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A modest proposal 



» Pandora’s Box 


:jv.:v 


TheEU lives 
5 F®* dangerously 

Page 13 



Inventing the ftdnre 

Xerox's computer 
breeding ground 


Pages 



Marketing drags 

Economists in 
the salesforce 


Pages 



Japan as the 
51st state 

Page 13 


FINANCIAL TIMES 


^f||||||^g|THU|SC)^ M ARM: 2*^9 4 


End to KwaZulu 
homeland urged 
by ANC deputy 



African National Con- 
gress deputy secretary- 
general Jacob Zuma 
(left), the highest rank- 
ing Zulu in the ANC. 
has called on South 
Africa’s multi-party 
Transitional Executive 
Council to take over 
the administration 
of the KwaZulu black 
"homeland" from Chief 
Mangosuthu Buthelezi, 
putting the ANC and 
the chiers Inkatha 
Freedom party ou a collision course. The ANC 
cal 1 represents a si gnificant hardening of the 
organisation's position on KwaZulu, the only 
one of the 10 black homelands which continues 
to offer political opposition to the ANC. Page 14 

Five Arabs killed In gun battle: The Israeli 
army killed four Palestinians, allegedly members 
of the Hamas Islamic resistance movement's 
military wing, during an 18-honr gun battle in 
Hebron. A pregnant Palestinian woman also riiort 
in the exchange of fire. Page 4 

S Korean threats South Korea issued a veiled 
warning that if North Korea staged an attack, 
Seoul would respond by invading the North to 
overthrow the government of President Kim li- 
sting. Page 14 


75 die in Siberian air crash: All 75 people 
ou board a half-empty Russian A3 10 Airbus were 
killed when the airliner crashed overnight in 
the Siberian wilderness 2,000 miles east of Moscow, 
the second air disaster there this year. The airliner 
was flying from Moscow to Hong Kong. 

No rd ban ken, which the Swedish government 
rescued from collapse with a SKrSlbn ($6^bn) 
bail-out operation, announced a 1993 operating 
profit of SKr2.7bn, making it the country's most 
profitable bank last year. Page 15 

UN convoy hijacked: Bosnian Serb soldiers 
hijacked a United Nations aid convoy headed 
for the Moslem enclave of MagJaj and looted the 
conteuts of 10 trucks, a UN spokesman said. 

Kingfisher: Shares fell at the UK retailer in 
spite of befter-than -expected results, reflecting 
disappointment over underlying-performance 
in the UK. Pre-tax profits were 51 per cent up 
on last year at £309 3m. Page 15; Lex, Page 14 

Cr&dtt Lyonnais: French economy minister 
Edmond Alphandery will today finalise a rescue 
package to recapitalise the troubled banking 
group. Page 15 

US secures Gatt waiver over China: The 

US won a change in General Agreement on Tariffs 
and Trade rules allowing it to refuse Gatt benefits 
to China even if Beijing succeeds in rejoining 
the world trade body this year. Page 6 

Keating set for reshuffle: A wider than 
expected ministerial reshuffle in Australia’s federal 
government was in prospect amid speculation 
that Senator Graham Richardson was about to 
resign from the health portfolio. Page 4 

Clinton move on ship subsidies: The Clinton 
administration has agreed to throw its weight 
behind legislation now in Congress which would 
impose fines on new ships built in foreign subsi- 
dised shipyards entering US ports. Page 6 

Jardine Maiheson, one of Hong Kong's oldest 
trading conglomerates, announced a 23 per cent 
rise in net profits to US$388 last year, up from 
S3l«.8m in 1992. Page 18; Sunset in the east for 
Jardine’s stock. Page 15 

No agreement In Somali talks: The United 
Nations said Somali faction leaders foiled to reach 
a concrete peace agreement and it would no longer 
sponsor their talks in Nairobi. 

Signs of lost sohBer» Rescuers searching 
for five soldiers miss ing in dense jungle surround- 
ing Mt Kinabalu in Sabah, Malaysia, discovered 
more finds of food remains and packaging. The 
party ur two British and three Hong Kong soldiers 
was last seen almost four weeks ago. 

Tapie to stay at Marseille: Marseille soccer 
chairman Bernard Tapie, under investigation 
fur suspected bribery, won a court battle to remain 
at the helm of the European champions. 

Giidietta Masina dies: Giulietta Masina. one 
of Italy's best known actresses, died aged 73. less 
than five months after her husband, director 
Federico Fellini. 


■ STOCK MARKET tfuMCSS 


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Yield - .6.824% 


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SFr I-C8 

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London: 

DM 1585 (1-6885) 

ffr 5.7582 (5.771) 

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Major proposes two-tier EU voting system 


By Philip Stephens and 
David Owen in London 

Mr John Major, the UK prime 
minister. last night raised the 
possibility of a two-tier voting 
system in the European Union to 
break the present deadlock over 
voting rights when four new 
countries join next year. 

Amid intensive diplomatic 
activity to end the stalemate 
Which has pitted Bri tain and 
Spain against their 10 EU part- 
ners. Mr Major suggested that 
the present arrangements must 
remain for contentious issues 


such as social policy legislation. 

But after a meeting with the 
prime minister, senior Conserva- 
tive MPs said he appeared willing 
to allow an increase from the 
present 23 to 27 in the number of 
votes required to create a block- 
ing majority in the Council of 
Ministers for other, less contro- 
versial issues. 

Officials said Mr Major was 
studying carefully another poten- 
tial compromise involving a 
legally binding protocol which 
would allow countries mustering 
between 23 and 27 votes in the 
Council to postpone decisions 


indefinitely. The two-tier pro- 
posal would mean that 23 votes - 
representing two large countries 
and one small - would still be 
enough to block directives in 
areas such as employment policy, 
where Britain most fears an 
extension of EU authority. But 
the number would rise to 27 for 
other, less contentious areas of 
legislation. 

Mr Major raised the possible 
compromise at a private lunch 
with senior Conservative back- 
bench MPs at which he insisted 
that Britain would defend impla- 
cably the substance of its posi- 


Police seize papers 
at headquarters of 
Berlusconi party 


By Robert Graham in Rome 

The pent-up anger in the final 
stages of Italy’s election cam- 
paign exploded yesterday when 
police seized documents from the 
headquarters of Mr Silvio Berlus- 
coni’s Forza Italia movement 

Media magnate Mr Berlusconi 
fiercely attacked what he claimed 
was a politically orchestrated 
action against the movement's 
Rome and Milan offices. 

Last night he was seeking a 
meeting with President Oscar 
Luigi Scalforo to express his con- 
cern over the degeneration of the 
electoral contest, due to take 
place on Sunday. 

But Forza Italia was able to 
claim the scalp of one of the lead- 
ing figures in the former commu- 
nist Party of the Democratic 
LeftfPDS) which is spearheading 
the anti-Berlusconi campaign. 

Mr Luciano Violante, head of 
the the parliamentary anti-mafia 
commission, was forced to resign 
yesterday following the publica- 
tion of an interview in which he 
alleged Mr Marcello DelTUtri, a 
key member of Mr Berlusconi's 
entourage, was under investiga- 
tion by Catania magistrates for 
arms and drugs trafficking. 

Police moved into Forza Italia 
headquarters in Milan and Rome 
yesterday morning on the orders 
of magistrates from Palmi, near 
Reggio Calabria. For almost two 
years, the Palmi magistrature 


had been investigating link s 
between secret masonic lodges 
and organised crime, uncontrol- 
led elements in the security ser- 
vices and political parties. 

In this connection they said 
they had requested police to 
obtain a list of Forza Italia mem- 
bers and party candidates. 

“This was totally without justi- 
fication and involved no notifica- 
tion of any crime having been 
committed.’* Mr Berlusconi said. 

He added: “This has never hap- 
pened before in our democracy. 
These things only happen in 
totalitarian states. In a free coun- 
try the electorate are those who 
judge the parties with their 
vote." 

Some of bis aides suggested he 
would even ask President Scat 
faro to postpone the elections. It 
was the second time during the 
election campaign that he has 
complained to President Scalforo 
of his unfair treatement by the 
opposition. 

The magistrates in Palmi com- 
mented : “We do our job as magis- 
trates: we don't get involved in 
politics." They explained that 
they ordered police to collect the 
information because it was not 
available at the Ministry of Inte- 
rior. 

Even if the timing of the police 
action was coincidental, it could 
win Mr Berlusconi some sympa- 
thy votes. 

The conflict between the PDS- 


led Progressive Alliance and the 
Berlusconi camp has been com- 
ing to a head for several days. 
The PDS has not forgiven Mr 
Berlusconi for his unashamed 
exploitation of his commercial 
television network to make Forza 
Italia a leading political player. 
Mr Berlusconi meanwhile 
believes many institutions of 
state, including the magistrature, 
are sympathetic to the PDS and 
deliberately sabotaging Forza 
Italia. 

The PDS has striven to under- 
mine Mr Berlusconi's credibility 
as an entrepreneur and sympa- 
thetic magistrates have been 
leaking hints of investigations 
into ina fia' links' wiffT his Fihr 
invest empire. 

Mr Berlusconi compounded his 
problems by being slow to dis- 
tance himself from suggestions 
that the mafia was hacking Forza 
Italia. 

But the PDS also sensed Mr 
Berlusconi was politically inept 
at handling criticism in public. 
As a result they have forced him 
away from his carefully scripted 
role as the seductive purveyor of 
good news. 

Mr Violante, however, made a 
serious error in breaching judi- 
cial secrecy and revealing the 
state of investigations into Mr 
DelTUtri, the head of Publitaha, 
the advertising arm of Fininvest, 
and the power behind Mr Berlus- 
coni's bid for the premiership. 


tion at this weekend's meeting of 
EU foreign ministers in Greece. 

The attraction of the sugges- 
tion was that it offered the hope 
of breaking the deadlock with 
Britain's European partners, 
while satisfying demands on the 
Tory backbenches that the 
Britain's power to veto conten- 
tious legislation must not be 
diluted. 

But Whitehall officials cau- 
tioned that there might be seri- 
ous practical difficulties in decid- 
ing which directives would fall 
into which category in any two- 
tier system. The proposal might 

i Kohl says 
door must 
be open 
to central 
Europe 

By Quentfci Peel m Bonn 

Chancellor Helmut Kohl of 
Germany entered an already 
bruising debate over enlargement 
of the European Union yesterday 
by promising he would make 
strenuous efforts to further open 
the EU to the countries of central 
Europe when Germany takes 
over the presidency this year. 

Implicitly attacking opposition 
to enlargement of the EU - dra- 
matised recently in top-level 
French criticism of Germany's 
enthusiasm for the process - Mr 
Kohl insisted that “the Baltic Sea 
is just as much a European sea 
as the Mediterranean. It is quite 
simply intolerable for us to adopt 
the attitude that we want to cre- 
ate some sort of closed Shop”/ ~ 

He rejected any attempt to turn 
the EU into a “glorified free trade 
area”, insisting that enlargement 
must go hand in hand with closer 
integration and reinforcement of 
European institutions. 

At the same time, he sharply 
criticised Britain and Spain for 
bolding up the enlargement nego- 
tiations with Austria, Finland, 
Norway and Sweden over techni- 
cal changes in the voting rules. 

Mr Kohl, whose government 
will take over the EU presidency 
on July 1, suggested new moves 
to involve the four likely central 
European candidates for EU 
membership more closely in 
Union decisions. 

One proposal -would he to 
extend EU summit meetings to 


also face strong opposition from 
other EU governments. 

In the light of that, Britain was 
still considering other possible 
compromises, including plans to 
relate the size of the blocking 
minority to a population thresh- 
old or to raise the number of 
votes required to 25. 

The full cabinet is expected 
this morning to endorse a gov- 
ernment's tough negotiating line 
after a report from Mr Douglas 
Hurd, foreign secretary, on the 
inconclusive meeting of the for- 
eign affairs council In Brussels. 

Mr Hurd, who has looked 


uncomfortable with Grimin'* 
hardline stance, will then ml tile 
parameters for any possible «:ujh- 
promise at the Conservative Cen- 
tral Council tomorrow, before Hy- 
ing to Athens for the Ricci ini! et 
EU foreign ministers. 

Tom Burns in Madrid write*.: 
Spain remained impenitent \ 
terday over its decision to sIi.ijv 


Continued on Page i t 
Solana takes heart. Page 2 
What kind of Union. Page 2 
Angry prime minister. Page 7 
TV showdown. Page 7 
Brink of breakdown. Page 13 



Asawuu-d ftvti 

German chancellor Helmut Kohl: Europe cannot be a closed shop 


include the leaders of Poland. 
Hungary, the Czech Republic and 
Slovakia in a regular exchange of 
views on common problems. 
Their participation would ensure 
that EU decisions were not taken 
that would make their eventual 
membership more difficult. 

A second idea would be to 
invite those countries - "in the 
□ear future" - to send deputies 
to the European parliament as 
non-voting members, in a consul- 
tative role. 

Mr Kohl left no doubt that he 
sees extension of the EU to the 
east as a top priority and vital 
national interest for Germany. 
He said it was “unthinkable" that 
Germany’s eastern border, the 
Oder-Neisse border with Poland, 
"should remain the eastern bor- 
der oE the European Union". 


Only by simultaneously "deep- 
ening” the EU, while the enlarge 
ment process continues, could 
“peace and freedom" in Europe 
be assured, he said. "With a glori- 
fied free trade area we would 
never manage to achieve this in a 
lasting way.” 

He suggested that resistance to 
the proposed changes in voting 
rules in the EU council of mini s- 
ters - simply to maintain the 
level of a qualified majority for 
decision-making at two-thirds of 
the votes - was simply a result of 
outdated nation-state mentality. 

"I do not believe that by think- 
ing in the categories of yesterday, 
we can solve the problems of the 
future," he said. As far as voting 
numbers wen? concerned, “we 
have long learned to think in 
terms of quality, not quantity”. 


Moscow committed 
to tough budget 
regime by IMF 


By John Lloyd in Moscow 

International Monetary Fund 
assistance to the Russian govern- 
ment will commit Moscow to 
tough budget discipline that 
could be difficult for the govern- 
ment to maintain. 

The IMF, which expects to 
release a $l.5bn loan soon, is 
hanking on the ability of Mr Vic- 
tor Chernomyrdin, the Russian 
prime minister, who has 
impressed IMF officials, but who 
will be under extreme political 
pressure in keeping Moscow’s 
side of the bargain. 

However. Mr Michel Cam- 
dessus, IMF director-general, 
reflected the Fund team's recog- 
nition that the Russian govern- 
ment is already r unning a very 
tight monetary policy, with real 
interest rates now standing at 
about 10 per cent a month. 

The commitments made by the 
government to obtain the second 
tranche of the ?3bn systemic 
transformation facility, to assist 
Russia in restructuring its econ- 
omy include: 

A Bringing down the monthly 
rate of inflation, presently at 10 
per cent, to 7 per cent a month by 
December 1994. 

• introducing new taxes and 
improving tax collection. 

• Ensuring that all extra spend- 


ing or loss of revenue will be 
compensated by cuts in agreed 
spending programmes. 

These commitments, coupled 
with the present tight monetary 
policy, mean that the govern- 
ment has exceptional control 
over the economy. Industrial pro- 
duction fell 24 per last month, 
compared to a year earlier, 
greatly increasing political ten- 
sion and fears of political 
upheaval 

However, Mr Camdessus said 
privately that he was extremely 
impressed by the tumround in 
the central bank, whose officials 
he thought at least as pro-reform 
as those in the more convention- 
ally radical ministry of finance. 
He managed to strike a warm 
acquaintance with Mr Victor 
Gerashchenko, the bank head, 
who said after the signing of the 
agreement, "allow me to give you 
the congratulations of the 
world's worst central banker". 

This self deprecation was a ref- 
erence to a description of him by 
Professor Jeffrey Sachs, the for- 
mer adviser to Russian ministers. 
Profes&or Sachs last night said he 
was glad that the “IMF has 
moved at last, but this is the last 
moment to assist reforms". 


Monetarist swerve wins over 
IMF, Page 2 


Markets 
shrug off 
US rate 
increase 


IB 

BlancpaiN 


Financial markets yesterday 
shrugged off Tuesday's Federal 
Reserve's 0.25 per cent increase 
in short-term interest rates. The 
Fed's first move to tighten mone- 
tary policy, announced on Febru- 
ary 4, bad prompted widespread 
foils in bond and share prices, 
writes Philip Coggan in London. 

But the latest move, which 
raised US short-term interest 
rates to 3^ per cent, was widely 
expected- By lpm New York time 
yesterday, the Dow Jones indus- 
trial average was 18.71 higher at 
3,881.26, while the long bond 
was up a quarter of a point 

Even though tbe Fed 
announcement was followed by 
yesterday's cut of eight basis 
points in tbe German repo rate, 
the dollar failed to gain against 
the D-Mark. In London trading, 
the dollar closed at DM1.685, 
down from its Tuesday close of 
DM1.6885. European markets 
were mainly influenced by 
events in Germany. 

The Dax index closed 19.79 
points ahead at 2,161.13. But 
later in the day, European 
bourses fell on fears that the 
German M3 money supply fig- 
ures for February might show an 
annualised rise of as much as 30 
per cent 'Hie Eurotrack 100 rose 
&98 points, or 0.49 per cent to 
close at 1,445.46. 



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Since 1735 there has 

NEVER BEEN A QUARTZ BLANCPAIN WATCH. 

And there never will be. 





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I 


■u THE CTMAlMriAL TIMES LIMITED 1994 No 32.325 Week No 12 







NEWS: EUROPE 


Belgium 
makes 
plans for 
telecom 
sell-off 

By Gillian Tett In Brussels 

The Belgian government 
yesterday took its first step 
towards privatisation of the 
state telecommunications 
group Belgacom by announc- 
ing a review of options for sell- 
ing parts of the company. 

However, Mr Jean Luc 
Dehaene, the prime minister, 
warned that privatisation was 
unlikely before 1995. and said 
the government would retain a 
majority stake. 

The government and Belga- 
com will now appoint consul- 
tants to draw up plans for pri- 
vatisation. which is expected 
to include proposals for the 
company to link with “strate- 
gic” partners, create synergies 
with other leleconmnications 
groups, and float shares on the 
Belgian stock market, probably 
by 1996. 

Mr Bessel Kok. chief execu- 
tive officer, said yesterday Bel- 
gacom was holding informal 
discussions with several lead- 
ing European and US groups 
with a view to forming these 
strategic alliances. 

Although the privatisation of 
Belgacom is at the centre of 
Belgium’s privatisation pro- 
gramme. which is expected to 
raise BFr40bn (£754m) in 1994, 
the government warned that 
the sale of Belgacom was 
unlikely to contribute much 
this year, and noted that sev- 
eral obstacles Still re maine d to 
the sale. 

These include a requirement 
that the company raise more 
than BFrloOm to cover future 
pension liabilities. 

Mr Kok said Belgacom was 
“not dissatisfied" with the con- 
ditions the government was 
imposing on the privatisation 
and welcomed an end to the 
uncertainty about the compa- 
ny's future that has dogged it 
in recent months. 

“I am pleased that the float- 
ing technique has been men- 
tioned as a vision for the 
future and that they have 
recognised the need for inter- 
national alliances," he said. 

However he admitted that it 
remained unclear what the 
government was proposing in 
its recommendation that Belga- 
com should seek more “inte- 
gration" and synergies with 
other companies. 

Mr Dehaene refused to set 
any timetable for the imple- 
mentation of the consultants’ 
report, but said that privatisa- 
tion was “more likely to occur 
in 1995 or 1996 than 1994". 

"We must not act too quickly 
or too slowly." he said, stress- 
ing that the government 
wanted to take a "calm” 
approach to the sell-off, which 
has provoked considerable con- 
troversy in Belgium. 

Nevertheless, he added that 
the privatisation would need to 
occur before the end of 1998 - 
the deadline for the EU-wide 
liberalisation of voice services. 


Brittan rejects action over low-wage exporters 

V . . .. ^ .i. U 1L, 


By Guy de Jonqufdres fci London 

and David Buchan in Paris 

Sir Leon Brittan, the European trade 
commissioner, yesterday ruled out 
trade action against foreign export- 
ers into the European Union who 
benefit from relatively low wages 
and social costs. He said any such 
measures would amount to “naked 
protectionism" and would not 
relieve unemployment in Europe. 

However, he said the EU should 
propose at next month's ministerial 
meeting of the General Agreement 


on Tariffs and Trade in Marrakesh. 
Morocco, that the question of work- 
ers' rights should be placed on the 
agenda of the planned World Trade 
Organisation. 

Sir Leon’s statement, which was 
broadly approved by his fellow com- 
missioners. goes some way to meet 
US demands that workers' rights be 
made an early priority for the WTO, 
while firmly rebuffing the most 
extreme opponents of so-called social 
dumping on both sides of the Atlan- 
tic. His remarks coincided with an 
apparent softening in the public 


stance of fiance, which has so far 
been the most outspoken critic of 
social dumping In the EU. 

The French government said in a 
statement that countries should not 
be allowed to gain undue advantage 
from lax labour and environmental 
standards. However, it recognised 
that low-wage competition was “a 
font of international trade” and said 
that environmental safeguards 
should not serve as a pretext for 
trade protection. 

By steering clear of any proposal 
whidbt would discriminate against 


exporters purely on cost grounds, 
French officials believe they stand a 
better chance of winning support 
from industrialised countries for a 
discussion of labour and environ- 
ment standards In the WTO. 

This point was underlined sepa- 
rately by Sir Leon, who said there 
was “no chance whatsoever of ach- 
ieving any international consensus 
in flavour of permitting trade action 
to be used against countries which 
do no more than benefit from lower 
wage or social security costs”. Such 
action would, in any case, do little to 


help EU economies, because they 
imported little from low-cost coun- 
tries and because labour costs were 
only one factor dete rmining corpo- 
rate investment decisions and inter- 
national competitiveness. 

Sir Leon said there was no possi- 
bility of substantive decisions on 
trade and social policy Issues in 
Marrakesh, but that the EU should 
support proposals for a debate in the 
WTO. The EU should ensure that 
any future decisions were based on a 
multilateral approach and on objec- 
tive criteria. 


He said the Gatt would allow the 
EU to act before then by legislating 
to prohibit imports produced by 
prison labour. 

However, he warned that such 
laws could be difficult to enforce and 
w e i ght amount to tittle more than a 
political gesture. 

He said the EU should also exam- 
ine ways of monitoring and enforc- 
ing more effectively compliance with 
conventions adopted in the Interna- 
tional Labour Organisation and 
press the US to ratify more such 


mnnonKnnii 


John Lloyd on why the IMF chief signed a $1.5bn deal with a prime minister of conservative instincts 

Camdessus 


gambles on 
Russia’s 
unlikely 
reformist 



Newfound monetarist so ulma tes: Mr Chernomyrdin (left) with IMF chief Michel Camdessus in Moscow yesterday 


M r Michel Camdessus 
is taking the biggest 
risk the director of 
the International Monetary 
Fund has ever taken. He is 
gambling on the ability of the 
Russian prime minister to keep 
the country on a reformist 
course. 

Mr Victor Chernomyrdin is a 
powerful premier. But he is 
aisn a man from state industry 
whose instincts have been 
those of control subsidy and 
central planning . Has he really 
bitten the bullet of 
reform? 

Mr Chernomyrdin wanted a 
meeting with Mr Camdessus 
very much. At the end of last 
mouth, he turned for aid to Mr 
Peter Castenfelt, a wealthy 
financier who cbaiis blue chip 
companies in the UK and 
elsewhere and who has a 
company. Archipelago, which 
trades in Russia. His 
credibility with Mr 

Russia and tfte IMF 


Chernomyrdin rests on the fact 
that he knows Russian 
business from the inside. 

Mr Castenfelt knew Mr 
Camdessus anil senior officials 
in the World Bank and 
undertook to take a message to 
them that the Russian 
prime mini ster wished to 
prove he was serious about 
reform. 

The message was delivered 
at the beginning of this month: 
once Mr Castenfelt told Mr 
Chernomyrdin that Mr 
Camdessus was receptive, an 
invitation was issued to him to 
come to Rassia. 

He came as IMF officials, led 
by Mr Ernesto HeirumdeaCata, 
were bogged down in grinding, 
frus tr atin g talks with Russian 
officials on the budget and on 
reform. These were talks that 
seemed to confirm the worst 
fears of many in the IMF that 
this was a government which 
could not manage the finances 


even if it wished to. 

Mr Camdessus began talks 
with Mr Chernomyrdin last 
Friday on a sour note, of the 
hin d which had marred their 
previous efforts in Washington 
to come to an understanding. 
The Russian executive director 
of the IMF, Mr Konstantin 
Kagalovsky - one of the few 
remaining members of the 
original Gaidar team still in 
some sort of office - had given 
an interview to Reuters news 
agency expressing his belief 
that a deal would be done. This 


January 2 198% Russia appBea 
tor MF membership 


June 1 199% Russia racewaa 
IMF membetWCp 


August 6 1992: Russia receives 
$ 1 bn as a firat credt tranche 

WMewaananiiniemMp 


June 30 1993: Russia receives 
$1_5tan as Best tranche of $3bn 
■systemic transformation facfltty', 
another ledque mechanism 
developed to faring rapid 
assistance to Russia 


March 22 1984: Agreement in 
principle between Mr Mchel 
Camdessus, IMF managtog 
director and Mr Victor 
Chernomyrdin. Russian premier, 
on payment of second $1.5bn 
tranche ot the STF under certato 
conditions 


kind of public pressure, said 
Mr Camdessus, was not right 
press relations must be better 

handled 

The next day the two men 
disappeared on their own - to a 
hunting lodge at Zavidovo, 
were Mr Camdessus, no great 
sportsman, was introduced to 
the joys of the chase by the 
prime minis ter. (Richard Nixon 
had been similarly inducted by 
Mr Leonid Brezhnev at the 
same spot 20 years before.) At 
that meeting a mutual 
understanding began. 
However, in parallel 
discussions, the IMF staffers 
and the Russian officials were 
still far apart, and the 
estimations, especially from 
the Russian side, were 
pessimistic. 

After further talks on 
Sunday, Mr Camdessus and Mr 
Chernomyrdin planned to have 
a final session on Monday - a 
meeting billed as make or 
break. Instead, Mr 
Chernomyrdin flew to the 
Black Sea resort of Sochi to see 
President Boris Yeltsin, 
recuperating there from ’flu. 
He did so to explain to the 
president what lay behind a 
rumour of a coup being 
or ganise d against him and to 
get the president's assent to a 
range of decrees which he 
would have to sign if the 
agreement the prime minister 
wished to make with Mr 
Camdessus was to be 
honoured. 


He ramt> hark With R fESenL 
Late on Tuesday night the two 
men came up with a deal that 
was not quite an agreement to 
pay the $1.5 bn loan which was 
the immediate goal of the 
talks, but was as dose as Mr 
Camdessus thought he could 
get 

It is a tough deal. The 
Russian government has 
agreed: 

• To hold the budget 
expenditure line at Rb6l83trln 
- a line which the lobbies are 
already attacking fiercely, with 
the military threatening unrest 
in the army if their share is 
not raised. It has also agreed to 
raise revenue, budgeted for 
Rbs220trln, by a series of 
measures which would involve 
extra taxes and - crucially - a 
measure which would make at 
least some of the existing 
spending programmes open to 
cuts if revenue fell below that 
planned. By the end of this 
year, inflation should be 
r unning at no more than 7 per 
cent a month, a rate lower 
th»n at any time in the past 27 
months. 

• To finalise a statement mi 
economic reform, which lays 
out tiie strategy for the rest of 
the year. 

• To put before the lower 
house of parliamentthe 
legislation required to bring in 
the changes in the budget, 
already before the house. 

• To sign the further 
measures needed which do not 


have to go before the 
parliament. 

These moves are supposed to 
he completed by April 15. They 
will then be examined by a 
committee of the IMF board 
and, if approved, Mr 
Camdessus will recommend to 
the full board the payment of 
the $l-5bn. 

3MF insiders in Washington 
say the deal is largely done: at 
least six of the Group of Seven 
leading industrial countries 
are enthusiastic for the 
agreement, with the US 
leading the way. 

The risks are high. Revenue 
is to date far behind the 
projections and the hard 
pounding is yet to come. 
Though Mr Camdessus has 
been enthusiastic about the 
attitude of leading 
parliamentarians to the 
budget, parliament as a whole 
has a majority conventionally 
seen as anti-reform. 

The “essence of this 
agreements depends on a 
personal relationship between 
two men", said an official close 
to Mr Camdessus last night. 
“He has taken a huge risk, and 
he knows it" 

“Camdessus was between 
two cliffs," said another official 
privy to the talks. “At the foot 
of one is written: you lost 
Russia. At the foot of the 
other: you are a fool for 
believing Chernomyrdin. He 
preferred to take the risk of 
looking like a fooL" 


Kohl 

welcomes 

Major’s 

VEDay 

gesture 

By Quentin Peel In Bom and 
David Buchan in Paris 

Chancellor Helmut Kohl of 
Germany has warmly wel- 
comed a proposal from 
Britain's prune minister, Mr 
John Major, to invite high-level 
German participation next 
year at 50th anniversary cele- 
brations of the end of the war 
in London. 

The British leader’s invita- 
tion, an attempt to defuse a 
gathering diplomatic imbroglio 
over British and French reluc- 
tance to invite the German 
Chancellor to celebrate the 
50th anniversary of the Nor- 
mandy landing s, came as Mr 
Kohl presented bis own agenda 
of celebrations linked to the 
end of the second world war. 
and the final withdrawal of 
allied troops from Berlin. 

He agreed that it would not 
be “appropriate" for him to 
attend the forthcoming 50th 
anniversary celebrations of the 
D-Day landings. 

However, referring to a pos- 
sible visit to the UK, he said it 
could be done in a “good and 
dignified manner”, and the 
attendance of German war vet- 
erans would be “appropriate". 

“The 50th anniversary of the 
end of the war is an entirely 
different matter (to the Nor- 
mandy landings)." he said. Any 
suggestion that he had sought 
an invitation to Normandy, 
and had been rebuffed was 
“pure fantasy”. 

Instead, Mr Kohl and Presi- 
dent Francois Mitterrand of 
France will attend a European 
youth festival in Heidelberg 
two days later. 

Mr Kohl announced that the 
allied withdrawal from Berlin 
would be celebrated in two 
stages, without any full-scale 
allied military parades. 

On August 31, President 
Boris Yeltsin of Russia will 
attend ceremonies in both Ber- 
lin Weimar to mark the 
departure at the last Russian 
troops from German sofl. 

Nine days later, Mr Kohl lias 
invited President Bill Clinton, 
Mr Mitterrand and Mr Major to 
attend festivities marking the 
withdrawal from Berlin of the 
rest of the wartime allies. 


Inflation (month on month % change) 


345.‘4% 


December 1990: The 
I n ternationa) Monetary Find, 
wrth the World Bank, the 


European bank tor 
Reconstruction and 

Development and the Genera 
Afpeement on Tariffs and 

Trade, produces a report an the 
economy of the Soviet Union 

60 — 

50 “TT 


40 — > 

Ji*y 15 1991: The Soviet Union 
applies for membership ot the 
IMF 

30 — 



October * 1991: A lariqua 
agreement of association is 
made between the IMF and the 
Soviet Union 

20 ” 

10 • 


November 1 1991: IMF opens 
largest foretpi office in Moscow 
under Mr Jeon Foglzzo 

j ^ 




“/ don't go anywhere 


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without my business data " 

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SERIES 



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■•mi inmLNKPvinoiyici t*C WnU rVivm Svflidgax >k,i wh >|i vis^Hunn, 

Sb lEeu. fault Tux Ou»>a jnd corrovw JtAn 


Solana takes heart from British 


By David White and Tom 
Bums In Madrid and David 
Gardner In Brussels 

“An unholy alliance" is how 
Spanish ministers term their 
uneasy partnership with the 
UK in the Euro-voting rights 
crisis which is obstructing the 
entry of Austria. Sweden, Fin- 
land and Norway into the 
Union. 

The 10 member states which 
oppose Angio-Spanish attempts 
to change the EC's majority 
voting formula are working 
hard to prise them apart - and 
leave the UK isolated. 

It will not be easy. Mr Javier 
Solana. the Spanish foreign 
minister, is playing both for 
his country and his own 
political future in the fraught 
argument And he may have 
found an ideal vehicle In his 


partnership with Britain. 

At 5L he is one of only two 
cabinet ministers to have sur- 
vived from the first Gonzalez 
government il years ago and 
last weekend regained a seat 
on the Socialist party's execu- 
tive committee. With his eye 
on positioning himself as an 
eventual successor to Mr 
Felipe Gonzdlez, the prime 
minister, he has taken the lead 
in the enlargement talks from 
tbe veteran EU negotiator, the 
technocrat Mr Carlos Westen- 
dorp, state secretary for Euro- 
pean affairs and taken the Brit- 
ish to heart 

“Any solution (to the voting 
row) has to satisfy our two 
countries." he said yesterday. 
"It is very difficult to imagine 
a solution which would satisfy 
one country and not the 
other." 


The mood is catching. An 
aide to Mr Gonzalez said Spain 
did not relish the idea of being 
out on a limb and arguing on 
grounds of vital national inter- 
ests. “It is better to Hex our 
muscles as part of a combined 
veto rather than test whether 
we have a power of veto our- 
selves.” he said. 

There is also political pres- 
sure at home to stiffen Mr 
Solana ’s resolve. Although the 
Socialist government does not 
have to cope with a domestic 
anti-European lobby as does 
the UK government, the con- 
servative Popular Party opposi- 
tion has long accused it of 
being naive and weak in its 
dealings with the Union. 

Criticism from northern 
Spanish, fishermen over the 
deal struck last week with Nor- 
way on fishing rights has 


increased pressure on Mr 
Solana to stand his ground 
over voting arrangements. 

Madrid has always seen this 
as the most important issue 
and it has remained united on 
it despite cool personal rela- 
tions between Mr Solana and 
Mr Westendorp. 

Madrid is resisting changes 
to the voting formula because 
it does not want to be in a 
losing minority over questions 
such as Mediterranean prod- 
ucts or structural funds. 

In addition, it has a 
deep-seated ambivalence about 
EU enlargement, part of the 
“European project" to which 
Spain is ideologically commit- 
ted but potentially detrimental 
to its own interests. It fears it 
could be marginalised as the 
ElTs centre of gravity shifts 
northwards and eastwards. 



Solana: ambitions 


Nevertheless, the 10 are 
addressing compromise solu- 
tions more at Spain because 
they think Madrid is more likly 
to cave in than London. Mad- 
rid is seen as defending identi- 
fiable and circumscribed nafc- 


'All this is making Swedes ask: What kind of a Union is this?’ 


Nordic states fear effect on referendums 


By Hugh Camegy 
in Stockholm 

A sense of irritation, 
frustration and mounting anx- 
iety was evident in the Nordic 
capitals yesterday as the gov- 
ernments of Finland, Norway 
and Sweden watched their 
carefhlly laid plans to bring 
their reticent countries Into 
the European Union threat- 
ened by a row they have no 
power to influence. 

The dispute between Britain 
and Spain and their 10 fellow 
EU members over voting 
rights after the three Nordic 
applicants and Austria enter 
the Union has shattered the 
optimistic mood that prevailed 
when accession terms were 


settled this mouth after 
months of tough negotiations. 

A compromise that will 
allow enlargement to go ahead 
is still expected In the north. 
But there Is a growing fear 
that the issue will not be 
resolved for some time, lead- 
ing to the entry date for the 
applicants - set for January 1 
next year - being delayed and 
making the task of persuading 
the three already reluctant 
electorates to vote for 
membership in referendums in 
die autumn much more diffi- 
cult 

“In the worst case scenario 
this could lead to a No vote In 
the referendum,” said a senior 
Swedish official. “All this is 
making Swedes ask: ‘What 


kind of a Union, what land of 
an organisation, is this? It is 
so stupid because it should 
have been sorted out long ago. 
And it is frustrating because 
there is nothing we can do 
about it” 

The frustration is height- 
ened because polls in Finland, 
Sweden and Norway had 
begun to show a strengthening 
of the Yes camp, leading the 
three governments to feel that 
they were at last beginning to 
win tbe referendum argument 
- even in Norway, where oppo- 
sition Is strongest “We have 
become fairly optimistic that if 
given a clear six months to 
explain the issues, we have a 
sporting chance to win. This is 
not going to help," said an 


aide to Mrs Gro Harlem 
Brandtland, the Norwegian 
prime minister. 

The domestic embarrass- 
ment is especially acute for Mr 
Carl Bildt, tbe Swedish prime 
minister whose conservative 
Moderate party is close to the 
British Conservative Party. Mr 
Kenneth Clarke, the British 
chancellor, was hi Stockholm 
an Tuesday, but offered little 
comfort, apparently telling Hr 
Bildt he was pessimistic about 
achieving a breakthrough mi 
the voting issue. 

“I flunk we understand the 
problems facing Major inside 
his party. Bat he has cornered 
himself. Of course we are con- 
cerned if Major is going to go 
back to the Thatcher attitude 


on Europe," the Swedish offi- 
cial remarked. 

The three Nordic govern- 
ments have by no means given 
up hope of a resolution and 
have been careftal not to make 
apocalyptic public pronounce- 
ments. 

If a solution is found soon, 
attention in the referendum 
campaigns is likely to shift 
quickly back to the core issues 
of national sovereignty, the 
price of membership for the 
economy and, especially In 
Norway and Finland, the 
effects on agricultural and 
fishing communities. But 
those debates will be hard 
enough to win without addi- 
tional squabbles reverberating 
from Brussels. 



Westendorp: sidelined 


tonal interests such as Mediter- 
ranean agriculture, whereas 
the British government is seen 
as parading factional interests 
of the Conservative party. 


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FINANCIAL TIMES THURSDAY MARCH 24 1994 


NEWS: EUROPE 


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lajirt 

1 Dil 




EUROPEAN NEWS DIGEST 

EU economic 
growth rising 

The European economy should be growing by 2 per cent a year 
by 1996. although unemployment will continue to rise until 
after 1996. the European Commission’s annual report on the 
state of the European economy concludes. 

The report, which was officially approved by the Commis- 
sion yesterday, forecasts that gross domestic product in the 
European Union could grow by as much as 3 per c ent by 1990 
after 1.3 per cent growth this year, and a fall of 02 per cent 
last year. 

However, the report warns that this will not be enough to 
prevent unemployment rising to a record 1L25 per cent in 
1995. up from a predicted 1_L2 per cent in 1994 and 10-6 per cent 
last year. The outlook prompted the Commission to reiterate 
its calls for Europe's banks to lower interest rates, stressing 
that this would be essential to stimulate further growth. 
“Despite the reductions that have taken place in the course of 
1993. short-term interest rates remain high given the cyclical ! 
position." the Commission noted. It added: **A continue d cau- 
tious monetary easing in 1994 appears to be largely 
by both consumers and investors so that a process of acceler- 
ated cuts in borrowing costs may be required, in order to 
provide the basis for an upswing in economic sentiment and 
activity." Gillian Tea, Brussels. 

Key Bundesbank rate reduced 

The Bundesbank yesterday sanctioned another drop in the key 
securities repurchase rate, from 5 AS per cent last week to 5 AO 
per cent But the independent DJW institute for ecnnnmir 
research said in its weekly report tha t the central bank’s 
tentative interest rate cuts were prolonging Germany’s reces- 
sion and causing unemployment to rise more sharply than 
would otherwise be the case. 

The institute said there was room for lower interest rates 
because unit labour costs fell seasonally in 1993 and were 
likely to fall again in 1994. 

It also questioned the reliability of M3 as a guide for the 
central bank's monetary policies. The institute, which regu- 
larly criticises what it sees as restrictive Bundesbank policies, 
said the high interest rates would also "choke aft” the nwrt 
economic recovery and prevent prolonged growth. Reuter, 
Frankfurt 

Swiss propose carbon fuel tax 

The Swiss government yesterday said it planned to introduce 
a tax from 1996 on fuels that emit carbon dioxide. If approved 
by parliament the tax cm heating oil. diesel fuel, natural gas. 
coal and petrol would be introduced in stages and bring in an 
annual SFrlAbn (£607m) by the year 2000. 

The government said at least two-thirds of the money raised 
would be pumped back into the economy, but details of how 
this would be done have not yet been fixed. The carbon tax 
would add &3 Swiss centimes to the cost of a litre of petrol. 
Lead-free petrol, the most popular variety, costs about SFrL16 
a litre. The aim of the tax would be to stabilise carbon dioxide 
emissions and overall consumption of fossil fuels in Switzer- 
land at their 1990 level and subsequently to reduce them, the 
government said. Reuter, Berne. 

Hungary sets EU entry target 

Hungary will apply for membership of the European Union on 
April 1, the Foreign Ministry said yesterday. Hungarian offi- 
cials have said they hope concrete entry negotiations can start 
in 1997 and that Hungary can be a full EU member by 1999 or 
2000. Hungary, whose association agreement with the EU took 
effect in February, has made joining' western institutions such 
as the EU and Mato its top foreign policy goaL Its application 
will make Hungary the first former Warsaw Pact country to 
seek full EU membership. Reuter, Budapest. 

Finland considers vote date 

Finland could stage a referendum on EU membership on the 
same day as other Nordic countries on November 13, the prime 
minister, Mr Esko Aho. was quoted as saying yesterday. Swe- 
den, Finland, Norway and Austria reached preliminary agree- 
ments on EU membership terms this month, but the accords 
need to be approved by national referendums. According to Mr 
Aim it was not an “excluded option" that the three Nordic EU 
applicants would stage their plebiscites on the same day. 
Opinion polls show that public support for membership is 
larger in Finland than in neighbouring Sweden and Norway. 
Reuter, HetsmkL 

Romania purges local officials 

Romania's minority left-wing government has removed 15 
mayors and 12 other local elected officials, accusing them of 
abusing their power and mismanaging public money, the state 
news agency Rompres said yesterday. The unprecedented 
wave of sackings, which hit many opposition figures, immedi- 
ately drew denunciations from opposition parties. The govern- 
ment accused the officials, including the mayor of Bucharest, 
of "grave infring ements of the law”, which included the mis- 
management of ftinds derived from land leases. But the opposi- 
tion Nati onal Peasant party called the sackings “Illegal and 
abusive”. Reuter, Bucharest. 

Death of Catholic group leader 

Monsignor Alvaro del Portillo, leader of the Catholic lay 
organisation Opus Dei, died yesterday of a heart attack, aged 
80. The organisation, which claims 77.000 members, empha- 
sises church discipline and tradition and has been accused of 
secrecy and seeking to wield power. Monsignor Portillo suc- 
ceeded Opus Dei's founder, Mr Josemaria Escriva de Bolaguer, 
as head of the group in 1975. He was ordained a bishop in 1991 
by Pope John Paul IL Mr Portillo’s successor will be chosen in 
the coming months by an Opus Del congress divided into 
women's and men’s sections, which will come up with a 
candidate to submit to the Pope. AP. Rome. 

ECONOMIC WATCH 

Swedish output shows recovery 

Further evidence that 
•Mmrtnn ' Sweden’s toughest recession 

for 50 years ended during 1993 
industrial production emerged yesterday when the 

annual V, change latest industrial production 

12 " ■-’■'i figures showed growth of 8.4 

- - " I ^ gent in the year to Janu- 

s ~ ? J ‘ ary, with production rising by 

*■ IT' 0.8 per cent in January over 

4 -L . December. Recovery has been 

VM' — | 1 “flf ' strongest in the mining, engi- 

0 — -*\* — I - llvuJ" 7 neering and manufacturing 

li I — il Vi*" sectors, but the big paper and 

-4- " Hn~ ~liri — pulp industry has shown a 

— ■ fail in output. Figures from 

_8 - -“yf*" — the Riksbank also showed the 

1 l— II 1 u strength of the surge in 

1890 91 92 93 94 g^pQrts that is driving the 

source: Datatfream . . recovery. Exports were up by 

oq ner rent to January, over January 1993. producing a trade 
SrSiis SSmWN for the month But ^ heavy debt 
servicing meant the current account was in deficit to toe tune 
of SKr4?7bu. The current account defiat for ttuUM aoaOi 
period to January was SKr3.5bn. Hugh Camegy, Stockholm. 

■ The French index of household consumption was stable m 
pphrtiarv after rising by 0-9 per cent in January. 

■ Portuguese unemployment rose to 6A per cent in toe first 
Quarter Sf 1991 from 62 per cent in toe previous quarter and 
51 per cent to toe first three months of 1993. 

■ Consumer prices in toe west Gennan state ! of ! North Rhine. 
Westphalia rose 02 per cent in the month to mid-March, 
ribmg the year-on-year increase to 3.1 per cent. 


Kurds seek last word on Turkish poll 


By John Murray Brown, 
recently In Adana, 
southern Tirkay 


D rive south from Adana 
to toe poor suburb of 
Daglioglu. and there 
comes a point in toe road 
where toe campaign flags and 
posters suddenly disappear. 
Among clusters of dismal mud- 
built tenements it would be 
easy to forget that Turkey was 
preparing for municipal elec- 
tions on Sunday. 

This Is a vote which toe poli- 
ticians in Ankara believe could 
be the prelude to early general 
elections, or at toe very least a 
shake-oat in the current con- 
servative-led coalition of Mrs 
Tansu (SDer. 

Adana is in many ways the 
electoral frontline. Some 500km 
south of Ankara, it is the Turk- 
ish city closest to the Kurdish 
heartland in toe south-east, 
where the separatist conflict 
has seriously curtailed toe 
electoral process. 

Adana hag a proud history. 
Briefly under French occupa- 
tion after toe Second World 
War. the city is an ethnic 
mosaic, where Turks, Arabs 
and Kurds live side by side in 
the heart of a rich agricultural 
belt. Four of Turkey’s biggest 
Industrial conglomerates trace 
their fortunes to the cotton 
fields and the textile wealth of 
the nearby Qukurova plain. 
This prosperity has proven a 
strong magnet for large num- 




A Kurdish demonstrator setting fire to himself in Frankfurt yesterday on the fourth day of 
protests by Kurds exiled in Germany who are campaigning for an independent homeland 


bers of economic migrants 
from poorer regions, particu- 
larly the nearby Kurdish- 
speaking areas. 

However, in the last few 
years, the cracks have been 
showing in Adana as the sepa- 
ratist violence has spread. The 
social and economic strains 
created by poor Kurds seeking 
work or escaping the pressures 
of the war have presented the 
municipality with a serious 


problem.The unemployment 
rate - although no ethnic 
breakdown is available - is 
believed to be twice as high in 
the Kurdish community com- 
pared with the city as a whole. 

More worrying is the pros- 
pect of a widespread Tu rkish 
nationalist backlash in the 
dty. Some residents believe it 
has already started. It was here 
that the police took the unprec- 
edented Step Of marching in 


protest against the office of the 
human rights association, 
which is widely seen by local 
Turks as being a front for radi- 
cal Kurdish elements. 

Community loyalties are cer- 
tainly stretched. When Mr 
Selahattin Colak, the mayor, 
first stood for office in 1977, 
local residents remember him 
openly playing on his Kurdish 
origins to win votes. This time 
around he is being more dis- 


creet. Even Mr Colak is not 
venturing into the majority- 
Kurdish Daglioglu district, a 
no-go area for most of Adana's 
citizens. 

At night the roads are 
patrolled by armoured person- 
nel carriers with search lights 
scanning toe alleyways for 
snipers of toe Kurdish Work- 
ers' part)- (PKK). In what was 
once the city's Arab quarter, 
angry young radicals say they 
will boycott Sunday's vote, a 
pattern which is likely to be 
repeated in hundreds of towns 
and hamlets in the Kurdish- 
speaking region. 

At the national level. Sun- 
day’s polling to appoint may- 
ors in more than 2,000 towns, 
is the first real test of the pop- 
ularity of Mrs Qiller since she 
was chosen as leader of her 
True Path party (DYP) in June 
and became prime minister 
after Mr Suleyman Derairel 
moved to the presidency. A 
bad showing could trigger 
defections from her DYP and a 
possible leadership challenge. 

The main opposition Mother- 
land party is describing the 
elections as a national referen- 
dum on Mrs Qiller's nine- 
month-old administration. The 
vote is also important as a 
measure of the growing 
national support for the 
Islamic Refah part)' (HP). 

In the south-east, merely 
holding the elections without 
disruption is presenting a chal- 
lenge to the authorities. Diplo- 


mats point out that this is the 
first time since restoration of 
parliamentary government in 
1982 that Kurdish violence has 
threatened nationwide elec- 
tions. 

However, a widespread boy- 
cott would provide the most 
visible evidence yet of tbc 
extent to which the Turkish 
government has lost credibility 
in the Kurdish region. 

Ten days ago the Interior 

Ministry issued special instruc- 
tions to secure the polling sta- 
tions, but only after the pro- 
Kurdish Democracy party 
(DEP) had already withdrawn 
its candidates. 

According to some unofficial 
estimates from western embas- 
sies, the DEP might have been 
expected to win about ”0 per 
cent in a free vole. However, 
tbe intimidation fared by the 
party has been considerable. 
At least 54 of its officials have 
been assassinated in the past 
two years. More recently, five 
DEP MPs have been arrested in 
Ankara and could now face the 
death penalty on charges of 
making speeches espousing the 
radical Kurdish cause. 

In today's climate of fear, 
many locals believe almost the 
only people who will turn out 
to vote will be the Koru- 
cu - the government-armed vil- 
lage guards and their families. 
In such an event, many towns 
and villages will fall into the 
hands of the neo-fascist party, 
the Nationalist Movement. 


‘Jit. 


TWO GIANTS. 



These days the Welsh Dragon is a real high flyer since two 
International giants of the aero engineering industry chose Wales. 

British Airways has its new engineering base at Cardiff 
Airport and recently General Electric (USA) has moved to nearby 
Nantgarw, where they service aircraft engines for famous names 
like CFML Rolls Royce and Pratt & Whitney. 

With more ihan a little help from the Welsh Development 


but also the right people from Wilks’ skilled and flexible workforce 
The WDA has also assisted in the development ol a local 
supplier infrastructure to ensure vital components are alw ays at hand. 

lb get your business off the ground, pul the Welsh Advantage 
to your advantage. Call the team at Welsh Development Inter- 
national on +44 --- bbhiSb2. or write to Welsh FVvelopment 
International. Welsh Development Agency. lVarl House. 


Agent y. both companies were not merely able to fi nd the righ c site. G re y friars RojJ. Card ill C F l 3 X X 

ONE DRAGON. 



THE WELSH ADVANTAGE. 





FINANCIAL TIMES THURSDAY MARCH 24 1994 


NEWS: INTERNATIONAL 


Five Arabs Cambodian troops find the going tough 

Ji— — ® '“fll 1 . _ _ — — mo m m f r»11 /xf ‘ilia O /MlArA lYlQItl 


die in 18 -hour 
Hebron siege 


Iain Simpson on problems encountered after the fall of the Khmer Rouge main base 

C ambodian government 
troops occupying the 
former Khmer Rouge 


By David Horovitz 
in Jerusalem 

The Israeli army killed four 
Palestinians, allegedly mem- 
bers of the Hamas Islamic 
resistance movement’s military 
wing, during an 18-hour gun- 
battle in Hebron that ended* 
yesterday afternoon. A preg- 
nant Pales tinian woman also 
died in the exchange of fire. 

In clashes elsewhere in the 
town over the past 24 hours, 
another Palestinian woman 
was killed, and at least 50 
other people injured, according 
to Palestinian sources. In East 
Jerusalem, an Israelii security 
guard was shot and critically 
wounded by a Palestinian who 
was still being sought last 
night 

The Israeli army operation 
against the Hamas activists, 
which centred on a building in 
southern Hebron, at one point 
threatened to cause the 
cancellation of yesterday's 
Israeli-PLO talks in Cairo on 
resuming the peace process, 
which has been suspended 
since last month's massacre in 
a Hebron mosque. 

Mr Yassir Arafat, PLO 
chairman, telephoned Mr 
Warren Christopher, the US 
secretary of state, late on 
Tuesday to protest at the 
Israeli army operation. Mr 
Yassir Abed-Rabbo, Mr 
Arafat's aide, then warned that 
PLO delegates might not 
attend the Cairo talks because 
of the latest killings. However, 
the talks proceeded on 
scheduled. 

The main focus of the PLO 
protest was apparently a claim, 
backed up yesterday by 
Palestinian hospital sources, 


that a 34-year-old pregnant 
Palestinian woman, Majeda 
Zahdeh, had been killed by the 
Israeli troops in the course of 
the battle. General Ehud 
Barak, the Israeli army chief of 
staff, claimed yesterday that 
she was “apparently killed by 
gunfire from inside the house, 
fired by the terrorists". 

Palestinian sources said the 
Israelis fired 100 anti-tank 
missiles into the building, 
before bursting In yesterday 
and killing the four Palest- 
inians. Army bulldozers were 
last night demolishing the 

b uilding . 

General Barak issued the 
first official report of the 
operation in the course of his 
testimony yesterday before the 
Israeli commission invest- 
igating last month's massacre 
of Palestinians, in Hebron's 
Cave of the Patriarchs, by 
Jewish settler Baruch 
Goldstein. 

The latest operation, he said, 
underlined that the army’s 
continuing top priority in the 
occupied territories was the 
battle against Palestinian 
terrorism. Its second most 
important task, he added, was 
seeming the roads for Israeli 
travellers. 

While it was also the army’s 
job to provide security for 
Palestinians, he continued, 
there was no way to guard 
completely against a madman 
like Goldstein on a suicide 
mission. Nevertheless, he 
concluded, “if the proper 
security precautions had been 
implemented, they might very 
probably have prevented the 
massacre, or at least greatly 
reduced the extent of the 
crime". 


Keating ready to 
reshuffle cabinet 


C ambodian government 
troops occupying the 
former Khmer Rouge 
headquarters at Pailin may 
have defeated one enemy but 
they still have to deal with sev- 
eral others. Unseasonal rain is 
wreaking havoc on a new dirt 
road built to supply them with 
food and ammunition, while 
malar ia is affecting both health 
and morale. 

Alter two weeks of heavy 
fighting, government com- 
manders say they are in con- 
trol of the former Khmer 
Rouge base at Pailin. although 
guerrillas still occupy com- 
manding positions nearby. 

In the end, the victory at 
P ailin came rapidly and there 
Is t a lk in the Cambodian capi- 
tal that this could mark the 
end of the Khmer Rouge as a 
viable force. It is a big political 
blow to the faction, but the 
loss of a main base will not 
stop small units from continu- 
ing their campaign of violence 
in the countryside 
The loss of Pailin is also a 
serious financial blow to the 
Khmer Rouge. Gem mines and 
timber in the area are believed 
to have earned milli ons of dol- 
lars a year. 

Senior military officers say 
at least 10,000 government 
troops supported by heavy 
artillery and helicopter gun- 
ships wore involved in the 
assault on Pailin. Approaching 
from three directions they 
squeezed the few remaining 
defenders towards the border 
with Thailand. 

When they finally reached 
P ailin only 200 guerrillas were 
waiting for them, but soon 
afterwards volleys or shells 
from the nearby hills began 
landing at the former base. 
Now the officers say govern- 
ment soldiers ore pushing into 
the hills to clear out remaining 
Khmer Rouge pockets. 

Pailin is surrounded by hills 
and as long as the Khmer 
Rouge retain positions on the 
higher ground, the govern- 
ment's hold on the base will 



vTHAAANOt 


CAMBODIA1R Mekong- j 


l VIETNAM' 

'SJ- ' * 





Cambodian government troops from a special division dressed in Khmer Rouge uniforms an the way to attack rebel-held Pallia 


not be secure. Already one gov- 
ernment helicopter has come 
under sustained fire from 
Khmer Rouge positions. 

The main obstacle now fac- 
ing the government side is the 
logistics. “Their ability to sup- 
ply and communicate with 
their troops is being severely 
stretched," one diplomat said. 

App r»arh|ng Pailin from the 
east, troops armed with chain- 
saws, bulldozers and heavy 
military trucks literally cut a 
new road through the jungle. 
The road twists and turns 
around trees and thick clumps 


of bamboo, trapping trucks 
towing heavy artillery. Heavy 
rains are turning the road into 
a quagmire. 

At least 20km from the base 
the road is blocked and the 
rest of the way is only passable 
to military tanks. On Wednes- 
day one tank carrying soldiers 
and three freelance photogra- 
phers to the front hit an anti- 
tank minw. Two soldiers were 
killed. 

Hie state of the roads strikes 
terror into the hundreds of sol- 
diers being trucked to Pailin, 
who know that this is their 


only escape. 

Monsoon rains will start in 
this part of Cambodia in about 
two months’ time, churning up 
the roads even more, making it 
almo st impossible for trucks to 
get through to P anin, if the 
soldiers cannot be supplied, 
the base will almost certainly 
be lost again. 

Despite their apparent vic- 
tory, morale is low among gov- 
ernment troops. They are short 
of food and medicine and water 
supplies are r unning low. In 
one unit most soldiers had not 
been given their official salary 


of 920 a month for six months 
before the attack on Pailin. 

In February, the government 
suffered an embarrassing 
reversal at the northern 
Khmer Rouge base of Anfog 
Veng when its troops were 
driven out less than three 
weeks after they captured It. 
Khmer Rouge units attacked 
behind the government front 
lines and bombarded govern- 
ment positions, causing heavy 
casualties. 

Senior officers at Pailin say 
they have learned Important 
lessons from the loss of Anlog 


EKsasi 

MW 

Hit 100:’ 


Veng. They have advanced 
more slowly and strengthened 
their ffowfcs to prevent a 
Khmer Rouge attack in the 
rear. 

Already though, Khmer 
Rouge units are starting to 
tai tp revenge on villages 
nearby, since they lost Pailin, 
guerrillas have attacked vil- 
lages in at least five locations 
in Battambang province. Eight 
people have been killed and 
many injured in the attack. In 
Bavel, which has had a lengthy 
respite after years of being on 
the front ling , a government 
ammunition dump was 
destroyed when a Khmer 
Rouge rocket scored a direct 
hit Further along the road a 
huge crater marked the spot 
where a score of anti-tank 
mines had exploded. 

At least 5,000 people have 
fled from villages near Pailin 
in the past few weeks as gov- 
ernment troops advanced. 
They say officials warned them 
to leave their homes and now 
complain that the food aid they 
were promised has not arrived. 
Many are former refugees who 
resettled here after spending 
up to 15 years in camps in 
Thailand. They say all they 
want now is a peaceful life, but 
at the mom ent they see little 
hope of that 


By Nikki Tait in Sydney 

A wider-than-expected 
ministerial reshuffle in Austra- 
lia’s federal government was in 
prospect yesterday amid specu- 
lation that Senator Graham 
Richardson, one of the most 
senior figures In the Austra- 
lian Labor Party, was about to 
resign from the health portfo- 
lio. 

Prime Minister Paul Keating 
is due to announce a new min- 
isterial line-up later today. 
This is in response the recent 
departures of Ms Ros Kelly, the 
former minister for sport, envi- 
ronment and territories, and 
Mr Alan Griffiths, the previous 
industry minister. 

Some elements of their port- 
folios have already been re-al- 
located on a permanent basis, 
but a number of ministerial 
responsibilities have been 
“warehoused” (put on hold). 

This is partly in expectation 
of the arrival of the former 
Western Australian premier, 
Ms Carmen Lawrence, in Can- 
berra. 

She won a federal seat in a 
recent by-election and entered 
parliament this week. 


Ms Lawrence had been wide- 
ly-tipped to take over the envi- 
ronment portfolio, although 
talk of her receiving Senator 
Richardson's health responsi- 
bilities had also been mooted 
before the latest resignation 
rumours surfaced. 

Relations between Mr Keat- 
ing and Senator Richardson 
have been strained lately, fol- 
lowing a public dispute over 
whether the Medicare levy 
should be raised significantly 
to fond new programmes. 

If Senator Richardson does 
depart, be will be the fourth 
senior government minister to 
step down in as many months. 
Mr John Dawkins, the former 
treasurer, left politics alto- 
gether just before Christmas. 

Mr Griffiths resigned in Jan- 
uary, amid allegations that 
party funds had been used in 
the “Above the Line" sandwich 
shop, a private business ven- 
ture. 

Ms Ros Kelly departed after 
it was claimed a sports grant 
programme favoured marginal 
Labor electorates. Both Ms 
Kelly and Mr Griffiths main- 
tained that they had done 
nothing wrong. 


February figures continue 17-month decline 


Japanese motor output down 14% 


By Paid Abrahams in Tokyo • 

Japan's motor industry output 
fell 14.2 per cent In February 
against the same period last 
year, the 17th consecutive 
monthly fall. The industry's 
performance underlines the 
depth of Japan’s recession. Pro- 
duction of cars, trucks and 
buses fell to 896,000 units, 
the sixth month the decline 
has been in double digits. 


and a post-war record. 

Japanese car manufacturers 
have been badly bit by the 
strength of the yen. which has 
contributed to a 24 per cent fall 
in exports. Domestic demand 
fell 6J2 per cent to 519,000 units. 
Passenger car production, fell 
14J5 per cent compared with 
the same month last year, the 
11th month output has 
declined. Production of trucks 
fell 13 per cent to 214,000 units. 


the 31st month that output has 
decreased. 

Toyota's vehicle production 
fell 12J3 per cent during Febru- 
ary to 279,500 units; Nissan's 
dropped 13.4 per cent to 
143,000; Mitsubishi's 10.3 per 
cent to 111,700; Mazda's 16.8 
per cent to 92JJ00 and Honda's 
was down 14.6 per cent at 
92J500. 

• Japan’s opposition Liberal 
Democratic party yesterday 


agreed to a parliamentary 
schedule that will allow bills 
far a large income tax cut to be 
enacted next week. Renter 
adds. The tax bills must be 
passed by March 31, the last 
day of the current fiscal year, 
or they expire automatically. 

The Y6,000bn ($56.6bn) tax 
cut is one of the pillars in Mr 
Hosokawa’s package of anti- 
recession measures which were 
announced last month. 


Leakey decides to quit wildlife job 


By L os fl o Crawford In Nairobi 

Mr Richard Leakey, East Africa’s 
foremost conservationist, yesterday aban- 
doned his struggle to protect the Kenya 
Wildlife Service from political predators 
by submitting his second letter of resigna- 
tion to President Daniel strap Mot He said 
he would not run the KWS under new 
directives which could destroy years of 
pioneeri ng w ork. 

“The KWS dream of a self-financing, 
efficient, publicly owned but independent 


conservation authority does not seem via- 
ble in this context,” Mr Leakey said. Hie 
mentioned only two of the new directives: 
anti-poaching units, run successfully for 
the past four years by the KWS, would be 
placed under the authority of the Commis- 
sioner of Police; and that most KWS 
resources, including millions of dollars of 
donor foods, should be spent outside its 
wildlife sanctuaries. 

Mr Leakey returned to head the KWS, 
at the president’s request, leas than two 
weeks ago. He had offered his resignation 


In January, after charges of racism and 
corruption were directed at him by cabi- 
net ministers and politicians. 

President Mai attempted to defuse the 
international uproar over hb resignation 
by appointing a c ommit tee to examine tire 
workings of the KWS. The co mmi ttee's 
recommendations have not been made 
public, but they appeared designed to cur- 
tail Mr Leakey's independence, and to 
siphon off the millions of dollars of Inter- 
national aid he has raised to fund conser- 
vation projects in Kenya. 


■ news in brief 


Paris, Madrid 
warn on Algeria 

France and Spain yesterday advised their nationals to leave 
Algeria after Moslem militants stabbed two Frenchmen to death 
in their Algiers home, writes Our Foreign Staff. Thirty-two for- 
eigners have died in Algeria's civil strife since last September, 
eight of them French, but yesterday's killings were the first of 
foreigners inside their own homes. 

• Algeria will increase retail prices of basic foods such as bread, 
flour, semolina, milk and five other staples by 25-100 per cent 
with effect from today, the official news agency APS said. The 
increases follow talks with the International Monetary Fund, 
which has pressed the government to reduce subsidies. 

GDP set to rise in NZ 

The New Zealand Reserve Bank yesterday forecast GDP growth 
would rise 53 per cent in the year to March before felling to an 
average 15 per cent over the next two years, writes Terry Hall In 
Wellington. Inflation was expected to remain well within the 0-2 
per cent range, with little change fn the current account deficit. 

Iran to develop port city 

President Ali Akbar Hashemi Ra&aqfani yesterday Inaugurated 
Iran’s biggest pier, near Bandar Abbas, south Iran, and 
announced plans to develop the port city into an economic and 
industrial area. Renter reports from Tehran. The new pier, I Z5 
miles west of Bandar Abbas, was bunt with a 44 mile channel 
alongside, allowing bulk carriers with a capacity of 100,000 tonnes 
to berth. 


Icy Sino-British relations show signs of thaw Burundi clashes kill 1, 

» About 1.000 neonle had hem killed, in fuzhtine befaxra 


000 


Simon Holberton reports that the row over Hong Kong democracy may be near a resolution 


B ritain’s winter of bruising 
struggle with China over Hong 
Kong has given way to a spring 

thaw. 

Since Hong Kong's Legislative 
Council (LegCo) voted more than a 
month ago for the first stage of Gover- 
nor Chris Patten's political reform 
legislation, Beijing has scaled back its 
attacks on the British. 

Last week Mr Qian Qlchen, China's 
foreign minister, suggested Beijing 
might be prepared to draw a line 
under its row with Britain over 
democracy in Hong Kong. He said 
cooperation with London could con- 
tinue in spite of the row over political 
development This theme was taken 
up by Chinese Premier Li Peng this 
week when he affirmed Beijing would 
not exclude UK companies from the 
Chinese market because of the Hong 
Kong dispute. 

British officials are used to having 
hopes raised only to see them dashed. 
But the recent comments, together 
with other developments, were seen 
in the colony as further evidence of 
what In different circumstances Sir 
Percy Craddock, the British govern- 
ment's former China adviser, called 
“the feint musical sounds of the lake 
ice cracking in the sun". 

Beijing's more accommodative 
stance has been matched by London. 
Mr Patten has virtually vacated the 
Hong Kong political stage since he 
returned from Australia last month. 
This Is a far cry from the political 
campaign which the governor’s advis- 
ers were pr omising in December when 
Sino-British talks about Hong Kong 
broke down- 

in recent weeks Beijing has given 


In London Sir Percy Cradock, 

Britain's former chief negotiator 
on Hong Kong, yesterday attacked 
the policies of the present governor. 
Hr Chris Patten, in even more 
personal terms than those he used 
to the House of Commons foreign 
affairs committee last December, 
Edward Mortimer reports. 

In a speech to the Royal Institute 
of International Affairs Sir Percy 
recalled the phrase “double 
whammy”, used of Labour's tax 
policies by Mr Patten when be was 
chairman of the Conservative party, 
and said that what Britain had 

the impression of seeking a resolution 
to a number of outstanding issues. 
The two sides appear to be closer than 
they have ever been to an agreement 
on the Issue of defence lands. 

Senior officers of China's People's 
Liberation Army have been in Hong 
Kong to view the government's plans 
for “repro visioning” defence facilities 
- notably the HKglbn (£87m) con- 
struction of port facilities for the Chi- 
nese navy on Stonecutters Island, in 
the middle of Hong Kong harbour. 

Similarly, prospects for an agree- 
ment on the financing of Hong Kong’s 
multi-billion dollar airport project 
seem brighter than at any time for 
the past two years. Earlier in the year 
the Hong Kong government capitu- 
lated to demands from China to pump 
more cash into the project. China may 
yet wish to extract further conces- 
sions but UK officials say they feel a 
deal is close at band. 

In addition Beijing has shown signs 
of flexibility (or indecision) in relation 


achieved in Hong Kong was “quite 
a notable example”. Official policy, 
he said, had an “Alice in 
Wonderland” quality: “All those 
who speak up for democracy will 
have ended up by damaging it, and 
in the process will have antagonised 
a rising superpower". 

Sir Percy also accused Mr Patten 
of patting undue pressure on LegCo, 
the colony’s legislative council, to 
adopt his proposals for the 1995 
elections. The people of Hong Kong; 
be claimed, were being “pushed 
forward into a kind of confrontation 
which I don't think they want”. He 

to Hong Kong's post-1997 constitution. 
During and immediately after Last 
year’s failed Sino-British negotiations 
on the colony’s constitutional devel- 
opment Beijing’s position was uncom- 
promising. It threatened to overturn 
all political arrangements made with- 
out its agreement 

But the recent meeting of China’s 
National People's Congress (NPQ 
suggested Beijing’s position has 
become less dogmatic. Mr Li clearly 
stated that “British enterprises are 
welcome to participate in the Chinese 
market." adding that Beijing would 
make efforts to minimise the negative 
effects of the Sino-British row on 
bilateral trade. 

During the NPC, there was confu- 
sion over the meaning of a resolution 
on Hong Kong politics and an inabil- 
ity of delegates from Hong Kong to 
speak with one voice. A resolution 
proposed by Mr Cheng Yiu-tong. 
chairman of New World Development, 
a huge Hong Kong property and infra- 


urged that LegCo be allowed “a 
whip-free vote”, but alleged that 
“in fact what has happened has not 
been that AH the resources of 
Government House are being used 
to push it through, including the 
placemen, the appointed members. 
They are being asked to move 
forward like the troops of the light 
Brigade." In any case, Sir Percy 
added, LegCo should not be the final 
arbiter. “We remain responsible until 
1997. It does not tie in our ability 
to say it’s very unfortunate but tills 
is what LegCo wanted'. That wont 
do," 

structure developer, recommended 
abolition of the colony’s “political 
structure" after 1997. In the end the 
NPC did not vote on Mr Cheng’s 
motion. This gave comfort to those 
who believe Beijing does not want to 
box itself in. but rather wants to leave 
itself room for manoeuvre. 

Mr Qian's remarks last week were 
among the more emollient to come 
from a Chinese leader in months and 
Mr Li's comments indicated that Bei- 
jing was not prepared to jeopardise all 
aspects of ties with Britain. 

Mr Qian highlighted the work of the 
Joint Liaison Group (JLG), a bilateral 
group dealing with the mechanics of 
the transfer. The foreign minister said 
the activities of the JLG. and its sub- 
committee dealing with the airport, 
had been unaffected by the political 
row. ffis comments were welcomed by 
Mr Hugh Davies, Britain's chief repre- 
sentative to tiie JLG, who said they 
were “very encouraging”. 

Mr Qian, perhaps recognising that 


About 1,000 people had been killed in fighting between troops and 
tribal gunmen in Burundi since the weekend, Burundi's Interior 
Minister Leonard Nyangoma said yesterday, Reuter reports from 
Bujumbura. Thousands of civilians are fleeing the fighting 
between the Hutu majority and the minority Tutsi-dominated 
army. The fighting was sparked by the president and prime 
minister rtoririing on Monday the army shnniri crack down to end 
violence in the capital, diplomats said. 


Beijing has been losing the hearts and 
minds campaign in Hong Kong, went 
on to underline China ’a c ommitment 

to the colony. “Despite a breakdown . m , _ „ . m 

Aid and praise for Zambia 


China still cares about Hong Kong's 
economy and the livelihood of its peo- 
ple,” he said. But in spite of his softer 
tone, UK and Hong Kong government 
officials point out there is a long way 
to go before resumption of construc- 
tive cooperation on Hong Kong. Cen- 
tral to this is a resolution of differ- 
ences over the colony’s legal system. 

The “localisation" of Hong Kong 
law -to bring it into line with the 
Basic Law, China’s mini-constitution 
for post-1997 Hong Kong - has pro- 
ceeded painfully slowly. There are 
about 600 laws in Hong Kong needing 
amendment; half of these are based 
on UK enactments and about 200 
relate to international treaties. 

Since April 1990, when China 
enacted the Basic Law, only 30 of the 
laws have been approved, and about 
half of the treaties agreed in principle. 
Moreover, Hong Kong has yet to legis- 
late for tiie Court of final Appeal, the 
court which will supersede the Privy 
Council in London. 

Legislation Is being drawn up to 
give effect to a 1991 agreement 
between London and Beijing on the 
court Details of the legislation will, 
however, need to be agreed through 
the JLG. When Hang Kong govern- 
ment officials heard Mr Qian say that 
“both sides should make efforts to 
ensure Hong Kong’s prosperity and 
stability” they Imped he was referring 
to the colony’s legal system. 

JanUne profits up. Page 18 


Zambia has been pledged &Llbn In aid for 1994, and has vron 
World Bank praise for an unparalleled overhaul of its economy, 
AP reports from Paris. “It’s difficult to find a country that’s done 
more.” Mr Stephen Denning, director of the World Bank’s 
Southern Africa department, said at a donors’ meeting in Paris. 
Inflation had fallen from from 284 per oent in early 1993 to 10 per 
cent at the year’s end. 

Malaysian No to UK 

British companies bad no hope of winning contracts when Malay- 
sia went ahead with tenders for its new $3bn airport project. 
Renter reports from Koala Lumpur. 

British companies were free to submit their tender papers, 
“but, because of the government decision not to award to UK 
companies, there is no likelihood they are going to get the 
tender,'* Deputy Prime Minister Anwar Ibrahim said 
Malaysia announced in February that British contracts In an 
Angto-Japanese consortium to bmld a new airport were cancelled, 
in retaliation for British media allegations of corruption In Malay- 
sia’s business dealings. 

Sudan allows food to south 

Sudan’s Islamic government and southern rebels yesterday 
agreed to allow food and aid to the south, Reuter reports from 
Nairobi. After three days’ talks, they also agreed to respect add 
workers and supplies in the “corridors of tranquillity” and 
appealed for more international aid. 

Lebanese militia blamed 

Lebanese authorities yesterday accused members of Lebanon’s 
Christian militia of a church bombing that wiled n neaau? 
Renter reports from Beirut Seven members of the Lebanese 
Forces were among nine people arrested or wanted concerning 
the February 2T bombing of the Church of Our Lady of Deli™? 
ance at Jounieh, north of Beirut they said. ueuver- 


cV-Wiu-u 52. 







I '* 

? J 



: : i 









Markets seek clues 
to ‘neutral’ rates 

Michael Prowse on what Greenspan 
may mean by such an interest level 


T here Is a question hover- 
ing like a dark cloud 
over financial markets. 
What does Mr Alan Greenspan, 
the Federal Reserve chairman, 
mean when he talks of a “neu- 
tral" level of short-term inter- 
est rates? 

The question is critical 
because Mr Greenspan has 
indicated publicly that he 
intends to raise rates until 
they reach a neutral level con- 
sistent with sustainable non- in- 
flationary growth. 

The problem is that the Fed 
has given no indication of 
what such a rate would be. 

Confusion about the mean- 
ing or neutrality partly 
explained the adverse market 
reaction to the Fed's first tight- 
ening move - the quarter point 
increase in short rates 
announced on February 4. 

It was Immediately clear that 
rates were still below a neutral 
level. Markets therefore dis- 
counted further rate increases, 
causing a plunge In bond 
prices and a rise in yields to 
nearly 7 per cent. 

Tuesday’s quarter point 
increase, taking short rates to 
3.5 per cent, was better 
received, presumably because 
it took rates closer to Mr 
Greenspan's goal of neutrality. 
Bond prices surged and share 
prices advanced modestly, 
rather than plunging as in 
early February. 

Many analysts now expect 
the Fed to leave rates 
unchanged for a few months, 
in the hope that markets will 
calm down. But because 3S per 
cent is almost certainly not 
what Mr Greenspan regards as 
a neutral monetary policy, nag- 
ging doubts will remain. 

In recent decades, says Mr 
Bruce Steinberg, a senior econ- 
omist at Merrill Lynch in New 
York, the federal funds rate - 
the cost of overnight money for 
banks - has exceeded con- 
sumer price inflation by an 
average of ISO basis points, or 
1 .8 percentage points. 

Since the underlying rate of 
inflation is at least 2J3 per cent 
- and quite possibly 3 per cent 
- this implies a neutral rate 
would be between 4 per cent 
and 5 per cent 
However, during periods 
when inflation was subdued - 
such as the 1950s - the gap 
between inflation and 
short-term rates was closer to 
100 basis points or 1 percentage 
point So optimists on inflation 
- such as President Bill Clin- 
ton's economic advisers - may 
believe the present fed funds 
rate of 3.5 per cent is already 
at. or close to. neutrality. 

If economic growth slows 
down after overheating in the 
final quarter of last year, as 


Orders for US durable goods 
fell 25 per cent between Janu- 
ary and February, more than 
expected in financial markets, 
but the decline mainly 
reflected a sharp drop in air- 
craft orders, which tend to be 
highly volatile on a monthly 
basis. 

Excluding transport, orders 
were flat in February and up 
8.6 per cent from flue same 
period last year. Excluding 
defence as well as transport, 
orders edged higher last 
month. 

Mr Bon Brown, commerce 
secretary, said the figures, 
adjusted for special factors, 
were consistent with “sus- 
tained economic growth”. 

He said orders for non-de- 
fence capital goods, excluding 
aircraft - regarded as a good 
guide to civilian investment 
trends - rose 5.3 per cent last 
month. 

“The manufacturing sector 
continues to expand,” said 
economists at CJ. Inwrence, a 
New York broker. “Both dura- 
ble goods orders and ship- 
ments are on steep uptrends.” 
They predicted a sharp 
rebound in aircraft orders this 
month. 

Most analysis are anticipat- 
ing a strong rebound in eco- 
nomic growth in March after 
disruptions in several sectors 
as a result of severe 
winter weather earlier in the 
year. 


most forecasts suggest, mone- 
tary policy might not need to 
be tightened much more. And 
bond yields could move back 
down to, say, 6.5 per cent 

Mr Greenspan may have 
more sympathy for this view 
than some analysts suspect 
On several occasions he has 
noted that rapid economic 
growth need not be inflation- 
ary provided it reflects rapid 
productivity growth - which 
the US has certainly enjoyed in 
the past two years. 

ft Is thus conceivable that 
the Fed regards 4 per cent as 
an upper bound rather than a 
lower bound when estimating 
neutrality. 

But this hardly lets bond 
investors off the hook. The 
Fed's talk of raising rates to 
neutral levels was probably 
only the first step in a gradual 
process of conditioning politi- 
cal leaders to the need for a 
tighter monetary policy. 

In a strong business cycle 
upswing, such as that under 
way in the US today, rates typ- 
ically have to be lifted, tempo- 
rarily, well above neutral lev- 
els. It thus seems almost 
inevitable that the Fed will 
push rates well above 4 per 


cent even if it remains confi- 
dent about the inflation out- 
look. 

For what it is worth, histori- 
cal experience suggests rates 
will rise substantially from 
present levels. 

The average increase in 
short rates during previous 
episodes of tightening was 
nearly 6 percentage points, or 
nearly 4 percentage points 
excluding the inflationary 
1970s. That suggests short 
rates could rise to 7 per cent or 
more in the next few years. 

How rapidly the Fed raises 
rates will depend on trends in 
real growth and inflation, 
which in turn will be influ- 
enced by the tightening 
already announced. 

The sharp rise in bond yields 
since early February has 
already caused fixed-rate mort- 
gage rates to rise from 7 per 
cent to 7.75 per cent. Since 
these rates are fixed over the 
term of the mortgage, home- 
buyers are scrambling to com- 
plete purchases before rates 
rise another notch. But over 
the next few months, higher 
mortgage rates are likely to 
cool the housing market 
Some deceleration in the 
heady growth of business 
investment - the leading sec- 
tor in this productivity-driven 
recovery - can also be expec- 
ted in response to the increase 
in long bond yields. But the 
impact will be modest and will 
probably not begin to take 
effect much before the end of 
this year. 

As yet it is unclear what 
effect Fed tightening will have 
on commercial banks’ prime 
lending rates, currently 6 per 
cent. Many consumers and 
small companies borrow at 
rates linked to prime. 

Hie Fed's tightening moves 
have reduced the margin 
between prime and money 
market rates from 3 per cant to 
2.5 per cant But the margin is 
Still generous by historical 
s tandar ds. Since many hawks 
are highly profitable, they can 
afford to delay increases in 
prime rates in the hope of gen- 
erating more loan volume. 

Opponents of farther Fed 
tightening will argue not only 
that recent interest rate moves 
are already having a negative 
impact on growth, but that 
prices are anyway remarkably 
subdued. In February the 
animal rate of consumer price 
inflation was 2.5 per cent; 
wholesale price inflation was 
under I per cent 
Mr Greenspan’s unpopular 
task is to prevent a resurgence 
of inflation as the recovery 
matures - something that has 
accompanied every previous 
postwar business cycle. 


Clinton supporters urge 
tougher stance on Haiti 


By George Graham 
in Washington 

President Bill Clinton's policy 
towards Haiti yesterday came 
under fierce attack from some 
of his most reliable supporters. 

The Congressional Black 
Caucus, representing 40 Afri- 
can-American members of Con- 
gress, urged Mr Clinton in a 
letter to scrap his Haitian pol- 
icy and take a tougher 
approach to the task of restor- 
ing ousted President Jean- 
Bertrand Aristide to power. 

The caucus urged Mr Clinton 
to cut air links with Haiti, 
deny visas to the Haitian mili- 
tary and impose sanctions on 
any country' violating the 
United Nations embargo on 
trade with the Caribbean 
natian- 

Many of the caucus's mem- 


bers - including Congressman 
Rweisi Mfume, its c h ai rm an, 
and such senior congressmen 
as Mr Bill Clay of Missouri and 
Mr Louis Stokes of Ohio - also 
signed an open tetter published 
yesterday in the New York 
Times newspaper accusing the 
administration of racism in its 
policy towards Haitian refu- 
gees. 

The letter, which is signed 
by mayors, actors, singers and 
civic leaders, complains that 
the US has “effectively sealed 
Haitian political refugees into 
the death chamber of their 
own island." while offering 
safe haven to refugees from 
countries like Vietnam, Cuba 
and Poland. 

“In no other case, against no 
other people has our nation 
employed measures of auto- 
matic repatriation. Why just 


the Haitians? One is left to rea- 
sonably conclude that our pol- 
icy is driven by considerations 
of race," the letter says. 

State Department officials 
said the US continued to work 
with backers of a formula pro- 
posed by some members of 
Haiti’s parliament that calls 
for Mr Aristide's return but 
with no fixed date and without 
the removal of the military 
leaders who ousted him. Mr 
Aristide has rejected the for- 
mula. 

Mr Michael McCurry, State 
Department spokesman, 
acknowledged that a draft UN 
resolution supporting this for- 
mula had made little headway. 
“I don’t know how long it 
takes a UN resolution to get 
mouldy, but it has cer- 
tainly been on the shelf," he 

said. 


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Creditors 
come out 
in favour 
of Brazil 

By Angus Foster in Sao Paulo 

Brazil yesterday looked close 
to winning approval from 
bank creditors to close its 
$52bu (£35. film) commercial 
debt restructuring, without 
the formal support of the IMF. 

Mr William Rhodes, vice- 
chairman of Citibank and 
phq pmflrt of the steering 
committee, said creditors hold- 
ing 60 per cent of the debt had 
agreed to waive the IMF’s 
involvement. 

“I feel confident we will 
obtain the 66 per cent we need. 
This Is the quickest waiver 
approval I've ever experi- 
enced.” Mr Rhodes said. Banks 
have until the end of today to 
agree the waiver. 

The waiver became neces- 
sary after the IMF last week 
refused to grant Brazil a 
stand-by loan, apparently 
reflecting concern abont the 
viability of the country’s anti- 
inflation measures. 

• The usually appalling traf- 
fic in Sao Panto, South Amer- 
ica’s largest city, was even 
worse yesterday due to a 
series of strikes protesting 
against the government's anti- 
inflation measures. 

Metalworkers from SAo Pan- 
ic’s main car plants blocked 
motorways in the south of the 
city while services on the 
underground railway were 
delayed for two boors. Work- 
ers complained that the gov- 
ernment’s latest attempt to 
tackle inflation, through the 
introduction of a new currency 
later this year, is damaging 
their purchasing power. Condi- 
tions returned to normal by 1 
late morning. j 



Mr Douglas Wilder, pictured in 1989 when be became the first black governor of a US state 


Wilder tempted by Virginia race 


By Jurek Martin in Washktgton 

Political Washington may be 
consumed with Whitewater, 
but ft does not have to look far 
afield for diversion. The neigh- 
bouring state of Virginia is 
currently providing political 
theatre of the highest order. 

The latest twist to its endless 
soap opera has come in the 
shape of public m usings by Mr 
Douglas Wilder, former gover- 
nor, that he might have to 
enter this year's Senate race to 
stop the state becoming, as he 
puts it, “a laughing stock”. 

Most Virginians were sur- 
prised when Mr Wilder, a Dem- 
ocrat, pulled out of the Senate 
contest in January. They had 
assumed he would not be able 


to resist the temptation of tak- 
ing on his long-time enemy, 
the incumbent Democratic Sen- 
ator Chuck Robb, whose staff 
bad owned up to bugging Mr 
Wilder’s telephones. 

They believed Mr Wilder, the 
state’s first black governor, 
had concluded that Mr Robb 
was more likely to beat former 
Lt Col Oliver North of Iran- 
Contra notoriety, then consid- 
ered the Republican favourite. 
He may also have been influ- 
enced by the ease with which 
Mr George Allen, the conserva- 
tive Republican, won the gov- 
ernor’s race last November. 

But circumstances have 
changed and both Mr Robb and 
Mr North have fallen on hard 
times. The former has finally 


confessed to being unfaithful 
to his wife (the daughter of 
President Lyndon Johnson) 
while the latter has incurred 
the wrath of ex-President Ron- 
ald Reagan for presuming to 
suggest that his old boss knew 
more than he has let on about 
Iran-Contra. 

Botb men's favourable 
ratings have plunged to the 
low 30 per cent range, accord- 
ing to one local poIL Mr North 
now only has a small lead 
in the Republican contest 
over Mr James Miller, budget 
director in the Reagan admin- 
istration but hitherto an 
obscure personality in the 
state. Mr Miller comes out 
even with Mr Robb, while 
Mr North trails the incum- 


bent senator by 17 points. 

Meanwhile, Mr Allen, in 
spite of successes with the 
state legislature, has also been 
no stranger to controversy, 
first saying be would Join a 
private club with a history of 
discrimination against blacks 
and women and then changing 
his mind. His staunch support 
of a proposed new Disney his- 
torical theme park in northern 
Virginia is also stirring up the 
local hornets. 

The temptations for Mr Wil- 
der are pretty obvious. “People 
are joking about us nation- 
ally,” he said this week. Fbr a 
state which produced George 
Washington and Thomas Jeff- 
erson, that is no laughing mat- 
ter. 


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rR cn AY MARCH 24 1994 
FINANCIAL times THURgiJ* 1 



NEWS: WORLD TRADE 


US secures 
Gatt waiver 
over China 


By Frances Williams in Geneva 

The US yesterday won a 
change in General Agreement 
on Tariffs and Trade rules 
allowing it to refuse Gatt bene 
fits to China even if Beijing 
succeeds in rejoining the world 
trade body this year. 

US trade officials have indi- 
cated that Washington might 
seek this opt-out if the Clinton 
administration decides in June 
not to renew China's most 
favoured nation status in the 
US market because of Beijing’s 
poor human rights record. The 
MFN rule, which forbids dis- 
crimination between trading 
partners, is one of Gatt’s fun- 
damental tenets. 

At yesterday s meeting of 
Gatts governing council, the 
US secured formal approval 
from other nations for a rein- 
terpretation of the "nofrappli- 
cation" rule. This provision, 
rarely invoked, allows any 
individual Gatt member to 
refuse to apply the General 
Agreement on Tariffs and 
Trade to an incoming member 
(and vice versa). 

However, the present rule 
stipulates that the two coun- 
tries must not have begun tar- 


iff negotiations with each 
other, an integral part of the 
bargaining process on Gatt 
entry terms. The new interpre- 
tation, effective immediately, 
will allow “non-application" 
even after tariff negotiations 
have been started. This effec- 
tively applies to Gatt the 
redrafted “non-application" 
rule of the new World Tirade 
Org anis ation, due to come into 
force next year. 

The change means that the 
US could lift its effective block 
on China's rapid entry toto 
Gatt, and begin the necessary 
bilateral tariff bargaining with 
Beijing, without prejudice to 
this year's decision on MFN. 
China is anxious to become a 
Gatt member by the end of the 
year in order to qualify as an 
original member of the WTO. 

At a meeting last week of 
Gatt’s negotiating group on 
Chinese entry terms, trading 
partners agreed to try to accel- 
erate the seven-year-old talks 
but the US has so Car refused 
to commit itself to an early 
deadline. 

The possibility of allowing 
China to join Gatt. while 
reserving the right of ‘‘non-ap- 
plication”, could help the US 



Mr Bill Gates, chairman of US software giant Microsoft, pictured in Beijing, the Chinese capital, yesterday taking time off from talks 
with the country’s political leaders and local computer enterprises »»» 


administration in its search for 
a long-term way out of the 
damaging annual MFN debate 
over Chinese trade and human 
rights. If the US decides not to 
invoke the “non -application" 
provision at the outset, or later 
revokes it, it cannot under 
WTO rules reinstate it again. 

Yesterday’s council meeting 


also saw strong criticism of the 
US decision to reinstate Super 
301 provisions tor unilateral 
trade action. In addition, the 
council decided: 

• to set up a working party to 
draft membership terms for 
Estonia, which brings the num- 
ber of countries negotiating 
Gatt entry to 22; 


• to set up a working party to 
examine whether the North 
American Free Trade Agree- 
ment is consistent with Gatt 
rules; 

• to postpone substantive dis- 
cussion of a Gatt disputes 
panel report condemning GU 
restrictions on imports of Latin 
American bananas. Negotia- 


tions between the EU and the 
affected producers are continu- 
ing. 

Separately, trade officials 
expressed confidence yesterday 
that all 81 Uruguay Round tar- 
iff schedules would be cleared 
by trading partners as final 
and correct by tomorrow's 
deadline. 


Caribbean basin nations hope for help to ease the pain, writes Canute James 


Neighbours line 


up at the door of Nafta 



Prime ministers Manuel Esquivel (left) of Belize and P J Patterson of Jamaica 
are apprehensive about the treaty’s Impact on their countries’ economies 


C entral American and Carib- 
bean governments are await- 
ing with more than passing 
interest an imminent US statement on 
measures to cushion the economic 
dislocation which the region expects 
from the North American Free Trade 
Agreement 

However, Washington's proposals, 
promised by Mr Alexander Watson, 
assistant secretary of state for inter- 
American affairs, are likely to disap- 
point Caribbean basin governments 
which have been seeking a compre- 
hensive package to allow free access 
to the US and Canadian markets. The 
US proposals could also be "at a cost" 
to the region, say some Caribbean 
officials. 

Claiming that a more competitive 
Mexico, with free access to the US and 
Canada, will capture markets which 
Caribbean basin countries have devel- 
oped under current trade agreements, 
the region has asked for “parity'’ with 
Mexico in exporting to Nafta signato- 
ries. 

Some regional government officials 
and US legislators supportive of the 
Caribbean's concerns - which include 
the possible diversion of investments 
to Mexico - have now concluded that 
what would amount to a de facto 
extension of Nafta is unlikely. They 
believe that the US administration 
would not again willingly confront 
the coalition or opposition which 
fought the implementing legislation 
last November. 

The measures to be announced by 


the US are a result of discussions last 
year between President Bill Clinton 
and leaders from the Caribbean and 
Central America. Mr Clinton and his 
Mexican counterpart, Mr Carlos Sali- 
nas. assured the Caribbean basin 
countries that they would not be 
adversely affected by the implementa- 
tion of Nafta, and that efforts would 
be made to protect their markets in 
the US and Canada. 

What the Caribbean basin countries 
want is quick action by legislators in 
Washington, and then in Ottawa and 
Mexico City, to ratify proposals by 
some US congressmen to pnt all the 
region's exports to the US and Canada 
on a par with Mexico’s. 

Tile parity proposals are aimed at 
giving Caribbean basin countries an 
open door to the Nafta market for 
three years. Daring this time they 
would have the opportunity of negoti- 
ating their future trade relationship 
with the Nafta signatories, with the 
option of seeking membership either 
as individual states or as a group. 

"President Clinton has said his 
administration will ensure that the 
benefits of Nafta are felt by the Carib- 
bean countries,” said Mr Manuel 
Esquivel, prime minister of Belize. 
“We are heartened by President Sali- 
nas’ assurances that it is not Mexico’s 
intention to take investments away 
from the Caribbean. But we remain 
apprehensive." 

There is yet no indication of what 
the US administration will propose for 
the Caribbean basin. Mr Edwin Car- 


rington, secretary-general of the 
Caribbean Community (Caricom), said 
he expected parity to be given to 
“only a few” of the region's exports, 
including textiles. 

"The parity issue, which is the first 
step we are seeking, is becoming a 
case of limited benefits for a very 
great price.” he said. While willing to 
give parity to a few products, the US 
wanted the Caribbean basin countries 
to meet new conditions, including 
bilateral investment treaties, intellec- 
tual property rights agreements, 


workers' rights and environmental 
legislation, democracy, good gover- 
nance and accountability, Mr Carring- 
ton said. 

“The costs of parity are much 
higher than we anticipated and any 
thoughts of foil membership of Nafta 
are as far down the road as they ever 
were.” 

In presenting their case for parity, 
Caribbean leaders have argued that 
the US and Canada will also be the 
losers if there Is extensive economic 
dislocation in the region caused by a 


loss of markets to Mexico. Mr PJ 
Patterson. Jamaica's prime minister, 
claimed that many jobs in the US 
depended on trade flows between that 
country and the Caribbean region. 

"Each Slbn of US exports to the 
region creates 20,000 new jobs in the 
US," he said. “In the past 10 years US 
exports to the Caribbean basin have 
doubled, making the region the tenth 
largest market for US exporters. As 
Caribbean economies grow our ability 
to absorb US exports will also 
increase. 

"Currently 60 cents of every dollar 
earned by the Caribbean returns to 
the US through the purchase of US 
goods, compared with only 10 cents 
for each dollar spent by Asia. This is 
why we must pursue efforts to ensure 
that the question of the granting of 
parity be given early and positive con- 
sideration." 

Without improved access to the US 
and Canadian markets to counter 
Mexico's benefits under Nafta, the 
Caribbean basin countries will have 
to continue depending on their cur- 
rent trade preference agreements with 
the US and Canada. 

The benefits from these were dimin- 
ishing, said Mr Carrington, as the 
region's exports became less competi- 
tive and Mexican products enjoyed 
the benefits of the market 

“The Nafta playing field will never 
be level for the region,” he said. 
"Nobody is going to give us an even 
playing field, but we have to work to 
make it less uneven." 



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‘Litany of disasters’ for the 
international drugs industry 


By CUve Cookson in London 
and Paul Abrahams in Tokyo 

The past year 
has been the 
worst in recent 
memory for the 
international 
drugs industry-, 
the Financial Times World 
Pharmaceuticals Conference 
heard yesterday. 

Mr Henry Wendt, chairman 
of SmithKline Beecham, 
opened the meeting in London 
by reciting a “litany of disas- 
ters". including "draconian" 
government mandated price 
cuts and/or prescribing restric- 
tions in Italy. Germany. Japan 
and other countries. 

“Apart from the Gatt agree- 
ment, which advances protec- 
tion of intellectual property 
rights. it's hard to think of any 
good news for the pharmaceu- 
tical industry over the last 
year," Mr Wendt said. -'So it’s 
no surprise that sales and 
earnings growth is slowing and 
that many [companyl shares 
have declined by 30 per cent." 

Much of the industry's ner- 


vousness is now roc used on the 
Clinton administration's pro- 
posed US healthcare reforms. 
“I have no qualms in predict- 
ing that, come hell or high 
Whitewater, healthcare legisla- 
tion will be signed into law in 
1994." said Mr Toby Moffett a 
former congressman who now 
runs Strategic Policy, a US 
health consultancy. 

‘US healthcare 
reform will be 
passed this year' 


Mr Moffett forecast that the 
legislation would be a watered- 
down version of the original 
Clinton proposals. But. he 
warned, “the politicians will 
feel strongly that they need 
some populist elements to this 
bill and that means that slap- 
ping down the insurance and 
pharmaceutical industries will 
be a prerequisite to passage”. 

The drugs industry had so 
for “not been as creative and 
certainly not as effective as it 


could be in getting its message 
across." 

But Mrs Virginia Bottomley. 
UK health secretary, delivered 
a more reassuring message to 
the industry in Britain. Dele- 
gates were relieved to hear 
that the government “still 
remains to be convinced" 
about the merits of compulsory 
generic substitution - prescrib- 
ing cheap unbranded drugs 
wherever possible. 

Her junior colleague, Dr 
Brian Mawhinney, health min- 
ister, had alarmed the industry 
last month when he said he 
wanted to discuss ways of 
extending generic substitution 
with the British Medical Asso- 
ciation. 

The Japanese Ministry of 
Health and Welfare was 
severely criticised for its cost- 
cutting methods by Mr Kunio 
Takeda, president of Takeda 
Chemical industries, Japan's 
biggest pharmaceuticals com- 
pany. 

The policy of steep price cuts 
every two years had forced 
manufacturers to launch only 
slightly modified compounds to 


cnt the time and cost involved 
in developing new drugs. Mr 
Takeda said. Such policies 
would, in the long run, damage 
the industry. 

“If pharmaceuticals compa- 
nies were forced to sacrifice 
themselves [because of] unfair 
measures to contain healthcare 
expenditure, in the long-run 
[the policy] would backfire in 
terms of a deterioration in 
drug discovery opportunities," 
he said. 

Mr Takeda also complained 
of the ministry's “closed door" 
way of decision-making. Con- 
sultation with the industry 
appeared to be a mere formal- 
ity. he said. The ministry is 
Imposing an average 6.6 per 
cent price reduction on April 1. 

The complaints follow a let- 
ter earlier this month sent to 
the Japanese ministry by the 
US Pharmaceutical Manufac- 
turers’ Association and the 
European Business Council it 
objected to the lack of trans- 
parency in the ministry's deci- 
sions and argued that changes 
in policy had been imple- 
mented too quickly. 



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Tokyo suicide warning over drugs 



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By Paid Abrahams in Tokyo 

Japan's ministry of health and 
welfare yesterday warned that 
alpha Interferons, drugs devel- 
oped to treat hepatitis and 
cancer, could cause depression 
and exacerbate suicidal ten- 
dencies. It said 32 people tak- 
ing the drug between July 
19S7 and December 1993 bad 


attempted suicide and 12 of 
them had died. 

The announcement is 
another serious blow for the 
Japanese pharmaceutical 
Industry. Interferons were one 
of fastest growing sectors last 
year in what was otherwise a 
lacklustre Japanese drugs 
market. 

The stocks of Japanese com- 


panies marketing alpha inter- 
ferons fell sharply. Takeda 
shares felt Y40 to Y1 ,250. Bar- 
ing Securities estimates its 
interferon generated sales of 
Y30bn (£190m) last year. 

Sumitomo Chemical, which 
markets interferon under 
licence from Wellcome of the 
UK and achieved sales of 
about Y-ttbn, fell YU to Y464. 


Yamanouchi shares dropped 
Y20 to Y2.Q50. 

The news is also a setback 
for foreign drug companies. 
The world alpha interferon 
market was worth about 
$L5bn last year, of which most 
was in Japan. Those affected 
include Schering-Plough of the 
US, whose drug achieved sates 
in Japan of Y30bn last year. 


Clinton backs 
law to combat 
ship subsidies 


By Nancy Dunne 
in Washington 

The Clinton administration has 
agreed to throw its weight 
behind legislation now In Con- 
gress which would impose 
fines on new ships built in for- 
eign subsidised shipyards 
entering US ports. 

The decision to back the 
long-delayed legislation comes 
after leading shipbuilding 
countries and the US, meeting 
last week at the Organisation 
for Economic C-o-operatiou and 
Development in Paris, Failed to 
agree to an end to shipbuilding 
and repair subsidies. The bill is 
intended to serve as a leverage 
in the US effort to end ship 
dumping, indirect supports, 
and subsidised export credits. 

US trade officials and the 
industry, represented by the 
Shipbuilders Council of Amer- 
ica, are now at odds over the 
future of the talks. Officials are 
hoping for another round in 
April The Swedish chairman 
of the talks wfll prepare a doc- 
ument laying the groundwork 
for Further negotiations. 

Mr John Stocker, president 
of the shipbuilders council, 
said he had lost hope in a nego- 
tiated solution. 

“Before last week's talks, we 
were assured by the Clinton 
adminis tration that this round 
was it” Mr Stocker said. “If 
agreement couldn't be reached, 
our -negotiators were going to 
pull the plug. We believe this 
l imp, Anal means final. " 

The shipbuilders council 
pushed for the talks when in 
1989 it filed a complaint under 
Section 301 of US trade law. 
Unsubsidised US shipyards lost 


their commercial business base 
during the 1960s because they 
could not compete against sub- 
sidised competition. With the 

end of the cold war and the 
reduction of the naval fleet, 
more shipyards will close. 

Mr Stocker was critical of 
European negotiators, who are 
blaming the failure of the talks 
on the US. "While the Japanese 
and Koreans were clearly Inter- 
ested. at least, in engaging the 
US side in dialogue. Europe 
was not," he said. “Without the 
legislation, we will never 
attain the trade agreement we 
want.” 

The council is also critical of 
the administration, which has 
reportedly held up ll applica- 
tions for a new programme of 
export credit guarantees, 
which offer up to 25-year 
repayment terms. 

After bilateral talks with 
Japan and South Korea pro- 
duced significant break- 
throughs. US trade officials 
thought an end to the negotia- 
tions was at last in sight 

“The US. Japan and Korea 
agreed to one standard on loan 
repayment terms - 12 years. 
Europe said No." an official 
said. “The US wauted disci- 
pline and a binding dispute set- 
tlement on export credit finan- 
cing. The EU said No.” 

The EU then brought up the 
US Jones Act. which allows 
only US owned, built, and 
crewed ships to make more 
than one stop at US ports. US 
negotiators said this was an 
operating issue rather than a 
shipbuilding issue, but that the 
US was willing to limit the 
number of new ships bailt 
under the act. 


NEWS IN BRIEF 


Ford outlines 
China venture 

The Ford Motor company said yesterday it had signed a 
preliminary agreement with Shanghai Automotive Industry 
Corp for a components manufacturing joint venture in China, 
Reuter reports from Dearborn, Michigan. 

The US company said its plastic and trim products division 
and Shanghai Automotive's Yan Feng division would collaborate 
on producing interior trim components, seats, instrument 
panels and other plastic parts for the Chinese motor industry. 

It is Ford’s first manufacturing venture in the country. 

New bridge to Singapore 

The governments of Malaysia and Singapore have signed 
an agreement to build a M$L3bn f£568m) second bridge linking 
the two countries, writes Kieran Cooke in Koala Lumpur. 

The work on the Malaysian section - about two-thirds 
of the total 2km length of the structure - will be carried out 
by United Engineers, a company closely connected to the 
dominant United Malays National Organisation political 
party. About 50,000 vehicles use the existing bridge and severe 
congestion problems have developed. 

EU pact with Ukraine 

The European Union signed a partnership and cooperation 
agreement with Ukraine yesterday, the first such pact with 
a former Soviet republic. Renter reports from Brussels. The 
pact envisages a future free-trade area between the two sides 
following an assessment in 1998 of Ukraine’s progress towards 
a market economy. 

Finns in Russian deal 

Ivo International, the Finnish power company, has signed 
an agreement to participate in the rehabilitation of 16 power 
plants and associated beating systems in Russia, mwrwiy 
around St Petersburg, Michael Smith writes. 

The value of the projects, together with the development 
and commissioning of new environmental protection 
technologies, wfll be about FMlbn (£122m). Russia will cover 
the costs of the projects by currency earned with sales of 
fuel and electricity to Finland. Most of this power mil be 
the result of savings from modernisations and improvements 
in efficiency at the plants. 


Abu Dhabi mosque bids 

Some 20 international companies have submitted 
pre-qualification documents for a prestige contract to build 
a 50,000 sq metre mosque in Abu Dhabi The closing date 
is April ll, Robin Allen writes from Dubai. 

Hie marfale-and-granite structure will be called the Grand 
Mosque of Sheikh Zayed Bin Sultan n, after the ruler of Abu 
Dhabi and president of the United Arab Emirates. Estimates 
put the total cost at some Dh500m (£91m). 

Tractebel A1 Kfaaleej was recently awarded the consultancy 
contract for the Taweela “C" project by the Abu Dhabi water 
and electricity department, which is b uilding a new power 
generation and water desalination plant at Taweela, near 
Abu Dhabi city. 


Indians court Sri Lanka 

“Sri Lanka looks a much better bet for Indian business than 
Vietnam , said Mr Jamshyd Godrej, president ot the 
Confederation or Indian Industry, summing up prospects 
for Indian trade and investment in Sri ijwira, Mervyn de 
tolva writes from Colombo. Mr Godrej was the leader of a 
15-member business delegation visiting Sri Lanka. 

^ “ 1989 to just over $300m 

i£?n , “ remaia ? heavily in India's favour. The 
1933 figure is likely to exceed $350m, according to the local 
chamber of commerce. “The Indian authorities and big business 
“ vestment to joint export ventures 
10 ^ W1 ^ eilirig gap- We must try 

said a spokesman for the national 

ff**' a leading Indian textile manufacturer, will 
^ ^ north Colombo free trade 
pr ? je *s- “ asbestos factory and 
a steel rolling mill, have also been given ministry approval. 










FINANCIAL Times THURSnA y MARCH 24 1994 


NEWS: UK 


Row likely over w hether UK too lax in licensing satellite channels which can be seen all over the EU 

UK faces Brussels challenge over TV 


By Gflflan Tett in Brussels and 
Raymond Snoddy in London 

The UK appears to be heading 
for another row with Brussels 
following a decision yesterday 
by the European Commission 
to start legal action against the 
British Government for failure 
to comply with the EU televi- 
sion directive. 

The row is about whether 
the UK is too lax in licensing 
satellite television channels 
which can be shown all over 


theEU. 

The commission is taking 
the UK to the European Court 
of Justice over the technical 
lssaf ? of jurisdiction. All other 
EU countries regulate satellite 
c h a n nels in the country where 
their headquarters are located. 

The UK, following the Euro- 
pean Council convention on 
the issue, believes jurisdiction 
should be up to the country 
where the programme si gnal is 
“up-linked” to the satellite. 

The jurisdiction issue macky 


the real dispute which is about 
quotas to preserve European 
programme content 
Under the directive, cable 
and satellite television chan- 
nels have to cany a majority of 
European made programmes 
“where practicable.” Those 
which do not should move pro- 
gressively in that direction. 

Channels such as Mr Ted 
Turner's TNT/Cartoon channel 

licensed in the UK feature pre- 
dominately American mntprial 
The Commission Is believed 


to have decided to move 
against the UK on the jurisdic- 
tion issue because it might not 
be successful on quotas 
because of the “where practica- 
ble” qualification. 

A new paper on the audio-vi- 
sual industries throughout the 

EU is believed to suggest 
strengthening the quota sys- 
tem, possibly requiring evi- 
dence of direct investment in 
European programming 1 . 

Yesterday's decision means 
the Commission has decided to 


try and force the UK to come 
into line with the rest of 
Europe by opening legal pro- 
ceedings. 

The move is likely to be 
welcomed by France and 
Belgium, which have com- 
plained that the UK’s failure to 
impose EU standards on satel- 
lite television have left chan- 
nels like TNT/Cartoon Channel 
free to broadcast into their 
markets. 

The present situation, the 
commission argues, makes a 


Coca-Cola on offensive 
against sub-brand rival 


By Robert Peston 

Coca-Cola, the world's biggest 
soft drinks company, is to 
launch a multi-million pound 
advertising, public relations 
and political campaign to 
prove that there is only one 
"reiT cola. 

It is targeting a recent 
arrival to the UK: Cott Corpo- 
ration. a fast growing Cana- 
dian bottler and marketer of 
private label soft drinks for 
supermarkets. Cott is at an 
advanced stage of negotiations 
with J. Sainsbury. It hopes the 
UK's biggest supermarket 
chain will launch a cola sub- 
brand - one incorporating 
Salisbury's name and a new 
trade name - by the end of 
May. 

A raft of expensive consul- 
tancy firms have been hired by 
Coca Cola: Bar tie Bogle 


Vets may 
defy EU 
over poor 
standards 

By Alison Maitland 


Hegarty for television and 
newspaper advertising, Bruns- 
wick for public relations. Lowe 
Bell for political lobbying - as 
a new trade mark bill goes 
through the Commons - and 
strategic marketing advice. 

Coca Cola's solicitors Clif- 
ford Chance, are ahning to pre- 
vent Sainsbury infrin g in g the 
company's trade marks. Gold- 
man Sachs has also been 
approached. 

Ms Peony Hughes, president 
of the Great Britain and 
Ireland division of Coca Cola, 
said the aim of the campaig n 
would be to persuade retailers 
that Coca Cola's growth is 
essential for the growth of the 
soft drinks market It also aims 
to remind consumers that It 
does not supply ingredients for 
supermarket brands and that 
anyone buying Coke is “buying 
107 years of authenticity”. 


According to the marketing 
consultancy AC Nielsen, Coca 
Cola was the top-selling gro- 
cery brand in the UK last year, 
with sales of £247m. This repre- 
sents more than 60 per cent by 
value of the UK retail cola 
market well ahead of Pepsi 
Cola with more than 20 per 
cent and supermarket labels 
with less than 10 per cent said 
OC&C Strategy Consultants. 

Three years ago the Cana- 
dian company began to launch 
a series of supermarket sub- 
brands in the Canadian and 
North American market Now 
Cott has 20 per cent of Cana- 
da’s grocery market with Coca 
Cola in third place. 

Meanwhile Coca-Cola is 
believed to be unhappy that its 
UK joint venture partner, Cad- 
bury Schweppes, is to bottle 
Cott drinks in continental 
Europe. 


Major overhauls 
UK secrecy code 


British vets warned yesterday 
they might have to break EU i 
law by refusing to allow vets ! 
from certain member states to ' 
work in the UK unless training 
standards in those countries 
were raised. 

The warning comes after a 
series of outbreaks of disease 
on British farms which have 
been linked to infected animals 
imported from the EU or east- 
ern Europe. Vets expect these 
outbreaks to increase because 
the single market has led to a 
sharp rise in the movement of 
animals . 

Livestock must cany certifi- 
cates saying they are free of 
disease. But British vets 
believe these checks are not 
always being carried out prop- 
erly in other EU states. 

The Royal College of Veteri- 
nary Surgeons, to which all 
vets must belong in order to 
practice in the UK, said it was 
concerned about trai n ing stan- 
dards in Italy, Spain and 
Greece. In some colleges, veter- 
inary students could graduate 
“without laying a finger on a 
live anim al throughout their 
five-year course”. 

The college, backed by Mrs 
Gillian Shephard, agriculture 
mini ster, is pressing the Euro- 
pean Commission to drop plans 
to withdraw funding of 
EcuBO.OOO a year for regular 
visits by independent experts 
to all vet schools in the EU. 
The aim of these visits is to 
ensure common standards are 
maintained. 

Since the advent of the sin- 
gle market last year, the num- 
ber of cattle coining into the 
UK has increased tenfold. 

Comprehensive border 
checks on livestock imports 
have been abolished. But con- 
cern about the rising incidence 
or disease, such as viral arthri- 
tis in horses and warble fly in 
cattle, prompted the govern- 
ment in November to introduce 
tighter checks on imported ani- 
mals once they reached their 
destination. 


By James B8tz 

The government announced an 
overhaul of the system by 
which highly secret govern- 
ment documents are classified, 
claiming that its reforms 
would reduce the amount of 
official information that is 
withheld Cram the public. 

In a parliamentary written 
answer, the prime minister 
said he had approved new and 
more detailed definitions of the 
four categories - Top Secret, 
Secret, Confidential and 
Restricted - with which sensi- 
tive documents are classified. 

The new system may help 
the government to allay criti- 
cisms that may emerge from 
the Scott inquiry into Arms- 
for-Iraq and which are at the 
heart of the inquiry into the 
Fexgau dam deal with Malay- 
sia. But pressure groups and 
opposition MPs were sceptical 


about whether it would lead to 
more disclosure. 

At the moment, the classifi- 
cation “Top Secret” is blandly 
defined as “cauing exception- 
ally grave damage to the inter- 
ests of the nation.” This is now 
to be replaced by a 200-word 
definition "including phrases | 
like “to lead directly to wide- | 
spread loss or life”, which 
explains why the document 
should merit the description. 

However, campaigners 
against official secrecy said the 
reform would merely give 
departments more elaborate 
reasons to withhold informa- 
tion when a new Code of Prac- 
tice on Government is intro- 
duced in the next few days. 

The code, is being hailed by 
ministers as breakthrough in 
freedom of information, giving 
the public the right request 
factual information on govern- 
ment activities. 



Protestors against a bypass near Bath, western England, which threatens the bronze age 
settlement of Solsbury HUL clambered on construction equipment and occupied empty houses to 
try to halt the project, writes Roland Adburgham. They threatened to intensity their action to 
make Solsbury Hill the next campaign on the scale of Twyfbrd Down - a sometimes bitter protest 
which attracted intensive publicity. Several arrests were made. Photograph: Colin Been 


Britain in brief 


• St 


y*r ~.;V 'C; * . , > ,T- • , •_* 

. JZd -V^ A. -v *. 


mockery of the single market, 
since broadcasters can fall 
under two national licensing 
systems • or under none, as 
in the recent case of the 
pornographic channel Red Hot 
Dutch, which evaded both UK 
and Dutch licensing laws. 

In December the National 
Heritage Department in the UK 
wrote to a number of satellite 
channels asking what progress 
they had made to meeting the 
51 per cent programme quota. 


Birch and 
Fife fields 
get go-ahead 

The government approved the 
development of the fife and 
Birch oilfields in the North 
Sea. The development of Fife, 
east of Aberdeen on the 
Scottish coast, is of particular 
significance, as it will use a 
floating production and 
storage system on a converted 
tanker - an innovative system 
which allows the tapping of 
small reserves. 

Amerada Hess and Premier 
Consolidated Oilfields, 
partners in the Fife field, will 
lease a vessel which will be 
moored over the field for the 
four years or so that it will 
take to drain the estimated 
34m barrel reservoir. 

The vessel will be secured 
to the seabed by nine chains 
attached to undersea piles. 

It will rotate around a turret 
through which pipelines 
attached to the wells will pass. 
The ship's propulsion unit will 
be retained to allow it to move 
in very severe storms - bnt 
normal winter weather will 
not afreet it position. 

Funds increase 
investments 

Investment by UK pension 
funds, insurance companies, 
investment and unit trusts 
shot up last year, reflecting 

the rebuilding of personal 
savings and a switch by savers 
away from cash and into 
securities. 

The Central Statistical Office 
said yesterday that total net 
investment by institutions in 
1993 was a record £52JJbn 
compared with £35Abn in 1992. 


Green tech 

surplus £234m 

British environmental 
technology companies 
generate a trade surplus of 
£234m, a government report 
mH yesterday. The world 
market for pollution control 
equipment and services is now 
worth some $2l0bn. It will 
grow to some $320hn by 2000 
and $570bn by 2010, the report 
estimates. 

The UK is particularly 
strong in water treatment, 
according to the report, winch 
Is prepared by Ecotec, the 
consulting firm, and a 
research group set up by the 
industry and environment 
departments. The UK’s 
expertise in water technology 
has developed during the 
industry’s modernisation 
programme, which could cost 
some £40bn this decade. 


‘Superhighway’ 
plan criticised 

Mercury, the main competitor 
in the UK to British 
Telecommunications, came 
out against the construction 
of a national fibre 
"superhighway”, but supported 
lifting the existing 
entertainment ban on BT in 
return for a more favourable 
regulatory regime. 

Lord Young, chairman of 
Cable & Wireless. Mercury's 

parent company, told the 
House of Commons trade and 
industry committee that he 
favoured the development of 
competing local networks to 
deliver services rather than 
a BT fibre monopoly at the 
local level. 


Society to cut 
550 jobs by ’95 

Up to 550 jobs arc to be axed 
by building society and bank 
giant Alliance and Leicester 
by 1995 under a restructuring 
programme, the group 
announced. 

PO signals 
compromise 

The Post Office is ready to 
accept the possible break-up 
of the corporation by Lhc 
government with the 
privatisation of its mail and 
parcels businesses, keeping 
counter services in the public 
sector. 

Post Office executives are 
also keen to see the counter 
services given greater 
commercial freedom so they 
can operate more 
competitively. 

The government may see 
this as a way out or the current 
impasse on the Post Office's 
future. 


Norbrook lab 
to expand 

Northern Ireland’s leading 
pharmaceutical company is 
to create 235 jobs as part of 
a £38. 4m investment 
programme. 

T%e expansion of Norbrook 
Laboratories was announced 
at the company’s headquarters 
in Newry, County Down. 

Norbrook, which has plants 
in the Irish Republic, England, 
Amsterdam. America and 
Africa, exports to almost 100 
countries. 


McGuinness 
call for talks 

The stalemate in efforts to 
embrace the republican 
movement in the Northern 
Ireland peace process was 
underlined yesterday by Mr 
Martin McGuinness. a senior 
member of Sinn F£in, who 
ruled out progress without 
face-to-face talks involving the 
British government 


Interest rate hopes ebb on 
poor retail price figures 


By Philip Coggan, 

Economics Correspondent 

Disappointing inflation figures 
for February dashed hopes of 
an early cut in base rates and 
pushed UK share prices down 
sharply yesterday. 

Retailers raised prices dur- 
ing the month, particularly on 
clothing and footwear, follow- 
ing heavy discounting in the 
January sales. 

In London the FT-SE 100 
index dropped 46.2 points yes- 
terday to 3,155.3, a low for the 
year. Gilt prices also dropped, 
with the June long gilt future 
falling by three-quarters of a 
point. 

Hie retail prices index rose 
0.6 per cent month-on -month, 
according to the Central Statis- 
tical Office, more rapidly than 
the 0.4 per cent analysts had 
been expecting. _ 

The headline rate of infla- 
tion, the annual rise in the 
RPl fell to 2.4 per cent in Feb- 
ruary from per cent in Jan- 


uary, as a substantial increase 
in February 1993 dropped out 
of the annual comparison. 

Analysts had been hoping 
that the RPI figure would fall 
to 2J2 per cent 

Similarly, the underlying 
annual rate, which excludes 
mortgage payments, was 
unchanged at 28 per cent com- 
pared with the consensus fore- 
cast of a fall to 2.6 per cent. 
The government's present tar- 
get range for underlying infla- 
tion is 14 per cent 

Recent inflationary signals 
have been mixed with weak 
figures on producer prices in 
February offset by news of a 
small rue in the annual rate of 
growth of average earnings in 
December. 

Some traders had been hop- 
ing that good inflation figures 
yesterday might allow the gov- 
ernment to reduce base rates 
from their current 585 per 
cent However, Mr John Mar- 
sland, economist at the broker 
UBS. said the “disappointing 


figure puts back the date of the 
next rate cut”. 

Mr Eddie George, governor 
of the Bank of England, and 
Mr K enn eth Clarke, the chan- 
cellor of the exchequer, will 
hold their next monthly mone- 
tary meeting on March 30. 
Analysts think It unlikely that 
the pair will want to cut base 
rates without some evidence 
that February’s inflation fig- 
ures were a blip rather than a 
sign of an upsurge in price 
pressures. 

The last rate cut, announced 
on February 8, was seen by 
many analysts as badly timed 
as it coincided with the publi- 
cation of a Bank of England 
inflation report which referred 
to an “asymmetric" risk of a 
rise in inflation. 

Mr Adrian Cooper. UK econ- 
omist at broker James CapeL 
said the authorities would 
want to wait until the March 
inflation figures were 
announced (on April 15) before 
•making a cut. 


Rover plans Bulgarian production 


By Kevin Done in London and 
Virginia Marsh in Bucharest 

Rover group is aiming to begin 
assembly of its Maestro car 
and van range in Bulgaria by 
the euri or the year. 

The UK carmaker, a subsid- 
iary or BMW of Germany, said 
last night that it expected to 
set up a joint venture company 
with Bulgarian banks and 
other local partners within six 
months. , 

Rover plans to cease produc- 
tion in the UK of the li-year- 
old Maestro, a small family cor 
Bret launched in 1983, m the 
autumn this year. 

The Maestro assembly Jme 
equipment will be shipped 


from Rover’s plant at Cowley, 
Oxford to a plant at Varna on 
the Black Sea. 

Rover said that the Maestro 
would be assembled in Bul- 
garia from CKD (completely 
knocked down) kits supplied 
from Cowley. 

It is planning to produce up 
to 10,000 Maestros a year in 
Bulgaria with a significant 
share of the output to be 
exported to other markets in 
east Europe, 

Rover is expected to take a 
significant minority stake in 
the joint venture, which would 
be secured through the provi- 
sion of the car and the transfer 
of technology- 

It would not make any finan- 


cial contribution to the ven- 
ture, the company said last 
night. 

It is planned that the joint 
venture would produce both 
car and van derivatives of the 
Maestro range and both would 
be equipped with the 2 litre 
diesel engine currently fitted 
in both the Maestro and Mone- 
tego ranges in the UK. 

A 12-man team from Rover is 
currently in Bulgaria investi- 
gating the plant in Varna, 
where the Maestro will be 
assembled. “We are going to 
strip out the plant and re-fit 
it,” the company said last 
night 

“We hope to have set up the 
joint venture company within 


six months,” said Rover last 
night. “And we hope to start 
production by the end of the 
year." Rover has already estab- 
lished a representative office in 
Sofia. 

• Dagenham Motors, the 
south-east of England Ford 
dealer group, is raising £98m 
through a 2*for*5 rights issue, 
its first share issue since the 
company was floated in 1988. 
The group increased its pre-tax 
profits by 58 per cent last year 
to £285m (£i.4$n) for the year 
to December 31 ending four 
years of decline. Before the 
recession profits peaked at £4m 
in 1988. 

Details, Page 20 


Eggs get 
adverts 
on their 
face 


By Diane Summers, 

Marketing Correspondent 

From next Monday morning 
breakf asters will be able to 
read their boiled eggs, as well 
as their cereal boxes. British 
Teleco mmuni cations has takun 
advertising space on 13.5m 
eggs to promote its new day- 
time phone charges. 

BT said the eggs, which will 
bear the message “Wake up to 
BTs new Daytime Rate”, were 
a “cheap medium” wnahiing it 
to get over the message that 
the old peak charges have 
been abolished. 

European ministers failed to 
agree in September last year 
about whether advertising on 
eggs should be allowed but 
gave the go-ahead for a two- 
year trial of the technique. 

Agency Holmes & Merchant 
Blitz, which is producing the 
BT advertising, said the cam- 
paign was the first such large- 
scale promotion in Europe, 
although It believed egg adver- 
tising had been tried in Israel. 
However, British eggs did 
carry a lion symbol denoting 
hygiene standards, until the 
early 1970s. 

The advertisements are 
printed on the eggs using a 
high-pressure jet blowing dots 
of food colouring. Over 20 
packaging stations have been 
equipped to print the patented 
“Eggverts”. The eggs will be 
distributed through supermar- 
kets In time for Easter. 

Mr Gareth John, of Holmes 

& Marchant Blitz said that 
retailers were now demanding 
date marking on eggs. Tf con- 
sumers are to benefit from this 
and existing low prices, egg 
packers need to cover the 
extra cost they incur in install- 
ing the printing equipment” 


Major’s 
seen as 


When Margaret Thatcher raged 
about Europe invariably it was 
a sign a weakness. The argu- 
ment was r unning against her. 
She needed an outlet for her 
frustration. 

Nothing has changed. Mr 
John Major's newly discovered 
Gaullism is a synthetic affair. 
He has chosen to fight 
Britain's partners over voting 
rights in an enlarged European 
Union because his position is 
weak, not strong. 

That anyway was the judg- 
ment both of Tory Euroscep- 
tics who applauded his tirade 
this week against Brussels and 
of Europe enthusiasts who 
warned the party may be on 
the verge of another civil war. 

Mr Major has decided he 
needs the support of the Tory 
right - the group he courted 
then abandoned when they had 
secured his succession to No 10 
- if he is to survive the sum- 
mer. 

The parallels with last 
autumn are unmistak eable. 
Then Mr Major launched his 
ill-feted back to basics initia- 
tive to rebuild bridges with his 
ideological enemies. 

Now the prime minister who 
promised to put Britain at the 
heart of Europe is picking a 
fight with its partners. The 
European elections in June 
will be fought on a nationalist 
platform: Britain for the Brit- 
ish one rightwing minister 
suggested as an appropriate 
ramp aign slogan. 

Mr Major appears genuinely 
determined not to give way 
over the size of the blocking 
minority. He has no qualms 
about relying on socialist 
Spain as his only ally. 

Mr Douglas Hurd, whose 
public manner suggests that he 
finds the prime minister’s rhet- 
oric distasteful, cannot now 
sign up to any formula which 
looks like a retreat. 

Mr Major claims the bulk of 


new Gaullism 
synthetic affair 

An increasingly a r gue * the Eu ™ pean 

i ir ■' almost every issue of 

frustrated PM _ „ „ „ 

t . The combative Mr Ken 

may be on tne Clarke likes picking fights 

J • Brussels - just as did 

rOpeS, WnteS local authorities and t 

Oi ■ unions - but his fundamc 

Jr fillip Otepnens commitment is not in doui 


his party is behind him. It is 
true that since the stand was 
taken on defending the mis- 
named “British veto" back- 
bench opinion has hardened. 

Demoralised Tory MPs see in 
the battle with Johnny For- 
eigner a chance of easy head- 
lines. They are encouraged 
that a leader more typically 
swept along by events is ready 
for once to back up tough 
words with tough action. 

Many Conservatives swal- 
lowed the rhetoric used by 
Messrs Major and Hurd to sell 
the Maastricht Treaty. That 
accord they were told, marked 
the end of the road for 
Europe’s centralists. The 
nation state would return cen- 
tre-stage. 

Mr Hurd, who once more 
accurately described the treaty 
as “an honourable draw", 
never believed his own propa- 
ganda. But it is too late for the 
foreign secretary to admit that 

So the long-sought entry to 
the Union of Sweden, Norway, 
Finland and Austria cannot be 
seen to dilute the govern- 
ment’s power to block unpalat- 
able decisions. 

There is a similar mood 
among Tory party activists, 
many of whom are said by pro- 
European MPs to belong to the 
When-in-doubt-bash-a-Kraut 
school of politics. 

Then there is the cabinet 

It has a large pro-European 
majority. Mr Michael Heseltine 
may have given a Eurosceptic 
edge to recent public pro- 
nouncements but within gov- 
ernment he has continued to 


argue the European case on 
almost every issue of sub- 
stance. 

The combative Mr Kenneth 
Clarke likes picking fights with 
Brussels - just as did with 
local authorities and trade 
unions - but his fundamental 
commitment is not in doubt. 

But on this issue both Mr 
Clarke and Mr Heseltine 
appear ready to see Mr Major 
fight to the end. It is no acci- 
dent that they would lead the 
betting for the succession in 
any future leadership crisis. 

What is less certain is how 
the pro-Europeans will respond 
if Mr Major walks over the 
brink: if enlargement of the 
Union is seriously delayed. The 
enthusiasts on the back- 
benches have so far allowed 
the sceptics to make the run- 
ning. Now they are threatening 
a resumption of hostilities. 
There might be a happier end- 
ing to the present row. Mr 
Hurd is working on a number 
of possible compromises which 
would preserve the substance 
of the British suggestion. 

Much work is being done on 
a proposal which would hold 
the blocking minority to 23 
votes for contentious social 
issues while increasing it to 27 
votes for less controversial 
directives. Mr Major would 
offer such a deal as a guaran- 
tee that Britain's opt-out from 
Maastricht's social chapter 
could not be circumvented. 

The Tory backbenches would 
cheer him for a day or two. 
The election posters would 
declare that here was a leader 
who battled for Britain. 

But Mr Major would not win 
respect. He is by instinct a 
Tory of the centre-left He is a 
pro-European. But many of his 
natural supporters are now 
ready to desert him in any 
leadership crisis. If it comes to 
that he will find no refuge noth 
new-found friends on the right 



8 


FINANCIAL TIMES THURSDAY MARCH 24 1994 


TECHNOLOGY 


Xerox pioneered much of today’s PC technology. Its 
latest work could be as influential, says Tom Foremski 

The power to 
invent the future 


I f Xerox, the US document- 
processing company, had 
turned all its bright computer 
ideas into money, it would be 
one of the richest and most influen- 
tial companies in the world. 

Located in the heart of Silicon 
Valley, California, the Xerox Palo 
Alto Research Centre (Parcjdid the 
pioneering work for much of today’s 
personal computer technology. This 
included the first personal com- 
puter, graphical user Interfaces (the 
link between the user and the com- 
puter) featuring icons and a mouse, 
laser printers, local area network- 
ing and object-oriented computer 
languages for faster software devel- 
opment. 

Now, two decades after its foun- 
dation, Xerox Parc is working on 
projects that conld become as influ- 
ential as its earlier efforts. But this 
time, it is determined not to let 
them slip through its fingers and be 
exploited successfully by others. 

Under the leadership of Xerox's 
chief scientist John Seely Brown, 
the research centre continues to be 
a breeding ground of innovative 
ideas that could change the way 
people use and interact with com- 
puters. Paul Saffo, a research fellow 
at the Institute for the Future, a 
technology think - tank in California, 
says Brown and his colleagues at 
Xerox Parc are “producing some of 
the most innovative ideas around”. " 
Xerox likes to be known as “the 
doc ument company'’. It might seem 
strange for a business focused on 
paper and photocopiers to pioneer 
computer technologies that have 

X erox Parc was founded 
in 1970 and quickly 
established a reputation 
as a hotbed of new com- 
puting ideas. The company hired 
experts not only in computers but 
also in other disciplines such as 
linguistics, anthropology, psycho- 
logy and social sciences. 

About a third of the 325 research- 
ers have no academic qualifications 
In computer science or electrical 
engineering. Xerox Parc owes much 
of its creativity to its campus-like 
setting and a very informal atmo- 
sphere. 

Peter Bedford, an electronics 


promised the “paperless office”. But 
personal computer technologies 
have increased the use of paper 
graphical user interfeces make PCs 
easier to use and cheap laser print- 
ers have helped to generate more 
paper documents than before. 

“Our mission at Parc is to find 
novel ways of handling the docu- 
ment " Brown explains. “We recog- 
nise that the document is essen- 
tially a social artefact” 

This has led to technology such 
as Paperworks, which can embed 
computer instructions invisibly 
within paper documents, thus bridg- 
ing the gap between paper and elec- 
tronic documents. 

It has also led to the development 
of advanced computer display 
screens that have many of the same 
qualities as paper documents. Xerox 
Parc's active matrix liquid crystal 
display screens have very high reso- 
lutions, better than laser-printed 
paper documents. 

With its partner, AT&T. Xerox 
Parc is developing commercial ver- 
sions of the LCD screen in a way 
that could revitalise the LCD indus- 
try in the US and win back market 
share from Japan. 

But it is the acknowledgement 
that there is a social dimension in 
the way computers are used that is 
producing some of the most inter- 
esting developments at Xerox Parc. 

“One of the themes here Is how to 
use the tremendous advances in 
computer technologies in a way 
that will bring simplicity to life and 
not just keep adding features and 
complexity that cause people to feel 


overwhelmed," Brown says. 

To make computers more effec- 
tive. the user Interface must be 
improved. The best computer inter- 
face, as far as Brown and his 
researchers are concerned, is one of 
which they are hardly aware. 

Last year. Xerox introduced the 
LiveBoard, an electronic white- 
board or chalkboard. Linked by tele- 
phone lines or a network, people in 
remote locations can draw and 
write on the 67in-wide LiveBoard 
screen during collaborative work 
sessions. “The Liveboard is what I 
like to call 'shoulder-to-shoulder 
computing 1 . I've seen people use it 
and forget that they are using a 
computer system,” Brown says. 

“It Is pari of our goal to buDd 
computer systems that support a 
distributed workplace, with the 
same kind of social dynamics that 
we are used to.” 

The LiveBoard is part of a con- 
cept known as ubiquitous comput- 
ing. It envisages a workplace in 
which people are surrounded by 
hundreds of computers. Some are 
tiny, like the PareTab, about the 
size of a Post-It note, while others 
are no larger and only slightly 
thicker than a sheet of paper. 

Workers in this office of the 
future would wander around with a 
small computer ID badge. Through 
infra-red connections, the badge 
would announce them to all the 
nearby computer devices in their 
vicinity. It would not only trigger 
automatic doors, but also identify 
users to the computers. During a 
meeting, for example, an office 



Bran Tram jfa na wdA iW wr Ammon 

On hand: Xerox envisages a workplace brtstfing with computers such as PareTab 


worker would be able to use what- 
ever computer device was nearby to 
do work, receive messages from col- 
leagues and send out requests for 
information- This would essentially 
take the “personal” out of personal 
computer. 

Brown explains that providing 
mfonnation to workers at the right 
time and “capturing” their know- 
ledge wfll be of key importance for 
companies. This is where adaptive 
learning comes into play. Brown is 
the founder of the California -based 
Institute for Research on Learning, 
which addresses the problems of 
lifelong learning and how that 
applies to corporations as well as 
individuals. 

“There are 100,000 people at 
Xerox. Each one of us is learning 
and inventing every day. If you 
want to master the enterprise, you 
have to develop technologies that 
capture that knowledge in ways 
that can be used to benefit the 
organisation," Brown says. 

With fast- chang ing markets and 
increasing de man ds for employees 


More than computer experts 


engineer and president of TV Inter- 
active, worked there in the 1970s. 
“It was an incredible place. If yon 
ran into a problem, you could talk 
with all kinds of people in different 
fields. People would walk around 
barefoot and work 20 hours per 
day. It was a very comfortable 
work environment, like working aft 
home,” he said. 

While Xerox Parc developed 
cntting-edge technologies, its par- 
ent group was not very good at 


• • . ■ •• r 

. .-.'.I'*!.- 


marketing them. But others had fit- 
tie trouble in wtakfag money out of 
ideas born at Xerox Parc. When 
Steve Jobs, then head of Apple 
Computer, and Apple engineers vis- 
ited Xerox Parc in the late 1970s, 
they were wmageri. They saw work- 
stations with graphical user inter- 
faces equipped with a mouse. Job6 
is reported to have asked: “Why 
aren’t you marketing this?” He bad 
glimpsed the future and began to 
assemble a team to create a new 


Apple system. The team’s work led 
to the Macintosh computer. 

Other companies also benefited 
from the technology at Xerox Parc, 
including laser printer makers like 
Hewlett-Packard, and Microsoft 
with its Windows graphical user 
interface.. Xerox Parc staff have 
gone on to found their own compa- 
nies or direct technology develop- 
ment at large computer concerns. 

Xerox has learnt from its mis- 
takes in not capitalising on its 


to master new skills, the ubiquitous 
computers become essential tools 
that create what Brown calls a 
“knowledgescape". Computers 
become gateways for tapping an 
organisation's knowledge base and 
also adding to it 

Like other computer companies, 
Xerox Parc is also interested in ever 
smaller computers. But Its focus 
extends beyond palm-top computes 
to the molecular level, a science 
known as nanotechnology. This bor- 
rows some of the techniques used 
by makers of silicon chips except 
that instead of malting electrical 
circuits, microscopic mechanical 
machines can be constructed. 

The key to developing effective 
nanotechnologies is being able to 
manipulate individual atoms and 
molecules. Xerox Parc researchers 
claim that with such precise con- 
trol, it would be possible to build a 
computer no larger than a sugar 
cube that would be more powerful 
than all the world’s computers com- 
bined. That, however, is still some 
way off, even for Xerox Parc. 

innovations. It has a venture capi- 
tal division which Help s to set up 
spin-off companies such as Parc- 
Place Systems, the developers of 
the object-oriented SmallTalk lan- 
guage. 

Xerox has also entered into part- 
nerships with other companies - as 
with its LCD technology - to 
develop commercial products. It 
has licensed its technology and 
formed new divisions, like the 
Xerox Advanced Office Document 
Systems division, which is develop- 
ing commercial products based on 
its “smart paper” technology. 


Legislation drives 
the innovators 

Clive Cookson on optimism 
among environmental innovators 


T he environmental 

technology Industry - 
which Is growing so rapidly 
that its sales may exceed world 
chemicals production by the end 
of the century - is holding its 
showcase UK exhibition this week. 

UK companies lag weO behind 
their competitors from Germany, 
Japan and the US in the world 
environmental technology market 
According to a recent OECD 
report this market is worth $200bn 
(£140bn) a year, with growth 
projected to between $300bn and 
$600bn by 2000. 

Even so, the 300 exhibitors at 
the ET94 show to Birmingham 
were in optimistic mood. Many 
believe that the fledgling UK 
industry is on the brink of an 
export breakthrough, with 
continental Europe the main 
target Exhibitors agreed that 
growth in all sectors of the market 
- air pollution control, water and 
effluent treatment, and solid 
waste management - was driven 
primarily by legislative 
requirements. 

“If the UK enforces decent 
environmental legislation, it gives 
a great stimulus for us to develop 
the technology and then use our 
home market as a base for 
expansion into Europe,” says 
William Averdieck, managing 
director of Pollution Control & 
Measurement Europe. 

PCME was founded in 1990 with 
private funding to onnnwwriflfise 
an innovative dust emissions 
monitor. The monitor works by 
detecting the transfer of electric 
charge from dost particles to a 
probe in the factory chimney. It 
is particularly suitable for 
measuring low dust levels in small 
smokestacks. 

There have been two vital 
ingredients in PCME's success. 
Averdieck says. One was the 
demand created by the 1990 
Environmental Protection Act 
for industrial dust monitors. Hie 
other was a grant from the 
Department of Trade and 
Industry’s Environmental 
Technology Innovation Scheme 
to develop the product In 
collaboration with Imperial 
College, T/inflnn , and Johnson 
Matthey, the metals group. 

Now PCME's D-Tech dust 


monitor has 60 per cent of the 
UK market for small-stack 
monitoring equipment and export 
sales are growing. At ETS4 this 
week, the company launched its 
first product for the traditional 
"large stack" market including 
power station chimneys. It uses 
"optical scintillation” technology 
to measure dust levels from the 
variation in a light beam across 
the chimney. 

However, not all the innovations 
at ET94 came from new 
companies. Montec. a 20-year-old 
com ply bought last year by 
Northumbrian Water, has 
developed a monitor for low 
volumes and Sows of liquid 
effluent. 

Bryan Jackson, Montec sales 
engineer, says this market Is 
driven by the National Rivera 
Authority's policy of malting 
companies pay to discharge 
effluents into rivers and fining 
them for unauthoris ed di scharges. 

Another feature of ET94 is the 
number of UK government 
agencies that are selling 
environmental services. They 
include AEA Technology, the 
Meteorological Office, Natural 
Environment Research Council 
and Adas, the farm advisory and 
research service. 

The latter carried out £42m 
worth of environmental 
consultancy last year, according 
to Chris Stansfield, Adas head 
of land development It expects 
to pick up more business from 
the Waste Management Licensing 
Regulations which become law 
on May 1. They will drive up 
waste disposal costs and make 
it more attractive to recycle waste 
or use it on the land. 

Colin Sudd. Adas waste 
manag ement consultant, says: 

“It will certainly pay producers 
to conduct feasibility studies in 
their waste disposal options now." 

Foot years of Adas tests and 
evaluations have borne fruit for 
National Power and PowerGen. 
These show that gypsum - a 
mineral produced in large 
quantities by “flue gas 
desulphnrisation” plants from 
coal-fired power stations - can 
be spread on fields to Improve 
the soil, rather than dumped in 
expensive landfill sites. 


We have always 
a special 



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CONTRACTS & TENDERS 


EISEh. 


Ente per \e Nuove Tecnologie, I’Energia e I’Ambiente 
Agency for New Technologies, Energy and Environment 

EXPLORATORY INVESTIGATION FOR THE CHARTER 
OF A OCEANOGRAPHIC-CARGO VESSEL, ICE CLASS. 

Within the framework of the National Programme of Antarctic Research 1991-1996 of the Ministry for Universities and Scientific and 
Technological Research (law no. 380/91 ) ENEA plans to charier a suitable equipped vessel, with scientific - oceanographic and cargo 
capacity. Tentatively, the charter shall be for the September - April period, starting from this year for three years ( !994-’95, l99S-*96, 
l996-’97). 

The vessel shall have the following characteristics: 

— cargo capability of 2,000-4,000 cu. m. in the holds, for containers, materia) in bulk, vehicles, components and equipment; 

— lifting devices. L e., winches, cranes and frame cranes (at least one of them should have a lifting capacity of about 35 ton.). The 
lifting devices should be distributed along the full length of the vessel, in order to service the entire hold; 

— helideck capable of handling a Bell 212 helicopter, equipped with fueling and firefighting. It is also necessary that the vessel has 
hangar or hold space for no. 4 Squirrel AS 350 helicopters and an ISO20 container for spare parts; 

— accomodation in cabins for about 90 people; 

— ice dass I A Super, according to the R.IJ’la. rules, or its equivalent; 

— - availability of about 250 sq. m. for laboratory use; 

— available space for installing and operating 5 oceanographic winches at the stem, 2 on the port side and 2 on the starboard side; 

— possibility of installing on the hull, in appropriate locations, electroacoustic and/or optical transducers; 

— equipment necessary to comply with the requirements of the Antarctic Treaty and the Madrid Protocol on Environmental 
Protection in Antarctica. 

More information is available in the technical specifications which will be sent on request 

Companies which believe they have one or more vessels having the aforementioned characteristics can send to ENEA their 
applications in Italian or in English, in order lo be invited later to send a technical-financial tender. 

The applications shall be sent together with the following documents: 

— description of the vessel with general characteristics; 

— declaration of the legal representative of the company stating the experience in polar areas, with a list of such experiences; 

— declaration of the legal representative of the company, stating that the company has, in the period Sept-April from this year and for 
the three following ycais, the actual availability of the vessel. 

ENEA, after making the selections, will send a draft comma with the derailed procedure of the negotiation and the technical and 
functional specifications of the vesseL, on the base of which the technical-financial tender must be compiled. 

Applications shall be sent to arrive by 12.00 a.m. on 13 April 1994 at the following address; 

ENEA AFFARI LEG AU E COORDINAMENTO PROCEDURE DI GARA 
Viale Regina Margherita. 125 - 00198 ROMA 

ENEA reserves the right to proreed with the charter of the vessel alter the conclusion of the ministerial approval of the funding relative 
to each Annual Executive Programme. The applications do not obligate ENEA in any way. 

For more information please contact Mr Umberto Bonzo: telephone 0039-6-30483525, fax number 0039-6-30486458 or 30484893 




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FINANCIAL TIMES THURSDAY MARCH 24 1994 

MANAGEMENT; MARKETING AND ADVERTISING 

k er s unexciting performance down to its 
s gy ox permanently low prices, asks Nell Buckley 


Potential cost of selling it 
cheap every day 


I s everyday low pricing the 
right retailing strategy for 
the 19905? 

Yesterday’s relatively lacklustre 
UK results from Kingfisher - the 
Comet, B&Q, Superdrug and 
Woolworth group - raises a 
question of growing interest to 
City analysts and competitors 
in the retailing industry. 

Kingfisher unveiled a jump in 
1993 pre-tax profits from £ 205 m, 
before exceptional items, to 
£309 -3m - apparently a strong 
performance. But much of the 
gain came from last year’s £lbn 
acquisition of French electrical 
retailer Daity, without which 
earnings growth since 1990 would 
have been unexciting. 

The blame in some quarters 
is being put on the strategy 
promoted by Sir Geoffrey 
Mulcahy, Kingfisher chairman, 
of catting prices, which has 
resulted in lower margins but 
disappointing volume growth 
Sir Geoffrey, however, is adamant 
that the approach is sound, but 
that it needs time. 

“The combination of a shift 
away from promotions and 
to everyday low pricing, stronger 
merchandise ranges and 
significantly improved customer 
service generally resulted in 
promising increases in 
like-for-like sales,** he 
Everyday low pricing dates hap.fr 
to the start of modern retailing 
last century, to Woolworth’s “Five 
and dime” stores in the US or 
Marks and Spencer’s penny 
bazaars in the UK. There have 
always been “discount” retailers 
concentrating not on high 
margins, but on selling large 
volmnes of goods as cheaply as 
possible. 

What refocused attention on 
the potential of that approach 
in the late 1980s - especially in 
the US - was the huge success 
of discount chains such as 
Wal-Mart and Kmart, and other 
new formats such as warehouse 
dubs, or “category killers” like 
Toys K Us, whose central 
philosophy is KDLP. 

The theory Is that in chains 
which tightly control costs, lower 
prices should increase volumes 
and market share, generating 
Increased profits and buying 


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power which mti be used to cut 
prices further - the so-called 
“virtuous rinde”. 

Ot her retailers experimented 
with a consistently low-price 
stance. The shift to EDLP was 
given further impetus in the US 
when the consumer goods giant 
Procter & Gamble decided in 1991 
to adopt an EDLP approach in 
supplying retailers, ending “trade 
allowances” - periodic discounts 
to retailers to allow them promote 
brands at lower prices. 

By mid-1992, one US survey 
found six out of 10 
packaged-goods manufacturers 
and almost half of all retailers 
had implemented or tested EDLP. 

Now EDLP, value pricing, or 
“investing in margin”, are 
becoming buzzwords among UK 
retailers - partly in reaction to 
the recent influx of US and 

ftonttne ntal Bnw p»an ifltwmnt 

formats. 

Kingfisher hac been the most 
vocal proponent, although Sr 
Geoffrey’s EDLP campaign kicked 
off in earnest only a year ago, 
with the introduction of 
permanently reduced “key lines” 
in his chains Some retail experts 
support his claim that it is too 
early to judge the results. 

They argue customers are slow 
to pick up the low-price message 
on high-ticket products purchased 
only infrequently - such as those 
in Kingfisher's B&Q DJY chain 
or Comet electrical chain. 

Critics counter that the results 
of EDLP should have been seen 
more quickly in lower-ticket 
chains such as Woolworth. They 


also point to the apparent success 

of EDLP elsewhere. 

One example is Marks and 
Spencer, which has not referred 
to it as such, but which some 
analysts argue has effectively 
adapted an EDLP approach. Its 
“Outstanding Value” eampa ign, 
launched tn autumn 1992, froze 
the price of 75 per cent of its 

products, and reduced the price 

Of the remainder. 

The campaign brought a 
significant increase in volumes, 
attested to by MAS suppliers, and 
a 21 per cent increase in profits 
in the latest half-year to E308m. 

Moving to permanently low 
pricing has been central to the 
recovery of the Asia and Gateway 
grocery chains, after both ran 
into difficulties in the early 1990s. 
Asda was reported last week to 
be strengthening its commitment 
to EDLP with a call to its 
suppliers to move away from 
periodic discounts towards 
consistently lower prices. 

Yet, strangely, a limited move 
to EDLP does not seem to have 
worked at the UK’s biggest grocer 
J Sahtsbury, which indefinitely 
cot the price of 300 own-label 
products accounting for 10 per 
cent of sales last October. The 
result, revealed in January, was 
a 0.4 per cent drop in gross 
margin and a l per cent 
underlying Call in sales. 

Analysts suggest that 
Sainsbury’s move, like 
Kingfisher's, suffered from poor 
marketing. 

Yet both ran higher-profile 
campaigns than Marks and 
Spencer. 

“I am still convinced KDLP will 
play a major role in UK retailing 
in tiie 1990s,” says Richard 
Hyman, director of retail research 
group Verdict “Kingfisher has 
taken an important step in 
introducing it into its corporate 
strategy.” 

Whether or not such predictions 
come true, it is already clear that 
simply cutting prices may not 
bring customers streaming 
through the doors. Getting the 
range of products and customer 
service right, and effectively 
communicating the message to 
consumers, are an integral part 
of the process. 


T he world has changed. We 
used to market to pharma. 
cists, physicians and hospi- 
tals. Now it will be govern- 
ments and companies. We must do 
more than show that a drug is safe 
and works. We must demonstrate It 
has a good economic outcome." 

These are the words of Jan 
Leschly, incoming chief executive of 
Anglo-US drugs company Smith- 
Klin e Beecham, at last month's 
annual results presentation. He was 
outlining an important transforma- 
tion in drugs company marketing; 
the recruitment of economists. 

The world’s drugs companies 
spend at least $60hn (£34-2bn) a year 
on mi«* and marketing, according 
to analysis by the stockbroker Leh- 
man Brothers. The figure repre- 
sents about one-quarter of their 
total sales revenue and more than 
twice as much as they devote to 
research and development 
The money is devoured by fleets 
of sales executives - big names 
such as Merck. Glaxo and Pfizer 
have more than 1,000 in the US 
alone - as well as by large budgets 
to advertise in medical journals. 

Making money in pharmaceuti- 
cals has long been about persuading 
doctors to give up the tried and 
tested in favour of something new. 
But that is not enough any longer. 
Government healthcare reforms 
around the world, designed to 
tighten controls on spending, have 
already cut drug prices in Japan 
and sales in Europe. Some drugs are 
no longer available on national 
health services. Others have bad 
price cuts imposed. 

In the US. the world's biggest 
market with about one-third of 
global sales, the pharmaceutical 
industry is not only learning to 
cope with deal-minded hospital 
fihafm and Insurance ^wpaniw!, it 
is bracing itself for the Clinton 
administration's reforms. 

Drug companies have concluded 
that they need to convince the 
organisations which pay - govern- 
ments, employers or insurance com- 
panies - that a particular drug 
offers good financial value. 

Sandoz. the Swiss company, for 
example, has formed a core group of 
three economists at its Basel head- 
quarters and several more are 
employed in subsidiaries outside 
Switzerland. They write studies on 
the economics of different courses 
of treatment Sandoz publishes 
some of them, others are submitted 
to learned journals. 

“The pharmaceuticals industry is 
being increasingly forced to use the 
tools of health economics," says Bill 
Fufliger, head of corporate market- 
ing at Sandoz. 

“Buyers Increasingly require a 
demonstration of value for money. 
It is not public relations, [it is appli- 
cable] anywhere there is a compet- 
ing' demand for health sector funds 
such as [a decision between] a hip 


World drug Industry 



Sales andmarttetingoxpendRure&ffl 


70 ~ *-***> 

: : 


— — - 





SO—*!* 


— 7 -' ■ 



nea a a r ch and de v elopmen t Sbo 



19BP 87 
Sourev Mmm Swthan 


90 91 92 93 


Economists in 
the salesforce 

Drugs companies are focusing their sales efforts on the 
financial implications of treatments, says Daniel Green 


operation or a kidney transplant," 
he adds. 

Fulllger argues that the work has 
already helped to persuade many 
healthcare buyers that a kidney 
transplant, for instance, is cheaper 
than kidney dialysis when costs are 
compared over the longer term. 
Sales of the company’s drug San- 
dimmim, which cuts the chances of 
a new kidney being rejected, are 
worth more than SFrl.lbn (£50Qm) a 
year. It is now the com pany ’s big- 
gest selling product 

Glaxo, Europe's biggest drugs 
company, is using pharmacoecon- 
omists slightly differently. It first 
employed them in the US in 1989 
and the idea is now being trans- 
planted to Europe. The company 
currently employs about 50 people 
in the field. 

The Glaxo pharmacoeconomists 
are part of its R&D function: last 
year the company split R&D into 
basic research and “commercial 
development”. 

The economists work in both 
groups and the results are used to 
determine how “sellable” to payers 
a drug under development is likely 


to be. and in the selling process 
ttseff 

Glaxo says its economists are not 
trying to measure h uman heal th in 
cash terms. Greg Boyer, a phanna- 
coeconomist on secondment from 
Glaxo in the US to the UK opera- 
tion, talks of persuading govern- 
ments of the cost benefit and of 
“the value to society” of a new 
drug. 

“We want to be sure that we don’t 
limi t ourselves to pounds and dol- 
lars. We want to study the whole 
patient outcome, to capture 
patients' ability to do productive 
work,” says Boyer. This would 
mean examining the economic ben- 
efit to a society of using drugs. 
Would, for example, the sick-pay 
hill be reduced, as well as the more 
direct costs of nursing? 

Involving the effect of drag pres- 
cribing on society as a whole Is an 
ambitious goal and not one to 
which buyers are necessarily sym- 
pathetic. Governments such as Aus- 
tralia's, which requires an economic 
analysis of a drag as wen as clinical 
data to be submitted for approval, 
exclude reference to the benefits for 


society. “Governments are reluctant 
to allow that kind of information to 
get to the negotiating table." says 
Boyer. It is easier to look at the 
bottom line of a hospital pharma- 
ceuticals budget than the cost to a 
country of a treatment, he says. 

This has not stopped Smit hKlin e 
Beecham going down the same 
route. Bob Demarinis, head of out- 
come research and pharmacoecon- 
omics at SmithKline’s Beecham's 
Pennsylvania offices, says evaluat- 
ing the widest possible economic 
impact is an essential part of his 
work. His team of eight people 
works at all stages from R&D 
through to the commercialisation of 
a drag. 

Healthcare buyers increasingly 
d emand to know what the effect on 
their overall finances will be when 
they opt for one drug or another, he 
says. 

S mithKline Beecham is ree miting 

more pharmacoeconomists where it 
can find them. The task is not easy: 
at least one other large pharmaceu- 
ticals company admits that the 
shortage of qualified people is such 
that it has to train them inhouse. 


This announcement appears as a matter of record only. 



1 



Bahia Bank Limited 


(Incorporated in the Commonwealth of The Bahamas) 
A subsidiary of 

BANCO DA BAHIA INVESTIMENTOS S.A. 


US$ 50,000,000 


EURO-CERTIFICATES OF DEPOSrr PROGRAMME 


Dealer and Arranger 
ING BANK 



BANK 


Internationale 

Nederlanden 

Bank 

January 1994 




J TO SAVE ALL § 

" THESE TREES WE V 



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S o a WTF pojos is Coxa Rb a 
lat at dMgwpoffflng a two afloat 
bmgug don xvmi otkn awsd it. 
And bow o mm it widow WUoag 
i pah ihreogj] the gmamfiDg nets. 

If de eaufaws an and wiatf , icy 
can be osed fcatv ti Hdp WWFprow 
das in taadbrcsB afflud the wedd, b? 
writing m the MaabccUp Officer at dv 
address Wow. 

WWF 

Vtorld Wide Fund For Nature 

(fandrSbU WH2r tad) 

ITOOni Smnted. 



i»s'i . . - ...i 



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any otter bufeMS rhMMWMr*. 

tf yo» would Mu to rwwch ttte kapoitaot audfeaw by wtwfeta« ki 
tteSmay plaaso catfb 

Patricia Sumdge In Lenten Tol: 071 873 3426 Fac 071 873 342S 
or Mr Rfldu Ftorescu In Bucftamst Tel: +401 312 6969 Fac +401 312 1497 


FT Surveys 


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a. Talk fluently 
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10 


FINANCIAL TIMES THURSDAY MARCH 24 1994 


PEOPLE 


Pentos seeks to 
turn over a new 
leaf at Dillons 


Pentos has had a rough time of 
things lately; no signs of fair 
weather in the offing yet 
either, as Frank Brazier, SO, 
chief executive of Dillons, the 
bookstore chain, yesterday 
abruptly cleared his desk and 
departed from the Pentos 
board and the helm of Dillons 
after spending ll years with 
the company. 

Bill McGrath, Pentos' chief 
executive, was unavailable for 
comment on Brazier's resigna- 
tion, though his going will 
inevitably be seen in the con- 
text of Pentos 1 recent financial 
and structural difficulties, 
which some close to the com- 
pany describe as a “horrible 
mess". McGrath formally took 
over as chief executive at the 
beginning of this year. 

Analysts are forecasting sig- 
nificant group losses for the 
current year's trading, follow- 
ing exceptional charges likely 
to be near the £30m mark. 

Having paid £3.7m for S3 
Hyman Computer Stores two 
years ago, Pentos sold off the 
chain for £100,000 at the begin- 
ning of this year to People's 
Phone. Some of the group's 172 
Athena poster shops are 
believed to be on the market. 
Group debts peaked at £86m 
before Christmas. 

Strapped for cash, Pentos is 
imminently expected to 


announce a rights Issue in 
order to fill a black hole which 
some expect to be as high as 
£65m in total losses this year. 

Back in February the group 
was ticked off by the Financial 
Reporting Review Panel for 
failing sufficiently to disclose 
the level reverse premiums on 
its shop leases - the payments 
made by landlords to attract 
key tenants - contributed to 
1992 profits. 

Turning the pages of Pentos' 
recent fortunes has not, there- 
fore, been a happy experience, 
and recovery will not be easy. 

Evidently McGrath has 
thought it time to act, and to 
address Dillons' problems at a 
senior level, Paul Hogarth, Si, 
has been brought back to be 
operations director from a sim- 
ilar role with another part of 
the group, the Ryman statio- 
nery stores. 

Meanwhile, Brazier’s succes- 
sor is to be Joe Sinyor. 36, for- 
mer chief executive of the 
clothing company Pepe Group 
between 1990 and 1992. Sinyor's 
title will be managing director 
at Dillons; he will have his feet 
under the table by the end of 
March. His strategic expertise 
will come in handy at Dillons, 
where control over inventory 
levels and management infor- 
mation systems is regarded as 
having gone rather awry. 


Bodies politic 

Training mediators as well as 
coping with such hands-on jobs 
as sorting out a dispute 
between a minister and his 
church elders are among the 
challenges facing David Rich- 
bell in his new job as director 
of training at the Centre for 
Dispute Resolution. 

It is a job that 50-year-old 
Richbell, a lay preacher and 
Fully accredited CEDR media- 
tor. says he will find deeply 
satisfying. “Mediation fulfils 
my belief in reconciliation and 
peacemaking," he says. "I am 
extremely unhappy with the 
adversarial legal system as this 
polarises people into more 
entrenched roles.” 

CEDR is much smaller than 
Acas, the advisory, arbitration, 
and conciliation service which 
is financially backed by the 
government Rather. CEDR Is 
an independent, non-profit 
making organisation, backed 
by a number of bodies includ- 
ing the Confederation of Brit- 
ish Industry. Richbell says 
CEDR can handle any kind of 
mediation between parties in 
dispute, except criminal cases. 

■ Sir Brian Pearse, about to 
retire as chief executive of 
Midland Bank, has been 
appointed chairman of 
BRITISH INVISIBLES. 

■ Ron Adams, a former 
marketing and sales director at 
Cookson Group, has been 
appointed secretary-general of 
the BRITISH CERAMIC 
PLANT & MACHINERY 
MANUFACTURERS' 


ASSOCIATION. 

■ Era Hairs, general manager 
of Continental UK, has been 
appointed president of the 
GRAIN AND FEED TRADE 
ASSOCIATION. 

■ Paul Preston, president and 
ceo of McDonald's Restaurants 
in the UK, has been appointed 
chairman of the EMPLOYERS’ 
FORUM ON DISABILITY. 

■ Barry MacDonald, formerly 
finance director of Reuters 
Television, has been appointed 
director of finance at the 
SPAS TICS SOCIETY. 

■ Rupert Nabarro, md of 
Investment Property 
Databank, has joined the board 
and Peter Long, formerly a 
project director with Arlington 
Securities, has been appointed 
property director of the 
BLACK COUNTRY 
DEVELOPMENT 
CORPORATION. 

■ Robert Peel, chief executive 
and deputy chairman of Mount 
Charlotte Investments, has 
been appointed president of the 
BRITISH ASSOCIATION OF 
HOTEL ACCOUNTANTS. 

■ Sir John Egan, chief 
executive of BAA, has been 
appointed to the board of the 
BRITISH TOURIST 
AUTHORITY. 

■ Richard Close, md finance of 
the Post Office, has been 
appointed chairman of the 
board for Chartered 
Accountants in Business of the 
ICAEW. 

■ David Russell, formerly 
chief executive of Coats 
Industrial, has been appointed 
chief executive of SCOTLAND 
IN EUROPE on the retirement 
of David Ross. 


■ Tom Butler, md of 
EDS-Scicon; Barry Dennis, 
director-general of the National 
Association of Waste Disposal 
Contractors; Hugh Mortson, 
director-general of the Scotch 
Whisky Association; Ernest 
Murray, director of advances 
and credit policy, TSB; David 
Parker, director-general of the 
UK Petroleum industry 
Association; Brian Venables, 
company secretary of the 
Electricity Association; and 
David Vicary, chairman of the 
Chamber of Coal Traders, have 
been appointed members of the 
CBl’s national council, 

M Richard McLaughlin, a 
former director of Wimpey 
Group and chairman of 
Wimpol and Wimpey 
Environmental, has been 
appointed director and general 
manager of BSI Quality 
Assurance, the certification 
arm of the BRITISH 
STANDARDS INSTITUTION. 

■ Robert Sillier (below), md of 
Hillier's Nurseries, has been 
appointed chairman of 
HAMPSHIRE Tec. 



Electronic 

switches 

Why should a former chief 
secretary and deputy governor 
of the Turks & Caicos Is l a nd s , 
one Of the UK's few remaining 
dependent territories, have 
heard of Kapiti? And what 
made him take the post of 
human resources director with 
one of the UK’s more outiand- 
ishl y named financial systems 
suppliers? 

The answer is that Marie For- 
rester, now 49, has had a broad 
and varied career including 
spells as private secretary to 
both Sir Edward Heath mid 
Lord Wilson and head of per- 
sonnel for Paribas Capital mar- 
kets group. He learned about 
Kapiti, a private company with 
New Zealand connections and 
turnover to end 1992 of £2A3tn, 
through spells with banking 
groups including County Bank, 
the merchant hanking subsid- 
iary of National Westminster. 
His experiences abroad qualify 
him to help Kapiti expand its 
international operations. 

Educated at the Royal Gram- 
mar School, High Wycombe, 
Forrester spent the early part 
of his life in Whitehall eventu- 
ally moving into the establish- 
ment arm of the Civil Service 
and taking responsibility for 
personnel budgeting, training 
and pay negotiation. 

He Joined the hanking world 
in time to enjoy the City’s Big 
Bang and its consequences and 
in 1992 took on a contract as 
head of administration for the 
Turks & Caicos Islands. 


responsible for 1,200 civil ser- 
vants and 13,000 islanders. 

He Haims not to miss Grand 
Turk, six square miles of the 
West Indies that was his home 
for two years. The nearest he 
gets to it these days is Kaplti's 
Slough headquarters, incon- 
gruously named Key West. 

Ben Maddocks, 46, who 
joined Kapiti at the same time 
as marketing director, also has 
Caribbean connections- For a 
spell he worked in Bermuda 
with American International, 
the bellwether among property 
and casualty insurers. 

His background, however, is 
not in insurance but in chemis- 
try and physiology. Educated 
at the University of Aston in 
Birmingham, he explains that 
an understanding of physiolog- 
ical processes is an excellent 
preparation for business pro- 
cess re-engineering and other 
transformations undergone by 
corporate bodies as well as liv- 
ing ones. 

He learned financial manage- 
ment with Burroughs Corpora- 
tion and the Legal & General 
group where he reckons to 
have been one of the first in 
the insurance industry to 
introduce standard costing 
techniques - commonplace 
these days, but revolutionary 
in the 1970s. 

After American International 
in Bermuda be worked with 
management consultants 
Touche Ross in Toronto and 
Price Waterhouse in the UK. 

His most recent role has 
been as managing director of 
Camsco in London, a subsid- 
iary of Creditanstalt-Bankver- 
ein, the Austrian banking 


group- Camsco provides organ- 
isational and information tech- 
nology services to the tank's 
international network. 

A disagreement over strat- 
egy with the management of 
Creditanstalt led to him join- 
ing Kapiti in February this 
year. 

The company was a pioneer 
of integrated banking packages 
in the LS70s and has continued 
to iunovnto in financial pack- 
ages, including programs that 
operate in Japanese, Arabic 
and Cyrillic languages. Mad- 
docks sees his role as interpret- 
ing the demand of tiro market- 
place and ensuring they are 
met 

m David Osborne, formerly 

director travel services at 
AT&T Istei, has been 
appointed head of marketing at 
GALILEO UK. 

■ Brian Boswell, former group 
finance director of Wheway, 
has been appointed finance 
director of MR-DATA 
MANAGEMENT GROUP. 

■ Vic Morris, founder of 
Software Generation, has been 
appointed md of 
POWERSOFT'S European 
operations; he moves from 
LBMS. 

■ Wayne Morrison has been 
appointed UK md of GE 
information Services. 

■ Steve Newbonld, formerly 
director of marketing at 
Imperial College, has been 
appointed marketing director 
Of MERCURY PAGING. 

■ Chris Cooper has been 
promoted to md of 
IDHAMMAR MANAGEMENT 
SYSTEMS. 


m 


0 


CONTRACTS & TENDERS 






09 

< 

% 




c 


ESTONIA 

International Tender for the sale of 

INDUSTRIAL ENTERPRISES 

by the Estonian Privatization Agency 


Enterprise number, name, location (in brackets: type of business [capacity p. a. if available], 
[turnover of 1993 in EKK (Estonian Kroons) if availablej/number of employees end 1993) 


BAKERIES GRANARIES 


(EE-060) RAS Narva Leib 
EE2Q00 Narva 

(Bread [16,200 ions], pastry [1,080 
tons], biscuits [400 tons], toffee candies 
[300 tons], [23 million EEKJ/206) 

(EE-063) RAS Haapsalu Leivatehas 
EE3170 Haapsalu 
( Bread and bakery products [1,596 
tons, l pastry [30 tons], [7 million EEK]/ 
63) 

(EE-064) RAS Cibus 
EE3600 Pamu 

(Bread [10,800 tons], pastry [ 430 tons], 
(37 million EEKyi 75) 

(EE-066) RE Kuressaare 

Leivakombinaat 

EE3300 Kuressaare 

(Bread [3.747 tons] pastry [85 tons], 

[20 million EEK] 97) 

(EE-075) RAS Tamsalu TERKO 
EE2300 Tamsalu 

fConct?n(ra/ed fodder [281.000 tons), 
wheat flour (68.000 tons], bran 
[9.500 tons], poultry farming [300,000 
chicken, 31 million eggs], egg powder, 
grainstorage [ 1 7.000 tons]‘458) 

(EE-076) RAS Keila TERKO 
EE3053 Keila 

(Concentrated fodder [160.000 tons], 
wheat flour [64,000 tons], grits/260) 


WOOD AND WOOD PROCESSING 


(Production capacity (S-sawn timber, 
L-logsj) 

(EE-141) RAS Tarmeko 
EE2400 Tartu 

(Timber togging, sawn timber 
[S 65.000 cbm, L 100.000 cbm], 
furniture, other wood products (98 mil- 
lion EEKJ/1233) 

(EE- 145) RAS Virumaa 
Metsaloosiuskombinaai 
EE2100 Rakvere 

(Wood trading . sawn timber [S 36,000 
cbm, L 80.000 cbm], vrood products, 
kitchen tumiture/369 1 

(EE-151) RASTarmel 
EE 0100 Tallinn 

( Sawn timber, wooden shields, ply- 
wood, doors, windows, wooden contain- 
ers. timber pedestals, beds, furniture, 
table tennis tables, other wood prod- 
ucts, [22 million EEK]/346) 


(EE-152) RAS Viisnurk 
EE3600 Pfimu 

(Skis [250,000 pairs], fiber board 
[1.9 million sqm], furniture, wooden 
household articles, plastic parts for 
furniture, [78 million EEKJ/830) 

(EE-154) RAS PGssi 
Puitiaastplaadikombinaat 
EE2Q41 Pussi 

(Fiber board (15-2 million sqm], chip- 
board [140,000 cbm], laminated fiber 
board [4 million sqm], [76 million EEK ]/ 
1.050) 

(EE-409) RAS Jdgeva Metsamajand 
EE235Q Kurista 

( Timber logging, sawn and planed 
timber [S 2.500 cbm. L 20.000 cbm], 
other wood products/100) 

(EE-412) RAS Laanemaa Metsamajand 
EE3 1 70 Haapsalu 

(Sawn timber and logs [S 4,000 cbm, 

L 8,000 cbm], other wood products, 

[3.2 Million EEKJ/80) 

(EE-414) RAS Pamu Metsamajand 
EE3600 Pfimu 

(Logs, sawn timber [S 2,000 cbm. 

L 3,600 cbm], garden houses, other 
wood products/75) 

(EE-415) RAS Rakvere Metsamajand 
EE2100 Rakvere 

(Timber logging, sawn and planed 
timber [S 3.000 cbm, L 15.000 cbm], 
other wood products/120) 

(EE -41 6) RAS Rapta Metsamajand 
EE3500 RapJa 
(Wood trading, sawn timber 
[S 2,000 cbm, L 10.000 cbm], other 
wood products/34) 

(EE-417) RAS Rapina Metsamajand 
EE 2611 Ristipalo 
( Wood trading , sawn timber 
[S 8,000 cbm, L 23,000 cbm], furniture, 
wooden houses, saunas, structural 
timber, other wood products/186) 

(EE-421) RAS Tartu Metsamajand 
EE2400 Tartu 

(Timber logging, sawn timber 
[$ 3, $00 cbm, L 20,000 cbm), wooden 
construction components, other wood 
products/ 108 ) 

(EE-425) RAS Voru Metsamajand 
EE2720 Sdmerpalu 
(Wood trading, sawn timber 
[S 4,000 cbm, L 13.000 cbm], other 
wood products/87) 


TEXTILES CLOTHING 


(EE-170) RAS Walko 
EE2500 Valga 

(Men 's and women s wear, children s 
clothes, uniforms, working clothes and 
sportswear, clothes of artificial fur, 
underwear [total 1 .6 million pcsj, 

[30 million EEKJ/675) 


CONSTRUCTION ■ BUILDING MATERIALS 


(EE-298) RAS Elamu 
EE0107 Tallinn 

(Pre-cast concrete, construction of 
pane I houses, structural metal products 
[pre-cast parts 200,000 cbm], 

[29 million EEKJ/392) 

(EE-301) RAS Eesti Vesiehitus 
EE001 7 Tallinn 
( Hydrotechnical construction 
[18 million EEKJ/274) 


ELECTRICAL 


(EE-128) RAS Vofta 
EE01 10 Tallinn 

(Electrical motors for alternating current 
/ 100.000 pcs], ]35 million EEKJ/968) 

(EE-136) RAS Tarkon 
EE2400 Tartu 

(Measuring devices for airplanes and 
airports, electrical measuring devices, 
components for radios and tv-sets 
[37 million EEKJ/1,150) 


MEDICAL 


(EE-239) RAS MRE (Meditsiintehnika 
Remontfi Ettevate) 

EE0Q01 Tallinn 

(Installation and service of medical 
equipment [4 million EEKJ/1 06) 

(EE-498) RAS Tallinna 

Farmaatsiatehas 

EE0013 Tallinn 

(Packaged medicaments 

(100 million pcs], [40 million EKK]/205) 


MISCELLANEOUS INDUSTRY 


(EE-036) RAS Oru 

EE2020 KoWte-Jdrve 

(Peat [500,000 tons], [8 million EEK}/ 

416) 

(EE-139) RE Juveel 
EEQO06 Tallinn 

(Gold and silver jewelry [650,000 pcs], 
silver tableware [600. 000 pcs], table- 
ware of white copper [60.000 pcs), 
minting of coins, (37 million EEKJ/401 ) 


(EE-216) RAS Mainor 
EEOIOOTalBnn 

(Computer software consultation, data 
processing, data bases, other computer 
related activities, market researches, 
business and management consulta- 
tions [14 million EEKJ/134) 

(EE-296) RAS Batti Baas 
EE001 7 Tallinn 

(Harbor services, shiprepair sendees, 

[6 million EEKJ/1 18} 

(EE-297) RAS Evamet 
EE0200 Narva 

(Metal parts, cast iron parts [3 million 
EEKj/317) 

(EE-340) RAS Rfingu Tehas 
EE2452 Rongu 

(Plastic boxes [323,000 pcs], concen- 
trated juice [52, 000 litres], galvanized 
steel plates [10 million EEK)/ 1 00) 

(EE-486) Assets of RAS Spordiiaevade 
Eksperimentaattehas (rented) 

EE0110 Tallinn 

(Motor yachts and sailing boats 
[800 pcs], [2 million EEKJ/47) 


AUTOMOTIVE SERVICES 


(EE-462) RAS Koeru Autoremondhehas 
EE2824 Koeru 

(Car service, painting of cars, car seats 
and upholstery [3 million EEK]/86) 

(EE-501) RAS Autoteenindus 
EE001 6 Tallinn 

(Service and sales of cars, [3 million 
EEKJ/208) 

(EE-504) RAS Pfimu Autoteenindus 
EE3600 Pamu 

(Sendee and sales of cars, spare parts 
and accessories [ 1 million EEKJ/34 f 

(EE-514) RAS Tartu Autoteenindus 
EE24O0 Tartu 

(Sendee and sales of cars [1.6 million 
EEKJ/61) 


TRANSPORTATION 


(EE-225) RAS Pallasb Auto baas 
EE0014 Tallinn 

(Transport, parking lot, retail sale of fuel 
and spare parts [5 million EEKJ/1 31) 

(EE-443) RAS Viljandi Autobaas 
EE2900 Viljandi 

( Transportation of goods: 20 % interna- 
tional [10 miifton EEKJ/207) 



(EE-447) RAS Narva Autobaas 
EE2000 Narva 

(T ransportation of goods: _33 % interna- 
tional. heavy transports [1 7 million 
EEKj/420) 

(EE-456) RAS Mootor 
EE0014 Tallinn 

(International and domestic bus trans- 
portation [250 buses], [35 million EEK]/ 
645) 


FUEL STORAGE DEPOTS 


(Wholesale and storage of solid fuel, 
gasoline, diesel fuel, lubricating oils, 
heating oil and other oil products) 

(EE-530) Huumaa Station 
of RE Eesti KOtus 
EE3200 Kfirdia 

(39 tanks totalling 1 1.300 cbm, 

[13 million EEKJ/20) 

(EE-531 ) Jfirvamaa Station 
of RE Eesti KOtus 
EE2820 Paide 

(43 tanks totalling 3,000 cbm, 

[13 million EEKJ/1 6) 

(EE-532) Kohtia-Jfirve Station 
of RE Eesti KOtus 
EE2020 Kohtla-Jarve 
(11 tanks totalling 10,000 cbm. 

[15 million EEKJ/1 8) 

(EE-533)Narva Station of 
RE Eesti KGtus 
EE0200 Narva 

(37 tanks totalling 16,000 cbm. 

[16 million EEKy25) 

(EE-534) Viljandi Station 
of RE Eesti Kustus 
EE2900 Viljandi 
(46 tanks totalling 13,000 cbm, 

[28 million EEKJ/35) 


WHOLESALE AND RETAIL 


(EE-243) RAS Kommer 
EE0030 Maardu 

(Wholesale, retail and second-hand 
trading [57 million EEK\/212) 

(EE-246) RAS Tameks 
EE0014 Tallinn 

(Wholesale of office items, paper 
articles, photo articles, radios, docks, 
sports articles, spare parts, toys, other 
goods [8 million EEKJ/45) 

(EE-256) RAS Eesti Masinakaubandus 
EE0030 Maardu 

(Wholesale of machinery, equipment 
and spare parts [19 million EEKJ/49) 


Tender Conditions 

1. In accordance with its legal mandate. EesU 
Erastamisagaituur (Estonian Privatization Agency 
"EPA*) intends to seti the aforementioned enter- 
prises by means ot a tender in the following man- 
ner: 

a) bids for a stale owned joint stock company 
(organized as "BAS’ under Estonian law) must 
be for the majority ot the sharosoi the company. 
EPA may reserve a minority of the shates of foe 
company for future public offering of snares; 

b) bids for a state owned enterprise (organized as 
"RE* under E&foman law] must be lor its total 
operations; 

c) bids tore plant must be tor #5 total assets (e.g. 
buildings, leasehold, equipment and Inventory), 
with Inventory finally to be valued as ot Ihe time 
ot acquisition; 

d) Uds lor assetsor parts of an enterprise must be 
for a separable unK of a RAS, RE or plant with 
Inventory Anally to be valued as of the time of 
aquisttfon. 

2. The lender Is pubic and anyone may bid. Legal 
entities an which the State of the RapuMc of 
Estonia or the Municipalities of Ihe State o! Estonia 
or their enterprise nwi one third or more of the 
sherecepitai or ot the voting rights may not bid. 

3. In dacidng among (he bids. EPA will take into 
consideration, among other things, the bid price, 
promisee to maintain or create jobs, pledges to 
Invest, and foe business plan submitted, each ot 
which will be consider ad pan ul Ine too. Upon 
signing a contract the successful Udder w3f be 
required to post a bond in order to guarantee these 


4 Interested parlies can obtain enterprise and plant 
profiles without charge from EPA. EPA fs not 
responsible for Ate accuracy and completeness ot 
this Information. Prospective bidders will receive 
written authorization from EPA to visit foe enter- 
prises or plants on An basis ot which additional 
information will Awn be provided by the enterprise 
or plant management 

5. Bids must be In writing and should be submitted in 

a sealed envelope marked ordy with foe name of 

Are enterprise or plant tor which An bid is submit- 
ted. 

6. Bids must be received at EPA. R&vata 6. 
££0fO5 Taflrwi, Estonia, no later toon 2:00 p. m. 
(focal time), on May 26, 1994(tha*’Ooslng dale") 
BWs wffl thereafter be opened immedteiefy. Bids 

must be denominated mEfitortian Kroon (EEK) or 

Deutsche Mark (DM), and shall remain valid lor 
one hundred and twenty ( 120 ) days after Are 
dosing date. 

7. Bids must be accompanied by a bond ot fivo (5) 
pereemot foe bid price in foe form of an irrevocable 
bank guarantee valid for one hundred and twenty 

(120) days after the closing date. The bid bond 
musr be payable on frrsr demand ana will be 
fattened il the Wider either IsSs to hoW its bid open 
for the required penod or refuses to sign a contract 
In accordance with its bid. 

8. EPA wiSrfodde on foe bids wifornon© hundred and 
twenty (120) days after the closing date. Bidders 
may present their bid within a penod set by EPA 
EPA is entitled to accept a bid other ihan mat with 
the highest purchase price or may rejuci any of too 
bids at any time. 

9. The privatization of the tendered ontwpnsos wilt 
be earned out according 1 o applicable Estonian 
law. 

EPA (Estonian Privatization Agency; 

VfltooSamet Or H. B. Schmid! 

General Director Chief Consultant 

Office hours lor the EPA era Monday through 
Frktey from 9 wn, untu 4 pan. [local ttnw). 


Co 

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For further information (enterprise profile , d ata on Estonia, visit authorization) please contact: 

Tel- 


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(Estonian Privatization Agency - EPA -) 

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FINANCIAL TIMES THURSDAY MARCH 24 1994 


I . 




I 


Q 


ARTS 


li 


A Jightbulb thought 
occurred to me on Tues- 
day morning, as l con- 
sumed two pieces of 
toast and a cqp of tea in 
the company of Steven Spielberg, 
Tom Hanks and Holly Hunter. 
Europe first watches the Oscars 
over breakfast and surely sees this 
spree in truer light than any other 
population on the planet It is not 
about art or entertainment or even 
industry. It is about family: with 
implications for western civilisation 
that we shall come to shortly. 

The world’s most high-visibility 
exercise in self-congratulation has 
all the innocence, though lit to 
bli ndi ng wattage, of a family gath- 
ered round the morning cornflakes 
tearing open Junior’s school report. 
Daddy's letter of promotion and 
Mummy’s pregnancy-test result 
And this family - the Hollywood® 
At Home - has another common 
fam ily trait keep-out exclusiv eness 
trying to turn itself into com e-in 
warmth. 

I think I twigged to this during 
Master Spielberg's acceptance 
speech. Holding high his first ever 
statuette, the bearded wonderper- 
son said something about “the six 
million people who can’t be watch- 
ing this tonight." For one nanosec- 
ond, it was as if Tinseltown realty 
thought that the world - not just all 
its countries, but all its lost genera- 
tions - might be curable by this 
annual riot of meaCTHnif together- 
ness: In which each year, around 
Resurrection-time on the Christian 
calendar, a whole lot of industry 
parents, children, uncles, aunts and 
cousins troop along, each bearing 
his or her emotive constituency of 
thanks and good causes, flan you 
leave your handkerchief untouched 
at so much good will? 

Master Hanks, w inning for Phila- 
delphia and possibly auditioning for 
Philadelphia 2, spoke up tearfully 
for Aids victims. Master Spielberg 
said it for the absent friends of Jew- 
ish history. Auntie Holly (Hunter) 
loquaciously represented the 
world's mutes, winning Best Act- 
ress for her wordless role in The 
Piano. And Grandpa Paul Newman 
was presented with a lifetime good 
causes award, gaining a special stat- 
uette for giving away $80 million 
dollars' revenue from salad dress- 
ing. 

Each member of the Hollywood 
clan had prepared his or her party- 
piece for the underprivileged, as the 
atmosphere got more Di ckensian by 
the minute. In this orgy of PC and 
goodwill, there were only two per- 
sons slightly letting the side down. 
One was hostess Whoopi Goldberg, 
who aimed a mocking quip at her 
own multiple-threat ethnicity 
(black. Jewish . . . ) plus humanitar- 
ian record (see Sister Act 2 below). 
Tbe other was Unde Tommy Lee 
Jones, who in protesting that he 
was not really bald might have been 
seen as reinforcing prejudice 
against the trichologically chal- 
lenged. 

Never mind: the evening's mix- 
ture of good causes and family feel- 
ing was clinched by Miss Anna 
Paqinn (aged 11), winning Best Sup- 
porting Actress for The Piano. I 
confess I stopped right in mid-toast- 



Gathering of the clan: Oscar winners Tom Hanks, Anna Paqnin, Holly Hunter and Tommy Lee Jones, left: Steven Spielberg, right 

Cinema/Nigel Andrews 

At home with the Hollywood family 


chew for this one. The dimin utive 
thespian behaved just like your own 
little Laura/Megan/Tracy going up 
to get her acting prize on Founder’s 
Day. She advanced to the platform, 
opened her mouth and no words 
came out. She stood there making 
gasping motions like a distressed 
guppy; though on a second viewing 
it started to look a little rehearsed. 
Perhaps she had been deputed to 
deliver the “mute” speech that Aun- 
tie Holly, who as Best Actress had 
to say something and say it good, 
could not get away with. 

It is sometimes said that the 
Oscars are decrepit, d£mod£, de-ev- 
erything else you can tMnfc of. But 1 
suspect that they are on the up and 
up: that given time they will take 
over the western world's Ideal Fam- 
ily franchise, now that our own 
dear dynasty has been shot down 
by the tabloids and its own self-de- 
struct instincts. 

With Hollywood fast becoming 
the only dependable royalty, Oscar 
night itself is becoming everything 
the Queen's Christinas speech used 


to be or. to try to be. It gives us a 
glimpse of the world as a giant 
mutual-help family. Woe betide, if it 
has not already betid, anyone who 
brings cynicism to the gathering. 
And lest you think I am fully armed 
with irony, let me say that this 
viewer too shed a tear during 
Hanks's speech. There are Hnww 
when the line between real good- 
ness and showbiz goodness becomes 
terrifyingly blurred and we all get 
sucked in. 

T he game of Hollywood 
Happy Families, incorpo- 
rating Hollywood One- 
Woridism, does not stop at 
Oscar night Sequel! tis is a varia- 
tion on the same phenomenon. 
Look, if you can bear to, at Sister 
Act 2 and Beethoven’s 2nd- In the 
first Miss Goldberg is back in nun's 
habit pouring good deeds over a 
closure-threatened San Francisco 
high school Can she teach the brats 
to warble rock spirituals and win 
the all-state singing competition? 
That way the school will stay open. 


OSCARS ’94 


SISTER ACT 2 (PG) 

Bill Duke 

BEETHOVEN'S 2nd (U) 

Rod Daniel 


DAENS (15) 

Stijn Coninx 


causing Mother Superior Maggie 
Smith to weep into her wimple and 
wicked school administrator James 
Coburn to gnash $5000 worth of 
Beverly Hills bridgework. 

The film tawfUl) is upstaged by 
the publicity hand-out even in the 
area of good deeds. Miss Goldberg 
in her blog is cited for her "tireless 
humanitarian efforts on behalf of 
children, the homeless, human 
rights, substance abuse and the bat- 
tle against Aids." Goodness. And on 
top of that she has twice been 


required to act out, in the Sister Act 
films, a very parable of Oscar night 
itself. For Las Vegas showgirl 
undergoing short-lease metamor- 
phosis as convent sister, read the 
population of Tinseltown turning 
each Easter into a pan-global spiri- 
tual support system. 

That sequels themselves are man- 
ifestations of a deep-rooted family 
instinct - they used, you recall to 
be called "Son Of Such-and-Such" - 
is basic psychocultural diagnosis. 
What is more reassuring to Movie- 
land’s patriarchs and matriarchs 
than the patter of tiny spin-offs 
around the house? Beethoven's 2nd 
gives us not just an addition to this 
movie family but a two-family 
storyline within itself. One is 
human: Charles Grodin and his two- 
up-two-down nuclear foursome liv- 
ing in spring-cleaned suburbia. The 
other is canine: Beethoven the St 
Bernard and his new love and their 
litter of ooh-aab pups. 

It is, be warned, frightful stuff 
The press show audience was nota- 
bly silent, some parts of it being in 


deep shock, others in deep sleep. 
This is a "comedy” with no laughs 
and ladlefuls of sentimentality. But 
in Familyland you must take the 
syrupy-smooth with the exhilarat- 
ingly rough. When togetherness 
does not come out fighting it tends 
just to sit there, wearing a gooey 
smile in the sun and getting stickier 
and stickier. 

We all deserve one non-Holly- 
wood experience this week, but we 
wish it had not been Daens. As Bel- 
gian films about the late-l9th cen- 
tury Flemish trade union movement 
go, this one portentously dawdles. 
One “Up the workers" set-piece fol- 
lows another, with the street fights 
scored for inspirational music (out 
of Hoffa by FIST) being marginally 
preferable to the love-across-the-bar- 
ricades romance between Marxist 
boy and Christian Democrat girl 
(out of Elvira Madigan by The Bal- 
lad Of Joe Hill). Stijn Coninx 
directs. Jan D eclair steals a few 
scenes as the eponymous agitator- 
priest, resembling Gene Wilder ven- 
triloquised by Ian Paisley. 


Theatre/Alastair Macaulay 

All tap and no go in 'Hot Shoe Shuffle' 


A bout 35 per cent of the 
dancing in Hot Shoe 
Shuffle (“The New Tap 
Musical") is slick, athletic, 
high-voltage, strenuous, and utterly 
devoid of the spontaneity that true 
tap is all about. As for the singing, 
the absence of spontaneity is nearer 
100 per cent. All-singing, all- 
dancing. Hot Shoe Shuffle comes to 
us from Australia, where it was a 
wow. Judging by the reaction of the 
first-night audience here (Austral- 
ians thick on the ground), it may 
now London. It is not, however, 
good- 

Tbe beauties of tap lie in the plen- 
itude of rhythm, in the surprise of 
syncopation, in the elegant phras- 
ing with which dense clusters of 
steps are threaded into a larger flu- 
ency, in the contrast between those 
busy feet and the slower changes of 
shape shown by the calmly Informal 
upper body, and in the casual jazz 


brilliance whereby everything 
seems to be improvised. The tap of 
Hot Shoe Shuffle is tense, forceful 
metrically bland. 

Only one dance (“Little Brown 
Jug” danced by a male foursome) 
has any real choreographic interest. 
Elsewhere there are one or two 
good steps (notably a kind of thun- 
dering stag sissonne in Slap’s solo), 
a too-brief solo for Slide (Adam Gar- 
cia, the only relaxed dancer 
onstage), a clever use of six men 
crossing the stage like a chain 
(dropping or collecting a soloist as 
they pass) - and acres of bashing, 
hard-and-fast, highly amplified for- 
mula. 

Though Hot Shoe Shuffle may 


seem to be about tap dance, it isn’t 
Written by Larry Buttrose and 
Kathryn Riding, set in New York, 
it's about showbiz, standard Amer- 
ican showbiz, where backstage 
problems abound but are ironed out 
as The Show Goes On in a golden 
haze of dreams coming true. I can 
be as susceptible as the next man to 
this hackneyed story, as long as it 
reveals some real human freshness. 
But Hot Shoe Shuffle milks every 
dichd with a complete lack of irony. 
Can the Seven Brothers Tap and 
their newfound full-grown sister 
April get this show on the road? 
“We've only got four weeks!” “Tal- 
ent’s cheap - anyone can have tal- 
ent. Slick is Sweat” 


The brothers are mean to April 
who is taller than them, and can’t 
tap like them. She leaves. Then 
they realise that without her they 
can’t win the millions of dollars 
bequeathed to them by their father 
in his wilL So they bring her back - 
she was just hanging around on the 
nearest parts bench - and they train 
her. Then they find there is no 
money to inherit, and that the creep 
who h a s been rehearsing them so 
unpleasantly is actually their 
father. Never mind; as April says, 
“We’ve got something much more 
valuable than money. We’re a fam- 
ily. ” And the Show Goes On. 

All of which could be funny and 
even touching if it were performed 


as if all this were happening for the 
first time; or as if they found it 
amusing that they were stuck in a 
story that has happened so often 
before. But no. Very energetically, 
these Australians conform to the 
most insincere and least witty norm 
of showbiz style. Which is also tbe 
way they sing and dance. 

As April Rhonda Burchmore (5ft 
li i n s without her heels) has the 
main singing role. She puts over 
“Long Ago and Far Away”, “How 
Lucky Can You Get”, “Birth of the 
Blues" with brassy panache, no 
musical individuality, and a boxy, 
worn voice that makes her sound 20 
years older than the 30-something I 
presume she is. The evening’s most 


grotesque feature is the way her 
high-cut leotard reveals a waxed 
bikini line and the folds of what are 
either her underwear or ber tights. 
As for her facial mannerisms . . . 

The forced nature of the whole 
farrago seems to emanate from 
David Atkins, who not only plays 
Spring (the chief brother) but also 
has directed and (with Dein Perry) 
oochoreographed the whole show. 
His brow is alarmingly tense; sweat 
gleams profusely on his face; and he 
employs a wretched smirk amid 
comic dialogue to indicate he is try- 
ing not to "corpse". As their father. 
Jack Webster gives the most bogus 
performance of all. determinedly 
stale. 

Need I go on with this? 1 love tap, 
I love almost every song used in 
this show, and I loathed the way 
this show used them. 


At tbe Queen’s Theatre. 


Music 

Odd Soviet 
bedfellows 

T he Russians keep coming, 
from all musical direc- 
tions. Since the Soviet 
Union was wound up, not 
only have ex-Soviet performers 
flooded the Western market, but 
ex-Soviet composers too. There is 
an eager Western conviction that 
their most original music must 
have been suppressed under Com- 
munism. Hence the sedulously dem- 
ocratic attention given nowadays 
alike to tbe visionary Sofia Gnbai- 
dulina, to knotty Edison Denisov, 
the maverick Alfred Schnittke and 
tbe pious minimalist Arvo PSrt - 
and to anything by Prokofiev or 
Shostakovich that wont down badly 
with tbe old regime. 

On Tuesday at the Barbican, the 
ex-Soviet Alexander Lazarev took 
the BBC Symphony through an 
excellent programme of just such 
oddly-matched bedfellows. First we 
heard Wingless, a recent work by 
Giya Kancheli. a 59-year-old Geor- 
gian who like the Estonian Part 
remembers ancient chant bat sub- 
sumes it into an unhurried medita- 
tive flow, barely varied, more like 
recent Go reck! or John Tavener. In 
Wingless, chorale-fragments alter- 
nate steadily with fluttery motifs 
like shepherd's pipes or birdcalls. 
It went on for same 25 minutes; the 
mind wandered, drowsily and 
pleasantly. 

Then Dmitri Alexeev came on to 
deliver Nikolai Medtner's Piano 
Concerto no. 1 (1918) with all tbe 
tingling energy needed to keep its 
19th-century virtuoso writing air- 
borne, the intimate feeling for its 
introspective passages, and the 
brains to set its tough, conservative 
structure in clean relief. A welcome 
rediscovery; but all that was anti- 
i Soviet about Medtner - a refined 
neo-Brahmsian - was his reverence 
for Western musical models, and 
his early departure from Russia to 
Paris and thence to Golders Green. 
Russian pianists have been cultiva- 
ting his music for many years now. 

T he 19-year-old Shost- 
akovich's astonishing First 
Symphony (1925), which 
Lazarev expounded in 
swift, dean lines that left ample 
room for the first-desk BBC players 
to bring their solos to poignant life, 
was actually a “Soviet” triumph 
long before the clampdown by 
Stalin and Khrennihov. Though we 
hear tragic tensions in 11 they can- 
not have had much to do with the 
composer’s later, well-founded 
political anxieties. 

As for Prokofiev's Eugene Onegin 
scene-music (1936, for a dramatisa- 
tion of Pushkin’s verse-novel which 
was officially thwarted), Edward 
Downes's devoted restoration and 
revival on Monday with the Dock- 
lands Sinfonietta and a team of act- 
ors revealed it as moderately inter- 
esting, but broken-backed. Tbe 
composer would soon recycle the 
best parts to more developed effect, 
in Cinderella, War and Peace and 
his Seventh Symphony. Here we 
had costumed players reading bits 
of Onegin, Lensky and Tatyana 
over the orchestra, very well - bnt 
no Olga, nor any dancers at the two 
grand balls for which Prokofiev 
designed several of his 44 numbers. 

Though this “semi-staged” ver- 
sion was less than a dramatisation, 
it occupied a long 2 hours and 40 
minutes. The director Timothy 
West also took pawky relish in the 
lengthy narration, in Sir Charles 
Johnston’s rhymed couplets. 
Rather soon the strenuous bunt for 
rhymes grew irritating, like tbe 
suppression of articles for scan- 
sion’s sake - “avert his chest from 
pistol's click”: shades of “Pyramus 
and Thisbe"! I think Prokofiev's 
robustly plain Onegin score wants 
full-dress staging with a brighter 
text or else to be left alone. 

David Murray 


te 


1 1 International 1 1 

AR1 

GUE 

rs 

DE 


■ ATHENS 

Megaron Tonight tomorrow. Sat: 
Horst Stein conducts Bamberg 
Symphony Orchestra in Claus 
Helmut Drese’s staging of Ariadne 
auf Naxos, with Elizabeth Connell 
and Rosalind Plowright alternating 
in the tide rote and Agnes Baltsa 
singing the Composer in tomorrow’s 
performance. Mon, Tues: Stein 
conducts symphonic works by 
Hindemith and Brahms (01-728 
2333/01-722 5511) 


■ BARCELONA 

Palau de ta Musiea Sat evening, 
Sun morning: Orquestra de Valencia 
in Shostakovich’s Seventh 
Symphony. Sun evening; Orfeo 
Catala Orquestra de Cam bra in 
sacred works by Schubert. Mon: 
Tadeusz Strugaia conducts Virtuosi 
di Praga in works by Mozart 
Schubert aid Haydn. Next Wed: 
Jessye Norman (268 1000) 

■ bologna 

Teatro Communale Tonight 


tomorrow. Christian Thielemann 
conducts orchestral works by 
Richard Strauss and Schoenberg. 
Sun afternoon, next Tues: The 
Makropoulos Case, sung in Italian 
with Raina Kabaivanska as Emilia 
Marty. Mon; Daedalus Ensemble 
In music by Monteverdi and others. 
April 11: Yevgeny Kissin 
(051-529999) 


■ GENOA 

Teatro Carlo Felice Tonight, Sat 
and Sun afternoons, next Wed: 
Tosca with alternating casts 
including Ghana Dimitrova, Anna 
Tomowa-Stntow and Neil Shlcoff 
(010-589329) 


■ LONDON 

THEATRE 

• A Month In the Country: Helen 
Mirren and John Hurt star In 
Turgenev's portrait of languid 
romantic evasions In a world of flux. 
Bill Bryden directs, Hayden Griffin 
designs. Now In previews, opens 
on Tues (Aibery 071 -867 1115) 

• Johnny on a Spot Richard Eyre 
directs a new production of Charles 
MacArthur’s 1942 play - part 
political satire, part wise- cracking 
American comedy. Previews begin 
tomorrow in the Olivier, Press night 
next Thurs (National 071-928 2252) 

• Travesties: Anthony Sher stars 
in a West End transfer of the RSC 
production of Tom Stoppard's 
award-winning comedy, directed 
by Adrian Noble. Opens tonight 
(Savoy 071-836 8888) 

• The Birthday Party. Harold 
Pinter's 1958 classic, in which 
comedy gives way to a sense of 
Inescapable menace, is directed 


by Sam Mend es hi the Lyttelton. 
Cast Includes Emma Amos. Dora 
Bryan and Anton Lesser (National 
071-928 2252) 

• La Gran Sultana: Companla 
Nadonal de Teatro Clasico, Spain’s 
leading theatre company, presents 
Cervantes’ lively comedy set in 16th 
century Constantinople. Tonight, 
tomorrow and Sat only (Sadler's 
Wells 071 -278 8916) 
OPERA/DANCE 

Co vent Garden The Royal Opera 
has a revival of Un ballo in 
maschera with cast including Nina 
Rautio, Dennis O'Neill and Giorgio 
Zancanaro (till April 13), and a final 
performance tomorrow of Trevor 
Nunn's new production of Katya 
Kabanova conducted by Haitink. 

The Royal Ballet has a mixed bill 
of choreographies by Ashton and 
Bintiey on Sat. Birmingham Royal 
Ballet opens a two-week season 
on Mon with toe premiere of David 
Blntley's new production of Delibes' 
Sylvia (071-240 1066) 

CoEseum ENO has Fafstsff with 
Arwei Huw Morgan in the title rote 
(till March 29) mid Philip Prowse’s 
staging of Bizet’s Pearl Fishers (till 
April 28). A new production of 
Yevgeny Onegin, staged by Julia 
Hollander and conducted by 
Alexander Pollan ichko, opens next 
Thura (071-836 3161) 

Queen Elizabeth Hall Tonight, 
tomorrow: Shobana Jeyasingh 
Dance Company, drawing on 
classical South Indian dance style 
and new music (071-928 6800) 
CONCERTS 

South Bank Centre Tonight Zubin 
Mehta conducts Vienna 
Philharmonic Orchestra In works 
by Wagner, Schubert and Richard 
Strauss. Tomorrow: Simon Raffle 


conducts CBSO and Chorus in 
Stravinsky’s Persephone and 
Walton's Belshazzar’s Feast Sat 
Carlo Maria Giulini conducts 
Beethoven's Ninth Symphony. Mon: 
Vernon Handley conducts RPO in 
Elgar and Vaughan Williams. Wed: 
Nicholas McGegan conducts 
Academy of St Martin in toe Fields. 
Wed (Purcell Room): Letand Chen 
violin recital (071-928 8800) 
Barbican Tonight and Sun: Colin 
Davis conducts LSO in two 
programmes with piano soloist Radu 
Lupu. Tues: Alexander Lazarev 
conducts BBCSO In UK premiere 
of Karetnikov's Fourth Symphony, 
plus works by Prokofiev and 
Shostakovich, with violin soloist 
Dmitri SitKovetsky. Wed: Colin Davis 
conducts National Youth Orchestra 
in Elgar and Berlioz (071-638 8891) 


■ MADRID 

Teatro Unco La zarzuela Tonight 
Sun. Tues; Glullano Carella conducts 
Hugo de Ana's production of Lucia 
di Lammermoor, with cast headed 
by Marietta Devia, Ramon Vargas 
and Michele Pertusi (01-429 8225) 
Aucfitorio Nactonal de Musics 
Tonight Spanish National Chorus 
sings 19th century Spanish 
polyphonic choral music. Tomorrow, 
Sal, Sun: Aldo Ceccato conducts 
Spanish National Orchestra in works 
by Stravinsky, Strauss and 
Tchaikovsky. Sat late evening: 
Wolfgang Sawalllsch conducts 
Vienna Symphony Orchestra in 
symphonies by Haydn and 
Schumann pi -337 0100) 


■ MOAN 

Teatro aite Seals Tonight, Sat (with 


10 further performances till April 
22): RJccardo Muti conducts Stefano 
Vizi oil's new production of Don 
Pasquale, with alternating casts 
including Bruno De Simone, Nuccia 
Focile, Ferruccio Furlanetto and 
Lua'o Gallo. Tomorrow, Sun 
afternoon: Gabriele Ferro conducts 
Pier Luigi Pizzi's production of 
Rossini's Maometto II, with cast 
headed by Bruce Ford, Cecilia 
Gasdia and Samuel Ramey. Mon: 
Frederica von Stade song recital. 
Next Thurs and Fri In Chiesa di San 
Marco: Muti conducts Haydn's The 
Creation (02-7200 3744) 


■ NAPLES 

Teatro di Corte Tonight tomorrow, 
Sat (also April 7, 8, 10): Salvatore 
Accardo conducts Filippo Crivelli's 
production of Rossini's L’occasrone 
fa il ladro, with alternating casts 
induding Luclana Sena and Claudio 
Deaden (081-797 2331) 


■ PRAGUE 

• A new production of Hans 
Krasa's 1933 opera Verlobung im 
Traum (Unde’s Dream) opens at 
Prague State Opera on Sun, 
conducted by Israel Yinon and 
staged by Karel Digac (02-265353) 

• Vadav Neumann conducts 
Czech Philharmorac Orchestra 
toni^it in Dvorak Hall in works by 
Vorisek, Novak and Dvorak, with 
baritone soloist Ivan Kusnjer. 
Members of the orchestra play 
chamber music by Mozart, 
Beethoven and Brahms on Sun 
morning. Magdalena Hajossyova 
gives a song recital next Wed 
(02-286 0111) 

• Martin Tumovsky conducts 


Prague Symphony Orchestra 
tomorrow in Smetana Hail in works 
by Humlk, Shostakovich and 
Debussy, with cello soloist Frans 
Helmerson. Ivan Moravec gives a 
piano recital in Dvorak Hall on Sat. 
Oratorio Society of New York gives 
performances of Handel's Messiah 
next Tues and Wed at Church of 
Simon and Jude (02-232 2501) 


■ ROME 

Teatro Ofimpico Tonight- Rudolf 
Buchbinder piano recital (06-320 
1752) 

Universfla La Sapienza Sat Antony 
Pay and friends play octets by 
Mendelssohn and Schubert (06-361 
0051) 

Teatro Valle Sun, Mon, Tues: 
Herbert Blomstedt conducts 
Orchestra dell’Accademia dr Santa 
Cetilia in Brahms' German Requiem, 
with Elizabeth Norberg-Schulz and 
Andreas Schmidt (06-678 0742/ 
06-6880 3794) 

Teatro delPOpera Tues: first of 
five performances of Gian Carlo 
Menoffl's production of Zemlinsky's 
Dar Geburtstag der Inf an tin. 
Programme subject to cancellation 
or change at short notice (06-481 
7003) 


■ TURIN 

Teatro Regio Tonight, Sun 
afternoon, next Tues and Thurs (also 
April 5-10}: Donato Renzetti 
conducts Giorgio Galllone’s 
production of Puccini’s La Rondine, 
with alternating casts including Nelly 
Miridoiu (011-881 5214) 


ARTS GUIDE 

Monday: Berlin, New York and 
Paris. 

Tuesday: Austria, Belgium, 
Netherlands. Switzerland, Chi- 
cago, Washington. 
Wednesday: Francs, Ger- 
many, Scanifinavia. 

Thursday: Italy, Spain, Athens, 
London, Prague. 

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TY 

(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 
Repeals 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430. 
1730: 











■3-T: . 


12 


Time to concede the 
end of an affair 




BOOK 

Review 


John Dickie 
was. until 
his retirement 
from the Daily 
Mail the dean 
of British diplo- 
matic corre- 
spondents. An 
unmistakeabie 
figure, he always wore a fresh 
carnation in his button hole. 
Perhaps the Mail did not pub- 
lish as much of his work as tt 
should have done, but the For- 
eign Office always read him 
He had a knack of hitting 
(more or less) the right targets 
on the right day. 

So it remains, now that he 
has turned more to books than 
journalism. ‘Special’ No More, 
his survey of Anglo-American 
relations from roughly 1939 to 
the present day, could scarcely 
be better timed. Dickie thinks 
that it is the end of the affair. 
Yet such have been the ups 
and downs in the relationship 
over the decades that it may be 
too early to be sure. 

Where Dickie scores is in 
throwing in the anecdotal evi- 
dence with the researched. He 
notes in passing that the “iron 
curtain” was first used in print 
by Ethel Snowden, the wife of 
the Labour politician, on arriv- 
ing in Petrograd in 1920. It is 
the same with the “special 
relationship". Few people are 
certain bow it came into the 
language. Churchill used the 
term in a memorandum in 
1944, but It was only in his 
famous speech in Fulton. Miss- 
ouri, two years later that it 
became prominent. 

Even then, it is worth being 
dear what Churchill said. He 
spoke not of a special 
Anglo-American relationship, 
but one between "the British 
Commonwealth and Empire 
and the US". And there, with 
hindsight, were the seeds of 
future troubles. 

The special relationship was 
fostered during the second 
world war because of the joint 
desire to defeat Hitler and 
Japan. It may not have come 
about quite so soon without 
the Japanese attack on Pearl 
Harbour. The British were in 
many ways an attractive ally. 
They were more advanced than 
the Americans in research on 
atomic weapons; they had an 
excellent intelligence service; 
and, as Bismarck had 
remarked long before, "the 
most important fact of the 


‘SPECIAL’ NO MORE 
Anglo-American relations: 
rhetoric and reality 
By Jobs Dickie 

Wcidenfitd <£ Nicolson 
299 pages. £75 

modern world is that Britain 
and America speak the same 
language”. 

Yet U should have been 
apparent from the start that 
the relationship was unequal 
and that, after the war, some 
interests would diverge. The 
US, then as now, was as inter- 
ested in the Pacific as in 
Europe. It was unlikely, given 
its history, to come to the sup- 
port of the British Empire, and 
the Americans had their own 
ideas on the Middle East 
For a while the personal rela- 
tionship between Churchill 
and President Roosevelt flour- 
ished. Roosevelt's adviser, 
Harry Hopkins, even attended 
British cabinet meetings. But, 
as Dickie notes, by 1943 Chur- 
chill was beginning to feel a bit 
cut off from the mains tream of 
US policy-making. The 
Americans were not planning 
quite the same post-war world 
as the British. 

Again partially with hind- 
sight, the British attitude to 
the American cousins seems to 
have been remarkably patron- 
ising. As the rhyme puts it “In 
Washington Lord Halifax once 
whispered to Lord Keynes, 
They have all the money bags, 
but we have all the brains." 

Yet in foreign policy terms, 
or indeed in any other, that 
was never wholly true. To be 
sure, there were - and remain 
- great post-war examples of 
Anglo-American co-operation 
the Beilin airlift for a start. 
Using some new information, 
Dickie tells how the two coun- 
tries combined to overthrow Dr 
Moss&deq. as prime minister of 
Iran. The British called it Oper- 
ation Boot because the objec- 
tive was to boot him out The 
Americans refined it to Opera- 
tion Aiax. but it still worked. 

Sometimes, personal rela- 
tions were crucial. Sir Anthony 
Eden never liked the American 
Secretary of State, John Foster 
Dulles: this was one of the con- 
tributory factors to the Suez 
crisis in 1956. On the other 
hand, Harold. Macmillan as the 
new prime minister repaired 
the Anglo-American relation- 


ship in double quick time, and 
became very close to President 
Kennedy. 

Thus the ups and downs con- 
tinued. and there were policy 
divergences as welL Successive 
British governments refused 
directly to help the Americans 
in Vietnam. Lord Home was 
reviled in Washington for 
allowing the sale of Ley land 
buses to Cuba and even Lady 
Thatcher Tell out with Ronald 
Reagan over the American 
invasion of Grenada - led inci- 
dentally by Major-General Nor- 
man Schwarzkopf, who sube- 
quently made his name in the 
Gulf war. 

The close co-operation 
between Britain and the US in 
that latter campaign came 
about partly by chance. 
Thatcher happened to be in 
Aspen, Colorado, with Presi- 
dent Bush when the news 
arrived of Iraq’s invasion of 
Kuwait 

There was a problem in the 
special relationship, however, 
that was growing bigger with 
time and should have been 
realised in London. British pol- 
icy was more interested in 
Nato, where it could claim to 
be a bridge between Europe 
and the US. than in the devel- 
opment of the European Union. 
The Americans always knew 
this, but were usually too 
polite to say so in public. When 
Dean Acheson bad a shot at it 
in his "lost an empire, not yet 
found a role” speech, the Brit- 
ish jumped on him, from Har- 
old Macmillan downwards. Yet 
as the cold war ended, and the 
European Union continued to 
expand, there was no need for 
a bridge. What the Americans 
want is a Britain firmly in 
Europe. 

Dickie writes that John 
Major became prime minister 
to deal with all that “His first 
decision of cardinal importance 
was to commit himself to the 
EC in a way that Thatcher bad 
refused to contemplate.” Given 
the events of the pest few days, 
that looks like an uncharacter- 
istically bad judgment from 
such a journalist Dickie is a 
better reporter than he is lead- 
er-writer. Most of his book is a 
delight. Academics will be 
infuriated that, like many good 
journalists, he declines to give 
sources, but they look pretty 
first-hand to me. 

Malcolm Rutherford 


O ne might suppose 
that monetarism 
had been studied to 
the point where it 
was difficult to add anything 
new. Yet at the History of Eco- 
nomics Society Conference in 
London yesterday, something 
of a fresh angle emerged. 

This may just have been in 
the eye of the beholder, but the 
fresh approach did seem to me 
to throw light an a variety of 
matters, including quite 
homely questions such as the 
relation of the supply of budd- 
ing land to inflati on and eco- 
nomic recovery. 

The place to start is the 
emerging distinction between 
the modem monetarism used 
in forecasts and monetary tar- 
gets and the historical Quan- 
tity Theory of Money as devel- 
oped by John Locke, David 
Hume, the early Milton Fried- 
man and others. 

In what follows I am almost 
certainly taking the distinction 
further than the speakers 
intended, but it is stifi worth 
drawing out implications. 

The Quantity Theory of 
Money relates inflation to the 
amount of money in circula- 
tion in a loose and long-term 
way. The original Quantity 
Theorists allowed plenty of 
room for time lags, changes in 
velocity and transitory effects 
on output, and were not dog- 
matic on how quickly or by 
how much a given percentage 
increase in money would raise 
prices. They also allowed for 
institutional changes and 
shocks from outside the mone- 
tary system. All that the Quan- 
tity Theory needs is the gen- 
eral proposition that money 
matters and that monetary 
changes can cause price 
changes and not just reflect 
them. The policy implications 
will depend on place and time. 

Moreover, until the break- 
down of Bretton Woods in the 
early 1970s no country 
attempted to target the money 
supply directly. The latter was 
regulated automatically by the 
gold standard and by the struc- 
ture of bank deposits and cred- 
its erected on the gold base. To 
the extent that monetary 
authorities, like the US Fed, 
attempted an independent 
national policy, it was geared 
to interest rates. 

Modem monetarism, by con- 
trast, insists on a stable 
demand for money related to a 
few variables such as prices, 
real incomes and interest rates. 
Rightly or wrongly, it has 
shared in the discredit into 
which would-be scientific eco- 
nomics has fallen. In any case, 
its evaluation is reserved for 
econometric experts. 

The immediate point of 


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ECONOMIC VIEWPOINT 

Nimbyism: the 
growing cost 

By Samuel Brittan 


drawing the distinction is that 
something like the very tight 
British system for limiting 
land for building development 
would not be regarded as rele- 
vant to inflation by many mod- 
em monetarists. But there 
would be a place for it in a 
broader Quantity Theory. 

This theory Is normally 
stated in terms of the identity 
MV equals FT. The quantity of 
money, times Its velocity of cir- 
culation, equals the average 
price per transaction, times the 
total number of transactions. 
Some adjustments are required 
to apply the identity to 
natimifli income statistics, but 
it will do for exposition. 

Too much of the modem dis- 
cussion has centred on the def- 
inition of M or stability of V. 
A shrewd central banker like 
Alan Greenspan, US Fed chair- 
man, will allow for changes in 
the financial system and try to 
stabilise the total flow of 
money spending, MV. without 
necessarily worrying too much 
about the components. 

More interesting is the 
breakdown of PT. the price 
level times the level of eco- 
nomic activity. The pioneering 
economists of the 18th and 19th 
centuries would have known 
well enough that an interrup- 
tion to production and trade, 
such as the Napoleonic wars or 
a bad harvest, would reduce T 
and thus raise the price level. 

These reflections came to my 
mind in relation to the com- 
plaint in Tuesday's Financial 
Times by Mr David Wilson, 
chai rman of the house builders 
Wilson Bowden, that land 
prices for high quality housing 
sites had risen by an average 
of 25 per cent In the past 12 
months and by up to 50 per 
cent in the south-east 

Why has this happened so 
alarmingly early in the recov- 
ery? An unreflective reaction 
might be that monetary policy 
is too loose and stoking up 
demand. A more reflective 
Quantity Theorist would, how- 
ever, wonder whether some- 
thing had happened on the side 
of T to restrict supply and 
therefore stoke up inflation 


Housing land prices In England and Wales* 



&n per rtasum of bUh land 
IX) 


•BcdudaB London 



ASA 
1M3 84 

aunt VUntiton OOce. Hoang Ifcftat Report 

from the other enri- 

The quick answer is that 
something has indeed hap- 
pened. This was a tightening of 
planning restrictions in the 
early 1990s, which has reduced 
the potential supply of building 
land. Kevin Cammack, of 
Smith New Court, predicted 
nearly two years ago that the 
Town and Country Planning 
Act of 1990 and another act of 
1991 would make It harder to 
secure p lanning permission for 
building sites and make 
appeals almost impossible. 

Builders are now convinced 
that local authority develop- 
ment plans are at the mercy of 
residents who say “Not in my 
backyard" (Nimby) and are 
supported by the government 
This was not noticed before, 
because of the recession. 

Now that activity Is rising, 
however, it is coming up 
against much tighter zoning 
restrictions. When rising 


demand collides with an inelas- 
tic supply, it does not take a 
genius to see that the result 
must be higher prices. 

To spell out the causation: 
recovering demand leads to ris- 
ing house prices, which in turn 
boosts the price of land. But as 
land with planning permission 
is a speculative asset, owners 
and investors do not wait for 
the chain of events but start 
marking op prices when recov- 
ery is in the air. The effect of 
any given rise in the demand 
for homes on both house prices 
and land values will depend on 
how responsive the supply of 
land is to building deman d. 

A purist might object that 
house prices are only one ele- 
ment in the general {nice level 
But they are an important one. 
And they usually move in the 
same direction as factory and 
office rents. An attempt to 
force other prices down to off- 
set rising property values 


could be very painful. A com- 
parison might be with what 
would have happened u gov- 
ernments had attempted to 
force other prices down to off- 
set the ail price explosions trf 
1373 and 1979. Moreover high 
and rising house prices are 
believed to have a multiplier 
effect on inflation through the 
perception of increased wealth 
they bring to their owners. 

The shadow now on eco- 
nomic recovery is still no 
larger than a man's hand. But 
that is the time to watch it 
Good house prices indices are 
difficult to find. The Depart- 
ment of the Environment and 
the TnTand Revenue Valuation 
Office indices look very differ- 
ent But the general trend is 
clear enough. Urban land 
prices were rising even in the 
recession of the early 1980s and 
quintupled between 1983 and 
1999. Since then they have 
fallen by about a half, but are 
now on the rise again. A sma ll 
recovery shown In the Valua- 
tion Office index between the 
spring and autumn of 1993 is 
widely regarded in the con- 
struction industry as too low. 

A t present prices, kind 
accounts for some 20 
to 30 per cent of the 
price of a new house 
and up to 50 per cent in the 
most favoured parts of the 
south-east. Consumer expendi- 
ture related to housing is 
about 10 per cent of the total 
shown in the National Income 
Blue Book. IT house prices were 
to double over a few years, the 
effect on people's perception of 
infla tion would be severe, even 
though the retail prices index 
gives too much weight to inter- 
est rates and not nearly 
enough to house prices. 

If the government sticks to 
its anti-inflation objectives, the 
effect will be felt on economic 
activity instead. Alas, if the 
Bank of England puts on the 
brakes because of inflationary 
signals from the property mar- 
ket, this will inhibit growth 
and recovery much earlier on 
than If there had been a plenti- 
ful supply of land. 

Indeed, the effect on inflation 
and on official interest rate 
policies are in the last resort 
symptoms. The underlying pro- 
cess is that obstacles are being 
put in the way of business 
development and of places for 
workers to live. There is 
almost no tip fc between the 
“green* 1 policies of the Depart- 
ment of the Environment and 
the growth and price stability 
objectives of the Treasury and 
(one hopes) the Department of 
Trade and Industry. Even If 
folly cannot be stopped,, it 
should at least be exposed. 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be clearly typed and not hand written. Please set fax for finest resolution 

Global warming line far too simplistic 


From Mr Andrew Warren. 

Sir, The argument that “if 
saving energy made any sense 
everyone would already he 
doing so to the optimum tevel" 
bad, I fondly imagined, been 
discredited some 20 years ago. 
So it was a little tiresome to 
see this simplistic line pedalled 
by Messrs Roger Bate and 
Julian Morris in their pam- 
phlet, Global warming: apoca- 
lypse or hoi air?. It was rather 


more worrying that Bronwen 
Maddox's review of it, “Green- 
house faces stoning" (March 
18), should apparently 
accept much of this at face 
value. 

For the record, here are 
some of the obstacles which 
have long been acknowledged 
to distort the marketplace for 
energy efficiency investments: 
lack of information; lack of 
finance; lack of knowhow and 


technical skills; separation of 
responsibilities for energy sup- 
ply expenditure and conserva- 
tion actions; landlord/tenant 
disincentives; energy tariffs 
which encourage greater 
energy usage; and lack of con- 
fidence in novel technology. 

This is the list of barriers 
which appears in the House of 
Commons energy committee's 
report, “Energy policy implica- 
tions of the greenhouse effect”, 


published in 1989. It might 
have been helpful if at any rate 
some of these had been 
addressed in the pamphlet (or 
raised in the article) before 
such a sweepingly uninformed 
generalisation was made. 
Andrew Warren, 
director. 

Association far the 
Conservation of Energy, 

9 Sherlock Mews, 

London WW3RB 


Alternative view of 
pensions 'fantasy' 


From Mr Eric Lambert 

Sir, Barry Riley's view 
(“Break-up threat to pension 
fund fantasy league”, March 
16) that UK pension funds are 
moving away from a "fantasy 
league” is his interpretation of 
surveys like ours. Others may 
interpret differently. 

Balanced managers have 
done the UK pensions indus- 
try, the sponsoring companies 
and members a great service 
compared with those overseas. 
While a number may “tweak 
consensus strategy”, this is 
hardly surprising when this 
consensus is their target Many 
others seeking hi gher targets 
are likely to employ managers 
who display distinct prefer- 
ences and styles - they cannot 
slavishly follow the consensus 
when they are engaged in com- 
piling it Twenty years of con- 
sensus results have produced I 


annualised returns of 15.3 per 
cent a year when earnings 
growth has been 10J. per cent 
Universes reflect the reality 
of pension funds, maturity et 
aL Indeed the WM AH Funds 
Universe is currently split into, 
broadly, three equal parts; 
funds with positive net contri- 
bution flow ignoring invest- 
ment income, positive cash 
flow only when including 
investment income, and nega- 
tive cash flow despite invest- 
ment income. The WM 50 Uni- 
verse of very large funds 
represents an even more 
mature peer group. If the 
industry profile has changed 
over tune, the aggregate of the 
new environment is just as 
meaningful as tt was of the old. 
Eric Lambert 
The WM Company, 

World Markets House, 

Creme Toll Edinburgh 


Transport problem must 
be tackled head on 


From Mr S J Robinson. 

Sir. The policy guidance on 
transport published last week 
gives the impression that the 
government is planning the 
environment by remote control 
(“Gummer aims to reduce car 
use”, March 16). As one of the 
key points of this new policy is 
to promote alternatives to the 
private car, it is perplexing to 
try and understand how this 
might be achieved through a 
planning and development 
strategy. Why not tackle the 
issue head on? 

It is even more perplexing 
when seen against the govern- 
ment's indecision over Cross- 
Rail - surely a perfect example 
of an alternative to the private 
car in an already congested 
London? 

It has been hinted that the 
downhill of CrossRail may be 
due in no small part to Michael 


Portillo, the chief secretary to 
the Treasury, who has been a 
long-standing objector to the 
scheme. 

A sustainable environment 
requires the government to 
have the indination and the 
ability to provide real alterna- 
tives for the public. As it is, 
the government's lack of cohe- 
sive policy between its various 
departments on this issue can 
only cause confusion, resulting 
in no strategy whatsoever. 

This vacuum creates the 
worst possible context for Mr 
Portillo and transport secre- 
tary, John MacGregor, in their 
efforts to attract private sector 
investment in the transport 
sector. 

S J Robinson, 
head of planning. 

Sillier Parker. 

77 Grosvenor Street, 

London W1A2BT 


Better to look at detailed evidence on Citizen’s Charter progress 


From William Waldegrtwe. 

Sir, 1 was surprised to see 
the letter from Elizabeth 
Symons (March 21) about the 
government’s public sector 
reform policy. She seems to 
forget that the whole Compet- 
ing for Quality programme, of 
which contracting out and 
market testing are elements, is 
about three dear aims: getting 
government to concentrate on 
the essentials; introducing 
more competition and choice 
Into the provision of services; 
and raising standards and cut- 
ting costs. 

Hie Citizen's Charter second 
report published last week 
shows that we have scored 
important gains in all of these 
areas. The report shows we 
have made savings through 
market testing and contracting 


out of £135m, and there is a 
mass or information to show 
haw Individual departments 
contributed to this total. If Ms 
Symons is puzzled by what we 
mean by savings, it is really 
quite simple: it is the differ- 
ence between what we were 
paying for a whole range of 
government activity before 
market testing and contracting 
out, and what we are paying 
now. If Ms Symons can think 
of a better way to do the arith- 
metic. I should love to know. 

There is a suggestion that we 
do not know the costs of the 
policy. One look at the charter 
second report will show that 
we have set out the costs, 
again in detail, breaking them 
down by department and also 
by consultancy and set-op 
costs and by central market 


testing support costs. This 
clearly shows an overall 
annual cost of £20m. Indeed, on 
the wider issue of consultancy 
work in government, we had 
already decided to conduct our 
own review long before Ms 
Symons made this an issue, 
and Sir Peter Levene is run- 
ning a multi-departmental effi- 
ciency scrutiny of this whole 
topic. This is hardly the 
approach of a government try- 
ing to conceal the information. 

I acknowledged that the 
glass is filling but is not topped 
up yet Even now, however, 
the savings we have made 
have repaid the cost of running 
the programme more than five- 
fold, and we will make these 
savings now every year, while 
the startup costs of the policy 
are mostly behind us. This 


looks like a convincing hntan^f. 
sheet to me, and certainly rep- 
resents value for money. 

If Ms Symons doesn't want 
to take my word for it, I sug- 
gest that she asks departments 
whether they think the policy 
is giving them benefits. Rather 
than trying to score points 
from answers given by depart- 
ments before the charter report 
published the information, it 
would be better to look at the 
detailed evidence that we have 
now released, which shows 
that the policy is well on 
course. 

William Waldegrave, 
chancellor of the Duchy of Lan- 
caster, minister of public service 
and science. 

Cabinet Office. 

70 Whitehall, 

London SWlA 2AS 









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FINANCIAL LIMES 

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

Thursday March 24 1994 


Monetarily 
ad hoc 


Since the US Federal Reserve first 
raised short-term interest rates by 
a quarter of a point early in Feb- 
ruary, analysts have struggled to 
make sense of the shell-shocked 
behaviour of world bond markets. 
Yet the Fed’s decision on Monday 
to signal a further quarter-point 
increase, together with the subse- 
quent marginal reduction in the 
Bundesbank's repurchase rate, are 
arguably no easier to rationalise 
than the related market move- 
ments. In both the US And Ger- 
many ad hoc gradualism appears 
to have taken the place of a more 
orthodox framework for policy. 

The declared intention of the 
Fed's Mr Alan Greenspan ban 
been to return monetary policy to 
a neutral stance after the period 
in which low short-term interest 
rates were needed to help recapi- 
talise the banking system. More 
than three years into an increas- 
ingly robust recovery, short-term 
rates of 3 'A per cent look more like 
laxity than neutrality. 

Nor is it clear why small incre- 
mental increases are the appropri- 
ate way to contain latent inflation- 
ary pressure in an economy where 
the underlying rate of growth in 
demand may be r unning at 3~4 per 
cent. If Mr Greenspan believes 
that the pressure is real, it would 
make more sense - and help stabi- 
lise the bond markets - to get the 
full adjustment out of the way. 

Similar questions could be 
raised about the Bundesbank's 
salami-slicing tactics. The lags in 
monetary policy are long: it can 
take up to two years for a given 
change in shortterm rates to have 
its full impact on real output and 


inflation. It follows that monetary 
policy cannot sensibly be fine- 
tuned from week to week in 
response to subtle and often con- 
tradictory clues as to the state of 
the domestic economy. As with 
the Fed, the absolute level of 
interest rates appears to be behind 
events, al thoug h the bias in this 
case is cm the side of tightness. 

The Bundesbank could, in miti- 
gation. plead that a strong ele- 
ment of discretion is essential 
when the money supply figures 
are overshooting wildly In an 
economy where recovery is per- 
ceptible. but only just Even so. 
small incremental rate reductions 
have failed to prevent the sell-off 
in the bond markets that has 
always worried the Bundesbank in 
view of the funding gtrairm from 
unification. Perhaps gradualist 
cuts have the merit of reconciling 


the wider public to the short-run 
costs of meeting a historically 
demanding inflation target of less 
than 2 per cent. Yet the fact 
remains that the Bundesbank is in 
a box; and it is far from dear that 
the alternative policy to gradual 
cuts would be any mare credible. 

Comparing the activity of the 
monetary authorities with the 
behaviour of US Treasury bands 
suggests that the ftneggg is all on 
the side of the markets. US bond 
yields started to rise last October. 
That looks a more timely - 
though admittedly politically 
unrestrained - pre-emptive strike 
than tha Fed’s. For tha Bundes- 
bank, the (tiiwnws is more compli- 
cated. But a policy of frequent. 
modes t cuts remains an unsatis- 
factory answer. 


Russian gamble 


Michel Camdessus, director- 
general of the International Mone- 
tary Fund, has decided to gamhia 
on Victor Chernomyrdin, Russia's 
prime minister. If the gamble fafla, 
the IMF will have wasted $L5bn, 
Mr Camdessus will look foolish 
and the IMF’s reputation will have 
been damaged. If the gamble is 
successful, however, Russian 
reform just might become irre- 
versible. In making the decision. 
Mr Camdessus overruled senior 
members of his staff. He was right 
to do so. Whether the west is right 
to risk the reputation of the IMF 
in this way is another matter. 

A country that is promising to 
keep inflation to 7 per cent a 
month is hardly the obvious target 
for IMF assistance. Nor is one 
with a planned budget deficit of 
about 10 per cent of gross domes- 
tic product. But there was little 
alternative to jumping in at this 
stage, other than watching the 
government drown. The IMF bad 
to start by rewarding intentions, 
partly because assistance could 
make them more realistic. 

If the government does show the 
determination and capacity to 
carry out what it has promised, 
further support should be forth- 
coming. It will be needed, since 
the sum now on offer cannot make 
much difference on its own. A fur- 
ther $4 bn of IMF money is on the 
table, while the Russian govern- 
ment hopes for a SGOOm rehabilita- 
tion deal from the World Bank 
and, more important, a formal 
rescheduling of its $80bn debts to 
western creditors. Even these 
g ums may not be enough to make 


reform feasible. The old joke 
made by communist workers was 
that they pretend to pay us 
and we pretend to work. Now it 
might be that the west pre- 
tends to help us and we pretend to 
reform. 

Are they pretending? With Boris 
Yeltsin apparently hors de combat, 
everything depends on Mr Chemo- 
-myrdin;- a- former apparatchik 
allegedly converted to toe cause of 
reform. He should at least be able 
to do what is now required to 
obtain toe $l-5bn. But w hat will 
happen thereafter? Will the gov- 
ernment stick to the budget? Will 
it pursue toe equally important 
structural economic re f orms? Mr 
Chernomyrdin’s contacts and star 
tus in the old Russian elite pre- 
sumably give him a better chance 
of following through than Mr 
Yegor Gaidar enjoyed. But the 
prime minister's determination is 
more suspect, while the obstacles 
remain mountainous. 

The strategy to which the west 
seems committed - assistance 
first, followed by measurable per- 
formance anrt them, perhaps, more 
fltppgtanre — fa the only feasible 
one. It is unfortunate, however, 
that the DCF has been put in 
charge of toe western effort, since 
the credibility of toe institution 
has been put at stake. It would 
have been better to empower a 
plenipotentiary representative of 
the Group of Seven leading indus- 
trial countries instead. But toe die 
fa now cast The Russians must 
show the gamble was worth tak- 
ing; the west must respond posi- 
tively to serious effort at reform. 


Shipbuilding 


rhe progress of international 
negotiations intended to eliminate 
shipbuilding subsidies has 
revealed a worrying shift in US 
thinking . After initiating the pres- 
ant round of talks five years ago, 
with the aim of removing subsi- 
dies, the US now seems bent on 
increasing toe support it gives its 
awn shipbuilding industry. 

Last week US negotiators at the 
Organisation of Economic Cooper- 
ation and Development took a 
Lough new line by insisting on toe 
Ereedom to require that ships 
financed by its export credit 
schemes be built in US yards. 
Other delegations saw this as an 
attempt to establish an unaccept- 
able principle, contrary to the 
i'ery purpose of the negotiations. 

U is particularly unfortunate 
that this apparent setback has 
xcurred when Japan and South 
Korea, long regarded as the least 
flexible in this matter, have 
finally shown themselves willing 
to offer concessions. They have, in 
fact, declared themselves ready to 
accept an anti-dumping code for 
ships, to prevent “injurious pric- 
ing." 

It is ironic, too, that the US is 
not a large builder of merchant 
shipping, though the decline in 
naval orders in the wake of the 
ending of toe cold war may be a 
partial explanation of its stance. 

Meanwhile, it emerged yester- 
day that the US administration 
will back the Gibbons Bill, which 
would p enalis e ships docking at 
US ports if they came from coun- 
tries with “unfair" shipyard subsi- 
dies. At the least the new stance 


seems internally inconsistent, 
with the US intending to act 
against the subsidies of others, 
while resorting to subsidised 
export promotion itself 

One unwelcome outcome of toe 
new US approach could be to split 
opinion within the European 
Union. Governments in southern 
Europe, in particular, are under 
strong pressure to relax subsidy 
rules. The EU has made good 
progress with its subsidy reduc- 
tion regime in recent years. But 
this could now be reversed. 

Sweden's ambassador to the 

OECD. Mr Staffan Sohlman, chair- 
man of the shipbuilding talks, win 
attempt to produce a document 
which he hopes will be acceptable 
to all participants in the talks. 
The aim is to reach a final agree- 
ment by May. 

Reaching such an accord is 
important Failure would not only 
hurt those shipyards which have 
improved their efficiency but 
would rebound on the shipping 
sector. Unbridled, subsidised pro- 
duction of new ship 5 adds to the 
problems of liner conferences 
already faced with overcapacity 
on many routes. 

There is a danger that pressures 
for shipbuilding subsidies will not 
just be maintained, but strength- 
ened. Despite the decline of ship- 
building activity in many western 
countries, it is important that 
agreement on subsidies is reached. 
A failure here would provide 
enco uragement to the prosubsidy 
lobby in other important areas, 
such as steel and aircraft manu- 
facture. 


T he European Union loves 
to live dangerously. 
Brinkmanship runs in 
the blood, but there 
comes a point when 
members of the club must decide 
whether to pull back or precipitate 
a crisis. 

This point is approaching rapidly 
in the dispute over power-sharing in 
an expanded Union. Without an 
agreement in the next week or so, 
there is a serious risk that Finland, 
Sweden, Austria and Norway wffl 
be unable to meet toe agreed date of 
January 1 1995 for EU entry. 

A delay threatens to erode fragile 
public support for EU membership 
among the four Nordic and Alpine 
applicants, where only the Finns 
show a consistent majority in 
favour of entry. Postponement of 
enlargement would reinforce the 
sense of disarray in the Union, 
rekindling doubts nhrmt more ambi- 
tious projects SUCh as a **mrmvwi 

foreign and security policy and a 
single European currency. 

There may be other unprexfictable 
consequences. Britain and Spain’s 
insistence on waintaiTiing their 
ability to block decisions in an 
enlarged Union has attracted 
nationalist cheers at home. But it 
threatens to break the informal 
trace amon g hea ds of government 
over the constitutional fixture of the 
Union, a truce which barely held 
during the painful ratification of 
the Maastricht treaty. 

Until the latest imbroglio over 
voting rights, the consensus among 
the Twelve was to hold fixe on con- 
stitutional issues until 1996, the 
date set for a review of Maastricht 
But the power-sharing dispute has 
forced member states to confront 
matters which many h oped to post- 
pone: the relationship between vot- 
ing power and population in an 
expanded Union, and the organisa- 
tion of a Union of 20 or more TTIhiii * 
her states, tnHndtng the central »n<i 
east Europeans. 

With Hungary's application to 
join the EU due wort month pres- 
sures for faster Integr a t i on of the 
east are growing. Germany, which 
takes over the rotating EU presi- 
dency from Greece on July 1, Is 
planning several initiatives, includ- 
ing invitations to the former com- 
munist countries to wnri permanent 
non-voting delegations to the Euro- 
pean Parliament, «nH invitations to 
heads of governments to attend 
European summits. “We have to 
rethink our whole policy toward 
eastern Europe," said one senior 
Commission official 
It seems unlikely that the British 
and Spanish governments intended 
to open up toe debate about toe 
future shape of the EU. Together 
they make an odd couple: the pio- 
neer of enlargement (Britain) 
hitched up with an EU partner 
which ha« more reservations than 
most about its impact (Spain). The 


This memo mas discovered wrapped 
around a Motorola mobile telephone, 
on the pavement outside a Japanese 
government ministry. 


T o; The Cabinet Office. 
From: Interministerial 
Sub-committee on Eco- 
nomic Relations. 
Title: Adhesion to the US. 

Dear Sirs, 

You asked for advice on Japan’s 
strategy in the trade dispute with 
the US. We present a modest pro- 
posal for incl u si on in the package of 
measures to open Japan to imparts, 
due to be unveiled by the end of the 
month. The government should 
present an application for Japan to 
he accepted as a state of the United 
States of America. 

Constitutional experts tell us that 
Japan might, in some important 
areas, expect less Intervention than 
now from Washington in the exer- 
cise of its sovereign rights if it 
became a US state. 

We make this suggestion both in 
the spirit of responding to US criti- 
cisms of toe Japanese bureaucracy's 
alleged lade of imagination, and on 
national (or state) interest grounds. 
US membership could bring the fol- 
lowing benefits. 

• Economic: Japan's current 


Nominally 

ministerial 

■ “He that filches from me my 
good name ... makes me poor 
indeed." Could Othefio be the next 
Japanese folk hero? About 4_5m 
Japanese, who are facing a 
government edict to alter the way 
they write their names, could echo 
his plaintive words. 

The Justice Ministry wants to 
computerise its list of 45.4m 

officially registered family names, 
all of which are written, as is usual 
for Japanese signatures, inkaqji, 
using Chinese characters. But 10 
per cent of the names take irregular 
fomj j forms, and the ministry's 
software cant cope. The oddballs 
must be "corrected" - with or 
without their owners’ consent 

Parents who carefully select the 
kanji for their of f s prin g's name, 
preferring a lucky number of brush 
strokes to dictumary correctness, 
are not best pleased. 

“I wonder if the ministry has 
the right to exercise such discretion 
fn fhwngp names ," linguistics 
professor Susunru Ohno panders 
from his tower at Gakusbuin 
University meanwhile. And the 
ministry? Not surprisingly, in some 
quarters its name Is mod. 


Call home 

■ fa foe coming era of telephone 
hanking , Royal Bank of Scotland's 


On the brink of 
a breakdown 

Lionel Barber examines the impasse on voting rights 
that threatens to provoke a crisis over EU enlargement 



on the continent particularly in Major, UK prime minis ter, fa wrap- 
France and Germany. The belief 


next few days, starting with an EU 
foreign minis ters meeting in Greece 
at the weekend, will determine 
whether the London-Madrid alli- 
ance is a marriage of convenience 
or principle. 

Both Spain and Britain want to 
preserve voting rules in an expan- 
ded Union which prevent two large 
countries »Tid one small member 
state being outvoted - 23 votes are 
at present needed to muster this 
blocking minority. Britain is press- 
ing for a legally binding protocol 
which would safeguard this present 
position. Spain may settle for some- 
thing less, but it remained firm at 
Tuesday's meeting of EU foreign 

Voting procedures do not affect 
matters of sovereignty such as for- 
eign policy or European mone tar y 
union, where a national veto by one 
member state can be exercised; but 
they do cover decisions on “second 
tier" issues such as the environ- 
ment, hpflhh «»H safety regulations, 
tobacco advertising, and trade 
action. For instance, the UK col- 
lected enough votes to block foe 
first Commission proposals for 
reform of the Common Agricultural 
Policy fa the early 1990s; and last 
year worn support from Germany 
and the Netherlands to block trade 
rep risals against riioap alumfalum 
imports from Russia. 

For the Madrid government, rhe 
planned switch to a 27-vote thresh- 
old is especially worrisome because 
it challenges the power of toe “olive 
oil minority”. This grouping allows 
Spain to combine with Italy and 
Greece to muster 23 votes to block 
decisions judged to infringe its vital 
interests, mainly in the area of Me d- 
iterranean agriculture. 

Far the UK, the tale is more tan- 
gled. Along with Germany, Britain 
had ranked as the Nordic appli- 
cants’ best friend Yet British sup- 
port for “widening” Europe has 
always bean based on the assump- 
tion that it would not come at the 
price of further “deepening” of 
Eurofastttuttons. 

The British calculation is that 
enlargement can proceed without 
further erosion of national sover- 
eignty, and its conviction has 
strengthened in the past two years 
as ministers havB watched public 
ambivalence about Maastricht grow 


that the tide in Europe fa running 
Britain’s way is widely held in 
Westminster, even though it has 
proved misplaced in tha past arid fa 
not held fa the Foreign Office. 

Brussels officials express aston- 
ishment that the UK has invested 
so much capital on an issue which 
they describe as peripheral com- 
pared with the greater political 
prize: enlar gement of the Union to 
include wealthy, free-trading Scan- 
dinavians who wifi very soon be net 
contributors to the EU budget 

The suspicion is that Mr John 


ping himself fa toe Union Jade to 
prevent a civil war in his own party 
over Europe fa toe run-up to toe 
European Parliament elections in 
June, where polls suggest the 
Tories will suffer heavy losses. The 
prime m blister also looks boxed fa 
by his own Cabinet where a mix- 
ture of Eurooceptics and pretenders 
to the premiership have turned an 
arcane voting system into a cause 
c6l£brc 

When EU foreign ministers met 
on Tuesday, Britain and Spain were 
clearly isolated. Ten countries 
declared there was no question of 


Let’s be the 51st state 


account surplus would vanish and 
reappear where Washington 
appears to want it, as a US surplus. 

There would be little practical dif- 
ference to Japanese economic pol- 
icy. The Tokyo government is 
already used to importing the US 
example, on monetary policy in toe 
late 1980s and on fiscal mattes, if 
incompletely this year. 

Currency union between the yen 
and toe dollar would be the oppor- 
tunity we need for correcting the 
Japanese currency’s over-valuation 
and the dollar's under-valuation. 

The fact that Congress’s constitu- 
tional right to fix the value of 
money would mean it had the 
power to set the dollar-yen align- 
ment parity need not be a problem. 
Japan’s 124m people would cany a 
certain political weight in the new 
US with its enlarged population of 
374m. fa theory, that should allow 
the new state of Japan to lay claim 
to around a third of the seats in toe 
House of Representatives. 

We recommend Y360 to the dollar, 
the rate prevailing before toe 1971 
ahandnranpnt of the gold bnk , as 
toe starting point for negotiations 
cm the alignment parity. 


Japanese purchasers of US gov- 
ernment bonds would be able to 
pick up more, free of exchange rate 
risk, while US institutions, strong 
buyers of Tokyo stocks recently, 
could sweep toe market Japanese 
banks, meanwhile, would be happy 
to hand monetary policy to Mr Alan 
Greenspan, chairman of the Federal 
Reserve, given his experience in 
defending US banks in trouble. 

• Trade; The guarantee of free 
trade between US states, as laid 
down in the US constitution, would 
remove the basts for dispute with 
Washington. No more arguing over 
the definition of a foreign made 
semiconductor chip, nor haggling 
over mobile telephone technology. 
No more antidumping suits. 

This would unleash a flow of 
cheap imports, from food to cosmet- 
ics, to the new state of Japan, sup- 
porting the existing policies of new 
governor Morihiro Hosokawa pro- 
moting deregulation and lower con- 
sumer prices. 

The consequences would be 
spread through the larger US econ- 
omy to both sides’ benefit Japan 
would get an economic boost and 
the US a dose of deflation. The 


increased am of the US gfa gte mar- 
ket would help both sides get richer 
and provide a counterbalance to the 
European Union, another power 
bloc taking on new members. 

Our constitutional advisers, at 
the same time, note that US states 
do have a certain latitude to impose 
state tariff barriers to trade, on 
health and safety grounds. This 
opens the appealing prospect of 
reimposing the ban on non-Japa- 
nese rice, in the same spirit as the 
Californian ban on many kinds of 
imported citrus fruit. 

We believe, however, that there 
should be no inter-state trade barri- 
ers for the car industry. It would be 
a positive benefit for the new Japa- 
nese state to switch from driving on 
the left, to driving to toe right, as in 
the rest of the US. 

This would be welcome to toe car 
industries of our new state neigh- 
bours, but pose no practical prob- 
lem for Japanese car producers, 
long accustomed to adjusting mod- 
els to local markets. Nor should this 
pose a problem for Japanese driv- 
ers, since the residents of Okinawa 
island switched from right to left in 
the mid-1960s without mishap. 


Observer 


choice of BT chairman Sir Iain 
VaDance as a vic&chairman has 
the right ring. With a father who 
once headed the Post Office north 
of the border. Variance’s Scots 
credentials also happen to be 
impeccable. 

Colin Brown, BTs departing head 
of corporate affairs, was moved 
to recall that Scots connection the 
other day apropos some advice he 
was given on joining the Post 
Office, of which BT was then a 
part 

How fast could a graduate trainee 
rise to the next grade, he inquired 
gingerly of a golfing pal in the 
business. 

“Three years minimum,” «rma 
the reply, “unless your father runs 
foe Post Office in Scotland - then 
it’s five months." 


Trappist speaks 

■ It seems Lord Tebbit’s 
self-imposed silence in foe run-up 
to Junk's European elections wffl 
not be total 

His planned trip to the US 
notwithstanding, it seems the Tory 
party’s arcb-Eurosceptic intends 
to break his sflance at least nnw» 

- on behalf of one Professor Philip 
Treleaven, the prospective 
Conservative candidate for London 
Southwest 

But then again, with John Major 
suddenly coming over all tough 
in the battle about enlargement, 
the former Tory chairman’s 
utterances may no longer spook 


1 

1 



‘Wrong sort of franchise* 


the leadership quite in the way 
they once did. 


Piccolo Pekkulo 

■ An Italian residing in Brussels 
is today savouring a magnum of 
Dam PerignOft. thanks in part to 
the FT. 

It’s his prize for winning a bet 
that he could succeed in having 
published another fa a series of 
multilingual hoaxes against 
newspapers, including this one. 

His score fa the FT this week 
purported to stem from one Manko 
Pekkulo, of Finland's Brussels 
embassy. The putative author 
explained that “Ffalandisation” 


- bring unite Moscow's thumb 

- was not so bad, but added that 
it was probably inevitable that 
Finland would now be annexed 
by another empire, the European 
Union. 

T^it* F innish mission quickly 

disavowed the letter; the FT 
published its disclaimer. 

But “Manko Pekkulo”, using a 
variety of pseudonyms, claims to 
have long plied the letters column 
of the Belgian daily, Le Soir, with 
spoof letters, including a joke at 
Japanese Emperor Akihlto’s 
expense during his visit to Brussels 
last September. 

Yesterday’s Italian daily 
LTmfrpeadeate said that “the 
Financial Times had fallen to the 
pen of Zoito . . Even the great can 
err". 


Pole position 

■ No great surprise that Jardine 
Matheson taipan Henry Keswick 
was a no-show at the company's 
press conference yesterday on the 
subject of delisting its shares fa 
Hong Kong. 

The notion of sweeping out of 
the stock exchange fa a huff was 
very muck his own, but. like the 
Queen and the Pope, Keswick does 
not grant intervi e ws. 

Normally based in London’s 
Lombard Street, Jardine's eminence 
grise was indubitably present in 
the colony - Observer’s man on 
the ground ran into his imp osing 
self in the street 


13 

offering legally-binding protection 
for the 23-vote blocking minority, a 
position echoed by toe European 
Parliament, which must give its 
assent to the enlargement treaty by 
early May or postpone consider- 
ation until after the June polls. 

Here is toe big risk. Without an 
early favourable vote in the Parlia- 
ment there seems little hope of Fin- 
land, Sweden, Austria and Norway 
holding referendums on the acces- 
sion treaties in time for the target 
date for entry into the Union. “The 
whole momentum of enlargement 
would be lost,” said one Scandina- 
vian ambassador. 

British officials say their best 
hope lies in persuading Germany to 
come up with a compromise. The 
Bonn government has little appetite 
for making population reflect voting 
power more accurately because it 
would mean a more populous Ger- 
many acquiring more votes than 
France, thus jeopardising toe rela- 
tionship with its closest ally. It 
insists that the threshold is raised 
from 23 to 27 votes. 

British officials are hoping, how- 
ever, that Germany may agree to a 
deal whereby certain areas - nota- 
bly social policy - would be subject 
to the 23-vote blocking minority in 
return for UK acceptance of 27 votes 
on most other areas. But such a 
solution still runs the risk of being 
turned down by toe Parliament. 

W hat irks Britain 
and Spain's part- 
ners is that Lon- 
don and Madrid 
implicitly accepted 
the principle of a “mechanical” 
adjustment in voting weights at the 
Lisbon summit in June 1992. The 
European Commission, as well as 
federalist-minded countries such as 
Belgium and the Netherlands, 
argued in favour of more far-reach- 
ing reforms to streamline decision- 
making in an expanded European 
Union; but they were overruled by 
the UK and Germany which 
insisted that enlargement should 
come first 

A Dutch diplomat echoing wide- 
spread sentiment in Brussels, 
argues that the UK’s strategy is to 
“roll back” Maastricht and push the 
European Union further towards 
loose inter-governmental co-opera- 
tion. “The British are taking a very 
consistent line," agrees a German 

nfffrial 

The question is whether the rest 
Of the Union baa the gfrwnarh to 
provoke a confrontation now, or 
cobble together a compromise in 
the hope that the deep divisions 
over the future shape and pace of 
integration can be resolved in 1996. 

Mr Jacques Defers, Commission 
president, has no doubt about the 
best outcome. “It is better to have a 
crisis than to have a bad compro- 
mise which later turns out to make 
things five or six times worse." 


• Foreign policy: Our government 
has often been criticised for its lack 
of one. Like it or not, we think this 
is close to the truth. But as a US 
state, it would be unconstitutional 
to run our own foreign policy, so we 
could all sigh with relief. We could 
even disband the military. That 
would please Prime Minister Hoso- 
kawa since it would keep the Social- 
ists on his side in the coalition. 

• Power structure: There need be 
no change of Japanese government. 
Nor need Japan reverse its recent 
electoral reforms, since states are 
entitled to establish their own 
systems for state elections. Mr 
Hosokawa’s eight years as governor 
of Kumamoto Prefecture should 
equip him well to be a state gover- 
nor. Who knows, he might even suc- 
ceed former governor Bill Clinton, if 
the Japanese lobby takes root in 
Washington. 

• The emperor: As far as we know, 
no US state has one, though the 
territory of Hawaii used to have a 
king until 1898. However, we believe 
that the freedom of religion clause 
in the first amendment assures 
Japan's right to keep its emperor, 
on the grounds that his father was 
- for some of his life - a god. 

William Dawkins and 
Michiyo Nakamoto 


But he left the talking to Sir 
Charles Powell, Margaret 
Thatcher's eminently plausible 
former adviser, who seems to have 
donned the mantle of the group's 
rhipf international fire-fighter. 

The whole thing must have 
seemed a doddle to Powell, who 
arrived hotfoot from a couple of 
days in Malaysia with Mahathir 
Mohamad. 

His usual b rimming confidence 
was no doubt further bolstered by 
toe fact that Gammon, the 
construction company owned 
jointly by Jardine and T rafalg ar 
House, is now safely off the list 
of British firms proscribed from 
bidding for Malaysian government 
contracts. 


Comrades 

■ So it came to pass; the lion lay 
down with the springbok. Honoured 
lunchtime guest yesterday of South 
Africa's London-based ambassador 
Kent Durr was Peter Mokaba, 
ex-Robben Island prisoner, fiery 
orator, former leader of the ANC 
Youth League - known as “the 
young lions” - and member of its 
national executive. 

Durr, who is proving to be an 
adroit diplomatic performer, had 
persuaded Mokaba to speak at an 
embassy election seminar. 

But the scourge of apartheid had 
another cause to plug - extolling 
South Africa's beaches in his new 
capacity as board member of the 
country’s Tourist Forum. 


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PLUMB 

CENTER 


M-cO^.V 



FINANCIAL TIMES 

Thursday March 24 1994 


CAROLINA 

“js^ElMDERS 


SfflCHHT 




ANC sets collision course with 
Buthelezi over Zulu homeland 


The African National Congress 
called on South Africa's 
multi-party Transitional Execu- 
tive Council yesterday to take 
over the administration of the 
KwaZulu black ‘'homeland" from 
Chief Mangosuthu Buthelezi. put- 
ting the ANC and the Chiefs 
Inkatha Freedom party on a colli- 
sion course. 

The call, from ANC deputy' sec- 
retary-general Jacob Zuma, the 
highest ranking Zulu in the ANC, 
represents a significant harden- 
ing of the organisation’s position 
on KwaZulu, the only one of the 
10 black homelands which con- 
tinues to offer political opposi- 
tion to the ANC. Asked whether 
the ANC-dominated TEC. which 
oversees government in the 
run-up to elections, should send 
in troops to remove Chief Buthe- 
iezi from power. Mr Zuma 
replied: "Why not?" 

The TEC said on Tuesday night 
it would take all steps to ensure 
free political activity in 
KwaZulu/Natal, where some 85 
people have died since the week- 
end. Inkatha supporters have pre- 
vented ANC election rallies and 
made voter education in Kwa- 
Zulu almost impossible. Chief 
Buthelezi said last night he 
would allow the Independent 
Electoral Commission to prepare 
Tor elections in the homeland, 
but he has given such assurances 
in the past without persuading 
his supporters to respect them. 

Mr Zuma said the TEC should 
cut orr government funding to 
KwaZulu, which is a semi-auton- 
omous "self-governing territory” 
within South Africa but receives 
all its funds from Pretoria. The 
ANC would tomorrow launch a 
campaign of mass action aimed 
at demonstrating that most Zulus 
oppose Chief Buthelezi's plan to 
boycott April's all-race elections, 
he said. The campaign would 


Patti Waldmeir in Johannesburg reports 
on a rise in tension ahead of April’s poll 


BOTSWANA 


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Bfl Kangwane 
□ KwaNdebete 
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J SWAZILAN D 


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Jj^Eas£\ontfoa ,* A ; '!>' i v'Jj 


\7." ‘ **r J .- - ! o »mw » o jsj; 

• «Transkel and Vend a: nominal independence ends wnttt election: ANC^aBgnad! . j 


■ 9 Ciskei ancf-Bophuthatswana: nominally independent, now being . “ ,•’* 

. administered jointiyby Pretoria and Transitional Executive Co«nc2 ‘ " 

: 9 Qwaqwa; Gajjanlcufu, KwaHdabeio, Rangwdne: self -governing tfenjtory;^- i 

tega2y part of SoatfrAfriea. . ' * 

9 l^bowro Self-gowning territory. legally part of South Africa. Government has = 
requested administration by Pretoria 

‘ 9 KwaZulu: Self-governing territory, legally part of South Africa; government is , 
• resisting elections; Zulu king has threatened secession 


begin with a mq «tw march In Dur- 
ban on Friday and continue with 
civil servants' protests. 

International mediation of con- 
stitutional issues would continue, 
Mr Zuma said - ANC sources 
said yesterday that former Brit- 
ish foreign secretary Lord Car- 
rington and former US secretary 
of state Henry Kissinger would 
be asked to mediate - but results 
would probably not come soon 
enough to resolve the crisis. 


The ANC has eliminated all 
opposition from other homeland 
governments, widely vilified as 
the creations of apartheid. Other 
governments have either been 
ousted as a result of popular 
pressure orchestrated by the 
ANC - Brigadier Oupa Gqozo 
was removed from power in the 
Ciskei homeland on Tuesday 
night, and President Lucas Man- 
go pe of Bcphuthatswana was 
deposed 10 days ago - or they 


long ago threw in their lot with 
the group they expect to lead 
South Africa's next govenunenL 

Hie A NC has ignored abuses of 
human rights in homelands 
which support it most notably, 
the Transkei government of Gen- 
eral Bantu Holomisa. 

ANC officials, clearly excited 
by their victories in Ciskei and 
Bophuthatswana and angry at 
Chief Buthelezi's campaign to 
prevent elections in Natal, yester- 
day adopted a more belligerent 
tone towards KwaZulu. 

One senior official, normally a 
moderate, said: “Buthelezi must 
l earn the lesson of Bop. The Kwa- 
Zulu police, the youth and the 
civil service - the same forces 
which brought down the Bop 
government - are present in 
KwaZulu: the time has come for 
them to stand up and be 
counted.'’ He added that the ANC 
only needed “a trigger" to pro- 
voke Buthelezi’s departure 
within weeks. 

All homelands, including Kwa- 
Zulu. will cease to exist after 
elections. But ANC officials said 
they could not wait for the poll 
before removing Chief Buthelezi: 
too many people were being 
killed in his campaign to prevent 
voting, they said, adding that 
they were determined to ensure 
participation in the poll. 

But KwaZulu differs greatly 
from the other homelands where 
unpopular leaders have been top- 
pled. Chief Buthelezi commands 
significant support and he is 
unlikely to crumble as other 
homeland leaders have done. 

But thousands of KwaZulu 
police and civil servants depend 
for their salaries and pensions on 
funding from central govern- 
ment, which will be controlled by 
the ANC after April The next 
few days and weeks will tell 
whether they decide to revolt. 


S Korea warns it will invade 
if attacked by the North 


Two-tier EU 

voting 

proposed 


By John Burton in Seoul 


South Korea yesterday issued a 
veiled warning that if North 
Korea staged an attack. Seoul 
would respond by invading the 
North to overthrow the govern- 
ment of President Kira B-sung. 

"Our strategy is that, depend- 
ing on the type of North Korean 
armed provocation, we would 
make it an opportunity to realise 
unification." Mr Rhee Bvoung- 
tae. the defence minister, said. 

"There are no signs that North 
Korea will launch a provocation 
snou." he said, but added that 
North Korean forces had intensi- 
fied their training recently. "We 
cannot rule out the possibility if 
the UN Security Council starts 
deliberating sanctions.” 

The US and South Korea are 
now considering holding their 
joint Team Spirit military exer- 
cise some time this spring or 
summer, with late April being 
the earliest date, he added. The 


timing of the exercise is being 
determined by the arrival of 48 
US Patriot missile launchers, 
which are not expected until mid- 
April. They will join the exercise. 

Mr Rhee said North Korea had 
only limited time to drop opposi- 
tion to international nuclear 
inspections if it wanted to stop 
Team Spirit. North Korean offi- 
cials said yesterday that holding 
the exercises would be inter- 
preted as a provocation. 

However. Mr Rhee said: “Once 
the government officially 
announces the resumption of 
Team Spirit, it will be difficult to 
suspend the exercise again." 

Mr Han Suag-joo. South Kor- 
ean foreign minister, said the key 
to resolving the nuclear dispute 
lay either in UN sanctions or sec- 
uring China’s co-operation in per- 
suading Pyongyang to accept 
inspections. 

Neither South Korea nor the 
US Intends to compromise on the 
basic issue of full inspections 


with North Korea, including the 
resumption of inter-Korean talks 
on mutual inspections as well as 
unrestricted access to the Inter- 
national Atomic Energy Agency. 

South Korean president Kim 
Young-sam will leave today for 
six days in Japan and China to 
seek support in resolving the 
nuclear issue. His visit to Beijing, 
which begins on Monday, is the 
most crucial stage of the trip 
since he will ask Chinese presi- 
dent Jiang Zemin to intervene 
with North Korea in the dispute. 
China has expressed opposition 
to sanctions. 

In a mixed message. North 
Korea said yesterday it was pre- 
pared for new negotiations as 
well as for armed conflict “As we 
have declared time and again, we 
are fully prepared to answer dia- 
logue with dialogue and war with 
war." It denounced deployment 
of Patriot missiles, accusing the 
US or bringing the Korean penin- 
sula “to the brink of war”. 


Continued from Page 1 


a platform with the UK that- 
threatens to delay the enlarge- 
ment of the Union. 

Foreign minister Mr Javier 
Solana said he held out “scant 
hope" that there would be a com- 
promise over voting rights in the 
expanded Union when the EU for- 
eign ministers meet in Greece on 
Saturday. 

He dismissed speculation that 
Spain, which has specific inter- 
ests such as the protection of 
Mediterreanean farm produce, 
would abandon the UK in what 
has so far been a joint opposition 
to changes in the ED’S current 
blocking vote rules. 

The UK’s policy, which has in 
the past been at odds with 
Spain's characteristic Euro- 
enthusiasm, is viewed as a more 
blanket opposition to the 
decision-making process in Brus- 
sels. 




FT WEATHER'GUIDE^ 


Europe today 


Ttvj zone between cool air In the north and 
mild air in the south will cause cloud and rainy 
conditions over northern France, southern 
Germany, southern Poland and western 
Russia North or this zone, there will be 
sunshine and scattered showers, but western 
Scotland, northern Ireland and south-west 
Norway will have showers, and occasional hail 
showers. The Scottish coast and the North Sea 
area will have gale (once winds from the west 
The central and northern districts ot 
Scandinavia will have wintry conditions with 
some snow, especially in Finland. It win be 
sunny in the Mediterranean area and the 
Balkans will have occasional sunshine and 
broken cloud. 


*§ \ S9 s 6 ‘<£2> IX/-- / ** - 

TiM\ T p a i 


020 


14 






Five-day forecast 

Conditions on the continent will remain 
unsettled as far south as the Alps, but wilt 
improve dunng the weekend, with sunshine 
and mild ajr. The UK wilt have fair conditions 
on Saturday, but on Sunday cloud and rain will 
arrive Irom the west. Unsettled conditions will 
persist in Scandinavia, though it will be 
wanner. Southern Europe will remain dry with 
plentiful sunshine, although scattered showers 
will tall in Spain on Sunday. 


VO ot) .W'WrtWb 


HIGH .. 
23 ' 


C 1020 • ■ 

1 21 -• .V .. 


26 25 

Warm front CoW front A A Wind speed in KPH 


TODAY'S TEMPERATURES 


Situation at 12 GMT. Temperatures maximum tor day. Forecasts by Mateo Consult of the Nathortands 



Minimum 

Bolted 

gnawer 

10 

CanJW 

ter 

11 

Frankfurt 

I 

Grteioa 

Belgrade 

sun 

24 

Chicago 

cloudy 

11 

Genw 

j t£iu Dh-lb 

fair 

21 

Bed in 

shower 

13 

Cologne 

shower 

14 

Gibraltar 

i Accra 

douOy 

32 

Bermuda 

shower 

23 

D' Sataam 

ter 

29 

Glasgow 

} Vrtien: 

Mm 

34 

Bogota 

cloudy 

20 

Dakar 

ter 

25 

Hamburg 

j Anisiivdam 

lav 

11 

Bombay 

sun 

33 

Danes 

fair 

25 

Helsinki 

l AiVrv; 

sun 

1? 

Bnosda 

showar 

13 

Mm 

sun 

31 

Hong Kong 

j e.-Air-Xi 

anower 

33 

Budapest 

ter 

22 

Dubai 

tair 

28 

Honolulu 

1 B luin 

loir 

11 

C. Hagai 

Windy 

B 

Dublin 

far 

12 

Istanbul 

B-irVJkul. 

faa 

31 

Cairo 

Ur 

23 

Dubrovnik 

sun 

20 

Jersey 

Barcetoiu 

sun 

21 

Cape Town 

cloudy 

22 

Ednburgh 

ter 

10 

Karachi 


fair 

1? 

Caracas 

13* 

25 

Faro 

sun 

22 

Kuwait 


Your bonus program. 
Lufthansa Miles & More. 

Lufthansa 

German Airlines 


L Angeles 

Las Palmas 

Lima 

Lisbon 

London 

Lux-boug 

Lyon 

Madara 

Madid 

Majorca 


shower 

16 

Mata 

sun 

22 

Wo 

fair 

27 

lar 

20 

Manchester 

ter 

11 

Riyadh 

ter 

26 

sun 

19 

Mania 

fair 

32 

Rome 

awi 

19 

windy 

10 

Mel downs 

tar 

25 

S. Frsco 

rain 

14 

shower 

TO 

Mexico Oty 

ter 

26 

Saoif 

fair 

6 

shower 

A 

Mann 

fair 

29 

Smgapore 

cloudy 

30 

cloudy 

20 

Mian 

WJl 

24 

Stockholm 

fair 

6 

cloudy 

26 

Montreal 

cloudy 

2 

Straboug 

shower 

20 

sun 

12 

Moscow 

rain 

6 

Sydney 

far 

22 

cloudy 

12 

Munich 

fair 

20 

Tangier 

sun 

21 

Ml 

35 

Nam** 

shower 

29 

Tat Aviv 

far 

20 

sun 

2a 

Naples 

8U1 

21 

Tokyo 

rain 

12 

shower 

17 

Nassau 

fair 

30 

Toronto 

rain 

8 

3U1 

22 

New York 

shower 

13 

Tunis 

sun 

23 

far 

27 

Nice 

sun 

19 

Vancouver 

fair 

12 

sun 

24 

Nicosia 

shower 

20 

Venice 

sun 

20 

tan- 

13 

Oslo 

cloudy 

7 

Vienna 

fair 

22 

ram 

14 

Pans 

rain 

16 

Warsaw 

shower 

15 

fair 

22 

Perth 

fair 

29 

Washington 

shower 

21 

Shower 

21 

Prague 

ram 

IS 

WeHmgtan 

fafr 

14 

9WI 

24 

Rangoon 

cloudy 

32 

Winnipeg 

fair 

0 

sun 

22 

Reykjavik 

snow 

2 

Zurich 

sut 

19 


THE LEX COLUMN 


Sinking in the trough 


Tighter money in the US has made 
financial markets there supremely 
sensitive to any signs of rising infla- 
tion, and the obsession seems to be 
spreading. Yesterday's UK inflation 
figures played into the hands of the 
Je remiahs , though the disappointment 
was largely superficial. There has 
been some faintly worrying back- 
ground noise in the housing market, 
on average earnings and commodity 
prices, but producer price inflation is 
still depressed and the 0.6 per cent 
monthly jump in February’s retail 
prices index owed much to the end of 
the January sales. Since the retail 
sales figure for that month was weak, 
higher prices in the shops may not 
stick. 

Yesterday’s figures need not under- 
mine expectations of a further fall in 
the headline rate of inflation later this 
summer. But the conclusion on inter- 
est rates is different. The authorities 
would suffer a serious loss of credibil- 
ity if they cut rates on the back of 
yesterday’s figures. Next month's data 
will be perilously dose to the Euro- 
pean and local elections. Cutting rates 
then would invite the charge of politi- 
cal influence on monetary policy. 

The hope must be that the economy 
has enough momentum to shrug off 
next month’s tax rises. If so. the even- 
tual judgment will be there was never 
any need for another base rate cut 
anyway. But growth cannot continue 
indefinitely without some pressure on 
prices. Barring a serious hiccup in the 
recovery, the trough in rates may 
have been reached. Yesterday's 46- 
point fall in the equity market sug- 
gests this point is finally sinking in. 


Lasmo 


Share price relative to the 
FT-SE-A AB-Stare index 

16Q - 


140 — h — 


eo 


1989 90 Sri 92 93 B4 

Source: FT Graphite 


With cash inflows remaining high and 
the rate of gilts and equity issuance 
dropping sharply, markets should be 
squeezed higher by the sheer weight 
of money. The inflow of fresh funds 
into institutions may reach £55bn this 
year while the government's funding 
requirement will drop from £50bn to 
£38bn. The flow of rights issues has 
abated; flotations are only likely to 
absorb part of that shortfall 
But that happy investment sce n a ri o 
tends to overlook the influences on 
the existing owners of stocks and 
assets. Hedge funds have been prun- 
ing their holdings and overseas inves- 
tors have turned tail in the gilts mar- 
ket UK institutions may be flush with 
cash this year but the signs are they 
will have to take up a lot more of the 
running. 


still dogged by their expensive high 
street shops. If they are eliminated, 
returns may fall. Superdrug has a 
weak position against Boots, and may 
also be squeezed by the food super- 
stores. Woolworths is trying EDLP. 
but in many of Woo lies’ specialities, 
out-of-town chains such as Toys ’R’ Us 
are more effective players of the EDLP 
game. If Woolworths did not exist, it 
would probably not be necessary to 
invent it. 

Faced with a difficult hand, at least 
the company is doing most of the right 
things. Mr Alan Smith, the new chief 
executive, is strengthening the man- 
agement team and installing better 
systems. There may well be a revolu- 
tion going on at Kingfisher. EDLP 
may work. But it will be quite a while 
before shareholders find out whether 
it is going to benefit them. 


Kingfisher 


Marks and Spencer's surging profits 
are living proof that Kingfisher's 
everyday low pricing strategy works. 
Sadly, there is as yet little evidence 
that it works at Kingfisher. Last year 
operating profits in the main UK 
retailing businesses actually fell by 3 
per cent, despite all the huffing and 
puffing. B&Q is a central plank of the 
EDLP idea yet profits here will proba- 
bly be lower in 1996 than they were in 
1990. Group earnings may rise by no 
more than 10 per cent in 1994 and 1995, 
which goes a long way towards 
explaining the heavy de-rating of the 
shares since the turn of the year. 

Perhaps Kingfisher simply has the 
right strategy and the wrong busi- 
nesses. Electrical retailing offers a 
high return on capital in out-of-town 
locations, but most store chains are 


Institutional investment 


The government’s institutional 
investment figures for the final quar- 
ter of 1993 bear all the footprints of 
fund managers stampeding into the 
fashionable assets of the day. There 
was strong net investment in overseas 
securities and property as investors 
scrambled to fulfil the targets set by 
their asset allocation committees. It is 
perhaps little surprise that many over- 
seas markets have proved groggy 
since and property shares have paused 
for breath. 

Institutional liquidity will be fuelled 
again this year by rising dividends, 
the ending of many pension fund holi- 
days and strong sales of single-pre- 
mium investment products by the life 
insurance sector. Theoretically, that 
should help UK financial markets. 


Lasmo 

It is difficult to quibble with Las- 
mo’s decision to pass its final divi- 
dend. With development expenditure I 
set to remain high over the next three ; 
years and the oil price at rock bottom, J 
the company is being squeezed. Explo- 
ration spending has already been i 
scaled back to £50m a year, probably 
not enough to replace reserves now i 
being drilled. Gearing could rise above 
100 per cent - counting Lasmo’s US t 
preference shares as equity - before 
Liverpool Bay and other development , 
projects come on stream. In that con-- 
text the £20m cash cost of the dividend 
was a burden. 

Gearing would be less of a worry if- 
Lasm o's balance sheet understated the 
true value of Its assets, as is often the 
case with oil companies. But even 
after yesterday’s write-downs, the sus- 
picion remains that more win be j 
required. Having replenished share- 
holders' funds with dollar prefe task 
year, the company is comfortably 
above minimum net worth covenants 
imposed by its bankers. Should oil , 
prices dictate further writedowns;, 
though. Lasmo’s management might - 
feel more comfortable with an infusion 
of real equity. 

The snag is that shareholders would 
have little incentive to subscribe 
under those circumstances. Despite all 
its good work last year reducing over; 
heads and disposing of high-cost pro- 
duction - yesterday’s sale of its inter- 
est in the Ninian field is a case in- 
point - Lasmo requires a material 
recovery in the oil price if it. is. to 
flourish. It is hard to see the shares 
outperforming until that is in pros- 
pect 


STILL BETTING 
ON A RATE CUT? 


Did you know that:- 

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IG Index is the U.K’s leading financial bookmaker, and is regulated by 
the Securities and Futures Authority. We cannot give you advice on what 
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your view on rates, long or short, UK or foreign. 


There are more than a dozen of these markets you can bet on and, so 
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If you would like to find out more, call Michael Murray or 
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NB-. Prices may move up or down very rapidly. If you are 
asked for a deposit, you could lo»s more than the deposit. 
Never speculate with money you cannot afford to lose. 


* Tax law can, of course, be changed. 




HUT W FINANCIAL BOOKMAKING 


1 G lode* Pic. V- 1 1 Grarvcnur Gardens, 
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To IG Index. Pic, 9-1 1 Groavenor Gardens, London , SWIW OBD.'I; 


Please send me more information on IG Index and call me with 
details of your service. 





•- 



Tel: Day... 

-....Evenings — 





iCON**® 




Ill III'* (*.'• i 1 • 
Argyll' is iore» 


Barratt r.s«' 


ill : :: 

tll.ni :i; • < . 


Bovrthorpo "C 


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55 













IS 



FINANCIAL TIMES 


IN BRIEF 


Bank Austria 
wins GiroCredit 

Bank Austria, the country’s largest hawiy has 
won the bat tle for control of GiroCredit, the coun- 
try's third largest bank, banking sources in Vienna 
said last night The takeover, which was due 
to he announced next week, will help reduce 
excessive competition in Austria's sector 

and boost Bank Austria's relatively weak position 
in the domestic capital markets. Page 16 

AMed Dunbar gate HIH Samuel’s life sales 

Hill Samuel HU1 Samuel, part of the TSB banking 
group of the UK, is to close the life and pwi«rinr»g 
part of its fina n cia l services arm to new business. 
Most of its direct sales force will be offered jobs 
at Allied Dunbar, the BAT subsidiary. Page 16 

Halifax ready to cut rates 

Halifax building society, the UK's largest, said 
yesterday that if there were a further 025 percent- 
age point cut in base lending rates then it would 
reduce its variable mortgage rates. Page 16 

Investors get picky on IPOs 

March has not been kind to the US market for 
initial public offerings of stock (IPOs). Northwest 
Airlines cut the price on its planned issue, tvien 
the Federal Reserve raised short-term fnfa»T»gfr 
rates. For the IPO market, both events should 
spell trouble. Page 17 

US retailer expands In Japan 

Wal-Mart, the leading US discount retailer, and 
Ito-Yokado, a large Japanese supermarket nfarfn, 
have reached an agreement under which Wal-Mart 
will supply its own-brand products to the Japanese 
retailer. Page 18 

Spring for equities in Kenya 

Nairobi's stock exchange has suddenly sprung 
to life. Back Page 

Argyto Is forever 

The Argyle diamond mine in the far north of 
Western Australia is pressing on with a project 
designed to ensure that Argyle remains the world's 
biggest diamond producer into the next decade. 
Page 24 

Borratt sees rise bt (AC house prices 

The housing market recovery In the UK is gather- 
ing pace with sales and prices expected to rise 
further in 1994 according to Sir Lawrie Barratt, 
chairman of Barratt Developments, which more 
than doubled interim pre-tax profits. Page 21 

Bowthorpe 20% up tat tough times 

Bowthorpe, the UK-based international electronic 
and electrical com ponent s group, reported a 20 
per cent increase in pre-tax profits. The result 
was described by Mr John Westhead, chief execu- 
tive, as “pleasing*. Page 20 

Lex slips 

Lex Service, the UK's largest car distribution 
and leasing group, yesterday reported pre-tax 
profits, including exceptional items, of flOLSm 
($148m) in 1093 compared with £107m. Page 20 


Companies In this Issue 


Air Hong Kong 
AlcalaJ-AtetJwm 
Allied Dunbar 
Arthur Wood i Son 
Aspen Commons 
AaaDoma 
B&Q 
BNP 

BZW Convertible 
Bank Austria 
Barr & Walace 
Bayarische Verema. 
Bredero Properttes 
Bridgend Group 
Brit BuHdIng 
Bum Stewart 
Cathay Pacific 
Clinton Cards 
Comet 

CntaDt Lyonnais 
Devro Inti 
Fairway Group 
Fond 

Foreign & Colonial 
Fbrtex 

Fred Cooper 
GiroCredit 
Granada Group 
Gt Portland Estates 
Halifax ButtcL Soc. 
Hffl Samuel 
Hydro-Quebec 
IBM 

Irish Permanent 


Market Statistics 


♦Annual reports service 26-27 

Benchmark Got! bonds 19 

Bond turns and options 19 

Bond ptoes and ytoldc 19 

OommottteB prices 24 

Dtvktends announced, UK 20 

EMS currency rates 32 

Bnbond prices 12 

Ftaed interact bxSces 19 

FT-A Wbrid IraScee Back rage 
FT Go* Mhes Indac BadkPage 
FTjilSSU lnU bond sue 19 

FT-SE Actuate indfcee 25 


Foreign exchange 32 

Ste prices 19 

fate equBy options Bade Page 

London share service 28-27 

tendon trad options 9 
Managed kinds service 
Money merkste 
New M bond issues 
Recent issues, UK 
Short-term M rates 
US interest rate 
World Stock Merkels 


Chief price changes yesterday 


FRANKFURT (MD 
Rh> 



Leonnd 

6260 

* 

110 

DaMet-Smz 

BS9l5 

+ 

ias 

sue 

820 

+ 

38 

MwJtete 

1GL8 

+ 

6L6 

UF8 Located 

478 


1(L5 

DfspBmwK 

294 

* 

8 




MDsnonm 

4028 

+ 

SA 

FaBa 

1B6JJ 


4.1 

Foes 




CsnmdlflBx 

- 

AitoPrt 

810 

- 

30 

Eridenb B-S Cl 

620 

- 

15 

MS YORK 13} 



TOKYO (Vari 




FM 

S3tt 

+ 

2K 

Warn 



SO 

Gan Kaunas 

51* 

+ 

2tt 

WacNftM 

970 

+ 

Gan Holm 

6ttt 

+ 

ltt 

Wo Onto 

1500 

+ 

70 

WPKPW 

70K 

+ 

144 




lamn 

9 

*■ 

IK 

Rafla 

1710 


100 

Pa* 




DUS toe 

- 

Mmd 

aw 

- 


Uftna 

882 

- 

33 

PMHfA) 




MtwkffH 

B10 

- 

45 

Mam 

Craft Ml 

820 


11 

TUgoRopa 

630 

- 

30 

Maw York prtesa at 1230pm. 





LONDON gwri 
Maaa 



leal and 

147 

_ 

6 


101 

+ 

12 

Johnson Fty 

298 

- 

IS 

GtofltiMoB 

43 

♦ 

4 

Mm 

48 

_ 

5 

HNmfl 

106 

+ 

4 

(MraraUta 


21 

TTGaao 

384 

+ 

12 

306 

“ 

R-Ba 




9nU 

32S 

- 

20 

total attach 
AopmCoams 
Baramrn 

324 

186 

314 


18 

A 

12 

SMoHtfd 

SbMi (to* Cowt 

326 

301 


14 

21 

ftMHr 

438 

_ 

K 

Sanoat&Mna 

132 

- 

U 

CtanCa® 

DamM 

138 
244 Vi 

“ 

7 

12fc 

UUMemmaro 

636 

- 

34 

22 

f*mi 

G22 

- 

40 

UMfcolW 

801 

“ 


COMPANIES & MARKETS 


©THE FINANCIAL TIMES LIMITED 1994 


Thursday March 24 1994 


WIPAC 


AUTOMOTIVE 
PARTS & 
ACCESSORIES 


^ v 


Nordbanken 
rebounds 
from bail-out 


By Hugh Camegy in Stockholm 

Nordbanken. which the Swedish 
government rescued from col- 
lapse with a SKrSlbn bail-out, 
yesterday announced an animal 
operating profit of SKr2.7bn 
($344m), making It the country's 
most profitable bank in 1993. 

This is bound to reinforce com- 
plaints by Handelsbanken, Skan- 
dmavjfika Rnslrilrfa TtanWm and 
the other Swedish banks that the 
scale of state assistance to Nord- 
banken gave it an unfair competi- 
tive advantage. 

The profit followed a record 
loss of SKrl6.6bn in 1992 when 
Nordbanken became the biggest 
victim of a loan-loss crisis which 
swept through the Swedish hank- 
ing system. Its spectacular retain 
to the black outstripped the 
profit of SKrLShn achieved last 
year by Svenska HandeLsbanken, 
which avoided the worst of the 
credit loss slump. 

The 1993 results clearly showed 
the effects of the state’s bail-out 
on Nordbanken. The off-loading 
of SKr67bn of bad loans to Secu- 
rum, a separately run “bad 
h ank ", meant credit losses, 
mostly accrued in the property 
sector, tumbled to SKrfJfim from 
SKrlRXbn in 1992. 

Non-performing loans stood at 


SKrlP. 9-hn, compared with no less 
than SKr39.4bn in 1992. Pro vi- 
sions for problem loans were set 
at SKr6.3bn compared with 
SKi22.4biL 

Nordbanken received capital 
Injections from the state worth 
SKrl6bn, while the authorities 
used a further SKr35bn of taxpay- 
ers’ money to capitalise Securum. 
Da addition, at the turn of the 
year Nordbanken took over Gota 
Bank, another victim of the crisis 
bailed out at great expense by 
the state. Nordbanken did not 
consolidate Gota Bank in its 1993 
accounts. 

The authorities have responded 
to other banks* criticisms by 
pointing out that Nordbanken is 
having to spend SKrSbn in fur- 
ther recapitalisation needed at 
Gota Bank. Gota earlier this 
week announced an operating 
loss in 1993 oF SKrl3J>bn despite 
the injection of SKr20bn in state 
funds and a bad loan laundering 
arrangememt similar to tha Secu- 
rum operation at Nordbanken. 

At the underlying level Nord- 
banken said profits before credit 
losses rose sharply because of 
faffing interest rates and higher 
investment income. Excluding 
the effects of the Securum opera- 
tion, profits before credit losses 
rose 31 per cent to SKr&9tm. 


Darty pushes 
Kingfi sher to 
51% advance 


IB 

Ito-Yokada 

18 

18 

Jardine Matheson 

ia is 

18 

KNPBT 

18 

22 

Kingfisher 

415 


LWT 

22 


Lasmo 

15 


1 « nitron 

18 


MasterCard 

17 

18 

Mayne Nicktess 

18 

22 

Mteroaott 

17 

18 

More OTmtbU 

22 

22 

Mycom 

18 

18 

NFC 

22 

22 

NTT 

17 

22 

Nordbanken 

15 


North Sea Assets 

23 


Page (MfchaeQ 

22 


Pantos 

10 


Quafity Software 

23 


Ricardo Group 

22 

16 

Richardsons West 

23 

15 

Seagram 

17 

22 

Superdrug 

15 

22 

TT Group 

23 

6 

The Wharf (Holcfings) 

18 

22 

Topdanmartt 

18 

18 

Town Centre Secs 

22 


Trtzec 

17 


Vard 

18 


VlctaaOc 

22 


Volvo 

17 


Waca 

23 

18 

Wal-Mart 

18 

18 

Wesserstaln Peralta 

17 

17 

Weir Group 

22 

17 

Whatman 

22 

22 

Wootworth 

15 


By Peggy HoBtnger tel London 

Kin gfisher shares fell yesterday 
in spite of better than expected 
results, reflecting disappointment 
over file retailer’s underlying per- 
formance in the UK. 

Pre-tax profits of £3 09.3m 
(5450m), a rise of 51 per cent, 
were £10m ahead of expectations. 
Sales were 26 per cent ahead at 
£4.48hn. 

The profit advance was largely 
fuelled by a £79.2m operating 
contribution from Darty, the 
French electricals retailer 
acquired in February last year 
for £lbn. Interest charges were 
lower than expected at £7£m and 
the p ropert y contribution jumped 
from EW-ivn to £43m_ 

Operating profits from the 
main UK retailing businesses, 
where Kingfisher launched a 
strategy of everyday low pricing 
last year, fell 3 per cent 

One analyst described the 
returns from Comet, Woolworths, 
B&Q and Superdrug as “a bit dis- 
appointing”. 

The shares fell 9p to 561p, and 
have dropped 22 per cent since 
January’s trading stat ement after 
which analysts downgraded 
expectations from £315m to 
£300m. Analysts indicated that 
1995 forecasts would be trimmed. 


Sir Geoffrey Mulcahy, chair- 
man, rejected criticism of the low 
price policy. “It is designed to 
attack the lower growth and 
more competitive retail environ- 
ment of the 1990s,” he said. 

Kingfisher has decided to step 
up introduction of electronic 
points of sale throughout the 
group to help cut costs. Sir Geoff- 
rey said the results demonstrated 
the "soundness of both Kingfish- 
er’s businesses and its balance 
sheer. Debt was reduced from 66 
to 33 per cent of shareholders’ 
funds. 

Darty had been "particularly 
encouraging”, said Sir Geoffrey, 
“given the recession in France”. 
The group had increased market 
share in an intensely competitive 
environment, and deliberately 
avoided chasing lower-margin 
volume. 

The chairman would not com- 
ment on current trading. How- 
ever, Kingfisher has decided to 
make two trading statements a 
year in addition to announcing 
its results. 

The dividend was raised 10 per 
cent to lO^p, for a total 9 per 
cent higher at 14J&p. 

Fully diluted earnings rose 15 
per cent to SSJIp. 

Details, Page 20; Lex, Page 14; 
Selling it cheap. Page 9 


Lasmo falls after 
weak oil prices 


By Robert Corrine in London 

Lasmo, one of the UK’s largest oil 
exploration and production com- 
panies, yesterday passed its final 
dividend as it struggled to come 
to terms with con tinuing oil price 
weakness. 

It reported a pre-tax loss of £9m 
(513.4m), against a restated defi- 
cit of £2G2m. After tax and divi- 
dend payments, the amount with- 
drawn from reserves was £14 lm. 
The loss per share was l7J5p, 
reduced from 52-3p. 

The group said the loss attrib- 
utable to shareholders before 
exceptional charges was £59m, 
compared with a £34m profit. 

Mr Joe Darby, chief executive, 
said oil prices fingering around 
the 513-514 a barrel level for 
Brent Blend constituted the 
"exceptional circumstances" that 
caused the board to chop the 
final dividend. It promised last 
year to make a final 2p payout to 
equal the previous 3,3p total. 

"We thought the 1.3p 
announced at the time of the 
interim results was enough.” he 
said. The decision would save 
£20m cash. The future annual 
dividend would be lp, until "an 
increase can be justified”. 

Low oil prices caused the com- 
pany to make a £120m provision 
against assets inrimUng fields in 


Nova Scotia and Italy, and a new 
accommodation, platform at the 
UK Claymore field. UK tax 
changes allowed the release of 
£45m provisions, leaving a net 
exceptional charge of £72m. 

Turnover was £67Sm, up from 
£631m, as production rose 10 per 
cent to 167,000 bands a day of oil 
equivalent (including natural 
gas). Operating profits totalled 
gllflm, a gains t: Cl 12m. 

Lasmo ’s vulnerability to low 
prices was illustrated by an aver- 
age cost of sales of £845 a barrel 
compared with cuirent sterling 
price of about £9.30- The com- 
pany flimg to twin rmtt operating 
costs of £4.10 a barrel by 10 per 
cent this year and by 25 per cent 
in real terms over the next four 
years. 

A shift towards lower cost pro- 
duction was hi g hli g hted by yes- 
terday's announcement of the 
£84m gale of Lasmo's interests in 
the high-cost mature Ninian field 
in the North Sea. 

Year-aid gearing was reduced 
from 110 to 75 par cent, on net 
debt of £794hl The company has 
extensive development pro- 
grammes, and Mr Darby 
acknowledged that the target of 
keeping gearing to 80-90 per cent 
1996 was based on oil prices 
“higher than they are today”. 
Lex, Page 14; Details, Page 21 


Simon Holberton reports on trading group’s delisting from Hong Kong 


J ardine Matheson, the British 
trading company most asso- 
ciated with the founding of 
Hong Kong more than 150 years 
ago, is to cease trading its shares 
on tiie colony's stock exchange at 
the priri of this year. 

Mr Henry Keswick, the compa- 
ny’s chairman, said yesterday 
Jardine had been unahip to per- 
suade the Securities and Futures 
Commission (SFC), Hong Kong's 
corporate watchdog, to relinquish 
its regulatory oversight of the 
company in favour of arrange- 
ments which Jardine had entered 
into with the monetary authori- 
ties of Bermuda, its place of 
incorporation. 

At Jardine's request the Ber- 
mudan authorities had enacted 
laws to bring the company and 
its subsidiaries under a statutory 
version of the London Takeover 
Code. The SFC said it did not 
believe the Bermudan authorities 
had the experience to regulate a 
Hong Kong-listed company and 
could not, therefore, provide ade- 
quate investor protection. 

Jardine's announcement brings 
to an end a 10-year process of 
disengagement from Hong Kong’s 
regulatory regime. In March 1984 
the company announced it would 
move tts domicile to Bermuda; in 
March 1991 it said it would move 
its primary stock exchang e list- 
ing to L ondo n Other members of 
the Jardine group, including Jar- 
dine Strategic, Dairy Farm, Man- 
darin Oriental, and Hongkong 
T-anri are expected to unmumw 
their intention to delist In due 
course. 

Jardine's shares have been 
traded in Hong Kong since 1961 
when the heirs of Mr William 
Jardine and Mr James Matheson 
took the company public. Its deci- 
sion to delist - 2% years before 
the resumption of Chinese sover- 
eignty - seems a wretched move 
for a company which can trace 
its antecedents back to the 1830s 
in Canton. It was on the encour- 
agement of Mr William Jardine, 
one of the company's cofound- 
ers. that Lord Palmerston agreed 
to the occupation of Chinese ter 
ritory to promote Anglo-Chinese 
trade. This led to the seizure of 
Hong Kong In 1841. 

Since then the company has 
had a chequered relationship 
with China. It was Jardine 
Matheson which made its fortune 
trading opium in China and built 
China's first railway. It was Jar- 
dine executives who ran the 
Shanghai municipal council until 
the revolution. And it was Sir 
John Keswick, taipan, or “big 
boss”, and friend of Chinese pre- 
mier Zhou Enlal who signed over 
Jardine's assets to the commu- 
nists. 

The decision to quit the Hong 
Kong stock exchange was vis- 
ceral rather than logical in spite 
of the elegant glosses supplied by 
Sir Charles Powell, a Jardine 
hoard director. He argued that 
rigiigting was a technical measure 
to complete a process of bringing 


Rescue to be 
struck today 
for Credit 
Lyonnais 

By ABce Rawsthom In Paris 

Mr Edmond Alphandtiry. the 
French economy minister, will 
today finalise a rescue package 
to recapitalise Credit Lyonnais, 
the troubled banking group. 

Details erf the package will be 
announced this evening with 
Credit Lyonnais' 1993 results. 
The deal is understood to include 
a capital injection of at least 
FFr4bn (5678m). It will transfer 
most of the non-performing prop- 
erty lnawi into a new state-con- 
trolled company with the gov- 
ernment guaranteeing about 
FFrl5bn of those loans. 

The ministry yesterday 
stressed that the exact size of the 
capital increase wonld not be 
decided until Mr Alphandfiry had 
seen the 1993 accounts. He wonld 
then decide what proportion of 
the transferred loans would be 
guaranteed by the state. 

Credit Lyonnais' accounts wiD 
be presented to a board meeting 
today and then be shown to Mr 
Alphanddry. 

Officials HmHthJ to comment 
on French press reports that the 
Caisse des D6pdts, the state 
financial institution, would par- 
ticipate in the capital injection 
together with Thomson, the elec- 
tronics group that owns 21.6 per 
cent of Crfdit Lyonnais. 

Analysts are braced for a 
ghastly set of 1993 figures with a 
net loss of up to FFHflra for 1993 
against FFrlASbn In 1992, after 
Mr Jean Peyrclevade, who 
became chairman last Novemher, 
made hefty provisions on the 
bank's weak loans and failed 
investments. Ms Sheila Garrard, 
banking analyst at Lehman 
Brothers, said: “All we can do is 
guess that the new chairman 
will dear ev e r y t hi ng out” 

BNP results. Page 16 


Sunset in the east 
for Jardine’s stock 


Jardfne Matheson Holdings 



tii'.* •'* *-• 

i«r ; * » Janfino Matheson 


CT¥ 

Janfine Strategic 

“teg 

Dairy Farm T>: Hongkong Land 



Profit after taxation and outside interests 

1983 total ussae&am 

(US$>i4 

South-east Asia 21.4 Au stra la si a 


4&9 



Europe & 



Middle East 

/\ 

//\ 

/ 

N 

// 

Hong Kong \ 



& China \ 

1,7734 / 


Shareholders’ funds 

1S03 total *JSJ2,720.4m 
[US$m> 
South-east Asia 


North-east Asia 
1194 

North America 


the company under UK law, beg- 
ging the question of why it was 
necessary to do so in the first 
place. 

Jardine's top managers - the 
brothers Henry and Simon Kes- 
wick - lack faith in the ability of 
the SFC and stock exchange to 
administer a level regulatory 
playing field in the colony after 
China resumes sovereignty in 
1997. In any case, their roots are 
inc reasin gl y in the UK On the 
corporate side, through Hong- 
kong Land, they moved last year 
to control Trafalgar House, the 
construction and engineering 
group, and through Dairy Farm 
International they control Kwik- 
Save, the food retailer. At a per- 
sonal level, Henry sits on the 
board of the Telegraph newspa- 
per, and his wife is an adviser to 
Mr Kenneth Clarke, the UK chan- 
cellor. 

Jardine, which employed 
250,000 people in China in 1949 
when the Communist Party 
assumed power, fears the possi- 
bility of asset appropriation 
through arbitrary decision mak- 
ing by regulators. 

Under the arrangements which 
it has fashioned for itself, the 
final judicial arbiter in any legal 
dispute wifi be the Privy Counci] 
in London; in Hong Kang post- 
1997, the final arbiter would be 
the standing committee of the 


Chinese National People's Con- 
gress. 

For Jardine there was no 
choice. But it also put the SFC in 
an impossible position. The SFC 
would have been implicitly 
endorsing Jardine's view of post- 
1997 Hong Kong had it agreed to 
let the Bermudan authorities reg- 
ulate the company while it 
remained listed in Hong Kong . 

T he company's fears appear 
to be limited to itself. A 
decade ago such an 
announcement would have sent 
stock prices lower in Hong Kong, 
but yesterday prices rose 
strongly. Hie Hang Seng fridpy 
ended 453.36, or 5.03 per cent, 
higher at 9,465.53. A lot of market 
activity was centred on investors 
chasing stocks which might be 
candidates for the Hang Seng 
Index slots which Jardine and its 
affiliates will relinquish when 
they withdraw from the market 
Mr Charles Lee, chairman of 
the Hong Kong Stock Exchange, 
said the exchange had "noted” 
Jardine's statement. He pointed 
out that Jardine Matheson 
accounted for only 1.66 per cent 
of the stock market’s capitalisa- 
tion. The stock exchange had 
made it plain that it saw its 
future with China. 

Jardine's position on the main- 
land must be under question. 


Perversely it has one of the larg- 
est business presences in China. 
The Jardine group has 60 joint 
ventures and other businesses 
with turnover of about 51bn a 
year. Although, according to Per- 
egrine, a local brokerage, the Jar- 
dine group of companies has sold 
HK57.4bn (5958m) of assets in 
Hong Kong since 1989 and 
invested HK59.8bn outside the 
colony. Jardine Matheson has 
been an investor in Hong Kong to 
the value of nearly HKSlbn. 

Mr Nigel Rich. Jardine taipan, 
said yesterday that delisting may 
have some impact on the compa- 
ny's business in China but he did 
not expect it to be of a "signifi- 
cant nature". It is possible that 
by being less public Jardine may 
be able to go about its business 
more quietly. It share price wfil 
cease to function as a barometer 
of Anglo-Chinese relations. 

Before yesterday's announce- 
ment the company was trading 
on a prospective 1994 price/earn- 
ings multiple of around 10.5 
times. This compares with Inch- 
cape, the UK-listed trading group, 
which was trading on about 17 
times. As Peregrine tartly 
observed: "There is a possibility 
of an upward re-rating of Jardine 
Matheson if its principal audi- 
ence was London and not Hong 
Kong." 

Results, Page 18 


B 1 3 Q n I 


23 SO 


a s ss m s a 


Resource, Experience 
and Capability 


January 1994 


Man* 1994 

Pre and Post Flotation Facilities 


Post Flotation Facilities 

for 


for 



mMIDLAND 

MITHRAS 

iNVFtTHiNi Tiusr plr 


Term and 

Revolving Credit Facilities 


Revolving Credit Facilities 

Arranged by 

Nat West Markets, Acquisition finance 


Arranged by 

Nat West Markets, Acquisition Finance 


Call Graham Randell, Acquisition Finance on 071-375 5600 


Wf 


gt 

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16 


INTERNATIONAL COMPANIES AND FINANCE 


FINANCIAL TIMES THURSDAY MARCH 34 1994 


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Bank Austria wins battle 
for control of GiroCredit 


BNP hit by bad loan provisions 


By Patrick Blum and 
Jan Rodger in Vienna 

Bank Austria, the country's 
largest bank, has won the bat- 
tle for control of GiroCredit, 
the country’s third largest 
bank, banking sources in 
Vienna said last night. 

The takeover, which was due 
to be announced next week, 
will help reduce excessive com- 
petition in Austria’s financial 
sector and lift Bank Austria's 
relatively weak presence in the 
domestic capital markets. 

The outcome followed 
quickly alter the threat on 
Monday by the four executive 
directors of GiroCredit to 


By David Walter In Frankfurt 

Bayerische Vereinsbank 
yesterday became the second 
large German bank to report 
substantial growth in profits 
for 1993. The Munich-based 
Vereinsbank said group operat- 
ing profits after provisions for 
bad and doubtful debts 
increased by 32 per cent to 
DMl.lgbo (S6S7m). 

The increase, more details of 
which will be revealed today, 
follows a 33 per cent increase 
in profits from Bayerische 
Hypotheken und Wechsel 
Bank, the other big Bavarian 


Halifax will cut 
mortgage rate if 
base rate falls 

By Alison Smith 

Halifax, the leading building 
society in the UK . . said yester- 
day that if there were a further 
0.25 percentage point cut in 
base lending rates then it 
would reduce its variable mort- 
gage rates. 

Announcing a 27 per cent 
rise in pre-tax profits to £8G6m 
(SI -26ba) for 1993-94. chairman 
Mr Jon Foulds made it clear, 
however, that a cut in rates to 
borrowers would also mean 
reductions for savers. Halifax 
attracted £l.lbn in retail 
savings last year, taking retail 
funds and deposits to £51.6bn. 


resign when their contracts 
expire at the end of June, 

The executives said they 
acted out of frustration with 
the stalemate over strategy on 
the bank's supervisory board. 

GiroCredit is owned by Aus- 
tria's savings banks, which use 
it as a central clearing organi- 
sation. 

The two largest savings 
banks groups. Bank Austria 
and First Austrian, with 30 per 
cent and 20 per cent stakes 
respectively, have resented 
GiroCredifs competition 
against them. 

To break the stalemate. First 
Austrian proposed last spring 
forming a consortium of 


bank which reported earlier 
this week. It means that 
Vereinsbank's profits growth 
accelerated in the last two 
months of 1993, following a 27 
per cent rise in the first 10 
months of the year. 

Bayerische Vereinsbank. 
which has just below a quarter 
of the domestic mortgage mar- 
ket, said the dividend would 
increase by DM3 to DM16. Half 
the increase is designed to 
pass on to shareholders the 
benefits of reduced corporate 
taxation: the other half is a 
special dividend to celebrate 
the bank's 125th anniversary 


By Alison Smith in London 

Hill Samuel, part of the TSB 
group, is to close the life and 
pensions part of its financial 
services arm to new business. 
Most of its direct sales force 
will be offered jobs at Allied 
Dunbar, the BAT subsidiary. 

In return for what Allied 
Dunbar called a small pay- 
ment it will have the option to 
recruit the 600-plus sales force. 

The move is a sign of much- 
expected rationalisation within 
the crowded life industry. The 
transfer will mean an increase 
in size for Allied Dunbar, 
which has 4,300 sales agents. 


savings banks to buy out Bank 
Austria. But it faced consider- 
able difficulty convincing the 
savings banks of the merit of 
its proposal. 

On March 1. Bank Austria, 
frustrated with the delay, 
launched a bid for 20.4 per cent 
of GiroCredit at Sch370 per 

share. 

Last weekend, at a meeting 
of five large provincial savings 
banks, it became clear that 
only one would reject the Bank 
Austria proposal. 

Bank Austria has since 
sweetened its offer, and 
is offering Sch40Q per 
share for all GiroCredit shares 
tendered. 


reached in May this year. 

Hypo-Bank earlier this week 
reported that provisioning for 
bad and doubtfiil debts climbed 
by 31.1 per cent bo DMl.l6bn 
and warned that the bad debt 
situation is unlikely to 
improve until 19%. 

The rise in provisions was 
offset by an increase in profits 
from own account trading as 
well as from lending business 
and fee income, a pattern 
likely to be repeated today. 

Both the big Bavarian banks 
have a high exposure to mort- 
gage lending business, which 
was buoyant last year. 


The decision marks a further 
step in TSB’s strategy for Hill 
Samuel, which is to focus on 
its merchant banking and 
investment management activ- 
ities. 

The Hill Samuel concern will 
be saved the cost of attracting 
sales, although it will continue 
to service existing life and pen- 
sion policyholders. The funds 
will be managed by its invest- 
ment management arm. 

In the year to October 1993, 
profits in the financial services 
business fell by £4m to £13m 
(520m) - in spite of higher unit 
trust sales - as customers 
switched out of life products. 


Vard may 
agree to 
demands 
for EGM 

By Karen Fossil In Oslo 

Vard, tiie troubled Norwegian 
cruise and ferry group, is 
expected today to announce an 
extraordinary general meeting 
to consider demands of dis- 
gruntled shareholders seeking 
to force a sweeping reorgani- 
sation of the board to reflect 
recent changes in the group's 
ownership structure. 

Shareholders have expressed 
dissatisfaction with the way 
Vard is being run, frustration 
over losses and claims that the 
board has failed to implement 
a strategy to dispose of assets 
in order to reduce the group's 
debt 

However, US-based Radisson 
Diamond is reported to be 
seeking to acquire one of 
Yard's three cruise lines for an 
estimated 9250m. Mr Torstein 
Hagen, a Vard hoard member 
and member of the board of 
Kloster Cruise, the group’s 
cruise unit, is also reported to 
be considering a separate bid. 

Mr Emit Kloster Jr, a Yard 
board member and chairman 
of the board of Kloster Cruise, 
was forced recently to make a 
large disposal of Vard shares, 
shrinking bis stake to just 
over 7 per cent and thereby 
reducing his influence over 
the group. 

Following the disposal. Uni 
Storebrand, Norway’s biggest 
insurer, emerged as Vard's 
biggest shareholder, owning 
just under 10 per cent of the 
share capital. 

Vard’s divided board could 
see the exit of Mr Terje Mikal- 
sen, chairman. Mr Kloster Jr, 
Mrs Trine Kloster, his mother, 
and close friend Mr Joergen 
Hqje. 

Mr Trygve Hegnar, a board 
member and second biggest 
shareholder - who is aligned 
with dissident shareholders - 
is said to harbour hopes of 
becoming chairman, while Uni 
Storebrand is widely expected 
to demand board representa- 
tion. 

Shareholder frustration 
swelled in January when a 
9565m deal to dispose of two of 
the group’s three up-market 
cruise lines collapsed, but 
became exacerbated by last 
month's announcement of 
deeper losses in 1993. 


By Mice Rawsthom in Paris 

Banque Nationale de Paris, the 
French ba n kin g group that last 
autumn staged a highly suc- 
cessful privatisation, yesterday 
announced that net profits fell 
by 53 per cent to FFW.02bn 
(5172.9m) Lnl993 from 
FFr2.17bn in 1992. 

Mr Michel PSbereau, who 
last summer was appointed 
chair man of BNP to spearhead 
its sale to the private sector, 
had warned the stock market 
of tiie fall in profits. 

Mr P6bereau said yesterday 
that the group had been 
affected “by the difficult eco- 
nomic environment across con- 
tinental Europe, particularly in 


By Hilary Barnes 

In Copenhagen 

Topdanmark, the Danish 
insurance group, returned to 
profit of DKrlQ7m ($l6m) in 
2993 after losing DKr53m in 
1992 and DKr273m in 199L A 
dividend of DKrlO was pro- 
posed for 1993. No dividend 
was paid for 1992. 

The return to profit was doe 
primarily to gains cm securities 
in the buoyant Danish bond 
and share market last year. 
Capital gains soared to 
DKr348m. from DKrSSm in 
1992. 

There was an operating loss 
of DKr274w following on losses 
of DKrlllm in 1992 and 
DKi347m in 1991. 

The Insurance divisions 


By Ronald van de Krol 
In Amsterdam 

KNPBT. the Dutch paper and 
packaging group, expects to 
see a strong return to profit in 
1994 after falling deeply into 
the red in 1998 as a result of 
heavy restructuring costs and 
difficult trading conditions in 
Europe, the company's main 
market 

Mr Robert van Oordt, chair- 
man, said net profit would 
bounce back to at least FI 100m 
(552.6m) in 1994 from a net loss 
of FI 343m in 1993, when 
results were influenced by 
extraordinary charges of 
FI 320m- In 1992, KNPBT 


France, our main market” 

In spite of the pressures on 
the French banking sector, 
which has for the past two 
years been depressed by weak 
rie rpapd for credit BNP man- 
aged to increase its net bank- 
ing income by 4.9 per cent to 
FFr41.46bn in 1993 from 
FJ?rS9.52bn in the previous 
year. 

The group made progress in 
cutting costs and, like other 
French tanks, benefited from a 
strong performance in market 
trading, notably during the 
summer currency crisis. 

As a result operating profits 
rose faster than revenue, 
increasing by 8.5 per cent 
to FFrl2.46bn in 1993 


made a profit on insurance 
operations of DKrlOTm com- 
pared with a 199ff loss of 
DKrSQm. But after capital 
income profit increased to 
DEr372m from DKrl92m in 
1992. 

Total premium income was 
unchanged at DKr3.2bn. 
Administration costs were cut 
to DKiTlSm from DKxBOBm. 

Group equity capital at the 
end of last year was DKr2A3bn, 
up by DKrlOOm from 1992. 
Total assets increased to 
DKi30.07bn fro DKi2&72bn. 

• The Lanritzen shipping and 
shipbuilding group moved into 
deficit of DKrl71m (525.5m) last 
year after making a set profit 
of DKr83m in 1992. 

The group blamed weak mar- 
kets for gas tankers, drilling 


posted a pro forma net profit of 
FI 116m. 

The company, created in 
March 1993 out of a merger 
between the Netherlands' three 
leading paper and packaging 
companies, was confronted 
with declining demand, overca- 
pacity and lower sales prices in 
Europe last year at a time 
when it was trying to integrate 
its operations. 

The merger took place 
against the backdrop of the 
“deepest and most prolonged” 
decline in paper prices in 20 
years, Mr van Oordt said. 

The dividend is cut by FI 0.10 
to FI 0.45. The company attri- 
buted the limited decline 


from FFrll.48bn In 1991 
However. BNP was forced to 
make large provisions on its 
sour loans to corporate clients 
and on the fall in value of 
some investments, principally 
in the property sector. 

It raised its total provisions 
by 43.8 per cent to FFrlOBlbn 
in 1993 from FFr7.52bn in 1992. 

The scale of this increase 
was exaggerated by the 
absence of a FFrl.59bn write- 
back on previous sovereign 
risk provisions in 1992. 

BNP was forced in 1998 to 
make an additional writedown 
of FFrl76m on sovereign risks 
and raised provisions on its 
commercial banking business 
by 16.7 per cent to FFrl0.63bn. 


to profit 

rigs, bulk tankers and refriger- 
ated cargo vessels for the poor 
performance. It added that the 
European Union's imposition 
of quotas on bananas imported 
from South America and tariffs 
on fruit from Argentina and 
Chile had an adverse effect on 
the resuit of its refrigerated 
cargo operations. 

Group sales slipped to 
DKrl3.48bn from DKri3.96bn. 
There was a loss of DKrl53m 
after net financial items com- 
pared with a 1992 profit of 
DKrl46m. There was an 
extraordinary DKrilOm write- 
down of the value of drilling 
rigs and only DKr8m income 
from the sale, of ships. 

The parent company. Laur- 
itzen Holding, will pay no divi- 
dend for 1993. the group said. 


in the pay-out to its expecta- 
tions of a strong improvement 
ahead. 

At the operating level, profit 
fell sharply to FI 2S4m lost year 
from FI 538m in 1992. 

Of the group's four main 
businesses, only the paper mer- 
chandising and office products 
sector managed to hold operat- 
ing results at 1992 levels. The 
paper sector and the graphic 
and information systems sector 
reversed into operating losses, 
while operating profits in pack- 
aging fell to FI 295m from 
FI 366m. 

Mr van Oordt said he was 
encouraged by increases in 
paper prices in late 1993. 


• Alcatel-Aisthom, the tele- 
coms and engineering group, 
will today become the latest 
French company to take 
advantage of the buoyant bond 
market by launching a FFr5bn 
convertible bond issue. 

The group said the timing of 
the issue, which will involve 
the launch of 6.25m bonds with 
a nominal value of FFr800, was 
purely opportunistic. "Well 
use the proceeds to finance our 
long term expansion plans,” it 
said. However, Alcatel is likely 
to use part of the cash to 
regain control of Framatome, 
the public-sector nuclear power 
group that it once controlled 
hut in which it now has a 44 
per cent holding. 


AssiDoman 
public offer 
oversubscribed 

By Hugh Camagy 
in Stockholm 

The Swedish government said 
yesterday its sale to the public 
of a 34 per cent stake in Assi- 
Dom&n, the forestry group, bad 
been more than two times sub- 
scribed. 

Combined with a further 15 
per cent placed with Swedish 
and foreign institutions, the 
sale w ill raise SKr7 .6b n 
($962m). 

Mr Per Westerberg. the 
industry minister, said he 
intended to go ahead with the 
even larger privatisation in 
June of Pharmacia, the state- 
controlled pharmaceutical 
group spun off last year from 
Proconlia. 

That issue could raise as 
much as SKrl6bn at current 
market prices, bnt some doubts 
have been raised about the 
timing due to a spate of new 
issues in the Swedish market 
this year and the apparent end 
of a recent bull market 

Mr Westerberg said market 
conditions would dictate how 
much of the state's 45 per cent 
stake would be sold off this 
year but the intention was to 
dispose of the entire holding. 

Some 590.000 Swedes applied 
for 86m shares in AssiDoman, 
23 times the 37.5m on offer. 
The shares, to be listed from 
April 8, were priced at SKrl38 
for the public, a discount from 
the price of SKrl53 set for 
institutions which valued the 
group at more than SKrlSbn. 


Bayerische Vereinsbank climbs 


Hill Samuel closes life 
and pensions operation 


Tondanmark returns 


KNP slides to FI 343m net loss 



Jardines 


Highlights 1993 

Jardine Matheson 

Another Record Year 

■ Profit after taxation and outside interests + 23% 

■ Earnings per share +21% 

■ Dividends per share +18% 

■ Net asset value per share + 34% 

■ Outstanding performance by Jardine Fleming 

■ New investments lay foundation tor future expansion 

■ Hong Kong property values boost Shareholders' funds 

“Over the years, Jardine Matheson. together with its affiliates, has become a multinationai 
business employing more than 200.000 people in over 30 countries around the world, its 
particular strength is in the Asia-Pacific Region, which remains the world's prime growth area, 
but the Group also has extensive investments elsewhere, which hoid promise for the future. 
While it is too early to forecast how earnings will develop in 1994, the Group’s financial 
strength and diversity of business allow it to look forward with confidence.” 

Henry Keswick, Chairman 
23rd March 1994 



Year ended 31st December 
1993 1992 

USSm US$m 

Turnover 

8,424.5 

7,099.5 

Operating profit 

Stare of profits less losses of associates 

Net Interest expense 

362.0 

467.9 

(5-6) 

335.9 

362.1 

(10.0) 

Profit before taxation 

Taxation 

— Company and subsidiary undertakings 
— associates 

824.3 

(66-4) 

(93.8) 

687.4 

(52.8) 

(77-8) 

Profit after taxation 

Outside Interests 

€&L3 

(275.5) 

556.8 

(240.0) 

Profit after taxation and outside interests 
Extraordinary tarns 

388.8 

3&2 

316.8 

30.7 

Profit attributable to Shareholders 

Dividends 

424.0 

(1283) 

347.5 

(110.0) 

Retained profit for the year 

295.7 

237.5 

Shareholders’ funds 

2,720.4 

2,007.3 


USd 

use 

Earnings per share 

— basic 

— /uHy-dtfuted 

Dividends per share 

67.21 

66^1 

22.00 

56.97 

54.59 

18.70 


Jardine Matheson Holdngs Limited 

Incorporated in Bermuda with Umitod liability 

nnaOri londar UScl tiJK per ahmra w* b. ptyzOia on TW. Jum 19M. sabjea to approval sf the Annuel Gsnart Mwirg tu be held a, ZtU ,09a 

onea hm tan to zaxs Apra 1B94 ktekuhe. Pie cMond wff bn awaabie m Unfed Sam DvBars. Htrtg ^ 

eng ^thBMan^am^wnotVyina^Cane>en^ieg«mermnsler events by 2f)Sf Hat tag*. 

(^nnl OvoaerySyatm in Sk^vranra»n>WrBoalw Hong Kong Ooforti onteatneyeieaBata&CXPio oca* Uetn/ Sidles OoBm 


These securities haw not been registered under the Securities Act of 1933 and may not be offered or sold in the United States 
except in accontancsMih the msate restrictions /applicable thereto. These securities having been 
previously sold, this announcement appears as a matter ol record only. 




The Arvind Mills Limited 

/ Incorporated in the Republic of India as a public company with limited liability) 


12,781,186 Global Depositary Shares 

Representing 12,781,186 Equity Shares 


CytMin ot these sevunoe * ha it* wm sota ours*** of ffw United Stares by the undersigned 

Goldman Sachs (Asia) Limited 

Jardine Rem ing Lehman Brothers 

Bear, Steams International Limited Citicorp international Limited 

HSBC Investment Banking Internationale Nederlanden Bank N.v. 

SBI European Bank Limited Ssangyong Securities Europe Limited 

UBS Limited 


Certain ot mesc securities have been SOU in the United States by ihe undersigned m private 
Offerings pursuant w Rule r+M under ihe Securities Act ot is W3. 


Goldman, Sachs & Co. 


Robert Fleming inc. 


Lehman Brothers 


Spedal Advisor to the Offerings 

Kotak Mahindra Finance Limited 


February 139J 





!? 

* 


Seagram back in 
the black with 
$379m for year 


March proves the cruellest month for IPOs 

more selective about which offerings they buy, says Patrick Harverson 


By Robert Gibbens in Montreal 

Seagram, one of the world's 
top drinks groups, said yester- 
day the recession in several 
key markets had hurt operat- 
ing results for 1993, but its per- 
formance in the US, Germany, 
Asia and Latin America had 
strengthened significantly. 

For the year ended January 
31 1994, net income was 
US$379m or $1.02 a share, 
against a loss of $900m or &38 
a year earlier, which included 
a special charge of $1 J74hn or 
$3.64 a share. The charge 
reflected accounting changes 
stemming from its investment 
in Du Pont, the US chemical 
giant. 

Excluding the accounting 
changes and other one-time 
charges by 24^5 per cent-held 
Du Pont, Seagram’s net income 
was $2.55 a share, against $2.62 
a share. 

Seagram, controlled by the 
New York and Montreal Brtmf- 


By Richard Waters 
in New York 

MasterCard International made 
further inroads last year into 
the dominant market position 
of its bigger rival. Visa Interna- 
tional as the transaction vol- 
ume handled by the payment 
system rose 28.1 per cent 

MasterCard's volume 
increase, to $320.6bn. was 
driven partly by its earlier 
entry into co-branded credit 
cards. Last week Visa reported 
a lfi.Q per cent pd" in volume 
last year, to $542 ^bn. 

The marked difference in the 
two organisations’ growth 
rates means that while Visa 
remains the leading interna- 
tional payment system. Master- 
Card's volume has risen to 59 
per cent of its rival’s, com- 
pared with 54 per cent the year 


By Robert Gbbens 

Senior debenture holders of 
Trizec, the biggest property 
company in the Edper-Hees 
group, have warned they will 
move quickly to take control if 
agreement on a recapitalisa- 
tion package is not reached by 
March 3L 

Mr Derek Tay, spokesman 
Tor the debenture holders, said 
Trlzec's proposal to negotiate a 
C$600 m (US9429m) third-party 
equity infusion by March 31 
“does not look promising as a 
solution, based on what they 
have shown us". 

Senior debtholders are owed 
C$1 ~2bn. If they quickly seized 
assets after March 31, junior 
debt holders and preferred and 
common shareholders would 


mans, reported sales and other 
income from its drinks busi- 
ness of $6.04ba for the year, 
against SS.lbn last time. 

Its Tropicana juice subsid- 
iary reported a 19 per cent gain 
in operating profit to $102m. 

Fourth-quarter net income 
from the drinks and dividends 
equalled 45 cents a share, 
against 46 cents while reve- 
nues were little changed at 
$2bn. 

Results from Absolut Vodka, 
for which Seagram recently 
bought marketing rights, were 
not included in 1993. 

Earlier this month, Seagram 
raised its holding in Time 
Warner, the multimedia gian t, 
to 13.2 per cent for a total 
$L7bn. Seagram said it would 
stop at 15 per cent, a total 
investment of $2bn. The Cana- 
dian group has denied plan- 
ning a proxy fight for Time 
Warner control 

Analysts now value Time 
Warner at about US&Obn. 


Speaking yesterday at 
MasterCard's annual meeting 
in New York, outgoing chair- 
man Mr Fete Hart said the 
growth had come from a focns 
on providing better value to 
cardholders. 

The battle for market share 
among credit-card companies 
in the 1990s has turned largely 
on tire benefits for n«fng cards, 
such as free air tickets. 

In the US, which accounted 
last year for around 43 pm - cent 
of each group’s volume. 
MasterCard volume rose to 
Sl39.1bn, a gain of 23.4 per 
cent, while Visa increased to 
$229.9bn, a rise of 18.2 per 
cent 

Mr Peter Dimsey, head of the 
US region, said MasterCard’s 
operations there had been 
“revitalised" by its involve- 
ment in co-branding and devel- 
oping point-of-sale debit cards. 


probably end up with nothing. 

Trizec, hit by the property 
market collapse in North 
America, and with insufficient 
cashflow to service debt said 
its primary aim was to have a 
recapitalisation plan accepted 
so the company could survive 
tnfort- 

• Abitibi-Prtce, the North 
American pulp and paper 
group, plans to raise C$173. 5m 
of new equity next month with 
a public issue of common stock 
at $17.35 a share. 

The proceeds will go to 
urgent capital projects, debt 
refinancing and working 
capital. 

The issue is being underwrit- 
ten by a syndicate led by Nes- 
bit Thomson and is not being 
registered in the US. 


Salomon 
loses M&A 
man to 
Perella 

By Patrick Harverson 
in New York 

Wasserstein Perella. the US 
investment banking boutique, 
announced that Mr Fred See- 
gal had joined the firm as 
co-president He had been joint 
head of domestic corporate 
finan ce at Salomon Brothers. 

Mr Seegal’s appointment - 
the latest in a series of defec- 
tions by top Wall Street invest- 
ment bankers working in the 
booming mergers and acquisi- 
tions business - is Wasser- 
stein PereUa’s first significant 
hiring since co-founder Mr 
Joseph Perella left the firm 
last July. 

After the departure of Mr 
Perella - who has since moved 
to Morgan Stanley - the firm 
lost another senior executive 
when its president, Mr Charles 
Ward, went to First Boston. 
Mr Bruce Wasserstein, current 
chairman and founder of the 
advisory boutique with Mr 
Perella and two other First 
Boston executives in 1988. has 
been running the firm on his 
own since then. 

Mr SeegaL who worked at 
Lehman Brothers before join- 
ing Salomon in 1990, is a 
specialist in advising compa- 
nies in the media, telecommu- 
nications and entertainment 
industries. 

However, it is likely he has 
been hired as much for his 
management sWITb as for his 
experience in the advisory and 
financing business. He will 
share management responsi- 
bility with Mr Wasserstein. Mr 
Gary Parr, head of the finan- 
cial institutions business, is 
the firm’s other co-president. 

Mr Seegal arrives at a cru- 
cial juncture for Wasserstein 
Perella, which has seen its 
position in the higfaly-competf- 
tive M&A business slip badly. 

Canadian 
power group 
ahead 5.1% 

By Robert G&bens 

Hydro-Quebec, one of Canada’s 
biggest electric power utilities, 
posted net profit of C$76Im 
(US$587 Am) for 1993, up 5.1 
per cent from 1992. 

Favourable natural condi- 
tions, tighter cost control and 
lower interest rates helped the 
advance. The utility derives 
nearly all its power from 
hydro-generating sites. 

Total electricity sales were 
up 5A per cent mainly due to 
higher industrial demand and 
higher exports to the US while 
sales revenue rose 3.5 per cent 
to C$7bn. 

Operating expenses, fuel, 
depredation, amortisation and 
taxes were C$3.76bn, np 3.6 
per cent, but operating 
expenses alone advanced 1.7 
per cent 

Taxes plus debt guarantee 
fees totalled C$850m, up from 
C$594m in 1992. 

Total investment was C$4bn, 
slightly lower than 1992. Most 
of the money went to the new 
generating capacity in the 
James Bay area. 

No dividend will he paid. 


US investors are 

M arch has not been 
kind to the US mar- 
ket for initial public 
offerings of stock (IPOs). First 
Northwest Airlines shook Wall 
Street by slashing the asking 
price on its planned $400m pub- 
lic share issue, blaming weak 
investor demand for new stock. 
Then, a week later, the Federal 
Reserve raises short-term 
interest rates, the second mon- 
etary tightening in two 
months. For the booming IPO 
market, both events spell 
trouble. 

Or do they? Northwest said 
it was lowering the price on its 
20m-share IPO by almost a 
third because of the poor state 
of the market for stocks and 
new issues. A rise in interest 
rates is traditionally bad for 
companies trying to sell new 
stock, because higher rates 
tend to depress shares prices 
and make shares look less 
attractive, compared with 
other investments. However, 
the IPO market may be strong 
enough to withstand both 
developments. 

Take the Northwest deal. 
Although it was not the first 
issue of the year to encounter 
problems, the sight of a large 
IPO in trouble unnerved Wall 
Street 

One investment banker said 
it should have worried the 
institutions which buy the 
bulk of IPOs. “Northwest was a 
big deal with big visibility. 
When they cut the price, it 
sent a loud message. If I were 
on the buy side, I would have 
to look at that and say: ‘Whoa, 
what’s going on here?* " 

Yet flirting industry analysts 
were quick to argue that the 
company was forced to per- 


By MJcfiiyo Na fcamoto fn Tokyo 
and Alan Cana in London 

NTT, Japan's largest tele- 
communications carrier, and 
Microsoft, the world’s leading 
software house, are co- 
operating in a novel method 
for the low-cost distribution of 
computer software. 

Some observers believe the 
venture could result in the two 
companies eventually working 
closely on other aspects of mul- 
timedia, the delivery of a range 
of services to the office and the 
home through telecommunica- 
tions channels. 

A spokesperson for Micro- 
soft, however, insisted that the 
arrangement was not an alli- 


By Hugh Camegy 
in Stockholm 

Volvo, Sweden's biggest 
manufacturer, yesterday 
appointed a new head for its 
truck division. 

Mr Sten Lan genius, who 
built Volvo into one of the 
world’s top truck makers, is to 
step aside after 17 years and 
will be succeeded by Mr Karl- 
Erling Trogen. It is the latest 
move in a review of senior 
management, begun since it 


form emergency surgery on its 
IPO because of problems 
unique to the domestic airline 
business, and investment 
bankers were as quick to point 
out that the airline's failure to 
attract sufficient demand for 
its shares at the original ask- 
ing price was not necessarily a 
reflection of a broader malaise 
in the IPO market 
They had a point While vol- 
ume has slipped from last 
year’s record totals, the IPO 
market remains active. Accord- 
ing to Securities Data, the US 
financial information group, 
$41.7bn worth of IPOs were 
completed in the US last year, 
at an average of 59 deals worth 
$3.47bn every month. 

So far this year, the average 
number of deals per month is 
down only slightly at 54, while 
the average dollar value of 
deals is running at a still solid 
$2.6bn a wwwth 
While IPO activity remains 
strong, conventional wisdom 
would suggest that the latest 
increase in interest rates will 
slow the market 
Not necessarily, judging by 
how well tile market held up 
after the first rate increase on 
February 4. That monetary 
tightening rattled bond and 
stock markets badly, and 
throughout February stock 
market conditions steadily 
deteriorated to a point where 
the climate for IPOs appeared 
to be less favourable titan it 
had been for more than a year. 

After tiie Fed’s rate increase, 
however, 2PO volume actually 
rose, climbing from 33 deals 
worth $2J9bn in January, to 68 
deals worth $2.93bn in Febru- 
ary. IPO volume this month - 
39 deals worth $2.72bn by 


ance and no agreements had 
been signed. The venture is 
limited only to Japan. 

The software distribution 
s ystem is designed to exploit 
NTT’s telecommunications net- 
work and expertise in software 
encryption, together with 
Microsoft's software skills. 

The idea is that Microsoft 
programs will be distributed 
cheaply on CD-Rom disks, 
which can be read by a suit- 
ably equipped personal com- 
puter. The information will 
be in an encrypted or coded 
form. 

Part of the program, how- 
ever, will not be coded and can 
be inspected by a prospective 
customer. If the customer is 


scrapped a plan to merge with 
France's Renault, which 
prompted the resignation of its 
long-time chairman Mr Pehr 
GyUenhammar. 

Mr Trogen, head of Volvo's 
US truck operation, was to 
have been in charge of track 
operations in the ill-fated 
Renault-Volvo company. 

Mr Langenius, soon to reach 
retirement, will remain a 
full-time executive at Volvo as 
vice-president, with responsi- 
bility for the smaller ma rin e 


VOLUME OF IPOs 
COMPLETED IN US 


1S93 

$m 

January 

1,742.6 

February 

2^72.6 

March 

3.442.8 

April 

2,063.2 

May 

3,148.0 

June 

S.630.6 

Jitiy 

2,468.8 

August 

3,886.6 

September 

2JB2Q.9 

October 

4.003.8 

November 

4,134.2 

December 

5,855.0 

1B94 

January 

2,019.6 

February 

2-932^ 

March 

-2.139.5 

H)»Mareh2S 

Sovtx. SacvatB Data 


March 22 — is r unning at a 
similar pace. 

Moreover, the most worrying 
aspect of the February rate 
increase was the negative reac- 
tion it received in financial 
markets. But this latest tight- 
ening sent bond prices higher, 
not lower, as investors 
applauded the Fed's anti-infla- 
tion resolve. 

Yet the skies above the IPO 
market are not entirely cloud- 
free. First, Wall Street is wor- 
ried that if interest rates are 
an a long-term upward path, 
the flows of investor money 
into mutual funds will eventu- 
ally reverse. Heavy demand for 
stock from mutual funds 
loaded with cash has been one 
of the main factors behind the 
long-running IPO boom, and 
without it, the IPO market 
would clearly struggle. 

Second, there have been 
signs recently that investors 
have become more selective 


satisfied with the program, 
they will be able to license the 
entire software package by 
downloading a decryption key 
over the telephone network. 

The plan is that NTT win 
profit from the use of its net- 
work, its encryption system 
and its payment collection 
methods, while Microsoft will 
benefit by distributing and lic- 
ensing its software to a wider 
ntirii price . 

Eventually, the two compa- 
nies hope to develop a system 
where customers will be able 
to download software of their 
choice directly through the 
network, rather like the 
"video-on-demand" services 
now being tested. 


sions. 

Another top GyUenhammar 
executive. Mr Lennart Jeans- 
son, was left without a dear 
function by the collapse of the 
merger plan. He had given up 
ids position as head of the car 
division to Mr Per-Erik Mohlin 
in preparation to become 
finance chief of Renault-Volvo. 

Mr Soren GyD, chief execu- 
tive, said management func- 
tions within Volvo were still 
under review. 


about which IPOs they buy. 
and any further increase in 
interest rates would only make 
them more cautious. 

Mr David Komansky. head of 
debt and equity markets at 
Merrill Lynch, says; “For the 
past four or five 
weeks . . . we’ve seen the IPO 
market become even more 
selective than before. There is 
still a very significant pipeline 
of deals, but I think this break 
in the market has caused a 
degree of uncertainty that will 
certainly make investors more 
quality conscious.*’ 

A banker from another big 
underwriting house concurs: 
“There is no question that the 
syndication process has got a 
little more difficult" 

He believes the IPO market’s 
immediate future depends on 
how quickly tbe bond and 
stock markets get over the 
interest rate increases. “Ulti- 
mately. the longer it takes to 
shake off the effects or the 
Fed’s actions, the more skittish 
the buyer becomes and the 
more difficult it is to sell new 
product'’ 

Ms Susan Hirsch, an analyst 
who tracks the performance of 
IPOs at Lehman Brothers, says 
there is no immediate cause for 
concern, but agrees that if 
long-term interest rates keep 
climbing, it could spell trouble. 
"If you get the long bond over 
7 per cent, you start skirting 
with real problems." 

Ms Hersch explains that 
most valuation models used by 
the growth-oriented invest- 
ment institutions - tradition- 
ally big buyers of IPOs - are 
based on an assumption that 
the yield on the long bond 
stays at or below 7 per cent 


By Louise Koboe 
m San Francisco 

Mr Lou Gerstner. chairman 
and chief executive of Interna- 
tional Business Machines, is 
expected to unveil his strate- 
gies to return the ailing com- 
puter company to profitable 
growth at a meeting with ana- 
lysts in New York tomorrow. 

For tbe past eight months 
IBM has been conducting a 
"thorough and detailed 
review" of its operations and 
Mr Gerstner is expected to dis- 
cuss the preliminary results of 
that review. 

Industry analysts are antici- 
pating a frank discussion of 
IBM’s problems and Mr Ger- 
stner’s plans to solve them but 
its executives are attempting 
to temper high expectations for 
his presentation. 

“The only way he could 
exceed expectations is by 
awnrfing through the ceiling 
at the end of bis presentation." 
joked Mr James C anna vino, 
CBM senior vice-president for 
strategy and development. 

However. Mr Mark Stahl man 
of New Media Associates, a 
New York industry consulting 
group, said: “He should unveil 
a broad set of initiatives in 
both the businesses the com- 
pany is currently addressing 
and some new business areas." 

In particular. IBM watchers 
are anxious to hear how Mr 


The long bond yield has 
risen from 6.2 per cent to more 
than 6.8 per cent since the Fed 
first raised rates, and if the 
yield climbs through 7 per 
cent, growth-oriented investors 
will start to took at different 
price-earnings models when 
judging whether to buy Into 
IPOs. "It would have an effect 
on the EPO calendar for sure." 
she says. 

For now, however, the out- 
look remains reasonably 
bright The fact that the bond 
market took Tuesday's rate 
increases in its stride, and that 
the bond yield dropped below 
6.9 per cent, suggested the 
recent sell-off of government 
securities may have run its 
course, at least for now. 

Moreover, because uncer- 
tainty generated by a shaky 
bond market has made inves- 
tors wary or committing fresh 
funds to equities lately, there 
has been a significant build up 
of cash on the sidelines. 

S o. while investors are 
likely to be more selec- 
tive about which IPOs 
they buy, interest rates would 
have to rise much higher than 
current levels before investors 
would start putting their cash 
into investments other than 
equities, which stilt provide 
the best returns available at 
the moment. 

As Mr Komansky of Merrill 
Lynch says: "My own feeling is 
that there is a supply of mega- 
deals out there, and if the mar- 
kets can accommodate them. 
dollar volume will be signifi- 
cantly higher than people 
expect. But the number of 
deals will certainly be down 
because ol selectivity." 


Gerstner plans to address the 
problems of its shrinking main - 
frame computer business. Last 
year sales of IBM’s mainframes 
declined by 27.6 per cent to 
SlOhn. 

Similarly, analysts anticipate 
some direction from Mr Ger- 
stner on the company’s storage 
products division, which has 
seen its sales decline by 18 per 
cent .over the past year to 
$5.1bn. 

IBM also needs to find ways 
to make its $9.7bn personal 
computer business more profit- 
able and to boost earnings 
from its growing services busi- 
ness, which also recorded reve- 
nues of $9.7bn last year, an 
increase of 32 per cent 

The ailing computer com- 
pany must also make decisions 
about investments in new 
semiconductor production, the 
core technology of its hard- 
ware products, and assigning 
research and development 
funds to new areas of potential 
growth. 

Mr Gerstner is also expected 
to announce new initiatives to 
address the emerging market 
for broadband multimedia com- 
munications. 

Yet the first public discus- 
sion of Mr Gerstner’s strategic 
plans for IBM. since he joined 
the company almost 12 months 
ago. is certain to receive broad 
attention from its customers as 
well as industry analysts. 


MasterCard gains 
ground on Visa 


before. 

Debenture holders’ 
warning to Trizec 


NTT links with Microsoft in 
software distribution venture 


Gerstner to unveil 
IBM recovery plan 


Volvo appoints new truck chief 

engine and aero engine divi- 



All the jtcuniics have bwn w>M, ihfa announcement appears as a macrcr of raxed only- 
New Issue. March 1994 




OKURA 

OKURA CONSTRUCTION CO., LTD. 

I Incorporated In Oaka, Japan) 

Private Placement 

DM 55, 000,000 
Floating Rate Notes 1994/ 1999 

UncooiKtjonaUv and Irrwocakly Roanmnwi by 

THE SAKURA BANK, LIMITED 

{ Incorporated in Tokyo, Japan) 

Issue Prices 100% 


SAKURA BANK (DEUTSCHLAND) GMBH 


MITSUBISHI BANK 
(DELT5CHLAND) GMBH 

BAYERISCHE LANDES8ANK 
GIROZENTRALE 

HELABA INTERNATIONAL 
FINANCE PLC 


SUMITOMO BANK 
(DEUTSCHLAND) GMBH 

DG BANK . 

DEUTSCHE GENOSSENSCHAFTSB ANK 

LANDESBANK RHEINLAND-FFALZ 
- GIROZENTRALE - 


NIPPON CREDIT BANK 
(DEUTSCHLAND) AG 



These securities have not been registered under the Securities Act of 1933 and may not be ottered or sold In the United States 
absent registration or an appBcabte exemption from tire registration under the Securities Act of 1933, inducting Rule 144 A 
thereunder. These securities have been previously sold. This announcement appears as a matter of record only. 


International Ottering / March 1994 


F ■ 


FIM 384,670,320 

Finnlines Oy 


1,560,000 New Shares 

(FIM 20 nominal value) 

921,744 Existing Shares 

(FIM 20 nominal value) 


Salomon Brothers International Limited 


Alfred Berg 


Cazenove & Co. 


Prospectus Limited 

Kansallis Banking Group 


NatWest Securities Limited 


Kleinwort Benson Securities 


Paribas Capital Markets N M Rothschild and Smith New Court UBS Limited 







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INTERNATIONAL COMPANIES AND FINANCE 


Jardine Matheson lifts 
profits by 23% to $389m 


By Louisa Lucas hi Hong Kong 

Jardine Matheson. one or Hong 
Kong's oldest trading conglom- 
erates, yesterday attempted to 
deflect attention away from its 
planned de-listing from Hong 
Kong to its 23 per cent rise in 
net profits to us$388jm last 
year, up from 33163m in 1992. 

Mr Charles Powell, director, 
said yesterday: "Jardines will 
be judged not by where it is 
listed but by its results, and 
the results announced today 
are excellent.'' 

Analysts fought shy of the 
term “excellent”, saying the 
results, while strong, were 
broadly in line with expecta- 
tions. 

Earnings were lifted by a 
strong performance at Jardine 
Fleming, the Hong Kong mer- 
chant banking joint venture 
between Jardine Matheson and 


Robert Fleming, the UK mer- 
chant bank. 

On Tuesday, Jardine Flem- 
ing reported a 166 per cent leap 
in net profits to U5$202m, half 
of which accrues to Jardine 
Matheson. 

Jardine Fleming contributed 
a 26 per cent slice of total net 
profits, compared with 12 per 
cent in 1992. Conversely, the 
contribution from Jardine 
Pacific, the trading and ser- 
vices arm, slumped to 42 per 
cent from 50 per cent the previ- 
ous year. 

Mr Nigel Rich, managing 
director, attributed the fall to 
poor results from Japan and a 
disappointing performance on 
the shipping side. 

Geographically, the biggest 
upturn came from south-east 
Asia, where net profits rose to 
3574m from 5213m the previ- 
ous year. Earnings from Hong 


Kong and China improved at a 
much more modest rate, up to 
52243m from 52074m. 

Mr Henry Keswick, chair- 
man, said: "Jardine Matheson 's 
particular strength is in the 
Asia-Pacific region, which 
remains the world's prime 
growth area, but the group 
also has extensive investments 
elsewhere, which hold promise 
for the future." 

Total turnover climbed by 7 
per cent to $84bn, from |7J9bn 
the previous year. Fully 
diluted earnings per share rose 
by 21 per cent to 6631 cents 
from 54.59 cents. Net asset 
value per share increased by 34 
per cent to 54.66. 

The directors will recom- 
mend a dividend of 1540 cents 
per share which gives a total 
payout of 22 cents. This repre- 
sents an increase over 1992 of 
18 per cent 


Wharf advances 33% in year 


By Louise Lucas 

Wharf (Holdings), the Hong 
Kong conglomerate controlled 
by the family of the late Sir 
Y.K. Pao, yesterday reported 
net profits for 1993 of HK$2.7bn 
{USS349m). up 33 per cent on 
the previous year's HK82bn. 

The earnings, which were 
broadly in line with market 
expectations, included an 
exceptional item of HK55S93m 
on the sale of investment prop- 
erties and were fuelled by a 
combination of a swollen prop- 
erty bank and rising rental 
fees. Taken on a per share 
basis, earnings rose 30 per cent 
to 127.3 cents, compared with 
973 cents in 1992. 

Wharfs total asset base rose 


to HKflOdSbn. representing a 
year-on-year increase of 
HK$414bn. The net asset value 
per share rose 70 per cent to 
HK53637. 

Some 75 per cent of profits 
came from the property side 
last year, and Mr Peter Woo, 
chairman, said new develop- 
ments coming on line would 
fuel further growth this year. 

Mr Woo said: “We are 
talking about dm square feet of 
new space in Hong Koug of 
which profits have not accrued 
to previous financial reports 
and which has estimated 
future rental billings of- close 
to HK&LSbn. 1993 profits came 
In at HK52.7bu, so with the 
three properties - Times 
Squares and Phases I and £1 of 


The Gateway - coming on 
stream, we are almost doubling 
the profit we are now able to 
generate, based on present 
profit generating assets." 

Of the remaining core busi- 
nesses. about 21 per cent came 
from transport infrastructure, 

mainly ter minals , an d the bal- 
ance was split between hotels 
and, to a lesser extent, invest- 
ment income. 

Mr Woo estimated Wharf 
Cable would be piped to 14m 
homes by the end of the year, 
at which time viewers will be 
able to tune into 20 channels. 

Directors are proposing a 
dividend of 66 cents, for a total 
annual payout of 85 cents, an 
increase of 31 per cent over the 
1992 dividend of 65 cents. 


Malaysian group expands in Sabah 


By Kieran Cooke 
in Kuala Lumpur 

Mycom, the listed Malaysian 
gaming and property company, 
is moving into the timber busi- 
ness in the east Malaysian 
state of Sabah with the acquisi- 
tion of UNP Plywood, one of 
the state's biggest timber oper- 
ators. 

Mycom will be paying 


MS350m (US$130m) for UNP 
through the issue of 70m new 
Mycom shares at M$5 each. 

UNP has an extensive timber 
mill operation in Sabah and 
several thousand hectares of 
valuable timber concessions. 
Many big Malaysian companies 
have announced plans to 
invest in Sabah following the 
recent transfer of power in the 
state to parties aligned to the 


ruling coalition headed by Dr 
Mahathir Mohamad, the Malay- 
sian prime minister. 

Mycom is rapidly expanding 
its activities. Earlier this year 
it announced that, along with 
Indonesian interests. It was 
taking a stake in Lamborghini, 
the I talian sports car manufac- 
turer. Mycom had pre-tax prof- 
its of M585xn in the six months 
to end-1993. 


Receivers 
called in 
to NZ meat 
processor 

By Tarry Hafl in Wellington 

Fortes, the New Zealand 
company credited with leading 
the way in the reform of the 
country's meat processing 
industry, was yesterday placed 
in receivership by a group of 
trading banks. 

Talks about the company’s 
financial problems began last 
week, following a statement 
that the company expected to 
lose up to NZS50m (US$28.5m) 
In the six months to February 
28 because of intense competi- 
tive pressures in the meat 
industry. 

The failure of the company 
is an embarrassment for the 
government, which had 
extolled the virtues of its hav- 
ing the latest plant and 
machinery, new marketing 
technology and cost-saving 
union agreements at its two 
plants. 

Fortes: had also been one of 
the darlings of the New Zea- 
land Stock Exchange. The 
shares traded as high as 
NZ$2.65 in 1992 before falling 
to NZ$1.00 earlier this month 
and to only 6 cents at the close 
of trading last night. 


Cathay Pacific 
to acquire 75% 
stake in Air HK 

By Louise Lucas 

Cathay Pacific Airways, the 
Hong Kong airline controlled 
by Swire Pacific, is to acquire 
a 75 per cent stake in Air 
Hong Kong, an air freight car- 
rier based in the colony, from 
Shun Tak Holdings, the Macao 
jetfoil, property and restau- 
rants group. 

The purchase remains 
subject to a due diligence 
review. 

Cathay Pacific plans to ran 
the business as a stand-alone 
operation, similar to the Dra- 
gonair modeL 

However, there will also be 
economies of scale in areas 
such as maintenance, market- 
ing and route planning. 

Air Hong Kong currently 
leases a fleet of three Boeing 
747 freighters. 


Wal-Mart to supply Japanese chain 


By Frank McGurty in New York 
and Emiko Terazana in Tokyo 

Wal-Mart, the leading US 
discount retailer, and Ito- 
Yokado, a large Japanese 
supermarket chain, have 
reached an agreement under 
which Wal-Mart will supply its 
own-brand products to the Jap- 
anese retailer. 

The move comes as an 
increasing number of Japanese 
retailers are diversifying prod- 
uct procurement, especially 
from overseas, due to the grow- 
ing preference of consumers 
for cheaper discounted goods. 

Such strategies among lead- 
ing supermarket and discount 
chains are expected to prompt 
a further shift of retailing 
power from the national brand 
manufacturers, which until 
recently have controlled retail 
prices of products, to retailers. 

For Wal-Mart, the agreement 


to supply Ito-Yokado is the 
first of its kind, according to 
analysts, who say overseas 
markets represent a small but 
increasingly important 
segment of the company’s busi- 
ness. 

The deal highlights a wider 
trend in Japan. The country’s 
old-fa shio ned distribution and 
retail system, which has been 
controlled by manufacturers 
and wholesalers, is facing mod- 
ernisation due to deregulation, 
and the rise of discount retail- 
ers and Large supermarket 
nhaiTis which are creating their 
own production and procure- 
ment networks. 

Aoyama Trading, a l ea d in g 
men’s suits discounter, this 
week announced it would tie 
up with J.C. Penney, the US 
department store c h ain, to sell 
its casual wear in Japan, while 
Yaohan, the Japanese retail 
and distribution chain based in 


Hong Kong, will also market 
Wal-Mart’s items in Asia. 

Although the Ito-Yokado 
de a l is one of Wal-Mart’s first 
forays outside North America, 
the expansion-minded com- 
pany has been active in Can- 
ada and Mexico over the past 
year. 

The Arkansas-based retailer, 
which rang up total sales of 
$67bn in the year to January 
31, recently announced an 
agreement to acquire 120 
Woolen discount stores in Can- 
ada from Woolworth, giving 
the chain a strong footing 
north of the border in a single 
transaction. 

In. Mexico, Wal-Mart Is open- 
ing a string of warehouse dubs 
and discount stores in a joint 
venture with Cifra, the coun- 
try’s largest retailer. 

Mr Saul Yaari, ma n aging 
director of Piper Jaffray, a Min- 
neapolis securities house. 


downplay^ the significance of 
the Japanese deal and the 
extent to which Wal-Mart will 
pursue expansion and supply 
links with retailers outside 
North America. 

"I assume they will dabble 
overseas, but their plate is full 
in the US." Mr Yaari said, 
pointing out that the company 
was focusing on new “super- 
stores" - combining groceries 
and general merchandise - in 
(ts domestic market. 

A spokesman for Wal-Mart 
declined to comment on the 
Japanese agreement 

For its part, Ito-Yokado will 
provide Wal-Mart with its 
sophisticated point-of-sales 
technology, which helps effi- 
cient product and shelf man- 
agement The two c ompan i e s 
are to develop jointly low-cost 
products and co-operate In 
expanding sales networks in 
Asia and Europe. 


Banking shake-out 
heralds new era 

The former chief of the Bank of 
Tokyo talks to William Dawkins 


J apan’s banking system is 
on the threshold of a 
shake-out in which some 
weaker players will be forced 
to merge, but from which the 
larger ones, could emerge 
strengthened. 

That is the assessment of 
one of the industry’s most 
experienced operators, Mr 
Yusuke Kashiwagi, 76-year-old 
senior adviser and former 
chairman of the Bank of 
Tokyo. The banking system is 
only just beginning to face up 
to the lessons of the collapse of 
the sharp rise in property and 
share prices of the late- 1980s, 
fuelled by its own intemperate 
lending, he says. 

The largest banks will in the 
next Few years complete their 
retrenchment On the hack of a 
recovery in the Japanese econ- 
omy, they will relaunch them- 
selves as big international 
competitors, says Mr Kashi- 
wagi, defying the gloomier 
commentators. 

"Over the next 10 years, the 
Japanese economy will be a 
good performer. Labour will be 
available and productivity will 


go up- There will be plenty of 
savings, interest rates will rise, 
inflation will be low, which 
means we will have a strong 
currency. We will have growth 
with stability and this means 
that Japanese banks will once 
more go into international 
business in a big way," he 

wr plaina. 

A related development will 
be the continued gradual 
breakdown of the Japanese 
banking industry's uniquely 
segmented structure, Mr Kash- 
iwagi predicts. 

Larger banks appear to be 
well on the way to running 
down the bad debts inherited 
from the 1980s bubble, but this 
Is not so for the smaller 
regional institutions and agri- 
cultural cooperative banks. 

M We financed the bubble. 
Maybe it could have been 
avoided," says Mr Kashiwagi. 

"One culprit was the tremen- 
dous competition in the bank- 
ing system, which meant we 
were not as careful as we 
should have been in screening 
loan applications." 

Most banks are still strug- 



Yusoke Kashiwagi: ‘Large 
banks may be strengthened’ 

gting with the problem of pro- 
viding for the bad assets inher- 
ited from the bubble days, 
though the Bank of Tokyo was 
less affected than most, if only 
because it was too busy tack- 
ling bad sovereign loans made 
to developing countries to get 
drawn into the lending rush. 

As part of this, most Japa- 
nese banks are now working 
hard to slim costs, through 
staff reductions and organisa- 
tion changes. The big danger, 
Mr Kashiwagi warns. Is that 
banks will be lulled by Japan's 
low interest rates into restruct- 
uring less toughly than they 
should. Falling rates reduce 
the cost of carrying bad loans. 
"This is as opportunity and 
one must be sure to benefit 
from it, not to dissipate the 
gains” be says. 


Australian 
group pulls 
out of NZ 

By Nikki Tait in Sydney 

Mayne Nickless, the 
Australian transport and 
healthcare group, is selling its 
50 per cent interest in Fretgh- 
tways Group, the New Zea- 
land-based transport venture, 
in a deal thought to be worth 
around A$4Gm (US$28.4m). 
The buyer is Freightways 
Holdings, the other half-owner 
of the company. 

Mayne did not put a price on 
the deal but said the total con- 
sideration was “slightly in 
excess of the company's 
investment”. In its last 
accounts, at mid-1993, the 
book value was A$37.2m. 

Freightways Group takes in 
15 separate businesses includ- 
ing transportation operations 
New Zealand Couriers and 
Poste Baste, and the Armour- 
guard Security, armoured 
transport business. 

The sale means the Austra- 
lian company will have with- 
drawn from the New Zealand 
market, where it has been a 
force since the 1930s. Mayne 
stressed that this was not 
because of dissatisfaction with 
Freightways’ performance, but 
reflected a desire to concen- 
trate on markets with “greater 
growth potential”. 


■v* 


is pleased to announce that 
the 24-attomey 

Intellectual Property Practice Group 

formerly of Shea & Gould 
has joined the firm. 


Partners: 


John E. Kidd (Co-Chair) 
Nicholas L. Coch (Co-Chair) 
George P. Hoare, Jr. 


John E. Daniel 
Leora Ben-Ami 
Joseph Ferraro 


The Intellectual Property Practice Group, together with our existing 
17-nttomey Information, Communications & Technology Practice Group, 
will provide the lull range of legal services involved in international 
patent, trademark, copyright and technology-related transactions 
and litigation. 

March 1994 


200 Park Avenue 
New York, N.Y. 10166-0153 
Tel: (212) 878-8000 
Fax: (212) S78-8375 


58 Coleman Street 
London EC2R.5BE, England 
Tel: 44-71-628-0101 
Fax:44-71-638-2008 


IVesr York • Washington, D.C. • Los Angeles 
Paris • London • Frankfurt 


SRF Mortgage 
Notes l PLC 

S150.000.000 Class A 
SI 1.500.000 Class B 
Mortgage backed floating 
rate notes due March 2021 

For the interest period 22 
March 1994 to 22 June 1994 
the Class rt notes will bear 
interest at 5.45 ". ■ per annum 
Interest amount payable on 22 
June 1994 will amount to 
SI. 373. 70 per S 100.000 note 
The Class B notes will bear 
interest at 6. 15" per annum. 
Interest payable on 22 June 
1994 will amount to 
£ 1 75,265. 75 per S 1 1.500.000 
principal amount outstanding. 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 


CIC 


Compagnie Financifcre 
de CIC et de L'Union 
Europeene 

US$150,000,000 
Floating rate notes 1998 

/Vo rice is hereby given that 
for the interest period 24 
March 1994 to 24 June 1994 
the notes will cany an interest 
rate of 4.25% per annum. 
Interest payable an 24 June 
1994 will amount to USS 108.61 
per USSIQ.000 note and 
USS2. 715.23 per USS 250.000 
note 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 


.Nationwide. 


975,000.000 
Subordinated 
Floating rate notes 
due 2004 

Notice is hereby given that 
the no/es will bear interest al 
5.625% per annum front 
22 March 1994 to 22 June 1994. 
Interest payable on 22 June 
1994 will amount to SI41. 73 
per SI 0,000 note. 

Nationwide Building Society 

Agent: Morgan Guaranty 
Trust Company 


JP Morgan 


CI 50000000 GUARANTEED ROAflNC RATE NOTES DUE DECEMB5* 1 097 

Citicorp Finance PLC 

Uxxmc/IfKji mfly Guaranteed by 

cmcoRp © 

j j* dmt the Rate of Interest has been fixed at 

£ ZB? 5 « and l hat the interest payable on the relevant Interest 

«5;ssaiKaa;3g e ias; 3j •- "-»* 01 

Moerti 24, ) PP4, tonefoo i 

^rO»4x>nl<, N A. [Issuer Services), Agent Bonk CfTIBANi O J 


iimimiiiimiiiiiiiim 

S.G/W. Finance pic 

£150,000,000 
Guaranteed Floating 
Rate Notes 1998 

unconditionally and irrevocably 
guaranteed by 

S-G. Warburg Group pic 

In accordance with the 
provisions of die Notes, notice is 
hereby given that, for the three 
month period, 22nd March, 
1594 to 22nd June, 1994, the 
Notes will bear interest at the 
rate of 5.45 per cent, per 
annum. Coupon No, 1 will 
therefore be payable on 22nd 
June, 1994 at £13.74 in respect 
of each £ 1,000 principal amount 
of the Notes. 

S.G.Warburg & Co, Ltd. 
Agent Bank 

immimimmmmiii 


ANSETT AIRCRAFT 
FINANCE LTD 

USS 135,080,080 
Floating Rate Notes das 2001 
No&cb is hereby given that the rate of 
hi latest ter me penod from March 24th. 
1994 to June 24th, 1984 has been fixed 01 
4.175 per cent. The coupon amount due 
for ttns penod is USD 106.69 per USD 
W.000 denomination and USD 533.47 
per USD 50.000 and e payable on the 
interest payment dale June 24th. 1994. 

The Fiscal Agent 

Banque National© de Parts 
(Luxembourg) SLA. 


ALLIANCE « j - LEICESTER 
AKflnce & Lektner BuildinE Society 
£200,000,000 
Floating Race Notes 
due 1997 

For rhe interest period 21st 
March, f4®4 to 2Ut June, I99*{, 
the Notes will carry a raw of 
in[« esc of per nruiiim 

with interest amounts of 
£137.05 pet £10,000 and 
£1,370.55 per £100,000 Note, 
pay.ibleon 21st June, 1994. 

Uueiisn ibc LuunJxjwne k Eutungc . 


Q Bank en Thor 


Company, London Agon Bank 


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The second issue of Ingenuity, the FT Review of Engineering will be published with the 
Financial Times on Friday, March 25. 

(t will examine a number of engineering companies which are developing new products 
or using new manufacturing methods to enhance productivity and competitiveness. 

It will also give valuable insights into how the engineering Industry in Britain and the 
rest of Europe is poised to benefit from economic recovery. 

So, if you need to know how well the engineering Industry Is working, be sure to get 
your copy of the FT on Friday. 

FT Because business is never black and white. 


4 






9 



< 





s 

\ 

% 


FINANCIAL TIMES THURSDAY MARCH 24 1994 


19 


iV. 

J\h‘ 


K. 

"•I 


' v. j 


r 




INTERNATIONAL CAPITAL MARKETS 



By Antonia Sharps 
hi London and Frank 
McQurty in New Yorfc 

Wild rumours that German M3 
numbers for February would 
show an annualised of 

30 per cent sent government 
bonds there into a tail-spin yes- 
terday, dragging other Euro- 
pean markets with than. The 

GOVERNMENT 
BONDS - 

figures are due. to be published 
today or tomorrow. 

The bund market got off to a 

shaky start following articles 
in two German newspapers 
suggesting that market expec- 
tations of an annualised rate of 
around is per cent for German 
M3 were too optimistic. They 
said the figure was more likely 
to be between 17 and 20 per 
cert 

Bunds then drew some tem- 
porary comfort from the Bund- 
esbank’s widely-expected deci- 


sends bunds into tail-spin 


sum to reduce the repo rate by 
eigh t basis points to 5JJ per 
emit, and from the publication 
of reasonable In f l a tion data for 
the month to mid-March from 
North Rhine- Westphalia »nd 
Baden Wftrttemberg. 

However, towards the* int* 
afternoon market fears of 
another poor M3 number 
weighed heavily cm prices. The 
June bund future on T.tffa fell 
from the day’s best level of 
97.05 to trade at 91x28, down 
0-24 points cm the day bat off 
the day’s low of 96. l& 

Analysts say they would pre- 
fer to see an outlandish figure, 

because this would make a 
laughing stock of the Bundes- 
bank^; poli cy of targeting 
medium-term muney supply. 

“111 a way. 30 per cent would 
be less severe than 18 per 
emit . . . because it would hall 
the death of M3 as a target," 
said Mr Elans Baader, senior 
international economist at Leb- 
man Brothers in London. 

However, be said a wmiw 
above 16 per cent would dam- 


age the market, since it would 
cast ’serious doubt on the 
Bundesbank’s assertions of 
tax-related special factors to 
OTpiafn the poor numbers in 
January. 

Mr Julian Callow, European 
economist at Kleinwort Ben- 
son, said a number higher than 
last month’s 2 U 2 per cent 
would also damage the mar- 
ket's fragile confidence. 

■ The publication of disap- 
pointing inflation data for Feb- 
ruary depressed UK govern- 
ment bonds - yesterday 

irmryn i J ig. 

The larger than expected rise 
dampened hopes of an early 
cut In interest rates, dealers 


The June long gilt future on 
Iiflfe fell ft on the day to 109ft 
alter an intra-day high of 1103 
and a low of 108&. 

Gilt prices then fell further 
in the afternoon as anxiety 
spilled over from continental 
Europe. However, activity was 
fairly fimited. 


■ French government bonds 
performed slightly better than 
their European neighbours’, 
buoyed by hopes of a cut in the 
Intervention rate by the Bank 
of France today. Some analysts 
were forecasting a cut of 
between 10 and IS basis points 
in -the rate, which currently 
stands at 6.10 per cent 

However, others said a wid- 
ening in yields and a weaken- 
ing in the French currency, 
which reflected investor fears 
an industrial action, gave the 
Bank of Fraucsfittle scope to 
cut rates: 

The June contract on the 
French 10-year notional bond 
on the Motif eased 02 points to 
123.92, in the middle of the 
day's trading range of 124.14 to 
123.84. 

■ Uncertainty over the out- 
come of this weekend’s general 
election kept Italian govern- 
ment bonds on tenterhooks. 
Traders reported that a private 
poll suggested the two big 
groups on the left and the right 


were likely to catch an equal 
amount of votes, which would 
effectively create a stalemate. 

The June Italian government 
bond future on Lfffe traded 
slightly highw in the i«te after- 
noon, standing 0.10 points up 
at U039, but off the day's best 
level of UL1-L 

■ US Treasury bonds held 
steady yesterday morning as 
traders adjusted their positions 
following the Federal Reserve’s 
move to tighten monetary pol- 
icy. 

By midday, the benchmark 
30-year government bond was 
ft ahead at 92K, with the yield 
slipping to 084 per cent At the 
short end, the two-year note 
was unchanged at 100 ft, to 
yield 5.009 per cent 

The implications of the Fed’s 
new policy dominated the 
morning's activity. Trading 
was subdued in the aftermath 
of Tuesday's increase in the 
key Fed Funds rate by 25 basis 
points to &5G per cent 

The central bank’s decision 


to lift the Fed Funds target to 
the higher level was confirmed 
in mid-morning, when It 
allowed the market’s prevail- 
ing rate to stand at 050 per 
cent 

The day's economic news, 
although appearing to be 
favourable, elicited little 
response from a market cool- 
ing down rapidly from Tues- 
day’s heated session. The Com- 
merce Department said orders 
of durable goods last month 
slumped is, per cent, against 
expectations of a half-point 
decline. 

Most of the big drop, how- 
ever, was attributed to flagging 
orders of aircraft. limiting the 
impression of a significant 
slowdown in economic growth 
and a concurrent easing of 
inflationary pressures. 

In the afternoon, the market 
was facing a Treasury auction 
of $llbn in new five-year notes. 
The outlook for the sale was 
positive, following the success 
of Tuesday's sale of a $i7bn 
two-year issue. 


French issuer braves unsettled conditions with Ecu deal 


By Tracy Corrigan 

Only a handful of deals 
emerged yesterday, as band 
market conditions remain 
unsettled. , Dealers said supply 
of new issues would remain 

INTERNATIONAL 

BONDS 

thin, until markets showed 
strong signs of crasolidatioin ai 
these levels. 

Credit Local de France, the 
French local government 
agency, launched the first Ecu 
bond offering for over a month, 
via Credit Lyonnais. 

The EculSQm seven-year deal 
is priced to yield 8 basis pomta 
more than a comparable issue 
by the European Community, 
according to the lead manager. 


Other dealers, however, said 
the issue looked rather expul- 
sive compared with seven-year 
paper launched earlier this 
year. 

There has been a slight 
pick-up of interest in Ecu 
bonds in the last week or so, 
causmg real 10-year Ecu yields 
to tighten to 10 basis points 
below the theoretical Ecu 
yield, according to traders. 
Having started the year at 25 
basis points below. Ecu bands 
-then suffered a bout of weak- 
ness which left thwn taiflng 
flat to the theoretical yield. 

Although the market is 
receiving some support from 
the large amount of Em twmria 
maturing, dealers said many 
investors, especially institu- 
tions, were' not reinvesting In 
Ecu bonds. - 

However, some retail Inves- 


tors- are buying more Ecu 
brads - with Eculhn maturing 
fn April, Axis could spark fur- 
ther new issues. 

In the lira sector, Deutsche 
Bank Finance launched a 
L500bn 10-year issue of zero- 
coupon bonds, priced at 42J5 
to yield 9.02. Lead manager 
Deutsche Bank London said 
the yield was substantially 
higher than for most outstand- 
ing zero-coupon deals, which 
are trading at about 8.40 per 
cent The deal was quoted at 
42JL5 bid, the same level as the 
re-offer price. 

• Standard & Poor’s has con- 
firmed . the AA- long-term 
credit rating of Bank of Nova 
Scotia, which had been placed 
on CreditWatch with negative 

iwipTicaHnns in December. 

• Japan Credit Rating Agency 
said it would assign a bbb rat- 


NEW INTERNATIOIIAL BOND ISSUES 


Amount 

Coupon 

Plica 


Fees 

Spread Book nnar 

Borrow 

US DOLLARS 

. m. 

% 



% 

bp 

Banco Baroerindka do Brasi*t 30 

M 

10090 

Apr. 1985 

undbcL 

PtartUaa Capksl Mariret* 

CANADIAN DOLLARS 
fiabotrenk Nedertandgi) 

190 

7.125 

99J233R 

Dac.1999 

0275R 

+90 (5*94-99) Barclays da TDode Wedd 

fiRENCH FRANCS 

Alcotal AtathomWS 

4^6bn 

2 M 

» 

JYL2004 

2.60 

SocMM OMoria 

ITALIAN LIRE 

Deutsche Bank Finance 

600 bn 

zero 

42.1GR 

May 2004 

0280 

- Deutsche Bark London 

ECUS 

Crikft Local da France 

150 

&2S 

99.12R 

Apr^OOl 

OlSDR 

CiMS Lyonnais . 

SWISS FRANCS 

AsSnsg* 

100 

ASO 

102.125 

May.1908 

. 

Safes Bank Ootp. 

final terms and noivcaBataia untaas atadad. The yield spread (over relevant goaananant bontfl at launch Is -Tr 8 ** 1 by the Had 
iTtanagY. AUnHaiad or private placement. tYTotonfl raw not*. Ft fixed ra-oftar price; tea* ana shown at tha ra-ofNr lawL a) 3+trih LBnr 
b} Short lat coupon, cf Octal institutional trendre of FTfSbn tasuc. Issue price: FR800. tariampriun price; FfrtQSft Cow 

rad a 1 Tar 1. OrisUe tram 1/1/S8 St ytd o4 5HfK subject to share price trading at 110% of cad price. 


ing to samurai bonds issued by 
the Republic of Turkey. The 
rating will affect a total 
Y485hn. The bonds were issued 


between June 24 1992, and 
Marchl 1994. 

JCR is also placing the Gov- 
ernment of Turkey under 


credit monitor. Turkey's eco- 
nomic performance has deteri- 
orated rapidly since the deval- 
uation of the Turkish lira. 


Simex settles in 
to niche market 


T he advent of global elec- 
tronic futures trading, 
the growth of Japanese 
derivatives gxrihgTiggg and the 
ballooning over-the-counter 
market In Asian securities has 
dnnp utile to deqt the success 
of the Singapore International 
Monetary Exchange (Simex). 

Last week Smes, conceived 
10 years ago as a vehicle for 
the Chicago Mercantile 
Exchange to deliver financial 
futures contracts to the Asian 
time zone, renewed its partner- 
ship with the CME and won 
the rights to trade futures on a 
prized Japanese stock index. 

At the gamp Hm» simex offi- 
cials are negotiating a co-oper- 
ative trading arrangement for 
crude oil futures and options 
with London's International 
Petroleum Exchange, and are 
in talks with other derivatives 
exchanges in Europe and 
North America to share Sim- 
ex's trading window Into Asia. 

Simex was the first financial 
futures exchange in Asia, the 
first Asian, exchange to trade 
energy derivatives, the first 
exchange in the world to trade 
Japanese stock index futures, 
and the only exchange to agree 
that trades made on its floor 
could be offset on another 

wtriiang a in a < W for*ait Hww 

zone. 

This last arrangement, called 
mutual offset, was renewed 
last week between the Simex 

and the for annttiar five 

years. The fact that the 
arrangement survived despite 
the GME’s aggressive backing 
of Globex, the international 
electronic futures trading sys- 
tem, provided proof that the 
opai outcry method of trading 
is still preferred by many trad- 
ers. 

As part of the renewal agree- 
ment. Awntor officials wiTl sup- 
port the entry of Globex termi- 
nals into Singapore. In Florida 
last week for the Futures 
Industry Association confer- 


The Singapore 
exchange has 
renewed links 
with the CME, 
writes Laurie 
Morse 

ence, Mrs Elizabeth Sam, 
Sun ex president, seemed Utile 
worried by the prospect of elec- 
tronic competition. “We have 
learned from our own experi- 
ence that the open outcry sys- 
tem is a better system," she 
said. 

A lthough neither 
exchange releases sta- 
tistics, industry 
sources estimate that 2.5m 
Eurodollar futures traded 
under the mutual offset pact 
between Simex and the CME 
last year. In 1993, Simex traded 
15.7m contracts. Eurodollar 
futures, with a turnover of 
5.5m, was its largest contract 
The Simex mutual offset 
arrangement generates far 
more volume for the hme than 
Globex. Recently, the CME 
decided to pump up its volume 
figures by counting Simex 
mutual offsets. This made 
Simex an important factor in 
the CME’s struggle to hold its 
place as the world's second 
busiest futures exchange, 

behind the Liffe. 

Simex’s second-largest con- 
tract is the Japanese Nikkei 
225 stock index future, with 
volume in Singapore growing 
at the expense of the Osaka 
Securities Exchange. Last 
year’s poor stock market per- 
formance in Japan was blamed 
in part on suspected manipula- 
tion of the Nikkei 225 futures 
traded in Osaka. That forced 
higher margin and commission 
rates, making Singapore a 
cheaper place to trade. 


| WORLD BOND PRICES | 

BENCHMARK QOVNRNMRNT BONDS 

tad [toy's Weak Month 

CottaMn Data Price change Yield ago ago 

iwy 

■ NOTIONAL ITALIAN OOVT. BOND 8*TPJ FUTURC8 
(LIFFE) - Una 200m iqotha of 100% 

FT-ACTUARIE8 FIXED INTEREST INDICES 

Ricelndfcas Wed Day's Tub Accrued 

UK asm My 23 change % My 22 Mareat 

»d*f.- 

ytd 

—Low coupon yWd~- — Marikm coepon ylaid- — High coupon yWd — 
My 23 My 22 Yt ago Mr 23 MY 22 Yr. ago My 23 My 22 Yr. ago 



AmrtnRa 


&900 

08to4 

1149000 

-0300 

7.18 

7.13 698 


Open 

Sea price change 

Ugh' 

Low 

Eat vtri 

Open Int 

1 Upio 5 ytore(23) 

12691 

-820 

126.57 

292 

298 

5yra 

a. 76 

698 

572 

589 

591 

897 

7.13 

7.02 

7.15 

- 

Btrigkan 


TJ250 

04AM 

99L8300 

-0920 

7J30 

796 893 


11876 

11030 +001 

111.14 

11020 


98208 

2 5-18 yoere (24 } 

15838 

-043 

151.03 

1.64 

575 

15 yrs 

7.48 

7M2 

794 

798 

792 

525 

798 

7.78 

548 

•i. : 

Canada* 


asoo 

0004 

SG-fidOO 

+0960 

792 

7M0 693 








3 Otar 15 years fB> 

16820 

-859 

17821 

191 

553 

20yra 

799 

796 

510 

790 

794 

545 

798 

790 

557 

. 

Denmark 


7900 

T2AH 

1019700 

-0030 

OB5 

6.57 6.40 








4 toadeamtaUaa (6) 

19791 

+090 

19792 

397 

1.47 

toedLt 

797 

799 

548 








Franco 

STAN 

8900 

05/11® 

1079500 

-0,130 

5.70 

5.70 542 








8 Al stocks (62). 

148.70 

-098 

147.27 

1.73 

524 













OAT 

5900 

04AM 

B3.1500 

+0930 

8.44 

818 893 

■ ITAUAN OOVT. BOND (BTR FUTURES OPTIONS fl-lFF^ LJrNiOOrn lOOthe of 100% 








— 

— kriMk 

XI 5% — 

— 

— 

— htflaSo 

n 10% 

— 



Italy 0S» . 01/04 96.0700 

Japan No 118 4JXW 06/98 105.7620. 

• No 157 4-500 06/03 1022&90 

Netherlands 5.750 01/04 96.0600 

Spain 10500 10/03 ' 1103600 

UK Gita GuDQD 08/5/8 .96-21 

8.760 11/04 : 95-12 

8.000 10/OB 112-08 

US Treasury ’ 6.875 02/04 86-01 

6250 08/23 92-17 

BCU French GovQ 6.000 04AM - 836600 

London doakig, ftm Y(M nad-doy 
t Qkmb annus yfett Ondudns wUftaUng t« at 125 pv 
men US. UK ki 32nda, atow* bdacknri , 

US INTEREST RATES 


40680 

40090 

40880 

-0300 

-0200 

-15/32 

—20/32 

-25/32 

+29/32 

+40/32 

+0.140 


BJSSt 
360 
4.16 
644 
684 
8.76 
7.45 
76B 
842 
- 864 
• W* 


9.10 

3.48 

4J08' 

8.12 

am 

6.63 


672 

123 

362 

695 

631 

8X3 


Strike 

Price 

11000 

11060 

1T100 


«lt*V" 
a$7 
2X2 
2JJB 


Sap 

633 

610 

zm 


Jun 

62T 

652 

2.78 


mrra 


Maa-Mcad 


Sap 

643 

670 

697 


7.24- -677 
TAO 7.08 
641 6J0B 
685 661 

658 635 


. EtL *4 fetal Cab 2580 Alto 4044 Prevtou# dfeto span tat. CM* 89836 Pita BOOS 


Ip slB ■• - 

■ NOTIONAL SPANISH BOND njTUHCS(MEFF) 


6 UptoSyaanp) 

7 Over 5 yews (11) 

8 Al stocks (13) 

Debentures and Loan 








MY 23 Mr 22 

Yr. ago 

MY 23 

MY 22 

Yr. ago 

18547 

-002 

18850 

-814 

293 

Up to 6 yn 

292 2.75 

297 

198 

193 

1.48 

18811 

-0.17 

18841 

093 

199 

Ovy 5 yra 

540 397 

344 

521 

521 

525 

17898 

-0.15 

18516' 

095 

1.41 












- 

5 year yMd — 

— IS yaw yield- 

— 

—28 yaw yMd 


Mar 23 Mar 22 Yr. ago Mar 23 Mar 22 Yr. ago Mar 23 Mar 22 Yr. ago 


9 Debt 6 Loans (79) 13636 +0.18 13611 Z34 2M 640 635 658 662 683 929 

Abano* redemption yktdn are ahoam 4 xjm. Coupon Banda Lam 0N-TOffc Undue: 8%-ICWH: Huh: 11% and (Mr. t tatyWd. ytd Year to date. 


669 


671 


958 


Sure* IMS Marettmta 


LuncMme 


Hue nit. 


ftttnfttal 


■ Tnnie. 
5 THreanuriL, 
3% Sx mooli . 

- — 


TreaouyBfc «d Bond YMU 

349 TtoafeY. 

951 Ttoaeyaar 

— 698 Hnjnr 

391 w-mr 

420 aoym 


sm 

SS5 

un 

648 

US 


Jun 

Sap 


UK 


Open Sett price Change Kgh Lore Eat voL Open int 

101.10 10029 -018 101.10 10026 49,160 101,745 

9098 - 


GttLT EDGED ACTIVITY INDICES 

My 22 Mv 21 My 18 


My 17 My 16 


FT FIXED INTEREST INDICES 

Mar 23 Mar 22 Mar 21 MY 18 My 17 Yr ago KtfT LoW 

Govt Sect. SJK) 9682 99.05 8682 8672 9955 9660 107.60 968S OK Edged bargafna 975 915 967 068 80.7 

Ffaond Manet 11994 119.79 11645 12014 12096 11227 13357 11294 S-tfer ana ra ga 959 955 968 979 965 

* tor WKMM. OnvoreMM Seotrtha Ugh fence ujnp to Put 12740 R/V M0 tow 4018 <3rt/76). Hand Hnrani Ugh ainoe eonphltan: T3S67 (21/1704) , tow 5053 fin/TS) . Bull 100: Oownunt SacwtBu 1W 
10/28 and Fixed Mona 1820 SC ec*«y hdeen nt»M 1974 


■ NOTTOW/U. UKOOTfUTWES iUFrE)-gsa000 32nd« Q7100N 


BOND niTURES AND OPTIONS 
Franc® 

■ NOTIOIUL FRENCH BOND FUIUICBNM^, 


Jun 


Open Sett price Chang* High Low Eat wl Open tot 

111-20 110-00 -0-27 111-24 110-11 175 10942 

110-12 10602 -0-28 110-30 108-29 112247 161984 

106-05 -0-27 0 107 


■ LOliq Qfl-T FUTURES OPTIONS (UFFQ E50JXX) 64tha of 1 00% 


FT /ISM A INTERNATIONAL BOND SERVICE 


UriMf are 1f» take! Mantabota bondi tor wflfcft «wa 6 an actapuls ascoreMy nM Mart 
tavad. BU OSar ChO- VWd 


prion at RM pm on MkO 28 

BH OOar Chg. YMd 


Isaund Bid Mr Chg. 



Op« 

Sett price 

Change 

Hgh ■ 

. Low 

Eat voL 

Opto InL 

Mer 

124.78 

12490 

+092 

125.00 

12448 

24549 

•. 60905 

Jun 

12422 

124.12 

+834 

12492 

12394 

232987 

145522 

Sep 

12554 

12540 

+094 

12555 

12540 

. 1922 • 

11926 


Snare 


CALLS 


PUTS 


■ LONG TERM FRS4CH BOW OPTIONS (MATTF) 


Price 

Jim 

Sep 

Jim 

' Sep 

108 

.1-56 

2-10 

1-52 

500 

110 

1-26 

1-48 

2-22 

3-38 

111 

' 1-02 

1-26 

2-62 

4-16 


UL6 DOLLAR SIRNQHIS 

Abbtg Nd TUoaay B>2 03 1000 98 

Ate BftgwicalHfl5 600 MS 1 * 

AnaUaShOO 400 lOBi, 


961*4 

108% 


* 

* 


StFfce 

Price 
123 
1M - 
125 
128 
127 

Ent ML lotto. < 


Apr 

CALLS 

Jun 

Sep 

Apr 

— pure 
Jun 

_ 

. • 

220 

518 

191 

571 

_ 

192 

846 

139 

826 

193 

• - 

1.11 . 

198 

007 

098 

097 

194 

231 

0.02 

098 

860 

- 

522 

SIAM 

PUD S24G0- 

Previous days span ha- Cato 37+256 1 


Sep 

2.16 


Eat. wL total, Canto Sim Pda 3836. Pamtoui dav*a open bit, CUa 7B547 Put* 82079 


Ecu . . 

■ ECU BOND n/TllRES(MAT 13 


Ba*dT*yo8>,96. 

MgkanB'a W 

BFCE7\97. 


»02t . 

CamtoSW. 


,100 vn\ 

.250 112l( 
105 
1*t 


W9V t»2 
3ft Hi 


.150 

.1900 


Chang Kong Fin Sfe OS 

Own 5^ 04 

Oouncl Euope 6 OB — 


Germany 

■ WOTTONAL QEBMAN BUMP R77UHE0 8JFR9* OM2SO.OOO lOPBW of 100% 


Open Settprlce Change Wgh Low EsL vo/ O pen ht 

96 95 9624 -026 9795 8618 176787 183220 

85.97 -027 " 0 5295 



• Opto 

Sail price 

Change 

High 

Law 

EsLireL 

Open InL 

Da*nokft98 

Mar 

117.18 

11798 

+034 

11740 

11698 

1.797 

5379 

ecseftas— 

Jun 

118 

8048 

9044 

+032 

9098 

9832 

2.753 

5.455 

IIP 

irrr 


,1000 

_a» B3*j 
.1000 91% 
_100 1051a 
.300 1124 
98% 

TOG 


lift 

10ft 

1ft 

10ft 

M 


* 

J| 

ft 

ft 

ft 


aft ft 
10ft ft 


. 1000 


Jun 
Sep 

B BUND FUTURES OPTIOMB (UTFQ DM2SQ£00 polrte of 100?t 


■ US TREASURY BOND FUTURES (C8T) 1100.000 32nd* of TOOK 


Strike 

Price 

OSOO 

0650 

9700 


CALLS 


PUTS 



Open 

Leiaat 

Change 

»Bh 

Low 

Eat vcL 

Opto bri. 

My 

. 109-13 . 

109-11 

- 

- 

- 

10900 

17999 

Jun 

108-18 

109-12 

-0-03 

109-21 . 

10908 

435291 

384,736 

Sep 

107-08 

108-13 

-0-06 

.108-23 

108-11 

2314 

40999 


Eucftmft 98 

Ea4nBaricJ^an8Ce . 
BqxnttaCcrp ft 90 . 
FHwtdftOT. 


Jim 

Sap 

Jun 

Sap 

TJ3 

791 

191 

134 

1.00 

190 

136 . 

•LBS 

577 

1.10 

133 

2.13 


FnMiBfMrtft95 — 
Ford Motor One* ft 86. 
GnBKOpMftW- 
GMACftSB. 


. tend, Ore* 7936 Puts 8630. Prautou* day’s open Int- Cal* 238)82 rtn* 22IH53 


I NOTIONAL. MH7KJM TBWt OERBMN OOVT. BOND 
.{BQBUQJTEr PM2S0900 IQOtha d lOOM 


Jun 


Open 

101.03 


Salt prica Change 
10055 -OJ27 


Hlflh 

101.04 


LOW 

10055 


Eat vol Open bri. 
271 . 2568 


■ NOTIONAL LONS TERM JAPAfESE GOVT. BOND FUTURES ' 

QLlFfE) YlOOm lOOttW d 10055 

.Open Cko» Change Hfgh Low Eat vol Open JnL 
Jun 110^43 11043 1T0L11 157T ’ 0 

- UFPG onntr a c to tredad on APT. M Open totaratt 9ga. ate tar pmtaua der- 


M Bk Japan Fh ft 97 . 
Mar Mur Daw ft 96 — 
uyft23. 


- 193 
-100 10ft 

- 250 TOria 

irao no 

_ 200 10ft 
_W0 10ft 
_ 500 10ft 
-150 111k 
_ 200 105 

_ 200 Nft 
.1500 Oft 

- 900 107% 
-200 10ft 
.200 10ft 


113% 

99% 

10G% 

105% 


ft 

ft 

ft 


104% ft 
110 % 


- Japan On Bk 0% 01 — 
Kauri &c Per 1096 — 
Korea Bae Pom ft 03 ■ 
UC8Ftn897. 


MaoushtaBacftQZ- 
Mppon Dad Bk 10% 96 . 

Norettf 7% S7 

0r4arto7%03. 


UK GILTS PRICES 


„Ywd_. -.waa®4_ 

ws H Red Priait+Bf- 


WH- 
IM Had Pdx E- 


— IS83M— 
r- Hgb low 


Kt — - HBMM- 

« Price C +cr- Hjp law 


ShartaP (UMi Mto Fka Yam) 

EtotaivtpciBM iaa 

rw tcpcu JflMtt- mb. 

En*l2iipe19W 12>12 

Treat Spa tflMft 

12k 1995 1U4 

bahSpceMSO-K 31* 

10%pc 1985_ 943 

TnaaiSltpaWW-r- 

14fc 1996 1234 

TftpelttB# 12» 



OMtrerire rope 1996— 
T*a**l3%pe1997ti — 1*-® 

BttlOijpelSW. 

TwaftpclBBTtt 6W 

E*dlI5pc1987 11» 

ft pc 1996 M5 

rnesT^pcimt-- *2' 

Trwftpci985^8tt_ ** 

14PCV8-1 — U.19 

T«s15»a» - 96ti-— 

£*}tt2jx:isae^ iaw 

Treu ftp* 1998N“— - ^ 


nweFTMim 

BM!2%pc1B9g 

Trees 10»2PC19&9 

TiwtoBMiaW^rrS" 
CBBMrianhftpc 1 fl»- 

ape2000g_ 

Treat 13pc 2000 

iqpefflOl 

7pc1Htt-. M . 

rpcvi a- 

ftpCSKB- 


ope2oo m ' 

1 Qpe 2003 — 


TDM 

9.14 

620 

095 

825 

mi4 

878 

7.1Q 

7.10 

MS 

7* 

MG 


S.H 100 H 
4J6 I 01 i 
4.94 10ft 
494 10ft 
409 mu 

107 am 
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. 150 112 


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105% 

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562 

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462 

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471 

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488 

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437 

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346 

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412 

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4S5 

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320 

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275 

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438 

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264 

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436 

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064 

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695 

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620 

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107 

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803 

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790 

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111% 

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622 

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798 

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629 

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675 

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623 

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660 

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FU3AIM1 RATE NOTES 


Otar Oqai 


tobay wnriatuy-An. 

Banco Rom 0 99 — 

Bri0tan*97DM 

BFCE-4MBB6 — ■ ■ — 

Mania 610 96 E 

Cattodaft SB 

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WOO 

9853 

9068 

.200 

0684 

0083 

.500 

no Q7 

10007 

.350 

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ISO 

acre 

10005 

2000 

9655 

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.200 

9660 

9061 

.300 

9675 

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9966 

9966 

woo 

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warn 

.420 

100.70 

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10004 

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9097 

.125 

9071 

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1500 

10011 

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4000 

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Gen*. 

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07B5B 

03730 

£6750 

34179 

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33128 

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60000 

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34400 

39825 

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4.1000 

52500 

34580 

35625 

33750 

49312 

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35344 

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31260 


Bid OSar Pram. 


BOMfep-ffliiiftOS . 
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Grid Krigoorid 7% 00 . 



HtodayPn/BOS 

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MwaBlrtc2%03 — 
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52«i 


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— 65 19554 121% 
_500 25875 120% 

_-400 19.1 135% 


-04 032 

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Surriano BWc 3% M 300 36069 91 

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Taaso Capita 9 CS C — 200 251 122% 

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mffiS THURSDAY MARCH 24 1994 



US subsidiaries were main growth area with 35% of operating profits 


Bowthorpe 20% ahead to £51m 


By Paid Taytor 

Bowtborpe, the international 
electronic and electrical com- 
ponents group, yesterday 
reported a 20 per cent increase 
in 1993 pre-tax profits to 
£5l-lm, slightly ahead of fore- 
casts made in mid-December 
when the group announced a 
successful E64.4m rights issue. 

The result, described by Mr 
John Westbead, chief execu- 
tive. as “pleasing" given “the 

tough economic environment," 
compares with pre-tax profits 
of £42.7m in 1992. 

Turnover grew by 26 per cent 
to £3&4m (£265m). including 
£9.3m from acquisitions and 
£27. 3m attributed to transla- 
tion gains. 

The US produced 34 per cent 
(29 per cent) of group turnover, 
the UK accounted for an 


unchanged 31 per cent and con- 
tinental Europe contributed 28 
per emit (32 per cent). The fast- 
est growing region for sales 
was Asia which generated 
turnover of £2lm (£13m.) 

Operating profits increased 
by 24 per cent to £52.5m 
<£42^m) of which £2.lm came 
from 1993 acquisitions and 
£5 ,3m arose on translation. 

The group's US subsidiaries 
were the main area of growth, 
generating 35 per cent of over- 
all operating profits, compared 
with 31 per cent 

Most of the profit growth 
game from the electronics seg- 
ment with operating profits of 
£34.4m (£26 Jm) helped by prof- 
its growth in the European ter- 
minals market and by strong 
gains in the US computer and 
medical markets for electro-ce- 
ramics businesses. 


The electrical businesses 
also reported a 13 per cent 
increase In operating profits to 
£18. lm (£l6m) with a broadly 
based recovery is the US off* 
setting the sharp reduction in 
demand experienced by the 
European cable care 
operations. 

Profits were reduce! by net 
interest costs of £1.44m 
(£381.000 received). Bowthorpe 
ended the year with net bor- 
rowings of £4i_5m, equivalent 
to gearing of 54 per cent, after 
capital expenditure of £22.7m 
(£l9.6m) and acquisitions total- 
ling £39.6m of which £32.5m 
was paid in cash. 

B«n»ing s per share increased 
by 18 per cent to 18.18p (15 .36p) 
helped by a reduced effective 
rate of taxation of 32 per cent 
(315 per cent). As forecast, a 
final dividend of 5.03p (4J>7p) is 


proposed for a total up 8.6 per 
cent at &Slp (&36p.) 

• COMMENT 

Despite less than ideal market 
conditions around the globe 
Bowthorpe continues to deliver 
underlying profit growth. The 
rights issue proceeds will 
enable the group to pursue its 
successful strategy of building 
global niche businesses, and 
po y ha pe to er panri further in 
the fast growing Aslan market 
This year pre-tax profits of 
about are likely altho u gh 
earnings are expected to be 
fiat held hac k by the dilutive 
afforts of the rights issue a rat a 
more normal tax charge of 
about 35 per cent The shares 
slipped 3p to 847p yesterday 
and are trading on a forward 
multiple of around 19.2 but 
could go higher. 


UK retailing operation proves to be 
an uphill struggle for Kingfisher 


8y Peggy HotBnger 

The high street proved to be an 
uphill struggle for Kingfisher 
last year, as it revealed lower 
than expected profits from 
most of its UK retail divisions 
in its results yesterday. 

The most severe difficulties 
were encountered at Wool- 
worths, which recently saw the 
departure of its managing 
director. 

“The simple fact is that after 
a very good first half in toys, 
Woolworths overbought." said 
Sir Geoffrey Mulcahy, chair- 
man. 

The division was forced to 
cut prices substantially to get 
rid of stock. 

Woolworths was farther hit 
by an unexpected collapse in 
the video consoles and games 
market, which forced a profits 
Warning from both Kingfisher 

and its rival, Dixons, earlier 
this year. 

Although he would not quan- 
tify the extent of the damage 
inflicted by these events. Sir 
Geoffrey said it was substan- 
tially greater than the £3 -3m 
decline in profits to £74.5m. 
Sales were 7 per cent higher at 
£L3bn. 

Sir Geoffrey stressed that 
other lines that Woolworths 



TtoKjr HwifMtt 

Sir Geoffrey Mulcahy: fall at Superdrug due to a shift in focus 


offered were up to expecta- 
tions. “Excluding toys and 
games, gross profit rose by 10 
per cent in the second half." he 
said. 


Superdrug also had a diffi- 
cult year, with operating profit 
falling by 9.5 per cent to 
£31.5m. However, sales were 5 
per cent up at £617m, with a 25 


per cent increase in compara- 
ble turnover. 

Sir Geoffrey attributed the 
profits decline to disruption 
caused by a shift in focus. In 
future the division would con- 
centrate on personal care prod- 
ucts. moving away from house- 
hold and grocery ranges. 

B&Q, the Do-It-Yourself 
retailer, did better, with profits 
rising fr o m £8Llm to ppw, on 
sales 10 per cent higher at 
£1.15bn. Like-for-like sales 
were 4 per cent ahead. Sir 
Geoffrey said the improvement 
at B&Q proved Kingfisher’s 
strategy of every day low 
prices was working. 

Darty, the French electricals 
retailer acquired last year for 
£lbn, had proved resilient in a 
difficult market. Sir Geoffrey 
said. Sales for the relevant 
eight mouths were down by 2.7 
per cent to £694m, and operat- 
ing profits 6 per cent lower at 
£79.2m. However, the sales per- 
formance compared well with 
the overall decline of 45 per 
cent in the French electricals 
market. Sir Geoffrey said. 

Comet’s profits fell by 7 per 
cent to £16.4m on sales 6 per 
cent higher at £526m. A sharp 
fall in sale s in the second half 
held back the like-for-like 
advance to 0.7 per cent 


Britannic 
Assurance 
rises 13.6% 
to £27.9m 


By Andrew Jack 

Britannic Assurance, the life 
assurance company, yesterday 
reported pre-tax profits up 
13.6 per cent to 227.9m in the 
year to December 31. 

Earnings per share rose 14 
per cent to 14.4p, against 
12.64p in 1992 after an adjust- 
ment for a capitalisation issue. 

Mr Brian Shaw, general 
manager and actuary, said: 
“We think it was a farther 
steady, sound year for Britan- 
nic. We were regarded as 
rather conservative a few 
years ago for sticking to our 
core business. That is now 
regarded as a rather sensible 
strategy." 

The company said it had 
made a provision within its 
reserves to cover any compen- 
sation that might arise as a 
result of the Securities and 
Investments Board’s review of 
the sale of personal pensions. 
Mr Shaw said the sum was not 
going to be material to profits 
or shareholders. 

Net premium income was 
£4 68m (£41 7m), including 
£126m (£123m) c on trib u ted by 
the company's industrial 
branch. General branch pre- 
mium income rose to £34Jhn 
(£30 .5m). 

Life annual premiums were 
£58.4m (£53.8m) and single 
premiums were £Slm (£32.7m). 
Pensions annual premiums 
were £37.6m (£33.4m), single 
premiums £765to (£7&3m) and 
contracted out rebates £83.6m 
(£70.6m). 

General branch pre-tax prof- 
its were £Llnt last year, com- 
pared with a loss of £414,000 
in 1992. 

The underwriting division 
reported losses of £2. 2m 
(£3-7m deficit). This included a 
loss of £L4m (£2Jfrn loss) from 
property, of £615,000 (£l.lm 
loss) from motor, and a loss of 
£245,000 (£227,000 profit) from 
liability policies. 

Mr Shaw said that Britannic 
withdrew about 18 months ago 
from comm e rcial tush met. 
The net dividend was up 
nearly 13 per cent to 125p. 

The tax charge fefl 12 per 
cent to £774,000. The company 
made a £500,000 transfer to its 
rfflhiK eq ualisatio n provision. 
The shares fell 5p to 455p. 


Exceptional conceal 
growth at Lex Service 

■ 1 . . . ..J T ov Cvctsm 


By Paid Taylor 

Lex Service, the UK’s largest 
car distribution and leasing 
group, yesterday reported pre- 
tax profits of £10L6m for 1993 
compared with £107m the pre- 
vious year. 

The figures for the past year 
were boosted by a £60.lm profit 
on the sale of Arrow Electron- 
ics shares and by a “fifth" 
quarter of profits amounting to 
gg fim from the leasing associ- 
ates which changed their year 
aids from October to Decem- 
ber. 

vh-rinriing distorting excep- 
tional i tems in both years prof- 
its increased by 36 per cent to 
£38.5m (£28 ,3m). Turnover 
grew by 29 per cent to £L18ba 
(2910.7m). 

Str Trevor Chinn, chairman 
and chief executive, said this 
underlying {unfit improvement 
reflected the encouraging 
growth in the UK car and trade 
markets. “Our businesses 
improved their profits substan- 
tially through increased mar- 
ket shares and continued tight 
control of costs," he said. 


ga ming s per share slipped to 
885p (96.7p) but an increased 
pqai dividend of 7.8p (6.6p) is 
recommended, making a 12.5P 
(lOBp) total The shares closed 
down 6p at 524P yesterday. 

The group’s expanded 127 car 
and truck dealerships, repre- 
senting over 30 znanafacturer^ 
sold 64,000 new and 30,000 used 
vehicles last year, increases of 
30 per cent and 22 per respec- 
tively. 

Trading profit, including an 
£800,000 contribution from the 
Arlington dealerships acquired 
in July, was £18£m (£ll/hn) 
reflecting the increased market 
share, improved operations 
and the full year contribution 
of the Swan dealerships 
acquired in 1992. 

Lex Vehicle Leasing. Trans- 
fleet and Harvey, which are 
jointly owned with Lombard 
North Central, all increased 
their fleet sizes. This, com- 
bined with (he benefits of the 
operational improvement 
? mptemmteri over the past two 
years, led all to all three ach- 
ieving record profits. 

Together the three compa- 


nies and Lex Systems Leasing 
contributed £i9m to Lex for the 
12 months to December 1983, 
compared with £9£m for foe 
corresponding period in 1992. 

Net interest costs were 
reduced from &L3m to £ S L 2m 
and year end net borrowings 
stood at £l4m <£9m). 

The group also announced 
the appointment of Mr Peter 
Har ris as finance director. 

• COMMENT 

Over the past three years Lex 
has made considerable prog- 
ress towards its twin goals of 
exp andin g the scale of the com- 
pany and improving its opera- 
tional performance. The 
group’s strong balance sheet 
provides the flexibility for far- 
ther acquisitions, and develop- 
ing existing operations like foe 
Lucas Autocentres. Pre-tax 
profits of about £4 8m are 
expected this year - excluding 
£7m from the sale of the final 
tranche of Arrow shares in 
January. Earnings, before 
exceptional, should be around 
32p and the shares are trading 
on a prospective p/e of 16.4. 


Dagenham Motors recovers 
to £2.35m and seeks £9.9m 


Glaxo grants Wellcome 
option over 3TC drug 


By DavW Wighton 

Glaxo has granted Wellcome 
an option to develop and mar- 
ket foe compound 3TC, which 
is in final clinical trials, for 
treatment of the HIV virus. 

Glaxo, which licensed the 
drug from BioChem. Pharma of 
Canada in 1990, would con- 
tinue clinical development of 
the compound for the treat- 
ment of hepatitis B. 

Part of foe current trials for 
HIV involve the use of 3TC In 
conjunction with WeUcome’s 
anti-Aids drug Retrovir. 

Glaxo said there was increas- 
ing evidence that such “combi- 
nation therapy" was the most 
promising approach to HIV 
treatment and that the pro- 


posed arrangement would rep- 
resent tiie most efficient way 
of bringing 3TC to market 

Wellcome is likely to decide 
whether to exercise the option 
after the trial results are avail- 
able towards foe end of this 
year. 

This would trigger a further 
payment to Glaxo. 

Once marketed, Wellcome 
would make royalty payments 
to Glaxo based on sales and 
Glaxo in turn would pay royal- 
ties to BioChem Pharma. 

Glaxo has an 17 per cent 
stake in BioChem, a research- 
based pharmaceuticals com- 
pany formed in 1986 which is 
quoted on the Montreal and 
Toronto stock exchanges and 
on Nasdaq. 


14.4% take up CSC offer 


By Sanofi Davies 

The £73m public offer for 
Capital Shopping Centres, one 
of the largest flotations of 1994, 
has been only 14.4 per cent 
subscribed by the public. The 
remaining 856 per cent will be 
fflten up by institutions. 

The public offer for the 
regional shopping centre com- 
pany was affected by adverse 
conditions in foe stock market, 
but brokers argue that it was 
too aggressively priced. The 
shares were issued at a 13 per 
emit premium to asset value. 

However. Mr Donald Gordon, 
chairman of TransAtl antic - 
the insurance and property 
group which retains a 75 per 
cent stake in CSC - said that 
CSC had achieved its objec- 


tives in the offer. 

He said: “We have got a good 
share register, and hopefully 
not too many stags in the 
wings". He said CSC had 
always been marketed as a 
long-term institutional stock, 
and the only reason for the 
public offer was the “insistence 
of foe Stock Exchange”. 

Robert Fleming, the lead 
sponsor, placed 65 per emit of 
foe £209m offer with institu- 
tions, and the remaining 35 per 
cent was placed subject to 
clawback for the public offer. 
The public have taken up 
4.58m shares, out erf the avail- 
able 8L85m. 

Mr Gordon said that the total 
offer had been over-subscribed 
by institutions and that these 
would remain committed to 


The Financial Times 
plans to publish a Survey on 





on Monday* May 9. 


Focussing on Bangladesh's steadily recovering economy, the 
survey will also cover education, exporting and foreign aid. 

For Information chi advertising costs and an editorial synopsis, 
please contact: 

DAVID ROUISTQNE:- Tel: 071 873 3238 or 
SAMANTHA BORG:- Tel: 071 873 4816 Fax: 071 873 3595 


FT Surveys 


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FINANCIAL TIMES 

CUKOrt'S BUSlNtSS NEWSPWK 


] 


Awards — 

FOR EUROPE'S MOST 
RESPECTED COMPANIES 


Ifi ASSOCIATION W|TI 


PRICE WATERHOUSE 


3 USE j 


The Financial Times and Price 
Waterhouse wish to thank the 
many executives across Europe 
who have replied to our survey 
seeking to identify the most 
respected European companies. 

If you have received the 
questionnaire but ha've yet to 
reply, we would be very grateful 
if you would do so promptly. 

Those who reply will receive the 
full results of the survey, an 
invaluable guide to the opinions 
of Europe’s business leaders. 

Please let us have your views. 


By Kevin Done, 

Motor Industry Correspondent 

Dagenham Motors, the south- 
east of England Ford dealer 
group, is raising £9 Jm through 
a 2-fori5 rights issue, its first 
share issue sfriop the company 
was floated In 1983. 

The group increased its pre- 
tax profits by 58 per cent to 
£2 35m (£L48m) for foe year to 
December 31 ending four years 
of decline. Before the recession 
profits peaked at £4m in 1988. 

The dividend is being raised 
to 6.2Sp per share (5.75p) with a 
recommended final of 4.5p. 
Earnings per share came out at 
&7p, compared with 5. Bp. 

The company is issuing 
6.77m new shares at 153p per 
share. The shares closed yes- 
terday unchanged at 193p. The 
issue will be underwritten by 
Samuel Montagu. 

Mr David Philip, c h airma n 
and managing director, said 


that profits in the first two 
months of 1994 were substan- 
tially ahead of the correspond- 
ing period helped by the con- 
tinuing strong recovery in the 
OK new vehicle market 

New car sales rose by 19 per 
cent, used car sales by 27 per 
cent and new commercial 
vehicle sales by 32 per cent in 
the first two months. 

Group turnover for 1963 rose 
by 20 per cent to £187.3m 
(£ 155.9m). The figures were 
supported by an 11 per cent 
rise in new car sales to 8580, a 
10 per cart increase in used car 
sales to 6596 and a 56 per cent 
jump in sales of new commer- 
cial vehicles. 

Dagenham Motors remains 
an exclusive Ford (cars and 
light commercial v ehicles ) and 
Iveco Ford (medium and heavy 
duty commercial vehicles) 
dealer group, but it Is seeking 
to increase business in all- 
makes used car after sales 


operations and in accident r 
repair. ')'■ 

Mr Philip said that the rigfifet 
issue would help to reduce/, 
gea rin g from 125 per cent th ; 
45 per cent and would give 
“maximum flexibility in opr; -, 
pursuit of acquisition oppof* 
tunitifis”. ' 

It would also provide d; 
sound base for “the anticipated:' 
strong growth In the grotq&-' 
existing operations”, which; 
include seven Ford new car 
dealerships and two Iveco Paid ; 
commercial vehicle outlets in' . 
south-east England. . j 

The grow was seeking addi- 
tional Ford dealerships in or- 
around the M25 circle, where it 
currently operated. 

By exercising outstanding 
options Mr Philip is raising his 
stake in the group from &3 to 
9.1 per cent The biggest out- 
side shareholder is £ frith 125 
per ceit. 


the company, despite the reac- 
tion of the public. 1 think we 
priced it dead right", he said. 

Few have argued about the 
quality of the company, which 
has a unique and defensive 
prop e r t y portfolio, but a num- 
ber of institutions suggested 
the shares were expensive 
At the time the offer was 
first announced, the property 
sector was trading at an aver- 
age premium to asset value of 
about 20 per cent According to 
Warburg Securities, the pre- 
mium has now narrowed to 5 
per cent 
Some brokers have 
suggested that the shares 
could trade at about 2l0p, com- 
pared with the issue price of 
230p, after dealings begin next 
Wednesday. 


BMW begins creating new 
nanagement links with Rover 


By Kevm Done, 

Motor Industry Correspondent 

Mr Berad Pischetsrieder, 
chairman of the BMW manage- 
ment board, has taken over as 
chairman of the board of Rover 
Group, following the comple- 
tion last week of the German 
carmaker’s £800m takeover of 
the UK vehicle producer. 

Mr John Towers, previously 
Rover group managing direc- 
tor, has been appointed chief 
executive. 

The company said the 
remaining Rover directors bad 
all been confirmed in their 


IN BRIEF 


REGAL HOTEL GROUP, 
commercially driven 3 star 
hotel operator, has acquired 
the 92 bedroozned Cumbrian 
Hotel which it previously oper- 
ated under a management con- 
tract Cumbrian's turnover in 
1993 was arou nd £l m. 

SIMON ENGINEERING is sell- 
ing Parabo, a New Mexico- 
based oil field waste disposal 
business for $25m (£i.7im) to 
Mr James E Blackwell and Mr 
Benjamin M Butler, operators 
in foe US oil industry. This 
brings to £21 rq the total raised 
from the sale of the chemical 
services operations. 

TOREK HIRE has acquired the 
Truro business of Handihire 


positions. Mr Pischetsrieder 
said BMW was committed to 
maintaining Rover as a sepa- 
rately managed British com- 
pany. 

Mr Wdfyang Reitzle, BMW 
research and development 
director, said in an interview 
that BMW intended to sat up 
joint committees between the 
two groups in the key areas of 
research and development, 
gates and purchasing. 

Initially the most intense dis- 
cussions have taken place over 
Rover's long-term product plan 
with key decisions to be taken 
over a replacement strategy 


both for Rover’s Mini and Its 
800 executive car. 

BMW is also preparing for its 
negotiations with Honda over 
changes the Japanese car- 
maker is seeking in the terms 
and conditions of its various 
licensing deals with Rover. — 

Mr Reitzle said that BMW' 
was still interested in 
long-term collaboration with 
Honda for key components for 
front-wheel drive care. 

“At BMW we do not bare 
frontwheel drive components, 
and it would be very expensive 
for Rover to develop these ah L 
its own,” he said. i- : 


for £100,000 cash, bringing the 
number of its branches in 
Cornwa ll to five. 
white CROFT has sold two 
properties in foe south east of 
England for £L72m cash. The 
value of property awaiting dis- 
posal in the balance sheet at 
March 31 was £14.4m and this 
figure has now fallen to £65m. 
The transactions - further 
steps towards complete with- 
drawal from property develop- 
ment - have reduced borrow- 
ings and showed a small 
surplus over book value. 
WORTH INVESTMENT Trust 
Is selling its interest in Seguin 
Moreau for FErl7Rm (£2.1m). 
This gives rise to a reduction 
of £800,000 in foe value of the 
investment and reduces the 
net asset value from 24_85p to 
22.29P at Ma rch 16 . 

JAMBS SMITH ESTATES: 
finder the open offer to raise 
£17. 3m net, 10.27m new ordi- 
nary shares were placed with 
institutional investors. Shares 
were offered to qualifying hold- 
era at 125p. Holders applied for 
246m shares (24 percent of the 
issue) and remainder taken up 
in accordance with foe placing 
arrangements. 


DIVIDENDS ANNOUNCED 


Current 

payment 


Aspen Comma § fin 

Bar&VMac* fin 


BB&EA 

int 

Bowthorpe - - 

Britannic; Assur 

fln 

BZWConv 


Canning (WJ 

Clinton Cards _ 

——fin 

Cooper 


Dasenham Motors _fin 
Devro Intj a- 


fin 

Lasmo 


r^T~ , ?‘wireren'l 




fln 


PagefMchasQ .fin 

Premium Trust j^ t 

Quality Software fin 

Wcartlo .. — fnt 

RfchentaonVItost .fin 

Thornton Asian „ .fin 

Town Centre j rt 

TT Group — fin 

UmChecn c- 


W ham ta t 

Wood (Arttna) 


.fin 

-fin 


2.9 
8 
2 

2 £ 
5JJ3t 
& 75 
1.7 
1-5* 
435 
3.11 
0.8 

4.5 
4.17 
105f 

ni 

7.6 

1.4 
10 

1-4 1 
1.1 
13 

025 
1 25 
2 

in 
0,5 
1 2 
4T 

4.3f 

2.5 

4.575 

6.9 
3 


Date of 
payment 

Correa - 
poncflng 
dvfdend 

Total 

tor 

year 

Total 
test'.- 
yw - 

June 17 

2-fl 

4.9 

4 JB 

July 4 

7 

11 

10 - 

May 27 

1 

- 

4 

May 12 

2 JS 

_ 

8 ' 

July 4 

4.57 

&91 

838 - 

May 19 

7.73* 

12.6 

11.17 : 

May 19 

1.7 


5 ’ 

Apr 18 

1.5 

- 

7X 

July 1 

4-35 

7.29 

729 

- 

2.75 

4.71 

425 

July 1 

0.7 

- 

Z2 

May 27 

4 

<L25 

5.75 ’ 

May 18 

- 

4.17 

- 

July 5 

9.5 

144 

13J 

- 

1 

1J 

33 

May 3 

as 

12£ 

106 

- 

1.25 

2.5 

225 

May 16 

10 

132 

132 

Jify 4 

1.35 


7 

- 

1 

1.1 

1 

May 25 

12 

2.1 

18 

May 16 

_ 


. 

July 1 

_ 

1.25 

- 

May 7 

1.9 


5.7 

- 

1.75 

3J2 

3 

Juno 34 

0.3 

WThU 

03 

June 30 

1.1 

_ 

14 

May 27 

3.6 

&6 

6 

Juty 1 

175 

6.5 

528 

“ 

nil 

36 

.225 

Juno 17 

4.15 

6.5 

59 

Mays 

6.4 


93 

Apr 30 


3 

13 


DMdends shown 
Increased capHa/. 


per share net except 
Stock. fMaldng 3p so 


where othermse stated. JCW 
far. "Adjusted far scrip tea* 


PUBLIC WORKS LOAN BOARD 

°WBtlw March 22 


Over 1 up to 2 

Over 2 143 to 3 

Over 3 up to 4 - ~~ 

Over 4 up to 5 

Over 5 up to 6 Z. 

Over 6 up to 7 

Over 7 up to 8 , 

Over 8 up to Q , 


Quote loans* 

m K 


■ v iu 9 

Over 9 up to IQ _ 
Over ID up to js . 

Over 15 up to 2 S 

Over 25 Z„. 


5W 

5* 

6% 

6% 

6Vj 

6% 

e» 

TM 

TV* 

714 

81* 



k 
















11 


FINANCIAL TIMES THURSDAY MARCH 24 1994 


COMPANY NEWS: UK 


Marketing campaign planned for this summer will involve four show villages 

Barratt more than doubled to £11. 3m 


By Andrew Taylor, 

Construction Correspondent 

The housing market recovery 
in the UK is gathering pace, 
with sales and prices expected 
to rise further in 1994 accord- 
ing to Sir Lawrie Barratt, 
chairman of Barratt Develop- 
ments which more than dou- 
bled pre-tax profits from £i8m 
to £11 -3m in the six months to 
end-December. 

Earnings per share increased 
from 2p to 4.4p, enabling Bar- 
ratt to increase its interim divi- 
dend to 2p (ip>. 

Turnover rose by 25 per cent 
to £21&2m (Emm). 

Sir Lawrie also announced 
the group's biggest marketing 
campaign, which will tei™ 
place this s umm er and include 
the construction of four sepa- 
rate show villages to take 
advantage of the recovery and 
launch the company’s new 
range of designs. 

The Barratt chairman ramo 
out of retirement three years 
ago after the group began to 
incur heavy losses. He said 
yesterday that the group was 
on course to achieve its target 
of increasing production from 
5,000 to 8,000 homes a year by 
June 1998. 

Sir Lawrie will become non- 
executive chairman from the 


BWTatt Developments 

Share price (pence) 

250 .... 

230 : - ; 

220 — . J 

210 ; ' L 

200 '.r~. ^ 

190 ' — « J- 


1893 94 . 

Source: FT Gnprite 

beginning of August. Mr Frank 
Eaton, chief executive, said the 
company was in good shape to 
finance its expansion with net 
debt of only £53.4m, inclinting 
off-balance sheet loans, repre- 
senting gearing erf 27 per cent 
He expected sales by UK 
housebuilders to rise by about 
10 per cent in 1994 with UK 
house prices rising by 7 per 
cent and up to 10 per cent In 
southeast En gland 
The group completed 2,302 
UK sales in the half year, 14 


per cent more than in the cor- 
responding period. Operating 
margins rose from 83 per cent 
to 8.6 per cent 

The group said it had contin- 
ued to buy land at prices 
which would provide satisfac- 
tory m n rpjn S . flrniririn p 4 .593 

plots at an average price of 
£14,457 during the first half, 
equivalent to 19 l 9 per cent of 
the present average selling 
price of £72jjQ0. 

Total UK l a n d holdings had 
risen by 11 per cent since last 
June to 15.079 plots represent- 
ing 2V4 years supply at current 
production rates. 

The southern Californian 
h nagfng mar ket was expected 
to remain much more difficult 
although US losses had fall*»n 
by 50 per cent to S700.000 
(£480.000). 

There was also a £300,000 
loss on leisure and time-share 
activities. This was more than 
offset by profits from commer- 
cial property sales and the 
group’s Scottish contracting 
operations. 

• COMMENT 

Frank Eaton deserves much of 
the credit for the tnrnnnmd at 
Barratt. Good housekeeping In 
terms of reduced costs, shrewd 
land purchasing and Sir 
La wife's marketing aidTig has 




Bernard Matthews: company remains well placed to make farther acquisitions 

Bernard Matthews tops film 


By Peggy Hoflinger 

Bemard Matthews, the turkey 
products group which has been 
hit by weak prices in recent 
years, appears to be back in 
full flight with annual pre-tax 
profits rising sharply from 
£3 34m to £113m. 

Sales were 35 per cent higher 
at £195m for the 52 weeks to 
January 2. Acquisitions con- 
tributed £28m of the sales 
increase, leaving continuing 
businesses 16 per cent ahead. 

Mr Bernard Matthews, the 
founder and chairman, said the 
improvement was largely due 
to a recovery in prices for 
whole turkeys and a greater 
focus on frozen and added 
value products, such as dino- 
saur shaped turkey meat 

“The market for whole birds 


BARING PUMA FUND: Net 
income in 1993 was $1.95m 
(£1.33jn) and earnings per 
share 32.49 cents. Dividend 25 
cents. 

CIA GROUP: CIA Median e- 
twork, its European holding 
company, has established a 
joint venture subsidiary in 
Germany, CLA Medianetwork 
Deutschland, which will be 


improved significantly during 
1983," said Mr Matthews. “We 
lost several million pounds on 
that in 1992 and have recov- 
ered from that in 1993.” 

Bernard Matthews had also 
decreased its dependence on 
whole birds from 18 per cent to 
10 per cent of total sales 
through acquisitions and new 
products such as cooked meat 

The group suffered substan- 
tial start-up losses in France, 
where it has invested between 
£4m flnd £5m in advertising its 
frozen products. Mr Matthews 
said this business was now 
trading profitably, excluding 
advertising costs. Germany 
was progressing and the group 
was “e x t endi ng its distribution 
of value added products”. 

Mr Matthews said his com- 
pany, which made two acqntei- 


owned 65 per cent by CIA 
Medianetwork and 35 per cent 
by Mediabaus Dusseldorf. 

D ALGETY is buying Jaeger 
Participations, a French food 
ingredients business, for an 
undisclosed sum. 

EDINBURGH OIL & Gas: some 
2m units, representing 57.64 
per cent of the recent placing 
and open offer, have been 


tions last year, remained in an 
“aggressive mood". Further 
buys could not he ruled out 

Last year the company 
bought Hungary’s leading tur- 
key company for £2. 5m and 
Turners Turkeys from Unigate 
for £18m. The purchases con- 
tributed £2.06m to total operat- 
ing profit of £12J3m (£3-91m). 

Debt rose from 9 per cent of 
shareholders* funds to 12 per 
cent as a result of the acquisi- 
tions. Mr Matthews said the 
company remained well placed 
for further acquisitions. How- 
ever, he stressed any deals 
would be funded internally. 
“This company Is not in the 
rights issue business," he said. 

The final dividend is 
increased to L4p (L2Sp) for a 
2J5p (2^5p) total, payable from 
earnings up by 4.63p to 627p. 


NEWS IN BRIEF 


taken up or placed firm. 

EFM JAVA TRUST. Name has 
been, changed to Edinburgh 
Java Trust 

EXETER PREFERRED: 
Amended results for the period 
February 1 1998 to January 81 
1994 show net profit £159,000 
(£219.000), after tax of £73.000 
(nil). The tax charge had erro- 
neously been excluded in the 


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CONFERENCES 





UniChem advances 27% 
in challenging markets 


'flmcr HwnpMa 

Sir Lawrie Barratt* optimistic about housing market recovery 


provided UK operating mar- 
gins of about II per cent cur- 
rently. This should rise further 
next year, putting the group at 
the top end of the range for a 
large national volume builder. 
On pretax profits of tasm this 
year the group is on a prospec- 


tive p/e of 20, falling to 14 
times earnings of £50m in 
1994-95. On this basis much of 
the stock's virtue is already in 
the price but still worth a buy 
if only because Barratt histori- 
cally has performed well dur- 
ing an upturn. 


By David Wighton 

UniChem, the pharmaceuticals 
wholesaler and retailer, 
increased 1993 profits by 27 per 
cent to £37.5m, against £29.4m, 
despite the 15 per cent cut in 
drugs price Imposed by the 
government in October. 

Mr Jeff Harris. enter execu- 
tive, described it as an "out- 
standing performance during a 
year of challenging market 
conditions". 

In addition to the price cut 
UniChem faced intensified 
competition from rivals, nota- 
bly Lloyds Chemists which Is 
trying to build market share in 
wholesaling. 

However Mr Harris said Uni- 
Chem was losing very little 
business and predicted that the 
“crazy” discounts being offered 
by competitors would not last 
much longer. 

Turnover advanced 12 per 
cent to H.lSbn (£1.05bn), with 
pharmaceutical wholesaling 
showing likefor-like growth of 
more than 10 per cent in a mar - 
ket which grew by about 9 per 
cent Operating profits rose by 
17 per cent to £40. lm, com- 


pared with £&L2m, and mar- 
gins increased from 3.25 per 
cent to 3.4 per cent 

Earnings per share rose to 
17.8p (13.7p) basic or l?.3p 
(13.4p) fully diluted. Dividends 
increased 15 per cent to 6.5p 
(5.65p) with a recommended 
final of 4JJp. 

The market share gain 
stemmed partly from large 
manufacturers cutting down 
on direct distribution and from 
the growth in sales to hospitals 
which, up 50 per cent to 
£44m. 

UniChem estimates that the 
market will grow by 10 per 
cent this year, somewhat less 
than the Government’s recent 
prediction. 

The rapidly growing Moss 
Chemists retail chain 
increased sales from £79.7m to 
£114m generating operating 
profits of £6.6m (£4. 9m). 
Operating margins slipped 
from 6.1 per cent to 5.8 per cent 
and are expected to remain 
flat 

In November UniChem paid 
£8J9m for Bradford Chemists' 
Alliance, a regional wholesaler. 
Mr Harris said a number of the 


remaining regional wholesalers 
were interested in being 
acquired but added: “We will 
have to look at them but very 
few will be worth going for.” " 

• COMMENT 

These figures may indeed rep- 
resent an "outstanding" perfor- 
mance in “challenging" condi- 
tions but it must be said that 
UniChem has a great deal 
going for it Despite the Gov- 
ernment price cut its market 
showed healthy growth which 
is likely to continue. Its 30 per 
cent market share gives it a 
huge advantage over the 
dwindling band of regionals 
while the strong relationship 
between wholesaler and chem- 
ist has blunted Lloyds' efforts 
to poach its customers. In 
wholesaling there are further 
gains to come from depot auto- 
mation and in retailing there 
are new opportunities as big 
selling prescription medicines 
are switched to over-the- 
counter. After a good run this 
year these strengths are better 
reflected in the share price 
which now stands at about 16.5 
times prospective earnings. 


Lasmo sells Ninian 
interests on which 
company was based 


W Canning falls to £2.2m 
but better year in prospect 


By Robert Corzine 

Lasmo, the Independent oil 
exploration and production 
company, yesterday did the 
corporate equivalent of selling 
off the family silver. 

In a deal which saw the com- 
pany sell its interests in the 
Ninian field to Sun Oil and 
Ranger Ofi for £34m In cash 
and Solis’s 20 per cent interest 
in the new Birch field, the 
management released the asset 
on which the company’s for- 
tunes were 

founded. 

The Ninian sale also marked 
the end of the disposal pro- 
gramme which followed its 
|lbn acquisition in 1992 of 
Ultramar, the event which ana- 
lysts rite as being the start of 
the company’s present trou- 
bles. 

Mr Joe Darby, chief execu- 
tive, yesterday said he was pre- 
pared for a negative reaction 
from some board members 
when he brought the sale 
before them. 

It was Nmian's discovery in 
1974 which transformed a ven- 
ture capital company, formed 
in the early 1970s to look for oil 
at the start of the North Sea’s 
exploration phase, into a fully 
fledged ail company. It was the 
cash flow from Ninian which 
allowed the company to 
expand, mainly through acqui- 
sition. 

The board, however, thought 
the sale "was exactly the right 
thing to do,” said Mr Darby. 
“We got excellent value 


earlier announcement. Earn- 
ings per share are 0.68p (024p) 
and revised dividend 0.68p 
(0-S39p). 

HARMONY PROPERTY Group 
is to sell for £225m in ops h its 
freehold office property. Vale 
House, Tunbridge Wells, Kent. 
The property has a currently 
book value of £2.09m. 
INSTINET CORPORATION. 


for a mature, high cost 
field." 

The sale was the latest in a 
series of asset disposals the 
company has made recently to 
bolster a financial position that 
has been undermined by low 
ail prices. 

Late last year it sold a pack- 
age of assets, including a 5 per 
cent stake in its main develop- 
ment project, the Liverpool 
Bay gas field, to PowerGen for I 
£123m. 

However it has recently 
taken the Markham gas field 
off the market and Mr Darby 
said yesterday: “The bulk of 
the disposal of assets are 
over. There may be some 
swaps . . . but I don’t see any 
major asset disposals this 
year.” 

Analysts say the sale of Nin- 
ian symbolises Lasmo's strat- 
egy to shift its production 
away from high cost reserves. 
These have led to the company 
having a cost of sales per bar- 
rel of £8.15, compared with 
present sterling oil prices of 
about £9-30. 

Ghevron. Nmian's operators, 
say there is scope for steady 
cost reductions in coming 
years and additional potential 
as technology enables compa- 
nies to extract greater amounts 
of a reservoir. 

Lasmo is in a hurry, how- 
ever. to implement its new low 
cost strategy, which it says 
should reduce its operating 
costs per barrel to £3.70 this 
year, compared with £4.10 last 
year and £5 in 199L 


the electronic brokerage sub- 
sidiary of Reuters Holdings, 
announced that its Swiss affili- 
ate. Instinet (Schweiz), had 
joined the Zorich stock 
exchange. 

SANDERSON Electronics has 
acquired the business and 
assets of Nord Group from the 
administrative receivers for 
£525,000 cash. 


By Paul Cheeaeright, Mkflands 
Correspondent 

Pretax profits at W Canning, 
the Birmingham-based special- 
ity chemicals and electronic 
components group, took their 
expected knock from a provi- 
sion for bad debts and fell from 
£2-43m to £22rim for 1993. 

Last month Canning 
reported a £1.4m provision 
against an exposure of £L9m at 
its Italian electrical compo- 
nents business and noted yes- 
terday that the size of the debt 
“reflects the extended credit 
given to customers, which is 
normal business practice in 
Italy.” 


The effect meant a cut in 
attributable earnings of 
£536,000, taking them down to 
£610,000 against £260,000 in 
1992. 

Basic earnings per share 
worked through at 225p (0 9p). 
However, adjusting for the 
exceptional and bad debt provi- 
sions adjusted earnings 
emerged at 7.8p (7.2p). A main- 
tained final dividend of 43Sp 
makes a same-again 7_29p total. 

Mr David Probert, chairman, 
said he did not feel that a 
reduced dividend would be jus- 
tified given the strength of the 
Canning balance sheet and 
market prospects. 

The difficulties in Italy 


obscured an improvement in 
the group's performance last 
year. Sales in fact were lower 
at £109^lm til) 14 03m) after the 
sale of the French company. 
However, profits before the 
debt provision and the excep- 
tional item associated with 
that sale rose from £4.04m to 
£4. 67m. 

Trading during the first 10 
weeks of the current year was 
described as “satisfactory”. 
Sales in and from the UK have 
increased, while the French 
and German markets, which 
take half of Canning’s sales, 
have stopped declining. This 
year will be better than Last, 
Mr Probert said. 








The survey win report on the Important contribution made to the 
economy by ethnic minority businesses in the United Kingdom. It 
will examine how their future prospects will be affected by 
competition at home and from abroad, and how they are responding 
to the challenge of economic revival in the UK. 

For more Information on editorial content and details of 
advertising opportunities available in this survey, please contact: 

ANTHONY G HAYES 

Tel: 021 454 0922 Fax: 021 455 0869 


FT Surveys 



SCA in brief, SEK M 

1993 

1992 

Net sales 

33,420 

32,137 

Operating profit 

2,172 

2,031 

Earnings after financial net 

1.210 

451 

Net earnings after tax 

1,071 

6,200 

Earnings per share after tax, SEK 

5.82 

1.99 

Dividend, proposed, SEK 

3.40 

3.10 

Capital expenditures ind company acquisitions 

2,073 

2,160 

Shareholders’ equity inc! minority interest 

20,879 

19,091 

Net cash flow 

3,209 

4,767 

Net debt 

10,814 

10,799 

Equity/assets ratio, percent 

47 

41 

Debt/equity ratio, times 

0.52 

0.57 

Number of employees, average 

26,661 

29,623 


1 comparative figures for 1 992 have been adjusted to reflect new issues 

Forecast 1994 
Earnings after financial net 

expected to amount to SEK 1,700 - 2^00 M, corresponding 
to earnings per share of 6.00 - 7.85 SEK. 

A complete report can be ordered from 
SCA Corporate Communications, telephone +46 8-788 51 00, 
telefax +46 8-678 81 50, or from the address below. 

SVENSKA CELLULOSA AKTI EBOLA GET SCA 

Box 7827, S-103 97 Stockholm, Sweden 


1 



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figure 
cama 
Per ha 
fish a 
shoul- 
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Yet s 
and d 
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curtaj 
by Et 
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ing ic 
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langu 
term 
1944, 
famou 
ouri, 
becam 
Evei 
clear 
spoke 
Anglo 
but oi 
Coma 
and Cl 
hindsi 
future 
The 
fosten 
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desire 
Japan, 
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They v 
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remari 
most 



COMPANY NEWS: UK 


Redundancy costs halt 10-year run of increasing profits 


Weir at £38m after exceptional 


By Andrew Baxter 

An unbroken 10-year run of 
rising pre-tax profits came to 
an end last year at Weir Group, 
but the Glasgow-based pumps 
and engineering products com- 
pany is still lifting its dividend 
by 10 per ceut from 5.9p to 6£p. 

On turnover up from £425m 
to £449m Weir announced pre- 
tax profits for the year to 
December 31 down from £39 .2m 
to £37.5m. The latest figures 
reflect a £2.4m exceptional 
item for redundancy costs and 
a fall in interest and other 
Income from M.im to £2. 55m. 

Earnings per share slipped 
from I7.7p to I7.3p, a little bet- 
ter than expected and partly 
because of the benefit of US 
tax rule changes. The final div- 
idend is raised from 4.l5p to 
4.575p. 

Mr Ron Garrick, chieT execu- 
tive, said lie was "a wee bit 
disappointed" by the level of 
profit last year, but the com- 
pany had mauaged a creditable 
performance in continuing dif- 
ficult trading conditions. 

He pointed, in particular, to 
intense pricing competition in 
large projects from state-owned 
Italian companies and Japa- 
nese competitors. Weir lost out 
Dn a big Abu Dhabi project 



Coin Boors 

Ron Garrick: intense price competition had affected results 


when an Italian competitor 
dropped its price by 30 per cent 
to “create employment in 
Italy," said Mr Garrick. 

Excluding the exceptional 
item. Weir’s profit margin 
slipped from 9.2 to 8 3 per cent, 
with a rise from 7.7 to 8.6 per 
cent in engineering services 
offset by a decline From 7.5 to 
7.1 per cent in the much Larger 
engineering products business. 

New orders rose strongly, 
from £373m to £470m. helped 
by an £80m Qatar desalination 
plant order in December. 


Orders from the Indo -Pacific 
region nearly trebled to about 
£60m, and accounted for 13.5 
per cent (6 per cent) of the 
total 

The UK share of orders, in 
contrast, fell from 45.4 to 34.8 
per cent mainly because of a 
dearth of business in the water 
industry. 

On the outlook for this year, 
Viscount Weir, the chairman, 
said there was “no reason why 
we should not continue to give 
a good account of ourselves, 
and again produce satisfactory 


results." 

Mr Garrick said Weir was 
continuing to look for acquisi- 
tions following last year's £16m 
purchase of most of Darchem, 
which makes insulation 
systems and fabricated compo- 
nents. 


• COMMENT 

It had to happen sometime, but 
the drop in profits should 
merely interrupt the trend line 
rather than imply that 7/air 
has gone ex-growth. No further 
exceptional items are expected 
this year, and if the company 
found no overall, strong and 
consistent revival in the mar- 
ket for capital goods last year, 
business did pick up in the sec- 
ond half and so far this year. 
Margins have slipped, but the 
company's competitive posi- 
tion remains strong, especially 
against European rivals. The 
strong showing in the Pacific 
Rim is encouraging and sus- 
tainable, and Weir’s refusal to 
make continental European 
acquisitions just for the sake of 
it now seems fortuitous - in 
the short term at least, the US 
looks a better bet for take- 
overs, A modest rise In pre-tax 
profits, to £42m-£43m this year, 
would put the company on a 
prospective p/e of about 17. 


Town centre Automotive side behind 

improves to 

£3.95m rise to £1.97m at Ricardo 


By Simon Davies 

Town Centre Securities, the 
Leeds-based property invest- 
ment and development com- 
pany. yesterday revealed pre- 
tax profits of £3.95m for 
the six months ended 
December 31 1993, compared 
with £3.65m. 

The interim dividend has 
been increased by 9 per cent to 
1.2p, up from l.lp. 

During the year the com- 
pany bought the freeholds of 
two of its leasehold properties 
with the result that at the year 
end only £Um of its £193m 
property portfolio was long 
leasehold, compared with 
£64m previously. 

There will be a marginal 
impact on short-term earnings, 
as a result of the cost of the 
acquisitions, but the strategy 
will strengthen the company's 
balance sheet. 

During the interim period, 
gross rental income increased 
by 10.5 per cent from £8.91m 
to £9, 84m, while interest 
charges increased marginally 
to £3.lm. 

Mr Arnold ZifF, chairman, 
said that the company should 
“show further steady improve- 
ment in the next six months". 

Earnings per share 
amounted to 2.68p, up from 
2.4p. 


By David Blackwell 

Ricardo Group, the engineering 
consultancy, more than dou- 
bled pre-tax profits for the six 
months to end-December. 

They rose from £675,000 to 
£1.97m on turnover of £30. lm. 
The previous turnover of 
£31.7 m included £2. 92m from 
the discontinued technical pub- 
lications business. 

The 1992 figures also showed 
a loss of £197,000 from the tech- 
nical publishing division, sold 
in spring 1992, as well as inter- 
est payments of £54,000 from 
discontinued operations. The 
group also took a £650,000 
exceptional property charge. 

Stripping out the exceptional 
items leaves profit on continu- 
ing activities before tax for the 


first half up nearly 11 per cent 
from £1.78 qi to £1^7m. 

Mr Christopher Ross, chief 
executive, attributed the rise to 
the continued strong perfor- 
mance of the automotive divi- 
sion, one of the top three in the 
world. This bad won market 
share, although at some cost to 
margins. Its turnover rose 
from £lQ.9m to £L4.lm. 

Turnover in the nuclear- 
based high technology division 
also rose, from £5.6m to £6.4m. 
But the aerospace division’s 
sales fell from £UL2m to £9.5m, 
reflecting the downturn in the 
world industry. 

Net interest payable on con- 
tinuing operations fell from 
£191,000 to £118,000, and gear- 
ing at the year end was under 
4 per cent (20-2 per cent). 


Earnings per share were up 
from lp to 3.9p. The interim 
dividend has been raised from 
1.9p to 2p. 

Mr Ross said the prospects 
for this year were good. The 
group had launched a limited 
slip differential gear, aimed at 
the family car and patented 
worldwide. “We now have to 
turn a technical success into a 
commercial success." 

Earlier this week Ricardo 
added a further division with 
the acquisition for $2.26m 
(£l.54o2) of Airflow Sciences 
Corporation, a Detroit-based 
company that looks at fluid 
flow and heat transfer prob- 
lems. "It has few competitors 
and is a science we can already 
understand and manage,” said 
Mr Ross. 


Arthur Wood rises to £119,000 


Arthur Wood & Sou (Longport), maker of 
earthenware, beakers and terracotta teapots, 
reported pre-tax profits up from £76,882 to 
£119,134 for the year to end-December. 

The Improvement was achieved on turnover 
up by 65 per cent to £3.58m (£3.34m) and was 
struck after a tall in net interest receivable to 
£11,964 (£25587) and abortive takeover costs of 
£69,100. 

Mr Anthony Wood, chairman, said the main 


feature of the past six months had been the very 
strong growth in export sales, which had 
increased by 48.6 per cent from £498,511 to 
£740,895, representing 20.7 per cent (14.9 per 
cent) of total sales. 

Disappointingly, the home market had 
remained flat, he said 

Earnings per share emerged at 49p (2.79p) 
and the single dividend for the year is doubled 
to 3p. 


More O’Ferrall hits £8m 
as UK market improves 


Exports 
boost 
Whatman 
to £10.7m 

By Simon Davies 

Whatman, the manufacturer of 
filtration and purification 
products, yesterday reported 
10 per cent growth in 1993 pre- 
tax profits, boosted by sales to 
Europe and Asia Pacific. 

Profits were £l0.7m, against 
£9.7110, restated for FHS 3. 
Earnings per share were 
30.76P, against 27.79p and the 
directors are recommending a 
final dividend of 6.9p, malting 
I032p (9.5p) for the year. 

Whatman said the improv- 
ing economic environment had 
been oEF-set by tongher compe- 
tition, bat steady growth was 
forecast 

Turnover increased 15 per 
cent to £72m (£62.6m). Exclu- 
ding the Impact of acquisitions 
and exchange rate changes, 
however, the underlying 
growth was a more modest 5 
per cent Profit margins, 
excluding currency move- 
ments, were stable, during the 
year. 

Sales in 1993 were below ini- 
tial forecasts, doe to weaker 
demand from the US pharma- 
ceuticals industry, and a 
reduction of inventory by UK 
distributors. There were stron- 
ger performances from new 
areas such as laboratory gas 
generators, and biop recessing 
media. 

Sales outside the UK and US 
increased from 25 per cent to 
30 per cent of group turnover, 
and accounted for £2L9m of 
sales in 1993. 

The US, however, accounted 
for abont 57 per cent of sales. 
Whatman estimates that a 10 
per cent movement from a dol- 
lar /sterling exchange rate of 
1.6, has an estimated £1.5m 
impact on translated pre-tax 
profits. 

Last year, Whatman 
acquired a 60 per cent stake in 
Biometra, a German company 
specialising In molecular biol- 
ogy, for £3 .5m, and the com- 
pany contributed £234,000 to 
profits. 

Whatman also increased 
expenditure on research and 
development to 4.5 per cent 
(4.1 per cent) of sales revenue, 
reflecting its emphasis on 
technology. 

• COMMENT 

Whatman’s management has 
succeeded in deflecting a slow- 
down in several core areas, 
through its expansion into 
new products. Further acquisi- 
tions are desirable, given low 
gearing and Whatman’s 
emphasis on higher technol- 
ogy, but short-term growth 
will remain steady. On fore- 
cast 1993 earnings of £L2-5m, 
the shares are trading on a p/e 
of 15.5. Given the current busi- 
ness outlook, this represents 
fair value. 


By David Blackwell 

More O’Ferrall, the hoardings 
and bus shelter advertising 
company, boosted pre-tax prof- 
its for 1993 from £220,000 to 
£7.8m on the back of an 
Improved UK market 
Mr Brian Turnbull, finance 
director, said gains in the UK 
and Ireland reflected careful 
control of costs and the group's 
high level of operational gear- 
ing. 

Operating profits from con- 
tinuing operations were 16 per 
cent ahead, from £7.26m to 
£8.4m, on turnover of £67.6m. 
Last year's total turnover of 
£63. 4m contained £L83m from 
the discontinued US operation, 
which was sold in 1992. 

Provision of £4.44m was 
made for the disposal, but in 
the event the loss was 23.69m, 
allowing £750,000 to be released 
to 1993 profits. 

Operating profits in the UK 
and Ireland rose from &L2m to 
£5.9m on turnover ahead from 
£38J5m to E43.6UL 
Mr Russell Gore- Andrews, 
chairman, said the last quarter 


A stronger contribution from 
Us motor distribution 
operations enabled Barr & Wal- 
lace Arnold Trust to record a 
19 per cent improvement in 
pre-tax profits to £4.4m for the 
year to end-December. 

Although the motor side's 
contribution to overall turn- 
over was static at 2138m, the 
division benefited from greater 
operational efficiency and 
enhanced margins and lifted 
profits by £l.lm to £2 .43m. 

The leisure and holiday 
activities increased market 
share but trading conditions 
remained difficult Their con- 
tribution to profits fell from 
£3.1m to 5X27 m. 

Group turnover expanded 


Michael Page Group, 
recruitment and executive 
selection consultancy, staged a 
sharp recovery to the second 
half of 1993 pushing pre-tax 
profits up from a restated 
£l-86m to 23.84m. 

The shares gained lp to 77p 
yesterday. 

Mr Terry Benson, who has 
been appointed chief executive, 
said the profits reflect the 
recovery in the UK and Austra- 
lia. In the UK the employment 
market was at its most active 
for three years. Permanent 


of the year had not been as 
buoyant as expected, suggest- 
ing that key drinks advertisers 
had spent £9m less than expec- 
ted in the run-up to Christmas. 

Following sterling’s devalua- 
tion at tbe end of 1992. operat- 
ing profits in sterling were 
static in France and ahead 
in Belgium, which each 
accounted for 17 per cent of 
total tunover. However, they 
were sharply lower in local 
currencies. 

Mr Turnbull described the 
Belgian result as reasonable in 
spite of the recession. The 
group bad acted early to cut 
costs (n France as the reces- 
sion worsened, and further 
cost cutting measures were in 
progress. 

In Taiwan, which represents 
2 per cent of the group’s busi- 
ness, both turnover and operat- 
ing profits were well ahead. Mr 
Gore- Andrews said the group 
was planning to continue to 
grow the business, and would 
be exploring the possible 
opportunities on mainland 
China. 


from £227m to 2233m. Earnings 
worked through at 22.7p (I9.ip) 
and a final dividend of 8p 
raises the total by ip to lip. 

Looking ahead, the directors 
anticipated a further improve- 
ment in profits during 1994, 
"particularly from the motor 
operation which has had an 
excellent start to the year”. 

They were also looking for 
complementary acquisitions to 
enhance oil divisions. 

Year-end borrowings were 
reduced by 21.5 per cent to 
£l5J9m and a further reduction 
was looked for to 1994. 

The company's ordinary 
shares closed 18p lower at 605p 
while the A shares shed 12p at 
314p. 


recruitment, adversely affected 
by the recession, showed a 
good increase in revenue, said 
Mr Benson. 

However, recession created 
difficult market conditions for 
all operations in continental 
Europe. France and the 
Netherlands maintained profits 
but there was a small loss to 
Germany. 

The dividend is raised from 
l£p to 2Jp, with a final of L5p. 

Turnover rose from 243.64m 
to £5L.2m and earnings per 
share were 4.01p (2.04p). 


21.96m to £1.39m. capital 
expenditure was down from 
E7.5m to £4.8m, and gearing fell 
from 25 per cent to 20 per cent 
at year-end. 

Earnings per share were 
i6.5p. compared with a loss of 
4p last time. An unchanged 
final dividend of lOp is pro- 
posed. giving an stune-again 

13J2p totaL 

• COMMENT 

These results were in line with 
forecasts in spite of worse- 
than-expected figures from 
France and the poor fourth 
quarter in the UK. The group 
also did well to retrieve some 
of the anticipated cost of get- 
ting out of the lossmaking 
operations in the US. Operat- 
ing margins arc around 12 per 
cent - well below the group's 
potential. The group is well 
placed both to toko advantage 
of any European recovery and 
to spread its wings from 
Taiwan to China. Pre-tax prof- 
its of around £l0m for this year 
put it on a prospective multiple 
of 20 - a little high, but still 
worth a look. 


Aspen hit by 
exceptional^ 

Pre-tax profits of Aspen 
Communications, the provider 
of media communication ser- 
vices traded on the USM, fell 
from £1.83m to £157,000 in 
1993. 

The result was after excep- 
tional charges of £1.19zn 
including £630,000 for bad and 
doubtful debts and redundan- 
cies and £ 1.23m In respect of 
goodwill previously written 
off. There was also an excep- 
tional gain of £l.lm on the dis- 
posal of an associated under- 
taking. 

Turnover rose from £60.3m 
to £64.2m. Losses per share 
emerged at 2.6p (8.6p earn- 
ings). A proposed final divi- 
dend of 2.9p maintains the 
total at 4.9p. 

Clinton Cards 
rises to £3m 

Clinton Cards, the specialist 
retailer, reported further prog- 
ress in the year to January 29 
as profits continued their 
recovery from £2.31 m to 
23.02m pre-tax. Turnover, ex 
VAT, was higher at £75.9m 
against £68. 2m. 

There was a 15 per cent rise 
in operating profits to £3.46m 
(£3.0 lm). The pre-tax figure 
was further helped by lower 
net Interest charges of 
£439,000 (£701,000). 

Earnings per share came out 
at ll.filp (9.76p) and a final 
dividend of 3.11p Is recom- 
mended for a total of 4.71p 
<4J25p). 


Net interest payable fell from 

Barr & Wallace rises 
on back of motor side 


Michael Page bolstered 
by second half recovery 


9 


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— t> V t L D I r* <J s O L‘ i £ r Y — 

£200,000,000 
Flouting Rate Notes due L999 

In .icohiI.hivv mill tltc pfosi’.iuivi of the Notes, notice i.s hereby 
Jtnen tli;it the Kak-uf Interest for tile three tuuntli period ending 
-1 m June. 1***4 has been l Wed at 5.375% per .iimuin. The 
line rest .ice i mint lor such t liree inonrlt pel iod » ill be £ 1 35. 4S per 
£ in. Urn Hearer Note, .uul £1.354.7*1 per EIOU.IMU Bearer Note, 
on 2lsi June. 1*1*14 against presentation of Coupon No. 1. 



laKidun 15 ranch 

~IM March. l*.i**4 Agent Uank 



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CaB London VT 44 * (0) 71 231 3556 
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Devro at £18m and sees growth 


By James Buxton, 

Scottish Correspondent 

Devro International, the 
sausage casings maker which 
came to the stock exchange 
last June, reported pre-tax 
profits of £lSm for the year to 
the end of December, against 
£13. lm. Turnover was up from 
E82.7m to E34.4HL 

On a pro-forma basis, assum- 
ing the post-notation capital 
structure was in place, 
reported a 27 per cent rise in 
pre-tax profits rose 27 per cent 
to £25. 6ru (£2U.lm). 

Mr Leon Allen, chairman, 
sold Devro was "moving for- 
ward in a very satisfactory 
manner, despite the worldwide 
recession". 

Mr Graeme Alexander, chief 
executive, said that half the 
sales growth of 14 per cent was 

BB&eT"" 
declines 
to £902,000 

Profits of British Building & 
Engineering Appliances, the 
specialist building products 
and services group, fell from 
£ 1.41m to £902,000 pre-tax for 
the half year to December 31. 

The figure was in line with 
expectations and was struck 
from a higher turnover of 
£24.'Jm (£21ni). Interest took 
£51,000 more at £234,000 but tax 
fell from £464.000 to £298.000. 

Earnings per share slipped 
by 3p to 5.4p but the Interim 
dividend is being maintained 
at 2.5p. 

Victaulic makes 
£3.4m acquisition 

Victaulic, the pipeline products 
maker, has acquired CE 
Heinke, a wholly-owned sub- 
sidiary of Siebe, for 23.37m. 

CE Heinke, which makes 
rubber moulded and extruded 
products, made profits before 


due to windfall currency gains 
arising from the effect of ster- 
ling’s devaluation. 

Salas volumes increased in 
Europe, the US and the Asia 
Pacific area, with the South 
Korean market being particu- 
larly strong and expansion In 
Japan, he added. The compa- 
ny's new line to collagen film, 
used for coating hams, saw 
sales rise to E4m. 

Thanks to the float net bor- 
rowings of £69 ,2m at the begin- 
ning of 1993 were paid off. The 
company generated £27 .9m in 
cash flow and had net cash of 
£4-2m at the end of the year. 

Devro said it expected to 
grow organically, especially in 
Asia, and to profit from the 
introduction of new products, 
of which it gave no details. It 
added: “The time may be 
approaching to give careful 


NEWS 


interest and tax of £281,000 on 

turnover of £4m to the year to 
April 3 1993. 

Included in the price is 
£800,000 for freehold properties. 

Bridgend sells health 
club for £1.36m 

Bridgend Group is to sell the 
health and fitness club Stocks 
at Birmingham to Living Well 
Health & Leisure for £lJ6m, 
payable to stages. 

The book value of the assets 
is £L7m and the club made a 
loss of £23,000 in the year to 
December 31 1992. 

Progress report lifts 
Fairway shares 12p 

Fairway Group, the USM- 
traded stationery and educa- 
tional supplies distributor, saw 
Its share price rise I2p to lOlp 
yesterday following an optimis- 
tic statement at the annual 
meeting. 

Mr Gordon Waddell, chair- 
man, said profits for the first 
two months of this year were 
above the board's expectations 
and significantly above the fig- 


consideration to acquis- 
itions." 

Earnings per share were 
unchanged at I0.5p or on a pro 
forma basis 14. 8p (I0.5p). A 
final dividend of 4.l7p is pro- 
posed. 

Devro, based near Glasgow, 
is a maker of casings made 
from the edible protein colla- 
gen, which is gradually gain- 
ing market share worldwide 
from gut casings. The company 
was floated after being 
acquired by Us management 
from Johnson & Johnson. 

• COMMENT 

The results reflect the quality 
of a company which grew 
steadily while achieving 
greater efficiency and invest- 
ing £L5m in R&D. It enjoys 
high margins, faces no single 
competitor worldwide and Its 


DIGEST 


ures for the same period last 
year. 

For the 1993 year pre-tax 
profits of £2 .25m were returned 
from a turnover of £42 .3 m. All 
the principal companies con- 
tributed to the growth, exclu- 
ding Fairway Business Forms. 

£5. 5m retail buy for 
Gt Portland Estates 

Great Portland Estates is to 
purchase Lhe College Square 
Shopping Centre to Margate, 
Kent, from a private invest- 
ment company for £5.55in to 
cash. 

The scheme produces a 
rental Income of nearly 
£500,000 a year and is anchored 
by a Gateway superstore. 

Bredexo making 
£35m disposal 

Bredero Properties has entered 
a conditional contract for the 
sale of Us interest in the Pais- 
ley Centre for £34. 8m in cash. 

The contract is with Legal & 
General Assurance Society and 
the sale price represents an 
exit yield of about 7 per cent. 


market is protected by the 
high barriers to entry stem- 
ming from its technological 
lead Devro was floated at ITOp 
and peaked at 294p as the mar- 
ket worked out how to place it 
in the food manufacturing sec- 
tor. Yesterday its shares fell 
12‘Ap to 244 Mp, apparently 
because of profit-taking on a 
bad day for the market, but 
perhaps also because of ner- 
vousness about the build-up of 
cash balances, which could 
hinder Fast earnings growth. 
Analysts are forecasting pre- 
tax profits for 1994 of between 
£28 m and £30m, suggesting 
prospective earnings of about 
I6J5p. putting the shares on a 
multiple of 14-5. Given Devro's 
underlying strength and the 
undisclosed new products in 
the pipeline the shares may be 
underpriced. 


The proceeds will be used to 
reduce debt. 

Granada gives LWT 
final offer date 

Granada Group has announced 
that its final offer for London 
Weekend Television will close 
on April 5. 

Mr Alex Bernstein, _ Gran- 
ada's chairman, lias written to 
LWT shareholders who have 
not yet accepted the offer 
Urging them to accept. 

BZW Convertible 
lifts net asset value 

BZW Convertible Investment 
Trust had a net asset value per 
share of 140J99P at January 31 
1994 against U8-13p at the July 
31 year-end. 

Net available revenue for the 
half year rose from £1.73m to 
21.94m for earnings per share 
Of 3J33p (3.43p), The directors 
said that the level of earnings 
increase was unlikely to be 
achieved in the full year. 

An unchanged second quar- 
terly dividend of l.5p, makes a 
maintained 3p so Ear. 


NFC sees viable 


recovery in UK 


By Andrew Botger 

Pre-tax profits for NFC, 
transport and logistics group, 
Increased by 45 per cent to 
£28 ,3m to the 16 weeks to Janu- 
ary 22, against £19. 5m. Turn- 
over improved to 2598.6m, com- 
pared with £557.4m, including 
£9 -2m from discontinued activi- 
ties. 

However the company said 
the profit had been enhanced 
by a compensation payment or 
£3 -5m for the cancellation, of a 
property contract and a pen- 
sion credit of £3.7m, up from 
£6.9m last time. Underlying 
growth in operating profits 
was 11 per cent 

The group, which is seen as 
a good Indicator of economic 
activity, said the UK economic 
recovery remained variable, 
while there were no signs yet 
of recovery fa Europe. 

It added; "The US offers bet- 
ter prospects. There are 
encouraging signs of increas- 
ing activity throughout the 
logistics sector where the com- 
pany's sales pipelines are 
ahead of expectations." 

UK transport and logistics 


revenue increased by 5 per 
ceut to £264m, with operating 
profit increasing by 6 per cent 
to £16.5m. In the grocery sec 
tor, revenue and margins were 
broadly to line with last year. 
The industrial market 
remained difficult. 

By contrast, the consumer 
and the automotive and petro- 
leum and chemicals sectors 
performed well. 

“The integration of our UK 
logistics businesses is proceed- 
ing according to plan although 
only limited restructuring 
costs have been incurred so far 
with the bulk of the expendi- 
ture to be charged over the 
remainder of the year." 

NFC said the management 
team at Lynx, its parcels opera- 
tion, were reduced from £3.ffln 
to £2.6m to spite of a small 
decline to revenue . 

Revenue in Europe rose 12 
per cent to £52.1m and the 
small loss in the first quarter 
was a slightly better result 
than last time. 

Earnings per shore rose to 
3,6p (2.6p). The first interim 
dividend is raised 7.7 per cent 
to i.4p (Up). 


if 



Irish Permanent plans 
flotation this summer 


By 77m Coons hi Dublin 

The way has been cleared for 
the public Dotation of the Irish 
Permanent Building Society on 
the London and Dublin stock 
exchanges this summer, follow- 
ing approval of the conversion 
and flotation plans by the 
mutual society’s members. 

The IPBS is Ireland's largest 
building society, having a 30 
per cent share of the residen. 
tial mortgage market and 
assets of l£2,7bn (£2.6bn>. ft is 
the first to convert to a pic. 

Conversion will involve the 
issue of 84m free shares to 
about 227,000 members and a 
cash distribution of l £ 2QQ py r 


person for a further 100.000. 

Oil completion of the flota- 
tion, which aims to raise up to 
I250*n In new capital through 
the issue of 34in shares, tbs 
company is expected to hare a 
market capitalisation 
f£l8Om-l£200m, giving an indie* 
ative share price oE 150p-186p- 


Foreign Sc Colonial 

Foreign & Colonial High 
Income Trust net asset valdS 
per shore was 81.6p at Decem- 
ber 31 against 62^p a year eat 
Her. For the half year earning® 
were i.25p (l.32p) per sta**’ 
interim dividend bold at UKP- 



i 




t 


% 


f 0v t 


[Huh; 

x ‘Pti«t 


iRioni j, 

i’s l»i 


JPlNANCtAL TIMES THURSDAY MARCH 24 1994 


COMPANY NEWS: UK 


Acquisition helps TT 
improve 44% to £24m 


By Maggie Orry 

Profits from TT Group were 
helped by the turnround at AB 
Electronics, acquired at the 
start of the year, aryf fan year 
contributions from businesses 
bought in 1992, and showed a 
43.8 per cent rise at the pre-tax 
level to £2&9m. 

The figure for the year to 
December 25 was struck after a 
£397,000 goodwill write-off 
relating to the sale of the natu- 
ral twine business. - 
Mr Timothy Seed, chairman, 
said 1994 had started ahaad of 
expectations. The UK and US 
economies were now coming 
out of recession. 

Group turnover more than 
doubled to 2357.8m, with 
£156-7m coming from AB. Oper- 
ating profits rose 42.4 per cent 
to £27. 7m, Of wMch AB mart* 
£5.49m. AB was losing about 
£lm a month when bought, for 
£l3.6m phis the assumption of 
£25m of debt, but was into 
profit by April 
Operating margins for the 
group were down at 7.7 per 
cent (U -4 par cent) as AB marie 
a much lower margin of per 
cent. The group atom for a 10 

N Sea Assets 
boosts profit 
to £1. 95m 

North Sea Assets, the energy 
industry services supplier, 
reported pre-tax profits up 
from £1.33m. after losses on 
asset sales of £478,000, to 
£L95m. 

The result was also helped 
by lower net interest charges 
Of £468,000, against £65&000. 

Turnover was £29.3m, 
against £93tn which inrJnri«>H 
£1.44m from- discontinued 
activities. 

Continuing activities showed 
a 36 per cent improvement but 
this was not translated into a 
similar increase in profits 
because of cost overruns on. . 
certain projects. : 

Acquisitions and-. capital 
Investment totalled £5£m, but 
year-end debt only rose from 
£28m to £5m far gearing of 53 
per cent (25 per ceutjrf/ 1 
-Earnings were 2j76pji(2.a8p). 
The dividend is l.lp OS- : - 


per cent return on sales from 


The electronics and indus- 
trial division, intn which AB 
falls, increased profits to 
218.6m (£10. 3m). Packaging 
profits were barely ahead at 
£8-2m (£8.1m) after significant 
costs in moving three factories 
to one site. The building ser- 
vices division suffered a down- 
turn in profits from gLim to 
£800,000, feeling the recession 
in the construction industry as 
its products are used late in 
tin* building cycle. 

Interest charges rose £551,000 
to £L35m as a result of the AB 
borrowings, in spite of the 
£SL4m proceeds of last sum- 
mer’s rights issue which were 
received in September. At the 
year and the group was cash 
positive. - 

Mr Nicholas Shipp, joint 
chief executive, said TT had 
the resources to make a £S0m 
acquisition but that prices of 
UK companies had risen 
sharply over the last year and 
were out of the group’s range 
now. - 

A deal in the US was more 
likely, «lrtw»ng h Tin* imtil Tutor 
this year or early wrt - 


A lower tax rate, of 23JJ per 
cent <262 per cent), helped off- 
set some of the dilutive effect 
of the rights Iwaie, and earn- 
ings par share were 19 Jp 
(i&2p), or 198p exdudmg the 
goodwill write-off. 

A final dividend of 4p is pro- 
posed to give a total of 6.6p 

m. 


Frederick 
Cooper up 
37% and 
confident 
on future 


Reorganised Wace at £15.9m 


TT is at last-gaining the rating 
it deserves. Those who took up 
last year's rights at 240p will 
be pleased with a share price 
up 12 p to 384p yesterday . The 

TrmnagomorrP g gTriTTg at ti w iring 

round lossmakers have been 
proved once again with the 
performance at AB. The only 
question might be whether 
there are enough reasonably- 
priced targets these days for 
TT to buy. But with many com- 
panies divesting businesses 
imri TT lonhrng r fa the US 
Europe, as well as the UK, it 
should find some gems among 
fh» himrir ^ ri s it looks at every 
year. On forecasts around £3Qm 
pre-tax a ly m^m ing low 
tax rale, the prospective p/e is 
around 17Vi which leaves some- 
thing more to go for. 


Richardsons up 31% 
and calls for £5.7m 


By John MtareB 

Ri chardso ns Westgarth, the 
steel stockholder and proces- 
sor, yesterday reported a 31 per 
cent increase in aramai profits 
and announced plans to raise 
£5-7m via a fully rmriMnuriilHU 
rights issue. ~ 

For 1993 the group's continu- 
ing operations lifted turnover 
from £53 8m to £671n, generat- 
ing profits Of gg-BSm (£L92m) 
at ' the pre-tax 
levd. - 

Earrings edged ahead to 4Jp 
,(4Jfc>) and a proposed final divi- 
dend of 12p raises the total 
from 3p to 32p. 

The cash call Is of 72m new 
ordinary shares on a- l-for-4 
basfe at 85p a share. Yesterday, 
the shares closed 4) lower at 
lfllp. . . J ~ ... 

The’p roce£ctt Of the issue - 
Will lie tjsed to ffrfance a 

liUninM WnHsl aTiunrl Ttn rfi I 


ctfpttal oriWtiSithre 1 cmSr."'; 


p mg ra w mia wwri ftmri increased 

working capital requirements 
expected to arise from sales 
growth in 1994 and 1995. 

The directors feel the rights 
issue will allow the group flexi- 
bility to continue to expand 

primarily through investment 
in new processing capacity and 
facflttlag while maintairrtng a 
sound financial position. 

The issue is under w r itten by 
Baring Brothers with Cazenove 
acting as broker. 

On prospects, Mr Roger Pay- 
ton, ' chairman, said trading 
across the group far the open- 
ing two months of 1991 bad 
beat satisfactory. 

He cautioned, however, that 
although he looked, to a. gen- 
eral, : ' . though restrained, 
increase in demand, that must 
be set against, overca p acity in 
steel prodnrttain in Europe and 
the fragility of pie UK eccm,- 


By Paul Cheeseright, 

Midlands Correspondent 

Frederick Cooper, the West 
Midlands architectural hard- 
ware. coatings and electrical 
group, yesterday reported 
what it called its “best interim 
trading performance* since 
1989 as it exploited slightly 
improved markets off a 
reduced cost base. 

Pre-tax profits for the 
half year to January 31 were 
37 per cent higher from 
£1.77m to £2.43m. Earnings 
per share rose to a.Sp from 
2JSp. 

Mr Eddie Kirk, chairman, 
said he was confident enough 
about prospects to recommend 
an increase in the interim divi- 
dend from 0.7p to (L8p. Total 
payments for the year to last 
July were 22p. 

“Our costs are firmly under 
control and we continue to 
gafa ma r*** share in all divi- 
sions. Our outstanding order 
book is 10 per cent higher 

fhan last year «TiHHiwm>I 

new products provide farther 
potential to increase t urnover 
in tiw second half," Mr Kirk 
said. 

He added that a new range 
of high security multi-locks 
had just won orders which 
would raise : turnover by 
£500,000 a year starting in 
June. 

During the first half turn- 
over rose from £40.1m to 
£442X0, Of Which £528,000 
came from a metal railings 
business, which has now been 
dosed. 

The most striking increase 
in the results came from the 
manufacturing side of the 
security and architectural 
hardware division, where prof- 
its more than doubled to over 
gim- Spectra, the US coatings 
business acquired last May, 
made a first c ontributi on to 
profits of £170,000. 

Although Mr Kirk thfaVa the 
prospects for Frederick Cooper 
ate the best for five years, he 
finds the UK economic recov- 
ery “fragile". The coatings 
trade in Germany remains 
.steady but the French and 
T tflHim markets, are still slug^ 
gish. 


By Andrew Bolger 

Wace, the pre-press and 
specialist printing group, yes- 
. terday confirmed that new 
management bad put the busi- 
ness back on an even keel fol- 
lowing the sudden departure of 
its chief executive in 1992, 

Pre-tax profits, were £l5.9m 
in the year to December 31, 
compared with losses of £28.4m 
caused by substantial property 
writedowns and restructuring 
provisions. Turnover grew 
from smm to £336m. 

Mr Frans ten Bos, chairman, 
said; “While economic pros- 
pects remain rmnortain there 
has been an encouraging start 
to the year but there is no 
clear evidence of increased 
activity ( in our major markets. 
However, there are good oppor- 
tunities to reduce further our 
cost base and rationalise our 
businesses." 

Wace spent £3.1m on reor- 
ganisation and redundancy 
and cut the workforce from 
5,038 to 4,621, with most jobs 
being shed in the US. 

Mr Trevor Grice, chief execu- 
tive, said Wace had a lot of 
little business which he had 
been “clustering” into larger 
units. 

This focusing would con- 





CoBn 

Frans ten Bos: hoping for farther redactions in the cost base 


ttnue, although at a less rapid 
rate. 

Mr Grice said H gfrtw finan- 
cial and operational disciplines 
helped to generate £23Jtm of 
cash. This, together with the 
proceeds of a £ 6 J 2 m share 
placement, reduced group bor- 
rowings by £29.5m to £59 .2m. 

Gearing is still high, at 100 
per cent, but Mr Grica said the 


group had agreed with its 
bankers that it would be better 
for shareholders if gearing was 
reduced by cashflow, rather 
thaw a rights 

Tbe group said that uncer- 
tainty resulting from the 
planned sale of Wace USA at 
the hp gfawfag of the year was 
largely responsible for its trad- 
ing profits faUiwg from £9.02m 


to £8.44m. However, once it 
was announced that the busi- 
ness would remain within 
Wace, performance had recov- 
ered - particularly In the sec- 
ond half 

Earnings per share were 
lL6p, compared with losses of 
44p. 

A proposed final dividend of 
2£p gives a total of 38p (£25p), 
a rise of 56 per cent 

• COMMENT 

These figures were well 
received and the shares rose by 
4p to 247p - a long way from 
the 4Sp they touched at the end 
of 1992 following the sudden 
exit of Mr John Clegg. With his 
successor, Mr Grice, firmly in 
the saddle, analysts can focus 
on more traditional questions 
- when will the advertising 
cycle turn, and Is there a 
long-term threat to pre-press, 
as agencies and other custom- 
ers do more work ln-house? 
Wace is highly geared opera- 
tionally for any upturn in 
demand, but that still looks 
elusive. On forecast profits of 
£22m this year, the shares are 
on a prospective multiple of 17. 
They have had a good run, but 
could still have further 
if and when advertising vol- 
ume improves. 


Quality Software meets market hopes 


By Alan Cane 

Quality Software Products, the 
Gateshead-based developer of 
large scale accounting soft- 
ware, met market expectations 
at the end of its first year after 
joining w*™ market. 

The group made profits 
before tax of £553,000 in the 
year to the end of December, a 
54 per cent decline on the 
gi-Btn recorded the year before. 
The company said the profit 


figure was struck after £L3m 
had been Invested in position- 
ing the business for a much 
larger market 

Turnover rose slightly to 
£13.3m (£l3.lm). Eantings 
totalled 7.3p (20.6p) and a divi- 
dend of L25p is recommended. 

QSP specialises in account- 
ing software for large compa- 
nies. The 1993 year was a 
period of extreme disruption 
not only because of flotation 
but also because it completed 


an advanced, open systems, 
version of its flagship Olas 
product Universal OLAS has 
now been sold to eight custom- 
ers and is live at (me. Express 
Gifts. 

Mr Alan Mordain, nhnirmfln 
said the remaining systems 
would be fully operational by 
June. 

The company’s prospects 
have been greatly improved by 
deals struck earlier in the year 
with IATA, the airlines organi- 


sation, Continuum, a supplier 
of insurance software and with 
Global Software, a US account- 
ing software company with 
some 800 customers. 

It is thought likely that 
many of Global's customers 
will wish to adopt the 
advanced client-server design 
of Universal Olas. Mr Mordain 
nnfd that the six principal mod- 
ules in Universal Olas bad now 
been completed and were ready 
for installation. 


Lower whisky prices hit Burn Stewart 


By Tony Jackson 

Profits at Bum Stewart Distillers, the 
Scotch whisky producer, collapsed in the 
six months to end-December as a result of 
fatting whisky prices. Pre-tax profits were 
down 58 per emit at £181m an sales 3.6 per 
cent lower at £19Am. 

Mr BiQ Thornton, c hairm an, said prices 
fix' its case sales of whisky were down 12 
per cent, though volume had risen by 44 


per cent The price pressure had come 
chiefly from the multiple retailers. 

“Pricing is the key factor for the future. 
Our view is that any move from here can 
only be up, but there's no evidence that 
will happen in the short term. We*re opti- 
mistic about some progress in 1995.” 

In 1993, tte company said, case sales'had 
made iq) 84 per cent of its total volume 
and bulk sales the remainder. Of the 84 
per cent, 50 percentage points went to own 


label and the remaining 34 to Bum Stew- 
art brands. 

Bulk whisky sales were down 10 per 
cent by volume, Mr Thornton said. 
Because most of these sales were of lrigh- 
maigin mature wit , this ted a dispropor- 
tionate effect on profits. 

The pre-tax figure was after a gain this 
time on disposal of shares of £298,000. 

Earnings per share were 2.08p (49Sp) 
and the dividend was held at L7p. 


A time to lotik ahead and assess the benefits of recession 




Now that signs of an industrial recovery in the UK are showing through, Andrew Baxter takes a last look at the FT Six 


R elief that the UK reces- 
sion is more or less 
over and that activity 
is picking up at a modest ?ace- 
has been the message accom- 
panying improved results from 
manufac turers over the past 
few weeks. - . 

That relief is shared by the 
six engineering companies the 
FT has been tracking out of 
the recession since 1992. But 
this last report in an occa- 
sional series demonstrates that 
the upturn in the UK is not the 
only thing. for which they are 
thankful 

The broad conclusion- to 
emerge from this series is that 
the six companies hare come 
through the recession in rea- 
sonably good shape, albeit 
somewhat slimmer- An article 
in tomorrow’s FT Ingenuity 
survey, for example, shows 
that product development pro- 
grammes have been main- 
tained and even, occasionally, 
extended throughout the past 
three years. 

. Top executives from the. six 
companies met recently f or the 
first tiTUB to review progress 
and reflect on the bro ader 
issues relating to manufactur- 
ing in the UK. 


- As theylook: back on ''three 
tough years of trafflng, punctu- 
ated by inevitable job outs in 
-their ; UK manufacturing 
operations, several are count- 
ing the benefits of having 
international sales, that far. 
exceed their UK^business. , 

In 1991 and 1992, it was busi- 
ness in continental Europe 
that helped affaat thegfoom at 
"Horned, $ut las Germany 
plunged . into recession, 
dragging the rest of con- 
tinental Europe with it, many 
of the FT Six have ' been 
looking to the US market to lift 
-their fortunes. More recently, 
the UK has been picking up 
toe. 

Bloxwich Engineering •' 

At Bloxwich Engineering, 
which makes vehicle partsand 
other products, sales to the car 
industry have picked up, says 
Mr Peter Burton, chief execu- 
tive. 

Overall, he thinks the com- 
. pony’s UK business is “earning 
on gently,” and paints out that 
Its forging business, which, cov- 
ers a broad spectrum of mar- 
kets, has seen slightly 
increased demand. 


❖ 


The Export-Import Bank of Korea 
US$100,000,000 

Floating Rate Notes Due 1997 • 

m ac cor da nce with the pnwtetons of the Heating Rata Note*. 

notice Is hereby given as follows: 

Interest Period : March 23, _ 

' September 23. 1994 (184 day*) 

Rate or Interest ; 45 ( 18 * per annum 

Coupon Amount : U9S&204.17 

(pw note of US$100,000) 

USS&51042 ' 

(per note of USS25O.0OO) 


LTCB Asia Limited 


Senior Engineering 

Mr John BeQ, chief executive 
at Senior Engineering, the spe- 
cialist tubing, ductwork and 
boilers group, agrees that 
“coming on gently" . Is exactly 
the right expression to use 
for contfitions in the UK mar-v 
ket with sales to some indus- 
tries going very well and oth- 
ers not seeing any improve- 
ment yet. 

Postal 

At Posiva, the Scunthorpe- 
based importer of gears and 
drives, business has picked up 
ff fpry about the middle of last* 
year, especially in the textile 
machine industry, although Mr 
Reg Bricknell, managing direc- 
tor. notes that the izplift Is 

rmnlng rnafaly from customers 

whose equipment Is destined 
for overseas markets. 

The same applies for gear- 
boxes' going into mechanical 
handling equipment, he says. 

600 Group 

At 600 Cfroup, which manufac- 
tures and distributes machine 
'tools <md materials handling 


LEGAL 

NOTICES 


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'■$&&*: FT ■ V • ■■ •" • .. ...* 


equipment, there has been 
tyyfn a improvement in -the UK 
machine tool market, which 
alwajre comes late in the cycle, 
says Mr Colin Gaskell, manag- 
ing director. 

“But X don’t like to say 
recovery is on the way in case 
the government does some- 
thing stupid like putting 5 per 
cent on interest rates," he 


JC Bamford 

Mr Martin Coyne, chief execu- 
tive of JC Bamford, the biggest 
UK construction equipment 
producer, says UK business 
picked up about 20 per cent 
last year, reflecting the way 
the plant hirers attenuate 
trends - they had destocked to 
such an extent that even a 
slight increase in business 


leads to a big demand for new 
equipment 

But in terms of conditions in 
the construction industry, 
which JCB serves, with only a 
slight increase in housebuild- 
ing activity Mr Coyne is still 
fairly pessimistic about the 
recession being over. 

Fenner 

Mr Mark Abrahams, finance 
director at Fenner, which 
makes fluid power equipment, 
industrial conveyor halting and 
t ransmissi on products, nwi™ 
a slightly different point about 
the UK recession. 

“We’ve seen quite a signifi- 
cant number of our UK cus- 
tomers disappear. The previous 
recession took a large slice out 
and now another slice has 
gone. It’s a slightly worrying 
trend,” he says. 

It is no wonder, therefore, 
that companies are relieved 
not to be too dependent on the 
UK. "British groups which 
have any businesses in North 
America are saying thank 
goodness’, as you will see 
when our numbers come out 
[next week].” says Mr BelL 
That is not amply because of 


UNOCAL® 

u.s. $200,000,000 

Union OH Company of California 
Guaranteed Floating Rate Notes due 1996 
Guaranteed by 

Unocal Corporation 

In accordance with die provisions of tbc Noic*. nodee b hereby given 
that the Rate of la terest tor the sis month period ending on 23rd 


current market conditions, he 
says: the UK’s economy still 
has a see-saw nature, “and that 
would worry me about having 
too big a UK sales base.” 

Mr Gaskell and Mr Coyne, 
too, are glad that they only 
have 25 per cent of their busi- 
nesses in the UK JCB is doing 
extremely wen in the US and 
at 600 Group overseas markets, 
apart from. Europe, are show- 
ing quite a strong recovery. 

On the other fanii , there is 
gen e ral agreement that the UK 
is an attractive base for manu- 
facturing, if not always for sell- 
ing. "There’s no better place to 
manufacture than the UK" 
says Mr Coyne. “It's half the 
cost of Germany.” Mr Brick- 
nell, meanwhile, says he is try- 
ing to persuade his German 
parent company to start manu- 
facturing in the UK 

Still, not all the FT Six 
would make the UK their first 
choice for any future invest- 
ment in new factories. Mr Gas- 
kell believes that, although pay 
rates are higher in the US, 
"you can run a leaner opera- 
tion there”. 

Mr Abrahams argues that 
UK manufacturing may have 
learnt some good lessons 


castorama 


dubois investi ssemerrts 


through the past two reces- 
sions, after it had had it too 
good for too long, but the 
cycles have destroyed much of 
manufacturing. 

Varying solutions, therefore, 
are proposed for how the gov- 
ernment and the City could 
help h ufld up the UK’s manu- 
facturing base. Old-fashioned 
intervention is generally ruled 
out, although Mr Burton 
believes a government indus- 
trial strategy Is needed to pre- 
vent recurrence of a "disgrace” 
such as the collapse of Ley- 
land-DAF. 

Others, like Mr Gaskell, 
believe tte UK economy would 
be in better shape if govern- 
ment spending and bureau- 
cratic waste was cut, and both 
he and Mr Bricknell believe 
industry should have a much 
stronger role in controlling 
how government money on 
research and development is 
spent 

Mr Coyne says tte UK needs 
to emulate the ability of the 
Japanese to get finance for 
new investment into the grass 
roots of British industry, thus 
creating an environment 
where small companies can 
grow. 


1993 GROUP INCOME ADVANCES 28 % 


Consofidated sales (in FRF mHons) 

Gross sates 

1992 

12413 

1993 

13,749 

%changa 

+ 11.7% 

Net income, before depredation and tax 

TOTAL 

Group net Income 

307,2 

282,1 

392,7 

375,0 

+ 27.8% 
+2BA% 

Number of shares outstanding 

Net Income per share 

12,041,579 
FRF 2480 

13^331 

FRF 2140 

+ 9A% 

+ 16.9% 


Sepiembcr. 1994 against prescntatkH) of Coupon No. 17. 

For holders of fuDy registered Notes the Rale of Interest tor the six 
month period ending on 23rd September. I9W has been fixed at 4.75% 
per nmum. The mterost accruing far snch six month period wiD be U-S 1 . 
320.78 per US. 310.000 fully regitte rtd Notes, and integral multiples 
thereof; payable 23id September, 1994. 


Tte cuenrtal rod (hr ite Inwowr 

Market-Eye 

London* to«c *xcha*om 


Ucda lsi am 

Sobatei <bf Mow (UK) Hated 



21st March. 1994 


Union Bank . 
of Switzerland 


London Brooch 
Agent Bank 


1993 OPERATIONS REVIEW 

CASTORAMA's Frarch expansion program comprised the enlargement of three existing stores and thrsa 
new openings : 

- A mw store was opened at RUM* La Pape (near Lyon) 

- Transfers and enlargements at Bondias (northern France) and La Mans (western Francs) 

In Italy, new openings at Bofeda (Atian) and Maroon (Venice) brought the number of Castorama stores to 4. 
The Group created 850 jobs end now employs a workforce at 13.000. 

1994 OUTLOOK 

CASTORAMA expects sales growth oHO.5% to more than FRFISbflBon. 

Once again this year, the Group wffl be spending vary hearty (FRF BOO mHon) on further growth : 
CASTORAMA wffl continue to fine-tune Its French network wti# emphasizing growth in Europe, opening 
two stores ta Germany and Its that store In Belgium. 

ANNUAL SHAREHOLDERS* MEETING - Monday, May 9, 1994 

It Is proposed to declare a net dhridend ot FRF 9.40 psr share, to be paid In cash or In shares. The 
dividend per share is up 16 %, on a 10 % greater number of shares as a result of a capital hcraase 
Mowing the exercise of share purchase warrants expiring at the end of 1 993. 

Shareholder information - Phone; 33-1 20877511 or IfirdM 361 B CASTORAMA 



"s'rtBWO- *-•"*> “ V ~ — . ~ ' *■' ----- 




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Germany sets scientist 
to work on BSE threat 


By Michael Undemann in Bonn 

The German government 
yesterday announced the 
launch of a new research proj- 
ect to examine whether the 
cattle disease bovine spongi- 
form encephalopathy (BSEJ 
can be transmitted to human 
beings. 

The initiative comes as the 
country is pushing for a Euro- 
pean Union ban on British beef 
imports, arguing that there is 
still no conclusive evidence 
that the disease cannot affect 
humans. 

Seven German universities 
and research institutes will be 
sponsored by the country's 
research and technology minis- 
try to examine possible connec- 
tions between the origins of 
BSE and two other diseases, 
CTOutzfeldt Jakob disease and 


By Deborah Hargreaves 

Coffee prices hit fresh 
three-year highs before retreat- 
ing towards the close at the 
London Commodity Exchange 
yesterday. The May futures 
position closed at $1,347 a 
tonne. $17 off the peak and $5 
down on the day. 

Some traders were concerned 
that coffee prices had risen too 
quickly and were due for a cor- 
rection. “London is looking 
exceptionally over-bought: it's 
a bit worrying," said Mr Law- 
rence Eagles, coffee analyst at 
GNI, the London brokerage 
house. 

Prices have surged by nearly 
15 per cent since the beginning 
of the year after a tightening 
in supplies caused by some 
crop problems, rising consump- 
tion and the effects of the pro- 
ducers’ export retention 
scheme. 

Stocks of coffee held by con- 
suming countries dropped to 
I7m bags at the end of January 


Gerstmann Strfiussler syn- 
drome, which very rarely affect 
humans. 

Several German scientists 
have expressed concern that 
BSE - popularly known as 
“mad cow disease" because of 
the way it debilitates the 
brains of cattle - may be trans- 
missible to humans who eat 
contaminated beef or take 
mpfftpitv*** made with ingredi- 
ents from contaminated ani- 
mals. 

“The danger that BSE can be 
transmitted to humans is mini- 
mal or non-existent," said Pro- 
fessor Hans Kretasdxrnar from 
Gottingen University. “How- 
ever, we do not know that it is 
non-existent I personally think 
[British beef] should not be 
imported." 

Contaminated British beef 
will be discussed at a meeting 


from 18.4m bags last October. 
Mr Eagles suggested there 
would be a fairly steady draw 
down for the rest of the year to 
about 12m bags by 1995. 

The drop in consumer stocks 
is one indication of the success 
of the retention scheme set up 
by 40 producers in October. 
Producers agreed to withhold 
20 per cent of their supplies 
from the export market until 
prices reached a predetermined 
level. 

That level was almost 
achieved yesterday when the 
daily indicator price rose to 
74J38 cents a pound. When it 
gets to 75 cents producers will 
keep back only 10 per cent. 
However, this prospect has 
largely been accounted for in 
the recent move in coffee 
prices. 

If the indicator rose by 
another 10 cents producers 
could begin releasing stocks on 
to the market again. But that 
is some way off. 

• Producing and consuming 


of EU health ministers on 
March 30, but a German offi- 
cial said that any decisions 
about a ban would be made by 
the union's agriculture minis- 
ters, who were likely to argue 
that existing safeguards were 
sufficient 

In 1992, the last year for 
which figures are available, 
Germany imported 2,092 
tonnes of British beef - 2 per 
cent of all its beef imports from 
other EU countries - and 13 
tonnes of veaL 

The research ministry said 
that more than 100,000 cattle 
had died as a result of catching 
BSE in Britain. A further 50 
cases of the disease had been 
recorded in Switzerland and 
there were two known cases in 
Germany, one of which 
affected a cow imported from 
Britain. 


nations came closer to agree- 
ing a compromise on a new 
International Coffee Agree- 
ment yesterday. The new pact 
could allow the Industry to 
negotiate economic clauses if 
the political will arose at some 
stage in the future, but any 
economic provisions discussed 
would then have to be incorpo- 
rated into a new pact 
• GN1 has dramatically 
reduced its forecast for the def- 
icit in this year’s cocoa crop 
from 241,000 tonnes to just 
50.000 tonnes. But its says 
these are largely accounting 
changes and that, with stocks 
reduced significantly by the 
decision to liquidate the Inter- 
national Cocoa Organisation's 
buffer stock, and crop output 
static, prices should still rise. 

The brokerage house fore- 
casts that the stock to con- 
sumption level will fall below 
30 per cent in the current crop 
year - the lowest level since 
1977 when prices averaged 
nearly £3,000 a tonne. 


Bank cleans 
up from 
gold lending 

By Kenneth Gooding, 

Mining Correspondent 

The Bank of England is 
profiting greatly from the 
upsurge in gold bullion lend- 
ing, according to a study pub- 
lished today. 

London is the dominant mar- 
ket for gold lending and for 
metal to be of practical value 
to dealers it has to be located 
there. So those central banks 
which are providing most of 
the bullion for lending have 
been moving gold to the Bank 
of England for safe keeping. 
For this it makes a charge. 

This trend has seen more 
than 500 tonnes of gold previ- 
ously held by the US Federal 
Reserve Bank in New York on 
behalf of other central banks 
moved to London In the past 
few years, says Mr Ian Cox, 
author of the paper published 
by the World Gold Council, a 
promotional body financed by 
gold mining companies. 

He suggests that the bullion 
lending market has trebled in 
the last ten years to about 
2,000 tonnes, equivalent to one 
year’s supply from all the 
world's gold mines. About 75 
per cent of tills is lent by 
between 45 and 50 central 
banks and other nffirial mone- 
tary institutions. And they do 
U for the money. Their net 

annual earning* ftmm landing 

gold - which not long ago was 
a non-earning asset - Is 
between US$1 00m and $140m. 

Most or the gold is borrowed 
by miners to support hedging 
operations and to finance 
exploration and extraction 
activities. All hedging 
operations need the support of 
borrowed gold. 

Mr Cox says the explosive 
growth in gold lending seen in 
the 1980s is unlikely to be 
repeated but demand will con- 
tinue to increase for the next 
five to seven yeans. However, 
development might be slowed 
because several financial insti- 
tutions have withdrawn from 
gold trading, reducing the 
number of counterparties 
likely to be regarded by central 
banks as acceptable. 


Coffee futures retreat after 
hitting fresh three-year highs 


9 

Argyle digs deep for precious prizes 

Kenneth Gooding visits the world’s biggest diamond producer 


T he massive, man-made 
Argyle dam is blood-red 
from the sandstone in 
the silt carried to ft by the Ord 
River after the wettest wet sea- 
son experienced for 100 years 
in this remote region in the far 
north of Western Australia. 

About half a metre of rain in 
the past month has washed out 
one of the roads leading to the 
huge open pit at the Argyle 
diamond mine. Bat the 
weather has not delayed a 
A$100m project designed to 
ensure that Argyle remains the 
world's biggest diamond pro- 
ducer into the next decade. 

Argyle produced 7.9 tonnes 
of diamonds last year pr 34 per 
cent of the global totaL How- 
ever, as the pit goes deeper the 
deposit contains fewer dia- 
monds and Argyle has been 
spending so as to increase the 
tonnage of material shifted 
each year - to about 40m 
tonnes. 


This will give an extra 2m 
tonnes at ore (taking it to an 
annual 8.6m tonnes) and 
should keep diamond output 
relatively constant for another 
seven years. By that time the 
pit will have reached its maxi- 
mum depth of 320 metres. 

Argyle ’s diamond output is 
likely to rise a little this year 
and next before Calling back 
again in UB6, according to Mr 
Ron Bates, general manager, 
operations. 

By 1996 the pit's owners, 
ORA, the Australian affiliate of 
RTZ Corporation of the UK, 
with 60 per cent, and Ashton 
Mining, about one- third owned 
by the Malaysian Mining Cor- 
poration. will have to decide 
whether to build an under- 
ground mine at the bottom of 
the pit. Mr Bates says Argyle 
has been scouring the world 
for suitable low-cost under- 
ground mining methods but it 
is far too early to say whether 


the scheme would be viable. 

The partners' search for 
more diamond deposits nearby 
has drawn a blank so far. The 
joint venturers spent A$150m 
on exploration and feasibility 
studies and then A$475zn to 
bring Argyle into production in 
1985. Since then the mine has 
produced about 40 tonnes of 
diamonds and gives the part- 
ners on average a handsome 30 
per cent return on their invest- 
ment 

Indications from the part- 
ners' annual results suggest 
that Aigy fe’s output last year 
was worth about AJSOOm and 
produced an after tax profit of 
about AglOftm for them to 
share. 

Although Argyle ranks first 
in rifamny id output by weight, 
it is only sixth in the world in 
the value of ttiamtuirta it pro- 
duces. Some 5 per cent of the 
diamonds from Argyle account 
for 50 per cent of its revenue 


while 50 per cent are Industrial 
stones of tittle value and pro- 
duce only 5 per cent of the 

revenue. . ... . 

Mr Bates points out that m 
mining terms the industrial 
stones should be seen as a 
by-product that must be 
extracted along with the 
mine’s main product. The 
remaining 45 per cent of the 
mine's output is of cheap gem 
stones. 

The key to Argyle's success, 
therefore, has been new tech- 
nology that enables it to sort 
billions of diamonds - many of 
them virtually worthless - a 
fash traditional sorting meth- 
ods could not handle. CRA has 
developed a system using 
X-rays to locate the diamonds 
in crushed ore - they glow in 
the beams - and then micro- 
computer-controlled machines 
blast air to blow each one out 
of the material at a rate of up 
to 500 a second. 


Indian jute faces stiff challenge 


By Kunal Bose In Calcutta 

The Tndian jute rntfl industry, 
which always has enjoyed a 
high level of protection from 
the federal and state govern- 
ments, Dears that it is going to 
lose a large part of the domes- 
tic packaging market to syn- 
thetic materials following a 
recent revision of the duty 
structure. 

The excise duty on tradi- 
tional jute products like hes- 
sian, sacking and yam has 
gone up by 112 per cent with 
the government chang in g the 
levy from a fixed Rs760 (£16.30) 
a tonne to 10 per cent ad valo- 
rem. At the same time, the 
duty on synthetic bags has 
been reduced by 5 per cent to 
30 per cent Ha addition the cus- 
toms duty on polypropylene 
granules, the raw material for 
synthetic bags, has been cut by 
10 per emit to 65 per cent. 

The duty on synthetic pack- 
aging material had always 
been kept high to give protec- 
tion to jute. According to the 
officials of the Indian Jute 
Mills Association, following 


the duty revision, the price of a 
jute laminated bag has gone up 
from Rsll.50 to Rsl5 while that 
of a synthetic bag has fallen 
from Ra8 to Rs7.75. As a result, 
the fertiliser industry, which 
packs nearly 50 per cent of its 
production in synthetic bags is 
expected to reduce further the 
use of laminated jute bags. 

In the meantime, the cement 
manufacturers, responding the 
demand of consumers and 
lower prices of synthetic bags, 
have almost given up jute 
bags. This is in spite of a gov- 
ernment order, introduced in 
1987, that cement should only 
be packed in jute bags. The 
order also says that the princi- 
pal packing material for fertil- 
iser should be jute. But the fed- 
eral government has let it be 
known that "jute will not be 
given protection for ever" and 
the user industries should 
have the freedom to decide 
which packing material to use. 

IJMA officials, who have 
been able to enlist the support 
of the government of West 
Bengal will entreat the federal 
government to restore the old 


duty structure so that jute 
does not lose any more of the 
domestic market According to 
them, "jute deserves special 
treatment since it supports 
over 4m termer families and 
over 225,000 jute mill workers". 

After the setback in the 
cement and fertiliser sectors, 
the mainstay for jute packag- 
ing material is foodgrains and 
sugar. But it is feared that 
once sugar is packed in 50 kg - 
the International Labour 
Organisation made a recom- 
mendation to this effect a long 
time ago - synthetics may 
become the preferred packag- 
ing material for sugar. As syn- 
thetic bags cannot hold 100 kg 
of sugar, the commodity is now 
exclusively packed in jute 
bags. 

While the industry was tee- 
ing a crisis in the domestic 
market, its exports in the nine 
months to December 1993 rose 
to 158,024 from 137,778 tonnes 
In the corresponding period of 
the previous year. Export earn- 
ings from jute goods during 
the period increased to 
Rs2.77bn from Rs2JJ7bn. 


market report 

Copper rise 
meets resistance 

A late rise in the London Metal 
Exchange three months deliv- 
ery COPPER price above the 
$l,960-a-tonne resistance level 
was not maintained yesterday 
as profit-taking and resistance 
trimmed gains. A high of $1,966 
was reached before the price 
dropped back to $1,956, up $6 
on balance. 

Dealers suggested the failure 
to hold above $1,960 could sig- 
nal a retracement in the short 
term, but still thought prices 
were set to move higher, given 
encouraging chart patterns 
and improving fundamentals. 

ALUMINIUM held steadier in 
line with copper, although 
apart from some short-covering 
and trade interest business 
remained slack. 

NICKEL'S breach of $5,700 a 
tonne in late trading triggered 
stop-loss buying orders and 
short-covering, which chased 
the market higher. 

ZINC remained under pres- 
sure as its recant technical 
bounce lost momentum. 
Compiled from Reuter 


COMMODITIES PRICES 


BASE METALS 

LOUDON METAL EXCHANGE 

(Prices Irom Amalgamated Metal Tracing) 

■ ALUMMUM, 89.7 PURITY (S per tonne) 



Cash 

3 mOre 

Ctosa 

1313-4 

1338-65 

Previous 

13iaS-».5 

1338.5-60 

Hlgh/low 


1344/1333 

AM Offldai 

1316-6.5 

13365-40 

Kerb doatt 


1339.5-40 

Opon fat 

270,714 


Total daRy turover 

46390 


■ ALUMMKJM ALLOY (S per torra) 


Close 

1265-70 

1285-0] 

Prevtous 

1270-5 

12B5-90 

Hghrtow 


1300/1290 

AM Official 

1275-as 

1285-300 

Kefbdoao 


1380-00 

Open fat. 

4^41 


Total daBy turnover 

539 


■ LEAD (t per urancH 



Close 

460-1 

474-4.5 

Previous 

4826-3.5 

477-8 

rtghrtow 


476/473 

AM Official 

4865-61 

473-4 

Knrt> dow 


474-5 

Open inf. 

33.632 


Total *wy turnover 

8.627 


■ NICKEL IS per tonne) 


Close 

5660-70 

5725-30 

Previous 

5620-30 

5685-90 

High/ton 


5750/5670 

AM Official 

5610-20 

8675-60 

fcert* ctaw 


5735-40 

Open ML 

56965 


Total Oadv turnover 

10.354 


■ TIN (S per tame) 



Close 

5470-80 

5530-00 

PtOvnXPJ 

5475-80 

552S-30 

HlpMcre 


5540/5460 

am Official 

5460-65 

5510-15 

Kt»rt> ctaw? 


5535-40 

Open faL 

18683 


Total cutty turnover 

4.668 


■ ZWC. opocM high grade H> per tonne) 

Qoso 

961-2 

971-2 

Piemens 

851 5-2.5 

972-3 

ttgh/IOin 


974/063 

am Otfloai 

947-8 

967-7.5 

Kert) ciooo 


967-8 

Open mi. 

108,418 


Total oatty turnover 

12.0*4 


■ COPPER, grade A (S per tome) 


Ooae 

19465-9.5 

1956-9 

Piwwua 

1940-1 

1952-3 

Wgtvkw 

1948 

1965/1950 

AM Official 

19465-60 

1957.5-8.0 

Korti dose 


1956-7 

Open fat 

220.946 


Torn! daty turnover 

47,915 



Precious Metals continued 

■ Goto COM EX (100 Troy <g- ; 5/troy c«4 

Sell Dqta Opea 

price cringe Wgb to Id W. 
Mar 387.0 -42 - • - - 

Apr 3874 -ZJ 388.7 3073 53,771 39,690 

May 3884 -23 3900 3900 

Jen 3800 -23 392.) 3806 45,804 7X023 

Aug 3923 -23 394.6 38335 7,851 831 

Oti 30*3 -2J - - *J371 21 

Tribe 147,901 50662 

PLATINUM NYMEX (50 7>oy oz; Vfrny at.) 


APf 

404.1 

-12 

407.5 

403.0 

0,748 

1.143 

Jal 

405.1 

-16 

4060 

4012 10.70/ 

2.104 

Offi 

4058 

-16 

409.0 

4055 

1,254 

75 

Jm 

4061 

-18 

- 

- 

583 

9 

Aw 

407.5 

-18 

411.0 

4078 

814 

112 

Taw 





22.108 

6443 

■ PALLADIUM NYMEX (100 Troy az.; S/Troy oz.) 

tear 

13595 

+005 

13600 

13600 

1 

_ 

Jw 

13570 

+005 

135.75 134.75 

1980 

237 

fag 

13540 

+005 

13500 

13590 

399 

1 

Ow 

134.90 

+ao5 

- 

- 

183 

- 

Tow 





4M3 

238 

■ SE.VB1 COMEX (100 Troy 0 Z 4 CentsAn^ az.) 

Mar 

563.1 

+38 

5899 

5S7.5 

752 

164 

AW 

5660 

+44 

5719 

5850 

5 

- 

May 

5852 

+3.7 

5729 

5640 

72.483 32,117 

J* 

5062 

+3.7 

5779 

5KL5 

16227 

2976 

fan 

5715 

+3.7 

5809 

5679 

5XQ0 

139 

Dec 

579lS 

+37 

5060 

5739 

9914 

803 


GRAINS AND OIL SEEDS 

■ WHEAT LCEp per tome) 

Sen Deft Opm 

price eftaage Ms* leer M 

Hr 10035 +1.10 

Mqr 706JS - 10050 10035 33 

Jin 107.15 +0.15 - - 1,587 

Sap 9265 -050 HOOP 9245 522 

NO* 9330 -050 8350 93.45 290 

Jan 9530 -073 9550 9530 1,207 

Total 4,431 

■ WHEAT COT (5.000bu m/n; oants/ttH bushel) 

May 333/2 

M 323* 

Sep 325/6 

Doc 334X6 

Mar 336/4 

■fay 335/0 

Told 

■ MAIZE car (5300 bu min; certs/Sfflb bushel) 

«7 284® +1/2 285*2 281/2 3,956 5370 

Jal 287/2 +1/0 288/4 284/8580.995 77.89b 

Sep 274/4 +*2 275* Z73C571WW0 36,435 

DOC 2BI/4 - 353/2 261/8134.330 5,150 

Mir 267/4 +0/2 268/2 267/2302.135 21,670 

Hey 271/4 - 272/6 Z71/0 20055 

Trial 

■ BARLEY LCE (£ per towel 


SOFTS 

COCOA LCE (EAanrwj 


MEAT AND LIVESTOCK 




sen 

Days 


Open 


Sea 

Day's Open 


W 


price i 

dame 

apb 

Lire tat M 


Price 

cringe Ulgb lew W 

VU 

- 

Mm- 

914 

•10 

950 

947 59 32 

Apr 

75475 

-0300 76850 75400 33X366 

6373 

3S 


9*7 

-11 

987 

845 33,715 2.658 

Jkm 

74350 

-4725 74826 74200 21351 

4,888 

- 

-M 

962 

-8 

981 

900 15641 1.441 

aw 

72.750 

-0.100 72850 72.700 12892 

182B 

44 

S*g 

974 

-8 

892 

975 >0838 SO 

Od 

75825 

■41175 71350 73800 9303 

917 

48 

Dec 

990 

-6 

1007 

990 17.108 567 

Dec 

73800 

■4126 74.075 71900 2,510 

250 

11 

Mar 

1WI 

-5 

1027 

>009 23806 TBS 

Bfa 

73850 

-0100 76800 73850 1JU 

103 

137 

TM 




110X133 62S3 

Total 


M/A 

DM 


+3/4 333/4 328* 1« 1.840 

+3/4 324/2 320/2 83,745 30235 

+3/0 328/0 323/2104.645 31,455 
+2/4 333/0 332/4 17,755 1,866 

+1/0 338/6 335/0 23335 1,755 

- 335/D 33510 55 35 

231,186 87,198 


445 

1J333M 147,296 


M COCOA esce <10 tonnes.- Sflonme) 

Hoy 
Jrt 
sep 
Dae 


m L/VE HOGS CUE (40.00010$; centals) 


1239 

■4 

1247 

1212 36757 5£73 

AW 

47.275 +4325 47860 46875 

8852 

2056 

1266 

-4 

1273 

1240 26448 1877 

Jn 

54875 +0.725 54.700 93825 

11854 

6251 

1282 

-6 

1292 

1263 

6406 

174 

Joi 

53.775 +4425 56950 53825 

6443 

562 

1314 

-6 

1320 

1296 

6875 

134 

Abb 

52050 +4475 52.100 51850 

2831 

78 

1351 

•fl 

13S7 

1337 

6458 

218 

Oct 

47875 +4125 47875 47.450 

1890 

33 

1371 

-6 

1370 

1370 

5899 

7 

Dec 

46600 +4150 48850 *8850 

2,170 

82 





96103 7883 

TOril 


7,822 

171 


mt 
Total 

■ COCOA (IGCO) (SPFra/tonraft 


■ PORK BELLIES CME (OOjOQCMbs; certa/tos) 


Hr 22 

Day-. 

Mar 23 

10 day 


Wise 
, 859.58 


.951X4 


FtWi Hy 
95272 


848.48 


■ COFFEE LCE {Stoma} 


Total 


116ms 35J8S0 


ENERGY 

■ emme on. nymex < 42,000 us gana. s/tareo 


Ha? 

Jen 


Sop 

Out 

Total 


latest oafs 
price donga Mgh 

15XO -0.14 15.J7 

15JJ9 -Oil ism 
1520 -009 1527 

1SJ3 -0.0S I5J4 
1540 007 15,44 

1551 -007 1551 


Lew M Vri 

1434114,828 30875 
15X10 87.218 59,558 
15.10 34X02 29.480 
1522 18X76 8J78 
1535 20.127 4X40 

15X1 12.019 1X83 
407X40142X42 


Mar 

106.65 

+185 

- 

m 

7 

2 

H* 

10885 

+485 

10650 

toast 

184 

5 

Sep 

snss 

-OHS 

S3 80 

9380 

IX 

r 

l tCH 

95.60 

-410 

9580 

9580 

89 

13 

JM 

97.70 

■405 

97.70 

97.70 

18 

3 

tear 

98.40 

- 


. 

- 

. 

Total 





437 

45 

■ SOYABEANS CUT pXMObu nfa cntt/BOb bustaQ 

to 

683/4 

+7/4 

WO 

68*15 

1.480 

6305 

M 

694/4 

+7X5 

695X0 

685/8290805 92575 

abb 

6S7M 

+7/T 

688/D 

fi«W 244630 26805 

Sep 

am 

+5/2 

G68XE 

B84A) 38875 

1880 

Ho* 

655# 

+4W 

S5S70 

65flU 

20.785 

1.005 

Jan 

6500 

+4/4 

non 

657/4157885 14,235 


Mar 

1339 

-13 

1359 

1348 2(51 71 

Hn 

1347 

-6 

1384 

1345 15X128 2J88 

Jffi 

1354 

+1 

1389 

135D 16857 6524 

Sep 

135D 

-1 

>355 

1348 6140 909 

Doe 

1347 

- 

1363 

1347 3£59 350 

JM 

Total 

1343 

•1 

1358 

1345 4.958 54 

46849 6075 


m GQetGE *C* CSCE BTflOUitt certtflAba) 


■ CRUDE OH- IPE ft/batiri) 



Lriad 

Dayta 



DM 



price 

dona. 

«* 

Low 

mi 

HI 

to 

1J.78 

-ft14 

1167 

13.72 

60.709 

7*237 

Jun 

13.78 

■oxn 

1186 

1171 

29.87? 

11J24 

XI 

13S0 

-O.0S 

13.98 

13X15 

17,302 

2,787 

A*«B 

14XQ 

-0X11 

14XE 

1198 

11.627 

2,556 

SOP 

14.17 

-003 

14.17 

14.17 

*.994 

1J2T8 

Od 

1*28 

+002 

1428 

1*26 

1,994 

217 

Total 





26407 42,730 

■ HEATING OIL NVKX 142.000 US sale: cAE gdh) 



Bart 

cinq* 

HW 

UW 

Qm 

fat 

Vd 


772,180138,470 

■ SOYABEAN OIL CBT MOOOOtta: ceneflb) 

Bby 2937 +0.50 29.43 29.00 395 539 

■M 2932 +4150 29.40 2896 33XJ21 8,141 

Aap ZOOS +0.44 2890 2850 27,052 3,467 

Sap 28.35 +0.45 2L3S 2B.00 8.043 7» 

Oet 27.55 +0J8 77 SO 7735 83te 576 

Dec 2887 +CL27 27 XB 26.71 8,467 350 

8SJI78 1*142 

■ SOYABEAN MEAL C8T (100 urn: S/log) 


■lay 8&2S +4136 8380 62.30 

Jut 84.85 +040 34.90 83.70 

Sap 65.73 +0.44) 8090 84XB 

Dec B87S +020 8075 86.10 

Mar 87.65 +40120 8725 8720 

May 8855 +4J.1S 8825 88.10 

THJ 

■ COFFEE 0001 (US centa/poundO 


3X557 6243 
12292 2.710 
B.068 720 

3287 283 
1,131 11 

15TI 1 

57,88710^48 


Pike Pmr. day 

7828 77.14 

75X55 75.16 

■ Nto7 PREMUM RAW SUGAR LCE (penta/lM) 


Mar 22 

Coap-daBy 

IS day auaragB . 


Stef IMS - - - 1218 

Jut 12.68 -0JD1 - - 2J26 

Oct 1219 +42X77 1207 7200 145 2 

Jee 1108 

Tefal 4X790 2 

■ WHITE SUGAR LCE tSAonna) 


Wit 

+08 

195X1 

1911 

163 

576 

May 

338.10 

+0.70 338.00 336.03 

esse 

847 

1967 

+0.9 

1968 

1917 

29.484 

6298 

tog 

33120 

+070 33100 331.00 

6985 

331 

194.7 

+06 

ms 

1902 24X2 

2X324 

Oct 

311.70 

+080 31120 31000 

4.881 

387 

19U 

0 

1912 

mi 

7XB2 

42S 

0SC 

307.50 

+080 

107 

- 

190.7 

0 

1SOB 

I960 

BSX 

347 

Bar 

30050 

+0)0 30600 30600 

487 

4 

1868 

+oi 

1902 

1892 

am 

67 

May 

307.40 

- 

202 

- 





86344 11,191 

Total 



nm 1A8B 


Aug 
Hp 
Oct 
Dec 
Total 

■ POTATOES LCE (E/tawm) 


■ LME AM Offlcfc* E/9 rate; 1.4883 

LME doping PS rate; 1.4045 

Soot 1.4 945 3mte1.4901 emus 1.4576 9 mast. 4859 
M HK2H GRADE COPPB1 (COMEX) 




Bqrii 



DpM 



□roe 

Manga 

Mok 

lew 

tat 

Vol 

1 br 

91.15 

■410 

91.75 

91.15 

1.941 

*88 

Apt 

«IK 

006 

91 xn 

bi xn 

1.129 

54 

Hfa 

9090 

■cuts 

8 100 

»80 

<£416 

6595 

Jon 

90 70 

- 

91.10 

91.10 

321 

2 

M 

9055 

- 

0155 

9050 

T3XHB 

1,177 

te 

flaw 


9IXD 

91.00 

488 

18 

Total 





71288 

7272 


Apr 4625 +005 

Boy 4176 -0.14 

Jter 4285 -2)1 

JO 4420 -006 

Aep 45.10 +0)4 

S* 46.10 +004 

7BM 

■ QAS OIL IPE (Vtocnrt 


<545 

4470 31.332 

12211 

AW 

2060 

«8j5 

ms 

2000 

665 

S3 

May 

4410 

■*3*5 50.686 

9X184 

Mey 

220.0 

+60 

222.5 

2160 

475 

88 

Jot 

4385 

4345 35.440 

4XJ50 

Jm 

1300 



. 

2 


Ocf 

4425 

4400 22.451 

1561 

tor 

800 


s 

. 


_ 

Mar 

4510 

4490 6752 

675 

AW 

1Z73 

+02 

izao 

1260 

. 

s 

Hay 

4 625 

4800 8X589 
183,402 

aii 

ton 

*ter 

Total 

1400 


- 

- 

i/m 

14H 

JM 

Total 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
[Prices gupplted by N M Rofocnuri) 
GoW (Troy at) 

Gtow 
Opening 
Momng fa 
Afternoon tlx 
Day's ttgh 
Day’s Low 
Previous dose 
Looo Lrfn Mean 

1 month .. 

2 months 

J monlfts . 

fflver R* 

S pot 
9 months 
6 months 
1 year 
OoM Coins 
krugerrand 

Maple Leaf 
Nm Sovereign 


Sett Day's Opm 

price change tOgti Low taf M 

141.75 .1X3 142X5 140.75 27508 0932 

140L75 -1J0 141X10 119.75 17330 *285 

14025 -1.50 1407b 13650 20157 1,131 

14JJ0 -130 141.75 141X70 13J32 898 

143.00 -1.50 14100 14100 5.678 B1 

14S2S -050 ■ - 1457 

111415 13307 
■ NATURAL QAS NWR HOQBO mmBu.; S/lmnaou 


■ SUGA R H' csce p 12X1006*: oqma/fcs} 

12.18 - 12.19 1210 62313 5J0Q 

1237 +QJ74 1238 1229 38XJ02 2235 

1135 +603 If 37 fl-78 30.482 1.835 

11.45 +006 11A5 11J5 12889 855 

11.43 +008 1130 11X71 1,750 40 

11,38 +008 11.38 11.33 1.020 13 

144806 MtM 

■ COTTON NYCE BOOK** certa/tosj 


mot 

Jon 

M 

** 

See 

Total 


E equv. 


261092 

260.050 


S price 
388.70-380.10 
388.60-389.00 
388.40 
38025 
38890-389.30 
387.40-387.80 
369.00389.50 

GOW Lentana Rates (Vs USS) 

...328 6 months 3.80 

- J .34 12 mon!flfl 3 JO 

...309 

p/tnoy ot. US cb equtv. 


375.85 
380 .30 
384.8G 

394.86 
$ price 
390-393 

389.20-W1.7S 

93-06 


559.00 
584.10 
588 JO 
583 50 
C equhr. 
282-265 

63-66 



Laau 

■ten 



0 H> 



prim 

dhanga 

m 

Lew 

tat 

Vol 

AW 

2X771 

-0X06 

2.770 

2070 

13.482 17,093 

May 

2.110 

-0X710 

5.136 

1100 

15S72 

7.146 

■tan 

2.115 

-owe 

2.136 

2-IQS 

6736 

1.429 

Jtd 

2.115 

-0X714 

2.135 

2115 

9.439 

1281 

adj 

2.130 

■0017 

2145 

2130 

&EB9 

SCO 

Sag 

2.150 

-0017 

2185 

2155 

10452 

*43 

Total 




12230 29262 

■ UNLEADED QASOUNE 




WHO t*2M0 US mas 3a&/ 




UHt 

Dayi 



Op" 



price 


Hg8 

Low 

tat 

VH 

Apr 

46.70 

-012 

47,10 

4&50 24,115 

0256 

Hay 

4720 

■017 

47JS5 

4896 47,909 

6357 

Jm 

47.45 

-024 

*JJ8 

4755 21478 

1121 

Jel 

47.45 

-027 

4TJB 

47.40 

ora 

1.480 

to 

47.10 

•030 

4720 

47.10 

7,759 

841 

Sm 

4685 

-035 

47X75 

4665 

4933 

209 


Uar 

1208 

+.15 

1200 

1195 

298 

17 

■ay 

7737 

+1j68 77.80 7835 22,754 4X»* 

*W 

1278 

-14 

1300 

128S 

078 

IS 

Jd 

7738 

+155 78.10 76.00 14339 1,0*3 

Hay 

1277 

•13 

1290 

1285 

837 

81 

Od 

74J4 

+084 7450 7330 2,744 

423 

Jtd 

1146 

-12 

. 


565 


DM 

71 JO 

+OE8 7130 71.10 14351 

1.433 

Oct 

1279 

-11 

. 

. 

227 

. 

Uar 

7145 

+075 72JSS 7230 6W 

13 

Job 

1335 

-15 

1340 

1340 

108 

<0 

■ay 

7125 

+030 7230 7250 221 

16 

Total 





2302 

127 

TWd 


B5302 7,566 

na 

dm 

PlH 




■ Orange JUKE NVCE (15,ocX)I*; oentateO 

Dri 

1179 

1166 





Itay 

11050 

-030 111.45 10930 6005 

242 








Jal 

113J0 

-0,15 1I4XJ0 11470 5391 

71 








9* 

115.75 

+050 115T3 11110 2.12S 

97 








Hr 

114X10 

+0S5 114X5 11175 1JSS7 

25 








JM 

114J0 

rtx» 114J5 114.13 1J24 

28 









y vA fln 

+005 11030 110X30 105 

18347 

10 

Cotton ' 

mam 

; Total 

1 ittjy 

448 


total 


121,972 24/14 


L1VEH P OOL- Spot and shipment sides 
amounted to 330 tonnes tar the week ended 
18 Men*, aga/nst 206 tonnes fa die previous 
week. Restricted operations inwolMd lew hash 
dMfaga. OOy occasional merest «3sptayed in 
African end American styles. 


VOLUME DATA 

Open fatenat and Volume data Shown tar 
centred* traded on COMEX. NYMEX, C8T. 
NYCE, CME, CSCE and IPE Crude 06 are one 
day In 


INDICES 

■ RHJTBRS (Basa: 16/9/31^10^ 

year ego 
17683 


llv 33 Mar 22 

1843.7 1821.2 

■ CRB Fuhres (Bast 4/9/66=100) 


month Ago 
178&4 


Mar 22 

228.41 


Mar 21 

2SSJ5Q 


month ago 

227.84 


I***** 

211 -S3 


Hr 

57300 +0800 57.450 5535D 

80 

20 

Hay 

57300 +0750 57300 58.050 

MBS 

1378 

Jd 

57.750 +0650 57375 58350 

3XD1 

258 

At* 

55375 +0825 S300 54.150 

571 

53 

Ml 

59300 +0360 58300 58300 

98 

1 

Uar 

58350 

3 

1 

TDbl 


1387 

101 


LONDON TRADED OPTIONS 

Strike price S torn — CaBs — — Putt— • 


■ ALUMBBUM 

(99.7%) LME 

1300 

1325 — 


1300 . 


■ COPPER 
(Grade A) LM£ 
1900 


1050. 


■ COFFEE LCE 
12S0 


1300. 


1350. 


■ COCOA LCE 

825 

050 

876 

■ BRENT CRUDE tf>E 

1300 

13S0 

.1400 


May 

53 

38 

28 


78 

48 

25 

May 

188 

87 

40 

May 

30 

23 

13 

May 

84 

36 


Aug May Asa 

85 22 37 

71 33 47 

59 47 60 

Aug May Aug 
106 20 44 

78 40 05 

SB 69 92 

Jut May Jri 
130 9 26 

07 20 43 

70 43 66 

JU May JU 
07 14 30 

53 26 41 

42 41 55 

Jun Mey Jun 
18 34 

81 32 51 

53 65 


LONDON SPOT MARKETS 

■ CRUDE OB. FOB (per banel/Mey) +or- 

OUbal Sl2X0-&55w -a 186 

Brent Blend {deled) S14£34J56 -025 

Brent Blend (Mey) $13.78-341 -020 

W.TL Opm W) $1 000-5.02** -0236 

■ OIL PROCXiCTS NWS prompt deSwry Cff (tam^ 


Premium Gesolne 

Gas c* 

Heavy Fuel Oa 
Naphtha 

Jet Rjel 

Ttabctaum Ag us ata iine 
■ OTHER 


$155-157 
$143-144 -1 

870-72 -1 

$134-135 -1 

$161-162 -1 


Gold (per troy 02 # 
saver (per tray 
«a dun (per troy oz.) 
Pattedtm (per tray ozj 
Copper (US prod-] 

Lead (US prod) 

Hi (KLiafa Lumpui 
Tin (New York) 

Zhc (US Rime WJ 
Cattle (Bvc 

Sheep Otee welgh0t4 
PigtflBve weight) 

Lon. day sugar (few) 
Lon. day augar (e*M) 
Tote a Lyle export 
Barigy (Eng. feecp 
Maize (US N03 YeBcM) 
Wheat (US Oak North) 

(Me)** 
RUSbertKL R8S Nol ApO 
Coconut 06 P1)«S 
Palm C* WdoyJS 
Copm (FW3§ 

Soyabaene (U^ 

Cotton Outlook A buftet 
WoalWps #*a Super) 

E per Uom ihmb otlmtas 
1 HngotalQ. m Mdsyrian 

KApriMay. f London 

merioaebn. 4 &w. 
«v«k. praririoiri prices. 


-0J6 

+9.00 

-1.40 

-036 


-029 

+3.00 

■002- 

+2.76* 

-2.76* 

+1^ 

-020 

* 1.0 


-5 

+025 

+025 

+ 1.00 

+-1&0 

+&0 

- 2.0 

+045 


p ptneeriq. e cMiea*. 
v to- wllay. t Msyttin. 
. ca= TteUMtam. f B/aon 
weight prices). ■ Cfange om 


ees^oc 
*4» 75 
S134XJ0 

36,00c 
35X»c 
14JJ5r 
25630c 
Urtq. 
127 ASp 
13039)3 
77^flp 
3283X30 
$342X30 
C310.00 
Unq 
Unq 
£ 180 . Ox 
7tL76p 
71JSp 
EaZJKtm 
S 660 .cn 
$405.0w 
3343X3 
£199.0* 
8130c 
390p 


CROSSWORD 


No. 8,412 Set by HIGHLANDER 



ACROSS 

1 Dog working sheep (6) 

4 Old swimmer to Rosebay? (8) 

10 Again departing orally from 
speffingO) 

11 C^t for stout (5) 

12 For example round marine 
microorganism spreading 
disease (4) 

23 Administrator has letter 
expressed to another execu- 
tive (10) 

15 The French dug in haphaz- 
ardly, without interest (7; 

16 Sovereign remedy = Q/51/9 (6) 
19 Small bound is five and nim- 
ble when no one to the mid- 
dle (6) 

21 Mine has a man from Ireland 
to make light taps (7) 

23 Part of press follow 
cross-country race (5£) 

25 Revenue men showing 
smoother element (4) 

27 Hold test having caught fish 

& 

28 Gerard is involved with Bll 
officer (9) 

29 Split peas extraordinary 
price (8) 

30 Provide protection against 
water by containing flow (6) 

DOWN 

1 What mercenary suitor tries 
to do? Say It with Cower? (8) 

3 Permitted variation leading to 
cleaner arrangement <g> 

3 Sign on old people (4) 

6 Pun seniority to hold bey for 
suitcases (7) 


6 Be grateful for increase fa 
value DO) 

7 Wimbl e don score card C5) 

8 Pot to rest (6) 

9 Reptile girl on way to soutt 
ernmost point of country (&} 

14 Parrot makes move to Haiti 
port by river (10) 

17 Motorway is taken ove 
incomplete, to be teir (9) 

18 Dangerous Gab roam about b 
top of Gulf (8) 

20 Show former his unflpisha 
piece (7) 

21 Girl on a piano taken ova 
here and there (6) 

22 Son nibbles very small piece 
(6) 

24 Dress up proper and play qul 
etly (5) 

26 Reasonable start for ash ii 
wood (4) 









'% 


> - r rh, 


)RD 




market report 


Heavy setback as interest rate hopes dwindle 


Equity Shares Traded 

Tivnovar by vahmo fmiBon}. Exduatng- 
Irea-mjrkat business ana overseas turnover 
1,200 — 


By Terry Byland, 

UK Stock Market Editor 

Disappointing inflation data for last 
month badly upset the UK stock 
market yesterday, reversing an ini- 
tial attempt by London to follow 
other European bourses in a favour- 
able response to the latest develop- 
ments in the global interest rate 
drama. In early trading, the FT-SE 
Index was 23 points ahead, encour- 
aged by bond market firmness fol- 
lowing the overnight statement 
fr° m US Federal Reserve and 
then by a significant easing in repos 
rates at the Bundesbank tender yes- 
terday morning. But the FT-SE 
Index closed 46.2 down at a new low 
for the year of 3.155.3, 

Both gilt-edged and equities went 
heavily into reverse at mid-morning 
on news that the UK retail price 


index showed a 0.6 per cent gain 
last month, against iwiritpf expecta- 
tions of an increase of only 0.4 per 
cent The news was Interpreted as a 
severe blow to the already dwind- 
ling hopes for the cut in UK base 
rates keenly sought by the stock 
market as a counter influence to 
the increases in personal and VAT 
taxes which will hit UK consumers’ 
pockets next month. 

Successive waves of selling in the 
stock index futures sector destroyed 
share prices. Selling pressure 
increased towards the close as 
investors weighed the likelihood 
that the credit tightening indiratpH 
on Tuesday by the Federal Reserve 
will not be the end of the matter. 
Some London analysts warned that 
Federal Funds Rate could move to 4 
per cent, or even 5 per cent in the 
near future. 


Account Draflng Data 

-mDakgs 

Mgr 14 

Uor 28 

April 

OpBon DaUtesteJitK 
MU 24 

Apr 7 

Apr 21 

Last DeateBK 

Mar 25 

Apr 6 

Apr 22 

Aooount Dm 

Apr5 

Apr 18 

May 3 

■Hew (tew daaUnoa 
buatoaaa days earBar, 

mmr tsfct 

■tec* tan two 


During the second half of the ses- 
sion, London effectively separated 
itself from the other European mar- 
kets which were buoyed by hopes 
that (hear domestic Interest rates 
can be reduced under the lead of 
the Bundesbank. The UK was seen 
as closer to the US in terms of eco- 
nomic cycle, with inflation pressure 
not far away. Nervousness 
increased as both the stock and 
futures markets fell through sup- 


port levels and into what looked 
dangerously like free fall territory. 

At least one large London trading 
house was a heavy seller of the 
Footsie index future yesterday, and 
pressures from the derivatives mar- 
kets were enhanced by a buy pro- 
gramme in equities in early trading. 
Traders stressed that futures mar- 
kets are now exerting even greater 
pressure on the underlying stock 
market than that seen when share 
prices were rising. 

Although the interest largely 
focused around the Footsie-listed 
stocks, this afforded little protection 
to the FT-SE Mid 250 Index, which 
closed 27.9 off at 3,825.2. Across the 
fall range of the market, trading 
volume of 714.2m shares was 
around 5 per cent up on the previ- 
ous session, when retail, or cus- 
tomer, business in equities returned 


a total worth of £1.56bn. 

The stock market closed in a very 
subdued mood, with traders expect- 
ing equities to remain nervous for 
the rest of this week, which will 
bring important money supply data 
from Germany as well as unemploy- 
ment claims figures from the US. 
But the key to the stock market 
remains the government bond sec- 
tor, which proved again that it is 
itself highly nervous, and also capa- 
ble of outweighing any trends devel- 
oped in the equity market. 

, Company features also turned 
less encouraging, with Wellcome 
felling sharply ahead of the trading 
statement due today and Glaxo 
under further pressure. However, 
Barratt Developments, the house- 
builder, joined other companies to 
have raised dividend payments this 
week. 



Sara FT Grata 


M Key indicators 

Indices and ratios 

FT-SE 100 3155.3 

FT-SE Mid 250 3625.2 

FT-SE- A 350 1604.3 

FT-SE-A Al-Share 1597.20 
FT-SE- A Afl-Share yield 3.62 

Best performing sectors 

1 Distributors 

2 Health Care 

3 Investment Trusts 

4 Chemicals 

5 CM. Integrated 


-46.2 

-27.9 

-20.7 

-19.85 

(3-58) 


... - 0.1 
... -0.2 
... - 0.2 
... -03 
... -0.3 


FT Ordnary index 2493.9 -33.8 

FT-SE-A Non Fms o/e 21.27 (21.55) 

FT-SE f 00 Fut Jun 3150.0 -61.0 

10 yr Gill yield 7.41 7.31 

Long gSt/equtty ytd ratio: 2.17 2-18 

Worst performing sectors 

1 Pharmaceuticals 

2 Lite Assurance -2.9 

3 Consumer Goods 

4 Leisure & Hotels -2.2 

5 Building & Const .,.,-22 


Heavy 
trade 
in Glaxo 

Pharmaceuticals group Glaxo 
was the main casualty among 
leading stocks as brokers 
reacted to shock news of a 
challenge to the company's 
headline drug. By the close of 
dealing, the shares had fallen 
40, or 6 per cent, to 622p. The 
shares were also the most 
heavily traded in London - on 
turnover of 22m. 

Worries over the apparent 


threat to Zantan , Glaxo' a anti- 
ulcer treatment, were sparked 
on Tuesday by news that an 
arm of Ciba-Geigy, the Swiss 
group, hoped to launch, a ver- 
sion of the drug in the US. 

Zantac accounts for 43 per 
cent of Glaxo's sales and the 
threat to those sales by a 
global player prompted Gold- 
man Sachs and Smith New 
Court to re-examine their 
views on the shares. Gold- 
mans, already comparatively 
bearish, cut its short term 
recommendation and said that 
although it was holding its 
forecasts, “the risk to these 
forecasts are now subs tantially 
increased”. 

Smith, formerly a buyer, 


turned to be being merely a 
short-term holder of the stock. 
Other bullish analysts were 
also busy assessing positions. 
The European pharmaceuticals 
team from UBS argued that the 
Ciba move could add SFrSOQm 
(£231.4m) to company sales in 
1996, which would hit Za n ta c 
sales by 10 per cent 

Wellcome cloud 

Selling ahead of half-year fig- 
ures today sent shares in Well- 
come, the pharmaceuticals 
company down 22 to 601p after 
announcement of an EU 
inquiry. 

The stock was already weak 
following a sharp sector sell-off 


EQUITY FUTURES AND OPTIONS TRADING 


The strong sell off In gilts led 
to a sharp turnaround of 
nearly 100 points In stock 
index futures and pulled the 
cadi market lower after UK 


Inflation data disappointed 
the market, writes Joel 
Klbazo. 

Heavy selling of the June 
contract saw it dose at 


■ FT-SE 100 INDEX FUTURHi (UFFE) C25 par tiA Index point 


(APT) 



Open 

Sett pries 

Cfttnge 

High 

Low 

Eat vol 

Open (nL 

Jun 

loio n 

31500 

-61.0 

3248J 

31490 

23869 

55807 

Sep 

3220.0 

3167.0 

-61 n 

32200 

3220.0 

4 

701 

Dec 


31764 

S1J) 



0 

0 


■ FT-SE MH> 250 INDEX FUTUBBS (UFFE) CIO per fuB Index point 


Jui 


3860.0 3802.0 


-48.0 3889.0 3835.0 


124 


1391 


■ FT-SE MP 260 INDEX RITURES (OMLX) CIO per Ml Inriac point 

Jun 3830.0 766 

Sep 3837.5 

Al opm Intend noma tor pnwfeue day- 1 Enact «ok*na shown. 

■ FT-SE 100 INDEX OTOON (LffTE) (*3156) CIO per M tadex potat 

3000 3050 3100 3150 3200 3250 3300 3360 

CPCPCPCPCPCPCPCP 
Apr 161*2 IB 119*2 2B 8^2 40 56 63 3J*z 92*j 18*2 12812 fl 170*2 4*2 21 7*2 

May 18512 40 148 52 115 68*2 88 88I2 63 116 43 145% 30 1tB*a I* 1 * 222 

Jtti IWi S2h tsfix t3Px 8Pz *34% JOB mb 132h « IBS 45 185 32 237% 

Juf 212 62 W8*2 771J 15012 98 721b 119 98 146 77% 174E 80 206*2 «7 242*2 

Decf 281 115*2 218 151*2 185*2 IBS 118*2 247 

Cafe 1X1 Pits 7;977 

■ EURO STYLE FT-3E 100 IMDE4 OPTION (UFFE) BIO par M Indac point 


SOTS 8125 3175 322S 3Z7S 3325 

30*2 65*2 48*2 41*1 74*2 24 107»a 13 144*2 6*2 188*2 
! 58*2 181 78*2 74*2 102 52>z 129 35*2 162 23*2 199*2 
1W 82 78 144*2 38 212h 

165*2 125 115*2172*2 78 232*2 

283 154*2 152*2 HB 10B 2S3 

Cafe £300 Pus 1.700 * UMoijMg Mar sdua. Pnmksra Anm m brad aa xOmfe prim. 

| Lung dated oqfty monte. 

■ EURO STYLE FT-SE MfD 250 MDEX OPTION (OMLX) CIO per fUQ hdexpojra 


2978 3035 

Apr 115*2 12 134 * 218*2 ®*j 
May 203*2 32*2 188 44*2 131 * 
Jun 177 54 

Sep 225*2 87*2 

Duct 288 * 2117*2 


3850 3000 3050 4000 4050 4100 4160 

Apr 50 77*2 107*2 137*2 10 187*2 4 237*2 282*2 1*2 

Day 

Cafe S Fife 0 Santana* prices and wAanes ore Man at LSItaa. 


FT - SE Actuaries Share Indices 


4200 


3,155, at parity with cash but 
10 points below its fair value 
premium to cash of around 
10 points. Volume was heavy 
reaching 23,989 contracts. 

June had been strong 
earlier in the day. Having 
opened at 3,232, buying 
mainly from independent 
traders (locals) saw the 
contract advance to the 
day's peak of 3,246, just 
before 9.30am. 

The announcement of the 
Inflation figures brought a 
sharp retreat in gBts and a 
reverse in June. It fell back 
in heavy selling, once again 
fed by independent traders, 
reaching a low of 3,149, a 
decline of 97 points from its 
earlier peek. 

The FT-SE June contract 
in the mid-250 dosed at 
3,802, but once again the 
screen showed no turnover 
In the same contract on the 
OMLX. 

It was expiry of the stock 
options in the Uffe traded 
options sector. Total volume 
was 45,430 of which 17,465 
was in the FT-SE 100 option 
and 4,166 in the Euro FT-SE 
option. HSBC was the 
busiest stock option at 2,453 
lots. 


The UK Series 


□ay's Year 

Mar 23 chgeK Mar 22 Mar 21 Mar 18 ago 


C*v. Earn, 
yield* yjaldgt 


P/E 

ratio 


Xdad|. Tout 
ytd flatun 



31550 

-1A 32010 31960 3218.1 2860.6 

3.84 

602 

20.13 

23.12 

116506 

FT-SE Md 260 

38250 

-0.7 3853.1 3854.5 3865.6 3138.0 

3.19 

525 

23.48 

1400 

1393.15 


3842.6 

-OB 3872.0 3875.4 3885.3 3199.1 

3.30 

505 

21.94 

14.40 

1384.75 


1604.3 

-lO 16250 16230 1832.7 1421.6 

308 

604 

2002 

1005 

12ia74 


1976. BO 

-OO 1988.82 166496 200101 1560.01 

205 

301 

3200 

an 

1508.11 


195404 

-0.7 196806 167708 1983,59 156604 

3.00 

400 

3031 

705 

1491.16 

FT-SE-A ALL-SHARE 

159700 

-lO 1617.05 161606 162408 140500 

302 

BOS 

2108 

iai3 

122BA9 

■ FT-SE Actuaries All-Share 

De/a Yew 

Ov. 

Earn 

PTE 

Xd arg. 

Total 


Mar 23 

chge% Mar 22 Mar ?t Mar 18 ago 

yfsU% 

yMd% 

ratio 

ytd 

Ratlin 

10 MINERAL EXTRACTIONS B) 

264601 

-0.6 2561.47 253a 64 2535.01 214600 

307 

408 

2S.40 

27.63 

1008.96 


3946.06 

-1.4 400305 396204 398908 319500 

308 

401 

2806 

26.93 

107103 


2459.16 

-OO 2467.75 2442.00 2436.12 2023.70 

3.67 

5.07 

2408 

3109 

99306 

16 dl Eaptoradon ft Proddll 

1B27.18 

-1,0 164400 164603 1640.46 205620 

307 

3.93 

3200 

0.00 

1038IB 


20 QEN MAKUFACTUHERSPB4) 

21 BuMng A Constmcttoopl) 

22 BUkSng Mads & Merchs(3(9 

23 ChamtadsCW) 

24 Diversified IndusWatefia) 

25 Beetnortc & Elect Equtp(34) 

26 EnglnaoringJ72J 

27 Engineering. vehfctesfiZ) 

28 Printing. Paper A Pc*&(27] 

29 Textiles 5 jEBESSi 

30 CONSUMER 00003(94} 

31 Braweries(17) 

32 Sprits, Wines A CfderadCA 

33 Food Manufacturars( 33 ) 

34 Household Goods(12) 

36 Health Care( 20 ) 

37 Phaimaeeutlcafs<1 1) 

38 TobacooQ) 


2118.75 -CS 2138.94 2144.55 2152.64 1720.10 
1385.45 -2-2 1416-88 1429.63 1431.44 83R30 

2226-56 -1.0 224558 2284£3 2276.21 1520 SO 

2484.60 -03 2482J4 2481.81 2477.96 2121 JO 

2122.78 -1-0 2144*3 214S31 216021 184080 

2044.34 -0.6 2056.17 2044.71 2055-69 188G.50 

1943.60 -0.8 1959.15 196038 195953 1445.70 

2289.73 -0.7 2305.04 2341.21 236S01 179RB0 

2904.68 -1-5 2948JS7 3026.68 3045.61 2322.00 

imbim -1.5 1883.96 1873^1 1887.64 1875-30 


3.53 

407 

31.64 

11.18 

105406 

201 

304 

3604 

201 

106104 

3.19 

200 

4808 

1.62 

102046 

3.72 

406 

27.59 2000 

1078.32 

403 

403 

3029 2400 

1063.48 

309 

60S 

1905 

200 

972.18 

202 

304 

44.40 

6.73 

1069.00 

405 

304 

41.11 

2061 

1068.14 

205 

409 

2&21 

1.60 

111508 

307 

608 

19.78 

106 

101107 


2770.76 

217S07 

299327 

2321.98 

2586.18 

1781.53 

2923.64 

3650.58 


-2.4 2837 M3 
-1.6 2209.04 
-1.7 3045.44 
-1.1 2346S7 
-1.9 2836.72 
-0 2 1784.43 
-4.1 3047.42 
-2.13934.48 


220248 222323 212630 
302&39 3024JJO 2863S0 
233331 2336302482.40 
263624 2043.67 2348.00 
1771.46 177130179830 
3096.68 31 Oft 1 7 3036B0 
3813.51 3955.45 4129.10 


4.16 

701 

10.12 

1908 

82807 

4.19 

702 

1501 

IIOI 

952.61 

301 

012 

iao7 

1903 

98002 

408 

7.47 

1509 

11.13 

94003 

302 

7.15 

1601 

107 

803.02 

3.10 

504 

2102 

2.98 

101050 

429 

706 

1545 

35.B5 

91016 

507 

806 

1068 

OlOO 

82907 


40 5BWK3E8(C21) 

41 DtatrftxitorsOl) 

42 Leisure 8 HoteteCEZ) 

43 MedafSS) 

44 FtetaAerc. FoodtIT) 

45 Rataflera. GeneraH44) 

48 Support Serate»<40) 

49 Tranaporttie) 

51 Other Sendees ft BuUn esa(i2L 

80 UTUJTIESC36) 

62 BectricBynn 
64 Gas Dtstrtouttong) 

56 TetecommuntaUon3(4) 

sa metis. 


203832 -13 2064.40 208334 207333 180130 

307937 -0.1 306334 308355 3102JJB 2584.40 

2239.44 -23 2290.77 2298.13 230739 1 7B430 

3114 54 -0.9 314230 315739 318832 2218.00 

1608.72 -1.7 1638.02 164439 1648.17 204130 

171238 -1.1 1731.71 1716.47 17265B 1514,10 

1684.75 -03 1694.32 168625 168539 163670 

2339.52 -1.5 257739 2582.11 2S7623 209690 

120033 - ns 1705.62 1205.76 121351 1311.10 


200 

546 

2228 

6.06 

900.78 

2.79 

408 

24.75 

607 

104204 

300 

404 

2604 

1325 

108606 

2.04 

422 

2624 

1400 

1065-16 

305 

003 

1200 

103 

93422 

201 

643 

23.12 

404 

60503 

241 

6.7B 

16.77 

106 

100538 

301 

3.57 

3202 

502 

97624 

305 

300 

M2B 

007 

1010.12 


237839 

232738 

200677 

205434 

1869.68 


Bfl WQ1HqWANClALS(633> „ 

70 FWANC1ALS(104} 

71 Banhs(tO) 

73 msurancoflO) 

74 Lite Asswancdfi) 

75 Merchant Bank*(6) 

77 Other Finare!toK25) 

79 Prope rtypg) 

SO nWESTMarT TBUSTSttaiL 
69 FT-SE-A ALL-SMAR^BS^ 


1723.77 


227646 

288734 

132608 

2543.42 

292649 

200036 

1842.17 


-00 2400.91 2389.96 24022S 21 1800 

4J20 

723 

1626 

6m 

889.74 

-0.6 234142 2310.61 2321.42 1713.00 

3m 

10.64 

11^5 

1565 

93929 

-2.0 204705 2037.75 202704 195&30 

5.07 

t 

t 

0.00 

08021 

-002071.08 2078.79210109 195200 

344 

5l88 

20.74 

0L09 

854.66 

-ri o i«w» 186408 1663 l1B 180700 

4.94 

13 m 

-Jff. 

-SdS- 


-lO 174608 174500 1751.66 1541.23 .. 
-1.1 2295.46 229609 233007 187800 

3A4 

623 

1628 

-&5L. 

2B60 

88126 

-0.7 2906.42 2898.92 297005 22S2.00 

3.73 

6J« 

18.06 

am 

asm 

-do 135403 135409 135901 1332.10 

460 

821 

1425 

1322 

886.58 

-2.9 2819.00 261607 2595.71 260200 

486 

4.78 

2022 

2 m 

905.79 

-67 294343 2977.46 300103 242&00 

327 

aw 

15.09 

1144 

86(142 

-afi 2013.45 2018.7B 2021.30 1374.70 

325 

!L57 

2LS0 

1227 

104003 

-0.9 1067.72 1674.18 188109 1221 M 

3.74 

3.40 

38m 

22Q_ 

916*1 


2877.48 

159730 


_Q_2 2884.68 2873.48 288645 2231 30 2.13 1.71 5645 1430 B5530 


-13 181735 161636 1824.88 140530 332 669 2139 10.13 1228.49 


FT-SE-A 350 


(tea 9.00 

1020 

1120 

1220 

1320 

1420 

1620 

1610 

WqhMw Low/risy 

3213.7 

38632 

1030.0 

3217* 

3882.7 

1032* 

3205.0 
38802 

1627.1 

3109* 

3856* 

1624* 

3182.4 

3847-2 

1817* 

3172* 

3838* 

1312* 

3176.7 

3838* 

1614.0 

31767 

3837.4 

1813* 

31562 

3827* 

1604* 

3224* 3163* 

3866* 3625.1 

1635* 1603.B 


Tms of FT-SE 1 M Won 650 an 3i1pm 

■ FT-SE Actuaries 350 «"*>»»» 


Open 


q nn 1600 


11i( g0 1230 1330 1430 1830 1610 Close P revious Change 


. 134ft9 1348.7 1344.1 1335.7 13333 13323 13164 1317.1 13513 

Bldg & Cnstrcn 13S53 1351-* £9033 28873 23024 28962 2885,1 2892.1 30161 

PhramoMUttds 2984.5 1 885.9 1877.4 18743 18743 18723 188S3 18863 1B813 

Water 29743 29573 28360 29413 29423 29193 2922.7 29423 

Ranis 28743 ZUV 0 -*- 


-34.4 

-1243 

-163 

-193 



In the US on Tuesday 
prompted by news that Sandoz, 
the US group, was planning to 
slash the price of a cholesterol 
treatment In order to gain mar- 
ket share. 

However, the full hit came 
when dealers reacted to news 
of an EU inquiry into its joint 
venture with Warner Lambert. 

Analysts said the inquiry 
was routine and believed that 
the stock market had over- 
reacted and had also ignored 
news that Wellcome had 
obtained an option to develop 
and market Glaxo's experimen- 
tal compound 3TC for treating 
of AIDS. Elsewhere in the sec- 
tor, Smi thKlin e Beecham lost 
11 at 390p and Zeneca 13 at 


TRADING VOLUME 


■ Major Stocks yesterday 

VoL Ctodna Day's 

OCCh price dtanna 

ASOAOfouprt 

Abttey NMkmlt 

AJbwt Rdiar 
ABsd-Lyorat 
Angfen Wrar 


Aseoc. Brit Pm 
BAAt . 
BATtedfct 
BET 

BJCC 

BOCt 


HTf 

BT 


Ihb. 


Bank of ScoDandt 

Boretost 

Baakf 

BkteCbdst 

Booker 

Boowf 
BcMttft 
06 A amapa c rf 
MbriMmysf 
ftttWi Qxrf 
BrUah Land 
BrittmT) 30Mft 
Bund 

aumki Conrarf 
Burton 

CffitoAWbat 
Cadbu ry S d wwRps a T 


Caritan Comma, f 
Coota Vtysfet 
Comm. Unfcmt 
ODOkaon 
CourisUHat 

sar-t 

Dbnna 
Esalam Boot 
EwiHaaEM. 
B>B CMnal 
EmarpriwC 
EuninaM 
FW 


aCOLLT. 


SS 1 

nxio| 


Qon. Accktemt 

QenamlBeott 

Gtoof 

Stymied 

Onratef 

ftandMeLt 


OKN 

hsbc (rap aiwt 


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740p. 

Lasmo steady 

Further heavy two-way busi- 
ness developed in Lasmo, the 
oil exploration and production 
stock, after the group con- 
firmed the market's long-held 
view that the final dividend 
was doomed. Lasmo also 
anno unced big losses, heavy 
write downs, more asset sales 
and hosted a poorly-received 
meeting with analysts. 

The shares rose to 132p 
immediately following the 
results, which were broadly in 
line with analysts estimates, 
but later fell sharply, dipping 
to I24p, with Smith New Court, 
the securities house said to 
have forecast a drop in the 
shares to lOOp. “On fundamen- 
tals the shares are 20 per cent 
too high,” said a Smith ana- 
lyst 

By the close, however, the 
stock had rallied to I28p, a net 
fall of 2, with US institutions, 
which already hold over 20 per 
cent of Lasmo shares, to 
have moved in to buy the 
stock. US investors view 
Lasmo as a BP-type recovery 
play and focus on the compa- 
ny's rash flow. 

Kingfisher doubts 

Results from Kingfisher at 
the top end of analysts expec- 
tations foiled to ease concern 
over trading in the UK busi- 
nesses. The shares slipped with 
the market, ending the day 9 
down at 5S7p with turnover 
reaching 6.5m. 

With business at Woolworth, 


NEW HIGHS AND 
LOWS FOR 1993/94 

NEW MOHS (40). 

OUt {1) BLDG MAILS A MCHTB ft] Qrabon. 
CHEMCALS (4j BASF. Barer. Hooch*. Paver. 
DtSmmnDRS to AH Latium, ISA biTL. 
Nnbokv SondMon Bnmaa. ELECTRNC 4 
ELB3T SOUP 01 Femvd Taeh. mao.. NBC. 
TblNba, BKHNaSWW (3) Mvigtmna Brora. 
Motaac. Rah Rayca. EDO, VOflCLES (1| 
VUowqjan. EXTRACTIVE IND3 (0) Antfa 
Pac tt c Rm. Caledonia MMngCwix. Ml. 

MuHOk Mteorco. NUrgn UteMg. HEALTH CARE 
n AmteUmra Ml. INStmANCE m Sadgtrick. 
INVESTMENT TRUSTS R EFM Inconte, London 
Amor. Qruwtti, MAO Rocmary Cop. LEISURE 
A HOTELS flj Qnckfcrdo. MBNA (2) Hoddoi 
Haadkw, PtmnoBnk, OIL EXFUMATKW A 
mOD (1) CHo Raa. PRTNQ, PAPER A PACXQ 
PortaU. Rogam A. PROPERTY ft) Beuna 
End. fei Shops, SUPPORT SERVE n) 

KafenmiO. TEXTILES A APPAREL (T) 
OmanuM Garments. AMERICANS (93 Grate. 

ImnVl south arhcans p) Tansra-HAB 

HEW LOWS DSL 

OUI m nsraBUTORS a Vttea. Weipac. 
BECIBN S ELECT EMJP (1) Rmspur, 

HEALTH CARE « Ofefe Ml. ShUd 
OtagnMIcs, INSURANCE (i) TflocoM SatacL 
INVESTMENT TRUSTS fl) Kktenl Eud PwL. 
L8SURE A HOTHS (1> WRTtoley, OIL 
EXPLORATION S PROD (1) Coeta Rad. 
PHTNO, PAPER A PACKS (1| Croat 
PROPERTY (1) ChoWHd, SUPPORT SERMS CB 
Borland Ml Inc.. CHcol Compute*. 

m 


Superdrug and B&Q all prov- 
ing disappointing, Kingfisher’s 
strategy of ‘every day low 
prices’ combined with cost cut- 
ting and product innovation as 
a means of improving margins, 
divided analysts. The more 
optimistic observers believe 
the group will emerge from the 
current flat period in strong 
market positions. Others are 
not convinced, with one ana- 
lyst com plaining that the com- 
pany strategy kept promising 
“but never seems to deliver." 

All agree, however, that the 
crucial test for the short-term 
performance of the shares will 
come in the next three weeks 


when the management embark 
on a big series of presentations 
to insitutions and analysts. 

A meeting between NatWest 
executives and bank sector 
analysts to explain the ratio- 
nale behind the acquisition of 
Citizens First, the US bank, 
appeared to reassure the stock 
market and NatWest shares 
edged up 2 to 466p in a gener- 
ally dull sector. 

TSB dropped 5 1 /* to 217p on 
heavy turnover of &3m shares, 
unsettled by an agency cross at 
2l5p. HSBC fell back from an 
early 804p to end the session 
unchanged on balance at 7S3p. 
Standard Chartered closed 32 
lower at 1074p following what 
was described as a badly-han- 
dled selling order from one 
agency broker. 

Sharelink, the stockbroker, 
fell sharply, the shares slipping 
29 to 325p after some stock was 
sold into the market at 313p. 

1CI was one of the few Foot- 
sie stocks to remain in positive 
territory the shares benefiting 
from a Goldman Sachs recom- 
mendation and adding 5 at 

811p. 

Renters Holdings Improved 7 
to 2048p on buying ahead of 
the share split in April. 

BAT Industries shed 10 to 
459p after a US House sub-com- 
mittee voted to raise the Fed- 
eral cigarette tax by $1.25 a 
pack to help finance a health 
care reform bill. 

Among leisure stocks, Thom 
EMI and Ranh Organisation 
were among the worst hit. 
Dealers said that as well as 
being among the best perform- 
ers in the sector in recent 
months, last week's consumer 


spending figures had hit senti- 
ment. The shares retreated 24 
to 1083p and Rank fell 17 to 
398p. 

Poor results from whisk y 
group Burn Stewart sent the 
shares down to 129p. 

Media stocks continued weak 
with United Newspapers which 
is to announce full-year figures 
today, falling 24 to 636p, Pear- 
son, which reports on Monday, 
sliding 13 to 615p and Reed 
International losing 12 to 826p. 
Carlton Communications, 
downgraded by Nomura slid 24 
to 906p. 

RPC eased 2 to IfiOp after 
announcing that Barclays Ven- 
ture Nominees and Railway 
Pension Venture Capital were 
behind the selling of a 6.7 per 
cent stake in the group on 
Tuesday. 

British Aerospace was 
among a handful of stocks that 
managed to resist the market 
trend, the shares closing 1'/* 
ahead at 515p, on talk that the 
group may benefit from 
increased tension between 
North and South Korea. 

Korea is believed to have 
defence equipment on order 
from BAe and there were sug- 
gestions that the orders may 
be brought forward. 

A sharp increase in full year 
profits from engineering com- 
pany TT Group helped the 
shares jump 12 to 384p. 

MARKET REPORTERS: 

Ch ris topher Price, 

Joel Kbazo, Peter John, 

Steve Thompson 

■ Other statistics. Page IB 


LONDON EQUITIES 


L1FFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


Fate 


Sanw 


Cafe- 


•MB- 


Opta 


Apr 

■M 

Od 

Apr 

il 

Oct 

AtoHyora 

eoo : 

2 IH 

33 43)4 

13 : 

32 h 

4014 

(*HB) 

650 

4 14)4 29)4 

48 1 

37)4 

72 

Aim* 

240 

19 

26 

31 

4 

1414 

IB 

(*254 » 

260 

7 

17 

21 

13 

28 

30 

ASOA 

50 

BVk ■ 

11 ) 4 ' 

1214 

1 

3 

414 

r»> 

60 

2 

a 

6)4 

6 

714 

10 

Brit Akwqn 

420 

2 Z»: 

SU r 

42)4 

6 : 

2314 

»V 4 

<* 4 ») 

480 

5 ■ 

I 7 W 

a 

34 

47 

52)4 

teOBchmA 

360 

96 • 

* 7 ) 4 ! 

56)4 

3 

13 

21 

1-389 ) 

380 

15)4 

30 i 

18)4 

13 : 

2634 

3414 

Borta 

600 

43 1 

13)41 

31)4 

3 

14)4 

19)4 

0*37 ] 

550 

8 ) 4 ; 

OH 

35 

22 

38 V 4 

44 

BP 

360 

24 

34 

41 

5 

13)4 

17 H 

r 377 ) 

3 B 0 

7)4 

18 

26 

18 

271 * 

33 

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140 

6 

12)4 

16*4 

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13 

15)4 

n«» 

160 

1)4 

5)4 

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23 

26)4 

2814 

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500 

23 Hr 

m 

52 

B 

234 

2914 

rsia l 

550 

4 

16 

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42 

54)4 

59)4 

CSKA Ml 

425 

2 BK 

37 

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m 

28 

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T 433 | 

450 

»W 

25 

wm 

Mh 

38 M 

— 

CoffiAta 

500 

42 

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81)4 

3 M 

IBM 

28)4 

rs» i 

550 

11 

25 : 

5554 

24)4 46)4 

53 

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550 

27)4 i 

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52)4 

634 

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261 * 

row i 

600 

4 M ' 

19 ) 4 : 

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37)4 

< 6)4 

55 

Cl 

800 

2814 

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68 

16 : 

MW 

50 

C 811 ) 

850 

TH ; 

31 ) 4 . 

44 M 

47 

61 

77 

Hn^sher 

SO 

2 CVr 

37 ! 

51)4 

li ; 

8114 

39 

(*561 ) 

600 

a 

19 

30 

m 

611 * 

69 

land Soar 

SO 

25 . 

41 ) 4 . 

48)4 

6 : 

22 M 

26 K 

r« 70 1 

700 

5 

15 

24 

38 

53 

55)4 

Marks ft S 

300 

31 : 

37)4 > 

14)4 

2 

11 

12)4 

(“ 4 * 6 ) 

420 

Btt ■ 

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27 W 

12 

24 

25)4 

KflfWflST 

460 

18)4 

38 . 

43)4 

11 

22 

32 

r« 8 ) 

500 

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20)4 

27 

37)4 

45*4 

54(4 

Satasmar 

380 

17 ) 4 : 

m, 

37 

7*4 

2314 

27 

r 370 ) 

390 

5 

15 

23 

25 

4114 

44 

9 d Dam. 

050 

27 

« ! 

54 K 

6 

16)4 

26)4 

row i 

700 

4 

21 ; 

28)4 

35*4 

43)4 

63 

smtehouw 

200 

17)4 

M 

28 

2)4 

9 

11 

rzi 3 » 

220 

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12)4 

17 

11)4 

3 

21 H 

TraWgir 

97 

8)4 

14 

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4 

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nm ) 

106 

4)4 

BK 

— 

914 

13)4 

— 

Urtbra 

1060 

17 

43 

61 

r 

45 

56 

H 0521 

1100 

4 

25 

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75*4 

781 * 

88(4 

Zeneca 

700 

50 

72 

84 

5 

19 

31)4 

(-740 | 

750 

10)4 

42 K! 

5 S )4 

24)4 

41 

55 

Option 


■ter 

Aag 

few 

ifey 

Aug 

NO* 

Grand Mat 

460 

22 ; 

3614 

46 

14 

24)4 

30 

("465 ) 

EOO 

7 

19 ! 

2 BV 4 

39 H 

48 

5314 

Uttnfta 

200 

12 

Z) 

27 

avt 

14 H 

am 

ram i 

220 

4 

12 

18 

23 

27 

33)4 

UUBbcuts 

330 

31 

37 

46)4 

6 

13 

18 

(*353 1 

350 

11 W 

22 

31 

2114 . 

2 fl» 

33 H 

Opta 


Ifer 

Jn 

&>P 

lb 

Jill 

ta 

Haora 

130 

4 

15 : 

ZOi 

l 

8 H 

15 

H 33 ) 

140 

1 

10)4 

18 

6 

16 

20)4 

Oita 


iter 

teg 

Bmr 

May 

AUB 

Hot 

M Asm 

500 

47 1 

56)41 

mi 

24 

41 

53 H 

f -515 > 

550 

S‘ 

mu 

59 h 

5 fti 

tt 

KM 

BAT tub 

420 

44 . 

48 Vt ! 

S 8 » 

m 

14 

204 

T 4 ffl) 

480 

ism: 

Z 6 »: 

35 K 

26 ! 

X» 

43 ft 

BIB 

3 S 0 

32 K 

42 

48 

BS 4 

12 

17 

T 383 ) 

390 

13 ) 4 : 

24 ) 4 : 

30)4 

17 ) 4 ; 

24 H 

31 

Sol Tattoo 

390 

21 

30 

X 

6)4 

18 

23 

(MOO) 

420 

6)4 

is: 

avi 

23 : 

35)4 

39 K 

QdurSdi 

453 

42 

ra 

- 

4 

- 

- 

Trite) 

493 

14 

- 

- 

IBM 

- 

- 

ErafenBec 

600 

41 ) 4 ! 

54)4 

82 

6 ; 

2 SK 

33 

(*828 ) 

B 50 

14)4 

29 : 

37)4 

33)4 

5214 

59 D 

Gtenea 

460 

30 

43 ) 4 ! 

S 3 M 

11 V 4 

22 

281 * 

TriBri ) 

500 

8 

24 

34 

34 . 

44 H 

51 ft 

cm 

300 

14)4 

ig) 4 : 

24 K 

8 

17 

21 

r» 4 ) 

330 

4 

7 

12 

29 

37 K 

40 


Ogdon 


— Cafe PUB 

Kay Aug Nov May Aug Nov 


Kansan 
Cm I 

Uumo 

C 1 Z 5 ) 

Un Ms 

n»> 

p t o 
r*7j 


ns3 » 


ms) 

RTZ 
P952 | 


rsss i 
Royal hi 
(-258 ) 
Tara 

rzia i 


280 21W2SM 30 3H 7H 11 
280 BY. 14W 19 11 16 20 

120 13M 20 25H 7 12 16 

130 EH 15H SB!* 11 17U 22 

180 21 U 28 31% 3H 13 
200 B IB 21 12 17 23* 

650 35 5B BTO IBM 34 S2M 

700 13*4 33h 45 50 63fc 83h 

180 1ff» 2fi» 29» 4 9 11H 

200 7 14 IBM 13 18*21* 

300 22 28 3414 6» lift 18 
330 4U 14 2014 25 29 3454 
850 3514 62 75 301445)4 57 
BOO 16 3P4 S3 50 73)4 85 
550 21 34 47 29 36*450ta 
600 5 17 2JM 60 72)4 83 

240 28 35 40 4M 10H 1BH 
260 13 234 29)4 13 19 26 




61 

3 

ID 

10 

Other Fixed Merest — -. 

2 

Mineral Extinction 

44 

so 

71 







232 

30 

186 

237 

9 

153 

260 

17 







Others - 

43 

62 

Totals 

378 

1.194 

1131 


Dm tnted on teora c n amnwa Mad an On Lonfen Slum Sonrioa. 


TRADITIONAL OPTIONS 

Marc* 21 
Apr! 1 


First Doeflnjyj 
Last Deeftiga 


Last Dectarafona 
For settlement 


June 30 
July 11 


1*545 1 
Mtem 
1-39* ) 
Option 


32 4H 6V: 13 
22 14 19 23 
85)4 7 2014 28 

SB 26*4 41 51 h 
30 18 24*4 30ft 
18 40V4 44 Vi 49fe 


200 22Vk Z7V4 
220 BV, 17 
500 5BU 72 
550 IS 43)4 
390 15*4 23*4 
*20 5 12)4 

Apr Jsf Od Apr JU Od 


Cals: Betterwara, Cewrcfefe. Dating Kind, Kunicfc, Lucas Wts, Nat Hama Ln, 
Regent Carp, Trafalgar Hn, WaHcama, World Fluids. Puts Cakd, Euro Disney. Puts 
& Calls: CtevsRMe,- Lucas Wts, ml Labs, Aragats, Nat Home Ln, w elcome. 


LONDON RECENT ISSUES: EQUTT 1 ES 

Issue Amt MU. Close 

price pax) cap 1963/94 price 

p up [£mj High Low Stock p W- 


Mst Oh. Ore P/5 
<8v. cov. v*d ret 


BAA 
r«89) 
Tiara Mr 
nm j 
Ofttxi 


Attar Kafl 
r«7oi 


F37) 
Barctays 
CMS) 
BUa Ckds 
(-337 I 
Brtfeh Css 
{•son j 
Dbons 
rsoa J 


950 

53)4 

74K 

91 

8H 

29 

36 

_ 

FP. 

31X1 

246 

1000 

23)4 

46 

64 

25 

52 

SB 

135 

FP. 

412 

142 

500 

29 

38 

« 

5h 

22 

28 

105 

FP. 

33.4 

118 

550 

4)4 

1314 

29 

33 ! 

53)4 

SB 

- 

FP. 

1260 

65 


Mar 

Jua 

Efe 

liar 

Jun 

Sep 

- 

F.P. 

F.P. 

6.40 33 

0.89 rn7V> 

460 

IB 

36 

48 

1 

"iT 

21 

. 

FP. 

360 

12S 

500 

1 

15 

28 

24: 

33itt 

41M 

50 

F.P. 

133-0 

50 

3S 

3 

5)4 

7)4 

i 

3 

4ft 

- 

PP. 

122 

50 

40 

1 

3 

5 

4)4 

6 

714 

100 

FP. 

142.5 

99 

900 

39 ! 

5214 

68 

1 

11 

22H 

130 

FP. 

327 

155 

550 

t ; 

23)4 

38 

is : 

3214 

4514 

- 

FP. 

254 

105 


02 Central Euro Qwth 
21 Do Warrants 


45 Bdn Now Tlflor 
49 F & C Private Eq 
S3 HdeSty Jpn Vahrao 


248 *1 - - - 

130 WN3J) 2.4 X3 161 

109 +3 RN1.91 69 22 17J 


330 I 2014 31M 

360 1 6)4 M 

300 2 IS 18 

330 1 4 8M 

200 wm am zb 

220 1 11 KM 


6 20 28 
25 38)4 47 
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31 3Bte 41fc 

i aw 17 
13H 20 28)4 


98 Fleming Japan C 

- F.P. 2J8lfl C31*2 £21*8 RankOn He* 


21 

£87 -*2 
135 

47*2 41 

49 

95 -1 
150 
101*2 
£31*2 


12360 43 3/4 9.0 

R3J 23 2S 19J> 
Q28C - 0.6 


n75) 

Lonrtn 

H54 J 
Hzfl power 
r*ea 1 
Scot Power 
r*»3 1 
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(1084) 

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(-218 I 
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rs48i 

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1B0 17 19*4 2214 1 6*t 9 

166 1 7 12)4 7 li 21 

140 1544 2314 29 1 7 13)4 

160 1 13 1914 7h 16)4 23M 

460 9 28 38 I 23*4 29 

500 1 12 21 34 48 52 

390 15)4 29 39 1 12 21 

420 1 15 24H IBR 27)4 37)4 

110 6)4 B 13V. I 5 7 

120 1 m 7h K 11 13 

240 20)4 24)4 31 1 Bti 13K 

260 2 12)4 20W 2*4 18)4 24 

600 33)4 60 72 IS 32*4 52)4 

650 13 36 50 44 60)4 81 

1050 30 72)4 91)4 1 25*4 534 

1100 Itt 44)4 BE 22 *8)4 78 

200 19)4 28)4 31 1 4h W 

220 1M 12)4 19)4 4 13 19 

240 g 19 2E 1)4 9 15U 

260 1 10)4 16 14 21*4 2714 

600 5)4 38)4 61 4 38 52)4 

B50 T 19)4 41 5414 70 8314 
Apr JR Od Ap M Od 


_ 

FP. 

5141 

103 

100 Gonmara Brit Inc 

102 

- 

- 

- 

- 

- 

FP. 

568 113*2 

112 Da Zero PI 

113*2 *1 

- 

- 

- 


- 

FP. 

1065 

213 

208 Da Units 

213 

- 

- 

- 

- 

170 

FP. 

60.4 

171 

156 Gofctaborougti Hsn 

156 -4 

WN3J 

2.6 

2.6 

17.0 

163 

FP. 

233.9 

218 

195 Graham Group 

204 -1 

LN4£ 

£.3 

2^ 

195 

- 

FP. 

655 

74 

68\ Guangdong CM pi 

71\-lJ» 

- 

- 

- 

- 

SI 

FP. 

835 

62 

54*i brad Fund 

54*J -1*2 

- 

- 

- 

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FP. 

620 

28*2 

26Ji Do Warranto 

26tr -*2 

- 

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5312 

495 

459 Mercuy Sum Prvtn 

468 *5 

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140 

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172 

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226 

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199 

- 

- 

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125 

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17.7 

133 

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115 -1 

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94 

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118 

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153 

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525 

160 

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50 

FP. 

10.7 

77 

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68 

1V4 

0.4 715 

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205 

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513 

216 

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217 

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29 


FIN ANC IAL TIMES THURSDAY MARCH 24 1994 


















































































































































































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32 _ _ 

CURRENCIES AND MONEY 


MARKETS REPORT 

Dollar fails to strengthen 


The dollar yesterday Failed to 
rally despite the tightening of 
monetary policy by the US Fed- 
eral Reserve and a generous 
cut in the German repo rate, 
writes Philip Gawilh. 

The US currency finished in 
London at DM1.665. down from 
its Tuesday close of DM1.6885 
before the Fed nudged up the 
fed funds rate by 25 basis 
points to 3.50 per cent The dol- 
lar is well below the DM1.76 
level it traded at shortly after 
the Fed tightened in February. 

In Germany, the Bundesbank 
provided further evidence of a 
decoupling of US and Euro- 
pean interest rates when it 
announced an eight basis 
points cut in the repo rate to 
5.80 per cent 

The dollar also finished 
lower against sterling, closing 
at Si. 4935 compared to $1.4862 
on Tuesday. The pound was 
boosted by a poorer than 
expected February retail infla- 
tion figure which set back 
expectations or a cut in UK 
interest rates. 

There was widespread con- 
cern in tbe market at the dol- 
lar's failure to rally despite the 
favourable interest rate move- 
ments. Mr Brian Hilliard, 
senior international economist, 
at SGST. said it seemed there 
was “virtually no circumstance 
that provides strength to the 
dollar." 

Others were less pessimistic 
about the US currency. Mr 
Paul Chertkov, head of global 
currency research at UBS, said 
the market remained thin with 
“the long term players very 
much committed to the (long 
dollar) positions they held at 
the beginning of the year " 

■ Sentiment against the dollar 
has soured following tbe cur- 
rency’s repeated failure to 
make headway despite an 
interest rate differential mov- 
ing in the US's favour, and 
good growth prospects. 

Dollar bears are certainly in 
the ascendancy at the moment 
Swiss Bank Corporation, for 
example, confirms that it is 
“very comfortable" with its 
forecast of the dollar at DM1.60 
by the middle of the year. The 
SBC view is that the dollar is 
weak because of a large cur- 
rent account deficit and. inter- 
est rates that are too low. 

A spokesman said if the US 


DoBar 

Against the DM (DM par 5) 



■ Pound ki Dm Ywfc 


Mar 23 

— Latest — 

-ftat ctee- 

£SP0I 

1.4850 

1.4800 

1 mBi 

1.4830 

1.4860 

3mffi 

1.4902 

1.4836 

1»» 

1.4845 

t.4787 


currency went through DM1.67 
by next Monday, a large num- 
ber or investors would be 
forced to rethink their posi- 
tions. “People who buy curren- 
cies because of growth are hav- 
ing to reconsider," he said. 

Mr Chertkow says tbe dollar 
needs a catalyst to break from 
the levels where it is currently 
“languishing". One candidate 
he suggests would be a pack- 
age of market-opening mea- 
sures from the Japanese gov- 
ernment Another would be the 
release of a good non-farm pay- 
roll number on April 1. 

The UBS analyst added that 
in the absence of evidence of 
long-term investors being 
frightened out of the dollar, he 
was happy to stand by the 
bank's forecast of DM1.80 by 
mid-year and DML90 in Decem- 
ber. 

In the futures market Euro- 
dollar contracts firmed show- 
ing a slight downward revision 
of the pace at which Fed tight- 
ening is anticipated. The June 
three month future rose by 
eight basis points to 95.68. The 
December contract was nine 
basis points firmer at 94.84. 

More encouraging for the 
dollar was that it managed to 
keep a firm tone against the 
yen, despite a return to the 
offensive from US negotiators 
about the trade dispute with 
Japan. The dollar closed in 
London at Y106.430 from 
Y106J305. 

■ The Bundesbank pleased the 


market with its generous repo 
cut, at the top end of traders’ 
expectations. The D-Mark held 
up well in Europe, finishing 
unchanged against the French 
franc at FFr3.418 and the Bel- 
gian franc at BFr20.64L The lira 
was slightly firmer against the 
D-Mark at L98&9 from L99Q.4. 

Euromark futures rallied 
after this news, but later lost 
ground when rumours were 
rife about another bad money 
supply figure. The February 
M3 number will be released 
later this week, and there was 
speculation that growth could 
be as high as 30 per cent - well 
above the Bundesbank guide- 
line. 

The June contract settled 
one point lower at 94L50, with 
the December contract seven 
points down at 9188. 

Cali money was slightly 
easier at 5.70/5.80 per cent after 
the repo, Indira ting the market 
view that interest rates will 
continue to fall. 

■ in the UK, sterling had a 
better day as a poor infla tion 
number scotched talk of a rate 
cut The headline retail price 
index rose 0.6 per cent in Feb- 
ruary for a year-on-year rise of 
2.4 per cent, compared with 
market forecasts of 2.2 per 
cent 

It finished at DM2.5 165 
against the D-Mark from 
DM2.5094 on Tuesday. 

In the futures market ster- 
ling contracts eased across the 
yield curve showing the mar- 
ket believes rates may be close 
to bottoming. The June con- 
tract lost two basis points to 
94.83 while the December 
future was seven points lower 
at 94J9. 

In the discount market the 
Bank of England offered a 
£365m round of late assistance 
after forecasting a fairly small 
shortage of £750 ul 

Analysts said the delay in 
clearing the shortage was prob- 
ably the result of hanks hold- 
ing back bills earlier in the day 
because of interest rate specu- 
lation. 

■ OWH CURRBNCK8 

U* 23 E S 

Kmpvy 154.217 . 1 54.418 1(0280 - 1(0380 
inn 2597.00 - 2SDJM 174100 - 179100 
Korn* 0.4445 - 0.4454 02977 - 02982 

(tend 029200 - 3293907 23BZO - 220520 
Rush 257050 - 2585.99 173500 - 174000 
UAH. 5.4753 • 5.4905 30715 - M73S 


POUND SPOT FORWARD AGAINST THE POUND 


Mar 23 Ooang Change BleYotter Day's Ud One month Three month* Ow year Bark of 

on day spread htgh low Rata KPA RH4 KPA Rata KPA Eng. tadat 


Etaopo 

(3cti) 

17.7280 

*00037 

213 - 347 

17.7347 57.6522 

17.7242 

03 

17.7188 

a 2 

. 


1109 



512206 

40.1413 

977 - 434 

52.9588 51.6128 

518656 

-1.0 

520406 

-09 

522406 

-06 

1146 

Denmaro 

(DKt) 

92024 

♦00436 

932 - 065 

09055 08476 

09114 

-1.1 

09261 

-ID 

09609 

-08 

IKS 

Finland 

P4 

02981 

400484 

882 - 069 

03069 02340 

- 

• 

- 

- 

- 

- 

810 

France 

(FFf) 

05996 

♦00227 

959-033 

06033 05711 

8.6089 

-u 

8.8243 

-12 

8.6493 

-08 

108.3 

Germany 

(DM) 

25165 

♦00071 

163 - 178 

25220 25081 

2^182 

-fl8 

25208 

-0.7 

2-5218 

-02 

1206 

&asce 

Pi) 

360658 

+2.012 

372 - 944 

360944 388.719 

- 

- 

• 

- 

- 

- 

- 


(K5 

1.0392 

♦OjOOI 

383 - 401 

1.0411 1.0379 

1.04 

-IX 

1JM15 

-OS 

1.0478 

-08 

1029 

Its tf 

94 

2487.72 

+3.16 

618 - 925 

24B925 2478J» 

249002 

-3X 

250752 

-02 

255057 

-28 

75.7 

Luxertbowg 

fUPr) 

51.8206 

+01413 

977 - 434 

629588 61.6128 

51£W6 

-IX 

520406 

-as 

522406 

-06 

114.9 


« 

9xrmt 

*00083 

290 - 321 

23332 28205 

20316 

-03 

28»4 

-02 

2-8288 

0.1 

1185 

Norway 

(NKr* 

109458 

♦00385 

425-491 

104)481 108984 

109402 

06 

109527 

-03 

108439 

ao 

84.6 

Portugal 

(Ea» 

259.413 

♦0814 

220 - 60S 

259.605 257.642 

2BEL388 

-4 5 

262333 

-<5 

- 

- 

- 

Spall 

(Pta) 

206.134 

♦0377 

062 . 205 

206205 205.533 

206.714 

-3.4 

207.719 

-3.1 

211.534 

-26 

B5.3 

Sweden 

(SKr) 

11.7369 

+OQ341 

313 - 466 

11.7465 11.6683 

11.7569 

-20 

11.7944 

-1.9 

11.9034 

-1.4 

78.7 

Swrtzsrtind 

(S Ft) 

21312 

♦00062 

300-323 

2.1336 2.1347 

2.1297 

08 

21261 

1.0 

21058 

12 

1103 

UK 

W 

. 

- 

. 

- 

• 

- 

- 

- 

- 

* 

806 

Ecu 


1.3065 

♦00041 

057 - 073 

10073 1.3012 

1306 

-1 A 

14)104 

-12 

12148 

-00 

- 

SOR 

« 

0^41889 

- 


- 

- 

- 

- 

- 

- 

- 

- 

Amarlese 

Arsenttau 

(Paso) 

1.4833 

♦arose 

929 - 938 

1.4936 1.4885 

* 

_ 

_ 



_ 

_ 

Brad 

(Cr) 

124087 

+?7.S2 

seem 

124608 121000 

- 

• 

- 

- 

- 

- 

- 

Canada 

m 

2.0364 

•0006 

345 - 362 

2.0362 2-0227 

2.0334 

1.1 

20315 

08 

20337 

Ol 

88.4 

Mexico (New Ream 

<9895 

♦00353 

612 - 778 

4.9778 46509 

- 

- 

- 

- 

- 

- 

- 

USA 


1.4835 

♦00073 

932 - 937 

1.4837 1.4865 

1.4916 

1.5 

1.4869 

12 

1.4838 

08 

682 

Paeillcftadtfls Easi/Africa 
AuttraBa (AS) 2.1021 

+0.0084 

010 - 032 

2.1032 2.0355 

21006 

09 

20963 

0.7 

20963 

02 


Hong Kong 

CHKS) 

11^373 

+0TS57 

350 - 396 

11.5398 11.4840 

113243 

1.4 

1 1.5189 

06 

11.4688 

06 

- 

tads 

(Ra) 

46.8490 

*02293 

380 -611 

408611 406350 

ta 

- 

. 

. 

- 

- 

- 

japan 

(V) 

150946 

+1.403 

647 - 049 

150049 167.430 

150588 

27 

157.858 

27 

164.683 

27 

183.0 

Malaysia 

(MS) 

<0674 

♦00179 

660- 888 

<0688 4.0467 

- 

- 

• 

- 

- 

- 

- 

New Zealand 

(NZS) 

2.8185 

♦00127 

164 - 205 

2.6205 26Q50 

26214 

-14 

262S7 

-1.1 

2.6343 

-ae 

- 

PWippfrTes 

(Paso) 

41.1020 

+01999 

137 - 502 

41.5695 406600 

• 

- 

- 

- 

- 

- 

- 

Saud Arabia 

(SR3 

58005 

♦00273 

992 - 017 

5.6017 SJS74S 

- 

- 

• 

- 

- 

- 

- 

Sfrigaporo 

(SS) 

2J688 

*00115 

678 - 693 

2.3693 2^573 

- 

- 

- 

- 

- 

- 

- 

S AtricafComJ (R) 

51500 

*041295 

488 - 525 

S.152S 5.1232 

- 

- 

- 

- 

• 

- 

— 

S Africa (fox) 

IP? 

6.3296 

+0.0745 

210-382 

69382 08583 

- 

- 

• 

- 

- 

- 

- 

South Korea 

(Won) 

1206.64 

♦SJ4 

638 - 691 

120091 1201JH 

- 

. 

. 

- 

- 

- 

— 

Taiwan 

05) 

39.4346 

♦0.1692 

205 - 488 

39.4466 392600 

- 

- 

. 

- 

- 

- 

- 

Thedand 

(&) 

37.7643 

♦0.1834 

630 - 055 

37J0S5 378210 

- 

- 

- 

- 

- 

- 

- 


fSOR rata lor Mb 22. BkVBOar spread* In toe Round Spot latte Hew arty too loot m ttcfcnef piece*. Form* atm fee no! dkeedy rawed to On nM 
tod n ImM by currant tatarest aim. Storing Mac eafctfatod by DM Bar* of England. Bm aaeraoe 1885 - 1003d, OSer aid Md-mes ki bath thto and 
m Oott Spat MM dfe+rod from THE WM7H3TTERS CLOSM3 SPOT RATES. Some MM fee (raided by ra F.T. 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


Mar 23 CJoafng Change EMd/dfler Day's mW One month Three months One year OP Morgan 

mrt-poftd on day spread htgh low Rate %PA Rat b KPA Rata KPA Index 


Etrape 


Austria 

(Sett) 

11^705 

-0.015 

680 - 730 

11.9020 116840 

11.8915 

-2.1 

11218 

-1.6 

113215 

-04 

10X3 

Befcyum 

(BFr) 

34.7655 

-00745 

560 - 750 

34 9*20 34.7000 

3<B455 

-28 

30605 

-2.2 

35.2255 

-1.3 

104.4 

Denmark 

(DKr) 

6^305 

-00031 

295 - 315 

66397 

8.6139 

8.6477 

-3.1 

66697 

-2.4 

6.7145 

-1.3 

10X5 

fintand 

(FM) 

5.5563 

*0.0061 

513 - 613 

05753 

5.5326 

5562 

-12 

5J685 

-0.7 

5.5743 

-03 

78.0 

France 

(FFr) 

5.7582 

-0.0128 

567 - 537 

5.7730 

5.7567 

6.7718 

-08 

5.782 

-25 

5.8257 

-12 

1047 

Germany 

(D) 

1.6850 

-0.0035 

845 - 855 

1.6823 

1.6845 

1.6882 

-03 

1.8929 

-13 

1.6884 

-06 

105.0 

Greece 

(Dr) 

246.650 

♦OIS 

700 - 000 

247.400 246.700 

25075 

-1971 

2S75 

-175 

286.6 

-16.1 

71.0 

Ireland 

TO 

1^4371 

♦00055 

381 - 381 

1.4381 

1.4288 

1.4339 

2.7 

1.4235 

21 

1.4158 

1.5 

- 

Italy 

(U 

1665-75 

-6 

500 - 650 

1672.50 1685.00 

167325 

-5.4 

1884.75 

-4.6 

17205 

-3.6 

76.4 

Luxembourg 

CUFt> 

34.7655 

-0 0745 

500 - 750 

34.9420 34.7000 

34.8455 

-28 

3<9606 

-22 

36.2255 

-15 

104.4 

Nethertands 

(R) 

12955 

-00037 

850 - 960 

1.9050 

1.8950 

18967 

-2.1 

1.9025 

-1.5 

1.9075 

-06 

1(KL8 

Noway 

(MO) 

72292 

-0.0099 

282 - 302 

7.3518 

75232 

78392 

-1.8 

70S29 

-15 

75682 

-05 

95.0 

Portugal 

(Es) 

173.700 

-0.3 

600 - BOO 

174.150 173.100 

174.74 

-72 

1702 

-5.6 

161.425 

-4.4 

92.9 

Spain 

pta) 

138.025 

-0.42 

OM - 050 

138.500 138.000 

133625 

-52 

139015 

-4.4 

142.655 

-3.4 

60.6 

Sweden 

(SKr) 

7.8603 

-00154 

565 - 640 

7.8890 

7.6438 

7.8873 

-<1 

73251 

-X3 

8.0303 

-22 

825 

Switzerland 

(SFr) 

t.4270 

-00028 

265 - 275 

1.4333 

1.4265 

1.4275 

-07 

1.428 

-03 

1.4191 

06 

1045 

UK 

(O 

1.4935 

+0.0073 

932 - 937 

1.4937 

1.4865 

1.4916 

1.5 

1.4889 

12 

1.4838 

06 

800 

Ecu 


1.1431 

+0.002 

426 - 436 

1.1438 

1.1402 

1.1402 

XI 

1.1361 

24 

1.1282 

U 

- 

SOR 

Amerteaa 

- 

t.40040 

" 

• 

“ 



" 


" 

“ 

* 

" 

Argentina 

(Peso) 

0.9999 

♦0 0009 

998 - 999 

09999 

0.9998 

- 

• 

- 

• 

- 

- 

- 

Brazi 

(CO 

834223 

+14.518 

220 - 225 

834-230 834.220 


. 

. 

• 

. 

w 

- 

Canada 

PS) 

12629 

-00028 

625 - 632 

1.3666 

1.3598 

1.3637 

-0.7 

1.3653 

-07 

1.374 

-0.8 

84.6 

Mexico (New Peso) 

32275 

*0.0075 

225 - 325 

3.3325 

03225 

3U2285 

-04 

3.3303 

-0.3 

35377 

-0.3 

- 

USA 

m 

- 

. 

. 

. 

- 

- 

- 

. 

• 

- 

- 

1011 

PaciRc/MdcSe EasV Africa 












AustraBa 

(AS) 

1.4076 

-0.0012 

071 - 081 

1.4114 

1.4015 

1.4088 

-1.1 

1.4135 

-1.7 

1.4241 

-12 

87.3 

Kong Kong 

(HKS) 

7.7253 

-00002 

250 - 255 

7.7264 

7.7250 

7.7283 

-OS 

7.7343 

-0.5 

7.7691 

-04 

- 

Intia 

(%) 

315700 

+0.00 J 2 

675 - 725 

3JJ725 3U675 

31.43$ 

-25 

31.57 

-28 

- 

- 

- 

Ja par 

no 

106.430 

♦0425 

380 - 480 

106.480 105.890 

106825 

12 

100015 

1.6 

104.18 

2.1 

1449 

Mriaysia 

(MS) 

27235 

-00012 

230 - 240 

2.7268 

2.7208 

2.7165 

XI 

2701 

X3 

X7635 

-IS 

- 

New Zealand 

(N2S) 

1.7533 

- 

522 - 544 

1.7578 

1.7507 

1.7545 

-OS 

1.759 

-13 

1.7809 

-1.6 

- 

PM^apinQs 

(Pea^ 

275750 

- 

000 - £00 

27.7500 27.4000 

- 

- 

- 

- 

- 

• 

- 

Saudi Arabia 

(SH) 

3.7500 

- 

498 - 50 2 

3 7502 

37499 

3.7507 

-02 

3.753 

-05 

17845 

-0.4 

- 

Singapore 

PD 

1.5860 

- 

857 - 862 

1 5862 

1.5850 

15853 

0.5 

1.5648 

05 

1.5834 

02 

- 

S- Africa (Cent] 

l (H) 

3.4468 

♦0.003 

480 - 495 

3.4512 

34450 

3.4853 

-57 

3.4913 

-43 

X5843 

-3.9 

- 

S Africa (fin.) 

W 

4 £400 

+00275 

350 - 450 

<6550 

4.6150 

4674 

-8.8 

<734 

-8.1 

• 

- 

- 

South Korea 

(Won) 

807250 

_OJ15 

900 - 000 

800200 607.700 

8I0S5 

-45 

814AS 

-37 

832.95 

-11 

- 

Taiwan 

(TS) 

26.4050 

-0.015 

000 - 100 

26.4300 26.4000 

26.47m 

-20 

20571 

-25 

- 

• 

- 

ThaBand 

(Bl) 

252000 

- 

900 • 100 

25.3100 25^900 

25.38 

-XB 

20505 

-32 

20025 

-23 

- 


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i r-ry*, 

•i ; 


% 


.. -i.w 

v 


fi 


• ..It 


- i*-f iS-' 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Mar^3 Bfr DKr ffr 


DM 


Nltr 


Ea 


SKr 


SF£ 


CS 


Ecu 


Belgium 


(Bft) 100 19.07 1056 4.546 2.001 4792 5.463 21.09 4906 307.0 22.61 4.104 1.928 3919 2.876 3060 2517 


EMS EUROPEAN CURRENCY UfffT RATES 

Mar 23 Ecu cen. Role Change % V- from % spread Dhf. 

aganotEcu on day 


rales 


cen. rale v weakest md. 


Denmarfc 

©Ki) 

52.43 

10 

0685 

1541 

1-049 

2513 

1859 

11.08 

2620 

2001 

11.88 

2182 

1.010 

2055 

1-508 

1605 

1920 

Ireland 

0.808628 

0796375 

-0001522 

-152 

459 

France 

(FFi) 

60.37 

nil 

10 

XS2S 

1^08 

2893 

1292 

1273 

301.6 

2307 

1X65 

2.476 

1.163 

2386 

1.738 

184.8 

1.520 

taa-ata a -a_ 

NeuioMiXa 

219672 

216904 

♦000098 

-126 

452 

Germany 

(DM) 

2064 

1936 

1418 

1 

0413 

968.9 

1.125 

4252 

10X1 

81.92 

4.688 

0847 

0397 

0809 

0.593 

6118 

0519 

Germany 

194884 

1.92903 

*000074 

-156 

4.11 

Ireland 

TO 

4097 

9.530 

0277 

1422 

1 

2385 

1725 

1054 

249.7 

198.4 

1120 

2051 

0982 

1.958 

1.437 

1529 

1258 

Balghan 

402123 

308018 

*0.0628 

-1.02 

<07 

Itriy 

(4 

2.087 

0^S8 

0446 

0101 

0.042 

100. 

0.114 

0.440 

1043 

8284 

0472 

0086 

0040 

0.082 

0560 

8587 

Oiyy? 

France 

653883 

658786 

+000174 

0.75 

224 

Netherlands 

(R) 

1834 

1498 

3.038 

0889 

0.367 

8708 

1 

1868 

91.83 

7280 

4.147 

0753 

0353 

0.719 

0527 

5013 

0.462 

Denmark 

7.43679 

757270 

-00014 

153 

1.18 

Norway 

(NKrl 

47.42 

0043 

7.854 

1298 

0949 

2Z72 

2.585 

10 

236.9 

1802 

10.72 

1-948 

0913 

1.858 

1-383 

145.1 

1.194 

Speta 

154250 

157571 

-0274 

235 

065 

Portugal 

(Ea) 

20.02 

3817 

1315 

0970 

0.401 

959.1 

1.091 

<221 

100. 

79.45 

4^26 

0822 

0386 

0785 

0.578 

6128 

0504 

Portugal 

192854 

196.656 

*0.068 

X01 

0-00 

Spain 

(PU) 

25.19 

4^04 

4.173 

1.221 

0504 

1207 

1.374 

5213 

125 3 

100. 

5.686 

1.034 

0.485 

0.987 

0.724 

77.10 

0634 







Sweden 

(SKr) 

4422 

8.434 

7525 

1143 

0885 

2119 

2411 

0327 

2213 

1706 

70 

1.815 

0.852 

1.733 

1-272 

135.3 

1.113 

NON ERM MEMBERS 





Switzerland 

(SFrt 

24.36 

<647 

4.036 

1.181 

0488 

1188 

1-328 

5.138 

121.7 

9072 

5J09 

1 

0.489 

0.955 

0701 

74.57 

0.813 

Greece 

264513 

282195 

+0478 

068 

-14* 

UK 

IQ 

51.92 

0.902 

8.600 

1516 

1.039 

2488 

2831 

1095 

259.4 

206.1 

11.74 

2131 

1 

2035 

1.493 

1589 

1.307 

Italy 

179X19 

1906.48 

-0.39 

622 

-3.11 

Canada 

ICS) 

25.51 

4.866 

4.226 

1236 

0.511 

1223 

1.391 

5.381 

127.5 

101.3 

5.789 

1.047 

0491 

1 

0.734 

78.08 

0642 

UK 

0.786749 

0767109 

-0.001686 

-250 

5.65 


10 


7 

-6 

-13 

-18 

-20 


The Co ope m MooBawk 

MBnmSMtamtMLUaa . 034S3EOOO 
IBM 1 STS - I -l Vnrty 

“-“YSr-Sol 9311 M 



^'SSS^^ Cnlld «,-7tt0 0 

S3 1 4s/l SS 


OMCMTUr —I 476 

IKMMOfe I <90 


425 19* 4S2 

420 532 459 

500 404 

Z2S 532 


Weston Trot Ugh MemtCbeqai Sec 

Mali | r i» * l, r S e ra i H.1 1 SE 0752224 

El 5300,.--- 1 4J5 UOj 40*1 


__ J4J5 

f4000-£74J9S 1 450 SJO 

(130P-O399 1 <29 4 IS 


231 579 6-MS 

575 Z44 Ul|Mi 

ITS IP 


C25aooo*.. 
£503oo-c?*o.seg — 

£iaooo-r«399 

(5DO-OL991. 


3»-«dta« 


<50 530 I 455I0-4MI 

506 Z30 lafl|e-MB 

*•75 2J0 177 . 

222 I 60 J Z28IB-4MI 

niefe id ®r O 552* 



US C 

Japan p 

Ecu 

Y«m pe, 1300 . CVarch Ki 


34.78 

3*6.7 

39.72 


6632 

62.32 

7570 


5.760 

54.12 

6.580 


1.885 

15.63 

1.825 


0.696 

6A39 

0.795 


1666 

15658 

1904 


1.896 
17 82 
2.166 


7.334 

68.91 

&378 


173.7 

1632 

1965 


138A 

1297 

157.7 


Ftonch Franc, Noraragun Kroner and Seodsh Kronor per 10; Franc. Escudo, In 

■ P-MARK FUTUBEa QMM) DM I2S JOJ per DM 


7.863 

73.88 

8.982 

pta 100. 


1.427 

13.41 

1A30 


0.670 

6.293 

U765 


1.363 

12.81 

1557 


1 

9-396 

1.142 


106.4 

100a 

121.0 


0875 

8^25 

1 


■ I 8P H M B YH FUTURES (MM) Yen 12.5 per Yen 100 


Ecu cwurB rates sal by Oie Eimpean Orarartaakn. Cunanctn ere m daocentfng ntabre ttengh. 
P ar c en rag e changes an lor Ecu s poadie drags denotes a weak a«i wicy. Ova genes mows Dm 
redo between two spreads m percentage cBnoencs bnweoi Ois actual marfa* and Ecu cenKd nam 
tor a cwroicy, aid Ota raMiun pemrttod percentage denMon at ra currency's market rota bran *s 
EcucenMikto. 

(l»M3) Siaefeq and sMai Lira auspeodtti from QRM. Arkuscmem calculated bf Bn Rnanddlkim. 



Open 

UXesJ 

Change 

Htgh 

Low 

Est ra 

Open tat 


Open 

Latest 

Change 

Hgh 

Low 

Eat ra 

Open frit 

Jun 

0.5899 

0 5895 

•05007 

05904 

05888 

48.476 

94,511 

Jun 

0.9481 

05432 


09475 

05426 

11,848 

48231 

Sep 

05878 

05878 

-0.0006 

05878 

05877 

28 

2545 

Sep 

0.9490 

05480 

-05019 

05498 

09480 

140 

1583 

Dec 

“ 

05874 


_ 

0.5874 

3 

ns 

Dec 

■ 

09556 

* 

• 

05556 

10 

394 

■ SWISS FKANC FUTURES (IMM) SFr 125.000 par : 

SFr 



■ SfERLBiQ FUTURES (IMM) £62500 per £ 




An 

06990 

06086 

-00009 

0.6997 

06970 

19,040 

32858 

Jun 

1.4838 

1.4850 

+05016 

1.4862 

1.4820 

13,481 

24,512 

Sep 




0.7010 

0.6985 

26 

287 

Sep 

1.4806 

1.4830 

• 

1-4830 

1.4806 

27 

629 

IXt 

5*5^ 

0.7020 


07020 

isaaa 

0.7010 

4 

41 

Dec 

HSH 


1.4810 

n 

1.4810 

Hi 


15 

£pgH 

33 


■ PtKLADBJtBA SE Crt OPTIOKa C3 1250 (cents per pound) 


strike 

Price 

AP 

- CALLS — 
May 

Jun 


— PUTS — 
May 

JtBI 

1400 

852 

855 

8.61 

- 

005 

024 

1.425 

621 

620 

651 

- 

023 

057 

1.480 

357 

423 

451 

014 

0.66 

1.15 

1^475 

154 

253 

104 

068 

1.44 

255 

1500 

059 

128 

1.90 

1.90 

257 

130 

1525 

016 

065 

159 

351 

<42 

456 


Previous rtays «4. CM* 1 73* Puts 4289 . Prav. day's open W_ Cats 810475 Puts 428^433 



Arc you dealing in over $ l m? 
Fast, Competitive Quotes 24 Hours 
on 071 815 0400 or fax 071-329 3919 


MONEY RATES 

March 23 Over 

rag hi 


■ THREE MONTH EURQMWK FUTURES (LffFEy OMIm porta q I 100% 


Orw 

month 


ThfflO 

mitts 


StK 

mttH 


One 

year 


BnJfpum 
un-rV .VJO 

Franco 
»n* m 
Comuny 
wei'K .kjo 
I ratond 
Wtk JIJO 
Italy 

»v.< ™yo 
Nefliritaiids 
err* .VtO 
Switufland 

*CrA. jqo 
US 
week 
Japan 
vw.-eti ago 


bU 


e; 

STS 

sea 

61 

6J 

B'e 

82 

IM 

55J 

J'h 

4 

Ji 


6 '., 

6 1 ', 

61 

Cl 

5.B5 

5.85 

61 

61 

6H 

6S 

SJ7 

547 

4‘.. 

r; 

3H 

3^. 

2 -: 

2!4 


6'A 

6^ 

6'1 

6 ‘.', 

5.75 

5.80 

6'» 

0*1 

6J» 

a; 

5.34 

528 

4-ra 

41 

aa 

33 

S’e 

214 


61 

61 

6!i 

61 

563 

500 

6'/» 

fl'i 

6H 

a 1 -* 

5.26 
5 16 
41 


4!fr 


61 

61 

53 

5*t 
5.43 
5.43 
O'M 
8 Vi 
81 
RU 
5.25 
5.14 
4 

33 

41 


Luma 

Ob. 

Hepa 


Open 

Sett price 

Change 

«gh 

Low 

Est ra 

Open taL 




AVI 

94.53 

9450 

-0.01 

94.55 

94.49 

32036 

265248 

7.40 

5.00 

_ 

Sep 

94 80 

94.74 

-003 

94.82 

94.73 

19430 

168532 

740 

5.00 

_ 

Dec 

94 98 

34 08 

557 

85^X3 

94.83 

19743 

155109 

6.10 

- 

7.75 

Mjt 

95.02 

94.92 

-0.07 

9X04 

94.92 

11478 

132882 

6.10 

- 

7.75 

to THREE MONTH 

CUROURA WT. RATE FUTURES (UFFE) LI 000m potato of 100% 

6.75 

5.25 

5^8 


Open 

Senpnca 

Change 

wgh 

Low 

EeL vai 

Open taL 

- 

- 

8.75 

Jtfl 

91 80 

91.72 

-0.01 

91.82 

91.72 

5338 

58559 

- 

- 

6.75 

Sep 

92.00 

91.92 

-0.02 

9253 

91.92 

2846 

27535 

- 

800 

892 

Dec 

8216 

8258 

-051 

9218 

8253 

2721 

39328 

- 

8.00 

852 

Mar 

9215 

92.08 

-051 

9215 

9211 

776 

4586 

- 

S25 

- 

■ THREE laOMTH EURO SWISS FRANC 

FUTURES ffJFFE) SFrlm potato of 100+0 

0.CZS 

4.00 

_ 


Open 

Sw price 

Change 

High 

Low 

Eat val 

Open Int 


6625 


4.00 
200 

3.00 
1.75 
1.75 


Jun 

Sep 

Dec 

Mar 


96.10 

96.19 

96.05 

9505 


96.06 

96.13 

86.05 

95.95 


-0.02 

-0.03 

-0.03 

-005 


96.11 

90.21 

98.05 

95.95 


96.06 

96.13 

96.05 

9S£5 


2623 

1135 

1 

51 


34129 

6991 

4605 

135 


to S UBOR FT London 


•BOKTH ECO FUTURES (LiFFE) Eculm polniB ol 100% 


bilcrtunk Fixing 

3a 

33 

■•i 

WTTh .*JO 

3y 

3ra 

4*i 

US Dollar CO* 

3.50 

3.69 

3.97 

wiroL .xn 

- 150 

3.66 

193 

SOR Linked Be 

3 7m 

3'. 

3V. 

wee* rajo 

3^ 

3Ni 

3* 


4% 

41 

4.36 

<32 

4 

4 






Open 

Sett pros 

Change 

«gh 

Law 




Jun 

9406 

94.05 

. 

9410 

94.04 




Sep 

9428 

3458 

. 

9453 

9425 


“ 

"" 

Dec 

94.41 

94.37 

-052 

94.45 

94.36 

“ 

“ 

— 

Mar 

94.43 

94 36 

552 

94 45 

94j43 


Eat, *of Open frit- 

568 11090 

1318 10899 

503 6663 

91 714 


‘ UF7=E Uun friKtad on APT 


ECU Linked Os ntt rasas: I moi OJ; 3 mutt 61. 8 rntfrt 64; l year. 53. S UQOfl bnatxmfc Kuia 
■Jim ut'insl i am fr* SiUm uuoted to Ota nadun by Kur ntaon bvtas at Ham eui vatang 
dj». Thn braits an. Bjnkm Trvst Bonk ol Tokyo, Barctoy, aid KMand WesMfeistsr. 

K/4 I JWS 4IU Anm tar UM Uorasnc lUaiey FUSex US 9 CDs jnd SDR Lkfeed Deposes (Dsj. 


MONTH EUROPCnuw QMM) Sim parrls of 10096 


EURO CURRENCY INTEREST RATES 

Mar 23 Stwn 7 day* One Three 

term notice month months 


Six 

months 


One 

year 


Sdiwn Frans 

6,1 - 

6,1 

6,1 ■ 

0,1 

Sft - 

sft 

fi.4 

81a 

«ft 

-6 

Danh Krone 

6ft ■ 

6ft 

oft ■ 

eft 

9ft 

- a 

6ft 

■ 6 

6*4 

- 6 

0 Atari 

s ll- 

s 

57 # - 

sft 

5ft- 

Sft 

5ft 

5ft 

5**4 - 

5 ft 

CNjtdh GuAdeT 

■ 

5/. 

5.'. ■ 

5,6 

sft. 

5ft 

5ft 

5ft 

5ft- 

5ft 

F[«t3i Fijik 

eft ■ 

6,L 

6i< ■ 

6,1 

6,1- 

Oil 

6ft 

Oft 

6ft 

-0 

Pcrtutfuese Foe. 

wft 

- 10 

10U 

■ 10 

raft 

-9ft 

9ft 

Sft 

flft- 

9ft 

Svmmih Peseta 

8ft - 


«ft - 

8, *4 

aft - 

8,4 

Sft 

81a 

8ft - 

713 

Steriraj 

5ft - 

5ft 

5.’. - 

5.4 

5,4- 

Sft 

5.4 

s* ( 

5.4 - 

5ft 

5iym Fianc 

4ft 

- 4 

4ft 

-4 

4ft 

- 4 

4 

313 

3!i - 

3 U 

Cm Coital 

4ft. 

3ft 

4*4 

- 4 

4.4 ■ 

4,4 

4.4 

4,*. 

4fi- 

1 4*i 

ifii Do'irr 

3ft- 

Jft 

3it - 

3.1 

3,’i- 

3,; 

3ft 

3ft 

4.4- 

4ft 

tl.ilan Lra 

8ft 

-6 

8ft 

- 8 

Sft 

- 8 

Bft 

-8 

8*2 

- 8 

>cn 

2ft 

* j 

*i* 

3ft 

-3 

2,*- 

el* 

2% 

2,1 

2ft ■ 

2ft 

Ar+m SSiis.i 

3ft - 

7ft 

3ft - 

2ft 

3ft - 

2ft 

4 

3 

4 - 

3 


Skw *'"> « riji fr, IKi US CWke .*Vf 1m ahm' two days' nolfco 


6^-« 
6-5\ 
5», - 5*| 
5ft -SA 
5U - &iJ 
3,'i • 9ft 
^ - 7!S 
5ft - 5ft 
311 - 3U 
5ft - 5ft 
-4Jz 
aiz-Biff 
3 '2 - 3ft 
4*4 - 3‘4 



Open 

Latest 

Change 

High 

Low 

Est. ra 

Open taL 

Jm 

95.68 

95.68 

*001 

05.70 

9567 

175J37 

500737 

Sep 

9028 

95-28 

- 

9X30 

9557 

186 AU 

367.043 

Dec 

94.85 

84 83 

* 

94.86 

94.82 

97.154 

286,125 

■ US TREASURY BILL FUTURES QMM] 

Simper 100 ?* 



Jun 

96.08 

9008 

. 

96.09 

9007 

3^88 

38,188 

Sep 

95.76 

95.77 

+002 

85.78 

95.75 

642 

0814 

Dec 

- 

95.42 

+010 

- 

- 

27 

2,802 


® Open Inwoa, Up. on tor frartoua day 

■ NUROMHHK OPTOms (UFFE) DMlm potato Of 10M6 


Stake 

Pnce 

9450 

9475 

9500 


Jun 

0.11 

aoj 

0.02 


CALLS 

Sep 

0.34 

0.19 

aio 


Dec 

0.50 

0.33 

020 


Jim 

Oil 

029 

052 


PUTS 

Sep Dee 

U10 0.12 

020 020 

036 OSS 


to THREE MONTH PtBOK FUTURES (MATIF) Pats IrTtcrDank ottered rate 


Est w* taU . CjOs /404 Ass r*0*. Prevkx, s day's epen k*. Cats 201330 Puts 10809 
■ EURO 36H33 PHAMC OPTIOWS (UFFEj SFr 1m pomte of 100% 


Jun 

Sep 

Dec 

MJ7 


Open 

SeUpncu 

Change 

High 

Low 

Est ra 

Open int. 

Stake 


- CALLS - 



PUTS 

94.14 

94.10 

- 

94.14 

94.10 

23.783 

80364 

(VICO 

Jun 

Sep 

Dec 

Jui 

Sep 

94.44 

94.41 

*0.01 

94.4S 

94.41 

9,083 

47,048 

9600 

0.18 

028 

0.29 

010 

0.13 

94.60 

94.60 

*0.03 

94.65 

94.59 

8.203 

32548 

962S 

0.05 

013 

017 

o 2A 

025 

»1C8 

94 58 

+003 

94.71 

94.67 

3.397 

29221 

9880 

002 

□ 06 

ore 

046 

043 

MOUTH EURODOLLAR (UFFE)‘ 

Sim paints at IOO% 



Eat ra total. CM D Pun a 

AWOm Jy, opal nl. CaM 489 PlDS 30S4 


Dec 

024 

037 

063 


UK INTEREST RATES 


LONDON MONEY RATES 

Mar 23 Over- 7 days 

night 


One 


notice 


Throe 

months 


Six 

months 


One 

year 


tatahar* Storing 
Storing CPs 
Treaswy Bib 
Bank BAs 

Local authority deps. 5, 1 * ■ <13 5 ft - Sft 
Dtscrait martial deps. - 5 1 * 5ft - 5>o 


5ft -5 5,'« - 5** 5ft -5ft 5ft -5ft 5ft - 5,ft 5ft - 5ft 
5 'a - sft 5*1 - 5ft 5 1 * - 6ft 5ft ■ 5ft 
4JJ-4B 4ft -414 

4JJ-4JJ 4JJ-4JJ 4}J - 4JJ 
5ft ■ 5 5ft - 5ft 5ft - 5ft 5ft - Sft 


UK ctevng barh base lending rou 5ft per cast from February 8, 1994 

Up » 1 1-3 3-6 6-9 

month months months 


9-12 

months 


3ft 


Certs oJ Tax detx (ttiXLOOOJ lft 4 3ft 3ft 

Cons at Tax dtp. undfe CIOOjOOO Is I'rpo. BttQ feta wShdraw n far C»0h Vjjc. 

Am. Wider rare d itacauRJJDMpe. ECQD toed rraSOg. Export Ftaonca. M*a up day FMnrayaB. 
1904. Agreed rale far parted Mir 35. 1994 to Apr 29, 1994. Scheme* 0 S ■ OBOpc. Hetarence rate fcr 
poiod Fdbi. 1994 loFtttt, 10M. Schemes w A V Sttspu. Ftaenee Haueo Boea Ftoe sijpc fcori 
Marl. 1994 

IQ FUTURES (LffFEI <500,000 potato of 100% 



Open 

Sett price Change rtgri 

Low 

esl ra 

Open frit 

Jun 

94.68 

94.83 -a 03 94.91 

. 94.82 

29590 

117251 

Sep 

94.74 

94^7 -0.03 94.78 

94.65 

19403 

77164 

Dec 

94.49 

94^9 -0.07 94.54 

94.39 

18208 

105789 

Mar 

9421 

94.07 -009 9424 

94J7 

4340 

34641 

Traded on APT. M Opal ntgrosi »g». wa Mr periwi tty. 




■ SHORT STEHLUM OPnOHS ffJFFE) £500 J)00 potato oMOOM 


Stake 




rrerm 


Jun 

Sep Dec 

Jun 

Sep 

Dee 

Price 

9475 

a 16 

0.18 0.16 

are 

026 

0.52 

9500 

006 

0.09 008 

023 

0.42 

are 

9525 

001 

004 004 

043 

082 

090 

ER.ra.BM. 

Cdb 7400 Pus, sera. Pmku dey-e open Cato 1308U6 Put* I372S3 


BASE LENDINO RATES 



Open 

Sea puce 

Change 

wgh 

Low 

ESA. ra 

Open InL 

Jun 

9568 

9568 

*008 

95.69 

95.68 

335 

4847 

S*-o 

95 28 

9520 

-006 

+95 28 

9528 

101 

2163 

Dec 

94 BS 

94.84 

•0.09 

94 85 

94 34 

210 

1513 

Mjr 


94.62 

*012 



0 

730 


Adam 5 Company — S25 

Afled Trust Barit 525 

A® Bonk 525 

•HerayAn ShadlOF 525 

BonkolBamda — 525 

Banco BfcaoWjcaya_S25 

BjfeotCypma S25 

Baricolfraend 52S 

BaOrctfrxfra 525 

BfftttolSooBana 525 

BantaysBa* S2S 

anBkO»WdE39t.._ 525 

•Brown Shptoy 525 

CL Bonk Ncdcrirod ... 525 

OttankNA 525 

Ovaosdato Bank _525 

The CDOpMM Baric. 525 

CrxAtaX Co — - 525 

CnxttLyqmab 52S 

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-80 4860 3X60 SX 
— 2. IBS 1.135 IX 
♦18 1X16 388 IX 
+2 789 398 78 
-IS 3830 1.416 08 
+98 1,425 663 5X 
-811201,063 IX 
+51160 001 IX 


1850 
1X90 
DOMH 820 
QSBqo 1830 
ITnunj 780 
DNpinh 521 
Mn i,i7D 
DsMY 1X30 
Htolor 432 
MmP 1.170 
OTnkFM 797 
iJHn 
iXio 
1X00 
DmJp 4/470 
DomFM 020 
544 


- MbRnn 377 

._ HbGtT 531 

~ 3W3S , ®S — MDlrfl 1X20 

— 2X72 1.783 ._ 38X MftUxa 1550 

- 1D, -52 iS 18 - «M»« sS 

— 030 280 — — Ufeul 772 

-8 510 315 15 _ 335 

+141510 BS2 _ um 1210 

-801X78 981 OX 
-2 740 460 1.1 

-20 3.490 2560 _ 

-801X80 1.140 _ 

— 3,140 3.190 — 

-10 ZOiO 1,190 — 

+6 1,170 700 09 
660 *1 815 SB _ 

555 -5 040 397 _ 

450 +5 027 339 ^ 

1510 -IDOIXto 780 — 

1240 -401.7801X30 IX 

♦202X40 1X30 — 

♦101X101X20 _ 

-161X00 025 „ 

♦10 1X80 003 _ 

-28 010 485 _ 

♦4 575 347 _ 

-401.480 015 _ 

-101X401240 _ 



-51.100 7SS _ 

+14 717 450 _. 

+5 002 52S _ 

-3 614 3B5-- 

-4 470 295 _ 

-18 B21 380 _ TUMI 

-101X20 838 _. 
-801X001.190 _ 

-14 714 305 _ 

_ 823 537 .... 

-3 484 281 _ 

. 1X80 S42 07 


2X90 

£85 

803 

1XBO 

12 £» 

920 

403 

E01 

92S 

673 

488 

687 

755 

B21 

20,700 

?jon 

1.180 

402 


= 338 


— MbmB _ 

— My** 750 

— IbSgrt 1X20 
~ MkMH 2500 

— ttfenMd 575 

— MorlS Z3S8 

— Melton 4540 

— NEC 1X60 

— NGKta 1X70 

— NBKSp 1280 

— toft Sp KS5 

— MW 


B2Z 

-13 B54 



TkGto 



324 


TkRren 



331 



050 

861 

_ an 
+11 1.030 

510 _. 

sn 0.7 

1 

DSM 

TkuQe 



295 

sax 

DtuCrp 



710 



910 

-451X10 

BOG _ 


Tonon 


-102X301X80 OX 



inerPr 


-1 __ 

♦SB 1.180 783 ... 

-30 1200 1 AM 0.3 
-3 734 446 OX 

+50Z4101X00 _ 

-78 4X40 Z 100 _. _ Tosoh 


ruu 
T«*0* 

— Tkaitt 
__ Ham 
_ TnkJcn 488 
1280 
545 
1570 
1X10 
TkDonw 1X80 

3280' 

3.100 
531 
850 
2410 
1.870 
685 
773 


1X80 

1X50 

680 

773 

1.190 

576 

843 


= {3£ 

. _ . _ -nw.ee 

446 OX _ TMKMa 
— TWIto 


„ BIB 580 _ 

-10 2X501X81 IX 

_ 834 430 _ 
+3 030 505 0 7 
♦ 10 1,400 950 _ 
—40 1.430 1X80 
♦81210 700 
♦7 510 372 _ 
-6 950 S53 IX 

-13 1270 812 OX 
-14 ail 481 07 
-10 030 315 IX 
-» assa 550 _ 
-13 B31 560 — 

-21 907 490 — 

_ 2J,KC 12JW1 — 
-30 3. WO 2240 _ 
-20 1X40 930 _ 
-10 5SS 285 ^ 
-4 566 348 _ 
-50 1.430 1X50 OX 
-1 636 386 _ 

-10 1X90 1.170 _ 
-80 2X20 B26 
-40 2X701X20 _ 
-30 4.450 Z440 _ 
-90 3.460 1X00 _ 
-10 618 386 
-30 870 484 
-10Z9201X20 „ 
_ Z070 1290 0.7 
-11 785 395 
-171.040 550 
-17 799 350 
ixeo 1.200 u 
-101.410 1X00 _ 
♦8 723 5S5 
-17 Bit 665 -.. 
-10 1/00 034 „ 
-0 777 888 ... 

_ 1X» 758 — 


Halid 
IKOlG 
msMti 
MCAk- 
HK Bo 
KKLend 
HHItA 
HKTO 
Hopuril 
HunatW 

Hj™n 

JamM 

JttoU 

JSM 

KM bO 


5CnMP 

smco 

SalnA 


“ jMngOn 


11 +.70 15X0 815 55 84 

3350 +32S 50 2225 22 2Z9 

11.10 _ 15.70 850 3X — 

40.75 +8 52 18X0 OX 

40.75 ♦! 50 67 28 75 29 38.1 

S3 +1 71 31 10 60.6 

1010 +2S 14 120 _ _ 

23 *2.70 7720 13. ID 12 _ 
17 r.l0 18.10 1525 22 152 
11.40 -.40 1820 ID 05 __ 
UO +.10 8X9 2X2 23 _ 

38.75 +JX0 48 14.78 IX _ 
93 +250 131 5450 IX _ 

15.10 +. BO 21.80 8X0 38 44X 
58 +8X0 BOXO 48 2.1 £8.8 

10X0 +30 1330 6X5 3.4 Z7 
6.45 +25 SL80 335 3X __ 
4625 +1 .75 60X0 1420 4X .. 
1840 +.60 28.60 1140 19 27.1 

12 +X0 15X0 5 45 12 7.7 

41X0 +225 64 20 12 lSX 

2Z10 +/40 3550 15 ZB 

21X0 -XO 31.75 11.70 Z4 ... 

22 +150 3025 956 3.1 2M 

13X0 +1 18 B 34 

7/45 +2510X0 425 46 .. 
3Z7S +1BO 42L5B14X0 IX — 
75X0 +X0 332S1Z10 35 _ 

8X5 +XX 13X0 6X0 OX _ 
4825 -4.75 8439 41.75 B4 __ 
76 -Z4D 3850 1050 05 .. 
1520 +Z10 25 825 43 232 

1QX0 -X01Z50 6.75 05 _ 

2850 +120 43 10 3.1 _ 

3125 +.75 39 16X0 _ 57.9 

65 +3 77 2425 3.1 655 

12 *20 1650 5X5 25 4Z9 
4X7 +.03 7.40 1X7 31 148 

12.10 +1.40 1X40 7X5 11.7 378 

433 +JW 555 3X7 63 . . 

422 +.15 750 250 7.1 .... 

5050 +650 71 2670 ti 21 0 

925 +.901130 4X0 1X1B6 
31 *250 35.75 11.40 2.6 
3025 +235 41 15 Z2 

17/40 +1/40 2350 650 _ ... 

1220 +20 1660 7X0 22 __ 
1130 -.10 17.40 1110 7.1 __ 


127000 draft) 
1GBOO CMFBA 
1937*3 Gmo»Q 
7628? Cmbur 
261333 Cantsn 
64105 dmoco 
644355 CaUmpx 
43430 ConOcc 
562710 Cate 

100 Canlir 

244868 CanTrA 
15209 CaHCA 
470 dnwa 
Z7818 Cantor 
239997 DmPcF 
33110 CanTng 
4311 DmGai 
1500 Cctti 
3 CraCap 
174950 CmrOd 
105360 Comnco 
124475 OHMS 
6000 Coscan 
50580 Cm 
03585 CrawnX 
814 Denuift 
4200 Dntaa 
2972G0 Ootocn 
14224 DunmT 

33604 Darner 

10065 DUPMA 

M3i3 DunaBA 

5480 El*R 

63273 ECHOS 

5500 Ena 
130891 EuNovi 
12000 FP1 
305278 Rnnta 

100100 FMMA 

5393 FOrm 

68786 Frhov 
5300 Fumv 
135215 Fedln* 
200064 tSasn 
TWO Bm 
42000 Gmoes 
2454 Giwijrx 
86700 GOKC 
203300 EndaA 

125400 Centra 
2952 GWSr 
40021 euic 
2300 HsSU4 
300 HawkSdx 


450 -. ISO 4S0 
71s +1* tsn, 7ij 
230 -* 235 220 
21 Kli 

18b -If *17 1£>1 
24*1 +^GCJ|?4l, 
34% +4« Gft 3*t( 
28 *)» KSL8% 

28% SakZb*! 

47+1 -<cM7>z 471, 
22V » V SZ7V 23 
230 +3£30 225 

35% +%*B*j341j 
64 04 M 

30% 30% 30% 

480 +15 485 460 
21% +VtnV 21 
SB'f+i'etSM 28 
100 +4 1® 190 
34% *l a *»%33T, 


32 -2 


5U-4.CP.5V 

W% -USMV 24% 

BU -usau BU 

BU S»U 8 

55 !£% 55 

11 S +Uni% 11 
i7u firs i7% 
17% +U6I7S 17U 
BU +UB&j 9U 
43% +U 543S 43 
500 500 500 

24+lUl*?4 227, 
18 SIB 18 
28% -»|SM%28% 
78% -USV%7B% 
11% +U*nV 11% 
“ *8 7% 

.617% ' 

SWV I0U 

+5 390 375 

23*i +U K3% 23% 
157. -I,ny,is% 


3812 

3*00 

55950 

1*249 

4608 

184708 

7*00 

•22592 

3867 

31288 

684648 

76287 

50240 

KUn 

508802 

34380 

102223 

70849 

10609 

345050 

90 

317210 

779*59 

361347 

009145 

J££S 

411 

005 

10435 

3XU 

77830 

45200 

111118 

18793 


SootUP 

SMC 

Scran 

6ft Td 

StLwrA 

SutM 

GCOM 

Sotwmx 

SeanC 

SMU 

Snnfi 

SHL5Y 

sumo 


TiaM 

TauaE 

TeckB 

luge* 

iDhfi / 

Terra 

Thunoi 

TorDoni 

TrwnP 

Time 

Tnmoc« 

TmcA 

UAPA 

UCorpa 

UtSom 

lWn> 

team 

mcD 


WeenG 


12% S13 12% 

20 -V 520 10% 
28 +2 26 22 
12V +'UP?% l'U 

11% +u mil n*» 

I3U +U IT3% 13 
8U -US8U 8U 
42U +1U NO; 11 U 
R -V 98*. a 
41 +Z% S41 38% 

I3U *U 4W. 12U 
10% +U 91 OV 3 
20% +U S20V 20U 
10 618 17% 

BU *U 39% 9 U 
25% +% 520 25% 
33% +1% EM 37% 
26 +% 3?6 23*j 
23% *73% 73% 

18 +UlAlB 17% 

ifli stev m\ 

19 ♦HSSIBIBU 
33 *U saa 22': 

19% +U Sift 10% 
15% +%31SS 15% 
17% «U OB 17% 
TO -0 95 74 

75% -1? K5> 75*/ 
39% — )j S39V 30V 
30% *1; SjO*3 30 

6% -U ttk ^ 

11% +Ulllt 11% 

iau -u sib% ia% 

73 V -1, S3' .- 73 V 
44 +5 844 47 


MONTREAL (Mar 23 /CanS) 
4pm dose 


tS — % nft ir% 

10 *. 


18 -%S181> 

57 +% 57 56 

20 370 18% 

450 450 445 

12V *% Sift 12% 
E8* 26V 


18 


1BB63B 

135160 

77950 

44200 

1100 

1400 

17825 

18787 

117800 

27500 

27805 

24244 


SHIMS 

Btocnp 


Mtncn 

NstBfcC. 

QMM 

Inner 

Mm 


Z PU 


to 

0% 

11 % 

10*. 

71% 

8% 

10% 


+% 38% 7% 
-U Sift 18% 
■TO Bit 
19% «i 
S11V 11% 

♦virav 9% 

|I5V 18% 




= Malaysia (Mar 23 / MYR) 


41110 Hotel 

15% 

-%Pft 15% 

126537 HemtoG 

14V 

+ V514V 13% 

6650 Hand 
81732 Mn Qt 

IB'o 


18 

$18 17% 

23647 Horahm 

20 

+ % $20 19V 

>44411 Mafia. 



157922 Knosco 

39 

-% S39V 38% 

205099 UvOI 

<6 

+ 1 $48 47 

246282 kte 

35% 

+% 538 35% 


AFRICA 

StWIH AFRICA fMar 33 / Raftfl 

♦ /- MM 1m tm wt 


- SNHlBi (Mar 23 /Kroner) 


Tftmi 


488 _ 
580 X3 
EBZ Z4 
601 ZB 

ggr 2 M 
908 1.1 
823 Z4 
740 __ 
397 25 


S81 +1 73S 

736 +5 TBS 

862 +2 806 
706 -7 913 

1229 -121X48 

1X10 +60 1.435 
890 -2 1,010 

263 +120 799 

808 -10 683 

3295 +15 3.750 2500 ZX 

718 __ 787 538 Z8 

12E1 -14 1.480 B51 38 

1X46 -1 1280 942 3X 

202 -4.70 237 138 52 
188X0 -4.10 EXMD 1MJ8 
4.105 *6 4X902250 IX 

181X0 -Z10 205 131 4.1 
1.485 -14 1570 900 Z8 
■407 -7 401 300 7-2 

241X0 -220 30630860 25 
1273 -51X85 930 4X 

719 -Z 856 456 ZI 
429X0 +4X0 501 320 — 
620 +11 737 528 9X 

5.500 -60 6X30 3212 0.7 

764 -0 830 380 ._ 

411 +1 439 240 IX 

910 -0 860 690 25 

2X80 +10 7X04 2X14 Z4 

680 *8 703 302 22 

400X0 -40 409 320 4X 
338 — 410 21010 — 

1X87 +7 1.144 883 32 

930 +16 1X88 571 - 

020 -15 688 456 _ 

726 -5 630 361 IX 

3.190 +38 3518 1 .726 3.0 

Z150 +80 2568 1280 

8M -8 686 40620 Z8 
38.15 -XO 99 23.70 IX 
162 -1 182 HIM 5.7 

915 -14 039 660 IX 

5.450 -100 BJBD 3,325 OX 
478 +260 870307.10 Z2 
2X10 +12 Z7S4 1/470 OX 

950 -14 1.030 306 OX 

501 +8 600 483 2X 

477.70 +1X049990 402 Z5 
813 +Z 880 234.10 ZS 
60S +6 738 800 — 

I 950 — 1.078 617 6.3 

108 +ZZD 156 
5Z5 — 388 

065 +0 688 

873 -4 687 

4GZ40 +3X049190 
1266 +ZI 


= ssr 


VWPt 

SHE, 

xirpao 


BBS __ 700 485 IX 
50& +11 536 396 IX 

27120 +3.70 282 15850 2 2 
386 -6 300 205 ZB 

491 +4 532 359 Z4 

365 -1 37021350 ZI 

393 —2 419 50 300 Z3 

463 +3 813 314 1.9 

485 JO +52048850 241 04 
402X0 +8X0 403 210 05 

865 +5 898 800 12 

226 -6 270 161 IX 


= ITALY (Mar 23 /Lire) 


106 2X 
410 62 
366 55 
624 3-0 
274 18 
980 ax 


6290 +110 6550 3.9*0 0.7 _ 


_■ BGamSXTIM 

— BNazftg 4500 

— BUM 1X30 
_ Banna 84 
_ menn toxto 
__ Bum) 10500 
_ C* 7,3811 
_ CBEH 2X00 

— CmnSr 1560 
_ Cfcffta 1,700 
_ Or ttB 2430 
_ DanM 10X00 
_ FertU 1X19 
_ FH 4X7S 
_ FWPr 3280 
_ FUb 4X60 
_. Fnfia 12X80 

— Gmtoa 1448 
_ Bentos 37X60 

— OM 3216 

— BPr ?a*80 
_ M 172B0 
_ Web 10X00 
_ futon 12410 

— »(*« 5. 395 

LWAM 1Z150 

_ MMKmc 15,149 

_ ifenbd 1220 

_ atom 2X37 
_ PM 4.490 

= S5l" 7^82 

_ Hrac 10X80 
_ SAHBs 9280 
_ or 4566 
„ STF! 5X05 
_ MBA 6.366 

Satoem 7X27 

_ SPnota 102B7 

__ sn z»o 

__ SMI 701 

Stop 2X36 
TaroAs 26^0 
Toeffr 2Z2TO 
Untoem 17.800 


a = 


INDICES 


Kr 

23 


Me 

22 


M a 

21 


-20 04063X10 35 
♦1 4X30 ZX10 14 
+16 2220 1536 1 5 
+4 08 64 - 

+770 2*400 1 
♦9611X00 4X32 — 
-20 Z«TO 970 ZI 
♦30 2500 1,115 4X 
-10 1.970 1265 — 
+0 1,730 B70 _ 
-30 3296 Z130 35 
*110 IZS10 7X75 14 
+34 16X54 1262 _ 
-94 6,140 2568 ZO 
♦183260 1275 3L0 
♦ 10 5X16 Z730 4X 
-6015X75 9X30 5.0 
-24 1.837 1X30 42 
-123 42.49129240 
+40 3440 7200 
+00 20X00 a410 IX 
—115 14/00 1Z250 _ 
+11911/4004210 — 
+111 13X40 7510 1.7 
-no 5X60 2X05 IX 
-140 17X8) 10.«tt 
-136 16JC0 10X01 12 
-7 12B8 532 _ 
-68 2X301.170 _ 
—10 4X00 7X66 — 
-34 2484 1X78 — 
-19038X90 1UDD 12 
+2010X757,186 — 
+146 1DX0D 4X90 IX 
*77 4X601219 1J 
+45 CXBS 1,736 ZO 

+275 0296 3.830 „ 
-IB 4.405 ZZ19 — 
-3 IZBB IIXSD Z9 

-26 msoo 7,760 82 
+41 740 380 6X 

+23 2.130 875 — 
+1»MX»212S0 — 
-780 23340 1C JDO — 
+23514446X80 


-1993M- 


A6A A 
ABAS 
AMA 
AanB 
AanaA 

ume 

A8hA 

AttoS 

Bine 

BfcsS 

EdteA 

ENMB 

OntroB 

KSMB 

HtMHA 

kvWA 

IncntB 

ftwalA 

kmffi 

ItodoB 

PnmnA 

FharmB 

soft A 

SCAB 

SKF A 

SHE 

Bnaukft 

SnMB 

SE Bnk 

Sknfa 

6ntB 

StuuA 

S6ESB3 

SnHMX 

syrfuft 

Sittac 

Treoo 

VUuoA 

VOhpB 


+3 

♦9 


310 Z 2 
315 22 
848 IX 
3*0 IX 

700 177 

194 12430 _ 
518 295 IX 
290 IX 
193 IX 
172 OX 
83 22 
82 22 
310 12 
136 1.1 
26 ZO 
182 ZI 
162 ZI 
105 3 X 
103 ZO 
17 Z 3 
118 3 X 
117 3.0 
$11920 ZX 
110350 ZX 

89 — 

160 86 X 0 ZI 
143 73.76 — 
— 142 73 — 

- 1 X 0 BB 25 5.70 — 
*1 210 85 Z 6 

-1 733 7 B OB 

-7 476 251 IX 
-6 490 2*8 IX 
i -1 144 2 X 75 4.1 

-1 160 100 ZI 
_ 158 
♦2 96 X 0 
> -3 70 S 

-3 70 S 



toMCm 


-S 947 30B — — MW 

-30 Z ISO BBS _ — NSK 

— 870 608 OX him 

+25 1210 846 _ _ HcWu 

— 1X10 1200 —74.1 SnW 

-10 1X20 812 OX _ KS. 

— 4.700 2X50 OX _ n3h 

-27 730 457 IX — NUtta 
-11 679 388 — — Met* 
-10 1.E60 1.100 _ — 
-402X601280 _ _ 
+101280 803 — 

-60 4X40 2.850 _ 

-3 758 448 OX 
*40 2X601X50 
-1 568 390 ._ 

_ 2X00 2.170 _ 

— 7B0 555 1.1 
+6 422 236 

-20 835 326 -L 
-10 1X60 473 — 

-401270 700 _ 

— 2X00 1X30 — 

-101.110 502 __ 

-10 782 37D _ 

-5 1,180 620 _ _ Sun* 

*101440 800 — _ itoUM 

_ 740 394 OX _ MM 

-101X00 961 - — MpD* 

-21 750 380 _ — En 

— 753 891 IX _ NPPW 

3.1 1 EE ^ 

JiEl S” = 


-201.120 

601 — 


Tata 




•ta. 

-301X30 

690 


TmraCa 

505 

+4 664 

402 IX 



635 


TdBAilL 

1X40 

-30 1X80 1.410 







G20 

H5 652 

410 



-1 380 

218 - 


TtojoKn 

686 

-10 902 

520 





.... 



-110 3X00 2X00 

„ 



466 1.1 

. 

TjotaM 

2X30 

-10Z1Z01X10 




443 


TOVOTR 

406 

-12 590 

797 




290 


TbioTB 

1.110 

-101X70 

745 




640 ... 


Toyota 

IsOMl 

*05 

48S 

795 




670 OX 


517 


400 



-30 2X00 1X00 

— 

PI 

484 

364 

+4 601 
+4 *75 

281 

304 

— 

— 




l T .J 

327 

-6 438 

223 

.w- 




450 +X4 8X0 240 IX 
Gantna Sh 3813X0 1.0 

(LDM 21 +J0 23 6X0 04 

MBflk 14X0 +X0 16X0 5.70 15 

ktoMn 3 JJ.1M +31 0.30 249 IX 

bWHvp 4.74 +X4 020 1X5 03 

PBB 430*1 *28 &05 1.40 IX 

EttneO 625 +.15 840 4.18 11 


0400 WMur 
400 MB* 
1578500 mtPta 
63876 IrtpyP 

96270 DABto 

19070 bmdG 

12000 MacaA 

29700 Jnnocfc 


6% » 

94 -5 ID 


... SMBAPDRE (Mar 23 / SSI 


oas 

FrSWr 


S03 845 
950 006 


1.420 

1240 


-1 6S7 354 Z7 — YmetaC 1.160 

-s 900 579 _ _ rmamu 920 

-12 596 377 — _ VemSec 884 

— 1420 603 n.7 — Ymnch) 2X99 

-181.100 650 _ — VMHan 1.600 
+30 10X00 6X00 _ ... YJmKbo Ef» 
+40 8X40 4270 — ... YtnTran 1280 


-5 550 28B _ 
— zoao 1.400 
-OTTX10 971 
-201.180 701 


VrruSak Z11O 
_ Vbaftan 1240 
_ vms 450 
784 


- non*. 


-5 010 540 IX _ YeaTrfl 
-9 079 420 _ — Yto«G 948 
2X40 1X00 OX _ YnimBh 888 



8220 -SO 
HNMA 615 -10 

Hfchf 9» -19 

HtQW 791 -11 

■tf m £ 



-7 853 54D YMnRD 

E2S -13 BOB 404 — — rornLnd 

1XSO -ZO 1.760 1463 OX — YMBPtl 

723 -6 666 STB _. VUM 

820 +3 708 -159 „ Zonal 

616 -0 67b 450 _ — 

1.180 *20 1450 080 OX 

BOB +10 643 378 _ 

1,1X0 -60 1X00 996 0.7 

B98 +12 660 412 

990 -51.120 '' 

1X70 -301X301 

1X50 -40 1.7001 — AfflPCto 


819 

9S5 

1X8B 

841 

615 


-30 1X00 TOO _ 

-10 1X00 SCO 1.1 
-90 1X20 881 _ 

+3 975 716 — 

-18 HI 4S7 OX 
-2D 2X80 1250 — 
-101X10 1.180 — 

-40 1XH) 785 
-30 1X40 BBS — 

+10 2X80 1,870 OX 

+201.7201X60 — 

_ SS3 335 IX _ 

*4 S10 B5B OX 52X 

-151X50 640 _ „ 

-6 1X20 684 _ 

+10 1220 870 _ 

-2 701 501 

-14 1X90 B20 _ _ 

-101270 720 

-13 787 396 

-18 732 425 _ 


88? 

OUB 

SAW 


_. S-preT 


_ UOB 


11X0 

16.70 

2X0 

3.18 

6 

9.75 

13 

7X5 

11X0 

1Z60 

3X4 

342 

4X6 

0.75 


♦ XO 1Z7D 
♦1 19X0 
+X7 3X0 
+.14 4 

-20 7.IG 
♦40 12X0 
+20 18.70 
+.15 0X5 
-.10 14.10 
+.10 16 
+22 S 
- 02 4X4 
+.20 5X0 
+26 1Z10 


8X0 02 
10 OX 
248 32 
2X0 SX 
4J» ZO 
0.40 IX 
9.45 OX 
4X8 08 
045 ZO 
8.40 22 
3.14 u 
2XB XX 
245 IX 
5X5 IX 






_ 33500 


= nor™ AMERICA 


TORONTO (Mar 23 /Canfi 
4pm dose 




assr ,s 

Ml HUM 448 

*-X$ = = S5S its 

— „ NrimH 1.100 

„ „ Mima 855 

— _ IWtmSl 421 
... — - Nesto* 1X80 
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452 -10 549 

_,1 00 -400 24X00 12£©1 OX 
931X00 -tZJOMAXM CDUOO _ 
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** ®1 ** - 
-7 


— = AUSIRALiA (Mar 23 / AlEtS) 

« 4.73 +XB B 3X8 08 „ 
10X6M +X2 11.12 7.48 11 37X 
432 +J» 8X0 Z7B 12 „ 
9X4 +X4 12X2 8X0 ZO 37X 
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+.18 5.72 2X5 17 — 
+ 4X0 2BO 18 „ 
-JOB 2X6 1.45 4.1 7X 


~ HTHNy 


664222 

1DB1B8 

3X7972 

348110 

5600 

479900 

572059 

50700 

8238 

25858 

725784 

15BSO 

»M 

1020 

788009 

678286 

M8B000 



SIS 

ZI7 ..._ . ... 

17.42 +X2 11X0 1Z56 Z4 272 

325 +.10 3X8 142 3J 83 

4.18V +X4 482 2X0 4J _ J42100 

0X1 -.07 158 058 B323M0 

14K +X8 17.04 11X0 44 367 am 
4431 
116342 
1)06800 


272 _ 
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-13 523 351 „ 
-101220 772 



= S 5 K 6 ^S 


0X3 _ 0X0 0A4 3X _ 

1X9x1 +X2 1.18 0x7 aa _ 

4X5 +.14 5X8 3X6 16211 

*21 5X8 182 4X 202 

♦X4 16X2 12X8 32 _ 
.... _ 150 2X2 _ _ 

2X5 +X7 335 126 27 __ 
11.16 +.18 12X0 670 IX _ 
423 +20 6.70 4.42 4X _ 

— ‘ +25 5.75 3 12 _ 

— 1070 525 47 „ 

— TAB 0.75 27 _ 

+41 172 033 42 _ 

+.14 642 342 18 264 


as? 

AtbtoE 

AtoMGs 

AIcnAI 

AmBarr 

Alcoa x 

BCSunA 

BCTd 

BCEx 

BCE Mb 

BGR A 

ftmank 

BkMom 
BXNovS 
BnwfK 
Brtjdrfl 
Bo irMN 
Brmtoa 

BracaA 

Smear 

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18*—% *ffi 17? 

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ou Mb >u 

28% -+%Sa% 28U 
30% +*a SBV 29% 
235 +13 236 228 
23% +U |R3% 22% 
13% SO% 13% 
38*2 +1 39% 37 

Z5*2 S25% 25*/ 

7 +% *7 ftj 


am 820 inm 
85508 MUsnft 
182876 Moore 
604 
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04547 

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168780 NnxtaM 
85379 NunE 
225420 NtoTd 

2B17S20 Nova 
83*000 Nomco 

18000 Mann£ 

12400 Oran 
60598 OehSHvA 
802150 PWACP 
37000 PtarM 
430194 PocoP 
24700 PagraA 
15050 PandPx 
58212 Ppasue 
137102 PsICan 
164400 PHBEn 


121 tSSS® 

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100 HeodS 
143149 Ren Bn 

■BL 


32V +UC2V 31% 
17 +% $17 1EV 
22% -%S3'.’ 22 
8% +% S8% 8% 
21% -V K1': :iV 
22% +% S=V S’; 
33% — % 533% X) 
17 +% 517 17 
22% +>;SSV21% 
12% +%e?<i 12% 
8% +% S8*j 8% 
BU «% Mi 

25% 

12 % 

8% 

14% ♦% Sl*% 13% 
28 38 2b 

17% +% 517% 17% 
23% ♦% 53% 22% 
72% +%SRV 72 
13% ♦%S13% 12% 
» -V CSV 26 
13% 513% 13% 

27% * 'SZTU 27% 
ISO +13 150 1*0 
10% ♦%SUU 9% 
83% +1% 884 61% 
6% +% 56% 6% 
14 ♦% $14 !3f 
2BU +%m 2BV 
15% +% 515% 15% 
42% ■+% 30% 41% 
10% +*j 4M 10% 
a +1 <423 2lV 

16% +*aSUPt 15 
23% ♦% S2JV 22% 
116 +7 116 111 
53 -1 55 S3 

40 +% X40 39S 
27% ♦% SZ7*! 27 

14% -% 14% 

7% — % 37% 7 

34 +% 534% 33% 


: 34V 


ABSA 7X0 
AFa 21 
AMU M 

Ament 147 
Anwim 220 
Amgoid 410 
AngMN 117 
action 29X5 
Beam a 
BUM 49 
OMCaf 3. 85 
DefiCnt 10X50 
Deete 7.50 
Dnefn 58S 
Ergo 025 
DtmdG 28.50 
Enoon Ii.75 

ntaSto 95 

Prpflrt 66 

OarKM 9.95 
«SA 100 
taminv 2D 
HUM 24.75 
Mvdd 24 
tSCOfi 137 
kw*d 71 
X3 Biol 
tons 72 
toWG 48X0 
LALle 67 
Mawk 1750 
Nodcor 2850 
PttebM 61 
Rend 675 
Renin 47 
«WjrG0 3Z2S 
flWrCn 2130 
ItedPI 8110 
Sadten 103X0 
S1M1CG 18 
SABiaw OELSB 
SAIteftm 36x1 
Start 15* 
Udom 

TnpHrt 40 
UWa 470 
WAna 40.75 
WDeep 203 
Wbftfn 5450 


- 15 10X0 7X0 17 

_. 26 6X0 2X 

— 140 89 17 

— 147 79 12 

-2 239 BO 75 1.0 
+3 420 139 2.5 
+1 117 74.75 0.9 

-1X657252850 _ 
+ 50 3450 8.75 3.0 
... GO IB 64 
. . 32.75 3a .... 
-1.75 115 5750 0 8 
+2511X5 2 50 15 
*25 04-50 2925 2 6 
-25 1350 350 54 
+25 30.50 &MS 15 
-a S3 30 4 8 
950450 OX 
+ GO 80 22 35 

-.05 1255 5X5 45 

_ lie 53 so 

.. 27.50 175 ... 
-25 2050 6X0 18 
.... 24 825 2.1 

-06 3 80 0X2 IB 
_ 72 3175 ZO 

*1.50 92 50 46 15 

+ 2 81 2425 14 

- GO 65 24 2.3 

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-1.75 2050 1225 ... 
2950 18X5 2X 
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-.45 7X0 4.70 ... 
+1 5150 11 11 

-1X0 36.75 aZO 1.1 
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_ 9750 54 2X 

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-25 4025 1725 IX 
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Si 1 ... - 

19 aie 19 
■+% Jbs 85 

*>»% 7h 

-% S26 
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794592 

96009* RoyAC 
BS630 HeyOrtc 

■ TOKYO - IBOST ACTIVE STOCKS: Wednesday. Marcti 


80 +9 



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32 7.1 
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41 12 


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820 -7 1X30 715 U 

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065 -51.110 891 1.1 

1X7D -101X10 60S — 

1.760 -1X20 964 _ 

— -6 664 — 


._ srnirzsflJWD (Mar 23 / Fra.) 


JpSWI 



MUr 

AtoLBr 

AluLRo 

Btr 


BrfivRo 

CSBr 

CSaBr 

CMS 

BeftSr 

Suta 

FtebB 

FrbcBr 

HMbUB 

HMft) 

JBftnBr 

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= 5SS k 


250 

652 

056 

2X00 

1218 

231 

BBS 

010 

671 

3X60 

1JOS 

1JDS 

2X80 

970 

440 

$76 

164 
965 

1X«W 

1229 

165 
1X00 

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220 

1230 


♦10 292 6450 — 
-3 660 388 IX 
-1 870 377 IX 
-20 3,005 1,550 12 
„ 1255 668 _ 
-1 237 186 _ 

+17 70S 372 _ 
+12 970 912 IX 
+19 342 581 IX 
+3O426QZO0O 2X 
-10 2X40 1X00 — 
-6 ljwra Bis ii 

— 2XS0 1X73 Z7 
+7 1X00 514 IX 
+5 537 370 Z6 

+70 WO 335 „ 
_ 175 IDO „ 

+28 996 405 1 2 

— 1X00 406 ZD 

-31/4371X15 IX 
+2 175 67.75 — 

+20 1.770 1.1 SO 42 
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+1 254) 191 63 

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681 -2 904 545 07 

440 -15 588 — - .... 

632 +3 837 395 _ _ 

i! = = 

785 -15 950 519 — 

jpSyifl 9B0 -6 700 413 — — Ranosn 

JpWwr 971 -191X20 780 0.7 

Jnn 2X20 —40 2X00 1280 09 

KDO 12X00 -10011300 7/440 _ 

Keooma ix&o +30 1X10 900 ox 
KaSnu 082 -331X30 005 _ 

KdmRl 1X70 -401X901219 — 

nwflkD 2X30 -30 32001X18 — 

KotWn 374 -0 407 312 — 

Keneto 001 +2 732 401 IX 

Kraimw 400 -13 58q 357 _ 

KartB 2230 -50 3X90 2200 _ 

KUni 408 -ID fiS 380 — 

K80 12*0 -10 1 XX) 1.1 DO 

KanHvy 414 -3 401 302 _ 

teuton 348 +5 445 281 _ _ 

KwSI 305 -4 3B8 273 — — 

KBeBr 000 -6 000 SCO — 

Ketol 580 _ 710 4B1 _ 

NMom 881 -1 1.110 780 US 

nuten 2X30 — ZX48 1.638 0 A 

Kk*M 039 -1 895 640 _ 

tekl 1X40 -101.400 1.110 _ 

KoboSt 280 -4 374 2*0 — 

KotoU 850 +101,030 540 _ 

WtoSe 2X20 -30 1350 1/tgD _ 

Kofcu n 2X90 -30Z798Z150 _ 




+.10 3A5 1X9 IX — 
+X7 2X0 Z50 _ _ 
-XI 1.00 1.11 4X __ 
+ Z96 2X6 TM 132 
+X3 3X0 ZX3 10 __ 
1.44 +XZ 1.76 083 ZI Z7 
_ 1.73 1/40 6X _ 
2X7 „ ZUS 2X5 4.7 BJ 

1X2 +X7 2X2 0X8 10 — 
2 +.11 2X2 070 — _ 
1126 +.161150 5.70 Z4 417 
lea +X3 am ixr ax _ 
1820 +50 1820 13X8 42 345 
3X4 +XZ 140 Z45 4.4 _ 

324 +.12 126 1X1 IX _ 
8X7 -X310.M 8.15 3X255 

3X0U +.00 4X 155 24 _ 
11X4 +.121114 7X5 4X13X 
6X1M +29 7X0 OB5 IX _ 

&77 +20 12 075 03 8.1 

620 +.11 028 Z63 28 _ 

217U +.11 Z7B 1.16 ZB _ 

3X7 +X7 4.15 2X6 15 24X 

5/40 +X6 5X2 426 +X _ 

1X0 __ Z15 085 __ _ 

2X3 +.04 2/43 0X5 

114 +X7 3X2 Z19 42 111 

325 +25 3.S9 126 IX _ 

7.40 -it5 025 206 _ _ 

3X4*1 +.17 6.10 1A7 26 _ 

5.60 +X2 6X6 175 19 _. 

122 -XI 1X1 1.05 72 _ 

4.79 +.14 625 ZG5 05 — 

7 +.16 7.70 5.15 5.4 8X 

4.12 +X4 452 ZBO 52 9X 

6X5 +21 7.10 6.D0 +0 ._ 

9X4 +.09 0X0 4.15 5.1 _ 

3X7 -.05 190 294 __ _ 

134 -X3 170 2X3 72 216 

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-20 1X30 716 _ _ TMCpN 458 — 4X0 1J33 14 _ 

-60 2X10 1/*80 _ _. Wdnnr 0.70*1 +.16 9X8 5X0 10 „ 



Stocks 

Closing 

Change 


Stocks 

dosing 

Change 


Traded 

Prices 

on day 


Traded 

Prices 

on day 

SeBdtDfcyu Kogyo .... 

7.0m 

546 

-5 

Sunitomo Coal 

4Xm 

656 

+45 

Nippon Steel 

7.0m 

342 

-a 

Sanyo Electric — 

A Am 

508 

-11 

Hanwo - 

8. 4m 

569 

-54 

Kawasaki Steel 

4.3m 

365 

-4 

Tokyo ThetOnss 

B.1m 

41 D 

-5 

Sumitomo MU Ind _ 

3.9m 

279 

+5 

Honshu Paper 

5.1m 

751 

-47 

Hitachi 

3.7m 

950 

-IB 


-IS 930 900 _ _ 

-20 4208 Z180 04 58.7 lOAus 
-7 S94 *10 _ — mean 
-11 823 540 1.1 
-10 32401X10 _ 

_ 583 350 IX 
-14 690 403 1.7 
_ 637 527 _ 

-70 42301.700 _ 

-10 1X80 880 
-15 090 433 
-301.7S01.110 __ 

-1 732 «&1 _ 

2X00 -160 3.080 2210 0.4 
1X00 -30 2X70 912 _ 

-10 2/180 1/450 „ 

♦2 1.120 785 _ 

-11 928 342 _ 

-111.120 B30 
+20 7X30 5580 ._ 

♦1011500 7X10 — 

-20 4.650 2100 — _ 

-50 1X8012*0 Q6 — 

-10 1X10 000 — 

+301X10 1X00 _ 

+201.130 675 

+101X00 aw IX _ SmWto 
+3 a® 300 1.1 - - 

8260 -110 9200 6.054 — 

1.700 -101.760 9 W _ 

2X30 -20 1220 Z1E0 _ 

845 
2X70 



US INDICES 




fa) 16706.46 19131.43 25470X0 16BS4 0167X6 8OT3 


Senwrt (24TS77) 


M OftlnenaiiraBQ 
Al lft*0flA/BW 


21809 21405 21405 2340X0 3/2194 
KM83 10162 1023X 113B.W 3W94 


Cruft AUcnt3(V12fl4) 449.17 444J4 44508 4B06B 2/2M 

Trafed WOC/WW 116009 11S535 11 5137 122226 1®8* 


Baa) n/i»i> 

Bad 

Bompa caravra 


1 50652 1502.62 150135 15CLGS 9MM 
to) 13535.0 12708.0 1400U0 16094 


1485X0 137UB3 
5B170 1371/33 

30026 14/1793 
7tZX6 15/U93 

1T2&4B 471/93 

7147 4/1 A3 


Meed Mnta+(1975) 
Canpaito4 (1S7S) 
Pcrttoto® (V1/B3} 


u 3850.70 3842X6 387058 18/3/94 Z7432) 21/1/93 

M 4551X0 452350 «4J0 1/2/94 3ZAX0 21/1A3 

M 2136.48 2119X2 21B2X9 1CS4 1726X7 2171A3 


PM Gen (31/1380) » eBa4 WJB «OT4 

CNW9ftH<ECyilBa 3B2X1 38127 38351 41MB 2/2B4 

HEX eandCBTiaSft 1841X TB409 I851X 7972X8 4/394 


261X0 4^93 
843.10 ZWB3 


W40P1/12W7) 


1478.41 147IUU i+rrwra " 

2200.17 220008 2202X8 236&S3 2®B4 177221 2an/B3 


14/1/93 


FA2 N4to<31/1Z/5B) 82672 82113 815X7 K5X7 4/lfl4 

2*2.10 

Dftx OVISWTff 2161.13 2141X4 S131JB 2267-98 3TU94 15 *™ ,3n/ “ 


SSn/7/M 946553 901217 B6B703 1Z2BIX9 4ft«« S4S7X0 4/1«3 



Mar 

73 

Ma 

72 

Mr 

21 


1983/4- 

wrfi Low 

Dow Jom> 

tar 

22 

Ur 

21 

Mr 

18 

1993/4 

Kgb UH 

Stas EONAtaK 

Lw 

Marin 







hkctlta 

386255 

3864X5 


3978X6 

3241X5 

3978X8 

41X2 

PC (NM 1978) 

M 251 1X2) 

H 

3881.17 

BOO* 

106415 25/2*3 





Bi/1/94) ponra 

01/1*4 

07/32) 

totterianri 







Hone Bonk 

101X0 

101X8 

1BZ11 

109X7 

101X0 

16677 

5499 

(SSTBasniEndia 

429LB 

4285 

4399 

45490 

31/1*84 

295J0 4/1*3 




nan ora 033*4* 

(i8nora 

fl/HWI) 

IBS M Eh fnd 83) 

778.4 

777.7 

Z79X 

294X0 

31/1/94 

196X0 13/1/83 

Import 

171442 

1714X2 

1732.74 

1862X9 

1453X4 

1BBX9 

12X2 

Ma Xaritad 











wm 

(4/1A3) 

C®94) 

07/32) 

Cap. 40JV7S5 

2208.72 

220893 

2255X4 

2439X4 

30104 

2Z00 22094 

UMn 

297X5 

20597 

208X4 

258X6 

205X7 

E648 

1650 

Hray 











(31/8*3) (21/3*4) 

01/8*9 

04*2) 

Ota sapoe)(2/l/835 

1159X4 

1162.11 

115175 

121 MO 

28B94 

606S3 2771/83 

DJ tad. Dote IWh 388923 (3000.25 ) Um 3840X8 (383S8S ) (TtaorebcalA) 









Omfn Ngh 3BBO.11 (300994 ) Lae 3801.11 (38S4L23 ) (Actual 



Mata CDtop 06/85) 

303X6 

2563X0 259850) 

3306X7 

4/1/94 

127866 4/1/93 

Standard and Psora 

Connate t 468X0 

44854 

471X6 

482X0 

429X5 

«U0 

4.40 

painrt 











<2®«) 

(Bfl/Sft 

0/2*4) 

U«3S 

BW (1977) 

31548 

3160.1 

31642 

wan an 

18/2)94 

160020 14/1*3 

IBHIWT 

549.70 

550X7 

W1M 


496.48 

588X9 

3X2 

8nw» 











(28/4*3) 

pa* 4 

0i«*3 

SEE Aa-S)ttG{2/4/75) 

549.18 

527X1 

rpaaa 

641X1 

4/1/B4 

3B41B 13/1*3 

RnaaU 

4402 

43X3T 

4409 

4&40 

33X9 

4848 

884 

StoAAftfca 











(28/9*3) 

(8/1 *3) 

0B**3) 

(1/1004 

JSE Bta P8/B/7S 

211BXV 

2121 X 

20800 

2331X0 

VI/94 

776X0 5h/33 

NYSE Cotop. 

280X4 

25991 

281X5 

267 Jl 

23621 

267.71 

4.46 

JSE ML pSWTEI 

5951 X^ 

60G7X 

BIIOO 

8149X6 

1813/94 

4333X8 I9M/93 





(2ffl94) 

0/1A3) 

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Aim MU M 

471J3 

47077 

472X6 

417X9 

395X4 

4*7X8 

2931 

KmCntBWiaor 

87978 

877X5 

88586 

97426 

2094 

86583 80*3 





(2094) 

(8/1*9 

02*4 

012/72) 

Ofmlm 







NASMO Cap 

798X4 

737X0 

BfHM 

90893 

645X7 

88693 

54X7 

MriridSEpv>2fl9 

wa; 

334X2 

-mn7 

368X1 

31/1®* 

21589 *nm 





(18/3/94) (26/4*3) 

[18/3*4 

{31/10/723 

Satan 

MtevantiGan (U2/3T) 

1482X0 

1484X0 

1482X0 

WB90 

31/1*4 

679.10 200/93 

■ RATIOS 

















Mar 18 

Mar 11 

i Mar 4 Tear ego 

Sabs Bk M Q1/12/SQ 13*55 

1335.71 

1323X7 

1423X4 

3VIA4 

80480 11/1*3 

Dow Jane M. Dtv. Yield 2.62 

2£1 

910 

2.96 

SBC Ganeta fl««7) 

1DD221 

99124 

906X5 

103129 

31/1*4 

63910 11/1*3 



Mer 16 

Mar 9 

Mar 2 rear ago 

Una 







S 8 P hd. Dtv. yield 

2-37 

2X7 

2X8 

Z44 

iWMPiQoiogsr 

5331 27 

5261X4 

522073 

845452 

6/1/94 

308843 9/1*3 

5 & P bid. P/E ratio 

24X8 

24X3 

2434 

26.62 

ntaand 







■ STANDARD AND POORS BOO INDEX FUTURES $500 times Index 

BaKft*SErOOW75) 

128644 

1237. T? 

1304.12 

17S3J3 

4/1*4 

8MUH 1/6*3 

Open 

Latest Change 

Hfeh 

Low 

EsLvei, Opm InL 

IM4 







Jun 47050 

47035 +0.45 471X5 

4704)5 

60XM 

179,696 

)9atU Cnpilai 19K) 13867.1 

14838X 

15S864 28883X0 

13/1*4 

3B5S53 1/1*3 

Sep 472X5 

473.10 

- 473X5 

472X5 

173 

4,656 

M06LD 







Dec 

475X0 

- 475X0 

474X0 

271 

4X52 


BSESem(187S» 


MU — 

M 3791.7 3820 7 437X0 26/994 2180X7 23/4/93 US C«U M (1/1/7D6K 617.1* 619.1 617X G41XB WM 48ft» 13/1A3 Open fenraU Ogftstt an lot ptaAous d*r. 


. QfKaS-BUBJEn 

Ti T nun-imaiin 4K9C 485,4? 50120 812X0 ShIM 27M1 5TW3 Emm* IfiOCffKWl) 14*73 1438« 143071 ttftLIB 31flfl4 106002 13AX33 
JM9DHIU10MQ «« Bao TSp-100 pjfiBOI 1238X4 lOSM 1ZK51 tttW MB* 8B23 mS3 

raw mtmmm .m» 


■ MEW YIXtK ACTIVE STOCKS ■ TRADOM XCTWITY 


«■ ss -ss 


— , — r -, M 29828 2B02B KU S/1A4 

BHtaga En»nW771/92) 156X8 15176 158X2 VBJ2 14®W 


! 4/1/93 

nun 4/M3 



KSSSS % 

ESSF* JKS-X 2SSSS SSSSS 2 


yoftA 057.48 954.18 131146 5fl»4 616* 13/W3 


Opm 

Sen Price Change 

High 

Low 

Brt. voL Open M. 

2237.0 

221 1J3 

-1-0 

2237 J) 

2207-0 

27,766 

37.157 

2246.5 

2221 X 

-1.0 

2248.5 

221 as 

3X65 

8.601 

2252.0 

22254) 

-1.0 

2252.0 

2W4LS 

2 

6.796 


TMn 
RJR NaMKO 
PWp Mend 


Che* Change 
Med pries m day 
9X95X00 64% 
5X75X00 E% 
4X41/400 52% 


*6 

-H 

- 1 % 


• WmWtm 

Mir 22 Mar 21 Mr 18 
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FINANCIAL TIMES THURSDAY MARCH 24 1994 


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36 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Thursday March 24 1994 


AMERICA 


EUROPE 


US stocks rally after 
a hesitant beginning 


M3 scare hits bourses after good start 


Wall Street 


After a day of hesitation, US 
stocks rallied yesterday amid 
relief that the Federal 
Reserve's move to tighter 
money brought only a modest 
increase in interest rates. 
turtles Frank McCurty in New 
York. 

By 1 pm. the Dow Jones 
Industrial Average was 18.71 
higher at 3,881.26, while the 
more broadly based Standard 
& Poor's 500 was 153 better at 
470.33. In the secondary mar- 
kets, the American SE compos- 
ite added 0.47 to 472330, and the 
Nasdaq composite 2.63 to 
798.97. NYSE volume at 1pm 
was 163m shares. 

With the Fed’s decision to 
push up rates out of the way, 
equity investors were free to 
count their blessings, which 
include buoyant economic 
growth and strong corporate 
profits. 

The Fed's action, while clear- 
ing the air, was not expected to 
alter the favourable outlook. 

The day's economic news 
had the potential to unsettle 
the rosy mood. The Commerce 
Department said the orders of 
durable goods last month 
slumped by 2.5 per cent, much 
worse than the consensus fore- 
cast of analysts, who saw a 
half-point decline. However. 


investors chose to ignore the 
data, partly because most of 
the decrease was concentrated 
in the aircraft sector, limiting 
its negative implications for 
the economy as a whole. 

The shift in attention away 
from interest rates was 
reflected in the performance of 
stocks most expected to benefit 
from an expanding economy, 
including heavy equipment, 
paper and automobiles. 

Caterpillar powered $2% 
ahead to $121 54, International 
Paper climbed $1% to $70% and 
Genera] Motors gained $114 to 
$60%. Ford fared even better, 
jumping $2*/t to $6354. 

International Business 
Machines was a notable loser, 
thanks to reports raising con- 
cern over the company’s 
mounting debt-to-equity ratio. 
The stock slumped $1 to $57%. 

In financial services, Lomas 
gained $1%. or 22 per cent, to 
$9 on heavy volume of nearly 
1.8m shares. The mortgage 
hawking concern disclosed that 
it would consider a merger 
with or acquisition by another 
company. 

Shares in Rubbermaid fell 
sharply after its chairman 
warned that the consumer- 
products company would foil 
to meet its first quarter earn- 
ings projections of 35 cents a 
share. The announcement was 
followed by a downgrading by 


at least one securities house, 
but the stock regained its 
stride near midday, trading at 
$29%, down 5% on the session. 

Philip Morris rebounded 
from a sell-off the previous ses- 
sion on news of congressional 
action to boost cigarette taxes. 
The stock added $1 to $53%, 
recovering some of Tuesday’s 
$1% decline. 


Mexico 


Equities were boosted by a 
decline in domestic interest 
rates at the weekly auction 
and strong demand for Telrnex. 

The IPC index gained 40.06 
or l.G per cent to 2£5L98. 

Interest rates eased across 
the board In the weekly Cetes 
auction, with the Zfrday paper 
slipping to 9.34 per cent 


Canada 


Toronto was firmer at midday 
as equities took a boost from 
strength in other financial 
markets. Strang gains in pre- 
cious Hiwtais and communica- 
tions overcame losses in con- 
glomerates and real estate. 

The TSE 300 composite index 
jumped 21.89 to 4,573.77 in vol- 
ume of 42.9m shares. 

Among the actives, John 
Labatt was up C$% at C$22 % 
alter an analyst’s report said 
the stock was undervalued. 


Bourses had a good morning, 
but lost some of their gains 
later in the day, writes Our 
Markets Staff- The tin-mound 
in sentiment coincided with 
speculation on the forthcoming 
German M3 figures for Febru- 
ary. scaremongers were talking 
of a figure of up to 30 per cent 
although, said Mr Anthony 
Thomas of Kteinwort Benson, 
the Bundesbank yesterday 
seemed to be steering opinion 
into th e 15 to 20 per cent area. 

FRANKFURT extended the 
aggrandisement of German 
cydlcals as the Dax index rose 
19.79 to 2.16L13. Turnover rose 
from DM7.6bn to DMS.lbn. 

The winners came mainly In 
carmakers, chemicals, steels 
and engineers. Daimler rose 
DM13.50 to DM859.50. and to 
DM865 after hours. Bayer put 
on DM7 to DM388J0. 

Mr Haas Peter Wadaiok, of 
Robert Fleming in Frankfurt, 
said that indications from com- 
panies and industry associa- 
tions were that the German 
economy was either at the bot- 
tom, or just past the bottom of 
the economic cycle. Car orders 
in February, for example, have 
just shown a marginal pickup. 

The immediate recovery 
prospect is reflected in a Dax 
1994 p/e of 31%, falling to 2243 
on Fl eming ’s 1985 forecast of a 


F’T-SE' Act Garres Share indices 


Mar 23 
Huily 


Open KUO 114)0 1200 1X00 


THfi EUROPEAN SERIES 
uxn i5.cn am 


FT-SE Edom* 100 
FT-SE EuratoCk 200 


144948 

1487477 


144160 

146X20 


144733 

14BSJ53 


144840 1446.44 
14824)2 148033 


1447.86 
1481 .Hi 


144073 

148074 


144073 

1478.00 


Ur 22 


Mar 21 


■ 18 


Wr 17 


18 


FTS£ amraek 700 1438.48 143071 144051 

FT--SE EUradack 200 1477J1 147954 1485.49 

to him w® CB'iMC* Hpttv no - uem aw - wis iMdar uo 


140JJH 148643 

150036 1504.77 

- I44&73 200 - 1477.12. 


further 38 per cent rise in earn- 
in gs n ext year. 

ZURICH was led higher by 
financials on the Fed’s over- 
night moves and the view that 
the sector's recent weakness 
had. been overdone. The SMI 
index rose 3&3 to 2^57.0. 

Drugs stocks were also at the 
centre of attention. Sandoz cer- 
tificates rose 3Fr60 to SFKL920: 
US drugs stocks tumbled on 
Wall Street overnight amid 
fears of a price war after news 
that the Swiss group’s US sub- 
sidiary was to sell Its new cho- 
lesterol drug at about half the 
price of rivals. 

Mrs Birgit Knlhoff at UBS 
commented that Sandoz was 
currently overshadowed by 
Roche and was unjustifiably 
neglected by investors. She 
expected annual earnings 
growth of 14 per cent over the 
next two years, compared with 
the forecast sector average of 


8-9 per cent 

The recently weak Ciba reg- 
istered rose another SFri6 to 
SFr871 in continued response 
to its US subsidiary's plans to 
market a rival to Glaxo's Zan- 
tac anti-ulcer drug. 

Among financials, UBS, the 
day's most active stock, rose 
SFz33 to SFrl.220. CS Holding 
bearers SFrl7 to SFr653 and 
SBC bearers SFrll to SFr423. 

p arts saw the C AC-40 index 
at 2^25 level in early trading, 
before selling set in ahead of 
today’s end of the March 
account. By the close it was 
barely changed, off 0.51 at 
2,200.17, and turnover was 
slack at just FFr3-Sbn. 

One of the few performers 
was Soctete G£n£ralfi, up FFr7 
at FFr650 ahead of results due 
after the dose on Friday. 

UAP lost 90 centimes to 
FFr189 following its results 
earlier this week. James Capel 


yesterday maintained its buy 
r ecommenda tion on the stock. 
The brokers noted that 
restructuring at Banque 
Worms and a strong contribu- 
tion from foreign insurance 
operations led them to main- 
tain a positive stance on the 
insurer. “However, alter 
announcing that the group 
intends to launch a capital 
increase in conjunction with 
the group’s immin ent privati- 
sation, the shares are likely to 
consolidate at current levels In 
the short-term”. 

AMSTERDAM was supported 
by strong performances from 
the blue chips, and the AEX 
index put on 1.05 at 415.38. 

KNP BT, the paper manufac- 
turer, which said that it expec- 
ted a good result in 1994 after a 
1993 net loss, rose initially to a 
session high of FI 50.40 before 
falling off to close 30 cents 
ahead at FI 49.90. The group 
added that the performance 
would be dependent on Euro- 
pean economic recovery. 

Other strong performances 
were seen by the chemical 
groups, DSM and Akzo Nobel, 
which improved respectively 
by FI 3.80 and FI 1.80 to 
FI 126,10 and FI Z24J30. 

MILAN slipped back from a 
firm opening as profits were 
taken in some of the recently 


strong industrial stocks. Ufa .. 
Comlt index rose 6.62 to fiTtsd#'?. 

Olivetti, still awaiting news. -: 
on the granting of Italy’s sas. 
ond cellular telephone Uccari^.-*' 
fell L58 to 1&535: some as*.:.*- 
lysts said that success wq*-;- 
aiready discounted in the share: > . 
price. Fiat, leading the rival:.:: 
consortium, slipped L21.X0. V 
L4,978. .* \.n' 

Telecoms were mixed, Stet "• 
adding L41 to L5.003 but Sp 
giving up L49 to LL384. Sal>: 
man Brothers commented that , 
the restructuring of the inflos* - , . 
try could take Stet shares, as v 
hlgh as LG, 900; the benefit from - ; 
unific ation would be signtfi-r- 
cant and Telecom Italia woalt .jj 
emerge as a new European : : ! f- 
leader. The restructuring 1 
should also take Sip close to : ; 
the L6.500 mark. 

ISTANBUL declined by a 
tiler 8 per cent in reaction to/ 
the downgrading of the court ' 
try’s debt by Standard ttndj 
Poor's, the credit rating, 
agency. The composite Index} 
fell 1.171 to 13.667. .-•••£ 

The country was also placed-' , 
on credit watch, which*' 
suggested that its rating niaijL 
be lowered further. 



c” 3 




--.lO , 

4 > i 


•Ii- ! 


#|4 




Written and edited by WBtam 
Cochrans, John Pitt and Mrhgil . 
Morgan 


ASIA PACIFIC 


Pacific Rim recovers again as Tokyo falls 


Kenya equities enlivened 
by economic reforms 

But foreigners remain absent, says Leslie Crawford 


Tokyo 


N airobi’s stock 
exchange has sud- 
denly sprung to life, 
thanks to economic reforms 
which have opened new hori- 
zons for the private sector in 
Kenya. 

The NSE index of the 20 
most traded shares has almost 
doubled since early January: 
itbegan 1994 at the 2,500 marie, 
and soared to 5,115 in mid-Feb- 
ruary before gliding down to 
the 4,700 level this week on a 
spate of profit-taking. 

Volume has increased five- 
fold in as many months and 
more than 200,000 shares have 
been traded every day this 
month so far, boosting daily 
turnover to Ksl5m ($230,000). 

As a result of the share price 
explosion, Nairobi’s stock 
exchange has overtaken Egypt, 
Nigeria, Tunisia and Zimbabwe 
in terms of market capitalisa- 
tion. It Is currently valued at 
Sl.Sbn. against an estimated 
Si.4bn for Egypt, its closest 
regional rival. 

It is almost too much excite- 
ment for the tiny bourse to 
bear. The NSE's cramped 
offices in downtown Nairobi 
are packed with investors who 
come to track the progress of 
their shares during the open- 
cry morning trading sessions. 
Sometimes, the mayhem in the 
visitors' gallery is greater than 
on the small trading floor, 
where six brokers conduct all 
the transactions. Deals are 
recorded on a blackboard - 
computerisation, say NSE offi- 
cials. is still some years away. 

Several factors have contrib- 
uted to the trading revival. 
Ov er the past year, the govern- 
ment has taken major steps to 
liberalise the economy: the 
shilling was devalued and then 
floated last year most foreign 
exchange controls have been 
lifted; import licenses and 
price controls have been 
scrapped. 

The reforms have radically 
improved the business environ- 


ment for Kenyan companies, 
particularly exporters, fa addi- 
tion, the banking sector 
enjoyed a good 1993 owing to 
high interest rates and excep- 
tionally Hi gh yields on govern- 
ment bonds. 

Mr Larry Sutcliffe of the Nai- 
robi stockbrokers, F Drum- 
mond, says that investors 
switched from bonds into equi- 
ties when inflation, and there- 
fore interest rates, began to foil 
late last year. He also believes 
that speculators bid up share 
prices in anticipation of the 
imminent entry of foreign 
investment funds. 


T 


'his has yet to happen. 
At present, direct for- 
eign investors are free 
to remit capital and dividends 
abroad. But foreign portfolio 
investors require prior author- 
isation from the central bank 
and must channel their invest- 
ments through a local trust 
fund. 

These restrictions have kept 
foreign investors at bay, 
although several regional and 
emerging market funds are 
charting Nairobi's progress. Mr 
William Chelashaw, who heads 
Kenya’s capital markets 
authority, says: “We are confi- 
dent the market will be opened 
up in time, but there is no 
immediate rush to attract for- 
eign capital". 

Most analysts believe that 
foreign funds are unlikely to 
invest on the NSE until the 
market becomes considerably 
more liquid. “At present, only 
about 3 per cent or distributed 
equity is traded,” says Mr Sut- 
cliffe. “Prices have also risen 
because of the scarcity of 
stock”. 

Price/earnings ratios have 
climbed to the nud-20s for the 
most actively traded shares. 
This, say some brokers, is too 
high for a bourse which has 
yet to catch the peripheral 
attention of emerging market 
funds. 


The NSE is also narrow as 
well as illiquid. Of the 54 
quoted companies, eight, 
including three banks, account 
for almost 80 per cent of mar- 
ket capitalisation. 

But they have strong points, 
according to Middle Africa 
Investments, a local company 
of financial advisers. It says: 
“Quality management, multi- 
national support, low levels of 
debt and toe growing impor- 
tance of exports". 

BAT Kenya, the largest com- 
pany on the NSE, has seen its 
share price rise sevenfold dur- 
ing the past 12 months. Shares 
in Brooke Band Kenya, a Uni- 
lever subsidiary, have risen 
fourfold. Both companies are 
mqjor exporters and have bene- 
fited from the economic 
reforms. 

The favourite financial 
stocks, such as Barclays Bank. 
Standard Chartered Bank and 
Diamond Trust of Kenya, have 
also seen equity quadruple in 
value. 

In spite of the NSE’s recent 
decline, there is a sense of 
anticipation in the air. The 
NSE will soon move to more 
spacious premises, which will 
be enlivened by the addition of 
newly licensed brokers. The 
capital markets authority says 
that it is determined to inject a 
little competition into the bro- 
kerage business, in spite of 
much grumbling and resis- 
tance from the six brokers who 
own the NSE at present. 


Heavy profit-taking ahead of 
the March 31 book closing left 
the Nikkei index 1.4 per cent 
lower, for its fourth consecu- 
tive daily decline, mites Brmko 
Terazono in Tokyo. 

The Nikkei lost 291.43 to 
19,962.10. breaching 20,000 for 
the first time in nine days. The 
index rose to a high of 2DJS22XQ 
in the morning session, but 
steadily lost ground on profit- 
taking. hitting a low of 
19337.99 just before the dose. 

Tuesday's plunge in the bond 
market triggered selling of 
equities by investors hoping to 
cover losses on their bond port- 
folios. Traders expect the liqui- 
dation by companies to con- 
tinue throughout the week and 
predict volatility up to the 
start of the new business year. 

Volume rose to 400m shares 
from 370m. Foreign demand, 
which has supported Japanese 
shares recently, subsided while 
domestic institutions, arbitra- 
geurs, corporations, and indi- 
viduals were also sellers. 

The Topix index of all first 
section stocks fell 1339 to 
1,614-42 while the Nikkei 300 
closed down 2.75 to 296.52. 
Declines led advances by 758 to 
274 with 154 issues remaining 
unchanged. In London, the 


from a Japanese broker. 

Large capital steels were 
down on profit-taking. Nippon 
Steel fell Y8 to Y342 and Kawa- 
saki Steel fell Y4 to Y365. Cor- 
porate selling also hit high- 
technology stocks, with 
Hitachi down YJ9 to Y95Q and 
Toshiba down Y17 to Y773. 

Speculative issues were 
hi gher - in active trading. Sumi- 
tomo Coal Mining rose Y45 to 
Y856 and Izutsuya gained Y25 
to Y734. 

In Osaka, the OSE average 
fell 179.09 to 22,170.78 in vol- 
ume of 1573m shares. 


Roundup 


The resolution of interest rate 
speculation in the US 
unleashed buyers around the 
Pacific Rim. Karachi was 
closed for Pakistan national 
day. 


HONG KONG climbed by 5 
per cent although Jardine 
Matheson fell HKS4.75 to 
HK$49.25 before it was 
suspended from trading in the 
afternoon. 

Brokers said that the Fed’s 
rise in short-term interest rates 
removed a key uncertainty. 
Unkin g that to the view that 
the market was oversold, insti- 
tutions pushed the Hang Seng 
index up by 45336 to 9,46533, 
in indicated turnover up from 
HK$6.73bn to HK$7.S2bn. 

Jardine group companies fell 
after Jardine Matheson, the 
parent, said that it would can- 
cel its local listing at the end of 
this year. Swire Pacific A leapt 
HKS530 to HK$58 l 50 on a rush 
of switching orders. 

BANGKOK put on another 4 
per cent after the Thai bourse 
eased margin loan regulations, 
triggering active bargain hunt- 


ing by domestic investment 
funds. 

The SET index closed 4932 
per cent higher at 1,286.44 in 
moderate turnover of Bt7.4hn, 
the buying focusing cm finance 
and communic ations issues. 

KUALA LUMPUR credited 
retail buying and foreign funds 
as the KLSE composite index 
closed just short of the 1,000 
level, up 32.47 or 3.4 per cent at 
999.95. 

SINGAPORE noted late 
profit taking from both Hang 
Kong and London, but the 
Straits Times Industrial index 
still ended 66.24. or 33 per cent 
higher at 2,111.2ft. 

AUSTRALIA bought on the 
Fed news and on a sharp Jump 
in local futures, the All Ordi- 
naries index ending 40.2, or 19 
per cent better at 2.180J. 

On the Sydney Aitures mar- 
ket, the March share price 


index shot up 60 to 2^05.0 on 
short-covering. In the cash 
market, blue chip and resource 
stocks reflected overseas boy- . 
ing In the morning, mainly : 
from Asia, and domestic instfe ? 
tutlonal investment in . the. 
afternoon. 


TAIWAN rose for the third 
straight day, helped by a rally 
in financials and Hong Kasg’a 
recovery. The weighted index 
closed 69.43 up at 5.33L27 uid 
turnover rose by T|ltibh-fo.-"~ 
T$49Abn. 

BOMBAY’S speculators sold 
to get out of overbought posi- 
tions, the BSE index dosing' 
64.96 lower at 3.726^2. 1; 

The effect of the ban eintifa 
carry forward, or ’'badfe” sy* 
tem of trading, was reinforced 
on Tuesday when the stock 
exchange declared a broker fa ■' 

riAfaulf 


S till to come are new rules 
to regulate the market, 
clarifying relations 
between client and broker and 
between brokers. The CMA 
also wants to tighten market 
surveillance and introduce 
more transparency into share 
transactions. The entry of for- 
eign investment funds could 
follow. 

• The IFC index of emerging 
markets has been held over 
this week. 


ISE/Nikkel index rose 2225 to 
1,334.00. 

Pharmaceutical shares were 
weaker on reports that the 
health ministry had instructed 
makers of interferon alpha, an 
anti-cancer drug, to issue 
stronger warnings that it 
induces depression and 
suicidal tendencies. Takeda 
Chemical Industries fell 
Y40 to Y1.250 and Fujisawa 
Pharmaceutical lost Y40 to 
Yl.lflO. 

Hanwa, the steel trader 
which faces mounting debts as 
a result of speculation cm the 
financial markets during the 
late 1980s, fell Y54 to Y569 after 
the issue met heavy selling 


SOUTH AFRICA 

A lack of buying interest from 
domestic and overseas inves- 
tors and negative political 
developments dragged indus- 
trial shares lower, and toe 
index ended down 116 at 5,951. 
The overall shed 49 to 5,182 
and gold 6 to 2,116. 


ft-actuaries ' woRLa: wdices' 


J&nity oompriM by Tho Financial Thnn Ltd. Gottnan, Sacfta A Co. and NaiWest Securities Ltd. fn conjunc ti on with the institute of Actuaries and me RacUty at Actuaries 
NATIONAL AND 


REGIONAL MARKETS 

Figures «n p jre nthaaos 
oho* numwr oJ ires 
at 'See*. 


Ausja&a i>53) 

Ausma on 

Belgium iin 

Canada [1071 

Denmarii (Ml 

Finland CZ\ 

France tsei 

Oarrunv iS 9t 


inland H4i 

Hal> ,63» 

Japan K391 

Mctsysid i68t 

Mexico lift .... 

Netrwrtand p6> 

New Zealand {14| 

fJOnsay C31 . ...... — ... 

iJS) ..... ...... 

Sown Atncr (601 _ 

S0*n(JC1 

Sweden 

Swrccrtind H91 


USA|519) 


Pacific Basin i?i?) 


Wood En Japan 11701) 


S"** ■* G* Soo»*M UlfH itar 


US 

0a/3 

— TUES 
Pound 

OAY MAI 

TCH 22 1 

994 

Local 

Local 

Gross 

US 

MONDAY 

Pound 

MARCH 

21 1904 

Local 

DO 

LIAR MC 

ex 

Year 

DoBor 

Change 

Sletfng 

Yen 

DM 

Cumency 

% eng 

Dhr. 

Doa» 

Storing 

Yen 

DM Currency 1993704 

19B3/94 

490 

index 


Index 

Index 

index 

Index 

on day 

YWd 

■ncku 

Index 

Index 

Index 

bidax 

rtgh 

Law 

(approx) 

..... 172.13 

0.3 

171.71 

115J4 

151.10 

161.28 

ai 

3J6 

171.68 

171.46 

175JS 

151JSS 

181.07 

189.15 

13019 

13088 

-.108.96 


108.63 

126JG3 

165.69 

165.86 

-02 

0.94 

18011 

10737 

12839 

10004 

10023 

195.41 

138.03 

14284 

..... 168.11 

-0.2 

167.70 

112.64 

147.57 

144.44 

-OJ 

3J8 

16038 

18017 

113-13 

14063 

145.16 

in.es 

141^2 

147.00 

138.87 

o.a 

130.63 

83.05 

121.90 

137.31 

0.7 

ZM 

13008 

137.90 

92.77 

121.88 

13039 

145J1 

121.48 

125.16 

..._ .JW.52 

OJ 

263.B7 

177.25 

232.19 

238.85 

0.0 

0.98 

283.71 

26037 

177 .18 

282.77 

230 62 

27S.79 

195-60 

135.80 

- 1JS.S9 

O.l 

145.54 

97.70 

128.07 

T 69.94 

-as 

0.66 

145.77 

145.58 

87^4 

12067 

17072 

15072 

7012 

7098 

.178.46 

02 

170.(0 

11024 

154 89 

15074 

-0.1 

2.80 

176.10 

17505 

11037 

155.51 

159-91 

18037 

14000 

16022 

. .„ . 138.31 

0.9 

13SJS 

91.34 

mas 

11B.6S 

04 

1.73 

13502 

134.65 

30.72 

119. IS 

110.18 

14238 

107 JO 

117.80 

370.13 

4.1 

36924 

240.02 

324.91 

367.11 

4.1 

229 

355.47 

3554)2 

23084 

31078 

352.71 

BtRLSB 

24257 

24257 

190.31 

-02 

189.BS 

127.52 

107.06 

187J1 

-05 

018 

19073 

19048 

12015 

16038 

18021 

20033 

1401S 

14088 

76.06 

1.? 

76.00 

5097 

00.77 

94.96 

1.4 

1.77 

74.79 

74 70 

5025 

6002 

93.70 

7093 

5021 

56.43 

.. .. 163.76 

-0.9 

153.38 

103.03 

134.67 

103.03 

-1.2 

0.79 

165.14 

154.94 

10423 

13094 

104.23 

185.91 

11950 

12281 

. ...JS0 7T 

12 

449.60 

302.05 

385.70 

47003 

1A 

1.60 

44530 

444.03 

299.10 

39004 

46070 

651.63 

27848 

27049 

._.X05?ai 

0.0 

2052.90 

137094 

1800.44 

7470.05 

ao 

067 

20S7S1 

20S5J6 

1382.05 

181040 

747005 

2647,08 

1431.17 

164020 

.... . 198J4 

-ai 

187.76 

132.84 

174D2 

171.84 

-0.8 

326 

19042 

198.17 

133 J2 

173.15 

17007 

20743 

163J0 

16027 

68J- 

-2.4 

68.10 

45,74 

59.93 

63.56 

-2.6 

3.67 

6097 

69.88 

47.01 

81.77 

65 JS 

77.59 

4045 

4050 

... ..-20021 

1.4 

199.72 

134.16 

1707S 

199.44 

1.0 

1.67 

197.46 

197 JO 

13067 

174J9 

197.39 

20042 

15001 

15150 

-...-300 56 

2.0 

299.S2 

201.39 

263.03 

219.66 

ao 

1.7B 

294.66 

29428 

197.98 

260.10 

215.38 

37092 

21750 

21077 

.264.85 

-0.6 

2W20 

177.47 

232.48 

267.01 

0.0 

2.30 

20050 

28016 

17008 

23024 

287.07 

28026 

161,99 

171.48 

14521 

as 

144.86 

97.30 

127.47 

152.30 

0.1 

3.70 

14431 

144JE 

07.09 

127.58 

15220 

15579 

11033 

12059 

.. .21*34 

ao 

21482 

144J29 

169.03 

251.00 

-02 

1J2 

215.40 

215.12 

144.72 

190.13 

251.60 

23002 

164.78 

15058 

... 161.48 

is 

181.07 

108 19 

141.73 

143.13 

as 

isr 

159.09 

15000 

1O00S 

14042 

141.78 

17058 

11204 

114.58 

19593 

02 

195.05 

13102 

171.64 

19505 

ai 

3.76 

1B520 

194.94 

131.15 

17030 

194£M 

214J6 

i7om 

17256 

— 190.85 

0.0 

190.38 

127^8 

167.53 

19085 

ao 

2.77 

19077 

19052 

iaai7 

16039 

19077 

190 JM 

17001 

189.07 

168.19 

as 

187.78 

112.70 

147.64 

iaojo 

02 

206 

107.42 

187 JO 

11048 

147.78 

ieon 

17058 

13958 

14028 

209.98 

0.2 

208.47 

14003 

1 83.44 

212.05 

-0.1 

1.31 

20064 

208J7 

14016 

104.16 

21010 

22090 

1409S 

140 SI 

161.70 

-as 

161.40 

10041 

142.03 

112.79 

-0.7 

1J7 

162-57 

162J7 

10023 

14051 

113.61 

10080 

124.58 

12724 

164.30 

-ai 

163.90 

110.09 

144JJ3 

131.50 

-OJ 

1J3 

164.44 

164J2 

110.48 

14&I5 

131.88 

170.78 

13081 

13245 

187.82 

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187.16 

12S.72 

184.60 

187.12 

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17070 

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131.50 

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13038 

155,73 

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12047 

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ao 

24041 

161.48 

211.58 

221.57 

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23029 

235.99 

15078 

200.58 

217J4 

29021 

18948 

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165.82 

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165.41 

111.11 

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10094 

165.72 

11148 

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135J9 

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171.05 

17083 

11452 

15098 

14046 

17068 

14088 

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2.18 

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12420 

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10070 

195J0 

16442 

164.63 

173.13 

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116 01 

151.97 

152.34 

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2.16 

173.18 

17096 

11038 

152.87 

15281 

17097 

14014 

148.19 


It takes just 60 seconds to read this advertisement 

25 min utes to watch an FT Business Toolkit Video 
- the career benefits can last a lifetime 




Your time has never been ;■ The first fo^tittes in the series concentrate on the importance 

development has never been so ^ cus: 

business moves fast you neecEto CTreer know Ydfe ENEMY: for Success 

' ' — ' — ~ Understan4jpg your competitors 1 . 



After 25 minutes, you’ll have numerous questions awtideas^ 
• : Use the support material provided ema ti^ ^prpgrafante 
r.ddvelpps^Into hours, of intensiveieff 6r 




; j un intemipted vebi on, a second jor use 

' quality support materiaCYeatari rig 'pro^tk‘fo>rKfishii^c^^ ~ ’ ****-'*> 
and. action;^ - _ _ 


FINANCIAL TIMES 


As an^ individual i-’i 

development. 



using/ the comprehensive Mariag^s Gulde- 

A User ManUat'shqws hovv to. ga tfveiriki^Qiit ofydur -'place ah' 

A Ri TAjkfLft -time i‘ ta aji lJn rj ii r~f« irfcirt rhnr'f !■ nnfm'l ■ f ftiTilif ‘ : *** *** J*. - ** 


Tffi 





Financial Times Reader Offer - save10% on each Toolkit if you order NOW! 

Please completes return Ift tengnrian Pnfedonal, fREEPOST WC 5806, LONDON, WOE 9BR. No Stamp required. Or lax back your order on : 071 240657b. 

PieaKdvM^nyAcesVVig/MjBurcani/Baiclaycard/DInosCUi/Anierian Express 


Telephone enquiries: 071 240 6646 

QUANTITY 

| j Know your Enemy - full version 9 £35540 (usual price £395) 

| ~[ Know your Enemy, budget version 9 £175 JO (usual price D 95) 

| [ Benchmarking to Win - full verion 9 £355 JO (usual price £395) 

| ~[ Benchmarking 10 Win -budget version 91 7540 (usual price (£195) 
j ^ | Focus on the Customer - fufl version 0 355 JO (usual price ££395) 

| | Focus on (he Customer- budget venkm«£17SJ0 (usual price £195) 

| Building Customer Relationships - fufl version 9 £355.50 (usual price £395) 

P | Building Customer ReUHorahlps - budget venkjn#£1 75 JO (usual price £195) 
| VHS video catalogue 9 £5 (postage free) 


. (Total) Add 17.5% VAT 


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