS 

COCOA LCE (£/tonna) 


MEAT AND LIVESTOCK 

UVE CATTLE CME (40,000fcs; cente/tta) 



SMI 

Oay** 


Open 


Sett 

Doris 



4m 



Sett 

Dev** 


Open 



Sen 

Oafs DP* 



pita 

dingo 

Mgh 

to* fat VOL 


price 

change 

Wan 

Low 

tat 

VM 


price dungs 

KtgSl 

Lon tat 

W 


price 

rim— High Um tat 

W 

MY 

385.8 

-13 

. 

. 

Ur 

10555 

+0X5 

105.70 

105X0 

19 

20 

My 

920 

-23 

- 

- 220 

- 

Apr 

71975 

■OX7S 76350 76X60 35J256 

1478 

Apr 

3863 

-13 

me 

mi 57X32 19.014 

Kay 

10555 

-0X5 

106.75 

10640 

1,484 

134 

May 

964 

• 

957 

MB 23X35 

923 

Jon 

74X75 

-0300 74350 74X90 21744 

2X21 

M*T 

387.4 

-13 

- 

. 

Jun 

107.00 

-0.15 

10730 

107.00 

S32 

28 

M 

955 

-1 

966 

960 15,074 

270 

** 

72X25 

-0325 71850 72450 12379 

1X52 

Jm 

388,8 

-1.3 

391X 

3883 40,878 G.738 

Sep 

9125 

+0.15 

9325 

9125 

291 

15 

Sep 

975 

-3 

977 

972 10,333 

327 

Del 

71450 

-0.425 71750 71375 9X08 

481 


391.1 

-13 

3912 

391.4 7X82 215 

Ho« 

94.10 

+020 

94X0 

94.00 

1,187 

38 

Dee 

989 

-4 

991 

985 17.359 

681 

Dec 

71775 

-0325 74X50 71725 2390 

84 

Oct 

393.7 

-13 

- 

- 4384 91 

Jm 

96.00 

+4L2S 

9500 

85.90 

611 

89 

HU, 

1008 

- 

1010 

1002 23.474 

217 

ft* 

73X25 

-0.400 73X25 7153S 1.171 

527 

TOW 




14M72 26323 

Total 





4238 

362 

Total 




110243 2,664 

TOM 


84X70 

7JM9 

■ PLATINUM NYMEX (50 Troy oz.; Vtroy oz.) 

■ WHEAT C8T (5.000bu min: cents/BOtb bushel) 

■ COCOA CSCE (10 tonnes; Stones) 


■ LIVE HOQS CME (40,00003s; conts/lba) 



*1* 

4010 

+0.7 

4048 

400X 

9.136 

1858 

Jot 

4017 

+0.7 

404.5 

401X 

9.826 

1.777 

Oct 

4042 

+0.7 

■*04-5 

404X 

1.169 

89 

Jm 

4048 

+0.7 

- 

- 

574 

4 

Apr 

405/7 

+0.7 

4070 

405X 

aao 

44 

Total 





21X8S 

3X91 

■ PALLADIUM MYMEX (100 Troy oz.; «/trey oz.) 

Mar 

13435 

+025 

. 


14 


Job 

134.10 

+025 

134.15 

13125 

3X29 

47 

Sap 

133.80 

+025 


- 

396 

- 

DK 

13330 

+oia 

134.25 

133X0 

(81 

- 

Total 





4X22 

47 

■ SILVER CQM0C (100 Troy oz.; Cenfe/troy oz.) 

Her 

542X 

+0.7 

5415 

5410 

893 

132 

AW 

5423 

+08 

- 

- 

5 

13 

May 

5442 

+OX 

5415 

642.0 

87.956 

9.H09 

JM 

548.1 

+0X 

550.0 

5480 

17X46 

1X85 

Sap 

S92.3 

+OX 

554.0 

5518 

4881 

162 

Dee 

558.6 

+OX 

561.0 

557.0 

9.720 

467 


111,023 12,148 


ENERGY 

■ CRUDE OH. NVMEX (42,000 US flafa. 3/baneQ 

IriBM Da ft Opai 

prtee change Hgh Law tat M 

Apr 1455 +007 15.06 14.64 44,829 26.1*4 

May 14.87 +0.03 15 05 MA0 100.352 38.050 
Jua 14,93 +tLC3 15-00 1427 G9.718 H27 I 

Jut 15.04 +0.04 15X9 1 4X7 31X53 8X38 

Aug 15.14 +0X4 15 JO 15.12 18X33 1.742 

Sep 15X2 +004 15X4 1524 19,395 1227 

Total 422J34 91,782 

■ CRUDE OIL IPE (S/barroi) 



Latari 

Days 



Open 



pita 

Cftanofl 

Hgb 

LM 

tat 

VU 

MW 

1177 

+0.14 

1J./9 

1167 60.915 21,292 

Jun 

1385 

+0.11 

1168 

1157 21261 

BX19 

Jul 

1175 

+0.11 

1376 

1164 

15883 

1X98 

Aag 

1383 

+0.14 

1184 

1173 

9.494 

41Q 

S* 

U92 

-002 

1385 

1192 

4.110 

W 

Oct 

14X4 

+0X4 

14X5 

1195 

2X03 

132 

Trial 




119X52 31X29 

■ HEATING OA_ NYMEX (42.000 US c/US |Wfc) 



lota* 

Hay's 



Open 



price 

dooge 

ngh 

Low 

M 

Vri 

Apr 

44X0 

+0X3 

44X5 

4420 33.838 

8.504 

May 

43X5 

+OX1 

4145 

4110 

50381 

5,353 

Jan 

4125 

*QJ» 

43.45 

43X5 

34X50 

MBS 

Jld 

4380 

+0X6 

4195 

4380 

22120 

471 

Aril 

44X0 

+0X1 

44X5 

44X0 

9X30 

456 

Sep 

4580 

+0X1 

45.60 

4160 

1341 

408 

Total 




183,983 17X60 

■ GAS CML PE (Storm) 





Sell 

Dey* 



Open 



prise 

C&MOB 

MsA 

Low 

tat 

KM 

AW 

138.75 

+1.50 

13900 

138X0 

28,280 

4X16 

Hay 

138.25 

+125 

138.75 

137.75 

16.866 

2X85 

Jan 

138.50 

+1X0 

13825 

137.75 

19.127 

1.447 

Jid 

139.75 

+1X0 

14000 

139X0 

12X01 

729 

too 

uzm 

+ 1.25 

HJ.B 

14100 

5.583 

17t 

Sap 

14175 

+1X5 

14175 

14125 

3X31 

79 

Total 




109,100 10X44 

■ NATURAL GAS KVMEX (10X00 mnBu.; SnMBtU) 


Latest 

Day's 



Open 



pita 



LOW 

tat 

vei 

AW 

2XE7 

0.038 

2X95 

2.055 

14.412 

5.869 

May 

2.110 

-0X26 

2.130 

2.105 

14X14 

2X29 

Jm 

2.115 

-0X15 

£.125 

2.110 

9.799 

1X18 

Jul 

2.115 

■0X15 

2.125 

2.110 

9.198 

867 

tog 

2.130 

-0X10 

2.135 

2125 

9X32 

590 

s? 

1150 

-0X10 

2.159 

2145 

10.488 

474 


Total 

■ UNLEADED QASQLME 
HVMB 142,000 US 


121X49 13,414 



Latest 

Day's 


Open 



prin 

etonge 

Mon 

Um tat 

VU 

Apr 

4175 

-0.17 

46.10 

45.75 27.174 

0524 

«*»T 

48.40 

X.16 

<8.70 

40.40 45X91 

7X13 

Jm 

46X0 

-008 

47X0 

4875 22612 

1X22 

M 

46X0 

+0X2 

47X5 

46X0 8,672 

1X11 

Am 

46.60 

-0.01 

48.70 

46X0 7X87 

081 

Sep 

raw 

46X0 

4X1 

48.40 

4025 4.506 

UBUM8 

741 

22X93 


MW 332/2 -3/6 330* 332/0 - 1X20 

May 338/6 -2/4 340/2 336/4 83X10 11.746 

jm 325« w am am 99,760 uses 

SCp 328/0 -0/6 323* 327/2 17X15 1X90 

Dec 337/4 *0/2 338/D 338* 22X70 970 

MW 340/4 +0/4 - 20 

Total 228,185 28X90 

M MAIZE C8T [5,000 bu irtty cents^Sfc Puahet) 

K* 279/4 -1/4 281/2 Z79* 5X50 8X15 

May 285* -1/0 286* 285*582X20119.180 

Jot 289* -1/2 290/2 Z88/25B0X6G 56.455 

Sep 278/4 -1/2 278* 278*133.435 5X00 

Dec 263/2 -1* 283* 262/4297,430 31,995 

Mar 268/4 -1* 270/4 268* 10,790 SB 

Total IXOTM2Z3X80 

■ BARLEY LCE {£ per tom) 


BY 

104X3 

. 

_ 

_ 

7 

_ 

«*y 

105.75 

+050 

105X0 

105X0 

186 

5 


9190 

- 

- 

- 

139 

. 

Mb* 

95.70 


- 

- 

89 

- 

Jan 

97.75 

+025 

97.ra 

97.75 

13 

. 

May 

Trial 

08XS 



" 

434 

10 


■ SOYABEANS CUT I5,000tw Mtn cate/Btt bmtiti) 


MY 688* -3* 689/4 BS5* 1135 4X35 

May 688* -2* 691/0 B8S*894j570 118X80 

Jri 689/4 -m 682* 688/4241X80 38X95 

Aog 68 2/2 -z* 884/4 880* 38,185 4,170 

Sep 664* -1* 667* 683* 20X60 1X20 

Ho* 852/4 -1/2 854/4 650*154X00 17X30 

Trial 778,475181950 

■ SOYABEAN OH. C8T (60.000lbs: cantata 

My 

20.17 

+0X5 

29XS 

2B+92 

1.107 

524 

Mey 

29X6 

+005 

2SL20 

2JL83 

31748 

6.386 

Jri 

28X8 

+005 

28.13 

2075 27477 

3X04 

Aag 

28X7 

+0X9 

28.71 

28X5 

1078 

292 

Sep 

28.07 

+0X7 

28.15 

Z7.B2 

1285 

225 

Oct 

27X1 

+0.16 

27.42 

27X0 

6X51 

282 

Trial 





91337 13X28 

■ SOYABEAN MEAL C8T (100 tons; S/ton) 


Her 

1913 

-1.7 

185.0 

1910 

577 

331 

May 

194X 

-1.8 

1U.1 

194X 28X14 

4X19 

Jri 

185X 

-1.7 

1918 

1S4X 24.638 

1435 

Aug 

194.4 

-1.4 

135X 

194.1 

7X29 

258 

Sop 

1827 

-18 

194X 

1B2X 

5.608 

158 

Oct 

1905 

-1.4 

101X 

1905 

1017 

18 

Trial 





80X04 

8XS8 

■ POTATOES LCE fC/toreie) 




Ari 

1925 

+10X 

1800 

1800 

683 

42 

May 

2080 

+SX 

2D8X 

205.0 

521 

103 

Jon 

130X 

. 

_ 

. 

? 

„ 

So* 

800 

- 

. 

. 



Apr 

12BX 

+05 

127X 

125.0 

. 

. 

May 

1400 

- 

- 

- 

- 

37 

Total 





1X39 

182 

■ FREIGHT (B1FFEX) LCE (SIOAndeot poH) 


Bar 

1178 

■2 

. 


298 

_ 

Apr 

1280 

+5 

1280 

1270 

1,013 

43 

May 

1286 

-2 

12B8 

1265 

500 

as 

Jri 

1153 

-1 

1157 

1160 

567 

13 

Oct 

1280 

-4 


• 

227 

- 

Jan 

1330 

-10 

1340 

1340 

77 

10 

Total 





2,707 

132 


CtaM 

tor 





UR 

1152 

1148 






Tea 

The Tea Orator's Association reports, Good 
General demand. Bright East Africans wen 
dearer tatknring quaHy vrffii cotOiay mediums 
also fuMy firm (a dearer. PUnar mediums mre 
mainly easier. Better Cayions ware bid up wbti 
quality, others wan futy firm. Ceytana and 
brighter Zimbabwe were ftm is dearer but 
plainer Central Africans ware easier where sold. 
Cjuaflty ISOp/kg nom. good mccflum 138p/hg, 
median H8p/kQ. km tmflum B5p/ttn- The 
highest price rerised thla week was 248p lor a 
Rwanda pf.i. 


1223 

-8 

1224 

1208 39X17 4.511 

ay 

46X75 +0X25 47.125 46X00 

9X74 

1X94 

1248 

-8 

1249 

1235 

11571 

1.753 

Job 

51975 +0X25 54.125 53X00 11X45 

1489 

1272 

■6 

1269 

1260 

9X94 

388 

jw 

53X75 +0X75 53X00 52900 

1489 

452 

1302 

■8 

1300 

1292 

6.488 

110 

Aag 

51X25 +0175 51X50 51X00 

1708 

211 

1337 

-6 

1334 

1328 

9.654 

32 

oet 

47X50 +0150 47X00 47.350 

1X72 

42 

1357 

-6 

1355 

1353 

5,345 

- 

Dec 

48X50 - 48X00 48X50 

1180 

127 





94X71 *794 

Trial 


31,179 

1218 


Jot 

Sop 

DtC 


»*ay 

TOW 

H COCOA (ICCO) (SOH VtormeJ 


My 18 
Wy_ 
Mv zi 

today 


Price 

,957,60 


,945.57 


962.74 

941.10 


H COFFEE LCE (S/tonne) 


My 

1326 

+2 

1328 

1320 332 B3 

■*» 

1331 

-1 

1338 

1325 15X33 766 

Jri 

1331 

■2 

1337 

1326 11782 653 

Sep 

1330 

+1 

1333 

1325 5X51 204 

Be* 

1327 

-1 

1327 

1325 3X46 39 

Jw 

1322 

-3 

1330 

1323 4,329 34 

Tetal 




44X17 1X79 

■ COFFEE -C CSCE (37X008*: cwitaOw) 

tar 

7885 

-1X0 

91.00 

8015 72 SO 

May 

81.75 

-075 

8110 

81X0 34.434 6X80 

Jri 

8110 

-075 

8140 

82X0 11X54 1.496 

San 

84X0 

-070 

84X5 

8185 5X72 323 

Dec 

85.40 

■075 

BSX5 

85.15 3X16 97 

My 

86.20 

-070 

88X0 

86X0 1,125 16 

Tatri 




58X27 8X89 

■ COFFEE (ICO) (US ennts/pound) 

ttar 18 



Prim 

Pm. day 

Comp, daily 



-77.46 

7745 

15 day average 


-74X3 

74X5 


■ No7 PREMIUM RAW SUGAR LCE (canta/lbs) 


May 

12X7 

*002 

1228 

1220 

1JS4 

25 

Jri 

12X5 

-0.05 

- 


1826 


Oct 

1110 

-0.05 

- 

- 

145 

- 

J*n 

124J5 

■035 

- 

- 

- 

- 

Trial 





4X36 

26 

■ WHITE SUGAR LCE (SAonnoJ 



May 

338X0 

-1.00 

33650 

32*30 

6.719 

603 

*ri» 

331 SO 

0.10 

332X0 

329.10 

5X87 

227 

ora 

310X0 

oxo 31100 moo 

4213 

171 

Dec 

30030 

+0X0 



107 

- 

Mv 

306.40 

+0X0 

305X0 

30&50 

478 

5 

May 

307.60 

+0X0 

- 


20Z 

- 

Triri 





17X11 

1X96 

■ SUGAR IV CSCE (IllOOOIbs; centsftri) 


M»y 

1111 

. 

12.79 

11X9 81X4313X39 

Jri 

12X7 

002 

12.34 

1216 35X89 4X30 

0 « 

11.77 

-002 

1132 

11.71 

2BJB57 

1393 

■tar 

1133 

-a 02 

11X7 

11X8 

11440 

576 

W»T 

11X9 

0X4 

11X8 

11X5 

1.715 

1 

Jul 

11X5 

0X3 

11X0 

11X0 

1X08 

1 

Trial 




142X4121X40 

■ COTTON NYCE {SOXOOfcK centertba) 


May 

75 43 

0X3 

78X0 

74X0 21590 

5X09 

Jri 

7604 

-0X8 

76.70 

75X5 

13X40 

1056 

Ora 

7120 

085 

7415 

7100 

1573 

322 

Dae 

7032 

0X3 

71.70 

70.60 

13X54 

1X17 

■tar 

71.70 

O.B7 

7101 

71.65 

619 

66 

May 

72.40 

0X5 

7110 

72X5 

196 

11 

Tetri 





53JB1E 10X>8 

■ ORANGE JUICE NYCE (ISXOOtw; cants/taft 

M«y 

11060 

080 

111.70 110.05 

8,386 

652 

Jet 

11140 

0X0 

114X5 

112X0 

5.019 

377 

Sep 

11 SM 

■030 

116.00 

H5X0 

1143 

114 

MW 

11180 

0.55 

11400 

113.S5 

1,238 

60 

Jan 

114X0 

045 

114.95 114 JO 

1,700 

172 

Mar 

116.00 

050 


- 

294 

70 

Trial 





18X90 1,445 


VOLUME DATA 

Open interest aid Volume data shown for 
contracts traded gn COMEX. NYMEX, CHT, 
NYCE. CME. CSCE and IPE Credo 08 are one 
day In arrears. 


INDICES 

A REuTBtS (Base: 18/901=100) 

Mar 2i Mar 18 month ago year ago 
1837.0 1831.9 1732.9 1788.8 

■ crb rmuree iBaae; a/ara+iop) 

Mar IS my- 17 month ago year ago 
22857 22822 227J1 21X67 


■ PORK BHJLP5B Ctg (4QXOOIbs; carta/tat) 

My 56X08 +0.150 S5J7S 55.100 118 27 

Hay 55X00 +0X50 58200 5X550 6X59 1,519 

M 55X00 -0200 66.425 55X00 1854 403 

Aag 53X25 +0X75 54.150 53X50 565 17 

Ftb 58900 - 58250 • 80 18 

Mv 58350 - - - 3 1 

Total 10X94 1XM 


LONDON TRADED OPTIONS 

Strike price « tame — CoBa Put* — 

■ ALUMINIUM 


(99.7%) LME 

May Aug 

May Aug 

1300 

48 78 

27 42 

1325 

35 85 

39 S3 

1350 

24 53 

53 68 

■ CORPS! 



(Grata A) LME 

May Aug 

May Aug 

1000. 

70 99 

26 49 

1950 

42 72 

48 72 

2000 .... — „ 

23 SI 

79 100 

■ COFFEE LCE 

May Jri 

May Jri 

1250 

00 111 

6 SO 

1300 

SO 80 

19 49 

1350 

29 SS 

48 74 

■ COCOA LCE 

May Jri 

May Jri 

825 

42 TO 

13 30 

950 

27 55 

23 40 

975 

17 43 

38 53 

■ BRENT CRUDE IF6 

May Jin 

May Jun 

1300.. 

_ 

19 40 

1350 . 

83 70 

32 

1400 

38 47 

82 

LONDON SPOT MARKETS 

■ CRUDE cm. FOB (fwr briTri/May) 

+Y- 

Dubai 

812X0-2X7* +0.07 

Brent Blend (dated) 

SI 4X1 -4-65 +0.115 

Brunt BtafM (May) 

813.77-3.78 *0.135 

W.T.I. (1pm est) 

$14X0-4X1 w +0095 

■ OIL PRODUCTS NWE prompt delwry CIF (tonne) 

Premhan Gasonne 

*153-155 


Gan CM 

8140-141 

+1 

Heavy Fuel OB 

872-74 

-1 

NapMfta 

SI 32-134 

+0.50 

Jet Fuel 

8167-159 


r-utnjriuil Argus CMIImmt 



■ OTHER 



Gold (per tray oej* 

8388X0 


SAW (par uoy at)# 

541.S0C 


Platinum (per tray oz^ 

8399X0 

-0X0 

PaDadum (per tray oi) 

SI 33-25 


Copper (US prodj 

97.00a 


Lead (US prad.) 

35.00c 

-1.13 

Tin (Kuria Lumpu) 

l&OIr 

+020 

Tin (Now York) 

25BJ0C 

♦1 

Zinc (US Prime W.) 

UfflV 


Cotta {Bvn wrigMJT 

13028p 

+1.14* 

sneap (Svo weigM)T<i» 

1 41.01 p 

+12.79* 

Plga (*va 

77. 00p 

-&28* 

Lon. day sugar (raw) 

S291J0 

■22 

Lon, Pay sugar (wte) 

8341.00 


Trio & Lyto export 

E3Q9.00 

-1.0 

Barley (Eng. lead) 

Unq 


Make (US r+o3 Yefcw) 

Unq 


Wheat (US Dark North) 

£186.01 

+8 

Rubber (Afx)V 

Tfl.OOp 

+1.5 

RuOtarlMayff 

70.50p 

+1.5 

RriobadKL RSS Nol Apr) 

248.50m 

+1JJ 

Coconut 06 (PhflS 

S535.W 

+5.0 

Palm 0* WslayJ§ 

saasjhr 

+15 

Copra (PW8§ 

8343 


Soyabeans (US) 

fi20UX* 

+7 

Cotton Olldook A Index 

81.00c 

-020 

WoottoJW (64s Soper) 

380p 



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r rMcgOAg. m Motor*" (*nl 
x ApMtay. V London Pburic*- 
mmat dose * Sheep pjm 
MR*. pmUonal ptan. 


B pancoftg. « MSA 

ur miDnjflN f biini 

prfcni ' CNnga on 


No.8,410 Set by ALAUN 



ACROSS 

1 Take it you'll go if you get an 
invitation (6) 

4 Cooked when high (6) 

8 Include me In the grant made 
out for clothing (7) 

9 A setback - or just the oppo- 
site! (7) 

11 Soup-kitchens? (5-5) 

12 A refusal to take one back 
from the island (4) 

13 Not my own? That’s untrue 
(5) 

14 Thay*re just what I had in 
mind .(8) 

16 Order the wives to swallow 

tranquillisers (8) 

18 Having borders moved (51 

20 "Spasms” goes in nicely here 
W 

21 Make a world of difference to 
a bird flO) 

23 The small cars on the inside 
are for the underlings (7) 

24 The saltier mixture sells CD 

25 Was joking about not being 
allowed to talk (6) 

26 Ways in which tea is brewed 
in America (6) 


DOWN 

1 It means there’s going to be 
an arrest at sea (5) 

2 Laying false claim to the 
house? That’s a joke! (7) 

3 The sheep’s equivalent of a 
stable-mate? (3-6) 

5 Rows and we hear crying <5) 

6 The little sound of hoe hitting 
soil? m 

7 One-sided wrangle about get- 
ting divorced (9) 

10 Having little foreign cur- 
rency, the ass could be In low 
waters (5.4) 

13 Bearing no rancour, is 
intended as a present (9) 

15 Wait and sign in? Not me. 
silly! <3j6) 

17 Not noticing the engine’s not 
sounding right (j) 

19 The cheek of the little crea- 
ture - it is brave 0) 

21 The meat would seem to be 
affected (5) 

22 Wads of money for a car (5) 


Solution to Saturday’s prize puzzle on Saturday April 2. 
Solution to yesterday’s prize puzzle on Tuesday April 5. 



228X7 






FINANCIAL TIMES TUESDAY MARCH 22 1994 


FINANCIAL TIMES SURVEY 


31 



' 1 — ' wuuvULIUII. 

Competition is becoming much 
fiercer, however, as rival 
institutions vie to offer the formula 
for success. Tim Dickson reports 


A case study 
in change 


Leading management 
educationalists spend a lot of 
time these days telling compa- 
nies how to cope with change. 

Ironically, the turmoil and 
uncertainty in their own busi- 
ness provides ample material 
for a good case study. 

Like other sectors, business 
schools in Europe and North 
America have been hard hit by 
recession. The problem, 
though, has not merely been 
adjusting to a cyclical pattern 
of demand. 

Teaching content and styles, 
traditional delivery methods, 
and even the very basis for 
schools' existence have all 
been thrown under the spot- 
light by the quickening pace of 
economic and technological 
change. 

Among trends on both sides 
oF the Atlantic several stand 
out: a sharper focus on imme- 
diate corporate concerns (as 
manifested in the growth of 
short executive courses tai- 
lor-made for individual compa- 
nies); increasing emphasis on 
the so called multidisciplinary 
- as opposed to functional - 
teaching approach; and grow- 
ing interest in international 
issues. 

In striving to find the right 
formula for survival in the 21st 
century - which in Europe 
means finding an appropriate 
model for training the new 
breed of Euro-manager - busi- 


ness schools are locked in an 
urgent struggle for students, 
staff, money and other scarce 
resources. 

Management education only 
became a respectable and 
established academic discipline 
in the US in the late 1950s - 
but Its expansion over the last 
three decades is a remarkable 
success story. 

The US method has been 
widely exported, in the process 
influencing the development of 
regional systems such as that 
in Europe. The contribution of 
business school research has 
been acknowledged in the 
award of at least four Nobel 
prizes for economics to busi- 
ness school professors. 

Suddenly, however, a disci- 
pline renowned for its interpre- 
tation of relatively predictable 
long term business trends is 
being asked to provide instant 
solutions for companies in a 
much faster arid less certain 
economic environment. 

The good news is that even if 
its nature is changing . demand 
for management education is 
probably as great (if not 
greater) than ever. 

Annual company spending 
on executive education in the 
US, for instance, is estimated 
to have doubled horn $2bn to 
$4bn between 1987 and 1992. In 
Europe, the UK's Ashridge 
Management College last year 
conducted interviews with 150 



IN THIS SURV EY 

□ British NVQs: Rival 

benchmark is gaining cre- 
dence Page I 

O MBA costs: School fees 
defy the recession Page 11 

□ Studying for an MBA: 

New routes are being 
opened up Page IH 

□ France: A solid base for a 

wider mission Page IV 

□ Continental schools: 

Seeking to internationalise 
their intake Page IV 

U Eastern Europe: Teach- 
ers go back to the class- 
room to leam Page V 

□ Spain: Different views 

from the hill Page V 

□ The US: Wind of change 

sweeps courses Page VI 


large and medium sized compa- 
nies in Britain, Germany, Scan- 
dinavia and the Benelux coun- 
tries, which found that 80 per 
cent of them were actively 
involved in management devel- 
opment, 66 per cent had 
recently increased their invest- 
ment, and 50 per cent predicted 
a further rise in spending. 

Intensifying competitive 
pressures, organisational 
restructuring, integrating 
strategy and development, and 
recognition of the value of 
management education as a 
competitive weapon were 
among reasons dted by respon- 
dents. 

But if the cake is not neces- 
sarily shrinking, getting a slice 
of It has become much tougher. 


The corporate sector's concern 
with immediate problems has 
blurred the boundaries 
between management educa- 
tion and consultancy - creating 
new competition from (among 
others) big management con- 
sultancies. trade associations 
and redundant executives. 
Business schools have had to 
re-think their strategies radi- 
cally. 

The soul-searching takes 
slightly different forms in 
Europe and North America, 
but Professor George Bain, 
principal of the London Busi- 
ness School, believes the chal- 
lenges on both sides of the 
Atlantic can be summarised in 
the four Ts‘ - Internationalisa- 
tion. Integration. Implementa- 


tion and Innovation. 

■ Internationalisation is 
reflected in the growth of for- 
eign students an MBA courses, 
and in attempts to broaden fac- 
ulty recruitment, diversify 
teaching materials, and pro- 
mote a greater number of 
exchange programmes. 

■ Integration is seen in the 
way schools have been trying 
to move away from the vertical 
curriculum 'silos' - accounting, 
marketing, finance and the like 
• and to replace, or at least 
supplement, them with course 
structures that encourage a 
more holistic approach to prob- 
lem solving, thereby better 
reflecting the real world. 

■ Implementation is a reac- 
tion to old jibes that MBA 


really stands for management 
by analy sis or management by 
academics. Thus skills courses, 
team building, business ethics, 
negotiation and. above all, 
leadership have become fea- 
tures of the modem manage- 
ment education cunicnlum. 

■ Innovation, the last of the 
Is, implies that the static 
model of the golden age is now- 
adays in constant need of revi- 
sion and fine tuning. 

The encouraging thing from 
a European point of view - not 
least amid renewed fears about 
Eurosclerosis - is that Europe's 
management education suppli- 
ers may be better placed to 
make the necessary adapta- 
tions than their US counter- 
parts. 


London, Fontainebleau-based 
Tnsead , and 1MD in Lausanne. 
Switzerland, for example, have 
long been more international 
than even the top US establish- 
ments (and certainly more so 
than the Mid-Western school 
whose Dean not so very long 
ago proposed that schools' 
international credentials 
should be measured by the 
number of faculty holding 
passports). 

North America's strong 
research tradition, moreover, is 
thought by many to have ham- 
pered the development of a 
true interdisciplinary 
approach, while the rich 
endowments often provided by 
alumni have encouraged some 
to remain unwisely detached 


from employers. 

Instead, 1MD. London and 
1ESE (Barcelona I, on the other 
hand, have long received 50 per 
cent of their Income, or more, 
from executive as opposed to 
MBA programmes. 

The proportion from this 
activity at most leading US 
schools is still less than 10 per 
cent. 

The immediate strains on 
business schools in the UK and 
continental Europe, neverthe- 
less, are real enough. The pro- 
portion of funds which they 
can obtain from the public sec- 
tor in Britain and France is 
falling, while the trend away 
from open executive pro- 
grammes, attended by manag- 
ers from many companies, 
towards shorter company-spe- 
cific courses has financial 
implications. 

Single-sourcing, moreover, or 
at least reducing the number 
of suppliers, is happening as 
much in the management edu- 
cation sector as it is in others, 
says Mr Martin Christopher, 
deputy director, executive 
development, of Cranfield 
School of Management which 
has an annual turnover of 
£6 .3m from short courses 
alone. “The competition is very 
tough”. 

Lower salary expectations 
Con tinned on Page 5 


Invest in 
your career 

London Business School is one of the world’s leading business schools and its programmes attract high 
calibre international participants. 

Our faculty are leaders in their respective management fields. They advise and consult for the world’s 
top companies and their teaching emphasises the practical applications of leading edge research. 

We recognise the need for flexible learning programmes to meet the needs of a wide range of 
individuals, and offer 3 variety’ of ways to obtain world class masters degrees that are internationally 
recognised as pre-eminent business qualifications. 

• Our thirty month Executive MBA Programme’s day release structure means participants can 
reconcile the requirements of a rigorous and thorough general management education with the 
demands of their current jobs. The programme provides a truly global perspective and the necessary 
skills to succeed in an international environment. Applicants are typically 32 years old, with an 
average of nine years’ prior work experience. 

• The Masters Degree Programme in Finance has a strong vocational bias and is practically based. It 
can be completed in nine months of. fuLl-time study, or over two years on a part-time (mainly 
evenings) basis. It prepares individuals for successful furure careers in the finance function within 
business organisations, or in the financial services industry and is taught by the School’s world- 
renowned finance faculty’. Most candidates will be in rhe 25-35 age range and applicants should 
have at least two years prior work experience. 

• The Sloan Fellowship Masters Programme and the International Executive Masters Programme 
(IEMP) arc designed to help develop existing and future senior managers to build the international 
management, general management and personal competences that are required in order to achieve 
high performance at senior levels. Participants are typically 30-45, with about ten years’ experience. 
The Sloan Programme can be completed in nine months of full-time study. The IEMP is a modular 
programme and comprises eight modules, totalling eighteen weeks over a two year period, which 
enables executives to minimise their absence from the company. 

Our masters programmes lead to the award of the University of London MBA or MSc degree and, in 
addition to prior work experience, applicants should hold an undergraduate degree (or equivalent 
professional qualification). 

► 

Kur hufher information, please attach a business card or write in block capitals to: Ms Valerie Morgan ifor Executive MBA 
ind Masters in Finance), or Roger Day (for Sloan or IEMP details). London Business School, Sussex Place, Regent’s Park, 
London, N\V1 4SA UK. Telephone +44 (0) 71 262 5050; Fax: +44 (0)71 724 7875. 
riease rick the relevant box to request details of the programme(s) which interest you: 

(-] £ xa;ut j v . e M bA G Masters in Finance □ Sloan Masters Programme □ International Executive Masters Programme 


NAMr.Z 

ADDRESS: 




TEL: 




Si vvflAy sre-isa 


Lea 


London 


Business 


School 


Cranfield 

/ UNIVERSITY 


With 

\ : \ / 

a quarter 

of a century 
behind it 

— -f— — — 

Ours is not 
just any old 

MBA 


School of Management 


Isn't it reassuring to know that in a changing MBA 
market some standards don't change? 

Over the last 30 years w have established an exceptional 
reputation in business circles. It’s not just through our 
teaching standards, our strong links with industry and 
commerce or our forward looking philosophy with its 
flexible response to the needs of modem business: our 
reputation has been built through our graduates too. 
Their quality and progress after graduation is a testimony 
in itself. 

Right now, with over 90 MBA courses in the L'K 
alone, it is more important than ever to .select The one 
that’s right for you. 

Our standards are high. Only a few will succeed in 
gaining entry. But those who do and who subsequently 
graduate writh the Cranfield MBA, will have achieved a 
measure of success that really means something. Both 
ro them and to their employers. 

If you have a good degree and/Or business 
qualification and at least 3 years' work experience, find 
out more about our onc-year full-time programme- 
beginning in September or our two-year part-time MBA 
beginning in January and our open evenings, by 
contacting: Maureen Williams. 

Cranfield School of Management. 

Cranfield. Bedford MK+3 OAL. 

Tel: +4+ (0)23+ ”51 122. Fax: + ++ (0)23+ ’S181K.. 

The Cranheld MBA 

Stands out in business circles 


THE MANY TALENTS OF ISA 





Nicolas DOURASSOFF 
Bank of Neuflize. Schlumberger. Mallet 
ABN AMRO Group 
ISA MBA Class 94 
Naval Academy - ENSTA 


Bruno SOLNIK 
Professor of Finance 
Ph.D. MIT 

Devised the International 
Capital Asset Pricing Model 


Marie-Eve SCHAUBER 
Borland France 
General Manager 
ISA MBA Class 85 
1NPG S3 


I S A 


[CROUPE 


iHiEjlC 


schooi G » 

MAN At t MINT 


To request a brochure and an application form, please call or fax ISA at 
Ph : (33) I 39 67 73 82 - Fax : (33 ) \ 39 67 74 65 
Deadlines ; February I. April 1. 1994 
Courses begin September 15, 1994 


INSTITUT SUPfcRIEUR DES AFFAIRES 


& 


chambue de ccmmepce ei oiMHjsm? or pars 




32 


FINANCIAL TIMES TUESDAY MARCH 22 1994 


MBA COSTS AND BENEFITS 


MANAGEMENT EDUCATION & TRAINING II 

BRITISH NVQs 


School fees defy 
recessionary pressures 


Recessions are good for 
beeping down prices bat not. 
It appears, the somewhat 
daunting fees charged by man- 
agement education schools. 

As belts have tightened gen- 
erally across Europe, many 
institutions offering MBAs 
and executive courses have 
continued to raise their fees, 
even if the increases are less 
pronounced than they were 
daring the 1990s. 

A glance at the charges for 
Europe's top management edu- 
cation centres confirms that 
many are charging signifi- 
cantly more than they were at 
the start of the decade. Per- 
haps MBAs, like Mercedes 
Benz cars, fall into the cate- 
gory of Giffen goods - products 
whose attractiveness increases 
as their prices rise. 

Not all schools have contin- 
ued to increase their nominal 
fees, but this has often been 
for special reasons. At IESE. 
the International Graduate 
School of Management in Bar- 
celona, Spain, for example, the 
cost of an HfiA course 
between this academic year 
and the next has barely 
moved. 

For 1993/94 the cost or the 
programme was Ptal.875bn 
(£9.014) while for 1994-95 the 
price will be Ptal-9bn (£9,134). 
This amounts to a l J per cent 
increase, compared with a 26 
per cent Increase, between 
1989/90 and 1991/92. 

Mr Pan! McDonough, direc- 
tor of admissions at EESE, says 
fees are rising more slowly for 
several reasons. DESE believes 
that its programme was under- 
priced for many years, leading 
to the big rises at the end of 
the 1980s. These increases 
were necessary, too, to pay for 
new facilities. 

On top of this, the economic 
downtnrn in Europe has 
resalted in a drop in the num- 
bers of people willing to make 
Investments of any nature. 

"Many MBA candidates have 
decided that it may be wiser to 
wait a year or two before actu- 
ally quitting a job and making 
a significant investment in 
education,” says Mr McDon- 
ough. "Many marginal candi- 
dates have decided that quit- 
ting a job is just too risky." 

In spite of this, costs gener- 
ally have continued to rise. 
Even in the UK where there is 


an abundance of MBA places 
and a poor outlook for Jobs, 
many schools have been able 
to raise their fees. Six of the 
best known UK schools - Bath, 
Bradford, Cranfield, London. 
Middlesex and Strathclyde - 
raised their prices in this aca- 
demic year. At Bradford fees 
increased by almost 20 per 
cent between 1992/93 and 
1993/94. 

At London rises were more 
modest The cost of the first 



Roger McCormick: the present 
uncertai n ty is undesirable 

year of the two-year MBA 
course increased from £8,950 
in 1992/3 to £9,500 in this. 
This £550 increase compares 
with increases of £750, £1,700 
and £2,000 in the previous 
three years. 

At the same time, post-MBA 
earnings are not as impressive 
as they were daring the last 
decade. 

As Anrelie Morel, director of 
admissions and placements at 
the Institute for Management 
Development in Switzerland 
says: “The cost of an MBA is 
less to do with the actual price 
of the coarse and much more 
to do with quitting a job, of 
investing a year of your life, of 
forgoing your salary for a year 
and of finding another job at 
the end.” 

A survey by the Association 
among MBAs (Amba) shows 
that those entering into posi- 
tions with new employers 
after completing an MBA, the 
size of the premium attracted 
by MBAs has generally 
declined over time. 

Those graduating between 
1980 and 1985 reported an 


average increase in salary of 
nearly 65 per cent (about 40 
per cent when adjusted for sal- 
ary inflation). By 1991 the 
average reported percentage 
increase had declined to 34 per 
cent which, after adjustment 
for salary inflation, indicates 
that those graduating in 1991 
increased their salary on aver- 
age by 16.5 per cent over and 
above the increase they would 
have expected to receive dur- 
ing the period of their train- 
ing. The survey covered 28 UK 
business schools, 10 continen- 
tal European schools and lead- 
ing US schools. 

One solntion to the rising 
cost of MBAs would be to 
make fees paid by an individ- 
ual tax deductible, something 
for which Amba has long cam- 
paigned. The Issue has yet to 
be resolved. In the last UK 
Budget the government 
extended tax relief for voca- 
tional training to National 
Vocational Qualifications at 
level 5, bat no-one has yet 
established whether this cov- 
ers MBA courses. 

“We find the present uncer- 
tainty highly undesirable," 
says Roger McCormick of 
AMBA. 

It would be wrong to exag- 
gerate the impact that the 
recession has had an the cost 
Of MBAs. The big, well-estab- 
lished schools have sailed 
through the economic down- 
turn and continued to charge 
ever higher fees, protecting 
themselves, to an extent, by 
offering increasingly varied 
executive courses on top of the 
MBAs. This has left the less 
well-known establishments to 
bear the brunt of sluggish eco- 
nomic conditions. 

Bnt as Europe emerges from 
recession, and the jobs market 
becomes less competitive, the 
opportunity cost to students of 
taking an MBA may start to 
creep back down. As Mr 
McDonongh points out: “Those 
individuals over there (the US] 
who decided to embark on 
their MBA two years ago are 
reaping the benefits of being 
in the right place at the right 
time. In Europe, my question 
is whether it will be the 
graduating class of 1995 or 
1996 which will be job seeking 
just as the economy picks up.” 

Emma Tucker 


Mr Andrew S umm ers, chief executive of 
the Management Charter Initiative, a 
body set up in 1988 to improve the qual- 
ity of UK managers, is often asked by 
employers about the relative merits of 
different management qualifications. 

“Until recently, the only management 
qualification with standing was the 
MBA." says Mr Summers, “but I believe 
the higher level national vocational 
qualifications (NVQs) at levels four and 
five will in time be established as a 
qualification with equivalent currency." 

It is an amb itious hope as well as 
being a controversial one. NVQs, unlike 
the MBA, which is acquired through 
either full-time or part time study, are 
competence-based, depending on what 
an individual is able to do in his or her 
workplace, rather than what he or she 
knows. 

Wider adoption of NVQs in the field 
of management qualifications thus has 
significant implications - not least for 
business schools where MBAs are an 
Important income generator. A full-time 
course at a top school can cost up to 
£20,000. Accreditation of an NVQ level 
four or five in management is a much 
cheaper option. 

Candidates typically have to demon- 
strate in their workplace, to trained 
assessors who are not their direct line 
managers, that they can perform a 
number of management jobs. The many 
modules of the qualification include 
managing operations, and financial 
competence. 

NVQs do not, however, formally test 
the knowledge of the candidate through 
examination, and it is here is that the 
gulf emerges between proponents of 
NVQs and MBAs. 

The NVQ framework has been set up 
as part of the government's strategy for 
addressing askflls shortage in the UK 
compared with its main competitors. 
The qualifications start at NVQ level 
one, a basic competency in performing 


Rival benchmark 
gains in credence 



Andrew Summers: high hopes for NVQs 

a given task, and cover most blue collar 
jobs. They are slowly being extended 
Into the professions. 

The lower level NVQs have attracted 
some criticism but the greatest suspi- 
cion and hostility has been encountered 
at higher levels, particularly from pro- 
fessional bodies, defending the tradi- 
tional system of testing knowledge by 
examination. 

“The NVQ cannot be a substitute for 
the MBA, an academic qualification 
which includes some practical work," 


says Mr Alan France, dean of the busi- 
ness school at the University of Central 
Lancashire in Preston. “Academic 
Inquiry Is a usefUi skill far managers to 
acquire, and experience cannot be a 
substitute for the ability to reflect" 

It is a criticism that Mr Summers, 
chief executive of the Management 
Charter Initiative, takes on board. 
“There are no formal examinations for 
the level four and five NVQs in manage- 
ment but there is a requirement that 
candidates demonstrate that they have 
the underpinning knowledge," he says. 

"In practice, this - 

means that the 
information and 
skills required to do 
a task - such as 
developing teams 
and Individuals - 
will be acquired 
through a variety oE 
means: by imitating best practice of col- 
leagues; by attending courses at college; 
or by personal reading 
Typically, he says, it would take an 
individual between six and 18 months 
to demonstrate that they had the com- 
petency to carry out these tasks, and 
this could include a sub stantial amount 
of study, and evidence in support 
The merits of NVQs as distinct from 
the MBA qualification are, he believes, 
a matter of horses for courses, 

"An employer considering sponsoring 


Candidates for NVQs have to 
demonstrate in their workplace, 
to trained assessors, that they 
can perform a number of 
management jobs 


his employees for either NVQs or the 
MBA should ask what h* or ter ^ busi- 
ness objectives wure. and what lay 

skills needed to be developed. 

"Some employers would sj) they 
needed to develop practical skills, such 
as team-building, or setting up » a 
programme. The attainment of the level 
four and five management NVQs could 
be part of the package equipping indi- 
viduals with those skills, whereas if the 
need was For strategic planning or anal- 
ysis, a more formal input from a busi- 
ness school might be more approprt- 
site " 

Conversely, business schools 
acknowledge tort the NVQ may have 
some merit and they are examining 
whether or not practical aspects of their 
MBAs can be accredited as NVQs. 

There is a financial reason for this, in 
a highly competitive marketplace, can- 
didates for NVQs are eligible for tax 
relief on fees, such as those charged for 

accreditation of the qualification. 

For this reason, Cranfield School of 
Management is discussing with the 

inland Revenue 

whether it will 
recognise the prac- 
tical parts of the 
school's MBA as 
the equivalent of 
the NVQ levels four 
or five, 
i if the Inland Rev- 
enue does not agree, the school will 
consider making the competence parts 
of Its MBA NVQs in order to obtain the 
tax reduction." 

It seems highly unlikely NVQs will 
replace the MBA. The measurement of 
competences as assessed by NVQs is 
only one aspect of management educa- 
tion and may not be the most important 
one," Professor Colin New of Cranfield 
says. 

Lisa Wood 


CASE STUDY: British Telecommunications 

A selective approach to training 


For Britain's largest 
companies, training is an 
enterprise in its own right. 
And for none is that more so 
than British Telecommunica- 
tions (BT). which currently 
employs around 1,500 people in 
its development and training 
divisions 

BT is in the throes of a big 
reorganisation of Its training 
capabilities, seeking to apply 
four principles commonplace 
in theory but less widely 
observed in practice. Namely: 
• greater use of outsourcing. 
BT exists to provide telecoms 
services, not training. It 
already contracts out a fair 
slice of its senior executive 
development, but the rest - 
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FINANCIAL TIMES TUESDAY M»»rM 2 , 1994 


MANAGEMENT EDUCATION & TRAINING III 


The death of the MBA has 
Indeed been much exaggerated 
- hut its character in Europe, 
notably In the UK, has under- 
gone radical change. 

Course content is a case in 
point - relevance, interdisci- 
plinary teaching, internation- 
alisation, and “soft" issues, 
such as business ethics, are 
just some of the current buzz- 
words. Perhaps the most stri- 
king development, though, has 
been the dramatic widening in 
range of delivery. 

It used to be tbat a two year 
full-time MBA was tbe norm 
in tbe US. Now, only the pow- 
erful London Business School 
among UK suppliers retains a 
genuine two year programme 
as its main option, following 
Manchester’s decision to offer 
a restructured coarse for the 
forthcoming year. Manchester 
now offers what it calls a stan- 
dard full time MBA over 16 
months with a longer 20 to 22 
month alternative or a fast- 
track route of just over 12 

months. 

“This was in response to a 
consultation process which 
showed that most students 
wanted a shorter career break 
and lower opportunity cost," 
explains Anne Redid ie, Man- 
chester’s marketing manager. 

Therein lies the rub. For all 
the well publicised doubts of 
employers and tbe sceptical 
British approach to manage- 
ment as an academic subject, 
the MBA remains a much 
sought after qualification on 
tbe right terms. 

The result has been a signifi- 
cant increase in part time 
MBA programmes (evenings, 
weekends, a combination of 
both, “modular" weeks); the 
astonishing popularity of dis- 
tance learning (where students 
work from home with teaching 
material provided by the spon- 
soring institution); and the 



Henley Management Cottege: developed *a third generation MBA' 


STUDYING FOR AN MBA 

New routes are 


opened up 


introduction of a range of pro- 
grammes genetically known as 
company MBAs. These 'are 
usually part-time and organ- 
ised in partnership with indi- 
vidual companies, or a consor- 
tium of companies. 

Latest figures from the Asso- 
ciation of MBAs (Amba) sug- 
gest that tbe shorter delivery 
times for full time pro- 
grammes may be having an 
impact. Revised figures for 
1998/94 show that the number 
of full time MBA students join- 
ing UK business schools rose 
by 9.7 per cent (thanks in part 
to the addition of five new 
courses), while new part-time 
students showed an increase of 
just 2.6 per cent (with the help 
of two new courses). 

The key features of the 
part-time and company vari- 


ants are that participants can 
stay in their jobs and look to 
their employers for time off 
and financial support. 

Many business schools - 
such as Warwick - are taking 
advantage of this flexibility. 
There, students can follow a 12 
month programme (which has 
a class this year of 114, aver- 
age age 28, 85 per cent of 
whom pay for themselves); a 
part time evening MBA over 
three years (class size 56. aver- 
age age 32, 90 per cent 
employer sponsored); a modu- 
lar MBA (class size 29. average 
age 85, 95 per cent sponsored); 
and distance learning (350 stu- 
dents. average age 31. 50 per 
cent sponsored). 

Hailey Management College 
also has fall time, part time, 
and distance learning options 


FUNDING 

Quality tests raise hackles 


(the latter is followed by 
nearly 5,000 students, based in 
92 countries). More recently 
Henley has developed what it 
calls a third generation MBA 
which tries to integrate tradi- 
tional learning styles and new- 
delivery technologies (includ- 
ing distance learning). 

City University Business 
School specially targets those 
who work In the City of Lon- 
don with its two year evening 
MBA but it is also notable for 
its management, or consor- 
tium MBA. The coarse has 
powerful backers, which 
include Rover, J Sainsbury, 
Norwich Union, American 
Express and BT. 

An innovative MBA run by 
the Judge Institute of Manage- 
ment Studies at the University 
of Cambridge combines 
full-time study with full-time 
work experience. - 12 months 
out of the 21 month course, 
two 12 month periods in the 33 
month option. Because of the 
real world content Cambridge 
is less strict than some busi- 
ness schools about prior work 
experience. It makes the point 
that the salary earned during 
12 months of the MBA makes 
fees easier to handle than on a 
conventional full time pro- 
gramme. 

The Open University, claims 
to be the largest business 
school in Europe and a market 
leader in distance learning 
with 24,000 managers follow- 
ing its courses and a turnover 
of £17 ul Some 5,500 managers 
are studying for its MBA 
(including 670 students in con- 
tinental Europe). It expects to 
be providing more than 20 per 
cent of UK MBA graduates 
within the next two years. A 
farther 3.000 managers are 
using its material in central 
and Eastern Europe. 

Tim Dickson 


Quality control has just hit the 
UK’s business schools. 

Funding for all the UK's 
higher education is now han- 
dled by one powerful quango - 
the Higher Education Funding 
Council(Hefce) which is now 
busily Implementing the gov- 
ernment's policy that funds 
should reward quality and that 
institutions should be 
inspected to ensure that the 
state is getting good value for 
money. 

Nobody objects to these 
aims, but assessing the quality 
of something as subtle as aca- 
demic endeavour has, almost 
inevitably, proved highly con- 
troversial 

Business schools feel particu- 
larly badly treated. Professor 
Leo Murray, director of Cran- 
field University's school of 
management, is forthright 
about the government's role: 
“Just as they did with the poll 
tax, they took something 
which could be improved and 
made a hash of it.” 

Funding is based on two sep- 
arate components - research 
and teaching. The first quality 
assessments of teaching are 
now being announced. 

They judge individual 
departments within institu- 
tions, rather than universities 
as a whole, and divide them 
into only three broad bands - 
excellent, satisfactory and 
unsatisfactory. 

These classifications hinder 
marketing overseas, particu- 
larly in the competitive busi- 
ness schools market. It is diffi- 
cult to explain away an official 
rating of only satisfactory to a 



Funding students away from worts 
has become increasingly difficult 


foreign company looking for 
excellence. The committee of 
vice-chancellors and principals 
describes the classification as 
“a marketing bullet in the 
foot". 

Universities must first mak e 
a self-assessment, which, 
according to Melee's guide- 
lines, should be an up-to-date, 
self-critical analysis. 

In practice, this forces insti- 
tutions to compose a brief mis- 
sion statement, and then cite 
statistics to show that the mis- 
sion is being fulfilled. 

This allows recognition for 
diversity - those who feel they 
should compete with the best 
in Europe may do so only satis- 
factorily, while the excellence 
of less ambitious institutions 
which aim to train local mid- 


dle-managers can also be 
recognised. 

Hefce assessors then visit 
every institution which has 
claimed to be excellent, plus 
those where they have grounds 
to believe tbat quality is unsa- 
tisfactory . Most of tbe the 
assessors are are academics 
contracted to work for Hefce 
for one to three years - whose 
presence often causes ire with 
academics devoted to their 
own research - along with a 
core of permanent Hefce staff 
and subject specialist asses- 
sors. 

Even institutions revealed as 
excellent by the survey, such 
as City University Business 
School and Cranfield. have 
mixed feelings about the exer- 
cise. 

Mr John Kaye, dean of City, 
is positive about tbe new sys- 
tem. He said the process had 
forced City to ’’take a long 
hard look at itself." 

However, he expected 
Hefce's methodology to evolve 
with time. 

Results for the last research 
selectivity exercise, marked on 
a five-point scale, were 
announced In 1992. It found 
that the top-scoring institu- 
tions in business and manage- 
ment studies were the univer- 
sities of Bradford, Warwick, 
Lancaster and Strathclyde, tbe 
London Business School, the 
London School of Economics 
and the University of Manches- 
ter Institute of Science and 
Technology. 

These emphasised published 
research in academic journals, 
and in the press. 



Professor Leo Murray: forthright 
about the government’s role 


Professor Murray was not 
happy about this: “Our job is 
as a service provider for com- 
panies. What is most Important 
for us is how we transfer or 
apply our research." 

He said the exercise forced 
academics towards publishing 
research, whether or not this 
best served their students, 
“pushing us towards the old 
and damaged American model 
of ’publish and be damned'“. 

These difficulties, facing a 
government agency, may be 
resolved as the system 
matures, but they suggest that 
precise business school league 
tables, wanted by many appli- 
cants, will not be easy to com- 
pile. 

John Anthers 


When Thomas Kaurich, an 
American concert pianist, first 
moved to London in 1988, he 
used to jog in Regent Park 
near his home. As his route 
took him past the majestic 
front of the London Business 
SchoolfLBS), he would wonder, 
“Who would want to go to 
business school?" 

Three years later, Mr Kaur- 
ich, then 30, was struggling to 
distinguish a creditor from a 
debtor in his first study group 
at LBS. where he Is now in his 
final year of the Masters in 
Business Admini strati on(MBA) 
programme. 

The MBA is a rather unusual 
course of study for a man who 
made Ids concert debut at the 
age of 12. After more than 16 
years of playing the profes- 
sional concert circuit through- 
out North America and 
Europe, Mr Kaurich sold his 
piano in New York to buy a 
computer in London, and 
replaced hours of Schumann 
and Mozart with balance 
sheets and annual reports. 

Mr Kaurich’s original inten- 
tion at LBS was to acquire 
skills to transfer back to the 
profession he grew up In. “I 
saw the need in the arts for 
some sort of business-directed 
thrust, and I was single-hand- 
edly going to deliver it." he 
says. 

Small in build, and immacu- 
lately dressed and groomed. Mr 
Kaurich speaks in precise 
rhythms, punctuating sen- 


PROFILE: Thomas Kaurich 


A maestro in finance 


fences with, “Does that make 
sense?". He recalls with amuse- 
ment learning the jargon of 
business. 

“It was in many ways like 
being in a foreign country and 
being surrounded by native 
speakers," he says. “People 
were talking about topics such 
as equity markets and it took 
me ages to figure it out" He 
takes obvious delight in his 
current facility with the busi- 
ness tongue. “Now I can pick 
up financial reports and find 
what I need very quickly. 
When someone says asset turn- 
over I know what it means." 

Mr Kaurich has maintained 
his links with the musical 
world by giving occasional con- 
certs - last month he packed 
out Wigmore Hall in London 
with a Music and Management 
programme of Schubert, Bach, 
Liszt and Schumann to raise 
money for the Friends of Lon- 
don Business School scholar- 
ship fund - and through his 
second-year project with the 
Barbican Centre. He is examin- 
ing ways of diversifying pro- 
gramming and audiences. 

“It is interesting doing a 
project for the Barbican Centre 
in a business capacity when I 



Thomas Kaurich: swapped a piano 
for a computer 


have been on the other side as 
well" he says. "I think that it 
has given me an advantage.” 

He is frustrated by classical 
musicians who “expect people 
to come to concerts just 
because they are performing 
’great music’". According to Mr 
Kaurich, that mindset is 
responsible for diminishing 
audiences. 

Describing a typical orches- 
tral concert, he says of the per- 
formers “they are all dressed 
as If it were the last century. 
When they finish and take a 


bow they don’t even look at 
the audience. They put up bar- 
riers between performer and 
audience,” he claims. 

The former concert per- 
former offered one possible 
solution to musicians’ apathy 
toward audiences. 

“If their salary depended on 
the number of tickets they sold 
then they would have a vested 
interested in each perfor- 
mance,” he said. 

His studies, however, have 
introduced other interests. 
“Being in the MBA has opened 
up so many new things to me 
that it is not necessary for me 
to be in the arts. Business Is 
business whether you are sell- 
ing opera-singers or circuit 
boards, though circuit boards 
certainly are not as tempera- 
mental as opera singers." he 
says. 

Mr Kaurich has now joined 
his classmates at LBS in inter- 
view rounds for jobs in corpo- 
rate finance. “What appeals to 
me about finance is the buzz of 
it. It reminds me of the kind of 
energy generated by perform- 
ing." he said. 

This convert to finance sees 
other similarities between 
music and business. “Music is 


the perfect marriage of a struc- 
tured intellect and intuition," 
said Mr Kaurich. “I find that 
these two instincts transfer 
very well to the business 
world." 

He believes that business 
schools are beginning to recog- 
nise that decisions often are - 
and indeed shonld be - based 
on a sixth sense, rather than 
pure facts and figures. “I think 
it (the MBA) is moving away 
from trying to quantify every- 
thing and allowing for gut feel- 
ings” 

But does he miss music? Not 
yet, he said but he is not sure 
he wants to return to the 
music industry, even just to 
apply his business skills. “I 
think ultimately maybe I could 
but I do not think I am pre- 
pared to enter that world again 
just yet I do not think 1 have 
got everything 1 want from 
business." 

Still, he puts aside time - 
albeit only 15 to 20 minutes a 
day - to tinkle the ivories (on a 
rented piano) when he needs a 
break from his studies. He no 
longer feels the need for the 
constant buzz of performing. 
“If I want to perform I will find 
a hall and fill it with people I 
know. I cannot think of any- 
thing more enjoyable than per- 
forming for an audience, every- 
one of whom I know. That is 
how the past few concerts 
through LBS have been." 

Motoko Rich 




AN MBA THAT 
actually practises 
WHAT IT PREACHES 


Manchester Business School is one of Europe's foremost business 
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in a ur until !WH tee ore also introducing u new residential 
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Both programmes are based on the School's internationally 
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THE NEW, FLEXIBLE MBA Because drfferem students approach an MBA from 
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the RESIDENTIAL EXECUTIVE MBA Manchester Business School’s new 

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To find out more, phone or fax Alison Walker on 
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Manchester Business School , 

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We also offer a part-time day release MBA, DBA, PbD and 
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Fax. 071-240 5771. 




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MANAGEMENT EDUCATION & TRAINING IV 



Bruno Dufoun Lyon will take 10 years to be truly international 


THE EUROPEAN EXPERIENCE: FRANCE 

Solid domestic base for a world mission 


International business school, 
south west of Paris, not far 
from Versailles. 

For most multinational busi- 
ness executives outside France 
that map reference means just 
one word: Insead. 

Set up in 1959 on the Har- 
vard model, the Fontamebleau- 
based Institute of Business 
Administration is almost syn- 
onymous with management 
education in Europe. 

However, the same part of 
France - the village of Jouy- 
en-Josas, to be precise - boasts 
another institution with a 
growing claim on outsiders' 
attention. 

Groupe HEC CL’Ecole des 
Hautes Etudes Commercial's) 
is France's leading grande 
ecole of management, and rep- 
resentative of a proud educa- 
tional tradition which lies at 
the heart of the country's exec- 
utive training system. 

Frequently misunderstood - 
and too easily dismissed by 
international commentators - 
HEC and other grandes dooles 
like ESSEC, ESC Paris and 
ESC Lyon are developing seri- 
ous international strategies on 
what from the outside at least 
appear to be enviably solid 
domestic foundations. At a 
time when the Anglo-Saxon 
MBA model seems no longer to 
be able to provide all the 
answers, the French system 


offers an instructive alterna- 
tive. 

The grandes ecoles. which 
like so much in France can be 
traced back to Napoleon, are 
independent of the French uni- 
versities, but closely associated 
with and partly financed by 
local chambers of commerce 
through a compulsory payroll 
tax on employers. Originally 
set up to prepare children of 
wealthy Industrialists and mer- 
chants for a career in the fam- 
ily business, they evolved after 
the second world war into 
much more professional and 
better focused management 
training institutions, influ- 
enced greatly by what was 
- going on in the US. 

Today, there are 21 grandes 
ecoles of management which 
turn out some 8,000 graduates 
per year. Students follow typi- 
cally a 5 year general manage- 
ment curriculum which starts 
immediately after the bacca- 
laureat and which is sub-di- 
vided into two years of classes 
preparatoires devoted to pre- 
business school courses; a one 
year foundation course; and 
the two year graduate pro- 
gramme proper. Students 
already holding a university 
degree, as well as foreign stu- 
dents. generally go straight on 
to the graduate programme. 

The qualification they 
receive is generally known in 


France as the masters in man- 
agement and is quite distinct 
from the MBA- The latter, of 
course, is of Anglo-Saxon ori- 
gin and is aimed at graduates 
with a general education who 
have already spent several 
years working in a business. 

In one sense, the two 
systems are complementary: 
indeed HEC and Lyon recog- 
nise this and offer both. But in 
another sense the economic cli- 
mate in Europe has sharpened 
rivalry as business schools 


seek to find the most appropri- 
ate methods for training the 
Euro-manager of the mid 1990s. 

There is more than a touch 
of anti-Americanism in the jibe 
that Insead is an offshore busi- 
ness school, but while such 
remarks merely underline 
HEC's still chauvinistic 
instincts and Parisian hauteur, 
it would be a mistake to under- 
estimate the advances which 
the grandes ecoles have made 
in broadening their course con- 
tent (less emphasis on mathe- 
matics and closer contacts 


with tile business community), 
the seriousness of the Interna- 
tional mission of schools, such 
as HEC and Lyon, and the 
inherent attractions of the 
business vocational approach. 

HEC points out that its inter- 
national student exchange pro- 
gramme actually started 20 
years ago with New York Uni- 
versity, and that 25 per cent of 
its students are non-French. It 
was also one of the founders of 
the Community of European 
Management Schools! OEM S) 


which has attempted to set 
standards for a European mas- 
ters. 

That said, there is still some 
way to go. Its international 
drive really only started with 
the creation of HEC’s specialist 
MBA arm the Institut Super- 
ieur des Affaires, while only 
10-15 per cent of the faculty is 
non-French. Henri. Tezenas du 
Montcel. HEC's President, 
admits that the school is " still 
too small and still too French”, 
but he adds provocatively: " 
We are not so far now from 


schools, such as Harvard. MIT 
and Columbia. Ten years ago 
you could not have said that”. 

Lyon, meanwhile, is a more 
unlikely institution to be going 
global but as Bruno Dufour. 
the school's dynamic president, 
explains: M It was the only 
strategy we could develop. If 
you are outside Paris in this 
country and you want to exist, 
you have to do something 
else." 

He, too, admits that the 
school has a long way to go if 
it wants to be more than just a 
well regarded European school, 
and he predicts it will take 
another 10 years to be truly 
internatRmal. notably in terms 
of faculty quality. Lyon, never- 
theless, has a good mix of non- 
French students taking the 
masters degree, and the stu- 
dent exchange programme is 
said to have progressed better 
than expected. 

Lyon has 13 double degrees 
with other institutions, includ- 
ing Cranfield of the UK and 
Esade of Spain, and 31 cross- 
border partners, with whom 
course work is validated for 
degree purposes, it is also a 
participant in the multire- 
gional international business 
programme, run between the 
so-called club of rich regions in 
France, Italy, Germany and 
Spain, plus Wales and the 
Canadian province of Ontario. 


This involves students spend- 
ing a full year at another busi- 
ness school, and carrying out a 
research project, or internship, 
in one of the other partner 
regions. 

Dufour lists many challenges 
facing business schools, includ- 
ing the need to adapt to non- 
customer demands, develop a 
more flexible teaching 
approach, and make up budget 
losses arising from lower 
apprenticeship tax contribu- 
tions m France. "Some of the 
smaller grandes ecoles. are 
going to go out of business-, hr 
savs. 

The Frem“h-spe:ikmg market 
Tor management » -duration is 
not large enough fur distance 
learning, he believes, but 
schools in France will have to 
deliver their prngr.uunies with 
the help of the new technolo- 
gies. such as videoconferenc- 
ing. . 

The cost of management edu- 
cation can he broken down 
into one third travelling and 
accommodation, one third sala- 
ries of the participants, and 
one third teaching expenses. 
-U you can remove part of this 
equation so much the better." 

In the ahseuce of strong part- 
nerships with companies, busi- 
ness schools are in big trouble, 
he says 

Tim Dickson 


The grandes ecoles, which tike so much in France 
can be traced back to Napoleon, are independent 
of the French universities, but closely associated 
with and partly financed by local chambers of 
commerce through a compulsory payroll tax on 
employers 


MANAGEMENT SCHOOL NETWORKS 

Melting-pots for Euromanagers 


The engine of European 
political integration may be 
stalled for the moment but the 
high level of cross-border 
mergers and acquisitions last 
year was just one sign of the 
growing interdependence of EU 
and Efta economies. 

In this environment multina- 
tionals more than ever are on 
the look out for managers who 
can speak foreign languages 
and adapt to different business 
cultures and practices. 

Since 1988 the Community of 
European Management Schools 
(CEMS), a network of high 
prestige management schools 
in Europe*, has been attempt- 
ing to address their need. 

So far its imaginative 


attempt to instil in students a 
common body of European 
knowledge, wider language 
skills and broader interna- 
tional experience, has pro- 
duced 550 Euro-managers in 

Multinationals more than 
ever are on the look out 

for managers who can 
speak foreign languages 

four years but this may just be 
the beginning. 

Says Ian Du Pre, national 
recruitment partner at accoun- 
tants Coopers & Lybrand in 
London, which annually 
recruits 700 graduates in the 


IMaC Executive 
Master ’s Program 

A jo in n and European 

, , Exectitwe MBA Program 

■■ 

v"^.4rMwp!,Pegr«rtS'-from two prestigious institutions 

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A unique Program design - - i ; 

_ _.XauStii exchisivchiin tiiijjlislf hy-Rif inicrriaiioont faculty. the_ 
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tn' ihc i.s'a. 

>X' &T," w'rtir i oter rroti 
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w'rtjrintcrnational participants 
arsd-na interruption of career. 


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aiv.rjSm-ness of international |K-t>p«eiives. tlie.lM-'C'E.MS 

/j-Vcojirriii) win be the ideal accolenitnr lor. yuiir.’cirver, Our next 
L.j'sosion begins in January JV-)5. I'rcscnta'intvs'wiH be made in 
idT London and Paris. ' 

Furtho^dertailsi-from. ; 


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^ .IK -Kudlt-iuassixef - OM, 'F-MUPn^run 

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UK alone : u We are extremely 
enthusiastic about it [CEMS]. 
One of the problems in the UK 
is that our A-Level and univer- 
sity system puts people into 
the market in their early 20s 
without a business vocation. 
The people we get from the 
continent are in their mid 20s. 
have a vocational degree, 
speak languages, and will go 
where the action is.” 

The challenge for the GEMS 
is reconciling the different 
European traditions of man- 
agement education. CEMS 
respects the broad continental 
model, which differs from 
country to country but which 
in most states is based ou a 
four to five year university 
based course (combining 
undergraduate and postgrad- 
uate work). 

The idea of the CEMS Mas- 
ters is that over this time stu- 
dents fiilfil both their home 
course requirements and those 
of a wider European curricu- 
lum. Economics, law, mathe- 
matics and statistics are 
among core subjects in the 
first three years. In the final 
two years a CEMS student has 
to take eight courses dealing 
with a variety of European and 
international issues (of which 
six, including EC law and 
international economics, are 
compulsory). 

Fluency in three languages 
(at least two of them Euro- 
pean) has to be demonstrated, 
and to receive the qualification 
six months must be spent 
abroad, three of them at 
another academic institution 
in the network, the rest on sec- 
ondment to a company. 

CEMS is not unique, the idea 
having been copied in 1989 by 
the Alliance Of Management 
Schools in European Capitals** 
whose AMSEC Master adds 
Euro requirements to the home 
degree in much the same way. 
Even allowing for its self-con- 
scious exclusivity, however - 
there is only one CEMS insti- 
tution per country - its 
approach can be seen as one 


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BJ 


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m 


means of trying to harmonise 
European standards for Mas- 
ters level management qualifi- 
cations. These CEMS standards 
are defined in close collabora- 
tion with 33 corporate part- 
ners. most of them leading 
European multinationals. 

According to Lluls Puges. 
director general of the Spanish 
business school, Esade, and a 
founder member. CEMS goes 
beyond mere student 
exchanges. "We are trying to 
mix faculty groups and to 
write more European cases." 
he explains. “For me, though, 
the great advantage is discuss- 
ing a common problem but 
then hearing the different cul- 
tural solutions which you find 
within Europe." 

Puges admits that more 
work has still to be done on 
harmonising standards. "Some 
schools are more interested in 
certain issues than others. It is 

Economics, statistics, 
mathematics and law are 
among core subjects in 
the first three years 

particularly difficult in areas 
such as human resources and 
organisational development. 
We are effectively having to 
negotiate to find a co mm on 
degree." 

*The 12 CEMS academic mem- 
bers are. : Copenhagen Business 
School ; Erasmus Universiteit, 
Rotterdam ; Esade. Barcelona; 
HEC.Paris; Hochschule Saint 
Gallen; London School of Eco- 
nomics; Norwegian School of 
Economics and Business 
Administration, Bergen; Stock- 
holm School of Economics; 
Lfnioersite Catholique de Lou- 
vain: Vniversita Commercials 
Luigi Boccord, Milan ; Unwersi- 
tat su Kohl. Wirtschaftsuniver- 
sitat Wien. CEMS Secretariat, 1 
Rue de la Liberation. 78350 
Jouy-en-Josas. France. Teif33)l 
3967 74 57. 

** The members of AMSEC are 
City University Business 
School( London i. Ecole Super- 
ieure de Comme rc e de Paris. 
Libera Universita Internation- 
ale Degli Studs Sociali( Rome), 
Norwegian School of Manage- 
ment . Ecole de Commerce Sol- 
vay( Brussels), Technische 
UniversUal Berlin, Universidad 
Complulense (Madrid i and Uni- 
versity College Dublin. 

Tim Dickson 


Continental schools are seeking to internationalise their intake 

English is new French weapon 


The relatively small domestic 
market is one reason why the 
leading French business 
schools are pushing for foreign 
MBA students. 

Insead ’s intake has long been 
international. The Institut 
Superieur des Affaires (HEC) 
and ESC Lyon say that respec- 
tively 30 per cent and nearly 20 
per cent of participants in their 
current classes are non-French. 

- Our objective is to increase 
the proportion to 30 per cent in 
three years, and 30 per cent in 
the next five to seven years." 
says Patrick Molle, dean of 
Lyon’s MBA programme. 

HECfiSA's MBA is already 
fully bilingual, but next Sep- 
tember Lyon plans to intro- 
duce an international track for 
foreign students. Until now. 
core courses at Lyon have been 
in French, which has tended to 
restrict non-nationals to those 
with French spouses, family 
connections, and educational 
backgrounds. 

The new English courses - 20 
per cent of the Lyon Faculty’ 
already teach in English - will 
be accompanied by fuff time 
tuition in French. As for mar- 
kets. Molle is targeting Can- 
ada. Scandinavia, Germany 
and Spain, and plans to tackle 
the Asian markets over the 
longer term. 

The cost and time pressures 
bearing down on MBA stu- 
dents in France are little differ- 


ent from those elsewhere - but 
□either Lyon (full time pro- 
gramme one year) nor ISA (16 
months) has much interest in 
the part-time approach. Lyon 
is. nevertheless, contemplating 
a two to three year option 
which would enable students 
to spread studies over a longer 
period and remain with their 
employer. 

“Last year 60 per cent of our 
students went back to their old 
company, which would have 
been unthinkable five years 
ago'.observes Molle. 

"At the moment only 10 per 
cent are paid for by their 
employers, though I don’t 
think the proportion could go 
much beyond 15 per cent." 

At ISA, the dean, Eric Briys, 
is a strong defender of the hill 
time MBA, 

Part time programmes can- 
not generate the mutual 
enrichment which comes from 
mixing people from different 
backgrounds and the total 
intellectual immersion and 
freedom from corporate respon- 
sibilities afforded by an 
extended training sabbatical, 
he says. 

Moreover, full time partici- 
pants, display a risk-taking 
propensity which should bode 
well for their future careers. 

Briys believes, however, that 
what he calls the geometry of 
risk has become unbalanced 
for the student. 


He advocates more 
imaginative loan schemes and 
tuition fees, linked to 
performance or subsequent 
salary. 

ISA is also notable for its 
imaginative course content. 
Rather than teaching business 


ethics in tin* classroom, it 
sends students four times a 
year to the French Alps to 
study with Benedictine monks 
at the monastery of 
Notre- Dti me de Gauagobie. 

Tim Dickson 


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FINANCIAL TIM KS TL) ESn a v 


MARCH 22 1994 

MANAGEMENT EDUCATION & TRAINING V 


THE EUROPEAN t! PERIENCE: SPAIN 


Different views from the hill 


IESE and Esade, the two most 
internationally renowned busi- 
ness schools in Spain, are 
perched on the same bill just 
10 to 15 minutes from the cen- 
tre of Barcelona. 

Their similar geographical 
location, however, masks fun- 
damental differences which go 
beyond Esade's famous associ- 
ation with the Jesuits and rival 
l ES E's link with the tradition- 
alist Roman Catholic organisa- 
tion, Opus Dei. 

Founded in 1958 IESE (the 
International Graduate School 
of Management of the Univer- 
sity of Navarra) is a Harvard- 


inspired institution devoted to 
post-experience MBA educa- 
tion and the training of senior 
executives. Esade. founded In 
the same year, provides these 
services, too, but it concen- 
trates much of its effort on 
younger students straight from 
school who typically follow a 5 
year management course mod- 
elled on the French grandes 
fccoles system. 

The different focus has 
helped shape separate philoso- 


phies, visible in the schools’ 
product mix, attitudes to teach- 
ing - . and international strate- 
gics. At one level, their rela- 
tionship appears to be one of 
relaxed co-existence. A ques- 
tion for the harsher and less 
predictable economic climate 
of the mid 1990s, though, is the 
extent fo which rivalry will be 
sharpened in areas such as 
MBA and executive education, 
where there is overlap. 

As Paul McDonough, MBA 
admissions director at LESE 


tions to roll in. Now schools 
have to make more of an effort 
Certainly the general level of 
interest is down, but we are 
benefiting from the different 
aspects of our programme and 
from people's desire to learn 
about the Spanish and Euro- 
pean economies". Last Septem- 
ber there were 360 applications 
for 65 places on the English- 
language section of the two 
year full-time MBA course. 

Lluis Puges, director general 


of Esade. concedes that eco- 
nomic pressures, and the pro- 
liferation of smaller domesti- 
cally-oriented Spanish schools 
offering short programmes, 
have had an impact on Esade's 
MBA applications. Neverthe- 
less, he is happy with the cur- 
rent size of the full time MBA 
class (around ISO per year, 
including 40 in the English 
speaking section). 

Esade is trying hardest to 
expand in specialised courses 
for executives and tailor-made 
programmes for companies. As 
Puges explains, there are three 
main benefits: “Our faculty 
gets better exposure to current 
management problems, it 
improves the chances that they 
will hire our people, and it fos- 
ters loyalty and repeat busi-' 
ness From our company cus- 
tomers." 

A reputation for top execu- 
tive training lies at the heart of 
nearby lESE's formidable 
strength. About 600 senior 
managers attend the school's 
part-time programmes each 
year, accounting for 49 per 
cent of its income. This success 
is based on lESE's enviably 
close links with the local busi- 
ness community. These are 
based in part on the its influen- 
tial and highly active alumni 
network. (A recent survey 



Carlos Cavafle, dean of IESE 


showed that an internationally 
high 45 per cent of its former 
students contribute to school 
activities). 

As Carlos Cavalle, dean of 
IESE, points out, there are 
equally important forms of col- 
laboration with the school's 
non-alumni customers, 
through lESE's joint advisory 
board, its joint (research) com- 
mittee, and its associate com- 
pany status. This gives mem- 
bers regular Input into 


puts ic -in the late 1980s peo- 
ple like myself just had to sit 
back and wait for the applies- 


Esade is trying hardest to expand in specialised 
courses for executives and tailor-made programmes 
for companies 



The IESE is one of Spain's mtwrnationaHy-ranownod business schools 


educational issues. 

Cavalle emphasises the pri- 
macy of corporate connections 
in lESE’s overall strategy. "We 
actually started the school by 
setting up a senior executive 
programme first We thought 
this was an excellent way of 
developing the faculty, the 
MBA market and research." 
Some Spanish business 
schools, says Esade's Puges, 
are befog forced to cut their 
budgets by as much as 20 per 


cent this year. Puges says he is 
not hiring any new faculty 
members. “I am trying to keep 
it the same." The challenge, he 
says, is to find new markets 
both at borne (through more 
executive education) and 
abroad. (Esade's new interna- 
tional programme fo business 
law is one current example). 

Puges reflects that the 
changes forced on schools may 
be more fundamental. “When 
change follows a pattern, it is 


relatively easy to look ahead," 
he explains, “but for me the 
great difficulty is that we are 
on the point of a big break- 
through, which means you 
have to dream. That is difficult 
for business schools, because it 
is the realm of artists and phi- 
losophers. If we can somehow 
combine dreaming with ratio- 
nal thinking the result could 
be very positive." 

If business schools are to do 
more to solve society's prob- 


lems. Puges further believes 
they must be more focused on 
helping entrepreneurs and less 
obsessed with serving multina- 
tionals. 

Back at IESE Pedro Nueno. 
the school's widely respected 
professor of strategy, sounds 
optimistic. He says the reces- 
sion. “uncovers new types of 
need which we have been 
addressing.” Change has 
increased the pressures on 
lESE's staff, but Nueno empha- 
sises that the school's total 
throughput is increasing and 
that it is still hiring and train- 
ing new faculty. 

Much of lESE’s success lies 
in the decision five years ago 
to go global, as Carlos Cavalle 
puts it. IESE, for example, has 
teamed up with the University 
of Michigan, one of the leading 
US schools in executive educa- 
tion, to offer a two week course 
fo Switzerland. 

Where others talk gloomily 
of their experience in Eastern 
Europe, Cavalle says that on 
the contrary the international 
faculty development pro- 
gramme. run jointly with ISA 
fo Paris and Bocconi Univer- 
sity in Italy, is working well. 

“It is much better to train 
the faculty than to try to teach 
executives directly." he sug- 
gests. 

He admits that Moscow has 
been more difficult but “ by 
choosing the universities of 
Prague, Warsaw and Budapest 
we are working with the best". 

Tim Dickson 


EASTERN EUROPE’S NEEDS 


Experience dampens 
both sides’ high hopes 


Western management 
educators joined in a general 
excitement in the West at the 
start of the decade: eastern 
Europe was a market which 
seemed to offer unbounded 
potential. 

Here was half a continent 
whose companies were crying 
out for executives familiar 
with modern management 
techniques. Just as structured 
management education spread 
from the US to western Europe 
fo the 1960s, so the movement 
appeared poised to take the 
former communist bloc by 
storm in the 1990s. 

But management schools 
have shared fo the disappoint- 
ment of the discovery that 
need does not automatically 
translate into demand for ser- 
vices. “An enormous market - 
an enormous, insolvent mar- 
ket," says Robert Crane, dean 
of tbe International Manage- 
ment Center In Budapest, one 
of the leading schools in the 
region. “As far as I can tell, no 
one has made money from 
management training in east- 
ern Europe." 

East European trainees can 
rarely pay fees out of tbcirowu 
pockets. Salaries remain a 
fraction of western levels 
while management training is 
little cheaper. Fees at the 
International Management 
Center in Budapest, for 
instance, are $10,000 a year 
while a US school would 
charge between $12,000 and 
$20,000. 

Some students make tbe sac- 
rifice. Vi linos Skultety of Szek- 
esfebervar in western Hungary 
sold his Lada car to raise the 
funds to study at the IMC. He 
is now Hungarian marketing 
manager for Lo ranger, the US 
car components maker, and 
possesses a smarter car but he 
is the exception. 

Local corporations are as 
strapped for cash as individu- 
als. Management courses were 


the fashion when the east 
Buropean economies first 
opened np. But prolonged 
recession has forced many 
state enterprises to ent their 
training budgets and rising 
unemployment has made 
employees more cautions 
about taking a couple of years 
onL 

That has left official and pri- 
vate philanthropy as the main 
source of financing. Most 
Important is the European 
Union's Phare aid programme 
for eastern Europe. . George 
Soros, the bedge-ftmd specular 
tor, provides scholarships 
through his foundations for 
almost all the students on 
IMCs fall-time MBA course. 

Official assistance has not 
been sufficient, however, to 
Induce reputable western man- 
agement schools to establish a 
permanent presence in eastern 
Europe. The University of 
Pittsburgh has close links 


with the International Man- 
agement Centre In Budapest 
and tbe Czech Management 
Centre. Five top-ranking US 
schools have formed a consor- 
tium which provides courses 
for east Europeans. Bat 
involvement is generally at 
the level of individual faculty 
members. After initial explora- 
tion, most institutions have 
retrenched. 

Disillusionment has been 
mutual. “We had a trooping to 
the east of a lot of dubious 
people in management educa- 
tion who were, by and large, 
charlatans," says Derek Abell, 
professor at the Institute for 
Management Development in 
Lausanne. That has done little 
for the standing of manage- 
ment training in eastern 


Europe. “What the West was 
offering was suspect," says Mr 
AbelL “There is a real sense of 
disappointment." 

East Europeans are never- 
theless gradually becoming 
more discriminating and a few 
institutions have managed to 
build reputations for quality 
and find their financial foot- 
ing. The International Execu- 
tive Development Centre in 
Slovenia, dynamically led by 
Danica Purg, is particularly 
well-regarded. Most observers’ 
lists include Budapest's IMC, 
the Czech Management Centre 
in Prague and the Interna- 
tional Postgraduate Manage- 
ment Center of Warsaw Uni- 
versity. 

The better schools, seeking 
to reduce their dependence on 
grants, are trying to drum up 
business from western compa- 
nies with operations in eastern 
Europe. IMC condncts an 
in-house MBA programme for 


Tungsram, General Electric’s 
lightbulb-maklng subsidiary 
in Hungary. IMC hopes, 
through projects like these, to 
match western schools and 
cover 70 per cent to 75 per 
cent of operational costs 
within five years. 

For east Europeans without 
backing from a western 
employer, distance learning is 
Increasingly popular and has 
provided opportunities for 
some western providers. The 
Open Business School, a 
branch of the Open University, 
has students in Slovakia, Hun- 
gary and Russia and is 
expanding into Bulgaria and 
Romania. 

There is untapped potential 
In management education 
beyond standard MBA courses. 


For east Europeans without backing from a western 
employer, distance teaming is an increasingly 
popular option 


A case study in change 


Continued from Page 1 


ncertain jobs market 
bined to cut demand 
me MBA courses by 
5 per ceut over the 
> three years ■ though 
res from the Associa- 
BAs (Amba) suggest 
W has seen a recov- 
UK. 

wth in part-time pro 
is a welcome exten- 
choice, but some 
* of poor quality and 
iking schools in par- 
i being squeezed, 
nageroent challenge 
ss school deans goes 
nd merely balancing 

;t is finding faculty 
spond to the growing 
for teaching across 
s, sufficiently versed 
ational issues, and 
Ight skills to address 
s' immediate prob- 
g needs. 

■k is to do this with; 
irificiug schools 
capability, and witn- 
tg the leading-edge 

? which distinguishes 
ent education from 
?nt consultancy, 
i piece of jargon from 
■*s lexicon, the suc- 


cessful schools of tbe next cen- 
tury will have rightsized rather 
than downsized. 

Cutting human capital is a 
last resort for many businesses 
at the moment, but business 
schools are especially reluctant 
not just because their brains 
are their biggest asset but 
because a well rounded faculty 
Is not easily reassembled. 

This in part explains the 
intense Interest in training 
managers in emerging markets 
like those of Eastern Europe, 
India and even the Far East. 


model is emerging for the sin- 
gle market. 

It must not be forgotten that 
despite the MBA's high profile 
he or she is in a minority in 
Europe in terms of both new 
graduates and industrial lead- 
ers, particularly in France and 
Germany. 

Broadly speaking, institu- 
tions in most European coun- 
tries apart from Britain offer 
degrees leading to a qualifica- 
tion acknowledged by many to 
be of masters level, and often 
including on-the-job experi- 


Both UK and continental Institutions increasingly 
offer exchange or placement opportunities under 
the Erasmus or Cornett programmes 


A business school's most pre- 
cious - but at the same time 
most costly - resource is the 
brains of its faculty. 

Perhaps the most interesting 
tussle is what Jean-Pierre 
Nioche, a Professor at the 
HEC-ISA School of Manage- 
ment. has called tbe war of 
educational standards within 
Europe. 

At issue is whether the 
imported post-experience MBA 
model - so influential in many 
ways already - will win out, or 
whether a new European 


ence. 

In France there are also the 
grandes 6coles of management 
(discussed elsewhere in this 
survey), Independent of the 
universities and offering five 
year programmes with a more 
business-oriented vocational 
focus. 

Both UK and continental 
institutions increasingly offer 
exchange or placement oppor- 
tunities under the Erasmus or 
Cornett programmes. More 
than 15,000 management stu- 
dents will have spent periods 



Structured management education spread from the US to western Europe Beturo: «n wopor 


“The initial traditional activi- 
ties have not been the growth 
areas," says Julie Rowney, for- 
merly of foe IMC. 

Gay Haskins, head of the 
European Foundation for Man- 
agement Development, 
believes there Is a pressing 
need for first degrees in man- 
agement and entrepreneurship 
training, not to speak of edu- 
cation for the educators. Oth- 
ers argue that institutions 
should target senior execu- 
tives. Slovenia's IEDC has set 
np a President’s MBA course 
for chief executives who lack 
formal management education 
and foe time for a full-time 
course. 

Rot above all the Impact of 
schools in eastern Europe 
depends on localising manage- 
ment education and making 
courses relevant. On a mun- 
dane level, that involves giv- 
ing more weight to finance, 
accounting and marketing. 
More fundamentally it 
requires western trainers to 
adapt to eastern European 
business conditions, and more 
give-and-take between western 
theory and eastern practice. 
“People have been teaching 
rather than learning, 1 * says Sir 
Abell of the IMD. “Once they 
learn, they will be able to 
teach more successfully." 

Nicholas Denton 


of more than three months 
abroad at partner institutions 
fo 1993/94 

Thus, there is no shortage of 
well-qualified European stu- 
dents with good linguistic 
skills and solid professional 
experience. 

The challenge is to make 
these roasters level qualifica- 
tions as tradeable across fron- 
tiers as a good quality MBA - 
either through mutual recogni- 
tion, or. more ambitiously, 
through the development of a 
common curriculum. 

This is the mission of 
networks, such as the 
Community of European 
Management Schools and the 
Alliance of Management 
Schools in European Capitals, 
as well as of multi-site 
programmes such as the 
European Partnership of 
Business Schools, foe Ecolc 
Europeenne des Affaires, and 
the European Business School 

The extent to which existing 
programmes satisfy the criteria 
for a European qualification is 
also the subject of a European 
Commission study being 
undertaken at the moment by 
Lancaster University. 

Between them. Brussels and 
the market place can no doubt 
supply some answers. 


"You can always fell the 
first-timers on the Concorde, 

For we are the ones who pack too much. Granted, I am 
not accustomed to traveling with such panache. My only 
prior trip to Europe was when I interned at a Dutch 
electronics firm as part of my Master oF International 
Business degree. The experience proved invaluable. 

I polished my German, learned the niceties oF export 
: tariffs, and acquired the credentials that got me my job 
today. No doubt I will soon be hopping the Atlantic at 
super-sonic speeds with the bored indifference of a 
: commuter on the morning train." 


THE SELLINGER SCHOOL'S 
MASTER OF INTERNATIONAL BUSINESS 

Admission information: call 41 Q-6 17-2836. 

Or write: The Sellinger School, Loyola College in Maryland, 
4501 N. Charles Street, Baltimore. MD 2 121 0-2699, USA 
fFinancial assistance is available.} 


il 

LDTOIA 

COULJQCE 


IN MAKYlAND 






MANAGEMENT EDUCATION & TRAINING VI 


The elite schools of 
management education in the 
US art rapidly retooling their 
MBA programs, adjusting to 
the chang i ng climate for busi- 
ness in, the US and el well were. 

Successful for decades at 
turning out highly-s killed spe- 
cialists to people corporate 
bureaucracies, universities are 
now striving to mould leaders 
who manage change. 

With most of the giants of 
corporate industry downsizing, 
re-engineering, and revamping 
their market focus, businesses 
need a different product from 
that which traditional MBA 
programmes have been turning 
out, explains Mr. Yoram 
(Jerry) Wind, director of Whar- 
ton's Center for Advanced 
Studies in Management 

Mr. Wind interviewed more 
than 300 executives in key 
industries to determine their 
views on how changes in tech- 
nology, environment, demo- 
graphics, and international pol- 
itics were changing their jobs. 

“We were basically seeking 
to define the characteristics of 
21st century enterprise," Mr. 
Wind said. “We (bund we wer- 


US BUSINESS SCHOOLS 


Wind of change sweeps courses 


en’t providing what the market 
needed - managers who can 

operate across functions, in 
flat hierarchies, in teams, and 
who can handle globalisation. 
Our programmes were mostly 
domestic and didn’t deal at afi 
with technology." 

Wind’s research contributed 
to a radical redesign of the 
Wharton MBA, where a new 
curriculum is being imple- 
mented throughout the gradu- 
ate business school this year. 

While the Wharton pro- 
gramme varies in design - it 
makes heavy use of mini- 
courses in the first year of the 
2-year MBA - its building 
blocks and philosophy are sim- 
ilar to those being adopted at 
most top-tier schools of man- 
agement in the US. 

The new look MBA strives to 
incorporate new disciplines, 
such as information manage- 


ment, leadership. Innovation, 
people skills, and crisis man- 
agement into curriculums 
heavy with course work in tra- 
ditional fields such as market- 
ing. finance, accounting, 
human resources, and manage- 
ment strategy. Along with the 

Management schools are 
introducing heavy doses 
of international exposure 
to their students 

new topics comes a new teach- 
ing approach - integrating 
diverse material so students 
learn to operate effectively 
across functions. This innova- 
tion is more difficult for fac- 
ulty than students, since it 
requires the often balkanised 
departments of academe to 

co-operate. 


Another sign of the move 
toward a different sort of man- 
ager is a p lanned change this 
year in the standardised busi- 
ness school admission test, 
commonly known as the 
GMAT-Aspiring MBAs wQl be 
asked to write two essay ques- 
tions, a sign that companies 
and universities are beginning 
to value verbal and analy tical 

skiTls as highly a5 inathgmatifts 
aptitude. 

In addition to on-site course- 
work, management schools 
such as the University of 
Michigan, the University of 
Chicago, and Harvard, are 
introducing heavy doses of 
international exposure to their 
students, unusual in the US 
even five years ago. 

Northwestern University’s 
Kellogg School, a pioneer in 
the rnttn-pati p nalisa Hnn posh, 
will send a third of its MBA 


students around the world this 
spring in special study pro- 
grammes. 

Michigan’s business school 
has reformed its MBA around a 
model that requires extensive 
real-life experience working at 
corporations, in what Dean B. 
Joseph White likens to a medi- 
cal school approach. At Har- 
vard Business School, where 
the case method of teaching 
has been sacrosanct for 
decades, there is an ambitious 
review in the works. Though 
radical changes are not expec- 
ted, a recently released posi- 
tion paper advocates a more 
integrated curriculum, a diver- 
sification away from case 
study, and an explicit empha- 
sis on creating business lead- 
ers rather than general manag- 
ers. 

The criticism of the case 
method, one professor says, is 


that in a case study the param- 
eters are well defined. “In the 
real world, the problem is that 
tile problem Is not obvious at 
all,” he says. As for leadership. 
Harvard has always assumed 
its graduates would become 
leaders, says Mr. John Hotter, 

The University of 
Chicago has added 
people skills to die 
agenda 

a professor of leadership at 
Harvard Business School. How- 
ever. for the first time this 
year, a course in leadership 
has become part of the 
required curriculum. 

Sensitive to criticisms that 
egghead MBAs with financial 
or accounting acumen, but few 
social drills fit poorly in most 


corporate cultures, the Univer- 
sity of Chicago has recently 
added people skills to the 
agenda of its Graduate School 
of Business. While still recruit- 
ing top-level math wizards, 
Chicago now subjects its MBA- 
recruits to outward-bound-style 
leadership adventures to pro- 
mote teamwork, and asks sec- 
ond-year MBAs to design soci- 
alisation activities for 
first-year students. 

Not long ago, for example, a 
local theatre group was invited 
to campus to help pull students 
out of their academic skins and 
engage in role-playing. 

Some of these changes 
appear to be faddish. “The 
problem with the MBA busi- 
ness, like any business, is that 
MBA programmes have been 
too successful. 

The new look is more for 
public consumption rather 


than a reality” says Harvard 
University's Hotter. 

In fact, there are some TW 
MBA programmes in tne w. 
and competition among sec- 
ond-tier schools is fierce. Top 
students and students with 
funds to pay graduate fee* will 
become scarcer as demograph- 
ics change, and the US popula- 
tion ages. However, top-level 
schools are reporting an 
upswing in both applications 
and job placements, and an? 
confident of survival no matter 
what curriculum revisions are 

made. , . . 

This year, Wharton. Univer- 
sity of Chicago. Northwestern. 
Harvard, and others of the 
MBA elite are reporting appli- 
cations up on average about 15 
per cent. 

Recruiting figures are more 
difficult to pin down, but must 
of the top schools report that 
more companies are making 
campus recruiting visits than 
last year, and that graduates 
are receiving more job offers 
during the recession-dis- 
tressed years of 1991 and 1992. 

Laurie Morse 


OVERSEAS MARKETING 


Education is a big industry 


The University of Hull, in 
Humberside is not shy about 
advertising its MBA pro- 
gramme. Its MBA in strategic 
marketing is “the pinnacle 
qualification"' in its field, 
according to an ad placed by 
the university in a Singapore 
newspaper. “Over 100 GMs, 
MBs, CEOs already in the pro- 
gramme." 

it is enough to make old 
fashioned academics retreat for 
ever into their ivory toners. 
These days British, Australian. 
Canadian and US universities 
market their courses overseas 
like General Motors sells its 
cars, or Chanel Us perfume. 

About 12,000 Singapore stu- 
dents are at present involved 
in some form of higher educa- 
tion overseas - with more than 

3.000 of them in Britain. The 
figures for Malaysia are higher: 
more than 50.000 Malaysians 
are at tertiary level institu- 
tions overseas. Of those, about 

9.000 are in the UK, with 
another 3,000 at British second- 
ary schools or studying for uni- 
versity entrance. 

Worldwide, education has 
become a big industry. It is 


estimated that students from 
Singapore and Malaysia con- 
tribute about £200m to the UK 
balance of payments each year. 

In both Malaysia and Singa- 
pore, the British Council acts 
as a vital conduit for students 
p lanning to study in Britain. 
Despite the recent fracas over 
Malaysia's ban on government 
contracts with British compa- 
nies, educational links appear 
unaffected. The student coun- 
selling room at Kuala Lum- 
pur’s British Council is 
crowded everyday. 

"People here have a great 
appetite for higher education." 
says Mr Gareth Howell, direc- 
tor of the British Council in 
Kuala Lumpur. “I can’t see any 
slackening of demand for over- 
seas places between now and 
the end of the century. 

While law and medicine con- 
tinue to be popular, there is 
increasing demand for engi- 
neering and business orien- 
tated courses, including 
accountancy. “The MBA seems 
to be the thing these days" 
says Mr Howell. “Courses 
focused an ftnancp and bank- 
ing are particularly papular." 


The Malaysian government 
has become increasingly anx- 
ious about the foreign 
exchange losses caused by the 
exodus of its students each 
year. While the bulk of over- 
seas students are privately 
fimriaH, it is still estimated that 
they bring about a loss of more 
than M$3bn (£750m) of foreign 
wdumg e reserves each year. 

A yfarafo 1 ago the Malaysian 
authorities started to allow 
local private colleges to set up 
twinning degree courses with 
overseas institutions. Private 
colleges are now in virtually 
every part of the country: 
many thousands Of Malaysian 
students study for one or two 
years at such colleges in Mal- 
aysia and then do the remain- 
der of their course in Britain or 
elsewhere. 

In the case of MBAs atone, 12 
British universities and man- 
agement centres now offer 
courses in collaboration with 
Malaysian institutions. Many 
of Malaysia's big companies 
send their personnel on such 
courses. The same applies in 
Singapore. 

Twinning not only saves on 


foreign exchange and makes 
higher education cheaper for 
many thousands of students. It 
also plugs a considerable gap 
between supply and demand 
for higher education within 

Malaysia 

Malaysia aims not just to cut 
down on the number of its stu- 
dents going abroad. Through 
twinning programmes it even- 
tually hopes to develop its own 
education services to a level 
where it can serve as a 
regional educational centre - 
instead of sending students 
overseas, Malaysia hopes to be 
able to encourage students 
from Singapore, Thailand and 
Indonesia to do MBAs and 
other courses in Malaysia. 

In time, it is likely that for- 
eign universities will be 
allowed to set up campuses In 
Malaysia. The University of 
London is already involved in 
discussions about such a 
scheme. 

“The authorities want stu- 
dents to be able to do the 
whole degree programme 
here," says Mr Howefl. “That 
would iiwan either foreign uni- 
versities setting up here or for- 


/ 


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Tel: +44 (0)442 843491 Fax: +44 (0)442 841209 

Ashridge b i diaricy. No; 31 1096 



Foreign aducafional institutions continue to beat a path in test-developing, education-hungry, south-east Asia 


eign institutions franchising 
their complete degree courses 
to local colleges." 

But such moves are still 
some way off First problems 
have to be ironed out in the 
twinning programmes. There 
are worries that not all courses 


under such programmes are 
being properly supervised - 
both by institutions overseas 
and by the private colleges in 

Malaysia. 

"Tension between the 
marketeers of such courses 
and the guardians of academic 


standards is probably inevita- 
ble," says Mrs Alexia Banni- 
koff, a counsellor in education 
ami training at the Australian 
High Commission in Kuala 
Lumpur. 

There are now more Malay- 
sians at tertiary institutions in 


Australia than any other over- 
seas group. Australia also bos 
20 twinning programmes in 
Malaysia. Again, there are no 
si gns that the flow of students 
is drying up. 

But there is concern that the 
first year of such twinning pro- 
grammes in Malaysia is often 
treated merely as an extension 
of school, leaving the student 
ill-prepared for the less disci- 
plined world of university, 
with its emphasis on self learn- 
ing. 

Wider questions of just how 
much academic freedom the 
Malaysian government will be 
ready to tolerate will doubtless 
occur - particularly if foreign 
institutions open local cam- 
puses - but such questions are 
not deterring foreign educa- 
tional institutions and their 
marketing people. They are 
<-nntmuing to beat a path to 
Malaysia and elsewhere in Cast- 
developing, education-hungry, 
south-east Asia. 

Kieran Cooke 



Sundridge Pait, the corporate end axecuthre developmen t centre In Kent The dtettoctfon has to be made between ma n a gement education, which I 
an investment In the future, and development, which is getBng organisations to do something better row 1 , says chief executive John Chadwick 


CHICAGO 


High-flyers are 
the target 


In an ambitious attempt to 
export American management 
education to Europe which will 
be watched keenly by Its 
rivals, the University of Chi- 
cago Graduate School of Busi- 
ness will launch an executive 
MBA programme in Barcelona 
in July. 

The course wifi consist of ten 
sessions held over 18 months, 
adding up to 14 weeks of inten- 
sive work. Taught in English 
by members of the regular fac- 
ulty of the Chicago business 
school it will be aimed at high 
filers with about 10 years of 
business experience. 

The Chicago school claims 
this is the first tin** an execu- 
tive level programme, leading 
to an MBA degree, has been 
oSfered in Europe by a leading 
American institution. 

However, the precedent of 
Harvard - which once consid- 
ered offering a shortened ver- 
sion of Its Advance Manage- 
ment Programme in 
Switzerland - is seen by some 
as salutary. Chicago appears to 
have spent a lot of time and 
effort wooing European compa- 


nies, but it is bound to be a 
hard sell in the current eco- 
nomic climate and at a time 
when European schools are 
becoming more international. 

Robin Hogarth, Chicago’s 
deputy dean, said recruitment 
is “going well", though he was 
reluctant to talk numbers. *T 
doubt if well be up to 80 [the 
maxim am] this time”. He 
rejects the Harvard parallel 
stressing that Chicago “is in 
this for the long term” and 
“invented the executive MBA 
concept in the US 50 years 
ago”. 

Chicago courses in Barcelona 
will be taught In a newly reno- 
vated building with state-of- 
the-art facilities provided with 
the aid of Argentaria, a large 
Spanish financial services com- 
pany. 

European participants will 
travel to Chicago in the second 
year to take courses with their 
American counterparts. Simi- 
larly, Americans following the 
executive MBA in Chicago will 
travel to Spain. 

Tim Dickson 


FT REPRINTS 


We can supply reprints of articles/pages of the 
FT reduced to convenient sizes. 
Minimum 100 copies. 

Tel: 071 873 3213 
Financial Times 

Number One Southwark Bridge 
London SE1 9HL 


SOUTH BANK BUSINESS SCHOOL 


Realise your ton managerial pote n t ia l and 
enhance you* career opportunities studying 
at South Bank Business School 


MBA 


• Pin-time; 2 evenings per week from February 1995 or 

1 day per week from September 1994. 

• Full-rime 3 days per week from September 1994. 

• Central London location close to the City. 

Contact: Alison Morgan, MBA Course Administrator, 
on 071-815 8209. 

South Bank Business School South Bank University. 
103 Borough Road, London SEI 0AA. Fax: 071-815 8280. 

Rek FT/22/3 






stand 1994 Annual Conference 

IBUSDMESS PKIYEN 
MANAGEMENT 

PmLQfMENr 

9-12 June - Sweden and Denmark 

Join members of the European Foundation for 
Management Development, Europe's leaders in 
management development from companies, 
business schools and consultancies in sharing 
business-led approaches to challenges facing the 
management development profession today. 
Outstanding speakers in innovative programmes in 
Southern Sweden and Copenhagen. 

Contact: 

Liliane Gaspari at efmd - Brussels 
Tel: + 32-2-648 03 85 - Fax + 32-2-646 07 68 





Ui! 


FINANCIAL TIMES TUESDAY M A R pt, 22 [994 


LONDON STOCK EXCHANGE 


MARKET REPORT 


:h ' 


Nervous equities overshadowed by Fed meeting 


FT-SE-A All-Share Index 


By Terry Byland, 

UK Stock Market Editor 

A trading session overshadowed by 
worries ahead of the meeting today 
of the US Federal Reserve’s Open 
Market Committee closed with 
share prices giving ground as Wall 
Street fell sharply in early trading. 
The final hour in London coincides 
with the traditional timing of for 
the Federal Reserve to intervene in 
US money markets, and some trad- 
ers in London clearly feared a pre- 
emptive strike from the Fed yester- 
day. 

Equities spent most of the session 
following the gilt-edged market 
which had an equally unsettled ses- 
sion. After opening lower, share 
prices slipped below the. Footsie 
3.200 mark before both bonds and 
equities steadied following the 


announcement of the UK’s non-EC 
irade deficit for last month. The def- 
icit was smaller than anticipated in 
the market. 

The stock market fai led to join 
fully in the rally in bonds and was 
soon again overshadowed by the 
weakness on Wall Street. The final 
reading showed the FT-SE Index at 
3,198.0 for a loss on the day of 20.1. 
The FT-SE Mid 250 Index also eased, 
shedding 11.1 to 3,854^. 

Traders warned that turnover in 
equities had been unimpressive - 
Seaq volume fell 17 per cent to 
5Q6-&n shares. In addition to the 
Fed’s Open Market Committee 
meeting today, markets have to face 
auctions this week of $28m in near- 
term US bonds; London must also 
brace itself for the UK Retail price 
index, due tomorrow, and expected 
to show that domestic inflation h»« 


Account Derating Parti— 

fW Dortngs: 

Mar w Mar a Apr H 

OpSoa DkMHmi 

Mw 24 Apr 7 Apr gl 

Last DcailnB* 

MtargS Apr 6 Apr 82 

Accnnt Day: 

Apr 8 Apr I fl May 3 

•Maw hm doallnaa may taka ptaea Iron two 
buskins days artier. 


remained subdued. 

However, on Friday, retail busi- 
ness in equities was worth £1.43bn, 
fully Tnamtaini-nff the bounding vol- 
ume levels which have brought 
such excellent trading results this 
year from the securities houses and 
merchant banks. 

The flow of company reporting 
statements continued to support 
views that the stock market will 
benefit from recovery in company 


profits, even while economic recov- 
ery appears to be sluggish. Bunzi, 
■ the paper group, joined the list of 
leading British companies to 
increase its dividend payout signifi- 
cantly. Better news on the Euro- 
pean car industry came from Por- 
sche and Lucas Industries, which 
although it left the dividend 
unchanged, indicated some steady- 
ing in industry sales. Overall, how- 
ever, share prices moved in thin 
trading and traders were unwilling 
to take on new share positions. 

Yesterday's market performance 
suggested that the European 
bourses are still finding difficulty in 
shaking off the influence of US 
credit policies, even though local 
analysts continue to argue that 
interest rates can be lower In 
Europe while they rise in the US. 

There is no certainty that the US 


Federal Reserve will make any 
announcement today - in the post, 
it has left the markets to scrutinise 
the Fed's intervention money mar- 
ket intervention policies to discern 
its policy. However. Mr Greenspan 
did make a statement a month ago 
when the Fed changed stance and 
London analysts expect a formal 
statement today if the Fed decides 
to take serious action, such as 
increasing its discount rate. At 
worst, a half point rise in the rate is 
thought possible. 

Same London strategists took the 
view that, since the Federal Reserve 
has made clear its intentions to 
tighten policy, European markets 
will be unsettled until it makes its 
move. In the meantime, it was clear 
yesterday that the London market 
is unlikely to develop much signifi- 
cant direction. 



Scum FTCiauM* 


■ Key Indicators 
Indices and radios 


Equity Shares Traded 

Turnover by volume (miftonL ILxctutSnrj: 
Mfn-marfctfl business and overseas hi mown 
1,200 



FT-SE 100 

FT-SE Md 250 

FT-SE-A 350 

FT-^-A AH -Share 
FT-SE-A All-Share yield 

3196.0 

3854.5 

1623.8 

1 G 1 & 2 B 

3.58 

- 20.1 

- 11.1 

- 8.9 

- 8.62 

( 3 - 56 ) 

FT Ordinary Index 2528.2 

FT-SE-A Non Fins p/e 21.54 

FT-SE 100 Fut Jur> 3198.0 

10 yr Gat yield 7.36 

Long gft/equity yld ratio: 2.19 

- 14.5 
( 21 . 60 ) 
- 17.0 
( 7 . 35 ) 
( 2 . 20 ) 

Best performing sectors 

1 Life Assurance . 

.... + 0.8 

Worst performing sectors 

1 Banks 

- 2.4 





3 Gas Distribution 


... + 0.5 





*02 



5 Mineral Extraction ... 


+02 

5 Media 

- 1.0 


v — V i +-• ■ » t" 




MS ^ M 


m 5 




§> 18 
f- l." 


Oils 
on the 
alert 


The oil sectors provided the 
market's two highest turnover 
stocks in BP and Lasmo, ahead 
of what is viewed by oil ana- 
lysts as a crucial Opec meeting 
in Geneva on Friday. 

Oil specialists were saying 
yesterday that stories emana- 
ting from the Middle East 
suggested that the most likely 
outcome of the tnlfca was a roll- 


over of the current output 
agreement for a further two 
quarters. 

“If that is the case then there 
is probably scope for a further 
$ 1 slide in oil prices to around 
the $1&50 a barrel level, " said 
one analyst 

BP was the market's biggest 
turnover stock with 7.6m 
traded, as the shares edged up 
3’A to 371 p as some of the mar- 
ket's action hinds adopted an 
aggressively positive view of 
Friday's Opec meeting. 

Shell, on the other hand, 
dipped 2Vi to 670p, after talk of 
switching into BP. Lasmo 
shares were sustained through- 
out the session, closing a 
penny ahead at 131p on 72m 


traded following keen support 
by one of the big international 
marketmaking firms. Lasmo is 
due to announce preliminary 
figures tomorrow. 

Lucas downgraded 

Aerospace and motor compo- 
nents group Lucas Industries 
surrendered 10 to 209p, in 
healthy volume of 63m, after 
several brokers downgraded 
full-year profit expectations fol- 
lowing the release of interim 
figures. 

Brokers said earlier predic- 
tions had been over-ambitious 
and several analysts said the 
company was a little too opti- 
mistic about the short-term 


EQUITY FUTURES AND OPTIONS TRADING 


Derivatives traders reported Committee meeting, writes 
a dull and uneventful session Joel Kibazo. 


as they awaited the outcome in Ljffo futures, the June 
of today's US Federal contract on the FT-SE 100 

Reserve's Open Market opened at 3,207. Early selling 

■ FT-SE 100 INDEX FUTURES flJFFQ C 2 S per ftjfl Index poirt (AT 



Open 

Sen price 

Change 

Mgh 

Low 

Eat vd 

Open inL 

Jun 

3207.0 

3198-0 

- 17 J 0 

3217.0 

3192.0 

12497 

54348 

S«ip 

32 I &0 

3216.0 

- 16-0 

321&0 

32iao 

10 

690 

Dec 

3235.0 

3224.0 

- 11.0 

32354 ) 

3235.0 

1 

0 


■ FT-SE MD g 5 Q INDEX FUTURES (UFFE) £10 per M Indw point 

Jun 3855.0 3855.0 -100 ' 38554 3855.0 2 1349 

■ FT-SE MID 250 INDEX FUTURES (OMUQ E 10 per fijti Ytttex peril 

Mar 3857.0 3852.0 ^0 3857.0 38574 1 7 B 6 

Jun 38704 

A* opon Kitano! figure* an tor prtow day. f Baa wham altom. 

■ FT-SE 100 INDEX OPTION (UFFE) (* 3198 } CIO per fuH Index point 

3000 3050 3100 3150 3200 3250 3300 3360 

CPCPCPCPCPCPCPCP 

Apr IS 1 ? 28 802 43 *j 55 b 66 34 *i ®z 18 > 2 132 I Z 1 l» 2 173*2 

May 223*2 30*2 IBSij « 147 52 b 115 88*2 80 91 64 119 44 14 B*a Mb 108 

Jun 23512 41 199 b 54 * 2 103*3 68 134*2 88*2 105 109 84*2 135*2 BZ 1 B 4 *a 4812 198 *i 

J* 240 5 ) 219 Mb 180 804 151 101 122*2 122 178 82 209*2 

Dacf 311 88 249 131 UB 171 141 222 

C*i 4 £n! 1 Ul 1 SU 

■ EURO STYLE FT-SE 100 INDEX OPTION (LIFFE) E 10 per Oil Index point 

3026 3075 3125 3175 3225 3 Z 7 S 3325 3375 

Apr 177*2 14 135*2 22*2 96*2 34*2 67 1 } 53*2 43*2 78 b 2 S*j 1 lSb 14 148*2 7 192*2 
Iftn 203» 2 34 IK 46 132 BUjWlb 80 *a 74 ** 103 *j 53 * 2 131*2 37*2 165 25 202*2 

Jim 213*2 4 Z »2 148*2 74*2 94*2 121 58*2 182 

Sep 259*2 73*2 195 108 13 B*g 148*2 97 203 

Dttt 291*2 103 231 138 17 B 177 129 228*2 

Com 740 POM 2^73 ■ Underlying Mw oka. natrium short « bared on rttarant plan, 

t Lena «t*ed eh*t mortta. 

■ EURO STYLE FT-SE 5 BP 250 IM 3 EX OPTION (OMUq Z 10 per ful Index point 

3860 3900 3960 4000 4080 4100 4180 4200 

Apr 62 83 45 40*2 28*2 132 18*2 172*2 18*2 216*2 3 263*2 2 1*2 

MW 

can 1 Pift 10 Scnemmr prices aid Mims art Mn at 430 pm. 


f?FT • SE Actuaries Share Indices 


saw it fan to the day’s low 
of 3,192 within the first hour 
of trading. The release of 
favourable UK economic 
data, and a raHy in the bonds 
helped bring about a 
■ recovery in June over the 
lunch time period. 

The retreat on Wall Street 
brought about another fall 
in the contract before it 
finished at 3,198, at parity 
with cash but down 17 on 
Friday's dose and around 
10 points below its fair value 
premium to cash of about 
10 points. Volume at the 
official dose was a poor 
9,869. 

The FT-SE MW-250 on Liffe 
was also dull with 2 contracts 
dealt as June dosed at 
3,855. The screen showed 
no contracts traded in the 
same contract on the OMLX. 

The Ufte traded options 
sector had one of its poorest 
days in recent sessions with 
turnover reaching only 21 ,575 
contracts. The FT-SE 100 
option traded 6,094 lots while 
the Euro-FT-SE 100 option 
saw business of 3,141 
contracts. 

HSBC was the busiest 
stock option with a total of 
1,805 contracts dealt 


The UK Series 


FT-SC 100 3198 

FT-SE MkJ 250 3854 

FT-SE MM 250 ex Inv Trusts 3875 

FT-SE-A 350 1023 

FT-SE SmaOCap 1994-1 

FT-SE smailCap ex Inv Trusts 1977 .: 

ft-se-a all-share ieiaj 

■ FT-SE Actuaries All-Share 


- 0.8 3218.1 3255.7 3242.9 
-OS 3885.0 3888.6 3890.4 
-OS 3885.8 3902.2 3906.0 
-05 1832.7 1849.4 18444 
-OS 2001,51 200849 2009.70 
- 0.3 198059 1988 . 78 1989.47 
-OS 162488 1640.76 1636.52 ■ 


Xv. 

Earn. 

P/E : 

M atft. 

Total 

«?* 

yteuH 

ratio 

ytd 

Return 

3 . 7 B 

554 

20.40 

23.12 

116153 

3.16 

5.20 

23^4 

14.80 

140352 

127 

550 

22.13 

14.40 

1406.68 

3.63 

5.77 

21.08 

10.45 

1227^7 

282 

3.78 

33.07 

an 

1520.10 

2.98 

4.16 

3053 

7.55 

150831 

358 

5.02 

2154 

10.13 

1243.16 


Day's 

Mar 21 chgo* Mar 18 Mar 17 Mar 16 


Year Dtv. Earn 
apo yteM% yWdW 

114180 3.58 4 J 0 O 

1131.70 325 4.48 

• 010.00 3.70 8.11 

* 114.00 323 3,88 

1721.70 3.49 4.02 

94080 280 3.43 

1511.10 3.13 2 . 7 B 

5135.40 3.78 480 

1851.90 428 4.29 

188380 169 684 

145680 2.79 301 

182980 4^6 317 

• 902 J 50 370 4.12 

189980 389 316 


485 7.12 

4.14 7.78 

360 885 

4.06 7.44 

326 781 

311 5-57 

485 7.14 

5.39 344 

2.86 589 

2.76 488 

312 4.43 

301 4.17 

378 9.71 

379 581 

340 8.78 

385 351 

393 358 

4.18 789 

3-58 10.72 

5.87 * 

380 5. 82 

486 13.63 

3-55 588 

3 87 6.16 

371 6 J 3 

4.71 305 

4 J 51 4.65 

321 7.94 

382 5.53 

303 334 

313 1.71 

358 5.62 


P/E Xd ad|. 
ratio ytd 

25-34 2783 
2684 2393 
24.41 31.69 
33.10 080 
32.03 11.18 
37.19 361 
49.09 1.62 

2783 2080 

3362 24.90 
1988 350 
44.77 0.73 
4303 2361 
20.40 180 
2ai8 1-56 
1355 1988 
1372 1181 
1980 1983 
1587 11.13 
1883 187 

2189 288 
1687 3585 
1382 080 
2285 308 
24.79 587 

2784 1386 
2881 1480 
1378 1.93 
2317 484 
1381 186 
3308 582 
39^43 0.97 
1682 5.00 
11.47 1685 

t 380 
20.98 309 
362 348 


10 MMERAL EXTRACT! 014 ( 18 ) 2639.64 +02 255581 2553.63 251982 214180 368 480 2584 2783 100484 

,2 Extractive tndusmeeid) 398334 -02 388988 388084 384484 3131.70 325 4.48 2384 2883 1081.08 

15 011 MIcaraMdD) 244280 +02 243312 246028 242387 2019.00 3.70 311 24.41 31.69 98883 

«« rH EKOtaratian 8 Prodrill 1845 L 33 + 081643481851.71 183318 2114.00 323 388 33.10 300 104300 

M aEN MANUFACTURERS^} 2144.55 - 0.4 215284 2187.60 215987 1721.70 3.49 4.02 32.03 11.18 108781 

V BwWino & Conwucttonpi) 1429.63 - 0 . 11431 . 441443001451.68 94080 280 3.43 37.19 2.61 109370 

~ Bu**« Matte & MenrhefTO) 228423 -36 227321228426 2291 . 381511.10 313 2.70 4309 1.82 1037.73 

r, awricolal-’O) 248181 - 0.7 247788 248369 24 « 2 .» 213580 378 480 2783 2080 106342 

nj ftvccsHIcd tadusUfaWlB) 214881 -02 215021 217374 2152 . 07 1851.90 428 4.29 3382 24.90 107528 

25 S rH^autape 2044.71 - 0.5 205589 208371 209620 188380 389 624 1988 280 972.38 

~ 196338 195983 197314 196683 145680 2.79 381 44.77 373 109340 

"7 EnSwrtna VeWcteSia 234121 - 122389.01 2364.14234183 182980 4.45 317 4203 2381 111281 

302888 -08 304581 304386 3017.68 230280 370 4.12 29.40 180 116285 

^SSatea^* - 0 . 7 1887.84 191787 192367 189980 389 316 2318 186 103282 

■m CONSUMER ^ QOODMM 284380 -02 285317 287288 2882.42 286300 485 7.12 1356 1988 85316 

™ 2202.96 - 0.9 222323 2239.99 224382 215280 4.14 7.79 1372 1181 96582 

& CidafrJlIO) 302889 *31 302480 303986 306185 286780 380 305 1980 1393 69283 

233381 -32 233330 235383 234480 247380 486 7.44 1587 11.13 954.17 

263324 -08 264387 266316 2672.18 2344.10 32 S 781 1333 187 KtXI 

^ 1771.45 1771.80 178284 177318 179280 311 587 2180 288 100487 

“ n 3006.69 -08 310317 312780 3072.92 3074.70 486 7.14 1337 3585 064.04 

3913 S 1 -11 3855.45 3968.04 4005.79 414980 5.39 344 1382 080 84282 

„ sHWICES^ii 206394 -08 207333 209187 209283 181180 288 580 2285 308 66287 

1 ? ntartnunSail 3093 55 - 0.3 3102.08 310378 310183 257780 378 488 24.79 587 104787 

! itulSin 229318 - 0.4 230789 232785 2313.05 175260 312 342 2784 1325 111348 

\ 3157.39 — 1.0 3189.82 3214.72 323287 2215.40 301 4.17 2881 1480 107981 

1644.59 - 0.1 184317 1 B 4 & 67 1847.42 209180 378 9.71 1378 1.93 966.05 

.'^ 1?441 171347 -08 172358175311 1751.73 152330 379 581 2317 484 99307 

ja 168885 - 0.4 169589171364173188154310 340 378 1381 188 1007.47 

25^.11 +08 257323 269389 258885 209580 385 381 3308 582 99180 

* RusinessnZl 1205.78 - 0.6 121351 1222,48 122344 1320.40 363 _ 388 3343 _ 0 , 97 _ 1014 . 94 . 

5389 86 -08 240325 243582 2431 A3 211080 318 789 1882 380 89381 

^ - 0.5 2321.42 2344.51 233489 171350 388 10.72 11.47 1585 93329 

2037.75 + 0.5 202784 207338 2066.54 1967.80 587 * * 080 90034 

0 teWb 2 ?!^Ln £ 078.79 - 1.1 210189 213480 213020 191880 380 5.82 20.98 009 86488 

* ^ 1884-28 401 188 3 . 161674.74 1889881936.70 4^6 13 . S 3 362 348 896.98 

t ! JJ.Kn.r^ 174580 -04 175186178885 178090 1 544.79 . ?a_M 21.54 387 120484 

229329 - 1.5 233087 236310 2366.74 187320 387 316 1350 2980 89183 

7H FlHANCIALSfl 04 ) » 4 297085 3036.00 3047.71 224060 3.71 683 1316 5588 85781 

71 a*nks( 1 ffl .wjg - 08 135321 1381 . 48 1353.44 135380 4.71 305 14.54 1382 903 J 6 

72 PBuraiwKlfll ■ 2595 . 71 2614.13 256388 255680 481 4.65 27.08 281 96282 

74 Lilo A.w*W 0|61 - _fl,B 3001 .63 308783 308187 244280 381 784 1587 11 M 87331 

75 ( 4 ^^ 31 ^ 6 ) ™ n -O.J 202180 203284 203393 137880 322 5.53 22.68 1287 106335 

77 Ottvjf Fir.ina.iK 2 S) ^ , 59039 1703 , 061703.75123080 3 W 384 3367 280 834.48 

2873.48 - 0.4 2883452928.12 293043 222580 ,. 

W 161326 - 0.5182488 164078183362140781 388 5.82 21.64 1013 12 ^ 3.16 

N Itourtv mowements^^ )QJX) 11j00 taM iafl0 i 480 1300 is.io_ wah/d^ Low^ay 

r~T 7 — 33)57 32137 32114 32118 32088 32 MJ 31900 32109 3197.0 

FT-SE UK *£.•; 2 S? Sl 9 38628 38838 39638 38828 38584 3854.9 38602 3854.5 

FT-SE MKS 2 M 3860 * 3 M 4-2 iega7 l62g5 16300 16209 15278 16209 18318 16205 

FT-SE-A 350 Tl- 30.9 1 K 0 ' '«'■ 

Ttaw gl FT-SE '00 Hign »1 I 3 rti La* * w P m 

■ FT-SE Actuaries 350 Industry baskets 

f __ a no 1000 1180 1 280 1380 1*00 1500 l&IO <*** ftwtoua Cftaree 

— . 7 ^ 1350.9 1360.9 13509 13 MT 1362.8 1362.8 13598 +38 

Bldg S Crerfren 1 JSI.S WhO -4 30^.9 30798 30702 30702 30 BS .6 30602 30758 -08 

Ftemia-uiKis 3073.9 3078 7 3074 9 WJJJ la6&7 la64fl 10BaO 18802 18598 18506 + 1 ^ 

Igy* gjJJ JSSJ SS; 29658 20618 29548 2953.7 29308 29342 30072 - 73.0 

u-a™ h, In Saurtw buura. U*u ot caradniona as nrofetfe ban Th» FhondU TimBi 

Aiuiio'U wtofin.Kn“i rt B«oFT- 6 E < * c ^ > 3 ^CTa^ l Tt!B < P ^ g flroinriM artasindtas SgHcoii uMdi iwwi a nm 9 * | C 4 aiaorwc and purtaod pnHtoa 

a'S&Swn SS^F^-SE 100 , ma F HB »ft l 350 . fT-ae (roteBy 

cariMoJ 0 + Tfirt fvwkLK Tkwm llmaoO. *Fj lli. l ?L < £ 53 S?!L> PnnA*" fad+rt Lhart 1004 . C Tris ftuncM TH 1 C 8 UnAed 189 *. AH rifltag nortiad. 

■FT-St' nvl -F.wwii." iia pul W iln raivn arMUV MU 80 OT nM ahoon. t V*k*» on oeo«ri«. QUARTERLY CHANQEO For U (fatols 

krtcu WI auJKrt tar Tlw WM ConT™TT=- 

|M»u«n*jrK>ci*lKin JiKrt 1 O(L»c««n 0 B *■ 


19.50 2980 99183 
1016 5588 65721 
14.54 1322 00326 
27.08 281 96282 

1527 1144 87031 
22.68 1227 1065.35 
39.87 220 934.48 
5627 14.80 954.47 
21.64 1013 1243.16 


recovery prospects, though 
prospects for the long term 
remained good. 

Dealers also said the 
Improvement in profits bad 
been discounted. 

Brokers downgrading 
included BZW, which reduced 
its forecast by £13m to £72m, 
and Panmure Gordon, which 
trimmed its figure by £llm to 
£75m. Mr Harry Philips at the 
Panmure said: “Trading condi- 
tions remain difficult, but I 
remain positive particularly 
about the year to July 
1996." 

However, NatWest Securities 
was more positive and it 
upgraded its current year fore- 
cast by £iOm to £80m. 


■ Major Stocks yesterday 


AGOA Gnx«jt 
AboeyNMknFt 
AtoM Mw 
ABod-Lyunit 
AngSon WMar 
Aijyn 

Aigyl (knot 

Assoc. Bra. Foodxf 

Anoo.Bitt.FMS 

BAAf 

BATInds-t 

BET 

OCC 

Bp£ kids. 
OTp/TtoU 

ami 

Brtk ofScodmtt 

BbsCtakrt 

Books! 

Bootst 
D ow to u t 
M AsrespKWt 
British Akwiysf 
BrUsfi Qosf 
Brttriitand 
Bl sta l l Crtrif 
Bum 

Burnish Coanrit 
Buses 

OfttaAVWwt 


VaL CMng Ds/s 
Qon» pries onoos 
MOO 57 lj — *2 

1.700 -«W -5 

238 84 

418 814 J2 

040 6 DJ + 4*1 

9 Z 1 338 44 

4400 CS 9 *3 

3 B 3 208 -J 

33 5 S 8 

288 583 -2 

771 1013 +8 

3200 407 -5 

1.900 130 

1.100 433 

KM 716 -9 


7.600 371 43*3 

554 337 +2 

5^500 409lj -e 

4JBOO 202 -1 

2800 383 -1 

1,100 191 -8 


Csradonj 
Cation Ccrmw-T 
Coma Vtysttst 
Cotnra. Untonf 
Cootooo 

OnslacMst 

Dtaon 
Enotam Bocl 
EMM ttndQocL 


Entorpnse Oif 
Ewtonl IMs 
no 

Ftaans 

Foralon & Col. LT. 


5,700 

640 

-12 

1J0D 

526 

*2 

1^00 

347 

-3 

291 

413 

-0 

708 

538 


686 

2.100 

sffi 

«2 

3J00 

431 

+4*2 

2J00 

306 

♦ 1*2 

795 

4KI 

+1 

4JO0 

142^ 

-2*» 

695 

iaa 

*2 

T44 



2.100 

56 

♦Hi 

rjxa 

426 

-IS 

MOO 

495 

-4 

120 

324 

♦3 

783 

332 

-i 

1.200 

A.100 


-23 

534 

578 

-4 

I I 

275 

-S 

Ek 23 

MS 

-15 

215 

453 

-1 

1.100 

660 

-41 

60 

212 

+1 

120 

B30 


471 

80S 

-3 

666 

SIB 

+2 

2.100 

413 

+2 

45 

540 

*5 

2JXXJ 

212 

+1 

1^00 

132 



Otasot 
Oynwrt 
Qaakt 
Grand Matt 


QKN 

(Unosst 

wactraps lart 

Harnmorson 

Hansorrt 

HwrfcOT cradtaU 


Johnson Matthsy 

Nntatisrt 

Kw&Son 

LadbraKWt 

Land 8 aaiMsst 

Lsparts 

LegU liQararcft 

LASMO 
London EMcl. 
Lonrfio 


918 2 K* +^I 

1^00 2621 * + 2 >9 

1400 815 »2 

ZSOO 301*3 -3 

3^00 883 - 1 'i 

529 377 -3 

1400 559 -0 

1200 eeat -2'j 


760 -27 

381 


Montart (Wm) 

Nstwast Bnrtit 


North West W*arf 
Nortusn Bact 
Norawn Foodst 
Nonrab 
Fasnont 

pact 

POdnoion 


798 

SOT -1 

20 41 S tO 

1.400 982 

7200 13 T +1 

381 802 -T 

1300 154 +1 

8300 338 -10 

21 ! *84 -6 

601 188 -*2 

68 718 -8 

&GOO 413 -* 

177 82 * -A 

1AOO 118 +*2 

1400 244 -3 

2.700 472 -13 

1.100 470 

119 220 ia -a'j 

345 «Q 5 +3 

137 687 -6 

850 212 

218 648 -7 

1.700 844 -9 

1.100 874 ■* 

1.800 195 

141 360 -3 

3£00 334 +4 

311 873 -6 

861 -3 

218 

415 -3 

847 829 -T 

1.800 S 85 -6 

1.700 848 -21 

850 238 -3 

511 2020 +10 

9,200 182 O’j 

1.400 432 -5 

838 271 -6 

3.100 388 -2 

181 1193 +24 

1 JX» S 2 G -10 

1.500 381 <2 


Scant 4,100 117 

Scdnrick BOO 218 +3 

SiMMsnJ 102 339 -B 

Smm Trw*t 243 sea -1 

She* TtarapMt 5 A 00 870 - 2 >j 

SMUT 828 505 -2 

Sourt ESB 241 282 -7 

Smith (WJiJA 1.100 614 -10 

ankhaNrtftswt 1 J 00 143 ~h 

Sm«S Brrchamt 533 401 -3 

&nN Beoctam U&f 413 306 -4 

Snstta Mb. I^OO 485 +2 

Sournsm Osctt 165 633 -0 

South Wains Bad. 55 BBS -2 

South West warn 80 568 *1 

SauftWMLBKL 20 629 -fi 

SaultwnWaUr 28 565 

SBadaid OBrtd.t 1.000 1124 -00 

StontnuM 7.400 218 -2 


Rscmb aceknint 

Wt 

SSSf 

BOsHoycst 
flyl Bk ScoOndt 
Royal kei+tnorf 


SrtAB f i w f 

TtN 

TICrortt 

pat 

Tkitiot 

TtiaALylO 
Tajta Woortwi 
Ttacof 

Thomas Watart 
Thom a«t 
Tomkkat 

TrtWgar Mouca 
Unigsa 
UrJo+wf 
Unked BUeukst 
UKL Mkiw pa Dsra 


iflOO »8 

1^00 238 -I 

2.000 381 +5 

MOO 229 -4 

3.100 198 - 3*2 

600 425 -2 

184 158 

asoo sao^ +*j 

1.700 S 28 -4 

484 1113 -8 

1.100 251 ^1 

3^00 105 -1 

402 358 -2 

2^00 1098 -2 

4/400 350 a 


WMHtfgfiOJt 288 748 -17 

WeOconwt 1^00 828 +*2 

Wotah Wear 257 057 +1 

WnmWHv 118 881 

WWOi m tft 730 528 -12 

(Warn Hdcxt 825 388 -1 

VMsCoRdan 1 JXU 232 -2 

Wfcnpay . 748 212 +3 

Wotadsyf 831 944 +9 

Vortahra Bbh. 824 827 -8 

vortahM UUMir im E» 

Zentcat UHO 758 +2 

Based on Mtog woksna tor a sa+KUn el ma|or 
sscuttas dsak ttnugn die SEAQ system 
ysmday und 440 pm. IVodra ol me m*rt w 
mom «* raided down, t todtotits til FT-SE 
100 Mas eonswuera 


De La Rue hit 

The world’s largest bank 
note manufacturer. De La Rue, 
was the biggest casualty in the 
FT-SE 100 after announcing a 
small acquisition and also suf- 
fering a bout at profit-taking. 
On the first day of its return to 
the Footsie index of leading UK 
companies, De La Rue's shares 
fell 41 to 980p on comparatively 
high turnover of 1.1m. The 
shares bave recently risen 
sharply following a rumoured 
upgrade by Cazenove. 

The company also 
announced that it had bought 
M&Glarke, the cheque printing 
arm of conglomerate Caradon. 
Caradon shares eased 4 to 392p. 

Finally, there was some con- 
cern over the rising price of 
paper, which was highlighted 
by an encouraging statement 
from paper merchant Bunzi as 
well as newspaper comment 
However analysts said printers 
such as De La Rue would find 
it easy to pass on the higher 
prices to customers and would 
not suffer. Bunzi shares lifted 2 
to I83p. 

Bank shares were among the 
market's worst performers as 
dealers fretted about increased 
interest rates in the US and 
their impact on European 
markets. 

NatWesfs acquisition of Citi- 
zens First Bancorp of the DS 
for $500m unsettled NatWest 
late in the session with the 
bank’s shares closing 13 down 
at472p. 

The latest slide by the Hong 
Kong market triggered a fresh 
burst of selling in the leading 
Hong Kong related stocks such 


NEW HIGHS AND 
LOWS FOR 1993/94 

HEW HK 1 H 8 (SSL 

BANKS ( 1 ) Sumitomo Tnm S Bk. BAEWS 1 ES 
(Z> QUa Mm. Young A. CHBKXU (S) BASF. 
Bayar. HoochM. Pcruatr, Wc towrt ok n o nr*. 
DtSTOBUTORS P) Hndbn. ISA toll. 
ELECTHNC 4 ELECT EQUP ( 2 } Sctaias. limps 
(FW), ENGMEBIMG < 4 } ClydB Btam. FKL 
UncaLBenofcLEXTRAGTTVE MDS (71 Anglo 
Amor. CoalCaMoma Mining, mx Muon. NSM. 
Sons Owako. Watts BUie, VWougnoya' PikL 
HEALTH CARE R) Amontum HI. 
HOUSEHOLD QOOOS ( 1 ) Ortmoy. INSURANCE 
P) Srnckpmtck. Trad* Mamkv. INVESTMENT 

TRUSTS n Brty Srtqunt. Ganeral Contid. 
Cap- MAO ngcorary Cap.. Do Pactotga UMto. 
MourfUuo Fund. MH*Ke SL Wrtt. INVESTMENT 
COMPANIES pj JF Japan OTC RL. Kama 
menu WHs, LEISURE ft HOTELS (I] Son vy 
Hoted A. MEOIA ( 3 ) Euomoney. Hoknn 
Marertnt ShnndMek. 08 . EXPLORATION 8 
PROD R) Goal hUBtaun. Cih Fmowoos, 
Orm HMANCIAL CO BuOngton. CamcAs. 
PRIMOL PAPER & PACKG ( 2 ) Porte, SappL 
PROPERTY PJ Bkkby. h Shops. RETAILERS, 
BEWRAL P 3 Oho. O'kp Cv. Pit. 
SUPPORT SERV 3 Comculo Poopte. 
K aka i ipiuu . Monporno Inc, TEXTILES tk 
APPAREL ( 1 ) Ctoramm Gamtano. AMERICANS 
( 1 | LOMTS. CANADIANS fll Ho AlgOBk 
NEW LOWS (S 3 L 

OK.TS n 6 LSCTRNC 8 ELECT ECXJP 11 } 
Rart>, WALTH CARE 0 ) Crtfa Wl, 
INSURANCE ( 1 ) Ahtnnt Uotm INVESTMENT 
TRUSTS ( 7 ) Abtrvst Emrg. Economlam, Do Wta, 
Fctands Phn. Erin. Un.. Khrimmat Ewol Pot, 

Do Mftta, Tohwn bw. Do Wns., LEISURE A 
KOTH 3 Ml Wantotoy. MEDIA fl) Ookl 
Oreetim HoB. OIL EXPLORATION A PROD flj 
Eil Co a! LoutalrtO. OTHER 8 ERVS A BU 8 M 3 
CD Shanka A McE+ni, PROPERTY ( 1 ) 

ChaMald. SUPPORT SERVS ( 1 > Showood 
Computer Sov. TEXTILES A APPAREL fl) 
Haggn uj. AMBKAH 8 ( 1 ) Hoution Ends. 


as HSBC, finally 32 off at 772p. 
Standard Chartered dipped 38 
to 1124p. 

Scbroders was again the pick 
of the merchant banks with 
the market still responding to 
last week's bumper profits and 
the 50 per cent dividend 
increase and also picking up 
suggestions that the bank may 
be interested in absorbing US 
associate Wertheim Schroder. 


Schroder shares climbed 24 to 
1193p. 

Other merchant banks, how- 
ever, fell back as dealers con- 
tinued to worry about potential 
market losses during the 
recent upheavals In bond mar- 
kets across the globe. SG War- 
burg dipped 17 to 748p. 

A weekend Press story sug- 
gesting that Liberty Life, the 
international insurance group, 
is preparing a mega-bid, trig- 
gered a short-lived mark-up in 
Sun Alliance shares, which 
touched 338p before slipping 
back to close unchanged at 
329 p. 

Pharmaceuticals group 
Glaxo held its ground after a 
recommendation from NatWest 
Securities pointed out the yield 
benefits of the stock. The 
shares were higher but fin- 
ished l‘A off at 683p. The note 
also recommended Zeneca, up 
2 at 756p. 

USM-listed ML Laboratories 
improved 9 to 234p after a new 
product received approval from 
the EU medicines approval 
body. 

Press reports that results 
pending from Wembley will 
include large property write- 
downs. as well as some gloomy 
speculation over trading pros- 
pects. saw the shares slump 25 
per cent, closing 3 Vi down at 
lOVip. There was further media 
comment on Forte, up 2Vi at 
262 Vip, and Savoy, 10 ahead at 
1125p. Forte owns a large 
minority share of the Savoy 
and there has been speculation, 
of an impending deal between 
the two. 

Results from Argos, the cata- 
logue stores group, came in 


line with market forecasts, 
with the shares, up •! at 359p. 
being helped by an upbent 
trading statement. 

Boots and WH Smith moved 
in opposite directions, 
although analysts put this 
down to technical reasons 
rather than reaction to reports 
that a restructuring announce- 
ment about the groups’ joint 
Do It All home improvement 
subsidiary was imminent. 
Boots shares were steady at 
536p, while WH Smith 
retreated 10 to 5l4p. 

Reuters was firm on reports 
that the German Stock 
Exchange might be prepared to 
take on Globex, Reuters' elec- 
tronic futures and options sys- 
tem. The shares added 10 at 

2020p. 

Elsewhere, the sector was 
hard hit by bearish press com- 
ment that it was overvalued. 
Reed International, which dis- 
appointed with its figures last 
week, fell a further 21 to 848p. 
Some analysts began to feel 
the shares now represented a 
buying opportunity. United 
Newspapers, which is expected 
to show margins under pres- 
sure when it publishes figures 
on Thursday, fell 17 to 67lp 
and Carlton Communications 
lost 23 at 940p. 

Advertising group Saatchi & 
Saatchi slipped 6 to 143p on 
reports that the chief executive 
might quit this week. 

MARKET REPORTERS: 

Christopher Price, 

Joel Kibazo, Peter John, 

Steve Thompson 

■ Other statistics. Page 25 


LONDON EQUITIES 


UFFE EQUITY OPTIONS 


— -Mb Mi — - 

Option Agr JO Pet Agr Jul Oct 

AM-Lyons 600 2 B» 39 4 B 10 » 2 B» 3 BM 

(" 613 ) 650 5 17 M 2715 41 K 61 M 67 

Ann* 240 24 SIM MH 3 13 17 

tfSB) 280 10 W 19 W 24 10 M 23 M 27 M 

ASOA 50 9 12 13 1 3 4 M 

(* 57 M ) 80 3 6 714 5 7 H 9 K 

UrttAkwap 420 34 35 M 43 M 8 23 » 29 

r«* I 460 S 17 % 26 33 46 * 52 

54 * B*n A 390 22*4 38 M 47 M 8 ** Z 2 30 K 

(*401 I 420 8 23 33 28 38 H 47 

60*5 500 4 Z 82 M 8 SM 3 15 19 H 

rS 30 ) 550 6 23 M 34 U 23 38 M 4414 

BP 380 19 28 3814 7 14 20 M 

(*370 ) 390 OH 16 22)4 24 32 37 

BttftStad 140 8 M 15 19 514 1114 14 

(*143 ) 100 2 7 11 1914 23 W 2614 

Bass 500 3 SV 4 4 BM 61 M 414 17 24 
(*SZ 7 ) 550 714 24 3614 29 45 50 

HtaAMi 400 33 - - 6 - - 

(*424 ) 425 15 32 - 1414 29 - 

Couta&ta 500 51 82 70 2 M IBM 23 H 

("545 1 550 18 38 M 42 18 39 47 

Cam IHafl 550 37 54 H SBM 4 H 14 H 2214 

(* 578 } 600 714 23 3214 29 30 49 

63 750 « 88 M 7714 8 34 36*4 

(*783 ) 800 1414 80 51 XK <7 61 H 

KktftfB 55 D 4 M 51 H BZ 614 23 32 H 

(*SB 0 ] GOO 1244 27 38 30 SOU 59 

undl Sear 650 43 51 57 4 17 21 » 

(-688 ) 700 8 21 30 29 4414 48 

Marfa 5 s 390 28 35 4114 2>7 12 14 

(*413 1 420 m 1814 2814 14 28 28 

Katttot 480 2514 4314 4814 IDti 19 29 

(*474 ) 500 7 2 fK 31 3314 42 51 

Satastuy 360 27 3814 47 4 17 21 

(* 385 ) 390 II 22 30 15 * 32 3514 

Slid Tnm. B 5 D 2814 48 58 6 1614 ZB 

(*670 ) 700 6 23 30 341 * 4214 S 2 M 

Storetaun 200 21 M 2714 31 2 7 » 9 » 

r *217 J 220 7 15 W 4 8*4 1814 10 

Trrtdgar 97 12 17 - 3 7 M - 

nOS) 108 814 1 ZM - 8 » 11*4 - 

Unttomr 1050 IB 45 03 32 43 * 55 

(* 1055 ) 1100 4 M 2 S 41 H 73 78)4 00*4 

Broca 750 2 SM 52 M 88 10 M 33 M 48 

(• 758 ) BOO 729 M 43 V 4 50 02 7 W 4 

Grand IM 460 2114 38 4514 15 2 SM 30 K 

(*466 ) 500 614 1814 28 41 to 49 54 

Ltitarira 200 U 2314 2914 7 H 13 19 

(*208 ) . 220 5*4 14 ZOH 19 H Mta 31 

UUBtafc 330 2314 3114 41 SH 1314 22 

(*350 ) 380 7 1714 27 Z 7 M 3114 38 

Opttw Mar Jw Sep **ar -An Sap 

FfcWJ 130 W 14 21 2 M 9*4 16 

r *32 1 140 1 0 1714 10 17 22 

Oman Itay flng 6 w May Aug Mar 

Brit Aero 900 43 82 78 M 28 45 5754 

(-507 ) 550 BK 40 55 5714 73 B 5 K 

BAT Ml 460 1654 30 38 20)4 29 H 3714 

(*«S 1 500 614 151421*4 62 M 56 65 

BTR 360 31 M 41 V 446 M 7 12 18 

{*382 } 300 12 K 231 * 38 19 25 32 

HTdesoA 390 2 i 37 42 414 14 1 BK 

(*409 ) 420 « 10 2614 171 * 30 34 H 

OdWlSdi 493 IB - - 14 V 4 - - 

(*495 J 542 314 - - SO - — 

Eaten SK 600 43 M 5014 04 814 25 32 H 

(>629 ) . 650 1514 30 Ml* 33 M 52 59 

Grtmcn 460 3614 48 57 914 21*4 » 

1*4881 500 1314 27 K 36 H 3014 43 49 

GEG 280 2814 3214 3 G» 3 814 12 

(*301 ) 300 14 IBM 2314 9 17*4 21 M 


QBb Puts 

Option Hay tog Haw May Aug Now 

Hanmn 260 28 30 31 Z >4 8 914 

1*282 ) 280 12 17 H 2214 834 14 10 

Lasmo 130 11*4 18 23 10 16 20 

[*131 ) 140 7 14 18 ** 17 22 28*4 

LUCM bub 200 15 M 23 H 28 7 12)4 18 

(*209 ) 220 5 M ISM 181 * 18)4 23 M 29 H 

POO 650 42 8114 73 M IBM 30 48*4 

(*673 ) 700 17 M 37*4 4814 45 58 M 78 

PHngbn TOO 21 26 3014 3 W 8 M 11 K 

DOS | 200 8 14 M 19 1134 18 21 

Piudantlal 330 13 21 M 27 16 22 27 

(*333 ) 360 4 HIM IBM 39 «J 4 46 

RTZ 850 4 ZM 68*4 01 26 40)4 5514 

(*860 ) BOD 20 M 42 M 5714 5414 07 81)4 

Rfltbnd 550 27 3814 02 2414 3214 4 G 

(* 565 ) BOO 7 19 H 31 M 61 08 77 

Raid rraca 2 B 0 2 JM 31 37*4 814 15 M 21 

("271 ) 280 11 H 21 2714 1914 2414 31 

Tusco 200 24 2814 33 4 K B 1235 

("220 ) 220 9 M 17 23 13 M 17 H 22 H 

ttxMcne 590 Z 8 M 48 H B 3 M Z 3 M 37 48 H 

(*552 ) BOO 9 M Z 7 M 42)4 56 88 78 

mm 380 33 38 M 44 M 8 M 12 M 17 ft 
(*387 ) 39 Q 13 MZIM 23 20 M 2 BM 3 ZM 
Opfloo Apr JJ OB Apr JM OH 

BAA 1000 3014 BO 7 BM 17 M 42*4 50 
( 1012 ) 1050 13 3514 54 M 47 70 76U 

Times Wlr 500 34 42 V 4 48 H 4*4 10 M 24 

(*526 ) 550 6 ISM 23 2914 50 53 

Option Mar Jm Sep Uar Jui Sep 


RISES AND FALLS YESTERDAY 


British Funds 

Other Fbted Interest — 

Mhwrai Ext r action 

General Manufactures _ 

Conauiwr Goods 

Services 

mattes 

Flnanctate 

Investment Truss 

Others 


Rteea 

Fobs 

Same 

22 

35 

17 

0 

5 

to 

BO 

69 

76 

90 

216 

374 

26 

56 

110 

75 

150 

294 

9 

21 

16 

102 

117 

172 

54 

Ito 

131 

Aft 

275 

♦M 2 

•» 

487 

840 

JO 

1390 


Totals 487 840 1390 

Oats baaed on those companies brad on 8 w London Shm Sanica. 

TRADITIONAL OPTIONS 

Hrai Dealings March 21 lost Declarations Juno 30 

Last DoaDngs April 1 For setttenwnt July 11 

Cato: Amine*. C a wn M a, Cons lOurch, Dote GoU. Kunick. HSBC ( 79 ( 4 . MX Home 
Ln. Regent Corp, SMsM &B 4 % PI, WUon. Puts LBMS, Nat Home Lji. Puts 0 Cato 
nooont Coro. ToJomotrtx. 

LONDON RECENT ISSUES: EQUITtES 


Abbey Hati 
T 470 ) 
Amstrad 
{*38 I 
Batbys 
(*s«l ) 

BkM CMb 
r347 ) 


(*173 ) 
Lonrfio 
(* 153 ) 

NfariU Porto 
(■471 ) 

Scot PmMr 
(*387 ) - 


480 2114 SBM 48 1 13 21 

500 1 I 5 M 2 BM 23 h 33 M 41 

35 4 0*4 8 T 3 4 

40 1 4 B 3 5 M 7 

500 42 M 5 SI 4 B 9 1 9 Ji 21 M 
550 3 25 Vr 40 M 13 31 44 

330 19 M 27 V* 38 1 13 *t 22 

360 IM 13 24 H 15 M 31 38 
300 7 IB 20 M 114 14 M 19 H 

330 1 4*4 9 M 2 BM 38 38 

200 14 23 28 1 8 15*4 

220 IM 12 M 18 M 1054 18 28*4 

160 15 17 M 21 M 1 7 9 M 

ISO 114 BH 12 9 M IBM 22 

140 14 23 28 M 1 8 13 M 

160 IM 12*4 19 9 17 2414 

460 13 M 30 M 40 IM 23 28 

500 1 13 23 31 45*4 50 

380 28 M 30 48 M 1 7 14*4 

390 4 20 29 0 17 M 28 

110 8 M 11 15 1 4 8 

120 114 51 * SU 4 M 9 M 12 

260 6 14 M 22 M 2 M 16 M KM 

280 1 7 14 M 20 3 tB 4 35 


193 6 IBM - 

200 254 13 22 
1100 IM 30 GO 
1150 1 2254 41 Vv 

220 IBM IBM 2714 
240 1 IBM 17 M 

240 1214 2214 28 
2 E 0 1*4 11 M 17 M 
BOO JIM 33 77 M 
650 2 31 83 

Apr M Od 


IM 15 - 

4 M 15 M 22 
40 M 611 * 92*4 
SOM 98 138 
1 7 M 14)4 
12 M 13 M 25 M 

1 BW KM 

10 M 18*4 2 SM 

2 27 41 M 
27 55 67 
Apr Zi M 


3906 Amt 
rice paid 

P UP 

MKL 

cap 

(Em.) 1 

1983/94 

Utah Low Stock 

Close 

price 

p 

W- 

Not 

dv. 

Ov. 

OOV. 

Cra 

ytd 

P/E 

net 

_ 

FJ*. 

306 

246 

241 Attract N Dawn C 

243 






135 

F.P. 

41 3 

142 

135 AppBed centra 

138 

-3 

WN 3.6 

2A 

23 

16.1 

- 

F.P. 

1.10 

8*2 

1 ijiCara UK WHs 

5 

**2 

- 

- 

- 

- 

105 

FP. 

31.8 

110 

101 Cedamata 

104 

-2 

RNI^I 

2 X 

23 

17-1 

- 

F.P. 

1200 

65 

62 Catfral Elio Garth 

63 


- 

- 

• 

. 

- 

F.P. 

040 

23 

21 Da Warrants 

21 


- 

- 

. 

- 

- 

FP. 

068 C 67*2 £ 87*2 Chester Water 

097*3 


1235JJ 

43 

3.4 

9.0 

- 

FP. 

309 

125 

125 County Sri* C 

125 


- 

- 

- 

• 

50 

FP. 

1208 

50 

45 Edn New Tiger 

46 


- 

- 

- 

- 

- 

PP. 

12 2 

50 

49 F & C Private Eq 

49 


- 

- 

- 

- 

100 

FP. 

142.5 

99 

93 FkURy Jpn Vtium 

95 

+2 

- 

- 

- 

- 

- 

FP. 

17.1 

57 

48 Do Warrants 

57 

+3 

- 

- 

- 

. 

130 

FP. 

32.7 

155 

130 Rneto 

150 

+1 

KL3 

2-3 

2.8 

105 

- 

F.P. 

2-64 

105 

98 Flaming Japan C 

101*2 


- 

- 

- 

- 

- 

FP. 2 JBIjO £ 31*5 121*1 Franklin Ftes 

E 31*2 


QZ 8 C 

* 

03 

- 

- 

F.P. 

514 ) 

102 

100 Garanora Bril he 

102 


- 

- 

- 

- 

- 

F.P. 

505 

113 

1 12 Do Zen PI 

113 

t *2 

- 

- 

— 

- 

- 

F.P. 

I 08 J 

213 

206 Do Units 

213 


- 

- 

- 

- 

170 

FP. 

74.1 

171 

159 Goidsborouah Hth 

169 


WN 3 J 

2.6 

ZA 

18-5 

183 

FP. 

243.0 

210 

195 Qrahem Cme 

212 

-4 

LN 4.6 

23 

2.7 

2D3 

- 

FP. 

608 

74 

664 * Guangdong IXW 

73*2 


- 

- 

- 

- 

- 

FP. 

5.58 

31 ** 

* 8*2 Da WarrantB 

XU 


- 

- 

- 

- 

SI 

FP. 

UC 4 t 

62 

66*2 Israel Fund 

56*2 


- 

- 

- 

- 

- 

FP. 

8/15 

28*2 

271 + Do Warranto 

27*2 


- 

- 

- 

- 

- 

F.P. 

531 J 

495 

458 Mercuy Euro Prvtn 

482 

+2 

- 

- 

- 

— 

140 

FP. 

2302 

172 

163 Mdend Indp Hws 

187 

-3 

WN 2 B 

23 

2.1 

223 

50 

FP. 

20.4 

53 

49 Mttixns mv Tat 

51 


- 

- 

- 

- 

- 

FP. 

24 H 

28 

25 Do Wrtants 

26 


- 

- 

- 

- 

- 

F.P. 

608 

228 

222 Panco 

223 

-1 

L5J35 

2 ^ 

3.0 

19 2 

• 

FP. 

524 

200 

IBS Ptarmigan kitl C 

199 


- 

- 

- 

- 

125 

FP. 

101 

133 

113 Radatona Tech 

118 


R3J> 

2-4 

23 

14.9 

100 

F.P. 

57 D 

98 

94 Saracen Value 

95 


- 

- 

- 

- 

_ 

FP. 

AM 

43 

37 Do Warrants 

37 

-1 

- 

- 

- 

- 

- 

FP. 

1164 ) 

508 

491 Schrader UK Gwm 

495 

-1 

- 

- 

- 

- 

IIS 

FP. 

54 J 

140 

128 Trtng Inti 

129 


HN 3 JB 

2.1 

3.7 

15 J 3 

153 

FP. 

535 

180 

153 Urritad Camera 

158 


- 

- 

- 

- 

50 

FP. 

11.0 

72 

68 Woate Recyckng 

ea 

-2 

11.4 

0 .4 21.0 

27.7 

205 

F.P. 

- 

213 

206 WaftigCon 

217 


W 5.17 

2.0 

- 

- 


t kvnylxatQn 9 Placing pnea. FJ*. Fitiy-pald warty. Far i 
to tie CkJde la dM London Shoo Service. 

RIGHTS OFFERS 

Issue Amount Latest 


i at aPw roiin. |taw rotar 


Ctorang +or- 


Etna 650 47 74 B 7 M 10 M 2854 47 M 

(*882 ) 700 19 48 B 2 M 33 M 53 73 

HSKTSpria 750 39 02 98 M 29 5814 75 

(760 ) 800 20 H SBM 75 58 B 5 M 101 

Raufena 2000 7114 MO IBB 42 83 M 122 

(70201 2050 45 122 152 66 M 118 146 

Option Aug Rov >Oy Ann Wov 

Mriflqee 180 UM 2 ZM 27 BM 11 K 16 
P 92 ) 200 8 13 17 17 22 27 

* Ltedcriying aearty pries. Pramem Aown are 
besad on dookig oHor prices. 

March SI Total c orttract K 213 ! 1 Caric 11 J 07 
Puts: 10.004 


price 

P 

pate 

up 

Rerun. 

dote 

1693/94 
Hfetl Low 

Stock 

trice 

P 

92 

Ni 

11/4 

15 pm 

7 pm 

Burlord 

fl'jpm 

173 

NB 

5/4 

27 pm 

14 pm 

^Cap. i Regional 

14 pm 

4*4 

m 

14/4 

6 pm 

3 pm 

On UK 

3 * 2 pm 

42 

NB 

14/4 

18 pm 

4 pm 

Conrad mum 

4 pm 

82 

NB 

28/4 

lOVpm 

6 pm 

Haden htedelan 

6 pm -3 

315 

M 

30/3 

64 pm 

49 pm 

Wettwrapoon JD 

49 pm 


pm Pace at s peiim. 

HMANCIAL TIMES EQUITY INDICES 

Mar 21 Mar 16 Mar 17 Mar 16 Mar 15 Yr ago -High tow 

Ottftury Shore 2628 J 2542.7 2566 J 3 2552.8 2 S 69 J 224 2 . S 271 X 6 2124.7 


Ond. ifiv. yield 

3.67 

aes 

2 L 62 

3-64 

3.61 

4.39 

4^2 

3 X 3 

Earn. yld. % fufl 

456 

4.97 

4^2 

4.95 

4.91 

8.14 

6^8 

182 

P/E ratio net 

21.78 

21.87 

22-08 

21.95 

22.11 

20.29 

33.43 

13.40 

P/E ratio rfl 

22.75 

MAS 

23.08 

22.93 

23.09 

18.83 

soao 

18.14 


FT GOLD MINES INDEX 



Mv 

10 

% dig 
rt tor 

War Mv Yesr 

17 10 age 

# 5 f 

wS" 8 !!!* 

Gate Maw laOai ( 3 q 

as9.ro 

+ 2 J 

200 C 802 B 2 & 0212 I 4 II 

142 

238740 121411 

■ Reglsesl Euflees 






flMcaHS) 

299&30 

+ 4 a 

278533 2808^8 I 415 J 3 

4.73 

344080 141523 

Mfcabalan 

2544 J 9 

+02 

254034 350326 1244.03 

1 j 45 

301329 124483 

Ndrih America pi) 

174885 

* 2.7 

170027 171479 11 S 13 S 

(L 84 

2039.65 115388 


Tar 1333 / 94 . OnAnray Stem Men Nnce caqiUn: high 27136 2 ( 02 / 94 ; law 49.4 26 W 40 
FT OrtBnfty Star* ton rate 1 / 7 / 35 . 

OrtOnay Shan hourly changes 

Open 9-00 IOlOO IIjOO 12JO 13jOP 14U» 15J» 16X10 Mflh Low 
2546 2 2540.9 2636.4 26403 2S38.5 2539.1 2537^ 2536.1 2529.8 2546.2 2527^ 


CopyripK. The FJnonGM Tkrm Lknied 18 M. 

Rgurea in bracket* *how nirtv el cornpmie*. Bata US Detok. Boh VHuot 100000 3 V 12 /KL 
Predacaanr Caki Mnos Men Met 21 : 22 SJ) : day ictenge +14 pouts; Yav ape. 106 J T Prttal 
UttBS ttesre wm VMMribbls tar BM ersoon. 



Mar 21 

Mor 18 

Mar 17 

Mar 16 

Mar 15 

Yr ago 

SEAQ bargains 

34,657 

33,758 

34,034 

30376 

33.617 

38,035 

Equity turnover (Qm)t 

- 

1430.5 

14238 

1459.1 

14069 

1 Q 33 J 

Equity bm gainst 

- 

38243 

38,380 

34^94 

38 J 74 

42,799 

aiensa traded M)f 

- 

4 S 3 .B 

573.7 

591 J 

635.7 

481.4 

T BaJurtna Mn+ratai CuUwr and ownre turonr. 
















































































39 


FINANCIAL TIM ES TUESDAY MARCH 22 1994 


LONDON SHARE SERVICE 


4 M 3 M 
57 
132* 
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214 

140 
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170 

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412 283 

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428 333 

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KM 93 

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17 9 urr bid 

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18 2278 209 OnmjrQmra.XC] 

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3.1 2869 128 SSisiW AN 

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184 - - Onto tO 


COMPANIES 

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700b *2b 830b 407 

Z77b +b 333b 52 

S 5 ? J 5 

3*33 

83b 4b 08 40b 

40b tb 57 21 

IK -7 271 132 

K 102 70 

5Kb 4lb 074 519b 
75b »b 8Sb 73b 
330* -I 345 20S 

715b 42 719 307 

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5X A mi 

Ulb *b 171b 2S»J 

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010b *19b 101 8b 4« 
4T2', 4lb <23 32 

CTO -15 8» 

no 081 £51 

67 -« 145 15 

28 ! A S 3 ! “» 

187b ‘lb 13Kb 405 
13*b *b M7 40 
12b — 26b 4b 
647b ‘lb «Sb 315 
K0b >9 683b 3Mb 
MW* *1 »£} ” 

104b *b » ® 

113b A 1«8b 47 

785 -4b 033 571 

£11 eiib »A 

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288 -l 317 163 

83 74 20 

235* -3 320 1*4 

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MSV *1b 410 210 

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2JH -7 371 138 

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JS5 103 619 
40 13 2098 

13b 6b 580 

695 £57b 484 

668 194 2963 

13S >5 788 

28 7 188 

296 195 36.7 

*30b 7 «S 

388 3U 530 

688 290 3129 

90b 75 842 

KB 90 108 
4W 275 008 

430 2S7 5L9 

439 171 288.1 

1047 S20 1133 

149 106 2152 

31K 1615 >808 

170 US 111 

203 58 109 

SS 44 61 a 

31 £5 

476 322 7SB2 

K7b £43b 3398 
1623 873 3339 

M a 483 
471 S3 3BU) 

1033 298 999 

■293 162 479 

41 17 115 

383 149 388 

72 4b 1.12 
161 19 97 9 

204 IS* <79 

510 1Kb 7B3 
402 334 1408 

67 15 18.1 

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610 240 3843 

IK 30 7B3 
186 13! BK 

668 305 2068 

752 4QS 7019 
*33>, 15b 154 

38b 26 HU 

25 14b B34 
311 243 37.1 

349 150 H9 

283 88 706 

431 173 1378 

515 297 11» 

314 169 U2B 

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870 410 2549 

40b 13b 4B2 
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117 37 33 

249 08 378 

TOO 90 IU 
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472 313 311.7 

to 274 OBO 
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151 3 118 

*13 40 8879 

*8 3 625 

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101 6 179 


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7« BM 88 
270 604 41 

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27*i 10b <28 

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410 290 X49 

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25B *3 467 240 

470 -1 BK 430 

JB a 61 37 

14 -I 22 Sb 

94b -3b <37 H 

382 — 7K 269 

H K 20 

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783 — 773 430 

<07 -t 250 140 

KB -2 163 542 

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MS (63 75 

Mb -b 10b 11 

<10 *b 174 84 

282 291 145 

225 — 222 172 

757 to 205 

3b 9 lb 

to -2 084 342 

2WB( -2 243 120b 

Kb -b 101b 97b 

220b +b 273 176 

(124 -b E!34S« (11 4b 

19W 211 IS 

394 — 422 248 


GENERAL 

*or 1993794 to 
Pita - !«■ to cacon 

K *102 S3 379 

to -1 an 173 24U 

3SS *4 410 257 1,067 

Bib 228 142 35B 

K *b 118 K 209.1 

to -1 367 278 2539 

MS 199 94 BBS 

IK MO IK 729 

13B IK 04 579 

133 278 IS 1863 

42 *1 47 22 13A 

223 *1 281 b 133 4268 

838 M 111 6579 

3b *b *Wb Zb 224 

469 *1 481 318 3361 

H *!b Wb 51 7874 

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to 304 148 2160 

229 248 144 to 

433 -3 620 295 470 

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QBb -2b 230 196b 2901 

52 to 78 168 

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OK +1 363 2K 3211 

212 +1 203 IK 8419 

05b -1 1Mb 77 1949 

10 tf B 674 

£74 -t 2*4 71 309 

2SE -1 270 2D3 15U 

US -1 600 WJ 4063 

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117 -ab <a* 

37b -b 41b 
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an — ao 

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120 8779 
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311 11977 
445 BBS 
135 479 
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3 792 
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24 B2J 
165 MU 

re an 

20b 367 
120 364 

re t,770 
11 1062 
11 268 
400 1900 
S3 1879 
713 4W9 
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3 02 3906 
42 768 
45 7.12 
142 089 


3 $ 














I 





x 

















































































































41 


FINANCIAL TIMES TUESDAY MARCH 22 1994 



































































































































FINANCIAL. TIMES TUESDAY MARCH 22 1994 


FT MANAGED FUNDS SERVICE 






















































































































































































































44 


CURRENCIES AND MONEY 


FIN ANCIAL TIMES TUESPAY^ ^j ^* 1 ~~ 1994 

money MARKET FU», 


MARKETS REPORT 


POUND. SPOT .FORWARD’ AGAINST THE POUND 


All eyes on the Fed 


M*r21 


Closing Change 
mM-poW on dgy 


BKtfotfar 

Spread 


Day's MM 
lugh Sow 


One meoSi Three months 
Rote %PA Rata WPA 


Om yaar Bank of 
Rate %PA Eng Index 


It was a case yesterday of "All 
eyes on the FOMC” as foreign 
pirrhang es fOCUSed Oil tOCfey'S 
important meeting of the Fed- 
eral Open Market Committee 
in the US. writes Philip Gaurith. 

The policy-making FOMC is 
widely expected to sanction a 
further tightening of monetary 
policy by the US Federal 
Reserve. Its deliberations have 
tnkpn on added importance fol- 
lowing last Friday's unsched- 
uled meeting between Presi- 
dent Clinton and Mr Alan 
Greenspan, chairman of the 
Fed. 

Markets remain unsure 
whether that meeting signified 
political interference in mone- 
tary policy, or heralds an even 
quicker tightening of policy 
than previously anticipated. 

Markets were very quiet 
ahead of the FOMC with few 
noticeable trends in trading. 
The dollar finished slightly 
firmer in London against the 
D-Mark at DM1.6979 from 
DM1.6961 on Friday. It finished 
marginally hi gh er against ster- 
ling - $1.4845 from $1.4888 - and 
was also firmer against the 
yen. closing at Y106J920 from 
Y106.035. 

The D-Mark was slightly 
weaker in Europe, with the 
market anticipating further 
cuts in the repo rate, while 
sterling weakened following 
the release of mixed non-EU 
trade figures. 

B Trading got off to a slow 
start in Europe yesterday with 
Japanese markets closed on 
account of the spring equinox 
national holiday. London trad- 
ers said the morning was 
"exceptionally quiet” before 
the US market opened. 

Mr David Barrett, trader at 
Natwest Markets, said foreign 
exchanges were “blinkered to 
anything but Fed rate hikes”. 
Many corporates preferred to 
stay on the sideline with much 
of the business inter-bank. 

Markets remain confused 
about how to interpret last Fri- 
day's meeting, but there is a 
broad consensus that at least a 
25 basis points ti ghtening in 
the Federal Funds rate can be 
expected. This would be in 
keeping with Mr Greenspan's 
gradualist reputation. A minor- 
ity view is that there may be a 
50 basis paints increase in the 
discount rate. 


1.52 


1.50 -'l-i- 



1.48 


1.46 


Jan 1084 
Some: Detasfceam 

■ Pound In Haw Trarfc 


Ur 21 

Iidnt 

-Pm. dose - 

EV* 

1.4815 

1.4905 

I irth 

1.4794 

1.4884 

3mth 

1.4768 

1.4829 

»1» 

1.4719 

t.4799 


Mr Gerard Lyons, chief econ- 
omist at DKB International, 
said the Fed should be seeking 
to stabilise financial markets. 
After Friday’s meeting, 
t houg h , widely condemned in 
the markets as insensitive, 
there is a risk that the Fed is 
in a lose-lose situation. No 
change, or a small increase, 
could well result in a dollar 
sell-off. A 50 basis points hike, 
on the other hand, could 
"spook” the market by causing 
it to think that the inflation 
threat is worse than the Fed 
has let on. 

The anticipated tightening in 
interest rates was reflected 
yesterday in the Fed Funds 
rate which was trading in the 
3J 1-3.37 per cent range, com- 
pared to the 3.25 per cent tar- 
get level set by the Fed. The 
rate later fell back to 3.31 per 
cent after the Fed added tem- 
porary reserves to the banking 
system through three-day sys- 
tem repurchase agreements. 

In the futures market the 
June eurodollar contract 
traded at 95.58, discounting 
interest rates of 4.42 per cent in 
June. Three month US money 
is currently trading at 3JI7 per 
cent/3.93 per cent 

Analysts were agreed that no 
matter what the Fed does, 
there is little short-term upside 
for the dollar. Mr Lyons said 
the market had already dis- 
counted the ti ghtening . Hie said 
the upward movement in rates 
across the yield curve, since 
the Fed last tightened on Feb- 


ruary 4, was an effective tight- 
ening of policy. 

■ The D-Mark traded slightly 
weaker in Europe. Unchanged 
against the French franc at 
FFr3.407, it finished at L987.7 
from L989 Jt against the Italian 
lira. It was also lower against 
the Spanish peseta closing in 
London at Pta81.87 from 
Pta82.14 on Friday. 

Mr Jeremy Hawkins, senior 
economic adviser at the Bank 
of America, said the D-Mark 
was not going anywhere, as 
the dollar remained well 
underpinned, while a further 
cut in the German repo rate 
was a constraint on would-be 
D-Mark bulls. He predicted a 
further 5-7 basis points cut 
from the current level of 5JS8 
per cent 

The prospect of higher inter- 
est rates in the US put a dam- 
pener on the futures market 
The June three-month euro- 
mark contract lost two basis 
points to settle at 9-L5Q. The 
December contract fell by 
three points to 94JS9, indicating 
that the market expects rates 
to fell by about 60 basis points 
by December. Three month 
money is currently trading at 
5.70/ 5.80 per cent 

In the «reh markets, German 
call money continues to trade 
at 5.70/5.80 per cent reflecting 
market expectations of a cut in 
the repo rate. 

B Sterling had a fairly quiet 
day finishing at DM£5205, half 
a pfennig below the DM2.525 
where it closed on Friday. It 
weakened on the release of 
February non-EU trade figures. 
Stripped of oil and erratics, the 
deficit was £673m, up from 
£612m in January. 

. In the discount market the 
Bank of England cleared a 
small £250m shortage with 
afternoon assistance of £2?4m. 

Sterling futures barely 
moved with the June contract 
closing one point firmer at 
9184. In the cash market three 
month money was bid at 5% 
per cent 

■ other cuuhhhcio 

Ur 21 £ S 

few 15X935 - 154.188 103.730 - 103*30 
tel 2587.00 - 280380 174880 - 175080 
KDanfi 0.4419 - 04414 08878 - 02S88 

Potand 327281 - 377502 220548 - 220548 
tonla 256076 - 256810 172880 • 173080 
UAE 5.4503 - 84533 36715 - 38735 


Ewope 

Austria 

Betgkan 

Denmark 

Finland 

Franco 

Germany 

Greece 

Ireland 

Italy 

Luxembourg 

Netherlands 

Norway 

Portugal 

Span 

Sweden 

Switzerland 

UK 


(Sch) 

[Bft) 

(OKI) 

(FM) 

(FFr) 

(DM} 

(DU 

TO 

(L) 

(LFr) 

<R) 

(NKl) 

Pa} 

(Pta) 

(SKO 

(SFr) 


17.7058 

518907 

98766 

68643 

05897 

2.5205 

367.785 

1.0397 

24902S 

51.8907 

28338 

109334 

256871 

200375 

11.7131 

2.1340 


-a 01 74 581 - 7SS 
-0.1374 858 - 156 
-O.Q21 698 - 834 
*00348 740 - 945 
-08119 828 - 955 
-08045 191 - 210 
-0804 438 - 132 
-08014 384 - 409 
-785 904 - 146 
-X1374 858 - 156 

-0.0053 331 - 355 
-0.0197 271 - 397 
-0865 661 - 281 
-1.008 261 - 489 
-08139 036 - 228 
-08113 325 - 354 


17.0085 17.6800 17.768 00 17.7564 08 

52.1176 518238 518357 -18 528107 -08 528107 -08 


90119 90830 

90855 

-1.1 

90002 

-1.0 

9035 

-00 

B2960 82250 

. 

- 

- 

- 

- 


B0225 80745 

85336 

-12 

8.6139 

-1.1 

80374 

-00 

20377 20176 

2022 

-0.7 

20247 

-0.7 

20244 

-02 

369277 366033 

- 

- 

- 

- 

- 

- 

1.0456 1.0380 

10405 

-as 

1.0418 

-00 

1.0476 

-00 

2504.40 249700 

249705 

-05 

251005 

-30 

2561.1 

-20 

52.1170 51.8238 

510357 

-10 

520107 

-00 

520107 

-0.6 

28480 20286 

20345 

-G0 


-00 

2.8317 

ai 


10.9923 108091 10.9278 08 10.9403 -03 109315 OO 

260.067 258814 259-948 -*-5 261891 -48 

2074G3 206844 208855 -3.4 20788 -XI 211.775 -2.6 

11.7E35 11.6920 11.7331 -2.0 11.7686 -18 11.8778 -1.4 

21525 2.129S 2.1322 18 2.1288 18 2.1076 18 


1138 

1148 

1U.5 

807 

1088 

1238 

102.7 

75.7 
1148 
1188 

848 

858 

75.8 
118.0 

804 


Ecu 

- 

10058 

SORT 

- 

0039186 

Americas 



Argentina 

(Peso) 

1.4845 

Brazil 

(Cr) 

119508 

Canada 

tca» 

20251 

Mexico (New Paso) 

40286 

USA 

(S) 

1.4846 

PaciflcAfldtSe EastMMca 

Austrata 

(A3 

2.0940 

Hong Kong 

(HK^ 

11.4730 

India 

(Re) 

460707 

Japan 

M 

157.788 

Malaysia 

(MS 

4.0401 

New Zealand 

(NZ S 

£6069 

Pttappkiea 

(P«») 

400352 

Saudi Arabia 

(SH) 

50685 

Singapore 

(SS) 

20545 

S Africa (ComJ (H) 

5.1212 

S Africa (Rn.) 


60065 

Somh Korea 

(Won) 

119809 

Taiwan 

TO 

39.1834 


-00084 061 - 065 1.3124 10043 10073 -1.4 10037 -10 10141 -0.6 


Thaland 


(BO 378878 


-00046 839 - B50 
♦165 527 - 609 
-00125 240 - 261 
*00008 135 - 376 
-00043 840 - 850 

♦08041 925 - 954 
-00339 684 - 776 
-01314 494 - 919 
-0072 675 - 900 
-081 365 - 437 
+0.0071 044 - 094 
-0.1172 616 ■ 088 
-0815 644 - 686 
-0.0037 529 - 560 
-0.0102 183 - 240 
♦0.0029 967- 162 
-248 803 - 914 
-0.1048 628 - 040 
-0.1076 600 - 151 


1.4906 1.4817 
119600 1147.00 
2.0397 28Z20 
4.9485 4 .9190 
1.4905 1.4814 

2.0976 287E0 
118200 11.4495 
46.7570 46.4750 
158660 157840 
48527 4.0309 
2.61C0 2-5912 
41.5635 40.5600 
5.5088 58555 
20605 2J3 488 
5.1400 5.1136 
6.8182 6.7843 
120247 119603 
398200 39.1100 
37.7390 378240 


2.0231 

10 

2.0212 

00 

20234 

0.1 

880 

1.4823 

10 

1.47B8 

10 

1.4743 

a7 

880 

2.0925 

00 

2.0901 

07 

2.0882 

0l3 

_ 

11.46 

1.4 

11.4548 

0.6 

11.4055 

00 

- 

157.403 

20 

158093 

2.8 

153.423 

20 

1830 

2.6098 

-10 

2.6141 

-1.1 

2.6227 

-0.6 

- 




- 

- 

- 

- 


TSOfl rare tor tan la BWoUbt ****** » Pra Pawl Spec ot*> mew erty mo fas tram ay*** Ct3Qeo.farraargjgft» raorx* ateoaty qootad to Bra | 

but are krpSad by curort rtraast ram. Staling taSax cJcuLrm l by the Bank d trtfma Bsm average 1935 ■ lOOJkd. Oder end Wri-ratt* « bod* tNs and 
On Dote Spot ctaea bathed bon THE WM/RSJTCRS CLOSING SPOT RATES. Soma vMura, mm nutated by On F.T. 


'DOLLAR SPOT FORWARD AGAI NST -THE DOLLAR 


dosing Change Bid/oller 
raid-point on day spread 


Day's mid 
Ngn low 


Ona month Three months One year J.P Morgan 
Rate %PA Rom %PA Rata %PA Max 


Europe 

Austria 

Belgium 

Denmark 

Riband 

Prance 

Germany 

Greece 

Ireland 

Italy 

Luxembourg 

Netherlands 

Norway 

Portugal 

Spain 

Sweden 

Switzerland 

UK 

Ecu 

SORT 


(Sch) 

(BR) 

(OKI) 

FM] 

(FFr) 

(P> 

(t» 

TO 

W 

(LFr) 

(H) 

(NKr) 

IBs) 

(Pta) 

(SKr) 

(Sft) 

(Q 


118875 
34.9550 
6.6532 
58605 
5.7862 
1.6979 
247.750 
1.4279 
1677 JO 
348660 
18089 
70851 
174.450 
139820 
7-8903 
1.4375 
1.4845 
1.1369 
1-39320 


+0.0225 650 
♦08075 500 
♦0.0049 508 
+0.0383 755 
+0.0085 842 
♦00018 975 
♦0.1 500 
-0.0021 266 
-005 725 
+00075 500 
♦08019 084 
♦0.0079 633 
-0.15 300 
-1X28 990 
+08132 365 
-0.0035 370 
-0.0043 640 
-08012 366 


7C0 11.9860 110325 

SCO 35.0500 34 8900 
60695 6 6437 
50900 SJ53C8 
5.7935 5.7790 
1.7C3S 10970 


110885 -2.1 12815 -1.6 12.01 BS -04 


1032 


555 

855 

662 

982 


- 900 248200 247.100 

- 291 1.4295 1.4248 

- 775 1882.00 1675.75 

- 600 358500 3405CO 
10125 1.9065 
7.3798 70425 

600 174.800 1730=0 
050 139 480 139890 

7.9075 70762 

14442 

1.4905 
1.1373 


094 

668 


940 

380 

850 

371 


1.4380 

1.4814 

1.1327 


Argentina 

Brazil 

Canada 


Mexico (New Peso) 

USA (S) 

Padflc/MMdhr EastMMca 


(Peso) 18000 -08002 999 - 000 1.0001 0.9997 

(Cr) 805.443 +13285 440 - 445 805.465 904000 

(CS) 10642 -0.0045 639 - 644 12685 12630 

30200 +081 19) - 250 30250 30150 


AuMnde 

(AS 

1.4105 

♦0.0067 

Hong Kong 

(HKS) 

7.7285 

-0.0008 

IncSa 

(Rs) 

31.3713 

♦0 0013 

Japan 

CO 

106090 

+0055 

Malaysia 

(M$) 

2.7Z15 

♦0.001 

New Zealand 

<NZS 

1.7561 

♦O.DC98 

Philippines 

(Peso) 

270750 

- 

Saudi Arabia 

(SR) 

3.7498 

♦00007 

Singapore 

(SS 

10860 

+0.002 

S Atria (Com.) 

P) 

3.4498 

+0.003 

S Africa (Fh.) 

(FI 

40850 

+0.015 

South Korea 

(Won) 

807.400 

♦005 

Taiwan 

TO 

280350 

+0.005 

Thailand 

(BQ 

250200 

- 


35035 

-2.7 

35.15 

-20 

35415 

-10 

104.3 

6.67C5 

-3.1 

6.6925 

-2.4 

6.7372 

-10 

1030 

S0G62 

-10 

50907 

-0.7 

55985 

-00 

762 

5.8008 

-30 

53212 

-2.4 

58587 

-10 

104.8 

1.7015 

-20 

1.7062 

-20 

1.7123 

-00 

1040 

251.S 

-180 

2554 

-170 

287.5 

-160 

71.0 

1.4248 

2.7 

1.4202 

2.1 

1.4084 

10 

- 

1685 

-5.4 

16960 

-4.5 

173705 

-30 

760 

35 035 

-2.7 

3515 

-20 

35415 

-10 

1040 

10121 

-2.0 

10159 

-10 

10209 

-00 

103.7 

7.3751 

-10 

70889 

-10 

7.4041 

-00 

9*9 

175.49 

-70 

1759S 

-57 

182.175 

-4.4 

93.1 

139.62 

-50 

14004 

-4.4 

14306 

-30 

80.4 

70173 

-4.1 

7.9551 

-30 

80603 

-20 

B3.4 

1.4383 

-0.7 

1.4385 

-00 

1.4296 

00 

10*2 

1.4823 

10 

1.4798 

10 

1.4743 

0.7 

89.4 

1.1339 

3.1 

1.1299 

2.5 

1.1219 

1.3 

- 

1.3649 

-00 

1066 

-00 

10732 

-0.7 

84.5 

3021 

-0.4 

3.3228 

-00 

33302 

-00 

— 

- 

- 

' 

- 

- 

- 

101.3 

1.4117 

-1.1 

1.4164 

-1.7 

1.427 

-10 

87.7 

7.7315 

-00 

7.7375 

-00 

7.7622 

-0.4 

- 

31.4363 

-00 

310713 

-20 

- 

- 

- 

106.185 

10 

105885 

1.5 

10*06 

2.1 

144.9 

2.7145 

3.1 

2099 

33 

2.7615 

-1.5 

- 

1.7573 

-00 

1.7618 

-10 

1.7837 

-10 

“ 

3.7505 

-02 

3.7528 

-0.3 

3 7643 

-0.4 

_ 

10854 

0.5 

10849 

0.3 

10835 

00 

- 

3.4663 

-5.7 

3.4923 

-4.9 

3.5853 

-30 

- 

4019 

-80 

4.679 

-80 

• 

- 

- 

810.4 

-40 

8130 

-30 

832.4 

-51 

- 

26.J605 

-3.0 

26061 

-20 

- 

- 

- 

254 

-30 

25025 

-30 

26045 

-59 

- 


tson ran tot Mar IB- Btt/afl-* wvwads n the 
but raw im p»»a by cunert tatepati met. UK. 


CROSS RATES' AND DERIVATIVES 


Mar 21 


Belgium 

Denmark 

France 

Germany 

Ireland 

to*y 


Norway 

Portugal 

Spain 


UK 

Canada 

US 

Japan 

Ecu 

Yen par uxn 


i CROSS RATES 

BFr DKr FFr 

DM 

K 

L 

H 

NKr 

Es 

Pta 

SKr 

an- 

E 

CS 

S 

Y 

Ecu 

(BFr) 

100 

1903 

1605 

4058 

2004 

4799 

5482 

21-08 

499.1 

3970 

2257 

4.113 

1.927 

3002 

2082 

304.1 

2517 

(DKr) 

5204 

10 

8097 

2052 

1053 

2521 

2089 

1107 

2622 

2090 

1106 

2181 

1012 

2050 

1003 

1590 

1022 

(FFr) 

60.41 

1100 

10 

2035 

1011 

2899 

3099 

1272 

3010 

E4O0 

1303 

2.484 

1.184 

2357 

1.729 

183.7 

1.520 

(DM1 

2008 

3918 

3-407 

1 

0j413 

987.7 

1.124 

4036 

1027 

8107 

*845 

5846 

0097 

0003 

5589 

8259 

0.518 

TO 

4909 

9.497 

8060 

2424 

1 

2384 

2.725 

1551 

2490 

1955 

1106 

2052 

0062 

1.947 

1.428 

151.7 

1058 

04 

2-084 

0097 

0045 

0.101 

0.042 

105 

5114 

5439 

1540 

8089 

5470 

5088 

5040 

0.081 

5060 

6037 

0.052 

(FI) 

1801 

3X85 

3031 

0090 

0087 

878.6 

1 

3057 

91.39 

7203 

4.132 

0.753 

0.3S3 

0.715 

5524 

55.68 

0.461 

QNKi) 

47.47 

5037 

7059 

2008 

0952 

2278 

2083 

10 

237.0 

1880 

1571 

1052 

0015 

1053 

1059 

144.4 

1.195 

(Ea) 

20.03 

3014 

3017 

5973 

5402 

981.4 

1.094 

*220 

105 

7909 

4021 

0024 

0086 

0.782 

0073 

BO03 

0004 

(Pta) 

2514 

4.785 

*162 

1021 

5504 

1206 

1073 

5296 

1255 

105 

5073 

1034 

5484 

5981 

5719 

78.45 

5633 

(SKr) 

4401 

6435 

7036 

2.153 

0.888 

2128 

2420 

9.334 

2210 

1780 

10 

1022 

0054 

1.729 

1068 

1340 

1.115 

(S ft) 

2402 

4028 

*026 

1.181 

5487 

1187 

1028 

5122 

121.4 

96.72 

5487 

1 

0.469 

00*9 

5696 

7305 

5812 

(Q 

5109 

9.877 

8090 

2021 

1040 

2490 

2834 

1593 

2590 

2054 

11.71 

2134 

1 

2025 

1-485 

1570 

1.306 

(CS 

2562 

4078 

4042 

1045 

0014 

1230 

1.400 

5098 

1270 

1010 

5783 

1054 

0.494 

1 

5733 

77.93 

5645 

M 

3*94 

5651 

5765 

1.898 

5700 

1677 

1008 

7060 

174* 

1350 

7086 

1.437 

5873 

1.364 

1 

1003 

5879 

(V) 

3260 

6209 

64.44 

1508 

8091 

15779 

17.96 

6526 

1641 

1308 

7401 

1302 

8037 

1203 

9*11 

1005 

0078 


3573 

7083 

6077 

1030 

0.796 

1907 

2170 

6089 

I960 

158.0 

8.966 

1034 

5766 

1051 

1.137 

120.8 

1 


100 - 110 1.4115 10995 

230 - 290 7.7295 7.7280 

675 - 750 31.3775 31.3650 
250 - 330 106.450 106860 106.185 
200 - 230 2.7240 2.7195 

550 ■ 572 1 7580 1.7475 

000 - 500 27.7500 27.4000 
496 - 499 3.7503 2.7490 

855 - 865 10875 1 5640 

490 - 505 3.4525 3,4420 

800 - 900 40950 40725 

300 - 500 807000 806.100 
900 - 000 26.4200 250800 
100 - 300 250301 25.3000 
■a, Spat abla sbow cefy the nee Hwaadaor o i r* 1 ****** For wa rd mm an nor mcA quoted to On market 
4 ECU are Quoted in US currency. J.P. Mo moons shown tor Mar 18. Baa* owago 1830*100 


EMS EUROPEAN CURRENCY UNIT RATES 

Mar 21 Ecu can. Rate Change 96 *f- (mm 96 spread Dbr. 

rates aganst Ecu an day cen. rate » weakest hid. 


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Oman Kroner. Fmh Franc, NorwaglBn Kionar and SmdMi Kiotajr par ItZ Belgian Raw. Eacuto. LM and PM per 101 


■ D-MARK FUTWWS (1MM) DM 125.000 per DM 


pMM) Yon 120 per Yon 100 



Open 

Latest 

Chreige 

Hgh 

Low 

EsL vol 

Open tot 


Open 

Latest 

Change 

«Bh 

Low 

EsL vol 

Open tot 


00855 

00860 

-50010 

55888 

00847 

43087 

87.662 

Jun 

00432 

00437 

-50015 

0.9448 

00427 

14.783 

48.189 


55840 

0.5838 

-0.0015 

00840 

00838 

428 

2045 

Sep 

00482 

00485 

-00018 

00488 

00482 

168 

1,782 

Dec 


00835 

- 

- 

00635 

2 

114 

Dec 

" 


“ 

" 

" 

8 

384 

■ awns FRANC FUTURES pMM) SFr 1 25.000 per Sft 



N STERUHQ FUTURES 0MM) £82000 per C 





10 


-5 

-12 

-17 

-IB 


BwcanMraMs aetbydw European C onwaawa v Ckamnaasaraln desoenmng mUBwt snengiti. 
Wercanape ctigea am tor Ecu; a parnme ebanpa aenotaa a amah oawmey. a— rgane n atama Bto 
rado ftawmen Bap apread» tfw panaareaBe iSHawm e beiemai d>a aoual maritar aid Eat canW rwea 
far ■ ciarency. and Ore iraHman perna t t a o p at ta t n ay deoMoi cd the currency's rmrta* noe Own Da 
Ecu centol rale. 

(1M6B2I SUrfng and teAsi Laa suspended tmm BM. Miahinl atoiarod by riw HnancM Tknes. 
■ PHDJUXLPH1ASE B7S OPTIONS £31,250 (cents per poirnd) 


Ireland 

0.808628 

0.796669 

+500014 

-1.48 

*42 

Netherlands 

219672 

217016 

♦0.00042 

-101 

4.14 

Belgium 

400123 

39.7729 

+0.0056 

-1.09 

*01 

Germany 

101984 

103083 

+0.00068 

-596 

588 

France 

6.53883 

607833 

♦000088 

580 

226 

Denmark 

7.43679 

7.57045 

+0.00738 

1.80 

108 

Spain 

154050 

155023 

-0033 

245 

542 

Portugal 

192054 

195401 

-0053 

208 

500 

NON ERM MEMBERS 





Greece 

264013 

231.669 

+0022 

549 

-539 

Italy 

1783.19 

190532 

-30 

6.42 

-533 

UK 

5786749 

5766473 

♦5000621 

-258 

500 


SSM644S jm 

SSfUJO-WSJM.— . 

1 WOOO-31 90859-- 

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30'S> WKwanu, OjogawCl 2M. .0H-S41TB70 

tia.000-e29.95e 1 170 278 I 1751 Q» 

CMUOOO~rauH9 _ I 179 201 I ISO I QB 

m*xo»-rm89> 1 loo ml last OB' 

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£25JOOO-£4B899 1 *50 

U0800-CM899 1400 

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£380049838 1 225 


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4175 


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41100 

4.447 



lie Trait United 

iuadCMMMn.uailBa«IH7M. oti-tmboo* 
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EiaLOOO-raa «»■*». 750 381 704III-M1 

£22000 - 1 ftor — I 7-23 5*4 I -I Many 

IMtod Doedpioat Trwt LM 

PUBo.eiltem.OMOm 001-447WM 

CvHftoCMpInptf 

£1800+ ,— l *73 lMl 4.041 00 

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HII8B0 Bad abate I *179 H»l 4.101 m 

WUKra Trait Wok feitanot OwqinAoc 

ntHaareoanM.ri«MMK1 15E , 079723*141 

£15800+ —. 475 ISO 484 OB 

£S8W-CI4899 *80 Iffl 4» » 

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MIES- toK CMraM ma d MM mMl ad 
Ma atom O BO o irto d Be* taO bum to. 
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taba atm ol nremred * rend ant re* km 
■re a yaar, toonared Aoua Ua* bd or. Mprecr 
at mo mBBri d oid to d la bo neemo. 


Jun 

Sep 

Dec 


56927 

0.8952 

♦50019 

58956 

00917 

25125 

31038 

Jim 

1.4840 

1.4792 

-0.0078 

1.4844 

1.4772 

15273 

24.484 

56953 

56957 

♦50012 

0.0960 

56950 

5 

262 

Sep 

1-4780 

1.4760 

-50080 

14760 

1.4740 

20 

630 

- 

0.8970 

- 

58970 

- 

2 

37 

Dec 

- 

1.4784 

- 

- 

1.4720 

12 

41 


MONEY RATES 


March 21 

Oirer 

reghi 

One 

month 

li 

Shi 

inths 

One 

year 

Lomb. 

War. 

Dta. 

rate 

Repo 

rale 

Belgium 

- 

BV. 

8Vk 

GV4 

84 

7.40 

5.00 

- 

week ago 

— 

6Vi 

6T* 

64 

64 

7.40 

500 

- 

Franca 

6K 

65 

6*1 

814 

SI 

6.10 

- 

7.75 

week ago 

ea 

aa 

6Yt 

64 

SQ 

6.10 

- 

7.75 

Germany 

5.75 

505 

5.75 

S.58 

5.38 

6.75 

505 

508 

week ago 

5.95 

505 

505 

505 

5.43 

6.75 

525 

504 

Ireland 

64 

64 

614 

814 

614 

- 

- 

6.75 

vreeft ago 

64 

64 

6H 

614 

614 

- 

- 

8.75 

Italy 

aa 

Bib 

Bib 

814 

814 

- 

800 

B.92 

week ago 

ea 

8H 

84 

84 

84 

- 

8.00 

802 

Netherlands 

503 

5.47 

632 

522 

500 

— 

60S 

- 

week ago 

503 

5.47 

500 

521 

5.18 

- 

5.25 

- 

Switzerland 

4V» 

4 V. 

44 

44 

4 

6.625 

4.00 

— 

wank ago 

4 

41V 

44 

44 

30 

6.625 

4.00 

- 

US 

35 

3fi 

31 

414 

414 

- 

300 

- 

week ago 

3a 

3a 

3Q 

44 

414 

- 

3.00 

- 

Japan 

25 

24 

24 

24 

24 

- 

1.75 

- 

week ago 

21k 

24 

2V> 

2 V. 

2a 

- 

1.75 

- 

■ S UBOH FT London 








Interbank Fixing 

- 

3% 

3D 

44 

48 

— 

— 

- 

week ago 

- 

3% 

314 

414 

444 

- 

- 

- 

US Dolor CDs 

- 

3.51 

3.72 

403 

4.46 

- 

- 

- 

week ego 

- 

301 

3.70 

309 

4 AO 

- 

- 

- 

SOfl Linked Da 

- 

3% 

3% 

314 

4 

— 

— 

— 

week ago 

- 

31k 

31a 

354 

4 

- 

- 

- 



Open 

Sett price 

Change 

H W 

Law 

EsL vol 

Open M. 

Jun 

9*51 

9400 

-001 

9401 

9*48 

18205 

263138 

Sep 

9*74 

94.75 

001 

94.75 

94.71 

16302 

168730 

Dec 

9+ -90 

9409 

-002 

9400 

9406 

10394 

151295 

Mar 

9*97 

9*92 

-0.05 

9*97 

9401 

10688 

127575 

■ THREE NORTH EUROURA MTJM1C FUTURES (UFFE) LI OOOm points of 100% 


Open 

Sett price 

Change 


Low 

EsL vol 

Open tot. 

Jun 

91.73 

91.70 

■003 

91.75 

91.65 

419? 

58622 

Sep 

91.90 

9100 

-0.06 

9100 

9107 

2392 

29387 

Dec 

9206 

9205 

-0.08 

92.06 

92.Q2 

2097 

38130 

Mar 

9205 

92.05 

-a 08 

92.06 

8201 

686 

3680 

■ TffiSE MONTH BUKO SWISS FRANC FUTURES (UFFE) SFrlm patots Ol 100% 


Open 

Sett price 

Change 

ttgh 

Law 

EsL vol 

Open InL 

Jun 

96 06 

96.06 

-002 

96.08 

9601 

3307 

34282 


96.10 

96.14 

-003 

96.15 

96.10 

181 

6992 

Dec 

96.06 

9605 

-0.04 

96.06 

96.05 

21 

4901 

Mar 

9585 

95.95 

-0.05 

95.95 

9505 

1 

125 

■ THRU MONTH ECU FUTURES (UFFE) Ecu 1m points ot 100% 



Open 

Sett pnee 

Change 

High 

Low 

EsL vol 

Open M. 

Jun 

94.05 

94.02 

-0.03 

94.05 

9400 

731 

10930 

Sep 

94.29 

9*23 

-aoe 

9*29 

9*22 

401 

10349 

Dec 

9*38 

9405 

-005 

9408 

9434 

574 

6621 

Mar 

9*40 

9408 

-004 

94.40 

9436 

463 

368 


raid too 1 mn 6V 3 mdio 6W; e rath*; bvk I yew: 0 . 1 UBOH 

■ales ore ottered rotes tor Siam quoM to Die mates! by tar reta e nce bsdo to Ham ea 
day The tanks m Brndma Trust Bra* ol Tokyo. Bodays end Notional WasmnaUr. 

Md rates ore shMi kr die c l aii u rt c Mrawy Rw* US S CD* raid SOB Linked Depooto IDA 

EURO CURRENCY INTEREST RATES 

Mer 21 Short 7 days One Three 


■ UFFE totuei tradod on APT 


■ THREE MONTH EURODOLLAR (MM) 61m points Ot 100K 


notice 


month 


SIX 

months 


One 

V» 


Bekpan Franc 

6>d ■ 

■eh 

61* - 

6*8 

6Vi ■ 


6>« 

■6 

6*1 

-0 

6,4 

S3 

Danish Krone 

54 - 

51; 

6U 

-6 

A 

-6 

A - 

5% 

A- 

sh 

5% 

53» 

D-Marii 

5* ■ 

5*4 

SI! - 

sa 

sa - 

Sh 

5H- 

A 

5H - 

A 

Sft 

5*a 

Dutch Guilder 

sA ■ 

8,1 

5,1 - 

5,1 

5*2 ■ 

A 

5.1 - 

SA 

A ■ 

A 

A 

5*o 

ftencti Franc 

«A ■ 

6A 

*A- 

« A 

«A - 


A 

8*0 

A 

-6 

50 

53 

Portuguese Esc. 

10V 

-10 

i(A ■ 

lOlfl 

ioA 

-oa 

A- 

9*2 

A- 

9*4 

A 

-9 

Sparest! Peseta 

eft ■ 

8^ 

BU - 

hit 

« 

-8 

V. 

-8 

A- 


A 

711 

Stalling 

5*8- 

■ 5^ 

SA ■ 

5Ja 

SA- 

5Js 

5*4 - 

5** 

5**- 

5ft 

5,4 

5ft 

Swiss Franc 


-4 


- 4 

A 

- 4 

«A- 

3H 

3{i- 

3tf 


3H 

Can. Oder 

4 - 

A 

4*« - 

3% 

4A- 

4A 

4,1- 

4,1 

4%- 

4^1 

A 

6*4 

US Ddlar 

3h- 

A 

3,1- 

3,1 

35i- 

3I2 

3B - 

3K 

4A- 

4,‘ t 

*a 

4,1 

Italian Lka 

8*2 

-8 

0*2 

-8 

&Z 

- 8 

eh 

-8 

8*4- 

7% 

A 

A 

V«ri 

2U ■ 

2A 

2‘4 - 

2A 

2.*.- 

24 

A- 

2.1 

2h- 

2A 

2,; 

2H 

Asan SSmg 

3 1 !- 

2*2 

glj . 

2*1 

3 'i- 

2>2 

4 - 

3 

4 - 

3 


A 



Opan 

Latest 

Change 

Hgh 

Low 

EsL vol 

Opan inL 

Jun 

95.61 

95.60 

-002 

95.62 

9509 

107,492 

498037 

Sep 

05-22 

9520 

-003 

9502 

95.18 

100020 

389.595 

Dec 

94.77 

94.78 

•003 

94.77 

94.74 

61037 

282,147 

■ US TRBASURV BflLL FUTURBS (IMM) Sim per 100% 



Jim 

98.05 

9603 

-003 

96.05 

9603 

3.457 

34097 

Sep 

95.71 

95.70 

-4L01 

95.71 

9508 

622 

6084 

Dee 

9504 

95_35 

-003 

9505 

9504 

34 

2012 


Al Open Ineera at ftgi m kr predoui day 
■ EUROHARK OPTIONS (UFFE) DM 1m panto of 100% 


Shot Mm ram am cad lor Hm US DokB and Yen. outers: (wo days' notice. 

■ THREE MONTH MBOR WTURBB (MATIF) Paris Interbank offered rale 


Stnke 

Price 

Jun 

- CALLS - 
Sep 

Dec 

Jun 

— PUTS 
Sep 

9450 

an 

0.36 

001 

an 

0.11 

9475 

0.04 

D01 

a 35 

009 

001 

9500 

002 

an 

022 

002 

036 


Dec 

ai2 

021 

033 



Open 

Sett price 

Change 

Hgh 

Low 

EsL vol 

Open inL 

Jun 

94.13 

94.11 

-0.04 

9*15 

9*10 

20030 

89.559 

Sep 

94.42 

94.39 

-0 03 

94.12 

9408 

5096 

45.144 

Dec 

94.60 

9406 

-004 

9*83 

94.63 

40991 

33098 

Mar 

94.68 

94.02 

-003 

9408 

9*90 

5.407 

37047 

■ THREE 

MONTH EURODOLLAR (UfflB' 

Sim potnta of 100H 




Open 

Sett price 

Change 

Hgh 

Low 

EsLvd 

Open tot 

Jut 

9500 

9058 

-0.07 

9500 

9500 

101 

48S3 

Sep 

9500 

95.17 

007 

9500 

9500 

30 

2232 

Dec 

9*76 

9*73 

■nnn 

9*78 

9*78 

50 

1488 

Mar 

94.53 

9*49 

-0.09 

9403 

9*53 

ISO 

571 


E3L yoL tot*. Odd 981 Puts 2110. Pravtous dors open re. Cato 1BB33* Puts 140533 
■ EURO SWISS FRANC OPTIONS (UFFE) SFr 1m points of 100^6 


Strike 

Price 

9800 

9625 

9650 


Jtm 

0.15 

0.04 

002 


CALLS 

Sep 

025 

0.13 

aoe 


Dec 

0.30 

0.18 

(LOS 


PUTS 

•Ire Sep 

0,09 0.11 

023 024 

0.46 0.42 


Dec 

025 

008 

004 


Eat. wL total. Cato 0 Pub ibm. Prevtoin day's open hi. ere *88 Puts BOO 


Strike 

— 

CALLS 

— 


■ PUTS — 

— 

Price 

Apr 

May 

Jun 

Apr 

Mey 

Jun 

1-400 

800 

708 

ace 

- 

009 

002 

1.425 

asi 

5.76 

801 

aoi 

0 33 

a7i 

TA50 


3.79 

4.19 

004 

OB3 

108 

1>X75 

109 

205 

2.71 

003 

1.74 

206 

1000 

004 

1.18 

1.68 

208 

3.10 

3.71 

1025 

ai2 

0.54 

005 

409 

405 

60S 

Previous day’s voL. Qdb 10.023 Pull 23015 . PreK. pay'd open InL, Cadi 502081 Puts 402087 

1 UK INTEREST RATES • 





LONDON HONEY RATES 





Mar 21 


Over- 7 days 

One 

Three 

She 

One 



right notice 

month 

months 

rnordhs 

year 


Interbank Sterflng 

53a- 

3«z 

SU -5 

Sft -Si 

5ft -Sft 

5ft 

-Sft 

6,', -5ft 

Stedng CDs 



- 

6*0 -Sft 

5»a-5ft 

Sft 

■ 5ft 

5ft - Sft 

Treasury Bft) 

- 


- 

46-4U 

4ft -4fl 


- 

- 

Bank Btea 

- 


- 

4B-4JJ 


43 

-4B 

- 

Local authority dapa. 

sft - 

Sft 

4B - 4i2 

5ft -5ft 

5ft -Sft 

5ft 

-5,’* 

5ft - 5ft 

□tooount mari«et dope. 

5-: 

A 

Sft - Sft 

- 

• 


- 

- 

UK clearing bank base 

lending rale 5 1 * per cent from Fetauay 8 1994 






Up to 1 

1-3 

3-6 

6-9 

9-12 




month 

month 

momha 

montfa 

months 

Cons of Tax dep. (n 00000) 


t>2 

4 

3ft 

3ft 

3ft 


Cans ol To* dap. under C10Q800 la 1 tape. Deoaens tNktidmwn tor cash tuac. 

Are wider rate of reoouif 4806dpc. BCGO toed rwo Sdg. Ereon Fhone. Wake 143 day February 2a 
109*. A&eed r«e tor period Mer 2fi, i93« to ajx 29. 190*. 3cner»ee I « II fLEOpo. Retaranoa ran tar 
period Feb 1. 19W m Feb 78, 199*. Schentes 1VA V 8286pc Ftoance Home Bn (boa 3>zpc bran 
Marl. 19B4 

MONTH SnRtlNG FUTURBS (UFFE) £500.000 points of 100% 



Open 

Sett price 

Change 

Hgh 

Law 

ESL vol 

Open InL 

Jim 

9403 

9*84 

+001 

9485 

9*81 

11283 

119097 

Sep 

9*65 

94.87 

+001 

9409 

9*63 

11470 

78964 

Dec 

8441 

9*42 

♦001 

9*43 

9*38 

11395 

104335 

Mar 

9*11 

9*12 

- 

94.13 

9408 

2866 

33914 


Itaded on APT. Al Open Mares las. are tor pnwiow day. 

■ SHORT STEHLMKS OPflflMS (UFFE) E500.000 patnta of 100% 


Strike 

Price 

Jun 

— CALLS - 
Sep 

Dec 

Jun 

— PUTS 

Sep 

Dec 

9475 

0.17 

0.18 

017 

008 

026 

050 

9500 

006 

009 

0.09 

002 

0.42 

007 

9628 

001 

004 

0.04 

042 

062 

0.87 

EflL voL fata. 

CODS 6003 Puts 34G5. RrenouS day's open ML. Cob 122823 Puts 124080 



BASE LENDING RATES 


% 

Adam & Company — 525 

Aled Trust Bar* _525 

ABBOT* 525 

•HaiyMwtw 525 

Bank al Bonds 525 

Bsnco Bbaa Vtzceya_.525 

Bar* af Cyprus 505 

BankotMred 525 

Barker tod* — 525 

B**c( Secdond _525 

BanbqieBark 525 

EH Ek of Md East.— 625 

■Breun SNpley 625 

CLBankNodortand— 525 

CUberkNA -.025 

OyHooratoBank _52S 

The CcMjpetNne B**, 52s 

CoUts&Oo 525 

CradR Lyonneta 525 

Cyprus Popular Benfc _555 


% 

Drecan Lands 525 

Boater Bonk Umfeod -. 925 
Ftoanctoi& Gen Bank- 6 
•Robert Fterrtirtfl & Oo _ 525 

Girobank -525 

•Butonoss Mahon 525 

Hat* Bo* AG ZUrich. G23 

•HanSM* B*k -525 

HMAiB & Gen kw a. 625 

•HHSomuaL -025 

C. Hoore&Co -525 

Hongkong S SianghaL 525 
jraan Hodge Bor* — 525 
•Loopotd Josqto & Sons 525 

UoydEBerk --625 

Megtn( Bank Lid 525 

MkSsndEbrfi -—525 

•Moutl Banking—— 6 

NatWeafrntostcr 525 

•RoaSnrfhera 52S 


’RadJugrw.Guaramoo 
CCaparatai Lanfed rS rw 
longer adttnmd as 
o banking nsHrikn. B 
Royal Bk nT Scodred _ 525 
■SmMi & UAnsn Secs . 525 
Standart Chartered— 525 ■ 

TS8 — 52S 

•UdtodBkol Kintal— 525 
Unly Tnta aank Pic _ 525 

WntaiThot 525 

wrreomy Lnktw .... 525 
YorioHraBar* — 625 

• Members of British 
Merchant Banking & 
Securitim Houses 
Asoodakon 

• In; 


COMPANY AWARD BADGES 



Send your company tettemead 

and bgo ta a FREE DESIGN 


Stick Pins • Cuff Links - Key Rings 
■ Tie Clips ■ Enamel Badges 


C 


^ t, Manhattan-Windsor w 


Steward SL. Birmingham Bl8 7AF, England. Fax: 021 -454 1 497 

Contractor! to H1L GOYOimrenl 


} 


LEGAL NOTICES 


ENSIGN TRANSPOttr CO. UMITCD 


NORTH EAST LONDON PROKS1 

COMPANY UMITCD 


TtMCWMcrml 

VHMBSKntjpdNHCOOfH 


Nona o «m own 

r Aalto*** 




- . . jWjtidkMaaui 

iHCto awUnodo. tc ivwulop ra o* dedrae 

IBJOlt te du lnreiatekh »dn piye»tBlktetetlkdb 

Mre 4a ^ >Tre* aitaia« raiii ja^ai *i«takr 

etatiU 

Oedbn « «* eNMto is rate ft 

til Ml Irae ikln rall»ra8*4 ad d i n d ram tot , 

dsn UflO bran ee *■ Mentor Mora*# Mere* 

Mksl*riMia*cT(taeHbt*lt.4nd*edilnhH& 

addred ratal *• pndaera *Tde teMkraay *ira not 


Cbrad d* 1 1* dy *f Ma* 111* 
VUliMneradNIaUKb 


p*(B MUei 4GL oosntijnd OOSIW) d 

■OBION IHaaB UbQtr hud. Loodon 011V 9«J 

Oto d ramarera 2 Maay ■ 

iT- te wra* iidb-^ara* 

Ora d dunte ra Mm+i im 


COMPANY 

NOTICES 


AX0. TMNSPORT LIMITED 


Tu m u wn diwa 

A.CP. (SHIPPING AGENTS) UMITED 

tor errnn .reran, itmsi 
TnraivmunnA 
A. CJ>. (mOOTOWK) UMITCD 

famcuflmnrcB 
VM UBSTOW ad N h COOra 


hCn hellaireOaSllbadgoimiOllid 
(OOVnanDS IMOhtoidlinlHKlbMJ 
Oraal jpeceiMre 23 Mreay i«M 
■t Klara aarandmaratfUi* 

On dttaiiK I Onrada UK 
UmdAetB Frad+edRae^g 


General Motors 
Corporation 


Putber to dw DtVIDeND DECLASATTON of 
t MARCH IWI, Nona- b rov pvae I bra 
die Mknrirae ikiiriboitua nib hrcerai peyiMe 
on or after 1b MARCU 19»4 ognlrel 
P**M*l**too to the DcposUfliy (to bdhrw) (4 
Clalra Fornw llaila( Bcarci Depenliary 
Rreripta. 

GROSS DBTRIBIJnON 

res UNIT 

LESS lVt 

US WTTKIIOUXNC TAX 


I.OOCEHTS 


CONVERTTO AT I013D 


O.LMM CENTS 
041500 CENTS 

Esuaa 

0J622KNCS 

prrnk 


Bacbyt Rrab PLC 
BOSS Dcfneibiy Scrricei 
168 Fe&dnidi Sbre*. Lukin HOP J11P 


’ APPOINIIMEN^ ADVEIOTSING 

aj^xaia w fee UKeifition every Wednesday * ’nn^aifey : 
... tfic.IqlBniatiooal edifion every. Friday ‘ 

. . .BcrfiutlMvmforauitioji ' 


pfcauccaB: . . .. 

Cs reflt Jones on 0719733779 
Aaitnw SaurynsU cm 071 873 40S4 


y. 

-P.: 

. .V 





















EUROPE 

MSI1U0&ir21 /Sdl) 


AaMr 

Bk/Ut 

OlXJPf 

EAGOO 

eVH 

i«noiB 

Orth 

PmUM 

HaduH 

S*nrt> 

UrfMo 

MW 

VHMr 

WMBg 


2 . 0 G 0 
1 JSOO 
724 
4.005 
1.660 
i.3i a 
BSD 
BBS 

400 

237 

3M 

719 

S47 

34*38 


-40 2=00 1 .200 24 
-5 1470 050 08 
— 834 400 04 
~10 4490 2.380 ... 
:* J.m Wo 14 
*15 1-331 484 14 

4WI 
. - 1,105 
-2 513 
-2 251 

-2 400 

-4 791 
MO 


56? 1 X 
TOO 20 
290 20 
148 26 
211 1.0 
380 2 = 
440 13 


Prnm'd 


-19 4J40 2820 08 Z 


BB£WH/UJJ(8WWffl; (Mar 21 / Fra.) 


AC Up w> 
Mown 4375 
smart 0,200 
* 6 M 4360 

DU 4.406 
Bktalx 1*000 
WnLPt 20300 
BnqKB 40975 
Betel 34375 
concha 12.325 
OW 2430 

gar *% 

Crtnrt 6,100 

Otter 1,424 
Been 9380 
EbMFV *340 
BtntC 0 X 55 
CBL 4015 

CSLatv 4,310 
an Go 1.620 
GenBnq 6.490 
Goal 9,900 
Ghtte 4.700 
tamed 3,350 
Knta* 7.300 
KWW 7.330 
Honor 6.220 
Henna 1.360 
PMln 17JM0 
PBtaa 10.400 
Peito 3.270 
flow SIS 
RyCWU 6,710 
RlWtfV 5,530 
SocOite 3.710 
SOtWV 2095 
Sofia 16.100 

sane 1.540 
SOfeW 14.375 
iTCttf 10,925 
UC 8 23.426 
IMBn 2,630 


—25 3095 J.111 2L0 
-4=90 2050 1.7 
-j»M 8 U &33Q an 
-2304,930 (.750 „ 
-4 *.370 3.100 4 A 

— 19400 11.236 22 
....SUW 13001 2.1 

— <2X7531000 5.4 
-1757SJOO IUM 1.7 

-2513X75 B .000 ZO 
—30 2MO 1.492 30 
-20 6=00 4=20 38 
-i 192 8i an 
-70 8X00 5030 12 

— 1550 1,030 m 
-30 64=0 6.610 6.4 
-SO 6X00 5.460 64 
-2516002,030 3.7 
-W4X4O20OS 42 

-00 4.400 1800 48 
-51,680 1.110 26 
-40 1210 7870 _ 
-3010000 6210 1.7 
-60 5850 2800 2.4 
-503850 2450 4.4 
-70 6200 5.760 12 

— 7,950 5.630 in 

— 6300 5.500 — 

_ l.MO 1J12 61 

— 17080 12400 0.1 

— 10875 7.200 2 / 

*9 *BB0 2045 4 .1 
-4 568 273 

-100 6200 4,025 34 
-10 6BB0 33IO 39 
-20 2.900 1 .896 4.1 
-10 2.790 1.900 4.3 

— 15000 9.900 40 

— 1000 1260 0.7 
tbO J30OJ ID. 775 00 

-15011000 7.750 40 
-150 2UB0 20,125 2.4 
*30 6930 1050 46 


263 
699 

ho™ ,30 ^ 
MOUm 147 JO 
toJW 1=19 
tk&at 166J0 

— Dm 248 

= &a*!fi 

~ jjttta) Ira 
Pmllle 402 
"" JWgl 883 
Ptrft 030 

1081 
548 

064 

; 148X0 

BUtM 676 

— SUC 080 
2045 

wion 672 
SUtt 1.744 
Saw* 439.50 

Stemo 530 

— Omra sflo 

— swan nyS? 

— SccSon 850 

— SomnvA 2.380 

“ IfeSl 4* 

— 5ugq 333.10 

— Tam 3000 

— TlanCSP 19500 

— Tewa 324 
” IMP 180.90 

— UJBLdc 460 

— WntM 571 

— IlntnFr E£3 

" vfi? 

— van 291 

— Wnraa 31750 


-•M S3B 132 __ 
-« 61838010 5J.5 
-, 7 177 9050 25 
+3 367 131 JO 0.6 
*•00 157 7005 4 1 
rJl 1J« 732 40 
'Z0O 18050 125X0 4.7 
, — 280 SB _ 
-140 580 333 3.7 
-60053010 207.45 4.8 
-3-8023810 101 Jta 
-644520 148 60 
-4 0Q3 500 1.7 
-« 1058 651 „ 
-*» 1005 535 30 
-« 57311450 t! 
*3 1.126 630 134 
-.10 109 12fi 
-7 752 419 1 = 
-16 MS 661 6 = 
-35 3,230 1,160 1.7 
-16 713 460 *2 
”6 1.768 1060 28 
-2474X0 210 _ 
-a WO 310 to 
3 610 4U 5.4 
-M TOO 430 5.4 

— 2-«70 787 .._ 
-» 782 570 JS 

— 2034 1.150 10 
-400 529 273 — 

— 377 2** 3.7 
*50 3.100 1000 1.1 

-6.70 214 137 40 

-6 35421610 30 
*00 22 T 153 80 
-10 494 185 30 

-15 660 317 40 
-7 800 4S1 60 
-1* 1035 632 0 7 
*300 300137.10 32 
•458 36S 220 23 


“ 8EBHA*rr (Mar 21 / Dm.) 


ABttfmr 0600 
AEGON 06 
Algd SOW 
AKZON 219 70 
Amrtpfi n SO 
Boms 4100 
EknkM 48 90 
CSM 6600 
DSM 12100 
DtaWfe 184.80 
Efeevt 170.70 
RUM 15.40 
Camtm 9700 
OWDpn 63.70 
Haonitr 148 
Htehn 22800 
Hofflo 31500 
ftPgPB 6030 
HvnO* 81 
IHCCj 4200 
weopA 8100 
MMW 8300 
KU* 47 JO 
WBI 46.10 
KFIOpfl 5SJ0 
6620 
— - 88.30 

146 JO 
8820 
5400 

7700 

Robeco 125.10 
ftxftncn 6200 
HoDne 1=800 
Ham 9470 
nouten i67.ro 
9nW 4600 
UrtCp 20580 
VNU 17000 

vw/Dpn 5i.io 
waopfl 11300 


_ Ph«p 
— PrtyG 


-00 73.W 5000 4.4 
*.40 111 74.40 3.9 

♦JO S3 40 4CJQ — 
-100228X0114 50 00 
♦ 70 8930 5460 4.1 
-.40 47 JO 3775 _ 
-20 52 2530 10 

-.40 7700 5000 _ 
-230 127 10 6840 12 
-00 Ml JO 13230 Z7 
-400 195.70 120 10 
*20 25 &I0 40 

-00 10650 71.70 4.1 
-jo sara 33 2.4 
-i 15750 am _ 
+.4023700 152X0 10 
+0031800 178 3.1 
+.10 69 2000 70 

-r.W 9300 3500 10 
-20 45 21.75 90 

-20 94.70 5*-S) 30 
-100 8900 4000 10 
-00 64 23.10 2.1 

-M 32 2723 0.9 
+100 S720 3420 32 
-1 30 8300 2250 40 
-200 10020 6800 13 
— istai tag 20 
+.10 8060 38 2.6 

-.70 5500 19.00 09 
*00 94 50 43 |0 

-100 131 96,70 20 

-so «««us.i 

-1.10 135.49 9500 20 
-0O1OD5D 80 40 
-XO 215.40 14ZS0 43 
-00 49 2B0O 1.7 

+30 236 184.10 20 

-2 20006 67.70 20 
-.10 5330 3100 ZO 
+0013330 81 10 



1026 


-75 1209 9080 03 
-70 70703030 OS 
*50 2.300 1087 21 
-10 1099 530 _ 
-1 288 148 _ 
-30 4.440 2050 10 
-2O409O20EO 10 
-004^02.790 10 
-101,725 KM 10 
*2 1.100 361 10 
-12 531 304 19 

-6 29146X0 — 
-15 BIS 495 _ 
-1* 775 484 „ 
-6 885 <20 _ 
-31 1017 545 2 A 
-10 836 522 — 
S1 10151000 — 


Kmatee «» 
- W f« 



PAC1HC 

JAPM 01*18/ YOT) 


iroHF 


1010 

&u 

1060 

1020 

1,160 

1070 


Afrtu 


Agra. 5000 


4050 

1.130 


■fi = 


1 .130 

AssftO 523 

•05 

617 


1407 
nm 623 

'■ 0M 
MkePt 940 

31400 
469 

. ... 412 

Boyt* 373 

" 48700 

850 


BayoV 

B-tdor 

BertKr 

BHFB 8 


486 


BGOUM(Mar21 IKs) 


anpa sro 

BteutW 233 
QflIA III 
Cwtan 6070 
0/3*12 133.000 
OniCM 947 
DenOMc 368 
EAOa 167 
RS 8 526 
CIf*ort 680 
ISS B 234 
JyeMH 378 
LrtznB 1030 
(OCTA/S 290 
NrikTO 706 
Rune 655 
SapMA 56656 
Soph* 561 
9l8>te 475 
890 
243 


— 730 389 20 _. 

-1 261 197 20 _ 

-4 333 238 10 _ 

-M 7000 3.900 OJ _ 

— 130000 74.000 00 _ 

-5 1,140 610 10 _ 
-1 427 235 13 

-30)005 00 40 

-6 615 375 20 

— 670256X0 10 

+1 278 162 _ 

-2 425 217 2.7 

-10 1,650 10SO as 
-6 395 195 30 

+fl 7*381 6=4 00 

-5 737 3=400 00 

... 613 400 00 
-6 811 365 00 


TapOen 

IMlM 


♦5 586 
+10 1.372 
-6 267 


3=0 10 
645 1.1 
ftO 4 1 


RNLM 0 {Mar 21 /Ma) 



-5 1S1 79 10 

-2 T7B 81 10 
-1 4650 19 00 10 

— 228 1W 10 

-.20 19 8 ._ 

-100 56 3300 =6 

*4 705 432 10 
*3 132 5110 _ 
-2 247 (15 (J 
-2 260 97 10 

— 268 106 _ 
-2 260 92.50 00 

-10 410 52.10 0.7 
+.50 8800 42-50 _. 

-2 110 46 1.1 

-90 IB= 33 10 
-SO 120 


AE 6 183 -3 1B714S.il] 1 7 

AfilaW S990O +100 830 390 10 
1086 *20 1,435 72750 

-78 3080 1.945 00 
-8 675 471 2.1 
-51J75 570 ._ 
1.120 380 
-3 318 207 15 

+4 472 273 1.7 
-4 405201X0 1.7 
-00375X025310 23 
150535X0 384 18 
-12 885 445X0 10 

-6 398 405X0 3.7 
-18 900 633 10 

2W -1-20346X0 11400 i.z 
433 * 5 S35 303 30 

896 +31025 797 IS 

l.Hg -B 1060 80= 00 
667 -18 1.100 423 10 

353 -500 338 229 3 4 
2B3 -2 =99 180 1.4 

SU3R ^53^ n 

oiB* « 

DschSk 79500 -9L30 B06XO E30O 2.1 

BSSf £3^8 

SffiSc 39SS -7.ro m & i5 

OSff 540 -470 561 26SXO IS 
Brrafra 298 -3 304 183 1.7 

-4 675 5=0 =3 

-1 245 165 20 

+ 151080 786 00 
-8 668 60= 1.6 

+2 4S2 =84 ZS 

-Z 1.282 8 » 10 

*3 331 22910 11 

—4 1098 7SO IS 

-1 2S9 140 2.2 

299 +600324X0 227 30 
382 -S0O4MXO 250 10 


81 10 
261 2.0 
219 20 
2=6 1.4 
581 _ 
10 


BOBKAY (Mar 21 /Kroner) 


AUIM 

BnmPn 


— Ah**A7 

— Bnrntt 

— O.I1M 

— Drnobi 

— Btmft 

— HaNAT 

— Anri 

— UBH 

— WGtffyfl 

— NShBM 

— Ortda 

— RUerA 

— SageM 


107 

168 

15.25 

1-46 

98 

140 

360 

104 

24550 

170 

250 

207 

77 

77 

422 

210 

144 


_ 111 
-3 162 

-AS 1900 
-400 153 
-4 114 
-100 181 
-fl 396 
-1 121X0 
-400 285 
-9 210 
-13 306 
_ 285 
-100 93 

-2 93 

-3 436 
_ 217 
-I 14700 
-.6600 
_ 98 


35 ZA 
7800 00 
1135 __ 

60 1.4 

a _ 

100 3.1 

150 1.4 
69 20 
15=50 1.4 
67 10 
1B3 10 
141 10 
67 20 
64.50 20 
183 _ 
75 0.7 
60 1.4 
15 _ 
65 61 


1060 _ 
B94 
2050 


. 1,4801,100 _ 
. 875 422 _ 
. 1JE0 050 00 
. 1060 785 _ 
. 1 060 630 — 
.1,7701090 — 
. 784 G01 10 
.1010 710 _ 
. 833 334 T0 
. 6000 5.243 _ 
,603)3060 09 
1030 799 
1.300 965 _ 
738 833 10 
1040 BS _ 
533 35 00 
500 3SS 1.1 

7TO +Q2 — 

1,170 741 _ 
1010 1,120 00 


SIS 


- SHUN (Mar 21 /Pt*.) 


OS* 

Stale 572 
Canon 1,700 
CmonS 2080 
CaaoC 1030 

Coins STB 
CenGb 418 
omra an 
enw* iS80 
a*jm 650 
OUrt 2050 
cnopnoi 1J40 

?5S 

CbWdi 929 
ConOf 667 
ITcrtC 567 
OMeS 455 
Drtol 1070 
Dalok 1090 


I7(**> 1080 _ 


Z JBS. m 

636 414 — m+ai 545 

zi^:^ z 360 ass. 

_ 1090 686 00 — a»«w. 578 



... 610 315 10 _ 

— 1010 _ _ mnid 

_ 1.670 aci 0.4 _ um 

_ 740 <90 1.1 _ UHt*£ 42f 

_ 3090 2080 * ~ 

_ 1080 1.140 — — 

_ 3.140 2.180 _ 

._ 2010 1,100 — -- MBToa 374 

_ 1.170 7EO 00 _ M»M5 1 J4Q 


on 

HamOB =5 

HokLOn 1.325 

MntefP 633 

Wit 415 

1093 
331 
B4 a 

227 

IKS 
MWk 


BCrtH 

BExNr 

S°«r 

BSantd 


+1.10 3500 
-40 21 


46 0.7 
130 2.1 
IS _ 
400 ... 


mKEfttartf/Rij 


AGP 

Accor 

AhUa 


581 

732 

867 

,.$ 

1.300 

696 

25450 

810 


tar 

am* 

Caneeai 
MNs 18800 
Otan 
Canhw 
QbV* 


-7 735 486 _ 
+10 768 SGO 33 
+4 896 692 20 
-4 913 Ml 20 
-22 1040 097 20 
+20 1.367 9=6 10 
-4 1010 823 20 
-00 290 240 ... 
+3 663 392 20 
-93 3.750 2060 20 
♦7 767 536 20 
-3 1.480 831 30 
+3 1099 942 30 


146 — 180 95.70 „ 

KrW* 575 +150 630 479 11 

lOlwI 506.50 -0 590 389 14 

KID 1MJS0 +1J0153W 5 _ 

Kta*1¥ 143.80 +200 144X0 39 10 

Lrtvnyr 710 -5 835 582 10 

LeBW 767 +7 8=0 365 14 

LWOB 657 -a.se 9586BIX0 14 
LWOH 403 -100 518 304 10 

LlMn 194 — 200 97 

LuflPI 194 — 197X0 

HAN 434 -6 459 

HAN PI 342 -6 362 

Itanrom 42120 -110 438X0 

MannW 755 -5 830 

Mrcdea 839X0 -600 6601 

Htafc 16300 +00 435 17S0D 4.4 
HuelWo 3.240 -=5 4,100 2085 00 — 

PWA 220 -.10 257 145 _ _ 

HiKnmi 51500 S71J0 495 30 — 

Andi BOS -IS 919 4=6 00 _ 

Prano 46600 -1100 496 JS0.16 11 _ 

HUE 461 -1050 535 384 17 _ 

RWEP1 35600-1060 424 303 3.4 _ 
BhrtnE 1040 1,470 756 00 — 

327-50 +200 355 230 ZO — 

.HhnmPT 23700 - 0 o 282 170 4.0 — 

RantM 2 GS +100 297 201 16 — 
Sana 1.071 -1200 I.IMS875J0 10 _ 
ScMjjO 383 +0 417 2S7 11 _ 

Stamm 996x8 -40OBO6W 568 10 _ 
B 8 S +2 700 486 1.7 — 

490 +5 538 395 10 

26S.no -3.90 282 158.50 20 
364 _» 380 Z 6 S 27 

4862D -660 53Z 359 15 

380 -2 37D211X0 II 

13 SSIS 


s.100 
6,000 
3,190 
2050 
309Ote 
10170 
8040 
800 
2960 
4 000 
12060 
2410 
1050 
2760 
7.430 
1070 
6GS 
4,780 
1020 
5200 
6030 
5050 
11010 

_ 4076 

-- SMACE 206 


CfPSA 

CntUl 

CUbrls 

0<Vtte 

» 

w 

GrtJurf 

n&n 

ran 

IUM 

Wplm 

Htrom 

Paw 


3evS 

THncA 

TOten 

Tudor 

IA) Fen 

UaFM 

1*3# 


510 

702 

2690 

1095 

1,105 

654 

1050 

1055 

2698 

3010 


-70 6060 3,580 10 
+10 6.700 4.190 — 
-25 3085 2300 50 
4.190 2690 7.4 
-15 4085 3000 5.1 
-740 17.700 10X20 14 
-20 7.480 4060 40 
+15 3X00 700 25X 
-45 3076 2000 30 
_ 4-870 1290 10 
-1901500 2660 10 
-IS 2715 1000 3.7 
-101.775 94Q11 
SO 3050 1089 29 
-10 2100 2675 IB 
-IS 1,100 630 _ 
-9 B85 385 1S9 
-65 5.140 1000 19 
-20 1010 S4Q _ 
_ 6000 3000 17 
+20 7030 2410 16 
_ 2«90 2740 10 
-T0 11090 2400 1 0 
-60 4000 2005 20 
+5 117 34 _ 

-12 983 296 90 
-11 615 381 8.1 
-30 4,400 3080 51 
-30 2185 1.135 10 
+15 1015 386 1 0 
-11 736 368 70 

3030 1,415 9 A 
-15 1.425 563 60 
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— 1,120 BOO _ — Abfoyl 4.70 

— 1030 1060 _ — Amcor BJUte 

— 1.790 1000 — _ Amgotx 438 

_ 626 312 — — Arne* 9.72 

_. 4=0 276 — — Atenw 3X9 

— 546 325 — — ANZEfc 415 

— 24X0012X00 04 — AUSOLt 409 

— imm nami am 2=4 

— »5 j3 w- 17.14 

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4137 

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14=8 


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= *a*S = 


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and# 5,750 


— 57RTZERLAND (Mar ?1 / FfX.) 


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654 
656 
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-4 070 612 IX 
— 942 591 1.7 
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-462040 1-500 — 
-40 1080 BIB 17 
•15 20 SO 1075 2.7 
-18 1000 514 10 
-10 537 370 ZS 
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►5 175 100 — 

-14 996 «M U 
_ 1000 485 7.6 
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Jteten /gw 
Km 1060 
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850 

1=40 



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773 

1.100 

860 

1.110 

1.110 

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£34 


_ 708 329 _ 

z*S S“ 

Z 1X^ ijxw Z 

Z?S %'< z 

_ 502 272 _ 

— 1.120 760 — 

— 523 SSI _ 

_ 1=20 772 _ 

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— 1XM 060 ... — Cob* 

— Z4rot0iaa6 — OomHng 

— 1050 626 — -. Emm 

” SSS z = Kr 

BOO _ ... Fjhfc 

316 — — HttiC 
518 — — Foam 

SK ” z 8S£ 

964 

6.150 4^0 00 Z Hnie 
1,3201070 1.8 MoMB 
830 GOO _ ... terteNG 
4.300 2.180 04 56.7 tOAus 
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— 589 300 1.1 

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zES 1 ,£5 

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+XS 6 308 OX — 
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-.02 6.80 3.78 1= — 

— I2X? 8X0 ID 37.4 
+X1 2.95 1=4 1.4 _ 
-07 5.7= 2.95 30 _ 
+02 4. BO 2X0 3X — 
-.04 2X8 1.45 4 0 7= 
-.16 19.50 12X8 2X2BX 
-.03 3X8 2.42 34 80 
-.84 4.62 2X0 4.4 — 
-01 106 039 — — 
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— 0X0 a44 3X - 

-01 1.18 007 80 _ 
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-.07 5 46 3X2 4.7 IPX 
-02 19.32 1206 40 _. 
♦03 3.50 202 - — 

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— 1.45 0 75 2X — 
-07 0 72 003 40 
-.10 602 302 3X 25.5 
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-04 1X0 1.11 50 — 

_. 2X5 208 77 1 30 
-06 360 203 50 _.. 

— 1.76 an 31 2X 
+.01 1.79 140 60 — 

♦ 2X5 205 4.7 8= 
+.01 20= OXB 10 _ 
♦08 2.82 0.70 — — 

— 11.40 370 2 6 413 

-05 351 1X2 60 ... 
-.14 19=0 13X8 40 335 
—03 3*0 2.45 4X __ 
-05 323 1.81 1.8 780 
-0* 10.04 (US 35 25 1 
-08 4.21 105 20 — 
-08 1314 705 40 137 
♦ 09 7X0 585 20 ... 
-.17 12 6.75 00 SX 

-.04 629 2X3 26 ... 
+02 2.79 1.19 2-7 __ 
-02 4.15 206 3.8 240 

._ 5.92 4=5 40 _ 
+.05 215 0.56 __ ... 
-a? 243 a®s _ 

-04 3,42 219 4.7 13= 
+08 300 1=5 1.1 _ 

-.15 9=9 =05 _. 

+.07 5.10 1.47 30 _ 
-.15 506 3.75 33 _ 
-01 1X1 1 05 7X — 

=5 8=5 485 05 _ 
-.12 7.70 5.15 SS 7X 
-05 4X2 2X0 SX 9.4 
—J2 7.10 506 4.1 _. 

... 900 4.15 6.1 _. 

_ 300 294 _ _ 
- 370 2X3 7.1 24 1 
-02 202 0X9 _ _ 
-.02 4.60 1X3 34 ... 
-=B 6X0 * *** 30 _ 


25168 AbHb 
33639 Apn£*g 
15800 /Scm 
119656 MttaE 
244 Aimex 
324042 McnAI 
564663 AmBan 
5600 AtmOl 
5800 KSugA 
24496 Kite* 

560639 BCE * 

88371 8CEMI> 

8526 BORA 
371 BrmwK 
413881 BkMam 
80=011 BKNovS 
78874 Bwtek 
100460 Bnsxhfl 

15297 Bwte 

3400920 Bnrtea 
=9200 BreoVL 
743* (linear 
54800 CAE* 

263500 CmpHta 

■ TOKYO - MOST ACTIVE STOCKS: Friday. March 18. 1994 



9% 

. j 28% 
l»% 61% 

,iMV3B% 

|N1S%16% 

9% -%S9>+ 0% 

28 -U CB1. Z7% 

29% -1 *30% 29% 

2=0 -% 225 220 

38 +% 39 37 

18% -% <»*V 18% 

25*; -% S25V 25% . 

6% -*e 9Sh 6% 718255 RoyOcC 
BO +2 80 80 2=500 MyOte 


21218= PWA Cp 
1I17SI BoiMt 
8666111 PocoP 
39900 PanmA 
13=80 PanCnPx 
5200 Proms 
190340 PatCan 
30138 PtlRn 
788653 PlOomo 
165460 PowrCp 
2446 PWfn 
10203$ (toyricY 
300 HetenS 
129 Hoihnn 
56400 RngOa 
1937 ReedSt 
51790 Ren En 
2898)0 ffcyw 
11338 Hgte 
22477? MONO 
712428 


110 -I 118 
59 » 


$8 8 SW*1 

I 16% TKjOW 

i 22% TngHul 

l 106 Wterti 

SO 56 W Area 
$10 9U wotnp 
-« go 345 WhST 

39% +% *40 39% 

26% -%*XS26% 

14% 14% 

32% -%«%H>S 

23 -%C3% 73 
34% EWV 34% 

17% ♦% *17% 17% 


• r- me* van Vi] M 

7 00 10 50 7 (10 5 5 

22 ..SO 20 5 llu 2 il 

91 MU AS 12 

145 . . 1*5 79 3 2 

220 50-1X0 7J9W>7!i1u .. 
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115 -1 110 74 75 il <j . 

32=5 -XO 57=5 =6 20 . 

25 75 - 25 14 50 u 75 3U 

49 _ HO HUM . 

184) .. JZ/S J 75 

IIO -.75 1 IB 57 50 1)0 

> +.10 11.25 2.5Q 1 4 

5U40 +.90 IH 5U 2*1=5 2.7 ... 

9.75 +1 13 SU i:*l 5 1 

27 50 +50 36.1*1 8 U) 9 9 

34 H 30 4 i 

05 05 04 50 0 II 

64.7b (=5 HO 22 3 H 

10 ... 1? 35 5 65 4 5 

99 50 . . 1 1l> S3 2 U 

25 50 . 27 50 5 7b 

25 +125 29X0 6BH 3 8 

23.75 +=b —4 8=5 11 . 

345 -.10 3 GO 06= 1.7 _ 

TO +1 72 33 75 =1) . 

6C*1 +0SU2XO 46 I 5 ... 

00 50 +1 61 =4 75 1 5 

48=5 +1 65 24 2 3 

9900 .. 02 5KXO 1.5 .... 

19=5 20. 50 12=5 

28X0 -JO 29 51) 16X5 3 0 . 

Cl 82 51 B 5 ... 

7=0 -05 7.40 4 70 

4625 +1 5350 11 3.1 — 

34 -XO 36 75 21=0 1.1 ... 

22X0 _ 28.50 1B.S0 1= _ 

85 p=5 80 75 57.75 IX . - 

105 .... 100 6, 1 20 . . 

19 .... 19 11.50 7 3 

01 -t 97 JO 54 28 

+.75 38 17 IX 


154 

53.50 

3900 

462 


*50 

+5 

+.75 


160 34 50 >.9 
56 37 10 

40 17=5 IX 
*90 13050 30 
42 1.90 ._ 
215 43X0 2.8 
80 24 3.7 


14% TtfacsapfcdPr fawn 



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3822 more FT xe*. pi item tm omm i*. «a 


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S? ro itaj Ite Btac *4 » 

29% -%S»C 29 st2a 

6% 6 te«c 


i n dte rr iaea ete tea you 



Stocks 

Closing 

Change 


Stocks 

Closing 

Change 


Traded 

Prices 

on day 


Traded 

Prices 

on day 

Honshu Paper 

IlSm 

825 

+55 

Toshiba . .. — 

7.2m 

803 

-5 

Nippon Steel 

tlAo 

354 

-6 

Kawasaki Steel 

6.4m 

375 

-3 

Hitachi 

9.6m 

972 

+2 

Kurabo Jnd3 

5.6m 

451 

+10 

NEC 

&0m 

1.110 


Nippon Carbon — .... 

5.4m 

486 

+37 

Sanyo Racin' c 

7.7m 

528 

+18 

Fujitsu — 

5.im 

1.080 



INDICES 


US INDICES 


Ms 

21 


War 

1* 


Htfi 


- 199374- 


GteKrte (29713/77) 


M On*nate(l/1/80» 
A* Hrtngp/t/n 


Traded hdn(=/i/9H 


eajonnet) 

Brazfl 

Bo+csm (23712/831 


UetSs «teto+n97a 
Onnootee^ (1979 
Pomc*o»j§ (471/83) 

008 

pga Gm pin 2/80) 


SGF 29) (31/1 200) 
CM 4«31/12/B7) 

Ccrtnanj 

FAZAUM31/12M) 

CMiwunl H teH 1/1 2153 
ttWOQfI3*7lt 


HtegKmg 

too Sw«31/?J« 

Mb 

BSESenui979 

hd raa gu 


SU 0ena#4/l/89 

BN 

Bata Qomn ltd (19/ 
IB Gene* (VUM) 
JNMR 

Mktan 3J5 (1GW49) 
MMte MO (1/1083 
tyM(4/MS4 
M Sectai (V1.W 


19131 .43 

20074.76 

20B45.77 2547040 16091 

1216706 

7t405 

10230 

21B3X 

K08X 

2164.4 

10299 

234000 3 MM 
1136.10 312/94 

140600 

5BUS 

44506 

115007 

446X3 

116189 

449.16 

1109.79 

46006 van 
1222=5 1/294 

300=0 

71206 

150405 

1511.74 

-ista.it 

1942X5 9/2/94 

1125X8 

M 

(33160 

138280 

1400408 180/94 

71X7 

« 

M 

« 

3879X9 

4566X0 

2137.47 

383980 

454130 

213033 

3879X0 IB/3/94 
4991X0 1/2/94 
2182X0 1/2/94 

274331 

227000 

172097 

M 

43187 

4376X 

4B87.BB 4094 

2612X0 

39151 

39101 

397.43 

41X79 2094 

2H0O 

18510 

18660 

18760 

197200 4094 

043.10 

147099 

22DU9 

149108 

222104 

1504.40 

224701 

1585=0 2091 
2355.9S 2094 

11M.19 

177221 

81507 

2333.40 

213128 

823=9 

235500 

2155X1 

829X0 

23ES0O 

2175X8 

SS5£7 4094 
246900 471/94 
228730 3/U94 

598X2 

189130 

151CX0 

1074X3 

108001 

108969 

119438 10IW4 

607.12 

1687X3 

9)3201 

9613.13 

1220109 4/1/91 

543700 

3B3J.7 

3ftJfX 

37929 

4397X0 26094 

2H0X7 

501 JO 

50908 

50805 

617X9 5/1(94 

27131 

191565 

1909X9 

» 

2002.10 20/1/91 

1161.10 

665 CC 
10570 

674X2 

1077X 

6886 

10090 

08803 18094 
110200 18094 

446(33 

94400 

«87171 

S stte m 18 sounaniM 
a 1647 24 16»53 UBW 3WW 

5 S12.10 2221-32 Z3B49T 7«93 

24604 

125006 

1851=2 


13/1/93 


14/1/83 



fC«dsr1979 


! TVttnfianfkid 83 ) 
CBS * Shr fnd B3) 


crown/ZAS) 

Oato SBMKZ/I/SS 


era (1977) 


Steh ttfci 

JS£<2dt»f2S97$ 
JSE tel 06W78) 
Sod# Kora 

KnmCmpBd4n«r 

Spteo 

I SE (30/12/89 


SBC Gene* (I/M7) 




TMcr 


HAD 


VI/93 


JCipengnt (31/1209 


Ms 

IX 

kte 

17 




Dow Jonm 

Mar 

16 

Mar Up 1993/4 

17 IS low 

Rtara rnrnpStelm 

■w to 


Law 






tadutrt* 

389585 

3865.14 3843.15 367039 3241X5 

ms 

41=2 

238301 

2396X7 

288117 8094 

150448 

25®93 



(3V1/99 (2WI/B3) 

PI7IW 

pni 33 






Mm 00*1 

102.TT 

102=9 10205 M6.77 10211 

mrr 

5499 

4325 

*37.7 

46*90 3I/I/M 

265=0 

4M 3 



(WlOtt) 0V3«) 

(18/10193 

( 1 / 10 / 81 ) 

2803 

2836 

21480 31/1A4 

15080 

13/103 

1*** 

1732.74 

1747X3 173208 1862=9 1453X4 

1862=9 

1202 








02/94) (4/1/93 

(2094) 

(8/7/K) 

2293.16 

228577 

2439X4 3/2/94 

»m 

22094 

was 

206=4 

207X2 207A2 25046 206=4 

258X1 

10X0 








ffvtxn (ienm 

<81/093 

(Moa 

117201 

1182X7 

1211.10 26/204 

06093 

27/103 

OJ fete. Dor's Mte 3911=8 066104 ) Low 383806 pa?]. 66 j (Thttrttkte*) 







Oa«6s Neb 369505 (3365.1* J UW 3848.15 P8*3=6 1 Mcite+i 



2057X8 

271331 

330037 4/U94 

127088 

4 MO 

Standard tod Poors 
Coantett t 47106 

470X0 403.42 48206 42905 

41200 

4X0 








02/94) (8/1/931 

BW94) 

(1*/32) 

31600 

31501 

322880 IB/2/94 

160020 

14/1/93 

tadtertdsV 

553=0 

552=0 549.78 6809 49048 

S6089 

3X2 








wm caws? 

(2®94) 

(21/8/SJ 

543X4 

559.12 

6*1X1 471/94 

SMJB 

13/1/83 

Mndd 

44 09 

44=3 44X1 480# 38X9 

*3-40 

8X4 








(2V9/B3) (BH/KO 

ea/wa 

(VHW4I 

20430 

J9500 

233109 VIM 

77STO 

5/103 

NKECMO 

261J5 

261.11 28004 267=1 238=1 

367=1 

*46 

61400 

81000 

01*100 18/3/94 

te+ran 

19/403 



02/94) 01/93 

(2®94) 

(2JW/42) 






tosi Md Vd 

472X6 

470X3 46982 487X9 395X4 

487X9 

29.31 

89307 

660X6 

974=6 2/2/94 

60593 

61303 



(Z/2/94) (B/1/B3) 

(2/2/94) 

(an 272) 






(HSDU Qpp 

603X3 

BB3X5t 788X9 86133 645X7 

88133 

5*87 

337=0 

33397 

35031 31/MM 

21509 

4/103 



(18004) (20/ VB3 

paow 

DI/1073 

iQifinA 

1*1 am 

imui hajm 

KMin 

2B/1/93 

■ RA-ncn 





13UUN 

1 J ICUM 

inM.w +irum 





MarlO Mar 11 Mar 4 Year ago 

13MJM 

134&71 

142334 31/UM 

90480 

11/103 

Dow Jonas M. Dh). Ylett 2.62 2^1 2X2 

2X5 

998.45 

1008.77 

1503=9 3VIA4 

57070 

11/103 



Mar 16 Ma 9 Mar 7 Year ago 






S 4 P Ind. Drv, yield 

2.37 207 2.39 

2.44 

527*81 

539706 

645*52 6/1/94 

300043 

9IU33 

S S P Ind. P/E ratio 

24X6 24X3 2434 28.62 


128064 


018X4 


■ STANDARD AM) POOAS 900 INDEX FUTURES S600 Iknes index 

1246X4 

175373 VMM 

1003 

Open 

Latest Change High Low 

EsL uoL Open inL 






Jun 470.10 

485.65 -0-55 470=0 *69.00 

85,830 

178.118 

14*00 

1SUO0 26003.60 1371W 

385553 

1/103 

Sep 47100 

47155 -0.76 471.90 471.55 

459 

4X53 






Dec 473.75 

473.75 -1.05 47375 473.75 

29 

4.034 

«5»S 

027= 

64100 1/284 

*■80 

13/103 

Open terras? Cpeee 

i am ha famous day. 



1445X1 

1461X8 

04010 31/094 

106302 

13/103 

■ NEW YORK ACTIVE STOCKS * IBHWO ACUWtY 


124*27 

1257.42 

131101 2/2/94 

862=3 

13/103 






30339 

313/0 

395.19 9094 

ms 

*103 

Rttn SUde Dose Grange • nAme vmm 



180.44 

16204 

tKR T*aw 

8H1 

V3S3 

Bad* (rtx « i day »» »» 


Watxsar 
Kasai He 


7.942.600 

7.301.400 


-U 

-H 


Am Yak SE 
tera 


448061 30WB3 30B.116 
22.904 21.105 17041 


Open 

Sett Price Change 

High 

Low 

EaL mol Open w. 

*n 

Hank 

5065,400 

5079200 

31U 

♦It 

NYSE 




2217.0 

2209.0 

-24Q 

2223.0 

2205.0 

19X77 

37,742 

Oa Pom Co 

5.133,600 

58% 

+» 

buss rvao* 

2.781 

Z7S4 

2.77! 

2224.5 

22195 

-24.0 

2233.5 

22195 

2.120 

5X27 


48/8.700 

3W 

+K 

Rises 

1.069 

1.150 

1054 

2248.0 

2223.0 

-24.0 

2240 J) 

22290 

177 

6.708 

On Cob 

4.042000 

4Wt 

+HH 

F*s 

IXU 

1004 

794 


^ - 


StfftLuu/iM 854.16 108706 10Z7-W 5/1*4 X3nm 

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Montnte. # Toronto. W Owte H 1 


QOcap 

TuHN n or 
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4088.700 
4X07000 39» 

4078000 gOh 


-144 

- 1 % 

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Heo Hghs 
Ntar Lorn s 


629 

85 

70 


609 

95 

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624 

89 


1300 GMT. • 
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FINANCIAL TIMES TUESD AY MARCH 22 1 W4 


<pmdoaUarvh21 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


IM. W Ba EM 

Of* % E MU tape Um IM 

0.48 £8562 15B 17% 18% 16% 

29% 12% A L Lida A aia l.t 38 230 16% 16% 16% 

67% 54% AW 1.88 20 22 1K3 63% 63% 63% 

72% 55% AIA 30 2829 61% 61% 61% 

5 1VAKX lfl 42 4% 4% *% 

96% 29% ASA 2.00 4.5 » 726 45% 44% 44% 

30% 22% A&OUL 0.78 27 1810 W 28% 28 28% 

13% 8%AWttllPr 080 3.7 8 38 13% 13% 13% 

16% 8% AqAictoi 21 116 11% 11% 1*% 

36 25% ACE Ud 040 18 4 314 27% 26% 26% 

12% 10% ACM <M ta 1.08 92 226 11% 11% 11% 

10% 8% ACMGcOpp 080 00 148 9% 08% 8% 

10% 8% KM Gut $> 086101 1S9 9% 9% 9% 

12% 10%ACHBrtS« 1.09101 249 10% 1D% 10% 

12% 9% ACMftbn 108109 145 10 9% 9% 

6% 8% ACMMmigdan 88 81 8% <zh 8% 

12% 7%tanaOi 044 40 11 40 9% 9% 9% 

11% 6% feme Beet 33 64 8 7% 

26% 18% AconSa OW 22 13 188 27% 27% 

9% 6%ACtam 036 5.4 2 385 6% 6% 

16 10% AcuMn 98 172 13 12% 

21% I7%«bh&JX 036 10 0 98 17% 17% 

66% 45%MMUD 300 *0 395 62% 60% 

32% 16% AOMc 100 9.7 1317811 30% 3% 

8% 5% ArJrest Grp 016 25 10 54 6% 6% 

24% 14%MMtnc 0.10 05125 3406 18% 18% 


8 7% 7% 

27% 27% Z7% 
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13 12% 12% 
17% 17% 17% 


24% 14%A6Mtnc 0.10 05125 3406 18% 18% *8% 
58% 41% Aegon A0B 123 2.4 11 14 50% 50% 50% 

56% 43% AeNL 276 42 10 1259 57% 56% 57% 

34 24% Ate 040 1J 13 2972 31% 30% 31 

22% 16% Mrasn 088 5.0 II 1257 18% 17% 17% 

7% 1% Alien kK 3 155 3% 2% 3 

40% 37% ttftC OS2 IS 38 4798 48% 47% 47% 

39% 18% Akim Fit 030 08 21 1089 36% 35% 35% 

28 sjUBHte 41 695 23% 22% 23% 

16%l0%«rtea*e 1X110 12 122 15% 15% 15% 


UB% 107 MBPMS.1S 8.16 70 3 104 10* 104 

18*5 12%AladcaAfe 020 1.2 6 153 18% 16% 16% 


104 104 104 


21 14% Atony MX 035 1.7 35 145 


15% 13% Atom 
28% 20% AfeCUB 
25% 17MQA«rA 
26% 23% Atom 
25% 16% AknAI 
56% 35% Alcoa 


020 U 3280 ul5% 15% 
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028 1.4 15 139 20% 19% 
044 10 23 3549 29% 28% 
030 1 0 45 3914 25 24% 

1.00 1^1396 348 58% 55% 


2D 20% 
15% 15% 
22 % 22 % 


30% 19% Atoanei 060 2.1 5 241 


28% 17% AiexN x 100 50 04 
24% 17A8egh Lod 0 48 IS IS 
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27% 16%MaHsn 124 13 14 
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27% 17% Alomar 8 

82 S9AM3 180 21230 
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12% IOAikGmM: 098 48 
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UU 5J 34 307 19% 18% 18% 

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040 1 B (4 226 22% 22% 22% 

10 109 2% 2% 2% 

184 67 25 976 28% 24% 24% 

O10 18 333 10% 9% 10 

IX 50 14 2 23% 23% 23% 

058 15 8 3545 30% 38% 36% 

088 13 19 474 27% 27 27 

20 302 5 % 5% 5% 

8 1719 26% 28% 26% 

180 2.1230 1798 77% 76% 77% 

44 2831 24% 23 24 

096 48 238 10% «% 9% 

024 13 25 S8 7% 7% 7% 


10% 6 AnuznGd v 0.08 l.t 6(636 7% 7% 7% 

25% 15% AmcaS M 048 (.9 17 388 25*2 25% 25*2 

56% 42% Amdritex Q GO 10 15 1989 49 48% 49 

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8% 7 Am Cap Inc 4 065 9.1 

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09 55% A*Home 20? 4.9 12 33M 59% 59 59% 

2% 2 An Hart 075 27 J 9 35 2% 2% 2% 

100% 73*2 AntoO 840 05 14 3143 84% 83% 83% 

12% 9% AmOpphc IX 9.9 417 10% 10% 10% 

32% 18% Am toad! 040 IJ 11 041 30% 3D% 30% 

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32% 24% Am War IX 16 12 559 30 29% 29% 

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09 55% AmHome 
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100% 73*7*1*10 


51% 53% 


17% 10% Amriekx 
59% 48% Amoco 
10% 8%AirpcaPn 


128 11 6 « 41% 40% 

024 1.9 74 2015 12% 12% 
220 431 15 7529 55% 54% 
0.10 1.1 7 303 9% 0% 


1 Aiaswdix 1.40 4.6 9 397 


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51% 25% Aimtarto 
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25% AHH PpePf 2B7I01 


13 222 3% 3% 3% 
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4 29% 26% 28* 
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40% 26 Anthem 21 219 31% X* 2 30% 

16% 11% Antony tax 044 20 16 40 10 15% 16 

56% 45 Awl Cp 100 15 12 147 51% 50% 51% 

33% 17%ApKMO0 028 1.1 36 2329 20% 25% 25% 

11 9% AptoMulF 073 7.3 233 10% 10 10 

18 6% Am 27 830 10% 15% 10 

14% 4% AppM lttg 3 437 7% 7% 7% 

21 I4%ApplPwA 012 08 33 194 20% 20% 20% 

27% 2DAfl*Ol 010 04 17 4503 25 24% 24% 

50% 38% AmOwM 250 52 21 79 49 47% 47% 

10% 7% ARde 028 17 28 728 7% 7% 7% 

43% 38% Art* PI 100 70 24 38% 38% 30% 

51% 4Z%Am*o4.9> 450 9 0 5 50% 50 50 

6% 4% Afmco 2 S64 5% 5% 5% 

29 21 AnacoZIP 210 82 8 25% 25% 25% 

57*2 28% AmtsW 120 22 41 838 SS% 54% 54% 

45% 26% Arnnr (fee 17 1086 41% 41% 41% 

6% 3 ArBa ftp 0 47 6 8% 0% 

37% 25% AnUIndi 070 24 17 546 31% 30% 31% 

20% 16% Asaito 040 15 15 1460 27% 20 Z7 

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44% 24% AMM (.00 23 10 2091 44 43% <3% 

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41 25*2 Aaa Ht Baa 0.12 0 4 23 6 34% 34% 34% 

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42% MAtWaSu 208 50 15 122 35% 34% 35% 


25% 12% Asia Px F 027 1.6 1086 17% 16% 17 

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41 25% Asa HI Baa 0.12 0 4 23 6 34% 34% 34% 

38% 229 AO Hell 2 260 1.2 zlOO 240 240 240 

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I 322 u8% 8% 6% 


127% 96%ABkfl 150 55 60 2125101% 
8% 2%A0u I 322 u8% 

31% 22%AmnEtoyx 102 4.6 13 34 29% 


12% 7% AIMS ADR 040 5.0 14 343 9% 9% 9% 
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24% 11% fegs 
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25% 14%Amraax 
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Q.4Q 1.7 28 999 23^ 

010 09 41 103 

052 09 24 1789 5471 


23 23% 
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36% 32 BCE * 

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27% 16% BaktarBc < 
37% 24%B3Kp 

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50% 37iaanek 
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25 21 Bd 1r 1836 

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168 7.1250 3391 3B% 37% 
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1.44 31 10 1974 45% 44% 

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1.00 40 24 3904 23% 23% 

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FINiINCLYLTIMES 


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NYSE COMPOSITE PRICES 


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4$ 


WORLD STOCK MARKETS 


FINANCIAL 


Tuesday March 22 1994 


AMERICA 


Dow hurt by concerns 
over monetary policy 


Wall Street 


US stocks fell sharply yester- 
day morning amid heightened 
international tensions and nag- 
ging concerns over monetary 
policy, writes Frxmk McGurty 
in New York. 

By 1 pm. the Dow Jones 
Industrial Average was 31.60 
lower at 3,863.99, surrendering 
all of the gains it notched up in 
the previous session's expira- 
tion-related rally. The more 
broadly based Standard & 
Poor's 500 was down &53 at 
467.53. In the secondary mar- 
kets. the American SG compos- 
ite was off 3.12 at 469.84, while 
the Nasdaq composite, after 
setting two consecutive record 
highs, fell 5.83 to 798.10. 

Volume on the NYSE was 
light, with 146m shares traded 
by 1 pm. 

The optimistic note on which 
trading ended last week proved 
to be fleeting. 

A primary’ concern was the 
failure of the bond market to 
staunch its losses after a sharp 
sell-off in the final trading day 
of last week. Today's meeting 
of the Federal Reserve's policy- 
making arm, the Federal Open 
Market Committee, was weigh- 


AS1A PACIFIC 


ing heavily on bond prices, 
which dropped sharply across 
the yield curve amid anticipa- 
tion of an Immin ent move by 
the Fed to nudge up short-tram 
interest rates for a second time 
in as many months. 

Political tensions were 
exacerbating the market's 
monetary jitters. Threats by 
the US to take steps to punish 
North Korea for its refusal to 
permit UN nuclear inspections 
accelerated a downward push 
in stocks that normally follow- 
ing big Friday advances. 

Chevron sagged $1% to 990 T /i, 
Disney shed £1 to $46, Interna- 
tional Paper dropped $1% to 
$68% and 3M lost SI 1 /, to $103. 

In banking. Baltimore 
Bancorp jumped $1% to $19V4 
after First Fidelity offered to 
buy the group for 3346m, or 
320% a share. First Fidelity 
slipped S% to $45. 

Cadence Design Systems was 
op SiW to $15% in heavy trad- 
ing of 900,000 shares. The stock 
benefited from an upgrading 
by Mr Gregory Gould, an ana- 
lyst at Goldman Sachs in New 
York, who raised! his earnings 
estimates on the software com- 
pany. Elsewhere in the com- 
puter sector, IBM, $1 ahead at 
$58%, was the only Dow compo- 


Hang Seng and ELSE 
lead decline in the region 


In spite of Japan's absence, 
closed for the spring equinox 
holiday, the region's markets 
were very active. Hong Kong 
continued to fall, and most 
anlsysts expect It to fall fur- 
ther before finding a new sup- 
port leveL 

HONG KONG succumbed to 
heavy institutional selling trig- 
gered a wave of sell orders by 
local investors. 

The Hang Seng index tum- 
bled 5.1 per cent, or 465.28 to 
8.667.03. having hit a low of 
8,658. Turnover was HK$62bn. 

Brokers commented that 
most of the sell orders initially 
came from Europe, before 
accelerating as local investors 
added their orders. 

Blue chips lost across the 
board: HSBC Holdings fell 
HK35 to HK$S7.50, and Sun 
Hung Kai Properties HKS3 to 
HK35G. 

KUALA LUMPUR took a 5 
per cent tumble as US funds 
withdrew, writes Kieron Cooke. 
The composite index lost 52.88 
to 954.18. 

The market dropped below 
the 1,000 level for the first time 
since early December. Brokers 
said that there was heavy sell- 
ing of blue chip stocks with 
foreign fund managers poised 
to move funds either back to 
the US or into Japan. 

“At the moment it's more a 
retreat than a stampede," said 
one broker. 

Individual buyers have been 
driving the market up in 
recent months but retail buy- 
ers have been concentrating on 
highly speculative second 
board stocks. 

Some local economic indica- 
tors are also thought to have 
contributed to market nervous- 
ness: while Malaysia's gross 
domestic product seems likely 
to grow by more than 8 per 
cent this year, there is concern 
that moves by Bank Negara, 
the central bank, to control 
inflation are not working. 

SINGAPORE, struck by 
redemption selling, suffered 
oue of its biggest one-day falls 
this year. 

At its lowest point on Mon- 
dav. the 30-share index was 


Hong Kong 

Hang Seng Index 
12,500 - 


Malaysia 

Kuala Lumpur SE Compos#* Index 
1,350 



Jan 

Source: FT Graphite 


1994 Mar 


•Ian . 1994 
Soma FT QrepMta 


Mar 


down nearly 3.5 percent, or 
72.83 points. The Straits Times 
Industrial index gathered some 
ground on late bargain hunting 
to end off 67.72 or 35 per cent 
at 2^06-30. 

SEOUL had worries of its 
own as tensions continued to 
increase with North Korea. 
The composite index shed 8J34 
to 885.65. Investors shrugged 
off the news that South Korea 
will allow foreign investors to 
buy some convertible bonds 
from June. Turnover was 
Won620bn. 

TAIWAN alone among the 
south-east Asian markets 
showed a rise on the day, 
helped by news that the SEC 
had approved the stock divi- 
dends by the Big Three banks. 

But sentiment remained ner- 
vous and China Steel closed 
below its public offer price for 
the first time. 

The weighted index rose 
26.10 at 5.220.73, off an intra- 
day high of 5.243- Turnover 
was T$30.4bn. China Steel lost 
20 cents at T321.60, below the 
TJ21.71 price for its current 
public offer of 288m shares, 
which closes on Tuesday. 

MANILA was upset by the 
fall in Philippine Long Dis- 
tance Telephone in New York 
on Friday. The composite 
index Lost 59.41 to 2,59&57, with 
turnover down to 3463m pesos. 

PLDT fell 55 pesos or nearly 
3 per cent to 1,820 pesos while 
Philippine National Bank was 
down 30 pesos at 515 pesos. 

The Philippines' two stock 


markets will be merged tomor- 
row with a single price and 
quote for all 200 issues. 

AUSTRALIA tumbled 
sharply at the close with many 
investors absent. The All Ordi- 
naries index lost 23.0 to 2,140.5, 
but off its day’s low of 2,136.6. 
Turnover was A$415£m. 

BHP was down 16 cents to 
A$17.14 in turnover of 3.9m 
shares ahead of its quarterly 
results. News Corp fell 17 cents 
to AJ9.38 while Fosters Brew- 
ing, which saw 6.87m shares 
traded, lost 4 cents to A81.21. 

NEW ZEALAND shed 1.65 
per cent in line with the trend 
set elsewhere in the region. 
The NZSE-40 capital index fell 
37.83 to 2^55.34 at the dose. 
Brierley Investments, which 
last week said it would make a 
NZ$1 75m profit from the sale of 
part of its Carter Holt stake, 
slipped 1 cent to NZ$1.37. 

BANGKOK ended 3.4 per 
cent lower, but managed to 
retain to retain the 1,200 level 

The SET index lost 42.72 to 
L204.12 In turnover of Bt5Jbn. 

Issues fell across the board 
although banks found some 
support. 

KARACHI finished at a 
record high with the KSE 100 
share index rising 7.76 to 
2,653.64, helped by a rush of 
late buying. BOMBAY was lit- 
tle changed on the day as 
investors continued to await 
developments regarding a ban 
on carry forward trade. The 
BSE 30-share index closed up 
4.41 at 3.80637. 


EUROPE 


Continent awaits news from the US 


nent showing a solid g ain. 

In insurance, 20th Century 
receded $1% to $20% on the 
announcement by the company 
that it was more than doubling 
its estimate of losses related to 
the Los Angeles earthquake to 

S3.25bn- 

Brazil ~ ~ ~ ’ 

Equities in SSo Paulo were off 
4J3 per cent at midsession fol- 
lowing an unexpected rise in 
the benchmark overnight inter- 
est rate from 54 to 56.5 per 
cent 

The Bo vespa index was down 
640 at 12,678. 

Among stocks Telebras was 
off 5.5 per cent and Vale do Rio 
Doce, the mining group, -L8 per 
cent 

Elsewhere Eletrobras was 
down 5.8 per cent and Petro- 
bras 9.7 per cent 

Canada 

Toronto was influenced by 
fears of US tightening. The 
TSE 300 composite index lost 
39£9 to 4J26.67 at midday zn 
turnover of C$37 6m. 

Dec lining issues pounded 
past declines 378 to 258, with 
286 issues unchanged. 


Continental Europe spent the 
day worrying about a possible 
rise today in US interest rates, 
writes Our Markets Staff. 

Goldman Sachs yesterday 
t r imm ed its exposure to 
Europe but said that it main- 
tained an overweight position, 
“because short-term rates 
should fell by more than else- 
where (and by more than 
money market futures imply) 
and retail inflows into equities 
are running at healthy levels”. 

More specifically, Goldman’s 
upgraded Finland, based on 
good recent earnings 
announcements, and reduced 
the weighting of France 
slightly, “given that any 
decoupling from the Bundes- 
bank seems unlikely for sev- 
eral months, and the risks of 
social discontent are rising”. 

FRANKFURT fell in line 
with weakness in the bund 
market, the DAX index closing 
off 24.33 or I per cent at 
2,131,28. Turnover was rela- 
tively light at DM7.6bn. 

The market remained cau- 
tious with few participants pre- 
pared to come in ahead of 
today's expected news from the 
US. 

Corporate news was high- 
lighted by Hypo Bank, which 
resisted steeper declines seen 
elsewhere to end the session 


Germany 


B FT-SE Actuaries Snare indices 




DAX Index 


Mar 21 





THE EUROPEAN SERIES 

2,300 

— 

Hntrty donga 

Open 

1030 

1140 

1200 

1340 1440 

isOd 

Ctosa 



FT-SE Emin* 100 

14374? 

143847 

143669 

144008 

144014 143633 

1437.31 

143671 

2,250 \ 

"" 

FT-SE Eunln* 200 

147694 

1481.30 

148063 

148162 

148206 1480.73 

146050 

147654 



Marfa 


Mar 17 


Hr 16 


75 


ear m 


FT-SE Bmtack 100 144551 MM* 1*6028 1463.35 145&56 

FT-SE 200 148049 1503.38 150122 1S1124 I49S.0S 

bm du no fififlo/at* HgMar iso ■ imojk mo - me* inter ,0B - i«ac w - ’***» 


Jan 1994 Mar 

Soun* FT Grapfnto 

Off DM2.50 at DM467.50. The 
bank said that it would lift its 
1993 dividend by DM1.50 to 
DM1-L50 after reporting an 
increase of 33 per cent in group 
operating profit 

Porsche, down DM15 at 
DMSS5. held few surprises as It 
reported 6 month figures, with 
most of the news having 
already been discounted. 

PARIS picked up a little of 
the day's losses in the last 
moments of trading. The 
C AC-40 index, which had seen 
a session low of 2,193.81, ended 
the session off 18J» or Ofi per 
cent at 2J202.69. Turnover was 
slack at around FFrtba. 


After the market closed Mr 
Edmond Alpbandery. the 
finance minister, was reported 
on wire services as saying that 
there was still room for further 
interest rate cuts in Europe. 

General activity was moder- 
ate with UAlP rising against 
the trend, adding 90 centimes 
to FFr18950, ahead of results 
doe oat after the close. The 
insurer reported a rise in net 
attributable profit to FFrL5bn 
from FFrlbn. 

St Gobain, down FFr16 at 
FFr672, was' affected, said deal- 
ers, by .arbitrage between the 
shares and warrants as the 
subscription period for the 
rights ii.ue dosed. 

MILAN was unsettled by 
interest rates and next week- 
end's general election and the 
Comit index fell 9.51 or L4 per 
cent to 665.02. 

CS First Boston recom- 
mended taking profits on the 


basis of the market's ou (per- 
formance during the last two 
months when the Comit index 
rose by more than 9 per cent; 
the feet that the Italian bond 
market had (Mien more than 
other European bond markets 
while the equity market had 
outperformed, implying that 
relative valuations had deterio- 
rated; and a possible consolida- 
tion after the general election, 

Merrill Lynch commented 
that political uncertainty com- 
pounded the problems of a 
market that appeared to be 
among the most expensive in 
Europe on the basts of earn- 
ings prospects. 

The investment bank added 
that liquidity might push the 
market still higher but U 
believed the situation was too 
risky to take an aggressive 
position until the policies of 
the next government were 
dearer. 


Rateable fell L475 or 4.4 per 
cent to ulQ.26lS as investors 
demonstrated their disappoint- 
ment with the weekend deal to 
merge five telephone operating 
companies into a single Tele- 
com Italia. 

Sip Slipped LIB to L4.351 
after its announcement of a 
424) per cent rise in 1993 net 
profit, while Stet. the holding 
company, eased L15 to L4jB7i. 

Cogefer fell L93 or 4.9 per 
cent to L1.799 in arbitrage 
trade linked to the rights 
issue. 

ZURICH was lower, in line 
with other bourses and bond 
markets elsewhere in Europe, 
and the SMI index fell 39.2 to 
24)04.3. 

Interest rate sensitive issues 
u-ore the hardest hit with UBS 
bearers losing SFr31 or 15 per 
cent to SFr 1.195. Recently 
favoured cycticais were resil- 
ient with Alusuisse adding 
SFr7 to SFT654. 

WARSAW plunged 8.8 per 
cent as as small investors, los- 
ing their patience with the 
recent stagnant market, 
rushed to unload shares. The 
all-share Wig index fell 1,777.1 
to 18.414.2, but volume was & 
thin 969.000 shares. 

Written and edited by Join Pttt 
and Michael Morgan 


Hong Kong in retreat 


MARKETS IN PERSPECTIVE 


By Michael Morgan 

H ong Kong was in 
retreat last week as a 
combination of eco- 
nomic and political develop- 
ments at home and abroad con- 
spired against it 
The fall-out was felt else- 
where in south-east Asia as 
Singapore and Malaysia also 
registered sharp declines. 
Japan, on the other hand, pul- 
led ahead as foreign investors, 
particularly in the US, rebuilt 
their holdings. 

Mr Michael Franklin at 
James Capel comments that 
much of Hong Kong's recent 
decline is the result of US sell- 
ing of futures, and arbitrage 
activity. Europeans remained 
sellers, but on a much smaller 
scale, w hile Japanese investors 
were largely absent ahead of 
their fiscal year end. 

He says technical assessment 
suggests that if the Hang Seng 
index is not able to consolidate 
around the current 8,700 level, 
then the next obvious support 
would be around 7,700. 

The latest James Capel 
global strategy note says there 
are six major concerns feeing 
the market rising US interest 
rates; the risk of a hard land- 
ing for the Chinese economy; 
succession uncertainty in the 
event of the death of the Chi- 
nese leader. Deng Xiaoping; 
whether the Hong Kong prop- 
erty market is overvalued; the 
outlook for Sino-British rela- 
tions; and the renewal of MFN 
status for China. The broker 
takes the view that the correc- 
tion has been overdone and 
many of the concerns have 
been overstated. 

Goldman Sachs notes that 
the positive sentiment seen in 
Hong Kong during the early 
part of the year abruptly 
reversed with the unexpected 
25 basis point increase in short 
term US interest rates on Feb- 
ruary 6, and a public appear- 
ance by the Chinese leader in 
the following week. “Deng’s 


SOUTH AFRICA 

Gold shares posted steady 
gains on the back of continued 
bullion strength, the index ris- 
ing 35 to 2,080 but a lack of 
demand left Industrials 30 
lower at 6,110 and the overall 
index fell 4 to 5,230. Iscor fell 
10 cents to R3.45. 


marked deterioration in health 
gave investors cause for con- 
cern and provoked uncertainty 
over the political outlook for 
China.” 

Goldman Sachs adds that 
these two factors have taken 
much of the heat out of the 
Hong Kong market and have, 
together with a general decline 
in sentiment towards equity 
markets worldwide, contrib- 
uted to the 14 per cent decline 
in the Hang Seng index over 
the last month. 

Looking forward, the invest- 
ment bank believes that funda- 
mentals will be the main fea- 
ture and that sentiment is 
unlikely to rebound in the near 
term, with further weakness 
predicted. “Our longer term 
outlook is more positive as 
Hong Kong remains the key 
gateway to China.” 

Mr Alan Livsev at Kletnwort 
Benson comments that Japa- 
nese share prices continue to 


climb as a result of foreign 
buying, particularly from the 
US. “Though technical indica- 
tors suggest the 1994 rally 
needs a short rest before the 
major indices can soar above 
last year's peaks, the pressure 
to increase weightings in 
Japan increases week by 
week.” 

In Europe, Germany put in 
the strongest performance as a 
6 basis point cut in the repo 
rate was well received, but the 
Bundesbank council left offi- 
cial rates unchanged. 

Morgan Stanley comments 
that while a cut in the discount 
rate was not expected, some 
market participants were hop- 
ing to see a cut tn the Lombard 
rate or. more importantly, a 
more aggressive easing 
through a fixed repo rate for 
this week. “Nevertheless, we 
maintain our optimism on 
European markets where Buba 
pasmg is holding the key.” 


•b change la toe* aaroqr t 

Mtagt 

tt efataoa 

1* IBS t 

- 


1 DM 

4 Wonka 

1 Y+Jr 

Manor 

non 

•tut at 
IMS 

Buna! 

IBB 

Austria 

+0.67 

+0.53 

+33.17 

+42.QQ 

+37.70 

+35.41 


Belgium .... — - — 

+0.07 

-1.01 

+17.98 

+33.55 

+29.22 

+27.06 


Denmart ............. 

-0.63 

-3.87 

+33.40 

+50.90 

+44.84 

+42.42 

- 

Finland 

-0.20 

-2.16 

+85-28 

+125.08 

+116.03 

+112.46 


France 

+1.77 

-1.46 

+17.61 

+26.48 

+23.00 

*20.95 


Germany 

+2.26 

-026 

+23.92 

+3731 

+33.34 

+31.11 


Ireland 

+0.67 

-3.01 

+34.50 

+59.32 

+42.76 

+4037 

- 

Italy 

+0.28 

-2.67 

+37.71 

+57.42 

+40.57 

+38.24 

- 

Netherlands 

-0.02 

-3.32 

+24.02 

♦38.07 

+33.93 

+31.69 

” 

Norway . 

+2.59 

-0.63 

+38.13 

+55.87 

+49.05 

+46.56 

r 

Spain 

+0.75 

-031 

+36.70 

+52.1C 

+2721 

+2508 

a- 

Sweden ..... 

-0.59 

-4.44 

+36.77 

+4640 

+33.68 

+31.4* 

• 

Switzerland 

+0.17 

-5.18 

+33.68 

+39.87 

+44.66 

+4024 

- 

UK 

+0.71 

■4.49 

+13.62 

+16.16 

+16.16 

+14.22 


EUROPE 

+4LS8 

-021 

+21.55 

+28J7 

+28-34 

+2423 


Australia — — 

+0.57 

-2L21 

+24.70 

+34.61 

+41.60 

+33.43 

- 

Hong Kong 

-7.54 

-14.58 

+54.02 

+68.44 

+71.58 

+68.71 


Japan 

+1.61 

+5.50 

+16.61 

+25.74 

+5058 

+48.08 


Malaysia 

-4.08 

-7.14 

+77.35 

+87.56 

+83.39 

+80.33 1 


New Zealand 

+4.61 

+0.29 

+4021 

+50.03 

+70.00 

+67.15 

1 

Singapore 

-4.02 

-11-31 

+34.75 

+39.39 

+46.81 

i44.37 

* 

Canada 

+3.03 

+438 

+22.66 

+29.19 

+22.05 

+2002 


USA 

+1.08 

+0.81 

+4.01 

+7.67 

+9.50 

+7.67 , 

% 

Mexico — .. 

-a 7? 

-13.29 

♦42.77 

+33.64 

+28.10 

+25417 


South Africa 

♦1.68 

+724 

+68.79 

+7021 

+83.68 

+8081 


WORLD INDEX 

+032 

+OJ52 

+14,12 

+2048 

+27.06 

+24.94 



i-jy 




■■■c :*v 


r Bnact an MM 18 m IBM. Copyright, Uto FtoaneW IhM Unto* OoWboh. Sodht * 
Coifed MM BoctaWea Unfed. 


WORLD INDICES 


Jointly compand by The Financed Times Ltd.. Gokfcnan. Sachs & Co. and NatWes Seeurtttoa Ltd m o o ntuncMon with the institute at Ac&mttea and the FacUty of Actuaries 
NATIONAL AND 

TODAY MARCH 18 19B4 


REGIONAL MARKETS 
Figures tn parentheses 
show number of tries 
of stock 


US 


Days Round 


Dollar Change Staring 


Index 


% 


Index 


Yen 

Index 


DM 

index 


Local Local 
Curency % chg 
Index on day 


Grass 

Div. 

Yield 


THURSDAY MARCH 17 1994 

US Pound 
DaHar Sterling 


Index Index 


Yen 

Index 


DOLLAR INDEX — 

Local Year 

DM Currency 1083/94 1983/94 ago 


Index 


High 


Low tapproxj 


AuMrallaftSj 

174.45 









France (39) - 

178.01 

Gammy (53) 

136.41 

Ireland (14| 

— -.130.60 







- 199.38 

Now Zealand IUI 

71.69 

SbsMpcre (Aal ... 

.30&.02 

267.78 

Snmn 1471 ... 145^8 


517.62 



United Kingdom CDS) — 
USA (Si 81 

—196.87 
191.70 

EUROPE (745) 



210.84 



Euro-Padflc (1467) 

165.82 

-18848 


16040 

Paste E't. Japan p63) . 

„ -J45.72 
18731 



World Ex So. M, (2110) 

17SLM 


-0.1 

173.73 

116.93 

153.83 

162.8a 

-0.1 

033 

174JS9 

i7aas 

11072 

16258 

163.07 

189.15 

13019 

14054 

-1^ 

189.00 

127 sn 

167^5 

167.40 

-05 

053 

19292 

19099 

12088 

168.48 

16024 

10041 

139.63 

14078 

-1^ 

168^8 

113.48 

14956 

145.89 

-0.4 

3.84 

171.89 

188.88 

114.71 

14956 

14654 

171 59 

141.92 

147J26 

0.9 

138.21 

93.03 

123 J38 

137^5 

09 

244 

137^0 

13023 

9153 

12018 

13031 

145.31 

121.46 

12450 

-1.9 

363^8 

177.67 

233.73 

23089 

-09 

0.97 

27007 

26758 

18044 

235.88 

241.79 

275.79 

195.66 

20006 

-1^ 

147JI7 

99.12 

130^0 

171^8 

-OS 

0.85 

150.16 

140.67 

10003 

131.15 

17257 

156.72 

73.12 

7353 

-1.9 

177Z7 

11M1 

15M6 

161J3 

-1.0 

2.86 

181.44 

170.83 

12122 

15047 

16254 

18037 

14960 

15554 

-1.4 

135^5 

01.43 

12028 

12026 

-05 

1.72 

13036 

137.01 

82.46 

12086 

12088 

14038 

107.59 

112.87 

-3.8 

37225 

250.66 

329.61 

37033 

-3.8 

2.88 

38055 

38458 

55950 

33037 

385.43 

50656 

242.57 

24259 

-1.0 

139.81 

127.75 

168.07 

187^1 

-0.1 

3.18 

19254 

180.82 

128.04 

108.17 

180.07 

20033 

145.48 

145*8 

-11 

7S33 

5084 

66.88 

954)5 

-2.1 

1.77 

7030 

7752 

5252 

6039 

97.05 

7093 

50.21 

5755 

-0.4 

154J7 

10423 

137.13 

104^3 

-Ol 

079 

15021 

154.65 

10456 

13044 

104.36 

16591 

11950 

12090 

-2.1 

4«L54 

01843 

41S.re 

494.00 

-2.0 

1.54 

4fii.se 

477.07 

32154 

420.87 

504.19 

62193 

276.49 

27021 

05 

2067J* 

1381.35 

183038 

7512.45 

08 

087 

2084.74 

2044.17 

1378.48 

180326 

7449.70 

2647.08 

1431.17 

1544.06 

-23 

198.58 

133.84 

176.81 

173J4 

-1.3 

3.16 

204.00 

201.97 

13629 

178.16 

175.7B 

207.43 

10350 

16491 

a o 

71.40 

48.05 

tax* 

aa.48 

03 

3. BO 

71.70 

7098 

47.00 

62.62 

6029 

77.59 

45.45 

4074 

-1.5 

200.99 

13658 

177.96 

301 

-0.8 

1.83 

204.93 

202.69 

13082 

17059 

202.72 

20042 

150.61 

153.03 

-33 

30875 

206.48 

271.81 

234.84 

-Z2 

1.74 

31029 

312.10 

21065 

27528 

229.82 

373.92 

21750 

220.10 

0.7 

288.87 

179.48 

335.12 

287.45 

1.0 

2J30 

280.00 

28X35 

177.71 

332.32 

26452 

28Q2B 

1 61.99 

T65.7* 

-18 

14826 

97.78 

128.61 

15383 

-oa 

3.75 

14&SS 

147.10 

9927 

129.77 

155.39 

155.79 

11853 

125.69 

-1.8 

216.72 

145.86 

191.89 

253.77 

-1.0 

149 

221.48 

21928 

14728 

193.45 

25856 

230.02 

154.79 

160.79 


180J» 

107.74 

141.74 

14X80 

-12 

1.57 

104.28 

182.88 

109.77 

143.49 

145.54 

176.5 6 

1T294 

11358 

-1.8 

196.06 

131.96 

173.60 

198.06 

-1.0 

3.73 

200.12 

19013 

133.70 

174.79 

190.13 

214.96 

17001 

171.68 

0.1 

190.98 

126^3 

16B.06 

191.78 

0.1 

2.76 

19180 

18069 

12001 

18724 

13150 

196.04 

170.91 

184 56 


World Ex. Japan (1701) 186.42 

The vVorto Max (2170) J 76.42 


-1.B 

-1.7 

-0.7 

- 1.2 

0.1 

-1.9 

- 2.1 

- 1.1 

- 0.6 

-0-7 

-a? 


16027 

209.87 

163.16 

165.13 
107.68 
14078 
244.71 
166.01 
171 S3 

173.14 
185.66 


113-25 

141.32 
100.61 

111.14 

126.32 
100.81 
164.70 

112.14 
T 15.45 
11053 
124.96 


14089 

185.91 

144.47 

i4on 

168.18 

132.62 

216.67 

147.S2 

151.88 

153.30 

164.38 


161.52 

21496 

11423 

13381 

187.99 

140.85 

22050 

136.16 

14136 

152-83 

18023 


- 1.0 
-0.9 
-04 
-0.7 
0.1 
- 1.0 
- 2.1 
-06 
-0.3 
-0.4 
-0 A 


2JKJ 

129 

1.08 

141 

2.74 

249 

£71 

1.B2 

2.00 

2.16 

2.74 


172.08 

21443 

164.99 

167.79 
18844 
153.33 
261.11 
169.11 
173.19 
175.GC 

187.80 


17037 

21249 

18335 

166.12 

186.37 

15142 

248.61 

10742 

17146 

173-26 

185.93 


11447 

14343 

11033 

112.10 

12677 

102.46 

187.77 

11248 

11671 

11693 

12647 


15030 

187.37 

144.11 

14645 

164.41 

133.94 

21942 

147.70 

15127 

152.86 

164.0Q 


163.18 

216.82 

114.70 

133.71 
187.76 
142.07 
23037 
138.96 
149.75 
153.1B 
1B3.Q2 


17658 
220.60 
IBS 40 
17078 
192.73 
156 73 
29641 
17241 
17456 
17656 
19620 


138 56 
14685 
124.58 
130.91 
173.70 
12047 
16048 
132.02 
14688 

14609 

164.42 


14047 

149.93 

125.61 

131.47 

160.64 

121.07 

17021 

132.44 

14678 

14695 

165.25 


-0.7 1 7070 11B41 153.79 10343 -03 2.18 17546 17341 117.29 TS344 154.05 17687 14614 14635 


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