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Eurofighter makes 
maiden flight after 
two year delay 


MONDAY MARCH 2B 1994 



The Eurofighter 2000 combat aircraft (above) 
made a 40-minute maiden flight yesterday at 
Manching in Germany. Eurofightar, being devel- 
oped by a consortium comprising British Aerospace 
in the UK, Alenia in Italy, Casa in Spain and 
Dasa in Germany, is two years behind srfiprfnip 
after a series of technical and political problems. 
Production is expected to begin in 1996 or 1997 
and development and production costs are expected 
to reach S47bn. 

BCCI auditors face $11 bn claims: Auditors 
to the collapsed Bank of Credit and Commerce 
International Dace claims from the liquidators 
of up to $llbn, according to legal documents updat- 
ing the original action. Page 6 

Silver expected to reach $6 an ounce: 

The price of silver is almost certain to go above 
S6 a troy ounce this week for the first time since 
March 1989. driven up by large speculative commod- 
ity funds which are targeting the market Page 13 

Air France sets deadline for unions: Air 

France has given its 14 trade unions until Thursday 
to agree to a restructuring plan aimed at curbing 
losses at the French state-owned airline. Page 2 

South Korea seeks help from China: South 
Korean president Kim Young-sam will today 
urge China to exert pressure an North Korea 
to open its nuclear sites to international inspection. 
Page 4 

AltfC pledge over Natal: The African National 
Congress said it would escalate mass protest 
action aimed at ensuring free political activity 
in the strife-torn Natal province. Page 12 

Banesto battle begins: The battle for control 
of troubled Spanish bank Banco Espafiol de Crfidito 
opens in earnest this week following approval 
by shareholders of a Bank of Spain-sponsored 
rescue plan. Page 13 

Coca Cola given penalty tax Mis The 

Japanese tax authorities have issued Coca Cola 
Japan, a subsidiary of the world's largest soft 
drinks company, with a penalty tax bill of Y15bn 
l Si 39m) for improper income transfers. Page 4 

Pay deal below German Inflation: About 
1.4m German construction workers will receive 
2.4 per cent pay rises, the biggest award so far 
this year, but still below forecast Inflation of 
3 per cent. Page 4 

ttattel and Siemens form partnership: 

ItalteL manufacturing subsidiary of Italy's state- 
owned telecommunications group, and Siemens 
of Germany are to form a company which will 
combine the operations of Italtel and the Italian 
telecoms affiliate of Siemens. Page 15 

Germany expected to hamper EU recovery: 

Bonn's problems in the financing of eastern Ger- 
many, and a continuing Call in industrial competi- 
tiveness, will hold back recovery across Europe, 
a report by Barclays Bank of the UK says. Page 4 

Zantac under threat Anti-ulcer drug Zantac, 
made by Glaxo of the UK conies under threat 
tomorrow when a new treatment involving Losec, 
its chief competitor, made by Astra of Sweden, 
becomes available in the UK. Page 13 

European Monetary System: In a week 
which saw the D-Mark generally firmer, the punt 
slipped down to fourth spot in the EMS grid after 
a long spell as the strongest currency. The guilder, 
the Belgian franc and the D-Mark are now closely 
bunched at the top of the grid while the escudo 
has lost more ground at the bottom. Currencies, 
Page 31 


EMS: Grid 


March 25,1994 



• 5% 

The chart shows the member currencies of the 
exchange rate mechanism measured against the 
weakest currency m the system. Most of the curren- 
cies are permitted to fluc tu a t e within IS per cent 
of agreed centra l rates against the other members 
of the mechanism. The exceptions are the D-Mark 
and the guilder which move in a 2.35 per cent band. 

Direct New York flight launched: Aer Lingus 
began the first scheduled non-stop air service 
between Dublin and New York following the 
lifting of the rule that all transatlantic flights 
had to land at Shannon airport in Co Clare. 

75 hurt In Egyptian brain crash: Seventy-five 
people were injured, 11 critically, when two trains 
collided head-on in the Nile Delta region of Egypt. 

Brazilian Grand Prtc Germany's Michael 
Schumacher, driving a Benetton-Ford, won the 
first race of the new motor racing season, the 
Brazilian Grand Prix in Sao Paulo. Damon Hill 
of Britain, In a Williams, was second 


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Spanish decision to compromise increases pressure on Major government 

UK isolated in EU votes deal 


By Lionel Barter in 
loannina, Greece 

The UK was under intense 
pressure last night to accept a 
compromise over reforms to 
European Union voting proce- 
dures that falls well short of its 
demands and leaves the planned 
enlargement of the European 
Union on a knife-edge. 

After two days of talks in 
Greece. EU foreign ministers 
agreed to try to complete a deal, 
based on a compromise brokered 
by the Greek presidency, by 6pm 
tomorrow. 

The compromise offer puts 
British prime minis ter John 
Major under intense pressure, 
after Spain, which had joined the 
UK in opposition, signalled it was 
ready to settle. The British cabi- 
net will discuss the issue tomor- 
row. 

The UK ran into a brick wall 


over its requests to maintain a 
threshold of 23 votes as the block- 
ing minority after Hip attmiagiftn 
of Finland, Sweden. Austria and 
Norway into the Union next year. 

Britain and Spain are being 
offered a “reasonable” delay on 
decisions which are opposed by 
countries mustering between 23 
and 27 votes, which is the pro- 
posed new threshold to block leg- 
islation. During this period, the 
C ommiss ion the presidency 
will be obliged to seek a consen- 
sus. “always respecting the rules 
of procedure”, according to the 
Council text. 

Senior EU officials said this 
language expressly excludes an 
open-ended discussion. British 
demand!! for an indefinite delay 
on controversial decisions also 
ran Into a wall of resistance. 

Current rules would still apply, 
whereby one member state can 
call for a vote on controversial 


legislation on the basis of a sim- 
ple majority. 

The proposed deal attempts to 
strike a delicate balance. It recog- 
nises the need to protect large 
countries against b ein g outvoted 
easily in an expanded Union. But 
it tilts decisively against introdu- 
cing rules which could paralyse 
decision-making. 

The deal does not meet UK 
demands for legally-binding guar- 
antees preserving the power of 
two large member states to join 
with one small country to block 
decisions in the Council of Minis- 
ters. 

The latest twist in the power- 
sharing dispute confronts Mr 
Major with an acute dilemma. 
Either be accepts an offer which 
could trigger a revolt among 
Tory Euro-sceptics, or he rejects 
the compromise and risks bear- 
ing sole responsibility for delay- 
ing enlargement, an aim long 


supported by the British govern- 
ment 

Mr Douglas Hard, UK foreign 
secretary, said “serious work" 
had been accomplished over the 
weekend, but he declined to pre- 
dict the outcome of the cabinet 
meeting. 

Mr Jacques Delors, president of 
the European Co mmissio n, echo- 
ing comments from other EU for- 
eign ministers, suggested Britain 
had received the best terms avail- 
able. Without agreement on vot- 
ing rights this week, he forecast 
“an absolute crisis” in the Euro- 
pean Union. 

Mr Javier So latia, Spanish for- 
eign minister, spoke of a “break- 
through*. but Mr Hurd was more 
cautious. 

He said the UK's partners now 
accepted that the relationship 
between the size of countries and 
their votes could not be brushed 
under the carpet This must be 


tackled “root and branch” at the 
1996 conference to review the 
Maastricht treaty. 

Although Britain's position 
will be crucial to an agreement, 
other countries voiced some res- 
ervations about the deal, raising 
the danger of amendments later 
this week which could delay final 
agreement 

Mr Pieter Kooijmans, Dutch 
foreign minister, said the com- 
promise contained “time-bombs”. 
He pointed to Greece's support 
for creating a “wise-men" com- 
mittee, working with the Euro- 
pean Parliament, to study institu- 
tional reform ahead or the 1996 
inter-governmental conference. 

Several countries, including 
France and Germany, are under- 
stood to share Dutch concerns 
that a committee erf “wise men” 
could re-open wounds which 
appeared during ratification of 
the Maastricht treaty. 


Fyodorov attacks 
Russia’s $I.5bn 
deal with IMF 


By John Lloyd In Moscow 

Mr Boris Fyodorov, the former 
Russian deputy prime ministe r in 
charge of finance, today launches 
an attack on the agreement 
reached last week by the Interna- 
tional Monetary Fund to provide 
a ?l.5bn loan to Russia. 

Mr Fyodorov, who resigned 
from the government in January 
in protest against what he 
described as “the end of reform”, 
writes in today's Financial Times 
that Russian policies will change 
“in the wrong direction” once the 
loan is provided. 

“Western taxpayers have a 
right to know to what end their 
money is being spent when they 
have problems of their own back 
home,” he says. “The Jl^bn is 
immaterial to Russia given the 
scale of its problems and would 
be eaten up in a matter of min- 
utes.” 

Mr Fyodorov, now a leading 
deputy in the State Duma, the 
lower house of parliament, said 
Russian and western experts who 
claim that Russia is “special”, 
and that therefore ref rams must 
be introduced slowly, should try 
to hve in Russia on a Russian 
salary for two years. 

He says that, before any money 
is paid, the budget should he 
passed through parliament and 


the government's track record an 
low inflation established. “Than 
is no valid reason, to hurry before 
being reasonably sure that this 
government's new virtue is real.” 

Mr Fyodorov's scepticism was 
supported by Mr Mikhail Sara 1 
fanov, director of the National 
Market Research Institute of the 
Ministry of Trade, a leading pro- 
free trade think-tank. He sug- 
gests' that the IMF kxan was at 
least TS per cent political and 
that there Is no possibility that. 

■ Gerashchenko, great survivor 
of the central bank Page 2 

■ Fyodorov on the dangers of 
western gidHtXty Page 10 

the government can stay within 
the bounds of the budget. 

The loan, the second tranche of 
the $3bn systemic transformation 
facility, intended to aid the 
restructuring of the Russian 
economy, will be recommended 
by Mr Michel Camdessus, the 
IMF managing director, if the 
government presents a list of 
laws and decrees to the parlia- 
ment. The government must aim 
to increase budget income, while 
retaining expenditure at the pres- 
ent level. Mr Camdessus, who 

Continued on Page 12 



DS523A 


Oil price 
fears as 
output is 
unchanged 

By Robert Corzlne in Geneva 

Oil markets will give their 
verdict today on Opec’s decision 
at the weekend not to cut output 
despite warnings that failure to 
do so could trigger a further price 
collapse. 

Delegates from the 12 member 
states of the Organisation of 
Petroleum Exporting Countries 
conceded that the decision to 
extend the present production 
ceiling of 24 -52m barrels a day for 
the remainder of the year could 
lead to lower prices, especially in 
the next three months, tradition- 
ally the weakest period for oil 
demand. 

But they brushed aside warn- 
ings by Opec's secretariat at their 
Geneva meeting that prices could 
fall to single digits unless a cut of 
lm barrels a day or mare was 
made. The price of the bench- 
mark Brent Blend closed at $13.91 
a barrel on Friday. 

The ministers justified their 
decision by citing forecasts indic- 
ating that much higher demand 
will materialise by the end of the 
year. 

Analysts generally welcomed 
the rollover of the wflmg . They 
said Opec’s decision to suspend 
the practice of setting quarterly 
supply levels in favour of the 
nine-month ceiling removed 
uncertainty from the market. 
Most also agreed that demand 
could be sharply higher in the 
fourth quarter. 

“The market needs a cut to 
push prices up," said Mr 
Mohammed Abduljabbar, econo- 
mist with the Washington-based 
Petroleum Finance Company. An 
Opec official, however, described 
it as ^damage control." . 

An attempt to orchestrate a co- 
ordinated cut with eight non- 
Opec producers collapsed when 
Saudi Arabia, Opec's dominant 
member accounting for a third of 
total output, refused to partici- 
pate. 

Saudi Arabia is reluctant to 
accept any reduction in its &n 
barrels a day quota, citing the 
fact that it agreed to a freeze at 
that level last year when most 
other Opec quotas were raised. It 
also feared that any price gain 
from a sizeable cut could be 
eroded by some Opec members 


Continued on Page 12 
Opec's heavyweight controls the 
ring, Page 2 


Reuter 

Achflle Occhetto, leader of tbe 
eight-party Progressive Alliance, 
signals his hopes for victory In 
the Italian election. Page 12 


Bidding soon for buildings in former financial centre 

Shanghai seeks to restore 
Bund to its glorious past 


By Tony Walter, 
recently In Shanghai 

Shanghai will soon auction the 
stately buildings lining Its 
waterfront, where international 
and Chinese financial institu- 
tions win be bidding for a piece 
of the city’s glorious past 

In what business people have 
dabbed the “sale of the century”, 
the city's government expects to 
raise millions of dollars from 
selling long-term leases for 
buildings on the Bund, tbe cen- 
tre of Chinese finance before the 
1949 Communist revolution. 

Mr Xu Kuangdi, Shanghai’s 
vice-mayor, said tenders would 
be invited in May for 37 build- 
ings, including the majestic for- 
mer headquarters of the Hong- 
kong and Shanghai Bank, now 
used by the municipal govern- 
ment. 

S hang hai hopes the Bund will 
again become the country’s 
“Finance Street”, and Mr Xn said 
the auction was part of the gov- 
ernment's commitment to 
“playing a role in the interna- 
tional market". 

He said that by early next 


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month, a special authority 
charged with disposing of build- 
ings on the Bund would begin 
releasing details of sites for sale, 
including floor space and the 
leases. Officials have been 
talking of 59-year leaseholds. 

Representatives of interna- 
tional fiwMtriai institutions have 
been waiting Tor Shanghai to say 
how it would dispose of the Bond 
properties, their facades little 
changed since 1949. 

Mr Xn said there was no way 
of predicting tbe value of Bund 
real estate, but judging by soar- 
ing rents in less desirable loca- 
tions, prices should be high and 

could be astronomical. 

At the last count, 28 foreign 
banks had opened branches in 
Shanghai, with another dozen 
expected by the end of this year. 

HSBC, Standard Chartered and 
Citibank are among the foreign 
banks apparently interested in a 
Bond location, but bank officials 
are playing their cards close to 
thei rche st 

A HSBC official said that while 
the bank’s old headquarters 
were “very prestigious”, the 
building was “not exactly suit- 


CONTENTS 


able for the 20th century”. 

Proceeds from the sale of 
leases will be used to relocate 
government institutions from 
the Bund, and to refurbish 
Shanghai’s cr iimhTfng infrastruc- 
ture. A municipal headquarters 
is already being built near Peo- 
ple's Park, the Shanghai race 
course of pre-revolution days. 

Mr Xu would like to see the 
return of the Bank of China, now 
the foreign currency hank, which 
was established in 1905 in 
S h a n gh a i as the Bank of Great 
Qing, the imperial bank of tbe 
Qing Dynasty. But he assured 
prospective foreign purchasers 
that Chinese banks would not 
receive special treatment In the 
tender process. 

“It wifl be equal for every- 
body," said Mr Xn. "The success- 
fill purchasers will be tbe ones 
who can pay the highest price.” 

Before the revolution, Shang- 
hai was home to more than 200 
foreign banks, and its stock and 
commodities exchanges were 
among the world’s most active. 

Foreign securities firms to join 
Shanghai exchange. Page 4 


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ft the FINANCIAL TIMES LIMITED 1994 No 32,328 Wsek No 13 LONDON ■ PARIS - FRANKFURT - NEW YORK - TOKYO 





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FINANCIAL TIMES MONDAY MAftCI,l_2BW4 


NEWS: INTERNATIONAL 


‘World’s worst central banker’ is being seen in changed light, writes John Lloyd I French airline 


New guise for Russia’s great survivor 


Russia's top banker Is a 
survivor above all else. Mr Vic- 
tor Gerashchenko, chai rm a n of 
the Russian central bank, has 
seen many efforts to remove 
him from his post They have 
all failed 

Sacked from the chairman- 
ship of the Soviet State Bank 
after the August 1991 coup 
because be took advantage of it 
to try to impose some disci- 
pline over the bank’s republi- 
can branches, he was back in 
office in under two weeks. 

Sacked again when the 
Soviet Union collapsed In 
December of the same year, he 
reappeared as Russian bank 
chairman by the middle of 
1992. He was appointed, ahead 
of Mr Boris Fyodorov, the for- 
mer deputy premier for 
finance, by Mr Yegor Gaidar, 
then the leader of economic 
reform in the cabinet. 

When Mr Fyodorov took over 
at the finance, ministry he 
quickly established the sourest 
relations with Mr Gerash- 
chenko, blaming him for push- 
ing up inflation through giving 
soft credits to enterprises. Last 
April, Mr Fyodorov's pressure 


was amplified (according to a 
Russian government adviser) 
by a request from President 
Bill Clinton to President Boris 
Yeltsin at the Vancouver sum- 
mit that Mr Gerashchenko 
should go. Mr Yeltsin said, 
vaguely, he would look into it 
and nothing was done. 

After another unsuccessful 
coup in October 1993, Mr Gai- 
dar hims elf, with Mr Fyodorov, 
attempted to persuade Mr Yelt- 
sin to fire Mr Gerashchenko, 
but he withstood the pressure. 
When resignations did take 
place in January of this year, it 
was Mr Gaidar and Mr Fyodo- 
rov who left not Mr Gerash- 
chenko. 

Thus the “world's worst cen- 
tral banker", as Professor Jef- 
frey Sachs has called him, sur- 
vived to have a Joke about the 
nickname with Mr Michel 
Camdessus, the International 
Monetary Fund's managing 
director, in Moscow last week. 
Mr Camdessus, buoyed by the 
conditional agreement he had 
made with the Russian govern- 
ment to extend it a $l-5bn loan, 
complimented the central bank 
for its commitment to tight 


President Boris Yeltsin arrived home yesterday after a Black 
Sea holiday that provoked a rash of rumours about coop 
plots and his failin g health, AP reports from Moscow. In 
an interview published in the newspaper Izvestia on Saturday 
he condemned what he called the “rich brew of Ues« m e ann e ss 
and greed”. Even Iris normally reticent wife, Naina, was 
quoted in the press. 

Mr Yeltsin's two-week absence from the capital provided 
a field day for speculation about everything from the president’s 
bad back and his heart to his drinking habits and his liver. 

Aides were forced to Issue frequent denials that Mr Yeltsin 
was at death's door. 


monetary policies, and to 
reform. 

Has Mr Gerashchenko gone 
Cram the worst to, if not the 
best, at least the good? “If be 
has indeed reined in the credits 
as much as is claimed in the 
first quarter, then it is a 
change," said a western central 
banker last nigbL “He has per- 
sonality and clout" says Mr 
Adrian Ball head of the Mor- 
gan Grenfell office in Moscow. 
“He is doing some very useful 
things, like persuading com- 
mercial banks to become sensi- 
ble institutions. And he has 
always seen the need to keep 
money circulating.'' 

Even his detractors say 


finance ministry has been as 
active in printing money as Mr 
Gerashchenko, in order to 
cover government budget defi- 
cits. They admit too. that the 
p.hainua n has been between a 
rock and a hard place - that is, 
caught between fuelling Infla- 
tion and causing bankruptcies 
and unemployment 
The case against him is and 
has always been that, in 
advancing soft credits, he has 
prevented industrial restruct- 
uring. Now, however, Mr Cam- 
dessus at least seems satisfied 
that he is running a credit pol- 
icy tighter even than that 
which the government recom- 
mends. But senior officials 


from the Group of Seven indus- 
trial countries believe there 
are good reasons of realpoUtik 
for that 

First Mr Victor Chernomyr- 
din, the prime minister and Mr 
Gerashchenko’s protector 
against all removal attempts, 
is now concerned at least to 
appear to run a tight policy. 
Three weeks ago, he berated 

Mr Gerashchenko in an 
enlarged cabinet meeting for 
downgrading the importance of 
the fight against inflation - a 
clear enough indication that 
the protection is, if not 
removed. conditional. 

Mr Chernomyrdin no longer 
needs Mr Gerashchenko as he 
did as a counterweight against 
the cabinet reformers: now the 
prime wiinigtar must himself 
struggle with the impondera- 
bles of the Russian economy, 
and needs an ally against infla- 
tion, not a stoker of it 

Mr Gerashchenko's other 
great protector, the former 
Russian supreme soviet, has 
also gone. The present parlia- 
ment has less clear powers 
over his appointment and 
could in any case choose one of 


Ukraine voters 
belie forecasts 
of poll apathy 


By JR) Barshay in Kiev and 
Leyfa Boulton in Yalta 

More than 60 per cent of 
Ukraine's electorate had voted 
four hours before the polls 
closed yesterday, surpassing 
the required 50 per cent thresh- 
old in the nation's first post-So- 
viet parliamentary elections. 

Voter turnout became a key 
issue in the campaign, after 
presidential aides predicted 
that apathy would make it 
impossible to elect a workable 
legislature, enabling President 
Leonid Kravchuk to introduce 
direct presidential rule and 
cancel June presidential elec- 
tions. 

Most of the nation’s 450 par- 
liamentary districts are expec- 
ted to go to a second round on 
April 10 because an outright 
majority is needed to win a 
seat 

Voters in the restive eastern 
regions came out in large num- 
bers, although It was not clear 
if they would vote for parlia- 
mentary candidates or only 
cast their ballots In local “opin- 


Revolt by 
key party 
shakes 
Swedes 


By Hugh Camegy 
In Stockholm 

The minority coalition 
government In Sweden has 
been shaken by uproar In the 
small right-wing party tbat 
holds the balance of power, 
just as Prime Minister Carl 
Bildt is preparing to fight a 
general election in September. 

The New Democracy party 
late last week declared it 
would no longer act as “the 
fifth wheel" under the fonr- 
party coalition of the right 
and centre led by Mr Bildt's 
conservative Moderate party. 
This role has underpinned the 

government since it took office 
in late- 1991. 

The New Democrats said 
they would Join the main 
opposition Social Democratic 
party and the small Left party 
in voting next month to abol- 
ish a controversial healthcare 
reform at the centre of Mr 
Bildt's attempt to streamline 
and liberalise Sweden's wel- 
fare system. Together, the 
three parties could defeat the 
government in parliament 

With less than three months 
to go until parliament Is dis- 
solved before the election, a 
change of government is not 
being discussed. A deep split 
in New Democracy, whose 
leader Mr Ian Wachtmeistcr 
announced his resignation a 
few weeks ago, has left In 
doubt the willingness of all its 
parliamentary members to fol- 
low the new party line. 

Mr Bildt’s room for manoeu- 
vre has been narrowed, partic- 
ularly over healthcare reform. 
A move now being Imple- 
mented, to let Swedish family 
doctors set up private prac- 
tices outside direct local 
authority control, and to let 
Swedes choose their family 
doctors, could be stopped nest 
month. The momentum of Mr 
Bildt's efforts to break down 
welfare state monopolies and 
introduce more competition 
seems likely to be halted. 


ion polls” calling for closer 
links with Russia. 

The most potentially incendi- 
ary of these local refereodums 
was held in the Russian-domi- 
nated Crimean peninsula, 
which went ahead with a poll 
on independence, despite warn- 
ings from Kiev that the Ukrai- 
nian government considered 
the referendum illegal A 
strong vote for independence 
in Crimea, which many Rus- 
sians consider to be a natural 
part of their state, could fur- 
ther complicate already tense 
relations between Ukraine and 
Russia. 

An official in Simferopol, the 
Crimean capital, was confident 
that the 50 per cent threshold 
had been exceeded in the local 
referendum. 

Meanwhile, in Kiev, the elec- 
tions could play a key rote in 
determining the outcome of a 
mounting power struggle 
between the president and par- 
liament Over the weekend Mr 
Kravchuk, speaking on 
national television, said that if 
the parliament was "not 




their number for the job. 

Finally, Mr Gerashchenko 
has changed the bank, espe- 
cially by bringing in some 
younger people at senior levels 
(he has a problem to match 
their pay with the relatively 
vast salaries of the commercial 
hanks) and giving them their 
head. If he is almost certainly 
not a convert to tight money, 
he has one of Use best senses 
for where power lies in 
Moscow; and while the man 
who runs the government 
wauls to present a monetarist 
stance to the world, Mr 
Gerashchenko will oblige. 

"He is a patriot in his way," 
says the government adviser. 
"He wants the country to 
remain great, he wants to re- 
establish links with the former 
Soviet republics to Russia's 
benefit and he wants to guard 
against social explosion- That 
appeals to Chernomyrdin 
because he’s like that, too." 

Mr Gerashchenko, with the 
unlikely accolade of the central 
bankers' central banker to add 
to less complimentary ones, Is 
likely to remain part of the 
scene for a time yet 





full-blooded" - less than a full 
45ttseat house - he would ask 
the legislature "to give the 
president new legislative pow- 
ers" and cancel presidential 
elections “so as not to create a 
vacuum of power”. 

But as he cast his ballot yes- 
terday morning, Mr Ivan 


Pliushch, parliament's chair- 
man, struck back. He rejected 
postponement of the presiden- 
tial ballot and said he was con- 
fident the parliamentary elec- 
tions would produce a working 
legislature. 

Most voters seemed oblivious 
to battles between their leaders 


and used simpler criteria when 
choosing whom to support “I 
guess HI vote for the young- 
est," said Mr Andrii Voronko, a 
29-year-old electrical engineer, 
who confessed that he was con- 
fused by his ballot paper foil of 
nnfflmniar names and birth 
dates. “They [the younger poll- 


Opec’s heavyweight controls the ring 

Robert Corzine on how the Saudis foiled a move to cut production 

O ne member, one vote is the rule oil minister. He noted that Iran, one of tion there could be no reduction that half of the year. It is a view sbai 
within, the Organisation of Opec's most populous and poorer states, would be credible to world oil markets, many analysts. 

Petroleum Exporting Countries, had lost $3.5bn (£SL39bn) in oil revenues Riyadh's reluctance to lower output “There could be a sudden incre 


O ne member, one vote is the rule 
within, the Organisation of 
Petroleum Exporting Countries. 
But if there is a difference of opinion it 
helps to have the world's largest oil 
reserves and a third of Opec's total pro- 
duction on your side. 

On Saturday night Saudi Arabia 
proved again that the cartel can act 
only with Riyadh's active cooperation. 
Its decision not to take part In a pro- 
posed production cut to bolster weak 
prices put paid to a scheme being pro- 
moted by many or its Opec colleagues. 
And it was made in spite of dire warn- 
ings from the secretariat that such a 
course could trigger a further collapse 
in the price. 

The Opec communique stressed the 
group's unanimous agreement to 
adhere to the extension to the end of 
the year of the present 2&52m barrel a 
day production ceiling. But the rhetoric 
did little to hide the dissatisfaction of 
some member states, all of which are 
struggling to cope with a frill of more 
than 20 per cent in oil prices over the 
past year. 

"There was a possibility or a very 
substantial achievement and success 
which we let slip through our hands," 
said Mr Gbolamreza Aghazatieh, Iran's 


oil minister. He noted that Iran, one of 
Opec's most populous and poorer states, 
had lost $3.5bn (££39bn) in oil revenues 
in the six months since the organisa- 
tion’s decision to set the present pro- 
duction ceiling. 

But Tehran's suggestion of a L4m b/d 
cut did not even make it to the formal 
proposal stage. 

Nigeria, another poor and populous 
member, did manage to present for- 
mally a complex proposal for a 6 per 
cent cut. But it died a quick death 
before a final meeting confined to the 12 
oil ministers. 

A similar fate was In store for an 
Indonesian plan to cut to 23.5m b/d the 
ceiling set last March, which was rarely 
respected because of widespread quota 
cheating by some Opec members. 

There was no need to propose the 
rollover, according to Mr Subroto. Opec 
secretary-general, because there was no 
other option left. The wily Issue was its 
duration. 

An Opec official said the fine taken 
by Mr His ham Nazer, the Saudi oil min- 
ister, was simple: “If you think a cut Ls 
the best way forward, then go ahead. 1 * 
But Saudi Arabia was not about to be 
easily moved off its 8m b/d quota, say 
analysts, and without Saudi participa- 


tion there could be no redaction that 
would be credible to world oil markets. 

Riyadh's reluctance to lower output 
may appear counter-productive at a 
time when it. too, is under severe finan- 
cial strain because of faffing oil reve- 
nues. But Saudi Arabia has been 
equally reluctant to have its policy dic- 
tated by the short-term volatility of ofl 
markets. 

It also harbours doubts about the 
effectiveness of even a large production 
cut. The country has steadfastly 
adhered to its quote, but it fears other 
Opec states would take advantage of 
any price rise that a cut might trigger 
by cheating on theirs. 

I n addition, Saudi Arabia was the 
only Opec member to agree to a 
reduced quote at the beginning of 
last year and it, along with the United 
Arab Emirates, did not take part in 
last September's round of quota 
increases. 

The possibility that non-Opec produc- 
ers such as Britain and Norway would 
make up for any shortfall that an Opec 
cut might create was another actor in 
Saudi thinking. 

So, too, was the belief that demand 
will Improve significantly in the second 


EUROPEAN PRESS REVIEW 


FRANCE 

The French press is 
preoccupied with upheaval 
- both on the streets of the 
nation's cities and, closer to 
home, in the newspaper 
industry itself. 

The wave of student 
demonstrations, which has 
brought tans of thousands on 
to the streets in protest at a 
new law allowing young 
apprentices to be paid (ess 
than the minimum wage, has 
prompted a bout of soul- 
searching about the state of 
society and the potential for 
an explosion of social unrest 
“Are we experiencing a 
return to 1968?” asked Le 
Figaro in an editorial, posing 
the question of the moment 
For most of the press, the 
answer Is No, or at least not 


yet But there is high anxiety 
nonetheless. “The young are 
anspy,” proclaims the front 
cover of Le Point magazine. 

Le Monde writes of “a blocked 
society”, while Ouest France, 
one of the largest regional 
papers, describes a dangerous 
divorce between politicians 
and the French people. 

There has also been much 
soul-searching over the future 
of the press itself. Falling 
readership, the impact of new 
publications, and changes in 
management and ownership 
have prompted newspapers 
to reconsider their strategies. 

Last week the right-wing 
Quotkfien de Parte launched 
a redesign which affected both 
presentation and editorial 
content Photographs sprung 
on to the front page and long 
opinion pieces took a back 
seat to punchier news items. 
“There will be no more 


grandstanding or pages of 
debate, because I think people 
don't read them any more," 
said Mr Philippe Tesson, 
manager of the newspaper. 

Most significantly, however, 
the newly-named QuoikBen 
cut Its price from FFr6 (£0.68) 
to FFr4 (£0.45). The move, 
partly in response to January's 
launch of Infomatin, the 
small-format morning paper 
priced aggressively at FFr9, 
reflects the emergence of a 
circulation war In the 
recession-hit industry. 

The turmoil has extended 
to the loftiest titles. Le Monde, 
a bastion of foe traditional 
French press, is also reviewing 
its strategy. To be passive 
is to be beaten,” wrote Mr 
Jean-Marie Colombani, the 
newspaper's managing editor, 
quoting President de Gaulle. 

Mr Colombani, who took 
over the top editorial Job earlier 


this month after the surprise 
resignation of Mr Jacques 
Lesoume, has spelled out a 
policy of change. The Idea 
Of a more compact paper, 
from Monday to Friday, and 
a thicker weekend edition, in 
the Anglo-Saxon way, has 
been raised. But we must also 
take account of the pricing 
strategy,” he said In an 
interview with the left-wing 
dally. Liberation. 

As with tha student 
demonstrations, the common 
element behind the 
nwioeuvrings In the 
newspaper industry can be 
traced to the economic 
environment Estimates 
suggest advertising revenues 
for the national press have 
fonen by almost 30 per cent 
In the past two yearn end are 
satto decline by 10 per cent 
this year. The trend, partly the 
result of a reform of the media 


buying system under the 
previous Socialist government, 
has been compounded by 
falling sales resulting from 
depressed consumer spend- 
ing. 

In many cases the result has 
been an urgent search for new 
partners. Earlier this year the 
Expansion group was rescued 
by CEP. an investment 
consortium. I nf orna tin , which 
has seen its sales sUp 
following a successful launch. 
Is believed to be seeking 
additional backers. 

Amid the turmoil, however, 
there is also stability - 
particularly in editorial Opinion. 
Le Figaro, which has been 
closer than its rivals to the 
centre-right government of Mr 
Edouard Balladur, has been 
relatively supportive of the 
prime minister's actions In the 
face of the student 
demonstrations. 


sets deadline 
for its unions 


By John Ridding to Paris 

Air France's 14 trade unions 
have u ntil Thursday to agree 
to a restructuring plan aimed 
at curbing losses at the French 
state-owned airline, the com- 
pany said yesterday. 

The statement followed 
protracted negotiations at the 
weekend between the unions 
and Mr Christian Blanc, chair- 
man of Air France. 

Mr Blanc has insisted on 
staff support for his recovery 
p lan, which is a condition of a 
capital Injection of FFr20bn 
(£2J5bn) from the French gov- 
ernment. He has said he will 
appeal directly to the compa- 
ny’s 40,000 employees if any of 
the unions refuse to agree to 
the restructuring. 

The communist-led CGT 
walked out of the negotiations, 
which started on Saturday 
morning and lasted until 5am 
yesterday. A spokesman for 
the union said it opposed ele- 
ments of the plan. Including an 
increase in working hours 
from 38 to 39 hours per week 
for ground staff and the imple- 
mentation of 5,000 Job cuts. 

The CGT said it was seeking 


further negotiations and would 
consult its members to decide 
a final position before a meet*, 
tag with other untou groups on 
Thursday. 

The airline's other unions 
declined to comment yesterday 
on the progress of negotia tion s. 
But Force Ouvrterc, the Largest 
union at Air France, has previ- 
ously indicated support for the 
rescue plan. 

Union opposition and a 
series of violent strikes forced 
the withdrawal of a previous 
recovery plan last October and 
the resignation of Mr Bernard 
Attali, then chairman. The epi- 
sode represented a serious 
blow to the centre-right gov- 
enunent of Mr Edouard Balla- 
dur, which was forced Into a 
damag ing climbdown. 

In addition to voluntary Job 
cuts, Mr Blanc's plan includes 
a three-year wage freeze and a 
reduction in the airline's fleet 
from 166 aircraft to 149 over 
the next five years. Air France 
says that the measures are 
vital to stem losses estimated 
at FFr7.5bn last year and to 
win European Union approval 
for the capital increase from 
the Flench state. 


Local government elections 


Coalition’s grip 
grows tighter 


hi! 


TV-J 


An elderly Ukrainian woman needs two pairs of glasses to tackle the confusing ballot paper, while President Leonid Kravchuk 
emerges to cast his vote in yesterday's parliamentary election hwwmi* 


tidansj have the energy and 
aren't screwed up by the old 
mentality." 

For a retired publisher, local 
politics took precedence over 
national debates. He decided to 
vote for an former Soviet 
bureaucrat who had helped 
him to get a flat years ago. 


half of the year. It is a view shared by 
many analysts. 

“There could be a sudden increase In 
price by the fourth quarter," according 
to Mr Leonidas Drollas, economist at 
London’s Centre for Global Energy 
Studies. He believes that by then, the 
Opec basket, the average price of seven 
crude oils, could rise by about $2 to $15. 

Analysts were also generally positive 
about the length of the rollover. Mr 
Vahan Zanoyan, an analyst with the 
International Petroleum Finance Com- 
pany in Washington, said "refiners 
should be more eager to buy if they 
know there Ls no more Opec production 
coming in the fourth quarter", when 
Opec's output tends to rise to meet high 
winter demand. 

Saudi Arabia also controls most of 
the excess oil production capacity in 
the world, so it would not be easy for 
other Opec or non-Opec producers to 
take advantage of any price rises later 
in the year. 

The Saudis also have the financial 
means to cushion the short-term price 
frills which Opec ministers concede are 
likely to accompany the current strat- 
egy. It is less certain whether their less 
well-off colleagues can stand the pain 
which file next six months may bring. 


By John Ridding 

France's governing 
centre-right coalition last night 
appeared set to strengthen its 
grip on local government fol- 
lowing the second and final 
round of voting in regional 
council elections. 

After a strong showing in 
the first round on March 20, 
the RPR-UDF coalition headed 
by Mr Edouard Balladur, the 
prime minister, was well 
placed yesterday to win control 
of up to eight- departments, 
adding to the 75 of France's 95 
departments It already held. 
The opposition Socialist party, 
which suffered a crushing 
defeat in last year’s general 
elections, was well placed to 
win four more departments. 

A strong performance is 
important for Mr Balladur, 
who has seen bis personal pop- 
ularity decline steadily since 
the beginning of the year and 
who is currently confronted by 
a powerful challenge from the 
country’s student movement 
Tens of thousands of students 
have taken over to the streets 
over the past few weeks to pro- 
test against a law which allows 
young apprentices to be paid 

less than the minimum wage. 


A survey published yester- 
day by the BY A polling Insti- 
tute found 64 per cent of voters 
wanted the law repealed. But 
analysts said the issue might 
not have a big impact on the 
regional elections. 

These elections, which repre- 
sented the first significant test 
of the government's support 
since it took office in March 
lost year, concerned the 1,372 
districts in which there was no 
outright winner in the first 
round. The seats involved were 
-last contested in 1988; when 
the Socialist party recorded 
strong gams. 

The 95 consetis g&ntovls are 
an Important part of France’s 
structure of local government 
Their responsibilities include 
the management and develop- 
ment of public; services, such 
as transport and health care, 
outside urban areas. 

In the first round of the 
regional elections, the RPR- 
UDF coalition won 44.7 per 
cent of the vote, compared 
with 28.7 per cent for the 
Socialists. The extreme right 
National Front won about 10 
per cent of the vote, with the 
ecologists suffering a sharp tell 
in support to just over 2 per 
cent. 


Karadzic warns of 
Moslem offensive 


The Bosnian Serb leader, Mr 
Radovan Karadzic, accused 
Moslems yesterday of having 
launched a new military offen- 
sive. He warned them to stop it 
or risk losing territory they 
might have recovered by nego- 
tiations, Renter reports from 
Belgrade. 

Mr Karadzic told a meeting 
of his Serbian Democratic 
party, in the Bosnian Serb 
stronghold of Banja Luka, a 
big spring offensive, which he 
claimed had already begem, 
must be broken. 

“If the Moslems continue 
this, [ will order a counter-of- 
fensive and then they will not 
be able to get territory they 
might get through political 
negotiations,” he was quoted 


“One must always be wary 
of popular anger or public 
opinion," wrote Mr 
Franr-Ofivier Giesbert In a front 
page editorial on Saturday. 

“it is urgent that France 
accepts a certain number of 
reforms, In employment, social 
security and national 
education.” 

Not surprisingly. Liberation 
sees it differartUy. The only 
Intelligent decision which could 
be taken today by the prime 
minister would be to withdraw 
the decree Implementing the 
CIP," it said, referring to foe 
apprentice contract at the 
centre of the student storm. 

ft concludes, however, teat 
such a measure is unlikaly, 
given Its Importance to Mr 
BsJJadurte credibility. Upheaval 
on the streets, and In the 
press. Is RKsty to continue. 

Compiled by Mm Ridding 


by Taqjug news agency as say- 
ing. “There is no way anyway 
that they can get territory on 
which they are now killing oar 
people,” he added. 

The Bosnian government- 
controlled radio has reported 
that the Moslem- led govern- 
ment army has recaptured 
some territory from the Serbs 
around Tesanj and Teslik In 
north-central Bosnia. UN offi- 
cials in Sarajevo said on Satur- 
day there was heavy fighting 
in the area, but could not con- 
firm reports of Bosnian gains. 

Government and Croatian 
forces are no longer fighting 
each other after agreement to 
form a Bosnian Moslem-Croat 
federation, but the Serbs have 
refused to join it 


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Zeffirelli writes himself into 
the Italian political scenario 



dill 

Hill Mil 
dill 1 1 >1 

ITALIAN 

ELECTIONS 


On the eve of 
Italy's most 

imp or tan t gen- 
eral election 
since 1948, Mr 
Franco Zeffi- 
relli, film direc- 
tor and 
would-be sena- 
tor of the Itai- 


Andrew Hill has lunch with the 
great director who is standing 
in Catania, Sicily, for Silvio 
Berlusconi’s Forza Italia 




i'iIi 

r 

v 


ian republic, took lunch on the 
slopes of Mount Etna with 
members of his entourage and 
three of his eight Jack Russell 
terriers. 

For a man known for opulent 
and often controversial stage 
and cinema productions, it was 
a suitably lofty viewpoint from 
which to survey his constitu- 
ency - Catania, a dty of decay- 
ing splendour on the east coast 
of Sicily. 

But this is not the image 
which Franco Zeffirelli the can- 
didate has sought to promote, 
during an arduous campaign 
for Mr Silvio Berlusconi's 
Forza Italia- Indeed, ma the 
media magnate asked Mr Zeffi- 
relli to scendere in campo (take 
to the field) for his new party, 
the Efim director has done just 
that, leaving what he calls the 
“glass prison” of show busi- 
ness and talking to people in 
the streets. "I think I'm a 
much better man for it,” he 
said in an interview with the 
FT at the weekend. 

Catania is a difficult constit- 
uency. not least became of the 
traditional apathy of the elec- 
torate in southern Italy, where 
the turnout is always lower 
than in the north. Yesterday, 
Palm Sunday, there was more 
activity in Catania's c hurches 
than in its polling stations, and 
Sicilian television reported a 
much lower turnout than in 
1992 - although this Hwip all 
Italians have a full two days in 
which to vote. 

More specifically, the city 
suffers from a disintegrating 
infrastructure, and is strug- 
gling to shalra off a reputation 
as centre for one of the most 
powerful Mafia “families”, 
whose head. Mr Nitto Santapa- 
ola, was arrested last year. A 
constant theme of the last days 
of the election campaign was 


the question of how the Mafia 
will vote, with Mr Berlusconi 
severely criticised by his oppo- 
nents for not clearly rejecting 
the support of Cosa Nostra. 

Meanwhile, his business 
lieutenants have been fo r ced to 
deny allegations by former 
gang members that Mafia-In- 
spired arson attacks on his 
new Stands supermarkets in 
Catania and Palermo in 1990 
and 1991 only stopped after 
pay-offs to the local clans. 

Mr Zeffirelli has stepped into 
this delicate situation as an 
outsider, albeit one who knows 
and loves Sicily. His roots are 
in Florence, and he was also 
mooted as a Forza Italia candi- 
date for Rome or Venice. But 
he chose Sicily because he 
wanted to dispel some of the 
myths about the inland - in 
particular, its association with 
the Mafia in the mfryk of most 
foreigners - and reassure Sicil- 
ians that they, too, are part of 
the new Italy. 

“It isn’t the country of The 
Godfather* for god’s sake: it’s a 
country of wonderfully cre- 
ative and beautiful people who 
want to do the best with their 
lives,” he complains- 

He says that, if elected, he 
would try to restrict himself to 
certain specific areas of policy, 
notably helping disabled peo- 
ple and drug addicts, and to 
resurrecting the cultural life of 
Italy from what he sees as 50 
years of communist-inspired 
neglect "I'm not a baby,” says 
Mr Zeffirelli, who is 70. T want 
to see things happen now.” 

Indeed, had he started in pol- 
itics 20 years ago, and devoted 
hhnwrif to it ft™* could imag- 
ine Franco Zeffire lli as a cam- 
paigning minister of culture 
along the lines of the late Mel- 


ina Mercouri in Greece, an 
example he himself rites Mr 
Zeffirelli calls it a national dis- 
grace that Italy has no culture 
ministry, but at the same time 
rules himself out as a candi- 
date for such a post 

As it is, be Is not clear how 
he would reconcile his parlia- 
mentary duties with forthcom- 
ing directorial commitments, 
which include film productions 
of “Jane Eyre” this summer, 
and a life of opera star Maria 
Callas, which he should start 
yihnfng poy t winter. 

What is clear is Mr Zeffirel- 
li’s commitment to Forza Italia 
as a strong alternative to the 
former communists and social- 
ists in the opposing Progres- 
sive Alliance. As part of his 
campaign, the director has 
been distributing a lapel badge 
with a picture of Zeffirelli 
looking genial and relaxed. IBs 
aides can it The Smile”, but 
behind it is an unsynthetic 


anger about the way in which 

the left has recycled itself for 
this election. 

“The old nomenklatura are 
absolutely awfuL they jnst 
don’t deserve to survive,” he 
says, in one of his milder 
attacks. Mr Zeffirelli Is cer- 
tainly not uncomfortable about 
the pact between Forza Italia 
and the far-right National Alli- 
ance, particularly important in 
the south. Indeed, the director 
says he is “disgusted" by the 
description of the National 
Alliance as a neo-fascist party, 
and describes Mr Gianfranco 
fini, the Affiance’s politically 
adept leader, as “the greatest 
statesman we have”. 

As for international criticism 
of Forza Italia, Mr zpfftreni - 
used to criticism of the artistic 
kind - draws a parallel 
between the new Italian repute 
lie promised by Mr Berlusconi 
and his allies, and the first 
Florentine republic set up in 
the 14th century. They [the 
Florentines] were surrounded 
by emperors, popes, dukes and 
counts, all of whom looked at 
Florence with fear - and they 
did all they could to make it 

fall " 

He leaves a dramatic pause 
and then adds, with that smile: 
“They finally managed to bring 
it down - but it took 200 
years.” 


Pay deals 
below 
German 
inflation 


Bank report sees only 1.6% growth across Union 

Germany forecast to 
hamper EU recovery 


By Michael Lmdemarei in Bom By Daniel Green 


About 1.4m German 
construction workers will 
receive 2.4 per cent pay rises 
this year, following a deal 
agreed on Saturday. The 
award is the biggest so for this 
year, but still below forecast 
inflation of 3 per cent 

Hie IG Ban union end the 
industry's two employers' fed- 
erations have to approve the 
deal formally by April 20. 

About 500,000 workers with 
specialist qualifications will 
receive an extra 3 pfennigs an 
bour. giving them a total rise 
of 2.5 per cent. 

Negotiations in Frankfort 
looked likely to fail because of 
union demands that pay for 
375,000 construction workers 
in eastern Germany should 
match levels in the west 
Under the agreement, eastern 
pay will reach 90 per cant of 
western levels from September 
1. 

The bulk of pay settlements 
is now out of the way follow- 
ing earlier deals, all below 
inflation, for engineering, 
chemical, public sector and 
bank workers. A pay agree- 
ment for about 400,000 print 
workers is still outstanding. 


German economic "stagnation” 
will hold back recovery across 
Europe, according to a report 
published, today by Barclays 
Bank of the UK. 

Bonn's problems in the 
financing of eastern Germany, 
and a continuing fall in 
industrial competitiveness, 
mean that real gross naHmiai 
product growth in the 
European Union this year will 
reach only 1.6 per cent, 
compared with an estimated 
fell of (X3 per cent In 1993, the 
bank believes. 

German recovery will be 
"late, partly because the 
Bundesbank has adopted a 
cautious approach to reducing 
interest rates,” says its report. 

By 1995. GNP growth in the 
EU will be 2 J> per cent "but 
this is no more than a return 
to trend”. 

The importance of Germany 
to the health of Europe's 
economy is, if anything, 
increasing. “In the past It has 
been difficult for Europe to 
stage a robust upswing 
without Germany,” writes the 
report's author. Mr Nigel 
Newman. Barclays’ senior 
European economist 


"During the past 10 years 
Germany and the rest of 
Europe have become more 
closely integrated. Faced with 
a (slow recovery] in Germany, 
the prospects for the rest of 
Europe do not look 
particularly promising.” 

The result will be a “modest 
and probably erratic period of 
recovery” this year. 

The state of the German 
economy is compounded by 
high interest rates, low 
confidence, falling employment 
and "restrictive” tax policies 
which will continue to hurt 
demand from European 
consumers. 

Rises in long-term interest 
rates seen this month could 
also hinder recovery unless 
reversed. 

The prospects for France, 
where a "sluggish recovery" is 
under way, are seen as slightly 
better than for Germany. But 
the French trade balance could 
deteriorate as a result of 
falling industrial 

competitiveness as the franc 
remains tiwH to th*» D-Mark in 
the European monetary 
system. 

Italy's improving 

competitiveness and exports 
should mean a significant 


recovery this year. “Export 
growth is leading the upswing, 
although an end to destocking 
will also provide support,” says 
the report. 

Rising exports should also 
assist Spain, with higher 
consumer spending helping. 

The forecasts for the UK are 
optimistic, saying that 
consumer spending will 
continue to grow in spite of 
higher taxes next month. 
Across the EU, the outlook for 
interest and inflation rates 
is viewed by the bank 
as more promising than for 
growth. 

infla tion will stay just below 
1993's 3.4 per cent for the next 
three years, says the report, 
while interest rates are 
forecast to slip from 7.9 per 
cent in 1993 to 5.2 per cent in 
1994 and 4^5 per cent for the 
subsequent two years. 

The scheduled widening of 
EU membership next January 
l - with the possible arrival as 
full members of Sweden, 
Austria, Norway and Finland - 
will increase the size of the EU 
by 7 per cent in terms of gross 
domestic product. 

This “should give intra-EU 
trade a one-off boost in 1994 
and 1995," says the report. 


NEWS IN BRIEF 


Pollution’ bank 



nisys just added 
new meaning to the language 

of business. 


... 


set for Texas 


A new bank created with up to $3bn (£2bn) in funds to help dean 
up pollution along the US-Mexican border as part of the North 
American Free Trade Agreement will be located in San Antonio, 
Texas, the San Antonio Express-News said at the weekend, Reu- 
ter reports. 

The North American Development Bank, modelled after the 
London-based European Bank for Reconstruction and Develop- 
ment aimed at helping eastern European nations, wifi begin 
operations on October 1, Mr Nelson Wolff, the city’s mayor, told a 
news conference. He said President Bill Clinton had chosen San 
Antonio and dty officials had been notified of his decision by Mr 
Lloyd Bentsen, Treasury secretary, and state Governor Ann Rich- 
ards. 

Italian insurance gronp for sale 

The Italian government plans to carry out its next big privatisa- 
tion at the end of June, with the public offer of shares in the Ina 
'•V' fife assurance group, Mr Lorenzo Pallesi, the chairman, said 

* • yesterday, writes John Shaking in Milan. He said it was in te nde d 

to announce the share price on June 25 ahead of the public offer 
on June 27. 

% At least 51 per cent of equity in the group, which has L6,000bn 
(£2.4bn) of annnfli premiums and 5,700 employees, will be sold 
and shares wifi be quoted in Milan, London, New York and 
possibly Tokyo. Unlike in recent sell-offs of state-controlled 
banks, none of Ina is so far floated. 

China to act over patents 

China, embarrassed by US charges of soaring copyright piracy by 
private and even state companies, said at the weekend that it 
would host a forum on protection of intellectual property rights, 
Reuter reports from Beijing. The symposium in May would bring 
together more than 200 Chinese mid foreign experts to discuss 
strategies for patent, copyright and trademark protection, Xinh ua 
news agency said. 

Vice-President Rang Ylren said last week that much needed to 
be done to improve intellectual property protection in Chin a, 
whose laws on the issue are less than three years old. 


Nuclear power plant fires up 

Full-power trial operations have begun in the second reactor at 
China's Daya Bay nuclear power station near Hong Kong, accord- 
ing to Xinhua news agency, Reuter reports from Beijing. China 
plans to become within the decade a leading exporter of civilian 
nuclear technology and an important producer of unclear power. 


Australian challenger wins seat 

Ms Bronwyn Bishop, the former New South Wales senator whols 
considered a potential challenger for the oppositn m Li beral party 
leadership, won the Mackellar by-election comfortably at the 
weekend, writes Niki Tait in Sydney. The victory allows her to 
move from the senate to the house of representatives, an essen- 
tial precondition to mounting any leadership bid. 

The by-election, in a safe Liberal seat was not contested by the 
governing Labor party. Nevertheless, several Independents ami 
representatives of minor parties stood against Ms Bishop, and the 
result was a swing of Just over 5 per cent against the Liberal 

party. 

Protesting Kurds leave Mannheim 

Up to 10,000 Kurdish demonstrators began puffing out of Manor 
heim yesterday after German police offered to release detained 

Kurds ff protesters dispersed, Reuter report 

Police said between 7,000 and 10,000 Kurds had ignored a ten 
and got past police road blocks to rally in the southwestern dty 
at a wake for two Kurdish women who set 
protest at German aims sales to Turkey. They waved tenners 
SSg Bonn with complicity in ‘Turkey’s war of genocide m 
Kurdistan", shouted anti-Turkish slogans and punched the an 

^POlfofSed^res of water cannon to try to disperse the 
protesters. 



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FINANCIAL TIMES MONDAY MARCH 28 1994 


NEWS: INTERNATIONAL 


Securities firms will not need Chinese brokers 

Foreigners to join 
Shanghai exchange 


By John Gappor In Shanghai 

The Shanghai Securities 
Exchange is planning to let for- 
eign securities firms become 
members, under a reform that 
would eliminate the need for 
them to trade through Chinese 
brokers. 

The reform, planned for this 
year, would mark a further 
step in the liberalisation of 
China's financial markets, and 
boost the effort by Shanghai to 
grow Into one of the world's 
leading financial centres. 

Foreign investment banks 
have been rushing to set up 
offices in the city, to take 
advantage of the boom In joint 
ventures by overseas compa- 
nies and Chinese enterprises as 
well as the Dow of new equity 
listings. 

Twenty-one foreign securi- 
ties houses have seats on the 
exchange and can trade 
so-called B shares in Chinese 
companies to foreign investors. 


but they are not allowed to be 
members of the exchange. 

This means that they must 
pay about 20 per cent of their 
shire trading commissions to 
seven local brokerages which 
act as partners. Investors buy- 
ing B shares pay about 0.7 per 
cent of the value of trades in 
commissions. 

However, officials of the 
Shanghai exchange are plan- 
ning to create a new category 
of “special” membership that 
would allow foreign firms to 
operate freely, although with- 
out voting rights. 

The creation of such mem- 
bership would mean foreign 
securities firms no longer hav- 
ing to pay a share of commis- 
sions to local brokers. 

Ms Li Qian, a director of the 
exchange’s international 
department, said that some 
local brokers were unhappy 
about the plan, but the 
exchange believed it was a nec- 
essary step in the market's lib- 


eralisation. “The local brokers 
do not agree, but we have to 
take the long-term view for the 
development of the exchange." 
she said. 

Barings, the British mer- 
chant bank, opened an office in 
Shanghai last week and other 
UK securities houses are fol- 
lowing their lead. US banks 
have been increasing their 
strength in the city. 

Foreign brokers have been 
pressing for the unification of 
the B shares with the A shares 
that only Chinese investors 
can buy. 

Foreign companies have also 
expressed interest in secondary 
listings on the Shanghai 
exchange. 

The exchange has grown rap- 
idly in the past two years, 
reaching a total market capi- 
talisation. of $4Qbn last year. 
The exchange est ima tes that 
about 5m people now hold 
share accounts at the Shanghai 
exchange. 


JAPANESE MANUFACTURERS BY COUNTRY* 



1886 

1988 

1957 

1989 

1990 

1991 

1992 

1993 

1994 

UK 

32 

53 

68 

91 

129 

175 

189 

197 

206 

France 

30 

33 

33 

81 

89 

106 

115 

119 

121 

Germany 

35 

46 

54 

65 

ar 

99 

106 

108 

106 

NelTertends 

16 

2D 

19 

27 

33 

36 

44 

46 

45 

Belgium 

15 

18 

19 

23 

25 

32 

36 

38 

40 

Luxembourg 

a 

0 

0 

0 

2 

2 

3 

3 

3 

Ireland 

11 

10 

12 

19 

22 

26 

30 

30 

31 

Spam 

22 

29 

33 

41 

54 

64 

63 

63 

64 

Italy 

B 

11 

15 

24 

28 

36 

45 

45 

52 

Finland 

2 

2 

2 

2 

4 

4 

4 

5 

5 

Norway 

2 

2 

2 

1 

0 

O 

1 

1 

1 

Sweden 

1 

1 

3 

6 

6 

6 

9 

9 

10 

Denmark 

2 

2 

2 

2 

3 

3 

3 

3 

3 

Austria 

2 

5 

5 

7 

12 

14 

IS 

17 

17 

Portugal 

7 

e 

6 

7 

13 

13 

13 

12 

12 

Switzerland 

0 

1 

1 

4 

5 

7 

7 

9 

8 

Greece 

4 

4 

4 

4 

3 

3 

3 

3 

3 

Iceland 

0 

0 

a 

0 

1 

1 

1 

1 

1 

Total 

189 

243 

283 

404 

516 

620 

689 

709 

728 


•EjKkjGng «3D frplBca. Sarcn Japan Eeumt Trait* Qryantssaon 


Coca-Cola 
faces Tokyo 
penalty tax 


Recession 

hits 

groups in 
Europe 

By Paul Abrahams in Tokyo 

Japanese companies 
manufacturing in Europe were 
badly hit by the recession last 
year and their poor perfor- 
mance has led to a sharp fall 
in their investment plans. 

More than half the 728 Japa- 
nese manufacturing groups in 
Europe say they lost money 
last year and the operating 
results of 47 per cent of them 
deteriorated, according to a 
survey conducted by the Japan 
External Trade Organisation. 

The study showed that 83 
per cent of companies had 
been hurt by the recession in 
Europe. More than a third had 
dismissed employees, scaled 
back their manufacturing 
plans or abandoned intended 
investments. Only 45 per cent 
of them intend to increase 
their investment, compared 
with 68 per cent in 1992. 

The UK remained the most 
popular location for new Japa- 
nese manufacturing invest- 


ment, with nine companies 
setting op operations there, 
making a total of 206. Italy 
enjoyed the next largest 
increase, up seven to 52 com- 
panies. An additional two 
groups located in France, the 
second most popular country 
with 121 Japanese groups. 

HoweveT, Germany regis- 
tered a foil, down two at 106, 
the first decline there since 
the survey began in 1983. The 
Netherlands also lost one com- 
pany, leaving 45 groups there. 

The survey showed most 
Japanese companies believed 
they were benefiting from the 
single European market Only 
4 per cent viewed integration 
as negative. More than 62 per 


emit said customs procedures 
had been simplified, while 52 
per cent reported their mar- 
kets had grown, and 46 per 
cent had profited from lower 
distribution costs. However, 40 
per cent said Integration 
favoured European companies 
more than Japanese groups. 

More than 70 per emit of the 
companies polled said they 
obtained more than half of 
their parts or raw materials 
locally. This was partly 
because of the strength of the 
yen, and partly a fan in file 
prices of locally produced 
materials. About 57 per cent of 
Japanese companies had 
appointed a European as a 
director or in a higher post. 


By Emlko Teraxono in Tokyo 

The Japanese tax authorities 
have charged Coca-Cola Japan, 
a subsidiary of the world's 
largest soft drinks company, 
with a penalty tax bill of Y15bn 
<£96m) for improper income 
transfers. 

The country's National Tax 
Administration Agency has 
ruled that Y36bn in brand and 
marketing royalty payments, 
which Coca-Cola transferred to 
its US parent during the three 
years to March 1992, were too 
high. It h as demanded an extra 
tax payment. 

Coca-Cola said the decision 
would not affect its earning 
prospects, due to likely tax 
redemptions in the US, but it 
made clear it would reject the 
demand. Mr Roi Suzuki, presi- 
dent of CocaCoIa Japan, said 
the royalties were based on the 
immeasurable value of Coca- 
Cola's trademark and were fair 
and reasonable. 


The Japanese decision comes 
amid rising anxiety over the 
US government's moves to 
tighten its tax grip on foreign 
multinationals operating in the 
US. 

Tax authorities there have 
claimed that multinationals 
often abuse international 
transfer price rules which state 
tha t goods and services sold 
from one group company to 
another should be priced as 
though sold to any outside 
company. 

By setting higher or lower 
tr ans fer prices, multinational 
companies, including Japanese 
vehicle and electronics makers, 
are accused of shifting their US 
profits abroad to avoid US tax- 
ation. 

In 1992 the US Internal Reve- 
nue Service ruled that Kawa- 
saki Heavy Industries had been 
avoiding US taxes and charged 
itYl-2bn. Last year Nissan 
Motor paid Y17bn in penalty 
taxes. 


S Korea leader treads carefully in China Seoul calm 

Tony Walker reports on Kim Young-sam’s plea for Beijing pressure on Pyongyang while world 

media panic 


S outh Korean President 
Kim Young-sam will 
today become the second 
regional leader in a week to 
urge China to exert pressure 
on North Korea to open its 
nuclear sites to international 
inspection. 

But Mr Kim, who arrived in 
Beijing yesterday, is likely to 
advocate a more patient 
approach t han did Japan's 
prime minis ter, who last week 
told Chinese leaders of Tokyo’s 
“grave concern" at Korean 
developments and warned of 
UN Security Council action. 

Even so, South Korea's presi- 
dent will seek to impress on 
Chinese officials the gravity of 
the situation after derisions by 
Pyongyang and Seoul to put 
their armies on high alert The 
US is also taking steps to bol- 
ster its military presence in the 
region. 

Mr Kim is due to meet Chi- 
nese President Jiang Zemin 
today and Premier Li Peng 
tomorrow to discuss North 
Korea. This will be the South 
Korean leader's first visit to 
Beijing as president 
Mr Han Sung-joo, South 
Korea's foreign minister, said 
yesterday, before leaving Seoul 
for Beijing, that the Security 
Council should allow more 
time for North Korea to live up 
to its obligations under the 
Nuclear Non-Proliferation 
Treaty. 

He said a statement from the 
Security Council president 
would be desirable rather than 
a formal resolution urging 



Kim Young-sam is greeted yesterday by well wishers at Beijing airport 


Pyongyang to open its sites to 
International Atomic Energy 
Agency (IAEA) inspection: "It 
could be better that a state- 
ment be issued to induce the 
North Koreans to come for- 
ward for a dialogue. If North 
Korea continues not to allow 
nuclear inspections, even after 
the statement is issued, then 
China cannot but go along 
with UN resolutions." 


South Korea’s approach 
matches that of Beijing. China, 
as one nf the five permanent 
members of the Security Coun- 
cil. is anxious to avoid, at this 
stage, a vote on a formal reso- 
lution about its ally. North 
Korea. 

The US has been circulating 
a draft resolution warning of 
further unspecified action if 
North Korea foils to adhere to 







■■Twin 

TAGHeuer 

W'SS MADE S'MCt 186:: 


its NPT obligations. It recom- 
mends that Pyongyang be 
given a month in which to 
cooperate with, the IAEA. The 
US is reported to have said 
that it might go along with the 
approach advocated by China 
providing it was clear that eco- 
nomic sanctions will be consid- 
ered if North Korea fails to 
comply. 

China has made no secret of 
its concern that it might face 
unpalatable diplomatic choices 
over the Korean issue. Chinese 
officials have ruled out support 
at this stage for economic sanc- 
tions and have criticised a 
decision by the US and South 
Korea to resume joint military 
exercises. Mr Wu Jiamnin, for- 
eign ministry spokesman, said 
last week China was "not in 
favour of any action detrimen- 


tal to stability [on the Korean 
peninsula] such as military 
exercises". 

He also made clear at a news 
briefing that China believed it 
would be dangerous to push 
North Korea into a comer. Chi- 
nese officials have been sug- 
gesting that the US consider 
moves towards diplomatic rela- 
tions with Pyongyang as a way 
to defuse the crisis. 

China wants to try to fore- 
stall punitive economic sanc- 
tions under which it might be 
obliged to cut off petroleum 
and food supplies to North 
Korea. That would be almost 
certain to cause a deep rupture 
in relations. 

The South Korean foreign 
minister will fly to Washington 
from Beijing this week for 
talks with Mr Warren Christo- 
pher, US secretary of state, and 
Mr William Perry, US defence 
secretary. 

Mr Perry said at the week- 
end that he had ordered the US 
air force to add to its stockpiles 
of munitions and spare parts in 
South Korea. He was also 
deploying new Apache attack 
helicopters - used devastat- 
ingly against Iraqi tanks in the 
Gulf war. The secretary told 
reporters in Washington that 
his department planned "to 
take every step we can so that 
our tactical air could be 
applied In a day or two or 
three, rather than a week or 
two or three". 

The US. which has 36,000 
troops based in South Korea, 
has been enhancing that coun- 
try's defences, including the 
deployment of Patriot missiles 
against any Scud missile 
attacks. 

North Korea, which has 
some lm men and women 
under arms, has stepped up 
military drills and issued belli- 
cose threats. It has also inten- 
sified propaganda broadcasts 
calling for the overthrow of the 
Seoul government. 






■> > SOUTH , . 
< KOREA A 
Teegu 


PUBfljN 


jsr#-;-* -> -. 

-japawA 


Mr Han Sung-joo, the Sooth 
Korean foreign minister, said 
at the weekend that his coon- 
try woold support the UN 
Security Council’s issuing a 
statement on the North Korea 
noclear problem rather than 
taking the tougher action of 
adopting a resolution on the 
matter, writes John Burton 
from SeouL 

He explained that this strat- 
egy would persuade China to 
support a resolution criticising 
North Korea If it still contin- 
ued to block international 
nuclear inspections after the 
statement was issued. "I 
believe that it’s advisable to 
start with the council presi- 
dent’s statement so that a res- 
olution can be adopted unani- 
mously," he said. 

• South Korean President 
Kim Young-sam will mix busi- 
ness with diplomacy daring 
his visit to China, hoping to 
win new orders for Korean 
companies. Economic issues 
that will be discussed include 
the Chinese purchase of Kor- 
ean telephone exchanges and a 
proposed Sino-Korea project to 
develop and market mid-sized 
commercial airliners. 


Goldstar electronics deals 


The South Korean electronics 
company Goldstar has signed 
two contracts involving 
$159. 5m (£1 09.2m) to produce 
television parts, videocassette 
recorders and video cameras in 
China, an official report said. 
AP-DJ reports from Beijing. 


Goldstar said the contracts 
signed on Friday represented 
the biggest overseas invest- 
ment by a South Korean elec- 
tronics company. 

It Is negotiating to set up 
joint-venture projects to manu- 
facture audio equipment and 


air conditioners. 

Goldstar entered a $19.5m 
co-operation deal with Shang- 
hai Tape Recording Equipment 
Factory to produce VCRs and 
video cameras. The other con- 
tract was for a $140m venture 
with Shuguan Electron Group. 


By John Burton in Seoid 

"I don’t worry about a war 
breaking out,” said Ms Choi 
Kwang-hun as she peered from 
the observation deck of Seoul 
Tower at the city that North 
Korea recently said it would 
turn Into "a sea of fire". 

Ms Choi, a housewife in her 
mid-forties, and most of the 
city's other 10m residents 
appear calm In spite of the 
threats of war traded between 
North and Sooth Korea over 
the past week. 

Although the subject of war 
has become a dominant topic 
of conversation, it has had lit- 
tle affect on life in the sprawl- 
ing environs of SeouL only 35 
miles from the North Korean 
border. There are few. if any, 
outward signs of preparations 
for an emergency. 

Indeed, it is the rest of the 
world that seems more con- 
cerned over a possible military 
attack from the North. Panic 
selling of Korean stocks by for- 
eign investors helped cause the 
bourse's general index to foil 
by 22 per cent last week. 

Holds are reporting cancel- 
lations by overseas tourists, 
casting a pail over what has 
been proclaimed as "Visit 
Korea Year". 

“The general feeling fltnm^g 
many Koreans is that the crisis 
is the result of international 
media hysteria,” said one US- 
educated Korean businessman. 

The relaxed attitude dis- 
played by South Koreans 
reflate that the country has 
lived with a threat from the 
North for 40 years, with ten- 
sions rising and failing regu- 
larly. 

Koreans have also developed 
a fatalistic attitude after a cen- 
tury of invasions and political 
upheaval. 

But there are dear genera- 
tion differences in reactions. 
Middle-aged Koreans, who 
grew up with the Korean War 
of 195053 and remember UN 
troops saving their destitute 
country, believe that interna- 
tional support will resolve the 
dispute this time. "1 believe the 
US and the UN will prevent a 
war from happening," Raid Ms 
Choi. 

But younger Koreans, whose 


national self-confidence has 
grown with the country’s rapid 
economic progress, blame the 
US for aggravating tensions by 
deploying US Patriot missiles. 

They are also more sceptical 
about the seriousness of the 
threat that the North poses. 
"The former military govern- 
ments used to use the North 
Korean threat as a justification 
for keeping the people under 
authoritarian control.” said 
one student. "Conservative 
hardliners may be using this to 
assert their power once again 
by giving marinium publicity 
to war-like statements from the 
north.” 

There is also a sharp divide 
in reactions among Seoul’s for- 
eign expatriates. "The old-tim- 
ers are taking this in stride, 
while the newcomers are ready 
to pack their bags and leave,” 
said Mr Alan Plumb, the long- 
time head of the Rolls-Royce 
office in SeouL 
When a London broker 
recently rang in the middle of 
the night to ask about rumours 
that war was about to break 
out, “I couldn’t get back to 
sleep.” confesses Ms Anne 
Lowell, an analyst for Baring 
Securities in Seoul 
Discussions among foreign- 
ers have focused on evacuation 
plans if the North Koreans 
invade. 

Those who live on the trendy 
south side of the Han River, 
which divides the city as the 
Thames does London, count 
themselves lucky since it 
would be easier to flee. 

Those living north of the 
river worry about the destruc- 
tion of river’s 19 bridges that 
would leave them trapped. 

The evacuation procedures 
drawn up by (he US militar y to ^ 
get foreigners out of the city 
did not inspire confidence. For- 
eign citizens would have to 
gather at the big US military 
base at Yongsan in central 
SeouL considered a prime tar- 
get for North Korean Scud mis- 
siles and artillery. 

They would then leave the 
city by bus, a formidable feat 
at the best of times given 
Seoul’s notorious traffic jams. 
"Personally, I*m relying on a 
good pair of trainers instead,” 
said one US nffirfai 


HK plan 
to increase 
disclosure 

By Louisa Lucas in Hong Kong 

The Hong Kong stock 
exchange has taken a further 
step towards adoption of inter 
national standards with the 
release of a consultative paper 
proposing full disclosure of 
directors’ salaries and calling 
for an end to the practice of 
“bidden” reserves. 

If passed, the changes to the 
listing rules would open up 
directors’ remuneration to frill 
scrutiny. Companies woold be 
obliged to list directors’ fees, 
basic salaries pins bonuses, 
bousing allowance and bene- 
fits in kind, pension scheme 
contributions and golden hel- 
los and goodbyes. 

The stock exchange is also 
getting tough on banks, insur- 
ance and shipping companies 
which are currently allowed to 
maintain "bidden” reserves. 


Poor nations seek closer 
co-operation with G7 


Fifteen poor nations with large 
markets plan to seek better 
economic deals from industria- 
lised nations at a three-day 
s ummi t that begins today in 
New Delhi reports AP. 

Police went on alert yester- 
day as heads of state of eight 
countries of the Group of 15 
began arriving. The other 
countries are represented by 
government ministers or 
senior officials. 

About 7,000 policemen ringed 
many buildings in the city 
where the meetings will be 
held. 

Member countries from Asia, 
Africa, Latin America and the 
Caribbean will seek closer 
co-operation with the Group of 
Seven of the world's largest 
industrialised nations: the US, 
Canada. Italy, France, Ger- 
many, Japan and Britain. 

“We collectively represent a 
GDP of $l,400bn. Our total 


trade turnover is $404bn,” 
Indian foreign minister Dinesh 
Singh told the meeting that 
was drafting a communique to 
be adopted at the end of the 

s ummit 

The developing countries 
hope to have greater bargain- 
ing power with rich nations by 
pooling their natural and 
human resources. 

Apart from the host India, 
presidents or prime ministers 
of Nigeria, Senegal Zimbabwe, 
Argentina, Indonesia and Mal- 
aysia are taking part in the 
conference. Mexico, Chile, 
Peru, Venezuela, Algeria. 
Egypt Brazil and Jamaica are 
sending representatives. 

Critics of the G-15 say that 
during the five years since it 
was created, the organisation 
has lost much of its signifi- 
cance as many of the members 
prefer to line up with regional 
trading blocs. The preference 


for such arrangements is 
underscored by poor atten- 
dance at the meetings. 

Others, however, maintain 
that the group is still relevant 

“The industrialised countries 

will make poor nations do 
what they want The only way 
out is for the less powerful 
countries to get together," said 
AJ>. Venfcateswaran, a former 
external affairs secretary for 

rnriia, 

The conference is unlikely to 
force richer countries to relax 
import quotas on merchandise 
such as textiles or to retain 
their subsidies on food exports 
to poor countries under the 
new General Agreement on 
Tariffs and Trade. 

Many poor nations say that, 
under GATT roles, they will 
have to pay royalties for prod- 
ucts that used not to entail 
patents under intellectual 

property rights. 


Burma 
loosens 
bank rein 

Burma will allow locall 
owned private banks to ope 
with foreign exchani 
from next month, officials sal 
at the weekend, Reuter report 
from Bangkok. 

The move is to encourag 
investment, in line with Bw 
tucse attempts to open th 
national economy. 

Itocal private banks, under 
Bcw regulation Issued by til 
c «ntral bank, would be able t 
operate foreign exchange firm 
"May. they said. "The regufc 
non is to implement the pollC 
or economic [openness! for ti» 
country. “ 

The officials said p rival 
hanks had been allowed t» 
operate in Burma for the pas 
■J? locally owned pi 
jate banks were now allow* 
» deal only with local cor 
reucy. 






'S 

a 


FINANCIAL TIMES MONDAY MARCH 28 1994 


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NEWS: INTERNATIONAL 


California faces economic aftershock 

George Graham assesses Barclays’ tax suit as it reaches the US Supreme Court today 


B arclays Bank will have 
its chance today to 
argue in the US 
Supreme Court its 17-year-old 
case against California’s uni- 
tary tax system. 

The British banking group, 
backed by an array of Euro- 
pean governments and multi- 
national corporations, com- 
plains that the unitary method 
of assessment, by which Calif- 
ornia calculates tax on a pro- 
portion of a group's worldwide 
income, unfairly taxes profits 
earned outside the state, and 
even outside the US. 

The nine justices of the court 
are to bear arguments on the 
Barclays case, with a s imilar 
case brought by Colgate- 
Palmolive, the household prod- 
ucts group, which challenges 
the application of unitary taxa- 
tion to US-owned groups. 

For California, which tiptoes 
along the brink of bankruptcy 
year after year, the stakes are 
high. If it were to lose the Bar- 
clays case, it would have to 
refund to the bank and other 
foreign groups about $400m 
(£26?m) it has already col- 
lected, and cancel another 
$400m it has assessed but not 
yet collected. It on top of that, 
it were to lose to Colgate, it 
would have to refund another 
$13bn and cancel $2bn more in 
assessments. 

Mr Brad She rman, nhairman 
of the state Board of 


Equalisation, an elected tax 
commission, says losing the 
$4.lbn at Btake would be “an 
economic aftershock rivalling 
the damage done by the 
southern California earth- 
quakes” 

For foreign companies 
Issue is less financial, since 


costs them more, because of 
their emotional opposition to 
the concept of worldwide com- 
bination,” said Mr Michael 
Lippman, partner for state and 
local tax issues at KPMG Peat 
Marwick, the accounting 
group. 

International tax treaties are 


“Our current system is a huge 
bureaucracy that can't keep up 
with sophisticated multination- 
als that juggle income and 
avoid pairing billions that 
should go to the US Treasury,” 
he said. 

The Supreme Court ruled in 
1983, in the Container Corpora- 


Many companies and foreign governments fear that losing the case 
could encourage the state to move back to unitary taxation, which 
they see as threatening the whole structure of international tax law 


California last year passed leg- 
islation that wipes out most of 
their objections to unitary tax- 
ation, also known as world- 
wide combination. The new 
law allows tax-payers to elect 
instead to be taxed under a 
“water's edge” assessment that 
excludes all income earned out- 
side the US. 

Even so, many companies 
and foreign governments fear 
that losing the case could 
encourage California aw? other 
states to move back to unitary 
taxation, which they see as 
threatening the whole struc- 
ture of international tax law. 

“There are many UK, Ger- 
man and Japanese companies 
which have made the water’s 
edge election, even though it 


built on the principle of arm's 
length taxation - a company's 
income on transactions with 
its parent subsidiaries is 
assessed as though it were 
trading at aim's length with an 
independent company. 

Many US states, and some 
members of Congress, com- 
plain this is impossible to 
calculate and allows multina- 
tionals to manipulate the 
transfer prices on transactions 
within the group so as to 
reduce their tax. 

Senator Byron Dorgan last 
week persuaded the Senate to 
pass a non-binding resolution 
in favour of unitary taxation, 
winch uses a ample formula to 
calculate how much tax is 
owed in each state or country. 


tion case, that California’s uni- 
tary system was legal when 
applied to US companies, but it 
expressly set aside the ques- 
tion of whether that could be 
applied to foreign businesses. 

The essence of the Barclays 
case is that unitary fanat lon, 
because it conflicts with the 
arm’s length principle pre- 
ferred in international tax trea- 
ties , Interferes with the federal 
government’s right to speak 
for the US with a single voice 

On international commerce and 

is therefore unconstitutional. 

California responds that Con- 
gress has maria its will very 
clear by refusing many oppor- 
tunities to pass a law to ban 
unitary taxation by the states. 

Colgate's case is that to 


exempt foreign but not domes- 
tic companies from unitary 
taxation would be unfair. To 
win, it would have to persuade 
the Supreme Court to over- 
turn, at least in part, its earlier 
Container decision. 

Justice Antonin Scalla, the 
Supreme Court's conservative 
ideologue, is expected to lead 
support for California, in line 
with his usual position that, in 
the absence of explicit congres- 
sional action, the court should 
not interfere with the states. 
He is likely to receive the back- 
ing of Chief Justice William 
Rehnquist and Justice Clar- 
ence Thomas. 

On the other side. Justice 
Harry Blackmon was the l o n e 
dissenting voice last year in a 
case lost by Itel Corp against a 
Tennessee state tax. Judge 
Blackmon argued strongly 
against Interpreting congres- 
sional silence as assent 

The loneliest person in the 
court may be Mr Drew Days, 
US solicitor-general, who has 
the unenviable task of sustain- 
ing a brief that in fulfilment of 
a camp ai g n promise by Presi- 
dent Pill Clinton, supports Cal- 
ifornia, while not wholly repu- 
diating the Justice 
Department's earlier briefs 
filed in support of Barclays. 

Washington lawyers expect 
the justices to question Mr 
Days harshly over this intellec- 
tual juggling act 


Factions struggle over 
candidacy in Mexico 


By Damian Fraser 
hi Mexico City 

The race to succeed Mr Luis 
Donaldo Colosio as the presi- 
dential candidate of Mexico's 
ruling party reached fever 
pitch at the weekend, even as 
the party sought to quash 
rumours that the nomination 
was imminent 

Members of the Institutional 
Revolutionary party's (PRI) old 
guard seemed set on a desper- 
ate and probably futile effort to 
block the candidacy of the 
favourite. Mr Ernesto Zedillo, 
the campaign manager of Mr 
Colosio, who was assassinated 
on Wednesday. 

Mr Zedillo, a former budget 
minister with an economics 
doctorate from Yale University 
In the US, represents the mod- 
em, pro-reform wing of the 
party. 

Mr Fernando Ortiz Ar ana , 
party president, tried to quell 
speculation, saying no one in 
the party was authorised to 
comment on possible candi- 
dates: “The PRI, like all of 
Mexico, is in mourning. This is 
a time of reflection for all of 
us. In due time we will initiate 
internal processes to select our 
new candidate.” 

Mr Ramiro de la Rosa, head 
of Democracy 2000, a faction in 
the PRI, urged President 



Salmas: Still kingmaker 

Carlos Salinas to let the party 
choose its candidate without 
presidential interference. Mr 
de la Rosa’s group backed Mr 
Ortiz Arana, presumed favour- 
ite of the party rank and file, 
as candidate. 

A government official said it 
had still not decided how the 
candidate would be chosen. 
But the expectation is that Mr 
Rnlmag win select the candi- 
date. after consultation with 
party officials and ministers. 

As Mr Colosio’s campaign 


manager. Mr Zedillo is likely to 
be projected as the legitimate 
heir of the slain candidate. 

The PRI s till maintains that 
the candidate could be chosen 
as late as next week. However, 
if speculation increases it may 
have to be more quickly. 

Meanwhile, Mr Porfirio 
Munoz Ledo, president of the 
main leftist opposition party, 
has demanded an independent 
investigation into the murder 
of Mr Colosio. He believes Mr 
Mario Aburto. who has con- 
fessed to k illing Mr Colosio, 
may have been paid by organ- 
ised groups in the country. 

Mr Aburto initially told 
investigators that he bad links 
with such organised groups, 
but refused to name them. He 
also said that he would not 
talk unless tortured. Indicating 
that he might have been part 
of a wider organisation, or 
wanted investigators to believe 
he was. 

A government official sai± 
“At this point there is no indi- 
cation Mr Aburto was working 
for anyone else". 

Police say they found a 
drawing In Mr Aburto’s home 
depicting his soul entering the 
body of Mr Colosio, and 
another of the two floating up 
to heaven. In the view of the 
police, this suggested mental 
instability. 


\ u. 






Venezuelan rebel 
released from jail 

By Joseph Mann in Caracas cation” by the president, who 

took office in February. He has 
The Venezuelan army officer ordered charges dropped 
who led an unsuccessful mill- against officers facing courts 
tary up rising against the gov- martial over the 1992 military 
eminent in early 1992 and uprisings, which left some 300 
became a popular political hero dead. This month Mr Caldera 
was released from jail at the ordered the release of Rear- 
weekend after President Rafael Adm Hern&n Gruber Odrem&n, 
Caldera had ordered a halt to who headed the November 27 
all court martial proceedings rebellion, 
against him. Fewer then 20 officers are 

On his release, Lt-Col Hugo still behind bars because of the 
Chdvez Frias, who has coup attempts, and anothe r 
resigned from the army, told group of officers is in exile in 
hundreds of supporters he Peru. Some of these are expec- 
would work with his own ted to return to Venezuela 
organisation "to gain political seeking the b enefi ts of the pac- 
power” and “to show political ifi cation programme. Lt-Col 
schemers how a nation should Ch&vez headed a rebellion 
achieve its true destiny”. He against the government of 
also warned it would be President Carlos Andres Pferez, 
“risky” to talk about another who survived two coup 
coup d’etat in Venezuela. attempts in 1992 but was forced 

The rebel leader's release to leave office early, in 1993, to 
forms part of a political “padfl- face corruption charges. 


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US plans 
new move 
on Haiti 

The US is p lanning to shift its 
policy on Haiti so as to put 
more pressure on the military 
leaders who took over the 
Caribbean country two and a 
half years ago. according to a 
report In the New York Times, 
George Graham writes from 
Washington. 

The report said Vice-Presi- 
dent A1 Gore had briefed 
Father Jean-Bertrand Aristide, 
the ousted Haitian president, 
on a new plan calling for three 
steps on the same day: the mil- 
itary leaders would step down, 
the Haitian parliament would 
confirm a new prime minister 
uamed by Fr Aristide, and an 
amnesty for the coup leaders 
would he enacted. 

The US admi nistration's pol- 
icy on Haiti has come in for 
stern criticism in the last few 
weeks from Democratic mem- 
bers of the US Congress, there 
having been a particularly 
flerce attack last week 
from the black caucus in 
Congress. 


Gaviria 
to head 
the OAS 

The Organisation of American 
States yesterday elected Mr 
Cdsar Gaviria, the president of 
Colombia, to be its new 
secretary-general, George Gra- 
ham reports from Washington. 

Mr Gaviria's election, by 20 
votes to 14, capped a some- 
times hostile campaign in 
which small er OAS members, 
in the Caribbean and Central 

America, complained that their 
interests were being trampled 
by the heavyweight countries 
of South America, as well as by 
the US. 

The smaller states had 
backed Mr Bernd Ntehaus, for- 
eign minister of Costa Rica, to 
succeed Mr Joao Baena Soares 
of Brazil, the outgoing 
secretary-general. 

■ Each country has one vote 
but the' alliance of the small 
appears to have broken up in 
the face of Mr Gaviria's candi- 
dacy. 

Mr Gaviria is due to step 
down as president of Colombia 
in August 


Iberia’s deal with 
Argentina blocked 


By John Barham 
in Buenos Aires 

An Argentine federal judge has 
ordered the government not to 
proceed with an agreement, 
signed 10 days ago with Iberia, 
Spam's national airline, to set- 
tle their dispute over 
Aerolineas Argentines, the flag 
carrier. 

Judge Oscar Garzdn Funes 
accepted an appeal from the 
leftist Frente Grande opposi- 
tion party that the settlement 
was against the national inter- 
est because it handed the air- 
line to a foreign government 

Mr Javier Salas, Iberia’s 
president, and Mr Domingo 
Cavallo, Argentine economy 
minister, had agreed-to let 
Iberia raise its stake in 
Aerolineas to 85 from 30 per 
cent after pumping the equiva- 
lent of $500m (£334m) In fresh 
capital into the company. 

The government said it 
would appeal against the 


judge’s decision. It might 
rigmniuliTig a r uling by the 
Supreme Court, where most of 
the judges were appointed by 
the privatising President 
Carlos Menem. 

The deal also called for the 
abolition of the Argentine air 
force's profitable ground- 
handling monopoly at the 
country's airports. This has led 
to strong objections by the 
Defence Ministry. 

Iberia says it could save 
$2flm a year by servicing its 
aircraft The handling charge 
for a Boeing 747 in Buenos 
Aires is $4,000, compared with 
$1,400 in Santiago. Chile. 

Iberia and the government 
have hegfl bickering over loss- 
making Aerolineas since it was 
privatised in November 1990. 
The government had to take 
back part of the girl™ in 1992 
to prevent its collapse. It 
rejected Iberia’s demand last 
year that it contribute to the 
capital injection. 





NEWS: UK 


Key pact 
on Bedford 
truck parts 


PM’s office 


By John Griffiths 


Marshall, the UK vehicles and 
aerospace group, has struck a 
landmark deal with General 
Motors under which it has 
acquired world marketing 
rights to the Bedford commer- 
cial vehicle name and pur- 
chased the entire Bedford 
truck and bus parts business. 

The deal is expected to lead 
to a substantial Increase in the 
group's truck production this 
year, from 400 to around 600. 

However, the parts business 
acquisition is regarded as at 
least as important by execu- 
tives of Marshall SPV (Special 
Production Vehicles), the 
umbrella company for Mar- 
shall's vehicle operations, 
because of the exceptionally 
large number of Bedford 
vehicles on roads all around 
the word. 

"On a conservative estimate 
there are at least 500,000 out 
there**, Mr Pick Re veil, Mar- 
shall SP^s parts director, said 
at the weekend. 

Bedford, which has a history 
going back 60 years, was once 
the world’s largest truck- 
maker. Its military vehicles 
have seen service with armed 
forces in dozens of countries 
and are still deployed by 
many, including the UK. I 
GM first sold the Bedford 
truckmaking business for 
eggwi in 1987, when it was los- 
ing £500,000 a week, to entre- 
preneur Mr David Brown. He 
renamed it AWD. However, 
that business went Into receiv- 
ership and Marshall subse- 
quently bought from the 
receivers AWD's product 
designs, order book, rights to 
the AWD name and limited 
rights to the Bedford name. 

Marshall executives believe 
that a major reason that AWD 
went under was that its own 
deal with GM did not include 
the consistently profitable 
parts business. Most truck 
makers earn the majority of 
their revenue from replace- 
ment parts business rather 
than new vehicle sales. 

Oik measure of the size of 
the parts business is that Mar- 
shall has already shipped 170 
articulated truckloads of parts 
to warehousing In Kent Dorn 
the forma' Bedford truckmak- 
ing facilities at Dnnstahle, 
Bedfordshire. 


says EU deal 
not yet sealed 


By David Owen 


The office of prime minis ter Mr 
John M^jor moved last night to 
counter suggestions that 
Britain had capitulated in the 
row over voting rights in the 
enlarged European Union by 
cautioning against tire assump- 
tion that the UK government 
would automatically accept the 
proposed deal. 

Signalling the start of a con- 
certed two-day push to swing 
the main body of the Conserva- 
tive party behind the proposed 
compromise. Downing Street 
said that no decision would be 
taken until after a full meeting 
of cabinet tomorrow. 

This would examine in detail 
whether or not the proposals 
met the concerns of the prime 
minister. According to one 
senior official; “There is still a 
fair bit of work to be done 
before we can assume there is 
an agreement'' 

With Tory business manag- 
ers due to meet this morning, a 
crucial consideration will be 
bow the proposals are received 
not by the Euro-sceptic hard 
core - who would oppose virtu- 
ally any compromise - but by 
the broad mass of Tory rank- 
and-file MPs. 

The support of all but the 


bard core is essential for Mr 
Major who is anx io us not to 
exacerbate the rift in the party 
over Europe in the run-up to 
local government and Euro- 
pean elections which could 
have an Important bearing on 
bis future as leader. 

Mr Douglas Hurd, foreign 
secretary, said he had “agreed 
to nothing'* while emphasising 
the other countries had made a 
“serious move” in Britain's 
direction. He said: "We have to 
decide how our interests and 
those of the minority can be 
protected." 

Noting that some countries 
were worried that the paper 
proposed by the Greek presi- 
dency went too far in Britain's 
direction, Mr Hurd said minis- 
ters would have to consider 
"very soberly whether it goes 
far enough, whether there are 
comments we want to make." 

Leading Euro-sceptics yester- 
day joined Labour in criticising 
the government’s handling of 
the negotiations. 

Mr Bill Cash, the MP for 
Stafford and a leading Euro- 
sceptic, said he was "deeply 
disturbed by the trend. Once 
the votes are arranged so that 
27 is the blocking minority, 
and not 23, it will be virtually 
impossible to unravel it" 



Row over issue of European works council 


By David Goodhart, 
Labour Editor 


The Institute of Directors has 
sharply criticised its rival 
employers body, the Confedera- 
tion of British Industry, for 
accepting the principle of a 
transnational European works 
council for consulting with 
employees. 

The Issue of works councils, 
which has been a subject of 
debate in Europe for 20 years, 
comes to a head tomorrow 
when negotiations on the sub- 
ject between Unice. the Euro- 
pean employers body, and the 
European Trades Union Con- 
gress are set down. 


Such a breakdown will make 
it almost certain that the Euro- 
pean Commission will pass a 
directive on the issue early 
□ext year. Although Britain's 
Maastricht Treaty social “opt- 
out" means UK companies will 
not be effected within the UK, 
70 or 80 British multinationals 
will be effected in continental 
Europe and are unlikely to 
exclude their UK employees. 

But the loD is still Curious 
with the CBL which is the larg- 
est single member of Unice, for 
conceding in negotiations with 
the ETUC that "minimum 
requirements" can be enforced 
in the event of companies and 
their employees falling to 


reach an agreement. 

European employers have 
hitherto accepted the goal of 
consultation with their 
employees, and providing 
information for them, but have 
insisted that there should be 
flexibility. 

However. Mr Peter Morgan, 
director-general of the loD, 
believes that the wording of 
the latest Unice-ETUC agree- 
ment amounts to an “own 
goal" in accepting a works 
council-type forum. 

“We urge the CBI and other 
national employer organisa- 
tions in the member states of 
the EU to rethink their posi- 
tion on Unice’s negotiations 


with the ETUC and to oppose 
proposals which would require 
companies to set up union 
dominated works councils”, 
said Mr Morgan. 

The IOD believes that even if 
the ETUC rejects the Unice 
position - because of disagree- 
ments about the level within 
the company at which the 
works council should operate - 
European companies will now 
find it more difficult to argue 
against the idea. 

Some British employers also 
fear that the Commission will 
tzy to circumvent the opt-out 
and thus directly implicate up 
toUOO British companies in the 
works’ council directive. Mr 


Auditors to BCCI 
face $llbn claims 



By Andrew Jack 


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The auditors to the collapsed 
Bank of Credit and Commerce 
International face claims from 
the liquidators of up to Sllbn, 
according to legal documents 
updating the original action. 

Price Waterhouse and Ernst 
& Whixmey, which is now part 
of Ernst & Young, are alleged 
to have failed to detect or 
report financial irregularities 
at the bank stretching back as 
for as 1977 and 1979 respec- 
tively. 

The details appear in the 
statement of claim lodged in 
the high court which accompa- 
nies writs issued by BCCTs liq- 
uidators at Touche Ross 
against the auditors in the 
course of the last two years. 
The statement has not been 
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estimated the claims would be 
worth about ?8bn. The dam- 
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ther one of the largest ever 
recorded legal actions. 

The statement of claim says 
that the financial position of 
BCCI was materially misstated 


in 1985, 1986 and 1987. It does 
not quantify any differences 
before this time because claims 
will not be allowed back 
beyond 1985. 

Had the problems been 
brought to light, the statement 
claims that “imprudent con- 
duct” at BCCI would have 
ended, weaknesses been cor- 
rected, management restruc- 
tured and new capital would 
not have needed to be injected. 

The statement of claim 
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and Ernst & Whizmey had 
e xp ressed concerns about defi- 
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of the bank for up to 14 years 
before BCCI was closed by reg- 
ulators in July 1991. 

It says the firms were in 
breach of their duties to the 
shareholders of BCCI compa- 
nies for failure to take account 
of the warning signs, conduct 
all the tests that they should 
have carried out, or failure to 
report weaknesses in internal 
controls and systems. 

Both firms of auditors deny 
the allegations and are vigor- 
ously contesting the writs. 


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FINANCIAL ■» ^MOAV MARCH a»_Wg4 


Britain in brief 

SSSMPjf 


w/’t * 




Courtaulds 


to approve 
£80m plant 


The finest collection of early printed books to be sold at auction for more than 50 years will be 
offered at Sotheby’s in London on July L There are almost 400 volumes including one illustrated 
with this hand-coloured woodblock, and they seem certain to fetch more than £3m. The books 
come from the court library of Prince Joachim zn FQrstenberg. Rarities include an almanac of 1462 
believed to be the first example of printing from Vienna and a first edition of the “Speculum 
hnmanae salvationis” with the text in Latin and in German. 


Michael Forsyth, the employ- 
ment minister, last week told 
the House of Commons Euro- 
pean Standing Committee that 
any such move would be 
"strongly resisted”. 

However Mr Forsyth also 
told the committee that he wel- 
comed the Delors white paper 
on growth, competitiveness 
and employment, published 
last December, as “marking 
the beginnings of a real change 
in the Community's agenda". 
He said that the report “recog- 
nised that labour costs are sim- 
ply too high and that they 
damage growth in jobs” and 
that Europe's labour markets 
were not working efficiently. 


TRW to set up 
parts plant 


Farmers keep 
wages board 


The government looks likely 
to preserve the Agricultural 
Wages Board, which lays 
down minimum wage rates for 
180,000 farmworkers, after 
strong pressure to do so from 
the farming community. 

An announcement confirm- 
ing the board’s future is expec- 
ted this week from Mrs Gillian 
Shepherd, the minister of agri- 
culture. Last year the govern- 
ment scrapped the Wages 
Councils that laid down mini- 
mum levels of pay for an esti- 
mated 4.5m workers in low 
wage sectors such as hotels 
and catering but ministers 
accept that farmworkers con- 
tinue to need wage protection. 

The Agricultural Wages 
Board awarded a 43 per cent 


wage rise to the low paid farm- 
workers last week, neatly 
twice the current level of pay 
rises in the economy despite 
opposition from the National 
Farmers Union. But many 
fanners prefer the existing 
wages system because It 
ensures stability In the Indus- 
try- 


Water surveys 
‘unreliable’ 


The hoard of Courtaulds, the 
chemicals and textiles group, 
is expected to approve in the 
new few days spending of 
about £8Qm on a European 
plant to produce Tencel. Its 
new synthetic fabric. 

The plant is to be located 
either at Grimsby on Humber- 
side or near Munich in Ger- 


many. 

The approval is expected 
almost to coincide with a long- 
delayed agreement by Court- 
aulds and Hoechst, the Ger- 
man chemicals company, to 
merge their European viscose 
and acrylic, fibres operations 
under Coorta aids’ control. 

Courtaulds said yesterday 
that It hoped that the merger, 
first announced in May last 
year but delayed by competi- 
tion-authority scrutiny, would 
be signed before the end of 
this week. 

Courtaulds wants the plant 
running in 1996 to cater for 
what It says will be surging 
world demand for the mate- 
rial, said to combine the 
toughness of denim with the 
feel of silk. 

Because the production pro- 
cesses for Tencel, which is 
made from wood pulp, are 
highly automated, employ- 
ment at such a facility is 
likely to be measured in doz- 
ens rather than hundreds. 


Water companies havo been 
warned not to rely on surreys 
of the public's willingness to 
pay for higher water quality. 

Surveys of whother house- 
holds would pay for enhanced 
quality cm be highly unrelia- 
ble. says Mr George Gaskdl. 
leading academic at the Lon- 
don School of Economics. 

His criticism comes just days 
before the water companies of 
England and Wales submit 
their “strategic business plans" 
to Ofwat. The proposed invest- 
ment programmes in the plans, 
which cover the next 20 years, 
have been based partly on 
detailed customer surveys con- 
ducted last s umm er, of the 
kind which Mr Gaskell criti- 
cises. 

The LSE head of social pys- 
chotogy argues that “until con- 
sumers are more informed, it is 
probably Inappropriate to use 
responses in opinion surveys 
as the basis for the develop- 
ment of services." 


Sunday worker 
wins key case 


TRW, the US motor, space and 
defence multinational, is to set 
up Its fourth motor compo- 
nents plant near Nissan's 
Sunderland car factory, creat- 
ing ISO jobs. 

TRW Is investing ram in the 
plant at Houghton-le-Spring, 
Wearside, northeast England. 
It will produce electronic trig- 
ger mArhanfamg far safety air 
bags, one of the fastest-grow- 
ing sectors of the motor compo- 
nents industry. 

The air-bag mechanism will 
be exported throughout 
Europe. The new facility Is the 
latest in a series of motor com- 
ponent manufacturing invest- 
ments in the north, and lifts to 
about 30 the number of such 
companies located close to the 
Nissan plant 

Nissan, which employs about 
5,000 people at the Sunderland 
site, says it has generated 
about 3,000 jobs at component 
suppliers based either on its 
car factory site or in the 
north-east 


A worker who refused to work 
on a Sunday because It pre- 
vented him from going to 
church has won his case for 
unfair dismissal from an 
industrial tribunal In a unani- 
mous verdict 

This is the first time an 
industrial tribunal has ruled 
hi an unfair dismissal case 
based on the grounds of the 
applicant’s religious beliefs. 

Mr Andrew Dutton, a 
systems engineer with Hughes 
Rediffusion Simulation at 
Crawley for five years, sahfc “I 
am just an ordinary guy who 
did not want to be forced to 
work Sundays. I tried hard to 
reach a compromise with the 
company and failed.'’ 


Road projects 
to be trimmed 


The outcome- of the -long- 
awaited review of Britain’s 
£23bn roads programme, due to 
be announced on Wednesday, 
is expected to show a trimming 
of roadbuilding schemes but 
not wholesale cuts. 

Most motorway-widening 
schemes are set to stay largely 
intact in spite of fierce protests 
from Tory backbench MPs and 
lobbyists. 

The overall reduction in 
planned roadbuilding activity 
may be no more than io per 
cent or 15 per cent 

This is unlikely to ease pres- 
sure on the department from 
MPs of all parties and from 
other government depart- 
ments. 


Andersen 
offers merger 


Arthur Andersen, the UK’s 
fourth largest accountancy 
firm, is poised to merge with 
Binder Hantlyn, the eighth 
largest, in one of the largest 
consolidations in the profes- 
sion for several years. 

Heads of Binder’s ll 
regional partnerships around 
the country are due to meet 
today to discuss the proposals, 
which Andersen formally 
made two weeks ago «n4 laid 
out at a meeting last week. 

Precise details are still to be 
worked out 


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MANAGEMENT 


S Africa's 
black 
managers 

P olitical change in South 
Africa has accelerated 
the need to develop more 
black managers in public and 
private sectors alike. But blacks 
are still poorly represented - 
particularly at senior levels in 
organisations - and the 
challenge is formidable. 

One attempt to redress the 
balance is today's conference 


in Oxford ran by the Southern 
African Advanced Education 
Project, an independent charity 
which provides advance training 
and work experience to help 
South Africans build leaderahip 
and management skill s. The 
event brings together about 160 
black South African graduates 
and representatives of big 
employers including Total South 
Africa, South African Breweries, 
South African Post-Office, 
Unilever, Standard Bank and 
the power company Eskom. 

The idea is part recruitment 
drive, part seminar. According 
to Patrick Wlntour of SAAEP, 
roughly half of those who 
attended the last two 
conferences either directly or 
indirectly landed their first job 
as a result “The sense of 
urgency among employers to 
recruit good black graduates 
is now much greater,” says 
Wintour, though he adds that 
SAAEP has been “less than 
successful" in tapping the 
interest of UK companies with 
South African subsidiaries. 

Wlntour says affirmative 
action remains a hot issue in 
the private sector, but believes 
the focus of debate may shift 
as the new government attempts 
to change the complexion of the 
public sector without unduly 
increasing its size. 

He identifies three main 
lessons learnt so Car. First 
companies should give Mark 
recruits real jobs: Tokenism 
has been exposed for the fraud 
that it is**. Second, employers 
should be prepared to take risks 
“even if they are not 100 per cent 
sure that someone is right for 
the next move”. Third ,they 
should “tell other employees 
what they are doing and why 
they are doing it so that 
everyone does not get confused". 

SAAEP, teP 0865 200686. 

Tim Dickson 


A H great paintings require 
an act of creativity. All 
paintings are painted by 
artists. Therefore all art- 
ists are creative. True or false?". 

An uncontroversial question, you 
might thi nk . Yet a psychometric 
test containing BO simnar questions 
was last week criticised on the 
grounds of racial bias. Used by the 
General Council of the Bar of 
England and Wales to help select 
students for the barristers' finals 
course, the test is being blamed for 
a success rate of nearly SO per cent 
for white candidates compared to 
less than 20 per cent Tor black and 
et hn i c minority candidates. 

“Nothing terrible has happened,” 
says Robert Wood of Peara Kandola 
Occupational Psychologists who 
helped design the selection system. 
He says the test was properly 
applied, and points out that the 
number of successful hlarfr candi- 
dates was higher tha n in previous 
years. Nevertheless, the Council of 
Legal Education feels obliged to 
mount an investigation. “Clearly 
there have been disparities in the 
selection rates. We need to look at 
what may have caused them,” says 
John Taylor, secretary of the CLE. 

The allegation, of bias in psycho- 
metric testing is a serious one. 
Some SO per cent of British compa- 
nies use psychometric tests, and the 
number is rising. Employers use 
them to test for abilities as well as 
for personality traits. They use 
than to decide who to hire, who to 
promote, and even who to fire. 

An estimated 100,000 tests are 
used in the UK each year for selec- 
tion alone. Some come from reputa- 
ble firms which design the tests 
with great care. Others are supplied 
by “bucket shops”, or even come 
free with general packages of com- 
puter software. 

Employers like psychometric 
tests because they appear to be 
more objective than other ways of 
assessin g people. Interviews often 
prove to be of little use in picking 
the right person, and are wide open 
to djac rmrina tion. But while there is 
evidence that aptitude tests at least 
can be good predictors of success in 
the fob, they can be dangerous in 
the wrong hands. 

"Psychometric testing is not a 
neutral tool, and must be used care- 
folly,” says Chris Myant from the 
Commission for Racial Equality. He 
argues that nearly all tests are cul- 
turally loaded: different racial 
groups have had different educa- 
tions, make different assumptions 
and may think differently, affecting 
their performance accordingly. 

In the US psychometric tests fell 
out of fashion a decade ago on the 
racial discrimination Issue. They 
are now making a come-back, but 
only in cases where they have been 
proved to be both relevant and 
equally valid for different ethnic 
groups. 


Psychometric testing of job 
candidates is objective: True or 
False? Lucy Kellaway investigates 

Tests on 


trial 





In Britain the CRE recommends 
that all tests nhonld have iw»n tried 
out an a racially mixed group to 
identify bias, and that the standard 
of skills set in the test should be 
appropriate to the job in question. 

When eight Asian guards wanting 
to become British Rail drivers 
recently foiled a verbal reasoning 
test, the CRE complained. It said 
verbal reasoning was not necessary 
for train drivers, and that the test 
was therefore discriminatory. BR 
subsequently changed the test, ami 
some of the guards who initially 
foiled are now drivers. 

However, even when obvious cul- 
tural references have beat stripped 
out and the level of test is appropri- 
ate for foe job in hand, tests can 


still favour one race or sex above 
another. Charles Johnson, an occu- 
pational psychologist at Psychomet- 
ric Research & Development who 
advised the Bar Council, argues 
that bias can creep in subtly. For 
instance, there Is some evidence 
that ethnic minorities and women 
are less prepared to guess the right 
answer, which penalises them in 
tests where no marks are taken off 
for wrong replies. Moreover, people 
who have been brought up on a 
heavy diet of exams will be better at 
controlling the speed at which they 
are wo rking , and therefore tend to 
score higher. 

In spite .of these problems John- 
son argues that the tests can still be 
useful if not too much reliance is 


placed cm any one test and the pass 
mark is not set too high. 

One problem is the variable qual- 
ity of suppliers. Saville & Holds- 
worth. one of the largest in Britain, 
researches each test on different 
ethnic groups before selling it If it 
finds that certain groups score dif- 
ferently tt makes sure that all users 
are aware of the discrepancy. 

Moreover, reliable firms do not 
sell tests to anyone who has not 
been trained in how to use them 
“Same instruments are knnrked up 
over a wet weekend in someone's 
front room and then given some 
energetic marketing," warns Donald 
McLeod a psychologist at Ashridg e 
Management College. 

Part of the danger in psychomet- 
ric tests lies in their very promise of 
objectivity. “People think if it's sci- 
entific, it must be Mr,” says Angela 
Baron a policy adviser at the Insti- 
tute of Personnel Management. 
“Unless you understand how they 
work and what yon are measuring 
they are open to discrimination." 

The IPM recently published 
lengthy guidelines for companies 
using psychometric tests, starting 
with the golden rule that the tests 
would only be a part of a selection 
process, and indirating the impor- 
tance of training and the need for 
careful monitoring. 

While ability tests are controver- 
sial, personality tests are even more 
contentious. The latter variety of 
psychometric test has recently 
became the most popular of alL The 
tests ask a series of questions, rang- 
ing from “Do you prefer baths to 
showers?” to "Do you consider 
yourself to be outgoing?", in order 
to assess up to 30 different personal- 
ity traits. Companies feel they are 
getting more precise information 
than can be obtained otherwise, in a 
form that allows them to compare 
candidates objectively. 

Baron argues that employers 
should take care when using this 
sort of information in recruitment, 
although it could be useful in career 
counselling. “You need to ask if per- 
sonality is relevant to the job any- 
way. Often it isn't,” she says. 

Personality tests can be distorted 
by the mood of the candidate on the 
day, or by fake answers. More 
alarmingly, there is little co nclusiv e 
evidence that personality test 
results are related to performance 
in the job. 

Academics such as Johnson, who 
believe in carefully monitored apti- 
tude testing, draw the line at per- 
sonality tests. “The idea that you 
can get paper and pencil tests to 
measure something intangible - i 
don't believe it,” be says. 

At least one thing can be said for 
them: as there are no right or 
wrong answers, the question of 
racial bias is not so serious. Yet 
that is not much consolation if they 
are not worth a row of beans any- 
way. 


Remedies for 
absenteeism 

Richard Donkin on ways to cut one 
of UK business’s biggest blights 


F rom the middle of this week 
the foil burden of side pay 
will foil on most Mg UK 
employers for the first time. The 
government claims that the 
reduction in National Insurance 
contributions will compensate for 
the overall cost - estimated at 
£700m - but within in this there 
will be winners and losers. 

Kenneth Clarke, the Chancellor 
of the Exchequer, said when he 
nnnnnnrwi the changes that bin 

intention was to encourage 
employers to work harder at con- 
trolling absenteeism. According 
to the Confederation of British 
Industry there remains plenty or 
some for improvement 
A CBI report carried out with 
Percom, a UK consultancy, last 
year suggested that absenteeism 
was one of the biggest blights on 
UK business, costing employers 
£13bn a year. 

Absence rates on average are 
running at about 4 to 5 per cent, 
according to most estimates, bnt 
managers are beginning to recog- 
nise that lower levels can be 
achieved. Some argue that often it 
is simply a matter of caring about 
people who work for yon. 

Nissan Motor Manufacturing 
(UK), the Sunderland-based car 
manufacturer, records absence 
figures of around 1.5 per cent to 
two per cent, less than five days 
an employee per year, in an 
industry that has been notorious 
for absenteeism. 

Peter Wickens, Nissan’s person- 
nel director says the plant’s cur- 
rent absence levels are Z.B per 
cent. He says: “1 always regard 
absence as having very little to do 
with sickness and a hell of a lot to 
do with lack of motivation.” Nis- 
san pays everyone from day one 
of sickness. 

“I think that people who are 
paid when off sick are less likely 
to be sick,” says Wickens, who 
argues that a system where peo- 
ple are not paid when they are off 
encourages employees to believe 
that no one loses when they are 
away. 

The company’s sick pay agree- 
ment includes a penalty. £f people 
abuse the system they are liable 
to be disqualified from sickness 
benefit or face disciplinary action. 
Workers are expected to tele- 
phone when they are sick and are 


asked about their sickness when 
they return. 

Andrew Sargent, managing 
director of Sargent Minton, 
employee relations consultants, 
says five days absence a year is 
sufficient to take care of most 
minor illnesses such as fin epi- 
demics. “The big problem is that 
grey area between those who are 
genuinely sick and people who 
are genuinely malingering. There 
are always people who will take 
companies for a ride,” be says. 

Leadswingers (slavers), he says, 
have become more accomplished 
at spreading their absences across 
the year. The answer is to treat 
absenteeism as a management 
problem. Tbis will mean better 
record keeping, better communi- 
cation and more attentive and 
enthusiastic acceptance that ulti- 
mately only management can pro- 
vide the cure," he says. 

Both the CBI and an earlier 
Industrial Society survey suggest 
that foil-time manual workers 
lose on average twice as many 
days as full-time non-manual 
workers. The CBI calculated that 
eight days a year per employee 
were being lost in manufacturing, 
bnt this was topped by local gov- 
ernment and National Health Ser- 
vice employees with 10 and 11 
days lost respectively. 

The approach of Lewisham Bor- 
ough Council is typical of tbe way 
the public sector is beginning to 
tackle the problem. 

Andreas Ghosh, the council’s 
assistant chief personnel officer, 
says absence levels were 17 days a 
year for each employee when the 
authority embarked on an Initia- 
tive to bring absence levels down 
two years ago. Today, absentee- 
ism has fallen by 5.8 days a year, 
equivalent to £L5m of services. 

Managers were trained to moni- 
tor absence using computer pro- 
grammes which trigger on-screen 
messages when individuals reach 
certain absence rates. 

While effective monitoring can 
can reduce absenteeism to two 
per cent a year, according to some 
estimates, tackling absence in a 
piecemeal way is unlikely to get 
the sort of results achieved by 
Nissan. That, argues Wickens, 
results from the overall manage- 
ment approach to production, 
team working and motivation. 


BUSINESS TRAVEL 


False start at 


the stop 

Daniel Green has reservations 
about the Heathrow bus service 


C atching the bus into 
central London from 
Heathrow airport 
might seem tike a 
good idea. A food costs at least 
£30, while, by the Under- 
ground, the journey takes up 
to an hour - or more if you 
need to change at stations 
where platforms are several 
minutes* walk apart, such as 
Green Park. 

Moreover, the only view 
from the Tube is either of Lon- 
don's western suburbs or the 
inside of a tunnel And stations 
still have too many staircases 
for travellers with heavy cases. 

The Airbus, on the other 
hand, which is run by London 
Buses, offers a choice of routes 
going directly past the capital's 
main hotels. It does not stop in 
the suburbs, so travelling 
times compare favourably with 
the Tube's. Perhaps best of all 
there are splendid views from 
the upper deck of what Is 


essentially a converted London 
bus. The ticket costs £5 single, 
£8 return. 

This sounds ideal for the 
business executive on a bud- 
get But when I tried tt last 
month, on returning from a 
trip to Paris, I found that this 
was not the case. 

The pick-up points at Heath- 
row are fairly easy to find, 
especially at Terminal Four. 
Each of the two services - one 
to Victoria bus station, the 
other to Russell Square - Is 
scheduled to leave every 20 
minutes or half hour, depend- 
ing on the time of day, so it is 
worth checking the timetable 
to avoid a long wait 

On the day 1 was travelling, 
however, the timetable proved 
irrelevant A busin essman , two 
Japanese women and I waited 
at the Terminal Four stop until 
10 minutes after the sched u l e d 
departure time. I approached a 
man with “Airbus" embla- 



zoned on his jacket He replied: 
“I don’t know, mate. I storied 
here two days ago." 

Further pressure eventually 
persuaded him into a booth 
with darkened windows and, 
apparently, a telephone inside. 
He emerged with the comment 
“The bus’ll be here in about 10 
minutes” It was not 

After a struggle to get him 
back into the box, he said: “It'll 


be here at 25 to the hour." This 
was the wwt timetabled slot 
That time passed, however, 
and stin nothing happened. 

One hour after we had 
arrived at the bus stop, the 
four of us decided to take tbe 
T Tnd w - gm n rid. 

London Buses insists that 
the Airbus service has had a 
reliable 14 years in service and 
gets “very few complaints”. It 


concedes that it should find a 
way to inform waiting passen- 
gers of delays. 

Until it does so, business pas- 
sengers, especially those with 
appointments, niwniri not fcafe* 
the Airbus. And if you are 
travelling from central London 
to the airport and need to 
malm yo ur check-in time, con- 
sider buying a good newspaper 
and travelling by Tube. 


Flights over 
the Atlantic 
from London 

American Airlines is 
expanding its transatlantic 
services from London. From 
May 27. it will operate daily 
non-stop flights from Gatwfck 
to Nashville, Tennessee, and 
to Raleigh/Durham in North 
Ca rolina, as well as daily 
non-stop services from 
Heathrow to Philadelphia. 

From tomorrow, American 
will also operate six flights 
a day from Heathrow to New 
York’s Kennedy airport, with 
a no-smoking (light operating 
from May 2. 

Dublin to NY 

The first scheduled non-stop 
air service between Dublin and 
New York began operating 
yesterday, following the lifting 
of a 40-year-old rule that all 
transatlantic flights had to 
land at Shannon airport in 
County Clare. 

The Irish government 



authorised the move when Aer 
Ungus, the state-backed 
national airline, indicated the 
change was an essential part 
of its survival plan. 


America must include a 
Saturday night, and those 
else w h er e must be for at least 
a week- 

Rail crashes 

Rail traffic along one of 
Poland's main international 
railway routes was badly 
disrupted yesterday after a 
rail crash, which killed three 
people when a train smashed 
Into their car in eastern 
Poland. 

Meanwhile, 75 people were 
injured ll critically, when two 
trains travelling between Kafr 
el-Sbeikh and Btyala collided 
head-on in the Nile Delta 
region yesterday. 


(his week 


espouse to 


SO 

peek. Under 
scheme, 
tan £300can 
o the Far 
00 to the 
10 to the US, 


North 


Dry Caracas 

Caracas, capital of Venezuela, 
has begun rationing water 
because of unusually low 
reservoirs. Water may be 
turned off for up to four days 
a week in some parts. 

Algerian unrest 

France has urged its nationals 
to return home from Algeria, 





unless their presence in the 
north African country is vitaL 
Tim move follows the 
murders of two Frenchmen 
in an Algiers suburb last 
week. 

The foreign ministry said 
in a statement that tha 


stabbing to death of the two 
mm on Tuesday night, 
blamed by the official news 
agency APS on Moslem 


overthrow the army-backed 
government, was “an act of 
barbarity". 


The way European companies use travel agents 
is changing, writes Michael Skapinker 

How five Bs drive 
a harder bargain 


M r Richard Lovell 
head of Wagohlit 
Travel in north- 
ern Europe, 
remembers the conversations 
he used to have wife potential 
clients six years ago. "They’d 
say: ‘You’re a pretty good 
agency, you’ve got a good 
reputation, another percentage 
point off your quote will 
get yon the business,’” he 
recalls. 

Today, Mr Lovell says, busi- 
ness travel agencies bidding 
fin: new contracts are routinely 
asked to submit proposals 
more than 100 pages Long. 

Mr Bill Kirkwood, travel 
Ttiamflgwnimt sales and market- 
ing director at Thomas Cook, 
says his company recently con- 
cluded a contract with the 
Swiss Bank Corporation. The 
negotiations lasted three 
months. Five years ago, he 
says, they would have token 10 
days. 

Travel agents say European 
wanpaniM are radically chang- 
ing the way they manage busi- 
ness travel Mr Lovell says fee 
revolution began in fee UK - 
for two reasons. 

The first was that fee reces- 
sion and the drive for cost-cut- 
ting struck Britain before it 
affected the rest of Europe. The 
seco nd was that trends from 
the US, where hard-nosed 
travel purchasing is well-estab- 
lished, usually take root in the 
UK more quickly than else- 
where in Europe. The same 
trends are now appearing In 
other European countries too. 

The first thing travel agents 
noticed was that they were 
negotiating wife different peo- 
ple. They used bo deal wife a 
company's travel manager. 
Increasingly, they found them- 
selves being Interviewed by the 
bead of procurement the pa- 
son buying airline tickets and 
hotel rooms tended to be the 
same manager who purchased 
the company’s electricity and 
cars, says Mr Lovell 
Mr Kirkwood says that, in 
some companies, fee finance 
director or the bead of human 
resources began to negotiate 


travel contracts. Travel manag- 
ers have not disappeared from 
all companies, he says. Where 
they survive, however, they 
usually work more closely with 
senior directors. 

Mr Lovell says a new feature 
of the UK market is the appear- 
ance of travel consultants, who 
help companies negotiate their 
contracts. Frequently, the con- 
sultants are travel managers 
who have been made redun- 
dant. Still a rare breed in the 
UK, travel consultants are 
common in the US, he says. 

The Information companies 
require from travel agents has 
changed too. In their 100-page 
documents, travel agents are 
expected to describe the struc- 
ture of their own company - 
who owns it and what its 


Instead of 
specifying an 
airline or hotel, 
companies may 
give staff a certain 
sum for each trip 


financial strengths are. Compa- 
nies want to know where 
travel agents have their 
branches and whether these 
are conveniently located for 
the client's own offices and fac- 
tories. 

Travel agents are asked to 
provide some sample quotes on 
flirtinas and hotels. They are 
asked to say who their other 
clients are. Mr Kirkwood says 
companies prefer travel agents 

tO have quanta of a armflar size 

and status to themselves, so 
that they can establish perfor- 
mance and expenditure bench- 
marks. 

Travel agents are required to 
provide references from other 
clients. They are also asked to 
provide details about their own 
staff; often from fee chief exec- 
utive downwards. Mr Lovell 
says companies sometimes ask 
if travel agents can help staff 
wife their leisure travel 

How does this compare with 


a few years ago? “A few years 
ago, you'd exchange a few 
letters," Mr Lovell says. 

Mr Kirkwood says that while 
companies demand constant 
reductions in the cost of their 
business travel, they have 
begun to realise they cannot 
con tinually ask agents to pass 
on a growing part of their com- 
missions to customers. Instead, 
increasingly they offer agents 
a proportion of the savings 
they make. 

He says: “The typical com- 
mission an a £100 airline ticket 
is £9. Instead of asking for 
more of that commission, 
they're saying: ‘Reduce the 
£9L’ ** 

Mr Kirkwood says travel 
agents have to develop strate- 
gies to ensure they can com- 
municate with all relevant 
staff on the client’s premises 
and not just those at the top. 

Thomas Cook calls the most 
important employees “the five 
Bs”: the buyer of travel, who 
makes the principal decisions; 
the booker, who makes travel 
arrangements: the business 
traveller; the budget-holder, 
who controls the traveller's 
expenditure; and the back- 
office staff, who make the pay- 
ments. 

He says he expects corporate 
travel policy to evolve further 
in the next few years. Airline 
deregulation means there are 
for too many special deals on 

offer for companies to keep 

track of them all Hotels will 
go the same way, Mr Kirkwood 
believes: instead of having just 
an official rate and a corporate 
discount, hotels are increas- 
ingly quoting a range of 
prices aimed at ensuring they 
make the best use of their 
rooms. 

Instead of companies specify- 
ing which class staff must fly 
and which carrier and type of 
hotel they should use, be 
believes they will tell employ- 
ees they can spend a certain 
sum on each trip. It will then 
be up to fee staff to sort out 
the most convenient route and 
hotel with the company’s 
travel agent 










THE MONDAY t 

eople 

JL page 


No short cuts 
for committed 

minimalist 

Fame has come late for fashion designer 
Jil Sander, explains Alice Rawsthom 


FINANCIAL TIMES MONPAY MARCH 2* !•»■> 




Personae . 


M ost fashion designers hit 
the headlines when they 
are bright young things 
turning out avant garde 
designs at the start of their careers; but 
there are exceptions for whom fame 
and acclaim comes later in life. 

Jil Sander, now 50, has for two 
decades been creating contemporary 
classic clothes In a subtle, understated 
style. Her crisply-cut trouser suits and 
tunics have won her a fanatical follow- 
ing among the nattier brand of bus- 
inesswomen and Hollywood sirens such 
as Winona Ryder and Sharon Stone. 
Her commercial success has already 
made her one of the wealthiest women 
in her native Germany. But it is only 
recently, as consumer taste has swung 
away from the opulence of the 1980s, 
that Jil Sander’s minimalis m has been 
billed the look of the moment 
“It feels like my time has come,” she 
says. "I felt out of step with fashion in 
the 1980s. 1 hated the madame look - all 
those little suits with shiny buttons. It 
was boring and bourgeois. It made 
women look like little girls. I like 
clothes that make them look cool and 
classy - that bring out tbeir strength. 
Women don't have to dress like bimbos 
to be sexy." 

Sander, with her tousled blonde bob 
and laughing blue eyes, is typical of the 
strong, self-confident women for whom 
she designs. She exudes energy as she 
strides into the room in a navy blue 
trouser suit and immaculate white 
T-shirt Her face is free from make-up. 
Her only ornament is an extremely 
expensive, but workmanlike, watch. 

She was bom Heidemarie Jiline 
Sander in wartime Wesselburen, a 
small town on the North Sea coast to 
which her mother had fled from the 
Hamburg bombs while her father was 
fighting on the Russian front Her child- 


hood was happy and comfortable, but 
there was nothing in it that might have 
hem expected to spur her on to her 
current success. 

"There were no career women In my 
family, so I didn't have any role models 
in that sense. But my mother was very 
creative and she always encouraged me 
to express myself. The German women 
of her generation were very strong. Life 
was tough in the years after the second 
world war. Many women played dual 
roles by looking after their families and 
oaming a living. That made a big 
impression on their children, like me, 
and even on their grandchildren." 

Sander studied textile engineering 
and then spent a year as an exchange 
student in Los Angeles. “It was a won- 
derful time for me. California seemed so 
sunny and free after Germany which, in 
the early 1960s, was still stifling and 
narrow-minded.'* But she cut short her 
stay in the US when her father died and 
returned home to help her mother and 
younger brother. 

She worked as a stylist on a fashion 
magazine and started to design clothes 
in her spare time. In 1968 she opened a 
boutique in the plush Poseldorf area of 
Hamburg and in 1974 launched her first 
full collection. Germany then, as now, 
had a huge commercial clothing indus- 
try. But it was a creative back- 
water. Karl Lagerfeld, the only other 
notable German designer of her genera- 
tion, fled to France where he is now 
artistic director of Chanel. Sander 
stayed in Hamburg to go it alone. 

“It wasn't easy establishing myself as 
a designer in Germany," she says now. 
The struggle of rebuilding the country 
after the war and the guilt about the 
terrible things that had happened 
created a very materialistic culture. 
The nouveaxix riches were very power- 
ful and the creative part of our heritage 




tended to be forgotten. Things are 
changing now after reunification, but in 
those days it was difficult.” 

Also she began her business at a time 
when it was relatively rare for women 
to do so. "It may sound surprising but 
I've never experienced any problems 
because of my sex. 1 founded the com- 
pany and I run it myself. That’s the 
way it's always been. I've never had a 
boss. Things might have been different 
if I had. I think some men do find it 
difficult to deal with women in posi- 
tions of authority. That's why so many 
women set up on their own. They opt 
out of the boardroom battles." 

T he business grew gradually in the 
early years but its expansion has 
accelerated since going public in 
1989. Sander is now the chairman and 
majority shareholder of a company with 
annual turnover of $2l0m that sells 
everything from £900 suits to £30 bottles 
of scent. 

Yet she still sees herself as a designer 
rather than a businesswoman. “Even as 
a child I always knew I wanted to be 
creative, but the business side came as 
a surprise. I do it because I have to. It 
still amazes me that 1 have a flair for it 
The key is delegation. I’ve made sure 
that I have very good people." 

She still oversees every aspect of the 
design of her collections and even tries 
on each garment to check tbe cut and 
construction. “I need to know whether 
anything is wrong- The only way to be 
sure is to try it myself." What sort of 



Smooth transition at Tenneco 


Timooiy OmnMd^oodm 

mistakes does shn find? "Everything." 
Her face wrinkles. “Maybe the sleeves 
are too short or a button Is in the 
wrong place. I've got to be sure.” 

She usually works for 14 hours a day. 
Tve always been preoccupied by my 
career. There’s never been enough time 
for me to play a conventional domestic 
role, even if Td wanted to.” But she 
does enjoy the fruits of her success - 
she has a 19th century town house in 
Hamburg, a country estate in Schles- 
wig-Holstein and the latest acquisition, 
an 18th century town house in Paris. 

At first she favoured tbe same mini , 
malist style for her homes as for her 
clothes. “It was very chic,” she laughs. 
“So chic that no one could relax.” These 
days she scours the auction rooms for 
antique furniture, although her taste in 
art is still uncompromisingly contempo- 
rary. "I’m a modernist I'm interested in 
art that reflects my own era. Besides. 
Tve been buying work by Joseph Beuys, 
Jannis Kounellis and Cy Twombly since 
the early days when it was cheap. It 
certainly (giggle) isn’t now." 

Her latest passion is gardening She 
has created a formal English garden in 
the grounds of her Schleswig-Holstein 
estate and spends her spare time there 
pruning trees and clipping hedges. “I 
love the idea of planning a garden and 
imagining how it will look in 10 or 20 
years. It’s a wonderful contrast to fash- 
ion. Clothes come and go from season 
to season. It’s ail change, change, 
change. A garden is something that 
lasts." .. ... 


When Dana Mead. Tenneco’s 
new president and CEO, was 
recruited in 1991 to be 
second-in-command to Mike 
Walsh, Tenneco ’s chief; he 
jumped at the chance to work 
with an old friend on file 
challenge of restructuring a 
diversified industrial company, 
writes Laurie Marsh. 

Barely a year later, Walsh 
announced he was fighting 
inoperable brain cancer and 
Mead quickly shouldered many 
of the CEO’s responsibilities. 
Last month, 51-year-old Walsh 
took indefinite medical leave 
and Mead formally took over 
as Tenneco’s hAad, Walsh 
remains Tenneco’s chairman. 

New challenge 
for Vance the 
peacemaker at 
Macy’s 

Gyrus Vance, the unflappable 
US diplomat who tried and 
failed to bring peace to Bosnia, 
has taken on his fair share of 
thankless tasks since serving 
as US secretary of state under 
Jimmy Carter, writes Frank 
McCarty. His latest leap of 
faith - as court-appointed 
mediator in the negotiations 
to bring the Many's department 
stem cham oid of bankruptcy 
- is likely to test his patience 
tn the limi t. 

Vance (right), who 
celebrated his 77th birthday 
yesterday, is charged with 

hammoring out a 

reorganisation plan that will 
satisfy a panoply of competing 
creditors, owed a total of 86bn 
by the once-proud New York 
retailing group. 

After dragging on for more 
than two years, the process 
took on a sense of urgency 
three months ago when 
Federated Department Stores, 
a long-time rival and owner 
of New York's Bloomingdales, 
bought a big chunk of Macy’s 
debt to use as leverage in 
forcing a merger between the 
two groups. 

Last week the battle entered 
a critical phase, with Macy’s 
management submitting to 
Vance its blueprint for keeping 
the group independent The 
plan, which is really just a 
starting point for negotiations, 
appears to have placated a 
disgruntled group of junk 
bondholders, but it managed 
to upset secured creditors who 
had supported an earlier 


The transition was so 
smooth it caused barely a 
ripple on Wall Street, where 
the silver-haired 58-year-old 
Mead is both well-known and 
respected. A West Point 
graduate and former US Army 
colonel who served in West 
Germany ami Vietnam. Mead 
is widely expected to continue 
with the company's 
restructuring. 

In 1993 Tenneco had sales 
of $l35bn and net income of 
8428m or $2.44 per share. Mead 
is already credited with a 
remarkable turnaround at 
Tenneco’s largest division, the 
Wisconsin-based JJ. Case. 

When he arrived in 1991, 



- 2 **^ * 


version of the pfan- The 
escalation of tensions raises 
the likelihood of Federated 
succeeding in its ambitions. 

Vance, who works for the 
law firm of Simpson, Thacher 
and Bartlett, Is scheduled to 
meet Macy’s creditors, 
including Federated, ou April 
1L If he hopes to broker a deal 

iimnng them j Vnrw-o will be 

sure to need ail the diplomatic 
skills he refined on his last 
internati onal mission. 

Ghali moves 
on at 

BankAmerica 

There was a time during the 
international banking boon 
of the 1970s when Bank of 
America seemed to use London 
as a testbed for its future 
leaders. A1 Rice, tbe first 
banker to head the the bank's 
London-based Europe, Middle 
East and Africa (EMEA) 
division went on to be a 
vice-chairman and his 
successor, Sam Annacost, 
became chief executive. 

However, the upheavals at 
Bank of America and the - •- 


Case, which manufactures 
heavy farm and construction 
machinery, logged Stbn in 
losses on $4bn in sales. Last 
year, only a year Into a 
three-year restructuring plan 
directed by Mead. Case had 
operating profits of 882m. 

Before coming to Tenneco, 

Mead spent 14 years at 

International Paper, directing 
modernisation and expansion 
there. Like Walsh, Mead held 
an internship at the White 
House, and is well-connected 
in Washington. He holds a 
doctorate in political science 
and economics from the 
Massachusetts Institute of 
Technology. 

changes in International 
banking have had a knock-on 
effect on the importance of 
London In the bank’s affairs. 
More recently, Bank of 
America's top man In Europe 
has tended to move on to other 
thing s outside the group when 
his term expired, rather than 
return to San Francisco. 

Paul Verburgt, a Dutchman 
who took over from Mont 
McMUlen. left in 1986. and his 
successor. William Young, 
subsequently retired from the 
bank and went off to 
Cambridge to read modem 
history. Now Riad Ghali, a 
48-year-old Egyptian, is leaving 
next month in order to “have 
time for his personal and 
business pursuits in Europe". 

Ghali, who has been doing 
the job for three years, is 
handing over to Rob Morrow, 
44. who has been responsible 
for managing the EMEA 
group's wholesale banking 
relationships, commercial 

him bring and financ ial 

institutions activities since 
August 1993. 

Like Ghali, Morrow is one 
of several top executives with 
the same Wells Fargo pedigree 
as Richard Rosenberg, 
chairman of BankAmerica. 
and chief financial officer 
Lewis Coleman, tipped as 
Rosenberg's heir apparent 

Coleman spent ten years 
with Wells Fargo before 
joining Merrill Lynch in 1982 
as executive director of its 
private resources operation 
in San Francisco. In 1990 he 
joined Bank of America as 
managing director of mergers 
and acquisitions in its capital 
markets division. He became 
executive vice president and 
manager of Its US division 
corporate banking group a 
year later.-. - - . 



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WORLD LEADERS IN INSURANCE AND FINANCIAL SERVICES. 

American International Group, lac. Dept A. 70 Pine Street. New York, NY 10270. 



FINANCIAL TIMES MONDAY MARCH 28 1994 


9 


ARTS 


History means 
business 

Britain is losing a real sense of its past, says Colin Amery 


I s the United Kingdom slipping 
quietly into the role of the his- 
torical theme part: of Europe? 
When we first joined the Euro- 
pean Union there were many scep- 
tics who predicted that Britain’s 
future was clearly marfcpfl out as a 
museum of industry. How far have 
the sceptics been proved right and 
how far has the B ritish appetite for 
history been allowed to sap our 
energy for the future? 

Last week this page recorded the 
opening of the latest display at the 
Tower of London - the new Jewel 
House for the glittering baubles of 
our Imperial past - which are now 
shown in a way that combines thea- 
tre, the movies and a modicum of 
history. It is, of course, all in the 
cause of tourism - miiiinna of visi- 
tors have, by the sheer weight of 
their numbers, set in motion the 
machine of profit and bureaucr acy 
that will ultimately remove any real 
sense of the past. 

In 1989 the Historic Royal Palaces 
agency was set up to run five unoc- 
cupied royal palaces as an indepen- 
dent and profitable business: Hamp- 
ton Court Palace. Kew Palace, the 
Tower of London. Kensington Palace 
(the state apartments only) and the 
Banqueting House In Whitehall. 
Since the agency’s formation, a great 
deal has happened, with restorations 
and improvements brought about to 
ensure that more people visit more 
of the palaces, and that each visit is, 
in some way, made more rewarding. 

Curiously, it was the fire at Hamp- 
ton Court Place in 1986 and the sub- 
sequent restoration of the King's 
Apar tments that put the new agency 
on the map. The decision was tafcpn 
to carry out six years of highly 
skilled restoration under the 
inspired direction of a new young 
curator. Mr Simon Thtxrley. His dedr 
sion to present the rooms at Hamp- 
ton Court exactly as they were left 


by Sir Christopher Wren, in 
response to the original «wnmi«inn 
of King William m, was the right 
one. Thoriey has been much aid*** 
by the textile conservation studio, 
which is based at Hampton Court, 
and by the general wish to see the 
palace not merely as a series of 
empty rooms but as a place where 
mnnarfiw once lived. The inspira- 
tion for the approach at Hampton 
Court is the palace of Versailles, 
where the painstaking restoration 
and rejuvenation of the royal apart- 
ments began in the 1970s. 

The search for authenticity is, 
however, an entirely elusive thing 
No amount of research can precisely 
capture the way the royal palaces 
were used. I have written in Che past 
about the highly dubious restoration 
that went on fn the Queen’s House 
at Greenwich, where there was little 
genuine decoration or furniture. 
There were sane Inexcusable things 
at Greenwich - the photographic 
copy of wflfag murals, *hr» cheap 
gilded furniture and everywhere 
Inexpensive materials masquerading 
as “authentic" nnw 

The quality of the work at Hamp- 
ton Court is in a different league. 
The raw materials are better but so 
is the taste and the judgment There 
are some grey areas - the costumed 
guides do Miiar-ic of a Disney experi- 
ence and the sensation of everything 
looking new is curiously neat and 
lia prPBririg. I wonder w hat foreign 
visitors really make of the smart 
apartments? I am old enough to 
remember the sense of enjoying the 
old and the shabby at Hampton 
Court and also the sense of discov- 
ery that comes from not being 
organised and steered as a visitor, of 
making one's own discoveries. I will 
never forget the first time, as the 
only person there on a winter visit, I 
looked down into the Chapel at 
Hampton Court 


The people I have spoken to at 
Historic Royal Palaces are foil of the 
word, “reinterpretation", it is a word 
that is also much in vogue at the 
National Trust It involves freezing 
palaces, parts and roams at a cer- 
tain moment in history. 

We are gong to see a good exam- 
ple of this at Kensington Palace 
soon, when the King’s Gallery will 
be “restored” to the William Kent 

designs with white and gold panel- 
ling, with pict ur e s rehnng In Wil- 
liam v«»nt frames. This room will in 
fact he new but will be described as 
a restoration. We are an thin ice 
here and in danger of losing all 
sense of thg marks of t<wH» on the 
walls of our ewirmt paiarpg At Ken- 
sington Palace there will also be spe- 
cial “themed" tours. You will be able 
to plug into an architectural tour or 
a costume tour or even a play that 
will relay the past via your “Walk- 
man” as you pace the newly pol- 
ished floors. 

T he past was once seen as a 
delicate thing that had to be 
gently nurtured and largely 
left alone. Now the past Is a 
business and is doing well drum- 
ming up the visitors in numbers 

large Minn gh to kill thfng g thty 

love. I often feel like a lone voice - 1 
actually Uka decay and signs of wear 
and age. I like undiscovered and 
uninterpreted history. It is the sound 
byte of history that we are experien- 
cing today. As I went past the Crown 
of England on the travelator at the 
Tower, I knew that all of real 
mystery and significance of that 
once sacred object had gone for ever. 
Is that what is happening as we sani- 
tise and restore so much of the past? 
Making aTl things new and then rein- 
terpreting them as old is a hafntng 
way to maintain a sense of history. 
But than , perhaps Pm in naad of a 
bit of restoration myself. 



Crown Copyright 

Nearly new: one of the King’s Apartments at Hampton Court restored after the 1986 fire 



Small Axe: Gary Lambert, Catbrme Price, and Ben Craft (left to right) 


Britain’s independent rianrp 
scene used to be the counter- 
culture territory of young cho- 
reographers and performers 
who bad little interest in find- 
ing a piarp in the established 
contemporary dance compa- 
nies. During the past few 
years, however, this suppos- 
edly alternative scene has also 
become a home for restless dis- 
sidents of mains t r eam organi- 
sations. 

Jeremy James, Mark Bal- 
dwin. Gary Lambert and Ben 
Craft, all former members of 
Rambert Dance Company, now 
operate as independent chore- 
ographer-dancers. And aQ, in 
recent weeks, have presented 
evenings of their own wort Is 
the Spring Loaded season at 
the Place Theatre, London’s 
busiest venue for independent 
dance. Ironically, it is these 
artists - relative newcomers to 
the scene - who are responsi- 
ble for some of the most note- 
worthy and individualistic 
work in this year’s Spring 
Loaded. 

Not everything served up by 
Lambert and Craft (as Small 
Axe), Baldwin (directing half a 
dozen ex-Rambert colleagues), 
and Jeremy James (sharing a 
bOl with versatile freelancer Jo 
Chandler) could he described 
as heavensent. But the flaws 
and weaknesses are, to a great 
extent, dfluted by a combina- 
tion of intelligence and auton- 
omy. 

Gold Ground Drifting Is the 
latest offerin g from Small Axe, 
the ensemble set up in 1992 by 
Lambert and Craft as a vehicle 
for their joint choreographic 


Dance/Sophie Constanti 


Spring Loaded 


efforts. T.ike last year’s ram- 
bling trail From Nod Malden to 
Upminster, Cold Ground Drift- 
ing invites its audience an a 
journey, transporting us to var- 
ious, unspecific, but mostly 
hostile and deprived arras of 
the city. It also shows Lambert 
and Craft beginning to achieve 
a more organic and potent 
fusion of means, the overall 
structure of this new work 
being not only more visually 
coherent, but able to h a rness 
the same uncertainties of 
improvisation which blighted 
the group's debut production. 

Michael Hulls’ design - an 
arrangement of 20 stripped and 
hammered car bonnets - and 
fighting - shadowy and garish 
by turns - creates an urban 
scrapyard-cum-playground. 
The soimdscore, by Craft, is 
one of those blurry m i la g es of 
filtered evetyday noise - foot- 
steps, the sirens of police cars 
and fire engines, repeated frag- 
ments of conversation with 
street dwellers - broken by 
interludes for cello and trum- 
pet The four performers, Cath- 
rine Price, Tristan Borrer, 
Lambert and Craft (all excel- 
lent), are not so much a team 
as a collection of individuals 
inhabiting 1 the same space. But 
a reciprocal ebb and flow of 
action emerges through shared 
motifs: limbs swinging into 
right angle hing e positions. 


slow push-ups. coiled jumps, 
the momentary transition of 
body weight from feet to 
hands. 

Like Lambert and Craft, Jer- 
emy James and Jo Chandler 
seem to be trying to forge a 
personalised language of dance 
baaed on an amalgam of tech- 
niques. But while Lambert and 
Craft have almost ceased 
looking like Rambert dancers 
who accidentally wandered 
into alien choreography and 
set about reprogramming their 
physicality on stage. James is 
still working within the param- 
eters he knows and under- 
stands. In his own solo, Scag, 
he is im p lfih , defiant, carnal, 
but not different enough to 
stop you having mental flash- 
backs of his dancing in Ram- 
bert pieces such as Siobhan 
Davies’ Sounding. 

Over the last few months, 
Mark Baldwin, currently chore- 
ographer in residence at Sad- 
ler’s Wells, has produced two 
new pieces - Factual Nonsense 
and More Poulenc - the latter 
an affectionate companion 
piece to his Poulenc-accompan- 
ied Spirit (created last year for 
Rambert). Along with Island to 
Island, (an earlier work for 
Rambert), and a solo entitled 
Kate Lines (for Small Axe's 
Catbrine Price, one of Bal- 
dwin’s contemporaries at Ram- 
bat during the 1980s), this pair 


of newly completed dances 
formed his programme for 
Spring Loaded. More Poulenc, 
the closing number, is the 
highlight of the evening. Its 
prankish manner, throwaway 
gestures ami the rich invention 
of its choreography become 
visible almost as soon as the 
music, Poulenc’s Les Soirees de 
Nacelles, commences. More 
Poulenc is organised as a series 
of episodic sketches revolving 
around the events at a house 
party. 

As More Poulenc’s mis- 
matched characters, Sarah 
Warsop, Sara Matthews. Lee 
Boggess and Baldwin give fine 
performances, letting the nec- 
essary air of restraint waft ele- 
gantly across their encounters 
before succumbing to absur- 
dity and mischief. The 
sequences for Warsop, Mat- 
thews and Boggess are fast- 
moving studies in elegance and 
dexterity, threatened by 
instances of unpredictable 
behaviour: a limping Baldwin, 
coursing at dangerously high 
speed towards the demurely 
poised trio, pausing then 
slumping to the ground; Bog- 
gess. suddenly and inexplica- 
bly, bending over to let Warsop 
run her fingers up and down 
his spine; Baldwin lifting War- 
sop or Matthews as though 
he’s tidying up the stage. Bal- 
dwin casts himself as the prin- 
cipal oddball, a role in which 
he manages to be both mentor 
and fool and in which he 
reveals an instinctive sense of 
comic timing. Afore Poulenc is 
one of the best and strangest 
things he has ever made. 


Interna tional 

Arts 

Guide 


■ BERLIN 

OPERA/DANCE 
Staatsopor unter don Linden 
Tonight: Nureyev production of 
Sleeping Beauty. Wed: ErttfQhriBig. 
Thurs: Daniel Barenboim conducts 
Dieter Dom's new production of 
Elektra, with Deborah Polaskl. Uta 
Priew, AJessandra Marc and Falk 
Struckmam (repeated April 5 and 
10). Fn: Die Zauberffote. Sat and 
Mon: Barenboim conducts Harry 
Kupferfs production of Parsifal, with 
Reiner Goldberg, John Tomlinson 
and Uta Priew. Sum Giselle {200 
4762/2035 4494) 

Deutsche Oper Tomorrow: Madama 
Butterfly. Wed: Die Zauberflfite. 
Thurs: JM Kout conducts G6tz 
Friedrich’s new production of 
Schoenberg's Erwartung (Karan 
Armstrong) and Bartok's Duke 
Bluebeard’s Castle (Dorris Soffei 
and Richard Cowan). Fri, Sun: Alan 
Hacker conducts revival of Achim 
Freyer’s staged version of Bandej s 
Messiah. Sat Don Giovanni. Next 
Mon: Ak)a (341 0249) 

CONCERTS 

Schauspieltiaus Tonight Zoom 


Mehta conducts Vienna 
Philharmonic Orchestra In works 
by Wagner, Schubert and Strauss. 
Thurs: Wolfgang Hocks conducts 
Orchestra of Melnlngen Theatre 
in works by Hans von BGtow, Liszt 
Rubinstein and Beethoven. Frt 
Michael Schoenwandt conducts 
Bwlln Symphony Orchestra and 
Ernst Senff Chorus In works by 
Mozart Szymanowski and Haydn. 
Sure Marcus Creed conducts 
Akademle fOr Alta Muslk in Handel’s 
oratorio La Resurreztone. Next Mon: 
Natella Gutman ceBo recital (2090 
2156) 

PhO ha rinonie Thurs: Vladimir 
Ashkenazy takes part in a 
programme of piano trios. Sun and 
next Moru Kurt Sanderling conducts 
Berlin Radio Symphony Orchestra 
In Bruckner’s Seventh Symphony. 
The next Berlin Philharmonic 
concerts are on Apr* 9, 10 and 11, 
when Simon Rattle conducts works 
by Mozart and Nielsen, with piano 
soloist Stephen Kovacevich {2548 
8132) 


■ NEW YORK 

THEATRE 

• Angels in America: Tony 
Kuahner*s epic two-part drama 
conjures a vision of America at the 
edge of disaster. Pot one is 
MBenhim Approaches, part two 
Perestrofta, played on separate 
evenings (Waiter Kerr, 219 West 
48th St, 239 6200) 

• Pour Dogs and a Bone: John 
Patrick Shanley*s comedy about 
movie-making and power plays in 
Hollywood was one of 
off-Broadway’s biggest hits last 
autumn (Lucffle Lortei, 121 
Christopher St, 924 8782) 


• Blown Sideways Through Life: 
Clauda Shear’s 65th job is 
performing this hit monologue about 
the previous 64 - everything from 
waiting tables to answering phones 
In a bordello. A funny and moving 
evening (Cherry Lane, 38 Commerce 
SL 989 2285) 

• Pouncfcng Na3s into the Floor 
with My Forehead: Eric Bogosian’s 
monologue on life in the 1990s 
mows down all the sacred cows 
of political correctness. A scathing, 
scatalogical. exhilarating rant 
(Mtnetta Lane, 18 Minolta Lane east 
of Sixth Ave, 307 4100) 

• Laughter on the 23rd Floor: 

Nell Simon’s 27th Broadway play, 
about a group of writers trying to 
come up with a new show, is one 
of hfe finest comic efforts. Directed 
by Jerry Zaks (Richard Rodgers, 

226 West 46th St, 307 4100) 

• The Emperor Jones: a Wooster 
Group production of Eugene 
O'NeUTs drama, directed by 
Bizabeth LeCompte. Tffl Aprfl 9 
(Per formi ng Garage, 33 Wooster 
Str (966 3651) 

• Carousel: a re-creation of 
Nicholas Hytner’s 
multi-award-winning National 
Theatre of London production of 
the Rodgers and Hammersiein 
musical, with Michael Hayden 
heading the American castas B8ly 
Bigelow (Vivian Beaumont, Lincoln 
Center. 239 6200) 

• Crazy For You: this musical 
based on Gershwin’s Girl Crazy 
recently passed Its second 
arrfvereary on Broadway. A 
highlight of Its glitzy, fluffy 
entertainment is Susan Stroman'a 
wikfiy imaginative choreography 
(Shubert, 225 West 44th St, 239 
6200) 


• My Fair Lady: Howard Davies’ 
genial new production of the Lemer 
and Loewe musical, with Richard 
Chamberlain as a suave Pro fe ssor 
Higgins and Melissa Errico the 
attractive Biza (Virginia, 245 West 
52nd St, 239 6200) 

• Damn Yankees: a revival of 
the award-winning 1956 musical 
comedy by Richard Adler and Jerry 
Ross (Marcus, 1535 Broadway at 
45th St, 307 4100) 

OPERA/DANCE 
Metropolitan Opera A new 
production of Otello, staged by 
Elijah Moshinsky and conducted 
by Valery Gergiev, can be seen 
tomorrow and Sat afternoon with 

a cast headed by Piaddo Domingo, 
Carol Vaness and Sergei Leiferkus 
(in repertory with changing casts 
tffl April 22). This week's 
performances also include H barbfere 
di Sivigfia with Susanna Mentzer 

and Vladimir Chernov, Der fliegende 
Hollander with James Morris and 
Jufia Varady, and Elektra with 
Gwyneth Jones. Pavarotti sings 
In Tosca on April 13 aid IB, and 
the season ends on Aprfl 23 (362 
6000) 

State Theater Jeffrey Ballet season 
runs from April 6 to 17 {870 5570) 
CONCERTS 

Avery Fisher Han Tomorrow: Kurt 
Masur conducts New York 
Philharmonic Orchestra fn works 
by Schoenberg and Beethoven. 
Thurs, Fri, Sat, next More Masur 
conducts Mahler’s Ninth Symphony 
(875 5030) 

Carnegie Hall Tomorrow: h/o 
Pogorefich piano recite]. Wed: 

Robert Shaw conducts Orche s tra 
at St Luke's and Atlanta Chamber 
Chorus in Bach’s St John Passion. 
Thurs: Jon Faddis conducts 


Carnegie Hail Jazz Band and ^jest 
artists in a programme entitled The 
Blues in Jazz. April 8: Murray 
Perahia piano recital (247 7800) 
JAZZ/CABARET 
ACce Tufly Hal Fri, Sat, Sun: 
Wynton Marsalis introduces three 
programmes, including a new work 
specially commissioned for the 
series Jazz at Lincoln Center (721 
6500) 


■ PARIS 

OPERA/DANCE 

Palais Gamier Tonight Op6ra Ballet 
School gives final performance of 

mixed bffl. choreographies by Bejart, 
Balanchine and Bessy. April 9: 

Op6ra Ballet gives world premiere 
of new work by Angelin PreJjocaj, 
entitled Le Parc (4742 5371) 
Ch&telet Tomorrow, Thurs, Sat 
David Robertson conducts Peter 
Stein’s WNO production of Pettas 
et Mdfeande, with cast headed by 
Alison Hagley, Neil Archer and 
Donald Maxwell. April 5-14: 

Frankfurt BaHet in two programmes 
choreographed by Wiliam Forsythe 
(4028 2840) 

Opdra Corrtique April 5-22: Werther, 
vrith casts siduding Alfredo Kraus 
In title role and Martino Dupuy as 
Charlotte (4288 8883) 

CONCERTS 

Satie PteyeJ Tomorrow: Guido 
Ajmone-Marsan conducts Ensemble 
Orchestral de Paris in works by 
Haydn, Handel and Mozart, with 
soprano soloist June Anderson. 

Wed, Thurs: GOnther Herbig 
conducts Orchestra de Paris in 
Grieg, Sehunann and Shostakovich, 
with piano soloist Radu Lupu. April 
7: Wired Brendei plays Beethoven 
piano sonatas (4561 Q630) 


Theatre des Champs-Elys6es 
Thurs: Mauri c*o Kegel conducts 
Orchestra National d'lle de France 
in a programme of his own music, 
with soloists including tenor Nigel 
Robson. Fri: Yehudi Menuhin 
conducts Orchestra National de 
France in works by Prokofiev, 
Mozart, Ravel and Sarasate (4952 
5050) 

JAZZ/CABARET 

American jazz singer Ernie Andrews 
and Johnny Kirkwood Quartet are 
in residence till Sat at Lionel 
Hampton Jazz Club. Music from 
10.30pm to 2am. April 4-16: Lynn 
White Revue (Hotel Meridien Paris 
Etoile, 81 Boulevard Gouvton St 
Cyr, tel 4068 3042) 

THEATRE 

• Hamlet Pals audiences 
currently have a choice between 
a traditional, unfussy production 
directed by former RSC artistic 
director Terry Hands at Marigny 
(4258 0441), and Georges 
Lavaudarrt’s swift exciting new 
version for the Com6die Fran false 
the first time Shakespeare’s tragedy 
has been seen there for 52 years 
(4015 0015) 

• Krapp's Last Tape (La Demi ere 
Bande): David Warriiow gives a 
performance of comic impudence 
in Samuel Beckett’s one-man play 
(Ath6n6e Louis Jouvet 4742 6727) 

• Chekhov Act Three: the third 
acts of Unde Vanya, Three Sisters 
and The Cherry Orchard, in a 
revealing production directed by 
two Moscow actors. Anastasia 
Vertinskaya and Alexander 
Kaiiaguine (Theatre des Amandiers, 
Nanterre 4614 7000) 


Vienna 

Philharmonic 

Shame 
about the 
maestros 

While Austria waits patiently 
for confirmation of its entry 
into the European Union, the 
country’s leading orchestra 
has already crossed the thresh- 
old. Since last year the Vienna 
Philharmonic Orchestra has 
committed itself to an annual 
European series of concerts, 
talcing it regularly to Paris, 
Berlin and the Royal Festival 
Hall in London. 

At the start it most have 

looked a foolproof project. The 
orchestra could play the role 
of Austria's cultural ambassa- 
dor, exporting music of the 
highest quality around 
Europe. Unfortunately, people 
who thought they were being 
guaranteed concerts which 
were automatically superior 
have had a cruel disappoint- 
ment Nothing that the Vienna 
Philharmonic ha s done so far 
has lived np to memories of its 
visits in the 1970s and 1980s 
with conductors such as 

B6hm, Jochmn and Bernstein. 

This is not the orchestra’s 
fault. The standard of its 
playing remains at the top of 
the league, but the feted 
maestros that it has brought 
with it seem unable to draw 
from the players anything 
beyond technical excellence. 
The effect is like window-shop- 
ping in Kfirntnerstrasse, Vien- 
na’s premier street The sym- 
phonies and tone poems are 
dressed like mannequins in 
the finest orchestral clothes, 
the cut exquisite, the textures 
luxurious, the quality simply 
the best, but the music within 
remains as lifeless as any 
shop-window dummy. 

Any one of our British 
orchestras would be proud to 
have a violin section that 
could phrase the opening of 
the slow movement to Schub- 
ert’s Sixth Symphony as ele- 
gantly as the Vienna Philhar- 
monic does. The balance of the 
wind on the movement’s final 
chord was hardly less impres- 
sive. But even this unexcep- 
tional symphony should have 
some inner life. Zubin Mehta’s 
performance vied with Lev- 
ine's Brahms of last year as 
the most deadening in the five 
concerts to date. 

Mehta’s taste is for musical 
extravagance. Maybe the 
Schubert was only included to 
give the audience some respite 
between two works of massive 
excess, Wagner's Overture to 
ftienzi and Strauss’s Sinfonia 
domestica. The Strauss 
employs one of the largest 
orchestras ever used. Mehta 
knows how to marshal gargan- 
tuan forces like these and the 
performance was saturated in 
lush textures, glorious cli- 
maxes and de hoe ensemble. 

In the end, however, this 
concert left the Intellect deep- 
ing, the heart unmoved. Per- 
haps it is unfair to ask that a 
work as overblown as the 
Strauss should yield any 
deeper rewards, but probing a 
score’s depths has never really 
been Mehta’s forte. In none of 
the concerts that I have heard 
in these series has this marvel- 
lous orchestra penetrated to 
tiie heart of a great piece of 
muse. Somewhere there must 
be a conductor who can show 
them the way. 

Richard Fairman 


The VPO’s next concert 
in London is on April 25 


ARTS GUIDE 

Monday: 8ertn, New York and 
Paris. 

Tuesday: Austria, Belgium, 
Netheriands, Switzerland, Chi- 
cago, Washington. 
Wednesday: France, Ger- 
many, Scandinavia. 

Thursday: Maly, Spain, Athens, 
London, Prague. 

Friday: Exhibitions Gukte- 

European Cable and 
Satellite Business TV 
(Central European Tina) 
MONDAY TO FRIDAY 
NBC/Super Cftameb FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Bio n e w : FT Reports 0745, 
1315. 1545, 1815. 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430. 
1730; 





Dangers of western gullibility 

Boris Fyodorov argues the sooner Russia receives aid, the sooner policy will change - for the worse 


W hen one reflects on the 
events of the past five 
years, one begins to 
doubt if the nest is 
really interested in Russia becom- 
ing an efficient market economy 
with a normal democratic political 
system. The signals are disturbing. 

When Yegor Gaidar’s government 
was pushing forward in 1990, the 
west was deliberating. When prog- 
ress was being made in 1993, we 
discussed stabilisation targets. But 
now Vladimir Zhirinovsky, the 
extreme nationalist, is elected to 
parliament, the west talks of dis- 
bursements. 

Former US President Richard 
Nixon comes to Moscow to embrace 
the ex-jail birds (the leaders of last 
year's failed coup), who showed 
themselves so bloodthirsty in the 
recent past This certainly confuses 
many people here. 

Russian communis ts go to the US 
- that staunch bastion of western 
democracy - and lots of people are 
enchanted and call them social 
democrats. But do they read the 
co mmunis ts 1 programme? 

Western countries issue visas to 
Zhirinovsky and even talk about 
tamin g him through embracing 
him. This smacks of Munich. Let’s 
not forget his plans about nuking 
some nations, changing borders, 
washing soldiers' boots in the 
Tnriian nwan 

US President Bill Clinton's former 


room-mate at Oxford, now deputy 
secretary of state Strobe Talbott, 
coins a Soviet-type slogan: “Less 
shock and more therapy.” Many 
people in the west, it seems, prefer 
to close their eyes to the simple fact 
that there never was any shock 
therapy, ever, in Russia. 

I have the feeling that the west 
often sees Russia through a dis- 
torted looking-glass, and sometimes 
applies to Russia different criteria 
for what makes a democracy or a 
normal market economy. 

Today, after the agreement on the 
next round of financial assistance to 
the Russian government (via the 
International Monetary Fund), 1 
again see that some in the west are 
misinterpreting the political situa- 
tion here, and want to sacrifice eco- 
nomic reform for illusory political 
dividends. 

Is it not clear that, for three 
months, not a single reform or even 
a simple economic policy measure 
has been enacted? Is it not clear 
that the west is being used to bury 
the re mnant s of tbe reforms? Is it 
not clear that a change in economic 
policy already affects foreign and 
domestic policy? Is it not clear that 
anti-western and nationalist atti- 
tudes are becoming more and more 
prevalent? 

I believe that, in 1993. our rela- 
tions with the west were developing 
in the right direction. For me, it 
was not so much money but moral 


support that mattered That is why 
when we saw, last August, that our 
targets had not been achieved, I 
was the first to alert the IMF and 
our government - though it would 
have been easy to cook the figures 
and get the money. We decided not 
to lie to ourselves and to the 
world 

But now that the IMF has 
extended the second tranche of the 
systemic transformation facility, on 
the grounds that it will be politi- 
cally beneficial to the west, I say: 


Western taxpayers 
have a right to know 
how their money is 
being spent, when 
they have problems 
of their own 


lock up the advisers who give 
such counsel and throw away the 
key. 

The sooner this money is handed 
over, the sooner we shall see a 
change in policy - in the wrong 
direction. I recall how Mikhail Gor- 
bachev, after each new loan, would 
lose interest in any kind of eco- 
nomic reform. 

The $L5hn is immaterial to Rus- 
sia, given the scale of its problems, 
and would be eaten up in a matter 


of minutes. Its importance is that it 
would be taken as a seal of approval 
on “corrections" to the policy. 

This is now a purely political mat- 
ter. The stakes are high. The idea is 
to abandon western-type economic 
policies, with western approval 
Enemies of reform go against their 
very nature to curb credit in order 
to get the loan. The externals may 
be different on the outside - but the 
substance is the same. IMF repre- 
sentatives are bullied made to wait 
for hours by nonentities In recep- 
tion rooms, and then are treated to 
a lesson in geography, as a map is 
spread to show how big Russia is 
therefore how much it needs 
special treatment. 

Please do not believe western 
experts who claim - just as our 
i-mHofftalists do - that Russia is so 
special that nothing from the civi- 
lised world applies to it- That is 
stupid: inflation is i nflati on in any 
country. Those who want Russia to 
move more “gradually” than now 
ghntiM come here and try to live an 
an average Russian salary for two 
years. 

Will the west be gullible or hypo- 
critical? Will it play the game? I do 
not know - bat I think western 
taxpayers have a right to know bow 
and to what ends their money is 
being spent, when they have prob- 
lems of their own back home. 

This mwmfi that a budget should 
first be approved by parliament, 


and the new government's track 
record examined The government’s 
performance on Inflation - that is, 
the rate for which it Is responsible, 
not the one it inherited from last 
year - starts only in May, because 
of the three or four-month time lag 
between credit policies and the 
inflation resulting from them. There 
Is no valid reason to hurry before 
being reasonably sure that this gov- 
ernment’s new virtue is real 

I would not advise minimising the 
importance of the debt reschedul- 
ing. There are too many people in 
senior positions in the Russian gov- 
ernment who think it patriotic to 
take as many loans as possible and 
then quietly plot about debt forgive- 
ness and debt redaction. 

In 1993, we resisted doing this, by 
reducing borrowings and refusing 
even to talk about debt forgiveness. 
I do not believe in compensation for 
local incompetence, and sometimes 
corruption, in matters of external 
finance. I think it is important for 
creditors to be sore that fiscal disci- 
pline is in place, and that obliga- 
tions will really be honoured. 

I support President Boris Yeltsin 
and am committed up to the hit* to 
the reforms. But I am sure that a 
weakening of the western position 
on stabilisation will be detrimental 
to my country. 

The author is Russia’s former deputy 
prime minister for finance 


FINANCIAL TIMES 


MrtNDAY MARCH 2» W* 



*p 

Boris Fyodorov: ‘Lock up those advisers and throw away the key’ 


Samuel Brittan 

Ten commandments 
from the OECD 


The orthodox 
belief today is 
that something 
called struc- 
tural reform is 
the key to 
improving per- 
formance, and 
to combining 
increased efficiency with lower 
unemployment. It usually 
means opening economies 
more to market forces. 

Yet such policies are difficult 
to write about in a way that 
excites attention. It becomes 
either a matter of general slo- 
gans, or a mass of industry and 
country detail of numbing 
boredom from which one can- 
not generalise. 

The secretariat of the 24- 
nation Organisation for Eco- 
nomic Cooperation and Devel- 
opment has thus performed a 
service in publishing an over- 
all appraisal (Assessing Struc- 
tural Reform: Lessons for the 
Future}. It contains 10 lessons 
from experience, to give the 
subject a sharper focus. 

It is still not free of OECD- 


speak - perhaps the cloudy ter- 
minology is an attempt to 
avoid stirring up opposition 
from politicians who have 
made a career out of hostility 
to market forces. I can perform 
a slight service by translating 
the dialect In what follows, 
the sentences in heavy type 
are the OECD’s own words: 
LLack of attention to incen- 
tives can lead to large costs. 

This wipflTifi many kinds of 
intervention can create 
rewards for those who are 
ingenious in getting around 
them. For example, credit con- 
trols have been worn down by 
new non-bank nnWiijfang , fall- 
ing outside the scope of the 
regulations, that have met cus- 
tomer needs. 

2. Changed circumstances ran 
turn reasonable policies into 
costly ones. 

In other words, a programme 
to buy off interest groups can 
become prohibitively expensive 
if circumstances change. The 
main example is agriculture. 
Competitors from outside 
Europe have depressed world 


prices and increased the cost of 
European forming support. 

3. Delaying reform because of 
vested interests can increase 
transition costs. 

The longer you delay, the 
more interest groups became 
dependent on protection and 
the more expensive it is to buy 
them off Tbe US-Japan volun- 
tary car export restraint agree- 
ment led to a transfer from 
American consumers to pro- 
ducers of $2.6bn in 1984. 

4. International integration 
cannot be avoided and will 
help improve efficiency by 
inhibiting rent seeking and 


promoting competition. 

This mouthful means pro- 
ducers cannot reliably protect 
themselves by tariffs and quo- 
tas. Overseas competitors will 
usually get round them by 
direct investment, joint ven- 
tures and so on. In tbe mean- 
time, because state aid has 
been concentrated in key sec- 
tors - such as agriculture, 
steel shipbuilding and textiles 
- western economies have 
been given a perverse twist 
towards activities that should 

be fading into the S UDflg t. 

5. Adjustment costs need to be 
recognised. 


Tbe costs of reform are con- 
centrated on small, noisy 
groups and often come before 
the benefits. These groups 
often need to be. and some- 
times even should be. bought 
off by social transfers. 

6. Technological change may 
reduce the need for, or change 
the nature of, government 
intervention. 

A good example is telecom- 
munications which are no lon- 
ger natural monopolies 
because there are now so many 
ways of transmitting informa- 
tion; and in broadcasting, spec- 
trum shortage has become a 


thing of the past. 

7. Budget constraints can help 
avoid bad policies. 

Citizens' dislike of extra 
taxes is an effective obstacle to 
proliferating intervention. In 
the UK, the biggest inhibition 
on the Department of Trade 
and Industry from trying to 
back "winners" and provide 
back-door subsidies is Trea- 
sury cash ceilings. Yet the 
OECD warns us not to rely too 
much on these constraints. 
Governments were able to get 
away with agricultural policies 
costing taxpayers and consum- 
ers $l,750bn between 1986 and 


1991 partly because some costs 
did not appear in government 
budgets and were paid by con- 
sumers in prices well above 
world levels. 

8. The service sector will 
increasingly be a focus for 
structural reform. 

Reform is particularly neces- 
sary because services are more 
sheltered from foreign trade 
than manufacturing; and dif- 
ferences between productivity 
in different countries are much 
bigger in some service sectors 
than in industry. 

9. Noii-economic factors can 
influence the nature and speed 
of reform. 

This refers to the need to sell 
free market reforms, which are 
not always immediately attrac- 
tive to the electorate. Former 
New Zealand Labour prime 
minis ter David Lange did so in 
tiie 1980s by combining it with 
radical slogans about a non- 
nuclear south Pacific. Lady 
Thatcher did it in tbe UK with 
the almost opposite technique 
of allying free markets with 
national self-assertion. We 


shall soon know if Silvio Ber- 
lusconi has managed to sell a 
combination of free market 
reform, regional separatism 
and the lingering Italian desire 
for a strong leader. 

10. There can be synergies 
between structural reform and 
macroeconomic environments. 

In times of prosperity, 
reforms will not be undertaken 
because there is no apparent 
need. In times of depression, 
they may be postponed to 
avoid unemployment. But if 
these obstacles can be over- 
come. structural reform can 
help macroeconomic policies. 
For instance, if labour markets 
are flexible, pay and prices 
adjust more quickly to mone- 
tary squeezes, and inflation 
can then be cured more easily 
and at smaller cost in tempo- 
rary unemployment 

The OECD has still not dis- 
covered the secret of golden 
speech. Many of the examples 
could just as easily have gone 
into one category rather than 
another. But at least the 
attempt has been made. 



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LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax, 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fox for finest resolution 

Pension funds must heed equities volatility 


From Mr Robert C Ross. 

Sir, Yoor leader, “More or 
less safe pensions” (March 23). 
draws attention to the very 
important shift of emphasis in 
the valuation of pension fund 
assets. The possible introduc- 
tion of a minimum solvency 
standard, combined with the 
advancing maturity of many 
pension hinds, means that the 
focus is Increasingly on the 
market value of assets rather 
than the assumed value of the 
future Income streams, which 
have been the measure of 
health in the past 

The effective smoothing of 
stock market volatility by actu- 
aries has allowed the average 
UK pension fund to invest up 
to 85 per cent of its assets in 
equities without embarrass- 


ment. Many commentators 
have suggested that mature 
pension funds, in which the 
difference between full funding 
and insolvency may be modest, 
should reduce their equity 
exposures. I would broadly 
agree with this preliminary 
conclusion, and would like to 
draw attention to the other 
important investment consider- 
ation, which is where the equi- 
ties should be invested. 

UK pension funds invest 
almost 70 per cent of their 
equities in the UK market. 
About 90 per cent of the vola- 
tility in UK equities is 
smoothed out by the actuarial 
methodology. By contrast, the 
same methodology has virtu- 
ally no impact on the volatility 
of international equities, ie 


there is a huge bias in favour 
of UK equities introduced by 
the smoothing process. 

In the new world of market 
values, the foil impact of vola- 
tility in both UK and interna- 
tional equity markets will be 
felt by pensions funds. Thus to 
have 70 per cent of the food’s 
exposure in a single market 
could appear very risky. Any 
objective analysis of the effect 
of international diversification, 
in which UK and international 
equities are treated consis- 
tently, wifi show that UK expo- 
sure should be reduced, per- 
haps to 5080 per cent of total 
equities. The UK equity compo- 
nent may be lower still if the 
currency exposure of the inter- 
national investments is hedged 
back to sterling. 


Mr Eric Lambert's letter 
(March 24} is interesting in this 
regard. It confirms that many 
of the foods which his com- 
pany monitors are maturing. 
However, I do not believe he 
will have observed as yet any 
reduction in average equity 
exposures or change in the 
split between UK and interna- 
tional While it is interesting to 
know how the consensus 
invests, this does not necessar- 
ily mean it is right, nor that it 
is appropriate for most pension 
funds. It is a fantasy to believe 
one's position in a league table 
will be the prime measure of 
success or failure in the future. 
Robert C Ross, 
director of consulting, 

Frank Russell Company, 

6 Cork Street, London Wl 




Alternative 
to Treasury 
needed 

From Peter McGregor. 

Sir. I was interested to read 
that Sir J ohn Ra n ham is advo- 
cating the abolition of the 
Treasury ("Banbam calls for 
Treasury abolition”, March 21). 
When I proposed this desirable 
change same years ago (includ- 
ing in your Letters page), it 
was greeted with a certain 
amount of derision. I was not 
sure even that Mr Banham (as 
be was then) was convinced, 
when I put it to him during a 
coffee break at one of the 
Anglo-German Kfinigs winter 
conferences in Cambridge 
some time in the mid to late 
1980s. 

I have not read his book, but 
I do not think that his pro- 
posed institutional arrange- 
ments would work. Tbe Trea- 
sury should become the 
Ministry of Economics, and a 
new financially literate and 
numerate Ministry of Finance 
should deal with budgeting 
and control. With other much- 
needed tidying up of depart- 
ments to produce greater focus 
and co-onhnatioQ, there need 
be no net increase in either 
departments or staff, and tbe 
phn-ng ps would mnta> coordina- 
tion with other EU states 
simpler. 

Peter McGregor, 

Doers Cottage, 

Longuarth, 

Oxfordshire, 

OX13 5HH 


Charities lose out on dividend decision 


From Mr A W Behrens. 

Sir. BAT Industries on 
Thursday announced that its 
dividend will be paid as foreign 
income dividend, which means 
that it is now effectively a 
gross amount In order to pro- 
tect the position of both tax- 
payers and non-taxpayers, the 
rate has been increased from 
H2p to 15J25p. 


Although this will make no 
difference to the vast majority 
of holders, charities, all of 
which benefit from transitional 
relief in respect of the change 
in advance corporation tax 
rate, will suffer. I understand 
the Treasury has insisted that 
only one rate be paid; conse- 
quently. charities will lose 
out. as they will be unable 


to claim this relief. 

Surely the authorities shou 
give further consideration 
this problem. 

A W Behrens, 

director ~ charities fund mo 
agement, 

Capel-Cure Myers Capital 
Management. 

The Registry, 

Royal Mint Court. London Ei 


Business leaders' dilemma 


From Mr Graham Alexander. 

Sir. Mr P V Zealander 
(Letters. March 17) is right 
about the dearth of biographies 
of modem business leaders. In 
our view, modesty may well 
explain the situation, but cer- 
tainly not lack of interest 

Some interviews we recently 
conducted with business lead- 
ers suggest, however, that 
biographies of top men and 
women would not (unless they 
were Just publicising them- 
selves) offer one single formula 
for creating wealth and achiev- 
ing power. What they could do, 


on the other hand, is to throw 
light on some of the real dilem- 
mas these people face. For 
example, how do they resist 
interfering when they think 
they already have the answer? 
And how do they reconcile lis- 
tening with befog and appear- 
ing decisive? 

It seems to be a lot more 
complicated than a simple Est 
of dos and don’ts. 

Graham Alexander. 
chairman. 

The Alexander Corporation. 

33 Brook Street, 

London WIY IAG 


A much larger European fraud 


From Mr Anthony Rosen. 

Sir, Your article. "Blacklist 
may help stamp out EU*s agri- 
culture fraud” (March 21). uses 
a figure of EcuZOOm for possi- 
ble fraud. This is the estimate 
used by the agricultural com- 
missioner. 

In April 1993. the newly 


appointed, president of the 
European Court of Auditors 
stated that "fraud within the 
EC Is now nearly EcuBbn". 
Anthony Rosen, 
chief executive. 

Feenix Farming, 

RosekUL Arford, 

Headley. Hampshire GU358DF 


Energy 

efficiency 

From Dr LG Brookes. 

Sir, Energy efficiency j 
cates like Mr Andrew Wi 
(Letters. March 24) persi 
depicting the normal open 
of energy markets as bar 
to energy efficiency. "Er 
tariffs." they say, -are 
low." 

By what criterion? If su 
ers are prepared to offer Su 
these prices and consume 
fake up the offer, the mart 
doing its job of contribute 
general economic efficient 

It is up to energy efflei 
advocates to justify set 
markets aside, remembe 
that more efficient use is 
the same thing as reduced 
sumption. As distinguii 
American economist Ro 
Solow has pointed out "ft 
augmentation does not o 
factor saving." 

L G Brookes. 

IB Ipswich Road, 
Bournemouth BH4 9HZ 


9 


J 





FINANCIAL TIMES MONDAY MARCH 28 1994 


FINANCIAL TIMES 

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

Monday March 28 1994 


Workers’ rights 
and free trade 


For an institution which will not 
come Into being before next year, 
the planned World Trade Organi- 
sation, successor to the General 
Agreement on Tariffs and Trade, 
is already accumulating an 
impressive workload. On top of 
the responsibilities vested in it by 
the Uruguay Round agreement, 
the WTO is due to be charged with 
reporting on trade and environ- 
ment policy. Now efforts are being 
mad e - for highly suspect reasons 
- to add the still more controver- 
sial question of workers’ rights 
and labour s tandar ds. 

The US has already moved to 
have the matter placed on the 
WTO agenda. Sir Lean Brittan, the 
European trade commissioner, 
says be favours a similar proposal 
Though openly dubious about the 
merits of the case, he appears to 
have been swayed by growing 
political support for it in France 
and Italy, as well as in the US. He 
evidently fears that, if the EU 
ducks the issue, it could lose influ- 
ence over events and put its own 
cohesion at risk. 

Sir Leon is right to be sceptical. 
Workers’ rights is a large and 
complex subject, and the argu- 
ments for linking it with trade pol- 
icy are unpersuasive. But the 
motives of the most vocal petition- 
ers for action are all too clear. 
Their overriding concent is to pro- 
tect domestic Industries by penal- 
ising low-cost foreign exporters. 
France, which for once views the 
US as a tactical ally, given the 
game away by stigma tisin g it as 
“social dumping”. 

Labour surplus 

The protectionist lobby is delud- 
ing itself. Even if it succeeded In 
imposing minimum labour stan- 
dards on low-cost exporters, that 
would do little to blunt their com- 
parative advantage or to relieve 
unemployment in the west. Wages 
in less developed countries will 
stay low as long as they remain 
poor and have a huge labour sur- 
plus. Nor would labour standards 
deter multinational companies 
from shifting investments to 
regions such as Asia and Latin 


western prosperity and competi 
tiveness are manufactured at 
home. 

The belief that trade policy can 
secure humanitarian goals, such 
as preventing forced labour, rais- 
ing safety standards and entrench- 


ing the right of free association, is 
equally shaky. It reties heavily on 
the argument that trade policy 
offers the best prospect of exerting 
leverage on repressive third-world 
regimes, not on realistic assess- 
ment of its likely efficacy. 

Increased deprivation 

Repugnant as child labour or 
wilfully dangerous working condi- 
tions are, efforts to ban th<wn sim- 
ply by imposing standards from 
outside could easily increase 
deprivation in really poor coun- 
tries where no alternative legal 
source of family income exists. 
Such efforts would in any case be 
credible only if backed by threat 
of sanctions, which would risk fur- 
ther Impoverishing third-world 
economies and the people the new 
social conditions regime is in the- 
ory designed to assist 

Real living and working stan- 
dards in less developed countries 
will rise only if their economic 
welfare is first enhanced. One way 
is through much higgpr aid and 
resource t ransf ers than the west 
seems disposed to contemplate. A 
better one is to encourage the 
poorest countries to generate 
wealth by allowing thwm to bene- 
fit from unimpeded private capital 
flows into their economies and to 
export freely on world markets. 
That requires the west to keep 
trade barriers low, not to erect 
new ones. 

There may nonetheless be a 
case for broad-ranging <fl<Mi«inn 
of workers’ rights in the WTO. 
That would raise awareness about 
the importance of humane work- 
ing conditions, while allowing the 
International community to iden- 
tify in an open forum what scope 
exists for actions which would 
genuinely promote Hip economic 
development of poorer countries. 
Placing the matter firmly in a 
multilateral framework could 


America; since wages are typically MlfS&T indfiStriaEsed countries 


a fraction of their overall produc- 
tion costs. 

Furthermore, the most thrust- 
ing newer exporters are relatively 
high-wage economies such as 
Hong Kong. Malaysia and Singa- 
pore. The biggest threats to 


from H^ng labour standards as an 
alibi for unilateral trade discrimi- 
nation, and force Ihem to defend 
such measures publicly. The 
debate would expose selfserving 
protectionist arguments for what 
they are. 


Late payment 
of bills 


Late payment of bills is a 
recurrent problem for businesses 
across most of Europe. But it is at 
its worst in the UK, where delays 
in settling Invoices have become 
endemic. The practice plays havoc 
with cashflow, kills off thousands 
of smaller enterprises every year 
and wastes immense amounts of 
time in chasing unpaid bills. 

That much is easy to state. 
Finding effective ways of tackling 
this business headache is harder. 
The UK government issued a con- 
sultative paper after the Novem- 
ber Budget exploring the options, 
including a statutory right to 
interest on overdue payments. 
There has been vigorous lobbying 
over the issue during the consulta- 
tion period, which ends on Thurs- 
day. But when it comes to assess- 
ing the responses, the Department 
of Trade and Industry is likely to 
find that there is still no consen- 
sus over the use of legislation. 

The Confederation of British 
industry, for example, opposes leg- 
islation - a stance that is backed 
by its small business committee. 
The Federation of Small Busi- 
nesses would back it only after 
other measures have been tried. In 
favour of imm ediate legislation 
are the Forum of Private Business 
and the Institute of Directors. 
Large and small businesses are on 
both sides of the divide. 

Poor record 

The arguments in favour of leg- 
islation are seductive. The UK has 
one of the worst records in Europe 
for late payment, perhaps because 
most other European countries 
have a statutory right to interest 
on overdue payments- A survey by 
Dun and Bradstreet, the business 
information company, says that 
UK companies have to wait on 
average 20 days longer beyond the 
due date than their French coun- 
terparts. the next-worst payers in 
Europe. The CB1 says that late 
payment threatens the survival of 
one in five companies. More than 
£15bn of trade debts to small and 
medium-sized businesses are over- 
due at any one time, according to 
Lord Alexander, chairman of 
National Westminster bank. 

The impact is greatest on 
smaller businesses that can least 
afford to press the large customers 
upon whom they depend for 
orders. They lack the resources to 
chase up late payments, which 


larger companies control through 
efficient debt management strate- 
gies. And factoring may be too 
expensive for such businesses. Yet 
their prosperity is essential to the 
economy, small and medium-sized 
enterprises will provide most of 
the jobs needed to bring unem- 
ployment down. 

Legal rights 

However, it is not dear that a 
statutory right to interest on over- 
due debt is an effective remedy. 
Debt payment times have length- 
ened in some countries that have 
legislation, such as Germany. 
There, few companies exercise 
their legal rights because it would 
jeopardise their relationship with 
the customs'. The introduction of 
statutory interest in the UK might 
simply lengthen the payment 
times that large companies are 
prepared to agree with their sup- 
pliers. European c o m p anies typi- 
cally demand longer settlement 
dates ihflTi their British counter- 
parts. 

And if legislation is likely to be 
infrequently used, or sidestepped 
by changes in payment terms, 
then alternative strategies for 
improving payment of bDls might 
be more effective. Government 
departments, for example, must 
now give details of their payment 
practices in their annual reports: 
larger companies might be 
required to do the same. A British 
standard on prompt payment 
could enforce such transparency 
and set standards for good prac- 
tice. 

Trade associations could be sup- 
ported in helping their members 
combat late payment The DTI has 
already provided £30,000 to the 
Federation of Master Builders to 
pay for a helpline that advises 
members an how to recover debts. 
Guidance is also offered on how to 
check the creditworthiness of 
potential customers. More of this 
could be done at no great cost 

If such measures have little suc- 
cess, the case for a statutory right 
to interest would be much stron- 
ger. It would then be clear, as 
Lord Alexander wrote in the FT in 
September, that legislation was 
needed to change the culture. But 
until the alternatives have been 
fully tried, legislation should be 
avoided. A combination of public- 
ity and peer pressure is the most 
attractive option for the DTL 


T here is. for the first time 
in many months, a 
cheerful holiday mood at 
Tokyo’s Narita airport. 
Japanese tourists 
wearing flowery Hawaiian shirts 
mingle with the sober business 
suited crowds, testimony to a sharp 
rise in foreign holiday bookings this 
spring, to more than twice last 

year's level 

Most of those holidays are being 
sold cheap, so travel agents are not 
much richer- Yet Narita's colourful 
tourists are among the growing 
number of indications in recent 
weeks that Japan is near the end of 
an economic downturn which began 
in mid- 199 1 the longest in the post- 
war years. 

Government forecasters are 
understandably reluctant to predict 
the tuning of the upturn, since 
some of them rejoiced at signs of 
recovery this time last year, which 
only tamed out to be the heralds erf 
a double-dip recession. 

Yet many private sector forecast- 
ers, especially foreign ones, are con- 
fident that the r ecessio n, as defined 
by more than two consecutive quar- 
ters of decline, touched bottom in 
the final quarter of 1993. Then gross 
domestic product fell by 2J2 per cent 
compared with the same period in 
the previous year, producing full 
year growth of a mere 0.1 per emit, 
the worst figure since 1974. 

The mean private sector forecast 
is for a gentle rebound to (L3 per 
cent growth this year, propelled by 
a rise in consumer spending, which 
is at last responding to the govern- 
ment’s four econ omic pum p -p riming 
packages worth a total of Y45,000bn 
($422bn) over the past 16 months. 

If the forecasts are right, this win 
be the first time since the war that 
Japan will have had a recovery led 
by a rise in domagtir* consumption 
alone, rather than higher mdnctriai 
production in response to export 
demand. This means the upturn 
will be shallower than previous 
ones, says the head of a leading 
Japanese securities company. 

Yet nobody doubts, as Mr Yasushi 
Mieno. governor of the Bank of 
Japan, told a «*ninar this week, 
that the conditions for recovery are 
at long last in place. “This is at 
least th*» end of *h» decline,” 

Mr Wimhflm Okumura, rhiaf econo- 
mist at Nomura Research Institute. 
Whether it is the beginning of the 
upturn, however, is an open ques- 
tion, he says. 

The most important green shoot 
to look for is industrial output, 
because it represents around a third 
of economic activity. Production 
fall, on an annualised basis, far a 
record 28 months in a row until the 
latest count in January. But montb- 
on-month, January picked up 
slightly from December and the 
Bank of Japan says it expects a 
strong recovery in the first quarter 
of thin year. 

Mr Kagehide Kaku. the central 
bank’s chirf economist, says that if 


Labour 


The UK Labour 
party says that it 
has come to love the 
market. Labour's 
leading figures pro- 
claim they are com- 
_ _ mitted to thA miyed 

economy. But can 
— - - ft - — we believe them? 
The party’s attitude to the govern- 
ment’s public sector reforms shows 
a deep-seated and enduring hostil- 
ity. Labour continues to oppose 
market-type reforms in public ser- 
vices such as health and education. 

Yet evidence that such reforms 
can Improve the quality of public 
services is growing nationally and 
intpraatitmally . This should make 
reform attractive to a party commit- 
ted to raising standards. 

And market-type reforms appear 
to offer the only way of reconciling 
the conflicting pressures public ser- 
vices are under. Voters increasingly 
expect public services to be more 
responsive to their individual 
needs, as many private sector ser- 
vices have become. At the same 
time, they seem to have become 
reluctant to vote for higher taxes to 
pay for better services. So parties 
that promise to improve public ser- 
vices must explain how they will 


Black’s moves 
to pinkness 

■ N ewspaper tycoons are 
ambitiously energetic types, and 
Conrad Black, who controls the 
Telegraph group, is no exception. 
The US, rianada, Israel and 
Australia - be has interests there 
as well as the UK 

Black’s interests are widespread, 
a6 is illustrated by an intriguing 
story only now surfacing. More 
than a year ago he held discussions 
with Emap, the UK regional 
newspaper and ma gaz i n e group 
ran by Robin Miller, about 
launching a new British financial 
daily. There was even a name 
pencilled in to edit it - former 
Financial Times journalist Clive 
Woknan, now financial editor of 
the Mail on Sunday. 

Word Is. Black and Miller were 
not planning a fttQ frontal assault 
an the FT, but were instead looking 
at a mid-market tabloid format. 

The idea died, apparently because 
it was thought not to be viable. 

But “never say never" might well 
be Black's motto . . . 


Silent mole 

B It’s the stuff of a John Le Carrf 
novel: who is the mole within that 



A tentative, consumer-led economic recovery is at last 
in sight in Japan, says W illiam Dawkins 

Sunrise approaches 
after long darkness 


this forecast rebound in output does 
occur, he expects a general recovery 
in the early summer. 

On the strength of all this, corpo- 
rate Japan is beginning to feel less 
gloomy about the future. Business 
confidence sank to the lowest 
recorded in this recession last 
November - minus 22.1 on a scale 
representing the percentage balance 
of pessimists and optimists, accord- 
ing to a quarterly survey by the 
Bank of Japan, but picked up 
slightly to minus 13.1 last month. A 
sign that companies are at last get- 
ting busier is a break in a four- 
month fall in the ratio of job offers 
to applicants. The number of jobs 
on offer per 100 people rose from 65 
in December to 67 in January. 

Average corporate profits, now in 
their fourth year of decline, appear 
to be following a similar trajectory. 
They fell 2L6 per cent in the year to 
tbe third quarter of 1993. but 
showed they might be pulling out of 
the curve, with a smaller 6 ?. per 
cent decline in the Fourth quarter. 

Consumer demand is more vigor- 
ous. A new feature, not present in 
last spring’s phantom upturn, is a 
strong recovery in housing starts, 
apparent since last summer. Much 
of this was fuelled by cheap lending 
from the government’s Housing 
Loans Corporation - which pro- 
vides 80 per eent of Japanese mort- 
gages - a sign that the govern- 
ment’s pump-priming packages are 
starting to take effect 

This has fad through into a rise in 
consumer spending - up 0.7 per 
cent from the third to the final 
quarters of last year - as new home 
owners have started to equip their 
dwellings. 

Existing home owners have also 
started to spend more, as they relax 
after having paid off some debts 
built up during the late 1960s spend- 
ing spree. For the first time, house- 
hold personal debt fell In the year 
to December 1992. by Yl,000bn to 
Y340,500bn, according to SG War- 
burg Securities in Tokyo. 

The fact that consumer spending 
rose faster than wages in the final 
quarter of last year may indicate 
that the cautious Japanese have 
sufficient confidence to chip into 
their high savings rate, argues Mr 
Robert Feldman, director of eco- 
nomic research at Salomon 
Brothers Asia! “The economy has 
shifted from neut ral into first or 


Japanese economy: turning the comer? 


Growth and inflation pmual ft change) 





second gear," he believes. 

Yet, in the medium term, there is 
unlikely to be a return to the good 
old days. There is plenty of evi- 
dence that Japan’s economy will 
drive out of this recession weaker 
than before. Most forecasters expect 
GDP growth to stabilise at 2 to 3 per 
cent annually for the rest of the 
decade, below the 4 per cent aver- 
age for the 1960s. 

The big feature in Japan's 
reduced ability to grow is the heavy 
surplus industrial capacity inher- 
ited from over-investment in the 
1980s and worsened by Japanese 
industry’s switch to cheaper pro- 
duction sites overseas in the 1990s. 
This has strained Japan's tradition 


of lifetime employment, but not 
enoug h to let it slim capacity and 
costs on tbe scale of its US and 
European corporate competitors 
and hence improve its profitability 
in line with theirs. 

New capital investment in Japa- 
nese industry is falling sharply, 
down 13.2 per cent between the 
third and fourth quarters of last 
year, for the ninth three-month 
period in a row, but unemployment 
has only crept up a fraction, from 
2.1 per cent in 1991, the first year of 
the recession, to 25 per cent last 
year. 

The jobless rate would doable if 
corporate Japan fired all its surplus 
workforce, according to an estimate 


11 


by tbe Keidanren business organisa- 
tion. In short. Japanese industry 
has cut into the fat, but not the 
bone. 

Companies have, of course, had to 
restrain wage growth to be able to 
afford this high level of employ- 
ment The current annual national 
wage round will settle on a 3 per 
cent rise, the worst in nominal 
terms since the second world war. 

This is not as bad for consumers 
as it looks since inflation is much 
lower than the official rate of 1.3 
per cent because the government 
does not count discount stores, the 
fastest growing retail sector, in its 
calculations. 

Many analysts believe prices 
might even be falling at 1 per cent a 
year, though a recent rise in utility 
bills could change that. Wage 
growth will, in any event, continue 
to be constrained by high costs, 
tears the Bank of Japan. “We are 
still straddled with a heavy adjust- 
ment burden," warns Mr Mieno. tbe 
bank’s governor. 

A nother problem, which 
was not present in previ- 
ous recoveries, is the 
risk of a credit squeeze. 
Banks are reluctant to 
lend more to companies until they 
have reduced the mountain of non- 
performing loans they acquired by 
lending too much on the back of 
over-valued property in the late 
1980s. On present rates of write off, 
they need three to seven years - 
depending on the bank - to reduce 
bad debts to a manageable size, the 
finance ministry estimates. 

Japan’s top 21 banks admit they 
have up to Yl3,700bn in bad loans, 
though this is widely thought to be 
an underestimate. But even this 
official figure represents a bigger 
burden on Japan’s economy than, 
relatively speaking, were the US 
banking system's debts at the depth 
of the American banking crisis. Jap- 
anese banks* bad debts represent 29 
per cent of gross national product, 
as against the 13 per cent of US 
GNP represented by US banks’ non- 
performing loans in mid-1991, 
according to the Bank of Japan. 

On balance, Japan's recovery is 
likely to be too tentative to produce 
tbe early increase in demand which 
would satisfy US government pres- 
sure for a si gnifican t fail in tbe 
record current account surplus. 
That will keep up the pressure on 
the yen which, at last week's clos- 
ing rate of Y105 to the dollar, forces 
many companies in Japan’s export- 
dependent economy into a loss. 
However, the yen is unlikely to 
show the startling rise in value 
which it did last year, nnp of the 
main reasons why that apparent 
recovery camp to nothing 
"There is no doubt that we are at 
the bottom,” says Mr Jesper Koll, 
chief economist at SG Warburg in 
Tokyo. "But it may turn out to be a 
corrugated bottom, followed by a 
joyless recovery." 


needs to prove love of markets 


do it without raising taxes. 

Market-type reforms offer the 
solution by creating competition 
between suppliers of public services 
such as hospitals and schools, (hie 
immediate consequence is that the 
users can choose the type of service 
they prefer. If these organisations 
are rewarded according to the num- 
ber of users they attract, they have 
incentives to meet individual needs. 

But competition also provides 
incentives for greater efficiency, 
especially if the suppliers are given 
the same sort of managerial free- 
dom enjoyed by entrepreneurs in 
the private sector. More public ser- 
vices can be provided for the same 
budget if costs can be cut 

For reasons such as these, gov- 
ernments of left and right, from 
Labor Australia to tbe UK Conser- 
vatives, have adopted what is 
known in the jargon as the purchas- 
er/pnmder split in public services. 
The organisations that supply pub- 
lic services, the providers, are sepa- 
rated from those that commission 
and pay for tham , the purchasers. 

The purchasers shop around 
among the providers to find the 
best value for money in internal 
markets. Providers compete for a 
share of the budget by striving 


to meet the needs of the users. 

The attractiveness of this strategy 
is hardly surprising. If market com- 
petition can raise efficiency, encour- 
age innovation and cultivate con- 
cam for tbe customer in private 
sector services, it can provide simi- 
lar benefits in tbe public services. 

Yet Labour has repeatedly 
attacked market-type reforms in 

Market-type reforms 
offer the solution by 
creating competition 
between suppliers of 
public services 

services such as health and educa- 
tion. Typically it describes them as 
“commercialising” these services, 
distorting provision through compe- 
tition and creating two-tier services. 
Tbe very use of tbe term “commer- 
cialising” in this negative sense 
betrays Labour's underlying atti- 
tude to the market The purpose of 
public services is not changed by 
the introduction of internal mar- 
kets. In most cases, they r em ain 
available according to the need, free 
at the point of use. 


Tbe claim that tbe internal mar - 
ket distorts provision is just 
another way of calling for a return 
to central planning. It suggests that 
labour still thinks bureaucrats in 
Whitehall, regional health authori- 
ties or town halls know best how to 
spend taxpayers' money. 

And the accusation of a two-tier 
service is another way of demand- 
ing equality of outcome, something 
that most people are unlikely to 
find attractive. One of the merits of 
internal markets is that they pro- 
duce different outcomes as provid- 
ers are rewarded for meeting indi- 
vidual needs. 

Some providers will be more suc- 
cessful than others in raising stan- 
dards. But this does not mean creat- 
ing a two-tier system forever, those 
that are less successful will have to 
improve their performance if they 
are not to lose customers. Such 
incentives are largely absent in top- 
down administered public services. 

This is not to deny that there can 
be undesirable side-effects of mar- 
ket-type reforms. An active competi- 
tion policy is needed to stop monop- 
olists or cartels milking the 
taxpayer. Transaction costs can rise 
excessively, especially if reforms 
artificially separate functions with- 


out introducing real competition. 

The most serious fear for Labour 
is that such reforms will reduce 
equity, a key value for a parly of 
the left This would happen if pro- 
viders began to exclude people who 
make greater demands on them 

(“r raam-sIriniTning *'). 

But cream-skimming can be best 
h ftnrilpri within the internal market, 
by increasing payments for people 
who make greater demands on pub- 
lic services. This gives providers an 
incentive to take them on, manipu- 
lating the market intelligently to 
achieve desired outcomes. 

Sadly, Labour finds it hard to 
think positively about how to use 
market forces in public services. 
Tbe party’s endorsement of the 
market economy will be hollow 
until it concedes that market-based 
reforms of the public services can 
yield similar benefits to those gen- 
erated In the private sector. 

John Willman 

This article is based on Labour and 
the Public Services by John Will- 
man, published today by the Social 
Market Foundation, 20 Queen 
Anne's Cate, London SW1H 9AA £8 


august institution, the London 
Stock Exchange? 

It’s emerged that last December 
chairman Sir Andrew Hugh Smith 
- who steps down on July 14 - 
found it necessary to hire those 
well-known sleuths, KroQ 
Associates. 

Their mission? To track down 
the source of a number of leaks 
to the press - tbe FT included - 
about sensitive high-level 
appointments. 

Kroll snooped around but to no 
avail it seems. Observer's man tells 
us that Eroll’s report does not point 
the finger at any indi vidual: “Kroll 
bad an open brief to investigate 
widely but found no single source. 
Something happened, somebody 
talked, but who exactly, that's a 
different matter.” That's the trouble 
with moles - never talking when 
you want them to. 


McKinsey’s man 

■ On the subject of sleuthing, try 
tackling McHnsey, the 
publicity-shy management 
consulting firm, about its sew top 
dog. Partners of the firm have just 
picked Rajat Gupta, 45, as their 
new primus inter pares. He has 
declined to fa Ik to journalists, 
and the firm released only the 
barest cv. 

Indian-born but a longstanding 


Observer 



The Germans got to the Cenotaph 
before ns’ 


US citizen. Gupta attended Harvard, 
ran McKinsey's Scandinavian 
offices for a while in the mid-1980s 
and has been head of the Chicago 
operation since 1989. What big 
assignments has he led? Don’t even 
bother asking. 

Mind you, reading the runes 
mak es Gupta look an interesting 
choice. Names more commonly 
mentioned for the job had been 
Don Waite - head of the bigger 
New York office - and non-US 
consultants like Herbert Henzler, 
in charge of the German operation. 


But McKinsey increasingly looks 
for its income outside the US, and 
the choice of Gupta hints at 
continuing that trend. Provided 
he survives re-election every three 
years, he could be around a long 
time. 


Good Mends 

B How much should be made of 
last week’s meeting between John 
Major and Lndy Thatcher’s press 
secretary at Number 10, Sir Bernard 
Ingham? Nothing at all. says the 
Still formidable Sr Bernard. “I go 
to see him from time to time as 
a friend of mine," he says. “I am 
not operating In any advisory 
capacity.” 

Quite a number of Tory MPs will 
think that rather a pity. With the 
government torching from crisis 
to crisis, they are increasingly 
nostalgic for the smack of firm 
leaflprghip that Lady Thatcher, 
aided by her inimitably gruff press 
supremo, usually provided. 


Maori mover 

B One of New Zealand's more 
colourful characters. Dame Whina 
Cooper, who spent a lifetime 
defending Maori rights, has died 
at the age of 98. 

Born on a mud floor in a Maori 


cookhouse in December 1895, she 
founded the Maori Women’s 
Welfare League in the 1950s but 
sprang to national prominence in 
1975, when - in her eighth decade 
- she led a protest march of 5,000 
Maoris from her Northland home 
to Wellington's parliament Her 
nightly television appearances, 
hobbling with a walking stick on 
the 650-mile trek, brought her 
national fame. 

Maori activists later clashed 
bitterly with her, when she 
accepted a string of honours; 
independent to the end, she ignored 
her critics. 

Prime Minister Jim Bolger plans 
to attend her funeral this week: 
a noble gesture, given that In 1991 
she told him that his sacking of 

Maori affair s minister Winston 
Peters would bring him curses from 
Satan. 


Midas touch 

B Britain's credit card companies 
may be dila tory about charging 
interest more to line with bank 
rates; but some are sensitive toward 
debtors. 

Take the Co-operative Bank’s 
latest Leaflet, touting its Gold Visa 
card. It offers a “free additional 
card" so “you and your partner 
share the shame credit limit”. No 
stigma attached. 



12 


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Specified Worldwide 

UB. nasties Limited 
Tel: 0773 852311 



FINANCIAL TIMES 

Monday March 28 1994 


brother. 


TYPEWRITERS - WORD PROCESSORS 
PRINTERS • COMPUTERS “ FAX 



Italians go to polls as untested 
candidates forge new political era 


By Robert Graham in Rome 

Italy's 48m voters began two days 
of polling yesterday in the coun- 
try's most unpredictable general 
election since democracy was 
restored after the second world 
war. 

The election marks the formal 
end of the postwar dominance of 
Italian politics by the Christian. 
Democrats and their allies, and 
more than 80 per cent of the can- 
didates have no parliamentary 

experience. 

The last election was only two 
years ago, but the corruption 
sremria’ls which caused the col- 
lapse of the ruling parties forced 
a fresh polL 

The first exit polls will be 
announced tonight at 10pm, 
when polling stations dose. But 
the interior ministry has warned 


that it could be well Into tomor- 
row before there is a clear indica- 
tion of the outcome, vote-count- 
ing has been complicated by new 
electoral laws approved last 
August 

These introduced a first-past- 
the-post system for 75 per cent of 
the seats in both houses of parlia- 
ment, but retained proportional 
representation in revised form 
for the remainder. The aim was 
to allow more stable coalitions by 
encouraging the creation of alli- 
ances to fight the majority vote 
seats. But this has been offset by 
retention of the proportional 
lists, which are likely to reward 
the smaller parties. 

Voters were yesterday being 
asked to choose between 15 main 
parties that had formed into 
three broad alliances of the left, 
centre and right They also had 


to master a complex voting sys- 
tem with three different coloured 
slips - one each to cover major- 
ity and proportional voting for 
the chamber and a single slip for 
the Senate. 

The main protagonists are two 
new political groupings - the sev- 
en-party Progressive Alliance on 
the left and the three-party Free- 
dom Alliance on the right, domi- 
nated by the media magnate Mr 
Silvio Berlusconi 

Before the ban on opinion polls 
during the final two weeks of the 
campaign, the Freedom Alliance 
looked set to obtain the most 
seats, but not an absolute major- 
ity. The alliance contains Mr Ber- 
lusconi's Forza Italia movement, 
the populist Northern League of 
Mr Umberto Boss! and the neo- 
Fascist MSI/National Alliance of 
Mr Gianfranco FThl 


In the final stages of the cam- 
paign. the Progressives, led by 
the former communist Parti' of 
the Democratic Left (PDS) under 
Mr Achille Occhetto. arch-rival of 
Mr Berlusconi, claimed they had 
made gains with their superior 
grassroots organisation. 

The centrist Italian Pact, 
headed by Mr Mario Segni, the 
pro-reform referendum move- 
ment leader, and former Chris- 
tian Democrat leader Mr Mino 
Marti nazzoli, appeared to claw- 
back some ground by calling on 
voters to give the centre parties a 
balancing role. 

The flow of people going to 
polling stations was slightly 
below tbe levels of the previous 
general election in April 1992. 

Zeffirelli writes himself into the 
political scenario. Page 3 


Optimism grows on Japanese economy 


By vvaifam Dawkins In Tokyo 

Japan's economy appears to have 
touched the bottom of its 2% year 
downturn, according to a grow- 
ing number of private and public 
sector forecasters in Tokyo. 

Their cautious optimism is 
based on a series of encouraging 
economic statistics over the past 
few weeks. These show a pick-up 
in consumer demand, a slow- 
down in the decline of corporate 
profits and a reduction in the 
ratio of companies feeling gloomy 
about the future. 

Mr Yasushi Mieno, governor of 
the Bank of Japan - one of tbe 
most cautious forecasters - 
believes the conditions for a 
recovery are in place, though he 
sees no sign yet that a rebound 
has begun. The bank's latest 


■ Recession hits Japanese 
groups In Europe Page 4 

■ Sunrise approaches after long 

darkness Page 11 


monthly economic report says 
the economy “appears to have 
stopped weakening”. 

Japan’s green shoots, as 
recorded by various government 
departments and agencies, 
include a 0.7 per cent increase in 
consumer spending between the 
third and fourth quarters of last 
year, and a &2 per cent year-on- 
year decline in average corporate 
profits in the final quarter, com- 
pared with a 2L6 per cent fell in 
the previous three months. 

There is also a fell in tbe rela- 
tive balance between companies 


feeling pessimistic and optimis- 
tic. In December, the share of 
companies feeling negative 
exceeded those feeling positive 
by 13.1 percentage points, down 
from 22.1 points In November. 

There was a 0.9 per cent 
increase in industrial production 
from December to January. Janu- 
ary output was still 3.1 per cent 
down on the same month In 1993, 
but the Ministry of International 
Trade and Industry and the cen- 
tral bank believe industrial pro- 
duction will show a year-on-year 
rise in 1994's first quarter, which 
they would recognise as the first 
sign of an upturn. 

The mean forecast is for a rise 
in gross domestic product of 0.3 
per cent this year, after the near- 
stagnation of 0.1 per cent in 1933, 
according to the latest quarterly 


review of economic surveys by 
Consensus Economics, a private 
consultancy. Within this. 12 of 
the 19 economists questioned 
believe growth will be above the 
mean, forecast 

Mr Brian Rose, senior econo- 
mist at Daiwa Institute of 
Research, which is fore casting 0.9 
per cent growth this year, said 
that up to December most 
monthly data bad been negative, 
but hum January most numbers 
bad been positive. “The numbers 
could not have gone on going 
down for ever, but the recovery 
will be weak," Mr Rose said. 

Even optimistic private fore- 
casters believe the recovery will 
be weak, with growth stabilising 
at 2-3 per cent for the rest of the 
decade. 


ANC action aims to secure poll 
freedom in S Africa province 


By Patti Wakbneir 
in Johannesburg 

Tbe African National Congress 
said yesterday that it would esca- 
late mass protest action aimed at 
ensuring free political activity in 
the strife-torn Natal province, 
where ANC and Inkatha Freedom 
party members clashed again at 
the weekend over preparations 
foT next month's all-race 
elections. 

South African government offi- 
cials said Chief Mangosuthu 
Buthelezi, inkatha leader, held a 
five-hour meeting with President 
F.W. de Klerk on Saturday, at 
which be gave assurances that 
free campaigning would be 
allowed in the KwaZulu home- 
land which he heads, and that 
elections could take place there 
despite Inkatha’s poll boycott 

However, Inkatha supporters 
appeared to have Ignored these 
assurances yesterday, when 
armed Zulus occupied a stadium 
in northern Natal where the ANC 


was to have held an election, 
rally. 

This was the third tiran in suc- 
cession that Inkatha had pre- 
vented a weekend election rally 
in Natal, where more than 100 
people have died in the past 
week. 

Officials said they hoped that 
Chief Buthelezt’s assurances to 
Mr de Klerk would defuse the 
immediate crisis over Natal, and 
help persuade the ANC to defer 
its demands that some of the 
chiefs powers be suspended and 
a state of emergency declared. 
However, tins seems unlikely. 

The ANC-dominated Transi- 
tional Executive Council, the 
multiparty body overseeing gov- 
ernment in the run-up to elec- 
tions, is due to meet again today 
to discuss the crisis in Natal 
province. 

Mr Cyril Ramaphosa, ANC sec- 
retary-general, yesterday said 
South African troops should 
move Into the region to help halt 
the violence. “We are going to 


insist that security forces must 
protect the lives of our people in 
NataL They must also ensure 
that there is free political 
activity. 

“The ANC on its part has 
embarked on a programme of 
rolling mass action to ensure 
that we win our demand for free 
political activity," Mr Ramaphosa 
told a Cape Town news briefing, 

“That is going to escalate for as 
long as Buthelezi and his govern- 
ment do not finally agree that 
they will give space to political 
parties to operate freely, and 
unless he agrees the KwaZulu 
government will co-operate with 
the IEC [Independent Electoral 
Commission] In as far as the 
holding of free and lair elections 
is concerned, " said Mr Rama- 
phosa. 

Chief Buthelezi said at the 
weekend that a troop deployment 
“could be seen as an invasion”. 

More than 10,000 people have 
died in violence in Natal over the 
• past decade. 


Opec output 
maintained 

Continued from Page I 

cheating on their quota, a peren- 
nial problem within the organisa- 
tion. 

Officials say Opec ministers 
now realise that the present pric- 
ing policy based on supply man- 
agement is insufficient. A study 
of various options, including the 
possible adoption of fixed or min- 
imum prices, is to be presented at 
Open’s June meeting. 


Fyodorov hits 
out at deal 

Continued from Page 1 


expected IMF approval by the 
end of April or the beginning of 
May, placed great store on the 
relationship which he developed 
during bis five-day visit to 
Moscow with Mr Victor Cherno- 
myrdin, the Russian prime minis- 
ter, who presents himself as a 
leader convinced of the need for 
tight monetary policy. 


FT WEATHER GUIDE 


Europe today 


A new frontal system wffl move towards the UK. 
During the morning a warm front w0l cause 
drizzle over Ireland, spreading eastwards in the 
afternoon. An occluded frontal system win crosa 
the North Sea, bringing cloudy skies and 
outbreaks of rain to the Benelux and Franco. 
Northern Spain and Portugal wHl have doud 
but apart from the north coast ft will remain 
mostly dry. Sunny periods wifi bring southern 
temperatures up to 23C. Strong high presssure 
win influence the Baltics and Belarus with light 
to gentle winds and frequent sunny periods. 
However, in this settled cold air, afternoon 

temperatures will stay below 5C. Greece wiB 
have sunny periods, but fresh northerly winds 
will bring showers to Turkey. 

Five-day forecast 

A cod and unstable westerly air flow wfll mean 
frequent showers in the UK by tomorrow. The 
north-west continent will be doudy with rainy 
periods. High pressure over the continent wiB 
stowty shrft eastwards Into Russia. A vigorous 
depression over the Atlantic wlB approach the 
UK. During the middle of the week, there wffl be 
a risk of gate or strong gale force winds along 
the Irish and Scottish west coasts. 


TODAY’S TEMPERATURES 


Abu Dhabi 

Accra 

Algiers 

Amsterdam 

Athens 

B. Aires 

B.hom 



Situation at 12 GMT. ramparafl/rw moxkcum for da/. Forecasts by Metao Consult of the Notherfanda 


Beijing 


Maximum 

Belfast 

drzd 

ii 

CanSfl 

dmi 

11 

Frarhftrt 

Cetafus 

Belgrade 

to 

14 

CWengo 

doudy 

6 

Geneva 

fair 

29 

Berth 

SU1 

12 

Cologne 

rah 

14 

Gbdtar 

fair 

32 

Bermuda 

shower 

33 

D* Salaam 

to 

32 

Glasgow 

to 

21 


cloudy 

20 

Deter 

to 

25 

Hamburg 

doudy 

0 


sun 

38 

Dallas 

doudy 

13 

Hatoild 

shower 

w 

Bnasste 

doudy 

12 

DCH 

*WV 

32 

Hong Kong 

sm 

28 

Budapest 

to 

11 

Dubai 

to 

28 

Honolulu 

drd 

12 

CJiagen 

to 

8 

Dubfei 

deed 

12 

Istanbul 

doudy 

33 

Cairo 

sun 

28 

Dubrovnik 

to 

18 

Jersey 


18 

Cape Town 

to 

25 

Edinburgh 

cloudy 

12 

Karachi 

cloudy 

13 

Caracas 

cloudy 

25 

Faro 

t3r 

19 

Kuwait 


Lufthansa, Your Airline. 

@ Lufthansa 

German Airlines 


L Angeles 

laa Palmas 

Lima 

Lisbon 

London 

Uacbourg 

Lyon 

Madeira 

Madrid 

Majorca 


to 

15 

Mote 

to 

E3 

Rio 

to 

2 1 

doudy 

16 

Manchester 

drzzt 

ii 

Riyadh 

sun 

2E 

fair 

21 

Manila 

cloudy 

32 

Rome 

sun 

TI 

rah 

11 

Melbourne 

sun 

27 

S. Fraco 

an 

22 

cloudy 

12 

MexfooCHy 

sun 

26 

Seoul 

doudy 

e 

to 

3 

Mterrf 

to 

31 

Singapore 

shower 

3C 

to 

28 

MBan 

sun 

18 

Stockholm 

to 

f 

(hund 

26 

Montreal 

shower 

8 

Strasbourg 

and 

U 

shower 

10 

Moscow 

doudy 

■2 

Sydney 

Shower 

2A 

doudy 

11 

Mirich 

to 

15 

Tangier 

to 

1/ 

sun 

38 

Nairobi 

tend 

24 

Tel Aviv 

sun 

24 

sun 

24 

Naples 

sun 

18 

Tokyo 

to 

Ii 

sun 

28 

Nassau 

to 

29 

Toronto 

doudy 

t 

to 

F i 

New York 

min 

15 

Tunis 

to 

21 

cloudy 

28 

Mae 

sun 

ia 

Vancouver 

sin 

12 

to 

19 

Nicosia 

tend 

19 

Venice 

sun 

K 

doudy 

ia 

Oslo 

to 

7 

Vienna 

to 

12 

drsz! 

n 

Paris 

(ha 

15 

Warsaw 

sun 

! 

doudy 

18 

Perm 

to 

23 

Washington 

shower 

1C 

to 

19 

Prague 

sun 

12 

Wefifogton 

to 

1C 

to 

21 

Rangoon 

doudy 

34 

Winnipeg 

doudy 


to 

20 

neytyarif 

rdn 

4 

Zurich 

to 

It 


THE LEX COLUMN 

Tarnished Gilts 


The gilts market really is a sorry 
sight According to Salomon Brothers 
it has best the worst performer of all 
leading bond markets so Ear this year 
with a negative return in local cur- 
rency terms of 7.18 per emit Last week 
the R^ nlt of Bngtanri a gain intervened 
to ensure orderly markets. With long 
yields nudging 8 per cent it has 
switched to a Coating rate issue for 
this week’s auction. Clearly the UK 
has been caught up in worldwide bond 
anxiety since the Federal reserve 
started raising interest rates last 
month. But that does not explain why 
it has suffered more than any other. 

Bart of the answer is that last year’s 
supply problem has finally come home 
to roost Heavy borrowing then was 
easily absorbed by speculative hedge 
funds and other professional dealers 
attracted by a particularly favourable 
combination of an upward sloping 
yield curve with falling inflation and 
interest rates. But It is now clear that 
much of this paper did not find Us way 
into firm hands. Institutions bought 
only £]3bn worth against issuance of 
about £50bn. Yields have to rise to the 
point where paper now being off- 
loaded by its original buyers becomes 
attractive to long-term investors. The 
institutions have no particular incen- 
tive to jump in when they think they 
can buy the same bonds cheaper 

tomorrow. 

Looked at from this perspective, the 
gilts market is clearly overshooting. 
Though investors have become less 
optimistic about inflation, the deterio- 
ration does not appear sharp enough 
to warrant tbe 20 point fell in the long 
end of the market since its peak in 
late January. Once cooler heads pre- 
vail and investors do decide that the 
absolute level of yields is attractive, 
the rebound could be quite strong, 
especially since the prospect of further 
floating rate issues will mitigate sup- 
ply worries for 1994-95. 

But that leaves the question of what 
actually represents value in the gilts 
market. Against expectations that 
inflation could Call to around 2 per 
cent during the summer, a yield of 
nearly 8 per cent looks attractive. 
Price rises would be unlikely to stick 
at these levels, though. Assuming 
inflation rises to the top of the govern- 
ment's 4 per cent target in the 
medium term, yields between 7 and 7.5 
per cent would not look out of place. 

The biggest problem is that expec- 
tations of where inflation - and inter- 
est rates - wfil finally settle are shift- 
ing. Recent US experience is a 
reminder of what can happen when 


Retailors Food 


Fl-S&AAfrSham Index dMdand ytaW 
1.2 — 



the stance of monetary policy changes 
and the UK is oondderably further 
along the cycle than the rest of 
Europe. In December, tbe sterling 
money market was discounting base 
rates just below 5 per cent by tbe end 
of 1994 and 5.6 per emit by the end of 
1995. On Friday It was projecting rates 
of 5.7 and 7.7 per cent respectively. 

The money market, of course, is 
often wrong in its predictions. But its 
recent behaviour is a reminder that 
while there may have been a struc- 
tural downward shift in inflation, the 
cycle has not been done away with 
altogether. The gilts market. 1ms to 
contend with the realisation that infla- 
tion and interest rates are now at or 
near their trough. Even If it now ral- 
lies, that Implies a basic shift In mood. 

Food retailing • 

The big food retailers scared them- 
selves and their shareholders witless 
last year by competing over-aggres- 
srively on price. But they appear to 
have re-established a more orderly 
grocery market in recent months. Big 
price promotions have stopped since J. 
Sains bury stamped its foot and 
launched its essential-for-essentials 
campaign. Yet the critical question 
remains whether that price skirmish- 
ing represented a one-off adjustment 
to the discount threat or was just the 
first manifestation of a downward 
price spiral caused by over-capacity. 

Wm Morrison recently soothed the 
market by suggesting the former. Food 
retailers are also trying to stabilise the 
situation by scaling back new store 
developments. Stricter planning 
restrictions are reinforcing the effect. 
There is still some scope to grow prof- 
its by nailing suppliers to the floor 
and cutting in-house costs. The gro- 
cers are also broadening their product 


ranges and hastening divereOkattaa 
plans. Sainsbury's already boasts a 
presence in the US through Shaw'S 
and runs Savueentre and Homehase m 
the UK too- Tcsco has dipped its toe in 
France and a toe noil in Hungary. 

Fiven so. the sector’s earnings out- 
look will remain dull for a few years 
yet A big re-rating therefore seems 
unlikely. However, there is undoubt- 
edly great value to be had over the 
longer term as the wish stream 
remains strong and development costs 
tumble. An outside bidder with a lot of 
patience may yet be tempted to unlock 
it. If the grocery chains were any 
smaller, their own managers may 
haw been tempted to have a go. 

Property 

The Department of Environment's 
review oF commercial leases, coming 
to all good HMSQ bookshops soon, 
could rattle the foundations of the UK 
property market. Like many British 
institutions, the standard 35-year 
lease, with its seemingly iniquitous 
upward-only rent reviews, has come 
under fire. The charge is that such 
leases are too rigid, unfairly weighted 
against the tenant and institutionalise 
inflation. Yet if they were changed, 
new property development would 
become riskier, given the unpredict- 
ability of future income. Rental and 
capital values would move together 
more closely and quickly transform 
property from a quasi-bond into a qua- 
si-equity investment Landlords would 
offset the increased risk by demanding 
higher initial rents or would simply 
stop developing marginal properties. 
The DoS’s urban regeneration champi- 
ons would hardly appreciate their col- 
leagues' radicalism. 

The DoE would therefore be wise to 
conclude that the traditional tease is 
the worst form of commercial rental 
agreement apart from all the rest 
Besides, it could argue that the mar- 
ket’s invisible hand is already slowly 
shaping leases to new economic condi- 
tions. Leases are shortening to 10 or 15 
years and often include break clauses. 
The abolition of confidentiality 
clauses would help encourage a less 
imperfect market After alt markets 
work best where the information flow 
is free. 

If the government still worries that 
upward-mily rent reviews stoke infla- 
tion, it oould always recommend Unk- 
ing rents to the retail prices index, as 
happens in other European countries. 
That would provide another incentive 
for its own anti-inflationary policies. 


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London Birmingham 

071 -493 8400 021-643 6400 


FINANCIAL TIMES 


©THE FINANCIAL TIMES LIMITED IW 


Monday March 28 1994 




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* fu • >1, . 

• « 


Banesto shareholders approve rescue 


By David White In Madrid 

The contest for control of Banco 
Espanol de Credito (Banesto). the 
troubled Spanish bank, this week 
opens in earnest following approval 
by shareholders of a Bank of S pain , 
sponsored rescue p lan 
At a protracted and sometimes 
rowdy general meeting on Saturday, 
minority shareholders protested 
angrily against the Bank of Spain's 
intervention and the writing-down of 
their shares, but failed to muster 


enough support to mount a legal chal- 
lenge against the plan. 

With some 73 per cent of votes dele- 
gated in advance to the provisional 
Banesto board, the meeting produced 
overwhelming support for the rescue 
package. Under the plan, Spain’s 
Deposit Guarantee Fund will contrib- 
ute Pta285bn ($2.06bn), lend Pta315bn 
for four years interest-free and sub- 
scribe to PtalSObn of new capital 
which it will then seD to a bank or 
group of banks. 

The meeting also voted for joint 


legal action against the previous Ban- 
esto board, dismissed by the Bank of 
Spain three months ago. Mr Alfredo 

Sdenz. the current chair man has a 
month to present the action, which 
win seek damages for acts undertaken 
in breach of the law or the statutes, or 
without proper diligence. 

J.P. Morgan, the US bank which 
was represented on the former board 
by Mr Robert Mendoza, one of its vice- 
presidents, delegated its vote to back 
the rescue plan but opposed the legal 
action. 


Mr Mario Conde, the ousted chair- 
man, stayed away from the meeting, 
which heard 15 separate proposals for 
legal proceedings against the former 
administrators. 

The way is now cleared for bidding 
to buy the controlling interest from 
the Deposit Guarantee Fund. Three 
banks - Banco Bilbao Vizcaya, Banco 
Santander and Argentaria - are in the 
running for a deal which would give 
any of them a dominant position in 
the Spanish banking sector. Accord- 
ing to the Bank of Spain, foreign 


banks have not yet expressed interest 

A price of PtalOOm has been set for 
the documentation in order to restrict 
it to serious bidders. Bids must be in 
by April 25. with a decision due on 
May 9. The winning bank will be com- 
mitted to keeping at least 30 per cent 
for four years and to respecting Ban- 
es to’s name. Mr Saenz said this was a 
guarantee that Banesto would not be 
broken up. 

Mr Sdenz forecast that the bank 
would be able to resume paying divi- 
dends again In 1997. 


Louise Kehoe assesses Lou Gerstner’s first year at the helm of computer company 

IBM drags itself 
out of the mire 



Glaxo 

drug 

faces new 
rivalry 

By Otwen Glynn Owen and 
Daniel Green in London 

The fortunes of the world's 
best selling drug, Zantac, the 
anti-ulcer treatment made by 
Glaxo of the UK, will come 
under renewed threat tomor- 
row with confirmation that a 
new treatment involving 
Losec, its chief competitor 
made by Astra of Sweden, 
been licensed in the UK. 

The new treatment includes 
an antibiotic to kill bacteria 
which can cause a relapse of 
the nicer. Up to one quarter of 
Zantac's global annual sales of 
£aL5bn ($5 bn) is accounted for 
fay patients who take it over 
the long term to prevent such 
a relapse, according to stock- 
broker Lehman Brothers. 

The Losec-plns-antibiotlc 
combination promises to cnt 
sharply the need for this main- 
tenance therapy. It gives Astra 
a significant head start over 
Glaxo, which is filing an anti- 
bacterial version of Zantac for 
regulatory approval later this 
year. 

The licence Is the latest blow 
to Zantac. Last week, a subsid- 
iary of Ciba, the Swiss drags 
company, said it would launch 
an unbranded version of Zan- 
tac that appears to sidestep 
the company’s patent protec- 
tion. 

Separately, Smi thKlln e Bee- 
cham, the Anglo-US drags 
company, is preparing to 
launch non-prescription ver- 
sions of Tagamet, which was 
Zantac’s main rival for most of 
the 1980s. 

Farther bad news could be 
on its way with the launch 
next month of a drag by Japa- 
nese pharmaceutical company 
Takeda that works on the 
some principles as Losec; 

The bacteria the Losec-plus- 
antiblotic treatment is 
designed to combat, Helicobac- 
ter Pylori, are increasingly 
seen as central to a number of 
gastric disorders including 
ulcers. 

Without eradication ther- 
apy, nicer patients require 
years of regular treatment 
with Zantac or other stomach 
arid suppressing drugs to pre- 
vent ulcer recurrence and life 
threatening complications. 

The UK licence for K Pylori 
eradication therapy gives 
Astra the go-ahead to promote 
this nicer management 
approach to doctors. 


T welve months after his 
appointment as chair- 
man and chief executive 
of International Business 
Machines, Mr Lou Gerstner is 
“increasingly confident" that 
the ailing computer company's 
problems can eventually be 
overcome. 

The tough-talking New 
Yorker Is not, however, hold- 
ing out hopes of a return to the 
glory days of the “old IBM*, 
when the company dominated 
the information technology 
industry and reaped huge prof- 
its on its flagship rnainframp 
computers. 

He bluntly points to IBM's 
Ingrained bureaucratic culture 
as the root cause of the compa- 
ny’s heavy losses over the past 
three years. IBM is “too pre-oc- 
cupied with our own view of 
the world“, he says, telling 
employees that they must 
change the way they work if 
they are to have a fixture with 
the company. 

Without much fanfare, Mr 
Gerstner has, in his first year 
at IBM, restructured the higher 
management, appointed “out- 
siders" to top positions and, 
through attrition, reshaped the 
board of directors. 

Few of these actions have 
caught public attention, 
largely because Mr Gerstner 
prefers it that way. A new- 
comer to the computer indus- 
try, he Is disconcerted by the 
interest that IBM attracts. “I 
don’t give a lot of speeches," 
he says. “My choke in every- 
thing is to say nothing and go 
do it* 

Before a meeting with finan- 
cial analysts in New York last 
week when he outlined his 
strategic plans for the com- 


pany, Mr Gerstner discussed 
his first year at IBM. 

The company has been 
through “an economic shock 
the equivalent of a Los Angeles 
earthquake”, he said. Its gross 
profit marg ins fell from more 
than 55 per cent in 1990 to 38 
per cent last year. “When you 
multiply that drop by revenues 
of over S62bn, you understand 
what has happened to this 
company.” 

IBM “no longer makes a lot 
of money on mainframp com- 
puters”, he said. “High main- 
frame [profit] margins are 
gone” - a thing of the past. 
“No IBM margins are ever 
going to return to the levels we 

‘We are draining a 
swamp here. We are 
not focused on the 
picnic grounds 
across the meadow 9 


used to have, at least we are 
not planning on it” 

Neither does he expect to 
replace mainframp profits with 
a new high margin product. 
“We do not have as part of our 
game plan to create a domi- 
nant position that is built on 
very, very high prices relative 
to costs," said Mr Gerstner. 

“We are forcing ourselves to 
adopt a pessimistic view,” he 
said, declining to predict IBM’s 
long-term financial outlook. 
“We are draining a swamp 
here. We are not focused on 
the picnic grounds across the 
meadow." 

Cutting costs was Mr Ger- 
stner's first priority when he 
joined IBM and he won praise 


from financial analysts for 
moving decisively, last July, 
with a $8.9bn restructuring 
charge including the cost of 
35,000 job cuts, to be completed 
by the end of 1995. 

Based on current business 
conditions, IBM does not antic- 
ipate further lay-offs. However, 
Mr Gerstner sees a “goldmine" 
of other opportunities to cut 
IBM's costs through centralis- 
ing purchasing, tighter inven- 
tory management, and elimi- 
nating duplication of effort In 
product development He has 
formed several re-engineering 
task forces with the goal of 
reducing costs by $3bn this 
year and a further $lbn in 1995. 

The second item on Mr Ger- 
stner’s “must do" list for his 
first year at IBM was to “get 
closer to customers", hi this 
area he also wins high marks. 

‘Tve seen a dramatic rhang p 
in toe way IBM sells technol- 
ogy. Its a big, big difference," 
says Mr Bo Hedfors, senior 
vice-president of systems and 
technology at Ericsson, the 
Swedish telecommunications 
and electronics group. 

Moves to lower prices for 
hardware and software have 
helped customer relations, Mr 
Gerstner acknowledges, but he 
takes credit for meeting with 
“literally thousands and thou- 
sands of customers” over the 
past 12 months. 

These contacts prompted 
him to accelerate the retrain- 
ing of IBM's sales team. Tradi- 
tionally IBM’s "blue suits" 
have been generalists, selling 
everything from mainframe 
computers to printer ribbons. 
To compete more effectively 
with the likes of Sun Microsys- 
tems in the workstation mar- 


ket. or Compaq Computer in 
personal computers, IBM is 
now forming product specialist 
sales groups and consulting 
teams. 

However, two other impor- 
tant goals set by Mr Gerstner 
when he joined IBM are prov- 
ing more difficult to achieve: 
setting strategic directions and 
restoring employee morale. 

The new IBM chairman has 
been widely criticised over 
recent months for falling to 
deliver a new “vision" for IBM. 
He brought much of this criti- 
cism on himself by declaring in 
July that “the last thing IBM 
needs right now is a vision". 

“That was like telling the 


passengers oh a rudderless 
ship, to keep shovelling coal 
into the engine and not worry 
about the direction they are 
sailing in," says Mr Bob Djurd- 
jevic, president of Annex 
Research, a market research 
group. 

At the analyst meeting Mr 
Gerstner revealed only what he 
called the "broad brush- 
strokes” of IBM’s strategy. The 
company plans to unveil more 
details about its various prod- 
uct segments over the coming 
months, a senior IBM execu- 
tive said. Still, many analysts 
were disappointed. 

Continued on next page 


Silver 
price set 
for record 
this week 

By Kenneth Gooding, 

Mining Correspondent 

Silver’s price this week is 
virtually certain to go above 
S8 a troy ounce for the first 
time since March 1989, driven 
np by the large speculative 
commodity funds who are tar- 
geting the market 

The funds already have 
helped posh np the price from 
this year’s low of $44)0 in Jan- 
uary to $5.70 in London on Fri- 
day. Their first target, accord- 
ing to dealers. Is $6 an ounce. 

The same funds. Including 
the Quantum Fund operated 
by Mr George Soros, the high- 
profile financier and currency 
speculator, successfully tack- 
led the gold market about this 
time last year and manoeuvred 
the price up from a seven-year 
low of $327 an ounce to more 
than $400. 

They are rumoured to have 
recently spent $lbn to bny 
physical silver which they 
have moved from the New 
York Commodity Exchange 
(Com ex) to vaults In Delaware 
to give the impression that' 
Comex stocks are falling 
because of heavy demand. 
Dealers suggest the funds are 
willing to spend another $lbn 
in this effort. 

Mr George Milling-Stanley, 
analyst at the Lehman 
Brothers financial services 
group in New York, said that, 
whereas the funds’ attack on 
the gold price came when 
there was record demand for 
physical metal, this was not 
the case with silver. 

“I talk to consumers every 
day and they are not buying 
more silver. There has beat no 
genuine pick-op in industrial 
demand,” he said. 


Markets 
this week 

Starting on page 16 




MARTIN DICKSON: 

GLOBAL INVESTOR 
The 

first-quarter 
results season 
begins in the 
US in a few 
weeks' time, 

. , v and Wall 
^Street is 

"'expecting 
corporate America to report 
strong earnings gains. Could 
this be a trigger for US stock 
markets to decouple from 
the bearish influence of the 
bond market? Page 16. 

MARTIN WOLF: 

ECONOMIC EYE 

Exchange 
S-; rates of major 
currencies 
have floated 
since the 
early 1970s. 
They will go 
on floating, 
because a 
modestly managed float is 
the worst possible system, 
except all the others. 

Page 16. 

Bonds: 

Amid the ongoing weakness 
in global bond markets, UK 
gilts have continued to post 
the sharpest losses, rattled 
by fears that rising infla tion 
may put an end to monetary 
easing. Page 18. 

Equities: 

This week will bring some 
painful experiences for fund 
managers as they face up to 
a the outcome of the first 
trading quarter of the year. 
Page 19. 

Emerging markets: 

Last week political unrest 
has raised questions over the 
future direction of Mexico's 
capital markets. Page 17. 

Currencies: 

Sterling and the dollar will 
be in the spotlight after both 
breached key support levels 
last week. Page 31. 


STATISTICS 


Base lending rates ......... 31 

Company meetings 20 

Dividend payments 20 

FT-A World Indices 31 

FT Guide to currencies 17 

Foreign exchanges 31 

London recent issues ......... 31 

London share service 31-33 

Managed fund service ...27-31 

Money markets 31 

New int bond issues 18 

World stock mkt indices .....26 


This week; Company news 


DEUTSCHE BANK ; 

Good omens 
from Bavarian 
institutions 

Deutsche Bank, the biggest bank in 
Germany - and, on some measures, 
the biggest In Europe - will announce 
its 1993 figures on Thursday. In 
addition to a commentary on last year's 
numbers, Mr Hilmar Kopper, chief 
executive and as such the most 
important businessman in Germany, 
will give his views on current year 
tr ading , on the economy and other 
Issues of the day. 

Deutsche will not be the first big 
German bank to report - Bayerische 
Vereinsbank and the Bayerische 
Hypotheken-und Wechsel-Bank, the 
two large Bavarian Institutions, both 
reported last week. It win however 
be the first of the “big three", with 
Dresdner and Commerzbank holding 
their press conferences next week and 
the week after. 

At the Bavarian banks, operating 
profits after provisions for bad and 
doubtful debts rose by about a third 
in each case. They enjoyed the happy 
combination of buoyant securities 
markets and strong loan growth which 
meant that profits climbed rapidly 
despite the deep recession. 

This constellation of favourable 
circumstances will not have passed 
Deutsche Bank by. although Its sheer 
size means that the growth will not 
be as pronounced as at smaller 
institutions. 

Ms Susan Sternglass at Goldman 
Sachs predicts that net income for 
Deutsche Bank will rise by 12 per cent 
to DM2.02bn ($1.14bn) for 1993, below 
an average increase of 15 per cent for 
the sector. 

Analysts will study Mr Kopper’s 
remarks on current year trading with 
interest The bund market has taken 
a dive this year but in Deutsche's case 
any negative repercussions from this 
are likely to have been offset by profits 
on the sale of share stakes, for example 
in the Daimler-Benz group where 
Deutsche reduced its stake from 28 
to below 25 per cent 


Ciba 


Share price (SFr) 
1 , 000 — 



INCHCAPE 

Inevitable swings 
and roundabouts 

The fashion for updating analysts on 
trading may have taken something 
of a dent after Inchcape’s experience 
in January. When the international 
trading group, which announces 1993 
results today met stockbroking 
analysts, some thought It had said 
nothing new of any great significance. 

Bat others came away from the 
meeting bearish, and cnt thetr 
forecasts. In the following days the 
shares slumped nearly 70p from a high 
of 606p, and have only recently begun 
to recover. All will be revealed in 
today's numbers. There is a wide range 
of forecasts, although most close 
Inches pe watchers range from £25Sm 
($372m) to£270m, up from £250.1m 
in 1992, excluding a £16m profit on 
the sale of a minority stake in Toyota 
GB to Toyota. 

Inchcape told analysts at the briefing 
that the second half had been similar 
to the first, when profits rose from 
Fi 17.1m to £130-9m, in spite of a £12m 
higher interest charge. 

With such a diverse group there have 
been inevitable swings and 
roundabouts. But on the plus side, 
the UK car market picked up in 1993 
with Toyota increasing its market 
share. The business services division 
was also performing well in most areas. 

Inchcape is expected to give a more 
detailed division of profits within its 
motors sector, which contributed 60 
per cent of profits In 1992. 


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OTHER COMPANIES 

Health check for 
drugs group 

Ciba, biggest of the “big three” Swiss 
pharmaceuticals companies, reveals 
1993 results tomorrow that should shed 
light on demand trends in continental 
European markets. 

Results from the industry division 
- CSba's other two main divisions are 
agricultural and healthcare - will be 
the first under the magnifying glass 
as investors hunt for evidence of an 
end to price weakness. 

■ AGF: The Paris stockmarket is 
already braced for a weak set of results 
from Assurances Generates de France 
on Wednesday. Mr Antoine Jean court 
Galignani, the new chairman, is 
expected to announce a sharp fell in 
net profits to around FFrlbn ($160m) 
for 1993 from FFrL5bn. Yet analysts 
are confident that AGF anil rebound 
in 1994, thereby boosting its prospects 
for a successful privatisation later this 
year. 

■ ING: The Dutch financial services 
group, Is expected to unveil a profit 
rise of at least 10 per cent when it 
publishes its 1993 results tomorrow. 
The company, one of the biggest 
European proponents of 
“bancassurance”, generates roughly 
half its profits in banking and half 
in insurance. 

■ Caradon: the UK building products 

group, which last year bought RTZ’s 
Pillar business for £8O0m, is expected 
to show a slight rise in pre-tax profits 

for 1993 from £ 125.7m ($183£m) to 
around £128m to £13Qm when it reports 
on Wednesday. However, there will 
also be an exceptional profit of ElOOm 


Caradon 


Share price (pence) 
500 



on the sale last year of the group's 
25 per cent stake in CarnaudMetalbox, 
the packaging group. Pillar will only 
have contributed for two months, but 
shareholders will look for does as to 
how It is performing. 

■ BMW: By common consent, the 
domestic German car market is 
unlikely to make much headway this 
year, but strong revving noises are 
expected from BMW tomorrow. 
Encouraged by the US recovery, the 
launch of a cut-off version of its 3-Series 
and an upcoming new-look 7-Series, 

it is likely to paint a bullish picture 
of 1994 prospects - not least to dress 
the window for its oncoming rights 
issue. 

■ MetaUgeseOschaffc Plenty of noise 
can also be expected at today's annual 
meeting of the metals and engineering 
group recently dragged from the brink 
by a banking consortium. While the 
near-catastrophic events of the recent 
past will exercise some, most 
shareholders - seated in the arguably 
appropriate surroundings of Frankfurt 
Zoo -are likely to want to hear more 
on restructuring plans. 


Companies in tWs Issue 


Amdrttacfi 

15 

Appleyard 

14 

Astra 

13 

BHP 

15 

Banesto 

13 

Beswtek 

15 


14 

Derates 

15 

FMT 

M 


Pastor's 

IS 

GIB 

15 

Gtddings & Lewis 

14 

Glm 

13 

IBM 

13 

IBSPtfl Torino 

15 

ltaftsi 

15 

Lex Service 

14 

Oasis 

14 


Publics 

15 

Chicks 

14 

Resort Hotels 

14 

Siemens 

15 

Stats Farm 

15 

Stockholm Energi 

14 

Unipalm 

14 

United Airlines 

15 

Yorkshire Bectric 

14 



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COMPANIES AND FINANCE 


Composite insurer follows the lead set by a number of its rivals 

CU takes ‘embedded values’ line 


By Andrew Jack 

Commercial Union, the largest of the UK's 
composite insurers, has reported substan- 
tially increased profits and shareholders' 
funds for 1993 under results recast using 
an alternative accounting approach to the 
statutory requirements. 

Under the “embedded values" technique, 
its life profits rose to £280m 
and total shareholders' funds to £3.5bn, 
compared with £119m and £2.5bu respec- 
tively. 

CU was following the lead taken by a 
number of other insurers over the last few 
months which have begun to use 
techniques that they believe portray 


their figures more effectively. 

The Prudential Corporation and the life 
subsidiaries of BAT Industries both 
used an alternative technique known as 
"accruals accounting”. Others, including 
Legal & General, have adapted embedded 
value. 

Insurance law requires results to be 
reported using an approach which 
requires highly conservative reserving pol- 
icies to ensure solvency. 

Similar requirements will be made 
under new legislation triggered 
by EU directives from the current year- 
end. 

Both embedded value and accruals 
accounting recognise profits as they are 


made, while providing discounts for future 
risks. 

Mr Robbie Graham. CU's deputy 
group actuary, said the group 
decided that embedded values reflected 
"the way we seek to manage the busi- 
ness”. 

He said the reason for delay in reporting 
using this technique - which has been 
used internally for some time - was 
caused by the difficulties in gathering 
info rmation on such a wide range of life 
businesses. 

The Association of British Insurers is 
currently considering ways in which 
reporting using the alternative methods 
may be standardised. 


Resort Hotels’ listing under threat 


Unipalm heads 
for market 
with £20m tag 

By AJan Cane 

Unipalm, a Cambridge-based 
computer communications 
company, is coming to market 
through a placing at lOOp a 
share, valuing the company at 
£20. 2m. 

The placing is being 
sponsored by Henry Cooke 
Finance. 

Some 5.9m shares are being 
placed on behalf of the com- 
pany and just under Im on 
behalf of 31, which will remain 
the company's largest share- 
holder with 15 per cent of the 
equity. 

The placing will raise 
£5.39m after expenses for the 
company which is to be used 
to reduce current borrowings, 
redeem preference shares and 
pay accrued dividends. 

Some £4.5m will be available 
to fund the sales and market- 
ing activities of Pipes, one of 
the group's operating compa- 
nies which provides a connec- 
tion service to the Internet, an 
international computer net- 
work which links some 2m 
computers. 

Forecast earnings per share 
for the year ended April 30 are 

0£lp. 

Trading in the shares begins 
on March 31. 


Resort Hotels, the troubled 
hotel group, has four days to 
conclude a restructuring 
involving new management 
and a debt for equity swap, or 
a takeover by an existing hotel 
group, if it is to keep its listing, 
writes Simon Davies. 

Resort's told shareholders in 
a letter this weekend that the 
Stock Exchange had warned it 
would be delisted if restructur- 
ing proposals were not submit- 
ted by March 31. 


It was also revealed this 
weekend that the Serious 
Fraud Office was investigating 
matters relating to past man- 
agement of the hotels group.. 

The letter follows Resort's 
long-delayed results for the 
year to April 1993, showing 
pre-tax losses of £71m. 

Mr David TanKinson, chair- 
man. said Resort's bankers and 
stockholders were supportive 
pending talks "with other par- 
ties". 


The letter gives details on 
Resort's share suspension in 
July 1933, and the resignation 
this month of Mr Robert Feld, 
former managing director. 

Ur Tonkinsan said in July it 
had become apparent that 
Resort had exceeded its bank- 
ing facilities, contrary to infor- 
mation provided by Mr Feld. 

Mr Feld is accused of mis- 
leading the directors and 
banks, although he denies 
these accusations. 


Receivers 
attacked 
over sale 
of FMT 

By Andrew Baxter 

A row has broken out over the 
sale this month of FMT, the 
machine tool bnilder which 
called in receivers in Febru- 
ary, to the UK subsidiary of 
Giddings & Lewis, a US-owned 
competitor. 

Mr Keith Bailey, chairman 
and chief executive of BSA 
Tbols, a rival bidder for FMT, 
claims a chance has been 
missed to save the last remain- 
ing UK-owned producer of hor- 
izontal machining centres and 
manufacturing systems, and is 
unhappy with the way his hid 
was treated by Ernst «& Young, 
the receivers. 

Meanwhile, Mr Joe Wick- 
ham, FMTs former manufac- 
turing director and a share- 
holder in the company, said 
the receivers hare let the 
workforce down by failing to 
ensure that the business was 
sold as a going concern, as 
originally intended. But Mr 
Alan Bloom, the receiver, has 
strongly defended the sale to 
G&L, and said Mr Bailey's bid 
was treated fairly. 

G&L is understood to have 
paid about £650,000 for the 
FMT Mann* and that of Kearns- 
Richards, along with the intel- 
lectual rights, and the profit- 
able service, spare parts and 
machine rebuild husiness. 

Mr Bailey says he would 
have retained a nucleus of key 
FMT employees and trans- 
ferred final assembly of FMT 
machines to BSA Tools’ plant, 
which has spare capacity. 

Mr Bailey was attracted by 
FMT's business opportunities 
in China - it was dose to 
clinching an important joint 
venture there. “It’s a great 
loss, and I don't believe the 
best decision was reached," he 
said. 

He is upset that G&L's bid 
was accepted only hours 
before he was due to deliver a 
banker’s draft to clinch the 
purchase. 


CROSS BORDER M&A DEALS 


BIDDER/INVESTOR 

TARGET 

SECTOR 

VALUE 

COMMENT 

Affied-Lyons (UK) 

Pedro Domecq (Spain) 

Drinks 

£739m 

Affled focussing 
on drinks 

National Westminster 
(UK) 

Citizens First (US) 

Banking 

£340m 

FBHn 

acquisition 

SGA (Sweden) 

Otor HokSng (France) 

Packaging 

£23 1m 

Consolidating 
European position 

Wn&ams Holdings (UK) 

Fbmey International (US) 

Environmental 

controls 

£34m 

Third world 
move 

Angfian Water (UK) 

Fluid Systems (US) 

Water services 

El 8.4m 

Angfian's 
second US buy 

Tesco (UK) 

Global (Hungary) 

Food retailing 

Cl 2m 

Second Europe 
buy planned 

Dalgoty (UK) 

Jaeger Participations 
(France) 

Food 

n/a 

Complementary 

purchase 

Lazard Houses (UK/US/ 
FranceJ/Credrt Agricole 
(France) 

Credit Agricote-LazanJ 
Financial Products (JV) 

Financial 

services 

n/a 

Derivatives 

venture 

Olivetti (ItatyJ/Redgate 
Communications (US) 

JV 

Electronic 

n/a 

Multimedia move 

Linde (Germany) 

Unit of Dunaferr (Hungary) 

Industrial gases 

n/a 

Stale group sale 


Oasis has designs on spring 
float with £ 60 m valuation 


By Peggy Hettinger 

Michael and Maurice Bennett, 
the brothers who teamed up 
with designer Jeff Banks in the 
1970s to create the Warehouse 
high street chain, are planning 
to bring their latest retail 
success to the market with 
the flotation this spring of 
Oasis. 

A medium priced women’s 
wear retailer. Oasis is likely to 
have a market value of more 
than £60m following the plac- 
ing and public offer of about 
half the share capital 

The two brothers and a third 
board member, Mr Vivian 
Scott, are expected to retain 
most of their shares, currently 
totalling 60 per cent of the 
group. Oasis intends to use the 


market to expand, although it 
will receive only about £2m of 
the flotation proceeds. It cur- 
rently runs 55 shops and 
expects to double this number 
within the next three to four 
years. 

The company Is also aiming 
to prepare for possible acquisi- 
tions. Mr Michael Bennett, 
chairman, is keen to expand 
the Oasis concept to other 
fashion retailers, as well 
as tap into the lucrative brand 
licensing market around the 
world. 

Oasis is targeted at women 
between the ages of IS and 35 
who prefer natural fibres and 
comfortable clothes. 

The group was set up in the 
early 1980s by a husband and 
wife team to sell ethnic cloth- 


ing, but collapsed under cdp 
pling rents and a disastrous 
foray into the property market. 

In 1991. the receivers were 
called in. The Bennett 
brothers, who had taken a 
stake in 1985 and begun to 
reposition the group, bought 
Oasis for £l.6tn- 
Since then, profits have 
jumped from £l.l2m for the 47 
weeks ended January 25 1992 
to £5.5“m last year, with mar- 
gins weakening only slightly 
from 553 per cent to 55.7 per 
cent. Sales have risen in the 
same period from £9.6m to 
£>9 m. The group has no bank 
debt and cash of £4Jhn- 
Sponsurs to the float are 
Robert Fleming, the merchant 
bank. The broker is Panmure 
Gordon. 


Yorkshire Elect Swedish buy 


By Hugh Camegy 
in Stockholm 

Yorkshire Electricity, the UK 
utility, is set to buy a 20 per 
cent stake in Stockholm 
Energi, Sweden's third largest 
energy producer and supplier 
which is at present wholly 
owned by the city of Stock- 
holm. 

The two sides announced on 
Friday that they intended to 
reach full agreement by the 
summer, following the signing 
of an agreement in principle 


that Yorkshire will become a 
significant minority share- 
holder in Stockholm Energi. 

Stockholm Energi reported 
sales last year of SKrfibn 
(£5l0m), producing 6.123 giga- 
watt hours of electricity, 5.093 
gigawatt hours of hot water- 
based district heating and 369 
gigawatt hours of town gas. 
Half its output is generated by 
nuclear power and 35 per cent 
by hydro-electric power. 

The company, based chiefly 
in the Swedish capital, 
returned a profit of SKi217m in 


1993, but is projecting profits of 
about SKrlbn this year after 
unwinding heavy losses from 
debts held in foreign currency. 

Stockholm city authorities 
decided to seek a foreign part- 
ner in anticipation of deregula- 
tion of the Swedish market. 
Although deregulation terms 
have yet to be determined by 
the government, Stockholm 
Energi said It needed new capi- 
tal to meet new competition in 
its established market and to 
enable it to seek new markets 
for itself. 


Appleyard buys five Lex dealerships 


Appleyard Group, the North 
Yorkshire-based motor dealer, 
is acquiring five dealerships 
from Lex Service for £7 .5m, 
their net asset value, writes 
Rebecca Rea. 

The amount will be satisfied 
by the issue of 4.75m shares, 
representing 72 per cent of the 
enlarged capital 

In the 12 months to Decem- 
ber 26, they Incurred combined 
operating fosses of £200,000 on 


turnover of £40.9m. 

This is the second time in 
less than a week that Apple- 
yard has bought barely profit- 
able dealerships. 

On Tuesday it acquired five 
outlets from Whitworths Hold- 
ings for £102m. 

Mr John Atkin, group busi- 
ness development director, 
said: “We are seeking busi- 
nesses south of the M62 to 
become more national. We 


have been very successful with 
our present dealerships and we 
hope to repeat the success with 
these new acquisitions.’* 

• Quicks Group, the car 
dealer, is selling its Birming- 
ham VauxhaU dealership to 
Barnard (Seily Oak) for £l.Q8m 
cash. 

The book value of the assets 
was £lJ3m at March l. In- the 
year to December 31 the busi- 
ness reported a loss of £200,009. 



CHINA & EASTERN 
INVESTMENT COMPANY LIMITED 

rrehmuurv arwxjncemau of interim results for the six months ended Jlst January, 1994- 

The unaudited consolidated results of China fit Eastern Investment Company Limited (The “Company") and its subsidiaries (The “Gnjup'J for the six months 
ended Jlst January. lW trere as follow* 


NET ASSET VALUE lUSSOQO) 
NET ASSET VALUE PER SHARE 




(Audited) 

Six months ended 

Year ended 

3lst January 

31st July 

1994 

1993 

1993 

uss 

USS 

US5 

S334U 

48,612 

53,818 

41! 

2.38 

2.64 

922,867 

761 XW 

1.725,546 

229.740 

109.400 

273,500 

91.734 

15.590 

71,919 

41.178 

«ti8» 

95JB24 

1.285.569 

923.219 

2,166.789 

322.786 

295,865 

519,205 

167.747 

183.663 

294,942 

117.000 

_ 

67 

607.533 

479.528 

814.214 

678036 

44-8.691 

1.352,575 

- 

10 

39 

673.036 

448681 

1.352,536 

- 

- 

1 .224,000 

678J336 

448.681 

128,536 

0.033 

O.Q22 

0-066 

- 

- 

006 

4.676.C05 

1,174,795 

2 J 18.671 

24.676,414 

(2.580,680) 

IJ50IJI7 


Revenue 

Income from listed investments — - 

Income lium unlcteJ investments - - 

Net ounv from trading in dealing inv«survenu .. 
Other manor 


Expenses 

Investment masucetnent foes...- — 

Adm inbt ret rve expenses — . — — 

Intercut on bunuwinKS—— . — .......... ........ — — - 


Ptoht before ra*atK*i..._ - ......... — ... __ 

Tixitfon ...... - - _... 

, Pidu alter tasution — - - 

Fm.il dividend - - — ....... 

Profit letmned .. . . . ._ .... 

Eamtncv 'hate— - - „ 

DivnLnJ per dure. _.... ........ 

Other tr.tnvlen r>^((roml merves 

Net ppytt di-ysral Hi investments - - 

InLte.iwAili.viv.iwt in valuation ><f investments ...... 

Taxation 

l\mne the period the maturity v.f the Group's income win not assewable to Hong Koto; Profits Tax u» it was generated from offshore activities and capital 
it in.KiK'av The iMimiiivd oxae-aNe profit has been wholly absorbed by taxation hoses brevshr forward. The charge represents overseas withholding tax. 
Earning, per share 

The calculation of the eattunm per share is based pn fit for the period ot’USJei 6.036 UWfc US&HSA&n and on 20,400000 *are» ( 3; 10.400,000) in issue. 

AnalvMs of net assets as at Jlst January, 1994 


Intesimenrs 

Hi>nc Kune 

lYvyile' RiyubiK 
Other counmev. 
Nu currvnr liabilities 




Assets 

USSm 

%of 
net assets 







11.97 

i!83 

14.2 

I.I 






- 

83.85 

100.0 


Renew of operations 

At Jin J.mujrs, ihu net ax-efcs of the Company were USSM3.S5 million (US$4. » I per share) an increase ol 73% and 56% respectively when compared to 
"'l -a 1 .in iinn. 194J :mJ 'Hi July. 1993. 

The miMim.-ni mon.n3.-r. fix* .hivaniaw: of relatively Low interest r.ue» and borrowed USS5 million in September 1993 In anttcifatlon of the reraon* of the 
Hone Kom-iti.irlet. and :i further US#3 million in November. In Janu.iry 1994 the paring level tras reduced to USS3 million as profits were taken in view of 
tiie Miba-.mtLil nse that had Liken place in the market dunne the fourth ij miter of 199 J. 

In the mx rmtmhs tu list January, 1994 profit, attributable to shareholders were USS678.056 compared i* USS44S.68I for the conespondin* period. This 
represents an increase of -me 51V which is a creduahle achievement given the additional am, incurred in respect of the borrowings referred W above. 
TheCompam* ihnrr exposure to China was increased significantly during the pencil under review with investments in *B’ and 'H‘ share standing 
•" 197 m,IIiun anJ USS’.W million respectively at 31st January, 1994. The accrqcate of these investments represented 17.7* of net assets; at 

ils* January. 1*3 J .md 3ln July. 1993 the comparable figures were 5.0% anj 4.7% respectively. 

IVirinj; 1994 the il-.iv and 'H' ?h.ucs u expected to continue .is the PRC* requirement for foreign capital continues co grow. We arc well placed to 
take udvantaw of three new Investment opportunities. 

T,. date the Company has. not Invested in Taiwan, pud* dire to the retnerkms on direct foreign investment and the lack of attractive indirect 
cpromininw -As the Taiu-.in.-*.- authorities haw «r.r«d the*? iwrrictinns your investment managers have in March increased the Company’s exposure 
r.s the Chinree wnnnmv by mvreting directly in Thiwancw securitire. 

W uh China the f.wret itruwnw eowuimy in the wm and its .ippetlic for capital unabated and the renting of the Hong Kong stock market expected 
*.» continue, the GvmrJ of Dirccmm continue to look to the future with confidence. 

Dividend 

It is nut rlw Company, present policy to declare interim dividends. The Board will consider , n the lieht erf the fidl years results the appropriate dividend 
in recfimmcnd to slunrhcUki*. 

Redemption, purchase or canccllaiion of shares 

There ka no redemption, purchase or cancellation of skins by the Company or its subsidiaries during the six months ended 3 1st January. 1994. 
interim report 

Jr b ^peered that the fell interim report will lx- sent ro shareholders on I5th ApnI. 1994. ft will be made available to the public at the Cbmremy’s 
RvdvereJ Office; Sth R-w. Pnnces Building. Hoag Kong and tts U.K. Trawfet Apns Barclays Aeulman Ltd., Bceune House. 34 Beckenham R,ind, 
Evckenrum. Kent BR3 4TU. 

By Older of the B<jaid 
G.W. Hopkinson 
Company Secretary 

25th March. 1994 


IBM drags itself out of the mire 


Continued from previous page 

The most important “strategic 
imperative’’, Mr Gerstner said, 
was to exploit IBM's technol- 
ogy better than in the past. 
Although the company has 
invented many of the basic 
technologies used in the com- 
puter industry, it has often 
seen competitors take advan- 
tage of them faster. To speed 
technology to market. IBM will 
“make bets earlier” on which 
technologies to develop, elimi- 
nating costly duplication and 
the “great debates within IBM 
over alternative solutions" that 
have slowed product introduc- 
tions in the past, he said. But 
this could increase IBM’s risks 
of backing the wrong horse 
and eliminate some of the com- 
petitive advantages that the 
company has previously 
gained from its bigger size and 
resources. 

IBM is also expanding its 
efforts to license technology to 
other companies, rather than 
seeing It cloned. Royalty 
income from licensing agree- 
ments has doubled in the past 
two years to almost 3500m. All 
of these profits can be 
ploughed back into research, 
Mr Gerstner says. He has also 
accelerated a “massive rede- 
ployment of development 
money” away from mainframe 
computers towards develop- 
ment of technology and soft- 



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ware for client/server comput- 
ers and networks. 

IBM's failure to make this 
shift earlier ,”is the single most 
important mistake IBM has 
made in the past decade", 
acknowledged Mr Gerstner. 
The company is overhauling 
its entire product line to meet 
growing demands for net- 
worked computers that stick to 
industry standards. 

Mr Gerstner must also 
demolish the rule-bound cul- 
ture that many say prevents 
IBM from adapting more 
quickly to changes in the com- 
puter market Over the past 12 
months. Mr Gerstner has spent 
“hundreds and hundreds of 
hours meeting with tens of 
thousands of employees all 
over the world”. A disciple of 
Mr Jack Welch, the chairman 
of General Electric, who invig- 
orated that company's stodgy 
culture, Mr Gerstner has been 
sending shock waves through 
IBM with frank addresses to 
employees. “We don’t move 
fast enough tu this company,” 
he chided on a visit to one US 
site. “This is an industry in 
which success goes to the 
swift, more than to the smart 

“We’ve got to become more 
nimble, entrepreneurial, 
focused, customer driven. We 
must become a principle-based 
company, rather than a proce- 
dural-based company ” 

However, cultural changes 


must start at the top, says Mr 
John Jones, an analyst at Salo- 
mon Brothers, the US broking 
house. He praises Mr Ger- 
stner’s appointments of “out- 
siders” to top positions, in par- 
ticular the choice of Mr Jerry 
York, formerly of Chrysler, as 
chief financial officer. “York is 
the kind of executive that IBM 
needs; somebody who will ask 
the tough questions and not 
accept the historic explana- 
tions tor lack of performance." 
But analysts say that Mr Ger- 
stner needs to recruit more 
fresh blood. 

Most of Mr Gerstner’ s inner 
circle are long-time IBM execu- 
tives. However, their roles 
within the company have been 
changed Mr Jim Carina vino, 
long known as a maverick 
within the company, has been 
put in charge of strategy and 
development. Ms Ellen Han- 
cock, who heads IBM's net- 
working division, is also now 
spearheading software strategy 
tor the whole company. 

IBM's executive management 
committee, long the centre of 
power within the company, has 
been eliminated. In its place is 
the new corporate executive 
committee, comprising Mr Ger- 
stner and 10 other executives, 
which meets several times a 
month to discuss strategy. 

In addition, a worldwide 
management council, with 
about 35 members including 


the heads of each product divi- 
sion and managers of regional 
operations, covers operational 
as well as strategic issues. 

The IBM board of directors, 
loudly criticised at last year's 
shareholder meeting for 
blindly approving decisions 
that led the company astray, 
has been slimmed down over 
the past year. 

Since Mr Gerstaer*s appoint- 
ment 10 of the 19 board mem- 
bers who appointed him have 
retired, or will do so next 
month. Yet only one new board 
member has been added: Mr 
Charles Khight, chair man of 
Emerson Electric. “Moulding a 
new board of directors is just 
as important as making inter- 
nal changes if Gerstner’s 
vision of tomorrow is to 
become reality,” says Mr 
Djurdjevic. IBM needs to add 
directors representing constitu- 
encies such as its customers 
outside the US, he says. “The 
job is only half done.” 

Most analysts award Mr Ger- 
stner a “gentleman’s B” for his 
first year's performance at 
IBM. He has started well, they 
say, but failed to complete all 
his assignments. His lack of 
knowledge of the computer 
industry and technology is still 
evident, but he has clearly 
grasped IBM's problems. The 
critical test will be IBM's finan- 
cial performance over the next 
few quarters. 


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Address 




FINANCIAL TIMES MONDAY MARCH 28 1994- 


15 

COMPANIES AND FINANCE 


Italtel and Siemens unit 
form telecoms partnership 


Foster’s nets A$200m from Beswick 


By John Sjmfdns 
in MRan 

Italtel, the manufacturing 
subsidiary of Italy’s state- 
owned telecommunications 
group, has concluded its long 
search for a foreign partner by 
announcing a tie-up with Sie- 
mens of Germany. 

The accord, which is a fur- 
ther sign of cross-border moves 
in European telecommunica- 
tions, combines the operations 
of Italtel and the Italian tele- 
coms affiliate of Siemens in a 
new company expected to have 
a turnover of about L3,400bn 
($2bn) In 1994 and show strong 
medium-term growth. Italtel's 
sales totalled L2,632bn in 1993. 

Siemens and Italtel's holding 
company, the telecoms utility 


By John Sim kins 

Istituto Ban carlo San Paolo di 
Torino, Italy's biggest banking 
group In terms of assets, is to 
pay a L360 a share dividend for 
1993. compared with L300 for 
1992, In spite of only a small 
improvement in net profits. 

Operating profits rase by 2S9 
per cent to I^257bn ($1.37bn), 
with falling interest rates 
reflecting favourably on bond 
dealings, but net profits rose 


Recession 


By Afice Rawsthom in Paris 

The downturn in the French 
advertising industry last year 
triggered a fall in profits fin’ 
Publicis, one of country’s larg- 
est advertising agencies, which 
reported a 15 per cent reduc- 
tion in net profits to FFr 126.6m 
($22m) from FFrl45.6m in 1992. 

Publicis, like other French 
agencies, has been affected by 
the recession, which has 


Stet, will each control 50 per 
cent but. as the capital of Ital- 
tel is more than four rime* the 
size of Its new partner, the Ger- 
man group Is to pay an adjust- 
ment fee. Although the value 
of this has yet to be estab- 
lished, it is likely to be in the 
range of Ll^OObn to Ll.TOObn. 

Stet is expected to buy back 
a 20 per cent stake in Italtel 
held by AT&T. The US group, 
Alcatel of France anti Ericsson 
of Sweden were all considered 
as potential partners for Italtel. 

The agreement with Siemens 
is seen as essential to the 
growth of the Milan-based Ital- 
tel, which has been restricted 
by a limited domestic market 
and saw its net profits fall to 
L4Q.2bn in 1993 from Liaa nhn. 

The joint company aims to 


by only 1.4 per cent to L63fibn. 

Total assets, which were &3 
per cent higher at Ll89900bn, 
take Into account the merger 
towards the end of the year 
with Banca Provinciate Lom- 
bards and Banco Lariano. The 
bank said that careful cost con- 
trol had allowed it to absorb 
the costs of the merger. 

However, the narrowing of 
interest rate differentials and 
debt restructuring of troubled 
industrial groups Kmitprf net 


prompted many companies to 
cut their marketing budgets, 
and by the ( VsfeiMHirfnp effect 
of la lot Sapin, the former 
socialist government's reform 
of the media buying system. 

The group saw consolidated 
sales fall by 9 per cent to 
FFrlS.2bn in 1993 from 
FFr19 jbn in 1992. However, on 
a strictly comparable basis the 
decline in sales was slightly 
smaller, at 4 per cent 


build up exports to 40 per cent 
of turnover by 1996 to 1997, and 
to concentrate on development 
of Italtel's core business - pro- 
duction of its T.inea UT digital 
telephone exchanges, which 
are in service in IS countries. 
Emphasis has also been placed 
on the research role of Siemens 
in developing strategic 
products. 

The decision on a new part- 
ner, which has been approved 
by Italian unions, helps to 
secure jobs at Italtel, which 
has employs more than 15,000. 

It comes amid wide restruct- 
uring within the country’s tele- 
coms industry The govern- 
ment, through the IRI holding 
group, plans to sell its 52 per 
cent stake in Stet by the end of 
this year. 


interest income to L3,978bn, a 
rise of 19 per cent 

Difficult economic conditions 
restricted loans, and provisions 
for bad debts totalled more 
than L700bn, of which LISObn 
is not fiscally deductible. A fur- 
ther L226bn of unpaid interest 
is unlikely to be recovered. 

The ratio of bad debts to the 
bank's overall loans has risen 
from 3J per cent to 4J per cent 
but is below the average for 
the banking system. 


Publicis said that the resil- 
ience of its operations outside 
France had helped to counter 
the pressures on its domestic 
business. 

However, in spite of the 
downturn, the group last year 
expanded its French adrntis- 
ing activities by taking control 
of FCA!, which is one of the 
largest agencies in France and 
has interests in the US and 
other European countries. 


Details of 
UAL deal 
with unions 
due today 

By Patrick Harverson 
fn New York 

United Airlines will today 
release details of the wage and 
work rale concessions that the 
company's employee unions 
accepted on Friday night when 
they signed the final docu- 
ments on a S5bn labour-led 
buy-out of the airline. 

UAL’s management and 
machinists’ and pilots' uni ons 
signed the deal - which cre- 
ates the largest employee- 
owned company in the US - 
after ID days of tense negotia- 
tions. The talks had been 
going on since March 15, when 
the first deadline on conclud- 
ing the buy-out passed without 
an agreement because at the 
last minute the machinists' 
onion bad balked at some of 
the terms of the deal. 

At the time, machinists ware 
said to have been unhappy 
that management and non- 
contract employees were not 
accepting their fair share of 
concessions, and that UAL 
planned after the buy-out to 
offer newly hired non-union 
employees lower wages and 
benefits. Management and 
machinists, however, ironed 
ont their differences on Fri- 
day, allowing the buy-out to 
go ahead. 

Under the broad terms of the 
deal, the two onions have 
agreed to S5bn worth of wage 
and work rule concessions 
over the next six years in 
exchange for 53 per cent of 
UAL's stock. The union repre- 
senting the airline’s 17,500 
flight attendants was not 
involved in the buy-out negoti- 
ations because it refused to 
accept fiie concessions offered 
by management. 

UAL's shareholders, who 
will vote on whether to accept 
the buy-out this summer, will 
receive $750m in cash in the 
deal, which wifi come from the 
airline’s current cash holdings 
of $1.8bn. 


By NBdd Ta'rt in Sydney 

Foster's Brewing, the 
Australian brewer which owns 
Courage in the UK, is to net a 
ASQQQm (US$1 42m) profit from 
a complex restructuring of its 
investment in Beswick, the 
joint venture company which 
holds 322m shares in Broken 
Hill Proprietary. Australia’s 
largest industrial group. 

However, the deal will also 
reinforce the Beswick arrange- 
ment, to BHP's longer-term 
benefit. Nearly one-fifth of 
BHP’s equity will continue to 
be held through the joint ves- 
ture, and Foster’s will pledge 
to retain its 49.9 per cent vot- 
ing interest in Beswick until 
the year 2010. BHP itself, 
which has a 50 per cent voting 
stake in Beswick, also “intends 


By GiRian Tett in Brussels 

The impact of the recession on 
Belgian retailing was high- 
lighted last week after two of 
the country's largest retailers 
announced significant fails in 
annual profits. 

GIB, file international retail- 
ing group and Belgium's larg- 
est private-sector employer, 
reported a net loss of BFr&iibn 
($102m) last year, against a 
profit of BFr3-26bn in 1992. 

Delhalze “le Lion" group, 
which has a strong presence in 
the US, reported 1993 net con- 


By Richard Waters 

Ameritech, one of the US's 
seven regional telephone com- 
panies, announced that it 
would take a $335m charge in 
the first quarter to cover a 
planned cut of 6,000 from its 
non-management workforce by 
the end of 1994. 

The charge, equivalent to 60 
cents a share, echoes similar 
one-off charges announced by 


to retain all of its interest". 

Beswick was boro out of the 
various bid plays which sur- 
rounded BHP in the late-lSSOs, 
and involved entrepreneurs 
like Mr John Elliott and the 
late Mr Robert Holmes & Court 

Ahead of the restructuring, 
the BHP shares held by 
Beswick equalled about 19 per 
cent of the steel and natural 
resources group's equity. In 
turn, Beswick was 50 per cent- 

owed by BHP (in terms of vot- 
ing rights). Foster's held 499 
per cent and the residual inter- 
est was owned by ANZ Execu- 
tors and Trustee Company. 

Due to the appreciation in 
BHP shares since 1988, the 
value of the Beswick holding 
has increased significantly. 
Foster's, which has sizeable 
borrowings, has been keen to 


solidated profits of BFrlbn, 
down from BFr&3bn in 1992. 

Both groups insisted that the 
falls were partly due to 
restructuring and redundancy 
programmes implemented in 
Belgium and the US. In partic- 
ular, GIB said the reorganisa- 
tion of its Sarma unit had 
resulted in BFriLSbn of extraor- 
dinary costs. 

Meanwhile, exceptional 
charges arising from the clo- 
sure of 88 Food Lion supermar- 
kets in the US in 1994 reduced 
Delhaize's profits by BFrl.Btm. 

Nevertheless, broadly flat 


other "Baby Bells" in the past 
three months, among them 
Bell South, which set aside 
$1.2bn, Nynex ($1.6bn) and 
Pacific Telesis ($576 hl) 

The job cuts at Ameritech, 
from 48,000 non- manag ement 
workers, reflect pressure on 
local telephone companies 
from low growth and reduc- 
tions in revenues from provid- 
ing local access to 
long-distance companies. 


realise this value. BHP, how- 
ever. was unwilling to alter the 
Beswick ownership structure. 

The restructuring accommo- 
dates these conflicting desires. 
Beswick has issued new con- 
vertible redeemable prefer- 
ences shares to all three ordi- 
nary shareholders, on a 
one-for-10 basis. Virtually all 
the "economic value” of the 
Beswick stakes has transfered 
to the new preference shares, 
so that the only real signifi- 
cance of the ordinary shares in 
the future is their unchanged 
voting rights. 

Beswick plans to sell about 
15m BHP shares on the stock- 
market, in order to redeem the 
bulk of Foster's preference 
shares. This will result in a 
cash payment to Foster's of 
around A$245m, and a net 


sales and turnover also eroded 
profits. 

Sales in GIB’s European 
hypermarket and supermarket 
sector, which represent 61 per 
cent of total group sales, fell by 
09 per cent last year. Although 
this was partly offset by 9 per 
cent growth in the European 
DIY sector, total group sales 
rose by only 29 per cent in 
1993. 

Delhaize's sales in Belgium 
rose by 2.5 per cent, to 
BFr93.4bn. In the US, sales in 
the Food Lion group rose by 5.8 
per cent to $7.6bn. 


Ameritech's announcement 
on Friday came the day after 
accounting regulators had 
foiled to agree on tighter rules 
concerning restructuring 
charges. 

The Securities and Exchange 
Commission has argued that 
many companies are including 
in restructuring charges costs 
which should be attributed to 
their normal course of busi- 
ness. 


profit to the brewing group of 
about A$2Q0m. 

Foster's will continue to hold 
a small number of Beswick 
preference shares, plus the 
original ordinary shares. The 
value of that remaining bold- 
ing will be A$73m, equal to 
Foster’s initial investment in 
Beswick back in 1988. 

Foster's will commit itself to 
retaining its ordinary shares in 
Beswick until 2010 - compared 
with the previous agreed date 
of 1996 - but will be able to sell 
more of its remaining prefer- 
ence shares at five-year inter- 
vals. 

Beswick, meanwhile, will 
retain 307m BHP shares. BHP 
said that it intended to retain 
all of its interest in Beswick, 
both ordinary and preference 
shares. 


State Farm lifts 
estimate of 
earthquake loss 

By Richard Waters 
in New York 

January's California 
earthquake is likely to cost 
State Farm, the state's biggest 
insurer, about $lbn, according 
to the latest estimate issued by 
the company on Friday. 

The estimate is sharply 
higher than the $600m State 
Farm had initially predicted 
and ranks alongside the big- 
gest one-off losses in the indus- 
try. It follows upward revisions 
made by other US insurers in 
recent days and takes the total 
insured cost of the disaster to 
around Wbn. 

State Farm had said earlier 
in the week that it expected its 
original estimate to be ade- 
quate. However, on Friday it 
said that detailed examinations 
had revealed more severe 
structural damage than had 
been anticipated. 

The scale of the damage 
stemmed from the unusual 
nature of the earthquake, 
which caused the ground to 
move in ways not normally 
experienced during earth- 
quakes in the area, it said. 


Italian bank raises dividend 


hits Publicis profits 


Setbacks for Belgian retailers 


Ameritech to cut staff by 6,000 


NOTICE OF PARTIAL REDEMPTION 


JAPAN AIR LINES COMPANY, LTD. 

(Nippon Kofcfl Kabasbfld Kasha) (the “tepirf) 

0 JS. $42,150,000 10 7/8 percent. 

Bearaeleed Bonds (hie 1998 (the “Boeds”) 

NOTICE IS HEREBY GIVEN, that the foliowing Bonds of the Com- 
pany, in the aggregate amount of £4,150,000 havebeen drawn foe redemp- 
tion on April28, 1994 (the "Redemption Date") for the account of the 
Sinking Fund at a redemption price (the "Redemption Price‘S of 100% of 
the principal amount thereof. 

SEAL WEBBS OF BEARER BOBS CUIO FOR BOWim 


1 ! 


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10381039 1040 1041 1042 1046 1047 1048 1049 10S3 1055 1059 1062 
1063 1064 1065 1068 1067 1068 1068 1070 1071 1072 1077 1078 1078 
1082 1085 1066 1068 1089 1090 1082 1094 1095 1086 1097 1098 1101 
1102 1105 1106 1107 1109 1113 1115 1118 1117 1120 1121 1122 1126 
11271128 1129 1132 1133 1134 1135 1137 1139 1142 1143 1145 1146 
1153 1154 1155 1157 1163 1164 1165 1166 1167 1168 1169 1171 1172 
1173 1178 1177 1178 1179 1181 1183 1185 1187 1188 1190 1192 1196 
1198 1199 1200 1201 1202 1203 1205 1206 1207 1206 1209 1211 1212 
1213 1214 1215 1217 1218 1219 1220 1223 1224 1225 1226 1231 1233 
1234 1236 1238 1239 1240 1041 1243 1245 1249 1251 1253 1254 1255 
1256 1257 1258 1259 1261 1282 1264 1270 1271 1272 1273 1275 1277 
1278 1279 1282 1285 1287 1288 1290 1291 1292 1293 1294 1296 1299 
1300 1301 1302 1303 1304 1306 1307 1308 1311 1314 1315 1316 1317 
1318 1320 1321 1324 1325 1326 1327 1326 1328 1330 1331 1332 1333 
1334 1335 1336 1337 1338 1340 1342 1343 1344 1348 1351 

Payment of the Redemption Price will be made upon presentation and 
surrender of the Bonds called for redemption, together with all coupons 
appertaining thereto maturing after April 2 B, 1994, at Ihe principal office 
in the city Indicated of any of the following Paying Agents 



Eunetcom 

Global connections for global enterprises 
Individual solutions for individual needs 


With the mounting demands of today's business 
environment and the pressure to remain competitive as 
well as to expand market share in an increasingly borderless 
world, it is reassuring to know you can turn to a partner 
who is solely dedicated to proactively meeting the needs of 
multinational clients. A partner who has the solid backing 
of two of the world's leading operators, France Telecom 
and Deutsche Bundespost Telekom; a partner committed to 
quality, the investment in superior technology and premium 
calibre personnel; a partner dedicated to client satisfaction 
on a global scale - this partner is Eunetcom. 

Responding to the variety of complex 
requirements of the multinational enterprise, 

Eunetcom provides a completely modular 
solution programme comprised of Managed 
Bandwidth Services, Private Network Solutions 


and Outsourcing Services. The application of sophisticated 
Telecommunications Consultancy and Management Services 
ensures that each solution is tailored to the unique demand 
of your network, your business and your budget. For more 
information about how we can help you to transform your 
network into an increasingly powerful business tool, please 
contact your local France Telecom or Deutsche Bundespost 
Telekom office or the Eunetcom marketing department at 
Eunetcom SA : 

La Grande Arche 
1, Parvis de la Defense 
Pilier Nord 15th floor 
F-92044 PARIS La Defense 
Tel : 33 (1) 40.90.51.00 
Fax : 33 (1) 46.93.91.05 

Eunetcom - a joint venture company of France 
Telecom and of Omitsdio Bundespost Telekom. 




The Bank of Tokyo, Ltd- in Paris 
The Industrial Bank of Japan, Ltd. in London 
The Bank of Tokyo, Ltd. in Brussels 
The Industrial Bank of Japan (Luxembourg) SA. in Luxembourg 
Bank of Tokyo (Switzerland}, Ltd. in Zurich 
Indus triebank yon Japan (Deutschland) A.C. in Frankfurt/Mafn 
On and after the Redemption Date, interest on the Bonds to be re- 
deemed for this SinfonglWwUlcea8etoacGrue.ThecoupOTfOTm 

payable on April 28, 1994 should be detached and presented for payment 
in ihe usual manner. 

JAPAN ABODES COMPANY, LTD. 



Eunetcom - enterprise solutions to promote business evolution 


eunetcom 


By; The Bank of Tokyo Trust Company 

as Fiscal Agent 


Dated: March 2S, 1994 





16 


The Markets 

THIS WEEK 
Global Investor / Martin Dickson in New York 

Breaking the bear’s chains 


FINANCIAL TIMES MONDAY MARCH -8 1994 


Total ratum Ui local currency to 24 / 3 /M 


% dang* over period , 


US Jagon Qtfmov Franc* 


UK 



The first quar- 
ter results sea- 
son begins in 
the US in a few 
weeks' time, 
and Wall Street 
Is expecting 
strong earnings 
gains. Could 
this be a trigger for US stock 
markets to decouple from the 
bearish influence of the bond 
market of the past two 
months? 

Ever since the Federal 
Reserve tightened monetary 
policy on February 4, and sent 
the fixed income market div- 
ing. US equity markets have 
taken their general direction in 
large measure from the jittery 
bond market. That said, a 
remarkable feature of the tur- 
moil in global markets since 
February 4 has been the rela- 
tive stability of US equities. 
The Dow Jones Industrial 
Average has fallen little more 
than 4 per cent from its 
all-time high, reached at the 
end of January, compared to a 
decline of about 6 per cent in 
Treasury bond values since the 
Fed tightened; the Russell 2000 
index of small capitalisation 
stocks has outperformed the 
wider market, hitting several 
new highs this month. 

There is no small irony in 
this, since Fed tightening was 
widely expected to blow a lot 
of froth off equity markets, 
while reassuring the fixed 
income segment that the bank 
had inflation firmly under con- 
trol But the big equity market 
corrections have been outside 
the US - mainly in emerging 
markets - as American inves- 
tors' enthusiasm for foreign 
parts has cooled, and the 
resulting repatriation of funds 
may have helped stabilise US 
equities. 

The US equity markets even 
took in their stride last week's 
unsettling combination of a 
second tightening by the Fed; 
the first rise In the prime lend- 
ing rate in four years; a flurry 
of fresh political posturing in 
the Whitewater affair and the 


Hong Kong under pressure 


Hong Kong 

Hang Seng Index 


China: inflation 

Annual 96 change in Urban CPI 



assassina tion of the front-run- 
ner to be the next leader of 
Mexico. That said, Friday after- 
noon's drop in the long bond 
through 7 per cent did sent the 
Dow down sharply. 

Stocks may be, as some Wall 
Street analysts maintain, only 
halfway towards a post-tight- 
ening correction of roughly 10 
per cent, yet the market's 
behaviour over the past few 
weeks suggests considerable 
resilience, and potential for 
recovery, when stocks com- 
plete their current adjustment 
from a world where their pri- 
mary fuel is falling interest 
rates to one where earnings 
are the driving force. 

Wall Street is expecting solid 
double digit earnings increases 
both this year and in 1995 as 
the economy expands rapidly 
and companies benefit in pro- 
ductivity gains from the 
restructurings of the past few 
years. 

Stocks would certainly bene- 
fit from a recovery of the bond 
market’s nerve, but the rally in 


Treasuries which followed last 
week's Fed tightening has now 
been replaced by anxiety about 
the hank's next turn of the 
interest rate screw, which 
could come on or about May 
17, the date of the next policy- 
making Open Markets Commit- 
tee meeting. Certainly, its hard 
to see Treasuries making much 
progress ahead of the employ- 
ment figures for February, due 
out on Good Friday, though 
thereafter a reassessment of 
economic fundamentals could 
help it claw back some of its 
recent losses. 

While history is no sure 
guide to the markets, the 
behaviour of stocks and bonds 
following the 10 initial Fed 
tightening moves which have 
occured over the past 30 years 
throws up some interesting 
statistics. An analysis by Eliza- 
beth Mackay at Bear Stearns 
shows that six months after 
the tightening the S&P 500 
index was on average L2 per 
cent higher and a year later it 
was 6.1 per cent higher. 



We take pleasure in anmnineing that 
effective from March 28, 199k 
our new address will be: 


Haus an der Borse 
Rahmhofstrasse 2-4 
60313 Frankfurt 

Telephone: +k9 69 2166-0 


MORGAN STANLEY GMBH 


China: Real GDP 
Annual % change 


i - l- - l i i i L I L U 

1986 S7 88 88 60 91 82 93 94 

Source: DatastreanVSU 

However, those averages 
hide some large disparities: for 
example, a year after the 
Mhrch 1981 tightening the S&P 
was down 16.9 per cent while 
it was up by a similar amount 
following the February 1988 
action. And on three occasions 
these rallies ended in bull mar- 
ket peaks: 1972, 1981 and 1987. 
In other words, post tightening 
rallies can end nastily. 

■ European bonds 

Could the next few weeks 
finally bring about the much 
predicted decoupling of Euro- 
pean long bond prices from US 
Treasuries? European markets 
followed the US into a sharp 
decline following the Fed's 
February 4 ti g htening , much to 
the surprise of many analysts 
and hedge fund managers, and 
they have yet to rally, even 
though the economic funda- 
mentals on the two sides of the 
Atlantic remain very different 

With main continental econ- 
omies still in recession, the 



198887 88 89 9091 92 S3 94 


trend is stm to easier money, 
but the fixed income markets 
are still waiting for a strong 
lead from the Bundesbank, 
which has been edging rates 
down at a snail's pace. Last 
week the Bundesbank cut the 
key repurchase rate by S basis 
points, taking its month-long 
reduction to 20 basis points, 
and Alison Cottrell at Midland 
Global Markets reckons that is 
consistent with a 25 basis point 
cut in the discount rate and 50 
basis points off the Lombard 
rate at the bank's April 28 
meeting, provided the cost of 
living infla tion figures for the 
month comes in at less than 3 
percent 

■ Hong Kong 

Hong Kong has suffered one 
of the greatest drops of any 
leading equity market since 
the Fed tightened. But with the 
Crown colony in the middle of 
a reporting season producing 
strong results, has the correc- 
tion run its course? 


The market in common with 
others in south-east Asia, 
enjoyed a wonderful run in 
1993 as US investors focused 
more clearly on the region's 
rapid growth; but a combina- 
tion of growing political ten- 
sion between the US and 
China, and the Fed's tighten- 
ing, has sent Hong Kong into 
sharp reverse. 

Fed tightening matters 
partly because it has discour- 
aged a flow of US funds into 
emerging markets and partly 
because the Hong Kong dollar 
is pegged to the US currency, 
so US rate rises feed through 
into the local market. On Fri- 
day. Hong Kong banks began 
ti ghtening , with a 0.25 per cent 
rise in their base rates. 

The bull case for Hong Kong 
is that at current levels the 
market is good value, com- 
pared to most other leading 
equity centres. Earnings are 
expected to grow 15 per cent or 
higher this year, on the back of 
similar increases for the past 
few years, and the market’s 
prospective p/e ratio Is about 
15 to 16 for 1994. falling to 13 to 
14 next year. 

The market also remains the 
easiest way to place a bet on 
the extraordinary spurt of 
gro wt h transforming mainland 
China. Against that, however, 
are several large negatives. 
The Hong Kong property mar 
ket - a particularly large com- 
ponent of the Hang Seng Index 
- is overvalued, and could be 
vulnerable to a continued rise 
in long US rates, though for 
the moment Hong Kong rates 
remain negative in real terms. 

The political and economic 
climate in China is also casting 
a long shadow. The market has 
learned to shrug off the dispute 
between the British Governor 
and Beijing over democratic 
reforms in the colony, assum- 
ing that when China takes con- 
trol in 1997 it will not want to 
destabilise such an important 
economic asset. 

However, This year’s round 
of annual brinkmanship 
between the US and China 


Cash 

Week 

Month 

Year 

0 Off 
0.28 - 
3.44 

0.04 0.10 

0.19 0.51 

aas 6.88 

0.12 

0.53 

8.69 

0.15 

0.68 

11.06 

aio 

0.43 

5JJ3 

Bonds 3-5 yew - 





Week 

-0.46 

-0.06 -0.55 

-0.70 

-0.67 

-1.00 

Month 

-1.47 

-0.87 -0.67 

-0.86 

- 0&7 

-2.10 

Year 

2.59 

5.43 7.53 

10.83 

20.34 

8.42 

Bonds 7-10 year 





Week 

-1.08 

-0.09 -1.38 

-1.83 

-1,33 

-2,53 

Month 

-2.80 

-1.77 -1.88 

-2.69 

-2.64 

-4,08 

Year 

2.27 

5.35 7.29 

11.91 

27.18 

6.84 

Equities 





" 

WOek 

-1 £ 

-2.1 -0.1 

-3.9 

-2.8 

-3.8 

Month 

0.3 

0.3 2.7 

-2.7 

2.1 

-3.9 

Year 

6.4 

16^ 29.7 • 

18.3 

42.5 

1S.2 

Boot performing stack* from FT-A Worid tm&ces 

fn local currency to 24/3/M 







- *<. BOVS* — 




CJOM 

WMk 

Mwdb 

Yar 

Deeflaaaf Gold (SA) 

8.00 

17.0 

16.8 

113^ 

TV Broadcasts (HK) 

33-25 

17.5 

18.B 

104.0 

Ranger Oi (Canada) 

0.50 

17.2 

25.9 

54.5 

Freestate (SA) 

72.00 . 


18.6 

98.6 

Randfontefn Est(SA) 

50.50 

ie.r 

30,3 

201,5 

Driefontetn Gold (SA) 

59.85 

10.0 

19.7 

57.5 

Soutiwaal HWg (SA) 

163.00 

15.6 

455 

156.7 

Guoco Group (HK) - 

37.23 

15.5 

3.5 

104.7 

Fsmsa B (Mexico) 

n.a. 

14.6 

-11.0 

64.5 

HK Aircraft (HK) 

44.50 

14.1 

- 8 ^ 

54.5 


Sourox Ctsh& Bonds - LsHmsn Brathara. En^ - O NattVMt SteuttM. 

TIM FT-Actnarii* Worid todcas cm JoWfy owned by Tte «n»ncM Tbm« Lkntad, 
QaMnran Sachs A Co- and NaMtaaf SaouMaa Umflad 


over American demands for 
human rights concessions by 
Beijing, in exchange for 
renewal of most favoured 
nation trading status, has been 
particularly bruising. And 
while most analysts expect a 
comprise to be reached - the 
US needs China's good offices 
in the nuclear weapons con- 
frontation with North Korea - 
there remains the possibility 
that one side or the other could 
make a serious misjudgement 
David Roche, an analyst at 
Morgan Stanley, reckons that 
failure to sign a deal could cut 
Hong Kong’s GDP growth this 
year from the forecast 5 per 
cent to 3 per cent 
Also wei ghing on the market 
are domestic Chinese issues. 
Deng Xiaoping, China's leader 
since 1979 and the guiding 
hand behind its pragmatic eco- 


nomic expansion, is 88 and on 
a recent appearance looked 
extremely frail. His death 
could provoke a power struggle 
or weaken central government 
control. At the same time, it is 
far from certain that the gov- 
ernment can succeed with its 
policy of slowing growth (from 
IS per cent last year to 9 per 
cent this sear) and reining In 
inflation, without a hard land- 
ing which would also hit Hong 
Kong's growth. 

Over the long term, the Chi- 
nese market bolds immense 
potential, but with the current 
economic cycle looking long in 
the tooth, and international 
investors wary, it Is hard to see 
what is going to re-lgnlte the 
Hong Kong market in the near 
term, though any decline 
through 7,500 would present a 
good buying opportunity. 


Economic Eye / Martin Wolf 

In praise of the international 
monetary non-system 



The floating 
exchange rate 
non-system 
comes of age 
this month. It 
was 21 years 
ago, in March 
1973, that the 
attempt to sus- 
tain the postwar system of 
fixed but adjustable exchange 
rates was abandoned. But that 
is not the only anniversary. It 
was also 50 years ago, in July 
1944. that the conference at 
Bretton Woods, New Hamp- 
shire. designed the system that 
expired in 1973. 

It is timely, therefore, to ask 
whether the global system of 
dirty floating either will, or 
should, endure for the next 21 
years, or more. The answer is 
that it both will and should. 

Floating exchange rates have 
had relatively few friends and 
many enemies. Yet nothing 
successful has been put in 
their place. Small countries are 
able to make credible commit- 
ments to fixed exchange rates, 
be it through currency boards 
(In the case of Hong Kong, for 
example}, the ERM 0n the case 
of the Netherlands) or just a 
unilateral target (in the case of 
Austria). Large countries find 
it far more difficult. Even 
France, most devoted to the 
cause of fixed exchange rates 
of the members of the group of 
seven leading industrial coun- 
tries, had to concede 15 per 
cent fluctuation bands within 
the ERM last summer. 

It looks as though the world 
must learn to stop worrying 
and love floating exchange 
rates. Would that be so bad? 

The chart shows what has 
happened to exchange rates of 
the three major currencies - 
the dollar, the yen and the 
D-Mark - since 1971, the year 
when President Nixon's admin- 
istration devalued the dollar, a 
decision that led ultimately to 
generalised floating. Five 
points emerge: 

• there is a considerably 
amount of short term "noise" 
in the movement of nominal 
exchange rates; 

• there was one huge swing 
in nominal exchange rates, 
which began, in 1980 and end- 
ing in 1987; 

• that swing went into 
reverse in early 1985, well 
before the celebrated meeting 
of the G7 finance ministers at 
the Plaza Hotel in New York; 

4 there has been a fairly close 


Ups and the downs of floating exchange rates 

D-Maric 


D-MaifcperS A 
1.0 


Plaza L ouvre Berlin Wan 
accord accord 



197172 73 74 75 76 77 78 79 80.81 BZ 83 84 85 8887 888S 90-91 82 83 94 


Bed effective exchange tirta 
Based on rotattue whotosafe pjfces.ril 1971 » 100 
160 


400 



correlation between swings in 
nominal and real exchange 
rates, although this has been 
less true for the D-Mark than 
for the other two, because Ger- 
many is shielded by the ERM; 
• there have now been some 
seven years of reasonable 
exchange rate stability. 

This last fact explains why 
schemes to reform the interna- 
tional monetary system - com- 
mon in the mid-1980s - have 
ceased to attract much atten- 
tion today. But it also helps 
put the earlier dollar “bubble" 
In proper perspective. 

Neither credible exchange 
rate commitments nor inter- 
vention explain the long period 
of relative stability, at least 
after 1987. This underlines the 
point made by Professor Max 
Carden of the Johns Hopkins 
University School of Advanced 
International Studies in Wash- 
ington DC, in a book to be pub- 
lished later this year that 
“managed floating is not 
incompatible with considerable 
exchange rate stability".* 

The conditions for this are 
low and stable inflation in all 
participants and the absence of 
major shocks. Destabilising 
shocks do have to be major 
ones. Even the fall of the Ber- 
lin Wall resulted in only a 
modest appreciation of the 
D-Mark against the dollar, 
though it did lead to a melt- 
down in the more rigid ERM. 


In the mid-1980s, the non-sys- 
tem looked far more erratic. 
Now it is possible to recognise 
that the ultimate cause of the 
rise of the dollar was an excep- 
tionally large shock in the 
world's biggest economy: the 
tightening of monetary policy 
under Paul Volcker, chair man 
of the Federal Reserve, com- 
bined with the loosening of fis- 
cal policy, under President 
Ronald Reagan. 

It is also unlikely that any 
other exchange rate system 
could have coped better with 
such a shock. Professor Cor- 
den’s book, which shows just 
how economic analysis ought 
to be used to clarify important 
questions for an educated gen- 
eral public, indicates why. 

Suppose that it is accepted 
that the dollar had begun to 
overshoot seriously by 1983 
and 1984. what would have 
bean the consequences of using 
monetary policy to stop the 
trend? The likely answer, as 
we know from British experi- 
ence with a similar bubble in 
1987 and 1988, is that US infla- 
tion. would have risen instep 
It is possible that the total real 
exchange rate appreciation 
would then have been smaller. 
What is much more important 
is that the loss of competitive- 
ness would have been more dif- 
ficult to reverse under greater 
exchange rate stability. It 
would have required falling 


prices or at the least rapidly 
falling inflation, rather than 
the depreciation of the nominal 
exchange rate that occurred. 

Not only has the present 
non-system been functioning 
quite well for some years. It is 
also difficult to conceive of any 
workable alternatives. The fate 
of the ERM has demonstrated 
the vulnerability of any fixed 
exchange rate system with 
imperfect credibility and free 
capital movement One alterna- 
tive would be a credibly fixed 
exchange rate system, such as 
a currency board or, for large 
countries, a currency union. 
The only other would be a 
float but the more explicitly 
the exchange rate is managed 
within the float the greater its 
vulnerability to speculation. 

As Professor Corden puts it. 
“the current laissez falre Inter- 
national monetary system is 
simply a market system, which 
co-ordinates the decentralised 
decisions reached by private 
and public actors and Is likely 
to be as efficient at this as the 
market system within the 
domestic economy." In other 
words, floating exchange rates 
among major currencies offer 
the worst possible system 
except for all the others. 

* W Max Corden, Economic Pol- 
icy. Exchange Rates, and the 
International System ( Oxford : 
Oxford University Press, forth- 
coming). 


v 






m 






FINANCIAL TIMES MONDAY MARCH 28 1994 


17 


EMERGING MARKETS: This Week 


The Emerging Investor / Damian Fraser 

A sense of calm returns to Mexico 


The skilful management of 
events by the Mexican govern- 
ment and confidence in conti- 
nuity of economic policy 
enabled Mexico's stock market 
to avoid the crash that had 
been predicted after last 
Wednesday's assassination of 
Mr Luis Donaldo Colosio, presi- 
dential candidate of the gov- 
erning party. On Friday, the 
first day of trading since the 
murder, the market index fell 
by less than 1 per cent. 

The emergence of Mr 
Ernesto Zedillo, a former bud- 
get minister, as favourite to 
take over from Mr Colosio, and 
the $6bn line of credit arranged 
with the US treasury were par- 
ticularly Important in reviving 
investor spirits after the initial 
panic. Mr Zedillo is from the 
inner circle of President Sali- 
nas's advisers that have been 
managing economic and social 
policy for the past five years. 

Nevertheless, the assassina- 
tion of Mr Colosio, who was 
heavily favoured to win this 
August's election, comes at a 
moment of extreme political 
uncertainty for Mexico, and 
may exacerbate an already 
tense political situation. Over 
the past three months there 
has been, apart from the assas- 
sination. a peasant uprising in 
the state of Chiapas, the head 
of the country's largest bank 
was kidnapped, and Mr Manuel 
Camacho, the peace envoy in 
Chiapas has been rumoured to 
be on the verge declaring as an 
Independent candidate for the 
presidential elections. 


CURRENCY MARKETS 


Ten boat per fo rm i ng stocks 


Stock 

Country 

Friday 

«Ct0SB 

Week m e«*k change 

S % 

Lord a Houses 

Tltatend 

20^068 

2.0284 

ia75 

Introcom (Common) 

Greece 

59.1535 

6-5652 

10.49 

Sian Conent 

Thailand 

38.6458 

3.41B7 

9.70 

Cifra (B) 

Mexico 

2L9634 

02443 

ass 

Fomento EconomicO Mexicano 

Mexico 

5.4678 

0.4465 

839 

TfiJeconasia 

Thailand 

3-7616 

03059 

8-65 

Grupo Carso 

Mexico 

9.6294 

0.7775 

8-78 

Ctfra (P) 

Mexico 

2.6533 

0.2062 

8.43 

Advanced Info Services 

Thailand 

31^937 

2.4518 

8^0 

Cia Corvecerias LMdsa 

Chile 

4.6685 

0-3404 

7.87 


Sum Banna SecuttM 


Elsewhere in Latin America 
the immediate effect of the 
assassination was to depress 
prices, while on the jittery US 
stock market the Dow Jones 
average fell by l per cent. 

Brazil's S3o Paulo stock 
exchange fell nearly 5 per cent 
on Thursday, but then bounced 
back with a gain of 6 per cent 
on Friday. Local fluid manag- 
ers and brokers are divided 
about whether the assassina- 
tion will have a Longer term 
impact an the traditionally vol- 
atile Brazilian market 

The European investment 
community would adopt a 
wait-and-see attitude, with 
most fund managers cautious 
but not too worried, according 
to a Latin American analyst at 
Kleinwoit Benson in London. 
In fact, last week's events 
might have the beneficial 
effect he said, of getting rid of, 
or at least postponing, some of 
the more speculative new 
issues that had been planned 
for the coming months in 
Mexico. 


Forthcoming economic data 
in Mexico wil 1 be closely 
watched. The economy is 
weak, having shown two suc- 
cessive quarters of negative 
growth in the second half of 
last year. If the political uncer- 
tainty created by the assass ina- 
tion shakes consumer confi- 
dence, it could threaten to 
choke the economic recovery, 
and cut the earnings growth of 
quoted companies. 

However, several factors are 
working in favour of the mar- 
ket 

Investors attributed some of 
the market’s resilience to two 
derisions taken by the govern- 
ment. In closing the foreign 
exchange, stock and money 
markets on Thursday, the gov- 
ernment prevented trading 
when the political situation 
was at its most tense. By arr- 
anging the tirnw of credit with 
the US treasury, the finance 
ministry was able to make 
credible its commitment to 
defend the peso within the pre- 
set band. 


There was also a touch of 
good luck. The day after Mr 
Colosio was assassinated, the 
government completed negotia- 
tions to join the Organisation 
for Economic Co-operation and 
Development. Membership of 
the OECD, while largely sym- 
bolic, is seen by many inves- 
tors as a sign of faith in Mexico 
by the world’s industrialised 
nations. 

Some foreign investment 
houses have seen the crisis as 
an opportunity to buy back 
into the market Mexican equi- 
ties have already fallen in dol- 
lar terms by 102 per cent this 
year. Investment houses such 
as Goldman Sachs advised cli- 
ents to buy stocks that were 
being sold in panic, in the 
expectation that when political 
uncertainty is resolved, stock 
prices will rise. 

Prospects for political stabil- 
ity quickly returning are 
mixed. Mr Colosio's assassina- 
tion raised the spectre of tur- 
moil as the ruling party c hose 
Its new presidential candidate. 
Yet in the longer run, some 
analysts argue, the killing 
might reduce political risk. 

Their belief is that Mr Colo- 
sio's death will cause the coun- 
try to unite around the ruling 
Institutional Revolutionary 
Party and its new presidential 
candidate. He. it is assumed, 
will carry on the economic pol- 
icies of President Salinas that 
have so favoured by foreign 
and domestic investors. 

“The PRI is more likely to 
win now than before," says Mr 


Jorge Martscal, head of Latin 
American research at Gol dman 
Sachs. “Hie tragic event win 
unity the party, force the oppo- 
sition to tone down protests, 
and because Mexicans will 
rally around the flag, help the 
government". 

Such a view has gained cre- 
dence as Mr Zedillo emerged as 
the clear front-runner to suc- 
ceed Mr Colosio as the presi- 
dential candidate. The killin g 
also seems to have put an end 
to the political career of Mr 
Camacho, who had been 
viewed by some investors as 
the main destabilising force 
this year. 

If the political uncertainty is 
resolved, then the key element 
driving the market will be 
earnings growth of quoted 
companies, says Mr Timothy 
Heyman of Baring Securities. 
Baring reckons that earnings 
will increase by 21 per cent 
this year. Given that the price/ 
earnings ratio of the Mexican 
market is 14.1 - compared to 
1&2 in Argentina and 202 in 
Brazil - this would leave room 
for strong gains this year. 

Mr Robert J Polaski of Mor- 
gan Stanley warns that earn- 
ings estimates may be cut if 
the assassination shakes con- 
sumer confidence. And if the 
recovery fails to materialise, 
this is sure to complicate 
efforts by the ruling party to 
win a convincing and trouble- 
free election this year. 
Additional reporting by Patrick 
McCurry in S&o Paulo and 
John Pitt in London 


Nervous week for sterling and dollar 


Dollar and sterling investors will tins 
week be watching foreign exchanges 
nervously following volatile trading at 
the end of last weriL 

Both currencies fell through key sup- 
port levels, with the dollar reaching a 
low of DM1.6595 in London on Friday 
and sterling touching DM2.4880. 

The trading week will be truncated 
with most markets closed on Good Fri- 
day. A key exception is in the US where 
the Bureau of Labour Statistics has 
resisted high-level representations and 
is pressing ahead with the release 
of key labour market data on the 
day. 

March non-form payrolls and hourly 
earnings figures will be closely watched 


for evidence of infla tion. There is some 
doubt, though, whether they can 
have much effect on the dollar’s 
fortunes. 

Mr Gerald Holtham, chief interna- 
tional economist at Lehman Brothers, 
notes: “The problem with the dollar is 
that all plausible increases In Fed funds 
are already priced in". 

On Friday, the December eurodollar 
contract on Liffe settled at 94.78, dis- 
counting three month rates of 522 per 
emit at the end of year. Hus compares 
with dollar three month currently trad- 
ing at 3.78/3.90 per cent 

In the UK, attention will focus on 
Wednesday's monthly monetary policy 
meeting between Mr Kenneth Clarke, 


the chancellor, and Mr Eddie George, 
the B ank of En gland governor. 

Hopes of an interest rate cat, how- 
ever, have receded following a worse 
than expected February retail price 
inflation number; the weakness of 
sterling and considerable pessimism 
about the interest rate outlook, 
reflected in the short sterling futures 
market where prices fell sharply on Fri- 
day. 

Most analysts believe the market has 
overreacted and that another 25 basis 
points cut in the base rate, to 525 per 
cent, is possible. 

The timing of a possible cut looks 
likely, however, to be delayed into the 
summer. Any cut in the current climate 


runs the risk of undermining sterling 
and the gQts market even further. 

The outcome of the Italian elections, 
expected on Tuesday, is another impor- 
tant event. The market appears to 
favour a strong, preferably centre-left, 
government 

A strong showing from the fascists in 
the south, however, could unse ttle mar- 
kets and push the lira below LL000. 
The French franc is also in the spot- 
light 

Concerns about whether monetary 
policy is not too tight high unemploy- 
ment and rioting in the streets have led 
some observers to predict that the 
French currency could slip as low as 
FFr3.48 to the D-Mark. 


FT GUIDE TO WORLD CURRENCIES 


Tho tabto ttttow Qtvos (he Heat awM>l8 rotas Ol exchange (rounded) against for hoy c u rrencies on Friday. March 25. 1994 . in some cases the rota is nominal. Maricet rates are the average of buying and GCBng rates except 
whve they am shown to be otherwise, in some cases mariwt rates haw been calculated from those of taei^i currencies to which they are tied. 


cars 


US* D-MARK 


YOi 
(* to* 


C STB 


UBS MURK 


YHM 


csxu 


US* D-MARK 


(X toot 


Alghtintamn 
Mxm 
Mg Ml 
Antoni 

Angola 

Antigua 

Argsntm 

Anita 

Australia 

Atnsia 

A.TWS 


Bahrain* 
Bahrain 
Bafcreic b 

BafoMMi 

Barbados 

BidgUm 

Beta 

Bartn 

Bamudo 

Buon 

BoMa 


Brad 

Braid 

Brforti 

BuWng Fs 

Bums 

Burma 


<Mghaa« 
(L*W 
pman 
(FrFr) 
(Sp Paavo} 
(Naw KmnJ 
fECarrh 
(Ptool 

Pu*S» 

&*®ng| 
[Per! EaoKJnj 


PrfonaS 

(Dnofl 

ftiPtoeto) 

(BcrtS 

®V*S 

(CFAFQ 
fftonwSonS) 
(Ngribunl 
CBoMtaw) 
(Plfo 
fOurero Real) 
(Bnms 
fce«l 

l fCFAFr) 
(Bunnd Fl) 


2557.40 

144457 

300M7 

65608 

SOSjUH 

SIBSZJP) 

40*19 

1.4977 

£6708 

2.1003 

170298 

236060 


1.4975 

03W7 

209.488 


1707.78 

100863 

3430*9 

5.710 

137221 

340828 

2699 

1.0081 

1-7883 

1.4006 

11.7061 

172345 


0377 

137.221 


201 OB 
51.4846 
29040 
85528 
1*975 


8.8284 


247108 

3441803 

10883 

571008 

1 

310068 


n Pn| 

(Yuan) 


Caiteda 

Cameroon £FAft) 

Canada pradUnS 

Canary b (SpPewMJ 
Cp Veida (Cl/Eaario) 
Cayrncai b (OS 

Corrt-Ab nap (CFA Ft) 
Chad fCFAFi) 

CtWe (CMerai f 

Cnm 

Cctoitoa tCoi Pare) 
OS* Pout** 

Camaras SFA Ft) 

Congo (buzz) (CFA Fi) 
C/reaPfca prawo 

COW dMiM fCFA ft) 

Croatia Store) 

C**m {Cuban Pasdl 

Cffnn (Cffruiq 

CrochRepi (Koran* 

Donnarfc Daman Krona) 
P^uuU Rap (Pt*J Ft) 
Etonraca ff Conti 3) 

Dorrunlcjn Hep pPaaw 
Ecuador (Sucre) 

Fgypt tEmptionQ 

U&nhmDor (Cokm) 

Squall GuMeti (CFA Ft) 
Eslotiai Biroon) 

Etttofxa iBMopmn Bln) 

FoiUand I* IFafc Q 

Faroe h fftanhti Kroon) 

F*b tr**t 

Fnknd ptoMofl 

Franca PI 

Fr. CtyAinca (CFA Ffl 
ft. Guiana (Local Fri 

ft. Porte la PFP Ft) 

Crtm (CFA ft) 


12B308 

23027 

30.70 

856® 

6477S 

38702 

5338.50 

85500 

20507 

806488 

1114)7 

1.2275 

u&n 

05508 
041.600 
120297 
1230.63 
087170 
900806m 
86690 
83508 
93015 
H5&98 
891705 
1.1338 
07532 
4300 
90466 
266.70 
40419 
105360 
300A5DO 
3099 80a 
50674 
120990 
»y«« 
180368 
70800 


100 
9.6*65 
224 75 
80388 

arose 


26758 

88*033 

ism 

205108 

571008 

00288 

258045 


340583 

571000 

10747 

197021 

74.1708 

00190 

671.800 

571000 


102300 

05020 

140710 

24268 

B24W76 

207980 

10181 

05898 

141727 

Q0«32 

7.0181 

102325 

05905 

0226 

820875 

225806 

10054 

200119 

1.1986 

34200* 

nwan; 

180043 

2.7337 

10*98 

618012 

OJMSB 

150808 

342094 

3.7943 

196405 

200745 

00949 

83-70/5 

44/4071 

0/4914 

30084 

m_em 


163068 

104098 

232077 

S4S8 

131.026 

331200 

20779 


Oontlb 

Germany 


P^MriO 

Buq 


14.7455 

2/4978 

140100 

100 


I. 7088 
1043 

II. 1778 
164084 


09548 

028 

131.028 

370946 

19188 

320982 

1908 

646001 

09548 

289482 

4064 

2.450 

828.027 

10085 

23014 

646001 

00*31 

947051 


Greenland (Pndrfi Krone) 
IE CarrS) 

•■88 
HhgonweS 

(Qoudol 


90485 

40418 


Guyana 


Hong Kong 

Hungry 


***> 

Port* 


Icatand gcebraSo Krona) 

Ms Jncfan ftjpee) 

Indonesia 

ken pa* 

Iraq foqinna) 

trWi Rap pwn) 


10976 

8.7380 

1*62.10 

17181.60 

181015 

179840 

113116 

110688 

162284 

10703 


8.7009 

821.79 

05821 

1749 

671006 

571006 

188080 

571.606 

816020 

07571 

05028 


62164 


00468 

104408 


06762 

178987 

2.080 

150457 

200804 

2O870T 


80508 

19520 

66698 


67472 

571.600 

130133 

49282 

08877 

00752 

10OOB 

65684 

5.716 

57190B 

5.718 

102039 

571006 


542.604 

92.1*1 

342084 

306027 

04538 

03015 

170964 

2942 

100.774 

1.6181 

70212 

120286 

1238/41 

2/0287 

50*42 

342004 

70817 


545001 

10120 

131026 

708918 

07828 

6*5901 

6*5901 

409-047 
80061 
784. SB 
n«a 
168358 
645901 
S4&0O1 
140.761 
549001 
6877.43 
0.7229 


holy M*J 

4mfc» Vtomk*n«k 
Japan ( VDn ) 

Jordan WordBrtan OWre) 
Kenya OtanyeSKfort 
KHMI {Auwabm# 

Korea North (Won) 

Korea SeuOi (Wen) 

IDmorl 


OJto) 

U 


L**o 


04003 

0342 

Q08O7 

3335* 

3.4268 

34208* 

3499 

82.1346 

34208* 


270263 

&Z784 

170967 

20772 

120S68 

1916.T7 

187095 

02311 

80523 

545001 

12.7123 

4,7057 


00370 

02784 

1.433 

3017 

6.460 

5*5001 

0466 


«Ub»reittore) 

(fotaft) 

(Uraj) 

luaitopg B-Uet ft) 
Pw»a| 
(MQR1 

(POrtEncudo) 

(Xraocte) 
Mabysla pingolj 

MaUbelo OWWQ 

tunap pFAft) 

Mate BWaaalM 

(Local ft) 
(OipuJVW 
MuffoMW 
(HreJcati Haao) 
MSquaton (bocal Ft) 

Monaco pranehft) 

MongoU (7^*1 

Moreoarret (EOwrSi 
Morocco pMtanti 

Monratilgua BtaOCO* 

NHtnfM (S A Rand) 

(tin la (AiafcoAon D 

Nepal (NepWaaefto^ 
NeSiarianda pmtoai) 
N*nd AnflMS (AA30CM) 
NawZadond (NZS 
Mcaregue (OoW ConJoBo) 

Mger nop 


322003 

280000 

00878 

1039S 

40340 

*47018 

49.4010 

150830 

19513 

0708 

2.1063 

52188 

121101 

04401 

107704 

09*66 

233908 

8.1661 

1.4975 

04772 

2.1238 

59581 

610846 

119*00 

277895 

265906 

109620 

49050 

1609*0 

66598 

00781 


68*67 

10879 

935093 

00677 

243942 

60752 

2088 

5.716 

1 

50357 

876581 

114600 

127957 

119858 

70575 

7.7234 

102047 

729000 

310652 

21900 

173023 

asm 

a®*i 


50033 

1 

560974 

0/4003 

14005 

3042 

10181 

30269 

00996 


90022 


003083 

00379 


164052 


6SB0S5 

687009 

7B.7136 

7.1019 

40309 

40816 

610666 

43.1098 

180043 

1309.47 

104092 

01872 

00181 

1.7751 


OZ784 

20772 

5.458 

09546 

50722 

932083 

1OB420 

122.16 

11.4544 

79104 

70707 

97.7262 


280492 

2053.71 

185705 

09882 


104.733 

0702 


18.7771 

02.7880 

00208 


20272 

157696 

310887 

100904 

00703 


Frtbtsn 

0toLflupa*l 

4502® 

Paturna 

ffiOOMO) 

10875 

Papua No- Qunoa (Kkn) 

10226 

Psapuay 


2631® 

Itou 

»tows«a 

125® 

PMhpbM 

IPsool 

410923 

Ptirtro k 

(C&frintf 

1 DO 

Poland 

& 

20455 

J3B26J 

Portugra 

Esosfo 

258066 

Puerto »co 

(USE 

10675 

Qetm 

<r* t* 

84475 

Remon b. da X (FWr) 

85998 

Romania 

8**4 

348105 

Aasreb 

W 

216® 

StCMateptar 

(ECrerS) 

4.0*19 

StKotoa 

B 

1® 

StLudo 

(ECerS 

40*19 

St Pierre 

(Frenttift) 

856® 

StWwenr 

IE Cm*) 

40*19 

San Mom 

Orton Uni 

2*7815 

SaoToma 

(Dobra) 

3590® 

SartAsrt 

m* 

50157 

Senegal 

ICFAF6 

065® 

SnyJia*Ba 


7.7020 

Store Leona 

(Leona) 

880.75 


S) 

txa 

Staatti 

pemai# 

unto 

Store® 

(Toto) 

199® 


304685 

1 

09488 

1787.4 

2.1784 

770741 

00677 

1-7809 

220540 

1790*5 


30377 

5.716 

18*5.0* 

1499*3 

2.698 

08677 

96B0 

0718 

2089 

184803 


103687 

05885 

00685 

107708 

10048 

18.5314 

00003 

19991 

132232 

103025 

00985 

21608 

30269 

986046 

65.1488 

10181 

00003 

10161 

30289 

10151 


29993 

00545 

0007 

171895 

29781 

260283 

00370 

10MB 

210687 

10*08* 

09648 

30736 

5066 

157078 

135012 

25772 

06378 

25772 

5058 

25772 

157506 




18405 

97.1105 

09228 


10065 

2.1483 

808222 

02978 

710.78 

00672 

180505 

30431 

1 

03186 

10182 

39786 

340003 

79772 

185*09 

179045 

89128 

27149 

11.1011 

571008 

0086 

8715 


485.151 

01785 

431316 

004 

101007 

90649 


BJSM 

59800 

49418 

188370 

833005 

5.1581 

2106S 

717975 


1 

181038 

30641 

8710 

8718 


0181 

assas 

90653 

200118 

*J«« 

1111.76 

103026 

4.1444 

10278 

80664 

342894 

02314 

30268 

730848 

106837 

29108 

30068 


10*3 

29522 

772.® 

09844 

687066 

00410 

161808 

80077 

085*8 

00042 

106«2 

8799 


701T1 

177083 

18*584 

69007 

26833 

108 

545001 


Sekunon la 
Samoa Rip 
SomhAfcca 


Spain pwmd 

3ponl«»* Port* In 

NAMca (SpPaoeta) 

Sri Lorfca (ftroee) 

SudonRop (Bnofl 

SMdnt 

(Kmnal 

S-tewtand Ft) 

Syria S3 

Taiwan _ (S 


382215 

81601 c 

79483g 

208488 

806.488 

723178 

404070 

20790 

5.1561 

110202 

21233 


176 

571006 

5.1432 

574.781 

10777 

52-5003 

133.459 

30477 

281013 

14431 

4J073 

137091 

137021 


143038 

20482 


39835 

344.003 

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Same distance. 
Three times the miles 

From 1st February to 30th April 1994, trlpje milea ge is available 
on all international JAL flights. Cali your nearest JAL office for details. 


■ Turkey 

The market will react today 
to the outcome of yesterday’s 
crucial municipal elections, 
and expectations that the 
government will announce an 
austerity package. 

Last week the composite 
index fell 9 per cent in volatile 
trading. Turkey was one or 
the best emerging market 
performers in 1983, but has 
since fallen 34-5 per 
cent 

Ms Nut Pekin of Schraders 
commented that expectations 
were that the coalition would 
hold onto power in the 
elections. 

The austerity package is 
likely to include a one year 
freeze on public expenditure. 

■ Tokyo 

The Japan Securities Dealers 
Association has lifted 
restrictions for Japanese 
individual investors to trade 
Shanghai B stocks. 

Brokers do not expect an 
immediate rash to buy the 
shares by Japanese Investors, 
but hope that investment trust 
funds, which are now allowed 
to accept funds from 
individuals following the 
lifting of restrictions by 
the JSDA, will set up C hina 
funds. 

“We want more investors 
to get accustomed to the 
Chinese market through 
investment trust funds,” says 
Nomura Securities. 

■ Colombo 

The Colombo stock market 
has been one of this year’s star 
performers. 

According to Standard 





News round-up 



Chartered’s latest research 
note, at the end of last month 
the market was "the number 
one [emerging market] 
performer in the world”. 

Hie All share index hit a 
peak of L443 on March 1. 
but since then profit-taking 
has taken It down to 

1,239. 

Mr Rohan Fernando, deputy 
general manager of the stock 
exchange, last week said that 
in less than 10 months the 
market had increased turnover 
10 fold to about SLRs250m 
(8S-2m), as foreign investors 
became active. 

The exchange has plans to 
introduce electronic trading 
and has set a date of the year 
end for its implementation. 

There are also plans to start 
a second tier market, anil the 
possibility of an 
over-the-counter market 
dealing in India and Pakistan 
equities. 

■ Peru 

The privatisation programme 
will be completed by 1995, a 
government minister said 
while on a visit to Japan last 
week. 

Mr Daniel Hokama 
Tokashikt the energy and 
mines minister, said that it 


was hoped that the process 
would be finished by the end 
of President Fujimori's term 
of office. 

The government used to own 
about 220 companies, and 80 
to 100 of them have been or 
will be liquidated or absorbed 
by others. 

Another 80 state-owned 
companies have been 
privatised and the rest will 
be under private ownership 
by 1995. 

The government, however, 
would remain a major 
shareholder in some concerns. 

■ Prague 

The government has said that 
the Czech capital market is 
not yet ready for an options 
exchange, in spite of attempts 
by a Swedish group to set up 
an exchange similar to one 
operating in Slovakia. 

“We understand the benefits 
a derivatives market can bring, 
but it is just too early for this 
type of exchange with the 
liquidity we have in our 
market.” said Mr Vladimir 
Rudlovacek, deputy finance 
minister. 

• Further coverage of 
emerging markets appears 
daily on the World Stock 
Markets page. 


Baring Securities emerging markets indices 


Index 

25/3*4 

Week on week movement 
Actual Percent 

Month on month movement 
Actual Percent 

Year to date movoment 
Actual flwuani 

World (248) 

-.158.12 

-2J32 

-1.45 

-12.41 

-7J28 

-10^9 

-6.11 

Latin America 

Argentina (19) 

106.19 

-4.35 

-3.87 

-14.15 

-1156 

-7.19 

-653 

Brazil (20) 

181.00 

-16^7 

-8.39 

-2-86 

-157 

41.35 

29.61 

CMe (12) 

159.72 

-8.42 

-5.01 

-15.39 

-8.79 

12.13 

856 

Mexico (24) 

149.30 

6.47 

4.53 

-8.54 

-5.41 

-11.97 

-7.42 

Latin America (75) . 

-15350 

-2.74 

-1.75 

-9.08 

-558 

4^6 

2.85 

Europe 

Greece (14) 

99.28 

-1^7 

-1.27 

0.76 

0.77 

16.19 

19.43 

Portugal (14) 

131.70 

1.47 

1.13 

3.01 

2.34 

1957 

17.45 

Turkey (22) 

67JJ8 

-7.07 

-954 

-35.65 

-34.70 

-94.63 

-5852 

Europe (50) 

-107.09 

-1.21 

-1.12 

-5.54 

-4.92 

-5.14 

-458 

Asia 

Indonesia (17) 

151 JO 

-6.41 

-4.06 

-14.04 

-8.46 

-19.74 

-1154 

Korea (23) 

1TL5Q 

-6^6 

-5/47 

-14.02 

-1059 

3.80 

3.46 

Malaysia (22) 

194^3 

-4.80 

-2-31 

-26.67 

-12.06 

-5852 

-23.13 

Philippines (1 1) 

252.40 

-1.94 

-0.76 

-35.32 

-1258 

-70.07 

-21.73 

Thafiand (21) 

206.06 

SJ36 

4^3 

-21.76 

-955 

-57.49 

-21.81 

Tdwan (29) 

13539 

0.85 

0.63 

-7^9 

-5.31 

-1852 

-11.92 

Asia (123) . 

-180.97 

-1.79 

-0.98 

-20^3 

-1056 

—40.45 

-18.27 


I Meal in S worn. January 71h 1 982-100. Scmck Bang SoaoMeo 


Kirin International Finance 
(Netherlands) B.V. 

Yen 7,000,000.000 

Fixetl/Inversc Floating Rate 
Notee Due 19*75 

Notice l* hereby tfven that tor 
the next Interest Period from 
28th March. 1904 to 26th Septem- 
ber. 199* the None wfll bear 
Interest at a rate of IL6S7W 
per annum. 

Interest payable on 26th Septem- 
ber, 1994 will amount to Yen 
590.868 per Yen 10.000.000 Note. 
The Mitsubishi Bank. Limited 
London Branch 
As Agent Bank 


ALLIANCE -J- LEICESTER 
ABkoce & Locator BoUng Society 
£ 200 , 000,000 
Floating Rate Noces 
due 1998 

For the interest period 23rd 
March. 1994 to 23rd June, 
1994, the Not® will curry o 
rare of interest of 514% per 
annum with interest amount! 
of £132.33 per £10,000 and 
£1,323.29 per £100,000 Note, 
payable on 2 3rd June, 1994- 

Lraal oo the Lotnotrara Sruc l Ercbiner. 


Q Bonkers Trust 


rniareiT .L wri oa Apml Book 


US $300,000,000 

L’Atudhaire da Credit 
Fonder de Franco 
Subordinated Guaranwetl 
Hotting Rote Nous duo 8002 
For the period tirooi Hrarb iM, 1904 to 
September 2% 1094 the Noun wffl carry 
an interest rale of 5* per annum with 
on interest a m o unt of US 827.78 par 
US *5, COO am) of US 34U&K per 
US JlOOflUJ Note. 

The relevant interest payment dale wQ] 
be September SUDM. 

Agoat Basic 

n 

Bajjque Paribas 


mg: 


£150,000,000 

Floating rate notes 1997 

fbr the period 24 March 094 to 
24 June 1994 the notes will bear 
interest al5J6875% per annum 
Interest payable on the ndeoanl 
interest payment date 24 June 
B94 will amount toS!35.32per 
S10.000 note and &L3S122 per 
SKX), 000 note. 

Agent: Morgan Guaranty 
Trust Company 

JP Morgan 


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NOTICE OF REDEMPTION 

7b the Holders of 

Motorola, Inc. 

limb Notes due May 9, 1997 



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WORLD BOND MARKETS: This Week 


NEW YORK 


Patrick Harverson 


LONDON 


Philip Cogqan. 


FRANKFORT 


Conner Middelmsnn 


TOKYO 


Emiko Terazono 


The ynarit ^ t will open this 
week with investors in an 
unsettled mood. After last 
week's initially impressive 
display of fortitude when the 
Federal Reserve raised 
short-term interest rates 
another quarter of a point to 
35 per cent, Wall Street had 
hoped that the worst of the 
recent sell-off was over. 

Unfortunately, bond prices 
were unable to build upon the 
big gains they earned in the 
wake of the Fed's move. By 
Friday, the yield on the 
benchmark 30-year bond had 
climbed above 7 per cent for 
the first time in 10 months as 
everyone started worrying 
about the next Fed tightening. 

Over the coming days, 
trading is likely to be 
dominated by the March 
employment report, which is 
due to be released on Friday. 
Just to make matters worse, 
Friday is a national holiday, 
so the cash market will be 
closed for the day. Without 
the opportunity to respond 
to the employment data 


us 

. Benchmark yield curve (%J* 
21/1/34— MdMhago e=> 



' 0 10 years 20 30 

•AByWdsawnialtfcoowwSon.; 
Stxicac Morrfi Lynch 


immediately, trading during 
the first four days of this week 
is likely to be jittery. 

Analysts ate expecting the 
March jobs report to show an 
increase in non-farm payrolls 
of about 200,000, and they 
foresee no change in the 
unemployment rate, which 
was last recorded at 65 per 
cent With market sentiment 
so weak, an Increase in 
payrolls substantially larger 
than 200,000 could prompt a 
fresh round of heavy selling. 


Gilts will struggle to find 
support this week after 
battering from 

investors. Last week's inflation 
figures, while not disastrous, 
failed to provide the boost the 
market desperately needed. 

While Mr Kenneth Clarke, 
chancellor of the exchequer, 
is holding his monthly 
monetary meeting with Mr 
Eddie George, governor of the 
Bank oF England, on 
Wednesday, hopes are fading 
that they will agree to a rate 
cut The infla tion figures were 
simply not good enough, 
especially as the authorities 
were perceived to have lost 
credibility with the timing of 
their February cut 

Furthermore, sterling has 
been extremely weak, and a 
rate cut, which might easily 
be perceived as political, would 
be poorly received by currency 
traders. 

Following the example of 
the US. the markets are 
already looking ahead to the 
time when the authorities will 
have to increase rates. Prices 


UK 

Benchmark yield curve 06)* 
21 /T/94— Morahago <=> 



-flfl ytefcfe ara matter co/itfanflon 
. Source Mwi* Lynch ■ ■ 


in the futures market imply 
higher rates by June. 

Mr Nigel Richardson, head 
of bond research at YamaJchi 
International (Europe), thinks 
this pessimism on rates Is 
overdone. “The gilt market 
is fundamentally good value 
but In technical terms it Is 
looking pretty awful," he says. 

With no economic statistics 
of note, and with Easter 
approaching, the market is 
unlikely to find it easy to rally 
this week. 


Although German bonds ended 
Friday on a firmer note after 
a late short-squeeze in the 
futures pits, traders are 
forecasting awnfher volatile 
week ahead. 

With key money supply and 
inflation numbers out of the 
way for now and the 
Bundesbank's central bank 
council away for its Easter 
break, the market wifi have 
little fundamental news to 
focus on, leaving it vulnerable 
to further turbulence in the 
international bond markets. 

Meanwhile, after 
Bundesbank president Mr 
Hans TietmeyeTs latest 
affirmation that booming M3 
money supply growth cannot 
be ignored “the focus will be 
on how the Bundesbank will 
act after the M3 numbers," 
said Mr Klaus Baader, an 
economist at Lehman Brothers. 
M3 grew at an annualised rate 
of 17.6 per cent in February, 
well above its 4 to 6 per cent 
target. 

However, the Bundesbank 
is expected to continue 


Gernuny 

Benchrorttyfeid curve (%r 

21/ 1/94 — Month ago <==> 



520 1 l 1 r 

O 10 yi* 20 30 

*AJ yields sns nrntoel conwmBon 
Senecas M arti Lynch 


lowering its rate for securities 
repurchase agreements. It fell 
eight basis points to 550 per 
cent last week. 

In spite of last week's 
encouraging inflation data and 
recent moderate wage 
settlements, investors remain 
cautious ami d fears of further 
US interest rate tightening. 
“There's a significant amount 
of liquidity around that has 
to return to the market - but 
when that will happen, no one 
knows,” sighed a dealer. 


While trading for March 
settlement has ended for the 
bond market, most investors 
are expected to remain 
cautious in committing funds 
as the spate of economic data 
anno unced this week is 
expected to reconfirm the 
bottoming of the economy'. 

Industrial production data, 
scheduled to be released on 
Wednesday, are expected to 
show a month-on-month rise 
for the second consecutive 
month. BZW in Tokyo expects 
demand from sectors including 
electric machinery and 
non-ferrous metals to support 
February industrial output. 

It predicts production figures 
to rise 2 per cent from the 
previous month, which 
translates into a 25 per cent 
foil from the same month last 
year, the smallest decline since 
March last year. 

Household expenditure for 
January is also forecast to 
show firm month-on-month 
and year-on-year rises, due 
to increased spending on 
furniture and household goods 


.Japan 


Benchmark y»W ctxve 
2171734 — Monmago «-t». 



'« yfakfe ow rtarfwC cfliWdrttcrt 
Source: AA«rtti Lynch 


and a rise in medical care and 
transport spending. 

The figures come as 
government bands face 
volatility for technical reasons. 
Trading of the No 164 10- year 
bond has risen on expectations 
that it will, replace the No 157, 
the benchmark since 
November. Market participants 
expect an announcement of 
the next 10-year bond auction 
this week, which may prompt 
a sell-off in the No 157 and 
signal a benchmark change. 


Capital & Credit / Conner Middelmann 


10 year benchmark bond yields 


Fears of rising inflation rattle gilts 


Amiri continued weakness in 
global bond markets, UK gov- 
ernment bonds have continued 
to post the sharpest losses, rat- 
tled by fears that rising infla- 
tion pressures may put an end 
to monetary easing. 

Indeed, after last week's 
stronger than expected retail 
prices data, the gilt market is 
increasingly pricing in a rise in 
short-term rates, causing 
yields at the long end of the 
curve to soar. Moreover, weak- 
ness in global bond markets, 
where traders are worrying 
about further US interest rate 
tightening and the slow pace of 
German easing, is contributing 
to gilts’ decline. 

“What is happening in gilts 
largely ma gnifies what is hap- 
pening elsewhere," says Mr 
Graham McDevltt, bond strate- 
gist at market analysts IDEA. 

According to Salomon 
Brothers’ World Government 
Bond Index, global bonds have 
shed 3.01 per cent in the year 
to date while UK bonds have 
fallen by 7.1B per cent in the 
same period. More dramatic- 
ally, gilts' 10-year yield spread 
over German bunds has wid- 


ened from a low of 49 basis 
points in late January to 155 
basis points late on Friday. 

At the short end. the June 
three-month sterling interest 
rate future on Liffe is now dis- 
counting three-month rates ad 
557 per cent by mid-September 
and 5.87 per cent by mid- 
December. Three-month money 
currently trades around 5.30 
per cent, just above the 555 
per cent base rate. 

“What we're seeing is a burst 
of collective neurosis after the 
RPI data,” says Mr Ian She- 
pherdson, UK economist at 
Midland Global Markets. “To 
think there's a snip of a chance 
that they'll put up rates is 
absurd - the market is losing 
all track of reality.” 

The easing scenario is partly 
complicated by political consid- 
erations, with local elections in 
May and European elections in 
June. “Rate cuts around that 
time would look politically 
motivated and would hurt the 
market,” says one gilts trader. 

But traders have been espe- 
cially worried tty a recent rise 
in average earnings and by the 
February retail prices index. 


10 year yield spread 


UK minus Germany 
1.6 



The RPI was higher than 
expected, with a headline rate 
of 2.4 per cent and an underly- 
ing rate of 25 per cent, against 
market expectations of around 
25 per cent and 25 per cent 
respectively. 

“While we wouldn't see Feb- 
ruary’s figures as radically 
altering the outlook for infla- 
tion, they do make an early cut 
in interest rates unlikely,” 
argues Mr Darren Winder, UK 
economist at S. G. Warburg. 

But while most observers 


agree that the inflation data 
does not point to an imminent 
price explosion and are likely 
to ease bad: in the summer, 
the market sees the US exam- 
ple “as a taste of things to 
come", says Mr Nigel Richard- 
son, head of bond research at 
Yamaichi International. The 
US Federal Reserve has raised 
its Fed Funds rate twice in the 
past two months to nip sim- 
mering inflation pressures in 
the bud and is expected to 

Strike a gain. 

Most market participants 
feel the sell-off has been vastly 
overdone, but few are willing 
to predict when it will end - 
partly because, even at these 
levels, gilts elicit little buying 
interest. “We have the curious 
situation where investors, who 
usually like to buy on dips, say 
they’ll buy when the market 
goes up," says Mr Richardson. 

According to IDEA’S Mr 
McDevitt, there is currently no 
point in trying to determine 
the bottom of this market. 
“You have to let sentiment 
rule," he says, adding that 
many investors are holding 
long gilt positions which they 


hedge by selling futures 
against them. 

In spite of scant cash selling, 
this has caused the futures 
market to drag cash prices 
down further, triggering a 
vicious circle. “The Tower we 
go. the more stop-losses are 
triggered," says Midland's Mr 
Shepherdson. 

Nevertheless, most dealers 
expect Wednesday’s auction of 
£25bn floating-rate gilts to go 
relatively smoothly, if only 
because the short end of the 
yield curve has cheapened so 
much in recent days. The gilts 
mature in 1939 and will pay a 
coupon of the three-month 
London inter-bank bid rate less 
one-eighth. 

"Investors who remain con- 
vinced that UK rates have to 
move higher . . . will find the 
issue attractive,” says Mr Iffy 
Islam, fixed-income strategist 
at Merrill Lynch. But even for 
investors who expect to see 
further rate cuts, “the issue is 
likely to prove an attractive 
hedge to their current posi- 
tions at the short end of the 
yield curve, just in case rates 
do go up." 


Far cent 

io ---• — - 



INTEREST RATES AT A OLANCE 



USA 

jam 


Fiance. . 

. Italy . 

• UK 



1.7S 

&2& 


7.50 

5J29^ 



2.1B 


• . 6Tf) 

625 

62S 

t i ■' l 1 1 .1 .^BEBSBSSiSf 


2S\ 

6S8- 

61« 

6S7 

6.10 

Orw year 

435 

2.40 

- SJ38 

680 

637 

sio 


MWMETlSB 

a» 

667. 

'606 . 

5.43 . 

720 

Ten y oar 

657 

612 • 

: . -640- •• 

682 

663 

- 7.81 

tn Rrewretopo irta. (7) UK-Bw "to Soucre ttonre. 

- - 


' •' '* 


• . • i 


■ usTTCASwrraottoRm»^iC8P0 ^oo.ooo sh^ot iOOTt ; • ; . 

Open Sett price '.Change - High Lpw‘ Est v<* Open hi 

Jun 108-01 '■ 107-19 -048 10649 '.‘107-18. 1 - 529,704 354.214. 

Sap 107-03 108-23 -007 107-15 106-2t . .3529 - 42516 : 

Dec - 106-05 -0-07 . 106-30 . 106-OS ’ * 17 . ‘ t,tJ7 . 


UK GILTS PRICES 


mneft tone 
N*s Meat ♦/- On 


HM 

dw 


UR Oy 
nl few 


Wk« AH 
Man PrtME +/- fii 


Moot 


Ujt Of 
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vn% tort 

NnW MctC *f- Bn 


hferea 

Aw 


Last Oy 
nJ Sot 


SMWPJmi up It Ratten) 


Eb* u'zpc 1994 

■nwxwpeu i99t»_ 
EttlI12ia)c1984 

lOOtt -.1 
101 -.1 
ioUi -8 
102 b -.1 
10513 -* 
mini -,i 

105% -8 

nra -8 

1,100 H(S70cZ7 
1800 MDS9 
1840 Fe22Au22 


1800 Mfi7Mm? 
2850 Js25Jy25 
214 MyIMn 
2800 JH21 Jjffl 
840 Uf1SN«15 
770 J»22 Jj22 
1.150 UT31M3 
800 Myl5N*15 
a.409 Mfisena 

neb 3pc Cai 90-95 

■0>«pc 1998 

Tiros 12 VpcisBStt — 


117b -8 
113b -8 
lOBfl -18 

E=* 13*4 pc 1996(4 

Com* lOpe 1998 — 

Erttl 10*21X1997 

1)rWSB1ipc19Bm 

1094 -M 
105,'. -18 
124%rt -18 

3.700 F821 Ao21 
5880 U1 Sol 
830 Ap27ft27 
3800 Jal9jfl9 

7850 umoaoo 

1800 Mfltal 


Tiros 7S9C19W I00te8 -18 

Tiros flvpc 1893-98#- looted -18 







TITOS SltfCT 899# 

mra -i5 

1800 JBl5Jyi5 


21X1287 
Z11 1284 
17.11263 
11.101345 
20.12 1294 
2SJJ1271 
15.121254 
11.10 1298 
18-12 1305 
27.9 1309 
11.10 12BB 
11.10 1240 
18.121302 
17.1 1253 
24.1 1341 
21-3 1289 
13.12 1273 
SI 2 - 
2131331 
18.10 1308 
212 1308 
14.101250 
612 1347 


RntagSJwCBM 

COtw nU on 9*2X2004. 
lira* M«jx 2004# _ 
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Tiros 8>jpc 2007 ft 

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Treat flpc 2008 a 


fttfeltanftan 

Exft IZVpc 1999 119U>d -1.8 

Iran lOboe 1999 H3A -1-5 

IteaSpC 1999 tt 95&«l -13 

Dmrtkn lo^pe 1999- H2S -u 

9pe 20008. 


107a -1.7 
12511 -18 
U1U -1-9 
90S* -2J) 
*8>i — t.r 
Ml* -2.4 
10113 -24 
1I3B -2.7 
Iren M >uk 2001 -4 — 11833 -14 


Ureas 13 k 2000 . 
■Ope 3)01 . — 
s-m8 — 
a VI 8 


BPCZ0IQ8- 

10PC2OO3. 


3450 WMSeZS 
1.252 UrlSMtlp 

ajsno fbioaoio 

1.798 M|Q2NV22 
5J58 Mm Se3 
3.171 Jal4J)l4 
4,408 WSAtae 
wso utfNte 
2JS00 M|6IM> 
88Z7 M274UZ7 
7,800 JolOOilO 
was iwsta 
1420 Mriostig 


17.21264 
13.101288 
4.1 - 

18.10 1243 
28.1 1244 
8-12 1299 
201 1290 


21.1 1349 
111 - 
31.1 1281 
102 1290 


Trcn (fee 2009 
Tre»61Mpc20l0. 

Cm 9pc lit 201 1 

Trentac an 28 

Treas 5^2006-128- 

Tiros toe 20138 

7^pcan2-i58 

Tiro* (Ape 20178 

econpcivir 


cm* 4pc~ 


75 A: -m 
irnrt -m 

95 -2L7 

«U, ~2J 
111 Art -49 

12813 -as 

90,1 -M 
99 art -u 

12 2A -28 

104fl -2-4 
135«rt -2-6 
lOOfei -24 


1 00 ltd -32 
*« -11 
1104a -2B 
llOJj -42 
7BJ, -35 
lOOUrt -34 
980 -A3 
100B -0,4 
138A -28 


48«l -3J 


war Lo*n3 l a)u8— . 

Cora 3bpc "B1 Aft. S8,» -28 

HmSpcTBAfl. 35Ud -4.1 

crams 2bpc anted -4.8 

Irtas. 2'ipc 20 Ud -5.7 


543 JM4 jyM 
3,412 toB0c2S 
3250 MpOtoX 
3JOOQ HjSaNuZS 
4442 ApiaOcIS 
2400 Myziuai 
3400 waste 
2400 ApfiOcS 
3.150 -M2 J»ZZ 
s.497 jaisjne 
1250 M28SB26 
5421 Ap130c13 


3,100 Mr25Sa29 
2.750 

1273 JB12 Jfl2 
5,150 FsBPuB 
i.ooo unosaio 
4950 W27SI27 
800 JUBJtfB 

moo wanes 

1400 *12 M2 


358 1*1 Aul 
1,909 Jit Oil 
119 Apioel 
SB tosocs 

275 &WpJyOC 
475 AP10CI 


8.12 1274 
21 J 1248 _ 

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14 3 1247 
18.10 1285 
31.1 - 

141334 
16.12 1293 
1612 1339 
17X1301 
72 1343 


4«u*-988 — (1360 

Zijpcttl —1783) 

2 1 a*U3 (768) 

4%pC«H8 — (1359 mirt -24 


137>z 61 
198% -1 
low -u 
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IB4H -1.4 


-4065) 


2pc-0B. 

Zijge-n p8A 

T'apcH (74JS 

2^ '13 peg 

2 > ipc , l6 (81 A 

ihpe'ia (8KB 


172^ -1JS 
1553t -IX 
181 !| -1.4 
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I42*i -IS 
137d -17 
1141a -is 
114& -1A 


500 MylSNrlS 11.10 5070 
IJOOMnSSeiS 72 13)3 
no A027OC27 2U - 
1^00 Bfe24Ss24 1521318 
1JE0 M)f20N*2O 14.101317 
no ApZIOeH 169 - 

1^50 JolOJrig 13.121314 
lj550 MtaUMQ 14.101318 
1X00 FB23W23 17.11319 

2300 N10A016 

2.400 J«6Jj2G 

2.400 ApIBOcie 
1X00 JH7JT17 
1300 JHB422 


1611320 
26121321 
163 1323 
13.12 1323 
1612 - 


t — CUM) 

H H In parantfMaro show RPI bam lor Indwong Bo 8 
monta prtor to totwl and Imre boon aoiusMd to raKert rebaafeig 
of RPI io 100 in Jrewary 1B87. Conwreion factor 3345. RPI (or 
July 1983: 140.7 and tar Frtauary 1994: 142.1. 

1621338 

612 1245 
31.121701 
1-21330 

162 - Other Fixed Interest 

2612 1332 
161 II 
611 1280 


26121239 
21101352 
2621243 
171324 
131238 
213 1315 


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to* Det It* 2000— 
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126 

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141 — 
138 — 
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50 MM 
100 Mi»SeM 
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303 A» Ocl 
725 J*30Jt30 
315 AplOcl 
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• *Tre>' “*k. ft Tas-lreo to nmnatoia on OPfAcation. E Auction bam. at Ex dMdond. Clortna mfcHxVay, ora Am a poinds. We«Jy p rax a TO O* drenosi an, cakuUad on ■ RUoy So Rtdfey brota. 


OBITUARIES 


THANK YOU FOR THE 
CONDOLENCES 

The family of 

Late Mr. Hikmat Nashashibi 
in London 

and 

The Management of 
Arab Banking Corporation 
Group 

would like to thank every 
person who has offered their 
condolences personally, by 
telephone, by cables and by fax 
messages on the sad demise of 

Mr. Hikmat Nashashibi 


ANNUAL GENERAL MEETING 

Notice ts hereby given that the 153rd Annual General Meeting of Provident 
Mutual Life Assurance Association (“the Association") will be held at the 
Barber Surgeons' Hall. Monkwell Square, London EC2V 58L on 
Wednesday, 20 April 1994 at IZJOpn, Tor the following purposes: 
Resolution /. To adopt the Report and Accounts for the year ended 31 
December 1993. 

Resolution 2. To rc -elect Mr Martin Charles Findlay, who retires by 
rotation, as a Director of the Association. 

Resolution 3. To rc-ciect Mr Valentine Patrick Fleming, who retires by 
rotation, as a Director of the Association. 

Resolution To fc-cloct Mr Simaa Manwariag RobatMO, who retires by 
rotation, as a Director of the Association. 

Resolution 5. To rc-appoint Price Waterhouse as Auditors of the 
Association, to hold office until the conclusion of the next 
Annual General Meeting. 

Mrs V.G.C. Steadman 
Company Secretary 
2 Match 1994 

A member entitled to attend and vote at the meeting is entitled m appoint a 
proxy to attend and vote instead of him or her. A proxy need not be 8 
member of the Association. A form of Jiroxy can be obtained by writing to 
the Company Secretary at the Association's Registered Address. 

Provident Mutual Life Assurance Association 

Registered Address: PO Box 568, 2S-il Maoigatc, Londoo EC2R 6BA 

Registiered in England no 8870 


PROUIDB1T miflllHL 



*‘-* t *~ tiT fl pirefeftTO nr lit 

Ai lw la fei i ui ri Hwhai 

POWgLL DEVELOPMENTS 
(KASTBOUANE1 limttvd 

N*M o! Cojnpioj-- Powell Developments 
(Elrttasnej Limited. Registered Nnreber. 
2058579. NUm* of Ban, EknHtag nil! Gvll 
CaeOrealo* Ortnaoa. Tndc cteuflotmo: 23. 
Oat ot tnnwre oS /rtmWunine Rnrehwro 
10 March 1994, Nut of prom mnrirtta tbr 
Adriatortt^ Re«^ 
fc. Jvi« Admlgiuratm Reroivere; E M Shires 
(alike hvMu nnmbei 7SH) sad IDS Baud 
(oflke folto anmtaf 12*». AtooE Coopem ft 
Llhond, PO Bo* 26Z. OrctBid House. 10 ABridd 

TOM. Matdiaiae, Kaoi MEI4 SXO 


KrtkaaTAppataliacBCaf 


SI UOUHNGS LIMITED 
NtM at Carepiaj: St Ualdia^i u«r<4. 
Regeteitd timstxr. 268883d. Foaw(W, 

nne: tare 417 LfiL *Rsdfa« Ttora 91 tUdfa«> 
Ltatod. torn of Bafeares! UMm 
Tk*!e ctasriBeHinc 33. D«M at •ppatatmeat at 
Aihnlnietrntlvo 8eeai»(K 12.1,94. Nunc Of 

pram tfpaUiipg to iVWrtiintrea Becehas; 
Bsreltjrt Bank pic. Joint Ailnlnlsbarlve 
S P HoisaM TOd N I Voogta. omen 
l-Jtolto: 7991 ual <039 rapeatotj.Addrea: 
Caepcn 8 9 Oraytrua Road, Keadtan 

KC1 L1C. 


International / Antonia Sharpe and Tracy Corrigan 

Confidence in Latin America shaken 


The turmoil In Latin American 
markets last week following 
the assassination in Mexico of 
Mr Luis Donaldo Colosio, the 
presidential candidate of the 
ruling Institutional Revolution- 
ary party, may further test the 
confidence of investors in the 
so-called emerging markets. 

After a strong performance 
last year, emerging debt mar- 
kets ran out of steam at the 
beginning of 1994 and went 
into retreat 

Yield spreads of Latin Ameri- 
can bonds over US Treasuries 
had already deteriorated this 
year, due to fears of rising US 
interest rates. According to 
Salomon Brothers’ Brady bond 
index, investors made a return 
of 43.87 per cent last year. 
Sinew the start of this year, the 
index has shown a negative 
return of 14.48 per cent. 

Investors had been bargain- 
hunting for Latin American 
bonds earlier In the week, in 
the belief that the market was 
looking cheap, but news of the 
assassination on Thursday 
sent prices of most Latin 
American bonds tumbling. 

According to traders, most 
activity was in liquid bench- 
mark issues. For example, the 
yield spread on the Republic of 
Argentina's $lbn offering of 
10-year global bonds widened 
from 300 basis points over US 
Treasuries before the assassi- 
nation to more than 350 basis 
points Immediately after the 
news. 

The spread has since nar- 
rowed to around 320 basis 
paints and some traders expect 
the spread to improve further 
as the market regains its poise. 

By contrast, the spreads on 
Latin American Eurobonds 
denominated in D-Marks 
barely moved, mainly because 


Performance of Brady bonds 

Salomon Brothers Indices, rabaaed 



the majority are owned by 
long-term investors. The 
spread on Argentina's DMlbn 
offering of five-year Euro- 
bonds, which had been 
launched last September at a 
yield spread of 250 basis points 
over German government 
notes, stayed at around 208 
basis points. 

Several factors are likely to 
help stabilise Latin American 
bond prices over the coming 
weeks, ranging from the $6bn 
credit line from the US and 
Mexico's admission Into the 
Organisation of Economic 
Cooperation and Development, 
the first Latin American nation 
to enter this influential club of 
industrialised democracies. 
Standard & Poor’s swift affir- 
mation of its BB+ rating on 
Mexico's long-term dollar debt 
and the positive outlook on the 
rating has also given the mar- 
ket some support 

Nevertheless, syndicate man- 
agers say the volatility in 
spreads over the last week has 
made it virtually impossible 
for Latin American borrowers 
to gain access to the market at 
the spreads they were able to 


command during last year's 
bull run. Mr Keith Vincent, 
head of emerging markets syn- 
dicate at Bankers Trust in Lon- 
don, says that although deals 
can still be done, It is difficult 
to get the best pricing and dis- 
tribution. “At this moment, 
trying to match previous 
benc h marks is not possible." 

In addition, banks which 
won mandates from Latin 
American borrowers up to four 
months ago are having to go 
back to their clients to renego- 
tiate the terms and structure of 
the planned deals, due to the 
acute price movements in the 
secondary market More often 
than not, issuers which are not 
in a hurry for the cash are 
choosing to delay fundraising 
until conditions Improve. 

On Friday. Petrobras, Bra- 
sil's state oil monopoly, 
announced that it was delaying 
the launch of a *l50m issue of 
Eurobonds denominated in 
D-Marks, which had been 
planned for the end of March. 

But why has the assassina - 
tion knocked not only the Mex- 
ican market, but other Latin 
American markets, and even 


some apparently unassociated 
emerging markets? 

The fact Is that Mexico, 
because or its strong associa- 
tion with the US and its rela- 
tively advanced economic 
development, is viewed as a 
benchmark far the rest of 
Latin America. 

“Mexico is seen as the crime 
de la crime, even though it 
doesn’t yet have an investment 
grade rating," says Mr Michael 
Brook, a director of West Mer- 
chant Bank. “[The assassina- 
tionj has cast a king shadow " 

Coming so soon after the 
rebellion in Chiapas, the assas- 
sination was seen by some 
investors as showing that polit- 
ical risk in Mexico has deterio- 
rated, and the likelihood of an 
investment grade rating this 
year may have receded, accord- 
ing to Mr Brook. “Psychologi- 
cally, the reaction is if this 
can happen in Mexico, what 
could go wrong in Venezuela - 
or in Russia?’" said one trader 
in secondary market debt 

Indeed, Venezuelan bonds 
were the worst performers 
among Latin American Brady 
bonds last week, slipping 5 per 
cent compared with 3‘A per 
cent for Mexico on Salomon's 
Brady bond index. 

Mexican par bonds ended the 
week at about 70 cents on the 
dollar, having dropped as low 
as 64 cents, following the 
assassination. 

Paradoxically, the markets 
may even, in the medium term, 
be in better shape now. “The 
way [ see the markets, we are 
now back at levels of a year 
ago. This is fair value. The rest 
[of the rally] was rncHscrimt- 
nate money," said Mr Marc 
Wenhammar, head of fixed 
income at F&C Emerging 
Markets. 


NEW INTERNATIONAL BOND ISSUES 


Amort . 
n Maturity 


US MUMS 

■RrtMOiQiW 


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ftfca % spread bp 


290 4C19S8 TJ23 


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75 flpr.1897 am 

MO 4*2000 fatf 


loom 

99.440 

10600 

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96375 

99JSI 

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Barinpf CS first Breton 

““Ara 


Banner 

WMMLBE 


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m. Uabfetr 


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fiflObn ter.2004 ara CS.15R 
200*1 Apr. 1999 6375 10080 


6024 

1174 


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Drtote Bnk Uirom 




safes u. 


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KW UmaOpnal finan 

BJJS 

MB Local dn Fran ISO fierJOOl 125 mar &4io - rntra i 
yaffle captedtep. 100 £1909 52 n 

feMnymfieaaiySwfcai 100 Apr, IBB &2S 96M5R 6801 +2S(5%-gq Soc UUSUdfe 


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MMatrt«HBikaflCrt4 lOfeq JHL1990 
fflBCHfWICS 

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10600 

10620 


Tojrta l*fcr CredftCujj. 

Mcautomms 

CNMOUN OdLURS 

840 4V.199S 

an JB13054 

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250 

10600 

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BanMn 

Sad&SGMnM 

MMolEMiMndn 

150 Dec. 1998 

7.12S 

B9.233B 

7JO7faO(54MJ»0fl» 



0 













N 


_PIN^NCIALTIMJES MONDAY MARCH 28 1994 


NEW YORK 


EQUITY MARKETS: This Week 


Wall Street’s 
list of woes 
grows longer 

While a second rise in short-term 
interest rates was never an appealing 
prospect for Wall Street, there was 
a certain comfort to be drawn from 
the predictability of the Federal 
Reserve last week. Unfortunately, 
the Fed's seemingly inevitable move, 
which came as expected on Tuesday, 
failed to dispel the uncertainty which, 
has depressed share prices since 
monetary policy began to shift in 
early February. 

Indeed, the sources of the market’s 
unease seem to have multiplied. 
Mexico's political stability. President 
Clinton’s political standing, tensions 
with North Korea and higher 
commercial lending rates are now 
competing with rising bond yields 
to top the list of Wall Street's worries. 

As a consequence, analysts say 
the odds are poor that stocks will 
make an early recovery from last 
week, wben the bellwether Dow 
industrial index showed a net decline 
of 120 points. 

"In the near term, the market is 
stuck at roughly the current levels," 
says Mr Steven Einhom, equity 
strategist at Goldman Sachs in New 
York. He sees the correction in the 
"ageing bull market" (now down 
5.1 per cent from its peak of 3,978 
on January 31) continuing until it 
becomes apparent that the slide in 
the band market is complete. 

The persistent influence of bonds 
on share prices was underlined on 
Friday. A relatively tranquil session 
on the NYSE ended in a rout when 
the yield on the benchmark 30-year 
government bond climbed above the 
7 per cent barrier in the late 
afternoon. The return on the long 
bond has stayed below that level 
for the past 10 months. 

The sell-off in stocks was all the 
more discouraging because the 


Frank McGurty 


Dow Jones Industrial Average 



18 March 189* 28 

Source; Prompt** ' 

immediate impact of the Fed's 
tightening was mild. Earlier fears 
of a sharp downturn seemed 
exaggerated after Wednesday's close. 
But tiie sense of relief quickly 
evaporated with Thursday’s 48point 
plunge, set off by the shot which 
killed the leading candidate for the 
Mexican presidency. 

Perhaps the best hope of a rally 
this week lies in the approach of a 
long holiday weekend, which 
traditionally brings improved share 
prices. 

This year, however, the Easter 
calendar raises an iminnwi set of 
circumstances which could very well 
.work against the market. Although 
trading screens will stay quiet on 
Friday, the wheals of the federal 
bureaucracy will chum out the 
important economic news of the 
month - the March employment 
figures. 

Mr Anthony O'Bryan, market 
strategist at A. G. Edwards of St 
.Louis, expects investors to be 
anticipating Friday’s figure earlier 
in the week- “There will be more 
people trying to protect themselves 
against a bad numb® - thaw people 
faying to capitalise on a good one,’’ 
he fears. 

The consensus forecast of Wall 
Street analysts Is a 200.000 gain in 
non-farm payrolls. Anticipation of 
a stronger than expected reading 
could rattle the inflation-sensitive 
Treasury market, and stocks are 
likely to follow. 


LONDON 


Painful spell 
ahead for fund 
managers 

This week wifl bring some painful 
experiences for fund managers as 
they face up to the outcome of the 
first trading quarter of the year. The 
fall of more than 9 per cent on the 
FT-SE 100 index over the quarter, 
and huge losses in government bonds. 

is bad enough; but the percentage 
loss on equities rises to nearly 12 
points for those who bought at the 
market peak at the beginning of 
February. 1 

All these factors add to the agony 
caused by the underlying worries 
about interest rate trends and the 
sudden lurch downwards on Wall 
Street on fears of turmoil in Latin 
America. 

In market terms, these prospects 
have already been reflected in an 
absence of support at almost any 
price, although the underlying 
sentiment in equities is less negative 
than the index statistics might 
suggest. 

The big funds are simply not going 
to play until after Caster and the 
closing of inve st m e n t ledgers on the 
first quarter of 1991. so share prices 
remain at the mercy of the gl oba l 
bond mar kets; and las t, week brought 
the currency markets back on to the 
scene. There is little point in looking 
for a break in die clouds before Good 
Friday. 

The positive view on the stock 
market is that rising corporate 
dividend and earnings trends are 

halanringr out the swiftly fading fcopes 

for that next cut in base rates, on 
which optimism was founded at the 
be ginning of this year. At same stage, 
equities are going to make a 
convincing response to this view. 

But when? 

The stock market bounced 
successfully around the FT-SE 100 
3,100 mark last week, but so it did 


Terr'/ By (and 


FT-SC-A All-Share Index 


1,630 



around 3JM0 on several previous 
occasions. Unfortunately, even after 
the market survives Easter, it still 
has to fece the political future implied 
by the government's low standing 
tn the opinion polls, the impending 
increases in persona] taxation, and 
the fo rthcoming local ?wd European 
elections. 

However, Kleinwort Benson 
Securities believes that, given that 
tile nest UK general election could 
be delayed until April 1997, political 
fears may have been overdone; four 
years is a long time in politics. 

Bargain hunters ab o u nd in these 
troubled conditions, and it is no 
surprise that they should have 
concentrated on sectors Inviting 
attention in terms of prospective 
yields. The stress is on prospective 
r ather than historic performance, 
with dividend forecasts taken 
seriously. 

Inevitably, this puts the focus 
on sectors badly out of favour. 
Pharmaceuticals collapsed last year 
but are showing an increase 
in dividend growth forecasts. Glaxo, 
which was badly hit again last week 
as CibfrGeigy threatened a challenge 
to fawfaft, Glaxo ’s anti-ulcer drug, 

Is unlikely to languish for long. 

Water stocks have taken a beating 
this year but are returning to favour 
as investors begin to prefer dividend 
growth stocks to fixed interest 
securities. Anglian and Wessex Water 
have been targeted by NatWest 
Securities. 


INDICES AT A tiUtftCE 

Paroantaigu Ctrangy . 

4 . 



‘ prfoe 

. s • weak-' 

. wo uthB-V'*- 

/•STt. *' -.Tfigh. -7 7 

’ ’ •• low' ' ■ '. High 


■ Luw 


FT-SE 100 * 

-: '$126.0.'. 

v *** . 


•.■-r-8.4 3.52030 2/2/08 

2,78&3D * ' 6/5/93 - 3^52030 * 

2/2/94 

3.121.70 

24/3/94 

Dow Jones ind. 

.. 3,774.73 

-3.1 ' 

'' +$D\' ■ 

y -*aS 3,97838 31/1/94 

3^70.81 .2/4/93. 3^7836 

31/1/94 

3,75660. 

3/im 

Nikkei * 

19,836.48 

-3;1 ■ . 

*5.7 

+■109 21,148.11 . ia/a/93 10073.71 28/11/93 20,677.77 

• 16M94 17,369.74 

471/94 

Dax 

2,130.06 


- .-*38.5... 

< '-6.1 2*267,98 , 3/1/94 

1,603-04 ‘ 24/5/93 2,267.98 

3/1/98 

2,020.33 

2/3/94 

CAC 40 

.2,138k. 62 

*-3.8. 

+63 

■ ^3 J -.2,35533 • 2/2/94 

1,835,72 . 17/5/93 2,35553 

2/2/94 

2,136.62 

.2/3/94- 

Banca Corn. Mat 

669.73 

■ -.-W\ 

:*37.4- J 

+7.2 . 689.03 . 18/2/94 

475.01 31/3/33 689.03 

18/2/94 

588.85 

10/1/94 


FT GrapMCB 


OTHER MARKETS 


FRANKFURT 

BHF Bank reports on Wednesday, 
with analysts looking for a rise in 
operating profits of around 20 per 
cent Hoare Govett expects that 
further growth in profits this year 
will not be full; matched at the 
earnings level after the bank's recent 
ri gh t s issue. Full-year figures come 
&0m Deutsche Bank on Thursday. 
The broker expects a IS per cent rise 
in pre-tax profit, alter extraordinary 
items, in spite of the bank's steep 
increase in allocations to risk 
provisioning. 

ZURICH 

Ciba, which last week launched an 
application to produce a low-cost 
version of Glaxo's Zantac ulcer 
medication in tba us, is due to 
outline full-year sales and profit 
figures tomorrow. The chemicals 
and pharmaceuticals reiterated its 
forecast of an increase in net income 
for the full year when it unveiled 
an 83 per cent upturn in sales in 
the third quarter. Jeimoli, the leading, 
department store group, is due to 
report tomorrow, with analysts 
expecting net profits up almost 200 
percent Forbo, the floor and wall 
coverings group, reports today and 
Bobst, tha pa ffragto c machinery 
group, produces 1993 figures 
tomorrow, as does Lindt & Sprungli, 
the fine-chocolate group. 

AMSTERDAM 

Full-year figures are due from ING 
tomorrow. The financial services 
group predicted a "moderate 
increase” in fall-year profits per share 
when it reported an ll per cent 
Increase in net profit for the first 
nine months. Aegon, the Netherlands’ 
second largest insurance company, 
reports an Thursday. Consensus 
estimates are for a 5 per cent foil 
in net annnal profits. 

MILAN 

The country will be spending a 
second day at the polls today. But 
even after the outcome of the election 
becomes known, many analysts 
expect it could be several weeks 
before the final composition of a new 
coalition government becomes dear. 
Rinascente, Italy’s largest retailer, 
reports today. 

TOKYO 

Investors are bracing themselves 
for a volatile week as the business 
year ends on Thursday. Companies 
are expected to continue profit-taking 
to support dwindling profits while 
the prospect of higher interest rates . 
following the plunge in the bond 
markets is undermining confidence. 


RISK & REWARD 


Challenge to SEs 
from futures on 
individual shares 



The world’s 
stock 
exchanges, 
which have 
been slow to 
jump into the 
derivatives 
fray, may find 
a fresh chal- 
lenge at their 
flanks if London's Liffe and the 
Sydney Futures Exchange are 
successful in their plans to 
launch futures contracts on 
individual shares. 

Trading futures on individ- 
ual equities is specifically pro- 
hibited in the US under a 12- 
year-old accord between the 
Securities and Exchange Com- 
mission. the US securities reg- 
ulator, and the * Commodity 
Futures Trading Commission, 
the primary futu res r egulator. 

The SEC and CTTC derided 
to prohibit these instruments 
in 1982, while allowing the cre- 
ation of futures on broad-based 
stock indices. The SEC feared 
that futures on individual 
shares would open the door to 
price manipulation. 

However, institutional 
money managers* appetite for 
ways to allocate assets effi- 
ciently and to leverage invest- 
ments may force US regulators 
to rethink their position if 
overseas equity futures con- 
tracts are successful. 

Mr Les Hosting, chief execu- 
tive of the Sydney Futures 
Exchange , believes the time is 
right for futures on a limited 
number of well-capitalised 
companies whose shares are 
liquid and actively traded. 
“These products would be an 
alternative to buying and sell- 
ing individual shares. Futures 
are cheaper, more efficient and 
allow more leverage,” he says. 

Mr Hosting has floated the 
idea of trading futures on the 
shares of three of Australia's 
biggest companies - mining 
giant BHP, News Corporation 
and the National Australia 
B ank - with the Australian 
Securities Commission. So for. 
he says, the regulator "hasn't 
raised issues that would indi- 
cate rejection”. 

In London, Mr Daniel Hod- 
son, Liffe’s chief executive, 
said similar products on a 


handful of UK stocks are under 
preliminary consideration. 

If futures on individual equi- 
ties catch on, they will only be 
suitable for the largest compa- 
nies in each country. Mr Hosk- 
ing says that if his three initial 
share futures contracts are a 
success, he could only expand 
the concept to the top 10 capi- 
talised stocks in Australia. 

However, there is nothing in 
Australian law to stop the SFE 
from trading futures on shares 
in companies like General 
Motors or reaching into emerg- 
ing marke ts. On the US side. 
"The CTTC and the SEC might 
have something to say about 
US customers using the prod- 
ucts," Mr Hosking says. 

Fortunately for the SFE. the 
Australian companies being 
considered for futures con- 
tracts have not baulked at the 
idea. While their blessing is 
not technically necessary, their 
endorsement is important, Mr 
Hosking says. He has spoken 
to all three and says they see 
benefits from having futures 
contracts on their stock. 

Analysts say that for a select 
group of shares, a futures con- 
tract would offer benefits over 
existing options products. 
Liquidity in stock options is 
often spread over a wide vari- 
ety of strike prices and expira- 
tion dates. Futures on shares 
could offer a deeper, cheaper 
market, with liquidity central- 
ised on quarterly expirations. 

The share futures being con- 
sidered by the SFE would be 
settled in cash, rather than the 
shares themselves, making 
them more attractive from an 
administrative standpoint than 
share-settled options. 

Proponents say having 
futures on a few top companies 
in every country would help 
investors focus their portfolios. 
Currently many fund manag- 
ers arrange international 
equity exposure by dealing in 
stock index futures contracts 
from a variety of counfries. 
Often the composition of these 
indices is flawed, or fails to 
match investors' objectives. 
Individual share futures would 
offer an alternative. 

Laurie Morse 


si!. 


AVIS 


AVIS EUROPE LIMITED 

(the “Issuer") 

(a Company incorporated with United liability under the laws of England, 
formerly known as Am Europe pk) 

NOTICE 

to the holders of the 

£75,000,000 . 

11% per cent. Bonds due 1996 

of die Issuer 

(the “Bondholders" and the “Bonds” respectively) 

NOTICE IS HEREBY GIVEN ihiu at the offices of Baker & McKenzie n 
HXi Ne* Bridge Suett. London EC4V 6JA on Friday 29th April 1994 at Liam 
(London ferae) Cifva Holdings PLC rCilvo’l and the Issuer wiU make a 
presentation 10 ibe Bondholders with regard 10 the perionnaoce of Glva, (he 
Issuer and i be it respective subsidiaries during the financial year ended 28Ui 
February 1994 in accordance with Clause 9of the Second Supplemental Trn« 
Deed dated 7th August 1992. 

A Bondholder wishing (o attend (he presentation in person must produce at 
that urae either his or her BoodUl or a valid attendance certificate or valid 
attendance certificates «ucd by a Paying Agent relative to the Bond(*) of 
which he or she is the holder. In order to obtain an attendance certificate, a 
Bondholder should contact a Paying Agent. 

ADDITIONAL INFORMATION 
PRINCIPAL PAYING AGENT 
The Royal Bank of Canada 
71 Queen Victoria Street 
London EC4V 4DE 
Telephone: 071 489 1188 

OTHER PAYING AGENTS 

InicraatiMaJe Ncderiandcn Bank Kredtabank S.A. 

I BHdom) S.AJN.V. Lrcwsnt-wrgmtoe 

Rue de Ligoe 1 43 Boulevard Royal 

B-11100 Brussels _ L-29SS Uuenbourgt^ 


Telephone: OlO 322 2 1 7 4040 
TW» notice is given by: 

AVIS EUROPE LIMITED 
Avis Hvutc 
Park Road 
Bracknell 

Berkshire RGI22EW 
Dated ;»h March 1994 


Telephone: 010352- 


By Order of the Board 
J. A. Nicholson 
Secretary 


CITY 

INDEX 


TtvSlwin Lradm in <rrcad betnne ■ F nndol awl Sport* Fori 
tnc-thurr aM m ■cv-nmi apfificMM frrm ull 071 m 
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☆ PROPERTY FINANCE ☆ 

Now Boutcos for commercial proportion: up to 9W lowt to valuation, most 
competthe and ftodbte tomW MWmwn £500.000. Contact! J-BM von GOran. 

Laurie P ai tnorat il p Ltd (M ombo r of the SPA) 

Tel: 071 403 7050 Fauc 071 409 8279 



The nvniid fr« ib« lerteu* mveiMr 

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lAtndon stock exchahqe 


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O 130+ aoftwtBU appfleatio n a O 
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WORLD 

ACCOUNTING 

REPORT 


I IN \\< 1 VI. TIMES 


WORLD ACCOUNTING 
REPORT provides 
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coverage of changes in 
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worldwide. 

It reports and analyses : 

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committees and regulatory 
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developments in accounting 
standards and practice from the 
viewpoint of the accountant in 
industry. 

* Business of the accountancy and 
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To receive a FREE 
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Yukong Limited 

(incorporated in the Republic of Korea with limited liability) 

Notice 

to the Warrantholders 
to subscribe for Common Shares of 

Yukong Limited 

U.S. $75,000,000 554 per cent. 
Bonds due 1996 with Warrants 

NOTICE is HEREBY GIVEN to foe Warrantholders that foe 
Company has authorised foe wanting to foe holders of its shams 
and to employees of rights to subscra* tor up to 3,496,000 shares ert 
common stock of the Company The record date far such grant to the 
holders of its shares wffl be fflh April. 1994 and such rights wffl be 
axsrdssbie from 9th May to 10th May, 1994. Adjusted subscription 
ptfco reflecting foe portion aflotted to its sharehoidars shall become 
effective from 9th April, 1994 (the day after the record data in respect 
of foe above grant). 

A further Nonce wil be given to the hoJdare of the Warrants of any 
resulting adjustment to foe Subscription Price in relation to the 
warrants. 

28th March, 1994 Yukong Limited 


t 


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Mrwon Co., Ltd. 

I Inu^poixraf in At Republic of Korea 
trail bnuied tiahkn,) 

NOTICE 

to the holders of the 
outstanding 
U.S. $30,000,000 
lfc per cent. Convertible 
Bonds Doe 2005 
of 

Mhroa Co* Ltd. 

(the 'Bondi' end the 
"Coaqjxny" respect ridy) 

Notice is hereby given to the 
Holden at the Bonds that, as a 
result of the issue by the Com- 
pany to holders of its common 
stock and of its preferred stock 
of rights to subscribe for up to 
1,624,000 shares of common 
stock of the Company described 
in the Notice given to holders 
of the Bonds on 30th Novem- 
ber. 1993, the existing Con- 
version Price per share of 
common srock of the Company 
has, pursuanr co the provisions 
of the Trust Deed constituting 
the Bonds, been adjusted from 
W22. 114 to W 20.693 with ef- 
fect from 26th November, 1993 
(the day alter the recced date in 
respect of the granting of rights 
to holders of common stock and 
of preferred nock). 

Ur*onCo.,ltd. 
28th Match, 19W 


The Emerging Dynamic 
Fund pic 

U.S. 530,000,000 

ytrtal in gHafp 

Notes due 1997 

For the si* month Interne 
Period 25th March, 1994 to 
15th September, 1994. die 
Notes will carry an Interest 
Race of 5.63759£ per annum 
with an Interest Amount of 
U.S. S2.724.79 per U.S. 
5100, 000 Note. 


QBanlrenTrust 


Company, London AgtBak 


COMPANY 

NOTICES 


CANADIAN PACIFIC LDkCmCD 

rtm- n— . isluH n f^madnl 

jmSmuasu. 

BgPCE RAILWAY CQMRtfDt 

Copies of Oe Silases Sbcci of tie above 
arced Caapaay as a i Drmrtrr 31 1993 are 
available nd may be abated Bern fid* ollfce 
mfag animal h um reabena. 

D.R.KEAST 

Dqxty Setnbry 

(MJToblprSiraR 
Loodoo WC2N5DY. 

March 28 1994. 


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UNIPALM GROUP pic 

(tnoorperaecrf and e e jl trcc ru l tn Ktofibuid and WuLa tauter the CampaWca >VX 19SS - No. 28021461 

PLACING 

of 6.946.100 Ordinary shares of 5p each at 
lOOp per share payable in full on application 


HENRY COOKE CORPORATE FINANCE LTD 


Authorised 
Number Amoum 


Share Capital Immediately following the Placing 


t tamed and fully pout 

Number Amount 


43,927,600 S2.196J&0 Ordinary shares of 5p each 20.239J00 £1.011,960 

200.000 £200.000 Redeemable preference shares of £1 each nil nil 

Uni palm Group pic supplies products and services to enable different computer systems to communlcaio 
with each other locally and around the world. 

Copies of the listing particulars re Ll ting to ibe Company may be obtained during normal business hours 
on any weekday (Saturdays ox chided I up to and including 7th April. 1994 from the Company 
Announcements Office, London' Stock Exchange Tower, Cape! Court Entrance, Off Bartholomew Lone, 
London EC2N IttP (by collection only) and up to and Including 19th April 199-1 from the registered office 
of the Company. 216 Science Pork. Milton Road, Cambridge CB4 4WA and from: 

Henry Cooke Corporate Finance Ltd 
No. I King Street 
Manchester 
M2 6AW 

2Wh March, 1<»4 










THE WEEK AHEAD 




ijnjiiq jPI*T 


GOVERNMENT OF INDIA 
MINISTRY OF PETROLEUM 
AND NATURAL QAS 

IMVrre INTERESTED COMPANIES TO ATTEND 

ONE-DAY INTERACTIONS 


An official delegation of the Government of India and Indian 
national oil companies will discuss: 

■ Opportunities in the Oil and Gas Sector in India 

■ Highlights of Fiscal and Contractual Regimes 

■ Overview of the 7th Round Blocks on Offer 

■ Opportunities in the Marketing and Refining Sectors in 

India . 

$ PeirtKonsulfants • 


SiNGHPORE "Y 

PAN PACIFIC HOTEL* MARINA SQUARE 
MARCH , 30 ; 1 W 

LONDON 

SL JAMES* COURT HOTEL . . 

APRIL?.' 1994' 

HOUSTON 

FOUR SEASONSr DOWNTOWN 
■ APRIL Tt, 1994 


SINGAPORE • CaU Bobby Chong 

Afro-Asu BuiMing # 07-12 - 63 Rohmoon Rd 

Singapore 0106, RqiMe of Singapore 

TeL +65 226 2227 - Fax +65 22221 61 

LONDON • Call Sandra Baylis 

Earopa Home - 266 Up per R ichmond Road 

Roney - London SW15 6TQ, United Kingdom 

TeL +44 81 7802500 - Fax +44 81 780 2036 

HOUSTON -Call Linda Carr 

P.O. Box 740619 - 6600 Sends Point Drive 

Houston, Texas 7727441619. USA 

TeL +1713 995 1764 - Fax +1713 995 8593 


Mr. RHDesed - Head EXCOU Croup 
Oil and Natural Go* Corporation Ltd. 

Upper Ground Floor, GAIL Building 
16 BhOaji Coma Place -New Delhi -110066 India 
TeL 11-602 703/602351 - Fax 11-331 6413 
Telex 031-65104/ 03 1-66262 


DIVIDEND & INTEREST PAYMENTS 


■ TODAY 

Auantatwi hMty On. Cm 6* 1996 ¥60,000 
Snfloh Oca KKrih 2001 C1C&/5 
UW TdKon Franco 105** 1099 Ecu10&2S 
Ctato 4 tVrafes* M. Fnanco TIM* 2002 
£1.03750 

CIUju Etanc PoworCa. 7* Nta, 1986 S9H 
Oat, Mail S Genre Tat. s*« firt-praMa 

Btta. 9001 BWW 

P ataatrt nm a 05*1* Ka. 7994 361.26 

fi/ltoM Pop. cqW* Nta 1997 £9750 

tootan Ca 84* Ms. 1997 ¥840000 

IsWraa Sangyo KaWn U54 1996 Y53S500 

da 5.7* 2003 ¥570000 

Japan Arina Go. 6%% 1890 $40623 

Japan D nnhpmeta Bartt HVr* 1 MB H25 

Ka^maCxp. 63S% r«0 VBSOOOO 

Da 838% 19J7 V63SJMO 

Maniben AiwKa VafaiSa AM Nta, 1997 

YSjOOOOOO 

Oa 04% Sanaa C 1998 ¥0400000 

Mania Moor 40518 2001 Y109.12S 

Oa 4.04% 20 02 ¥709,125 

UgantMaw EatBtaa lOp 

NaunM Crid Crow** 7%% 1996 £737 JO 

rtaUanW Pmw 10%% 2001 Cl 082-50 

NBSamWa EMg. Soe. 115*9* Nn, 1S87 CS8190 
Nippon TebpMna & TNeoraeA AM* 1907 
366.73 

fumwGan 8to% 2003 Cl ABJB3 

Nw > Mae a ml n Gaarad CapfcS A ta c o u w 
TaL 1990 1 Ap 

SABRE M. CNo2)&4* 189BYB40500 
Seutaem Saeofc 1014% 2002 CUBS 
San 1 Cfcas A run 2029 ei36-1S 
Take Ban* Nodartand Ffc. tg Ftud Rate Na. 

axetuoui 


■ TOUORflOW 

Aiatnflon Merry On. Cop 10%% 1999 

eio6 

Bradtad & Bngtay BkJg Soa Sax BW 2001 
Cl .81X27 

Catatf Ainomobta no oanahtaa Sa n ai i*inl*n i 
FRN 1095 C139.70 
Copymow I5p 

Paw Q rararaJ Raw Gut FPp/Fbiad Baa 
1%. 2002 3157X40 
Fi+cs FFM 1997 Y6S6550 
Croat Unvarm Store* 4p 
My (Rep oQ FfW 1900 34453 
Kohap picng Konfl FWJ 1906 554020 
NallanB A Amta U Odg Son FRN 1990 
C6751 

Nadcmrtda BUg Soc. 8%% Bub. Ms. 2018 
OUS 

Da FRN 1090 £87.25 

Newnaa Bank WL 9%% 1905 $40025 

IWM Property teuton* Nn3 CtaM A1 

Mig. Beaked RM 2025 £126041 

LMsvcr canto Ccrp 9W% NO. 2000 ««>«i 

YertcMro Sectrtoty Up 



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umtod Kmpdcm Fiw 1936 57x13 

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■ THURODAY MARCH 81 
Atoandar 0 Algianto 5025 
DOLCtoocioeip 
4MRUUC4 

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53088 


CONFERENCES & EXHIBITIONS 


APRIL 7-13 

THE BRITISH INTERNATIONAL 
ANTIQUES FAIR 

lislabtisbat in I9S2 this Fair ranks among 
(be world's moss important aiujipjcs events. 
ISO dealers display appro*. £25 railtian 
worth of antiques and ting Oh of the highest 
ifualiiy. Alt ilcms arc for sale and prices 
range fium less than £25 to over £500 MOO. 
Lnq: Linda Cdlbau - Centre bxhibitiuns 
Tel: 021 780 4141 (Ext 2750) 

BIRMINGHAM 


APRIL 18 

MANAGEMENT ACCOUNTING 
IN GERMANY 

A detailed exposition of management 
accounting practice in Germany and its 
institutional framework. Contact Evamu 
Morris, CIMA Madennunts 
TeL 0719179244 Fa* 071 5806991 

LONDON 


APRIL 19 
WORLD CLASS 
INTERNATIONAL WORKSHOP 

PROCESS RE-ENGINEERING AND 
WORKFLOW AUTOMATION. The 
organisation Ibat aspires to World Class 
performance w3J deliver itt products and 
sendee through 4 scries of value-adding 
processes- This workshop looks at how to 
make the bca* uac of the baulhtg workflow 
■moroalioo product Software, to radically 


APRIL 12 
WORLD CLASS 

INTERNATIONAL WORKSHOPS: 

CONTINUOUS IMPROVEMENT 
THROUGH EMPLOYEE INVOLVEMENT 
Understand bow bed to gain leverage In 
your organisation through liberating 
employees in lhc improvement process. 
Workshop includes World Class 
Principles, the CT Process. Employee 
Involvement and Impktmentatiua 
{Ref. WCMM) Contact Vicky Wet ham, 
WreU CLwx International Uil 
Tel U7U5 1WI33 Fax07U5 26SI0U 

HAMPSHIRE 


APRIL 18-20 
INTRODUCTION TO 
CORPORATE FINANCE 

Suitable far newcomers in this field, the 
coarse focuses an lhc quantitative aspects 
of corporate finance including time mine 
of money, financial sUlcmcot analysts and 
cost of capital. Contact: Securities 
Institute 

Tel: 071 626-3052 Fax: 071 283-0712 

LONDON 


Improve process effective ness. (Ref: 
WCM4AJ. Contact Vicki Wdham. World 
Qaas (mernstional Limited 
TeL 0705 268133 Fax: 0705 268160 

HAMPSHIRE 


APRIL 21/22 

INTERNATIONAL AIRPORT 
RETAILING 

This conference deals with maximising 
profitability from captive c us to me rs and 
identifying products they will buy. It will 
cover post- 1999 and aaalyse the full 
pomiial of new markets. A mow for those 
already Involved in airport retailing as 
well as compaqies looking for new 
buoioeas opportunities. 

Contact Susan Mason. IBC Financial 
Foots TeL +44 71 637 4383 
Fax: +44 71 323 4298 
HEATHROW 


MAY 4-5 

KNOW YOUR COMPETITORS 
Competitor Intelligence & Analysts ioc. 
Benchmarking. A practical two day 
seminar/workshop from the UK's No I 
specialists. Practical case exercises, 
successful case studies. Guest speaker 
who is head of a major company’s 
intelligence unit. 

Contact: Patricia Dcmnard. 

EMP Intelligence Service. 

Tel: 071-487 5665 Fax: 07 1 -935 1640 

LONDON 


JULY 6-7 

The Leasing Life EUROPEAN 
LEASING FORUM 
A conference examining opportunities in 
the European leasing industry. Speakers 


include Transport Minlsrer Roger 
Freeman A representatives from the 
European Commission A European 
fi nan cial institutions. Looking at public 
projeas A private finance, losing in R 
Europe, risk management, dieitt needs A 
fund ing through securitisation, 
lain Dale. The Waterfront Partnership 
TeL 071 7300430 Fax 07 1 7300460 

LONDON 


APRIL 14 

BUSINESS PROCESS 
RE-ENGINEERING 
ONE DAY SEMINAR AND WORKSHOP 
The uminar provides a comprehensive 
OPR implement! 1 inn strategy (Theory, 
case siudy. Workshop*. Uniquely, we use 
proven methodologies and computer 
modelling. The speakers from 0SC. 
William Lynn Associates and Origin 
caver all aspects <\[ a success l ul 
itnptcmc or alien Repeated May II 
Conuct Sharon lUyev QSCLld. 
re i- irrioMo.vr^ i-«: im -.i2«t-4%M 
LONDON 


APRIL 18-20 

LAF FORTY'S INTERNATIONAL 
ALLF1NANZ CONVENTION 

Alirinscu is rapidly becoming more than 
Retail Banking + Life Insureoce. It now 
includes tavcaimcoi Funds 4 General 
Insurance. Increasingly banka, insurers 
and fund managers seek to supply ALL 
FINANCIAL SERVICES. Hence, this 
convention of three Intcr-rclaled 
conferences: Contacn Elaine Fitzsimoos. 
Laf terry Coofcienoee 

Tt*ivJ63-l)b71«C: lceci+353-l>b71 1941 
LONDON 


APRIL 19-20 

BUSINESS PERFORMANCE 
MEASURER! ENTrTRANSFORMlNG 
CORPORATE PERFORMANCE BY 
MEASURING AND MANAGING THE 
DRIVERS OF FUTURE PROFtTABILfTY 
A m»|or twadky inonmtu i ui con f eren c e 00 
How and why orgpnisafioas arc broadening 
(heir performance measurement systems to 
include drivers of future value such as 
qualily. customer service and human rapitaL 
Contact: Business Intelligence 
TeL 081-544 1830 Fax: 08 1 -544 9020 
LONDON 


APRIL 21-22 

ADVANCED CORPORATE 
FINANCE 

Designed for practitioners with substantial 
corporate finance experience, the coarse 
focuses on debt management, foreign 
exchange risk aod equity. 

Omtacc Securities Institute 

TeL 071 626-3052 Fwr.07l 283-07 U 

LONDON 


MAY 10 

INVESTMENT OPPORTUNITIES 
IN THE NEW SOUTH AFRICA 

For Fund Managers - Institutional 
investors focueing on new opportunities 
and cyclical inrcsimcnu- Dale is 
inauguration of new South African GovL 
Speakers: include Dr. Worrell, former 
Ambassadoc/Oraega Chairman, leading 
SA and U.K. Brokers. Economists. 
Bankers, L.S.E. and A.N.C. Omega 
Research /John Katz sad Associates. 
Tel: John Kau on 071 394 5795 oc 
Fax 071 231 9928 

LONDON 


JUNE 8-9 

OS 9A- CLIENT SERVER 
REPORTING FOR THE 
ENTERPRISE 

Europe's leading conference and exhibition 
on Executive and Management 
lofofstarioa Systems. A unique conference 
programme which gathers many of the 
workfs bon thin leers, practitioners & cose 
studies, wirh the aim of helping 
organi sati ons link BIS to holiness gau. 
Contact: Business Intelligence 
Tel: 081-344 1830 Fax:081-5449020 
LONDON 


APRIL 19 

OFFSHORE SAFETY CASE 

MANAGEMENT 

•\ cunl'erencc on safely casework in the 
North Scu. taucx include awewing satiety 
cases submitted to the IISU, future 
legislative needs, insurance risks, the legal 


APRIL 13/20 

PRACTICAL DOCUMENTARY 
CREDITS 

Trade finance training for financial 
institutions and expoct/impon company 
personnel. Presentations, practical 
exerc is e s and discussion on Doc. credits, 
handling discrepancies and the new UCP 
500 procedures to clarify understanding of 
all issues. £480 4 VAT. 


Lywurai DaviJ loteraationjl Ltd. 
Tcfc 0959 565820 Fat 0959 StiS 


09S9 565820 Etc 0959 56SS21 

LONDON 


APRIL 28 

SUCCESSFUL PR ACROSS 
EUROPE THE BREWERY 
This half day seminar explores the key 
issocs associated with implementing 
consistent and successful press and public 
relations programmes in more than one 
European country. For company directors 
responsible for marketing in Europe as 
well ax marketing commnnlcalions 
managers and corporate advisers. 

Contact: Julia Warnock, European 
Marketing Cbmuhams Lid. 

TeL 081-879 3033 Fax:081-9479042 

LONDON 


MAY 11 

RAILFREIGHT 

AFTER OPEN ACCESS - 

MAKING PRIVATISATION WORK 

A conference examining open access to 

UK railways and implications for new 

entrants following privatisation of 

Troinioad Freight, RfD and Freight! Loer. 
Speakers include Rl I km John MacGregor 
MP. Secretary of Slate for Transport. 
Organised by The Waterfront Partnership 
A The Rail Freight Group. 

Gance bin Dale, The Whtafiont ftctocabb 
Tel: 07 1 7300430 Rax: 071 730 0460 
LONDON 


OCTOBER 12 -14 

VOICE: VOICE AUTOMATION AND 

COMPUTER TELEPHONE 

INTEGRATION 

EUROPE’S LARGEST VOICE EVENT. 
A three day lnl emotional exhibition and 
conference providing the latent 
information on new comm no I cat ion 
technology and applications-Thc 
workshop- focused conferenc e will have 3 
special track on CaD Centres. 


Contact Simon Cooper. Advtnstsr 
Qommunicatioa* TeL +44 (0) 244 378888 
Fax: +44 ft)) 244 37001 1 


LONDON 


INTERNATIONAL 


APRIL 14 

W S ATKINS. SECTEUR & THE 
UK CONSTRUCTION INDUSTRY 

JOINT DI:CfI>.»li CONFERENCE 
This conference will enable UK 
komnuciinn industry representatives to 
debate lhc future development of the 
industry in Europe. Speakers include 
Karlheinz Zarfinunn. Siiun Reynolds anJ 
Ttrny UaMrv. MP. C.vKacn Paula (.handler 
Tel: 071 5*0 5646 

LONDON 


position and safely case automation. 
Speakers include Michael Forsyth MP 
(Minister of State. Dept of Employment}. 
Tony Bsrrell 1 Chief b'xcc. North Sea 
Safety. ItSli). Organised with IchemE and 
Digital Equipment. 

Contact: Lun Dale, The Waterfront Partnership 
Tel: 071 730 U430 Fax: 071 730 0400 

LONDON 


APRIL 19-20 

THE FUTURE OFTHE ITINDUSTHY 
THROUGH THE YEAR 2000 

CaitncrGroup consultants analyse key IT 
trends affecting industry. For chief 
information ofriccrs, senior stiff ID 
organisations who am forge tacts of IT. 
armputcr muraifociiircis and IT suppliers. 
Price: £950. Contact: Kate Durham. 

Wl: 0733 S3 1 122. hue 0733 850776 

LONDON 


APRIL 14 & 15 

OPPORTUNITIES IN TURKEY 

A two tfoy seminar for companies with on 
interest in lhc Turiudi marker wishing to 
establish direct contacts. Sectors include 
restile, learher evfMtcrv, ptmnuccutlcais, 
ccnimta. machinery Importer-,, municipaliiy 
requirements, general trading, iron & tfed 
industry. High level speaker* from both 
cnuntnrs. Contact: Beth Rayncy. I.CCi 
Tel- in 24ii 4444 Fir n7l 489 (U9I 

LONDON 


APRIL 19 
STRIVING FOR 
BUSINESS EXCELLENCE' 

Demonstrable evidence Hut Total Ovality 
Management (TQM) pays. Practical 
examples firm the 1993 Knrapcm Quality 
Award winners. Millilteit Europe and 
D2D. Other speakers include Lard 
Alexander (NatWest Bank). Bill 
Coekhurn (Pact Office) and Juba King 
(European Foundation for Quality 
Management). 

Conran: Lema Madntreh: 071-714 44T> 

LONDON 


APRIL 20-21 

CHEUSPEC EUROPE 94/ 
FORMULATE 94 
An exhibition designed lo highlight 
developing and future treads la organic 
infemMdtalet, speciality, performance and 
HtK chemicals, together with an exhibition 
promoting pharmaceutical ingredients and 


APRIL 28-29 

FINANCIAL MARKETS IN THE 
MIDOLE EAST CONFERENCE 
Sponsored by the UK Government, 
speakers include; Abu Ala's. PfcCDAR; 
Eddie George. Bank of England: Samir 
I tala left, Economic Development Group, 
Jerusalem: Dr Michel Marto, Central 
Bank of Jordan: Ismail llasian 
Mohammed, Central Bank of ligypG Haim 

Cl -4 T\J i„L-A..J.sn -■ 


SlocsseL Tel Aviv Stock Exchange; 
Contact: The Royal InstltaLc of 
tmenrailorcJ Altai ca. 

Td 07 (-957 57t)0 cat 238, Fax 07 1 -32 1 200 

LONDON 


MAY 11 

OPPORTUNTTIES IN CHINA IN 
PROPSTTY AM) CONSTRUCTION 
Presented by staff from Tslnghne and 
People's Ueiversillus, Beijing, China 
lovcsbncor Bank. Beijing, UK Companies 
and UMfST suft Business approaches, 
opportunidcs, diflicultics and expe ri enc e s 
in constmawo managctncni ami property 
deretoptnem in China. 

Enquiries: Famuli Hyde, Centre for 
Property Dev. and Man., UM1ST. 

Teh 061 200 4218 Fax: 061 2004217 

MANCHESTER 


APRIL 25-27 

THE 1994 EUROPE BUSINESS 
OPPORTUNITY CONFERENCE 
This three day conference offers an tn- 
dentb look at doing business in Europe 
today, bringing together leaders ol 
indtnmy, academic scholars and the Senior 
Commercial Officers of the US and 
Foreign Commercial Service from 30 US 
embassies and missions. 

Cbnmcc The Emerging intemnlkoal City , 


Pittsburgh. PA 
TeL- 1-800-340-3262 (within thcUSIor 
(412) 263-5668 Fax: (4 L2) J9 1-7530 

PITTSBURGH, UAA. 


cidpicms. 

G-MEX Centre. Manchester 
Contact: fane Maleptm-Coc 
FMl iMumaiional Pubiicuhms Ltd 
Tel (0737) 768611 F« (CT7J7) 761685 
LONDON 


APRIL 16-17 

EMPOWERING THE HUMAN 
RESOURCE FUNCTION TO 
DRIVE CHANGE 

An intensive conference, using 14 
piailicjl case jtudiev. to establish how ti> 
mlegrjie Human Kaourev pluming with 
ynut line mamgemcnL lunpowcring jour 
I IK funerion will be key to drive future 
buunesv suceevv 

Cuntaei: Tim Clark. IOC Technical Services 
Tel- H7| 637 43X3 Far «7i 631 3214 

LONDON 


APRIL 19 

TAX INCENTIVES FOR 
UNQUOTED COMPANIES THSR 
OWNERS AND INVESTORS 

Hub limdy conference will examine how 
the new EIS works, if exi/sring BBS 
companies can qualify under ri*.- EIS; how 
W float BES companivs; what exits exist 
for UES bharcholdcra and how the venture 
capital 1 rusts will work - the day 
cu delude? with an in-deplb ease study. 
CONTACT Kate Ruber Is. IBC Legal 
Studies and Services f jmficd 
Td: 1171-637 43X3 Hat; 07 1 -63 1 32(4 
LONDON 


APRIL 21 &22 
BUSINESS PROCESS RE- 
ENGINEERING SEMINARS & 
WORKSHOPS 

Continuing q sucoaaful series of iKmlnan 
for executive? and senior managers 
charged with designing and imp letncu ting 
BP" initiatives. Esiablishcd blue chip 
client list. Presented by a leading U5 
practitioner, our guide is illustrated 
ihtoiithuul with case studies and 
workshops. Course book also available. 


APRIL 29 & 29 

FT ASIAN CAPITAL MARKETS 

This timely conference will review 
emerging oppeeumhies tot capital market 
investments in key markets in tfag region. 
The practical issues relating to 
settle ukmM, tax and rink management will 
also be addressed: 

Enquiries: Financial Times 

Tel: 081-673 9000 Fax: 081-673 1335 

LONDON 


MAY 12 

INVESTING FOR GROWTH 

This one-day conference will drew on the 
ex prerenco of various corn parries that lave 
used the discipline of recession In re- 
examme their jsatauptions about tavesmem. 
What boors influenced their dedaian? Whit 
prindpira <U they adhere to? 

Director Conferences 
Tel: 0717300022 

LONDON 


MAY5&6AN0 9&10 
RUSSIAN - USA: PROSPECTS 
FOR COOPERATION & 
INVESTMENT IN BANKING & 
FINANCIAL MARKETS 

The Russian Bankers Association with 
Senior Executives from over 40 leading 
commercial banks invite you lo a 


conference in New York. City on May 5th 
& 6th or to Mural Beach an May 9rb A 


A 6th or lo Miami Beach an [May 9ib & 
IDlh. For information call Mr Elliott 
Berger or Mi PrecthJ Ura m USA 
TeL 5168870763 ftx: 5 16 887 3682 

NEW YORK/FLORIDA 


Repeated June 9-10. Cunt»ci: Richard 
Pama. Vertical Systems Intercede Lid 
Tel: <44-455-250266 r24 hours) 

Fax: +44 455 890821 

LONDON 


APRIUMAY 

USER PROJECT EXPERIENCE 

Bucfays, Citibank, Euro-DoDv, J P Motgui, 

Powers. Setnsn Irina wl irtore dcaczibe 
poloacxpcramceindierotorvcr.RACKIAD, 
ul|jca technology, owntntniealing with rafcs 
faroe^ ek . Vendor iikkpenkn Software Ukcrf 
Assail two 

Tel: QMS 377445 Fax tWOSTncro 

IX>NDON 


MAY 25-26 

IT 94: TRANSFORMING IT TO 
SUPPORT THE HIGH 
PERFORMANCE BUSINESS 

UK's fiat annual walerence for senior 
executives reuponsiblc for re-ngiueering 
the ofganisatioii and delivery of IT. It 
addresses ways of organising IT io 
promote partnership with rite busman, the 
new skills and resources requirements sod 
alternative approaches to systems 
delivery. 

Contact Business Intelligence 
Tel: 0«t -544 1830 Far. 08! -544 9020 

LONDON 


JUNE 13-14 

THE EUROPEAN 

FOOD AND DRINK INDUSTRY 

CONFERENCE 

The food and drink Industry is going 
through diflaailt limes; manofoourera and 
(fiaribuaas are being squeezed aa prices and 
margins are forced downwards. This 
conference p res en ta acfwos and aoitfbas; 
bow to strike a balance between industry 
embalm and future busnem Jcvefopotan. 
Contact: Anne Jones, 

Management Centre Europe, Onsets 
Tefc +322516 19 U Fax; +32251371 08 
BRUSSELS 


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tatatoi Water 6»% On brad. Pt 45»p 
On 1120% na Ota 200MB £3.60 


UK COMPANIES 


_ ■ TODAY 

COMPANY MEETINGS: 
Temple Bar fnv. Tst, 
Watermans' HaH, 18 St 
Marriott Hill, E.C. 11.00 
Wffloughby’s Consolidated, 
5th Floor Conference Room, 
CheapskJe House, 138 
Cheapside. EC. 11.00 
BOARD MEETINGS: 

Finals: 

Automated Security 
Bemrose 
Btagden Inds. 

EBC 

EdhAurgh Fd. Mngers. 

Forth Ports 

Global 

HeacSam 

tnchcape 

Isle of Man Steam Packet 

Nelson H«*st 

Pearson 

RJB Mining 

Roxboro 

Royal DoUton 

Rutland Tst 

Scholl 

Schroder Split F± 

Sharpe & Fisher 

Sherwood 

Steet BurrQI Jones 

T & S Stores 

Taylor Nelson 

Thompson dhre Invs. 

Interims: 

Graystone 
MY Wdgs. 

Scottish Metropolitan 
■ TOMORROW 
COMPANY MEETINGS: 
General Consofidated Inv. 
Tst 49 Hay’s Mews, W. 2.45 
Vardon, Sheraton Park Tower, 
Knightsbridge, S-W. 10.00 
BOARD MEETINGS: 

Finals: 

Alexon 

B^ey (Ben) Construction 
Bard on 
Blenheim Grp. 

Brake Bros 
Co-Operative Bank 
Croda Int 
Estates & Genord 
FBD 

Gtenchewton 

Henderson Highland Tst 
Hickson Int 
Hodder HeadBne 
Jeyes 

Johnston Grp. 

Jourdan (T) 

Macfariane 

NB Smaller Co’s Tst 

Next 

OiS kit 

Proudfoot 

Psion 

Ropner 

Rotorfc 

Servomex 

Taylor Woodrow 

Tibbett & Britten 

TransTec 

Ulster TV 

Waterford Wedgwood 
Watts Blake Bewne 
Interims: 

Uoyd Thompson 
Thorpe (FW) 

■ WEDNESDAY MARCH 80 
COMPANY MEETINGS: 

BWD Securities, Woodsome 


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■ SATURDAY amt. z 

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Busines* 


House, Woodsome Park, 
Fenay Bridge. Huddersfield. 

W. Yorks.. 11.30 
Bibby (J.) & Sons, Painters’ 
Hall, 9 Little Trinity Lane. E.C. 
10.00 

Ehayton Fa- Eastern Tst, 11 
Devonshire Square. W., 12.00 
Securioor Grp^ Richmond 
HH1 Hotel. Richmond HH1. 
Richmond, Simey, 12.30 
Security Services, Richmond 
Hifi Hotel. Richmond HID, 
Richmond, Surrey, 12.15 
Throgmorton Tst, Insurance 
Hall, AJdermanbury, £C. 12.00 
BOARD MEETINGS: 

Finals: 

BLP 

British Alcan Aluminium 

British Fittings 

Cakebread Robey 

Canadon 

Gaskell 

Grampian 

Great Southern 

Harrisons & Crosfleid 

fflggs&HHI 

Hogg Grp. 

Johnston Press 
Lee Refrigeration 
Martin Currie Pacific 
Mayflower 
MeggHt 
Ocean Grp. 

Princedale 

Roskel 

Russell (Alerd 
Senior Eng. 

Splrax-Sarco 
TQbury Douglas 
Wilson (Connolly) 

Interims: 

Bridport-Gundry 

Preasac 

■ THURSDAY MARCH 31 
COMPANY MEETINGS: 

AHIed Textiles, Highburton, 
Huddersfield, W.Yorks, 12.00 
Corporate Services Grp^ 
Connaught Rooms, Great 
Queen Street, EC. 9.30 
doming Clavertoouse Inv. 

Tst, The Chartered 
Accountants' Hall, Moorgate 
Place. EC. 12.00 
Govett & Co,, Grand Hotel, 
^anade, St. Helier, Jersey, 
10.00 

Trtecon^uting, The 

note*. Pareham. Hants., 

tU.UO 

Yeoman inv- Tst, Basement 
” oom > Bnde House, 20 Bride 
Lan®. EC. 12.30 

board meetings- 

Finals: 

African Lakes 
Ash & Lacy 
Boxmore Int 
Calor 

Cementone 
Q^Hwon (Horace) 

London Securities 
Martin Int 
1*™# Ventures 
Retfland 
Tanjong 

otherwise stated 
Reports and 

acc ?wts are not normally 
ayafaWe until appr^JnSLy 

SSSj® *° approve the 
preliminary results. 






■!.C - 

". .. ' - 





FINANCIAL TIMES MONDAY MARCH 28 1994 


21 


to 



FINANCIAL TIMES SURVEY 


RISK MANAGEMENT 

Monday March 28 1994 


The risks companies face are 
becoming more complicated. Rising 
premiums and shrinking protection 
have forced commercial buyers to 
rethink their approach and to seek 
alternative methods of insurance. 
Richard Lapper reports 

Business 
takes cover 



"Every time there Is a disaster 
people say how could it happen 
to us. How can we be vulnera- 
ble?" Geoff Saunders, risk 
manager of RTZ, observes 
when explaining the recent 
growth of risk management - 
a combination of loss control, 
risk financing and self-insur- 
ance techniques which is 
becoming increasingly popular 
with larger British companies. 

Mr Saunders points to the 
growing number of leading cor- 
porations backing the British 
insurance and risk managers’ 
association, Airmic, whose 
annual conference opens 
today, as evidence of growing 
boardroom interest 

Mr Saunders, who is also 
Airmic 's chairman, says more 
and more commercial buyers 
are examining alternative 
ways of insuring their prop- 
erty, legal liabilities and other 
risks. 

Companies are increasing 
the amount of risk they retain 
on their own books by, for 
example, accepting larger 
deductibles. - Additionally, 
many are forming "captive” 
insurance subsidiaries which 
are dedicated to Insuring their 
own risks and allowing direct 
access to the reinsurance mar- 
ket. 

Figures from HUinghast, the 
actuaries and management 
consultants, show that the 
number of British captives has 
more than doubled since 1987, 
rising Cnom 118 to 325. The 


number of captives owned by 
companies in the FTSE 250, the 
biggest companies in terms of 
market capitalisation, has 
nearly tripled since 1987, rising 
from 52 to 148. Recently priva- 
tised. utilities have embraced 
the trend with particular 
enth usiasm 

‘This trend runs parallel to 
another development the rise 
in popularity of financial risk 
management techniques such 
as the use of derivatives to 
cover interest and currency 
exposures. 

Advocates of risk manage- 
ment have long argued that by 
increasing spending an safety 
and ac cident reduction and by 
setting up their own insurance 
arrangements, companies can. 
reduce overall spending on 
insurance and Improve their 
bottom line. 

“Companies want to have 
their own access to the com- 
mercial and reinsurance insur- 
ance market, without having 
to pay for the overheads which 
insurance groups carry,” 
explains Alan Fleming, risk 
manager of Id and executive 
director of Airmic. “Why go to 
these guys when you can go 
directly to the real risk-takers 
who have much more capacity. 
This is the real driving force 
for captives," 

In the UK, these traditional 
arguments, which helped fuel 
the initial rise of the captive, 
movement in the 1950s and 
1960s, have been reinforced by 


two recent trends. 

first, a spate of expensive 
international disasters in the 
past 10 years including the 
explosion on the Piper Alpha 
ofl rig in the North Sea in 1988 
and the IRA bomb blasts in the 
City in 1992 and 1993, have pro- 
vided graphic reminders of the 
range of risks to which the cor- 
porate world is exposed. 

Second, sudden and unex- 
pected increases in prices and 
restrictions in insurance cover, 
have led many companies to 
question the traditional 
answers offered by the conven- 
tional insurance market. 

A number of insurers, for 
example, have reduced their 
involvement in classes such as 
motor fleet and employers’ lia- 
bility, as a result of steep rises 
in claims costs. 

The market for employers' 
liability could contract further 
early next year if reinsurers go 
ahead, as expected, with plans 
to limit the cover they offer. 

Companies excluded terror- 
ism cover as a standard feature 
of property insurance policies, 
after the IRA bomb in April 
1992. Business is now largely 
dependent on terrorism poli- 
cies sold by Pod Re, an indus- 
try-owned mutual whose losses 
are ultimately guaranteed by 
the government, and there 
have been widespread protests 
about the increased costs. In 
same cases London-based com- 
panies are paying as much for 
their terrorism policies as they 
pay for the rest of their prop- 
erty Insurance. 

Mr Fleming concedes that 
insurers were under pressure 
from their own reinsurers to 
withdraw but says: “It is wor- 
rying that the market over- 
reacts to the unusual. A 
vibrant market would see this 
as an opportunity rather than 
a problem." 

Another area, pollution, 
also been a cause for concern. 
Insurers excluded protection 
against gradual pollution from 
all liability policies in 1991 but 
there are fears in some quar- 
ters that cover for sudden and 
accidental damage could also 
be excluded for standard public 
liability policies over the next 
few years. 

Mr Saunders says that the 
market’s stance on pollution 
reflects a more general unease 


about long-tail liability risks - 
in which claims typically 
emerge many years after the 
inception of a policy. 

The withdrawal from the 
market of the ninth biggest UK 
insurance company. Municipal 
Mutual, in the autumn of 1992, 
and the disappearance of doz- 
ens of smaller London compa- 
nies has highlighted yet 
another worry - the security of 
underlying policies. Municipal 
Mutual insured relatively 
small amounts of commercial 
business but was hard hit by 


liability ffinimc from the local 
authorities which owned the 
company. 

“When you think you've laid 
off risk and you find out you 
really haven't because your 
insurer goes belly up it is a 
concern.” says Mr Saunders. 

As buyers respond to these 
developments there are signs 
that the UK and, to a lesser 
extent, the rest of Europe are 
following a well-established 
North American trend. There, 
more than a thir d of insurance 
premiums have been diverted 


from the conventional insur- 
ance market towards a 
so-called alternative market 
populated by captive insurance 
subsidiaries and other self-in- 
surance fe^rutipa , such as risk 
retention groups. 

“Europe is a decade and a 
half behind the US,” says Joe 
Smetana, chairman of risk 
management at American 
International Group, a com- 
pany which was quick off its 
feet in anticipating the risk 
management trend. 

As well as selling a range of 


conventional products, AIG is 
now a leading provider of 
claims management, loss con- 
trol and other services for the 
alternative or self-insurance 
market 

Mr Smetana says that the 
contraction of the liability mar- 
ket, initially for product liabil- 
ity and medical malpractice 
risks in the mid-1970s, fuelled 
the growth of the alternative 
market which bad begun in the 
1950s, 

Subsequently, further tight- 
ening in liability classes in the 
mid-1980s boosted tbe develop- 
ment of the alternative market, 
including the formation of sig- 
nificant Bermudian high-level 
liability Insurance facilities, 
such as ACE and XL. 

Most of this business has 
been lost by tbe conventional 
market, a development which 
could have for-reaching ramifi- 
cations for North American 
Insurers. 

The traditional insurance 
market cycles - in which pre- 
mium rates fluctuate along 
with the amount of capital 
moving in and out of the indus- 
try - are expected to become 
less pronounced, or even, a 
thing of the past 

“For four years everyone has 
been saying tbe hard market is 
coming- It hasn't Quite hon- 
estly one of the main reasons 
is because of the alternative 
market," says Mr Paul Brown, 
director of public affairs at tbe 
Risk and Insurance Manage- 
ment Society, the US risk man- 
agers’ association. He says that 
83 per cent of the Fortune 1000 
top US corporations are mem- 
bras of RIMS and the organisa- 
tion is now increasing its rep- 
resentation among 

mwtiimi^riwv! companies. 

Some analysts expect the US 
alternative market to absorb 50 
per cent of premiums by 2000 
and predict that a growing 
number of European industrial 
customers will follow suit, 
especially if deregulation and 
liberalisation of the European 
markets lead to increases in 
premiums for commercial 
risks. 

Bigger insurance brokers, 
especially those whose inter- 
ests span the Atlantic, are 
anticipating the trend, increas- 
ingly earning fees from risk 
management advice and ser- 


M THIS SURVEY 

□ Employers’ Liability: 
Capacity crunch looms 

□ Environment Cal far an 
Integrated approach 

Page l! 


□ Business Interruption: 
Ways of limiting the cost 
of a calamity 

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□ Liability; Directors rush to 
take cover 


U Contingency planning: 
The art of planning tor a 
disaster 

□ Captives: Bermuda tops 
the list of domiciles 

Page IV 

□ Boardroom attitudes: 
Decision-makers grow 
wary 

□ Profile: Hank Greenberg 
of AIG 

Page V 


vices as well commission 
income on policies. 

But the trend could repre- 
sent a further blow for those 
UK and European insurance 
companies who are too slow to 
respond. 

Some may be losing many of 
their most significant commer- 
cial customers to self-insur- 
ance. For an industry already 
besieged by the banks and new 
direct telephone-based insurers 
in areas such as motor, home 
and life insurance that could 
be bad news.' 



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RISK MANAGEMENT II 


■ EMPLOYERS* LIABILITY 

Capacity crunch looms 


Employers’ liability (EL) used to be seen 
as a relatively easy class of risk to manage 
— for insurers and industry. But the 
Piper Alpha disaster in 1988, which sent a 
tidal wave of rfgfmg through the market, 
businesses are finding EL protection 
increasingly expensive and often difficult 
to place. As a result, a radical shake-up In 
the way EL risk is managed and insured is 
now under way. 

If Piper Alpha shocked direct writers 
and reinsurers into reducing their expo- 
sure to EL insurance b usiness, a steady 
increase in the cost of claims over the past 
20 years had already become a growing 
concern for EL insurers such as Eagle 
Star. The leading UK EL underwriter has 
worked out that the average cost of EL 
claims has risen by 15 times in the past 
two decades and is still growing. 

Against a background of 800 per cent 
inflation over the same period, claims for 
total disablement have risen by 1.500 per 
cent (from an average of £50,000 to 
£750.000) and claims for minor injuries 
increased 1,250 per cent (from £100 to 
£1.250). Besides injury claims, losses 
incurred by insurers from occupational 
disease claims have also grown and now 


represent about 50 per cent of all EL 
claims compared to less than 20 per cent 
10 years ago. 

In addition to the relentless march of 
claims in “traditional" categories, such as 
deafness or loss oF limb, new heads of 
claim emanating from white-collar 
employees are adding to insurers’ woes. 

Repetitive strain injuries, stress and the 
effects of passive smoking are rated the 
c laims of the future as trade unions find 
success, if not with judge and jury, then in 
out-of-court settlements. 

In the face of such formidable claims 
attrition, insurers have been led by those 
reinsurers which remain in the market to 
increase rates and limi t the scope of cover 
offered businesses. Rate increases of 30 per 
cent annually are now commonplace and 
as much as 100 per cent, not unusual 

Furthermore, for the first time, industry 
risk managers approach their EL renewals 
this year with limits attached to their poli- 
cies. By law, a company must purchase a 
minimum of yspi - but from January 1, 
1995, a limi t of £Sm-£10m per policy is 
likely to be imposed by insurers, instead of 
the unlimited cover companies have tradi- 
tionally enjoyed. The situation will be fur- 


ther complicated if the gov e rnment raises 
the statutory minimum level of cover, as 
some observers expect it to soon. 

But worries hi industry run even deepen 
“The limit of indemnity is a red herring 
really." says Ray Mattholie, risk manager 
at teleooDigmnicatioiM giant BT a n d hflfld 
of the AIRHIC working group into EL. 
“There are not so many companies which 
need to worry about catastrophic expo- 
sures. The cap is simply a symptom of the 
shrinking market for EL coven there is 
Just no Interest in writing new business in 
the market," he says. 

It is this lack of availability, especially 
to non-manufacturing businesses, which 
will lead to changes in the way EL pro- 
tections are organised, according to Mr 
Mattholie. Fundamental changes to the 
basis on which cover is underwritten, 
away from occurrence to claims made, to 
reduce the “long tail" of policies, for exam- 
ple, would require a in the law 

governing employers’ liability. Similarly, 
companies increasing their retention of 
exposure could be contravening existing 
law which stipulates the amount of cover 
a company must purchase. “More compa- 
nies employ alternative risk financing 





the present system works weR - what is 
neededfea board-led assault on tiie appafl- 
ing accident rate in our campsn*®- 
But brokers are bringing some nsk jo** 
neertng to bear on EL problems. RJsksbar 

ing^adv^by^^^SiS 


Hw Piper Alpha (Ssaater sent a tkM 


of dafrna through the mariwt 


than you might think and' it is a n/mwmse 
that they have to hide it away,” says Mr 
Mattholie. "Same of these companies are 
more viable than their insurers.” 

An even more radical solution being pro- 
posed by some risk managers is the adop- 
tion of a US workers* compensation type of 
scheme in the UK In the US, awards axe 
made through a standard “no-fault" proce- 
dure of fixed benefit levels and not 
through the courts. Premium rating for EL 
plans have to be approved by the individ- 
ual states, which are responsible for over- 
seeing their own systems. 


Eagle Star’s Derek Howie, assistant lia- 
bility manager, is not convinced: “To fol- 
low the American lead would be to intro- 
duce an expensive problem for UK 
industry,” he says, pointing to the difficul- 
ties the US Myshkin is faring . 

■ Mr Howie concedes that the UK Act 
could be looked at again to accommodate 
the element of “self-insurance" which 
some companies require - the use of large 
deductibles ora captive, for example - but 
stresses that the Act is designed to protect 
employees: “There is nothing fundamen- 
tally wrong with Rn gfish common law - 


uimn aLiuimi luuv mni i ny. — ' — „ n 

Marsh & McLennan, because it encouragM 
insurers to make cover available and with- 
out exclusion. . . 

Larger clients are 

their captives to insure part of tbmr BL 
risk, Mr Hayes says. The insurer issues 
providing for foil cover but rein- 
sures "predictable” losses to the comp*, 
tty’s captive. Even smaller companies 
should And that taking a sizeable deaua- 
Eble produces savings. _ 

Assigning the deductible to operating 
compani es will concentrate managers 
m-inria an properly managing EL risk, Mr 
Hayes adds. _ . . 

Sedgwick UK has introduced an EL nsk 
anriiting service which it says helps 
reduce i^rir^nts and claims. It charges a 
set fee to analyse previous claims, assess 
the risks , a company is exposed to, design 
a risk management plan to reduce them 
and negotiate a premium based on the 
improved risk exposure. 

Self-financing allow a risk man- 
ager to centred of the EL prog ramm e 
but do not always assure great premium 
savings, warns Sedgwick UK’s casualty 
director James Hopper. 

Garry Booth 




■ ENVIRONMENT 


Call for an 

Over the past five years, environmental 
liability has gained importance in risk 
management circles throughout the world. 
A barrage of laws and regulations on 
everything from pesticides to packaging 
waste has turned what was once regarded 
as routine spillage or wnisrinn lntn action- 
able nuisflnras or even c riminal offences. 

Anyone doubting the momentum of this 
trend should look at a snapshot of activity 
worldwide: 

■ The European Union is debating new 
liability rules under its Green Paper on 
Remedying Environmental Damage; 

■ The Strasbourg-based Council of 
Europe has agreed a convention on liabil- 
ity for damage resulting from activities 
dangerous to the environment; 

■ The United Nations Environment Pro- 
gramme (UNEP) is developing a liability 
protocol under the Basel Convention on 
cross-border movements of hazardous 
waste; 

■ The UK government bas just published 
its pre liminar y thoughts on liability for 
contaminated land; 

■ The French environment ministry has 
circulated all departments and regions 
with instructions to begin preparation of 
inventories of contaminated sites; 

■ The governments of Germany, the 


integrated approach 


Netherlands. Denmark, Sweden and Fin- 
land, as well as regional governments in 
Spain and Italy, are promoting tougher 
liability and clean-up proposals; 

■ In the US, Congress is p-ramining pro- 
posals to update both the Superfund haz- 
ardous substance clean-up law, GERCLA, 
and the Clean Water Act; 

■ In Canada and Australia, individual 
states and provinces are developing new 
strict liability regimes; 

■ Even in Japan, the recently passed 
Basic Environmental Law and some local 


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ENVttCTWfTAL AMD fE£R02UT KiStS | 
FfcTOI OUk RjLClES. flC*l NO Ctf ACE 

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city ordinances are opening the way for 
new liability provisions. 

At the same time, the environmental 
enforcement agencies and powers at 

narinnwl and mtwmatinnal level ate being 

strengthened, with a third hfemmiai inter- 
national enforcement conference to he 
held in navara J Mexico, next mnntTi 

The uncomfortable paradox is that, just 
as environmental regulations proliferate 
and liability increases, the insurance mar- 
ket has been restricting or removing cover 
for environmental risks. Courts in the US 
have been upholding hundreds of high 
value claims for Superfund and other 
clean-up costs, under general liability poli- 
cies that were either silent on pollution or 
attempted to limit cover to “sudden and 
accidental”, as opposed to gradual, inci- 
dents. As a result, insurers have been re- 
wording their general policies to narrow 
the range of pollution incidents covered. 

Conversely, a small number of insurers, 
including insurance market pools in cer- 
tain European countries, now offer special- 
ist environmental insurance policies to 
cover a variety of risks, including environ- 
mental impairment (third party) liability 
(EIL). own-site clean-up, and contractors’ 
risks, directors’ and officers' risks (D&O), 
and professional indemnity (PD risks. 



The Boon Yafefez 


These new policies are generally based 
on “claims made” (as opposed to “occur- 
rence”) policy wordings, require intensive 
site surveys before cover is offered, have 
modest policy limits (typically £l-£10m) 
and involve substantial deductibles (the 
amount paid by the policy holder in any 
loss). They require payment of premiums 
which many potential policy holders con- 
sider high, particularly when they have 
had environmental cover free in the past 
In addition, they offer little cover for dam- 
age caused in the past, to the extent that 
such cover simply will not be available to 
many existing industrial facilities. 

As Richard Turrin, of AIG Europe (UK) 
Ltd, one of the providers of such insur- 


er oil Wo Alaskan waters 


ance, puts it “You can’t insure a car after 
it crashed.” On t h** other hand, he 
points out, sites subject to a property docu- 
mented clean-up may become insurable 
again and, in another context, companies 
inviting contractors or consultants an to 
their sites may well want to assure that 
these intruders are adequately covered for 
any environmental damage they do in the 
course of their work. 

naught in this pincer movement of tight, 

enxng regulation and narrowing insurance 
cover, risk managers axe developing more 
sophisticated packages of measures to 
handle environmental risks. 

Nick Chipman, managing director of 
Sedgwick Envi ronmental Services in Lon- 


don, believes that wit. policies are too lim- 
ited to be of much use to many clients. He 
hopes to see more “customer-friendly" 
insurance products emerge from discus- 
sions with interested insurers. At the 
sama tima , he is keen to encourage clients 
to get their own operations into a condi- 
tion that will make foam more Insurable. 

Some companies, he says, publicise cor- 
porate environmental- policies without 
dn?ng annn gh to implement th«»m_ He also 
sees a complacency in countries such as 
the TIE where “sudden and accidental” 
pollution cover can still be obtained free 
under public liability policies. Mr Chip- 
man argues that buying specialist environ- 
mental policies can Increase the inherent 
value of a business by arimg - as a kfad of 
certificate of assurance on its commitment 
to good environmental management. 

Beyond that, Mr Chipman recommends 
that all clients at risk dig out their old 
liability policies, often written on an 
“occurrence” basis (Le. with cover remain- 
ing open indefinitely for mridmts occur- 
ring daring the period of the policy), 
which he sees as an asset against which 
potential liabilities can be offset Where 
there is no insurance to rely upon, he 
paints to a range of alternative risk financ- 
ing mechanisms, which allow companies 
to put money an a regular basis 
towards possible future liabilities. The 
key, he says, is to have an integrated 
approach to all the options available. 

Chris Clark 

Editor of the news letter. Financial Times 
Environmental Liabi l ity Report 



j 


•tty, 

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We’ll load the 

dice in your 
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K4 


When you play the business 
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THE ASSOCIATION OF INSURANCE & RISK MANAGERS IN INDUSTRY & COMMERCE 
Annual conference Warwick university march 28-31 


Wf. wish the Airmtc Conference success and support its aim of Achieving 
Excellence in thf. Understanding and Management of Risk. 


UnSroNAL 

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FINANCIAL TIMES MONDAY MARCH 28 1994 


RISK MANAGEMENT III 


23 


BUSINESS INTERRUPTION 


Ways of limiting the 
cost of a calamity 


In March 1993, a Are struck 
the plant of wallpaper manu- 
facturer Gallery Home Fash- 
ions at Caerphilly in south 
Wales. Nearly half of the 
42,000 square feet building 
was destroyed, tndndlng the 
stock areas and the office 
block. Some of the machinery 
was damaged beyond repair 
and everything else in the 
building was badly affected. 
As the company's chief execu- 
tive, Martin Paterson, says: 
"After the fire we were 
playing for very high stakes - 
onr survival. Continuity of 
supply is vital in the wallpa- 
per business. If we dost fill 
rack space in the shops,, some- 
one else win." 

A £4. 6m insurance settle- 
ment was negotiated with the 
assistance of Nicholas Bal- 
oombe, chief executive of loss 
assessors Balcomhe Group. 
Rather than rebuild the fac- 
tory, which would have led to 
production shutdown for a sig- 
nificant period, it was agreed 
that a new plant should be 
built nearby. 

In tile meantime, with 
co-operation from the Health 
and Safety Executive (HSE) 
and the bonding authorities, it 
was possible to repair the fac- 
tory sufficiently to restart 
some production within two 
weeks, concentrating on the 
most profitable fines. 

Over the next nine months 
output was built up to around 
two-thirds of normal. From 
December 1993, production 
began to be transferred to the 
new plant, which was offi- 
cially opened In early March 
1994, a year after the fire. 

Mr Paterson emphasises the 
importance of 
the initial 
stages: “The 
momentum we 
generated in 
the first fort- 
night after the 
fire carried ns 
through the 
longer-term 
recovery." 

This case 
shows that it is 
possible to suc- 
cessfully man- 
age toe conse- 
quences of a 
serious inter- 
ruption to 
business, 
through 
co-opeTation 
between man- 
agement, workforce, insurers, 
insurance brokers, loss asses- 
sors, loss adjusters and tire rel- 
evant authorities. It also high- 
lights that rebuilding plant is 
not always the best option. 

It is not only large fires that 
interrupt business. As Andrew 
Dunn, marketing manager of 
disaster recovery and restora- 
tion specialist StraHs, says: “A 
fairly small material damage 
loss can have a phenomenal 
business interruption effect" 
One example would be damage 

to a crucial high technology 

machine, on which the lead 
time for purchase of a replace- 
ment may be a year or more. 

Idorence Law, national ser- 
vices director of Alexander 
and Alexander (UK) Ltd, cites 
the case of a carpet-making 
machine which took three 
years to replace. 

Business interruption (b/i) 
insurance is one element in 
the management of risk. It 
covers, daring a selected 
indemnity period, loss of gross 
profit and "increase in cost of 
working", that is, costs 
incurred in minimising the 
gross profit loss, for example, 
sub-contracted produc tion. 
overtime payment, temporary 
equipment hire, or purchase of 
replacement stock from alter- 
native suppliers at higher 
price. Extensions to policies 
ran cover interruption caused 
by damage at customers’ or 
suppliers' premises, denial of 



Martin Paterson: ■we were playing 
for high stakes - our suvnaC 


access, and other bfl risks. 

Global figures for UK insur- 
ance companies (these exclude 
Lloyd’s syndicates results) 
from the Association of British 
I nsurer s (ABI), put gross 
incurred b/i following 

fire at £l(Mhn in IMS, com- 
pared with £423m for commer- 
cial property damage claims 
following fire. However, insur- 
ance claims do not give the 
full picture. One leading 
insurer has written thn* "the 
traditional problem of inade- 
quate sums insured remains a 
feature of many b/i claims.” 

As Mr Balcombe says: 
“Some companies manage to 
make good the damage and 
recover quickly, s up ported by 
payment in fuQ of their insur- 
ance claims. Many others are 
not so fortunate - usually they 
have been under-insured." 

Many bfl policies are pur- 
chased with an indemnity 
period of 12-18 months, 
whereas repair and rebuilding 
after some incidents can take 
much longer. Brian Toft, risk 
analyst in the ftfcfr Services 
Division at Sedgwick (UK), 
says: "In many cases a year is 
too short: it may take two or 
three years to get a business 
u p and running after a major 
incident. By ttipqp the trained 
workforce may have disap- 
peared, as well as customers." 

The costs of loss of reputa- 
tion, or long-term loss of cus- 
tomers due to inability to sup- 
ply goods, are difficult to 
quantify. This, in addition to 
underinsurance, may disguise 
the fact that in come cases the 
real cost of business interrup- 
tion can be greater than that 
of physical damage. 

Modern busi- 
ness practices 
can lead to 
increased 
interruption 
risks. Depen- 
dencies 
between cus- 
tomers and 
suppliers are 
rising. One 
mdaiMp is sin- 
gle sourcing of 
components, 
which has 
advantages in 
terms of cost 
and quality 
control, but 
can be a criti- 
cal problem if 
the sole sup- 
plier suffers an 
incident disrupting supply. 

An extreme example of prob- 
lems associated with concen- 
trated sourcing is a fire in 
1993 that destroyed a plant in 
western Japan which produced 
60 par cent of the world’s out- 
put of a resin used in semicon- 
ductor devices. Such problems 
can be compounded by busi- 
ness methods such as Justin- 
time, where raw material and 
finished goods stocks are kept 
to a minimum. 

High capacity plant gives 
advantages of economies of 
scale. Concentrating a higher 
volume of production into a 
more compact area also 
heightens the potential extort 
of damage and consequent 
Interruption in the event of a 
disaster. Similarly, widespread 
reliance of many businesses on 
computer systems, increases 
the potential consequences of 
computer failure. 

There is a wealth of experi- 
ence within the risk manage- 
ment profession to help busi- 
nesses cope with these 
business Interruption risks, 
both pre-loss prevention and 
post-loss mitigation. Roger 
Ricketts, technical manager of 
property services in Sun Affi- 
ance International’s Bisk 
improvement and Survey 
Department, says the empha- 
sis must be on prevention: 
"Having b/i insurance does 
not guarantee yon won’t go 
out of business. An important 


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part of our work is to give 
advice on contingency plan- 
ning, and risk identification, 
assessment and control." 

Also of significance are hid- 
den costs - sometimes called 
“iceberg” costs - associated 
with accidents in the work- 
place. These are not generally 
termed business interruption 
events, but looked at in the 
broad risk management con- 
tact can have the same effect. 
For instance, if an accident 
occurs on a production Use or 
individual machine, output 
might have to be shut down 
for a period. John Harrell, 
managing director of Sedg- 
wick Global, notes that other 
hidden costs can stem, for 
example, from management 
time spent In investigating an 
incident, difficulties in hiring 
skilled replacement workers, 
and less tangible elements 
such as the effect on morale or 
damage to reputation. 

As Barry Holt, manager of 
Liberty Risk Services, says: 
"Our research, and that of 
bodies like the HSE, shows the 
value of addressing the top of 
the accident ‘iceberg’. Onr role 
is to identify and assess work- 
place risks, and then reduce or 
eliminate them, with the 
of p reventin g accidents from 
occurring in the first place." 

Simon Reynolds 


Environmental liability and 
employers’ liability may be the 
hot Issues for companies in the 
Nineties but they fore many 
other liabilities equally diffi- 
cult to handle. Directors’ and 
officers' liability fD&O). pub- 
lic liability, and product liabil- 
ity are all areas where there 
has been an increase in litiga- 
tion and awards, or out-of- 

court settlements. 

The problem for companies 
and their insurers is that liabil- 
ity claims are subject to the 
whim of the courts, and 
awards, especially personal 
injury, are rising. 

One of the most noticeable 
trends recently has been the 
increasing liability of directors, 
who are being sued alongside 
their companies. Greenpeace, 
for example, began a campaign 
to single out directors of pollu- 
ting companies. 

The first recourse of a direc- 
tor is a D& 0 insurance policy 
which provides cover for 

p.iaimg flf ratngt directors 

for wrongful acts or trading, 
and defence costs. According 
to the latest Wyatt UK D&O 
survey (with 123 responses, 
admittedly only a small sam- 
ple) 62 per cent of respondents 
had insurance cover (compared 
to 84 per cent in the much 
larger US survey). 

D&O insurance claims give 
a good idea of the growing inci- 
dence Of ftlaima a gains t direc- 
tors and the source of those 
claims. The Wyatt survey 
shows that 26 pear cent of par- 
ticipants have experienced at 
least one risrtm in the past 10 
years, compared to 1991 when 
the figure was 17 per cent. 
Claims were brought by 
employees or former employ- 
ees (32 per cent), competitors 
(21 per cent), shareholders (21 
per cent) and government bod- 


LIABILITY 


Directors rush for shelter 


iea /regulators (18 per cent). 

Martin Beagley, of Willis 
Corroon, says the main expo- 
sure is in the US: “There have 
been more claims tn the last 
six months than there have 
been in the last six years, and 
most are employment-related, 
coming from large UK maltina- 
tionals operating in the US.” 

In the US rfnfma from share- 
holders account for nearly 50 
per cent of all D&O claims, 
and inadequate finan cial dis- 
closure claim a are on the 
increase while claims from 
merger and acquisition activ- 
ity, from where the majority of 
UK claims stem, have follenl 

The D&O insurance market 
is very competitive with new 
capacity coming in, and the old 
participants refocusing, so that 
while there has been an 
increase in claims, the premi- 
ums are still relatively cheap. 

There are some welurinpg in 
D&O policies, including dis- 
honesty or fraud, except where 
there is a successful defence, 
product liability and libel or 
slander. More importantly, 
most policies specifically 
exclude pollution, whether 
gradual or s Qrirten anH afy-jtftorf- 
taL However, a specific D&O 
pollution policy was launched 
recently by AIG. 

The Cadbury Report has had 
a profound effect upon direc- 
tors and has certainly 
increased the awareness of 
directors of the liabilities they 
face. Similarly, the well-known 
recent scandals involving 
directors have helped to con- 


centrate the mind of directors 
on their potential liabilities, 
and. indeed, the threat of a 
heavy fine, or even imprison- 
ment. may be driving risk 
management within compa- 
nies. At the very least, it can 
be used by risk managers to 
bring risk management to 
attention of senior manage- 
ment. As Liz Taylor, risk man- 
ager at Harrison & Crossfield, 
points out: *T t h in k that risk 
managers should use all the 
incentives that they can. and 
personal incentives for manag- 

The problem for 
companies and their 
insurers is that liabdity 
claims are subject to the 
whim of the courts 

ers are a very useful tool” 
Public liability insurance 
(PL) provides protection for 
companies against financial 

loss « rtATmning f mm thir d party 

personal injury or property 
claims, and, as with most lia- 
bility insurance, claims are on 
the increase. Since 1991. PL 
pedicles have included gradual 
pollution exclusion wordings, 
but they still offer cover for 
sudden and accidental pollu- 
tion, thoug h most in the indus- 
try now feel this will not be 
the case for much longer. 

In contrast to the relaxed 
attitude to pollution liability, 
many PL policies in the energy 
field now exclude third party 
liability in cases involving 


electromagnetic fields (EMF), 
in spite of there being no case 
history or proven liability. 

The 1985 EC Directive on Lia- 
bility for Defective Products 
(which resulted in the Con- 
sumer Protection Act in the 
UK in 1987) imposed a regime 
of strict liability, which, com- 
bined with the growing “deep- 
pocket" approach to claims, 
has driven greater risk map- 
agement among manufactur- 
ers. And the forthcoming EC 
General Product Safety Direc- 
tive will impose new responsi- 
bilities to encourage risk 
assessment and prevention. 

While awards escalate in the 
US, the UK product liability 
market is relatively stable. 
This is partly because there 
simply are not the huge 
awards in UK courts that are 
found in the US. The biggest 
claims in the UK occur in the 
pharmaceutical or chemicals 
industries. These Industries 
are normally only able to 
obtain cover on a clalms-made 
basis, but for other industries 
there is little problem in get- 
ting cover on an occurrence 
basis. 

Paul Maynard, technical 
director in the UK division of 
Minet, the international insur- 
ance broker, says that in 1985/ 
86 insurers, where their 
insureds had a US exposure, 
tried to force all policies 
towards claims-made wordings, 
but tbe attempt was 
short-lived. He adds: "The com- 
mercial market today could be 
described as hard, though it is 


not as bad as in 1986. There 
may not be big reductions at 
renewals, but it is not difficult 
to find good quality capacity.” 

While product liability may 
not be a problem area for com- 
panies. D&O looks set to be a 
significant problem if tbe UK 
follows the US example. 
According to the Wyatt survey 
in the US, the average D&O 
claim last year was $S-25m, 
with shareholder claims aver- 
aging 35.4m. 

Douglas McBean, a D & O 
specialist with Minet. sounds a 
note of caution for European 
companies which are listed on 
US stock exchanges, or which 
are considering doing so: “Used 
to the relatively lax reporting 
requirements in the UK and 
mainland Europe, many com- 
panies are caught unawares 
regarding the stringent rules of 
disclosure of information to 
shareholders and regulators in 
the US. Plaintiff lawyers and 
the Securities Exchange Com- 
mission (SEC) have not been 
reticent in exercising their 
powers." 

Many will say that it is only 
the US's contingency foe sys- 
tem that inflates liability 
claims, and that it will never 
happen on the same prate in 
the UK. But be warned: there 
is considerable pressure to 
bring in some form of contin- 
gency foe litigation in the UK. 

Tony Dowding 

Editor oj the co m merc ia l insur- 
ance and risk management 
monthly Corporate Cover. 


Before you sign 

any deals abroad, 

make sure you’ve 
got all the facts. 



When you’re doing export business, ir’s 
not enough to know how someone's behaved 
in the past. You’ve got to be able to judge how 
they’ll behave in the future. Nobody does 
more to uncover the intelligence you need than 
Trade Indemnity. 

When we evaluate your potential 
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We’re not even prepared to depend entirely on 
published data. Instead, your own personal 
underwriter will, when necessary, travel round 
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investigations on your behalf. Searching for 


any spanner in the works that could bring you 
nightmares in the future. 

All the time and trouble we take pays 
off in the quality of the decisions we give you. 
Decisions which don’t simply protect you 
against bad debt, but which play a vital role in 
your overall development strategies. For 
instance, we ran check out the strength of the 
links in your distribution chain. Something 
which could easily make or break your 
export success. 

Trade Indemnity is the leading British 
credit insurer, and is able to provide both 


political and commercial risk cover in virtually 
every country in the world. And at a highly 
competitive price. 

At Trade Indemnity, we’ll make sure 
the deal you bring home is worth the paper it’s 
written on. 

For more detailed information about 
how Trade Indemnity can help your export 
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fl 


TEADE INDEMNITY 

Before you export anything, 
import us. 







RISK MANAGEMENT IV 


FTNANCIAX TIMES MONDAV_NlARCH^28JOT4. 


CONTINGENCY PLANNING 


CAPTIVES 


The art of planning for a disaster Bermuda is top domicile 


The extensive damage, injury 
and death caused by terrorist 
bomb explosions in New York. 
London. Northern Ireland, 
Milan, and elsewhere provide 
the most pointed lessons in the 
need for contingency planning. 

However, the discipline is 
relevant not only to such high 
profile events, but also to the 
management of any incident 
which affects continuity of 
business. Threats arise from 
many diverse sources, includ- 
ing: fire, flood, or storm; 
employee fraud or negligence; 
computer virus; a health alert 
(perhaps a case of legionnaire's 
disease); or injury to key staff. 

Even seemingly prosaic 
events, such as loss of a corpo- 
rate stationery storage facility 
through fire, can disrupt a 
business. A threat might be 
posed by an incident which 
strikes a supplier, affecting its 
ability to deliver key compo- 
nents. As Chris Chandler, of 
Continuity Pl anning Associ- 
ates, says: "Our definition of a 
disaster is any unplanned 
occurrence which seriously 
affects an organisation's ability 
to trade.” 

A recent British Bankers’ 
Association (BBA) guidance 
note. Surviving a Disaster, 
asserts: "Contingency planning 
is essential, not optional, and 
should be budgeted for accord- 
ingly.” This sentiment is 
equally applicable to all busi- 
ness sectors. However, evi- 
dence suggests that such 
advice has yet not been fully 
heeded. In 1993. Keith Heara- 
den, a lecturer in security man- 
agement at Loughborough Uni- 
versity, surveyed the ability of 
organisations' contingency 
plans to cope with a disaster 
st riking computer systems. 
Based on 421 responses his 
analysis shows that, while 
awareness of the need for con- 
tingency planning is hi g h, in 
practice plan implementation, 
scope and effectiveness often 
leave much to be desired. 

The survey results indicated 
that 43 per cent of respondents 
had no contingency plan, 20 
per cent had untested plans, 
and 15 per cent had “doubtful" 
plans. Just 22 per cent had con- 
tingency plans that were 
termed “viable." The overall 
figures hide wide variations 
between industry sectors. For 
example, viable plans were 


found among 63 per cent of 
gas, electricity and water utili- 
ties. but only 14 per cent of 
local authorities and computer 
services businesses (such as 
software houses and systems 
bureaux). 

In publishing these results. 
IBM UK noted: "The research 
paints a gloomy picture of the 
viability of recovery plans in 
British organisations.” IBM's 
report adds: “Many so-called 
business recovery plans stay in 
the IT depar tmen t" Informa- 
tion technology systems are 
increasingly 


ness Information Group notes 
the change In emphasis: “In 
the past such planning has 
focused on computer installa- 
tions. [Now it must deal] with 
the many aspects of organisa- 
tional life: management, per- 
sonnel. insurance, communica- 
tions, b uilding s and building 
services.” 

However, as the Loughbor- 
ough University results high- 
light. the application of 
broader contingency planning 
is not widespread. Mr Gibbons 
says that, apart from a focus 


important 
given the wide- 
spread distribu- 
tion of comput- 
ing power 
throughout 
organisations. 

However, a 
focus on IT 
systems, or any 
other individ- 
ual operational 
area. is 
unlikely to lead 
to effective 
contingency 
planning. 

As Charles 
Shaw, director 
of business 
continuity con- 
sultancy at Saf- 
etynet, says: 

“Having a plan 
solely for an IT The Btahopsgato 


, V- M ' h t 



department is 

like having a fire escape half 
way down the side of a build- 
ing.” Leo Gibbons, associate 
director of Sedgwick Bankrisk. 
agrees: “Contingency plans 
must address the effect of an 
incident on the continuity of 
the business as a whole. For 
example, having a hot-site 
standby computer facility up 
and r unning within a few 
hours may not be of much use 
if the appropriate staff, com- 
mand structure nod communi- 
cation links are not in place.” 

However, in recent years 
computer disaster recovery ser- 
vices have broadened their 
scope and are now largely 
inrtisHngmshaM fr from contin- 
gency p lanning , or business 
continuity planning, disci- 
plines which have developed In 
a wider risk management con- 
text. 

In its guide to disaster recov- 
ery action planning. MRC Busi- 


bomb emphasised the need for co nt in gency planning 


on IT, other factors which can 
make contingency plans less 
than fully effective include: 
“Lack of testing or staff train- 
ing, failure to regularly audit 
plans to make sure they 
address changing threats, and 
too little attention being paid 
to longer term recovery.” Often 
the initial imperative which 
pulls an organisation together 
during a disastrous incident is 
difficult to sustain after a few 

months 

An extreme evample of plan 
failure followed the Bishops- 
gate bomb in the City of Lon- 
don in April 1993. One City 
firm found that it was unable 
to implement its contingency 
plan because the sole copy was 
in the senior partner’s safe in a 
building within an area cor- 
doned-off by police. 

Andrew King, who as direc- 
tor of loss adjusters Thomas 
Howell Group has first-hand 


experience of numerous disas- 
trous incidents, notes four 
im plications of such an event 
“It arrives suddenly and is 
unanticipated; it poses novel 
problems in which the enter- 
prise has little prior experi- 
ence; failure to respond implies 
either a critical finan cial rever- 
sal or loss of a significant 
opportunity; and the response 
must be urgent and cannot be 
promptly by normal 
business systems and proce- 
dure.” 

Contingency planning 
involves devel- 
oping and 

implementing 
systems and 
procedures to 
enable that 
response to be 
made. It 
requires 
high-level com- 
mitment. Mr 
Shaw points 
out that Safety- 
net's contin- 
gency planning 
consultancy 
requires a cli- 
ent to appoint 
an “executive 
sponsor” to 
guarantee its 

rammltmmt to 

the project As 
MRC’s Mr 
Fleming says: 
tency planning “Contingency 

planning must 
have the commitment of the 
senior management of an 
organisation. Those involved 
in a business, who know it 
best, must formulate their own 
contingency p lanning a con- 
sultant cannot do it far tbpm, 
but can catalyse and help 
direct the planning process.” 

Contingency planning 
involves more than simply 
writing a plan. Mr Gibbons 
says: “Four phases are 
required: 

■ Review of hazards feeing an 
organisation, and assessment 
of their potential business 
impacts; 

B Development, mflfntpnanrp . 
auditing, and testing of the 
contingency plans; 

E Crisis manag pmpnt - imple- 
mentation of plans during an 
incident and its immediate 
aftermath; 

E Recovery to normal busi- 
ness operations.” 


It is important that the first 
two phases are revisited regu- 
larly: hazards and their poten- 
tial impac ts will change over 

time, and contingency plans 
must evolve in response. As Mr 
King says: The plans must be 
living documents that reflect 
chang es in the business envi- 
ronment” Often the ou tcome 
of the planning process will be 
a series of plans relating to 
departments or operational 
areas, manage d within the con- 
text of an overall strategic 
plan. 

In the event of a crisis devel- 
oping, the contingency plans 
will detail the make-up of 
recovery teams and the tasks 
that need to be carried out. 
Employees ntwd to be informed 
and directed. Key services 
must be maintain^ri , amt alter- 
native or stand-by facilities 
brought on ime where needed. 
Communication with custom- 
ers and suppliers is wawwtial , 
as is handling of the media. In 
a high profile ipridap* . the rep- 
utation of a company may rest 
on the comments madia by 
spokespersons. - 

Contingency p lanning is 
applicable regardless of the 
cttp of an organisation, or its 
field of business. Numerous 
sources of advice and assis- 
tance are available. Insurers, 
insurance brokers, risk consul- 
tants, loss adj us ter s , loss asses- 
sors, and chartered surveyors 
dl provide consultancy on con- 
tingency planning and the Use 
of third-party recovery ser- 
vices. 

Specialist consultants in the 
field include: Continuity Plan- 
ning Associates (CPA), Safety- 
net Comdisco Disaster Recov- 
ery Services (CDRS), IBM 
Business Recovery Services, 
DatashMd, Computer Disaster 
Recovery, MRC, Safetynet, and 
Stralis among many others. 
Some provide software prod- 
ucts to assist clients with the 
contingency planning process: 
ReccveryPAC from CPA, Com- 
PAS from CDRS, Crisis! from 
Richmond Risk Management, 
and TRPS from Ai Cambridge, 
for example. 

It is too late to address con- 
tingency planning after a crisis 
has occurred. As Mr King says:- 
“No-one plans to fail, they just 
fail to plan.” 


Simon Reynolds 


Gone are the days when a risk 
manager set up a captive dur- 
ing the hard insurance market 
when rates were high, only to 
let it rot when the market soft- 
ened. Gone, too, are the days 
when a UK risk manag er could 
afford to establish a captive in 
Bermuda in order to qualify for 
an annual jaunt to its temper- 
ate climate. So where are 
today’s most popular captive 
domiciles and why? 

Bermuda is the favourite 
among US parents remains 
the international king of cap- 
tive domiciles. Tillinghast Cap- 
tive Insurance Company 
Reports lists 1,173 captives in 
the j qian«( jn 1993, way ahead' 
of the next in line - the Cay- 
man Islands with 360. Bermu- 
da’s registrar of companies, Mr 
Malcolm Butterfield, has over- 
seen an influx of property 
catastrophe reinsurance com- 
panies over the past 12 months 
which he believes enhances 
the reputation of Bermuda’s 
captives. But the island is 
already overcrowded and Mr 
Butterfield predicts only mod- 
erate growth in captive num- 
bers in the future. 

The top 100 UK companies 
place Bermuda second on their 
list of domiciles. The Isle of 
Man tops the list with 24 cap- 
tives, than k« largely to its 
proximity to mainland Britain 
anri tts es tablished credentials. 
Guernsey recently changed its 
tax laws for the benefit of UK 
parents and comes in third 
place with 19 captives. Guern- 
sey’s proven willingness to 
accommodate the seeds of UK 
parents make it a captive 
domicile to watch. According 
to Tillinghast. it scooped first 
prize for net gain on the cap- 
tive register in 1993. 

But captive rinwiteilaa do not 
come in and out of vogue like 
hemlines. The choice of domi- 
cile depends first and foremost 
on the location of the parent 
company. Other selection crite- 
ria include accessibility, politi- 
cal and economic stability, cap- 
tive start-up and operating 
costs and the domicile’s regula- 
tory and fiscal regimes.” says 
Mr Roderick Strutt, manag in g 
director of Sedgwick Manage- 
ment Services. Wary risk man. 
agers also look to the .domi- 
cile’s track record and 
credibility for support 

“A UK parent will, more 


1894 




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" Satoadogr 

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; 'Sfftteh VTrglrtls ; 

Guernsey 


isfe of Man 


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\teirooot. 

CHhariJSdornfefes 

■ Other US .steles ' 

■ .AS otharwon-OS . 
. /Total' 


often than not establish a cap- 
tive in the Isle of Man or 
Guernsey. A US company auto- 
matically heads for Bermuda 
or the Cayman Islands, the 
French feel more at home in 
Luxembourg and the Japanese 
Incline towards Singapore,” 
explains Ms Christine Douse, 
director of Willis Corroon 
Europe Limited and the doy- 
enne of fhg captive commu- 
nity. There are more than 30 
listed captive domiciles, from 
Turks and. Caicos to Tennes- 
see. and Ms Douse warns new- 
comers and hopefuls of the dif- 
ficulties of gaining a firm 
foothold in a saturated market 
“Malta is currently trying to 
drum up support, but what can 
it offer a UK company that is 


rrs-n okwc] 

Be&tCH KB RJXW £ amB 
FOR-fcOi?** WM&XS ! 



not already available closer to 
homer she asks. . 

Dahlia burst into the. captive 
arena in the late 1980s and has 
drawn 87 captives, only two of 
which have UK parents, 
although a UK-parented group 
captive is in the pipeline. A 
Dublin captive can apply for a 
direct Writing liwnry; pnri gain 

access to the EC insurance 
market and promoters of the 


centre proclaim this facility as 
the way forward. 

Mr Paul Cronin, manager of 
the Financial Services Pro- 
gramme at the Industrial 
Development Authority of 
Ireland, says: “It is now part of 
North American culture that a 
direct li rnmne in Dublin is the 
way to cover European risks.” 
Heinz, McDonald's and Coca- 
Cola tear Mm out. But a direct 
licence gets a lukewarm recep- 
tion in the UK. “UK companies 
ytrftfldy enjoy purchasing free- 
dom, so a direct licence may be 
of little benefit Captives that 
follow the direct route should 
also remember that what they 
save on fees paid to a fronting 
insurer, they may spend on 
trlaims handling and customer 

service,” warns Ms Douse- 

US companies are pioneers erf 
the move onshore. Successful 
locations such as Vermont axe 
tempting risk managers to 
keep the captive native. Ver- 
mont made room for 23 new 
captives in 1993, including the 
prestigious Pepsi- Cola, bring- 
ing its total to 240. 

Mr Crawford Paul, executive 
director of Willis Corroon 
Europe Ltd, is enthusiastic 
about the development but 
cautions risk managers not to 
drop their business objectives 
as they jump on to the band- 
wagon. “An onshore captive is 
more expensive to set up and 
run than an offshore captive. 
Its Bcansing and operating pro- 
cedures are also complex.” But 
an onshore captive eliminates 
fronting fees and ceding com- 
miiaiiran «nrt allows the parent 


Continued on page 5 



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FINANCIAL TIMES MONDAY MARCH 28 1994 


Si 


RISK MANAGEMENT V 


BOARDROOM ATTITUDES 


Profile: HANK GREENBERG 


Decision-makers grow wary An extraordinary innovator 


Although risk management 
has not yet achieved the recog- 
nition in the UK and Europe 
that U enjoys in North Amer- 
ica, its profile is developing 
fast. As the business climate 
and attitudes to titigation con- 
tinue to change, European 
organisations are realising 
their vulnerability to factors 
and situations beyond their 
immediate control and are 
turning increasingly to risk 
m anage m ent for protection. 

The ultimate risk managers 
of any organisation are the 
members of the board, but 
modem business trends such 
as lust in time", minimising 
inventories and streamlining 
production - very often with 
single source suppliers - have 
Introduced numerous new fac- 
tors into the risk equation and 
further complicated the deci- 
sion-making process. More 
than ever before, the senior 
decision-makers require access 
to all the facts, and not only 
those which a champion for a 
new business venture is likely 
to emphasise. 

As a result, a new dynamic 
role is being created. Increas- 
ingly, boards axe coming to 
rely upon their risk managers 
to supply a “risk profile” of the 
principal exposures and the 
perception of the importance of 
risk management is growing. 

This changing perception 
has been reflected by corre- 
sponding changes at Alrmic. 
the UK organisation dedicated 
to representing the interests of 
insurance and risk manage- 
ment professionals, which has 
recently introduced corporate 


membership. Despite the fact 
that it has not yet actively 
marketed the new membership 
category, the association 
already has some 80 corporate 
members, most of which are 
drawn from the UK's top 200 
companies. 

The credibility of Insurance 
buyers and risk managers at 
board level has been much 
enhanced by Airmic during the 
past two years, as a result of 
its drive to fully represent the 
views of its members to the 
government and other decision 
makers. The association has 

played a cm- 

cial role from 

the outset in The uStt 

the terrorism managers '< 
issue, aHd has ntthe 

been heavily 
involved in the 

debate an equalisation reserves 
for insurance companies, the 
imposition of insurance pre- 
mium tax, environmental con- 
siderations, and a number of 
other technical insurance-re- 
lated Issues. 

This high profile has earned 
the association an authorita- 
tive position on risk manage- 
ment and insurance issues. It 

now maintains a regular pro- 
gramme of contact with MPs, 
the UK’s department of trade 
and industry and other govern- 
ment departments. 

Many of Airmic's members 
are multinational organisa- 
tions and demand a global 
view of risk management 
issues. The association has 
done much to strengthen rela- 
tionships with overseas risk 

managamant organisations 


The ultimate risk 
managers are members 
of the board 


Bermuda is tops 


Continued from page 4 

to exploit double tax treaties. 

Risk managers also use 
onshore captives as a weapon 
in their fight for greater paren- 
tal control. “Captives that 
write parent company business 
and spend more than £3m on 
premiums and companies that 
write customer insurance pro- 
grammes - both should take a 
look at the onshore alterna- 
tive", advises Mr PauL 

Customer risks are the boom 
market of the 1990s. In the 


ceaseless search for new 
sources of revenue, manufac- 
turers are marketing customer 
warranty, credit and mainte- 
nance and service contracts 
that are underwritten by a cap- 
tive. The market breathed a 
collective sigh of relief when 
the High Court recently ruled 
in favour of Thom EMI and 
Granada, wiping VAT from ser- 
vice and maintenance con- 
tracts and saving them £50m of 
VAT on insurance premiums 
for all risks and breakdown 
cover. According to the latest 


to ensure that the UK does not 
become isolated. This is an 
important consideration in 
view of the evolution of a sin- 
gle Europe where, with the 
continuous development of 
European Union (EU) legisla- 
tion, risk management organ- 
isations share a common inter- 
est. 

Airmic plays an active role 
alongside the Association 
Europgenne Des Assures De 
L Industrie (AEAI) which rep- 
resents the various European 
risk management societies. 
This activity is important 

because it 

gives Airmic 
■ate ns* access to a lob- 

© members hying capabtl- 
board ity in Brussels, 

the heart of the 
• EU. 

Airmic is also a key member 
of the International Federation 
of Insurance and Risk Manage- 
ment Associations (Ifrlma). 
through which it liaises with 
sister organisations in Europe, 
North and South America, 
Australia, South Africa, India 
and the Far East. Airmic 
works together on a number of 
issues with the North Ameri- 
can Association Rims which, 
together with the Public Risk 
Insurance Management Associ- 
ation (Primal. is a very power- 
ful organisation with signifi- 
cant influence and lobbying 
capability. 

A principal objective of all 
the risk management associa- 
tions is to enhance the credibil- 
ity of the function at the most 
senior Level as any structured 
risk management approach 


figures, their onshore captive, 
Consumer Electronics Insur- 
ance, writes an annual pre- 
mium income of around 217m. 

If customer risks are the 
wunderkind of the 1990s, 
employee benefits should come 
into their own as the millen- 
nium nears. The gradual ero- 
sion of the welfare state has 
placed the responsibility for 
life insurance and healthcare 
firmly on the shoulders of the 
country’s employers, but only 
a small percentage bring a cap- 
tive into play on the employee 
benefits field. The Cayman 
Islands welcomed their first 
employee benefits captive in 
1993 and Dublin is aggressively 


will work properly only if it is 
endorsed at this level. The real- 
ity is, however, that most risks 
are encountered at operational 
level, and this is where the 
emphasis on control should 
fall- Risk management is TlOt 
just about catastrophic events; 
it is a culture that, like safety 
and quality, should be imbued 
throughout the organisation. 
An important building block is 
an open-minded review of past 
experience and significant ben- 
efits fan be gained from analy- 
sis of incidents, both in fre- 
quency and cause. 

Another important feature of 
any risk management pro- 
gramme Is Its risk transfer and 
insurance arrangements. Many 
organisations in North Amer- 
ica and in Europe are building 
their risk management struc- 
tures alongside what used to 
be the insurance department. 
The diversity of the function is 
such that there is unlikely to 
be any one section of the 
organisation with a wide 
enough remit to Influence all 
aspects; however, we believe 
that the risk management 
function should operate not in 
an independent way but as a 
catalyst, in wmiting sure that a 
broad perspective is taken of 
risk situations and cooperative 
expertise brought to the prob- 
lems and the board. 

Alan Fleming 

Director of 1C Insurance Lid 
and executive director of the 
Association of Insurance and 
Risk Managers m Industry and 
Co mm erce (AIRMIC) I 


marketing its ability to handle 
employee benefits risks. 

Captive domiciles bask in 
the glory of the parent com- 
pany country. Bermuda and 
the Cayman Islands benefit 
from the size and sophistica- 
tion of the US market and 
Guernsey and the Isle of Man 
owe much of their success to 
the captive tradition in the UK- 
Continental Europe has 
resisted the call of the captive, 
but there are signs that this is 
changing- The rise in German 
insurance rates is motivating a 
number of companies to con- i 
sider establishing a captive. I 

Naomi Came I 


"We do try to understand risk. 
We try to work out plans to 
manage it successfully," says 
Hank Greenberg, explaining 
one of the basic philosophies of 
American International Group, 
of which he is chief executive 
and chairman. *Th fact," adds 
Mr Greenberg, “we welcome 
new developments of risk in 
society because it gives us new 
opportunities”. 

On the surface this sounds 
unexceptional Yet AIG's suo 
cess in implementing Green- 
berg’s philosophy marks the 
company off from many of its 
competitors in both the United 
States and other insurance 
markets and has been the basis 
for the group's success. 

By any standards AIG's 
growth over the past 30 years 
has been formidable. It has 
increased its premium 
from just $237m in 1968 to 
nearly $l8bn in 1993. And 
although its market capitalisa- 
tion base is still smaller than 
those of Europe’s biggest com- 
panies, SUCh as Alliana Alfl is 
much more profitable than 
most of its rivals with pre-tax 
profits of $2L6bn in 1993. 

How has the success been 
achieved? For a start, Mr 
Greenberg keeps an iron grip 
on costs which can be up to a 
third lower than some of Its 
competitors. Unlike some of Its 
US rivals AIG has no pretences 
Of maintaining an organisation 

that can sell all types of insur- 
ance products to all types of 
customers in every US state. 

“To believe you have to go 
into business to protect other 
businesses is a mistaken judge- 
ment or that you have to have 
a certain market share regard- 
less of results Is a mistaken 
policy," explains Greenberg. 

Mercilessly critical of under- 
writing standards in the US 
industry, and a policy - com- 
monly followed by many rivals 
- of compensating insurance 
losses with investment income, 
and in recent years by capital 
gains, Mr Greenberg explains 
that AIG puts much more 
emphasis on underwriting 
profits. “Underwriting is our 
first business and that is what 
we judge ourselves on," says 
Mr Greenberg. Certainly AIG Is 
not frightened of the sudden 
and exceptional risk. “The 
market place eliminates one- 
time big losses but unusual 


events occur on a frequent 
basis. It Is kind of hard to take 
them out and say they are not 
occurring." 

Whereas many insurance 
companies have quit difficult 
markets such as those offering 
cover for environmental pollu- 
tion, AIG has stuck with its 
customers. "We are in the risk 
business,” says Mr Greenberg. 
“If we foil to respond to the 
needs of society or corporate 
society then we are simply 
encouraging se lf-in su r anc e " 

AIG spends heavily on its 
divisions which “research and 
develop” new products. “We 
eagerly seek things out rather 
than continuing to do just 
what we did yesterday,” adds 
Mr Greenberg. 

This philosophy takes AIG 
Into what many more conser- 
vative companies would con- 
sider high-risk markets over- 
seas and in the US. AIG, which 
started as a Shanghai-based 
underwriting agency in 1919, is 
now back in C hinn , for exam- 
ple - as the only foreign insur- 
ance company licensed to 
underwrite b usiness 

The achievement at least 
partially reflects Mr Green- 
berg's own personal determina- 
tion. He has visited the coun- 
try every year since 1975 to 
maintain contacts. AIG subsid- 
iaries are leading participants 
in the life Insurance markets of 
south-east Asia and are 
actively seeking to build up 
business in eastern Europe. By 
acquiring an interest of more 
than 30 per cent in the Robert 
Plan, a New York-based 
insurer, which successfully 
specialises in high risk motor 
insurance, Mr Greenberg sig- 
nalled an interest in the crime- 
ridden markets of inner-urban 
America, which have been 
“red-ttned" by principal com- 
petitors. 

Robert Plan makes money in 
New York by rigorous screen- 
ing of potential customers and 
claimants. But nowhere has 
this philosophy been clearer 
thaw in tough commercial risks 
such as US legal liabilities. 
During the 1970s, when US 
insurance companies left the 
liability insurance market over 
fears about esclating court 
awards In product liability and 
mpriira7 malpractice, many cor- 
porate buyers were forced to 
examine self-insurance and 


AIG premium income* 


* todutfea net 
geoerd bemraw 
premiums written 
plus He premfcm 


a 


4 - - 




197D 75 SO 

Sun MQ 



Hank Greenberg: "we welcome 
new developments of risk" 

risk management for the first 
time, sometimes setting up 
captive insurance companies, 
dedicated insurance subsid- 
iaries. 

AIG set up a risk manage- 
ment company, which advised 
companies on captives, helped 
them administer claims and 
p lan insurance and reinsur- 
ance arrangements. 

Lata: hi the mid-1960s when 
the market for liability insur- 
ance shrank further, AIG 
expanded its business, combin- 
ing with three other companies 
to offer a basic liability insur- 
ance foefiity to US business. 
AIG also offers a series of spe- 
cialist liability insurance prod- 
ucts. For example, the AIG 
subsidiary, National Union 
Fire or Pittsburg:, is a big 
underwriter of directors and 
officers insurance - which pro- 
tects boards and senior man- 
agement against legal action 


from creditors and sharehold- 
ers. 

Lexington, another subsid- 
iary, specialises in placing 
property and liability r isks for 
health care, construction and 
some other industries, and pio- 
neered insurance products 
which- provide insurance for 
employers suffering lawsuits 
alleging discriminatiion or sex- 
ual harassment, especially 
after the disabilities and civil 
rights legislation of 1991 and 
1992. 

One of the principal features 
of all these products Is risk 
control programmes, which 
help customers root out prac- 
tices which would give rise to 
legal action, reducing AIG's 
exposure to potential claims. 
For example. National Union 
has assembled a national panel 
of specialist law firms to help 
clients deal with litigation by 
shareholders. 

AIG's interest in the US lia- 
bility system has led Mr Green- 
berg to take a highly visible 
public stance on environmen- 
tal laws, which potentially 
threaten the viability of sec- 
tions of the insurance indus- 
try. Owners or operators of 
waste sites ordered by the gov- 
ernment's environmental 
agency to clean-up polluted 
areas under the so-called 
“superfund" laws, face a bill 
for billions of dollars. Many are 
already suing their insurance 
companies for the bill and - 
depending on the decisions of 
many state and federal courts 
- much of the cost could even- 
tually hit the insurance indus- 
try. 

Mr Greenberg says AIG’s 
exposure is minimal . “AIG was 
a very small company in the 
1960s and 1970s when many of 
these sites were created.” Nev- 
ertheless AIG is pressing for 
change. 

Mr Greenberg says that 
reform proposals unveiled ear 
tier this year by the Clinton 
adminis tration are too “convo- 
luted”, insufficiently different 
from the current regime and 
have little chance of becoming 
law. He will continue to press 
for reform to a structure which 
has become “bizarre” and 
“hurts economic develop- 
ment”. 

Richard Lapper 


Ha ■“ 


mittel Euro f> a 

Challenging new arena for an American 

SOFTWARE GIANT. 

ITS BUSINESS STRATEGY DEMANDS A SURROGATE 
RISK MANAGER FOR EACH COUNTRY IT ENTERS. 

AND THAT DEMANDS THE RIGHT GLOBAL 
INSURANCE BROKER. 



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Ir look this innovative software powerhouse just a few years to 
mushroom from four international subsidiaries to over forty {and counting). 

But early in its explosive growth, ihe company saw the need to 
•reengineer" the way it managed risks globally. 

The parent wants each subsidiary viewed as an indigenous 
company in its national market. So it was crucial that overall corporate 
protocols and local market interpretations would mesh smoothly. 

P “Our people are in ihe information business; not the insurance 
business" they said. "We need something they see as simple and 


we see as seamless." 

That's the something we delivered. 

Because J&H/UNISON offices in more than forty national 
locations act as surrogate risk managers for the subsidiaries, 
synchronizing local activity with overall corporate objectives. 

Now you know why Johnson &Higgins/UNISON is the world's 
strongest global network for so many leaders — including two-thirds 
of the top U.S. multinationals. 

We deliver real world solutions. 


JOHNSON 
J&J_|IGGINS 



UNISON 

REAL WO 

RLD SOLUTIONS | 









FINANCIAL TIMES MONDAY MARCH 28 1994_ 


WORLD STOCK MARKETS 


EUROPE 

«SmA(Mar25/Sch> 


-*MM iJSO 15 
-3S 1J370 059 OS 
-17 83* 409 03 
-5i a j« - 
-23 1.713 BBO 1 2 
-17 1,387 404 1 A 
-10 1.071 562 13 

_ 1.105 760 2.0 
-3 513 300 10 
-3 2S1 146 23 

-4 406 211 1.6 
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-IB 500 440 13 
-130 4.340 1030 OS 


B&fiuMJuxaeoun (Mar 25 / Rsj 


SocQflB 2S6D 
SGnAFV 2. bOO 
Satina 15.000 
Gone ijso 
Soar 14.800 
Tred 10JH5 
UC8 23.350 

llnMn 2.595 


-40 1093 1111 16 

:!iS8 18811 

-140 4BW 1.750 _ 

15 43)70 3, IDO «S 

....16690 11.238 12 
*10 2361011501 11 
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-IDO 21500 133X1 16 
*73 HOT MOO 19 
-5 1000 1.482 14 
*30 6L2BB 4,220 18 
._ 192 81 OJJ 

-90 86001020 1 2 
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151J80 1.110 ZJ 
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_6J80 X500 _ 
101S40 5.312 11 
._ I M«J 12.800 0.1 
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25130 

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Omn 

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sr ™ 

Plum'd 1,073 
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_ RETHOUNOS flfef ZS/RxJ 


NMAflr 64S0 
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MPA 640 *10 730 380 23 

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earn 311 -1 333 238 IS 

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131al — 151 79 13 

141 -6 176 81 IS 

3110 -110 48.50 1BS0 IS 
205 -4 228 <00 1.6 

11.70 -SO 16 6 — 

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108 -9 250 B7 1-4 

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407 -3 420 82-10 17 

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80 -2 102 33 13 

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283 +2 269 130 11 

24.70 -.60 35-50 15 _ 

18 -S8 21 430 .„ 


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S73 -e 736 661 _ 
712 +3 766 600 W 

821 -12 880 892 26 

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1,303 -a 1340 007 ZB 
1.360 -601,436 028 1.1 

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2841 -* 2604 1014 14 

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HOB -8 1586 1680 14 

664 +32 88840920 2.4 

34 -ISO 99 2170 2-0 
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620 +5 930 550 16 

G.4GO +50 6620 3325 OS 


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AOndV 99050 -T 930 300 18 

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141 U 

. 

78 

+50 

93 

67 2JB 

mm 

78 

-1 

03 8450 25 

_ 

428 

-1 

438 

193 _ 

__ 

202-50 

-a 

217 

79 0.7 

... 

147 

+50 1*7 JO 

90 1-4 

__ 

4450 

-2 98.R0 

19 _ 


78 


08 

85 8.1 




“ SPAR (Uar 25 /Pti) 


BEnar <m 
vttfr 15570 
BSonU BSGQ 


+30 6260 3660 10 

70 &.700 4.100 _ 
-3 3685 2500 B5 
41001650 72 
-6*285 3600 5-1 
-OT 17,700 18531 26 
+60 7/80 45 

+8 3200 700 252 
10 3273 1000 34 
-e *570 1290 11 
+150 124B0 3680 IS 
-151715 1200 36 
-20 1,775 0*0 11 
-1012601266 32 
-50 6.100 1875 25 
+6 1.100 830 — 
-11 BOB 389104 
-70 5.1*0 1200 10 
+181210 840 — 
+60 5500 1800 26 
+10 7630 3410 IS 
-»» 6490 1740 IS 
+40 11750 1*00 IS 
-35 4600 1005 13 
+4 217 34 _ 

-2 583 208 96 
-S 815 381 BS 
+20*460 1360 56 
-5011881.135 1 4 
+101415 388 1.8 
+10 738 300 7.1 
.+10 1830 1,415 96 
_1S2B 563 GS 
+10 3.120 1253 IS 
+801180 001 IS 


1230 
Den* 12*0 
16*0 
16*0 
818 
Osage 16® 
D-rau 840 
MM 507 
□ami urn 
(Mffr 1250 
DNpTar 430 
IMsuP 1,190 
DTcfcFM 788 
DOwrtl 1600 
DatwsH 1.500 
DdMS 1650 


- swaist (Mar 25 /Kronen 


ITALY (Mar 2S/Ura) 


-IB 477 
-1 134 


-10 380 
-1 235 


TaS a I : ~ 

+8 B30 381 IS _. 


5.450 +50 6620 3325 OS 

*OB -SO 578 M - 10 2-2 

2600 +5 1754 1.470 06 

020 -14 1.030 JOB OJJ 

588 -6 800 483 26 

*5860 -S.904WLM 402 16 
606 600 33*10 13 

812 +10 738 380 ._ 

380 -55 1678 6>7 6S 

104.10 +.10 155 103 IS 

32E -2 SO# 410 6.4 

660 -I 680 3B6 5J 

844 +1 087 624 11 

<5880 -140 49100 274 26 

153 ATDUWBBWn _. 
1220 -11 1695 080 OS 


B Comma, 722*1 
BNaAg 4,445 
B Roma 1SB9 
Banos 82-50 

Bnran a asm 

Bugo 10850 
CM 1341 
CDSpa 2490 
CmnOr 1689 
Ckffbi 1.740 
CTIte 2406 
DatM 10,6*0 
Fofin 1605 
Rid 1125 
Ratty 1325 
RUB 4640 
FonSpa 11S8S 
Bomba 1463 
BonAoa 31100 
CkH 1242 
IHPT 20690 
M 11500 
IU6 11400 
Itukan 11665 
IBgm 5.400 
uoAcr 134m 
MnSrn: 15205 

Monad 1,300 
OBwrt 1589 
4630 
1548 
24.400 
mane losao 
SASIB4 9.160 
SIP 4682 
SIET 5,152 
3M&A 6.400 
adnm lore 
Stott) 101510 

at 731 

EMBP 1068 
TmdAb 26250 
ToNFr 21.420 
Untcem H950 


+32 B405 3SfO 15 
10 46301010 IS 
+12 1220 1638 IS 
+60_ 98 64 

+*00 WOD 13650 IS 
+240 USB 4.632 _ 
+16 147D 870 11 
+4 1500 1,116 46 
+14 1 .820 1 253 _ 
+41 1,745 870 — 
-5 3265 1130 15 
+30H31D 7275 14 
+1616*4 1262 _ 
♦127 6,140 1698 10 
-25 1384 1273 36 
+1 6,016 1730 BS 
+165 fij875 1830 52 
+13 1 637 1S30 4.1 
+106 42496 SH8 — - 
+32 34401200 _ 
+52021.100 8410 1.7 
+150 14*0 11105 — 
+160 11400 4210 — 
-13511340 7610 IS 
-10 56901806 IS 
+2B017S501MM — 
+1651620810301 IS 
+81 1201 S32 — 

+38 18391,170 
•80 4S50 1585 _ 
+113 2660 1676 _ 
+450 30*019*0 IS 
-50 10225 7,188 — 
-270 10500 4600 10 
+27 42501210 1.7 
+53 1185 1,735 IS 
+50 5200 3.830 — 
+136 4486 2210 — 
+135 12250 8650 10 
+49 10.890 7250 5J 
+28 7*0 380 48 
+21 1130 875 _ 
+2603109021250 — 
—30 236*0 16700 _ 
-9914,445 8260 — 


316 13 
315 13 
348 IS 
3*0 12 
127 _ 
114* _ 
205 1.7 
290 1.7 
193 12 
172 1.0 
83 22 
82 22 
310 12 
186 1.1 
25 ID 
182 12 
162 12 
106 32 
103 32 
17 24 
116 32 
118 32 
11010 15 
108* 19 


6/HO 
640 
958 

760 

HUM 1260 
HtKoM EOT 
HUM 2140 

’■S2 

660 

HtZm 530 
HakSP 1700 
HakTMc 460 


-3 1*2 
-9 8625 
-2 210 
-5 233 
-3 475 
+Z 400 
-2 144! 
-2 100 
-2 158 
-1 9820 
-10 706 
-8 70S 


SWIZBUWDIMrZS/Fil) 


-1 292 8450 — 

-2 868 385 IS 
+9 870 377 IS 
-30 3205 1260 IS 
-2212*8 669 _ 
-8 237 138 — 
-13 766 372 „ 
-8 970 812 1.6 
-4 042 581 IS 

-48 4260 1080 2JB 

+g itxo ism _ 
+101280 818 21 
-30 1960 1275 17 
-19 ISm 814 12 
_ 537 370 15 
-17 990 535 _ 
-14 175 100 _ 
-6 898 465 1 2 
_ ism 48S 19 
-014371215 11 
-7 176 87.73 _ 
-.. 1,7201,180 42 
-10 5.705 1630 _ 
+8 250 101 5.1 
-612401,110 _ 


381 
8S® 
437 
818 
1270 
350 
788 
697 
835 

ifE 

1270 
2^0 
310 

nm 883 
KHmiai 477 
MB imo 
Mn#n 488 
no isco 

Knntlvy 400 


— ^ 841 

ItotaT 590 

KNOM 871 

Nndan 1DOO 

KklMV 835 

Kbbt 1,190 

KMWG* 770 

KotaM 889 

KoNSe 1070 

Kntaiye 1270 


-40 1 ,480 1 ,1 DO ™ — 

-5 876 4Z2 — 

-10 1280 850 02 — 

*40 1260 766 — — 

+20 1260 830 _ 

._ 1.770 1290 — — HtaCC 
+1 784 601 14 — 

1210 710 _ ._ 

-4 633 334 1.7 _ 

„ 8200 520 — — 

+40 82203280 OS — 
+101230 799 — — 

—40 1200 965 — — 

+10 740 533 IS _ 
-2012*0 353 _ _ 

ISO 296 0l9 — 

590 355 12 — 

-13 720 492 — — 

-1 1.170 741 — — 
-3012101,120 OS — 

-1 B2S 3S0 — — 

-8032701070 — 

^91240 709 42 

-10 1.730 1270 — — 

+70 12711.763 __ 377 
-10 1290 BBS US — 

— 530 280 — — 

+5 510 315 12 — 

-1 1210 832 — — 

-30 1270 861 0L3 — 

+10 740 490 1.1 — 

— 3, <00 1200 — — 

+10 12691,140 — — 

— 3,1401190 — — 
+501010 1.190 — — 

— 1.170 700 02 — 

—IS 949 698 — — 

+3 640 397 — 

+21 627 S3B — _. 

+601270 790 — 

— 1.799 1230 12 — 

+4014*01230 — — 

-1012101220 — — 

+9 1200 626 — — 
+401260 693 — — 

+60 910 485 — — 

-11 576 3*7 — — 

-001280 915 — — 

— I2*ai2«a — — 

-5 W M _ _ 

+10 1150 803 — _ 

-17 870 608 OS — 

— 1210 845 _ 

-20 1210 1280 — 717 MaW 
+301220 812 02 — ^ ' 
-20 4,7001050 02 — 

*4 730 457 12 — 

+10 CTO 388 — — 

-20 12» 1.100 — — 

+30 2260 1260 — — 

— 1260 993 

—110 *2*0 1650 — 

-8 769 446 02 — 

-S 388 TO — — 

— 2200 1170 — — 

-13 708 BW 1.1 — 

-3 422 238 _ — 

-8 S35 32S — — 

-61200 475 _ _ 

-30 1270 760 _ _ 

-ID 1300 1230 — — 

— 1,110 502 — — 

-5 7B2 379 — — 

-171.180 820 — — 

— 1240 880 — — 

+10 740 394 OS — 

— 1200 881 — — 

-16 759 380 _ — 

-S 753 561 12 _ 

+6 739 497— — 

+8 606 382 — _ 

— 1 870 522 

+812S0 795 — — 

-13 812 309 1.7 — 

-31.030 603 _ _ 

-16 05® 670 — — 

^ fl 3S*88 ” = 

+8 979 
-8 878 

-1012m 

+28 990 
+50 22 
+18 1.1 

-14 734 _ 

-19 848 441 — — 

-10 32401140 — — 

4 SSz zK 

^niflioia 0.7 Z who* 

+8012001.490 _ _ HMfl 

-a 570 312 HMhFd 

-11 1260 410 OS — - 

+M1,t80 077 — — 

-40 1 sen toa 
+50 3. _ 

^SiSi z 

*11 485 270 — — 

4? ® 370 : : 

-SSE-a 1 * - 

+5 74 
— 1000 

+8 792 

+20 2J00 1220 02 _ 

-13 635 210 — — 

+4 90* 545 DJ _ 

-1 588 338 — _ 

-6 837 385 - - 

— 1110 1,130 — _. 

-B 549 201 — — 

-7 930 318 — — 

+22 709 413 — — 

-34 1228 7B0 0.7 — 

-80 1800 1280 02 — 

— 19X0 7.440 — — 

+30 1210 960 OS — 

-8 1230 899 — — 

-flO 1280 1219 — — 

-3.2001216 - _ Santao 
-18 487 312 — — Santo 

— 732 491 12 — SnaaBk 

— 51® 367 — — “ “ 

-an 3.480 12M _ _ 

-10 813 380 — — 

— iswi.im — — 

-2 481 302 — — 

-0 448 281 — — 

-8 388 273 — — 

-17 809 GOO — — 

— 710 481 — — 

-18 1.110 700 02 - 
+201540 1236 04 — SttHn 

+2 sss sm 

-4012801.110 ... __ „ 

-8 37* 240 — — 
+441230 540 — — 

—20 2250 1.480 — — _ „ 
-20 17901180 — — ShBQl 


-21 S7B 62S — — 

-10 773 633 — — 

-ZB 040 647 — — 

-14 7W !>=* — — 

-10 625 3S3 12 _ 

-16 632 Z70 _ — 

+10 1250 900 — — 

+10 82B 30B — — 

+4017301200 — — 
-40 7230 1770 — — 
_ 814 338 1.1 - 
+31 1220 788 - - 
-121.180 BO — — 
-1012131280 - — 
-8 7B0 540 — — 

-01.130 7*0 — — 
-101240 790 02 — 
-0 8*0 475 — 

— 11001269 — — 

-8 5*5 337 — — 

+3 838 742 12 — 

-5 528 283 - - 

-2012901/00 12 - 

+30 11501.840 — — 

-M 1260 005 — — 

-iSo 880 12 - 

a-® 3200 1280 _ _ 

+14 898 486 _ — 
-19 026 310 — — 

-41.150 640 — — 
-10 70C 501 — — 

-0 030 S50 0.7 _ 
-10 2^sa 1260 0.7 — 
-a 750 371 — — 
-1 533 311 - _ 
+101270 7MJ 0.7 — 
—40 iiao asm — — 

+201,219 813 — — 
-1 834 443 — — 

-S0 1290 855 — — 
+15 642 323 — — 
_ 749 490 — — 

+9 553 370 — — 

+18 538 385 — - 
+2 006 Ml — — 
-111,100 785 — — 
-8 717 <50 — — 
-13 882 523 — — 
-8 814 388 — — 
-14 470 295 — — 
-15 021 380 — — 

+301220 638 — — 

— 1SB0 1.190 — — 

— 714 388 — — 

-S 823 537 — — 

-! 434 281 — — 

-20 1,490 942 02 — 

-11 964 720 OS — 

-0 583 32* — — 

-8 SBJ — — 

-19 889 610 — — 
-81,030 571 0.7 — 
-Z 448 295 —BBS 
-10 12GO 710 — — 
+111210 085 — — 
+10 22301280 OS — 

+12 Baa 435 — — 
-SI 1.180 783 — — 
+80 3200 1290 SJ — 

— 734 446 OS 

-302210 12m — — 

+1BO 4J»<0 1160 _ _ 

-10 1.120 801 — — 
-301230 090 — — 

— 1270 835 — — 

-6 848 375 — — 

+2 360 218 — — 

-20 892 500 — 

+20 754 488 1.1 — 
-4 705 443 — — 
-8 531 290 — — 

-11 1.180 040 _ — 
+21220 670 OS — 
+14 BBS 444 — — 

-2013001,600 _ _ 

— 1J40 1,130 — — 

-6 903 846 — — 
-6 9M60G— — 
-4 557 354 0l7 — 

+10 900 579 — 

-IB 696 377 — — 

+20 1220 903 OJ 

1.100 650 — — 

-20 10.000 n.™ 

+100 6240 4270 _ — 

-41 860 289 — — 
-20 1000 ISOO — — 
+30 1.910 971 — — 
+101.180 701 — — 
+6 819 &W 12 — 

-9 870 420 

+2o 1340 ism OS — 
-22 933 540 — — 
-22 am <84 
-10 1,780 1283 OS — 
-10 808 579 — — 
-10 708 409 — — 
-a* 670 *50 — _ 

— 1250 900 OS — 
+10 043 378 — — 
-50 12m BOB 0.7 — 
-II 656 412 — — 
-101.120 800 — — 
+2012901280 — — 
+10 1.790 vm — — 
-20 025 312 — — 

-3 420 278 — — 
-5 5®l 323 — — 
+200 2*000 12200 02 — 

z 

-12 071 448 — — 
+10 706 32® — — 

-CD 1470 BOO Q.B 

+1 622 2S5 — „ 

■^iSSiS z z 

-101420 971 — _ 

32 z z 

S’iS 33? z z 

—3 1.220 772 — — 
+10 3410 2220 OS — 
_isig 550 — — 


1200 +3014701250 _ _ 

-4 745 413 OS — 

470 +19 am 385 — — 

ShwOei 350 +8 415 230 — — 

— _ 74e 458 — — 

-8 680 488 — — 

-001210 767 _ _ 
+» 2220 1.170 — — 

+a 884 eras - 

MOO _ 8280 
727 -13 824 821 — — 


WMna 740 -JA MO 4Si 12 — 

wafl 840 _ 842 448 12 _ 

Viwrr 226 —24 ZS7 128 17 — 

RAm 110 -20 626 275 14 &£ 

wtn#l 324 -vis 472 109 14 — 

Win® 3.18*1 -20 34S 240 IS — 


^1 
sumMfr 90S 
278 


auDm 970 
Sunfflfi 1480 
SlnWTH 747 
SsbM 14*0 
me 4.350 

ion* 880 

Tenon 2,1m 

Tttft 


TebuRw 680 

TKMCp 749 
To+J 818 
7UM 2DS00 
TdtlkEP 2280 
UbBc l.MO 
■tMQl ~ 
ToMCO — 
TOMOM 1480 


Tkscn 3,170 


TbuOp 

TkoLnd 
Town 1410 

“ ^ 

783 

Ataec ism 


Town 
Tola 1280 

S& “ 

Tex® 

TojotCn 

TaJSt 32m 
TVralM 1200 
TbWIR 410 
T^SlB 1,170 
Tawtio 478 
TaOMi 518 

zar" 1 


JIO 

Wacom 

YImHC 1.180 
YrnmaM — 

V«m§6E 

YtamcW 2230 
YmtHon 1270 
YamKoa 990 
Tmllm 14B0 
YdU&* 1140 
YaoMn ijffia 
YMkB 445 

YM0T 770 

WM 
YlBJl 10 
YMwnBk 
VkneA 
YOmLnd 920 
vnrnmi 1270 


-3022801280 — 
-11 602 406 - 
+8 SIB 386 — 


-1 617 321 — — 
-1 478 369 — — 
-13 12*0 735 02 — 
_ 371 246 — — 

+81.180 S31 — — 
_ 024 520 74 _ 
+81210 am _ _ 
+20 1200 740 — — 

-3 m §m - - 

+30 1280 ®M — _ 

— 4200 2280 — — 
+1 818 560 — — 
— E48D1291 IS — 

_n ski® +30 _ 

-18 830 BBS 02 — 
-70 1200 B50 _ — 
-40 1230 1260 — — 

— 1210 7B0 _. — 

-3 616 372 — — 
-1 953 532 12 

-10 1270 812 OS — 
+12 BIT 491 02 — 
-3 036 318 14 — 

— 88* 550 — — 
-2 831 5G0— — 

^17 907 480 — — 
+20021200 11000 — — 
+4032001240 — — 
-10 1240 030 _ _ 
+J3 S5B 285 — — 
-8 988 348 — — 

— 1,430 1230 04 — 
+30 538 988 — — 

— 12901.170 — — 
-302220 828 — — 
-20 24701220 — — 
-3042502240 — — 

— 82601200 — — 
-8 818 388 — — 
-4 878 484 — — 

+30 2220 1220 — — 
+10 1070 1280 0.7 _ 
♦6 796 385 — — 


HOH nMB(kiar23/H.K4) 

00 —1520 MB 13 913 

34 +25 50 2229 2.1234 

USD -.ID 1SJD 820 40 — 
*0.75 +1J5 02 1820 02 - 

40JS -40 57 2679 32 372 

0540 +140 71 31 ZS 832 

CbaEM 10.10 — 14 3S0 _ — 

ZZ30 -20 Z72D 13.10 14 — 
17 — 19.10 152S Z2 19S 

11.10 -40 1820 10 04 — 

GEegfe 520 -.15 805 2S2 13 — 

3840 -J3 45 1*30 14 — 

8840 -ISO 101 5440 IS — 
HLWRO 1420 -SO 21 SO SU» 32 43.1 
USmiR row -1 8040 40 ZS 194 

tenet! 1020 +201920 .825 02 2-7 
HNWI* 828 +28 020 045 82 — 
Hatnd 44.78 -26 mm 14S0 47 — 
man 11120 — bbsois,©! is 28 2 

HKSm 1120 -J0 1520 5.45 IS 72 
4440 — 54 20 12 214 

2U0 +.10 9U0 IS 18 — 

muni mm -so aus 11.70 04 — 

HIM 2280 +S080SS 945 32244 

1220 -SO IB 9 32 — 

740 — in an tw; 45 „ . 

33 -%W4a5014iSi 12 — 

2320 —40 3348 1110 32 — 

B-43 +401840 820 07 — 

4720 -73 8420 41.73 02 — 

25 -.80 3820 1BJ» 04 — 

mbs 1540 — 25 879 42232 

MmdOr 10.10 -.30 12.SO 0.75 02 _ 

NHW 28u40 -SO 43 IB 3.1 — 

RUM 93 +79 391S20 —61.1 

SMCfy 5020 +1 77 2445 11 00-1 

SmhGt 1120 +10 1640 6S5 2JS4JL8 
870 +20 7S0 127 US 17.3 
12 -2Q1&4D 728112 972 
SCtMP 423 _ 028 927 82 — 

SHKCD <42 +.02 720 198 82 — 

■** ,u s^s„a j a8!sat 

29.10 -<19 3B.7B 11.40 12 — 

3179 -20 41 19 27 — 

MWxtc 1720 +10 2320 820 — — 

WAngOn 1140 -SO 1820 720 II _ 

Hfaaar 1120 +20 1740 10.10 72 _ 


197822 CsnbGh 
M5750 Ceemel 

■SSS 


^iro cmrri 

3503» teiTI* 


“80S Canto I 
140700 Cartyf 

■0100 Caning 


\«m atari 
■ 48 (MM 
HKOO oneon 


■iam coacan 
37200 COB I 
“75236 dmeff 
21 9000 OemnA 
■111S Oertwl 


12878 OombiTI 
14285 Damtarj 
16200 nttoftl 
5812 and* 


1401 DO ECtiO 8 
1000 Boca I 
71849 motor 


21020 MM Ax 


+1? 243 jS 


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10708*0 JWBI 



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5 +5 3D 37 

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MONTREAL (Mar 25/ Can S 
4pmdQ88 


Z Z NAURU (MrS/MYR) 


-30 12001290 — — 
-20141012m — — 
+4 723 GG6 _ _ 

+10 mi 553 — _ 

+301230 834— — 
-ID 777 366 _ — 

-81230 7Sfi 
+7 432 271 _ __ 

-40 22501200 _ — 
+5 664 402 12 _ 

-1012801210 —472 
+1 082 410 „ _ 

+7 902 520 _ _ 

-BD3200 2J800 _ _ 
-30 1120 1 .310 _ _ 

-8 930 297 _ _ 

+30 1270 748 ___ 

+10 400 296 — — 

+10 878 *00 _ __ 

-18 601 2B1 — _ 

-8 475 2B4 __ 

S 43B 

-80 1200 TOO _ _ 
-10 1290 BOO 1.1 _ 
-401220 SSI — — 
-10 073 715 -.— 

-1 031 487 02 — 

-10 22001230 — — 

-80 1210 1,190 _ _ 

_ 1210 783 _ 

-20 1240 885 — 


Ha m id 428 +14 820 240 22 

Gaobn 2030 — 391330 12 

tuna 20.90 -2D 23 620 04 

NWBric 1440 +10-1920 3.70 12 

■MU® 3JM -M <L30 148 IS 

tottop <20 —.12 BSO 138 04 

PB8 4JMW -J» BOB 1.40 10 

Sbnao 140 -28 140 4.18 3.1 


:9ftr25/SS) 


-.101229 

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+24 4 

+04 7.18 

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-30 1170 
-.10 926 
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307357 I— w6 


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_ 149850 MacMtl 
_ 2*1*23 IMcmWl 

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is +v *1.3 12V 

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10V -vmi 13 

16V i«V 

+v»uv 


12850 MH 
B4BB OKOtta 
2600 CnMfP 
500 aice 
10D50 JOaulu 
13000 MDWt) 
157539 WBMSx 
400 ObCItA 
1534 unlwx 


2zv w ;St: 

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8V BV 

29V +*■» *5 23 
11V -veil* 11V 


-30 2280 1270 02 
_ 1220 1250 _ _ 

-1 583 333 IS _ 

+3 810 B5B0S522 
-81230 640 _ _ 
_ 1220 684 _ _ 

+2 1220 

-2 701 _ _ 

-291290 820 _ _ 
_ 1,270 720 __ „ 

-18 787 393 _ _ 

-03 732 429 _ _ 


z NORTH AMERICA 


AUSTRALIA (Uar 25 /AratS) 


» 93M 


-TOHlOljflO £7 „ 

=8^ S z z 

-0 773 *73 — — 
-101, IDO 800 __ — 
-3 BBO 318 _ _ 
-221,110 616 — — 

"^^8 S !f z 

+1012ZD 964 — — 
-11 BO* 499 _ _ 

— 6,150 4,830 02 _ 
+20 1220 1,020 12 _ 

♦4 930 BOO — — 
-40 *200 2,180 04 58.1 
-8 BB4 410 _ — 
+7 823 640 1.1 - 
+20 32*01210 - 

-2 983 350 02 _ 
+12 698 403 12 -. 
+2 837 B27 — — 

-70 42301,780 _ _ 
+801290 BOO — — 
-14 690 422 — — 
♦20 1,700 1,110 — — 
+8 732 421 — — 
-40 3,690 HID 0,4 — 

— 22TO 012 — _ 

z z 

-12 328 342 _ — 
-1*1.120 830 — _ 
♦70 7230 5280 02 — 
—8011300 7210 — — 
♦60 4,0601100 — — 

— 1280 1240 02 — 

— i2io ma — _ 
-201210 1200 — — 

+40 1.130 075 

+10 1.500 928 12 _ 

4 BOB 300 1.1 — 
-50 «sm 0234 _ _ 
+10 1,790 0ZB _ — 
40012201160 — — 
-0 1230 TIB — ._ 
-601210 1460 — — 


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048 

_...^ S 

ItmdPu Z23ffl 
NBMVR 168 
MX 528 
Panam 128 
Ptoto® Zlg 


TOT 

TatCpH 4SB 

wurmr esorn 


+10 B 138 17 — 
+10 11.12 7.48 11 318 
+08 820 928 IS — 
+10 1162 820 22 319 
+10 321 IS* 12 — 
-28 522 225 32 — 
♦25 420 220 32 — 
+03 IS 146 42 18 

— 1020 1258 24 27.1 
+07 328 242 34 04 
-28 422 180 42 — 
♦24 12B 028 — — 
-22 1724 1120 42 382 

— 020 044 92 _ 

+25 118 027 BS — 
+09 103 359 32224 
+03 948 222 42204 
+16 10SZ 1138 46 — 
+68 150 102 — — 
+25 925 126 18 — 
-28 1130 928 12 _ 
+07 5.70 442 42 — 
+21 5.79 3 1.2 — 

+61 1020 585 42 — 
+64 145 175 18 — 

— 0.72 QJ3 *4 — 

+05 022 322 18292 
+21 122 1.10 — — 
+04 1.40 029 _ 12 
+07 345 120 12 _ 
+10 190 245 _ _ 
+23 120 1.11 4* — 
+02 195 108 7 J 111 
-28 320 103 52 — 
+24 1JB 023 11 17 
+22 1.78 140 19 — 
+21 105 225 *18 11 
+22 222 029 32 — 
+07 102 070 _ _ 
-28 1120 17D 14 432 
+10 325 1.42 11 — 
+1411201188 43 334 
-23 340 145 42 — 
+63 126 121 12 _ 
-S3 10S4 119 32 346 
+10 431 125 13 — 
+10 1114 7S5 42 117 
+.13 720 525 12 — 
+20 12 178 02 18 

+39 128 223 18 _ 
+.12 170 1.18 17 — 
+11 <15 106 3J 218 

— 6SZ 426 46 — 

-22 115 085 — — 
+01 243 068 — — 
+07 342 110 42 117 
+10 320 129 IS — 
+12 125 106 — — 

+10 110 147 17 _ 
-28 820 175 41 — 

— 121 128 72 — 
+23 825 189 02 _ 
+15 7 JO 5.16 92 72 
+13 <52 220 18 M 
-JO* 7.10 528 42 — 
+23 920 <19 M — 
+02 320 2JM _ — 
-21 3JD 223 72 23.7 
-68 192 029 _ 72 

— <80 1.63 34 — 

— 028 520 32 — 


TORONTO (Mar 25 /Can 8 
4 pm dose 


128167 MO> 
■81380 AgnEx 
■75259 NrCtta 
134490 AflAaE 
9100 0 AMHSM 
377T89 MaM H 
841387 Miter 
_ 301 00 MooCI x 

■ 4316 BC flucA 
3&<4a acmB 

000788 
187820 BCE Mb 
■6113 BORA 

■ BOO Bmawk 
1102370 BhMonr 
728267 BM*»S 

60439 BatuEx 
312887 taUB 
4408 BatoM 
SOBUfl BmtmB 

9*0832 CAEx ■ 

100700 ompan 


■71837 MW* I 
343384 *K»M 
108310 NoronEI 


ST* 

38V +VWBV : 


91V -V 392 9iV 
33 V +VSKV38V 
17 -V917V 17 
9V ©v 9V 
27*1 -VW 27 V 


18V S18V 18 
23V SIB* 25V 


8181 
22V -vsmi 
118 *2 11E 111 
S3 -2 57 52 

+1sM 

38V +VS90.34V 

22 V -VEP* 22 


z ■ TOKYO - HOST ACTOR STOCKfe 


Nippon Staef — 

ToKyu Corp —— — 
tauzu Motors - - 
Kmraaaid Stool . 
Clarion .. 


™2100 Rattiwc] 
17*8730 teKWi 
004 RaeMM 
221310 teiB 
■97827 

■12106 mom 

HHXK — ■ 

408230 

830958 V 
104033 
Friday. March 26.' 


+10 iam 7^ u 

28 500 18 

_ 140 ns 12 
_ 147 TB 3^ 
-S 239 90.75 1.0 
+1 *25 138 1* 

-2 117 7479 OS 
+5OS7S5 20JSO — 
+28 3<50 178 10 
+1 80 18 13 

— 3171! 125 — 
-150 118 87-50 0.8 

+ss use iso 1.2 

+1.158490 2126 IS 
_ 1190 160 13 
+503190 0.-80 10 
+25 53 30 4B 

+35 9160 64 JO OS 
+1 80 22 12 
+10 1138 5SB <8 
118 63 IS 

+.76 27 JO 6.75 — 
+2S2L90 6S0 17 

— 346B 12S 10 

— 3.00 0S2 IS 
+JS0 72 3179 2 JO 

_ ',4 40 14 

— - 01 2429 32 

_ 89 24 12 

-2 82KS.au IS 

-JO 1123 _ 
_ 2150 1069 za 
+JX 82 SI <3 
+49 740 <70 — 
+29KL50 11 19 

-2 3178 2129 IS 
I —ISO WSO 1150 IS 
+1 8175 57.73 IS 
_ 10B 67 13 

+50 10 11 JO 7S 

—125 07 JO 84 3.0 
„ 38 17 14 

-2 184 3480 IS 
+J0 88 37 IS 

-JO 4129 17.26 IS 
-4 48013830 2S 
+J0 42S0 ISO ... 
-1 215 4190 17 
+3 80 24 34 


ttnes ■ Prim aa B® pagi an x oxM m Wa 
NMaott mabxBH me n may Mkidei 
IblliaMMaTHWWMli 


10 +VXS19 IBV 
10 910 l3 

30 -IV *31 2BV 


imtedti 
l nHSriSi. a Be R. 


FT FREE ANNUAL REPORTS SHMCC 

am or tear 710 
WW r,^.peBigtaHlbK® 
+MM 770 0770 nM +4**1 770 W7J. qn*e FT 

Neal »e tern «i x aaa m t 
M X aibn i— X IMB 
pwcato 


Stocks 

dosing 

Chttno* 


Stocks 

dosing 

Change 

Traded 

Pricaa 

on tear 


Traded 

Prices 

on day 

asm 

339 

-3 

Ft# Heavy Ind9 

&9m 

410 

-3 

&2m 

754 

-5 

NKK. 

3.7m 

■ 258 

.♦a. 

5-3m 

470 

♦3 

Tabu Raflway 

3.4m 

680 


49m 

359 

•fi 

MttsuUsM Mail 

3.4m 

518 

+15 

Aim 

575 

■ -A 

SwnflnmoMtl bxl — 

3-3m ■ 

• 276 

• * 


•• 'i : 


m 


.... ! 


INDICES 


A3 Ontareei/i.MJi 
« «wrgi 1,1/301 


own Awmanr/Sfl 

TraM WotCign 


B a ieo a (Z31Z37I 

Can® 

Urea NMs4fl9.'Sl 
Unsonee ,1975) 
Port*^ 

Ote 

PW Con QUITO 


INDICES 


MW bto ter 

25 34 23 


3E119B 1987MC 2067124 2547048 160/94 1219785 8/3/03 


21516 21838 21809 234080 3/OT4 140100 13/1/B3 
10499 10448 10483 1135.10 3BQ4 88U0 13/1/93 


43812 44487 4« 17 *8068 2/2/34 30028 14/1/33 

113296 116869 116009 122MB 1/2/94 71105 15/1*3 

140100 140449 150582 154268 9/2/94 112948*71/93 

1*5916 137510 141576 UE81SB 2K 19* TVO 47US3 

374190 380151 387068 387BJO 18QS4 274131 21/1/SO 

452L29 436370 460950 4800*0 *3004 327980 21/1/93 

210832 214085 215612 Z1826B U2/34 172067 21/1733 

42333 42102 427S5 486760 4004 28088 10/5/93 


FC RW19 7R 

CBS TBRnGaeOad 831 
CSS Al EtrIGnd B3) 


IN Hr MX 1983/4 

29 24 23 L/X 

252167 IQ 2543J7T 2881.17 B/2/94 160419 2S2ID3 


4196 4230 *288 
2711 2741 2714 


45460 31/1/94 285.70 4/U93 

28180 31/1/94 19860 13/IR3 


Cm. 40 (1/7/80 2130.01 217481 220872 20984 3/2/9* 2260 22/284 

Monaay 

Otto SE0ndK2/1 183) 113844 1151.18 115844 tZfl.U 2BQ04 08863 2771/93 

!m Good (2/1/90 263167 2E0137 2G030B 330837 VI/M 127188 4/U93 

BW (1977) 3158.1 31547 31519 322860 18/2/94 100820 14/MB 

SES n-StmOHn% 53X94 54184 54818 84161 4/1/94 304.10 1^1/93 


JSE Cdd (28W7» 

JSEMpm 


221 Ml# 22080 21240 
SBGBiO# 99740 58480 


233160 4/1/94 77100 5/1/93 

814000 18064 433890 TW4/B3 


Cmrtuga&iX'MB! 38839 38824 39261 41879 209 * 281 SO 4/LS3 


KtnoCm£44/I/8ar SGBOS mBJ2 87878 BM6B 2®B4 0Q5S3 80/83 


HO Gcneacai ITOi 1BD87 ’8380 1841.0 107100 4/3/94 80.10 22/1/03 tebti SE CXI/12/851 •Pena aanian w* urn 31/1/9* 21660 4/UM 


Dew Jenee 

Mar 

25 

Mr 

24 

Hr 

23 

1993/4 

Hgt Low 

9mi 

Hob 

MaHlHtoi 

Low 

Mattriah 

377602 

382109 

38B9L48 

357X38 

33*1.96 

307X31 


*1-22 





(31/1/94) (20/1/03) 

pVtt« 


07*3 

Home Bonds 

101 JS 

101.74 

101 SB. 

10X77 

KJ1J8 

10X73 


54-99 




(10/1IWS P B®90 

(18/10*31 


(1/10*1) 

TtSHpOlt 

171488 

1706-03 

172601 

180X29 

145X84 

texa 


1282 





vm 

wm 

02*41 


vm 

URBb 

202.15 

20406 

20X50 

26X40 

202.15 

29X41 


WJO 




puna) ess** 

Et1**S 


vm 

DJ tna Dayy Hgh 

8848.85 P885.42 ) Low 378459 (3702J0 ) (IhaomdctoM 



Daj/V Mflh 382896 

(3^048 ) LOW 3760,78 (590633 ) (Acte l« 




IHated and Poors 








OWDOttto t 

*60-58 

4643S 

46X54 

40800 

429-05 

4B2JOO 


440 





vm 

pn/sq 

vm 


(1**2) 

MatrtttS* 

53659 

S4480 

54X57 

59X51 

49648 

Bonn 


3JZ 





B/B/94) (2 B»J0 

vm 


01 RBB2) 

fiendd 

43JB5 

43.75t 

4406 

4X40 

3X89 

4840 


XB4 




1 

paw in) 

(8rt*3) 



(100/74) 

NYSECmp. 

tmsa 

257 JB 

wnw 

267.71 

23X21 

287.71 


448 





COM 

(0/1*3) 

02*0 



Ann MH1M 

468.43 

48X68 

47338 

mm 

39584 

467 Ji 


2X31 





vm 

(B/UMI 

02** 


0107R 

msoAocnv 

78145 

78668 

79751 

mm 

64587 

80X83 


5487 


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Financial Times? 


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day the FT reports on the topics that matter to people 
doing business every day, in and from Europe. 

We cover the latest European, U.S. and inter- 
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read by more top business executives in Europe than any 
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Make sure you're one of them by getting your 
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' % ! * 




■M 



■Source EBRS 1993 


! " Y+0* 


FT 


a 750 Bl. nw 
6*433117371 

Ganmy 

FK VOcn71.*17TiEi ^ 
Ccnaaao«sn;s3 
aw paiiTT-t 

5B3112W 

HflHfl jCflBQ 

KmjSerffJi-TS*) 


144735 145190 147841 1BBB2D 2,1/94 111410 28/1/93 

713562 715155 720017 Z3886I 2094 T77121 2RU83 

81768 827B7 82072 85867 411/04 80062 14/1/03 

2334 70 738590 08110 31804X1 4/U94 100430 14/1*1 

713008 Z16T68 2161.13 ZST68 31/54 151860 13/I/B3 

<a 1059.15 10852. 119458 1&1S4 9BI32 S/1S3 

9230 932075 946563 1220160 4/1/04 543760 W83 

36781 3861.4 372B6 428760 3®« 210067 01403 


MtamOGan (V2/ 37) 143860 148860 148260 180360 31/1*4 871.10 28/1/93 


S®n 8U 01/1258) 

S8C 6ann( (1/4/B7) 


133268 1337.70 134155 
98179 99833 100221 


142X34 3V1A( 90480 1WB3 
100320 31/1/94 87830 1V1S3 


WefrfWrflttfflBBT S5267 582899 533127 MMX RU04 36843 W1JB3 


Bangkok SET (30W75) 

IWloy 

R9M OnMbn 19K} 

WORLD 

usflBoUHp/ums 


128007 128861 1286.44 T753J3 4/1/94 8UM WSJ 


135381 12980.7 13887.1 


Dow Jonas Ind. Dtv. YMd 
S 3, P ind. Dtv, yMd 

S 8 P bid. P/E ratio 


■ srjuRURn jum poors 8001 


(18/3S4) W4KB (18094) (31/1 0/7^ 


Mar 18 Mar 11 Mr 4 Yea- ago 

182 2-81 262 26G 

Mar 23 MOT 16 Mar 9 Ya* ago 

269 267 267 249 

24,83 2458 2453 28.13 


To; GilEan Hart, Financial Times (Europe) GmbH, Nlbdoqgeaplatz 3 . 60318 Frantfim/Maii, Gennany 
Td. +40 69 1 56 850. T1 /l 4 161 93. Pax. + 49 69 596 4483. 



SUBSCRIBE NOW AND GET THE FIRST 12 ISSUES FREE. 

To: Gillian Han. financial Time* | Europe) OmbH. Nibelongeaplata 3, 60318 Fraokfurt/Mihi Germany 
TeL + 49 69 166 850. Tlx. 416193. Fbx.+ 49 69 596 *483. ■ uwwanj. 

YK.r would lie ro sohscribe a (he Fhamaal Tinies, ood oyoy my to issue free. ] wfl] aUow op to 21 days 
before ddivciy of my dracxipy. Plcaic enter ray Hitwaipion for 17 roomh* at It* (ollowing rue*. 

Austria OES5600 I fiance FFR2JMO I Neabetbad* DFL97S I rvi+» 



Opart Sett price 

Change 

High 

46040 

Low 

Jun 

464.70 

46006 

-6.15 

4BL80 

Sap 

467.70 

481-85 

A18 

468.50 

461 JO 

Dec 

dS9J0 

46440 

-3.08 

47065 

48440 


6146* 613,7 8176 04100 1/7/94 48860 13/1*3 Opn athnat Bona an to pravioua day. 


LFtfnJWWSBOOSmwbmw 

High Low EalvoL Openbri. 

5050 4S960 57,660 160.737 

38-50 481-90 1/009 &2B4 

7065 48440 50 4,468 


BeJgbn 8FR 13600 
Denmark DKKWOO 
Hnhm d FMK23X) 


France 

FFR2JM0 

Netberiaads DFL875 I 

Germany 

DM750 

Norway 

NOK3J20 

Italy 

LIT 600000 

Portugal 

ESC 60,000 

Luxembourg LFR 13^00 

Spain 

PTS 53/000 


Sweden 

Switzertaid 


SEX 3^20 
SFR710 


Farsetecripoons In Tnrfaey, Cyprus. Greece. Mata, please couci +32 2 513 28 16. 

□ BiU | j Ciarg: my Awsican Exprets/Dinos ClatY 

me < — I Eurocard/Viia Accowm. Expiry Date 



Jakara Commiaau 4«8* 490.1s *8880 61260 sow 


SM Owratll.ra IBTliO 1666-31 191068 2082.16 JOW 119L19 11/1*3 

■w 

Bra Com u (1973 66973 66775 87120 68X03 1MM4 
bS Genoa HI M 10610 10590 106X0 1KEUB IB/2/94 


Bra com u (19 
VS Genoa Ki.xn 


44833 81/93 
W400 1Q/V04 


118S43) 19836.40 200J7 .90 19962.10 21148,11 13093 18078.71 2^11^3 

raj* 3J0 (1-iflTO 295.IS 29834 29852 306JM 10/11/93 M884 2V1U93 

Txm i4.1.k.| 161035 161431 1614.42 168687 3/9*3 129000 25/1*3 

2TC SOtti i&ltfi 219874 21 B091 217421 238497 7/893 H51J3 28/1*3 


Eadtadt loqamvm 1*12.40 149S41 144L73 1540.19 31/1*4 MRUS 13TU93 

Etm T09-100 eamn 121752 i2zue 123&04 131101 tom wan 13/1/93 

Jbpangra (31/12/69 M 307JK 30930 3B5.19 50*4 18092 4/1*3 

Brinp Emaj(7/l/gg 1SSL1Z 1S0BB 15896 18272 14094 9881 4/2*3 

R CAC-40 STOCK Qg»OC FUTURR8 (MATIPI 

Open Sen Price Change K^i Low EaL imL Open inL 
Mar 2160.0 2137.0 -28J) 2163.0 2112.0 38,163 30.048 

Apr 2188.5 Z147.S -28.0 2179J) 21240 4305 8,105 

May 2172.0 2151.0 -28.0 217Z0 2139J) 41 6,796 

Ooan Maraai igow to ornku am. 


R NEW YORK JUTTWR STOCKS ■ TRAHNO ACT1WITT 


TgMonas 

ante 

IBM 

LMtad 

San Motors 

KLM 

Am Banfcfc 
OBcorp 


•LSE Carp[+4.TF| 97011} 98352 99839 131446 51*4 6MJB m*3 

” ftteteteRL Camp Ex aai». Baaa mm or to Hdoaa am 100 tuNtt Autotoa Al Mtey 


6^18400 82M 
4691^00 53)4 

2477,600 53ft 
2. *09 JOT 22 
2J44400 67 

2.100200 an 

2105200 2BM 
2,089,700 37H 

2,073200 27M 
3251200 BOH 


Ooaa Change 
pries on Oay 
82M +244 

53)4 -2V 

53ft -2)4 

22 -% 

67 -IV 

an +i» 

2BM +44 

3714 -44 

Z7K +1H 

SOU +H 


• Vtakana (nttfcn) 

MR-25 Mar 24 Mar 23 
Haw York SE 34ft£32 303,742 178,483 
Amex 152*0 18513 20341 


*Ckmncy nuts on dn/jr mEdfijr ifu country in wAMcAr tey dnr quoted. Svbioiption Prices arr correct ji dtne ef 
ZSSSSl art , *« VATI * aIIEC ««P* C«-V rnd France. FT VaTnZ 




VYSE 

toon Tradad 


UMtengad 
Naa/Mpa 
Mm Lam 


2J28 L781 2J47 

846 520 1,151 

1,197 1729 056 

BBS S32 840 

34 32 85 

80 120 41 


□ Plwe 0<± boc to more bdomadag dwa 6 tad 24 exnti srinerintbaii 
i a>anry a# fai n t Biaoi k. 


T Conwatan. ■ Gdntonri at 1600 GMT. S etdudtag Honda. $ bdw&W. pin UWte. Ftaandal and Tmnapotetoi. 

* Hie OJ bML index BmnttoR daj/a Mgha and tan ana Ite mugaa or dm Mcpaat and bwax pdoes raaetnd durtao «m aw by aacti 
Mode whwMt me actual rilgha and kww AwppM bj/Tdate* lepraaem B» Mflhaar aid torn® «akm mu tw index has mnttad 
drtig ma toy. (Tha Arm ® emdote m fwwAaua ctayH f Subject to toWd wwtaitatKsn. 


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V 

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' ‘ - -?***?^ 
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Ab0rrfrr«ttp*tomriM040iuiBT. 

Financial Times. 


^ ; i.i£ - 


















































































28 































































































































































































































































































MONDAY MARCH 28 1994 


31 


CURRENCIES AND MONEY 


MONEY MARKET FUNDS 


POUND SPOT Fw'-.'V.A r j_*;j 


Mr 28 

Claetng 

mid-point 

Change 
on day 

Eurapa 

Austria 

fSch) 

17J539B 

-a0852 

Belgium 

(BFr) 

51.4846 

-0.1061 

Donmerti 

(DKrt 

9.0463 

+0.0103 

Finland 

(FM) 

asaaa 

+0.0486 

Franca 

(FFi) 

K55M 

+0.0100 

Qerrnany 

(DM) 

2.4078 

+0.0007 

Graeca 

(Dr) 

385JJ03 

-0.109 

Ireland 

VQ 

1.0395 

+O.0Q2 

Italy 

aj 

247016 

-9 38 

Luxembourg 

{Lf=n 

5) .4846 

-0.1061 

Netherlands 

(Ft) 

2-8083 

-0.0026 

Norway 

(NKr) 

10.8737 

+0X1066 

Portugal 

(Bs) 

258.086 

+0.035 

Spam 

(Ptaf 

205X86 


Sweden 

(SKr) 

11.8202 

+0.0568 

Switzerland 

(SFr) 

2.1239 

+0.0004 

UK 

« 

- 

. 

Ecu 

- 

1.2979 

-00004 

SORT 

- 

0^37899 


Amortcas 

Argentina 

(Paso) 

1.4077 

•00049 

Brad 

(Cr) 

1293-69 

+26-28 

Canada 

tCS) 

2XJ587 

+0.0086 

Mexico (Now Peso) 

5.0229 

+0.0512 

USA 

W 

1.4975 

+0X9045 

PMffic/HDckfe 

East/ Africa 


Australia 

(AS) 

2.ID63 

+0.003 

Hong Kong 

(HKS) 

11.5689 

+0.0356 

India 

(Ha) 

46.9684 

+0.1356 

Japan 

(V) 

loans 

-1.833 

Malaysia 

(MS) 

4.0656 

-0.0006 

New Zealand 

(NZS) 

2.6456 

+0.0003 

Phflpptoea 

(Paso) 

412923 

+0.1227 

Saudi Arabia 

(SR) 

531S7 

+0.0168 

Singapore 

esj 

23827 

-0X1026 

S Africa (ComJ 

W 

5.1561 

+0.0217 

S Africa (Fto.) 

(R 

7JJ483 

+0.1068 

South Korea 

(Won) 

1211.81 

+5.39 

Trtwan 

(TS) 

39.5477 

+0.1324 

Thailand 

(Bfl 

37.8101 

+0X9377 


DOLLAR. SPOT FORWARD AGAINST THE DOLLAR 


spread 


Da/* Md 
Wflh low 


17A752 T7AG21 
51JB200 514667 
SJBSZfi 9.7986 
64660 64580 
8.5652 8.5170 
2-5020 2.4865 
3874506 364.888 
14416 1.Q374 
2486.89 2471.55 
51.6200 514887 
2.8131 2.7965 
105008 10.8315 
258471 256465 
205.685 204.7B9 
11-9084 H.7T38 
2.1266 2.1163 

1 -2999 14939 


961 14022 1.4329 

420 1299.00 1266.00 

585 2.0884 20503 

305 54829 4.0792 


- 075 2.1257 2.1050 2.1048 0.9 2.1024 

723 11.6145 114345 11.5569 1.3 11.5504 

' BSD 47.1540 46.8390 

925 156.020 166.480 156X76 

680 44797 4.0527 

477 2-8521 2LB338 24484 -14 

640 414640 414205 

■ 173 5.6380 5.5992 

640 2-3825 2.3606 

584 5.1756 5.1186 

584 7.0702 6.9723 

247 121633 120649 

569 39.7100 39.4400 

37.9630 37.7560 


One month 
Rate %PA 

Throe months 
Haw %PA 

One year Bank of 

Rate MPA Eng. index 

Mlar 25 

Clcatng 

mro-petra 

Change 
on day 

17^261 

OJ 

17.5205 

03 



114.5 

Eurapa 

Austria 

(ScH 

11.7065 

-0X1785 

51^296 

-1.0 

51.6046 

-OB 

51.8046 

-06 

115.4 

Beigkan 

(BFr) 

34.3815 

-01735 

98655 

-1.1 

96702 

-IX) 

9.905 

-06 

114J 

Danmark 

(DKr) 

65750 

-00127 

- 

- 

- 

- 

- 

- 

803 

Finland 

(PM) 

55687 

+0018 

64691 

-1J 

8-5845 

-12 

8.6095 

-06 

1003 

France 

(Fft) 

5.7153 

-00097 

3.499 

-0-0 

2X5007 

-05 

05039 

-0.2 

124,0 

Garmany 

P) 

1^680 

-0.0046 

- 

- 

- 

- 

- 

- 

_ 

Greece 

(Or) 

243.960 

-OA 

1.0404 

-1X9 

1X1419 

-09 

1.0482 

-08 

102.8 

trafcmd 

ua 

14406 

+00015 

2477.48 

-3.5 

2400X76 

-13 

2641X91 

-2.9 

76X1 

Italy 

w 

1549.58 

-11X2 

51.5286 

-1.0 

51.6046 

-09 

515046 

-06 

115J 

Luxembourg 

fl-Fr) 

34.3815 

-0.1735 

2.8032 

-OX) 

2X51 

-02 

2.8064 

Ol 

lias 

Netheriands 

(HI 

1.8755 

-a D073 

108681 

as 

10.6806 

-03 

108718 

oo 

B5.3 

Norway 

(NKr) 

72B15 

-00172 

209X961 

-4.5 

261JKJ6 

-4^ 

- 

- 

_ 

Portugal 

(ES) 

173.350 

-0.49 

306.068 

-3X 

207.073 

-3.1 

210888 

-2X3 

853 

Spain 

(Pt«) 

137.225 

-0275 

11.6402 

-20 

11.6757 

-1.9 

11X9847 

-1.4 

753 

Swoden 

(SKr) 

7.6936 

+00148 

2.1221 

IX) 

2.1178 

1.1 

2X1923 

IB 

118.1 

Swttzsriand 

(SFr) 

1.4184 

-00039 

- 

- 

- 

- 

- 

- 

602 

UK 

(a 

1j4975 

+0X1045 

1X994 

-1.4 

1X3018 

-1-2 

1X3062 

-0£ 

- 

Ecu 


1.1538 

+00038 

- 

- 

- 

- 

- 


- 

SDRf 

_ 

1.40010 

- 

_ 

. 

. 

. 

. 

. 


Amerioaa 

ArganUna 

(Paw) 

1X9002 

+0X9003 

- 

- 

- 

- 

- 

- 

— 

Brad 

ten 

864.085 

+15X932 

2.0572 

as 

2-0663 

05 

2.0817 

-Ol 

87X5 

Canada 

(CS) 

1X5748 

+0X1018 

- 


- 

- 

- 

- 

- 

Mexico NmiPno) 

03543 

+00243 

1.4954 

1.7 

1.482 

1.5 

1.4835 

09 

ASA 

USA 

(S) 

- 

- 


apraad 


Day's mid 
hiflh low 


One month Three months One year J.P Morgan 
Rats %PA Rate %PA Rats %PA index 


090 11.7600 
360 34.5030 
65817 
5.5903 

67190 
1.6713 
200 244.650 
418 14482 

000 1662.75 
960 345030 
18802 
7.2900 
500 172.550 
250 137.320 
7.9S43 
1-4225 
1-5035 
1.1583 


780 
■ 745 
. 185 
685 


■ 760 

■ 630 


- 973 
• 187 

- 078 

- 542 


11.8880 

34J750 

6JS428 

5J5110 

5.6875 

1.8585 

243JB00 

1.4364 

164625 

34A750 

18676 

7.2335 

171.100 

136.750 

7A193 

1.4130 

1.4930 

1.1509 


1.0002 1.0000 


0.7 2.1005 

as HJ5014 


0.3 

08 


2.6 155.746 2-8 152J71 2.7 

2.6527 -1.1 26613 -0.6 


186.2 


r * > ?-_ 9tt * * r, g to^ cefcutotea by ttm Bar* or ErcMncL Btae BWCTM 1965 - IOO.BU. Qg»» and wa-tatt* m both r«l 
— Mr gq» MMw dfetad Sam THE WMIHHITBtS CUUKQ SPOT RATES. Sana vtejea ora mnM by ttia F.T. 


PboMo/MMcSb Erat/Afrfca 
Australia (AS) 1.4068 

Hong Kong (HKS) 7.7257 
Intfia (fis) 31X3863 

Japan CO 104.735 

Malaysia (MS) 2.7150 

New Zeairaid (NZS) 1.7666 
mHppmas (Peso) 27A7G0 
Saudi Arabia (Sfl) 3.7502 
Singapore (SSI 15778 

S Africa (ComJ (R) 14433 

S Africa (Rn.) (R) 4.7075 

Scrth Korea (Won) 809.250 
Taiwan (T$) 26X100 

Thaiand (BQ 25.2560 

TSOR rate (or Star 24. BUMbr wraadB 
out n knpatd by currant nonet bum 


-00022 061 - 071 
+00007 252 - 262 
-00025 825 - 700 
-1.54 TOO - 770 
-OQOS5 140 - 150 
+0-0009 655 - 677 
- 000 - BOO 
+0.0001 499-504 
-0.0066 773 - 783 
+06043 425 - 440 
+00575 025 - 125 
+1.2 000 ■ 500 
+O01 100 - 100 

-005 500 - 600 
m u» Data Spat able 
L UK. Intend a ecu tr 


11.7275 

-22 

11.754 

-1.8 

11.7575 

-04 

1B35 

34.4615 

-28 

34A765 

-23 

34.8415 

-13 

1044 

85827 

-3.1 

BXS14? 

-24 

&XS595 

-13 

103.0 

55745 

-IX! 

5-579 

-0.7 

5.5867 

-0.3 

75.5 

5.7297 

-26 

5.7522 

-25 

5.7B21 

-13 

104.0 

1.6711 

-25 

1.870 

-IS 

1.6824 

-09 

1053 

247.85 

-19X9 

254.B 

-17A 

2837 

-163 

71.1 

1.4374 

27 

1.433 

21 

14191 

13 

_ 

1657.06 

-05 

166058 

-4.6 

170933 

-06 

763 

34.4615 

-28 

34A78G 

-2X3 

343415 

-13 

104.4 

13787 

-21 

1.8825 

-1.5 

1.8875 

-OB 

104.1 

7.2715 

-1.7 

7.2852 

-13 

73005 

-05 

954 

17039 

-12 

174 AS 

-5A 

180.075 

-43 

832 

137525 

-52 

130745 

*44 

141 356 

-34 

80.7 

7.9206 

-4.1 

7.9684 

-3.3 

30838 

-22 

81.8 

1.4193 

-07 

1.4194 

-03 

14104 

OA 

104A 

1.4854 

1.7 

1492 

1.6 

1.4835 

09 

88.8 

1.1509 

21 

1.1468 

24 

1.1389 

13 

- 

1X1755 

-06 

15770 

-OA 

1X3884 

-08 

84.0 

3A5S3 

-0 A 

13571 

-03 

33846 

-03 

_ 

- 

- 

- 

- 

- 

- 

1009 

1.4078 

-1.1 

14126 

-1.7 

1.4231 

-13 

86.9 

7.7287 

-05 

7.7347 

-05 

7.7594 

-04 

_ 

31^4313 

-25 

315683 

-28 

- 

- 

_ 

104 A3 

1 2 

104.32 

1.6 

102485 

21 

145.1 

2.708 

21 

20925 

3A 

2755 

-13 

_ 

1.707B 

-OA 

1.7723 

-13 

1.7942 

-1A 

- 

3.7509 

-02 

3.7532 

-03 

37647 

-04 


1.5772 

DA 

1A767 

03 

1.5763 

0X2 

_ 

3.4598 

-5A 

3.4658 

-4.9 

35788 

-33 

_ 

4.7416 

-8.7 

4A015 

-8.0 

. 

- 

_ 

81225 

-4A 

815.75 

-32 

834.25 

-3.1 

- 


1.4205 1X055 
7.7262 7.7250 
313700 313625 
106.470 104.510 
2.7217 2.7090 
1.7683 1.7621 
27.7500 27.4000 
3.7504 3.7499 
1.6815 1.6773 
3.4473 3X227 
4.7150 4.6725 
809.500 808X00 
26.4100 26.4000 26X755 -3.0 26.576 -05 
262700 25A600 25336 -35 25.46 -S2 

dm only dm tost brae decvraJ places. Farwnf alas ore n 
» qunad to US currency. JJ». Morgan nfetg atw«n tor U 


MSracUy quoad to thamvM 
■» B 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Mar 25 BFr DKr Ffir 


DM 


MCr 


Pta 


SKr 


SFr 


CS 


Ecu 


BeKPan 

Denmark 

Ffence 


Mend 

Italy 


Norway 

Portugal 

Spain 

Sweden 

Switzerland 

UK 

Canada 

US 


Ecu 

Van per 1.000 


(Bft) 100 
(DKr) 52XJ8 
(FFr) 6015 
(DM) 2061 

(K) 49.50 

(L) 2.084 
P) 18.33 

(NKr) 47.36 
(Es) 19.95 
IPta) 25.05 
(SKr) 43.55 
(SFr) 24.24 
(Q 51X8 
(CS) 25.00 
(S) 34.37 
(V) 3283 
39.66 

Doneti Kroner. Frencn 


19.13 

10 

11.50 

3.942 

9.468 

0.399 

3.606 

0069 

3A15 

4.792 

6.331 

4.638 

0847 

4.782 

6.573 

62.80 

7.588 


16A3 

8.60? 

10 

3.42a 

8.230 

0347 

3.047 

7A74 

3.316 

4.165 

7241 

4.030 

6269 

4.157 

5.714 

54A9 

6284 


4252 

2337 

2219 

1 

2.402 

OIOI 

0889 

2298 

0.908 

1218 

2.113 

1.178 

2X98 

1213 

1.668 

15.93 

1224 


2.020 

1258 

1215 

0418 

1 

0042 

0270 

0957 

0.403 

0.508 

0.680 

0490 

1240 

0505 

0694 

0633 

0601 


4798 

2508 

2888 


2375 

100 . 

8792 

2272 

957.0 

1202 

2090 

1183 

2470 

1200 

1649 

15753 

1903 


5X56 

2363 

3282 

1.124 

2.701 

0114 

1 

2.584 
1.068 
1287 
2278 
1223 
2. 80S 
1284 
1275 
17.91 
2.164 


21.11 

11M 

12.70 

4251 

1045 

0X40 

3.870 

10 

4212 
5290 
9.1 98 
5.118 
1087 
5279 
7256 
6922 
8274 


501 X 
262.1 
3012 
1032 
2482 
1045 
9128 
237X 
IDO. 
1252 
218.4 
1212 
258.1 
125X 
1722 
1848 
1982 


Franc. Urrufllan Km aid Omatiaii Kronor per 10; Batman Franc, Escudo. Ura 


3992 
208.7 
2401 
8227 
197.6 
&320 
73.16 
189.1 
7922 
IDO. 
1732 
96.75 
2052 
99.81 
1372 
1311 
1582 
and Peseta 


22.96 

1220 

1321 

4.732 

11.87 

0479 

4208 

1027 

4280 

5.752 

10 

52GS 
11.82 
5.741 
7291 
7528 
9.106 
par Ida 


4.128 1243 4.000 2210 3042 2221 


FIXED INTEREST RATES 


HONEY RATES 

March 25 Over One Three 

night month rntha 


Sbc 

irdhs 


One bomb, 
year Intar. 


Dig. 

rata 


Repo 

rate 


2157 

1.016 

2091 

1.521 

1593 

1318 

Betoken 

_ 

6% 

8tt 

66 

fift 

740 

500 

2462 

1.168 

2406 

1.750 

1832 

1317 

week ago 

- 

6% 

Btt 

64 

64 

7.40 

500 

0850 

0400 

0A2A 

0.600 

6277 

0320 

Franco 

8% 

6% 

6% 

64 

6 

OOO 


2042 

0962 

1.380 

1.440 

1608 

1248 

week ago 

86 

6% 

6% 

84 

5% 

510 


0.086 

0X140 

0083 

0061 

0348 

0X953 

Germany 

5.70 

5.80 

575 

R.nn 

5.43 

6.75 

525 

0766 

0356 

0733 

0333 

5532 

0462 

week ago 

5.75 

530 

5.75 

538 

538 

575 

525 

1.854 

0920 

1.894 

1378 

1443 

1.194 

Ireland 

0k 

6 

8 

6 

6 

_ 

- 

niiyi 

0387 

0798 

0580 

80.75 

0503 

week ago 

86 

8 

6ft 

6ft 

fift 

- 

_ 

1.034 

0487 

1X902 

0729 

78X90 

0832 

Italy 

84k 

8 Yt 

Bft 

8ft 

Bft 

_ 

500 

1.797 

0A48 

1.742 

1387 

1327 

1X198 

week ago 

b: 

815 

afl 

a* 

8ft 

_ 

500 

1 

0.471 

0969 

0.705 

7332 

0.611 

Netherlands 

533 

534 

541 

538 

536 

_ 

525 

2124 

1 

2X959 

1498 

158A 

1298 

week ago 

533 

534 

529 

318 

516 

- 

5X25 

1.032 

0488 

1 

0728 

76.15 

0630 

Switzerland 

4% 

414 


4ft 

44 

5625 

4X90 

1418 

0668 

1.374 

1 

104.7 

0A88 

week ago 

4 

4% 

44 

4 

38 

5625 

4.00 

1335 

8378 

1213 

8354 

1000. 

8278 

US 

3i 

3% 

3R 

4ft 

4ft 

- 

3X90 

1.638 

0770 

1.588 

1.154 

1208 

1 

weak ago 

3% 

3% 

38 

44 

44 

- 

3X10 







Japan 

2% 

2% 

26 

24 

24 

- 

175 







wsak ago 

2% 

21k 

2% 

2ft 

24 

- 

1.75 


7.75 

7.75 
520 
528 

6.75 
6.75 
8.92 
822 


(IMM) DM 125200 per DM 



Open 

Sett price 

Change 

rtflh 

Low 

EsLvot 

Open inL 

Jim 

0.5979 

05877 

+00008 

0.6000 

05968 

84.003 

101.728 

Sep 

0.5973 

03958 

+50008 

55680 

06948 

326 

2377 

Dec 

" 

0.5S62 

+50008 

03983 

- 

6 

ue 

■ SWISS nunc FUTURES 0MM) SFr 126X100 per SFr 



Jun 

0.7041 

57051 

+50005 

07071 

57030 

27.093 

38350 

Sep 

0.7060 

0.7059 

+50005 

07060 

0.7040 

18 

266 

Dec 

- 

57075 

+00005 

0.7080 

57060 

3 

45 


UK' INTEREST RATES 


LONDON MONEY RATES 

Mar 28 Over- 7 days 

night 


■ S LIBOR FT London 


One 


Three 


notice month months 


Six 

months 


One 

year 


■ JAPANESE YEN FUTURES (IMM) Yen 122 par Y«i 100 



Open 

Sed price 

Change 

High 

Low 

ESLVOI 

Open InL 

Jun 

00590 

59573 

-50018 

09599 

09618 

37384 

48343 

Sep 

59632 

0.9625 

-0.0018 

09648 

09602 

308 

1307 

Dec 

- 

59682 

•00018 

0368S 

59682 

7B 

386 


htatMik Starting 

55J- 

44, 


S*-5ls 

53te-5ia 

Sb- 

5 1 , 

9H-8A 

Storitog Gift 




6V-6A 

B*+ ■ 5A 

5ii- 

BA 

sh-sia 

Traesuy BBs 

- 


- 

5 - 4^ 

4 li-4* 

- 


- 

Bank BBs 

- 


- 

5-4% 

5A-41J 

5A- 

Ml 

- 

Local authority dtps. 

53,- 

53, 

512-5% 

5A-6A 

53,-5*, 

53a- 

SU 

512-5% 

Discount market daps. 

54l- 

Sk 

51,-6 

- 

- 

- 


- 

s 

! 

i 

lending rata 5^ per cate from Fakxuffly 5 1984 






Up to 1 

1-3 

3-8 

6-9 

8-12 




month 

month 

months 

months 

months 

Certt of Tax dep. (6105000) 


1*2 

4 

3%. 

3* 

3*2 


■ ^ rai__» - 

muu uun% rang 

SB 

3ft 

44 

4R 

- 

- 

- 

week ago 

3j) 

3ft 

4ft 

4ft 

- 

- 

- 

US DoBar CDs 

3X1 

3A8 

SAB 

4X4 

- 

- 

- 

week ago 

3.41 

3. 84 

3.92 

4XJ1 

~ 

- 

- 

SDR linked Da 

3ft 

3ft 

314 

4 

- 

- 

- 

week ago 

3ft 

3ft 

3ft 

4 

- 

- 

- 


ECU Untcsd De raid taw l mat 81; 3 inter S& B maw 1 year: 6 . S UBOR Morbenk fcorxj 
ntm ae offoea ram lor Siam quoted a im nett by Itw i W ra i ssra berta a lion aedi warttog 
day. The barks era: Banka* Tnat, Bank of Tokyo. Gactayn end Noland Waatrananr. 

Mk> nan mn ihown tor the domsstt: Money Rates. US t COB and 80R Umfaad Oepodn (Du}. 


EURO CURRENCY INTEREST RATES 

Mar 25 Short 7 dim One 


Short 

tern 


7 days 
notice 


Three 

mo n ths 


Six 

months 


One 

year 


■ STERUNd FVTURR8 (IMM) £82200 par E 


Carts oTTbk ctop. imdw £100X100 H Iftpc. Dep od t s wttidrnwn hr cash ftpe. 

Aw. tender rate of daaxrnt 4jn90pc. ECGO bod rate Sag. Expert Fhsne*. Mdw up dw Fdsnarv Ml 
1SB4. Agreed rm ter pokxIMw 201964 to AprS. t» 4. Schamesn a is AJOpc. Rdannce rata lor 

period Mn. to Fab 28, IBM. Sdroim IV A V S20BPC. Fkwnrn House Bm Rm 5>2pc hmi 

Marl. IBM 

BANK OF ENGLAND TREASURY BILL TENDER 


Jun 

1.4932 1.4834 

+50012 

1.4990 

1.4894 

14JS15 

25X127 

Sep 

1.4894 

+50004 

1.4950 

1X880 

IS 

628 

Dor 

1.4868 

-00008 

1X920 

• 

IS • 

-33 


Mar 25 Hr 18 


MW 25 Mar 16 


■ PHAAPM-PtflA BE £/l OPTIONS C31 260 (cants par pound) 


Sh*e 

Price 

Apr 

— CALLS 
May 

Jun 

Apr 

- PUTS — 
Nby 

Jun 

1X00 

9A6 

9.51 

9.49 

- 

501 

515 

1X25 

7^3 

7.20 

7.31 

- 

513 

540 

1X50 

4.00 

5.02 

529 

0.03 

543 

0A6 

1X75 

2A1 

3.14 

337 

0X33 

1.05 

1.62 

1A00 

1.04 

1.77 

227 

1.21 

511 

2.70 

1.525 

0.28 

0A7 

133 

2.88 

3A5 

4.24 

Previous any-, woL Cafc 14A+3 Puis 0.481 

Pmv. do\^s open tot. Crib S30AS! nns 4M.1M 


Baa on orter 

COka 

eaxkfi . 

rod ol apMtouons 

OTIm 

£671 m 

rod docaM 

£Z 00 m 

£ 2 D 0 n 

Un. accepted DU 

95770 

£98.800 

AHmetd at mta. Imd 

82% 

75% 

FT QIHDE to WORLD CURRB1CIES 

The FT Guide to 

World Currencies 

table can be towd on page 19 in 

today’s edition. 




Top accepted rate 4.933S4. 4.8132% 

ftra. rate at dBcwrt 42308% 48058% 

ft wage yMd 42022% 42839% 

Ofltar 2 next tender Ritti i ronnm 

Mta. BEcapt Md 182 days 


Belgian Ffaro 

«A- 

6d 

Bft 

-8ft 

l«t - 

61* 

6A- 

8ft 

6b 

-8 

6% 

- B 

Danish Krone 


6b 

0*2 

-6l« 

B H 

-6 

6b 

- 6 

6*4 

-6 

6- 

5ft 

D-Marii 

5% ■ 

Sb 

5% 

-5b 

5%- 

5b 

5 b ■ 

■5% 

5ft- 

5ft 

5ft 

-5ft 

Dutch Guilder 

&&■ 

V. 

5ft 

-BA 

5>2 ■ 

Sb 

51*- 

5*4 

5,*.- 

5ft 

5ft 

-5,1 

French Franc 

BA- 

BA 

6ft 

-Bft 

8ft- 

8ft 

6ft - 

Bft 

6*4 - 

6b 

6ft 

-5ft 

Portuguese Esc. 

9%- 

9h 

lift 

- ID 1 * 

lO 1 * 

-BE 

9\- 

9% 

6b- 

6b 

07,- 

■6b 

Spenish Peseta 

01,. 

a>‘« 

0>4 

-0 1 * 

8ft 

- 8 

6b 

- 8 

Bh 

-8 

8>< 

- 0 

Staffing 

5^ - 

sb 

6% 

-5\t 

Sb- 

sb 

5ft- 

5«4 

6b- 

6b 

5 s * ■ 

•512 

Swras Franc 

4^ 

-4 

4ft 

-4A 

4V ■ 

4b 

4ft- 

4ft 

4b 

-4 

4 - 

3ft 

Can. Mar 

4 I 4 

-4 

4h 

-41* 

4ft- 

4ft 

5- 

4b 

s&- 

5ft 

6b- 

•5% 

US Dollar 

3ia - 

3h 

3fi 

-3ft 

3ft- 

3ft 

37*- 

3b 

4ft- 

4|i 

4ft- 

4ft 

tt8fatn Lre 


- 8 

8*2 

- a 

8l| 

- a 

6b 

• 0 

81+ - 

fb 

B>2 • 

■6b 

Yen 

2h- 

aft 

3*4 


2‘2- 

2ft 

2ft- 

2ft 

2ft - 

2ft 

21a- 

2ft 

Asian SSfng 

?2- 

2 >z 

3b 

- 2*2 

3 1 2- 

2h 

4 - 

3 

4- 

3 

4*4- 

3ft 


Shat tom idee are Dd tor Pie US DoBor end Yon. oarers: MD days' notfcSL 
■ THREE MONTH EURODOLLAR (IMM) $1m pointa of 100% 


■ Pound la Haw York 


MV 24 

— DOM — 

-fYw. dase 

Can* 

1.4087 

1.4075 

1 mtt 

1X968 

1X855 

3m» 

1X931 

1.4924 

lit 

1.4853 

1X052 


FT -ACTUARIES WORLD INDICES 


THURSDAY MARCH M 1994 DOLLAR INDEX 

US Pound Local Year 

DoBar Starting Yen DM Currency 1993/94 1 993/34 ago 

index Index Index Index Index High Low (approx] 


Jointly compted by The Finance Tkrres Ltd.. Qdrtman. Sachs & Co. and NatWesl Securtbee Ud. In con)w*aon with the InaUMra of Actum* and the Faculty of Actuaries 
NATIONAL AND 

REGIONAL MARKETS — FRIDAY MARCH 25 1994 

Figures to parentheses US "fcchg Pound Lacal Local % Gross 

show number dimes DoBar since Sterling Yen DM Qmncy chg from Ohr. 

at stock Index 31712/93 kxtex Index Index Index 31/12/93 YMd 

Australia (SB) 172.93 

Austria (17) 18720 

Belgium (42) 167.78 

OrrfMfa (107) ...........13726 

Donmnik (32| — 259.67 

Finland (22) - -.142.70 

France (98) - 173.74 

Germany (59) ...137.03 

Hong Kong (56) — 383.13 

Wand (14) - — 187.58 

Italy (69) 77-61 

Japan 1469) — 1W.91 

Mntaysa (69) 450.51 

Mexico (18) — 217228 

NWiertandP® 106.58 

New 2eetand (Ml -.65 08 

Norway 123) 109.61 

Singapore (45) 304 05 

South Africa 160) 357.05 

Spam (42) ... . - .143.60 

Sweden (36) 208.38 

Switrertond (40) 162.72 

untied Kingdom (215) >92-65 

USA (519) 187.76 


as 


114.49 

149.96 

181.78 

-1.1 

3A5 

1 74XT7 

17006 

117.07 

151 Ad 

18029 

189.15 

13019 

138.41 



124.00 

182.42 

1B1A0 

-2A 

0l38 

189.93 

18060 

127.69 

166.15 

185 AE 

195.41 

139A3 

138A2 



111.08 

145.49 

142X16 

-13 

3.97 

1B8.71 

107.53 

11033 

14070 

14077 

171.89 

141.92 

147.68 




118.86 

138X4 

4A 

2X6 

13080 

137 A4 

9011 

120.52 

137 A2 

14501 

121.48 

12097 



171.92 

225.18 


1.6 

1X» 

261.17 

25034 

175.44 

227.09 

234X12 

275.79 

195.68 

1B5A8 



94.48 

123.75 

168.77 

nix 

0A9 

145 A2 

144 AO 

88.02 

12088 

170X14 

15072 

73.77 

73.77 



115X12 

160.66 

156.79 

- 4.4 

2.97 

174A6 

17005 

117.07 

151-53 

158A2 

186.37 

149.60 

13909 



90.72 

11883 

11683 

- 8.1 

1.75 

13081 

137.84 

83X25 

120.70 

12070 

14208 

10709 

111.10 



253A5 

332.25 

380X12 

- 21.7 

2A1 

385.75 

38007 

258.14 

336.44 

382.59 

60866 

250.00 

250X19 



124.17 

18255 

183.45 

-0.9 

a26 

180.53 

187X22 

12065 

16034 

184 AO 

20903 

15094 

15094 



51.38 

87-30 

95.61 

9.0 

1.78 

78.19 

75A8 

61.18 

8028 

9451 

78A3 

6501 

5054 




133X7 

101.90 

11X1 

0.79 

162.05 

150 AS 

102.15 

132A2 

102.15 

165X71 

121.01 

121.01 




390.68 

471.07 

-232 

1.81 

457 AS 

45479 

307.67 

38024 

480X38 

G21.6S 

277.11 

27700 




1883.62 

7967X0 

-1.8 

0.B3 

218023 

2172A8 

1471X00 

1902.76 

7967.03 

2047.08 

1431.17 

1573X9 



130.15 

170.48 

16627 

-4.7 

3A3 

197.13 

195.78 

132X3 

171.42 

189X0 

207.43 

18300 

163A5 




56 AG 

61 Al 

-4.4 

3.76 

6038 

65A2 

4460 

57.72 

0X24 

7708 

45.71 

45 A2 



131.49 

172^3 

195.76 

6A 

1.70 

199 A3 

10054 

134X51 

173A5 

197.52 

20042 

15061 

153-52 




263.67 

221XM 

-1&9 

1.77 

308.81 

30088 

207.45 

268A3 

225.45 

37092 

217 AO 

217.80 




222.91 

264.49 

5.8 

232 

28042 

281X58 

178A6 

229X15 

267.73 

28026 

151 A9 

174.72 




124.70 

148.49 

-09 

a87 

14421 

143X20 

96A8 

125X39 

150.22 

155.79 

11003 

12020 




180.71 

24351 

0.5 

1 S7 

21014 

211.65 

14018 

18504 

248A0 

290X12 

154,79 

164.79 



107.72 

141.10 

143.06 

-ao 

137 

163X5 

102.30 

ioaao 

142.12 

144.12 

17056 

11234 

112A4 



127.55 

187.07 

iea74 

-72 

3.85 

191.78 

190.44 

128 A3 

18078 

190.44 

214A6 

170.01 

170.01 

- 1.1 

105.90 

124.31 

162.82 

187.76 

- 1.1 

282 

189.21 

187.89 

127.11 

1B4A2 

18921 

19004 

17091 

183A4 


Open Sett price Change High Low 

Jun 95.66 95A5 - 95.67 9564 

Sep 65-23 9503 - 9505 9521 

Dec 94.78 94.74 -0.02 94 AO 94.73 

■ US TREASURY BILL FUTURES (IMM) $1m par 10096 

EaL vol Open in*. 
117.202 489,683 

134X39 358,777 
74,110 2B7JS22 

Jun 9012 9009 -0.01 

9013 9009 

5382 36A85 

Sep 95.75 95.73 -0.01 

95.75 95.72 

773 7A27 

Dec - 05J7 -001 

95.08 

M Open kneraet Pgs. m tar anuus day 

95.39 9537 

11 2A84 

BANK RETURN 


Wtednoaday 

Increase or 

BANKMG DEPARTMENT 

March 23. 1964 

decrease far week 

UabMtlea 

E 

E 

ftnpllwl 

14.553,000 


Pubic deposits 

744,282.698 

-349.940627 

Barton deposdts 

1,491 A94A32 

+34X309.149 

Reserve and other accounts 

3X34,033203 

+23.002.006 

Assets 

5.703X83,133 

-292.429X72 

Government securities 

1.182X62.429 

+178.670000 

Advance and other accounts 

2.438,337,703 

-1530,063,850 

Premise, eqtfonwm =nd other secs 

2,077,112,818 

+1 .457,345.421 

Notes 

5A35A72 

+1.843A51 

Coin 

215.111 

+5,408 

ISSUE DEPARTMENT 

5,703.463,133 

-282X26X72 

UabHtaa 

Notes In dnadatlon 

17,344,684,728 

+98A56.449 

Notes In Banking Deportment 

5A35A72 

+1A43A51 


17J50.000.000 


+100000200 


Gown in mtu debt 

Other Government securities 

Other Securitas 


11.015,100 

11,480.543.040 +2254.448293 

5.858X41 ,060 -2.454X48293 


. 17J50.000.000 +100200.000 

LONDON RECENT ISSUES: EQUITIES 


EUROPE (744) 

NcTOtc p131 . .... -. 

Paefc Basw 1722) 

Euro-Poaflc (14661 — 
North Amertcd (626) — 
Europe Ex. UK (S29J 


..166 88 

-203.58 

162JS 

16JD5 

184.61 

149 37 


_n 0 

165.22 

110.48 

144.71 

157.82 

-4.4 

2A1 

167.13 

185 A7 

11228 

14633 

16851 

17838 

13068 

13956 

"V.U 

7-4 

201.56 

134.7B 

176.54 

207X73 

2.6 

135 

207.17 

205.72 

139.17 

18014 

210.71 

22080 

145A5 

145.85 

11 Q 

160.00 

107.45 

14074 

111.97 

5.8 

1.08 

16088 

159.73 

108X16 

139A7 

11238 

1B8A0 

125 A4 

126A4 

1 1 .1 

5.0 

162.42 

108 Al 

142 26 

130.01 

1X2 

1A8 

16332 

162.18 

109.71 

142.01 

13063 

170.78 

13122 

13122 

_n q 

182.77 

122X22 

16008 

184.18 

-0.9 

ZAO 

188X16 

184.78 

124 AS 

181.79 

186.62 

1B2.73 

173.70 

18035 

—\r-& 

1.2 

147 ft9 

98A9 

120 A3 

137.79 

-23 

235 

15015 

148.10 

10007 

13056 

138A9 

155.73 

12070 

12070 

_t4 7 

nAO 91 

161.98 

212.16 

224.84 

-15.9 

2.73 

246.99 

24027 

185.92 

214.77 

227.09 

29821 

171.10 

171.10 

— 1 **. 1 

A 1 

rt.1e.aa. 4 

fit 

109 AO 

14356 

13050 

13 

1A6 

184 A9 

183A4 

11084 

143X6 

134.07 

172A1 

13238 

13238 

O.J 

A 7 

168-23 

112.48 

147.36 

14048 

13 

2.04 

17012 

168 A3 

1143B 

147A2 

14738 

175A8 

148.73 

146.73 

o. 1 

in 

160.72 

113X9 

148 AS 

149.57 

OX 

2X21 

171.49 

17029 

11520 

149.12 

15038 

17836 

148.70 

148.70 

AU 

-2.3 

101.63 

121.45 

159.08 

178.77 

-33 

280 

184 34 

183X26 

123A7 

160X7 

17098 

19520 

164X2 

1B4A6 

2-9 

170-22 

113A2 

149.09 

150.48 

OX 

221 

172.04 

17084 

11057 

149J» 

15129 

178A7 

148.77 

14077 


Pocrtic fi Japan (263) -2 44 64 

World Ex. US (165H —...165 65 

World Ex. UK (1355) 169-92 

Wond Ex. So. AT. (2110) 171 43 

World E>. Japan (1701) >9a. 4 S 

The Wand krde« (21 70) 171.93 

C cpyeoM. TM FkwrtokS Trtwi U m^ CMdrwn. ^ «nd B4J M (LocW fc. NtmS c: Dec 30. 1888 . MS I MsiL 114X5 (FWd 6*0*10) and 1S022 (LocsA 

Brae ab» Ok 3r. 108S - i«: ^3TSr*«»aSR ««a« wS*«aS (U8N- oSSSt Uttm+tedhsito IFrsncsJ. Warns chwiga: kneara to Mstordauto Qmup ILBAL 


STOCK INDICES 


Its- 25 Mar :4 Iter 23 


Mar 25 ktor 24 Mar 23 Mv 22 liar 21 


*- 1993 / 94 — SfeKS caDQL 
Hgh Law Hgti low 


n-SE 10 ) 

FT-EE Ud 250 
n-SE MU 250 to ITS 
FT-SE-A 350 
R-SE smcao 
n-SE SnsBCu ex 11s 
FT-SE-A Al-Slun 


3129.0 

37712 

37KL2 

1588.14 

194329 

191178 

1501-4 


3121.7 3155.3 

3795.7 38252 
381)9 3S42J 
1588J 1604J 

1959.44 197B.M 

193A28 1054^4 

1501.44 1597JO 


32015 31900 35203 27379 35ZM 9M9 
30511 385+ .5 41829 28763 41529 1379.4 
3872.0 38764 4160.7 28749 41HL7 13763 
IESSlO 16239 17763 1340.7 17763 ML5 
198092 199496 209498 137798 299486 1363.78 
1977 JS 20BIL72 1380.06 206072 1383.79 


n-SE Euosrack 100 1411« 1«3X1 1445.73 1 43648 143671 164010 106392 194610 80649 
FT-SE Embark 200 144995 145498 147600 147791 147791 1607.10 1144.78 1607.10 93692 
FT Onttwy 24711 24609 24839 2527.7 25262 Z7139 21247 27166 49.4 

FT Govt SoaaWn 8630 9793 9682 9945 9682 19790 8398 127X6 49.18 

FT Fbs) tawed 11793 11991 11994 11679 11645 13397 10697 13397 5653 

FT Said kltoea 21SS95 216994 212227 209097 2055.48 2367X6 822.1G 2367X0 922.16 

Predecessor GoMMrsa 2339 2309 2274 2261 2259 2774 609 734.7 <19 


FT GOLD MINES INDEX 


u M Iter M» cap bwJ 

^ a- Mtorat yW6* "j^. ^ 


218545 -2.1 21 S8" "*** 


1.71 2967X8 121672 


nvr-B -81 30M.40 1649 Z7.14 

* +24 2666- 1« UA3 

SS„„ 

f*. The FnomKi Ttoree L+rta ed 1804 

I to toodWto thow rrurrear 

BWft.anM.Maci waac 


492 

195 

091 


344090 148047 
381398 1267.16 
2039.65 116327 


Lawn 166 4 _ _ . — - — n.^ vaMxc 100090 31712/S2. 

p ntnr Hft wir i» - 1 RB H 


yf. l .V J, 

4* • <(■ 

<p 




'3 ? 


ECU Tannlmraet PLC 
2S Cnas trwePIrrae 

Betgtwla 

London SW1X6HL 
Tel: +71 245 O0H8 
Fbjt *71 23508 s ® 


^cS 4 OPTiOfiS BROKERS 


* - ... r., r Tt 


ROUND 

TRIP 


CXtEUT:0M ONL' 


BASE LENDING RATES 


% 

Adam & Company... - 62S 

A9ad Trout Bank -J62S 

AJBBank - 545 

•Hervy Ansoacher 925 

Sank of Banda 545 

Banco BtanVttcaya- 545 

asnhotcyprw 545 

Bank ol Ireland -545 

Barttottoda- ....646 

Bank al SooHand ....— 545 

Bodays Bank -646 

MBkoMMEad — 545 

•Brown SNptoy 945 

CLfttokNodariand .... 64S 

CMSMflkNA -545 

OydaadatoBank -546 

ThoCtyopordhe Bark. 545 

CouosAGo - _G45 

Crw*LymnQh .... — 646 
Cyprus Rjpdar Bar* -545 


% 

□untatLanrie. 545 
ExatBT Bank United ... 645 
' Ftoendal & Gen Bank _ G 
•Robert Hamtog & Co - 645 

Girobank 545 

•GtAvresa Moron 545 

Hat* Bank AQ Zurich. 645 

•HanttraBank G2S 

Herkobla&GentnvBk.S45 

MBSamueL 546 

CHoa»6Co 545 

Honpong & Shanghai. 626 
Jilton Hodge Bank .— 646 
•Leopold Joseph a sent 545 

UoydaBfirfc — 545 

Meghral Bank LU .-..-545 

MdtandBenk - 545 

‘Mount Banking G 

NatWeatrrinster 545 

545 


% 

* RcadMgha Qrararteo 
C t xporeflon Lknaed b no 
tongarauflutoed aa 

a baldng toGttuaor. B 
FtoyM Bk at Scoftnd _ 645 
•SnUl&Wftw Sets. 545 
Standard Chartered ... 545 

TSB -545 

•UMDd Bk at Kuwait —. 545 
UnkyTuM Bai* Pfc... 546 

Western Ihrd -548 

WhhawHy Lakfenv — S4S 
YoriaMreBoi* -545 

• Members al Brttlflh 
Merchant Banking 5 
BocurtUes Houses 

Asaodatan 

• tiadntodtnston 


Issue Amt 
price pekt 

P ito 

Md. 

cap 

ffmj 

1983/94 

Ifigh Low Suck 

Ctoee 

price 

P 

♦/- 

Nat 

Or. 

Dfv. 

CCN. 

On 

R/E 

net 

_ 

FA. 

30A 

248 

241 Ahtrutd N Dawn C 

245 

-1 

- 

- 

- 

re 

135 

F.P. 

412 

142 

134 AppAed Dkabn 

138 


W NM 

24 

13 

16.1 

165 

FA. 

455A 

185 

158 Beaaar Homes 

182 


L5J3 

22 

19 

1*2 


FA. 

952 

137 

133 Brimstone 

136 


12.75 

12 

14 

306 

105 

FP. 

322 

118 

101 CedaidaB 

105 

-a 

RN1.91 

2-9 

23 

172 

- 

FP. 

124 A 

85 

62 Central Euro Owth 

82 

-1 

- 

- 

- 

- 

- 

FP. 

0-40 

23 

21 Do Warrants 

21 


- 

- 

- 

- 

- 

FP. 

958 E87ft 

E87 Chaster Mtelar 

EB7ft 

+ft 

1235.0 

4.3 

14 

92 

- 

FP. 

36X9 

12S 

125 County Sm*i C 

125 


- 

- 

- 

- 

- 

F.P. 

1182 

44 

4ift Edto New Tiger 

4!ft 

-ift 

- 

- 

- 

- 

- 

FP. 

145 

27 

26 DO Warrants 

26 


- 

- 

- 

- 

_ 

PP. 

122 

50 

49 FAC Private Eq 

49 


- 

- 

- 

- 

100 

F.P. 

141A 

90 

S3 Fiddly Jpn Vetoes 

94 

-ft 

- 

- 

- 

- 

ISO 

FP. 

322 

155 

130 Rnotat 

148 

-1 

R3-3 

23 

20 

102 


fp. 3591.0 eaift 

£21 ft Frartdn Rea 

taift 


Q20c 

- 

10 

- 

- 

FP. 

015 

103 

100 Bartmora Bril Inc 

103 


- 

- 

- 

- 

- 

FP. 

555 113ft 

ill Do Zero PI 

111 ■ 

-ift 

- 

- 

- 

- 

- 

FP. 

1085 

213 

208 Do Units 

213 


- 

- 

- 

- 

170 

FP. 

65.3 

177 

148 GMdaborougft Hith 

149 

-3 

WN 3 l 3 

26 

20 

113 

163 

FP. 

235A 

210 

195 Graham tteup 

205 

-2 

LN4.6 

23 

ZB 

19-S 


FP. 

84X 

74 

68ft Guangdong Dvlpt 

70ft 

■b 

- 

- 

- 

- 

SI 

FP. 

81.7 

62 

53ft Israel Fund 

Si 2 

-1 

- 

- 

- 

- 

. 

FP. 

8X17 

28ft 

26ft Do Warrants 

26ft 

-ft 

- 

- 

- 

” 

_ 

FP. 

025 

110 

100 MAS) 

102 


- 

- 

- 

- 

260 

FP. 

254A 

256 

254 McOomel Into 

2S4 


W25 

23 

11 

17-0 

- 

FP. 

5338 

495 

450 Mercury Eure Prvtn 

464 

-4 

- 

- 

- 

- 

140 

F.P. 

228.1 

172 

163 Mktaid Irate Mm 

164 


WNU 

23 

21 

224 

_ 

FP. 

SAB 

IDS 

98 Newport 

98 

-6 

- 

- 

- 

- 

re 

FP, 

64J 

225 

220 Parico 

220 

*2 

L5.35 

22 

10 

19.0 

- 

FP. 

624 

200 

198 Ptarmigan ton C 

199 


- 

- 

- 

- 

125 

FP. 

165 

133 

110 RadBtone Tech 

110 

-6 

R3.0 

24 

14 

119 

100 

FP. 

552 

98 

92 Soacen Vslua 

92 

-2 

- 

- 

- 

- 

_ 

FP. 

1155 

500 

491 Schroder UK Girth 

493 

-a 

- 

- 

- 

~ 

60 

FP. 

10X 

72 

64 Waste Recydtog 

64 


11 A 

0 x 22 x 3 

211 

205 

FP. 

51.1 

2TB 

203 WaMnoion 

218 


W5.17 

2A 

3A 

209 

F.P Fusv-paM oacuCy. 

PP Por+praet Marty- For on ractonaupn of other nova, ptaasa infer ® Ora 

Quide to m Lenten Stare Senooe. 








RIGHTS OFFERS 


losua 

price 

0 

Amount 

pekt 

W> 

1 nonet 
Ranun. 
date 

1993/94 
High Low 

Stock 

Ctoetog 

price 

P 

+Of- 

92 

M 

11/4 

15pm 

7pm 

Burtotd 

9ft pm 


173 

ni 

5/4 

27pm 

12 pm 

jCap. 6 Ratfonal 

12ftpm 

I’d 

153 

M 

_ 

26pm 

24pm 

Oagertom Mtra 

24pm 

'1ft 

62 

ta 

28W 

lOftpm 

2 pm 

Haden MacLelan 

2 pm 


290 

M 

4/5 

43pm 

33pm 

Hertys 

33pm 

-1 

85 

M 

2S/5 

12 pm 

5pm 

neMtdGon Weet 

5pm 

-2ft 

ISO 

NI 

5/6 

15pm 

11 pm 

Union 

11 pm 

-1 

30 

NI 

5/5 

11 pm 

3pm 

Upton 0 Sihn 

3pm 

-1 

316 

M 

so/a 

64pm 

mr_ — 

sHVl” 

Wrtharapoan JD 

35pm 

-10 


pm Price as a pronfcrn. 


Money Market 
Trust Funds 


Bna M CM HP 

CAF Homy Mangenot Co Lid 

OPsraturynaM. TaondDelMlD 0732770114 

Cdcraa Draws Fa*. -1 +,ei -I iotlum, 

DeposssOwrn aanu [ sat -[ aiils-stw 
Ocposto OM C urn I 5.1 1 -I UllMki 

The MF DhwitlBS Degaaft Account 

4FonSBM. Iranian EC7V MO D7I-SSS tsis 

Dram* Ism -I SlibIs-ubi 

CaaL Bd. at Hd. of Cbuch of Engbmtt 
x Fore saws. unwiEC2Y aw orvttBitio 

PraoM [ SOD -I snsla-ton. 


Money Market 
Bank Accounts 


Cause & Co 
uosam lawn atatoos 


isuneaa arm tar HWIMJ 

Ratal III W*W|||| up to -I 4 TM 


HI CM Hfr 


rtt-edion 
-I - 


PtCPranyerAcc 

London ECU /W 1 O7T-aQ01GlS 

u» 

497 


Dm 

10 «r 

tawoo- leoo sjs 

naooi-DO ono „ . ( +2S no 

c?9M-tnomo us set 

taostauu. 1 lib 290 

Dawenbatn IM Pto-Dasonben 000 Acs 
«Stta>nSt.HtncnfS>W K34W 001-6320484 

noaOtUBHlt I 7JS L+J7S I -le-HB 

lltlOOfl. I . 7J9 L.626 I 7J|YWtoy 

EUtn-FMcaitomluo eoo t 7 . 7 1 
1 Market Accemt 

iua.»raw «nwi Pi»M. 

■ Sonn.rrtonB 

21-740X00 1 375 Kt UD 0t7 

cumo-tMsma ia 1107 U2 na 

C25ooc»-t+s».s»-_l 497S lose: I +sel or 

QOOOOO- Ifenaf HatoMnniiBpad 


atuoo ano raw* .— aw 420 a72 

mmat+MW— as 2 9+ ua 

IlDXMtaCM.m-. +.« X6D +.'» 

EkOODtOCUeB +JS * 19 492 



csoaoo me ism sa 3.M aas 

EZkOOO to C4BL909 4.70 Ut 4M 

na.aoo b c+.9aa 400 ua ui 

es. 0 wwce.eo 9 u Ate 03 


ABad Trust Badt Ltd 

87-101 Cannon SLUM 

RNMOUi.i 

iraauiE2an«i ... 
iwuKm.1 

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FINANCIAL TIMES MONDAY MARCH 28 1994 


33 


LONDON SHARE SERVICE 


INVESTMENT TRUSTS - Cent 


*** Ox OMdonds Ma 
FTkedi-ngi m paid 
XD JriJan 
UWIfag 


LEISURE fi HOTELS - Cent 


Mbs 

Nmcmhn_ i ZSO 

QtaCmr XH tt -2.1 

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Bwraw* 388 -15 

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Fac Hcrtfpn .. fO 43 i .2 au jpi 

Iftnanls a e-uj _ _ 

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2.1 - 

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817 -2A 2S2S 
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(hJeSfOa 13 - MNtat fN 291, 


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143 1554 Buhner m. 


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l.i MAg ^ !3» SUPPORT SERVICES 

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Dh Dm Damans last Oy rrvN Dh 

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15 May Nor 18.10 U16 Tlpnot* JO 48 

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14 JnOd 1312 3352 
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* Apron 204 2234 Snudaad 


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2J MiM XI 3788 Lomki 
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- Jrei Asp 1112 22*5 ' 

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54 to to M2 2562 IKEPBdO K 

14 Apr Ho* 144 - ton Snare fd 

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04 Mto XIO - WilBBfch kW iU 

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14 Apron 1X2 - WatyMackay. 

14 JMOdt 1312 >180 KAndf- 

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£4 Aft to XIO 3134 

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32 -34 
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- - 1ft 1471 VktnamyGro 

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24 JanM 2X11 3727 W* 

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it* Oct to 84 3896 WMBnaanPart 

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54 Jan An- 1112 3888 
14 JMftp 2X11 1388 
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08 AprOn 17.1 3827 gy 
14 tom 17.1 5158 CtttT&WkV 
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all to to 1X10 4879 Mtahroift 1 

34 Fab Aft XI 1018 
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SIM MrJnMJa 244 - 

>140 MrJeSeDe 2X1 TOiS 

(288 JaApJyOc 2X12 2675 

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438 -3 745 24 MUM 13.12 2828 CmM*!: 


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1.7 MDcp 1.11 1584 
£2 Sop Apr 144 1558 
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>1.18 MiMySeOe 2X1 1100 

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224 - 5368 

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2*4 4SC3 WV% [ 


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£1 Feb Am 1112 3835 Kif ' "t 
02 Jm Aug 1112 4877 i+5i 

£5 to Ana 1112 - £22“ **Jn 

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14 Apr Aug 17.1 3078 sasOl. 


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471 -14 US 17 DM Apr 1X11 1936 


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24 Apr Oct 1X3 2168 HafcendAHtr 
14 Dec Aug llll 2812 BWr 

- AprOn 1X2 <388 Mrihotaa — 

-Mtsip 1112 3080 imms- 

4> too n 2X2 3102 Mto- 
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CaBacb W 

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288 -44 340 
218 -4.4 24 

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163 -18 xn 
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306 -14 04 2.1 - 

207 -1.9 61 - tar 

82b -48 54 - to 

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283d -1.9 U 
228 -3.4 74 

580 -14 Hid 

50 — 

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130 -15 
222 -54 
-17 

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14 

24 

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74 

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14 74 

188 -2.1 >63 
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33 -XE X8 
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181 -95 

JO 117b -17 U 
JO 37b -7 - 

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1X9 



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XS MN 1X10 3798 ftwfcat hi Jd 
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2056 i c-tngiFWter □ 


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209 2132 Tore 
XB 2138 UKS 
1X10 4TO8 
611 

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£84 2268 




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60 -7.7 X2 
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390 -XI 1175 

431 -55 124 
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t May On 84 6305 

- M 8-91 5278 

1.4 Aft to 1112 2820 
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12 DacM 2X11 2363 

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14 MAft XI 4789 

15 Jan Bay 202 2SB1 
X9 FabScv 4.1 281S 

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15 Har Aft >1.1 2832 
15 May lb* 1X10 2581 
£9 HD* Apr 26 2 2801 

£0Sapto - >310 

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04 DacM 1X10 2388 
SA Ana Jan 1112 288* 

05 AprOn 31.1 2908 
3.0 Jan May 1X3 2CRS 
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U MDk 1.11 3125 
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14 Jan on 1112 4118 E 


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GUIDE TO LONDON SHARE SERVICE 

Mces tor die Lreidbn Sham Senior deferred by End Fbaactal, a 
member ot rite FhancU Than tom. 

Coropery i .ta a il 8i j9 wta m band an daw used tar tao FT-SE Artcafcs 
Smtaaus. 

are dsn Prtoa and net dMenda an h proceudes 


riftero stocks are oerantaaiad In cmancia oflter »*ai ttrtng, na b 
ka fc fladdfc dMiroata. 

DhWmd coatn era bored on mnbnum' dtaMbuson; m compares pass 
■Mdettd cuete u proJB tfer taiTOcn. odmlqj ettepUona! proOtaAosera 
but tachtdtag eTOmaM ertan cl oOnBaUe ACT. MariM C ap k afcTO C TO are 
pubUchTO an Tuesday*- Satunteya me ant tar Rwestmert Troa* and Briddi 
Fuads. 

□ bafearea t» moa aetbety tahrt sucu TNs ktckidea IM ekxu 
where tramcODUa art pricea are pTOAriurt ccmbarauah Bwawh die 
Snca Endama Aotamnad Douadon syrtem (SEAQy and asn-ui 
akicti daoftfi die SEA0 htantadonfl eystani 
t karrim state housed oiresuaiw 
hfctai since rodbeed, paraed or detatred 
Hguraa or report muted 

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Free onaMetan report a t ra h, am Writ beta*. 

OSH rod listed oa stack Entiange and company not Mtjedad n 
sane degree ol rmTOdao a, IM racuitae*. 

Not nflraty UK deaftps penrt»d und« Ue 5350 
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tadcated dUdend alto pending scrip aedtar rights baie; caret retates 
to pmrtoia dhtdaad or loromst 


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IT! May Km 4.10 3164 Aaar Br Ports _4FC 5B8rt -25 XS 

12 Hay Hot xio 3183 BAA -t*C Bft -.7 166 

XB MDac IU >172 BadWTOrt.^ LO IM -*2 XI 


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03 nod 311 2824 BrHTO AtaMyri— tpMG 417b -2.1 KLB5 1 9 JotAi 

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294 2580 
XIO 1312 
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- Fed Sap 17.1 2722 
80 HbrSep 143 2Z» 
£T May Sep 69 2953 

f On May 64 3017 
4.1 Aft X7 3296 
14 Apr Are 2S5 «5J 

f oettay 206 1116 

1 4 on May xio un 

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14 to on 1112 3095 


tMfcn^MOlw^Sa'Etftrs *“ 


FT Share Sendee 

Tha foflowtng changriE have been made to the FT Shore 
I nf or ma tion Service; Additions Mithras fcw Ord & Wrts 

flnv Trustsk Tying Inn jUb & Hows} and United Carri- 
ers (Transport). Deletions: Baring ChirysaSs C (Lnu Co's) 
and CSX (Transport!, 

FT Free Annual Reports Service 

You can obtain tha currant annuaMntertm report of any 
company annotated with f . Please quote the code 
FT3438. Ring 081-770 0770 {Open 24 hours mdudaig 
weekends) or Fax 081-770 3822. If coiling from outside 
the UK, nng +44 SI 770 0770 or fax r-14 81 770 3822. 
Reports writ be sent tha next working day. subject 1o 
avribMty. 

FT Cftylinei 

For up-to-the-second share prices caB FT CJtyfine on 
0336 43 or 0691 43 foflowed by the ftxr-<9gtT code Haled 
after the share price. Calls chreged ai 36p per minute 
Cheap rate and *6p per minute at ft other dmas. 

An MentaMnal swwce is avalsBIe tor calers outside the 
UK, annual subeenptian £250 «dg. 

C9B 071-973 437B {+44 71 873 4378, hrtenwtlonaq lor 
more In f or m ation on FT Citytin*. 


nc 
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Wfl 

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34 


FINANCIAL TIMES MONDAY MARCH 28 1994 


4 pm doss RhnJi ?5 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


ram 


17% ii%i 

I2%l 


at 

040 1.5 4 


J MR 

»% 12% ALlflto A 
67% 54% AMR 

nu &him 

s iVakx 

58*1 Z9% ASA 

30% 22%«xxn. 

13% 6%MUfr 
TSH 0%aqxm*i 
36Z5%ACELMx 
12% Ift ACM M Hr x 108 85 

10 % s%acmda»i am 84 

10*8 SSmWE«5p> 2901OT 
13% ID 1 ; ACM Oil 5t > 109 10.1 
13% Q’BMXMn* mi 1.1 
9% 8%AOiltapagd> 072 80 
12% 7 V ACuoO 0.44 48 li 
11% 6% AemeBed 34 

28% IftAeonto DCS 12 14 
9% 6% Attew* 038 it 2 
16 »% Asuam 9B 

21% 17% Adame Expr 236 2.1 0 

68% 45% Ad Mkai 3J10 50 

' 16% 


ni h a 

Mr % E IB* HBt Ml OHM 

048 30SS4 81 16% 18% 18% 

0.18 1.1 38 233 16% 18% 18% 

158 17 21 IZ17 63% 61% 81% 

29 2735 60% 59% BQ 

15 583 4% 4% 4% 

£00 44 30 832 45% 45% 4ft 

0.76 25 15 7031 27% 27 27 

050 19 8 13 13% 12% 12% 

35 11% 11% 11% 
369 26% 26% 26% 
310 11% 11% 11% 


an ■ 


-% 



+54 


*1 


32% 


i AihUc 


^ 5% Arfrca&p 


. 14% Adn he 
56% 41% Sagm AM 


a#*? 41% 

66% 43% ... 

34 24% ABAC 

4S% 37% AMnC 
39% 1S% Antmsfrt 

M W,A*BUhc 
16% iO%Mxn»x 
mb KK AbP*a.i6 
16% 12% Alaska Air 
21% 14% Atari H 
15% 13% Atari 
28% 20% AfftCoe 
25% I7AOMTA 
30% 23% ABASH 
25% 16% AfenN 
58% 35%AkS5t 
30% 19% AfegdlraM 
28% 17% AimtAI x 
24% 17AUegri Lut 
28% 23%A*«BP 
28% 13 ABcnCun 

26% 20% Aiergm 


12 % 

71 17% 017% 

306 61% 69 

100102 tZUZX 30% 29% 29% 
0.16 25 10 4 6% 6% 6% 

0 10 05123 17 18% 18% 18% 
173 2.4 II 86 59% 48% 50% 

176 5.0 10 1532 56% 55 55 

0.40 14 13 2S2S 31 30% 30% 

058 51 II 511 17% 17% 17% 

3 78 2% 2% 2% 

002 15 26 760 48% 46 48% 

030 0.5 21 SIG 35% 35% 36 


23 23 -% 

15% 15% +l£ 
104 104 

15% 1 



4% AATion 
16%ABRC8Cap 


27% 

10% 6% Adnosa 
27% 16% Aid Irish 
40% 20%AUS% 

32% 23 AIM Op 

7% 3% ADuKukr 
27% 17% AhnsR 
82 59 Alan 
47% 19% Aba Cp A 

12% 9% AmGoihc 

8% SV fen Rada* 02* U 25 

10 % 

25% 1 


58% 42% Annas 


AocastM 


10% 9%AniAd|n 
3114%f 


i Am Bank* 


40% Z8% AnOmd 


14% Am EUUM 


31 21% Aa&aPni (?90 13 15 


40 897 23% 

154 11.6 12 62 15% 

8.16 78 3 104 

020 1.3 6 1183 16% 

055 l.T 35 127 
020 1.3 1177 t 

026 15 15 251 
078 1.4 15 148 20% 

044 10 23 2701 30% S% 2ft 

030 15 43 2060 24% 23% 23 r 
1.00 IjnM 2518 55% 55 

060 2.1 5 171 29 

1.00 5.4 33 662 
04B 2.4 18 na 
154 65 12 227 
016 15 13 1049 II . 

040 1.8 14 786 22% 

8 2 % 

97 25% 

278 10 

3 22 _ 

058 15 8 3515 39 38% 38% 

088 13 19 404 27% 28*2 27 

20 288 5% 5% 5% 

7 1903 25% 25 25 

100 2.1BH 2378 78% 78% 78% 

49 883 23% 22% 22% 

096 9.7 226 10 9% 9% 

38 7% 7% J 

8 7% 

048 10 17 144 25% 25% 

060 15 15 2637 49% 48% 

045 4.7 54 9% gr 

one 03 3418780 

157 8L4 9 2677 31% 30% 

052 2.9 12 8 17% 17% 17 


10 

1.64 65 26 
018 15 
154 57 13 



■5 




8% 7 Am C« hex 065 9.1 

21 % ' 


. 13% Am Cap Bd 
24 20% Ml Cap CV 
59% 42% AmCyxn 
<0% 31% krBPm 
38% Z2%Mrtmr 
36% 25% /MM 
9% 7% AnGMIn 
29 ia% AfliHnorr 
25% 17% An Honge 
69Sfthi«m> 

a 2 An HOMS 
73'; 


IS 24% 24 24% 

BS 7% 7% 7% 

154 85 33 33 19 18% 18% 

158 4.7 0 18 22% 22% 22% 
1.75 18 28 5257 48% 47 48 

140 7.5 18 3007 32% 631% 31% 

1.00 3A 1213795 M% 29% 29% 
1.16 41 24 1657 28% 28% 28% 
077 OS 187 8% ' 

258 U 9 

am 13 n 

2.92 55 12 3091 59% 

075 275 9 25 2% 

040 OS 14 3632 85 


32% 2*%AmWdr 
46% 35 Amrich x 

43% 30% Ararat he 
17% ift Areehkx 
S9% 48% Amoco 
10% 6%Aran» 
7% 2% Aon he 
35% 27% AnsauSi 
4% 2% Anacomp 
51% 25% Anadarka 
31% 15% 

2ft 22% 

00% 43% 

27% 25%AM?PpeP1 
49% 28 Mian 

15% 11% Ananiy in 
38% 4SAooCp 



imm 73'jAmw o.w ms .. 

12% 9% AmOmhC 1.00 95 200 10% 

32% 10% Mi Amt 040 15 It 2513 39% 

9% 6% An Reel Ex 044 55 5 424 7% 

54% 38% AmSbrx 095 1.8 15 1201 53% SZ 

63 50% ATBTx 152 £5 1711610 53% 

23 16% AaiWarrS* 155 65 B 21 

!% 2*%AmWitfr 158 3.8 12 201 30 

152 4.8 14 3457 40% 

158 12 8 47 41 40% 

024 10 74 1824 12% 12% . . 

250 45 14 6758 55 54% 54% 

Old 1.1 7 2 9 0 B 

012 35 17 31 3% 3% 3% 

1 40 45 10 375 31% 31 31% 

IS 979 4% 4 

030 05 68 1061 48% 48% 

28 3125 29% 28% 

094 17 23 92 25% 25% 

1.44 2.7 24 5506 53% 52% _ 

267 101 4 26% 26% 28 

21 58 31% 30% 3tf . 

044 27 18 2 16% 16% 10% 



152 18 II 


33% 17% Aram opx am 1.1 352220 

11 9%AmMmF 073 7.4 181 


18 6% AM 
14% 4% ARM MAO 
22% 1*% AHAPirA 
27% 20Anh0n 
50% 3B% ImOni 
10% 7Artla 
43% 38%ArttaPf 
51% 42%Arraco45P 450 00 
i Armen 


27 825 
2 267 
012 05 35 1110 
210 04 18 1883 
150 1321 28 

OJB 19 27 1729 
3.00 75 4 

7 

21688 


21 Armo 2.IP 2.10 85 29 : 24% 


57% 2ft ArmW 

S 45% 26*2 Anna Bee 
8% 3 AriraGip 

37% S%**ibd 
16% Aoareo 
22 AahUOml 
44% 24%AMB 
35% 12% ArtPacF 
7% 1% Asset km 



41 41% -% 
5% 5? +% 
29% 13 -% 
25% 25*2 -% 
Z7% 28 +% 

<3% 

18% 10% +% 

2% 2% 


13) 22 41 564 

18 1021 41 . 

0 71 6% 

075 15 16 84 30% 

0.4D 12115 750 25% 

0.40 1.4 11 143 28 

im 23 161154 44% 

027 1.4 372 18% 

02D 04 1 44 2% 

41 23%AssMQai ftiz 03 23 88 35% 34% . 

30ft 229 AO ndi 2 OHO 12 Z100 237 237 237 

2m 50 15 158 35% 34% 35 

228 £1 9 4 9 9 9 

1-54 7 0 11 111 20% 20% 2ft 

500 54 GO 2940 101% 99% 101 

1 771 uB% 9% 9% 

Om 31 13 18 28% 28% 28% 

B% »% 9% 

0.40 1.7 27 358 23 22% 

010 09 111 11% II 

052 141 24 1074 54% 53% 

0.44 2.7 12 05 18% IE 

OW 02 2 329 18% 15% 

OBO 1.4 72 342 42% 42 42 

1.80 11 16 1773 57% 56% 57% 

13 61 13% 13% 13% 

24 4IB 7 5% 7 


42% 34 Aiwa to 
10% 5%A8ntaSna 

9% 2% AM 

31% 22% I 


i ANaEngyi 

12*3 7% MtHfe 
24% 11% AiM 
12% 6% AoMiiaFd 
58% 46% Altai 
25% 14% AMKO I 
19 14Avt*X 
45 29 Anal 

#4% 47% AMnPl 
13% 11% Aytfn Gup 
9% BArtar 


a 3 


- B - 


38% 32 BCE 

9% 5% BET ACT 
8% 3% Borneo 
19% 16% Sara Fan 
29% 12% e»»n»l 
?.’% 16% QattfQc 

37% 24% BaBCO 
11% 11% SHAM 
11% a Bali 

?r'i r'jCaBCt 

19% 6% IWT Wo 

<4% 31% RnriJn* 

” l'% OwcFV* 

;7% n% nanenca v 


268 72T48 1808 37% 37% 37% 
015 20 31 4 7% 7% 7% 

029 5 7 5 89 3% d3% 3% 

244 117 70 17% - 

0A6 2* *T> 3379 19S, 

0« I 7 22 74 23< 

080 23 70 740 26% 

0 05 0 4 M 691 

TO 900 


- 3% 

17% 17% 
19% 19% 
23% 23% 

. w% a 

14% 13% 14% 

8*8 _■% 8% 


1 *B t* 12 1806 7S% 23% 23% 
020 1.0 29 1354 10% 19% 19% 


1 2* a; 119140 34% 33% 33% 
26% 27% 


9 


8 u27% 

1 09 4 B 8 272 23% !3% 23% 

lb% 5*1; BaxaEroW 07*1 7.5 5 228 10% 10% 10% 

36% 2C% EtaAtasM 101 31 7 137 31% 31% 31% 


... l%Ba«1 

63*; u '« oantqi 
55% *0% nankMi 
9T. ri ftwuBns 
29% 20% ode* 

4 1 'i aolj (BiDiwnP 

«W ^■sOanAKi 
50% <3l; SanWOn A 
* .X BarAAlT* 5 
94% 65% BwlEli 
39 22% tlOOfS i 
10% 20% EUW iC HI 
J4 1 ; 29% BaffB* lip 
»% 37%6tm» 
i:% 4 j Bat9C 
52% 43Bia*Jl 
32% 23{urMr 
32 Bit :*(Gbs 
25 20% Ga <* 1S3S 
29 15 Bear Sons 

M% 45% BrafCVWt 

V 20% Bcanp 


54 24 i% 1% 1% 

B70 r 3 (8 47fi 53% 53% 53% 

1U) 3B B 9755 42% 41% 41% 

544 5 B 3 93% 03% 9J% 

J 83 1 7 10 1953 24% 33% 23% 

J* r.D 25 49% 49% 49% 

IB H II 1937 U7 a 52% 52% .% 

325 as 19 50 497j 49% .% 

bO0 03 13 iel5 94 % 04% 

1R) El 5 7471 71% 89% 70% -1% 

>3 40 95 IB r% 32 32% *■% 

aw 22 21 1392 2S% 25% -% 

1 40 4 7 42 5 29% 29% 29% -U 

tax a: 11 9 H 40 45% 45% -% 

0 05 0 4121 5032 12% IjTj j’% 

(198 20 18 2187 48% 471^ - 

I .» 4 3 24 4404 23% 23% 33 

142 5 3 IB 34 26% 26% 36% 

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FINANCIAL TIMES MONDAY MARCH 28 1994 


4pmdas9Mavti25 


NYSE COMPOSITE PRICES 


35 


NASDAQ NATIONAL MARKET 


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19 1022 19% 19 19*2 

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12 8 9% 9% 9% 

72 460 6% 6% 8% 
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19 82 27% 26% 25% 
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24% 24% 
25% 25% 
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30% 30% 

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25 224 16ft 
21 2522 27% 
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19 114 20*4 20 20% 

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raft +ft 
18% -% 
18% 

19% +% 


- s - 

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Sandason 0® 12 31 16ft 
SddndpA 036 24 82 32% 
set Med L fl 3B26 33% 
scisyttm 14 2623 18ft 
Sdn 7 1824 8% 

Seta CD 052 12 1692 25% 
Score Bnl ia 894 12ft 
Seated 1® 50 iu 4i 
S-ffBB 1112380 26ft 

58 Cp 012 30 37 23% 
SdbrtsB 036 1 114 2,% 
Setacdns 1.12 16 X 28% 
Sequent 501B67 13ft 
Sequoia 40 259 6ft 

Sere Teen 16 401 12 

Serefnct lfl X 4ft 
Sevenan 15 268 16ft 
Shtadz OH® 917 a 
SW-Syam 92 251 7ft 
Staewood 25 525 16 

ShotobP 12 U1 14 
StonaQn 1710® 23 

SkmlUc 3 1® 3E 

SranAI 033 24 1104 53% 
2 612 12% 
SOolWc 006 52 117 10% 
SMcitVGp 34 1197 12% 
Shnpeon 056® 345 23 

Snuhld 30 IX 22% 
SrappkBv 60464E 23% 
SatantP I BX 7ft 
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Borneo 054 17 1148 24% 

Soared on 91407 19 

SpfegdAl 0® 501888 25% 
StJMMd 0X 11 1952 ®% 
SPauBc OX 91280 19% 
SfcyV 2 1D1 3,’c 

441023 29% 
tone* 1.X 11 52 37 

Strz 056 151510 37% 
SMlBoro 116152 18ft 
SURete OX 14 69 22 
Tec OK 24 309 21% 
StttyUSA 0® 21944 8ft 

sum in a 22 % 

StrabrQ 1.1014 IX 23 
SbucdOy M 708 14ft 
Stryker 028 24 1957 31% 
StevanD 27 X 18% 
SUntomoBAX 74 S 21 
SurenRBc OH 13 501 20% 
SunreHTe 
Sun Sport 
Suilie 
Swift Tn 
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Symantec 
SyraJtoy 


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57 613 33 

15 8 8% 

1513437 28ft 
27 81 ®% 
53 4768 47% 
312489 18 

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Synercm 77 5 3ft 

Synagen 3 358 lift 
Syitade 42 248 10 h 
Syneppes 192D57D 22% 
SystmSaft Q12 IB 9Z7 16% 
Systamtco 36 330 22% 
Spanned 2D IDS? 5ft 


54% 54ft -% 
16% 16*2 -% 
32% 32% 

33 33ft ♦% 
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12 12 
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13% 13% -ft 
61% 61% 

11 % 11 % 

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18% 16ft 
27% 27ft +Ji 
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22 22 -% 
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11% lift +ft 
10 10 % +% 
11% lift J* 
22*4 22ft 
22 22 
22% 23 +% 

7ft 7ft 
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23 24 +% 

18ft 18ft -ft 
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29 23 -% 

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38ft 38ft -ft 

17 17% 

21% 22 
20 % 21 % 

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14% 14ft 

30 30% 

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21 21 ♦.81 
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32% 32% 

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T-Ceasc 7 3*7 
Tram ft 1 032 21 912 
TBCCp 17 335 

TCAtede 044 27 356 
TetaDUa 251409 
Teeunaeb OX 15 92 


Tetoec 

TetoSys 


TUefaR 

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282210® 
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Tan Tec 62 438 
TraaFMDR 027 274119 
Three Cora 4315529 

TJfedx 022 X 981 
Tatax Med 2 260 
Tokyo Mer 037 36 315 
TpreBram 84 550 
ToppsCD 0283X43® 
TfTBeter 41050 

Tiaradd 12 408 
Tmic* IX 9 182 
Ttara 22 330 

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TiusfcoSkC IX 10 118 
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34% 34 34% -% 

13% 13ft 13ft -ft 
23 22% 22% -% 
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59 57 57 -2ft 

6 % 6 % 8 % 

12ft 12% 12% -ft 
23 22% 22ft -% 
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55 51 52 -2ft 

15% 15% 15% 

7% 7ft 7% +% 
27% 28% 28% +% 

82 80ft 81ft +1ft 
27% 28% 27 +ft 
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12% 12% 12% 

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34 34% 

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US tact 
Itafedi 
Udta&s 
US Tel 
United St* 
IMog 
(total 
US Banco 
US Energy 
UST Cizp 
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UHTetev 
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2 391 5ft 
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200 12 193 53 

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033 20 146 n26ft 
1X21 943 40% 
OX 102447 26% 
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1.12 6 4 12ft 

13 SK 7ft 
9 zlOO 42% 
18 5 6 


64% 65*4 
5ft 5ft 
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52% 52% 
14% 14ft 
28 28% 
39% X 
25ft 28% 
4ft 4ft 
12ft 12ft 
7ft 7ft 
42% 42% 
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Vktodw 


VLSI Tech 
VdwB 


50 170 30% 29ft 30% 

21 1374 19% I Bft 19 +% 
441900 28% 27 ®% +1% 

10 755 17 16% 16% -ft 

38 BOB 29% 28% 28% -% 

34 4221 15ft 15ft 15% -% 
IH 14 106 79ft 79% 79ft +% 


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wattenn 022 
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87 249 5% 5/t 
754X 2D 19ft 

9 780 21% 21ft 

10 117 28*4 25*4 

19 2266 32% 29% 
16 30 43d42% 

45 4a Bft 8% 

11 1645 28% 27% 

102679 15% 15 

1 283 16ft 18% 
22 fl 4% 4% 
24 1045 50 X 

801832 36% 35 

15 147 17% 10% 
25 2397 20% 19% 
21 480 3,4 3A 
6 Z73 6% 5% 


33 ♦% 
5*4 *A 
® +% 
21 % +% 
25*4 
30 -1% 
42% -% 

8% ♦% 
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18% -% 
4% 

49% -% 
35% -1 

17ft ♦% 
20% ♦% 
3ft 

S% -ft 


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XdTBCap 2 461 
m 094 40263 
YWhitodl 82 73 
Zkrauoh 1.12 9 199 


-X-Y-Z « 

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4% 04 4% 

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fill 6% 5ft 
39 38 38ft 


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-ft 


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FINANCIAL TIMES MONDAY MARCH2^994 




28 


MONDAY 


Italian elections 

Monday is tbe second day of the Italian 
elections. A clear pattern may not 
be apparent until late on Tuesday and 
It may take many days to form a gov- 
ernment The two leading contenders 
are the Alliance for Freedom - led 
by SQvio Berlusconi's Fora Italia - 
and the Progressive Alliance, led by 
the Democratic Party of the Left 

Ugandan polls: Uganda holds 
elections for a constituent assembly 
that will debate President Yowerl 
Museveni's new constitution. The most 
controversial clause of the draft charter 
seeks to ban political parties until 
at least the year 2000. During the cur- 
rent campaign, candidates have not 
been allowed to identify themselves 
publicly with any political party, but 
they have been able to argue in favour 
of a return to party politics. 

G-15 summit: PV Narasimha Rao. 
the Indian PM, hosts a three-day sum- 
mit of representatives of 15 developing 
countries. His guests include Dr 
Mahathir Mohammed of Malaysia, 
President Suharto of Indonesia and 
heads of government from Nigeria, 
Argentina, Senegal and Zimbabwe 
plus cabinet-level representatives from 
Algeria, Brazil, Egypt, Jamaica, Mexico, 
Peru, Venezuela and Chile. North-south 
issues top the agenda. 

Nazarbayev visits Moscow 

President Nursultan Nazarbayev of 
Kazakhstan is scheduled to begin talks 
in Moscow with President Boris Yelt- 
sin. Talks will focus on the future of 
the Commonwealth of Independent 
States, economic agreement between 
Russia and Kazakhstan, and the future 
of the Baikonur space launch centre 
- where a deal is now thought likely 
on a proposal to run the centre jointly 
between the two countries. Also 
thought to be susceptible to compro- 
mise is a quarrel between the two 
states on the issue of dual citizenship 
for the 40 per cent of the population 
of Russian origin. 

Radio 5 Uve launched: The BBC 

launches Radio Five Live, its 24-hour 
news and sport network, backed by 
an extensive advertising campaign 
The new network emerged as a com- 
promise following the bitter row cre- 
ated by plans to turn Radio 4 long-wave 
radio over to an all news network and 
restrict Radio 4 to FM coverage. This 
would have prevented Radio 4 coverage 
reaching continental Europe. The loss 
of the Radio Five sports network also 
raised opposition, although sports pro- 
grammes are transferring to the new 
network 

Albanian president In London 

President Sail Berisha will begin the 
first visit of an Albanian head of state 
to Britain today, nearly two years after 
the two countries settled a long-stand- 
ing dispute over Albanian gold seized 
in the second world war. 

FT Survey: Risk management 


29 


TUESDAY 


Craxi goes on trial 

Former Italian 
prime minis ter 
Bettino Craxi 
goes on trial 

in Mi lan . 

becoming the 
highest ranking 
politician yet 
to face charges 
in the country's 
corruption 

scandals. 

The trial begins a day after a general 
election based on a new electoral sys- 
tem in which threevquarters of deputies 
in the parliament's lower house will 
be elected on a first-past-the-post basis. 
About a fifth of the parliament's outgo- 
ing members have been involved In 
the corruption inquiries. 

Mr Craxi, former leader of the Social- 
ist party, is to be tried over bribes 
alleged to have been paid by an insur- 
ance group for contracts with Eni, 
the state energy concern. Mr Craxi, 
who denies the charges, faces a possible 
maximum jail sentence of five years. 

Cairo talks resume 

Talks resume to put the finishing 
touches to the deployment of Norwe- 
gian observers and Palestinian police 
in Hebron, where an Israeli fanat ic 
massacred Moslems last month. 

EU argues over mad cours 

The UK and Germany confront each 
other at a masting of EU agriculture 
ministers over Bonn's wish to ban 
British beef imports because of fear 
of “mad cow disease", or bovine spongi- 
form enceptalopathy (BSE)- 'Hie Euro- 
pean Commission will tell Germany 
that it will take legal action if it intro- 
duces a unilateral ban. Health minis- 
ters of the 12 will also discuss the BSE 
row on Wednesday. 

Loch Ness submarine 

The first submarine to take passengers 
on a deep dive to try to glimpse the 
Scottish lake’s elusive monster will 
be launched. 

Japanese retail sales 

The Japanese economy may be reach- 
ing the bottom of Its long downturn 
but retail sales remain sluggish. Fig- 
ures out today are expected to show 
a 2.5 per cent decline in the year to 
February. In the year to November, 
the fall was &9 per cent Rising unem- 
ployment is expected to limit the abil- 
ity of retail sales to rebound. 

Heseltine to defend takeover 

Mr Michael Heseltine. UK trade and 
industry secretary, is to be questioned 
by MPs over the takeover of Newspaper 
Publishing, owner of The Independent 
and The Independent on Sunday, by 
a consortium backed by Mirror Group 
Newspapers. Mr Heseltine decided 
last week not to refer the deal to the 
Monopolies and Mergers Commission 
on the grounds that the papers were 
not economic as going concerns. 

FT Survey: Rhone Alpes. 


30 


WEDNESDAY 


Clarke meets Bank head 

The monthly 
monetary meet- 
ing between 
Kenneth Clarke, 
chancellor 
of the exche- 
quer (left), 
and Eddie 
George, gover- 
nor of the Bank 
of En gland , 
trill consider 
the merits of 
a cut in interest rates. The weakness 
of sterling and last week’s disappoint 
fng in na tion figures may point them 
away from a cut; however, Mr Clarke 
may be keen to reduce rates to offset 
the impact of the 1994-95 tax increases 
and to create some good news ahead 
of the May local elections. 

Highw ays Agency born 

The Highways Agency, which will 
take over the detailed implementation 
of Britain’s road building and mainte- 
nance programme from the Department 
of Transport comes into being. Nearly 
2,500 civil servants will transfer Into 
the agency which mil pay its senior 
officials on a performance-related basis 
HpponHing qq thn speed and efficiency 
with which they build roads. Also the 
Maritime Safety Agency and Coast- 
guard Agency take over responsibility 
for ship safety, maritime pollution 
and emergency rescue services at sea. 

Pensions debate: MPs will discuss 
personal pensions and the need for 
direct regulation of the private pension 
sector. The full-scale House of Com- 
mons debate is set to focus on concerns 
about the mls-selting of personal pen- 
sions to those leaving or transferring 
out of occupational pension schemes; 
and to those contracting out of the 
state eamings-related pension scheme. 

It will also cover the controversy 
about the right system of regulating 
financial services for the private inves- 
tor. The government backs the planned 
personal Investment authority - which 
also has the support of the Prudential, 
the biggest UK life company - while 
Labour would prefer direct, statutory 
regulation. 

EU and Lithuania talk trade: 

The European Union and Lithuania 
hold the second round of talks on a 
free trade agreement 

Japanese Industrial production 

The figures are expected to show a 
seasonally adjusted monthly rise of 
2.1 per cent compared with a 1 per 
cent increase in January. However, 
production will still be lower than 
it was a year ago. 

Indian trade policy 

India will make its annual statement 
on trade policy, which is likely to 
include farther important measures 
to liberalise imports and exports. 

FT Survey: Investing in India; 
Japanese Financial Markets I 


31 


THURSDAY 

CIS hears Russia’s terms. 

The Commonwealth of Independent 
States' leaders come together in 
Moscow. Russia’s proposal for a "rouble 
zone” is likely to be pressed once more 
- but the Belarussian representatives 
will ask why their efforts to become 
more closely integrated with Russia 
have so far been repelled. 

The new members from the Cauca- 
sus, Georgia and Azerbaijan, will press 
Russia to settle the inflicts on their 
territories and in the former's case, 
salvage its collapsed economy- Ukraine, 
where elections may reveal a swing 
towards pro-Russian political forces, 
has the problem of indebtedness to 
Russia for energy to settle - and that 
of the ownership of the Black Sea Fleet 
Russia la likely to make it clear that 
the terms for assistance are becoming 
increasingly steep, and that if the coun- 
tries want help, they must act as hosts 
to the Russian army and support the 
Russian political line. 

Clinton's unacceptable list 

The Clinton Administration plans to 
issue a preliminary list of what it con- 
siders unacceptable trade barriers 
implemented by foreign nations against 
American exports. On March 3 Presi- 
dent Clinton rerived the Super 301 
trade policy weapon, allowing him 
to impose sanctions against targeted 
countries if they fa^ to dismantle barri- 
ers to American exports. 

Commons recess: The House of 
Commons will break for Easter 
between March 31 and April 12. 

Nicholson arraigned: Actor Jack 
Nicholson is scheduled to be arraigned 
in Los Angeles on charges ste mmin g 
from an incident in which he is alleged 
to have smashed another driver’s wind- 
screen with a golf club. 

Romanian budget delay: Romania 
has until today to adopt a 1994 budget 
otherwise, under the constitution, 
last year's budget wQl come into force. 
The delay is holding tip a $700m Inter- 
national Monetary Fund loan package. 

French unemployment figures 

The French government will be hoping 
that February's unemployment figures 
will show a slowdown in the rise of 
joblessness. Economists expect another 
Increase, althoug h they believe that 
the rate is unlikely to rise much above 
the current level of 122 per cent 
One in four young people between 
the ages of 16 and 25 are out of work, 
the high ast rate in the G7 group of 
industrialised countries. Attempts 
to reduce youth unemployment, 
through the introduction of apprentice 
schemes under which 16-25 year olds 
can be paid less than the minimum 
wage, have, however, prompted wide- 
spread student demonstrations. 

Air France ul ti matu m: Air France 
has given its 14 unions until today 
to agree to a plan to boost productivity 
by 30 per cent at the loss-making state- 
owned airline over three years. 


GOOD FRIDAY 

British Rail dismantled 

British Rail takes another important 
step towards its eventual privatisation 
with the handing over of BR's tracks, 
signalling and stations to Railtrack, 
a newly created company. Some 25 
passenger train operating units, corre- 
sponding to BR’s existing profit cen- 
tres, will take over the running of 
trains. Three rolling stock leasing com- 
panies will be set up to lease locomo- 
tives and carriages to the train 
operators. 

UK tax changes bite: Value added 
tax is imposed on domestic fuel, at 
8 per cent, rising to 17.5 per cent next 
year, and prescription charges rise 
from £425 to £4.75, an 1LG per cent 
increase. Many householders have 
been prepaying their gas and electric- 
ity bills to avoid VAT. 

Maghreb summits Tunisia, Algeria, 
Morocco, Libya and Mauritania, who 
together form the Maghreb Arab Union, 
will hold their annual summit on April 
2 and 3 in Tunis. 

Hungary bids to jobi EU: Hungary 
submits its formal tad to become a 
full member of the EU - the first ex- 
Warsaw Pact state to do so. 


SATURDAY - MONDAY 


Brazilian election deadline 

April 2 marks the final deadline for 
Brazilian ministers, mayors and gover- 
nors to resign if they wish to run in 

this year's pwes idantial, gnhs matnrlal 

and congressional elections, due in 
October. 

All eyes will be on finance minister 
Mr Fernando Henrique Cardoso, who 
has appeared undecided whether to 
run for president. One presidential 
hopeful expected to stand is Mr Paulo 
Maluf, mayor of Sao Paulo. 

Zhirinovsky congress: The extreme 
right-wing Liberal Democratic Party 
of Vladimir Zhirinovsky holds its con- 
gress on Saturday. Despite the party's 
success in December's Russian elec- 
tions, he is expected to face strong 
criticism for his extremist outbursts 

and mndrilfng tn tha Internal affairs 

of eastern European states. 

UN secretary-general Boutros Bout- 
ros-Ghali wQl visit Russia from April 
1-5. 

U8 winn er times US docks go 
forward on Sunday. 


Compiled by Robert Anderson. ~ 
Fax: (+44) (0)71 873 319i. 





Other economic news 

Monday: Monthly mortgage 
lending figures, released by the 
British Bankers' Association, 
will be watched for signs of the 
strength of the UK housing 
market 

Wednesday: The Bank of 
England will hold a £L5bn auc- 
tion of □ exiting rate gilts, the 
first floating rate issue since 
the 1970s. Banks and building 
societies are expected to be the 
main buyers. The monthly 
monetary report, published to 
coincide with the meeting of 
the governor of the Bank and 
the chancellor or the exche- 
quer, Is largely a compendium 
of statistics. Nevertheless, it 
will be scrutinised for hints of 
future interest rate policy. 

Thursday: Italian inflation 
figures, which could be pub- 
lished today, are expected to 
show an annual rise In the 
year to March of 42 per cent, 
unchanged from the February 
rate. 

Friday: Although most mar- 
kets will be closed, analysts 
will be watching for details of 
l-S non-farm payrolls in March. 
Improved weather is expected 
to have boosted the construc- 
tion industry in March, helping 
payrolls to rise by 230.000. 
Some analysts feel, however, 
that February's 217.000 jump in 
payrolls could be revised down. 


ACROSS 

1 Had a nibble at a piece of 
food, none too fresh Utf) 

4 For Wnxncrian hero, standard 

fails unexpectedly (8) 

9 Republic is to bring back a 
king 16) 

10 Nothing more than a cap- 
taincy for a Royal Marine (8) 

12 Steps outside an upper win- 
dow fs> 

13 Where people make pots on a 
wheel? <61 

15 You have the right of owner- 
ship Mi 

16 It's wot and One at the same 
tur.e UvP 

19 Bad spelling t5.5) 

20 Said goodbye, perhaps, but 
remaining 141 

23 A piano note wrongly 
recorded i2,4) 

25 It enables one to raise the 
standard (4-1 » 

27 The ultimate result may be to 
cause maiming 18 ) 

28 Dangers for those mounting 
ladders on board (6) 

29 Political favours? (8) 

30 Study some In deep depres- 
sion (61 


ECONOMIC DIARY 



- 

Statistics to. b«i toleased this week 

f. s- ./ .. 

' . / •-*' / •' 


Da* 

WMwX Country 

Econonrie 

amMlo 

n 

tavtouT .. .. . 
Actual 

- iMereed Country 

' Economic . ■ . r 

Stattatfo - 

Sfaftoe; 

Forecast" 

r. 'Mhut ' 

Mon 

Jan personal consigner expend" 

- 

0.4% 


initfcd cMnrow/<a March 26 . : ' ;•* 

"'3^006; 

- ..' 3 * 0000 . • 

Mar 28 

Jan PCE - workers** 

- ’ . 

-02% 


state benefits wte March 1ft - ' 


ZiTStJWO' :■ 


Jan income - workers** 

- 

-02% 


March Chicago NAPM . 


'. ; 803% ' *. 

Germany 

March cost of ferine - Bavaia* 

0.2% 

02% 


money supply w/e March Sri’*.' . 

* * * .Y"„ 

• ./. 

Tue US 

Feb new homo sales 

715.000 

895,000 

Japan • 

Feb construction orders** 

‘.r " 

oo% • 

Mar 29 

March consumer confidence 

81.0 

aaa 


FSb housing starts- ’ 


■20.7% 


Feb expert price index 

- 

0.7% 


F«to construction starts** 


- 04%’. 


Feb import price Index 

- 

-0.1% 

France 

Feb unemployment rate 

■12£%. ' 

122% ■ 


Johnson Redbook We March 26 

- . 

4.5% 

Canada 

Jan real GOP - factor cost* . - 

0.3% 

.04% 

Japan 

Feb unemptayment rata 

- 

2.7% 

Fri US 

March non-form payrolls' 

230.000 \ 

. 217.000 


Jan coincident index 

- 

25% 

■Aprt 1 • 

March manufactuing payrolls '. 

ISwOOO 

12JXJ0 


Jan leading diffusion index 

- 

38.4% ' 


March hourly earrings v 

'03% 

02% 


Feb redid safes’* 

-25% 

-2A% 


March average workweek 

- . 

34L3% ' 

Canada 

Feb md prod price index* 

0.4% 

flat 


March' unemployttient rate . 

05% • 

05% 


Feb raw material price Index* 

Q.S% 

22% 


Feb personal Income. 

08% 

-03% 

Wed US 

Feb factory orders 

-1.2% 

2.1% 


Feb personal consumer afcpendtue 0.7% 

05% 

March 30 

Feb factory Inventories 

- 

02% 


Match Michigan seh&nent- Aid 


' 921 


March agriculture prices 

- 

flat 


Feb construction spending 


.-1.2% 

Japan 

Feb Industrial production 

2.1% 

1.0% 

Japan 

March auto sales** 


-04% 

Canada 

Jan fix-weighted emp earnings” 

1.3% 

1.4% 


March forex reserves* 


2.6% 

Aus’ta 

Feb euront account 

-AS1.4bn 

-AS126bn 

During this week... 

■ 




Feb building approvals 

-1.0% 

6.1% 

Japan 

Fab current account •••.■* 

£l&2bn 

.-.S&abn 

Thur US 

04 OOP - final 

7.3% 

7.5% 

Germany 1 

March. coat of flying- pratfm* ■ 

02% 

03% 

March 31 

CM gop deflator -final 

tJK 

1.3% 

Italy 

-Jan (nduartat pfCKttrteff 1 ■" 


09% - •• 


Q4 after tax corporate profit 7.0% . o.796 *month on manut ^yaaranyetr . Statistics, courtesy MMS intemaOooBL ■ 


DOWN 

1 Insect settled on the cheese 
for n short while (7) 

2 Thanks to natural evolution, 
it bos a maddening bite (9) 

3 Variation of diet is foul (6) 

5 Cry from a small boat (4) 

6 Fellow feeling pity, perhaps 
(8) 

7 Plants gun if deception is 
required (5) 

3 A warning to the introvert 
(42) 

11 Indian food wild cat swal- 
lowed (7) 

14 The way Lydia moves primly 
(7) 

17 Puck is given the push in this 
(3,6) 

18 Jocular air minister? (3-5) 

19 Mistake a Dower (7) 

21 The reason he left crime (7) 

2z Programme information in 
commercial article (6) 

24 Emperor gave America the 
bird early on (5) 

26 Pen a note for Lhe doctor to 
look at (4) 



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No.8,415 Set by DANTE 

A prize of a PeUkan New Classic 390 fountain pen for the first correct 
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on the envelope, to the Financial Times, 1 Southwark Bridge, London $gl 
9HL- Solution on Monday April 1L 

Nhme — - 

Address — — - - 


Winners 8,403 

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p. Adams, London SE1 
GUI Anslow, Worptesdon, Sur- 
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Solution 8,403 


S. Dunning, Blanefleld, Glas- 
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D. Parsons, 

AW. Walsh, 


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l, St Albans, Herts 




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