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Shaken confidence 

The paradox at the 
heart of Europe 

Sir Leon Britten, Page 17 



Theatre tricks 

The computer 
moves downstage. 

Page 11 



Pirate CDs 


A timebomb under 
the music industry 


Rhone Alpes 


FINANCIAL TIMES 



Survey, Page^29-31 . 









TUESDAY MARCH ' & 1994 


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American and Delta 
in link-up deals with 
European airlines 

American Airlines and Delta Air Lines, two of 
■ tbe biggest US carriers, are set to form partnerships 
i with two European airlines. American is expected 
_ ■ '<? to announce next month a marketing and ticket 
^rv code-sharing deal with Lot Polish Airlines, while 
Delta is set to announce a s imilar deal with Aus- 
trian Airlines today. Page 18 

Tokyo alms to avert trade wan Japan will 
today unveil a wide-ranging package of economic 
measures designed to defuse trade tension with 
the US. Page 18 

Schoolgirl killed in class: A schoolgirl was 
killed and three other children were injured after 
an intruder brandishing weapons burst into a 
class of 12- and 13-year-olds at a school in Middles- 
brough in the north of England. Police were called 
and a 29-year -old man was arrested. 

Playwright Eugene Ionesco dies 

Romanian-born French 
playwright Eugene 
Ionesco (left), one of 
a group of “absurdist” 
writers whose work 
dominated post-war 
European theatre, 
died in Paris aged 
81. Ionesco captivated 
audiences worldwide 
with a unique blend 
of black humour and 
farce. His most famous 
plays. La Lee on, Les Chaises, La Cantatrice Chaiwe 
and Rhinocer(& were written in the 1950s. A militan t 
anti-Communist. Ionesco campaigned from exile 
against former Romanian dictator Nicolae Ceau- 
cescu. Obituary, Page 15 

Russian diplomat killed In Algeria: Suspected 
Moslem fundamentalists killed a Russian diplomat 
, in Algeria. He was the first diplomat to die in 
the country's two-year-long political violence. 

S Korea and China agree Industry pact 

South Korea and China agreed to co-operate in 
the development and production of cars, aircraft, 
telecummunications equipment and high-definition 
television. Page 5 

Japan's steel output plunges: Japan's crude 
steel output a leading indicator of industrial 
activity, is expected to hit a 23-year low for the 
Aprif-Jime quarter. Page 5 

Local polls boost Turkish PIN: Embattled 
Turkish prime minister Tansu Ciller appeared 
to have strengthened her position as her centre- 
nghl True Path party headed Tor a narrow victory 
in local elections. Page 2 

Japanese carmakers to raise imports: 

Japan's biggest car companies said they would 
raise output overseas, lift local content of vehicles 
made abroad and import more foreign components 
for domestic manufacture. Page 8 

Storms kitt 42 in IIS: Tornadoes and violent 
thunderstorms that ripped through five southern 
US states killed at least 42 people and injured 
about 250. 

Pearson profits up 38%: Publishing and 
information group Pearson marked its transforma- 
tion from conglomerate to concentrated media 
company with pre-tax profits of £209m ($3Q5m) 
for 1993. a rise of 38 per cent. Page 19 

Hebron pact near: Israeli and Palestinian 
official* may reach agreement today on security 
measures to protect Palestinians in Hebron. This 
should lead to the resumption of talks on Israeli 
withdrawal From Gaza and Jericho. Page 4 

Inchcape shares dip: Inch cape shares fell 
37p to 5i5p <$7.50> after it reported 1993 profits 
adversely affected by the yen's strength and weak 
demand in many markets. Page 19; Lex, Page 
18. Details, Page 28 

Coloslo plot speculation grows: Speculation 
is mounting in the Mexican press that the murder 
of presidential candidate Luis Donaldo Colosio 
was planned by subversive organisations or hard- 
line members of his own party. Page 6 

Air traffic control seH-off: The UK government 
is expected to press ahead this week with its 
proposal to privatise the air traffic control services 
ol the Civil Aviation Authority. Page 9 


US closing figures: US commodities, currencies 
and share prices cannot appear in this edition 
of the FT this week because summer time in 
Europe began a week earlier than daylight saving 
time in the US. 


■ STOCK MARKET INDICES 


- r S}h» 

FT-Sf 100: 5,1295 

Held - -358 

(4.5) 

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FI SE Ewooack 1 00 ...1,43650 

024.10) 


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(♦105.31) 

Dow Jon& Ind Ave . .. 3,73156 

(-4327) 

S&P Composite 45827 

■ US LUNCHTIME RATES 

H-31) 


Federal Funds _...3£K 

3-mo Treas BMs- fld 2569% 

Long Bond . ... MjJJ 

Victf 6598% 

N LONDON MONEY 

3-mo bitntank . . ._5^K £ame) 

bile long ufl lunae. . .Mar 1WjJ(Mal06?B 
N NORTH SEA OIL (Argus) 

BreiK 15-oay fMayi . ..51112 113.91) 

■ Gold 

New ftrv Come* (flpil _ 53846 (395.0) 

Lomtan 53898 (389.41 


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Balladur abandons 
law cutting wages 
for young workers 


By David Buchan in Paris 

Mr Edouard Balladur, the French 
prime minister, yesterday effec- 
tively abandoned his controver- 
sial law cutting wages for young 
trainee workers, in a move 
designed to end a month of street 
protests by students and unions. 

Mr Balladur made his fourth 
retreat on domestic policy in 
recent months after government 
parties did slightly less well than 
they had hoped in local council 
elections on Sunday. 

After meeting student leaders, 
he announced he bad suspended 
the control d'insertion professi- 
onelle FCIP) for a week and 
instructed the head of the ANPE 
national employment agency to 
find an alternative system within 
that time. The CIP, which per- 
mits young apprentices to be 
paid less than the minimum 
wage, passed into law last 
autumn. Decrees implementing it 
were published last month. 

Though the CIP law has not 
been formally scrapped - as stu- 
dents And iminns have Hpmanripri 

- Mr Nicholas Sarkozy, budget 
minister and government spokes- 


man. made clear this was the 
intention. He said the miss inn of 
Mr Michel Bon, head of the 
ANPE, was to “define a new sys- 
tem and put an end to the CIP”. 

Student union leaders wel- 
comed Mr Bahadur's suspension 
of the CIP “as a first step”, but 
said their members would not be 
satisfied until the law was 
scrapped. They indicated they 
might go ahead with a protest 
march planned for Thursday. 

As late as last Friday, when 
30.000 students marched in Paris 
against the CIP. Mr Balladur 
seemed resolved to make an 
exception to his previous ten- 
dency to give way in tbe lace of 
street protests. He had already 
watered down the original CIP to 
maintain the minimum wage for 

diploma-hoiders and to 
strengthen training provisions 
for unqualified youths receiving 
less than the minimum wage. 

But on Sunday night, as it 
became clear that the relatively 
good votes received by govern- 
ment coalition parties had not 
translated into any net gain of 
seats on local counrils. Mr Balla- 
dur promised to “re-establish a 


dialogue” with the nation’s youth 
and to “examine various possible 
solutions" to the CIP. 

In addition to Mr Bon's mis- 
sion, which may result in the cre- 
ation of a special job agency for 
the 25 per cent of French young 
who are without work, the gov- 
ernment is planning to consult a 
variety of youth organisations in 
coming weeks. 

In contrast to his strong policy 
stands, for example in maintain. 
ing French troops in Bosnia or 
maintaining a firm franc, Mr Bal- 
ladur has tended to surrender on 
RTM-iat issues at home. 

Over the past year he has 
yielded to st riking Air France 
employees protesting against lay- 
offs, to defenders of state educa- 
tion complaining about a pro- 
posed improvement in private 
school finance, and to nshermpn 
demonstrating against imports. 
He has drawn on privatisation 
proceeds to pay for concessions. 

According to a weekend opin- 
ion poll by the BVA agency, 64 
per cent of French people believe 
the CIP should be withdrawn. 

Editorial Comment, Page 17 


Inkatha marchers mown down 





Supporters of the mainly Zulu Inkatha Freedom party dive for cover after coming under fire outside the 
headquarters of the rival African National Congress during a march in Johannesburg. Page 4 


■ STERLING 

New York knrtime: 

S 

London. 

150665 


5 

15966 

0-4975) 

DM 

25035 

(2.4978) 

FFf 

asase 

(15598) 

SFr 

2.1289 

(2.1239) 

Y 

156574 

(156536) 

£ Index 

602 

(same) 

■ DOLLAR 


New York tunctane: 

DM 

1572 


FFr 

17155 


SF; 

1.01 


Y 

London: 

1 04565 


DM 

157ZB 

( 1668 ) 

FFr 

5.7233 

(5.7163) 

SFr 

1012 

(1.4(84) 

Y 

10462 

(104.735) 

State* 

655 

(same) 

Tokyo CKB8Y 104.7* 


UK ready 
to accept 
deal on 
EU voting 

By Philip Stephens in London 
and Lionel Barber in Brussels 


The UK government was last 
night preparing to accept the 
proposed compromise with its 
European partners over voting 
rights in a move which should 
pave the way for the entry into 
the Union next January of four 
new members. 

But as Mr Douglas Hurd, the 
foreign secretary, awaited cabi- 
net endorsement of tbe arrange- 
ment this morning, prime minis- 
ter John Major was accused by 
backbench members of the Con- 
servative party of reneging on 
pledges to strike a harder bar- 
gain. 

To limit the potential backlash 
among Conservative HPs Mr 
Hurd was awaiting assurances 
from the European Commission 
that in future it will not seek to 
circumvent Britain's opt-out 
from the social provisions of the 
Maastricht treaty. 

Tbe foreign secretary expects 
to receive this morning a written 
commitment from Mr Jacques 
Dolors, tbe Commission presi- 
dent, that in future Brussels will 
not use health and safety legisla- 
tion to frustrate the opt-out 

The compromise - tabled at a 
weekend meeting of EU foreign 
ministers in Greece - raises to 
27 from the present 23 tbe num- 
ber of votes required to block 
decisions tn the Council of Minis- 
ters once the Union is enlarged. 

Bat it allows for a legally 
enforceable pause in decision- 
making when countries muster 
between 23 and 27 votes. It also 
stresses that the new arrange- 
ment is an interim one, with the 
whole question of the relative 
voting strengths of small and 
large EU conntrles to be 
reopened in 1996. 

Brussels diplomats said that 
with the other 11 EU govern- 
ments expected to endorse it, the 
UK had little choice but to do 
likewise or risk triggering a cri- 
sis with its EU partners over 
enlargement. Sir Leon Brittan. 
the senior British commissioner 
In Brussels, also urged accep- 
tance. 

But the consensus at Westmin- 
ster was that by encouraging his 
supporters to believe be would 
take a more determined stance, 


Continued on Page 18 


Markets surge on expectation of parliamentary majority for rightwing alliance 

Berlusconi group ahead in Italian polls 


By Robert Graham in Romo and 
John Snnklns m M3an 

The rightwing Freedom Alliance 
led by media magnate Mr Silvio 
Berlusconi last night appeared to 
have a commanding lead in 
Italy's general elections. 

But it was unclear whether the 
alliance would win an absolute 
majority of seats in the new par- 
liament, which is being elected 
by a mixture of first-past-the-post 
and proportional representation. 

One exit poll for state televi- 
sion said the Berlusconi bloc 
could fall short of the 316 seats 
needed for a majority in the 630- 
member Chamber of Deputies. 
But a Doxa exit poll for Mr Ber- 
lusconi's own TG5 news pro- 
gramme forecast he was headed 
for at least 319 seats. 

Italy’s financial markets surged 
yesterday with strong buying 
based on reports that Mr Berlus- 
coni's Affiance was likely to win 


Italy 

Comi*. index 
700 


650 


600 



55Q ‘ * — - 

Jan 1994 
Some DAmm 


Mar 


an overall parliamentary major- 
ity. 

The Milan stock market's main 
index added 3.76 per cent, while 
the lira strengthened against the 
dollar and the D-Mark on hopes 
of a stable government. “The 
market got stronger and stronger 
as rumours were spread of a Ber- 
lusconi victory," said Mr Alberto 
Rolla of securities house Mflla. 


Reaction in the markets was 
based on leaked exit polls con- 
ducted by at least three organisa- 
tions during Sunday’s voting. It 
did not take account of yester- 
day’s second and final day of vot- 
ing, when polling stations were 
due to close at 10pm local time. 
Electoral regulations banned the 
publication of exit polls until the 
stations had closed, but leaks 
gave between 46 per cent and 51 
per cent of the vote to the Free- 
dom Alliance, composed of Mr 
Berlusconi’s Forza Italia move- 
ment, the populist Northern 
League of Mr Umberto Bossi and 
the neo-fascist MSI/National Alli- 
ance of Mr Gianfranco Pini. 

It would be well ahead of the 
seven-party Progressive Alliance 
headed by the former communist 
Party of the Democratic Left and 


the centre Italian Pact, headed by 
Mr Mario Segni. 

Speaking before the count yes- 
terday, Mr Marco Formentmi, the 
Northern League mayor of Milan, 
stressed that his federalist party 
would not join the National Alli- 
ance in government 
“They have ideas radically 
opposed to ours,” he said “They 
want to keep the state as it is; 
they are nationalists. With them 
the hope of a more modem Italy 
would certainly be at an end.” 

He said that for this reason it 
was important for the Northern 
League and Forza Italia to stay 
together and that it might be pos- 
sible to find other allies with 
which to form a government 
But, in a thinly veiled refer- 
ence to Mr Berlusconi's party, he 
warned of the danger of allowing 


“business to prevail over ideas". 
He added: "The risk is that if 
Forza Italia is too strong, change 
will slow down and there will be 
a return to the political interests 
that we need to dismantle.” 

Mr Formentini said that the 
structure of the state had to be 
changed in order to achieve a 
free market 

Just before voting ended, the 
outgoing Italian government 
awarded the licence to run Italy's 
new Europe-wide GSM-standard 
mobile telecommunications net- 
work to anintemational consor- 
tium led by Olivetti. The losing 
consortium included a venture 
owned by Mr Berlusconi. 

Government bonds. Page 24 
Currencies, Page 40 
World stocks. Page 44 


Oil prices hit by 
Opec decision to 
maintain output 


By Robert Corane In London 

Oil prices fen sharply yesterday 
as markets responded to the deci- 
sion by the Organisation of Petro- 
leum Exporting countries not to 
cut output at a time of year when 
world demand is usually low. 

The price of the benchmark 
Brent blend for May delivery was 
$13.20 a barrel in late London 
trading yesterday, 70 cents down 
on Friday’s close. It has fallen by 
almost $5 over the past year. 

Traders said there was scope 
for prices to test the five-year low 
of $12.90 reached earlier this 
year. 

“If it holds at that level then it 
could bounce back.” said Mr 
Lindsay Home, a trader at the 
London office of Lehman 
Brothers, a US investment bank. 
“But if it breaks through that 
barrier it could go as low as 
$UL50, n he added. 

Opec ministers who met in 
Geneva at the weekend said they 
expected the markets' initial 
reaction to be negative. But they 
justified their decision to main- 
tain Opec’s present production 
ceiling of 24-52m barrels a day 
until the end of the year by citing 


Groat divide 

oilfields 

Lex 

Commodities 


emerges (n the 
Page 16 
Page 18 
Page 32 


forecasts of much higher demand 
by then. 

Iran, which had favoured a cut 
to boost prices, yesterday 
renewed its criticism of Saudi 
Arabia, Opec’s dominant pro- 
ducer, which refused to take part 
in any scheme which would have 
reduced its 8m b/d quota. 

Mr Gholemreza Aghazadeh, 
Iran’s oil minis ter, told a Teheran 
news conference that “Saudi 
Arabia's decision to oppose any 
decrease in Opec's production 
ceiling has only served to keep 
down the price of oil" 

Analysts said prices were likely 
to be volatile next month. Mr 
Joseph Stanislaw, analyst at 
Cambridge Energy Research 
Associates in Paris, believes 
prices will eventually recover if 
Opec states continue to adhere to 
the quota. But he predicted that 
traders would continue to test 

Continued on Page 18 




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THE FINANCIAL TIMES LIMITED 1994 No 32,329 Week No 13 $ 


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FINANCIAL TIMES TUESDAY MARCH 29 1994 


NEWS: EUROPE 


Elf board approves accord with Treuhand over reducing stake 

Leuna oil refinery to go ahead 


By John Ridding In Paris 

The main construction work of 
the Leuna 2000 oil refinery, one 
of the largest industrial pro- 
jects in eastern Germany, 
should start next month. This 
follows the resolution of a dis- 
pute between Elf Aquitaine, 
the French oil group, and the 
Treuhand privatisation agency, 
Mr Philippe Jaffre. Elf's chair- 
man. said yesterday. 

Mr Jaffre said ElTs board 
had approved the draft accord 
with the Treuhand yesterday 
but said certain areas still 
needed clarifying. He believed. 


however, that a final agree- 
ment could be signed by the 
end of the month. 

Under the terms of the agree- 
ment, Elf will reduce its stake 
in the DML5bn (£1.75bn) proj- 
ect from 67 per cent to 43 per 
cent, following the acquisition 
of a 24 per cent stake by Ros- 
neft, the Russian state-owned 
oil group. It will also be 
relieved of a requirement to 
retain an additional 33 per cent 
stake from Thyssen Handels- 
unlon, a subsidiary of the Ger- 
man steel group, should Thys- 
sen sell the stake after the refi- 
nery is built 


The areas of clarification 
requested by Elfs board 
include the terms by which the 
33 per cent stake would be 
transferred from Thyssen to 
Buna, the German state-owned 
chemicals company. Mr Jafite 
said Elf wanted to be sure that 
the terms of the transactions 
were fair. 

He said his decision to 
reduce Elfs stake in the proj- 
ect. which prompted an angry 
reaction from the Treuhand, 
was based on concerns about 
its viability under the terms of 
the original agreement. “The 
project was too big for Elf to 


undertake alone. We needed 
the backing of a solid German 
partner," he said. 

According to Mr Jaffrt, t be 
future of the project could not 
have been guaranteed without 
a partner committed to the 
refinery after the construction, 
phase. He said that Elf would 
have pulled out of the project if 
partners had not been found. T 
would have preferred to cut off 
my finger than my hand,” he 
said. 

Mr Jaffre. who took over as 
Elf chairman last August, said 
be was satisfied with the par- 
ticipation of Rosneft and 


denied that this involved risks. 
He said the Russians were to 
pay for their stake in erode oil, 
which they needed to export A 
similar agreement had been 
negotiated with Rosneft under 
the previous Elf chairman, Mr 
Leak le Floch-Prigent 
According to Mr Jaffre. the 
compromise agreement does 
not include the surrender of 
any Minol service stations 
which were acquired as part of 
the oil refinery deal. Buna may 
take a 33 per cent stake in 
Minol, but Elf says it would 
still be left with a controlling 
66 per cent share. 


Local polls set to strengthen filler 


A strong law and order platform 
appears to have paid off for 
Turkey's beleaguered premier, 
writes John Murray Brown 


Turkey's embattled prime 
minister, Mrs Tonsu Ciller, 
appeared to have strengthened 
her position yesterday, as her 
centre-right True Path party 
(DYP) headed for a narrow vic- 
tory in nationwide local elec- 
tions. 

Last night, with around half 
the votes counted for the pro- 
vincial assemblies, the DYP 
was leading with 22.8 per cent 
of the vote, compared with 21.3 
per cent for the conservative 
Motherland party (Anap). In a 
shock result, the Moslem- 
backed Retail party (RP), with 
18 per cent of the vote nation- 
ally, seemed poised to win Ist- 
anbul. the country's cultural 
and commercial capital feed- 
ing on disaffection with the 
mainstream parties. 

The national result, while 
having no direct bearing on 
party strengths in parliament, 
will provide Mrs Ciller with a 
badly needed electoral man- 
date. The outcome is a particu- 
lar blow to the political ambi- 
tions of the Anap's leader, Mr 
Mesut Yilmaz. who billed the 
elections as a referendum on 
the government's performance. 

Despite almost universal 
criticism of her economic poli- 
cies, yesterday's polls suggest 


the rural voter still believes 
Mrs (Slier is the best hope for 
national revival 

The result clearly strength- 
ens her hand on reform as her 
coalition partners, the Social 
Democratic Populists, who 
have been routinely obstruc- 
tive on tax and privatisation 
moves, suffered widespread 
losses, winning around 12 per 
cent 

However, Mrs Ciller has only 
won herself a breathing space 
and still has to convince the 
market she can assemble a 
team and administer spending 
restraints and other economic 
reforms to narrow the fiscal 
deficit and restore confidence 
in the currency. 

She met her key economic 
advisers for four hours earlier 
in the day, and last night was 
said to be finalising details of a 
reform package. 

In the end, what probably 
clinched the result was Mrs 
Ciller's decision to fight on a 
strong law and order platform 
- particularly her legal moves 
against Kurdish MPs. This 
appears to have been strongly 
endorsed in rural Anatolia and 
the Aegean region where the 
DYP is traditionally strong. 

The Turkish military, which 



Supporters mob Mr Dhan Kesiri, the main opposition Motherland party’s candidate for mayor of 
Istanbul - but be seemed likely to lose the race 


is currently preparing for its 
long heralded spring offensive 
against rebel positions, will 
also take comfort from the vote 
which would appear to back up 
the security forces' hard line 
against the Kurds, despite 
the international criticism of 


growing human rights abuse. 

The markets welcomed the 
result yesterday, with the lira 
steadier at around 24,900 to the 
dollar. 

A notable element in the 
results was the RP's strong 
showing, although its national 


standing is partly explained by 
the withdrawal of the Kurdish 
candidates in the southeast, 
where the RP scored heavily. 
Its strong showing in Istanbul 
was achieved despite a con- 
certed press campai gn to dis- 
credit Its candidate. 


Voting widens 
Ukraine’s 
east-west split 


By JH Barshay in Kiev and 
Layla Boulton in Sevastopol, 
Crimea 

Ukrainian polls at the weekend 
revealed a widening rift 
between the country’s east and 
west 

People voted in large num- 
bers to replace the communist- 
dominated parliament that has 
blocked economic reform, but 
pro-communist forces in the 
east secured resounding major- 
ities in “opinion pons" favour- 
ing closer ties with Moscow. 

Belying predictions of voter 
apathy. 75 per cent of the elec- 
torate turned out at polls 
across the nation, taking all 
450 parliamentary districts 
past the necessary 50 per cent 
threshold. 

President Leonid Kravchuk's 
advisers had been counting on 
a low turnout, enahling tham 
to declare the elections invalid 
and setting the stage for presi- 
dential rule. 

However, although the vote 
was a confusing one for many 
Ukrainians - with same ballots 
canymg more than two dozen 
names - initial returns showed 
new opposition faces emerging 
into the lead throughout the 
country. 

The requirement that candi- 
dates also secure more than 50 
per cent of the vote to win a 
parliamentary seat saw 90 per 
cent of seats unffflpd- however, 
pending a run-off election on 
April 10 between the two lead- 
ing candidates in each district 

“For the most part, it looks 
like itn be the new wave - 
democrats, businessmen - ver- 
sus the old guard in the run- 
offs," said Mr Roman Zwarycz 
of the independent Elections 94 
press centre. 

However, Crimea, the city of 
Donetsk In eastern Ukraine, 
and the Lugansk region on the 
Russian border ignored a presi- 
dential ban and held votes on 
closer ties with Russia, which 
threaten to create new federal 
problems for Mr Kravchuk. 

The Crimean president’s 
administration said more tfran 
80 per cent of the voters had 
endorsed a survey to form a 
special more independent rela- 


tionship with Kiev and allow 
Russiaz^Ukramian dual citizen- 
ship. 

General Valery Kuznetsov, 
adviser to Crimean president 
Yuri Meshkov on military 
affairs, said that the survey, 
which. Mr Kravchuk had out- 
lawed. “showed once again 
that Crimea does not want to 
be prevented from living as 
Crimeans want to live”. 

A similar survey in Donetsk 
showed that 90 per cent of the 
electorate favoured joining the 
CIS economic union, m a k ing 
Russian an official language 
and decent ralising the Ukrai- 
nian state, according to a pre- 
liminary estimate . 

In the 47 seats filled by an 
outright majority in the first 
round, a number of high-profile 
national leaders secured seats, 
including Mr Ivan Plyushch, 
parliamentary chairman, and 
Mr Victor Pynzenik, a market 
economist and former govern- 
ment minister. 

Mr Leonid K uchma, the for- 
mer prime minis ter, who 
favoured closer relations with 

Russia in his camp ai g n, pnri 

Mr Vyacheslav Chornovil. 
leader of the apposition nation- 
alist Rukh party, also won 


“These elections have been a 
positive event The people hove 
shown the political will to 
improve their country,” com- 
mented Mr Vladimir Averchev, 
a Russian MP observer for the 
Conference on Security and 
Co-operation in Europe. “I 
didn’t realise how disill usioDed 
Ukrainians were with the cur- 
rent parliament” 

He added: *T think the sec- 
ond round will go through and 
Ukraine will have a real 
chance to head on the road to 
reforms.” 

Ukrainian living standards 
have fallen rapidly in recent 
months, with incomes eaten up 
by hyperinflation. However, 
the current Ukrainian parlia- 
ment, dominated by former 
communists, has been opposed 
both to economic reform and to 
relinquishing the country’s 
nuclear arsenal - a condition 
of much western economic sup- 
port 


This announcement appears as a matter of record only. 


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Arranged by 

ING COMPANIA DE INVERSIONES Y SERVICIOS 

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ING Jb) BANK 


Internationale 

Nederlanden 

Bank 

December 1993 


Crisis threatens in Poland 
over cabinet post dispute 


By Christopher Bobinstd 
In Warsaw 

Poland's two-month search for 
a finance minister threate ns to 
blow up into a political crisis 
following the refusal of Presi- 
dent Lech Walesa to accept Dr 
Dariusz Rosati, a 47-year-old 
economist for the post 

Mr Marek Boro wiki resigned 
as finance minister after a dis- 
pute with Mr Waldemar Paw- 
lak, prime minister, over con- 
trol of the economy. The lack 
of a successor has left policy- 
making in a state of flux just 
as the government faces new 
talks with the International 
Monetary Fund on a standby 
agreement 

Dr Rosati, currently 
employed by the United 
Nations in Geneva, said yester- 
day he was considering with- 
drawing his candidature, 
which was put forward by the 
Democratic Left Alliance 
(SLD). the senior coalition 
partner. 

The president's decision 
appears to mark the start of 
open hostilities with the SLD 
which could paralyse the gov- 
ernment 

At the weekend, Mr Walesa 
threatened to dissolve parlia- 
ment after Mr Borowski 
suggested that the president’s 
constitutional powers to block 
government appointments 
might be curtailed. 

Mr Pawlak, who leads the 


farmers party (PSL), the junior 
coalition partner, yesterday 
Issued a s tatement supporting 
Dr Rosati’s candidature Tor as 
long as the SLD or Dr Rosati 
maintain ft”. 

However, Mi* Pawlak has not 
been happy with Dr Rosati’s 
candidature and the presi- 
dent’s veto is aimed at widen- 
ing the rift between the two 
coalition partners. Mr Walesa 
particularly wants to weaken 
Mr Alexander Kwasniewski, 


the youthftil SLD leader who is 
a serious challenger for the 
presidency In elections due in 
the autumn of 1995. 

At the root of the dispute 
over the finance post is an 
attempt by Mr Pawlak to estab- 
lish Ids primacy over the cabi- 
net and redefine the original 
coalition agreement which 
handed responsibility for eco- 
nomic and fina n c i a l policy to 
the SLD when the government 
was formed last autumn. 


US heaps 
praise on 
Russian 
premier 

By John Lloyd 
fa Moscow 


The government OT Mr Victor 
Chernomyrdin deserved 
"much praise”, Mr Ron 
Brown, the US commerce sec- 
retary, said yesterday in 
Moscow. His remarks under- 
lined the strong support now 
being shown by the west to a 
government accepted as 
reformist, even after losing its 
best known reformers. 

Mr Brown is tn the Russian, 
capital with a team of US chief 
executives for talks with 
senior ministers. Including Mr 
Chernomyrdin, on investment 
and trade. Their aim is to 
maintain the momentum of 
support for Russia, which was 
greatly accelerated last week 
with the conditional offer of a 
fUShn loan from the Interna- 
tional Monetary Fund. 

The commerce secretary said 
yesterday u the steps he [Mr 
Chernomyrdin] has taken have 
given us great confidence on 
the future - steps to hold 
down inflation, steps that rep- 
resent fiscal prudence”. 

On the IMF loan deal - 
reached last week in talks in : 
Moscow between Mr Cherno- 
myrdin and Mr Michel Cam- ; 
dessus, the Fund’s managing 
director - he said it was “ter- 
ribly important, not only in 
practical terms. It also sends 
an important signal it creates 
momentum”. 

Mr Brown's remarks came 
after a strong attack on the 
extension of the loan hr Mir 
Boris Fyodorov, the former 
deputy premier for finance, 
who raid at the weekend that 
the government's policies 
would change Tn the wrong 
direction” once the loan was 
advanced. 

While Mr Brown was com- ■ 
plimentary about Russia’s I 
macroeconomic stance, be was ; 
critical of the barriers met by ; 
foreign businessmen working i 
in and with Russia. 1 

He said that rapidly varying j 
taxes, recently Imposed Mgfe | 
tariff barriers and delays in \ 
the Russian parliament \ 
approving legislation were all 
“major disincentives" to 
Investment in the country. 

“There must be some consis- 
tency ftn taxation] - it's unre- 
alistic to expect that compa- 
nies will come if tax changes 
constantly,” be said. 

He stressed, however, that 
the message he wished to send 
was one of support The US 
government and private sector 
were anxious to be supportive 
during Russia’s transition to a 
market-driven economy. 

“This Is an economy which 
is moving in dramatic ways 
and we want to be as helpful 
as we can. There will be fits 
and starts, there will be 
bumps along the way. We 
want to be sure that these 
bumps do not cause disincen- 
tives that will make American 
businessmen want to pull 
away.” 


THE FINANCIAL TIMES 
Pub&stad ty The Fnuacml Than 
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9 


FINANCIAL TIMES TUESDAY MARCH 29 1994 


NEWS: EUROPE 


3 


EUROPEAN NEWS DIGEST 

France wins new 
EU parliament 

France is set to win its battle to build a new chamber for the 
European parliament in Strasbourg. An agreement is expected 
to be endorsed this week by the Strasbourg dty councQ and 
the parliament’s bureau, ending a dispute which threatened to 
disrupt the Euroelections in June. 

The French government had blocked an agreed increase in 
the number of MEPs from 518 to 567. mainly to take account of 
German unification, until the parliament signed a lease on a 
new building in Strasbourg. The tactic upset the Bonn govern- 
ment, but Paris was worried that the par liament , the only 
European Union institution on French soil, was gradually 
drifting away to Brussels, the site for the European Commis- 
sion and the council of ministers. 

Critics argue that the proposed building, which could cost 
up to $500m (£342. 4m), is redundant. MEPs have only just 
moved into an expensive new home in Brussels, and most 
would prefer to work in the Belgian capital rather t han com- 
mute once a month to Strasbourg. The new building will be 
financed by state and city-backed loans, with the parliament 
reimbursing the bulk of the money in rent over 20 years. 
Lionel Barber. Brussels. 

Yeltsin signs lease on Baikonur 

Russian president Boris Yeltsin signed an agreement yester- 
day giving Moscow a 20-year lease on the Baikonur cosmod- 
rome, the space launchpad that became part of the republic of 
Kazakhstan when the Soviet Union split up two years ago. 

The agreement, signed in Moscow with the Kazakhstan 
president, Mr Nursultan Nazarbayev, represented a settlement 
of what had become among the most contentious issues separ- 
ating Russia and the central Asian republic. Moscow had 
sought up to a 99-year lease on the prestigious Baikonur, the 
600-sq-mile site from which Russia has launched all its 
manned flights since Yuri Gagarin became the first man in 
space in 1961. But Kazakhstan sought a shorter commitment 
because it wants to operate the site itself once it is technically 
and economically capable. The deal inr imlBs a clause allowing 
the lease to be extended by 10 years. Steve LeVine. Moscow. 

■ Russian deputy prime minister Anatoly Chubais has said in 
a British television interview that extremists are planning a 
coup in Russia to put nationalist leader. Mr Vladimir Zhirin- 
ovsky, in power. Mr Chubais told the BBC that he had no 
doubts about the plot although there was no evidence yet 
“They (are) already doing detailed preparation work for reach- 
ing this goal to move Zhirinovsky into (the) Kremlin this year, 
this autumn.” he said. Reuter, London. 

Soft drink may toast hardliners 

An official suggestion that 
Coca-Cola might sponsor 
the celebrations of the 
20th anniversary of Portu- 
gal's “Revolution of the 
Flowers” has plunged the 
country into an emotional 
debate on the brand 
name's symbolism. Ban- 
ned for half a century by 
the right-wing dictator 
Antonio de Salazar as “a 
drug”. Coca-Cola, is seen 
by many as an apt symbol 
of the end of Portugal's 
international Isolation 
and its return to the fold 
of western democracy. 
But the young left-wing 
army officers who led the 
revolution in April. 1974. 
themselves scorned the 
. ^ drink as “the dirty water 

0 f imperialism" and now 
lament the idea that their socialist-inspired revolt should be 
associated with what they see as a leading symbol of capital- 
ism. Peter Wise. Lisbon. 

Italian bank names chairman 

Cariplo, Italy's largest savings bank, yesterday nominated a 
new chairman to succeed Mr Roberto Mazzotta who was told 
by Milan magistrates early last month that he faced charges of 
alleged corruption relating to property transactions by the 
bank's pension fund. Mr Mazzotta later resigned. The nomina- 
tion of Mr Sandro Molinari, the present general director who 
has worked tor the Milan-based bank for 40 years, will be 
considered at a shareholder meeting on April 11. John 
Simfdns, Milan. 

Bulgarian-German ties boosted 

Bulgaria and Germany, allies during the second world war. 
yesterday signed their first military co-operation agreement 
for 50 years, the Bulgarian defence minister, Mr Valentin 
Alexandrov said the agreement, signed with visiting German 
defence minister Volker RQhe, involved the regular exchange 
of Information and staff between the two armies, military 
jurisdiction and management. Bulgaria joined the US-spon- 
sored Partnership for Peace scheme last month and Mr Alex- 
androv expressed confidence that his country would eventu- 
ally join Na to. Reuter, Sofia. 

Bosnians meet over peace pact 

Bosnia's Moslem-dominated parliament yesterday met to ratify 
an agreement to form a federation with the Croats in a move 
Mr Haris Silajdzic, the Bosnian foreign minister, said was a 
"defeat for Serbian aggression”. The meeting coincided with 
Serb charges that the Bosnian army had attacked Serb-held 
towns in northern Bosnia. Laura Silber, Belgrade. 

Rise in Swedish EU opposition 

Opposition to joining the EU has strengthened in Sweden 
since it signed an accession accord with Brussels at the 
beginning of the month, according to a poll published yester- 
day. The poll, for the business newspaper Dagens Industry 
showed opposition growing by two percentage points since 
February to 54 per cent, while support for membership slipped 
by the mme margin to 46 per cent. Hugh Camegy , Stockholm. 

ECONOMIC WATCH 



German inflation falls to 3.2% 


Vestem Germany: inflation 

Annual change in CP) 


Inflation In Germany has 
fallen to its lowest level since 
May 1991. according to pre- 
liminary data released by the 
federal statistics office show- 
ing a monthly increase of 0.2 
per cent for March. Inflation 
in the 12 months to March 
was as per cent a drop of 02 
percentage points compared 
with the rate in the 12 
months to February. The pre- 
liminary figure is based on 
results from the four most 
populous Lander. Final fig- 
ures are not expected until 
i960 81 93 9« m id-April. The March 

auka: Dsustroam increase is in line with fbre- 

ists of faninf inflation and comes two weeks after Mr Hans 
ietmayer. the Bundesbank president said inflation was set to 
11 below 2 per cent in the long term. The government has 
recast Inflation of about 3 per cent for 1994. Analysts said 
ie March rise was mainly caused by increased taxes on fuel 
t bnngh the higher cost of rents and services also contributed 
i the rise. Michael Lmdemeuvt, Ream. 



Bulgaria closer to debt reduction pact 

EU backing has cleared the way for more reform funds, write Virginia Marsh and Anthony Robinson 


Bulgaria: major economic Indicator 



1999 

1990 

1991 

1992 

1983 

Rad economic growth (9b) 

-1.9 

-9.1 

-11.7 

-7.7 

■ -5.0 

Industrial production § t 

-1.1 

-17J5 

-27.8 

-16.1 

- -9.0 

Consumer prices § 

8.4 

26.3 

334 

85.0 

(Aug)71.0 

Unemployment rate (%) 4 

ao 

1.6 

10.5 

15.2 

(00)15.9 


S change mar pmweu* y*er. t £» OU*>0 pffcatt moot 4 M era d penal • 


Balkans leaders visit London 

Ur Zhelyn Zhelev, the Bulgarian president and Mr Sali Berisha, 
the president of Albania, today hold separate talks in London 
with Mr John Major, the British prime minister and Mr Douglas 
Hard, the foreign secretary, writes Anthony Robinson. 

Hie Balkan situation, and ways of preventing the Yugoslav 
imbroglio spilling over into a wider Balkan war will be high on 
the agenda- Bulgaria has been particularly hard hit by the UN 
trade embargo on Serbia and the difficulty of ensuring transit 
rights needed for access to western markets. Both countries are 
concerned about the the fate of ethnic Albanians in Kosovo and 
ethnic tensions in the former Yugoslav republic of Macedonia, 
which in the past have led to conflicts involving both Greece and 
Turkey as well as Bulgaria. 

Both presidents mil also seek to dram np the interest of UK 
investors at separate conferences organised by the Confederation 
of British industry and will give details of their economic reform 
and foreign pedicles in talks at the Royal Institute of Interna- 
tional Affairs. Last week Rover, recently taken over by BMW. 
announced a ear and van assembly plant investment in Bulgaria, 
which is a growing exporter of wine to the UK. 


B ulgaria is moving closer 
to finalising a debt 
redaction agreement 
with western creditors follow- 
ing last week’s decision by the 
European Union to grant the 

country $l75m (£l20m) in bal- 
ance of payments support This 
has given the government a 
chance to push ahead both 
with economic reform and set- 
tlement of its $9.3bn foreign 
debt 

The EU loan agreement 
means that Bulgaria now hag 
the financial backing needed to 
meet a June 30 deadline for 
rescheduling its debt to 300 
London Club commercial 
banks. 

Other Group of 24 countries 
are expected to agree a further 
$150m in aid at a meeting in 
Brussels this week. This will 
enable the International Mone- 
tary Fund to go ahead with a 
much-delayed 6400m loan 
pwrkagg. 

An IMF standby agreement 
will in turn, unlock 6200m in 
linked World Bank and Japa- 
nese funding. The IMF and 
World Bank are also consider- 
ing further loans of 6225m if 
the debt rescheduling deal goes 
through. 

With central bank reserves 
down to around 6600m. foreign 
financing is essential if Bul- 
garia is to make an initial pay- 
ment of 6850m on its debt to 


the London Club. This was 
promised in the framework 
agreement reached last 
November when the banks, 
chaired by Deutsche Bank, 
agreed, to halve the 69.3bn debt 
racked up by Bulgaria’s former 
communist regime in the 1980s. 
final terms are to be agreed by 
June. 

As with Poland, which 
reached a London Club agree- 
ment earlier this month, settle- 
ment of the debt Is vital if Bul- 
garia is to complete its 
transition to a market econ- 
omy and fake full advantage of 
the EU association agreement 
signed last year. 

Since March 1990, when Bul- 
garia uni la terally declared a 
debt moratorium, the country 
has been cut off from western 
commercial financing . Foreign 
investment totalled only 6220m 
by the end of 1993, a fraction of 
that in other former Soviet 
bloc states. As a result the gov- 
ernment in Sofia has been 
dependent on international 
institutions, such as the IMF, 


World Bank and European 
Bank for Reconstruction and 
Development 

The onus is now on Sofia to 
follow through with its pledges 
to the IMF and World Rank to 
speed up reform and keep the 
debt negotiations on track. 
Parliament has already passed 
a tough budget which limits 
the 1994 deficit to 6.7 per cent 
of gross domestic product 

However, to reach this defi- 
cit target the government 
needs to improve tax collection 
and successfully implement a 
new 18 per cent value added 
tax which is being introduced 
on April l. 

A shortfall in tax revenues 
contributed to a budget deficit 
of 11 per cent of GDP last year. 

The government has also 
taken steps to refinance 62.4bn 
of bad loans to state enter- 
prises made by banks before 
1991. Earlier this month, it 
issued its first bonds to convert 
enterprise debt into govern- 
ment debt. 

The aim is to make compa- 


nies easier to privatise and 
strengthen the banking sys- 
tem. But IMF and World Bank 
officials in Sofia say greater 
political will is needed to move 
ahead with reform and speed 
up the pace of privatisation 
and restructuring. 

The country is still without a 
bankruptcy law and only a 
few, mainly small companies, 
have been dosed down. 

Officials fear that unless 
financ ial discipline in the 
enterprise sector is tightened, 
state mmpani«ws will continue 


to run up debts to banks and to 
each other. Privatisation has 
been equally slow. Two years 
after the passing of a privatisa- 
tion law which envisaged the 
sale of more than 3.000 compa- 
nies, the agency responsible 
for selling medium-sized and 
large companies has completed 
less than 20 transactions and 
minis tries have sold only 200 
small businesses. 

A mass privatisation scheme, 
conceived 10 months ago to 
relaunch the process and 
widen the population's partici- 


pation in privatisation, has nc 
got past a second reading i 
parliament. Western advise) 
say there is still no consensu 
over technical details of th 
scheme within the gov emmet 
which is a weak, non-parti sa 
coalition backed by the Bulga; 
ian Socialist party, the forme 
communist party and the sma 
ethnic Turk party. 

The lack of consensus is i 
part due to conflicts ove 
reform between conservative 
and economic liberals in th 
government and in the BSP. 

It is also widely believed thr 
powerful members of the fo: 
mer co mmunis t nomenklatur 
are blocking privatisatio 
while they strip state compi 
nies of tbelr valuable asset 
and position themselves t 
benefit personally from privat 
sation. 

The government's politic; 
weakness has been exacei 
bated by tbe poor health of M 
Lyuben Berov, the prime mil 
ister and architect of the ma-i 
privatisation scheme. 

Mr Berov. 68, underwen 
emergency heart surgery tw 
weeks ago and is unlikely t 
return to work for severr 
weeks, if at all. 

The fear is that his illnes 
will cause a political crisis an 
trigger early elections whic 
would further delay economi 
reform. 



.< • 
i'. 



t 






TWO GIANTS. 




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

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

With more than a little help from the Welsh Development 
Agency, both companies were not merely able to find the right site. 


but also the right people from Wales’ skilled and flexible workforce 
The WDA has also assisted in the development of a local 
supplier infrastructure to ensure vital comjxinents are always at hand. 

"Ib get your business off the ground, put the Welsh Advantage 
to your advantage. Call the team at Welsh Development Inter- 
national on +44 222 666862. or write to Welsh Development 
International. Welsh Development Agency. Pearl House. 
Greyfriars Road, Cardiff CF1 3XX. 


ONE DRAGON. 


WDA 


THE WELSH ADVANTAGE. 
















NEWS: INTERNATIONAL 


Resumption of withdrawal talks likely 

Hebron security pact 
could be sealed today 


By Mark Nicholson in Caro 
and David Horowitz 
in Jerusalem 

Isiueli and Palestinian officials 
could seal agreement by today 
on security measures to pro- 
tect Palestinians in Hebron, 
they said yesterday. This 
should lead to the immediate 
resumption of suspended talks 
□n Israeli withdrawal from 
Gaza and Jericho. 

Palestine Liberation Organi- 
sation and Israeli officials are 
due to meet in Cairo to resume 
talks on security in Hebron 
interrupted last Friday for the 
Jewish Passover. Both sides 
indicated they were near agree- 
ment on implementing UN Res- 
olution 90-1 which calls for 
international observers in 
Hebron and early deployment 
of Palestinian police in the 
West Bank town. 

Mr Nabili Shaath, chief PLO 
negotiator, said the two sides 
bad “gone a long and impor- 
tant way” in the talks and only 
"some points' 1 remained at 
issue. PLO officials in Tunis 
said the differences were over 
the precise number of interna- 
tional observers and Palestin- 


ian police to be deployed in 
Hebron, and some details of 
their jurisdiction and rules of 
deployment 

The Israelis want to limit the 
observer force to 60 officers, to 
be supplied by Norway, and 
the Palestinian force to a few 
dozen. The PLO is seeking ISO 
observers and 400 police. Mr 
Shaath said the PLO was 
awaiting responses to its 
demands from Israel “We are 
not going to discuss anything 
else until we finish this agree- 
ment,” he added. 

Mr Shimon Peres, Israeli for- 
eign minister, said he expected 
agreement on the outstanding 
issues to be readied today; the 
two delegations could as soon 
as tomorrow resume full talks 
on Israeli withdrawal from 
Gaza and Jericho. These talks 
were suspended by the PLO 
after the massacre in Hebron 
of more than 30 Palestinian 
worshippers on February 25. 

Both sides are eager to 
return to full peace talks as 
soon as possible, and conclude 
implementation talks on the 
deal agreed last year in Wash- 
ington. While PLO officials in 
Tunis said they still hoped 


Israeli withdrawal from Gaza 
and Jericho could begin as 
scheduled on April 13. Israeli 
officials have suggested the 
talks might need “a few 
weeks” to conclude agreement 

Mr Mustapha Natsche, 
Hebron's former mayor, reiter- 
ated Palestinian demands for 
the removal of 400 Jewish set- 
tlers from the town-centre, 
calling their withdrawal the 
“ideal solution”. Other Pales- 
tinian leaders in the town sent 
a message to Mr Yassir Arafat, 
PLO chairman, urging him to 
refrain from resuming talks 
with the Israelis until and 
unless the settlers were 
removed. 

Mr Peres and most of bis 
cabinet colleagues have indi- 
cated they would back such a 
removal Mr Peres said on Sun- 
day night that “coexistence in 
Hebron is an impossibility”. 
But Mr Yitzhak Rabin. Israeli 
prime minister, remains impla- 
cably opposed to any such 
action. Hebron was relatively 
quiet yesterday, two days after 
the army lifted a curfew in the 
town. Only minor clashes were 
reported between Palestinians 
and Israeli troops. 



Police remove a man shot In yesterday's attack on Zulu demonstrators aboomai 

ATTACK ON ZULU MARCH LEAVES 18 DEAD 


Gunmen opened Ore on several thousand Zulus 
marching in central Johannesburg yesterday, 
turning the South African commercial capital 
Into a bloodbath, Reuter reports from Johannes- 
burg. 

Police said 18 people, including two police- 
men, were killed and up to 25 wounded in the 
attack. 

Mr Carl Niehans, African National Congress 
spokesman, said ANC security guards had fired 
at "gunmen” to disperse them as the Zolas 



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S Africa unveils 
steps to keep 
fiscal discipline 


marched past the ANC headquarters at Shell 
House in a protest against next month’s all-race 
elections. “Several gunmen tried to gam access 
to the building,” be said. 

The ANC security guards fired warning shots 
into the air before shooting to disperse the 
crowd, he added. Police sealed off the building. 

Mr Thabo Mbeki, ANC chair man, later said 
the government might have to declare a state of 
emergency to ensure South Africa’s first all- 
race elections went ahead next month. 


By Matthew Ctatin 
In Johannesburg 

South Africa yesterday 
unveiled temporary measures 
aimed at maintaining fiscal 
discipline in the country’s pub- 
lic finances until a new govern- 
ment can draw up a budget 
after next month's first all-race 
elections. 

The measures seek to main- 
tam the course set by the 
1992-93 budget as well as meet- 
ing the fiscal and monetary 
policy requirements to winch 
the multiparty Transitional 
Executive Council (TEC) 
agreed in a letter of intent it 
signed as a prerequisite for 
obtaining a $850m (£579m) loan 
from the International Mone- 
tary Fund in late 1933. 

In a demonstration of the 
co-operation in South Africa's 
transition to democracy, the 
TEC and the Department of 
Finance unveiled the measures 
jointly. In the past, the annual 
budget had been presented to 
parliament in miri-Marrh 

No new date has been set, 
but the 1994-95 budget is likely 
to be promulgated by a newly 
elected national assembly sev- 
eral months into the current 
fiscal year. 

The TEC has decided to use 
existing legislation which 
allows government depart- 
ments to spend 45 per emit of 
the previous year’s budget allo- 
cation in the first four months 
of the new fiscal year, and 10 
per cent a month thereafter up 
to a ceiling equal to the previ- 
ous year’s allocation. 

Mr Estian Calitz, director- 
general of the Department of 
Finance, said this mechanism 
allowed for redistribution of 
expenditure within depart- 
ments as long as overall gov- 
ernment spending did not 
exceed these limits. 


Total government spending 
is projected to rise by 8.3 per 
cent to R124.Sbn (£24bn) in 
1994-95 from RU&2bn the pre- 
vious year, a small decline in 
real terms. 

South Africa's inflation rate 
averaged 9.7 per cent in calen- 
dar 1993: latest figures released 
yesterday showed the February 
figure unchanged from Janu- 
ary’s 93 per cent 

Revenue was projected to 
<Aimh faster to R98-7bn from 
RSO.lbn, to produce a lower 
deficit as a percentage of gross 
domestic product of 6.4 per 
cent, against 6.8 per cent in 
1992-93. 

Considering the projections 
were based on an unchanged 
tax regime and included esti- 
mates of one-off costs such as 
financing the election, the 
“underlying deficit” was closer 
to the 6 per cent target identi- 
fied in the letter of intent to 
the IMF, Mr Calitz stressed. 

Mr Tito Mboweni, African 
National Congress representa- 
tive on the TEC’s finance sub- 
council, said the presentation 
of budgetary guidelines and a 
fiscal overview of the economy 
“underscored the management 
of the transition process”. 

The presentation was made 
to the National Economic 
Forum, representing govern- 
ment, business and organised 
labour, as well as representa- 
tives of local financial institu- 
tions. 

“A balance has had to be 
found between two impera- 
tives,” Mr Mboweni said. The 
transitional administration 
had to ensure continuity of ser- 
vices and sound fiscal manage- 
ment through the interim 
period, while taking Into 
account the “new policies and 
priorities” a new government 
would want to address in its 
first budget. 


Singapore 
PM eases 
Burma’s 

isolation 


By Victor MaOet 

Mr Goh Chok Tong, prime 
minister of Singapore, arrived 
In Banna yesterday for a rare 
visit to the country by the 
bead of a foreign government 
It will bolster the fortunes of 
the military junta while antag- 
onising Burmese opposition 
groups and western human 
rights activists. 

Mr Goh, accompanied by 
two dooen businessmen, is the 
first bead of government - 
apart from the prime minister 
of Laos - to visit Burma since 
the armed forces crashed 
pro-democracy uprising and 
killed hundreds of demonstra- 
tors in 1988. 

Singapore is one of the main 
foreign investors in Burma. It 
sells weapons to the junta and 
has taken the lead in seeking 
improved contacts between 
Burma and the rest of south- 
east Asia. Burma, also known 
as Myanmar, is expected to be 
invited by Thailand to attend 
July’s meeting of the Associa- 
tion of South East Asian 
Nations (Asean) in Bangkok. 

The Singapore prime minis- 
ter’s visit is “to promote 
Myanmar-Singapore relations 
In the context of Asean's pol- 
icy of constructive engage- 
ment with Myanmar, " Mr 
Gob's office said. 

The US administration 
wants to put pressure on Bur- 
ma’s generals to begin negoti- 
ations with Ms Aung San Sun 
Kyi, the detained opposition 
leader, and is planning to ask 
arms exporters to stop supply- 
ing weapons to Burma. 

Singapore would be unwill- 
ing to comply with the 
request As well as selling 
weapons, Singaporean compa- 
nies give advice on small aims 
manufacturing and use Bur- 
mese territory to test their 
military products, according 
to residents of Rangoon. 

Asian governments say that 
investment in Burma and dia- 
logue with the junta will help 
the Burmese people, whereas 
isolation would only harden 
the attitudes of the regime; 
after years of stagnation, the 
economy is now growing by 
about 5 per cent annually. 

Opposition leaders, however, 
resent the close ties between 
the Burmese, Singaporean, 
Thai and other governments. 

“Constructive engagement is 
not constructive,” said one 
politician from Ms Snu Kyi’s 
National League for Democ- 
racy party in Rangoon 
recently. “It’s destructive 
opportunism. We are in a time 
of trouble, and when the gov- 
ernment Is oppressing its own 
people, they shouldn't do It” 


Sri Lanka 
poll snub 
for ruling 

party 

By Mervyn do Silva 
In Colombo 

Sri Lanka's ruling United 
National party has been 
thrown into turmoil by Us first 
big electoral defeat in 17 yean. 

The party, which is prepar- 
ing for a presidential election 
later this year and a general 
election in early 1995, was 
heavily defeated late last week 
in provincial council polls In 
the island’s southern province. 
The party won just 23 seats, 
against 32 for the opposition 
Sri Lanka Freedom party led 
by Mrs Sirlmavo Bandaran- 
aifcc. 

The result was widely seen 
in Colombo as a vote against 
the policies of President D B 
Wijetnnga, who took power 
last year after the assassina- 
tion of President Ranasinge 
Premada s a. Mr Wljetvmga has 
championed a hard-line 
approach to the Tamil Tigers, 
separatist guerrillas, in the 
north of the Island who want 
to create an independent home- 
land for the country's T amil 
minority. 

The pursuit of the Tigers suf- 
fered a setback last November 
when the militants stormed an 
army base in the north, wiling 
at least 200 soldiers and captur- 
ing much valuable equipment. 

While Mr Premadasa also 
pursued the Tamil Tigers vig- 
orously, he softened his attack 
with a broad-based political 
appeal to moderate Tamils and 
to other minorities, including 
Moslems and tea plantation 
workers of Indian Tamil origin. 
A populist at heart, he used 
poverty-alleviation and public 
housing programmes to help 
win hearts - and votes. 

Unlike Mr Premadasa, who 
came from a poor background, 
Mr Wlietunga comes from an 
elite social group - the Kan- 
dyans. He has adopted a more 
condescending attitude to the 
minorities, saying they must 
regard the Sinhala majority as 
the great tree" on which other 
communities hang like “creep- 

613 .< 

Mr Wijetunga has also been 
Iks assiduous In cultivating 
Mr S Thondaman, the only 
TamH minister and a powerful 
trade unionist whom Mr Pre- 
madasa made a point of favour- 
ing. 

Mr Premadasa’s popularity 
enabled the government to 

an econor *uc 
“suturing programme sup- 
ported by the IMF, which 
mcluded privatisation and aus- 
Jfig measures. The poll 
defart may lead Mr WUentunga 
to adopt more popular *5- 
nomic policies, possibly includ- 
ing spending increases. 








FINANCIAL TIMES TUESDAY MARCH 29 1994 


5 


NEWS: INTERNATIONAL 


J apan steel output set to hit 23-year low 


By Emiko Terazono in Tokyo 

'Japan's crude steel output, a leading 
indicator or industrial activity, is 
expected to hit a 23-year low for the 
April-June quarter, reflecting weak 
exports and sluggish demand from 
manufacturers and the construction 
industry. 

The Ministry of International Trade 
and Industry forecast output for the 
first quarter of the next business 
year, at 22.4m tonnes, the lowest since 
197L The figure Is down 14.7 per cent 
from the previous year and down 0.2 
per cent from the preceding quarter. 

The gloomy estimates follow the 
recant spate of strong economic data 


Mr Morlhiro Hosokawa, Japan’s 
embattled prime minister, ended 
a series of political reverses 
yesterday after his coalition 
squeaked to a local poll victory, 
Reuter reports from Tokyo. 

In Sunday’s poll for governor of 
Ishikawa Prefecture, the coalition 
candidate narrowly defeated the 
opposition Liberal Democratic party 


by about L6 per cent The triumph 
in the north-western coastal province 

was expected to fuel Mr Hosokawa’s 
drive to bring together the seven 
disparate parries into one reformist 
group to keep the LDP out of power. 

It was the first local poll to pit 
the combined parties in the coalition 
against the LDP since last July’s 
general election brought Mr 


Hosokawa to power and pushed the 
LDP out of government for the first 
time in nearly four decades. 

“This election was a choice of 
whether or not to drive ahead 
reforms under the coalition 
government," Mr Hosokawa said. 
‘’Voters made a clear choice. We 
shall forge ahead with reform and 
strengthen the coalition's unity." 


which many private economists 
believe indicates the country’s econ- 
omy has hit bottom. 

“All the good stories are overdone." 
Mr Richard Werner, chief economist 
at brokers Jardine Fleming Securities 


in Tokyo, said. He predicted economic 
figures to be announced during May 
and June were likely to reflect a still 
sluggish economy. 

The ministry said crude steel pro- 
duction for the year ending March 31 


would fall below 100m tonnes for the 
second consecutive year to an esti- 
mated 97m tonnes, down 1.9 per cent 
from the previous year. 

However, analysts expecting a 
recovery this year led by consumer 


spending were comforted by house- 
hold spending figures for January 
announced yesterday. 

These indicated a year-on- year rise 
for the fourth consecutive month. 
According to the Management and Co- 
ordination Agency, household spend- 
ing in January increased 2.7 per cent 
in real terms from a year earlier. 

Spending by salaried workers grew 
a net 0.6 per cent for the first time in 
nine months, while spending by 
households of the self-employed 
surged 6 per cent 

Expenditure on education rose 16.9 
per cent and housing spending rose 
14L2 per cent; medical-care spending 
fell 3 per cent. 


Willis limbers up for bout 
over Australia’s budget 



April is likely to be cruellest month for Treasurer Ralph Willis 


Beijing agrees 
industrial pact 
with S Koreans 


A pril may prove to be 
the cruellest month for 
Mr Ralph Willis, Aus- 
tralia's new treasurer. 

Between now and early May, 
he must negotiate a budget 
which wins the backing of two 
minor parties, both working to 
fairly radical tax and social 
reform agendas, and yet keeps 
the Australian economy and 
the government's ambitious 
deficit reduction plan on 
course. 

This consultative budget pro- 
cess is the bequest of Mr John 
Dawkins, Mr Willis' successor, 
who bowed ont of political life 
in December. Only hours 
before his unexpected resigna- 
tion. the former treasurer com- 
pleted a new system bringing 
forward Australia's budget 
date from late summer to May 
10 and introducing specific pre- 
and post-budget negotiation 
periods. 

The Dawkins plan was a rec- 
ognition of the difficulties fee- 
ing Mr Paul Keating’s Labor 
government in the Senate. 
Since the government lacks an 
outright majority in the upper 
house, it depends on the sup- 
port of the Green party, the 
Australian Democrats, and one 
independent senator to get its 
measures passed. 

The Inherent dangers 
became evident last summer 
when the minor parties 
baulked at tax proposals con- 
tained in the 1993-94 budget 


For two months the finance 
bills were stalled. International 
investors, aware that a pro- 
longed impasse could prompt a 
dissolution of parliament, took 
fright and the currency fell 
sharply. 

The new discursive approach 
was Mr Dawkins' way of pre- 
venting s imil ar debacles, and it 
is Mr Willis who must put the 
process into action. Already, 
he has hit some hurdles. The 
min or parties prevaricated 
over their participation in the 
process and having decided 


they would, they duly pres- 
ented lists of desired changes. 

The Democrats want a “tax 
and spend” package. Extra rev- 
enue measures would include a 
minimum company tax rate of 
20 per cent; a more progressive 
income tax system so that 
those earning over A$70,000 
(£33J)0Q) would pay a marginal 
rate of 51 per cent and face a 
higher Medicare levy; and a 
20.4 per cent withholding tax 
on interest payments. 

These revenues would then 
fund a near ASShu increase in 
expenditures, with much of the 
money going on social pro- 
grammes - providing work for 
the long-term unemployed, for 


example - and an infrastruc- 
ture projects. 

In many respects, the pack- 
age dovetails with the 
demands of the Labor party 
caucus and with those of the 
powerful union movement. 
This seems to ensure some 
support within Labor’s own 
ranks. The package also 
includes some corporate “car- 
rots” which might appeal to 
smaller businesses. 

The two Green senators are 
more radical atm. They ques- 
tion the desirability of pursu- 


ing economic growth at all. 
“There are very strong argu- 
ments that in high-lncome 
countries such as Australia, 
economic growth does not con- 
tribute to improved quality of 
life," they suggest 

This philosophical difference 
a si de , the Greens' package has 
similarities with that of the 
Democrats - namely, higher 
taxes on top earners, a corpo- 
rate tax floor, and a carbon- 
based energy tax. 

Mr Willis, perhaps wisely, 
has offered only sketchy infor- 
mation on the budget plans 
ami has committed himself to 
little beyond his predecessor’s 
deficit reduction targets. 


According to four-page “fis- 
cal framework” document 
which set off the negotiation 
process, the aim is to have the 
1994-95 deficit stand at just 
under 3 per cent of gross 
domestic product. Priority 
measures will include help for 
the long-term unemployed, 
industry and regional develop- 
ment and implementation of 
the Native Title legislation. 

Government ministers have 
also played down the imposi- 
tion of new taxes, although 
failing to rule out the possibil- 
ity. 

It is true that Australia's 
strong economic performance 
in the last quarter or 1993 
would seem to provide Mr Wil- 
lis with some latitude. But gov- 
ernment critics note signifi- 
cant lingering weaknesses. The 
4 per cent GDP growth last 
year was largely due to an 
uptick in personal consump- 
tion, the con tinuing surge in 
housing expenditure, and a 
strong export performance. 
Business investment, by con- 
trast, was flat in the final quar- 
ter and down by more than 12 
per cent year-on-year. 

With the need to ensure that 
growth picks up steadily and 
does not result in a sudden 
import surge, the treasurer 
cannot afford measures which 
risk either price stability or the 
low interest rate regime. 

The big question, then, is 
how hard the minor parties 


will push the d emands - and 
what sticks the government 
can wield to keep their 
demands in check. Already. Mr 
Keating has lashed out at the 
“unrepresentative" nature of 
the Senate, and talked of 
changing the system by which 
senators are elected- fit is cur- 
rently a proportional represen- 
tation system based on the 


country’s individual states.). 

Such amove would be highly 
contentious, particularly since 
the Democrats are generally 
judged to have used their mar- 
ginal power astutely. But such 
threats intensify pressure on 
the minor parties. It is heady 
mixture of bluff and bluster, 
and is likely to dominate Can- 
berra for several months. 


By John Burton in Seoul 

South Korea and Chinn 
yesterday agreed to cooperate 
in the development and pro- 
duction of cars, aircraft, tele- 
communications equipment 
and high-definition television 
under an industrial pact signed 
during President Kim Young- 
sam's visit to Beuing. 

South Korea has been 
eagerly seeking Chinese eco- 
nomic co-operation, believing 
that China's abundant and 
cheap labour. natural 
resources and technology com- 
plement Korea's strengths in 
finance and production meth- 
ods. 

The combined resources of 
the two nations "will produce 
great results,” Mr Kim said. 

Korean officials believe 
industrial links will help open 
up the large Chinese market to 
Korean products and gain Chi- 
nese support for the marketing 
of jointly produced high-tech- 
nology products in other devel- 
oping countries. 

A main area of co-operation 
will be the aircraft sector. 
Seoul plans to finance the 
development of a 100-seat air- 
liner by the year 2000 that will 
use Chinese aerospace technol- 
ogy, which is considered more 
advanced than Korea's. Sam- 
sung and Daewoo have already 
signed preliminary agreements 
with Aviation Industries of 
China. 

The aircraft project is to take 
advantage of an expected 
increase in demand for 
regional airliners in the two 
countries in the next decade. 

The agreement on car pro- 
duction will open the way for 
Korea’s three main motor com- 
panies - Hyundai, Kia and 
Daewoo - to establish joint 
venture production facilities in 
China within two to three 
years. 

The Korean car companies 
view China as an inexpensive 
manufacturing site and a 
potentially large market for 
vehicles. Korean carmakers 
will initially have to produce 
automotive parts with Chinese 
partners before being permit- 
ted to assemble vehicles. 


In telecommunications. 
South Korea will adapt ver- 
sions of its TDX automatic 
telephone exchange system for 
both rural and urban networks 
in China. 

The two nations also plan 
joint development of HDTV, 
facsimile machines and large 
colour television sets. 

Co-operation in the four tech- 
nology sectors will be super- 
vised by a new bilateral indus- 
trial committee, which may 
eventually promote links in 
other areas, such as nuclear 
power generation and satellite 
development 

South Korea is also seeking 
orders from China's ambitious 

Seoul sees 
‘great results’ 
from combined 
resources of the 
two nations 

infrastructure project; it prom- 
ised $40m (£27.3m) in economic 
aid for the programme. Korean 
companies are hoping to win 
construction orders for electric 
power facilities and also plan 
to manage and operate existing 
nuclear power plants in China. 

President Kim asked Chinn 
to improve laws to protect for- 
eign investment, which has 
been a source of concern for 
Korean manufacturers. 

• The German airline Luft- 
hansa said yesterday it would 
train 76 Chinese air force pilots 
at its flying school in the US to 
become commercial pilots, 
Renter reports from Hong 
Kong. 

The Chinese pilots will join 
Air China, one of seven 
regional airlines that emerged 
from the breakup of the Civil 
Aviation Administration of 

China. 

Demand for air travel in 
China is so great that the coun- 
try needs to train thousands of 
new pilots in the next few 
years. 

It has one of the world’s 
worst air safety records. 


Nikki Tait looks at the open 
season for economic plans 



As far back as 1918, you could call up a friend from a moving train in 
Germany. In 1958, we launched our so-called “A” mobile telephone network. 
With the introduction of our “B" network in 1972, we also brought in sub- 
scriber direct-dialling. In 1985, our “C” network became fully operational: 
with a subscriber base of 850,000, it is one of the most successful analogue 

networks in the world today. 

In other words, Telekom has an enviable track record in mobile systems, 
r— , iV So it’s only logical that, together with other European telecoms 
companies, we developed today’s leading worldwide standard 
KL :! ftS&S for digital mobile communications - GSM (Global System for 
SSiiSSSil Mobile Communications). Naturally, GSM is also the basis for 
Kfjjjgg® Telekom’s own D1 digital network. 

fcttizi-sHr* Telekom’s D1 sets new standards in overall quality, transmission 
security, capacity and service. By the end of 1993, D1 will already 
provide coverage for almost all of Germany. 

Thanks to the GSM concept of international standardisation, 


you can already use your D1 phonecard in many European countries. 
And, of course, you yourself can always be contacted in those countries 
under your personal D1 phone number. But it doesn’t matter in which of 
these countries you find yourself, or in which GSM-compatible system you 
insert your D1 card, you’ll always 
benefit from the fact that Telekom 
has put all its wide-ranging exper- 
tise and its comprehensive mobile 
communications know-how into the 
development of GSM. 


Telecommunications 



made in Germany. 


\Vr3 tre i 

V •.* -.1^. i L Lwvl k — ■ 



a; e 


B Xt 


•f g; 1 


ei: 








6 


NEWS: THE AMERICAS 


FINANCIAL TIMES TUESDAY MARCH 29 199* 


Congress budget office puts the squeeze on Nasa 


By George Graham in Washington 

US space officials breathed a sigh of 
relief when Congress last year 
spared the life of the space station 
by a single vote. 

Their hopes that the vote would be 
the la.st hurdle for the redesigned 
station are, however, turning out to 
have been premature. 

Fitting the space station into the 
oven!! budget of the National Aero- 
nautics and Space Administration is 
once again proving to he a hard task. 

The Congressional Budget Office. 


Congress’s independent fiscal watch- 
dog. warned last week that Nasa 
faces certain failure in its efforts to 
fund the space station within a bud- 
get that has been trimmed to S14.3bn 
for next fiscal year and is scheduled 
to stay below $14.6bn until the end 
of the century. 

‘The attempt to fit a programme 
that was projected to cost more than 
$20bn a year in the late 1990s into an 
annual budget of $l4bn risks delay, 
mission failure and the loss of antici- 
pated benefits," the budget office 
said. 


The office suggested that Nasa 
could live on a $14.3bn budget if it 
concentrated only on manned space 
flight. Including the space station 
and planning for eventual piloted 
missions to the moon and Mars. 

That would mean slashing back 
astronomy and physics missions, 
including the Hubble space telescope 
and the planned Earth Observation 
System. 

Alternatively, the budget office 
suggested an Sllbn-a-year pro- 
gramme that would still conduct 
four shuttle flights a year, but con- 


centrate on robot missions, eliminat- 
ing the space station and moon pro- 
jects. 

Mr Daniel Goldin, Nasa’s head, 
slammed the budget office report as 
“defeatist," saying It would destroy 
the essential balance between space 
flight, science and aeronautics in the 
agency’s missions. 

But even some staunch Nasa sup- 
porters in Congress have been 
pushed to the brink. 

Congressman George Brown of 
California, chairman of the House of 
Representatives science, space and 


technology committee, warned that 
the space programme was "In seri- 
ous trouble". 

He warned that if Nasa’s budget 
were cut any further below the 
$14^bn sought by the administra- 
tion, be would be compelled to vote 
against the space station. 

Mr Brown is also concerned that 
the new space station plans may 
depend too much on a contribution 
from Russia. 

Tin in favour of co-operating with 
the Russians. But I don't favour co- 
operating with them to the extent 


that they could endanger the whole 
project by failing to meet their com- 
mitments," he said. 

European partners in the space 
station, meanwhile, are extremely 
hesitant about committing more 
resources to the project, because of 
the repeated changes in US plans. 

"European confidence in the US- 
led space station is at an all-time 
low," Congressman James Sensen- 
brenner, the senior Republican 
spokesman on space issues, said 
after a tour of European space cen- 
tres. 


Colosio plot 
rumours grow 
in Mexico 



A track sits in a swimming pool (left) hi Alabama, while neighbours help move belongings from a destroyed Georgia house ap 

Storms kill 42 in southern states 


By Damian Fraser 
in Mexico City 

Speculation is mounting in the 
Mexican press tbat last week's 
murder of leading presidential 
candidate Mr Luis Donaldo 
Colosio was planned by subver- 
sive organisations or even 
hard-line members of his own 
party - . 

“Colosio. victim of a plot” 
was the front page headline in 
yesterday's E! Universal news- 
paper. The newspaper offered 
little in the way of conclusive 
evidence to support the story. 

El Universal based its head- 
line on reports, confirmed by a 
government official, that Mr 
Tranquilino Sanchez Vega, a 
security guard hired by the rul- 
ing Institutional Revolutionary 
party in Tijuana, the scene of 
the murder, had been detained 
for questioning. Mr Sanchez 
was held after photographs 
appeared indicating he might 
have helped the assassin gain 
access to Mr Colosio. 

The photographs are any- 
thing but conclusive. The 
report, along with suggestions 
Mr Colosio may have been shot 
with two guns, and not with 
one as the attorney-general has 
reported, were enough to spark 
off a new round of rumours. El 
Universal, a respected broad- 
sheet is usually supportive of 
the government. 

A government official denied 


Mr Colosio was killed by more 
than one person, and said 
scores of witnesses believed 
there bad been just one assas- 
sin. He said Mr Sanchez had no 
link with official security for 
Mr Colosio and was hired by 
local PR1 officials to control 
crowds. 

Mexico has been awash with 
rumours that Mr Colosio was 
murdered by his enemies or 
those who stood to gain from 
his removal ever since Wednes- 
day's assassination. Evidence 
to support the conspiracy the- 
ory is thin, but widespread 
lack of trust in the government 
and police has allowed the 
rumours to gain currency. 

One theory is Mr Mario 
Aburto, Mr Colosio 's confessed 
assassin, is linked to subver- 
sive groups. Ms Graciel Gonz- 
alez, Mr Aburto's 16-year-old 
girlfriend, told authorities, 
according to El Universal, that 
Mr Aburto had spent several 
weeks in the southern state of 
Chiapas before and after the 
New Year armed uprising 
there, and was sympathetic to 
the Zapatista rebels. 

An alternative view, sub- 
scribed to by the Zapatistas, is 
that the murder was planned 
by so-called dinosaurs (hard- 
liners against democratic 
reforms) in the PRI who oppose 
the reformist wing in the party 
represented by Mr Colosio. 


Mondale 

reassures 

Japanese 

By Emiko Terazono in Tokyo 

Mr Walter Mondale, US 
ambassador to Japan, yester- 
day attempted to quell Japa- 
nese anxiety over the shooting 
of two Japanese college stu- 
dents in a Los Angeles suburb 
over the weekend. The two 
died on Sunday. 

Mr Taknma Ito and Mr Go 
Ma tsnura, a Japanese Ameri- 
can, were each shot in the 
head by a gunman daring a 
car hijacking outside a super- 
market last Friday. 

The shootings, the latest 
incidents of violence involving 
Japanese in the US, have 
sparked a public outcry in 
Japan. In October 1992 a 16- 
year-old exchange student was 
shot dead after going to the 
wrong house looking for a Hal- 
lowe’en party. 

Over 3m Japanese travel to 
the US every year, including 
50.000 who go there to study 
in American schools. Mr Mon- 
dale said he hoped the incident 
would not discourage Japanese 
from visiting the US. 

“Most everyone lives a safe 
and fulfilling life in the United 
States and are untouched 
by such horrible criminal 
behaviour." 

He said tire recent Viffing s 
were tragic from every stand- 
point. including the feet that 
they gave an "entirely dis- 
torted picture of life in the 
US," adding that violent inci- 
dents had never happened to 
him although he had lived and 
travelled extensively around 
the country. 


A series of tornadoes and 
violent thunderstorms that 
ripped through five southern 
states killed at least 42 people, 
injured some 250 and damaged 
scores of rural communities, 
officials said yesterday, Reuter 
reports from Atlanta. 

The worst death toll was in 
the north-east Alabama town 
or Piedmont, where a tornado 
slammed into the Goshen 
United Methodist Church dur- 
ing a Palm Sunday service. 


devastating the brick struc- 
ture with about 140 worship- 
pers inside 

Authorities said 19 people 
died from injuries received 
when the church’s roof col- 
lapsed. 

Another man died along a 
highway near the church when 
file tornado ripped a telephone 
pole from the ground and 
drove it through Us van. 

Police reported two other 
dRathg in Alabama, including 


a woman who died along the 
Coosa River near the town of 
Ragland, where a tornado 
destroyed several houses and 
mobile homes and severely 
damaged another church. 

Another 16 people died in 
Georgia and more than 100 
were injured in severe storms 
and tornadoes which blasted 
several rural communities on 
Sunday afternoon. 

By yesterday morning an 
estimated 7,000 people were 


still without power in north- 
ern sections of the state. Thir- 
teen shelters had been opened 
to care for the homeless, while 
utility workers struggled with 
broken power lines and 
washed-ont roads. 

Georgia Governor Zell 
Miller, who pledged to visit 
the hardest hit areas of Us 
state by helicopter yesterday, 
said that he would request fed- 
eral assistance for storm vic- 
tims. 


Argentina 
pensions 
squall 
blows up 

By John Barham 
in Buenos Aires 

The president of Argentina's 
securities commission has 
refased to accept government 
demands that he resign after 
criticising a proposal by the 
US investment banks CS First 
Boston and Merrill Lynch to 
handle share sales for the 
country's pensioners. 

Mr Martin Redrado, presi- 
dent of the CNV securities 
commission, said a proposal 
by the two companies to sell 
an estimated $720m worth of 
shares in YPF, the privatised 
oQ company, was against the 
interests of the pensioners. "I 
am not resigning." Mr 
R edr ad o said yesterday. T am 
defending disclosure and pro- 
tecting investors and the inde- 
pendence a regulator needs to 
have in a credible market" 

His tenure is guaranteed by 
law until 1996, he added, and 
challenged the government to 
remove him . Charges proposed 
by the two banks, 3.75 per cent 
commission pins a 50 cent dis- 
count on the YPF share price 
in New York, were excessive, 
Mr Redrado declared. He 
demanded the pensioners 
should be be offered a better 
deaL 

An economy ministry offi- 
cial said: "Redrado should 
[respect] government policies. 
Someone who does not agree 
with the government's policies 
should leave.” Neither First 
Boston nor Merrill Lynch 
would comment on the issue. 

Merrill Lynch and First Bos- 
ton underwrote the $3.04bn 
sale of 45 per cent of YPF in 
last year's privatisation. 

As part of the privatisation, 
pensioners were offered an 
option of swapping govern- 
ment bonds into YPF stock but 
were required to retain the 
shares for at least one year. 

About 96,000 pensioners 
hold 30m YPF shares with a 
market value of S720m. As 
part the privatisation, Merrill 
Lynch and First Boston retain 
the right of first refusal in 
handling the transaction. 

The Redrado affair has come 
as a great embarrassment for 
the government 




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DGB4NKC* 




What recession? 


During 1993, 850,000 passengers 
flew Air UK from London Stansted, a 
yearly increase of 18%. 

Our routes to Dusseldorf, Paris and 
Scottish airports have been particularly 
successful. 

The routes to Schiphol (providing 
long haul transfer connections via our 
partner KLM) are up 17%. 

And we now fly to 17 hand picked 
international destinations covering 
Europe’s major business centres. 

In other words, we’re healthy 
and flourishing when other airlines 
haven’t even got as far as the green 


shoots of recovery. 

Time for some profit taking perhaps? 

Get rich while the flying is good? 

On the contrary. 

We’ve invested $300 million in new 
Fokker aircraft. Indeed, with our Fokker 
100s we have obtained blind landing 
capability in record time. 

We’re opening new routes from 
London Stansted. To Munich, to 
Copenhagen, to Belfast. 

We’re increasing the number of 
daily flights to Paris, Amsterdam and 
Dusseldorf. 

And closer to home, we now have 


increased capacity between Scotland 
and Stansted. 

But how is this possible, this inversion 
of a recessive global economic trend? 

Perhaps there’s a clue in our slogan, 
4 A more intelligent approach.’ 

No empty advertisingese this. 

We listen to our passengers and 
actually respond, they reward us with 
their loyalty and the custom of their 
friends and colleagues. 

There are not many other airlines 
who can say that. 

Then again, perhaps they’ve been 
too busy talking recession? 



I 


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'AirlK 



* FOR MORE DETAILS PLEASE CONTACT YOUR TRAVEL AGENT OR CALL AIR UK ON 03 <5 666777. 


A MORE INTELLIGENT APPROACH. 







FINANCIAL TIMES TUESDAY MARCH 29 1994 


./ 


8 


s Brussels challenges 
'Bonn over telecoms 


By Guy de Jonquldres tn 
London and Nancy Dunne 
In Washington 

The European Commission has 
increased pressure on Bonn to 
stop dealing bilaterally with 
m • the US on the opening of the 
German telecommunications 
,Si ‘ market, by formally challeng- 
C01 mg Germany’s legal eompli- 
i* n ance with the EU's directive on 
■{* public procurement. 

™' The challenge is spelled out 
sn< in a letter sent last week to Mr 
^ Gunter Rexrodt. the German 
° n economics minister, by Sir 
Leon Brit tan and Mr Raniero 
| Vanni d'Archirafi, the trade 
^ and internal market commis- 
du ‘ sioners. 

F al The letter questions whether 
lRl the four-year-old directive has 
been fully enacted in German 
mc law and asks Mr Rexrodt for 
n,c swift clar ifi cation. Brussels 
officials said that if they 
[[“ received no satisfactory reply 
Ho by early next month, they 
j" would consider starting legal 
vv * action against Germany for 
& failure to meet EU obligations. 

Economics ministry officials 
Dat in Bonn said they hoped to set- 


tle amicably their differences 
with the commission. These 
were sparked when the US 
dropped trade sanctions 
against Germany last mouth, 
after Bonn indicated it would 
not apply Article 29 of the EU 
public procurement directive. 

This gives European bidders 
for public contracts a 3 per 
cent price preference and 
allows tenders with less than 
50 per cent local content to be 
ignored. The US and Germany 
say the directive Is overridden 
by a 1954 “friendship agree- 
ment" between them, but Brus- 
sels suspects Washington of 
using the issue to undermine 
EU cohesion. 

The Commission's tougher 
stance coincides with growing 
signs that the fate of separate 
US and EU negotiations on lib- 
eralising public procurement 
may hinge on talks at next 
month's ministerial meeting of 
the General Agreement on Tar- 
iffs and Trade in Marrakesh. 

Though talks in Washington 
last week achieved some prog- 
ress, stalemate persists over 
EU de man ds that the US repeal 
Buy American laws in 


exchange for opening Euro- 
pean telecommunications and 
power equipment markets fully 
to US bidders. 

Nonetheless, there appears 
to be growing optimism in 
Brussels that the EU has 
wrested the initiative in the 
negotiations - and some useful 
concessions - from the US, 
where trade officials sound 
increasingly defensive. 

Among the concessions is an 
offer by Washington, to raise 
from 24 to 36 the number of 
states ready to open public pro- 
curement to international com- 
petition. 

"The EU has been waging 
this continued attack on the 
whole range of US preference 
programmes," a US trade nego- 
tiator said yesterday. 

EU confidence has also been 
buoyed by US acceptance of a 
recent jointly-commissioned 
study by consultants Touche 
Ross. It found, contrary to ear- 
lier US c laims , that the dollar 
value of the two sides’ offers to 
liberalise procurement markets 
is broadly in balance. 

The bilateral talks are due to 
resume in Brussels next week. 


“Sl 

iss 

sai 

the 

tio 


Car groups open door 
to foreign purchases 


By Paul Abrahams 

Japan's biggest car companies 
committed themselves yester- 
day to increasing output over- 
seas, lifting local content of 
vehicles made abroad and 
importing more foreign compo- 
nents for domestic manufac- 
ture. Three groups now have 
unveiled schemes and two 
more are expected to do so 
soon. 

The programmes already 
announced should raise 
imports by up to $4bn a year 
by 1997. They are designed to 
help reduce US-Japan trade 
tension. The voluntary mea- 
sures follow sustained pressure 
from Washington on Japan to 
reduce its record trade surplus. 
The Japanese government has 
insisted it was unable to influ- 


ence private sector decisions. 

Toyota, Japan's biggest 
vehicle group, said it planned 
to double overseas output by 
the end of 1996 from 890,000 
vehicles In 1993. This would 
include doubling capacity at its 
US plant to 400,000 units, and 
from 37.000 in 1993 to 100,000 
units this year in the UK. 

The company said it expec- 
ted to increase the value of 
overseas parts and materials 
used by the group worldwide 
from $03bn in 1992 to $9.7bn by 
1997. It also expected to raise 
the level of US parts from 
J4.43bn in the 1992 financial 
year to $6.45bn In 1996. 

Mitsubishi said it would 
reduce the number of cars 
made in Japan for export from 
600.000 in 1993 to 550,000 in 
1997. Local content of its Illin- 


ois plant would increase from 
about 70 per cent currently to 
more than 80 per cent in 1996. 

The group said it hoped to 
increase the value of local 
parts used at its US factory 
from $650m to up to $1.63bn by 
1996. But it said the target was 
achievable only if US suppliers 
became more competitive and 
if the group could raise produc- 
tion from 140.000 vehicles in 
1993 to 210.000 units in 1996. It 
hoped to increase imports of 
foreign parts from $680m In 
1993 to $87Qm in 1996. 

Last week Nissan announced 
it would increase purchases of 
US parts from $3.7bn in the 
financial year to March 1995 to 
$4.3bn in the year to March 
1998. Similar undertakings are 
expected from Honda and 
Mazda by the end of the week. 


NEWS: WORLD TRADE 


( 

» 


Row over 
worker 
rights 
feared 

By Frances WBEarns in Geneva 

The US and developing 
countries were yesterday on a 
collision coarse over Washing- 
ton's demand for worker 
rights to go on the agenda for 
world trade talks. 

After again failing to win 
support for their cause at a 
mggting of top trade negotia- 
tors in Geneva, US officials 
said they would continue to 
press the issue when ministers 
from more than 120 nations 
meet next month in Marrakesh 
to sign the Uruguay Round 
trade accords. This, many 
countries tear, could lead to a 
full-scale row at a meeting 
intended to underscore har- 
mony and set the tone for 
increased global economic 
co-operation. 

The US wants wording in 
the draft ministerial declara- 
tion urging the new World 
Trade Organisation, which 
wffl succeed Gatt next year, to 
give “early consideration" to 
the relationship between 
“internationally recognised 
labour standards” and the 
world trading system. 

Barring a sodden change of 
heart before tomorrow, when 
negotiators meet formally to 
approve the Marrakesh docu- 
ments, there will be no agreed 
declaration for endorsement 
by ministers. Washington is 
also blocking approval of a 
draft decision setting up a 
WTO preparatory committee 
unless the committee is j 
empowered to discuss worker 1 
rights and other new issues. 

Speaking yesterday on 
behalf of the informal group of 
developing countries, Mr Lniz 
Felipe Lampreia, Brazil’s Gatt 
ambassador, rejected the US 
move as “not acceptable”. 
Labour standards were a mat- 
ter for individual govern- 
ments; attempts to link them 
to trade could result in protec- 
tionist measures which would 
jeopardise rather than 
enhance efforts to raise wages 
and social conditions. 

Even those sympathetic to 
the US cause have refused to 
back it over the ministerial 
declaration, preferring a less 
confrontational approach. 


Coded warning to pirates 

Michael Skapinker on plans to curb counterfeit CDs 



O n a trip to Dubai ear- 
lier this year. Mr Mike 
Edwards went shop- 
! ping for counterfeit compact 
discs. 

Mr Edwards, operations 
director of the International 
Federation of the Phono- 
graphic Industry, picked up 
pirate CDs by Elton John, 
Guns N* Roses and Bryan 
Adams. He believes the coun- 
terfeiter was based in Taiwan 
and that the CDs were made in 
China. The IFPI. along with 
Philips, the Dutch electronics 
group, has proposed that all 
legitimate CD factories mark 
their products with a code in 
an attempt to track down the 
pirates. The four-digit code 
would tell customs officers 
where the CD was manufac- 
tured. 

The IFPI, which represents 
music companies worldwide, 
has long complained about 
pirate recordings of cassettes. 
Counterfeit cassettes were, 
however, usually of low quality 
and easy to Identify whereas 
pirate CDs are as good as the 
ori ginal. 

The counterfeiting of CDs 
has been made easier by the 
growth in the number of manu- 
facturing facilities. 

The IFPI says there are 209 
compact disc factories world- 
wide, with a combined annual 
production capacity of 2bn 
CDs. This is twice the number 
of legitimate CDs sold last 
year. 

In China, where the IFPI 
believes a sizeable proportion 
of counterfeit manufacturing 
occurs, there are 26 CD plants. 
Two years ago, there were 
three. The US has been press- 
ing the Chinese authorities to 
crack down on all forms of 
commercial piracy and the 
IFPI says it has received assur- 
ances from China that it will 


act against CD piracy. 

An estimated 37.5m pirate 
CDs were sold worldwide in 
1992. 50 per cent up on 1991 
while the IFPI believes last 
year’s increase was even big- 
ger. Pirate CDs generally sell 
at the same price as legitimate 
discs and the industry esti- 
mates that it lost more than 
8400m in 1992 through CD 
piracy. 

Unlike cassette pirates, who 
often confine their activities to 
their own countries, CD coun- 
terfeiting crosses national bor- 
ders. A CD pirate in one coun- 
try ran order from a factory in 
a second and have the products 
shipped to a third without ever 
taking physical possession of 
the CDs. 

Mr Edwards says companies 


in the film, computer and pub- 
lishing industries are increas- 
ingly turning to CD technology 
as a vehicle for their products 
and they too will fall victim to 
piracy. 

He says: “The CD counter- 
feiting problem is growing. We 
are sitting on a time bomb 
which could stop the multime- 
dia revolution dead in its 
tracks. The record industry 
will not be the only casualty. 
Computer software, movies, 
video games, books - all of 
these are under threat” 

The codes which the music 
industry hopes will limit 
piracy are allocated by Philips, 
which holds several of the 
patent rights for the CD manu- 
facturing process. The IFPI 
says close to 40 factories world- 


wide have so far been allocated 
codes known as Source Identi- 
fication Codes. 

The factories place the codes 
on the reflective inner ring on 
the underside of the CD. Ms 
F nnkazi Koroye-Crooks, an 
IFPI legal adviser, says the 
code’s position was chosen 
because it is difficult to place 
without interfering with the 
other date held on the CD and 
it requires expertise on the 
part of the manufacturer. 

Each production line in a CD 
factory has its own code 
engraved on the mould to iden- 
tify the origin of the master 
recording and where the CD 
was manufactured. 

Ms Koroye-Crooks admits 
there is nothing to stop a fac- 
tory engraving another plant's 
code on its mould and that the 
cost of doing so is only 
between £80 and £300 per 
mould, even though it takes 
s o r pp timp to adapt the produc- 
tion equipment 

Ms Koroye-Crooks believes it 
is more likely that counterfeit 
manufacturers will leave the 
code off CDs altogether. Even 
plants with legitimate codes 
could keep one unengraved 
mould for counterfeiting pur- 
poses. 

For this reason, the IFPI says 
that the code needs to be 
backed by legislative action. 
Ideally, this would take the 
form of an international treaty 
sponsored by the World Intel- 
lectual Property Organisation, 
a United Nations agency. 

Even in the absence of such 
a treaty, the IFPI says the US 
and the European Union could 
taka affective action to limi t 
CD piracy. If they were to 
malm it illegal to manufacture 
imported discs which did not 
carry the code, this would 
close off 60 per cent of the 
world market to pirated CDs. 


India approves US computer ventures 


India has allowed the US-based 
Sprint International and SPSS 
to set up local ventures, a gov- 
ernment statement said, Reu- 
ter reports from New Delhi 
It said Sprint would form a 
joint venture with the local 
RPG Group to develop software 
and provide electronic mail 
services in Tndfq 


The RPG group, among the 
largest Indian industrial con- 
glomerates, has its main inter- 
ests in tyres and power. 

SPSS has been allowed to set 
up a 100 per cent subsidiary to 
manufacture and market its 
entire range of software pre- 
sentation and data analysis 
products. 


The US company plans to 
make India an export base for 
supplies to all south Asian 
countries. It will set up 10 
regional support centres to pro- 
vide terhninal support 
The two projects were among 
the 27 cleared by India's 
empowered committee on for- 
eign investment 


The 27 projects, with invest- 
ments of Rslbn (832m), have 
projected export earnings of 
Rs8bn over the next five years. 

Britain's Stena Offshore, a 
global sub-sea contractor and 
unit of Sweden's privately- 
owned Stena AB, also won 
approval to set up a 100 per 
cent subsidiary. 





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INTERNATIONAL ECONOMIC INDICATORS: PRODUCTION AND EMPLOYMENT 


Yearly data lor ratal sales vofcjma and industrial production plus al data fcx the vacancy rate indicator ana H Max form wNh 1905-100. Quarterly and monthly data tor rata* sak» 
and Industrial production show tha percent&QB ctonga over the conwpancfcig period fa the prevtauj yoar. and am paadtw unless athbrwtae stated. The unemptaymertt rate h shown 
h a pereantags of the total labor farce. Figures far the c»qpaaite loading hxflcator are end-portod value*. 



■ UNITED STATES 

MU UQaop- 

oM laMriS l.j nr 

tens mtoteiu nta 

m 

■ JAPAN 

Qteptete MU 

Mtog ten 1 rim M 

Mate Mf» miSuatn 

jbtej 

Vmty 

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Meter 

CUipiite 

Mfa« 

■ GERMANY 
ms 

eaten untecOaa 

OMte- 

iBinete 

■te 

tee-qr 

ate 

Mate 

depute 

MAS 

1985 

100.0 

1000 

7.1 

100.0 

102-4 

1003 

1002 

22 

1000 

972 

1002 

1002 

7.1 

100.0 

105.1 

1968 

105.5 

1009 

6-9 

950 

107.1 

1055 

99.7 

22 

943 

1050 

1054 

1022 

54 

1354 

1050 

1957 

108.4 

106.0 

01 

1052 

1082 

1132 

103.1 

22 

1083 

1152 

107.4 

102.6 

62 

1454 

1051 

1988 

112.6 

1107 

5.4 

1051 

1122 

1222 

113.1 

22 

1352 

199.1 

1103 

1063 

62 

1642 

1122 

1989 

115.8 

112.4 

52 

993 

1102 

1325 

119.7 

22 

1473 

1252 

114.1 

1112 

52 

2157 

1151 

1990 

1155 

112-4 

5.4 

842 

1053 

141.6 

1243 

2.1 

1493 

1226 

1232 

1172 

42 

281.1 

1157 

1991 

114*2 

1105 

6.6 

622 

111.7 

144.6 

1262 

Z1 

1442 

1203 

1302 

1202 

42 

270.7 

1123 

1992 

1175 

112.9 

72 

603 

1182 

1392 

1192 

2.1 

1242 

119.7 

127.7 

1192 

42 

2802 

1062 

1993 

1235 

117.6 

8.7 

653 

1222 

1320 

1132 

22 

1062 

188 2 

1254 

111.0 

52 

1958 

1132 

1st qtr.1993 

3.7 

4.4 

09 

62.4 

117.8 

-52 

-51 

23 

1155 

123.1 

-4.7 

-92 

53 

213 A 

1062 

2nd qtr.1993 

5-3 

3.8 

6-9 

63.7 

1172 

-62 

-43 

2j4 

1062 

1242 

-33 

-52 

52 

2083 

109.0 

3rd qtr.1993 

5-9 

42 

57 

650 

1192 

-6.1 

-32 

22 

1013 

125.9 

-22 

-63 

53 

1932 

1122 

4th qtr.1993 

53 

4.3 

5 A 

68.4 

1222 

-07 

-42 

2.7 

101.0 _ 

1252 

-S3 

-23 

63 

1755 

1132 

Mach 1993 

30 

42 

62 

622 

117.8 

-82 

-22 

23 

1232 

123.1 

-22 

-82 

53 

2112 

1058 

Aprfl 

4.7 

3-9 

59 

622 

1172 

-63 

-4.1 

23 

1093 

124.4 

-22 

-58 

52 

211.8 

1073 

May 

02 

3X1 

62 

6S.1 

1172 

-40 

-42 

22 

1026 

124.8 

-62 

-83 

52 

2072 

1073 

Jwie 

an 

40 

08 

63.1 

1172 

-62 

-42 

22 

1054 

124 JB 

-3.6 

-7.4 

57 

2052 

1092 

Jufy 

51 

30 

6.7 

056 

1172 

-52 

-42 

22 

1002 

1242 

-30 

-72 

52 

202.7 

1093 

August 

6X1 

4.3 

57 

657 

1182 

-4.1 

-22 

22 

1033 

1252 

-02 

-S3 

53 

194.5 

1112 

September 

55 

4A 

82 

652 

1192 

-52 

-4 A 

22 

09.9 

1253 

-1.9 

-5.7 

51 

183.7 

112.0 

October 

5.7 

41 

56 

655 

120.6 

-52 

-56 

2.7 

883 

126.1 

-32 

-4,1 

62 

1733 

1122 

November 

8.0 

42 

54 

659 

1222 

-73 

-32 

27 

1042 

1252 

-51 

-32 

53 

174.7 

1132 

December 

50 

4.6 

53 

707 

1228 

-42 

-42 

28 

1024 

1282 

-82 

-08 

63 

1782 


January 1994 


42 

56 

87.4 

1227 


-3.0 

2.7 


1273 

03 

-02 

54 

1873 

1142 

February 


4.7 

54 











1963 



■ FRANCE 


■ ITALY 


■ UNITED KINGDOM 


1002 

1002 

103 

1002 

102.0 

1002 

1000 

82 

1057 

1002 

1000 

112 

1002 

1023 

1986 

ICG. 4 

101.1 

10.4 

1072 

1092 

1058 

104.1 

104 

1106 

1053 

102.4 

112 

1151 

1053 


1043 

103.1 

102 

117.7 

1082 

1151 

1062 

103 

112.7 

1107 

1063 

103 

1412 

110.4 


1073 

1073 

150 

1343 

1132 

1073 

1142 

103 

117.0 

1173 

111.8 

56 

144.9 

1057 

1988 

1092 

1113 

9.4 

161.1 

1132 

1163 

1157 

10.9 

1152 

1201 

114.0 

72 

124.7 



110.1 

1123 

59 

1632 

1063 

114.4 

1150 

103 

1112 

121.1 

1157 

62 

951 

104.1 


108.7 

1132 

54 

127.7 

109.6 

1112 

1154 

92 

1143 

1193 

1092 

8.7 

683 

1082 


1083 

1132 

104 

111.4 

1073 

116.9 

1132 

92 

111.1 

1203 

1057 

93 

70.1 

1133 


109.4 

1093 

11.7 

858 

1102 


1107 

102 

1213 

124.7 

1113 

103 

773 

1222 

1993 

0.1 

-33 

11.1 

962 

1062 

13 

-43 

9.1 

1133 

32 

13 

103 

757 



1.1 

-3.8 

113 

91.6 

1073 


-4.0 

107 

1142 

50 

57 

103 

742 

1163 


03 

-23 

113 

852 

1054 


-12 

103 

1155 

58 

22 

10.4 

77.4 

1203 


03 

-12 

12 2 

854 

1102 


-0 A 

10.7 

1213 

32 

3.1 

10.0 

84.0 

1222 

4th qtr.1993 


4.3 

1.1 

-3.1 

53 

1-8 

-as 

2.1 

- 1.8 

2-2 

-03 

0.5 


- 2.8 

-4.3 

-3J3 

-54 

-23 

-an 

-32 

-4.5 

-0.3 

ai 


11J 

11.4 

11.5 

11.6 
11.8 
11.9 
12.0 
12.1 
12.2 
122 
122 


96.0 
9&n 

89.1 

oin 

83-9 

804 

808 

83-7 

85-2 

872 


1002 

106.9 

107.9 
107.5 
107.1 
107.5 
1004 
1092 
1102 
1108 
1103 

HI-8 


07 

13 

-90 


-4.7 

-06 

-4j8 

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04 

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1.5 


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113.3 
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2.7 

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3.9 

4.4 

3.6 

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02 

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44 

2.7 

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10.4 

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103 

103 

104 
104 
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102 
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9-9 

9.9 


75.0 

75.0 
702 
740 

77.1 

77.8 
770 
82.0 

84.9 

85.1 
852 
854 


1160 

116.6 

116.7 
1162 

117.8 
1101 
1202 
1207 
121 J3 
122.0 

122.8 


April 

May 

June 
July 
August 
September 
October 
November 
December 
1904 tommy 
Unary 


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3 



FINANCIAL TIMES TUESDAY MARCH 29 1994 


9 


NEWS: UK 


Air traffic control privatisation step 


By Paul Bette, 

Aerospace Correspondent 

The UK. government is 
expected to press forward later 
(his week with its proposal to 
privatise the National Air Traf- 
fic Services of the Civil Avia- 
tion Authority. 

This would enable the CAA 
to tap the financial markets to 
help fund its £400 m long term 
plans for air traffic control 
modernisation and an improve- 


ment programme. 

The government annnnnpod 
its intention of privatising air 
traffic control services in its 
November budget and said it 
would set up a working party 
to draw up proposals. The start 
of a consultation process ahead 
of privatisation is likely to be 
announced on Thursday. 

Air traffic control services 
employ about two-thirds of the 
7.300 people on the CAA pay- 
roll and are responsible for the 


safety and efficiency of all air 
traffic in UK air space. The 
CAA made a profit of £llm in 
its last financial year ended 
March 1993, on a turnover of 
£569m 

The CAA has already 
embarked on the construction 
of a new air traffic service cen- 
tre in Hampshire and a new 
centre is now scheduled to be 
built near Glasgow to replace 
the older facilities at Prest- 
wick. 


The new investments are 
expected to total about £40Gm 
between now and the turn of 
the century and the govern- 
ment is keen to encourage pri- 
vate funding for these projects. 

Under the proposals, the 
CAA would retain its role as a 
regulatory agency but all air 
traffic control services would 
form part of a new private 
entity. 

The authority has already 
split its air traffic control 


operations, from its regulatory 
activities and these have been 
run on an increasingly com- 
mercial basis. 

In turn, this has been 
reflected in the improvement 
in air traffic flows In and over 
the UK with average delays on 
outbound flights from the UK 
showing a 39 per cent decline 
between last year and 1992 and 
a 23 per cent decline on 
inbound flights into the UK 
during the same period. 


closer 


However, privatisation of air 
traffic control is expected to 
spark controversy over the 
future safety of these services 
in private ownership. 

Efforts to harmonise and 
unify Europe’s disparate air 
traffic control systems to 
improve efficiency, reduce 
delays and congestion in Euro- 
pean air space are also likely 
to have a significant impact on 
the longer term future of the 
UK air traffic controL 


Photocopy 

industry 

censured 


Rank-and-file sullen 
over EU vote debacle 


C onservative MPs were 
last night edging 
towards sullen accep- 
tance of the compromise over 
reforms to European Union 
voting procedures hammered 
out by EU foreign ministers in 
Greece at the weekend. 

After a bubbly 45-minute per- 
formance by Mr Douglas Hurd, 
the foreign secretary, in the 
Commons yesterday afternoon, 
it was clear that the hardcore 
Euro-sceptics still thought the 
cabinet should reject the deal. 

But the self-styled Euro-real- 
ists to the centre and centre- 
right of the party appeared to 
be steeling themselves to 
accept what they almost unani- 
mously regarded as a govern- 
ment climbdown. 

Mr Hurd’s strangely tenta- 
tive responses to MPs' ques- 
tions appeared to have con- 
vinced only a handful of the 
doubters on the virtually silent 
Conservative backbenches that 
the concessions he had secured 
were of much importance. 

Mr David Evans, the outspo- 
ken member of the executive of 
the influential 1922 committee 
of Tory rank-and-file MPs. 
summed up the mood. “I hope 
they (the cabinet] stick to their 
guns," he said. “But every- 
thing points to a giving way - 
however they wrap it up." 

Even those MPs who saw 
nothing objectionable in Sun- 
day’s deal were generally criti- 
cal of the government’s tactics, 
which had seen Mr John Major 
side very publicly with Euro- 
sceptics at prime minister's 
questions. 

to the words of Sir Nicholas 
Bonsor MP. chairman of the 
House of Commons defence 
committee: “I think the com- 
promise is probably one which 
is acceptable ... But I don’t 
think the particular stand 


David Owen and Ivor Owen ask 
Tory MPs what they think of 
Mr Douglas Hurd’s compromise 


which the government has 
taken is one that necessarily 
need have been taken in the 
circumstances.” 

Studiously avoiding giving 
any indication of what his 
recommendation to his cabinet 
colleagues will be today, Mr 
Hurd said Britain's tough nego- 
tiating position had ensured 
there would be a “root and 
branch” review of qualified 
majority voting - the system 
at the centre of the current 
row - in two years’ time. 

Asked by one Tory MP 
whether he would be prepared 
to resort to the sooalled Lux- 
embourg compromise, enshrin- 
ing Britain's right to veto EU 
legislation when it considers 
vital national interest is at 
stake, Mr Hurd gave an assur- 
ance that he would. 

The foreign secretary’s curi- 
ously offhand demeanour left 
at least one middle-of-the-road 
Tory with the strong impres- 
sion he might step down grace- 
fully at the next cabinet 
reshuffle. “I got the impression 
he was demob happy," he said. 

The Eurosceptic position was 
best articulated by Mr Bill 
Cash, the MP for Stafford, who 
argued that the cabinet should 
turn down the compromise 
because arrangements for the 
proposed review were not 
included in the accession 
treaty. 

Unless this was done, Mr 
Cash asserted, there would be 
no guarantee that Britain 
could unravel “any decision 
that had been arrived at in the 
meantime” 

Other Eurosceptics later put 


it more bluntly. The govern- 
ment should reject the deal 
“straight down the line,” said 
one. "What is more important 
- uniting the party or enlarge- 
ment? How many votes are 
there in enlargement?” 

“If John Major accepts this, I 
don't think there is any further 
useful function he can serve 
the country or (he party," said 
another. 

In the Lords, there was an 
unusually sharp exchange 
between Lord Tebbit and Bar- 
oness Chalker, with the foreign 
office minis ter attacking the 
strongly Eurosceptic former 
Conservative party chairman 
for endorsing opposition criti- 
cism of Mr Major. 

Lady Chalker said Lord Teb- 
bit - who maintained that the 
government had been “turned 
over” in the recent negotia- 
tions - “seems to put agree- 
ment with political opponents 
before loyalty to his own 
party.” 

Lord Tebbit said he agreed 
with “much that was said" by 
Lord Richard, the Labour 
leader in the Lords, and Lord 
Jenkins of HUlhead, leader of 
the Liberal Democrat peers. 

Lord Richard described the 
negotiations over the future 
size of the EU blocking minor- 
ity as “one of the most crass 
pieces of British diplomacy I 
can remember". 

Lord Jenkins condemned the 
prime minister's desperate 
attempt “to save his own skin" 
and commented on the 
“pathetic spectacle of a weak 
man trying to behave like a 
strong man”. 



Douglas Hurd before his Commons statement on EU voting 


Netherlands top location for UK investment 


By Robert Rice, 

Legal Correspondent 

Unscrupulous selling practices 
in the UK photocopier indus- 
try were condemned yesterday 
by the Office of Fair Trading. 

Sir Bryan Carsberg, director- 
general of fair trading, said a 
2 7-month investigation had 
“revealed an extraordinary 
variety of malpractices and 
excesses”. 

But he has decided against 
immediate legislation to clean 
up the industry calling instead 
for greater transparency in 
photocopier contracts. 

Business was partly to 
blame for allowing malprac- 
tices to flourish by failing to 
shop around or recognise the 
importance of photocopier con- 
tracts, he said. 

The industry had also made 
progress through trade associ- 
ations towards reducing unac- 
ceptable selling practices and 
deserved the opportunity to 
show self-regulation could 
work. 

But he warned that if prog- 
ress was not maintained be 
would use his regulatory pow- 
ers to revoke consumer credit 
licences and could refer the 
issue to the Monopolies and 
Mergers Commission. 

The decision to give self-reg- 
ulation a chance was wel- 
comed by the Finance & Leas- , 
ing Association and the ' 
Photocopier Suppliers Associa- 
tion both of which have pro- 
duced codes and guidelines. 

The Campaign to Clean Up 
Copier Contracts criticised the 
OFT report as ineffective and 
for its lack of sanctions. 

The most common problems 
identified by the OFT were 
contract periods much longer 
than the lives of equipment; 
obscure and steep escalations 
of service charges; and costly 
settlement terms - not dis- 
closed in advance - when a 
business wanted to end a con- 
tract early. 

Sir Bryan said lease and ser- 
vice-inclusive. cost-per-copy, 
contracts with an obligation to 1 
pay for a minimum volume of i 
usage, bad caused particular > 
problems. The director-general 
said be would carry out a fur- 
ther review early next year. In 
the meantime he wanted to see 
a number of improvements in 
practices. 


By Emma Tucker, 

Economics Staff 

The Netherlands was the top 
location for UK investment 
abroad in 1992, according to 
the most up to date figures on 
overseas direct investment 
In total, UK companies 
invested £S.7bn in overseas 


subsidiary and association 
companies in 1992, slightly 
lower than the amount 
invested in 1991, according to 
the Central Statistical Office. 

The European Union 
accounted for the bulk - 49 
per cent - of the investment 
an increase of 8 per cent on 
the previous year. North 


America took 14 per cent half 
the value it took in 1991. 

The largest increase in 
investment was in the rest of 
the world - mainly developing 
countries - where investment 
rose by IS per cent to account 
for 35 per cent of total out- 
ward direct investment 

The position of the Nether- 


lands as the most popular des- 
tination for UK overseas 
investment was somewhat 
overstated, said the (SO, as 
many UK companies channel 
their overseas investment ini- 
tially through holding compa- 
nies located there. 

The next country in the 
rankings was the US with 


£1.3bn, followed by Australia, 
which took £lbn. 

Direct investment into the 
UK in 1992 amounted to 
£9.2bn, an increase of £0-8bn 
on the previous year, of which 
41 per cent came from North 
America, but the figure still a 
significant reduction on the 
figures for 1989 and 1990. 


Britain in brief 



P&O may 
resume Kent 
freight ferry 

P&O European Ferries said it 
may resume ferry freight ser- 
vices from Sheerness in Kent 
to Vlisslngen in the Nether- 
lands which are dne to close in 
May. 

P&O has acquired two new 
33,000 tonne ferries from the 
German Olau line, which is 
closing its Sheenness passen- 
ger and freight operation. The 
Olau Hollandia and Olau Bri- 
tannia are to operate between 
Portsmouth and Le Havre and 
are being renamed Pride of 
Portsmouth and Pride of Le 
Havre. 

P&O's existing two ships on 
the route will be switched to 
its Portsmouth to Cherbourg 
service and two smaller ships 
on that route will be put up 
for sale. 

The former Olau vessels can 
each accommodate 1,600 pas- 
sengers and nearly 600 cars. 
Facilities include four restau- 
rants, two cinemas, a sauna 
and a swimming pool. 

"We are thinking of putting 
two small freight-only ships 
on the Sheerness-Vlissiugen 
route.” said a P&O spokesman. 


Car sales may 
reach 1.9m 

UK new car sales are expected 
to rise by &8 per cent to 1.9m 
this year according to the lat- 
est forecast by the Society of 
Motor Manufacturers and 
Traders. 

Sales jumped by 11.6 per cent 
last year to 1.78m following 
three years of steep decline 
and have risen by 17.9 per cent 
year-on-year in the first two 
months of 1994. 

UK motor industry leaders 
do not expect this pace to be 
maintained throughout the 
year, however, and the SMMT 
warned that “the forthcoming 
tax increases and changes in 
company car taxation could 
inhibit growth." 

The SMMTs forecast is more 
cautious than some other 
recent predictions. 


Lockerbie road 
compensation 

Pan Am, the former US air- 
line. has paid more than 
£175.000 in compensation for 
damage to a road caused when 
Flight 103 was blown out of 
the sky over Lockerbie in 
1988. 

Scottish secretary Mr Ian 
Lang started legal action 
against the airline last week 
when it was thought that the 
bill was unpaid. 

But it turned ont that Pan 
Ain’s insurers bad wired the 
money from the US two weeks 


ago. The Scottish Office admit- 
ted that there bad been an 
administrative “blip". 


Jurassic lark... 

Thieves have stolen a rare 
dinosaur footprint from a 
beach where it lay undisturbed 
for 120 million years. 

An electric stone saw was 
used to cut out the 19-inch 
square footprint of an iguuna- 
don from the National Trust- 
owned Hanover Point on the 
south side or the Isle of Wight - 
one of Europe's best areas for 
dinosaur finds. 

Steve Hutt. curator of the 
island's Geology Museum, said; 
“These prints were a superb 
attraction for scientists, ama- 
teur enthusiasts and tourists 
alike. Now it is ruined.” 

A spokesman for the 
National Trust confirmed they 
were alarmed by the theft and 
were investigating. 


Species 
get aid 

The UK will put an extra 
£l-92m in the next three years 
into preservation of endan- 
gered species, Mr John Gunt- 
mer, environment secretary, 
said. 

The new funding brings the 
total for the “Darwin initia- 
tive”- a collection of projects 
to use British ecological exper- 
tise in other countries - to 
£5.66m. The projects include 
Cambodian wetlands, Costa 
Rican moths and Chinese 
botanical gardens. 

Mr Tony Juniper of Friends 
of the Earth, the pressure 
group, called the amounts of 
money ‘'derisory”. 


‘Black Diaries’ 
on public show 

The so-called “Black Diaries” 
of Sir Roger Casement, the 
Irish nationalist hero, went on 
show at London’s Public 
Record Office. The diaries, for 
the years 1903, 1910, and 1911. 
are considered to be crucial 
evidence in the long-running 
debate over Casement's reputa- 
tion. 

An Irish-born Protestant 
knighted for his humanitarian 
work as a British public ser- 
vant in the Congo and Peru, 
Casement went to Berlin to 
seek German support for Irish 
independence as a way of 
undermining the British war 
effort He was arrested for trea- 
son when he returned to 
Ireland in a German submarine 
during the first world war. 

He was sentenced to death 
and any hopes of a reprieve 
foundered after the UK govern- 
ment circulated pages from his 
diaries which appeared to 
reveal him to be a homosexual 

The 1916 leaks succeeded in 
stifling support for Casement, 
but the belief that they were 
forged gained widespread cur- 
rency. However, last year 
forensic scientist Dr David 
Baxendale was given access to 
the diaries and said they were 
written entirely in the hand of 
Casement The diaries released 
yesterday chronicle numerous 
encounters with young men. 



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Service set for sell-off wins lease to airport station 

Gatwick Express link 
makes surprise profit 


By Cha rles Batchelor, 

Transport Correspondent 

The 'Gatwick Express, the first 
British Rail service set for pri- 
vatisation, carried, more pas- 
sengers than planned and 
made an unexpected profit in 
its first few months? as an inde- 
pendent business. 

The company, which runs 
railway expresses between Gat- 
wick Airport and London Vic- 
toria, had expected to break 
even but higher th.-m expected 
passenger numbers boosted 
ticket revenues by £2m, Mr 
Robert Mnsnn, managing' direc- 
tor, said. 

Ticket revenues rose to £27m 
in the past 12 months of which 
the last six were when Gatwick 
Express was operating as an 
independent “shadow fran- 
chise". The company had bud- 
geted far ticket revenues of 
only £25m over that period. 

One of the first actions to be 
taken by the present manage- 
ment team if it is successful in 


Airbag 

incidents 

probed 

Car companies were yesterday 
continuing tests to discover 
whether mysterious inflations 
of airbags in two cars from 
different manufacturers were 
caused by drivers using mobile 
phones. 

No definite link has been 
established so far but fears 
that signals from hand-heid 
mobile phones were to blame 
for the incidents has prompted 
one company - BMW - to 
issue warnings to drivers. 

BMW said yesterday: "Under 
product liability laws, we have 
felt obliged to warn drivers in 
their handbooks not to use 
mobile phones when driving.” 

"We have never been able to 
prove that there is a link nor 
have we been able to actually 
make such an incident happen 
in tests. 

"Besides, drivers should not 
be using hand-held phones 
while they are travelling.” 


staging a buy-out will be to 
renew its entire train fleet at a 
total cost of about £45m. 

The Gatwick Express's pres- 
ent locomotives are 28 years 
old; its coaches 19 years old. It 
operates seven trains providing 
134 services each day, but it 
plans to buy eight sets of loco- 
motives and coaches to allow 
for maintepaiyy 

The company is "very 
happy" with its JE8m contract 
with Rail track which guaran- 
tees access to the track 
between Gatwick and London 
and to two reserved platforms 
at Gatwick. Mr Mason said. 
Managers in other British Rail 
divisions have complained tha t 
Rail track’s track charges are 
too high. 

Gatwick Express's one con- 
cern is that Rail track does not 
allow Victoria station to be 
turned into a shopping mall, 
reducing train operations to 
the periphery. 

The Gatwick Express has 
acquired the lease to run Gat- 


Pay signals ‘deter 
scientific careers 5 


By John Authors 

British employers are not 
sending the right signals to 
students, ministers claimed 
yesterday, after an education 
department report showed the 
relative pay of private sector 
engineers and scientists has 
fallen since 1380. 

Mr William Waldegrave, the 
science secretary, said: "Ulti- 
mately. there is nothing I can 
do to force firms to pay people 
properly and send the right 
market signals. If they want to 
raise quality, pay signals help 
that." 

Mr John Patten, education 
secretary, said employers had 
"some hard questions to 
answer". 

The report was commis- 
sioned afier last August’s 
A-Ievel results In England and 
Wales showed falls in the num- 
ber taking science, including a 
drop of 9.6 per cent in physics. 


FINANCIAL TIMES TUESDAY MARCH 29 1994 


The fight against Ulster’s Mafia 


wick Airport station. As sta- 
tion operator it must be seen to 
be treating all train companies 
using the station equally. 

This means it will be reduc- 
ing the promotional advertis- 
ing for its services at Gatwick 
and creating a single ticket 
office for its own services and 
for those of its two rivals. Net- 
worth South East and Thames- 
link. 

The Gatwick Express plans 
further improvements to its 
services to attract more pas- 
sengers. including a mini- 
coach service from Victoria for 
travellers staying at London 
hotels and an improved set- 
ting-down area for travellers 
arriving by car. 

It has been marketing 
its service to the airlines serv- 
ing Gatwick and to inclusive 
tour operators. It wants the 
airlines to seQ train tickets on 
their aircraft and tour opera- 
tors to include a train ticket in 
their package holidays. 


it found that pay for male 
scientists fell feom 15 per cent 
above the average for adminis- 
trative Jobs in I960 to 10 per 
cent last year. 

In en gineeri ng the fell was 
from 14 per cent to 10 per cent, 
while computing salaries fell 
from 11 to only 1 per cent 
above average. 

Over the same period, pay 
for accountants rose from 11 
per cent above average in 1980, 
to 17 per cent in 1993. 

The report said: “The trend 
of relative pay for scientists 
and engineers over the 1980 b is 
clear, it was falling, albeit 
erratically.” 

The Confederation of British 
Industry, the employers' organ- 
isation, welcomed the report, 
on which Mr Patten will be 
consulting for the next three 
months. It said the evidence on 
pay signals was not strong 
pnrwig h to make any firm con- 
clusions. 


Michael Cassell 

on one woman’s 
campaign to 
expose terrorist 
intimidation 

I t was Patrick Gracey's 
lucky day when be was 
shot in the leg by Irish 
Republican Army gunmen on 
wasteland behind a West Bel- 
fast bar. 

The gun jammed, preventing 
a second shot aimed at the 
base of his spina His abduc- 
tors call the intended punish- 
ment a “50-50" - reflecting the 
target’s chances of ever walk- 
ing again. As they left, they 
threw vdm iq pence to make a 
telephone can for help. 

Mr Gracey’s crime was to 
pick a fight on a bus with the 
wrong person. The result was a 
six-month campaign of intimi- 
dation against him, his wife 
and their young child, culmin- 
ating in his punishment shoot- 
ing off the Falls R oad, 

But, In shooting Mr Gracey 
on July 13 1990, the IRA unwit- 
tingly picked a fight with his 
mother. On news of her son’s 
shooting, Mrs Nancy Gracey 
drove through red traffic lights 
in a Wind fury to the house of 
a man she regarded as a local 
IRA “godfather”. Confronting 
him in his living room, she was 
angered by his indifferen ce- He 
offered her a cup of tea. The 
Roman Catholic mother of ring 
vowed to fight him and every- 
thing he stood for. 

Mrs Gracey went on to the 
hospital to see her son. where 
she met a mother at the bed- 
side of her own boy, a Protes- 
tant victim of loyalist extrem- 
ists. “We were both crying for 
our sons. It made no sense.” 

Overnight, she decided to 
employ the most powerful 
weapon at her disposal to 
launch a campaign against 
intimidation. Enlisting the 
help of newspapers and broad- 
casters, she set about high- 
lighting what she saw as the 
hypocrisy and lies employed by 
all paramilitaries in trying to 
impose their perverted code of 
justice on local co mmunit ies 
within Northern Ireland. 

Her family, frightened for 
her life, pleaded with her not 
to do it M I told them the only 
way to stop me was to put a 
bullet through my head. My 
life has not been easy but I was 





After Nancy Gracey formed Fait, the reaction was overwhelming. “There is so modi fear, so many people desperately wanting help/ 


damne d if I was going to let 
scum take and hurt my son 
and get away with it" 

The reaction was rapid and 
overwhelming. “The stories of 
beatings, shootings, protection 
payments and banishments 
poured in. There is so much 
fear, so many people desper- 
ately wanting help," Mrs Gra- 
cey says. 

In August 1990 she formed 
Families Against Intimidation 
and Terror (Fait) to help fight 
cases in which individuals or 
entire femiiiag find themselves 
under threat The organisation, 
which now has a core of 15 
volunteers and gets a £37,000 
annual grant from the govern- 
ment has achieved some 
Important successes. 

The case of Mr Micky Wil- 
liam is typical. A Londonderry 


father of 12 , he was branded an 
IRA informer and forced to 
leave the country because he 
alerted the police to an inci- 
dent in a neighbouring house. 
"We publicised the truth and 
the IRA had to back down. The 
local communities just won’t 
stand for It” In another inci- 
dent an IRA list circulated 
With the names of 200 Roman 
Catholics ordered to leave their 
areas was publicised, and sub- 
sequently withdrawn. 

Recently, however, loyalist 
extremists have been responsi- 
ble for the majority of reported 
cases of intimidation. “Marry of 
the accusations from both 
sides are total fabrications. 
They will pin anything on 
someone singled out for treat- 
ment” Mrs Gracey stresses. 

Her group believes at least 


200 people a year are having to 
leave Northern Ireland under 
threat of mutilation or death, 
with many more expelled from 
their home towns. Last week 
in Belfast two men were found 
with gun wounds after inci- 
dents bearing Hw hallmarks of 
punishment shootings, while 
an Armagh mother publicly 
appealed to the IRA to lift a 
two-year banishment order an 
her son following allegations 
a gains t him of “anti-SOCial 
behaviour”. 

Mrs Gracey says that, for the 
paramilitaries, “anti social” 
activity usually means crimi- 
nal behaviour which they have 
not sanctioned. “We are 
talking - about a Mafia which is 
not prepared to give up its 
wealth and go hark on the 
dole. Visions of “Mother 


Ireland" don’t come into 1L" 

She is convinced that by 
pobUdsmg paramilitary terror 
tactics the organisation has, in 
particular, helped stem over- 
seas support for the IRA. 

The stubborn, angry founder 
of Fait, who has hoself been 
on the receiving end of threats 
ever since the campaign began, 
says people in Ulster have had 
enough: “It's the ordinary peo- 
ple who hold the key. They 
have the power to get rid of 
these people if they make clear 
they will not tolerate them. 

"We were told we wouldn’t 
last six months but we are still 
here and intend to go on show- 
ing up these people for the 
lying, murdering hypocrites 
that they are.” No one who 
knows Mrs Gracey doubts her 
determination. .. . . 


Amendment to earlier Announcement (section 2a in the Agenda far the Annual General Meeting) 
The Shareholders of 

SKANDIA INSURANCE COMPANY LTD. 


are hereby invited to attend the Annual General Meeting to 
be held on Thursday I4rh April, 1994 at 3 p.nt. (Swedish 
time) in the Stockholm Concert Hall, HStorget, Stockholm. 
Sweden. 

1. The Agenda will, amongst other matters, indude the 
following ordinary items of business: 

Election of a Chairman to preside over the Meeting 

Verification of the voting list 

Election of a person to check and sign the Minutes together 
with the Chairman 

Decision as to whether the Meeting has been property called 

Presentation of the Annual Accounts and the Auditors' 
Report, as well as of the Consolidated Accounts and the 
Consolidated Auditors' Report 

Adoption of the Profit and Loss Statement and the Balance 
Sheet, as well as the Consolidated Profit and Loss Statement 
and the Consolidated Balance Sheet 

Appropriations of the Company's profit according to the 
adopted Balance Sheet 

Discharge from liability of the Directors and the Managing 
Director 

Determination of the number of Directors and their Alter- 
nates who shall be elected at the Meeting 

Election of the Directors and their Alternates 

Determination of the number of Auditors and their Alter- 
nates 

Election of the Auditors and their Alternates 

Determination of the emoluments of the Directors and 
Auditors 

2. Two special items of business concerning the Voting Rights 
Limitations Clause (§ 18) in the Company’s Articles of 
Association will be dealt with: 

a) A proposal put forward by the Board of Directors 

Thar rhe present voting rights limitations ruling be replaced 
by a ruling whereby no one may vote in respect of own 
holdings, more than 5 per cent of the member of shares that 
are represented at the General Meeting. 

b) A proposal put forward by the Board of Directors 

that the Meeting appoint a Committee to analyse and 
evaluate the question concerning the voting rights limi- 
tations, inter alia, in the light of on-going EU regulatory 
work. Recommendations concerning the composition of 
such a Committee are as follows: Sven Soderberg, Ska n ilia's 
Chairman; Pirkko Alitalo, representative for Skandias largest 
shareholder, Pohjola group; Tor Marthin, AMF Pension, 
representative for the Swedish institutional owners; Nils 



Skandia 


Erik WirsSlI. representative for Skandias shareholder asso- 
ciation; and Clas Rcuccrekiold, representative for Skandias 
life assurance policyholders. 

3- Furthermore, chc Annual General Meeting will deal with 
another item of special business concerning approval of the 
decision passed by the Board of Directors on 23rd March, 
1994, in respect of increasing the Company’s share capital by 
a maximum of SEK 127,942,815, by way of an issue of a 
maximum of 25,588.563 new shares, each with a nominal 
value of SEK 5, principally on chc basis of chc following 
conditions: 

The Company's shareholders shall have a preferential right 
to subscribe for new shares in accordance with provisions 
detailed below, whereby each unit of three old shares shall 
grant entitlement to subscription of one new share. Share- 
holders who are so entitled, may exercise their preferential 
righc to subscribe for new shares during the period 26th April 
to 16chMay, 1 994. Subscription shall be implemented through 
simultaneous cash payment of SEK 1 10 for each new share. 
The preferential right to subscribe for new shares shall be 
granted to those shareholders whose country of residence 
does not apply regulations which pose legal impediments to 
such subscription. This means, inter alia, that shareholders 
resident in those countries which arc included under the EEA 
Agreement, arc permitted to participate in die issue. More- 
over, such shareholders in chc USA who hold rhe status of 
Qualified institutional Buyers, as defined under the US 
Securities Act 1 933, may be invited to subscribe for shares in 
accordance with the exceptions from obligation to register, 
Section 4.2, of die same Act. Those shareholders who may 
not, for reasons stated above, participate in die issue, shall, 
after the sale of the subscript ion rights corresponding to their 
respective holdings, receive compensation in cash amounting 
to the purchase price of said subscription rights. Such dis- 
posal will be handled by an entity especially appointed by tbc 
Board of Directors, which entity shall be granted subscrip- 
tion rights in respeer of the issue corresponding ro rhe 
holding? of such other shareholders. 

'Hie Record Date for determination of subscription righes or 
cash compensation for disposal of such rights, shall beT uesday 
19th April, 1994. 

The Board of Directors’ decision regarding the issue shall be 
available as of, and including, Thursday 7th April, 1994, at 
the Corporate Law Department, at the Company's head 
office located at Sveavagcn 44, Stockholm, Sweden. 

4. Finally, rhe proposal put forward by the Board of Directors 
to amend chc Company's Articles of Association, as follows, 
shall also be dealt with: 


participation in the EEA Agreement. 

b) Change in chc Safekeeping of Securities Clause (§ 12). 

The proposed change constitutes an adjustment to changes in 
rhe provisions of the Insurance Business Act concerning 
safekeeping oFsecurities. 

Closing. 

Right to participate 

TO BE ENTITLED to participate in the Annual General 
Meeting, shareholders must: 

be recorded as shareholders in the Shareholders’ Register 
issued by the Swedish Securities Register Centre (VSrdcpap- 
pcrsccntndcn VPC AB) as at Thursday 3 1st March, 1994, 

and must 

notify chc Company of their intent to participate at the 
Annual General Meeting not later than 4 p.m. on Monday 
1 1th April, 1994. 

Notification of intent to participate at the Meeting should be 
made in writing to 

Skandia Insurance Company Ltd, Corporate Law, 

S-I03 50 Stockholm, Sweden 

or by telephone 

Inc +46-8-788 32 62 or >46-8-788 30 98 

SHAREHOLDERS WHOSE SHARES are held in trust by 
a bank or private broker must register their shares in their own 
names to be able to participate at the Annual General Meeting. 
Such registration must be completed not brer than Thursday 
3 1st March, 1994. Shareholders are advised to notify the 
trustee without delay of their intent to register their shares. 

A SHAREHOLDER MAY vote ac the Annual General 
Meeting in person or by proxy. Such proxies shall be in 
writing, and shall be dared, and may not be older than one 
year. Shareholders wishing to vote by proxy should submit 
their forms of proxy to the Company. Forms of proxy may be 
obtained from the Company. 

THE BOARD OF DIRECTORS proposes that a dividend of 
SEK 2:00 per share be paid to the shareholders. The Board 
has also decided to propose that the Record Date for the 
payment of dividends be Tuesday I9rh April, 1994. Should 
these proposals be approved by the Annual General Meeting, 
it is anticipated chat chc dividend will be distributed by die 
Swedish Securities Register Centre on Tuesday 26th April, 
1994. 


,) Cha^ in Ac S»p= of Clou* « 2). S,ockhol m . Sweden, Merd. ,994 

Die proposed change constitutes an adjustment to the new _ 
regulations governing insurance dosses as defined in the o1. Directors 

Insurance Business Act ( 1 982:7 1 3), resulting from Sweden's SKANDIA INSURANCE COMPAN Y LTD. 



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FINANCIAL TIMES TUESDAY MARCH 29 1994 


TECHNOLOGY 



German X 
sites for 8? 


Japanese 

J apanese companies are con- 
tinuing * 1 to locate more new 
research, design and devel- 
opment fRB&D) centres in 
Germany than In any other 
European country, in spite of its 
current economic problems. 
Spain became the second favour- 
ite site for new facilities last 
year, with the UK dropping to 
third equal with the Nether- 
lands. 

Britain still has the largest 
number of established Japanese 
RD&D centres - 83 out of the 
European total of 264 - but Ger- 
many, with S3, is slowly narrow- 
ing the gap: until 1992 Britain 
had almost twice as many. 
France, with 34, remains In 
third place, but Spain, now with 
26, is catching up rapidly. 

These trends emerge from the 
latest annual survey of Japanese 
manufacturing companies' Euro- 
pean operations, recently pub- 
lished by the Japanese Exter nal 
Trade Organisation (Jetro). It 
shows that there was a further 
slowdown in the rate of new 
RD&D centres across Europe 
last year. After a doubling in 
1990, and rises of 48 per cent in 
1991, and 20 per cent tn 1992, 
only 24 facilities were opened 
last year, a rise of 10 per cent 
The Jetro survey is not defini- 
tive: only about 61 per cent of 
the 728 Japanese manufacturers 
in Europe replied to it But it 
does suggest the beginnings of a 
new trend: a small decline last 
year in the number of RD&D 
units not linked to a Japanese 
company’s European manufac- 
turing operations. For the first 
time the number of such stand- 
I alone units fell from 67 to 65. 

Several European govern- 
ments have been pressing Japa- 
nese companies to establish inte- 
grated RD&D facilities, rather 
than stand-alone units which 
feed all their work to operations 
in Japan. 

On the other hand - surpris- 
ingly is view of the strong yen - 
the proportion of companies 
with a 50 per cent plus ratio of 
local parts and materials con- 
tent in their European manufac- 
turer eased slightly in 1993, 
from 76 per cent to just under 74 
per cent 

Christopher Lorenz 


T heatre has come a long 
way since someone flicked 
a light switch on and oft to 
create the impression of 
lightning. Audiences these days 
want to be thrilled by spe cial 
effects, and at times these can 
become the star of the show. 
Everyone who saw the Phantom 
the Opera remembers the falling 
chandelier, and those who saw 
Saigon remember the helicopter. 

On the modem stage, characters 
appear from nowhere, and vanish 
suddenly. Boats sail on-stage, war 
scenes are lit by sparks and flampo 
and fog envelopes the scenery. 

"We have to compete with other 
forms of entertainment like film*? , 
television and amusement parks," 
says Steven Terry, executive 
vice-president of the New York spe- 
cial effects group Production Arts 
Lighting. "You do aimnsj any- 
thing on film these days, and audi- 
ences are demanding more and 
more excitement. Since theatre tick- 
ets often cost $60 (£40) a bead, you 
have to provide something special if 
you want to stay in the game." 

Computerisation of lighting and 
scenery has provided much of the 
impetus for greater ose of special 
effects. Dozens of stage bands were 
once needed to shift scenery and 
operate lights. With the help of a 
computer, one person nan easily 
control up to 1.000 fixed lights - not 
uncommon in big productions - 
plus a series of moving Lights. 

The sa me computer can also con- 
trol complex scenery movements: a 
trap door opens here, a car swings 
on to the stage there. It usually 
does this by sending signals to 
robot- like maichtnas which shift tiie 
stage pieces around, or automati- 
cally activate switches. 

“The new sophistication comes 
largely from the extent to which 
special effects are used.” says John 
Pauli, technical production man. 
ager for the Phantom of the Opera 
in New York. Complex scenery 
shifts such as the intricate use of 
screens in Miss Saigon, Pauli 
explains, would be impossible with- 
out computer automation. 

"With humans operating scenery 
movements, the pieces are more 
likely to crash into other or 
happen at the wrong time. Now we 
use a closed-loop system with con- 
stant feedback through the com- 
puter. Everything is pre-pro- 
grammed so that errors are very 
rare . The computer knows where 
everything is." 

The new dependence on comput- 
ers is also driven by the high cost of 
labour in the heavily unionised 
theatre industry. "The old rule was 
(me man, one set of lights,” says 
Terry. "Now. one man can operate 
thousands of switches, and that 
makes it all a lot cheaper.” 

Other advances are contributing 
to the special effects craze. Stage 
managers have been ™in~ng much 



The intricate use of screens to Miss Saigon would have been impossible without computer automation 

Thrills on the 
modern stage 

Victoria Griffith looks at developments in special effects 


use, for instance, of a new way of 
producing theatrical fog. Glycol- 
based fog, produced by vaporising 
and cooling mineral oil has largely 
replaced dry ice, which is just as 
effective but more expensive. 

New machines chill a mineral oil 
and water mixture, and the cold 
temperature causes the resulting 
smoke to lie low on the stage. The 
new machines have become so pop- 
ular, it is the rare Broadway pro- 
duction that does not have at least 
one fog scene. 

Some actors have complained 
about the effects of glycol fog on 
their health. “We are very con- 
cerned about complaints about 
everything from respiratory prob- 
lems to headaches because of the 
new fog," says Helaine Feldman, of 
the Actors’ Equity Association, the 
actors' union of New York, ft is 
conducting a survey oT the health 
effects of glycol and may press man- 
agers to cut down on its use. 

laser lights have so far mostly 
been confined to rock shows, but 
some designers see lasers as a way 
of producing fresh-looking lighting 
effects, and believe their use may 


increase. "Lasers used as an alter- 
native type of light source can 
enhance certain effects,” says Greg- 
ory Meeh. president of US special 
effects company Jan chem & Meeh. 

Scenery movements have also 
been aided by greater use of infra- 
red remote controls. "We used to 
use radio frequencies, but those can 
go through walls,” ex plains PanH, 
who used infra-red to control a boat 
in Phantom of the Opera. "We had 
some problems with interference. It 
kind of takes away from the produc- 
tion if the scenery starts heading 
into the audience." 

Pyrotechnics - the explosion of 
fire crackers and fireworks or the 
use of ffampg on the stage - pro- 
duce a dramatic effect, but still 
depend mainly on traditional meth- 
ods. One innovation, thou gh . is a 
mushroom spare called lacapodlum, 
which when aerated and combined 
with an electric spark, resembles a 
flame. 

For many designers, the technol- 
ogy of the future is projection. "I 
think well see more integration of 
film with live characters,’' predicts 
Jeremiah Harris, prod action super- 


visor and president of Harris Pro- 
duction services. Film projectors 
are now capable of packing in large 
numbers of frames per second. 
Many are able to handle 72 frames 
per second, a speed which can 
accommodate a very bright light 
source behind the ftnagp With a 
stronger image, designers can use 
projection to create life-like scenic 
backdrops. "You can get much big- 
ger visual images this way,” says 
Harris. A wooded scene, for 
instance, could be played against a 
backdrop film of a forest, with fly- 
ing birds and swinging brandies. 

Some people in the industry 
worry that the spectacle detracts 
from the traditional enjoyment of 
the actors’ craft. In the worst case, 
they argue, special effects may 
serve as a substitute for good writ- 
ing aid acting. 

However, Pauli says that special 
effects cannot turn weak drama 
into success. ‘The best combination 
is strong theatre with strong special 
effects. You need to have something 
more than scenery movements and 
lights to draw people in night after 
night." 


Technically Speaking 

File for patents 
far and wide 

By Ian Harvey 


« The recent 

agreement in the 
""SFj Qypt Uruguay Round 
§ S the Gatt 

ZjP (general 

— -&- fr=T ] » agreement on 

” tariffs and trade) 
negotiations will have an obvious, 
positive impact on trade in goods 
and services. Less clear is the 
profound effect it will have on 
intellectual property rights (IPR) 
and corporate patenting 
strategies. 

IPR is likely to change 
considerably over the next 10 
years. Companies that depend 
on IPR for their business should 
be filing now for patents in 
countries that they want to start 
selling to in the next dec ade. 
Otherwise, their future products 
will have no patent protection 
in these large emerging markets- 
IPR will now come under the 
umbrella of the Gatt (and its 
successor), pressuring the 
developing world into creating 
IPR protection comparable to that 
today in the countries belonging 
to the Organisation for Economic 
Cooperation and Development 
(OECD). For many products, 
patent protection is essential to 
creating or capturing future value, 
irrespective of whether the 
product is imported, 
manufactured locally under 
licence, or manufactured by a 
local subsidiary. 

Goods and services now 
produced under licence, mainl y 
in the OECD countries, are 
estimated at more than gSOObn 
(£342.40bn) a year. The total value 
of goods and services covered by 
IPR protection is many times 
larger and these amounts could 
easily double in real terms over 
the next 10 years as the 
developing countries, particularly 
in Asia, join the market in IPR. 

Under the Uruguay Round 
accord there will be a 
comprehensive and binding 
agreement on IPR. This includes : 

• Broad cover for all forms of 
intellectual property in line with 
currently accepted international 
standards, inrfnriing die Paris 
Convention (patents) and Berne 
Convention (copyright); 

• Twenty-year minimum patent 


life from (fling date for products 
and processes; 

• Comprehensive enforcement 
procedures and dispute settlement 
mechanisms within Gatt; 

• Protection for commercial and 
trade secrets when required by 
governments for use in patent 
applications or for regulatory 
approvals. 

OECD countries will have a 
one-year transition and mid-level 
developing countries a further 
four years. 

The least developed countries 
can have up to 11 years in 
transition but patent applications 
can be made immediately for 
pharmaceutical and agricultural 
chemical products, with patents 
granted at the end of the 
transition period. Under the 
pressures of the trade sanctions 
that the Gatt can deploy, 
enforceable patent systems are 
likely to emerge in a number of 
less developed countries over the 
next 10 years. 

We are seeing today a rapid 
shift in economic growth from 
the developed world to the 
developing world. One view of 
future growth prospects suggests 
that world GDP may increase 
from $24.000bn in 1990 to $51,000bn 
in 2010. 

A patent filing programme 
covering the main OECD 
countries, with a lifetime cost 
of about 3270,000 (for a single, 
moderately complex technology) 
will today cover around 54 per 
cent of world GDP. By 2010. that 
same programme would be 
covering only 38 per cent of world 
GDP. Yet. by 2010, there are likely 
to be enforceable IPR laws in the 
bulk of the remaining 62 per emit 

Responding to the imminent 
changes in the global IPR system 
may seem a pastponable decision, 
but country analyses of future 
GDP suggest that patent filing 
programmes should include more 
Far Eastern and Latin American 
countries. Relatively small 

changes hi patent-filing 

programmes, at quite low cost 
could effect the success of 
technology-based companies in 
10 years’ time. 

Ian Harvey is chief executive of 
British Technology Group 





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Park Home. 26 North End Road, London NWU TFT 
Tel: 081 458 43W Fat 081 455 1 147 

Kramers ate mafawiasl by iht Imtitme of Changed A rro s maH ■ Engl—l ndW»ka 
A, laanyoa ltomi a m Ba rtn ea ft 


LONG ESTABLISHED 
BUSINESS FOR SALE 

FORD DEALERSHIP 
1.1-acre . 
central site 
Wilts Market Tovra 

CRANE HIRE CO. 

5 cranes & Spares 
tfo £150,000 

All enquiries 
Grimiey J R Eve 
0272 277778 


RECEIVERSHIPS /LIQUIDATIONS 


PINK PAGES is the weBfcly guide to 
every insolvent company. The most 
comprehensive guide available it is a 
proven source of business for those 
working in the Insolvency markelptuae. 
Fully Indexed and guaranteed PINK 
PAGES otters direct contact with 
Liquidators & Receivers, tells you 
Company Activity and Location, and 
oilers Financial summaries lor every 
company, footing for a buyer, an mb 
afford not to know about EVERY 
insolvency opportunity EVERY week? 


REE SAMFLE COPY 10273 ) S 20 G 31 .' 24 HRS) 


• TURNOVER £878,000 
* GROSS PROFIT £300,000+ 
Lmg cSlaWtobed philatelic 
Muil Order Itiwnis* tin -ale. 

W. Midland* locution. 

Owner retiring h*U -nppor* ghtfl. 

Exceptional opportunity 
for eonnouancc 2nd JcnApBr*! 

Serious enquiries rally- 
Willi to Hot ILSCL Riwmstf 
Oar Siatimrt Bride*- L, “ >k ® *** HL 


Spacing s* Merchant Supplying 
(he Heating and GuMbW 
Industry Nationwide 

S'.irfh H’rtf AW 

i | HI Turnover 
Very profitable 

iktablinoh 
Grif/iii J. Cv 

In Surrev t>" tv. WVw KWn 
Hi natUSWr 

TchWI-eaS CM *■« 051 025 8261 


PniVATd CO. Viable 
Front**) & F.C. Bun* V* *****£* 
Cfit*- Wiwn tn. Bo»- “■ 
OiwSnutfwnrtBrf**' 


Enquiries are invited for tbe 1 
assets and undertaking of a well 
established, BS575D approved, 
profitable prcss-toolmaking 
business (1993 £70K.+; 1994 cst 
£100K+) situated in a Freehold 
Premises in the West Midlands 
having a full order book; at a 
premium to Net Assets of 
£360 K. 

Mease apply far further details to: 
The MU. l , Sumik Associates ltd 
72, DunstaU Rood, Halesowen, 
West Midlands, B63 IBB 
Fax 021 -602-0174. 


TELECOMMUNICATIONS 

FACILITIES 

MAN AGMENT COMPANY 
FOR SALE IN THE CITY 

♦ T/O 2.3m 

♦ Scope for expansion 

♦ Freehold Premises 

Write to Box B2618. 
Ramdstl Times. 

One Southwark Bridge. 
London SE1 9HL. 


COMPUTER 
Software Company 
FOR SALE OR MERGER 

Profitable, good range of vertical 
market financial packages. Loyal 
blue Chip customer base. 
50K software maintenance 
revenues. 100K. + trading tosses. 
Excellent potential. 

Tel: 0895 824015 

and quote Ref- AR 


DIGITAL DESIGN 

AGENCY 

Highly profitable south london 
jmcncv using latest postscript 
technology for design. M 
production, multimedia includes 
freehold 1500 sq.ft. Mudio. 8 Mac 
Station Network, Film imagera and 
goodwill- 

VVrac w. BoS KftlO. PIwuwlTtaW, 

inn* LIVE BUSINESSES FOR SALE 
Fsc 07 t 706 34 » 


DEPARTMENT OF TRADE AND INDUSTRY 

(including Its agenrar* and certain other government department.) 

CONTRACT FOR FINANCIAL AND MANAGEMENT ACCOUNTING 
SERVICES 

INVITATIONS TO APPLY FOR INCLUSION ON A SELECT TENDER UST 

The Department of Trade and Industry (TOTT) is one of tfte major 
government departments, employing approximately 1X000 people. It 
comprises headquarters divisions and regional offices, and a number of 
agencies which have a greater level of management and budgetary freedom. 

In accordance with the Public Services Contracts Regulations 1973, 
which implement the EC Services Directive 92/50/EEC - Restricted 
| Procedure - applications are to be invited from suitably experienced 
I contractors who wuh to be considered for selection to tender to provide 
financial and management accounting services to DTI, ita agencies and 
certain other gover nm e nt departments- The services are currently provided 
by the Accounts Services Agency I' ASA’), which b located in Newport, 
Gwent and employs approximately 100 staff. 

It is intended that the contract!*) will be awarded on the basis of the 
most economically advantageous lender. The award criteria w3! be price, 
continuity of service, quality of service, commitment to developing the 
service and overall value for money. The staff who work on the services 
should have the necessary expertise to maintain the present high standard of 
service which is required. Tbe expectation b that existing staff and assets 
will be transferred to the successful bidder. 

It is anticipated that the contracts) will run for up to 5 years, with the 
possibility of an extension (at the sole dlsoetior of DTI and other contracting 
bodies) for a further period of up to two years. DTI inhauls to invite between 
six and ten fenders. 

An information memorandum providing further details b available, 
upon written application toe 

Mr / Hobday. Department af Trade ami Industry. FRM 4. Room 513. 151 
Buckingham Pahxr Road. London SJVJIV.9SS. 

Responses from potential tenderers wishing to be included on the select 
Hat must be returned to DTI by Friday 6* May 1W4. The response should 
provide die information which b set out in die notice contained in the 
Official Journal of the European Communities. The notice, advertising the 
contract^) was despatched to the Office for Official Publication of the 
European Communities on 25 March 1994. 


COMPANY NOTICES 


Insurance companies 
pick new chairmen 


THE FIRST MEXICO INCOME FUND N.V. 

Incorporated to tbe Netherlands Antilles 

NOTICE OF DIVIDEND 

Shareholders are informed of a dividend of USS0.52 per share of Common 
Stock to holders of record as of March 24. 1994. 

The ex-dividend date will be March 25, 1994. Share holders have the 
option of receiving cash or stock dividends. Please contact your broker for 
information. The stock dividend wiD be determined based on the net asset 
value calculated on April 6, 1994. 

Tbe dividend will be payable as from April 15, 1994. Payment of the 
dtvideod on the bearer shares will be made agates surrender of coupon 
no. 15 detached from tbe share certificates which for this purpose shall be 
lodged at 

MEESP EPSON N.V. 

RokinSS, 

1012 KK Amsterdam 
The Netherlands 

which am as Paying Agent on behalf of the undetsigDed. 

March 24, 1994 

MEESFlERSON TRUST (CURACAO) N.V. 


s- 




TTT^TTTTvT 


FOR SALE 


UNIQUE OPPORTUNITY 

to acquire a small wed established 
peri bnnancc car accessory business 
ScJIfog components mail order 
ihroaghoat the UK, Europe and 
worldwide. 

T/O £400)100. Proven track record. 
Tel: 0252 510 533 (Ref: BJPj 




All Advertiser eto bookings are 
accepted subject to our ainad 
Terms and Conditions, 
copies of which 
arc available by writing lo 
The Advertisement 
Production Director, 

The Financial Times, 

One Southwark Bridge. 
London SE19HL 
Tel: 071 8733223 
Fax: 071 8733064 


Allen Sykes, a former finance 
director of insurance brokers 
Willis Corroon. has been 
appointed chairman of Eco- 
nomic Insurance, which was 
the subject of a £11 .5 m man- 
agement buy-out at the end oT 
last year. 

Sykes, 62, is probably best 
known as the joint author with 
A.J. Merrett of one of the stan- 
dard works on project finance. 
The finance and analysis of 
capital projects which was first 
published in 1963. He joined 
Unilever as a management 
trainee in 1955, and has worked 
for RTZ. Willis Faber and Con- 
solidated Gold Fields, where he 
was a managing director at the 
time of its 1989 takeover by 
Hanson. 

The management of Eco- 
nomic Insurance bought the 
company from Hafnia, tbe Dan- 
ish insurer, with the backing 
of Candover Investments and 


More moves 
at Pentos 

The Pentos shake-up continues 
apace, with the news that Ric 
Beifield, 33, a senior retail con- 
sultant with KPMG, is displac- 
ing Roy Crosland as managing 
director of Ryman, the statio- 
nery chain of the Pentos group. 

Last week Paul Hogarth was 
switched from his post as 
operations director at Ryman 
to take up the same post with 
Dillons, the bookstore chain of 
the group, and Frank Brazier - 
formerly chief executive at 

Departures 

At the end of this month Peter 
Batchelor, one of the best- 
known figures on the UK car 
market scene, will be ending a 
40-year career with General 
Motors at the age of 56. When 
he first joined GM as an 
apprentice at its AC Delco 
parts division at Dunstable. 
Vauxhall was producing 
pseudo-American cars like the 
Velox. 

He joined Vauxhall itself in 
1982 and few see it as cointi- 
dence that since then Vaux- 
halTs UK market share has 
doubled, to the point where it 
is treading hard on the heels of 
market leader Ford. 

His current post of vice- 


Causeway Capital. It speci- 
alises In providing “own label” 
insurance products for a num- 
ber of insurance brokers as 
well as marketing policies 
under its own name. Sykes 
replaces John Sclater. 53, 
chairman of Hill Samuel and 
Foreign and Colonial Invest- 
ment Trust, who had been 
chairman since 1992. 

Economic's new manage- 
ment team has sharply reduced 
the number of products offered 
and has transformed the com- 
pany's financia l fortunes. Hav- 
ing reported a net loss of £5J>m 
on gross premiums of £39J>m 
in 1992, it made a net profit of 
£4m on premiums of £41.7m in 
the year to end- December 1993. 

The company, which herpes 
to get a stockxnarket quote 
within the next two to three 
years, expects to add another 
non-executive director to its 
board. 


Dillons - abruptly departed the 
troubled group. 

Belfield’s move from consul- 
tancy to hands-on management 
does not come completely out 
of tbe blue; Pentos is a client of 
KPMG’s retail and distribution 
unit 

■ Andrew Stafford, formerly a 
director of James Neill 
Holdings, has been appointed 
md of Cuprtool, part of 
WILLIAMS HOLDINGS. 

■ Bilan Smith, formerly 
commercial director of Leyland 
DAF, has been appoi nted m d of 
The CONTINENTAL TYRE 
AND RUBBER GROUP. 


chairman, commercial 
operations at Vauxhall will 
depart with him. It was created 
last year specifically in order 
to help Batchelor oversee an 
orderly transition to a new 
regime which will be in place 
from April 

Under this, Ian Coo tuber, 
who stepped Into Batchelor’s 
shoes last year as sales and 
marketing director, and Jim 
Raymond, after-sales director, 
will report directly to Vaux- 
hall’s chairman and managing 
director. Charles Golden. 

Although he has just become 
eligible to {day in the British 
Seniors (golf) Championships, 
he will make time to remain as 
motor industry representative 
on the government’s National 
Board of Crime Prevention, 



■ John Sadler (above), 63, for- 
mer deputy chairman of the 
John Lewis Partnership, is to 
be the next rhq i rmq n of the 
Pearl Group, the UK life 
insurer which was bought by 
Australian insurance giant 
AMP in late 1989 for £l-2hn. 

He takes over In May when 
the present chairman Eric 
Lyall retires on his 70th birth- 
day. Sadler, who began his 
career as a civil servant, is 
already chairman of the UR 
board of AMP and London Life, 
another member of the AMP 
Group. Pearl, which ranks 
among the top ten UK life com- 


■ Kenneth Lambert has been 
appointed md of Ferodo 
Caernarfon, and Graham Cook 
md of Brake Linings, both part 
of T&N Friction Products 
Group. Cook replaces Richard 
Newson who has been 
appointed vice president of 
Ferodo America Inc and 
president of Ferodo 
Automotive Products Inc. 

■ Noel Penrose, formerly a 
director of Interbrand Group, 
has been appointed md of 
OGDEN Entertainment 
Services in Europe. 

■ Stuart May, formerly md of 
Bank Hotels and Banqueting; 
has been appointed md of 


■ Australian Peter Thomas, 
61. an executive director of 
Peninsular and Oriental Steam 
Navigation Company, has 
finally decided to retire back to 
Australia and says that he will 
not be making any comebacks. 

Thomas, P&Cs head of cor- 
porate affairs, is one of the few 
senior P&O executives who 
joined Britain’s biggest ship- 
ping company long before it 
was transformed by Lord Ster- 
ling’s arrival in 1982. A former 
editor of the Birmingham 
Sketch, Thomas first joined 
P&O in 1960, went back to Aus- 
tralia in 1967 with Overseas 
Containers Australia, before 
returning to P&O. He then 
spent several years with 
Smiths Industries before 
returning to P&O for a third 


parties, has over £l0bn of 
assets under management and 
10,000 staff. 

Sadler is a member of the 
hoard of IMRO, a trustee of the 
BT Pension Scheme, and was a 
member of the Monopolies and 
Mergers Commission from 1973 
to 1985. He also looked at the 
issue of cross-media promotion 
for the DTI, but his recommen- 
dation that there should be a 
code of practice to cover how 
media companies promote 
their other business interests 
lias yet to be implemented. 

■ Arthur Hayes, general 
manager, is promoted to group 
executive director of SUN 
ALLIANCE Scott Nelson, 
general manager corporate 
finance, is promoted to group 
finance director. Peter Taylor 
is appointed group marketing 
direct he is succeeded as md 
Sun Alliance life and pensions 
by Bon Winch, the operations 
director. 

■ Paul Gibson has been 
promoted to finance director of 
BRISTOL CONTRIBUTORY 
WELFARE ASSOCIATION. 


FORTE Heritage. 

■ Tony White has been 
promoted to head of corporate 
strategy at The NATIONAL 
GRID Company. 

■ Stephen May has been 
appointed md frozen foods and 
Martin Lawrence md business 
development at PERKINS 
FOODS. 

■ Tom Heinersdorff, formerly 
deputy md of Dinars Club UK. 
has been appointed UK md of 
REED Exhibitions. 

■ Colin Pye has been 
appointed financial director 
and company secretary of 
Tooling Products, part of WEIR 
GROUP. 


time in 1980. After seven years 
mi the P&O board, he retires in 
April but will retain his links 
with the group by joining P&O 
Australia in Sydney. 

■ Dtmcan Blacklock, 
manufacturing director, has 
resigned from JACQUES 
VERT. 

■ Alan Martin has retired 
from CLYDE PETROLEUM. 

■ Henry Askew is retiring 
from the board of GERRARD & 
NATIONAL HOLDINGS on 
April 5. 

■ Mike Goodhew is retiring 
from MFL 

■ James McDanneD has 
resigned as finance director of 
ABBOTT MEAD VICKERS. 

■ Sr Peter Youens has retired 
from LONRHO. 


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FINANCIAL TIMES TUESDAY MAKt U - * * 1 

MANAGEMENT: THE GROWING BUSINESS _ 



Banks’ reference 
system to change 

Businesses seeking bank credit 
references on potential or 
existing clients must prepare 
to change their ways. 

For decades banks have played 
their part in the provision of 
“one bank and two trade 
references” which have been 
the sum total of many 
companies' credit management 
systems. 

But from yesterday, the 
clearing banks require suppliers 
to approach their customers' 
banks for a reference. Until now 
suppliers have approached their 
own banks who in turn went 
to the customers’ banks for the 
reference. 

The change has a number of 
implications. Banks supply some 
customers with the reference 
service free of charge but the 
new references will cost the 
supplier at least £8. 

More importantly, it could 
damage relations with potential 
customers. Before giving a 
reference the customer’s bank 
will need Us client’s permission 
which in turn means the 
supplier will need to seek 
permission for that reference. 
Some suppliers may find this 
awkward in the middle of a sales 
pitch. 

Companies may decide a more 
comprehensive service is 
available from the specialised 
credit information suppliers for 
very little extra cost 


Directory deadline 
approaches 

Companies have until the end 
of April to advertise products 
and services, and for potential 
partners, in the 12th edition of 
Europages, the 1400-page, 
multi-language business 
directory. 

The directory contains 
analysis of industrial sectors 
and market trends hi 19 
countries in western Europe. 
Scandinavia and eastern 
Europe. 

Europages says the directory, 
available on CD ROM, reaches 
600,000 companies. 

Europages - OS 1 879 3033 


F or UK managers blessed 
with a head office that 
decides to sell them the 
subsidiary they work for, 
choosing a venture capital company 
Is one of the most important deci- 
sions to take. 

Pricing is obviously a consider- 
ation, in terms of the cost of finance 
and the amount of equity the man- 
agement must give up to raise the 
necessary capital. 

Differentiating further between 
venture capital companies can be 
difficult. Many talk of the way they 
develop “personal chemistry” with 
entrepreneurs. And they all stress 
how important it is to develop com- 
mon investment goals - such as 
agreeing on how long investors 
might expect to wait before seeking 
an exit route. 

In an effort to stand out from the 
crowd, some UK venture capital 
suppliers, notably Apax Partners, 
have long tried to present them- 
selves as specialists in particular 
industry sectors. Rather than being 
financial experts who know about 
structuring deals and who subse- 
quently get to know the industry in 
which they invest, these “special- 
ists” reverse the approach. 

Apax, Advent, Trinity and Baron- 
smead all hire individuals whose 
industry expertise is used to tempt 
Investee companies as much, if not 
more, than their ability to structure 
deals. 

But do the companies choosing 
these specialists get what they 
expect? And do budding manage- 
ment teams appreciate that the non- 
executive directors who are invari- 
ably appointed represent the inter- 
ests of the venture capitalist? 

Four years ago Linda Wilkinson, 
was looking for a venture capital 
company to finance the buy-out of 
Midland Network Services, a tele- 
communications network company 
now called Imminus where she is 
chairman and managing director, 
from the Midland Bank Group. 

There was much international 
interest initially in the company, 
based in Peterborough, Cambridge- 
shire, which had carved out a niche 
providing travel agents with direct 
data links to tour operators. But the 
potential buyers dropped away 
when they realised the incumbent 
management was putting together 
its own bid. Any outside buyer 
would have been dependent on the 
thwarted management to move the 
company's clients from its Mid- 
land’s network to a new network. 

With profits of more than Elm on 
sales of £&n, there was no shortage 
of potential backers. Imminus chose 
Apax. “They have a specific interest 
and knowledge in this sector,” says 
Wilkinson. “If we were going to 
bring others in we wanted investors 
who were going to make a valid 
contribution and not just give us 
the money.” 

Apax offered industry expertise 



Ashtay Mnnocd 


Wilkinson: wanted investors who would make a valid contribution 

Richard Gourlay debates the merits 
for companies of a specialist 
approach to venture capital 

Hands on, 
hands off 


through John McMonigali, a former 
managing director of operations at 
British Telecommunications 's com- 
munication systems division. He 
joined the imminu s board as non- 
executive director. Wilkinson says 
the association with Apax and 
McMonigali gave Imminus stature 
in its market 

But she says the company is yet 
to receive the full degree of indus- 
try-specific input promised at the 
outset Wilkinson and her manage- 
ment team .ire ready to consider 
strategic moves for the company, 
but are not clear how Apax's gen- 
eral industry knowledge can be 
translated Into specific help. She 
recognises, however, that it is still 
early days. "As yet we have not had 


the opportunity to test if we will 
actually get that" 

Wilkinson says Imminus may 
require additional specialist help 
from independent consultants. This, 
she says, would inevitably lead to a 
more distant relationship with 
Apax. “We all specifically agreed we 
needed to focus and had a busy 
agenda to complete," she says. “The 
acid test wifi really be over the next 
two to three months whether or not 
they [Apax | make an input that is 
of value." 

McMonigali agrees that now 
Imminus has transferred clients to 
its men network. Apex must offer 
specific strategic input, “in a sense, 
apart from monthly board meetings, 
I have done little else.'’ he says. "In. 


April we will do a way-days off-site 
and work at answering the strategic 
questions." This is typical of his 
relationship with the other Apax 
investments, he says. The time 
devoted to each investment varies 
greatly between companies and 
depends on what stage they are at 

Some venture-backed companies, 
however, believe the benefits of spe- 
cialisation are exaggerated. Many 
argue that specialist knowledge Is 
quickly out of date once the “spe- 
cialist” has left his or her industry. 
Others say the last thing managers 
want after escaping the clutches of 
a large group is further interference 
from a shareholder who is second- 
guessing the management team. 

Many would agree, though, that 
the specialist knowledge is of great 
benefit in the early stages, helping 
the venture capitalist avoid deals 
which involve undue risk from the 
management, the product or its 
market 

Stuart Evans, managing director 
of Cotag International, a maker of 
electronic security systems, chose 
not to seek specialist backers. The 
Cambridge-based company has been 
backed by ECI Ventures with three 
tranches of capital since 1984 

“For most companies it is not 
generally the case that you want 
specific industry experience,” he 
says. “The experience you want 
which is scarce is people and per- 
sonnel skills. For little companies 
the risk typically comes from 
restructuring. It is helpful if a [non- 
executive! is someone you can go to 
with senior personnel issues.” 

Evans says that the venture capi- 
ta! supplier which is prepared to 
provide second tranches of capital 
is more important than one offering 
industry expertise. 

Other venture capital suppliers 
agree. Paul Brooks, managing direc- 
tor of Prudential Venture Managers 
says: “In my experience people 
want a venture capitalist who 
understands the industry but who 
has not necessarily worked in the 
industry - they want a balance 
between knowledge and Interfer- 
ence. “Companies have to have a 
clear view about the construction of 
their board - if you want expertise 
then buy it in the market place." 

This view is shared by Jonathan 
Baker, director of ECI Ventures. 
“We would not pretend to add value 
by second guessing management on 
industry trends but by changing 
management methods and controls 
and giving strategic input,” he says. 

Specialist industry expertise may 
help the venture capitalist avoid 
poor investments and make a more 
informed evaluation of new deals 
but the company seeking finance 
should remember that a venture 
capitalist’s main focus is to find and 
win good deals and avoid bad ones, 
a quest which will not always allow 
it the time to nurture existing 
investments. 


Big savings in 
the details 

Cost cutters are seeking to trim 
in the least obvious areas 


Y on have cut staffing levels 
so that further surgery 
would impair the company's 
ability to function. Yet more fat 
must be trimmed if margin 
improvement and growth is to 
be maintained while sales are 
static. 

Alternatively, you are planning 
the sale of a company at a price, 
for instance, of 10 times earnings. 
Every £50,000 cast-saving would 
lead to a £500,000 increase in the 
price the company would fetch. 

As the areas in which savings 
can be made become less obvious, 
so companies are increasingly 
turning to specialist cost cutters. 
Not only does this allow the 
managers to focus on those core 
areas of business development 
where they can add most value, 
but consultants can also 
frequently do a better job of 
finding savings for the very 
reason that it is what they do 
all the time. 

Turning to specialists is not 
new. UK consultants such as 
National Utility' Services, help 
companies find ways to control 
the cost of items like electricity, 
gas and water bills. And groups 
like Proudfoot design and 
implement cost-cutting 
programmes, often aimed at 
finding productivity increases 
which involve a cut in the 
workforce. 

But businesses can now get 
help in cutting costs, particularly 
overheads, in parts of their 
businesses where savings may' 
previously have been seen as too 
small to bother with. 

Importing an idea that has 
taken off in the US, one 
London-based company, Expense 
Reduction Analysts, offers to 
scrutinise the least obvious areas 
within a business to find savings 
which nevertheless drop straight 
to the bottom line. 

The office stationary supplies, 
courier services and printing bills 
are prime targets. “The amounts 
we are looking at arc not 
significant in terms of the sales 
of any company. 

"What we do is look to see what 
a company of that size should 
be paying for its services," says 
Frederick Marfleet, the 


executive director ut ERA. 

Stephen Ihtusdun-Miish, 
chairman of ERA. he has 
saved one company with sales 
of £:iOUm mure than Elm by 
reducing the amount of material 
delivered by unnecessary 
overnight delivery services. Many 
companies with sales ot more 
than £l00m will still he buying 
their stationary from catalogues, 
a notoriously expensive source 
of supply- , „ 

Per Trucn. a partner in a small 
international law firm. Abbott. 
King and IVoen. said some of 
the areas ERA identified did not 
yield savings. But other 
recommendations saved tlie firm 
(0-15 per cent on its annual 
stationary, postage and courier 
bills. 

When senior managers bring 
in outside consultants to look 
at costs they can create serious 
tensions. For this reason. 
Dunsdon-Masli makes his first 
approach to the board level of 
companies, over the heads of 
those implicitly criticised 11 
savings are found - the 
purchasing managers. 

The ERA service is provided 
purely on a contingency basis. 
ERA'S low overheads allow- it 
to charge only if it realises 
savings for its clients, as is the 
case for companies uf faring the 
service in the l»S. “For us to be 
able to find £10.000 in savings 
is zero risk to the company." says 
Dunsdon-Mash. 

If it does identify savings, its 
fees arc steep - 50 per cent of 
the savings in the first year. ERA 
returns to the company three 
montlis after making 
recommendations to rc-nudit its 
position. Clients then have n 
contractual obligation to share 
any savings in the first 
year. 

For companies seeking 
immediate reductions in costs 
the idea has obvious attractions. 
But it can also accelerate the 
trend towards companies 
shedding what BET calls the 
“chore businesses" and focusing 
on the core areas where they have 
a distinctive competence. 

RG 


BUSINESS OPPORTUNITIES 

AUCTIONS 

BUSINESSES WANTED 




h 1 

1 


ACQUISITION / MERGER REQUIRED 


TOY IMPORTER, WHOLESALER & RETAILER 


Exclusive, well-known, fast-selling Toys &. other leading products. 
Existing contracts with most Major Retail Groups throughout UK. 
Recognised as one of England's foremost in-store concession retailers 
specialising in Toys A Promotional Mercha n disi ng . Operates concessions 
with exclusive own branded produces in up to 300 outlets on a Wholesale 
A Retail basis with most of the large high street Department Store Groups 
and Retail Chains. 

Main product line is Toys. However, also have Major Wholesale & Retail 
clients for Stationery, Jewellery and Beauty Products. Business involves 
contract manufacture or sourcing from the Far East, Imports plus 
considerable Export, Wholesale St Retail of all our Products. Since 1977, 
Operation has been sound, very profitable for every financial year with 
turnover circa £3m for last 4 years with previously good profits. 
Temporary management problems last financial year caused a loss & 
current cash flow shortage necessitating new capital. A majority 
shareholding is offered to an interested party to assist the cash Dow to put 
this established operation bock on its feci. Turnover b forecast at £3m for 
next financial year with return to good profits. 

Negotiations need to be oa an urgent basis. Interested parties contact 
JOHN DAVIDSON (on behalf of the company) on (081) 889 7457 or 
alter hrs (alter 7 pm) on (081) 441 3450. 

rukMIal n%cskm arc uhrbcd dM EXtt pcifoaunco a not Kcrauidy a gaUe lu ibc runic A 
-JbmaU *cck Inkpnhkte rmnctnl novice. TO, advert bn been approved by a pemn rcgaliled 
■axlcr itie Kimncbi Service Ad 1346. 


LEARN THE FACTS 

about clean standby letters of 
credit. An investment 
opportunity? Why? Are they 
tradable? Legal perspective? 
Risk? Potential returns? Our two 
research books provide the 
required due effluence material. 

(USA) Tel: ZL2 836 4751 
Fax 836 4912 


MANUFACTURING 

COMPANY 

In nidus marker with many Blue Chip 
Scheduled Customers currently with 
one shareholder, the Owner, seeks 
farther shareholders. Finished 
product produced by only 2 
competitors throughout the European 
community. 

Reply io Box B2SOT, Kiimncfcil Tunes, 
One Soattiwnrk Bridge. London SEl < HIL. 


PROPERTY DEVELOPMENT OPPORTUNITY 
IN THE CITY OF LONDON 

High capital appreciation potential over next five 
years with low/rising income. Initial cost under 
SlOm for 5,000 sq m building. 

Contact: Box B2602, 

Financial Tunes, One Southwark Bridge. London SEl 9HL 


NE5CT AUCTIONS 

or life jfitu ranoe policies for 
investment will be held 
oa 7 April and 21 April in London 
and on 14 April in Leeds 
Telephone: 

H. E. Foster Sc Cranjxeld 
071-408 1941 far catalogue 
A Member o< FtMRRA 


f RENTAL ^ 

BUSINESS OPPORTUNITY 

Are you running a successful rental 
basAneo ironhing electronic equipment? 
Arc you inicicucd in capitalising on 
your invest meat or da you need help 
with your timber expansion’’ It so we 
can hdp. As market leader in this field 
we hjvc an unequalled track iccunL 
For fonticr Information, write to: 

Box IRS') I, Financial Times, 

One Smnlrtmrfc Fin-fee. laodfln.SKI util. 


BUSINESS SERVICES 


Jf 


tICKUN 
CEMVA 
FKANKM. « 




h;.uss=ls 

MUNICH 

HVMnuPC 

A'.'.NfSRD.-.M 

MOiCOW 


Fully furnished offices 
Trafalgar Square 



Secretarial services * Conference Cat ill lien 

Photocopier. Fax, W.P. • Flexible Lease Terms 

Personal Telephone Answering * Immediately Available 

Tel: 071 872 5959 

Y,iur Partner in over HO Inlcnuliona! Buxines* Location, 


In raiment Opportunities — tVlurch 
tr™r«i Comp, kkj nuaow 

UthMiniAMWw, etymon 

wwfaa ttwvhm ft MWa x ■BMf23O.Q0a 

tmuoa 
DKIIWH 

TOrr l«* limn lUuAwn OWui 

KvbiMui’Saah HO. (XX 

iNamr Mw £20.1.000 

|L*M Dwipt-Miaa ap*o Cl MAX 

FbM d rt i fl , awl arfA-rw. la nalMy report 

- -fcpo" ‘ 


<«*> 


BRITISH RUSSIAN 
COMPANY 

Will cooperate with parties 
interested in entering die 
World's largest and fastest 
growing markeL 

Write Box 32617 . Finaxul Tbra. 
Oik Southwark bridge. Loudun SC I MIL 


CHANNEL ISLANDS 

Oflsliore Company Formation 
and Administration. 

Also Liberia. Panama & BVT etc 
Toial offshore facilities 
and services. 

For details and appointment write 
Cloy Trust Lid., Brimonl House. 

2-6 Be into oi Rd, Si IldiCT. Jersey. CL 
fal: 0534 7R774, Fax 0534 35401 
1*4 102227 COK3RM C 


FUNDS AVAILABLE 
TO PURCHASE 

* Let ten; of Credit 

* Bank (ViiunuiietK 

* Ol her Acceptable Collateral 

* Backed by Private Investors 

T11RU MAJOR INTL BANKS 

CAPITAL SUPPORT COUP. 
US. (714) 757- HOT- ftcc (7141 757- I2TO 


Franchise 
Master License 

Established franchise system in ibc 
United Kingdom is offering matter 
licences in the United Kingdom and 

other European countries. Profit center, 

include franchise sales, supply sales 
and royally loeume. This one of a Idnd 
sc/vicc business with no competition is 
one of the fastest growing franchises In 
America. $100,000 US minimum 
requirement. 

For mure information cuoucr 

Alberto J. Stagnant or Kenny Zorin 

Furniture Medic 

Adanra. Georgia 

ns«n.s«i9_J77 

(404) 30 1 -W3 USA 

(404) .1A3-0SS4 Fax 


COMPUTER 

SOFTWARE 

Small, innovative company, trading 
five years, has almost completed 
technical development of exciting 
new product to exploit opportunity 
in last growing world market for 
packaged software. Potential 
annual sales EiQ0m+ 

investor sought to provide 
additional resources required lor 
commercial finishing of the product 
and market launch. 

Box 03621. FbtandaJ Thnas, 

One ScuBMmk Bridge, London SEt flHL. 


MINIMUM ADVANCE: 

£ 1 , 000,000 

Willi a major UK Institution, we will 
consider quality financing proposals. 
Letters of Indication in 72 hours. 
High quality of service. Long- 
established Centra] London Finn. 
Principals only. 

Write io Box B25Q3. Financial Times. 
One Suutbwaik Bridge. 

London SE1 9HL 


IMMEDIATE LOANS 

Short Term Cash Loans 
Available Acaimst:- 
Anliqucs and Paintings 
Jewellery and Valuables 
Non-Status 
CCJs no Problem 
BOND INVESTMENTS - 
Td: 071 495 4766 
Written details available. 


CONFIRMABLE DRAFTS 
BACKED BY CASH 

★ based in Your Name 

* Confirmed by Major tuft Banks 
to Prove Availability of Funds 

P Backed by Private lavotora 

CAPITAL SUPPORT CORP 

U-5-17I4J 757-11)70 • fax (714) 757-1270 


B-P.O.'S AND FUNDING 
INSTRUMENTS AVAILABLE FUR 
COLLATERAL COWTRACTS- 
FOR PRICE AND 
INFORMATION CONTACT 

Oakville Securities on 

Tel: 44 71 937 9956 
Fax: 44 71 937 2279 


FOR SALE 

FREEHOLD DEVELOPMENT SITE 
3.2 acre with pluming permission tor 
46 bed moicL 50 seal restaurant and 
pend station on the busy trank road 
AAO near BurfonL 

Write to Box Firancul Times. 

One SoalfcwartL Utilise. Londuo SEL ‘iHL 


BUSINESS ANGEL 

Fast growing profitable. SE based IT 
communications company sooks 
kmoator/buslmss angel wishing to Invest 
up to EBOOk kx equity Em door 3M ysais 
Mien fcxattcxi ptarmod. E9ue chip customer 
bass BJtcelaiU growth prospects. 

Write Box B2S23, Hnanoal Trees, 

Ona Sotehwarii Bridge. London SEl SHL 


A quantity of used 6 wheel drive 
amphibious trucks, with 5 ton 
carrying capacity and fully 
refurbished $15,000 U.5. each. 

Air conditioning and 
hydraulic self loader optional. 

Ph; 11923 67SMW 
Fax: 0923 673508 U.K. 


We are interested in individuals (or 
companies) who have experienced 
diffictdliesIprobUms when dealing 
with venture capital organisations. 
If you nre such a person or 
company, please contact: 

Dux IRi'i22_ Financial Times. 

Ore South wart Bridge. London SEl ‘HU. 


LIQUIDiMTONSf RECEIVERS KIPS 

Every week, every company that has 
gone bno liquidation and receivership. 

What they did, who the liquidator / 
receiver tv and their telephone number 
for direct access. Winding up petitions 
+ dozens of auctions *■ Businesses far 
Sale. The weekly journal far the most 
comprehensive and authoritative 
nationwide coverage of thptidukns, 
receiverships and auctions. 

For autactijMion details contact Page I: 
Tel 10472 1 37128b. Free (04721 371458 


ENGLISH 

BUSINESSMAN, 

resident in Germany offers 
assistance In establishing 
business on the German 
market 

Please Tefc004921 51773297 
Fax 00482151773607 


BUSINESS -TROUBLE SHOOTER* 
Sma l buariasa a dvtoor. Tub 0600 684771 
Fare 0603 7B2239 


Original Wool NFL Caps 
For Sale 
N umerous Teams. 

17,500 pcs. 

USD 2.95 per pcs. 
Immediate dclv. 

Fax DK +45 31 63 78 22 


GROVESNOR ST. Wl. 

Prestige fum & serviced 
Offices, Sec. fax short/long 
let From £75 pw. 

Tel: 071 493 7830. 


FINANCE DIRECTOR, FCA 

wIB help you manage, control & 
develop your company or set up 
a new business. 

071-255 2337 


Up to £1,000,000 TO BUY 

a 

Financial Software Development 
Company 

Based in the South of England 
(Principals Only) 

Send, dentils io Bo. x B260S, Financial Times. 

One Southwark Bridge. London SEl OH I. 


PUBLISHING COMPANIES WANTED 

ElOOm turnover U.S. publishing house seeks to acquire business io 
business publishing/information services companies m (he telecoms, 
datacoms, satellite, broadcasting, cable and aerospace markets. 
We have recently completed a successful acquisition with unc 
of the largest publishers in Europe and would like to expand 
our marketshare through similar transactions. 

Agents/Brokers welcome. 

All enquiries held in the strictest confidence. 

Please write Io: 

Christopher Scotton, Managing Director 
Phillips Business Holdings LU, Forum Chambers, 

The Forum. Stevenage, Harts SGI 1EL 

or call: 0438 742424 


Wo arc in contact with a Bubntautiul number of innjur PLC'v in 
mergers and acquisitions who nre conntuntly looking to acquire 
sound companies. 

Wc would be pleased lo hear Prom controlling directum „ r principaL-i 
of companies wishing to seD with minimum turnover £'L million and 
pre-tax pro fils £50k with no upper limit. 

For further detuib please telephone Marie Dur.n A.CJV. 
on 061-833 4290 or fax: 061-834 8722 


BUSINESSES WANTED 


PRIVATE LENDERS REQUIRED: For 
RraiMrty Oovdopmont and ReftntMvtunL 
Our Sonants me prepared M pay rterox 
rate bom 19%. Td: Soared Ventures Ptc 
taz* 635383 Fax. 0224 (06628 

COMMERCIAL FINANCE VMM Capet 
audtebte bam EffiO JMO upwanfe. Scmfcte 
Rates, SenoJOId FM4. Biokor enquiries 
welcome. Anglo American Venturas Lid. 
Td; (09241 201305. Fax (0524) 20)377 


POLYMER MANUFACTURER SEEKS 
Danner with proven died sates tracK record. 
Having luDy developed a unique range of 
•wetting t>vyi performance products afrnady 
achieving substantial sates since bouvg 
featured on Tomorrow^ Wqdd we wsh to 
tvdhor dovolop solos In iho property 
refadwheienlMiaBitonanco market, H you 
wo Harastad In a pH venue paddp a tten 
*«ti good manaJna S vaa porerwd. »rto w 
Bor 02619. R na n dd Timas, ONe Sautnwatic 
Qridgo. London SEl IM- 
PERSONAL GUARANTEES Insurance 
against personal Guarantees are 
Bvatotalo to t bank loans and Landkxtte. 
For more debate Td; 0224 028282 Fax 
0224 828628 Secured Ventures Pte, ti 
TNstfo Ptaoe, ABenfoon. 

ACCOUNTANT; 3moil'Mcdium Slzod 
Comanv Requires A QuaHcd Accounted 
GV to N Sanson, AIMS Pte. 24 Rod Uon 
Street. Ln»t. WCi R 4SA, 


WANTED 

IT TRAINING COMPANY 

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

Replies from principals only in strictest confidence to 
Box B2585, Financial Times. 

One Southwark Bridge, London SEl 9HL 


OWNED CAR 
FLEETS WANTED 

Established contract hire 
company wishes to acquire 
company owned car Reels 
Itteet sires upwards of 50 to 
1,000 vehicles). Through a Safa 
and Lease Back release capital 
and so create an instant 
cash fend to improve your 
liquidity and cashflow. 

Ruptzca id atndrat cohIhIiw. IVraopjb 
telly. Wnie Brat ffc!710, Fin.iivuil Timro. 
Onu Southward Uririjj^ [.omj.n MKl 9UL. 


THE BUSINESS 
SECTION 

To advertise please contact 
Karl Loynton on 071 -873 4780 
or Melanie Miles on 071-873 3308 

or write to them at 

The Financial Times, One Southwark Bridge, 
London SEl 9HL 


I-ong established textile 
manufacturing cumpnny 
wishes lu acquire 
(textile yarn agencies 
and textile Importers) 
as pan of our expansion 
programme. 

Write to Bat B2542. Financial Tunrx, 
One S</u/htrark Bridge, 
Ijtuuhm SKI 9HI. 


Does your European/Aslan 
or Spanish subsidiary, 

with more than E3 million In 
assets, not fit your corp. 
strategy any iangei or Is 
financially under water? We are 
interested in receiving 
confidential seH or restnjcturfjiQ 
offers. 

Fax to Controiadara ICll) 

Jf34 I 555 9957 


SQUASH /LEISURI 
CLUB 

Purchaser seeks squasl 
Leisure dub in South c 
England. 

Contact box number 826)3, 
Fin ancial times, Ctoo Sotithw.i 
Bridge. London SEl 9HL 


OFFICE 

EQUIPMENT 


Market Research 
and Specialist 
Consultancy Busipussks 

witit minimum profits uf H250K 
required by fully luted PLC. 

Pteroc cuuiaa Dot B2ftlL 
Financial Times, One Southwark 
Bridge, LonJunSlit Cfll. 


Office Furniture 

Duo III city hank »nki 
postponement «« have a huge 
ifunniiiy uf quality executive .mil 
Kyatem rjtjgcx - conference and 
iCteplitiflM. Large choice wl 
V >-Mtcur»:( Walnut. Rosewood, 
Ash etc.) with discount uf up to 
•ID"!' from R.U.I*.! 

London '•how ron m f„ r v fcwiiiE 


LIN FAR 
0W2 






















FINANCIAL TIMES TUESDAY MARCH 29 199 4 


13 


BUSINESSES FOR SALE 


MARINE BUSINESS 

INVESTMENT OPPORTUNITY 

UAE-Gulf based local Marine Company, in business in 
UAE for last 15 years, wishes to sell it's well running 
business due to owner's retirement preference. Company 
owns and manages SIX marine vessels comprising: 


Anchor Handting/ToWSupply Boats 

-3900 HP 

Two 

Anchor Handling/Tow/Supply Boats 

-3000 HP 

One 

Tow/Supply Boat 

- 2400 HP 

One 

Supply Boat 

-2250 HP 

One 

Fuel Barge 160 Ft - 2000 Tons capacity 


One 


ALL ABOVE VESSELS IN EXCELLENT CONDITION, 
fully classed by American Bureau of Shipping, all 
certificates valid. 

Company wiBing to sell all above vessels to new owners. 
Vessels only if so desire, or alternatively, intending 
purchaser can take over the running business LOCK, 
STOCK and BARREL Company enjoys excellent market 
reputation. Trade Debtors rating - EXCELLENT, nominal 
Trade Creditors. All vessels owned 100% by the 
company, tree of any encumbrances, no liability to banks, 
no lawsuit, no claim outstanding whatsoever. Business 
can be taken over as soon as deal completed. Please 
note all vessels presently on charter. 

Discreet inquiries are Invited, please contact. 

Telephone: 971-50-421882 or 971-2-725859 Abu Dhabi 
UAE 



LEONARD CURTIS 


BY ORDER OF THE JOINT ADMINISTRATORS 
CHARLES MACMILLAN FCA & DERMOT POWER FCA 
IN THE MATTER OF 

4 WAY PIC 

Offes are irwhed for rfm c&sets chk! txainess of rfiis v^I esfabJished oonpany- 

• NafioimricfeAAullirnecBa retailer (CD* cassettes, video and games). 

• The turnover of Ae business is in excess of £16 million per amn. 

• Hf^? profile corpofrrie kJenfty. 

• 36 My equipped refcd outlets m prime high slreef locations. 

Snuenies s/iocid be cdbfnssed to Co&i Burias c^:- 

Leonard Curtis & Palmers, Clwrtwd Account 

Paler Howe, Oxford Street, Manchester Ml 5AB 

TolToSl 236 1955 Fax: 06 ! 22^1929 



Howard & Beaumont Limited 
t/a County Windows 

The Joint Administrative Receivers offer for sale, as a going concern, in whole 
or in part, the business and assets of Howard & Beaumont Limited, trading as 
County Windows. The company is a manufacturer and installer ot aluminium 
and PVC-U double glazing lor both trade and domestic customers. 

Salient leatures include: 

■ Annual turnover of approximately Cl. 5m 

■ Subsianlla) leasehold premises in Wicklord. Essex 

■ Stock and work in progress 

■ Orders in hand ot some Cl 00.000 and established trade customer base 

For further information contact the Joint Administrative Receiver, 

Tony Thompson, KPMG Peat Marwick. Aquis Court, 31 Fishpooi Street, 

Si Albans. Hertfordshire AL3 4RF. Tel: 0727 043000. Fax: 0727 864423. 




Corporate Recovery 



LEISUSt AND HOTELS 


DEVELOPMENT LAND 

ASnrOOOBANE, NEAR RKDDTTCB, HEREFORD AND WORCESTER 
For sale with development potential 

■ Established me as a knackers yard and pel food sales opera non 

■ Planning permission for the construction of an animal and pel 
crematorium 

■ Benefiting from a waste disposal she licence 

■ Recently released green belt land with potential for boosing 
development 

■ Conveniently stoaied dose to major West Midlands conurbations 

■ Extending lo approximately 4 acres 

■ Offers are invited 

For further details contact the Seller's Solicitors: 

Rees Edwards Maddox 

King Edward House 
New Street, Birmingham B2 4QW 
Td: 021 643 0111 Fax: 02 1 63 1 2225 
Ref: FGC 


On tbs inrti ttcrigM cOfaiay Begfagul Health Authority 
onbdulfflfthc fl uc Hte yflfStitt ftlHfllhh 

WINWICK HOSPITAL, WASHINGTON, CHESHIRE 

Manchester abort 16 nril» • MS (S3) about 1*. mflei • M6&U9) abort ^Sdle 


A VERY SUBSTANTIAL CSKKN BELT HOSPITAL IN AN 
0UTSEANDING LOCATION 


Set in aa attrectnv landscaped grounds witb estensm racnstkotJ and aborting 
forilrt i iTe , e xtendin g in all to aboul 7<0JM0 eg ft gross interns] md rogjpsflj 
mmwmSatiag 141 to 2550 petionta. Satdaci to a phoaed iwractiao programme. «iUi 
17 of the 47 wards m dated mol die nmaiaifar sdufaM fhr downs hy 1997J98 

CaBHBOLT IN USB AS ABOfiPCUL fDRTBK USUALLY DLL AND 
pRommKKrr&mALfORAVAsmrtoFD^rrntmfXiALAND 
OTHER USES AFPROPBIAIK TO TBE GREEN BELT, SUBJECT TO ANY 
NBCBSSART CONSENTS 

' About 101 acres 


. 1 

v 

•• 

I ••• ' 


Freehold far Safa aa a Whole 


• • ’ 1 



'20 Hitinivt'!' D'.i'.im'i'. 
I.iin (ini'. WlKuAlI 
'iV'i: oT! (V^V Si 7 1 


Consistently profitable and cash generating business with UK 
and international revenue for sale. Considerable scope for 
expansion of existing business and as synergistic partner to 
related marketing based businesses. Current pre-tax profits 
1300,000 Founding management will continue if required for up 
to 2 year handover period. Principals or their retained agents 
only please write for further information to: 

Bax B 2619 , Fbmionl Times, 


AUHJ. SUTTON F.CJL and ROBERT H. BARKER P.CJL 
JOUTT ADMINISTRATIVE RECEIVERS 
offer the business and assets of the following for safe 

FKROOFING LIMITED 

IN ADMINISTRATIVE RECEIVERSHIP 

• The company is one of the country's largest 
specialist Industrial roofing and cladding 
contractors with foil design capability. 

• The company owns and operates from 
prestigious modem freehold offices in 
Manchester. 

• Turnover £U.5m In 1993 (£13m In 1992) 

• The company trades nationally dealing 
predominantly with major construction 
companies. 

For further details please apply to Alan J. Sutton, 

Baker Tilly, Chartered Accountants* Brazermose House, 
Lincoln Square; Manchester M2 5BL. 

Tel: 061 834 5777. Fax: 061 835 3242. 

CHARTERED ACCOUNTANTS 

BAKER TILLY 

I / 1 I I 1 II ! i 

Murad to any ra raff sMntariofesdbcaiyfxi 
awMAMalrlli toN*<YaMWAnMr 
hBsMmnVWt 


FOR SALE 

Greetings card company 
oxeeflerrtefesJgn& production 
facilities. 

Turnover in excess of £2m pa. 
WU also consider a merger. 
Reply (Principals orty) In oonManea 
to: Box 80823. RnancW Times. One 
SoUtiwark Bridge, London SCI 9HL. 


CASINO FOR SALE 

Casino wiih established clientele, 
for sale as a going concern. 
Offers in excess of £2£m 

Apply to Box B2609, Financial Times, 
One Souttmeric Bridge, 
London SE1 9HL 


The Sale of London Buses’ Ten Operating Companies 




Register Your 
Interest Now 


Offers are to be invited for the purchase of the whole of 
the share capital of each of London Buses' ten operating 
companies. No public offer of shares In the companies wfU 
be made 


This sale offers an unprecedented opportunity to 
establish a substantial presence in one of the biggest urban 
bus markets In the world and the largest in the United 
Kingdom. The ten companies had turnover of over £440 
million in 1992/93. 

The sale of the companies will be by means of a 
controlled auction. In order to receive a copy of the 
Information Memorandum, for which a small charge will be 
made, you will be required to provide evidence as to your 
suitability as a potential purchaser in the form set out in a 
Pre-qualification Letter. 

If you wish to receive a pre-qualification Letter and 
you have not already registered your Interest as a potential 
purchaser please write to: 



Tim Martin, Director, 

Barclays de Zoete Wedd Limited, 

Ebbgate House, 2 Swan Lane. London EC4R 3T&. 


If you have already registered your interest with Barclays 
de Zoete Wedd Limited, no further action is required at 


this stage. 



SOUTH LONDON 



SELKENT 


MMETROUNEW 



LONDON UNITED 


CENTREWEST 



EAST LONDON 



LEASIDE BUSES 



LONDON CENTRAL 



LONDON GENERAL 


jjyyjj 

LONDON NORTHERN 


■nos fldvwwwwm doe* not and to i« wwded to. oorwtoxe « offer or fetation tor safe or pintom of the share* surf: eomp-iteiairt to SnMlriwidedW tom or ai^lnwrtmiWdectoXm 











14 


FINANCIAL TIMES TUESDAY MARCH I'*** 


R 


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BUSINESS AND THE LAW 


Schindler’s lottery 
can be banned 



EUROPEAN 

COURT 


National leg- 
islation prohibit' 
ing the operation 
of lotteries within 
a member state’s 
own territory is 
lawful under EC 
law. even though 
such action consti- 
tutes a barrier to the freedom to 
provide services, the European 
Court of Justice ruled last week. 

The case concerned the sale of 
German lottery tickets in the UK. 
The Schindler brothers were 
agents for the lottery and sent 
20,000 order forms to individuals 
in the UK. The documents were 
confiscated by Customs under UK 
laws that ban lotteries in the UK 
and prohibit the importation of 
any publicity material about the 
running of lotteries. 

In the High Court, the Schin- 
dlers claimed the UK law was 
incompatible with the Rome 
treaty rules on free movement of 
goods and freedom to provide ser- 
vices. The court referred the mat- 
ter to the ECJ. Eight other mem- 
ber states also intervened in the 
proceedings. 

The ECJ first had to decide how 
lottery activities should be treated 
as a matter of EC law. The Bel- 
gian, German, Irish. Luxembourg 
and Portuguese governments 
argued that such activities were 
outside the scope of the treaty, as 
they did not constitute economic 
activities. 

The Spanish. French and UK 
governments, together with the 
European Commission, argued 
that such activities were services 
rather than goods and should be 
dealt with under the services 
rules. The Schindlers submitted 
the activities were covered by the 
EC provisions on free movement - 
of goods. 

The Court ruled the activities 
were economic activities and fell 
within the scope of the treaty, it 
also found that, although physical 
objects were distributed, they 
were merely part and parcel of the 
organisation and functioning of a 
lottery which could not be 
regarded as goods. 

Such activities should be treated 
as services. The services con- 
cerned were those supplied by the 
lottery organiser in causing indi- 
viduals who bad bought tickets to 
participate in a game of chance 
and offering them the hope of win- 
ning. 

Despite the entertaining nature 


of lotteries, they were clearly 
profit-making organisations. Even 
where certain member states’ laws 

only allowed the profits of lot- 
teries to be used for purposes In 
the public interest, such as sup- 
port of the arts, this did not rob 
the activities of their economic 
nature. 

The Court then had to decide 
whether the UK rules were a bar- 
rier to the freedom to provide ser- 
vices. Only the Belgian and Lux- 
embourg governments argued that 
the provisions did not constitute 
such a barrier, on the ground they 
were applicable to both the provid- 
ers of the services in the UK as 
well as in other European Union 
countries. 

The court reiterated its earlier 
position on the issue. National 
measures which, were indistinctly 
applicable were capable of falling 
within the scope of the EC ser- 
vices rules, if the measures were 
such as to prohibit or otherwise 
impede the activities of a provider 
of services established in another 
member state where that person 
lawfully provided similar services. 

As that was the position in the 
present case, the Court ruled that 
the national provisions did consti- 
tute a barrier to the freedom to 
provide services. 

The final issue to be decided by 
the Court in the light of earlier 
findings was whether such a 
restriction which was found not to 
be discriminatory, could be justi- 
fied on public policy grounds. 

All the member states agreed 
and argued that such restrictions 
were compatible with the EC ser- 
vices rules on the grounds that 
they were justified as being in the 
public interest The Commission 
submitted that the restrictions 
were unlawful because they were 
disproportionate. 

The Court found that the aims 
of the UK measures were to pro- 
tect the users of the service as 
well as consumers generally and 
file social order. The Court had 
already held in previous cases 
that such aims justified restric- 
tions on the freedom to provide 
services. Member states were thus 
entitled to take measures such as 
those at issue, so long as they 
were not discriminatory. 

C- 2 75 1 92: HM Customs and 
Excise o Gerhart and Jorg Schin- 
dler. ECJ FC, March 24 1994 

BRICK COURT CHAMBERS, 
BRUSSELS 


A lone among Council of 
Europe countries, the UK 
denies its citizens an effec- 
tive remedy, if the state 
brands them as dishonest and crim- 
inal without the right to a fair trial. 

So say the Fayed brothers, own- 
ers of the House of Fraser stores 
group which includes Harrods in 
London. Publicly condemned by the 
Department of Trade and Industry 
Inspectors' report into their 1985 
takeover of the House of Fraser for 
dishonestly misleading the authori- 
ties - a charge they have always 
disputed - Messrs Mohamed, All 
and Salah Fayed claim they have 
been denied the right to clear their 

namAC 

They have taken their fight to the 
European Court of Human Rights in 
Strasbourg. Their case is that the 
denial of effective access to a 
domestic court to defend their right 
to honour and reputation and the 
denial of effective domestic reme- 
dies to rfifliteng p the DTI inspec- 
tors' fin din g s amount to a breach of 
articles 6 and 13 of the European 
Convention on Human Rights. 

Last week’s oral hearing followed 
the rejection last summer of the 
Fayeds’ case by the European Com- 
mission of Human Rights. The 
court's judgment is not expected 

imti) the autumn. 

Victory for the Fayeds might not 
only force the UK government to 
change the procedures of company 
investigations and tribunals of 
inquiry, such as Lord Justice Scott's 
current arms to Iraq inquiry. It 
could, in the words of Lord Lester 
QC, the Fayeds’ counsel, “secure 
stronger national judicial protection 
of individuals in the UK whose 
basic human rights and freedoms 
are decisively affected by adminis- 
trative actions”. 

On the other hand, defeat, as 
Lord Lester told the Strasbourg 
judges, “would inevitably mean that 
in the UK, public authorities - 
including government-appointed 
investigators and government itself 
- would be able publicly to defame 
an Individual with impunity; the 
victim would be prevented from 
seeking any redress in national 
courts; and the convention would 
be unable to protect him from a 
violation of his human rights". 

Mr Michael Cole, House of Fras- 
er's director of public affairs, said 
that, by taking their case to Stras- 
bourg, the Fayeds were not seeking 
to hinder public debate or hamper 
investigations into financial mal- 
practice. Neither were they asking 
the court to clear their names. They 
were simply seeking to ensure that 
individuals accused of serious mis- 
conduct enjoyed due process of law 
and that there were adequate safe- 
guards in En glish law a gainst the 
misuse of public powers. 

The case they advance is a power- 
fid one. Lord Lester told the judges 
there was no doubt the central con- 


Fight for right 
to clear names 


Robert Rice on the Fayed brothers’ 
case against the UK government 



Travoi Hmphres 

Mohamed A 1 Fayed: seeking safeguards against misuse of public powers 


elusion of the DTI inspectors’ report 
was that the Fayeds were guilty of 
dishonest misrepresentation. In the 
eyes of the world the report, pub- 
lished by the government, had the 
force of a judgment delivered after a 
lengthy trial at which the Fayeds 
had been convicted. But there had 
been no trial and criminal charges 
bad never been brought The gov- 
ernment had even derided not to 
seek to have the Fayeds disqualified 
as company directors. 

The Fayeds* civil right to a good 
reputation had been drastically and 
decisively interfered with by the 
process, Lord Lester said. The pro- 
cedures governing DTI company 
investigations afforded no safe- 
guards for the rights of those under 
investigation. 

Hearings are held in private. 
Inspectors are free to decide how 
they conduct their inquiries. They 
do not have to inform those under 
investigation of the identity of wit- 
nesses against them. Those under 
investigation have no right to con- 
front or cross-examine witnesses 
and no right to see the evidence 
against them. Inspectors can rely on 
evidence that would be inadmissib le 
in a court And the secretary of 
state has a broad discretion to pub- 
lish a report 

Lord Lester said this " unfair " sys- 
tem of company investigations had 


been heavily criticised in recent 
years - most recently in a debate in 
the House exf Lords in February. It 
carried a disproportionate risk of 
unnecessary harm to individuals. 
Measures were needed to minimise 
that harm, either by introducing 
greater procedural safeguards such 
as the right to cross-examine wit- 
nesses, or by providing real and 
effective access to the courts to 
challenge the inspectors’ findings. 

L ord Lester said the Fayeds 
had no effective remedy of 
any kind against publica- 
tion of a condemnatory 
report and the damage it caused. A 
libel action against the secretary of 
state or the inspectors would have 
been struck out on the grounds that 
what they had published was privi- 
leged. An action based on a sepa- 
rate libel against the Observer 
newspaper, for articles written 
about the Fayeds in connection 
with the House of Fraser takeover, 
was not an effective remedy against 
publication by the government And 
English judicial review was too 
restrictive to provide any redress. 

The government’s response, put 
by Mr Michael Baker QC. was 
equally robust It said that company 
investigations were not designed to 
determine whether individuals were 
entitled to the reputations they 


enioyed. Company investigations 
were not trials; their purpose was to 
ascertain the facts about a compa- 
ny's affairs and report them to the 
secretary of state. 

Any damage to the Fayette 1 repu- 
tations was an incidental conse- 
quence. They themselves were 
largely responsible for any harm 
caused, both by the manner in 
which they conducted themselves 
and in the substance of their evi- 
dence to the inspectors. 

Mr Baker said that, in essence, 
the Fayeds were arguing for a full 
right of appeal against inspectors' 
reports, although they could have 
used judicial review to challenge 
any perverse or arbitrary decision 
of the inspectors or the secretary of 
state. 

If they felt the inspectors had 
been biased, or had misled them or 
their advisers, or had reached con- 
clusions unsupported by the facts - 
all allegations that the Fayeds hud 
made on the day after publication of 
the report - they could have sought 
a judicial review. But they did not. 
They also failed to seek a judicial 
review of the secretary of state’s 
decision to publish the report By 
not doing this and by failing to pur- 
sue the Observer, they had not 
exhausted their domestic remedies, 
as required by the convention. 

In spite of the rejection Inst year 
of the Fayeds’ case by the European 
Commission of Human Rights, Lord 
Lester remains optimistic. The com- 
mission was often overturned by 
the full court, he said yesterday. 

The court's reception of his sub- 
mission of evidence showing that 
the UK alone among Council of 
Europe countries fails to provide an 
effective remedy to those under 
investigation for alleged financial or 
commercial malpractice gave him 
most confidence. 

In Germany, for example, publica- 
tion of such a report would be ille- 
gal if the authorities had not also 
indicted the individuals concerned. 
In Sweden. Switzerland and the 
Netherlands, no administrative 
body has the power to publish a 
report imputing serious criminal 
misconduct to named individuals. 

Even in the US. where freedom of 
speech is jealously guarded, an 
inspectors' report could not have 
been published by the government 
if the individuals concerned had not 
had the right to know the evidence 
on which file findings were based or 
to confront and cross-examine wit- 
nesses. 

The UK government appeared to 
have no answer to this evidence. Mr 
Baker argued that what happened 
in other countries was of little 
value to a case involving the UK. 
But, said Lord Lester, the court did 
not seem impressed with that line 
of reasoning. If he is right, the 
House of Fraser saga may yet be the 
unlikely vehicle for an improve- 
ment in human rights in the UK. 


legal briefs 



Firms decide 
against merging 
operations 

A gaiust the expectation of 
the legal services market 
the Norton Rase/MS group 
or English law firms has decided 
not to merge its operations Into 
a single national partnership. 

A review of the group's activities 
has concluded that there is at 
present no business case for 
merging all seven firms into a 
national practice and the present 
structure remains the one best 
suited to help group members 
deliver the service their clients 
require. The group will therefore 
continue to collaborate on 
professional development and 
support, including training, 
recruitment and exchange of 
information and know-how and 
also in business development, 
particularly by marketing the firms 
as a group overseas. 

Mr Jonathan Barclay, a partner 
of Norwich solicitors Mills & Reeve 
and chairman of the group’s board, 
said nine months ago he wonld 
not have guessed this would have 
been the outcome of the review. 

But the more they looked into the 
actual needs of clients, the dearer 
it became that there was no 
significant advantage in merger. 

High-tech judges 

T he Lord Chancellor’s 

Department is to provide 
300 UK judges with laptop 
computers over the next three 
years, in a drive to increase the 
use of Information technology In 
the courts. The department has 
placed a £340,000 order with 
Siemens Nixdorf for PC notebooks, 
services, support and training for 
the judges. 

They will be issued with 
PCD-4NC colour notebooks, with 
putable cut-sheet printers. The 
computers will be linked so judges 
can communicate with each other 
and with court administrators. 

They wifi also be able to set up 
conference facilities and take notes 
on their computers in court. 


% 


i 

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FINANCIAL TIMES TUESDAY MARCH 29 1994 


IS 


ARTS 


A languorous look back 
at Venus and the myth 


William Packer explores an 
exhibition of sculpture 
at the Liverpool Tate 



Venus Victorious, a 1914 bronze by Auguste Renoir, at the Liverpool Tate 


Recital/Richard Fairman 

Dmitry Hvorostovsky 


with resentment against the 
regime and wrote the best 


E ach generation rede- 
fines its ideal of 
Woman in fawmg of its 
current pre- occupa- 
tions and aesthetic. Ever since 
Paris first sat in Judgement an 
the Three Graces, the story has 
been the same. Juno may have 
tried to bribe him with the 
offer of supreme power and 
Minerva with military glory, 
but Venus was always going to 
win. Sex and beauty always do. 

The Tate Gallery in Liver- 
pool. continuing its excellent 
programme of small exhibi- 
tions that inform the richness 
of the gallery’s own collec- 
tions, Is looking at those sculp- 
tors of the avant-garde who 
were working in Paris in the SO 
years or so after 1890. The 
theme is the idealised, or at 
least formalised, female nude - 
which, in its inevitable sym- 
bolic aspect, is to the artist 
always Venus. 

Any such catch-all approach 
is fair enough, and this partic- 
ular title of Venus Redefined, 
need not be taken too literally. 
Even so, the territorial limita- 
tion to Paris is to be regretted. 

How good it would have 
been, for example, to have had 
an early reclining figure by 
Henry Moore to set beside the 
Matisse and Laurens horizon- 
tales; an| ^ alongside Zadkine’s 
totemic Venus, some ruder 
German Expressionist figure 
by Kirchner -or HeckeL The 
point, perhaps, as is so often 
with these small and pilot exer- 


given in the actual titles of the 
works by Renoir and Zadkine - 
and of Rodin's Cybele and Mail- 
lol's Three Nymphs, there is no 
question here of classical pas- 
tiche or pre-occupation. What- 
ever classical reference there is 
appears incidental rather than 
central, a matter of passing 
interest and general sympathy. 


The controversial playwright 
Eugtae Ionesco,, master of the 
Theatre of the Absurd, died 
yesterday in Paris at the age of 
81. 

IBs work was characterised 
by a blend of black humour 
and farce which he used to car- 
icature the conventions of mid- 
dle class family life and 
explore a wider philosophical 
anguish at the intrinsic loneli- 
ness of man. 

His most celebrated play, 
The Bald Soprano, in which 
two couples exchange banali- 
ties, was inspired by his experi- 
ence of learning English • 
many of the phrases, such as 
“the ceiling is up, the floor is 
down", were taken directly 
from his grammar books. The 


More to the point is the fact 
that all these artists, from 
Rodin in the 1890s to Laurens 
in the 1940s, pn gagorf directlv 
as they were with the princi- 
ples and practices of modern- 
ism and the avant-garde, 
ghquld have seen the female 
life model, set up in conven- 
tional, even archetypal, fash- 
ion as the normal and appro- 
priate vehicle for the 
development of their ideas. 
How remote this seems from 
our own experience, when 
working from the figure is can- 
sidered an anachronistic irrele- 
vance, if not actively con- 
demned as exploitation. 

Matiss e’s four monumental 
relief studies, which dominate 
the show, wane made for Ms 
own purposes and not shown 
in public until after Ms death 
in 1954. The wnil w jt ifotAq from 
around 1910, the last from 1930, 

and parti takas the same iamgg 

of the standing woman seen 
from behind. So we follow him 
in his radical riwi ptifinaHm of 
the image, abstracted almost to 
the point of abstraction. But 
was it ever, in his mind, a 
Venus redefined? Autumn by 
Laurens, a large reclining fig- 
ure of 1948, is an actively 
voluptuous and surreal compo- 
sition of abstracted fruit-like 
forms, writhing and thrusting. 
Venus? Perhaps she is. And 
Maillol’s Three Nymphs, a 
monumental reworking of the 
familiar group? Indeed. 


Lynn McRiichie when it was at 
Oxford last autumn. The most 
notable element in the show is 
the set of interactive images of 
silent figures who seem to 
notice the viewer as he stops 
before them, walk up to Mm as 
though to inspect Mm in the 
gloom, and turn away as he 
himself moves an. 


play opened to catcalls in 1950 
taut has since been performed 
more than 25,000 t im es. 

Born in Slatina, Romania, on 
November 26. 1912, the son of a 
Romanian lawyer and a French 
mother, Ionesco spent Ms early 
years in Paris. French. became 
his first language before he 
returned to complete his 
studies In Bucharest 

He wrote poems, dabbled in 
literary criticism and became a 
high school teacher In France 
before writing his first play. 
The Bald Soprano, in 1948. 

At the premiere of his next 
play, The Lesson, in which a 
professor spends an hour ver- 
bally assaulting a pupil, the 
tending actor had to flee the 
theatre through, a back door 


tions, it is about to enter the 
third and last of its annual 
revisonary phases since It was 
first hung in 1992. 

The survey falls into three 
self-explanatory parts: turning 
to the figure; purening abstrac- 
tion: and towards a new aes- 
thetic, and is particularly stim- 
ulating for the half-forgotten 
artists it brings bade into the 


clamoured to demand its 
money back. 

The bizarre slapstick of Ms 
work has left its legacy in con- 
temporary comedy as well as 
drama. But behind the studied 
absurdity, there was a serious 
intent Ionesco was a longtime 
foe of political tyranny, partic- 
ularly of the regime of Nloolae 
Ceaucescu, and Ms work con- 
veyed what he viewed as man’s 
struggle to survive in a society 
that formed barriers between 
human beings. 

The Chairs (1951) was a 
bleaker statement about man's 
bmbUtty to sham experience. 
Two elderly people living in a 
lonely tower on an island wait 
for their guests to arrive to 


light alongside the more pre- 
dictable and familiar names - 
Pignon, Buffet, Gruber, Coker, 
Armitage, Self, Solages, Hen- 
derson and others - and for 
the international and inter-dis- 
ciplinary comparisons it draws. 


Venus Re-defined - sculpture 
by Rodin, Matisse and contem- 
poraries; Tate Gallery, Albert 


hear the message that the old 
man wants to leave for poster- 
ity. Since he cannot express it 
himself, he has hired an orator. 
Empty chairs accumulate on 
stage, crowding out the couple 
who finally jump to their 
death. Ionesco described his 
plays as “comic dramas” or 
“tragic farces" because he 
viewed both elements as inex- 
tricably linked. 

In The New Tenant, (1954) 
furniture mushrooms to the 
point where the whole flat, 
street and city and even the 
Seine river are clogged with 
furniture. 

Other successful . works 
included Victims of Duty (1954) 
and The KiUer (1957). 

His international stature was 


Dock, Liverpool, until June 
1995; sponsored by David M 
Robinson Jewellery. Guy Hill 
. in Light of fiie Other - until 
May 2; sponsored by Pioneer 
High Fidelity, Art Services 
Management, McCollister's 
Moving A Storage and Martin- 
speed. New Realities 1945-1968 
until mid 1995; sponsored by 
tiie littiewoods Organisation. 


confirmed with Rkirutceros 
(1959), a play in which every- 
one but the play's two main 
protagonists turns into aggres- 
sive pachyderms. The work, 
which made its Paris premiere 
with Jean-Louis Barrault 
directing and acting, was seen 
as the playwright’s response to 
the rise of Fascism in pre-war 
Romania. 

“When people no longer 
share your opinions, when, you 
can no longer make yourself 
understood by them, you have 
the impression of being con- 
fronted with monsters - rhinos, 
for example,” Ionesco told Le 
Monde: “They have that mix- 
ture of candour and ferocity. 
They would kill you with the 
best of consciences." 


A thoughtful gesture towards 
an English audience opened 
this recitaL There cannot be 
many Russian singers who 
have taken Purcell in their rep- 
ertoire. Although Musk for a 
while was not meant to go at a 
funereal pace, at least Dmitry 
Hvorostovsky could use it as 
an opportunity to show off his 
unrivalled breath control. 

This young baritone arrived 
with such a big bang on the 
international music scene that 
he raised exaggerated expecta- 
tions in many quarters. In 
recent years Hvorostovsky has 
had to proceed carefully. His 
appearances in opera have not 
always gone down well, often 
because audiences who know 
his singing from recordings 
have been surprised that Ms 
lyrical baritone Is not more 
forceful when they bear it live. 


Such hng been the brilliant 

ft-fftW on Jazz Hing in g of the 

three divas - EUa Fitzgerald, 
Sarah Vaughan and Billie Holi- 
day - that all other voices have 
been pushed into the penum- 
bra of popular wnwrinrmiiwi 

Of course there are other 
stars in the galaxy: Dinah 
Washington delivered much 
and promised more; Anita 
O’Day, Abbey Lincoln and 
Betty Carter have an done it 
their way; and Nina Simone 
has been nobody and every- 
body’s fooL But none has lit 
popular music culture like the 
constellation of Vaughan-fTtz- 
gerald-Holiday. 

By and large, the repertoire 
of these three female vocalists 
alone has served us up to the 
present time. The ranks have 
not been replenished and the 
art of ^jazz” rin g in g has been 
frozen in the 1950s style. There 
are newcomers, notably Cas- 
sandra Wilson and Rachelle 
FerraD, who have been peeping 
round the comer for a while - 
both individual stylists, trying 
a new way. 

Then there is Dee Dee Brid- 


The relentless punning, 
literary allustveness and politi- 
cal disquisitions of Tom Stop- 
pard's Travesties, written 20 
years ago, is still perhaps a bit 
much for West End audiences. 

The loudest . laughs for 
Adrian Noble's Royal Shake- 
speare Company production, 
which arrived from the Barbi- 
can at the Savoy Theatre last 
week, were certainly reserved 
for the downing, the gim- 
mickry and song and dance 
routines. A speech that quotes 
or deliberately misquotes TJS. 
Eliot, Wordsworth and Chur- 
chill in the space of a few sen- 
tences is doubtless unlikely to 
get belly laughs; but the theat- 
rical appeal of he who quotes - 
British consular official Henry 
Carr, confusedly reminiscing 
about Joyce. Lenin and Tristan 
Tzara in the Zurich of the 
Great War - Is large enough to 
carry away any audience. 

As played by Antony Shier 
with a perfect feeling for the 
character's magnificent vague 
ma gnilo quence, his old man’s 
disinclination to tie up a sen- 
tence or stick to a fact, his 
sheer joy at swimming in 
cHchd, Carr is an irresistibly 


It was a sensible move to put 
more emphasis on recitals. 
(Last year's Russian pro- 
gramme on the South Bank 
was a noted success.) His Wig- 
more Hall recital on Sunday 
showed that he has started to 
venture into other repertory. 
And it is not just Purcell that 
he has included, but also 
Ravel, in whose Don Quichotte 
& Duldnte he was more or less 
intelligible - a too youthful Don 
Quixote perhaps, but Hvoros- 
tovsky always has panache, a 
group of three rarely-heard 
Shostakovich songs gave us 
sombre Russian gravity in 
between. 

There was a greater rarity to 
come, however. Audiences in 
the West have heard little of 
those Soviet composers who 
dutifully toed the party line 
(Shostakovich, who seethed 


ge water, who finished her long- 
awaited tour of the UK at the 

Manffhaate r Tfayal Rrrbflng w nn 

Sunday. A glamorous and ani- 
mated figure, Bridge wate r por- 
trays herself as a keeper of the 
tradition. Indeed, a new con- 
tract with Verve and a new 
long-player (called, you 
guessed it. Keeping Tradition) 
provide vigorous readings in 
front of a trio of evergreen 
tunes such as Fascinating 
Rhythm and What is This 
Thing Called Love? 

She has arrived at this point 
after a varied and glittering 
apprenticeship. In the 1970s 
cht> gang with Hie Tbad JODfiS - 
Miel Lewis Orchestra and later 
succeeded Abbey Lincoln in 
the Max Roach quintet. She 
went on to record fusion and 
pop music and in the mid-1970s 
took to the stage, winning 
hearts and prizes in The Wiz, 
Sophisticated Ladies and, 
famously, as Billie Holiday in 
the show Lady Day. Now she 
is settled in Paris, fronting a 
regular and snappy trio and, as 
she said in her preamble, keep- 
ing a vocal tradition alive. 


naughty old blunderer, grin- 
ning with vivid schadenfreude 
as he bolds on to one feet, at 
least: that Joyce is dead while 
he himself isn't. And he’s not 
just' an old blunderer, but a 
young one too; for he must slip 
continually between Ms dusty 
anecdotage and his dapper hey- 
day, a feat Sher performs with 
easy brilliance. 

In his younger incarnation 
Carr, along with most of the 
other characters, is presented 
in terms of his role in an 
actual production by Joyce’s 
English Flayers erf The Impor- 
tance of Being Earnest. This 
rendering of Joyce through the 
framework of Wilde is a mar- 
vellous basic image for the 
play, which not only offers act- 
ors acting real-life people act- 
ing (Carr, too, is based on feet), 
but with its stopping and 
starting and repeated versions 
of the same scene nicely dra- 
matises the very act of remem- 
bering. 

To angle the historical 
drama through insignificant 
Carr’s eye is Stoppard’s most 
poignant and Joycean inven- 
tion. Great art may perfectly 
well be a “celebration of non- 


music, has monopolised West- 
ern attention). Georgy Sviridov 
has been neglected but his 
song cycle, Russia cast adrift, 
suggests that he mig ht deserve 
better. Its musical style Is con- 
ventional, but Sviridov has a 
knarir of hitting upon st riking 
and memorable ideas. 

The work is a sort of Russian 
autumn journey, not rivalling 
Schubert In its scope, but 
invoking similar pictures of 
villages in the frost, circling 
flocks of geese, maple trees and 
willows. 

Hvorostovsky sang the piece 
with such passion and imagi- 
nation that he may have made 
it sound better than it really Is. 
If only tus accompanist, Mik- 
hail Arkadiev, did not hammer 
away so. 


She’s well equipped for the 
job. fix bassist Hein van de 
Geyn she has a meticulously 
tidy arranger, and with the 
addition of Thierry EUez 
(piano) and D£d6 Ceccarelii 
(drums), a trio that sparks 
around her. She is beautiful 
and her contact with the audi- 
ence is sassy and seductive. 
The voice, if a little mannered 
in phrasing, has delicious flexi- 
bility and ranges from gravelly 
scat to coquettish balladry 
without effort 

The insidious problem for 
this listener Is a na g gin g com- 
parison with her mentors. 
Bridgewater doesn’t have the 
ever-pressing swing of Fitzger- 
ald, the emotional contact of 
Holiday, nor the deep-suffering 
blues of Washington. She is 
musical and she reads the lyr- 
ics of standards such as / Fall 
in Love Too Easily with clarity 
and some conviction. 

. But where Is Dee Dee? It 
might be a commercially heret- 
ical suggestion, but why not 
dispense with tradition and 
apply that fine voice to more 
personal material? 


Tfeara (the spray David Wes- 
thead). A pity that, as Alastair 
Macaulay found, reviewing the 
production’s Barbican opening 
on this page last September, 
Lloyd Hutchinson isn't com- 
manding enough as Joyce. He 
looks right, but lacks the true 
top o’ the morning brio. 

The tyrant Lenin fits more 
problematically into Stoppard's 
scheme, but even he - in this 
recension of the published text 
— hag th« Wfldeanism ofc u To 
lose one revolution is a misfor- 
tune. To lose two looks like 
carelessness.” Geoffrey Fresh- 
water - a fine portrayal of 
uncanny physical likeness - 
cracks that one from a high 
orator’s platform cleverly cut 
into the backdrop by designer 
Richar d Hudson. 

Amanda Harris, Rebecca 
Saire and Trevor Martin as 
WUdean womenfolk and man- 
servant give immaculate sup- 
port Adrian Noble’s staging - 
which fits its new home pretty 
snugly - is intelligent, vigor- 
ous and sometimes touching. 


Savoy Theatre until June 4 


rases, is for a larger, more 
ambitious project then to pro- 
pose itself. 

As to the present exhibition, 
for all the talk of Venus - 


Other displays at the Liver- 
pool Tate currently indude fit 
light of the Other, the touring 
mrhihttfan of work by Califor- 
nian video artist Gary HHL It 
was reviewed by my colleague 


no more than the simple maun- And continuing at the Tate 
mentality of a sculptural pres- is New Realities 1945-1968, a 
ence, the shift of weight, the .major international survey of 
swing of a hip in a standing the painting, and a little of the 
pose, or the languorous turn of sculpture, of its period. Drawn 
the figure at rest from the Tate’s own collec- 


Obituary 

Ionesco, master of tragic farces 

while an outraged audience 


Jazz/ Garry Booth 

Dee Dee Bridgewater 


Theatre/Paui Driver 

Tom Stoppard’s Travesties 

entities”, or of tyrants, Joyce 
informs the Dada-tst poet 


1 1 INTERNATIONAL] \ 

A 

R r 

rs 

Gl 

JI 

DE 


■ AMSTERDAM 

Conoerfegebouw Tonight Thijs 
Kramer conducts Amsterdam 
Promenade Orchestra and Matrozan 
Chorus in Bach's Matthew Passion. 
Tomorrow, Thurs; Roberto Benzl 
conducts Netherlands Philharmonic 

Orchestra in works by Franck. Vteme 
and Poulenc, with organ soloist 
Marie-Clare Alain, preceded 
tomorrow by free lunchtime concert 
(24-hour Information service 020-675 
4411 ticket reservations 020-671 
8345) 

Betas van Serfage Tomorrow, 
Thurs: Hartmut Haenchen conducts 
Netherlands Chamber Orchestra 
In works by Frank Martin mid Haydn 
(020-627 0466) 

Muriektheater Dutch National 
Baflet’s Balanchine programme rone 
daily except Mon tffl April 9. The 
next opera Is a revival of Harry 
Kupferis staging of Salome, opening 

on April 11 with a cast headed by 

Josephine Barstow (MO-625 5455) 


■ ANTWERP 

de Vlaamse Opera Tonight ®Mo 


Varvlso conducts premiere of Hans 
Neugabauer's new production of 
Lohengrin, with cast led by Gbsta 
Wlnbergh. Andrea Trauboth and 
Ruthild Engert Repeated April 1, 

4, 7, 9, 12 in Antwerp and April 17, 
20, 23 and 26 in Ghent (03-233 
6685) 

deStogel Thurs: Peter EtitvOs 
conducts Orchestra of the Brussels 
Monnaie in Boulez's Pfl salon PS, 
with soprano Phyllis Bryn-Juteorr 
(03-248 3800) 


■ BREGENZ 

EASTER FESTIVAL 
Lfoe Salzburg and Lucerne. Bregenz 
Is trying to capitate on the 
popularity of its summer festival 
by staging a short festival at Easter.. 
This year's programme consists 
of two staged performances of 
Parsifal with Rend Koto in the title 
rale (Fri and Sun) and a concert 
devoted to Beethoven's Ninth - 
Symphony (Sat). The guest - 
ensemble for til three events Is the 
Orchestra and Chorus of the Polish 
National Opera In Warsaw 
(05574-433910) 


■ BRUSSELS 

Palate des Beaux Aits Tonight: 
Lynn Harrell ceHo redtaL Tomorrow: 
Peter Efitvfle conducts Orchestra 
of the Monnaie In Boulez’s Pll seton 
PB, with soprano PhyHta Btyn-Jubon 
.(02-507 8200) 


■ CHICAGO 

CHICAGO SYMPHONY 
Tonights programme of 
Mendelssohn and Saint-Saens 
symphonies Is conducted by 


Myung-Whun Chung. Michael TBson 
Thomas conducts works by Bach, 
Reich and Mahler on Thurs, Fri, 

Sat and next Tues (312-435 6866) 

THEATRE 

• The Night of the Iguana: 
Goodman Theater artistic director 
Robert Fans dkects Tennessee 
Williams’ late play* with Wiliam 
Peterson as the debased minister 
drawn to a New England spinster, 
played by Cherry Jones. TUI April 
10 (312-443 3800) 

• The Master and Margarita: this 
stage adaptation of Bulgakov’s 
novel Is presented at Steppenwolf 
Studio Theatre, in collaboration with 
Lookinggiass Theatre, one of 
Chicago's best small ensembles 
(312-335 1650) 

• Joseph and the Amazing 
Technkxjiour Dreamcoat Stephen 
Plmiott directs Andrew Lloyd 
Webber’s musical, with former teen 
heartthrob Dormy Osmond as the 
Bible's flashiest dresser. At Chicago 
Theatre in an open-ended run 
(312-902 1500) 

• Second City: the Improvisations! 
comedy craze was bom in Chicago, 
and Second City Is stiM its hub. 
Catch a comedy revue on the main 
stage or the company's smaller 
theatre (312-337 3992) 


■ GENEVA 

• There is a final performance 
tonight at Grand Theatre of the 
Francesca ZambeOo/Roderick 
Brydon production of BHty Budd, 
with a cast headed by Robert Tear, 
Rodney Gflfty arid Wttard White 
(022-311 2311) 

• Matthias Bamert conducts 
Suisse Romande Orchestra on Thura 
at Victoria HaH.ln music by 


Beethoven and Schoenberg, with 
piano soloist Andreas Bach (022-311 
2511) 


■ THE HAGUE 

Dr Anton PtiWpsza a i Tomorrow: 
Schoenberg Ensemble plays 
chamber works by Webern, Berg, 
Zimmermann aid Henze. Thurs, 

Fit Franz Weteer-MOst conducts 
Hague Philharmonic Orchestra and 
Linz Mozart Chorus In Bach's 
Matthew Passion, with soloists 
Including Barbara Bonney and Tom 
Krause (070-360 9810) 

AT&T Danstheater Thurs: first night 
of new Nederiands Dans Theater 
programme, including Hans Van 
Maw’s Evergreens and new works 
by Paul Lightfoot and Susanna Linke 
(070-360 4930) 


■ LUCERNE 

EASTER FESTIVAL 
Guest ensembles at this year’s 
festival, from Good Friday to Easter 
Monday, are the Choir arid 
Orchestra of the Academy of St 
Martin In the Reids conducted by 
Neville Marriner, the Montreal 
Symphony Orchestra under Charles 
Dutoit and the Stuttgart Racfio 
Symphony Orchestra under 
Emmanuel Krivine. The ASMPs two 
concerts include Rossini's Stebat 
Mater and Mendelssohn's complete 
incidental music for A Midsummer 
Nlghf s Dream. The Montreal 
orchestra also gives two concerts, 
featuring music by French 
c ompo s ers and Beethoven’s Third 
Piano Concerto played by Radu 
Lupu. Apmi: from the opening 
concert In the JesttftenWrcfte on ' 
Friday, aH events taka place In the 


Kunsthaus (tel 041-233080 fax 
041-239484) 


■ VIENNA 

Staatsoper Tonight, Sat Der 
fllegende Hollander wfth Monte 
Pederson, Peter Sefflert and 
Gabrieia Benackova. Tomorrow: 
Andrea Chenier. Thurs, Sum Parsifal 
with Pouf Bming, Franz Gruncftieber 
and Wattraud Meier. Next Mon: 
ballet mixed bill (51444 2955) 
Muslkverein Wed: Erwin Ortner 
conducts Vienna Chamber Orchestra 
and Arnold Schoenberg Chorus 
in Mendelssohn's oratorio St Paul. 
Sat and Sun: Rafael FrOhbeck de 
Burgos conducts Vienna Symphony 
Orchestra. April 12: Sergiu 
Celibidache conducts Munich 
Philharmonic. Apri 19, 24: Christa 
Ludwig farewell recitals (505 8190) 


■ WASHINGTON 

MUSKVDANCE 

Kennedy Center Tomorrow: Heinz 
Fricke conducts Washington Opera 
Orchestra and Choral Arts Society 
in Beethoven’s Ninth Symphony. 
Thurs, Fri, Sat, next Tues Roger 
Norrington conducts National 
Symphony Orchestra in a Brahms 
programme. Mon: Christoph 
Eschenbach conducts Philadelphia 
Orchestra In works by Beethoven, 
Rouse and Tchaikovsky, with piano 
soloist Tzlmon Barto. Britain’s Royal 
BaHet opens a two-week season 
on April 0, followed cm April 19 by 
Dance Theatre of Harlan (202-487 
4800) 

THEATRE 

• The Revengers Comedee: Alan 
Ayckbourn's two-part suspense 
face opens at Arena Stage In the 


Rchancfler on Fri, directed by 
Douglas Wager (202-488 3300) 

• The Sisters Rosensweig: Wendy 
Wassersteln's sophisticated comedy 
about the reunion in London of three 
American Jewish sisters. Tin April 
10 at Eisenhower Theater (202-467 
4600) 

• The Wash: Phfflp Kan Gotanda's 
play about a Japanese- American 
couple who separate after 42 years 
of marriage. Directed by Joy 
ZJnoman at Studio Theater (202-332 
3300) 

• The toman Family Picnic: a 
bittersweet musical comedy about 
family truths beneath the surface. 

Tffl May 8 at Coiter Stage (410-332 
0033) 

• Stand up Shakespeare: a 
musical revue setting the entire 
works of the Bard to Dbdeland jazz, 
baroque and gospel-rock music. 
Daily till Sat, also April 15-23 at 
Folger Shakespeare Library 0202-544 
7077) 

• Single Exposures: a festival 
of America's leacflng solo 
performers, including Tom Cayter, 
Tim MiDer and Claire Porter. TUI May 
1 at Woolly Mammoth (202-393 
393^) 


■ ZURICH 
Opemhaus Tonight L'ltaflana In 
Algsri wfth VfcsseMna Kasarova and 
Simone Alai mo. Tomorrow, nod 
Mon: Rafael FrOhbeck de Burgos 
conducts Ruth Berghaus’ new 
production of Oteflo, with Frederic 
Kelt in title role. Thurs: Ariadne auf 
Naxos wfth Edita Gruberova as 
Zerbinetta. Sat Tosca with Mara 
Zampleri (01-262 0909) 


ARTS GUIDE 

Monday: Berlin, New York and ' 
Paris. 

Tuesday: Austria, Belgium, 
Netherlands, Switzerland, Chi- 
cago, Washington. 

Wednesday: France, Ger- 
many, Scantfnavia. 

Thursday: Italy, Spain, Athens, 
London, Plague. 

Friday: Exhibitions Guide. 

European Cable and 
Sateffite Business TV 

(Central European Time) 
MONDAY TO FRIDAY 
NBC/Super Channel: FT Bust- | 
mss Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT i 
Reports 1230. j 

TUESDAY 

Euronaws: 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 
Rsoorts 2230 

SkyNews: FT Reports 0430. 
1730; 






A fault-line r unnin g 

down t be Gulf 
emerged at the week- 
end meeting in 
Geneva of the Organisation of 
Petroleum Exporting Coun- 
tries. The divide, which has 
been created by weak oil prices 
since the aut umn , was exposed 
when Saudi Arabia refused to 
go along with a suggestion by 
Iran and some other members 
that Opec should cut produc- 
tion to stimulate prices. 

The split win only encourage 
Questions that have been asked 
increasingly in recent years 
about Opec's effectiveness in 
setting world oil prices. In late 
London trading yesterday, 
benchmark Brent crude was 
selling at S13J20, down 70 cents 
on Friday's close. 

Saudi Arabia, on one side of 
the divide, is owner of the 
world's largest oil reserves and 
Opec's dominant producer, 
accounting for a third of total 
output of 3152m barrels a day. 
Weak oil prices have given the 
country cash flow problems 
and caused it to question how 
long it can maintain the com- 
prehensive cradle-to-grave wel- 
fare system which cossets 
I2L3m Saudis. 

But with S7bn-$Sbn in liquid 
reserves, an estimated SlOObn 
in deposits held overseas by 
individual Saudis, and a tri- 
ple- A credit rating, there is lit- 
tle doubt that Saudi Arabia 
can ride out even an extended 
period of low oil prices. Saudis 
may have to tighten their belts 
a little, the government may 
have to delay some spending, 
but there is no real hardship. 

Riyadh believes the longer- 
term costs would have been 
greater, had it agreed to a pro- 
duction cut: Iran, along with 
Nigeria and some smaller pro- 
ducers. might simply have 
taken advantage of any subse- 
quent price rise and cheated on 
their quotas. 

Saudi Arabia's wealthy col- 
leagues in the Gulf Coopera- 
tion Council - including big 
producers such as Kuwait and 
the United Arab Emirates - 
share its cash flow problems. 
On Saturday, they toed the 
Saudi line, some more reluc- 
tantly than others. 

The view from the other side 
of the diride could not be more 
different. Iran. Saudi Arabia's 
political adversary- in the 
region, exemplifies the plight 
of the poor, heavily populated 
Opec states which have Less 
oil it is heavily indebted with 
virtually no access to 
long-term international credit 
Every SI fall in the oU price 
costs Iran about Slbn in oil 
revenues a year. In the six 
months to the beginning of 
March, during which Opec 


Cracks in the 
oil fields 

Robert Corzine on Opec’s split 
over proposals to cut quotas 

OH prices: weak and vofatHe 

Brant crude spot price (S per bam*} ... 

40 • 


B ut the officials con- 
ceded that only 
increased cash flows 
brought about by 
higher prices could paper over 
the chasm between Opec haves 
and have-nots. 

There is a danger that the 
disgruntled Iranians or 
Nigerians may exacerbate that 
division by cheating on their 
quotas - trying to increase rev- 
enues without an oil price rise. 
Mr Aghazadeh said he “was 
not satisfied with Saudi expla- 
nations of why Saudi Arabia 
couldn't cut” output 

Mr Don Etiebet, Nigeria’s oil 
minister, would only say his 
country would “do its best” to 
adhere to its quota. And even 
though Iran may indeed be 
having difficulty in meeting 
the quota, Saudi Arabia knows 
that oil field operators can 
achieve big short-term 
increases in output if they are 
willing to lose some of the 
long-term reserves of a field. 

Even if the Saudi vision is 
fulfilled and higher prices 
materialise by year-end, Opec 
is likely to experience further 
aftershocks from this week- 
end's events. 

They highlighted the fact 
that Opec's main weapon since 
quotas were introduced in the 
early 1960s - supply manage- 
ment - is proving ineffective in 
a world where technology and 
the end of the cold war are 
opening up new sources of oil 
supply at ever lower costs. 

Opec's divisions also show 
that Saudi Arabia's oil policy, 
thought to be set by King Fahd 
himself, looks at more than 
just short-term prices. He also 
appears anxious to ensure oil’s 
longer-term future as a com- 
modity. With reserves which 
will last for 100 years or more, 
Saudi Arabia still sees itself as 
the guardian of oil's pre-emi- 
nent place in the world’s 
energy mix. 


Opvc bsafcatopot prfoe 9 per banal} 

48 - 


3:r 






Source; DaCBtreonVftn Peircrfwxh Finance 

maintained its present produc- 
tion celling of 24.52m barrels a 
day, Tehran saw oil revenues 
fall by S3-5bn. Its revenue esti- 
mates for the year beginning 
March 21 have been slashed 
from $l4bn to just over SlObn. 

Mr GhoUunreza Aghazadeh, 
Iran's oil minister, conceded 
that the decision to roll over 
the 24.52m ceiling to the end of 
the year will result in further 
oU price weakness, at least in 
the short term. In common 
with other Opec ministers, he 
expressed optimism that prices 
would strengthen in the second 
half of the year. Opec observ- 
ers say he needs to be optimis- 
tic, given fears by diplomats in 
Tehran that a dip in annual oU 
revenues to the SSbn-S9bn 
range could force Tehran to 
cut back on essential imports, 
including food, at the risk of 
political unrest 
Iran's predicament is com- 
pounded by persistent reports 
that technical problems In its 
oU fields are making it hard for 
it to meet its production quota 
of 3.6m barrels a day. Bargain- 
ing power in the cartel flows 
from oil production capacity. 


Any admission that quotas are 
going unfulfilled will be met by 
a chorus of demands that any 
unused portions be doled out 
to other, more deserving cases. 

Mr Aghazadeh went to con- 
siderable lengths to persuade 
fellow delegates that Iran’s sus- 
tainable capacity was 4.2m bar- 
rels a day. His sensitivity was 
such that he invited the press 
to attend well-flow tests later 
this year to prove the point 

Among the other members, 
Nigeria proposed cutting pro- 
duction by as much as 6 per 
cent. Like Iran. Nigeria has 
economic difficulties. It also 
has to worry about capacity: 
western oil companies foresee 
a decline in Nigeria's output of 
oil as early as next year, unless 
the government increases 
investment in production and 
exploration this year. 

Opec observers do not expect 
the st rains which emerged at 
the weekend to break the car- 
tel. After all, they say, it sur- 
vived the Iran -Iraq and Gulf 
wars. An Iraqi representative 
still attends meetings, even 
though its oil exports are 
barred by UN sanctions. 


For irUnratiiiua purposes only. 

^ 

J ar dine Fleming 

Highlights 1993 


A record-breaking year 


Profit after taxation 
and minority interests 


Return on Shareholders' funds 


US$202 million +166% 


91% 


• Funds under management US$21.3 billion +109% 


• Fund Manager of the Year* 

• Equity - linked House of the Year* 

• No.l Hong Kong Research House* 

• Jardine Fleming Rank limited awarded full hanking licence 

"After a record-breaking year we will continue business expansion not only in 
Hong Kong, but also in Shanghai, where Jardine Fleming is the top ' B ' share 
broker, in Australia through Ord Stinnett, and in India, where we are the largest 
foreign merchant bank. We will offer our clients an even greater range of 
merchant banking services with our unrivalled network of offices and expertise." 

Alan Smith, Managing Director 
22nd March lOSPi 


• (Asianioncy. South China Morning Post) 


FINANCIAL TTI vnrfi T ft ^ ** * g rH 29 I9g ^ 


Moreover, many of the Opec 
meeting participants saw low 
oil prices as transitory. On Sat- 
urday officials from Gulf states 
described how, within nine 
months, oil prices might move 
from five-year lows and record 
steady rises. But the officials 
accepted that because output 
has not been cut at a time of 
year when world oil demand, is 
usually at its lowest point. 
Opec is in for a rocky few 
months. 

They also cited the prospect 
of stronger, though perhaps 
still weak, economic recovery 
in Japan and western Europe 
as an additional factor pointing 
to higher prices. The Iranians, 
however, do not share such a 
rosy view, and will continue to 
clamour for a cut 


Joe Rogaly 


2001: a Tory odyssey 


Every govern- 
ment needs a 
sense of direc- 
tion. A cabinet 
without focus 
can lose its 
way, as the 
then Mr Harold 
Wilson discov- 
ered after 1966 
and 1974. Parties have always 
been happier when united 
around an agreed overall objec- 
tive. Building a "socialist 0 soci- 
ety seemed at the tune to jus- 
tify the post-1945 Labour 
government. Its Conservative 
successor chanted "bonfire of 
controls” as war time rationing 
was swept aside. In the 1980s 
the then Mrs Margaret 
Thatcher plausibly described 
what she was up to as rolling 
back the frontiers of the 
state. 

A suitable purpose for a Brit- 
ish administration in the 1990s 
would be to produce a properly 
educated next generation, 
equipped to compete in global 
markets. To say this, and to 
know the unhappy fate of Mr 
Kenneth Baker’s well-inten- 
tioned plans to re fo r m publicly 
financed teaching, is to weep. 
It is not a thought to dwell 
upon. An alternative national 
aim could be to place the 
United Kingdom at the heart of 
Europe, the corollary being 
that the effectiveness of many 
British institutions would be 
enhanced by learning from 
their French, German or other 
counterparts. Such an 
open-minded approach is not 
possible, given the prevailing 
mood in the Conservative 
party. Unbelievably, it is still 
arguing about how many votes 
are needed to stop continental 
Europeans from acting con- 
trary to what Tories deem to 
be British interests. With a 
sigh, we must scratch heart-of- 
Europe from our banner. 

All is not lost If no mission 
statement is available, the next 
best glue for a polity is a proj- 
ect, preferably one in which 


many can be involved, and all 
ran feel pride. The Citizen’s 
Charter was intended to be 
such an enterprise, but it has 
not set the nation's heart 
a-flutter. Never fear. Two other 
possibilities - mragppinm 
celebrations and the liberalisa- 
tion of the media and commu- 
nications businesses - could be 
exploited. They are not neces- 
sarily unrelated. Either or both 
could rekindle optimism in a 
society whose spirit has been 
cast down by the double 
weight of an unfortunate gov- 
ernment and an uninspiring 
opposition. 

The first of these undertak- 
ings is in the hands of Mr Peter 
Brooke, the secretary for the 
national heritage; the second 

depends to a 

degree on his The* r 

department's me L. 

input. This is Chattel 

curious. Mr t 

Brooke is a sei me 

high Tory, the heart a 

son of a much- Tvr„ VAr i 

maligned for- 1 

mer home sec- millRi 


degree uq ma 

department's Hi® viltlZeil S Brooke, demon- 

input. This is Charter has not strated the 
curious. Mr industrial 

Brooke is a se * tile nation S might of the 

high Tory, the heart a- flutter. British empire, 

son of a much- Yr pvpr tu p A century later 

maligned for- wwer tear, ine its successor 

mer home sec- mf Fieri n him expressed post- 

re tary. Once pplphratinns rnuld war optimism, 
chairman of the C®l®DrailOns COtim Ja shuttered 

Conservatives, be exploited concrete. It is 

he camouflages • not clear what 

his intelligence by affecting inevitably more muted sound 


the lottery contract will be 
announced in tone for the dice 
to be rolling by the autumn. 
That would produce income for 
Mr Brooke’s mfllennhim com- 
mittee. He expects it to rake in 
about £500m between 1995 and 
2000, but acknowledges that 
the sum could be twice that. 
He tells himself that the Trea- 
sury will keep its promise not 
to grab the cash and run. The 
committee Is already receiving 
outline bids,- arfhrm gh it has 
not yet clarified its own think- 
ing. It will probably finance 
monuments, millennium 
events, and bursaries. What 
remains open is the unifying 
tirana behind these activities. 

The 1851 Great Exhibition, 
for which Prince Albert took 

the role now 

. . occupied by Mr 

1Z0I1 S Brooke, demen- 
tias not stTated the 

industrial 
<lt!OH S might of the 

flutter. British empire, 

nr The* A century later 

tur. kite its successor 

ninm expressed post- 


the manner of a old buffer. 
Reconciled to the backbenches, 
he was recalled to the cabinet 
in 1992 after the enforced 
departure from the govern- 
ment of Mr David Mellor. Many 
of us expressed doubt about Mr 
Brooke's elevation then. Yet by 
a strange quirk of politics this 
19th century figure has become 
the impresario of two potential 
star turns of the second half of 
the 90s - the national lottery 
and one of its beneficiaries, the 
Tniiiwnwinm fund. He is also 
one of four ministers who plan 
to deregulate the production 
and fHss u mtnatinn of informa- 
tion and entertainment The 
other three are the prime min- 
ister, the trade secretary, and 
the chancellor. 

Kail goes well, the winner of 


the 2000-01 trumpets will emit 
but Mr Brooke's contribution, 
which will surely be curtailed 
before long, may be bo make it 
at least harmonious. His eye is 
on a respectful representation 
of British architecture. There 
are other possibilities, such as 
contributing to world culture. I 
am sure that the heritage sec- 
retary would entertain the sug- 
gestion that hie ftmd should 
finance the restoration of the 
bombed library in Sarajevo. 
The first cheque could go oat 
before Christmas. Such a ges- 
ture would be European with- 
out being efivisive. . 

Not so the "information 
superhighway”. Neither wholly . 
British nor entirely European, 
this next-century industry will 
be planet-wide, dominated by 


large players. Mind “ 

not as new as vice-president 
Albert Gore makes it sou^- 
More than 10 years ago Mr 
Baker - be of the 1988 
tion act - was junior numstog 

for information technology . He 

walked with a gleam m bis 
eves *"iwn? about Unking 
every housewith fibre^ptic 
cables. He sounded mad. Per- 
haps he was. It has yet to be 
rWnn ristrated that the market 

for new and recycled fUms, 
videos, digitalised information, 
and multi-media spectaculars 
is as large as the dreams of Mr 
Gore and his like. 

Mr Brooke and his fellow- 
ministers have first to settle 
little British difficulties. Next 
up is the question of to what 
extent newspapers can own TV 
stations, and vice-versa. Tins is 
a matter in which Pearson, 
owner of the Financial Tunes, 
has an interest. I suspect the 
government's broadcasting 
bill, when It comes, will liberal- 
ise, but not so much that its 
17-seat majority in the House 
of Commons is destabilised. Mr 
Brooke had the parliamentary 
balance in mind when he 
cautiously permitted TV 
companies to acquire one 
another. 

This Tory prag matis m 
should not be laughed away. It 
has its beneficial side. For 
example, Mr Brooke's Instinct 
is to preserve British origina- 
tion of TV news about Britain. 
That is not perfect obeisance to 
the market. The issue must be 
resolved: Mr Michael Heseltine 
muses expansively about a lib- 
erated BBC working hand in 
glove with a British Telecom 
freed from prior restraints on 
its activities. Come the millen- 
nium, they could roam the 
information superhighway 
together, as British Airways 
does the skies. In skilful hands, 
Mr Heseltine’s perhaps, this 
kind of talk could be as intoxi- 
cating as "the white heat of the 
technological revolution” 
sounded 30 years ago. 


LETTERS TO THE EDITOR 


Number One Southwark Bri 

Fax 071 873 5938. Letters transmitted should be clearly typed a 


e, London SEI 9HL 

not hand written. Please set fax for finest resolution 


Part-time jobs have profound implications 


From Mr Jonathan Fry. 

Sir, We were interested in 
your report, "Job creation rate 
disappoints government” 
(March 24). In it, the Employ- 
ment Department states that: 
part-time jobs are not all low 
paid; to rll.smi.ss the growth in 
part-time employment is an 
insult to an important part of 
the workforce; and a robust 
approach is needed to counter 
the bad employment picture 
that some critics might por- 
tray. 

We form a group that is con- 
cerned about the growth in 
part-time employment. While 
we are not opposed to 
part-time work and do not 
assume that any part-time post 
can be changed into a full-time . 

PIA looks at 
symptoms 
not causes 

From Mr Peter Tarm. 

Sir, The critidsma of the Per- 
sonal Investment Authority 
are now familiar and well 
rehearsed. The new regime 
hardly adds up to the "step 
change” called for by Andrew 
Large, chairman of the Securi- 
ties and Investments Board. 
This is because the PLA’s scope 
is limited to regulation of "con- 
duct of business” rules, ie sales 
and marketing practices. Its 
scope does not cover "pruden- 
tial” regulation, which, in the 
case of insurance companies, 
remains with the Department 
of Trade and Industry. 

The distinction between the 
supervision of a company's 
financial strength and its urge 
to book new business is arbi- 
trary and unhealthy. From the 
days when I used to go along 
to "prudential supervisions" at 
the Bank of England, I ran tes- 
tify to the Bank’s understand- 
ing of the risks inherent in 
such distinction. 

The UK insurance industry 
is characterised by over-capac- 
ity and by cost structures 
which are too high. All too 
often, the senior management 
response is to keep the sales 
machine running ever Easter. I 
suggest that where there is 
suggestion of mis-selling and a 
decline in public confidence, 
attention should be aimed at 
the management approach to 
structural weaknesses in the 
industry, rather than manage- 
ment of the sales force. 

By failing to bring together 
prudential supervision and 
conduct of business regulation, 
the PIA is set up to deal with 
the symptoms rather than with 
their causes. Any move to com- 
bine the two would necessitate 
statutory regulation. 

Peter Tann, 

28 Se/tforde Street. 

London ECIR 0HH 


job, we are concerned ter the 
well documented fact that 
part-time jobs are low paid 
when contrasted with full-time 
employment 

We are also concerned about 
the increasingly limited earn- 
ings opportunities for house- 
holds without a current wage 
earner and the public expendi- 
ture implications of the move 
to part-time working. 

During a recent study Into 
pay in former wages council 
industries, we came across a 
set of 91 retail vacancies with 
one employer. All the jobs 
were part-time and the average 
working week was LL36 hours. 
Average weekly income was 
£39.05, with only four jobs pay- 
ing above the national insur- 


ance threshold. We calculated 
that the total tax flnd natinmil 
Insurance paid on the 91 
part-time jobs, by employer 
and employee, would be EL470 
a year. If the jobs were 
full-time the 28 equivalent 
posts would yield £41.918. 

This highlights the fiscal 
implications of the increase in 
part-time working. Between 
March and September 1993, 
there was a fell of 113,000 in 
full-time jobs and a rise of 
210800 in part-time jobs in the 
UK. This represented an 
increase of 97,000 jobs, but a 
decrease, on our calculations, 
of about 27,000 foil-time equiv- 
alent pasts. If this trend con- 
tinues, by the year 2003 nearly 
three out of 10 mm and 45 


per cent of all employees 
will be working part-time. 
This has profound implica- 
tions. 

We do not devalue part-time 
work. We do not believe 
part-time workers should be 
treated less favourably in law 
than full-tune staff; neither did 
we argue in favour of wages 
council abolition on the 
grounds that a high proportion 
of the workers covered were 
second earners, mainly work- 
ing part-time. We would, how- 
ever, like to see a more mature 
debate about employment 
issues. 

Jonathan Fry, 

lout Pay Network, 

cjo 102 Commercial Street, 

Batley WF17 5DP 


Investment in people being forgotten 


From Mr Ralph Sabry-CranL 

Sir, Your surveys of the engi- 
neering industry (Ingenuity, 
September 14 1993 and March 
25 1994), have missed a funda- 
mental ingredient in the cre- 
ation of wealth. In addition to 
a financial infrastructure con- 
ducive to long-term investment 
in appropriate plant the corre- 
sponding investment in people 
is essential 

While training and skill- 
upgrading are the current fash- 
ion, they need a professional 
foundation to be of real bene- 
fit. In recent years, the profes- 
sional bodies have demanded 


higher academic attainment 
relevant postgraduate training 
and responsible experience 
before admitting candidates to 
corporate membership to raise 
the overall competence of the 
registered engineering commu- 
nity; especially pertinent with 
the accelerating pace of tech- 
nological advance. 

Given the pressure of 
returns on investment and the 
capital intensity of new tech- 
nology. a level of technological 
expertise corresponding to the 
financial supplied by chartered 
accountants and legal by quali- 
fied lawyers should be a pre- 


requisite. The closer to the 
point of investment decisions 
registered engineers can be 
found, the better informed 
technologically such decisions 
are likely to be, as our more 
successful industrial competi- 
tors have shown over several 
generations. 

Coverage of this point and 
its effect upon our relative 
Industrial performance would 
add value to your reviews. 
Ralph Sabry-Grant, 
chartered electrical engineer, 

32 Orange Gardens, 

Power. 

Middlesex HAS 5QE 


‘Moling’ code needed to protect trees 


From Mr Simon Walsh. 

Sir, It is a shame Raymond 
Snoddy did not dwell on the 
environmental benefits which 
the mole method of cable and 
pipe laying would bring (“Mr 
Mole wants to bury TV dig- 
gers", March 19/20). My col- 
leagues and I have become 
increasingly concerned with 
the large number of trenching 
operations in recent years, 
which can cause untold dam- 
age to the root plates of nearby 
trees. Unfortunately, the trees 
usually survive a few years 
before the; succumb, by which 
time they are often condemned 
as dangerous and felled com- 
pletely. 

This is a situation which has 


serious implications for urban 
street trees, which in them- 
selves have a vital fimetion in 
greening our towns and cities. 
There is an economic conse- 
quence, too, for the local coun- 
cil has to pick up the costs of 
dealing with the damaged trees 
and for their replacement In 
the rural environment, with 
new water and gas mains 
squeezed between roads and 
hedgerow, mature country 
trees are also under threat 
The mole appears to go some 
way to addressing this prob- 
lem, as one presumes it passes 
safety beneath the root plate, 
thereby minimising damage to 
the tree. One Is encouraged by 
the recent timely launch of a 


ca mpa ign to raise awareness of 
the damage trenching does to 
trees, but we may need more 
than this. Many “trenchers” 
have statutory powers which 
can bypass local authority tree 
protection control and 1 feel 
that a robust code of practice 
must be agreed, but that if this 
fails, then statutory measures 
are required to protect the hid- 
den and particularly vulnera- 
ble parts of the trees we so 
often take for granted. 

Simon Walsh, 

area countryside manager, 

Herts and Barnet Countryside 
Management Service, 

Gibraltar MU, 

Cheat Bardfield. 

Braintree. Essex CM7 4QG 


More loans no help to Russian economy 


From Mr James Maughan. 

Sir, I have read with interest 
your coverage of International 
Monetary Fund negotiations 
with Russia. The Russian econ- 
omy clearly has not adjusted to 
market principles, and another 
$l.5bn loan is as useful as 
pouring petrol into a broken 
engine. 

A justification would be the 


avoidance of mass unemploy- 
ment. But the country would 
be better off by having some 
unemployment. Tbe unemploy- 
ment rate is only L5 per cent, 
but that disguises the fact that 
millions of Russians work for a 
subsistence wage producing 
goods which go into stockpiles 
because no one has the money 
to buy them. The state would 


be better off giving a hi gh ^- 
payout for those workers to 
stay at home. 

Let us help the Russians in 
the transition to a market 
economy. More loans, however 
protract rather than quicken 
this process. 

James Maughan. 

20 King Henry s Road. 

London NW3 3RP 


h ’ : '4 

U'i 

' . t ■ 


i}pJM uj> 1^52^1 





FINANCIAL TIMES TUESDAY MARCH 29 1994 


i * 


FINANCIAL TIMES 

Number One Southwark Bridge, London SHI 9HL 
Tel: 071-873 3000 Telex: 922L86 Fax: 071-407 5700 

Tuesday March 29 1994 


Time to 




Mr Douglas Hurd exhibited all the 
skills of a conjuror in the awymt- 
he gave yesterday to the House of 
Commons of the loannina compro- 
mise, an which he and his cabinet 
colleagues have to fake a decision 
fTiig morning. 

The first time he went through 
it, it sounded for all the world as 
though Britain had won. h i cases 
where states holding 23 votes or 
more woe against a proposal, the 
Commission and the presidency 
would make every effort to seek a 
consensus, and there would be no 
time limit Only when he went 
over it the second time did it slip 
out that in the last resort, when 
all such efforts had been 
exhausted, the proposal would be 
adopted unless 27 or more votes 
were cast against it 

Mr Hurd moved on with such 
alacrity, holding the House 
bemused with bis effortless mas- 
tery of so much complex detail, 
that, few MPs seemed actually to 
hear the dreaded figure 27 pass his 
lips. And none of those that 
caught the Speaker's eye was 
quick-witted enough to pin trim 
down on the crucial point, which 
is how it will be decided that the 
search for consensus is exhausted 
and that the last resort has 
arrived. 

According to senior EU nfficfal« „ 
quoted in yesterday's Financial 
Times, the answer to this question 
is contained in the words “always 
respecting the Rules of Procedure 
of the CounriT. This means that 
the procedural decision will be 
taken by a simple majority, on a 
vote which can be called by any 
one member state. In other words, 
Britain will not be able to block 
legislation unless it can muster 27 
negative votes - precisely what 
ministers have claimed it is essen- 
tial to avoid. 

Mr Hurd said he had secured 
two Important concessions. One Is 
that the above arrangement will 


be “legally binding”. The other is 
that it will last only until the end 
of the 1996 int e rgov e rnmental con- 
ference (IGG), which wiD now deal 
with the issue of the blocking 
minority as well as with the rela- 
tive voting weight of different 
member states. This is actually 
not a concession at all, since what- 
ever happens in 1296 there will not 
be agreement to reduce the block- 
ing mmortty. 

That Mr Hurd took such trouble 
to wunmiflagp the deal an offer 
makes it clear that he is desper- 
ately hoping the cabinet will 
accept it His refusal to “recom- 
mend” it in so many words merely 
preserves his options if the cabi- 
net rejects his advice. He is not a 
resigner by nature, but be surely 
must make it clear to his col- 
leagues that if they reject this 
offer they will put him in an 
impossible position. 

Spain has already accepted it so 
Britain would find itself Isolated 


There is no chance of wringing 
further concessions from the other 
member states. And the issue ^ ac 
already been blown up far beyond 
its real importance. 

As Mr Hurd reminded the House 
yesterday. Britain's “veto” is not 
at stake, it is only the voting pro- 
cedure for certain specific catego- 
ries of legislation. The number of 
proposals in these categories dur- 
ing 1995 and 1996 which Britain 
will wish to oppose, and against 
which it can muster more than 22 
but fewer than 27 votes, can 
hardly be very great, and might 
even be smaller than the number 
it will wish to see adopted but 
which could be blocked by the 
gamp number of votes from other 
states. And while Britain has good 
reasons to wish to restrict the 
competences of the EU, it should 
not wish to make decisions more 
difficult in areas where EU compe- 
tence has been accepted by all 
member states. 


Selling copiers 


Caveat ernptor is a basic principle 
which all buyers should observe 
when entering the market But a 
business that expects to take 
advantage of its customers’ failure 
to observe the principle is adopt- 
ing a risky strategy. Buyer* hit by 
underhand selling techniques are 
unlikely to engage in farther 
transactions with companies that 
have ripped them off. 

Yet shady selling practices 
appear to have become common- 
place in the supply of photocopi- 
ers In the UK. According to a 
report published yesterday by the 
Office of Fair Trading, some pho- 
tocopier dealers and leasing com- 
panies are guilty of “misrepresen- 
tation, obfuscation and deceit”. 
They use leasing arrangements to 
overcharge for the equipment, 
impose steep annual increases in 
service changes and tie their cus- 
tomers up in contracts that last 
far longer than the equipment 
they supply. Their customers dis- 
cover they have been conned only 
after signing lease contracts with 
penal termination clauses. 

Some of the businesses caught 
by these methods have been large 
companies that ought to know bet- 
ter. They can afford the legal 
expertise to scrutinise the wnau 
print in contracts and demand 
clarification on lease terms. But 
most are small businesses, includ- 
ing professionals such as doctors, 
surveyors and financial advisers. 
And 15 per amt of an OFT sample 
of complaints on the subject were 
colleges or schools, housing asso- 
ciations. churches, dubs or other 
social groups. They are unlikely to 
have acquired the business acu- 
men to spot a bad deal. 

The problem lies in the opaque 
nature of leasing contracts which 
often omit the cost of the equip- 
ment, the implied interest rate 


and the charges on early termina- 
tion. Many buyers lack the experi- 
ence to demand such information 
or to understand the overall cost 
of the lease. They are also sub- 
jected to cold-calling and 
high-pressure sales techniques. 

The problem is compounded by 
the rmfamiliarity of the product 
Car leasing is largely free of 
unscrupulous practices because 
moat buyers have a grasp of the 
economics of the car ownership. 
They do not sign leases that last 
longer than the cars. They can 
weigh the monthly payments 
against well-known prices and 
likely service costs. Customers are 
less businesslike in acquiring 
office products, predictably so in 
the case of small badnesses and 
public bodies. 

Much of this could be dealt with 
by self-regulation. There is a lim- 
ited number of large companies 
making photocopiers and provid- 
ing the lease finance. Some are 
household names with reputations 
at risk from the unscrupulous 
methods of those who sell their 
products. They all have an inter- 
est in cleaning up their industry 
and avoiding practices that 
destroy relationships with their 
customers. 

Central to improving the indus- 
try's reputation is greater trans- 
parency in the nature of the trans- 
action. It is hard to see why 
businesses leasing photocopiers 
should be denied the sort of basic 
financial information required for 
credit sales of domestic consumer 
goods by the Consumer Credit Act 
1974. And contracts must embody 
the OFT’s recommendations for 
clear explanation of costs and pen- 
alties. If the companies involved 
cannot provide this without com- 
pulsion, legislation may be inevi- 
table. 


En retraite 


To be forced to retreat on one 
front may be regarded as a misfor- 
tune; to retreat cm several fronts 
in succession looks like careless- 
ness. By abandoning his contro- 
versial youth wage law in the face 
of student protests, French. Prime 
Minister Edouard Balladur has not 
merely reinforced the impression 
that he is a soft touch for domestic 
interest groups. He baa also aug- 
mented a sense of drift in eco- 
nomic and social policy that 
threatens to make the task of 
governing France immeasurably 
more difficult in the m o n t hs to 
come. 

This is a dimbdown every bit as 
damaging as Mr Balladur 's deci- 
sion last autumn to scrap a much- 
needed restructuring of Air 
France after worker protests. It 
also stands in odd contrast to the 
firm support he has given to the 
hard franc policy of the newly 
independent Bank of France. 

The plan to pay young workers 
In training 80 per cent of the mini- 
mum wage may have seemed 
more like tinkering than a 
full-blown attack on youth unem- 


ployment But It was an important 
symbol of the government’s desire 
for supply side reforms. Jettison- 
ing it demonstrates just how for 
France is from getting to grips 
with the structural rigidities - 
such as the inflated minimum 
wage itself - that underlie its 
sluggish economic performance. 

In mitigation it may be argued 
that, one year after Us appoint- 
ment, Mr Balladur Is not master 
in his own house. His youth wage 
p la n did not enjoy unanimous sup- 
port in the governing coalition. 
Had he persisted, he might have 
put the stability of his govern- 
ment — and his own pr esi d en tial 
ambitions - in serious jeopardy. 

It is not clear, however, that 
withdrawing the measure will 
smooth his path. On the contrary, 
by failing honestly to explain his 
intentions in introducing the mea- 
sure and then shifting tack, he has 
under mined his most prized asset 
an image of quiet competence. 
France needs greater clarity and 
firmness of purpose from its prime 
minister if it Is to emerge streng- 
thened from the current recession. 


17 


A Strange paradox ties at 
the heart of the Euro- 
pean Union, a paradox 
that mirrors the ambiva- 
lence so many Euro- 
peans currently feel towards the 
rest of the continent In times of 
crisis the Union is seen to have let 
its peoples down, notably by failing 
to act to stop the tunin g in. Bosnia; 
at other times it is cast as a secre- 
tive, self-inflating bureaucracy bent 
on Over-regulating the lives ctf its 
citizens just to keep its staff in busi- 
ness. It is at once too powerful and 
yet not powerful enough, a beast 
showing the strength of a bear and 
the timidity of a door-mouse, anri 
both on the wrong occasions. 

For many, Europe has temporar- 
ily lost its bearings. Recent history 
helps explain why: the painful 
reunification of Europe has collided 
with the deepest recession since the 
1330s, leaving the shining emblems 
of a bold and prosperous Europe in 
the 1980s looking tarnished along- 
side the unemployment of the 1990s. 
As the Danes rejected Maastricht 
and the money-changers gambled 
on France doing the same, it 
seemed the dominoes of Europe's 
delicate consensus in favour of inte- 
gration were falling one by ana. 

Europe must rebuild the confi- 
dence shaken from it by recent his- 
tory to face the tough 
history has now thrust upon it The 
countries of central and eastern 
Europe, fearful of backsliding in 
Russia, are knocking ever louder at 
the Union's door; the vexed ques- 
tion of monetary »ntnn is now 
resurfacing; Bosnia has exposed the 
need for a shared foreign and secu- 
rity policy but also the hnirwnfiP 
obstacles to achieving it; the inter- 
dependence of the world economy is 
cfliiiwg on Europe to restore Its 
industrial competitiveness, and 
seemingly unstoppable growth in 
Asia is toning it to do so fas* 

If thi> Union is to confront 
issues with unity and resolve, it 
needs to cany the people with it 
This, above all, rnnang p utting the 
principle of subsidiarity - 
enshrlnari in law for tbfi first thna 
in the Maastricht treaty - to work. 

Subsidiarity, properly practised, 
should defy the pro- «wd anti-feder- 
alists alike, for it means stt-nring & 
balance between intervention and 
abstention, allowing decision-mak- 
tng to settle at the most appropriate 
level It is not a static principle but 
one which should allow for the ebb 
and flow of respanahniiy between 
re gional , national and European 
antfr o ri ties a cc ordin g to the need 
for Europeans to act alone or 
together at any mo pianti 
If it is to stall excessive centralis- 
ation, the burden of proof must fen 
on those arguing for decisions to be 
taken by the Union itself, and tile 
least re str ic tive instrument should 
be used. All legislation should be 
screened accordingly, and no pow- 
ers should be set in stone - indeed, 
there may be cases where national 
governments have acquired the 
expertise to perform the task hith- 
erto allotted to the Union just as 
adequately, and the reins could 
then be handed back to them. 
Knowing when to stop mil there- 
fore. be instrumental in restoring 
the Union's credibility. 

But equally, the true application 
of the principle of subsidiarity 
means that, where acting together 
at European Union level enables 
something more desirable to be 
achieved more effectively, the 
Union should not hesitate to take 
the necessary action. Europe’s col- 
lective achievements - the creation 
of a unified market and effective 
single policies on competition and 
trade, for example - should have 
proved to its detractors by now that 
team work at European level can 
enable each country to score more 
highly for itself than it could have 
done alone, however tiresome its 
team-mates may seem at times. Yet 
widespread distrust persists. The 
Union’s duty, therefore, la not rim- 
ply to accrue power when times are 
good and wash its hands of those 
responsibilities when times are bad: 
it is to assist governments in the 
search for the best level at which to 
take each decision, and draw ordi- 
nary people into that process. 

Tfo do that, the democratic ele- 
ment in the European Union must 


Leon Brittan outlines a strategy for 
rebuilding confidence in the EU - and its 
competitiveness - after recent crises 

A Europe that 
deserves support 


' The overarching aim 
must be to achieve unity 
while assuring Europe's 
place in an ever more 
competitive world. It 
can only be done by 
a Union that is 
democratic, transparent 
and restrained enough 
m its actions to be * 

confident and deserving 
of the public support it 
needs' 


Sir Lton Brittan 



be reinforced. With 12 national par- 
liaments anri nma European Parlifl. 
meat all empowered to scrutinise 
European laws, Europe has consid- 
erable means of democratic expres- 
sion, but much of that potential is 
wasted. National parliaments sel- 
dom analyse European laws with 
the degree of scrutiny those laws 
deserve. They appear to exert little 
influence over their ministers when 
the latter meet at Union level to 
adopt new laws. Oftm national and 
European MPs are locked in opposi- 
tion, one suspecting the other of 
tugging policy too far towards, or 
away from, the eentrp- of Europe. 

This need not he. For, if har- 
nessed jointly to the decision-mak- 
ing wheel they would complement 
each other. Through a C ommit tee of 


A Committee of 
Parliaments could 
ensure power was 
exercised at the right 
level and on the right 
legal grounds 


Parliaments, national MPs could be 
assigned specific powers alongside 
their counterparts in the Strasbourg 
assembly, so reassuring voters that 
power over their lives is not ebbing 
abroad to bodies they did not elect 

The Committee of Parliaments 
could ensure power was exercised 
at tiie right level and on the right 
legal grounds: It could watch over 
subsidiarity, with the power to ask 
the European Court of Justice to 
adjudicate if necessary, ensure laws 
have the correct legal base (a com- 
mon battleground among govern- 
ments fearing the Union may be 
growing by stealth); and check 
when governments conside r extend- 
ing the Union's authority. 

Only if it realises its democratic 
potential can the Union face the 
greatest challenge: the drive to 
matotoin efficiency as it takes in 


more countries. The Union's deci- 
sion-making machinery, which 
hardly changiart the Commu- 
nity began, is already creaking 
under the weight of 12 countries. It 
will creak more loudly with 16, and 
grind to a halt if Europe enlarges 
thereafter. But to lock out central 
and eastern European countries on 
these grounds is inexcusable. 

Instead the inter-governmental 
conference that is to he held in 1996 
should centre on the simple, but 
intractable question: bow should we 
change the way the European 
Union Is run to enable us to admit a 
substantial number of new coun- 
tries without the Union grinding to 
a halt? This involves looking at bow 
the Union’s institutions work: the 
rnmTnigrfon and the parliament: as 
well as the Council of Ministers - 
and a fresh look at the voting ques- 
tions which have caused such agon- 
ised debate. But we would also have 
to widen our analysis if the coun- 
tries of eastern and central Europe 
were to be absorbed into tbe Union 
in due course. 

Tbe collapse of communism is for- 
cing a more sharply focused consid- 
eration of Union policy towards its 
eastern neighbours. The question is 
no longer one merely of foreign pol- 
icy - it is central to the future erf 
the Union itself. The loss of Soviet 
markets made east Europeans look 
west for business, but the threat of 
Russian nationalism is sharpening 
their deman d for membership of the 
European fold, in economic, politi- 
cal and security terms. 

War in Europe, too. is forcing 
Nato to confront the need for its 
European members to develop a 
more autonomous security policy 
within the alliance, as Soviet might 
gives way to smaller, less easily 
identifiable security threats closer 
home. The old dichotomy between 
reinforcing the European pillar of 
Nato and maintaining the transat- 
lantic link is withering away as the 
US encourages Europe's autonomy 
within the Weston European Union 
and France begins to shed its 


staunchly independent view of 
defence. Developing a true Euro- 
pean pole within Nato, but one also 
capable of acting outside it under 
the WEU, is now realistic and 
should be encouraged. 

The European Union should also 
gradually lift Its remaining harriers 
to trade from the East, while urging 
eastern Europe to adopt competi- 
tion and other market rules gfrnttar 
to its own. Yesterday those coun- 
tries needed aid and advice on how 
to build a market economy; today 
they also need investment and the 
infrastructure and economic stabil- 
ity to attract it as painful reforms 
take root The west's role must also 
be made more visible, to help pre- 
vent people turning their back on 
those reforms. Ultimately it is eco- 


The European Union 
will sink or swim 
on its ability to 
restore the 
competitiveness of 
its economy 


nomic prosperity that will weld the 
continent together, leading to a 
joint political future in one Union, 
each country in its own time. 

Prosperity is also the most effec- 
tive agent of integration in western 
Europe - a lesson apparent from 
the lack of support for European 
integration as the recession and 
unemployment bite. The Union will 
sink or swim on its ability to 
restore the competitiveness of its 
economy. Through its role as “stew- 
ard” of Europe, the Union must 
establish order among a series of 
often competing priorities - for 
example, the protection of Europe’s 
rural rommimitigs while encourag- 
ing agriculture to compete without 
excessive subsidies; or the creation 
of a social safety net which does not 
s tifle industry: or the need to close 
the wealth gap by bringing poor 


countries up to richer ones, and not 
vice versa. Any attempt to muddle 
through - merely to “manage** 
these issues rather than to intro- 
duce real reform where necessary - 
will not work. The reason is that 
one priority thwarts all others: the 
need to compete on world markets. 

Only a detailed and dis passio nate 
analysis of Europe’s economic woes 
can find a common cure. This pro- 
cess has begun with the Commis- 
sion's white paper on Growth, Com- 
petitiveness and Employment. It is 
clear the Union must pursue exist- 
ing policies with renewed vigour, 
for example by completing the sin- 
gle market; loosening the grip that 
monopolies still hold over Europe’s 
transport, energy and communica- 
tions networks, while channelling 
private capital more smoothly into 
those networks; and ensuring that 
we and our competitors abide by 
the stringent new trade rules 
agreed in the Uruguay Round. We 
also need unproved research to turn 
good ideas into market-beating 
exports; to encourage the growth of 
small companies and entrepreneur- 
ship; to reduce state subsidies to 
ailing enterprises; and to ensure 
more efficient spending of the 
Union budget, not just by quashing 
fraud but also by shifting staff more 
quickly to confront new challenges. 

O f the cures, two of the 
most potent are also 
among the most con- 
troversial. First 
Europe has to 
improve the versatility of its work- 
force. This does not mean neglect- 
ing health and safety or hiring and 
firing for short-term gain; rather, it 
means removing rigidities which 
discourage employers from creating 
jobs, and correcting the mismatch 
between tbe skills people learn and 
those they require for the posts 
available. The Union itself can 
remove barriers to workers seeking 
jobs abroad; provide "marriage 
guidance" for industries looking far 
the most suitable training srhempg 
in Europe; and help distil conflict- 
ing national views on social policy 
into common principles upon which 
European industry can rely, not 
through coercion but through 
debate. This will help governments 
shift their focus away from merely 
protecting old industries towards 
propagating new ones. 

Secondly, the European currency 
crisis has not destroyed the Confi- 
nes taJ consensus in favour of a sin- 
gle currency, although it has shifted 
the debate over how to achieve it 
and by when. Far from exploiting 
their monetary freedom after the 
crisis, most EU countries have fol- 
lowed fiscal and monetary policies 
consistent with the approach laid 
down in Maastricht In fact they 
have not used the greater freedom 
given to them by the wider band In 
the revised ERB1 It might be. how- 
ever, that the best way of achieving 
Emu would be to seek agreement on 
a trans-Union non-infiationary mon- 
etary target cud for each country 
to be able to lower interest rates, 
provided this would not risk breach- 
ing that target This might mean 
more rapid emergence from reces- 
sion and a pattern of exchange rates 
based on economic fundamentals 
which could, in due course, provide 
the basis for a single currency. That 
goal seems to me to be as valid and 
as attainable as ever, even if by 
slightly afferent means. 

It is ironic that people are most 
tempted to spurn the European 
Union when their countries’ need 
for it is greatest. Grafting a split 
continent back together is no mean 
feat, particularly when it forces rad- 
ical change to the structure of the 
European house and brings fresh 
competition to an economy grap- 
pling with recession. The overarch- 
ing aim must be to achieve that 
unity while assuring Europe's place 
in a more competitive world. It can 
only be done by a Union that is 
democratic, transparent and 
restrained enough in its actions to 
be confident and deserving of the 
public support it needs. 

This article is based on Europe: Tbe 
Europe we need, a book by Sir 
Leon’s Britton, EU Trade Commis- 
sioner, which wQl be published by 
Romish Hamilton on Thursday. 


OBSERVER 


A paradoxical 
business 

■ If you've written one book selling 
8m copies, isn't ft a trifle hubristic 
aiming to- the jackpot again? Not 
for John Naisbitt, 55, now circling 
the globe on behalf of his latest 
offering, called Global Paradox. 

At 38. Naisbitt left IBM to go into 
consultancy. He then made bis 
name in the 1980s with Megatrends, 
now featuring cm MBA reading 
lists everywhere. 

Globed Paradox threatens to he 
even bigger, thanks to its teasing 
sub-title: “the bigger the world 
economy, the more powerful its 
smallest players". In London, where 
economic angst has become almost 
second nature, Naisbitt 
pooh-poohed tbe suggestion that 
Britain has slumped to south 
European status but without the 
benefit of regular snnshine; though 
he does rather fancy Latin 
America's emerging m arkets. 

"There's a renaissance in UK 
entrepreneurial activity, winch 
isn't happening in continental 
Europe,’* he says. Quick - there 
goes another paradox! UK pic 
mounting a revival as a 
post-industrial emerging market 


Faring badly 

■ No wonder the Tories are divided 
over Europe; some of them don’t 
even know where it begins. At least 


that’s the conclusion that might 
be drawn from a gaffe by Lord 
James Dougjas-Hamflton, MP for 
Edinburgh West and junior minister 
in the Scottish Office. 

He recently entertained a 
delegation of MPs from the far 
north. They were eagerly lobbying 
for separate tourist boards for the 
Hebrides, and for Orkney and 
Shetland. He listened pensively 
and, following an awkward pause, 
asked: "Urn. where would that leave 
the Faroes?” 

In Denmark, surely? 


Feathered Mend 

■ Good news for Rotherham’s 
Liberal Democrats, now gearing 
up for a by-election; they are 
guaranteed acres of media coverage. 
The bad news is - they may not 
appreciate all the fuss. 

Their choice of candidate is David 
WUdgoose. We haven't seen his 
manifesto yet but any references 
to "chase”, "ducking issues”, 
“flat-footed opp on e nt s” and the 
like should be winged immediately 
and sent for roasting at No 1 
Southwark Bridge, 


Airbus one 

■ Edzard Reuter's new job as 
chairman of the supervisory board 
of Airbus Industrie is good news 
for the other Airbus partners - 
British Aerospace, France’s 
Aerospatiale and Spain's Casa. 



about we’d have split ages ago’ 

One of Europe's best known and 
politically astute industrial 
manag ers is arriving at the helm 
at a time when the European 
consortium is facing increasing 
pressure from its hig US rival, 
Boeing. It should also dispel 
rumours, once and for all, that 
Daimler was becoming increasingly 
disenchanted with its costly 
diversification into aerospace. 

Only last month natmiw said 
that the 66-year-old Reuter, who 
has been with the group for 30 
years, would remain chairman of 
Its marmgpmpnt board until the 
end of next year and he has been 
tipped to replace Deutsche Bank’s 

T Tilmar jfopper 3£ chairman of 


Daimler's supervisory board. 

He’s a much more effective 
business figure than his two 
predecessors, Hans Friderichs, 62, 
a former federal economics 
minister, and Franz-Josef Strauss, 
the first supervisory board 
chairman who died in office. 

Meanwhile, the battle for Reuter's 
own succession at Daimler is now 
on. The favourites are Helmut 
Werner, boss of the Mercedes car 
company, and his younger 
colleague, Jurgen Schrempp, head 
of Deutsche Aerospace, Daimler’s 
aerospace arm. Observer’s bet is 
on Schrempp getting the job. 


Chic-by-jowel 

■ Cleansing Italy’s Augean stables 
of corruption has not best pleased 
hoteliers across the border at 
Switzerland’s chic Alpine resort 
of St Moritz. They have seen Italian 
tourist figures drop by more than 
20 per cent during the winter 
season. One local tourism official 
reckons to know why: “Some of 
our best customers are injafl.” 


Springs eternal 

■ Inspired by the Weekend FTs 
article on “cyberspace”, the 
free-floating electronic community 
created by computer users all 
round the world, one colleague 
has made a nasty discovery. 
Electronic communication is even 
more dichAridden than the 


old-fashioned kind. 

Cyber-correspondents rejoice 
in turning their most frequently 
used cliches into acronyms. 
Messages are spattered with jargon 
like GMTA (“Great minds think 
alike”). IMHO (“in my humble 
Opinion”), which must have them 
ROTFL (“rolling on the floor 
laughing”). There is even an 
electronic counterpart to the letter 
writer’s SWALE (“sealed with a 
loving kiss”) - NIFOC “naked in 
front of computer”. 


Turkey poll 

■ Nice to see religious neutrality 
creeping in to some parts of Moslem 
Turkey. Sunday's municipal 
elections for city mayors saw the 
local election committee of the 
email Istanbul district of 
Kuzguncuk set up polling stations 
in the village's Greek Orthodox 
Church; its Armenian church; and 
in one erf two synagogues. 

Of course, cynics might interpret 
it as just a way of stifling the 
Islamic radical vote. 


Affirmative 

■ Affirmative action is expected 
to be high on the agenda of the 
new South Africa. Indeed, 
reactionary whites have taken to 
referring to toyi-toyL the victory 
dance of the ANC, as “affirmative 
aerobics” and looting as 
“affirmative shopping”. 





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European chemical companies 
agree to co-operate on research 


By Gillian Tett In Brussels and 
Daniel Green in London 


An initiative to promote 
industry-wide collaboration in 
research and development in 
Europe’s chemical sector is to 
start next month, it emerged in 
Brussels yesterday. 

The project would mark the 
first attempt by Europe's chemi- 
cal companies to pool their 
research resources to combat the 
growing challenge from US and 
Japanese rivals. 

The sector has been suffering 
from chronic overcapacity espe- 
cially in petrochemicals and bulk 
chemicals. 

Unprofitable European manu- 
facturing plants are being pro- 
tected from closure by national 


governments even though their 
prices are deeply undercut 
by newer plants, especially in 
Asia. 

European companies have 
repeatedly tried and failed to 
implement industry-wide cost 
and capacity cutting measures, 
the latest of which - to reduce 
ethylene manufacturing capacity 
- collapsed last December. 

Mr Dirk Hudig. manager of 
European affairs for ICI, yester- 
day said research directors from 
European chemical companies 
would meet next month to iden- 
tify areas for sector-wide 
research programmes. 

These would probably centre 
on environmental research, with 
initiatives aimed at developing 
waste management technology, 


greater energy efficiency and sus- 
tainable production. 

But another area of potential 
collaboration could be the use of 
information technology in pro- 
cess control, which would be rele- 
vant to a wide range of indus- 
tries, Mr Hudig added. 

The initial meeting is expected 
to be followed by two more over 
the next six months, and the 
companies hope to submit defi- 
nite proposals in the autumn for 
a number of projects to receive 
European Commission funding. 

Under the Commission's 
research prog ramme , so per cent 
of Fhp funding is usually provided 
for joint industry projects. The 
Commission has been keen to 
encourage collaboration but the 
chemical sector has shied away 


from sector-wide research. 

But with the European chemi- 
cal industry facing shrinking 
marg ins and mo unting research 
development costs, there has 
been growing interest among pro- 
ducers in exploring systems of 
collaboration. 

Mr Peter Schwarz, head of 
research at the Italian chemical 
group Enichem. said: “We believe 
cooperation will be a large part 
of operations in the future, par- 
ticularly where there is a high 
risk of finnnrial exposure”. 

The model for the co-operation, 
Mr Hudig said , was likely to be 
the co-operative research pro- 
gramme, which the European 
motor indus try baa run since 
late 1970's, one of the few sector- 
wide projects. 


03 price 


2 month toward per barrel) 
15.0 - 


14.5 r fl 


Japan trade package aims 
to defuse tension with US 


13.5 - - V 


By Paul Abrahams and 
Emiko Terazorro In Tokyo 


Jan 1994 
Swat Petroleum Argus 


Opec decision 
hits oil prices 


Continued from Page 1 


Opec's nerves over the next few 
weeks, and that it might take as 
long as three months for “bearish 
market psychology" to be 
reversed. 

The price will also be influ- 
enced by the actions of refiners, 
the main buyers of crude oil, who 
must decide in the next few 
months whether they can pot off 
rebuilding stocks depleted by 
recent cold weather in the hope 
of lower prices in future. 


The Japanese government today 
unveils a wide-ranging package 
of trade liberalisation measures 
intended to defuse tension in its 
relations with the US. 

The programme will consist of 
measures to stimulate domestic 
demand, policies aimed at remov- 
ing non-tariff import barriers and 
efforts to open the Japanese tele- 
communications, medical equip- 
ment. insurance and automotive 
markets to overseas competition. 

Announcement of the mea- 
sures follows threats by the US to 
impose sanctions against Japan 
after Tokyo refused in bilateral 
trade talks to adopt numerical 
targets for increasing imports. 

Mr Morihiro Hosokawa, prime 
minister, told US negotiators last 
month that Japan would cut its 
record current account surplus 
through voluntary rather than 
forced measures. 


Mr Hosokawa has faced severe 
domestic and US criticism for the 
failure of last month's talks , and 
is thought to be keen to show 
that his administration can 
implement policies voluntarily. 

The measures, de tails of which 
will be announced in June before 
the Group of Seven summit, are 
intended to reduce the surplus by 
boosting the domestic economy 
and encouraging imports. The 
government’s aim is thought to 
be to cut the surplus from 3.1 per 
cent of gross domestic product in 
1993 to 2.8 per cent next year. 

Measures include Increased 
public works spending and 
extending the income tax cuts 
announced in February beyond 
their planned 12 months’ life. 

The policies aime d at increas- 
ing imports include deregulation, 
measures to enforce competition 
laws more effectively, steps to 
promote imports, and g uidelines 
for improved transparency of 
state procurement. 


The government intends to 
deregulate housing and land use, 

tele ram mmiira Hnn g, distribution, 
an d finanmal markets. The Fair 
Trade Commission, the fledgling 
monopoly watchdog, is expected 
to be strengthened and its staff 
increased by up to 9 per cent 
Import promotion measures will 
include tax incentives, improved 
customs procedures and a bigger 
budget for the Japan External 
Trade Organisation. 

Particular attention is given to 
the four sectors seen as priorities 
by US trade negotiators. Public 
procurement of medical and tele- 
communications equipment will 
be more transparent, and a 
review mechanism will measure 
the past performance of foreign 
groups in this sector. 

The insurance market will be 
partly deregulated. In the auto- 
motive and components sectors, 
the government will review the 
performance of overseas groups 
twice a year. 


UK ready to 
accept deal 


Continued from Page l 


Mr Major had again damaged his 
political authority. 

Stressing the legal status of 
the proposed pause and its 
interim nature. Mr Hurd gave 
the impression that in practical 
terms the blocking minority 
would remain at 23 votes. 

But he admitted that once 
efforts to secure an agreement 
on that basis had been 
exhausted, the new legal posi- 
tion meant that decisions could 
in fact be pushed though on the 
basis of a minority of 27. 

In Brussels officials reinforced 
this by saying that the text of 
the compromise expressly 
excluded an open-ended discus- 
sion on decisions which were 
opposed by countries mustering 
between 23 and 26 votes in the 
council. 


American and Delta in link-up 
deals with European airlines 


By Paul Batts, Aerospace 
Correspondent, in London 


American Airlines and Delta Air 
Lines, two of the biggest US car- 
riers. are set to form partnerships 
with two European airlines. 

American is expected to 
announce next month a market- 
ing and ticket code-sharing deal 
with Lot Polish Airlines, while 
Delta is set to announce a similar 
deal with Austrian Airlines 
today. 

Lot has been seeking a strate- 
gic partnership with a large 
international carrier as part of its 
efforts to modernise and expand 
its international services. The 
Polish carrier already operates a 
modern fleet of Boeing airliners. 

The deal with Ameri c an is not 


expected to involve an equity 
investment by the US carrier but 
would boost Lot’s transatlantic 
services to Chicago and New 
York by enabling it to tap Into 
American’s huge US domestic 
network. 

It is also expected to help Lot 
compete against British Airways 
for business on transatlantic 
routes. Britain and Poland 
recently settled a four-month dis- 
pute over services between the 
two countries. 

The dispute, which led to the 
interruption of direct services 
between London and Warsaw, fol- 
lowed BA’s decision to increase 
its flight frequencies to Warsaw. 
Lot argued that BA was seeking 
to siphon off transatlantic traffic 
from Lot through BA connecting 


services from London Heathrow 
to the US. The deal would give 
American a partner in the grow- 
ing east European market and 
strengthen its marketing clout 
when both its two big US rivals. 
United and Delta, are establish- 
ing commercial partnerships 
with other European carriers. 

United is forming a code- 
sharing partnership with Luft- 
hansa of Germany, which regards 
the east European market as an 
extension of its domestic market 
following reunification. Delta has 
a cross-equity link with Swissair 
and is about to form a marketing 
a llianc e with Austrian. 

Like American's deal with Lot, 
Delta's with Austrian Is not 
expected to involve an equity 
investment by the US carrier. 


FT WEATHER GUIDE 


Europe today 


.3-1 I 3’j 


Frontal zones associated with a low pressure 
system near Iceland will cause cloudy 
conditions over much of northern and western 
Europe. Germany and France will have 
patches of rain and southern Scandinavia and 
Scotland will be showery with broken cloud. 
Hail and sleet will fall on higher ground. Low 
pressure will affect southern England and 
southern Ireland with some light rain or 
drizzla Southern France will remain dry and 
sunny. Portugal, Spain and Italy will also be 
sunny but the eastern Mediterranean will have 
a mixture of showers and sunshine and strong 
northerly breezes. There will be broken cloud 
in Russia with showers developing In southern 
areas. 




■ 3 


■ft T 


>io r • 


7-1 / 1030 3 . 

• \ HIGH } ^ / 




® ,<8 ‘7»raSi3 


21 


Five-day forecast 

The UK will become cool and unsettled with 
active low pressure systems causing showery 
and windy conditions. There is the risk of a 
strong gale over the Atlantic and the northern 
North Sea on Wednesday and Thursday. The 
continent will remain unsettled, especially in 
France, the Benelux, Germany and 
Scancfinavia. Further south and east, more 
sunshine is expected. Italy will be particularly 
pleasant with abundant sunshine and fight 
winds. 


^ . ‘11 





■ ( O 




ft 

.-Jf r ^ (j 


-r 

* m 


1020 . ■ . V, 




W' \ - 28. TT? 

Warm front AA. Cold front ,A.Jk Wind speed fn KPH 


TODAY’S TEMPERATURES 


Situaliaaat IS GMT. Temperatures mavmvm tar day. Foncasts by Ktetoo Consult of the Netheriands 



Maximum 

Sal fast 

shower 

10 

Cardiff 

far 

12 

Frankfirt 


Celsius 

Belgrade 

sun 

16 

Chicago 

doudy 

3 

Geneva 

Abu Dhabi 

tar 

27 

Beilin 

rain 

1? 

Cologne 

cloudy 

19 

Gibraltar 

Accra 

fair 

32 

Bermuda 

cloudy 

23 

O’ Sdoem 

thund 

34 

Glasgow 

Algiers 

far 

23 

Bogota 

fair 

20 

Dakar 

loir 

26 

Hamburg 

Amsterdam 

doudy 

15 

Bombay 

sun 

34 

DaSos 

sun 

20 

Helsinki 

Athena 

shower 

15 

Brussels 

doudy 

17 

DdH 

far 

35 

Hong Kong 

B. Aims 

fair 

24 

Budapest 

fair 

15 

Dubai 

fab- 

27 

HonoMu 

B.ham 

shower 

13 

CJtagen 

doudy 

11 

Dublin 

shower 

11 

tetanbd 

Bangkok 

cioudy 

38 

Cairo 

fair 

30 

Dubrovnik 

sin 

17 

Jersey 

Barcelona 

doudy 

20 

Cape Town 

sun 

25 

Edinburgh 

shower 

11 

Karachi 

Beijing 

sun 

12 

Caracas 

fair 

25 

Faro 

fair 

21 

Kuwait 


Latest technology in flying: the A340 



Lufthansa 

German Airlines 


L Angeles 

Las Palmas 

Lima 

Lisbon 

London 

Lutbourg 

Lyon 

Madera 

Madrid 

Majorca 


19 

Malta 

doudy 

19 

Rio 

doudy 

23 

18 

Manchester 

shower 

12 

Riyadh 

sun 

27 

19 

Mania 

doudy 

32 

Rome 

sun 

19 

10 

Melbourne 

fatr 

27 

S. Frsco 

ft* 

18 

14 

Mexico cny 

sun 

25 

Seoul 

fair 

6 

6 

Miami 

ttuid 

29 

Smgapore 

thund 

31 

22 

Mian 

sun 

20 

Stockholm 

doudy 

7 

26 

Montreal 

sleet 

3 

Strasbourg 

doudy 

20 

12 

Moscow 

sun 

3 

Sydney 

shower 

24 

13 

Munidi 

cioudy 

18 

Tangier 

fair 

20 

37 

Nairobi 

thund 

27 

Tel Aviv 

fair 

27 

26 

Naples ’ 

sun 

19 

Tokyo 

doudy 

11 

22 

Nassau 

fair 

29 

Toronto 

sleet 

2 

21 

New York 

rain 

6 

Tunis 

tab 

22 

25 

Nice 

sun 

17 

Vancouver 

shower 

14 

22 

Nicosia 

shower 

20 

Venice 

doudy 

17 

IS 

Oslo 

rain 

10 

Vienne 

sun 

17 

17 

Paris 

cfaudy 

18 

Warsaw 

rain 

14 

20 

Perth 

doudy 

22 

Waahngton 

rain 

9 

T9 

Prague 

shower 

18 

Wellington 

rain 

14 

23 

Rangoon 

doudy 

34 

Winnipeg 

fatr 

2 

22 

Reykjavik 

steel 

3 

Zurich 

doudy 

18 


THE LEX COLUMN 


Inching forwards 


The market cuffed. Inchcape round the 
ear like an errant schoolchild yester- 
day after the trading company handed 
in some disappointing sums. The 7 per 
rent fan in inebcape's shares is yet 
another illustration of the market’s 
petulance: Coats ViyeDa, Bowater, and 
Wellcome have all suffered the same 
fate after malting similarly lukewarm 
trading comments. Inchcape’s chief 
bugbear is the continuing strength of 
the yen, which makes life awkward 
given the heavy reliance on Japanese 
goods. But the savage downturn In the 
European car market has inflicted 
pain. Inchcape has done well to soften 
the blow by lifting Toyota car volumes 
24 par cent in the UK. Even that suc- 
cess. though, was bought at the 
expense of higher advertising and pro- 
motion costs. 

It could be argued that both these 
factors were exceptional and may 
unwind by the end of the year. But 
violent currency swings and regional 
recessions must count as an occupa- 
tional hazard for an international dis- 
tribution group. It is a tribute to Inch- 
cape’s management skills that a 
consistent string of good results has 
masked the unforgiving nature of its 
basic business. 

With operating margins of about 4 
per cent, Inchcape remains hi g hl y vul- 
nerable to digs p pnint-m ant The inher- 
ent volatility suggests Inchcape 
chnniH trade at a discount to the mar- 
ket rather than the premium it hag 
recently enjoyed. Inchcape’s steady 
growth in China undoubtedly gives 
the company added long-term Invest- 
ment appeal. But recent austerity 
measures in mainland China, which 
have depressed car imports, argue for 
caution on that front, too. 


Inchcape 


Share price relative to the 
fT-SE-A AD-Shara Index 

220 - 


200 


120 -r-T.T r- - - 


80 1 1 

1989 90 

Soma: Oatastraam 


GKN/Westland 


getting no acceptances at alL He then 
has to wait until 1995, when his stake 
will have been diluted down to 40 per 
cent mid more Westland orders may 
have materialised. 

How much GKN is prepared to 
improve its offer depends on its assess- 
ment of profits in 1996-97, rather than 
Westland’s 1994 forecast. GEN may be 
mean given how hard it has been to 
sweat profits from its engineering 
business in recent years. GEN’S corpo- 
rate financi ers are doubtless devising 
ways of fi ddling with any settlement 
of Westland’s long-running legal dis- 
pute to sweeten its bid. After all the 
rhetoric, however, it would be surpris- 
ing if GKN offered much more than 
32Gp against the 290p opener. Share- 
holders may put the potential for 
orders and profits higher. GEN’S large 
stake makes the issue finely balanced. 
But without a bigger improvement, 
the chances are that everyone win be 
back to do it all again next year. 


there are precious Tew bargains to be 
bad. The price paid yesterday for the 
old Sterling Estates portfolio is hardly 
cheap. A yield of around &2 per cent 
demands a lot from the rag-bag of 
retail, office and industrial space. 
Even allowing for some modest 
increase in rents, British Land will 
have to bring all its management and 
trading skills to bear. 

It is a measure of the stock markers j 
faith that British Land has avoided ; 
the worst of the correction suffered by 
others in the sector this year. While : 
Land Securities has underperformed 
by 12 per cent since the turn of the 
year, for example, British Land has 
merely tracked the falling equity mar- i 
ket Still. British Land is befog coy 
about where the 2m shares which 
comprise part of yesterday’s purchase 
price will come from, if Quantum is 
reducing its stake, other shareholders 
would have reason to take notice. 


The bid for Westland has always felt 
a bit rum. Given that the companies 
know each other well, have apparently 
got on well in the past, and agree that 
the dispute is over price, this Is an 
issue which should be settled around a 
negotiating table. That it hasn’t been 
perhaps reflects the large gap between 
what GEN is happy to pay and what 
Westland thinks it is worth. 

Still. having pursued an aggressive 
route, it is now decision day for Sir 
David Lees, GEN’S chairman. Practi- 
cal considerations mean that he must 
launch any revised bid by Thursday 
morning. If Sir David pays up enough 
he might be able to buy enough shares 
in the market and have control by 
lunchtime. If he shoots low, he risks 


British Land 


Mr John Ritblat is making steady 
progress through the £lbn honey-pot 
that is the British Land-Quantum 
property fund. With around 40 per 
emit of the fund invested following 
yesterday’s £128m acquisition from 
Royal Insurance, there is no immedi- 
ate pressure to come up with the next 
deal The snag is that so many institu- 
tional investors have rediscovered a 
taste for property since Quantum 
arrived on the scene last summer. 
Royal is a rare seller, having decided 
that its capital would be better 
invested in more liquid assets. 

While most life insurance and pen- 
sion funds are net buyers, though. 


There are two ways of looking at 
yesterday’s fall in the oil price. One is 
that the 5 per cent drop in Brent crude 
was a dear thumbs down for the Opec 
meeting in Geneva. The other is that, 
now that the chance of effective pro- 
duction cuts has passed, the price is 
simply returning to levels before that 
meeting. Indeed the oil price could 
meet some resistance to attempts to 
push it much below $13. At that level, 
oil would become increasingly compet- 
itive with coaL 

The equity market erred yesterday 
on the side of pessimism. Shell, which 
t hanks to its downstream strength is 
less affected by movements in the 
crude price, rose slightly. BP slipped 2 
per cent. Enterprise 3. Lasmo. the 
most vulnerable of the production 
companies, has now slipped some 10 
per cent since early February. Yet 
share valuations depend more heavily 
on where the oil price settles rather 
than on the extent of any short-run 
dip as a surplus builds up in the sec- 
ond quarter. 

The share movements are more 
understandable in that the arguments 
for the promised recovery in the oil 
price later in the year look flimsy. 
Though this would reflect the usual 
seasonal pattern, it is hard to see Opec 
becoming more disciplined , in the face 
of hardening demand. The threat of 
resumed Iraqi supply also hangs over : 
the market. Perhaps, though, only a 
change as large as that would make 
the cartel willing to confront the 
quota issue. 


This announcement appears as a matter of record only. 


March 1994 


Landesbank Rhein lan d-Pfalz 


Landesbank Rheinland-Pfalz; — Girosentrale 

(Incorporated under Public Law m the Federal Republic of Germany) 


U.S.$ 500,000,000 


Floating Rate Notes due 1998 


Lehman Brothers 


Landesbank Rheinland-Pfals - Girosentrale - 


CS First Boston 


Goldman Sachs International 


Kidder, Peabody International PLC 


Morgan Stanley & Co. 

bite manorial 


ABN AMRO Bank NV 


Banque Bruxelles Lambert $A_ 


Chemical Investment Bank Limited 


Deutsche Bank AG London 


Nomura International 


Salomon Brothers International Limited 


Fuji International Finance PLC 
IMI Bank (Lux) SA. 
Merrill Lynch International Limited 
Swiss Bank Corporation 
Banca Commerciale Italian a 
Bayerische Landesbank Girosentrale 
Daiwa Europe Limited 
Samuel Montagu & Co. Limited 
NatWest Capital Markets Limited 
Sanwa International pic 


Westdeutsche Landesbank Girozcntrale 











19 


CEETEX 94 


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Bertelsmann 
seeks Disney deal 

Bertelsmann, the German media group, hopes 
to sell Walt Disney a 49 per cent stake In Germany's 
Vos television channel, which will go into liquida- 
tion on April 2 unless the holding can be sold. 

Page 20 

Holliday Chemical buys RecMtfs blue 

Holliday Chemical, the UK industrial dyes com- 
pany, is buying one of Britain's oldest 
businesses from Reckitt & Colnum. the consumer 
products group. Reckitt Colours International 
has been making synthetic ultramarine for use 
in clothes laundering since 1883. Page 20 

Ford’s global car faces US test 

Ford Motor's $6bn programme to create a “global 
car” reaches an important test tomorrow when 
an American version of the vehicle is unveiled 
at the New York Automobile Show. Page 22 

GKIV criticises Westland forecast 

GKN, the engineering and indnqtrfal services 
group, has stepped up its pursuit of Westland 
after the helicopter company admitted its operating 
profits would decline this year. Page 26; Lea, 

Page 18 

Royal Boulton sales at flour-year high 

Royal Doulton shares rose 8 per cent to 253p as 
the One china manufacturer made its first profits 
announcement as an independently quoted com- 
pany and revealed that sales were running at 
their highest levels far four years. Page 26 

House of Ftaser fai demand 


fMXPSir 



House of Fraser, the 5frstore department store 
group, said yesterday the public element Of its 
flotation was 5L2 times subscribed. Page 27 

British Land buys property portfolio 

British Land yesterday announced a £l28m acquisi- 
tion of a property portfolio from Royal Insurance, 
the composite insurer. The portfolio, known as 
Sterling Estates, consists of 167 properties spread 
throughout the UK. Page 28; Lex, Page 18 

Mexican rise surprises 

Although big global bourses fell last week, Mexico 
gained more than 6 per cent, in spite of Wednes- 
day's assassination of the governing party's presi- 
dential candidate, Mr Luis Donakio Cotosio. 

Back Page 

Companies hi this Issue 


Air Canada 

22 

loM Steam Packet 

27 

American Airlines 

20 

Irish Continental 

27 

Arbed 

20 

Legal & General 

28 

Aigent 

27 

MM Holdings 

23 

Armco 

22 

MY HoIcBnga 

28 

BCP 

19 

Malbak 

23 

Bakyrchfc Gold 

27 

Northern PtaUnum 

23 

Baronsmead 

ZT 

Oetfton-BOhrte 

20 

Bertelsmann 

2D 

PAO 

11 

Blackwood Hodge 

27 

Pearl Group 

11 

Blagdan Industries 

26 

Pearson 

19 

Bournemouth Water 

27 

Pantos 

11 

British Land 

26 

Porsche 

20 

Omenta Luxembourg. 

20 

Proteus 

28 

□ale Electric 

27 

FUB Mining 

28 

Danone 

20 

Reddtt & Cotman 

20 

Dycfcethoff 

20 

Reed Elsevier 

27 

EBC 

27 

Regallan Properties 

27 

EFM 

28 

Roxtoo 

26 

Economic Insurance 

11 

Royal Insurance 

28 

Bectrabel 

20 

Rutland Trust 

27 

F&C Income Growth 

27 

Scottish Metropol 

27 

Fisher (James] 

27 

SerrfUca-Sofia 

20 

Ford 

22 

Sharpe & Fisher 

27 

Forth Porta 

28 

Sherwood Group 

2B 

Foster's 

23 

Sony 

23 

GR (Holdings) 

27 

T&S Stores 

20 

Global 

27 

TNT 

23 

Grays! one 

37 

TH Far East Income 

27 

Headlam 

27 

Toyama Chemical 

22 

High Goalorth 

37 

Trtasc 

19 

HoUday Chemical 

20 

VJB 

22 

Horsham 

19 

VauxhaB 

11 

House of Fraser 

27 

Volvo 

19 

Hutchison Whampoa 

33 

Walt Disney 

20 

Inchcape 

28,19 

WUfisComoon 

28 

Market Statistics 

^Annual reports service 

S4-35 

Foreign axriisnga 

40 

Benchmark Govt bands 

34 

Qtta prices 

24 

Bond futures and options 

» 

Lfffe equKy options I 

Bade Page 

Bond prices and ytakfe 

24 

London stars sendee 

34-35 

CUmniodHas prices 

32 

London tradt options I 

BackPage 

DNUends announced, UK 

2B 

Managed funds carts 

36-40 

atS currency rates 

40 

Money merimta 

40 

Eurobond prices » 

FbMd Interest fcnficos M 

FT-A world todkss Beck Page 

New Ml bond Issues 
Recent Issues, UK 

24 

33 

FT Gott Mines index Back Page 

Stat-trim h rates 

40 

FTASMA Ml bond 5K 

24 

US Mansi rates 

24 

FTSE Actuaries takes 

33 

Utorid Stock Meitots 

41 


Chief price changes yesterday 


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OakbStal 

448 

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194 

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127 

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630 

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30 


FINANCIAL TIMES 


COMPANIES & MARKETS 


WORLD CLASS. 
WORLD-WIDE 


©THE FINANCIAL TIMES LIMITED 1994 


Tuesday March 29 1994 


Diesel engines from 5-1500 bbp. 
Perkins Group Headquarters. TcH >733 67474. 
& butfcxniefv'affvCcnw'kilK'fl tnwv 


Volvo seeks to alter BCP bid offer 


By Hugh Camegy En Stockholm 

Volvo, Sweden's biggest manufa cturer, 
yesterday faced more fallout from the 
collapse of its merger with France’s Ren- 
ault It is In the awkward position of 
having to put to Its shareholders terms 
for the full takeover of a subsidiary 
which it believes are too generous. 

The dilemma concerns the consumer 
products group BCP, which Volvo last 
year agreed to take over in a deal with 
the government on the break-up of Pro- 


cordia - Jointly controlled by Volvo and 
the state. Procordia was split into BCP 
and Pharmacia, a pharmaceuticals com- 
pany still controlled by the government 

Taking over BCP, a strongly profitable 
company, and holding a residual 25 per 
cent shareholding in Pharmacia were 
two key elements in a plan by former 
Volvo chairman Mr PShr ft yltenhaminar 
to build a diversified Volvo following the 
merger of its car and truck operations 
with Renault 

The new Volvo board is committed to 


the BCP and Pharmacia investments, 
despite the collapse of the Renault deal 
But it wants to change the terms of its 
bid for the Z6 per cent of BCP that it 
does not already hold because a surge in 
Volvo's share price of more than SKr200 
since the Renault merger was scrapped 
has left it open to paying almost 50 per 
cent more than it intended when it made 
the bid last October. 

In the first of three alternatives. Volvo 
offered one new Volvo share for six BCP 
shares, valuing BCP shares at SKr71 


each. The same offer now values BCP 
shares at SKrffl each, which one Volvo 
executive described as "definitely too 
generous". The original fash alternative 
was set as low as SKr-17 per BCP share. 

These terms were never voted on by 
Volvo shareholders because they were to 
have been put to the same emergency 
meeting planned to vote on the Renault 
merger. That meeting never took place. 
But the Swedish Securities Council has 
now ruled that Volvo must present the 
original terms to its shareholders unal- 


tered at nest month's annual meeting. 

The new Volvo board will, therefore, 
be in the strange position of putting a 
proposal formulated by the old board to 
their shareholders - and hoping it will 
be rejected so a new bid for BCP can be 
formulated. Volvo also announced a flve- 
for-one share split yesterday, reducing 
the par value of the shares to SKr5 from 
SKr25 to facilitate trading by small 
shareholders. Volvo's most-traded B 
share responded to the day's news by 
rising SKr5 to SKnKKJ. 


Horsham 
ploughs 
C$600m 
into ailing 
Trizec 

By Bernard Simon in Toronto 

Horsham, the investment group 
controlled by Canadian entrepre- 
neur Mr Peter Monk, has cast a 
vote of confidence in the North 
American property market by 
agreeing to invest CSfiOOm 
(USM40m) in Trizec, the conti- 
nent's biggest publicly traded 
property developer. 

Horsham will acquire a stake 
of at least 43 per cent in Trizec, 
ousting Toronto's Bronfman 
family as the controlling share- 
holder. The deal is conditional 
on a capital restructuring begun 
by Trizec last August, involving 
about C$1.5bn of its C$4.8bn 
debt 

The agreement marks another 
step in the rapid decline of the 
Bronfman empire, once a colos- 
sus of Canadian business. Over 
the past 18 months, it has lost 
control of flagship assets in for- 
est products, brewing, financial 
services and packaging. 

With a war chest of more than 
US$1 bn, Horsham has sought an 
investment to complement Its 
controlling interests in Ameri- 
can Barriek, the Toronto-based 
gold producer, and Clark Refin- 
ing and Marketing, a US mid- 
west oil distributer. 

Horsham said yesterday Tri- 
zec’s prospects would be 
enhanced by access to its financ- 
ing expertise and Internationa] 
contacts. Trizec has stakes in 85 
properties, mostly offices and 
shopping malls, covering 54m sq 
ft. More than threoqnarters of 
Its properties are in the US. 

Debenture holders and other 
creditors have so far rejected Tri- 
zec ’s restructuring proposals, 
and have threatened to demand 
accelerated payment of their 
securities. The company this 
month obtained a court order 
preventing senior debenture 
holders from enforcing their 
rights pending the outcome of 
talks with Horsham. 

Horsham will advance an ini- 
tial C$500m, which wfl] be used 
to retire a significant portion of 
Trizec's senior debentures. The 
remaining C$l00m wiD comprise 
50 per cent of a planned C$M0m 
rights offering. 

Trizec will also issue warrants 
exercisable for 20 per cent of the 
new shares over four years. Hor- 
sham will take up 43 per cent of 
the warrants. Trizec expects to 
draw up a new debt- restructur- 
ing proposal by the end of April, 
with the aim of putting it in 
place by June 30. 

Mr Kevin Benson, Trizec's 
chairman, said yesterday the 
deal would allow Trizec to offer 
shares to some debenture hold- 
ers, but to offer “a substantial 
portion of cash” to others who 
have been reluctant to accept 
equity in exchange for their debt 
securities. 


Inchcape profits hit by strength of the yen 


By Maggie Urry in London 

Inchcape shares fell 37p to 51 5p 
yesterday after it reported 1993 
profits adversely affected by the 
yen's strength and weak demand 
in many markets. 

Analysts reduced profit fore- 
casts after Sir David Plastow. 
chairman, suggested 1994 would 
be another difficult year. 

Sir David said the weakness of 
economies in continental Europe 
and Japan, as well as austerity 


measures in China, had affected 
demand. Inchcape acts as a dis- 
tributor and retailer of cars, con- 
sumer goods and business prod- 
ucts. 

He said that on average the 
yen had risen 26 per cent during 
1993 against currencies that mat- 
tered to Inchcape. 

Of 1994, Sir David said, “most 
of the factors that made 1993 
such a challenging year still 
remain”. He said Inchcape did 
not expect a marked recovery in 


the business clima te 

Mr Rod ODonoghue, finance 
director, said the unexpected 
strength of the yen cost the 
group £i3m ($19m), as the benefi- 
cial translation effect was more 
than offset by the impact on 
Inchcape 1 s sales of Japanese cars. 

Inchcape said that although 
Toyota, the main brand it sells, 
had increased market share 
around the world, volumes had 
fallen in many areas. Operating 
profits from motors rose 7 per 


cent to £177 .5m thanks to retail- 
ing strength. 

Profits from marketing dropped 
7 per cent to EaSJtm. The group 
won more agencies than it lost, 
but the ending of the Roles and 
Nike franchises had affected prof- 
its. Profits from services, such as 
insurance and shipping, rose 27 
per cant to £53.9m. 

The group has yet to decide 
whether to exercise its option to 
buy Gestetner convertibles which 
expires on July l. With a 14.6 per 


cent stake already, Inchcape 
could end up with 23.6 per cent 

Profits before tax rose Si per 
cent on an FRS3 basis to £271. 4m. 
but were 4.4 per cent higher on a 
“normalised" profit of £263. 3m, 
excluding exceptional items but 
including property profits which 
rose from £&2ra to ElO-Sm. 

Earnings per share on an FRS3 
basis rose 9.4 per cent to 33J9p. A 
final dividend of 9p (S.35p) makes 
a total of 14.8p, up 7.6 per cent 
Lex, Page 18; Details, Page 28 


Kenneth Gooding reports on the speculative forces driving up the metal’s price 

US funds pi and away in the silver market 

bite the 
silver 
bullet 


T he silver market has long 
been a favourite play- 
ground for speculators. 
Now the same big speimlatlve US 
commodity funds that drove up 
the gold price this time last year 
have joined in the fun. 

The funds' objective, say some 
traders, is to push silver's spot 
price from this year’s low of $4M 
a troy ounce to Their first 
target is $6 an ounce, which they 
might achieve this week. “If the 
funds want to take the price to 
$6, *7 or $6, they can take it 
there. They have the money," 
says Mr George Mflling-Stanley, 
ananalyst at Lehman Brothers. 

US hedge funds are rumoured 
to have spent $lbn to buy physi- 
cal silver which they have moved 
from the New York Commodity 
Exchange (Comes) to vaults in 
Delaware to give the impression 
that Comes stocks are falling 
because of heavy demand. Since 
October Comex silver stocks 
have dropped by about 30m 
ounces, or about 11 per cent. 
Dealers suggest the funds are 
willing to spend another $lbn. At 
present prices, $lbn would buy 
about three quarters of the 
Comex stockpile. 

For some traders this brings 
hack memories of when specula- 
tors had tonnes of the metal 
moved out of Comax stocks into 
trucks that simply drove up and 
down New York streets until 
stocktaking was completed. Then 
the silver went straight back to 
Domex. 

The silver market was also the 
scene of tile most audacious, and 
ultimately disastrous, gamble by 
the Hunt family of Texas. In 1979 
Mr Bunker Hunt, whose family 
had built an oil fortune, and 
some Arab partners attempted to 
comer the silver market by 
amassing nearly 200m ounces, 
about half the world’s deliverable 
silver - than worth $6.6bn. In less 
than a year, silver rose from 36 
an ounce to just over $50. But in 
earl; 1980 the price began to 
slide, the Hunts could not meet 
their margin calls and bad to be 
bailed out by their bankers. Their 
initial losses totalled $lbn and 



SHvqt supply and demand 



U3tt cash- price fcattspw trap a3 

— ;. 




'ftapatf}.?"* n>’- f • •* ' 

* '"■/ ‘1/135 - Syttl ; 

•fifcrjcafitfi ■■ *•-, • v 13i08D *•* ‘ :• 12,915 * 


Balance 



eventually the catastrophe 
helped drive the Hunt businesses 
into bankruptcy. The massive 
stocks of silver flushed out by the 
high prices have loomed omi- 
nously over the market ever 
since. 

“Bunker Hunt and others 
caused mayhem in the silver 
market that lasted for years,” 
says Mr Andy Smith, analyst at 
Union Bank of Switzerland. “Sil- 
ver bullets have a history of 
backfiring and the consequences 
are often bloody.” It has been 
said that the US funds were 
attracted to the silver market by 
its volatility - it is possible to 
double the price in a year, some- 
thing that cannot be achieved 
with gold. “But silver has also 
been known to halve in price in a 
year,” says Mr Smith. 

Mr Milllng-Stanley points out 
that, whereas the funds’ attack 
on the gold price came when 
there was record demand for the 
physical metal, this is not the 
case with silver. “1 talk to con- 
sumers every day and they are 
not buying more silver.” 

Most silver is used for photo- 
graphic or X-ray film and 
demand has held up reasonably 
well during the recession, helped 
by cheap disposable cameras that 
need more silver in the film. 
Industrial demand for silver 
remained stable at about 13,000 
tonnes last year, according to the 
CRU International research 
organisation. 

Nevertheless CRU estimates 
that demand outpaced supply by 
1,771 tonnes last year, helped by 
an upsurge In imports to India. 
Following some easing of import 
restrictions, India imported 2300 


Same GRU ImamaUonai 


tonnes of silver in 1993 compared 
with 800 tonnes the previous 
year. 

Mr Tony Warwick-Ching of 
CRU. suggests the long-term out- 
look for silver has improved But 
he estimates there is still 10,000- 
15,000 tonnes of silver in stocks 
worldwide, enough to satisfy 
demand for at least a year. 

He pours cold water on the US 
fUnds’ hopes that Indian demand 
will remain at record levels even 
if prices rise. Demand from India 
dropped dramatically when the 
silver price reached $5 an ounce 
recently. "And India could start 
selling again. India exported a 


great deal of silver when the 
price boomed in the late 1970s." 

Mr Ted Arnold, analyst at the 
Merrill Lynch financial services 
group, agrees. “India has a long 
history of dishoarding precious 
metals, particularly silver, when 
overseas prices are attractive." 

Mr Arnold is advising clients to 
“stand aside for the time being 
and watch and see just how high 
silver prices can be pushed by 
the funds and other investors 
and speculators. The higher 
prices go, the more certain we 
can be that there will be a mas- 
sive supply response and prices 
will fall back." 


Source: OatasVwn 

Dealers suggest that the US 
funds’ are using their financial 
muscle to drive up the silver 
price, hoping this will attract the 
attention of fll-infonned private 
investors. Once there are enough 
of these on the bandwagon, the 
funds can exit with their profits. 
One dealer says: “The big fish are 
making a lot of noise to attract in 
the tiddlers so that the big fish 
can then swim off with their 
spoils.” 

And after that? Mr Milling- 
Stanley says that when the funds 
take their profits, be would not 
be surprised to see silver's price 
drop below $5 an ounce again. 


Pearson up 38% following 
concentration on media 


By Raymond Snodcjy 

Pearson, the publishing and 
information group, yesterday 
marked its transformation from 
conglomerate to media group 
with pre-tax profits of £208£m for 
1993, a rise of 38 per cent 

Although the comparison is 
with a poor 1992. when profits fell 
16 per cent to £>5lm, all the main 
Pearson businesses showed 
increases in operating profits. 

The figures also included a 
£20m write-down on the head- 
quarters of the Financial Times, 
bought for £74m at the height of 
the property boom. 

Lord Blakfinham, chairman of 
Pearson, warned yesterday that 
although 1994 had started 
strongly, it was "a year erf transi- 
tion". The group would not have 
the benefit of the profits from the 
demerged Royal Doulton china 


group and would have mare mod- 
est dividends from Cameo, the oil 
services company, after the sale 
of a majority stake. 

He emphasised that, while con- 
tinuing to build on the written 
word, the company would con- 
tinue to put more money into 
screen-based businesses. 

The pre-tax profits of £208.6m 
were earned on sales up 12 per 
cent, from £1.15bn to £1.28bn. 
Earnings per share emerged at 
27p (19.3p) on an FRS3 basis, or 
£7Bp U7.3p) excluding exception- 
al!*. The recommended final divi- 
dend of 7.625p raises the total by 
lp to 13p. 

Pearson wrote back a £7L4m 
provision made in 1990 for its 
investment in British Sky Broad- 
casting (BSkyB), the satellite 
television venture that has now 
moved into operating profit This 
was largely offset by a loss of 


£6622m on the sale of a 55 per 
cent stake in Cameo. 

Books performed well with a 
rise in operating profit from 
£80 Am to £102m and newspapers 
rose from £3l.Un to £4&n. The FT 
Group, including Les Echos in 
France, increased pre-tax profits 
by 12.1 per cent to £42. 3m with 
the FT newspaper showing 
underlying growth of 14 per cent 

Visitor attractions, such as 
theme parks, increased operating 
profit from £12, 2m to £15 .8m and 
investment banking was np from 
£23. 7m to £3&4m. 

The London stock market, 
which has knocked more than 
lOQp off Pearson shares in recent 
weeks as some of the froth has 
been blown off the media sector, 
reacted well to the results and 
the shares finished 3lp up at 

669p. 

Multimedia division. Page 28 


Which MARKET 
HAS THE 

LIQUIDITY TO OIL 
THE WHEELS OF 


INDUSTRY AND 


commerce : 



London stock exchange 


Raising £24 billion ol capital m 1992 and trading £2 3 billion worth of shares daily demands high 
liquidity fair prices and a flow ol lop quality market information. Evacify the qualities the Exchange's 
marJ-c-te provide F & your complimentary copy ol our 1994 Fact Book, call 071-797 3630. 


s 



FINANCIAL TIMES TUESDAY MARCH 29 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Horsham pays C$600m for 
controlling stake in Trizec 


By Bernard Simon in Toronto 

Horsham, the investment 
group controlled by Canadian 
entrepreneur Mr Peter Munk, 
has cast a vote of confidence 
in the North American prop- 
erty market by agreeing to 
invest C$600m fUS$454m) in 
Trizec, the continent's biggest 
publicly-traded real estate 
developer. 

Horsham will acquire a stake 
of at least 43 per cent in Trizec. 
ousting Toronto's Bronfman 
family as the controlling share- 
holder. The deal is conditional 
on completion of a capital 
restructuring which Trizec 
began last August, involving 
about CSl.Sbn of its C$4.8bn 
debt. 

The agreement marks 
another step in the rapid 
decline of the Bronfman 
empire, which was once the 
colossus of Canadian business 
but has lost control over the 
past 18 months of flagship 
assets in the forest-products, 
brewing, financial-services and 
packaging sectors. 

With a war chest of more 
than USSlbn, Horsham has 
been looking for an investment 
to complement its controlling 
interests in American Barricb, 


Arbed sells 
holding in 
cement group 

By Gillian Tett in Brussels 

Arbed, the Luxembourg steel 
manufacturer, is to sell its 
50.05 per cent stake in Ciments 
Luxembourgeois to the Ger- 
man company Dyckerhoff. 

Arbed refused to reveal how 
much the German company, 
which currently owns 17.5 per 
cent of Ciments Luxembour- 
geois, had paid for the stake. 
But it said that Dyckerhoff 
would now be seeking to pur- 
sue a policy of "modernisation 
and expansion" for the Luxem- 
bourg cement company. 

Arbed yesterday unveiled a 
total consolidated loss of 
LFT5.7 bn (S158.3m) for 1993. 
compared to a loss of LFr2.9bn 
in 1992. The group loss, exclu- 
ding minorities, was LFr4.7bn, 
against LFriL9bn the previous 
year. 


the Toronto-baaed gold pro- 
ducer, and Clark Refining and 
Marketing, a OS mid-west oil 
distributor. 

Horsham made a foray into 
the German property market 
three years ago by buying a 
large commercial site on the 
outskirts of Berlin. However, 
development has been slower 
than expected. 

It said the investment in Tri- 
zec was based on a view of the 
company's long-term pros- 
pects. Trizec's future would be 
-enhanced by access to Hor- 
sham's international contacts 
and its expertise in innovative 
financing techniques. 

Trizec has stakes in 85 prop- 
erties, mostly office buildings 
and shopping malls, covering 
54m sq ft. More than three- 
quarters of its properties are in 
the US. 

Debenture holders and other 
creditors have so far rejected 
Trizec’s restructuring propos- 
als. and have threatened to 
demand accelerated payment 
of their securities. 

The company this month 
obtained a court order which 
prevented senior debenture 
holders from enforcing their 
rights pending the outcome of 
talks with Horsham. 


Horsham will advance an ini- 
tial CSSOOm, which will be used 
to retire a large portion of Tri- 
zec’s senior debentures. The 
remaining CJlOOm will com- 
prise 50 per cent of a planned 
C$200m rights offering, whose 
proceeds will be used to 
strengthen Trizec's balance 
sheet 

Trizec will issue warrants 
exercisable for 20 per cent of 
the new shares over four years. 
Horsham will take up 43 per 
cent of the warrants. 

Trizec expects to draw up a 
new debt-restructuring pro- 
posal by the end of April, with 
the aim of putting it in place 
by June 30. 

Mr Kevin Benson, Trizec's 
chairman, said yesterday the 
deal would allow Trizec to 
offer shares to some debenture 
holders, but to offer “a sub- 
stantial portion of cash" to oth- 
ers who have been reluctant to 
accept equity in exchange for 
their debt securities. 

The company indicated it 
would ask the courts for a fur- 
ther period of protection from 
debenture holders while it 
draws up an information circu- 
lar and arranges votes by vari- 
ous classes of creditors and 
shareholders. 


Bertelsmann offers 
Vox shares to Disney 


By Michael Undemann in Bonn 

Bertelsmann, the German 
media group, is hopeful of sell- 
ing Walt Disney a 49 per cent 
stake in Germany’s Vox televi- 
sion ch ann el, which will go 
into liquidation on April 1 
unless the holding can be sold. 

“The main negotiations are 
being conducted solely with 
Disney,” said Mr Manfred Har- 
nischfeger, a spokesman for 
Bertelsmann, adding that a 
decision has to be reached by 
Friday. 

Vox went on air in January 
1993 with more than 300 
employees, but its mix of films 
current affairs and news made 
no inroads on viewing figures 
and for months the future of 
the Cologne-based channel has 
hung in the balance. 

A collapse of Vox would be a 
blow for Bertelsmann, one of 


the world’s largest media 
groups, which holds a 24 A per 
cent stake In the venture. The 
failure of Vox would also be 
the first set-back for Mr Mark 
Wossner, Bertelsmann's chief 
executive and until now 
regarded as one of Germany’s 
most successful businessmen. 

If the Disney deal goes 
ahead, the remaining 26.1 per 
cent would be held on trust for 
future disposal Under broad- 
casting laws, Bertelsmann is 
unab le to raise its stake in Vox 
because it already owns signifi- 
cant stakes in the highly-suc- 
cessful RTL channel and in 
Premiere, Germany's first 
pay-TV channel 

Vox shareholders are esti- 
mated to have lost about 
DM360m ($20L5m) in 1393 and 
stand to lose a total of DM630m 
if the channel goes into liqui- 
dation. 


US carriers 
line up 
European 
partners 

By Paul Betts, 

Aerospace Correspondent 

American Airlines and Delta 
Air Lines, two of the biggest 
US carriers, are poised to form 
partnerships with European 
airlines. 

American is expected to 
announce next month a mar- 
keting and ticket code-sharing 
deal with Lot Polish Airlines, 
while Delta is to announce a 
similar deal with Austrian 
Airlines today. 

Lot has been seeking a stra- 
tegic partnership as part of its 
efforts to modernise and 
expand its international ser- 
vices, Lot operates a modern 
fleet of Boeing airliners. 

The deal with American is 
not expected to involve an 
equity investment by the US 
carrier, bat would lift Lot’s 
transatlantic services to Chi- 
cago and New York by 
enahi fo g the Polish carrier to 
tap into American’s large 
domestic network. 

It is expected to help Lot 
compete against British Air- 
ways on transatlantic routes. 

The UK and Poland recently 
settled a four-month dispute 
over air services. The row, 
which led to the interruption 
of direct services between Lon- 
don and Warsaw, followed 
BA's decision to increase its 
flight frequencies to Warsaw. 
Lot argued that BA was seek- 
ing to syphon transatlantic 
traffic from Lot through BA 
connecting services from Lon- 
don Heathrow to the US. 

For American, the Lot deal 
would give it a partner in the 
growing east European market 
and strengthen its marketing 
clout when both two big US 
rivals, United and Delta, are 
establishing partnerships with 
European carriers. 

United is forming a code- 
sharing partnership with Luft- 
hansa of Germany, which 
regards eastern Europe as an 
extension of its domestic mar- 
ket following reunification. 
Delta has a cross-equity link 
with Swissair and is about to 
form a marketing alliance 
with Austrian. 

Delta's deal with Austrian is 
not expected to involve an 
equity investment by the US 
carrier. 


Porsche manoeuvres for space 


.i -*r jl tZu ^*=Al ZJLu 

THE UNITED BANK OF KUWAIT PLC 

IS PLEASED TO ANNOUNCE 

FINANCIAL HIGHLIGHTS 1993 

1993 

£000 



PROFIT ON ORDINARY ACTIVITIES 
BEFORE TAXATION 


PROFIT FOR THE FINANCIAL YEAR 

DIVIDEND 

PROFIT RETAINED FOR THE FINANCIAL YEAR 


CAPITAL BASE 

Called Up Share Capital 
Profit and Loss Account (reserves) 
Subordinated Liabilities 


BALANCE SHEET TOTAL 


10,219 

(7,700) 


7,461 


110,000 

20,992 

104,191 

235,183 

1,903,640 


100,000 

28,473 

71,957 

200,430 


1,922,691 


▲ PROFIT BEFORE TAXATION INCREASES FOR THE 3RD YEAR IN SUCCESSION 
TO £14.5 MILLION 

A A DIVIDEND OF £7.7 MILLION PAID TO SHAREHOLDERS 

▲ CAPITAL BASE INCREASES TO £235 MIUJON 

By delivering a significant increase in profits for the third year in succession, UBK has reinforced its 
fundamental strengths, and demonstrated che effectiveness of adopting a Medium Term Strategy. We look 
forward to continuing this upward trend in 1994 and beyond. 

ft you would like a copy ot UBK's Annual Report and Accounts, please Conner Alison Holdswonh on 071-487 6762. 

HEAU OFFICE >S Biker Stem, London WlM COMWEBCUL DtVMoe ifRiUhiw l mnnm 

i£B ' rd **" er d71 - 487 126 EM 5M. Sow. Nrw Y«fc OTlOOH 

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A member of 1MRO 


I n Stuttgart lies a battered 
Porsche in a pool <rf red. It 
is not a car but the com- 
pany. 

Porsche, whose products 
have been synonymous with 
the words sports car since the 
first 356 model rolled out of Its 
Zuffeohausen plant in the 
1950s, has been losing money 
heavily in the past three years. 
Its annual sales have plunged 
from a peak of 504100-plus in 
the late 1980s to just over 
14.000 last year. 

However, Dr Wendelin Wie- 
deking, the chief executive, 
insists not only that the dam- 
age is mostly superficial but 
that, refuelled by the DM20Qm 
(SUSm) rights issue launched 
earlier this month it will soon 
be once again, zooming along at 
the head of the world sports 
car pack. 

"Porsche is not going to 
leave the world sports car mar- 
ket to the Japanese." he says. 

Bald statistics suggest Por- 
sche has not been having 
much rhfrirp in the matter. 

Last year it built just 12,500 
cars compared with 50,000 in 
the mid-1980s. It sold 1-1300; so 
at least surplus stock was 
being mopped up. But it is a 
meas ure of define that m the 
US, the world’s most important 
sports car market, only 3,700 
were sold compared with peaks 
of 30,000. 

Its half-year results show 
that its car sales are at last 
turning up - the increase was 
19 per cent over the year-ago 
period. Even so, when the cur- 
rent finan cial year ends in 
July, Porsche will have lost 
DM450m since 199L 
It took nearly a decade for 
the world at large - or at least 
that portion of it with cheque 
books fat enough to warrant 
an interest - to conclude Por- 
sche was the sports car mar- 
ket's emperor without clothes. 


Through most of the 1980s, 
as the whizz-kids of the finan- 
cial markets in their thraiganda 
swelled Porsche's more tradi- 
tional - and historically much 
smaller - customer base, it 
enjoyed cult status, based ou 
the entirety solid foundations 
of its proud competition record 
and high quality. Two-thirds of 
all Porsches ever made are 
claimed still to be operational 
However, Porsche began to 
believe the hype. Even in the 
enthusiast motoring press, it 
was getting away with making 


to the 30-year-old 911, will be 
launched a year later. 
Together, he insists, they will 
make Porsche a viable pro- 
ducer of about 30.000 cars 
annually investing regularly in 
new products - the lack of 
which has been at the core of 
Porsche’s malaise. 

Finances will be further 
underpinned by assembling 
cars for other manufacturers, 
already being done with Mer- 
cedes and Audi Some 2.000 
will be built this year and the 
practice is to become a funda- 


John Griffiths and Christopher Parkes 
look at the German carmaker’s attempts 
to carry on the battle with the Japanese 


minor changes to its three- 
model range, grandiosely pro- 
claiming them to be new and 
receiving an uncritical adula- 
tory response. 

Development of the funda- 
mentally new products which 
are any car maker's long-term 
survival ticket languished, 
eventually the respected Car 
magazine commented: “For the 
first time in my life Porsche is 
no longer interesting. Porsche 
is quite literally an also-ran. A 
maker of terribly old cars." 

However, Dr Wiedeking is 
adamant that Porsche will 
escape the fate towards which 
previous management policies 
were leading it a retreat ever 
further upmarket into more 
expensive products and dwind- 
ling volumes imtfi there was 
nowhere left to run. 

A new two-seater, the Bols- 
ter, is to be launched in 1996 
selling for DM70,000 to 
DM80,000 - the sports car mar- 
ket heartland where Japan is 
enjoying most success. 

The Boxster, predicts Dr 
Wiedeking, will achieve 16,000 
sales a year. The 996. successor 


mental profit centre, with talks 
also currently going on with 
non-German car makers. 

I n this scenario, continued 
independence under the 
Porsche and Piech families 
would be assured. Dr Wiedek- 
ing maintains 

Introducing the two new Por- 
sche models will cost DMl6bn. 
That Porsche is rich enough to 
do so - helped by the impend- 
ing DM2Q0m rights issue - is 
itself a pointer to past under- 
investment. 

Dr Wiedeking has spent little 
more than a year in the job. 
But he has replaced almost the 
entire board, stripped top man- 
agement from six to four lay- 
ers, reorganised the global 
sales organisation and ejected 
or redeployed about a third of 
the management structure. 

“He has put a bomb under 
the whole organisation and 
even admits to having changed 
senior managers’ functions for 
no reason other than to make 
them feel uncomfortable", 
observes Mr Nick Snee, analyst 
with SG Warburg. 


Dr Wiedeking talks confi- 
dently of returning to 
break-even next year and of 
decent profits by 1997. 

However, according to Mr 
Uwe Loos, production director, 
-we have to use the crisis to 
change things, not just saw off 
heads". Much of a 30 per cent 
costs cut since 1991 has come 
from almost 2,000 job cuts. But 
Mr Loos is counting on the 
rapid establishment of a con- 
tinuous improvement mental- 
ity to generate enduring com- 
petitive benefits. 

Component costs have to be 
brought down by an average 30 
per cent and supplier numbers 
from 900 to about 300. That 
process is going ah ead ruth- 
lessly. Porsche says it wants 
change through partnership. 
But of 190 suppliers who have 
already been reassessed, 144 
have been shown the door. 

According to Mr Loos, new 
suppliers have cut the cost of 
instrument panels and front 
seats by SO per cent and 15 par 
cent respectively. Production 
ti me for a 911 is almost 30 per 
cent lower than in mid-1981. 
The current 85 man-hours per 
car <50 among Japanese rivals) 
is to be cut to 60 by 1995. 

Most visible change is on the 
Zuffenhausen factory floor, 
where advisers Shln-Gijutsu, 
led by Toyota's former top 
engineer, Mr Yoshiki Iwata, 
have had free rein to make 
improvements. Dr Wiedeking 
maintains that workers are 
backing rationalisation unre- 
servedly, after initial scepti- 
cism, and producing “amazing" 
results. 

The new management's con- 
cern is to embed the philoso- 
phy of continuous improve- 
ment firmly enough to ensure 
that it will survive - even if, as 
it suspects, the workforce 
becomes less flexible when the 
worst of the crunch is past. 


Oerlikon-Buhrle jumps 69% despite sales drop 


By Ian Rodger in Zurich 

Oerlikon-Buhrle, the Swiss 
armaments, engineering and 
retailing group, has reported a 
69 per cent jump in net income 
to SFr63m (543.4m), continuing 
its recovery from six years of 
losses to 1991. 

The recovery was achieved 
in spite of a 16 per cent drop in 
consolidated sales and a 37 per 
cent slide in operating profit to 
S£rl47m_ These declines were 


mainly due to delays in deliv- 
eries of Contraves anti-aircraft 
missiles and Pilatus trainer 
aircraft 

Oerlikon said it reduced its 
debt during the year by 
SFr258m to SFrl.lSbn. and net 
financing costs were halved to 
SFi64m- 

The directors said the 
finances of the bolding - com- 
pany had been restored so it 
should be able to secure formal 
approval for dividend 


payments to be resumed next 
year. 

The last year for which the 
group paid dividends was 
1985. 

• Forbo, the leading European 
floor and wall coverings 
maker, said consolidated net 
income rose 20 per cent last 
year to SFr55.4m in spite of a 
5 per cent slide in sales to 
SFrL7bn. 

Sales were down in all Euro- 
pean countries except Ger- 


many, where they were flat, 
and Belgium, where they were 
up 4 per cent 

Concentration on higher 
margin products, cost-cutting, 
stable raw material prices and 
falling interest rates all 
contributed to the growth in 
profits. 

Forbo said prospects for 1994 
were “promising" and it con- 
tinued to seek further geo- 
graphic expansion of its care 
activities. 


Durban Roodepoort Deep Limited 

(faeapamad is CM Republic a( South Africa) Registration Kb. 01/0083 8AM 

NOTICE OF ANNUAL GENERAL MELTING 

Kotiem is hsps b y given that the nln » tj eeranflt ■i m iia l g wwril lu aa tli i g ofDnraAyROQDUOaHTiAu-. 

wgl be bald at Randgold Ho —. Comer H c rtu n Parkway rod Handel Bowl Orm onde, Johannesburg an FUdMj, 

22 JpA IBM el IQcOD far ft* fbOowtog buamesa: 

1. 1bwc^iBdeo na i tf ft>Md Mniw l llMBriil *i l i u i« iil« fcrlh»T««r«iiM8I I lif w il w ltW: 

2. Tbrtic>d li«flmi ia roii4« i i e>»aiilbt|iBi»MBiiata mwmw^ iiit lil Mat ww i drt c B! 

3. To place the unissu e d Shares wader the control of the rtlu s clnia 


East Rand Proprietary Mines Limited 

(taoorparaled to the BapohUo afSoafh Africa) Registration Ntx OL/D077&AM 

NOTICE OF ANNUAL GENERAL MEETING 

Wo tios to hereby giver t Bit the ninety ei ghth annuel general m e eting ’ of BAST BAUD PBOWUEPUPr MD1ES. 

T Th r n r r will Ire TisM ■« 1 Tni % nliinnn— rnrnerlfinitiarn TSiVnaj end TTenrtel Fowl nmmm hi J u l ianna s'! m i g mi 

Friday. 23 ApriUBM at IfeOO far tin following buabwas: 

2 . To elect d ir ectors in pleoe of those retiring in scca nfan oe with fee p nnd ak ma of the coiqpaay*aaiticira 
oCmooUbk 

& To p]*M the Briwml abases an de r dn cont rol of tbs directors in forma of the pr ot fal uw of the 
CoaagNudaaAct IMS, aa amended: 

4. To con sid e r and . tt dn w i l fit. to peas, with or without ntodMc a ti an, tho following mohnian bj tn 
aabHynwUloB. 

"BMafcrodtlMt earn ESEM Shan Option Sctaasao (tte Optica Scbonw). at adopted hr fb» companr fa 

gMMBnl Ttn a dn goatIOm»»viHborl983.bo«ndai«harrii ymwd >dhiBn»anoiwiBgawpocM: 

4.1 aatthn da fiid t fai of o m|Jo i oo- in pamffro^ I A of flm Optfai hm goaiad «*— hm-r+u-n 

of the followin g wa afo altha oad cf tho agiafiag prog raph 1.4: 

w«a «a t&e general —gear or a diniiitaUat fa ni ta e n ega t of the oontpeny, tt aoefa general man ag er or 
ed iiilnfc rta aHou m anager tm the caae may he la not axnp l oty d fay foe compear oir any of ha anbaidiarfoa far 
the time being" and 

4-2 Out p*X«gr«pfc 4.12 of the Option Scheme be emended by the hmestttm el the foRuwtng worde 


“or by any other gold n a tabi g company In r es pect of which Kendgold a Exploration Comnesv 
Htnb ed acta ea ha eeere t aa rt e m te a r fltettmo befog** 

Imme di atel y ohm the ra g men ae to *1ho employee bocomoa employed br a aobefaBary gnton a 

Bxptenfio&CaapeisyUmttB'l-esfc appears hi foe tana end fiffii Bnes of that paragraph o< the Option 

Scheme sad before the reference to 


"or tho employee's employer hea aoM Iba hii In eia faxeapoct of wMch the employee wea etnrtoiwd- ea h 
appears in foe fifth aad sixth hues of that paragraph of the Optkma Scfoaste." 

8. SPECIAL BDSHIESS 

To consider and, if deemed fit to peea with «r without modification (he following ZMOlnUon aa > 
rpecitlreeotnflcgc * 

-Hecatred that *ob}oct to oonflnaatian by Om Bqmme Court of Sooth Africa pursuant to section 84 of the 
Com pa ni e s Act 1873 the company's iasaad abere capital be reduced toy wilting off against h. Jan. 
premium account of XB44 003 438 *n amount of X214 138 901 representing thTcotapenr^ 
aceanwlalsA lo s ses radarted fa ha ■abtnmd fo w tid i WMbie 
Deoaml>«rlB83 end which amoent la not reniaaantiirlhyTmnahU^U^v^ rrurta " 

ThO reason for pro p osing the apecia l r a eolnfl on jg to write og ea tiuodii of M |4 1» 9Q1 whtah u w- 
Wf— i—M-tote —ML ThaofhcttdfliaqydelwohiHcnwai bo "oauaot 


*. 15 % 

off electricity 

i! yci:r cro.-ma: ci ppc^cs a.t>> x.d 
$-.C30 per month .v me r- : or. e’e cl^ciVy. 
•.vhy .-c: ri-j) ler j CMtC? 

021 423 3018 

Powerline 


(BJ |Q r educe balance of the company** abate pret B igm by the amount of the accumnlated loa* *«c off 

ega t i ial It 

8. To oB— M^«nd,H<8— ft tope— with— wMhoWma di n gtfl t m ilw follower— platen Mm 


the reduction of tho company's share premium account on the basis contempUtadt* ^ 


nun* pm* - to attend, act 

—cretonaa hi Sooth A£dca or the United 


4 memb— sodded to attend and Tula at tiis meeting may eppofetouei 
rote folds stead. A proxy need not be a member of fee company. 

A completed proxy farm to be eSactira must reach the share transfer 


KfW International Inc. 
Norn, m 150.000,000,000.- 
Roating Rate Notes due 1998 

Notice Is hereby given that from 29 
Mush 1994 u 28 June 1994 the notes 
will ary — interest rate of SJK't per 
sraBm. Interest paysWe oo 29 June 1994 
will amount to ITL 103,639 per ITL 
5,000X100 Note and ITL I.C&U89 per 
m.3U»runON<ite. 

Agent Bank: 

Sotdi rf Enropteme dc Banqct, 
Soe&f AJMnymc 


M»»rwwvawrMhi«aliaT«WBBM ai tetthee<BBeaftteft aairtianerea foli«ehr.M— ti^—M _ 1|rr - | |||||||| , 

before fee dan «w*oin fo d tor fee boMfog far fee meetfog. end shall afewwtoe comply wife 

ou ran u ag efaare wmranfegneady is fame. Um i emmn. »pwg«m d toistaw faw 

wa rr an t h rd d er may be l e p rae anwrt el fee m setfog will be toned, **** 


Megietenl flWlrait 

Sasdgohl Bouse Comer XosAUKnFKflnnyaadHeaddbned 
O miiiuil a. j ahean e ah neg 


era eraUeb/e tor Aofden o t share warrant* » nearer tram uu 
VfadBBt Cbnxwe Services ZteftadW CbertartomeSbeK ZMdoB, BCWdQP. 


SlhnhUN 












FINANCIAL TIMES TUESDAY MARCH 29 1994 


21 



And the 




id market thought you were dead in the water. 


A few months ago that might well have been right. 

Your credit rating had been lowered. Your spreads were twenty basis points too wide. And the 
market could not appreciate your true value. 

Trying to raise capital with a large new issue at that point would have been far too expensive. 

That’s why you turned to an investment bank known for innovative thinking as well as for 
market power. 

They advised you to be both cautious and bold. 

The strategy; Before coming out with a new issue, re-establish your presence — and your true 
standing — -in the marketplace. 

To make that strategy work, they used the firm’s considerable resources. Scores of professionals 
personally contacted hundreds of your bondholders around the world. 

They listened carefully, then designed a programme to provide investors with an attractive 
alternative to their illiquid bonds. 

The success of the programme tightened your spreads and created a new benchmark. More 
importantly by going to the extraordinary measure of approaching these institutions and individuals, 
the firm was able to identify the potential investors for your bonds and determine the market level for 
your credit. 

Armed with this extensive intelligence, they helped you establish the precise structure and 
price — as well as create demand — for a large new bond issue. 

Which you are about to surface. 


MORGAN STANLEY 


Chicago 


Frankfurt Hong Kong London 


Los Angeles 


Luxembourg 


Madrid 


Melbourne 


Milan 


New York 


Paris 


San Francisco 


Seoul 


Singapore 


Taipei 


Tokyo 


Toronto 


Zurich 












FINANCIAL TIMES TUESDAY MARCH 20 1994 


22 

INTERNATIONAL COMPANIES AND FINANCE 


Success for 
Copenhagen 
airport 
sell-off 

By Hilary Barnes 
In Copenhagen 

The share issue to sell the 
Danish government's 35 per 
cent stake in Copenhagen air- 
port was oversubscribed 3.3 
times, the ministry of comma* 
ideations said yesterday. 

An indicative price of 
DKr285-DKr315 was placed on 
the 2.25m shares on offer 
when the issue opened. 

The final offer price was 
fixed at DKr310 and the yield 
from the Issue will be 
DKr697m ($L06m). The shares 
will he listed on the Copen- 
hagen Stock Exchange from 
April 11. 

All international bids will be 
honoured in full, as will 
domestic bids for less than 300 
shares. Bids for more than 300 
shares will receive 300 shares 
plus two-thirds of the rest. 

• Mr Henning Birch, chief 
executive of Topdanmark, the 
insurance group, resigned at 
the weekend after criticism of 
the group's performance from 
leading institutional share- 
holders and in the Danish 

media. 

He was replaced by Mr Kaj 
G. Schoo, who has been in 
charge of the group’s accident 
insurance company. 

Shareholder criticism of 
Topdanmark has centred on 
Top’s acquisition of a regional 
bank, Aktivbanken, in 1989. 

The bank has lost money 
each year since the takeover, 
including a deficit of DKrl32m 
in 1993. The gronp has to 
refund about DKrl.Sbn of long 
term debt in 1995 and 1996. 


Armco to take 
$20m charge 

Armco, the US steel group, 
plans to close all its Empire- 
Detroit steel division's facili- 
ties, laying off 1,300 workers 
and taking a S20m, 19 cents 
per share charge, against first- 
quarter earnings, Reuter 
reports from Pittsburg. 

The company said it expec- 
ted the shutdown to last until 
mid-1995, when its new thln- 
sLab continuous caster is com- 
pleted at Empire-Detroit’s 
Mansfield, Ohio, plant 


Ford adds Mystique to its $6bn global ambitions 

Martin Dickson reports on the launch of the carmaker’s attempt to repeat its European success 


F ord Motor's $6bn pro- 
gramme to create a 
"global car" - one 
which can be sold successfully 
in markets around the world - 
reaches an important test 
tomorrow when an American 
version of the vehicle is offi- 
cially unveiled at the New 
York Automobile Show. 

The global car, some six 
years in the making , was intro- 
duced first in Europe, where it 
went on sale last year under 
the name Mondeo. It was a big 
hit 

The Mondeo was named 1994 
European car of the year by a 
panel of motoring journalists 
and it has been the best-selling 
vehicle in its class each month 
since the launch. 

The question now is whether 
Ford can repeat this success in 
the far more crowded and com- 
petitive US car market where 
the global car will be known as 
the Ford Contour (the version 
being launched in New York) 
and the Mercury Mystique, and 
will square up against strong 
selling mid-sized vehicles such 
as the Nissan Altima and Pon- 
tiac Grand Am. 

A lot may be riding on the 
answer. For if the Contour is 
successful, it may encourage 
Ford to repeat its global 
vehicle experiment - shrug- 



ging off criticism in the motor 
industry about the high cost 
and long time spent developing 
this first vehicle. 

While the car is rather con- 
servatively styled, many ana- 
lysts iblnfe it will sell well. Mr 
Christopher Cedergren, of the 
Auto Pacific consultancy, says 
the Contour offers good “drive- 
ability" (ride and handling), 
refined fitments and should be 
attractively priced. “I think it 
will do fine. Ford might even 
need to put extra capacity in 
place." 

The company is planning to 
sell around 300,000 units a year 
in North America, from plants 
in Kansas City, Missouri and 
Cuautltlan, Mexico, on top of 
some 400,000 in Europe. In all, 
it aims to sell nearly 800,000 a 
year in 59 countries around the 
world. 

Whatever the outcome. Ford 
is bailing the global car pro- 
gramme as an important step 
in the company's transforma- 
tion horn a multi-national com- 
pany - one which is in many 
markets around the world, but 
serves them independently - 
into a globally integrated busi- 
ness, which makes the best use 
of its resources on a worldwide 
basis. 

Traditionally, the world's 
leading car manufacturers 


have made a vehicle for one 
particular market - the US. 
Japan or Europe - and to the 
extent the vehicle has been 
sold abroad, it has been later 
modified to cope with differing 
tastes and government- 
imposed safety and emission 
standards. Many companies 
have toyed with the idea of 
building a global car because 
in theory it promises some big 
savings: manufacturers do not 
have to duplicate design and 
engineering for different mar- 
kets, while the larger volume 
brings economies of scale. 

None, however, has gone so 
far as Ford. Ford of Europe 
was primarily responsible for 
the basic engineering of the 
car an d integrating all its com- 
ponents and sub-systems. Its 
new V6 engine and automatic 
transmission were engineered 
in the US, which also provided 
air conditioning expertise. The 
design originated from four 
design centres - one in Italy, 
one in Germany and two in the 
US- 

T his international 
co-operation imposed 
huge logistical prob- 
lems, solved by the establish- 
ment of a complex video- 
conferencing system and by 
the purchase of a Cray super- 


computer, which allowed engi- 
neers on either side of the 
Atlantic to work on drawings 
simultaneously. 

Around 90 per cent of the 
parts of the vehicle that the 
driver does not see - such as 
the underbody, suspension and 
powertrain --are common to 
both the European and US ver- 
sions, although significant 
changes were made to tire visi- 
ble parts, to cope with differing 
European and American tastes. 

Mr John Oldfield, the Briton 


who was project manager for 
the programme, says “each car 
has more features to satisfy 
customers than if it had been 
designed only for one market". 

Ford says another benefit of 
the project has been a big 
improvement in Its global sour- 
cing of parts. The project has 
only 227 suppliers, compared 
with over 700 for the Tempo 
and Topaz models which it 
replaces in the US, and Ford 
signed long-term supply con- 
tracts with them early in the 


Mondeo/Contour programme. 

Mr Oldfield say the experi- 
ence so far "gives us a lot of 
confidence that (the theoreti- 
cal) cost reductions from 
global programmes are real". 

The startup of production in 
Kansas City is also proceeding 
more smoothly than previous 
launches, since Ford is draw- 
ing on the experience of 38 
engineers, brought over from 
Europe, who were involved in 
the Mondeo start-up there. 

However, the six years spent 
developing the car is long by 
world standards. Ford, for 
example, normally aims to get 
new vehicles on the street in 24 
to 4S months. 

The company says this was 
due to the steep learning curve 
on the Mondeo and its next 
world car will be developed 
much more rapidly. 

Motor industry critics also 
point out that this experience 
has come at a very high price. 
The S6bn bill is roughly double 
what Ford spent in the mid- 
1980s developing its Taurus 
car, arguably the most success- 
ful US car of the past decade. 
Chrysler spent only $l.6bn 
developing its popular new line 
of LH vehicles. They question 
whether Ford can make money 
on the Mondeo/Contour. 

Mr Alex Trotman, Ford 


chairman, insists that “what- 
ever else this programme does 
for us. you can rest assured 
that it will earn us profits. 
Real, fully accounted profits. 
Anything you hear to the con- 
trary is probably just wishful 
thinking on the part of our 
competition.” 

M r Trotman also 
points out that Ford 
is getting more for 
its money than the three new 
models - for example, two new 
engines and transmissions 
which will be used in other 
vehicles, new air conditioning 
expertise and an improved 
global communications net- 
work. 

“But our investment is in 
much more than hardware," he 
adds. "We've been buying a 
new way of doing business for 
the long-term." 

And he insists Ford will 
build another world car - with 
another mid-sized vehicle the 
most likely candidate - 
although he declines to say 
when or what. 

Even so, he reckons it will 
take Ford another 10 years to 
“complete all we have to do” to 
become a truly global manufac- 
turer. But he is no doubt hop- 
ing that will still put It many 
years ahead of its rivals. 


Intel in Chinese partnership 


Toyama Chemical warns 
on profits after price cuts 


By Louise Kehoe 
in San Francisco 

Intel, the world’s leading 
producer of computer chips, 
plans to form a technology 
partnership with China's larg- 
est electronics company. The 
aim is to establish Intel’s 
microprocessor technology as 
the standard for personal com- 
puters in China. - 

In an agreement to be signed 
today, China Electronics Cor- 
poration (CEC) will promote 
Intel microprocessors in China. 
In return, Intel will contract 
with Huajing Electronics, a 
CEC subsidiary, to test and 
assemble Intel 386SX micropro- 
cessors and microcontroller 
chips at its plant in China. 

The US company will deliver 
the devices to China in the 
form of pre-processed silicon 
wafers. Huajing Electronics 


will dice the wafers, package 
and test them, and the micro- 
processor chips will be used in 
personal computers and point- 
of-sale equipment 

The joint venture is a pre- 
emptive move to take advan- 
tage of the emerging personal 
computer market in China, 
Intel said. The US chip maker 
regards China as a market 
with huge potential. Currently, 
the majority of computers used 
in China are based on Intel 
microprocessors: most how- 
ever, are imported. 

Last year China produced 
only about 450,000 personal 
computers, but Intel expects 
production will grow at a rate 
of 60 to 80 per cent per year. 

“The agreement demon- 
strates Intel's commitment to 
being a technology partner in 
China’s modernisation drive." 
said Mr Craig Barrett. Intel 


chief operating officer. 

“Through this agreement we 
will transfer the training and 
technology needed to enable 
Huajing to produce world class 
microelectronic products." 

“Co-operation with Intel will 
be beneficial to the develop- 
ment of China's microelectron- 
ics industry and also to the 
development of China's com- 
puter industry," said Mr Yu 
Zhongyu, CEC president 

China Electronics is that 
country’s largest electronics 
enterprise group, with assets of 
YnTAbn (3896.6m). The group 
is composed of 28 domestic 
companies, eight foreign com- 
panies and 23 joint ventures. 

In another move to promote 
its technology, Intel has 
donated 40 computers based on 
its latest high-powered Pen- 
tium chips to the Qinghua and 
Beijing universities. 


VTB to take 
over competitor 

By Ronald van de Krol 
in Amsterdam 

VIB, the third-largest 
bourse-listed property invest- 
ment fond in the Netherlands, 
is to acquire Its next-biggest 
rival. Innovest, throngh a 
share swap. 

The takeover will create the 
second-biggest Dutch property 
company with property assets 
of more than FI 2.7bn 
($L42bn). well behind the mar- 
ket leader Rodamco and 
slightly ahead of Wereldhave, 
which is ranked second. 

VIB, with market « pitali«i- 
tion of around FI Lfibn. is to 
offer five of its own shares for 
every four shares of Innovest, 
which is capitalised at around 
FI 640m. 

The two companies said in 
mid-December that they were 
investigating a merger. 


By Paul Abrahams In Tokyo 

Toyama Chemical a medium- 
sized Japanese pharmaceuti- 
cals group, has issued a profit 
warning after the ministry of 
health and welfare imposed a 
12 per cent price cut on its 
rcipd i c i n M 

The announcement under- 
lines the crisis gripping the 
Japanese pharmaceuticals 
industry. 

The company reduced its 
pre-tax profits forecast for the 
financial year ending this 
month to Y3.8bn (S26m) from 
Y3.6bn and said it would make 
only Y2.2bn next financial 
year. 

A poor performance by its 
new medicines and a deteriora- 
tion. in antibiotic sales were to 
blame for the undershoot this 
year, according to the 


company. It said the profits fell 
next year would be because of 
the ministry’s price cuts and 
the absence of any new prod- 
ucts. 

The company generates 70 
per cent its turnover from 
antibiotics, a class of drugs 
which were particularly badly 
affected by the price cuts 
announced earlier this 
month. 

The fall in profits next year 
would be in spite of a cost-cut- 
ting plan which includes 
reducing the 2.200 workforce 
by 300. said Toyama. 

In April last year Toyama 
announced it would merge 
with Mitsui Pharmaceutical, 
another Japanese drugs group. 
However, the deal fell through 
after a Toyama subsidiary, 
Yuho Kasei, was declared 
bankrupt 


Air Canada 
improves . 

By Robert Gibbons In Montreal 

The tumround at Air Canada 
continued in the first quarter 
of this year and the loss would 
be much smaller than that of a 
year earlier, said Mr Jean Jac- 
ques Bourgeault, chief operat- 
ing officer. 

He added that preliminary 
March figures showed good 
year-on-year gains in revenue 
passenger miles, load factor 
and yield. 

“The second quarter should 
also be better and the third, 
our best, will be profitable. For 
all 1994 we should at least 
break even at the bottom line 
and return to profitability in 
1995." 

In 1993, Air Canada reported 
operating profit of CS77m 
(US$57-4m), but after restruct- 
uring provisions saw a final 
loss of C$326m. 


Ail of fee partnership 
interests having been 
placed, this announce- 
ment appears as a 
matter of record only. 


Insurance Partners 
Advisors, L.P. 
Park Avenue Tower 
65 East 55th Street 
New York, NY 10022 
212-326-1511 


$540,000,000 

The Centre Reinsurance Companies 
Keystone, Inc. 

The Chase Manhattan Corporation 

announce the closing of 

INSURANCE PARTNERS, L.P. 


and 


INSURANCE PARTNERS 
OFFSHORE (BERMUDA), L.P. 

Equity investment partnerships established to sponsor acquisitions, 
recapitalizations, demutualizations and other structured transactions in the 
property/casualty and life/heaith insurance industries in the U.S. and abroad. 

March 1994 


COMMERCIAL UNION PRIVILEGE PORTFOLIO 
SICAV 

41. mm debt Care Centre Mmare, flfti floor 
H61I LUXEMBOURG 


K.C. Li 


OTVB32640 


NOTICE OF ANNUAL GENERAL MEETING 
TT fc Aniw al General Meeting of shirdtoWe* of COMMERCIAL UNION PRIVILEGE 
PORTFOLIO SICAV wOl be held il it* registered office, 41. avenue de In Cue, L-lfili 
Lwemtumg, CnnJ-Duchv on TootUy 54 April 1994 a IftOO CET. lx (be pupae uf 
cuaUering and vising no the following mi n es: 

I. To receive aai adopt the Director* Report and (he report of the AihUhts for the year 
emkiJ 31 December I99J: 

1 To receive and ulopt ibe Statement of Net Assets. SuiemerU of Operations and 
Statement of Changes in Net Awls and in Issue*] Shares fur Ibe year ended 31 
December IW; 1 

1 Discharge uf the Director! awl of the Auditors. 

4. To iE-appuim the cstariBg Director* ud n authorise the Directors to fix ibe Aafitocf 

mnoncuUML 

3. To re-jppoiui Ctapcn & Lvbrjud S.C. as Aadtot* 

Voting 

The RescAu tines may be pa»cd without j quorum, by i simple majority of the votes cot 
thereon at the meeting. 

Voting anaoeemnila 

In onfci to vote at die meetiog, the boMcn of the bearer dares oust tfcposir their shares Mi 
teer Han I April 1901 «rta „ she icgfacred office of the FOndTortrirt. any tenk oc 
to dK Rwd, and the relative Deposit Receipts (wtuch may be 
ofaUiiKd Iftwn the regirimd office of Ibe Fund) must be forwarded to the registered oflfcc of 

“* f 1 A »“' 1 ** deponed will renuln blocked 

Hilt the Jay foUuwmg the Meeting ur any adjournment thereof. 

The hohkm of mjnterrd sham nod not deposit their curifiesta but can be proem in 

pcivon u represented by q duly appointed prosy. r 

Sberetoklas who armor aneod ibe owning j* petnoa me total to wqj ( ju|. completed 
aim Mgncu proxy Axm to die restricted office to arrive dm later chan l April 199+, 

The Board of Directors 



— ran o-tan 

QuoteLink from SPRINTFl 




Bank of Tokyo (Curasao) Holding N.V, 
U.S.$800,000,000 

Subordinated Guaranteed 

Roaring Rate Notes Due 2000 

Guaranteed on a subordinated basis 
as to payment of Principal and Interest by 

The Bank of Tokyo, Ltd. 

In accordance with the provisions of the Notes, notice Is hereby given 
that the raw or inicros* for tbc three months period 29th March. 1994. to 
29th June. 1994. has been fixed or 4.125 per Cent per annum. Coupon 
no. IS will therefore be payable- on 29th June, 1994 «| US$ 5,270-83 per 
coupon from Notes of US$500,000 nominal and USS527-0B per coupon 
front Notes of USS50JXX) nominal. 

The Bank of Tokyo, Ltd. 

London 

AgmlBank 


29th Ugnh, 1994 


J 


THE STARS PROGRAMME 
STARS 1 PLC 

£475,000,000 Gloss A Floating Rate 
Mortgage Backed Securities 2029 
Noticw is hereby given that (ha Rale of Interest has been fixed a ( 
5.725% and that the interest payablo on the relevant Interest 
Payment Date June 27 1994 against Coupon No. U in 

respect of £9,473 nominal of the Nates wifl be £135.21 . 


I March 29. 1994, London ^fflCAbl/nm 

^Bg_Gtibgih, N A. (Issuer Services), Agent Bonk ' toMmO 


NOTICE OF PAYMENT 
to Holders of 

OIYMPIA& YORK FIRST CANADIAN PLACE LIMITED 
1 1.00% Series 3 Seared Bonds doe 1993 

NTJnCE o hereby gnen riw oa March 31, 1994 a partial payment of Cdn.S27.50 far 
each Cdn.5I.000 principal a mo u n t of Olympia & York Firs Ganaftm Place Unwed 
IKS Senes 3 Secured Bonds due 1993 (the “Series 3 floods*) will be rentable to 
holdca from The Royal Trust Company, trusne under the Trust Deed dated as of 
S eptem be r 19. 1988 pursuant to wfaidi the Series 3 Bonds were issued. HoUas ray 
obtain partial payment on this date by presenting the original Scries 3 Bond certificate 
to any of the following paying agents: 

Bank of Montreal 
Voodoo Office 
II wabrook, 2nd Floor; 

London EC4N8ED 


Banque Internationale a 
Luxembourg SA. 

2 Baidevaid Royal 
Luxembourg 

Creda Suisse 
8Pwadeptaz 
80 21 Zurich 
Switzerland 


KredkahankNV 
7Rue(TAienberg 
lOOOBnncdes 
Belgium 

Bank of Montreal 
Main Office 
First Canadian Place 
Tomato, Ontario, MSX IAT 
Canada 

Series 3 Bends presented for paymenr wffl be marked w show the partial payment 
and returned to the bolder. No fagte sr or other income cm or in respect of the 
payment amount wffl accrue to holders presente d Scries 3 Bonds after March 31, 
1994. 

Etasoos baring an interest in Series 3 Bonis maintained hi the Eirodear or Cedd 
clearing systems need ocx present suefa Series 3 Bonds for payment, as arun g mtaiis 
have been made for the pa y ments in respect of such Series 3 Bonds to be made 
through the dealing systems. 

Any inquiries c o ncern in g the payments may be tfitected to the Principal faying Agent, 
Bank of Montreal, Union Office, Ancntfoo: Manager, fiscal Agencies, tefcphooe 
(4471>236-I0ia 

Dated this 29th day of March, 1994. THE ROYAL TRUST GOMPANY 

As Trustee 


SAKURA FINANCE ASIA LIMITED 

( Incorporated in the Cayman Islands) 

US$ 1,200,000,000 

Subordinated Floating Rate Notes 2000 

In accordance with the provisions of the Notes, notice is 
lierdiy given that die interest rate for the three month 
period commencing 29th March. 1 99-* will he 
4.175% per annum. Coupon fcivmenc Date 
29th June, 1994. 

Coupon AmounLs will Ik* 

USSI 0,669-44 on Notes of USJ l ,000,000 
US* 5.354.72 on Notes of USI 500.000 
US* 1,066-94 on Notes of US$ 100.000 

SAKURA TRUST 
INTERNATIONAL LIMITED 
Agent Bank 


☆ PROPERTY FINANCE * 

Nbw nmn lor commercial properties: up to 90% Men to valuation: moat 
compedovB and tecffiJe terns E5Q0.00Q. Contact: RWiard von Gfltzsn. 

MMieel Laurie Partnership Ltd {Member of the SFA) 

T<*fc 071 493 7050 Fax: 071 499 6279 



The menrul runt fiv ilir trn.ua M>nt..r 

Market-Eye 

London stock exchange 



Signal 


Q 130+ software appfcaUons © 
O ftT DATA FROM 310 A DAY Q 
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CoS London 44 r (0) rr Z31 3586 
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iiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiii 

Residential Property 
Securities No. 2 PLC 

£200,000.000 

Mortgage Backed Floating Rate Notes 2018 
Notice of Partial Redemption 

S-G-Warburg & Co. Ltd. announce that Notes for the nominal amounr 
of £3,200,000 have been drawn for redemption on 29rh April, 1994, 
in accordance with Clause 5(b) of the Terms and Coadirions 
of die Notes. 

The distinctive number* of the Notes drawn, are as folio ws:- 

671 699 727 754 784 813 840 868 898 925 

954 982 1009 1037 1065 1094 1121 1151 1180 1207 

1236 1264 1291 1323 1351 1379 1408 1437 \464 1495 

1523 1988 

On 29 ch April, 1994 there will become duo and payable upon 
presentation of each Note drawn for redemption, the principal amount 
thereof, together with accrued interest to said dare, ar the office of:- 

S.G.Warburg 6c Co. Ltd. 

2 Finsbury Avenus, London EC2M 2 PA 
or one of the other paying agents named on tbc Notes. 

Interest will cease to accrue on the Notes called for redemption on and 
after 29th April, 1994 and Notes so presented for payment should 
have attached aO Coupons maturing after that date. 
£85,400,000 nominal amount of Notes will remain outstanding 
after 29th April, 1994. 

29 tb March, 1994 

imillllUllllllllHIHHHIllililllllillllHHIIIIll 


U.S. $100,000,000 

Rooting Rate Subordinated Loan Participation 
Certificates Due 2000 
Issue by 

Merrill Lynch Bank AG 

(Incorporated In the Federal Republic of Germany with limited liability) 

for the purpose of funding and maintaining 
a subordinated loan to 

The Saitama Bank, Ltd. 

(incorporated m Japan with HmHod liability} 

Notice is hereby given that for the Interest Period from March 29 , 
1994 to June 29, 1994 the Certificates will cany an Interest Rale 
of 4.2% per annum. The amount of interest payable on June 29 
U.S. $107.33 per U.S. S10.000 principal amount of 


By: The Chase Manhattan Bank, N.A* 
London, Agent Bank 

March 29. 1994 


0 


CHASE 


Tfe Advertise Your 
/LEGAL jVomCES 

Please contact 

Tina Me Gorman 
on 

071 873 4842 
Fax: 071 873 3064 


CHESH1RF 

Bumi i*Q * u c 1 1 r f 

r/novft'f'Hftl in J-OtUJ wkfc, 
BinJJuig Wh-rci ,-V.i 

£10,000,000 
Hooting Rate Pertnancni 
Interest Bearing Shares 
(PIBS) 

Fur rhe I nr trot Pcrnx! 
March. I49* w :8th &mce 
■ w.MH rhe PIBS will c.„r v ., 
Interest R.we ,■) 7.TOH* (* 
annum. The [merest Annmt 
par XI.AJ0 will k £».)| pj, 
Tlw 2STh Scpwmlv 

Immlrtn 

Efch 7*S 01 L, w«*l ml 

llw RtpuH> ,4 InLmJLrJ 


nass 

^**rh M.inch, 




FINANCIAL TIMES TUESDAY MARCH 29 1994 


INTERNATIONAL COMPANIES AND FINANCE 




Recession holds Malbak Gold Fields debates a deep-level problem 

to 5% rise at halfway The group’s Northam platinum mine needs new funds by June, writes Matthew Curtin 


By Matthew Curtin 
in Johannesburg 

Malbak, the South African 
industrial conglomerate 
recently unbundled from min- 
ing house Gen cor, has reported 
a sluggish 5 per cent increase 
in pre-tax profit to R34Im 
($99m) in the half-year to Feb- 
ruary 28, against R325m in the 
same period in 1992. 

Sales grew by 8 per cent to 
RSitlbn from R5JJ9bn, but the 
lingering effects of the coun- 
try's recession dented profit- 
ability, with operating income 
faffing to R384m from R388m. 

Mr Grant Thomas, executive 
chairman, said: “The past six 
months have been character- 
ised by sporadic bursts of con- 
sumer spending interspersed 
with periods of stagnation.” 

Mr Thomas said a general 


decline in consumer demand 
knocked sales volumes and 
operating margins, aggravated 
by the group’s large cash bal- 
ances which earned less reve- 
nue as interest rates declined 
in the period. Malbak’s cash in 
hand stood at R887m at the end 
of the period, compared with 
R675m a year earlier. 

Distributable profit rose to 
Rl79m from R170m after a 
reduction in net interest 
charges and lower tax. provi- 
sions. Results were most disap- 
pointing from Foodcorp, the 
group's wide-ranging foods pro- 
ducer, and Holdains, tire 
group’s packaging subsidiary, 
which contributed RS4m and 
R27m to bottom line earning# 
compared with R33m and R29m 
respectively a year ago. 

Results were buoyed by the 
group’s branded consumer 


products operations, led by its 
furniture business EHerines 
and electronic appliance sub- 
sidiary Tedelex, which 
returned to profitability. They 
contributed earnings of R37m. 
compared with R23m in 1992. 

Mr Thomas said SA Drug- 
gists. the pharmaceutical prod- 
ucts subsidiary, bad an “excel- 
lent” half-year. 

International operations, led 
by London-quoted MY Hold- 
ings. had a satisfactory period. 
The company acquired Insight 
Cartons, a UK folding carton 
business, while Maffiwir would 
reduce its stake to 67 per cent 
from 85.7 per cent when the 
deal was completed and move 
the company from the London 
Stock Exchange’s unlisted 
securities market to the main 
board to improve the market 
ability of the shares. 


N ortham Pla tinum, the 
R1.7bn <$494m> South 
African platinum 
mine, is fast becoming an 
expensive and embarrassing 
mistake far parent Gold Fields 
of South Africa, the mining 
house r enowned for its deep- 
level mining expertise. 

Gold Fields raised RLSbn in 
equity to finance development 
at Northam between 1986 and 
1993. The mine ran out of cash 
last June, secured R200m in 
bridging financ e, but continues 
to make operating losses of 
nearly RlQm a month and will 
need new funds by June this 
year if it is to s urviv e. 

Gold fields would appear to 
have three options: sell Nor- 
thern, raise more money, or 
close the mine. 

In mid- 1993, Mr Alan Wright, 
Northern's chairman rmfil las t 

year, approached R listen burg 
Platinum, the world’s leading 
platinum producer, to look at a 
closer relationship between 
Nartham and Rusplafs neigh- 
bouring Amandelbult mine. 

Rusplafs management inves- 
tigated and walked away. The 
company was unenthused 
about acquiring extra high-cost 
capacity, with platinum and 
rhodium prices near historic 
lows due to overcapacity at 
South African mines slack 
demand for the metals from 


Foster’s sells 15m BHP shares 


By Nhdd Tart in Sydney 
Foster's, the Australian 

brewing company which owns 
Courage in the UK, announced 
yesterday that the sale of 
around 15m shares in Broken 
Hill Proprietary, a result of the 
restructuring of the Beswick 
investment bad gone ahead at 
slightly higher than antici- 
pated prices. 

As a result, the net cash pro- 
ceeds to Foster's resulting 
from the restructuring deal 
will be A$251m (US$180.5m) 
and the brewing group will 


book a profit, in effect tax-free, 
of A$208m. 

Beswick, set up in 1988, 
owns almost one-fifth of BHFs 
equity and, in turn, is 
owned primarily by BHP and 
Foster's. 

Foster's has been keen to 
realise some of the increased 
value in the Beswick invest- 
ment, which has resulted from 
the rise in the value of BHP 
shares over recent years. BHP. 
however, has been reluctant to 
change Beswick’s ownership 
structure. 

The restructuring scheme 


was devised to satisfy two com- 
peting demands. It provided for 
the issue to existing Beswick 
shareholders of new convert- 
ible redeemable preference 
shares. 

Beswick would then sell a 
small portion of its 322m BHP 
shares, and use the proceeds to 
redeem the bulk of Foster’s 
new preference shares. 

The issue of the prefere nce 
shares had already taken 
place, but yesterday's manoeu- 
vres complete the process. 

BHP shares closed 26 emits 
lower at A$I7.08. 


MEM seeks Cannington stake 


By Nikki Taft 

M1M Holdings, the 
Brisbane-based metals group, 
is negotiating to buy a one- 
third interest in the Canning- 
ton silver-lead mining project 
which Broken Hill Proprietary 
(BHP), the large natural 
resources group, is exploring 
in north-west Queensland. 

Melbourne-based BHP dis- 
covered the ore-body back in 
1990, and is part way through a 
feasibility study, it said yester- 
day that it bad been talking for 
some time to MIM, which has 
smelting capacity at Mount Isa, 


about 200km north-west of 
Cannington. 

The agreement between the 
two companies would allow 
MIM to acquire a 3&3 per cent 
interest in Cannington, includ- 
ing exploration in a surround- 
ing area of 50 square kilo- 
metres. It would also stipulate 
that MIM smelt twothirds of 
the total Canning ton produc- 
tion of silver-lead concentrate 
at its “Isasmelt" plant at 
Mount Isa. This would be made 
up of MDVTs one-third share of 
the total production, plus half 
of BHP’s remaining share, 
which MIM would purchase. 


Cannington is currently esti- 
mated to ran tain an inferred 
resource of 47m tonnes, grad- 
ing 10.7 per cent lead, 4.6 per 
cent zinc and 470 grams per 
tonne silver. The feasibility 
study is due to be completed 
by the end of the current calen- 
der year, and any agreement 
would tatrp place after that. 

Development of a mine 
would then be due for comple- 
tion in the 1997 financial 
year, with s ates commencing 
in 1988. The expected develop- 
ment cost of the project 
has been put at A$225m 
(US$1 60m). 


European and Japanese car- 
makers, which need t hem for 
catalytic converters. 

Northam is the world's deep- 
est platinum mine, with shafts 
sunk to more than 2,000 
metres. The temperature of the 
virgin rock underground can 
exceed 70°C, requiring exten- 
sive cooling, while the depth at 
which the ore is being mined 
pushes up production costs 
compared with rival South 
African producers, some of 
which are open-cast 
operations. 

Gold Fields introduced 
water-powered rock drills at 
Northam, which have proved 
mechanically efficient - with 
the bonus that the water they 
use for power helps cool Urn 
underground working environ- 
ment to about 20 degrees. Man- 
agement insisted in the past 
that the relatively high cost of 
extracting platinum would be 
more than offset by the rich- 
ness of the ore, originally esti- 
mated to have an average in 
situ grade of 10.1 grammes a 
tonne. Northam ’s production 
costs “should be the lowest in 
the industry”, Mr Wright said 
in July 1992. 

That estimate has proved the 
mine's Achilles’ heel. The in 
situ grade at neighbouring 
Amandelbult is only 7.5 
grammes, and suspicion that 


Sony wields axe in 
management reshape 


By EmBco Terazono in Tokyo 

Sony, the Japanese consumer 
electronics company, yesterday 
announced a reorganisation 
plan aimed at improving corpo- 
rate dwrimnn- makmg by reduc- 
ing management layers. 

The company will cut the 
number of divisions and 
departments to 450 from 580, 
and reorganise its mauufoctur- 
| ing and marketing groups into 
eight separate internal “compa- 
nies” or sections. 

The eight internal “compa- 
nies" are: consumer audio-visu- 
als; components; recording 
media and energy; broadcast 
products; business and indus- 
trial systems: telecommunica- 
tions ; mobile electronics; and 
semiconductors. 

The section heads will be 


given more power, overseeing 
design, manufacturing and 
m arketing. 

Matsusbita Electric Indus- 
trial, the country’s largest con- 
sumer electronics maker, 
announced similar a plan last 
December. This includes a cut 
in administrative personnel to 
70 per cent of the previous 
number by shifting surplus 
administrative employees to 
marketing positions. 

Aside from restructuring 
plans centred on cost-cutting 
programmes announced in the 
past year, Japan’s large elec- 
tronics makers, hit by the 
recession and the strong yen, 
are struggling to revitalise 
their operations by changes in 
organisation, cutting the num- 
ber of sections and section 
heads. 


Northam’s would be no better 
gained weight when Northam 
announced it would widen 
underground stopes, inevitably 
leading to the extraction of 
more low-grade ore. Northam 
achieved average grades of 
only 5.4 grammes in 1 993 , 

‘I cannot put 
a percentage 
on the chances 
of Northam’s 
survival, ’ says 
John Hopwood, the 
mine’s chairman 


Poor grades have been been 
aggravated by difficult mining 
conditions, ranging from large 
volumes of underground water 
to faulting on the reef, which 
left Northam a year behind its 
production target of 150.000 
tonnes of ore a month Nor- 
thern's poor performance 
dented incentive bonuses 
employees were expecting in 
December. That led to an exo- 
dus of skilled and semi-skilled 
workers and an influx of new 
staff, just as pressure to meet 
production targets intensified. 

Mr John Hopwood. Nor- 

S&P considers 
upgrading TNT 
senior debt 

By Nikki Tait 

Standard & Poor’s, the 
US-based credit rating agency, 
said yesterday that it was con- 
sidering an upgrade of the 
senior debt rating of TNT, the 
Australian transportation 
group. 

S&P, which currently has I 
the debt rated single-B, said ! 
Its review follows a US$150m 1 
offering of senior unsecured 
notes by TNT. 

This is the third significant 
fundraising initiative by the 
company in the past six 
months. The others were a 
A$318m issue of convertible 
preference shares and the 
A$121m underwritten offering 
of shares in Holyman, essen- 
tially comprising its shipping 
division interests. 


thorn's new chairman, says 
better metal prices would help 
but are not a solution to the 
mine's problems. “I cannot put 
a percentage on the chances of 
Northam’s survival. Even if we 
get the tonnage np to 150.000. 
the mine’s future is critically 
dependent on achieving better 
grades. Increased slope widths, 
more development work and 
other mining factors are all 
diluting the in situ grades we 
thought we would achieve.” 

“Northam has reached make 
or break,” says Mr Philip Mar- 
illier, mining analyst at stock- 
brokers Edey Rogers. While 
management can be forgiven 
for not predicting how low the 
platinum price would foil - the 
price averaged $466 an ounce 
the year the mine was 
launched, rising to more 
$560 in the late 1980s, but yes- 
terday stood at 8412 - Gold 
Fields underestimated the diffi- 
culty of mining a platinum- 
bearing reef compared with the 
gold-bearing reefs it was used 
to. Mr Marillier says. 

He agrees selling Northam is 
unlikely, but closure may be 
unthinkable too. because of the 
investment Gold Fields has 
made. However, raising new 
funds is for from simple. 

New loan finance, accnming 
Northam’s bankers were will- 
ing. would further compromise 


the mine's chances of showing 
a profit by adding to its inter- 
est burden. A fourth rights 
offer would take place in a 
bear-market for platinum Nor- 
tham shares are trading at 
R6.50 compared with their 
most recent high of R19J50. 

Sceptics point out there is lit- 
tle public interest in the share, 
so Gold Fields would have to 
take up most of the new scrip, 
perhaps requiring a rights 
issue of its own to foot the bilL 
The success of that would 
depend on the goodwill of the 
mining house's institutional 
shareholders, the Rembrandt 
group and assurer Liberty Life, 
who might be tiring of throw- 
ing good money after bad. 


H owever, Mr Donald 
Gordon, chairman of 
Liberty Life, notes 
that the group, which has 
assets of more than R83bn, 
acquired its stake in Gold 
Fields in 1988, after Minorca's 
abortive take-over bid for Con- 
solidated Gold Fields. 

Mr Gordon says: “The reason 
we invest In Gold Fields is for 
gold mining, and we are confi- 
dent that the gold market will 
go from strength to strength in 
the years ahead. “We did not 
invest in Gold Fields because 
of Northam, and, in any case, 
we get paid for underwriting.” 


Hutchison Whampoa 
forms port offshoot 


By Simon Holberton 
in Hong Kong 

Hutchison Whampoa, the 
conglomerate controlled by Mr 
Li Ka -shing , yesterday took a 
step closer to floating its dispa- 
rate interests in ports when 
the company said it would 
bring together all its port- 
related interests into one 
company. 

The company, to be called 
Hutchison International Port 
Holdings, will be headed by Mr 
John Meredith, the current 
managing director of Hong- 
kong International Terminals 
(HIT). HIT is the principal 
operator of Hong Kong’s con- 
tainer port and is 77.5 per emit 
owned by Hutchison. 

Over the past two years 
Hutchison has aggressively 


expanded its port-management 
interests in mainland China, it 
is an equal partner with the 
Shanghai Port Authority, 
where it operates three con- 
tainer terminals. 

It also has port interest in 
Zhuhal, a special economic 
zone abutting Macao. Last year 
it took the largest share in the 
development of a Y5bn 
($574.7m) container port at 
V antian, on the western fringe 
Of ghanvlmn Van tian is one of 

the five ports on China's coast 
which tiie government has 
nominated for accelerated 
development. 

There has been speculation 
that the company might want 
to realise some of the value in 
its ports operations by aaalrlng 
a separate stock exchange list- 
ing. 


•BUSINESSES FOR SALE 


Appear in the Financial Tunes 
on Tuesdays. Fridays and Saturdays. 

For further information or to advertise in this 
section please contact 
Kart Loynton on 071 873 4780 
or 

Melanie Mies on 071 873 3308 
[ FINANClALTlMXs l 


Petroleum Argus Oil Market Guides 

■Comprehensive w/zfet nations of foe ci' n:#rk&s' 


U.S.8200, 000,000 
Floating Rate Subordinated Loan 
Participation Certificates due 2000 


to a cco rda n ce with fh® provisions o I the Loon Agreement, notice is 
hereby given that for ihe three month Interest Period from March 29, 
1 994 to June 29, 1 994 the Loan Participation certificates wiB carry 
on Interest Rate of 4.175% p.a. ana the Coupon Amount per 
U.S. $250,000 nominal of h» Noire wiH be U.5.S2,667.36. 

March 29, 1994, London _ 

By: Citibank, NA (Issuer Services], Agent Bank Cl I /B4mO 


Petroleum Argus 


sSl 


ECU 'ISmikivmt PLC 


CALL \C’.V furrrsr :is 


71 •. 7=C .7 7 ft' 


London SWIXM- 
M«nMM 
FOE +71 236 sees 


These securities have not been regsteretf under the Securities Act of 1933 and may nof be offered 
or sofd in the United States absent registration or an applicable exemption from registration 
under the Securities Act oU933. including Rule 144A thereunder. These securities have 
been previously sold. This announcement appears as a matter of record only. 


New Issue/ February 1994 


U.S. $150,000,000 


Thames Water Finance B.V. 

(Incorporated with limited liability in The Netherlands with registered number 066782) 

6%% Notes Due 2004 

Payment of principal and interest unconditionally guaranteed by 

Thames Water Pic 



Salomon Brothers Inc 


CS First Boston 


NATIONAL 

Abbey National 
First Capital B.V. 

CanSlOO, 000,000 
Subordinated Collared 
Floating Rate Notes 2004 

Notice is hereby given that 
the notes wiU bear interest at 
6375% per annum from 

25 March 1994 to 26 September 
1994. Interest payable on 

26 September 1994 will amoant 
to CanS3231perCanSI,OQ0 
note. Can 5323. }2 per CanS 10,000 
note and CanS3,23LKper 

Can 5100. 000 note. 

Agent Morgan Guaranty 
Trust Company 

JPMorgan 


isanmm 

RATIF 

Guaranteed Floating Rate 
Nou» due 1996 srith 
Guaranteed Ftwr Warrants 
for Jk period tram Hareh 29. JflW to 
Sef*«Tnber 20. HEM the Notes w& carry 
«fl interna Me of 4W per annum with 
an interest amount of IIS tWlUf per 
US SC ,000 Note. 

The interest amnmt per Floor Warrant 
motto AtUSSlSJS 

The interest amount per Floor Warrant 
Usndic B: 11 S 5 EJ 6 

The relevant imererf payment date will 
bo Septembers! 1 , TOW. 

AfealBuak: 

ft 

Basque Paribas 


BANQUE NATIONALE 
DE PARIS 

USD 560 , 1108 , 001 ] 

Undated SobottiaaM Flaatiau Rate Hales 
Notice i i hereby tfven tha die tale oJ 
merest for Iris pornc from Match 29th, 
1994 to Separator 29m. 1994 has been 
feed at 4.2625 per com. per annum. The 
coupon anwndua tor Ms penod is USO 
217.86 per USD 10,000 tonomt na tion and 
USD 2,178.61 par USD VO.OOO denomi- 
nation and is payable on the inttrasr 
payment dale September 28th, 1994. 

The fecal Aprat 

Banque Nationals de Paris 
(Luxembourg) SJL 



NOTICE OF MEETING OF THE GENERAL ASSEMBLY OF SHAREHOLDERS OF 

TOFA§ TURK OTOMOBIL FABRlKASI A.§. 

The Meeting of the 26th Quinary General Assembly of Shareholders of Tofaj TQrk OtomoM Fabrikasi A.S. (the ’Company’) will be 
held on 14 April 1994, at 15.00 hours, in Divan Hotel, located at CumhuriyetCaddesl No. 2 Takskn-istanbul. Turkey, for the purposes ol 
reviewing toe Company's operations in 1993 and to discuss and take action with respect to the matters on the agenda appearing below. 
In order to attend and participate In this Meeting, either In person or by proxy. Shareholders Of the Company are kindly requested to 
obtain entrance cards not later than one week prior to the date of the Meeting either bom the Company at its headquarters at toe 
address given below or from one of the below-mentioned branches of KOQBANK A.§. Any Shareholder wtoo wishes to be represented at 
the Meeting by proxy must defiver to the Company a proxy In the iom available from executed and notarized in accordance with 
Regiiatton No. 6, serial 4 of the Capital Market Board (pubfished in the Official Gazette dale 9 March 1994, number 21872). The 
invitation sent to holders of shares of the Company in registered form w S serve as entrance cards tor the Meeting. Holders of shares at 
the Company In bearer form may obtain entrance cards by depositing share certificates with the Company, one of the below-mentioned 
branches of KOQBANK A.$. or with any bank, any of which wflMssue a certificate Indicating toe values, quantities and numbers of toe 
Share certificates so deposited against which certificate toe Company wtii defiver an enfrance card tor (he Maethg. Holders of shares of 
toe Company In bearer form may not legaBy attend or participate in toe Meeting without obtaining an entrance card. 

Under current Turkish Law, (I) holders of Depositary Shares representing the Company's Group E Shares wll not be able to vote or to 
case tin Depositary In respect of such Depositary Shares to rote Group E Shares underlying such Depositary Shores or to particlpato 
In the Meeting, and (ID holders of the Company’s Group E Shares who are not resident in Turkey wU not be able to vote such Group E 
Shares or to participate in the Meeting, unless the indirect investments of hokiere of Depositary Shares in underlying Group E Shares or 
the direct investments of non- resident holders in Group E Shares, as toe case may be. are first registered with and approved by toe 
Foreign Investment Directorate of the Prime MWstry of the Repubtic of Turkey, toe rFiD*). According, a holder ot Depositary Shares 
and takes possession of the underlying Group E Shares and, it ouch holder is not a resident ot Turkey, such holder*® investment in the 
Group E Shares is registered with and approved by toe FID. 

Any holder who takes the necessary steps and becomes entitled to vote Group E Shares at the Meeting may obtain a term of proxy and 
other relevant materials from toe Company at Its headquarters, from the Bank of New York at 101 Barclay Street, New York, New York 
10286, U.S.A. or from Banque Internationale a Luxembourg SA. the Company's listing Agent, at 2 Boulevard Royal. L-2953. 
Luxembourg . 

The Reportsof the Board ot Directors and the Auditors of toe Company for the year 1993, toe Company's Balance Sheet and Statement 
ot Profit and Loss tor such year and toe proposal concern i ng toe dtatribution of net profits ot the Company (or such year wV be made 
available tor examination by the Shareholders of the Company from 30 March 1994 at the Company's headquarters at the address 
given below. 

Kfrxtiy submitted tor toe information of out Shareholders. 

THE BOARD OF DIRECTORS 
General Management Adrees; 

BOyQkdere Cad. 145. Zteccficuyu, 80300 

Levenl-lstantaulflURKEY 

Tel : (0-212) 275 33 90/7 Line 

KOQBANK A^.: 

HARBiYE STOCKS AND BONDS BRANCH : Cumhurtyet Cad. No. 233 80223 Rarbiye- ISTANBUL 
TeC(0-212) 232 26 00/230 01 90 

ANKARA BRANCH : AlatQrk Bulvan No. 58/1 06440 Kizday- ANKARA 
Tel:(-0312) 418 18 04/418 21 44 

IZMIR BRANCH : Qazl Bulvan 2. Kordon Ege Han No .3/3 Basmahane 35210-lZMiR 
Tel: (0-232) 441 57 57/441 57 61 

BURSA BRANCH: Osman Gazl Mah. Afalurk Cad. No.4 16010 Setba$i-BURSA 
Tel ; (0-224) 224 42 56/220 09 99 

ADANA BRANCH Turtian Cemal Beriker Bulvan Adana Tlcaret Merkezi N.g/2 01010 ADANA 
TeL (0^322) 359 88 81-82/359 61 97 

TOFA§ TClRK OTOMOBiL FABRjKASJ ANONMI $JRKET1 
26th ORDINARY GENERAL ASSEMBLY 
dated 14.4.1994 
AGENDA 

1- Opening and election ot toe Chaamanshlp Council, 

2- Fteadkifl. 4tMWi on Ihe Board at Dteaortf Report and at toe AurMng Report as weti as ol the Independent External Auditing n regard 01 1993 
o peration s and auoaxtt s . acoaptanc e . acce pt ance by am endment, or reiecflon of Bre Board or Orectora Proposal regarding the 1&93 Stance Sheet 
and toe Profit and Loss Account. 

3- Election ola new Member tar toe emptied MemberaNpof the Boor! at Diroetore. 

4- Acqumance or toe Member? of toe Board at Directors and ol toe Audtiore due to 19S3 operations of toe Company. 

5- Acceptance, acceptance by amendment, or rejection ol Die proposal ol toe Board at Directors in regard of dBtrtbuticn of I9B3 profit and toe 
(fsatoutiandaie. 

6 - Beetection 01 change of tha AufHoreutoose offlcaiirne has bean finlshedL 

7- Determtoafion of annual wages at toe ChaSman. am Members ot toe Board c* Qtadore as we« as 01 tin Audflore, 

8- Acconfing so the Articles 334 and 33S of toe Turidsti Commensal Code, pvng pennsstan to the Members of Ihe Board ot Directors k? operate toe 
bus ness, which is isteled to toe subject ol tire Company. personaBy or In toe name 0* motiier one, and 10 become a shareholder m companies 
doing sutto kind ot bustoess. and to carry on other operations, 

9. Gfvkig autoority to the Chaamanthip Cow* tar agning the Unites ot (he General Assembly Meeting and to consider too to be sufficient 


firm 










INTERNATIONAL CAPITAL MARKETS 


Long-dated gilts rebound as crude oil prices fall 


By Antonia Sharpe fin London, 
Iflary Bames In Copenhagen 
and Frank McGurty 
in Now York 

UK government bonds 
rebounded by around 1% 
points at the long end yester- 
day morning as a fell in crude 
oil prices following Opec’s deci- 
sion not to cut output helped 
to quell fears of rising inflation 
in the UK, analysts said. 

They added that last week’s 
steep decline in gilt prices 
sparked some light buying of 
cash gilts across the yield 
curve early in the day. 

The rise in gifts helped to cut 
the semi-annual yield differen- 
tial between 10-year gilts and 
10-year German government 
bonds to around 143 basis 
points from 153 basis points on 
Friday. 

However, gilts had surren- 
dered some of their gains by 
the afternoon as investors who 
had been seeking to lighten 
their holdings used yesterday's 
short-lived rally to do just that 

Mr Simon Briscoe, gilts ana- 
lyst at S. G. Warburg; said the 


early rebound in prices did not 
come as a surprise but that it 
was not enough to restore 
investor confidence. The mar- 
ket remains riddled with ner- 
vousness and uncertainty," he 
said. 

However, Mr Briscoe said the 
shortage of ultra-long dated 
gilts helped them to outper- 
form other maturities, with the 
yield on the 8% per cent gilt 
due 2017 dropping by 15 basis 
points. 

By contrast, yields at the 
short end only fell by six basis 
points, traders said. 

The June contract of the 
long gilt future on Liffe 
touched a high of 107‘/, in good 
volume before dropping bade 
to 106& in the late afternoon, 
for a gain of % points on the 
(fey. 

■ Italian government bonds 
surged by nearly three points 
yesterday on rumours that the 
right-wing headed by 

the media magnate, Mr Silvio 
Berlusconi, would win enough 
votes in the general election to 
be able to form a government 


The strength of the lira helped 
to feel the rally, traders said. 

They said the rumours were 
based on leaked private exit 
polls taken during Sunday’s 
voting. However, they added 
that the outcome of the elec- 
tion. which was still going on 
yesterday, was far from cer- 
tain. 

One trader warned that cau- 
tion could soon return to the 
market, especially when inves- 


GOVERNMENT 

BONDS 


tors took a closer look at the 
“tax cuts for growth" policies 
of the right-wing aiiiancp. 

The June contract of the 10- 
year Italian government bond 
future on Liffe rocketed to 
112JS7 before trading at 11L60 
in the late afternoon, up 1.71 
points on the day. 

■ German government bonds 
drew strength from the release 
of German i pfiati n n data for 
the month to mid-March, 
which were in line with expec- 


tations, and from market hopes 
that the Bundesbank would 
announce a further easing of 
between five and eight basis 
points in its repo rate this 
week. 

The June contract of the 
bund future on liffe stood 033 
points higher in late trading at 
9632. 

■ Denmark’s decision to intro- 
duce a 30-year government 
bond has unsettled Copen- 
hagen’s mortgage bond mar- 
ket, traders said. The 30-year 
government bond will be 
launched on April 6 with a 6 
per cent coupon and will 
extend the yield curve from the 
current limit of 10 years. 

Last year, Denmark’s mort- 
gage credit institutions intro- 
duced a 30-year series with a 6 
per cent coupon. The mortgage 
bonds proved attractive and 
outstanding volume rose to 
about DKrl60bn. However, 
traders said non-residents 
appeared to have been selling 
the 30-year mortgage bonds 
with a view to re-investing in 
the 30-year government bond. 


In general, Danish bonds 
prices recovered in line with 
other European bond markets, 
with the price of 202s mortgage 
bonds moving up freon Friday’s 
8430 to (5.55 and the 8 per cent 
government bond due 2003 ris- 
ing from 10635 to HR.8). 

■ US Treasury bond prices 
finned yesterday after oil-prod- 
ucing countries, meeting La 
Geneva at the weekend, felled 
to agree on production cuts. 

By iiam. the benchmark 30- 
year government bond was & 
higher at 90S- The yield eased 
to 6384 per cent, after ending 
Friday’s session above 7.00 per 
cent for the first time in 10 
months. At the short end , the 
two-year note edged £ higher 
to 100, yielding 5.108 per cent 

For the US Treasury market, 
the decision by Opec to extend 
the current production ceiling 
of 2L52 barrels a day was a 
welcome break in a steady 
stream of bad news. Over the 
preceding week, a range of 
political and economic con- 
cerns - from monetary policy 
to Mexico’s political stability - 


depressed prices and pushed 
yields to worrisome heights. 

The lack of decisive action 
by Opec to reduce output was 
expected to lead to lower crude 
prices and a subsequent easing 
of inflationary pressures in the 
US economy. 

This positive scenario for 
inflation-sensitive fixed-rate 
investments was given immedi- 
ate support yesterday. In early 
trading on the Nymex, crude- 
oil futures contracts showed 
moderate declines, while prices 
for gold and non-oil commodi- 
ties also softened. 

However, after last week's 
protracted weakness, the mod- 
est rebound in bonds was not 
encouraging. Traders appeared 
to be looking ahead to a batch 
of crucial economic figures to 
be released later in the week. 

In particular, the market was 
awaiting March employment 
data due out on Friday. The 
report will provide hard evi- 
dence of the extent to which 
the economy has slowed in the 
first quarter, after an unsettl- 
ing growth spurt in tire final 
three months of 1993. 


Indonesian noodle maker launches rare exchangeable issue 


NEW INTERNATIONAL BOND ISSUES 



Amount 

Coupon 

Price 

Maturity 

Fm 

Spread 

Book runner 

Bui row or 

m. 

% 



% 

bp 


US DOLLARS 

Global Made HMb)§ 

500 

(W 

100.00 

Apr. 1997 

200 

- 

UBS 

GUILDERS 








Rabobank NederiendM 

150 

625 

101275R 

JuL1998 

Q-20R 

♦6 (B1496-98) Rabobrak Nedariond 

SWISS FRANCS 

Nippon Tategraph a Tcfephona 

200 

4.50 

1Q29S 

Apr.1999 

- 

- 

CiflcSt Sctese 


Final terms and non-caBabie unless stated. The ynrfd spread (over relevant government bond) at bunch la emptied by the land 
manager. §Coroe<tt»e. ft feted re-cKsr price; tees are shown at the re-otter level, a) Mandatory exc h ange a ble Mo tndotood shores at 
Rp7682.81 eigffi months foflowng Its IPO. FX 21 42Rp/S b) 3feX m 1st yr. 5% in 2nd and 6K m 3rd. 3 Fungi Me with outstandng H 
500m. Plus 268 days accrued. 


By Tracy Corrigan 

An unusual exchangeable band 
offering by Indofood, Indones- 
ia’s largest food company, dom- 
inated interest in an otherwise 
subdued market yesterday. 

Dealers -described the SSQdm 
offerin g as “a difficult transac- 
tion", due to its size and com- 
plicated structure. 

“The most common comment 
I heard was good company, but 
bad pricing gnd had tuning," 
said one underwriter. “It's a 
very unforgiving market at the 
moment." After powering 
ahead last year, Asia's emerg- 
ing markets have run into 
trouble this year. 

The 5500m offering, arranged 
by UBS, is part of an initial 
public offering for the com- 


pany, which dominates the 
Indonesian instant noodle mar- 
ket- Dealers said it is very rare 
for an exchangeable bond 
structure to be used as part of 
an IPO. 

The deal is being brought to 
the market ahead of a domestic 
IPO of 20m shares, due to be 
launched in April. However, 


INTERNATIONAL 

BONDS 


the domestic offering is very 
small compared with the 154m 
shares underlying the interna- 
tional band offering. 

The Interest payments on the 
exchangeable bonds also have 
a complicated structure, with a 
step-up coupon of 3.5 per cent 


in the first year, 5 per cent in 
the second year and 6 per cent 
in the third year. 

The pricing for the domestic 
offering is to be set at 15 times 
earnings - the maximum 
allowed in the domestic market 
- compared with 23 times proj- 
ected 1994 earnings for the 
bond offering. According to 
other syndicate members, the 
original pricing was between 
25 and 29 Mines earning s, but 
had to be lowered. 

The final pricing of the inter- 
national bonds was described 
as “not nmwifinnflhlp but not 
cheap", said one underwriter, 
given the feet that the gloss 
has gone off the emerging mar- 
kets this year. However, the 
company “has a very good 
story to tell". 


Elsewhere, Nippon Tele- 
graph & Telephone launched a 
SFr200m deal via Credit Suisse, 
and Rabobank Nederland 
launched a Fli50tn five-year 
deal via Rabobank. 

• Salomon Brothers has 
signed a $lbn revolving credit 


facility with a syndicate of 16 
banks in Europe and North 
America to provide back-up 
financing for its principal oper- 
ating subsidiaries, Reuter 
reports from New York. 

The borrower for the 
secured, committed facility is 


Salomon Brothers Interna- 
tional and the arranger and 
collateral agent is Barclays 

Rank Salom on said. 

The facility was initially 
launched at 5600m late last 
year, then increased to 51bn. 
Salomon said. 


Spanish investors 
put their money 
on mutual funds 


T he total volume of 
mutual funds under 
management in Spain 
grew from PtaS.Wibn to 

Ptal0,709bn during 1993. a rate 
of expansion which equals the 
accumulated growth of the two 
preceding years. 

According to the Comision 
Nacional del Mercado de Val- 
ores, the stock market regula- 
tor, the number of registered 
mutual funds rose from 732 to 
822 at the end of last year and 
the number of participants 
rose from 900,400 to 1.4m. 

The figures bare out the con- 
ventional wisdom that people 
save in times of recession 
(Spain registered negative 
growth last year and gross 
domestic product shrank by 1.1 
per emit), and save where they 
will earn most 
In essence, the enthusiasm 
for mutual funds has been 
fuelled by three forces: reduced 
interest rates, tax incentives 
and the sheer strength of the 
banks' sales drive. 

The CNMV believes that 
investors and those who man- 
aged their savings were show- 
ing three clear tendencies: 

• A switch from short to 
long-term fixed-income invest- 
ment Investment in long-term 
public debt increased from 20.8 
per cent of the total volume of 
the funds at the beginning of 
last year to 323 per cent by 
December 1993. 

• A change from fixed-income 
investment to equities. Spanish 
funds are strongly pitched 
towards government debt but 
during 1998 the percentage of 
total funds estimated to be 
invested in equities rose from 
little more than 3 per cent to 
more than S per cent 
• A switch from domestic to 
foreign markets. The weighting 
of foreign equities and fixed-in- 
come investment among funds 


increased from 23 per cent in 

1992 to 5.7 per cent. 

This year - in January and 
February - the rush by inves- 
tor into mutual funds acceler- 
ated further and the trend into 
equities was even more pro- 
nounced. By the end of Febru- 
ary. the volume of mutual 
funds had risen to Ptall.900bn. 

One key; aspect of the 
increase in mutual fund invest- 
ment is the volume growth <51 
per centi uf funds putting ail or 
up to 75 per cent of their port- 
folios into equities. As at Janu- 
ary 31. equity and equity 
mixed funds represented 14.7 
per cent of domestic mutual 
fiinds under management. 

The upsurge in equity- 
weighted funds represents a 
huge injection of money into 
the Madrid bourse, a market 
lacking liquidity and domestic 
institutional investors. 

A horro Corporaclon Fin- 
anciera calculates that 
the combination of 
equity and equity mixed funds, 
together with so-cnlled "fixed- 
income mixed" funds, which 
allow for a maximum 25 per 
cent investment in equities, 
totalled Ptal93bn in January. 
This compares with average 
daily trading volume of 
Pta42.4bn in equities on the 
Madrid bourse in January, 
According to the CNMV, by 
the end of this year between S 
per cent and 10 per cent of 
total fund volume will be 
invested in equities. Ahorro 
Corporaclon Financiera esti- 
mates suggest the figure will 
be closer to 7 per cent. 

Either way, the breakdown 
of the funding volume assures 
the domestic markets of a 
clear, and growing, domestic 
support base. 

Tom Burns 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 




Coupon 

Rad 

Date 

Price 

Da/s 

change 

Yield 

Weak 

■80 

Month 

■90 

Actotnflg 


9900 

08AM 

114.0600 

-0330 

7.23 

730 

631 

Belgium 


7250 

04AM 

993000 

♦0310 

738 

734 

635 

Canada * 


ix500 

0SAM 

91.7500 

-0250 

768 

798 

636 

Denmark 


7.000 

12AM 

100.6000 

+1350 

631 

637 

630 

France 

BTAN 

1000 

asm 

107.0800 

+0210 

5.76 

5.78 

5.42 


OAT 

8900 

04AM 

929600 

+0560 

693 

6.48 

0.18 

Germany 


6900 

CHAW 

973900 

+0380 

R 'rr 

6.42 

6.09 

Italy 


8900 

01AM 

05.8700 

♦1310 

9.15T 

9.43 

946 

Japan 

No 119 

4.800 

06/99 

106.0780 

♦0090 

3M3 

391 

337 


No 157 

4900 

06/03 

1029390 

-0070 

4.12 

4.10 

330 

Netherlands 


5.750 

OIAM 

949000 

+0.140 

892 

047 

6.06 

Spain 


10900 

10/03 

1093000 

+0200 

9.01 

631 

694 

UK Gita 


6400 

08/99 

94-31 

+7/32 

7.15 

0.73 

632 



6.750 

11AM 

93-03 

+18/32 

732 

7.44 

693 



9.000 

10/08 

109-21 

+2B«2 

7.88 

799 

7.13 

US Treasuy 

• 

5975 

02AM 

94-1 a 

-9/32 

6.63 

697 

018 



6950 

08/23 

90-27 

-202 

6.99 

637 

6.70 

ECU (French Govt} 

6.000 

04AM 

933000 

+0500 

636 

638 

696 


London doom. "Haw Yrtkn4d-dBf Ural marital ttendetL 

t Oran annual yMd (indurtnu w tg aioltflng In «t 12-6 par cart payable by nonreridenM) 

Prtca* US. UK ki aznds, othara in dactart South: UUS MmntM on H 


IIS INTEREST RATES 


UnhBme 



Treaaiy BUb and Bond Yirids 


PTtoenta 

8*+ 

5 

* 

Oss iiunti 

Tim nurth _ 

335 

333 

Tjwyear 

nmyea 

5.14 

532 

FcdJhjrata 

Feotoris atHanratav- 

0*jear — 

194 

09 

1IH rar 

3<>iear 

683 

730 


BOND FUTURES AND OPTIONS 
France 


Italy 

■ NOTIONAL ITALIAN GOVT. BONO (OTP) FUTURES 

(UFFEr Ora 200m TOOths ol 10C% 

open Setlpriee Change High Lour Est voi Open mL 
Jun 109.31 111.58 1.89 112.67 109.31 75677 107458 

Sep 111.18 1.69 - - 0 93 


■ ITALIAN GOVT. BOND (BTTT FUTURES OPTIONS (UFF0 Ljra2Q0m 1 000c tit 1Q0X 


Shto CALLS — PUTS 


Price 

Jun 

Sep 

Jw, 

Sep 

11150 

236 

3.02 

230 

134 

11200 

2.12 

2.79 

294 

161 

11250 

1.88 

297 

230 

3.89 


EM. woL total Cafe 3Z57 Puts 4381. Provioiis d*y”» open lot. Cafe 72872 Pua 68850 


Spain 

■ NOTKIWU- SPANISH BOND FUTURES [MOT) 

Open Settpriee Change Hgh Low Esl voL Open W. 
Jun 96.75 99.11 +0.27 99-97 98.50 75,059 100.952 

Sep - 9996 ..... 


UK 

■ MOTIONAL UK GILT FUTURES [UFRET £50,000 32nds p> 100% 

Open Sett price Change Htgti Low Ett. voi Open to 
I Mar 107-09 107-13 0-22 108-15 107-09 556 10191 

Jin 106-00 108-11 0-20 107-18 105-31 90590 172193 

Sep - 105-15 0-20 - - 0 107 


FT-ACTUARIES FIXED INTEREST INDICES 


Pnee ktchees 

uk cats 

Men 
Mar 28 

Day’s 
change % 

Fd 

Mar 25 

Accrued 

Intttttt 

Ml B$. 


1 

Up to 5 yearn (24) 

124 82 

-002 

125.05 

1.77 

2.68 

5 yrs 

2 

5-15 years (23) 

14724 

+009 

147.12 

138 

175 

15 yrs 

3 

Over 15 yeas (9) 

165-15 

+047 

164.37 

139 

3.53 

20 yre 

4 

tiwwmBe, (6) 

191.93 

+103 

18112 

127 

1.47 

Irreclt 

5 

AI stocks (63) 

14394 

+014 

14131 

1.80 

334 



Index-Inked 


— Low coupon yMd — — Medtom coupon yUM High coupon yWW - 

Mar 26 Mar 25 Vr. ago Mar a Mar 25 Yr. ago Mat 28 Mar 2S VL ago 


7.19 

7.17 

6.72 

7.43 

7.41 

701 

793 

7.51 

7.W 

777 

7.81 

739 

739 

7.93 

633 

8.16 

821 

896 

736 

743 

116 

739 

744 

841 

006 

8.15 

065 


7.91 608 8.55 


inflation 5*1- — - Moflon 10% — — 

Hr 28 Mar 25 Yr. ago Mar 2a Mjt 25 Vr. ago 

6 Up to 5 yean (2} 1S4 84 184.84 -008 253 Up to 5 yrs 316 117 229 224 253 1.39 

7 0»er 5 yearsfll) 17874 *0.39 178.05 0.70 1-29 Over 5 yn 3.48 3.48 346 357 330 327 

S A3 stocks (13) 178.48 +035 17757 362 1.41 

— — 5 year yMd ■ IS year yield 25 year yield 

Debent u res and Low Mar 28 Mar 25 Vr. ego Mar 28 Mar 25 Vr. ogo Mar 28 Mar 25 Yr. ago 

9 Debs & Loans [73) 124.66 +032 13481 256 2.97 686 6.63 6.62 6.91 8.37 9.43 6.98 302 9.62 

feerags a raO redan-nr. yaks an Dm ataOM. Coupon Band* Low. OK-7W1L Muiunt «■!«*: \*ft IIS Mid onr. f Not yMd. y»4 Yaw to da*. 


FT FIXED INTEREST INDICES CULT EDGED ACTIVITY INDICES 

Mjt 23 Mar 25 Mar 24 Mar 23 Mj 22 Yr ago Ugh- Low Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 

Govt. Secs. (UK) 96.81 96.30 97.63 9852 9955 9624 10780 8358 G8t Edged h wga hrt 115.7 1823 968 97 5 91.5 

Fixed interest 117.78 117.53 11931 11934 119.79 11138 13337 11234 6-day average 1103 107.0 94.4 95.0 95.6 

- tor IB9&M. GoMnvnant Saoaeta tvgh race o o nrij fl un. 17740 p/1/35). law 49.18 (3/1/70). ftad Mwart Ngti me* fflmp—wi 1XJJJ7 (21/UM) , law S053 (VI/7!} . Soria 100! Oovamnanl Saomfee IS t 
1CVS6 and Fond htwtat •*». SE artmty Mcm ttbaatm 1974 


FT/7SMA INTERNATIONAL BOND SERVICE 


Listed an tie tatea rBtmrttond bonds fcr wttrii Plan 6 an adequate anconday market. La ten t prize , at 7rt0 pm on llra ft 36 


■ NOTIONAL HIEMCH BOND FUTURES QMATIF) 



Open 

Sett pdoe Change ttgh 

Low 

Esl voL 

Open M. 

Jun 

12220 

12104 +030 

12146 

122.12 

212250 

146311 

Sep 

12130 

12234 +030 

122.74 

12190 

584 

13230 

Dec 

12070 

121.84 +060 

12070 

120.70 

2 

- 

■ LONS TERM FRENCH BOND OPTIONS (MAT1F) 




Ctrlka 


m #te te| f Q - 





OUDie 

Prim, 

Apr 

Jun 

Sep 

Apr 

PUTS 

Jen 

S€p 

123 

033 

1.79 

145 

1.17 

1.71 

- 

124 

016 

128 

- 

2.00 


- 

125 

- 

088 

1.11 

- 

233 

- 

128 

- 

097 

080 

. 

392 

. 

127 

- 

032 

055 

- 

- 

- 


6sL voi total. Cote 49.107 Pun 33,840 . Pigwu day's apmn H, Cafe 393*18 Puts 200473. 


Germany 

■ NOTIONAL GERMAN BUND FUTURES (UFFQ* PM250.000 TOOfts of 10096 

Open Sen price Change Hgh Low Est voi Op«i bit 
jun 95.49 96.16 037 96.48 9539 141432 186190 

Sep 95.78 95.88 0 3 5 95.78 95.78 1 5390 


■ BUND FUTURES OPTIONS QJFE) DM250300 poQTO of 100% 


Strike 

Price 

An 

■ CALLS 

Sap 

Jen 

- PUTS 

Sep 

9800 

130 

198 

1.14 

1.68 

9850 

144 

1.34 

136 

1.96 

9700 

032 

1.15 

138 

227 


EM. voi total, Cate 8344 Put* 21284. Prarioua day’s qpan lit, Cate 271649 Puls 227784 

■ NOTIONAL MEDIUM TERM GERMAN QOVT. BOND 

(BOBLXUFFQ- DM350.000 IQOtha of 100% 

Open Sett piles Change High Low Est voi Open Irrt. 
Jun 10033 10055 a 06 10033 10033 3 2330 


■ LONQ QaT FUTURES OPTIONS (LffFa ESOJOO 64ttn oM 00% 







Price 

Jun 

Sep 

Jun 

Sep 

108 

2-18 

2-38 

1-58 

34)6 

107 

1-48 

2-06 

2-27 

3-42 

109 

1-23 

1-48 

3-01 

4-18 


ESL wt U4 Cate 8243 ftte 3488. PrevtaM day* opan tat, Cafe 6S117 Puts 70676 

Ecu 


■ ECU Bora FUTURES (MAT1F) 


Open Sett price 

Change 

High 

Low 

Est voL 

Open to 

Jun 

8830 89.48 

+098 

8836 

88.90 

1320 

5964 

US 







■ US TREASURY BOND FUTURES (CS1) 5100,000 32nds of 10OM 



Open Latest 

Change 

High 

lorn 

Esl voL 

Open irrt. 

Jun 

107-11 108-03 

+0-16 

108-05 

107-08 

365961 

383216 

Sep 

106-15 107-06 

♦0-15 

107-07 

106-10 

1,170 

42.796 

Oac 

- 105-16 

“ 


" 

6 

1.170 

Japan 







■ NOTIONAL LONG TBOI JAPANESE QOVT. BOfO FUTURES 


UFFE) YlOOm 100ms o* 10098 







Open Close Change Hgh Low Est voi Open tnL 


Jun 110.81 - - 11133 110.73 858 0 

• UFFE contracts tasted on APT. M Open Hand Bgt. an to* praeeua d a/- 


UK GILTS PRICES 


-YMd- _ 1983/94 — 

Mm Int tea Mat+g- up u» 


Notes 


-Yta O- _ 1993/04— 

M 1M WoeE+er- Ittfl la* 


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1213 

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107 

MS 


£sfl3pc&B9(HS 

10ta pc 1995 

Tims IZVpe — 115! 
HOC 1996 

l54ipc 


En*U1ipc199Btt 

CWwstaa Wipe 1996 

TrwstftiDC 19073* — 

Ett* 10>zpc 1997 

Trees It K 199771 

l«fl I5PCI987 

S-YriX 1950 

Tma7 1 *pc 1990tt 

Trws6l.DC I995-9BB- 

MpcVS-l 

TrwBlSlipeSStt 

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Tries 9>a pc 199B& 


HieURBeaTWn 

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Trial lWu* 1999 

Trees te 1933 S$ 

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7.11 IOOUM 
6J7 lOOJJSi 
7.41 123*8 
758131lta 
7.49 1174 
7J4 1QBJI 




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894 

730 111 ill 

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726 

7.70 

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735 

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614 

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8.15 787 

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684 784 

789 785 

IJt 787 
LOO 786 
688 885 


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HOC 

784. 

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4%peD*« — (I3iq iff 1W111%2 

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1J7 385 186A -A 204*2 JS 



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as B 

♦ft 116*2 lte*2 
4% 1844 159% 
A *4 166S H4 
!i +*8 17Sti 146U 
« ♦*? 1«% IBS 

5 *4 157% 130*3 


13* 151 1«25 *4 157*4 

358 35313TH* +*, 124C 

137 150 1154 tli 129*, 102% 

140 153 114U ■*% 1?MJ 10M 

Prospocava raal le den M Km nte gn p i u joctad Malian o({1) 10W 
ana a 5%. (b) Rpna te p e r aa maoa show FS8 base for 
tedadpg Do B months prior to teaual nd haw been adjusted to 
reflect rabedng of HPI to 100 In January 1987. Comwrien taekr 
3845, RR far July 1893; 140-7 end tar Fatnaiy 1994: 142.1. 

Other Fowd Interest 


nee — _ 1953/94- 

u M WaC*cr- ngn Um 


AMcaDte 11%2010_ 
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532 

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628 

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R|Aoawfac15pc20ll_ 10.10 
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681 

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TOBi! 

835 

832 

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142 

114 

626 


103 

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120 

« 

681 

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1178 

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130 

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18.10 

928 

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983 

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1484, 

128 

664 

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mn 

128 


138% 

114 

4.14 

7.10 

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83% 

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129 

141 



1504, 

117% 

- 

339 

138 

— 

145% 

115% 

11.18 

- 

148 

— 

159% 

132% 


faauad Bkf Oner Chg. YfaU 


lasusd HU Oder Chg. YMd 


faouatf HM OBor Chg. YMd 


US. DOLLAR snrRNOHia 

Attay Nad Iteaaay 6*2(0 1000 95 

AtMtAovnee 9% 95 600 105% 

toteta 8% 00 400 106*2 


EMgun9% 98 

BFCE 7% 97 

BrihhGaiOZI 

CamdaSae . 


Chang Kong Fki 5*2 98 . 

Chha8*2 0* 

Cand Europe 8 96 

QwS RncW 9*2 99 

OoTiBtt 5*t 98 

ECSC &*, 96 

fflC8%96 

BB 7% 96 

BB9*, 97 

Bee de France 9 98 

BntenaO*, 96 

Be+n B«* Jxan a 02 _ 
Bqwt Dm Clap 9*a 96 _ 

firtaid 7% 97 

FtanWl &po1 9% 95 

Fad Motor Oafi 6% 88. 
Gw, Bk Capte 9% 99 — 
GM4CS*2 96 . 


-400 104% 

- 250 111% 

- ISO 104% 
, 1500 11% 

, 1000 108% 
-500 87% 

. 1000 90*2 

- 100 104% 

-300 11! 

. 1000 96% 

- TG3 105% 

- 100 105% 

- 2S0 104% 
1000 109% 

- 200 109*2 

- 100 106% 
-500 105% 
- 150 111% 
-300 104% 
. 200 105% 

1500 99% 


tad Bk Jam fin 7% 67 . 
hte Amer De» 7% 98 _ 
kwe%23. 


j^anOaBc^sDi — 
Kasai Bee Pw 10 96 _ 
Kona Bae Powar 8% 03 . 
LTC8 fin 397 


Nppon Coed 9(10% 85. 

faWte7%97 

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Kofcfear* &% 01 . 

Paro-Canada7%96 

Fortugri 5% 03 

QueWeHffhj9%S8 

Quebec Pta*99B 

SaasbuyB%96 

SAS1Q90 . 


300 107% 
-200 105% 
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. 3600 88*4 

- 500 108 

- 350 106% 

.1350 90% 

- 200 104% 
. 1000 >00% 

- 190 105% 

. 1000 103% 
.3000 101 


SW9%85 

SNCF«%8B 

Span 6% 99 

SMB Bt NSW 8% 98. 
3sajan5%95 . 


Swa»B¥Crt8%9B-. 
Tt*yo Sec ftaw 8% 98 . 
Tokyo Metnpdta 8% 96 - 

Tope Motor 5% 98 

OSedKng*m7%CS - 

Vferid Baric 99 

Worn Bank 8% S7 


-200 109% 
-200 103 

. 1000 90% 
-150 111% 
-200 106 

- 150 107 

_ 200 109% 
-500 105 

- 1 « 111 % 
. 1500 99% 

- 200 105*4 
2000 100 % 
-700 105% 
-300 108% 

- 200 K6*4 
.1500 97% 
.3000 101% 

1500 108% 
1500 108 


95% 

106% 

108% 

106% 

112 

K6% 

12 

109% 

»% 

»% 

>05% 

112 % 

98% 

108*4 

105% 

U»% 

T1D 

110 

107% 

KB 

111 % 

106% 

106*4 

99% 

107% 

10S 

105% 

104% 

86% 

108% 

106% 

90% 

105% 

100 % 

106% 

104% 

101 % 

KB*, 

108% 

90% 

111 % 

106% 

107% 

til 

105% 

WH 

99% 

105% 

W0% 

105% 

107 

106% 

97% 

101 % 

108% 

108% 


DBilEOE IMK SmUQUE 

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Credl Fraiar 7% 03 2000 102% 


92% 4% 

. 103% ♦% 

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De(<iF»w»aB%® ISOO 96% 98% 4% 

Oaudta Bk fin 7% 03 2000 KB% 104 +*4 

ECSC 8% 96 700 106% 

EEC 8% 00 2900 101% 

380%® 15® 100% 


firiond?%00- 
My7%9B _ 
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Draw 6% 04 , 
Spain 7% 03 _ 
Sweden 887_ 


.3000 104% 
.5000 103% 
.1500 10(fi| 
.15® 95% 
.4000 KB 
. 25® KB% 


101 % 
10 0% 

KB 

103% 

100 % 

98 

103% 

106% 



Uneed Klngdctn 7% 07 

— 5500 

723 

lUamgsn M fir, 7 (B 

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2000 

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SH 

YMd Bare 8% 00 

— 1250 

039 



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Hyundai Mcsor fin 8% 97 

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We can all take a lesson from the Trojans. No 
matter how something appears on the outside, it pays 
to look under its skin. 

Suppose your business is wholly domestic. Like one 
of our forest products client’s is. Their business is all done 
in their home country’s, currency. No need for them to 
worry about the ups and downs of foreign exchange. 

But think again. A devaluation in the currency of 
an overseas competitor would make that competitor’s 
products far cheaper in our client’s home country. And 


deal a devastating blow to their profits. 

A customized long-term currency hedge neutral- 
ized that threat. Then we created a forward pulp market 
to lock in raw material prices. In both cases, we replaced 
risk with potential profit. 

Risk can wear many disguises. Helping you see 
beneath its surface is the strength of Bankers Trust. 

Q Bankers Trust 

LEAD FROM STRENGTH. 






26 


COMPANY NEWS: UK 


RJB may bid for all 
five British Coal regions 



LjKtawBi dor Me or 

Richard Bodge (left) and Gordon McPhle, finance director a 
strong position regardless of whether bids are successful 


By Michael Smith 

RJB Mining said it would 

qnn«iflt»r malting bids for eaeVi 

of the five regions of British 
Coal in the forthcoming priva- 
tisation. as it yesterday 
revealed a 10 per cent rise in 
1993 pre-tax profits to £12J2m. 

Mr Richard Badge, chief 
executive, said his company 
would look at all the regions, 
although it was impossible to 
say whether it would bid for all 
of them until it saw what was 
being offered and the terms 
attached to the packages. 

The government is expected 
to outline the packages within 
the next few months RJB is 
one of the frontrunners among 
UK companies and analysts 
believe it is likely to bid for a 
majority and possibly all five 
of the regions. 

RJB is already leasing two 
former British Coal mines. 
Clips tone, in Nottinghamshire, 
and Rossington in Yorkshire, 
and may secure terms for 
another one or two. 

Mr Budge said the company 
would also consider bids for 
three other pits closed by Brit- 
ish Coal, which are to be 
offered for sale to the private 
sector alongside the five main 

panlrag BS ' 

In the year to December 31, 
RJB increased sales to £74.76m 
(£73 -85m). It is recommending a 
final dividend of 7p to take the 
total for the year to 12p. cov- 
ered L9 times by earnings per 
share of 22.7p. 

Mr Budge said the company 
was in a strong position to 
grow regardless of whether it 
was successful in its bids for 
British Coal regions. 

The two mines already 
leased from British Coal were 


By Peggy H oiling er 

Royal Doulton shares rose 19p 
yesterday to 253p as the fine 
china manufa cturer made .its 
first profits announcement as 
an independently quoted com- 
pany and revealed that sales 
were running at their highest 
levels for four years. 

This leaves the shares some 
31 per cent higher than the ini- 
tial quote price of 193p follow- 
ing the demerger in December 
from media conglomerate Pear- 
son, which owns the Financial 
Times. 

Mr Stuart Lyons, chief exec- 
utive, said the order book for 
the current year was “satisfac- 
tory" after better than expec- 
ted trading in December. The 
UK was showing particularly 
good growth, with an encour- 
aging increase in tha pr emium 
brands. 

A series of one-off costs as a 
result of the demerger forced 
Royal Doulton's 1993 pre-tax 


pr emium pits and the rest of 
the business, which is mostly 
opencast mining, was going in 
line with, or better than, the 
company predicted when it 
was floated on the market last 
year. 

• COMMENT 

These are heady days for pri- 
vate sector coal mining as it 
prepares to take over an indus- 
try which it believes has enor- 
mous potential for making 
money as soon as the state 
loosens its grip on it at privati- 
sation. In common with compa- 
nies life** Coal Investments and 
NSM, RJB has enjoyed a signif- 
icant re-evaluation of its 
shar es in recent months. After 
yesterday's 8p rise to 378p, 
RJB’s shares are trading on a 
prospective p/e ratio of 17, 


profits down from £3.S9m to 
£3.04m for the year to Decem- 
ber 3L The costs included a 
£i.9m loss on the sale of a 
stake in the P-anariian newspa- 
per group. The Financial Post, 
and a Pearson management 
charge of £2.35m. Further 
demerger costs came to 
£851,000. 

Pearson was also paid a spe- 
cial net dividend of £l&2m, 
which left Royal Doulton with 
a £5.7m advance corporation 
charge to be offset against tax 
on future UK profits. 

Mr Mark Burrell, nonexecu- 
tive rfiairman, sai d t he under- 
lying performance had been 
good. Cost cutting and tight 
control of working capital had 
helped operating profits to 
increase from £10-9m to £ll.Gm 
an sales 10.4 per cent ahead at 

The sales increase had bene- 
fited from currency gains. At 
constant exchange rates, how- 
ever. sales were still more than 


assuming it makes £1-L5m this 
year. Such a rating may seem 
high, especially for a company 
whose gearing would need to 
rise to about SO per cent from 
its current 30 per cent to fund 
a third leased mine. However, 
the gearing will fall again next 
year as the company feels the 
full benefits of recent acquisi- 
tions and leasing deals. The 
real question for the company 
is how for it should go in buy- 
ing the rest of British Coal in a 
failing and uncertain market. 
Its growth strategy is not with- 
out risks and RJB holds out 
the promise of much more 
than it has so far achieved. 
Nonetheless, it has yet to put a 
foot wrong since its flotation 
and it is as well equipped as 
any UK company to make a go 
of the industry’s privatisation. 


5 per cent ahead. 

The company incurred losses 
in the Canadian retail busi- 
ness, continental Europe and a 
Japanese joint venture. How- 
ever, steps had been taken to 
repair the losses and Royal 
Doulton was confident the Jap- 
anese division would return to 
profitability as the economy 
recovered. The group is to buy 
the outstanding joint venture 
stake in August for up to £5m. 

Royal Doulton announced a 
stronger than expected balance 
sheet, with net debt of £18.1 m. 
including the ACT charge. This 
reflected strong cash genera- 
tion and a £9m reduction in 
stocks to £79.2m. Gearing was 
17 per cent against a pro forma 
69 per cent 

A single dividend or 3p is 
proposed. Losses emerged at 5p 
(earnings 14J2p), reflecting the 
demerger and non-recurring 
costs. After adjustment, earn- 
ings advanced from 9.2p to 

10.6p. 


GKN steps 
up its 
pursuit of 
Westland 

By Tim Burt 

GKN, the engineering and 
industrial services group, yes- 
terday stepped up its pursuit 
of Westland after the helicop- 
ter manufacturer admitted its 
operating profits would 
decline this year. 

The Yeovil-based company, 
which is fighting GKN*s £4 97m 
bid, said profits from its 
underlying business would fall 
from £36. 5m last year to £35 m. 

Pre-tax profits, however, are 
expected to increase by 64 per 
cent to £50m following a £15m 
gam arising out of an initial 
compensation payment from 
the Arab Organisation for 
Industrialisation, which is at 
the centre of a £385m damages 
claim filed by Westland. 

A further £3.4m profit on a 
property disposal is expected 
to be offset by interest pay- 
ments. 

Although Westland prom- 
ised shareholders a 6 per cent 
dividend increase to 4,75p and 
a 5p special interim dividend 
next year to reflect the AOI 
payment, GKN said the profits 
forecast was disappointing: 

Sir David Lees, who has 
offered Westland shareholders 
290p per ordinary share, said: 
“I thought there would be 
something more. Westland has 
been predicting only good 
news, but operating profits are 
forecast to falL" 

Nevertheless, shares in the 
helicopter group, in which 
GKN already has a 45 per cent 
stake, rose 7%p yesterday to 
close at 325p. 

Mr Alan Jones, Westland 
chairman, said GEN’S offer 
undervalued the company and 
its prospects for future orders, 
especially for its flagship 
EH 101 helicopter. 

He also highlighted poten- 
tial demand for the Apache 
helicopter, developed in part- 
nership with McDonnell Doug- 
las, which the group hopes the 
British Army will order next 
year. 

Citing estimates of steadily 
increasing orders, Mr Jones 
said: “An order for Apache 
would transform these growth 
prospects, providing the profit 
potential on an estimated £2bn 
of sales.” 

GKN again accused him of 
inflating order prospects and 
pointed out that similar hopes 
for the Black Hawk helicopter 
had foiled to materialise. 

Sir David said he would be 
seeking a meeting with Mr 
Jones later this week at which 
he would underline his deter- 
mination to take control of the 
group and merge it into GEN’S 
existing defence business. 

The engineering group has 
until the end of the week to 
make a revised offer, but Mr 
Jones - who predicted Sir 
David would come up with a 
“parsimonious” offer - hinted 
that some senior Westland 
managers would step down if 
GKN won control 
See Lex 


Royal Doulton pleases City 
with upbeat sales outlook 


Latin performance boosts Nelson Hurst 


By Richard Lapper 

A strong performance in 
south-east Asia and Latin 
America helped Nelson Hurst 
the insurance broker listed late 
last year, lift 1993 pre-tax prof- 
its from £L41m to £5 Jim. 

Earnings per share rose from 
3.4p to I6.6p. 

Mr David Woodward, chair- 
man. said the results exceeded 


forecasts contained In the list- 
ing particulars. Brokerage rev- 
enues increased by 17 per cent 
to £36. 7m, with revenues from 
the Middle East and south-east 
Asia up by 43 per cent to 
£5. 9m. Brokerage from its 
Latin American network also 
increased, by nearly 40 per 
cent 

The increase also reflected 
the appreciation of the US dol- 


lar, a currency in which Nel- 
son Hurst obtains 40 per cent 
or its revenues. Dollar income 
was booked at an average 
exchange rate of $1.50 com- 
pared with an average of $L75 
in 1992. On an underlying 
basis, revenues were up by ll 
percent 

Other operating income rose 
by 3 per cent to £3.lm, despite 
a 19 per cent drop in invest- 


ment income because of lower 
dollar and sterling interest 
rates. The increase reflected a 
foreign exchange gain of 
£300,000 (Elm loss). • 
Expenses were 6 per cent 
higher at £32.7m. The expense 
ratio foil by 10 points to 88 per 
cent The company's first divi- 
dend as a public company will 
be this year’s Interim, payable 
in October. 



ELSEVIER 


ANNUAL GENERAL 
MEETING OF SHAREHOLDERS OF 
ELSEVIER NV 

at the Caaponri headquarter; 

Vim dbSanrfrBakhnyasstraail. Ametcidaia 
at lOJOam cn IflfcdDaday. 20 April 1994 

The agenda includes the Executive Board's report «t the Coaipwb 
attain, daring 1993. approval of the 1993 Annual Accounts, dividend 
propwa) and appointment! to Board membership. 

A ropy of the Annua! Report and of the Rood Ebunur Annual 
Review 1993 at* wdl as the other documents for the meeting and a 
piucy (arm nre available for uttasidcni shareholders at the offices of 
Reed Ekcwr (UK) Ud (Corporate Retakes Department], tf Chesterfield 
Gardens. London W1A 1EJ. 

Reghlcrcd shareholders and other registered holders of voting 
rights arc entitled to attend the meeting, other in person or by proxy 
authorised In writing if the Executive Board is notified in writing, by 
no later than lEAprU 1994 of their inlenllun lu attend the meeting. 

Holders of bearer shares are entitled to attend, either m person ur 
by proxy authorised in wrkavft if ihdr share eertifiraics are deposited by 
do later tlun 18 April 1994 with a branch of any at* the foBomug hauls in 
The Ncthurtauda: MccsPicraon NV, ABN AMRO Bank NV, Babobuk 
Nederland or Internationale Nedwiandcn Bank NV in Aimtothin. 
Rotterdam, The Hqpic or UtrcdiL The receipt of deposit wtfl secure 
admwsioo to the meeting. 

Auialcnlamfl) March 1994 
FjzariHv Board 


Rising Asian demand 
lifts Scholl to £16.7m 


By Tim Burt 

Despite a downturn in some of 
Its core European markets, 
Scholl, the healthcare products 
group, increased pre-tax profits 
by 3.8 per cent in 1993. 

Rising demand in Asia and 
growth in Its licensing and dis- 
tribution business underpinned 
an advance in pre-tax profits to 
£l6.7m (£l6.1m) in the year to 
December 31. 

Together with contributions 
from new acquisitions, 
increased sales in south-east 
Asia helped to offset flat or 
falling European turnover, 
especially in Italy where sales 
declined by £4m to £20.5 m. 

Mr Neil Franchino, chief 
executive, said new subsid- 
iaries - dominated by Elf San- 
ofi, the French pharmaceutical 
group acquired for 116.8m in 
June last year - pushed group 
turnover ahead by 13.6 per cent 
to £171Jm. 

They also offset a decline in 
profits on continuing 
operations with an £869,000 
contribution - lifting total 
operating profits to £i6m 
(£I5.2m). 

Mr Franchino blamed the 
flat performance of its underly- 
ing business on the loss c-f Its 


Coppertone licence in Italy, 
tighter operating margins on 
its retail business and 
Increased marketing costs. 

The group was however, well 
placed to expand its core 
healthcare business. 

Earnings per share rose to 
12. 7p (I2.ip) and the final divi- 
dend is increased to 3Bp (3.7p), 
making 6.4p (6L3p) for the year. 

• COMMENT 

Scholl has seen fatigue set into 
its traditional markets, none 
more so than in the UK where 
sales of its famous shoes have 
declined sharply. But it has 
acted fast to counter the prob- 
lems by bringing new manage- 
ment into the retail business, 
while also distributing and lic- 
ensing new products at home 
and overseas. That has paid off 
dramatically In Asia, which 
the group expects to be the 
group's largest profit centre by 
1995. Further gains in the 
region have persuaded ana- 
lysts to upgrade profit fore- 
casts this year to £18-Im on a 
forward multiple of 13. With 
European markets unlikely to 
decline further and growth 
seemingly assured elsewhere, 
that makes the shares an 
attractive option 


Ex-Virgin Games chief expected to join group to create new division 


to set up multimedia arm 


Pearson 


By Raymond Snoddy 

Pearson, the media and 
publishing group, is setting up 
a multimedia division to co- 
ordinate its activities in the 
new business area where print 

finri visual images incr easing ly 

converge. 

The company, it is believed, 
has hired Mr Nidi Alexander - 
who used to run Virgin Games 
- to create the new division. 

Mr Alexander, who at pres- 
ent runs Sega Europe, the 
European arm of the interna- 
tional interactive games group, 
has either already resigned 
from Sega or is about to do so. 
to join Pearson. Pearson 
declined to comment 

The move is a symptom of 
the increasing interest in the 
visual media at Pearson, owner 
of the Financial Times, fallow- 


ing the decision to concentrate 
on information, education and 

mtw-tat 1 wrwmt 

The growing Interest in mul- 
timedia would involve Pear- 
son's existing operations in 
educational publishing but the 
new division, it is believed, 
would be a focus for acquisi- 
tions in the area. 

At the same time both of 
Pearson's two main television 
interests, the 17.5 per cent 
stake in British Sky Broadcast- 
ing and the 100 per cent owner- 
ship of Thames Television, 
both appear to be holding out 
prospects of substantial 
growth. 

In the 1993 results, which 
en me in yesterday at ransm at 
the pre-tax level, returns from 
both are modest 

Thames, which cost a total of 
EUXLTm in June 1993, contrib- 


uted £6.5m in operating profits 
and BSkyB put in £6-9m - the 
first time that income from the 
satellite television venture has 
come through. 

In both cases, however, that 
seems to be only the beginning 
of the story. 

Thames may soon be valued 
at considerably more than Its 
ElOQm purchase price. 

Apart from continuing 
orders from the ITV network 
for its programmes, such as 
The Bill, Pearson's 10 per cent 
stake through Thames in the 
Astra television satellite sys- 
tem may be about to be reval- 
ued. 

The Deutsche Bundespost is 
negotiating for a stake in the 
satellite systems, and valua- 
tions are believed to be about 
£50m for a 10 per cent holding. 

A contribution in the region 


of £35m is expected from 
BSkyB in this current year. A 
total of 3.3m homes are sub- 
scribing to at least one BSkyB 
service, and there is a total of 
7m channel subscriptions, 
showing that a large propor- 
tion of BSkyB viewers are pay- 
ing for several of the channel 
packages on offer. 

Lord Biakenham. Pearson 
chairman, said: “In June we 
took the decision to concen- 
trate our resources on our 
media and entertainment busi- 
nesses. and by December 
Cameo and Royal Doulton had 
become independent public 
companies." 

He continued: “As a media 
company we have great oppor- 
tunities for deploying our 
brands and copyrights in a 
variety of expanding and over- 
lapping media markets." 


Automated Security falls to £11. 8m 


By Paid Taylor 

Automated Security (Holdings), the 
international electronic security systems 
company, turned in sharply lower full-year 
pre-tax pro fi ts of £lL8m for the year to 
November 30. mainly reflecting the 
absence of a £30 profit on the sale of 
discontinued business the previous year. 

The group caused a furore last autumn 
when it went ahead with an enhanced 
scrip dividend in lieu of its 3.05p interim 
despite a sharp foil in its share price trig- 
gered by an earlier profits warning: It is 
now proposing an ordinary scrip issue in 
lieu of the final dividend. 

Under the terms of the scheme, share- 
holders are being offered one share for 
every 48 held in lieu of a 2.2Sp final. The 
shares closed up Ip at 109p. 

The pre-tax result compares with 


restated pre-tax profits of £45.1m which 
included the profit on the sale of the 
group's European security and specialist 
CCTV business. Earnings per share fell to 

2.4p (25-8p.) 

Ash said pre-tax profits from 
continuing operations increased to £18. 1m 
(£9.6m.) Turnover from continuing 
operations increased by 20 per cent to 
£153.5m (£ 127.3m), including ElO.ltn from 
acquisitions. 

Total group turnover slipped to £1 60.8m 
(£173 .2m). including £7.25m (£4&9m) from 
discontinued operations. 

The group said it experienced “difficult 
trading conditions in the UK during the 
first nine months,” but noted that market 
recovery was reflected in a 23 per cent 
increase in fourth quarter operating prof- 
its to £7.1m (£5.?m) on revenues which 
grew by 14 per cent to £44. Un (£3S-7m.) 


Overall full-year operating profits fell by 
almost 28 per cent to £i9.4m (£26.9m) 
including £706.000 attributed to acquisi- 
tions but after a £4.97m loss i£535m profits 
from discontinued operations. 

The UK operations lifted their contribu- 
tion to operating profits by 7.5 per cent to 
£2lm on revenues up 12.3 per cent to 
£110m spurred by the success of the 
group’s new verification products and the 
acquisition of Telecom Security. 

During the year the group completed its 
restructuring with the consolidation of its 
two iwain operating companies in the UK. 
This led to restructuring and reorganisa- 
tion costs of El -38m. down from £3-73m in 
1992. 

In the US operating profits increased by 
34.6 per cent to £7.6m on revenues which 
grew by 48.3 per cent to £43.5m, helped by 
a strong performance by SonitroL 


Higher cigarette taxes peg T&S rise 


By Peggy Hoffinger 

Increased taxes on cigarettes 
held back the advance at T&S 
Stores, the newsagent and con- 
venience store retailer, which 
yesterday announced a mar- 
ginal increase in pre-tax profits 
from £lZ53m to gi?-Sfiin for the 
year to January L 

The increase was achieved 
on a 2 per cent , advance in 
sales to £352m. Mr Kevin Threl- 
fall, chairman, was bullish 
about the current year, saying 
like-for-like sales were running 
7 per cent ahead of last 
year. 

Further improvement would 
come from the £5 .95m cash 
acquisition announced yester- 


day of 27 convenience stores 
trading under the Macs name. 
This is T&S’s second acquisi- 
tion this year, after the £S.7m 
cash purchase of 74 Gibbs 
newsagents shops. 

The two purchases are expec- 
ted to contribute sales of more 
than £40m in the current year. 

Supercigs, the discount 
tobacco and confectionery 
rfiain , suffered an 11 per cent 
decline in operating profits to 
£2 .54m, on sales 3 per cent 
lower at £170.6m. 

Mr Threlfall said a shift in 
focus towards discounting a 
wider range of products at the 
Supercigs chain, including 
magazines and cards, had 
helped to offset the effects of 


an overall decline in the cigar 
rette market 

Dillons newsagents reported 
a 4 per cent advance at the 
operating level to £5. 8m, on 
sales l per cent ahead at 
£102£m. Mr Threlfall said the 
increase was due to tight cost 
controls, with the average 
branch profit up by 9 per cent 
to £21,740. 

Dillons convenience stores 
increased operating profits by 
8 per emit to £4&m on sales 16 
per cent ahead at £78.7m. Like- 
for-like sales were 5 per emit 
ahead, in spite of increased 
Sunday opening from super- 
markets. 

Mr Threlfall said T&S 
intended to open 30 new stores 


across the businesses this year. 

The final dividend was 
increased by 3 per cent to 3.6p, 
for a total pay-out of 6.1p (5.9p). 
Earnings per share fell from 
15.17p to I3.44p. 

• COMMENT 

These were disappointing 
results, but the market was 
half expecting to be disap- 
pointed. The best news was the 
latest acquisition which, added 
to that in January, gives hope 
that T&S may end two years of 
stagnation in 1994. Forecasts 
are for pre-tax profits of £13.8m 
this year. After the 9p rise to 
I94p in the shares, the forward 
multiple of 13 times may not 
look too demanding. 


Exceptional leave Acquisitions behind 
SBJ £0.5m in the red 73% rise at Bemrose 


By Richard Lapper 

Steel Burrtil Jones, the 
insurance broker, yesterday 
reported a swing from profits 
of £KL27m to pre-tax losses of 
£521,000 for 1993. 

A' reduced final dividend of 
6p cuts the total from l3J25p to 
9p. 

The deficit was fully in line 
with expectations following the 
announcement of exceptional 
costs at the interim stage last 
September. Dealers responded 
positively to an underlying 
trading profit of £6.92m and 
marked the shares up lOp to 
I29p. 

A poor performance by the 
group's direct energy and 
marine reinsurance operations 
was the main factor in a 
decline in brokerage income to 
£45 3m (£47.3m). Although hull, 
cargo and protection and 
indemnity business performed 
well energy brokers struggled 
with tight capacity in London 
and tough competition In the 
US. 

Income from marine insur- 
ance and reinsurance as a 
whole fell to ElLlm (£14.7m). 
By contrast, brokerage income 
from London market non-ma- 
rine increased to £16.5m 
(£14. Gm), while retail business 
rose to £19 .95m (£i6.7m). 


Income was also hit by an 
exchange rate loss of £?. 24m 
Investment and other income 
fell to £6.02m (£7 -83m). The 
share of profits of associates 
amounted to £19,000 (£911,000). 
Administrative expenses 
increased to £44. 4m (£43. 9m) 
and charges for reorganisation 
and closure amounted to 
£4.4m. 

• COMMENT 

The bad news which has led 
the shares to underperform in 
the last 12 months appears to 
be over. There was no further 
deterioration in the second half 

anri tough numagpmpnt action 

last year should now begin to 
yield fruit. Planned cuts in 
expenses should produce 
savings of some £3m this year 
and the group should also ben- 
efit significantly from the 
strength of the dollar. New pay 
incentives- have been intro- 
duced for senior staff, but trad- 
ing conditions remain difficult 
and earnings prospects uncer- 
tain. Even so, on balance and 
barring any further mishaps, 
1994 profits of at least Efim 
should be within reach, put- 
ting the share on an attractive 
multiple going forward of 
under 12. A prospective 
yield of 8.7 provides supp- 
ort. 


[dividends announced 1 



Current 

payment 

Date of 
payment 

Carres - 
ponding 
dividend 

Total 

for 

year 

Total 

last 

year 

Auto Security » 

— fln 

nif§§ 

- 

3.05 

3.05 

5.3 

Bemrose Corpn 

fln 

7>t5t 

May 16 

7.45 

11.75 

11.75 

Blagden Inds fin 

nfl 

- 

5 


9.5 

EBC 

fin 

225 

May 20 

2.25 

4 

4 

Edinburgh Fund fln 

16 

May 13 

8J> 

22 

105 

Fisher (James) . 

fln 

nil 

• 

as 

nil 

1 

OJote-J Group g 

fln 

0.3 

May 24 

0.3 

0.5 

05 

OR (HohSngs) -—..-.ini 

0.4 

May 26 

a4 

. 

1.8 

Graystone 

kit 

0.1 

June 6 

nfl 

. 

mi 

HeadbRi Group 

--—.fin 

2-36t 

July 1 

1.85 

32 

2.6 

Inchaape — .... ■ 

.........fln 

9 

July 4 

8.35 

14.8 

13.75 

loM Steam 

iki 

7.5 

May 16 

7 

11 

10 

MY Holdings Jffi 

ast 

June 15 

025 

- 

1.25 

Nsetor-BNA 

-Jn 

2 

May 27 

2 

3.15 

3.15 


tin 

7.625 

June 3 

6.625 

13 

12 

RJB Mtofng 

— ~-fin 

7 

May 31 

- 

12 


Royal Doulton » 

fln 

3 

June 3 

- 

3 

- 

Rutland Thwt ™ 

fln 

0.6 

May 27 

053 

087 

08 

Scottish Metro . 

Int 

H5t 

Aug 17 

cu 

> 

12 

Sharpe & Fisher fln 

2.7 

June 3 

2-5 

4.2 

4 

Sherwood Group _Jtn 

1.9t 

May 26 

1.7 

22 

2.6 

3ted SurrSI 

—_fin 

6 

May 26 

9 

9 

13^5 

Taylor Nelson _ 

tin 

0.32 

- 

02 

0/45 

03 

TR Far E**t Inc Jnr 

1.4* 

July 1 

12 

- 

5 

T&S Stores 

—fln 

as 

May 27 

32 

6.1 

5.9 


Dividends shown pence per share net except where otherwise stated, ton 
Increased capital. §USM stock. * Second Interim making 2.7p (2.4p) to date. 
§§ 1-tor-48 scrip Issue proposed In teu ol Anal. 


By Paul Taylor 

Bemrose Corporation, the 
Derby-based security and pro- 
motional printer which is now 
the largest supplier to the US 
advertising specialty market 
following a series of acquisi- 
tions, yesterday reported 
sharply higher 1993 pre-tax 
profits. 

Pre-tax profits rose by 73 per 
cent from £6J26m to £ 10.8m 
and included a £579,000 profit 
on the sale of a subsidiary. 
Turnover grew to £8 9m 
(£49-3m) including £40m from 
acquisitions. 

Earnings per share, includ- 
ing the profit on disposal, 
grew to 30.47p (22.18p). An 
unchanged final dividend of 
7.45p makes a total of 11.75p 
(same) on increased capital. 
The shares closed lp higher at 
453p. 

Operating profits jumped to 
£lL87m (£5.48m) with all of 
the increase coming from 
acquisitions. Mr Rodger 
Booth, chief executive, said 
that in the UK, earnings 
operating profits woe main- 
tained despite margins coming 
under pressure. 

The continued down turn in 
UK bank cheque printing was 
offset by gains In other secu- 
rity products. Sales of promot- 


ional products were a little 
higher, but margins tightened. 
Nevertheless, all the group’s 
businesses in the promotional 
sector performed dose to 1992 
levels, including Barnard and 
Jackson, the diary manufac- 
turer acquired in April. 

fh the US - the focus for the 
group's recent expansion 
which has been funded 
through two rights issues - 
operating profits increased, 
with additional gains gener- 
ated by the strengthening dol- 
lar. 

The US businesses, including 
Bemrose Yattendon, previ- 
ously a 50:50 joint venture 
company, contributed £4. 65m 
to operating profits. 

• COMMENT 

1993 was a transition year for 
Bemrose which has success- 
fully built a new US leg to its 
operations. With margins 
under pressure in the UK and 
the traditional cheque printing 
business in decline, the US 
businesses should help main , 
tain profit and earnings 
growth this year. Profits of 
around £11 .Sm are likely this 
year, producing earnings of 
about 28. 4p. The shares are 
trading on a prospective p/e of 
16 and the price lodes about 
right 


Taylor Nelson expands 


Taylor Nelson AGB, the largest 
market research group in the 
UK, is boosting the 1993 divi- 
dend by 50 per cent from CL3p 
to Q.45p after lifting pre-tax 
profits to £4.17m for the year 
writes David Blackwell. 

This compares with a previ- 
ous £994,000, restated for 
FRS3. At the operating level 
profits were up at £2.93m 
(£4. 15m). 

Turnover improved by 18 per 
cent from £47.2m to £55.7m. UK 
turnover improved to 
representing 20 per cent of the 
total UK market, which grew 
by 8 per cent in the year. 

Earnings per share rose from 
0*3Sp to 1.28p while directors 
are proposing a final dividend 
of 0.32p compared with 

0.2p, 

Mr Tony Cowling, chief exec- 
utive, said that continuous 
contract business represented 


which had grown ! 
cent in the year. 

The consumer sec 
makes up most of t| 
business with tur 
£30-2m. had a mlxo 
clients cut their bud 
ever, retailers had 
spend more on rese 
Lbis in tuni had attr: 
“sssjrom City analy 
Orders for ad hoc r 
Jbe healthcare sectc 
totm turnover of £8 
up by 35 per cent at 
pressures forced U1 
Pharmaceutical com 
“Jress wider marke 
The business servi 
®lso improved, but i 
tel £ vlslon rese: 

A® 0 * t* 
fratlou of ownership. 


* 





FINANCIAL TIMES TUESDAY MARCH 29 1994 


COMPANY NEWS: UK AND IRELAND 


*!» 


S riv 


Sale of a stake in its soft drinks business helped fuel the advance 

Rutland 65% ahead at £10.9m 


By David Blackwell 

The sale of part of its soft 
drinks business helped 
Rutland Trust, the financial 
and business services group, 
to boost pre-tax profits by 
65 per cent for the year to 
end- December. 

They rose from £6.67m to 
£10.9m on turnover of £l00m 
(£94m). The latest turnover fig- 
ure includes £5-lm from acqui- 
sitions. 

Early this year Rutland sold 
part of Ben Shaw's, the York- 
shire soft drinks manufacturer, 
84 per cent of which it acquired 
last August for £5.7 sl 

The buyer was Cott Corpora- 
tion of Canada, the rapidly 
expanding North American 
soft drinks company, which 
paid £6m for 51 per cent of the 
Pontefract canning line. The 
latest pre-tax figure includes 
£3 ,3m profit on the sale. 

Mr Michael Langdon, chief 
executive, said the group 
would realise a further £3m of 
profits in the current year from 
a second payment from Cott 
which has the option to raise 

Argent to float 
with more than 
£150m value 

Argent Group, a private 
property concern which has 
pursued an aggressive expan- 
sion programme over the last 
three years. Is to float this 
summer with a market value 
of more than £l50m. 

Shares will be offered to the 
public as well as placed with 
institutions. 

The group intends to use the 
proceeds to "take advantage of 
development opportunities 
beyond our current scope”. 
Argent said development 
would only be undertaken if 
the building was pre-let or 
sold. 

Argent is the private vehicle 
of brothers Michael and Peter 
Freeman. 

Between 1991 and 1993 the 
group bought 15 of its 16 prop- 
erties with the help of its joint 
venture partner, Warburg Pin- 
cos. the US venture capital 
concern. 

The group’s properties have 
recently been valued at £195m 
and pro forma net assets are 
estimated at £115m. 


Sharpe & 
Fisher 
rises 61% 

A “steady improvement” in 
trading conditions in its core 
business of building supplies 
helped Sharpe & Fisher 
increase pre-tax profits from 
£1.45m to £2L35m for the year to 
end-December. 

The 61 per cent improvement 
was achieved cm a £7m sales 
rise to £52.3m, assisted by con- 
tinued tight control of costs. 
Operating profits grew by Elm 
to £L89m. 

In October it acquired the 
seven building supplies depots 
of Phillips & Son (Alton), 
bringing the total number of 
depots to 22. Acquisitions 
added £t.34m to sales and 
£22,000 to operating profits. 

The property side produced 
profits of £1.43m <£L3m). 

Interest charges fell to 
£541,000 (£688.000) but tax took 
£448,000 (added £159.000). Earn- 
ings came out at 9-2p (7.8p) and 
a final dividend of 2.7p makes a 
4-2p (4p) total 

Dale Electric 

Dale Electric, the Yorkshire- 
based power systems group, 
p lans to raise £4. 46m through a 
2-for-3 rights issue at 55p per 
share. The issue of 9.13m 
shares is underwritten by Bee- 
son Gregory. 

Mr lain Dole, chairman, said: 
“The proceeds will be used to 
strengthen the balance sheet, 
reduce debt and enable us to 
continue our programme of 
investment in plant and 
machinery." 

Regalian Props 

Regalian Properties, the devel- 
opment and investment com- 
pany, cut its debt to £6m, for 
gearing of 42 per cent with the 
sale of three properties in Ken- 
sington Palace Gardens, Lon- 
don. The price was not dis- 
closed. t 

At March 1993 debt stood at 
£65m with £135m a year before. 

Regalian also announced it 
had replaced its consortium of 
six banks, led by Barclays, 
with facilities from Barclays 
alone. 

Global 

Profits of Global Group, the 
USM-traded meat and shipping 
services concern, improved 
from £l.4m to £1 3m pre-tax for 
the year to end-December. 
Turnover rose by £6.2m to 
jg g i f?m. 

Earnings amounted to 1-lP 



Tony tadreMe 

Michael Langdon: a further £3m profit to come from the sale 


its Stake in the panning Iiw*» to 
82.5 per cent 

Rutland will retain the 
remaining 17.5 per cent and 
will continue to own and 


develop the Huddersfield divi- 
sion of Ben Shaw's, which con- 
centrates on the local return- 
able soft drinks market and 
spring water production. 


Headlam surges to 
£3.7m on the back of 
acquisition profits 


By Tim Burt 

Headlam, the acquisitive 
fabrics and flooring distribu- 
tion group, yesterday reported 
a sharp increase in annual 
profits following first-time con- 
tributions by new subsidiaries. 

For the year to end-Decem- 
ber pre-tax profits rose to 
£3.65m (£Llm) an turnover up 
from£58y8m to norm. 

The group, which has 
acquired 13 companies in the 
past two years, said full-year 
profits from 1992 acquisitions 
and partial contributions from 
subsidiaries purchased last 
year boosted operating profits 
to £4. 52m (£L72m). 

Mr lan KH-kham , chief execu- 
tive, gaid the fabrics division 
had enjoyed the sharpest 
growth with profits increasing 
from £705,000 to £2-4m. 

The flooring division - 
enlarged by acquisitions in 
Scotland and the Midlands dur- 


ing the year - contributed 
£2. 8m (£1.4ni) to group operat- 
ing profits. 

“It has captured 15 per cent 
of the national distribution 
market despite a fairly fiat UK 
market {dace,” said Mr Kirk- 
ham. 

Improved performances by 
both divisions were oflser by a 
£242,000 loss at R Coggins, the 
footwear business, which was 
sold off last year. 

While concentrating on its 
core businesses, the group is 
also understood to be consider- 
ing an pypanyinn into furnish- 
ing fabrics - a sector where it 
h as identified several possible 
acquisitions. Such purchases 
would be fmnTv-pd from bor- 
rowings or net cash of £3. 6m 
left over from the group's 
£5.1m rights issue last year. 

Earnings increased to 8p 
(3.6p) and a proposed final divi- 
dend of 2JJ5p makes a 3.2p 
(2.6p) total. 


NEWS DIGEST 


(0£3p) and a final dividend of 
OBp makes a same-again 0.5p 
total. 

Adwest 

Adwest Group, the automotive 
components, defence and prop- 
erty company, has acquired 
Modular Devices from private 
owners. The consideration in 
cash involves a maxi mum ini- 
tial payment of $llm (£7.5m) 
for net assets of $3-44m plus a 
profit-related $2 -5m. 

Mnibifar Devices is a Calif- 
ornia-based designer and 
maker of commercial power 
supply units for specialist com- 
puter equipment manufactur- 
ers. It made pre-tax profits of 
$Llm on sales of gl2im in the 
year to June 30 1993. 

F&C Income Growth 

Foreign & Colonial Income 
Growth Investment Trust, the 
first F&C investment trust to 
invest purely in UK securities, 
has raised £42.9Im through a 
placing and offer for subscrip- 
tion of shares and warrants. 

Applications were received 
for 7.18m units - each unit 
comprising five ordinary 
shares and one warrant - and 
these were satisfied ip foil As 
announced earlier this month, 
1.4m units were placed by SG 
Warburg Securities at 500p 
each. 

About £23 .5m of the money 
raised will be held in PEPs. 

Reed Elsevier 

Reed Elsevier France has 
acquired the OIP Group, a lead- 
ing French exhibition organ- 
iser, which organises 13 trade 
and public exhibitions in Paris. 

OIP, which com prises five 
companies - FIEF, OIP, GLC. 
PRK and Sorespex, made an 
operating profit of FFr32 .5m 
(£3.8m) on turnover of 
FFrl43Bm in 1993. 

ERC 

BBC Group, the construction 
and development group, 
achieved pre-tax profits of 
£931,000 in 1993. For 19 92 there 
were losses of £3.72m, restated 
in accordance with FRS 3 

Turnover amounted to 
£57.Gm (£55.7m). 

The building and mainte- 
nance division, which had been 
profitable over many years, 
incurred losses, Mr Bert Cock- 
roft, the chairman, said. That 
was because of Rutland Build- 
ers, since closed. 

Earnings per share 
amounted to 4.85p (19.35p 
losses) and the proposed final 
dividend of 2.25p holds the 
total at 4p. 

Net borrowings foD to £2m at 


the year end while sharehold- 
ers' funds totalled £LL5m. 

James Fisher 

In line with the company’s 
forecast at the interim stage, 
James Fisher, the Cumbria- 
based shipping group, suffered 
a further deterioration in trad- 
ing in the second half and 
ended the year in the red. 

The loss on ordinary activi- 
ties before a tax credit was 
£5.63m. against a profit of 
£1.49m last year. Turnover fell 
by 8 per cent to £28.5m 
(£3Llm). 

Sir David Hardy, chairman, 
said that the outcome had been 
worsened by the need to add a 
number of provisions during 
the period. 

After the tax credit, which 
amounted to £1.84m (£847,000 
charge), losses per share ca m e 
out at 15.76P (2.66p earnings). 
There is no dividend this time 
(last year's pay-out totalled Ip). 

High Gosforth 

High Gosforth Park, the race- 
course operator, announced 
pre-tax profits of £49,675 for the 
year to end-December, against 
a deficit of £21,150 last time. 
Turnover rose from £U8m to 
£l-2m. 

Net interest receivable and 
similar income increased to 
£179,931 (£40,936). After tax of 
£39,656 (£4,080) earnings per 
share emerged at lip (losses 
Z7.7P). 

Bournemouth Water 

Bournemouth Water, which 
supplies water to the Bourne- 
mouth and Dorset area, lifted 
pre-tax profits from £4.75m to 
£484m in 1993. 

Turnover advanced more 
strongly, from £12. lm to 

gig 7m. Earning s per share fell 
from 469p to 285p basic and 
from 320p fully diluted. A pro- 
posed final dividend of 91p 
makes 120p (86p) for the year. 

The company's parent is 
Biwater. 

Blackwood Hodge 

Blackwood Hodge, part of the 
BM Group, announced a pre- 
tax loss of £5.02m for the six 
months ended December 31 
after a £&n exceptional charge 
to reduce farther the size of 
the remaining parts of the 
Canadian operation to facili- 
tate its disposal. In the compa- 
rable period of 1^2 there was a 
profit Of £147,000. 

Turnover for continuing 
operations increased by 20 per 
cent to £97.08m (£80.57m) 
reflecting improved economic 
activity in the US. 

Because of the continuing 


Operating profits from the 
corporate finance and Invest- 
ment division, which did the 
Ben Shaw’s deal, rose from 
£1.51m to £2m. This mainly 
reflected a £lJ3m (£901.000) 
contribution from the group's 
42 per cent stake in Capital 
Industries, the laminated paper 
maker. 

The asset financing division, 
which is involved in vehicle 
contract hire, doubled operat- 
ing profits from £858,000 to 
£1.72m on the back of 
improved second-hand car 
values. 

Profits from professional ser- 
vices, including Kflfo & Buckle, 
the loss adjuster, eased from 
£4_3m to £3J2m. 

At the year end the group 
had £14.6m cash. Mir Langdon 
said Rutland would continue 
to look for suitable acquisi- 
tions. 

Earnings per share rose 
from 1.68p to 3.17p, or 1.97p 
excluding the exceptional 
item. A final dividend of 
0.6p (0. 53p) is proposed, making 
the total for the year 0.87p 

<0.8p). 

Baronsmead 
venture capital 
trust flotation 

By Bethan Hutton 

Baronsmead, the venture 
capital group, is launching a 
venture capital investment 
trust based on an existing 
£12.75m portfolio of cash and 
unquoted investments held by 
Baronsmead Development Cap- • 
ital Partners. 

The fond was started in 1988 1 
as MIM Development Capital 
Partners. Baronsmead acquired 
control of the managers, 
Invesco Ventures, in May 1993. 
The new trust, Baronsmead 
Investment Trust, will con- 
tinue to invest mainly in estab- 
lished UK unquoted companies 
involved in management buy- 
outs or buy-ins. 

The trust wifi have an initial 
life of 10 years. The assets are 
to be transferred from the part- 
nership to the new trust in 
exchange for 12.75m ordinary 
shares at 100p, and 1.91m war- 
rants, exercisable at lOOp 
between 1997 and 200L Deal- 
ings in both are expected to 
start on March 31. 


deficit of reserves there is 
again no preference or ordi- 
nary dividends. Losses per 
share were 33p (0.7 p). 

GR (Holdings) 

Losses at GR (Holdings), the 
leisure and fitness, property 
and sheepskin processing con- 
cern, rose from £124,753 to 
£216,882 over the half year 
ended December 3L 

The deficit took account of a 
provision against costs of joint 
interests amounting to £121,782 
(nil) and a loss on investments 
of £98£18 (nil). 

Directors said the second 
half loss was likely to be 
slightly in excess of the 
£333,000 recorded for the same 
period of the previous year. 

Turnover of continuing 
activities totalled £2.lm 
(£2.l4m). The interim dividend 
is held at 0.4p. Losses per share 
emerged at 2J3p (l.3p). 

TR Far East Income 

Net asset value of TR Far East 
Income Trust increased by 22 
per cent to 196^p at the end of 
February 1994. against I60.9p 
six months earlier. 

The performance compared 
to a 30.5 per cent rise In the 
FTA Pacific Basin Sterling 
Index, excluding Japan, and a 
1.7 per cent rise for the same . 
inrtev . inehiHing Japan. 

Aftertax earnings jumped 48 
per cent to £L54m (£l.G4m) in 
the six months period and 
earnings per share were 3^p 
(2.2p). The second quarterly 
dividend is 1.4p making 2.7p 
(2.4p) to date - payments total- 
ling not less than 5.5p <5p> 
have been forecast for the year. 

Graystone 

Acquisitions and improved per- 
formance from its remaining 
core businesses helped Grays- 
tone, originally the Ptarmigan 
Holding s sausage skin, artifi- 
cial flower, ribbon and country 
hotel group but now an engi- 
neering company, turn in a 
pretax profit of £U5ni for the 
six months to December 31 
against a restated loss of 
£56,000. 

Turnover was £1 2.51m 
(£2 -52m), with £8J29m (£L76m) 
coming from continuing 
operations and £3^9m from 
acquisitions. 

Operating profit came out 
ahead at £1 .38m (£170,000). Con- 
tinuing operations contributed 
£957,000 (£158,000) and acquisi- 
tions £413J)00. 

Earning s per share stood at 
Q.6p (0.38p) basic and 0-55p 
(0.3Bp) fuUy diluted. As a result 
of the improvement in profit 
performance, an interim of Q.lp 
is being paid. 


I£29m cash 
call from 
Irish 

Continental 

By Tim Cootie in Dublin 

A 3-for-7 rights issue' to raise 
1229.2m (£2 8.1m) has been 
announced by the Irish Conti- 
nental Group, which operates 
ferry and shipping services 
from Ireland to the UK and the 
continent 

Hie issue price of 400p on 
the 7.57m new shares repre- 
sents a 13 per cent discount on 
yesterday's average trading 
price of 460p. The issue is 
being underwritten by AJB 
Capital Markets. 

Proceeds will be used to 
I finance the building of a new 
ferry to operate on the Dnblin- 
Holyhead route, which will 
replace a chartered vessel with 
i one with more than twice the 
capacity. 

The company said that 
i capacity constraints on the 
rente had created opportuni- 
ties for expansion to “capture 
a significant portion of the 
freight transport originating 
in the Republic of Ireland cur- 
rently being rented through 
Northern Ireland ports”. 

The annnai financing costs 
of the new ferry would be no 
greater than the chartering 
costs of the existing chartered 
ferry, the company said. 

The Irish Sea routes have 
become increasingly competi- 
tive. Hie port of Larne, north 
of Belfast, with its short sea 
crossing to Britain and fre- 
quent sailings schedule, has 
posed a challenge to operators 
out of ports in the Republic. 
Larne handies an estimated 20 
per cent of all roll-on roll-off 
vehicle traffic for the Republic 
crossing the Irish Sea. 

Stena Sealink. is one of 
ICG’s main competitors, and is 
planning its own expansion on 
the Dnblin-Holyhead route , 
this summer, upgrading its 
catamaran ferry service in 
Jnne to be followed by the 
introduction on the route of 
the world’s largest high-speed 
ferry in spring 1995. 

The new ICG ferry, and 
Stena Sealink’s new high- 
speed vessel, will have capac- 
ity to carry 100 and 50 tracks 
respectively. However, govern- 
meat plans to alleviate traffic 
congestion in Dnblin are 
unlikely to materialise until 
towards the aid of the decade. 


Scottish Metropolitan 
back in black with £7.2m 


By Vanessa Houkier, 

Property Correspondent 

Scottish Metropolitan, Scot- 
land’s largest property com- 
pany, yesterday announced a 
return to profitability. 

It announced pre-tax profits 
of £7.16m for the six months to 
February 15, compared with a 
pretax loss of £1.18m for the 
comparable period. 

Mr Scott Cairns, manag in g 
director, was “cautiously opti- 
mistic." 

Although property values 
are increasing, demand from 
tenants is still weak, he said. 
“The letting markets are very 
tough," he aiMpfl 


Hie tumrouud in profitabil- 
ity resulted from a £5.Q5m gain 
on the sale of investment prop- 
erty, together with a reduction 
in net interest costs from 

£&£4m to £5.22m. 

Operating profits fell from 
£9J>lm to £7.33m. mainly as a 
result of loss of revenue from 
buildings that were sold. 

The company’s borrowings 
have fallen from £l44Jfcn last 
August to £67 on February 
15. 

During the period, the com- 
pany raised £26 -8m through a 
rights issue and sold six invest- 
ment properties for £55.3m, 
showing a 10 per cent surplus 
over book value. 


In the second half of the year 
the company plans to sell 
buildings worth between £5m 
and £10m, mainly in the south 
of England, as it implements 
its strategy of increasing 
its emphasis on Scottish prop- 
erty. 

It has spent £8 5m on acquisi- 
tions of industrial and retail 
property since the half-year 
end and has about £50m of 
unused facilities for further 
acquisitions as opportunities 
arise. 

Earnings per share were 
&l9p, compared with losses of 
152p. 

The interim dividend is lifted 
from OAp to 0.5p. 


House of Fraser flotation 
public element oversubscribed 


By No* Buckley 

House of Fraser, the 56-store department store 
group, said yesterday the public element of its 
flotation was 2.2 times oversubscribed, and 
larger applications would be scaled down. 

The group placed 172 -2m ordinary shares. 75 
per cent of the total, firm with institutional 
investors. It offered 57.4m shares to the public, 
and received applications for 12657m shares 
from more than 112.000 applicants. 

Applications for 200 to 400 shares will be allot- 
ted in full, bat applications for more will receive 
only partial allocations. Those applying for 3,000 
to a TniHirm shares will get 25 per cent, and 


applicants for more than a million will get 20 
per cent. 

Eligible employees, pensioners and directors 
applied for a total of 897,700 ordinary shares 
under a preferential offer. Their applications 
will be satisfied in full. 

The Fayed brothers, owners ol House of 
Fraser, are selling all the shares in the group, 
valuing it at £413 Jm. but are keeping its former 
flagship Harrods. 

In the "grey market" made by 1G Index, the 
London financial bookmaker, the shares were 
quoted at 190',=p yesterday, a premium of lOp on 
the offer price, after dropping to lB5'/zp on 
Friday. 


Bakyrchik raises more 
to exploit gold mine 


By Kenneth GoocSng, 

MMig Correspondent 

Bakyrchik Gold, which raised 
£9m in London last August to 
exploi t a gold Tniop in Kazakh- 
stan, once part of the Soviet 
Union, has raised a further 
O- 9-Sm net to orpanH the first 
stage of the project 

Some 750.000 new shares, 
representing about 5 per cent 
of the increased capital, have 
been conditionally placed with 
institutional investors by Wil- 
liam de Bros at 300p each. 

Last August Bakyrchik 
shares were placed at 120p, 
since when they have been as 


high as 405p. 

Mr Kevin Foo, chief execu- 
tive. said the new cash would 
be used for a bigger treatment 
plant so that annnai gold out- 
put in the first stage of the 
project would be 46.000 troy 
ounces compared with the 

35.000 to 40,000 first envisaged. 
The feasibility study for a 

second stage, to take output to 

230.000 ounces a year, was due 
to be completed in May and, 
subject to this bong satisfac- 
tory and a successful start-up 
of the stage one plant, Bakyr- 
chik would raise another £75m 
later in 1994. Most of this 
would be via new equity. 




Isle of Man 
Steam rises 
to £3.5m 

Isle of Man Steam Packet 
Company, the operator of ferry 
services, lifted pre-tax profits 
by 6 per cent, from £&59m to 
£3. 48m, in the year to Decem- 
ber 31. 

The result, achieved on 
improved turnover of £25J3m 
(£24.5m), was after an excep- 
tional £1.06m write-down in 
the book value of Lady of 
Mann. 

Operating profits advanced 
from £!L28m to £4.43m. 

Warnings per share emerged 
at 20-6p against 19.5p and the 
proposed final dividend of 7-5p 
(7p) lifts the total by lp to 
HP- 


htS 


OhKjf 

w 


1994 


1994 


1994 


THE QUEEN’S 
AWARDS FOR EXPORT 
TECHNOLOGICAL & ENVIRONMENTAL 

ACHIEVEMENT 

Thursday 21 st April 1994 

A Queen’s Award is one of the highest accolades given to a company and the reasons to 
publicise the achievement are many. An award winner will undoubtedly gain a better 
standing within the business community and this could open new doors by attracting new 
clients, customers or contracts. Publicity will Jet your current customers know of your success 
and can also act as "t hank you" to suppliers and employees. 

The Financial Times has supported the Queen's Awards since their introduction and has itself 
been the proud recipient of the award six times. Over the years we have carried more 
advertisements from proud winners than any other national newspaper. 

The publication of the 1994 feature will be on Thursday 21st April 
to coincide with the official announcement on die Queen's birthday. 

The weekday Financial Times reaches: 

• More UK Business men & women than any other National Daily Newspaper. 

• More Board Directors than any other National Daily Newspaper. 

• More Captains of Industry than any other National Daily Newspaper. 

• More than half of Europe's top Chief Executives. 

Advertising in the FT confirms your success not only to business men & women in the UK, but 
potential clients throughout Europe and the rest of the world (over 116,000 copies are sold 
outside the UK). 

Smrcas: BMRC Business Surrey 1993, Captains of Industry Survey 1992, Chief Executives in Europe 1990, ABC July - December 1993 

For a copy of the brochure on how award winners can promote their companies most effectively 
and the current advertisement rates, please contact: ■ 

Emma Goddard or Tma-Louise Collins 
Financial Times, Number One Southwark Bridge, London SE1 9HL 
Telephone: 071-873 4053 / 3301 





wm 

1 ■ •.•A 



bps 


28 


FINANCIAL TIMES TUESDAY MARCH 29 19*L 


COMPANY NEWS: UK 


Proteus 
calls on 
shareholders 
for £10m 


Motor retailing improves on the back of a recovery in the UK 

Inchcape ahead in ‘tough year’ 


Qy Maggie Uny 

Ur Charles Mackay. chief 
executive of Inchcape, the 
diversified group, described 
1SS3 as an “exceptionally tough 
year” although normalised 
profits were still ahead on 1992. 

While group turnover rose 
by 16.7 per cent to £5438bn, a 
hill in margins left operating 
profits only 7.1 per cent higher 
at £279. 6m, Including associ- 


The pre-tax profit figure, on 
Inchcape’s normalised basis, 
excluding exceptional gains of 
£8.1m (loss £2.1m), but includ- 
ing property profits of £10.9m 
(£3-2m), rose 4.4 per cent from 
£252.2m to £263^m. 

However, the small change 
in the group figure hid large 
swings between divisions. For 
the first time, the group split 
out the opera ting profits from 
motor retailing, which showed 
a jump from £43. 6m to £71 .4m, 
on sales 10.2 per cent higher at 
flLUbn. 

This largely reflected the 
recovery in the UK retail mar- 
ket, although car sales are still 
well below their late 1980s 
peak. 

Importing and distribution, 
the other part of the motors 
business, suffered from the 
strong yen, which squeezed 
margins and caused volumes 
to fall. riaoimhrg markets 



Sir David Piastow, chairman (left), with Charles Mackay: importing and distribution suffered from 
a strong yen, which caused volumes to fall, and declining markets in continental Europe 


in continental Europe. Operat- 
ing profits fell 12.7 per cent to 
£106.lm. including associates, 
in spite of a 31 per cent rise in 
sales to £2£9bn. 

Inchcape largely distributes 
cars from east Asia, notably 
from Toyota. Although market 
shares were increased this was 
at the expense of margins, as 
additional advertising and pro- 
motion costs were borne. 

Results from the marketing 
division, which manages 
brands such as Colgate in the 


M iddle East end Heineken in 
Hong Kong, were disappoint- 
ing, Mr Mackay said. Profits, 
including associates, fell by 6.7 
per cent to £58 .2m although 
sales were 20.5 per cent up at 
£L29bn. Inchcape was hit by 
the recession In Japan, which 
limited consumer spending, 
and austerity measures in 

(Thina. 

The services division, which 
includes insurance, testing, 
shipping and buying, increased 
profits by 27.4 per cent to 


£53.9m, with three of the four 
sharply higher. Buying made a 
£1.2m loss (£3.4m profit) as 
retail demand remained weak. 

Interest charges rose £15. 1m 
to £27.2m. Mr Rod O’Donoghue, 
finance director, said the 
underlying increase was about 
£4m, although gearing fell 
from 31 to 23 per cent. Net debt 
fell £24m to £205m, with the 
cash inflow before financing at 
£2 l.lm. This was after capital 
expenditure of £33. 9m and 
acquisitions of £103.4m. 


Blagden tumbles £10.6m into red 


By David Wighton 

Blagden Industries, the steel drum maker 
which has been badly hit by recession in 
continental Europe, is planning a £20m 
rights issue and is passing its final divi- 
dend after dropping to a £i0.61m loss in 
1993 . The shares fell 26p to I27p on the 
news. 

The pre-tax loss, which compared with 
profits of £7.63m, was after £13.3m of 
exceptional items and interest of £3 .23m 
(£3-27m). 

Mr Lance Levine, finance director, 
blamed the group's problems largely on 
the situation in the German drum market 
which he said was “becoming lunatic”. 

“No-one in our business in Germany is 
making money. The industry is being run 
by people who have never known bad 


times.” He added that the problems were 
exacerbated by public sector support for 
some of Blagden's struggling competitors 
which in Britain would be insolvent “It is 
not a level playing field,” he declared. 

Blagden. 80 per cent of whose drum 
sales are on the Continent is relatively 
small In Germany. But German exports 
have flooded into its main markets in 
France and Belgium. 

Drum sales outside the UK fell to £ll&n 
(£l23m) despite a boost from the lower 
pound, and profits to £4. 08m (£7 .23m). 

Group operating profits dropped from 
£10.9m to £5.88m on sales of £225.5m 
(£2293m). 

The provisions pushed gearing to an 
“undesirably high" 82 per cent and the 
group is p lanning a rights issue to raise at 
least £20m before the end of May. 


Mr Levine said negotiations with its lead 
banker. National Westminster, were prog- 
ressing well and that the delay was 
because of the recent arrival of new chief 
executive Mr Richard Searie. "He needs 
same more time to decide just where we 
should be going.” 

Mr Searie joined the group earlier this 
month, replacing Mr Cameron Smith who 
left “after amicable discussions”. 

The exceptional items included a £3.8m 
provision for loss on disposal of its F rench 
and Belgian packaging operations. £831,000 
for the closure of the Paisley drum opera- 
tion, £2^3m for redundancies, in the UK, 
Spain and France and a further £8.85m for 
unspecified site rationalisation costs. 

No final dividend leaves a L5p interim 
for 1993, against the previous year’s 9.5p 
total. 


Enlarged MY 24% higher at £1.13m 


MY Holdings, the enlarged 
specialist packaging group, 
returned pre-tax profits of 
£l.i3m for the half year ended 
February 26, an improvement 
of 24 per cent over last time's 
£911,000. 

Turnover rose by 19 per cent 
to £19. lm with recent acquisi- 
tions, Kohler Packaging and 
Doncaster Packaging, contri- 


buting £818.000 to turnover and 
£88.000 to operating profits. 

Last month. MY expanded 
further via the £21.3m pur- 
chase of Insight Cartons, a pro- 
vider of printed folding cartons 
primarily for the food industry. 
Consideration was funded by a 
placing and open offer which 
raised ras™ 

NY’s majority shareholder, 


Malbak, took op only part of 
its rights under the open offer. 
That reduced its shareholding 
in the group from 85.7 per cent 
to 65 per cent and allowed MY 
to return to the main market 
Mr John Grainger, chairman, 
said the half year results were 
scored against a backdrop of 
“muted demand and fierce 
competition". 


He added that the board 
remained "concerned” in the 
short term over the weakness 
of the UK economy. 

Kamings per share emerged 
at l.77p (i.48p) and, as forecast 
the interim dividend is being 
doubled to Q.5p. 

The board expects to main- 
tain the final payment at last 
year’s level of lp. 


By Daniel Green 

Proteus International, the 
biotechnology company, is 
making annthw mu qq share- 
holders with a l-for-7 rights 
issue to raise about £l0.4m 
after expenses. 

Mr Kevin Gilmore, executive 
chairman , said the ce sti would 
be used to pay for research 
and development over the next 
two years by which time the 
company’s revenue stream 
might have risen enough to 
cover expenses. 

The cash-raising operation 
comes less than two months 
after UBS resigned as joint 
broker to the company 
following disagreements over 
the speed with which its 
products could reach mar- 
ket 

The new ordinary shares are 
expected to be issued at 284p 
mid dealing s in the nil paid 
shares are expected to start 
today, with the latest time for 
payment April 20. The shares 
closed 2p lower yesterday at 
290p. 

The rights issue will dilute 
the holding of Imseco, a pri- 
vate company, from 49.5 per 
cent to 43 per cent. Imseco is 
controlled by Hr Gilmore and 
Mr John Poole, Proteus’ man- 
aging director. 

The issue is being under- 
written by Allied Provincial 
Securities, broker to the 
Cheshire-based company. 

Proteus raised about £12m 
via a cash call in May 199% 
two years after it was 
floated on the USM at 87p a 
share. 

For the six months to Sep- 
tember 30 pre-tax losses at 
Proteus doubled to £2. 73m. 
The company specialises In 
using powerful computers to 
design drugs. 

• COMMENT 

The good news is that Proteus 
has a long pipeline of products 
in development, the first of 
which should generate some 
revenue this year. The rights 
issue is no sign of weakness: 
such companies need regular 
infusions of capital to keep 
going until drugs are mar- 
keted. The bad news is that 
there are serious question 
marks over whether the rights 
issue is worth taking up. Pro- 
teus still has not found a big 
name stockbroker to represent 
it after the resignation last 
month of UBS. Nor has it man- 
aged to sign collaborative 
agreements with big research- 
driven drugs companies which 
have the expertise and cash to 
buy Into the best of the Mo- 
tech sector. The rights issue is, 
at best, speculative. 


LLOYDS INTERNATIONAL LIQUIDITY SICAV 
true Schiller 

L-25 19 Luxembourg 

R.C Luxembourg No. B29813 

NOTICE 

is hereby gran » ihc SbarchoWo* that die Annual General Meeting of Shareholder* 
of LLOYDS INTERNATIONAL LIQUIDITY SICAV will be hold el the 
registered office, in Luxembourg. I me SdnUec. on April 19th, 1994 at 10.00 am with 
the following agenda: 

L Submission of the reports of the Board of Directors and of the Authorised 

2. Approval of the animal accounts as at 31 October 1993 and aUocnrion of the net 
results; 

3. Discharge to the Authorised Independent Auditor Cor the financial period ended 
October 31, 1W3; 

4. Election of the Authorised Independent Auditor Rn the new financial year, 

5. TVs transact •sods other business as may property come before the Meeting. 
Resolutions on the agenda of the Annual General Meeting wiB require no quotum and 
will be taken at the majority of the votes expressed by the Shareholders present or 
represented al the Meeting. 

By order of the Board of Directors 


LLOYDS INTERNATIONAL PORTFOLIO SICAV 

L rue Schiller 

L-25 19 Luxembourg 

RC Luxembourg No. B7.635 

NOTICE 

is hereby given to the STmrcbokkrs that the Annual General Meeting of Shareholders 
of LLOYDS INTERNATIONAL PORTFOLIO SICAV will be held at the 

the following agenda: 

L Submission oF the reports or the Board or Directors and of the Authorised 
Independent Auditor; 

Z. Approval of the ammai accounts as al 31 October 1993 and allocation of the net 
results; 

3. Discharge to the Authorised Indepaadent Auditor for the fimndal period fwH 
October 31,1993; 

4. Election of the Authorised Independent Auditor for the new financial year 

5. To transact such other business ns may property come before the Meeting. 
Resolutions on the agenda of the Annual General Meeting will require do quotum and 
wiB be taken at the majority of the votes expressed by (be Sbareboldera present or 
represented at the Meeting. 

By onto of the Board of Directors 


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Italian acquisition helps 
Sherwood advance to £18.5 



By David Blackwell 

A strong performance from the 
Italian bra maker acquired last 
April helped Sherwood Group, 
Che Nottingham-based lace, lin- 
gerie and socks maker, to lift 
1993 profits by 9 per cent 

Pre-tax profits rose from 
£16-9m to £18. 5m - just above 
the figure given 10 days ago In 
a profits warning. The shares, 
which fell 19p to 151p after the 
warning, dosed yesterday at 
132p, Up 2p. 

Lepel. the Italian acquisition, 
contributed £3. 4m to profits 
and £10.4m to total turnover of 
£153m (£144m). Margins at 
Lepel were 329 per cent Mr 
David Parker, executive chair- 
man, said the Italian company 
had lived up to Sherwood’s 
high expectations. 

Garment sales, including 
sales from Lepel, totalled 
£74-2m, up from £66. lm. Oper- 
ating margins were 16.1 per 
cent against 13.2 per cent. 
However, the increased profit- 
ability in lingerie was offset by 
a decrease in socks, which 


were bit by imports to the UK 

Turnover in lace increased 
from £78.4m to £80m, or 52 per 
cent of total sales. Of this, half 
was sold in continental 
Europe. Operating profits of 
the group's European lace 
makers fell from £4. 68m to 
£L58m on unchanged turnover 
of £495m, reflecting the deval- 
uation late in 1992 of sterling, 
the lira and the peseta. 

The group is restructuring 
its Dentex lace operations In 
Germany and the Netherlands, 
streamlining the sales mecha- 
nisms and cutting the number 
of sites. In addition, the group 
management is being restruc- 
tured, with a lace operational 
board and garments opera- 
tional board reporting to the 
main board. 

Mr Parker is quitting his 
dual role as chairman and 
managing director to become 
executive chairman. Mr Jim 
Telfer, who has been in charge 
of Birkin. the UK lace maker, 
has been appointed group man- 
aging director. Mr Ben Martin, 
recently retired as a director of 


Barclays de Zoete Wedd, has 
been appointed as second non- 
executive director. 

Earnings per share edged 
ahead to 10.7p (I0.6p) and the 
board is proposing a final divi- 
dend of lJ9p (L7p) taking the 
total for the year to Z9p (2.6p). 

9 COMMENT 

If profits for the current year 
come in at about £2lm, the 
shares lock cheap with a pro- 
spective multiple of 11. The 
balance sheet is strong, with 
interest cover just over eight 
times. But the group blew a 
small hole in its credibility by 
issuing a warning so soon 
before the results. It now has 
to show that the impressive 
margins at Lepel are sustain- 
able; that the new manage- 
ment structures for the group 
and Dentex are working; and 
that it can fight back in the 
sock market. If recovery 
comes, the shares could be 
seen as a bargain. But there 
remains the risk of something 
else going wrong and not being 
picked up until late. 


Roxboro beats flotation 


forecast with rise to £6.4m 


By Paid Taylor 

Roxboro, the Newmarket-based 
manufacturer of specialist elec- 
tronic and electrical products, 
yesterday reported 1993 pre-tax 
profits of £6.4m, comfortably 
ahead of the £5.7m forecast 
when the group came to mar- 
ket In November. 

The pre-tax figure repre- 
sented a 66 per cent increase 
over the £3.9m recorded in 
1992. Turnover from continu- 
ing operations Increased by 28 
per cent to £41.9m with 
exchange rate movements con- 
tributing £3m. 

Export sales, mostly to origi- 
nal equipment manufacturers, 
grew by over 60 per cent and 
now account for 25 per cent of 


total sales. 

After plant closure costs of 
£500.000, offset by a £450.000 
release from other provisions, 
operating profits worked 
through at £6-63m (£3.64m), 
including £445,000 (£65,000) 
from discontinued operations. 

BLP Components, the elec- 
tromagnetic product business, 
boosted operating profits from 
£273,000 to £ 1.27m, on sales 
£2m ahead at £16. 7m. The 
growth in the main rami* from 
export markets where sales 
increased by 47 per cent to 
£&3m. 

Dialight. the US-based elec- 
tro-optical business, raised 
operating profits from to 
$9.8m (£6.7m) on sales which 
grew by 19 per cent led by con- 


tinued growth in the Local 
Area Network market 

The group ended the year 
with a £9. 7m (£7J5m) order 
book which Mr Harry Tee, 
chief executive, said had 
increased further to £ 10 J&n at 
the end of February. 

As a result of the flotation 
the balance sheet was consider- 
ably strengthened and the 
group ened the year with net 
cash balances of £4. 7m after 
capital expenditure last year of 
£L9m. 

Earnings per share 
amounted to I4i*p (13 -2p). As 
forecast, there is no divi- 
dend. 

The shares, which were 
issued at 230p, closed L5p 
higher at 248p. 


Forth Ports suffers 
11.8% decline to £9.6m 


By James Buxton, 

Scottish Correspondent 

Forth Ports, the Scottish ports 
operator which was privatised 
just before the 1992 General 
Ejection, saw an 1LS per cent 
fall In pre-tax profits to £9.&n 
in the year to December 31 
1993. 

. Turnover rose from £32. 4m 
to £33 lm and operating prefit 
increased by 2 per cent to 
10.2m. 

However, the pre-tax figure 
did not enjoy the £1.2m boost it 
received in 1992 from a gain on 
early repayment of govern- 
ment loans. 

The company warned when 
it presented its interim results 
last September that the second 
half would suffer from .a reduc- 
tion in business from British 
Steel’s pipe coating business at 
Leith. But in the event other 
port business b»id up well, said 
Mr William Thomson, chair- 


man, a nd tbw company gained 
from the unexpected Import of 
large numbers of Ford Mondeo 
cats. 

Mr Thomson said there had 
been an encouraging start to 
1994, and Forth Ports was ben- 
efiting from a new long-term 
agreement with BP on piped 
cargo from the Hound Point 
terminal, as well as a new 15- 
year towage contract with 
Shell for the Braefbot te rminal . 
There was increased container 
traffic at Grangemouth. 

Net borrowings fell from 
£&Sm to £L7m at the year end, 
and gearing dropped from 18 
per cent to 4 per cent 

During 1993 Forth Ports' 
joint venture company, Victo- 
ria Quay, reached agreement 
with the Environm ent Depart- 
ment’s Property Holdings to 
develop a 350,000 sq ft office 
block for the Scottish Office in 
Leith. 

The bunding has been sold 


arward for SI7 .5m and Forth 
•arts expects to take the profit 
rom the sale in 1994 and 1995- 

The company says related 
roperty developments are 
lready going ahead as a 
uence of the Victoria Quay 
eaL and expects a “significant 
ontribution” from Victoria 
(uay in 1994. . 

Earnings per share were 
L4p <23£p), or arise of 22 par 
ent on 1992's figure of L-5P* 
after adjusting fortne 
all year’s pro forma interest 
barge and excluding the gain 
n early repayment of govern- 
sent loans. 

The shares, which were 
loafed at UOp and nac&Nla 
jgh for 1993/94 of 508p. feu 
6p yesterday to 4S8p. A final 
ividend of 5p is proposed, 
fiaMng 7.25P (6-25p) for thfi 





Millbank Tower up 
for sale at £73m 


British Land 
buys £128m 
portfolio 

By Vanessa Houkter, 

Property Correspondent 

British Land yesterday 
announced a acquisition 

of a property portfolio from 
Royal Insurance, a composite 
insurer. 

The properties will be trans- 
ferred to the BL Quantum 
Property Fund, the joint ven- 
ture that British Land set up 
with Mr George Soros’s Quan- 
tum Fund last summer. It will 
bring tbo total Inves tment of 
the fund up to about £40Qm. 

The portfolio, known as Ster- 
ling Estates, consists of 167 
properties, predominately in 
the retail sector, spread 
throughout the UK The rental 
income from the portfolio, 
which amounts to L8m sq ft, is 
about £10Em a year. 

British Land mid it believed 
it could extract additional 
value from the portfolio, winch 
was better suited to the man- 
agement-intensive style of a 
property company than an 
investment institution. 

“The portfolio will be benefi- 
cial because of its strong free- 
hold and retail content, its 
Scottish weight and its diver- 
sity of management opportu- 
i nity, including the p ossibilit y 
of trading,” it said. 

Royal Insurance said the 
portfolio, which it had owned 
since the 1970s, was put up for 
sale last October because the 
illiquidity of commercial prop- 
erty made it inappropriate for 
a general insurance fund. The 
money will be reinvested in 
equities. The company’s 
remaining £140m of commer- 
cial property is held for its own 
occupation. 

The Sterling Estates portfo- 
lio is 92 per cent freehold. Over 
60 per cent at the properties 
are in the retail sector; it also 
includes offices, industrial 
property and warehousing. 
More than half of the proper- 
ties are in the south of 
England. 10 per cent are in 
Scotland with the remainder in 
t-bw Mid l and s, the north and 
Wales. 

The payment will be £L20m 
in cash and 2m shares in Brit- 
ish Land. The company has the 
option either to procure deliv- 
ery of the shares to the vendor 
or to allot new shares. Comple- 
tion of the deal is expected to 
take place on April 25. 

See Lex 


Legal & General, the life 
assurance company, has put 
the Millbank. Tower, adjacent 
to London’s River Thames, up 
for sale at a price of £73m, 
writes Vanessa Houider. 

The building's largest tenant 
is the government, together 
with Pearson, British Gas, 
Vickers, Royal Bank of Scot- 
land and Ferranti. 


L&G is selling the property 
to reduce its weighting of 
property in Victoria, following 
a decision to invest £60m in 
refurbishing a government-let 
budding in Victoria Street 
The life assurance compa- 
nies remain a net investor in 
property, having exchanged 
contracts on about £200m of 
properties this year. 


Willis Corroon crisis service 


By Richard Lappar 

Willis Corroon, the insurance broker, is to link 
up with three other international organisations 
to form Global Liability Management, a com- 
pany which will sell risk control and crisis man- 
agement services to mnltinational businesses. 

Other participants in Global liability Manage- 
ment include Rowland Worldwide, a communi- 
cations company which is a subsidiary of the 
Saatchi & Saatchi Company; Acer Consultants, 
a UK company specialising in industrial and 
infrastructural engineering and environmental 
policy analysis; and Popham, ‘flafk, Schnobrich 
and Kaufman, a Parting firm of US lawyers on 


environmental and product liability litigation. 

Mr Rodney Meere, chairman of Willis Corroon 
Hinton risk management subsidiary, and a GLM 
board member, said the new company would 
provide a “single source of liability advice and 
management” on a worldwide basis. 

The development reflected the “trend to bring 
under one manag em e nt such functions as insur- 
ance, corporate security, public relations, law 
and environmental engineering,” said Mr G 
Marc Whitehead, chairman of GLM and of 
Popham, Hafk. GLM’s board includes three rep- 
resentatives from each member company, it will 
be incorporated In Belgium and have offices in 
London, Hong Kong and New York. 


Growth in investment trusts 
helps EFM double to £9.78m 


By Bethan Hutton 

A record year for the fund 
management industry is 
reflected in good results from 
Edinburgh Fund Managers, 
which more than doubled 
pre-tax profits from £4.75m to 
£9. 78m for the year ending 
January 31 1994. 

A final dividend of I6p was 
proposed, bringing the total to 
22p, an increase of 63 per cent 
on last year’s l&5p. 

Earnings per share more 
than doubled to 37.2p against 
16. 7p, restated from 18Jp to 
comply with FES 3. 


Turnover grew by 67 per 
cent from £lLlm to £l8.5m, 
while funds under manage- 
ment expanded from £2£9bn to 
£4.01bn. 

The Increased turnover 
included new fee income from 
the acquisition of Target Trust 
Managers from the TSB, and 
the takeover by EFM Dragon of 
the Drayton Asia investment 
trust 

A total of £S90m of net new 
funds were received during the 
year, mriudtng £48m, from the 
jaimrh of the EFM Small Com- 
panies Trust in August 

Investment trusts continue 


Discretionary fund 
for 31 per cent un 
per cent, and pri 
funds 10 per cent 
“Investment trusl 
tionally a Scottish \ 
it is very pl easing 
continued return 
particularly amai 
investors.” said Mi 
group has launche 
investment trusts, ' 
east Asia and Lati 
since the start of tl 










FINANCIAL TIMES TUESDAY MARCH 29 1994 


Raymond Barre is well cast 
as the Grand Old Man of 
local politics: Page II 


FINANCIAL TIMES SURVEY 

RHONE ALPES 

Tuesday March 29 1994 


Cit& Internationale: 
ambitious new property 
project for Lyon: Page III 





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A FFr490m opera housa opened fn Lyon, the regional capital, test May nmon «u 


Eurooews, outside Lyon, is Europe's answer to CNN, (he round-the-docfc US news service 


Region revitalised for prosperity 


When the glossy new 0p6ra de 
Lyon opened Its doors on the 
Place de la ComMle last sum- 
mer. the city gained a state-of- 
the-art opera house, an archi- 
tectural showpiece which has 
transformed its skyline. 

The new Op&ra Is an uncom- 
promisingly contemporary 
building rfpgignpH by Jean Nou- 
vel, one of France's most inno- 
vative architects. His modern- 
ist vision Is only the first of a 
series of ambitions architec- 
tural schemes far Lyon over 
the next few years. Restoration 
of the Beaux Arts museum is 
nearly complete. The first 
phase of the Cite Internatio- 
nale commercial and cultural 
complex, designed by Renzo 
Piano, the Italian architect, 
opens next spring. These build- 
ings are intended not only to 
revitalise Lyon, but to gnhancg 
its status as the capital of the 
Rhdne-Alpes region. 

“Rhdne-Alpes is already 
established as one of Europe's 
strongest economic regions," 
says Thierry Bernard, head of 
ERAI, the local business devel- 
opment organisation. “But if 
we are to prosper in the future 
we must improve our resources 






Uy 


France’s largest economic region outside Paris, an 
historic centre of French conservatism, is hauling 
itself out of recession. Alice Rawsthom reports 


and that includes ensuring 
that Lyon is recognised as a 
city of international calibre. " 

Rhdne-Alpes today is a vast 
and varied region stretching 
from the Rhbne and Beaujolais 
vineyards in the north to the 
snow-capped Savoie mountains 
on the Swiss and Italian bor- 
ders in the east, to the rural 
beauty of the Arddche in the 
south. Physically it is the same 
size as the Netherlands, Bel- 
gium and Switzerland toether. 
Its population of 5.2m people is 
roughly equivalent to those of 

TWiraarfr and Finland. 

Economically Rhdne-Alpes is 
the second largest region in 
France, after the H&de-France 
area around Paris. Its gross 
domestic product is FFzS74m. 
It owes its economic strength 
to the long tradition of scien- 
tific innovation in its universi- 
ties and to the manufacturing 
prowess of its cities: Lyon with 
its broad industrial base; the 
old mining and textile town of 


Saint-Etienne; «nd the pioneer- 
ing high-tech centres around 
Grenoble. 

The solidity of its old indus- 
tries, coupled with the dyna- 
mism of its new high-tech 
enterprises, has historically 
sheltered Rhdne-Alpes (apart 
from Saint-Etienne) when the 
rest of France has been bruised 
by recession. Its location - so 
close to Germany, on the bor- 
der with Switzerland and Italy 
- has helped local businesses 
to build up buoyant export 
trade to counter any downturn 
in drwnpgt ie demand. 

When the present French 
recession began three years 
ago it seemed as though the 
Rhdne-Alpes region would 
again emerge unscathed. But 
the franc’s strength since the 
currency crisis of autumn 1992 
has had a devastating effect on 
the region’s exports - particu- 
larly on sales to Italy, its main 
foreign market Since then, the 
region has been blighted by job 


Josses, business failures and 
plunging property prices. The 
recession may have been 
shorter there than in other 
areas, hut it baa undoubtedly 
been sharper, as illustrated by 
the alar mingly steep increase 

in wnpmp ln ynwnf 

Traditionally, the level of 
lmpmp ln yrripnf to Rhdne-Alpes 

has been lower than in the rest 
of France. However, the speed 
and scale of cutbacks over the 
past two years has brought the 
region almost into line with 
the national average. At the 
end of 1991 unemployment in 
the region stood at 8.7 per cent, 
against a national average of 
9.8 per cent. The unemploy- 
ment figure has since risen by 
20 per cent in the whole of 
France - but it has increased 
by 27 per cent in Rhdne-Alpes. 
As a result, 1L4 per cent of the 
local workforce is now unem- 
ployed: uncomfortably close to 
the naHnnai average of LL8 per 
cent. 





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The worst affected areas 
have been those which were 
once most prosperous. Gren- 
oble has been badly affected by 
the crisis in international elec- 
tronics which has forced many 
local companies, notably 
Thomson and Bull, to rational- 
ise, thereby im posing intense 
pressure on their subcontrac- 
tors and suppliers. Similarly, 
Lyon has been hit by the diffi- 
culties of its chemicals, textile 
and construction companies. 

By contrast, Saint-Etienne Is 
stQl licking its wounds after 
the long term erosion of its 
industrial base caused by the 
closure of its old coal mines 
and textile mills it has at least 
the consolation that unemploy- 
ment has recently risen more 
slowly there than in the rest of 
France. However, the local 
unemployment level is still 
above the national average, at 
about 13 per cent 

There are now signs that the 
tide is turning and that Rhdne- 
Alpes, having gone Into reces- 
sion later than other regions, 
may be emerging earlier. “It's 
too soon to talk in terms of 
recovery, but the situation 
does seem to have stabilised," 



PROVENCE- ALPES 
COTES D'AZUR 


LANGUEDOC- 
ROUSStLLON ' 


says Guy Morens, deputy 
mayor of Grenoble. Jacques 
Moulinier, his opposite number 
at Lyon, shares his cautious 
confidence. 

“The Rhdne-Alpes economy 
reached its nadir last October 
and is now in a stable state,” 
says Thierry Barnard of ERAI. 
“The number of job losses is 
falling and business start-ups 
are accelerating. Companies 
have managed to reduce their 
stock levels and orders are 
starting to increase again." 

Two years of severe reces- 
sion argue against a rapid 
recovery. The consensus 
among local economists is that 
the situation will remain rea- 
sonably stable through spring 
and summer, with an upturn 
forecast for early autumn. 

In the metrotima, local offi- 
cials are sticking to their long 
term strategy of trying to 
make the most of the region's 
cosmopolitan location by 







AJP«S I <1 


attracting international invest- 
ment The rejection last year of 
Lyon's bid for the European 
Monetary Institute (precursor 
of the European Central Bank) 
was a serious blow. It would 
have been an invaluable cata- 
lyst for investment 
Yet the regional authorities 
and city councils are pressing 
ahead with plans to improve 
local infrastructure. One 
aspect of this strategy is 
i nvestment in prestige arts pro- 
jects such as the FFr490m 
Opera de Lyon and the sump- 
tuous new FFr210m Musde de 
Gfrenoble. Another is the con- 
tinuing effort to improve road 
and rail links. Creation, of the 
TGV (trams it grande vitesse) 
network was an important rea- 
son for the region’s buoyancy 
in the 1980s. It is still growing. 
In June, Satolas, the main 
Lyon airport will become the 
first French airport with a 
TGV link. 


But the most ambitious proj- 
ect of all is the plan to link 
Lyon to Turin by TGV. This 
would reduce the travelling 
time between the cities to just 
over an hour, but the scheme - 
which would involve tunnel- 
ling 56km through the Alps - 
would be extremely complex 
and expensive. 

The traumas of the Channel 
Tunnel project have deterred 
prospective private sector 
investors. The Lyonnais and 
their Italian partners will soon 
start lobbying for public sector 
support They are beginning to 
realise that funding will be 
hard to find In the current eco- 
nomic climate. 

But they are also acutely 
aware that a trans-Alpine high 
Speed rail link could enable 
Lyon and the rest of the 
Rhdne-Alpes to fulfil their true 
potential as one of the Euro- 
pean commensal centres in the 
next century. 




Where to make profits ? 


Where to be successful ? 


In Rhone-Alpes. A region of France with a population fn Rhone-A 
of over five million, the gateway to Germany, Italy, names as B 
Switzerland and Spain. A truly record-breaking region, the Merieux 
host to the 1 992 Winter Olympics and site of the Mont Rhone-Alpe: 
Blanc, Europe's highest peak. Hewlett Pacl 

Lyons, the region's cosmopolitan city, and a dense 
network of dynamic towns (Grenoble, Saint Etienne, Where to 
Valence, Annecy, Privas, Chambery etc.) make Rhone- 
Aipes an ideal centre for trade and communication. In Rhdne-Ai[ 

1 80 million Europeans can be reached in one day by from Proven 

truck and the capitals of Europe are only two hours runs in the v 

away by plane. Conveniently located in the heart of the by such nc 

TGV high speed train network, 

this centre of excellence with if your company 

more than 20,000 researchers is as dynamic as our region. 

is less than two hours away then you have every reason 


fn Rhone- Aipes. The birthplace of such well-known 
names as BSN, Rhone Poulenc, Salomon, Rossignol, 
the Merieux institute. Cap Gemini Sogeti and Boiron, 
Rhone-Alpes is now home to thriving companies like 
Hewlett Packard, Ikea, ICI and Ciba Geigy. 


Where to enjoy life ? 

In Rhdne-Alpes. in the heart of the Rhone Valley not far 
from Provence. The greatest concentration of ski ^ 
runs in the world. Gourmet cuisine made famous ? 
by such names as Bocuse, Troisgros and / 

Chapel. J 

ipany Rhone-Alpes : the [ 

our region. place to mix business / 

lery reason and pleasure. • . 



from Paris. 


to he successful in Rhone- Aipes. 
To find out more, contact 


ERAI BameaUe La Owdbe - 78, route de Paris - 69260 Charbonrieres (France) - Tel : (33) 78 34 83 48 - Fax : (33) 78 34 59 85 


ERAI 


EJUTREPPISE RHONE AUBE3 
INTERNATIONA!. 









-SiSfc 


[STB, 




RHONE ALPES 


FINANCIAL TIMES TUESDAY maR CH 29 1994 


A t first glance the affluent Rhfine- 
Alpe s region, with its bustling 
commercial centres and its con- 
servative-controlled hdtels de viUe (town 
balls) looks like a bastion of right-wing 
traditionalism. 

But beneath its bourgeois facade the 
Rhone- Alpes has a long history of radi- 
calism. The citizens of Grenoble have 
long boasted that the Revolution began 
there in 1788, a year before the rest of 
France. The city of Lyon was the heart- 
land of social Catholicism in the 19th 
century. Mare recently the region has 
seen some dramatic squabbles on the 
French right. 

By far the most controversial of the 
Rhflne- Alpes’s latter-day radicals is 
Michel Noir, the 49-year-old mayor of 
Lyon, who has not only broken away 
Cram the Gaufiist RPR to form his own 
political party but is now threatened by 
imprisonment over his alleged Involve- 
ment in a fraud case. 

Only a few years ago Mr Noir 
appeared to be rising effortlessly 
through the RPR ranks. He served as a 
junior finance minister during the last 
centre-right coalition government, from 
1986 to 1988, and was even tipped as a 
future successor to Jacques Chirac, the 
powerful mayor of Paris, as the party’s 
leader. 

But Mr Noir resigned from the RPR 
in late 1990, in protest at the bickering 
among the party leadership He founded 
his own breakaway movement in the 
hope that other disillusioned French 
conservatives would follow. (In the 
event ha was joined by only two col- 
leagues and his new party has never 
taken off.) 

He has continued to dash with the 
RPR leadership - sometimes to Lyon's 
detriment Most loads, for instance, are 
convinced that one reason for the city’s 
failure to become the location for the 
European Monetary Institute was the 
lack of support from the French govern- 
ment Yet Mr Noir has held on to the 
support of the Lyonnais voters. 

He now faces his toughest challenge 


W henever France’s local politi- 
cians ferret around far urban 
development role models the 
city of Grenoble is almost always at 
the top - at the very least near the top 
-of the list 

Grenoble is home to many of the 
world’s largest and most dynamic high 
tech companies. With its strong artistic 
tradition and stunning setting amid 
snow-capped mountains, it had for 
years enjoyed a stream of inward 
investment and a level of unemploy- 
ment well below the national average. 

But all that has changed. “We 
enjoyed an artificially high rate of 
growth for many years,” says Guy Mor- 
ens, deputy mayor and head of Gren- 
oble- Is£re Dgveloppement, the local 
economic development agency. “Even 
when our traditional industries were 
affected by the economic recession, we 
continued to find growth in the elec- 
tronics sector. But that sector is now in 
crisis and Grenoble has suffered like 
everywhere else." 

The cutbacks at local electronics 
companies - such as parts of the Thom- 
son group’s activities and Bull, the 
troubled computer concern - have had 
an immediate effect on the Grenoble 
economy. The rate of job losses in the 




Raymond Barre, McM Near and Alan Carignon: local political hesvywelglita 

Alice Rawsthorn reviews local politics 

The radical charm 
of the bourgeoisie 


so far. Pierre Botton, bis son-in-law and 
former eampaig w manager, has already 
served five months in prison for fraud. 
Mr Botton has accused the Lyon mayor 
of misappropriating public funds. He 
has denied the charge but the case 
against him has yet to be concluded. If 
Mr Noir is found guilty he will almost 
certainly face the same fate as his 
estranged son-in-law. imprisonment 
But a "not guilty" verdict would con- 
firm him as the Rhone’s champion 
against the Parisian power-mongers - 
and he could, in the words of one local 
politician, “be mayor of Lyon for life." 

His near neighbour, Alain Carignon, 
mayor of Grenoble, has also rfashwi 
with the RPR leadership, although not 
quite so spectacularly as Mr Noir. Mr 
Carignon, 45, was suspended from the 
party a few years ago for urging voters 
in a local by-election to support the 
Socialists rather than the extreme 
right-wing National Front 


But Mr Carignon, unlike Mr Noir, hag 
remained within the RPR ranks. He has 
also TTMTiagPri to repair relations with 
its leadership. He foiled in his bid to 
become arts minister after the conser- 
vatives’ success in last spring’s legisla- 
tive elections bat was given the com- 
munications portfolio. 

Since than Mr Carignon has had to 
grapple with top task of pushing his 
broadcasting reforms through parlia- 
ment (He also come imctor fire in 
the recent row over the future of Canal- 
Plus, the popular pay-TV channel, and 
the sudden resignation of its founder, 
Air Andrt Rousselet, as chairman.) 

His cabinet colleague, Michel Bamier. 
can count himself lucky to have been 
able to adopt a lower profile in his 
potentially contentious post as environ- 
ment minister. Mr Bamier, 43, who Has 
held the Albertville seat for the RPR 
shire 1978, ramn into the limelig ht two 
years ago when he chaired the organis- 


Grenoble 


Veritable top model 


city rose more rapidly than for the rest 
of France last year and now stands at 
over 11 per cent roughly in line with 
the national average. Grenoble, once 
the envy of every investment-hungry 
French town, is now desperately trying 
to find ways of replacing its lost jobs. 

Mr Morens and his colleagues have 
responded with a switch in economic 
development strategy. Grenoble, the 
city that led the rest of Europe in its 
quest for high tech investment, is now 
turning its attention to more tradi- 
tional areas such as old-fashioned man- 
ufacturing businesses which tend to be 
more labour intensive and thus more 
effective at reducing unemployment 

The catalyst for the city’s growth 
was the work of the scientists at its 
ancient university, notably that of 
Louis Ntd, the Nobel prize winning 
physicist who arrived there during the 
second world war. The government 
decided to base the CNRS, national sci- 


entific research centre, at Grenoble in 
the late 1940s. Bull, Thomson and the 
other famous names in French elec- 
tronics have long had operations in the 
region. The first significant tranche of 
international investment arrived 21 
years ago when Hewlett Packard, the 
US company, began an investment pro- 
gramme that culminated three years 
ago in the decision to relocate its 
micro-computer headquarters from Cal- 
ifornia to Grenoble. 

The flood of high-tech investment 
into the city and the surroun ding area, 
dwarfed more traditional businesses 
such as the local foundries, paper mills 
engineering factories and even chemi- 
cal plants such as the huge Rhdne- 
Poulenc complex at nearby Le Font-de- 
Claix. Alain Carignon, the mayor, and 
his colleagues have for some time been 
concerned about the subsequent imbal- 
ance in local employment 

“We have been very successful at 


log committee for the Albertville Win- 

ter Olympics. 

The environment m in i st ry is his first 
big role in national politics — and might 
have been something of a mirad bless- 
ing, given the power of France’s green 
pa rting But the environmentalists have 
fipampri more Interested in squabbling 
among themselves rather than in 
attacking Mr Bamier, who has had a 
relatively smooth, ride in his first year 
as a minister. 

Charles Mfllon, mayor of BeUey ami 
nhairman of the Rhfine-Alpes regional 
council, chose to opt out of the cut and 
thrust he has refused no fewer than 
three times to accept the agriculture 
portfolio an the grounds that tt could 
conflict with Ms commitment to Euro- 
pean unity. Few people would doubt 
that he made the right decision after 
the rows over France's role in the Gatt 
negotiations. But Mr Millon, 48, has 
found HHnsrif in the party political fir- 
ing line as the parliamentary leader of 
the UDF, the main opponents of 
Edouard Balladur’s RPR faction within 
the ruling centre-right coalition. 

So for Mr Millon has avoided too 
many public rifts with the prime minis- 
ter. Bat he has never been known to 
shrink from conflict in the past and 
rarely loses an opportunity to remind 
Mr Balladur Hi«t he and His fellow UDF 
adherents will not be content to play a 
passive role in the coalition. 

Of all the local political heavy- 
weights, only Raymond Barre, the for 
mer economics professor who was 
prime wiiriiwtor of France in the late 
1970s, Hue manag ed to remain en tir ely 
aloof from the fray in local and national 
politics. Now 70, Mr Barre is perfectly 
cast in the role of the grand old man of 
Rhine- Alpes politics and is an enthusi- 
astic advocate for the region. Hie may 
have lost last year’s battle to lure the 
European Monetary Institute to Lyon, 
but he recently scored a more modest 
success by helping to persuade the 
Aspen Institute to base its French head- 
quarters in the city. 


creating new professional jobs In the 
city and that’s wonderful," says Mr 
Morens. “Bat we do have a problem in 
that there are too few unskilled jobs.” 

This problem has been aggravated by 
the recent contraction in the once- 
thriving electronics sector. The number 
of people out of work in Grenoble rose 
by 43 per cent from 1990 to 1998, 
according to Jacques Champ, head af 
research at Gfl), for foster than top 30 
per cent increase for the whole of 
France over the same period. 

Hie emphasis of investment is now 
on housing. There has been a similar 
shift in its cultural and leisure policy. 
The main project of the early 1990s, the 
construction of a FPr210m museum to 
house (frenoble’s huge art collection, 
was completed earlier this year. The 
next important scheme win be the 
FFr200m renovation of the Maison de 
la Culture, legacy of Andre Mafraux’s 
reign as France’s culture minister, 
opened in 1968 and now in a sorry 
state of disrepair. 

“One reason why Grenoble has been 
so attractive to new investors is 
because it’s such a pleasant place 
to live," says Mr Morens. 


Lyon 


EU flag flies highest 


There are three flags fluttering 
on the flagpole at the arched 
entrance to the Hfitel de ViUe 
in Lyon: the tricolour is one, 
the city flag is another, but the 
flag that flies the highest, is 
the blue and yellow banner of 
the European. Union. 

The Lyonnais, predictably, 
are fiercely proud of Lyon’s 
position as France's second 
city after Paris. They are also 
acutely aware of the impor- 
tance of its location: so dose to 
the French borders with Swit- 
zerland, Italy and, even, Ger- 
many. The Lyonnais are now 
counting on the city’s excellent 
logistics to repair the damage 
of the present recession and to 
secure its future. 

“Historically Lyon has owed 
its success to its role as a 
crossroads not only between 
Paris and Marseille, but 
between France and Us neigh- 

“Ewope now needs 

crossroads cities more 

than ever and Lyon is 
perfectly placed 

hours over the Alps,” says Jac- 
ques Monlinier, deputy mayor 
and head of economic develop- 
ment. “Europe now needs 
crossroads dti.es more than 
ever and Lyon is perfectly 
placed to play that role." 

Lyon, which, has sprung up 
around the meeting point of 
the Khdne and Satoe rivers, 
traces its trading post role 
back to the Bronze Age. It 
became too reli gious capital of 
the Gauls before being con- 
voted to Christianity and in 
the Renaissance era was, 
thanks to the skill of its silk 
weavers and bankers, me of 
Europe’s busiest commercial 
centres. 

Yet Lyon has a second, 
rather more romantic side to 
its heritage: the legacy of cen- 
turies of political and intellec- 
tual flimfmti in medieval toman 
it was the heartland of Walden- 
slan heresy - a renegade sect 
that rebelled against the estab- 
lished church - and became a 
centre for the resistance dur- 
ing the second world war. 

More recently Michel Noir, 
its conservative mayor, has 
perpetuated the dissident tradi- 
tion by breaking away from 
the RPR, the flanTHnt party led 
by Jacques Chirac, the power- 
ful mayor of Paris. 

Michel Noir is still at logger- 
heads with the RPR and also 
faces the threat of Imprison- 
ment if he is found guilty cf 
involvement in Vaffntre Botton , 
a fraud case for which Pierre 


Botton, his son-in-law, has 
already been convicted. “If he 
loses the case heTl lose every- 
thing,” says one Lyoq busi- 
nessman. “But if he wins, 
Michel Noir will he mayor of 
Lyon for lifo." 

While mayor fi gHtg for 
his political future. Lyon itself 
is trying to get to grips with its 
economic problems. The local 
economy has traditionally been 
more robust than that of 
France as a whole and, indeed, 
than the rest of the Rhdne- 


Saint Etienne 


Alpes region. 

The recession started later in 
Lyon Omw in other French 
cities, notably Paris, Lille and 
Marseille, but It has since 
struck particularly sharply. 
Until two years ago the level of 
unemployment in the Hhftne 
area around Lyon stood at 8u5 
per cent, well below both the 
national average of 9 A per cent 
and 8.7 per cent for the rest of 
the Rhtae-Alpes region. It now 
stands at 1L7 per cent, only a 
fraction below the national fig- 
ure cf 1L7 per cent and above 
the Rhfine- Alpes average of 
LL4 per cent 

The situation is even worse 
In fes zaps, deprived suburbs 
on the fringes of Lyon such as 
Vaulx-en-VeLtn and the Les 
Minguettes area of VfiBsseux. 
The level of unemployment in 
these areas hovers at about 25 
per cent and is even Hi gh nr — 
more than 30 per cent - among 
school leavers. 

There are signs that the 
worst of the recession Is over 
and that the economic situa- 
tion is gtahaicrng “Ifs more a 
matter of sentiment than of 
firm figures," says Gay Barrio- 
lade, chief adviser to the presi- 
dent of Communautk Urbaine 
de Lyon, the district coontiL 
“But local companies do seem 
more confident and the trading 
climate is more positive." 

Lyon’s response to its recent 
economic problems has been to 
stick to its long term strategy 
of trying to upgrade its inter- 
national image so that it can 
attract the large investment 
progr amm es it needs to gener- 
ate new jobs and to stabilise Its 
economy. 

The main ahn of this strat- 
egy is to ov e rcome the short- 
comings of its “second city” 
status by enhancing its role as 
a decision -making centre. 

The dty baa already bene- 
fited from the king term policy 
initiated by the old socialist 
government of decentralising 
the French public sector by 
moving a numb er cf organisa- 
tions i) ihii Pans mfo tbp prov- 
inces. 

It has also succeeded in 
attracting a number of interna- 
tional institutions, notably 
Interpol, the espionage net- 


work. and more recently, the 
Aspen Institute, which m set 
ttagTup its French headquar- 
ters in the city- . . 

But Lyon lost an important 
battle last year when it was 
beaten by Frankfurt in the 
nSfto house the European 
Monetary Institute. 
locals still blame the French 
government for its de® 8 ®* ar E£ 
mg that Edouard Bahadur .tb® 
rpr prime minister, baulked 
at supporting the Lyonru ns D i d 
because of Mictel Naur's break 
with bis party- . 

Undeterred, Lyon is pressing 
ahead with its image improve- 
ment strategy. 

It started in the 1980s by 
revitalising its university: 
investing in new facilities and 
bringing many of the 75.000 
students back from the sub- 
urbs into the city centre. It hap 
also embarke d upon an ambt- 

The new birikJmgs are 

also Intended to focus 

attention on the city’s 
picturesque aspects 

tious arts programme. Its state- 
of-the-art opera house, 
designed by Jean Nouvel, 
opened, last summer, and a 
contemporary art museum at 
the Cite Internationale com- 
plex designed by Renzo Piano, 
the Italian architect, is sched- 
uled to open next year. 

These new buildings are not 
only totomted to enhance the 
city's cultural facilities but 
alan to foCUS attention on the 
picturesque aspects of Lyon - 
the quays along its two rivers, 
the lovely old buildings of the 
old town and its wealth of 
museums - rather than its 
commercial status. 

The city is also improving its 
infrastructure by continuing 
the road construction pro- 
gramme begun in the 1980s. 
This programme will be costly 
because of the difficulty of tun- 
nelling through the Hills that 
loom up behind the old 
townBut building work has 
begun on a p triphtrique ring 
road to encircle the dty centre 
and on a new motorway by- 
pass for the Paris to Marseille 
route. 

The biggest and most expen- 
sive project cf all is the ambi- 
tious plan to extend the TGV 
network across the Italian bor- 
der to Turin. “It’s the catalyst 
we need to really establish 
Lyon as an interna ti anal busi- 
ness centre," says Mr Modi- 
Bier. 

He adds: "We’ve done all 
the preparatory work. Now 
it’s up to the politicians.” 



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To most French cities the 
economic recession that has 
hit France over the past few 
years came as a nasty shock 
after years of prosperity, but 
for Saint-Etienne it has simply 
marked yet another milestone 
in its long term decline. 

“Most people talk about the 
economic crisis as though it 
has only lasted for the past 
year or two ” says Bruno Roux, 
head of economic development 
“For us it has gone on for 
much longer. Saint -E tienne has 
gone through every imaginab le 
crisis over the past 30 years." 

The litany of closures and 
cutbacks that Has hit Saint-Et- 
lenne In the post-war period is 
undeniably brutaL It is a rela- 
tively young city by French 
standards; tracing its roots to 
the 19th century when coal 
m in ps an d textile mills sprang 
up in the area. These mines 
and mills were later joined by 
steel plants engineering facto- 
ries and by the 1930s Saint-Et- 
ienne was a thriving manufac- 
turing centre. 

Bat the city has since 
declined dramatically as its 
traditional industries have dis- 
appeared. Saint-Etienne lost 
almost 30,000 jobs with the clo- 


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sure of the coal mines, 10,000 
with the demise of its textile 
mills and 25,000 through the 
demise of the steel plants. It 
has also lost a string of smaller 
sectors, including its bicycle 
factories and gun makers. 

“The only consolation is that 
our traditional industries died 
at different times,” says Mr 
Roux. “This did at least give us 
the chance to try to heal the 
wounds left by roe set of clo- 
sures before 

the next catas- 
trophe." Tactics fo 

Saint-Etienne new investa 

P r 0 b a b J 7 property 

reached its 

nadir in the 
early 1980s when the local level 
of unemployment was roughly 
double the national average at 
12 per cent The local authori- 
ties redoubled their efforts to 
attract new investment to the 
area and to try to strengthen 
and restructure the surviving 
companies. 

This initiative was undoubt- 
edly made more difficult by 
Saint-Etienne’s image problem. 
The dty, with its nouveau riche 
19th century roots and tradi- 
tional dependence on “dirty” 
industries such as coal mining, 
had long been regarded as a 
poor relation of prosperous 
Lyon less than 60km away, not 
least by the Lyonnais them- 
selves. Its post-war troubles 
undoubtedly reinforced this 
problem. 

“One of our mam difficulties 
is that Saint-Etienne is seen as 


Tactics for attracting 
new investment include 
property incentives 


an old mining town," says Cor- 
alie Grimand, deputy director 
of the Loire Industrial Develop- 
ment Agency. “It isn’t true. 
The mines closed down years 
ago. But images stick and are 
difficult to erase.” 

The Stephanois, as the citi- 
zens of Saint-Etienne are 
called, have attempted to build 
on their traditional skills to 
create new industries. They 
have tied to build on the links 

between the 

old textile and 
attracting steel ranis with 
errt include the medical 
icentives prodactsmdus- 

try by target- 

■■■■■ ing bio-medical 
companies. Similarly they have 
identified meat as a local speci- 
ality in the food sector an the 
back of Saint-Etienne’s modem 
abattoir and its cattle market 

One of the city’s chief tactics 
for attracting new investment 
has been to offer incentives in 
the form of property. Saint-Et- 
ienne has been active in rede- 
veloping old properties for 
industrial use and selling or 
letting them at low rates. It 
has thus had some success at 
attracting new investment 
The best period was between 
1986 and 1987, which meant 
that the new arrivals and start- 
ups had the benefit of the 
buoyant years of the late 1980s. 

There has also been a con- 
certed effort to try to 
strengthen too p r i ntin g indus- 
trial base. “Saint-Etienne Is 
dominated by -imiill c ompanies . 



many of which are used to 
operating as subcontractors," 
says Ms Grimand. 

Saint-E tienne has also 
attempted to address its image 
problem by raising its profile 
in tbfl arts. A Museum of Mod- 
em Art opened in 1987 with a 
collection that ranges from 
Monet and Rodin, to contempo- 
rary figures such as the Ger- 
man artists, Georg Baselitz and 
Gerhard Richter. Saint-Etienne 
has also developed its theatri- 
cal tradition by inviting Etro- 
pean drama groups to the city. 

The 1980s initiatives have 
helped to broaden the local I 
economy. The mix of busi- 
nesses is now more varied. The 
biggest local employer is not a 
manufacturer but Casino, the 
supermarket group which was 
founded in Saint-Etienne p nd 
is still headquartered there 
employing more than 3^00 peo- 
ple in the area. 

Coralie Grimand says there 

are gignu Of a Hinted: pick-up 

in new investment. But the toll 
of job losses and business fail- 
ures is still continuing and, 
according to Bruno Roux, there 
is no sign of the Stephanois 
sharing toe h»!rMa» fn busi- 
ness confidence that is evident 
elsewhere in the Rhbne- Alpes. 


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RHONE ALPES III 


Credit Lyonnais 


Fortunes at a watershed 


It was with some trepidation that Credit 
Lyonnais, die great bank of Lyon, decided 
to move its headquarters to Paris in 1878. 
The bank’s officials were so nervous about 
the move that they bought a building on 
Boulevard des Italiens which - if the 
worst came to the worst - could easily he 
converted Into a department store. 

Crddlt Lyonnais is stQl in the same 
building. Despite the move to Paris, it 
remains a force back in its own home 
town. Le Lyonnais not only dominates 
hanking and property in the Rh&ne region 
but is also an overweening physical pres- 
ence in Lyon itself: its tall tower looms 
over the city’s skyline. 

The great bank of Lyon has reached a 
watershed in its fortunes Chat could prove 
as decisive as the move to Paris over 100 
years ago. It has just emerged from a 
period of frenetic expansion under Jean 
Yves Habdrer’s chairmanship (1988 to 
1993), which added to its domestic inter- 
ests and extended its retail banking net- 
work across Europe, but also burdened the 
group with huge provisions on sour corpo- 
rate loans and dud investments. 

Credit Lyonnais fell into the red for die 
third time in its history in 1992, with a net 
deficit of FFrl.Q5bn - and made an even 
heavier loss last year. Its performance in 
1993 was so poor that its capital ratio fan 
below the mfaamum legal level of 8 per 
cent, prompting Mr Jean Peyrelevade, who 
replaced Mr Habdrer as chairman Last 
autumn, to call on the French government 
to rescue the bank with a recapitalisation 
package. 

The government had no choice but to 
agree. After all, it could scarcely afford to 
countenance a Gallic version of the Ban- 
esto collapse which is still samting shock 
waves through the Spanish hawiring arena 
Another consideration was the knowledge 
that it would never be able to privatise 
CrAdlt Lyonnais if the balance sheet 
remained in such a fragile state. 

Details of the recapitalisation package 
have just been released. The government 
plans to give Credit Lyonnais a rash injec- 
tion of FFr3-5bn; FFrl.4bn w31 come from 


other shareholders, and there will be a 
float-off transfer of FFr40bn of loans to a 
new company, with FFrl8.4bn of the total 
loans to be guaranteed by the state. 

Analysts are confident that these mea- 
sures should be sufficient to stabilise 
Credit Lyonnais in the short term. It is 
now up to Mr Peyrelevade to take farther 
steps to secure its long term position and 
to prepare the bank for its eventual priva- 
tisation. 

One option is to raise capital through 
asset safes. Mr Peyrelevade b egan, earlier 
this year, by selling a 30 per cent stake in 
the Union des Assureurs F&terates insur- 
ance group for FFrlhn. Last month he 
announced plans to sell off a nothe r 
FFr20bn of assets over the next two years, 
which wOi involve disposing of a large 
chunk of its FFrSSbn investment portfolio. 

Like other French banks, it has 
high staffing costs in comparison 

with its European competitors 

This includes sizeable stakes in a number 
of private sector companies, such as the 
Bouygues construction company and Navi- 
gation Mixte industrial group, as well as 
holdings in other state-controlled con- 
cerns. 

There is also significant scope for 
improving Credit Lyonnais's financial per- 
formance through internal measures. 
Credit Lyonnais, like other French banks, 
has relatively high staffing costs in com- 
parison with its European competitors - 
thanks to France’s traditionally high 
labour costs and the legacy of the state’s 
influence over the hanking business. 
Despite recent reforms, French labour law 
is still too strict to permit dramatic cuts in 
employment Moreover, Credit Lyonnais’s 
own staff have demonstrated, through 
their participation in recent industry-wide 
strikes, that they would resist such ini- 
tiatives. Yet analysts are convinced that it 
should be able to achieve some improve- 
ment 

Credit Lyonnais also seems set to benefit 


from an upturn in the hanking market 
France’s h anks, like every other area of 
the economy, have been badly affected by 

the recession. One problem b as been the 
rise in provisions as a result of the steep 
increase in business failures and sharp fall 
in property valaes. But the banks have 
also been hit by weak demand for credit; 
static for the past two years, for the first 
time since the early 1940s. 

These recessionary pressures are now 
easing. The slow but steady reductions in 
French interest rates should soon start to 
stimulate demand for credit from consum- 
ers and the corporate sector. Residential 
property is already showing signs of recov- 
ery and the commercial sector has stabi- 
lised, thereby alleviating the pressure on 
provisioning, althoug h the rate of business 
failures Is Still ala rming l y high. 

Mr Peyrelevade' s hopes for recovery 
should be buoyed up by the favourable 
changes in the banking market, providing 
Credit Lyonnais can avoid a repetition of 
the big corporate hits which haunted Mr 
Babdrer’s final years. The write-offs on its 
loans to corporate horror stories such as 
the late Robert Maxwell’s media empire 
and Olympia & York, the collapsed Cana- 
dian property group, have cast a dark 
cloud over Credit Lyonnais in the early 
1990s. 

The big corporate hits have eased over 
the past year or so. although Credit Lyon- 
nais is exposed to EuroDisney, the trou- 
bled leisure group, and is now engulfed in 
a new blaze of adverse publicity over Its 
involvement with Sasea, the failed Swiss 
holding company. Sasea went bust two 
years ago, but since the start of this year 
Credit Lyonnais has found itself dragged 
into the court case over Its receivership 
because of the Swiss Judge’s attempts to 
indict Mr Habdrer and Mr Frimpois Giile, 
who is still an employee. Credit Lyonnais 
has already written off an but FFrSOOm of 
its FFr4.7bn exposure to Sasea. and it 
gffemg hi g hl y lmiiiteiy that Mr Habdrer 
and Mr Giile will ever be Indicted. 

Alice Rawsthom 


Euronews 


Europe’s answer to CNN 


Lyon has long been regarded 
as an important media centre 
thanks to the success of Le 
Progrds, the local newspaper 
which Is one of France’s three 
best-selling dailies. But the 
city is playing its part in the 
multi-media revolution as the 
home of Euronews, the pan- 
European current affairs chan- 
nel, Europe’s answer to Cable 
Network News (CNN, the 
round-thfrclock US news ser- 
vice). 

It was conceived by the 
European Broadcasting Union 
(EBU)in 1986 and came on air 
on January 1 last year from 
headquarters in Ecully, un the 
outskirts of Lyon. The concept 
behind Euronews is to com- 
bine the live news and archive 
footage compiled by the EBlTs 
members - which inelude 
France 2 and France 3, Italy’s 
RAX RTVE of Spain and the 
BBC - into a current affairs 
channel that covers world 
events with a European slant 


The channel broadcasts 
simultaneously in five differ- 
ent languages - English, 
French, German, Italian and 
Spanish - all accompanied by 
the same visual material. The 
programming schedule, which 
runs for 20 hours every day. Is 
dominated by regular news 
bulletins but includes regular 
magazine slots on fashion, 
travel and cinema. 

The footage from the EBU 
members is relayed to the 
Euronews headquarters at 
EcnBy where it is remixed and 
edited by the 120-strong staff. 
The final transmissions are 
then sent via cable, satellite 
and terrestial television ser- 
vices to more than 40m homes 
all over Europe and the Medi- 
terranean basin. 

Euronews’ objective is to 
present events of European 
interest in an objective, apolit- 
ical style. It accentuates its 
self-effacing approach by 
using behind-the-scenes com- 


mentaries and graphics, rather 
than presenters, to accompany 
and explain its footage. 

It was set up as a joint ven- 
ture owned by the EBU mem- 
bers supplying its footage. The 
share structure has been 
expanded to Include the North 
African stations, Tunisia’s 
ERTT and Algeria’s ENTV. 
Earlier this month Euronews 
announced another restructur- 
ing plan: France Television, 
the state-controlled company 
which owns France 2 and 
France 3, will raise its stake 
and nurture closer operational 
links with Euronews. 

The station operated last 
year on a budget of EcoSfen. 


Just over half comes from its 
shareholders, with 20 per cent 
donated by public bodies 
(including the EU). The 
remaining 25 per cent is self- 
generated from the sale of 
advertising airtime and spon- 
sorship rights. 

The fut ure plan is to use the 
proceeds of the recent restruct- 
uring to open new editorial 
offices in Europe and to 
increase the number of lan- 
guages in which Euronews 
broadcasts so that it can 
function more effectively as 
a truly international news 
and current affairs service. 

A.R. 



Musee de Grenoble 


Glittering ‘grand projet’ 


A cubist buarfng uncompromisingly modem 


Official speeches are generally greeted 
with polite applause, but Edouard Baha- 
dur. the French prime minister, was 
treated to a really rousing response to the , 
address he delivered to mark the opening 
earlier this year of the glittering new 
Musee de Grenoble. 

As the local officials had hoped, Mr Bal- 
ladur bad used the occasion to promise 
that the government, which had paid 
roughly half the FFi2L0m cost of building 
the new museum, would make a similar 
contribution to Grenoble's next artistic 
project, the FFr200m renovation pro- 
gramme for the Maison de la Culture, the 
city's arts centre which was built in 1968. 

There is a political logic to Mr Balla- 
dur's decision. The new Musde de Gren- 
oble was conceived in the early 1980s, 
when both the city council and the French 
government were under socialist control, 
as part of the Grands Prtgets. the modern 
architectural programme initiated by Pres- 
ident Francois Mitterrand to mark the 
bicentennial of the French Revolution and 
- or so say his critics - his own regime. 

The new museum has all the hallmarks 
of the Grands Presets. It is a spectacular 
piece of contemporary architecture in a 
stunning setting beside the River Is&re. 
The white cubist building is uncompromis- 
ingly modem but makes the most of its 
location; its white walls lead up to glazed 
roofs which offer glimpses of the snow- 
capped mountains all around the city. 

It houses one of the best art collections 
In France. This dates back to 1796 when 
the Musde de Grenoble was first created to 
house the paintings and sculpture seized 
from local aristocrats in the 1789 French 
Revolution. The city has added to the col- 
lection ever since, both by acquisition and 


by donations from the state. 

The new museum shows off the collec- 
tion to perfection, beginning with 23 
rooms devoted to p re-1900 art. from 13th 
century Italian Renaissance pieces to post- 
impressionist paintings by Paul Gauguin. 
Another 40 rooms display one of Europe's 
most comprehensive collections of 20th 
century art. 

The new building will allow Serge 
Lemoine, its chief curator, to stage more 
temporary exhibitions - and enable the 
Musde de Grenoble to make the most of 
proposals to distribute part of the national 
modem art collection, now housed at Cen- 
tre Georges Pompidou in Paris, to other 
museums. This was one of the last Grands 
Projets to be built. The Mitterrand era is 
now nearing Its end and the centre-right 
Balladur government has adopted a differ 
ent approach to the arts from the social- 
ists, with a new policy focusing on conser- 
vation. 

Jacques Toubon, the new arts minister, 
has launched an ambitious programme of 
renovating France's old buildings - more 
in keeping with the conservative rhetoric 
of his cabinet colleagues than the social- 
ists’ zest for innovation. He has already 
announced plans to restore a number of 
buildings in Paris, including the Georges 
Pompidou arts centre and Gamier opera 
house. Renovation of the Maison de la 
Culture in Grenoble is an Ideal addition, 
particularly as it was the showpiece of the 
policy pursued by a past centre-right 
French government; the arts centre pro- 
gramme Initiated in the late 1960s by 
Andr6 Malraux, the writer who became 
arts minister under General de Gaulle. 


A.R. 


A set of billboards appeared in 
France’s big cit ies last summer 
to trumpet the opening of “Un 
Notaxi Optra" - a new opera 
house, in Lyon. 

The description had a double 
meaning. Lyon did indeed gain 


Opera de Lyon 


a brand new opera house last 
May with the opening of a 
FFr490m theatre on place de la 
Comfedie opposite the H6tel de 
VHle. But the slogan was also a 
pun on the name of Jean Nou- 
vel, its architect 

Nouvel is one of the new 
breed of modernists who 
emerged in French architec- 
ture during the 1980s. He made 
hfe name through a series of 
ambitious projects culminating 
in the futuristic Arab Cultural 
Centre which opened in 1989 
beside the river Seine in Paris, 
but the Opdra de Lyon is his 
largest and most complex proj- 
ect to date. 

The old Lyon opera house 
was built on the same site in 
1831; by the mid-1980s it had 
fallen into disrepair. In 1986 
the city council decided to 
replace the building with a 
state-of-the-art complex as a 
showpiece for the city. 

"It is absolutely essential 
that a city like Lyon should 
have a cultural life in keeping 
with its economic stature," 


State of the art showcase 
is the city’s new landmark 


says Jacques Monlinier, deputy 
mayor. "One of our main pro- 
jects over the past decade has 
been to establish Lyon on the 
European arts scene and to 
raise the standard of the archi- 
tecture in the city centre. That 

is why it was 

important to 
commission a 
landmark 
building from 
an architect of 
Jean Nouvel’s 
calibre." 

What Nouvel has done Is to 
retain the 19th century neo- 
classical facade of the old 
opera house and tts opulent 
foyer but to rebuild everything 
else; from the huge crystalline 
vault he has put on top of the 
old facade, to the huge 1,280 
seat Salle Italiame. to the airy 
dance studios tucked under the 
vaulted roof 

The result is a compelling 


Tiny fibre optic lights 
cast a golden glow on 
the spectators’ faces 


combination of the old and the 
new. The opera house has 
always been a focal point of 
the city centre skyline but now 
has the added attraction of 
being twice as high, thanks to 
the addition of NouveTs glazed 

top floors 

peeping out 
over the top of 
the old sand- 
stone facade. 
The public 
tna^eemmmm areas are all in 
black, with piercing flashlig hts 
on gleaming granite floors. 
(Walking through the main 
entrance feels like a sd-fl ver- 
sion of Jonah’s journey inside 
the whale.) 

Opera goers are whisked up 
to the Salle ItaHerme on escala- 
tors and can peep down the 22 
metre drop to the ground floor 
from the metal walkways that 
connect to the Salle. They then 
pass through red satin padded 


antechambers before entering 
the auditorium - all in black 
with a golden roof, golden 
doors and tiny fibre optic 
lights which cast a golden glow 
on the face of each spectator, 
so that they too form part of 
the spectacle. 

During intervals you can pop 
out to the foyer, which has 
been lovingly restored to its 
original splendour with gilded 
walls, splendid chandeliers, a 
frescoed ceiling and a picture 
window looking out to the tow- 
ers and turrets of the ancient 
H6tal de Vine. 

In its first year the Opera de 
Lyon has been plagued by 
technical hiccoughs. But its 
problems have been nothing to 
those of the accident-prone 
Opera Bastille in Paris 
- and so for, every perfor- 
mance has had a full house. 

A.R. 


Property 


Demand and prices recover 


Welcome 

to Norbert Dentressangle 
who joins the 
199 entrepreneurs 
who have trusted us 
for the last 16 years. 

NORBERT DENTRESSANGLE, 

200 th SHAREHOLDING 
Sales: 2 billion FF 
First European roadhanlage firm 
in the crosschannel traffic 


ISIPAREXI 

A SPECIFIC APPROACH TO EQUITY INVESTMENT 

1 39, rue Venddme, 69477 IVON Codex 06 
1 14, rue La 8o£tie, 75008 PARIS 
A leading French development capital firm 


No one in the Lyon property 
market would try to pretend 
that lire has been easy over the 
past two years: but they do at 
least have the consolation that, 
having gone into recession 
later than their Pa risian coun- 
terparts, they are recovering 
slightly earlier. 

Lyon property prices have 
suffered from the same prob- 
lems that have afflicted those 
in the French capital Demand 
for residential property has 
been depressed by the combi- 
nation of high interest rates 
and the psychological blow of 
rising unemployment. The 
commercial sector has been hit 
even harder for the same rea- 
sons, and intense pressure on 
corporate profits has prompted 
even the most resilient compa- 
nies to think twice before 
investing in new property. 

These problems were aggra- 
vated by the Inflated state of 
the market at the start of the 
1990s. The value of both com- 
mercial and residential prop- 
erty in Lyon enjoyed a period 
of unprecedented growth in the 
late 1980s and early 1990s. 
Prices rose at an annual rate of 
between 15 per cent and 20 per 
cent in each of the four years 


until 1992, even though the 
Paris market had started to fal- 
ter by late 1990. 

But the recession struck in 
1992. A recent report by Jones 
Lang Wootton estimates that 
although office rents in the 
PresquHe area of the city cen- 
tre - around the Opdra de 
Lyon and the hotel de vUle - 
have remained stable at an 
annual average of FFrL200 a 
square metre since 1992, com- 
parable rentals for the newer 
office blocks around the Part- 
Dieu railway station have 
fallen from FFr950 to about 
FFr850. 

However, the market is now 
starting to show signs of recov- 
ery. The Lyonnais were 
quicker than the Pa risians to 
adapt to the realities of reces- 
sion. New developments 
ground to a halt as soon as the 
market contracted. 

As a result the Lyon market 
has slowly been able to fill 
most of the surplus office space 
in the city, thereby alleviating 
the pressure on prices. The 
Jones Lang Wootton report 
noted that "since the begin- 
ning of October demand for 
office space has picked up con- 
siderably, particularly from 


larger companies due to inter- 
nal reorganisation.” 

Local officials hope that the 
situation will continue Its slow 
but steady improvement for 
the rest of this year, so that 
the market will be in better 
shape in 1995 when the first 
phases of the Cite Internatio- 
nale commercial complex and 
the Part-Dieu development 
scheme are scheduled to be 
ready 

The Part-Dieu development 
is a series of office buildings 
clustered around the railway 
station in central Lyon. It was 
conceived a few years ago 
when demand for Part-Dieu 
property was buoyant, thanks 
to the impact on the city’s 


business scene of the introduc- 
tion of the Lyon-to-Paris high 
speed TGV (trains de grande 
vilesse) route at the new Part- 
Dieu station. 

But the most ambitious new 
project for Lyon in the mid- 
1990s will be Cite Internatio- 
nale, which has been designed 
by Renzo Piano, the Italian 
architect who liaised with Sir 
Richard Rogers on the Pompi- 
dou Centre in Paris. Cite Inter- 
nationale will occupy a water- 
front site in the Parc de la Tdte 
d’Or. It will include a confer- 
ence centre, an hotel, a con- 
temporary art museum - 
and an office complex. 

A.R. 


Institut National Polytechnique de Grenoble 



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{space Corddfers - 2 nM Prtstaeot Carrot F690C2LYON - TEL: (331 72 56 1220 - FAX: (33) 72 4099 18 


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32 




COMMODITIES AND AGRICULTURE 



Italy braced for fresh row over milk quota 


Spring takes a rain check 


By David Gardner In Brussels 

Italy was braced last night for 
a new row over its European 
Union milk quota, which It Is 
threatening to widen to other 
areas in another example of 
bos tags- taking in EU decision- 
making. 

Unless it gets satisfaction, 
Italy says, ft may hold up rati- 
fication of the increase in the 
ElTs revenue base agreed at 
the December 1992 Edinburgh 
summit, necessary for 
increased flows of regional aid 
from next year. 


holding up of enlargement to 
Include Austria, Finland, Swe- 
den and Norway as new mem- 
bers, unless the rules on major- 
ity voting are changed. 

Italy is upset because the 
European Commission feels it 
has not done enough to comply 
with an agreement whereby It 
would cut its excess milk pro- 
duction from 11.5m tonnes 
down to its permitted quota of 
9m tonnes, in exchange for 
which it would get an increase 
in quota of O&m tonnes. 

Brussels says Italy is 350,000 
tonnes short of the roughly 
two thirds cut it had to make 
in illicit milk output commis- 


sion officials warn that milk 
producers such as the UK. 
Netherlands, Germany and 
Denmark - unhappy at the 
original concession to Rome - 
could block any attempt at 
flexibility. 

Italy was expected to argue 
that the original 11.5m tonnes 
figure was an over-estimate, 
and to produce new figures. 

But Italy, as well as Spain 
and Greece, was also expected 
to oppose a commission pro- 
posal to delay payment of olive 
oil subsidies until mid-October. 

The commission fears it 
could get into trouble on its 
Ecu36bn (£2&3bn) farm budget 

Britain on 


next year because of the com- 
pensation costs in the reform 
of the common agricultural 
policy and compensation to 
farmers for currency swings 
during the 1992-93 monetary 
crises - unless the olive oil 
payments are held up as long 
as possible. 

But although Greece and 
Spain have complied with EU 
agreements to bring their own 
excess milk output into line 
with their quotas, the Mediter- 
ranean trio could form a mutu- 
ally reinforcing bloc because of 
the olive oil proposals. Under 
v ot ing rdles the UK is fighting 
to keep, these three have 


enough votes to hold up a deci- 
sion in both areas. 

In the current dispute over 
voting weights after enlarge- 
ment, Spain had sided with the 
UK in wanting to keep the 
number of votes needed to 
block decisions at 23 out of 75, 
Instead of 27 out of 90 votes. 
Madrid argued that otherwise 
the South could be outvoted on 
issues which concern it alone. 

The UK may get a demon- 
stration in coming weeks that 
making it easier to block deci- 
sions in an area like olive oil 
can affect other areas, like 
muk, where Italy might other- 
wise be outvoted. 


The threat is analogous to 
the current row over the UK's 


Commission to back 


6 mad cow disease’ 


By David Gardner 

The UK will get strong backing 
from Brussels today when Ger- 
many seeks a ban on British 
beef exports because of fear of 
“mad cow disease", or bovine 
spongiform encephalopathy 
(BSE). 

The European Commission 
planned to tell Germany that it 
would take legal action if Bonn 
attempted to introduce a uni- 


lateral ban, commission offi- 
cials said yesterday. 

Health ministers of the 12 
will also discuss the BSE row 
tomorrow afternoon. Mr Horst 
Seehofer, the German health 
minister, has been the prime 
mover for action against the 

UK 

Bonn is calling for a ban on 
all live cattle and beef exports 
from the UK after the discov- 
ery in Germany of BSE 


imported from the UK The 
commission has reminded Ger- 
many that it is the EU that 
sets veterinary rules, and that 
there is no scientific evidence 
proving a link between BSE 
and Creutzfeld-Jakob disease, 
which humans. 

A series of restrictions have 
been imposed in the UK beef 
sector, which Britain and the 
commission say are wo rkin g. 

In 1990, certain bovine offals. 


like brain and spleen, were 
banned for human consump- 
tion. Since June 1990 there has 
been a ban on the export of 
live cattle over six months 
from the UK, and an the prog- 
eny of BSE-affected cows. In 
addition, all British exports of 
bone-in beef must be certified 
as coming from herds that 
have been free of "mad cow 
disease" for two years. 

British officials say that the 


EU single market will be dis- 
rupted unless all member 
states stick to the scientific 
evidence, and that Germany's 
threat of unilateral action risks 
a collapse in beef consumption 
similar to the fall that followed 
the 1990 BSE scare. 

"We feel we have a sound 
case and other member states 
and the Commission agree 
with us," a senior British agri- 
culture official said. 


Coffee pact deal likely 


US company to develop 
Argentine lithium project 


By ABson Maitland 

Coffee producers and 
consumers are expected tomor- 
row to agree to set up a new 
five-year international coffee 
pact to take over from the 
much-extended existing accord 
on October 1. 

The council of the Interna- 
tiona] Coffee Organisation is 
due to finalise the agreement 
after exporting and importing 
nations reached a compromise 
late on Friday on the question 
of so-called economic measures 
designed to balance supply and 

itonand 

The consumers, who are 
reluctant to revive interven- 
tionist measures such as 
export quotas, accepted the 
producers' desire to have an 
“open door” to discussion of 
such measures in the future. 
Economic measures were 


dropped from the current 
agreement in 1989. 

The terms of the new pact 
state that the council may con- 
sider negotiating a completely 
fresh international coffee 
agreement that includes mea- 
sures to balance the market 
This means that producing 
countries will be free to raise 
the matter at future council 
meetings. 

Consumers are unlikely to 
show interest in resurrecting 
controls unless coffee prices 
rise substantially, said Mr 
Lawrence Eagles, analyst with 
GNI, the London trade house. 
"If coffee prices doubled, they 
might decide it's something 
that would be worthwhile," he 
said. 

Producing countries have, 
however, helped boost prices 
since last October through 
their export retention scheme. 


MARKET REPORT 

US selling hits 
cocoa futures 

COCOA futures plunged at the 
London Commodity Exchange 
yesterday afternoon, depressed 
by heavy liquidation in the US. 

As the long-anticipated tech- 
nical "correction" in the US 
took its toll the LCE May deliv- 
ery price fell £29 to £904 a 
tonne, just £1 off the day's low. 

Although dealers said there 
was no fresh fundamental rea- 
son behind the foil many 
expected the £900 level to be 
broken. "There's no support at 
all," said one. "I don’t think 
well see the industry buying 
until £880. " 

COFFEE prices were weaker 
in very subdued volume. 

Base metal trading was rou- 
tine at the London Metal 
Exchange as prices settled into 
narrow ranges. 

Compiled from Renter 


By John Barham 
bi Buenos Aires 

FMC Corporation of the US is 
to proceed with the develop- 
ment of major lithium deposits 
in north-western Argentina. 

It has signed a 40-year con- 
tract with the government in 
1991 to explore and develop a 
lithium production facility at 
the Salar del Hombre Muerto 
dry lake bed in the province of 
Catamarca, 800 miles from 
Buenos Aires. 

FMC says production will 
begin in less than three years 
and require investment of over 
S45m. It has not disclosed the 
deposit's reserves, but says 
they are sufficient for 70 years' 
production. 

FMCs decision follows last 
month's announcement by BIZ 


of Canada and MIM of Austra- 
lia to go ahead with a S600m 
gold and copper project, also in 
Catamarca. More huge mining 
projects are in the pipeline, fol- 
lowing last year’s enactment of 
pro-business mining legisla- 
tion. 

Government officials claim 
that once the project is fully 
operational, Argentina will 
rank among the world's princi- 
pal producers of lithium, with 
annual exports worth some 
320m. 

The agreement ends 30 
months of wrangling over the 
future of the Salar del Hombre 
Muerto deposit, held up by 
negotiations with the Cata- 
marca provincial government 
over royalties and political 
intrigue. By law. royalties are 
set by local governments. 


British S umm er Time is here again, but wintery 
weather is still holding back the country s crops 


T he first nffirial day Of 
spring was just over a 
week ago and British 
Summer Time began with the 
advancing of clocks last week- 
end. But unfortunately no one 
seems to have informed the 
cleric of the weather. 

Both air and soil tempera- 
tures remain below normal and 
growth of crops sown last 
autumn, together with spring 
work on the land, is about 
three weeks late over most of 
the UK Continuing unsettled 
weather with heavy rain fall- 
ing every few days on to sofl 
still saturated a few inches 
below the surface from one of 
the wettest winters on record 
has also delayed spring activ- 
ity on the land. 

No one has yet begun to 
panic because early springs 
seldom live up to their appar- 
ent promise in the shape of 
exceptional yields. There is 
ample time for those crops 
already established as well as 
those yet to be planted to make 
up for lost timp and produce 
respectable tonnages assuming 
we get reasonable warm 
weather from now on. 

But there is concern aver the 
enormous number of patches 
on fields. Autumn sown cereals 
in particular are showing sig- 
nificant damage from winter 
flooding, from which they will 
not now recover. Tens of thou- 
sands of acres of redrilling - 
that is planting more seeds 
into those areas killed off by 
excessive moisture - have 
already been done at consider- 
able expense. But although it 
is a good farmer's instinctive 
reaction to "patch" such fields 
the operation is unlikely to 
produce economic yields. 

Added together these 
patches all over the country 
amount to a significant area of 
land that will produce severely 
reduced or nil yields this year. 
Together with 15 per cent rota- 
tional set-aside, now in its sec- 
ond year as a virtually compul- 
sory EU measure to cut 
production, this now means it 
is improbable that the 1994 UK 
cereal harvest will amount to 


FARMER'S VIEWPOINT 



By David Ric ha r ds on 


even to last year's weather -de- 
pleted 19m tonnes. It is signifi- 
cant to note that in peak har- 
vest years during the mid 1980s 
the UK produced up to 25m 
tonnes. Whatever the rest of 
the European Union is doing 
Britain would appear to be 
doing its share to cut sur- 
pluses. 

Meanwhile there are long 
term concerns about the dam- 
age dime to soil structure by 
excessive rain during the last 
six to eight months. In the ara- 
ble east, where I farm, for 
instance, r ainfall during that 
period was up more than 50 per 
cent on average and the water 
table is now higher than at any 
time since 1953- And that only 
a few months after the official 
end to a drought that lasted 
more than three years. 

T he effect all this recent 
rain has had on soils, 
especially those which 
last winter were growing root 
crops like sugar beet and pota- 
toes and on which heavy 
equipment had to be used to 
harvest the crops, has been 
very serious indeed. A foot or 
two under the surface of many 
such soils it is possible to And 
"pans" - that is layers of 
impervious soil caused by the 
combination of wheelings and 
water - through which mois- 
ture will not drain, thereby 
perpetuating the problem. The 
only remedy is to subsoil That 
involves pulling large steel 
tines or shares through the soil 
12 inches to 20 Inches deep or 
just below the level of the pan 
in order to break it up and 


allow free drainage once mom 
It is slow, expensive work and 
can only be done effectively 
when the soil has dried out. 
And even that treatment may 
not be enough in worst cases. 

Where the problem persists 
it will be necessary to lay new 
drains across the land. This is 
an expensive operation and 
one that farmers can well do 
without as EU guaranteed 
prices begin to decline. 1 pre- 
dict we shall be dealing with 
the unwelcome legacy of the 
1993-94 winter for several years 
to come. 

Meanwhile most plantings of 
both potatoes and sugar-beet 
for harvesting this year are 
being delayed by the wet 
weather. With sugar-beet there 
is, as yet. no cause for undue 
concern. The crucial date by 
which the entire crop should 
be planted is mid-April, after 
which potential yield can be 
reduced. Indeed. I will not be 
at all surprised if. once again, 
we find ourselves planting sug- 
ar-beet through the Easter holi- 
day. But even that is prefera- 
ble to being stuck in a traffic 
jam on the way to the coast. 

Time is begining to run out, 
however, for second early pota- 
toes. Few have been planted so 
far and the deadline for achiev- 
ing optimum yields is fast 
approaching. In order to create 
the ridges in which to plant to 
the seed tubers it is necessary 
for the soil to be almost dry. 
That has occurred only occa- 
sionally this spring and potato 
growers still have much of 
their work to do. 

There are, however, fewer of 
them this year than last. The 
still uncertain future of the 
Potato Marketing Board, com- 
bined with a couple of seasons 
of serious losses, has per- 
suaded many growers to cut 
back or get out of production. 
Taken together these factors 
could lead to a significant 
reduction in production this 
year. That certainly seems to 
be the opinion of Potato 
Futures Traders who have bid 
up the March 1995 price to lev- 
els not seen for a few seasons. 


COMMODITIES PRICES 


BASE METALS 

LONDON METAL EXCHANGE 

(Prices from A ma l gama ted Matte Tracing) 


■ ALUtftMUM, 89.7 PURITY (S per tame) 



Guh 

3 mta 

Close 

1315-6 

1339-96 

Previous 

13065-65 

1332-3 

Hgtetow 


134271323 

AM Offlcrt 

1310-1 

13336-4 

Kart) dose 


1335-6 

Open tnL 

286345 


Tort daBy turnover 

33577 


■ ALUMINIUM ALLOY (S per tonne) 

Close 

1290-300 

1310-4 

Previous 

1285-90 

1308-10 

Hfan/faw 


131571305 

AM Official 

1290-2 

1310-2 

Kart) dose 


1310-2 

Open bit 

4551 


Total duty turnover 

382 


■ LEAS (S par tome) 



Close 

458-9 

473.5-4 

Previous 

452-3 

4656-8 

mgh/tow 


475/469 

AM Official 

454-5 

469-96 

Kerb da* 


470-1 

Open Int. 

35.305 


Tort daily turnover 

7531 


■ MCKH. (S per tonne) 


Close 

5870-80 

5740-60 

Previous 

5680-90 

5750-6 

Hgh/low 


5775/5725 

AM Official 

5690-2 

S709-7O 

KorD dose 


5725-30 

Opt« htt. 

49J513 


Tort dally turnover 

10,840 


■ TH (S per tonne) 



Close 

5405-75 

5520-30 

Previous 

5450-60 

5510-20 

Hgh/low 


5550/5520 

am ometm 

5466-70 

5525-30 

Kerb dose 


5530-40 

Open tm. 

19,436 


Tort dafly turnover 

3.784 


■ ZMC, apedW Ngh grade 0 per tome) 

Close 

9565-95 

9796-80 

Previous 

945.5-65 

96564 

Hgtefow 


9796/966 

AM Official 

949-65 

969-86 

Kerb dose 


978-9 

Open int 

103.171 


Tort daily Hanover 

22,588 


■ COPPER, grade A (S per tonne) 


Close 

19496605 

1958-9 

Previous 

1948-7 

19566-7 

hSghriow 


1963/1953 

AM Official 

1948666 

1958-9 

Kart) dose 


1958-9 

Open Int. 

216228 


Total daily turnover 

40.738 


■ INE AM OfflcM OS rata: 1-4868 

LME Closing at rata 18865 


Spot 14965 3srtte1.49l0 0nOn:1.4878 9mBK:1.«52 

■ HKSH GRADE COPPER (COMEX) 


Bay* 


qpn 

□are change 

Mgh low 

tot Vol 

uar 91.10 -630 

91.90 0080 

1661 654 

Apr 91.55 *630 

91.65 81.S5 

1,130 sa 

Kay 9075 -055 

9185 9053 41,039 0269 

Jm 9000 -a BO 

91.40 9690 

874 11 

Jnl 9070 -640 

91-50 9050 14.115 701 

Aq 9045 -060 

90.45 90.45 

486 

Tart 


71{2S5 6JKJ8 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prions suppfed by N M Rothschild) 


Goto [Troy at) 

S price 

£ equiv. 

Close 

389.60-390.00 


Ooerang 

39260-392.r0 


MoRWg fa 

30060 

26160 

Aitermon fh 

389/25 

260281 

Day's H^h 

39260-38260 


□ay's Law 

38865-388.65 



Previous dose 


389 _2t>- 389.60 


Uwo Ufa Mm Odd Lenteng Rates Ok US*) 

1 month .3-27 e months 3JS2 

2 months —033 12 months ,087 

3 months — 33s 


SDwtrftx 
Spot 
3 months 
6 months 
1 par 
QoM Coins 
Krugerrand 
Maple Leaf 
New Sevang 


pftrajf CEL. 
38090 
385.70 

s90.es 

40100 
S pries 
392-386 
40025-402,76 
92-95 


US Cts equlv. 
570.00 
575.10 
58120 
SG4JJ5 
C aquM. 
262-285 

61-04 


Precious Metals continued GRAINS AND OIL SEEDS 

■ GOLD COMEX (100 Troy oz.; SAroy oz_) ■ WHEAT LCE g par tonne} 


SOFTS 

■ COCOA LCE(S/torxntfr 


MEAT AND LIVESTOCK 

■ LIVE CATTLE CME (40.0008)8; csno/tbs) 



Latest 




9m 



Prtae 

ckrege 

W* 

foal 

M 

VoL 

Mar 

391.0 

- 


- 

- 

. 

V 

388.4 

■26 

3906 

3883 40703 28.431 

m 

3906 

■16 

3HL5 

3906 

- 

8 

Job 

3809 

-26 

393.4 

3908 58^18 

14.788 

Abb 

3946 

-16 

396.0 

394.1 

8,403 

233 

Oct 

3976 

-16 

3900 

3968 

4,481 

S 

Tort 




150.489 44632 


■ PLATINUM NYMEX (50 Troy oz.; S/buy «.) 


Apr 

4136 

• 

4160 

4126 

5.017 

2603 

M 

4186 

+07 

4176 

4146 15697 

5642 

oct 

4156 

- 

4186 

4160 

1651 

134 

Jan 

417.0 

+02 

4165 

4160 

590 

11 

Aw 

4176 

-06 

4Z1.5 

4176 

805 

20 

Total 





23JB8 

8610 

■ PALLADIUM NYMEX (100 Tray oz.; S/troy at) 

Har 

14360 

+685 

14380 

14360 

1 

_ 

Jnn 

13560 

-1.10 

13880 

13560 

4,110 

Z46 

SOP 

135.75 

-035 

135.75 

13560 

418 

18 

Dec 

13560 

■065 

13560 

13560 

259 

77 

TaM 





4,7» 

338 

■ SILVER COMEX (100 Troy 024 Gerde/tray az4 

mm 

5686 

-61 

5760 

5860 

438 

254 

Apr 

5762 

- 

. 

- 

5 

5 

■fay 

571.0 

■60 

5800 

5706 73605 22614 

JM 

5756 

-61 

5846 

5746 

16557 

2672 

Sep 

5805 

-86 

5886 

5765 

5.403 

171 

Dec 

5860 

-96 

5956 

wn 

10.186 

658 

TOM 




118870 260X1 


ENERGY 

■ CBLH3E Oft. NYMEX (42JXM US gate- SAxmi) 

latest Day's Open 

pries rfawga Hp In M W 

May 1428 -075 1486 100106231 32,802 
Jon 14.47 -on 14Jt1 14.40 88.475 19.014 

Jte 14.81 -652 1488 1450 34817 7.823 

Aug 1473 -0,60 15 l01 14.85 1622B M12 

Sap 1490 -0.53 1583 1475 20,910 1,815 

Oct 1501 -054 15.09 1SJ09 12.137 IJBn 

Total 392^58 76887 


■ CRUDE 08- IPE (5/barral) 



Latest 

Day** 


Open 



price 

Ctowge 

"IN 

Low tat 

VU 

MW 

13.11 

-160 

1240 

1210 60674 

12677 

Jul 

1612 

-084 

1140 

1110 35.416 

5.881 

M 

1626 

-QJB 

1X49 

1326 17610 

1640 

tap 

1360 

-063 

1361 

1360 10.510 

400 

sre 

1663 

-047 

13.75 

1383 4676 

939 

on 

1179 

■041 

1363 

1X79 2085 

471 

Tort 




137,408 31682 

■ IEATMG Oft. NYMEX (42600 US gribu c/UB gab) 


Latest 

Oft 


op- 



price 

e tangs 

Mgk 

Lew tot 

1M 

Apr 

4460 

-168 

45J5 

4425 25.430 1 4652 

fey 

<2.60 

-169 

4185 

4230 33610 11852 

Jon 

4260 

-1.48 

4Z8S 

4220 37.756 

6415 

JM 

4100 

-Ml 

4220 

4260 23,433 

6234 

AOS 

4176 

■168 

4460 

«3J5 9838 

727 

Sep 

4460 

-161 

45.65 

4«60 6332 

364 

TOW 




189611 36502 

■ GAS OIL PE (Stains) 




Sett 



Open 



price cbaqga 


Lew M 

vol 

Apr 

13760 

■465 

137.75 13625 Z3JJ78 

6277 

Hay 

13600 

-425 

13760 135.75 17815 

3609 

Jim 

13600 

-425 13675 13560 20674 

1675 

-M 

13760 

-400 (3625 (3725 (2652 

txra 

too 

13965 

-3.75 

13975 

13060 5.819 

461 

Sep 

14160 

-625 

14160 

14ia 3617 

301 

TaU 




106338 14635 

■ NATURAL GAS NVMEX (10.000 nnnfitiL: SfamfXnJ 


Latest 

Daya 


Open 



price 

change 

tap 

Lew tot 

Vet 

May 

2100 +0628 

2110 

2040 17295 

9848 

.tan 

2095 +0018 

2.10S 

2655 10887 

1869 

■M 

2105 +0018 

2120 

2070 6855 

1871 

tog 

2130 +0013 

2130 

2105 10684 

821 

a* 

2180 +0008 

215S 

2140 10693 

879 

Oct 

2800 +0008 

ggnn 

2190 6J04 

538 

Tart 




116382 

16897 


■ UNLEADED GASOLINE 
HUKX {42800 U5 ge&i; attSoafaJ 



Latest 

price 

Oejt 

UgA 

Open 
lew M 

vw 

Apr 

44.65 

-163 

4655 

44.40 22820 

6548 

toy 

4X20 

-168 

4865 

4615 48.145 

10.177 

Jm 

4& 70 

-160 

4630 

4650 25.771 

3848 

Jot 

45JB0 

-1.76 

4695 

4560 10808 

270 

Ana 

4560 

-1J0 

4600 

4520 8858 

868 

Sap 

Tort 

4625 

-1.85 

4650 

462S 5.148 320 

124838 23J09 



StO 

Owfu 



Open 



Sen 

Day*a 


Qpan 


Latest Day's Open 



price change 

ngt 

low 

tot 

«0l 


price 1 

flange 

"go 

Low tat (W 


price ctaage M* Low tot 

W 

tor 

10825 

+03S 

10640 

10780 

1803 

92 

Star 

B9I 

-14 

ssa 

884 si 16 

Apr 

76900 +4425 76975 76250 31.172 

2687 

Jm 

109.10 

+020 

10240 

10860 

581 

111 

toy 

905 

•28 

932 

904 21.158 1147 

Jen 

74850 +4200 74600 74.125 24.545 

1687 

S>P 

8215 

■020 

- 

- 

358 

- 

JU 

922 

-3 

944 

920 17884 1831 

A «>B 

72600 +0225 72625 72800 12810 

463 

Nee 

9110 

■025 

- 

• 

1815 

- 

Sep 

939 

-24 

957 

937 (1.140 881 

oa 

71775 +0250 73600 71350 10.101 

333 

Jen 

8560 

-040 

• 

- 

703 

- 

Dec 

959 

-23 

979 

958 16757 2B4 

Dee 

71950 +4150 71975 71725 28<7 

17* 

War 

9780 

-060 

• 

- 

157 

- 

■tor 

978 

-24 

999 

978 34245 510 

Feb 

71775 +41.150 71775 71575 1648 

80 

Tort 





48BS 

am 

Total 




170809 8,731 

TOM 

82854 

5,1ft 


■ WHEAT car (5,0001x1 min: ccntsftOfa bushel) ■ COCOA CSCE (10 tonnes; 5/tomm) ■ UVE HOGS CME (dMOObs; canta/taa) 


toy 

334/4 

+3/B 

336/4 

33210 86450 16350 

Jte 

330(0 

+5/4 

331/0 

326/2112885 26120 

ftp 

332M 

+«0 

332)8 

328/4 (6785 

1,780 

Dae 

340/2 

+4/2 

340(8 

337/0 24.195 

26ft 

tor 

341/8 

+5/0 

342(0 

338/4 390 

205 

H*T 

338/4 

- 

• 

5 

. 

Total 




20,100 34880 


■ MAIZE CST (5.000 bu mini centa/SOb bushel) 


toy 

28M 

+2/4 

287/0 

282/0 560680 74,075 

JW 

28874 

+2/4 

289/4 

28589591890 29875 

Sep 

274/4 

+1/4 

275 n 

272*131.155 

5.120 

Dec 

26Q/B 

+4W 

262/4 

26010312890 21JM5 

tor 

287/2 

-Klffi 

268/4 

Wfi 

26280 

1875 

tor 

Z71/4 

+4V4 

271/4 

271/4 

1883 

zoo 

Tert 





1JS3W1328S5 

M BARLEY LCE (E per tome) 




toy 

10725 

+080 

107.75 10780 

174 

22 

Sep 

9466 

+605 

- 

- 

139 

. 

Noe 

9675 

-645 

- 

- 

104 

- 

J*» 

9783 

■020 

97.70 

97.70 

11 

5 

Her 

99.40 

- 

• 

- 

7 

- 

Total 





428 

27 


m SOYABEANS CST (5.000bu mil: cenbftQft bnaheQ 


toy 

690/4 

+2fl 

693/2 

887/4283.420 84725 

JW 

882ft 

+3/0 

084ft 

689/0255^515 31.325 

Aag 

688ft 

+2/4 

688ft 

883/4 41^00 

3845 

sro 

687ft 

+2ft 

flsao 

664/4 22.790 

1815 

mat 

653ft 

+3/2 

BSflft 

650/2161 875 14,476 

ton 

65910 

+2/6 

663/4 

650ft 14860 

355 

Total 




7B9J0U 137800 

M SOYABEAN OIL CST ftOflOOfos: centoAb) 

tor 

25UJ3 

-086 

29.18 

2880 32874 

7888 

JW 

2696 

-606 

29.13 

2685 29^74 

4*442 

A-g 

2883 

-60S 

28.70 

2648 9,174 

1870 

Sep 

2600 

-618 

9H7a 

2880 8.480 

626 

oa 

2780 

■617 

2780 

27 JO 6863 

688 

Dec 

2668 

624 

2692 

2665 13J41 

1800 

TOrt 




1828911 16514 

■ SOYABEAN MEAL CBT (100 COM: S/Ion) 


tor 

1958 

♦1.1 

1988 

1948 26820 

5839 

JW 

1968 

+U 

197 JS 

1958 26820 

3,178 

Ann 

1955 

+18 

1968 

194.2 7.16S 

1,195 

Sap 

1918 

+18 

1948 

192.8 5875 

B2S 

Od 

1915 

+1.1 

1928 

1902 1347 

244 

Dee 

1906 

+1.1 

191.4 

1898 8.W 

1814 

TOrt 




798® 12X78 

■ POTATOES LCE E/tomri 



AW 

1928 

60 

I960 

1900 620 

14 

»»y 

1078 

-148 

2148 

2008 SIS 

109 

Jtn 

1308 

- 

. 

• 2 

. 

n n 

860 

. 

- 

. 

. 

liar 

105.0 

. 



a 

Apr 

1265 

65 

1308 

1308 

10 

Total 





133 

■ FfiHGHT (EUFFEX) LCE (SIQ/indai point) 


tor 

1204 

+1 

. 

- 284 

• 

Apr 

1285 

♦7 

12H7 

1280 1800 

29 

toy 

1280 

+10 

1287 

1280 627 

35 

JW 

1157 

+9 

1157 

1154 505 

12 

oet 

1285 

- 

. 

- 215 

- 

Jee 

1318 

- 

- 

- 131 

- 

Tefal 

Cfare 

nw 


2JB0 

76 

BF9 

1199 






Ton 

There was a strong general demand, reports 
Hie Tea Brokers' Assodadon. Bright east Afri- 
cans were mainly dearer with qualty. Good 
medhims were the stronge s t feature and ctoeed 
5 to 1 op higher, with leaser medkm also 
Advancing 3 to Sp. Plainer teas met mare 
enquky at firm to dearer rates. Few selected 
Wtfs Ceytons sold vary well, ohara were 
Irregular but on balance fu*y firm. An active 
market with Ceytons end brighter control Afri- 
cans dearer. Ptukwr wee attract e d mare com- 
petition and sold m Arm rotes. Prices: queflty 
190 p/kg. good medium 140p/kg, medium 
i2lp/Kg, low mectum 90p/kg. The highest 
price reaSsad this week was 2S4p/Kg tor a 
Rwanda pf.1 


toy 

1146 

•61 

1187 

1145 %288 5808 

JW 

lira 

-61 

1217 

1175 22824 

2872 

Sap 

1203 

-61 

1241 

lift 

9760 

«« 

Dec 

1240 

-58 

1270 

1237 

8.425 

118 

tor 

1279 

•64 

1312 

1275 

1330 

141 

toy 

1295 

-58 

1295 

1295 

5.452 

52 

Tool 





91323 1818 


■ COCOA (EGO) (SOrrsflonnc) 


War 29 

Price 

Pier, day 

D*r 

037.17 

iwmw 

tor 28 



10 (tar average 

06B.15 

957.43 

■ COTTBE LCE (S/torrw) 



Mar 

1339 

-12 

1343 

1340 

100 

67 

May 

1348 

-10 

1354 

1347 

13808 

485 

JW 

1353 

-7 

1355 

1348 15847 

474 

San 

1349 

■5 

1353 

1344 

1412 

141 

■ter 

1345 

-8 

1351 

1342 

3861 

85 

Jan 

1343 

-9 

1341 

1341 

1108 

20 

Total 





46873 1,282 

■ COFFEE "C CSCE (378DDD*s: carrta/lbsj 


■w 

8180 

-1.10 

8140 

91.75 32831 4888 

JW 

8385 

-186 

8385 

KL9C. 

13,125 2,158 

Sap 

8480 

-185 

8580 

8480 

1258 

390 

■tec 

8680 

-075 

9116 

MBI 

3818 

2ft 

Har 

8780 

-080 

8780 

8780 

1874 

145 

tear 

8780 

- 

- 

- 

173 

2 


ISM 57,828 7J3Z5 

■ COFFEE QCq (US cente/frxfri) 

Mw 25 Price Prev. day 

Comp. daSy 7443 7&B4 


15 day average 7685 7834 

■ MoT PREMIUM HAW SUGAR LCE (cantaflbB) 


Mv 

. 

. 

. 

1.112 

. 

JW 

- 

• 

- 

2726 

- 

Oct 

• 

• • 

- 

ISO 

- 

Jan 

- 

- 

- 

- 

- 

Total 




4828 

- 

■ WHITE SUGAR LCE (S/tamw) 



■w 

34280 

-080 34380 341.10 

7891 

510 

Aag 

33780 

-080 33980 33780 

lift 

628 

Oct 

314J0 

-180 31100 

31480 

5,160 

1S7 

Dec 

- 

- 

- 

131 


Mar 

- 

- 

- 

5ft 

. 

toy 

. 

. 

- 

202 

- 

Tom 




UJB4S 1895 

■ SUGAR *11' CSCE ft 138000 k; cantata) 


tor 

12.15 

-104 1120 

12.12 61362 

203 

M 

1284 

■104 12J7 

1282 31728 2,498 

Oct 

1188 

-081 1180 

1184 31,622 1859 

Mar 

T1+4G 

-101 1180 

1143 13892 1.183 

toy 

11.48 

- 1186 

(146 

1819 

11 

JW 

1183 

- 11.43 

11.43 

1,055 

5 

Tiert 



1481210518 


■ COTTON NYCE (BO.OOOftra; cero/jpa) 


tor 

7133 

-114 

77.07 

7157 21820 3477 

JW 

7781 

-116 

7759 

77.10 14874 1,388 

Oct 

7470 

- 

7485 

74.10 2833 

158 

Dee 

7182 

+089 

7180 

71.70 14J15 

575 

tor 

7z.ro 

- 

- 

- 738 

23 

tear 

7385 

+002 

73.40 

7387 228 

5 

Ttete 




WA 

WA 


■ ORANGE JUICE NYCE (IS^MOtoe; csntsribe) 


tor 

1122S 

+120 11320 11110 

7251 

289 

Jet 

iii.ro 

+1JS 11150 moo 

VZ7 

250 

Sep 

11725 

+180 11785 11620 

2814 

a 

«M 

11145 

+1.00 11545 11420 

1837 

15 

JM 

11150 

+155 11150 11585 

1256 

136 

Mar 

11100 

*125 11820 11720 

228 

25 

Tort 



19213 

723 


VOLUME DATA 

Open Interest end Ifokane data shown far 
co ntrac ts traded on COMEX. NYMEX, CBT, 
NYCE. CME, CSCE and IPE Crude 09 era one 
day In sneers. 


INDICES 

■ HELD ms (Baser l8/9/31°10Q) 


Mar 28 MerflS month ego yew ego 
18468 18465 1782.7 17264 

■ CRB Futures (Base: 4/B/Miloq) 


Me 25 Mar 24 month ago year ego 

230.75 230.84 227.45 211.14 


Apr 

46850 

-1400 47.075 48.875 

7253 

1293 

Jae 

51400 

-1.125 5342S 51275 13204 

2.154 

JW 

51750 

-1225 51150 51925 

3289 

673 

Ang 

51950 

-1.250 51.600 50800 

2280 

345 

Oct 

46JM 

-1.400 47200 48250 

1273 

161 

Dec 

47800 

-1475 47.750 47275 

2204 

1B4 

Tort 



31254 

4299 

■ PORK BELLIES CME (40j000faa: cantaribe) 

tew 

91700 

-1225 56800 58.150 

4244 

1200 

JU 

sfleso 

-1275 57.150 58275 

3293 

GOO 

Aag 

54800 

-1.125 54800 54200 

981 

218 

Fab 

57450 

-2.000 57250 57860 

90 

34 

Star 

57.100 

-1200 67860 57200 

3 

1 

toy 

51000 

- 58200 

8 

1 

TeW 



8232 

*2M 


LONDON TRADED OPTIONS 

Strike price S tonne —Gala— — Puts — 


■ ALUMINIUM 


(91756) LME 

May 

Aug 

May 

Aug 

1300. 

48 

m 

21 

37 

132S 

34 

67 

32 

47 

1360 

23 

55 

46 

60 

■ COPPER 





(Grade A] LME 

May 

Aug 

May 

Aug 

lonrt 

73 

105 

16 

42 

1950 

42 

70 

35 

63 

ponn 

21 

54 

64 

SO 

u COFFEE LCE 

May 

JU 

May 

JU 

1300 . 

81 

S3 

13 

40 

assn 

31 

66 

33 

63 

i^fm 

14 

46 

68 

S3 

■ COCOA LCE 

May 

JU 

May 

JU 

92S. .. 

11 

42 

31 

45 

950 

s 

33 

6D 

61 

975 

3 

25 

73 

76 

■ BRENT CRUDE IPE 

May 

Jun 

May 

Jun 

linn 

26 

. 

46 

. 

1400 

10 

32 

_ 

. 

1460 

6 

19 

- 

- 


LONDON SPOT MARKETS 

■ CRUDE on. FOB frerbreralTMay) +or- 


Dubai 

SI 1.Q2-2.02*, 

-0.67 

Brant Stand (dated) 

513.76-3.78 

-090 

Brant Sand (May) 

S1111-3.13 

-0.78 

W.T.l (ipm eet) 

S14.16-4.18w 

-0.90 

■ OIL PRODUCTS NWE prompt Mvay OF (tame) 

Premium QasoHna 

SI 54-1 G6 

■3 

Gas 0< 

Si 38-140 

-3 

Heavy Fuel Oil 

588-70 

-2 

Nechthe 

5130-132 

-a 

Jet Fuel 

5156-157 

-4 

Pseoieum Argut Stomata 



■ OTHER 



Gold (par trey az}$ 

5389.80 

+O.40 

Sliver (per trey cxzji 

57520c 

+5.00 

Platinum (per troy azj 

$412.00 

+025 

Pafledkun (per troy 02 J 

5134.40 

-0.35 

Copper (US prod) 

95,00c 


Load US prod.) 

35.00c 


Tin (Kuala Lunpu) 

1449r 

+0.03 

Tin (New York) 

85420c 

+100 

23nc (US Prime W.) 

Ufa. 


Came (Pve welghtjT 

127.49p 

-oar 

Sheep ffcft wtegWJt* 

13&2Qp 

-OBr 

Pigs fltve weight) 

7S2Sp 

-i^r 

Lon. day sugar (raw) 

$29420 

.ppfi 

Lon. day sugar (wte) 

534720 


Tate & Lyta export 

£309.00 

- 1.00 

Bariey (Eng. fried) 

Unq 


Maize (US No3 YeSow) 

Unq 


Wheat (US Daric North) 

ET1602X 


Rubber (May# 

71.50p 


Rubber (JunflF 

71.7Sp 


RUflMt(KL RSS N01 Api] 

25420m 

+1.00 

Coconut Ol (PMQfi 

$54001 


Palm QB (Mainy.)5 

S402.5W 

+05 

COMA (PMQS 

S3B5.Qz 


Soyabeans (US) 

£1»2w 


Cotton Ou&ook A index 

8220c 


Wnoltopa (843 Suped 

392p 

nUBpeiei/e. 

eeMte/in, 


r rtngeKlkB- is Mderstan contsAtO. z MteMfe. » Apr w toy. 
t May/ Jin- * ApaMajr. V Ionian my**. 9 CF Row* 
dm. 8 tUta lawM cfcm. ^ Shaqp (Uw» <iWBht priced. * 
Change on ne*. pknCuhwI prieea. 


CROSSWORD 

No.8,416 Set by FETTLER 



across 

1 One living al fresco, with 
intent. It’s said (6) 

4 These are taught thus in the 
classroom (8) 

9 Fasten back to front, when 
making a rude but (6) 

10 Dashing Norse Edda, end- 
lessly approved (8) 

12 Making undue claims Is to 
.add in dubious gains (8) 

13 Audibly, there's a frost. 
Heavy woollen cloth’s 
required (G) 

15 Bom with little money is a 
state that requires relief (4) 

16 An old type fiesta, right for 
the bullfighter (7) 

20 This secures many lines, old 
lines, penned by bard f 7) 

21 Tumbled down a hill (4) 

23 Thanks for the toast (6) 

26 The Judge made a mistake, so 
is directed to sit again (8) 

28 One rustic spirit taking 
pound by deception (8) 

29 A cutter producing grand 
slice perhaps (6) 

30 Forfeited, previously having 
left (8) 

31 Epitome of male beauty, and 
nothing Is amiss (6) 


A UUUJ AXUb 




end (8) 

2 Being a clergyman, I enterec 
a priory church (8) 

3 Bring back into use a retiree 
philosopher (6) 

5 Join 50 in 1,000 (4) 

6 Indicate space where displa; 
is promoted (8) 

7 Arch is not out of sync (6) 

8 What's soaked is left over ii 
the copper (6) 

li Name one In nettle variety 17) 

14 Bird-dog (7) 

17 Expressing grief on finding 
pottery collection without old 
um(S) 

18 Busby conveys relationship 
( 8 ) 

19 Australian cricketers are 
husky drivers (81 

22 An untidy person, that is to 
Say rough (6) 

23 Smoker's jacket (6) 

24 Made godlike, one went and 
flouted convention (6) 

^ Sect is able to accept a novice 
w 


Solution to Saturday’s prize puzzle on Saturday April 9 
Solution to yesterday’s prize puzzle on Monday April u. 











FINANCIAL TIMES TUESDAY MARCH 29 1994 


LONDON STOCK EXCHANGE 


MARKET REPORT 


Early gains lost on renewed interest rate worry 


By Teiry Hyland, 

UK Stock Market Editor 

Growing concern that the nest turn 
in domestic interest rates may be 
upwards undermined UK equities at 
the close of a highly erratic trading 
session yesterday. An advance of 
around 21 points on the FT-SE 100 
Index in early dealing was wiped 
out when Wall Street opened easier 
and gains in British government 
bonds were sharply trimmed. Wor- 
ries over interest rates were partic- 
ularly acute ahead of tomorrow’s 
routine meeting between the Gover- 
nor of the Bank of and the 

Chancellor of the Exchequer. 

The closing reading of 3,129.5 on 
the FT-SE 100 showed a gain of only 
0.5 on the day. Lower oil prices, In 
the wake of the decision by Opec 
ministers to maintain pre sent pro- 


duction ceilings for the rest of the 
year, helped both bonds and shares 
at first. “A lower oil price Is like a 
tax cut for manufacturing compa- 
nies, and it also encourages confi- 
dence that inflation will stay low." 
commented one strategist. 

However, it was clear that invest- 
ment confidence was restrained, 
with the big securities houses 
unwilling to open up new positions 
in the market during a trading 
week curtailed by the extended 
Easter weekend; important data on 
US employment is due on Friday. 
Traders stressed that turnover, had 
been unimpressive, with the day’s 
Seaq total at 51&8m shares, about 
40 per cent down from Friday’s 
level. However, the Friday total was 
worth £2.2bn in retail worth, indic- 
ating one of the most active ses- 
sions of the year. 


Account Po a fttfl Mh 


□Mon OaataaOoaK 

ll«H Apr 7 


A m o u nt Da*: 

Apr 5 Apr IB 


Share prices opened lower as trad- 
ers reacted to widespread comment 
in the weekend press that any cut 
in UK base rates may now be diffi- 
cult to achieve, and that rates may 
soon have to rise to restrain the 
pressures of a recovering economy. 
Tomorrow brings the auction of 
£2L5bn of floating rate government 
securities. 

But strong gains in government 
bonds, together with a dbarp rise in 


tiie premium on the Footsie stock 
index future for June, soon tuned 
share prices higher. Traders were 
not greatly impressed, and pointed 
out that Friday's session had left 
many securities houses needing to 
buy stock and unwilling to leave 
their trading books exposed over 
the Easter weekend. 

The downturn, when it came, 
bore out suggestions that genuine 
underlying demand for shares was 
light, and also that UK equities are 
still dominated by the gilt-edged 
market and its continued uncer- 
tainty over the outlook for domestic 
interest rates. Volume Increased but 
selling pressure was not heavy. 

Several large US houses were 
clearly active in stock Index 
futures, and share prices were often 
influenced by their operations to 
untie positions in underlying 


stocks. The final picture was fairly 
mixed, with company results and 
special situations providing the 
features of what was clearly a ner- 
vous market 

Among the blue chips, oil shares 
moved nervously as investors 
assessed the outcome of the Opec 
meeting in Geneva. The new issue 
market looked more healthy follow- 
ing news that the House of Fraser 
share Issue, to commence trading at 
the beginning of next month, had 
been subscribed 22 times. 

Activity across the range of the 
market enabled the FT-SE Mid 250 
Index to hold on. to much of an 
early gain, closing 10 5 higher at 
3,785.7. But, with Wall Street down 
20 Dow points when London closed, 
traders sounded cautious on the 
prospects for this morning's open- 
ing of trading in UK shares. 


FT-SE-A All-Share index 


1,750 



Jan Ftb 

Sun FT Graphs* 1994 

■ Key Indicators 
ImBces and ratios 

FT-SE 100 3129.5 

FT-SE Mid 250 3785.7 

FT-SE-A 350 1590.4 

FT-SE-A ABSttore 158ZDO 
FT-SE-A All-Share yield 3.67 

Best p er fo r ming secto r s 

1 Electricity 

2 Water 

3 UBHies 

4 Retailers, Food 

5 Spirits, Wines 


Equity Shares Traded 

Tixnowcr by volume (mfflon). Exckidteg: 
Irera-martst business and overseas turnover 
1,200 • • • 



♦0.5 FT Ordinary index 2479.6 -»6.S 

+10.5 FT-SE-A Non Fins p/e 21.06 (21.03) 

+1.3 FT-SE 100 Fut Jun 3132.0 -5.0 

♦a 76 ID yr Gilt yield 7.95 (7.83) 

(3.67) Long gllt/oquity ytd ratio: 2.20 (2.22) 

Worst performing sectors 

.. +2.8 1 Life Assurance -3.1 


Distributors 

03 E xploration . 
Extractive Inds . 
Diversified Inds 


_-2u? 

.- 2.0 


*.7-,* I 


-v.*r- 

->SfS — 

-..-rv.'&T- 






Opec 
move hits 
oil stocks 

The decision by Opec to 
maintain its output quota until 
the end of the year saw ana- 
lysts furiously reworking earn- 
ings estimates and leading oil 
stocks responding accordingly. 

Mr Keith Morris, oil analyst 
with Schroder Securities, said 
there would be short term 
weakness in the oil price but 
added: “By the time we get to 
the third quarter, demand win 


rise as buyers start to stock up 
for the winter.” 

Pure exploration and produc- 
tion stocks, such as Enterprise 
Oil, which are most heavily 
exposed to a weak oQ price, 
were seen as most at hazard. 
Hoare Govett has now factored 
in a $15 dollar oil price, down 
from $17 before the Opec deci- 
sion, and argues that Enter- 
prise is on a net asset value of 
250p a share. Enterprise shed 
5Yt to 407p xd. 

Among the oil majors, BP is 
considered the most overval- 
ued. Nomura, which has 
reduced its 1994 oil forecast by 
$L50 to $1«L50 a barrel, points 
out the recent strong outper- 
formance in the stock and 


advises clients to sell. Hoare 
has cut its 1994 forecast of Bp’s 
profits by £200m to £lbn and 
says earnings recovery will be 
set back by two years. How- 
ever, NatWest Securities still 
likes the stock. BP ticked back 
7 to 366p. Shell Transport, 
down 13 per cent since Novem- 
ber, firmed a penny to 657p. 
NatWest says Shell is starting 
to see the bottom of the cycle 
and "moderated" its bearish 
stance on the stock. 

Inch cape tumbles 

International trading group 
Inch cape, which ha * ? already 
had a rough ride on the stock 
market this year, was the 


EQUITY FUTURES AND OPTIONS TRADING 


Trading volume was no more 
than moderate in derivatives 
markets yesterday but 
activity In stock index futures 
offered opportunities for 


arbitrage activity, writes Terry 
Bytand. 

Traders Identified two of 
the big US investment banks 
as present in London’s stock 


■ FT-SE 100 INDEX FUTURES QJFFE) E25 pcrfui Mm poMt 



Open 

SeK price 

Charge 

»9h 

lew 

EsL VOi 

Open tnt 

Jun 

3122.0 

3132.0 

-6X5 

316SX1 

3118X5 

12434 

56206 

Sep 

- 

3149X5 

- 6-0 

- 

- 

0 

705 

Dec 

■ 

3159.0 

-ao 

- 

- 

0 

0 


■ FT-SE MID 2S0KDEX FUTURES (UfFEjeiOporM Index point 

Jin 3775.0 3785X) 100 3800.0 3770.0 63 2302 

■ FT-SE MD 250 INDEX FUTURES (OMUQ CIO per fad Mm point 

Jun 37810 37800 53 378S.0 37810 ii 786 

Sep 37810 

AM upon Hemet Dgma am lor preirioua day. f Boa vofema oh n — l 

■ FT-SE 100 teDEX OPTION (UFFQ (*3130) E 10 par Mi Wn point 

2SS0 3000 3050 3100 3160 3200 3250 3300 

CPCPCPCPCPCPCPCP 
Apr ISPi 7h 142*2 14 HZ *2 25 85* 2 40 40 65 28*2 gff*j 10*2 13S*j 5 184*2 

toy 207 28 160 40 133 53 103 73*a 75 96 99 125*2 38 157 24*2 Wa 

Jun IS 55*2 190 70h 1Z3 81>z 98 113*2 74 742 53*2 171 39*2208*2 

Jul 233*2 51*2 197*2 65 IBB 82*2 138 103*2 110 125>f BWj 154*2 68*2 183 53*2 217*2 

Oect - .. .271 122 209*2 158 ■ .--158 204 111 266*2 

Cafc5.ua Put* 3,080 

■ EURO STYLE FT-SE 1QO HWBt OfHTOM QJFFQ £10 par M Mm point 

2875 3025 3075 3136 3178 3225 3208 3325 

Apr 158*2 12 117*2 18*2 81*2 31*2 9l*z 50*2 29 78*2 IB 114*2 8*2 157*2 4 203*2 

toy 188*2 38 153 48*2 *1® 65 88*2 84*2 84*2 Ifflh 44*2 139*2 3® 174 19*2 213 

Ju> 183 57*2 185 98*2 62*2 155 44 225 

Sep 213 82h 154*z131*2 1SS^181*a 71 243 

Duct 291*2 123 199 181 143*2207*2 HZ* 22 BZh 

Cafc 2.157 Pus 1.118 * Itatetjho Mae ton. Piston Mm m bwd on ntttenrt pfcm 
t imp mm etoy mto. 

m EUHO STYLE FT-Sewp 260 WD 6 X OPTION (OMUQ giopofim Mm point 

3850 3800 3860 4000 4060 4100 4150 4200 

AW 30 100 17 135 9 180 3 225 *2 275 325 *2 

cm 0 Mi 0 Mama price* and toma an m * 430pm. 


index futures trades 
yesterday, Salomon said to 
have been a seller and 
Goldman Sachs a buyer. 

US selling hit the June 
future on the Footsie as soon 
as trading started, and a 
healthy premiumm of some 
12 points to the cash market 
was quickly trimmed to 
around 8 points; fair value, 
foe premium allow Big for 
financing and dividends, 
stands at 3 points. 

A premium of around 15 
points was reopened later. 
Locate, or independent 
traders, seized foe chance 
to arbitrage between futures 
and cash. However, foe 
futures premium quickly 
shrank and foe final reading 
of 3,132 on foe June contract 
was virtually in line with fair, 
value. Volume, Including 
after-hours’ business, totalled 
12,434 lots. 

Traded option activity was 
headed by British Steel, 
with 6,005 contracts 
representing a call-spread 
in foe October option; traders 
said it was a neutral deal for 
foe market Total volume for 
options was 28,028 
contracts, compared with 
42,093 on Friday. 


FT - SE Actuaries Share Indices 


The UK Series 


Day* Year Dhr. Earn. 

Mar 28 dipM Mar 25 Mar 24 Mar 29 ago ytekm ytedH 


FT-SE 100 3128J 

FT-SE RM 250 3781 

FT-SE Wd 250 ex tar TrvaCt 3804.1 

FT-SE-A 350 1590. 

FT-SE SmaHCop 1937.0 

FT-SE SmaBCap ex tor Trusts 19110 

FT-SE-A ALL-SHARE 1682X1 

■ FT-SE Actuaries AH-Shara 


3129.0 3121-7 31660 28460 3.88 607 

403 37712 3795.7 36212 30910 023 132 

+03 37922 38 IIS 38*2.6 311*5 335 573 

+0.1 1589.1 16813 1604X1 1411-6 3.73 169 

-03 184&29 1959.44 197660 154631 2.00 369 

-03 1019.78 180028 195424 166600 006 420 

1581-24 1581 +44 1507.20 139462 367 17S 


10 MINERAL ExnwcnoNtiq 
12 Extractive Industrie e(4J 

15 Oil. faxegnUsdO) 

16 Ofl Exploration 5 Pwd(11)_ 

20 OEN MANUFAC I URERS(264) 

21 BUttng & Coratroctlonpi) 

22 BuBOng Mate * MercftsfXJ 

23 CheuitcabpO) 

24 Diversified (nduurtafe<16) 

25 Electronic & Beet Eqiip(34) 

26 Engttvoortng(72) 

27 Engineering. \feMcfas(12J 

28 Porting. Paper & Pt*g(27) 

2fl Tgdfae & Aooartfgq 

30 CONSUMER GOODS{94) 

31 8fenenee(l7) 

32 Spirits. Wtaea & CWera<10} 

33 Food MBnufocturera{23) 

34 Household Goods(1Z) 

36 Hrvxm CarePOJ 

37 Pharmecautleais(1 0 

38 Tobaccodl 

40 SERVICES(221| 

41 OtstnhutorsCSI) 

42 Letaum i Hotob&S) 

43 ModtafW) 

44 Rendors, Food(17) 

46 Retailors. GeneraK44) 

48 Support Sarvtees(40) 

40 IrnrtsportnO) 

61 Otto San *™ * Btatoes3(12) 
bo umsmsm 

62 EtecWOty<17) 

64 Cm DfatribuUonCl 
66 TetocomrniinlcailonoW 
68 Waortl31 


70 FWANCIALS(104) 

71 BantapO) 

73 lneurance(l9 

74 Lite AasuronccfBJ 

75 MoAjarU Banks(6) 

77 Other ITnancWpB 
70 PropertvOa 

so wyEsman' Twusreti 2 ij 

09 FT-SE-A ALL-SHAHE(858) 


Mtr 26 chgott, Mar 25 Mar 24 Mar 23 ago yWdHyMdS 

2492.16 -1.0251764 2624.07 2646312173.10 367 469 

389190 -16394769 395673 3946053184X10 362 466 

240004 -06 242063 2430X10 2499.16200220 3.76 120 

180068 -2J 1837.14 1817X10 1827.13205140 663 369 

2064.64 -062081.79 2101142116751704X10 369 4.14 

1321.19 -06 1324A0 134860 138146 91860 2.74 174 

218164 +06 217T.62 218171 222658 1482.80 365 2.90 

2473X11 +06 2467.782473.662484.60 2(19560 674 4.60 

2082.79 -1.0 2104.41 211643 2122.78 184610 461 4.42 

2001.48 -16 2021.66 2039.07 2D4464 188170 607 667 

192468 -61 192864 193266 194360 142640 285 367 

225662 -06 226679 2274.73 2289.73 1784.40 4.82 369 

289178 -06 2903622901642904.68 232360 268 460 

179260 — 178263 180669 183864 188460 177 668 

273760 2738.73 2732.14 2770.76 270360 464 7.41 

219660 +06 219162218288 217367 208660 4.15 7.82 

293150 +1.1 2903.48 2891-23 299367 2876.10 367 667 

228144 -06 229669 229175232168242360 4.15 769 

2581 XM +0.9 253964 2550.122580.18230360 646 762 

174174 +0.4 1742.48 174765 178163 1777.50 3.15 666 

2893.08 -06 290368 289560 292364 283560 *43 764 

378767 -06 379108 3804.46 3650.59 410200 &66 172 

2035.46 +0l4 202765 2024.45 203182 177860 261 147 

298067 -26 304178 307867 307B67 299560 268 113 

222567 +05 221101 219762 2239.44 17S360 322 467 

312768 +0.7 310466 309763 31 14X54 222JM0 104 460 

160268 +16 197861 158149 160172 200140 366 9.97 

171569 +06 171167 170114 171268 1472.10 261 142 

168468 166103 168185 1684.75 1S2260 2.44 668 

258276 +0.4 256163 254209 253962 2081.10 368 363 

118167 -11 1183X18 1191XM 1200X0128460 461 3.6S 

2381.45 *16234464 234110 237B69 216460 4.19 762 

231177 +26 226464 22B270 2327.38 176160 367 1068 

204161 +19202365197364 200177200360 668 t 

204100 +17 203462 203768 2054.94 200060 366 561 

1B8167 +2.1 184368 18376S 16886B 182S60 4.91 136J 

170762 +06 170460 170742 1723.77 1S2962 167 181 

2248.14 -062281442241602270.40 186130 368 660 

984467 -06 285264282148288764226130 3.78 166 

13S105 -0.1 1380A8 1337.70 1328XJB 132060 4.73 8X12 

249061 -3.1 267174 253964 2S43A2 255190 466 468 

291 7.73 -14 293061 200463 282149 2324.10 367 110 

187267 1971471982.16200066135760 131 664 

1814.02 -n s uw? m 162867 7842.17 119130 360 146 

-11 284068 2860.95 2877.48 219460 115 1-73 

168260 158164 1581+44 160760 139462 167 176 


(VE Xd ac|. Total 
ratto ytd Return 

1966 2762 115153 
2111 2467 138141 
21.82 2118 138568 
2062 1132 120462 
3117 1064 147865 
2186 1061 148268 
21.17 1103 121150 

P/E Xd Total 
rate? ytd Mun 

2466 3060 987.16 
2866 4161 108165 
2369 3169 98967 
3262 1538 103102 
31X16 1666 1041+42 
3468 112 101768 
4860 6X16 100366 
2769 2562 107162 
2172 2109 1044.19 
1068 S6B 96365 
4368 1166 108157 
4051 2147 107567 
2113 2369 112366 
1148 1769 99100 
1562 24.71 01192 
1567 11.01 98151 
1864 19.93 96169 
1565 30.15 844.77 
1665 3465 90963 
21.12 567 994X15 
1569 3566 90067 
1147 060 81172 
2262 865 98065 
2143 1127 101103 
2668 1154 107135 
2668 2061 107120 
1145 2.0* ™ 4ft 
2118 560 898X17 

1668 187 99174 

3262 1063 90668 
3866 1.89 99S69 
1187 560 890.66 

1160 1565 93661 
t 060 90117 
2068 069 35110 

170 3.48 60134 

21.06 1161 118161 
19X15 35,89 87866 
1762 5566 84163 
1469 2060 91125 
2177 5766 841X15 
1106 2162 86133 
2160 16.48 103163 

Sag 267 900 l9S 
57.76 1132 94366 
21.17 1193 121960 


■ Hourly movements 

fcja la oo 11 X 10 HOP 13X10 14X» 1100 16.10 WgtVdny IxmAfay 


— — a.«a7 31216 31310 31312 3141.1 31414 31492 31412 313a3 31602 31117 

FT-SE 100 3110.7 37B4j4 a7Brs 378 86 37902 37818 37810 37904 37811 

S-S-UiT 15816 15856 ?S«X6 1591® 1595.1 15011 1H»5 15952 15917 15916 15818 

Tuna ol FT-SE too rtari 124pm Loo 

m FT-SE Actuarios 350 Industry baskets 

■ OBtn bjjo +IUM 11X10 1100 1360 14J00 1660 H™ Owe Pravtooa Change 

— -rr. 12496 12546 12S36 12546 12S7.1 1257.1 1259.7 12S82 12576 +06 

Bldfl 1 CriStren W46.4 1^ ^0 28806 28616 2871.8 28816 26510 28810 28716 -18 

2841® 2M-.4 7 1ae41 1S8 S6 1B8S.1 18714 1877.7 18386 +386 

Water 1W2-0 }«>\ Z IJn 28946 290U 29015 29006 28814 28816 28796 28872 -76 

Bonks 2889 0 28814 ZBSK-+ 

- 1 . hftoriw mum IMS N Bna— ■»* urmana ftem 6w Fhonoal TimaB 

MWona »40m«uw* on •«* °o«™ ■ «*V * emanwki and pqMr4»Nd iMlcis 

,0awFT-8EltoaSlFr-8EAcliJ«3»amB»Fr-aE«««toln(a^ 


MdMna 

nr^f .oOLBraFT-flEatemniaEAciiJ^^andBBFrJE/icamtolnms^ 

enuMmnM** BimM of M undon 8m* E»Mno» «d The RwneW TW«b UtMLHie FT-SE UakSn 

■FT-5E- <*e » 5S gJSSft sSSmM SSremhrem *« i WMsmtimm** 

maon ar# vrraMA br 1*» «** Comp **- t 


principal casualty in the Foot- 
sie, retreating 37 to 5I5p as it 
announced disappointing fig- 
ures. 

Profits of £271_4m were up on 
tiie previous year's figure, but 
at the lower end of expecta- 
tions after analysts removed 
one-off gains from property 
and stripped out the Toyota 
franchise which the company 
lost last year. Inchcape said it 
was also likely to come under 
continued pressure from a 
strong Japanese yen and tough 
conditions across many of its 
global markets. 

As they returned from the 
meeting with the company, 
analysts reduced forecasts by 
as much as 20 per cent in some 


TRADING VOLUME 


■ Major Stocks yesterday 


ASDA Grant 
fttarj Nottontft 
ABatFMnr 
MnaMvorat 


Assoc Oft. Ports 

BAAf ^ 

BAThdfct 

BET 

BKC 

BOCT 

Bf>t 

BPetrxl*. 

BTt 

gTJS^Wd) 

HTRt 

BonkoTSeodsnttf 

ssrv 

EI»C«M 


B I I SS T 
Brtt 

BWiMwmT 
Brifcto Osarf 

aowiimd 

MWlSfcs^ 

Bum 

Burmtfi Cssaori 
Butni 

Csfca&Wnt 
Cnccuy SdsMppas 
Ca»« Group 
Curadcnt 
CortOT Concnvt 
Costs vvmat 
Cancn. LMoof 

COufcuMst 
CitBoty 
□sUflust 
Oram 
Eastern Bsct. 

East Ifcfcnd BaeL 
Eng QMS ClBys 
Bs sipIssCgf 
BnemlUfc 
no 


vra. 

Ctaefeia 

Day* 

oooa 

price 

chanoe 

4400 

67 

*h 

1+400 

470 

-8 

2 £00 

BO 

<3 

2,700 

see 

-1*9 

715 

612 

+14 

326 

355 

-X. 

4,000 

282 

42 

247 

295 

+1* 

■ 1 

555 

<7 

mCa 

568 


80S 

1007 

<8 


482 

-1 

2500 

128 

-2 

370 

441 

<3 

SB1 

725 

<8 

7JTD 

366 

-7 

ixno 

340 


4.400 

2.400 

2^ 

<3 

«ia 

4.400 

374 

-a 

ms 

193 

*4 

3JOOO 

539 

<2 

538 

524 

-1 

2.000 

330 

<6 

850 

4Z7 


2+400 

528 

-6 

1X00 

448 

<81. 

588 

508 

-1 

1.900 

419 

♦i>a 

4.600 

307 

<a 


413 
U« 442 
1200 478 

1200 

2.CO0 SOB 


3300 £ 


w> +1 

280 

323 +13 


650 +17 

BIB <34 


4B3 -18*2 
407 -6*2 

633 +10 

no 144 202 -1 

Rams 9600 132*2 +1*2 

Foretai ■ Cd LT. 1,900 277 +1 

FortoT . 1^00 367 

Sn Acddmti 1.400 *29 ^ 

Gsnera Elsa.f 1400 293*3 - 8>2 

QaxOt 3JOO 831 -4 

Gtynwed 138 378 -3 

Gisnsdst 2600 547 <6 

Grand Mst-t 1.700 480 <6 

GUSt 586 579 -6 

GREf 3600 188 -G 

CM 248 561 -3 

OJnnoajt 2200 47B <9 

HS8Ct7Sp*at 1600 747 -0 

Hanrrmm 42 382 -2 

Hensonf 4600 2®*? -5*2 

HnrisonsOoxMd 413 710 <2 


358 171 

SB 343 +1* 

MOO 815 

2J00 SIS -87 

841 tm <2*2 

1200 667 *7 

58 B9Q -1 

4.000 199 <2 

687 B45 -7 

198 771 -81. 

775 *83 -1*2 

204 409 +4 

1.700 MB -« 

3600 123 -2 

1600 800 <29 

881 153 -1 

784 194 +1 

105 473 <3 

2+400 184 -1 

238 716 +18 

1200 4171a <4*2 

483 828 <22 

333 117 

1600 241 <7 

OSCC 484 +8 

983 459 +8*2 

13» 225 <3 

545 +15 

874 *22 

213 <5 

as 881 <00 

2600 088 <31 

1.700 704 +1*2 

3.700 192 +1 

*300 535 +4 

2600 312 -5*4 

♦26 


at . 

jSmBn f ls W ii r 

Klnawnrt 

KukSM 

L«c2»*«t x 
Land S«cur$est 
Laports 

Legal & Oensmtf 

asp 

LandonBsct. 


Mootaon (V*nv) 

IWlonal PDStot 

■w 

North West Watert 

NatenEhC , 

Norihsm Foodst 


PAOt 

PWngian 

PonMent 

Prudertmf 

S3 

Maa?Cotmit 


R^BfcSc rafidj- 

Scoctsh S Ns+r. t 

Scoc Hy«K>-aflet 


SWwt 
aowh Es3 
SmafilWJUA 


2xm 400 +1 

1200 60S +17 

920 652 <2 

1.100 835 <4 

1.100 243 +4 

571 2018 <6 

4J00 181 -*2 

9S7 418 +4 

1600 277 <6 

1600 374 +11 

as 1155 +7*2 

G84 326 +3 

SIS 338 +13*2 

057 409 +14 

2.100 118 +*2 

533 204 -2 

1600 337 +14 

212 674 +11*1 

4600 657 +1 


1600 925 +3 

e«t 2+400 139*2 <1*3 

t . 1600 382 -3 

Uts-t 1600 8*7 -*J 


SouBwi BscLt 
South WWes Bern. 
South Wait Water 
South WmL Bsct. 



StnAauN 788 224 « 

SuiManost 1JD0 337 <3j 

TEN 499 229*2 -2*i 

TIGraVt 82* 394 <9 

isat 3600 2.9 -*J 

Tsftnoct 1600 182 -3 

Taso 1 L)4e 455 4*0 40 

Toykr SToodroM LOCO 1S3 <9 

Teacot ^ 4JD0 214*2 <2 

Tharaes wmert 587 823 +10 

Thom H*T 728 1053 <3 

TDmUnfft 723 247 

TnMgsr Hduss 12,0® 100 

LH«M 277 350 »7 

Utfiwt 1600 KE3 -6 

UrttdBsctAst 031 339 Sk 

INd Nsnpdpm 1/00 833 -1*2 

VotS&net 1600 632 tl 

WMmglSaTt 328 739 -6 

WWIminst 1600 570 -2 

WridiWMe 108 648 +11 

WsssraWdsr 125 873 *8 

VMttnarff 1.100 528 +2 

IMBans ndgnt 432 39* <3 

MBs Cmon 983 229 

vansy 1.100 IBS «2*i 

W ohdsyt 280 830 +11 

YotattaBacL 65* 824 +27 

YMMdflWMr 274 521 +7 

Zanecat JB1 748 <4 

Bassd en hadng wdums for a sasedon d nMor 
sscuKVw asm through B» SETO ^rasn 
yasrade »al *60pm. 1M*s of <»• n>aon or 
■ran ranriad dM. t MtaM an FT-SE 
ISO Mm tasmtaant 


108 648 +11 

125 873 <8 

1.100 528 +2 

432 39* <3 

983 228 


cases. The previous range of 
£280m to £290m moved back to 
a floor of £250m and a consen- 
sus of £260m to £270m. 

Utilities jump 

Firm government bonds and 
hopes of a pre-summer fall in 
interest rates sent regional 
electricity (tec) and water utili- 
ties issues bounding forward. 

The Rees were particularly 
strong, although analysts 
denied this had much to do 
with pre-payment of bills by 
consumers attemptin g to beat 
the VAT deadline. “They’re 
looking cheap on a yield basis 
and fining some tchlag up," 
was the view from one market 

fiflfpgman. 

Among the best performers, 
London jumped 29 to 600p, Nor- 
web 30 to 661p, South West 28 
to 651p and Yorkshire 27 to 
624p. 

Pearson, publisher of the 
Financial Times, was the top 
performer in the Footsie as the 
shares bounced back from 
recent underperformance on a 
strong set of figures. 

The group, increasingly per- 
ceived as a media conglomer- 
ate, produced a higher than 
expected dividend and profits 
up 38 per cent to £208. 6m. 
Adjusted for exceptionals the 
headline figure was some £20m 
higher. Although one analyst 
was encouraged to bring his 
estimate for 1991 profits down 
from £ 2 70m, most edged 
upward. S.G. Warburg 
increased its full-year estimate 
by cgfrn to £255m and Gold- 
man Sachs by £7m to £247m. 
Royal Doulton, which was 


NEW HIGHS AND 
LOWS FOR 1993/94 

NEW MOMS (2*. 

aUtUMNO E CNSTRH rn DIMW1. CKEWCAL9 
CD Hooctxtf. DBTHBUram ft) Fabar Pxau. 
SLBCTRNC E ELECT EOUP (1) NEC. 
EMOS4EEKINQ (3) Unread, UMECO; ENO, 
UEHCLES CO Oakrttor-Senz. VoMwagox 
CXIIMCTIVE BBS (3) NSM. Praaeus Moon 
A urnfc. Sl Bartna. FOOD MANUF (1) OaMen 
VahL HEALTH CARE (I) Foraris, R4VE5TMENT 
TRUS1B (1) Mnvtua Find, LfSURE 3 
HOTHl m Atertwn SUM Houma mu |1) 
Quarto BVpc PL OTHBR RNANOALft) 
ftdtand. PHTNO. PAPER 8 PACKQ (1) Rortab. 
PNOPOHY te H*tu AsaoetaM* UaMwn 
RETMUR3L QCNBNAL » GodamBm. OlNr. 
SUPPORT KRV8 (1) B+B. 

NEW LOWS pa. 

CATS (0 Dtomnwi (1) Haiti PD. FOOO 

MANUF a Caradbn Pina. Votkafcv, HEALTH 


AMUR Uepfc, ■WESTMENT TRUSTS (4) 

Bafog Emg Euo, Do Wra^ Friends Prow. E*l 
fcro PL. Tlicmton Pan Ewo Zero PL. LB8URE 
« HOTELS fl) Hoaeach. MEDIA n> GoM 
QreerPB M 7)ott. OK. EXPLORATION A PROP a 
GapkK RssoucM, LA3MO “Op*”, Oim 
FINANCUL (I) TdO. OTHSi 8ERVS 8 8U3NS 
(1) PhoW-MA HHOPE H TT p) CMhBy WL 
SUPPORT 8B4VS (Q Bertsid hiTL ML. 

Swveron ph). TEXTTLE8 & APPAREL (1) 
Pcrdfcnd. AlttnCANS (q Date OaneraL 
Houston ML NVH0L Pn* Cap. WooLmrttL 

demerged from Pearson last 
year, gained 19 at 253p on well- 
received figures. 

Reed International moved 
forward 4 to 835p as it was 
announced that Reed Elsevier 
had bought OIP Group, a 
French exhibitions organiser. 

Insurers, many of which 
went ex dividend yesterday, 
were restrained by Sunday 
newspaper article claiming 
they were resisting payment of 
valid claims. Legal & General 
lost 1% to 483p and Prudential 
5% to 312p. 

Continued speculation that 
Great Universal Stores (GUS) 
is building up a war chest was 
enlivened by rumours that the 
secretive stores group had sold 


its entire gilts portfolio for 
£350m. If true, it would take 
the company's cash pile to 
some £1.7bn - with the market 
split over whether it will be 
used to buy back shares or for 
an acquisition. Strong sugges- 
tions or a buy-back were heard 
last week. Another avenue 
could be for the company to 
bolster its significant property 
arm prior to a flotation. 

Next, which reports results 
today, was one name touted as 
a potential target The shares 
advanced 3 to 22Sp. GUS which 
rose smartly last week, slipped 
to close 5 down at 579p. 

Further bad news over Zan- 
tac, Glaxo's headline anti-ulccr 
drug, saw the company's 
share’s slide 4 to 60lp. A news- 
paper report said Astra of Swe- 
den would get approval in the 
UK today for a new product 
involving Losec. Zantac's com- 
petitor. 

Holliday Chemical slipped 9 
to 20lp after announcing a one- 
for-fbur rights Issue at IfiOp to 
raise £35 .am. The company is 
buying the European indus- 
trial pigments business of 
Reckitt & Colman for £52m. 
Reckitt shares, which went ex 
dividend added 17 at 60Bp. 

Speculative buying helped 
Merrydown, the cider company 
which recently issued a profits 
warning and lost its finance 
director last week, rrecovered. 
Rumours persist of Interest 
from a large brewing group. 
The shares added 6 to I39p. 

Dairy group Robert Wise- 
man rallied from a 7p discount 
on its market debut to close 3 
ahead of its offer price at 103p. 

A 15 per cent profit forecast 


formed the cornerstone of 
Westland's defence documcut 
against the GKN bid and the 
shares responded favourably, 
closing 7% up at 325p. GKN 
slipped 3 to 55!p. Analysts said 
the Westland document bol- 
stered the belief in the market 
that GKN will have to increase 
its 290p-a-share offer. 

Smith New Court was said to 
have been active In placing a 
large line of shares in Trafal- 
gar House. The shares were 
steady at lOOp. 

Conglomerate Hanson fell s'/a 
to 26*)'/ip with dealers citing 
Kleinwort Benson as a big 
seller. 

British Aerospace slipped a 
penny to 506p. After the mar- 
ket closed, the company 
warned that its foreign owner- 
ship had risen to 29 per cent, 
just a half-point below its 
allowable ievcL 


Other big moves 

Chemicals and protective 
equipment maker Blagden 
Industries slumped 26 to 127p 
after recording a sharp loss in 
1993 and warning of a £20m 
rights issue before the end of 
May. Manchester United tum- 
bled 30 to 639p after losing the 
Coca-Cola cup final on Sunday, 
dashing their hopes of a clean 
sweep of this season's domestic 
trophies. 

MARKET REPORTERS: 

Christopher Price, 

Peter John. 

■ Other statistics. Rage 24 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


Opto Apr M ttt Apr Jri Oct 

MtaHjOfc S40ZTO at a 5 24)4 31 
CS58 ) 589 8 17 2B 38 56 61 

Mart 240 11* 28 29 4 15)4 1814 

rZ52 ) 2B0 B94 16)4 1914 13)4 27 SI 

ASM 50 8M ITM TZH 1 3 4M 

CS7 ) SO 2 SH 7 5 7)4 10 

Brit Always 390 24)4 4414 SI 2M M IBM 
(*418 ) 420 W Z7W 3S 12M 20 34 

MMnA 360 2B 40 49)4 4 1554 23 

(-381 ) 390 1014 MM 35 16M 30 38 

Boots 500 3I41MS1M 4 17M Z3M 
C5Z5) SO 4 17 29M2BH 46 51 

BP 380 14 2I33M 8 17M22M 

(*366 ) 390 4 12M2BM 27 34 30 

MfetlSed 130 13 18 21M 2 7M 10M 

(*140 ) 140 SM 12M 1> SM 12M 15M 

Ban 500MM45H 58 5 17 23M 

fSMJ 550 814 It 3S 21 48 5014 

OM&M* 42S25M42M - 6 21 - 

(*442 ] 450 12 2B - 17 33 - 

CcutBiditS 500 33 46M 55 4M22M 30 

[-325 J 550 814 21 3014 30 47M 58 
Conattfct 550 MH 54 «1 3 13 tl 

(*582 ) 600 7 MM 33 » 35 48 

10 800 2BMS8MS8M 14 3348H 

(*814) 850 7 32 46 43 BOM 75M 

HngBAor 650 2014 B 46* 12 32* 42 
(*S5B) 600 4 M M47M64M72H 

land Saar 600 SB SB 81 4M I2M TB 
(-645 ) 650 9 24 39M 18 36 39M 

Maria & S 390 30M37M44M 2 9M 12H 

(■417 ) 420 • ISM 27 10M 23 25M 

MBWBSl 460 ISM 3SM 43M 10M 22M SIM 
(*464 ) 500 3M 18 2SM 39 48H55M 

S3Muy 360 21M 32 41 5 21 25M 

(-374 ) 390 B 18 2SM21M 38 42 

SM Tram. 650 17M JBM 48 9 21 31 

(-656 1 700 3 ISM 2ZM 46W SIM 60M 

Stratum 220 9M 18Z3M 5 16 16 

(-224) 240 254 9 14M18H25M 26 

Trafalgar B7 7 14 - 4 8 - 

(-09 ) 106 3M 9M — 9 14M - 

IWwer 1000 40 63H 84 11 23)4 35 
(1023) 1050 11 38M 66 38 49 60 

Zroeca TOO S4M 76M B8K 3 16M 29 
(*747 ) 750 1B4SM 5B18M38M51M 

Opto Miy *P9 W May Ang tow 

ton) Met 420 «M 59 66M 3 AM 16 
r«9 ) 460 21 33M 43 15 2SM 31M 

La*R*a 180 23 30 3«M 4 7H 13 

(199) 800 B 18 M 11 18 23 

Uto Sheets 330 2854 31 41 7M T3M 21M 
(-338 ) 360 7M 17V4 27 2BM 31 37M 

Otto Jui Sep Pec to Sri P* 

ftsana 130 13 20H M 9 15* 1354 

(132) 140 BM 17 1B16M2TM25H 

Opto Mey Aai to May Ang Hw 

BrSAera 500 40 K 7554 27 44 56M 

rSOB) 660 IBM 3BH34M 57 72* SS 

BAT Ms 420 36)4 4714 48 1054 ISM 2454 

r*53 ) 480 13 aaZM30M3aH47 

BTR 360 23M33M39M B14MZ1M 

(*373 } 390 714 18 304 24M 30 3BM 

BtiTdmm 390 17M 28 34 7 18M23M 

C3S8 ) 430 5 13 28)4 26 37M 41 

catarft* 453 31 - - 5 - - 

(-475 ) 493 9H - - 24 - - 

Eaten See 600 5B » 7SK 4 ITM 25 
(-649 ) 650 2354 39M47M 20 39M «7 

6*IM 460 2514 m 4BM 13 23M31M 

r«77 ) 500 8 21 31 38 47M 54)4 

GEC 280 24M29M3Z34 3 954 13 

r299 ) 300 11 17 2IM 10M 1914 23 


Opto Itey A«9 Bev Mey Aug Nor 

Henson 250 IBM 28 MM 4H 9H 13M 

(*2G9 ) 280 5 II IBM 15 20 24 

Urn 120 MM 18 2354 7M 13 17 

(T22 ) 130 7 13M 18M 13M 18M 23 

(M Mi 180 IBM 38 38 4 S 74 

HS3 ) 200 «M 14)4 19 13 18 24H 

PS 0 700 29 51 CBM 25 39 53 

(*703 ) 750 SM 2B 47 57 68M83M 

FMogton 180 IT 2ZH 47)4 354 6* 13 

f!B3 ) 200 SM 12 17 13M 19 23 

ftUfcrfW 300 MM 3ri4 4BM 4M BH IB 

(*313 ) 330 5 15 22 21M26M 32 

RIZ 800 05 87 1M OH 25 37M 

(-849 ) 850 SIM STM 72 29 4554 50)4 

fteSMd 550 18 31M 44M 29M 37M 52 

rSS3 ) 600 454 1554 26 71 7454 85 

Royal ton 260 25 34M 40 5M10H 18 
TZH ) 280 1454 2354 30)4 14 19M 2BM 

Trocs 200 IBM Z354 M 5M 9M 14M 

P214 ) 220 554 1354 19 104 21 2SM 

Uttrim 500 45 91 74M B 2* 3154 

rS31) SO WM 34M 45M 33 4754 S7 

Wltens 390 13 2354 30 17 2354 2954 

(-393 | 420 4M 12 17M 40 43M 49 

Opto Apr Jut Oct Apr to Oct 

BAA 1000 30 5SM 74 10 45 52 

noon 1050 954 32 51 50M 73 79M 

ThmNtr 500 2954 39 4554 4 2054 25 

CS23 ) 560 4 13H2DV4 31 52 5455 

Otto to Sap Dec Jun Sep Dec 

Abbey to 460 29 42 58M 15 24 MM 

T470 ) 500 11 23M 32 38 46 50 

Mated 35 4M BM 7 354 5 6 

("35) 40 254 454 5V4 B>4 8 9 

Bvdjye 500 53V4 8654 7554 8* 21 2654 

(*539 ) 550 23M SB 4814 29 43M49M 

Bka CMC 330 17 28 3354 2554 3014 31 

(*330 ) 360 7 IBM 22M 43M 50 5054 

Brito Gat 300 IBM 2ZM 24M 14 IBM 24 

f307 ) 330 5M 11 12H 34K 37 43M 

Dhsnc 200 20 MM 30 BM IBM 19M 

009 ) 220 10541614 21 19 28 3054 

nsdowa 160 14 II 21 8 11*4 13 

(-170 ) 180 <54 954 12M 2214 24 2554 

Unfa 140 22 2754 3254 854 13 ISM 

H5S ) 180 18 18 24 1654 2354 27 

to Ptmer 420 41 54MHM 9 1554 20 
(*45B ) 460 2054 31M 38 28 33 38 

Scot Power 390 33M «1M <7» 9H IBM 22M 
(*408 ) 420 17 2S31M23M34M 36 

Seen 110 12 IS 16 4 6 714 

H17) 120 6 8M 11 SUM 13 

Fdrtl 240 20 2BM 32 9 14* 1754 

HS6) 260 11 18 2254 1954 24 28 

Tarmac 174 17 - - 9 - - 

Cl 82 1 193 BM - -20M - - 

Tton B8 1050 60 73H BSM 37 65M 74 
n052) 1100 Z7M 49 6JM 6654 9GH 105 

(SB 200 28M32M 35 4 9)4 11)1 

(-218 ) 220 14M 21 M 2454 12 IBM 21 

Tamtew 240 17M MM 28M 9M 16 18M 
r?<8) 260 8M IS 19 22 28 X 

VMflm 560 44 6tM 7S 27h 42 48 
(-570 ) 600 23 41 53 STM 70 7814 

Opto Apr to oa Apr to oa 

Sn> 600 S1H 60M 72 12M 31 51H 
(*5T7 ) 650 IBM 36 48M 41 58M 73M 

RBCTSpM 700 6BM 97 115 13M 39 52 
C747 ) 750 SD 7054 8354 33 63*4 77 

Rato 2000 59M 137 179 38H S3 123 
(*2019 2050 34 111 154 65M 116 147 

Opto H«y AQB to tey Aug to 

ftatJ-Rojcs ISO m 17 22 9 1454 1854 

(180 ) 200 3M 9 13 22H 27 31 

' LMariytig eeewBy pto Dwtoiw snown m 
tweed ai dedno ofcr ortces. 

Ntedi 28. Tate cancts 26XB3 Cdte 20288 
PME 7.706 


FT GOLD MINES INDEX 


Mr * eBg Har Ms- Tar 6na B* 52 week 
25 octet 34 21 ago yW8% Btfi Low 

tod toea tain (3Q 2185J5 +8J 218BXH 212Z27 12S0J3 1J1 2367+40 1248J2 


AMcad3 3037X9 -09 3064+43 296024 157X51 *52 344060 1486 27 

toMastaS) 272188 +i 2 2698.10 056,71 1267.1$ US 300801207.16 

Itati America (11) 188022 +U 1838^0 1801^7120085 051 203065 116227 

CcntoL lb* n ran tW Tmee Umrod 1994. 

Rpuee to SaekaW tfrae wncnr ed ttraptoo. BeeW US Drite& Beep Kotmc ipOAOD 31/12/92 
Prateanr Gold Mne Were IkB 2S&0 ; dejfccbirea: -78 poMw Veer e0C 1082 TPwto 


RISES AND FALLS YESTERDAY 


British Funds 

Other Freed Merest 

Mbionri Extraction — 
Gerraal Manutacwee 

Consumer Goods 

Services — — 

UtaiSea 


Investment Trusts 

Others 


Rteee 

Fate 

Same 

39 

23 

12 

1 

1 

13 

65 

69 

71 

152 

164 

364 

66 

50 

86 

124 

108 

286 

34 

7 

5 

116 

98 

173 

78 

88 

298 

20 

72 

34 

605 

678 

1340 


> fctad on the London ■ 


TRADmONAL OPTIONS 

First P ee li n gs March 21 Lost Dectorattona Juno 30 

Last Dealings Apd 1 FcraetMemnnl toy 11 

Cals: Amiran. Costain, How Grp, Kuikk, Markheath, Pe n Ma nd. PrBicadate, Regent 
Corn. Rutland Tst, SJgnot. Strorhopo. Vtatec. Puts.- Amtnroc. Puts & Cats: Bfenoc, 
Johnson Fry, Lloyds Chem. 

LONDON RECENT ISSUES: EQUTY1ES 


issue Amt 
price paid 

P UP 

MkL 

cap 

ffnv) 

1990/94 

Htfi Low Stock 

Ctose 

pries 

P 

♦/- 

Nat 

dv. 

Dhr. 

cov. 


P/E 

net 

_ 

F.P. 

31 X) 

246 

241 AMmrt N Dawn C 

2*8 

+1 

_ 

ro 

_ 

_ 

135 

FJ>. 

412 

142 

134 Appted Ois&n 

136 


WN3.8 

2A 

33 

16.1 

155 

FP. 

4579 

165 

158 Beacer Home* 

183 

♦1 

L5m0 

Z2 

33 

141 


FJP. 

g V 

137 

133 Brightstone 

136 


IA75 

T 2 

14 

308 

105 

FP. 

32 2 

11B 

101 Cedardata 

IDS 


RN131 

23 

23 

17^ 

_ 

FP. 

12*0 

65 

62 Canted Euro Gwttl 

62 


- 

- 

m 

- 

- 

FP. 

9XS2 £87*z 

CB7 Chester Water 

£87 

->2 

1235.0 

A3 

3.4 


• 

FP 

36:9 

125 

125 Cauity Smflr C 

125 


- 

- 

• 

- 

- 

FP. 

iiao 

44 

4ii2 Edn New Tiger 

42« 2 

+1 

- 

- 

- 

ee 

- 

P.P. 

122 

50 

40 F & C Prorate Eq 

40 


- 

- 

- 

- 

100 

F.P. 

1425 

99 

93 FhMty Jpn Vakies 

95 

+1 

- 

- 

- 

- 

150 

FP. 

3 22 

155 

<30 Finefest 

148 


R3J 

23 

28 

792 

- 

FP. 25813 £31*2 £214 Franklin Res 

£31 >2 


Q28c 

- 

06 

- 

- 

F.P. 

615 

103 

100 Genmora Bril Inc 

103 


- 

- 

- 

- 

- 

FP. 

555 113*2 

111 Do Zero Pf 

111 


- 

- 

- 

- 

- 

F.P. 

1065 

213 

208 Do Units 

213 


- 

- 

- 

- 

170 

FP. 

655 

171 

140 Gohfctjorough HD) 

149 


WMX3 

2.6 

28 

103 

183 

F.P. 

240.7 

218 

195 Graham Group 

210 

+6 

LN4-.B 

Z3 

2.7 

20.1 

- 

FP. 

835 

74 

864t Guangdong Dvtpt 

rol* 

-* 

- 

- 

- 

- 

Si 

F.P. 

81.3 

62 

53 Isrod Find 

53 

-1* 

-• 

- 

- 

- 

- 

F.P. 

842 

no 

ltd) MAID 

104 

+2 

- 

- 

- 

- 

260 

F.P. 

254.0 

258 

254 McDorawl Wo 

254 


W&25 

23 

11 

171 

- 

F.P. 

8335 

405 

4 SO Morcray Euro Prvtn 

464 


- 

- 

- 

- 

140 

FP. 

2275 

t72 

163 Mteond Indp Mm 

165 

♦1 


23 

11 

22.6 

- 

FP. 

558 

105 

98 Newport 

96 


- 

- 

— 

- 

- 

FP. 

645 

228 

219 Parteo 

219 

-1 

UL35 

22 

11 

T19 

- 

F.P. 

524 

200 

108 Ptatntgan tntl G 

199 


- 

- 

- 

- 

125 

F.P. 

168 

133 

110 Radstone Tech 

110 


R3.0 

2A 

3.4 

13.9 

100 

F.P. 

658 

1(0 

93 Robert Wsemen 

103 



2-6 

10 

15.5 

100 

FP. 

54.6 

98 

01 Sarocon Value 

91 

-1 

- 

- 

ra 

- 

- 

FP. 

116.0 

508 

401 Schroder UK Gwth 

495 

+2 

- 

- 

- 

- 

50 

FP. 

104 

72 

63 Waste Rocycfafl 

64 


- 

- 

- 

26.1 

205 

FP. 

51.1 

218 

203 WaSngttm 

216 


W5l17 

2-0 

3.0 

209 

FP Fi*y pod eecwtiy. PP Pan-mad aocraity. For an eroferoaon at other notes, pieaso rotor to the 


Grade to the Lmftm snare Service. 

RIGHTS OFFERS 


Issue 

prico 

p 

Amorart 

paid 

up 

Latest 

Rerun 

date 

1963/94 

hUi Low 

Stock 

dosing 

prksa 

p 


225 

w 

9/5 

4Q*2pm 

37pm 

Atari 

37pm 


490 

M 

ISM 

53pra 

34pm 

AHed Lyons Uta 

46pm 


92 

W 

11/4 

15pm 

7pm 

Buriord 



173 

AH 

5/4 

27pm 

12 pm 

iCjp. 8 Aagtontri 

I2pm 

-h 

153 

M3 

- 

28pm 

20pm 

Dagenton Mtrs 

20pm 

-4 

62 

Nil 

28/4 

lOhsm 

2 pm 

Hadan MacLdten 

2pm 


280 

M 

4/5 

43pm 

32pm 

Herttys 

32pm 

-1 

2S 

M 

8/5 

2hpm 

1*>pm Hobs 

1*7 Pm 


8 5 

M 

2» 

17pm 

4pm 

Pfchordaon west 

4pm 

-1 

150 

m 

S/5 

15pm 

11pm 

UnMn 

11pm 


30 

m 

95 

11pm 

3pm 

Upton & Sthn 

3pm 



pm Pace a a peretran. 

FINANCIAL TIMES EQUITY INDICES 

Mtr 20 Mar 25 Mar 24 Mar 23 Mar 22 Vrojo High low 

Ordnary Share 2479.6 2473.1 246&S 2493.0 2527.7 2214X1 Z713JB 2124.7 
Old. dhr. yield 3.74 3+74 3.76 3.70 3.6B 4.45 4X52 3.43 

Earn. ytd. % M 5-00 5.09 5.10 5XJ4 «L98 6^2 IL38 3.B2 

P/E ratio net 21X38 21.35 21^1 21-57 21.82 19.94 33+43 19.40 

P/E redo nB 223* 2230 2225 2252. 22.79 1053 3CX80 10.14 

-For 1BKV34. CMrory 9no Index *ca convB«n Ntfi 27100 ZAE/B4; toe 46.* 238/40 
FT tuny Shoro kdn baee date 1/7/35. 

Ordinary Share hourly cte ngte 

Open 9X» 1000 11X>0 1Z00 13JM 14X30 15J» IBXn High Law 
2466^ 2473X1 2478.0 24023 24044 34074 24926 2406.4 2479.4 2492.9 2463^ 


SEAQ bargains 37.420 45399 4 

Eqiety turnover (&n)t - 220 ai 2 

Equity beqdn) S03SB 4 

Sh» as traded 6n 07 - 720.8 

T Exdutng em+nskel turinees and tnsseos twnowr. 


Mor 25 

Mar 24 

Mar 23 

Mar 22 

Yr ago 

45)389 

41331 

39.106 

37+802 

36.026 

2208.1 

20073 

1788.1 

1564.9 

1083.6 

5<L368 

48,173 

44^05 

44^63 

42,942 

7208 

624.1 

60 07 

5850 

4 742 








1 





2 < 


FINANCIAL TIMES TUESDAY MAKCH -° W __ 


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20 


40 


CURRENCIES AND MONEY 


FIN ANCIAL TIMES TUESDAY MARCH |wu4 — - 

MONEY MARKET FUNgS 


MARKETS REPORT 


POUND SPOT FORWARD AGAINST THE POUND 


D-Mark moves lower 


Mar SB 


Ctosing Change B •d/Wter 
mld-pow on day spread 


Day’s MM 

high low 


One moah Three months One year Bark o( 
HaM %Pft Rata %BA Raw Ttf’A Eng Mm 


The D-Mark yesterday gave up 
some of the gains it made at 
the end of last week, finishing 
weaker against the dollar, ster- 
ling and European currencies, 
writes Philip Caioith. 

Amidst fairly quiet trading 
ahead of the Easter weekend, 
the D-Mark's retreat was more 
a case of reversing a trend that 
had gone too far last week, 
than a reaction to any fresh 
data. 

The D-Mark was led lower in 
Europe by the resurgent Ital- 
ian lira ahead of the announce- 
ment today of the election 
result. Dealers said there was 
an element of short-covering 
by some investors in anticipa- 
tion of a post-election rally. 

■ Following last week’s bout 
of strength, the D-Mark fell vic- 
tim to profit-taking before 
Easter. Volumes, however, 
were light with dealers reluc- 
tant to take positions ahead of 
the weekend 

The German currency gained 
little support from comments 
by Mr Hans Tietmeyer, the 
Bundesbank president, that he 
was still worried about the 
high rate of German money 
supply growth. On the other 
hand, a drop in inflation 
encouraged those hoping for a 
quicker fall in interest rates. 

The statistics office said 
West German CPI rose 0.2 per 
cent from February and 32 per 
cent year-on-year, weaker than 
the previous month's OJ per 
cent and 3.4 per cent 
Economists said the figures 
confirmed the favourable trend 
of German inflation and pre- 
dicted the headline number 
could fall below 3 per cent in 
the coming months. Nat west 
Markets in their latest forecast 
put German CPI at 3.1 per cent 
in the second quarter and 25 
per cent in the third quarter. 

The futures market was 
cheered by the inflation figures 
with the June 3-month euro- 
mark contract three basis 
points firmer at 9157. The mar- 
ket is thus discounting three 
month money at 5.43 per cent 
in June compared to the cur- 
rent level of about 5.75 per 
cent. The December contract 
was four points higher at 94 . 9 L 
The overall tone of the 
futures, however, remains pes- 
simistic. The market expects 
interest rates to bottom in 



Jan 7984 

Sowck Datastraam 

■ Pomd in Ww Tocfc 


Mar 


£ spa 

1 BJ» 

3 met 

lyr 


1.4965 
1.4945 
1.4910 
1 4829 


-Prey, dwe- 
1*887 
1. 4966 
1.4931 
1.4853 


March next year, with 3-month 
money at 5 per cent compared 
to 5.75 per cent now. Ms Phyl- 
lis Reed. European bond strate- 
gist at BZW, believes rates will 
be at 3Vr4 per cent by that 
time. 

The outlook for a further fall 
in the repo rate this week from 
550 per cent remains promis- 
ing. Call money is currently 
about 5.70 per cent. Ms Reed 
predicts a 5-7 basis points fall 
in the rate. 

The D-Mark finished lower 
agains t the dollar, closing in 
London at DM1.6728 from 
DM1.668 on Friday. It was also 
weaker against most curren- 
cies in Europe. Against the 
Spanish peseta it closed at 

Pta82.l5 from Pta82.27. 

■ Elsewhere in Europe the lira 
enjoyed a strong recovery to 
dose in London at LS78.4 from 
L988.3 on Friday. Analysts said 
this recovery probably 
reflected short lira positions 
being squeezed out of the mar- 
ket - that is. people who had 
sold lira without owning it, 
being forced to buy it back. 

Mr Jeremy Hawkins, senior 
economic adviser at Bank of 
America, said the market 
appeared to have revised its 
view of a desirable election 
result Initially the consensus 
was that the market would pre- 
fer a centre-left government, 
preferably with Mr Carlo Azeg- 
lio Ciampi, the prime minis ter 
and former central bank gover- 
nor. at the helm. 


Now a greater premium is 
being placed on a stable gov- 
ernment that can implement a 
credible deficit reduction plan. 
There is. however, a view in 
some quarters that a stable 
government of the centre-right 
is not possible. 

The Bank of France left its 
intervention rate unchanged at 
6.00 per cent at a securities 
repurchase tender held to put 
funds into the money market 
The franc was slightly stronger 
at FFr3.422 from FFr3.426 
against the D-Mark. 

■ Sterling had a quiet day, 
ending firmer against the 
weaker D-Mark at DM2.5035 
from DM2.4978. Analysts said 
this reflected D-Mark weakness 
rather than any renewed appe- 
tite for pounds. 

It was mar ginall y lower com- 
pared with the stronger dollar, 
finishing at $1.4966 from 
$1.4975. The UK currency has 
failed repeatedly in recent 
months to break decisively 
above the Sl-50 leveL 

Apart from being held back 
by continuing to trade with the 
dollar, analysts said the pound 
remained vulnerable on the 
political front The government 
appears in something of a lose- 
lose situation in the current 
debate over EU voting rules: a 
compromise will anger Tory 
euro-sceptics, while a hardline 
attitude will leave Britain as 
the odd man out in Europe. 

The message from sterling 
futures is that the market is 
increasingly pessimistic about 
the outlook for lower interest 
rates in the UK. The June 
short sterling contract fell a 
further 6 basis points to 94.60 
while the December future was 
nine points lower at 94.09. 

Money market rates were 
broadly unchanged with 
3-month money offered at o% 
per cent. 

In the discount market the 
Bank of England provided late 
assistance of £265 m. Earlier in 
the day it put £522m into the 
market after forecasting a 
shortage of £85Qm. 

■ OTHER CURRENCIES 

ttar 28 £ S 

Hangar 151559 - 153.737 K&B40 - 102090 
Iren 263000 - 262600 174&00 - 1750.00 
Knot 04*51 - 04461 02975 - 02380 

Mind 328314 - 32855.4 219480 - 219460 
Russia 2607.08 - 261605 174200 - 174800 
UAE. 5.4877 • 54989 16715 - 16735 


Austria 

(Sch) 

17.6337 

Srijui 

(Bft) 

51.5310 

Demark 

(D«r) 

84607 

Frtand 

ff=M) 

8J05B 

France 

(Fft) 

S5654 

Germany 

(DM) 

?.503S 

Greece 

(DO 

367^65 

Ireland 

nsa 

1.6383 

Holy 

H 

2440. n 

Luxembourg 

(LFf) 

51.5818 

Nethortonds 

(FD 

Z815S 

Norway 

(NKi) 

109029 

Portugal 

(53) 

258.912 

Span 

(Pro) 

205.715 

Sweden 

ISKIJ 

11.8007 

Switzerland 

(SF») 

2.1269 

UK 

(Q 

- 

Ecu 

- 

12995 

SORT 

- 

0.940559 

Americas 

Argentna 

Paso) 

1.4987 

Brad 

(PI 

1316.15 

Canada 

(CS) 

20554 

Mexico plow Peso) 

5.0238 

USA 

(S) 

1.4966 

PodSc/MBdcfle East/ Africa 

Austra&a 

(AS) 

2.1004 

Hong Kang 

(HKSI 

11,5612 

India 

(Rsl 

463405 

Japan 

PO 

156375 

Malaysia 

(MS) 

4.0289 

New Zealand 

[NZS 

2.5318 

muptsnes 

Pests 

41^688 

Saudi Arabia 

(SH) 

5.6127 

Singapore 

(SSI 

22572 

S Africa (Cottu) (H) 

51611 

S Africa (Fin.) 

(R) 

7.1052 

South Korea 

(Won) 

120541 

Taiwan 

(TS) 

39^102 

Thaitand 

(St) 

37.7892 


*0 .1038 241 . 433 17 6433 175C&1 


+0.0142 548 • ESS 
82052 -0.0336 948 - 155 
*00056 614 - 694 
+0.0057 CCS - 048 
+1562 593 - 137 
-0.0032 354 - 372 


9.8715 9.8305 
83390 62M0 
85779 85323 
25122 2.*926 
363.137 365215 
1.0338 VC3S4 


+0.0074 142 - 175 2519* 2.B049 


*0227 609 - 821 205.821 205057 


+0003 258 ■ 280 2.1336 2.1234 

+00016 985 - COS 15007 1.2987 


-0.001 961 - 972 
+2228 567 ■ 663 
-00033 543 - 56-5 
+0.0009 176 - 300 
-0.0009 961 - 971 


1.4994 1.*947 
131700 129200 
20620 20519 
S.03C0 6.0201 
1.4991 1.4347 

2.1080 2.0382 


-0 0059 939 - 018 

-00077 SCS - 65 8 21.59(35 11.5473 

-00229 252 - 678 *70200 480920 

-0261 477 - 672 157.760 156^70 

-0.0367 260 - 317 4.0765 4.0252 

2.6318 -00137 233 - 343 233*5 26276 

-00235 931 - 445 41.5640 41.0205 

-0-003 105 ■ 149 5.6216 50053 

-00055 556 - 567 23663 23549 

+0.G05 571 - eSO 5.1680 5.1437 

7.1052 +00569 953 - 150 7.2056 7.0391 

-24 885 -996 121277 TZQS.G2 
-0.0375 970 - 234 39 £900 33.4600 

(St) 37.7B92 -00289 61 6 - 167 37.8520 37.7560 

rSOft rear Aar AOr2& OrAWter ^naanmiftm) Scot aata sittw on* » Cm 9 m Gucan* 
but ara trcpfced by current tre»wa raub Strang «Se» CctattSed by eta Bar* of EngbnL But 
the Dtalar Spci tatoes Mured from HE WIVREUTERS CLOSING SFGT RATES. Sons value 


176299 

03 

17.6243 

02 

. 

- 

113.9 

51.6268 

-IS} 

51.7018 

-09 

51M18 

-06 

115.1 

9.8708 

-1 2 

9.8841 

-1.0 

08939 

-03 

114.B 

• 

- 

- 

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- 

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SOS 

5572 

+03 

8J5B38 

-1.0 

8.0018 

-04 

108.1 

2.5044 

-04 

2-5058 

+04 

05006 

0.1 

123.6 

1.037 

+0.8 

1.0383 

-08 

1.0432 

-0.7 

1010 

245541 

-3.0 

2488,81 

-3.1 

251431 

-2.6 

76.8 

518268 

-IjO 

S1J018 

-0.9 

513018 

-0 6 

115.1 

2.8164 

-02 

28162 

ao 

2.B138 

ai 

iiao 

108372 

06 

109088 

-0J 

10.9009 

0.0 

85.0 

259 887 

-4J5 

261 .832 


- 

- 

- 

206*2 

-2-9 

207 205 

-09 

210.865 

-04 

85.1 

115217 

-2.1 

11.8577 

-1J 

113767 

-1.S 

76.0 

2-1252 

1.0 

2.1206 

1.1 

2-0964 

1.4 

1110 

- 

- 

- 

- 

- 

* 

80.2 

1-3007 

-1.1 

1.3027 

-1.0 

1J059 

-as 

- 

2JJS43 

G6 

2.0541 

0.3 

2.059 

-02 

878 

1.4Q4S 

1.7 

1.4911 

1 J5 

1.483 

09 

658 

2-0989 

0l9 

2.0965 

07 

2.0946 

03 

_ 

17-5^82 

1JJ 

(T3423 

06 

11.4937 

0L6 

- 

15M15 

Z& 

155375 

3.1 

15131 

3.0 

iaas 

263*7 

-IS 

2.639 

-1.1 

2.6476 

-06 

" 

- 

- 

- 


: 

* 

- 


pheos. Fmmd rates we nor dnc** ouottd > 
1986 • KXLBkL OBor and MMM In I 
remora by Ore F.T. 


-•DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


Mar 28 


Ctasfcig Change BiO'cffer 
rnkt-poini on day spread 


Day** raw 

high low 


One month Three months One year JP Morgan 
Rato %PA Rom %PA Rata HPA bide* 


Europe 


Austria 

(Sch) 

11.7825 

+0076 

EOQ - 050 

11.7340 11.7190 

11801 

-1.9 

11.8297 

-1.6 

1134)2 

-03 

1033 

Belgium 

IBFf) 

34 4660 

+0 0845 

603 - 720 

34.5500 34,3350 

348495 

-23 

34.6645 

-23 

349295 

-13 

104.7 

Denmark 

(OKI) 

05888 

+0.0133 

870 - SOS 

6.6G25 

6£6S3 

6.6040 

-39 

38291 

-ZA 

83718 

-13 

103.5 

Finland 

IFM) 

55494 

-0.0193 

■U3 - 644 

5^711 

55268 

5.5562 

-1.5 

5.5639 

-13 

53757 

-03 

75.3 

France 

(FFr) 

5.7233 

+0.007 

225 - 240 

5.7385 

5 7015 

57358 

-2.6 

5.7583 

-2.4 

5.8003 

-1.3 

104.7 

Germany 

(0) 

1.6728 

+0.0048 

725 - 731 

1 6770 

1.6645 

1.6758 

-22 

1.68 

-1.7 

1.6854 

-0.0 

105.4 

Greece 

(Di) 

2 45. BOO 

+195 

7CQ - 900 

246. ICO 244.700 

243.1 

-1G1 

256.55 

-178 

284.05 

-136 

71.1 

ireLind 

(IQ 

14442 

+0.0036 

434 - 449 

1.4456 

14335 

1.4411 

23 

1.4357 

2.3 

1.4208 

16 

- 

Italy 

04 

133085 

-12.73 

£1Q • 760 

1650.25 1634.75 

16433 

-A 7 

1655.7*5 

-4.0 

1095.0 

-3.6 

766 

Luxembourg 

(LFr) 

34.4660 

+0.0845 

600 - 720 

34^500 34.33SO 

34.540 

-2.8 

34.661 

-23 

34926 

-1.3 

104.7 

Nethertands 

(FI) 

1.8815 

+0006 

BIO - 820 

1.8859 

1 8722 

1 8844 

-1.9 

13887 

-13 

18941 

-0.7 

104.1 

Norway 

(NKr) 

72851 

+0.0236 

&41 - 881 

7.2997 

7.2427 

72(978 

-2.1 

73211 

-2.0 

7.3601 

-16 

953 

Portugal 

(S3) 

173.000 

+OS5 

900 - 100 

173JCO 172.030 

173315 

-03 

17533 

-6.8 

180675 

—4 A 

936 

Spam 

(Ptaj 

137.455 

+023 

430 - 480 

137.610 1374)40 

137.985 

-4.6 

138365 

-4.4 

142.055 

-3.3 

80.5 

Sweden 

(SKi) 

7.6850 

-0 0086 

8 >2 - 887 

7.9075 

7.8353 

791 

-33 

79528 

-3.4 

8676 

-2 A 

81.4 

Switzerland 

(SFi) 

1.4212 

+0.0028 

2S9 - 214 

1.4261 

1.4167 

1.4221 

-0.7 

1.4224 

-0.3 

1.4136 

03 

104.4 

UK 

(Q 

1.4966 

-o.ooro 

961 - 971 

1.4991 

1.4947 

1 4945 

1.7 

1.4911 

13 

1.483 

0.8 

889 

Ecu 


1.1517 

-0.0021 

512 - 522 

1.1554 

1.1495 

1.1491 

28 

1.1446 

2.5 

1.1357 

1.4 

- 


SORT 

Americas 

Argentina 

Braai 

Canada 


- 1.41065 

(Peso) 1.0001 -OOOOl 000 - OOI 

tCr) 879.425 +1516 400 - 450 

ICS) 11734 -0.0014 731 - 726 


Mexico (New Peso) 31568 +0 0025 53a - 552 
USA (9 

Pactflc/Mddte East/ Africa 


(AS) 

IHKS) 


(MQ 

(NZ5) 


26320 

1.7566 


Australia 
Hang Kong 
IncSa 
Japan 
Malaysia 
New Zealand 
Philippines 
Saudi Arabia 
Singapore <SS) 

S Africa (Com. 1 (H) 

S Africa (Pin.) (R) 

Soudi Korea (Won) eoaioo 

Taiwan (TS| 264000 

Thailand (Bt) 251500 


14034 -0.0032 C29 ■ C39 

7.7250 -0.0007 £45 - 255 
(Rs) 311688 +0.0025 660 - 725 
(YJ T 04.620 -0.115 530 - 6 SO 

-0.023 810 ■ BN 
-0GC6 575 ■ 596 
- 000 - 500 
(SR) 3.7503 +0.0001 5 Or - 505 
1.5750 -0.0028 745 • 755 
3.448S +0.C052 470 - 5C3 
+0.04 425 - 525 
-1.1 5 ODD - 200 

-am ooo - oco 

-0.005 400 ■ ECO 


(Peso) 27.5750 


4.7475 


1 0001 0.9930 
679.435 879400 
11760 12723 
22698 33538 


1.4077 1.4010 
7 7255 7.72*5 
31 2725 31 5650 
104.940 10*590 
2 7135 2 6300 
1.7596 1 7523 
27.75C0 27 4QC0 
17505 1750! 
1.5790 11745 
3 4503 3.43E0 
4.8160 4 7C60 
829.400 8C62C0 
26.4120 26.4000 
262600 251400 


13746 

-1.0 

13777 

-1.2 

13884 

-1.1 

829 

34578 

-0.4 

3.3596 

-03 

3367 

-03 

- 

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• 

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100.7 

1 4048 

-1.1 

1.4093 

-1.7 

1.4199 

-12 

86.9 

7.728 

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7734 

-03 

7,7687 

-0.4 

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31 4338 

-23 

313688 

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+ 

+ 

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104 525 

t.t 

10*205 

1.6 

10233 

21 

145.3 

2-685 

It 

2.6695 

33 

2732 

-15 

- 

1.7S99 

-0.9 

1.7644 

-13 

1.7863 

-1.8 

- 

3751 

-02 

3.7533 

-03 

3.7848 

-0.4 


13744 

03 

1 5739 

0.3 

1.5725 

02 

- 

3465 

-5.7 

3.491 

-4.9 

3.584 

-39 

- 

4.7815 

-8.6 

4.8415 

-73 

. 

. 

- 

811.1 

-43 

8148 

-33 

8321 

-21 

- 

26.4655 

-3.0 

28.568 

-25 

• 

• 

- 

2533 

-38 

25.455 

-33 

35.975 

-29 

- 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Mar SB BFr DKr FFr 

DM 


L 

H 

NKr 

Es 

Pin 

SKr 

SFr 

C 

CS 

S 

Y 

Ecu 

Betutan 

(BFr) 

100 

19.12 

1881 

48S5 

2009 

4750 

5.459 

21.13 

501.9 

3983 

2238 

4.124 

1.939 

3984 

2902 

3036 

2318 

Dot ai lark 

(DKr) 

5231 

10 

8690 

2539 

1.051 

2485 

2856 

1135 

262.5 

2083 

11.97 

2157 

1.014 

2084 

1318 

1588 

7317 

Franc* 

(FFr) 

60.19 

1151 

10 

2922 

1209 

2859 

3286 

1272 

3021 

240.1 

13.77 

2482 

1.187 

2398 

1.747 

1823 

1316 

Germany 

(DM) 

20.60 

3938 

3.422 

1 

0.41 <1 

9784 

1.125 

4353 

103.4 

8215 

4.712 

0.849 

0399 

0321 

0398 

6254 

0319 

iretand 

(IQ 

49.79 

9.518 

8271 

2417 

1 

2385 

2718 

10.52 

249.9 

1983 

1139 

2.053 

0365 

1.934 

1.445 

1513 

1354 

Italy 

(U 

2105 

0.402 

0-350 

0.102 

0042 

108 

0.115 

0445 

1037 

8396 

0482 

0087 

0.041 

0.084 

0061 

8392 

0.053 

Me-— ■ ■— 

■Hiuictunua 

(FI) 

18.32 

3302 

2043 

0889 

0368 

870.0 

1 

3371 

01.94 

73.05 

4.190 

0755 

0355 

0.730 

0332 

5531 

a<01 

Norway 

(NKr) 

4732 

9.047 

7861 

2297 

0390 

2248 

2383 

10 

2373 

188.7 

10.83 

1.951 

0317 

1.885 

1373 

143.7 

1.192 

Portugal 

(Ea) 

19.32 

3809 

3310 

0967 

0400 

9463 

1388 

4210 

ioa 

7845 

4358 

0822 

0386 

0.794 

0378 

60.49 

8502 

Spain 

(PM) 

25.08 

4.794 

4.166 

1217 

0304 

1191 

1389 

5299 

1253 

ioa 

5.737 

1.034 

0.486 

0399 

8728 

76.13 

0.632 

Awdm 

(SKr) 

43 71 

8357 

7382 

2122 

0878 

2078 

2386 

9237 

218.4 

174.3 

10 

1303 

0.847 

1.742 

7369 

1327 

1.101 

Switzerland 

(SB) 

2435 

4.638 

4.029 

1.177 

0.487 

1152 

1324 

5125 

121.7 

96.71 

5348 

1 

0.470 

8966 

8704 

7862 

0311 

UK 

(E) 

51.58 

9.881 

8389 

2504 

1.038 

2450 

2816 

1030 

2583 

205.7 

11.80 

2127 

1 

2055 

1.497 

156.6 

1399 

Canada 

(CS) 

25.10 

4.799 

4.170 

1218 

0304 

1192 

1.370 

5304 

1263 

100.1 

5.742 

1.035 

0487 

1 

0728 

7630 

0332 

us 

IS) 

34.46 

6.587 

5.724 

1.873 

0.6B2 

1637 

1.881 

7281 

1729 

1373 

7.882 

1.481 

0668 

1.373 

1 

104.6 

0368 

Japan 

(V) 

329.4 

6297 

54.72 

1539 

8816 

15845 

17.98 

89.80 

1653 

1314 

7S35 

1338 

6386 

13.12 

9359 

iooa 

8395 

Ecu 


3271 

7.591 

6397 

1.928 

0.798 

1886 

2188 

8391 

1993 

1584 

9.084 

1337 

8770 

1.582 

1.152 

120.6 

1 


TSOR r*» iw Mar 25. Bx&teflw rsmsass m are Octas SpcJ Slew any C* &= ftree tJecnol place*. Forward ran are not dractly raotM ID 1 
but ore mipfod by current nm axx UK. brand 4 ECO » cvcetw n US currency. JP. Mcrsan mere mown lor Mur 23. Bom towage IMO+IDO 


EMS EUROPEAN CURRENCY UNIT RATES 

Mar 28 Ecu con. Rata Change % +7- from % spread Or. 

rates against Ecu on day can, rata vwaafcaat Hid. 


Yam per 1.000: Kroner. French Franc. Nor ra g an Kroner and O w oJ* Kronor pet 10. Belgkxi Franc. Escudo. Uni 1 

■ MWHKFtfnWK (IMM) DM 125JXM per DM ■ J 


(IMM) Yen 121 per Yen 100 



Open 

Latesl 

Change 

High 

Low 

EsL ml 

Open nL 


Open 

Latest 

Chraige 

HW 

Low 

Est ml 

Open tat 

An 

05978 

03052 

-80025 

03980 

03950 

51310 

101,124 

Jun 

89571 

89577 

+8.0004 

03585 

89558 

23368 

40,899 

Sep 

03938 

03934 

-0.0025 

03838 

0.6834 

93 

2.584 

Sep 

08625 

03628 

_ 

0.9620 

a 

69 

1.915 

Dec 


85993 

" 

" 

85933 

8 

115 

Dec 

03670 

89682 

-0.0018 

* 

- 

13 

399 

■ SWISS FRANC FUTURES (IMM) SFr 125300 per SFr 



■ STERLING FUTURES (IMM) C62300 per £ 




Jun 

0.7045 

87013 

-0-0038 

87045 

0.7010 

12328 

36,422 

Jun 

1.4026 

1.4918 


1.4940 

1.4910 

13399 

27,484 

Sep 

0.7030 

0.7029 

- 

87030 

87030 

27 

272 

Sep 

14870 

1.4570 

-80024 

1.4870 

1-4870 

8 

829 

Dec 


0.7075 

+8.0005 



3 

45 

Dec 


1.4850 

# 

” 

14850 

15 

33 


Nether ta wde 2.19672 

Ireland 3.E08628 

Belgium 401123 

Germany 1.94964 

France 653883 

Denmark 7.43679 

Spain 154150 

Portugal 192.854 

NON EHM MEMBERS 
Greece 264113 

Italy 1793.19 

UK 0.786748 

Ear cereal uct are by ere Eugpran Comrr mWu . C U rwndra ore in dracrac Hri p raMhe onragBi. 
Pmur-ig o charges an lor Ecu; • poattre change denoM n wnk currency- DWenpnca shows Die 
rauo between two spreads as pswnagi dWen no e between are scwl nreriwt m * I Ecu contra) rates 
ter a anon cy. end tire imsmi perrwned pwc a nage deWtaon ot dre currenc/s martret rate from its 

f17/W9Z) Storing sno Oafcm Laa suapanded tan BW. Acfurtmwil ofeubttad by FXwndU Times. 
■ P HB uam PW* SE VS OP HOWS £31.250 (cents par pound) 


ai683S 

+8.00487 

-1-29 

4.72 

- 

0 798279 

-8003066 

-1-28 

4.71 

9 

39 7519 

+00401 

-1.14 

457 

8 

132761 

+000475 

-1.13 

435 

- 

639919 

+800562 

0.92 

142 

-8 

7.59313 

+800*59 

2.10 

1.24 

-14 

158339 

-8103 

2.65 

870 

-18 

199353 

+8453 

137 

800 

-23 

281167 

+897 

7.05 

-144 

_ 

189883 

-20.72 

145 

-137 

- 

0.769957 

-0.002688 

-2.13 

552 

- 


Stake 

Price 

Apr 

- CALLS - 
May 

Jun 

Apr 

— PUTS - 
May 

Jlfi 

1500 

934 

arm 

9.07 

- 

801 

818 

1.425 

651 

6.79 

891 

- 

814 

843 

1-460 

438 

4.63 

452 

803 

0.47 

002 

1475 

127 

220 

3.25 

836 

1.13 

1.73 

1300 

878 

132 

102 

137 

220 

2.39 

1325 

810 

071 

1.15 

119 

101 

4.49 


MONEY RATES 


MUFFET DMImi 


1 of 100% 


March 28 

Over 

One 

Three 

Six 

One 

Lamb. 

Ota. 



night 

month 

mths 

mlhs 

year 

Inter. 

rate 

rate 

Belgken 

. 

6* 

6i 

e: 

6M 

7.40 

5.00 


week ago 

- 

sv. 

6W 

6% 

64 

7.40 

600 


franco 

6Jv 

63 

6ti 

0Hr 

64 

0.00 

__ 

7.75 

wm* ogtj 

ew. 

63 

O'* 

on 

sa 

no 

__ 


Germany 

5.73 

5.80 

5.75 

530 

5.43 

6.75 

525 

580 

week ago 

5. 75 

530 

S.75 

5.58 

538 

6.75 

SJW 


Ireland 

8A 

6 

6 

6 

6 

_ 


6.75 

weak ago 

«3 

6 

6 V. 

6to 

6V» 

- 


675 

Italy 

83 

erv. 

an 

an 

an 

_ 

880 

8.92 

weak ago 

83 

8* 

8% 

8» 

sn 

- 

880 

892 

twine rums 

5.53 

534 

5.40 

538 

5.38 

- 

525 


week opo 

533 

5.54 

5.32 

6.22 

520 

- 

525 


Serttzertand 

4Vk 

43 

43 

44 

4Vk 

8625 

480 


week ago 

4 Vi 

4J 

44 

44 

4 

6-625 

400 

_ 

US 

31* 

3B 

3 ! m 

44 

48 


100 


week ago 

33 

3Q 

3% 

*n 

4K 

_ 

3.00 

_ 

Japan 

2 Vo 

S4 

2i 

2 'A 

Zi 

- 

1.75 

_ 

week ago 

Zi 

Si 

24 

n 

Zi 

- 

1.75 

- 

■ SUBOR FT London 








MortHnk Fbdng 

- 

aa 

an 

43 

45 

_ 

_ 

_ 

week ago 

- 

aa 

38 

44 

48 

- 

- 

- 

US Dollar CDs 

_ 

141 

166 

109 

446 




week ago 

- 

141 

172 

4.03 

4.45 

ra 


_ 

SDR Unked Ds 

- 

3H 

3% 

3fe 

4 




week ago 

- 

3 % 

3h 

an 

4 

- 

- 

- 



Open 

Sett price 

Change 

wgh 

Low 

Era. ml 

Open WL 

Jun 

04.52 

9487 

803 

9488 

94.52 

28711 

255664 

Sep 

94.73 

94.79 

0.04 

94.81 

94.73 

15585 

168030 

Doc 

9«85 

9490 

803 

94 83 

9484 

19343 

162679 

Mar 

S4.94 

35.00 

805 

85.10 

3483 

15031 

152489 

■ THREE MONTH EUROWA BfTJUVnS FUTUMUt |UFfg LI 000m potats of 100% 


Open 

Sett price 

Change 

High 

Low 

Era. ml 

Open InL 

Jun 

91.89 

91.83 

813 

91.89 

91.69 

7137 

59217 

Sep 

9188 

92.02 

ai2 

9105 

91.88 

3331 

22969 

Dec 

91.95 

9115 

812 

82.19 

9185 

1694 

37497 

Mar 

9105 

9116 

812 

9117 

9285 

393 

5379 

■ THREE MONTH BIRO SWISS FRANC FITTUMS (UFFE) SFrltn potato of 100% 


Open 

Sett price 

Change 

Hk]h 

Low 

EM. ml 

Open H. 


95.95 

9382 

081 

96.02 

9525 

5402 

34323 

Sep 

96.05 

96.10 

802 

9810 

9804 

453 

7091 

Dec 

85.88 

9804 . 

802 

90.04 

S5.9S 

414 

47B5 


0S.B6 

95.88 

082 

95.92 

95.86 

46 

260 

■ three month ECU FUTURES OJFFQ Eculm potata of 100% 



Open 

Sett price 

Change 

High 

LOW 

EsL ml 

Open tat 

Jui 

9194 

9197 

aoi 

94.00 

9194 

686 

10884 

Sep 

04.15 

94.18 

801 

9421 

94.14 

380 

11545 


9426 

0480 

802 

9423 

9426 

578 

8707 

Mar 

0429 

94.30 

801 

9425 

9429 

202 

323 


■ LtfTE traded on APT 


ecu LMsd Ds raid re tec 1 irth. Si: 3 mdre: tKi B rath* 0%. 1 year 6 . S LBOR InUibn* firing 
ms are offered rates tar $l(kn quoted U M mwkra by lour reference bones 3 11m seen wortong 
day. The banks an Bankers Thai. Bad. of Tokyo, BarDkws and Nattnal w wn rnm. 

Mid rsloB are ehmn tar are OcmeeUc Money Raeo. US 5 CDs raid SCfl urtred OqxnKs (W 

EURO CURRENCY INTEREST RATES 

Mar 28 Short 7 day? One Three 

tarm notice month months 


S bt 

months 


One 

year 


Sep 

Dec 


7HRH? MOWTH BIHOPOLLAR (IMM) Sim points Of 100% 

Open Latest Change High Low EsL vol Open hit, 

95.64 05.07 +0.02 85.68 85.64 66,484 488.627 

tiJ-tG 9510 96.20 60.866 355171 


9511 

94.74 


9S.2S 

94.78 


BNglan Franc 

filg 

61* 

<*- 

8(4 

6ft 

■8ft 

6& 

-eft 

8ft - 

6ft 

8ft - 

eft 

Dench Krona 

5* 

■ 5 1 * 

6(4 

- 6 

W. 

■6ft 

6ft 

■ 6ft 

6ft 

-G 

6 - 

5ft 

EHUsrii 

SH 

5fi 

512- 

6fl 

5ft 

■5ft 

Sft 

5ft 

5ft- 

5ft 

sft - 

sft 

Dutch Gucoer 

5ft 

5,i 

5ft- 

5ft 

5l a . 

■5ft 

5ft 

-Sft 

5ft- 

Sft 

5ft - 

5ft 

French Franc 

6ft 

■8,1 

©,V- 

6ft 

6ft 

•6ft 

6ft 

-eft 

6ft- 

6. 1 * 

6ft - 

3 is 

Portuguera Eat 

IOI4 

- 10 

10>* 

- 10 

IQll 

- 10ft 

10- 

■9ft 

9ft - 

^2 

9*2 ■ 

Sft 

Spanish Peeeia 

Bh 

-0 

B*a 

-8 

8ft. 

■8,1, 

Sft 

-8 

Sft 

-8 

aft 

-8 

Staring 

5 s * ■ 

5% 

5ft- 

Sft 

Sft. 

■5ft 

5ft 

■ 5ft 

5ft- 

5ft 

5)1- 

5ft 

Swiss Fmc 

4*4 

- 4 

4%- 

4«| 

4ft 

4ft 

4ft 

-4ft 

4ft 

-4 

4ft- 

3Q 

Can. Dollar 

4l« 

- 4 

4i„- 

44 



6 - 

4ft 

5ft- 

5ft 

5ft- 

sft 

US War 

3ft 

3ft 

aa- 

3ft 


■ 3ft 

3ft 

-3ft 

4ft- 

4ft 

< 11 - 

4ft 

Italian Lira 

9 - 

7*2 

BV 

rt 

eft. 

■7ft 

8 ft 

■7ft 

aft - 

7ft 

8 ft- 

eft 

Yen 

2 ft ■ 

21 * 

33b- 

3ft 

2 ft- 

■ 2,i 

2 ft 

-2ft 

2 ft- 

2 ft 

2 ft ■ 

2 ft 

A*an SSeig 

3*4- 

z\ 

3*1 - 

2*2 

3ft. 

■ 2ft 

4 

- 3 

4 - 

3 

4ft - 

3ft 


+003 94.79 94.73 46104 286100 


■ US TREASURY CTU. FUTWRS8 (IMMI Sim per 100H 


Jun 

96.10 

9610 

+0.01 

9611 

96.10 

1324 

37 22S 

Sep 

95.74 

95.75 

+801 

95.75 

95.74 

428 

7.103 

Dec 

95.40 

95.40 

+883 

95^40 

95.40 

7 

1885 


AS Open Morost Bgj. m lor pravna day 
MWMUBC OPTiOHS (UFF0 QMlm paints o( 100% 


Son tann tnim caB tar ihe US DoBs and Ywv pdMis two days' rwfcu. 

■ TWE MOHTH POOR FUTURES (MATtFl Parte hnetfaanlt otfered rata 

Open InL 

89.746 
42,958 
34.743 
38146 

■ THH8E MOUTH BUBOOOCLAR (UFFQ- Sim pokits Ol 1009S 


Stake 

Price 

Jut 

— CALLS ~ 
Sep 

Dec 

Jui 

— puts 

Sep 

9480 

0.16 

088 

0.53 

0.08 

089 

9*78 

806 

022 

(L36 

014 

818 

9500 

a 02 

ai? 

023 

0.45 

0.33 



Open 

Sett price 

Change 

High 

Low 

Eat ml 

Jun 

9194 

94.00 

+886 

94.03 

9193 

17.79S 

Sep 

94.19 

94.24 

+0.07 

84.28 

94.17 

9813 

Dec 

9484 

94.43 

+0.11 

94.45 

94.31 

6.070 

Mar 

94.41 

9451 

+0.13 

9453 

94.41 

5J254 


6 a*. voL toM, Ctdb 1138 Pl*i ISO. PsMeui day's open H. Cdfe 2003+a Pun 149343 
■ niBOStWWFBAIIC OPTIONS (UFFE)SFr 1m porta ot 10016 


Dec 

0.13 

Oil 

013 


Strike 

Price 

Jun 

- CALLS - 

Sep 

Dec 

Jun 

— PUIS - 
Sep 

Dec 

8600 

0.12 

823 

028 

0.10 

0.13 

824 

902S 

0.05 

an 

0-16 

028 

026 

837 

0680 

082 

806 

806 

020 

840 

854 


Eft vql, US. Cqfc 0 Puts a PrennuA dayta open ML Cols *88 n«s33S4 



Open 

Sett price 

Charge 

H!^ 

LOW 

EtL ml 

Open mt 

Jun 

95.66 

95.65 

- 0.01 

95.87 

9585 

230 

4535 

Sep 

otj-n 

95.22 

-803 

9525 

9622 

85 

2172 

Dec 

- 

94.75 

-803 

. 

. 

0 

1430 

Mar 

9451 

9*50 

-0.03 

94.52 

9451 

52 

780 


Pretmus day*! w*. Ctas 12,145 Puts 20 .m . Ptm. day's open r*_ Offs GS2 J«a Puts 457107 


.UK INTEREST RATES 


LONDON MONEY RATES 

Mar 28 Over- 7 days 

night notice 


One 


Three 


Six 


One 


Martas* Staring 8-44, 5*4 - Sf, S& - 5*, 6% - S>4 5/. - 5ft Sft - 5ft 

Staring CDs - - Eft - 5* 5ft - Eft 5ft - 5<* 5^ - 5*a 

TreassyBtts - - 4jj-4g 4^-4^ 

Bank BBs - - 4S - 4* 5 - 4}f 5ft - 5 

Local authority depa. S >4 - 5>« Bft - 5ft 5^-5 5^ - 5is 5ft - Sft sft - 5ft 

5dape. 5*2 - 5 51. - S .... 

UK deortag bank base tendng rale 5U per cent from February 8, 1994 

Up Id 1 1-3 3-6 B-9 9-12 

months months months 


3^ 


3*2 


Cate of T*c dsp. ipoopoq Hi 4 A 

eras e4 Tw dtp. under 7100000 is 1 lape. DapoaBa wkhekewn tor cash type 

An isndar raw of ttacow* aiosepc. ECGD bad rrea Stag. Opart manes. Make up day Feoniary 28. 
1S94. Agreed treakir parted Mar 26. 1904 la Apr 25. IW. SiMmaal&a ttJOpc. Rafetraoa neater 
pwted FeO 1. 1394 to Fab 28, 1984, gehamas IV & V 52BSpc. Rnaica Horae Base Rn S*a» taam 
Mar 1.1984 

■ THReEMOWTMStBMJIlaHmJiaaftJFFE)gSOOAaOpointacit 10096 


Open 

Sett price 

Change 

HSgh 

Low 

EsL ud 

Open M. 

94.62 

94.62 

-804 

94.87 

94-59 

16448 

120842 

9429 

94.40 

-0.06 

94.48 

9488 

14270 

85784 

94.10 

94.10 

-a 08 

94.19 

9488 

13280 

110832 

9172 

SLB7 

-089 

9178 

9164 

6279 

42184 


Jun 
Sep 
Doc 
Mar 

Traded an APT. AS Open Merest Ipa. se tor previous (toy, 

■ SHORT STEHmtG OPTIOWS (LIFFE) E900.000 polnta ol IQQAt 


Strife 

Prtca 

9460 

9475 

9500 


Jun 

012 

009 

0.03 


CALLS - 

Sep 

Ok 

Jun 

— PUTS - 
Sop 

Ooo 

824 

819 

0.10 

834 

859 

814 

812 

822 

0.48 

877 

088 

087 

a4i 

088 

097 


Eat W>L tow. Can 4127 Puts 7886. Ptmous daiTi open Inu Goto 148376 Rite <98505 


BASE LENDING RATES 
% x *” 

Adam & Company 525 Duncan Lareta — . 525 "RoitaurdtaGuBianBe 

AledTiusiBre* _ft2S Btotor Beck Umwd _. 618 CapoAtonUmBadbno 

AiSBmk -515 FtnancU & Gen Ba* ^ G longer ratnteed as 

•HereyAnsbocher 525 wwieri Ften*^ & Co - 515 ftbwMnginaltudm 8 

Bark <* Bflroda 525 Girobank — -..-525 Floyd Bk d Scottnd - S25 

Banco BBjeoVtocawu 525 aGutenaas Mahon 825 «3mlh&Wftnflfl Sacs. 829 

Bark o( Cyprus 525 had Bar* AG Zurich. 525 Standard Chartered _ 52S 

Bar* ofkdand. ......... 525 o k aMyo s Bar* 326 TS8 525 

BerhaUnda S2S HaftWto i Gen kw Bk 523 aWrrtnd Bk d Kura* _ ^5 

Berk 01 Scodand _S2B GHISamueL 528 UrUyTnMBerfsHC- 5^ 

Bodays Bor* 528 GHaeiO&CO 625 jtatanl id...---^ 

SmBkoiMtfEast..- 52S HongbcngJl Shanghai 5a yvmft^^iLdite w — 525 

•Brown Srtplay 523 Juton Hodge Bar*.... 525 Yoricrtoeank — - 

CL Bark Nederano ... 525 aUiapoU JcnephaS«525 

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EINANC^L TIMES TUESDAY MARCH 29 1994 


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TaM iH BBC flWl list® 113286 115569 122225 IfflW 712® 1S/I/33 Her**/ 

1 0*>SEM(2/1«S» 113381 113344 11SU19 1211.® 28094 88983 27/1/93 

BE2P flrtiOT 149148 1491® 1494.48 1542® 8094 112546 4003 Mpptaa 

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Bawna eanaw U 14601.0 137650 146B1A 25094 71/0 AMB tatogd 

BBP877J 3.444 3133.1 3150 3BK® 1BQ94 MM® J4fl« 

M48S NU*f(197S M 3742® 380251 3879® 18004 27031 2.7U93 *®» _ 


Utatats KU*4fl979 M 3742® S0251 3879® leanm i/w "W 

M 458570 4000® 23094 3ZJ5® 2VU93 SBS*84PpanC W7S) 52482 53384 5CM 841® 47104 394.10 13093 

PM8o§§ (4/1/83) M 210552 2140® 2182® 1004 1720® 2U1« Sc— i Aftfca 

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W»6B10V1290) « 42338 47102 4887® 4094 2BI2® 1QOS3 JEE bit (2B077Q 57378V 58888 59710 8140® 18094 43SS® 19M93 

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- Snto BUM 01/126# *343® 1332® 1237JP 14283* 31/W4 90480 118® 

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US INDICES 


hdusttafe 377173 3821® 386546 387536 3241® 387538 4122 

BV1I99 ponns 01/1795 (217738 

Ham Scads 101® 101.74 101® UB.77 101® 18177 51® 

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(2816193) (6H/93) CBQ83) 0/10174) 

RISE CO®. 25529 257® 260® 267.71 3521 26771 146 

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MSM9 0® 783.45 785® WS1 883® S45J7 8BU3 5437 

(18094 CV4199 08094) (310073 


Ricoh Co 

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FT 


Mar 25 Mar IB 
Dow Jones Ind. Dk. YUd 2.70 2.62 2.B1 £68 

Mar 23 Mar 16 Mer 9 Year ago 
S 5 P M. Diw. yield Z39 2J7 2J37 2.49 

SIP ML. P/E ratio 2AJS3 24.58 24.53 26,13 

■ roucmup sip poors boo uapt wnwasssoo dm® hdax 

Open Latest Change High Low ESLvoL Open W. 
Jun 45950 462.10 +2.15 462^5 458.00 88/388 181.105 

Sep - 481 .SS -5.15 - - 386 5.382 

Dae - 464.40 -505 - - 13 4^468 

Op*P maraw Rgwa* are tor prtMon t try. 

■ uew yowk *cnw stocks ■ m/i ota o a c uvity 

Frttw sacks CkM Osnge • Mm &*■* 

o puce oo d« **ar » UarM Mar £3 

Tdotao* ^19®0 8» +» 

rcrakr inwimn wu ASS 15248 15513 20341 


Mar 11 Year ago 

2.B1 2^8 

Mer 9 Year ago 
2^7 2.49 

24.53 26,13 


BSE Seai/I97E| 


3713.1 3678.1 3861.4 42 BT® 2812194 2 M» 8 ? ®«193 


«C^U(in/70)S 6128* 8128 6187 «1® 1/9B4 


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Bntak 100 ( 25/10901 1438 ® 141248 142 S 41 104019 3 VIS 4 1888 ® 13 / 1/93 

5 ?!? )K141 jMOSI 208218 2 W 194 1191.19 1 V 1 M Bn IPp-UO 9090 ) 122181 1217 ® 1221 ® » 1 ® 21 B 94 B 6273 137893 

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StSSSST SS SS SiSSSS SSim« 

WMwilWflr) Open Satt Price Change Low &L wL Open W. 

S-.-,,, iomi 79 1 BB 364 B 2 D 037 ® 211 * 8.11 13 SB 3 1 SW 17 I 297 IWB Mar 21300 21400 +00 21800 21200 32.998 30 J 04 

m 2*18 29034 SOBMIOTIVO MM mVB 2137 S 21805 400 21705 2137.5 0629 11.478 

MO ft/nwaj W t aoW ~ ^ tasMB 3^3 ^ ZJ 59.0 + 8.0 - 6,796 

an sacan ( 4 /j«b zaaao 213074 218081 a 8 *® 7 «aa irau 2 venm op«n nan* ngm i» pmk« <*«- 


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□ Bill I — | Charge my American Express/Dincfe Cluhl 

me l—l Emocard/Vtsa Account. Expiry Dale _ 


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Finandal Times. Europe’s Business Newspaper. 


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3:15pm Marti 28 


FINANCIAL TIMES TUESDAY MARCH 29 iy>4 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


DfBI 

rasas* rat w Ob One Prat. 

It# low Stock Mr W E Ilk W Lw Mote Owe 

17%11%/Wfl 0.4a 3IS33 9ft 16% 15% 1G -*8 

29% 124t AL LStsA i 0.18 1.1 38 354 16% 18% 18% -He 


67% 54% AMP 
72% 55% AHA 
5 1%«K 
56% 29% ASA 
30% 22% WOOL 

13% BliMHBdPr 
15% 8% AqncSn 
36 25%MEUd/ 


12% 10% AOteoklx UB 9.7 
10% 8%ACMGt0ppx 080 9.4 
10% 8% ACM Bri 5p x 056 10.5 


1.68 27 ZZ 1352 62% 61% 62% +% 

S 5091 61% 60% 60% +% 

15 412 4% 4% 4% A 

200 4.4 29 920 45% 45 45 -% 

076 28 18 6080 27% 27 27% A 

050 28 8 14 13 12% 12% 

21 83 11% 11% 11% 4% 

0.40 10 4 233 26% 26% 264, A 

U» 97 422 11% 11% 11% A 

080 94 46 8% 08% 8% 

08610.5 188 S% 9% 9% -% 

1.09103 898 10% 010% 10% A 


10% B%ACUG«t5px 08610.5 188 9% 9% 9% 

12% 10%AQB&lSBi 1.09103 898 I0%tn0% 10% 

1Z% 9% ACSlitair 1.08 113 204 9% <S% 3% 

8% 8%AC»>aaEP> 0-72 88 18 8% dS% 8% 

12% 7% flonedv 0.44 4JB II 32 9% 8 9% 

11% 5% tone Bed 33 42 S 7% 7% 

28% 18%AanB1 0.60 23 13 12 27% Z7% 27% 

9% 6% Aetna 036 58 2 102 7% 7 7% 

Ifi 10% Acnson 98 200 13 12% 12% 

21% 17% Adam tar ox 21 9 108 i7%di7% 17% 


86% 45%MUCn 
32% 18% UvUe 3.00 105 121429 29% Z7% 29% -% 
B% 5% AMSfEkp 0.16 2 5 10 150 6% 6% 6% 

24% 14% MnWl 0.10 05121 14 18% 18% 18% -fa 

58% 41% Aegon ADR 133 24 11 ft2 50% 50% 50% -% 

66%43%AstaL 3-76 B.Q Id 2532 55% 54% SS 

34 24% ASK 040 13 1311239 31 30% 30% A 

22% 15% AlmKS 0 83 90 11 839 17% 17% 17% +% 

7% 1% Atom Inc 3 39 3 3 3 *% 

49% 37% AJrpjC t 032 2.0 25 2534 47% 45% 46% -63 

39% 18% Aetna fit 030 08 21 353 36% 3S% 35% A 

2G 9£ Akgashc 38 182 23 21% 22% -% 

18% 10% AMeaa)« 1.8411.8 12 59 15% 15% 15% 

108% IDIAfaPwOlB 8 16 76 3 1S4 104 104 

18% 12% Ataska Air 020 1.3 B 638 15% 15% 15% A 

21% 14%/taoyh! 035 17 36 236 21% 20% 21 A 

15% 13% Atari 030 13 5324 15% 15% 15% A 

20% 20% AllCuB 038 13 15 165 ZZ ZT% £1% A 

25% 17AJQjlir A 028 1.4 14 451 20% 19% 19% A 

30% 23% Atom 0.44 13 23 3374 29% 23% 29% A 

3% 16% Mcnfli 030 13 43 1392 24 23% 23% +% 

58% 35% NcoSZ 130 1.8136 818 56% 55% 55% A 
30% 19%/taBrawn 080 £3 4 407 28% 27% 27% -!% 

28% 17% AlaW 130 53 33 1701 18% 18% 18% A 


66% *3% Aetrei. 

34 24% Ate 
22% is% Alumsa 
7% 1% Atom Inc 
48% 37% AkftCk 
39% 18% Arina fti 
2G 9A ASps he 
18% 10% Abfeaxex 


21% 14% Alnay hi 035 1 7 36 236 21% 20% 21 A 
15% 13% Atari 0-20 1 3 5324 15% 15% 15% A 

20% 30%AIlCuB 038 13 15 165 2Z 71% 21% A 

25% 17AIQjlir A 038 1.4 14 451 20% 19% 19% A 

30% 23% AUan 0.44 13 23 3374 29% 23% 29% A 

25% 16% AloiAl 030 13 43 1392 24 23% 23% +% 

56% 35% McoSZ 130 1.81396 818 56% 55% 55% A 
30% 19% AtexBraen 060 23 4 407 28% 27% Z7% -1% 

28% 17%/lknM 130 53 33 1701 1B% >6% 10% A 

24% 17 ABeoJi LUd 0.48 23 18 475 19% 19% 19% A 

28% 23% A8b#> 1.64 69 12 131 23% 23% 23% 

29% 13 Alai Con 0.16 13 13 1SS4 17% 16% 16% 

26% 20% Alas* 0.40 1.0 13 576 22% 21% 22 A 

4% 2% AHon 10 73 2% 42% 2% 

77% 16% Alton Gs 1 164 63 25 220 25 24 Z4% -% 

10% 8% Atom O 0.1B 13 44 10 9% 9% A 

27% 18%Mdlratl 134 67 13 3 22 22 22 

40% 28% AUSg 050 13 7 8917 33 36% 36% -1% 

33% 23AOriOp 0 SB 23 19 388 27% 36% 26% A 

7% 3% AtlfSSM 20 388 5% 5% 5% A 

27% 17% Akmtax 7 1517 25% 25 25% ♦% 

82 59 Alcoa 1 B0 2123 1488 76% 75% 75% -% 

47% 19% Aba Q> A 41 914 22% 21% 2% A 

12% 8%AmGo*c 


12% 9% toGonkc 036 9.7 81 10 3% 9% 

9% 5% Am Praia i 034 33 25 33 7% 7% 7% 

mh 6ABQX&} 0 08 1 0 6 827 8 7% 7% 

25% 15% tairas W 048 1.9 1 7 233 25% 2% 25% 

56% 42% Anted* 030 1.3 14 2483 48 46% 47% 


56% 42% Airabt* 030 1.3 14 2483 48 

10% 9% AmAd]R 0.45 4 6 91 9% 

31 14% Am Samek 008 03 3410856 28% 


31 14% AmBamek aoa 03 3410856 28% 

40% 28% AmBmd 137 6.4 9 3781 31% 

21% 14%AmBUUM 0.52 29 12 6 17% 

31 21% An Bus Pm 060 13 15 3 24% 


47% -2% 
9% A 


6 17% 17% 17% 

J 24% 24% 24% +% 


8% 7Am Cap hex 065 12 142 7% 67 7 

21% 18% Arc CSQ) EM 1.54 B.T 33 36 19% 137 3 19% 

24 20% Am Ck) W 1 08 43 0 15 £2$ 22% 22% 

59% 42% AmCym 175 17 25 3063 47% 45% 46% 

40% 31%AnB»w 240 75 16 2001 32% 031% 32 

36% 22% AnExpr 1.00 14 12 9953 28% 29% 29% 

36% 25% AmGflrt 116 4 1 24 1227 28 % 28% 28% 


36% 25% AmGrod 1 16 4 1 24 1227 28 % 28% 23% 

9% 7% Am Govt In 0.77 35 204 B% 8 6% 

29 18%AmHllhPr 228 83 9 75 25% 25% 25% 

25% 17% Am Han# 030 24 II 73 18 17% 17% 

69 55% AmHane 292 5.0 12 2134 59% 53% 58% 


69 55% Arnttanc 292 5.0 12 2134 59% 53% 

2% Ztailtews 0.7527.3 9 2S 2% 2% 

iffl 5 * 73% AroWi 040 05 14 4331 84 83 

12% 9% Am apg Inc UM 1QJ3 SO 10% 111 

32% 18% Am PiestS 040 13 11 2228 31% 30% 


9% 6% An Real Ea 044 58 5 187 
54% 36% AnStorx 096 13 15103 


31% 30% 31% <■!% 
7*51 7% 7% A 


86 50% AT&T x 


096 19 15 1K3 53 52% 52% 

132 25 1711144 32% 52% 52% 


23 18% Am Wat » 175 60 6 21 20% 21 

32% 24% Am War 1.08 16 12 63 30 29% 29% 

45% 35 Adrian 152 45 14 4264 40% 39% 40% A 

43% 30% Ameran M 128 32 G 23 40% 40% 40% A 

17% 10% Amen* 024 15 74 <83 12% 12% 12% 

59% 48% Amoco 220 4.1 14 4229 54% 53% 54% A 

10% 6% A-TpcoPIB 010 12 6 36 8$ 8% 8% A 

7% 2% Ann Lie OK 31 17 3 3% Jlj 3% +% 

35% 27%Amawn 1.40 45 10 544 31% 31 31% 

A 2% Aaacomp 15 557 4% 4% 4% 

51% S%AnaUartta 020 07 554435 47% 45% 45% -Z% 
31% 15% Analog 271653 28% 26% 27^ •! 

29% 22%Angefica 054 3-7 23 67 25% 25% 25% A 

60% 43% AnSsdi 1.44 27 24 4423 53 52% 52% A 

27% 25% AMHPceFI 267101 4 26% 26* 4 26% 

49% 26An>m 21 147 31 30% 30% 

18% 11%An#»nyte 044 07 16 120 18% 16% 16% 

58% 45A(riCp 1.92 28 11 163 50% 49% 49% 

33% 17% Apart Dp *028 1.1 34 2S5 25 24 24% 

11 9% Apex Man F 073 7.5 292 9% 9% 9% 

IB 6%APH 26 1341 15% 15% 15% 

14% 4% Apffld Meg 2 749 7 6% 8% 

22% 14%ApplPwA OI2 05 35 60 22% 21% 21% 


IB 6*2 APH 
14% 4% ApjSd Mag 
22% M%ApplPwA 
27% XArakOn 


27% aOArcltOn O10 04 18 4071 25 % 25 S% A 

58% 39% ArtoCtwrf 250 54 20 208 48% 48% 46% A 

10% 7AAte 028 19 27 874 7% d7 7% 

43% 36% Artda PI 300 73 4 38% 38 38 A 

51% 42%Aim»45P 4.50 9.1 11 49% 49% 49% A 

B% 4% Anna 1 1282 5% 5% 5% A 

29 21 AimcollP 210 87 3 2 A 2«% 24% A 

57% 28% AnreCW 170 22 42 1936 55% 54 55% *1% 

45% 26% Anew BBC 16151141% 40 40 -1% 

6% 3 Artra Grp 0 10 6 6 6 A 

37% 25% Art* W OTB 26 IB 74 30 29% 29% A 

28% 16% Asset) 040 15 14 £26 Z5% 24% 24% -% 

31% 22 AstiUCod 040 1 4 11 7 53% 28 28% A 

44% 24% A#08 160 23 15 650 43% 42% 43 A 

25% 12%/tefciPacF 077 15 289 18% 18% 18% A 


44% 24% AshOS 170 23 15 650 43% 42% 43 A 

25% 12% Ada Pic F 077 17 289 18% 18% 1S% A 

7% 1% ACTtklK 070 04 1 49 2% 2% 2% 

41 25% Acs Nt Gaa* 012 07 23 12 34% 34% 34% A 

302% 229ASBW12 200 12 Z1 00 237 237 237 

42% 34AMIGB 278 5.9 15 7B 35% 34% 35 

10% AABntiScr, 078 II 9 4 9 8 9 

Z% 19% AftkEgyx 174 77 11 133 20% 20% 20% A 

127% 95% AASi 570 56 59 3625 100% 98% 98% -2% 

9% 2% Mas 1 170 9% 9% 3% A 

31% 22% AOBBEngr* 088 10 13 61 29 28% 29 A 

12% AAUmtsAOIl O46 57430B 9% 9% 9% A 
24% 11%Aoga 040 17 25 1058 22% 20 21% -1% 

12% 8% Audita W 016 09 154 11 10% 10% A 

56% 46% AuDltl 072 1 7 24 1364 53% 53% 53% 

25% 14% Aomen* 044 ZJ 12 9 16% IB% 16% A 

19 14AM3IX 004 03 2 154 18% 15% 15% A 

45 29 Amet 070 17 22 381 41% 40% 41 -1 

64% <7% AwnPr 170 12 16 2037 57% 58% 56% A 

18% 11%A«riCocp 13 7 13% 13 13% A 

9% Otar 24 355 7 5% 8% A 


38% 32 BCE 

9% 5% BET ADA 
8% 3% Balnea 
19% 16% Bator Fort 
28% 17% Batartl 
27% 16% tbklor Be 
37% 24% BBOCP 
18% 11% BUU 
11% 6 Bas» 

Z7% 22% BaUGE 
18% B% Ban Brfccp 
44% 31% Bncflne 
27% n%BancFkm 
27% 20% Bancoea V 
15% 9%BaneoCertH 
36% 26% BcrpHudf 
Z% i% BancTanas 
63% 44% Bandagx 
55>i 40%Ba*Mn 
98 71 Bank Bust 

29% amaesan 

49% 40% Bn BKTI P 
62% 50% BartttY 
50% 43% BankAmA 
95 TGBankAm B 
8*% 85%BnkT9t 
39 22% Belays k 
35% 20% Bad (C HI 
34% 29% Barnes 6m 
50% 37% BamBk 
12% 4% BanMi 
57% 43Bausctl 
32% 20 Baxter 

32 24% fisy St Gee 

25 20^ Bd IT 1838 

26 15Bear5>ns 
50% 05% BssaPAa 
37% 20% Beaitagi 
28% 19% Bockman In 


276 72246 1186 
015 27 30 24 
0J30 57 5 113 
244 137 382 

048 25 4310212 
040 1.7 33 88 

060 27 20 335 
075 04 20 251 
20 1075 
1.48 87 12 670 
020 17 29 878 
1-24 17 11 3553 
9 G 
1.08 47 8 214 
079 77 5 140 
174 37 7 143 
50 250 
070 1.3 18 347 
160 IB 8 880 

5.44 as 2 

085 IB ID 4585 
278 80 5 

170 15 9 2540 
325 as 49 
am 84 18 

160 5 1 5 I860 
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0.5B 13 20 3023 

140 4? C 22 

1.44 12 10 1841 

005 04118 2619 
096 11 II 1574 
170 4 3 23 4079 
1.42 14 15 35 

1.72 80 14 

060 27 5 1494 
275 as 2 
064 17 25 67 

0.40 1.5 21 648 


37% 36% 37 

7% 7% 7% 
3% 03% 3% 

17% 17% 17% 
18% 18 18% 
24% 23% 24% 

26 25% 28 

14% 13% 14 

•% 8 8% 

23% 23% 23% 
19% 19% 19% 
33% 33% 33% 

27 27 27 

23% ZJ% 23% 
107j 10% 10% 
31% 31% 31% 

1% i% 1% 

53% 52% 52% 
41% 41% 41% 
93% 93% 93% 
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49 49 49 

52% 51% 62% 
48% 49% 49% 
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71% 70% 70% 
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S 24% M% 

29% 29% 
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12 % 11 % 11 % 

47% 47 47 

jgja »% 

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21 % 20 % 21 % 
43% 49% 49% 
37% 38% 38% 
27% 25% 26 


Wpa 

BBIM MR a Gkaa rm. 

H# Law Stack Or X 8 «0» O# In Itata Eton 

40% 32% BBCtoO 074 17 14 899 40 38% 38% A 

7% *%B«fPr 072 4.8 3 37 6% 8% 6% A 

89 49%BaaAfl 2.78 11 15 B543 54% 53% 53% -% 

19% OfiBetb 040 2.7 13 209 15% 14% 14% -I 

83% 50% BeDSti 176 47 Z7 2681 56% 55% 56% A 

55 38% Bek) A 060 1.1 23 39 K% 52% 52% A 

27% 19% Bens 0 l54 24 25 291 22% 22 22% A 

69 54B8TW43P 470 76 5 62 61% Bib 

40% 31% BwM 172 41 11 240 37% 36% 38% 4% 

32% 18% BaneMn A 042 17 18 667 K33 32% 32% *1% 

1% ABenouetB 004 16 14 183 1% 11%. 

19% 16% BergBr 048 19 22 57 17 16% 16% A 

14% 6% Bany Mr 040 *958278 B%d8*a 8% A 

70% 21 *2 fieri Buy 414100 K% 64% 68 '2% 

29% 25% SatiStl ZJO 97 ffi 27% 27 27 A 

57% 50% Bernn n 500 BJ J5 53% S3% 53*2 A 

24% 12% Bams 040 19 6 6304 20% 20% 20% A 

BZ% 406IBL 1.40 17 24 317 51% 50% 51 

16% 9*4 flwem 31 Z969 14% 14 lA % 

37% 14% Bnorit 010 0 J 23 420 IB 15% 15% A 

32% 20% Bbndngm S CL40 1 J 66 1GH7 30 29 % 29% A 


now rat ti Sto ta tom 

Mgb UwSHck Dlf « E tOb M# Ml Ban 

27% 17% CnmnmnSK 040 1.7 £3 264 23% 21% 3% +% 

41% 33% Owes 19 TOO 40% 39*2 39% A 

13% 7% COSSrr 0.12 1.0 32 36 11% 11% 11% A 

4% %CriSBdBr 071117 0 338 H % H *A 

39% 16% CUC W 44 5155 32% 3l% 32% A 

19*z 13% Warn 070 57163 5 1A 14% 14% A 

7A 53CumaEnl5 350 52 18 68 67% 67% 

57% 37% CunanEo 050 1JJ 10 1377 5T% 51% 51% •% 

13% ii% Cunadta 096 77 13 45 12% 12 W% 

40% 3f% OcWTx 170 16 61 4 35% 35% 35% 

11% 7%Ot5ktt* 1.0810.0 B 27 10% 10% 

11% B%CycareSjs 7 706 10*2 10% 10% A 

19% 8%Cn*Sm 79 2148 17% 16% 16% A 

33% 21% CfC%m 060 2.6 16 3131 31% 30% 30% -1 

77% 13dttE 845 15% 14% 15 A 


60 57% 58% -1% 


GRAND HOTEL 
DE WATERLOO 


When you suv with us in 

BRUSSEL&-SUBURB 

stay in loudi - wiih 
your complimeniary copy 
of the 


FINANCIAL TIMES 

««**^*Tl *Wtl Mtwtoraa 


BDockx 040 1.8 22 3061 22% 
Back HU 1-32 6-2 12 20 21% 


30 29% 29% 
!% 21% 22 
% 21 21% 


21% 18% DPL HeMo 
ai isnanaSem 
61% 44 Oob 


1.18 10 14 491 20% 20% 20% 
18 1132 18 17 17% 

160 27 21 14G9u61% 58% 59% 


50% 50% 50% A 

55% 54% a 
31 30% 30% A 
17% 17% 17% +% 
3 3 3 +% 


11 8%Bk*R*M» 073 8.1 
9% 7% Bkfacfcfec 075 102 
10% 8% BHmkTgt 070 7.6 
55 31% Bock 1.12 25 
34% 15% BtacM) 010 04 
S% 7%BtoeCMp 080 109 
26% 9% EMCM 
48% 33% Baaing UW 12 
27% 16% BotaeCx 060 24 
21% 4% Bab B 8 N 006 03 


17% 8% BonfiiCtm 072 09306 290 


073 01 74 A B 9 

075102 473 7% 117% 7% 

a 70 7.8 375 B dB% 9 

1.12 2 5 20 1914 45% 44% 45 

010 04 23 6948 27 2B% 25% 

060 100 196 A 8 8 

14 442 25 23% 23% 

un 12 12 4029 46 45% 45% 

060 24 7 757 25% = 25 

006 03 Z7 50B 10% 18% 18% 


10% OnnMtad 010 16 29 224 11% 

7%0ato6n 3 520 7% 

3% naepotrt 5 104 6% 


40% 24% Dans Co a 012 03 21 65 38% 39% 33% 

15% to% Oadel tad 018 1 6 29 224 M% 11% 11% 

13% 7% OatoGn 3 520 7% 7*2 7% 

8% 3%D3fipq« 5 104 6% 6% 6% 

8% 5% KWSWSW 020 15 78 3* 7% 7% 7% 

85 62% DajInH 1E8 23 162267 74% 73% 73% 

(041. 99DjtnPL77 7.70 7.5 2 TUB 101 101 

2 IDOLS 2 244 1% i% 1% 

10% 6% De SMB 014 19 4 2100 7% 7% 7% 


33% 23% Dana Poods 094 22 18 599 29% _ 

46% 30% DoanVTO 050 15 9 4232 35% 33% 34-1% 

9% 8% DeanWGv 072 85 355 B% C8% 8% 

907. 42% Deers < 200 23 20 3575 85% 83% 85% *1% 

2% % Dal W fit 0 61 1% 1 1 

25% 20% DeftnPL 151 12 12 257 21% 21 21% A 

a% 45% DBaftr 020 04 7 1562 <8% <7% 47% A 

i6% 9%Dceawdsa o*o 14 is 94 11% 11% 11% A 
3% % Damn 0 7100 1% 1% 1% 

47% 30%0ekw 1.44 4 6 18 1253 31% 31 31% A 

102 93 Bttl£d7.45 ( 7.45 7.7 2 97 97 97 

ICG 95% Bfl)Eff7.G6 > 7 GB 7E 710 98% 96% 06% -T 

37% 28% LWitfl* 206 7.5 8 3655 Z7% 27 27% A 

38% 70% Dexter Crp OBS 17 1 5 107 23% 23*2 23% A 

30% 17%UagP>mS 040 21 18 185 19% 19 19% A 

45% 35% MM 1.12 26 18 413 42% 42% 42% A 

13% 9% Wflat 068 07 37 82 10*2 10% 10% A 

30 17DamcnaS>i 052 19 26 525 28 Z7% 27% -1 


29% 14Badai 
21% 16%BDStnCM 
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54% 40% Bril Gas 
69 42% BP 
32 23%BPPruVm 
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74% 57% BT 
28% 21% BM|nUx 
37% 28% BnmGp 
9% 6%Bnm9i 
89% 73BmFnS 
30% 20% BrFSrr 
4% ABRT 
23% 12% Bmeaft 


Bortoi 030 22 553515 U% d!3% 13% A 

Basin CM 125 6J 0 29 20 19% 19% A 

Bmmr 0-90 16 12 B4G 23% 23% 23% 

MIM 027 1.1 721 26% 24% 24% -% 

BRE Prop 2.40 72 7 20 33% 32% 33% A 

BngSt 184 £1 15 238 B8% 85% 87 -1 

Brmartnt 39 821 48 48% 46% -1% 

BrMySqx 282 58 13 8960 52% 51% 51% 

Br Air 1.18 12 14 K8 62% 61% 61% A 

HGu 244 52 11 48 46% 46% 46% 4% 

BP 184 28 21 3005 85% 64% 64% -2% 

BPPnaVna 1.70 72 7 223 24% 24 24% A 

BSted 019 08 21 48B 21 20% 20% 

BT 101 5.1 151190 59% 59% 59% A 

BMjnUx 125 5.4 14 175 J5 24% 25 +& 

BnmGp 180 4 J 96 78 37% 37% 37% A 

BranSh 032 48 14 11 6% 8% 6% 

BmFmB 284 13 14 83 85% 84% 85% A 


9% 8% DeanWuv 072 88 355 8% 

907. 42% Deere « 280 23 20 3575 85% 

2% % Del L<d Fh 0 61 1% 

25% 2G% Deiron. 184 72 12 257 21% 

«% 45% DBato 020 04 7 1562 4B*j 

16% 9% DetaWdsa 040 14 16 04 11% 


83% 85% ,1% 
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47% 47% A 
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97 97 


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2.64 13 14 83 853 

088 25 22 5125 Z7lj 
9 63 

044 28 38 2050 Z 


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41% 28% Budoye PI 280 7.8 10 71 37% 38% 37 -% 

16% 14% BudoarFflx 1.7211.1 0 75 15% 15% 15% +1j a 

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B " 1 ‘" -*•*<** * ;- 


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Agency Ffe 23 371 13% 13% 13% 

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B*«J 006 132093 21 

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BtgB 012 16 372 11% 
BUeyW 008 14 32 13% 
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Btona 194004 11% 

Bock Dig ID* 12 15 33% 
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Bob Evans 027 20 444 22% 
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Bods* 25S2S& 14% 

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Boston TC 57 Ml 13% 

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23 23% 

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33% 33% -% 
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28 28% +% 
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54% 55 -1% 
29% 29% -% 
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17% 17% -% 
3B% 37 -% 
9% 9% -1% 
5% 5% 

11% 11% -% 

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33% 34% -1% 
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32% 32% -% 
61% 63% -1% 
29% 29% -% 
22% 22% -% 
23% 23% -% 
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45% 45% -1% 
10% 10% 

7% 7% ■*■% 
22% 23% 

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Cdtaar 8 334 

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Centocor 84174 

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CStsQr 42 138 

Cubesba 13 540 
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OncsMSp 009410095 
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14% 14% 14% *% 
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12% 12% 12% -% 
22% 21% 22 -% 
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2% 2% 2% -% 
81% 81 81% +1% 
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48% 46% 46% 

27% 27% 27% 

19% 18 19% ♦% 

13% 12% 12% -% 

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72% 12% 12% -% 
11 % 10 % 10 % ♦% 1 
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30% 29% 30% 4% 
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23% 28% 22% -% 
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48% 45% 48 -% 

16 15% 15% -% 
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080 W 878 

aa 0 232 

403 834 
20 381 


7% 7% 
24% 24 

17% 18% 
49% 45% 
21% 19% 
10 % 10 % 
ft 7% 
7 6% 
14% 13% 
11 % 11 
13% 13% 
39% 27% 
9% 8% 
6% 8,1 
21 % 20 % 
754 ?li 
u21 20 

33% 83 

18% 15% 
4% 4% 
23% 23% 

24 23% 
2% 2% 
34% 31% 
5% 5% 


7% 

24% -% 
17% +% 
46% -2% 
20% -1% 
10% *% 
7% -% 
6% -% 
14 -% 
11% +% 
13% -% 
27% -2% 
8% -% 
6,1 -ft 
20% -% 
7!l 
20% 

33% -% 
15% ft 
4% +% 
23% -% 
24 *% 

2\i -ft 

32% -2% 

5% 


fflSys 

DBQxnw 

Etata 

tarnucor 

kiantfiogai 

totoarlBc 

kUBmep 

tod to* 

HRes 

tatorabt 

toBtaMKx 

kagrttor 

WBkBjfl 

tatadW* 

tot* 


SI 140 9 8% 

S26543 18% 16% 
8 860 9% 8% 
35 154 6% B 
5 250 6% 6 

040 27 1W 14% 14% 
1.16 18 480 37% 37% 
034232 27 16% 15% 
2113199 18%0t6% 
25 7654 21 18% 

068 15 295 12% 11% 
3321387 30% 25% 

27 42 11% 11 

28 61 4% 4% 

020 1323602 7tk07% 

0 40 3% 3% 
03Z 434272 28 24% 

23 900 11% 10% 
024 19 1199 14% 14% 
3 29e 9% 0% 
11 483 7% 7% 
275 1433 14)2 13% 
221840 12% 11% 

15 230 18 17% 

008 21 100 3ft 3% 

575 IBB 11% «% 
0D1 18 431 29>4 28% 
2 2S8 2% 2% 

16 194 18% 17% 
l JO 38 4212% 210 


- D- 

DSCOn 34 8687 54% 52% 53 -% 

Dari Gnu 013108 65 86% 83 88% 

DffisfiwBh 13 418 2% 2% 2% ft 

{*BH 30 83 7% 7% 7% ft 

OtfadMpe 15 230 1512 14% 15% ■*% 

DaoMnDp )ASB 11 91 24 23% 23% ft 


JU Stack 

Jason toe 

JLGtod 

JOtoEOlMl 

Jotastt 

Jones MM 

JMynCp 

£8to 

jusug 

Jgstto 


- J - 

20 437 18% 
028 21 34 14% 
010 25 104 30% 
BIzlOO 24% 
ID 122 14% 
010 20 71 13% 
128 11 185 23% 
084 14 131 22% 
024 18 32 18% 
0.18 11 178 14% 


KSnttx COB 
KaroanCp*044 
kantarC CUB 
Kaftan Cp r040 
KetayOf 
KdySi 06* 
Katacky Oil 
Khteax 08* 
Batim 
KLAtostr 


12 45 M 
8 227 TO 

38 343 12ft 
14 60 24 

71373 7% 
20 303 25 

13 &» 7% 

16 93 29% 

13 7 6% 

4012610 39% 

71908 15 

1 1456 % 

53 8337 74% 
72522 13% 


23% 23% -% 
»% 97 a *A 
12% 12% ft 
23% 23% ft 
7% 7% 

24% 2*% ft 
7% 7% 

284, 29 ft 

6% 6% 

35) 2 36 -3% 

14 14% ft 

a & 

22% 34 ft 

11% 12 -1 


Lanes Inc 

lenm&pfi 

Larxxtocs 

Lmencpe 

ItottS 

Lacan Pt 

LOGS 

UUCP 

Lecffiera 

Urgent Cp 

LtotyMBc 

LtaTscb* 

Utetae 

itaWA 

LtoBr 

LtocoInT* 

UnBayit) 

Unearlec 

Uq*9mx 

LocwenEto 

Lav Star 


-L- 

012 52 441 0 
367993 33 
0D0 16 311 
09619 474 IS 
341077 27 
12 13 9 

70 166 e 
152493 18 
048 19 65 27 
37 7 S276 27 
016 7 18 6 
TB 205 12 
165*07 23 
078 14 184 X 
020 14 4 16 

22 83 4 
040 23 897 24 
94 170 1 
052 15 887 II 
15 246 35 

024 34 3991 

040 18 44 

006 31 130 

11 SI 
S8178Z7 71 
3 677 3 

025 4 BX 


9% 8% 9 

33% 31% 32 -1% 

46 44% 45 ft 

19% l#% 19% ft 
27% 2S% 26% -% 
9% 9% 0% 

8% 8% 6% -% 
18% 17 17% -% 

27% 26% 26% -% 
27% 25% 36 -I 

8% ©% 5% -% 
13% 12*2 13 ft 
25% 26% 27% -1% 
30% 30 30% ft 
16%d)S% 16% ft 
4,1 *& V« -A 

24% 24 24% -% 

11 2 111111*2 ft 

18% 15% 15% •% 
35% 34% 34% -1% 
44 40% 42-1% 

36 35*2 36 

27 20% 76% ft 
8 7% B 
76% 71% 72% -3% 
3% 3% 3*2 ft 
30% 30% 30% +% 


- M - 

MCI Cm 02B 2134806 24% 
MS Car* 21 496 25% 
Mae MB 060 51 20 16% 
ItdccnGE 106 14 14 32% 

Magma Pw 15 522 34% 
MapnBp 076 13 992 20% 
Mai Bor 12 131 6% 
MartamCp 361117 13% 
Mam Dr 15 1888 8% 
Mario) Cp ID 31 43% 
Manmeto 0 725 2% 
MamoSa 17 29 6% 
ItortoCmkA 044 11 5 11% 

Ifetaal OSB 11 568 22 

Moran k* 382215 51 

Master Cp 03163 8% 
IfcGrtohR 040 13 171 17% 
McGomtox 048 181801 22% 
McCanC 453450 5) 
MadOTag 0 106 % 

Hades toe 018 21 41 17 

MctidneS 040 IS IK 23*2 
Metotant 024 8 48 6 

AtantorCp 010 50 102 18 

MotoG 024 216114 16 

ItonantBiOB 10 864 19> 4 
Itaexy G OlTO 7 479 28% 
Jtorttan 126 11 790 29% 
UBitoat 188507 20% 
UethodeA OOG 18 281 18% 
MUariF 020 10 563 B% 
HOTNBB 200280 125 82% 
MctaMb 14 38 B% 

MteOtaB 221960 30% 
Ukroeom 4 948 6% 
lappa* 141432 8% 
Ifiopofia 5 1635 7% 
MfcSft 243048 88 

IMAOM 37 2396 42% 
ttbft IDO 125432 30% 
Mkhtodn 05028 23 32 

me H 052SD13U 29% 
man 440 25 

Mrateeh 14 323 11% 
MgbBeTel 4810435 20 

AtoduraCo 020 19 170 8 

ModtoaM 046 19 212 Z7% 
MohKK 00* 103 34 

Motes tec X 004 Z7 406 36% 
Hototon 00* 19 696 12% 
MoatoaaP 036 23 2 31% 

ItoCOBaa 17 723 15% 
WTSSys 09 12 MO 31% 
Named 131485 29% 

Myranan 3 54 11 


23% 24 

34 24% 
16% 16% 
32% 32% 
33 33 

ZOSVa 
<S8 8 

12% 12% 
5% 5% 
42% 42% 
1% 2 
0% 8% 
11% 11% 
21 % 21 % 
49 49% 
7% 7% 
16% 18% 
21 % 22 % 
50*2 50% 
% % 
16% 16% 
22% 23 
5*2 6 

*5% >5% 
15% 15% 
18% 19 

28 28 
29% 29% 
18% 10% 
16% 16% 
9 B% 
61% 61% 
5% 5% 
28*2 29 

8% 8% 
8% 8% 
7% '7% 
83% 85% 
41% 42% 
30 30% 
31% 31% 
28% 28% 
24*4 25 

10 % 10 % 
19 19% 
7% 7% 
26% 26% 
33% 3* 
35% 35% 
11 % 11 % 
30% 31% 
14% 14% 
30 30 
2B% 29 

10 % 10 % 


-N- 

NACHai 01611 106 26*2826% 
Nab tote 072 11 80 17016% 

Nat Pizza 15 47 6% 8% 

Uto 0x1X4x036 78 S3* 12% 12% 
NbsSDI 020 25 378 17% 16% 
Mwfetor ID 179 2D% 19 

IECX 046103 23l£4% 54% 

NMax 161103 26% 25% 

NOT* Gen 264121 19% 18 

NaMrS 108 1019 7% 7% 
M9TO0OT 25 3 7% 7% 

Mtato 027 18 37 18 17% 

NewEBus 080 22 86 20% 19% 

Nmrknap 7 713 10 9% 

MmSgeNM 435G63 80 57% 

NWtartGP 004 107100 5% 5% 
NotfeDrt 223310 7% 7 

North* 09 28 191 aG3 G2 
Ndatrm 034 24 7333 43% 42 

Natawl 12 26 17% 16% 
N Stall? 3 135 5 4% 

Northnlte OBB 14 87 43 42*4 

Mona 3183064 19% 18% 
Notates 31 1811 34% 33 

NSC Clxp 10 IK 4\t 4% 


6% ft 
17% ft 
8% ft 
6 ft 
6 ft 

14% ft 
37% 

16% ft 

17% ft 
21 ft 
12 ft 
Z7% -2% 
11% ft 
4% ft 
88% -1% 
3% ft 
25 ft 
10% -% 
14% ft 
9*8 

7% ft 
13% ft 

12% ft 

17% ft 

3A 

11% 

28% ft 


OCbMtoys 2S 147 

Octa CWtt an« 

Otttnlg 141270 

OtfebeyN 080 8 18 
ObtoCl 282 13 12 
Obi Kent 1.16 10 346 
OMNOTS 082 18 6 

□nbaraxpxIDO 7 530 
Qnt Price 19 in 
OptktoH 19 539 
OncfeS 4723872 

OtiScnce 024807 

OrtMtocb OSS 28 24 

OrMSOTP 10 484 
OregoriM 031 15 S3 
amp 5 13 

00*24 041 50 584 

QsdtasbT 050 10 25 
OttorTafl 1.72 14 45 


16 16 
27 20% 
13% 13% 
25 24% 
64 83% 
32 31% 
36% 35% 
31% 30% 
25% 24% 
20% 19% 
33% 31 


26% 

16% ft 
6% 

12% ft 
16*2 ft 
19% ft 
5*% +2% 
26 ft 
18% ft 

7% ft 
7% 

18 

20 ft 
9% -% 
56% -1% 
5% -% 
7% ft 
82 -1 
42% ft 

18% ft 
*% A 
42% ft 
19% +% 
34% ft 
4% n'o 


16 

»% ft 
13% ft 
24% 

64 ft 

31% 

35% 

30% ft 
25 *% 
20% +% 
32% -1% 
24% ft 


4% 4% 
18% 15 

9% 9% 
33% 33 


G -% 
4% ft 

15% 

9% % 

33% ft 


17% 17% ft 
14 14 -1 

20% 29% ft 

2*% 2*% ft 
14 14% ft 
12% 13% ft 
25 23% ft 
22 % 22 % +% 
18% 18% ft 

14% 14% -% 


- P-Q- 

Pacca IDO 14 1180 55 52% 

Pacftifep 0B2 14 42 15 14% 

Platan 132 17 147 26% 25% 
PxKn 23 182 56% 55% 
Pssnetrc 358503 31% 29 

PSycttX 024 43 804 35% 34% 

Payeo Am 22 *8 9% 0 

Peerless 050 9 93u12% 11% 
Pamir* 8 5 13% « 

ton tag IDO 25 14 34% 33 

Ponyh. 220 17 40 30% 30 

PM* 072 16 » 36*2 36% 

Parts* I 16 448 5% 5% 

ftawefl L 020 22 200 20*2 10 

Paop KV 11.38 14 20 47% 47% 

PaqdesH 11 822 11% 10% 

Panto 1 1.12 18 3 34% 34% 

Hutinrcy 24 47 8% 7% 

fmmftft 271102 5% 5% 
Dost 048 6 2 14% 14% 

PfcbJtat 29 1893 14d13% 

Ptaknten 53 119 21% 29% 
PtaneoGp 048 291222 u43 41% 
Pfewffii 056 235174 34% 44 

PSnaoS 014 1* 276 27% 28% 

Pane* Fed 5 21 8% 8 

PBtto 18 248 7% B% 

PrealKe 080 3 487 7% 1 

FiBAk 130 899 38% 34% 

was 2723882 18% 17% 
Wrieftr 30 205 5% 5% 
FiHnm . 15 91 9»4 8% 
Prod Ots 024 25 65 26% 29% 
PurtsnB 012 7 278 21% 21 


tort Dh. E to H* I" M Ba« 

Pjiarid 18 BM 13% 12% 17% ft 

OtSBMjDO 11 276 7 6% 6% ft 

Chakerttem 082 96 51 19*2 18% 18% -% 

htaFood 020 16 167 22%d?1% 22% ft 
Qusrnxn 74 7450 17% 1G% 16% ft 

Odctsdi n err 15% 14% t*% ft 

TCNawk 262678 40 39 39% 


fialys 

mww 

ftoymond 

mu 

MUA 

Hetaoen 

Hep waste 

Hestadnd 

Reutara , 

tanbe 

IVwlKi 

HaartoS 

Ffttogm 

HcchSnfik 

floaanet 

ftossSr 

EtaBGMtai 

House x 

RPMInc. 

RSFto 

HyteiFtaf 


- R - 
16 503 18% 
13 354 9% 

3 277 ft 

22 40 17 

26 «24 29% 
19 368 20% 

4 213 6% 
4 649 3& 
18 143 10% 

2.17 329787 00% 
1 1821 6% 
OS 9 124 33% 
1.40 23 861 71% 
012 15 153 7% 
056 41150 17 

120 8 39 45% 

020 12 S86 IB 
ZS 583 20% 
088 67 328 18% 
052 21 1«5 18% 
048 II 21 18% 
15 535 8% 


17% 18 ft 

9% 9% ft 
6% 6% 

17 17 ft 
»% 28% ft 
10% 20% ft 

5% 6% 

2% 3 

9% 9% 

BB% 90% ft 

6% 6% ft 

ri33 33 ft 
70% 71% ♦% 
7% 7% ft 
16% 18% ft 

44% 45 

15% 15% ft 
19% 2D -% 

18 1B% 

18% 18% 

18% 18% ft 

8 8 % 


-s 

sateco TDD 7 1685 
Svuhrcon 030 12 1*5 
ScMnbgrA 036 24 329 


SeaexCp 052 12 2063 
Scnrefka 13 453 

SasWd 120 46 203 
S'gMB 1115412 

seep 012 3D 51 


55 5ft 5* 
17 16% 18*4 
32% 31% 32% 
V 32% 33 

17% 17% 17% 
7% 7% 7% 
26 25% 25% 
12 % 12 12 % 
40% 37% 38% 
» 23% 24% 
23% 23% 23% 


036 

1 100 

2 ft 

1S2 

2ft 

♦% 

Cf 

1.12 

16 72 

28 

27*2 

28 


31 

. “P" 


50 1342 

13% 

12% 

13 

•% 

'D r 

in 


39 1269 

6% 

Ml 



it) 1 ” 


16 881 

12 

11 % 

»I% 


V 11 


20 30 

4% 

4 % 

4 % 

ft 

lor"- 


15 158 

17 

16*2 

16*2 

ft 

>hjn 

084 

201343 

27% 

28% 

27 

ft 

Sll 


SO 276 

7% 

7% 

7% 

ft 

w ‘d 


25 17? 

15% 

15% 

15% 




12 160 

14 

13% 

13% 

ft 

tl 


16 2151 

22% 

19% 

20% 

-1% 

t fl — 


3 34 

4 

3% 

4 

ft 

h u 

%L|i. 

033 

24I4K 

S3 

52% 

52% 

*% 



2 1097 

»% 

11% 

11% 

ft 

pe 1 : 

006 

S2Z100 

10% 

10% 

10% 


M 


332971 

12% 

10% 

11% 

ft 

fev 

ass 

26 71 

23 

22% 

22% 

ft 



30 759 

22% 

22 

22% 

ft 

fin) 


596319 

23 

21% 

22% 

ft 

. th< 


21106 

7% 

7% 

7% 

ft 

Bah* 


576486 

11% 

to 

10% 

ft 

nan> 

054 

17 338 

2*% 

23% 

23% 

-% 

is. * 

088 

9 897 

18 % 

18% 

18% 




swsvam 90 276 7% 7% 7% -% 
SvrerM 25 17? 15% 15% 15% 
ShOMbUP 12 169 14 13% 13% ft 

SwiBDn 162151 22% 19% 20% -1% 
StaroTuc 3 34 4 3% * +% 

SgmAJ 033 24 1460 S3 52% 52% ft 
SpnaDtS 21097 12% 11% 11% ft 
SMOTVBc 006 52 Z100 10% 10% 10*2 
McnVEp 332971 12% 10% 11% ft 
StotoOTn 058 a 71 23 22% 22% ft 

SnteMd 30 759 22% 22 22% ft 

Stopptata 506249 23 21% 22% ft 

SoRnanP 21106 7% 7% 7% ft 
SofttearaT 576486 11% 10 10% ft 

Scnoco 054 17 338 24% 23% 23% -% 
SotariM 088 9 897 18% 18% 18% 
SPagdAX 020 SO 1431 23% 22% 23% -% 
SUudeMd 040 11 3323 28 26*2 28% -1 

aPBCe 030 9 310 19% 18% 18% ft 
StcyBI 2 325 3% 3A 3% ft 

totoks 41 4739 29% 26% Z7 -2 
StaBhcx 140 10 100 37 38% 36% ft 

Sadr Sex 056 152209 37 36% 38% 

StdlBcn? 114070 17% 15% 16% -1% 
Sal Hagts 088 14 25 21% 21% 21% -% 
Steel Tac 006 23 151 21% 20% 21 -% 

SkddyUSA 020 2 5M 8% 8% 8% ft 
State 158 61 22% 22 22% 

Sbawteax 1.10 14 150 22% 22% 22% *g 
StrucSDy 30 866 14% 14% 14% ft 
Stryker 028 232849 30% 2B> 4 28% -1% 
SuSvafl 26 405 18% 17% 17% ft 
SankxnaBMLBO 77 28 2i% 21% 21% ft 
Summit 8c OM 13 322 ?D% 20% 20% 
Summit Ta 51 8814 31% 29% 2B% -3 

SuiSpcn 15 42 6% 8% 8% ft 
SunUc 1414447 27% 26« 4 2B% ft 

StolTra 28 433 26% 28 28 ft 
Sytanlnc 5212706 46% *(% 44% -1 

Symantec 30 4303 17% 18% 16% ft 
SynBp f 036 19 135 19% 18% 19* 2 ft 
Synercun 71 109 3% 3*a 
Synergan 31860 11% 10% 10% ft 
Syndic 41 119 10 10 10 ft 

Synvocs 198687 22% 2|% 21% 
SysftnSoft 012 181582 10*2 16 58% ft 

SietomSco 34 76* 22% 20% 21% -1% 
Spasmed 18 445 5% 5% 5% ft 


I-CrtSc 

TxoaaPri 

TBCCp 

TCACalta 

TecfiOate 

learraah 

Tekteec 

TtoeoSys 

TeteCDmoiA 

lew* 

Tafcbe 

TetanCpx 

Terra Tee 

TetobAM 

lira Com 

TJWx 

Tokos Med 

TcfcyoMar 

Tom Brawn 

ToppsCD 

TPrawr 

TramwU 

Trtnwlrt 

Trtaae 

Titetote 

TnotcofikC 

Tseng Ub 

iys«A 


1 95 
052 20 708 

17 163 
044 Z7 829 
24 2456 
080 15 54 
1 20 
8 505 
278230* 
153374 
385127 
001 15 558 
60 IK 
027 28 2514 
4117097 
022 40 710 

2 SIB 
037 36 315 

63 017 
0283564601 

3 IKS 
13 10 

IDO 9 27 
B 25 
51 85 

1D0 Tfl 34 
020 16 842 
OK 162744 


4% 4% 
34% 32% 
13% 13% 
23 22% 
38% 36% 
58% 57 

6 % 8 % 
12 % 11 % 
22 % 21 % 
13% 12% 
54 50% 
15% 15 
7% 7% 
27% 27 

61% 57% 
27 26 
4% 3% 
81% 80% 
12 % 11 % 
7% 7 

7% d8% 
13% 13 

34% 34 

2 % 2 % 
10% 9% 
10% 19*2 
9% 9% 
20% 20 


USHMta 

UnU? 

UCHbgGs 

05 TS 

UMCdStk 

UMng 


OBO 236097 
21204 
IDO 14 82 

200 12 14 
040 12 IK 
02020 33 
IDO 21 421 
ODB 10 1285 
30 46 

1.12 8 328 
12 426 
9 15 
17 72 


- u- 

8007 65% 83% 
1204 5% 5% 
82 16% 16*4 

14 53 S2% 

in 14% 14 

33 26% 2G% 
421 40% 39% 
1295 26% 25% 
46 4% 4% 

328 13% 12% 
426 UB% 7% 

15 <2% *2% 

72 6 5% 


4% -ft 
32% -1% 
13% ft 
23 ft 
37% 0% 
58 +1 
6% +% 
11% ft 
22% ft 
12% ft 

53% +1% 
15 ft 
7% ft 
27% *1% 
58% -2% 

28% ft 

3% ft 
60% 


7 ft 
13% ft 

34 -% 

2% ft 
0% -% 
19% 

9*2 ft 
20% ft 


84% ft 
5% 

16% 

53 ft 
14 ft 

26% ft 

40% ft 
25% ft 
4% ft 
13 ft 
7% ft 
42% 

5% ft 


53 -1% 
14% ft 
a% ft 

S5% ft 
29 % - 1 % 
34% ft 

9% ft 
11% ft 
13% 

34% ft 
30% 

36% ft 
551 ft 
19% ft 
47%VI.24 
11 ft 
34% ft 
8 

5% ft 
14% ft 
13% +% 
20 % ft 
43 41 
34% ft 
28*4 -% 

a 


35% -1 

17% -% 

5% ft 

0 ft 
28% 

21 ■% 


- V- 

VBkTKMU 030 36 315 16% 16 18% ft 

VngrdCeG 47 752 30% 28% 2B% -1% 

Verdcne 21 1114 19% 18% 10 

Wear 42 816 28% 27 27% -1 

WcocpRst 103226 16% 15% 16*2 ft 

Wewlogic 332814 28 »% 26% -2% 

YLSTacft 32 8356 15% 14% 14% -% 

VUwB ID* IS 0 80% 80% 80% ft 


Wanar En 012 
Wamdzdi 
WatodWSBOB* 
Wa&nFcdSL 088 

HtaSBMA 02? 

WwxatPMOat 
WWO 20) 

MU 

West Onex 072 
wtfid) 

WOpStA 
8MSBMA 
Whose OK 
WR&tmta 
WMobanL 028 
Wttnat 036 
WPfirou? DOS 
wynaa-GdnOAO 


- W - 

24 BB4 33% 29% 
83 271 ft 4% 
73160 20 10% 

9 7n 21% 21% 

10 56 2ft 25% 

19 435 30*2 20% 
18 48 43d42% 

43 MS 8% 7% 

11 408 28 27% 

10 994 15% T4% 
1 1154 18% 18% 
22 99 4% 4% 
231306 49% 47% 
782339 38% 33% 
14 78 17% 16% 
2$ 679 20% 19% 
21 3S0 3ft 3ft 
8 275 6 ft 


30% -2% 
5 ft 
19% ft 
21% ft 
26% +7 

30% +% 


27% ft 
15 ft 
18% ft 
4% 

47% -1% 
33% -1% 
16% ft 
20 % 

V. ft 

5% 


-X-Y-Z- 

XHm 34 4023 54 50)4 S3 ft 

XotnaCurp 2 594 4% d3% 4 ft 

WU* 00* 39 867 28% 28% 36% ft 

YortfeOT 8? 276 5% S% 5% 

ZMKUteb 1.12 0 18 » 38 30 4% 


mu 

pF» - r «. .-■> 











WORLD STOCK MARKETS 


FINANCIAL TIMES 


Tuesday March 29 1994 


AMERICA 


EUROPE 


Energy stocks 
weaker as 
Dow declines 


Rumours of right wing win lift Milan by 3.5% 


Wall Street 

US stocks continued to fail yes- 
terday morning in spite of the 
prospect of further declines in 
crude oil prices, writes Frank 
A fcGurty in New York. 

By midday, the Dow Jones 
Industrial Average was 35.41 
lower at 3,739.32, while the 
Standard & Poor’s 500 was off 
3.31 at 457.27. In the secondary 
markets, the American SE 
composite was down 5.71 at 
462.72, and the Nasdaq compos- 
ite plunged 14.46 to 768.99 amid 
widespread weakness in the 
technology sector. 

Volume on the New York SE 
was moderate, with 138m 
shares traded. Declining issues 
outnumbered advances by 
1,624 to 473. 

Stocks showed little reaction 
to Opec's failure to agree cuts 
in its current production ceil- 
ing. The cartel’s inaction 
raised the likelihood of further 
declines in the price of crude 
olL and a subsequent easing of 
inflationary pressures in the 
economy. 

Equity investors were also 
unimpressed by a modest rally 
in bonds. In early trading, the 
yield bid on the benchmark 30- 
year government issue slipped 
below 7.00 per cent, a level 
which it breached on Friday 
for the first time in 10 months, 
setting off a downward lurch 
in share prices. But stocks 
were firmly anchored in nega- 
tive ground in spite of the dip 
in yields. Near midday, the 
market fell sharply with trad- 
ers unable to identify a over- 
riding cause. 

Cyclical issues again dragged 
Dow industrials down, in a 
reprise of last week's action. 
Caterpillar was off $2% at 
S113?i and Allied Signal 
dropped Slii to $36%. 

Semiconductor and computer 
issues broke Into full retreat 
IBM fell S1‘* to $52 7 s. National 
Semiconductor $1 to SZOti and 
Advanced Micro Devices $l to 
$28%. Micron Technology 
dropped $4l : to SSlVi and Com- 
puter Associates International 
S3% to S32V 


Energy stocks were gener- 
ally weaker with the prospect 
of a further slide in crude oil 
prices. Arco retreated $214 to 
898%, Mobil lost ¥1% to $76% 
and Texaco fell $1% to $64%. 

On the Nasdaq, America 
On-Line plunged $6% to $73% 
on reports that Mr Paul Allen, 
co-founder of Microsoft who 
holds about 18 per cent of 
AOL's stock, was considering 
the sale of his stake. Microsoft, 
lost $2% to $84%. 

Canada 

Toronto oils took a different 
line from their European coun- 
terparts on Opec’s failure to 
agree immediate oil production 
cuts, and the sector index fell 
165.95, or 3.5 per cent, to 
4,590.50 at midday when the 
TSE 300 composite was 51.08, 
or 1.1 per cent, lower at 
4.477.2L 

Early weakness in golds, in 
sympathy with oils, eased to 
some extent and the sector 
index at noon was 5235. or 05 
per emit, down at 11,060.60. 

Brazil 

Equities in Sdo Paulo rose 45 
per cent in moderate midses- 
sion trade as investors were 
encouraged by expectations 
that Mr Fernando Henrlque 
Cardoso, the economy minis- 
ter, would resign to run for 
president in October's elec- 
tions. 

Under Br azilian law he must 
resign by April 2 if he wants to 
stand for public office. The 
Bovespa index was up 709 at 
15,300. in turnover of 
Crz84.8bn. Telebras preferred 
rose 45 per cent to Cr4150. 


SOUTH AFRICA 

Violence in Johannesburg city 
centre, as gunmen opened fire 
during a protest against next 
month's elections, depressed 
bath activity and share prices, 
although markets ended off 
the day's lows. The overall 
index lost 139, or 2.7 per cent, 
at 5,031, golds 92 at 2,123 and 
industrials 131 at 5,737. 


Bourses rallied, but some 
brokers were wary about the 
quality of yesterday's gains, 
writes Our Markets Staff. 

SOLAN, with voting continu- 
ing in the general election, was 
boosted by unfounded rumours 
that the right-wing coalition 
had won sufficient votes to 
form a clear majority. 

Domestic buyers were 
extremely active, swelling 
turnover to near record levels, 
as the BCI index settled up 
23.79 or 35 per cent at 69352. 

Preliminary estimates 
suggested that screen trading 
reached a record, at LL400bn. 
Screen trading currently 
accounts for SO per cent of 
business. 

With exit polls not officially 
available until the close of vot- 
ing late last night, the mar- 
ket's positive mood was driven 
by speculation, brokers said. A 
win for the right wing group- 
ings would certainly provide a 
short term boost to equities, 
they added, given that such a 
result bad not generally been 
forecast 

Aside from election fever the 
only other story of interest yes- 


ASIA PACIFIC 


terday was confirmation that 
Stet and Siemens of Germany 
had signed an accord to form a 
telecommunications partner- 
ship. Stet closed up L333 at 
L5.470 and Sip L300 at L4.636. 

FRANKFURT rose on domes- 
tic news, extended its gains 
during part of the afternoon 
and subsided towards the end, 
in line with an early wobble on 
Wall Street The Dax index was 
3156 higher at 2JKL42 on the 
session, and hit 2,176.06 in the 
post bourse before closing the 
afternoon at 2,167.72. 

Turnover inched up from 
DM7.6bn to DM7. 7bn after Fri- 
day’s DMSbn fall. Mr John 
Blackley of James Capel said 
that share prices were spurred 
by inflation figures, first from 
Bavaria and then for western 
Germany as a whole. 

The bund future was trad- 
ing 30 basis points lower, and 
very weak,” he said, “then 
Bavaria came in with a 25 per 
cent year-on-year inflation 
rate, the bund future moved to 
10 points up, a gain of 40 points 
in two minutes, and the Dax 
followed it higher.'' 

The index gains were driven 


Mar 2S THE EUROPEAN SERIES 

(tarty dang* Open 1030 HJ0 izjq 1109 1400 1540 flaw 

FT-SE EtnAaCk 100 142548 142943 142092 143071 1432.40 10030 143873 143058 

FT-SE Bmtradc 200 145035 145093 146021 1432X1 146004 140034 140082 148831 

Har 25 H*24 tor 23 Har 22 Urn 71 

FT-SE Eumback 100 1412.49 1425X1 144X73 143048 143&71 

FT-SE Emfeack ZOO 144058 145450 147000 147741 147054 

b» nta 1090 can amt Hgwei; too - wia h# - mtuo umk too - mom an - wool 


by carmakers, with BMW, 
Daimler and Volkswagen all up 
more than 2 per cent an the 
session. Siemens tried to keep 
Up, rising DM1L50 to DM7085 
on its deal with Stet but it lost 
ground to close at DM70650 in 
the London afternoon. 

AMSTERDAM recovered all 
of Friday's losses and then 
gained more ground as a num- 
ber of companies came out 
with good news, and interna- 
tionals performed welL 

The AEX index Improved 
4.10 or 1 pw cent to 41053. 

The chemicals stocks did 
well with Akzo pulling back 
soma of last week's losses, the 
shares adding FI 3.90 to 
FI 21850 and DSM improving a 
farther FI L20 to FI 13020. 


The Opec agreement gave 
Royal Dutch a rise of FI 150 to 
FI 19150, while Reed Elsevier 
advanced FI 3.10 to FI 16950 on 
news that it had acquired a 
French group specialising in 
exhibition, organisation. KLM, 
up FI 2.60 at FI 46.70, was 
helped by expectations that its 
share issue had been heavily 
subscribed. 

PARIS found little to support 
a significant upward move and 
the CAC-40 index finished 757 
higher at 2,144.49. 

LVMH put on FFr14 to 
FFr858- The group was 
recently upgraded by James 
Capel, which expected earn- 
ings growth of around 25 per 
cent per annum in 1994 and 
1995, based on higher turnover. 


better operating margins in the 
champagne division and a drop 
in Inte rest payments. 

ZURICH went bargain hunt- 
ing and the SMI index closed 
30.6 higher at 2562.4. 

It was led higher by finan- 
cials; there was hope that 
Swiss March inflation data 
could lift the market today, 
and in the meantime UBS bear- 
ers topped the active list as 
they rose SFr28 to SFTL228. 

Ch emicals rose ahead of 
CTba-Gdgy’s annual news con- 
ference in iintwfcm today, CSba 
by SFT13 to SFr9l5, Sandoz by 
SFMO to SFrLCBO and Roche by 
SFT85 to SFr7J)90. 

mahhiti saw some mild 
profit-taking by domestic funds 
looking for end-quarter ca p ita l 
gains as the general index 
slipped 2.07 to 32752 in low 
turnover of Pta2L67bn. Ban- 
esfco dropped Pta63, or 75 per 
cent to PtaTSO after Saturday’s 
shareholder approval for the 
B ank of Spain-sponsored res- 
cue plan for the company. 

WARSAW fell nearly 5 per 
cent and brokers expect the 
downward trend to continue. 
The WIG index lost 873.4 to 


175465 with volume rising 18 
percent to 1.6m shares. 

ISTANBUL was 
by the better than « 
result for the coalition of 
Prime Minister Tansu CSUotui 
local ejections at the 
The composite unto .added 5 
per cent, gaining 678.07 to 
M514.1& The market is now 
waiting for the governments 
announce d etails of ®n auster- 
ity Dockage. 

TELAVIV’s Miehtanun 
index rose I2.89^r IMS per 
cent to 21258 in trading short- 
ened by the Passover holiday, 
on repents of progress in peace 
talks with the PLQ. 

Hie market peaked at almost 
260 early in February but it 
was described then as overeat 


an investigation into alleged 
stock manipulations. 

ATHENS fell nearly 2 per 
cent as selling which begun 
last week gathered pace- Ths 
general index closed at 1,04054. 
In turnover estimated at 
Dkr5bn. 

Written and edited by WHUam 
Cochrane and John PS* 


Nikkei resumes upward course in technical trading 


Tokyo 

Share prices closed higher on 
technical hading but volume 
was thin; investors were cau- 
tious on the first trading day 
for delivery in the new busi- 
ness year, writes Emiko Tera- 
zono in Tokyo. 

The Nikkei 225 average 
gained 10551 at 1954L79 after 
a low of 19,72555 and high of 
20,062.91. Selling subsided as 
most companies and financial 
institutions had finished their 
stock selling to spruce up their 
financial books ahpari of Marrh 
31. the fiscal year-end. 

A Gall in futures contracts, 
following the decline on the 
Chicago futures market on Fri- 
day, pulled stocks down briefly 
during the morning Shares 
rose on investment trust fund 
demand, and foreign investors 
were also seen buying stocks 
in small lots. Volume was 250m 
shares, against 353m. 

Uncertainty over movements 
in overseas financial markets 


also kept many investors inac- 
tive, while investor sentiment 
was also depressed as 1,038 
shares went ex-dividend. 

The Topix index of all first 
section stocks rose 2.49 to 
1,61254 and the Nikkei 300 put 
on 0.68 at 29556. Advances led 
declines by 521 to 495, with 129 
issues unchanged. In London 
the ISE/Nikkel 50 index was 
157 firmer at L33054. 

Reports of increased invest- 
ment in cable television 
boosted multimedia linked 
stocks. Itochu, the trading 
house which, according to 
reports, is investing Y40bn in 
its cable television business, 
climbed Y31 to Y673, while 
Toshiba gained Y16 at Y799. 

Other telecom linked shares 
were stronger. NEC, a leading 
maker of communications 
equipment, was the most 
heavily traded issue, adding 
Y50 at Y1.150, and Fujitsu rose 
Y30 to Yl,060. 

Mining and non-ferrous 
metal co mpanies were higher 
on a rise in commodity prices. 


Big swings in Mexico and New Zealand 


By William Cochrane 

Big global bourses fell last 
week, with equity traders liv- 
ing on their nerves, depressed 
by the continuing rise in US 
long bond rates and buffeted 
by intraday volatility. 

This time, Japanese equities 
were unable to avoid the gen- 
eral concern over world 
events; in fact, they were 
depressed additionally by ris- 
ing tensions In the Korean 
peninsula and fell in line with 
the European and US blocs, as 
did the FT-Actuarles World 
Index with a drop of 2 per cent 
in local cu r re n cy terms. 

Perhaps the biggest surprise 
of the week was a rise of more 
than 6 per cent in Mexico, In 
spite of the assassination on 
Wednesday of the governing 
party’s presidential candidate 
Mr Luis Donaldo Colosio - and 
following Initial falls of 10 per 
cent last Thursday in Mexican 
stocks In Europe. 

Mexico City, closed on 
Thursday as a mark of respect, 
fell to begin with on Friday 
but recovered to end with the 
IPC index down only 0.9 per 
cent on the day. 

Ms Justine Roberts of S.G. 
Warburg Securities says that 


this was an understandable 
response, and offers three 
good reasons why: 

• first, a number of houses 
advising on International asset 
allocation saw a potential set- 
back in Mexican equities as a 
buying opportunity; 

• secondly, last Thursday 
Mexico completed negotiations 
to join the Organisation for 
Economic Co-operation and 
Development, its acceptance 
having been seen as a sign of 
faith in Mexico; 

• and thirdly, the left wing 
opposition is unlikely to gain 
from the loss of the ruling par- 
ty's main candidate. The odds 
remain heavily in favour of 
the Institutional Revolution- 
ary Party (PRO," says a War- 
burg note, "and the chances of 
economically imprudent left 
wingers gaining office remain 
as remote as ever.” 

The biggest fall of the week 
came in New Zealand, down 
75 per cent, partly due to the 
weight of Telecom in the 
World Index component Ms 
Panline McAtamney at Ord 
Min nett says Telecom, with its 
high payout ratio, Is viewed as 
a dividend stock and highly 
interest rate sensitive. 

Generally, she adds, the 
drop in global bond markets 


MARKETS IN PERSPECTIVE 


Austria 

Belgium 

Danmark — ~ 

Rniand 

Franca 

Germany 

Ireland 

Italy 

Netherlands ... 

Norway 

Spain 

Sweden 

Switzerland 



EUROPE 

Australia — .... 
Hong Kong .... 
Japan 


New Zealand _. 
Singapore 

Canada 

USA 

Mexico 

South Africa — 
WORLD INDEX 






% dang* 

% ritanga 

K Chaw In laeri amnaf t 



iaWtt 

1 WMk 

4WMU 

l Yarn 

Start of 

Start at 

Start at 




10U 

M 

ms 

-3-29 

-359 

+35.70 

+3742 

+35.11 

+33.63 

-2.49 

-1.43 

+15.41 

+3053 

+2753 

+2543 

-3.11 

-5.01 

+3858 

+4650 

+41.06 

+39.52 

-3.03 

-2.19 

+81.65 

+11850 

+10758 

+10540 

-3.43 

-2.98 

+11.74 

+22.14 

+1955 

+1845 

-151 

+1.72 

+2559 

+35.05 

+33.18 

+31.71 

-2-32 

-1.85 

+27.66 

+55.62 

+39.67 

+38.14 

+089 

+2.71 

+4157 

+5855 

+43.01 

+41.44 

-3.04 

-350 

+21.79 

+3348 

+3158 

+29.84 

-2.87 

-4.62 

+3450 

+51.40 

+45.82 

+4452 

-2-88 

-352 

+3351 

+47.72 

+2448 

+2352 

-4.04 

-657 

+35.76 

+40^46 

+2756 

+2547 

-0.36 

-2.74 

+3456 

+3958 

+45.58 

+4349 

-2.71 

-457 

+1154 

+13.01 

+13.01 

+11 .77 

-259 

-2.71 

+1942 

+2841 

+34,05 

+22.70 

-057 

+0.43 

+2441 

+33.70 

+38.74 

+3851 

+2.45 

-5.73 

+53.08 

+7257 

+74.84 

+7242 

-9 33 

-020 

+1351 

+22.93 

+48.17 

+4844 

-4.64 

-1554 

+6940 

+7846 

+7451 

+72.31 

-7.33 

-456 

+35.02 

+3944 

+54.83 

+53.14 

-1.67 

-12.89 

+34.02 

♦37.06 

+4448 

+4241 

-0.81 

+4.17 

+2054 

+28.15 

+1943 

+18.52 

-2.09 

-1.01 

+2.07 

+5.42 

+649 

+5.42 

+005 

-150 

+4848 

+41.73 

+3358 

+31.83 

-1.12 

+858 

+51.72 

+6840 

+75.49 

+7347 

-2X0 

-152 

+1147 

+1848 

+2441 

+23.16 


1 1994. CootV*. Omi AuncW Tkna I 


has hit New Zealand stocks Zealand forestry shares have 
since the beginning of Febru- been following the North 
ary; and, more recently, New American counterparts down. 


FT -ACTUARIES WORLD INDICES 


Jointly compiled by The Ftrrendal Times Ltd, Goldman. Sachs & Co. end NiriWari Secufttea Ltd. hi conjjiction w9fi the Iradftuta of Actuaries end the Faculty of Actuaries 
NATIONAL AND 

REGIONAL MARKETS FRIDAY MARCH 25 1994 THURSDAY MARCH 24 1894 —— DOLLAR MDEX - 

Figures bi parentheses US Day's Pound Local Local Gross US Pouid Local Yet 

show number of fries Dolor Change Starting Yen DM Curency % chg DJw. Mar Staling Yen DM Currency 189394 1993/94 agi 

of stock Max % Max Index index Index on day Yield Index Index Index Index Index Koh Low taoor 


Australia (68) 

Austria (17) 

Belgium (43) 

Canada (107) 

Denmark (32) 

FMand (22) 

Ranee (Ml) 

G«moiy (58) 

Hong Kong (50) 

Ireland (14) 

mm 

Japan (469) 

Malaysia PS) 

Mexico (IQ 

Motherland (26) 

New Zealand (14) 

Norway (93) — — 

Singapore (45) 

South Africa (60) 

Spain (42) 

Sweden (36) 

Switzerland (483 

United Kingdom (215) _ 
USA (519) 


172.93 

187 JO 

187.78 

137.06 

—259.67 

142.70 

___1 73.74 

137.03 

383.13 

187.58 

77.61 

153.91 

45051 

217X38 

18068 

65.08 

__ 188.01 
_ -—304.06 
—^—257.05 

14380 

—208.39 

162.72 

—1 92.65 

187.78 


Day's 

ChiBiga 

% 

Pound 

SterOng 

Max 

Yen 

Max 

DM 

Mm 

Local 

Currency 

Max 

Local 
% chg 
on day 

Gross 

Dim. 

Yield 

US 

□Cflar 

Index 

Pound 

Stoning 

Max 

Yen 

Index 

Local 

DM Curency 1883/94 
Max Max Ifigh 

1993/94 

Low 

Year 

ago 

(approx) 

-04 

17121 

114A8 

14946 

161.76 

-04 

345 

17457 

173.06 

11747 

15144 

16359 

18315 

130.19 

138.41 

-1j4 

185-4+ 

124.00 

102.42 

161.90 

-2.0 

046 

18943 

18840 

12749 

165.15 

18858 

195.41 

139.63 

13942 

-0.8 

166.11 

111.0B 

146.49 

14246 

-1.1 

347 

10371 

16749 

11343 

14370 

143.77 

17149 

14142 

14748 

-1.1 

135.70 

90.74 

11848 

138.44 

-14 

2 AQ 

13360 

137.64 

93.11 

12042 

13742 

14541 

121.46 

12537 

-0.0 

257.10 

17142 

226.18 

23243 

-0.8 

1.00 

261.17 

25334 

175A4 

227.09 

23442 

275.79 

195.66 

185.66 

-32 

14159 

94.48 

123.75 

166.77 

-14 

069 

14542 

14440 

anno 

12648 

17004 

196.72 

73.77 

73.77 

-0.3 

17241 

11542 

16068 

155-79 

-as 

247 

17456 

17345 

11747 

15143 

16042 

16547 

149.60 

15959 

-15 

13548 

90.72 

11843 

11843 

-14 

1-7S 

13841 

13744 

935S 

120.70 

120.70 

14248 

10749 

111.10 

-07 

37943 

253.05 

33525 

38002 

-0.7 

241 

385.75 

38347 

259.14 

38544 

36249 

50646 

26009 

2S0u09 

-0.6 

185.70 

124.17 

16245 

183.45 

-04 

326 

18353 

18752 

12645 

16344 

18440 

20943 

15044 

16094 

14 

7S44 

5148 

6740 

95.61 

14 

1.79 

7319 

7546 

51.19 

BRK 

9441 

7833 

5551 

5644 

13 

15249 

10140 

133.47 

10140 

-02 

079 

16245 

15049 

102.15 

13252 

102.15 

16541 

12141 

12141 

-14 

446.04 

29856 

39048 

47147 

-14 

141 

45748 

464.79 

30747 

39654 

48048 

621.63 

277.11 

27740 


EUROPE (744) 16888 -0.1 10552 110.48 144.71 16782 -0. 

Manic (113) 203.68 -1.7 201.66 134.78 17B84 20783 -1. 

padfle Sarin (722) —16229 09 18088 107.45 140.74 11187 -0. 

EufO-Pacttc (1466) 164.05 O.S 182.42 108.61 14288 130.01 -0. 

North America (626) —18481 -08 182.77 12282 160.08 184.18 -0. 

Swope Bl UK (529) 149.37 -08 14789 9889 12983 137.79 -0. 

Pacific Ex. Japan (253) —244.64 -09 24281 161-98 212.15 22484 -1. 

World Ex. US (1661) -16585 08 16381 109.60 14386 13380 -O 

World Ek. UK (1905) .,-.10982 -0.1 10823 112.49 14785 14048 -O. 

World Ex. So. AT. (2110) 171.43 0.0 169.72 113.40 14885 14987 -a 

World Ex. Japan (1701) —183.45 -06 18183 12145 15988 17877 -0. 


The world Mm (2170) -17183 -0.1 17022 113.82 14809 160.46 -0. 


CopvrohL The nmri Ttau UMtM. GoUnon. Sactu ml Co. and NAM Securitas IMtod 1987 
I — — « prices were mwaMilo lor tMe MMon. 


194.63 

130.15 

17048 

16857 

-07 

343 

197.13 

195.76 

13243 

171.42 

169.40 

20743 

16350 

18345 

0543 

43.48 

56.98 

0141 

-1.0 

078 

6648 

6542 

44.00 

57.72 

6254 

7749 

45.71 

4542 

15064 

131.49 

17253 

196.76 

-09 

1.70 

189.93 

19644 

13441 

17345 

19742 

20842 

15081 

15342 

301.04 

20140 

283.67 

22148 

-14 

1.77 

30841 

306.68 

20745 

29653 

22645 

37842 

21740 

21740 

254.50 

irnia 

22241 

264.49 

-15 

242 

26X42 

26148 

17640 

229.06 

267.73 

28058 

161.99 

174.72 

14247 

9550 

124.70 

149.49 

-05 

347 

14451 

14350 

9648 

12640 

15022 

155.79 

11653 

12850 

20042 

137.88 

16071 

24341 

-24 

1.67 

21X14 

21145 

14X16 

18544 

24840 

23002 

154.79 

154.79 

161.10 

107.72 

141.10 

143.08 

-0.7 

147 

163.46 

18240 

10940 

14X12 

144.12 

17646 

11X94 

11244 

190.74 

12745 

187.07 

19074 

05 

345 

191.78 

19044 

12843 

16676 

100.44 

21446 

170.01 

17041 

185.90 

12441 

10242 

187.76 

-0.8 

242 

18951 

18749 

127.11 

18442 

18621 

19604 

176.91 

18344 

10552 

1ia48 

144.71 

16742 

-04 

241 

107.13 

16547 

11258 

14543 

15841 

17658 

13658 

13656 

201.56 

134.79 

17644 

20753 

-1.6 

145 

207.17 

205.72 

13617 

16014 

21671 

22040 

14545 

14545 

16048 

107^45 

140.74 

11137 

-0.4 

148 

16048 

159.73 

10608 

13947 

11248 

16840 

12S44 

12684 

162.42 

108.81 

14250 

13001 

-0.4 

146 

16342 

16X18 

10671 

14X01 

13043 

17678 

13152 

13152 

182.77 

12252 

16000 

184.16 

-04 

240 

18648 

184.78 

12449 

161.79 

18542 

19X73 

17X70 

18035 

14749 

9849 

12943 

137.79 

-08 

245 

160.15 

14610 

10067 

13046 

13849 

155.73 

12070 

12070 

24251 

16130 

212.15 

22444 

-1.1 

2.73 

24639 

24657 

10532 

214.77 

22749 

29651 

171.10 

171.10 

16331 

109.00 

14346 

13340 

-04 

146 

10449 

10344 

11044 

14X46 

13447 

17241 

13258 

13258 

16859 

112.49 

14745 

148.46 

-04 

2.04 

17012 

10833 

11458 

14742 

14758 

17548 

146.73 

14673 

169.72 

113.49 

14885 

14947 

-05 

251 

171 .« 

17029 

11650 

149.12 

15058 

17846 

14670 

14670 

16143 

121.45 

15948 

17077 

-07 

240 

18444 

16356 

12347 

16047 

17948 

19550 

164.43 

16448 

17052 

11342 

14949 

150.46 

-04 

221 

17244 

17044 

11647 

14949 

15159 

17697 

14677 

14677 


Sumitomo Metal Mining 
advanced Yll to Y931 and 
Showa Aluminum Y40 to Y510. 

In Osaka, the OSE average 
rose 5957 to 2242951 In vol- 
ume of 20.9m shares. 

Roundup 

The region was affected by a 
series of Individual factors. 

HONG KONG swung to mod- 
est losses at the dose as sharp 
early gains on a rebound in 
Jardine Matheson were wiped 
out The Hang Seng index shed 
37.18 to 9,197.03, off a day's 
high of 9562.80. Turnover 
shrank to HKRTbn from Fri- 
day’s HK$S5bu » 

Jardine Matheson rallied 
HK$6 to HK$5350 after falling 
sharply in recent days follow- 
ing the an nomwrmpn t of Its 
plans to pull out of the bourse. 
Some switching was seen into 
Jardine by European funds, 
out of Swire Pacific, which 
receded HK$2 to HE35450. 

SINGAPORE continued to 
see US selling and the Straits 


Times Industrial index slipped 
23.49, or 1.1 per cent, to 
2^)5953. Volume amounted to 
119.4m shares. 

Inchcape appreciated 31 
cents to S$5JL5 after reporting 
healthy results for 1998. 

SEOUL ended higher in a 
technical rebound which took 
the composite index up by 
1056 to 88354. 

Brokers said that institu- 
tional support of same banks 
boosted the sector ahead of 
rights issues in the next 
month: the banking sub-index 
rose 2356 to 619.70. 

MANILA remained firm on 
bargain hunting. The compos- 
ite index put on. 5451 at 
2,685.68. Combined volume 
climbed to LSbn shares valued 
at L25bn pesos. 

Top traded issues were the 
“A” and “B” shares of Manila 
Electric which rose respec- 
tively by some 2 per cent and 3 
per cent to 37250 pesos and 470 
pesos. 

KUALA LUMPUR extended 
its falls on continued selling 


pressure, the composite index 
closing 1857, or 15 per cent, 
down at 95L43 after touching a 
low of 94255 in morning trade. 

Investors remained nervous 
ahead of the release of Bank 
Negara’s annual report tomor- 
row. Turnover shrank to Him 
shares from Friday’s 19toL 

AUSTRALIA dropped to a 
new low for 1994, dragged 
down by weakness in the bond 
marinit ami futures exchange. 
The AH Ordinaries Index Ml 
42.7 to 2,1085. Turnover mw 
to AITSfi&n. Industrials were 

among tho main fallar ^ the All 
Industrials index weakening 
685 to 34925. 

BHP tumbled 26 cents to 
A$17.08 after Foster's Brewing 
sold its stake in Beswick Pty, 
Bl ip's b iggest shareholder. 

NEW ZEALAND dropped to 
Its lowest point since last 
December, but brokers said 
that part of the fall was caused 
by key stocks going ex-divi- 
dend. The NZSE-40 capital 
index finished 3056, or L4 per 
cent, lower at 241956. 


BOMBAY ended modestly 
hi gfiw after a restricted 90- 
minute trading session. The 
BSE 30-share index moved for- 
ward 1753 to 353559. 

Activity was depressed by 
regulations specifying that 
margins on purchases should, 
be paid the same day. 

The Securities and Exchange 
Board of FmUa has also hanned 
the carry forward system. 

KARACHI reflected nervous- 
ness following violence in the 
city on Sunday in which three 
neoDle were kfiled. 

The KSE 100-share index 
dropped 61.14, or 25 per cent, 
to 256L43. 

BANGKOK declined on wor- 
ries about political uncertainty 
and news of an increase in 
tending rates by some commer- 
cial banks. The SET index sur- 
rendered 33.73, or 254 per cent, 
at 154654 in thin turnover 
of Bt45bn. 

The construction materials, 
property and communications 
sectors were hit by profit- 
taking. 


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