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The empire 
strikes back 

Page 17 


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Fininvest faces 
further scrutiny 
from magistrates 

Investigations by Milan magistrates into the affairs 
of Silvio Berlusconi’s Fininvest empire have resur- 
faced just as the media magnate begins the final 
stages of consultations to form a government. 

A civil liberties court approved a request for an 
arrest warrant to be issued against Marcello 
DellUtri, head of Reinvest 1 s advertising arm 
Publitalia, and two other senior officials in the 
group on charges of falsifying accounts. DelTUtri. 
a long-time associate of Berlusconi, was the princi- 
pal figure behind the organisation of the business- 
man's Forza Italia political movement Bis lawyers 
have challenged the court’s decision. Page 16 

Progress on HMeast peace: The 

comprehensive peace settlement el uding the Middle 
East appeared to edge forward as a result of peace 
proposals brokered between Syria and Israel. 

Page 16; Palestinians to have right to set op 
stock market Page 5 

IBM shakes np PC side: TntemflH^nul R iwmw ss 
Machines is to change the senior management 
of its Sllbn personal computer business, with 
the retirement of Robert Corrigan, president of 
IBM PC. Page 17 

Cambodian peace talks postponed: Peace 
teUrc between Rhnwr Rouge guerrillas and the 
Phnom Penh government have been postponed 
indefinitely amid some of the most serious fi ghting 
in Cambodia for five years. Page 5 

lazard Bros reveals inner reserves: UK 

bank Lazard Brothers has been forced to tell 
one of the last great City of London secrets - 
precisely how much capital it has in its hidden 
reserves and how much profit it makes. Page 17 

Indian inflation rises: Indian authorities face 
m ountin g pressure tn curb inflation after the 
release of figures showing the annual rate of 
wholesale price increases at 10.6 per cent, compared 
with &9 per cent a year aga Page 3 

Worry over Asian securities naaricetm: 

The World Bank has warned of the risk of financial 
accidents in Asian securities markets because 
the pace of investment and innovation in them 
may be too fast for their stage of development 
Page 17; Emerging markets. Page 24 

Mlti angered at US trade report: Japan’s 
Ministry of International Trade and Industry 
has responded angrily to a US report which critic- 
ised Japanese trade .practices as ambiguous, lacking 
in objectivity and in many ways based on faulty 
or questionable analysis. Page 4 

European Monetary System: There was 
no change last week in the order of currencies 
in the EMS grid. All countries made gains against 
the bottom currency, the Portuguese escudo, 
which finished on Friday at Esl03 against the 
D-Mark from EslQ2.4 a week earlier. Currencies, 
Page 35 


EMS: Grid 


Irish Punt 

Guilder 

BFranc 

D-Mark 

F.Franc 

OKrone. 


April 29, 1994 



Escudo 


The chart shows the member currencies of the 
exchange rate mechanism measured against the 
weakest currency m the system. Most of the curren- 
cies are permitted to fluctuate within 15 per cent 
of agreed central rates against the other members 
of the mechanism. The exceptions are the D-Mark 
and the guilder which move in a 225 per cent band. 

Guilty verdict In BCCI trial: Former property 
entrepreneur Nazmudin Virani was convicted 
in London of seven counts of fraud relating to 
his business dealings with the collapsed Bank 
of Credit and Commerce International. Page 8 

Heinz to abandon televisions KJ. Heinz, 
the food manufacturer that brought the British 
public such memorable advertising campaigns 
as Beanz MPang Heinz, is planning to create a 
new slogan - Heinz Meanz Direct Marketing. 

Page 8 

SPD risks votes with tax plan: Germany’s 
opposition Social Democrats committed themselves 
to a controversial tax reform package, in spite 
of evidence that it could be a clear vote loser. 

Page 2 

Formula One safety inquiry: An emergency 
meeting to consider Formula One safety following 
the deaths of grand prix drivers Ayrton Senna 
and Roland Ratzeriberger has been called by the 
world governing body of motor sport, the Federa- 
tions! Internationale de TAutomobile. Page 16 


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ANC information director predicts party will fail to win two thirds majority 

De Klerk concedes defeat to ANC 


By Patti Waldmeir, Michael 
Holman, and Mark Suzman 
sn Johannesburg 

President F. W. de Klerk last 
night conceded defeat to Mr Nel- 
son Mandela in South Africa's 
first all-race elections, bringing 
to an end decades of white rule. 

“Mr Mandela has walked a long 
road and now stands at the top of 
the hilL A man of destiny knows 
that beyond this bill lies another 
and another. The journey is 
never complete. As he coo tan- 
plates the next hill, I hold out my 
band to Mr Mandela in friendship 
and in co-operation," he said. 

Mr de Klerk pledged his sup- 
port for an African National Con- 
gress-led government of national 
unity, which is expected to be 
formed in the next few days. 

His voice choked with emotion, 
Mr de Klerk ended his nationally- 
televised declaration with the 
words “God bless South Africa, 
Nkosi Sikele", African national- 
ism’s hymn of liberation, now 
adopted as one of Sooth Africa’s 
two national anthems. 

Addressing cheering National 
Party supporters he declared: 
“After so many centuries, all 
South Africans are now free.” 

As results trickled in, with less 
than half the estimated vote 
counted, the ANC was last night 
heading for control of the new 
parliament But Mr Pallo Jordan, 
ANC information director, pre- 
dicted the party would foil to win 
tiie two-thirds majority needed to 
give it absolute power over the 
parliament and the writing of a 
new constitution. 

Gonzalez 
cancels 
trip as 
corruption 
row grows 

By David White in Matfrid 

Mr Felipe Gonz&lez, Spain's 
prime minister, yesterday can- 
celled an official trip be was due 
to start today to Romania and 
Bulgaria because of the growing 
political storm over corruption 
and illicit gains in the country. 

Mr Antoni Asuncion, the inte- 
rior minister, submitted his res- 
ignation over the weekend, in a 
move which reflected acute 
embarrassment in the socialist 
government over the disappear- 
ance of Hr Lnfs Roldan, former 
head of the paramilitary Civil 
Guard, wanted for questioning 
by an examining magistrate. 

Mr Gonzalez, postponed 
accepting Mr Asuncion's resigna- 
tion, telling Mm to step np the 
search for Hr Roldan. 

The Madrid daily n e ws pap er El 
Mundo is expected today to pub- 
lish an interview with Mr Rol- 
dan at a secret location, in which 
he threatens to wait? damaging 
revelations. Before he disap- 
peared, Hr Roldan said he would 
reveal information that would 
harm the Socialists. The affair, 
along with allegations of tax 
evasion by Mr Mariano Rubio, 
former Bank of Spain governor, 
increasingly risks jeopardising 
the minority government 

Mr Jordi Pujol, leader of the 
Catalan nationalist party on 
which the Socialists depend for a 
parliamentary majority, raised 
the possibility of a snap election. 
The conservative opposition Pop- 
ular party has issued fresh calls 
for Mr Gonz&lez to resign. 

Mr Asuncion, a former director 
of prisons, was appointed only 
five months ago. His predeces- 
sor, Mr Jos£ Luis Corcnera, 
resigned when a law including 
new search powers was ruled 
unconstitutional. The latter has 
also come under attack because 
of the Roldan affair. 

Several hundred police and 
army personnel were engaged in 
the search for Mr Roldan, who 
faces arrest for alleged tax and 
other offences. 


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■ Mixed-race voters ensure 
Nads triumph in the Cape 

■ Next chapter unclear after 
fairy-tale start 

■ Mandela’s cabinet choices 
wfll signpost way to future 

Page 16 


Mr de Klerk greeted the pros- 
pect of an ANC victory with mag- 
nanimity as he conceded that his 
party would be the junior partner 
in the government of national 
unity. 

Results showed that the two 
men would almost certainly be 
working together as the leaders 
of the two largest parties in the 
government of national unity. 

With 423 per cent of the esti- 
mated 23m votes counted, the 
ANC had a commanding lead 
with 623 per cent of the national 
vote, with the National Party 
running at 233 per cent, below 
the party’s expectations. 

No other party came close to 
this share of the vote: the 
Inkatha Freedom Party scored 62 
per cent, the right-wing Freedom 
Front of Gen Constand VUjoen 
23 per cent, the Liberal Demo- 
cratic Party 13 per cent and the 
ultra-leftist Pan Africanist Con- 
gress 13 per cent 

However, it is impossible accu- 
rately to extrapolate the final 
vote from these figures, because 


total results are being released 
without identifying the neigh- 
bourhoods from which they 
come. 

South African residential areas 
and party support are so sharply 
divided by race that a dispropor- 
tionately high number of results 
from one racial area early in the 
count would distort projections. 

The ANC's projections, which 
come from party agents and not 
from the official Independent 
Electoral Commission, make 
allowances for neighbourhoods 
and are probably more accurate. 
The ANC predicts a 58 per cent 
majority in the national assem- 
bly, although Mr Jordan said this 
could well rise to 60 per cent or 
even to 62 per cent as results 
from black areas flow in. 

In the provincial elections, the 
ANC was the runaway leader in 
the Northern Transvaal, Eastern 
Transvaal, Northwest, Orange 
Free State and Eastern Cape. It is 
unclear whether it will win a 
majority in the Northern Cape, 
Natal and the Pretoria Witwa- 
tersrand and Veveeniging area. 

However, in one of the few 
clear outcomes, the ANC con- 
ceded it had lost the Western 
Cape province - one of only two 
provinces where Africans are not 
in a majority - to the National 
Party. 

With nearly three quarters of 
votes counted, the National Party 
had 55 per cent of the vote, with 
the ANC at 29 per cent, the Dem- 
ocratic Party 7 per cent and the 
Freedom Front 2.4 per cent This 
will allow the National Party to 
control the provincial govern- 



SOUTH 

AFRICAN 

ELECTION 

RESULTS* 


| 23m- | 



Votes 

%of 

total 

African 

National 

Congress (ANC) 

&24m 

6 0.4% 

National 
party (M 1 ) 

2.18m 

252% 

Inkatha 

Freedom 
party BFP) 

CL56m 

6.5% 

Freedom 

Front (FF) 

026m 

3.0% 

Democratic 
party (DPJ 

0.16m 

2.1% 

Pan Africanist 
Congress (PAC) 

0.11m 

15% 

* IMtMl ionite me AksbnW Aauanttf bated 
on A aan Mg nui<td out of thn oiIit— m Ztn 


meat. with the ANC represented 
on the power-sharing provincial 
executive, as at national 
level 

Although the overall result is 
clear, many uncertainties 
remain, particularly in the dis- 
puted Natal province, where only 
a fraction of votes have been 
counted, apparently from areas 
where the Inka tha Freedom 
Party is strong. No accurate pro- 
jections can be made from these 
early results. Reports from Natal 
suggest final results will not be 
available until later today. 



South African President F W de Klerk greets supporters in Pretoria, 
where he conceded defeat to the African National Congress ap 


Roche in $5.3bn agreed bid for Syntex 


By Ian Rodger in Zurich and 
Richard Waters in New York 

Roche of Switzerland is making a 
S53bn agreed cash bid for Syn- 
tex. a struggling US drugs com- 
pany, to create a group ranking 
fourth in the world pharmaceuti- 
cals sales league. 

The deal would mark the first 
big takeover in the international 
pharmaceuticals industry since 
the merger wave of the late 1980s 
that created Bristol-Myers Squibb 
and SmithKline Beecham. 

The agreed bid. at $24 a share, 
is cash-rich Roche's third big 
acquisition in the past four years. 
As well as catapulting the Basle- 
based group from tenth position 
in world sales, it would also lift it 
from fifteenth to sixth in the cru- 
cial US market 


The offer represents a premium 
of 59 per cent over Syntax’s clos- 
ing price on Friday of $15%. It 
values the company at about 14 
times its forecast earnings of 
$386m in the year to July 1994, 
broadly commensurate with 
other US drug companies. 

The move by Roche, the 
world's most highly valued phar- 
maceuticals group in terms of 
market capitalisation, reflects 
growing pressures on drug com- 
panies to introduce greater econ- 
omies of scale and wider product 
ranges. That is to offset rising 
product development costs and 
the squeeze by governments on 
drug prices. 

Syntex's market value had 
plunged by more than $8bn since 
the beginning of 1992 as it faced 
the expiry of patents on its mar- 


ket leading anti-inflammatory 
drug Naprosyn and the lack of 
new blockbuster products to 
replace it in the near term. 

Last year, Syntex had net 
income of $287m after $320m in 
pre-tax restructuring charges and 
in the three months to January 
31. it reported a 20 per cent 
decline in net earnings, to 
$853m. 

Fafiing sales have put pressure 
on cashflow at the US company, 
which has struggled to maintain 
a high dividend while supporting 
a research and development bud- 
get that last year ran at 19 per 
cent of sales - high by industry 
standards. As a Panama-regis- 


tered company, it has benefited 
in the past from a low tax rate. 

Mr Paul Freiman, Syntex chair- 
man. said: “Given the speed of 
changes in the industry and a 
radically different competitive 
situation, we ultimately felt the 
need to align with a strong global 
partner.” 

At their peak, annual sales of 
Naprosyn reached $ibn. 

Mr Fritz Gerber, chairman of 
Roche, said Syntex's substantial 
ethical business and its leader- 
ship in drugs for treating pain 
and tefiammatinn “would ideally 
complement the portfolio of 
Roche and add a further centre of 
excellence to the Roche group". 


Both groups emphasised that 
Syntex would benefit from 
Roche's strong presence in mar- 
kets outside the US. 

Roche, which rose to world 
prominence in the late 1960s with 
its Valium and Librium tranquill- 
isers. is still strong in central 
nervous system drugs as well as 
in anti-infectives and drugs for 
cancer treatment, dermatology 
and Aids. 

Against the global trend of 
declining profit growth in the 
industry, Roche last year boosted 
its net income 29 per cent to 
SFr2.48bn ($1.72bn) on sales of 
SFrl43bn, of which SFr7.8bn 
camp from drugs. 


Thfc Bimouncemeni aopeor* a* * man» al icoort ont» 


Markets expect 
new dollar support 
in US and Tokyo 


REPOLA 


U.S. $250,000,000 

Term Loan Facility 


By Our Foreign and 
Economics Staff 

Financial markets were braced 
last night for further interven- 
tion by the US Federal Reserve 
and the Bank of Japan to support 
the dollar as the US currency 
drifted weakly against the yen 
and the D-Mark. 

The Bank of Japan was 
reported to have bought dollars 
for yen to boost the US currency, 
after Mr Tsutomu Hata, Japan’s 
new prime minister, sought to 
calm markets by warning that 
the yen's recent rise against the 
dollar was “undesirable" 

Finance ministry officials in 
Tokyo said the Bank of Japan 
was ready to intervene in world 
currency markets throughout 
this week to support the dollar. 

The BOJ’s move, after an emer- 
gency cabinet meeting in Tokyo 
over the weekend, followed the 
Fed’s intervention on Friday to 
buy dollars for yen and D-Marks. 

The dollar yesterday came 
under pressure against the Ger- 
man currency, as dealers 
appeared to be testing US resolve 
to stem the dollar's decline. 


CONTENTS ' 0 


ronwora noki — — — 

IXNM 0 

Lex 16 

wester 16 

MorOqr Rtepto « 

We* Ahead—. 20 

GuAMBieWMc « 

Emm Day—-, « 


Leader Page 

Letters 

Qbsmer — 

Usnagemrt — 
BneenTrawi . 

Ana 

Arts Guide 

Crossword 


Comprise 

UKiW 


tte Mates 21-a* 

En3£triy UateB — 24 

Watt Bote Matt* 23 

Epjiy fctrtats — ■ ■ 23 

Werfd Qitans Gutfe — 24 
Maw H. Bend sea* 23 


There were no signs of Fed 
intervention yesterday, and trad- 
ing was muted, mainly because 
of the May Day holiday in Lon- 
don and the start of a holiday 
week in Tokyo. In Japan, mar- 
kets will close from today until 
Friday. 

However, the perception in 
markets was that the Fed’s 
operations at the end of last week 
may have to be repeated to arrest 
the dollar’s decline. The dollar 
has been weak recently against 
both the yen and the D-Mark 
because markets believe a lower 
dollar fits in with the US admin- 
istration's plans to curb Japan’s 
large trade surplus with North 
America. 

The Japanese government is 
concerned that a further rise in 
the yen could choke Japan’s frag- 
ile hopes of economic recovery. 

After dosing at Y10L2 to the 
dollar on Friday night in Tokyo, 
the yen was quoted at the finish 
of trading in Japan yesterday at 
Y10L8. The Japanese currency 

Continued on Page 16 
Bonds, Page 22 
Currencies, Second Section 


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Share Homdun 3037 

Wcrid saock Marten _ 29,30 
a nw 

R ama la 25-28 


Enskilda Corporate 

Skandfnavtska Enskilda Ban ken 


NatWest Capital Markets 


KANSA1US-OSAKE-MNKKI 


Swiss Bonk 
Corporation 


Posfipankki Ltd 


CoAnang&s 

The Mitsubishi Trust & Banking Corporation 

Standard Chartered Bank 


LaadUanogofs 


ABN AMRO Bank (Sverige) 

Commerzbank Aktiengesellschaft 

The Daiwa Bank, Limited 

Hill Samuel Bank Limited 

The Long-Term Credit Bank of Japan, Ltd 

The Sakura Bank, Limited 

Union Bank Of Switzerland 


The Bank of Nova Scotia 
CredHanstalt-Bankverein 
Den Danske Bank 
Landes bank Hessen-ThGringen Girozentrale 
Mees Pierson N.V. 

The Total Bank, Limited 
tferelns-und lflfestbank AG 


The Yasuda Trust & Banking Co. Ltd 


Co -Lead Managers 


BHF-BANK 


Uarugers 

Credit Lyonnais Sweden 

The Development Bank of Singapore Limited 

The Fuji Bank, Limited 

Norddeutsche Landesbank Luxembourg S JL 


Dresdner Bank Luxembourg S JL 

Deutsche Verkehrs-Bank AG 
The First National Bank of Chicago 
The Industrial Bank of Japan, Limited 
Svenska Handelsbanken 


Agon 

Enskilda Corporate 


& THE FINANCIAL TIMES LIMITED 1994 No 32,356 Week No 16 


PARIS - FRANKFURT - NEW YORK - TOKYO 








TUESDAY MAY 3 1994 



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NEWS: INTERNATIONAL 


MEPs fail in their attempt 
to block enlargement vote 


A delay in ex panding the European Union to 16 members 
would hurt European business and could create another 
crisis of confidence in the EU. the industry group Unice 
warned yesterday, Reuter reports from Brussels. Referring 
to today’s vote in the European parliament, the Union of 
Industrial and Employers’ Confederations of Europe said 
the EU would benefit economically by admitting Austria, 
Finland, Norway and Sweden. 

“A successful conclusion to enlargement will boost confidence 
in the European Union and strengthen the policies to achieve 
renewed competitiveness, sustained growth and increased 
job generation,” it said in a statement 

The parliament’s assent is necessary for the four countries 
to join the EU as planned on January 1. Officials have predicted 
a "yes” vote, but many MPs have been irked by an arrangement 
an voting procedures for a bigger Union - made to win over 
Britain to the expansion plans - which they say would 
undermine the powers of the parliament, the EU*s only directly 
elected body. 

Unice said it shared the parliament’s wish for efficient, 
transparent and democratic Institutions. "But the applicant 
states, with their strong traditions of openness and democracy, 
will only add strength, not weakness, to the pursuit of such 
reform,” it said. 


way into the Union next Janu- 
ary. Failure by the parliament 


By David Gardner 
in Strasbourg 

The European Union took a 
further step yesterday towards 
expanding its membership 
from 12 to 16 member states, 
when a series of filibusters to 
frustrate tomorrow’s manda- 
tory ratification vote in the 
European parliament was 
defeated. 

Both the plenary of the 
Strasbourg assembly and its 
foreign afiairp committee beat 
back attempts to get the big- 
gest ever increase in the Euro- 
dub postponed. 

The parliament's struggle to 
win more power from the 
member states and the Euro- 
pean Co mmissi on has held EU 
enlargement hostage for the 
past two months. Two weeks 
ago. leaders of the dominant 
Socialist and Christian Demo- 
crat blocs in Strasbourg agreed 
to put through the accession 
treaty, in exchange for pledges 
that parliament would be 
closely associated with the 1996 
review of the Maastricht treaty 
and power-sharing in the EU. 

But party managers in Stras- 
bourg are still nervous about 
whether enough Euro-MPs will 
turn up to ratify the enlarge- 
ment, intended to bring Swe- 
den, Austria, Finland and Nor- 


to ratify could easily sabotage 
the four applicant countries' 
difficult i , flferffnriiTTns qq mem- 
bership this autumn, and very 
possibly complicate ra tificat ion 
by national par liament s in the 

12 existing member states. 

A first attempt yesterday by 
the far-right to get enlarge- 
ment taken off this week's 
agenda was easily defeated by 


287 votes to eight, with four 
ahstfflltjona 

Tbe unsurp rising sire of this 
quashing of the Euro-fascists is 
less relevant than the size of 
Euro-MPs’ presence in Stras- 
bourg, given that a third of 
MEPS rarely turn up at all, 
that next month’s European 
elections are set to eject up to 
two-thirds of present members, 
and that many of those hoping 
to survive are on the campaign 


trad 

In tomorrow's vote, 260 of 
the 518 MEPs must approve 
enlargement. The Socialists, 
the largest bloc, reckon they 
can guarantee 130-140 votes, 
but there are worries about the 
Christian Democrats’ pledge of 
100 votes, while the small 
groups are less rtisriphned. 

The two big blocs both sent 
their leaderships to lobby yes- 
terday's foreign affairs commit- 
tee, and to stall the infinite 
variety oF procedural snags 
possible under European par- 
liament rules. 

Even Mr Jean Louis Bour- 
langes, the French Chris tian 
Democrat who has led the cam- 
paign to hold up enlargement, 
dismissed yesterday's skir- 
mishes as “procedural trick- 
ery”, arguing for a straightfor- 
ward battle on Wednesday. 

Then, there are likely to be 
two votes. A first motion, argu- 
ing to postpone enlargement, is 
likely to fail In the second 
motion, approving the EU 
expansion, a number of Social- 
ists unhappy that enlargement 
is not going bawd in hand with 
more democracy and federal- 
ism, and who will have voted 
in favour of the first motion, 
are then expected to come 
down in favour of the sub- 
stance of enlarging the Union. 


SPD risks votes with tax plan 


By Quentin Peel in Bonn 

Germany's opposition Social 
Democrats yesterday commit- 
ted themselves to a controver- 
sial tax reform package as the 
cornerstone of their election 
platform, in spite of evidence 
that it could be a clear vote 
loser. 

Mr Rudolf Scharptng, SPD 
leader and candidate for the 
post of federal chancellor, 
faced down sharp criticism of 
his leadership style to force the 
party programme through his 
national executive committee 
with only one abstention. 

The package includes a large 
tax reform to make energy 
more expensive, but stops 
short Of calling for a natinnal 
motorway speed limit, appar- 


ently for fear of losing votes 
from the car-crazy nation. 
Instead, the SPD will campaign 
for a Europe-wide speed limit, 
although Germany is the only 
EU member state without one. 

Mr Scharpmg said the pro- 
gramme still included a plan to 
switch the government's 7.5 
per cent "solidarity surcharge” 
on income tax, needed to pay 
for the soaring costs of Ger- 
man unification, to a 10 per 
cent surcharge payable only by 
higher earners. 

When it was unveiled in 
March, it caused an imm ediate 
outcry amongst the broad mass 
of middle-income earners, and 
a slump in SPD popularity in 
the opinion polls. 

According to Mr Friedrich 
Bohl, Chancellor Helmut 


Kohl's closest ministerial aide, 
the surcharge will last for at 
least five years, and possible 
longer, in order to pay the 
annual cost of transfers to east 
Germany running at between 
DM140bn (£56bn) and DM150 bn 
(£60bn>. 

However the SPD plan, 
although on the face of it a 
considerable relief to the 
majority of taxpayers, is in 
danger of targeting precisely 
those more prosperous floating 
voters it needs to win next 
October’s election. 

The programme also 
includes an "ecological tax 
reform” which would switch 
the burden of taxation from 
labour-related costs to energy 
and raw materials, intended , 
simultaneously to promote 


employment and discourage 
energy consumption. 

The SPD leader said that 
there would be no increase in 
the overall tax burden from the 
level to be reached next year, 
describing it as "a programme 

based OH solid financ es and 

social justice”. 

There would be a “step-by- 
step reduction” in taxes and 
deductions hitting payroll 
costs, alongside a step-by-step 
introduction of the new energy 
taxes. 

The third main economic 
plank of the party programme 
is a commitment to promotion 
of more research and invest- 
ment in new technologies, 

including a pro gramme of pub- 
lic investment in development 
of solar energy. 



The Financial Times International Corporate Finance Survey will be published with 
the FT on Thursday, May 5. 

It will provide important Insights into the flow of capital across borders In an era of 
rapidly Increasing global competition. 

Among the topics It will examine are the revival of mergers and acquisitions activity, 
the opportunities offered by privatisations and industrial restructuring and the Inflow of 
capital into the emerging markets. 

So if you have an interest In world-wide investment, be sure to acquire a copy of 
the FT on Thursday, May 5. 

FT. Because busmess is never black and white. 



Dutch poll set 
to break the 


Gaullist split 
widens over 


unemployment 


political 

By Ronald van de Krai 
in Amsterdam 

Voters in the Netherlands go 
to the polls today in national 
elections which could well 
force the governing Christian 
Democrats (CD A) into opposi- 
tion for tiie first time since 
1918. 

The party appears to have 
made sli ght gains in the past 
few days, according to an opin- 
ion poll yesterday, hot is still 
behind its Labour party part- 
ners. A N3po poll for Dutch 
television gave the Christian. 
Democrats 32 seats in the 150- 
seat Lower House and Labour 
35. 

Last week, opinion polls 
were giving the GDA 29 seats 
and Labour 35. At the last 
elections in 1989 tire Christian 
Democrats won 54 seats and 
Labour 49. 

The Labour party, ied by Mr 
Wbn KoK, the current finance 
minister, is likely to exneise as 
the largest party overafl. This 
would put Mr Kok in the run- 
ning to become prime minister 
once the tortuous negotiations 
on the next government coali- 
tion are completed. 

Much will depend whether 
Mr EIco Brinkman, hand- 
picked successor of Mr Ruud 
Lubbers, the CDA leader who 
is stepping down, can rally the 
party rank-and-file in the last 
few hours of the campaign. 

Mr Ger S child, director of 
the Nipo polling organisation, 
said yesterday that a larger 
number of people than ever 
before would be going into the 


mould 

voting booth without knowing 
ex a ctly how they will vote. 

“A for larger pr op ortion of 
people who voted CDA the last 
time around are as yet unde- 
cided about whom to give 
their vote than are people who 
supported other parties last 
time,” he said. 

The crumbling of support 
for the cu rrent coalition will 
benefit the right-wing Liber- 
als, forecast to pick up seven 
more seats for a total of 29, 
and the left-of-centre D66, up 
15 seats at 27. . 

If these predictions hold 
true. Labour, the Liberals and 
D66 could rule without the 
help of the CDA. The CDA and 
its forerunner parties have 
belonged to every government 
coalition since full universal 
suffrage was introduced in 
1918. 

Mr Brinkman was scheduled 
to go to a final election rally 
last night in Lisse, the centre 
of the country’s flower bulb- 
growing region and a tradi- 
tional Christian Democrat 
stronghold. 

Mr Kok was to appear at a 
meeting with voters at the 
nearby university town of Lei- 
den. 

Both men, plus the leaders 
of the other main parties, were 
due to appear in a final debate 
last night on Dutch tetevishm. 

A1 though results of the elec- 
tion should be available by 
late tonight, it could he weeks 
or even months before the par- 
ties cobble together a new 
coalition. 


By David Buchan in Paris 

France's persistent 
unemployment Is driving an 
ever-deeper wedge between the 
ranks of the country's govern- 
ing Gaullists. Mr Jacques Chi- 
rac, tiie party leader, yesterday 
endorsed the idea of a referen- 
dum on the issue to underline 
his difference with the gradual- 
ist jobs policy of his feilow- 
Gaullist prime minister, Mr 
Edouard Ballad ur. 

The unity of the Socialist left 
is, however, being equally 
threatened by the creation of a 
strong rival list in next 
month’s European parliament 
elections by Mr Bernard Tapie, 
amid evidence that the popu- 
list Marseilles politician is 
being egged on by President 
Francois Mitterrand. 

Despite facing multiple 
investigations for alleged 
financial irregularities and 
football bribery, Mr Tapie has 
now attracted heavyweight 
candidates to his Mouvement 
des Radicaux de Gauche (MRG) 
list They include Mrs Cather- 
ine La I urn fere, former secre- 
tary general of the Council of 
Europe and an associate of Mr 
Mitterrand. 

"With such a team, one 
would need to he an incredibly 
bad captain not to go far in 
this European [parliament] 
championship,” said Mr Tapie. 
He has just been disqualified 
for life from involvement in 
football after the French soccer 
authorities decided - ahead of 
an investigating judge - that 
Mr - Tapie’s Olympique-Mar- 


seille had rigged a game last 
year. 

Mr Tapie claimed over the 
weekend that his only goal was 
to outscore the far-right 
National Front in the Euro- 
poll; both are around 9-10 per 
cent in the opinion polls. But if 
competition from Mr Tapie 
also ensures a poor showing 
for Mr Michel Rocard, the 
Socialist party leader may see 
his candidacy in next year’s 
presidential elections fatally 
undermined. 

The jobs referendum idea 
came at a weekend RPR Gaull- 
ist rally ironically from Mr 
Philippe Sfcguin. whose presi- 
dency of the national assembly 
ought to incline him towards 
representative democracy 
rather than rule-by*plebiscite. 
But Mr S6guin has emerged as 
the sharpest thorn in the side 
of Mr Bailadur, whose govern- 
ment the assembly leader dis- 
missed as merely “one of tran- 
sition" until the right wins the 
Elysee next May. 

Mr Seguin gave no idea of 
how the unemployment issue 
might be made susceptible to a 
yes/no referendum verdict, but 
his call for "a complete rever- 
sal" or jobs policy won endorses 
ment from Mr Chirac, who 
spoke to RPR faithful chanting 
“Chirac president". Mr Baila- 
dur had earlier tried to per- 
suade the party rally there was 
no contradiction between his 
economic and labour policies, 
and that the best hope for 
reducing France's dole queues 
was the gradual economic 
recovery now under way. 


INTERNATIONAL ECONOMIC INDICATORS: PRODUCTION AND EMPLOYMENT 


Yearly data (or retaR sates vduma and industrial production piua afl data (or the vacancy rate Indcator are in index fomi with 1085=100. Quarterly and monthly data (or raise ®*b 
and tncfcotriai production show ttw pwcef*BQe change over tha oomsponiSng period ki tha pravkxa year, and are poattw wless otherwise stated. Tha urampioyment rote Is riMwn 
as a percentage at the total bboir lores. Figures far the compear© tearing Mcaior are endperiod values. saoynwm 


March 


■ UNITED STATES 


■ JAPAN 



MM 




ftmiii 

MM 


ttamy 

Convert. 




Mm* 

ret* 

We 


wu KMMrt 

ISM 

Mrtog 


tofcm 


nN 


huftiw 

Mem pnbdn 

MM 

Mces 


1986 

1002 

1002 

7.1 

100.0 

102.1 

1003 

1003 

23 

100.0 

97.3 

1966 

1053 

1003 

83 

98.0 

1063 

1063 

99.7 

ZB 

943 

1061 

1987 

1004 

1082 

8.1 

1053 

1084 

1133 

103.1 

23 

1083 

1152 

1988 

1123 

1ia7 

5.4 

106.1 

1123 

1223 

113.1 

23 

135.9 

1222 

1989 

1153 

112.4 

52 

993 

1103 

132 3 

119.7 

22 

1473 

1252 

1990 

1163 

112.4 

5.4 

84.6 

1008 

1413 

1253 

2.1 

1493 

1222 

1991 

1142 

1103 

83 

to 9 

1122 

1443 

1263 

2.1 

1442 

120.6 

1992 

1173 

1123 

73 

603 

1109 

1393 

1193 

Z1 

124 2 

119.7 

1993 

1242 

117.6 

6.7 

654 

1223 

1322 

1133 

23 

1063 

1222 

lstqtr.1993 

3.7 

4.4 

63 

62.4 

1173 

-53 

-5.1 

23 

1153 

123.1 

2nd qtr.1993 

S3 

3.6 

63 

63.7 

1172 

-02 

-43 

Z4 

1082 


3rd qtr.1993 

5.9 

42 

6L7 

662 

1193 

-&1 

-3.8 

23 

1013 

1252 

4th qtr.1993 

63 

43 

6^1 

69.4 

1223 

-5.7 

-4.8 

2.7 

1012 

1262 

April 1993 

4.7 

33 

63 

623 

1173 

-5.3 

-4.1 

23 

109.1 

124.4 

May 

52 

32 

63 

65.1 

1172 

-43 

-42 

23 

1053 

124.8 

June 

82 

4.0 

63 

63.1 

1172 

-83 

-43 

23 

1053 

1243 

July 

8.1 

33 

6.7 

653 

1173 

-53 

-43 

23 

1023 

124.8 

August 

62 

43 

6.7 

66.7 

1183 

-4.1 

-23 

23 

1023 

1253 

Saptamber 

53 

4.4 

06 

653 

1193 

-53 

-4.4 

ze 

100.6 

125.9 

October 

53 

4.1 

63 

683 

1205 

-53 

-6.6 

Z7 

993 


November 

6.4 

42 

6.4 

609 

1222 

-73 

-32 

Z7 

1123 


December 

6.7 

43 

63 

70.7 

1223 

-43 

-43 

23 



January 1994 

6.1 

43 

08 

607 

122.7 


-33 

P 7 

97.4 


February 


43 

6.4 

723 



-43 

2.9 



Match 


5.1 

63 

743 



-32 




■ FRANCE 






■ ITALY 






MM 


Ump- 

Money 

CBtnrtr 

MM ' 






Mm 



bMb 

e*s>a 

Min 

MW 






mtaMa 


MMw 



mMon 


Ml 

NM* 

1985 

1002 

100.0 

103 

1002 

1022 

1003 

100.0 


92 


1968 

102.4 

101.1 

104 

1072 

1092 

1063 

104.1 




1967 

1043 

103.1 

105 

117.7 

106.6 

112.1 

1009 




1988 

1073 

1073 

103 

1343 

113.7 

1073 

114 2 




1989 

1093 

1113 

9/4 

161.1 

1133 

1163 

1107 




1990 

1103 

1123 

09 

163.0 

1083 

1144 

1163 




1991 

1103 

1132 

9.4 

127.7 

109.8 

111.0 

1153 




1992 

1103 

1132 

104 

111.4 

1073 

1109 

1133 




1993 

11D.7 

1093 

11.7 

892 

1103 


1108 


102 

1213 


1st qtr 1998 

2nd qtr 1993 

3rd qtr 1993 

4th qtr 1993 

02 

07 

04 

■05 

-33 

-33 

-22 

-13 

113 

11.5 

112 

12 2 

963 

912 

652 

85.4 

1062 

1075 

108.4 

1103 

12 

-07 

-1.4 

-43 

-43 

-12 

-0.1 

April 1993 

09 

-42 

11/4 

952 

1009 

15 

-3.6 

May 

-33 

-33 

115 

69.1 

1073 

-9.0 

-4.6 


52 

-04 

11.6 

912 

1075 

-0.4 


July 

12 

-06 

11.7 

93.9 

107.1 

-6.4 

-33 

August 

-12 

-32 

112 

BOA 

1075 

12 

0.4 

Saptamber 

2.1 

-32 

122 

808 

108/4 

1.1 

-0.7 

October 

-2-7 

-43 

lOI 

83.7 

1092 

-5.6 

-1.7 

hinnrt,,,l, M ,- 

22 

-OI 

122 

852 

1102 



Oecambar 

-03 

02 

122 

673 

1108 


22 

January 1904 

05 

-02 

122 


1102 


-0.8 

February 

12 


12 2 






9.1 

10.7 

ion 

10.7 


rua. 
rua. 
a a. 
n.a. 
ns. 
ns. 
run. 
rua. 
ns. 
rua. 
rua. 
rua. 


11X3 
114.6 
1184 
121 a 


1135 

114.0 

114.6 

115.6 
116J9 

118.4 

119.4 
1203 
121.3 

121.6 


■ GERMANY 


ioo. a 

103.4 

107.4 
1105 
114.1 
1235 

130.5 
127 .7 
122.4 


100.0 

1022 

102.6 

106.3 

111.4 
117.2 
120.8 
110.8 


7.1 

04 

02 

62 

53 

4.8 
42 
4.6 

5.8 


100.0 

136.4 

148.4 

164.6 

218.7 
261.1 

270.7 
2602 
193.6 


105.1 

105.0 

106.1 
1122 
113.1 
115.7 

113.0 

106.0 
1112 


-4.7 

-08 

-21 

-52 


-95 

-23 

-04 

-3.1 


52 

5.6 

52 

82 


213.4 

206.5 
1835 

175.5 


1062 

109.0 

1112 

1126 


-22 

-52 

-3.5 

-3.7 

-0.7 

-12 

-3.8 

-5.0 

-25 

0.1 

02 


-92 

-8.3 

-7.5 

-&0 

-5.6 

-5.7 

-43 

-42 

-12 

-1.7 

as 


52 

5.6 

5.7 

53 
52 
6.1 
62 
63 

1.3 

8.4 

6.5 


2113 

207.8 

2052 

202.7 

194.5 

183.7 

174.7 
174.7 

175.5 
178.0 
1873 


1073 

1073 

1092 

109.9 

1112 

1118 

112.6 

1132 

113.6 

1142 


■ UNITED KINGDOM 


100.0 

1052 

110.7 

1178 

120.1 

121.1 

119.6 
1203 

124.6 


1002 

102.4 
1062 
1112 
1142 

113.7 
1092 

108.7 

111.5 


3.1 

32 

3.8 

3.7 


1.6 

2.7 

2.6 

3.1 


2.7 

2.4 
3.9 

4.4 

3.8 

3.4 
33 
32 
42 

3.8 

2.8 
-1 a 


112 

100.0 

1004 

112 

1161 

105.9 

103 

1412 

1105 

66 

144.9 

106.7 

72 

124.7 

1064 

63 

961 

1042 

88 

68.9 

1082 

103 

701 

1135 

103 

772 

1222 

10.5 

707 

1165 

10.3 

743 

116.91 

104 

77.4 

1203 

10.0 

64.0 

1222 

103 

75.0 

1106 

103 

752 

1107 

103 

74.3 

1109 




t 


r 













FINANCIAL TIMES TUESDAY MAY 3 1994 


WORLD NEWS DIGEST 


Bouygues wins 
Hungary deal 

A consortium led by Bouygues, the French construction 
group, has won eastern Europe's largest toll motorway conces- 
sion. The Hungarian government, which has been advised by 
Morgan Grenfell, the UK merchant hank, yesterday awarded 
Bouygues the $350m project to finance, upgrade, extend and 
operate Hungary’s M5 motorway. The Hungarian Motorway 
International Consortium, which teams Bouygues and German 
bank Commerzbank, defeated a group led by Transmute Inter- 
national and GTM International, two French toll-road opera- 
tors. Ban Holding, the Austrian construction company and 
anntTipr partner In the winning Consortium, paM flartigr that 
the consortium would have to raise FtTtra (£45.7m) in equity 
capital of which Bau would provide about 40 per cent 

The MS concession is the largest project yet in Hungary’s 
*3bn programme to bring in private investors and developers, 
extend tour motorways from the capital to the country’s 
borders and build two bridges across the Danube. The M5 
leads toward Serbia and uncertainty over traffic projections 
has complicated financing and delayed its extension to the 
frontier. Aftafcafaj Demon, Budapest 

Pepsi to expand in Poland 

Pepsi-Cola moved yesterday to win bade ground in Poland 
recently lost to Coca-Cola by signing a joint venture with 
Whitman, Pepsi's Chicago-based bottler in the US. Under the 
agreement PepsiCo will bring Whitman into its bottling plant 
in Pniewy near Warsaw to build a distribution and marketing 
network in the west and the north of the country. This is the 
first time that PepsiCo will have brought (me of its bottlers 
into central and eastern Europe, and Whitman, which wfll be 
investing $10Qm (£68.4m) in the joint venture over the next 
eight years, plans to build a Anther three plants in Poland. 

In Poland Coca-Cola has brought in Ringnes, its Norwegian 
bottler, as well as Bran from Austria, and built distribution 
operations from scratch starting two years ago. Next week the 
company will be opening three new bottling plants in Krakow, 
Lodz and near Wroclaw built at a total cost of $120m. Christo- 
pher Bobinski, Warsaw 

Rwanda envoy due in Uganda 






Mr Jacques-Roger Booh-Booh, United Nations special envoy 
to Rwanda, was yesterday scheduled to meet President Yoweri 
Museveni of Uganda as part of international efforts to per- 
suade Rwanda's warring parties to end nearly a month of civil 
strife. Tanzania's President Ali Hassan Mwinyi yesterday said 
the government and rebel Rwanda Patriotic Front CRPF) had 
agreed to peace talks in the northern town of Arusha tomor- 
row. Refugees from the Rwanda fi ghting have been flooding 
across the border into Tanzania in their thousands (see picture 
above). The Tutsi-dominated RPF contends the Hutu interim 
government was established illegally days after the death of 
Hutu, president Juvenal Habyarbmana in a rocket attack on his 
aircraft on April 6. Reuter, Nairobi 

French radiotelephone bidding 

The licence to operate France's first truly urban radiotele- 
phone network will be awarded by the end of this summer to 
one of three French ladders, Alcatel, Bouygues and Lyonnaise 
des Eaux, the French telecommunications ministry announced 
yesterday. In addition to local partners, Alcatel has teamed up 
with Stet of Italy and Telefonica of Spain, Bouygues with Veba 
of Germany and US West, and Lyonnaise with Thyssen of 
Germany, Belgacom of Belgium and Bell South of the US, to 
bid tor France's third radiotelephone network. France Tele- 
come and Gdn&ale des Eaux already operate two Global 
System for Mobile Telephones networks in France. But they 
generally require users to be outdoors or near a window. The 
ministry said yesterday the third network was designed more 
for urban office use, requiring an Investment of FFrlObn- 
FFriSbn. France has around 150,000 radiotelephone users, but 
hopes to have 3m by the end of the century. David Buchan, 
Paris 

EU uses more unleaded petrol 

Use of unleaded petrol in the European Union has accelerated 
past leaded fuel for the first time, the EHTs statistics office, 
Eurostat, said yesterday. Unleaded petrol accounted for 53.3 
per cent of all petrol used in the Union last year, up from 47.1 
per cent in 1992 and 40.7 per amt in 1991. Eight years ago, 
unleaded petrol accounted for less than l per cent of the total, 
Eurostat said. 

The “greenest" country in the Twelve - at least as far as 
petrol is concerned - is Germany. It accounted for 48 per emit 
of EU use of unleaded fuel which took 88.7 per cent of its 
domestic market However, in domestic terms, the second 
greenest country was Denmark where unleaded petrol took 
75.6 per cent of the domestic market followed by the Nether- 
lands where it accounted for 75J per cent Reuter, Brussels 

ECONOMIC DIGEST 


GDP soars in South Korea 

South Korean gross domestic product is forecast to grow by at 
least &5 per cent in the first quarter of 1994 compared to 3.9 
per cent a year earlier, according to Mr Kim Myung-ho, gover- 
nor of the central hank. GNP grew by 5.6 per cent during the 
whole of 1993. The country's industrial output shot up 10.2 per 
cent in the first quarter from l per cent in the same period last 
year, the national statistical office reported. The state-funded 
Korea Development Institute recently revised its projection tor 
gross national product to a real 7.6 pm 1 cent growth in 1994 
from an earlier forecast of 7 per cent “With exports steadily 
increasing and the recovery in fixed capital investment accel- ! 
erating, GNP is expected to grow more quickly than earlier 
forecast,” it said. An even more optimistic view comes from 
Schroders Securities which revised its GNP projection foe the 
year to &2 per cent from an earlier GL5 per cent 

■ Japan's domestic vehicle sales are on a recovery path 1 
despite the year-on-year slippage in April for the 13th month 
in a row. industry officiate said yesterday. April's 6.6 per cent 
fell to 372,755 vehicles should not be seen as a sharp drop, said 
an official of the Japan Automobile Dealers’ Association. One 
reason for the April foil, ironically, was a tax cut Customers 
bought cars in March as dealers offered discounts to offset the 
effect of an April cut in the consumption tax. ’ 

■ Portugal's overall trade deficit fell 11.3 per cent last year to 
Escl,43aRbn <£5JS5bn), with imports falling 4.6 per cent to 
3,900.6 billion, according to official figures. 

■ Employment feQ in large Italian companies by 04 per cent 
in January compared with December and was 5.1 par cent 
lower year-on-year, toe Mat statistics bureau reported. The 
statistic covets companies with more than 500 employees but 
excludes the construction sector. 

■ Swedish new car registrations rose by 44 per cent in April 
to a preliminary 15,750 from 10,919 in April, 1993, according to 
the Swedish car retailers’ association. The figure for the first 
four months of the year showed a 27 per cent rise, to 52938 
from 41,612'tn Januazy-April 1993. 



NEWS: INTERNATIONAL 


Karadzic anger at new UN safe area 


By Laura Sifter ft Belgrade and 
DavW Buchan ft Paris 

Mr Radovan Karadzic, the Bosnian 
Serb leader, yesterday vowed that he 
would block any moves to designate 
as a United Nations "safe area” the 
town of Brcko, on the eastern end of 
the Serb corridor in Bosnia. 

The “corridor is of vital interest to 
the Serbian nation," he said, ruling 
out any possible change in the status 
of Brcko, which has “always been in 
Serb bands " 

Earlier, Mr Alain Juppe, the French 
foreign minister, had called on the 
United Nations to mat™ the Brcko 


corridor “a security zone" with the 
same status as Sarajevo or Gorazde, 
so that Nato aircraft could intervene 
"at the first cannon shot... by one 
side or the other". 

Speaking to the Anglo-American 
Press Association in Paris, Mr JuppS 
described the Barcko corridor as "very 
sensitive'’ to both Moslems, who 
wanted it for access to the Sava river 
and thence to the Danube, and to 
Serbs, who wanted it to link their 
territories in east and west Bosnia. 

UN officials fear that the town, 
which is set on the land corridor join- 
ing Belgrade with Serb-held towns in 
Bosnia and Croatia, will be the next 


flashpoint and are considering how a 
conflict can be avoided in the area. 

In Gorazde, the Moslem enclave in 
south-east . Bosnia, UN reports cite 
heightened tensions indoding an Inci- 
dent on Saturday in which British 
soldiers returned fire, killing two 
Serbs. 

hi a similar incident near Toria,' a 
another UN “safe area", nine Serbs 
were killed after firing foiir anti-tank 
missiles on soldiers from 'the Nordic 
battalion who used t Mr powerful 
Leopard tanks in the exchange, said 
UN official* . 

There were further reports yester- . 
day that Serb forces are omcehtrating 


their heavy weapons in the strategic 
northeastern region. : ~ ' . * ‘ * 

Mr Haris SUeidzic, the Bosnian 
prime nrinister/ wiio today is due to 
meet Mr Yasnshi Akasht senior UN 
affidalfor former Yugoslavia, in Sara- 
jevo to discuss prospects for resuming 
peace talks, yesterday warned that 
the , Bosnian government would hot 
rejoin negotiations until Serb forces 
folly complied with a Nato ultimatum 
to withdraw from & 20km exclusion 
zone around Garazdft. 

UN officials at the weekend said 
Serb soldiers have shed their army 
fatigues Only to return in blue uni- 
forms in the guise of policemen pro- 


tecting Serb settlers. The immediate 
• resettlement of Serbs is part of a Serb 

■ plan to partition Gorazde. 

Mir Karadzic yesterday warned that 
the Us is poised on a “new Vietnam 
in Bosnia" and accused the UN too .of 
siding with the Moslems. 

In . Sarajevo, Nato aircraft were . 
called in to bus a weapons depot - 
fl nfl ifrg a four-hour standoff between 
Serb forces trying to take back their 
heavy weapons from .UN soldiers. . _ 
Mayor Guy Vtast, a UN spokesman, 

■ said up to 15 Bosnian Serb soldiers on 
. Sunday night moved in on tire storage 

point, holding, about 30 weapons 
under guard by 20-25 French soldiers. 


White House pushes gun control! Probe of attacks 


By George Graham 
Ai Wash i ng ton . 

The Clinton administration has 
begun an aH-out drive to win 
support for a ban on assault 
weapons and large-magazine 
guns, but still feces possible 
defeat when the measure 
comes to a vote in the House of 
Representatives later this 
week. 

White House officials 
acknowledge they are still 
around IS votes short in the 
House, despite the support of 
Congressman. Henry Hyde of 
Illinois, a senior Republican 
who has in the past opposed 


similar bans but who voted for 
flm measure in committee last 
week. The proposed law closely 
resembles a measure included 

‘Why have laws 
that protect 
ducks more than 
human beings?’ 

last year by the Senate in a 
much broader crime bill, and 
would outlaw 19 specific weap- 
ons, as well as high capacity 

magazinftfi- 

It would also impose a more 


Indian inflation 
at highest level 
for two years 


By Stefan Wagstyl 
in New Delhi 

Pressure is mounting on the 
Indian authorities to act to 
curb inflation after the publica- 
tion of figures at tire weekend 
showing the annual rate of 
price increases rising to 10.6 
per cent, the highest in neariy 
two years. 

The figures, measuring the 
rate of increase in wholesale 
prices for the week ending 
April 9, show inflation has 
climbed steadily from just 69 
per cent 12 months ago. 

With foreign exchange 
reserves at record levels, 
finance ministry officials see 
little risk of a repeat of the 
1991 economic crisis when 
inflation, government harrow- 
ing and the balance of pay- 
ments veered out of control. 
But they admit that rising 
prices could undermine efforts 
to achieve stable growth and to 
cany out further economic lib- 
eralisation. 

Mr Manmohan Singh, the 
finance minister, and Dr C 
Rangarajan, the governor of 
the Reserve Bank of India, the 
central bank, have both 
emphasised in recent speeches 
the dangers posed by inflation. 

The government last month 
acted to try to protect the poor 
from possible further increases 
in food prices by lifting restric- 
tions on sugar imports. How- 
ever, it is not dear how much 
those measures will limit the 
overall inflation rate rise, 
which is being driven not by 
changes in food prices but by 
financial pressures - notably 
persistent government deficits 
and a surge in foreign invest- 
ment. 

The fiscal deficit in the year 
to March soared to 79 per cent 
of gross domestic product, 
compared with a target of 4.6 
par cent, according to finance 
ministry figures, which may 
yet be revised upwards. 

Meanwhile, foreign invest- 
ment has soared to about $5bn 
(£3.4bn) in 1993-94, far exceed- 
ing government forecasts and 
flooding the financial markets 
with excess cash. The central 
bank estimates the money sup- 
ply grew by 179 per cent in the 
year, up from 14.6 per cent in 
1992-93. 

Commenting on Twdfai in its 
recent report. The World Eco- 
nomic Outlook, the Interna- I 
tional Monetary Fond listed as ! 
"troubling features" the 
rekindling Of irtftatiem and the 
weakening or fiscal manage- 
ment. 

The Reserve Bank is expec- 
ted to try to curb further 
money supply growth when It 
decides its credit policy for the 
period ApriLSeptember at a 
much-delayed board meeting 
due an May 14. It might balk at 
raising interest rates since 
industrial growth is sluggish, 
but it could raise the witniwunn 
deporits commercial banks are 
required to make at the 
Reserve Bank. 

• India's exports in the year 
to March grew 20.4 per cent to 
$22.17bn, according to figures 
announced yesterday by the 
commerce ministry. They pro- 
vided fresh evidence that the 
government’s liberalisation of 
foreign trade and investment is 
bearing fruit Imports grew &8 
per cent to $23Tbn, leaving a 
trade deficit of $L0bn, com- 
pared to S&3bn in 1992-93. 


Cardin sets 
up shop in 
three cities 

Pierre Cardin, the French 
fashion designer and head of 
a diversified retail marketing 
group, yesterday launched 
a chain of shops in India, 
writes Stefan Wagstyl in New 
Delhi. • 

Mr Cardin is following 
Benetton of Italy, France’s 
Lacoste and other fashion 
companies which have entered 
the Indian market in the past 
year, following the 
liberalisation of foreign trade 
and investment 

The French designer will 
take a 26 per cent stake in a 
joint venture with Indian 
partners. 

The initial investment is 
Rsl6.5m (£354,000) which will 
pay for a design studio, 
workshops and three shops 
in Delhi, Bombay and 
Calcutta. If the venture goes 
well, the partners plan to open 
more stores and raise their 
investment to Rs250m- 

Mr Cardin also sees India 
as a potential supply source 
far his joint venture and 
franchised outlets in other 
countries. 

Speaking at a news 
conference, he said: “I am sure 
India win be another Parts 
of Asia since its textiles and 
jewellery are so good." 

Mr Cardin’s executives said 
India would be a particularly 
good source for cotton and 
silk girthing . 

The first exports would go 
in small quantities to Russia, 
but retailers in ail the 120 
countries in which Pierre 
Cardin goods are marketed 
would also be free to come 
and place orders. 

Mr Cardin, who is 72 years 
old and opened his fashion 
house in 1950, said he had no 
plans to retire. After India 
be was intending to visit two 
other countries still waiting 
for their first Pierre Caitlin 
investments - Vietnam and 
Cuba. 


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general ban on semi-automatic 
weapons which have aririitfnnal 
features such as flash suppres- 
sors, but would specifically 
exempt over 600 types of gun 
considered to have a legitimate 
Sporting purpose. 

But Congressman Jack 
Brooks, a Texas Democrat who 
is rhairman of the House judi- 
ciary committee, opposes the 
ban and kept it out of the 
House’s broad crime bill, hop- 
ing that If it is defeated an its 
own on the floor of the House 
he will have more leverage to 
resist ft as the House and Sen- 
ate try to reconcile their ver- 
sions of the crime MIL 


Senior administration offi- 
cials have tried to tackle the 
National Rifle Association, the 
potent gun lobbying group 
which opposes the measure,!)/ 
mobilising police officers 
hunters to argue for it 

Mr Lloyd Bentsen, the trea- 
sury secretary, pointed out 
that the MU seeks to restrict 
wa gaginfla that hold as many 
as 90 rounds, while federal law 
restricts hunting for migratory 
birds -to guns with no more 
than three shells. ... 

“Now, why should we. have 
laws that protect. ducks more 

than human bringST” JJr Bent- 


on US policy 


By Michael. Littlejohns, UN 
Correspondent, in New York 

Mr Boutros Boutros Ghali, the 
UN secretary -general, has 
ordered ah inquiry into public 
criticisms of US policy towards 
former Yugoslavia by senior 
UN officials in Bosnia that 
wore the subject of a sharp, 
protest by the Clinton admin- 
istration. 

, Mr Boutros Ghali told Mr 
Yasnshi Akaslti, the top UN 
mediator, that his suggestion 
the US had become "afraid. 


timid and tentative” since, the 
Somalia debacle, was “com- 
pletely unacceptable”. 

In .an exchange of letters' 
made public last- night, 
Mr Boutros Ghali informed 
Mrs Madeleine' Albright, 
the US delegate to the 
UN, that he shared her 
“profound concern” over the 
affair. 

Mr AkasU Rad been told to 
“take every measure to ensure 
that there are no recurrences” 
onhis part or that of other UN 
officials. 


THE MOST 








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Capital inflow pushes yen ever higher Tokyo tries to 

William Dawkins focuses on the reasons behind the recent rise in Japan’s currency defend policy 

towards Iran 


T he mechanics of the 
yen's recent jump 
against the dollar are 
not as contrary as they look; a 
heavy net flow of capital into 
Japan is the thbIti technical 
factor at work; cash-starved 
Japanese financial instit u tions 
need to raise yen and foreign 
Investors are just as eager to 
supply yen to buy the bonds, 
shares, golf courses and office 
buildings the Japanese are 
busily unloading. 

Japanese and US Federal 
Reserve intervention to sup- 
port the dollar and drive down 
the yen is probably due to 
fears that the dollar-yen at this 
level wUl harm both their 
economies, throttling Japan's 
weak signs of recovery and 
fuelling US inflation. 

To many others, the yen's 
rise is plainly Illogical. Why 
shmi|( j a country with a weak 
economy and powerless gov- 
ernment have a stronger cur- 
rency than one with a recover- 
ing economy? 

But such considerations do 
not overly concern the market 
The French and German cen- 
tral hanks found this to their 
cost whoa they jointly inter- 
vened last year in a fruitless 
attempt to defend what 

Hata in 
first 

overseas 

visit 

By Rfflchlyo Nafcatnoto In Tokyo 

Mr Tsutomu Hata. the 
Japanese prime minister, yes- 
terday left for Europe on his 
first official visit abroad after 
taking office last Monday. 

Mr Hata will be visiting 
Italy, France, Germany and 
Belgium, and is scheduled to 
meet the heads of government 
of those countries as well as 
Mr Jacques Delors, president of 
the European Commission. 

Discussions between the Jap- 
anese prime minis ter and his 
European counterparts are 
likely to centre on furthering 
bilateral and r egional ties. 

During his meetings with 
European leaders, including 
French President Francois Mit- 
terrand and German Chancel- 
lor Helmut Kohl, Mr Hata is 
likely to explain Japan's efforts 
to deregulate its markets in an 
effort to reduce its massive 
trade surplus and help boost 
international economic activ- 
ity. 

The European Union has 
expressed concern about 
Japan's current account sur- 
plus, although discussions on 
the issue have been overshad- 
owed by recent fraught 
exchanges regarding trade 
between the US and Japan. 

The Japanese prime minister 


appeared to be an economically 
justified fixed link between 
their currencies. 

As the French and Germans 
also found last year, central 
bank intervention is too small 
to control the giant forces of 
the foreign exchange markets. 
The dollar-yen market turns 
over between glOObn and 
$150bn worldwide daily, easily 
equivalent to the Bank 
of Japan’s entire foreign 
reserves, which amounted to 
S104J>6bn at the end of April. 

The biggest players in the 
current currency turmoil are 
the Japanese banks and life 
insurance companies. 

They have sold record vol- 
umes of Japanese shares over 
past few months, to {dump up 
their meagre earnings before 
dosing the books at the end of 
March. 

Foreign investors have been 
eager buyers, spending on 
average YLOOObn per month on 
Japanese shares in the first 
quarter of this year, according 
to the Tokyo Stock Exchange. 
This has tailed off slightly 
since. 

“Japanese institutions in 
general have a liquidity 
squeeze due to the after-effects 
of the bubble economy ," said 



Mr Peter Tasker, chief strate- 
gist at Kleinwort Benson, refer- 
ring to the sharp inflation and 
then collapse of Japanese asset 
prices at the turn of the 
decade. 

“They can only generate 
cash by selling assets overseas 
and transferring thom intit yea 
or selling yea assets to foreign- 
ers,'’ be added. 

Japanese corporate holders 
of US property last year sold or 
partially disposed of fl7.S0bu 
of US properties, nearly a quar- 
ter of the total US property 
portfolio built up by Japanese 
institutions since the start of 



Tsutomu Hata: discussions on farthering bilateral ties 


is also expected to confirm 
Japan’s support for UN-led 
peace efforts in the former 
Yugoslavia. 

The trip, which was planned 
by his predecessor, Mr Mdri- 
hiro Hosokawa. will provide 
the new Japanese prime minis- 
ter with an opportunity to get 


to know his counterparts in 
Europe before the Group of 
Seven summit meeting in 
Naples in July. The Golden 
Week holiday period, when 
most of Japan shuts down, has 
usually been a convenient time 
for the country’s prime minis- 
ters to travel abroad. 



their investment boom in 1985, 
according to Kenneth Leven- 
tfaal, the US accountancy firm. 

At the Hma [ Japanese 
investors have sharply reduced 
their purchases of dollars aftM-a 
the torn of the year thereby 
weakening the US currency - 
jm rf no HmiW proving Hmt they 
were right to do this. 

In the final quarter of 1993, 
Japanese institutions bought 
$37.5bn of US shares and 
bonds, a four-year record 
and more than japan’s current 
account surplus in that 
period. 

That dwindled to a mere 


$3J5bn at the latest count by 
Hm ministry, for the 

first two months of this year. 

This dramatic change 
reflects Japanese investors’ 
loss of confidence in the dollar, 
based on suspicion that the US 
administration is tempted by 
competitive devaluation, 
according to Mr Geoffrey 
Barker, chief economist at Bar- 
ing Securities in Tokyo. 

“The intervention we have 
seen by the Fed and the Bank 
of Japan has not yet restored 
co nfidence, " he saw 

All this suggests that the 
International Monetary Fund 
is right to believe that there 
will this year be little 
change in Japan’s record 
$131bn current account surplus 
last year. 

Yet these forces were in 
place before the latest surge in 
Hw yen, inviting the question 
why did thus foreign exchange 
markets choose now to move. 

One popular Ex planation is 
the emergence last week of a 
weak minority Japanese gov- 
ernment, unlikely to agree an 
tflY on noAfiAd to stimulate 
demand and so likely to frus- 
trate the US, which will then 
be tempted to push up the yen 
to put pressure on Japan to 


open its markets. 

The flaw in that view is that 
the new government is not 
much weaker than the last 
one; and a strong Japanese 
administration might in any 
case worsen the US trade dis- 
pute. 

But there is a real political 
risk that this and future gov- 
ernments will lack a dear eco- 
nomic a genda , argues Mr Paul 
Summerville, director of Asian 
research for Lehman Brothers 
Japan. 

That implies little chance of 
enlarging the tentative recov- 
ery, so for limited to areas like 
housing and public works, 
which do not consume large 
ptwinnh of dollars. 

Renewed fears of inflation in 
the US, fuelled by recent data, 
is another new factor. 

Either way, the brute weight 
of money is what counts in the 

and 

Foreign exchange analysts in 
Tokyo expect a fresh attack on 
the dollar and upward push on 
the yen as soon as the Golden 
Week holiday ends on Friday. 

They predict that joint 
intervention by the US Federal 
Reserve and the Bank of Japan 
win be tested to new limits. 

See Currencies page 


Miti angered by US 
view of trade practices 


By Mlchfyo Nakamoto 

Japan's Ministry of 
International Trade and Indus- 
try has responded angrily to a 
US report which criticised Jap- 
anese trade practices as ambig- 
uous, lacking in objectivity 
and in many ways based on 
faulty or questionable analysis. 

“We cannot understand 
dearly what is the standard of 
their judgment," said Mr Soza- 
buro Okamatsu, the trade min- 
istry's vice-minister for inter- 
national affairs, in response to 
the 1994 National Trade Esti- 
mate Report on Foreign Trade 
Barriers published at the end 
of March. Because Super 301 
was revived by the US, the 1994 
report, unlike previous NTE 
reports, becomes part of the 
process of invoking the Super 
301 trade bill which allows the 
US to unilaterally retaliate 
against countries it judges to 
be unfair trading partners. 

In a formal written response 
presented to the US embassy in 
Tokyo yesterday, the trade 
ministry notes that Super 301 
goes “against the letter and 
spirit of the Gatt and the Uru- 
guay Round accords.” 

Having said that, many 
assertions made in the NTE 


The US has delayed for two months trade action against 
China for its failure to enforce intellectual prope rt y rights 
and against Japan for discriminatory government procurement 
practices, writes Nancy Dunne in Washington. The postponement 
keeps the focus on China's human rights policies a month 
before President Clinton most decide whether to renew China’s 
Most Favoured Nation trade status. It also gives Japan’s 
new government time to address US complaints about barriers 
to US telecommunications ami medical equipment companies 
when bidding on government contracts. Mr Mickey Kantor, 

US trade representative, said some progress was made an 
Japan’s procurement practices in talks at Marrakesh with 
Mr Tsntomn Hata, now premier, and the US “will assess 
the seriousness of any official Japanese response”. On 
intdlectnal p roperty rights China as well as Argentina and 
India “pose the most significant problems in this area”. 


report lack theoretical or fac- 
tual bams, Miti says. For exam- 
ple. the report's assertion that 
Japan’s large and persistent 
(current account) surpluses 
indicate an imbalanced 
approach to trade in Japan and 
have depressed production and 
employment In many of. 
Japan’s trading partners can-' 
not be supported by tire facts, 
the trade ministry points out. 

Miti said that Japan’s sur- 
pluses are not proof of closed 
markets, but Instead indicate 
an imbalance of savings and 
investment Countries such as 
Hong Kong and Singapore, 
which dearly have low trade 


barriers, also have trade sur- 
pluses, it noted. 

In addition, Japan's low 
average tariff rate on manufac- 
tured and mining products - at 
22 per cent compared with 5.4 
per cent for the US and 5.7 per 
emit for the EU - and its low 
number of items subject to 
import quotas, belie the asser- 
tion in the USTR’s report that 
Japan is significantly less open 
to imports and foreign direct 
investment than other coun- 
tries, Miti said. To cut Japan’s 
surpluses it is necessary to 
raise investment in Japan and 
change the balance of savings 
and investment, Miti noted. 


By Paul Abrahams in Tokyo 

Japan’s foreign ministry 
yesterday defended its policy of 
ties with Iran following allega- 
tions last week that Tehran 
has been supporting terrorist 
groups including the Irish 
Republican Army and the Jap- 
anese Red Army. 

The ministry was attempting 
to deflect criticism of Japan's 
independent Iranian policy 
which is likely to be on the 
Uganda at July’s G7 summit. 
Officials indicated that the pol- 
icy could be reviewed if the UK 

provided conclusive evidence 
of terrorist links. The allega- 
tions involving the IRA are 
completely new and have come 
as a complete surprise to us. If 
Iran is linked with the IRA, 
then we would have to be deci- 
sive," said a ministry official. 

A change in Tokyo's policy 
towards Tehran would be a 
relief to the US and UK. Both 
have been anxious to use Teh- 
ran’s short-term debt crisis to 
to force Iran to change Its poli- 
cies and Japan has been pro- 
viding aid and finance for 
Iran’s beleaguered economy, 
including rescheduling J2.3bn 
worth of short-term debt and 
supplying Y3&8bn in aid for a 
hydroelectric power project 

Ministry officials yesterday 
«atri the atm of this strategy 
was to support the “pragma- 
tists” in Tehran. These moder- 
ate elements, led, according to 
the officials, by President All 
Akbar Haahami Rafsanjani, are 
on the defensive because of 
Iran’s deteriorating economy. 
The danger was that President 
Rafsanjani could foil, to be 
replaced by someone worse. 

“Iranian politics is compli- 
cated and it is for from clear 
wbat would happen if he (Pres- 
ident Rafsanjani] was ousted. 
But it could lead to an extreme 
form of government, and that 
would not be in the interna- 
tional community’s interest,” 
said one official. 

The ministry pointed out 
that German, Austrian and 
Danish companies had carried 
out similar rescheduling pro- 
grammes. "The rescheduling 
issue is over because of the 
Europeans,” said an official. In 
any case, he explained, the 
Japanese government, given 
Us free-market policies, did not 
have the authority to prevent 
private companies reschedul- 
ing. US trade with Iran was 
expanding and was already 
greater than Japan's, he added. 

“By having reasonable rela- 
tions with Iran, we have some 
Influence. The Iranians, for 
example, are being very careful 
with the North Koreans [about 
missile technology!," the offi- 


intebnationalpress review! 

J» n- . i "" J 

The tabloids pick on Ozawa 


JAPAN 


By EmSco Terazono 


In an effort to ease the 
boredom of a long and 
crowded commute, many Jap- 
anese salarymen reach for the 
tabloid sports daflles, railed up 
in high paiare at the front of 
news lands, before boarding 
their trains to work. 

And the tabloids sekfom dis- 
appoint While office workers 
get their mainstream dailies 
delivered to the door, the 
sports tabloids, lacking the 
extensive distribution systems 
of the large newspapers, try to 
hire readers with their colourful 
front pages and lurid head- 
lines. 

The downmarket tabloid 
papers provide their readers 
wife a mish-mash of coverage 

- last night's baseball and 
soccer results, photos and 
comics of scantily clad 
women, the latest In showbiz 
gossip and the recent goings 
on In Nagatacho, Tokyo's 
political district 

The sensational, and often 
bizarre stories, together with 
unrestrained assaults on the 
mainstream press and public 
figures, have continued to 
attract more readers. 

The top four sports tabloids 

- Sports Nippon, Nlkkan 
Sports, Sankel Sports and 
Hochi Shim bun - with a total 
circulation of 2 m, have seen 
their sales rise by 2 to 3 per 
cent a year, while circulation 
growth at the mainstream dai- 
ries has been flat for the past 
few years. 

The frustration among white 
collar salarymen as a result of 
the prolonged recession has 
also helped the tabloids' sales. 
The mocking captions, anti-es- 
tablishment attitudes, and of 
course the smut, have even 
caught the imagination of elite 

businessman, who strictiy limit 
the seaming of such papers to 
the trains, away from office 



Ozawa: his comparison of the parliamentary alHanra to an 
extramarital affair was picked up by every tabloid 


and home. 

Political coverage, usually 
tucked alongside advertise- 
ments for sex telephone lines 
and office workers' blue suits, 
has recently managed to find 
its way onto the outside 
pages. Bypassing any attempt 
at high-handed analysis, the 
tabloids have opted to provide 
their readers with frivolous 


information about politicians 
and the squabbles in Naga- 
tacho, subjects usually 
untouched by the morning dai- 
lies. 

When the new cabinet was 
announced last week. Sports 
Nippon and Nikkan Sports car- 
ried tables which provided 
blood types, horoscopes, and 
heights and weights of all the 


ministers. Nikkan wondered if 
Prime Minister Tsutomu Hata, 
a Virgo with blood type O, 
could manage the helm. 

With the political interests 
and coalition turmoil becoming 
too complicated for the tab- 
loids - and the ordinary Japa- 
nese - to follow, the down- 
market press have made 
things simpler by lambasting 
Mr Ichiro Ozawa, the coali- 
tion's strategist 

Mr Ozawa’s comparison of 
last week's creation of the par- 
liamentary aU lance “Kaishin* or 
innovation, to an extramarital 
affair was picked up by every 
tabloid. “It doesn't matter how 
many women one sleeps with. 
If the Socialist Democrats feel 
jealous they have only to come 
and Join us,“ he said in 
response to the outcry among 
the socialist members, who 
have been strongly opposing 
any grand union among politi- 
cal parties. 

In an article beside a photo 
of Tonya Harding, the Nikkan 
Gendai called Mr Ozawa an 
“Immature and defective 
human befog,” condemning his 
sexist slurs and another loose 
comment in which he 
suggested the Asahi Shimbun, 
a centre-left daBy with anti-O- 
zawa tendencies, should be 
blown up with a nuclear bomb. 

Meanwhile the television 
commentators over the week- 
end poked fun at Mr Hate’s 
questionable ability as a 
leader. One prime time pro- 
gramme offered film dips of 
newly appointed ministers dad 
in their 1920s-style suits, 
scrambling for photogenic 
Positions at the ritual picture 
teWng of the cabinet Mr Koji 
Kakizawa, foreign minister, and 
Mr Mutsuki Kato, agriculture 
minister, seemingly unaware of 
me rolling camera, ignored Mr 
Hatas protests to let the 
women in the front," and 
shoved aside fellow cabinet 
members to stand In the front 
row with the prime minister. 


dais conduded. “President 
pnfeanj ant is a source of real- 
ism In the government. We can 
see that in the restraint Iran 
has been showing In not 
exporting revolutionary 
Islamic ideology to neighbours 
such os Afghanistan, Azerbai- 
jan and Armenia." 

The ministry said its policy 
was not motivated by oti. Iran 
supplies between 7 per cent 
and 8 per cent of Japan’s dl 
requirements, compared with 
more than SO per cent before 
the Iranian revolution. How- 
ever, officials conceded that 
Japan had an interest in ach- 
ieving stability In the Gulf; 
since more than 50 per cent at 
Japan's oil supplies come the 
United Arab Emirates and 
Saudi Arabia. 

Ministry officials said they 
were aware of incidents sug- 
gesting finks between the Ira- 
nian government and assassi- 
nations, noting that since the 
beginning of 1991, at least 12 
opponents of the regime in 
Tehran have been killed. They 
ftirinria the former bodyguard 
of the Shah killed in Turkey 
two years ago, the assnas l na- 
tion of Mr Mo hammad Hassan 
Arbab in Pakistan last June; 
the machine-gunning of four 
members of the Kurdish Demo- 
cratic Party in Berlin in 1992, 
and the dramatic killing of the 
former Iranian prime minister, 
Mr Shahpour Bakhtiar, in 
Paris In 1991. 

The Japanese foreign minis- 
try said it had no evidence 
directly linking the assassina- 
tions with the Iranian govern- 
ment but cite investigations 
into the murder of Mr Bakhtiar 
which led French prosecutors 
to conclude that Vevak, Iran's 
secret service, was responsible 
for the murder. 

Ministry officials said they 
were aware of reports suggest- 
ing members of the Japanese 
Red Army had visited Tehran 
late last year together with ele- 
ments of the IRA, Abu Nidal 
and other groups. They had 
also heard suggestions that the 
Japanese then travelled to the 
Beka'a Valley in Lebanon to be 
trained by members of the Ira- 
nian Republican Guards with 
the Intention they should con- 
duct joint assassination mis- 
sions with other extremist 
groups in the US and Europe. 

If the UK was able to provide 
evidence about links between 
Iran and the IRA, this could 
affect Japan's policy, the offi- 
cials said. The moment for 
decisive action has not yet 
arrived, however. “Until we are 
provided with proof, it would 
be premature for Japan to take 
sanctions against Iran,” they 
said. 

Seoul to 
increase 
watch 
on North 

By John Burton in Seoul 

South Korean President Kim 
Young-sam yesterday ordered 
i ncrea sed surveillance of 
North Korean militar y move- 
ments in response to its threat 
to disband the military armi- 
stice commission. 

South Korean defence forces 
were placed on temporary 
alert on Saturday after 
between 15 and 20 North Kor- 
ean aircraft were detected fly- 
ing dose to the demilitarised 
zone between the two Koreas. 
The aircraft manoeuvres indi- 
cated increased military exer- 
cises by North Korea. 

North Korea has threatened 
to poll out of the military 
armistice commission, which 
supervises the truce that 
ended the Korean War of 
1950-53, unless the US holds 
negotiations with Pyongyang 
on a peace treaty to replace 
the 49-year old armistice 
agreement 

The US has refused the 
demand, explaining the dis- 
pute over North Korean 
nuclear Inspections must be 
resolved first 

Western diplomats in Seoul 
believe that North Korea is 
using the peace treaty pro- 
posal as a new bargining chip 
in the international negotia- 
tions over nuclear inspections. 

Those negotiations appear to 
be at a standstill after North 
Korea last week rejected con- 
ditions set by the Interna- 
tional Atomic Energy Agency 
for new inspections of its 
nuclear sites, including super- 
vising the refueling of Ms 5MW 
reactor. The US is concerned 
that unsnpervised replacement 
of the reactor's fuel rods this 
month will allow North Korea 
to divert enough plutonium to 
produce four or five nuclear 
devices. 


f 


•i 



FINANCIAL TIMES TUESDAY MAY 



NEWS: INTERNATIONAL 


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Yitzhak Babin passes behind OS and Israeli flags alter his 
Jerusalem meeting yesterday with Warren Christopher 


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Cambodia peace 
talks put off as 
fighting flares 


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on N° rl 


By Victor Mfcfletln Bangkok 

Cambodian peace talks 
scheduled to begin yesterday 
between Khmer Rouge guerril- 
las and the Phnom Penh gov- 
ernment have been postponed 
indefinitely amid some of the 
most serious fighting in the 
country for five years. 

King Norodom Sihanouk 
offered to host the negotiations 
at his royal palace, but the con- 
tinuing warfare in northern 
and western Cambodia 
together with complaints from 
Klimer Rouge leaders that 
their safety could not be guar- 
anteed in Phnom Penh meant 
the talks had to be called off. 

“We must put an end to this 
war but no-one listens to me," 
a downcast King Sihanouk told 
Cambodian journalists. “The 
round table cannot take place 
for the time being because 
there is a very serious differ- 
ence between Phnom Penh and 
the Khmer Rouge" 

Khmer Rouge guerrillas 
recently recaptured their head- 
quarters at the gem-mining 
town of Pailin near the Thai 
border and their northern 
stronghold at Anlong Veng, 
and are intensifying their 
attacks on government-held 
areas. 

A Buddhist monk and a nun 
were killed in the north-west 
on Saturday by the Khmer 
Rouge, while taking part in a 
“peace march" in the company 
of government soldiers: six 
men working for a Cambodian 
mine-clearing project are 
believed to have been killed in 


an ambush; fighting hag 

closed the main road linking to 
Thailand to Cambodia to all 
but military traffic and forced 
the evacuation of UN staff 

from Siqnphnn- 

In the south, four westerners 
are being held by the Khmer 
Rouge as part of what seems to 
be a new tactic of hostage-tak- 
ing, and embassies have urged 
their nationals to take care 
while travelling. 

Tens of thousands of Cambo- 
dians have fled the fighting, 
either to other parts of the 
country or to Thailand. The 
Cambodian government is now 
considering legislation to out- 
law the Khmer Rouge. 

A year ago this month, Cam- 
bodians went to the polls at 
the culmination of a $2bn UN 
peacekeeping operation. The 
outcome of the Section was a 
coalition government bringing 
together the royalist Fundnpec 
party and the previous commu- 
nist administration, but the 
Khmer Rouge refused to take 
part or to relinquish territory. 

The guerrillas, although 
weakened by popular support 
for the UN-sponsored peace 
process, bided their time until 
the departure of most of the 
peacekeepers. 

According to Prince Ranar- 
iddh, senior prime minister 
and Fundnpec leader, the gov- 
ernment's policy is to keep the 
door open for talks with the 
Khmer Rouge while weakening 
the guerrillas militarily. At 
present, however, it is the gov- 
ernment army which is on the 
defensive. 


Taiwan deputies 
shout out about 
overseas votes 


About 40 opposition deputies 
yesterday stormed out of a ses- 
sion of Taiwan’s National 

• Assembly after leaping onto 
- their seats, screaming and 

nnforiing protest banners as 
President Lee Teng-hui began 
an address, Reuter reports 
from Taipei. 

"Long live Taiwanese. 
Oppose overseas Chinese vot- 
ing for the president,'’ depu- 
.- ties in the main opposition 
Democratic Progressive party 
(DPP) chanted as the assembly 
. convened a three-month ses- 
sion to debate constitutional 
reforms. 

“Look dearly Mr President,” 
a DPP assemblyman screamed 
as he and colleagues held up 
banners reading: “Giving over- 
. - seas Chinese the right to vote 
for the president is like taring 
a wolf into one’s home.’’ 

Under a political reform 
package proposed by the rul- 
ing Nationalist party, ethnic 
Chinese living outside Taiwan 
. and China will have the right 
to vote for the Island's presi- 
dent. 

DPP deputies oppose the 

proposal, arguing many of the 

overseas Chinese do not pay 
. taxes and have dual citizen- 
ship. “The loyalty of overseas 
’• Chinese to Taiwan Is question- 
able." one DPP assemblyman 

* said. 


According to government 
statistics, there are about 34m 
overseas Chinese worldwide. 
Taiwanese authorities are still 
studying how many would be 
eligible for absentee balloting. 

The package needs the 
approval of the 314-member 
assembly, dominated by the 
Nationalists who hold 247 
seats. 

Hr Lee appeared indifferent 
to the walkout and screaming, 
and continued with his speech. 

“We cannot cut ourselves off 
from society and amend the 
constitution without 
basis ... We must gradually 
revise concepts, laws and 
systems which are out of keep- 
ing with the times,*' he told 
tiie session. 

Outside the assembly cham- 
bers, DPP deputies shouted 
insults at deputies appointed 
to represent overseas Chinese. 

Earlier, a group of DPP 
assemblymen charged the 
podium, jumped onto the 
chairman’s table and ripped 
away microphones to protest 
the presence of plainclothes- 
men In the chambers, delaying 
the start of the session. 

The reform package also 
calls for the introduction of 
direct presidential elections by 
popular vote - an issue which 
had previously divided the 
Nationalists. 


Palestinians to have right 
to set up stock market 


By Julian Ozame in Jerusalem 

Palestinians preparing for 
self-government in the Gaza 
Strip and West Bank enclave of 
Jericho will have the right to 
establish a stock market, issue 
bonds, create an embryonic 
central bank and work towards 
a trade surplus with Israel, 
Israeli officials said yesterday. 

Although the economic 
accord signed between Israel 
and the Palestine Liberation 
Organisation last week makes 
no reference to a stock market 
or Palestinian bonds, Israeli 
officials said they were implicit 
in the agreement. 

Mr Avi Ben-Basat. head of 
research at the Bank of Israel, 
said yesterday the incoming 
Palestinian Interim Self-Gov- 
erning Authority could estab- 
lish a stock exchange which 
would be governed by a securi- 
ties authority similar to 
Israel’s. Palestinians, foreign- 
ers and Israeli citizens would 
be able to invest 

Under the economic protocol, 
Palestinians will create a Pal- 
estinian Monetary Authori- 
tyfPMA) responsible for licen- 
sing, supervising and 
inspecting hanks; determining 
the liquidity requirements on 
all deposits held by banks oper- 
ating in the self-rule areas; and 


managing foreign exchange 
reserves and foreign currency 
transactions. 

The agreement says the PMA 
will also have the power to reg- 
ulate and supervise capital 
activities in the self-rule areas 
including the licensing of capi- 
tal market institu t i ons, finance 
companies and investment 


plus with Israel leaving the 
self-rule areas with an excess 
of Israeli shekels which would 
remain the legal tender. 

Under the accord the PMA 
has the right to convert excess 
Israeli shekels into foreign cur- 
rency at the Bank of Israel 
according to a mutually agreed 
annual estimate of the flow of 


‘We have a big interest in their 
success because their success 
will stabilise peace in the area’ 


funds. 

Mr Basat said these provi- 
sions implicitly allowed for a 
stock exchange although he 
thought the Palestinians would 
first build up a money market 

“They may concentrate on 
the money market because it is 
not developed enough today." 
he said. “But they have the 
right to create all the institu- 
tions they need for an efficient 
capital market" 

Mr Basat said the new trade 
policy of the accord, which 
allows Palestinians to Import 
directly and boost exports, 
could el imina te the current 
$300m trade deficit with Israel 
possibly creating a trade sur- 


goods and services between 
Israel and the self-rule 
areas. 

Mr Basat said this, combined 
with exports to the rest of the 
world, foreign aid and loans, 
could lead the Palestinian 
self-government to accumulate 
foreign currency reserves 
which could back significant 
bond issues. Palestinian mid 
other Arab nationals would be 
the most likely investors in the 
new bonds, which would be an 
important source of financing 
for the activities of the 
self-government. 

Mr Basat said the monetary 
authority was not a central 
bank because under the agree- 


ment the Palestinians would 
not be allowed for the moment 
to issue their own currency, 
and would therefore be limited 
in their ability to influence 
monetary policy. 

Israeli officials said the deci- 
sion not to allow a Palest inian 
currency was largely political 
because it was an issue of “sov- 
ereignty”. But Mr Basat said 
there were also significant eco- 
nomic reasons behinds Israel’s 
refusal. 

He said a common currency 
made trade relations much 
easier and cheaper, prevented 
Palestinian migrant workers 
from incurring high conversion 
fees and allayed Israeli fears 
that the Palestinian self-gov- 
ernment would print money to 
finance its activities rather 
than work on collecting taxes 

and SO risk high inflaHnn 

“You could say high infla- 
tion was a Palestinian problem 
but we have a big interest in 
their success because their suc- 
cess will stabilise the peace in 
the area," he said 

However, Palestinian econo- 
mists and bankers said the 
PMA would be effectively an 
embryonic central bank that 
would be well poised to take 
full control over monetary 
policy within a year or 
two. 


Yemeni clashes 
heighten fears 
of civil war 


By Eric Watkins in Sana’a 

Yemen's quarrelling political 
leaders yesterday exchanged 
heated recriminations follow- 
ing last week's battle near San- 
a’a which, officials say. left 79 
dead and 1X9 wounded. 

Reports of further clashes 
between rival northern and 
southern military units 
throughout the country have 
added to the growing tension, 
fuelling fears of a civil war. 

President Ali Abdullah 
Saleh, the northern leader, yes- 
terday accused his southern 
rival, vice-president Ali Salem 
al-Biedh. of “secessionist!]" and 
vowed to use military force 
against him if necessary. “This 
is a decisive battle and we will 
have to fight it if we are forced 
to defend unity . . . and con- 
front secessionists," General 
Saleh said, addressing 
southern soldiers who surren- 
dered after the battle last 
week. 

Referring to the battle at 
Amran, about 50km north-west 
of Sana’a, Mr Biedh said: “This 
means the launching of an 
all-out civil war", and Gen 
Saleh was “personally and 
fully responsible for all that 


happened and is happening”. 

Mr Biedh repeated his 
charges over the weekend in 
telephone conversations with 
key Arab leaders, including 
Egypt’s president Hosni 
Mubarak, Saudi Arabia's King 
Fahd and Libya’s Colonel Qad- 

Gen Saleh, who himself sent 
a personal envoy to King Fahd 
on Friday, has frequently 
accused Saudi Arabia and 
other “outside forces” of sup- 
porting Mr Biedh and his 
Yemen Socialist party. 

“Yemen’s ruling presidential 
council echoed those charges 
on Friday, saying that Mr 
Biedh and the socialists 
wanted the Arab League and 
other Arab countries to inter- 
fere as an excuse to deploy 
more military forces along the 
former border between north 
and south Yemen. 

As the war of words esca- 
lates, observers fear further 
armed clashes, especially along 
the old border where rival 
troops already stand on alert 
But flash points are more 
likely at southern military 
bases located in the north 
and northern ones in the 
south. 



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6 

SIEMENS 


Information for Siemens shareholders 

Growth in international 
business 

During the first six months of fiscal 1994, international business 
compensated for continuing overall weak domestic demand. 

In particular, major projects and the initial consolidation of Osram 
Sylvania (U.S.A.) contributed to double-digit growth rates 
in business outside Germany. Overall, new orders rose 9%, and 
sales 3%. Net income remained at the previous year's level. 


Orders 

During the period under review, Siemens recorded new 
orders worth DM44.4 (1993: DM40.9) billion. Following 
a strong start at the beginning of the year, international 
orders continued to show solid growth rates in the 
second quarter. At DM26.9 billion, new orders exceeded 
the comparable year-earlier figure of DM22.2 billion by 
21%. A considerable part of this growth is attributable to 
the initial consolidation of Osram Sylvania, Inc., U.S.A., 
as well as to several orders for major projects. Domestic 
business, in contrast has not yet recovered on a broad 
basis: orders decreased to DM17.5 billion, compared 
with last year's DM18.7 billion. Hardest hit by weak 
domestic demand were the Industrial and Building 
Systems, Automation, Public Communication Networks, 
and Power Transmission and Distribution Groups. 
Strong international orders more than offset the weak 
domestic business of the Drives and Standard Products, 
Automotive Systems, Medical Engineering, Private 
Communication Systems, and Power Generation 
(KWU) Groups. The Semiconductors Group benefited 
from favorable domestic and international market 
conditions and showed a significant increase in orders 
and sales. 

Sales 

Worldwide sales rose 3% to DM38.0 billion, compared 
with DM37.0 billion a year earlier. International sales 
developed more favorably than sales in Germany, 
where a decrease to DM15.6 (1993: DM17.2) billion was 
recorded. In contrast, international business climbed 
13% to DM22.4 billion from DM19.8 billion a year earlier. 
Without Osram Sylvania's consolidation, overall sales, 
remained flat Growth drivers were again the operating 
units in the components business and the Transpor- 
tation Systems Group. Siemens Nixdorf Informations- 
systeme AG (SNi) recorded growth in international 
sales, but this was not enough to compensate for weak 
domestic demand. 

Employees 

At 31 March 1994, the number of employees worldwide 
was roughly 397,000, or 6,000 more than at the end 
of fiscal 1993 (30 September). The total of 14,000 
employees added by the inclusion of newly consoli- 
dated companies, primarily Osram Sylvania, exceeded 
overall workforce reductions of 8,000. The number of 
employees outside Germany rose by 11,000 to 164,000, 
contrasted with a decrease in the domestic staff by 
5,000 to 233,000. SNI and the Medical Engineering and 
Public Communication Networks Groups, in particular, 
were affected by the downsizing. Corporate depart- 
ments and infrastructure services also recorded a sig- 
nificant decrease in the number of employees. In con- 
trast to general personnel reductions, the number of 
part-time positions increased by 2,000. 

Capital spending and net income 

Capital spending during the first six months totaled 
DMZ4 (1993: DM3.5) billion, the decline being mainly 
due to fewer acquisitions. The prior year's figure 
reflected the acquisition of Sylvania's North American 
lamp business from GTE Corporation, U.SA. 

Net income, at DM879 (1993: DM877) million, remained 
at the previous year's level. 


DM billion 

1/10/92 

to 

31/3/93 

1/10/93 

to 

31/3/94 

Change 

tirdws .. 

40S 

444 

+ 9% 

.Gerfean business 

'7 . ' *' 

‘ 18.7 

17.5 

-6% 

k 

(ptemattonal - 




./business . 

• . . _ ^ * * . 

: 722 

269 

+ 21% 


'DMbHBon.. • 

1/10/92 

to 

‘31/3/93 

. 1/10/93 
to 

31/3/94 

Change 

-TMes- ... 

37 JO 

. 38.0 

+ 3% 

. Gorman business . ; 

17 2 

1 15.6 

.. -9% 

, ... . v 

International 




business 

* • •- ■ t* * 

19.8 

224 

+ 13% 


• • . 


- 


» • 


'000s 

30/9/93 

31/3/94 

Change 

Employees . 

391 

397 

+2% 

German operations 

238 

233 

-2% 

International ... 




operations ‘ ' 

153 

164 

+ 7% 



1/10/92 

1/10/93 



to 

to 

■ 


31/3/93 

31/3/94 

Change 

Capital expenditure 
and investments 




DM billion 

3.5 

24 

.■ -33% 

Nat income 

after taxes 

DM million 

877 

879 

0 % 


unaudited accounts 

Siemens AG, Berlin and Munich 


FINANCIAL TMES TUESDAY MAY 3 1994 

HBHS: INTERNATIONAL 


Presidential election hopes prompt mode ration 

Brazilian Workers’ 


party softens 


By Angus Foster 
In sao Paulo 

Brazil's left-of-centre Workers’ 

party (PD has agreed a 
watered-down policy on the 
country's foreign debt which 
should help the election 
chances of Us leader, Mr Luis 
TnAcio Lula da Silva, front-run- 
ner in polls for October's presi- 
dential elections. 

At the party’s annual confer- 
ence at the weekend, Mr da 
Silva and other moderates saw 
off calls for an immediate mor- 
atorium on Brazil’s foreign 
debt If the FT won the presi- 
dency. Instead, a future PT 
government will seek to rene- 
gotiate existing accords and 
only suspend payment as a 
fmai measure in the face of 
creditors’ intransigence. 

Brazil is the developing 
world’s biggest debtor and last 


month dosed a $49bn (£334bn) 
debt rescheduling after four 
years erf negotiations. PT lead- 
ers insist the rescheduling was 
a bad deal for Brazil and that 
their government would seek 
better terms. However, some 
analy sts believe an incoming 
PT government would have 
many other more urgent 
domestic problems to confront. 

At the annual conference, 
several delegates attacked the 
International Monetary Fund 
and said debt payments should 
stop if they threatened Brazil’s 
foreign reserves, standing at 
more than $30bn. 

Mr da Silva, who has moved 
from the left to the centre of 
the party his defeat in 
the last presidential election in 
1989, also moderated other poli- 
cies in areas such as foreign 
investment and access to abor- 
tion. 


policy 

The main problems a PT gov. 
eminent would aim to tackle 
include social issues such as 
education, health, agricultural 
reform and land. 

In opinion polls Mr da Silva 
is comfortably ahead of his 
nearest rival. Mr Fernando 
Henrique Cardoso, former 
finance minister. Full cam- 
paigning will probably not get 
under way until after the foot- 
ball World Cup final in the US 
in July. 

Mr Cardoso was yesterday 
expected to announce a formal 
election alliance between his 
party, the centrist Brazilian 
Social Democrats iPSDB), and 
the right-of-centre Liberal 
Front (PFL). the second largest 
party in Congress. The alliance 
will give Mr Cardoso support 
in north-east Brazil, where the 
PFL Is strong but Mr Cardoso 
weak. 


/ 


#1 




4- 



Zedillo faces 
fallout from 
Mexican row 


Election 
threat to 
Ecuador 
reforms 

By Raymond CoBtt 
In Quito 

Opposition parties yesterday 
won a convincing victory in 
Ecuador’s mid-term congres- 
sional elections, threatening 
the future of President Sixto 
Durdn Ballen’s economic 
reform programme. 

The president’s Republican 
Unity party lost six seats 
in Congress and together with 
its ally, the Conservative 
party, now commands only 
nine of the 77 congressional 
votes. 

The overwhelming winner of 
the election is the opposition 
Social Christian party, with 
25 seats or one-third 
of the power in parl- 
iament. 

.. President Daria Insisted 
that “a couple of representa- 
tives less in parliament wont 
change the course of my gov- 
ernment". 

The president added that 
even without a legislative 
majority during his first two 
years, he had begun restruct- 
uring the country. 

In order to continue and 
advance his state modernisa- 
tion programme the president 
must forge alliances with 
opposition parties, notably the 
Social Christian party. Its 
leader and 1992 presidential 
candidate, Mr Jaime Nebot, 
indicated that his party sup- 
ported a reduced state sector 
but at the same time would 
demand more social compensa- 
tion for those affected by 
reform. 

To move ahead with the pri- 
vatisation of strategic sectors 
of the economy, the govern- 
ment will require congressio- 
nal approval of pending legis- 
lative proposals. 

According to opinion polls, 
the outgoing Congress was the 
most unpopular since Ecuador 
returned to democracy in 1979. 
As a result, voter apathy was 
considerable. 

If Ecuadoreans approve the 
proposal to elect congressmen 
for four years, as stipulated in 
the plebiscite to be held on 
July 31, these could be the last 
mid-term congressional elec- 
tions. 

Critics argue that months of 
campaigning significantly 
impedes the legislative pro- 
cess. 


By Damian Fraser 
In Mexico City 

Mexico's opposition has 
demanded that a cabinet minis- 
ter be investigated for using 
public funds to support Mr 
Ernesto Zedillo, the governing 
party’s pr esidentia l candidate, 
in what may be the first test of 
the government’s willingness 
to abide by new electoral laws 
that outlaw such activity. 

The opposition demand fol- 
lows reports that Mr Carlos 
Hank Gonzalez, the agriculture 
minister, arranged the publica- 
tion of a newspaper advertise- 
ment In which 57 current and 
former ministers expressed 
their support for Mr Zedillo. 
The advertisement, which was 
published on April 12, has been 
much criticised, in part 
because signatories included 
ambassadors and a supposedly 
non-partisan electoral official 

The accusation - backed by 
a photocopy of a letter to the 
57 signatories, signed by Mr 
Hank Gonzalez’s private secre- 
tary - is that the agricultural 
mini ster used official tele- 


phones, faxes and secretarial 
time in rallying support for Mr 
Zedillo. Mexico's new electoral 
law forbids such activities, and 
punishment could include a 
prison sentence. 

The opposition demand Is 
particularly embarrassing for 
Mr Zedillo, as Mr Hank Gonz- 
alez is his most powerful ally 
among the party’s old guard. If 
any action was fallen against 
Mr Hank Gonzdlez the fragile 
coalition in the Institutional 
Revolutionary party that sup- 
ports Mr Zedillo would come 
under strain. 

In an interview Mr Zedillo 
was defensive. “It is not 
proved. A photocopy of some- 
thing is not proof in either this 
country [or] yours," he said. 

The PR| has also been critic- 
ised for apparently backing 
down on Its promise to publish 
its spending in the election 
campaign. Mr Zedillo g«d last 
week he would inform the pub- 
lic just once of tin* sp ending in 
his campaign before August’s 
election, and refused to dis- 
close how much flip governing 
party had spent to date. 


NEW CHIEF AT HELM OF VENEZUELAN CENTRAL BANK 



•» 



i 



Casas pledges to defend 
foreign exchange system 


By Joseph Mann In Car acas 

Mr Antonio Casas Gonz&lez, an 
economist with experience in 
domestic and international 
fi nance, took over as president 
of Venezuela's central hank at 
the weekend following three 
days of pressure on the 
nation's foreign currency 
reserves and a sharp decline in 
the bolivar. 

In Mr Casas' first public 
statement as head of the cen- 
tral bank be underscored his 
commitment to defending the 
institution's autonomy and 
pledged to maintain the system 
of supply and demand of for- 
eign exchange in effect before 
last week's crisis, when his 
predecessor resigned. 

The Venezuelan central bank 
controls more than. 90 per cent 

of the nation's foreign 


until recently managed 
a crawling peg system 
important factor in de 
Ing the value of the i 
Problems began last 
when Mrs Ruth de 
resigned from the haul 
dency; her departure i 
tated a rush to buy US d 

Mrs Krivoy reslgnei 
two years in the post 1 
she felt the goveram 
President Rafael Calde 
trying to compromii 
bank's independence. 

The government t; 
appointed Mr Casas as 
nor but at the same ti 
central bank was try 
Blow sales of dollars t 
mercial banks, some fc 
reported. 

The initiative, whic 


the Caldera govemmen 
ceeded only in raising f 
exchange controls. On 
the central bank set ar 
mal limit on sales to cc 
clal banks and the boliv 
(bred its worst decline ; 
the US dollar in the I 
months, foiling by 4.6 p< 
to close at 124 to the doll 
At midday yesterda 
bolivar continued to fa 
demand for dollars v 
strong that some banks i 
of US notes. At one comi 
bank in Caracas. Banc* 
ezolano de Credito. the 
opened yesterday morn 
126 boUvars to the doll 
closed just before noon j 
This amounted to a dc 

? 4,5 P* r cent in 
naif day’s trading. 



FINANCIAL TIMES TUESDAY MAY 3 1994 


7 





3 N.A|_ 




?£t m. 


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NEWS: SOUTH AFRICAN ELECTIONS 


rker s Mandela’s cabinet choices 
P°Hc will signpost way to future 


x 


{*'• What tfta voters voted for 
Government of National Unity 

President Ejected by the National Assembly 




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E veryone has known for 
months who will be 
South Africa’s next 
president' Mr Nelson Mandela. 
So the betting classes have had 
to focus their wagers on the 
post of first deputy president, 
effectively the prime minister. 

Mr Mandela has so Ear given 
away no secrets on his inten- 
tions for this post, or for any 
other in the 27-minister cabi- 
net 

Before r p airing these appoint- 
ments he is required to consult 
the leaders of other parties rep- 
resented in the planned gov- 
ernment of national unity; all 
parties with more than 5 per 
cent of the vote are entitled to 
representation in proportion to 
their share of the national 
vote, and others may be 
invited in at his discretion. 

But the final decisions are 
his. and it seems unKkeiy hie 
has made them yet Indeed, 
minis terial horse- trading prob- 
ably cannot begin until after 
the final electoral results are. 
known and it would take a 
clairvoyant to know when that 
will be. 

Under the constitution, the 
National party fas the second 
largest) is guaranteed the post 
of second deputy president; 
This post will be fiBed by Mr 
F.W. de Klerk, the incumbent 
president Beyond that the NP 


The toughest appointment will be 
that of first deputy president, with 
the winner becoming Mandela’s 
heir-apparent, writes Patti Waldmeir 


wants ministers in three broad 
categories: security, economy, 
and social affairs. And Mr 
Mandela seems nwifawi to cede 
powerful posts in each cate- 
gory. 

However, the odds are that 
these will not include the 
important post of minis ter of 
finance. 

Businessmen and interna- 
tional investors, who have 
pinned their hopes on the 
incumbent minister Mr Derek 
Keys continuing in office, will 
probably be disappointed. 

Mr Mandela's African 
National Congress sees the 
upliftment of black South Afri- 
cans as the central mission of 
its 80-year liberation struggle; 
it is unlikely to put the mam 
economic portfolio in the 
hands of a member of the out- 
going government. While Mr 
Chris Stals, the central hunt 
governor, will remain In office 
(Mr Mandela has guaranteed 


this), Mr Keys could be offered 
the post of minister of trade 
and industry. 

He previously indicated no 
interest in the job but may 
have reconsidered 

Indeed, the Finance Ministry 
could turn out to be the linch- 
pin of the whole cabinet struc- 
ture. 

Once this post is filled it will 
determine other appointments 
for there is only one man in 
the ANC team who would 
make a remotely credible min. 
ister of finance - Mr Thabo 
Mbeki, the ANC’s shadow for- 
eign minister. 

Mr Mbeki is a class act, and 
the ANC has used him as a 
kind of unofficial ambassador 
to white South Africa. Busi- 
nessmen breathe an almost 
audible sigh of relief when 
they know they have the 
urbane and charming Mr 
Mbeki to deal with. He has a 
masters degree in economics 


Next chapter unclear 
after fairy-tale start 


South Africa has emerged 
triumphant, from the most per- 
ilous stage of a revolution 
without precedent, and its citi- 
zens seem bemused by their 
achievement 

After more than three him-, 
dred years of supremacy, the 
white minority last week 
finally, irrevocably and peace- 
fully surrendered power at the 
ballot box to the country’s 
black majority. 

The fUll details of this aston- 
ishing - some say miraculous - 
event are not yet known, for 
the election commission is still 
grappling with mountains of 
ballot papers. 

And one major obstacle 
which could jeopardise the 
prospects of a stable South 
Africa may yet emerge: the 
outcome of voting in KwaZulu/ 
Natal, stronghold of the Zulu 
leader. Chief Mangosuthu 
Buthelea. 

Nor, at this stage, is it dear 
what may be the next step of 
the white right, whose extrem- 
ists could yet destabilise South 
Africa with an assassin's bul- 
let. 

But, as an exuberant presi- 
dent in the waiting, Mr Nelson 
Mandela celebrated the ANC’s 
achievement at last night's vic- 
tory party, taking satisfaction 
in a fairy-tale start to the new 
South Africa. 

And, as he pressed ahead 
with the critical process of rec- 
onciliation, South Africa’s 
remarkable political metamor- 
phosis continued. 

In the television studios and 
televised press conferences, on 
radio and on newspaper front- 
pages, one leader began, assum- 
ing the mantle of power, and 
the other, incumbent President 
F.W. de Klerk, began shedding 
it- Before Its eyes. South Africa 
watched a process unfold 
which has neither precedent 
nor parallel in Africa, and per- 
haps the world. 

Mr Mandela, never less than 
a monumental personality, 
seemed to gain further stature 


as the results trickled in; 
almost perceptibly, the aura 
that comes with office seemed 
to desert Mr de Klerk. Nothing 
so became the two men, and 
the country in their charge, 
than this transfer of power, 
which is due to to be made 
formal at next week's inaugu- 
ration in Pretoria. 

“For the first time I envy 
South Africans, for the first 
time I wish I could call myself 
South African,” said one 
hard-bitten observer of many 
years standing last week. He 
had been' moved almost to 
tears as he watched black and 
white embrace at a moving cer- 
emony that took place at mid- 


Nothing so 
became 
Mandela and 
De Klerk as 
this transfer 
of power 


night on Tuesday. 

Seldom, if ever, can the 
advent of democracy have been 
the instrument of catharthis so 
profound, so liberating, for rul- 
ers and ruled alike, as South 
Africa's unforgettable and 
moving experience last week. 

Millions suffered under 
apartheid. But apartheid’s vic- 
tims extended beyond its bor- 
ders. Hundreds of thousands 
died in Angola, Zimbabwe and 
Mozambique, the front-line 
states in the proxy battles to 
defend white rule. 

But last week, for a precious 
few days, the pain of the past 
seems to have been eased, even 
thrust briefly out of mind. 

A truce, undeclared and 
unspoken, in the political fight- 
ing that has cost more than 


14,000 lives over the past 10 
years was broken but not 
spoilt by the bombs of the 
extreme right. In the 24 hours 
that ended yesterday morning, 
police reported that there had 
not been single death from 
political violence. 

Joyous as the election was 
for blacks, it also became lib- 
erating for whites. As they cast 
their votes, many spoke of hav- 
ing the sense of casting off the 
burden of apartheid, whether 
or not they had supported the 
policy. Many were taken aback 
by the simple - though unprec- 
edented experience - of going 
to the polling booths, black, 
coloured and white, as equals, 
to chose a government that for 
the first time will reflect the 
will of the majority. 

The orange, white and blue 
flag of the old South Africa 
was lowered at centres across 
the land, and the new one 
raised while choirs sang the 
region’s hymn of liberation, 
now adopted as one of one of 
the official anthems of post- 
apartheid South Africa: Nkosi 
slkele i’Afrika (God bless 
Africa). 

For black South Africans in 
particular it was a proud 
moment, but for many Afrika- 
ners it must have best a poi- 
gnant, painful erne. As that flag 
entered the history books, the 
other official anthem carried 
across the night air, sung in 
Afrikaans, and no doubt giving 
comfort to those fearful of 
what the future holds: Die 
Stem von Suid-Afrika (At thy 
call we shall not falter, firm 
and steadfast we shall stand. 
At thy will to live or perish, O 
South Africa, dear land). 

Over the past week at least, 
most white South Africans 
overcame their apprehensions. 
And whatever may happen In 
the future, for a few days, 
South Africa has basked in the 
glow of pride asserted, and 
pride recovered. 

Michael Holman 



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The FT reaches more basfaesa people with property mspomOiBty hi tlw UK than 
any other newspaper and more senior European dacMon-makeis on business 
promises/ sites reading Bngfehtettuage newspapers.* 

For a IWI editorial synopsis and details of available advertisement poaHfons, 
please contact 

PAT LOOKER Tel: 061 834 9381 Fax: 061 832 9248 

ft»»chSTtewa.*»»xaiwSs8 ufc a ii e>,qtiewiSno^MapcliB«tMM2SLF 


FT Surveys 


:MCH 

*s \<m 


from Sussex University, 
although no background in 
finance. But he is well known 
internationally, and has the 
confidence to handle interna- 
tional negotiations well. 

Under the circ ums tances, Mr 
Mandela could probably make 
no better choice. 

The decision could have a 
significant long-term impact on 
the future of South Africa. For 
if Mr Mbeki was appointed 
finance minister he could not 
become first deputy president. 
Tim leading contender for that 
post then, would be Mr Cyril 
Ramaphosa, ANC secretary 
general. The winner will 
become undisputed heir-appar- 
ent to Mr Mandela. 

It is a difficult choice, for 
both men are well qualified for 
the job. Mr Mbeki, 51, is older 
and more experienced. Mr 
Ramaphosa, 10 years his 
junior, has a ruthless political 
instinct which he used to win a 


constitutional deal which 
vastly favours the ANC. Fhw 
politicians can better him in 
battle. At the moment he looks 
the more likely choice, 
although only Mr Mandela 
knows for sure. 

The ANC leader must also 
find cabinet space for one of 
his closest advisers. Mr Joe 
Slovo, chairman of the South 
African Communist party, who 
could win a security port- 
folio. 

Mr Jay Naidoo, the union 
leader, could be made minister 
of reconstruction and develop- 
ment, a special economic post 

National party ministers 
must also be catered for. 

Mr Mandela has said he 
would look fevourably on Mr 
Kobie Coetsee, the incumbent 
justice minis ter and a hard- 
liner whom the ANC leader 
came to know while still in 
jail, Mr Roelf Meyer, the 
National party's chief constitu- 
tional negotiator and a leading 
“enlightened” nationalist, and 
Mr Pik Botha, the long-serving 
foreign minis ter. 

Far more difficult will be 
what to do with Chief Mango- 
suthu Buthelezi, leader of the 
Inkatha Freedom party, who 
could be made a third deputy 
president in the interests of 
national unity, and Gen Con- 
stand Viljoen, leader of the 


jj| Deputy Presidents One each nominated by the two 
i2s fiSi parties with (he most votes 

Cabinet Maximum of 27 ministers with places 
UMAMMA allocated proporttonaiaty Tram parties lidding 
MMISttl a minimum of .20 National Assembly seats 


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right-wing Freedom Front, 
whom Mr Mandela has said he 
won Id like to accommodate 
even if the front wins less 
than 5 per cent of the national 


vote. 

Bets can still be placed, but 
time is r unnin g out. By the end 
of this week, or early next, the 
die will be cast. 





On the road to change (clockwise from top left); Judge Johann Kriegier, DEC chairman, reflects on the electoral fiasco; an DSC official 
counts ballot papers in Cape Town; and ANC supporters anticipate victory as results filter in r»uw> 

Mixed-race voters ensure 
Nats triumph in the Cape 


South Africa's mixed-race 
(coloured) citizens, who strad- 
dled the apartheid divide for 
almost 45 years, have voted to 
retain white domination at the 
Cape, where their black and 
white ancestors met in 1652, 
writes Brendan Boyle of Ren- 
ter in Cape Town. 

Early results in South 
Africa's first all-race elections 
gave President F.W. de Klerk's 
white-led National party a 
commanding 30 per cent lead 
over Mr Nelson Mandela's 
largely black African National 
Congress in the Western Cape 
region. 

Political analysts said the 
lead was due to support from 
coloureds, who fared better 
under apartheid than blacks 
but not as well as whites. 

Mr Hemus Kriel, the white 
law and order minister, told 
reporters he expected an out- 
right win in the race for pre- 
mier of the region, which has 


Cape Town as its capital 

Mr Allan Boesak, coloured 
ANC premiership candidate, 
conceded that defeat was immi- 
nent “The ANC will accept the 
outcome of the democratic pro- 
cess. As a people and as an 
ANC organisation in the West- 
ern Cape, we are ready to do 
whatever the situation 
demands of us." 

Earlier, radical ANC activist 
Tony Yengenl a member of the 
party's regional executive, 
broke ranks to talk of his sense 
of betrayal at the apparent NP 
lead. "Already the man in the 
street in the [black] township 
is feeling betrayed,” he said. 
“We have been tortured and 
oppressed by the white man in 
this country for so long. . . and 
now a section of the population 
votes for the party that 
oppressed us to return to 
power." 

The region's coloured com- 
munity descends from early 


unions the Dutch settlers and 
the later British arrivals had 
with the indigenous black pop- 
ulation they found at the Cape. 

Mr Yengeni said ANC lead- 
ers would have to act deci- 
sively to prevent a black back- 
lash against the mainly 
Afrikaans-speaking coloureds, 
who comprise almost 60 per 
cent of the 2.3m Western Cape 
electorate. 

Emotional ANC and NP sup- 
porters gathered and traded 
insults late on Sunday on Cape 
Town's Grand Parade, where 
Mr Mandela made his first pub- 
lic appearance after his release 
from 27 years in jail in Febru- 
ary 1990. 

Ms Miriam Ebrahlm wept as 
she watched NP members cele- 
brating their likely victory 
with shouts of "Viva F.W. de 
Klerk." She said: “It was our 
own people that stabbed us in 
the back." 

But Mr Andre Hofineister, a 


coloured whose name under- 
lines his half-European ances- 
try, pointed to a crowd of ANC 
supporters dancing with post- 
ers of Mandela and said: 
“These people are too stupid to 
realise that, if a black man 
rules this country, it will be 
run into the ground." 

In a squalid shantytown 
there was no echo of the ani- 
mosity evident on the Grand 
Parade. Standing next to a 
wooden fruit and vegetable 
stand, an ANC supporter, Mr 
Emanuel Makunga, said that 
most blacks would accept the 
results peacefully as part of 
the democratic process. 

“This was a liberation elec- 
tion," he said. "People are 
more happy that they could 
vote for the first time than 
they Drill be upset that the 
ANC didn't win here. People 
respect the election process. 
But they won't be happy to be 
ruled by the same NP again.” 


6 If it was 
not so 
tragic, it 
would be 
funny 5 

“Our only comfort is that the 
television broadcasters are 
making a bigger mess than we 
arc," admitted an election 
official in a candid moment 
Bnt the authorities at the 
SABC, the national 
broadcaster, would have good 
reason to contest that 
assertion. 

Journalists who had planned 
to cover what shonld have 
been the inspiring story of 
South Africa's historic first 
all-race elections have been 
forced into writing about the 
con tinning inefficiency of 
Sonth Africa's Independent 
Electoral Commission, charged 
with running the elections. 

The list of problems is 
seemingly endless. The 1EC, 
having botched much of the 
four days of voting through a 
string of logistical oversights, 
now seems hard pressed to 
complete the counting process 
properly. 

At Gallagher Estates, the 
plush conference centre just 
outside Johannesburg that 
was presented to the world as 
the information nerve centre 
of the election, nobody seems 
to know what is going on. 
Increasingly irritated media 
representatives are frequently 
handed out-of-date election 
results that have been taken 
off the wire services. 

When new information does 
arrive, raw figures are 
distributed without 
verification or explanation. 

And when, following 
complaints, an official issued a 
breakdown of voting in 
percentage terms, a hasty 
calculation showed the figures 
were incorrect 
The laager mentality - once 
used to describe obdurate, 
apartheid-era Afrikaner 
politicians - has become a 
better description of many 
commission officials who have 
retreated into defensive mode, 
blaming each other and, more 
frequently, DSC head office for 
the fiasco 

“The IEC has taken note of 
your legitimate complaints 
and will seek to remedy them 
at the soonest opportunity,” 
has become the stock phrase of 
the mild-mannered Mr 
Humphrey Khosa, the IEC 
official given the thankless 
task of dealing with the 
media. 

Nonetheless, at the 
numerous press conferences 
designed to guarantee “full 
transparency” of the election 
process, comments are almost 
invariably opaqne. 

Mind-boggling declarations 
such as the feet that “formally 
unverifiable votes will be 
specially counted" are 
routinely issued. 

Justice Johann Kriegier, 
head of the commission, 
claimed that the assessment 
and apportionment of all such 
technically invalid votes 
would be decided according to 
“a quantity thing, a 
distribution thing, a general 
pattern thing”. 

In an effort to speed up the 
flow of results the commission 
has jettisoned nearly all the 
safety precautions installed to 
prevent voter fraud - first by 
having to print millions of 
new ballot papers without the 
security counterfoils and then, 
instead of counting ballots 
only from sealed official ballot 
boxes, declaring that votes 
delivered In cardboard boxes 
and even plastic bags were 
valid. 

Even more serious, instead 
of checking each ballot box 
received at counting stations 
with information from each 
polling station as to the 
number of boxes delivered, 
which is required under the 
electoral law, all votes 
received are being counted 
immediately. 

“Reconciliation”, sceptical 
listeners are told, will now 
follow after the results are 
released. Indeed, the 
much-trumpeted “verification 
procedure” consists of little 
more than IEC headquarters 
phoning up counting stations 
to doublecheck on the figures 
transmitted. 

And, when that information 
is counted, instead of being 
immediately relayed, as 
promised, to the hundreds of 
tiie journalists gathered at the 
conference centre, it is 
transmitted by modem to two 
outdated personal computers. 
Even this limited operation hit 
snags; when the wires went 
down early on Sunday 
morning, attempts to rouse a 
sleeping technician to repair 
toe damage were foiled when 
his mother refused to wake 

him up. 

One party official summed tt 
up this way: "If it wasn’t so 
tragic, it would be fanny." 

Mark Suzman 



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NEWS: UK 


t 

f 

I 

r 

o 

k 

a 

d 

y 

a 

u 

si 

ki 


Heinz plans to abandon TV marketing 


By Raymond Srtoddy 

H. J. Heinz, the food mannfacturer 
that brought the British public such 
memorable advertising campaigns as 
Beanz Meanz Heinz, Is planning to 
create a new slogan - Heinz Meanz 
Direct Marketing. 

Mr Tony O’Reilly, the flamboyant 
chairman and chief executive of the 
Pittsburgh-based international food 
group, is planning to end UK commer- 
cial television advertising for his 
products this year and instead con- 
centrate on direct marketing. 

Mr O’Reilly believes the era of mass 


marketing is giving way to more tar- 
geted selling techniques. 

The Heinz plan to give up television 
advertising would be one of the most 
radical marketing moves in recent 
years by a food manufacturer. It 
comes as manufacturers of branded 
food products are feeing growing com- 
petition from cheaper, own-label 
goods produced by supermarkets. The 
Heinz account is one of the longest 
established in television advertising. 

Heinz has already buOt up a data- 
base of 5-6m homes in the UK that are 
heavy users of the company’s prod- 
ucts. Mr O’Reilly plans to send special 


discount vouchers directly to those 
homes, thereby bypassing conven- 
tional a dverti sing media such as tele- 
vision and newspapers. The discount 
vouchers win be for Individual Heinz 
products, such as baked beans, but 
also for groups of Heinz lines. 

Mr O’Reilly, who is also chairman 
of Independent Newspapers of 
Ireland, has decided that direct mar- 
keting is the most cost-effective way 
of maintaining loyalty to the brands. 

The Heinz chief executive sees the 
plan as the start of a “guerrilla" cam- 
paign against the increasing power of 
the large supermarket groups, which. 


he believes, sometimes treat branded 
products cavalierly. 

Mr O'Reilly wants to take control of 
discounting policy for his brands 
rather than leaving it to the discre- 
tion of supermarkets. He is concerned 
that Heinz products are often treated 
as mid-market products when they 
should he priced and displayed as pre- 
mium brands. 

The Heinz chief executive is plan- 
ning to send out discount vouchers 
unannounced and expects supermar- 
kets to honour thwn in particular, be 
hopes stores wm sup p ort Food Manu- 
facturers’ Federation rules against 


“mis-redmnptbm" - accepting vouch- 
ers as payment for any product as 
opposed to those intended. 

• Brand manufacturers have warned 
that they win reconsider UK invest- 
ment plans unless curbs are put on 
supermarkets’ “look-alike” products. 

The manufacturer s are furious with 
the UK government's decision not to 
amend the trade marks bfZZ to restrict 
the use of “look- aKkes”. 

The warning has been given by 
Coca Cola, manufacturer of the 
world’s best-selling branded product, 
and by members of the British Pro- 
ducers and Brand Owners Group. 


Women ‘opting 
out’ of careers 
in management 


By Rechaitf Donfdn, 

Labour Staff 

Women are opting out of 
management careers in 
increasing numbers, according 
to a report published today 
which shows that the trend 
towards their greater represen- 
tation in management has 
been reversed in the past year. 

The finding s of the Institute 
of Management report, the 
largest of its kind, covering 
more than 20,000 individuals in 
839 of Britain’s leading employ- 
ers, shows that the percentage 
of women at almost an levels 

of Tnanngnmont hna fallen 

Mr Roger Young, the Insti- 
tute’s general manager, said he 
was disappointed with the find- 
ings. 

He said: “For years we have 
been delighted to record wom- 
en’s increasing progress at all 
levels of management, hut now 
they have suffered a setback." 

One reason suggested is that 
more women are turning their 
backs on corporate careers 
because of some of the tougher 
and more stressful demands of 
modem management regimes. 

Mr Young said: “Some 
women could be reacting 
against the non-family-friendly 
policies of larger companies 
and opting to leave the stresses 
of corporate life for the buzz of 
being in control of their own 
companies. 

“In 1993, women were twice 


as likely to resign as men.” 

The institute’s National Man- 
agement Salary Survey shows 
that women managers and 
directors in the UK’s largest 
organisations h?g faii»n from 
last year’s peak of 10.2 par cent 
to 9.5 per cent 

It is the first time for 21 
years that the proportion of 
women managers hag fallen 

The percentage of women 
managers had grown steadily 
from just IS per cent in 1974, 
to 3S per cent in 1983, 8.6 per 
cent in 1992 and 10.2 per cent 
in last year. 

The report also shows that 
although women managers had 
higher salary increases than 
their Tnaie colleagues, women 
executives continue to be paid 
less than men. 

The average woman man- 
ager now earns £27,862 a year, 
while the average male man- 
ager earns £32^03. At director 
level the average female earns 
£56,040, while her male col- 
league earns £74£87. 

Women also get poorer deals 
in other respects. The survey 
found they are fegg likely than 
men to get company cars, and 
when aged over 50 are more 
likely than their male counter- 
parts to be made redundant. 

The most popular jobs for 
women, said the report, were 
personnel and marketing and 
the least popular were 
research, development, manu- 
facturing and production. 



neMcMMwMMood 


Nazmudin Virani on his way to court at London’s Old Bailey handcuffed to a prison officer yesterday 

Virani found guilty in BCCI trial 


By John Mason, 

Law Courts Correspondent 

Mr Nazmudin Virani, the 
former property entrepreneur, 
was convicted at the Old Bai- 
ley yesterday of seven counts 
of fraud relating to his busi- 
ness d ealing s with the col- 
lapsed Bank of Credit and 
Commerce International. 

Mr Virani was found guilty 
on one count of false account- 
ing and six of f urnishing false 
information to BCCI auditors 
Price Waterhouse in order to 
artificially boost the bank's 
profits by about Qlm. 


Mr Virani will be sentenced 
on May LL Bail was refused 
and he was remanded in cus- 
tody. Mr Justice Hutchison 
warned Mr Virani that the 
offences he had been convicted 
of were sufficiently serious 
that a prison sentence 
“appears inevitable". The 
charges carry a maTiimim 
seven years imprisonment 
The conviction marks the 
third successful prosecution 
for the Serious Fraud Office 
over the BCCI scandal- Mr 
Syed Ah Akbar. a former head 
of BCCl’s Treasury division, 
and Mr Mohammed Baqi, a for- 


mer head of Attack OIL a com- 
pany owned by BCCI, have 
already bear convicted follow- 
ing the SFO's investigation of 
the collapsed bank. 

The jury also acquitted Mr 
Virani on single charges of 
conspiracy to defraud, theft 
and furnishing false Informa- 
tion. It was unable to reach 
verdicts an four other counts 
of famishing false information. 
These charges will not now be 
proceeded with. 

At the heart of the fraud 
committed by Mr Virani was 
what the prosecution described 
as a “you scratch my back and 


HI scratch yours” relationship 
with Mr Mohammed Haque, 
head of BCCFs property divi- 
sion, who has since fled to 
Pakistan. 

As BCCTs financial troubles 
deepened in the late 1980’s, Mr 
Virani signed a series of bogus 
audit confirmations w hich mis- 
led the auditors and inflated 
the bank's profits. 

In return, BCCI gave Mr Vir- 
ani gash payments totalling 
p R m and played a substantial 
role in the expansion of Con- 
trol Securities, the property 
company Mr Virani headed 
from 1985 nntfl his arrest 


Britain in brief 



Tories in 
fresh poll 
disarray 

Britain’s governing 
Conserv ati v e party wa s _ 
yesterday thrown into fresh 
disarray just four days before 
this year’s first crucial 
electoral test, when a senior 
MP called far nearly a third 
of the cabinet and the party 
chairman to be replaced. 

The extraordinary public 
o u tburst by Mr David Evans, 
a member of the power fill 1922 
committee of Tory 
ba ckbenche rs, undermined 
party efforts to mount a show 
of unity ahead of the local 
elections in four days* time. 

m« remarks came afte r Mrs 
Gillian Shephard, agriculture 
minister, implied that two out 
of ten Tory MPs did not fully 
support Mr John Major and. 
that team* of gnpuorters were 
already canvassing actively 
on behalf of two potential 
leadership candidates. 

The local elections and the 

European elections in June, 

are expected to have a decisive 
bearing on whether Mr Major 
remains prime minkter. 

As senior cabinet ministers 
Hnwi up to mark the fifteenth 
anniversary of unbroken Tory 
rule by attacking the Labour 
opposition, Mr Evans called 
for six cabinet ministers and 
Sr Norman Fowler, the party 
chairman, to go. 

Speaking of “unease” in the 
party that Mr Major’s closest 
advisers wore “incompetent”, 
he warned there were some 
50 C on s ervati ve MPs who 
would not accept the prime 

minister “at any price”. 


De Savary 
denies collapse 

Mr Peter de Savary. the 
flamboyant entrepreneur 
whose interests range from 
property to the oil business, 
yesterday angrily dailed 
r ep orts that his bu si n ess 
empire was at risk of coflapse. 

fi em erge d over the weekend 
that some ten days ago 
Standard Chartered Bank, 


which has been associated 
with Mr de Savary fora 
number of years, has appointed 
the accountants Robson 
Rhodes as administrative 
receivers to Piaceton. a 

property development 

company that three years ago 
represented 80% of Mr de 
Sa Vary’s net assets. 

“I greatly resent suggestions 
that de Savary is either wiped 
out, bankrupt, personally in 
trouble or no longer able to 
a positive role in 
business”, he said. That would 
be very misguided." 

He said he had personally 
lost £S0m in the collapse, and 
made it dear he belived that 
bis continuing operations were 
insulated from the demise of 
the Piaceton operations. 

Wool body 
to levy fee 

The international Wool 

Secretariat, which licences 
the world’s most recognised 
textile trademark, the 
Woobnark, is to introduce a 
£7,000 annual fee for the 
symbol’s use. 

The IWS has announced that 
from May 1 1995 it will charge 
spinners, weavers and 
manufacturers for the use of 
the Woolmark and 
Woolblendmark - assuring 
the quality of textiles 
containing a 60 per cent 
minimum iff new wooL 

Britain’s wool Industry has 
reacted angrily to the move, 
the Confederation of British 
Wool Textiles arguing a flat 
fee will penalise small 
producers. But the IWS says 
a sliding scale of charges for 
the symbol, used on 300m 
garments a year, would incur 
excessive administrative costs. 

Car sales 
growth slows 

The growth in new UK car 
sales has slowed during April 
from the strong pace set in 
the first quarter. The industry 
is undear, however, whether 
the market is simply drawing 
breath after the unexpectedly 
firm start to the year. 

Ford estimates that new car 
registrations have grown by 
around 5 per cent year-an-year 
in April, which would be the 
slowest rate for several 
months. In the first three 
months of the year new car 
sales at 529.436 were 16A per 
ronf higher than in the 
corresponding period last year. 


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FINANCIAL TIMES 

k °*”°" «*M*H*1 W*r TOfW . TOKYO 



9 



*hl. J, 


FINANCIAL TIMES TUESDAY MAY 3 1994 



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10 


Sir John Aird raised 
the cash to buy his 
first stake in a com- 
pany by investing 
his tuition fires for 
Harvard Business 
School in the Kan- 
sas City wheat mar- 
ket Ten years later his nest invest- 
ment had an equally improbable 
be ginning sir John, who was born 
to tiie son of the then Prince of 
Wales's equerry in the grounds of 
Windsor Castle, backed Ivan Seme- 
nenko, a Ukrainian who spent his 
first seven years behind barbed 
wire in a displaced persons camp in 
Kiel. 

The two met through the pages of 
the Henley-on-Thames-based Ven- 
ture Capital Report, an agency that 
brings together business angwia ifi«» 
Sir John and entrepreneurs like 
Semenanko. 

A taciturn and true blue-blooded 
aristocrat. Sir John's background is 
unlikely to be typical of the 600 
angels on VCR’s books. But then 
VCR says there are few common 
characteristics other than a taste 
for risk and building businesses. 

In the case of Sir John, he had 
always wanted to work for himself 
and inherited an interest in engi- 
neering from his great grandfather, 
a famous 19th-century contractor 
who built the Aswan Dam in Egypt 
He applied to Harvard while design- 
ing dams in the Sudan when he 
decided to move into management 
from pure engineering. After Har- 
vard he returned to the UK flush 
with his g ains from the commodity 
markets and briefly worked for 
John Lalng, the building company. 

This was the springboard for his 
first investment in a small south 
London builder - probably the only 
London repair and maintenance 
company run by a Harvard MBA. 

“I saw it as a safe but unspectacu- 
lar business that would provide 
steady cash flow." Sir John says. "I 
have always believed in trying to 
finance growth out of cash profits.” 

Sixteen years later in 1986, when 
Sir John sold the business, sales of 
£100,000 had grown to £2 .5m. 

By that time Sir John had spread 
his wings, investing in Matcon, the 
company Semenenko had started 
and was running out of a borrowed 
room in the Cotswolds town of 
Chipping Norton. 

Semenenko had founded the com- 
pany in 1980 to develop a novel 
vibrating cone valve that activated 
and controlled the discharge of pow- 
ders and granules from storage 
silos. The product was on the mar- 
ket but commercially unproven 
with sales of about £30,000 when Sir 
John came on the scene in 198L 

He invested £30,000 - a third in 
equity, the rest as a loan - in 
return for half the equity. “1 didn't 
realise I needed the cash, though in. 
hindsight I did," says Semenenko. 



FINANCIAL 


TIMES TUESDAY MAY 3 1994 


MANAGEMENT: THE GROWING BUSINESS 


Richard Gourlay tells the unlikely tale of how a 
pair of business partners found each other 

Blue blood and 



Sir John (rigftq ml Semenenko: met through the Ventura Capital Report, which brings together angels and entrepreneurs 


”1 did realise I needed some help 

with business and financial skill 9 n 

"He had recognised there needed 
to be a change of direction,” says 
Sir John. “I enabled the original 
idea to become a reality." 

The investment also allowed 
Matcon to extend the application to 
process industries that needed to 
handle powdered material in batch 
production. 

Sir John says he was a very 
active investor in the early days, 
spending a great deal of time 
installing m ana gement systems, 
setting up the production facilities, 
establishing the marketing 
infrastructure, and advising on 
financial and cash flow planning. 

Many observers of informal 
venture capital investing say this 
kind of management participation 
is as valuable to entrepreneurs as 
the cash, although it irks some 
founders to have to accept outside 
advice. 

As Matcon grew - it now has 


annual sales of more than f.14m - 
Sir John has cut the time he 
devotes to the business as part-time 
chairman to a few days a week and 
is again seeking new investment 
opportunities. 

Sir John has a number of 
self-imposed investment guidelines. 
He must be impressed by the people 
he Is backing, interested in their 
product and they must be based 
close to his home. He tends to avoid 
pure start-ups. 

In addition, he says he likes to 
leave the managing- partner with as 
much of the equity as he or she can 
afford to take. “It makes the whole 
process more worthwhile ” 

What is most surprising, given 
tiie many stories told by indi gnant 
entrepreneurs, is that he is not 
hung up on having a controlling 
stake. At Matcon. Sir John has SO 
per emit “He was the only one who 
did not want 51 per cent," says 
Semenenko. 

“I feel having control is 


irrelevant," Sir John says. “The 
entrepreneur always effectively has 
control whatever, percentage of the 
stock is his. An investor can only 
really exert negative control - yon 
can forbid or prevent but it is 
difficult to be proactive without the 
co-operation of the entrepreneur”. 

And irrespective of the 
percentage of shares held, the 
investor can exert control by 
specifying that his consent must be 
sought before any changes in 
company strategy, capital 
expenditure, gearing or executive 
compensation 

Having es tahH «ihpd his g nideltnn^ . 
Sir John promptly went against two 
of them. His next investment after 
Matcon was in a nursing home 
company called Dalecare. It was a 
start-up and he did not have an 
intrinsic interest in running a 
business looking after "elderly 
people. But he liked the founder 
and invested £100,000 anyway, 
taking the deal to Sf, the UK’s 


biggest venture capital supplier. 

Three years later and after three 
homes had been successfully 
developed. Sir John sold to 
Associated Nursing Services, the 
then, quoted group. 

Since he has invested, also 
via VCR, in a London and 
Shanghai-based company called 
Chance China that represents 
western companies in China and 
Chinese companies in the west. 
Same two thirds of the £200.000 he 
paid for 50 per coot of the equity is 
in interest-bearing loan notes which 
have first call on any profits. 

And tkm there Is the one that 
went wrong. "The one bad one 
should have been the best - it had 
everything going far it," he says. 
The company, Mogul Leisure 
Products, made ski-training 
machines which bad been presold 
to Thomas Cook, the tour operator, 
which was offering its clients 
ip«nns if they bo ug h t a holiday. 

*T was interested in the product, 
the company was on my door-step, 
the sales were assured,” says Sir 
John. He could even make them 
wiring spare capacity at the Matcon 
factory. What neither he nor the 
entrepreneur had spotted was that 
the business plan made no 
allowance for servicing and 
teaching Thomas Cook staff how to 
use the product AH the profits were 
consumed by the cost of supporting 
the customer and Sr John closed 
tin* company. 

Whether typical of other angels - 
a term he dislikes because he is 
motivated almost entir ely by profit 
- Sir John sets clear investment 
targets- **1 need a better return on 
cartel than in the City,” he says. *1 
am very depressed by the 
performance of so-called 
professional investment managers 
and am shocked by the way they 
regard matching the index as a 
standard of acceptable investment 
performance," he says. 

WhQe he has sold companies in 
which he successfully invested. Sir 
John does not actively seek 
investments and at Matcon is happy 
to let tiie managing partner develop 
the business. “1 certainly see a 
substantial regular dividend as just 
as valid a return as a sale,” he says. 
Too many good deals are not 
backed because the exit route is not 
(dear. 

For those deals that go right, the 
dividends can be substantial, if he 
invests £150,000, one third as equity, 
he would expect to receive an 
annual dividend equal to 100 per 
cent of that_eqtdty after three or 
four years. There again, investing 
in a bad business plan or the wrong 
person and the loans quickly 
became equity and can evaporate at 
an alarming rate Just as fast as his 
Harvard fees could have 
disappeared in the Kansas City 
wheat market 


Spotlight falls 
on invisibles 
contribution 


R affo, a designer for the 
packaging industry, has 
just won Its first 
significant export order - a 
six-figure contract with Snapper 
of the US for a new design of 
bottle cap. 

The Chester-based group 
already spends half its marketing 
budget in continental Europe 
and expects to have raised orders 
from outside tire UK to more than 
50 per cent of sales in 1996. 

Buff o is part of an army of 
small «nd medium-sized 
companies exporting a huge 
variety of services from the UK 
- published and recorded music, 
education, management 
consultancy, design - all 
contributing to job creation and 
the invisible trade surplus. 

Anecdote suggests these small 
exporters are increasingly 
successful. More than 20 per cent 
of the companies receiving the 
Queen's Awards for Exports last 
month were selling services 
abroad. Many were smaller 
companies. But economists have 
only the vaguest idea of how 
important smaller exporters of 
services are to the economy. 

The UK's Invisible export effort 
is dominated by the City of 
London which earned a net £18bn 
at tiie last count in 1962 from 
fees, commissions, interest, 
property returns and dividends. 

"dearly, the City is very 
important but it is by no means 
the whole story,” says Jan Hall, 
chairman of the small firms 
committee of tiie British Overseas 
IVade Board which is looking 
at how DTI export initiatives can 
be tailored for service companies. 

One attempt to Identify the 
invisibles contribution of smaller 
companies has been made by 
Robert Pringle, of consultants 
Graham Bannock & Partners. 

Pringle starts with official 
Central Statistical Office 
estimates which suggest that 39 
per cent of invisible earnings 
from consultancy (management, 
engineering, surveying, 
architecture, advertising and 
prop er ty consultancy) comes from 
companies with t ur nover of less 
than £ 2.5m . 

Pringle then makes the 
somewhat heroic assumption that 


the same pattern is repeated 
across all small business, 
education and leisure service 
companies. He concludes tint 
these small service companies 
probably produced invisible 
anrnl n p Of abOUt £5btt ill 1992, 

TO put this in perspective, 
Pringle says the City’s real 
service exports were £4.3bn - 
a figure he arrives at after 
deducting Interest, property 
income and overseas dividends 

which he says are not derived 

from true services- The analysis 
is crude, because of the lack of 
hard data, but makes a valid 
point. 

“In the past yon have had a 
picture of invisible earnings 
dominated by the City,” says 
Pringle. "The techniques of trade 
promotion should take into 
account this crucial sector.” 

At the moment almost none 

of the Department of Trade and 

Industry’s export promotion 
activities specifically targets 
service companies. But there are 
signs that it is considering such 
a focus to be worthwhile. The 
DTI is trying to recruit executives 
with exporting experience from 
the private-sector service Industry 
to promote invisible exports. 

Officials at the DTT are also 
responding. April 25 saw 21 DTI 
country desk officers visiting 
a new grouping of design 
consultants, the British Design 
Initiative, whose members 
demonstrated how they were 
trying to sell British design 
abroad. 

Maxine Horn, managing 
director of the BDL says her 
company represents a range of 
designers, in product, packaging, 
corporate Identity and retail 
interiors. The group was set np 
because no one else helped 
promote the export of design. 

Pringle says any further growth 
in the Invisible trade surplus Is 
unlikely to be led by tiie City of 
London but by Britain's smaller 
companies. This is debatable. 

But there is a strong case for the 
DTI and trade organisations to 
improve their support for the 
many companies already 
exporting their services. 

RG 


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“ Restenctnrr and Rrftuudaf 
* l at e iua lhwal Trade Finance 

HlgtupD%rf-Mvicf fnro ImfrcuaMM ro l 
fW. M » Ccnwrt Inm fc in . 
ETiodpnh only. 

Wne to Box 82SOJ. Fb»U Thorn. 

One SuaOrai Bridge. Inohn SE1 9UL 


WOULD YOU LIKE TO DO 
BUSINESS WITH CHINA? 
If you would like 10 sell, buy or 
manufacturc with China, wc have 
the com acts; Travelling to China on 
<V5 please contact ns 

Tel: 08 1 3850462 
Fax: 081 385 0643 


PUBLISHING 

OPPORTUNITY 

Investment of £350 K. 

Sought for Development 
of exciting new 

info motion p u bl ish ing venture. 
latmOtSpanbo to wnfef W Bar B279S. 
FbmcU TbxUhtt Seotktrmrk Bridge, 
LonthoSEt ML 


Bridging Finance 
Sought 

Ccrtmin Waste Maaagemenl Project 
AAA US Securities 
$US500k-$US IM 
for 3-6 months 

Write u Box B2781. Financial Tune*. 
One Southwark Bridge. London SEI 9HL 
PRINCIPALS ONLY 


Equily/Conviotible Investment 
Required by small company for 
start up/dev dopmant of a unique 
restaurant chain. 

- Proven/sucoessful product 
in Europe 

-Significant growth and 
profit potential 
- Control available 

Interested parties should seek advice 
from Ihdr own independent financial 
advisor before writing to Box B2847, 
Financial Times, One Sou Ihwaric 
Bridge. London SEI 9HL 


PRINCIPAL TRADE 
FINANCE 

FUNDS AVAILABLE FOR 
ADDITIONAL FINANCE FOR 
SPECIFIC TRADE CONTRACTS 
IMPORT EXPORT AND U.K. 50 K MIN 
NO GUARANTEES REQUIRED 


We are a Northern bssed poop ol i 
with a new approach to Trade Finance. 

Write for father deoils u> 

Box no B27W Financial Tones. Ok 
S ouhwaik Bridge. London SEI 9HL 


ACQUISITIONS/MERGERS 

- Talk to the right people - 

All replies will be dealt with in 
the strictest confidentiality. 
Please contact: - Box B2794, Financial 
Time*, One Soatbwajfc Bridge, 
London SEI WL. 


CHANNEL ISLANDS 

Oflshorc Company Formation 
and Administration. Also Liberia. 
Panama A. BVI etc Total offshore 
facilities and services, 
to dctaPa and ippoaunew write 
Gray TiBtt LoL BdmoM Home; 

2f 6 Belmont Rd, SI Helier, Jency, CJ. 
Tet- 0534 7X774. ftuUSW 35401 
Ttx 4192227 COFORM C 


FUNDS AVAILABLE 
TO PURCHASE 

• Letters of Credil 

• Bank Guarantees 

* Other Acceptable Collateral 

* Backed by Private Investors 

THRU MAJOR OTL BANKS 
CAPITAL SUPPORT COUP. 
US: CH4) 7S7-IOTD- Fine (714) 7S7-UB0 


BUSINESS 

DEVELOPMENT 

PARTNER 

A scientific organisation 
with a unique concept 
specifically appealing to 
major property owners and 
owners of property 
investment companies, 
requires a highly motivated 
individual used to operating 
at a senior level, who wants 
to operate as a Partner 
where an Income of 
£60,000 can quickly be 
realised with a non- 
contributory substantial 
equity participation. Longer 
term opportunity to increase 
income to six figures. 

Write to the M.D., 
M.T.S., Macmillan House, 
Worcester Park, 
Surrey KT4 8RH 


BUSINESS 

SERVICES 


FINANCIAL ADVISORS 

U.S. Tefocommurecabon com p any 
seeking financial agents In Europe, 
Asia and Mkkte East only to offer a 
unique high yield (Insured} program. 
ExooSent Commissions. If interested 

please call David or Seam 
Tel: USA: 301 -8S7-01 83 or 
Fax USA- 301 -897-8460 


COMPUTER SERVICES 
CONTRACT BASED 
WANTED 

A major Computer Services Croup 
wishes to acquire contract bnscs. 

If yon are interested please reply to : 
Box B2787, Fin anc ial Times, One 
SoudriMirfc Bridge, London SEI 9KL 


CONFIRMABLE DRAFTS 
BACKED BY CASH 

+ Issued in Your Name 

* CVmfinned by Major fart Banks 
to Prove Availability of Funds 

* Backed by Private Investors 
CAPITAL SUPPORT CORP 

US. (7I4)7S7-XD7D ■ Fax (714J 757-1270 


Investment Opportunity 
Insurance 

Quality commercial clieur portfolio. 

Brokerage rocomc cPXKl.000. 
Acquirer /investor vwghi. 

Write to Box 82799. Financial Times. 
One Southwark Bridge, 

London SEI 9KL 


BE A KEY PLAYER IN A NEW 

BRTITSH FEATURE FILM! 

Un i que ow ui unit y to own up to SOW of 
them “dying Game''. One investor 
of ElOOJtoa or 4 smaller investon of 

m j) M each re quir ed to comp fa t 

funding for a FULL LENGTH 

FEATURE FILM. Current Investor has 

folded 9 tamo iihus which hare ALL 

made money. 

An Kfttrd-wfanfaa production mm 

■rill conpkcc ranting in time for the 

London FStm Festival and the breeston 

will receive ALL thdr initial aresnaest 

back before uqr other mosasiueihavu. 

The pstMtoction values of rids Him make 

h took Hke £2,0MUX» feature but by 


keeping the budget 

profit potential- Write lo t he prod ucer 
for farther details: ■« Nns 1117*7. 
Hnaacfal Ttoec, 1 Sasdhmrii Bridge, 
London SKI 9HL. 


UQPIPAn ONS A 
RECEIVERSHIPS 
THE PAGE 1 REPORT 

The No. 1 aides mdibie of asesy onapaqy 

tim has garni into liqtedacn/iorariealtip 

EVERY week* ALL WINDING UF 

rermons + dome or aucikus * 

BUSINESSES R» SALE The proca 
iqmi of irt bnL If yon on aeston, aboni 
tap d ringb an iun i n ouch dhnci hum 
bpUuonotinriiimcaaace 
THE PACE I RfTORT 


Tit (04723 37LZM Ws: (MTOJ7MSS 


(vex)! 


Dotsyonrbw 


YOUR 

OFFSHORE 

OFFICE 

Mannin Business 
Centre, 

Isle of Man 
Tel: 0624 672411 
Fax: 0624676985 


BUSINESSES WANTED 


ELECTRONICS DISTRIBUTION 

UK and Continental European electronics distribution group seeks 
acquisition to complement existing distribution channels. Likely 
prospects wiQ have: 

- Turnover in excess of £5m 
* Established trade business and track leoord 
■ Pro gr ess i ve management 

Principals or their advisers to write to 
Box B2775, Financial Times, 

One Southwark Bridge, London SEI 9HL 


MANNED GUARDING BUSINESS 

Security Company is seeking to acquire manned guarding businesses 
in the Greater London area with turnovers 
in excess of £lm. 

Write lo Box BZ647. FlnaaeM Times, 

One Smubwai* Bridge, Londoa SSI 9HL 


HOTELS & 
LICENSED 
PREMISES 


TFtAOE FMAJMCE Pro Export Finance, Back 
la Back UC A L/C lor Imports im UK aid 
BEC. FflK-0224 6Z0B28 Tdt- Q3M 638263 

COMMERCIAL PIN AMCE/VEHTURE 
CAPITAL . nmfih rates. aanaUa teas, 
Angle American vantonas Fajc COM 201377 

OORT MISS OUT on opportunWea far 
your btetinoH in Franco. Cal MKa, your 
nsat bi France on 0103387 8637 SI 


ISLE OF MAN 

Low Tax Area-No Capital Gains. 
No Inheritance Tax. 

GRAND ISLAND HOTEL 
RAMSEY 

Prestigiouc 4 Star Hotel with 55 
exuniite Bedrooms; 2 Restaurants; 
Function Rooms for 350; Club 
Henley Leisure Facility with Pool. 
3yi acre site with scope for expansion. 

PRICE: £1.6 MUUon 
Tax Losses available. 

Full details tom 
Black Grace Cowley 
11 Prospect Hm. Douglas. IOM. 
Teh (0624) 622228 Fax: 625757 


LEGAL NOTICES 


KAlXAHE FBOrUTT Y 
■AMBIANCE ( 1982 ) LID 
Thataonh racy Art 




7*071873 


rak Bridge, LoodoaSBJ 
323 Fee 071 873 3064 


CONTRACTS & TENDERS 


CONSORZIO PER L’ACQUA POTABELE 
AI COMUNI DELLA PROYINOA DI MILANO 

Via Rimsni, 34/36 - MILANO (ItaHa) - TeL +39 2 89520231 

AWISO DI AGGIUDICAZIONE LAVORI 

ai sens! ddTart 20 Legge 19 maizo 1990, n° 55 

Questa Amministrazione informs che in data 29 MARZO 1994 & stats esperita la 
lidtazknie private (col sistema di cui alTart 1 lett. a) della legge 2.2.73 - n° 14), 
dell’importo di L. 2300.000. 000.- ohre IVA a diversi acquedotti consortili nord per la 
MOVIMENTAZIONE, RIATTIVAZIONE E RETNTEGRO CARBONE ATTTVO 
GRANULARE. Detii lavori sonosteti aggiodkati alTimpresa SOC. CEC A ITALIAN A 
di PIOLTELLO (MI) con il ribasso del 19,50% (dicianno vevirgolacinquan ta per cento), 
richiamalc le disposmoni di cui afl'art 6 / Legge 537/1993 come da atto deliberative 
a 884 del 19 aprfle 1994. 

PREVIA REGOLARE PUBBUCAZIONE AI SENSI DELL’ ART. 7 della legge 
17.2.87, n° 80; le lettere di invito alia gara sono state spedite afle seguenti imprese: 

1) CHEMVIRON CARBON di Agrate Brianza (MI) 

2) CECA ITALIANA di PioUeflo (MI) 

3) NORIT ITALIA di Milano. 

TUTTE LE IMPRESE HANNO PARTECIPAXO ALLA GARA. 

IL PRESIDENTS 
Giuseppe Tavecchia 


OFFICE 

EQUIPMENT 

| oMCE — 

FURNITURE 

We have available hi gh quality 
e x e cu t ive and system range 
- conference and receptions. 

Large choice of veoeera: 
(Walnut, Rosewood, Ash etc.) 

I with dismast of up to 

40% from RJfLP. ! 

London Showroom for viewing 
Full cwiKted planning services 
if required. Please contact 
LINEABURO LTD 
0992 503313 


Leading High St. Bank 
Closes West End Branches 


Clearance 
of Office Furniture. 

Project desking. flexiform 
storage cabinets, 
workstations, executive 
suites, reception furniture, 
board room tables and 
chains, operator and 
executive seating, divider 
screens, meeting tables 
etc... 

Phone: 081-549 9339 


<4amga 


GENOVA' 


ABEMDA MUttlCMJZZATA GAS EACQUA 

M>6S. Qhcamoa FOppo 7 - 16121 GENOVR - IMU 
iTri. 010/83*31 Fax 010/83*3384 


NOTICE OF INVITATION FOR TENDERS 

Die AZIENDA MUNK5IPALIZZATA GAS E ACQUA (Water and Gas 
Municipal Authority) to Genoa invites to submit two private tenders, 
according to Itafian law 109 of 11/D2/94, for maintenance contracts 
forthe renovation of tin meefium pressure (0^ bar maximum) gas 
mans made of grey pig iron, run by the above mentioned company 
within the ComiTUJie of Genoa The renovation work consists of: 

1) the hot or cold installation of plastic coating on the inside of sec- 
bore of the mains made of grey pig Von, in such a way to adhere 
perfectly to the walls of the pipes to be renewed. The total cost of 

^ te estimated to be a total of approxtoiateiy Ure 670,000,000 

(ax hundred and seventy mtifion) excluding VAT. 

2) installation ol medium density polyethylene pipes on the toside of 
sections of the mams made of grey pig iron, using a method which 
enables the complete adhesion of the polyethylene pipe to that to 
be renewed. The total cost of the work is estimated to be a total of 

1^747,000,000 (seven hundred and forty seven m#- 

Tbe adjirfcatkxi w* be made on the basis of the maximum reduc- 
bonmpnee per fowar metre for the execution ot the work. Persons 
interested m participating in this invitation for private tenders can 
toG^ oemptetecall^ for Wds fmm the AJiLGA office 

Acgutet .(Purchasing Office), from 9-OOajn. to 12^0pjn., Monday to 

^ h* 5 '* 0f ^ of this 

^ “• “ - «»• 


THEDWECTOneBIERAL 
(w- hg, R. Bazzanoi) 


^ TMEPRESI0BIT 
(Prat Gtovairi DomonlcNnQ 






















S, "V 


FINANCIAL TIMES TUESDAY MAY 3 1994 


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BUSINESS TRAVEL 

Mark Suzman looks at the proliferation of carriers servicing routes to South Africa 

A S3 A monopoly dismantled 

JL JLment, and memories X J 


A s South Africa pro* 
pares for its first 
freely elected govern- 
ment, and memories 
of trade sanctions recede, 
growing numbers of business 
travellers are boarding 11 -hour 
flights from Europe to Johan- 
nesburg. 

This is of great satisfaction 
to airlines flying the route. The 
Johannesburg-Londou air cor- 
ridor is one of the most lucra- 
tive in the worid, ’ 

It Is less pleasing to travel- 
lers; complaints about the cost 
of flying to Johannesburg are 
common. But while the current 
R9.000 (£1,670) fare for a busi- 
mass class return ticket from 
London to Johannesburg is not 
cheap, is real terms it used to 
be lot more expensive. 

Until a few years ago, air 
travel both to and in South 
Africa was a closed shop. 
South African Airways ran a 
virtual monopoly on domestic 
flights and, with a few selected 
international partners, an 
effective cartel on overseas 
routes. 

Three years ago, however, 
the government relaxed the 
rules an international carriers, 
allowing for price competition 
and new entrants. 



SCflAM/ 

-mis- is oup, "Bo lire/ 



Most fares have dropped 
steeply, but not so precipi- 
tously as to threaten route 
profitability. Yet it remains 
slightly more expensive than 
some comparable longer 
routes, such as London to Syd- 
ney. 


But shopping around for 
lower fares can pay off, as 
some discount centres offer 
business fares as low as R5.428. 

Better deals are also avail- 
able through airlines such as 
Sabena and Air France, which 
often offer slightly more rea- 


sonable fares with free trans- 
fers to London. Cheapest of all 
are carriers such as Egyptair 
and Kenya Airways, although 
with the inconveniences of 
stopovers in Cairo or Nairobi 
One future option will proba- 
bly be Mr Richard Branson’s 


Virgin Airways, which has 
been trying for several years to 
get a foothold in the market 

Once in Johannesburg, it is 
possible to take direct flights 
to big cities worldwide. The 
number of international air- 
lines flying to and from South 
Africa has risen to 58 since der- 
egulation. The rapid increase 
in the number of carriers is 
most striking in traffic with 
Asia, which is now serviced by 
four airlines in addition to 
SAA. 

Internally, the menu Of flight 
choices is limited. A cosy SAA 
monopoly, during which it rou- 
tinely raised fares about 12 per 
cent a year, was broken up 
with the arrival of competitor 
Flitestar -in 1991. With some 
assistance from the govern- 
ment, Flitestar eventually 
carved out a 30 per cent mar- 
ket share, largely from busi- 
ness travellers. 

To the dismay of the flying 
public, however, thin experi- 
ment in competition came to a 
sudden halt three weeks ago 
when Flitestar folded. 


Virgin still 
holding 
out 

B usiness travellers have 
been promised greater 
competition on the Lon- 
don- Johannesburg route for 
almost three years. Mr Richard 
Branson's UK carrier. Virgin 
Atlantic, applied to compete 
with the present carriers in 
1981. Since then he has 
launched a service to Hong 
Kong and next month starts 
flying to San Francisco, while 
Johannesburg remains just an 
intention, writes Daniel Green. 

The London-Johannesburg 
route is precisely the kind of 
business over which Virgin 
likes to fight As with Hong 
Kong and San Francisco, there 
have been two main carriers, 
British Airways and South 
African Airways, each making 
a lot of money. The unres- 
tricted business class return 
fare can be £2,639. 

Virgin blames its inability to 
get the suitable slots at Heath- 
row for the delay in starting 
the services. It also acknowl- 
edges that uncertainty over 
change in South Africa has 
made other routes a priority. 


F rom this summer, British Air- 
ways win no longer offer the 
most frequent service between 
London’s Heathrow and New Yolk's 
John F Kennedy airports. 

Within a month, American Airlines 
is to increase its daily flights on the 
route from four to six, overtaking 
BA’s five. Of those. BA fli g hts, only 
three are by standard aircraft; the 
others are £5,000-a-seat Concorde 
trips. 

And within two ' weeks of Ameri- 
can’s move, its great rival. United Air- 
lines, will increase its daily Heathrow- 
JFK flights from three to four. 

Other significant carriers on the 
route are Virgin Atlantic, with a 
twice-daily service, and Kuwait Air- 
ways and Air India, with one each. 

That makes 19 flights a day 
between the two airports. Moreover, 
BA and Virgin have daily Bights to 
Newark airport, closer to Manhattan 
than JFK but in the neighbouring 
stale of New Jersey. 

The elevation of the Heathrow-New 
York route to the status of business 
shuttle is a result mainly of the eco- 
nomic recovery, say American and 
United. 

Frequency of service appeals to 
business travellers more than to tour- 
ists. Business executives are more 
likely to fly on an airline that has a 
lot of flights: If the meeting goes on 


Shuttling into Kennedy 

Daniel Green on the increase of JFK/Heathrow flights 


N 7 •• 

. -• <f M A *vVl ' / 

VVT/ & 



. — 





'v/> 

v v 




MB ,< ■ -s-V 


^tfp, ; 'a 


Tony A n drew 

He a throw: the frequency of flights to New York means the route has been elevated to the status of business shuttle 


an extra half hour, the executive 
knows there will be another flight 
home soon. 

For United, the decision to empha- 
sise frequency of service, rather than 
size of aircraft, has led them to 
employ one of the smallest aircraft 
available for such a journey. “The 
route consists largely of point-to-point 


traffic and we decided that the best 
method was to use the smaller Boeing 
767-200s, flying more frequently," 
according to a United spokesman. 

United’s early flight from London - 
at 0755 the first of the day to JFK - 
is especially popular among 
business travellers, and has 
tempted American to introduce 


its own early flight at 0830. The busi- 
ness traveller is an extraordinarily 
lucrative customer to secure. The nor- 
mal business class return fare 
between London and New York is 
about £2,200. almost 10 times the 
cheapest Apex economy fare. 

Because of the congestion at Heath- 
row, an airline cannot easily secure 


additional take-off slots. American 
Airlines is, therefore, sacrificing ser- 
vices to tourist-type destinations, 
such as Los Angeles and Miami, to 
Increase its Heathrow-JFK frequency. 

American is, however, not increas- 
ing its daily flights from other Euro- 
pean cities such as Paris, Brussels. 
Zurich - where economic recovery is 
yet to make itself strongly felt. 

BA says it is unworried by the 
increasing competition on flights to 
JFK. It stiB considers the route "blue 
chip”. But BA says that, since ft took 
a stake in USAir, it has been keen to 
link transatlantic passengers with 
USAir*s huge domestic network. That 
meam it is adding flights to large 
USAir hub cities, such as Pittsburgh, 
Philadelphia, Charlotte, and Balti- 
more. 

BA can also take some comfort 
from the fact that the rise in frequen- 
cies does not mean quite as sharp an 
increase in the number of available 
seats. BA flies the route with 380-seat 
Boeing 747s. Most of the US-owned 
aircraft, on the other hand , are the 
smaller Boeing 767s, which carry only 
between between 164 and 214 passen- 
gers, or McDonnell Douglas MD-lls. 
carrying 271 people. Moreover, passen- 
gers in a hurry are also likely to fac- 
tor into their choice the fact that the 
767s take about 20 minutes longer 
than the MD-lls and 747s. 


Likely weather In the leading business centres 


ifeiqp 22 ; --H 




BWigKWJg g>>30 » 


Frankfort ^ 25 


fciSS.l'i Serna 


^ 2\ 


L Angeles 


SIS 21 


I** ||>» §5 IT $ 19 $ 21 


Maximum townpomtuiw In CeWua 

Mq n mto n auppSed by Meteo Consult at Netherlands 


French 
skies are 
opened up 

T he European 

Commission's ruling 
last Wednesday that 
France must allow competition 
on several routes from Orly 
airport to the south of France 
raises the prospect of more 
convenient, and cheaper, 
travel to French destinations. 
Hie Commission said that 
France must Immediately open 
a route from London Heathrow 
to Orly and must allow TAT 
European airlines - 49 per 
cent owned by British Airways 
- to compete with Air Inter, 
Air France’s domestic 
subsidiary, on the 
Orly-Toulonse and 
Orly-Marseilles routes after 
a six month grace period. 

British Airways hopes to 
start services between 
Heathrow and Orly in June. 
Since most domestic French 
flights operate from Orly, it 
would provide access to a 
valuable hub for French 
holiday and business 
destinations. 

UK is best 

The UK has the best facilities 
for business travellers of any 
European country and Italy 
has the worst, according to 
a poll carried out by Mori for 
Thomas Cook. 

The poll of purchasers of 
travel services in 281 
companies in eight European 
countries found 13 per cent 


TRAVEL 

UPDATE 



thought the UK had the best 
facilities, followed by Germany 
on 10 per cent and Switzerland 
on 6 per cent. Nine per cent, 
mentioned Italy as having the 
worst facilities. 


Mailbox 


In May AT&T launches what 
it claims is the first 
international mailbox service 
for travellers wanting a 
24-hour base for receiving and 
sending messages and faxes 
wherever they may be. 

The US operator’s new 
service, called WoridPlus, 
gives subscribers a mailbox 
and service centre accessed 
via touch-tone or 
voice-response. 

In addition to storing and 
replaying messages, 
WoridPlus allows users to 
reply to the number from 
which a message has been 
received at the flick of a 
button, and to send multiple 
messages and faxes as 
instructed. Subscribers pay 
£50 a year standing charge, 
then pay for services an a 
usage basis. The charge for 
messages and faxes is 
fiat-rate. 


BUSINESSES FOR SALE 


fAilii ? 

|M!S W 1 

2 : 

E I-AVORl 


a 

i*jj * • 

I i \ i 

•it W i 
{juUs •- 

-• 


ON fO* 

Jr*.-*-- ” 


' ; ."i - - ' 


THE REPUBLIC OF 
POLAND 

THE MINISTRY OF PRIVATISATION 

INVITATION TO NEGOTIATE 

The MMster o* PibaKsadon, acting on behal! of the Sate Treasury of me 
Republic of Poland, pursuant to Article 23 of the Act on Privatisation of 
Stale Enterprises of 13 July 1080 (The Privatisation Act), Invites all 
Interested parties to negotiate the purchase of a single package of shares 
consdtuHnQ 2S% of the share capital of the Company: 

KUTNOWSK1E ZAKLADY 
FARMACEUTYCZNE 
■POLFA' SJL 

The Company la a producer of pharmaceutical products, 
veteri nar y drugs, supplementary components for animal feed 
and plant growth stimulators. 

The Company Is seated In the city of Kutno, about 125 Km to the west of 
Warsaw. 

Pursuant to ArtUe 24 of the Privatisation Act, up to 30* of shares of the 
Company wtt be offered to the employees ofihe Company on preferential 
terms. The remaining shares of the Company wfl be offered tor sale by the 
Minister erf Privatisation in a Public Offer In the understandng of the Act on 
Public Trading in Securities and Trust Funds. 

in order to record your Interest and receive a copy of the Information 

Memorandum phase contact 

BUSINESS ANALYSTS AND ADVISERS LTD. 

00-515 Warsaw 
uL Zunmria 22 

tel: (48 2)6214167 Alt Mr Radcslaw Wbaszka 

tel/toc (48 2)628 45 28 Mr Macioj Kania 

tec (48 2)62545 86 


The Information Memorandum wflf be made available (sent) to the 
interested parties upon receipt of a signed confldanBrfty agreement 
m accordance wtfi the terns as specified in die inform a tion Memorandum, 
the deadline tor submitting offers for the purchase of shares in the 
Company is 23 May 1894, 4.00 pm 

The MMstar of Priuatisatian retains the right to deem the offer null and void 
and to renounce the negotiations with no expressed reason. 




London 

Chemical 

Company 

Limited 


A CHEMOL LTD company Limited 

AnwntierofBwQflBATlAKSSCHHWCALCOBFOIM.'IIOII 

LONDON CHEMICAL COMPANY craven House 
LIMITED of Craven House Kingswey London 121 KMgewey 
would like to make it known that there is NO London WG2B 6PA 
ASSOCIATION with rite London Chemical Telephone 071-831 6681/7 
Company (the trade name of DELTA I*faxgS5i7 
COATINGS LTD) of Leighton Buzzard, who ™ -B31 zrza 

are currently in receivership. 

Wc arc a successful £25 Million turnover company specialising in the 
supply of Fertilizers, Rubber Products, Plastic Saw Materials. Plastic Semi- 
Finished Products, Plant Protection Chemicals sod Organic and inorganic 
Chemicals. 

For further details please contact the Marketing Manager at the above 
address. 


FOR SALE 

Sole owner of group of three 
awra ft il service compan i es 
(interior plant displays, 

grounds maintenance, and 
contract cieaalag) wishes to sell 
operations to retire. Joint 
turnover £L5 mQbon 

Reply lo Box Kra, PnmU Tloie*. 0«e 

Sowhwwi ftddgc, Londra SEl 9HL 
NQ TIME WASTERS PLEASE 


PRECISION 
MACHINE SHOP & 
TOOL MAKING 
FACILITY 
AVAILABLE FOR 
SALEORMERGER 

Wen hGdbnda based aoo-csrc activity 




Oriental 

Carpet 

Processors 


The Joint Administrative Receivers offer 
for sale the business and assets of Super 
London Wash Ltd which comprises: 

■ 75 year old well established business 

■ Current turnover approx. £75QOOO per 
annum 

■ Specialist washing and treatment 
facilities 

■ Based at a 49JXO sq.ft, 2 storey industrial 
building in South East London. 

All enquiries to WJH Elies, Joint Administrative 
Receiver, Ernst A Young, Bechet House. 1 Lambeth 
Palace Road London SEl 7EU. 

Tel: 071-937 4061. Fax: 071-928 0425. 

=U Ernst & Young 

AoOmiaeq try Tte hMftof* of CJunereil Accotmamts la CagCmif 
i*M» (o carry an mesooeut ObsImss, 


FOR SALE 

Major pic wishes to dispose of well established but non core 
engineering business In North Wales. 

Wftfi a current T/O of £1^m+, the company manufactures products 
and components for expancflng International niche market Working 
to BS5750 / ISQ9000 quality standards, the fully equipped factory 
offers excellent opportunities for further expansion and as a 
synergistic partner to related businesses. 

Facilities Include a comprehensively equipped machine shop and 
assembly operation supported by inspection and toolroom 
sections. Principals or their retained agents only please write for 
further Information to: 

Write to Box B2792, Financial Times, 

One Southwark Bridge, London SEl 9HL 


PRINTING BUSINESS 

A well established Kent based printing business 
is offered for sale due to the impending retirement 
of one of the two principal directois/shnreholdets. 

Turnover is in excess of £lm per annum 
with a good spread over a quality customer base, 
particularly in the field of direct maiL 

If interested please contact: 

Box B2793, Financial Times, 

One Southwark Bridge, 

London SEl 9HL. 


INSTANT COFFEE 
BUSINESS 
(Russian Market) 

• Recognita! brand 

• Well established in Kasdan market 
(over 2 mUlion units shipped lo dale) 

OWNERS OFFER FOR SALE; 

• Trademart & goodwill 

• Raw materials 

• Access n subcontract packing (UK & 
South America) 

• TV commercial video 

• Finished product (packed in gins Jam) 

• Technical assistance » buyer 

May sail Russian na t ion a l seeking lo 
establish business in UJt 
Agents retained. 

Apply to Box B2786, Financial Times, 
One Southwark Bridge, 

London SEL 9HL 


RECEIVERSHIPS/ LIQUIDATIONS 


PINK PA6ES Is the weekly guide to 
every Insolvent company. The most 
comprehensive guide available it Is a 
proven source of business for those 
working in the insolvency marketplace. 
Fully indexed and guaranteed PINK 
PA6ES offers direct contact with 
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offers Financial summaries for every 
company, looking lor a buyer. Can you 
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F71EE SAMPLE COPY (0273) 72 SCSI (24IIRS) 


HARLEY STREET BUSINESS 
ADDRESS In addMon to our posttyous 
address we offer ltd)y swvtcsd ofOcos, 
boardroom, secretarial, mail and free 
message and telephone service, can be 
answered m your own name. For (urther 
defats phone 071 637 5605 


Profitable long established superbly 
appointed Ladies' Fashion Store 
situated in Top Trading Location - 
South Coast. Medium lo Upper End 
Mercha n dise. Floor area approx 
6,000 sq. £l T/O approx £570.000 
and rising. 

Reply to Box number B2790 
Financial Tfmeg^hunber One, 
Southwark Bridge, London SEl !9HL 




S mall exclusive internationally 
recommended Hoed and Restaurant for 
sale due to retiraoieat. Good [bad guide, 
Egon Raany etc. In wealthy tourist area. 
Ex cc ll ci i t act turnover. Very valuable 
freehold. £750.000 ONO. 
Lessing consnleicd. 

Principals oatj write to Box B2785, 
Futtmdat Times, OruSootbwark 
Bridge. London SEl 9HL 


SOFTWARE 

PRODUCT 

Division of international co mpany 
wishes to dispose of IPR, customer base 
and maintenance co nna c M of established 
IBM m/ormadoo retrieval product. 

Mainfram e - AS/400 Hnkn. 

Contact GMA. Pilgrim House, 
Canute Road, Southampton 5014 3FJ. 
Tab 0703 334634 Fax: 0703 335044 
for more detail* 

rr ACQUISITIONS SPECIALISTS 



The survey will review the taxation 
system worldwide and examine the 
challenges it will face in 1994 and the 
Implications for the international 
business community. The survey will 
reach an estimated international 
readership of 1 million. 

For in adttorfal synopsis mad Mbmiatlra on advertising opportunities 
ptesso contact MELANIE MILES on Tab 071 873 4874 Fax: 071 873 3064 

FT Surveys 


LEGAL NOTICES 



too* UVE BUSINESSES FOR SALE 
and safes cd nsnis tannkWi on 2B2 1 164 
Foe 071 7003404 


RECRUITMENT AGENCY YORKSHIRE 
Turin* E2SOOOO pk* Und« Manognm 
Good Pioffla Box BS789. Prwdm Thrwa, 
Orm SoutMak Bridge. London SEl 8HL 


CM THE me H COURT OF ORIdNATINO PETITION NO » OF IWM 

THE REPUBLIC OF SINGAPORE 

IN THE MATTER OF 
RMCA REINSURANCE LIMITED 
-aud- 

IN THE MATTER OF SECTIONS 2 ID AND 2 1 1 OF THE SINGAPORE 

COMPANIES ACT (CHAPTER MJ. 1990 REVISED EDITION) 

-and- 

IN THE MATTER OF THE SINGAPORE COMPANIES ACT 

-jnd- 

IS THE HIGH COURT OF JUSTICE OF ENGLAND NOOQ&4! OF 1993 

AND WALES. CHANCERY DIVISION 

In Ac manor of 

RMCA REINSURANCE LOOTED 
-and- 

IN THE MATTER OF^ THE COMPANIES ACT IQ&5 
At meetmgi held an 10 Drwmfrff 1993 In Sopfmti and on 14 D e cember 1993 la London dir 
Scheme m Anaatemm Hbe Scheme") tawee* RMCA B dan r m ee Uni lied (heieinafler called 
The Company 1 ! and its Schonc Omfiaua (ai defioed hi die Scheme) was appreved by Ibc Scheme 
Creditors. 

On 29 Much 1994 (he Ugh Com of the Republic of Siagiporr am an 22 April 1994 die High 
Cam at hmkr of Enpfand end Wakx t h e reina fte r called The Conns - ) wrtn u ed the Mea n t n 
jpptoced by fc Mniift Oedtotv 

On 23 and 26 April 1994 the Onfen made « tte Omni mnatootat the Scheme acre ddltered to 
the Regisma of Computes in Sofapoie and England and Wales tespeataiy. 

The Edetme Dare at the Scheme b2ti Apnl 1MW. 

Fhmp Mu Slagcr aad Cttarms*tr ftha Hqhs patum at Coop ea * Lytvaad m app o kred 
fen* Scheme Adawaitrelori on 26 April 1994. 

data* aftiiui die Company mder contract! of ferereree (nr odwrvlK) should he tohremed to *e 
Joint Scheme Adamsmiuea at the MLjwiop addrem 
RMCA Retauanev Ltd. 

I3» CWI Street. 

#134)0 KS Bnikfing. 

Singapore 010$, 

Dued Ota 17 day of April 1991 


m THE HIGH COURT OF 
THE REPUBLIC OF SINGAPORE 


ORIGINATING PETITION 27 OF 1994 


IN THE MATTER OF 
ICS REINSURANCE PRIVATE LIMITED 
-and- 

1N THE MATTER OF SECTIONS 2 10 AND 2tl OF THE SWOAPORE 

COMPANIES ACT (CHAPTER 50. 1990 REVISED EDITIONS 
•and- 

IN THE MATTES OF THE SINGAPORE COMPANIES ACT 
■and- 

IN THE HIGH COURT OF JUSTICE OF ENGLAND NO OOSpcj OF 1993 

AND WALES. CHANCERY DIVISION 

IN THE MATTER OF 
ICS REINSURANCE PRIVATE LIMITED 
-and- 

IN THE MATTER OF THE COMPANIES ACT I98S 
Ai meetings held on IQ December 1993 In Singapore and oa 14 iw«»w 1993 ^ 1 iW- 
Scheme ot Amagemem |-thr Scheme - ) between ICS Relesarfette Prime Umikd fbercuu&er 
aHed The Company") and its Scheme Oe£bm {as defined ta ibc Scheme) was approved by tire 
*Zi Ii»i»i^ Cicdikm. 

(fe 29 March 1994 the High Own of the Republic of Singapore and on 22 April 1994 die High 
Coon of Junks or England and Wales thereinafter oiled the Omar) sanctioned the Scfemc as 
approved by die Scheme CredtoR. 

Oa 25 and 2d April l W< the Orders made in dre Conn amahmlng the Scheme were deUnaed k> 
the Rrgiaan of Companjei in Singapore aad Bnglawl and Wales ttspadiely. 

He Effective Date nf the Scheme is 2d Apnl 1994. 

Philip John Singer aad Chnsupber John Hughes pastnen of Coopen & Lyhnotd were anjotmed 
Jehu Scheme Admmittraucs ■» 26 A^il 1994. 

C ll ai ffls sgaiam the Company under conaaca of Insotmce lor oOrerefael should be sueniiaedw the 
John Scheme Admiitisraton at the following address: 

ICS RelnapiMcc (Prel Ltd. 

137 Cedi Siren, 

* 134X1 ICS BmUtag. 

Singapore 0106. 

Dun] dka 27 day of April 1994. 











TUESDAV MAY 3 1994 



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Gambling with 
the big prize 

David White examines the record of Banco 
Santander's Emilio Bolin, the victor in the 
contest for control of Banesto 


E milio Botfn almost missed the 
boat On the night the chair- 
man of Banco Santander won 
the bidding to taice control of 
Banco Espaflol de Credito (Banesto) 
from Spain's "bank hospital", the 
Deposit Guarantee Fund, he forgot to 
sign the crucial hid document. The 
announcement of the verdict on Spain's 
biggest takeover was held up by an 
agonising extra hour. 

The runner-up in the auction. Banco 
Bilbao Vizcaya, considered using the 
omission to challenge the decision on 
te chnical grounds. 

It had reason to be peeved. 

Not only had it been thwarted in its 
long-time ambition to become the domi- 
nant force in Spanish banking. It also 
faced the prospect of losing high-flying 
executives, on temporary loan to Ban- 
esto during the rescue operation, who 
would now be poached by the new 
owner. 

Overnight the 59-year-old Botin has 
become Spain's top banker. The com- 
bined group, according to Its own calcu- 
lations. ranks number 22 in Europe and 
45 in the world in total assets. 

But Banco Santander's $2bn invest- 
ment in Banesto is a big bite. With a 
branch network two and a half times as 
big as Banco Santander’s, Banesto was 
for many years the country’s biggest 
financial institution, the archetypal 
establishment bank of the Franco 
regime, remaining staid, stuffy and 
impenetrable for years afterwards. 

In its most recent phase, with a 
jaunty new logo and an aggressive tend- 
ing policy, it got itself into deep trouble. 
A $3.7bn rescue operation was required 
to put the mammoth back on its feet 
While Banco Santander has already 
divested almost all its industrial share- 
holdings, Banesto still has a mish-mash 
of interests to be got rid of before it 
becomes an orthodox commercial bank. 

For Botin, the acquisition marks a 
change of approach. At the end of the 


1980s, while other leading Spanish 
banks sought mergers as the most obvi- 
ous of bringing themselves more 
into line with the dimensions of big 
banks in other European countries, 
Botin stood aloof, preferring to build up 
Santander's own business. 

Far from being a buyer, be sold off 
cmaripr "second brand" belong- 

ing to the group. But he is believed to 
have had eyes on Banesto for some 
time. And he clearly saw the auction of 
the restructured bank as a chance he 
could not refuse. 

"We have spent years storing op capi- 
tal to be able to take advantage of 
opportunities, peseta by peseta, 
patiently, prudently" - which is how be 
believe things should be don e in bank- 
ing. 

In Spanish, there are two wards for 
banker. A “bancario” is someone who 
works in banking. A "banquero" is 
someone who runs a bank. Botin - fUH 
name Emilio Botin-Sanz de Sautubla y 
Garcia de los Rios - was bom a “ban- 
quero". 

The family pedigree is unique in 
Spanish business. His grandfather Emi- 
lio Botin was the first permanent chair- 
man Of thp hank which hod huon set up 
in Santander in the 1850s to finance 
transatlantic trade flowing through the 
northern Spanish part His father, also 
Ftnill o Botin, who took over when it 
was still very much a provincial bank, 
oversaw its expansion further afield 
during a 38-year reign as chairman. 

The statue to him in the bank’s bead- 
quarters on the Santander waterfront 
was erected by grateful shareholders 
long before he was ready to leave the 
job. Until his death last year, the father 
was still referred to as Eton Emilio. The 
new chairman continued to be known 
as “the son". 

After studying law and economics at 
Valladolid and the Jesuit Deusto uni- 
versity in Bilbao, he joined the bank at 
24, working at a local branch. But two 



years later be was already a director. 
When his father finally made way for 
him in 1986 he set about strengthening 
the bank's balance sheet, bolstering its 
provisions against loan risks - espe- 
cially in Tjrfrn America — and widening 
its customer base. 

A pioneer in offering interest-bearing 
"super-accounts”. Banco Santander 
moved up from fifth or sixth place 
among the country’s private commer- 
cial banks to number thwee. 

It became a shareholder of Royal 
Bank of Scotland and First Fidelity in 
the US ami built up an international 
reputation for innovation - in fields 
such as telephone banking - and the 
dynamism of its merchant banking 
arm, recently renamed Santander 
Inves tment 

S o why this move? The way it was 
going, in Botin’s view, the group 
would soon have been predomi- 
nantly geared to foreign business - 
already accounting for more than 40 per 
rent of its profits — mid investment 
banking, ft needed to redress the bal- 
ance by increasing its weight in the 
Spanish market Banesto, in many 
backwoods areas of Spain the only bank 
in town, would do the trick. 

Some people in Banco Santander har- 
bour private qualms about the chal- 
lenge the group has taken on, and 
about the price it is paying. But Botin 
dan™ the price is "absolutely reason- 
able” and shrugs off the negative 
impact the deal has had on Banco San- 
tander’s own shares. 

Xn a bank otherwise noted for its 


transparency, the degree of family con- 
trol is a mystery. Little is known about 
the full extent of the family fortune. 
According to its annual report, the com- 
bined fifrarphnidingg of the family foun- 
dation, which is the largest institu- 
tional shareholder, and Botins on the 
board - including brother Jaime, who 
Twwds the wBtwrfatprt Tt m il ri nt w - m i> 
to less than 3£ per cent But nobody 
has any doubt about who runs the 
bank. 

Two of Botin's six children are direc- 
tors - Ana Patricia, 33, and the next 
Emilio Botfn. 30. Either could he in fine 
for the succession. 

The family’s discretion is legendary. 
Botin's wife is a concert pianist, Paloma 
O’Shea, but otherwise little is known 
about his private life except that he 
travels a lot and plays golf when hie 
finds time. According to one person in 
file bank’s inner chide, "nobody gets 
close to Botin”. 

In Santander neither the family nor 
the bank needs to advertise their pres- 
ence; it is pervasive. However, if erne 
were to ask in the world at large who 
was Santander’s most famous living 
son, the answer might not be Botin but 
the golfer Severiano Ballesteros. But 
then Botfn is Ballesteros' father-in-law. 

When he was promoted to the chair- 
manship of the hank iV, years ago, with 
a solid record as manag in g director but 
still very much in the shadow of Don 
Emilio the father, other hankers in 
Madrid reserved their judgment an how 
he would prove hims elf in the position. 
“Now they know," said a colleague at 
the bank last week. 


Personae 


Bergougnoux to run a railway 


Having helped restore financial 
health to Etectridte de Fiance, 
the state energy utility, Jean 
Bergougnoux is to take up a 

STWiUgr ly fn rmi^ahlB r halleng B 

at SNCF, the French national 
railway system, writes John 
RMHHig 

Jacques Fournier, SNCFs 
c ur r ent chairman, will step 
down after the opening of the 
Channel Tunnel, at the age 
of 65. The government has 
puked Bergougnoux, 
managing director of EDF 
since 1987, to step into his 
shoes. 

Bergougnoux, 54, is an 
engineering graduate of the 
prestigious Ecale Poly- 
technique. Be has built his 
career in. the public sector and 
in particular at EDF, which 


he joined in 1970. earning a 
reputation as a skilful manager 
zn both labour relations and 
financial affairs- 

Number two to Gilles 
Manage, chairman of EDF, 
Bergougnoux has for the past 
seven years been responsible 
for the day-to-day running or 
the company. He played a 
si gnifi cant role in returning 
the group to profit at the end 
of the 1960s and reducing debt 
which, at FFr213bn in 1984. 
was equivalent to 27 per cent 
of sates. 

His new task is equally 
daunting . The prin c ipal 
c halleng e faring Bergougnoux 
lies in the flp»wmai situation 

of the railway company; last 

year it suffered losses of 
FFr7.71bn and a rise in its 


debts to more than FFrlKftn. 

The new SNCF bead must 
also try to win back passengers 
disenchanted by a series of 
marketing and technical 
blunders. Socrates, the 
computerised reservation 
system, was afflicted by 
technical problems following 
its introduction at the 
beginning of last year and 
contributed, along with 
recession, to an 8 per cent fall 
in passenger traffic. 

Labour relations at SNCF 
are also delicate. Fournier's 
attempts to increase efficiency 
by establishing separate 
divisions and more 
decentralised management 
have yielded positive results 
but have also drawn strikes 
and stoppages by workers. 


Happy time 
for Keehn to 
step down 

Silas Keehn (right), tall, and 
much, more youthful looking 
than his 64 years, is stepping 
down as President of Chicago’s 
Federal Reserve Bank with 
the same kind of 

^^Kberi^tbe 13 years he 
has spent ministering to the 
financial health of America’s 
heartland, writes Laurie 
Morse. “This seems a very 
good time for a transition,” 
Keehn says. “Happily, things 
are going right Bank reserves 
are adequate (after a difficult 
period in 1990 and 1991) and 
the economy is doing well, 
particularly in the midwest” 

The Chicago Fed's voice in 
US monetary policy, in the 
form of a vote on the Federal 
Open Market Committee, 
rotates every other year with 
the Cleveland Reserve Bank. 
Thus, Keehn says, if his 
successor is appointed tins 
summer, the new appointee 
wifi have time to get to know 
the system before Chicago gets 
the vote again in 1995. 

With Keehn's departure, the 
Fed wifi lose a monetary policy 
moderate. While circumspect 
in his public pronouncements, 
Keehn has a reputation for 
keeping a balanced viewed 
the tradeoffs between inflation 
and economic growth. Having 
spent 23 years at Pittsburgh's 
Mellon Bank before joining 
the Fed, Keehn has a banker's 
view of policy. 

The Chicago Reserve Bank, 



one of 12 nationwide, serves 
Illinois, Iowa, Indiana, 
Michig an, and Wisconsin, an 
area that encompasses an 
nTnignHi mix of agriculture. 
manufacturi ng, and financial 
services. 

Keehn’s successor will be 
appointed by the board of 
directors of the Chicago 
Federal Reserve Bank, which 
has organised a search 
committee. Although the 
search is expected to take 
several months, James 
Amiable, chief economist at 
First National Bank of 
Chicago, is thought to top the 
Ust of potential candidates. 

Pannonplast’s 
Feher ahead of 
the pack 

Eastern Europe's co mmunis t 
economies produced few great 
managers, writes Nicholas 
Denton. Nor, despite official 
lip service to sexual equality, 
did the former Soviet bloc 
allow many women to rise to 
the top in business. But there 
are exceptions, and Erzsebet 
Feher, managing director of 
Hungarian plastics group 


Faxmonplast. is one. 

Under her leadership. 

Pa n non pi as t was an east bloc 
pioneer in the 1980s; it took 
up Worid Bank credits and 
set up joint ventures with 
western manufacturers. And 
this week the company 
completes its privatisation: 
Ftl.83bn <$lSm) worth of 
pannonplast shares are on 
offer to foreign institutional 
investors and the Hungarian 
public. "She’s always been 
ahead of the pack.” says an 
investment banker who has 
worked closely with her. 

While westerners often make 
a hobby of complaining about 
Hungarian managers, they 
swoon before Feher. Advisers 
break off from moaning about 
the tedium and uselessness 
of meetings in Hungary to 
marvel about the amount of 
ground they can cover with 
Feher. 

Feher finds the acclaim all 
rather embarrassing. A 
genuinely modest person, she 
is far happier talking about 
her company than herself. 
Pressed to reveal what makes 
her tick, Feher reluctantly 
ventures her sporting 
background. Now 58, she 
played ping-pong for Hungary's 
national youth team and says 
it may have inculcated 
discipline and a fighting spirit 

She is less proud of her 
gender. Indeed. Feher seems 
to agree with Hungarian male 
attitudes towards 
businesswomen; they can be 
petty, she says, and poor at 
seeing the big picture. But tt 
only takes a meeting or two. 
Feher says, before male 
negotiating partners see that 
she is not like that 



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ultima! 


New Issue May 1994 
Land Niedersachsen 



6.75% Bonds of the State of 
Lower Saxony 1994 (2004) 

- Security Identification No. 159 072 - 


The State of Lower Saxony (Land Niedersachsen), Germany, 
is launching a bond issue, which is offered by tender through the 

Deutsche Bundesbank 

Aggregate Principal Amount: To be determined according to the 
result of the public tender. 


(. Features of the bonds 

Par values; DM 1,000 or an integral multiple thereof. 

Interest; Interest at the rate of 6.75% wifi be payable 
yearly in arrears on April 15, commencing on April 15, 
1995. Interest accrued is based on the date of 
payment. The issue shall cease to bear interest as of the 
end of the day preceding the day on which it becomes 
due for redemption. This is also valid in case that the 
payment is effected according to section 193 of the Civil 
Code. 

Maturity: 10 years. The bonds will be repaid at their 
face value on April 15, 2004. The bonds may not be 

recalled before maturity. 


Trust eligibility: Pursuant to section 1807 (1) 2 of the 
Civil Code. 

Eligibility for investment in premium reserve stock; 
The bonds are eligible as collateral For investment in 
premium reserve stock pursuant to section 54a (2) 4 of the 
Act concerning the supervision of insurance enterprises. 

Eligibility for central bank refinancing: The bonds 
are eligible as collateral for lombard loans pursuant to 
section 19 (1) 3d of the. Deutsche Bundesbank Act and 
eligible for securities repurchase agreements. 

Stock exchange listing: The bonds will be admitted to 
official trading on the stock exchanges in Hannover and 
Frankfurt/Main on Monday, May 9, 1994. 


Market regulation: The Deutsche Bundesbank will 
regulate the market for account of the issuer. 

Delivery: The total amount of the bonds will be evi- 
denced in the form of shares in a Global Debt Register 
Claim (Sammelscholdbuchforderung) registered in the 
name of the Dentscher Kassenverein AG, in the Debt 
Register of the State of Lower Saxony (Landesschuld- 
buch Niedersachsen). No registration of partial amounts 
of the Global Debt Register Claim in the name of a speci- 
fic creditor - Single Debt Register Claim - (Elnzel- 
schuldbuchforderung) — will be made. 

The receipt of physical securities is not possible 
during the entire period to maturity. 

The bidders will receive shares in collective securities 
accounts (Wertreehte). They will be delivered by the 
Land Central Bank - Main Office of the Deutsche Bun- 
desbank — Hannover according to the instructions of 
the bidder. 

- Payments; Principal and interest shall be paid, 
as and when due, to the respective accounts of the depos- 
itors with the Kassenverein. Payments by the issuer 
due to investors without a Land Central Bank giro 
account will be passed to the I a tiers’ accounts with cred- 
it institutions. 


EL Procedure of tender 

Range of eligible bidders; Credit institutions and 
non-banks which hold a Land Central Bank giro account 
may participate in the tender direct. Other domestic and 
foreign prospective buyers may submit their bids indi- 
rectly through a domestic credit institution; in this case, 
contractual relationships will arise only between these 
indirect bidders and the credit institution acting as their 
intermediary. 

Insurance companies, pension funds, investment 
funds and other institutional investors without a Central 
Bank giro account, and private investors should contact 
their credit institutions. 

Bidding deadline: For domestic banks, and non- 
banks which hold a Land Central Bank giro account: 
11:00 a.m. on Wednesday. May 4, 1994. Other potential 
buyers should contact a domestic credit institution well 
in advance. 

Bidding: Bids can be considered only if they have 
been submitted (informally in writing, by telex or tele- 
fax) to the appropriate office of the Deutsche Bundes- 
bank — Land Central Bank (Landeszentralbank) — where 
the giro account is held. 

Bids; Quotation of the desired par value and of the 
price, as a percentage of the par value, at which the 


bidder is prepared to buy the bunds. Bids must Ik* for 
full 0.01 percentage points. Non-eompetitive bids or sub- 
mission of several bids at different prices are possible. 

No yield bids will be considered. 

Minimum denomination: DM 5.000.00 or an integral 
multiple thereof. 

Allotment: Immediately but not later than 9:00 a.m. 
on Thursday, May 5, 1994 by the I.andeszentral- 
bank - Hauptverwultung der Deutsclteu Bundesbank ; 
Hannover, Georgsplalz 5, D-30159 lluuunver. Germany 
(Land Central Bank - Main Office of the Deutsche Bun- 
desbank — , Hannover). 

Bids are allotted at the price specified in the bid con- ; 
cerned (“US -style tender procedure’*). Nun-competitive 
bids are filled at the weighted average price of the bids 
accepted. The Bundesbank reserves the right to arale 
down bids quoting the lowest accepted price and non- ' 
competitive bids. If bids are scaled down, at least 
DM 1,000.00 per bid concerned will lie ulhitlcd. 

The issuer reserves llie right to increase the allotted 
overall amount of the issue for the purposes of market 
regulation. 

Date op which the amounts allotted wifi be debited to 
bidders accounts: For domestic banks, and non-banks 
bidding direct: not later than 11:30 a.m. on Friday, 

May 6, 1994. The equivalent will lie debited to the 
Laud Central Bank giro accounts. Timely remittance of 
cover is required. For potential buyers submitting bids 
through banks, the arrangements made with their credit 
institutions will apply. 

Miscellaneous: Unless otherwise provided elsewhere 
in this invitation to tender, the “General terms and con- 
ditions for the sale of Federal bonds by tender” of the 
Dentsehe Bundesbank will apply. 


Hannover. May 1994 

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FINANCIAL TIMES TUESDAY MAY 3 1994 

Paris goes 
Dutch 

W illiam Packer visits an exhibition of 
20th : century art from the Low Countries 

L a beaute erode is hardly an later. It is this duality, given the 
exact title for what is yet a apparent precise simplicity of the 
fasrinating exhibition foil of exhibition's title, that as the 

beautiful and exciting things, surprise. 


ARTS 


Concerts 


L a *mrto is hardly an 
exact title for what is yet a 
fascinating exhibition full of 
beautiful and eyritftig Bring s. 
Its subtitle, from Van Qogh to Mon- 
drian, gives something rather more of 
its scope, hut there again the infer- 
ence is misleading, partial, imprecise. 

Van Gogh indeed is there, but only 
as a presiding and iconic figure, repre- 
sented solely in a self-portrait, in a' 
grey hat, of 1687. And in a show that 
is one of a pair specifically addressed 
to the art of the Low Countries in the 
20th century, Van Gogh's presence 
itself is somewhat eqnftfocaL 
Certainly there are formal connec- 
tions to the other artists to be made, 
if only in the general foreshadowing 
of expressionism - the clarity and 
intensity of the colour, the staccato 
energy of the brushstrokes, with each 

Tt is Mondrian 
who remains the 
central figure and 
hero of the show* 

mark a distinct beat in the total state- 
ment There too is the sheer symbolic 
force of the image itself; personal and 
tragic as we know with Hindsig ht its 
implications to be. Tet Van Gogh 
spent the later and infinitely more 
productive half of his short career 
abroad, and was dead by 1890. Hie 
position he holds in relation to . 
French painting of the i£80s is obvi- 
ous and unquestioned. Quite how well 
his work was known in Holland 
within the first few years of Ms death 
is another question altogether. 

The real starting posit of the exhi- 
bition is the pointillist yet moodily 
symbolic landscape of 1889 by the 
lesser-known painter, Jan Toorop, a 
view across the canals and low fields 
of the Wateriand at sunset, with shad- 
owy figures in a boat in the fore- 
ground. It is a work that embraces all 
that the exhibition as a whole will 
offer, an the we hand, the formal 
simplicity and rigour which Mondrian 
in particular will take to the limits of 
pure and minimal abstraction; on the 
other, the symbolist and emotional 
content, shades of the workers in the 
fields of Millet and Van Gogh, which 
will to the heightened realism of 
the Dutch figurative painters of the 
early 20th century whom, we come to 


T he American obsession with 
“otherness” was on promi- 
nent display at the recent 
18th annual Humana Festival 
of New American Plays. Nearly all the 
festival's 10 plays, presented at the 
Actors’ Theatre of Louisville, spun off 
of some socio-political issue - lesbian 
and gay issues being the most com- 
mon concern. A tone of politically cor- 
rect sanctimony was averted by the 
high overall artistic standards. While 
the festival lacked an outstanding 
success - Tony Kushner’s Slavs!, 
expected to fill that bill, proved a dis- 
appointment - the general quality of 
the plays and the adventurousness of 
the programming were an advance on 
previous festivals. 

Slavs! (Thinking about the Long- 
standing Problems of Virtue and Hap- 
piness), is Kushner’s first play since 
the international success of his Pul- 
itzer Prize-winning epic Angels in 
America. The new play partly com- 
prises scenes cut from Perestroika, 
Angels' second half. While full of 
freshly comic scenarios and bis trade- 
mark Hailing flights of prose, Slavs! 
is more a disjointed grab-bag of 
scenes than a folly realised play. Its 
first series, schtick-laden sketches in 
which ageing apparatchiks literally 
politic themselves to death, are funny 


later. It is this duality, given the 
apparent precise simplicity of the 
exhibition’s title, that as the 

surprise. 

That said, it is Mondrian who 
remains the central figure and hero of 
the show. While Toorop veers sharply 
off at a tangent into bizarre fin-de- 
siMe graphic symbolism, Mondrian 
stays with the landscape of sea and 
dune, tree and church tower, that 
grows ever more simple and rarefied 
while losing nothing of its mystical, 
symbolic charge. Such mystical signif- 
icance remained as the informing' jus- 
tification of an he did, no matter that 
by the mid- 1910s, undo- the obscure 
phflosopMsings of neo-plasticity, his 
painting had moved away from any- 
thing even remotely representational 
in its reference - nothing more (ban 
lines and grids and squares of colour. 
The magnificent sequence of paint- 
ings and drawings in the first mein 
room, that takes us from the trees 
nnfl ranala of STOUnd 1900 through the 
sea and dunes capes to the frag- 
mented, quasi-cubist trees and towers 
of around 1913, is alone worth the 
visit. With the rational, abstract 
developments of Ms next 30 years to 
follow in the later rooms, set into the 
context of the work of the de Stiff 
group in general and such as Bart van 
der Leek and Theo van Doesburg in 
particular, the show is irresistible. 

But between de StBj constructivism 
in its origins and later pomp comes a 
quite separate body of work; and with 
it the show's greatest surprise. For 
here, as complement and counter- 
point to Mondrian and his associates, 
are those Dutch realists of the 1920s 
ami 1930s, colleagues at a remove of 
the Neue Sachlikeit in Germany in 
particular, and realist contemporaries 
everywhere, with their peculiarly 
heightened and febrile, all but sur- 
real, clarity of image, and their 
uncompromising honesty. We are 
back at once to Van Gogh in his 
self-image at the show’s beginning, 
and it is hardly by chance that each 
painter of this later group is repre- 
sented by self-portrait after self-por- 
trait, rows of them. 

All are remarkable artists, and their 
still comparative obscurity merely 
confirms the rule that even in our 
supposedly international age, national 
schools of art, not just in England but 
everywhere, remain too much the 
province of a merely national, even 



4(0: JW 

. -.'i . rrih 

Fine artists such as Jan Mankes, here in ‘Self-portrait with owl’ (1911), deserve a wider stage 


parochial interest. Dick Ket, Pyke 
Koch and Jan Mankt*; are fine paint- 
ers by any measure, their work beau- 
tifully made, intense in feeling and 
properly of its time. They are long 
overdue their place on a wider critical 
stage. But most remarkable of them 


all is Charley Toorop, daughter of Jan 
Toorop and an English mother, Annie 
Hall. Her sequence of self-portraits, 
some of monumental scale and as 
strong and simple in the statement as 
in the vision, surely mark her out as 
one of the most important, albeit 


New plays of lesbian love 

Karen Fricker reviews the Humana festival in Louisville 


but forgettable. The play's real inter- 
est kicks in when we meet Katherina 
(Kate Gesturing), an idealist cursing 
her way through a functionary’s job, 
and her lover Bonfila (Mary Schultz), 
a paediatric oncologist. Exiled to 
Siberia, Bonfila encounters an out- 
break of radiation sickness and in the 
play’s most effective, final scenes, we 
follow a young victim to heaven. 

Kushner’s en gagem ent in these last 
scenes is dear, but his earnestness 
mtnjrtgg uncertainly with the broadly 
comic tone of the play’s first half Lisa 
Peterson directs with pace and a flair 
for the broadly theatrical gesture, hut 
Hie production is hindered by weak 
acting among the older male perform- 
ers. Schulte and Goehring, however, 
are first-rate. 

Kushner’s play was performed in a 
double bill with Trip’s Cinch by Phyl- 
lis Nagy, an American playwright liv- 
ing in London whose Butterfly Kiss 
recently premiered at the Almeida. 
Trip’s Cinch is similar in tone and 
theme to David Mamet’s Olearma and 


Inspired by the William Kennedy 
Smith and Mike Tyson date rape 
cases. Plays such as this, and the 
issues they are meant to inform, are 
fuelled by ambiguity, but Nagy's 
drama lays it on too thick. With so 
few clues given to the audience about 
how to interpret the events on stage, 
our reaction is less prurient fascina- 
tion than indifference. 

The festival’s most effective produc- 
tion, Wendy Hammond’s Julie John- 
son, is impressive less for any innova- 
tions in theatrical form than for the 
freshness of Hammond's voice and a 
remarkable performance by Lily 
Knight as the title character, a work- 
ing-class wife and mother who decides 
she “doesn't want to be stupid no 
more". 

She kicks out her husband, enrols 
in night classes, and discovers a pas- 
sion for computers and for her best 
friend, a coffee shop waitress. The 
dilemma the women face in reconcil- 
ing their new-found sexual identity 
with the restrictive standards of their 


community is compelling and, eventu- 
ally, moving. 

For all its emotional credibility, 
JvMe Johnson never departs from the 
formulaic structure of a television 
movie-of-the-week, a weakness which 
director Jon Jory counteracts with an 
aggressively theatrical production - 
black-garbed stagehands move pieces 
of scenery on and off stage; rock 
music blares during set changes. 

Humana's annual presentation of 
10-minute plays, a disappointment at 
past festivals, found life in the genre 
this year. Jane Anderson’s The Last 
Time We Sato Her is a little bombshell 
of precise naturalism. A young busi- 
nesswoman tells her boss that she is 
gay and that she wants her co-work- 
ers to know about it. The ensuing 
conversation turns quietly ugly, but 
just who is in the wrong? 

Susan Mater’s My Left Breast is a 
part-confessional, part -inspirational 
autobiographical monologue covering 
Miller’s breast cancer and a difficult 
break-up with a female lover. While 


Miller's good humour and bravery are 
remarkable - there are few women 
around, for better or worse, who 
would be willing to expose a mastec- 
tomy scar to a roomful of strangers - 
her message, that we must bear the 
good with the bad, is hardly new. 

The festival's most stylistically 
adventurous offering was 1969, a col- 
laboration between director/wrlter 
Una Landau and seven young per- 
formers. A collage of songs, dialogue, 
speeches, and movement, 7969 is an 
attempt to evoke both the universal 
pains and rewards erf growing up, and 
to capture the mood of the late 1960s 
in middle America. Landau directs 
and the cast performs with precision 
and passion, but the plot is too pre- 
dictable - nerdy high school senior 
realises he’s gay and runs off to an 
idealised New York - and the writing 
seldom rises above the banal. 

High production values are among 
the Humana Festival's traditional 
pleasures; set designer Paul Owen, 
who has designed nearly every play in 
festival history, is an unsung genius 
of American theatre. Another of the 
Festival’s delights is its community 
spirit - a relief for the jaded big city 
theatregoer and a reminder of the val- 
ues that inspired the regional theatre 
movement and keep it alive. 


Twenty years 
of Capricorn 


The Capricorn ensemble has 
celebrated the mid of its second 
decade with three concerts in 
the Purcell Room and in St 
Giles, Cripplegate, pardonably 
recalling some of Its most suc- 
cessful commissions. This 
excellent team has been assid- 
uous in seeking out new, seri- 
ously original music, placing 
fresh commissions in promis- 
ing hands, and meanwhile cul- 
tivating older styles well 
enough to fill historical gaps in 
the CD repertoire with distinc- 
tion and profit. In short, it is a 
Good Thing with a solid track- 
record. though the live audi- 
ences last week were keen but 
small. 

The label “Capricorn" names 
a Quid personnel Some of the 
performers we heard on Tues- 
day and Saturday were too 
young to have been in at the 
start For its adventurous rep- 
ertoire. anyhow, Capricorn has 
to field such variously consti- 
tuted little bands that it has 
only a few “core" members to 
fix its identity. Perhaps the 
longest-serving souls, and 
certainly the dominant musi- 
cians, are the clarinet, cello 
and piano (Anthony Lamb, 
Timothy Mason, Catherine 
Edwards) - three-quarters of 
what Messiaen required for 
his Quatuor pour la fin du 
temps, which prompted the for- 
mation of Capricorn in the first 
place. 

Among the Capricorn com- 
missions here, going back to 
1985, were Edison Denisov’s 
winds-and-strlngs Sextet, 
coolly and intricately contra- 
puntal in strictly equal voices, 
wmft standing out; and James 
Ellis's quizzical, picturesque 
Mountain Steps, of which we 
beard just three-fifths - it has 
been “fundamentally recom- 
posed” but not finished yet. 


For The Nervous Saurian, 
inspired by a Danish science- 
fiction novel about wise liz- 
ards, Anders Nordentoft made 
imaginative use of the same 
trio - the “core” players - as 
Nigel Osborne's new Sarajevo, 
a heartfelt letter of condolence 
which sticks to time-honoured 
modes of registering grave feel- 
ing. 

Neither of those had the kick 
of Gerald Barry’s rumbustious 
Piano Quartet, which Capri- 
corn premiered in 1992. 
“Wholly concerned with mel- 
ody,” Barry claims; in feet it is 
a furious confection of slightly 
out-of-synch folk music echoes, 
presumably Irish, insistently 
lively, with a forceful surge. By 
comparison, Birtwistle's Clari- 
net Quintet sounded scrupu- 
lously worked out but staid. 
Magnus Lindberg’s recent 
Quintet charged the same 
ensemble with continuous pal- 
pable energy, brilliantly engi- 
neered and calculated as is his 
wont. The unabashed star Is 
the clarinet, maximally fluent 
In generating fresh ideas, leav- 
ing the strings to pick up the 
pieces and reassemble them 
elegantly. 

Each Capricorn concert set 
itself a high standard by 
starting with one of Elliott 
Carter's recent hommages to 
friends and colleagues. I heard 
the 1984 Riamascema for violin 
(Rebecca Hirsch) and the 1990 
Con leggerezza pensasa for the 
“core” trio here, and marvelled 
again at the lucid density 
Carter achieves for every pass- 
ing event. Within a few min- 
utes we get a whole, cogent 
epic, each laconic episode 
stamped with speaking charac- 
ter such as only a past-master 
can contrive. 

David Murray 


Native Czech 


hardly rated, female artists of her 
time. 

‘La beaute exacte: de van Gogh & 
Mondrian'. Musde d’Art modeme de 
la Ville de Paris, 11 avenue du Prtsi- 
dent- Wilson, Paris 16, until July 17. 


While Prague’s two opera 
companies show waning enthu- 
siasm for the native repertoire, 
there is still plenty erf Czech 
music to be heard in the city's 
lovely concert halls, much of it 
little known in the West. Two 
recent programmes found the 
Czech Philharmonic Orchestra 
tackling works by Vorisek and 
Novak, and the Prague Sym- 
phony accompanying a mass 
by fija Humik (bl922). Both 
were well attended and warmly 
received by local concert-goers, 
suggesting that the tourist 
market does not yet have a 
monopoly on all cultural life in 
the Czech capitaL 

The most rewarding discov- 
ery was Hunuk*s Missa Vinea 
Cmcis, premiered two years 
ago with organ accompani- 
ment Humik's music is well 
established in the Czech 
Republic and deserves a wider 
reputation. The Mass is a tonal 
work, clean- textured and full of 

subtle har monic modulatio ns, 

drawing its inspiration from 
Humik's north Moravian folk 
roots and the Janacek-Martmu 
tradition, rather than the glum 
postwar school of Czech mod- 
ernism. 

The opening Kyrie, a pure 
pastoral air, sets an optimistic 
tone. The Gloria, Credo and 
Sanctus include spiky interjec- 
tions for chamber orchestra 
(no brass), while the Agnus 
captures some of the other- 
worldly atmosphere of Mes- 
siaen's L ’Ascension. Hie final 
Deo gratias has a lively rhyth- 


mic pulL The 80-strong Per- 
monik Children's Chorus, 
which commiss ioned the work, 
sang without blemish, bat 
could have added more bite. 
This luxurious opener to the 
Prague Symphony Orchestra's 
concert in the Smetana Hall 
was followed by an inspired 
account of Shostakovich's First 
Cello Concerto by Frans Hel- 
merson and Debussy’s La Mer. 
Martin Turnovsky conducted 
all three with idiomatic flair. 

Humik was one of the many 
composition pupils of Vitezslav 
Novak (1870-1949), whose own 
music has been well repre- 
sented in the Czech Philhar- 
monic's programmes this sea- 
son, I heard the song cycle 
Volley of the New Kingdom for 
baritone and orchestra (1903), 
based on a text by Antonin 
Sova. It is infused with impres- 
sionist touches, late Romantic 
colours and lyrical poetry, and 
it could have made a kind of 
Czech Sea Pictures, if the four 
songs had not been so short - 
a mere 13 minutes. The music 
found a heroic upper extension 
in Ivan Kusnjer*s lusty voice. 
Oliver Dohnanyi, making his 
Czech philharmonic debut in 
the Dvorak Hall, conducted a 
robust account of Vorisek’s D 
major Symphony, and ended 
the programme with Dvorak’s 
Symphonic Variations, infused 
with all the tonal bloom and 
beauty for which Czech orches- 
tras are renowned. 

Andrew Clark 


Interna Tiona l 


■ ANTWERP 

De Vlaamse Opera Sun; Stefan 
Soltesz conducts first night of W9y 
Decker’s production of Billy Budd, 
wife cast headed by Michael Kraus, 
Nigel Robson and Gidon Saks. 
Repeated May 10, 12 and 14 In 
Antwerp and May 20, 22 and 27 
in Ghent (03-233 8685) 

■ AMSTERDAM 

Concertgebouw Tonight Mikhail 
Pletnev conducts Russian National 
Orchestra in works by Tchaikovsky, 
Skryabin and Rakhmaninov. Tonight 
(KJeine Zaafc Fefictty Lott song 
recital. Frt Jean Foumet conducts 
Royal Concertgebouw Orchestra 
in Debussy, TomasJ and Berlioz. 

Sat morning: Sarah Walker song 
recital. Sat, Sun, next Tues: Philippe 
Bitremont conducts Netherlands 
Chamber Orchestra in Mozart. Ibert 
and Samt-Saens, with piano soloist 
Stefan Vladar. {24-hour information 
service 020-675 4411 ticket 
reservations 020-671 8345) 
Muzfektheater Tonight: Edo de 
Waart conducts final performance 


of Harry Kupfer's production of 
Salome, with Josephine Barstow 
and John Brficheler. Tomorrow, 
Thurs: GutoenWan Ballet mixed MIL 
Fri, next Mon (In repertory till May 
22); Peter Schat’s new opera 
Symposton, conducted by Hans 
Vonk and staged by Ian StrasfogeL 
Sat, Sun, next Tues: Sankai Juku 
presents Yuragi, play by Ushio 
Amagatsu (020-625 5455) 

■ BRUSSELS 

Palais des Beaux Arts Tonight 
Karts Graf conducts Belgian National 
Orchestra in works by Mozart and 
Haydn, with cello soloist Matt 
Haimovttz. Fit Muhai Tang conducts 
Royal Randars PhBharrnonic 
Orchestra In Grieg, Nielsen and 
Sibelius, with clarinet soloist Walter 
Boeykens. Sat (Conservatoire): Ulya 
ZffbersteJn piano redtaL Sun 
afternoon: Patrick Davin conducts 
Belgian National Orchestra in Weber 
and Beethoven, with clarinet soloist 
Walter Boeykens 032-507 8200) 
Monnate Tonight, Thurs, Sun and 
next Tues: Antonio Pappano 
conducts Willy Decker's production 
of Peter (jkimes, with cast headed 
by WBfiam Cochran, Susan ChHcott 
and Gregory Yurisich (02-218 1211) 

■ GENEVA 

OPERA/CONCERTS 
Grand Theatre Thurs: Bruno 
Campaneila conducts first night 
of revival of Robert Careen’s 1991 
production of BeHInTs I Capulati 
e I Montecchl, with cast headed 
by CeciKa Gasdta and Jennifer 
Lanmore. Repeated May 7, 10. 12. 
14,18(022-311 2311) 

Victoria Hati Thurs; Ulya ZHberstain 


piano recital (022-310 9193). Fit 
Horst Stein conducts Orchestra 
de la Suisse Romande in works 
by Mozart and Richard Strauss, 
with clarinet soloist Aart Rozeboom 
(022-311 2511) 

THEATRE 

Contedie Daily tili Sat Feydea u’s 
farce La Main Passe, directed by 
David Bauhofer (022-320 5001) 
Theatre de Carouge Next Tues: 
first night of new production of 
Corneille's Le Gid, directed by 
Simon Ene (022-343 4343) 

■ CHICAGO 

Orchestra Han Tonight Orpheus 
Chamber Orchestra with soprano 
Dawn Upshaw. Thurs, Fri. Sat 
Daniel Barenboim conducts Chicago 
Symphony Orchestra in world 
premiere of Boulez's Notations 
V-Vili, pfu s works by Wagner, 
Schumann and Skryabin with cello 
soloist Yo Yo Ma. Sun: Barenboim 
and Ma recital (312-435 8666) 

■ SALZBURG 

WHIT CONCERTS 

The Chicago Symphony Orchestra 
returns to Salzburg for Whit 
weekend May 21-23. Daniel 
Barenboim conducts the opening 
programme of Brahms and 
Stravinsky, and Georg Solti 
conducts two programmes of 
Beethoven and Stravinsky on the 
following two evenings (Tel 
0662-841307 Fax 0662-840124) 

■ UTRECHT 

Vredenburg Tonight Emerson 
Quartet plays string quartets by 
Schubert, Shostakovich and 


Beethoven. Tomorrow. Jan 
Latham-Koenig conducts Radio 
Philharmonic Orchestra and Chorus 
in works by Beethoven, Mozart and 
Mendelssohn. Thurs: Jean Foumet 
conducts Royal Concertgebouw 
Orchestra in Debussy, Tomasi and 
Berlioz. Fri: Sanford Sylvan song 
recital. Sat: Jan Latham-Koenig 
conducts orchestral works by 
Massenet, Mozart and Dvorak 
(030-314544) 

■ VIENNA 
OPERA/DANCE 
Staatsoper Tonight, Sat Toeca. 
Tomorrow: L’efisir d'amore. Thurs, 
Sun: Pladdo Domingo conducts 
John Dew's new production of I 
Puritan!, with Edita Gruberova, Mario 
Glordani and Dmitri Hvorostovsky 
(repeated May 11, 15 and 18). Fri: 
Prokofiev's haflet Romeo and JuheL 
Next Mon and Thurs: Colin Davis 
conducts Idomeneo (51444 2955) 
Votksoper Sat, next Mon; The 
Makropodos Case with Anja SBja 
(51444 2959) 

Ronacher Sun, next Mon, Tues, 
Wed: Pina Bausch Tanztheaier 
Wuppertal (586 167 6) 

CONCERTS 

Musflcverefn Tonight: Simon Rattle 
conducts City of Birmingham 
Symphony Orchestra In works by 
Rameau, Debussy, Haydn and 
Bartok. Thurs, Fri, Sat Zdenek 
Maced conducts Pittsburgh 
Symphony Orchestra In Smetana, 
Janacek and Tchaikovsky. Sat 
afternoon. Sun morning, Mon 
evening: Pierre Boulez conducts 
Vienna Phflhaimonie Orchestra in 
1994 Vienna FesttvaL Next Tues, 
Wed: CiautSo Abbado conducts 
Berlin Philharmonic (505 8190) 


Konzerthaus Tonight, tomorrow. 
Sat, Sun (Mozart-Saal): Borodin 
and Tokyo Quartets give a cycle 
of quartets by Shostakovich and 
Beethoven. Tomorrow: Michael 
Gfelen conducts South West 
German Radio Orchestra in works 
by Beethoven and Bruckner, with 
piano soloist Stefan Litwin. Thurs: 
Melvyn Tan is piano soloist with 
New Mozart Ensemble. Fri: Oleg 
Caetard conducts Austrian Radio 
Symphony Orchestra and Chorus. 
Sun: Bruno Weil conducts 
Tafelmusrk baroque ensemble, with 
soprano Emma Kirkby (712 1211) 
THEATRE 

A new production of Goethe's 
Torquato Tasso, directed by Cesare 
Lievi, opens on Fri at 
Akademletheater (51444 2959). 
Peter Zadek’s production of 
Shakespeare's Antony and 
Cleopatra opens at Theater an der 
Wien on Sat, with Gert Voss and 
Eva Mattes in the title roles (5883 
0237). Repertory at Theater in der 
Josefstadt includes a new 
production of John Osborne's The 
Entertainer (402 5127) 

■ WASHINGTON 

DANCE/MUSIC 

# Parsons Dance Company is In 
residence at the Kennedy Center's 
Terrace Theater from tonight till 
Sat Accompanied by Billy Taylor’s 
jazz trio. May 11-15: Washington 
Ballet (202-467 4600) 

• Christoph Eschenbach Is 
conductor and piano soloist with 
National Symphony Orchestra on 
Thurs, Fri, Sat and next Tues at 

Kennedy Center Concert Hall. 

Music by Beethoven and 
Tchaikovsky (202-467 4600) 


THEATRE 

• The Winter’s Tale: Britain’s Royal 
Shakespeare Company is in 
residence at the Eisenhower 
Theater for the next three weeks 
(202-467 4600) 

• A Room of One’s Own: Eileen 
Atkins In her acclaimed portrait of 
Virginia Woolf. At Arena Stage, 
Kreeger Theater, tin June 19 
(202-488 3300) 

• Hot'n’Cole: a Cole Porter 
musical revue, comprising more 
than 50 great songs by the master 
of American popular music. Opens 
tonight at Olney Theater, tffl May 
29(801-924 3400) 

• Hot Mikado: this 1940s swinging 
version of the GAS operetta has 
returned to Ford’s Theater (202-347 
4833) 

■ ZURICH 

Opemhaus Tonight, Fri: 
choreographies by Blenert, Ek and 
Van Manen. Tomorrow, Sat (also 
May 11, 15. IQ: Lamberto Gardeffl 
conducts Andrei Serban's new 
production of Adriana Lecouvreur, 
with cast headed by Mara Zampieri 
and Neil Shicoff. Thurs, Sun: Fedora 
with Agnes Baftsa and bis Lima. 
Sun afternoon: Die Zaubeffl6te. Next 
Mon: Alban Bog Quartet (01-262 
0909) 

Tonhafle Tonight, Thurs. Fri: NeUo 
Santi conducts Tonhalle Orchestra 
in a programme inducting Elgar’s 
Violin Concerto, with Igor Oistrakh. 
Tomorrow: Q Giardino Armonco 
plays Vivaldi’s Four Seasons (01-261 
1600) 


ARTS GUIDE 
Monday: Berfn, New York and 
Pate. 

Tuesday: Austria, Belgium, 
Netherlands, Switzerland, Chi- 
cago, Washington. 
Wednesday: France, Ger- 
many, Scan di navia. 

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

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 
(Central European Time) 
MONDAY TO FRIDAY 

NBC/Super Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euronews: FT Reports 0745, 
1315, 1545. 1815, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel; FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2330 

Sky News: FT Reports 0430, 
1730; 



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Understanding the 
libertarian mind 


T he other evening I 
attended a meeting of 
the Vienna Coffee 
Club - that is Vienna 
in the state of Virginia. The 
guest of honour, Mrs Bettina 
Greaves, spoke about Ludwig 
von Mlses, the late “Austrian” 
economist whose work she has 
lovingly catalogued. I thought 
how strange it was that Mises. 
an economist almost unknown 
in his native Austria, remains 
a source of inspiration for 
many US libertarians. 

I suppose Americans, for his- 
torical reasons, are naturally 
more sympathetic to free-mar- 
ket ideas than Europeans. The 
newly-formed Vienna Coffee 
Club is typical of scores of dis- 
cussion groups and think-tanks 
scattered across the US. What 
they share is a dislike of gov- 
ernment and a burning com- 
mitment to pcnnnmic and per- 
sonal liberty. Some, such as 
the Cato Institute in Washing- 
ton DC, exert considerable 
influence. 

Cynics tend to dismiss liber- 
tarians as either cranks or 
rightwing reactionaries. They 
say the high-flown rhetoric 
about “freedom" is a smoke- 
screen. Rich entrepreneurs 
support such groups, the argu- 
ment runs, for selfish reasons: 
to garner political support for 
lower taxes, a policy from 
which they stand to benefit 
Perhaps same backers of lib- 
ertarian groups do have dubi- 
ous motives. But this is not an 
argument against libertarian- 
ism: as Adam Smith noted, 
self-serving behaviour often 
promotes public welfere more 
effectively than altruism. 
Motives in any case have no 
bearing on the validity of pohb 
leal arguments. While libertari- 
ans sometimes welcome sup- 
port from traditional 
right-wingers, the philosophy 
espoused by true believers 
would make most conserva- 
tives cringe. 

Libertarians believe in one 
fundamental principle: individ- 
uals should be flee to pursue 
their own goals unmolested 
provided they do not harm the 
person or property of others. 
All consenting acts between 
adults that do not damage 
third parties should he permit- 
ted. Libertarians are thus 
highly critical of conservatives 
for disregarding civil and per- 
sonal liberties and for impos- 



MICHAEL PROWSE 
on 

AMERICA 


ing thpir moral codes on the 
entire community. 

They reject military con- 
scription (even in wartime) as 
a wholly unacceptable infringe- 
ment of personal liberty; they 
oppose all forms of censorship, 
including restrictions on por- 
nography; and they strongly 
advocate equal legal treatment 
of all citizens, regardless of 
sexual orientation, race or gen- 
der. A libertarian could have 
no principled objection to 
homosexual marriage, or to 
adult prostitution, which is a 
service in obvious demand. 

In these respects libertarians 
are firmly “left of centre”. But 
they part company with social 
democrats on economics. They 
do not believe personal and 
economic freedoms can be dis- 
entangled. As Mr Murray Roth- 
bard, a prominent American 
libertarian, has often argued, 
civil liberties are rooted in eco- 
nomic freedoms. Why? Because 
we cannot do anything without 
control of physical objects and, 
ultimately, we cannot control 
what we do not own. Liberty is 
thus a myth unless individuals 
can own and transfer assets 
without interference. 

The axiom that interactions 
between people should not be 
interfered with unless they 
damag e third parties thus logi- 
cally extends from free speech 
and sexual conduct to the 
exchange of goods and ser- 
vices. Yet when government 
imposes taxes or regulations, it 
forcibly interferes with these 
voluntary economic exchanges. 
Taxation, for example, means 
that employees often receive 
two thirds or less of the mone- 
tary value of their output. 
Extreme libertarians, such as 
Rothbard, reject all taxation as 
“theft”; moderate libertarians 
accept the need for some taxa- 
tion, but oppose progressive 


taxes - proportionately higher 
taxes on the wealthy. 

Western-style democracy 
(one person one vote) is often 
regarded as an automatic guar- 
antee of personal freedom. Lib- 
ertarians agree that the alter- 
natives are worse, but they 
regard government of any sort 
as potentially despotic. The 
problem is that the right to 
vote once every few years 
gives the individual little con- 
trol over the actions of govern- 
ment It exerts no effective 
restraint on the capricious wi n 
of the majority, which is often 
strongly influenced by special 
interest groups. 

Libertarians fear individual 
rights are being crushed even, 
in such supposedly individual- 
istic societies as the US. For a 
catalogue of recent abuses, see 
Lost Rights: the Destruction of 
American Liberty (St Martin's 
Press, New York), a new book 
by libertarian author James 
Bovard. He worries about tax 
regulations that are forcing the 
self-employed into bankruptcy, 
“asset forfeiture" laws that 
permit officials to seize prop- 
erty almost at will, security 
forces which search homes and 
persons merely on suspicion of 
drug abuse, and a mind-boggl- 
ing array of arbitrary rules 
stemming from some L200 sep- 
arate federal programmes. 

Bovard com plains that most 
Americans have a romantic 
view of government: they 
judge politicians not by their 
record but, naively, by what 
they say they will do for vot- 
ers. He favours rolling back 
government to its 1910 bound- 
aries - before income tax. 

Since libertarians believe in 
low, flat taxes and a murimal 
government (for such func- 
tions as defence and law and 
order), they are often perceived 
as “uncaring”. Ibis is some- 
what unfair. People’s ethics are 
best judged by their private 
actions - not by their politics. 
The proportion of income that 
individuals freely give to char- 
ity is surely a far better gauge 
of their sympathy for their less 
fortunate fellows than the 
shrillness of their calls for 
higher taxes on the rich and 
more public spending, much of 
which only induces depen- 
dency in recipients thus fur- 
ther eroding their life chances. 
The libertarian voice deserves 
to be beard. 


S ir Alastair Morton and 
Mr Andre B&rnrd, co- 
chairmen of Euro- 
tunnel, will on Friday 
join Hu* ranks of engineering 
pioneers such as Thomas Tel- 
ford, Isambard Brunei and 
Ferdinand de Lesseps who 
have presided over grand engi- 
neering projects completed late 
and over budget 
The official opening of thg 
nharmpl tnTmgi by the Queen 
and President Francois Mitter- 
rand of France is a year later 
than originally planned- A fall 
service is unlikely to be avail- 
able until the autumn. 

The cost of the project, at 
more than £iobn including 
interest payments, is more 
than double the £44Jbn forecast 
in 1987. Shareholders, who 
have invested CL.Gbn already, 
will be asked later this sum- 
mer to find another £500m- 
£750m as Eurotunnel seeks to 
raise yet more cash to meet the 
spiralling costs. Similarly, 
hanks will have to lend more. 

Their experience, and those 
of promoters of other large 
engineering projects, raises the 
question of whether such pio- 
neering schemes are suitable 
for private investment when 
they are almost im pnaaihia to 
cost in advance. 

Potential promoters of the 
£2.7bn proposed high-speed rail 
hnk between the nhannai tun- 
nel and T/miimi have SUCCBS- 

fully argued that the govern- 
ment should share the 
finarndfli risk as it can take a 
broader view of other social 
and economic benefits which 
the development may bring. 
The UK government says it 
will bear part of the cost but 
the amount has not been 
decided. 

Developments which have 
substantially exceeded their 
original budgets in recent 
years include the Thames Bar- 
rier which cost £46m (com- 
pared with an original price of 
£23m), and the NatWest Tower 
in the City of London, £115m 
(£15m). Outside the UK, the 
Saikfln rail tiiTitip] u connecting 
the island of Hokkaido to 
mainland Japan was completed 


14 years late and billions of 
pounds over budget 

History is Uttered with gran- 
diose schemes which have 
railed to satisfy the original 
expectations of bankers, inves- 
tors and politicians. Yet many 
have come to be regarded as 
successes bringing great strate- 
gic advantages. 

Mr Patrick de Pelet, head of 
project finance at Klein wort 
Benson merchant bank, says: 
“The political, commercial and 
financial risks involved in 
large infrastructure projects 
are such that the private sector 



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FINANCIAL TIMES 

The Channel tunnel opens this week, late and 
over budget Andrew Taylor says it is not unique 

Pounds, pioneers 
and more pounds 



ri ght at tiie end of the tunnel: an view of the Channel project and, inset. Sir Alastair Morton 


will look to the government to 
bridge the gap to bring the eco- 
nomics into balance in this 
m or e demanding climate.” 

Mr Roland Paxton, historian 
at the Institution of Civil Engi- 
neers, says laige projects have 
particular features which make 
it diffic ult to forecast the cost 
and construction time. He says 
the scale of the work means 
that construction, invariably, 
has to start before detailed 
designs are completed and 
potential problems and bottle- 
necks can be identified. Engi- 
neers without detailed plans 
tend to be over-optimistic in 
their projections, particularly 
with nervous bankers and 
shareholders to convince. 

For example, a cooling sys- 
tem in the Channel tunnel was 
not Included in the original 
plans. The need for one only 
became apparent when final 
designs revealed that friction 
caused by the passage of some 
of the world’s largest trains, 
together with heat generated 
by signalling, communications 
and other equipment, would 
increase the temperature 


the tunnels to 50° C. 

As a result engineers had to 
in<ataii hundreds of kilometres 
of pipes to pump 220 litres of 
water a second, chilled to 3°C 
by cooling plants equivalent to 

25,000 domestic refrigerators. 

Designs on long-running pro- 
jects also have a habit of 
changing. Mr Neville Simms, 
chief executive of Tarmac, one 

The £10bn cost of 
the tunnel Is more 
than double the 
£4.8bn forecast 
in 1987 

of the five British and five 
French construction companies 
which built the Qhimjwi tunnel 
says: “The speed of technologi- 
cal development has been such 
that even if we had spent two 
years preparing detailed 
designs before storting work 
we would have had to change 
them before construction was 
completed." 

Even if the technology is 


simple, the scale of large pro- 
jects in itself makes costings 
unreliable, if only because 
there is no previous experience 
to draw on. Organisation and 
communication problems are 
dif ferent between, say, a 5km 
and a 50km trnrneL More than 

800.000 concrete segments, 

22.000 tonnes of railway track, 

15.000 supports to carry over- 
head power lines and 20,000 
light fittings were just some of 
the components installed in 
the Channel tunnel. 

Mr Michel Barbier, responsi- 
ble for installing mechanical 
and electrical equipment from 
France, described the process 
of transporting much of that 
equipment through the narrow 
tunnel mouth as like “force 
feeding a goose in a very short 
space of time to produce the 
best ever p6t6 de foie gras”. 

Such problems are hardly 
new. Thomas Telford, who 
built the Menai bridge between 
Anglesea island and the Welsh 
mainland in 1826 - then the 
world's largest suspension 
bridge - had expected the 
scheme to be .completed in 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SEl 9HL 

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


Orange off 
colour with 
its message 

From MrAUm Greene. 

Sir, As someone eagerly 
awaiting the arrival of the 
UK’s fourth and last mobile 
phone operator before deciding 
which Systran to use, I have 
been disappointed with the 
launch of Orange. I can see 
where the £L5m on advertising 
is being spent, namely on TV 
and one word poster adverts 
that tell yon nothing about the 
product or how to get one. I 
have been into phone shops 
and am aware that there are 
plenty of handsets in stock. 
The only thing I don’t know is 
how much it costs, as tariff 
sheets and contract details are 
in short supply. 

Whereas newspapers carried 
fail tariff itetflife on the launch 
of the Mercury PCN in both 
adverts and in articles, the gar- 
bled reporting of Orange’s 
launch in last Thursday’s FT - 
“there are to be no monthly 
charges. Its plan for occasional 
users costs £15 a month includ- 
ing. . - does not help to clar- 
ify matters. 

Whatever happened to bene- 
fit selling? I feel that Orange’s 
concept approach to marketing 
that overlooks its product's 
benefits is going to cost it dear. 
Or maybe the tariffs are best 
not explained in case they cost 
the customer dear. 

AJan Greene, 

32 Glen Road, 

Fleet, 

Hants GD13 9QR 


Auditor liability must have limit 


From Mr Rm BrintUe. 

Sir. The Chartered Association 
of Certified Accountants in Its 
submission to the Department 
of Trade and Industry on audi- 
tors' liability has missed the 
point (“Accounting body warns 
over cap on audit liability”, 
April 25). 

To argue that allowing audi- 
tors the right to negotiate a 
limit on liability would be anti- 
competitive, and therefore 
against the public interest, 
simply misunderstands the 
seriousness of the position. 

It is quite dear that, follow- 
ing some spectacular corporate 
collapses and the ensuing epi- 
demic of legislation, the major 
firms are now feeing claims of 
such size that one or more of 
them could be bankrupted. 
Insurance cover is no longer 
available and, imlosa the Com- 
panies Act is amended to allow 
auditors to negotiate an upper 
limit for lawsuits, some Anns 
will go under. 

Incorporation has been men- 
tioned as one solution but. 


while It would offer some pro- 
tection to individuals, the com- 
pany as an entity would still be 
at risk in the event of an exces- 
sive lawsuit. 

The consequences scarcely 
bear thinking about. Setting 
aside the mayhem it would 
cause in the accountancy pro- 
fession. business would be 
badly damaged as companies 
would be unable to substanti- 
ate their accounts and so 
attract investment This dislo- 
cation would continue for some 
time and by no stretch of the 
imagination could that be 
described as In the public 
interest 

Let us be very clear, the 
major firms are not trying to 
shirk responsibility. We are 
very willing to accept our 
share of the blame, but not 
everyone else’s share, ft cannot 
be right that auditors are 
exposed to 100 per cent of a 
loss, whatever their proportion 
of the blame. What is most 
desirable - and equitable - is 
that the law on joint and sev- 


eral liability should be changed 
so that auditors only bear the 
costs of what is directly attrib- 
utable to them. However, the 
Law Commission has made it 
dear that its workload makes 
this change most unlikely in 
the short term. 

to this event, all we are seek- 
ing is a modest change In the 
law to bring us into line with 
other professionals who 
already have the right to nego- 
tiate a limit on what they have 
to pay out. 

Pursuing the goal of free 
competition is laudable and 
one to which we subscribe. We 
do not believe limiting audi- 
tors’ liability goes against this . 

What we do believe is that 
failure to change the law will 
damage industry as much, 
if not more than, the profes- 
sion. 

Ian Brindle, 
senior partner, 

Price Waterhouse, 

Southwark Towers, 

32 London Bridge Street, 
London SEl 


Quotas raise questions about DTI’s competence 


From Mr Ben Coleman. 

Sir, Philosophical discus- 
sions over subsidiarity in rela- 
tion to the Cardiff Bay barrage 
and the sudden introduction erf 
EU import quotas on Chinese 
silk shirts miss the point 
(L et ters, April 25 and 28, and 
report, “Clothes retailers hit as 
Brussels imposes Imrfts on silk 
imports”. April 22). The silk 
shirts affair throws up far 


more disturbing questions 
about the competence of the 
Department of Trade and 
Industry and the Foreign 
Office. 

Didn’t the DTI and the FO 
have any idea in advance tha t 
the EU wanted to impose quo- 
tas? If they did, why was there 
no warning to British import- 
ers, which are left with over- 
seas stock they have paid for 


but cannot bring in? If they did 
not, why on earth not? 

The important issue here Is 
whether British industry is suf- 
fering yet again from the fail- 
ure of our politicians and civil 
servants to understand how to 
monitor and influence develop- 
ments in Brussels. 

Ben Coleman, 

M Boscombe Road 
London W12 9HP 


Incomplete picture conveyed of power workers’ attitudes 


From Mr John Lyons. 

Sir, Frank Ledger and 
Howard Sallis's article about 
the operations of the Central 
Electricity Generating Board 
during the 1984-1985 miners’ 
strike (“We kept the home fires 
burning”. April 23) was a 
trailer both for their forthcom- 
ing book on the subject and for 
the BBC2 documentary. "The 
men who kept the lights on”, 
shown the same evening. 

The producers of the docu- 
mentary had laudable aim 
of bringing that story to a 
wider pnblic; unfortunately, by 

their choice of interviewees 
they conveyed the impression 
that the only members of the 
workforce who co-operated 
with management in carrying 
OUt the industry’s ftmifanigntal 


public service commitment to 
keep the lights on were weak, 
unprincipled or greedy, or all 
three. It was not so. 

Among the industry's work- 
force there was much sympa- 
thy for the miners’ predica- 
ment. But, with comparatively 
few exceptions, it did not 
translate into support for the 
strike itself - for obvious rea- 
sons. Arthur Scargill, the min- 
ers’ leader, with his own 
overtly political objectives, 
made a lot of people wary, 
even when sympathetic. He not 
only endorsed picket-line vio- 
lence, but it was widely appre- 
ciated that, in the absence of a 
ballot, he needed it Scargill's 
slogan that no mine should be 
closed on economic grounds 
rang no bells with a workforce 


which accepted that power sta- 
tions had to be closed when 
they were no longer economic. 
And then there was always a 
sttong sense of responsibility 
about electricity supply being 
a public service. 

Manageme nt was only able 
to puli the industry through 
the strike in the way it did 
because the workforce as a 
whole was, at the very least 
unpersuaded about the legiti- 
macy of the miners’ strike 
under ScargiU’s leadership. No 
one could know that from 
watching the documentary. 

Of course, there were those 
m the industry who strongly 
supported the strike. They also 
had honourable reasons, but 
they were in a minority. At 
perhaps six or seven of (from 


t’U 


_y' 

TUESDAY MAY 3JL994 

three years at a cost of £70,000. i ^ 

Instead he found the technoi- | 1 
ogy outpacing him. The bridge 
took eight years to build aid 
cost £i?u,000 after Telford was 
persuaded that it would be 
stronger if he increased the 
height of its towers. The bridge 
improved an important Anglo- 
Irish trade route and gave 
Britain a lead in bridge build- •*/; 
ing technology which It was , 
able to exploit elsewhere. i* 

The financing of the Sues ' * 
Onnl . completed in 1869, is a t 
classic example or engineers ’< : 

persuading investors that they • ' 

would be able to meet overop- / 
tunistic cost forecasts. The pri- 
vate-sector project, proposed 
by Ferdinand de Lesseps, a 
French entrepreneur, was to be 
financed by the issue of 400400 
shares at FFr500 each to meat 
the £8m construction cost. But 
the project finished a year late 
and cost £iSm. 

Even then, shareholders’ 
problems were not over. Reve- 
nue from the canal failed to 
cover costs and the promised 5 
per cent dividend on the 
shores. Jshmail Pasha, the vice- 
roy of Egypt, whose family had 
spent £6.8ra on the canal 
shares, sold his stake to the 
British government for £4m. 

De Lesseps ran into still 
more serious trouble with i . - 
plans to finance privately thd 
Panama Canal. The project 
was forecast in 1880 to cost 
$24Qm, including interest 
repayments. It was expected to 
take 12 years to complete. 

The venture was eventually 
finished in 1914 by the US gov- 
ernment after the French ven- 
ture failed in 1S89 having spent 
$287m and made little progress 
in building the canal. The US 
spent a further $352m on the 
project, making a total of 
$639m - more than two and a 
half times the original budget 

Another private-sector proj- 
ect that had to be rescued by a 
government was the first tun- 
nel under the River Thames 
built 150 years ago by Marc 
Isambard Brunei (fattier of 
Isambard Kingdom Brunei). 
Shareholders lost an of their 
money but the project was an 
engineering triumph breaking 
new ground in tunneling tech- 
nology. The tunnel is still used 
as part of the London Under- 
ground. 

Telford. De Lesseps and Bru- 
nei may have foiled to meet 
their original financial targets 
- and many shareholders have 
had their fingers burnt. But 
their projects have yielded 
strategic and economic bene- 
fits over many years. With 
Eurotunnel shareholders fee- 
ing yet another call on their 
cash, that might bring thm a 
little satisfaction. . 


3 


1H 


: *v 


t m 

.' n Vrk ? n« t 

All 1 


memory) about 90 power sta- 
tions support for the strike was 
sufficiently strong to prevent 
management from getting in 
any new coal supplies. But at 
ttie great majority of power 
stations these problems did not 
arise or else were compare* 
tively minor. No one could 
have known that from watch- 
mg the documentary. 

I do not think the producers 
of the documentary set out to > 
produce the skewed picture 
wth which they ended up. But 
they should have painted the 
wider picture as well. 

John Lyons. 

(farmer general secretary of the 
Electrical Power Engineers 
Association), 

305 Salmon Street, 

London NW9 




( 


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Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Tuesday May 3 1994 


Europe’s 



European Union institutions often 
face justifiable criticism for. lack 
of transparency in dCctsiotn-inak- 
ing. One of the bodies best placed 
to address this pro blem is the 
Etnopean Parliament, but the pub- 
lic doubts its effectiveness. That is 
one reason why, in most EU coun- 
tries, the turnout in the election 
for the Strasbourg assembly on 
June 9 and 12 will probably be 
much lower than in national pads. 

In fact, as a result of theStagle 
European Act that name Into farce 
in 1987 and the Maastricht treaty, 
the power of the 518 (soon to be 
587) MEPs in many cases exceeds 
that of members of nattanaT par- 
liaments. With the ability to deter- 
mine Europe-wide legislation, vet 
both the European Commission 
and Council of Ministers and 
check the EU- budget, Europe’s 
tr ansnat ional assemb ly demands 
to be taken seriously. At the same 
time, the rules governing the par- 
liament's own operations need to 
be tightened. If it wants public 
sympathy in its campaign tor a 
more directly democratic EU, the 
parliament wifi have to correct its 
own shortcomings. 

At present, the parliament offers 
a care study in unwiekUness, due 
only in part to the Inevitable prob- 
lems of linking 12 states’ diverse 
political cultures. Efficiency is 
constrained and costs increased 
by MEPs’ need to peregrinate 
between {denary in Stras- 

bourg and committee meetings in 
Brussels. 

Higher profile 

The parliament’s difficulties 
have often reflected national gov- 
ernments’ unwillingness to allow 
it to undermine national parlia- 
ments. However, during the next 
five-year legislature period, it will 
have a much higher profile. 
Already, around 2,000 MEPs’ 
nwipndmgnta relating to single 
market legislation have passed 
into law. Under Maastricht, the 
parliament shares "co-decision" 
power with the Council of Minis- 
ters. It can veto most measures 
passed by qualified majority vot- 
ing, in fields ranging fr om con- 
sumer protection, and vocational 
training to health and research. 

In a fresh sign of its importance, 
the parliament is due to decide 
tomorrow whether to accept the 
formula for EU voting planned 
when Austria. Finland, Norway 
and Sweden join. 


It would be both unwise and 
regrettable if MEPs risked delay- 
ing an enlargement timetable 
which commands widespread sup- 
port within the EU. but which is 
politically sensitive in the appli- 
cant countries. The parliament is, 
however, on stranger ground in 
seeking confirmation hearings 
with nominees for the new Com- 
mission due to take office next 
year and is playing a welcome 
part in efforts launched by the 
Dutch to reduce secrecy in EU 
ministerial discussions. 

Credibility 

In its supervisory cur watchdog 
role, the parliament can have a 
beneficial impact in promoting 
transparency, controlling EU 
bureaucracies and curbing over- 
spending. in rinding that linked to 
fraud. But these efforts will com- 
mand little credibility while evi- 
dence persists of parliament's own 

Responsibility for the wasteful- 
ness of the Brnssels-Strasbourg 
Euroshuttle lies largely with the 
French government, which has 
constantly opposed siting the par- 
liament in its Inginai hmnft, thp 
Belgian capital Nonetheless, the 
parliament is partly to blame for 
the cost over-runs on its new 
building in Brussels and fra: the 
plan to create an expensive new 
chamber in Strasbourg. Indepen- 
dent inquiries into both affairs are 

urgently required. 

Among necessary procedural 
reforms, the parliament must 
widen timely dissemination of its 
often valuable mmmittre work. It 
must also try to ensure a more 
cohesive framework for its debates 
and for the granting votes. Possible 
moves to crack down on absentee- 
ism mig h t indude suspension or 
expulsion of MEP s. Equally, given 
its influence over EU legislation, 
tire parliament needs firmer rules 
for disclosure of members’ Tfakfi 
with outside companies. 

To reinforce the democratic 
legitimacy of EU decisions, it is 
heal thy that the parliament is 
acquiring and raring extra muscle. 
But there is also a need to scrutin- 
ise the scrutineer. Only if it 
respects the principles of probity 
and openness in the conduct of EU 
affair s can th e p a riia mpn t hope to 
safeguard them. Without a better 
reputation, the parliament wiH fail 
to engage the interest and to win 
the trust of Europe’s voters. 


The business 
of smoking 


The acquisition of American 
Tobacco by BAT Industries is at 
first glance a perverse step. For 
one thing, it appears contrary to 
BAT’s strategy of diversifying 
away from cigarette sales into 
finan cial services. Far another. 
BAT is investing in the US 
tobacco market at a time when 
sales are declining and the anti- 
smoking climate is shifting from 


determined to downright zealous. 

Yet BAT has benefited from the 
adverse circumstances - as its 
share price rise shows. Fears over 
the future erf the US market mean 
that the price paid fas: American 
Tobacco Is cheap at under 10 
times earnings. The acquisition 
should allow BAT to strengthen 
its market position through effi- 
ciencies in marketing and sales. In 
spite of falling sates and the price 
war launched last year by Philip 
Morris, tobacco continues to pro- 
duce strong cash Sow. 

This cash can be used to diver- 
sify out of tobacco. BAT continues 
to look for opportunities in finan- 
cial services. American Brands, 
former owner of American 
Tobacco, has built up a strong 
portfolio of other consumer 
brands. But the collapse of com- 
munism creates enormous oppor- 
tunities for companies that remain 
in the tobacco business. Markets 
such as China and the former 
Soviet Union are now opening up 
with fast-growing sales. 

The tobacco giants would be 
unwise to assume that they can 
indefinitely expand the market for 
their products, however, even in 
less developed countries. The 
health consequences of smoking 
on those who indulge in it are now 
undisputed and clear. As life 
expectancy in such countries 
lengthens, the cost in premature 
deaths and medical treatment will 
become evident Restrictions on 
and marketing will follow. 

Anti-smoking activists 

The rapid ehang p in thinking in 
the US should be a warning of 
how fast the climate for smoking 
ram change, even in a country 
with a substantial tobacco indus- 
try. The election of President BQl 
Clinton has ended a period In 
which anti-smoking activists had 
minimal import aryl US diplomats 
did their best to open foreign mar- 
kets for their tobacco companies. 
Far-reaching measures now pro- 


posed could restrict smoking to 
the privacy of the home, the car or 
special smoking rooms seated off 
from the rest of the world. 

Given the growing evidence on 
the health impact of smoking on 
non-smokers, it is certainly sensi- 
ble to ensure mat the latter can 
avoid "passive smoking”. The 
threat of litigation will compel 
employers to protect their non- 
smoking employees from tobacco 
empire Thp prevailing mood may 
also lead businesses such as res- 
taurants to segregate their smok- 
ing customers. Smokers in public 
places will face increasing restric- 
tions at the behest of the non- 
smoking majority. 

Draconian measures 

Yet some of the more draconian 
measures now proposed are 
unlikely to be effective. Punitive 
taxation, for example, is tempting 
because it bears heavily on "sin- 
ners”. It can also be shown to 
reduce consumption and deter 
young people from the habit 
Excessively high taxes, however, 
also increase the sort of cross-bor- 
der smuggling that recently forced 
Canada to cot its tobacco tax. 

Even more drastic attempts to 
treat tobacco like other dangerous 
dreg s is likely to make control 
more difficult. Banning other 
widely-consumed drugs such as 
marijuana has not significantly 
reduced their consumption. It has, 
however, removed than from con- 
trols ova 1 distribution, to the 
advantage erf those who sell more 
dangerous substances. As with 
alcohol prohibition in the US, the 
mam beneficiaries are criminals. 

Nor is it clear that complete 
ham on advertising are efficacious 
(other than in defending state 
tobacco monopolies against for- 
eign competitors). There is some 
evidence that smoking may 
increase in countries with bans 
because of the di sa ppe ar ance of 
the anti-smoking messages that 
advertisements are normally 
required to cany. 

Reducing the number of smok- 
ers and the amount of smoking is 
a legitimate and worthwhile *ftn 
of public policy. But pragmatism 
is needed in chosing the means. 
And success is likely to he grad- 
ual, a fact that allows the tobacco 
companies very many more profit- 
able years before their market dis- 
appears completely. 


High-powered 
decisions ahead 

After the death of two drivers, the sport of grand prix 
motor racing faces difficult choices, writes John Griffiths 



AP 

After Senna: grand prix racing needs to re-examine its safety standards 


T he world of grand prix 
motor racing, still 
mourning the death at 
the weekend of three- 
times world champion 
Ayrton Senna and Austrian driver 
Roland Ratzenberger, yesterday 
began the process of analysing the 
causes of the fatalities at the San 
Marino Grand Prix - and their 
implications for the sport’s future. 

A formal investigation is being 
launched by the Paris-based world 
governing body of motor sport, the 
Federation Internationale de 1' Auto- 
mobile. Before the lights turn green 
at the Monaco Grand Prix on May 
15, the drivers will have held their 
own meeting to discuss whether 
additirmaT steps shmnld be tabn to 
improve safety. 

Ironically that meeting was initi- 
ated by Senna himself. In part it 
was a consequence of his concern 
that chang es made this year to the 
rules governing grand prix cars, in 
particular a ban on "active” (com- 
puter controlled) suspension, trac- 
tion control (to prevent wheel spin 
under acceleration}, and other 
driver aids, were making the cars 
more difficult to control. 

Senna lived for the satisfaction 
racing at the limit gave him. He 
brought to grand prix not just nat- 
ural driving talent hut a BelT-dlsci- 
pKne and analytical rigour. Never- 
theless, in spite of his renowned 
aggression on the track, no one was 
mare aware of motor racing's risks 
than the 34-year-old Br azilian- “I 
know you are always In danger of 
dying . . . and it can really get to 
you. If you're not careful you can 
see how fragile you are; that you 
can be gone in just a fraction of a 
second,” he said recently. 

His death raises questions not 
just about the safety record of 
grand prix racing and measures 
that might be tefean to improve it 
but also the extent to which it 
should regard itself as a entertain- 
ment spectacle, necessarily involv- 
ing risk. 

The FIA's president, Mr Max Mos- 
ley, yesterday defended this year’s 
rale changes of which Soma was 
critical. The FIA introduced them, 
Mr Mosley says, as a means of 
restoring a greater role for the 
driver. Had the trend to greater 
electronic control erf the cars gone 
unchecked, mflintarnu Mr Mosley, 
“we would fairly quickly eliminate 
the driver. One skfil after another 
would go until, in the end, almost 
anybody would be able to drive the 
car. It’s all technically fascinating 
and very relevant to road cars - but 
we felt it would destroy an essential 


element of grand prix racing.” 

He perhaps did not realise it but 
Mr Mosley was in effect saying that 
technology has given grand prix, 
the ability - and the responsibility 
- to decide what level of risk should 
be involved. 

The ramifications of the questions 
raised extend beyond the grand prix 
teams to embrace all the partici- 
pants in what has become a global 
industry, as well as a sport. 

With each race watched in mine 
th an 100 countries and by about ibn 
television viewers. Formula One 
Grand Prix has become a marketing 
tool for carmakers and other multi- 
nationals ranging from clothing 
group Benetton to the tobacco 
industry. 

Yesterday the Ford motor com- 
pany, which provides engines for 
several teams including current 
championship leader, Benetton- 
Ford, withdrew a series of newspa- 
per advertisements to celebrate its 
weekend victory. And Renault, 
whose engines powered the Wil- 
liams car in which Swum rtiwi , itself 
called for greater safety measures. 

Such reactions are understand- 
able, as is that of the German driver 
Michael Schumacher, whose third 
win in a row in his Benetton-Ford 
at the weekend was overshadowed 
by the tragedies. Schumacher has 
pledged to lead the Monaco meeting 
himself in the quest to secure 
greater safety. 

The immediate investigations will 
concentrate on discovering what 
caused Ratzenberger to leave the 
track at such high speed - close to 
200mph - an Saturday and Senna, 
24 hours later, to crash head-on into 
the concrete wall lining Imola’s 
notorious Tamburello curve at a 
similar speed. 

Video and eye-witness evidence 
indicate that bodywork broke away 
on Ratzenberger’s car, causing it to 
lose stability. In S enna 's case there 
are few dues, except that on the 
evening before the race he was 
reported as worried about his car 


horrify "nervous” on the Tmoia cir- 
cuit, one of the world’s fastest but 
criticised by several drivers for 
being bumpy. The data-logging 
“blade box" from the wreckage of 
Senna’s car may hold the answers 
to the crash and will be flown to the 
UK fra- examination within the next 
few days. 

Another issue of immediate con- 
cern is the safety of racing circuits. 
The Monaco drivers’ meeting is 
expected to concentrate on this 
issue. More gravel traps to slow the 
cars before they hit barriers and 
longer run-off areas might well 
have reduced the catastrophic can- 


sequences of the weekend’s crashes. 
Honeycomb barriers, rather than 
rigid steel or concrete ones, might 
also have slowed Senna's arid Ratz- 
enberger’s deceleration rate enough 
for them to survive. 

But there are more fundamental 
decisions to be made. The FIA could 
chose to retain the new rules, thus 
placin g the onus on the drivers, not 
technology, to control the cars. The 
rules also have the advantage of 
curbing costs, allowing smaller 
teams to dose the gap an the front- 
runners. thus making racing more 
interesting for spectators. 

But this concept of grand prix 


racing - as commercial spectacle 
first, technology race second - has 
increased the risk to drivers. The 
number of spins from driver error 
in grand prix races this year shows 
how big the impact bas been, 
although there is no evidence that 
this was a factor in the weekend’s 
crashes. 

The alternative is for the FIA to 
relax the restrictions on driver aids. 
This would give a fresh impetus to 
the technological side of racing: 
such is the pace of technology, the 
cars would not even need drivers 
within the next five years. Last year 
leading drivers had merely to press 
a button when the lights turned to 
green. It was the on-board computer 
which operated the accelerator and 
clutch, changed aB the gears and 
stopped the wheels spinning waste- 
ful^ until the first comer bad been 
passed. Such driver aids are among 
those currently banned. 

O ne problem, however, 
as the investigations 
into the weekend's 
accidents is likely to 
show, is that while 
the cars' cazbon-fibre driver "sur- 
vival” cells are surviving impacts of 
great severity, the drivers they con- 
tain can simply no longer cope with 
the impact of the gravitational 
forces in high-speed collisions, even 
in the absence of other injury. 

The blunt question grand prix 
must ask itself is whether audi- 
ences are interested in racing as a 
risk-free giant Nintendo game, 
fought by computers with little 
human input during the races them- 
selves - or whether commercial 
interests will drift away towards 
something more adventurous. 

The advances in circuit design, 
car technology and materials have 
in fact made grand prix motor rac- 
ing safe beyond all reasoned expec- 
tation. Until this weekend it had 
been 12 years since a driver was 
killed while competing in a grand 
prix; a decade since one died in test- 
ing. That is almost 200 races, each 
of about 200 miles. When testing 
and practice undertaken through- 
out each year is added in, nearly lm 
grand prix miles have been covered 
between fatalities. 

It is no grounds for complacency. 
But neither is it necessarily a 
record to be ashamed of, given this 
is a sport which has as its essence 
the human control of half-tonne 
projectiles travelling at up to 100 
yards per second - and in which 
success is measured by how closely 
the limit of control can be 
approached without being exceeded. 


Central banks in ex-Soviet states remain under the shadow of politicians, says John Lloyd 


A cry for freedom 


A struggle for independence 
is being waged by central 
banks in almost aB of the 
states of the former Soviet 
Union - a battle possibly as 
momentous as the countries them- 
selves underwent to achieve state- 
hood. 

For Mr Michael Bruno, chief econ- 
omist at the World Bank, a central 
bank is “the way in which society 
protects itself against itself”. 

He made his remarks last week, 
to a conference mounted by Chicago 
University’s Law School which suc- 
ceeded in getting most of the cen- 
tral bank governors of the post-com- 
munist states together to talk about 
their problems and listen to western 
bankers teH them how to protect 
their banks against their politi- 
cians. 

The legacy with which they have 
to cope is that of a Soviet state bank 
- Gosbank - which monopolised 
the Ranking Held and was subservi- 
ent to the Communist pmty, the 
government and the ministries. 
Money allocated to projects and 
enterprises merely passed though 
the bank, requiring it to develop no 
analytical skills; its foreign cur- 
rency operations, though prudent, 
were relatively rudimentary; its 
supervisory functions perfunctory. 

The legacy Is doubly malign In 
the non-Russian republics. Cos- 
bank’s headquarters in Moscow pos- 
sessed a tiny corps of highly skilled 
bankers; its branches in the republi- 
can capitals, now independent 
states, had almost none. “It’s very 
bad when politicians don’t under- 
stand the basics of the market econ- 
omy. But when the central bankers 
don't, *ftgn it can be a disaster,” 


says Mr Grigory Marchenko, deputy 
governor-designate of the Bank of 

TTagakhgten. 

But the largest complaint from 
the central bank bosses is the politi- 
cal chaos in which they work. Mr 
Victor Yushchenko, Ukraine’s cen- 
tral bank governor, works with a 
parliament still in the process of 
elections but tending against 
reform, a president lacking in 
authority, legislation to set out the 
the central bank’s remit endlessly 
delayed, a plunging economy and 
tiny reserves. “The central bank 
and the new commercial banks are 
in a very tough position,” he says. 
They have to act as champions of 
change in an environment where 
most of the government and the 
large state sector are resisting or 
slowing such change." 

The central bankers’ situations 
are diverse but they agree with 
great feeling on one thing — that 
their political masters should not 
have any right to interfere, either 
directly or indirectly, through over- 
politicised appointments. 

“The government is always 
looking for easy money,” says 
rhnan Rimshe vichs the deputy gov- 
ernor of the central bank of Latvia, 
one of the most successful of the 
ex-Soviet economies. “In these con- 
ditions it's hard to enforce indepen- 
dence and to sell off the state com- 
mercial banks which used to supply 
cheap credit to the enterprises.” 

At the other mid of the scale from 
Latvia are republics such as Geor- 


gia and Armenia, whose economies 
are ruined and where to talk of exis- 
tence is more germane than to talk 
of independence. In Georgia, for 
example, the currency is close to 
losing all meaning : from t rading at 
35,000 to the dollar last November, 
it fell to 180,000 by Christmas, and 
to 650,000 at the end of last month. 

At still another extreme is Bela- 
rus, where an agreement with Rus- 
sia, signed in April, appears to open 
the way for the merger of the two 
Slav states’ economies. However, 

The largest complaint 
from the central bank 
bosses is the political 
chaos in which 
they work 

Mr Stanislav Bogdankevich, the 
governor of the country's central 
bank, is opposed to the deal, saying 
tii at Russian and Belorussian inter- 
ests diverge too much to make 
union possible and calling for a 
stren gthening of the national cur- 
rency before any long-term, mone- 
tary union is contemplated. 

Yet, he says, the conditions for a 
separate, fully-fledged national cur- 
rency in Belarus are absent and 
likely to remain so. "Now, 90 per 
cent of our economy is stfll state 
owned. The dominant part of the 
economy is composed of enterprises 
with 20,000 or more workers, which 


make mainly for the Russian or 
Ukrainian markets, ff we let these 
enterprises go we will get 50 per 
cent unemployment Investment in 
the economy has practically disap- 
peared. We don’t need monetary 
stabilisation: we need a programme 
which covers the whole economy.” 

The brightest star in the post-So- 
viet firmament is Estonia. Its prime 
minister, Mr Mart Laar, and its cen- 
tral bank governor, Mr Siim Raiiaa, 
put the success down to the 
strength of the bank’s commitment 
to a stable currency. Estonia has 
Krifrad the Estonian kroon to the 
German D-Mark and given the bank 
no discretion to lend to the govern- 
ment At the same time, the gover- 
nor cannot be fired and future gov- 
ernors will nominate their own 
successors. The result has been a 
hard currency, low inflation 
(though rising now) and an econ- 
omy set to grow as fast as any in 
Europe this year. 

For Mr Kallas, the reform showed 
that "money is seen not just as 
money, but as a crucial national 
symbol”. Rather more cynically, he 
confesses that the laws guarantee- 
ing bank independence, Hnlring the 
kroon to the D-Mark and barring 
the government from raiding the 
bank’s coffers were passed through 
parliament "before the deputies 
quite knew what it all meant”. 

Russia is still at the centre of the 
web - though none of its central 
bankers aim to Chicago. Mr Victor 
Gerashchenko, the present gover- 


nor, has believed, takes the con- 
trary view to the prevailing credo of 
most central bankers everywhere 
else, that his duty is to keep enter- 
prises going even at the cost of high 
inflation, and hag said that he does 
not believe inflation la directly 
related to the supply of money in 
the economy (by contrast, the Esto- 
nians believe this with a kind of 
mystical fervour). 

As the "owner" not so long ago of 
these now "independent” banks, the 
Russian bank still exercises influ- 
ence - the more so as Russia seeks 
to extend its economic union, draw- 
ing other states into the same rela- 
tionship as that it wishes to have 
with Belarus. Mr Thomas Wolf, dep- 
uty director of the International 
Monetary Fund department con- 
cerned with east Europe and the 
former Soviet Union, noted that 
after the Soviet collapse, the former 
states tried to do two contradictory 
things - to build up their national 
currencies and to discuss with the 
Russian central bank how best to 
draw their economies closer. 

This tension remains. For the cen- 
tral bankers, the success of Estonia 
and Latvia is less of a beacon than a 
train disappearing over the horizon 
- which they have missed. Unlike 
Mr Kallas, they were unable - or 
unwilling - to get rfiang p fa place 
early while the industrial and other 
lobbies were disoriented. Now they 
must seek change in the worst kind 
of circumstances and many of their 
political leaders are tempted to lean 
on Russia. The Chicago gathering 
showed the bankers want to pursue 
independence: but it showed, too, 
how far they remain under the 
shadow of politics. 


Observer 


Summertime 

blues 

■ Volkswagen supervisory board 
rhfttmwm KlfiUS T.iflSffft must be 
heartily sick of the L6pez affair. 
Dragged back early from his 
Majorcan holiday last summer 
when the industrial espionage case 
first blew up, he bas been 
grumbling that the investigation 
may dish plans to freshen the tan 
this year too. 

That particular grim prospect 
dawned during last Thursday's 
interview with US justice 
department offirlalc fa Tjwdnn - 
a meeting which Iiesen decided 
to attend, the alternative befog 
an invite to America under 
subpoena. 

While German investigators are 
s till ploughing through the data 
seized from VW last August, 
fleeter-footed Washington sleuths 
have arrived on their back doorstep. 

Following an exchange with his 
questioners about the hiring of 
Basque production genius Jos6 
Ignacio L6pez de ArriortUa from 
General Motors last spring, Uesen 
agreed willingly to farther 
interviews - on similar, any tiiw 
anywhere, terms. 

Holiday or none, the grizzled 
Prussian lawyer wants to be 


helpful, you see. With retirement 
lo oming from his main job as 
chairman ofRuhrgas, it’s in his 
interests to try and look as upright 
and effective a nonexecutive as 
possible. 

But he far from relishes the 
thoug ht of having to r emain on 
base for many a week to come. 
Making himself available at 
Ruhrgas’s head office, on the other 
hand, might speed up proceedings. 
One visit to Essen is normally 
enough for almost any visitor. 


Fast forward 

■ Whatever can have cropped up 
fa Lord Parkinson’s diary fast week 
that prompted the Tbatcherite. 
profoundly Eunvsceptical 
Conservative Way Forward, of 
which he is chairman, to postpone 
the launch of its new manifesto? 

Fielding Parkinson as its excuse 
for the sudden scheduling problem, 
the group says it is now postponing 
publication until mid-June. 

By then, of course, the local and 
European elections will be 
comfortably - or uncomfortably 
- behind John Major and his party. 

Even if CWF bad a less than 
totally free hand fa the 
rearrangement, it may stfll have 
the last laugh, though. The worse 
the conservatives fare in the 
polling, the more plausible becomes 



the new manifesto as a recipe for 
averting disaster fa the next 
general election. 


Whips’ cream 

■ As European members of 
par liam ent prepare to vote on the 
ticklish subject of EU enlargement 
tomorrow, spare a thought for the 
whips feverishly trying to ensure 
a respectable turnout 
Unlike their domestic 
counterparts, the bully boys of 
Strasbourg suffer an embarrassing 
paucity of sticks and carrots. With 


a houseful of backbenchers and 
no cabinet, how can you reward 
the dutiful - and more pertinently, 
punish the wayward? 

Conservative chief whip Lord 
Inglewood bas learned one or two 
tricks since he took up his birch 
at the beginning of the year. 

The division of committee spoils 
fa the next parliament is one focus 
of considerable interest, for 
instance. 

Apparently the real bogey far 
conservatives is - un-PC thought 
coming up - being assigned to the 
women's rights committee. 

For the Labour party, it's legal 
affairs. Tm on that,” Inglewood 
reveals. 

An equally effective tool, he goes 
on, is the lure of a place on one 
of the “interparliamentary 
delegations" - the most popular 
junkets being to the US or 
nhma. 

Yep. MEPs are uncomplicated 
beasts, really. 


Number one 

■ Persuading Yassir Arafat to 
break from the fast detailed 
negotiations of the peace talks with 
Israel was no mean feat on the part 
of Daimler-Benz, which yesterday 
wooed the PLO leads: to Stuttgart 
The idea was to signal the 
support of Germany's biggest 


industrial empire for the peace 
process - though just how far there 
is still to go was obvious from the 
cavalcade of 17 heavily-armoured 
four-tonne Mercedes limousines 
accompanying tha visitor. 

Seeing that Arafat is not quite 
a head of state yet, he misses out 
an the traditional Daimler gift of 
a Merc. Instead, he name away with 
the promise of funding for a 
kindergarten - for "the future of 
Palestine" - as well as rash for 
a study on establishing the 
transport infrastructure of the 
future state. 

Gleaming new roads to cany 
all those future trucks and buses, 
no doubt. Even for Edzard Reuter, 
the socially-conscious boss of 
Daimler, the profit motive is never 
entirely absent 


Oh golly 

■ Pretoria- Wltwatersrand- 
Vereenigmg hardly trips off even 
a South African tongue. Hence the 
search for a more euphonic handle 
to fit the sprawling conurbation 
around Johannesburg, one of the 
nine new provinces. “Egoli". 
meaning "place of gold”, and the 
name given to Jo-burg by black 
mlneworkers, was an early 
suggestion. But then, what would 
non-white residents of Egoli be 
called? Quite. The search continues. 


i 










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Ann 
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peace 
Mr 

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includ 
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TYPEWRITERS • WORD PROCESSORS 
PRINTERS • COMPUTERS - FAX 


FINANCIAL TIMES 

Tuesday May 3 1994 


Arrest warrant out for Berlusconi executives 


Milan magistrates back 
inquiries into Fininvest 


By Robert Gfraham m Rome 


Investigations by Milan 
magistrates into the affairs of Mr 
Silvio Berlusconi's Fininvest 
empire have resurfaced just as 
the media magnate begins the 
final stages of consultations to 
form a government. 

Yesterday a civil liberties court 
approved a request by the Milan 
public prosecutor for an arrest 
warrant to be issued against Mr 
Marcello DeUTJtri, head of Fin- 
invest’s advertising arm Publi- 
talia, and two other senior offi- 
cials in the group on charges of 
falsifying accounts. 

Mr Berlusconi described the 
court's move as a “huge mis- 
take". Mr DellTJtri’s lawyers 
have challenged the decision and 
the matter now goes to the 
appeal court 

The Incident has shown that 
magistrates are still investigating 
Fininvest which was controlled 
directly by Mr Berlusconi at least 
until last autumn and the chair- 
manship of which he relin- 
quished only in January. 

Mr Dell'Utri, a long-time associ- 
ate of Mr Berlusconi, was the 
principal figure behind the organ- 


isation of the businessman's 
Forza Italia political movement 
which relied heavily upon Publi- 
talia's contacts and offices. 

The chargee emerged in March 
during the election campaign and 
relate to alleged illicit payments 
made for transfers of football 
players to Mr Berlusconi's AC 
Milan. A lower court rejected the 
validity of the arrest warrant 
requests. 

The court’s decision came two 
days after two Milan magistrates 
publicly rejected overtures from 
Mr Berlusconi to join his new 
government. In particular, Mr 
Berlusconi had been trying to 
persuade Mr Antonio Di Pietro, 
the best known of the anti-cor- 
ruption investigators, to accept 
the interior ministry, justice min- 
istry or become bead of the 
police. 

Opinion polls consistently 
show Mr Di Pietro to be the most 
popular figure in Italy. In 
announcing the refusal to switch 
to politics, the anti-corruption 
magistrates reiterated their com- 
mitment to pursue investiga- 
tions. 

They bached that up by issuing 
a request to send 37 politicians, 


businessmen an d intermediaries 
for trial for involvement in the 
"mother of all bribes" - the 
L150bn ($91m) paid out to permit 
the Ferruzzi- Montedison group 
run by the late Haul nardini to 
pull out from its Eniwinn* rfrpffll- 
cals joint venture with fan, the 
state oil concern. 

The politicians include farmer 
Socialist leader Beftino Craxi and 
Mr Amaldo Foriani, the former 
Christian Democrat party secre- 
tary, as well as Mr Umberto 
Bossi, the leader of the Northern 
League. 

In a separate move last Friday, 
Milan magistrates requested that 
Mr Berlusconi’s younger brother 
be sent for trial far three alleged 
bribes totalling ahnos t i.ihn, paid 
to facilitate property deals with 
Cariplo, the Milan-based savings 
bank. One of the payments was 
allegedly made in 1982, before Mr 
Berlusconi formally transferred 
his construction and property 
j ntp p^ g to his brother. 

All that suggests that if Mr 
Berlusconi gains a vote of confi- 
dence for his government next 
week, he will continue to be 
dogged by investigative problems 
related to Fininvest 


US encouraged by Syrian 
plan for Mideast peace 


By Julian Ozanne In Jerusalem 


The comprehensive peace 
settlement eluding the Middle 
East appeared to edge forward 
yesterday as a result of proposals 
negotiated between Syria and 
Israel at the weekend. 

Israel said it was listening with 
"great interest" to Syrian propos- 
als delivered to Mr Yitzhak 
Rabin, the Israeli prime minister, 
by Mr Warren Christopher, the 
US secretary of state. Israeli offi- 
cials said the offer appeared to 
marie a new recognition on the 
part of Damascus to discuss 
Israel's security needs. 

However, Mr Mordechai Gur, 
Israel’s deputy defence minister, 
poured scorn on Mr Christopher’s 
shuttle diplomacy, saying the US 
secretary of state had failed to 
deliver anything that would 
allow Israel to say they were 
entering more serious Syrian 
negotiations. 

The usually cautious Mr Chris- 
topher said the two parties were 
now “talking on a comprehensive 
range of issues” and bad entered 
a "new, more substantive phase". 

A breakthrough in negutiatioais 
with Syria remains the key to a 
comprehensive regional peace 
accord between Israel and its 
Arab neighbours, including Leba- 
non and Jordan. 

The initiative emerged after 
Damascus rejected the idea of an 
Israeli withdrawal from the stra- 
tegic Golan Heights, occupied by 
Israel in 1967, which Mr Christo- 
pher presented to President 
Hafez al-Assad in Damascus on 


Palestinian and Israeli 
negotiators yesterday moved 
“smoothly" towards completing 
final details of the agreement on 
Israeli withdrawal from Gaza 
and Jericho, set for signature in 
the Egyptian capital tomorrow, 
Mr NaMl Shaath, the chief PLO 
negotiator, said yesterday, writes 
Mark Nicholson in Cairo. 

"We are at the gate of a major 
achievement for our people mid 
for all tiie people in this part of 
the world,” Mr Shaath said. He 


said there was no reason to 
believe the ceremony would be 
delayed and that the final Israeli 
withdrawal would begin “imme- 
diately” thereafter. 

The first 1,000 of an eventual 
9,000-strong Palestinian police 
force were due to arrive in Gaza 
and Jericho by Friday, Mr 
Shaath said, adding the* some 
Palestinian members of a joint 
co-ordination team to oversee 
the transition of police powers 
left Cairo for Gaza yesterday. 


Saturday. Israel, hoping that 
tomorrow's peace agreement 
with the Palestinians will 
unblock talks with Syria, had 
offered Syria a three-stage with- 
drawal from the Heights. 

Israeli media reported that 
Israel had offered to withdraw In 
three stages over five to eight 
years. In the first stage, Israel 
would hand over some territory, 
including Druze Arab villages, in 

return fnr pstahliahing di ploma tic: 

relations and security guaran- 
tees. 

In the second phase, Israel 
would dismantle Jewish settle- 
ments and consolidate security 
arrangements, innhidiqg a large 
demilitarised zone. 

The Israeli proposal, which 
stopped short of offering a com- 
plete evacuation of the Heights, 
was the first time the Jewish 
state has offered such a compre- 
hensive withdrawal package. 

Syria, however, rejected the 
Israeli proposals. Mr Farouq al- 
Shara, the Syrian foreign minis- 


ter, said the Israeli proposals "did 
not cause any change in the Syr- 
ian position. Full Israeli with- 
drawal is the basis for the peace 
process." Mr Share said Damas- 
cus would never accept peace in 
stages and described reports of 
the early return of Druze Arab 
villages on the Golan as "a silly 
proposal". 

However, behind the rhetoric, 
Israeli and US officials said 
Damascus had formulated an 
interesting alternative set of pro- 
posals in eight hours of meetings 
with Mr Christopher an Saturday 
and Sunday. Tim Syrian propos- 
als will form a bads for talks 
with farther US mediation. 

Mr Shimon Penes, Israeli for- 
eign minister, said: “We have 
heard with great interest the 
news the secretary of state has 
brought back with him ... to 
digest and analyse the news we 
got we need more time." 


Palestinians to have right to set 
up stock market. Page 5 


Formula 

safety 

meeting 

follows 

deaths 


By John Griffiths 


An emergency meeting to 
consider Formula One safety has 
been called for tomorrow by the 
world governing body of motor 
sport, the F&teration Internatio- 
nale de I’ Automobile (FIA), after 
the deaths at the weekend of 
grand prix drivers Ayrton Senna 
and Roland Ratzenberger. 

The move to ascertain as 
quickly as possible the precise 
causes of the double tragedy 
came as tributes were paid 
around the world to Senna, the 
34-year-old triple world champion 
from Sao Paulo. 

Mr Itamar Franco, Brazil's 
president, has declared three 
days of national mourning for 
Senna, who died of head injuries 
on Sunday when his Renault-Wil- 
hams car left the track at 180mph 
daring the San Marino Grand 
Prix at Imola. 

Austrian driver Ratzenberger 
was wile d 24 hours earlier when 
bis MTV Simtek Ford left the 
track near the same spot at simi- 
lar speed during practice. 

The FIA said last night that 
tomorrow's meeting in Paris 
would gramme technical medi- 
cal. safety and supervisory staff 
reports, as well as take evidence 
from team and circuit personnel 

By last wight, no firm evidence 
had emerged of the cause of 
either fatality, Mr Max Mosley, 
FIA president, said. Defending 
rule changes imposed by the FIA 
which this year have outlawed 
electronic driver aids, such as 
traction control to prevent wheel- 
spin, Mr Mosley said there was 
nothing to link the accidents 
with the technology ban. 

Grand prix drivers are to make 
their own reassessment of the 
safety situation at a meeting 
before the Monaco grand prix in 
two weeks’ time. 

Ford and Renault, both major 
engine suppliers to leading 
teams, last night supported 
calls for a further safety 
review. 

An indication that grand, prix 
may now face a period of public 
controversy came with a strong 
attack by the Vatican newspaper, 
L'Osservatore Romano. 


High-powered decisions ahead. 
Page 15 


Dollar 


Continued from Page 1 


held cm to this level during early 
US trading, up from last week’s 
dose of Y201.65. 

Near midday yesterday in New 
York, the US currency was trad- 
ing weakly against the D-Mark at 
DMJ.6483, down from a dose of 
DMl.654 the previous session. 
The Fed's move to support the 
dollar against the German cur- 
rency on Friday came when it 
touched DML645. 


FT WEATHER GUIDE 


Europe today 


A low pressure area near Ireland will draw 
cool and rather unstable air Inland from the 
Atlantic, resulting in doudy skies and 
outbreaks of rain in the UK and northern 
France. A high pressure area over southern 
Scandinavia will promote dry conditions in 
Sweden, Norway, Finland and centra 
Europe, where temperatures will be near or 
sflghtty above normal. 

Occasional showers win Unger in the 
southern parts of Greece, while the Balkan 
states wiH remain dry and quite sunny. 
Eastern Europe and parts of Turkey wfll 
experience scattered thundery showers. 
Warm conditions will continue over the 
western sections of the Medterranean. 
Southern Spain wffl reach 30C once more, 
but sea breezes will cool the coastal areas. 


Five-day forecast 

Depressions over the Atlantic will increase 
their influence over the UK, the Low 
Countries and France until Friday. Southern 
Europe will remain mostly dry and sunny as 
will Sweden and Finland. Central Europe 
wiH have unsettled conditions at first, 
though it w9l be dry at the weekend. 
Eastern Europe will continue to be 
unsettled and cool. 



TODAY'S TEMPERATURES 


Situation at 12 GMT. Temperatures maximum for day. F or e c a sts by Mateo Consult of the Nothoriands 



Maximum 

Beijing 

rain 

17 

Caracas 

fair 

28 

EOnbiagh 


Celsius 

Belfast 

rcSn 

14 

Canfiff 

Shower 

13 

Faro 

Abu Dhabi 

sun 

40 

Belgrade 

fair 

20 

Casablanca 

Ml 

26 

Frankfurt 

Accra 

fair 

31 

Berlin 

sun 

IB 

Chicago 

tab 

18 

Genera 

Algiers 

81*1 

27 

Bermuda 

Cloudy 

25 

Cologne 

lab 

26 

Gibraltar 

Amsterdam 

fair 

21 

Bogota 

cloudy 

19 

C Salaam 

Shower 

30 

Glasgow 

Athens 

shower 

22 

Bombay 

fair 

32 

Dakar 

Stai 

29 

Hantug 

Adams 

ran 

IS 

Brussels 

fair 

23 

□alias 

thund 

20 

Helsinki 

B. Aires 

cloudy 

23 

Budapest 

fair 

19 

DeH 

sun 

40 

Hong Kong 

Biram 

ram 

IS 

CLhagen 

sun 

14 

Dubai 

tab 

41 

Honolulu 

Bangkok 

shower 

3fl 

Cabo 

cfoudy 

32 

Dubai 

ram 

13 

Istanbul 

Barcelona 

fair 

23 

Cape Town 

doudy 

18 

Dubrovnik 

Ur 

22 

Jenny 

Karachi 

Kuwait 


Our service starts long before takeoff. 



Lufthansa 


German Airlines 


1_ Angeles 

Las Paftnas 

Lima 

Lisbon 

London 

UnJwug 

Lyon 

Madeira 


rain 

11 

Madrid 

Ur 

31 

Rangoon 

doudy 

31 

fair 

26 

Majorca 

Ur 

27 

Reykjavik 

doudy 

9 

sun 

2S 

Malta 

sun 

24 

Rio 

cloudy 

23 

fair 

25 

Manchester 

rain 

16 

Rome 

sun 

21 

on 

28 

Msnfla 

tfnxid 

35 

& ftsco 

Ur 

19 

rain 

14 

Melbourne 

doudy 

17 

Seoul 

drawer 

17 

sun 

18 

Mexico City 

shower 

26 

Singapore 

shower 

31 

fair 

13 

Miami 

Ur 

30 

Stockholm 

Ur 

14 

fair 

30 

MQan 

fair 

24 

Strasbourg 

GUI 

27 

fair 

29 

Montreal 

Ur 

13 

Sydney 

fair 

23 

Ur 

17 

Moscow 

ratal 

11 

Tangier 

fair 

25 

shower 

14 

Munich 

sun 

21 

Tel Ariv 

doudy 

27 

SU1 

35 

Nairobi 

thud 

23 

Tokyo 

tab 

22 

fair 

37 

Naples 

Ur 

23 

Toronto 

sun 

17 

Ur 

20 

Nassau 

fata- 

29 

Vancouver 

fair 

15 

Ur 

24 

New York 

sin 

20 

Venice 

Ur 

22 

fair 

24 

Nfe* 

fair 

20 

Vienna 

Ur 

20 

doudy 

24 

Nicosia 

shower 

23 

Warsaw 

Ur 

14 

shower 

17 

Oslo 

Ur 

16 

Washington 

Ur 

20 

fair 

24 

Pads 

Hi raid 

24 

WeUngton 

lalr 

14 

doudy 

27 

Perth 

Ur 

29 

Wkmlpeg 

rain 

11 

doudy 

22 

Prague 

sun 

18 

Zurich 

an 

24 


THE T.F.X COLUMN 

Brave new world 





Sooth Africa's capital markets are 
driven by politics and international 
Investors are busy applauding the 
country's momentous changes. The 
stock market has surged in recent 
weeks and the currency has appreci- 
ated strongly against the US dollar. 
Further waves of euphoria seem likely 
to push both markets to new heights. 
Bat when politics is the dominant 
investment consideration, unpredict- 
ability is certain. Several factors are 
now critical for the future outlook. 

If the ANC ends up with more than 
66 per cent of the votes, then many 
will fear they will override the checks 
and balances of the constitution. If 
Inkatha were to criticise the elections 
for not being free and fair, that too 
would nnsetfie sentiment. The finan- 
cial rand's discount to the commercial 
rand, which provides a yardstick of 
international investors' confidence, 
widened to 38 per cent earlier this 
month when iwfcatha threat ened not 
to take part in the elections. It has 
since narrowed to 23 per cent but simi- 
lar instability wnght ensue if any of 
the leading economic figures were 
moved aside. 

When misty eyes clear, South Afri- 
can markets will at least be partly 
underpinned by economic fundamen- 
tals. Hie economy seems poised to 
enjoy a virtuous circle of increased 
domestic and international investment 
combined with an upswing In the com- 
modity cycle. Economic growth may 
reach 3- per cent this year, doubling in 
the following year. But the chief worry 
concerns capacity constraints. South 
Africa's productive asset base has 
been worn down by years of autarky. 
That could produce an upsurge In 
inflation if demand proves too strong. 


South Africa 



Soiree: FT Graphite 


Greece’s OTE and Germany’s Deut- 
sche Telekom are expected to follow in 
quick succession. The Portuguese and 
Belgian phone companies may not be 
far behind. 

With such an ab undan ce of stocks to 
choose from, investors are bound to 
become more discriminating. But how 
are they to decide which offer the best 
value? Yield comparisons are too 
crude: Tele Danmark's yield is lower 
than both BT’s and the average of the 
US Baby Bells, but it has much 
greater scope to rationalise its 
operations and so increase dividends. 
European investors are new to the art 
of making valuation comparisons 
between telecom stocks. Their US 
counterparts are more familiar with 
the fayhniq iifts which involve looking 
at a wide range of yardsticks. US 
shareholders snapped np a high 41 per 
< yrtt of the Tele Danmark issue. That 
looks like smart money spotting a 
good opportunity. 


chattering about the second wave of 
privatisation as public projects are 
transferred to the private sector. 

[n the UK, the private finance work- 
in* party, chaired by Sir Alistair Mor- 
ton should play an important role fa 
leading the debate. The fondomental 
challenge is to change the Treasury’s 
culture to permit a more attractive 
or risk and reward for com- 
mercial investors. The government 
may have an important part to play in 
minimising risks and Injecting seed 
corn fUnds before a project blossoms. 
Then such projects could develop into 
ideal investments for fond managers 
providing a buy-and-forget utility -stylo 
asset It may not be long before they 
are comparing the investment malts 
of Thai roads with an investment trust 
launched to build hospitals in Staf- 
fordshire. 


European telecoms 

The choice of European telecoms 
stocks has traditionally been so 
restricted that last week's enthusiasm 
for the Tele Danmark flotation is 
hardly surprising. Not only was the 
$3bn international offering four times 
oversubscribed but the shares immedi- 
ately went to a 7 per cent premium. 
Investors, who have in the past had 
limited chance to buy telecoms stocks 
because most are still state-owned, 
understandably wanted to pile into the 
Tele Danmark issue. 

But with a flood of other European 
telecoms offerings due over the next 
few years, repeat performances cannot 
be guaranteed. Holland’s KPN is next 
in line, with its marketing ca mpaig n 
due to begin this week. Italy’s STET, 


Eurotunnel 

This Friday the sun will shine, the 
bands will play and the Queen and 
President Mitterrand will open the 
Channel tunnel Eurotunnel's share- 
holders will be mightily relieved, 
although they will soon be tapped for 
yet more funds to stave off bank- 
ruptcy. The jaundiced would say that 
proves it never pays to use equity 
finanrp to f und massive infrastructure 
projects. Most UK institutional inves- 
tors baled out long ago. 

But investors trill increasingly have 
to bend their minds to the discounted 
cash flow investment models 
employed by Eurotunnel. Debt-laden 
governments around the world are 
considering how to entice private sec- 
tor finance into infrastructure pro- 
jects, Corporate financiers are already 


Small Companies 

Ever since it announced the closure of 
the Unlisted Securities Market, the 
Stock Exchange has been in a bind. 
On the one hand it remains uncon- 
vinced that there is sufficient demand 
to support a separate market for 
smaller company shares. Yet it is also 
afraid of fragmentation. Threats by 
outsiders to set up a market of their 
own have been enough to spur Mr 
Michael Lawrence, the exchange's new 
chief executive, to action. 

The plan to build on the success of 
rule 535.2 - under which the shares of 
236 companies are now traded - is 
sensible enough- But tighter regula- 
tions will be required to satisfy Euro- 
pean law and attract institutional 
investors, on whom the liquidity of 
the new market will depend. It is far 
from clear that the exchange will be 
able to find a formula tough enough to 
satisfy institutions without re-invent- 
ing the USM. Since it is keen to avoid 
that trap, a lightly-regulated market of 
only limited interest to institutional 
investors is the likely outcome. 

The proponents of a separate market 
may thus be tempted to press ahead 
with their own plans, on the grounds 
that a more heavily-regulated market 
tailored for smaller companies could 
be made to work under vigorous inde- 
pendent management. But institu- 
tional interest is highly cyclical. NAS- 
DAQ. the successful US smaller 
companies exchange, can draw on a 
far deeper pool of retail investors. The 
eventual solution may be a pan-Euro- 
pean market on the NASDAQ model. 
For the time being, all sides are trying 
to make the best of a bad job. 


-4? * 



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FINANCIAL TIMES 

COMPANIES & MARKETS 

©THE FINANCIAL TIMES LIMITED 1994 


young working 

TOWN SEEKS LIVELY 
INTELLIGENT COMPANY. 


Rir Tull JrtaiU including ptiiilns plum.- 1 . 0952 2932A2 


Telferd. 


May 3 1994 


UK bank 
reveals a 
City 
secret 

By Robert Paston In London 

Lazard Brothers has been 
forced to tell one of the last 
great City of London secrets, 
which is precisely how touch 
capital this most discreet mer- 
chant bank has in its hidden 
reserves and bow much profit 
it makes. 

Buried ' In a footnote to 
accounts filed at Companies 
House is the disclosure that it 
has £3475m ($50. 66m) in hid- 
den reserves and total share- 
holders' funds of nssm. Pre- 
tax profits in 1998 were £40m. 

It has lifted the veal, with 
the greatest reluctance, 
because an amendment to the 
UK Companies Act this year 
required all British banks to 
end the practice of making 
undisclosed transfers to secret 
inner reserves to disguise true 
profits mid capital. 

Most hanks dispensed with 
the practice years ago, hat 
Lazard *s coyness in revealing 
aQ was probably prompted by 
a concern that outsiders might 
be disappointed by what they 
would see. Its assets are far 
smaller than British rivals SG 
Warburg and Schraders and 
tiny compared with Goldman 
Sachs of theUS- 

Warburg had shareholder 
tends of £889.4m at the year 
end of March, 1993, and 
reported pre-tax profits of 
£14&2m. Schraders had share- 
holder funds of £6745m at the 
end of 1993 and reported pre- 
tax profits of£195.8m. 

However the lazard return 
on assets has normally been 
above average and last year 24 
directors and executives 
earned more than £280,000 
each. The chairman, Mr David 
Verey, received £812,000 in 
remuneration. 

Lazard is part of an interna- 
tional partnership consisting 
of the more profitable Lazard 
Freres in New York together 
with the original Parisian 
bank, neither of which dis- 
close figures. Pearson, owner 
of the Financial Times, has an 
interest in all three si Wings. 

The UK government enacted 
the bank accounting reform in 
anticipation of a change in 
European Community law. 
However, to Lazard’s great 
irritation, this EC reform has 
not materialised. As a result, 
its continental peers, includ- 
ing Lazard in Paris, can still 
disguise their profits. 


IBM to shake up its PC division 


By Louisa Kehoo En San Francisco 

TntemfltinnBi Business Machines is to 
change the senior management of its 
tllbn personal computer business 
which is facing intense competition. 

The changes come at a critical time 
for IBM’s PC business, where sales rose 
40 per cent last year to achieve a 12 per 
cent share of the worldwide market, 
according to market analysts. However, 
IBM is believed to have lost ground to 
Compaq Computer in the first quarter. 

Mr Robert Corrigan, president of IBM 
PC, who led a restructuring of the PC 


business that has led to a strong resur- 
gence in sales, wifi retire. 

His responsibilities for running IBM 
Personal Computer go to Mr Richar d 
Thoman, a former Nabisco Interna- 
tional and American Byprww ? marketing 
executive who joined IBM last year. Mr 
Thoman's career moves have followed 
those of Mr Lon Gerstner, IBM’s new 
chairman an d chiaf executive, who also 
formerly worked at RJR Nabisco and 
American Express. 

Mr Thoman will now be responsible 
far the IBM PC company; the Power 
Personal Systems division, which, is 


developing a generation of PCs based 
on IBM's microprocessor technology; 
and IBM’s printer divisions. 

In other management changes, IBM 
assigned worldwide responsibilities to 
senior executives for marketing, prod- 
uct development and finance. Previ- 
ously, these duties had been divided 
along geographic lines. 

IBM also amwimcaH the appointment 
of Mr Anthony SanteDl, formerly bead 
of product development for the IBM PC 
company, to general manager of the 
Power Personal Systems division. 

IBM said Mr Corrigan had decided to 


retire at the end of last year, but agreed 
to stay on to assist Mr Thoman in the 
management transition. 

Mr Thoman, who has no poor tech- 
nology experience, is expected to bring 
a more consumer-focused approach to 
IBM’s PC business. By taking direct 
responsibility for the PC operations, 
and effectively eliminating a layer of 
TTmnflg i »T TTgnt Mr T hrvman hap also cre- 
ated a direct link between the erstwhile 
“independent'' IBM PC company and 
IBM’s central corporate executive com- 
mittee, which is responsible for corpo- 
rate strategy. 


Christopher Brown-Humes analyses the power of the Wallenberg empire 

Keeping Sweden in the family 


I f anyone thought the Wat 
lenberg family’s grip on 
corporate Sweden might 
have been weakened by the 
country's deepest recession 
since the 1930s, last week they 
learned otherwise. The coun- 
try's most famous industrial 
dynasty signalled it was back 
on the offensive when Incen- 
tive, one of its key companies, 
launched a $lbn (SKr&4bn) hid 
for the investment group 
Cardo. A successful strike 
would give it control of Gam- 
bro, a medical equipment spe- 
cialist and one of Sweden’s 
fastest growing companies. 

The impact of tins spectacu- 
lar Wallenberg foray, after sev- 
eral. quiet years, has been 
accentuated by the refocusing 
strategy just unveiled at Volvo. 
Sweden's leading Industrial 
group. Volvo has abandoned 
the empire-building strategy of 
its former chairman Pehr Gyl- 
lenhammar. It no longer makes 
any pretence to being a 
counterweight to Wallenberg 
influence, as it was in the 1980s 
when the two titans were at 
each other's throats in their 
drive for asperate dominance. 

"The Wallenbergs are rela- 
tively speaking in a much 
more dominant position today 
than they have ever been," 
says one close observer of the 
family’s activities. 

No doubt it will have given 
Peter Wallenberg, dynasty 
patriarch, considerable satis- 
faction that the Cardo bid 
came after Incentive had first 
snapped up a 44 per cent stake 
in the group from Volvo. Volvo 
used to be one erf the few Swed- 
ish multinationals from which 
Wallenberg influence was 
excluded. Even that changed 
earlier this year with the 
appointment of two Wallen- 
berg men to the Volvo hoard - 
including its chairman - fol- 


TVie Wallenberg Influence 




Capital (K) • ■■ Votes (%J ' 

•«*** ft**: 

Asaa 2&0 16.7 324 -. 6.9 ■ 

Atlas Copco 1&5 25.4 23A 24.7 

Ericsson 43JB ■ 3.4 38j9 0.6. 

Incentive .28.7 5 2 . 37j6 7.5 

OMGruppen 20.9 12.5 ' 209 12.5 

< ' OQ 

SKF 14.1 40.2 .£b 

Stab ’*■ .P. 22.4 •; . 1B.4 : . * 



Source: 'Owners and Powsr fn Sweden's 
Ustod Conpantea" by Swn-fvBn Slndcjvlst 


lowing Mr Gyllenhammar’s 
resignation last December. 

Today the only grouping that 
provides any sort of counter- 
weight to the Wallenbergs is 
Svenska Handels banken, 
which through Industrivflrden 
has big stakes in telecommuni- 
cations giant Ericsson, forestry 
concern SCA and Aga, the 
industrial gas group. However, 
Randelsbanken’ s influence is 
modest by comparison. 

The scale of the Wallenberg 
empire is dear from the large 
number of Swedish bluediips 
either directly controlled or 
influenced One estimate sug- 
gests the family controls as 
much as 40 per cent of the 
Stockholm stockmarket or 
companies with total annual 
sales of SKr450bn. 

This strength is entrenched 


in a two-class share system 
which gives one class much 
bigger voting powers than the 
other. Hence Wallenberg com- 
panies can control 94J per cent 
of Electrolux, Europe's leading 
maker of white goods, with 
only 6.4 per cent of the capital. 
By contrast, foreigners, who 
have been huge buyers of 
Swedish shares in the last two 
years, gain only 2 per cent of 
the votes in Electrolux with 
32.4 per cent of the capitaL 
The Wallenbergs have 
shrugged off the Swedish reces- 
sion and financial sector crisis 
much more quickly than any- 
body expected a year ago. In 
early 1993 Investor, the flag- 
ship holding company, was 
saddled with huge debts and 
losses within Saab-Scania, its 
wholly-owned automotive and 


aerospace unit Many analysts 
felt a big sale would be needed 
- possibly the company's stake 
in high-flying pharmaceutical 
group Astra - to restore its 
battered balance sheet 

The big sale never material- 
ised Debts were driven down 
sharply, but through a series of 
smaller disposals, which did 
very little to erode the group’s 
overall voting power. At the 
year-end Investor's net debt 
had fallen to SKrlS5bn from 
SKr&7bn. Further strengthen- 
ing of the balance sheet came 
in March when the group 
launched a SKr3.45bn bid for 
its stablemate Export-Invest In 
what was essentially a giant 
share issue. 

Incentive's strike for Gambro 
emphasises a new Wallenberg 
strategy. It aims to shift the 


family's basic industry bias, 
through investments in for- 
estry. engineering and so on, 
towards high-growth areas. 
Investor’s purchase of a 25 per 
cent stake in TV4, Sweden’s 
only commercial terrestrial 
television channel, is another 
example of this trend 

More acquisitive moves will 
follow, but they will be accom- 
panied by forther st reamlining 
as the Wallenbergs respond to 
intensified competitive pres- 
sures across their empire. The 
sheer range of their businesses, 
and the need to supply capital 
to town. wOl almost certainly 
force them to he more selec- 
tive. They are, however, in 
much better shape to meet the 
challenge with many of their 
companies benefiting from 
restructuring and the weaker 
krona and with dividends flow- 
ing into Investor again on the 
back of corporate profitability. 

The question remains, can it 
be healthy for Sweden to have 
one family so dominating the 
corporate landscape? One com- 
mentator has suggested “plu- 
ralism in Swedish industry is 
disappearing and that will 
influence corporate culture 
and leadership style". 

Surprisingly, perhaps, Wal- 
lenberg influence does not stir 
much controversy because the 
family is widely .admired for 
taking a long-term investment 
perspective. It is ilso respected 
for having avoided the specula- 
tive financial Investments that 
characterised Sweden’s bubble 
economy In the late 1980a. 
More recently, perhaps, a third 
factor has come into play. With 
foreigners owning 25 per cent 
of Swedish shares - more than 
double the level of two years 
ago - the Wallenbergs are seen 
as a stronghold against a for- 
eign takeover of corporate Swe- 
den. 


Worry 
over Asian 
securities 
markets 

By Alexander NicoU, 

Asia Editor 

The World Bank has warned of 
the risk of financial accidents 
in Asian securities markets 
because the pace of investment 
and innovation in them may 
be too fast for their stage of 
development 

Mr Gautam S. Kaji, vice 
president for East Asia and the 
Pacific, said the region’s eco- 
nomic growth was taking 
place from a low income level 
and that financial markets 
lacked basic infra s tructure 
and regulatory structures. 
They could only absorb lim- 
ited amounts of money for the 
tiim» being. 

“Private markets in develop- 
ing countries are by no «im»» 
perfect" he told a Financial 
Times conference in London 
on Asian capital markets. 

“Information is imperfectly 
and unevenly available, and a 
market failure in this regard 
can have the most serious con- 
sequences, as the debt crisis 
taught us aH." 

He expressed particular con- 
cern about the use of struc- 
tured financing and deriva- 
tives in Asia’s volatile 
financial markets, in advance 
of development of national 
prudential and legal frame- 
works. 

“It frankly worries me to see 
people pushing high-tech 
derivatives In markets that 
lack even well-developed Trea- 
sury bin trading." 

The World Bank supported 
the privatisation programmes 
of Asian countries, including 
stock market placements. But 
Mr Kaji noted that “in a num- 
ber of these countries, the cap- 
ital markets are not deep 
enough to absorb many new 
placements." 

“These markets still lack 
instruments and experience, 
not to mention basic account- 
ing conventions and disclosure 
rules." 

Mr Kail acknowledged how- 
ever that privatisation issues 
also helped to deepen and 
develop stock markets. He 
urged governments to hasten 
the development of capital 
markets especially because 
they will be needed to help 
fund massive investment in 
physical infrastructure to keep 
pace with rapid economic 
growth. 

Emerging markets. Page 24 


Markets 
this week 

Starting on page 21 


BRONWEN MADDOX: 

GLOBAL INVESTOR 
The only survival game at 
present - and it is hardly an 
enjoyable one - is to dig 
hard for the few surprises in 
future earnings growth that 
remain. Page 21 

PETER NORMAN: 

ECONOMICS NOTEBOOK 
Derivatives 
have attracted 
the hostile 
attention of 
politicians 
and regulators' 
after recent 
bond market 
turbulence 
and news of corporate losses. 
But sophisticated financial 
techniques can yield j 
economic benefits, especially I 
for commodity exporting 
countries which can protect | 
their economies from wild 
price movements. Page 21 { 

Bonds: 

After last year’s effortless 
run, the Rank of England 
may find selling gilts to fund 
the UK's public sector 
borrowing requirement more 
challeng in g this year. 

Page 22 

Equities: 

Market strategists are 
asking why, at a time of 
rising dividends, UK equities 
cannot separate themselves 
from the troubled bond 
markets. Page 23 

Emerging markets: 

Does the downward 
correction in Asian markets 
during the first quarter 
mean a hasty end to foreign 
investors’ enthusiasm for 
them? Almost certainly not 
Page 24 

Currencies: 

This week could see battle 
joined between the foreign 
exchange market and the US 
Treasury. The dollar will be 
the focus of attention. 

Page 24 



Base lencfing rates 

...... 35 

Company meetings 

20 

Dividend payments 

20 

FT-A World Indices 


FT Guide to currencies ., 

24 

Foreign exchanges 

35 

London recent issues .... 

35 

London share service .... 

36-37 

Managed fund service ... 

31-34 

Money markets 

— 35 

New int bond issues 

22 

World stock mkt indices 

29 



This week: Company news 


PHILIPS 

Close-to-home 
markets vital 
to upward trend 

Signs of hesitant recovery in Europe 
chmiirt allow Philips, the Dutch 
electronics group, to report a rise in 
first-quarter net profit when it 
publishes its figures for early 1994 
tomorrow. 

Philips’ -strong performance in 1993, 
achieved despite continued economic 
weakness in Europe, was due mainly 
to higher operating results in North 
America and Asia. But the company’s 
ability to extend the upward trend 
in cwrnfag s still depends on the 
recovery of markets close to hornet 

-- especially recession-hit Germany. 

The first-quarter improvement is 
a»p to rest on a combination of 
increased demand in some businesses 
and continued successes in bringing 
rinum financing chances through 
farther reductions in group debt 
- Tha rise will also be aided by the 
feet that the 1998 first quarter had 
been relatively weak, with net profit 
declining to F1103m (S54m) from Fll62m 
in 1992. Some analysts say an increase 
to FlHXlm or more should be possible 
for the 1994 first quarter, though much 
will depend on the company's 
performance in Germany. Grundig, . 
the German consumer electronics 
manufacturer controlled by Philips, 
is expected to have remained firmly 

in the red. At the same time, lower 
investment in t<»lt> «™mmtcfttinns 
in Germany will also probably have 
continued to plague Philips in early 
1994. 

The better-than-espected 1993 results, 
announced in March, have helped 
propel the company's shares above 
F155 for the first time since 19S7. 

The financial markets’ confidence 
in Philips has also been boosted by 

the company’s decision to pay a small 
dividend fix' the first time since it 
embarked on radical restructuring 
in 1990. This should make it easier 
for Mr Jan Timmer, president, to face 
shareholders at the annual general 
meeting to Eindhoven on Thursday. 


Bask of Scotland . 


Shore price retutfra to tba 
FT-SE-A Banks Index ■ . 
„ 



UoHCK FT GnapfaUB 


RANK OF SCOTLAND 

Mortgage operation 
should boost revival 

This week should see the revival of 
the Bank of Scotland, whose good 
reputation slipped slightly last year 
when it announced en u per cent fell 
in pre-tax profits. The results for the 
year to February 28 on Thursday are 
expected to reflect both a fen in 
provisions for bad and doubtful debts, 
and an increase in pre-provision profits. 

Most analysts expect pre-tax profits 
to rise to £250m-27Qm, and forecasts 
extend up to £285m ($4l8m). They are 
sharply op on the equivalent for the 
previous year of 21253m. 

Last year’s figures included a 45 per 
cent rise in provisions for bad debts. 

Apart from the drop in provisions, 
as a result off a fragile recovery in the 
housing market, the bank has also 
had an opportunity to reap a full year’s 
benefits from being able to widen its 
■marg ins in Its mortgage 
lending operation. That widening was 
an element in raising the bank’s 
interim pre-tax profits announced last 
October by 58 per cent to £ll7.6m. 

The cost-income ratio reported In 
the interim results fell to just below 
50 per cent, and could fall slightly 
further, if it is able to expand its 
mortgage business. 

The bank lias been one of those 
identified as considering buying a 
building society. This would be one 
way of accelerating its growth, but 
the bank will not want an acquisition 
that would threaten its efficiency. 


OTHER COMPANIES 

US performance set 
to boost Electrolux 


Electrolux 

Share price {SKij 
■ 450 



This announcement appears as a matter of record only 



Electrolux, Europe's leading white 
goods manufacturer, will show the 
benefits of a strong US sales 
performance and a bottoming out in 
Europe when it presents its first 
quarter figures on Thursday (May 5). 
Analysts believe profits could exceed 
SKr600m ($76m) for the period, 
compared with SKr202m last year. 

■ Creditanstalt Bankverein; Austria's 
second largest bank wifi publish annual 
results today. These are expected to 
show a strong growth in earnings for 
1993 due to a steep rise in trading 
activity. The state has a 49 per cent 
stake In Creditanstalt but over 70 per 
cent of the vote, and the bank is 
waiting for the government to decide 
on its privatisation which is expected 
this year. 

■ BAT Industries: First-quarter figures 
tomorrow are expected to show a 
healthy rise from £354xn pre-tax to 
about £385m (S562m). Despite the 
much-publicised war on smo king in 
the US - which BAT defied this week 
by buying American Tobacco for Slbn 

- its tobacco profits may be around 
the same as last year. The real profits 
fhcnragfi will come from insur anc e, 
through further recovery by Eagle 
Star from its upsets In mortgage 
Indemnity and through real progress 
at Allied Dunbar in the UK and 
Farmers in the US. 

■ BP: The UK based international 
oil company reports its first-quarter 
results on Thursday. The weak oil price 

- $4 a barrel lower - is Kkdy to be 
counteracted by benefits from 


Companies In this Issue 



cost-savings, strong downstream 
margins in the US, lower interest 
charges and a swing back to profits 
in chemicals. Pretax profits will be 
about £250m (5365m), against £23 lm 
last tftnfl and £31 5m in the fourth 

quarter. 

■ Stcrra: Europe’s biggest pulp and 
paper group, is today expected to 
announce profits of around SKrtOOm 
(S51m) for the first quarter, excluding 
a big capital gain from the sale of its 
Tarkett flooring subsidiary. The group 
has been able to turn round last year’s 
SKt78m loss thanks to finning prices 
and cost-cutting. 

■ Body Shop: Overseas growth, 
especially in the US, Is expected to 
boost Body Shop International's final 
results when they are revealed on 
Thursday. Pre-tax profits are likely 
to rise from £21 An to between £2Sm 
and £27m ($39.4m), with UK operating 
profits a little ahead of last time's 
Eli .2m. ihe US should pitch in about 
£4Jim (£2m, though this was affected 
by the move of the headquarters to 
North Carolina). The dividend should 
rise from l.7p to at least lA5p. 


AT&T 

19 

Abtrust Emattfng 

IS 

AtnnistBio 

18 

Appteyard 

18 

Arcon 

18 

Biotachnotoay Tiust 

18 

Brash Hofcanga 

19 

Cap and Regional 

18 

Chesterton lrtf 

18 


Confederation Ufa 

19 

Continental 

19 

Great-West Ufa 

19 

Henkel 

19 

IBM 

17 

Lazatd Brothers 

17 

Lendu 

18 

MTV 

19 

Midland Assets 

18 


Montecfison 

19 

My WndaTovm 

18 

NestU Rowntree 

18 

Moved 

18 

Ramus 

18 

Roche 

1 

Star Mining 

19 

Syntax 

1 

Tate £ Lyle 

18 


Acquisition of 

'$yr Dukes Hotel 

from Trafalgar House pic 



By 

Franklin-Hotels 


u 

H 


Equity underwritten by 

Hambro European Ventures Hambro Group Investments 
Hambros Unquoted Growth Fond (HUGs) 


Acquisition and restructuring of Franklin Hotels 
arranged by 


HAMBRO EUROPEAN VENTURES LIMITED 


41 Tower Hill London EC3N 4HA 
Hambro European Ventures United Is a Member of IMRO 
April 1994 


II 

H 








COMPANIES AND FINANCi 


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face-to- 
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forces 
ulttmaf 


Rowntree shuffles 
pension fund team 


By Norma Cohan, 

Investment Correspondent 

Nestlfi Rowntree, the UK arm 
of the international food group, 
has dropped the three external 
fund managers of its pension 
fund and consolidated manage- 
ment of the £l.3bn scheme 
with its in-house investment 
team. 

The external managers were 
Mercury Asset Management, 
which had the single largest 
portion. PDFM and Barings 
Investment Management The 
hind, one of the 50th largest in 
the UK, will be looking, how- 
ever, for an external manager 
for its investments on the 
Pacific Rim and Japan. 

Mr Gordon Thomson, Nestl6 
Rowntree investment manager, 
said that following a 
review the company found 
that the in-house team 
had outperformed the com- 
bined external managers over 


the past six years. 

He added that the company 
also wanted to have greater 
control over asset allocation, 
deciding what proportion of 
the scheme should be invested 
in which assets. 

New minimum solvency 
requirements were likely to 
require schemes with large 
numbers of current or deferred 
pensioners to invest a greater 
proportion of their assets in 
fixed-interest securities. Mr 
Thomson said Nestte Rowntree 
had not yet decoded whether it 
needed to restructure its asset 
mix but would be meeting its 
actuaries this week to consider 
the matter. 

Mr Thomson said the review 
followed a consolidation of the 
NestlS and Rowntree pension 
schemes, which had been run 
separately since Nestld's take- 
over of Rowntree with the lat- 
ter retaining its own internal 
fund management 


Northern Leisure healthcare sale 


Northern Leisure, which has 
been trying to dispose of Real- 
Care, its nursing homes busi- 
ness, since 1992, yesterday 
announced plans to sell it to 
Midland Assets for £1.9m cash. 

Midland is a new company 
chaired by Mr Nicholas Qppen- 
hpira, who is also vice-chair- 
man of Northern. It intends to 
raise via a placing and 


intermediaries offer of 17m 
shares at 14} apiece. Thereaf- 
ter it will seek a full listing. 

Mr Oppenheim said Real- 
Care, which made pre-tax prof- 
its of £212,000 in the year to 
August 31, had four nursing 
homes. He added that a “rela- 
tively modest” additional capi- 
tal expenditure would improve 
its profitability. 


Retail 
investors 
shun biotech 
trust launch 

Retail investors have largely 
spurned the opportunity to 
acquire shares In Interna- 
tional Biotechnology Trust, 
recently launched by Roths- 
child Asset Management. 

They have applied for 2.67m 
shares (with warrants) out of 
about 25m on offer In the pub- 
lic offer for subscriptions, 
which (dosed on April 29. 

The disappointing level of 
applications reflects, and fol- 
lows hard on the hods oS, the 
applications by institutional 
and other investors. Here, 
some £35. lm was raised - less 
th«w| half thA targeted amount. 

The public element repre- 
sented about one quarter of 
the £100m that RAM and Rob- 
ert Fleming, the sponsor, bad 
originally hoped to raise from 
the trust’s launch. In total 
only £37.7m was raised. 

However, Mr Jeremy Cur- 
nock Cook, a RAM director 
and leader of the advisory 
team, remained bullish, say- 
ing: “Against a background of 
difficult market conditions, 
the total sum raised ... is 
satisfactory for a specialist 
fund . . . I am confident 
our timing is excellent.” 

The trust is to focus on file 
flurry of recently floated bio- 
tech companies, most of which 
are trading at a discount to 
their issue price. 


CROSS BORDER M&A DEALS 

BIDDER/INVESTOR 

TARGET 

SECTOR 

VALUE 

COMMENT 

BAT Industries (UKJ 

American Tobacco 
(US) 

Tabaooo 

£88Srn 

Confirming 
tobacco 
commit] rant 

GE Capital (US) 

Unit of Northern 

Telecom (Canada) 

Financial serv- 
ices 

£41 an 

Debt reduction 
sate 

Compass Group (UK) 

Canteen Cop (US) 

Catering 

£308m 

Forced sate 
by Flagstar 

Ageo (US) 

Maasey-Ferguson 

(UK) 

Agricultural 

machinery 

£22001 

Cash + paper 
deal 

RTZCorp (UK) 

Cotowyo Coal 

Co (US) 

Mining 

Cl 60m 

Developing coat 
Interests 

All-tours (UK) 

SAS Leisure 
(Scandinavia) 

Travel 

£74m 

Move into new 
market 

Htzwfltan (Ireland) 

Walworth (UK) 

Food retailing 

£45-9m 

Lilting stake 
to 87% 

Vasa (Argentina) 

Vidrtos Lbquen 
(ChteJ 

Gtass 

£20.5m 

PflMngton/St 

Gobain JVmovs 

Unilever (UK/Nether- 
landa) 

Kanebo-NSC 

(Japan) 

Adhesives & 
Chemicals 

n/a 

Buying out 

Kanebo 

Sbnsmetel (Australia) 

G F Denton (UK) 

Metal 

n/a 

Expanding UK 
operations 


Chesterton Inti flotation 
shows valuation of £50m 


By Simon Davies 

Chesterton International, one 
at the UK’s leading property 
consultancies, is to be floated 
on the stock market in early 
summer with a value of more 
than £5Qm. 

It is expected to became the 
UK’s largest listed property 
agency. 

The company will issue a 
arpati number of new shares, 
but the majority of the expec- 
ted £25m placing will come 
from outside shareholder's - 
primarily former employees - 
who own 33 per cent of the 
company; assuming they are 
prepared to sefl. 

Chesterton made pre-tax 
profits of £34fcn in the year to 
June 1993, hut brokers suggest 
that profits will comfortably 
exceed £5m in the current 
year. 

Mr William Wells, chairman, 
said the flotation was a logical 
move for a company which hng 
encouraged employee owner- 
ship of its shares, which 
had also funded the bulk of its 


Moran in 
profit with 
£0.79m 

Moran Holdings, the 
USM-traded tea producer, 
freight forwarder and property 
developer which came out of 
administration in July, 
reported pre-tax profits of 
£789,000 for the six months to 
December 31, against losses of 
£998,000. 

Turnover advanced from 
£21.9m to £26.7m. Earnings 
per share were 2.9p (losses 
19.01p). 

Abtrast Emerging 

Undiluted net asset value per 
ordinary share of Ah trust 
Emerging Economies Invest- 
ment Trust, launched by 
Abtrust Fund Managers last 
October, stood at 9S.06p at 
March SL 

That was an improvement 
from foe 95R2p after expenses 
at the la unch 

Available revenue for the 
period from September 24, the 
date of incorporation, to end- 


acquisiticms through scrip. 

Chesterton, has acquired 23 
property consultancies in the 
UK WTyy 1985 and around 50 
per cent of its UK earnings 
ffa-mp from outside l™Hnn last 
year. The company was 
founded in 1805, but its current 
shape stems primarily from 
1986, when it sold its substan- 
tial residential estate agency 
busine ss to the Pr udential for 
“a very nice price". 

Mr Wells said the company 
“taken the .view that you 
either had to be a small nfche 
business, or a large interna- 
tional player”. It opted for the 
latter. 

Last year, around 70 per cant 
of its turnover came from a 
broad range of professional 
advisory Gees. The remainder 
name from brokerage fees, an 
area which should pick up 
sharply with the increasing 
activity in the commercial 
property market 

Mr Wells said Chesterton 
had invested £7m in building 
up its international network in 
foe past few years, and this 


should also be a source of 
growth. 

The company has a broad cli- 
ent list ranging from Marks 
and Spencer to the Crown and 
Church. The latter has dimin- 
ished in importance since the 
pyy ta p in Church’s 

income producing assets to 
£2.l6bn, mainly because of 
speculative property losses. 
Chesterton has been cleared of 
responsibility. 

The timing of foe flotation 
should be good. The only other 
large listed property consul- 
tancy, Debenham Tewson & 
Chinnocks, trades on a p/e 
ratio of 25, reflecting antici- 
pated earnings growth as the 
pr o perly market recovers. 

However, with only 26m of 
shareholders’ funds, Chester- 
ton's as the «ticht fraa 

it, are its employees. The com- 
pany needs to show that these 
assets will not f»n their shares 
ami leave. 

The flotation is sponsored by 
Robert Fleming, and Soctttd 
Gdndrale Strauss Turnbull 
Securities are brokers. 


My Kinda Town 
heads for the City 
with £24m price tag 


NEWS DIGEST 


March amounted to £180,538, 
equal to basic earainga of 
036p. 

Ramos losses op 

For the half year pnflefi Decem- 
ber 31 1993 Ramus Holdings, 
the USM-traded ceramic wall 
and floor tile subsidiary of 
Wong LgQflg Group of Malay- 
sia, suffered pre-tax losses of 
£2. 6m. compared with £1.7m, 
from turnover down at £17.3m 
a gains t £22 8m. 

Losses tnrinHpd £L5m rati on- 
alisatkm costs, but lower inter- 
est Of £257,000 (£405,000). 

Abtrust Euro 

Undiluted net asset value per 
share of Abtrust European 
Index Investment Trust, exclu- 
ding revenue reserves, rose 
from 77.5p to 9L2p over the 
year ended February 28 1994. 

Earnings were G.Tp (0.53p) 
per share from an available 
amount Of £238336 (£132,040), 
while the final, single dividend 
is increased to 08p (0-3p). 

Tate & Lyle 

The A y 2im (£58 m) cash offers 
made by Bundabetg Sugar, foe 


Australian sugar company 
owned by Tate & Lyle, to 
acquire two north Queensland 
crushing mills, have been 
allowed to lapse. 

This follows a vote earlier 
fins fpnrfl h by shareholders in 
the South Johnstone Mill who 
voted against the lifting of the 
restriction which limits the 
number of shares which any 
(ringrto investor «»n hold. 

Bundaberg bolds a 2.7 per 
c ent stake in South Johnstone 
- the smaller of the two - but 
lacks even a -email holding in 
foe other, Tully Sugar. 

Lendu loss 

Lendu Holdings, the Kent- 
based group involved in irri- 
gated and dryland cotton, 
cereal and beef cattle produc- 
tion in Queensland, incurred 
prelosses of £126,000 for the six 
months ended December 3L 

Exceptional gains of £898,000 
together with contributions 
from a now discontinued activ- 
ity lifted profits in the corre- 
sponding half year to £953,000. 

Appleyard buys 

Appleyard Group, the motor 
vehicle supplier, has acquired 


By Simon Davies 

The Chicago Pizza Pie Factory 
and Henry J Beans are corning 
to the City, through the flota- 
tion of the restaurant owner 
and operator My Kinda Town, 
which will have an initial 
market capitalisation of 
224.25m. 

Around 90 per of the com- 
pany Is to be sold off through 
a placing, and subsequent 
rights issue, and the 
directors will retain 10 per 
cent. 

The initial venture capital- 
ists have been bought out 

MKT was formed in 1977 
with foe opening of The Chi- 
cago Pizza Pie Factory by the 
colourful American entrepre- 
neur Mr Bob Payton. 

It was followed by the Chi- 
cago Rib Shack, Henry J 
Beans, Chicago Meatpackers, 
Tacos and Salsa! 

MKT made pre-tax profits of 
£1.59m in the year to June 


Clover t/^af Cars, a Hampshire- 
based car dealer, for £9. 75m 
cash. 

The company has eight deal- 
erships and in the year to 
March 31 1993 reported pre-tax 
profits of £400,000 on turnover 
of £428m. Net assets at the end 
of the period were £7.1m. 

Appleyard reported that foe 
prerent year bad started well 
with much improved profits. 
The after market remained 
firm and used car demand was 
strong. 

Cap and Regional 

Capital and Regional Proper- 
ties has acquired a 24.9 per 
cent stake in Lanham. a 
specialist retail warehouse 
and food superstore devel- 
oper. 

As part of the deal Capital 
has subscribed to a convertible 
loan stock and has provided a 
working capital facility, mak- 
ing a total investment of 
£400.000. 

Capital has also agreed to 
provide T-anham with a mezza- 
nine loan facility of up 
to £3m in order that Lan- 
ham may retain a number of 
developments as invest- 
ments. 


1393. and is forecast to make 
adjusted pretax profits of at 
least £J.9m this year. The com- 
pany will have to make a 
deferred payment of £100.000 
to management shareholders if 
profits exceed £3m In 1995. 

MKT has expanded aggres- 
sively into Europe, and only 39 
per cent of last year's 
sales were derived from the 
UK. 

It has also built up a sub- 
stantial network of franchi- 
sees. which should account for 
20 per cent of profits this 
year. 

It plans to open five new res- 
taurants this year, three in 
Germany, one in Paris and one 
in foe UK. It currently owns 
29 restaurants. 

Hie shares are being Issued 
at I0p and trading will com- 
mence on May 9. 

The issue is sponsored by 
Hill Samuel and Credit Lyon- 
nais with Laing acting as bro- 
ker. 

Arcon cleared 
to develop mine 

By Tim Co one In Dublin 

Arcon, the Irish exploration 
companv in which Mr Tony 
O’Reilly, the chief executive of 
the Heinz food group, holds a 
23 per cent stake, has received 
final planning permission to 
develop its 6.2m tonne zinc I 
lead ore deposit at Galmoy in 
Ireland. 

Once brought into produc- 
tion at an estimated develop- 
ment cost of some l£65m 
(£63m). foe mine is anticipated 
to be one of the lowest-cost 
zinc mines in the world due to 
the proximity of the ore to the 
surface, and will rank along- 
side Europe's largest 

The reserves have an aver- 
age grade of 1181 per cent zinc 
and 1.12 per cent lead, and will 
be extracted over a 10-year 
period 

The directors expect con- 
struction work to begin this 
August or September, and for 
the mine to come into produc- 
tion in early 1996. Debt financ- 
ing was befog put in place but 
a rights issue was not ruled 
out to finance part of the devel- 
opment cost. 


NOTICE OF REDEMPTION 
VS. $100,000,000 

DEBARTOLO CAPITAL CORPORATION 
9M GUARANTEED NOTES DUE 1996 
GUARANTEED BY 

THE MITSUBISHI TRUST AND BANKING CORPORATION 

NOTICE IS HEREBY GIVEN, in accordance with Co nd ition 6(B) of 
the Trust Deed dated 26th March, 1986 between DEBARTOLO 
CAPITAL CORPORATION ("DCC") and THE LAW DEBENTURE 
TRUST CORPORATION P.L.C, that DCC has elected to redeem aQ 
of its MM Guaranteed Notes doe 1996 (the “Notes") on June 6, 1994 
(the "Redemption Date") at a Redemption Price equal to 10196 of the 
outsta n di n g principal amount thereof; together with interest accrued 
thereon to (but excluding) the Redemption Date. 

Bearer Notes called tor redemption must be presented and 
surrendered for payment at the specified office of any of the Paying 
Agents listed below. Each Bearer Note should be presented for 
payment together with all unmatured Coupons appertaining thereto. 
Tailing which the fun amount of any missing Coupon will be deducted 
from the sum doe for payment 

Registered Notes called for redemption must be presented and 
surrendered for payment at the specified office of the Transfer Agent 
or of the Registrar listed below. 

Notes and Coupons win become void unless presented for payment 
within periods of 10 year and 5 years, respectively, from the relevant 
dates for payment thereof 

PRINCIPAL PAYING AGENT 
Chemical Bank 
126 London WaU 
London EC2Y fiAJ 
England 

PAYING AGENTS 


Chemical Bank 
Preigutstzasse 16 
CH-8038 Zurich 
Switzerland 

Kredie thank N.V. Brussels 
Arenbeigstraat 7, B-1000 
Brussels 
Belgium 


Chemical Bank 
Tour Gan 
16 Place tie lTrte 
92082, La Defense 2 
Paris, France 
Chemical Bank 
Ulmenstraase 30 
P.O.Box 17 41-26 
Frankfort, Germany 


Banque Internationale a Luxembourg SLA. 
2 Boulevard Royal, L-2953 
Luxembourg 
TRANSFER AGENT 

Banque Internationale & Luxembourg &A. 
2 Boulevard Royal, L-2953 
Luxembourg 
REGISTRAR 
Chemical Bank 
66 Water Street 
"New York, New York 10041 

May 4, 1994 

DEBARTOLO CAPITAL CORPORATION 


Espirito Santo Financial Holding S. A. 
U.S. $100,000,000 
Floating Rate Notes due 1996 

in accordance with the provisions of the Notes, notice is hereby 

f iven that the Rate of Interest for the six month period ending 
1st October. 1994 has been fixed at 5.625% per annum. The 
interest accruing for such six month period will be U.S. $2,890.63 
perU.S. $100,000 Note against presentation of Coupon Number?. 

Union Bonk of Switzerland 
London Branch Agent Bank 

27th AprO, 1994 



FUTURELINK 


~c- —ore mforrralicn ■ 

TEL: 071 972 9772 


FAX: 071 972 9770 



Mortgage Funding 
Corporation Na4 PLC 
l lw wMHi ia Endcftiend 

Wide! with bmudhMin under 
rtgfotnd number 21 33465) 

DmlGw 
Mortgage B a cke d 
Floating Bate Notes 
Due 2035 

OassA-l £100,000,000 
Class A-2 £100,000,000 

For the inrerest period 29dv 
April, 1994 to 29th July, 
1994 the Class A-I notes will 
bear interest at 5.60% per 
annum. Interest payable on 
29th July, 1994 will amount 
to £383.95 per £27.500 note. 
The Class A-2 notes will bear 
interest of 5.30% per an- 
num. Interest payable on 29ri» 
July, 1994 will amount to 
£1,446.03 per £100,000 note- 




Company, London AfescBank 


NOMURA ASIAN 
INFRASTRUCTURE FUND SICAV 


LUXEMBOURG 
ICC. Lanmboaig RM24S 
NaUec h haRfay fhrta to tbs 
teurtipMfn, tfcat the 

ANNUAL GENERAL MEETING 

of shareholders of NOMURA ASIAN 
INFRASTRUCTURE FUND «rfll be arid at 
the registered office no Friday 6th May, 
1994. at 10:00 ao. with the fallowing 


L Sohmtoslaa of the reports of the bond of 
it f s s m sad at the auditor. 

2. Approval of the uaaal accowm and of 
(be aiaiencDi cl operations u at 
Oeeeartcr 31*. W)3 appropriation of the 
mdn. 

3. Dbctage otto dream. 

4. Streatary appatnunem 

5. Madboren. 

■ masfareh cggB are refrgedjl a aoq man 


will be taken on simple majority of the 
sham preatsa or rejawenuid at the meeting. 

b oeder to atread the meeting of NOMURA 
ASIAN INFRASTRUCTURE FUND 
SICAV the owners of beater shares will 
hare to deposit their shares five dear <fay« 
befese the steering at the registoed cOcc of 
the Company or with NOMURA BANC 
(LUXEMBOURG) &A. 6 avenae Emile 

Reuter, L u n BlhjuiR. 

The Board of Directors 


Equitable Capital DHO Ltd. 

Note Interest Rate Resets 
Pursuant to the iitdsnaira dated as of 
October L 090, between the bsusr 
and Sate Street Bank and Trust 
Company as Trustee, notice is 
hereby given that for the Interest 
Accrual Period Aprs SB. 7994 i a 
October 30, 1994, the Note Interest 
Rate appBcabta to the Senior Nous 
is 5.4250% and u the Second 
Priority Senior Notes Is 6.3750%. 
Interest payable per $1.000000 
pnndpW amount of a Senior Note on 
October 31, 1994 will be $27,878.47 
and per $ 1 , 000,000 principal amount 
of a Second Priority Senior Note wil 
be $32,760.42. 


jy YOU CAN ADVERTISE YOUR 
[ SKILLS IN THE FINANCIAL TIMES 
I RECRUITMENT PAGES 

I FROM AS LITTLE AS £84 + V.A.T. 


v 


Looking for a 
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II For further details please costact Philip Wriblet oh Ta: 
1 1 071 -873 3351 Fmc 671-873 3064 DR BY WNTlNa TO MM AT 
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Recruit* ext Adyertuihg, Nbnber One 




NOTICE OF PARTIAL REDEMPTION 
TO HOLDERS OF 

DOMUS MORTGAGE FINANCE NO.1 PLC 

£100,000,000 

MORTGAGE BACKED FLOATING RATE NOTES DUE 3014 

Notice Is hereby given that in accordance with Conditions 5(b) 
and 18 of the Notes, the Issuer hereby gives notice to redeem 
8800,000.00 principal amount of Notes, selected randomly as 
detailed below, lite date set for the mandatory redemption Is 
the next coupon payment date being, 8 Jane 1994, and the 
Notes wiD be redeemed at their principal amount plus accrued 
interest Payment wDl be made against surrender of the Notes, 
together with all appurtenant Coupons maturing after foe date 
set for redemption at the offices of the Faying Agents, named 
on foe Notes. On and after S June 1994, foe redeemed Notes 
win cease to accrue interest 

The amount of any missing unmatured Coupons will be 
deducted from the sum due for payment Any amount of 
principal so deducted will be paid against surrender of foe 
relative missing Coupons within five years from foe date of 
payment The redeemed Notes will become void unless 
presented for payment within ten years of the redemption date. 

Hie nominal amount that will be outstanding after foe Notes 
listed below have been redeemed is -£24,800,000.00. 

The Serial Numbers drawn for mandatory redemption are as 
follows.-- 

177 208 380 465 
542 610 743 872 


Principal Paying Agent cwobsiiwUM 


Union Bank of Norway 
U.S. $27,000,000 

Subordinated Floating Rate Notes doe 2002 

In accordance with the provisions of the Notes, notice is hereby 
given that the Rate of Interest for the three month period ending 
29th July, 1994 has been fixed at 6.05% per annum. The 
interest accruing for such three mouth period will be U.S. $7,646-53 
per U.S. 5500,000 Note against presentation of Coupon Numbers. 

Union Bank of Switzerland 
Loudon Brandi Agent Bank 

27th April, 1994 



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WOOLWICH 
-Building Society - 

S200.000.000 
Floating rate notes 
due 1998 

Notice is hereby gioen that 
die nofes will bear interest at 
5.35% per annum hum 28 April 
1994 fo 28 My 1994. Interest 
payable on 28 My 1994 arid 
amount to SI33J8 per S 10,000 
note andSlJ333M per 
5100.000 note. 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 


ENTE NAZIONALE PER L'ENERGIA ELETTRICA S-P-A. 
UT 500,000,000,000 FLOATING RATE NOTES DUE 2000 

In accordance with the provisions of the Notes, notice is hereby 
given as follows: ' 

*i n j efe3 ? peri0d: 28th April 1994 to 28th October 1994 

* Interest payment date: 28th October 1994 
•Interest rate: 7.6875% per annum 

Coupon amounts: UT 195,391 per Note of UT 5.000.000 

UT 1 .953.906 per Note of UT 50,000,000 

Agent Bank 

BANQUE INTERNATIONALE Bfi 
A LUXEMBOURG " 




artificial intelligence 

„ VITTORES TRADING 

mj ^ BLZJG S^^SM NICAL SYSTEMS" 

TEL:at74-&&t »p« LEADING CONSULTANTS 


VAX: 7737.228304 







FINANCIAL TIMES TUESDAY MAY 3 1994 


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COMPANIES AND FINANCE 


MTV to end relationship with Star 


Ferfin and Montedison 
show operating profits 


By Louise Lucas In Hong Kong 
and Marta Dickson 
In New York 

MTV Networks, the US-based 
pop music television program- 
ming company, is to launch 
two wholly-owned channels for 
the Asian market in the fourth 
quarter of this year, ending its 
relationship with Star TV, the 
Asian satellite television com- 
pany controlled by Rupert 
Muntoch's News Corporation. 

MTV, a subsidiary of enter- 
tainment group Viacom, began 
broadcasting In Asia in 1881 
over the Star TV network with 
a freely available pan-regional 
English-language service. 


Earnings to 
rise by 10% 
at Henkel 

By Chr is to pher Partes 
in Frankfurt 

Henkel, the German chemicals 
and consumer products group, 
expects pre-tax earnings to 
Increase by more than 10 per 
cent this year following a 3 per 
cent rise in the first quarter. 

Such an increase was possi- 
ble even though the costs of 
restructuring to the current 
period could not yet be accu- 
rately forecast, Mr Hans-Diet- 
rich Wlnkhaus, fthflhrnari, raid 
Reporting a 1 per cent 
decline in turnover in the first 
three months, the company 
based its op timism on its bal- 
anced product portfolio and 
geographical spread. 

Meanwhile, there had been 
few signs of a convincing 
recovery in Europe, particu- 
larly in consumer goods. 

Turnover and earnings in 
rhpTwieflin and special chemi- 
cals had Improved, while the 
detergents business had 
become more difficult partly 
because of reduced consumer 
spending power. 

Previously-announced plans 
for the loss of 1,000 German 
jobs would go ahead, as would 
the progressive closure of five 
factories and other sites. 

Restructuring costs this year 
would be markedly lower than 
in 1893, fiie chairman, said 
The main current project, a 
DM20m ($11. 6m) investment in 
a TO per cant stake in a chemi- 
cals joint venture in Shanghai, 
is cm the verge of completion. 


Its advertiser-supported inde- 
pendent service will be 
launched on the Apstar One 
satellite, giving access to 18 
countries, and win move to the 
more powerful Apstar Two, to 
be launched next year, which 
will expand its access to 30 
countries. 

One of the networks wifl be 
an English language one 
directed at young people in 
south Asia, the Philippines and 
other countries. The second 
will be Mandarin language ser- 
vice, encrypted so viewers will 
require a decoder to receive 
programmes, aimed at coun- 
tries such as China, Taiwan 
and Singapore. 


By NflOd Taft in Sydney 

Star Mining, the small 
Australian exploration com- 
pany, has signed a protocol in 
Angarsk, Siberia, which it 
believed protects its interest in 
the large Sukhoi Log gold proj- 
ect, and paves the way for its 
US$250m Russian investment 
plan to go ahead. 

Star said that “in the light of 
these very positive develop- 
ments", it expected to release 
the first USSSm tranche of cap- 
ital to Lenzoloto. the state-con- 
trolled Siberian goldminer in 
which it holds a minority inter- 
est, this week. In Sydney, Mr 
Graeme Ellis, a director of 
Star, expected the payment to 
go ahead tomorrow. 

Star, which holds a one-third 
interest in Lenzoloto (some- 
times translated as iwia Gold), 
has pledged to provide US$20m 


By ffikHTait 

Brash Holding s , the Australian 
consumer electronic retailer 
and once the nation’s largest 
specialist stores group, yester- 
day called in an administrator 
after its main bankers - which 
include ANZ, Westpac and 
Soctetd G£nerale - withdrew 
their support Brash’s shares 
were suspended on the Austra- 
lian Stock Exchange at A$2^6. 

ANZ said recent develop- 


MTV*s decision to tackle the 
Asian market independently 
brings the region into line with 
Europe, the US and Latin 
America, where the group has 
also adopted a go-it-alone pol- 
icy. 

Mr Tom Freston, chairman 
of MTV Network, said: “The 
Asian marketplace has enor- 
mous potential is stfll in 
the early stages of its develop- 
ment" 

Star, which is retaining sev- 
eral of MTYs screen celebri- 
ties, will continue to broadcast 
music with a new service of its 
own. Programming will split 
into two versions, one in Man- 
darin serving China. Taiwan 


of “charter capital" to the Rus- 
sian joint-stock company. 

However, the money has 
been in an escrow account in 
Moscow while political uncer- 
tainties hanging over the 
Siberian project were negoti- 
ated, and the release of techni- 
cal information related to Len- 
zoloto was authorised. 

Last year Mr Yevgeny 
Bychkov, head of Russia's pre- 
cious tnafcais and stones com- 
mittee, said foreign companies 
would be excluded from devel- 
oping the Sukhoi Mg deposit, 
reckoned to be one of the 
world’s biggest gold deposits. 

However, Star said it 
believed the protocol “will 
resolve all outstanding dis- 
putes concerning the develop- 
ment of the . . . deposit and the 
re-registration of -mining and 
exploration licences”. 

It said it was "expressly 


meats in Brash’s firernmni con- 
dition, coupled with business 
plans presented by the group 
last week, failed to provide the 
hanking group with "sufficient 
confidence" for it to renew a 
A$61m (US$43m) facility. It 
added that an independent 
assessment of Brash’s condi- 
tion was thou g ht desirable. 

The voluntary administra- 
tors will be Mr David Beatty 
and Mr Michael Humphris 
from Arthur Andersen, the 


and Hong Song and the other 
in En glish covering India, the 
Middle East and south-east 
Asia. 

It says its changes “herald a 
revolution In music televi- 
sion". But analysts, who are 
taking an Increasingly dim 
view of Mr Murdoch's SS2Sm 
acquisition of 63.6 per cent of 
the broadcaster last summer, 
regard it as further evidence 
that Star is still groping for 
direction. 

Star is reckoned to be losing 
around $60m-$80m a year. Last 
month it axed the BBC in what 
was seen as a sweetener ges- 
ture to China, a market Star is 
keen to develop. 


agreed” that, while the 
regional Irkutsk administra- 
tion and the ministry of atomic 
energy would participate in the 
Sukhoi Log development, “this 
would be done in such a way 
that Star retains its present 
shareholding". This amounts 
to a one-third interest via the 
Lenzoloto Investment 

Although Lenzoloto has 
operations which produce 
around 350,000 ounces of gold a 
year as well as other develop- 
ment projects, these are 
dwarfed by the Sukhoi Log 
potential. With the injection of 
Star's US$250m, the aim is to 
raise Lenzoloto ’s anrmai pro- 
duction to 2m ounces in six 
years. About three-quarters 
would come from Sukhoi Log. 

Mr Ellis said yesterday Star 
was likely to seek a secondary 
listing on the London Stock 
Exchange in “the near future”. 


accountancy firm. They said 
yesterday that all options for 
Brash’s will be considered, 
ranging from a return to nor- 
mal operations to a winding up 
of the company. 

The company suffered a loss 
of around A$l5m (US$1 0.7m) in 
the year to July 1993, on sales 
of around A$706 ul It subse- 
quently pulled out of the loss- 
making book retailing business 
but stffl posted a further, and 
larger, interim loss last month. 


AT&T and 
Novell form 
alliance in 
networking 

By Louise Kehoe 
in San Franci sc o 

AT&T, the US telecommuni- 
cations company, and Novell, 
the leader in computer net- 
working software, have 
formed ad alliance to create 
worldwide inter- and intra- 
company communications ser- 
vices for businesses. 

The new service, called 
AT&T NetWare Connect Ser- 
vices, will combine Novell’s 
widely-used local area net- 
work software with AT&T’s 
telephone network to form a 
global network of business 
networks, in effect a “business 
internet", the companies said. 

Business use of the Internet, 
a global network of computer 
networks with an estimated 
25m users, is rapidly expand- 
ing. However, concerns about 
security and the complexity of 
using the Internet have lim- 
ited most business use to elec- 
tronic mail. 

AT&T said its new service 
win address these problems. 

Applications will include 
workgroup collaboration, 
information retrieval and 
manipulation, electronic com- 
merce, distributed computing, 
ramsagiwg and fax services. 

"Our atHatir*. with Novell is 
a significant step in expanding 
the electronic highway on 
which commerce, badness col- 
laboration, and knowledge 
sharing will ride,** said Mr 
John Petrtilo, president of 
AT&Ts Business Communica- 
tions Services unit. 

The advent of public data 
services will enable business 
customers to avoid the 
expense of building and oper- 
ating their own private inter 
networks said Mr David Tay- 
lor, industry analyst at the 
Gartner Group, a market 
research firm. 


Modo in share issue 

MoDo, one of Sweden's leading 
forestry groups, plans to issue 
up to 4m new B shares to 
international investors. The 
company said that the move 
would raise SKrL2bn ($15 7m) 
at current prices writes Chris- 
topher Brown-Humes in Stock- 
holm. 


By Robert Gkaftam In Roma 

The clean-up costs of the June 
1992 collapse of the Ferruzzi 
family's business empire have 
reached over L2,400bn ($L5bn) 
- the biggest writedown of a 
private group’s assets in recent 
Italian history. 

But the industrial interests 
formerly controlled by the Fer- 
ruzzi family and now in the 
hands of banks, which last 
year agreed to swap debt for 
equity, have begun to show 
healthy operating results. 

This emerged from the 1993 
results of Ferruzzi Finanziaria 
(Ferfin), the listed holding 
company of the group now 55 
per cent controlled by foreign 
and Italian creditor banks, 
which were announced on Fri- 
day and those of Montedison, 
the chief industrial subsidiary, 
which were released yesterday. 


By Robert Gbbens fen Montreal 

Great-West Life, a key 
company in Mr Paul Desmar- 
ais's North American financial 
services group, is taking effec- 
tive control of Confederation 
Life, Canada’s fourth biggest 
life company, with an initial 
raqh infngifm of Cjaggm 

The planned merger will cre- 
ate Canada’s biggest group 
health and life company. 

Confederation, a mutually- 
owned company with US and 
European operations, was 
caught by the property market 


By Michael Undemann 
in Hanover 

Continental, the German tyre 
maker, lifted first-quarter prof- 
its slightly but Mr Hubertus 
von Grunberg, chief executive, 
said further cost-cutting was 
needed to pull the company 
out of “the deep hole” it fell 
into in 1993. He said full-year 
profits were expected to match 
the DM65 Am ($38m) of 1993. 

Turnover rose 8 per cent in 
the first quarter, due to the 
incorporation of Barum, the 
Czech producer, and Benecke- 


The losses are bigger than 
originally expected but essen- 
tially reflect the need by Mr 
Guido Rossi, the special admin- 
istrator brought in last year, to 
write down inflated assets that 
massaged Ferfin and Montedi- 
son accounts. 

Ferfln’s consolidated losses 
totalled L2,4l9bn. against a 
1992 deficit of Ll^lSbn. These 
two losses in effect represent 
the cost so far of the misman- 
agement of the Raul Gardini 
era at Ferruzzi which was per- 
petuated after his divorce from 
the family business in 1991. 

Of the losses at Ferfin, 
L2,079bn was attributable to a 
thorough revision of the value 
of the holding company's 
assets - both fixed assets and 
share portfolios. At Montedi- 
son, extraordinary 1993 losses 
were Ll^OObn while total net 
losses reached Ll,6llbn. 


collapse and lost C$23m in 1993 
after a C$137m loan loss provi- 
sion. It finished 1993 with 
nearly C$lbn of non-perform- 
ing assets. Total assets were 
almost C$20bn (US*14.4bn). 

Great-West, held indirectly 
by Mr Desmarais’s Power Corp 
of Canada, now ranks as Cana- 
da's third biggest life company 
with CS25bn assets. Its busi- 
ness is split evenly between 
ffonada and the US. 

It will buy C$75m of Confed- 
eration preferred stock and 
make another CS150m capital 
available, and take a majority 


Kaliko, a Hanover-based tyre 
maker. 

Despite a 50.1 per cent fall In 
1993 profits, the company will 
pay a DBM dividend. Mr Wil- 
helm Winterstein, finan ce 
director, said he could not rule 
out a rights issue fids year. 

High costs in Germany 
meant 25 per cent of all tyre 
production would be moved 
abroad, mainly to Barum and 
Mabor, the Portuguese unit, 
the company said. 

Cantitech, the non-tyre divi- 
sion, would also increase its 
activities at Vegum. the Slovak 


Ferfin debt stock was 
reduced by L1.382bn to 
L2i^5lbn, largely as a result of 
asset sales. Debt restructuring 
and recapitalisation helped 
reduce financial charges. Since 
the collapse last year, L5,400bn 
of fresh capital has been 
pumped into Ferfin and Mont- 
edison. 

The holding company’s con- 
solidated net turnover was up 
IS per cent to L22,8G4bn, gener- 
ating an operating profit of 
LL373bn up 28 per cent. In the 
case of Montedison consoli- 
dated net turnover was up 20 
per cent from Ll6.969bn to 
L20,415bn with an operating 
profit of Ll,485bn. 

The improving trend in oper- 
ating performance has contin- 
ued this year and in the first 
two months the gross operat- 
ing margin was up 26 per cent 
at L431bn. 


of boardroom seats. 

Several other Confederation 
assets will be sold and the total 
initial capital infusion will rise 
to C$40Qm. 

But Great-West will not 
assume Confederation’s trou- 
bled mortgage and property 
portfolio. 

Negotiations were compli- 
cated by problems in Unking a 
mutual company with share- 
holder-owned Great-West. 
About 276,000 Confederation 
policyholders are likely to 
approve the deal and the gov- 
ernment reaction was positive. 


company in which it holds a 
stake. 

Worldwide tyre sales fell by 
AS> per cent to DM4J9bn In 1993 
but recession in the auto 
industry saw European car 
tyre rates drop by 17 per cent 
and commercial vehicle tyres 
by 34 per cent 

Contitech saw 1993 turnover 
fall by 7.6 per cent to DM2.1bn 
but said that sales had 
improved slightly in the first 
quarter. 

Turnover at General Tire, 
the US subsidiary, rose 23, per 
cent last year to DM22bn. 


Star Mining $250m Russian 
gold investment to go ahead 


Brash calls in administrator 


Expansion for Great-West Life 


More cost-cutting at Continental 


Invitation to Tender 


Y-. t*.i? • • /:* • • • - r . # . 

’ s\ '.I • ;• •?' • .• t . V? " 1 / • . * 

?l®|p|frte ;: :C^ens' Its 




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- ’ S-. ’ "■ \ 


- Confectionery Industry - 

International Investment Tender will be launched under the 

EU - TACIS Programme 

on behalf of the 

State Property Fund of Ukraine 

by an International Consulting Consortium 
lead-managed by 

COMMERZBANK 

Aktiengesellschaft 

The Consortium members are Commerzbank AG, Bain & Company, Banco Central Hispano, Price Waterhouse and Squire, Sanders & Dempsey. 

The following companies in the Ukrainian confectionery industry are being offered to strategic investors: 


Odesa Confectionery Company 


Ukraina Chocolate Factory, Trostianets 


Zaporizhya Confectionery Company 


These companies cover major confectionery segments including chocolate, sugar 
based confectionery and biscuits. Capacities range from 17,000 to 44,000 tonnes p.a. 
Interested parties are invited to receive an Application for Tender Materials, beginning 

Thorsten Muller/Peter-Andreas Kurtz 
Commerzbank AG/ZRM 
Neue Mainzer StraSe 32-36 
60261 Frankfnrt/Main, Germany 
Tel: +49-69-1362-2822 or 9201 
Fax.: +49-69-1362-9276 


May 5, 1994. Tender Materials for one company may be obtained for 500 USD (plus 100 USD 
for each additional company). The deadline for submitting bids is 5 pm Kiev time, 
July 14, 1994 to the below mentioned representatives. For information please contact: 

Uwe Jenssen/Kenneth Moore 
Commerzbank Representative Office 
Pushkinska ul. 34 
252004 Kiev, Ukraine 
Tel/Fax: +7-044-296-8588 

Commerzbank is a member of SFA 





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NEWSLETTERS 


(AVAILABLE ONLY ON SUBSCRIPTION) 


300294 


FINANCIAL TIMES TUESDAY MAY 3 I'M 

THE WEEK AHEAD 


UK COMPANIES 


■ TODAY 

COMPANY MEETINGS: 
Admiral, Admiral House, 
133-199 London Road, 
Cambertey, Surrey, 12 jDQ 
Cancfover tmsu, Howard 
Hold, Temple Place, W.C. 

12 . 0 0 

Holders Technology, Hendon 
HaD Hotel, Ashley Lane, 
Hendon, N. 12-00 
Strong & Fisher, Hambras 
Bank, 41, Tower Hitt. E.CX, 
12.00 

Yorkshire Food, Carter Mills, 
146 Cteckheaton Road, 
Bradford, W. Yorks., 12J30 
BOARD MEETINGS: 

Finals: 

Bswick 

GBEIntL 

German Inv. Tst 

Govett Oriental bw. Tst 

Jove Inv. Tst 

SBentnight 

Interims: 

CeBtech 

Premium Underwriting 
Unigroup 

■ TOMORROW 
COMPANY MEETINGS: 
Bensons Crisps, Dalmeny 
Hotel, South Promenade, 
Lytham SLAnnes, Lancs, 12.00 
Courtauids Textiles, Langham 
Hilton Hotel,1 Portland Place, 
W., 12.00 

Garton Eng M Park Hall Hotel, 
Park Drive, Gddthom Park, 
Wolverhampton, 12.00 
Hodcler Headline, 338 Euston 
Road, W.C., 2.00 
Kwik-Fft HWgs^ Skinners* 

Hall, 8fa, Dowgate HHL 


EC, 12.00 

Penttand, Pentland Centre, 
Squires Lane, Finchley, N., 
10.30 

Pittards, Sherborne Raod, 
Yeovfl. Somerset, 12L30 
Schrodera, 120 Cheapside, 
E.C. 12.00 

Surratt, Moore House. 119 
London Wan. E.C. 2.15 
T&S Stares, Swinfen Had. 
Swinfen, Nr LrcfcfieW, Staffs., 
11.00 

UnSever, Queen Elizabeth II 
Conference Centre. Broad 
Sanctuary. S.W. 11.00 
Wates City of London 
Properties, City Tower, 40, 
Ba&nghali Street, EC., 10.30 
BOARD MEETINGS: 

Finals: 

Albany Inv. Tst. 

BAT. bids. 

Beattie {James) 

Finsbury Growth Tst. 

German SmaBer Co's. 

SSvermbies 

Interims: 

Bellway 

Dakota 

On Demand Information 
Tate & Lyle 

■ THURSDAY MAY 5 
COMPANY MEETINGS: 
Barclays Bank, Queen 
Elizabeth ll Conference Centre, 
Broad Sanctuary, S.W., 2.30 
British Mohair, Midland Mills, 
VaSey Road, Bradford, 11^0 
Cadbury Schweppes, Royal 
Lancaster Hotel, Bayswater 
Road, W-, 3.00 

Coats VfyeUa, Inn on the Park 
Hotel, Park Lane, W_ 2.30 


BBC Grpw, Imperial Hotel, SL 
Davids, Exeter, 12.00 
Expamet Int, Royal 
Automobile Club. 89, Pan Matt, 

aw.. 12.00 

LMteshatt, The Chequers Hotel, 
Oxford Street, Newbury. 

Berks., 11-30 

Lloyds SmaBer Co's Inv. Tst. 
48 Cniswef) Street, EC., 

12.30 

Matthews (Bernard). Airport 
Ambassador HoteL Norwich 
Airport, Cromer Road, 

Nonvteh, 12.00 
National Express, Farmers' 

& Fletchers' Hall, Cloth Street, 
EC., 12.00 

RacBus, Founders' Hall, E.C., 
12.30 

Richardsons Westgarlh, Peat 
House, 2, Cornwall Street, 
Birmingham, 10.00 
Standard Chartered, 

Merchant Taylors’ HaD, 
Threadneedle Street, EG.. 
12.00 

W5P, IS New Bridge Street. 
Blackfriars, EC., 11.00 
BOARD MEETINGS: 

Finals: 

Amfnex 

BMSS 

Bank of Scotland 
Body Shop Inti. 

CSC Inv. Tst. 

Forward Grp. 

Gartmore American Sec. 

Greenway 
Highcroft Inv. Tst 
Radamec 
Regent Corp. 

Westminster Scaffolding 
Interims: 

Titan Hldgs. 


■ FRIDAY MAY 6 
COMPANY MEETINGS: 

BAT Inds^ Queen Qiznbeth 
U Conference Centre, Broad 
Sanctuary. S.W. 12.00 
BHIam (J). Sheffield Moat 
House Hotel, Chesterfield 
Road South, Sheffield, 11.00 

Church A Co, Northampton 

Moat House. Silver Street. 
Northampton. 12.30 
Clarke (1), Simpsons. The 
Strand, W.C.. 12.00 
HlBsdown Hldgs., Regents 
Park Marriott HoteL N.W. 2.00 
IMi, Metrdpoi Hotel. N.E.C, 
Birmingham, 12.00 
MTL Instruments, Power 
Court. Luton. Beds., 4.00 
Psion, Royal Society of Arts, 

8 John Adam Street, W.C., 

11.00 

Rugby Grp- Crown House. 
Rugby, 12.30 

Servo mex. Bunted Park Hotel, 
Uckfieid. East Sussex, 11.00 
Spandex, 1600, Park Avenue, 
Almondsbury. Bristol, 10.00 
Zeneca, Royal Lancaster 
Hotel, Lancaster Terrace, W„ 
11.00 

BOARD MEETINGS: 

Finals: 

Walker (J.OJ 
Interims: 

Broadgate Inv. Tst. 

Company meetings are AGMs 
unless otherwise stated. 

Please note: Reports and 
accounts are not normally 
available until approximately 
six weeks after the board 
meeting to approve the 
preliminary results. 


DIVIDEND & INTEREST PAYMENTS 


■ YESTERDAY 
American Tata & Toto. £033 
Ameriach SO.48 

Anglo Am.trw. Tot SjB 25% Cm. lot Pt. 

R0.OS62E 

Bel Attandc SOS9 

BeSSouth £0.69 

Duudn Wortdwfdo inv. Tst 34M Cm. 

PL £1.75 

Edlnbuigh Inv. Tst 7YM Ox 1995 £3-75 

Rfa Indmar 2p 

ISS-HL Servko Sys. 002 

KnionZSp 

Kymmona FMkl 

Padflc Tetotta $0545 

SoutfnWBtam Seff $0395 

US Wost £0-535 

VUvo ASKr7.75 

Da S SKr7.75 

■ TODAY 
American T«t 3-flp 
APV3.15M Cm. Pt 1J575p 
Do. 4i6% Cm. Pt 22750 
Da 5J2596 Cm. PL 2.825p 

Berdays Bk 12^75* Nta.'SS UreSISJEO 
Bradford & Sngiay BMg. Sac. FRN "90 
eia&m 

Cartacfon Pizza JL6p 

GnataOm Ojp 

BTIJMp 

EkedtarfUSp 

Fleming Mercwdla bw. 1.fi75p 

Oases 7% Refogse Loan 1924 33p 


Do. 7% FW. Loan <24 Stg. Fdg. Bda.'SS 
87^p 

Cram (ft & Part2.75p 
Haafthcam Ops. 1 Class AFRN <21 
ei4&86 
Kowden 042p 

Hungary 7M% Stg. Bds. "24 £2.75 
HySo-OustKC &5W DbL Saries OQ 
<01 CS96 

ICN Phaim. m% 2001 S33.75 

Iratanri 11%94 *94 £568.75 

Jorinaqn Gtp. C too ne ra 80p 

Lament Hldgs. B% Cm. PT. 1 JJBp 

Da 54W 2nd Pf. 24p 

Da 10% 3rd On. PL 5p 

LASMO 09 ftod. ®k. UMs 44234p 

Lbk Service 74p 

Ltoyds Abbey Ufa 11.7p 

Macro 4 C.02p 

MAI 2p 

Mambwti Atn.7J% Nta. <9S Y7J00.000 
Mbiorco £0-1S 

NatL Home Lna FHN *96 *1.50 
NatWast Bk 9.46% Mb. <01 54.726 
Nora-Nordbric B DIM 
Prudential Bd 10% Ms ■flB CSiOO 
Repstod O'seasHa 11%% Cv.Sao. 

Br. Mb. <96 £5740 

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St AikMws Tat 5. ip 

Stats Bw* NSW 10%% *99 AS106 

TT Grp. 10875% Cv. ftL Pt <97 

6.4376P 

Traaa.15%% Ln 1990 £7.625 


■ TOMORROW 
BTP Cm PI. 3-76p 

Halfox aWg. Scfy. FRN *97 £28(42 
Holders Tech. 4p 
Uoyds Bank I5£p 
New Zealand 11M% 08 £28155 
PUMnaton 714% Bd. <98 £375.0 
Royal Inace. 5p 

■ THURSDAY MAYS 
Bensons Crisps Z 1 5p 
Beraesen ANKR1.0 

Da B NKRI-OCRH IR4.98P 
Domestic & Gen. Grp. g25p 
HaBday Chemicai 2-4p 
fad. Control Services i.5p 
YottaNra Food 2.48p 
Zeneca 17p 

■ FRIDAY MAY 6 
/UMralAJp 

Bering Puna Fd. SO^S 

Brit Air. 9%% Nts. <97 £95 U) 

CadbuyScbw 8M% Ua U. 94000 * 

£4.125 

GALA (L9p 

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Courtsidds 8% Cm. Fid. 2nd Pf. 3- Ip 

Courtatdds Text OSp 

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Expamet InL I^Sp 

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Da (Hong Kang) 575.0 

Lewis (John) 10V»% Bd. <05 £102.50 

Uoyds Smalor Go’s bw. Fst 1.85p 

Da Package Unrts 1.85P 

Motthowo (Hcnwn8 t.4p 

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Da A (N/WiJ 2.45p 
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DaNAAg. I25p 
Second Marti ot Inv. 4.3p 
Toy Hamas i.35p 
Transport DevL Grp. 8.5p 
Tra tour 7% 3001 £4.5033 
Vardan 0J35p 
VWtm 1.7Sp 
WlMbitw 8.9p 

Whitbread 7'4% Utt Ln. 9SA» 

£3.835 

■ SATURDAY MAY 7 
BBA 10% Ob. 1389794 £5.0 

Bristol 5 West BWo. 13%% Perm bit 
Brg. £68875 

Convorakxi 9%% 2003 £4.875 
Ricardo 3p 

■ SUNDAY MAYS 
Rea Brothers tt45p 


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CONFERENCES & EXHIBITIONS 


MAY 10 

THE NEW SOUTH AFRICA for 
INVESTORS 

Nelson Mandela is likely to be 
insogwated as President. On foe tame dty 
at oor independent London Research 
conference for loaiirarional investors 
Denis Worrall and a powerful 
international panel will analyse the new 
potential and investments. 

Contact: Helen Wood 

TeL 071 3W 5795 Fate 071 231 99Z8 

LONDON 

may io-i a 

INTERNET WORLD & 
DOCUMENT DELIVERY 
WORLD INTERNATIONAL *94 
Mecklermedia's second annual conference 
and exhibition exploring foe products and 
services Interact applications can offer the 
company and the indivMnaL 
Venue: Novate! London Hammersmith 
Coalact: Stella FOmer 
Tbt 071 976 0405 Fax: 071 978 0S06 
Meddenncdia, Aitiltoy House, 

Artillery Row, London SW1P IRT 
LONDON 

MAY 11 

RAILFR EIGHT AFTER OPEN 
ACCESS -MAKING 
PRIVATISATION WORK 

A conference examining open access do 
UK railways and implications Tor new 
entrants following privatisation of 
Train load Freight, RfD and Freighlltner. 
Spoken include Rc Hon John MacGregor 
MP. Secretary of State for Transport. 
Organised by the Waterfront Partnership 
& The Rail Freight Group. 

Contact; lain Dak 
The Waterfront Pailoeratiip 
Tel: 071 7300*30 Fax; 07 1 730 0450 

LONDON 

MAY 11 

THE NEW CONSUMER 
ENVIRONMENT 

The key foams driving markets into foe 
next century. The Henley Centre’s one- 
day conference wOi be examining 0 k real 
drivers of change in Britain. Our latest 
views on foe way foot society Is changing 
and I be implications for marketing and 
corporate strategy . Cbst £350 + VAT 
Contact: Anna Harman Tel: 07 1 353 9061 
LONDON 

MAY 17 & 18 

FT WORLD PULP AND PAPER 

Arranged jointly with CEPI, this high- 
level FT forum win consider kmger-teim 
strategies for the indusuj post n coraiton . 
restructuring, co m petition and trade issues 
and review developments In emerging 
markets. It win also focus on the 
implications of the growing env i ronmental 

challenges faring the rector. 

Enquiries: Financial Times 

Tel: 08 1-673 9000 Fax: 081-673 1335 

LONDON 

MAY 18 - -- - 

THE COMMERCIAL 
APPLICATION OP PARALLEL 
PROCESSING TECHNOLOGY: 

A Briefing lor Ratal Com pan tea 

Particularly for those rr/DP and rnatloc hug 
managers working within the retail 
industry. This free seminar wiU focus oa 
parallel processing technology and its 
application advantages for foe retail wotUL 
Contact: Sarah Pooncfly/Sophta Li p K um ba 
White Crass Systems Ltd 
Tel: <0344)300770 

LONDON 


MAY 18 

SHARE PLANS WORKSHOP 

An opportunity to review and discuss all 
issues surrounding the renewal of IR 
approved share option schemes, in clu di ng 
performance criteria and alternative 
uint ngB u icaaL Otter aopiq ato al^e m pbyee 
abate schemes rad foe Operation of mats. 
Oomaec David Allans, Monk* Partner s hip 
nb 0371 830939 

STANSTBP 

MAY 19 

COMPETITIVE CUSTOMER 
CARE THROUGH INFORMATION 
TECHNOLOGY 

A one day interactive workshop chaired 
by Prof. Merlin Stone, of Avanti 
Consultancy Services, examining the 
concept of Integrated Customer Care 
Systems and the challenges they piescal co 
Marketing and IT Professionals. Max. 
d el e g a t ee 12. Oast £250 per delegate. 
Coontt: Avmti Consultancy Services 
Teb 081-947 8680 Pw. 081-947 8478 

LONDON 

MAY 19 

MANAGERIAL CHANGE AND 
ORGANISATIONAL STRESS 
This conference examines foe legal and 
health issues of organisational stress 
lauldng from the mls-toadHiig of 
management. 

Solan Tralniag nod Research United. 
Soufoampioo Institute. 

Contact STAR limited for deoils 
and booking on 0703 319376 or 
Fb* 0703 332077 

SOUTHAMPTON 

MAY 19 

PARALLEL PROCESSING 
-A Technical Briefing 
The Rcgua Conference Centre, WCI 
This free half day seminar win provide 
rr/DP managers and consultants with a 
technical overview of the White Cross 
parallel database technology and its 
advantages aver conventional database 
systems. 

tfomactSaab Doonefly/Sophie Upscombe 
White Crass Systems lid, 

Teb ((1344)300770 

LONDON 

MAY 19 

WORLD CLASS 

INTERNATIONAL 

WORKSHOPS: 

PROCESS RE-ENGINEERING AND 
WORKFLOW AUTOMATION. 

The organisation that aspires to World 
Class performance wJJI deliver its 
products and service through a s e rie s of 
vaiac-iddlug processes. This workshop 
(oaks at how to make the best use of the 
leading workflow aufomation product, 
Staffwaxe, to radically improve process 
effectiveness. (Ref: WCM4S) 

Contact: Vkfci Welham 

World Class Inforaariauaf Ltd 

Teh 0705 268 133 Fix: 0705 268160 

LONDON 

MAY 20 

WORLD CLASS MTBttlATONAL 
WORKSHOPS: 

BUSNESS PROCESS MANAGEMENT 

Organisations achieve their goals through 
a relatively small number of processes. 
This workshop explores how to create 
value adding processes and the role of 
workflow iu tornados and activity based 
costing (Ret WCM4) 

ChntacS: Vida Welham 

World Class Ituematiooal Limited 

TeL- 0705 268)33 fee 0705 268160 

HAMPSHIRE 


MAY 24 

ALL AT SEA WITH FUELS AND . 
LUBES CONFERENCE 
Buyers of marine fanb/lohricaao are 
room de m an din g, marima are undergoing 
dynamic change, crenpctitioa fix badness 
remains intense. The industry most 
consider changes in environmental 

T*T"lHjTfr r i ^ f tif nr hil rkfc 

Contact: Caroline Little 
lostBbifeof fttrakviD 
Teb 071 536 1004 Fax: 071 255 1472 
LONDON 

MAY 24-25 

PRACTICAL DEALING 
COURSE 

- Foreign exchanga 

Training in Spot and Forward forex 
dealing for traince/janlor dealers end 
Corporate treasury personnel. Highly 
pwticipadvc awrec mriaribg WINDEAL 
(PC Windowe-tased dealing samilalion). 
Training effected by praahkmtna with 
many yean* market experi e nce. 

£480 1 VAT 

Lywood David Imcnutkxjal Ltd. 

Teh 0QS9 565820 Fas 0959 565821 
LONDON 

MAY 24-26 

FUVFOA GLOBAL INVESTMENT 
& RISK MANAGEMENT 
OfWRTUNfTTESFORYISTTRrnONS& 
FUNDMANAGSTS 
LBdEHlPIE N HOTB. 

Ft st i n g foods, cotporase treasurers, traders, 
product designtss address using fhtnrcs for 
risk amtagearenf. Keynote speslm: Brian 
Quinn, Bonk of Ea^aud; Gordon Blum, 
General Moratn Feariou FUnd. 

Contact us Julia Greenway 202-4664460 
UK Caroline Jones 071 48S 4610 

LONDON 

JUNE 2 

DEVELOPING NEW PRODUCTS 
TOR GLOBAL MARKETS: THE 
OPPORTUNITIES 

A na tiona l one-day conference organised 
by the Design Museum in conjunction 
with (ho OTf. which will tackle the 
fundamental Issues of new product 
development and iu Impact on 
pro BfobiUty and competitiveness. 

Contact; Conference Secretariat, Northern 
Ci wfa ty ipc Omen 

Tfct 0623 502600 Fax; 0625 502900 

BIRMINGHAM 

JUNE 3 

ENVIRONMENTAL 
MANAGEMENT SYSTEMS - 
IMPLEMENTING EXPERIENCE & 
LEGAL LIABILITY IMPLICATIONS 
Chaired by John Siambolloeian, 
Department of the Environment, 
Environmental Protection & Industry 
Division. Speakers from Scion Healthcare, 
Masons, Nstwest, ISO Drafting 
Committee, Nab aero Nat bauson, 1EA, 
Transport Development Group and 
Cameron Markby Hewitt. Environmental 
software systems display. 

Fox Pamela Shimdl. Industry & 
en vir onment Aaaoctana for hroctmre on: 

081 876 1674 (Teb 08 1 876 3367) 

LONDON 

JUNES 

CORPORATION TAX UPDATE 
Sr Bmdua Hoed. Vktoris 
Designed to givn the oon-tax-specklidi a 
working knowledge of the main features 
of UK taxation. 

Gontaec Evaena Morris, 

CIMA Master -courses 

Td; 071 917 6588 Fax 071 SSQ 6W1 

LONDON 


JUNES & 7 

FT WORLD GOLD COKFER9ICE 

The important conference, which Im been 
rimed to coincide with the lerceumniy 
cetcbiHWQS of the Bank of England, will 
feature central bank presentations, a 
review 'of international mining 
developments and a major forma on foe 
role of foe marten in the mid-(990s. 
Enquiries: Financial Times 
T«± 08 1 -673 9000 Fbc 081-673 1335 

LONDON 

JUNE 7-8 

PRACTICAL DEALING 

COURSE 

-Mtmey Market 

Training in traditional Cash Markets and 
short term derivatives dealing - risk 
identification and evaluation, prod net 
pricing position management - 
opportunities to teal theories leant io 
dealing simulation and practical exEiasea. 
For Corporate treasury personnel and 
bank dealers. £480 + VAT 
Lywood DsvUJ International Ltd. 

Tel: 0959 566820 Fax: 0959 565821 
LONDON 

JUNE 7-9 

BPR: BUSINESS 

TRANSFORMATION AND IT: 

MANAGING CHANGE 
Presentations by-. John Sifonis, Siterg 
Associates lot. New York; Wilf Baton, 
OASIS Group pic; Michael Mainelli, 
WO Consulting; Colin Couisoo-Tbomas, 
Adaptation Ltd; Graham Gould, COBA- 
RlchanJ Archer, ItMSOi Peter 
Halne, Savant Assodetca; Joe Peppard, 
Cron field School of Manegement; Brian 
Twisa, Technology Management and 
Forecasting; Mark Good ridge. ER 
rwitohawi 

Contact; UNICOM Semins nr, 

0895256484 fax 0895 S1309S 

LONDON 

JUNE 7-9 
BPR; BUSINESS 
TRANSFORMATION AND TT: 
MANAGING CHANGE 
Improving Business Performance Through 
Effective Use of LT. 3 day conference 
covering The Hallmarks of Successful 
Orga ni satio n s; Business Issues in the OOfe 
Bbs»«bh Transformation and fT, The Rofc 
of BPR; Managing Change, foe ultimate 
loey to success. 

Contact: UNICOM Seminars, 

0895 256484 fox 0895813095 

LONDON 

JUNE 8 I 

(RSfrumants of Corporate Change 
A half -day aemiunr far senior executives 
wishing to explore foe tones involved io 
developing and introducing new 
performance measurement and repotting 
concepts. Featuring David P Norton, 
President Renaissance Strategy Group, co- 
founder and former President of Noise 
Norton A Ox Ontaet Badness fasaQaaioe 
Tel; 081-544 1830 Fax: 081-544 9020 

LONDON 

JUNE 8 

MANAGING CHANGE - 
REACTIVE OR PROACTIVE? 

LT. Strategics lhai Benefit foe Business 
and foe Bottom Line. 

Speakers from user organisations 
I Deluding: UMSO, Sou Alliance. P&O. 
BAA pic. Balmer Drinks, Esso win mfk 
about their experiences with using LT. to 
re-engineer their businesses, and the 
unpticatioa for human resources. 

Contact: Dipti Chanhon, 

IBCTedudcal Services Lad 
Teton 6374383 fee 071 6313214 
LONDON 


JUNE 8 

THE PRIVATISATION OF 
BRITISH RAIL* 

Access, Infrastructure, Costs and 
Competition. Role of Raihradc; Access 
charges and agreements; Legal 
framework; Regulation in practice; 
Opportunities for freight, property and 
passenger services; Safety regime. CPE 4 
bonis. 

Contact: Lynn van Roogren, 1BC, 

Td 071 637 4383 Per 071 631 3214 

LONDON 

JUNE 8-9^ 

BS84: 

CLIENT SERVER REPORTING 
FOR THE ENTERPRISE 

Europe’* leading conference and 
cxhfoitkw on Executive and Man agem e n t 
Information Systems. A unique 
conference programme which gathers 
many of the world's best thinkers, 
practitioner* and care studies, with foe 
aim of helping organisations Onk BIS So 
business gods. 

C entner . Busin 
Tst ML 544 1830 


JUNE 13 

DATA THEFT- PREVENTION 
AND RECOVERY 
Pace or technology; Using your legal 
rights to the foil; Practical security 
measures; Managing employees; 
Recovery; Remedial - foe dv2 route; foe 
criminal route; Compensation; 
Investigative process; Computer security. 
CPE 5 boms. 

Contact Lyun van Rooyeo, IBC, 

Tel 071 6374383 Fax: 07 1631 3214 

LONDON 

JUNE 13 & 14 

FT NORTH SEA OIL AND GAS 

The conference will review exploration 
and production in the nun sectors of foe 
North See and consider the Impact of 
current oil prices on activity iu the 
province. Expert speakers wiU also 
address such crucial issues as 
competitiveness and ways of reducing 
costs; operator-contractor relationships 
and abaadoameat. 

Enquiries: Rimxtsl Times 

Tet 081 -673 9000 Fax; 081-673 1335 

LONDON 

JUNE 15 & 16 
FT TRANSPORT N EUROPE 
The meeting will focae on the 
impffcatibag of Co m mun i ty proposals for 
the Trans-European Networks and the 
prospects tot pubJto-privare partnership* 
to flnanee Europe's transport 
Infrastructure. 

Enquiries: Financial Thuea 

Tet 081-673 9000 Fax; 081-673 1335 

LONDON 


JUNE 20 

A FUND MANAGER'S GUIDE 
TO VENTURE CAPrTAL 

This conference will bridge the gap 
be t we en Venture Capitalists and tong term 
Fund Managers demonstrating new 
potential to mala: money grow. Speakers 
from 3i Group. British Venture Capital 
Asaocntion. Uoyds Development Capital. 
Standard Lite. Bridgewater Business 
Analysis, Granville. CtNVen, NtcKotson 
Graham & Jones. Schroder Ventures and 
Institutional Find Managers Association. 
Call Janice Robot, Century 

ConuKutrcntfams, 071 244 8884. 

LONDON 


JUNE 21 

UNDERSTANDING THE HEDGE 
FUND RISKS 

ThB high-level seminar will assess foe 
doqgpa posed by bedgp fends to banks and 
other fitanciai coumetpa i c ie s. Topics to be 
coveted Include: Hedge fond structures and 
their performance; evaluating hedge foods 
as counterparties; and aspects of risk 
manage me n t in hedge finals. 

Qnta c c: Afjaon S^r, Dow Joans Tefctato 
Tet 071 8329532 fex: 071 3532791 

LONDON 

JUNE 27 

DERIVATIVES TRADING - 
LAW AND REGULATION 

Defeat ta swaps agreement; swap credit 
risk; capacity and restitution; interest rate 
derivatives; regulation of OTC 
deriv ati ves; judicial review and dispute 
resolution; market transparency and equity 
derivatives, fox Irenes; European 
regulation; money laundering. CPE 5 
boots. 

Contact Lynn van Rooyea, IBC. 

Td. 071 6374383 Fare 071 63l 3214 

LONDON 

JUNE 28-30 

GAINING COMPETITIVE 
ADVANTAGE FROM 
PARALLEL COMPUTING 

Presentations by: Ndl Omnkbaet, Shell. 
Netherlands; Jeff Donaldson, American 
Airlines, USA; Cormac Burke, 
representing TPC; Quemer Bscfaiet. AVL 
List Austria; Horst Forster, European 
Commission; Blair Cusack, British 
Ooturabia MOIl, Canada; iota Murphy, 
British Aerospace; Bill Edtsbery, TSB; 
Tom Thompson, Perot Systems Europe; 
Guy Mains, Rover Group; Roger 
WillUms. Bass Taverns. 

Cooracr. UNICOM Seminars, 

0895 256484 fax 0895 80095 

LONDON 

JUNE 28-30 

GAINING COMPETITIVE 
ADVANTAGE FROM 
PARALLEL COMPUTING 

3 day conference sponsored and hosted by 
US Embassy. London. Top level 
international speakers describe 
experiences of cummenirf. embedded and 
mttrarial applications and explain how to 
harness the power of power parallel 
g wnpnfo rg in the c oyotareax tim. 

0895 256484 Ux 0395 8 13095 
LONDON 


JULY 7-3 

PRIVATISING THE COAL 
INDUSTRY 

Twa Day Cretfeteaoe. Full Implications 
for Potential Investors. DAY ONE. 
Speakers include Michael Edwards, Coal 
Investments pic. Topics include Coal 
Aolhority; Properly opportunities; 
Emp loy m em issues end penrioos ; Critical 
foehns in die bkl dodahm; Case Study - 
Energy Privatisation. 

Couacc Lynn va Rooyeo, IBC, 

Tel 071 6374383 Fax: 071 631 32 U 
LONDON 


JULY 7-8 

PRIVATISING THE COAL 
INDUSTRY 

TVo Day Conference. DAY TWO. 
Speakers include Andy Miller. Health & 
Safety, Executive. Topics include Future 
demand - economic and competition; 
financing the investment; Health A 
Safety; Pollution, liability, insurance; 
Management buy-outs; Opportunities in 
Saxfewt, En gla n d. Wales; How to create 
a winning bit; Union view. 

Contact: Lyun van R Doyen, JBC, 

Tel 071 637 4383 Fax: 071 631 3214 

LONDON 


SEPTEMBER 21-22 

NEW SECURITY ISSUES 1094 

Safeguarding New Technologies and 
Systems 

A wide range of speakers from Europe 

and foe US will talk about new methods of 

securing current systems, preventing 
unauthorised access, and bow to ensure 
the security of new technology. 

Cbmaen Dipti Cfmulem, 

IBC Technical Services Ltd 
Tet 071 637 4383 Fax; 071 631 3214 
LONDON 


EXHIBITIONS 


MAY 3-7 — 

THE -MADE M SYRIA 1 EXHBmON 

Arab- British Chamber of Commerce. 6 
Bdgrare Square, Loudon SWI (10.00 am 
- 6.00 pm daily}. Showcasing Syria's best 
oew market opportunities like textiles. 


JULY 4 

INTERNATIONAL MONEY 
LAUNDERING V IA 
WHOLESALE INSTITUTIONS - 

Practical advice on Prevention, Discovery, 
Compliance. Money Laundering 
Regulations; Practical impact and 
O M rs ranre available; Joint Steering Group 
mining vjdeo; Enforcement and 
Prosecution; Compliance Surgery. 
Speakers include Monty Raphael. DOwyn 
Griffiths, Rene Week. CPE f " ' 


Contact: Lin van Rooyen, IBC, 

Tet 071 6374383 Rue 071 631 3214 


LONDON 


JUL Y 6 & 7 

FT INTERNATIONAL EQUITY 
MARKETS 

The Financial Times and the Centre for 
the Study of Financial Innovation are 
arranging a high-level conference oa the 
tactmtional Equity Markets. The aim Is 
to provide a high-level farum for stock 
exchanges, regulators. market 
practitioners sod Investors to detnto the 
structure and evolution of the lotemaaottal 
equity markets in the mid-1990s and 
beyond. 

Enquiries: Financial Times 

Teh 081-673 9000 fete 0*1-673 1335 


Business Seminar at the Paris Lute Hilton. 
10.00 am May 3nL Call 071 235 4363 for 
details. 

LONDON 

M AY 9-1 2 

C EETEX 94, THECHnRAUfc 
EASTB^BJROPEAN TECHNOLOGY 
4 8VMSS7M6NT EXHBT7I0N 

Meet senior decision makers of over 1000 
major enterprises from Central and 
Eastern Europe who are seeking trading 
Unto, p&ctoecships and wcsuneuL 
Rjr fnre entry, register on 0203 421213 nr 
call 071 262 3066 

LONDON 

MAY 17 -13 
MTQ *94 

TESTING FOR QUALITY 
The leading materials testing exhibition 
<XJn,crcncc “PC®* '*» Hall 12 pi the 
NEC on I7lh May with ovci 25U kev 

, EnlMnCB - perking and 
otaJogiK are free. 

Ticket Hotline No: 021 767 35ou 

Empririe* Fran Foster - 

Centre Exhibitions Tel; 021 767 3413 

BIRMINGHAM 


INTERNATIONAL 


MAY 11 412 

3RD ANNUAL AIR FINANCE 
CONFERENCE 

Key issues addressed: Airline Privatisation. 
Finance, lir ft a smretare . Business Climuc, 
Joint Ventures, Licensing. Speaker*,’ 
Aeroflot Ria, MAK. Transaero and 
pdrcyrojkcrs from Uzbekistan, Knzakatatv 
Befornsria, Ukraine. Turkmenia, Kitglttn, 
US DOT and the EU. More than 40 CIS 
airlines attending. Contact: B Daatz 
Tet +44 71 779 8791 Fox: M4 7 1 779 8791 
MOSCOW 

MAY 17- 19 

POWER-GEN EUROPE *94 
Largest conference and exhibition on 
electricity generating in Europe. New 
developments iu market regulations A 
structures, utility * Ipp interaction, 
cooperation, project financing and latest 
technologies. Over LM) presentations 
Selected by the European power Industry. 
Most major European utilities and 
c ompa nies active Jn power generation 

Contact: PcnaWeil CAE 
Teh 31-JO-iSO. 963 Fax 31-30-650913 
COLOGNE 

MAY 19 &20 

t^GWf®^£^gg 0L 

PRODUCTS IN EUROPE 

A strategic conference enabling 
companies, public authorities and 
consumer representatives to debate and 
discuss with (he European C/nfon 
Institutions foe correct and future policies, 
fegabtioa and financial assistance in the 
agn food industry. Should a EU Common 
Food Policy be created? 

Contact: Ouh do Bros rites 
TEL: (32J.77L98W) FAX: (312.7706670 
BRUSSELS 

MAY 31 - JUNE 3 
COWOMCMSIAMEXWmON A 
CONFHB5NCE 

Meet 500* international exhibitors at 
GumniiiniCA&ia/Nctwork A»ia/Mobilc 
Comm Asia. Listen to 55 distinguished 
speakers talking abort their experiences aad 
predictions fur the future of Asian 
communications. Equipment services, 
financing regulation - wtur wfH be needed » 
take Asia in to foe 2lst century? 

London Tet «44 (0171 48b 1951 

Rue t-M (0)71 41 J 8211 
Singapore Td: +65 338 4747 
Fax: +65 339 5651 

SINGAPORE 

JUNE 8-9 

UKRAJNE-THE BUSINESS 
PARTNER PLANNING ft 
WORKING FOR THE FUTURE 

TWo day conference exploring business 
W»rainific« in (Arsine. Speaker* include 
Dr Volodymyr Lanovoy A Roman Sbpek. 
Topic* coveted: Economic Refunn,- 
fnflatinnm. Foreign Investment. 
Privatisation. Finj octal Services. TACIS 
PWRramme. Enctgy am] Real Estate. 
INTERFORUM Tel: 444(01 71 3869322 
Fax: +44 10) 71 Ml 89 u 

KIKV 

JUNE 23 

russS batc SECUBrTY IN 

Are yon doing enough for the mfety or 
yout wnployees. propeny and premise in 
Rossia. This one-day conference 
aikiiesses four key topics: 

' P 01 *^ brands security fornes 

- Giuddmei on personal n-urlty 
• Pnitccnm phjokal jxi^icity and mssflatiwo 
-racy human resource security iraoo 
Contaol: o de Leunaniis. The tconumb t 
InWIigctux- Unit C.mhU 
Tet t4>lf7l241 bi ll Fax: 4A.VU714 iff 69 

vier*’* 





FINANCIAL TIMES TUESDAY MAY 3 1994 


21 


The Markets 

THIS WEEK 


Global Investor / Bronwen Maddox 

Desperately seeking surprises 



Total rattan in' loeal currency to 28/4/94 





« ehMdi amt Mitel 




US 

Japan 

OaraaNW 


Italy 

UK 

Cadi 

Week 

0.07 

0.04' 

0.1 f 

0.12 

0.15 

0.09 

Month 

0.31 

0.21 

0.48 

0.53 

0.70 

0.44 

Year 

3A4 ■ 

&2B 

8.69 

7.31 

10.83 

6.19 

Bonds 3-5 year •• 
Week -0.38 

021 

-0.03 

.0.87 

0.27 

0.04 

Month 

-Ifil 

0J15 

-0.14 

0.031 

0.94 

-0.01 

Year 

o.4a. 

6.74 

886 

8.17 

19.48 

5.94 

Bonds 7-10 yea* 
Week ' ' -056 ' 

0.58 

0.10 

1.06 

088 

-0.39 

. Month 

-1.26 

t.02 

-1.10 

-0.73 

1.45 

0.10 

Year 

-o:i6 

9.30 

6.10 

8.67 

28.77 

7.11 

Equities 

Week 

0.0 

-0.3 

■ 2 A 

2.8 

5.9 

0.9 

Month 

-2.2 

-0.7 

4.1 

0.5 

15a 

0.4 

Year 

5.2 

1.5 

38 JO 

18.6 

51.5 

17.7 


Best performing sto c ks from FT- A World ImBcee 
In local currency to 2 8/4/94 


.% dmnge 



Clom 

Week 

Month 

Voar 

Banesto (Spa) 

1,050 

34.4 

433 

-53.2 

OokJen.Plus (Mai) 

12-50 

28.2 

77.3 

na 

Commerce C tearing 

19.00 

20.6 

7.0 

12.6 

CJoraxfUSA) 

50.13 

20.0 

11.4 

167.2 

Teledyne (USA) . 

17.00 

1&2 

-2J2 

-1&9 

Plate Glass (R8A) 

135.0 

17.4 

22.7 

223.4 

Novell (USA) . 

1&63 

17.3 

-4.5 

-38.0 

totes Dot. (USA) 

6338 

16.8 

-1SJ 

164.1 

LSI Logic (USA) 

2225 

16.3 

6.6 

104.5 

Cons. Freightways (USA) 

28.25 

16.0 

-6L7 

53.2 


Souwt Cash & Banda - Letanan Brothers. Equates - O NatWest Sacuttfls. 

Hie FT-ActuariM Worta Indices ate JoWty jcwmsd by Tho Rremdal Time* Urnttad, 
eoKMnt Sachs & Co., ant NttWast dacuifts Umgad 


T owards the world-weary 
resolution of The Age of 
Innocence, Edith Whar- 
ton’s classic novel now playing 
as an a ward* winning film, the 
hero and his new bride set off 
to tour Europe. She buys a 
wardrobe of gowns in Paris, he 
picks up a set of suits in Lon- 
don, and they settle onto the 
boat heading back to the New 
World, content that they have 
picked the best - meaning the 
most predictable - of each 
country’s wares. 

Any investors - American or 
otherwise - who follow that 
approach to the European 
equity markets at the moment 
will find value eluding 
them. Hie only survival game 
at present - and it is hardly 
an enjoyable one - Is to dig 
hard for the few surprises in 
future earnings growth that 
remain. 

It Is a peculiarly awkward 
point at which to try to 
squeeze money into the equity 
markets. Coming out of reces- 
sion, companies should have 
several years of strong growth 
before threats of inflationary 
pressures and rising interest 
rates re-emerge. 

But investors have had 

months - about 18 months in 

the UK’s case - to scour the 
markets for stocks which 
should perform well In those 
conditions. The main question 
now is whether all of that 
potential is already captured 
by share prices. 

Of all the European equity 
markets, Germany looks the 
most a t tracti ve by some way. 
Recent company announce- 
ments have delivered a handful 
of surprises , already - shares 
have risen sharply as the fig- 
ures emerge. 

The market’s capacity for 
delivering unexpectedly good 
results should continue, at 
least for this year. Surveys 
show business confidence 
improving rapidly as exports 
pick up on the bade of Ameri- 
can and Asian demand. 

Last week five of the coun- 
try’s independent economic 


research institutes threw 
their considerable weight 
behind politicians’ optimism 
about the economy, with a 
forecast that gross domestic 
product would grow by 1 per 
cent in western Germany 
in 1994 and by 7.5 per cent in 
the east. Broking houses, 
which had typically been 
sketching in no growth for this 
year, are upgrading earnings 
estimates. 

The threats to that picture 
are that the present weakness 
of the dollar a gafamt tfw deut- 
schemark restricts exports, 
an d that inflationary pressures 
could revive. Given the depen- 
dence of German mm panics on 
bank finance, the equity mar- 
ket has historically been even 
more sensitive to a rise in 
interest rates than other Euro- 
pean markets. 

However, the recent low 
wage settlements have gone 
some way to addressing infla- 
tionary fears. They have also, 
as Ur Michael Hughes, cur- 
rency analyst at Barclays de 


Zoete Wedd has been arguing, 
taken souk of the strain off the 
currency. 

Bvchang p rates of hmi as to 
DM1.90 to the dollar by the 
autumn, which was widely pre- 
dicted several months ago, now 
look unlikely. But a weakening 
towards DML75 in the next few 
months, compared with DML65 
at the end of last week, still 
looks on the cards should 
ease some of the market's 
remaining fears. 

After Germany, Sweden 
deserves to be the next stop. 
With more adventurous finan- 
cial structures than their 
German rivals, and with prof- 
its more sensitive to export 
volumes, Swedish companies 
have tended to offer the attrac- 


umes. 

The paper and pulp sector 
may have shown all the perfor- 
mance of which it is capable 
for some time, but industrial 
stocks should have further to 
rise. 


Beyond that, the pickings 
become much thinner. TO rely 
on th«» ranstantg that underpin 
the Italian market, such as a 
fair proportion of savings con- 
tinuing to maira their way into 
the market (at 18 per emit, the 
savings ratio is Europe’s high- 
est), is to allow nothing for dis- 
illusionment with the new gov- 
ernment. 

In the UK's case, the rewards 
of chasing after growth stocks 
may now be so elusive that the 
opposite principles should 
apply. Investors may well find 
it worthwhile picking up coun- 
tercyclical, high-yielding 
shares such as the financial 
sector instead. 

It is hard, with yields on 
long bonds still drifting up, to 


haps edging forwards as divi- 
dend growth comes through. 
According to Mr Edmond 
Warner, head of strategy at 
Kleinwort Benson Securities, 
“the UK market is condemned 
to a lengthy period of consoli- 


dation while returns to share- 
holders build”. 

The markets are now also 
settling firmly into a view of 
rising interest rates: three- 
month sterling contracts are 
now discounting 8 per cent 
interest rates in December 
1995. 

It is becoming fw<rrtia_«rinply 
hard to believe that all the 
earnings growth which is 
assumed in current valuations 
will in fact appear. General 
manufacturing stocks, for 
example, are on a multiple of 
some 16 times estimates of 1995 
earnings, compared with the 
All Share Index’s rating of 
less than 18 times earnings. 
That is a large premium for a 
group of companies which 
trade at a discount to the mar- 
ket at the peak of tiie economic 
cycle. 

Ag ains t that background, the 
virtues of dividend growth 
offer considerable appeal. 
The financial sector, which has 
that attraction, offers no 
hirfing place from the gloom of 


the bond markets, it must be 
said. 

The yield on the sector and 
on bonds have tracked each 
other closely (see chart). Bat 
the past few years suggest that 
the sector rtawiynd* only stabil- 
ity in the bond markets, not 
recovery, to perform better. 
While it offers few surprises, it 
at least does not ask that 
investors pay top prices for 

drunigs. 

Boiled in o3 

Enterprise Oil’s bid for 
f ^min apart, oil shares have 
seen aggressive buying in the 
past few weeks, driven by the 
strength of underlying oil 
prices. There Is a case, though, 
that both shares and futures 
have gone far enough in the 
short run. 

After the Opec meeting at 
the end of March, which 
agreed to maintain output lev- 
els, Brent crude touched $12.70 
but has now revived to $1580. 
But views in the market on the 
direction from here are sharply 
divided. 

Those - Uke Mr Simon Flow- 
ers at Natwest Securities - 
who think oil could reach $18 
to $19 a barrel within a year 
and rise further beyond then, 
are taking a bet that growth in 
demand will be enough to soak 
up the impact of future Iraqi 
supplies, for example. 

At current prices, British 
Petroleum and Shell Transport 
are valued on between 17 and 
IS tfrnas 1934 earnings. Even 
looking several years out, 
prices seem to have caught up 
with events. 

The superhighway 
It does not take much exposure 
to the current cable enthusi- 
asm to question the valuations 
being put an the “superhigh- 
way", which will pipe every 
kind of rmninuniwiHftn Service 
to our doors. 

Last week Telewest, the larg^ 
est cable operator in Britain, 
confirmed plans for a global 


share offering this summer 
which could value the com- 
pany at £1.7bn. That is based 
on the reckoning that cable's 
revenues from delivering tele- 
phony will outstrip revenues 
from television by the end of 
the decade. 

But investors might well ask 
whether cable is underplaying 
the risk that British Telecom 
will eventually be allowed to 
provide entertainment over its 
telephone lines, such as “video- 
on-demand” - programmes 
dialled up from a video library. 

BT is barred from doing that 
until at least 2001 by the 1991 
Duopoly Review, but that ban 
will be reviewed in 1998. 

If allowed to go ahead, BT 
would have little of cable's 
expense of digging up streets - 
its tr unk lines are now fibre 
optic cable, capable of carrying 


television programmes. 

True, most BT connections 
to houses are still through cop- 
per wires, which deliver less 
good pictures, but recent trials 
have had some success. 

The outcome of the 1998 
review is unpredictable: it will 
depend on the nature of the 
government in power and on 
any obligation it feels to pro- 
tect the cable Industry. But 
cable's vulnerability on this 
point emphasises that British 
media Is hardly the brave new 
deregulated world that media 
barons sometimes portray. 

On the contrary; investment 
success in British media has 
always depended on getting 
judgments about future regula- 
tory changes right- If the rules 
do change, the cable valuations 
now mooted will look unforgiv- 
ingly high. 


tions - and risks - of Ger- see the UK market doing more 
many, multiplied several than tracking sideways, or per- 


Economics Notebook / Peter Norman 

Derivatives attract some 
hostile attention 


tomassdiaMofliitaraau 

Open tatarest In ott future* contract* on NVMEX, *000 contract* 

500 — ^ — . 



_can reduce the volatility of returns.— 
Term structure of baftitnras price votatffittea.% deviation 



Matotty at Mures contract frnontfa) 

• Q l J -1 L__I l I li 1 LO: J — 3—1 — I L_l 

1 2 a 4 3 6 7 ; 8 9 10 11 .12 13 14 IS 16 17 


—during wide price m o vem e n t s 
OB spot price, 8 per tantt ; 

• M ; r — : -~ : 



f These are 
tough times for 
the whizz-kids 
who mate their 
fortunes at the 
innovative 
frontiers of 
financial mar- 
kets. 

Recent bond market gyra- 
tions and corporate calamities, 
such as the $i02m after-tax 
charge at Procter & Gamble 
arising from swap transactions 
and the near bankruptcy of 
Metallgesellschaft of Germany 
after oil futures speculation, 
have brought derivatives and 
other sophisticated financial 
products to the hostile atten- 
tion of politicians and regula- 
tors. 

Mr Eugene Ludwig, the US 
comptroller of the currency, 
bas hinted at tougher controls 
over US banks’ derivatives 
trading. A week ago, finance 
ministers from the Group of 10 
leading industrial countries 
agreed on the need to 
strengthen co-operation in 
gathering statistics and assess- 
ing the implications for the 
world financial system of “the 
innovative segments of finan- 
cial markets”. 

Mr Hans Tietmeyer, the 
Bundesbank president, and Mr 
Andrew Crockett, the general 
manager of the Bank for Inter- 
national Settlements, called in 
separate speeches last Tuesday 
for improved disclosure 
requirements and sufficient 
capital adequacy standards 
among financial institutions to 
underpin their risky activities. 

Although Mr Tietmeyer said 
there was no need for specific 
new regulation “for the time 
being”, tighter regulation of 
derivatives seems highly 
likely. Yet just as markets 
overshoot and become indis- 
criminating, regulators and 
legislators must beware of 
becoming excessively worried 
about financial innovation. 

But derivatives, such as 
options and futures, are not 
just speculators’ toys. Deriva- 
tives and swaps, which are 
agreements to exchange speci- 
fied cash flows such as interrat 
rate or currency liabilities, can 
yield broader economic bene- 
fits. 

Although Mr Crockett 
focused mainly on the risks 
posed by financial innovation, 
he acknowledged that deriva- 
tives, by allowing sophisticated 
risk management, can improve 


the productivity of an invest- 
ment They also could contrib- 
ute to the integration of global 
capital markets, so improving 
the global allocation of savings 
and fostering higher invest- 
ment levels. 

Ina recent study*, the World 
Bank has emphasised how 
market-based instruments 
such as futures, options and 
swaps are being used with 
increasing success to combat 
the adverse effects of volatile 
commodity prices on the econ- 
omies of developing nations. 

Commodity exporting coun- 
tries can suffer large scale 
shocks through big and sudden 
changes in the prices of their 
main products. The World 
Bank cites the case of the Ivory 
Coast, an exporter of cocoa and 
coffee and an oil importer. In 
the 1970s and 1380s, it suffered 
six tenns-of-trade shocks (two 
favourable and four unfavoura- 
ble), each of which moved its 
gross domestic product by 
more than 10 per cent. 

Such shifts would make eco- 
nomic management difficult 


enough in an advanced indus- 
trial country. In certain poor 
developing nations they have 
encouraged policy errors, 
including big budget deficits 
anrl soaring external debts that 
act even today as a brake on 
growth. 

Tr aditional means of smooth- 
ing the effects of commodity 
price volatility have yielded 
scant success. The 1980s saw 
the failure of several interna- 
tional commodity arrange- 
ments that sought to stabilise 
prices. Domestic stabilisation 
schemes have a similar poor 
record and have tended to put 
a strain on already hard- 
pressed budgets. little wonder, 
therefore, that interest has 
focused in recent years on mar- 
ket-based techniques such as 

hwlging in rfflnmwpal futUTOS 

markets to manag p risk. 

Commodity futures markets 
have been around for a long 
time and are spread across the 
globe. Only tn recent decades 
have they developed great 
depth and liquidity, however. 
The top chart gives one exam- 


ple of how dealing on crude oil 
futures has grown over the 
past decade. According to the 
World Bank, the volume of 
crude oQ futures and options 
traded on the New York Mer- 
cantile Erfthang p now amounts 
to roughly 200m barrels a day 
or almost four times world pro- 
duction of crude. 

Forward prices tend to be 
less volatile than spot prices, 
giving commodity producers 
an opportunity to reduce the 
volatility of the price of their 
output through hedging. The 
middle chart, based on a study 
of the oil futures market in the 
late 1980s, suggests that a pro- 
ducer, routinely hedging 15 
months in advance, could cut 
price volatility by a half. 

Governments and corpora- 
tions in developing countries 
have taken advantage of 
exchanges to hedge their com- 
modity exposure. For many 
years, Ghana and the Ivory 
Coast have sold part of their 
cocoa crop ahead of the har- 
vest while Indonesia’s rubber 
and coffee exporters routinely 
hedge. 

Codelco, Chile’s state owned 
copper company, has used 
financial derivatives linked to 
the copper price and interest 
rate hedging instruments. But 
news earlier this year that it 
had incurred a $206m loss tn 
trading on the London Metal 
Exchange shows that futures 
trading is not risk free. 

However, when finance and 
development ministers from 
the world's industrialised and 
developing nations met in the 
joint World Bank - Interna- 
tional Monetary Fund develop- 
ment committee last week, 
they gave their backing to the 
use of hedging instr uments in 
futures markets by commodity 
producers. 

They also supported efforts 
of the World Bank and other 
agencies to provide know-how 
to smaller producer countries 
so that they could use such 
markets. 

Although the official mood 
has swung against the young 
“rocket scientists" who con- 
struct and deal in derivatives 
on Wall Street, governments 
are still prepared to back 
sophisticated, market practices 
when they are seen to do some 
good. 

*Qlcbal Economic Prospects 
and the Developing Countries. 
1394. World Bank. 1818 H Street 
JWW, Washington DC 20433. 


iiiiiiiiiiiiiiiiiiiuiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimimmiiiviii 

End of Month S.G. Warburg Warrant Valuations 

as at 29th April, 1994 


Single Stocks 

TYPE 

CURRENCY 

SPOT 

STRIKE 

PRICE 

EXPIRY 

BHP 

Call 

AUD 

17.01 

19 JO 

0J6 

29th Jun 95 

Dao Heng Bank 

Call 

HKD 

23.50 

32.00 

030 

25th Jan 96 

Hong Kong Electric 

Call 

HKD 

22.80 

29 JO 

0.43 

6th Feb 96 

Hutchison Whampoa 

Call 

HKD 

31.80 

36.00 

0.86 

21st Dec 95 

Hysan Development 

Call 

HKD 

22.50 

17.00 

7.90 

6ch Sep 95 

Philips Electronics 

Call 

NLG 

54 JO 

54.18 

8.75 

8th Sep 95 

Saipan Capped Call 

ITL 

3840 

4246 

447 

30th Mar 95 

Sip 

Call 

ITL 

4740 

3832 

1483 

14rh Jan 96 

Stet 

Baskets 

Call 

ITL 

6133 

4725 

1913 

14th Sep 95 

European Airlines 1 

Call 

£ 

477 

320 

16.62 

3rd Feb 95 

European Airlines 2 

Call 

£ 

477 

468.91 

9.68 

9th Mar 96 

UK Banks 

Call 

£ 

92 

114.75 

034 

1st Jim 95 

European Multi-Media 1 

Call 

£ 

2224 

2028.57 

339 

28th Sep 95 

European Maid-Media 2 

Call 

£ 

2224 

2475 

2.15 

28th Sep 95 

UK Pharmaceuticals 

Call 

£ 

88 

98.05 

037 

26rh Jan 95 

UK Support Services 

Call 

£ 

88.90 

107 JO • 

0.49 

2nd Aug 95 

UK Water Companies 

Call 

£ 

88 

104.75 

034 

5th May 95 

European Steels 

Call 

DM 

3839 

2550 

137 

12th Jan 95 

Tralian Industrials 1 

Call 

ITL 

23875 

19665 

729 

31st Aug 95 

Italian Industrials 2 

Call 

ITL 

23875 

24549 

273 

31st Aug 95 

Italian Recommendation 

Call 

ITL 

440293 

489229 

783 

13th Oct 95 

Swedish Capital Goods 

Call 

SEK 

105875 

112054 

18.12 

20th Oct 95 

ludo-China 

Indices 

Call 

USD 

0.97 

1.00 

0.15 

8th Dec 95 

FTSE Mki-250 Index 

Call 

£ 

3781 

2900 

9.06 

17th Mar 95 

FTSE M id-250 Index 

Call 

£ 

3781 

3470 

4.44 

17th Mar 95 

FTSE Mid-250 Index 

Call 

£ 

3781 

3670 

334 

17th Mar 95 

FTSE Mid-250 Index 

Call 

£ 

3781 

3900 

2.14 

17th Mar 95 

FTSE Mid-250 Index 

Call 

£ 

3781 

3945 

3J0 

17th Jan 96 

FTSE Mid-250 Index 

Put 

£ 

3781 

2900 

0.05 

17th Mar 95 

FTSE Mid-250 Index 

Put 

£ 

3781 

3470 

130 

17th Mar 95 

FTSE Mid-250 Index 

Put 

£ 

3781 

3270 

0.74 

17th Mar 95 

FTSE Mid-250 Index 

Relative Performance 

Put 

£ 

3781 

3900 

335 

17th Mar 95 

Volvo/OMX 

Call 

SEK 

+32.86% 

-10% 

45630 

23rd Feb 95 

Volvo/OMX 

Call 

SEK 

+32.86% 

+A0% 

382.20 

23rd Feb 95 

Volvo/OMX 

CaH 

SEK 

+32.86% 

+10% 

315.60 

23rd Feb 95 


S.GWarburg 

S.G. WARBURG GLOBAL 
EQUITY DERIVATIVES 

FOR INFORMATION CONTACT JUSTIN CHITTENDEN ON 071 -8 SO 0517 REUTERS PAGE: WARS 

iiiiiiimiimiimiiiiiiiimmiimimiiiimiiiMiiiiiiuifiiiiiiiMiiiiufiiiHiiu 




4 u-.:. 


1994 



NEW YORK 


Fear of tofiatinn continues to 
dominate the US bond market 
At the end of last week the 
price of the benchmark 30-year 
bond sank by more than two 
frayrf s points, lifting the yield 
to 73 per emit, after key 
indicators in the GDP figures 
pointed towards growing 
inflationary pressures. 

The market is convinced that 
the Federal Reserve will posh 
the Fed funds rate up by 
another 'A percentage point 
when, it meets on May 17, if 
not before. 

Yesterday, the National 
Association of Purchasing 
Managers* monthly index of 
business ac tfo rit y came in at 
57.7 per cent, much as 
expected, yet bond prices lost 
another half point or so In. 
eariy trading. 

The rest of the week will 
provide more data to feed the 
market’s fear. Tomorrow’s 
index of leading indicators 
could show an increase of 0.6 
per cent for March after 
slipping Q.Lper cent in 
February. 


Richard Tomkins fl LONDON 


4®..: . . . 

BencftmWK ytoid curve PCjr 
2SM&<— Month ago = 
7-5 



W y fe toirci w rt to i toB rt rt fao 
Source: Men* tynotr 


On Wednesday, figures for 
factory orders are likely to 
show an increase of as per 
cent for March. 

The productivity figures, 
due out on Thursday, may 
indicate that output per hour 
grew by barely 1 per cart in 
the first quarter. 

But the climax of the week 
WiH with the publication 

of the employment figures an 
Friday: anything much bigger 
Qian a 170,000 increase could 
send yields rising again. 


Philip Ccggan if FRANKFURT 


While the minutes of 
tomorrow’s meeting between 
Mr gmntfh ClaHtfl, ehrmwillm - 

of Hw exchequer. ^ Mr Eddie 
George, governor of the Bank 
of England, will not be known 
for six weeks, analysts do not 
think the two men will agree 
to a base rate reduction. 

“It is apparent team official 
comments that rate cuts have 
to be clearly justified on 
economic grounds and recent 
data have shown that the 
economy is growing at a steady 
pace, so no cut is needed,” says 
Mr Nick Stamenkovic, 
economist at DKB 
International. He adds that 
“if they cut rates ahead of the 
local and European elections, 
it will be viewed as political. 
Sterling will suffer and gilt 
yields wifi rise”. 

M0 statistics, published 
today, axe expected to show 
that the narrowest measure 
of the money supply grew 
strongly in April, which may 
be a guide to the strength of 
retail sales. However, Mr Don 
Smith of Midland Global 


UK 

BentfmwrfcyMdctxva (MT 

2W494-— Uortfiaeo.es 

as : : 

A0 
7S 
7 JO- 



JL 


0 5 

■Vfa y toi d* w wfcit roo v o n H cn 
Source: Men* L$och 


Markets, points out that M0 
growth was also buoyant in 
April 1993, so there may be 
a problem with the seasonal 
adjustment 

With little else in the way 
of economic data to the 
published this week, gilts may 
be affected by political 
nervousness following 
Thursday’s local council 

Tntemtftip n fl] 

investors might take fright 
at bad results for the 
government 


The market far German 
government securities is in 
a gr umpy mood. With little 
trading in the underlying 
bunds - most price movements 
are driven by trading in 
derivatives - the market re a cts 
with overaensttivity to 
whatever may be perceived 
as had news. 

This week’s bad news is 
likely to coma from, two sets 
of economic data due in the 
next few days - details of order 
intake and industrial 
production for March. 

To the extent that the data 
show evidence of recovery in 
the German economy, they 
Will unsettle a market already 
weakened by the knock-on 
effects of the US interest rate 
environment. 

Mr Holger Fahrinkrug, an 

ep rmn ymft at Seh w m w rierTi ft 

BaskgBseOschafi in Frankfurt, 
predicts tbat manu factu ring 
orders wfil increase by 05 per 
WT]t mnnthrf >rH ^optb , which 
corresponds to a healthy 6J> 
per cent annual increase. He 
thtwtrg industrial production 


David Waller 


Banctnwfc yWd cuv« pGf 
2BMAH-. 

7 A — 7~r 



0 10 y»» 20 

TA U y feMe — i i iMl aluii wrt fa H 
SoircfaMMrStynto . 


will be unchanged 
Tramth-on-month, but after 
February’s rise of L2 per cent 
that means an annual rate of 
02 per cent 

If these robust figures cause 
nervousness tn the markets, 
these is also scope for 


outcome of this week’s rqpo 
operations. After a 23 basis 
print cut in this key rate in 
the past two weeks, the scope 
far farther reduction tins week 
is limited. 


TOKYO 


The outcome of the wrangling 
over Japan's new cabin et has 
had little affect cm long-term 
Interest rates, although 
investors in the short-term 
money markets were 
encouraged by the creation, 
of Mr Tsutomu Hata’s minority 
govern m ent. 

Traders believe Mr Hata is 
unlikely to deliver the tax 
reform package, including 
income tax cots to be financed 
by a rise in consumption taxes. 

because of the departure of 

the socialist party from the 
c oalition. He may, therefore, 
try to avert pressure from the 

US by cutting Interest rates 
to stimulate the economy. 

H a general election is called 
following the passage of the 
budget bill, as many analysts 
are forecasting; the Bank of 

japan may be tempted to ease 

its monetary policy to counter 
the rise in. negative sentiment 
towards the economy, which 
ban just started to stab il i s e. 

Bond market investors, 
however, had tittle incentive 
to commit funds ahead of the 


Emiko Terazorii 



O 5 vernm « a 
■a* yUrtt are re to rt uui*i*lW*l 

Golden Week holidays. 

markets this week 
will be closed for three days 
starting today. 

Institutional investors, 
which have Indicated they 

would put most of their new 

money into the bond market 

rather than stocks, are 

expected to start investing 
after the holidays but the 
upside of bond prices may be 
limited by the rise in bond 
issues by municipal 
governments. 



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Mr 
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forces 
ultima! 


Capital & Credit / Conner Middelmann 

Bank casts a wider net to fund PSBR 


After last year’s effortless run, 

the Bank of Bn gtond may find 
funding the UK public sector 
borrowing requirement more 
of a challenge this year, espe- 
cially if difficult market condi- 
tions persist 

However, a much lower 
PSBR for the current financial 
year, coupled with the Bank’s 
increasingly innovative 
approach to gilt issuance, is 
unlikely to make supply a 
major problem for the gilt mar- 
ket, most analysts say. 

Helped by falling interest 
rates and a global bond market 
rally, funding last year's 
£45i9bn PSBR was child’s play, 
enabling the Bank to overfund 
by an estimated E3bn to £4bn. 
Overseas Investors, including 
highly leveraged hedge funds, 
were keen buyers of gilts - but 
that backfired early this year, 
when many overseas players 
dumped their positions ami d 
widespread inflation jitters and 
rising US interest rates, all of 
which sent world bond mar- 
kets Into a tailspin. 

Having' posted the most spec- 
tacular gain« last year, tbp gilt 
market was especially badly 
ML Salomon Brothers' World 


UK GILTS PRICES 


WV% Anri 

Wt Wear *f~ Bn am 


Government Bond i ndex shows 
10-year gilts have fallen by 726 
per cent in the year to date. 
The ultra-long end has fawyi 
even worse, dropping about 10 
pa- cent 

Funding t he deficit, albeit a 
much smaller one, may prove 
more tricky in these condi- 
tions. Investors are keeping a 
low profile, preferring large 
cash positions to braving the 
im pwdirfahle market 

Moreover, many gdt houses 
have suffered heavy losses, 
prompting some to reduce 
thetr exposure sharply . 

The most recent casualty 
was discount house Gerrard & 
National, which pulled out of 
gilt market-making last week 
saying “the obligations and 
rfeka of gilt-edged market-mak- 
ing exceed the benefits and 
rewards'*. Still, most econo- 
mists don’t expect the gilt mar- 
ket to be overwhelmed by this 
year's fending programme. 

With an estimated £3bn to 
£4bn overfunding from last 
year to carry forward, one auc- 
tion under the belt and the 
£6.8bn of bank and building 
society purchases from 1992-93 
also going towards this year’s 


im car 

3tS In 


funding, “our PSBR forecast of 
£35bn (compared with the 
Treasury’s S38bn) implies net 
gnt fiwifta of around half that 
completed in the last year”, 
says Mr Simon Briscoe, UK 
economist at S. G. Warburg 
Securities. This implies that 
£I2bn, or roughly a third of the 
funding for this year, has 
already best completed. 

What is more, the Bank of 
England appears to hare 
adopted a more innovative 
stance, as illustrated by its 
recent issue of floating-rate 
gilts, the first gin«» 1979. 

By issuing floaters, the Bank 
is “tapping a different source 
of institutional cashflow”, says 
Mr John Shepperd, chief econo- 
mist at Yamaichi Interna- 
tional. “They’re widening the 
net and are attracting banks 
and monetary institutions who 
may not have looked at gilts. " 

Floaters have a particular 
appeal to lwnfcs and budding 
societies, which buy them to 
match their short-term liquid- 
ity needs. They also attract 
investors who expect interest 
rates to rise over coming years 
and want bonds whose cou- 
pons will increase as rates rise. 


Lad car 

m a* 


For the government, “float- 
ing-rate ftmfling has the advan- 
tage of securing finance, with- 
out worries about bunching or 
refinancing, while enabling the 
Exchequer to benefit from a 
further fell in interest rates", 
says Mr Roger Bootle, chief 
economist at Green well Mont- 
agu. While non-bank appetite 
for floaters may be limited, 

batik riomatifl m nli ^ be Tnfi rp 

substantial, he says. 

At Its recent auction of 6 per 
cent gflts due 1999, the Bank 

tnadA atinthar small shift from 

its usual approach: rather than 
bring partly paid (where inves- 
tors pay fix- only a portion of 
the paper and settle the rest 
several weeks later, delaying 
the tangibility of the paper 
with the existing stock), the 
issue was folly paid and the 
bonds immediately became 
fungible. Ibis relieved a tech- 
nical shortage in the five-year 
benchmark stock, traders said. 

Talk of other possible inno- 
vations includes convertible 
gilts, where the Bank issues 
shorter-dated paper that can be 
converted into longdated stock 
at a later stage. It hasn’t issued 
convertibles since the late 


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The United Mexican States Floating Rate 
Privatization Notes Due 2001 

The applicable rue of inteicR for ibe period Majr 2, 1994, through 
a nd ta dffiagjiiiy 31. 1994, io be paid on Angus l, 1994, a period of 91 dap, fa 
5.0625%. This rate it 13/16% abme die offered rate for three-month deport* in 
US. Dalian whkft appe a red on (be dfapbqr deiignated si die Brirtb Sutcn 
Anuciailon'i Intereit Settlement Rate (4.25%) as quoted on the Dow 
Jono/Tdent e Monitor as Tderatc Screen No. 3750 a at 11:00 AftL (London 
Time) an April 28. 1994. 

The above rate eqnates to an interest payment at USD 12.796875 per 
USD 1,000.00 in principal amount af Notes. 


$ 


Banco Nadonal de Mexico, NY 


April 28, 1994 


Notice of Interest Rmtee 
To Umi Holders of 

The United Mexican States 

Collateralized Floating: Bate Bonds Due 2019 

NOTICE IS HBRKBr G7V9T that the intornt rats* cumr iag the fntsrmt period 
Cram Bifaff 2, IBM to November 2. 1BB4 are dtoUed bdov: 

_ Interest 

iaBSMte - Bart Intaraat Amoimt Payment Date 

BSDQMoatoMnB 0.437S Fct. BA. CSD 37.79 ftr DSD 8 ljJOO Nor.*. IBM 
4* &312BRX.PJL TBN 14M»hrmi lOCtOOO Kbv.Aism 


May a. 1984 


emBAJtK. Agent 



Tbr nwntlal tool h* ihc mua Inaw 




Market-Eye 

mip 



London stock exchancm 

■bShkHS 




NEW JAPAN SECURITIES 

New Japan Securities Europe Limited is 
pleased to announce that, as from 3rd May 
1994, their office will be at: 

BRACKEN HOUSE 

ONE FRIDAY STREET, LONDON EC4M 9JA 

Telephone: 071 489 1 1 1 1 Facsimile: 071 489 5000 
Telex: 883066 NJELDN G 

Member of SFA, Member of ISE 


Notice of General H ea ti ng of ShawhoWfarn 


PRESIDENT ENTERPRISES CORP. 

Atottee oM994 Annual General Moeflng at STarahoMara cf President Em ar ptUa e 
Corp. fPECT- 

PEC «40 hold Us t994 anmml general morning of shareholders fa SWJO ajn. on 
Vtokiesday. May 2S. 1994, at the head office In Tainan. Taiwan. 

The agenda mdudss Pi* lolkMkig*. 

(a) Repon on 1993 busnesa operation; 

(b) Proposal tar acceptance o»1993 Rnanoal Ha ta it mrae and supervfeqra' report 

(c) Proposa l ter me dtoibuHonol earnings lor1993; 

(d) Proposal lor capital increase In W94: 

(e) Propo sa l for amendmantCo the AnKleaol Incorpor a tio n ; and 
(1) Other proposals. 

Pram: Be Boerd *1 Dtrecbira ol 

wwtBt ra n pi Pifa ae s co HR 


Signal 


Q 130«- soRware topacBflons O 
G rt Data prom Hoaoav O 
O 9sml SOFTWARE GUIDE O 
Call London 9 44 + (O) 71 231 3556 
tor your guide and Signal price Bat. 


l?70s but their ^peal to inves- 
tors at tirnnfl of interest rate 
uncertainty may prompt the 
Rank to revive the instrument 

Moreover, the conversion 
into longer-dated stock would 
allow the Rank back-door 
access to the long aid of the 
yield carve, which it has been 
g fai r o tn g of supply fin 1 months 
because it does not want to 
lode in e xc ess i vely high rates 
for the long term. 

Concentrating issuance at 
the short end - seven out of 
the last right auctions were for 
gflts of 10 years or less - has 
led to severe illiquidity at the 
ultra-long end, causing the 
yield curve to flatten mark- 
edly. However, few observers 
believe the Bank is completely 
boycotting the long end. “We 
would expect some long and 
ultra-tong issuance this year, 
but while yields are at current 
levels we expect it to be tape 
r ather than a full-blown auc- 
tion,” says Mr Briscoe. 

Most analysts expect the 

Rank to ho l d another IQ ann . 

lions This year, each raising 
about £2bn to £2.5bn. with the 
remainder raised through tap 
issues of existing stock. 


fO yriarbrinchmar* bond JfleW* 


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104-20 

103-27 

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421,501 

103-19 

102-28 ’ 

7,602 ' 

55385 1 

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1,443 

33,798 


International / Qiristopher Brown-Humes 

Sweden pays price for sins of the past 


Weekly Petroleum Argus 

^ ,Ct s Petroleum Argus 

CALL MOW : FHCE TRIAL to t : -r\ - V1 L : 


A modest rally in Swedish 
bonds last week suggested the 
market might finally be earn- 
ing back into favour for the 
first time in months. 

On many counts a correction 
is overdue given the mauling 
which has taken Swedish 10- 
year bonds to a spread of more 
than 200 basis points over Ger- 
man bonds, hem just 90 points 
three months ago. 

Yet there are plenty of rea- 
sons for believing the market 
win find it hard to break deci- 
sively out cf its current range. 

These include general turbu- 
lence in international finanriai 
markets, worries about Swe- 
den’s burgeoning state debt, 
and the prospect erf a tough 
re-election battle for the cen- 
treright government this Sep- 
tember. 

Mr Andrew Davies, bond 
analyst at the London Bond 
Broking Co. though a buyer, 
says the attractions of Swedish 
market are relative. “We are 
buyers of Swedish bonds 
.because yields. are now only 45 
to 55 basis points below those 
of Italy and Spain," he states. 

In one sense Sweden’s bond 
market drop is surprising, 
gi mw that inflatio n baa faT1«»n 
to only L8 per cent in spite of a 
20 per cent drop tn the value of 
the Swedish krona over the 
last 18 months. 

Government projections sug- 
gest inflation will be held to L9 
per cent for the year as a 
whole, before climbing to 2J8 
per cent next year. 

What has happened is that 
foreign investors, who last 
year were big buyers of Swed- 
ish bonds, have this year been 
big sellers - and they have 


been selling into a relatively 
narrow domestic market 

The rationale for the buying 
was that Sweden’s economic 
problems woe so severe that it 
would be forced to bring down 
interest rates very sharply. In 
fact the c eptral bank pur- 
sued a much more cautious 
monetary policy than many 
pundits expected. Ibis meant 
that when turbulence hit inter- 
national bond markets in Feb- 
ruary. many of Sweden’s for- 
eign bondholders headed for 
the door. 

Although very much in 
thrall to what happens in Ger- 
many, Swedish bond yields 
have risen much more than 
German. Here it seems the 
country is paying a price for 
the sins of its past 

It is a print acknowledged by 
Mrs Anne WIbble, the Swedish 
finance minister, who said last 
week: “The market has a long 
memory of oar very large 
devaluation, in 1982 and a long 
memory of our poor inflation 
performance during the 1980s.” 

The country's track record 
explains why the Rika bank, 
the central bank, baa ma^p 
inflation its top priority in the 
months since Sweden floated 
the krana in November 1992. It 
also explains why the country 
resorted to its first issue of 
index-linked bonds two weeks 
ago. 

Effectively, the Rfesbank has 
ruled out further cuts in its 
key marginal rate - currently 
7.25 per cent — mrHI either the 
krona strengthens or there is 
evidence of fiscal tightening. 

Fiscal tightening, though, is 
not on the cards in the 
short-term, as the supplemen- 


Banchinavk bonds . 

Redemption yfefds (96) 

9L0 



.Swacfa.D^BateBiTi' 

tary budget presented by Mrs 
WIbble last week made dear. 

The markets were not sur- 
prised by the absence of tough 
measures, both because of the 
election and because the gov. 
eminent has lost the guarantee 
of support from New Democ- 
racy, the populist party on 
winch it relied for its majority. 

The savings promised by the 
government for the second b«\f 
of the decade - a total of 
SKrlOObn in the six years to 
1999 — are not something 
which can be guaranteed, espe- 
cially with opinion polls indic- 
ating that it wiH be the opposi- 
tion Social Democrats who 
triumph at the election 

Although it would be natural 
to think that the Social Demo- 
crats might seek to lower 
unemployment by expanding 
the public sector, the markets 
are taking a different view. 

They seem to believe that 
Sweden will tighten fiscally, 
whoever comes to power in 
September, otherwise bond 
yields would almost certainly 


be higher than they are, given 
the size of the country’s budget 
deficit in relation to GNP. 

The budget did contain some 
encouraging news, particularly 
evidence that the budget defi- 
cit and borrowing require- 
ments are felling by more than 
was expected. 

The budget deficit for the 
year beginning July l is esti- 
mated at SKrl50bn, or 9.7 per 
cent of GNP, while the borrow- 
ing requirement is put at 
SKrl85bn. 

In the current fiscal year, the 
deficit Is predicted to be 
SKrl98bn and the borrowing 
requirement SKrMObn. 

Optimists about the Swedish 
bond market say the cyclical 
component of the budget defi- 
cit is much greater than the 
structural one, which means 
the deficit will fell relatively 
quickly as the economy recov- 
ers. 

Heartened by recent infla- 
tion projections, the optimists 
expect the currency to 
strengthen, as the economy 
improves, allowing further 
interest rate cuts. 

Pessimists remain to be con- 
vinced on the inflation score. 
They also doubt that Sweden 
can achieve the 3 per cent a 
year growth it needs between 
1996 and 1999 to meet its target 
of stabilising public debt at 45 
per cent of GNP. 

The play-off between the two 
factions almost certainly guar- 
antees continued volatility in 
trading over the next few 
weeks. The crucial aiwnpnta in 
the equation will be develop- 
ments in the German market 
and the position adopted by 
foreign traders. 




i < 



ft- 


■ 










FINANCIAL TIMES TUESDAY MAY 3 1994 


23 



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EQUITY MARKETS: This Week 


NEW YORK 


Frank McGuriv 


LONDON 


Terry. Byland 


OTHER MARKETS 


RISK AND REWARD 


Investors wary 
ahead of April 
jobs data 

The calendar this week is dotted with 
important economic readings, 
culminating with Friday’s report 
on April employment trends. 
Anticipation of that data is likely 
to influence the direction of stocks 
in every session up to Its release. 

With the Federal Reserve 
ti g h tening monetary policy, and its 
next move to higher interest rates 
expected any day, the mood is wary. 
The flat reaction yesterday morning 
to a seemingly favourable report from 
the National Association of 
Purchasing Management suggested 
further declines were likely as the 
week progressed. 

“Greenspan [the Fed chair man ] 
told us basically in February to watch 
for any scrap of inflation information 
we can find, so that’s what we are 
doing,” says Mr Donald Stxaszhetm, 
of Merrill Lynch in New York. 

Mr Straszhefan is forecasting that 
payrolls increased by 140,000 in April, 
a gain consistent with second-quarter 
economic growth of about 4 per cent 

But what if business was so robust 
last month that employers took on 
even more workers? “The psychology 
will be ane-sided,” he says. “I cannot 
imagine a weak nmnber being terribly 
troublesome, but a very strong one 
surely wlfl be.” 

The inclination to accentuate the 
negative has been apparent in recent 
sessions. On Thursday, equity 
investors were disappointed by the 
drubbing taken by bonds on the 
announcement that first-quarter GDP 
had grown at a weaker than expected 
2.6 per. cent in the first quarter. Many 
were apparently convinced the 
economy had quickened once the ' 
ha rsh winter weather lifted. 

Another fector was two worrying 
readings op prices included in the 
report. They hit bonds like so many 


Dow dooes Industrial Average 



buckets of cold water. “The inflation 
figures scared people and so they 
figured the Fed is going to lean even 

heavier on the brakes and abort the 

recovery,” says Mr Alfred Goldman, 
of AG Edwards in St Louis. Spooked 
by the prospect of tighter money, . 
equity investors ran scared, too. 

Or did they? Sure, the Dow Jones 
Industrial Average fen 31 points. But 
the more broadly based Standard 
& Poor’s SCO was only marginally 
lower. The breadth of the downturn, 
with 1,275 rtw'iijiing issues against 
973 advances, was unremarkable. 

“In my opinion, stocks handled 
a very weak bond market very well, 
except for the Dow” says Mr Don 
Hays, market analyst at Wheat First 
Butcher & Singer in Norfolk. He 
characterises the session as “neutral", 
pointing out that each successive 
sell-off in the series since the Fed 

hdgan r aining wtffts has been TwiTdar 

that, the previous one. 

Mr Bays expects another significant 
decline in the next two or three 
weeks, probably when the Fed decides 
to tighten again. "That will be the 
next little test of the market,” he 
says. But in the Intermediate term, 
the analyst is bullish, predicting a 
big upturn soon thereafter. 

Mr Goldman holds much the same 
view. Tm looking for three or four 

more Weeks nf h airing and flfflng 

- up a little, down a little - but 
basically building a base for an 
interim rally going into the summer." 


Decoupling 
hopes face 
another test 

Hopes for a decoupling of UK equities 
from global bond markets will be - 
put to the test again tins week in 
a confused-looking stock market 
Market strategists are asking why, 
with increased dividends appearing 
on all sides, with investors and even 
the Confederation of British 
Industries more relaxed on the base 
rate outlook, with inflation subdued 
and the market alive with bid 
speculation, equities cannot perform 
better. 

“Above all else, equities need gilt 
market stability,” commented 
Edmond Warner at Kletnwort Benson 
Securities. This is easier said than 
done, in a market which can still 
move through a range of more than 
1 per cent because the European and 
US bond markets remember that 
the Federal Reserve may tighten 
credit again soon. 

From this point or view, there are 
at least some signs of a change of 
step. On Friday, equities remained 
relatively steady in spite of overnight 
weakness in the US, at least until 
the sudden excitement in the dollar 
poshed all other considerations into 
the background and put the Federal 
bond market back in the driving seat 
KMnwort Benson remains cautious 
an the influence on equities cast by 
the bond markets, which Mr Warner 
believes relates to the re-rating of 
future dividend flows following the 
d ramat ic fall in bond yields during 
the recession; the problem was 
compounded by disappointing 
corporate earnings. He fears that 
equities may be "condemned* 1 to a 
long period of consolidation while 
investor portfolios readjust and warns 
that, even if decoupling is on the 
way, the transition could be painful 
At Strauss Turnbull, Mr Ian 
Garnett suspects that bonds and 


FT-SE-A All-Share fades: 



equities could begin to decouple this 
week if, as expected, the local 
elections deliver a drubbing to Mr 
John Major's government 

This could put sterling under 
pressure, warns Strauss, and that 
scenario has htstm-iraTiy seen, equities 
rising while bonds fall. Hie markets 
have been slow to discount the 
political factor. 

The setback in bond markets has 
been another adverse factor for 
property shares. The sector has 
shown a relative decline of 6 per rmt 
since mid-March as stock market 
investors have stubbornly refused 
to believe in a recovery in proper ty 
shares. But BZW, warning that while 
rental growth prospects remain weak 
the sector cannot decouple from bond 
yields, continues to urge clients to 
be underweight In the property 
sector. 

BZW is still highly negative on 
the outlook for UK office property 
which is underperforming retail and 
industrial property and likely to 
continue to do so. according to BZW’s 
Mr David Nighy. HO Identifies a 
problem of over-renting in London, 
and the South-east and believes the 
sector still under-rates the 
significance of obsolescence in 
valuing properties. 

The UK investment hank sees Asda 
Property Holdings showing a ttract i ve 
net asset value on the back of strong 
1993 capital growth rates an both 
its retail and industrial hnidtng g 


AMSTERDAM 

The Netherlands goes to the polls 
today and a change of government 
f$ expected. Le hman Brothers says 
that it would be unrealistic to expect 
swift, radical changes in Dutch 
politics. Nevertheless, all the serious 
contendere for a share in 
governmental power advocate 
reductions in government 
expenditure, along with cuts in the 
cost of real labour and the share Of 
labour in nationa l income. 

Lehman says the extensive reforms 
of government expenditure should 
be good news for financial markets. 
Bond markets should react favourably 
to renewed efforts to reduce budget 
deficits but on balance, thane is 
probably greater scope for reaction 
in the equity markets. 

DSM. the petrochemical group is 
expected today to report a return 
to profit in the first quarter of 1994 
after two loss-making quarters in 
the second half of 1993. Analysts 
expect net profits before 
extraordinary items of Fi 15m~5Qm, 
against FI 6m in the first quarter 
of 1993. 

Philips announces first-quarter 
results tomorrow. Hoare Govett 
forecasts a 52 per cent rise in «»t-ning s 
per share, with higher sales 
compensating for negative price 
effects and earnings to be positively 
influenced by currency effects and 
lower finanrffli charges. 

FRANKFURT 

last week’s surprisingly large cut 
in the repo rate to 5.47 per cent was 
very encouraging, says James Capel, 
which notes that over the past two 
weeks, the rate has fallen by nearly 
as much as the April 14 discount 
rate reduction. The broker says a 
smaller dentine in the repo is likely 
at tomorrow’s tender, although the 
scale of recent falls bodes well for 
a farther cut in the discount rate, 
probably at the May 26 Bundesbank 
meeting. 

Sobering has its »mmai 
shareholders meeting tomorrow. The 
drugs group said last month that 
sales rose 21 per cent in the first two 
tnnnfrhc of this year pnri forecast 
earnings for the year would at least 
match last time ’s DM254HL 

MILAN 

INA, the state insurer, meets today 
to prepare the ground for its 
privatisation which is scheduled for 
late June. 

The Italian Treasury has not said 
exactly how much of the insurance 
group it plans to sell, although INA 
executives have said they hoped at 
least 51 per cent would be offered. 

Hie company is seeking a listing 
in Italy and the US. 


MMCES AT AQLANCE 

■■ . “ ~ . f 

w06K: s manats^ 





. • 4 ’ 


’ - Low 


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77*845 34E(L30 

2/2/94 2.788^0 

6/5/93 

3,520-30 

2/2/94 3686.40 31/3/94 

Donir jama fend. * : 

■ J - • • • 

■'..a 

.+09-. 

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3T/T/94 3,425.12 

29/4/93 

3.97866 

31/1/94 3,593.35 94 


•.i9,72&2£ - 



" 7*3^ 21.148/11 

. 13/9/93 .16,078.71 

29/11/93 20,677-77 

16/3/94 17669.74 . 4W/94 . 

Dax‘- -- 

■ >245.98;. 

+iA ■ 

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' 3/1/94 1,603.04 

24/5/93 

2,267.98 

3/1/94 2,020.33. .• 2/3/94 

CAC 40 

'- 2,178.9*7 

• U.4 ’ 

. +te»: 

355.93 

2/2/94 1.835.72 

17/5/93 

2,355.93 

2/2/94 2,081.94 ..31/3/94 

BancaCom. ltd. 

• '.-798.47- •'* . 

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. ^29.0 ' -813433 

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27/4/94 588.65 : 10/1794 


; soucv nuteaub ' 


Need for greater 
clarity on 
creditworthiness 


Last week’s 
introduction by 
Moody’s of spe- 
cific ratings 
based on an 

institution’s 

creditworthi- 
ness as a 
counterparty in 
the derivatives 
market highlighted the confu- 
sion in over how far existing 
ratings take account of deriva- 
tives activities. 

Moody’s approach is only one 
way of tackling an increasingly 
troublesome issue, which now 
affects Industrial companies 
and fund manage m en t compa- 
nies as well as financial insti- 
tutions. 

Mr John Kriz, associate 
director of Moody’s, says the 
ageruy addresses the effects of 
derivatives activities on credit- 
worthiness in its existing debt 
ratings, but greater precision is 
needed by participants in the 
derivatives market 
He notes that many market 
participants apply existing rat- 
ings of an entity's debt as if 
they were general ratings of 
the entity’s creditworthiness. 
"This assumes a debt claim is 
on a par with a derivatives 
counterparty claim,” be warns. 
“Looking at a debt rating as a 
proxy has pitfalls. The ques- 
tion is whether they are going 
to honour a finnmrial contract: 
its a specific type of claim.” 

He also points out that many 
entities are not rated at all, but 
may be members of a group 
whose affiliates are rated. 
"People often attribute a rated 
affiliate’s rating to an unrated 
affiliate. This can lead to 
extrem e misjudgment." 

Standard & Poor's, Moody’s 
greatest rival, introduced 
counterparty ratings in 1991. 
because of the broadening use 
of derivatives. However, wihhp 
Moody's, S&P only assigns 
these ratings on request, argu- 
ing that the full co-operation of 
management is needed for the 
process to be meaningful 
As a result, S&P has rated 
only about 50 counterparties. 
(Moody’s, tm the other hand, 
(dans to assign counterparty 
ratings to more than 1,000 
securities firms, banks, central 


governments. Insurance com- 
panies, pension funds, indus- 
trial companies and others in 
mm mg months.) 

“We do find that our existing 
deposit ratings - assigned to 
around 450 hanks around the 
world - are used as proxies for 
counterparty risk,” said Mr 
Cliff Griep, executive manag- 
ing director, financial institu- 
tions at S&P. 

However, there are legal dif- 
ferences between the two, he 
warns, especially in the US, 
where there is a depositor pref- 
erence law which “puts the 
depositor in a slightly stronger 
position than other senior cred- 
itors in liquidation". 

The gap, he says, is likely to 
be greater for lower rated enti- 
ties, where liquidation analysis 
is a more important component 
of the rating process. 

Meanwhile, IBCA, which spe- 
cialises in rating finan cial 
institutions, takes a different 
approach, assigning a broad 
credit rating to each entity 
(rather than to its long-term 
debt or deposits). 

“I think our view has always 
been that ratings are not just 
for issues. If you look at the 
financial condition of an entity 
you can come out with a risk 
assessment for that entity," 
says Mr Charles Prescott, 
director of IBCA. 

The rating agencies are striv- 
ing to satisfy the growing appe- 
tite for credit information in 
the derivatives markets, 
heightened by a spate of large 
losses on derivatives positions, 
in particular the Slbn hit 
which nearly bankrupted Ger- 
man giant Mwtallgpgpflorhaft . 

The importance of the 
Moody's ratings, and others 
which factor in derivatives 
exposure, is set to increase but 
the task of assigning them 
accurately is becoming increas- 
ingly d a unting, 

Since many of the losses suf- 
fered in the derivatives mar- 
kets have been the result of 
breaches of internal controls, it 
is hard to see how rating agen- 
cies could have factored the 
potential for such losses into 
the rating process. 

Tracy Corrigan 






Invitation to present offers for the purchase of the share capital 
of EniChem Augusta SpA 


EniChem SpA, with a fully paid-up share capital of Lire 
4,250 billion, having its registered office in Milan, Piazza 
della Repubblica, 16, and entered in the Companies Register 
in the Tribunal of Milan, number 293559, intends to receive 
and evaluate offers for the acquisition, by a single party, of 
84.25% of the share capital of EniChem Augusta SpA (of 
which 60% is owned by EniChem SpA, 13.05% by Chemfin 
SpA and the remaining 1 1 . 20 % by Sofid SpA), or of a lesser 
amount of shares provided that such amount represents a 
'majority interest in the company. 

EniChem SpA will also consider a combined offer submitted 
by a restricted number of parties acting together. 

EniChem. Augusta SpA has a paid-up capital of Lire 120 
billion and is among the leading producers of detergent 
intermediates in the world. It operates principally through 
controlling shareholdings in a number of companies with 
production facilities in Italy and abroad. The group also has 
research facilities in Italy. 

In 1993, the consolidated turnover of EniChem Augusta SpA 
was Lire 793 billion; the workforce at 31 December 1993 
consisted of 1,139 employees (the data are taken from the 
. draft accounts approved by the board of directors of 
EniChem Augusta SpA on 21 April 1994). 

In this transaction EniChem SpA will be advised by M&A 
Soriete dr Mergers & Acquisitions SpA (M&A), a 
wholly-owned subsidiary of Swiss Bank Corporation, to 
whom all enquiries should be referred. Interested parties 
should contact: 

m&a'SooetA dt mergers a acquisitions sja 

Swiss Bank Corporation 

M&A Sodeti di Mergers & Acquisitions SpA 
Vie Manzoai, 43-20121 Milan (Italy) 

Tel: (39-2) 29002089. Fax: (39-2) 6599217 
Mr. D. Levi. Mr. J. Jones 

This announcement is directed exclusively at limited liability 
companies. Interested parties may request in writing, by 
letter or by fax sent to M&A at the above address, a copy of 
the information memorandum on EniChem Augusta SpA. 
This document win be sent to companies which, at the sole 
discretion of EniChem SpA, are considered suitable to 



be admitted to the sale process and which have returned a 
copy of the confidentiality letter validly signed by their 
authorised representative, together with a description of their 
activities, an indication of the rationale for the proposed 
acquisition, and a copy of their annual report and accounts 
for the last three years, no later than 20 May 1994. 
Intermediaries of any kind will be required to reveal the 
identity of their principals. 

This announcement constitutes an invitation to 
present offers and not a public offering under the 
terras of article 1336 of the Italian Civil Code, nor a 
solicitation for public saving under the terms of 
section 1/18 of Law 216/1974, as subsequently 
modified. 

Neither this announcement nor the receipt by 
EniChem SpA of any offers will create on the part of 
the latter any obligation or commitment to sell to any 
bidder, nor does it confer on any bidder any right of 
whatever kind to any other action or performance on 
the part of EniChem SpA. indutfing the payment of 
advisors' fees. EniChem SpA reserves the right to 
withdraw from negotiations at any stage and without 
giving reasons therefor without incurring any 
obligation of whatsoever kind. 

In the event of any discrepancy, the Italian text of this 
announcement will prevail over that published in any other 
language. This announcement and the sale procedure are 
subject to Italian law. The Court of Milan will have exclusive 
jurisdiction in the event of any dispute. 

This announcement has been approved by Swiss Bank 
Corporation on behalf of EniChem SpA. Swiss Bank 
Corporation makes no representation or warranty as to the 
information’s accuracy, completeness or correctness. This 
announcement is for information purposes only and should 
not be construed as an offer to buy or sell securities in any 
jurisdiction, it is adressed to persons who are authorised 
persons or exempted persons within the meaning of the 
Financial Services Act 1986 or any order made thereunder, or 
to persons of a kind described in Article 9(3) of the Financial 
Services Act 1986 (investment Advertisements) Exemption 
Order 1988 (as amended). 

Swiss Bank Corporation in the United Kingdom is a member 
of The Securities and Futures Authority and the London Stock 
Exchange. 


^Hi&Bdnk 

Australia and New Zealand 
Banking Group Limited 

Avsnubtiit Cuwtytfin Number 005 557522 
{IncorfmjlCil irrf/i hmilcJ liability m the Stale u/Vicwia. Awcralin) 

U.S. $300,000,000 

Perpetual Capital Floating Kate Note* 

sr rhc six month." 29rh April. W4 to 31s Octolxr, 1994 die Notes 
ill cany an Interest raw of 4-775 ’Ki per annum with an amount of 
umocU.S. $245.38 per U.S. $10,000Note and U.S. $6,134.55 per 
f.S. $250,000 Note, payable on 31s October. 1994. 

Lbred on the Luxembourg Stock Exchange. ' 


Q BanlcorsTruSC 

Company, London 


Agent Bank 


Lavoro Bank Overseas N. V. 

ECU 1 50,000,000 

Floating Rate Guaranteed Notes due 2000 
For the six months 29th April. 1994 to 3bt October. 1994 the Ntecs will 

cany an interest rare of 5.96875% per annum with an intetest amount of 

ECU 306. 73 per ECU 10,000 Note and ECU7.668. |9 per ECU 250,000 

Note, payable an 3 1st October, 1994. 

Listed on the Luxembourg Stock Exchange 


B Bankers Trust 
Company, London 


Agent Bank 



ECU Tm l n w * PLC 
20CMM Place 


London SWfltBHL 
Tat +71 24500C8 
£ee .71 236 mo . 

rsea 


PUTdHES 3 OPTION? anOKEaG 


ROUND 


FTECUTI 0 M 0 KLY 


HAPPY 10 th BIRTHDAY! 



FT-SE 100 INDEX 
FUTURES & OPTIONS 


For further information about the FT-SE 100 Index 
futures and options contracts and LIFFE's other equity 
products, call LIFFE's Equity Products Department 
on 071-379 2441. 



The London International financial 
Futures and Options Exchange 







[MERGING MARKETS: This Week 


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The Emerging Investor / Alexander Nicoll 


Captivation with China by proxy 


Does the downward correction 
in Aslan markets during the 
first quarter mean a hasty end 
to foreign investors' enthusi- 
asm for them? 

Almost certainly not. Most 
economies are still set fair for 
such substantial growth that it 
will he hard to ignore them. 

The Asian Development 
Bank, which begins Its annual 
meeting in Nice today, predicts 
7 per cent growth rates for 
developing Asia this year and 
nest The region's expansion 
appears to some extent self- 
fuelling. 

Mr Satish Jha, the ADB's 
chief economist, says Asia has 
become “its own most impor- 
tant and rapidly expanding 
market”. 

The intra-Asian share of 
Asian exports rose from 37 per 
cent in 1986 to 47 per cent in 
1991, with the proportions for 
imports rising from 48 per cent 
to 55 per cent respectively. 

Speaking to a Financial 
Times conference on Asian 
capital markets in London last 
week, Mr Jha cautioned how- 
ever that Asia's self-sufficiency 
should not be over-stated. 

A considerable amount of 
intra-regional trade was 
within individual industries - 
for example, a Japanese com- 
pany shipping parts for assem- 
bly to a subsidiary in south- 
east Asia. 

Many “exported” goods were 
destined ultimately for sale in 
the west, so “Asian countries 
may be more dependent on 


CURRENCY MARKETS 


markets outside the region 
than the trade data indicate”. 

Nevertheless, the “flying 
geese" sequence of complemen- 
tarity between Asian econo- 
mies, with richer countries 
s hifting manufacturing capac- 
ity to poorer ones, still has 
same way to run. 

Each rapidly growing coun- 
try has a growing middle class 
with rising expectations as 
consumers. And most have 
huge domestic savings yet to 
be mobilised. 

Add to that the growth 
which could be released by for- 
Mit»r liberalisation in China, 
India, and even relatively 
advanced countries such as 
South Korea and Taiwan, 
still beset by bureaucratic con- 
trol. 

Mr Edward Kim, general 
manager for international 
finance of Korea Development 
Securities in Seoul, told the FT 
conference the reforms of Pres- 
ident Xhn Young-sam — pro- 
vided they overcome 
entrenched opposition from the 
Korean establishment - will 
put pressure on local compa- 
nies to operate more effi- 
ciently, causing consolidation 
through mergers. 

But they will significantly 
reduce the government’s con- 
trol over the private sector and 
will foster economic prosper- 
ity. 

Given these prospects for 
Asia, there will be plenty of 
value to seek in stock markets, 
even though portfolio weight- 


Ten best poi forming stocks 

Stock 

Carat/ 

Friday Weak 00 ertrtc 
dam * 

Ehrags 

* 

Usfttmas (PM) 

Brad 

(L0010 

0.0002 

33.10 

Compantva Cervajarfa (PtW) 

BrazB 

02303 

005 00 

27JB9 

Teiebras 

Brazil 

0.0276 

00058 

26.71 

Tobnex 

Mexico 

122477 

ZJ5S55 

2BJ50 

Qrupo Hnaciero Banamex. (C) 

Mexico 

6.7278 

12937 

26.13 

Gropo Rnadaro Banamex P) 

Mexico 

6.0612 

12498 

2098 

Tetebras (PM) 

Brazil 

00356 

00073 

25.72 

Gropo Carso 

Mexico 

100159 

12389 

2098 

Banco GaScia 

Argentina 

8.0532 

1^545 

2092 

Madeco 

Chto 

2.9560 

(L5633 

2324 

Swa Baring Sscuatoa 


ings have been readjusted In 
favour of the industrialised 
world. 

The question is not whether 
to invest, but how and where 
to find good value. 

Most Asian markets showed 
big rises last year, but in terms 
of cash invested it was largely 
a China boom. 

According to the OS Securi- 
ties Industry Association, net 
US purchases of Asian stocks 
doubled in 1383 to fl7bn. Of 
this, $6Abn was in Japan and 
an astonishing $&2bn in Hang 
Kong, with $i2tm in Korea. 
This left only $3.4bn for all 
other Asian markets combined. 

The figures underline US 
investors’ sudden captivation 
with, anH their use of 

Hong Kong as its proxy. 

The SIA figures are also, 
however, a reminder of the rel- 
ative fiwiflTi size of other mar- 
kets - and thus of their poten- 
tial, given the right conditions, 
for growth. 


Mr Hugh Peyzaan, Singapore- 
based managing director of 
Rleinwort Benson Research 
(Asia), summed up those condi- 
tions as transparency and effi- 
ciency of markets, regulators 
who sought to develop rather 
than inhibit markets, good 
flow of information, and new 
listings. 

There are still a number of 
newer markets which remain, 
immature and illiquid, and 
some which are so mature that 
adapting to the new world is 
difficult. 

Mr Robert Lloyd George, 
chairman of Lloyd George 
Management, a Hong Kong- 
based fund manager, said for 
example that Invertors had dif- 
ficulties in trading stock dur- 
ing the recent shake-outs in 
the Philippines and Indonesia. 

India presents the biggest 
problems, despite which it is 
currently the pet of many fund 
managers who salivate over its 
6,000 listed stocks and huge 


domestic investor base. Mr 
Lloyd George, who saw India 
as “the emerging market of 
1994,” nevertheless listed the 
T’lgdrfar'h&q as inefficient custo- 
dian banks, over-long settle- 
ment periods, slow registration 
at shares, and a requirement 
for a capital gains tax 
audit before repatriation of 
funds. 

Leaving aside these prob- 
lems, how do you select 
stocks? 

Even though there is now a 
wealth of research material on 
Asian companies, the biggest 
need is still for information. 

Disclosure requirements of 
many exchanges are far from 
stringent. There is plenty of 
tngji^nr dealing, even in rela- 
tively advanced countries. 

Most difficult of all, investors 
may not be confident that, 
even with a set of accounts 
which looks completely intelli- 
gible, they really have a handle 
on a company’s operations. 
This is because of the opaque 
nature of many Asian bad- 
nesses, particularly the largest 
conglomerates. 

Investors will naturally tend 
to look for the Asian compa- 
nies which are the global 
forces of the fhture. There is a 
growing list of candidates. 

Mr Mark Mobius, Hong-based 
director of Templeton Invest 
ment Management, divided 
Asian Tn ulti-natlrmalH into two 
basic types: the Japanese/Kor- 
ean model, and the Chinese. 

Among characteristics he 


noted of Korean chaebol are 
authoritarian management 
styles, emphaafa on size rather 
than profitability, and conse- 
quently - since all are compet- 
ing to be big - a tendency 
towards over-capacity and 
price wars. 

Conglomerates run by ethnic 
Chinese in both “greater 
China” and southeast Asia are 
perhaps more difficult for the 
investor to fathom. Many are 
using the fruits of success to 
diversify into tmfinnfllar busi- 
nesses and territory. They tend 
to have both listed and 
nnlistad arms, which tend to 
do a lot of business with each 
other. 

Control is often in the bands 
of one man, which may lead to 
a group making some risky 
bets. Companies are inscruta- 
ble to investors because “too 
often the only person who 
knows how money is moving 
around the multitilde of com- 
panies is the patriarch,” Mr 
Mobius said. 

But such companies can 
hardly be ignored. In Indon- 
esia, for example, Mr Mobius 
noted that the Salim Group 
run by Mr Iiem Sioe Iiong is 
estimated to account for 5 per 
cent of the economy. For a 
man with $5bu under manage- 
ment, Mr Mobius was refresh- 
ingly candid, even resigned, 
about the risks. 

It was difficult not to be 
tempted to fund expansion of 
companies which had already 
been successful 



News round-up 



■ Venezuela 

It was a volatile week in the 
country’s capital markets after 
resignation of Mrs Ruth 
de Krivoy, the governor of the 
central bank, following 
disagreements over monetary 
policy. 

The appointment of a new 
g ov ernor, Mr Antonio Casas 
Gonzalez, does not necessarily 
provide an end to the 

difficulties, according to some 

analysts. 

Mr Victor Galliano of 
Latmvest in London 
commented that the key issue 
was whether the new governor 
would exercise independence. 
However, Mr Galliano added 
that the finance ministry had 

indicated that it W8S net 

willing to reduce interest rates 

until inflation WSS dOWEL - 

in flatten currently stands at 
about 50 per cent annualised 
- a factor which lay behind 
Mrs de Envoy's resignation. 

■ Turkey 

Istanbul’s composite index 
closed the week 18 per cent 
down as the market was 
buffeted once again by 
negative news. 

Standard «nd poor’s cut its 
rating on the country’s 


long-term currency debt to 
B-plus from BB. 

S&P said that the 
downgrade and an ongoing 
review for a flutter potential 
downgrade reflected growing 
external liquidity and 
balance-of-poymcnts pressures, 

Attention has now turned 
to the IMF which is meeting 
economic officials in Ankara 
this week for talks on a 
standby agreement 

■ Sri Lanka 

Equities in Colombo recorded 
their sharpest ever one day 
fall last Friday on worries over 
political and economic 
uncertainty. The all share 
index shed 4 2 per cent 

Investors have teen 
unnerved by the victory of 
opposition parties in local 
government elections at the 
end of March. 

Sterne prices have been 
telling after the market gained 
some 40 per cent in the first 
two months. According to IFC 
data, Sri Lanka remains 14 per 
cent up in dollar terms since 
the beginning of the year. 

• Farther coverage of 
emerging markets appears 
dally on the World Stock 
Markets page. 


Treasury set to defend dollar 


This week could see battle joined 
between the foreign exchange market 
and the US Treasury in a Tnarmpr remi- 
niscent of the the ERM dislocations in 
1992-33. 

The difference this tinn» is that tt will 
be the driiiar that is tire focus of atten- 
tion . Last Friday the Fed had to step in, 
at the behest of the Treasury, to pre- 
vent the US currency falling to a record 
low below Y100. 

The central bank's efforts were suc- 
cessful in preventing the dollar from 
fasting its all time low of YI00.30, but 
few are confident that the market will 
not again test Y 100 . 

Friday provided the first evidence 


that the Treasury does care about the 
fate of the dollar. Previously, the mar- 
ket believed the US administration 
favoured a stronger yen as a means of 
exerting pressure on the Japanese gov- 
ernment to enact fiscal and trade 
reforms. 

Just how much the Treasury is pre- 
pared to spend supporting the dollar 
remains to be seen. Market accounts 
suggest that fairly small sums were 
spent on Friday. Analysts believe that 
considerably more will have to be spent 
if the market is to be kept at bay. 

Apart from the activities of the Fed, 
dollar watchers will have some substan- 
tive economic data to chew om the 


release on Wednesday of the Tan book, 
setting out the economic background to 
the Mky 17 meeting of the Federal Open 
Market Committee, and payrolls data 
on Friday. 

The market is expecting farther tight- 
ening of policy from the Fed, but it is 
doubtful whether economic data sup- 
portive of this stance will help the dol- 
lar. There has been little evidence in 
recent months that interest rate differ- 
entials have played much of a role in 
the market’s view of the dollar. 

Elsewhere, sterling is vulnerable if 
the Tories, as predicted, suffer heavy 
losses in Thursday's UK local elections. 
This will renew speculation about the 


fixture of Mr John Major, prime minis- 
ter. Uncertainty is likely to persist at 
least nntfl part month’s European elec- 
tions, where Tory prospects are pre- 
dicted to be even worse. 

The chancellor and the governor of 
the Rank of England meet for their 
monthly monetary policy discussion on 
Wednesday, but there is little expecta- 
tion of this producing any chang e in 
interest rates. 

In the Netherlands, opinion polls sug- 
gest the ruling Christian Democrat- 
Labour coalition may lose its majority 
in today's election. This is not expected 
to effect the guilder's close fink to the. 
D-Maik. 


Baring Securities emerging markets indices 


Index 


29/4/94 


Weak on weak movement 
Actual Percent 


Month on month movement 
Actual Percent 


Year to data movement 
Actual Percent 


Wortd (239) 

-153.00 

9.45 

6.58 

-325 

-222 

-15.41 

-9.15 

Latin America 
Argentina (19) 

105-59 

7.06 

7.17 

-028 

-022 

-9.79 

-8.49 

BrazB (18) 

145.15 

21.48 

1727 

-4124 

-22.17 

520 

324 

CMe (12) 

168^6 

6.78 

4.18 

10.42 

628 

2122 

14.45 

Mexico (22) 

139.45 

15^7 

1227 

-3.70 

-228 

-21.81 

•13.53 

Latin America (71) - 

—14025 

1421 

11.90 

-11.18 

-728 

-829 

-8.03 

Europe 

Greece (14) 

9328 

321 

327 

-329 

-4.10 

10.18 

1225 

Portugal (13) 

124.51 

-0.70 

-026 

-8.06 

-628 

12.39 

1126 

Turkey (22) 

52.02 

-20.18 

-27.95 

-1324 

-21.01 

-109.69 

-6723 

Europe (48) 

98.82 

-3.15 

-3.09 

-7.71 

-724 

-13.42 

-1125 

Asia 

Indonesia (17) 

14026 

2 20 

129 

-823 

-5.73 

-30.78 

-1&0Q 

Korea (23) 

123.61 

4.43 

3.72 

8.56 

7.44 

13.91 

1228 

Malaysia (21) 

21326 

4.42 

2.11 

18.18 

929 

-39.09 

-15.45 

Pakistan 

14858 

-6.07 

-3J92 

-1229 

-7.70 

3.05 

2.10 

Philippines (9) 

272-32 

&34 

2.61 

1125 

421 

-50.16 

-1525 

Thailand (20} 

209.15 

-223 

-1.06 

5.88 

2.89 

-54.41 

•2024 

Taiwan (39) 

14530 

-1.73 

-1.17 

1125 

826 

-7.81 

-5.08 

Asia (119) 

-192.94 

220 

1.15 

1122 

625 

-28.47 

-1228 


At Mm fci S tarns. Jaunty 7th 1002-100. Sourcae Sating Bocutttea 


FRIENDS^ ! 


Notice of Meeting 


Notice is hereby given that the (61st Annual General Meeting 
of Friends’ Provident Life Office will be held at Glaziers 
Hall. 9 Montague Close, London Bridge, London, SEI 9DD. 
on Wednesday 25th May 1994 ai 2.30p.m. to transact the 
following business:* 

(I) To receive the Accounts and Balance Sheet for the year ended 
3 1st December 1993 and ibe Reports of ibe Directors and 
Auditors thereon. 

(21 To re-elect as Directors of the Office the fallowing Directors, 
who retire by rotation; 

Graham As let Michael Melluish 

Michael Docrr The Rr. Hon. the Lord JenkJn of Roding 

(31 To elect the following Directors who have been appointed 
sincr the lost Annual General Meeting: 

David Ncwbigging, O.B.E. Barbara Thomas 

(4) To rc-appoint Price Waterhouse as the auditors to the Office 
and to authorise the Directors to fix their remuneration. 

(5) To propose as special business: 

“THAT for the purposes of Rule 41 of the Rules of the Office 
the limit on the aggregate amount which Directors shall be 
entitled to receive os remuneration Tor their services in each 
year be increased from £200,000 to £300.000.” 

By Order of the Directors. 

B.W. Sweet hud 
Secretary. 

3rd May 1994 

FrimuK* Provident Life Office. 

Pixham End, Dorking, Surrey RH41QA 

Notes 


In) A Member it entitled to appoint another person (who need not 
be a Member) to attend the above meeting and vote instead of 
him. 

(b) To be valid the instrument appointing a proxy, which should 
be at near to the form set out in role 30 of the Rules or the 
Office as circumstances admit, and the power or attorney or 
other authority tif any! under which it is signed, or a no lari ally 
certified copy of that power or authority, must be deposited at 
Pixham End, Dorking, Surrey, RH4 1QA. not less than forty- 
eight hours before the time fixed for holding the meeting, or 
adjourned meeting, or. in the caw of a poll, not less than 
twenty-four hours before the time appointed Tor the taking of 
the pull. 

(c) Proxy farms may be obtained on application to the Secretary. 

(di Members intending to attend and vote personally at the 
meeting .--hfxild be prepared to quote their policy numbers. 

(ct Only Members arc entitled to vote. Certain policyholders are 
not Members. IT a policyholder who is nor also a Member 
completes and returns a form of proxy, it will not be counted. 

tf> Members have one vote each irrespective of i he number of 
policies held. 

(g) Members arc entitled, on application to the Secretary, to 
receive a copy of the Report and Accounts. 


Daily Gold Fax - free sample 

_ u-..k Anne Whitby 

trem ChJSt «c 2 tysis Ltd Tel; 07 1 -73d 7 I 7d 

7StvJi:o.v Strict. L^.-iion W)R 7ND. UK - F 07 1 -do? 4946 


LOW COST inn f .s;n llrt 

SHARE DEALING SERVICE OS 1 - 944 01 1 1 


f OMMK-IOV t ROM £10 . 


ttfi 


INDEXIA 


! 

Technical Analysis & Traded Options Software 

HtJ 

h 

INDEXIA Research. 12) High Si, BaUunuUd. HP4 2DJ 
Tel (0442) 878013 Put (0442)876834 


r 

Bank of 

Communications 

(The Development Bank of 
die Republic of China) 

UJL $100,000,000 
Floating Bate None* due 2001 
For the buenat Period Nth April, 
1994 ca 31* Ooofae; 1994 du Nona 
wiQ any a Race of bmscM of 4.7Z5% 
peranum, trlth a Coupon Amount of 
U.S. S6.070JI per U.S 5150.000 
Note. The relevant hnerett Payment 
CUlic will be Ibt October. 1994- 




Company, Loaded Accra Bank 


Excel Korea Fund pic 
UA $35,000,000 

Flo atin g R a te 
Note* due 1996 

For the six month Interest 
Period 28th April, 1994 to 
28th October, 1994, the Notes 
will carry an Interest Rate 
of 6.125% per annum with 
an interest Amount of U.S. 
$31,135.42 per U.S $1,030,000 
Note. 




Cnapuy.lanbo Accra Beak 


Auto Funding PLC 
£97,500,000 

Class A Floating Rate Notes 
due 1996 

to accordance with the provision* of 
the Notes, notice Is hereby given 
that the Rate of Interest for the 
three month period coding 29th 
July, 1994 has been fixed at 
5.90% per annum. The interest 
accruing for such three month 
period will be £147.10 per £10,000 
Note on 29th July, 1994 against 
presentation of Coupon No. II. 
Unfca Bank of Switzerland 
London Branch Agent Bank \37 
29th ApriL 1994 


w 

International Bank 
for Reconstruction 
and Development 
ECU 450,000,000 
Floating Rate Notes doe 2002 

In accordance wiihihe provisions of 
the Notes, notice is hereby given 
that the Rate of Interest for the 
three month period ending 29th 


the Notes, notice is hereby given 
‘ ‘ ‘ " ‘ ’ si To ‘ 

„„diqg , 

July, 1994 has been fixed at 
5.35156% per annum. The interest 
accruing tor such three month 
period will be ECU 67.64 per ECU 
5,000 Bearer Note, and ECU 
U52.76 per ECU lOOjQOO Bearer 
Note, on 29th July, 1994 — ’ — 
presentation of Coupon No. 
links Bank of Swtaeriaad 
London Branch Agent Bank 
27ft ApriL 1994 


FT GUIDE TO WORLD CURRENCIES 


The table baton* gtno the latest evaBabto rata? at exchange (rounded) against tour toy currencies on Friday, Apr! 29, 1994 . In acme cases the rata Is nominal. Market rates are Bio overage of buying and seNng rates except 
where they are shown to be otfwwfea. ft some cases market rates have been c ata ute tnd Rum those of foreign currencies to which they ere fled. 


tsra 


US S D-MARK. 


YEN 

actual 


tsra 


US S D-MARK 


YEN 

PCMfll 


ESTO 


US a D-MARK 


YEA 
PC MM 


(AIM 

B 


Aruba 


Marts 

Andorra (F7B> 

(Sp P ra uM) 
Angola (New KSwna) 
AnflBue FCbtO 


fftafc) 

iSdhMnS 

ponEtaaJo) 


OBeftmsR 
BJhre} 

its (BtrPewtk 

BengkcMi (Tata) 

PBwbS) 


267005 

10006 

343343 

00128 

2D4J01 

6M7&86 

<0737 

1- 6138 

2- 7020 
2.1263 

17.8168 

9 38 urt 

10163 

03717 

M4JOT 


»»R| 

(BemuflwtS) 

WWewri 

(Wtonpj 


atom 
61.7210 
SOI 90 
861280 
1-8183 
<7-3625 


a*a 

Brunei 


(CmafcoRr*# 
(Braid* 
(t en) 

BwUnoFno (WAR) 
Bwraa 
Burundi 




30740 

197400 

23578 

6639 

861-280 

SL47E0 


Cankode 


tCFAM 

pwre* 


Cp- Varda 
Oejrnreila (Cl! 

CanLMr.Rup (CFAT 

Chad tCFAl t 

CMe (CMarai Peed 

CHra (Vurai 

Cdombb (CriFlMri 

CBS 4 ftoubht 

Comoro tCFAFrl 

Congo (Bran) (CPA Fg 
Ooerenea (Colon! 

COtodlK** p«« 

CKWM R*w) 

Cuba (Cuban Paaot 

Cycrai topnnQ 

Cacti Rap- (Ron*™) 

Danmarti (DanMiKnnM 
□RwAineD (DJbFk) 

DoanWca eCunfef 
dmmcwi Rip pr 


ICFXF4 


EquMI CMnon 
Earaiia 

Btaopta 


FUdendb pat) 

Faroe la (paflMiKfcnwl 

5k 


681380 
24®*7 
204.701 
131314 
13376 
681380 
861380 
848323 
13.1880 
130007 
066270 
27783BH 
881360 
681360 
232.90 
661380 
MOWS 
1-1433 
0.7667 
443580 
03578 
26835 
44)767 
183990 
5077 4570 
3278133a 
3.1103 
183081 
881360 
280840 
7.4888 

130 

88576 


189834 

10BJB1 

353338 

538 

136 

33849 

23878 

88885 

1.7*18 

1.A018 

11JB174 

1787 


1 

8877 

T« 

386 

24)023 

34.H 

1361 

688301 

1 

313874 

43689 

23214 

13023 

1365 

58318 

588301 

63*67 

266.184 

3*843 

608301 

1-3814 

135 

603016 

8*103 

668301 

568301 


63848 

838350 

03009 

1*523 

BB&001 

96*301 

1S33BB 

660301 

018536 

8754 


1083.1 

663889 

2132*8 

84277 

814687 

20*873 

13221 

86031 

13759 

86458 

73109 

103314 

03034 

82276 

614607 

833374 

13083 

206346 

1- 2013 
348778 

80034 

183265 

2- 7009 
1-5810 

789371 

nreuu 

34.1077 

3*2.770 

3- T7Q0 
15430* 

21017 

342.778 

08330 

613687 

S2-2B21 

84888 

342.778 

342.778 

267333 

6341 

■MSJJBB 

83433 

110867 

342.778 

342.776 


167869 

107308 

393098 

63989 

133326 

234523 

23486 

03840 

1J39B 

1.3611 

114478 

10830* 

03863 

83716 

135826 

383224 

1373 

333112 

13010 


Qntra 

Germany 

Ghana 

ObrMtar 

Greece 

Greenland 

Grate 


Ckjern 


P-Merk 
(Oe* 
(GtiO 
(EkiKtmrt 
(Dental) K<»9 
ECeeS 

mas 

toranfl 

tO**We3 


04«a 


Honfcns CLemptr*; 

Hong tong pecs 

ttangary (foring 

i r alei J fedenOc Krone) 

brtta 


£3 


43228 

23831 

120336 

13322 

687802 


<PW 

t» tkaq lOnof 

Ml Rap Pur « 

kraal (SheM) 

My (UnO 


81678 

291482 


13812 

133386 


■sa 

Joroen UcMbnto One) 

Kenya OfenieSMM 
Nribetl (AiaMhnfi 
Korea North M 

Korea SouBi (Ware 

Kura* (KimbHI Dnao 


143441 

23120 

138830 

130 

888937 

93678 

43767 

83126 

13163 

87364 

147430 

1684876 

167.776 

181140 
113828 
11-71 ZT 
T9S421 
10730 
473026 
328880 
283430 
04717 
13282 
43506 
241823 

483136 

193302 

13614 

8141 

2.1233 

33464 

1224.72 


88698 

1367 

08868 

06686 

24339 

86012 

23878 

638 

1 

87816 
878301 
12232 3 
138433 

113481 

73268 

7-73*5 

1023 

782022 

313674 

21383 

1737.12 

0311 

03787 

3301 

158855 

101466 


53478 

1 

655.718 

03878 

148376 

33233 

13221 

34277 

03034 

3477 

668783 

738239 

787132 

73082 

43019 

43916 

813680 

423241 

163289 

13014 

104832 

81677 


87118 
13328 
907385 
0-8498 
238400 
64091 
23488 
86888 
03853 
83774 
858084 
1206* 
ran cy; 

11J71S 

73141 

73115 

101301 

603240 


(Pefc-R^ta*) 
Panama tBrtnal 

ftpueNowGrtiea (Kkwl 

Pemouay (Gawd 

Peru PtawSoq 


PtmfcnlB ft! 

fei 
Rtayl 

ngnugel tEacudo) 

Puerto Hoa (USS 

Osier Pftrt 

pm 


482708 

13103 

14405 

2714.10 

33101 

41.7514 

130 

8330 0 

387074 

258333 

13163 


Newton ta. de Is 


212437 

1711.72 

03085 


1311 

059-257 

183254 

013441 

04224 


03043 


281881 

06012 

177373 

23618 

123914 

«SS3S 

2198TB 

83702 

87107 

588001 

1324B3 

43178 


ML778 

370860 

0459 

03007 

173144 

33233 

107341 

13221 

734 

122437 

130137 


420310 

86677 

8B4L714 

03808 

1605.71 

668386 

860308 

191362 


aaeWHce 

Fr. Guiana 

Ft.PacMcb 

Gabon 


R 

(CFAFfl 
640* Ft} 
(PFPBJ 
tCFAPfl 


8141 B 
88126 
681360 
83126 
1E8S9 
861350 


85012 

1.4600 


93567 

642.778 

73933 

23678 

03879 


604805 

07428 

0481 

287613 

84091 

174.778 

23488 

123016 

200816 

212829 

33208 



1068184 

03404 


13163 

04772 

2.1342 

80980 

51J210 

120497 

278265 


Mauritius (Hour FMma 
Merino p*wJc®nPasa} 

UquaUri OiMriFrf 

BHeneh Rrj 


104158 

43822 

183987 

681380 

03819 

83129 

184.793 

273480 


003848 

14018 

2.1400 

807.703 

03867 

716.771 

06601 

16803 

1 

03147 

14079 

8062 

34.11 

73441 

164138 

1TOJ 

0388 

2379 

11.1248 

968301 

03837 

638 

121371 

1737 


03468 
13816 
467431 
, 0.178 


23671 

1588-3 

323718 

100301 

03887 

604034 

13811 

2108 

799318 


StCMMophor 
CR Helens 
Stlojcta 
St Am 
StVtooeit 
Ben Metro 
Soa Toma 


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(ECenS 

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v n 

(E Can't 


Store Leone 


(Potrai 

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» 

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93B 

309001 

938 

1(0245 

908301 


32*03 

34277 

342778 

34277 


599388 

133517 

43*69 

03408 

64001 

14878 

5291 



Uazanttcyue 


3*2778 


53989 

101235 


(EDarrt 
pra 
Rtofcrt 

(SARata) 
Itoinito (Auundan ta 
topri J flepria a a Rupeq 

N aB ra te nra (GuSde} 
rrnU M am UUOJOat 
Ne ar Zariand 1<Z« 
Me e aa a a (GetdCantobal 

MgarRra (CFAFr) 

Ntuarta Otatol 

Norway J4or. Krena| 

Oman OtotOmenl 


63126 

63128 

BQ3.fln 

43767 

143021 

848230 

53302 

21253 

743429 

23187 

2KZ30 

23300 

93423 

961-260 

33.1860 

103004 


638 

938 


23878 

923*3 

960037 


14010 

*83291 

13586 

1.7818 

1.7344 


•L338 

1020.18 

21346 

03004 

91800 

03483 

2403 

203848 

4.78*1 

111142 

103314 

4.1453 

13167 

0.7136 

342.778 

92315 

94877 

733409 

T03449 

13733 

34877 

34877 

240309 

13221 

53727 

3380 

7-1246 

06458 


705291 

03610 

180578 

3489 

03683 

03101 

13888 

33238 

33.6112 

73278 

191438 

185204 

ejsae 


Stouetaa 

4a. — a_ 

Sotomonla 

SotnrtBap 

SewbAMcs 


Spam 

Spariah Puns to 

NAHm (SpPaaant 

Pop * 1 

BuoanBep itaM 

fta*sen (GtOOed 

% 

Brtta B 

Taewn m 


83128 

248338 

2182009 

43757 

130 

43767 

83126 

43757 

241023 

36228 

6388* 

861200 

73883 

887363 

22578 

483120 

20245 

*3010 


303196 

1 

035 

178888 

2.183 

27-535 

03608 

1.7344 

22230 

170J 

1 

33230 

638 

1844.72 

141384 

23878 

03S96 

23870 

538 

23878 

169956 

23633* 

3L7601 

988301 

83672 

572421 

1355 

323234 

133318 


13*178 
08034 
03733 
10802 
1 3174 
183106 
03878 
13487 
134163 
103314 
03034 
2.1680 
34277 
992354 


903733 

03663 

0.8361 

178578 

2.151 

27.738# 

03*88 

1.7091 

91903 

16820* 

03663 

33700 


731290 

204.701 

204.701 

733*94 

45785* 

23845 


113988 

2.13*2 


109822 


037*1 


120389 

17.7073 

52221 

RROM> 

93989 

m«|i 

23468 


685001 

213661 

7.1888 


1.1222 

13783 

13467 

33569 

3*2-778 

152077 

43382 

02323 


591868 

3489 

13611 

483122 

13324 

1.7809 

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President ion iliesou: 
Interview and 
profiie........Page IU 


ROMANIA 


Foreign policy: 
Middleweight with a 
mission.. Page IV 


Tuesday May 3 1994 


A wounded country 
strives to rebuild 

There are grounds for hope that the winter of 1993 
was a low from which recovery has since begun. 

Anthony Robinson and Virginia Marsh report 



omania was the last 
to fall as communist 
regimes across cen- 
. tral Europe collapsed 
in the fateful autumn of 1988. 
r inHhg . the bloodless “velvet" 
revolutions elsewhere in Soviet 
dominated Europe, the transfer 
of power came violently. Con- 
fused days of fi ghting in the 
streets came to a climax in the 
hail of ballets that killed a 
loathed tyrant and his even 
more hated wife, after a Christ- 
mas Day trial by a kangaroo 
court 

Since the execution of 
Nicolae and Elena Ceausescu, 
which ended a 24-year reign of 
tragic absurdity, the 23m 
inhabitants of this beautiful, 
potentially prosperous but 
deeply wounded country have 
been coming to terms with 
their painful inheritance. 

The task has been compli- 
cated by a political transition 
that left many from the old . 
regime in positions of power, 
and the absence of a period of 
reform before the abrupt 
change of government While 
Hungary, Poland and even the 
Soviet Union were experiment- 
ing with market mechanisms 
and pluralistic political struc- 
tures, the last decade of the 
Ceausescu regime was a period 
of increased megalomania, 
repression and intellectual iso- 
lation. 

Behind the screen of a perva- 
sive and brutal security ser- 
vice, the securitate, the 
Ceausescu regime decided to 
repay all foreign debt, while 
building a presidential palace 
of pharaonic proportions, and 
stunning bad taste, in the 
heart of historic Bucharest 

Productive investment for 
maintaining and modernising 
industry and infrastructure 
was halted for the best part of 
a decade, health and education 
budgets were slashed and food 
and raw materials were 
exported. Romanians went 
hungry and lived miserable 
lives in unheated, ill-lit homes 


and work places. Living stan- 
dards, already the lowest in 
Europe apart from Albania, 
plunged as debt was paid off 
and the architectural heart of 
Bucharest was ripped out. 

It is hardly surprising in 
these circumstances that the 
euphoria over the bloody 
downfall of the Ceausescu clan 
was replaced so soon by a 
sense of disorientation dis- 
may, as the full extent of the 
psychological, spiritual and 
physical damage to the nation 
Kot-omp clear. 

Perplexity began with the 
emergence of Mr ion Biescu as 
head of the National Salvation 
Front which assumed power In 
December 1989. He had been a 
leading figure in the previous 
regime before he fell out with 
Ceausescu in the late 1970s, 
but he was elected president 
with an overwhelming major- 
ity in May 1990. He was re- 
elected in October 1992, even 
though many Romanians held 
him responsible for the ram- 
page of hundreds of coalminers 
through Bucharest only three 
weeks after the May 1990 elec- 
tion. 

The failure of Mr Petre 
Roman, the prime minister, 
and his young reformist col- 
leagues to resign in protest 
against the miners’ bloody 
assault on intellectuals and 
selected opposition leaders, 
weakened the position of the 
younger generation of political 
leaders. They the courage 
and energy to begin the reform 
process against daunting odds, 
but were dismissed in Septem- 
ber 1991 after a second miners' 
excursion to the capital. 

Mr Diescu. a shrewd, if cyni- 
cal, judge of his countrymen's 
political awareness, increased 
his own grasp on power after 
the' departure of Mr Roman 
and was re-elected president 
with quasi-GauHist powers in 
the 1992 presidential elections. 
At the same time his party, the 
Democratic National Salvation 
Front, since renamed as the 


Party of Social Democracy of 
Romania (PSDR), was con- 
firmed as fog Uwrihpfn of fop 
political system. It won 28 per 
cent of the votes cast at the 
parliamentary elections, com- 
pared with the 27 per cent 
share won by the Democratic 
Convention (DC) - a loose 18- 
party coalition of the centre- 
right, including the ethnic 
Hungarian party. 

The coalition is headed by 
Mr Emil Constantinescu, an 
academic. Mr Roman’s hived 
off National Salvation Front, 
gmca renamed the Democratic 
Party, won 10 per cent. After 
the elections, the president 
tried to put together a grand 
coalition government to pro- 
vide a stable parliamentary 
platform for the difficult 
reforms required to restructure 
the economy and create the 
midlife needed to under- 
pin social progress. 

The move was repulsed by 
the “democratic'’ opposition, 
and Mr Diescu’s political allias 
in the PSDR were obliged to 
accept a parliamentary alliance 
with the Socialist Labour Party 
(tbe renamed communist 
party) and two xenophobic 
nationalist parties. 

T he nationalist bedfellows 
are the Romanian 
National Unity Party 
(RNUP) led by Mr Gheorghe 
Funar, the anti-Hungarian 
mayor of the ethnically mivpd 
Transylvanian city of Cluj, and 
Romania Mare, the ultra-na- 
tionalists led by Mr Cameliu 
Vadim Tudor. 

The president picked Mr 
Nicolae Vacaroiu, a former 
middle-level bureaucrat from 
the communist central plan- 
ning bureau, as prime minis- 
ter. The result has been a 
mediocre government of drift 
and indecisiveness, while tal- 
ent has drained abroad or into 
the private sector, which has 
been steadily growing despite 
the slow pace of formal privati- 
sation. Hie emergence of half a 




Caausescu's unfinished Palace ot tfto Republic and Avenue of Fottlas Rem* jtmmn**rP*noaf*»irm 


Bucharest the architectural heart off the dty was ripped out 


million small private enter- 
prises is one of the most 
encouraging signs of renewed 
economic vitality. 

But. with political power 
mainly in the hands of men 
over 50 brought up in the com- 
munist school foreign inves- 
tors have held back. Interna- 
tional financial institutions 
have also delayed granting the 
loans that are so badly needed 
to finance structural moderni- 
sation and infrastructure 
development. 

There are grounds for hope 
that the winter of 1993, when 
the Leu sank to record levels 
against the dollar and inflation 
reached an annual rate of 
nearly 300 per cent, was a low 
from which recovery has since 
begun. If this is so, it is largely 
due to steady pressure from 
the international financial 
institutions and Mr Mugur Isa- 
rescu, governor of the National 


Bank of Romania, who appears 
to be backed by President 
Diescu himself 

The central bank's tight 
monetary policy has led to the 
emergence of positive real 
interest rates, a stranger Leu, a 
sharp HprHnp in inflation and a 
convergence between the black 
market and official foreign 
exchange rate. 

The convergence has allowed 
a free-floating foreign 
exchange system to be estab- 
lished. which will meet one of 
the International Monetary 
Fund conditions attached to 
the granting of a new standby 
agreement 

On April 5 the World Bank 
board approved a 2175m loan 


for a petroleum sector project. 
The bank also disbursed the 
5180m second tranche of a 
structural adjustment loan last 
month and is prepared to lend 
around 9400m annually over 
the next five years. 

Such lending , which is condi- 
tional on continuing privatisa- 
tion and on market reforms, 
will be backed up by additional 
funding from the European 
Investment Rank and the Euro- 
pean bank for Reconstruction 
and Development (EBRD). The 
latter has been particularly 
active in Romania, especially 
in helping to finance the com- 
mercial banking system. 

At the same time, there are 
signs of growing foreign inves- 
tor interest in Romania , which 
is the second largest country in 
the region after Poland and 
possesses considerable natural 
resources including oil gas. 
fertile soil and a largely untap- 
ped tourist potential 

Romania has an association 
agreement with the European 
Union, enjoys a restored most 
favoured nation (MFN) status 
with the US and proximity to 
Middle East markets. It is also 
a member of the the poten- 
tially fast-growing Black Sea 
economic zone 


Progress is, however, slow. 
Only 5800m of foreign equity 
investment has flowed into 
Romania over the last four 
years, small beer for a country 
which is the largest in the Bal- 
kan peninsula. Hungary, with 
only 10m people but a sophisti- 
cated business class ar>d mar- 
ket infrastructure, has 
attracted more than CSbn in 
the same period. 

stablished investors 
include Shell Amoco, 

I Enterprise Oil and 
Canadian Occidental who are 
busy exploring both on-shore 
and off-shore oil and gas depos- 
its, and European and US con- 
sumer goods multinationals 
such as Coca-Cola, Colgate Pal- 
molive and Kraft Jacobs Such- 
anL 

The government, prompted 
by Mr Mircea Cosea, the minis- 
ter for economic reform, is 
introducing new legislation 
which offers especially attrac- 
tive terms to those investing 
over $50m in the country. 

The first to benefit from the 
new law should be Daewoo, the 
South Korean industrial group, 
which plans to invest more 
than 51 bn in a series of pro- 
jects. 


The biggest is a $156m car 
assembly joint venture with 
Olcit. formerly the assembler 
of Citroen models under 
licence from the French car 
company. 

But much hangs on the gov- 
ernment’s ability to convince 
Romanian entrepreneurs and 
the international financial 
institutions and investors that 
it is fully committed to speed- 
ing up the pace of privatisa- 
tion, reducing the dead weight 
of over-sized and obsolescent 
industries and encouraging the 
emergence of more efficient 
private forming and privately 
run service and production 
companies. 

With real incomes an aver- 
age 40 per cent below the 
already pathetic levels of 1989, 
and unemployment destined to 
rise well above the current 115 
per cent of the work force, the 
patience and fortitude of ordi- 
nary Romanians have been 
dangerously stretched. 

A way still has to be found 
to bring into government and 
economic management a 
younger generation less 
marked by the the communist 
past and more receptive to the 
needs of an open society and 
competitive economy. 


Chrystia Freeland and Virginia Marsh explain a two-sided economy 

Twilight of the monoliths 




Bucharest’s monument to 
Nicolae Ceausescu’ s megalo- 
mania, the People’s Palace, is 
so vast it is visible on satellite 
pictures. . 

It devoured as much as 10 
per cent of tbe country’s GNP 
during the 1980s when many 
of Romania’s 23m inhabitants 
lived in the dark after 10p.m. 
because electricity was 
rationed while average food 
consumption was among the 
lowest in Europe. 

Yet less than half a mile 
away from the People's Palace, 
and the socialist moonscape 
which surrounds It, mice ele- 
gant pre-war buildings adorn 
narrow streets bustling with 
busy sidewalk cafes and win- 
dow shoppers cheerfully 
admiring high-heeled shoes 
and frilly skirts. 

The People’s Palace and the 
re-emerging retail districts 
embody the two disparate 
sides of the Romanian econ- 
omy, now locked in a struggle 
over the future of a country 
which has the potential to be 
the economic engine of the 
Balkans. 

On one hand, Romania is 
still a hostage of Ceausescu’s 
particularly brutal brand of 
socialism, the most austere 
and centrally planned in East- 
ern Europe apart from 
Albania. Under Ceausescu, 
Romania pursued a particu- 
larly pig-headed version of 
socialist autarky. It focused on 
heavy industry, which rose to 
59 per cent of industrial pro- 
duction, and the construction 
of the monolithic factories 
beloved by central planners. 

In 1990, factories employing 
more than 2,000 people 
accounted for nearly two 
thirds of the workforce. 

This legacy of unwieldy 
heavy industry* the sector 
which all post-communist 
countries have found most dif- 
ficult to reform, means that in 
many ways Bucharest's eco- 
nomic dilemma bears more 
resemblance to the difficulties 
faced by the former Soviet 
republics to the east than 
those being resolved by the 
Viscgrad countries - the Czech 
Republic, Hungary, Slovakia 
and Poland - on Romania’s 
western flank. 

In the four years since the 
fall of Ceausescu’s regime, 
however, a private sector econ- 


omy has emerged which now 
employs more than a quarter 
of the nation's labour force 
and dominates agriculture, 
traditionally Romania’s main- 
stay. • 

Since the collapse of the Iron 
Curtain in 1989, Romania has 
returned to its historic place 
at the back of the East Euro- 
pean pack. While neighbour- 
ing Hungary and nearby 
Poland and the Czech republic 
last year reduced their double 
digit inflation, Romania’s 
prices rose to an annual infla- 
tion rate of 295 per emit 

It was a sad relapse for a 
country that, in the immediate 
aftermath of tbe Ceausescu 
regime, established a frame- 
work for market reforms 
among the most impressive in 
Eastern Europe. “Petre 
Roman’s administration, the 
first government after the rev- 
olution, brought creative 
destruction. Tbe second gov- 
ernment, under Theodor Stolo- 


grasp 18 months ago, was sab- 
otaged by the government’s 
failure to improve financial 
discipline on loss-making fac- 
tories and to introduce posi- 
tive interest rates. 

Frightened by the prospect 
of hyper-inflationary free-fall 
and hobbled by the refusal of 
tbe International Monetary 
Fund to extend new credits 
until Bucharest proved its 
ability to impose financial dis- 
cipline, Romania now appears 
to have a second chance. 

The tight monetary policy 
pursued by the country's tech- 
nically polished central bank 
over the past few months 
appears to be working. Inter- 
est rates, highly negative for 
modi of 1993, are now deter- 
mined by weekly credit auc- 
tions and are strongly posi- 
tive. By mid-April short-term 
rates had risen to the equiva- 
lent of several hundred per 
cent annually. 

As a result, inflation fell 


There Is still a danger that the blighted 
economy could undermine the country’s 
promising macro-economic stabilisation 


jan, introduced rigour," 
explains Mr Dan Pas carte, 
head of a new Greek-Roma- 
nian bank, backed by the 
European Bank for Recon- 
struction and Development 
launched last month. "But the 
third, current administration 
of Mr Nicolae Vacaroin 
brought stagnation,” be adds. 

The administrations ted by 
Mr Roman and Mr Stolojan, 
which lasted until the Septem- 
ber 1992 elections, privatised 
agricultural lands, began price 
liberalisation and introduced 
the legal framework for mass 
privatisation of Romania’s 
8400 state enterprises. But the 
seeds of reform have lain fol- 
low since the coalition of for- 
mer communists and right 
wing nationalists was formed 
under Mr Vacaroin’s steward- 
ship after the elections. 

Mass privatisation, vigor- 
ously pursued in Poland, the 
Czech republic and even Rus- 
sia, has hardly began in 
Romania. The government is 
still talking about establishing 
a stock exchange later this 
year. Macroeconomic stabilis- 
ation, which appeared within 


sharply over the first quarter 
of 1994 to less than 7 per cent 
a month by March before a 
blip caused by higher domestic 
energy prices. The fierce 
squeeze on short-term interest 
rates has helped the central 
bank converge the official 
exchange rate with the black 
market rates, while rising 
exports have helped to boost 
reserves. This combination has 
helped create the pre-condi- 
tions for internal convertibil- 
ity of the lei to move from the 
realm of theory to practical 
implementation. 

There is still a danger, how- 
ever, that the blighted econ- 
omy inherited from Ceausescu, 
and the slowness m imple- 
menting structural reforms at 
the micro level, could under- 
mine the country’s promising 
macroeconomic stabilisation. 

The question Romania will 
face over the next few months 
- a local version of the issue 
which dominates all debates 
about reform in post-commu- 
nist economies - is the extent 
to which a tough and success- 
ful macroeconomic policy can 
overcome, or perhaps serve as 


a catalyst for, deeper struc- 
tural reforms. 

Tbe immediate outlook is 
fairly gloomy. At the heart of 
the problem is the manner in 
which loss-making state enter 
prises, dominated by heavy 
industry and the energy sec- 
tor, have evaded the central 
bank’s tight monetary policy 
by amassing enormous inter- 
enterprise arrears which are 
believed to exceed 4*200bn lei 
(S2J>bn), more than the entire 
budget expenditure in 1993. 

Prevented by positive inter- 
est rates from subsi dising 
their inefficiency by borrow- 
ing money from the banks, 
large state enterprises have 
continued to conduct business 
as usual, with one exception. 
Instead of paying each other, 
they have become wrapped in 
an obscure web of inter-enter- 
prise indebtedness. 

“In normal countries bank- 
ers speak of M0. Ml, M2 and 
M3,” moans Mr Razvan Teme- 
son, the chairman of the 
Banca Romans de Comert 
Exterior. “But here in 
Romania we have invented 
another category: ‘M-question 
mark’, representing the 
unquantifiable inter-enterprise 
arrears.” 

This increasingly shaky pyr- 
amid of inter-enterprise 
arrears will within the next 
few months, compel Bucharest 
to address the tough question 
at the heart of market 
reforms. Win it bail out the 
loss-making giants, and shat- 
ter the country’s fragile 
macro-economic stabilisation? 
Or will it allow the mountain 
of debt to come tumbling 
down, dragging with it spend- 
thrift factories and risking 
high unemployment and soda] 
unrest? 

A report written by 
McKinsey. the management 
consultancy, in 1993 suggested 
that 130 enterprises were dis- 
proportionately responsible 
for most of the country’s eco- 
nomic woes. Were the govern- 
ment to restructure forcefully 
or close down these monoliths, 
some of Romania’s economic 
angst would dissolve. But sys- 
tematically demolishing the 
heavy industrial structure 
would require a political will 
the nation’s ex-communist 
leadership has yet to demon- 
Continued on Page 2 


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ROMANIA II 


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A fresh attempt at privatisation is planned, writes Virginia Marsh 

Success story needed 

retail sales and 30 per cent of 


THE UNIONS 

Slow reforms 
threatened 

This is, however, a distorted 



key facts 


299.077 sq km 

Area — ** — 22.718 m®on 

Papulation Ion Ittescu 

Head Of State - * Romanian Lau 

Currency. t992 $1=307.95 M 

Average Ejwhanfle rate .... 1993 51=760.05 W 

Average Exchange rate 




199? 


19A3 


Total GDP {bn let) 

Reel GDP growth {%) 

Average Inflation rate (%!-.. - 

bid. production growth (%) 

Gross external debt ($bn) — 

Reserves minus gold (SmJ- 

Govt budget balance {%) 

Currant account balance (Sm).- 

Exports t$bn) 

Imports ($bn) ..... 

Trade balance (Sm) 

Main trading partners (%) 

Germany 

Russia 

EG. - 

Note' Percentage shares of trade In 1993. 
Sources: Romanian Government, IMF. E1U. 


5,982 

1S.B35 

-15.4 

+1.0 

210.4 

256.0 

-23.3 

+1.3 

3.5 

4.5 

826 

1.005 

-3.6 

-2.0 

-1.5 

-1.3 

4.4 

4.5 

5.6 

5a 

-1.2 

-0.7 

Exports 

imports 

13.S 

15.9 

4.3 

12.7 

40.0 

44.0 


Reformers are hoping that this 
summer's planned public offer 
of up to 10 state companies will 
re-launch Romania's privatisa- 
tion programme which last 
year ground to a halt after 
becoming the focus of political 
battles between reformers and 
conservatives. 

“We hope to involve as many 
people as possible in the public 
offer and to create a critical 
mass behind privatisation after 
a year of inactivity," says Mr 
Adrian Nitu, vice-president of 
the Private Ownership Fund 
(POP) in the western Banat- 
Crlsana region, one of six 
funds which own pty * manag e 
the 6,300 companies earmarked 
for privatisation under a 1991 
law. 

“We've deliberately chosen 


it the offer goes ahead, 
Romanians will, for the 
first time, be able to 
exchange privatisation 
vouchers 


very attractive firms - our first 
choice is a furniture company 
- as we badly need to give the 
public a privatisation success 
story." 

If the offer goes ahead, 
Romanians will, for the first 
time, be able to exchange pri- 
vatisation vouchers - distrib- 
uted free to all adults in 1992 
-for shares In state compa- 
nies. 

The vouchers, or Certificates 
of Ownership, represent the 
population's 30 per cent share 
in the 6J&00 companies and are 
held by five regionally -based 
POFs. The state’s remaining 70 
per cent is held by the State 
Ownership Fund (SOF) in Buc- 
harest 

The aim is to follow up the 
public offer with the launching 
of a stock exchange later this 
year. A securities commission 
has already been set up, under 
the aegis of the finance minis- 
try, while in March, parliament 
finally began to discuss the 
securities law, drawn up with 
Canadian help in 1992. 


The public offer and stock 
exchange projects are among 
the first joint projects in which 
all bodies involved in privatisa- 
tion - namely the six funds, 
the government's economic 
reform council and its co-ordin- 
ating body the National 
Agency for Privatisa- 
tion - have co-operated. 

Relations between the differ- 
ent groups were tense last 
year, partly due to the appoint- 
ment of Mr Dima, a con- 
servative senator in the ruling 
Social Democracy party, as 
president of the SOF. 

Under Mr Dima, the SOF last 
year pursued management 
or employee buy-outs as the 
main method of privatisation, 
invested privatisation proceeds 
in decapitalised, loss-making 
state companies, sat on plans 
to close down or restructure 
large, highly unprofitable 
enterprises blacklisted by the 
government, appointed party 
loyalists to company boards 
and management, apd refused 
to decentralise power to the 
POFs as provided for under the 
privatisation law. 

The result was that just 250 
mainly companies were 
privatised, well short of the ini- 
tial target of 800-1,000; the rate 
of foreign investment in 
Romania dropped and. in 15 
months, the SOF went through 
three general managers who 
were either sacked by Mr Dima 
or were unable to get along 
with him 

However, since the appoint- 
ment of Mr Constantin Dumi- 
tru in February, the situation 
has improved. 

Mr Dumitru, 54, a commu- 
nist-era deputy minister of 
machine-building, appears 
determined to make the priva- 
tisation scheme work and to 
have more political clout than 
his predecessors. 

He is co-operating closely 
with the POFs on the public 
offer and has worked out a 
draft mandate giving the five 
funds the right to negotiate 
sales of 100 per cent of compa- 
nies on behalf of the SOF. 

He has also signed an agree- 


ment with the European Rank 
for Reconstruction and Devel- 
opment under which the hank 
will analyse 25-30 medium- 

sized companies, short-list 
10-12 and appoint a western 
merchant bank to fin d foreign 
buyers for them. 

Mr Nitu of the Banat-Crlsana 
POF, however, fears privatisa- 
tion will remain hi g hl y politi- 
cised. He says the POFs* 
recently-appointed new boards, 
are “small parliaments", repre- 
senting a cross-section of the 
political spectrum. 

He paints out that Mr Dima 
remains head of the SOF, even 
though asked on several occa- 
sions by the government and 
reportedly also by President 
Ion ffiescu to make a choice 
between being a senator and 


Mr Dumitni says 
unco- operative 
managers are one of the 
biggest obstacles to 
privatisation 


SOF president He is also con- 
cerned by tO tnftwnd the 
MEBO methodology to medi- 
um-sized and large companies. 

The fear is this will enable 
the former communist nomen- 
klatura at the head of state 
companies to retain control of 
much of the economy. Mr 
Dumitru says unco-operative 
managers are (me of the big- 
gest obstacles to privatisation. 

There are also many corrup- 
tion cases involving company 
officials. Typical frauds include 
manage rs or their friends and 
family setting np private trad- 
ing companies to handle a 
state company's inputs and 
output Huge profits can be 
made by overcharging the 
state company for its raw 
materials and underpaying for 
its goods. 

Analysts fear such compa- 
nies account for a not insignifi- 
cant part of Romania’s emerg- 
ing private sector which, in 
just four years, has risen foam 
nearly zero to contribute 2530 
per cent of GDP, 55 per cent of 


foreign trade. 

The private sector already 
employs mare than a quarter 
of the 10.5m work- 
force - mainly in agricul- 
ture - and comprises more 
than half a million companies 
or registered entrepreneurs 
and family associations. 

Many private companies, 
however, have now accumu- 
lated enough capital from 
trade to move into production 
or services. Mr Mike Hicks, 
deputy head of the EBRD's 
Bucharest office, says that in 
the past two years the bank 
has looked at private sector 
prefects in, for example, ceram- 
ics, glass, wood, furniture, bak- 
eries, mineral water bottling, 
yoghurt-making; tourism, con- 
struction, computer software, 
plastics and textiles. 

Outside the capital, the pri- 
vate sector Is most active in 
Transylvania, Romania's ethni- 
cally-mixed western province, 
and in Constanta, the Black 
Sea port and tourist region. 

Mr Hicks says; “Romanians 
are natural entrepreneurs. . . 
Good people are moving from 
the state sector into private 
business. The private sector 
has Its own dynamic - there is 
definitely an impetus bufldlng 
up." 

However, many private sec- 
tor projects are too small for 
direct EBRD participation. The 
bank has therefore opened 
credit Tbiflg at local hawk*! for 

landing tc fprnaTI and medium- 

sized companies and Em- pro- 
jects in agriculture. 

It has also taken equity 
stakes in three new local banks 
which concentrate on private 
sector lending. These include 
the Ion TLriac Bank, set up by 
the Romanian-born tennis star, 
and a joint venture with 
Wasseratein Perella, the US 
boutique bank. 

But private entrepreneurs 
say high taxes, prohibitive 
interest rates and limited 
access to credits are starving 
them of capital for medium or 
long-term investments. 

Corporate and income tax 
rates are 45 per cent and up to 
60 per cent respectively, while 
in the autumn, lending rates 
soared to 180 per cent at the 
central bank’s weekly credit 
auction. The move was an 
emergency measure to bring 
down 300 per cent annual infla- 
tion hut it farced many small, 
private businesses to shelve 
investment plans. 

The hope is that in 1994 a 
more stable macro-economy 
and greater efforts to privatise 
or restructure loss-making 
state companies wiQ free more 
resources far private business. 


Continued from Page 1 
strafe. Even if, as seems likely, 
Romania’s crippled industrial 
giants are allowed to continue 
lumbering along, the private 
sector is already beginning to 
come to the nation’s rescue. 

Some of the most hopeful 
developments are in the coun- 
tryside, where 80 per cent of 
land has been privatised, 
albeit in a chaotic fashion 
described elsewhere in this 
survey. 

The other point of light, or 
more precisely half a million 
points of light, is provided by 
the new businesses which have 
emerged since 1989. Although 
only 1 per cant of the state 
economy has been sold off 
under privatisation, Romania 
now boasts 500,000 private 
enterprises. 

The private sector will 
receive another boost if the 
government makes good on 
even a fraction of its promise 
to tiie IMF to privatise 2,000 
companies by the end of 1994. 

Under the leadership of its 
new boss, Mr Constantin Dmn- 
ffnt, a communist era deputy 
minister, the State Ownership 
Fund, which currently owns 70 
per cent of state e n terprises 
and is responsible for selling it 


"We have a saying in 
Romanian - yon can’t cot a 
cat’s tall in stages. Thai is 
why we must implement mar- 
ket reforms more rapidly.’* 
says Miron Mitrea, a well- 
dressed, well-built, chain- 
smoking nian. 

“I very, very strongly sup- 
port privatisation - the fester, 
tiie better.” 

Equally, ardent followers of 
the market can be found 
through o at eastern Europe. 
But coming from Mr Mitrea, 
who also supports the central 
bank’s tight monetary policy, 
praises the toughness of the 
International Monetary Fund 
and is not overly worried 


Romania’s two leading 
trade unions held a 
national strike to protest 
at the government's failure 
to privatise more rapidly 


about unemployment, these 
accolades for economic reform 
have a distinctly surprising 
ring. 

For Mr Mitrea is the presi- 
dent of the CNSLR-Fratia, 
which, together with the Alfa 
Cartel, Romania’s other main 
trade union block, represents 
5.5 mfflin n people - more than 
half of the country’s work- 
force. 

Dismal television pictures of 
coal miners from the Jin val- 
ley brutally beating student 
protestors In Jane 1990, won 
trade unions international 
notoriety as the rough enfor- 
cers of an ex-communist gov- 
ernment's continued rule. 


Teodor Nachescu’s career as a 
top communist boss came to 
an abrupt end in December 
1989 when angry workers 
turned him out of Arts, the 
machine-building factory in 
Arad which he bad headed for 
the last ten years of the 
Ceausescu regime. 

It did not take long for the 
50-year-old engineer - a 
self-proclaimed fighter -- to 
make a comeback. 

Within months, he was using 
the entrepreneurial skills 
winch he had gleaned while at 
Arts, one of the town’s two 
largest firms, to set up his own 


valuation this year. If Mr 
Dumitru, who has shown he 
has the political muscle to 
coerce bis erst-while col- 
leagues, pulls off bis ambi- 
tions plans, Romania’s Stock 
Exchange will have something 
to trade. That would be a boon 
for a country which many 
insiders believe has vast, 
untapped capital resources. 

Lacking a better outlet, 
Romanians have poured their 
money into shady schemes 
such as the Caritas pyramid 
scam, which collapsed earlier 
this year, or have taken it 
abroad. 

Mass privatisation and the 
creation of a stock exchange 
would give them an opportu- 
nity to make legitimate invest- 
ments in their own country, 
like their Polish and Czech 
confreres. 

Romania's nascent bourgeoi- 
sie Is confident that, willy 
nlHy, market reforms wiD take 
root in their country. 

“Reforms wifi, go ahead In 
the long run no matter what,” 
explains Mr Pascariu. “We are 
in a narrow corridor and are 
being pushed forward, some- 
times despite ourselves. There 
might be rig zags in onr 
course, but our destination is 
dearly a market economy." 


image. 

Romania’s two leading trade 
unions are strong advocates of 
market reform, and at the mid 
of February held a national 
strike to protest the govern- 
ment's failure to privatise 
more rapidly or to reform the 
social security system. 

But Mr Mitrea, who was an 
engineer in a construction 
company before the 1989 revo- 
lution inspired trim to organ- 
ise the track drivers in the 
company into a trade union 
which they elected him to 
lead, is afraid that the slug- 
gish pace of reforms in 
Romania may be wearing out 
the •p ati a n r B of rank-and-file 
members. 

“The attitudes of our mem- 
bership towards economic 
reforms are changing in a neg- 
ative way, and we, their lead- 
ers, do not know what to do 
about it," Mr Mitrea said. 

“Three years ago it was easy 
to explain why we were pro-re 
form. Reform meant a good 
economy and good jobs. 

“Now our members say this 
’good economy* is good for 
uothfaig: M 

Although Mr Mitrea is confi- 
dent that to the short-term the 
union’s progressive leadership 
wDl prevail over the populist 
Instincts of some of its mem- 
bers, he worries that eventu- 
ally Romania’s uwkma might 
turn against economic 
reforms. 

If that does happen, Mr 
Mitrea will probably no longer 
be in charge. 

Mr Mitrea, who many 
believe will opt for a career in 


private company, 

Today, he heads one of the 
most successful private groups 
in Banat, Romania’s western- 
most region. Avi Fiona, the 
company he set np with his 
own small savings and those of 
14 like-minded individuals in 
1990, now has an annual turn- 
ova - of LeiLSbn (US$L4m) and 
more than ioo shareholders. Its 
interests range from pig and 
fur farms to a laboratory pro- 
viding scientific analysis for 
formers and a share bolding in 
the town’s recently established 
commodities exchange. 

1 was more prepared than 
others in 1989” he says. “With 
Aris, I had fee chance to travel 
and to see how companies in 
western countries worked. ..1 
became convinced that a sys- 
tem based on state property 
could not lead the economy 
forward." 

Like many of eastern 
Europe's most successful entre- 
preneurs, Mr Nachescu and his 
partners started in trade in 
order to accnmulate capital for 
production. 


politics, is pushing for the 
entire leadership of the union, 
i ncluding himself, to resign to 
make way for a new genera- 
tion 


Taking advantage of Arad's 
dose proximity to the Hungar- 
ian border, in 1990 Fiona began 
to barter Romanian fertilisers, 
wood, furniture and machines 
for food, car batteries and agri- 
cultural machinery imported 
from Hungary and the west By 
the autumn of 1991, the com- 


Mr Nachescu says he 
went into agriculture and 
agro-business because 
of the comparatively 
small initial investment 
needed 


pany had raised enough funds 
to set up its first chicken form 
and a metal- welding workshop. 

Mr Nachescu says he went 
into agriculture and agro-busi- 
ness - one of the sectors most 
frequently targeted by new pri- 
vate firms - because of the 
comparatively small initial 
investment needed, and 
because he was sure there was 
a big market for food in 
Romania. He started with 


era!, peace needs a different 
kind," Mr Mitrea says. 

“Our revolution is over, but 
by nature I am a war general." 

Chrystia Freeland 


Fiona's farm outside Arad pro- 
duces 90,000 chickens of lAkg 
average weight, raised from 
one day chicks. Mr Nachescu 
says his prices are the lowest 
in Banat and that although 
Floria is smaller than state- 
owned chicken companies, it 
already has a IS per cent mar- 
ket share in the area. 

Plans for this year Include a 
Lei2QQm investment in a new 
25,000 head pig form and an 
animal feed plant. He had 
hoped to invest more this year 
but last autumn's interest rate 
rise to 120 per cent a year has 
forced him to cut back. ' 

Now he is considering apply- 
ing for a dollar loan tritit site 
gle digit interest from the local 
Banco Agricola. This operates 
5170m in credit lines for small 
farmers on behalf of the Weald 
Bank and European Bank for 
Reconstruction and Develop- 
ment 


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With extensive experience of greenEdd and market 
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provides profeaaitmaU objective advice to corporate dienta 
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Virginia Marsh 



International Finance Corporation 
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Twilight of monoliths 


'War needs one kind or gen- 


Profile of an entrepre neur 

A fighter’s comeback 

chicken-raising because of the 
quick turnover. 

Every seven to eight weeks, 


i 



l- 



H 





FINANCIAL TIMES TUESDAY MAY 3 1994 


27 


\ «w . 


ROMANIA III 




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"Ohs ,11,.; . 

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PROFILE: President Ion lliescu 


Virginia Marsh reports on Romanian politics 


Convert to capitalist ways Same team is still in charge 


Romania has come a long way 
since it shed the Stalinist-style 
cult of personality which char- 
acterised the CeauEescu regime 

But the forces of continuity 
remain strong and the' post- 
Ceausescu constitution' leaves 

many key powers in the harirta 

of the president and command- 
er-jn-chief, including the choice 
of a prime minister. 

Ultimately, the buck still 
stops with the president, which 
for the last four years has 
meant at the desk- of Mr Ion 
lliescu in Cotroceni, the former 
royal palace on .the outskirts of 
Bucharest . 

Mr lliescu,' who is also the 
eminence grise behind the 
left-wing ruling party, the 
recently re-named Party of 
Social Democracy of Roman- 
iaCPSDR), Is a man' with his 
emotional roots in the commu- 
nist past 

Like many of his generation, 
however, he appears to have 
undergone an intellectual con- 
version to the virtues of priva- 
tisation and capitalist develop- 
ment as a more efficient and 
less ri«TTMg rn g instrument for 
achieving the soda! «wri politi- 
cal development which he once 
thought would be delivered 
through Marxism. 

Mr Hiescu's father Alexandra 
was a leading member of the 
communist youth movement in 
Ro mania 's small pre-war com- 
munist party, and the presi- 
dent himself was a senior fig- 
ure under Nicolae Ceausescu, 
before being gfHniTnpri in the 
early 1970s as the dictator rid 
himself of potential rivals. 

After 18 years of semi-obscu- 
rity, latterly as the head of a 
state-owned publishing house, 
Mr lliescu re-emerged at the 
head of the self-appointed 
National Salvation Front in 
December 1989 after angry 
crowds forced Ceausescu to 
dee Bucharest in a doomed 
escape bid. 

The re-emergence of a key 
figure from the distant commu- 
nist past rather than someone 
dearly identified as an oppo- 
nent of the previous regime, 
still r ank ] ps with many Roma- 
nians who hoped for a clearer 
break with the old regime. But 
such was the degree of social 
and political control under 
Ceausescu that few Romanians 
were untainted by some form 
of collaboration with “the 
power" ; and natone • else 
emerged to challenge the polit- 
ical skills and back-up enjoyed 
by Mr lliescu. 

Since the chaotic early days 
of the post -Ceausescu period, 
Mr lliescu has consolidated his 
position and-his legitimacy by 
winning- two presidential elec- 
tions. He resembles bis Ukrai- 
nian counterpart, President 
Leonid Kravchuk, another pro- 
fessional politician trained in 
the hard school of communist 
realpolitik. 

His background gives him a 
shrewd grasp of the realities of 


power in a country of great 
regional variation, ethnic told 
cultural complexity, and, per- 
haps above all a fragmented 
opposition and poorly devel- 
oped rivfl society. But Mr Hies- 
cu’s greatest good fortune is 
his 18 -year estrangement from 
power. This permits him to 
share the anger of milHmm of 
Romanians for bmnfiiatiaQ 
and waste of the Ceausescu 
years. 

Lobking back on his prede- 
cessor he recalls “an unedu- 
cated man who became mare 
and more suspicious", espe- 
cially after bis Asian tour In 
1971 when he became fasci- 
nated by Kim n Sung (the 
North Korean dictator). Mr 
lliescu.. who accompanied 
Ceausescu on his procession 
around Asia says: “I opposed 
his plans to emulate the Kor- 
ean model, arguing that it was 
simply not possible to treat 
human beings in thin way, to 
suppress their humanity." 


coming to the conclusion that 
such managed change was 
beyond the grasp of a weak- 
ened and demoralised Soviet 
Union. 

Mr lliescu declines to be 
drawn into a discussion of 
whether “the revolution" of 
December 1989 was part of a 
planned neo-communist resto- 
ration similar to that 
attempted, unsuccessfully, in 
east Germany. Asked whether 
the events of 1889 were a revo- 
lution .or a palace coup he 
replies that “It was a process 
determined by objective foe- 
tors”, before launching into a 
list of reasons why perestroika 
foiled hr the Soviet Union. 

It is likely that Romanians 
would have been spared much 
suffering and indignity had Mr 
□isecu rather than the 
Ceausescu clan been in charge 
for a quarter century. Romania 
would probably have developed 
along the lines pioneered by 
Janos Kadar, the post-1956 


wmm 


V-'T * Wvw' 



<W'.1 
’ ■StrisE 1 
CVa : 


Ion l&escu: emotional roots In the communist past FfetMiurUM 


But, looking back at the evo- 
lution of his split with 
Ceausescu, the president con- 
centrates on the mid-1960s, a 
time when Romania started 
taking an foreign policy line 
independent from Moscow and, 
together with Czechoslovakia, 
was in the forefront of moves 
to try and liberalise the Stalin- 
ist economic and political 
modeL 

Mr lliescu was an enthmdas - 
tic supporter of such reform in 
Ihe 1960s, but he draws a veil 
over the 1950s when he was 
picked out for rapid promotion 
by Ceausescu. then in charge 
of party cadres, after ruthlessly 
conducting a purge of politi- 
cally- and socially “unreliable” 
university students. 

In the 1950s, Stalinism and 
Stalinist methods were still 
universally practised, even by 
the successors who partially 
debunked him. But Mr Qiescu's 
track record as a “reformist" in 
the years leading to the Prague 
spring was known to the 
“reform communists." sur- 
rounding Mikhail Gorbachev. 
In the late 1980s Moscow 
sought to replace the old 
Brezhnevite leaders of Warsaw 
Pact Europe with like-minded 
“new men”, before reluctantly 


lender of Hungary’s “go ulash 
communism”. But then Mr 
lliescu would almost certainly 
have shared the fate of other 
co mmunis t leaders in 1989 
when the Soviet leadership lost 
its will to retain the Red 
Army’s wartime acquisitions 
in. central Europe. 

Instead, Mr lliescu returned 
to the centre of power after the 
Ceausescus were conveniently 
shot 

On several occasions since 
then Mr lliescu has demon- 
strated his willingness to 
employ the iron fist, notably 
when fire Jin valley coalminers 
were called in to intimidate 
political opponents in June 
1990 and 1 September 1991. 
Mostly, however, this mean 
streak is kept under wraps by 
a wily politician whose sensi- 
tive antennae and smiling 
avuncular image allows him to 
appear as the guarantor of star 
WQty in a potentially volatile 
environment 

After a lengthy period of 
indecision following the 1992 
elections he recently emerged 
as a supporter of the tough 
monetary and fiscal policies 
required to gain the backing of 
financial institutions for- 
eign Investors. 


In a long interview he under- 
lined his support for economic 
policies which satisfy the lend- 
ing institutions but which 
have led to several potentially 
threatening protest strikes in 
recent months. “There Is a 
danger that people's patience 
will snap. Four years ago all 
applauded the return erf liberty, 
but standards of living have 
fallen, unemployment has 
risen and many now question 
the value of democracy. But I 
think the worst is now over,” 
he says. 

“Last year we removed sub- 
sidies, introduced VAT and 
other taxes and Inflation 
soared to nearly 300 per cant 
But inflation was down to 8-7 
per cent a month over the first 
two months and we are liber- 
alising the foreign exchange 
market.” 

“Meanwhile the collapse of 
industrial production has been 
reversed, exports are rising 
and this year we ahatt benefit 
from higher foreign investment 
and new loans from the IMF, 
World Bank and other institu- 
tions," he adds. 

The president, like several of 
his ministers, criticises the 
international institutions for 
dragging their heels. “When 
we needed their help most they 
were very reluctant and con- 
servative. Now the situation is 
better and the co-operation is 
excellent, but we would have 
preferred help when we needed 
it most” he says. 

But those close to the World 
Bank - opposition critics like 
Mr Petre Roman and Mr 
Adrian Severin and even eco- 
nomic advisers to the president 
himself - blame the govern- 
ment's slow-down of privatisa- 
tion, its foilure to close or 
downsize persistent heavy loss 
makers among the biggest 
state-owned industries, and a 
general ambivalence about 
market reform for “IB wasted I 

months ". 

Now, even the fiercest critics 
acknowledge that Romania 
again has an opportunity to j 
move ahead with economic 
reform amid thus for desultory 
efforts to form a parliamentary 
pact between the ruling party 
and the opposition so as to 
underpin the reform process. 

The attempt to form a gov- 
ernment of “nati onal unity” in 
Romania foiled IS m onths ago 
and the price has been a slow- 
down in the pace of reform 
which the country can ill 
afford. 

It remains to be seen 
whether better use will be 
made of the new window of 
opportunity which has 
emerged with the evolution of 
an economic policy framework 
acceptable to the international 
institutions, and relatively 
encouraging for the private 
sector. 

Mr. lliescu was interviewed 
by Anthony Robinson, Virginia 
Marsh and Chrystia Freeland 


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After winning the sympathy of miiiimm 
around the globe who watched the 1989 
Christmas revolution on their television 
sets, Romanians confounded their new- 
found western friends by electing former 
communists to power just five months 
later. 

Four years on, the same team, grouped 
behind President Ion lliescu, is still in 
charge, having won general elections in 
1990 and 1992 despite its dubious political 
tactics, notably the nse of coalminers to 
intimidate or assault opponents mi sev- 
eral occasions in 1990 and 1991. 

However, even President Hiescu's most 
fierce rivals recognise that, under his 
leadership, Romania has undergone great 
political and economic changes albeit at a 
pace slower than many would have 
wished. 

“The team which hijacked the revolu- 
tion from the young generation has been 
forced to accept several democratic 
changes such as a multi-party political 
system, a free press and. the right to hold 
demonstrations,” says Mr Cornelia 
Copasu, a 77-year-old former dissident 
who heads the National Peasants Party, 
mainstay of the Democratic Convention 
(DC), the main opposition group. 

Since narrowly winning the September 
1992 elections. President Hiescu's party, 
now called the Party of Social Democracy 
of Romania (PSDRX has sought to change 
its image as a group of unreformed, unre- 
pentant communists by co-opting younger 
members and espousing market-led 
reforms. 

“The challenge is to combine the experi- 
ence of the old with the imagination of 
the young,” says Mr Adrian Nastase, 43, 
the former foreign minister who became 
executive president of the PSDR last year. 

To this end, the party has begun talks 
with the Democratic Convention and the 
Democrat Party, the other main opposi- 
tion group which is led by Mr Petre 
Roman, Romania's first post-revolution 
prime minister, and which has become the 
standard-bearer of International Mone- 
tary Fund and World Bank-backed 
reforms. 

The talks are aimed at broadening par- 
liamentary support for the PSDR minority 
gover n ment which relies on three small 
former communist and extreme national- 
ist parties to reach a slim 53 per cent 
majority. 

The hope is that a political pact will 
make parliament more effective after a 
year and a half in which internecine bat- 
tles over often minor issues have held up 
important reform legislation such as the 
bankruptcy and securities laws. 

Few, however, believe the talks win be 
successful in the near future, despite opin- 
ion polls indicating popular disenchant- 
ment with the PSDR government 

According to Irsop, a local market 



Copasu, 77, heads the National Paasants Party 

research organisation, most Romanians 
perceive the government as lacking direc- 
tion, moving too slowly on many key 
reforms and acting to protect its own 
interests rather than those of the country. 

Irsop polls indicate that two thirds of 
the population would like to see the oppo- 
sition form a government or take part in 
a coalition with the PSDR. 

Despite the government’s breakthrough 
this spring with the IMF, the opposition 
says the ruling party still has no dear 
reform strategy and remains held 
together only by allegiance to President 
Ion lliescu and by the desire to stay in 
power. PSDR members, they say, cover 
too wide a political spe ctrum to formulate 
coherent policies. 

The opposition has conditioned an; 


The opposition is pushing for 
western European-style 
subsidiarity 

political pact on the exclusion of the 
PSDR’s extremist allies, the Socialist 
Labour Party (SLP), the former commu- 
nist party, which is led by Mr Die Verdet, 
a Ceousescu-era prime minister, and the 
Greater Romania (Romania Mare) party, a 
xenophobic, anti-Semitic organisation. 

However, it is not clear the PSDR is 
prepared to ditch the two groups which in 
the past year have acted more like sat- 
ellite parties than separate entities. Both 
have faithfully supported the PSDR in 
parliament and taken up second-level 
posts in the admi nistra tion. Their intem- 
perate outbursts and slur campaigns 
against reformers in the government and 
opposition have drawn little public criti- 
cism from the PSDR. 

The opposition says the real agenda of 


the PSDR and its allies - drawn from the 
former communist nomenklatura of state 
factory bosses, secret police and second- 
level bureaucrats - is to stall reform 
while they attempt to maintain their con- 
trol of state institutions and state prop- 
erty. 

“They are no longer fighting for Marx- 
ist-Lenlnist ideals but to protect their 
interests," Mr Coposu says, alluding to 
many recent corruption cases involving 
members of the PSDR or those close to it 

The PSDR has attempted to consolidate 
its power not just in central government 
but in state enterprises and at the lower 
levels of the administration where compe- 
tent technocrats have been weeded out in 
favour of file loyaL The party has also 
been unwilling to devolve power to local 
government, preferring to rule the coun- 
try’s disparate and ethnically diverse 
regions from Bucharest 

It is only now introducing local tax 
laws to provide revenues for elected local 
governments which, in many areas, are 
controlled by the opposition. 

The opposition, which includes the 
party of Romania’s 1.7m ethnic Hungar- 
ian minority, is pushing for western Euro- 
peon-style subsidiarity and a high degree 
of local autonomy. 

However, the inclusion in the Demo- 
cratic Convention of the Hungarian party 
has been one of the many sources of ten- 
sion within the Convention. The DC, a 
loose coalition of anti-communist intel- 
lectual and liberal parties, has failed to 
use its time in opposition to resolve differ- 
ences over issues ranging from economic 
policy to the restoration of the monarchy 
and tha Hungarian minority. 

The DC’S interna] divisions have been 
exploited by the ruling alliance which 
includes the Romanian National Unity 
’Party, an anti-Hungarian group which, 
like the Hungarian minority, is based In 
Transylvania, Romania's western prov- 
ince which was ruled by Budapest until 
1920. 

With its populist, nationalist slogans, 
the RNUP, like the SLP and Romania 
Mare, has won support by playing on the 
fears and ignorance of a population 
emerging from totalitarian rule and 
■rtragjltng to survive a severe economic 
recession. 

Mr Coposu says: “After 45 years of 
Soviet and commnnist darkness, Roma- 
nians have lost their political intuition. 
The civic level needs to increase for peo- 
ple to be able to fashion political positions 
normally again." 

The fear Is that -as in Russia -extrem- 
ists will gain more ground if an ailing 
economy canses living standards to foil 
further and prevents the formation of a 
solid middle class capable of supporting 
centre-right parties and western-style 
democracy. 




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Anthony Robinson and Virginia Marsh on an open line foreign policy 


ROMAN IA IV 

Chrystia Freeland examines the of an agricultural revolution 


Middleweight with mission 


Wlien Serbia's President 
Slobodan Milosevic, an interna- 
tional pariah in the eyes of the 
United Nations, visited Buchar- 
est in April he was given the 
faQ red carpet treatment by his 
Romanian hosts. 

For President Ion Hiescu and 
Mr Teodor Melescanu, his for- 
eign minister, the niceties of 
international protocol mat- 
tered less than the opportunity 
to continue a dialogue with 
their neighbour. The 

Serbian leader’s visit allowed 
them to offer their good offices 
for the resolution of a conflict 
which has already cost 
Romania hffflnns of dollars and 
which could still develop into a 
wider conflict. 

“Starting from the idea that 
there is no military solution 
hut a kind of balance of forces 
in former Yugoslavia, we see 
our role to encourage and 
assist the parties to find a solu- 
tion and keep the lines of com- 
munication open,” says Mr 
Melescanu, who earlier had 
been host to the Croat presi- 
dent Franjo Tudjman and is 
expecting a visit shortly from 
the Bosnian president Mr Alija 
tzetbegovic. 

“We believe that there can 
be no solution without Serbia 
and that pushing isolation too 
far encourages extremist 
forces. Many Serbs believe that 
an international conspiracy is 
ranged against them," he 
added. 

But Romania's foreign policy 
interests range well beyond the 
Balkans and the wider Blade 
Sea region which Bucharest 
sees as a promising focus for 
future economic development 
as well as a forum for promo- 
ting greater stability and 


cooperation in the region. 

As in Britain, Romanian poli- 
ticians believe that Romania 
should “punch above its 
weight” in international diplo- 
macy. This belief was taken to 
extreme lengths during the 
Ceausescn years when the dic- 
tator persuaded western coun- 
tries to turn a blind eye to his 
r e p r essive domestic policies by 
defying Moscow and vying 



Teodor Melescanu: *No couitry hi 
this wee can survive on its own* 


with Yugoslavia’s Marshal Tito 
fin: influence among the “non- 
aligned countries’' of the third 
world. An active and highly 
personalised foreign policy 
gave Mr Ceausescn an excuse 
to jet-set around the world, 
hob-nob with the mighty, sleep 
in Buckingham Palace and 
develop political and economic 
ties with countries as diverse 
as China and Israel. 

The foreign policy of the 
post-Ceausescu regime is more 
modest and more closely tied 
to national interests. Roman- 
ia's dose interest In the evolu- 
tion of the Yugoslav imbroglio 
for example can be easily 
OT pifltnflri by long common 


border with Serbia which 
means, Mr Melescanu under- 
lines, that “we are vitally inter- 
ested in containing; the conflict 
and preventing its extension”. 

It is not only a security 
issue. The UN embargo on 
trade with Serbia has severely 
damaged transit down the Dan- 
ube and a once thriving trade 
between the two countries and 
blocked several Romanian- Yu- 
goslav joint ventures. On the 
other hand, the break up of 
Yugoslavia has reinforced 
Romania's status as the big- 
gest state in the Balkan region, 
capable of playing an impor- 
tant rale in the wider Black 
Sea region. 

To this extent, Romania 
looks both east and west, main- 
t ablin g good relations with 
Greece and Turkey and anx- 
ious to rebuild its economic 
imks with middle eastern mar- 
kets. The present government 
is more at home with this two- 
dimenensional policy than 
Opposition leaders who tend to 
argue that Romania's future 
security and prosperity 
depends upon the greatest pos- 
sible integration Into western 
economic and security organi- 
sations, particularly the Euro- 
pean Union and Nato. 

Mr Comeliu Coposu, presi- 
dent of the National Peasants 
Party, the mainstay of the 
Democratic Convention, says 
“the government wants to 
maintain its nan-orientated 
path, to rotate the wheel to 
east or west". 

But Mr Melescanu points to 
a series of recent moves that 
imdprtinp- Romania's desire for 
closer ties to the west Last 
year, Romania signed an asso- 
ciation agreement with the EU 


and recently became the first 
post-communist state to sign 
up to Nato’s proposed partner- 
ship for peace. "No country in 
this area can survive on its 
own and neutrality is no lon- 
ger applicable," he adds. “The 
only choice for us is member- 
ship of Nato which we see as 
an efficient supporter of demo- 
cratic values.” 

Romania is acutely aware 
that economic weakness pre- 
vents it pulling its full weight 
as a country with 23m inhabit- 
ants and good connections to 
the Middle East as well as both 
eastern and western Europe. 
But its image in the west has 
also been adversely affected in 
the cost by outbreaks of in tol- 
erance against ethnic minori- 
ties, especially the nearly 2m 
ethnic Hungarians, concen- 


Romanians are neither 
less tolerant nor more 
violent than other people 



ROMANIAN DEVELOPMENT AGENCY 


Professional and Friendly 


Providing informational and analytical services on 
foreign investments in Romania. 




The RDA assists foreign investors by: 

• Identifying investment opportunities; 

• Introducing industrial partners; 

• Simplifying registration formalities; 

• Advising on legal procedures. 


* 


For all the assistance needed to take advantage 
your investment opportunities, contact: 


of 


ROMANIAN DEVELOPMENT AGENCY 

7, Blvd. Magheru, 70161 Bucharest 
Tel.: +401 312 28 82, 613 00 57 
Fax: +401 312 03 71,613 24 15 
Tlx: 11 027 ARPIS R 


bated mainly to Transylvania, 
and the large gypsy communi- 
ties. 

The exodus of hard working, 
ethnic Germans from the Tran- 
sylvanian towns and villages, 
settled since the 13th century 
by descendants of Saxon immi- 
grants, has already been a 
great cultural and economic 
loss. The airing of historical 
resentments against ethnic 
Hungarians by Romanian 
nationalists risks causing a 
similar haemorrhage of talent 
and skills unless sensitively 
handled by leaders of both 
communities. 

Both can rely on a degree of 
moral and practical support 
horn governments to Bonn and 
Budapest But such support is 
not available to gypsies, whose 
plight has worsened substan- 
tially throughout former com- 
munist Europe with the new 
freedom to express ancient 
resentments and the bitter eco- 
nomic contest for housing, jobs 
and other scarce resources. 

Romanians are probably no 
less tolerant, nor more violent, 
than other people. But life here 
is hard and still getting harder 
for millions of people. Until 
prosperity returns, an under- 
current of ethnic tension will 
continue to test the patience 
and tolerance of majority and 
minority alike, and affect the 
image which Romania presents 
to the wider world. 


Capitalist instincts sprout 


P icture the 1992 Los 
Angeles riots taking 
place in the country- 
side and you will get a 
fairly accurate picture of how 
Romania's agricultural 
reforms were conducted after 
the 1989 revolution. 

Irrigation systems woe torn 
apart by peasants who needed 
pipes and spare parts, tractors 
were cannibalised and herds of 
livestock were split haphaz- 
ardly among their shepherds. 
“After 1989, everyone grabbed 
everything he could,” explains 
Valentina Vlad ojn, who runs 
what is left or the state farm 
to the mountain village of CaJ- 
vinL She is also president of 
an association of 28 private 
fanners who have teamed up 
to create a 32 hectare form. 

Three gutted barns 200m 
from Mrs Vladoiu’s two-storey 
home show the scant resources 
the farmers have to work 
with. Timbers, window frames 
and even electrical fuses have 
been looted, leaving skeletal 
structures. Mrs Vladotu says: 
“Those who were stronger and 
quicker took everything.” 

Thisbrutal privatisation was 
made formal in 1991, when the 
government passed a land 
decree meant to return prop- 
erty to its pre-war owners. 
More than 80 per cent of ara- 
ble land in Romania is In pri- 
vate hands* although the new 
owners do not yet have the 
right to boy and sell their 
holdings. 

Survival of the fittest proved 
to he the guiding principle In 
the redistribution of agricul- 
tural land. Driving over a 
muddy dirt track through her 
village Mrs Vladoiu points to 
the most fertile, blade, loamy 
fields to the valley and reds 
off the names of their owners. 
One belongs to the mayor; the 
next to his brother; further 
along are the new, private 
holdings of his best friends. 

The picturesque but barely 
fertile Odds that climb up the 
slopes of tiie mountains sur- 
rounding Calvin! were 
reserved for less well-con- 
nected villagers. “Of course 
this is causing tension in the 
village,” says Mrs Vladoiu. 
“Those who had the best land 
before the war now have the 
worst and vice versa.” 

Giving land back to the 
peasants, who account for 45 
per cent of Romania's popula- 
tion, wiped out one of the few 
achievements of socialism In 





Valentina Vfadofu: 'Altar 1989, ewwyone vMtod everything he couW' 


nmm WWMM 


the agricultural sector. The 
large collective forms were cut 
into the inefficient, handker- 
chief-sized plots that were the 
Eastern European norm before 
the second world war. 

These radical and chaotic 
rural reforms led to a disas- 
trous foU to agricultural pro- 
duction to 1990-92 of between 
20 and 30 per cent on the fig- 
ures of the late seventies and 
early eighties. But agricul- 
tural production is recovering. 
The harvest to 1993 was 12.4 
per cent higher than 1992. 

Western experts say that, in 
the agricultural sector, Roman- 
ia's - radical approach has 


Entrepreneurs are 
assembling large, viable 
farms 


brought i rre v er si ble reforms. 

“The beauty of the big bang 
approach is that it brings a 
creative destruction,” says Mr 
lWke Hicks, deputy head of the 
European Bank for Recon- 
struction and Development in 
Bucharest “In Romania they 
broke their legs to the fall, hut 
now agriculture is starting to 
crawl its way up and eventu- 
ally the bones will heal.” 

Shops fall of meat and 
cheese - a minormiracle to a 
country that, in the 1980s, had 
one of the lowest average calo- 
rie consumptions in Europe 
-is one sign of healing. 
Another is that ever-more- 
prosperous entrepreneurs are 
assembling large, viable farms 
by leasing land from dozens of 
individual owners. 


FOREIGN INVESTMENT 


Daewoo leads drive 


R pm^nfa hopes a planned 
half-billion dollar 
investment to its car 
industry by South Korean 
industrial giant Daewoo will 
soon put its foreign investment 
drive on the map. after four 
years of lagging well-behind 
central European countries in 
the race to attract western cap- 
ital. 

Under the deal, which is 
close to completion, Daewoo 
would take a 51 per cent stake 
in Oltdt Romania’s second car 
manufacturer, for $L56m. It 
aims to invest a farther $370m 
to lift production capacity to 
200,000 cars a year by 1998. 

The proposed deal, by far the 
largest single post-communist 
investment in Romania, comes 
after a disappointing year to 
1993 in which the rate of fop 
eign investment slowed com- 
pared with the paltry levels of 
1992. Only a farther $227.4m 
was committed during 1993, 
bringing the total to $760.5m 


since 1990, according to the 
Romanian Development 
Agency (RDA), the country's 
inward investment body. 

The adoption of a liberal for- 
eign. investment law in April 
1991 led to a spate of landmark 
deals that year and to 1992. 
These included investments in 
industry by companies such as 
Asea Brown Boveri, the Swiss- 
Swedish engineering group, 
Colgate-Palmolive, the con- 


investor confidence was 
shaken by the victory of 
former communists in 
the 1992 general ejection 


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CITY ATTRACTIONS; From the charms of 
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outstanding productions offered at the 
National Theater to the exhibitions of 
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sumer products manufacturer, 
and Siemens, the German tele- 
com municationa and engineer- 
ing group. Bouygues, the 
French construction company, 
began work on a $120m World 
Trade centre due to open this 
week while oil companies 
Shell, Amoco, Canadian Occi- 
dental and Enterprise Oil were 
awarded on-shore and Black 
Sea exploration contracts. 

Investor confidence was, 
however, shaken by the victory 
of former communists in the 
September 1992 general elec- 
tion and the new government’s 
failure. In 1993, to achieve 
macroeconomic stability or to 
implement the privatisation 
srfwme it inherited. 

The hope is that agreements 
this spring with the Interna- 
tional Monetary Fund (IMF) 
and World Bank will create a 
better investment climate after 
last autumn’s near descent 
into hyperinflation. 

Maintaining internal con- 
vertibility of the Leu, recently 
achieved for the first time 
since the summer of 1992, is 
one of the government’s goals 
this year and remains a critical 
issue for foreign investors. 
Although foreign companies 
are allowed to repatriate 100 
per cent of profits, acute short- 
ages of hard currency last year 
made this almost Impnmahln it 
also restricted companies’ abil- 
ity to import raw materials and 
other goods needed for local 
production. 

The privatisation scheme 
was slow to get off the ground, 
making joint ventures with 
state firms the main vehicle for 
foreign investment in 
Romania. Even these were held 
op .last year when the RDA had 
to dear deals through the new- 


ly-established State Ownership 
Fund, the main engine of pri- 
vatisation, which was plagued 
with, start-up problems and 
saw four general managers in 
its first 15 months. 

However, under Mr Constan- 
tin Dumitru, general manager, 
the SOF has begun to tackle its 
mandate more seriously. It has 
asked the development agency 
to find foreign partners for 
some 100 priority companies 
after malting just two sales to 
foreign companies before Mr 
Dumitru's arrival in February. 

The SOF is also co-operating 
In a series of public offers this 
summer, to be followed by the 
much-delayed opening of a 
stock market later to the year. 
The hope Is that the Bucharest 
exchange will suck to signifi- 
cant foreign investment 

External financing for pro- 
jects has also eased. Most 
Western European countries 
have extended investment and 
credit guarantees which 
remained limited owing to the 
political and social instability 
of 1990 and 1991. 

International financial insti- 
tutions such as the World 
Bank and European Bank for 
Reconstruction and Develop- 
ment have also started to open 
credit lines at Romanian banks 
for local projects. 

The largest of these is $i70m 
for agriculture and agrobusi- 
ness which, with other con- 
sumer goods industries, are 
among the top areas of foreign 
interest. 

Romanians, who were 
starved of food and western 
goods in the 1980s, have a huge 
appetite for consumer prod- 
ucts. The country, with a popu- 
lation of 23m, is eastern 
Europe's second largest market 
after Poland. 

Infrastructure projects, often 
financed from abroad, are also 
attracting foreign investors. 
Siemens, for example, formed a 
local joint venture to manufac- 
ture digital switchboards for 
the Romanian telecommunica- 
tions company which has 
embarked on a multi-billion 
dollar, 10-year modernisation 
programme. 

Similarly, Italian firms are 
teaming up with local partners 
to upgrade border crossings 
and 1,000km of roads as part of 
a 8400m project co-financed by 
the World Bank, EBRD and 
European Investment Bank 


Virginia Marsh 


Two hurdles must be cleared 
before Romania can reclaim 
its traditional position as one 
of the t+te-f agricultural pro- 
ducers in central Europe. 
First, farmers have not been 
given formal, legal title to 
their land, and sale of the 
newly privatised rural proper- 
ties is banned for ten years. 
Without clear titles, farmers 
are finding ft difficult to 
obtain credits to buy machin- 
ery, seed, fertilisers and herbi- 
cides. The ban on the sale of 
land is slowing the creation of 
larger, more efficient farms. 

The second issue, often over- 
looked by the architects of 
agricultural reform in post- 
communist economies, is how- 
agricultural materials and 

products are distributed. 

In highly centralised 
Romania a single organisa- 
tion, Romcereal, supplied all 
agricultural materials: seed, 
fertilisers, pesticides, herbi- 
cides and fuel. It collected, 
stored and distributed all the 
agricultural products In tbe 
autumn. A sister organisation 
controlled most heavy agricul- 
tural machinery. 

Romcereal maintains its 
monopoly on distribution, 
despite land privatisation. 
Many private farmers - often 
unable to get credits and with 
limited access to agricultural 
materials and machinery - 
have little alternative but to 
indenture themselves to Rom- 
cereal. 

In return for a guaranteed 
supply of materials, they agree 
to sell part of their grain to 


Romcereal at reduced prices. 

Gradunltv Romcereal’* 
monopoly Is being eroded, tt 
faces stiff competition from 
western commodities compa- 
nies offering similar package 
deals, but with higher quality 
products and better prices. 
Some rural entrepreneurs are 
becoming rich enough to buy 
their own materials, build 
their own granaries and sell 
their crops at market prices. 

Better still. Romcereal is 
beginning to collapse from 
within, as capitalist instincts 
start to sprout to the hearts of 
the old agricultural basses. Sir 
Alexandra Chlorcanu. the 
head of RomcereaTs branch to 
the Transylvanian town of 
Arad, is eager to break away 
from tbe domination of bis 
head-office in Bucharest and, 
eventually, to break np and 
privatise Romcereal. 

-We are not very interested 
in what Bucharest has to say 
anymore." Mr Chloreanu says. 
“Instead, it is they who must 
listen to us. There is no doubt 
that Romcereal should be bro- 
ken up. The state should 
retain two or three silos and 
the rest should be completely 
privatised." When that hap- 
pens. Mr Chloreanu will prob* 
ably have the option of becom- 
ing tbe head of a local 
commodities trading company, 
Arad’s version of Cargill. 

But he has a different capi- 
talist dream. He is trying to 
piece together a 100 hectare 
farm which he will run as 
soon as Romcereal is pushed 
into the private sector. 


FT SURVEYS INFORMATION 


For details of forthcoming FT surveys, calk 


0891 446100 


Calls charged at 39p/min cheap rate 
and 49p/min at all other times 
Overseas cailers, ring UK: 71 202 2001 


9%ngjjO GSankJBmited 


OVER 20 YEARS OF INTERNATIONAL BANKING 



FOR ALL YOUR FINANCIAL NEEDS 
CONTACT US FIRST 

Mr. M. Radoi - Managing Director and General Manager 
Mr. G. Anderson - Deputy General Manager 
Mr. R. K, Morar - Chief Manager 


3 FINSBURY SQUARE • LONDON EC2A 1 AD 

Tel: 071-588 4150 • Telex: 886700 ANROMB * Fax: 071-628 1274 


MAKE SURE YOU 
UNDERSTAND THE CHANCES 
AND OPPORTUNITIES IN 
EASTERN EUROPE 


Read the following publications from the Finance, Times. 

East European Markets 
Finance East Europe 
East European^ Business Law 
East European Insurance Report 
East European Energy Report 
For a Free sample copy 


Plco« contact: Clare Buncit. Dew. c 
Fin.incial Time* Newsletter., 

Brid e c - London SH| qj j, 

873 fi* 1*44 71, n&K 


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FINANCIAL TIMES TUESDAY MAY 3 1994 


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*9 157 IflBJO 4.4 

+13 1-34B 1 268 t2 
15X70 +1.70 180J0 148 4.B 
237 — 150 _ 

*3820 +2-90 978 403 4.T 
446 -8 SB M&z 

1M +1 334 181.10 3.4 

392 +1044U0 373 6.7 
908 +13 BS3 753 1.7 
1.015 +7 1,089 001 ... 

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S20JB *230 377 X&3) 3.7 
2.880 _ 3,120 2231 12 

172 +140 214 Ifii HJ2 
332-70 +370 35429X10 32 
Twio +130ffl4JJ15MI| 73 
420 -8 484 4£0 3.0 

SOB -4 850 604 5.1 
020 +35 800 ODD S3 

1.407 +17 TJ33 1^72 OB 

324 —4-80 335 2«® ZB 
280 +1 3S5 281 3* 

(May 2/ Dm.) 


469 10230 +B01KV7C IBS OB 

AOndV 602.50 +2JD 612 544 TJ) 

1.320 -701.4401.120 1.1 

2.055 +67 2^13 2J70 1X5 

040 +13 670 575 2JJ 

1.036 -31275 

AlksPt BBS -10 1,120 

327W -CSJSi l-LW 

884 +14 500 


- HE1HBUMDS (May 2 / FbJ 


Amount 8i .70 
ACCOM 88.10 
AMd 47.80 

AK20HQQJM 

Tmftfl 71 £6 
BowK 38 JO 


_ CSH 


6&40 

140.30 
Dsnftt 187 
Bnvr 1B8.SCUI 
FUDpfl ifiJO 
102.K1 


145.10 




1 19-70 


TI9JD 

86.70 


i-70 

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MM»OR 5660 
WNDOfl 108.50 


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+£011050 8060 3-9 
+6053^0 4860 __ 
+260 22916760 2-0 
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+M 47J20 3860 _ 
- 52 <2 26 

+.40 7760 64.70 _ 
+160141JB10MD 1.1 
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+160 185.70 182.10 13 
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-60 K®JS3 98 36 
-.10 5860 49.10 26 
+J0 15730 123 _ 
-.10 2+4M 21070 16 

-1 73 4830 82 

+609960 7330 16 
+ JO 45 3760 36 
-60 94 70 77.40 4.1 
+1 0060 01 26 
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+60 8030 8530 2.7 
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+65 8430 7330 1.0 
-60 131 TI9JD 26 
-.40 88 58 56 

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-1.40 2S8 10*30 26 

-joanaa 169 zn 

-60 5E30 4560 16 
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- SSW 775 

- UnBKBr 1.1 BQ 

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- JMB 1301 


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+3 BIS 61 5 _ 
+9 770 583 _ 
+2P 885 735 _ 
+413171,188 23 
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_ 467 380 1.1 
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.11600 0610 46 
.28,10022600 23 
.2630 2640 46 


Bate® .30230 +730 405 
388-30 -43040*00 
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BayatV 524 +13 

ffMor 90930 +460 

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BHFBk *43 +3 

BBBg 070 +21 1 

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cmw 308 
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EVS12A 132.000 
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-® 015 387 23 
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-401350 1.180 03 
-1 385 264 33 

-126578361 SBS &B 
-12 737 557 03 
_ 615 539 OS 
+3.18 675 473 DS 
- -3 585 386 26 
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880 06 
270 04 
435 1 3 
377 1 6 
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432 33 
602 16 
488 23 
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*730 098 38450 SS 
3D +1.70 299 239 16 
000 +* 60046550 1-7 

012 +S 014 77130 03 
527 +2 505 443 16 

28830 +130ZK50 238 — 

7B830 +153DB87W 747 2.1 

HUM 183 +230 188 132 2J 
800 +4 G07 531 £3 

301 -2 310 260 1.7 

38660 +4304883038130 SA 
584 +B 50* 485 U 
30430 +530 30727480 16 
63330 +330 BBS 590 Z2 

238 +5 245 13C 2-7 

HtfdZkn 1645 -5 TJBO 1.180 06 

rtUCnlP 678 +8 681 — ' " 



— Mmc 


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06 
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- SHWI (May 2 / Pta.) 



— 

Krtta 

Hocfttr 

421 

1.1Z7 

+2 4S2 
+71282 

386 Z4 
1240 12 


maw 

380 -UD 

987 J0 9420 1 2 


Htanm 

890 

+10 1290 

B30 IJ 


Horren 

247 

+1 

753 

222 2A 


KB 

30X80 +280 

3W 

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teksfi 

148 

+7 

100 1*1.50 — 


KtaU 

632 

+3 

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BIS 12 


tCM 

648 

+3 

658 

451 22 


(MayZ/IOm) 


AtntfA 

cun nr 

Biprt 

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IMdl 

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137 

145 

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3830 

213 

1160 

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108 

205 

106 

228 

226 

454 

87 

85 

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9460 

205 

23J0 

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-1 15*10230 l£ 

170 130 1J 

-2 105 80 _ 

+v1D 4B30 3330 13 
_ 220 181 13 
-JO 1740 10-30 _ 
+1 SB 45 2.1 
*5 TO 551 1® 
-1 132 100 _ 

+3 247 180 16 
-2 250 176 16 
— 258 200 _ 
+1 280 190 09 
-2 463 
+30 8830 
+1338 104 
+130 105 
-SO 12008.10 D_7 
+10 TIB 180 23 
+.10 31 20 _ 

W.2DJB0 14 _ 


XHD 15830 +8-5(0 161.50 11510 _ 
IODCKW 17030 -30 17910270 23 

Ulanyr 72S +20 800 

848 +3 850 

Ltado 990 -1 960 

UnOH arajSO +330 410 
Luflha 214 +4 21 GW 

LURPf 21160 +33021250 
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+1S0S5B5Q 420 23 
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-10 BJS50 33f» 23 
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+30 3335 2390 5J 
+10 3609 2.650 7.1 
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-14OT7.7OIlTlQ0 26 
-30 7.4BO 5350 53 
+125 1J90 700184 
-30 3J7S2S10 14 
—MO 4670 3300 3.1 
-20 12480 10,710 23 
-45 2J15 2.T4S 33 
._ 1,775 1380 13 

3JB0 2v*5G 23 

-80 8.100 8,140 2J 
-141,100 856 — 
-18 719 41BT7J 
-00 5.140 4310 33 
-101J1D 923 _ 
+20BJ0043OO 12 
+40 7630 5680 26 
-40 0490 4.885 16 
-90 11.750 1B.1SD 1.7 
-30 4300 3680 26 
-5 217 1 02 _ 
-2 620 351 02 
-15 815 810 8.4 
-.4450 3600 53 
-40 2,186 1685 36 
+10 1.415 950 16 
-14 730 578 76 
-40 2400 1415 10.1 
-40 1425 1,150 56 
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-75 3,180 2650 13 


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— 1480 1 J40 0.9 
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225 36 
252 26 
970 16 
350 1 J 


FfliHCE (May 2 / Fes.) 


£3 


AGF 547 +4 579 500 — . 

*cnr 750 +14 788 95 3J 
822 . +2 BDB 778 2£ 

BB3 +8 S13 655 23 

Am 1611 +1616481JB0 24 

me 1J38 +3 1435 1 J54 1.1 

BSM 650 -0 1302 830 Z£ 

BMP 28830 +36026960 240 — 

Bnralr GB8 . +20 883 837 17 
Bonpm 3J40. -20 3J5d6(H5 26 
" 880 +2 767 682 24 

1 J0O +85 1.480 1,111 36 
BB7 +28 1.155 «» 36 
Canftnn 163.20 -UOmSOUEJa 84 
OMUn 182 -12132818810 _ 

Ota* 4J21BH) +9946803.825 16 
CaaM 173 _ 206 161 *3 

Chora 1.481 -916701621 2.0 

OUMU 43X00 +I9JH 448 3*? 21 

COF 24960 +430 30060 22530 U 
CrfoflF 1.182 +1 1685 16B4 4.7 

Crt.yO 852 -1 858 345 2.7 

CH3CF 41960 +460 488 400 _ 

ONOl 585 -6 737 548 108 

Oarnm 5630 „ 8.160 6JZ0 06 

DodnF 710 830 6B0 _ 

Bate 384 +4 459 381 16 

EBF 920 +20 860 7TO 26 

anfin X6M +?1 2394 2,^0 Z.-> 

Ecoa 736 — £ 743 636 23 

rUAqu 414.70 +.104M50 3eSW 46 
bSS 342 -1 337 K 8 

aesnn 1JJ1B +151.127 Ml 36 

&9SW 910 +21.088 850 __ 

EfflCW 7» — 865 740 _ 

EBS* 735 -1 830 80S 13 

^ ssg 

&6SCG 67E +1 SBB 684 ZA 

EnW 3360 +66 39.75 3060 23 
Fkwdl 151.70 +170 182 MO &1 
FoncLT BBS -<i 93B 800 13 

FfmM 5J30 — 6320 4300 03 

GTMBI 487 -1 576 *42 2-2 

Sr4I.bJ 2600 _. 2.754 239? 06 

Gnunttl 824 -81320 815 13 

ffpriyW 575 +4 846 856 2.1 

Stews «6+4JQ48X«i fflO M 

knew CTO __ boo MS 2J 

knmFf 580 -5 71 4 550 _. 

WmOnq 878 +71678 8S1 66 — 

imPtvn 87.40 -60 no oa 11 _ 

HMI 5M -1 570 500 86 — 

kiHc 665 +5 701 500 5.1 — 

UIHH 987 +8 96* 727 26 — . , _ 

LWCDP *5750 -16048160 435 33 — IMeem 



1,430 
J64 

5050 +160 2S7 
0660 +160 313 
1,135 +28 UB9 

420 +1 438 

767 +Q-5O7S05DBC1S9 1.7 
*2 BBS 810 13 

+1 536 480 U* 

204 +7.70 29823050 23 
352 -050 380 307 23 
517 +3.10 532 
878 +2 387 

38B -9 415 

47860 +891150 

529.70 +3.70 G84 
434 *b 443 
890 BBS 

345 +10 270 


- rwLy«jApr2fl/um •: 


— B COnun 5,770 —B^0SM10 35 — 

— BNazAo 5.100 — 5375 3610 — 

— GKont. 2,190 — 2J55 1JT8 1.1 _ 



ASS 

M 11.150 

££. WS 

SSSr iS 


OHM 

Rrefl 

sr 


— CTET 


Satpom 

SPado 

mu 

sntkSP 

TnmAe 

Twtfr 


ajuo 

31300 

11,130 

w 

fi.?W 

6.750 

3.800 

ii!*® 

1X530 

2.130 

ss 

15650 


— B60S M10 36 

— 567B3610 

_ 2JS5 1.77B 1.1 

— 211 70 

—znwsjna is 

^.11110 8.110 — 

— 2630 1694 16 

— 3.2001.860 „ 

— 2605 1 J92 — 
— 1920 1698 _ 

— 2620 2,140 3J 
— 13608 Ain — 

— 2.S30 IJOO __ 

— 7JB5 4.071 1.4 

— 4620 2.118 2J 

— 8680 3679 17 
— 1030011208 36 

— 1685 1-336 11 
— 4UDD37239 

— 4.133 2.675 — 

— 2B6D0 15200 M 

— KSD01Z100 — 
— 11.108 8SO0 — 

— 1760010078 1J 

— 0440 4.671 16 

— I72S0 g.100 _ 
...1071013410 1.1 

— 1649 B7U _ 

— 11401615 

— 8.100 3610 _ 

— 36851670 — 


AQAA 410 
AfiAB 400 
M« 642ml 
Ml 840 
Am* 100 
/Mtrefi 158 
MtaM 525ml 
ABM8 5200 
ETteB *08 
BIOS 3*5 
BMlA 121 
BtUB 122 
CmbniB 370 
H&MB 382 
HMM 5360*0 
PM* 283 
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kNBIA 
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MntoB 
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+1B 422 337 
-3 960 841 
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1,120 -20 1J40 966 06 

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3S3 *3 408 321 — 

1£60 -20 1680 1620 1 J 

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897 
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706 -5 782 610 — 

1600 -10 1650 658 — — 

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McrMAn 4J80 —4640 3630 — — 

NBC 1.110 -20 1.160 850 — 

NBKRl 1670 -10 1 .170 066 — — 

mete 1J70 -201 .370 1.053 — — 

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+2 705 403 ... — 

-6 474 315 — — 

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N&HH 1670 +10 2680 1650 — — 

Mad 1660 +101^0 1,430 _ — 

708 -12 sis am 

-ID 788 828 — 

-5 507 400 18 — 

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Mm 961 -14 1.100 955 — — 

0500 -50 7300 6,160 ._ — 

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1620 -10 2.000 1618 — — 

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548 -10 620 450 

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762 -9 850 828 — — 

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PW 817 -14 703 

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IBM 682 
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TekSa 684 
ThraSh 830 
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Twsa 912 

TeUi 515 
TertcOi ns 
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ToeGte 892 
item 480 
ToQlAm 650 
ToteCp 730 
Tod BO* 

Tofn 20J00 
TanhEP 2.710 
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TfaeCb 488 
Tokico 487 
TtaWoM 1J70 
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TWJome ijoo 
IKBPw 1180 
Tkfiai 3240 
TkBu 533 

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1M& 762 

TehdEE 1,130 
TOMIe 
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TdaAiA 1.780 
Toyom 632 
TavdiOi 843 
TaroSk 2.7BQ 
TyotsM 1600 
TayoIR 42a 

ToroTB 1,120 
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-6 512 415 _ 

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♦ 10 X480 2.740 _ 
-O 570 *91 

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-80 2.720 X300 — 
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829 BS7 
730 565 


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9J0 

3275 

pBpb 3560 

CMS& 78ml 
amts 7.45 
attEf> 2160 
CUM 17.10ml 
OFaim 11 
fiEagle 4 JO 

Cuoca 3X25 
HSBC 84 
UuigD 1260 
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1160 
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HKCB6 1840 
HKMfl mom 
WMr 41J5ml 
IK Ho 22.80BI 
HKUM 21 
MflttA 2160 
rfKTM 1460 
HEM 885*1 
HUUNW 3050 
Hysan 21 SO 
jartnM 765 
jMstn si 
J3ua 28.10 
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KtthA 3425 
SHCPT 45 
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SfeneO 12J0 
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SwteB 179 
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WHoch 17.7a 
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133881 CanOK 
£47004 CanPac 
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4154M CanTrAx 
11545 ConUIA 
320 CMiUS 
3305 rjintor 
19477 Caning 
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SOUTH AFBICA (May 2 / Rand) 




■ TOKYO - 880ST ACTIVE STOCKS: 


BojOak 
Monday. May 2. 


1094 


9 8.70 Eh£ 
28 17.50 2J 
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245 1(250 1 J 
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_ 40 2850 12 

+1 164 102 1.9 

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— 60 47 46 


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utte h 




z SMICBlUUD(MayZ/ftx) 


_.J15S01 
_ 12.1GD B.288 „ 

— 10208 7,900 XO 
„X19G3JK3 16 
.... 1630 400 _ 
_ 6250*665 16 

— 7200 4,145 — 

— 4.1«®X873 — 
— 11.700 to®® xi 

— 1X900 9201 36 

— 2240 use _ 

— SSlWO 25.700 — 




103*0 _ — 



+7 

S 


MB 

RkhBr 


£02 181 — 
683 568 U 
B90 587 1 J 
+30 X005 1480 U 
♦13 1 J15 1.015 16 
+2 248 180 IJ 

+11 785 5BS — 
+33 970 810 1J& 
+31 947 775 1.7 

+1 422 354 — 

+20 26001.875 — 
+13 1 210 1.060 ZJ 
+37 2650 2650 26 
HS S.000 B90 IJ 
-4 450 405 X7 
+12 887 
+X50 175 
+18 881 
— 1600 1.400 26 
+20 1637 1,170 XI 

+1 175 taaso — 

+101220 1630 4.1 
+25 5640 4JK* — 
+4 263 207 52 
+3S 1640 1.173 — 


NOT 

K**mn 

Kteton 

KUiWi 


INDICES 


tv 

a 


Apr 

28 


-1994 


m 


Law 


Apr Hr 

29 a 


r 

-10 948 500 — 
-9 828 431 — 
+20 1.140 82J fl J 
+10 2J00 2.050 0 J 
-300 13.40010000 — 
— 1JB0 1210 06 
-81630 825 — 
-3O16801J8O — 
-30 £682 1618 — 
-11 405 348 — 
-13 700 5W 1.1 
_ 517 430 — 
+10 2J70 2J90 — 
-0 513 425 — 
-aO 1J1Q1.1BD — 

-1 M9 271 Z 
-5 380 300 — 
+1 720 601 — 
_ 815 515 — 
+2 970 BSS 08 
-20 1636 1J83 OJ 
40 877 804 — 
+1012801,130 — 
-4 290 250 _ 

_ 85B 7*9 — 
+20X1601.700 — 
-30 2680 X1B0 — 


-1994 


OsaksC 500 
nxano 670 
Pknf XB10 
fttaaM 505 
Ranmn 500 
POcOi B5B 


— 1.710 

-5 r- 

-SxilO 1290X7 _ 
„ -a 847 658 _ — 

» S 

-- « SS:: 

-I 8B5 S7S _ _ 

-81,110 555 12 — 

IJOO -101.140 999 — — 

1J10 —1J20 1.460 ._ 

571 -1 ED 490 — _ 

iPu 5.HD -ao sjio *xm tu 

DnartCas IJOO — 1J3O1J50 1J — 

Orient G9S _ 740 GEO _ 

Oita 3240 -30 3J80 2200 06 803 

— -3 538 486 — — 

+8 779 504 1.1 _ 

— 32*0 X410 _ — 

+2 541 390 TJ — 

-2 528 *40 1 J - 

-s am 705 _ _ 

4.000 -GO 4230 3230 _ „ 

royal 1690 -101220 1J8O — _ 

R«0M 575 -10 629 447 _ .. 

Satan 1.400 +2012*01.230 _ _ 

Saurian 600 -10 0S5 515 — — 

Sai*jQ 2290 -20 XG80 2210 06 __ 

Sorao 1J50 -20 1.5*0 1J10 _ — 

BnuoBk X180 -20 2JS0 2J10 — 

SntteSh 010 -14 1J0O 865 — 

SnjoB 496 -5 SZ8 415 _ 

Sppm BOO -5 991 B7D -.. 

Socom 6290 — 7200 8050 02 

Semfn T.400 -9002*0 7 J10 _ 

SdSS *230 -120 4250 3270 _ 

SstnaT 1J2D -20 16*0 IJOO 02 

— ‘ " 1280 +10 1J4O1J60 _ 

1JMJ -601J101260 _ 

—1.130 958 — 

— 1,490 1JBO 16 

-4 483 361 1.1 

7280 +10 8.560 7650 — 

1.650 -101J60 1270 — 

2230 +20 Z2S0 2-500 — 

SMndz 916 -1 945 775 — 

snacn 2J70 -2022101210 — 


HmmN 

MMM 

NAB 


Mytf 


. . 1J40 

ScMte) 1Z70 
4G2 


HWI1Q 1J0 

HnBhfi 120 

POAUB 1028 
Htekl X40 
Laneu i«.«? 
Lien H XM 
2-BO 
824 
178 

V 
SW IS 

NmdFw 2 
H8HVK 325 
PacOun 421 
1J2 
1.70 
225 
X72 
720 
XOT 
565 
125 
420 
X50 
320 
SBItMtW BJS 
8J3 
X14 
X17 
X1Z 
4J7 
OJO 


— fVnajtu 


Pkonc 


QBE In 
OCT ftp 
Rm80 


TNT 

TetCuN 


+J4 X70 465 
-22 5.75 420 
*27 X 86 030 
-.02 132 0.78 : 
-21 OJB 0J7 
-.11 622 4J4 ■ 

Z 160 oS 

-25 X45 226 
♦22 X96 X30 
-21 167 1.14 ■ 
+.12 XBD X*0 
-24 X80 ZSD : 
-22 1.76 1J4 I 
-.01 1.78 161 
-.06 XB5 X30 
+.02 222 135 : 
-25 222 1J6 
-24 mo are : 
—35 X95 XB3 ' 
-.16 1024 1622 ■ 
-23 140 X6* 

♦ X2B X5S 
-26 1024 7.70 : 
-29 421 170 1 
-.12 1926 11.12 ■ 

_ 7.50 565 : 
-29 10-80 X76 1 
_ 63B 4.71 I 
-24 2.19 120 : 
-24 4.15 XI 3 • 
-21 X92 4.78 ■ 
-24 2-15 136 
+23 £43 122 
-23 362 X72 
- 320 Z60 
• _ 925 BJS 
+22 4X0 £98 
-25 626 5.10 

- 1.74 1.15 

♦ 6J5 4J0 
-ID 7.13 620 
-28 432 338 
-.14 7.10 8.14 

_ 92a aiD 
-.17 320 X14 
_ XTO 3.13 
—.02 XSZ 131 

- 420 34? 
-23 028 8.10 


Brother bids 

Yamato Trans 

Tokyo Broadcast — 
Wakachiku Const 
Hitachi 


Stocks 

Closing 

Change 


Stocks 

Closing 

Change 

Trotted 

Prion 

on (fay 


Traded 

Prices 

on (fay 

5.2m 

665 

+27 

Marubeni 

1.7m 

515 

•4 

2.9m 

1,350 

-10 

Moff Seta 

1 -5m 

640 

*23 

2.4m 

1,730 

-30 

NEC Coip 

15m 

1.110 

-20 

IJm 

655 

+15 

Fujitsu . 

l.im 

1,000 

-20 

ISm 

951 

-9 

Nippon Steal — 

.. — 1.1m 

344 

-3 


5J 113 
12 — 

3 J 

*2 _ 
82 — 
05 _ 
S3 76 
5J at 
42 _ 
62 

72 2X0 
_ 7-3 
18 
11 




Law 


US INDICES 


Apr 

a 


Apr 

28 


Apr 

2S 


1994 


SWcecanpaakn 
Htfi Low 


Qnate GW1OT7) 


M MneflaantUK* 
AliMPflPhiQO) 


itouenm 


9582 


BasonruDi) 

Brad 

Bnesp* (2971 B83) 


Mefete Mf(19IS) 
CmpuSH) MTS 
RkUoBoSS H/1/83J 
CbM 

KA Gen (71/12/80) 

Ornate 

Cu p an b i Srt gBrtAg) 


101192B 

191992 2547040 15/2 

1775X80 20/4 

PC M» 1979 

M 

2294.1 

232123 

28117 a/z 

1957.33 20*4 

330X1 

9612 

208X1 73*0*0 3/E 
9512 113X18 3/2 

1829X0 21M 

957 JO ZW 

C8S mnGfaEnt B3) 
CBS « Sr (End 8? 

43X3 

2792 

434.1 

28X5 

4382 

283.1 

45490 31/1 
2MJ9 31/1 

41740 5M 
26820 31/3 




Ho* Botarel 






twin 

42357 48858 W 

4U33 25/4 

C8p. 40 (1/7186) 

208X15 

311X20 

21 27 JO 

80824 3/2 

20OJ7 SM 

109241 

109X72 122225 M2 

106722 25M 

N»war 

OteiSBMCVIAQ) 

1001.41 

110491 

111X83 

1211.10 2BQ 

187237 an 

i«i»m 

152X54 154228 9/2 

148X76 30/3 

■Mb CMro 0/1/861 

288X44 

284422 

285446 

330X37 4/1 

250733 W3 

170840 

167Z7J) 1788480 29/4 

380X98 3/1 

Poteate 

BTA (1S77) 

30842 

annne 

3100.0 

3228X0 18/2 

281090 3n 

347X64 

346225 3878X0 18/3 

329920 2DH 

Sfapn 






4257.12 

427078 450X90 23/3 

410620 2W 

EE5Af-Spon(2MffS 

W 

574.12 

57X60 

64131 4/1 

52325 4/4 


Home Bate 

Tneupat 


DJ totLCWyV 
Da/alUBh 


388139 3868X1 388X54 397X33 359X35 

pi/rj m pWfflfl 

9X58 9056 9683 18531 8827 10827 

ow\ cn/4 ns/ions) 

158X13 163533 162431 188X20 154522 186229 

cm cm v cm 

19938 197.54 19059 2Z7JS 19299 2SS66 

on) m cn«W3) 

370737 (372X93 ) Law 384X13 (38*035 ) fllWorade a tA) 
(870429 ) Low SaSSJB (306730 ) (Acoalfl 


4122 

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5439 

(1/10*11 

1232 

W7I3H 

1030 

(W/32! 


M 196433 199X82 £18238 IS 1*133? IBM 

W 42003 4306 06730 4 S 380120 W 

98439 M 38? JE 41X79 2/Z 37U74 3/1 


JSEGoU P6W7B) 
JSEML(284Y7q 


1B900V 19990 

64152V 64132 


W 233120 4/1 
t» 941500 2/S 


174X00 MS 
544520 TV! 


HEX SoWdC&Um 

1842.1 

18432 

18508 197290 4 12 

lest, te 3 n 

Ran 

SBF 250 (31/128)0 

CRC 40(31/1207) 

1«XS4 

218X23 

WX4D 

216X98 

144X33 158X20 2» 
215025 2355L9B 32 

vamYiH 

20BL94 31/3 

GmBBT 

MZ/HMf3V12fiq 

Oonanaatadip/ISSS 

DWCponMTJt 

058.72 

246X50 

225X86 

04X56 

2*3X00 

284598 

05X50 85X72 26 
245130 246X50 26 
225122 225835 33 

77X38 2/3 

. 222120 2/3 
202X33 2/3 

&S0CS 

AtaeS3h/l2/80 

0 

B 

90X71 B9LSB 10/1 

95430 12M 

Bong Kno 

Run Sen|j01/7M 

879X70 

806X07 0163-OP 122912* W 

866733 2V3 

fate 

BSEGensSnai 

3720.7 

374X1 

37404 428730 m 

M54JD 5/1 

Warelt 

Jakarta Qmepa/MBl 

48131 

48240 

46528 8*238 5/1 

4B4JZ 26/4 

BHIOwrWrtlBS 

« 

185235 

195X07 2362.18 3V1 

150135 5/4 

wy 

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so fianeaf (4/M*) 

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B 

79937 

128X0 

80X26 B1333 27/4 
130X0 13120) OW 

58838 1V1 
94X00 ion 

J*BB 

wMSSpsxxff 
NMd 3QD n/unzi 

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2nd Sedun (V1ABS 

1967X21 

291.25 

150348 

227X59 

ft 197SX2S 2057777 1W 

H 203,10 90CS IS 

X) 100333 185327 18/3 
(0 227739 229X82 2ZM 

1736X74 4/1 
25822 4/1 
MCU7 4/1 
187333 4/1. 

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B 

105X50 

105X34 13I44B S/t 

82831 4/4 


NnaOnpBiHnsar hub wan now# stub 2/2 

St* 

Utetd EE 00/12189 M 32522 32058 35031 31/1 

BmnIn 

HnrnMM POST) 140X90 148X40 10750 160X90 31/1 


SmWBk M pi/iaSffl 131737 1304.18 131X25 142234 31/1 
SBC Bow*) (1WS7) B7755 96772 979S1 VB329 3V1 


WtUndH^OECGr 5777+48 5729.12 588738 MS452 B fl 

iMmd 

Bantfnk SET POM/75) <n 1250B7 1271.14 17SJ.73 Vt 
Treiter 

Mate! Qmikn-mQ 141 SC3 1509X5 1582X3238X3X0 13/1 

mu 

MS C«U H (1/1/70)5 B15B- 61 7 J 3130 «U0 IS 

rwHfc Rra wwt 

Bageack 100peflQ«* ft 146222 146X96 T54XS 31/1 

TOp-lOO (2X««3 12&® 12B323 126321 1OT21 2/2 

JCBpeDvs (S1/J2/B8) M M 31424 30X10 5/1 

XaiRQS Edkx(7/1/B2) 15205 15300 153X5 18232 14/2 

■ CA&40 STOCK WPBC FimaBB (MATT) 


’ 2/4 

30X73 20M 

14S3JQ 31B 

T2BSJ4 20 
967(72 aH 

519403 193 

1HUB 4/4 

1298X70 24/3 

59(00 m 

WHO 23 
120249 2/3 
29R28 2V3 

mas ha 


Oonpofe ( 

Wteotatrif 

Rmaeu 

45058 

52530 

4X40 

449.10 

52322 

4X39 

45137 

525.44 

4333 

4»(*1 

W) 

EGX59 

cm 

40JB 

01/1) 

43X32 

(4/4) 

51X05 

(21/4) 

41J9 

tw 

48» ire 

|2ffl9« 

509 

(3®W 

48.40 

(2319/33) 

4.40 

(14502) 

332 

(21*92) 

934 

(1/100^ 

NYSE COm 

Z50JS 

249.13 

25X41 

207J1 

(M3 

24X14 

RM> 

267 JI 

cam 

438 
(25 «/«) 

km lea we 

43X01 

**«»> 

43X20 

48739 

era 

42730 

(20/4) 

48748 

BOM 

2X31 

131 12/73 

NASDAQ Cap 

■ mhos 

73184 

73139 

73421 

m»iw 

(IB/3) 

70X51 

am 

88303 

naaoo 

5437 
(SI/1 0/72) 



Apr 29 

Apr 22 

Apr 15 

Year ago 

Dow Janes kid. Dtv. Yield 

2.76 

^79 

2.77 

2.90 


Apr 27 

Apr 20 

Apr 13 

Year ago 

S S P Ind. Ov. ytfdd 

2-4B 

2J6 

2J1 

2.57 

S 0 P bid. P/E redo 

23.94 

2X24 

23.67 

2046 

■ SnWARD AND POORS 500 INBCX WTURES £500 tkned Index 

Open Latest 

Change 

Wgh 

Low EsLUOL Open Ira. 

Jun 450JS 45035 

- 

450.75 

448.15 59,131 188,610 

Sep 45X40 452.40 

-020 

452.70 

45035 

281 0237 

Dec - 455.10 

- 

4S&25 

453.10 

25 5.751 


Opm femamA flguns are 1 or prawoue day. 


■ hew Tone acme stocks ■ tradmg juenvrrr 



Open 

Sett Price Change 

tt(#l 

Low 

esL voL Open bn. 

May 

2163.0 

21800 +18.0 

22000 

2102.0 

20049 

11J07 

Jun 

21000 

21722 +100 

2164.0 

21 BOO 

30221 

$74 

JU 

2174.0 

21692 

2174.0 

2174JJ 

11 £30 

2 

Open HktoM fiCM** te pnretoui day. 






Friday 

States 

CUB 

Otange 

m Vtabma (mVar) 




traded 

pm 

on far 


Apr 29 

Apr 28 

AO/ <S 

RJR Mttco 

BJOX7DO 

$H 

-H 

Neur York SE 

29X010 32X144 2B7081 

Qecaat 

4234X00 

26H 


Aim 


20.138 

1X184 

Klbl 

3X83.409 

ifiVk 


MASOAO 

M 30X601 28P J43 

But Motor 

3JH5.100 

58H 

+R 

nvse 




Teutons 

2000.400 

5Sh 

-H 

ns® Traded 

ZJG7 

2X10 

2.785 

QajBfa 

yjnafitn 

47% 

-IV 

Hebe 

1298 

913 

USB 

uomta 

2JVZBOO 

44 It 

•It 

Ft* 

8*8 

1JB7 

018 

BtoetmotH- 

2,317.400 

27M 

+1V 

Undtmpd 

823 

830 

609 

Tcto Oanosrii 

2X71X00 

25 

HI 

NM Mgbs 

a 

31 

38 

Mock 

2230.100 

2344 

M 

New Lam 

40 

68 

82 


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pnntous GBfoi V Stteed to oOON medateuen. 


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Norway 

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WORLD STOCK MARKETS 


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AMERICA 

Dow rebounds 
after sharp 
early decline 


Wall Street 

US stocks rebounded from an 
IS point decline yesterday 
morning, even although bonds 
remained stubbornly anchored 
in negative territory, writes 
Frank McGurty in New York. 

By 1pm, the Dow Jones 
Industrial Average was 2.68 
better at 3,684.37, while the 
more broadly based Standard 
& Poor’s 500 was unchanged at 
450.91 in moderately active 
trading. 

In the secondary markets, 
the American 5E composite 
dipped 1.03 to 43&88. but the 
Nasdaq composite gained 3.25 
to 737.09. 

A downward drift in share 
prices at the opening acceler- 
ated into a full-scale retreat 
soon after the National Associ- 
ation of Purchasing Manage- 
ment released its monthly 
report 

A more bullish market may 
have interpreted the data as 
the best of both worlds, as It 
indicated that the economy 
had grown at a better- than-ex- 
pected pace in April, while 
prices had risen more slowly 
than expected. 

In the event, stocks chose to 
focus on the bond market, a 
path which, led to solid losses 
by mid-morning. With senti- 
ment weighed down by a host 
of unfavourable technical foe- 
tors and an overriding uneasi- 
ness over monetary policy. 
Treasuries were sliding anew 
in thin trading. If an ything the 
NAPM prices data prevented 
an even sharper decline. 

By midday, the price of the 
benchmark 30-year govern- 
ment bond was moderately 
down, while the yield 
approached 7.40 pm 1 cent 

Still, share prices managed 
to battle back to near their 
opening levels by midday, and 
were hovering just above them 
in early afternoon. 

Among individual issues, 
Eastman Kodak was $1% 
higher at $43% with Mr George 
Fisher, its new chairman, set 
to brief analysts today on the 


company's outlook. 

Ford climbed $1% to $59% 
but Cummins, a diesel-engine 
manufacturer, shed $1% to 

Exxon dropped $1 to $61% as 
the energy group began defend- 
ing itself in an Alaskan court 
against thousands of civil 
rfaimg arising from t he 
Valdez ofl. spill five years ago. 

Syntax jumped $8% to $23% 
on news that Roche, the Swiss 
drugs group, had made an 
agreed $5.3&n takeover bid for 
the company. The offer valued 
the shares at $24 each. 

Elsewhere. Upjohn gained 
Sl% to $28% amid speculation 
that Its weak new-prodact 
development programme 
would make it the sector's next 
target Buying spilled over into 
Merck’s stock, pushing it up 
$1% at $30%. 

On the Nasdaq, Wellfleet 
surged $4% to $78%, with no 
apparent news triggering the 
upturn. Microsoft added $1% to 
$94% after announcing a devel- 
opment pact with Texas Instru- 

rrnmt. 


Canada 


Toronto stocks edged lower at 
midday with volume inflated 
by brisk dealings in n ew P WA 
Carp new shares. The TSE 300 
composite index dipped 2.11 to 
4J65A1 in 76.77m shares, 56.7m 
of which were PWA's new 
class A. Declining issues led 
advances by 296 to 238 with 228 
unchanged. PWA Corp A 
shares lost C$0,050 to C$0,470 
while PWA Corp common 
eased C$0.03 to C$0.50. 


SOUTH AFRICA 

Shares overcame early weak- 
ness as the market took a post- 
election pause, with afternoon 
juices boosted by a firmer gold 
price and a weaker financial 
rand. The overall Index rose 3 
to 5,362, after losing 1 per cent 
in early trade. Industrials 
picked up 2 to 6,415 and golds 
finished unchanged at 1,999. 
Anglos lost K2-50 to R23&50 
but SAB rose BU&O to B99. 


EUROPE , WE 1 

Strong financials take Frankfurt to record high 


The absence of British 
participation took the edge of 
bourse trading, but German 
investors seemed happy to do 
without foreign support, unites 
Our Markets Staff. 

Other senior bourse had 
their problems: technical bugs 
delayed (he Paris opening by 
four-and-a-half hours; Milan, 
after extended attempts to 
dear a blockage in the system, 
suspended trading for the 
whole day; and Madrid, taking 
a local holiday, saw its thunder 
stolen by a rmrihfnatinr^ of Bar- 
celona, Bilbao Valencia. 

FRANKFURT hit a record 
closing high, although strength 
in finanriaj fl was offset by a 
less enthusiastic performance 
in many cycKcals, and falls in 
the big three stocks 

after profit-taking. 

The Dax index rose 22.67 to 
2,268.5 with German traders 
especially encouraged by the 
DM67, or 2.6 per cent gain to 
DM2,655 in Allianz on a higher 
dividend, the deep discount on 
the insurer’s planned rights 
issue and on relief that 
rumours of a negative weekend 
magazine article on the com- 


pany turned out to he 

Brokers also saw switching 
from chemicals, which saw 
gains of around 10 per cent on 
last week’s first quarter fig- 
ures, into financials, where 
Bayernverein rose DM13 to 
DM524, Commerzbank by 
DM7.50 to DM36&S0, and Deut- 
sche Bank DM15.30 to 
DM79&50 as shock waves fol- 
lowing foe Schneider property 
debacle contained to dimmish. 

Turnover eased from 
DMS.lbn to DM7 .9bn. In chemi- 
cals, Bayer and Hoecbst both 
fen DMA50, to DM389.30 and 
DMFjGD respect i vely, BASF los- 
ing DM2.30 at DM327. 

PARIS finished below Its 
highs after a delayed, but 
strong start, the CAC-40 index 
Clngfog 20.27 higher at 2,18BJ23. 
Turnover was thin at 
FFiROTbn. 

The market had little Hine to 
react to initial issues bnt it 
marked its satisfaction with 
fho stake-holding deal involv- 
ing LVMH, toe world’s largest 
luxury goods group, Christian 
Dior and Guerlato, the French 
fragrance house. LVMH rose 


FFr15 to FFr944 and Dior by 
FFT12£0 to FFr425. In the same 
general area, L’Oreal extended 
its uptrend with a rise of FFr27 
to FFTL262. 

Meanwhile, Club Meditaran- 
xtee, toe leisure group, had 
what dealers called a technical 
bounce, recovering FFrlSJJG, or 
4.8 per cent to FFr43390 after 
Friday’s 7 per cent drop. 

• The SBF, toe French stock 
exchange association, said yes- 
terday that that work at toe 
weekend to increase the num- 
ber of connections to its trad- 
ing network bad disrupted the 
exchange's software, causing 
delays in the re-booting of the 
computer system, writes John 
Bidding m Paris. 

The disruption was the latest 
In a series of technical hitches 
over recent months, resulting 
from inc reased demands an the 
system and a programme of 
modernisation. The Paris 
bourse has seen a sharp rise in 
trading volume, partly because 
of the French government’s 
privatisation programme, and 
an increase to toe number of 
connections demanded by 
stock brokers. 


AMSIt.kDAM saw thin trad- 
ing with many foreign inves- 
tors hesitant ahead of today's 
general election. The ASX 
index rose 096 to 41392. 

Chemicals continued their 
rally. DSM put on FI 190 to 
FI 14090 to advance of today's 
results while Akzo added 
FI 273 to FI 22690 to continued 

The Eurotrack 100 index was 
unavailable owing to toe do- 
sore of the London Stock 
Exchange. 

response to last week’s better 
than expected figures. 

Philips rose FI L20 to FI 55.40 
amid bullish forecasts for first 
quarto: net profits, due tomor- 
row: analysts expect profits to 
rise by up to 200 per cent 

In contrast, the dollar's 
weakness left Royal Dutch 
FI 4.10 down at FI 20090. 

ZURICH tinned higher, with 
London’s closure removing 
some of the selling pressure 
which was evident at the end 
of last week. The SMI index 
added 3L9 to 2,7G8 l2. 

Ciba registered rose SFr3l or 
S.7 per cent to SFrSS8. 


Brown Boveri put on SFrl3 
to SFrl903 on news that Asea 
had won a German power-plant 
contract in a consortium worth 
S eagirt, of which around $340m 
is earmarked for Asea. 

Rieter, to textile machinery, 
pdrtoH SFr50 to SFrl.780 ahead 
of today’s annual news confer- 
ence, In telecoms. Ascom rose 
SFM0 to SfM930as it named a 
new rhtef officer. 

MADRID, closed for financial 
news, heard threats of further 
revelations on the political cor- 
ruption front Based on trading 
to other Spanish bourses, the 
Ibex 35 index fell 28.64 to 
3,492.0 9. Teleffinlca reflected 
mid-mointog weakness on Wall 
Street with a fell of PtaAO to 
ptal.790; but the linked banks, 
Santander and Banesto. 
escaped the downtrend with 
rises of PtaSO to Pta5£90, and 
ptal2S to Ptal950 respectively. 

STOCKHOLM was supported 
by a firmer bond market and 
toe AfSrsvarlden index put on 
22.4 to 1,4999. Pharmacia B 
prftfed SKrS to SKrlZR OSLO 
feB 19 ner cent in response to 


S2&56 in to tbto turnover of 
NKr26Sm- 

COPENHAGBN foil 1.1 per 
cent with trading dominated 
by profit-taking m tba newfy- 
privatised Tele Danmark. The 
KFX index fell 1-31 to 108.65 in 
heavy turnover of DKrLSbn. 

Tele Danmark, gave up DKrS 
to DKrDKr329. compared with 
the privatisation price of 
DKr3lO. 

TEL AVIV held its ground 
after a 39 per cent increase on 
Sunday, toe Mlshtanim index 
a-n<n p a mere 092 to 228.77. 
Sunday’s rise of 8.6 points 
reflected optimism over Israeli 
peace prospects with the PLO 
and Syria. 

ISTANBUL fell another 6 per 
cent alter a drop of 189 per 
cent last week, the composite 
index closing 90393 tower at 
14,192.85. The focus of Inves- 
tors’ fears moved away from 
last Friday's suspension of 
eight brokerage houses, and 
into uncertainties about the 
general direction of money 
markets. 


ASIA PACIFIC 

Region mixed as Nikkei falls 0.8% 


in low turnover 


Tokyo 

Shares lost some ground in 
thin conditi ons as investors 
held b ack from trading ahead 
of three-day holiday, which 
begins today. The sharp rise in 
the yen provided a farther dis- 
incentive, writes EntOco Tero- 
zono in Tokyo. 

The Nikkei 225 index fell 
155.04, or 0.8 per cent, to 
19,570.21 after a high of 
19.64893 and a low of 19,48890. 
Arbitrage trading depressed 
prices, bnt late overseas 
demand eroded some of the 
earlier losses. Volume totaled 
130m shares against 217m. 

Some analysts said that the 
rise in the yen, which reached 
an eight-month high against 
tiie dollar, had already been 
discounted into stock prices 
following the inauguration of 
Mr Tsntomu Hata’s minority 
government. Investors, how- 
ever. said that the rise had 
increased the risk of commit- 


ting funds to the stock market. 

"With the price to earnings 
ratio at 100 and the yen at 
these levels, people have 
started to realise that their ini- 
tial forecasts for the market 
were a little optimistic,” said 
an official at Nippon Life, toe 
largest life assurer. He said the 
Nikkei index could fell to as 
low as 18,000 in the near term. 

The recent volatility of the 
yen was seen as a threat to the 
earnings recovery expected 
daring the second half of the 
year. Some traders feared that 
overseas investors, who had 
bought Japanese stocks during 
the first quarter, might start to 
take profits as the yen’s appre- 
ciation pushed up the value erf 
their portfolios. 

The Topix index of an first 
section stocks fell 995 to 
1993.48 while the Nikkei 300 
lost 195 to 29L25. Losers led 
gainers by 73 6 to 223, with 157 
issues remaining norhangBri. 

High-technology stocks lost 
ground on profit-taking. 


Hitachi fell Y9 to Y951 and 
Fujitsu lost Y20 to Y1.000. 
Large-capital stocks were also 
sold, with Nippon Steel down 
Y3 to Y344 and Mitsubishi 
Heavy losing Y1 to Y674. 

Arbitrage selling depressed 
some banking stocks. Indus- 
trial Bank of Japan fell Y10 to 
Y3.150 and D&i-ichi Kangyo 
ttariV {fecHnad Y20 to YL880. 

Speculative shares were 
picked up by individual inves- 
tors looking for quick profits. 
Brother Industries, the most 
active issue of the day, rose 
Y27 to Y665. 

In Osaka, the OSE average 
fen 12594 to 21,89295 in vol- 
ume of 329m shar es. 


Roundup 


The region, offered a study in 
contrasts, with its biggest 
equity markets depressed in 
thin trade but Manila and 
Seoul in upbeat mood. Singa- 
pore, Kuala Lumpur, Bangkok 
and Colombo were dosed for 


holidays. 

HONG KONG dropped 19 per 
cyn t in thin trade amid uncer- 
tainty over interest rates, the 
Hang Seng index closing 26697 
lower at 8,799.70 after futures- 
led selling emerged in the 
after noon. 

Turnover fell from 
HKSUlbn to HK$298bn, prop- 
erty shares continuing to slide 
on newspaper reports of a soft- 
ening in the real estate market, 
the sector index falling 393.03, 
or 295 pm 1 cent to 15,012.47. 

SHE Properties tumbled 
HKS1.50 to HK$45.00. and 
Cheung Kong HK$1.00 to 
HKS359Q. 

AUSTRALIA saw turnover 
hit a seven-month low as the 
All Ordinaries index fell 189 to 
2,0479. Volume was 1289m 
shares valued at A$2S39m. 

Southcorp shares were 
suspended after tumbling 17 
cents to AJ3.14, pending an 
announcement The company 
[star announced the resigna- 
tion of Its manag in g director. 


Mr Ross Wilson. 

A sharp fell by Samantha 
Gold dragged the golds index 
down by nearly 2 per cent. 
S pmantha losing SO cents, or 
149 per cent to A$49Q follow- 
ing news that reserves at its 
Chalice prospect have been 
downgraded. 

NEW ZEALAND fell mostly 
on a 7 cent decline in Telecom 
as local and international sup- 
port for leading issues foiled to 
materialise. The NZS&40 Index 
fell 14.06 to 2.096.15 although 
the broader market Eared bet- 
ter, the small companies index 
gaining 1197 to 4 , 672 . 45 . 

KARACHI fell in dull trade 
with dealers reluctant to enter 
the market amid widespread 
disturbances in the city. The 
KSE 100 slipped 25.01 to 
297791. 

BOMBAY recovered slightly 
towards the dose on buying by 
Indian mutual fluids. The BSE 
30-share index ended 0.72 
higher at 3.746.19. Turnover 
stayed low, depressed by the 


mid-March ban on forward 
trading imposed by the Securi- 
ties and Exchange Board of 
India. 

MANILA rose on expecta- 
tions of strong first quarter 
Philippine economic growth. 
The composite index closed 
4192 higher at 2,885.44, also 
boosted by a 5 peso rise to 176 
pesos in San Miguel A shares 
on speculation that the com- 
pany would convert its Kong 
Kong brewery into a high-class 
residential development. Turn- 
over, however, fell from 987.6m 
pesos to 697.Sm. 

SEOUL did big business on 
institutional buying of medi- 
um-priced blue chips, the com- 
posite stock index closing 1094 
higher at 91996. Turnover was 
Wonl.OOlbn, representing the 
highest volume of trading 
since March 17. 

TAIWAN’S weighted index 
rose 40.13 to 5.777.48 in thin 
trade. Interest was seen in 
selected industrials, late buy- 
ing in Financials. 


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BASE METALS 


■ HIGH OHMS COPPER (COMEX) 



Com 

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change 


Ion 

0pm 

U 

M 

»far 

9800 

+155 

9850 

9150 

8JB38 

8 

Jaa 

8885 

+150 

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177 

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8805 

+156 

9170 

9150 38,738 

562 

ABB 

8250 

+155 

9880 

8890 

427 

19 

s*P 

9250 

+1-35 

9130 

9150 

0587 

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Oct 

9835 

+150 

0 

0 

201 

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63y933 

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■ CTI»EOtt-NTMEX(42JXMUBBataS/lxinri) 



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1858 

1886 38362 

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ISO 17,138 

2588 

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1855 

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1880 

187S 12559 

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41650116,738 


■ tCATHQ OK. jjWBl (42.000 US Mia; MB gala) 


GRAINS AND OIL SEEDS 

■ WHEAT C8T frOPObu nine oenta/OTb burita) 



Sail 

price 

ctange 

a* 

Lae tot 

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■w 

332/0 

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■ MAIZE CUT (5,000 Dmwln;cante56fcauriiaQ 


SOFTS 


■ COCOA CSCE (10 tome* S/tonnae) 



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1209 

*15 

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1203 8,887 

257 

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1243 

+16 

1248 

1233 18677 

411 

DM 

1273 

+16 

0 

0 4503 540 
61591 6555 


■ COCOA flCCt^ (SORVtonn.)) 


PRECIOUS METALS 


■ GOLD COMEX (IQOTroy QZ 4 SAroy ozj 



Sett 



OpM 



price 

<taiM 


km tat 

ToL 

tof 

3782 

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377.4 

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380.1 

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381.4 

3785 12762 

1728 

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3610 

■04 

3841 

3328 5.183 

IIS 

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3881 

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3878 

3845 14,168 

517 

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■ PixnHMtmGXpOTioyotiSnmyaz) 

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4055 

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4078 

4010 17872 

41S1 

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4078 

+05 

4000 

4058 8246 

219 

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4089 

+15 

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4095 109 

28 

tar 

4103 

+05 

4118 

4088 873 

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JM 

14115 

+085 

14250 

1398D 1457 

881 

tap 

142.15 

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13980 901 

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14115 

+4J5 

14050 

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14185 

+485 

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tata 




4668 

754 

■ SK.VER COMEX (100 Th>y Ot; Srtroy ozj 


■w 

5295 

-40 

5378 

5295 18385 

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531 J 

-40 


5 

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5313 

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5325 84J694 21983 

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5388 

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5455 

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5075 

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5180 

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51.40 

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■ NATURAL GAS ITfWEX (10800 mnBta; yrraflaj 



taut Dei’s 


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price (tags 


Lae let 


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2870 +0003 

anna 

2880 15,798 11896 

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MTMEX (42800 US grifecUSgtfaj 



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price cfeMge 

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4878 +070 

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THU TOftM 58835 


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ja 

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284/6 

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2B71D 

2632139840 22800 

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25SM 

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257/4 

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263/6 

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830/4 

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■ SOYABEAN Ott. C8T (BOJXXXbK oarts/Bj) 

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2783 

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2980 

+QD2 

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2522 11440 

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m SOYABEAN MEAL CBT (100 tons Vtorif 


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1878 7,498 

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9080 

+145 

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8485 

-1.15 

88.40 

8440 

1.936 

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8117 

-005 

8180 

82.72 25887 0487 

Oct 

7546 

-018 

7585 

7570 

4823 

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7105 

+002 

7375 

72.75 17705 3701 

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74.05 

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5285814861 


Softs continued 

■ ORANQ6 JtACENYCE (15.Q0CRW: cants/tee) 


May 10X80 +150 106.40 T03.S0 1.398 Uri 

M 108.45 +1X5 108.50 105m 13J»4 1370 

Sap 11000 +180 11050 10805 27S7 333 

BO* 11025 +820 11050 10800 1.128 134 

JU 111.25 *1.25 1M-2S 109.50 1285 281 

Mar 11450 *000 11450 11150 041 28 

TeW 28888 4588 

MEAT AND LIVESTOCK 


■ UVE CATTLE CME jjOjlgtag cwne/fca) 



Sett 

tajrtt 




PriM 

chMoe Msf. IM 

let 

IM 

Jm 

70400 

•0900 71.475 70700 32.047 

14S5 

tag 

69700 

-0425 69800 81950 11051 

2.123 

Oct 

71.450 

-0200 71800 71725 

12813 

1429 

Dec 

72800 

-0200 72.500 71800 

U51 

407 

ft* 

71000 +0050 72800 71823 

2,447 

119 

tar 

71200 

-0100 71G00 73850 

979 

17 

Tata 



87829 10479 

■ UVE HOGS CME (40.QOOBM; csMs/toa) 


Jm 

50475 

-0750 51.100 50750 11581 

1JB58 

JM 

50200 

-0400 50.575 50875 

5833 

772 

tag 

48725 

-0475 41900 41200 

3.488 

SB 

Oct 

41775 -0225 44,150 41/00 

2707 

403 

Dec 

44800 

-0.100 44750 43700 

2J7S 

92 

fab 

43850 

-0050 44750 41900 

485 

39 

TeW 



3W38 

34*8 


■ PORK BaXJES CME t4QjOOOfos; carteriblt 


togr 

*7850 -1.125 40500 47700 

880 

669 

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41600 -1800 50750 41400 

1,753 

1146 

tag 

48850 -1800 41750 48.650 

439 

V582 

tab 

51850 -0225 S22S0 51825 

88 

234 

Mar 

50700 - 51800 50700 

1 

19 

tor 

TMal 

52800 +0200 52800 0 

3 

1816 

IS 

V* 


VOLUME DATA 

<*>en Merest and Volume date shown tor 
contracts traded on COMEX, NYMEX. C8T, 
NYCE, CMC and CSCE era one dsy to anas. 


By La 
and R 

A l 
delegc 
nian 
mouu 
"tent: 
talks 
peace 
Mi- 
nton s 

man i 
includ 
Europ 
sanctic 
lifted 
toward 
said h 
Za m eti 
“The 
nity to- 
import 
tioas 07 
in Pal« 
capital 
The 
by Mr ( 
special 
Nikifon 
sentati 
foce- to- 1 
nian St 
forces • 
ultimai 


FOREXIAFAX $ £ Dm ¥ 

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LOMBARD ODIER INVEST 

SocUttn*»oaB*x*)*4 Capital VariabU 
Sligt social: 47, Booieranl Rajai. L-2449 Luxembourg 
JtC. LaxtmtaargB25J01 

NOTICE OF MEETING 


Dear Shareholder, 

We have the pleasure of inviting you (a attend tbe Annual General Meeting of 
sfcercboWm, which will be held on May 13, 1994 at 1190 am at the offices 
of Stale Street Bank Luxembourg S-A~. 47 Boulevard Royal, L-2449 
Luxembourg, with the £o Hawing agenda: 

AGENDA 

L Presentation of tbe reports of the Board of Pit emus and of the Auditor. 

2. Approval of the balance sheet, profit sod loss account as of December 31, 
1993 and the allocation of the net profits. 

3. Discharge lo be granted to tbe Directors and to the Auditor for the 
financial yen- ended December 31, 1993. 

4. Action on nominafioo for tbe election of Directors and Auditors for ibe 
ensuing year. 

5. Any other business which may be properly brought before the meeting. 
Tbe shareholders are advised that no quotum for tbe hems of the nywh is 
required, and that the decision will be taken at the majority vote of the shares 
present or represented at the Meeting. Each share is entitled to one vote. A 
shareh ol d er may act at any Meeting by proxy. 

Should yon o at be able la att end this meeting, knxfly Are, sign and return tbe 
enclosed form of proxy by fan sad by mail before May 11, 1994 to the 
attention of Petra Ries, tax number *3X2 470 204. 

h order lo panidpatB in Oie meeting Ibc boldcra of bearer dares asst deposit 

their stares at tbe office of State Street Bank Luxembourg SA, 47, 

Royal, L 2449 Luxembomg no taer than 5.00 pm cm May 6. 1994, 

By order of thg Board of Directors 



Appear In the Financial 
Times 

on Tuesdays, Fridays and 
Saturdays. 

For further I nf or m a t ion or 
to advertise in this section 
please contact 
Karl Loynton on 071 873 
4780 

or Melanie Miles 071 873 
3308 


FINANCIAL TIMES 


CEMTRALEj 

I EUROF»„„_ 

A NEUTRONS RAPIDES SA 
■MEftSA FRF 40 0.000.000 | 
FLOATING 

^ DUE 1997 



forthi 


t : FRF 300.29 
e denomination of 
FRF 20 QOO 

FRF 1501.46 . 

of 


TWE PRINCIPAL PAYING 

, AGENT SOGENAL 

SOCIETE GENERALE GROUP 
‘ 5. Brte Reuter 

LUXEMBOURG 


CITY | B Q OKMAh 


NDEX; 

£aa 


Th f Ml to I hH b m to n>nd Ml^ - fwivul Ml < 



REUTERS lOOO iM „ 

24 hours a day - only $100 a month! | / 'v ! 

LIVE FINANCIAL DATA DIRECT TO YOUR PC 


Formes mtorzaaOon 


Rut +45 4587 3773 


= THE BANK OF NOVA SCOTIA I 


- (A Canadian Chartered Bunk ) 

£100.000,000 

Floating Rate Debentures 2000 

Issue Price 100.10 per cent. 

For the three months JQth April, IW 4 w ^th JuN, 
19 *M the Debentures will bear Interest rate of 5 .J 5 * per 
annum and the coupon amount per £ 10,000 
denomination will be SW 3 . 3 S. 

Agent Bank 

Samuel Montagu 8c Co. Limited 



Fu tu rcView 




































































































32 


... TUESDAY MAY 3 «M 

































































































































































































































































































H'lNUv, , 



FINANCIAL TIMES TUESDAY MAY 3 1994 


CURRENCIES AND MONEY 


MONEY MARKET FUNDS 




_ -L *■ 


POUND SPOT FORVVVi RD'AGAiNS'T. T HE p€Uf-© 


CtosJnfl Change BKVoffer Day* «0d One month Three month* One peer Sank of 
mtd-pow on flay spread high low Rate ftPA Rate MPA Rate %PA Erg- Wet 


DOLLAR SPOT FORWARD AGAINST 7 HR DOLLAR 


Ondnfl 

mid-patnt 


Change Blotter Day's mid One month Three monthe One year J.P Morgan 
w spread high low Rate ftPA Roe ftRA Rate %PA Max 


T**-* ij». . k . 

rwn- 

: 

•St Km 1 

wri'-i ; • 

; . 

»' 

see?— 

sasrr*-^.;' 

tfaS.v; 


XPMfctftlfflii* . 

•'gTi-Ttx. . 

■»«*£ i - _ r 

TST.-iTT " ! 

2~:~ ■ ■ 

*.•+• ii" . 

?«•>■ 

•n^t .‘ilT : 1 

a^Mlwa : *■ 

raw* . 

i- • ,» , 

• fclWJCrMnta^ ' f 

• -Or- >.*» , , 


Austria 

Belgium 

Dennscfc 

RMand 

France 

Germany 

Greece 

Ireland 

ta* 

Luxantooug 

NeOwriands 

Norway 

Portugal 

Spain 

Sweden 

SMtaartand 

UK 

Ecu 

SDR 

Amarioae 

Argentina 

Brarf 

Canada 


(FM) 9.0333 >00485 82S - 043 02460 8.0823 


(Dr) 367X60 >1.287 748 - 750 872032 367.829 


- 0541623 +00608 623 - 623 


17X100 

OX 

17X143 

02 

- 

_ 

113X 

Austite 

CSdD 

11X080 

-00115 

035 - 085 

11X810 11X035 

1 1.6222 

-1.7 

1103% 

-1.1 

11.616 

-0.1 

1020 

51.6609 

-06 

51.7059 

-O.S 

61X459 

OX 

114.9 

Bettfun 

(8 

34X045 

-01065 

900 - 190 

34X850 34X190 

34.0545 

-1.8 

34.1295 

-IX 

34.1845 

-0.5 

1040 

9X212 

-IX 

9.8345 

-IX 

9X443 

-03 

115X 

Dermark 

(DKi) 

60811 

-0X401 

533-623 

6X025 6.4S33 

60746 

_2X 

B. 4949 

-2.1 

6X1*1 

-00 

T03X 

- 

- 

- 

- 

- 

- 

B1.fi 

FWand 

m 

03298 

-OQ337 

243 - 353 

5X660 5X313 

5X35 

-IX 

5X433 

-IX 

5X573 

-0L5 

76X 

8X858 

-OX 

6X931 

-08 

8X843 

0.0 

107X 

France 

(PR) 

5X505 

-0.0295 

490-520 

5.9770 6.6535 

508 

-2.0 

5.9721 

-IX 

50757 

-04 

104.0 

20083 

-ox 

2.5065 

-0.1 

2.4923 

ox 

123X 

Germany 

W 

1X801 

-00069 

497 ■ 505 

1.6580 1X495 

1.6521 

-15 

1.6544 

-IX 

1.6506 

OX 

104.4 

- 

- 

■ 

- 

• 

- 

■ 

Greece 

(DO 

241X50 

-IX 

800 - 100 

243.400 241.600 

245,6 

-180 

252.975 

-180 

28106 

-16X 

702 

1.02S6 

-ox 

1X28 

-09 

1X31 

-05 

103.7 

Ireland 


1.4803 

+0007 

708 - 818 

1.4818 1.4736 

1/4774 

2.4 

1.4733 

IX 

1.4833 

1.1 


2416.47 

-2X 

2426X2 

-2.7 

2481X7 

-21 

702 

haly 

(U 

1587X0 

-2X5 

700 - 800 

1500X5 1585.75 

1593 

-4X 

1602 

-3.7 

1620.5 

-20 

780 

51X609 

-0.6 

51.7053 

-05 

51X459 

0.0 

114.9 

Lwemboug 

(LFO 

34X045 

-01055 

000 - 190 

34.0850 33X000 

34.0545 

-1.6 

34.1295 

-IX 

34.1845 

-OX 

1040 

2X118 

-0.1 

2X12 

-Ol 

2.7976 

OX 

11BX 

Netherlands 

P) 

1X514 

-OOQ82 500 - 519 

1X803 1X509 

1X535 

-1.4 

1X56 

-1.0 

1X541 

-0.1 

103.7 

10X533 

0.6 

10X669 

-OX 

10X57 

0.0 

84.7 

Nonrey 


7.1511 

-00377 501 - 521 

7.1816 7.1499 

7.1588 

-15 

7.1723 

-IX 

7.1831 

-04 

940 

26&58B 

-4X 

26&S34 

-4X 

. 

. 

- 

PortaJQEd 

(Erf) 

199X60 

-1.06 

500 - 800 

170X80 169XOO 

170X5 

-9l2 

172X 

-7.7 

17aiS 

-50 

920 

205X65 

-02 

206.11 

-2.7 

208.96 

-2.1 

85X 

Spam 

PtB) 

134.820 

-018 770-870 

135X50 134X00 

135X18 

—4/4 

136X5 

-30 

138.305 

-20 

80.7 

11X755 

-Z2 

11.6115 

-2X 

11.7306 

-10 

770 

Sweden 

CSKrt 

70092 

-0X403 

054 - 129 

70564 70Q31 

70327 

-3.7 

7.672 

-3X 

7.7812 

-2X 

820 

2.1273 

IX 

2.1228 

IX 

2X935 

1.7 

117X 

Swftzartand 

(SR) 

10024 

-OOQ51 

020 - 027 

1/4085 1,4020 

1.4202 

-15* 

14012 

OX 

1X053 

IX 

1035 

- 

- 

- 

- 

. 

- 

800 

UK 

(0 

1X185 

+00022 

180-190 

1X195 1X133 

1X17 

IX 

1X151 

00 

1X112 

OX 

two 

1X982 

-OX 

1X996 

-07 

1X984 

-0.1 

- 

Ecu 


1.1705 

+00057 

700 - 710 

1.1710 1.1655 

1.1686 

10 

1.1659 

1.6 

1.1639 

0.6 

- 


(Peso] i.fiigo +0,0004 1S4 - 166 1.6166 1.5103 

(Cr) 2000,75 +34.32 906-043 2011.00 1671X0 


Argentina (Peso) 0X964 -40002 933 - 994 a 9884 0X983 

Brad (Cr) 1323X1 +21-11 346 - 352 1323X6 1323.49 


USA (ft IXi 

PecMc/Mkkfle EraUMMca 

AustraBa (AS) 211 

Hong Kong (HK$ 11.7! 

Inda (Ra) 47.K 

Japan CO 154‘ 

Malaysia (MS) 4.0t 


+0.0037 

9T3 - 994 

2.0995 2X696 

2X996 

-00 

2.1028 

-00 

2.119 

-IX 

B60 

Canada 

(CS) 

1X819 

+0X004 

616 - B21 

10821 

1X797 

1X841 

-10 

-0X004 

487-671 

40671 40485 

- 

- 

- 

- 

— 

. 

- 

Medea (New Peso) 

12660 

-0005 

600 - 700 

12750 

3X500 

3X68 

-0.4 

40X022 ISO - 190 

1X195 1X133 

1X17 

IX 

1X151 

00 

1X112 

0.5 

840 

USA 

(ft 

. 

. 

. 

re 














PaeMc/Bfldcfle Eanf/AMea 







+0X076 

314-343 

2.1343 2.1138 

2.1314 

08 

2.129 

07 

2.1271 

03 

— 

Australia 

(Aft 

1.4046 

+0X03 

041 - 051 

1.4055 

1X935 

1/4068 

-1.1 

+0.0T77 

258-350 

11.7374 110910 

11.7174 

10 

11.712 

06 

110629 

06 

_ 

Hong Kang 

CHKJ) 

7.7250 

+0.0005 

246 - 256 

7.72S5 

7.72*5 

7.728 

-OX 

+0X746 

16S - 586 

470630 47.4800 

- 

- 

- 

- 

- 

- 

_ 

India 

(Rs) 

31.3713 

+00038 675-750 

31X775 31.3870 

31.4363 

-16 

+0064 

467 - 634 

155X70 163X90 

154.171 

20 

153006 

ax 

140.736 

3.1 

1900 

Japan 

m 

101.775 

+029 

760 - 300 

102. CEO 101.450 

101.83 

1.7 

+0X034 

635 - 877 

4X877 4.0534 

rt 

- 

- 

- 

- 

- 

- 

Mateysla 

(Mft 

2.6774 

-0X016 

789 - 779 

16790 

20769 

16704 

3.1 

+0X002 

277 - 328 

2.632U 20227 

20331 

-10 

20374 

-i.i 

2046 

-06 

- 

New Zaatand 

(NZft 

1.7321 

-00024 

310 - 331 

1.7334 

1.7310 

1.7334 

-O0 


K5 s ift==. 

*>**•»■ 


+ -*+ _ 

- -S* . . 

+- v» ■ - »-. 


•ArjhmnsMHii Manjffr iraii L1 ^J- 

Mar Japj.icwrtwT»n:i.jM " 
wbiv ■ . , 

•iini Uj uniM 

0*a. ' . • 


PHBppinee (Peed 41X120 +0X606 704 - 535 42X536 406887 

Saud Arabia (SR) 5X648 +00064 927 - 969 5.6983 6X756 

Singapore (SS) 2X569 +0002 584-614 2X8 IS 2X632 

S Africa (Com J (R) 5X465 40X103 456-514 5X515 5X132 

S Africa (PkY) 00 7X003 >0X125 826* 178 7X178 6X848 

South Korea (Won) 1226.81 +1.09 516 - 644 122044 1221X4 

Taiwan (TS) 401038 +0X581 904- 168 40.1300 39X700 

ThaUand (84 38X369 +OXS64 061 -638 38X636 301200 

TSOR MB tar Af?2& 8UWer tpnmaa In Ifw Fowd Spat table tame <aHy SM Mat Me deternW 
but are Implad by arrant Mwb ram. SMw aider ntaMM by tte Bwk el MkI Bp» a 
- - - - - OXON0 SPOT BATES. Sana nhn 


iMWSpKRdKIhlMdhMlIC 


ptreoa. Fomn) raw* we net onatr quoad I 
•wap* IB* - 1DO.au. Otar and MMM h I 
rounded by the F.T. 


PhHppinea (tao) 27X350 
SauH Arabia (SR) 3.7503 + 
Singapore (SS) 1X541 - 
S Africa (Com) (R) 3X223 + 

S Africa (Rn.) (R) 4.6100 

South Korea (Wort) 807X50 
Taiwan (TS) 204100 

Thailand (Bt) 201800 

1308 rate te Apr 29. BfdtoAw apeed* I 
bur we tateM by rant* MMrareirtM. I 


- 850 - 850 27X850 27X850 

»1 501 - 504 3.7504 3.7501 3.751 

>9 536 - 546 1X648 1X536 1X535 

18 215-230 3X246 3X050 3X368 

15 000 - 200 4X150 4X300 4X44 

15 100 - 400 800X00 807.100 810X5 

- 100- 100 26.4100 284000 264755 

- 700 - 900 25.1900 2&17D0 25X6 

Poter Spot atre Wron way vm> bar dm rtecUMt pi 
hnd A ECU ma quoted in US oaienty. JLP. Morgan 


-OX 3.7533 -OX 
OX 1X53 OX 
-5.6 3X648 -4X 

-83 4.704 -6X 

-4X 813.75 -3X 

-3X 28X76 -2X 

-3X 25X85 -3X 

ptaca*. Forward rara are n 
n nond nal inricsa Apr P9. B 


14024 -IX 
3X752 -03 


1.4211 -IX 884 
7.7587 -04 

89.08 2.0 149.7 

2.7174 -IX 
1.7598 -IX 

3.7B48 -04 
1X516 OX 
3.8578 -3.8 


: dreary (pored to the manor 
• ereraaa r 990-100 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 


May 2 


BFr 

Oft 

FFr 

DM 

C 

L 

(8 


IKr 

Es 

Pta 

SKr 

SPr 

i 

CS 

& 

Y 

Ecu 

Belgium 

Pftj 

100 

. 18X0 

1602 

4053 

1.987 

4689 

5/443 


21X3 

4960 

3960 

2137 

4.123 

1036 

4.063 

1942 

2992 

1612 

Denmark 

(DKrt 

MW 

10 

8.745 

2X54 

1X46 

2457 

2065 


11.07 

2620 

208.7 

11.77 

1170 

1X19 

2.138 

1X48 

1570 

1X22 

Franca 

(Fft) 

60.19 

11A3 

10 

2021 

1.196 

2610 

3279 


1206 

3002 

238.7 

1306 

1481 

1.166 

2/445 

1.770 

1601 

1X12 

Germany 

(DM) 

2001 

3016 

3.424 

1 

0.409 

962.1 

1.122 


4X34 

1018 

81.72 

4.609 

0060 

0X99 

0837 

0006 

6105 

0618 

Ireland 

CQ 

50X3 

9X82 

8.363 

1442 

1 

2360 

1740 


1058 

251.1 

1990 

1126 

1076 

0075 

2X45 

1.481 

1500 

1264 

Bair 

to 

1142 

0407 

axse 

0.104 

0043 

100. 

0117 

1 

)450 

1068 

0484 

0479 

0068 

0.041 

0.087 

0063 

6/408 

0054 

Netherlands 

(Fl> 

18X7 

3/490 

3X62 

0091 

axes 

867.7 

1 


3.863 

91.84 

7186 

4.109 

0.757 

0X56 

0746 

0X40 

5406 

0461 

Norway 

(MO) 

47X5 

9X34 

7001 

2X06 

0045 

os>?n 

2X88 


10 

2372 

1880 

1064 

1060 

0021 

1.932 

1X99 

1413 

1.194 

Portugal 

m 

20.05 

3009 

3X31 

0973 

0396 

9350 

1.091 


1X16 

100. 

79X0 

4.464 

0.828 

0X88 

0014 

0X90 

5908 

nHW 

■pata 

(Pta) 2521 

4.791 

4.189 

1224 

0501 

1177 

1X73 


5X03 

1250 

TOO 

5040 

1X40 

0466 

1.024 

0.742 

75/44 

0633 

Sweden 

(SKr) 

44.71 

8094 

7.429 

1170 

0088 

2097 

1434 

1 

3/403 

223.0 

1772 

10 

1043 

0086 

1018 

1X15 

1330 

1.123 

Switzerland 

(8R) 

2426 

4.808 

4.030 

1.177 

0482 

1132 

1X20 


5.101 

121X 

9620 

5^25 

1 

0.470 

0085 

0.713 

72X7 

0009 

UK 

to 

5104 

9011 

8X60 

2X06 

1X26 

2411 

2011 


1006 

2570 

2040 

11.55 

1129 

1 

1096 

1X19 

154.6 

1297 

Canada 

(Cft 

2401 

4078 

4.090 

1.194 

0489 

1140 

1X40 


3.175 

1220 

97.62 

5X05 

1X15 

0477 

1 

0724 

7304 

0618 

US 

(ft 

34X0 

6.459 

5.648 

1060 

0875 

1587 

1061 


r.149 

1690 

1340 

7.604 

1/402 

0668 

1X81 

1 

101.7 

0654 

Japan 

(Y) 

3342 

63X0 

55X3 

16X2 

6041 

15605 

18.19 


ra2S 

1067 

1328 

74.78 

13.76 

8/472 

13X6 

9032 

1000 

6X85 

Ecu 


3901 

7X64 

&615 

1032 

0791 

1899 

1107 

1 

3X73 

1980 

1570 

a 005 

1.641 

0771 

1018 

1.171 

119.1 

1 


Ian Jteec-*» 

i *,*. v 

■* fMCicMer^ Jdni 
m r^. 

IV •• o* - 

P. lanitc 4 i'l*i ■*. 


»v •— i. • 

+.V| : 


K S* -w-f- .lie IP*- ■ i. V 


w W~-r .Srnuaj j: 


M-^sfeurrj; 


l 9wwWi Ktamx per ■ 


■ MMRK nmnttts (1MM) DM 120000 par DM (Nv a 



Open 

Latest 

Change 

«9h 

LOW 

Eatvol 

Open ML 

Jun 

00036 

06060 

+0.0019 

06069 

00026 

BRna« 

109,681 

Sep 

06026 

00051 

+00016 

00063 

00024 

1/406 

3,770 

Dec 

06037 

0.0065 

+0X024 

00086 

0.0035 

6 

149 


IFIUI»CRfTllllCS(IMM)SFr125XOOpw9Fr(May 2) 


,5 

Jun 

07130 

0.7141 

+00003 

071551 

0-7086 

28/498 

41X68 


Sep 

07129 

0.7165 

+0X001 

0.7166 

07125 

285 

606 


Dec 

- 

07162 

+0X051 

- 

• 

1 

333 


i Franc; Escudo, Ua i 


UK INTEREST RATES 


LONDON MONEY RATES 

Apr 29 Over- 7 daj 

night nodo 

Marbank StndUg 4lg - 3 4ft - i 
Staring COs 
Treasury Sfc 

BekBt - - 

Locri authority daps. 4ft - 4ft 4ft - 4 
Ommt Market Daps 4> 2 - 3* 4% - 4 


One Three Six 

month months months 


4>j - 3 4ft -4>2 Sill - 4% SU-S*, B&-BA 5% - 5V 
5i-4fl ^-5i 5A-5ft 5\-5% 
4% -4ft 4ji*4B 
4^ - 4ft 4R-4B 5^-5 f. 


S - 4ft si- 5 SA-SU 5ft -5ft 

-4% 


I Yen 125 per Yen 100 (May 2) 



Open 

Latest 

Change 

High 

LAW 

EaLVOl 

Open IK. 

Jun 

00835 

00842 

-00029 

09875 

09825 

31059 

61.921 

Sep 

00892 

00903 

-00030 

00828 

00892 

777 

3.419 

Dae 

0.9960 

0X975 

-0X033 

00998 

00960 

106 

775 


i FtmmflMM) E62500 par E [May 2) 


u K- 

Jril 

1X154 

1X174 

•00006 

1X190 

1.5130 

11063 

46.103 

■» /»• • .ISIS 

Sep 

1X120 

1X140 

-0X018 

1X170 

1X120 

222 

1,138 

1“ • * 

Dec 

1XMO 

15140 

-00004 

1X150 . 

1X110 

10 

37 


UK deeriig bank baae lenring rata 5 1 * per cart kom February 8. 1994 

Up to 1 IX 3-8 6-9 9-12 

month month months months months 

Carts ol Tax dept (HOOXOt? I’a 4 34. 3* 3>2 

OtsolTBXdwx under £100400 h l>2po. DepoWw wbhdrwm for cash 4ipc. 

Doe. tend* cbm d( dheewa axtaspa ECOD bad raw Sag. Bg»rr Rnwiee. Mww tv dre apri 29. 
19M. A&md rata tar period May 26, IfiM ® Jun 25. 166*. Schamas III 65tpc. Rrimnca rata tor 
period Apr 1. ISM » Apr 29. 1994. Sctww IV 8 V &2SBpc. ftenca House Base Rate sLpc tam 
new 1. 19W 

BANK OF ENGLAND TREASURY BILL TENDER 

Apr 29 Apr 22 Apr 29 Apr 22 


U» • VauyB'!'. 


■ PWBJU»UWMCA»OrriOW»C31XeO (carte par pound) (M^rS9 





Strata 

• ■■ 

— CALLS - 


■ — 

— PUTS — 

- ■ 

BTAgtea *%:. 



Price 

May 

Jun 

Jul 

May 

JUl 

Jti 

K ^ ... 



1.426 

9X7 

926 

928 

- 

- 

0.18 


lit « ;-• •< 


1/460 

603 

8X3 

7.14 

- 

0X9 

045 

a. - ’ 



1.476 

4.48 

4.71 

5.15 

• 

0X8 

004 

, • 



1X00 

128 

182 

3.47 

025 

007 

1.74 




1X25 

0.72 

1.48 

221 

1.18 

107 

185 

(Wf r-«-vr.i' * " 



1050 

012 

068 

1X0 

3X2 

308 

■*42 


B«s on offer .... 
Too! of afffcrifcm 
Total aflorabd 
Mb. acceptad bid 
Mdmeri atria, lent 


X40tkD £20tbp Top ig+fr+Kt ram 

£183401 £922ra Me. «9 Of iSscoflt 

E400m 22C0ni Mange yidd 

£9&790 £98.765 Oder H pad ladr 

STJi 39% Uto. ltzepL ttd 132 days 


Praoous dryts eoL. Cofli NfA Put* WA. ftwr. day’s open MU Cdh N>A AiM NTA 


FT GUIOC to WORLD CURRBICIES ■ Pound hi Hew York 
The FT Gride *o World Currencies fe. 2 — nm - 

tabte can be found cm page 28 in r T , im 

Weeribon. lira 

— 3 ob 1X1SB 

1 r 1X130 


- Prey, dtaa- 
1X180 
1X185 
1X147 
1X115 


eWbv*,-' 


* CJ«W»a» * ' - ' r ' *■’ 
’iwrirW • 


7 r wV ’ ' 


•+ f-t .■.*-• • ■ 


■ 

a--- 1 — ™ 


FT- ACTUARIES WORLD INDICES 


jontty compBed by The FkwcW Timas ltd. Gottnan. Sachs & Co. and NaiWaat Securities Ltd. in conjunction with the institute of Actuaries and the Faculty of Actuaries 

MARONAL AND __ 

REGIONAL MARKETS FRIDAY APWL » 1994 THURSDAY APRIL 28 1994 DOLLAR INDEX 

Figures in parentheses US Day’S Fotnd Local Local Grow US Pound Local Y< 

show number of Ones DoSar Chrmge Staring Yan DM Currency % ehg Dkr. Dobr Startbig Yen DM Currency 52 week 52 week a( 

of stock tedm % Index Index lnda> index on day Yield Index Indeat Index Index Index F *gh Low (ape 


THURSDAY APRS. 28 1994 

Pound Local 


DOLLAR MDEX 

Yr 


Australia (69) 

Austria (1 7) 

Betgaan (42)., — 

Canada (106) 

Denmark (32). 

Finland (22) 

France (9® 

Germany (58) 

Hong Kong (56) 

Wand (14) 

Italy (80) 

Japan (489) 

Mataytxa W 

Mexico (18) 

Nafrerfanri CM) — 

New Zealand (14) 

Norway (23) 

Singapore (44) 

South Africa (59) 

Span (42) 

Sweden (36) — — — 

Swhzoriand (48) 

United Kingdom (205) — 
USA (519) 


167.10 

179X6 

173.48 

129.83 

265X6 

162.98 

178.72 

144.78 

366.60 

193.16 

95.91 

157X3 

___.487.98 
_ 2035.39 
—204X5 

68.60 

198X6 

347X6 

274.45 

144.95 

222X2 

159.53 

194.81 

183.78 

172X0 

214.19 

165X5 

168X4 

180.41 

188X1 

. ..-245.12 

169.44 

171.00 

172X6 

163-40 


Yen 

DM Currency 52 week 52 week 

ago 

tnde* 

index 

Index 

rtgh 

Law 

Pttxw) 

107.73 

14520 

156X1 

189.15 

13019 

13H1 

114^2 

15422 

164X9 

195/tl 

13903 

141.74 

111-08 

148.71 

14821 

173.48 

14102 

14808 

8300 

113.09 

13026 

145X1 

121.46 

12607 


EUROPE (72Q 17220 05 168X7 1TQ 

NradfcdlSl 214.19 1.5 209.43 137. 

Pacific Breki (750) .165X5 OX .102.17 100 

Euro- Pacific (1473) 168X4 0.3 164X8 107. 

North America (026) 180.41 0.4 176A0 115 

Europe Ex. UK (518) 188.01 OX 1S2X4 100 

Pacffle Ex. Japan (281) 245.12 -0.9 239.67 157, 

World Ex. US 0656) 169.44 OX 165X7 108 

WUrid Ex. UK CIB701 171.00 tt4 107X8 109, 

WWW Ex. Sa At (21 16) 17156 13 188.73 110 

World Ex. Japan 0706) 163^0 03 179X2 117. 

ThoWortd Index gl 75).— 173.18 OA 169X3 11V 

Capyrtpht. Tha Fktancwl Thtm Unwed, Qottnan, Sacha and Ctw and I 
Mmim dread 2SW9*: DannakS^aa 


140.19 148X8 0.1 

Ml SacurtDH UnSeo. 1087 


17155 16a72 


14148 17837 155.17 




STOCK INDICES 

— 1BB4— Stace taste. 

flpr M NX a Apr 27 ft* a Apr 25 Hlflh U* W» law 

FT^Eioo 31253 31293 31500 3)213 31081 35203 30B&4 3B83 9883 FT-SE Eutaack 100 

FT-SE Ud SO 3781.1 3787.4 3^33 3777.7 37H7X 41323 37523 41923 13714 FT-0E Eactraek 200 

FT^E Mb) 250 a Tft 3797X 35118 3808,0 378ZX 37813 41087 37717 41687 13783 R (bttay 

FT-SE-A 39 15883 1581.7 1598.1 15873 15793 17M3 15HM 17783 6645 FT BM SaoslOss 

FT-SE SradlGte 194105 1B423D 1838X5 189833 19332)289438 1874.73 2BM3B 130379 FT Rn6 Und 
FT-SE 9RWM fet ITs 1820.44 191886 191551 191182 1W876 288072 182529 208071 138579 FT GgM Mas 
FT-SE-A AA-Stiaa 158044 1S6351 1990X3 1579JS 1571.74 1784.11 15B1X7 119111 61XZ PridBcataaBoMIteBi 


Apr 29 Apt a Apr 77 Apr2fi Apr25 Uw H» Low 

148282 148896 1471X3 1484.12 144813 154819 139550 184819 90045 
1478X9 1464X5 1468.74 148031 146732 1807.10 144058 1807.10 B3882 
25088 2S04X 25008 24924 2477-9 271X6 24382 27TXB 494 

9536 9800 80X4 BOOB 9573 107X4 9536 12740 4818 

114XZ 11541 11874 11542 11538 13887 114X2 13887 5053 

1898431878731846X91648731792X0 23074 179102238740 92116 
HI 74 209X 2056 20LB 1815 277X 1SSX 7317 43X 


-* i,r 


The atarey w(H report on the important contrtwdon made^ > the econ omy 
by ethnic minority b— to a e ae a hi the Untied Wntfty- ft *?^ 111 ?* 1 * * 
their future pnrapeeta will be sRaeted hy competition a t home and hew 
■brawl, and hew they are reepoodtagte the chafleng* of economic rerival In 
ttaUK. 

For yore hriWreetled ee armorial content and detafc of edwartiaMC 
- nnreri w**— « w k a tJa m rMa araewy, pl at w ceetecfc 

ANTHONY a HAYES 

Teh 021 454 0022 F*uf)21 455 0889 

FT Surveys 


mm. 







BASE LENDING RATES 


Adam 8 Criroeny ...« 6X5 

AIM Trust Berk 5XS 

AJBBank -5X5 

•KnyArabatfar 5X0 

Bar* d Berate- 5X5 

Banco vacate- M B 
of Cypnd .......... S2S 

Barkofirated 5XS 

Bartiof Inrfia SXS 

SarkofSooaond 5X5 

BarctoysBar*- -626 

BASktfMdEaal— S2B 
•aown atetoy &C d UUS25 

CLBarkNedorind 5X5 

CnarkNA 825 

C^dasdaSs Bank sxs 

Tho CMperadw Baric. 625 

CouttsSCo 5X5 

CredtLyamafc. 826 

Cyprus Popriar Bonk -52s 


% 

DucanLaerie 5XS 

Beater BriklMad.- 8X5 
Rnanctal& Gan Bank- 6 
•Robert FMg & Co - 525 

Gkctark 5X5 

aOdren Manor 525 

Habte Bar* AG Zlrieh, 5X5 

• Ha ntw aQ aBk- 585 

Hortatia & Gen bw &. 5X5 

•HiSanuL 5X5 

QHoaraaco fiX5 

HangSecng & Sher^ri. 5X5 
Jiisn Hadgo Bark — 5X5 
•Ucpekf Joaaph&Sons 525 

Lloyds Bark 52s 

tietfnj Barit Lhf 525 

MctandBerir 525 

‘Mount Baring 6 

N rt W — n k i a t a r SXS 

■RaeBmiM — 526 


"RariMgha Grin ii Aim 
C oporitan Lirrited b no 
longer authotsedra 
■ banking MMtaa 8 
Royal Bk of Scotend_5S 
•Bran &VAUB1 Seci . 5X5 
StenOsrt Chartered — 528 

TSB 

•Unkaa Sh of Huwal — SXS 
Urity Thai Bark nc_. SXS 

YtesemTast _6XS 

Whk8BreyLBid» — SX6 
Yorkshire Ear* SXS 

• Uembere ot British 
Uarenart Banking & 
Securities Houses 
AsaocUton 

* HA a aM Mt kai 


FIXED INTEREST RATES 


MONEY RATES 

Aprt 29 Over 


Belghsn 
wnk ago 
France . 

week ego 
Germany 
week ago 
Wed 
weak ago 
Half 

week ago 


week ago 
US 

weak ago 


SB 5* 

SB SB 

5» 55 

5ft 5fi 

6.45 SXS 

645 640 

SB 6 

SB 6ft 

B B 

8 7fl 

nog 

5X3 5X8 

4 4 

4 44 

3fl 4K 

31 44 

2ft 2ft 

2ft 2ft 


week rqo 2ft 2ft 2ft 

■ SUBOR FT London 
Interbank Fhdng 4 4| 

week ago 4 4ft 

1)9 DoBer CDa - 3.90 4.10 

weak ago - ISO 4X1 

SDR Linked Da - 3ft 3ft 

week ago 3ft 3ft 

ECU Uokad Da odd ratea: 1 ndc 5ft; 3 nkhc She 1 
nw an olhretf (ten tar 510m quend 10 tee merit 
day. The bank* are: Bartree That. Bor* t* Tewyo, I 
Md new we Mm lot 4w donwate Money Ran, 


Ora 

Lamb. 

DK 

Rapo 

year 

bdar. 

rate 

rate 

Sfl 

7.40 

4.76 

_ 

sg 

7.40 

4.75 

_ 

5| 

5.70 

_ 

7.75 

5ft 

500 

_ 

7.75 

528 

6X0 

5X0 

5^7 

xi* 


5.00 

5.70 

Oft 

- 

_ 

6X0 

0ft 

- 

- 

&50 

64 

_ 

6.00 

627 

6ft 

- 

8X0 

827 

527 

_ 

525 

_ 

525 

- 

52S 

_ 

4ft 

0625 

3X0 

- 

4ft 

Bros 

3X0 

_ 

5ft 


3X0 

- 

5ft 

- 

3X0 

- 

2fl 

— 

1.75 

- 

2« 

- 

1.75 

- 

5ft 




5ft 

- 

- 

- 

S.10 

_ 

_ 

_ 

4.94 

J 



- 

4 


_ 

_ 


Money Market 
Trust Funds 


GAF Huh Katenmnt Co Ud 

40fre*wiWLTOrtraiW2JD DTCTiim* 
B d te i fc P raM had— [44i - am i-wn 

OnaetOwrnatetei[4.7i - +.T9 9-Mfc 

MpotetDwranterel 421 -I ajul»-iw 

Tbe COIF CbartBaa Depreft team 

a PflttSM, U<dwi Hriii id Q71-5M 1815 

Dip«e 1 <4S -I 4X(l3-ltel 

can. Bd. Of Rn. of Oorab of Enrfand* 

araaSMMtUnegnCeYSM 071-508 1*15 

Deport lug -I UMls-Ma 


Money Market 
Bank Accounts 

bra m cm Mb 
Akkra Hsaw Bank pic 

30 Qe Rort. Londoe ECrYZRy. on-Aseore 

TtenraHarere -tar prirab n adiii 


AIM' THtek Bank IM 
IS Ooagra M, Lndei, EGrt Z4T 


. sra «a ui rare 

- MO 3H 1 533 rare 

. 4X0 100 I 487 m 

. +00 in un m 

.1 Mr us I ur rare 

BaakUd 

reran 3 mo D+Mzcut 


EsoD-tassLiB. ii» ore mo >a» 

tuno-c+jaue iso zjb ub ma 

BriMUM 3.75 2JW M2 Mb 

CIOLOOO-OMfBriB— 44» 390 417 Mb 

SVOOMautUt- «JS 319 43S MB 

CSOOOO* +78 ua «JB MB 

Bark of tretand IUi bdanot CMtee Acc 

»>«OiapiSL(MBdiar] ib. 07S3sieaie 

£13000+ 1 3000 ZJS6 354S OV 

tMMMM I UB I an I 3524 I DU 


Ba okof ScPtfa nd ^ 

gMMMeagoMauteTT xss zat 
£2ubo-cz«aeB — 375 zai 
teMh 1 SAD 376 


po are 120. woeueurt Hare. Queer 0800400100 

■UDMUH 400 300 I 400 YreO* 

£1IUIOO-£Z4aS0 475 US 4.75 Wore 

E2LO»-C4fireB— 300 17S U» Yaw* 

aaooo-oaaoa- — ms 3*4 us rare 

noaooo+ sjso 41s I &so rare 

Btedan Prfae Aecaeat UCJL 

PO are f&t irerrenraii oaousioei 

nnwiTT wa I Tim rjol net ou 

ELSto-eaaoe lzs tar 227 ou 

Eioaoo-iwaw 3.75 zoo Z.7B Or 

03000* 1 XX LSI I 338 1 or 

BnwnabMnftCoLftl 
FeirearaCrra.QraiaT. raereta en-ao»9BD 

HC4 1400 100 I 407 1 ou 

rea per — d rib I 400 300 I 407 1 ou 


Cortts&Co 

44oa— LireraMcasMB on-isioao 

o — Drawra aewiUterara — m 
uuraegaeKiinraKWW nn-csioto 
naoBreuoeacrewiiD.1 4J7S -1 -I 

Dm Dana Bak (L nodon l PLC Premier Acc 

ioM—owi.1 — on-aosune 

DflOOPr SM 17? I 509 1 «r 

naotn-«3rujoo 43s 319 1 « a* 

ofioo-ciafloa - 178 201 UO 0c 

Srereprixert 175 20B I 1781 Of 

Bamtm Tst Pto-DaMohaa 800 Ace 

tStJoUnSLMma— M3«Xi 061-0328404 

noAOPr btt» ra 34375 - wan 

noun* t loor I 700 58SS 751 rare 

O0B.R— taUNZtel &0a 300 1 77) 

FUafiv Money Itetart Acconl 

nmey finUarraOrti— * Uo, l*W—art nooe. 

1— nt Sura). Kite tea 

C1-C4S0M 379 201 300 Ou 

cotamo-cw.oBp - 425 nw ajb\ a* 

t26rua*M4890»._ I 4075 3.0502 I 4flSI rir 
(500000* Moay Itxtel Ain pi na—t 

Hslta 8MB SK Aasat Basenre Cfaene Acc 

TrtnWe RopLI— tee HXI 2RG 04= 335333 


UO I 572 I OP 
304 [ 335 £ffl 
xee I 430 op 
115 I 4JQ| op 

334 I 535 [ OP 
356 434 OP 

3J8 *58 On 

310 I 4321 OP 



JriM Hodge Book Lid 
io— w r— atrewa.cn : 


■ MiMirabpMMcaao 450 009 

ungreur— riieiivn vn 431 sea 

iratiuilii— I in *31 1 asol 

Uteduk kBnwMbiwg 
50Mw«te!>M.BeMiaeww , os»nux» 

ISO 500- I 52S 334 I 335 1 OP 

Leopold Joseph & Sens Limited 

aaaMMSteSiawnttzrTEA on -358 2323 
—qWilMMrelart 
C3.OO1-CTOO0OO *50 48000 133750 OP 

noiuiOT p— I *rs 43400 uaraol ou 

Holmnrt Basra Ud 

ISO Hen— Teem RO. uartw HW5 2BT 071-397 1588 
MJXJL (E2500rt I 4 3 I *07 I My 

KMnenrt Beraoa Private Bank 
• reran e ra— n are — tearara rapra te 

WMU—iML— mar on-amsas 

Hum. (tuoo-4 I 4 3 I 407 1 Mr 

Ltoyda Bank - hnwalm ect Account 
nfi Mfeia— wECwaes 0272433m 

2100000— I now _ 505 334 I SXS J vrany 

C5O.U0D* 515 xas I 315 rare 

623300*. .435 371 405|rare 

£10300* 1*75 350 I *75 1 V—iy 


HUand BaofejdB 

roereio— * 

£— — Acc CSOOO* . 
£13000* 


£— — Acc £5000*. 375 131 3L75 Y— (y 

£13000* 430 337 450 T— V 

C50OO*_ 500 375 3O0|Y— tr 

£90300*—.— 150 *1? 550 rare 

H3» ms - waltr— w 

Mfmnriito BMg Soe - Butaesrinrater 

Mb— I«u> 8a— I terete tore et 

re— ■ar.hWB— LbOil— 0BOO 335909 

(1DOO-C4339 530 148 334 OP 

E630D-£»3«__ 380 235 MS Or 

C10000-QA3M *30 323 457 DU 

aS300-£49,OW 430 330 409 OP 

{S03OO* SJO 306 341 OP 

Portreaa Bldg Soe Praattae Cfiaqra Accoont 
gkteMM.taainafiHte Moowseu 

£50300* 550 413 550 Tew ry 

t3O0O&-£rt,BW SCO 375 500 Y— t, 

£20300-123080 *50 338 450 YBflrty 

noano-ciim 3M in xso rare 

CL5OO-C90M. 150 138 IB) Ywre 


6 imp sa 1 ymr. sg. £ UBCfl n 
a by taw nbeencu books n Him i 


UB S COa rad 9DR Urind ItapodM ( 


EURO CURRENCY INTEREST RATES 

Apr 29 Short 7 days Ora Three 


BbABri— 9q— Ate— flHSr . 0315508236 
MCA— - I 475 35625 I -I rare 

Cater Altai Ltd 

2BBKNIU— iLOrtoaECSVmj 071-6232070 

MCA— 1375 231 | 301 1 m 

Ft— 1 £30.000* 437 - 4.72 Wl 

OewUOte CSMOOt. — 1*37 -I *46 1 Mil 

ChartBtheuaa Bank Uaitad 

1 P t — Bar. EMM TDK 071-2404000 

52300-C183N 375 231 I 332 1 Uh 

X2O0OO-C48399 I *00 100 *07 1 UK 


AUbu—S M3. 1—83X3)01 071-4731155 

—re Brtlaciw. 4.75 390 435 UK 

—re DteataOOt 1 430 338 4 5a MB 

10001— tw* 1 *25 319 I 4521 Op 

Rani Bank or Sartaad pic namkon Acc 
ebJerahEMertabn isi-spBsic 

£50000* 325 10t 339 09 

£25.000— EULOBO 1 50 aid Q M. n. 

em0aO-O43H 275 106 278 Do 

£3000 -QUXM— 100 150 102 an 

O0OO-E488B 150 1.19 151 OP 


rd Ren 3UL 0800 
175 181 I 332 

453 - 4325 

*41 - l 450 


Apr 29 Apr 22 

*0533ft 4:8734ft 
4X48Sft 4X673* 
40078ft 49271ft 
£400m E400U 


Brigten Rone 
Derish Krone 
D-Mark 
Dutch GuSder 
French Rare 
Portuguese Esc. 
Spanish Peseta 
Stating 
Swiss Franc 
Can. Dofar 
US Dollar 
ke&an Ura 
Yon 

Asian SSing 
Short twin rate a 


5*-5J| 
S’* - 5\ 
SS-5H 
5%-5V 
552 -5H 
13 - 1212 

8 - 7 % 
4% -4% 

5%-5% 
«t-3 *| 

9- T>2 

2A-2A 

3ij-2i2 
1 ert tar the 


6A-5A 
5 h-9* 
5»-S» 
12 * - 12 * 
78-78 
4* Ak 
4-3* 
5Ji - Ve 
«-3S 

B-7«2 

2A-2>* 
3*2 -21a 
US Do— are 


S4. -53, 

5,1 - BA 
5%-i* 
5^-5?, 
13*4 - 

7»-7» 
5*a - S,s 
38-38 
5B-5A 
4-3% 
B-T*2 
24- 2*1 

3%-2«2 
I Yan, other* 


s\-sh sa 

6*4 - 5 S Sit 

5&-5A 5A 
58-58 5% 
11 % - 11 % 11 % 
78-78 78 

5 % - 5 % S,'. 

4-3% 4- 

6% -5% 6I2 

4A-4A 48 
B - 7% B - 
2* - 2% SA 
4-3 4 

two days' note* 


sB-sft 
6%-sH 
5% • 5% 
5A-5A 
5%- 5% 
10 % -10 
78-78 
6% - 5% 
4-3% 
68-Bft 
5A-6A 
B%-7% 
2%-2fi 
4% -3% 


173 

zai 

a*2 

Hh 

*00 

100 

*07 

tap 

*2fi 

ate 

*33 

Hi 

*38 

ua 

*SB 

Mi 

1M 

1.13 

lit 

■tei 

100 

UH 

202 

UK 

Z2S 

MM 

ZZ7 

um 

2J0 

raa 

ZBS 

tut 


20-38 FMCMilfaodraLIUM 0272744720 

WMHBOBWItaterPtal 1325 1718 5375 OU 

DrtraOMMA £10000+1 37ED 1313 3803 Op 

inumnoo+ 1 3375 200a 3332 at 

HW £100000+ — 4000 3000 4060 OP 

lyMMlESA I 4375 - 4347 OP 

ULC Trust LiufKed 

1 GrWI CMMUO H Lonaai W1H 7AL 071-2580094 
£10000-00087 ncUca . *75 600 I 802 3-Mtl 

£10300-180 deg Ortre- 1 700 903 I 704 I Hn 

C250OO-1 rar J 705 534 1 -(rare 

unltal OemtakHw Trial Ud 

m Am 81 Harts. BH OUT 001-4472*38 

MMrraaaqMOcewrt 

C10OO+__ 1*75 35E I *0Cl OU 

J. Henry Sdwwta Wggft Co Ud 

120 CkMMkla. loan ECZFBDS 071-892 GOOD 

Si+ertAce- .1100 — 2S I 303 ire 

£10000 ecu return — lia 334 l 129 1 ire 

Wa ite ii i Treat wgb laterert Plaque Acc 
TtwUDneyangp.Plysndin.11SE 0752224141 

£15000+ 1 4.75 350 I *34 J Qc 

Q0OK14JH2 *90 M» *66 1 OP 

rt 000-74090 J *25 310 1 *82 1 OP 


GMndate Barit fWde SokrioB Acc 

3081 Wore Hrewtaegrer 61 3H. Mt-248>Dm 


lusiunuiau 

D-ao are mare Ts.» 
i-rioreiartn- 730 
1-1 W I 725 


an-aaaooM 

I B02| 9-UPl 
I 744 HW 


n 0000-08080 — 

I3U)00-CB93M __ 

noojooo-aiecaaa. 


TheCe-oc 
re Bn 300. 


178 375 OP 

231 380 OP 

235 335 OU 


. 0345252000 

- j 5J5 _ -I -IVtaiy 

'ftS**™30O I 501 1 UK 


■ THRMB HOIfTH gUROPOHJIR gMM) Sim potrrta of 100% (Muy 2) 



Open 

Lateat 

Change 

Wgh 

Low 

E3L wot 

Open tat. 

Jril 

9527 

9524 

-0X4 

9528 

9523 

68.774 

421,702 

Sap 

9405 

94.68 

’ -0X6 

9405 

94X7 

127.463 

387024 

Dec 

94.14 

94X9 

-0X5 

84.15 

94X7 

169,172 

352X98 



532 wan 
*55 0-401 
*04 iHn 
302 6-48K 


rwniru 

SSoSSz4a3eB 

£iaan-c*e0u- 


^ 1 SS 

JS SSl 52IKK ssrr. 


100 130 ana was 

zn 208 1 177 S-44PI 

lira 139 1 iralwre 

■rtriPMoai-BteiaB 


l WP. W On Finpienr, 


■ UB THBAIURY BteX FUTURES 0MM) 91m par 100ft (May 9 


Jun 

9509 

95.66 

-0.04 

95.70 

95.70 

2087 

27071 

Sap 

95.16 

95.10 

-0X5 

95.16 

95.15 

442 

10073 

Dan 

94.71 

9408 

-0.05 

94.71 

94.72 

648 

5X30 


1608t 228X7 235.17 275.79 207X8 215X1 

07X3 131X5 172.62 15&72 85X4 96X9 

112X9 151X5 166X0 185X7 149X0 161X8 

9296 125X7 12SX7 144.7B 107XS 113X4 

241X8 326X5 371.73 508X6 271X2 277X2 

123.71 186.75 1B4X3 209X3 155X3 16288 

61.7B 83X7 114X4 95X3 57X8 69X9 

101X5 138.47 101X5 165X1 124X4 142X8 

314.77 49428 606X0 621X3 312X1 315X6 

1328X3 1700X0 7350X8 2847.08 1431.17 1484X0 

131X0 177.94 170.14 207.43 163X0 167X5 

43.05 58.03 81X8 77XS 48.43 49X2 

128X2 170X6 19284 2CB.42 15DB1 163X0 

224X4 301X7 249X3 37292 238X2 242X3 

173X9 233.70 269X1 260X8 175X3 187X2 

91X2 123X9 147.13 155.79 116X3 131.18 

140X8 189X5 249X7 230.02 163XS 171X6 

103X2 138X5 141.08 176X6 118X3 119X3 

124X2 16538 190.79 214X6 170X2 177.74 

117X1 158.78 182-Se 106X4 178X5 179.13 


AM Qpwi Harare *g* are brpreturir 


— BANK RETURN 


BANKING DEPARTMENT 

IJat— 88 

Capital 

Pubac ripwre 
Bateare deportte 
Reserve and other acoouite 


Advance and other aucou nte 
Premise, equlpmart and other i 
Notes 

Coin 

ISSUE DEPARTMENT 

l kihglttpe 

Notes In dreriatton 

Notea tn Banking D ep artme nt 


Government debt 

Other Government aaeuttles 

Other Seaatdes 


I MONTHLY AVERAGES OF STOCK INDICES 


Wednesday 
April 27. 1964 
S 

14X53X00 

1.109X86X09 

1X08^29X04 

3X72X87X61 

6,006X88X74 

1.071X37X29 

2.778,448X96 

2.140X68X94 

10X56X81 

157X74 

6.005X68X74 


17,699X41X19 

10X58X81 

17,710X00X00 

11X15.100 

13X50X96X47 

3X4axaaxs3 

17,710X00.000 


LONDON RECENT ISSUES: EQUITIES 

tawe Am MkL Close 

price paid cap 1894 price 

p up (EmJ Ugh Low Stack p +/- 

100 FX. 404 102 96 Artruat Ugh Inc 101 

- F.P. 134 10 0 Atteuri Scot Wrta 10 

- FX. 1X223 £14% £14% Ashanti Grid £14% 

- FJ>. 8122 227 205 CapSri Shop Cbe 225 -% 

- F.P. S.12 £87% £82% Chester Water £82% 

- Ff. I0*fi 463 480 Govad Gtobri Srttr 481 

110 FJ>. 21.1 lie no Greupe Chez Gid 119 
180 Ffi. 431X 101 178 Horae of Fraser 160 -1 


w ci e era or 
decrease lor week 


-45X11.188 

-172.1DB.004 

-288X93,136 

-503X10278 

-95X60X00 

+72X53.708 

-484,965X70 

+4.404,127 

-52X34 


+215X95X73 

+4,404,127 

+220X00X00 


-917,121.080 

♦1,137,121X60 

+220X00X00 


Net Dtv. Gra RfE 
dtv. cev. yM net 


u6X 0.7 3X 54X 
f235X 43 16 8X 

b- - - 16 l4 

LN5.0 ZX 33 taX 



April 

March 

February 

January 

■ FT-SE Actuaries tndlcaa . 
lOOtadax 

31 300 

3206.1 

3396/4 

3431.3 

Mid 250 

37872 

3863.0 

40432 

3981 7 

350 Shera 

1691.1 

16270 

17192 

1727.1 

Non-financtela 

170609 

1745.46 

1818.98 

181807 

Hrandal Group 

2240X3 

2324.02 

260829 

2819.71 

Ai-Share 

158106 

161900 

1709.09 

171030 

FT-SE Brotrack 100 

146022 

1437.45 

1495.18 

1484X4 

FT-SE Eurotrack 200 

147117 

148063 

1553.11 

1559.83 

FT-A Write Index 

17023 

17100 

17405 

16325 

■ FTtadteee 

Government Sacriihre 

B6X7 

9929 

10302 

106X0 

Fixed Interest 

116.16 

120X0 

126.14 

132X2 

Orttnary 

24852 

252X4 

2614.4 

28201 

Gold Minas 

SEAO Bargains 

1886.13 

35019 

2036X0 

35.919 

2054.76 

37205 

2270X6 

40038 


FT-SE 100 
FT-SE MU 2S0 
FT-SE A 350 
FT-SE-A Af-Sham 
Ordinary 


Hjriwri Apr closa 

3168X ft 5th) 
3834,8 flSth) 
16093 flSth) 
1599.16 CiSJh) 
2509X (27th) 


Lowest Apr ctoae 

30983 pOlh) 
37553 pH# 
157BX (20tf)) 
1569X5 (20th) 
2482.6 {5th) 


156 

FJ». 

840 

104 

IS Notthgnren 

161 

-1 

u6X2 

10 

40 

150 

BO 

FP. 

290 

87 

81 Oxford Moteotar 

61 

-a 

- 

- 

- 

- 

200 

FP. 

680 

237 

218 Partco 

237 

♦i 

15.35 

22 

18 

204 

160 

FP. 

210 

177 

160 Raraona 

177 

+i 

LN304 

20 

17 

150 

- 

FP. 

503 

69 

53 Sean Dettament 

59 

+4 

- 

- 

- 

- 

120 

F P. 

2SX 

133 

131 St Jsnes tot Hot 

131 


RN30 

1.7 

30 

100 

198 

FP. 

130 

2S1 

188 S^wscape VR 

280 

-1 

- 

- 

- 

- 


ECU 

■ ECU BOHD FUTURES (MATff) 

Open Sdtt price Change Wj#i Low Eat vri. Open Ira. 
Jwi 87X0 87.80 -038 88.14 87X8 704 7,771 


US INTEREST RATES 

Lmtttais TraaswyBBs and Bond Yields 

One nm 17a Tra war 

Fttteiab 6% TwrmaaUi 1B2 Three veer— 

ftterteni* 5 Hie* ranttu 4X1 FMeyew 

Ftajrite — — 3% SK I— 432 10-yew 

ftslJtah «t Wenerton- 3(3 One yew &14 30-yea 


- fJ>. 144X 104 100 Tampteten Emg q 
100 FX. 60S 101 00 Undervalued Arts 

205 FJ>. 5 IX 220 203 WHUngton 


RIGHTS OFFERS 

tsaue Amours Lstm 


France 

■ NOTIONAL FRENCH BOHD FUTURES (MAT1F) 


614 athm 


W5.17 2JJ 3X 21.1 



Opart 

Sait price 

Change 

Mgh 

Lew 

Eat voL 

Open Int. 

Jun 

12098 

12100 

-006 

121/44 

120.84 

53.090 

138056 

8*0 

12012 

12036 

•0X4 

120.48 

119.98 

530 

17.018 

Dec 

119X0 

119X6 

-004 

119X6 

11900 

11 

3.113 


■ LOHG TB»I FRENCH BOND OPTIONS (MATIR 


price 

P 

paid 

(ft 

Ranun. 

date 


M 

_ 

390 

m 

170 

S 

NS 

2/8 

£16 

KM 

9/5 

55 

m 

_ 

9 

w 

27/5 

25 

Nl 

- 

190 

HI 

W6 

105 

Ml 

27/5 

425 

M 

27/5 

100 

NS 

m 

26 

M 

m 

45 

M 

2SS 

100 

M 

310 

23 

m 

280 

330 

*u 

W6 


Atarust Scotland 
AHaura 
Albert Hatar 
Brt Bo-Toch Uta 
Dale SecUc 
Era 

Quknass tat 
HoBdey Cham 
LASMO 
Maya 
Mowlam 
Panted 
aundMek 
Sfenon Eng 
Try Groce 
WBana Hdgs 


Orateg +cr- 
pric* 

P 

1%pm 

30pm 

4pm 

208pm -7 
8pm -1 
%pm 
9%pm 
43pm -1 
44%pm -6% 
87pm +1 
8%Prt 

1%0m 

6%pm 

25pm 

4pm 

38pm 


State 



- CALLS - 

— 

— ~ 

— PUTS 

Prtoa 

Jun 

Sep 

Dec 

Jun 

Sep 

120 

- 

1.® 

. 

008 

108 

121 

005 

1/46 

- 

1X0 

202 

122 

043 

- 

- 

1X7 

- 

123 

016 

073 

. 

119 

. 

124 

0X6 

- 

- 

- 

. 


EsL wl MU. Cate 15066 Pua CX49 ■ tariMp day* opM me. Cab 434040 Puu 312X00. 


I FT GOLD MINES INDEX 



Apr 

29 

ft CM 
eadv 

Apr Apr Tear 

28 27 ago 

tew dh 
ytaa « 

s? weric 

Wgb law 

sere Itaastatar (3ft 

189643 

+1.1 

187833 TB480B 1M7/W 

Krt 

238740 1513X4 

■ ftagtaut taSeea 






Art* 06) 

278808 

+08 

287300 282009 20179 

443 

344000 1861X0 

MbMft 

Z364.B7 

♦05 

2353X4 2381X7 160883 

100 

301309 158832 

Noth Anoka HD 

1573.18 

-02 

157829 155003 140008 

002 

2038X5 1356X4 


i™ ‘mo* uim ire. 

Rpaa ki ttidatt «a« nreriar m o wwpreteu. Bade U& OOters. Best Vgfcne: 1000X0 31/13 IK. 
tataoeerer Goto adnn tadoc Apr 29; 2170 ; n^a chenga; +7.7 petaK Yew re« 14&0 1 Pteuw 







FINANCIAL TIMES TUESDAY MAY 3J*>4 


LONDON SHARE SERVICE 


jS3m i« jME 


TMkHV 
ToyuTHS BkT 


r 

2.1 Hay flat 143 Sfll 
Z? OctMnr 283 IS* 
1J JnM 28.11 USB 
I3JHQMC 1292 300 

z 3S£SS£l = 

1.5JUDK 1S.11 UM 
13 DaeJH lain 1742 
-Hay few 2X4 1402 
-Hat On 254 was 
13 Da Hay 143 TIM 
33 Jon Deo 273 

- May 2*fi 

53 Jib 43 6187 

- Km 17.1 2371 

- JHJm 4.1 2570 

- JHJM 4.1 1488 
23 DacJon 4.7 

t deaJm 143 27BS 
Hot Job 143 Z77S 

n t mmm 142 sm 

5L3 .feu Sfes 1292 
124 Jm Dec 1292 
53 Jib ifes 1292 
17 JHJm 93 
21 MHy 233 3483 
28 KM 123 
13 Mm 1212 8874 
35 DeaJaa 1292 - 

27 Jib DOC 1292 
22 3b Oct 143 4094 
- Ip 142 1719 
X7JmDaC1292 - 
23 Jib Dae 1792 
13 AfaOc t 143 4320 
28 JbBk 12*92 
23 3b Dr 308 
* JmJH 21.12 
23 JCbDw 1292 






m m 

etrtajo me < 

13 040* 
05 08**% 
83 <36 

ns 

488221* 
28 tU 
-13 93 

13 00* 
-.4 43 

U 7 4 

~7A J2B 

-13 27 

-23 

5 S3 142 
a 25 04 

I 43 

Si -.1 OHC 

I 22 lisa 

1 az 

a -3 bo 

3 &1 018% 

■ 27 43 

2 -3 *73 

a 24 

I 43 42 

4 SUJ 227 
I 153 

1 23 183 

0 ai 

2 an 

1 -7 048% 

I 03 42 

7 12 338 

I -* A 1735 

a no 

5 43 M 

1 17 835 


Ob onmnda Laar 
art. Md ad 

ISA*?! 

25 tag pm 17.1 
22 Jaa Boy 2011 
-am 63 
1.1 Fab tag 29.11 
13 MA« 1212 

- am am 

-Hay R» 11.4 
13 MOM 323 

- - 1191 

* Daejri 1X4 
03 Oct Apr 83 


24 JHJm 1211 
13 M Oct 1212 
lSJmtar 11.4 

i A Si 

03 Bet Apr 143 

23 Oct Hay 143 
1.7 May Mm 2X3 
— — 891 

13 Aw Hat 143 

1.1 Jan 38 2X11 

25 MJbg 1212 
23 Ml 198 
33 Apr Oct 2X2 

21 fab ami 1112 

1.1 JHJm 254 
21 Hay Ikit 2X3 
25 AmOSI 282 

4 JHMa* 25 A 


IkgHtn. 
SEWS Haw 


At - 
mutKamumi 


193 
833 
479 

265 

-23 OBC 
73Z 

aa 

1238 

02 1248 

43 

-47 

0.4 493 
-A 029% 
-3 43 

13 BJS5 
as an 

xu 

21 48 
-42 1730 
M - 
-17 93 

18 

-13 183 
13 129 
02 1479 
02 1479 


» DMdenda Uat C2y 
cor. pHd St 8M 

- - - 2515 

13 MJH 1112 1772 

22 Apr Oct 142 UB2 

25 M AK 1X11 2022 

12 MJH 41 24JS 
02 ttayOct 223 204 

32 Aw Jan 41 2843 

26 OH Apr 142 7983 

21 J8M 41 Z788 
28 Ana Fab 41 2798 
17 Mm Sap 142 - 

- - - HU 

P Jmact 410 791* 

47! Mar Sip - 1119 

33 Jan A« 1212 3282 
32 Jaa Am 2X11 3381 
XDJWM2X1I 309 
37 jm 1X10 ZOO 
1.9 Apr Ml 143 2190 

13 M3ap 41 3944 

- - - 3877 

13 MJH 41 *302 
2JHar*fcc 143 1818 

23 JmJH 2X11 4488 
23 JHiJun 13.12 400 
17 Ok JH 2X11 4583 
17 DkJH 2X11 4584 


123 

“ 

378 

15 

JHJm 

lire 

AIOR 

IK 

75 

13 

75 

JmJH 

- 

3104 

ZSfer 

43 

076 

Zfl 

FKfew 

[112 

Mitt 

441 

ns 

135 

35 

Jmsep 

XII 

TOO 

KU 

-5 

85 

— 

Jm 

2X4 

i^ft 

n 


XS 

25 


31.1 

14N 

14fct 

X7 

XS 

* 

bwMay 

2X3 

um 

! 


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IS 

OH 

1X8 

mn 

m 

1.7 

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15 

JmJH 

112 

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M 

43 

on 

25 

Mm 

41 

til 

i 

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m 

me 

— 

— 

— 

3RSH 

14 

80 

« 

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2X4 

14Z7 

M 


BJ 

35 

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41 

180 


m% DA 
Rtoctfagi ml 1 

170 toys 

Ul £0 

QU -XI 33 
8 H|M -13 8 * 2 % 
47b -1X5 

91 33 

41 

808 -3 471 
148il -M 42 

37ij 87 

38 12 

W Of - 
14 -13 33 

41 

228% -S3 X 8 
182 -33 XD 
233 -3.7 XO 

50 

485 -&f X25 
218 253 1» 
29>a -17 
3Z8H 09 03 

88 94 - 


Db DMdanda U a 
cm saH m 
33 M 17.1 
03 JmJU 1112 

24 DaeJH 25.4 
-Haydn 2X3 

- FebOct 28 

- - 2111 

25 Apr OH 287 

J May Mm 114 
DNM 1X10 
- Fab Mg 41 
- - 1099 

23 MJH 41 
- - 1091 

2.1 Mm 11*7 2X3 
22 - 

13 JMJH 2X11 

UMJ bg 41 
33 JbbJM 2X11 
- - m 



XO 1.4 Hay Dae 2X3 

-43 48 ISDKtar 142 
33 238 0.7 Hay My 2X3 
-X3 - - - 

-7.4 - - - 892 

-U 13 19 Od 63 

'•:v ^ 

- Apr Oct 142 
*®HJm 1090 

o5 Aw 73 

- - 290 

A May Oct 114 
$0acJH 2X3 
SL6 MarSap 142 

02AmM 143 
4SJMJ« 264 

- JH 213 

- - 295 

* JH 1191 
9 DaeJH 254 

XI Dae Jaa 254 

- Oct 1X8 
-JHHW 1.11 

- JH S92 
33 JN 8k 1292 
13 Mar 3 b 2X3 
13 Da* 3 b 2X3 

-Hay Mm 114 
1.1 MM 31.1 

- - 891 

23 Apr Her 2X3 
12 Am OH 282 

- - 113 

- - 1091 

- JH 410 

12 AprOH 2X3 

24 Apr Dae 390 

- Am Dee 1X11 
21 Mm Apr 143 

3 OH Mar 254 
23 Aw Fab 41 
>3 OHJm 254 

- JH 1X8 

13 BkJH 1X11 
44 JmJH 1.11 

14 Mm Mm 2X3 
X JHOct 114 
i JHHm 410 

03 Apr 17.1 

* Oct 203 
26 Fab 17.1 
1.1 Jaa OH 2X11 
13 Jan Aw - 

- - 991 

13 - 1511 

- - 790 

- - 090 

i JH OH 203 
26 Hay few ZS4 
13 Oct Hay 2X3 



XII 

58 10 

-73 Lf 

<2 40 

— 83 

— 103 

~55 18 

03 1275 
-23 01.1C 

~^S 20 

-3 29 
1.1 25 

XB 

W 

-23 

-1.1 018% 
-3 93 

-3 BO 
-7 04% 
33 43 
-13 - 

83 

55 X5 
-3 03 

15 23 
-13 93 

2X0 

-1.7 34 

— 23 

-Z2 - 

04 05 

378 

33 82 

— at 

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73 

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-93 13 

-4 XU) 
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aa as 

09 XX 
33 23 

42 

1.4 

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23 4U 

as as 

-X5 525 


04 85 ♦ OH May 

37B 23 Aw Fab 


ATS. & MERCHANTS 

VK% Dtr DM QMdamta La* 
McedTiwa net ««. pMl id 

28 XI - M 41 

312 02 XBB 29 AprOH *43 

SO 13 - OH 1X8 

sm -*a as ummi 4i 

7>« 113 0.19 - Jm 1X11 

56 -13 820 -HarSap 14£ 

U 879 2Jmmsr2B.il 

IBS — 43 - JmDas 1.11 

330 4.1 73 1.1 JmABf 2X11 

tag 13 are i.i»«g 4i 

<7)0 -tltg Urn JH 254 
23S -33 - - - 1299 

MX -U U 4 JHMa 254 
3BD0 -4.9 1120 13 HarJH 254 
«8»j -45 7*1% - JMJH 1511 

43 « May Mar 114 

— 58 w Jaa Dm 254 

-SfflB’rt 9 Hay Oct 2X3 
-23 024c 13 Jan Aap 7.12 

— - - Jm 691 

04 1975 1.4 Jm Aw 1X12 

-33 839 IS OHJm 114 
-17 739 - Sb Dec 11.4 


m Pal 
capital 
The 
by Mr / 
special 
Sikilort 


04 1975 
-33 839 
-17 739 
-57 XG 
-43 13 

— 63 

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IS 

09007% 

-S 43 

03 (US 

— xs 

— am 

-04 VMS 
54 139 
-13 33S 
-19 1U 
-l.» 870 
06 13 

143 

11.0 23 

95013% 
33108% 

— >3 
-6 498 

93 

13 42 

0.7 40 

04 95 

-3 too 


06 267 
33 

-43 219 

11.1 

-14 213 

‘Hi *xa 

95 43 

82 

-1.1 54 

-1.7 877 
54 173 
-1301419% 

02 

42 

OS 

54 

52 OS 

SS 

42 

13 83 

>3 836 
-25 - 

-1.8 13 

-.4 1447 


* JHDac 
23 MM 

lSHmMm 

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X7 JMJH 

23 MJH 


334H 13 

gj -XI 

68 33 

68 

408 -12 

SB ms 

T7U 73 

109 

04 -46 

30 

331 -3 
TJH 

nu 

120 -3 

MJ 

638 -IS 
178% — 

sa -2 
148 23 

270 X4 

17 

192 06 

52ftd 03 


148 -23 
291, -13 

48 

73*1 -1.4 
134 -7 
Mi XO 
56 — 
SUM -3 
2S7H — 

89 

278 

ISM — 
1®si -.7 
HIM -2 

14> 

SB — 
181 -13 
173*241 45 

54BH 33 
253% fl4 

246M 

23 


UA * JMNm 114 
04 -JmAag 1.11 
23 <>HmMo* 114 

175 21 Sapftb 41 
113 IS JmJH 1212 
XS 22 OH F8b 1212 
0.19 * JH 114 

43 13 Oct Am 2X2 
47 23JUM - 

83 23 OHJm 1212 

735 XI Oct Apr 143 

029 * Apr A* 236 

825 £ few Bay 144 

42 27 Am Aap t&2 

84 48 ntbt 312 
113 21 JHJm 29.11 
22S «llm Hay 283 

84 21 Jaa SOp fill 
179 25 Apr Oct 142 
775 13 itarOct 17.1 

- - - 3-B2 

372 13 JanOct 29.11 
HA 15 OH May 2X3 
M3 24 JmJH 1213 

74 23 JMOK 1.11 
279 22 Oct May 143 
33 23 Apr Mm 
X73 21 OH Am 14*3 

- - - VBO 

28 * JmMo* 354 

835 25 Jan tag 1112 

- - - 9TSD 

7% - JmJH 113 

22 * JHNm 114 

72 22 Oct Apr 143 

- - - i-ao 

XO isepBhy 283 
135 44 Mm May 29.4 
143 13 JmJH 114 

14 - Mm 205 

- - - 4-80 

4s -Japan 2xii 
28 21 Mm Mm 283 

125 X 8m May 283 
XS zo Mby 114 

85 1.6 Sap Apr 143 
■B -Mar Sap 31.1 

- - - 4 W 

- - - 691 

15 75 Oct 2X9 
M - set 85 
775 X JHNm 203 

73 l5 milft 2X3 

73 « OccJM 105 

486 27 Aw Fab 41 
53 t few Job 2X3 
26 X4 Oct 245 


83 24 Apr Oct 1212 
286 22 HarSap \2 
24 (p Apr Mm 283 

- - - 1X10 

XB « 3m 254 

778 IS JMJH 2X11 
83 23 Mar Aug - 
43 13 Am OH 143 

- - - MZ 

117 D5 Apr Oct 282 
041 25 Aprllm 2X2 
X56 12 OHJm 1X11 

85 04 OH 1B3 
33 04 JmJH 13.12 


1 . ► i f ki 1 : • r 1 * 


on 

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73 
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1.7 1375 

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23 XO 
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-33 82 

-57 

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23 062 

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40 125 

44 83 
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45 34 
13 01 lc 

"24 

-37 1275 
-13 83 

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Dtr DMknm Hat 
cor. paH M 
13 May Nov 114 
13 Dm Mir 1237 
tDKJm 254 
- Dae 34 27.11 
25 Jaa May 2X3 
13 few Jen 27.10 
1.4 JdbRov 143 


fe Nov May 27.10 
63 JM One fill 
XI JH 24S 
17 Am few 2X3 

- - sriii 

23 Jaa Aw 1112 
1.4 Mm JH 2X3 
21 Mm Am 1.11 
lJUaApJgOB 2X2 

- JmJH 4? 
09 MB* 114 
27 A*rOH 252 
25 Dae Hay 125 

J Dae Jim 7.10 
JMJH 29.11 

o£%t* 31J 
♦ DmJmurw 
- Am 3T93 
$ JH few 7.10 
- Apr Oct 23 
13 JM Am 29.11 
13 MM 203 
M JH JH 2X0 
- - 9W 

1.9 May Mm 114 
20 AagJaa 15H 
13 Mo* Jm 143 

S Ray Oct 114 
Am Oct 17.1 
- JmJH 2X11 
- Apr JH 41 

13 OH Mm 31.7 
10 Rm Mm 283 
X7 Apr Oct 293 
- - 092 

li OctHay 254 
-MmSap 2X2 
-Jm Dae 2X11 


1.4 AprOH 293 8327 
* Jan 34 l.li 1388 
1.1 Apr Oct 142 2392 
M AprOH 142 3**1 

- - 1390 4807 

23 JHOct 59 2406 

4 few May 254 W 

- - 1X7 2918 

23 AprOH 143 2101 
XI Sap Apr 25 

23 few Hay - ABU 
33 4m Dae 114 2807 
IS AprOcl 2X2 <288 
13 Oct Apr 793 1441 
1.1 JHJH 283 2872 
1.1 Mar OH 2X7 2877 

J May few 254 2878 
AprOH 2X3 2881 
-AprOd 143 2883 
* DKJH 254 2054 
- - - 2241 

* DKJH 1.11 3054 
A Jmfew 304 
4 tag 793 1127 
-AwNblire JUS 
IS few Kay 143 SMS 
- JHJH 1X11 M10 
1.4 OctJm 2X3 JSi 
(15 Del Apr xi HOP 
- Oct Apr 142 9099 

UBmsap29.il aa 

- Apr few 4-93 5HS 
13 Mm OH 11.4 3493 
15 A* AMP 41 3506 

- MAW 13.12 3652 
- - - 2204 

IS Apr Mm 14 3 3890 
- - - 3810 

IS Hay OK 254 8838 

- - 1792 3703 

OB JHKw 114 3790 
- JMMm >1.4 4982 


4> He* Hay 
XO few Hay 
1.8 few Hay 

3 I £ 

<> HayJm 


WV* DH Ob 
oaf cm 
OMe 
2058 2 
20S Z 
213 2 
213 a 
213 3. 
11 JB a 
2256 a 
w z 

203 1 

m a 

1134 Z 

nss 2 
10 * a 

212 Z 

2 i.i a 

2X7 a 

2132 Z 


142 81 18 

31.1 3119 

17.1 4K4 
1T.I 4881 
17.1 4885 


114 3887 
2X7 

410 6320 
11.4 3858 

1112 son 

143 4640 

- 4163 
4.10 4170 
17.1 4801 
11.4 3013 
254 aa 
113 4340 
7-92 1097 
1X11 44H 
1112 4828 


ELECTRICAL EQPT 

im Ob Ob OMtaaH Un C 
efTnet nH cm. pH9 *9 8 
23 020% 03 Apr 2X4 Ml 
-44 - - - 11X4 IS 

23 436 17 Am Oct >43 IS 


aa (US 43 few Jon 11.4 
83 83 23 - 

23 l&S XS JW Jaa 254 
OJUBV* -JHJH 1X12 

XS 1-7 Fab Oct 31.1 

l.r - - - 4*90 

102 25 Apt tap 282 

X7 X91 13 DkJH 263 
I4S XT - JH 21.8 


215 3171 

un zta 

1789 2131 
1112 ZOO 
143 4380 
17.1 2272 
1112 2883 
2 X 2 am 

29.11 1683 
383 zxn 
254 2338 

143 ZSB 

17.1 2380 
215 2440 
2X3 308 
IIS 2402 
142 5103 

254 1420 


Ob Ota DMdBOda Urn 
mt cm. paH at 
alp i7A«r*t Jars 

40 14 DkJH 2X11 
MS 13 Mm 254 

013% 13 Jbnuac 273 
KM3 13 Mar Oct 1112 

10 -ArAw a 2 

08 IS nr Mm 2X3 
S130 -taJyOeJaH.iz 

09 -mplHv 410 
487 2.4 Mm OH 2X3 
02Se XI tag 
848 03 Sm 23 

73 23M%w 17.1 
273 03 Sap Am 3X2 
00 13 May SH 113 
24S 02 Fab Aug 31.1 
XO -Mm OH 254 
148 11 Apr few 143 

41 XBMayOH 143 
837 Z1 Apr Oct 282 

— - - 391 

09 Jm Dae 1X12 
13 - 

- JH 173 

rKSJ! 

4.4 Apr Oct 
OS Jen DM 113 
13 JmJH 254 

1m -jJSk t!? 

H 

# SPfeW 203 

13 May Dm 113 

- -May Dae <93 
US - JmJH 213 

23 33 MayOH 11-4 
425 18 FHlAag 1112 
IS 17 39 Dk Ul 
83 23 - 

- - - 11-89 

10 13 4>Nmlfc> - 

13 SapJm 1112 
ISH^Nm 2X3 

- Jm mu 

f DaeJm 17SB 
Apr tap 2X2 
XJMtarAog 17.1 


- - - 11785 <179 

23 JbwDK >792 4138 
73 JH 143 4183 
13 AanJm 1112 4B7S 

zaMmr - sen 

33 May few 113 CU7 
1.1 Jon DM 1292 428 
40 AM 41 4KB 
10 AprOH 282 4368 

- - - 992 

- - - - 1864 

1X12 12 Fbb OH 1112 4408 

Ole 1.0 Jm 1112 1141 


Ob Dta DMdaads lest Cm 
net ear. pHd jd few 
7J 1.1 Oct Apr 31.1 1837 

54 -IfeiJm no 1833 
U -May few 143 6864 

835 03 AprOH 2X2 1525 
13 4*7 Apr Oct 41 4377 
33 13 MJH 41 W5SS 

83 13 Hew May 113 1863 

223 4 few Jew 254 1891 

DM 17 Mm 254 1692 

- - - 493 186B 

1.1 QXJmAea 73 61S7 
V 12 Jan Jm 254 1788 

10 23 Bay few 113 1777 

53 - jh - ran 

- - - 1091 170 

III 10 ® 3646 
S3 ID OH Mm 283 1828 

- - - 11-91 1833 

Q3k -ApJMkOr in> - 
535 t SlDae 1511 1MB 

- - - 1412 un 

091 - Mar OH 41 US 

43 -JmJH 1511 19tt 
XI 13 Nk3b 282 1890 
738 - JHJm till SIS 

IS -AW Jap mil 3311 
43 13 AprOH 17.1 1974 

- - - B9i tore 

838 X4 Sap Apr 142 2804 

23 05 DO Apr 14*3 3563 
85 - JHJm 2X11 2138 

87 13 - 31.1 3SW 

43 13 JmAag 13.12 2079 
X8 23 JHDac 1X11 2»B 
93 21 Fob JH 41 2H8 

- - - 49Z 2MB 

43 83 JmApg 1X12 2MB 
3 A - Fab Aba 215 2181 

- - — - 2188 

836 20 JmJH 1112 2210 

BS 33 Jaa Oct 1511 2232 
23 15 JHFafa 113 2235 
23 - Mm 31.1 2510 

84 ♦ OHJm -200 
10 33 DM Jm 1X11 Z3SZ 

1» 1^ tag Fob 13.12 2357 
438 2? - - em 

res * DaeJH 1511 2490 
13 $ JHDac 1X10 SOI 

KBS -OctHay 143 2314 
23 03 Mm Mm 2X3 2517 
13 21 Jm OH 2X11 2S0 
298 « DKJH 1.1! 2B7 

- - - IZ92 2662 

- - JH *3 208 

- - - 291 2579 

83 - jh -me 

237 - Mg 5J 2871 

45 05 JHnec 1X10 2KB 
T1« 1-ZJmOK 1.11 27)1 
00 Za few 4.10 2726 

at - Jm 11.4 3738 
23 15 JHfew 209 Sm 
13 - OHJm. 1112 470 

55 15 Am few 383 280 

214 17WAW 41 - 

17 18 NvOct 31.1 2817 
83 - OH Am 1*2 8183 

- - - J92 2857 

564 IS Apr Sap 147 28H 

U « MM 34 18.10 2822 
0*76 i JHfew 410 4021 
227 27 Hay OH 1L4 2931 
103 OS DeeM 254 2842 
S^% -May few 11.4 5*44 

46 p JniMea 4.10 290 
783 17 Mm OH 283 202 

SS 3 Mm Jib 1510 3001 
10 09 MJ9 1112 3045 
WO 27 KfeJH 1212 369 

- - - 1290 300 

83 - HarJH 41 SOB 

- - tap Ok 

83 2.4 Apr few 2X3 9132 
XS 1.1 OH Mm 2X4 3W7 
80 05 JmJH 2X11 3179 
80 05 JmJH 2X11 sns 

- - - 692 3248 

25 07 Sep Fad 4.1 340 
35 23 Dae Apr 2X3 320 

1435 17 JHJm Ul 303 
30 1.6 0 Bee Zl 4 3331 
40 1.7 Jm DH 410 330 
2D * Abb 497 3362 
1X4 si May OH 114 zm 
123 IS AM 254 3418 
75 - AM 1X11 4673 

57 15 Mar Oct 142 4831 
L8 13 Oct An 2 x 11 340 
25 LO HarAoi 31.1 347Z 

- - - 999 3494 

10 - Fob OH 41 302 


SF 


-tab Aw 

*5 Fbbtag 

41 

41 

i 

I OHJm 

z 


liiuif* 

690 

41 

zw 

- - rao 

p OKJm 1X11 

230 

00 

2 369 

25 JHJm 3X12 


♦ Mmtap 

142 2*32 

09 Dec Hay 2X3 2474 


“ 

MU 

_ _ 


3427 

« Dm Jot 1X11 

2029 

_ _ 

_ 

200 

15 OH 

110 

2330 

15 MW OH 

15 Kw few 

iei 

mi 

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14 OH 

31.1 

2717 

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— 

2773 

15 8^ 

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2779 

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XII 

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\ 

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309 


— _ 

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408 

^ ma 

- 

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OSJtSHMb 393 

- 

15 Mm Dae 

31.1 

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41 

— 

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31.1 

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aw — 

1411 

— < 

15 May Dac 293 

— 

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1.11 

— 

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17.6 

2434 

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- 

- - 

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_ _ 

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_ 

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291 

483* 

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103 

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31.1 

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125 

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63000c 
— 15 

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11.002396 
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- - 245 49W 

03 Mar Sap 31.1 
15 Mar OK 31.7 

24 HarSlp 142 - 

IS - 31.1 4407 

4 Mm Jm 205 4424 

i M few 4.10 440 

- - 1198 4743 

- - 110 - 

58 Fab 4.1 - 

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4 tag Am 1*3 

25 Mar Ok 31.1 

- - - 3741 

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13A0Jm 17 - 


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2L5(0W 
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190 20 
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24 144 
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43 

—1.4 83 


43 

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25 75 

1X7 * B 
22 10 
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-22 41 

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83 145 

IS 

238 

70 

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25 1X3 
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- at 

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175 U 
XS 40 
15 115 


20 7m Aw 
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S3 Apr ltw 
06 Fab Sap 
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7J Jan AW 
IS JmOee 

DS Doc Ms 
27 Am OH 
25 Am tap 

u Oct Km 
45 Fab Oct 


15 Am tap 
17 AprOH 
p MWJDP 


12 OH Mm 142 3675 
27 AM 2X11 370 

- - 1090 370 

XI Am tag 2X2 2342 
25 Abta 1X1 2147 
25 Mi Aeg 41 280 

- - 890 3764 

- - 391 3778 

-Am Apr 11.4 5279 

1J2 Hay JH 1X10 1791 
>1 MM Am 143 SUB 
17 JmAag 2X11 3810 

S Jan few 410 SB! 

May OH 59 osa 

15 JmJH 2X3 3863 
p May May 11.4 00 
15 AprOH 142 220 
15 HMJm 1X10 302 
1A Hay few 114 440 
ZBMrOct 17.1 4018 
ISHhMm - - 

- JmJH 2X11 4031 
- - 492 

25 An Jaa 1.11 400 
15 JmfeW 11.4 407B 
I1FW AW 41 «M 
4 BkJH 1511 4164 
- Am 293 410 
15 May OH 143 4227 
- - 790 410 

- - 393 4228 

15 MOM 41 4238 

- Am 392 vaz 

f JanJH 115 200 
FHlOH 41 4312 
- - - 440 

05 Fob flog 41 029 
- - 791 4860 

12 Am Jm 1511 4412 
- - 791 1936 

£3 OH May 2X3 430 
xaodltay 2X3 480 
XB JmJH 1.11 4404 

25 Aap Jaa 2X11 4874 
15 FebOct 41 4418 
-Joatae 254 6344 
<6 few Jaa 2X3 4453 
05 AogRti 1X12 4467 
- - - 130 

2SMmWw 2X3 <40 
24 Feb JH 41 4481 
* - 208 46M 


Dta Dta DMtott LM CSy 
oaf OW. paw w Aa 
6JI 15 JHDac <93 1486 
- - - 191 1601 

35 jUJm 1.11 160 
IS JH Feb 1X12 1713 
-Hay few 145 1778 
-Hay Mm r ia 3H< 
4 Ok Jm 115 1720 
35 Pm Apr 7* 2 u 0 
IS 2m Ota 29.4 I43B 

- Jan 54 2X11 103 

- May 275 

- tap 57 3397 
115 HarUet 31.1 2S7S 

0.7 Ain 1*3 200 
1.1 JWJbB 011 200 
1.7 J* Urn 254 3121 
03 JHfew 2X3 3233 

10 « few Kay 11.4 am 

BJS X7 Jmfew 1 x 10 18C 
74 14 tag opr 282 MSS 


352 


05 

030113% 
58 65 

15 85 

«2% 

as 40 
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15 25 

10S - 

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810 

15 85 

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25 

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XS 85 
49 13J» 

52 725 

45 

15 184 
-5 2653 

53 8147% 
05 153 

H33 

— mshie 

18 X7 

225 

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Db DMtanta Ust 
cor. paid U 

14 Am JH 2X2 

15 Jab 59 1.17 
U Mar tap 17.1 

J JmOct 254 
JM 15 
Mm OH 142 
2.4 AogApr 17.1 
1.1 May Oct MS 
♦ JmJH 114 
24 Am Sep 3X8 
OS AapJha U.T2 
15 Hay few 143 
p few May 2X3 
3S JHJm 41 
UMAg 41 
* JH Mr 143 
08 Apr OH U2 
15 AM 114 
* M ay JJ4 
4 OctHay 114 
lAJMNaa 203 
05 JHJM 15 r I 

J May Oct 2X4 
Jmfew 215 
04 OH X7 
OSMwAog 41 
25 Jan OH 1112 
15 JmJH 2X4 
50 Feb Jm 17.1 
ISSapFHl 41 

35 HayDac 2X4 

J »n My 2X4 
JHHM 205 
OH Hay 2X3 

- Am ret 

2$oh3v 114 
24 Sap Mm 1X12 


- - 1091 

S DH Jaa 114 
few JH 1X10 
16 tab tap 
6 An 114 
07 Jan OH 1112 
Z3 tabJH 29.11 
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XI OctAm 28 2 
15 JmJH 2 x 11 
f McKay 283 
A Hay Dae 75 
IS JmJH 2X3 
Z3 JmM 1.1 r 
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11 few Apr 142 
44 Mm Oct 17.1 
25 few Hay 2X3 


Ufa Db Dhfefcnda Last Oy 
ml wr. pHd id Iw 
MS - JHDac 1X10 t>12 
OS I B 8m JH 1X11 2087 
0674% * - 2X2 


Oh Db DtoMvfc LAI Ob 
off o*. pad n> <8w 
175 1.7 to OH 2X11 140 
119 X2 JmAag 1X11 180 


15 

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15 US 
-15 


02 75 

&2 85 

-47 

073 

15 

07 

-1.0 XI 
-15 13 

15 031 
-44 

_ S3 

440 

— 13 
-34 

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113 tag Feb 41 

-JaipMe are 

HUM 4.1 


25 May Mm 2X2 
ZSMSK 31.1 

♦ Mmliay 205 

27 JmM 1X12 

26 - 

«NnA 410 

SS tartag 4.1 
4.QUarfew 305 

06 JH Dec 2XU 
- Mi 

—3 Mm OH 14*3 
05 OHAm 17 

14 OH May 114 


& 47 tab log €1651112*40 

. *28 Feb Sep 4041113 » 






























FINANCIAL TIMES TUESDAY MAY 3 1994 


37 


LONDON SHARE SERVICE 


SPIRITS, 




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C 8 » 

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13 Feb JH 4.1 

23 AogJfcP 2211 

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* JanJH 2 a .11 
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IJJeJcStC* 102 
23 Apr OH 143 
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net cm. paid 
111 13 HaSep 

735 23 Ml OH 
07 % - Mr Sep 

»I 2 % ♦ Hay 

230 11.4 Apr Sep 
238 114 Apr Sep 
938 46 Apr Sep 
735 35 MlAm 


Dh DM DMdauta 
art cm. paid 
12 ip Mm Hay 
40 51 MarJH 
53 ♦ 34 Dec 

123 12 Sep Apr 
&1 13 JanJH 
M ■> JHApr 
158 13 JanJui 
*25 05 May Jan 
83 05 Hay Del 


64 13 - Apr JH 245 
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14 175 
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23 Apr Oct 143 
13 DacAog i&ll 

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- J»»p 1112 
ZJHvOH 283 
44 Kay Oct 28-3 
* OetHay 283 
4 Kay Oct 283 

23 HM Jw 254 
34 JHDes 1111 
i 3 0 Hltar 202 


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-15 

881 

28 Jtiiur 142 1887 



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10 Feb 31.1 1728 

318 

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544 75 - 

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187 85 10 

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22 722 

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a 64 
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IOHhJm 283 2482 

- - -a cm 

- 34 Dec - 183 S 
20 Janitor 25.4 3501 


23 Iby 283 2714 

- Jen 16 2742 

01 tag 215 <737 


-JoaHm 205 3189 
-Bay Her 203 3180 

- JHJM 2011 9188 

- - - 3408 

i tor ai.4 aao §**£§ 

24 JbHM 283 22S3 * nu ™W 


U DdjHl 205 S» 

- - - 3711 

fHMH fet 211 

28 AP0 218 3782 

- Apr 783 3778 

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35 Am 187 5882 


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cm. paU 

— 

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8.1 

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06 

♦ JHDec 

6.1 

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2.15 

125 

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75 

24 JanJet 

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05 FebJH 

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13 Apr Hw 

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1.7 Feb Sep 

25 

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135 

15 Hay Oct 

471 

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Contfaumtoii 


;$ -v 



FINANCIAL TIMES TUESDAY MAY 3 1994 


39 


4pmdos8f4sy2 


NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


4pmdoseMay2 


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44% 34% Ta«l 1 58 45 19 343 37 36% 36% 

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3% 2%TBtan 18 26 3% 3% 3% 

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3% 46% Tones 150 35 19 5935 51% 49% 50 

30 25% Tapps Fb 1 040 OJ IT 85 28% 29% 20% 

31% 20% Traftma 24 061 24% 23% 24% 

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12% 5% Tam 20 447 11% >1% 11% 

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NYTmA 056382 1061 2ft 25% 25% 
NUCanQI 020 10 6 S 8% 8% to 

Hwancf 117 25 5% 5% 5% to 

MR 12 10 8% 8% 8% 

OMktA 34 135 t8% dft 9% 

OtttM 024154 42 32% 22% 32% to 

name OX 00 536 16% 1ft 1ft 

PhS an 50 57 12% 12 12 to 


4 pm dose May 2 


Ux. e ions tat LMCtoraCboo 
1J4 50 113 Z7% 2B% 28% 

023 18 223 6ft 64% Eft to 
050 19 29 38 35% 38 4% 

012 26 1553 20% 1ft 19% to 
OSO 17 16 15% 14% 14% to 
110 1 30 1% 1% 1% to 


SJIOCmxZIO 10Z100 37% 37% 37% . 

SSnUntan 18 250 20 18% 1ft +1% 

SteriB 004 13 75 14 1ft 13% to 

Siaat 2 10 7% 7% 7% to 

Tilted 21 67 3{i 3% 3% 

Tan Prods 020 59 ID ift 10% 10% +% 

TaBQata 036 K 854 38% 37% 37% to 

tanaaea B5 225 14% 14 14% +% 

Ttrandm 34 507 31% 31 31% +2% 

ToffNA D20 23 12B8 17% 16% 17 to 

Tn+iMu n m 75. if).'. :U 


Tanu D20 23 12B8 17% 16% 17 to 

TamQiby 0 200 2% d2A 2% to 

Trttoa 9 9 1% 1% 1% to 

TUasMoc 181850 4}| 4% 4% to 

TrawBW 007 70 3B8 19018% 19 +% 

Tanai QO7B0B 290 19% 18% 19 4% 

UtftoraA 4 70 IK 1H m to 

unod0 020 S3 14 1% Ifi 1% to 

IMft* 17 92 ft 6ft 

US CPU 87 10 25% 25% 25% to 

tooniA 19 SO 25% 25% 25% ft 

Vtacoofi 2012 22% 22% 22% +% 

Wotatt 261M5u11% 10% 10% +% 
Westerner 050 24 313 28% 2ft 2B% 

WRET 1.12 18 1 tO 12% 12% 12% -% 

tartm on 10 9 22 21% 22 

Xpn* 4 85 4 3H 3JJ to 


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tad DCl E UOx Hga Lm iret Bug 
ABShds 020 20 OS 14% 13% 14% 

ACC COD 012 89 318 21% 2D% 21% +% 

AtaMnE 18 9609 14% 13% 14% 

fcaeMIs 21 256 25% 25% 25% -% 

Icdon CD 29 279 20% *20 20% +% 

Adtpbcft 16 B27B 17 15% 17 +1% 

ADC Tefc 351657 42% 41% 42 ft 

AfldtegfcD 14 207 15 14% 14% 

AMiSerr 016 22 145a37% 35% 3ft +1 
AdObaSiR 020 22 5973 27% 26% £7% 4% 
Altana C 9 173 13% ift 1ft -% 
At* logic 8 268 ft 5% 5% 

AdiMym 7 95 5% ft 5% 

HKTdftJfi 25 65 15 14% 14% 

AOSta 020 19 7081138% 37% 38% 
Affynw 10 104 14% 18% 13% -% 

Agency Re 21 932 13 12% 12% to 

ApacoEa 010119 597 11% ift T0% % 
Arita 020 14 184 £1% 21% 21% 
AUdADRx 2n 22 319 b61% 61 61% +% 


Arbor Dr 

Antes 

Argenaot 

Armor At 

Amottte 

ASX Grp 

AspetfT* 

AaraoQarere 

ASTRsrofi 


- C - 

CTec 183 37 27 25% 25% 
CabatCBd 10 337 6% 8% 8i\ 

CUtSdMpt 1B1 18 X 29% 29% 2ft +% 
Cuftnus&raaai 18 2l9ins% 14% 15 

Caere Cp 125 4® 7% d7 7% 
Ctepane 225 7 1890 11% 10% 11 +% 

CatUere £113X22% 22 22% +% 

CanfaBto £723 1% 1% 1% *to 

CtadeM. 2 180 3% 3% 3% +% 

Crates 0 21 1% tf1% 1% 

Caiuihc 080111 3 80% 80 80 -% 

I Cam* 1 50 3% ft 3% to 

Csnteal 012 25 IX 46% 4ft 48% 
CmUmCrn 083 23 20 28 27% 28 

Cascade 060 20 410u22% 21% 22+1% 
Careys* 008 17 237 1ft 11% 12 to 
Cetgena 4 158 6% 6% 6% -% 

CBUar 8 334 1ft 18% ift 

CEMCp 18 62 11%«11% 11% +% 
CansTe! 36111578 11 10% 1D£ 4 JJ 

Certwor 5 2092 9% 9% 0% +% 
CatrlRd 1.12 11 702101% 30% 31 +% 
tariSpr 23 21 11%d11% 11% 

ChareOer 9 20 5 <6 5 

□ratal on 7 577 21% 21 21 -% 

ChrmSh 009 14 2119 1ft 10% 10% -% 
Qteradsgn 42 47 uB% 8,*, 8% 
Chandra 15 901 10%tf10% 10% to 
ChemfU 1 290 % 0% % 

Ocrapmeer 15 30 4% 4% 4% +% 
QipsiTe 8 1008 4% 4% 4% +% 
Chiron Qd 64 3173 87 64% 66% +2 

QaiFta 128 12 101 52% 51% 52 -% 

CtatesCp 0.17 31 1651 32% 33% 32+1% 

Cnustgc 401006 3Bfi 35% 33% +2% 
OS Tech 162 873 3% 3ft to 

CfccoSys 1731224 32% »% 32% +2A 
CtzBancp in 16 21 28% 28% 28% -% 
Oean Kb 27 133 7% 7% 7% +% 
0*a Or X 20 13% 12% 12% to i 
CUhtstm 10 788 ft 6 B l ‘ < +to | 
CDOCDtt IDO 16 253 27% 28% 20% -% 
Grata Engy 97 370 ft 4% 4% i 

CraSeAJarn 28 156 10% 10 1ft to 

CogncxCp X1433 20% ift 1ft -% 1 

Comb 109 117 12 11% 12 +% 

Coherent 16 30 13% 13% 1ft 
Cofe»* 88 783 22% 21 22 to 
CoM to 128 14 35 21% 20% 21% +1 
Cab* Op 060 9 149 24% 24% 24% to 
Comat 02( 14 576 20% 20 20% to 

CM5SA 009 142280 1ft 1ft 1ft to 
CraatASp 009 3413181 1ft 15% 16 to 

COwAsteQn 11 IX 32% 32 32% to 
Comma 0J7D OB 391 18% 17% 18% -% 
ComprtXj 391 1162 12% 11% 11% to 
Carettn 53 3 11% 11% 11% 

Gonsbtt 34 898 %*„ U2B 3,‘. +A 
CraP^x 129 26 206 39% 3ft 39+1& 
Csnsten 12 160 8% 7% 8 -% 

Corses 1.x i8S02Suii% 10% ii 
C MH CM 20 36 1ft 14% 15 to 
CrtOata 14 372 10% 9% 9% -% 
CoosA 050 23 952 1ft 1ft 18ft to 
Cupys* 94 2137 11% 10% 11% 
CoOsCp 2D 777 4ft 44% 4ft -1 
Cop Of A 44 1922 1ft 15% 1ft 4% 
Cottars 002 31 3207 28 26% 26% -1% 

OayCfthp 11634 1% 1, 7 « ift +% 
Own Res X 17 6 5% 5% 

cytogaa 2 <22 3% 3% 3% to 


DSC Cm 411BZ12 83% 00% 62% *2% 

DartGrcu 013105 2 B3 81 83 +6 

DataSwC* 9 103 2% 2 2 

Dattta 30 110 7% 7 7%+% 

paanape 13 121a 14% 13% w to 

DattanDp 03Z 11 214 25% 24% 24% 

OttShBBxfltta) 4 6% 6% 6% 


Sbtt Eh. e ifite ora Ire Lret Bag 
DtabEn 032 21 13 13% 13% 13% -% 

Dofcrafe ORB 47 12 32% 31% 31% 

HdsnraXXiO 32 Z1 21 21 +% 

pel Crane 211B0B 22% zi% 22% +% 

DeteQSffn 0.16 18 600 15014% 14% -% 

Otay 321100 37% 38% 37% 

Ox St) USD 7 532 26% a 28% 

Devon 02D 2 42 B7% 7 7.« +.48 

DHTatt 14 334 18% 17% ift +% 

QbrttB 072 6 3E 18% D18 16% +% 

Dlfll W 12 7575 14% 012 12% -1& 

Dig Mere 5 483 ift 9% 9% 

OB Sand 6 82 iJi 1}1 

6 311 2% 2% 2% to 

OJanraCp IfirlOO 34 34 34 -% 


OPrifiVrii 020 24 £64 


2% 2% to 

34 34 -% 

9% 10 +% 

3^ 4 & +A 


AKIS^ 422893 30% 29 29%+% 

Atrflld 038 16 5W 25 24% 34% to 
AteXSW 15 2 ft ft ft 

ABoiOig 052 13 2100 u34 34 34 
Atom 6 1873 11 IOIOK+,1 

AddCrate in 12 278 14% 13% 13% -% 
AM Cap on 12 £06 14% 13% 14% +% 
AUteteC 032 X 110 3% 3% 3% to 
Alta Gold 006 5 731 1% 1A 1% 

Aten Co 38 8025109% 38% 38% +% 

Am tatar 06B 8 208 22% 22% 22% 

Am Cty Bu 14 68 1ft 1ft 1ft +1 
AmUanag 19 430 20% £0 20 to 

Am MariS 121325 9% d&% 8ft +% 
Art S<*t*a 032183 405 5% 5% 5% -% 
AmFitwys 32 B13 19 18% 19 

Am&IA OSO 16 2194 2B% 28% 20% to 

Ambid* 2 2101 1ft 1ft 1% to 

An**! 220 7 56 50 49% 49% to 

AmFMtonr m 7780 £3% 22% 29ft +1ft 
AraTiar 10 K 12% 12% 12% -% 

Amgen tec 1515080 41% 40% 41% +1% 
Ante* Cp OOB 26 3306 18% ift 18% +1% 

Amifte 4 ex 10 ft 9% to 

Anrags 15 IX 16% 15% 1ft to 

Andys* i ax 14 noo ift ift ift -1 
haqttn 1DQ 14 « 17 17 17 to 

Andrew^ 22 20X109% 3% 39% +% 

Andros An 9 223 18 ift 17% +% 

ApogeaEn 030 25 240 13%d12% 12% to 
AW Bio 10 500 U7% 7 7% +% 

AppUMd 31 7660 «% 43% 4ft +1% 
Ap(*C OX Z711062 31% 30 31 +% 

Apptebaes 004 54 10X 21% £1 21% to , 

Arbor Dr 024 39 38 17% 17% 17% 

Ante* an 20 1503107% 2ft 26% ft 

Argonaut 1.16 7 58 Z7 (Oft 26% to , 

AnaarAI 064 20 251 21% 20 20% -% I 

AmoUh OX 16 157 18% dIB 18% ft 

AS* Grp 2 952 9% 8% BU -ft 

AjpaJTU 272341 30% 29% 30 -% 

ftreoOQanm 317 12 22% 22% 22% to 
AST Ran* 11X63 18% 18 18% ft 

MfORSOi 23 485 10% 0ft 

Ad SEA* 032 22 810 31 30% 30% to 

Attdrik OX 204831 52 50% 51% ft 

AttoHD 11 178 ft 3% 3% to 

Avmdafc 092 11 294 7 ft 6% -% 


BEIB OIB 19 2100 8% 8% 6% to 
Battaget 8 2B4 10 dft ft 

BataHWl 120 % dft ft 

Bator J 005 131266 21% 21 2lft +ft 
BktalB 020 3 58 14%14.71 14% -% 
Bancttc 16 102 22% 22 22% 
Boksotxfi OX 12 77B 1ft 1ft 1ft to 
BrakmCp OX ID 475 IS 17% 19 +1% 
BartaDO? 060 11 517 ift T9% 19% +% 
BuMtacs an 28 18 h33i 2 3ft 33% +ft 
Berta Ga 052 17 61 35% 

BaesrtF On 14 ix 2ft 25% 25% to 

Bay Vtear an 10 3 19% 1B% 1ft -% 

Bsybarts 1.X 13 713 58% 57% 58 +% 

BTOTAl 106 9 296 79% 29 29% 

BE Aero S 843 10% 9% 1ft 

BtartCas 020 29 94 13 12% 12]| +,V 

BenUeny 16 56 17 16% 17 +% 

BerideyWR OX 13 130 3ft 3ft 38% -% 

BHAGrpx 012 14 3 ft ft ft -% 

Bltnc 95 85 5 4% 4% 

BbjB 012 16 372 11% 11% 11% +% 
BimteyW 008 151383 13% 12% 13% +% 
Biogen 39 2830 37% 35% 37+1% 

Btama 17 xss ift aft 10 +% 

Btetttbg 1JM 12 6 32%d31% 32% +% 

BUCSnftw 19 5485 81% 5ft fiOft 
BnatmraS 124 10Z764 31% 31 31% to 
BobEftts 027 19 3X 21% 21 2tA +i l « 
BrateSB 13000 2ft 2ft 26% -% 
Bariaad X 2241 12% 12% 1?% +% 
BottnBt 076 5 76 34(02% 32% -1 
Barton Tc 821523 14% 13% 13% -% 
BradyWA 066 19 10 uX 47% 47% 

Brencs 020 a 33 10% 9% 10% +% 

Bran 5 034 16 677 7% 7% 7% 

BSBBocp 0.76 8 231 24% 23% 24% +% 

BTShfpng OX 6 X ft 3% 3% +% 

BUtets 38 1103 24% 23% £< +% 

BttdenT 24 574 14% d14 14 

BurBrwi 31 1063 u9% ft ft +% 

Btstneasfl 64 30 34% 34 34% +% 

BrterMg 5 3 22% 22% 22% ft | 


DNAPta 21884 4% 3% 4,‘ a +»*. 

Dflbrfln 020 28211202ft 25% 2ft +T% 

DnrchHte 098 IS 4 14% 13% 14% 
DrecoEngy 13 19 ft 0% ft 
Orenaam 13 240 11% 11% u% +% 
Dray BO 024 221177 2ft 34% 26% +1 

DragEmpo 008 X 210 4% 4% 4% -% 
D5 Bancor US 16 113 &4 28% 29% +% 
DuVnu 042 12 1244 17% 16% 16% +00 
Ourr» 030 24 8o33% 32% 32% 

Dyota* 11 820 I7%dt5% 17% +1 


EttteM 

10 

2 

ft 

ft 

ft 

+% 

EacelQ) 

2 

536 

4% 

4% 

4% 

■A 

EaeEnwrt 

3 

X 

T% 

1% 

1% 

to 

EQTei 

018 262316 21% 20% 20% 

to 

Ea*esd 

70 

397 

B% 

ft 

V. 

-it 

HPasoB 

2 

432 u2% 

2» 

32 


BactScJ 

11 

188 

11 

10% 

11 

ft 

Bedtafi 

075 53 

111103% 53% 53% 


BecMrt* 

2510370 22% 21% 21% 


EmeonAs 

21 

295 

7% 

7 

7 

ft 

ErrarimCp 

271442 

6% 

ds 

6% 


tijyY*lUJ3 

52 

234 14% 

14 14% 

+% 

EmrSvs 

62 

51 

1% 

1% 

1% 


Ban tec 

3 

841 

3% 

3 

3% 

+% 

EquIyOl 

010 20 

18 

4 <□% 

4 



0.481 2B 2772 X% X 4ft +% 
10 B% 8% 8% 

75 4 16% 1ft 16% 

25 1303 19% 18% 1ft 

14 2 1ft 10% >ft to 

15 833101% 20 20% +% 

OlO 18 616 18% 15% 15% to 

21 210 1ft 12% 12% to 


- F- 

FnflGrp 11 1037 5% 4% 5 

FwrCp 024 15 14 5% 5% 5% +% 

taWHl 0D4 54 2454 35 32 34% +2% 

IWM 15 886 24% 23% 24 to 

Ffcronks 3 174 ft 2% 3 

FBOlTTfd IDS 18 855 u53 51% 53 +1 

FBtyOff 7 557 4 S3% 4ft 

Rgg* A 024 0 804 10 9% 9% ft 

Rtanrit 392536 28% 27 27% +% 

fstAtenma 120 12 1652 35% 3ft 35% 
fMAn 0R4 8 6X 102 31% 32 ft 

FmBEQhlD OM 11 432 £4% 23% 24% ft 

FUCnfik OX 22 173 24% 24% 24% 

FstSacty WM 10 527 28 27% 27% ft 

FstTem m 1011521*42% 42 42% +% 

FatWara 03B 7 42 9 8% 8% ft 

taedMc OS 11 818 24% 24% 24,’s -JO S 

Itater IS 11 73 45% X X% ft 

Rretata X 115 7% 7% 7% +% 

Hrenr 26 1332 22% 21% 21% -% 

HtaM 16 874 5% «5% 5% to 


FT Sh 

Bert D*. £ UOI Wtt ta> 1M Ctag 

- K- 

K9te» 0® IS 1® 23% 22% 22% +% 
KanenQi OX 5 429 ft 9 ft -& 
Kannor C 008 34 477 12% 11% 12% 
total Cp OX IS 206 £4% 23% 24% +1 

KBteyM 5 789 6% 6 8 

KefySv 064 233035 27% 2ft 27% +1 
Kertutty 011 10 51 ft dft 9% 
XbitaB 064 13 2B5 25 » £4 -% 

IQnchntr 13 12 ft 5% ft +% 
KLAtratr 576879 uX 41% X% +1% 
Knawtadge 52514 11010% 10% 

KoflA 1 2610 11 A U -,% 

Koragtac 2294622 25>2 24 25% +1% 
KiUttsS 8 663 12% 12% 12,1 i‘< 


- L - 

Ladd Fran 012 52 57 ft 6% 9 to 

Lam feed 354372 31% 29% 30% ft 

Lamer 080 16 21 42% 42% 42% 

Lance tec* 096 19 261 16 18% 19 ft 

LaretericBph 42 605 u33 32 32% ft 

Lanopecs II 210 ft 7% ft +% 

laseiatpe 62 199 ft 5% 5% to 

LattttS 14 858 17% 16% 17 -% 

LawrenPr 0X 17 108 24 23% 24 

LDOS 338 4324 24% 23% 23% +% 

U»Cp 0.16 7 6 5% 5% ft 

uensa 15 760 12% 11% ift to 

Legem Cp 193502 32 31 31% to 

IJHVNIBc 078 13 326 29% 2ft 2ft % 

Lie Tech 020 14 256 17% >ft 16% -1 

Uterine 22 30 4% 4V 4% 

LBytodA 028 25 136 26^+ S% 26% 

Liner 921078 109106% 109+3% 

iterate T as 15 388 ift 15% is to 

LndsayMT 14 IS 33% 33 3ft 4% 

LtnesTecv 024 392710 X% 46% X ft 

UquBtt OX 16 7 36% 35% 36% -% 

Laewen Gp 005 £8 21B 24% 24,% 24% ft 

Lone Star 24 522 7% 7% 7% +% 

LctusD 531143 66% 83% 65% +1 

LTXCp 2 551 ft 2% 2,\ 

LbMH 035 4 2010ft 33% 30% ft 


MO Cm 005 1034716 22% 22% 22,1 -Ji 
HE Cart 181185 71% 920 20% -% 
Mac tx an 45 7 14% 14% 14% -.11 

KtafsonGE 106 14 22 32% 32% 32% to 
Mapoa Pwr 14 175 31 30% 31 ft 

MapaBp 076 12 724 19 18% 19 +% 


tat Bn 

UucunCp 

Marion Or 

Martel Cp 9 2 39% 39% 39% -% 

Manpjss i« 2 1% 2 +,% 

itentma 19 55 0 8% 9 to 

MnttSDMOX ID X 11 1ft 1ft 

ritatttt On II 366 20% 20% 2>% -% 

Maaee 9 74 8 7%. 8 

Uariatat X 1064 52% 48% 52+3% 

Ham* ft 0 765 ft 6 ft +% 
MetahR OX 12 7 15% 15% 15% 

McCOtaC OX 17 1557 21 20% 2D% ft 

McCsnG X6434 «% 48% X% +1% 
Had biug 0 774 ,% 6,1 & 

Uettatec 016 2i 11 17 16% ift 

HrMnG OX 13 SOS 23 21% 22% to 

Uehmbia 034 7 97 5% 8 5%+% 

HBrtorft 016 X X 14% 14 14% +% 

MettG 024 23 2426 12% 11% 11% -% 

Uenart-B 088 ID 684 1 9% 19% 19% ft 

ItereuyG 070 7 617 26% 28 2B% +% 

ItattSl 106 11 826 20% 29% 29% ft 

Itatal 17 1924 17% 17% 17% +& 

Methoda A OOB 16 193 16% 15% 15% 
MrtnM F 020 15 551 10% 9% 10% +% 
MUi MB *200297 56 68% 65^2 65% to 
MWtHttl 12 54 5 04% 5 +% 

Mkanpa 2011X 26% 25% 26% +1 
■fleroom 5 ix 5% 5% 5% ft 

Mkagrah 11 134 8% ft ft 

Ucrpote 3 1579 7% 6 8% -% 

Mkafl 282D2B3u95,c 92 95% +3 

UdAlM X 5131 54% 50*2 54% +3% 
ttdbrttcx UX 11 2189 29% £9% 29% +ft 
Wdwtan OSD 28 76 32% 31% 32 -% 
MerH 052 17 45X 25023% 23% -1% 

Haem 410 21% 20% 21% 

Itentadi 14 IX 11% 11 11 -% 

MttldM X 1354 17% 17% 17% 
Morten CB *020 IB 88S 7% 7 7% +.X 

Maine Mf OA& 18 84 » 25% 26 ft 

lUtt 004 895 34% 33% 34% +1% 

MtattaC 004 26 779 35% 34% 35% +% 
Moacan 004 18 458 10% 10% 10% 
MoafnaePxOn?! 72 29028% 29 -% 

A* Crtae 16 484 13% 13% 13% -% 
HTSfte 058 11 MOD 27% 027% 27% 
Mamed 12 2B2 2B% 2B% 2^2 +% 
Mycogan 5 463 11% 11% 11% ft 


14 S3 9 
26 93 9% 
13 291 5% 


MarasuMox id 


Ftarr 2813S 22% 21% 21% -% 

How tel 16 874 5% <5% 5% ft 

FoodLAi 000 153539 5% 5% 5% ft 

FtaU* 0095872661 5% 5% 5% ft 

Rrunost 158 10 29 31%d30% 31% +% 
F rad nr 14 135 15 14% 14% 

PtreBanc 0» 53 421 Eft S% S% -% 

Faster A 38 62 3% 3% 3,*, to 

FrtftRn mil 424 28% 28 28% ft 

FstEBStn 1.12527 120iC6% 2ft 26% ft 
FW FW OX B 620 17 16% 16% to 

FSttWrt 1.18 10 147 26% 25% 25% -% 

Fdtalfix 058 22 BB 35 34% 34% to 

FlitanRn 068 14 81 U27 26 2B% -% 

Fmon 024 19 30 15% 15% 15% ft 

FutraadADH 221 5% 5% 5,* a -£ 


GSKServ 007 21 351 14% 14% 14% -% 

(Santos 0 47 ft 3% 3% -% 

Grata f* 12 8 9% 3% 3% 

Gertco 01615B 61 6% 6% 6% 

GanIGted OX 17 104u17% 16% 16% 
Gertyte 17 399 4% 4% 4% 
Gtrtari>h 52570 13% rf!2 12% -% 
Garris* Cp 4n X 1830 29% 27% 29% ft 

Sum tec Ml 151 4% 4% 4% +A 

Gratyma 1172011 30 2B% 29% ft 

Gfcsoaa OX 12 334 19% 19% 19% -% 

SddhgsL 012 18 285 25% 24% 24% -% 

GBurtA OX 18 4 16% 16% 16% -1% 

GbbBtan 11 88 5% ft 5% 

Good Guys 195386 15% 13% 15A 

GoukbPmp 089 191496 22% 21% 22% +% 

GndaBys 33 182 2 61% 2 -% 


- N - 

■UC (to ai6 11 91 27% 26% 
Has* Frch 0.73 11 34 18% 16 


020 75 141 22% 21% 22% 


HUPba 

13 

57 5% 10% 

5% 

to 

024 11 11 

18 18 18 


tttCoeept 038 68 

7B 11% 

11 

11 

to 

1 B634 

1% 1 1ft 


NbsSUl 

an 22 

62 15% 

15 

15 

to 

11238 

4 3% 4 

ft 

Nautgenr 

9 

5 18 

18 

IB 


725 410 14% 14% 14% 

+% 

NEC 

QX 94 

117 55 54% 

a 

to 

8 431 

11 10% 10% 

ft 

fetor 

172574 Z7% 26% 27% 

•% 

4 444 

8 7% 8 


NBtwkGoi 

382192 18% 

18 18% 





feMS 

99 

968 7% 

6% 

7 



Bnadim 

Grossmans 

and** 

671 Carp 
eriffSrg 


- H - 

HardngA 597100 ft dft 6% 

Hariaryil 064 8 7B 21% 21% 21% 
HarparGp 0X 14 99 1ft 15% 16 -% 
HBOS CD OM 24 4459109% S% 29A+2S 
Iterator 178BX 1ft 18% 19% +% 
i ta dhe ni on is x n% 11 11% 

Krettvyn 10 239 B% ft 8% ft 

HbAXI 11 338 7& 6% 7 +% 

Hadringw x 0.18 2511X6 dlS, 7 , 14% 15% ft 
HaUmj 218 11 10% IOH +ft 

ItetenTroy 8 18 14% 13% 14 

Hertrif* 072 15 1550 23% 23% 23% to 

Hogan Sys 015 30 XT 10% 9% 10% 

tfctogk: 38 368 u8% ft 8% + I 4 

ftnaBart 080 B 124 20% CEO 2D% to 

Horae Notr 258 9 7% 7% 7% 

Home Ota 072 25 251 dZT 20 20% 

HonlodB 0X28 S51 33 32% X 

tanked 18 513 15% 14% 15% 

tareehRes 044300 20 3% 3 3 

Krt JB* 020 21 580 21% 20% 21% to 

fetetinftn naio 1854 24% 23% 24% 

Draco CD OOB 0 88 2% 2% 2% -% 

HntehTach 601266 37% 36% 3B% ft 
HyorBta 18 89 5% 4% 4% 


Nareagen 25 3 

Ntiraa 027 17 59 
NewEBtt On 24 206 
taw image 7 63 
i ta d gaHrt 4020823 


25 3 7% 7% 7% 

17 59 17 1ft 17 

24 206 21 19% 21 

7 S3 9% 9% 9% 

4D2DB23 54% 51 54% 


0RSJ8 
OB Crams 
■5101 
treaueor 
ba m i Mga i 


517100 ft 8% ft to 

X46^ 17 1ft 17 +% 

7 290 8% 5£ ft 

33 93 6 ft 5% ft 

4 712 5 4% 4% +& 


treaueor 33 93 6 ft 5% ft 

banungen 4 712 5 4% 4% +,>, 

terperl Be 0X33 S2 SbT 7% 17 17% +% 
ted Bract) US 19 295iS3B% 38% 3ft ft 
ted KB 02(218 7100 15A 15,’s 15A ii 

if Rtt IB 1625 16 14% 18 *2 

Wormfc 203437 18% 1ft 16% ft 

te0ed*t on 16 79 12 11% 12 

HagrDn 3712(91 30% 30,% +A 

ntgUSys 271171 11% 11 11% -% 

21 11 4% ft 4% 

RtUz 020 1135359 61 99% 60% ft 

teto* 11 67 3% Zfi 2,1 -* 

iaSanS 032 326614 19%tflft 18% -% 
brier Tel 23 834 11 10% 10% -h% 

tetarteaA &2< 183094 13% 13% 13% to 

KB* 37809 ft 9% 9% ft 

ttutotl 10 822 7% 8% ft -% 

itnhu 215 874 11 10% 10% 

Uranic 21 1236 11% 11% 11% ft 

WtokytM 15 64 18% 18 18 to 

Ultas 008 20 59 3% 3% 3% -% 

U TOU 4fi0 589 ft 8% 9 +% 

town 001 18 98 27% 26% 27% ft 
Unapt* 1 3H 2% 2i 2% 
feomgeft 16 232 18% 17 18% ft 
BpYcfexfc 130 38 20 208 200 209 


JOiSOKh 17 45 1ft 15 1ft 
Jura tec 036 21 168 14% 14 14 to 

j£tod 010 23 62 2ft 28% 27% -% 
JDfBWMV 52 3 21 Cl 21 

Atari K 10 3X 13% T2% 13% ft 
•totalled aiQ 17 434 11% 11 11% -% 

JDStenCp in 11 SO 24% 23% 24 -% 

JSBFto 064 14 58 22% 22% 22% to 
JO* IX 02B 181425 18% 18 1ft -% 

Jitttn an 10 1S5 tftdT2% 13 to 


NawpRGp OJM 11 72 uft 5% 5% -% 
Noble DM 213150 7% 6% 6% -% 
Nonteon 056 28 191 58% 57% 57% 
Ndttnn 034 25SD82 X X% «% to 
tanmi 12 A 1ft 1ft 1ft 

N Stalin 4 67 5% 4% 6% ft 

ritenWTst 088 13 731 41% 40% 41% to 

Mewl 21219938 19% 18% 1B% +% 

Notates 33 2721 38% 34% 35% ft 

NBC Clap 9 10 ft 3% 3% 


- o - 

OOtatoye 27 237 617 16 17+1% 

Ode) Gran 182422 20% 2ft 20% 

DftMg 14 217 14% 14 14 

OgfeteyH 080 8 I5u2ft 2ft 25% 
ONoCs 1.X B 198 30% 30 30% 

OU Keot 1.18 10 204u33% 33% 33% ft 
adNMB 092 16 75 3ft 106 36 to 

Onbancrap 100 7 97 3ft 20% 30% +% 

One Wee 14 589 ui9 18% ift +03 

OptlCd R 19 B7 2ft 20% 20% -% 

DrocfuS X265M 32 29% 31% +1% 

OrbScnee 581264 22% 22% 22% ft 

OrtttEtfi 09B2S X 9% 9 9 -% 

ORMSapp 10 549 14% 13% U +% 

Oregorttef 031 9 73 5% 4% 5% 

tttap 4 X 3% 3% ft -% 

OshkfiA 041 X 400 13% 13 13% ft 

osfiosbr an 11 147 11% 10% 10% +% 

OttErTa* 1.72 14 B5 32% 31% 32% ft 


■ P-Q- 

TOxar IDO 14 969 54 52% 5ft ft 

FKOlUop OS 13 95 14813% 14 

PTefcm 132 15 120 24 23 23% ft 

PBcflCn 22 806 54% 50% 54% +3% 

Param utro 327553 28% 27% 28 to 

ftyetuc* 024 X 2354 36% 35 30A +1& 

Paynftn 23 116 8% 8% 9% ft 

Peerless 050 X 127 10% 9% 1Q% ft 

RemTfly 8 4 14 14 14 -ft 

PereiVbg in 23 7 31% 31% 31% 

Pransyt*. 22D17 290 3ft 29% 3ft 

Pena*-* 072 14 106 34% 33% 33% ft 

Ptaach I 15 238 8 5% 5% 

Prawn L 020 22 94 19% 18% 19% 

Peep Banc in 16 4S7u52% 51% 52 ft 

Patties Hx 024 11 1485 12% 11% >l£ +ft 

wnfee Itt 17 14 3ft 31% 31% -2 

Pharmacy 20 696 8 5% 6% -% 

Pharfch 25 X2 ft 4% 5% 

PnadB OX 4 2 11%d11% 11% 

Plc&nte 28 1087 12% 12% 12% to 
PWrat* X 333 18% ift 1B% ft 

Hra»$> OX a 614 3ft 38% 38% to 

PWtaflt 056 242263 3S% 3ft 35% ft 
PUBreSt 014 15 109 Z7% 26% 27 

taneaFtt 5 3 8% ft 6% 

PDweO is 18 8% ft ft ft 

PreoUte on 335X 7% 7 7% ft 

FtttStek 85 871 2ft 22% 23 ft 

PKCaet 23 9771 15% 15% +,i 

Pride Pat X 66 5% 5% 5% ft 

PiMrort 14 177 8% ft 6% ft 

Prod Ops 024 25 681 3 27% Z 7% +% 


w sa 

srect g*. e tt fe w ire Oog 

FUttUiB 012 7 554 21% 21 21% +% 

Pyramid 12 581 8% 8 6 

OubAbUb ft 232 7 ft 6% to 

ttettarOio an 69 170 17% 16% 17% ft 

DuaiFrad 02017 BG8 23% 22% 23 

Qomn 8110027 18% 17% 17% 

QuMBSte 20 226 14% 13% 14% +% 

AlCHBMk 341840 36% 35% 36% ft 


- R - 

ttaHxw 14 216 15% 15 1ft ft 

Mys 9 1316 8% dft 6% +J. 

RaatattS 3 200 4% 4% 4% 

24 4 18% 18% 16% +% 

RBOtan 25 74 27% »% Z7% +% 

Rails A 17 62 19 18% 16% to 

Repugn 3 480 5% 4% 4% <% 

Rep Waste 4 89 2% dft 2tt -,V 

RasrOfed 15 351 ft dft B% ft 

tauten in 184930 47% 4ft 46% ~1« 
Rod* he 1 703 ft 6% ft +% 

MrittFa onio 237 35>l 34% 35>2 +% 

RuadwS 1X232475 79% 69% 69% to 
flbNpn 012 15 134 7% 7% 7% ft 
RttSA 156 4 703 15% 1ft 18% ft 
noosnea OM 9 1DWi*47% 4ft 47% ft 
RtEaSir 020 132373 17% ift 17 ft 
RolacMried 251471 20>« 19% 2D +% 
tauSB 068 70 IBB 1ft 19 19 to 

RPM tec. 052 20 438 17% 17% 17% ft 

RSFtex 0X12 1802012 20 20% +% 

Ryan Fnfe 14 900 7% 7% 7% to 


Sitera in 7 3900 54% 53% 54 ft 

Sradarasi 030 12 >39 18% 1ft 18% -% 

SdembgttXn 181667 25% 24% 25% +% 
Sd tried L 83782 30 29% 29% +% 

SOSystm 132295 1ft 14% 1ft +1% 
SrtB 7 175 7% 7% 7% ■% 

Scrim Cp 052 9 3880 20% 19% 19% -% 

Scare Bra 9 502 9 dft 8% ft 

SeatWd in 46 2 37% 37% 37% +% 

S-gae 12 5520 2ft 26% 26% +% 

sacp 012 29 342 23% 23 23 to 

ScteetoB 036 1 79 1|3 1% 1% 

SatecOns 1.12 14 63 24% 23% 23% -1 

Batumi 63 771 13% 13 13% to 

Sapafe 34 X9 5% 4*3 5% ft 

SravTa* 13 7 ft ft ft -% 

Senfrad 22 79 n*% 4% 4% ft 

Smerara 16 307 17% 17 17li +,<« 

smut 084 181965 2ft 25 25% to 
StaSlttn 3 214 ft 6% ft 

Stenreood 23 320 14ft ift 14% 

ShowtibP 9 384 10% dIO 10% ft 

Stem On IB 5ffl 25i« 24% a +% 

StenaTuc 2 101 3% d3 3 -% 

StjjnW 033 201852 45% X% M% -% 


SravTa* 13 7 ft ft ft -% 

Senfrad 22 79 u*% 4% 4% ft 

Several 16 307 17% 17 17U +,'< 

smut 084 161985 25% 25 25% to 

SUSyahn 3 214 ft 8% ft 

Stenreood 23 320 14ft ift 14% 

Shoot* P 9 384 10% dIO 10% ft 

Stem On IB 501 2514 24% Z5 +% 

StenaTuc 2 101 3% d3 3 -% 

StemM 033 201852 45% X% M% -% 

Stgatates 11427 8% U7% 7% -% 

StaaWBc 006 52 K 10% 10% 10% +% 

SKcnVGp 302242 11% 10% 10% -% 

Shguon 056 25 38 20l 2 29 20 to 

SottM 35 902U25% 24 25% +1% 

SnrapleBv 658818 25% 23. 2+1% 

SoibureP 1 420 5% 5 5%+% 

SatlwreT 80 373014% 1ft 14% 

SOnoco 056 15 1319 2D% d20 20»2 -% 
Sadrist 068 9 336 19 18% IB +% 

Spiegel A 029 X 214 23% 22% 23 ft 

St JufcMri OX 11 4788 27% 25% 27% +1% 

StPuBcx 030 11 4611 22% 2D% 22% +1% 

StcyK 2 IX 2J2 2{i 2Ji +& 

Staples 422299 28 27% 27% 

Star Banc IX 11 5 B 1 39>4 38 % 38 % -% 

Sbtefer 05 B 16 826 36 % 38 % 38 % 

SUMcra 12 930 17 % 17 % 17 % -it 
SXJBtpta 088 14 337 21 % 2121 % 

Steal Tec* 009 20 943 18 17 % 18 +J» 
StaUyUSA 020 2 596 iflO B% 9 % -% 
SUM 146 7 20 % 20 % 20 % 

StmblGI 1.10 13 81 21 20 % 21 

SOlEUDy 24 230 11 % 11 % 11 % 
Stryker 028 21 2168 27 % 29 % 27 % +% 
SdhraD 21 988 14 % 1 ft 1 ft to 
SUntaneB on 26 18 24 22 23 
SurenaBc 084 13 412 21 % 20 % 21 ft 
Summit Te 421288 24 % 24 24 % ft 
SraSpon 15 37 8 % 5 % ft -% 

SunriSc 12 9670 23 % 22 % 23 % *% 

StefflTrt 28 811 28 % Z 7 27 % ft 

Sybase Wx: 6117232 u 54 49 »+ 52 % + 2 % 

Symmlec 28 502 ift 15 % ift 

Synaloy 1138 18 7 18 17 % 18 

Synacom 67 10 3 % 3 % 3 % -% 

tamxgan 2 611 10 9 % 9 % +% 

Synadc 47 699 12 1 ft 11 % + 1 % 

SynopUo 198445 zOa 19 % 21 % + 1 % 

syamscit on: 17 sti ib is% is% to 

Sydwiaw 342136 21 % 19 % 21 + 1 % 

System* 18 241 5,1 5 % 5 % -% 


-T- 

T-CXSc 7 334 4% 3% 4% ft 

TjraraPr 052 17 1043 29 28% 28% 

TBCCp 172181 13 12% 13 ft 

TCACttte 044 23 156 19% 19% 19% ft 
TartOata 11 1486 16 17% 18 ft 

Tecumra OS0 14 121 56% 55 55 -2 

Takatec 2 £13010% 9% 9% +1 

Telco Sys 7 517 13 12% 12% +% 

TetaCananA 97520031 19% 19% 19% -% 
TNeU 171583 11% 11 11 -% 

TeBatn X39Mu67% 83% 67% +3% 

TabonQ) 001 18 5608 1H8 1ft 17% +1% 
Tore Tec 69 S)7 u8% 8% 8% 

TavaPDAOR 027 274119 Z8 28% 26% 

Three Com 4112980 59% 57% 59% +,’* 
TJM 022 35 374 2ft 22% 23% 

Titos Had 2 446 3g 3% 3% 

Tokyo Mar 037 37 120 63% 62% 62% to 

Tom Bnwn 67 719 13 12% 12% -% 

TbppcCo 0283X1257 7% 6% 6% 

TP1 Enter 42S08 B 7% 7% -% 

Tranewfd 11 1S2 1ft 12% 1ft 
Trararitt U00 10 13 36% 36 36 to 

Trterea 6 349 2% 2% ft -% 

Trimfite 53 13X 10% 9% 1ft ft 

DubcoBNC 1J» 10 68 20 ift 19% 

Tseng Ltt 020 13 742 7% 7% 7% +% 
TysfiH 006 16 2238 29 1ft 20 +% 


- u - 

US Wet OOB 141E860 39 38 39+1% 

IMtt 2 8X 5% 5% 5% 

UUksGe in 13 13 16% 16 18 

US Tat Zn 12 139 52% 51% 52% 

UnlBdSt OX 12 IK 14% 13% 13% ft 

UnBog 020 18 ilOO 24% 24% 24% 

Uttrti IX 21 172 3ft 38% 39% ft 

ISBracp H® 104996 2ft 24% 25% -i 
WEnregy 31 17 4% 4% 4% -21 

USTCdrp 1.12 9 45 13% 13% 13% 

Utah triad 13 537 7% 7% 7% 

UM Taker 10 Xu45% X X to 

1 » is no ft s 5 to 


Wtewrt 030 34 X 15% 15% 15% 
WVflCM 55 5536 33% 32% 33% +% 
VBtaB 191507 17% 17% 17% 

Vfcor 41 1206 26% 2ft 2B% ft 

Wsptat 1027M 1ft 15% 16 

YMtagiC 32 355 25 24% 25 +% 

HSI Tech 31 1992 14% 13% 14% +% 

VdlWBx 097 17 01 uB4% 93% 94% +1% 


WaraaBi 012 Z018W 26%H25»2 25% -1 

WAimtadl 87 424 4% 4 4, 1 , -ft 

UteMtaSBiriLa 73540 18% 19% 19% to 
WzUVdSLOED 81395 21% 2121% 
VMUUA 022 9 462 24 23% 23% 

IteUOilPII 024 16 201 26025% 28 

HD-4S £00 16 101 43% 42 X -% 

Wort* 36 506 8% ft 8% Jg 

WriStOne 072 11 1156 28% 27% 28 
IfciPU) . 81350 12% 11% 12% ft 

WSpKA 1 13G 18% 18 18ft +ft 
WtfSaen 19 IS 3% 3% 3% ft 

IMmta 068 222502 X 45% 4ft 
VtasSDttOB 801847 35% 33% 35% +1 
WehaitL 02812 75 1ft 14% 14% ft 
Mhngl 036 24 1511 19 ift 19 ft 

WPPGrott 003 23 63 3% 3ii 3ft 
WSpMVGfeOX 4 1» B S% 5% ft 


- X - Y - Z - 

Xtan* 38 2713 56% Wi 56 ft 

Ann [Up 21047 3% 3% 3% 
'mpt* Ofl< 30 823 21% 20% 20% -ft 
Ytafctah X 216 4% 4% 4% ft 
ZtanriUUi 1.12 9 196 39% 38% 39 ft 



FINANCIAL TIMES TUESDAY MAY jjg* 



A t 
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tiian 
moun 
"tent; 
talks 
peace 
Mr 

nian £ 
man • 
includ 

Europ 
sancth 
lilted 
towart 
said b 
Zamed 
“The 
nity hx 
import 
dons o 
in Pal 
capital 
The 
by Mr < 
special 
Nikifor 
sentati 
face- to-] 
nian & 
forces 
ultimat 


TUESDAY 

Dutch general election 

A closely- 
contested gen- 
eral election 
in the Nether- 
lands sees the 
retirement 
from national 
politics of vet- 
eran prime 
minister Ruud 
Lubbers (left). 
Support for 
Mr Lubbers' 
Christian Democrats is forecast to 
fall by about hall, and the party may 
be forced into opposition. 

The Labour Party, Junior partners 
in the current coalition, also faces 
a severe electoral decline. Increased 
support for smaller parties will proba- 
bly result in a three-party coalition. 

Bond hearing: The long-postponed 
public examination of Alan Band, the 
foiled Australian h n^noagmaw, by 
his bankruptcy trustee begins. Two 
weeks ago. lawyers for the former 
tycoon withdrew a request for an 
ad j ou rnment until Mr Bond's mental 
state improved. They had previously 
argued he was severely depressed and 
his IQ had plummeted from ISO to 90 
because of brain damage suffered dur- 
ing cardiac surgery. 

Contaminated land: Responses 
to the UK government’s consultation 
paper on contaminated land, Paying 
for our Past, are due in today. The 
paper, which follows the government's 
scrapping of proposals for a register 

Of rymh»rrrmata W ffafla for com- 

ments on the size of the problem and 
to determine who should foot the bill 

nf- H pawing land 

Saleroom: Two weeks of big money 
spending in the art market start 
tonight in New York with a Christie’s 
auction of contemporary art “Number 
22", a painting by Jackson Pollock, 
created in 1949 tor the dripping and 
pouring technique rather than the 
paint brush, is estimated at up to $3m, 
while Mark Rothko's atmospheric blur 
“Four Reds” should make glfon. 

FT Survey: Romania. 

Japan's Golden Week: 

a {//•">& , Japan is on 

its aimiial 10- 

day spring 
break, which 

66.7m people 
.. are heading 
off (m holiday, 
- a record 450,000 

of them abroad, 
attracted by 

the strength of the yen, which has 
made Haiwail cheaper, for Japanese 
holidaymakers, than Hokkaido. 

Holidays: Japan (Constitution Day), 
Sri Lanka, Thailand. 


Other economic news 

Tuesday: figures for M0, the 
narrowest measure of the UK 
money supply, are expected to 
show growth of 5.9 per cent in 
the 12 months to April. This is 
still well above the govern- 
ment’s 0-4 per cent monitoring 
range and would provide fur- 
ther evidence that consumer 
demand remains buoyant 
despite the tax rises. 

The Treasury's panel of inde- 
pendent forecasters, the 
socalled “wise men", meet to 
discuss the prospects for the 
UK economy. Their findings 
will be published on May 17. 

German industrial produc- 
tion data for March are expec- 
ted some time this week. Ana- 
lysts forecast a monthly rise of 
0.5 per cent, compared with 
February’s 1_2 per cent 

■ Wednesday: the UK’s official 
reserves are expected to show 
no change in April, after foil- 
ing by $45m In March. The 
Treasury will release its 
monthly monetary report, to 
coincide with the meeting 
between the chancellor and the 
governor of the Bank of 
England. 

Thursday: German unem- 
ployment statistics for April 
are expected to show a season- 
ally adjusted rise of 23,000 in 
the west and an unadjusted foil 
of 20.000 in the east. 


ACROSS 

1 Object after sound meal 
causes baby pain (8) 

5 If not American Len's turned 
in (6) 

9 Stage students admitted 
becoming traffic controllers 
(8) 

10 Caught despicable chap with 
ruler making hole (6) 

12 Raced companion to US form 
(5) 

13 Fancied a G1 in army manoeu- 
vres (9) 

14 Existing vicar's salary {Si 

16 Contempt for home after dad 
Is thrown out (7) 

19 Said some bird swallowed a 
bone (7) 

21 Using same more sultanas for 
effect (61 

23 Fair trial arranged after 1 
destroyed map (91 

26 Wrote about tall building (5) 

26 Firm takes me in before 
revealing wages (6) 

27 Frank removed sign for 
vacancies 18) 

28 Decorate pole without glaring 
(61 

29 Improvement to rally mi last 
day (8) 


WEDNESDAY 

Mid-East signing ceremony 

Israel and the Palestine Liberation 
Organisation are due to sign an agree- 
ment granting limited Palestinian 
autonomy in the Gaza Strip and Jeri- 
cho. A ceremony is to be held in Cairo 
in the presence of President Hosni 
Mubarak of Egypt, Warren Christopher, 
OS secretary of State, Yitzhak Rabin, 
Israel's prime minister, «~nd Yassir 
Arafat, chairman of the FLO. 

The European Parliament, holding 
its last plenary session before the Euro- 
pean elections, votes on the accession 
treaties of Norway, Sweden, Finland 
and Austria. It must approve the trea- 
ties by today to make entry on January 
1 1995 possible. With many MEPs cam- 
paigning or not standing for reflection, 
worries are that not enough win show 
up to produce the 260 votes needed 
to gain an absolute majority out of 
the 518 seats. 

Australian White Paper: 

Paul Keating, 
Australia's 

|Sjj EMKjV-i \t prime minister 

v? (left), unveils 
the federal 

3HHl government s 
WKKL whitepaper 

on industry 
and employ- 
meat It will 
detail measures 
to address Aus- 

t tralia’s vexa- 

tious unemployment, along with 
regional development policy mid help 

for Australian ^n^npawips soiling lT|tn 

Asian markets. The white paper's 
release comes a week before the federal 
budget statement and Mr Keating's 

unnminrwnpnt is Ulrriy to preempt 

big expenditure items. 

South Korea's defence ministe r, 

Rhee Byoung-tae, arrives in Germany 
following a six-day visit to Russia, 
where he discussed the possible pur- 
chase of advanced weapons as payment 
for an outstanding $l-5bn loan that 
Seoul gave the former Soviet Union 
in 1991. He will be discussing possible 
arms purchases in Germany as welL 

Nigeria’s long-heralded and 
oft-postponed “war against indiscipline 
and corruption" is scheduled to begin. 

Saleroom: The hi g hli g ht of Sotheby’s 
auction of contemporary art in New 
Turk tonight is “Highway” by Jasper 
Johns. Inspired by the artist’s experi- 
ence of driving on a New York highway 
at ni ght, this blur of reds, blues and 
yellows is estimated at a hefty $8m, 
showing a return of confidence to this 
section of the art market 

Football: In the European Cup 
Winners' Cup Final, En gland’ s Arsenal 
play Italy’s Parma in Copenhagen. 

FT Surveys: Restructuring Eastern 
Germany and Greater Philadelphia. 

Holidays: Japan, Russia (Orthodox 
Easter). 


IWmmU Counter 
•foes US 
May 3 US 


Wed us 
May 4 US 


Duct US 


Marleadhfl Indicators 
Johnson Redboofc. wte April 30- 
Apr M0 money supply* 

Apr M0 maney guppy* 

Tan book 

Mar factory outers * 

Mar factory Inventories 
Apr domestic auto sales 
Apr domestic 6gfa tmek sales 

Apr official re serves . 

Mar buldbtg permits* 

Wtial cfeirra, w/a Aprt 30 


THURSDAY 


Local elections in Britain 




England, Wales and 
Scotland vote in local 
elections that wfQ 
determine whether 
the Conservative party 
remains a force in local 
government and - 
no less importantly 
- whether John Major 
is likely to face a lead- 
ership challenge from 
disaffected Tory MPs 
later this year. Elec- 
tions are being held for metropolitan 
and shire councils, but attention will 
focus on the results in outer London, 
where the Tories have traditionally 
been dominant. 

Palestinian police force: The 

awritrig of more than a Quarter-century 
of Israeli occupation begins, as Pales- 
tinians in the o*” Strip and West 
Bank town of Jericho see the deploy- 
ment of their own police force An 
advance guard of L000 Palestinian 
police will cross into Gaza and Jericho 
to begin to taka over security from 
the departing Israeli army. Israel is 
expected to complete its military with- 
drawal and the transfer of civilian 
administration to the PLO within a 

nmgnmwi nf threw weeks. 

Tsutomu Hate, Japan's prime 
minister, cm a trip to Western Europe 
originally organised for his predeces- 
sor, visits Germany. He meets Chancel- 
lor Rohij Rians gfnh»i, the foreign 
minister, and Johannes Ran, prime 
minister of North Rhine-Westphalia, 
where the dty of BQsseldarf is home 
to the largest concentration of Japa- 
nese in Germany. 

Beirut renewal: Shareholders of 
Solldere, the $L8bn company that plans 
to rebuild central Beirut, hold their 
second meeting to incorporate the 
company. 

The Ba dmi n to n Horse Trials, 

England's premier equestrian event 
begin at Badminton House, Avon (to 
May 8). 

Savoury tooth: The British 
Association for Tooth friendly Sweets 

Tarmrhna its campaig n in 1 /inrinn 


FRIDAY 

Channel Tunnel 'opening 1 

Today sees the official inauguration 
of the T unnel However, more 

than a year behind schedule and more 
than twice the original budget, it wQl 
not actually wen to passengers until 
at least the autumn. 

In. the morning, the Queen opens 
the Waterloo International rail termi- 
nal in London (below), while In Paris 
President Francois Mitterrand opens 
a terminal at Gard du Nord. 





FT Surveys: International Corporate 
Finance and FT Exporter. 

Holidays: Japan. South Korea 
(Children’s Day), Mexico, Thailand 
(Coronation Day). 


ECONOMIC DIARY 


Both wffl then take Eurostar trains 
to Calais for an opening ceremony. 

The Queen and President Mitterrand 
will then drive, in her Rolls Boyce, 
nntoai v ehicle and hgflri 

through the 55km tunnel to Folkestone 
for more ceremony on the British side. 

South Africa’s president is due 

to be elected by the National Assembly. 
The president, almost certain to be 
Nelson Manila, will be sworn in cm 
May 10 in Pretoria. 

Ethnic Armenian separatists in 
the disputed Nagorno-Karabakh 
enclave in Azerbaijan have accepted 
Russian proposals for a cease-fire 
starting today. 

Hong Kong: Lu Ping. Bering's top 
official on Hong Kong affair s, is expec- 
ted to lift the veil on China’s policy 
towards the colony, when he addresses 
a lunch sponsored by the combined 
chambers of commerce in Hong Kong. 

Making his first visit since Chris 
Patten became governor, Mr Lu is 
expected to indicate how Begins will 
dad with Britain on “non-political” 
matters a rising from the t ransfer of 
sovereignty in 1997. Bilateral co-opera- 
tion on political development collapsed 
last year. Since then, there have been 
signs that Beijing is prepared to discuss 
economic matters. 

East Tfanon Indonesia and 
Portuguese foreign ministers meet 
for United Nations-sponsored talks 
on the former Portuguese colony, 
annexed by Indonesia in 1975, a move 
not recognised by the UN. The UN 
secretary-general Boutros Boutros- 
Ghali Is expected to attend. 

Thao Waigel, Germany’s finance 
minister holds a meeting with his Aus- 
trian and Swiss counterparts in 
Munich. Among the items on the 
agenda will doubtless be how to plan 
cooperation with Austria in and Swit- 
zerland outside the European Union. 

FT Su r vey s : Madeira and The 
C hanne l Tunnel. 


Statistics to bo. released this week 



The UK local elections on Thursday w3 be a test tor Prime Minister John Major's teaderartp 


SATURDAY 

Hata returns to Japan 

Tsutomu Hata, Japan’s prime minister, 
returns to problems at home after a 
trip to Europe. The aim was to 
strengthen relations before the Naples 
summit of the Group of Seven leading 
ipringtrial nations in July. 

Last week, the Socialists, the biggest 
party in the ruling alliance, dropped 
out of the coalition, depriving it of 
a parliamentary majority. Hata's 
minority government is likely to be 
shortlived. 

Vietnam celebrates the 40th 
anniversary of the battle of Dien Bien 
Thu, which ended nearly a century 
of French colonial rule. 

Time wrap: British and French 
vintage cars, taking part in a rally 
from London to Paris to mark the 
Channel t unnel inauguration, wifi 
travel through it by shuttle. 

Under fours: A special handicap 
mile at the Iffiey Road track in Oxford 
is part of the celebrations of Roger 
Bannister’s breaking of the four-minute 
barrier there in 1954. 

The Kentucky Derby Is run at the 

Churchill Downs course, Louisville. 


SUNDAY 

Panamanian elections 

Five years after the US invasion, the 
presidential candidate for the party 
of General Manuel Noriega is going 
into the election as favourite. Ernesto 
Pere 2 Balladares of the Democratic 
Revolutionary Party (PRD) leads the 
polls. 

His nearest challenger is the lawyer- 
actor-salsa singer, Ruben Blades, who 
heads a new green-leaning political 
movement Papa Egor6 (Mother Earth 
in a local indian language). 

Costa Rican prosidoncy: Jose 
Maria Figueres. the son of “Pope" 
Figueres, the popular former president 
who dominated Costa Rican politics 
for two decades, assumes the presi- 
dency. Mr Figueres has pledged to 
place a greater emphasis on social 
issues thnn the outgoing government 

Hungary holds the first round of 
parliamentary elections. The second 
round is due to be held on May 29. 

Sumo-time: The 15-day Grand 
Summer Sumo Tournament starts 
in Tokyo. 


Compiled by Patrick Stiles, 
Fox: (+44) (0)718733194. 


Omt 

Counter' 

Friday. US • Apr n on-term peyrote . -*4784)00 ~ ' *456X100 

May8 -US Apr manufacturing payrofa • 4-lSJOO +12J000 

US Apr twuriy earning . • 02% ■ . &<%• 

‘ US • ‘ ■ Apr ’evera ge wyfcweak ‘ . 34.7 

' ' . -US Apr cMfao unemplpywwit rate . 8.5% ' flL5% 

US Mar whotesate trade » . (M»% 

US Mar consumer cretft . $4JBbtv - . 

' Ranee Q4 Industrial production • ' ' 0J5% ; , o.4» 

■ , • Canada Apr employment rate" 02% 0*% 

Canada Apr unemployment rate ■ , 108% 10.8%' 

Daring Uifa week..; 

• Ja pan Mar current account SHAbn 

Jape* - Mar trade balance SiZSbn 

. Japan Apr tmdo brianoe - first 20 days - $7.2fen • 

Japan Mar foreign t»nd Investment •' . . • - • 

Germany Mar toduebfal productfanT 03% ' 1Jt% 

■ Germany Mr manufacturing output" 1 04% 24% 

Germany Mar Import prices* '0.0% - 01% . 

Germany - Mar frnport prices** -0.8% -04% 

Germaoy Mar gamjfac&ainB orders" 04% 3.1%. 

" fariy "" AprCPT^ " ' A£% 

Spain Apr oBMal reserves $46m . $44,B6m 

Began Apr unemptaytnertt rate . -106% 

Svritz Apr unemptaymarrt rate • 5 J3% 5J396 

■month on morth. “yesron year Statistics, courtesy MVS CntamationaL 


■kITSJOQ 

+1SJJ00 


*450000 

+12J0QG’ 


During -Hits week.. 


May 5 US 

G1 productivity 

6.1% 

US 

Mar home completion* 

•L34m 

US 

Ml w/e Apr 25 

. - 

US 

MZ w/e Apr 25 

- 

US 

M3 w/e Apr 25 

. - 


Ger many Apr unemployment rate, west, sjl +23jOOO 

Germany Mar employment rate, west, sa -20,000 

Germany Apr vacancies, west +S£00 

Germany Apr gtart-tfrtw. want. n-SM. -4QJXX 

Germany Apr unemployment east n.»A -20,000 

France GAT auction FRiSton 

Canada Apr help wanted index ■ 94 


DOWN 

1 Volunteers returned sombre 
tonic (6) 

2 Say six-footer in queue is 
Rose! (9) 

3 Erica got warm going to hos- 
pital (6) 

4 Falling; asleep will be off after 
this CD 

6 New cars in S. America plant 
( 9 ) 

7 In complex transactions you'll 
find it added (5) 

8 Wandering on street always 
In a band (S) 

11 Firm taking nothing from 
stock (4) 

15 Mugs lan or another fool (9) 

17 On every ring we can arrange 
discount (9) 

18 Hoping for a painkiller go 
round without (8) 

20 Am back in power f-i) 

21 Fall back as top runners pass 
b yin 

22 Elegant frock mother’s left 
May (8) 

24 About to cover up speed con- 
troller (5) 

25 Brown and green light for 
dancing to (5) 


*20,000 

-25,000 

+£000 

-52/300 

-404300 


Germany 

Germany 

Germany 

Ganmeery 

Germany 

"tafr 


$44wB6m 


Belgium 



PRIZE CROSSWORD 

No.8,443 Set by GRIFFIN 

A prize of a Petfkan New Classic 390 fountain pen for the first correct 
solution opened and five runner-up prizes of £35 PeUkrm vouchers will be 
awarded. Solutions by Thursday May 12. marked Prize Crossword 8.443 on 
the envelope, to the Financial Times, l Southwark Bridge, London SEl 
9HL. Solution an Monday May 18. 


Winners 8,431 


N. Freake, London E4 
Ms L Boylan, Dublin 
S. Gillott, Horbury, Yorkshire 
FLS. Hat fi eld, Mouans Sartoux, 
France 

D. Oram. Brookm&ns Park, 
Herts 

D.F. Walker. London E10 


Solution 8,431 


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saaQaana 
QQOQQQBIDQ QIDHEQ 
QaaaainiaB 
QQDB QDDDQ0DUQB 

□ a m a h o q 
aamanniQ obhdbq 

□ a q ii a a 

HtaamBin EQHQEEn] 

□ a h a □ b a 
aBHBQIlDDBB BdaEI 
aaai3Di0[DH 

□ □□3Q BQQG1BBI1BC] 
aaaoHQDB 
□□□□□DOB QBnOEQ 



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