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FINANCIAL TIMES 


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THURSDAY MAY 12 1994 i : 


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GM agrees $1 Obn 
injection to reduce 
pension liabilities 

DS vehicle-maker General Motors set about 
reducing its serious pension fund deficit when 
it agreed with government regulators that it would 
inject some SI Obn of cash and stock into the 
scheme. The company had unfunded pension 
linhiHHan of gone $22Jtt>n at the and of 1933, by 
far the largest of any DS corporation. Page 15; 

GM hi Indian joint venture. Page 15 

Major win stay, says Hurd: UK foreign 
secretary Douglas Hurd said John Major would 
defeat any attempt to oust him as prime minister 
even if the ruling Conservative party loses 30 
seats in next month’s European Parliament elec- 
tions. Page 14; European elections. Page 2; Samuel 
Britten, Page 12 

Paris faces flak over air route delay: The 

French government faces a possible clash with 
foreign airlines after blocking the start of (lights 
from London to Orly airport, Paris, on Monday, 
the date set by British Airways and Air UK to 
start services. Page 14 

Berlusconi approves Reinvest watchdog: 

Silvio Berlusconi, the 
new Italian prime minis- 
ter, left, yesterday 
approved measures 
at his first cabinet 
meeting to establish 
a three-man watchdog 
committee to monitor 
possible conflict of 
interest between his 
Fininvest media empire, 
Italy’s second largest 
private group, and 
bis role as head of government The men chosen 
have been criticised by the opposition for being 
too close to the prime minister. Page 3 

Bonn backs off on beef: Germany pulled 
back from an immediate ban cm British beef 
imports but warned that a ban would be enforced 
if European agriculture ministers did not resolve 
the dispute later this month. Page 2 

EU and Russia ahn for free* trade zone: 

The European Union and Russia are set to seal 
a "partnership’' agreement that should lead to 
a co mmo n free-trade zone by the end of the century, 
European Commission officials said. Page 2 j 

Supreme Court choice narrows: Bruce 
Babbitt, US interior secretary, and two federal 
judges, Richard Arnold from Arkansas and Stephen 
Breyer from Massachusetts, head the list of possible 
successors as a US Supreme Court justice to replace 
Harry Blackmun. Page 5 

Yemeni mediation often Yemen’s northern 
leadership would consider mediation to end the 
country's civil war, newly-installed prime minister 
Mohammad Said Attar said. Page 4 

Shell Tranojwrt and Trading, world's largest ! 
integrated oQ company, reported steady first-quar- 
ter earnings of £949m ($L3bn) as refining and 
marketing offset a steep foil in the oil price. 

Page 15 

French rate cut: The Bank of France eased 
its key short-term interest rate amid signs that 
economic recovery is gaining momentum. Page 2 

J Salnsbury, UK's largest grocery retailer, 
shrugged off the gloom that beset its January 
trading statement to announce an increase in 
underlying profits, and steadier gross margins. 

Page 16 

ARtenz premium Income soars: P remium 
income at Allianz, Munich-based insurance group 
rose by nearly 20 per cent to DMf&5bn ($38.3bn) ! 

last year, the company disclosed ahead of its j 

planned DM! J6bn rights issue. Page 15 j 

Vlranl (afted in BCCt case: Nazmudtn Vlrani. | 
former property entrepreneur convicted of fraud 
over his dea lin g s with the Bank of Credit and 
Commerce International, was jailed for two and { 
a half years in London. Page 7; BCG3 creditors 
still playing a waiting game, Page 7 

UK output drops: British manufacturing output 
dropped slightly in March after two months of 
strong growth, surprising economists who had 
expected a rise in production. Page 8 ! 

Banda hope: Hastings Banda's Malawi Congress 
party could extend its 30-year rule by exploiting 
opposition divisions in next Tuesday's elections. 

Page 4 

Munch on show again: Edvard Munch's 
masterpiece “The Scream” went on public display 
in Oslo's National Gallery for the first time since 
being stolen three months ago. 


Rivals say they underbid AT &T for Saudi deal 


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By Andrew Adores in London 

Controversy over the award by Saudi 
Arabia of a 84bn telecommunications 
contract to AT&T erupted into a bitter 
war of words yesterday, with rival sup- 
pliers claiming that they significantly 
underbid the US company. 

Two of the companies also alleged that 
the technical evaluation of the bids was 
not completed before the contract was 
awarded to AT&T earlier this week. 

The contract one or the largest in 
telecoms history, is for the wholesale 
modernisation of the kingdom's telecom- 
munications, including L5m new phone 


lines and a new cellular mobile network. 

All the losers - Northern Telecom of 
Canada, Alcatel of France, Siemens of 
Germany and Ericsson of Sweden - 
believe the contract was awarded on 
political grounds, following intense lob- 
bying by the Clinton administration and 
Saudi concern not to alienate the US. 

Mr Graham Burke, Saudi Arabian gen- 
eral manager of Northern Telecom, said: 
“We were all surprised by the outcome. 
Where I come from, you don't reward 
third-placed finishers." 

The company claimed that its bid for 
the 1.5m telecoms lines amounted to 
S3.2bn, with a five-year installation 


period - as against AT&T’s winning bid 
of $3.9bn with a seven-year installa tion 

period. 

AT&T dismissed the claims as 
“naive”, and pointed out that the Saudi 
telecommunications ministry said AT&T 
won on cost, competence and technical 
superiority. 

Mr Dan Hesse, chief executive of 
AT&T’s international network systems, 
accepted that political pressure was a 
factor, but added: “For many years the 
US government has not supported US 
companies as have our foreign competi- 
tors. Now that the US is also supporting 
American companies abroad, we 


are hearing these complaints.’’ 

At the opening of the bids fur the 
initial tender last September. AT&T's 
bid was significantly higher than those 
of Northern Telecom, Ericsson and 
Alcatel. Comparative and technical eval- 
uation followed, but - the losers claim - 
was suspended a month ago before being 
completed. 

“All of sudden, the evaluation groups 
stopped, and we heard a rumour that the 
□umber of lines was to be increased 
from 500,000 to 1.5m - for which we were 
not invited to bid,” a senior Siemens 
executive said. 

The award, as part of the deal, of a 


Bundesbank cuts 
leading interest 
rates to 5-year low 

German economists say half a percentage point 
drop will aid the reduction of monetary growth 


By David Waller in Frankfurt 

and Philip Gawrth 

and Sara Webb in London 

The German Bundesbank cut its 
leading interest rates by half a 
percentage point yesterday to the 
lowest for five years, improving 
prospects for European economic 
recovery. 

The Bundesbank reduced its 
key discount rate to 4J5 per cent, 
the lowest since June 1988. Six 
other European central banks 
also eased interest rates yester- 
day. The Lombard rate, which 
sets a ceiling for German money 
market rates, was cut to 6 per 
cent 

The Bundesbank said the 
move, accelerating the pace of 
German interest rate cuts, was 
justified by the domestic outlook 
for inflation, now down to 3.1 per 
cent in west Germany. Mr Tbeo 
Waigel German.finance minister, 
welcomed the cuts as strengthen- 
ing Germany’s economic recov- 
ery this year. 

In an explanation marking a 
shift in its traditional response to 
fast-expanding money supply, the 
Bundesbank said the cut would 
help reduce monetary growth by 
encouraging investors to move 
funds away from bank deposits 
into bonds. 

On the foreign exchanges, the 
Bundesbank’s move failed to 
strengthen the dollar. The US 
carrency rose to a high for the 
day of DM1.6820 after the rate 
cut, but then slid by nearly a 
pfennig to close in London at 
DM1.6735. Analysts said this 


Germany 

Interest rates, % 
10 — — — — 

* - Lombard , 


1888 80 ' 8t 92 83 84 

SdumaDteBStirMn) 

Editorial Comment Page 13 

Lex — Page 14 

Bonds Page 19 

Currencies Page 32 

showed the dollar would not rise 
without a tightening of monetary 
policy by the US Federal Reserve, 
generally expected to be immi- 
nent In Europe the D-Mark fin- 
ished mostly firmer against the 
French franc, closing at FFI3.430 
from FFr3.424. 

On European bond markets, 
the cuts triggered initial rallies, 
but overall gains on the day were 
held in check as traders and 
investors took profits. 

Among other countries that 
eased credit yesterday, central 
banks in Italy, Denmark and 
Austria cut their discount rates 
to 7 per cent from 7.5 per cent, to 
5 per cent from 5.25 per cent and 
to 4L5 per cent from 4.75 per cent 
respectively. 

The Dutch central bank cut its 


Bangemann urges speedier 
liberalisation of telecoms 


■ gTEHUNQ 

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London: 

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DM 24811 mm 

FFr 89443 (8.5297) 

Sfr 2.1269 (2.1307) 

Y 155509 (154915) 

£ tab® 739 (sans) 

■ P«- um 

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FFr 5J145 

SB 1 .42335 

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London: 

DM 19738 (1970$ 

FFr SJ4 (5.7206) 

SB 1-4289 (1.429) 

Y 10447 (1019) 

SMU 85.7 (659) 

Tokyo dose Y1BL12 


By Lionel Barber and Emma 
Tucker in Brussels 

The European Commission is 
preparing plans to accelerate the 
liberalisation of the telecommuni- 
cations market in Europe, includ- 
ing proposals to allow cable tele- 
vision companies to compete 
with state telecoms monopolies. 

The deregulation drive reflects 

the view in Brussels that the 
agreed timetable for the 12 EU 
member states to dismantle bar- 
riers In the European telecoms 
market by January l, 1998, is 
being overtaken by market 
forces. 

Acceleration would be selec- 
tive, but would still amount to a 
minor revolution, a senior Com- 
mission official said, adding: 
“Certain people will lose some of 
their privileges.” 

According to drafts circulating 
in Brussels, the proposals foil 
short of allowing operators to set 
up alternative voice networks. 
This is in line with the agree- 
ment to delay frill liberalisation 
of telecom services until 1998. 

Plans to allow cable television 
networks in Europe to introduce 


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'services, such as telebanking or 
closed user networks, would 
nevertheless give a fillip to the 
manufacturing and software sec- 
tors. 

It would also offer an enticing 
market for British companies 
which, alone in Europe, have 
been allowed to operate freely in 
this sector for the past two years. 

But a Commission-led push to 
introduce alternative networks 
risks running into opposition 
from state monopoly operators, 
such as France Telecom and Tele- 
fonica of Spain, which view the 
ripflifiino as sacrosanct. 

Mr Martin Bangemann, EU 
industry commissioner, is lead- 
ing the debate on liberalisation. 
He is chairing a group of indus- 
trialists reporting on how Europe 
can exploit new information tech- 
nologies in health, banking and 
telecoms to create jobs and catch 
up with the US. 

The group includes Viscount 
Etienne Davignon, head of 
Socifite Gdnferale de Belgique, 
and Mr Carlo de Beuedetti, fated 
of Olivetti, the Italian computer 
group. It will submit recommen- 
dations to the 12 heads of govern- 


ment at the European summit in 
Corfu next month. 

Mr ’ftangemflrm is said to be 
reluctant to scrap the deadline 
outright because it was based on 
a “fragile consensus" between a 
UK-led liberalising lobby and the 
traditionalists grouped around 
France. Spain and Greece. But, 
along with Mr Karel Van Miert, 
EU competition commissioner, he 
believes there are ways of speed- 
ing liberalisation. 

One EU official said there was 
a consensus in Brussels that de- 
regulation was inevitable, but the 
Bangemann group had to recog- 
nise political constraints. “The 
message must be dear, credible 
and operational,” he said. 

A second factor in the discus- 
sions is the incoming German 
presidency of the EU. Germany 
has already signalled its inten- 
tion to make deregulation in sec- 
tors such as energy a priority. 

Officials fear Mr John Major, 
the British prime minister, and 
Chancellor Helmut Kohl may 
tom the Corfu s ummi t into a der- 
egulation celebration, provoking 
a backlash which, could hurt the 
plans for telecoms. 


CONTENTS 


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special advances rate to 5.1 per 
cent from 5.3 per cent. Belgium 
cut the central rate to 5.35 per 
cent from 5.45 per cent The Bank 
of France cut its intervention 
rate to 5.5 per cent from 5.6 per 
cent before the Bundesbank 
council met yesterday 
morning. 

The Bundesbank cuts took 
many economists by surprise. 
Broad money supply, or M3, grew 
at a revised annualised, season- 
ally adjusted rate of 15.4 per cent 
in March, well above its 1994 tar- 
get of 4 to 6 per cent although 
the expansion has slowed from 
the 20 per cent-phis rate earlier 
this year. 

German economists said, how- 
ever, that the reductions were 
understandable in tbe light of 
recent dollar weakness. “The 
Bundesbank has taken advantage 
of an ideal constellation of cir- 
cumstances," said Mr Martin 
HQfner. chief economist at the 
Bayerische Vereinsbank. 

Mr Adolf Rosenstock, chief 
economist at the International 
Bank of Japan in Frankfurt, said 
the monetary easing was consist- 
ent with last week's Bundes- 
bank's support intervention for 
the dollar. 

The Bundesbank believes this j 
year's money supply figures have i 
been distorted by special factors. 
Some economists, however, ques- 
tioned the logic of the Bundes- 
bank's argument that reduction 
of short-term rates would damp 
money supply growth by encour- 
aging depositors to move money 
into long-term funds. 







.... - V 

- . * . * r - . 



Triumphant: A member of the first contingent of Palestinian 
policemen to move into the Gaza Strip raises bis AK-47 ride and 
gives the victory sign to the crowd gathered below his vantage point 
on top of the police building at Deir el Balah. In the compound are 
several vehicles donated by tbe US to the newly-formed Palestinian 
police force. rm« 


contract for AT&T to build a cellular 
mobile phone network to the pan-Euro- 
pean GSM standard lias aroused particu- 
lar resentment 

AT&T has only one other public GSM 
contract in progress, in the United Arab 
Emirates, whereas the other suppliers 
arc well established. Siemens has 
already installed a private GSM network 
in the kingdom for the royal family, 
with a capacity of 10,000 lines. 

A similar controversy followed the 
recent award by Saudi Arabia of S6bn of 
aircraft orders to Boeing and McDonnell 
Douglas, after heavy lobbying by the 
Clinton administration. 


Mandela 
gives home 
ministry to 
Buthelezi 


By Mark Suzman and 
Gordon Cramb in Johannesburg 

Mr Nelson Mandela, South 
Africa's new president, yesterday 
named Chief Mangosuthu Buthe- 
lezi. his main black political 
rival, to an influential post in his 
government of national unity. 
The move lends substance to the 
call for political reconciliation he 
made at his inauguration on 
Tuesday. 

Chief Buthelezi accepted the 
post of home affairs minister, a 
portfolio which is likely to give 
him authority over a large part of 
the civil service. However, con- 
trol over the country's police 
force and other security services 
has been retained by Mr Mand- 
ela's African National Congress, 
which would also be expected to 
monitor closely the Chiefs minis- 
terial decision-making. 

The appointment of Chief 
Buthelezi is one of three full min- 
isterial positions allocated to his 
tnkatha Freedom party, which 
derided to participate in South 
Africa's first all-race elections 
only 10 days before polling 
started last month. The other two 
Inaktha portfolios will be arts 
and sciences, and correctional 
services. 

Under the country's interim 
constitution agreed after 
multi-party talks last year in 
which Chief Buthelezi did not 
participate, all parties which won 
more than 5 per cent of the vote 
were entitled to cabinet represen- 
tation. Cabinet posts yesterday 

Continued on Page 14 


This announcement appears as j nutter of record only 

Management Buy In 

M 

FOXGUARD 

The Foxguard Group of Companies 

Manufacturer of vehicle security products 

Transaction led, arranged and negotiated by 

CINVen 

Senior debt and working capital provided by 
Bank of Scotland 

Advisors to the MBI: Kid sons Impey 

Ashurst Morris Crisp acted as solicitors to the MBI 
and the institutional investors 
KTMG Peat Marwick acted as investigating accountants 
Hunt & Co acted as solicitors to the management 


Having the capital to back a big idea is only half the secret. 
Having the vision to spot one is the other half. 


CINVen 


COre»nL*ts a member t* iuno 





i 


FINANCIAL TIMES THURSDAYMAY 12 1994 


NEWS: EUROPE 


Emu fans ready to move the goalposts 

Prospects for a single currency are brighter as economies recover and politicians prepare to ease the terms 



EUROPEAN 

ELECTIONS 

Jim 9 and 12 


By Lionel Barber and 

David Marsh 

In Britain, the 
issue of eco- 
nomic and 
monetary 
union (Emu) 
has lit a fuse 
along the Euro- 
pean election 
trail. In the 
rest of the con- 
tinent, the sub- 
ject is being 
given a lot loss 
attention. 
None the less, 
the question of 
whether policies aimed at 
establishing Emu are consist- 
ent with efforts to bring down 
unemployment has explosive 
potential 

Across the continent, the 
fiercest discussions over 
whether Emu will take place 
by the Maastricht target dates 
of 1987 or 1999 are taking place 
in northern Europe. 

Despite Britain's “opt-out" 
from participation in a single 
currency, “Euroscep tics' in the 
ruling UK Conservative party 
this week have focused on the 
Emu plan in their calk for a 
referendum on the shape of 
Europe. 

In Germany and Fiance, Ieft- 
and right-wing anti-Maastricht 
parties are aiming for support 
on the somewhat contradictory 
basis that the Emu plan will 
undermine both German and 
French sovereignty. 

In France, support for the 
franc fort policy remains solid 
among the political establish- 
ment Yesterday's % point cut 
in Bundesbank interest rates 
will give the Rank of France 
more leeway to bring down 


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interest rates and speed recov- 
ery from France's longest 
period of economic doldrums 
since the second world war. 

On the other hand, if anti. 
Emu parties - including dissi- 
dent conservatives led by Mr 
Philippe de Vflhers, the right- 
wing National Assembly dep- 
uty - gain more than 20 per 
cent of the votes on June 12, 
that could unsettle France’s 
pro-Maastricht stance. 

By contrast, public debate on 
Emu in southern countries is 
far more muted. In Italy and 
Spain. - traditionally strong 
supporters of Emu but beset by 
domestic political uncertainties 
- Emu comes well down the 
list of election issues. 

The new government in 
Rome headed by Mr Silvio Ber- 
lusconi appears likely to take a 
more nationalistic line in pro- 
moting Italian interests in 
Brussels. Pushing for the lira's 
early return into the main- 
stream of European monetary 
integration is not expected to 
be one of them. 

Nevertheless supporters of 
Emu across the continent have 
recovered their poise after set- 


backs caused by the ERM exit 
of Britain and Italy in Septem- 
ber 1992 and the emergency 
widening of fluctuation bands 
to 15 per cent last August By 
deterring speculators, wider 
ERM bands have reinforced 
currency stability. 

Since last summer, ERM cen- 
tral banks have lowered inter, 
est rates only gradually rather 
than resorting to competitive 
devaluations. 

“The spread [of interest 
rates] between. Belgium, the 
Netherlands, Luxembourg, 
France and Germany is now so 
small that we are virtually in a 
monetary union,” says one cen- 
tral bank governor. 

One problem is that the 
Maastricht treaty limits Emu 
participation to currencies 
which respect “the normal 
fluctuation bands for two 
years." However, in coming 
months European finance min- 
isters are expected to agree a 
generous in te r pre t ati on of this 
condition. They are likely sim- 
ply to apply the test of whether 
exchange rate movements have 
been mtrrimal 

The European Commission 


has set up a study g rou p to 
prepare the change to tire Ecu 
as a new European currency. 
An advisory report is due by 
the end of October. Commis- 
sion officials say they are 
using Britain's “exemplary” 
decimalisation in 1971 as a 
model for a single currency. 

A large stumbling block is, 
however, the slow recovery 
from recession. Sluggish eco- 
nomic performance and rising 
government borrowing and 
debt levels have seriously 
impeded EU states' abffity to 
fulfil some of the most impor- 
tant “convergence criteria" set 
down at Maastricht to deter- 
mine countries’ eligibility to 
take part in Emu. 

The treaty lays down four 
numerical criteria determining 
countries’ Bmn suitability, con- 
cerning inflation rates, budget 
deficits, interest rates and debt 
levels. No EU state last year 
fulfilled all four criteria, 
although five - France, 
Ireland, Luxembourg, the 
Netherlands and the UK - sat- 
isfied three of them. 

For watchers of the Maas- 
tricht criteria, Germany is a 


particular worry- Germany sat- 
isfied only two of the criteria 
last year, and German public 
sector debt will exceed the tar- 
get level of 60 per cent of GDP 
in 1995 as the result of extra 
debt stemming from German 
unification. 

Even for some low inflation 
countries, rigid adherence to 
the Maastricht debt targets 
will be very difficult 

An analysis by the Belgian 
finance ministry shows that 
Belgium would need a primary 
budget surplus (the budgetary 
balance before interest 
charges) of 6 per cent of GDP a 
year for the next 15 years to 
reduce Belgian public sector 
debt to 60 per cent of GDP by 
2009. 

The Maastricht treaty does 
allow for a liberal interpreta- 
tion of whether member states 
comply with the criteria. Coun- 
tries deemed as tackling their 
deficits seriously would have a 
rfwmi-ft of joining Emu if they 
can prove that their public 
finan ces are moving in the 
desired direction. 

But to supporters of Emu, 
Belgium remains a natural 


candidate for a “hard core" 
currency club, despite its high 
government debt This point 
was made in Paris last month 
by Mr Alain Lamassoure, the 
French minister for European 
affairs, who said forcefully the 
convergence criteria had to be 
“complemented by political 

pnncrrioraHnng 0 

Public statements 
however, can be counter-pro- 
ductive. In the light of public 
worries in Germany about the 
replacement of the D-Mark by 
a European currency, politi- 
cians in Germany are allergic 
to suggestions that the conver- 
gence criteria could be diluted. 

In a ruling firmly backed by 
the Bonn government, the Ger- 
man constitutional court laid 
down last October that Emu 
could go ahead only on the 
basis of strict adherence to the 
criteria. 

One senior German politi- 
cian says in private: “Anyone 
who thinks he can circumvent 
them [the criteria] by political 
considerations will have to go 
before our High Court" - a 
sign of the political battles 
over Emu still in store. 


Belgians prepare for 
‘short and sober’ poll 

The Euro-parliament election in Belgium won’t 
take anyone’s breath away, writes Emma Tucker 


Efficiency 
‘must be 
priority for 
EU policy’ 


On June 9 when Belgians cast 
their votes in the European 
elections the turnout will be 
high. Very high. 

Not because Belgians are 
fiercely interested in European 
affairs, nor particularly 
because they wish to pass judg- 
ment on the domestic govern- 
ment The votes wfll pour in 
because Belgium is one of only 
three countries in the Euro- 
pean Union where vot- 
ing - whatever the election - is 
compulsory. 

So, like the young man 
lethargically cutting the grass 
in the capital's pretty Parc de 
Bruxelles (who had not even 
heard of the European elec- 
tions), many Belgians will go 
to the polls simply to avoid 
paying a fine. 

“I won’t put anything on my 
paper," he says. “I'll pick it up 
and put it straight in the box." 

The general indifference 
towards next month's elections 
is partly because the political 
parties have yet to launch 
their campaigns. There are no 
political hoardings and scant 
leafleting. With restrictions on 
how much the parties can 
spend on their campaigns now 
in place, the hustings are any- 
way likely to be "short, saber 
and without any fuss", as the 
Libre Belgique newspaper put 
it yesterday. 

When the campaigns do 


begin, the election will be pres- 
ented as more of a test for Bel- 
gium's political parties in the 
regions than for the two-year- 
old federal coalition govern- 
ment, in spite of opposition 
parties’ inevitable attempts to 
dress np the elections as a 
“national test". 

The government has crawled 
back up the polls from a low- 
point last June when high 
unemployment, labour unrest 
and the European currency cri- 
sis sent support for the fragile 
coalition down to IS per cent of 
the population. Rumours that 
Mr Jean Luc Dehaene would 
succeed Mr Jacques Defers as 
president of the European 
Commission have enhanced 
the Belgian prime minister's 
personal standing. 

In Wallonia, the French- 
speaking region of Belgium, 
the ruling Socialist party faces 
its first electoral test since 
three of its senior politicians 
were forced to resign their 
ministerial posts over alleged 
involvement in a shady arms 
deal with the Italian company 
Agusta. Support in the region 
has drifted down to around 30 
per cent with Ecolo, the 
French-speaking Greens, 
expecting to capitalise most on 
the Socialists' disarray. 

In the Dutch-speaktng Flan- 
ders region, the revamped 
Flemish Liberal Democrat 


party (VLD) is hoping to win 
more seats than the ruling 
CVP Christian Democrats - Mr 
Dehaene’s party - which has 
been in power in Flanders 
since the Second World War. 

“These may be European 
elections, bnt the national 
debate is more important than 
the European debate,” said Mr 
Willy De Clercq, a Belgian 
Euro-MP who represents the 
VLD. “If we do well in these 
elections, and then repeat the 
score in October’s local and 
provincial elections, that wQL 
put heavy pressure on the fed- 
eral government” 

In Brussels, Belgium's third 
region, the balance has also 
been disturbed by scandals. 
Here, the PSC, the French- 
speaking Christian Democrats, 
has lost most support as a 
result, ai jhnng h its descent has 
not been as sharp as the PS in 
Waltonia. 

One last source of interest 
will be the performance of the 
extreme right - represented by 
the Vlaams Blok in Flanders 
- reminiscent of South Africa's 
die-hard racist communi- 
ty - and by the National Front 
in Brussels and Wallonia. 
Although support for the 
extreme right has dwindled 
over the past year, one in 10 
say they would support it in 
Brussels and Flanders, and one 
in 20 in Wallonia. 



Edzard Renter, 56, chairman 
since 1987 of German industrial 
group Daimler-Benz. A 
long-standing member of the 

Social Democratic Party, Reuter 

QUESTIONS has presided ooer Daimler-Benz's 
ON EUROPE diversification into the high tech- 
nology and aerospace business. 

Can Germany give a lead in attempting to steer 
Europe out of its political and economic diffi- 
culties? There can be no doubt that Germany 
has an important role to play, as Europe’s larg- 
est country in terms of population and with its 
sound economic basis. No European nation 
alone can face all the challenges. These are 
problems we need to solve together - because 
they are European problems. We must remem- 
ber that Europe does not just consist of the EU. 
The development of social and economic stabil- 
ity in eastern Europe will greatly influence the 
future of Europe as a whole. 

Should the Euro pean parli ament be given 
greater powers? An integrated legal system is a 
pre-requisite for effective relationships with 
partners outside the EU. I believe that the EU is 
developing from an economic community into a 
political union, an Internationally recognised 
political force. This has brought with it many 
ri ghte, but also many duties, in particular a 
duty towards political integration incorporating 
a strong democracy. 

Where do yon think the EU should place its 
greatest priorities in economic and social policy 
during the next three to four years? We must 
strive to improve the structures and efficiency 
of our economies. That means developing inno- 
vative products and gaining access to new mar- 
kets. We have to exploit our creativity and 
increase our flexibility. The sooner we do this, 
the better. Protectionism does not help anyone. 
We need to be in a position to stand up to 
worldwide competition. 



Renter solve Europe's problems together 

Should the EU during the not few years give 
priority to deepening the current level of inte- 
gration of tiie 12 members, or to widening it 
towards eastern Europe? 

Both goals must be pursued simultaneously. 
What is the earliest EU membership by the 
Czech republic, Hungary and Poland might be 
practicable? We must take care not to put the 
existing community under unnecessary strain. 
The expansion of the EU must be carried out 
step by step and not overnight. 

Is the aim of econ o mic and monetary muon 
by 1997 or 1999 still practicable? Yes - and that 
I can say with every confidence. The concept for 
European monetary union revolves around the 
principle of stability, ruling out the possibility 
of sudden fluctuations which can. produce 
destructive effects in business. Monetary inte- 
gration. is without a doubt an integral element 
of economic as well as political integration. 

What other objectives should the EU follow? 
Economic integration alone will not be enough 
to create a stable European Union. The other 
objectives of the Maastricht Treaty, a common 
foreign and security policy, must be imple- 
mented without undue delay. 


APPOINTMENTS ADVEKTISWC 
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THE FINANCIAL TIMES 

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Yeltsin seeks improved G7 and Nato deals 


By Quentin Peel in Bonn and 
Bruce dark In London 

President Boris Yeltsin 
yesterday called for full partici- 
pation by Russia in the inter- 
national organisations of the 
west, including an expanded 
Group of Seven industrialised 
nations, and tor a special deal 
f to he negotiated with Nato rec- 
ognising the size and strength 
of fts armed forces. 

In exchange, he promised 
that he would not approve any 
increase in military spending 
above the level of 1993, and 
reluctantly accepted that the 
ceremony to mark the final 
departure of Russian troops 


from Germany would be sepa- 
rate from tiie rest of the west- 
ern allies. 

He also specifically endorsed 
Germany's attempt to become 
a permanent member of the 
UN security council. 

Mr Yeltsin, on the first day 
of a three-day official visit to 
Germany, won the backing of 
Chancellor Helmut Kohl in his 
trail tor toll membership of a 
G8 from next year. Mr Kohl 
also called for rapid moves to 
bring Russia into the Gatt, and 
the Council of Europe. 

However, Mr Kohl stopped 
short of offering Mr Yeltsin 
any precise Improvement in 
the “partnership for peace" 


package proposed by the Nato 
allies for all central and east 
European states. 

The strains in relations 
between Russia and Nato were 
underlined yesterday when Air 
Marshal Sir Richard Vincent, 
the chairman of the affianc e's 
military committee, abruptly 
shelved plans to visit Moscow. 

While the postponement was 
officially attributed to “schedu- 
ling problems", it is under- 
stood that the Russian side 
was reluctant to delegate any- 
one of sufficient seniority to 
organise the air marshal's 
reception. 

This would suggest that even 
those Russian defence officials 


who feel relatively sympathetic 
to Nato are reluctant, in the 
new nationalist climate, to be 
seen ’Holding high-profile meet- 
ings with western offi c i al s. 

The two leaders were at 
great pains to stress their 
e xcell ent personal relations, in 
spite of the host of sensitive 
issues between them. 

The Russian president admit- 
ted that the question of the 
departure ceremony for Rus- 
sian troops from Germany, 
scheduled for August 31, was 
one which could “destabilise 
the political situation in 
Russia". 

In the event, the two agreed 
to abandon an initial ceremony 


in the historic town of Weimar 

- close to the site of the Buch- 
enwald concentration camp 

- and focus everything on a 
"di gnifie d ceremony" to be 
held in Berlin. Final details 
have yet to be hammered out, 
hut it will obviously stop far 
short of the joint military cere- 
mony with the other western 
fffias sought by the Russian 
commanders. 

In return, Mr Kohl gave his 
endorsement to the Russian 
bid for full membership of an 
expanded G7, instead of the 
current arrangement which 
gives Russia involvement only 
in “political" questions at the 
forthcoming Naples summit 


EU and Russia close to partnership pact 


By David Ganbnr in Brussels 

The European Union and 
Russia are preparing a “part- 
nership" agreement which 
should lead to a common free 
trade zone towards the end of 
the century, European Com- 
mission officials said yester- 
day. 

The two controversies which 
have snagged the negotiations 
for IB months, over Russian 
uranium exports and Moscow’s 
treatment of European banks 


operating in Russia, have been 
ironed out, and the agreement 
now awaits endorsement by 
European Union foreign minis- 
ters meeting in Brussels on 
Monday. 

“We have a written agree- 
ment from the Russians." said 
an aide to Sir Leon Brittan, the 
trade commissioner who last 
week arrived at a formula with 
Mr Alexander Shokhi, Russia’s 
deputy prime minister, 

France, the ElTs largest pro- 
ducer as well as consumer of 


enriched uranium for its 
nuclear power plants, has been 
concerned about being under 
cut by Russian exports of 
nuclear fueL The EU as a 
whole has insisted that Rus- 
sia’s December 1993 decree 
restricting activities of foreign 
banks went against the grain 
and scope of the partnership 
agreement 

On Monday, EU foreign min- 
isters are expected to agree 
that a safeguards regime 
against sudden influxes of Rus- 


sian uranium should operate 
until 1997. The safeguards . 
would be triggered only 
after consultations with the 
Russian authorities, who have 
agreed to stabilise export 
flows. 

In the banking sector, the 
1993 decree will not apply to 
the five banks - ABN Amro, 
ING, Credit Lyonnais, Socfete 
Gdndrale and Dresdner Bank - 
already operating in Russia 
before it came into force, and 
with small exceptions, new- 


comers will get the same treat- 
ment as Russian banks. The 
main restriction, to be 
reviewed after five years, will 
be that EU banks cannot 
exceed 12 per cent of the total 
capitalisation of the Russian 

hanking systeHL 

The de risio n on whether con- 
ditions are ripe for setting up a 
full -scale free trade zone will 
be taken in 1998, although 
since February most EU quotas 
on Russian imports have 
already been removed. 


EUROPEAN NEWSJPjgEgT 

Bonn postpones 
UK beef ban 

Germany yesterday pulled back from an immediate ban on 
British beef imports but warned that a ban on mad cow” beef 
was now nffirini government policy and would be enforced if 
European Union agriculture ministers did not come up with a 
solution at their next meeting in late May. ’ 

The cabinet has told Mr Horst Sechofer. the health ministar, 
t hat he can impose a four-year ban on all cattle over time 
years old after final consultations with Chancellor Hefeout 
KohL The foreign and agriculture ministries and the farinas’ 
union have argued that a ban is unenforceable as British beef 
can reach Germany via third countries. The ban m ay also be 
illegal under European law, but a health ministry spokesman 
said the measure had been approved by the justice ministry 
and is “most definitely legal”. 

EU agriculture ministers have so far resisted restrictions on 
the movement of beef and a Bonn official said he was "very, 
very sceptical" that after five months of "very intensive" 
negotiations any additional measures would be agreed. Mr 
Seehofer said he had received countless reports that meat 
imports from Britain had fallen in recent months, given the 
coverage of the subject. In 1992, the last year for which 
figures are available, Germany imported 2,092 tonnes of Brit- 
ish beef. Michael Lindemarm, Bonn. 

New terms for Ekostahl deal 

Riva, the Italian privately-owned steel company, will not boy 
eastern Germany’s largest steel mill under the terms of the 
current contract, the Treuhand privatisation agency indicated 
yesterday. 

After failing yesterday to broker an agreement between Riva 
and. IG MetaH. the engineering union, the Treuhand, desperate 
to keep Riva on board, agreed with the Italian company to 
start drawing up a completely new contract, although any 
successful outcome cannot be guaranteed. In a move which 
could now jeopardise the entire future of Ekostahl, Riva wants 
to buy only the assets of the company, instead of its original 
intention to create a joint stock/share company. The disagree- 
ment between Riva and IG Metall had focused on how the 
workforce would be reduced by 700 to 2^00 by the rod of this 
year, what would happen to the small companies which had 
been hived off from Ekostahl, but are still dependent on tire 
mill for orders, and the composition of the supervisory board. 
Judy Dempsey. Berlin. 

Bosnian Serbs threaten advance 

Mb- Radovan Karadzic, Bosnian Serb leader, yesterday sig- 
nalled that his forces might move to widen their land corridor, 
renewing fears of an escalation in the fighting around Brcko, 
north-eastern Bosnia. The statement followed UN confirma- 
tion of a Moslem attack on Brcko on Tuesday night which 
killed three people. As the Bosnian Serb assembly met for the 
second day in Brcko, Mr Karadzic said: “The corridor must be 
strategically deep enough to defend." His remarks heightened 
fear of clashes because the corridor is 6km wide and not 
thought of as “defensible”. He warned that the “c riminal 
behaviour of the Moslems and Croats" will make the “Serbs 
cede much less land than they hope for". International media- 
tors have called on Bosnian Serb leaders, who currently con- 
trol about 70 per cent of Bosnia, to hand over enough land to 
give the Moslem-Croat federation 51 per cent of the war-tom 
country. Laura Siiber. Belgrade 

Moves on Macedonia blockade 

Mr Cyrus Vance, UN mediator in the dispute between Greece 
and Macedonia, will make a fresh attempt today to persuade 
Greece to lift a trade blockade against the former Yugoslav 
republic. While (here are few signs that a breakthrough is 
imminent, Mr Vance’s revised version of a draft accord, 
rejected by both sides last month, avoids the difficult issue of 
Macedonia’s name, while meeting both Greek and Macedonian 
conditions for re-starting talks. Mr Vance will have separate 
meetings with Mr Christos Zacharakis, secretary general of 
the Greek, foreign ministry, and Mr Stevo Crvnkovski, the 
Macedonian foreign minister. The draft provides for Greece to 
raise its trade embargo. Macedonia would drop the Vergina 
star, associated with the ancient Macedonian dynasty in 
northern Greece, from its flag, and declare it had no territorial 
claims on the Greek province of Macedonia. Kerin Hope. 
Athens 

UN makes Balkan cash appeal 

The United Nations yesterday appealed for $532m (£364. 3m) for 
h umanitarian aid from now until the year end for the 4m 
people in ex- Yugoslavia. The UN Department of Humanitarian 
Affairs (DHA), on behalf of il UN agencies, said the priority 
was still “basic survival needs for the displaced and the 
destitute" bnt the UN system was primed to shift efforts to 
rehabilitation and reconstruction if political developments 
allowed. The UN refugee agency, which is asking for $236m for 
the remainder of the year, is spending a 9918,000 a day on 
humanitarian assistance in former Yugoslavia. Frances WU- 
tiams, Geneva. 

IMF approves Romanian loan 

The International Monetary Fund yesterday approved a 19- 
month loan agreement for Romania worth $700m (£479.4m), its 
first new loan to the country in nearly two years. Under the 
deal, Romania has agreed to bring annual inflation down to 
two digits by the end of the year from the present 265 per cent, 
to speed up privatisation and restructuring of the state sector, 
which still accounts for more than 90 pex cent of industry, and 
to maintain internal convertibility of the leu, the national 
currency. IMF approval of the loan package, agreed in priori 
pie last December, was delayed due to the government's slow- 
ness in drafting new tax laws and its 1994 budget. Virginia 
Marsh, Bucharest 

ECONOMIC WATCH 

Dutch inflation declining 

Dutch inflation is continuing 
to slow. In the year to April. 
the consumer price index rose 
by 2.8 per cent, compared I 
■ with a 29 per cent increase in J 
March and 3.0 per cent in ' 
both January and February, 
the Central Statistical Office 
said. The April rise partly 
reflected higher telephone 
charges and increased gov- 
ernment duties on alcohol 
and petrol. The statistical 
office also reported yesterday 
a rise in Dutch consumer 
spending to 2-5 per cent in 
4003 -4 real terms in the year to 

March. This compared with a 
saxeoc uatastrom • - 0.9 per cent rise in February 

and a L4 per cent decline in January. The sharp increase is 
partly because there were five Thursdays in the month com- 
pared with four in March 1993. Shops in many Dutch cities 
stay open late on Thursdays. Ronald van de Kroi, Amsterdam. 

■ March retail sales in Germany rose a seasonally adjusted l 

per cent from February in both nominal and real terms and 
rose a real 2 per cent and nominal 3 per cent year on vrar the 
Federal Statistics Office mid. * year ’ 

■ Sweden's consumer price index rose 0.4 m ^ ^pril 
from March bringing the annual inflation rate to IB ner cent 
in April, unchanged from a month earlier but down fiom 5.1 
per cent in April 1993. the national statistics agency SCB said. 

■ Austria’s merchandise trade deficit widened rign ifica nfly in 

“areh, 21 ?*** Wgta* than inFebrSSrod 

29 per cent . hfcher than m March, 1993. the Austrian National 
Bank reported yesterday. 


Netheriands • 

consumer Price Max 
annual fogcrion rata {%) 
3JO 



* 


FINANCIAL TIMES THURSDAY MAY 12 1994 


NEWS: EUROPE 


P% Berlusconi approves 
11111 Fininvest watchdog 





l-v 





By Robert Graham fo Rome 

Mr Silvio Berlusconi, the new 
Italian prime minister, yester- 
day approved measures at his 
first cabinet meeting to estab- 
lish a three-man watchdog 
committee to monitor the con- 
flict of interest between bis 
Fininvest media empire and 
his role as head of government. 

Twelve days ago. on being 
asked to form a government, 
he announced the committee 
and named its three compo- 
nents. His move yesterday, 
immediately after his 25-person 
cabinet was sworn in, under- 
lined his concern to allay Gears 
over the potential conflict of 
interest between Fininvest, 
Italy’s second largest private 
group, and his position as 
prime minister. 

The men chosen have been 
criticised by the opposition for 
being too close to Mr Berlus- 
coni and Fijunvest's interests. 
Mr Agostino Gambino, a com- 
mercial law professor, has 
worked for Fininvest an sev- 
eral cases including the haute 
for publishers Mondadori. A 
second member, Mr Antonio 
La Pergola, a former head of 
the constitutional court, has 
lobbied in Brussels on behalf of 
co mmer cial television in mat- 
ters of advertising slots. The 


committee has been given unto 
the end of September to draw 
up rwYi wimgnifaHrmg on chang- 
ing existing anti-trust laws. 
They could also look farther 
into the idea of creating a blind 
trust for Mr Berlusconi’s pro- 
prietary interests. So far Mr 
Berlusconi has only resigned 
from Fininvest which has 
seven members of parliament 
as well as the chief of staff in 
the prime minister’s office - 
Mr Gianni Letta. 

The problem of conflict of 
interest is unlikely to go away 
quickly. The sole television 
showing the swearing 
ceremony live was Finmvest's 
TG4. This has long catalogued 
Mr Berlusconi’s every political 
move. 

The issue was also brought 
up on several occasions by 
President Oscar Luigi Scalfaro 
during Mr Berlusconi’s tortu- 
ous efforts to form a govern- 
ment. This led to a block on Mr 
Cesare Previti, Mr Berlusconi's 
personal and Fininvest lawyer, 
going to the justice ministry. It 
was deemed unacceptable for 
the justice portfolio to be held 
by Mr Previti when magis- 
trates in several Italian mttes 
were investigating the activi- 
ties of Fininvest 

This block, , coupled with an 
open warning to Mr Berlusconi 


on the conduct of Ins govern- 
ment soured yesterday's swear 
ing-ta ceremony. 

The warning, contained in a 
letter, said the new govern- 
ment must support Italy’s tra- 
ditional foreign policy of sup- 
port for Europe, avoid 
tampering with the unity of 
Italy and preserve social peace. 
This was seen as an implicit 
reminder that members of the 
new right-wing government 
are Euro-sceptics and favour 
federalism and economic dere- 
gulation that could lead to 
social strife. 

Most press comments yester- 
day said Mr Berlusconi had 
been obliged to make big con- 
cessions to his allies, the popu- 
list Northern League and the 
neo-fascist MSl/National Alli- 
ance. The League forced him to 
concede the interior ministry 
and five other portfolios. 

Mr Lamberto Dini, the new 
treasury minis ter and number 
two at the Bank of Italy, indi- 
cated he would resign shortly 
from bis posi tion at the central 
bank. He bad welcome news 
from the discount rate cut by 
the Batik of Italy in lirw» with 
the Bundesbank. The half per- 
centage point cut to 7 per cent 
could even remove the need for 
a mini-budget before the sum- 
mer. 


Man with a finger on Italy’s pulse 



Moroni: known as diplomatic 


By Robert Graham 

As deputy prime minister and 
interior minister, Mr Roberto 
Maroni is* the linchpin of the 
Northern League's presence in 
the new government His work- 
ing relationship with prime 
minister Silvio Berlusconi will 
also be central to the smooth 
functioning of the cabinet. 

Hie 39-year-old lawyer from 
Varese, with a permanent 
cheeky grin and a grubby 
beard, has emerged over the 
past two years as one of the 
most formidable political tal- 
ents in the country. He has 
demonstrated an unusual Hare 


for second-guessing his garru- 
lous and unpredictable leader. 
Mr Umberto Bossl 
His smooth tongue has con- 
stantly been needed either to 


take the sting from Mr Bossi’s 
comments or give them a diplo- 
matic spin. 

He is genuinely loyal to Mr 
Bossi with whom he has 
shared more than a decade in 
the political wilderness, build- 


ing up a grassroots movement 
in Lombardy against all odds, 
and with virtually no money. 
He revealed recently that Mr 
Berlusconi had tried to per- 


suade him to leave tbe League 
and join Forza Italia; but he 
insists his loyal ties are with 
the League and the move- 
ment’s commitment to write a 
new federal constitution. 

He has certainly played his 


band well with Mr Bossi to 
obtain the interior ministry. 
Hie League set its sights on 
this portfolio because it con- 
trols the pulse of the nation 
through the Detwork of pre- 
fects and because it uversees 
local government. Now he will 
now have to absorb the innate 
tensions between the League 
and Mr Berlusconi. These will 
surface after the European 

elections since the League 

risks being submerged by 
Forza Italia. As an accom- 
plished jazz saxophonist he 
may well find himself playing 

the blues on several occasions 
in coming months. 


The lawyer from Varese has emerged over 
the past two years as one of the most 
formidable political talents in the country 


Euro-sceptic who takes Chicago line 



Martino: Pitt's valued adviser 


By Robert Graham 

Unlike one new minister 
swapped from eight different 
portfolios during the gestation 
of the new Italian cabinet, Mr 
Antonio Martino was always 
favourite for just one job - the 
one he got, foreign minis ter. 

The 51-year-old Mr Martino 
is a “Euro-sceptic” and instru- 
mental in bringing the ideas of 
the Thatcher-inspired Bruges 
group to Italy. However, it 
would be wrong to see Mr Mar- 
tino as anti-European. Rather 
he is a European who has 
imbibed the free market eco- 


nomic teachings of the Chicago 
School to become according to 
one colleague “more Chicago 
Boy than the Boys them- 
selves”. He sees the Maastricht 


treaty and monetary union as 
constraints on a genuine single 
market. 

Unlike Mrs Thatcher, whom 
he admires, Mr Martino 
regards himself as an old-fasb- 
ioned liberal. Though Form 


Italia is the first political party 
he has joined, he was to his 
embarrassment a member of 
the secret Masonic lodge, P2( 
Mr Berlusconi was also a mem- 


ber). He says when he realised 
the scope of P2 he immediately 
renounced membership. 

He caught the attention of 
the prime minister-designate 
while venting his forthright 
opinions on Italy’s over-regu- 


lated economy in the column's 
of the media magnate's daily, U 
Giornnle. For the past year he 
has been Mr Berlusconi's eco- 
nomic adviser and played this 
role throughout the elections. 

Oue of the mysteries behind 
the formation of this cabinet is 
the way once the elections 
were over bis name did not 
surface as candidate for one of 
the three economic portfolios. 
Perhaps other members of the 
economic team were out of 
sympathy with Mr Martino's 
radicalism, or he himself pre- 
ferred the challenge of the for- 
eign ministry. 


The foreign minister describes himself as a 
liberal who admires Margaret Thatcher 


w Interest rates 



cut as French 


sense recovery 

By John Rhkfing hi Paris Industrial pr od uc t ion • ; 





The Bank of France yesterday 
took a Anther step in easing 
monetary conditions, tr imming 
its key short-term interest rate, 
amid signs that economic 
recovery is gaining momentum 
and that inflationary pressures 
remain weak. 

The decision to lower the 
intervention rate, the floor for 
money market rates, from 5.6 
per cent to 55 per cant, is the 
third small cut . in three weeks 
and reflects the central bank's 
strategy of easing borrowing 
costs in line with the reduction 
in Germany’s repo rate. 

The move coincided with the 
release of encouraging indus- 
trial production data. Accord- 
ing to Ttimw the national sta- 
tistics office, industrial 
production rose by 0-6 per cent 
in February, compared with 
January. The increase in 
industrial production was sup- 
ported by strong manufactur- 
ing output, which has risen in 
each of the past four months, 
partly reflecting the impact of 
a sharp increase in car sales. 

Economists said they saw lit- 
tle evidence that reviving eco- 
nomic activity was rekindling 
inflation, although data 
released yesterday showed a 
slight rise in annualised infla- 
tion in April to 1.7 per cent. 
"Inflation is very low, and I 
think it will remain at about 
the 1.5 per cent level for this 
year,” said one economist at a 
French merchant bank. 

The trends will be welcomed 
by the prime minister, Mr 
Eduard Balladur. whose 
decline in opinion polls has 
begun to reverse in the past 
few weeks. Officials at the 
economy ministry said that the 
statistics confirmed their pre- 
dictions of progressive recov- 


Excfeidteg oan&uctkm . “ 
Vt/1 892=100 



ay this year after the 1 pm* 
cent contraction of gross 
domestic product in 1593. “We 
are seeing a gradual, but 
steady improvement,” said one 
official, who said that the gov- 
ernment’s forecast of -1.4 per 
cent GDP growth this year was 
likely to be surpassed. 

France's improved economic 
recovery has, however, made 
little impact on unemploy- 
ment, which currently stands 
at 12.2 per emit of the work- 
force. A spokesman for the 
economy ministry said that the 
unemployment statistics of the 
past few months had shown a 
stabilisation in the jobless rate. 
But he added that a further 
increase was possible during 
the summer as school leavers 
arrive on the labour market 

Private sector economists in 
Paris endorsed this view, 
stressing the gradual nature of 
France's economic recovery 
and the caution expressed by 
industry. Companies such as 
Rhdne Poulenc, the pharma- 
ceuticals and chemicals group, 
say they see signs of recovery 
but that a strong improvement 
in demand is not expected 
until the end of this year. 


Brussels puts UK 
behind on growth 


By Emma Tucker to Brussels 

Growth in the UK will lag 
behind the rate of economic 
expansion, in Germany, France 
and Italy by as early as next 
year as higher taxes take their 
toll on British consumers, the 
European Commission said 
yesterday. 

In its latest assessment of 
economic prospects for the 12 
member states of the European 
Union, the C ommissio n said it 
was confident recessionary 
forces were dissipating and 
that the projected recovery 
would be “widespread". The 
Union’s GDP is now expected 
to expand by 1.6 per cent this 
year and 2i> per cent in 1995. 

But for the UK, where con- 
sumer spending has been the 
motor behind the recovery, last 
month's tax increases are 
expected to slow the rate of 
overall growth from 2.5 per 
cent this year to Z3 per cent in 
the next by hitting the pace of 
consumer spending- The fore- 
casts are not significantly out 
of fine with the UK Treasury’s 
own projections but have been 
downgraded from the previous 
set of commission figures. In 


spite of the rosier outlook for 
growth, Mr Henning Chris- 
tophersen. vice-president of the 
Commission, warned that the 
recovery would have little 
impact on Europe's grim 
unemployment figures. This 
year nine, and next year six, of 
the member countries will 
experience increases in unem- 
ployment 

"In 1995 France and Italy 
could join Denmark, Ireland 
and the UK in reg i stering a 
moderate decline in unemploy- 
ment,’* said the commission. 

Inflation is likely to ease far- 
ther over the next two years 
dropping to an overall 3J per 
cant this year and &9 per cent 
in 1995. Mr Chistopbersen said 
that a “broad majority” of 
member countries was expec- 
ted to respect the inflation cri- 
terion contained in the Maas- 
tricht treaty next year. Greece. 
Spain and Portugal were the 
exceptions. Falling real labour 
unit . costs, institutional 
changes in wage setting proce- 
dures and steps to establish 
the independence of central 
banks were all helping to 
shore-up the favourable out- 
look for inflation. 


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FINANCIAA 


■riivigs THURSDAY MAY 12 199* 


China steps 


Dove who shook Rabin’s machine 


up reform of 
state sector 


By Tony Wafcer in Begins 

China plans to earmark some 
10.000 state-owned enterprises 
Cor an appraisal of their stocks 
and assets, including real 
estate, as part of a new drive to 
reform the ailing state sector. 

Mr Wang Zhongyu. minister 
of the State Economic and 
Reform Commission, speaking 
at an international business 
seminar in Beijing yesterday, 
unveiled proposals to speed a 
process of corporatisation, a 
Chinese half-way house 
between rigid state control and 
privatisation. 

Mr Wang’s remarks were the 
most detailed exposition of 
China's plans to rationalise its 
debt-burdened state sector, and 
indicate that the authorities 
may have advanced further 
thaw expected with their plans 
for enterprise reform. 

The Chinese official also 
disclosed that “watchdog” 
supervisory boards will be 
imposed on some 1,000 state 
enterprises as part of attempts 
to improve their economic 
performance. 

Some 100 state-owned 
enterprises would become 
shnr pV mifting companies under 
a pilot programme to facilitate 
their removal from st ifling 
state management control. The 
states' share in these 
enterprises would be assessed 
according to a valuation of 
their assets. 

Mr Wang identified 
difficulties in establishing the 
value of assets and a 
redefinition of the relationship 


between the state as a 
substantial shareholder and 
the managers of enterprises as 
one of the largest challenges to 
far-reaching reforms of the 
state sector. 

He discounted the possibility 
of any rush to privatisation, 
saying the “state economy 
could not be replaced by other 
sectors of the economy” 
without undermining the 
system. 

“Our enterprise reform will, 
on the premise of adhering to 
public ownership, explore the 
approach of accelerating the 
development of enterprises and 
effectively realise the form 
of public ownership," he 
said. 

Mr Wang noted that China's 
114)00 large and medium-sized 
state-owned enterprises 
accounted for 0.16 per cent of 
total industrial enterprises in 
the country, yet their output 
value and tax were respect- 
ively 36.67 per cent and 51.6 per 
cent of the total 

He did not provide details of 
the 10,000 state enterprises 
chosen for an appraisal of their 
assets. Estimates of numbers 
of large, medium-size and 
smaller enterprises range 
between 150.000 and 200,000. 

China's State Statistical 
Bureau reported that at the 
end of March nearly 50 per 
cent of China’s state 
enterprises were in the red, 
compared with 32 per cent a 
year earlier. Losses to March 
amounted, to Yuanl5.6bn 
<£L2hn), up 80 per cent on the 
same period last year. 


Early elections demanded 


Socialists urge 
Japanese poll 


By Wiliam Dawkins In Tokyo 

Japan's opposition Social 
Democratic party yesterday 
called for an early general 
election, as the only way to 
achieve a stable government 

Mr Tomiichi Murayama, 
party chairman, suggested the 
minority five-party coalition 
and opposition parties should 
agree to an early poll 
under the current multi- 
seat constituency electoral 
System. 

This is the clearest sign yet 
the socialists want to bring 
down the government before 
the establishment, possibly by 
late autumn, of the new 
electoral system, a mixture of 
single-seat districts and 
proportional representation. 

The SOP’S move came as the 
Bank of Japan also called for 
the new government to show 
leadership, a reflection of 
anxiety that political turmoil 
of the past few months might 
spill into the economy. n We 
want the government to show 
leadership in tackling domestic 
and international economic 


issues confronting the 
Japanese economy, such as 
deregulation and market- 
opening measures,” Mr 
Yasnshi Mieno, central bank 
governor, said. 

Mr Mnrayama's proposal 
received an unsurprising 
rebuff from Mr Tsutomu Hata, 
the new prime minister. 
“There are undoubtedly people 
who don’t really want to see 
political reform. The coalition 
government is still in place 
and it's not the time to 
dissolve the house,” he 
declared. 

However, the Liberal 
Democratic party, the largest 
opposition group, yesterday 
showed it was also preparing 
for an early poll by opening a 
campaign headquarters. 

• Demand for credit 
continues to weaken, 
according to the Federation of 
Bankers' Associations of 
Japan. It reported yesterday 
that outstanding loans by the 
the u top commercial banks 
fell 0.4 per cent in the year to 
April, the fourth month of 
decline. 



His enemies dubbed him a 
traitor and political opportun- 
ist. His friends said he was the 
brilliant rising star of the 
Labour party, hot yesterday all 
Israelis agreed Mr Haim 
Ramon was now the man to 
watch. 

The sweeping victory of the 
44-year-old lawyer in nation- 
wide elections to lead the 
ffistadrut, the country's trade 
union federation and Labour 
party powerbase, is viewed in 
Israel as a political earthquake. 

For the first time in 73 years, 
Histadrut control has been 
wrested from Labour. Mr 

Bamnn | standing an a hastily 

put-together independent list, 
has defeated the well-oiled 
political nwriiwift of the Labour 
party and humiliated the old- 
guard leadership. 

By so doing, be lias cata- 
pulted a younger generation 
eager for reform into the politi- 
cal limelight . 

Bora in a working-class 
neighbourhood in Jaffa , he has 
also emerged as heir-apparent 
to Mr Yitzhak Wahfo as prune 
minister. “A sweeping victory 
of the new Israeli generation, ” 
an editorial in yesterday's 
Yediot Ahronot said. “The vote 
was a protest against conserva- 
tism The tfwwp now to 
be deep, a revolution in the 


Histadrut and in the founda- 
tions of the whole Israeli politi- 
cal s tr ucture .” 

Ml- Ramon immediately prom- 
ised to introduce the health 
bill he tried to push through 
when Labour's health minister, 
aimed at breaking 

Julian Ozanne 
profiles Haim 
Ramon, the 
political 
earthquake 

the link between compulsory 
Histadrut membership and the 
health service. He also prom- 
ised to slash Histadrut’ s 
bureaucracy, sell off many 
assets and companies and 
introduce a new pension 

“People will rise free all 
around the country, free of the 
apparatus of fear, free of politi- 
cal terrorism,’’ he said. 

Since entering politics 20 
years ago, Mr Ramon has 
shaped himself as a dove on 
the peace issue and a reformer 
in social matters. He favours 
reforming the Labour move- 
ment. One of his targets has 
been the dominant power of 


Ivory Coast imposes commodity export tax 

CFA devaluation bites 


By LesSe Crawford, 

Africa Correspondent 

Mr NTGoran Miamian, Ivory 
Coast’s new finaTMB minister , 
Is putting a brave face on the 

devaluation which halved frh* 1 

value of his currency, the CFA 
franc, last January. 

“It was not an easy measure 
to take, but it has pulled our 
economy out of a recession,” 
he said yesterday, during the 
annual general meeting of the 
African Development Bank in 
Nairobi “Our economy should 
grow by 2 per cent this year, 
and by 5 per cent in 1995.” 

A new export tax an cocoa 
and coffee. Ivory Coast's big- 
gest foreign exchange earners, 
will replenish the Treasury's 
empty coffers with 190bn CFA 
francs (£223m) this year, 
according to Mr Niamien. This 
will let the government repay 
its debts to private sector con- 
tractors, freeing resources for 
private investment 

Last January, 13 central and 
west African states devalued 


their CFA franc, which had 
been fixed at 50 to the French 
franc since IMS. The new par- 
ity was fixed at 100 CFA to the 
FFr. The devaluation was vir- 
tually imposed by western 
donors concerned at the loss of 
competitiveness of the CFA 
trading bloc. The CFA franc 
continues to be freely convert- 
ible and backed by the French 
treasury. 

The international commu- 
nity has stepped in to soften 
the blow. For Ivory Coast, 
whose $20bn external debt 
makes it the world's most 
indebted nation in per capita 
terms, donors have pat 
together a financial assistance 
package worth 650bn CFA 
francs. The Paris Chib of credi- 
tor nations have also resched- 
uled Ivory Coast’s obligations 
and written off part of its debt 

For the remaining CFA coun- 
tries, help is at hand. France 
has promised to write off more 
than one-quarter of the 
FFi30bn (£9.4bn) owed by its 


pledged up to FFrlObn to miti- 
gate the impact of deval uatio n 

The IMF is also rushing 
through soft-loan agreements - 
Senegal, Niger and Ivory Coast 
have already benefited - which 
can pave the way for debt 
relief at the Paris Club. 

The World Bank says it is 
fully committed to co-finance 
economic growth in the CFA 
zone now that devaluation has 
made genuine structural 
adjustment possible. 

Mr Mamadon Diallo, director 
of debt at the Senegalese Trea- 
sury, also sees some encourag- 
ing responses to the devalua- 
tion. “The tourism sector has 
rebounded with considerable 
strength," he said yesterday in 
Nairobi But unlike Ivory 
Coast, Senegal has resisted 
slapping taxes on exports. “We 
want our exports to become 
more competitive,” he says, “a 
tax would defeat the logic of 
the devaluation.” 

like many fiTianra officials 

in the CFA zone, Mr Diallo 
does not see the devaluation as 


deep 

a panactw for (heir countries’ 
ills: "We need new investment 
to make our industries more 
competitive; but where will 

this money enrqp from?" 

Perhaps the worst impact of 
the devaluation, however, is 
Win emergence of inflation in 
countries which had never felt 
its destabilising effect because 
of the stability and convertibil- 
ity of their currency. 

In Cameroon, where civil ser- 
vants are already reeling from 
a 50 per cent pay cut, the gov- 
ernment has increased prices 
for basic foods and drugs by up 
to 75 per cent 

In Senegal police have been 
ordered to control hoarding by 
traders. They closed some 
-shops In Dakar and seized 
stocks. Mr Diallo estimates 
inflatio n will rise to 40 per cent 
by the end of 1994. 

Ivory Coast has telephone 
hotlines to report unjustified 
price increases. But it too is 
struggling with infla tion now 
running at an annualised rate 
of 30 per cent 


former colonies. The IMF 

UN ponders Rwanda troop airlift 


The United Nations is considering 
airlifting at least 5^00 troops to Rwanda to 
ensure the safety of refugees and delivery 
of humanitarian aid, AP reports from New 
York. 

Mr Boutros Boutros Gbali, the UN secre- 
tary general, announced that Nigeria, 
Ghana and Tanzania had offered the 
troops and the 15-nation Security Council 
was beginning discussions of the plan yes- 
terday evening. A final decision was not 
expected until the end of the week. 

Despite the urgency, the troops will be 
able to do nothing to stop the genoddal 
slaughter, which has already claimed up 
to 200,000 lives in a Tnnwtii. in making 
recommendations to the Security Council 
Mr Boutros Ghali said the UN troops 
would not be authorised to use force to 


stop the fighting, only to defend them- 
selves. And under the best-case plan, the 
troops would not begin arriving for a 
month. 

The UN withdrew all but a token force 
of about 400 peacekeepers from Rwanda 
last month when fighting made their mis- 
sion-monitoring a ceasefire and peace 
accord - futile. 

Mr Boutros Ghali said the new troops 
would put the airport at Kigali, Rwanda's 
capital and lifeline for supplies, under 
exclusive UN control and would concen- 
trate on protecting civilians and guarding 
relief workers and their deliveries. 

The UN chief warned the 15 Security 
Council members that time was of the 
essence. “The longer the delay in the 
deployment of the force,” he wrote, “the 


greater the prospect of the mission not 
achieving its purpose.” 

The US is already on record as support- 
ing such a force and might help airlift the 
troops, although none of its own. But it 
will likely take a while for the operation to 
get off the ground. 

The United Nations is already running 
17 other peacekeeping operations around 
the world, with more than 70,000 troops. It 
hflR unending problems persuading mem- 
ber states to contribute properly trained 
and equipped troops. 

One element that might help in the case 
of Rwanda is the support of Mr Nelson 
Mandela, South Africa’s new president. Mr 
Mandela declared his support an Tuesday 
for a UN peacekeeping operation for 
Rwanda. 


Banda may still outwit a united opposition 

Malawi’s Congress party could extend its 30-year rule in elections on Tuesday, writes Nick Young 


A recent electoral pact 
has consolidated the 
United Democratic 
Front's position as opposition 
front-runner in Malawi’s elec- 
tions next Tuesday in a cam- 
paign dominated by personali- 
ties rather than issues. 

Although it is not the ana- 
lysts’ favourite. President Has- 
tings Banda's Malawi Congress 
party may yet extend its 30- 

year rule into the new, demo- 
cratic era by exploiting remain- 
ing opposition divisions. 

Small parties, none of which 
has a distinctive political iden- 
tity, have withdrawn their 
presidential candidates in 
favour of the UDF"s Mr Bakili 
MuluzL 

Withdrawals have also been 
agreed in most constituencies 
where the small parties were 
fielding candidates for the 177- 
seat parliament 
The UDF is expected to win 
most of the 76 seats in the pop- 
ulous southern region. The 
central region, traditional 
heartland of the MCP, has 68 
seats. In the north, there are 
only 33 seats, and these are 
likely to be swept up by the 
Alliance for Democracy 
(Aford), fed by trade unionist 
Chakufwa C hihana. 

Campaigning has come up 
with Uttle to persuade people 
to vote on other than regional 
or ethnic lines. Mr Muluzi 
accepts that the three contend- 
ers are “very close” on social 
and economic policy. He 
emphasises “managed” liberal- 
isation, with some protection 


ZAMBIA 



HARARE 


for national industries; 
whereas Mr Chihana empha- 
sises “cushioning the impact 
on the poor” of structural 
adjustment 

But both men favour export- 
led growth within a liberalised 
economy, which is precisely 
the policy direction the MCP is 
already following; under pres- 
sure from foreign donors. 

Debate has therefore centred 
on qualifications for govern- 
ment Mr Chihana. who was 
thrice imprisoned by Dr Ban- 
da's government and who is 
closely identified with the 
early campaign for democracy, 
describes the election as “a 
contest between morality and 
the forces of darkness”. 

His dose aide and author of 
the Aford manifesto. Mr 
Mapopa Chipeta, reflects that 
“Banda used to boast at rallies 



that he had killed his oppo- 
nents. And people cheered, 
they thought it was normal 
They laughed at us when we 
said you can’t do that But now 
Malawi has changed.” 

Pinning its hopes on a moral 
crusade. Aford has launched a 
vitriolic attack on the charac- 
ter of Mr Muluzi As an MCP 
government minister and sec- 
retary general of the party in 
the 1970s, he is easy to 
denounce as a “recycled” poli- 
tician, although he responds 


that he tried to work for 
change within the system, 
enduring considerable personal 
risk as a result 
More damagingiy, Aford has 
claimed that Mr Muluzi was 
convicted of petty theft in 1968, 
and subsequently embezzled 
money from the MCP while in 
their employ. Mr Muluzi has 
not denied the allegations, 
made in an Aford newspaper 
which quoted court records 
and MCP memorandums. 
Although campaigning vigor- 


ously on the hustings, he has 
become shy of the local press 
and declined challenges to 
radio debates with other candi- 
dates. There have also been in- 
concealed attempts by other 
members of the UDF executive 
to unseat him. 

Aford's blow of moral superi- 
ority has been considerably 
undermined by suggestions 
that, as a Moslem, Mr Muluzi 
would “Islamirise” Malawi His 
status as a strictly secular poli- 
tician Is not in doubt 


Aford strategists believe that 
the anti-Muluzi campaign may 
win Mr Chihana the presi- 
dency even if the UDF wins 
most parliamentary seats. But 
doubts about Mr Muluzi are 
likely to favour the ruling 
party more than Aford. 

Last June's referendum pro- 
duced a 37 per cent pro-govern- 
ment vote: not enough to keep 
the one-party state in place, 
but a solid support base on 
which to build. Some believe 
that the vote then was influ- 
enced by MCP intimidation, 
and that support has since 
crumbled. 

Infused with new blood 
recruited from the opposition, 
the MCP has been arguing that 
those responsible for past 
abuses have left -mostly to 
join the UDF, whose leadership 
is dominated by MCP “refu- 
gees”. 

The argument does not 
address the popular belief that 
power has long late with the 
de facto prime minister John 
Tembo, uncle of President Ban- 
da's consort “Mama” Cecilia 
Kadzamira. Nor are the party's 
prospects improved by the fact 
that Dr Banda is too elderly 
and frail to make more than 
rare and brief public appear- 
ances. 

But he has appeared often 
enough to endorse his running 
mate, Gwanda Chakuamba, 
who served 13 years in jail for 
sedition, as apparent succes- 
sor. Dr Banda is not hated in 
Malawi Most people blame his 
abuses on “bad advice”. 


organised labour. He advocates 
a social market philosophy. 

The affable Mr Ramon was 
elected to the Knesset (parlia- 
ment) in 1983. Between 
1988-1992 he was chairman of 
the Labour parliamentary fac- 
tion, before Mr Rabin chose 
Mm as health minister. Mr 
Ramon has always been in the 
peace camp. He claims to have 
been the first, in 1987, to pro- 
pose an Israeli withdrawal 
from the Gaza Strip. As a mem- 
ber of the cabinet, he pressed 
Mr Rabin to open a dialogue 
with the Palestine Liberation 
Organisation, then still a taboo 
in Israeli politics. 

Mr Ramon emerged as the 
charismatic leader of the 
“Group of Eight”, young 
left-wing Labour politicians 
int-iurting Mr Yossi Beilin, dep- 
uty foreign minister, who met 
as a virtual shadow cabinet to 
discuss how to change the 
party. But until February Mr 
Ramon was determined to fight 
from within. When the cabinet 
refused to back his hralth bill 
he quit 

“He could have ended up in 
the political wilderness,” says 
a friend. “But he had a bril- 
liant sense for what ordinary 
people want; he grasped their 
desire for change.” Now, Mr 
Ramon can call the shots. 

Nuclear 
team for 
N Korea 

The United Nations nuclear 
watchdog agency will visit 
communist North Korea in the 
next few days to resume moni- 
toring its secretive unclear 
facilities. South Korea’s for- 
eign ministry said yesterday, 
Reuter reports from Seoul 
A ministry spokesman said 
Mr Hans Btix, director-general 
of the International Atomic 
Energy Agency (IAEA), had 
announced the Inspection trip 
in a letter to North Korea's 
foreign minister Kim Yong~ 
nam, a copy of which was sent 
to Seoul. 

He said the IAEA had also 
invited North Korea to said a 
delegation to its Vienna head- 
quarters to discuss a timetable 
for inspections. 

The announcement raises 
hopes tint the Stalinist North 
may be willing to compromise - 
on its earlier refusal to allow 
IAEA inspectors to sample 
spent fuel rods. 

These will shortly be 
removed from a nuclear reac- 
tor at Yongbyon, north of 
Pyongyang. 

The IAEA said last week it 
would not send an inspection 
team to North Korea until 
Pyongyang allowed experts to 
carry out full tests on the 
spent nuclear fuel to see if 
any has been diverted for a 
covert nuclear weapons pro- 
gramme. j 

Connell jailed 
for five years 

Hr Laurie Connell, former 
head of Rothwefis, the Perth, 
West Australia-based mer- 
chant bank which went under 
shortly after the 1987 stock- 
market collapse, was yester- 
day sentenced to five years' 
jail for conspiring to pervert 
the course of justice, Nikki 
Tait reports from Sydney. 

On Monday, a Jury acquitted 
the businessman of conspiring 
to fix the 1983 Bunbnry Cup, 
but found him guilty of per- 
verting the course of justice by 
paying Mr Danny Hobby, a for- 
mer jockey, about A$500,000 
(£240,000) to stay out of Aus- 
tralia and the reach of investi- 
gating police. Mr Connell has 
said be will appeal. 

IMF mission 
in Angola 

An IMF team has arrived In 
Angola and plans to meet 
President Jose Eduardo dos 
Santos later in the week about 
the war-shattered economy, 
state media said yesterday, 
Reuter reports from Luanda. 

Angola, Its economy devas- 
tated by nearly 20 years of 
civil war and inefficient social- 
ist experiments, wants IMF 
help to renegotiate some $10bn 
(£&8bu) of foreign debt 

Khmer Rouge 
releases hostages 

Ms Melissa Himes, an Ameri- 
can aid worker, and two Cam- 
bodian colleagues, held hos- 
tage for 42 days by Khmer 
Rouge guerrillas were released 
unharmed yesterday, aid offi- 
cials said. Reuter reports from 
Phnom Penh. 

They are now free -that is 
the news we got this after- 
noon,” said an official from 
the relief agency, Food for the 
Hungry International. Ms 
Himes, 24, an Fffl develop- 
ment worker, was reported 
missing on March 31 after she 
went to retrieve a vehicle in 
southern Kampot province. 


North 

Yemen 

offers 

mediation 

By Bio Watkins In Sanaa and 
Mark Nfctmteon In Cabo 

Yemen’s northern leadership 
would consider mediation la 
on effort to end the country's 
civil war, now is its seeboi 
week, the newly-installed 
prime minister, Mr Mohammad 
Said Attar, said yesterday. But 
any mediation must take place 
within the framework of a uni. 
fied and democratic Yemen, be 
insisted. 

Mr Attar's comments fol- 
lowed reports of an apparent 
halt in the advance of northern 
military units towards Aden 
and in other parts of the for- 
mer South Yemen. Observer* 
in Sanaa said the halt may 
reflect a slightly more concilia- 
tory attitude among the north- 
era leaders. 

Arab League officials woe 
due to arrive in Sanaa last 
night In an attempt to broker a 
ceasefire. The small delegation, 
led by Mr Mohammed Said at 
Bereqdar, the league’s assis- 
tant secretary-general for mili- 
tary affairs, left southern Sawn 
Arabia by road yesterday. 
League officials said the dele- 
gation would also attempt to 
contact leaders in the south. 

Egypt, Jordan, Syria and 
Oman have each in the past 
few days appealed to leaders in 
north and south Yemen to 
resume dialogue. 

Military observers in Smsu> 
confirmed yesterday that 
northern forces had been 
beaten b ack as they tried to 
enter Aden from the east One 
observer said the northern 
Amaaliga Brigade had come 
under heavy attack from a 
combination of southern air, 
sea, and ground forces. The 
northern brigades had also 
been halted about 30 miles 
north of Aden, the observer 
added. 

Southern forces have mean- 
while kept up pressure an the 
north with continued missile 
attacks. Some 23 people were 
killed and many others injured 
yesterday, following the explo- 
sion. of a Scud missile. 

The presumed target of the 
attack was a nearby palace 
belonging to the northern 
leader. General Ali Abdullah 
Saleh. Northern officials claim 
that the south has now 
launched some 20 Scud mis- 
siles against targets in the 
north. 

Despite the new attacks, life 
in Sanaa is slowly returning to 
normal- Electrical supplies 
have been fully restored, but 
the authorities have yet to 
resume direct telecommunica- 
tions links in an effort to con- 
trol sensitire mffitary informa- 
tion. Links between Aden and 
the outside world appear to be 
fully restored, with reports 
indicating the mood of the city 
remains calm. 

Mr Attar claimed yesterday 
that northern forces bad so far 
shown considerable restraint 
towards the south, particularly 
Aden. He said the northern 
leadership had no animosity 
towards the southern people, 
or the southern-based Yemen 
Socialist party. He insisted tire 
northern government was 
opposed only to certain ele- 
ments within the YSP Polit- 
buro which bad sought to 
divide the Yemeni state. 

But Mr Attar also referred to 
the southern opposition as reb- 
els and secessionists. The 
northern leadership, he said, 
was the party of amstitutianal 
legitimacy. Gen Saleh last 
week Insisted that the conflict 
was purely an internal affair 
and he warned against any 
attempt by outside forces to 
intervene. 

MI6 bugged 
embassy in 
UK, says Iran 

The British intelligence service 
has bugged Iran's embassy In 
London, Iranian President 
Akbar Hashemi Rafeaqjani 
said yesterday, Reuter reports 
from Nicosia. 

Mr Rafeanjani, quoted by 
Iran's official news agency 
ZRNA, said Iranian embassy 
staff had discovered “the hid* 
den microphones installed by 
the British MIG”. 

The agency said in a brief 
report that Mr Rafsanjani 
made the charge in a speech in 
Tehran. “The British govern- 
ment has launched propaganda 
moves in order to overshadow 
the issues.” it quoted him as 
saying: 

Last month Britain accused 
Iran of holding secret contacts 
with the Irish Republican 
Army, fighting to oust Britain 
from northern Ireland. Tehran 
denied the charge. 

Ties between the two coun- 
tries are also strained by Iran’s 
call for the death of British 
novelist Salman Rushdie 
whose book The Satanic Verses 
is condemned as blasphemous 
by many Moslems. 


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FINANCIAL TIMES THURSDAY MAY 12 1994 


US sees new 
force needed 
for Haiti 


NEWS: THE AMERICAS 


By George Graham 
fri Washington and 

Canute James in Kingston 

The White House yesterday 
denied reports that it had 
already decided to remove the 
military junta in Haiti by 
force, if tougher sanctions 
agreed last week by the United 
Nations do not work. 

But US offic ials said some 
kind of UN security force, 
including a significant US com- 
ponent. would be needed, even 
if the sanctions succeed in forc- 
ing out General Raoul Cedras 
and his colleagues. 

President Bill Clinton has 
been careful in recent state- 
ments not to rule out the use 
of US mili tary force to remove 
the junta that ousted President 
Jean-Bertrand Aristide in 199L 
However, US officials are anx- 
ious to give sanctions some 
time to work. 

“There has been no decision 
to send in a small force to 
purge the military,** said 
Ms Madeleine Albright, US 


Venezuela gets a 
dual forex market 


By Joseph Mann in Caracas 
and Stephen Fkfler m London 

A dual market in foreign 
exchange bac emerged in Vene- 
zuela far the first time in five 
years following new rules 
introduced this month that 
have rationed central h ank 
sales of dollars. 

The gap between the value of 
the bolivar on Venezuela’s offi- 
cial market, where the central 
hank sells dollars to h anks and 
exchange Hnnggs and that on 
the parallel foreign ™hang e 
markets has widened to 15 per 
cent over the last week. 

This widening spread is wor- 
rying the government Mr Julio 
Sosa, mfnistpr of finance, said 


the government was “con- 
cerned'* over the aynhang g dif- 
ferential and the central hank 
should “take some type of 
action.” When he made his 
remarks on Tuesday banks 
were selling dollars obtained 
from the central hank auction 
at 131.5 bolivars, while rates on 
the still la gai parallel market 
ranged to 148 bolivars or more. 

On May 4, the central bank 
replaced open sales of dollars 
under a crawling peg-type sys- 
tem. in effect store 1989. with 
daily auctions, which have met 
only part of Venezuela's dollar 
demand. A parallel market in 
dollar trading developed 
almost immediately, especially 
far corporate buyers. 




ambassador to the UN. 

The sanctions are to go into 
effect if Gen Cedras and his 
colleagues have not left Haiti 
by May 21. US officials 
declined to say how long they 
planned to wait to see whether 
the sanctions work. 

Under tha Governor’s island 
agreement reached in New 
York last year, the US, with 
other countries, was to provide 
military trainers and civil engi- 
neers to help a return to civil- 
ian rule in Haiti The ship car- 
rying those trainers turned 
away when a small mob organ- 
ised by the military prevented 
it from docking. 

Officials insist- a new force 
would have a similar role to 
that envisaged in the accord 
bat the tr ainer s are likely to be 
more heavily armed. 

Haitian legislators have 
named Supreme Court Justice 
Emile Joanaissaint as interim 
president This is likely to he 
seen as further defiance of UN 
efforts to restore Father 
Aristide to power. 











1%$ 


Dominican president 
faces close contest 


Joaquin Balagner, aged 87, is seeking a seventh term as the Dominican Republic's president 


By Canute James in Kingston 

President Joaqnln Balaguer of 
the Dominican Republic is fac- 
ing a surprisingly still chal- 
lenge in his attempt to win 
election on Monday to a sev- 
enth term at the head of the 
Caribbean nation. 

Hie latest opinion polls show 
the president, who leads the 
conservative Reformist Social 
Christian party, second to Mr 
Jos6 Francisco Pefia Gdmez of 
the social democratic Domini- 
can Revolutionary party. 

The polls put Mr Pefia 
Gdmez at 37 per cent of the 
vote, Mr Balaguer at 31 per 
cent and Mr Juan Bosch, the 
president’s usual main political 
rival, at 14 per cent. Other sup- 
port is split among smaller par- 
ties. 

Mr Balaguer’s supporters, 
however, argue that the polls 
do not indicate the likely out- 
come on Monday. They say the 
president has always benefited 
by late surges in support and 
that undecided voters - the 
polls say about 9 per cent - 
will back the incumben t. 

A win for Mr Pefia Gomez, 
57, would be a departure in 
Dominican politics. 

The many battles between 


US Court appointment close 


By Juek Matin in Washington 

President Bill Clinton’s search 
for a new Supreme Court jus- 
tice to succeed the retiring 
Harry Blackmun, an which an 
announcement is imminent, 
appears to have narrowed to a 
shortlist of three. 

All white male law graduates 
of Harvard University, they 
comprise, in uncertain order of 
preference, Mr Bruce Babbitt, 
the secretary of the interior, 
and two sitting federal judges, 
Richard Arnold from Arkansas 
and Stephen Breyer from Mas- 
sachusetts. Also said to be not 
out of the final running' are 
Judges Jos6 Cabranes from 
Connecticut and Amalya 
Hearse from New York. 

The late entrant into the 
short list is Judge Breyer. 55, 


the federal appeals court judge 
based in Boston, who got as far 
as an interview with the presi- 
dent last summer before he set- 
tled on Mrs Ruth Bader Gins- 
burg for the Court. His 
re-emergence as a candidate 
reflects both his high reputa- 
tion as a consensus-building 
jurist and some problems with 
picking either Judge Arnold or 
Mr Babbitt 

Mr Arnold, 58 and chief 
judge on the federal appeals 
court based in little Rock, is 
known for the distinguished 
quality of his written legal 
opinions, which have generally 
remained sufficiently in the 
broad mains trean to have 
impressed Democrats and 
Republicans alike. He is a for- 
mer law clerk to retired Justice 
W illiam Brennan, the liberal 


jurist still influential behind 
the scenes of the Court, and an 
old acquaintance of Mr Clin- 
ton. 

But doubts have been raised 
about his health (he suffers 
from lymphoma and takes peri- 
odic radiation treatment) and 
his state of origin. Mr Clinton 
could be accused of cronyism 
for choosing him and may be 
reluctant to subject Arkansas, 
already under the Whitewater 
miscroscope. to further minute 
examination. Some women’s 
groups have questioned his 
n mtuwitmpn i' to preserving toe 
right to abortion. 

Mr Babbitt 55 and a former 
governor of Arizona, is the sort 
of “real world politician” Mr 
Clinton has often said he 
would like to see on the Court 
much in the wwmnpr of thp )ab> 


chief justice Earl Warren, who 
served from 1953-69. Mr Bab- 
bitt, like Judge Breyer. was 
considered last year and had 
appeared to take his name out 
of consideration when Justice 
Bla ckmu n retired. 

But it is his politics which 
have attracted opposition, 
noteably from Senator Orrin 
Hatch from Utah, ranking 
Republican on the judiciary 
committee. He charged Mr 
Babbitt would be liable to 
influence by the “far left” and 
predicted Western senators, 
long unhappy with his environ- 
mental policies at the interior 
department, would oppose him 
But two of these. Democrats 
Harry Reid from Nevada and 
Ben Nighthorse Campbell from 
Colorado, promised to back Mr 
Babbitt 


Mr Balaguer and Mr Bosch, 
have dominated the political 
scene for decades, but they are 
now aged 87 and 84 respec- 
tively and this is expected to 
be the last election for both. 

Mr Pena Gomez has been 
helped by having a s running- 
mate Mr Fernando Alvarez 
Bogaert, once a senior func- 
tionary in Mr Balaguer’s party. 

The social democratic party’s 
officials say that they have 
their doubts about the lead 
shown by the polls - earlier 
soundings had given Mr Peda 
Gomez an even wider margin. 

In previous elections. Mr Bal- 
aguer has always managed “to 
come from behind at the last 
moment, helped by fickle vot- 
ers and the vagaries of the 
Dominican election machin- 
ery." said one official. 

Losing candidates in the 
Dominican Republic have fre- 
quently contested the integrity 
of the electoral system. After 
the last election, Mr Bosch, 
who lost by a few thousand 
votes, claimed that the presi- 
dency had been stolen away. 

These concerns, and the 
deaths of more than 30 people 
in campaign incidents, have 
created a tense atmosphere. 

In an effort to ease this, 

SALEROOM 


church leaders brought the 
presidential candidates 
together on Tuesday night to 
sign a compact committing 
tbem to a peaceful election and 
to respect for the results. 
These are expected (or the end 
of next week. 

The social democratic party 
has also complained that its 
opponents have introduced 
“verbal racism** into the cam- 
paign. Questions about the 
competence in the presidency 
of Mr Pefia GOmez, whose only 
public office has been the may- 
oralty of the capital Santo 
Domingo, have frequently been 
accompanied by reference to 
the fact that he is black, party 
officials said. 

Dominicans remain con- 
cerned that a close victory by 
any candidate could lead to 
disputes and to political vio- 
lence. They have been stocking 
up with food, fuel and other 
essentials. 

The winner, who is to be 
inaugurated- in August, will 
face an immediate and difficult 
task in righting on economy 
which has gone off course. Mr 
Pena Gomez is offering no dra- 
matic changes for the economy 
based on tourism, agriculture, 
and gold and nickel mining. 


Poor show in NY 


By Antony Thomcroft 

Christie’s offered the finest 
group of Impressionist and 
modem paintings seen on the 
market for four years at its 
New York auction room on 
Tuesday evening, but the 
results were disappointing. 
Only half the 76 lots found 
buyers. 

The auction totalled S50.7m 
with the best prices paid for a 
group or seven paintings 
acquired over 30 years ago by a 
European collector and fresh 
on the market. They were 
expected to make $15m 
between tbem and actually 
sold for $17-87m. 

A rare Fauve landscape of 
1906 by Maurice de Vlaminck 


was the star lot it sold for 
$6.8m, double its estimate, 
while Picasso's Cubist 1913 
masterpiece "Vioion, boutetlle 
et verre” was at the top of its 
estimate at 66.27m. 

In contrast paintings from 
the collection of the retailing 
magnate Mr Meshulam Riklis, 
whose McCrory Corporation 
has filed for bankruptcy taw 
protection, found few bidders, 
apart from one lot, an imagina- 
tive 1932 Picasso portrait of his 
young mistress Marie-Theritse 
Walter which sold for $4 .6m. 

Mr Michael Findlay, Chris- 
tie’s specialist in the field, was 
at a loss to explain the poor 
result. “Interest suddenly 
ebbed on Monday afternoon," 
he said. 


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NEWS: WORLD TRADE 


Hata seeks restart 
of US trade talks 


By Guy de Jonqufares and 
Nancy Dunne in Washington 


Mr Tsutoma Hata, Japan's 
newly appointed prime minis- 
ter, has told President Bill 
Clinton that the Tokyo govern- 
ment wants to resume the 
interrupted negotiations with 
the US on a framework agree- 
ment for their bilateral trade 
relationship. 

Mr Mickey Kantor, US trade 
representative, said in an inter- 
view that Mr Hata had given 
Us assurances when Mr Clin- 
ton telephoned on Monday to 
congratulate him on taking 
office. 

“Mr Hata said we should 
seek ways to re-engage, and 
the president agreed," Mr Kan- 
tor said. 

This came amid growing 
optimism in the Clinton admin- 
istration that Japan is ready to 
re-start the talks, which broke 
down in February when Mr 
MoroUro Hosokawa, then the 
Japanese prime minister, 
met the US president in 
Washington. 

A wninr administration offi- 
cial said he believed there was 
now “a real possibility" of 
resuming preparatory talks 
with Japan before the meeting 
of Group of Seven government 


Japan has given approval to 
US apple farmers’ pest control 
measures which bad for long 
prevented US apple exports, 
the centre of a long trade dis- 
pute between the two coun- 
tries, reports Endko Terazono 
from Tokyo. 

Japanese agricultural offi- 
cials said they hoped an agree- 
ment on procedural matters 
with the US would be reached 
by the end of this month and 
the first US apple imports 
would start in September. 

The decision fallows recent 
criticism from the US govern- 
ment over Japan's unfair trade 
practices. 

Japan officially liberalised Its 
apple market in 1971, but kept 
foreign apples out through 
strict quarantine rules about 
pests and diseases. 


markets to a variety of foreign 
products. 

However, he said, “we will 
enforce our trade laws” if no 
agreement is reached by Sep- 
tember 30, the date by which 
the US must, undo: recently 
revived Super 301 trade legisla- 
tion. designate for possible 
garv-tirmc the biggest barriers 
to US exports around the 
world. 

Mr Kantor conceded that, 
while file US would seek reso- 
lution of more disputes multi- 
la terally after the Uruguay 
Round trade agreement comes 
Into effect next year, “a 
number" was not covered by 
the Gatt 

In these areas, the US 
remained free to apply unilat- 
eral trade sanctions. 



leaders at Naples in July. 

US officials believe Mr Clin- 
ton and Mr Hata will discuss 
some of Che issues in Naples 
but they doubt substantive 
negotiations will be possible 
itttHI after the s um wri t 

Mr Kantor that 

the US was being "sensitive 
and careful" In' its dealings 
with Japan and had already 
succeeded in openi ng Japanese 


He cited as an 

where countries’ failure to 
enforce national competition 
laws allowed anti-competitive 
practices to pose a barrier to 
foreign imports. 

Senior US officials partly 
attribute their renewed opti- 
mism about an agreement with 
Tokyo to Mr Bata’s pragmatic 
attitude and to their belief 
that Japan is no longer oppos- 
ing US demands as a matter of 
principle. 


Peter Sutherland is urging Beijing to pursue trade hberaHsatian and open its markets ptauwR«mr 


US quartet wins 
Seoul phone stake 


Israel deal 
given to 
Bell team 


Gatt chief warns over 
China’s status with US 


By John Burton in Seoul 


Four US companies were 
selected yesterday to take a 

total shareholding of 222 per 
cent in a consortium that win 
operate South Korea’s second 
mobile telephone network. 

This deal is the latest exam- 
ple of South Korea demanding 
technology transfers in return 
for allowing foreign companies 
market access. 

The US companies were cho- 
sen because of their willing- 
ness to transfer hardware and 
operating software for the 
code-division multiple access 
(CDMA) system, wtaUdi is com- 
peting against the European 
Groupe Sp&aale Mobile (GSM) 
standard far advanced digital 
telecommunications. 

The four US partners are 
Pactel (with a 10 per cent 
stake). Southwestern Bell (7 
per cent), GTE (4 per cent), and 


Qualcomm (L2 per cent). 

Pohang Iron and Steel and 
the Kolon textile group are the 
biggest shareholders in the 
Sinsegl mobile telecom net- 
work, which also includes 
Korea’s lading telecommuni- 
cations equipment manufactur- 
ers among the 221 domestic 
companies in the consortium. 

South Korea is one of first 
countries to embrace CDMA 
technology. Korean companies 
hope to sell CDMA equipment 
to other markets, including the 
US. 


By Jufian Ozartne In Jerusalem 


The Smsegi network is to go 
into operation by the end of 
1995 and will compete against 
Korean Mobile Telecom (KMT), 
which began in 1988. * 


The number of cellular tele- 
phone subscribers in Korea has 
grown by almost 90 per cent a 
year since 1988 and reached 
500,000 this year. 


An investment consortium led 
by Bell South of the US yester- 
day won Israel's public tender 
to provide nationwide cellular 
phone services. 

It was in competition with 
Motorola-Bezek, the Israel 
state-owned telephone 
company. 

The MimmmifBtkirni minis- 
try said the Bell South Consor- 
tium - which includes the 
Safra fondly of bankers, Dis- 
count Investments of Israel, 
and Israel Aircraft Industries 
- had won the tender because 
it had submitted the lowest 
price customers will pay fin- 
services. 

Israel expects the consor- 
tium to invest 885m (£57tu) to 
$130m <£87m) in the expanding 
cellular phone market and 
start operating within 15 

mimtKft 


By Tony Walker In Belong 


US failure- to gytewfl China's 
preferential trade access to the 
US market would complicate 
negotiations over Beijing’s bid 
to rejoin the General 
Agreement on Tariffs and 
Trade, Mr Peter Sutherland, 
the Gatt director general, said 
yesterday. 

He said that, although the 
issues of Gatt and Most 
Favoured Nation trading sta- 
tus were not “directly related”, 
the US posture on MFN would 
be critical to a successful out- 
come of the negotiations. 

Mr Sutherland, in Beijing far 
an international business semi- 
nar, told reporters: “The US 
attitude is of central impor- 
tance and that attitude will he 
signalled in one way or the 
other by events on the MFN 
issue." 


' Since his arrival in Beijing 
on Tuesday, the Gatt chief has 
urged a speedy conclusion of 
China’s negotiations to resume 
Gatt status and prepare itself 
to be a founder member of the 
World Trade Organisation 
when that is fanned next year. 

Bat the director general also 
made clear that contracting 
parties to the WTO would 
insist that Ghfaa continue to 
pursue trade libe ralisation and 
other steps required to facili- 
tate access to its huge domes- 
tic market 

He said that among particu- 
lar concerns were the lack of 
transparency in China's trade 
rales, haphazard application of 
the trade regime, an absence of 
certainty in the treatment of 
imports (fonhidiiig the imposi- 
tion of hidden quotas), and 
the anti-competitive activities 
of the Chinese monopolistic 


state trading corporations. 

“I believe that China would 
be well advised to take these 
concerns seriously,” he said. 

US President wii Clinton is 
due; by early next month, to 
rule on whether to extend 
MFN to China for another 
year. He has indicated in the 
past week that he favours an 
extension. 

US and European negotiators 
are preparing for bilateral dis- 
cussions with the Chinese on 
Gatt issues, in preparation for 
a meeting of the China “work- 
ing party” on Gatt, due far in 
Geneva late next month. 

Gatt negotiations can be 
expected to accelerate after 
MFN renewal. 

Mr Sutherland has indicated 
that he hopes Ghma may be in 
a position to sign a draft proto- 
col within the next few 

months. 


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FINAN^tai. TIMESTOORSDAYN^Y 12 1994 


bitra-Andwi Pact trade* 


$m 

1,200 — — 


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Source; Anchan P«t "P iu ri ^ d ^ na fr 


Andean Pact 
still split on 
outside tariff 


FT writers on a growing 
market’s oldest problem 


T rade is growing rapidly 
among the five coun- 
tries of the Andean Fact 
but its member governments 
remain divided over an issue 
that has dogged th*m since the 
trade grouping was founded 25 
years ago - a common external 
tariff 

Preliminary estimates from 
the group - comprising 
Bolivia, Colombia, Ecuador, 
Peru and Venezuela with a 
combined gross domestic prodr 
uct of more than SI30bn - 
show a 30 per cent jump in 
trade among its members in 
1993 after an increase of 20 per 
cent in 1992. Intra-regional 
trade; including fuel products, 
reached a record $2iShn last 
year, against only Slbn. as 
recently as 1989. 

The grouping has been par- 
ticularly important for a grow- 
ing band of small and medium- 
sized companies selling non- 
traditional products. Colom- 
bian businesses view the 
Andean region as a good test- 
ing ground far more difficult 
markets and see the enlarged 
market as important in encour- 
aging foreign investment and 
cross-border joint ventures. 

Colombia is the chief 
exporter to other countries 
within, the group, responsible 
for 41 pa cent of all intra-re- 
gional exports last year. With 
imports to Colombia from 
! Ecuador and Venezuela also 
rising rapidly, infrastructure 
on these two borders is already 
under strain. 

Special border posts created 
by the pact provide frontier 
services far transporting goods 
but there are still many diffi- 
culties caused by differences in 
national legislation. Air ser- 
vices between all Andean coun- 
tries have improved substan- 
tially, with several regional 
carriers now flying between 
the main cities. 

More good news for the pact 
came last month with the ded- 
skm by the Peruvian govern- 
ment of President Alberto Fuji- 
mori, which temporarily 
withdrew in August 1992, to 
return, as a fully-fledged mem- 
ber by the pnfl of the year. 

Its withdrawal had been 
prompted by what it called 
unfair competition. Ministers 
criticised the subsidies they 
claimed Venezuela and Colom- 
bia were granting to exporters 
and said Peruvian companies 
were put at a disadvantage by 
higher energy costs and public 
service tariffs. 

Although it is not dear that 
these issues have been 
resolved, Peru has said it will 
gradually rejoin the free trade 
zone, applying from this month 
a zero tariff to products previ- 
ously paying 5 per cent and by 
December to products now pay- 
ing 10 per cent, 

The central relationship 
within, the pact is that between 
Venezuela and Colombia: trade 
between the two rase 45 per 
cent in 1993 and Colombia's 
President Cflsar Gaviria said 
last week that bilateral trade 
would reach an amwai jabn 
very soon. 

The two are also talking ' tn 
Mexico over the establishment 
of the socalled Group of Three, 
which would join Colombia 


and Venezuela in a trade 
accord with Mexico. Ecuador 
has already said It would Uke 
to join once it gets off the 
ground. 

Final negotiations over the 
G3 have proved slower than 
expected, in part because the 
three-month-old Venezuelan 
government of President Raf- 
ael Caldera has had other pri- 
orities. When Mr Caldera met 
Mr Gaviria last week - the lat- 
ter's eighth visit to Caracas - 
the two leaders re-confirmed 
their commitment to a G3 
agreement 

Venezuelan officials say Mr 
Caldera recognises the impor- 
tance of free trade with Colom- 
bia and has indicated he will 
not let problems - such as bor- 
der disputes, transhipment of 
cocaine and Colombian guer- 
rilla action along the border - 
hurt trade relations. 


Trade between 
members jumped 
30% in 1993 


Despite the perception that 
relations with Venezuela are 
more important Mr Gaviria 's 
administration has also kept 
up pressure for the Andean 
common external tariff to 
come into effect as soon as pos- 
sible. The enrnmnn tariff was 
supposed to have been effec- 
tive at the start of 1992, but a 
decision has been postponed 
several times and it fa far from 
clear an accord can be reached 


soon. 

The talks centre on a a four- 
tier external tariff of between 5 
and 20 per cent, which some 
external observers regard as 
excessively complicated. 

Bolivia already has a two-tier 
tariff structure with a maxi- 
mum of 10 per cent, and fa 
likely to keep it despite the 
potential for Bolivia to he used 
as a platform for entry to the 
free trade zone. 

Ecuador has been insisting 
on important exceptions to the 
common external tariff which 
others find unacceptable. The 
Peruvian government wants it 
set at a fiat 15 per cent - the 
rate It now levies on 98 per 
cod of imports. Most of Peru's 
manufacturers and exporters 
would prefer a staggered 
regime - but the Fujimori gov- 
ernment fa committed to a fiat 
rate, which the International 
Monetary Fund and World 
Bank also favour. 

Some observers redeem that 
the longer the decision cm the 
external tariff fa delayed, the 
less likely it will he that an 
agreement will be secured. 

While growing fast, trade 
among Andean countries fa 
still a relatively small propor- 
tion - about 5 per cent- of the 
region’s overall trade. Mean- 
while, other groupings - such, 
as the G3 and Mercosur, the 
southern cone market which 
Bolivia wants to join - are also 
growing in significance and 
exerting a centrifugal force cm 
the pact's members. 

Reporting by Sarita Kendall in 
Bogota. SaUy Bowen in Unto, 
Joseph Mann m Caracas and 
Stephen FUUerin London 


Malaysia shortlists 
airport contractors 


By iGeran Cooke 
in Kuala Lumpur 


BARCELONA 
More than Ever 


Ten consortia of contractors 
made up of local and foreign 
groups have been shortlisted 
to carry out work on a new 
international airport outside 
Kuala Lumpur. 

The consortia include groups 
from France, Germany, Japan, 
Sooth Korea and the US, but 
none from Britain. 

In late February the Malay- 
sian government imposed a 
ban on giving: government con- 
tracts to British groups after 


reports critical of the Malay- 
sian leadership appeared in 
file British press. 

Kuala Lumpur’s new air- 
port, which fa priced at 
between MS9bn and M$l2bn 
(£2.35bn - £3.1bn) is one of 
southeast Asia’s biggest infra- 
structure projects. 

The 10 consortia are compet- 
ing for a MS3bn contract for 
work on the airport’s win ter- 
minal building. 

The airport is due to be open 
by the end of 1997 but there 
are doubts it can be completed 
by then. 




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FINANCIAL TIMES THURSDAY MAY 12 1994 


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NEWS: UK 


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Yirani jailed over dealings with BCCI 


By John Mason, 

Law Courts Correspondent 

Ur Naznradixi V Irani, the former 
property entrepreneur convicted of 
fraud over his business dealing s with 
the Bank of Credit and Commerce 
International, was jailed for two and a 
half years at the Old Bailey yesterday. 

Passing sentence, Mr Justice Hutch- 
ison said the gravity of the offences 
Mr Virani had been found guilty of 
demanded an immediate prison-sen- 
tence. 

However, the judge said the mitigat- 
ing circumstances in Mr Yirani’s case. 


such as his charity work and impres- 
sive character references, meant he 
was reducing the sentence from the 
level he had inttiaTiy considered. 

These character references fririnri«i 
one from Mr Paddy Ashdown, leader 
of the centrist Liberal Democrat 
party, commending Mr Vfrani's work 
on behalf of the Asian community. 

Mr Vlrani was convicted earlier this 
month of six counts of furnishing 
false information to Price Water- 
house, the BC& auditors, and one of 
false accounting. 

By signing bogus audit continua- 
tion reports which pretended compa- 


nies in the Vlrani group owed money 
to BCCI, Mr Vlrani was able to artifi- 
cially boost BCCTs profits by same 

glim. 

Mr Justice Hutchison said that in 
the context of the massive fraud per- 
petrated by BCCI and its senior man- 
agement, the offences committed by 
Mr Vlrani were relatively modest 

However, their gravity was demon- 
strated by the fact that he had 
deceived Price Waterhouse into think- 
ing the bank’s financial health was 
far greater than it was. 

Other people had contributed to the 
fraud on a much grander scale, the 


judge said at the Old Bailey. 

However, the judge told Mr Yirani: 
“I cannot exclude the possibility that 
yours was the brick in the wall that 
kept the edifice standing longer t ha n 
it would have done otherwise." 

Mr Justice Hutchison did not dis- 
qualify Mr Virani from being a com- 
pany director in fa tore. The judge dis- 
missed a claim by the businessman’s 
lawyers that prison would "break" 
h up . 

"1 believe that on your release you 
will resume an honest and useful life 
in the business communi ty.** he told 
Mr Virani 


The judge also made no order for 
Mr Yirani to pay part of the £2 2m 
costs incurred by the Serious Fraud 
Office in bringing the prosecution. 

The court heard that although Mr 
Yirani had two Swiss bank accounts 
containing £3.6m, these had both been 
frozen and his debts to the BCCI liqui- 
dators totalled almost £7m. 

The court heard that his £800,000 
house in Putney, South London, had 
been transferred into his wife’s name 
in 1992. 

Mr VLrani's lawyers said afterwards 
they intended to appeal against both 
his conviction and sentence. 


BCCI creditors still 
playing a waiting game 



Douglas Hurd, foreign secretary, told Scottish Tories to argue their case over Europe 

Tories urged to fight back 


"The annual question is when 
and bow much the creditors 
will be paid,” said Mr Christo- 
pher Morris, a liquidator of the 
collapsed Bank of Credit and 
Commerce International, yes- 
terday. "The answer is still 
shrouded in uncertainty.” 

Nearly three years after 
BCCI was dosed by regulators 
in July 1591, those who lost 
money will still need a good 
deal more patience before see- 
ing much sign of redress. 

While some fresh informa- 
tion was provided yesterday by 
Touche BoeSp BCCTs liquida- 
tors, in the annual fnfog with 
the Department of Trade and 
Industry, many gaps remain. 

While some creditors have 
received partial interim pay- 
ments through, compensation 
qrhpmaa, there is no aign of 
any quick disbursement .from 

•RlYTTw rirrai retelling asae ta. 

The liquidators have never 
revised their ori ginal estimate 
that creditors may ultimately 
receive 30p-40p in the pound. 
Mr Morris said yesterday there 
was “no reason to nhawg ia it”. 

The total value of claims 
against BCCI remains unclear. 
So for there are creditors 
demanding nearly $3.2bn 
against the English assets 
alone. Many may not identify 
themselves until the prospect 
of a dividend looms. 

Other claims may came from 
legal actions against the banfr 
nwhwftng $ubn allegedly sto- 
len from the government of 
Abu Dhabi, the majority share- 
holder, by BCCI unless the hq- 


Andrew Jack 
on the latest 
state of play in 
the legal tangle 

uidators successfully conclude 
an agreement with it 

The final figure will also 
depend on how many of the 
separate national BCCI liquida- 
tions around the world decide 
to "pool” their assets with the 
TSn gHnTi liquidation. This wfn 
In turn depend on the leva! of 
any revised dividend. 

A number of models have 
been developed by the liquida- 
tors to juggle these elements. 
One such calculation suggests 
possible total claims in the 
range of $9bn to subn. 

Total estimated realisations 
from BCCTs stated assets in 
the UK, W*» of Man and Lux- 
embourg are $L2bn. More will 
come from interest less a large 
proportion spent on profes- 
sional fees and running costs. 

If other parts of BCCI - nota- 
bly BCCI Overseas - join the 
pooling agreement their assets 
will also swell the pot available 
for distribution by several hun- 
dred tniTti nn dollars. A further 
$750m-?lbn may come from 
assets and the share In out-of- 
court settlements negotiated 
with the US authorities by 
BCCI and other related parties. 

The government of Abu 
Dhabi earlier this year provi- 
sionally agreed to a revised 
deal in which it would pay 


SL9m to creditors in exchange 
for a waiver of litigation 
ag ai nst it by the liquidators. 

Mr Morris said yesterday 
that it may take another two 
months before the detailed 
legal agreement is completed. 
It must them be submitted to 
the BCCI creditors’ committees 
for approval, and then ratified 
in tlie wngiiBh. Luxembourg 
»nd Cayman islands courts. 

In total, these sources might 
provide a total of assets avail- 
able relatively soon for distri- 
bution to creditors of a maxi- 
mum of something over |4bn. 

Any further realisations wifi 
came from litigation - which 
could take many yeare. Touche 
Ross has sued Price Water- 
house and Ernst & Whinney, 
now part of Ernst & Young, as 
auditors to the bank for $llbn. 
It has sued the Bank of 

Bre gtenrii for more item 

Writs have also been issued 
against the National Commer- 
cial Banlf of SatUli Arabia and 
Shaikh KhaUfl bin MahfoUZ, its 
framer chief operating officer; 
the IML, the Luxembourg 
hanking regulator; BCCTs 
directors; and the Gokal 
brothers, controllers of the 
Gulf shipping group which 
proved one of BCCTs largest 
debtors. Mr Morris said, yester- 
day that further legal actions 
were also likely. 

All this means that on the 
most optimistic- view creditors 
are unlikely to receive a divi- 
dend until well into next year. 
This could total 15p-20p in the 
pound. 


By James Buxton, 

Scottish Correspondent 

Scottish Conservatives, cowed 
by their disastrous perfor- 
mance in last week’s regional 
elections in which they fin- 
ished in fourth place with less 
than 14 per cent (rf the vote, 
were urged yesterday to fight 
hark and "stop taking opposi- 
tion insults and smears on the 
f-hrn like gentlemen." 

The call for a more aggres- 
sive approach was issued on 
the opening day of the party's 
conference in Inverness by Mr 
Adrian SMnwell, its Scottish 

president. 

Though Mr Douglas Hurd, 
the foreign secretary, referred 
to the regional elect ions as a 
“sideshow” in comparison with 


the European elections, it was 
a line which several delegates 
rejected in private. The issues 
which had made the party so 
unpopular last week would 
surface again in the European 
elections, they said. 

For her the most damaging 
thing the government had 
done was to levy VAT on 
domestic fuel. “I don’t think 
people in the south realise 
what that means in Scotland. 
We still have radiators on in 
May and put the central heat- 
ing hack on in September." 

A senior Tory was dismayed 
at the way the party had for 
nearly two years permitted the 
apposition to set the agenda on 
the intensely sensitive issue of 
water. Labour, the Scottish 
National party and the Liberal 


Democrats had planted with 
the public the idea that the 
Tories intended to privatise 
Scotland's water, and when the 
government belatedly rejected 
that policy it had not done so 
forcefully enough. 

Despite Mr Hurd's encour- 
agement, the European elec- 
tions will be very difficult for 
the Tories. They hold no Scot- 
tish Euroseats and have realis- 
tic hopes of winning only one. 
As many noted, the elections 
are likely to be presented by 
the opposition as a referendum 
on the government 

Mr Hurd’s proposition that 
the party can camp ai g n effec- 
tively on European issues is 
undermined by its divisions on 
the issue, which afflict more 
than just the cabinet. 


Britain in brief 



British 
technology 
‘lacks plan’ 

Britain still lacks a long-term 
agenda to develop UK 
technology and industry and 
the Treasury is taking too 
complacent a view of recovery, 
according to a report on 
competitiveness from the 
Engineering Employers 
Federation. 

The report, published just 
prior to the government’s 
white paper on 
competitiveness doe out on 
Monday, says that the trade 
deficit and the consumption/ 
investment imbalance will 
not be solved merely by a 
cyclical economic recovery. 

“Even in the short to 
medium term, there is an 
urgent need for strategic 
decisions. Although UK 
manufacturing is highly 
competitive, the 
manufacturing base is too 
small." says Mr Graham 
MacKenatie, EEF director 
general. 


Record numbers 
stay at school 

Only seven, per cent of 
16-year-olds went into frill-time 
emplo ymen t last year, the 
lowest figure ever, a careers 
service report reveals. Instead, 
the survey of school leavers’ 
destinations by the heads of 
career services showed that 
a record 68 per cent chose to 
stay on full-time in school or 
college. Further education is 
increasingly chosen ahead of 
training schemes. 


Matter for 
speculation 

Work has began on the first 
large speculative office 
projects to be built in the City 
of London since the recession. 
London and Manchester 
Group, a life company, is 

building a 214,000 sq ft 
building at Finsbury 


Pavement which will include 

125.000 sq ft of offices and a 

96.000 sq ft department store 
for Marks & Spencer. 

The site, which was 
originally bought by London 
and Manchester in 1987 was 
sold to Land and Property 
Trust, a company now in 
liquidation, for £75m in 1989. 
London and Manchester 
repurchased the site for 
£17^m in 1992. 


Sunday racing 
gets go-ahead 

Bookmakers expressed delight 
at the decision to allow Sunday 
betting on horse racing in 
England and Wales but warned 
that the industry faced strong 
competition from rival 
attractions such as 
do-it-yourself stores and 

garden centres. 

The House of Commons 
approved Sunday betting by 
a majority of 101 on Tuesday 
night. Evening betting, which 
began last year, has provided 

a substantial boost to 

bookmakers, who hope Sunday 
racing will do the samp . 

William Hill, the second 
biggest bookmaking chain, 
said, however, the horse racing 
industry would have to ensure 
that it introduced new 
enthusiasts to the sport rather 
than simply moving weekday 
customers to Sundays. William 
Hill said it was not yet dear 
whether there would be a net 
increase in race meetings or 
whether existing fixtures 
would be moved to Sundays. 


CrossRail faces 
long delays 

Government ministers and 
business leaders began an 
urgent search for a means of 
rev i v i ng the £2bn CrossRail 
project for a cross- London rail 
link following its surprise 
rejection by a Commons 
committee on Tuesday. 

The government is studying 
three passible options for 
overturning the four-man 
private Bin committees 
controversial decision: 
relaunching the proposal as 
a hybrid Wfi; promoting it 
through the new and untried 
Transport and Works Act; or 
sending it back to the private 
biD committee. Whichever 
method is chosen the project, 
first launched in 1989, is 
expected to suffer considerable 
extra delays. 













The Commonwealth of Independent States (CIS) needs access to western 
market economies. Equally, many European companies are interested in 
developing new business relationships further east A My functioning tele- 
communications infrastructure is a fundamental prerequisite for meeting 
K™ these objectives. 

Fan +44 71 287 ,0 ns on this international, east-west stage that Telekom is 

currently making a vital contribution. Together with other part- 
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PlfiS ,n ■■ ■■■■■■■■n ■ ■■■■■• ■ 

FtoK +331 44430010 CIS. This will link the CIS countries to each other and to the 
SSTMaSivs western telephone network. 

r — ° But there’s no need to wait until then; Telekom can already 
Sc i offer companies a superfast data highway to even the remotest 

WmStoriaiitoy location in ihe east 

sSliTiS Via Intelsat and the Russian fritersputnik system, we keep you 


in constant touch with your eastern contacts, so that together you can 
really get business moving 

So, in the interests of economic recovery and good inter-country re- 
lations, we’re thinking a long way 
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If you, too, have demanding com- 
munications challenges to solve 
in the east, have a word with the 
No. 1 in Europe: Telekom. 


Telecommunications 
made in Germany. 



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Jb- Vy ii 'Ly ji.iL. 










FINANCIAL TIMES THURSDAY MAY 12 1994 


NEWS: UK 


No early end 
to BT ban on 
entertainment 


Figures highlight an uneven recovery 


By Andrew Adonis 

The British government 
yesterday flatly ruled out an 
early lifting of the controver- 
sial ban on British Telecommu- 
nications carrying entertain- 
ment over its network. 

Mr Patrick McLoughHn, com- 
munications minister, told the 
House of Common, trade and 
industry committee: “any pre- 
mature review of that policy 
would have a devastating 
impact an the investment of 
the cable companies.” 

Cable companies - mostly 
US-owned - are building com- 
bined cable TV and telephone 
networks in urban areas. They 
have gained nearly 400.000 cus- 
tomers, and are planning to 
invest £6bn over the next five 
years. 

The first flotation of a cable 
company - Telewest - is about 
to take place on the London 
stock exchange, and analysts 
believe the ban on BT carrying 
entertainment until at least 
1998 is important to sustaining 
investor confidence. 

BT f.lahng the hfln is likely to 
delay its investment in “super- 
highway" broadband technol- 
ogy - notably the laying of 
fibre in local networks, with- 
out which advanced inter- 
active services will be 
restricted to large compa- 
nies. 

However, the government 
emphasised yesterday that the 


encouragement of competition 
in toteMiwmnnicatinns was its 
chief priority. “The develop- 
ment of competing [telecoms] 
infrastructures is the govern- 
ment's policy,” said Mr 
McLonghlfn 

Pressed by MPs. Mr 
McLoughlin said the govern- 
ment would “seriously con- 
sider” the case for targets to be 
set obliging companies build- 
ing fibre local networks to 
wire-up public sector institu- 
tions such as schools and hos- 
pitals. 

The Clinton administration 
is hftftkfag such targets in the 
US, where vice-president A1 
Gore has been pioneering a 
national debate on the virtues 
of a national “information 
superhighway.” 

Last week Mr Don Cruick- 
ghanic, the teda tMmnnintea twins 
regulator, urged a “national 
debate” on the application of 
new telecoms technology to 
the public sector. 

Mr Met rutghlin als o affirmed 
thfl government’s commitment 
to a universal telecoms service, 
amid fears that the cable 
companies' concentration on 
urban Britain will leave rural 
areas without advanced ser- 
vices. 

BT said it regretted the gov- 
ernment’s stance. “We firmly 
believe that the CJK needs a 
seamless broadband network, 
and BT is uniquely placed to 
provide it” 


I BjrGffianTett 
and Peter Norman 

British manufacturing output 
dropped slightly in March after 
two months of strong growth, 
surprising economists who had 
expected a rise in production, 
mid highlighting the uneven 
nature of the UK recovery. 

But in spite of this monthly 
dip, official figures lor the first 
three months of 1994 showed 
that British business recorded 
its largest rise in manufactur- 
ing output for five years, indic- 
ating that economic recovery 

mnHmiPg 

Output in March was 0.5 per 
cent lower than February, sea- 
sonally adjusted figures from 
the Central Statistical Office 
showed yesterday. 

This compares with rises of 
0.4 per cent in February and 
nearly 15 per emit in January, 
and was markedly lower than 
market expectations, which 
had foreseen a monthly gain of 
around 0.3 per cent for 
March. 

The main reason for the fall 
was the failure of the food, 
drink, tobacco and engineering 
sectors to sustain the produc- 
tion surges they had recorded 
in the first two months of the 
year. 

But monthly production fig- 
ures are volatile, and officials 
insisted that the quarterly fig- 
ures provide a better guide to 
the trend. 

These showed that manufac- 
turing output rose by IA per 
cent during the first three 
months compared with the 
final q uarter of last year - the 
fastest growth since March. 
1989 during the economic 
boom. 

Last night, Mr Eddie George, 
the governor of the Bank of 


Optimism and output soar - but hope for jobs keeps falling 

Figures are batanem; y'g Y EHB3B8B8j 

% of manufacturers reporting. ^ opfriten +«[ [OptMam *3l 

an bcresM in optimism, orders, .-■£# Z ■ Oidn +17 1 Orders -fl I 

exports etc, minus % reporting »■ i. Outnut +iel (output o| 

a decrease • 


yry r-' 

, & Scotland 

- 



Optimism 

+13 

Oitiers 

+17 

Output 

+18 

Employment 

-22 

tmmmS 


Optimism 

Orders 

Output 

Employment 


production Industries* output 

Charter on Quarter % chango 

15-"* “ ' 


Optimism 

Orders 

Output 

Employment 


Optimism +27 

Orders +36 

Output +28 

Employment -14 


Optimism +36 

Orders +20 

Output +19 

Euytoy m ant -3 


O ptimism +32 

Orders +32 

Output +28 

Employment -7 


v J ' 

' ^ y j V< 

* North-west! * 


MWtaxtt A Angtia ' 


South-west . 

r-T- 9 


SoaBHMt 


Optimism +1 

Orders +12 

Output +15 

Employment -16 


Optimism +16 

Orders +23 

Output +24 

Employment -22 


Optimi sm 

Orders 

Output 

Employment 


Optimism +3 

Orders +14 1 

Output +23 ' 

Employment -16 


Optimism +23 

Orders +32 

Output +30 

Emp lo yment -2 


Optimism +21 

Orders +29 

Output +20 

Employment -6 


Respondent wars MkodMnllhey expected over the next foivmaistis 




Selected production sectors 
Quarter on quarter % charge 
Food j 

Textiles ; J 
Coke, ofl refining I. | ' 

Chemicals ' 

Metrtsj [ 

Entfnearlng; , J • 

Other manufacturing ■ | 

SO -10 0 10 

Quanytog and mining 
Quarter on quarter % change 

OP and gas 1 ] B 

Coal I T , 

-20 -10 0 10 

SautGttCaVBSt. 


England, suggested that 
Britain's economic recovery 
was becoming “more robust 
and broadly-based” than the 
consumption-led growth that 
had characterised the past two 
years. 

“There are now hopeful signs 
that, as tax increases act to 
moderate the growth of con- 
sumer spending, the company 
sector - which has enjoyed ris- 
ing profitability and an 
increasing financial surplus - 
will now increase its invest- 
ment spending,” he said. 


He told the annual dinner of 
British factors and discounters 
that Britain’s trade should also 
“begin to benefit from the 
emerging recovery on the con- 
tinent”, he added. 

Mr George's upbeat analysis 
was yesterday echoed in two 
new business studies, which 
showed that companies across 
the country are reporting 
Increased business activity. 

The latest regional survey 
from the Confederation of Brit- 
ish Industry and Business 
Strategies, a consultancy, said 


businesses in all UK regions 
have booked increased orders 
over the last four months - 
a g ain for the first time since 
1989. 

An opinion survey by the 
Institute of Directors shows 
that the 70 per cent of directors 
during March and April 
reported increased volumes of 
business, up from 61 per cent 
during the previous two 
mouths. 

But as a sign of the uneven 
pace of recovery, directors 
have become less optimistic 


about the prospects for the UK 
economy, mainly because of 
concern about UK political 
instability. Nearly a quarter of 
directors blamed this for their 
failing confidence - while only 
9 per cent cited April's taxes. 

Mr George acknowledged 
that the economy did not feel 
particularly buoyant 

“But we have to avoid the 
excesses of the late 1980s, 
which felt wonderfully good in 
the short-term but which were 
the root cause of the misery 
that followed,” he said. 


Thatcher invited to give evidence to MPs’ Pergau probe 


By James B®z 

Baroness Thatcher, who as Britain’s 
prime minister approved a contro- 
versial donation of aid to Malaysia 
for the Pergau dam project, has been 
invited to appear before a leading 
Commons committee and be cross- 
examined on the affair . 

Members of the all-party Foreign 
Affairs Committee yesterday sent an 
invitation to the former prime minis- 
ter, asking her to appear before 


them in public and explain the link 
between the UK’s offer of £234m of 
aid to the Malaysian government 
and a £lbn arms deaL 

Lady Thatcher’s appearance would 
be the first by a former prime minis- 
ter before a Commons select commit- 
tee. It would mark the hi g hli g ht of 
the FAC investigation, in which 
three forme r members of her cabinet 
have been interrogated. 

Parliamentary rules state that, as 
a member of the House of Lords, 


Baroness Thatcher Is not obliged to 
accept the invitation. But Mr Denis 
Canavan, the Labour MP for Falkirk 
West who is on the FAC, said yester- 
day that it would “look bad” if she 
turned it down. 

“Baroness Thatcher has played a 
leading part in the whole affair," he 
said, “and it would reflect badly on 
her if she refused to attend.” 

Some Tory MPs on the FAC 
argued strongly yesterday that an 
invitation should not have been 


sent, because it was unclear whether 
the former prime minister had been 
aware of the link between the arms 
and aid deals when they were made 
in 1988. Such a linkage would break 
Whitehall guidelines on aid provi- 
sion. 

In his evidence to toe committee. 
Lord Howe, the forma’ Foreign Sec- 
retary, said that the decision to link 
the two had been taken entirely by 
Lord Younger, the then Defence Sec- 
retary. Lord Howe also suggested 


that the attempts to de-link the two 
deals later that year had been 
mainly led by himself. 

Labour MPs said there was strong 
documentary evidence that Lady 
Thatcher had played an important 
role in attempts to bide the connec- 
tion between the aid and arms deals. 

In June 1988, she wrote to 
Mahathir Mohammed, the Malaysian 
prime minis ter, confirming that the 
offer of aid would go ahead hut hop- 
ing that the defence contract 


could be signed later that year. 

Members of the committee also 
want to know why lady Thatcher 
gave a green light to the offer of aid 
for the dam earlier in the your, even 
though Foreign Office officials had 
been given only two days to carry 
out a project assessment 

Members of Lady Thatcher's staff 
confirmed last night that the invita- 
tion had been received, but could 
give no indication of whether she 
would be likely to attend. 


Two naval 
dockyards 
advertised 
for sale 


By Bernard Gray 

The Ministry of Defence ts 
today advertising the Dew*, 
port and Rosyth naval doefc. 
yards for sale in the national 
press. 

Initially the MoD is inviting 
companies to register an Inter, 
est in buying the two yatfe 
before May 27. A trade afe 
direct to private sector compa- 
nies Is expected to be com- 
pleted by 1996. The form of tee 
announcement differs from 
most MoD contracts. 

However, a spokesman far 
the ministry said that It was 
keen to gain interest from tt 
wide a group of potential pur- 
chasers as possible. It was 
intended that the sale should 
be more like a conventional 
privatisation than most other 
ministry tenders. 

Detailed negotiations ate 
likely over the assets likely to 
be included In the package, as 
well as the liabilities which 
any acquiring company would 
have to take on. 

Currently the two yards me 
run under management con- 
tracts, Rosyth by Babcock 
Thorn, and Devonport by D«L 
Management, but most retan- 
dancy costs from c utba ck s are 
met by the Ministry of 
Defence. Issues such as^tire 
would be responsible far any 
future redundancy coots w& 
be central to the negotiation 

As well as the incumbent 
management teams severe! 
other companies are thoitetit: 
to be Interested. British Ae& 
space, GEC, and VSEL axe *U 
potential bidders. / 

Devouport recently won the 
contract to refit all of Britain 
nuclear submarines after * 
two-year battle with Rosyth. 
In the subsequent argunaga- 
over Rosyth’s future, Mr 
colm Rificiud, the se cret ary ot 
state for defence, awarded Roe 
yth a large package of surtijge 
ship work. ' 

While both yards now hue 
work for the rest of p 
decade, analysts questfb 
whether the reduction in rae 
size of the Royal Navy wfU 
leave sufficient work for both 
yards in the long term. 





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FINANCIAL TIMES THURSDAY MAY 12 1994 


MANAGEMENT: MARKETING AND ADVERTISING 



chJumfcDcai!: 




W hy does a Skoda have 
a heated rear wind- 
screen? So yon can 
keep your hands warm 
while you're p ushing it The Skoda 
has ail the charm of the typical 
eastern European product in the 
British mind - a dubious car of 
comical design, renowned only for 
its Joke status. 

The complete repositioning of the 
brand, which Skoda is currently 
bravely attempting, must amount to 
one of the most daunting marketing 
challenges of recent years. 

The impetus for Skoda to attempt 
the seemingly impossible comes as 

a result of Volkswagen tairing con- 
trol of the Czech company three 
years ago and, in the UK, the estab- 
lishment last year of Skoda Auto- 
mobile UK, a new wholly-owned 
subsidiary to import the cars. 

The old Estelle model - the tradi- 
tional Skoda of the Joke - was 
superseded by the Favorit in 1989, 
and, over the past three years, 
Volkswagen has been further 
improving the specification and 
quality control of the Favorit range 
(priced between £5,600 and £7,700), 
Skoda proudly quotes a recent BBC 
television programme which gave 
the Favorit a test drive and found it 
“completely free of rattles and 
squeaks”. 

Skoda hag never hpfl more than i 
per cent of the UK car market - 
now the objective under the new 
Volkswagen management is to 
increase that share to 2 per cent by 


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Diane Summers on the Czech company’s use of the 
Volkswagen connection to reposition its Favorit brand 

Skoda’ s sales 
drive is no joke 


the end of the decade. 

Robin Woolcock, managing direc- 
tor of Skoda Automobile OK, had no 
iOnsirmfi about the magnitude of the 
job: Tt was dear to me very early 
on that this was a major mq rftp tfng 
tas k- It wasn't about distribution 
strategy or retailing capacity - it 
was about changing the perception 
of a company that bad come to epit- 
omise eastern Europe.” 

In the UK, the brand is a victim 
partly of its own success: the jokes 
exist because Skoda has a consider- 
able presence in the market. Else- 
where in western Europe, the Jokes 
would be meaningless and have 
therefore not taken root, says Wool- 
cock. 

A tight marketing budget meant 
that objectives had to be clearly 
defined and focused. With no mar- 
keting department, Woolcock's first 


stop was a mar ket research consul- 
tancy called Quadrangle, which car- 
ried out qualitative studies among 
three groups: current Skoda own- 
ers: “susceptibles” who might he 
persuaded to buy a Skoda; and 
“rejecters” who would be unlikely 
to purchase. 

Simon Udington, a Quadrangle 
partner, discovered there was noth- 
ing odd about Skoda owners. “They 
were just normal people who were 
characterised by being honest, 
straightforward and disliking hype. 
They had a very clear-sighted view 
of the kind of purchases they 
wanted to make, wanting to pay no 
more than they needed.” 

Skoda owners loved their Skodas 
and had even come to love the 
jokes, says Lidington. The only 
problem was that there weren't 
enough owners, which Is why the 


next group, the “susceptibles’*, 
became so important. 

Susceptibles were “attitudinally 
s imilar to Skoda owners”, found 
Lidtngton. “They had been put off 
by the jokes and by their lack of 
awareness of the Favorit If condi- 
tions were right and they felt other 
people weren’t going to laugh at 
th g m , they'd jump at the chance of 
owning a Skoda.” 

Waking alongside Lidington was 
the advertising agency GGK, whose 
job it became to develop a strategy 
for awakening the interest of the 
susceptibles. Steve Green, a GGK 
director, discovered it was not 
enough merely to point out the mer- 
its of the Favorit to potential pur- 
chasers. 

“There was such a huge disso- 
nance between what people - even 
susceptibles - have in their head 


about what Skoda is and means, 
and what we were presenting to 
them.” he says. 

The most important lever has 
turned out to be the fact that Volks- 
wagen - with its strong reputation 
for quality - now controls the com- 
pany, says Green. “The Volkswagen 
connection tit lights, hit the spot. 
People immediately latched on to it. 
It allowed susceptibles a route into 
the brand,” be says. 

Press, poster and television adver- 
tising - currently showing - has all 
led on the VW link- After an outlay 
of £6m on press and poster adver- 
tisements last year, and £45m for 
the current TV campaign. Woolcock 
believes the benefits are beginning 
to materialise: after the first week 
of TV adverts, dealers are reporting 
a 50 per cent rise in sales, be says. 

Tie final ingredient in the cam- 
paign has been public relations. PR 
company Shandwick has the task of 
monitoring press coverage and lis- 
tening out for the jokes. Journalists, 

r-nmuriiaTMt , disc jockeys artrt n thw 

careless Skoda joke artists are 
likely in future to find themselves 
threatened with a test drive. 

Says Shandwick: “We don't 
intend to overreact but if anyone 
does Twaltp an ill-informed «i»nmmt 
about Skoda, we will be offering 
them an opportunity to reconsider 
their views. We're also trying to 
educate the public that we're not a 
soft touch any more - we’re not 
going to He back and take com- 
ments that affect the brand value.” 


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Press, poster and tetawtskm advsrttsirtg has all stressed the Volkswagen Dnk 



‘Asian Delight’ tempts Thai palates 

Victor Mallet on how Lever Brothers has benefited from the growth of ice cream consumption 

U nlike some of Bangkok’s shampoos is wen-established - term, the market could increase company becanse it has a large, in the car before shoppers can 

raunchier roadside Kao of Japan is credited with fivefold from the present leveL young and culturally homogeneous reach their houses, 

advertisements, the opening the market more thaw Lever entered the fray four years population; most of the country's But the hot climate and the 



Hot safc Umamfs climate makes ft an i 


i market for Ice cream 


U nlike some of Bangkok’s 
raunchier roadside 
advertisements, the 
enormous billboards depicting a 
woman's red lips invitingly parted 
have nothing to do with the sex 
industry; they are selling Wall's 
Icecream. 

Japanese corporations dominate 
south-east Asian markets for cars 
and consumer electronics, but 
western companies such as the 
Angto-Dobch Unilever - owner 
of the Wall's brand - are 
influential players in Asia when 
it comes to branded foods and 
household goods. 

Lever Brothers (Thailand), 
wholly-owned by Unilever, has 
been operating in the country for 
more than 60 years and says it 

Is dnmrnnnf faj six Of the nine 
markets in which it competes, 
including ice cream hair care 
products (dominance is defined 
as having a market share at least 
50 per cent bigger than your 
nearest rival). 

Thai demand for branded 


shampoos Is wen-established - 
Kao iff Japan is credited with 
opening the market more thqti 
20 years ago. and Lever took a 
dominant position by the end of 
the 1980s - but the growth of ice 
cream consumption is a 
phenomenon of the 1990s. Although 
Thailand’s economy has been 
expanding steadily for 40 years, 
only recently has the disposable 
income iff most Thais been able 
to stretch to ice cream. 

“Until 1990 the market was very 
basic and primitive,” says Vtroj 
PhntraKul, chairman of Lever 
Brothers (Thailand). “Availability 
was not good and visibility was 
awfuL” The main ice cream 
company in Thailand was 
Foremost, originally introduced 
to cater for American servicemen 
during the Vietnam war. 

Then in the 1990s, Viroj says, 

“the market absolutely exploded”. 
Consumption rose from 20m litres 
a year to the current 55m, which 
is worth about 9100m (£68.40m) 
at ex-factory prices. In the long 


term, the market could Increase 
fivefold from the present leveL 

Lever entered the fray four years 
ago by making 5m litres a year 
and found that its factory was 
producing at full capacity within 
a year. Now the company can 
produce 35m litres and is 
increasing capacity to 50m by July. 
In 1992, Lever bought Foremost, 
and recently shut down the 
Foremost factory. 

Lever now claims a dominant 
67 pm- cent share of the Thai ice 
cream market, and says it is 
especially strong in the profitable 
“impulse buying” sector. Ice cream 
helped raise Lever's overall Thai 
turnover last year by 25 per cent 
to about $44Qm - pre-tax profit 
was about 940m - and sates this 
year are expected to rise another 
18 per cent 

Vlrqj, 59, who graduated in 
economics from Sheffield 
University and worked his way 
up the Unilever ranks, says 
Thailand is a particularly good 
market for a multinational 


company because it has a large, 
young and culturally homogeneous 
population; most of the country's 
58m people are ethnic Thai 
Buddhists who share similar tastes 
in food. 

Multina tionals, however, still 
need to adapt their international 
strategies to local tastes. Just as 
Kentucky Fried Chicken 
franchisees offer extra-spicy meals 
to suit tiie Thai palate, so Lever 
adjusts the ingredients and the 
brands of Wall's ice cream for 
Asian markets. Ice cream in 
T hailand has a lower fat content 
than the formulation used in colder 
climates, and Lever has introduced 
an “Asian Delight" Wall’s brand 
in red bean or taro (a type of sweet 
potato) flavours. 

There are some difficulties in 
distributing ice cream in Thailand, 
including the high proportion of 
people living in for-flung parts 
of the countryside and Bangkok’s 
notorious traffic jams; the 
take-home market is limited by 
the fact that ice cream often melts 


in the car before shoppers can 
reach their houses. 

But the hot climate and the 
increasing wealth of Thai 
consumers makes Thailand a 
tempting and accessible market. 

No less than 95 per cent of 
Bangkok households have 
television, and 60 per cent of 
Lever's overall sales in the capital 
now go through modern 
supermarkets and stores rather 
than the small shops more common 
in the provinces. Lever has doubled 
its budget for research into Thai 
consumers in the last three years. 

An entrepreneurial economy 
also means that companies can 
conceive and launch brands In 18 
mouths or two years, compared 
with as much as five years in 
Europe, says Viroj. 

So much so, indeed, that Lever 
is unlikely to be allowed to 
maintain its ice cream dominance: 
Nestte is rumoured to be 
attempting to buy one of the 
smaller Thai ice cream 

manufacturers. 


PEOPLE 


Wathen resurfaces at NatWest I Constructive 



Chris Wathen, who left 
Midland Bank last month after 
his job as managing director of 
branch banking was elimi- 
nated in a reshuffle has reap- 
peared at National Westmin- 
ster Bank as general manager 
in charge of human resources. 

The appointment is against 
the trend; clearing banks have 
been recruiting outsiders from 
different industries, and Nat- 
West was silting through son- 
bankers for its vacant post 
when Wathen unexpectedly 
appeared on the job market. 
Derek Wanless, NafWest's 
chief executive, says it is “not 
common to find someone avail- 
able with this breadth of expe- 
rience at a senior level”. He 
says NatWest approached 
Wathen when it heard that he 
had left Midland. 

Wathen will join the execu- 

Finance moves 

■ Stuart Clenagfaan is leaving 
Lehman Brothers to join 
SWISS BANK CORPORATION 
as director and head of its 
commercial paper and 
medium-term note operations, 
where he will be responsible 
for the origination of CP ami 
MTN products. 

■ Richard Horiick, a director 
of Newton Investment 
Management, has been 
appointed rad, UK. and 
European Institutional 
business. 

■ Richard Peirson has been 
appointed director of 
FRAMLJNGTON 
INVESTMENT 
MANAGEMENT; he moves 
from Heinwort Benson. 

■ Ian Smith has been 
appointed md of CAPITA 
CORPORATE FINANCE; he 
moves from Mercury Asset 
Management 

■ Ann Scurfield. formerly an 
assistant solicitor with Berwin 
Leighton, has be en app ointed 
a director of BANKERS 
TRUSTEE COMPANY. 

■ Claire Lambert has been 
appointed a director of WISE 
SP EKE. 

■ David Flanigan has been 
appointed chairman of FORD 
Credit Europe; he is replaced 
as md of Ford Credit in Britain 
by Rich Van Leeuwen, 
formerly md of Ford Credit 
Australia. 

■ Nicholas Lyons, formerly 
vice-president for mergers and 
acquisitions for the UK, 

Ireland and Scandinavia for 
J.P. Morgan, has been 
appointed a director of 



five group at NatWest s group 
head office which comprises 
Wanless, senior group execu- 
tives such as John Melboum, 
the deputy chief executive, and 
the heads of the bank's operat- 
ing divisions such as branch 
banking. 


SALOMON BROTHERS' 
financial institutions group. 

■ Michael Clinch, formerly 
UK custody director of 
Barclays Global Securities 
Services, has been appointed 
md of BARCLAYS Registrars. 

■ Graham Hooper has been 
promoted to investment 
director of CHASE de VERE 
INVESTMENTS. 

■ Graham Taylor, formerly 

chief financi al offi cer of 
AMERICAN EXPRESS Travel 
Related Services' UK 
operation, has been ap poi nte d 
to the same position for Latin 
America. 

■ Jeremy Parrish has been 
appointed head of European 
corporate banking at 
STANDARD CHARTERED; 
he moves from Australia and 
New Zealand Banking Group. 

■ Don Westaoott has been 
appointed deputy chairman, 
Martin Greenwood, formerly 
finance director, becomes md 
and David Stewart promoted 
to finance director, of DBS 
MANAGEMENT. 

■ Michael Cooper has been 
promoted to head of lending 
operations at YORKSHIRE 
BANK on the retirement of 
Andrew Stapleton. 

■ Toby Wyles has been 
promoted to the board of 
APAX PARTNERS. 

■ Tom Morrison has been 
promoted to chief registrar 
of The ROYAL BANE OF 
SCOTLAND on the retirement 
of Ian Blackie. 

■ Paul Blake, a director of 
Chartered Trust, has been 
appoi nted m d of STANDARD 
CHARTERED's subsidiary, 
ACL. 


Wanless says that NatWest 
was not merely putting 
Wathen into his new post in 
the short-term. “He will be able 
to contribute as a member of 
the team, but he is coming to 
do a particular job for the fore- 
seeable future." 

Wathen, 48, has experience 
of human resources, having 
been group personnel director 
of Midland before becoming 
managing director of branch 
banking. Before that, be was In 
charge of haTittiing its relation- 
ship with Hongkong Bank. 

The job of handling NatWest 
human resources became 
vacant in February when 
Stuart Chandler, the general 
manager who was responsible 
for human resources end stra- 
tegic development, became 
deputy chief executive for 
branch banking. 

Salaried Leith 

“I find to my surprise that 1 
like being an employee,” says 
Prue Leith, the restaurateur 
and cookery writer who once 
took it upon herself to uucuri 
the British Rail sandwich. 

Last summer she sold her 
empire, with an annual turn- 
over of £lTm. to Barest Inter- 
national, part of the French 
Accor group and the biggest 
contract caterer in Europe. 

This week her husband 
Bayne Kruger conducted his 
last board meeting as chair - 
man iff Leith’s, retiring at the 
age of 72. He has been her busi- 
ness partner and chairman for 
30 years. Kroger, 15 years older 
than his wife, will be retreat- 
ing to his study to pursue his 
passionate Interest in ancient 
Chinese history. 

Leith will be combining the 
rote of managing director and 
chairman from next month. 

ghe r]ahns that «m«» spitin g 

the business, which she started 
from an Earls Court bedsit in 
1962, she has been devoting 
more time to it She Is looking 
forward to Enrest's plans to 
expand the company by mov- 
ing further into the tough con- 
tract catering market, where it 
will be competing with Com- 
pass and Gardner Merchant. 

However, closer involvement 
with Leith's over the past year 
has not precluded her other 
activities - she is on the 
boards of Argyll Group and 
Leeds Permanent Building 
Society, is chairman of the Res- 
taurateurs ’ Association of 
Great Britain and a Fellow of 
the Royal Society of Arte. 


careers 

■ Stanley Honeyman has been 
appointed chairman of STAN- 
HOPE, following the death of 
Lord Sharp of Grimsdyke last 
week. 

Honeyman, 70. a chartered 
surveyor, joined the board of 
Stanhope in 1989. His Involve- 
ment followed Olympia & 
York’s acquisition of a 33 per 
cent stake In the company in 
1988; he had been closely 
involved with Olympia & York, 
both as a consultant on Canary 
Wharf and a director of a num- 
ber of O&Ys subsidiaries. 

His career has included a 
number of directorships of 
large property companies; in 
1970, he joined the board of the 
BngUch Property Corporation, 
becoming chief executive in 
1978, a year before the com- 
pany was bought by Olympia & 
York. 

When EPC was sold to MEPC 
in 1985, he joined MEPC’s 
board for a year. Between 1975 
and 1985. he was a director of 
Trizec Corporation of Canada 
and was also a director iff WJL 
Smith until 1992. 

■ BT has appointed Alan 
White as director, group prop- 
erty. 

White takes charge of one of 
the UK’s largest property port- 
folios, which is undergoing a 
period of heavy rationalisation 
to meet the changing require- 
ments of BT. Technological 

r-hang p anH fhn Hwfttirip of BT*S 

traditional, activities is forcing 
BT to dispose of substantial 
amounts of its 75m sq ft of 
operational space, which cur- 
rently consists of more than 
02,000 UK and 500 overseas 
properties. 

White was formerly head of 
group property operations at 
BT, which be joined in 1991 
from TSB, where he was direc- 
tor of premises. 

Before that, he was group 
estates manager of Grand Met- 
ropolitan between 1987 and 
1990, having worked as group 
estates manager of Dee Corpo- 
ration and of Booker. 

■ David Holland, chief 
executive WIMPEY Homes 
Europe, is also appointed chief 
executive Wimpey Homes 
North America. 

■ Christopher Bfr mie, 

Chairman of WJS. ATKINS’ 
water and enviro n ment 
division, and Tim Foley, legal 
adviser, have been appointed 
to the main board. 



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10 


FINANCIAL TIMES THURSDAY MAY 12 19*4 


TECHNOLOGY 


Kerin Hope reports on Greece’s efforts to build on its scientific successes 
by forging closer links with industry, in a continuing research series 

Olive -grove innovators 



The Research 
Centre of Crete 
Seeps a low profile 
on an island best 
known for its 
beaches and ancient 
ruins. Concealed 
among olive groves 
outside Heraklion, 
the capital, it is 
staffed mostly by Greek scientists 
who returned from jobs abroad with 
a brief to focus on applied as much 
as basic research. 

However, Eleftherios Economou, 
who heads the centre, acknowl- 
edges that building links with 
industry is a straggle in Greece, 
“where company practice of taking 
the short-term view and importing 
technology in a black box is only 
just starting to change”. 

Greece spends only 0.4 per cent of 
gross domestic prodtfct on research, 
the lowest percentage in the Euro- 
pean Union. The government pro- 
vides about half the funds allocated, 
with less than one-tenth coming 
from the private sector. 

Dimitris Daskalopoulos, pnaimifl Ti 
of Delta Dairies, Greece’s biggest 
food processor, summed up the pre- 
vailing attitude: ‘The perception is 
that researchers aren't really worth 
much because they work too slowly 
and aren't truly product-oriented. 
It's only among companies that 
want to be competitive on a Euro- 
pean scale that you find more 
awareness." 

Delta's own R&D department has 
become a key part of the company's 
operations, Daskalopoulos says, 
since it decided to build a Drlfibn 
(464m) yoghurt plant near Athens, 
with the aim of developing high- 
quality products for distribution in 
the rest of the EU. "It’s no longer 
enough just to pay royalties for 
know-how." 

The centre in Herakhon houses 
four out of the setren institutes 
belonging to the Foundation for 
Research and Technology Hellas. 
Forth was set up in the mid-1980s 
with government funds to improve 
Greece’s research capability and 
develop collaborative projects with 
industry. 

It was deliberately hived off from 
Greek universities and other gov- 
ernment-backed research institutes 
which were reputed to disdain pro- 
jects with commercial applications, 
in order to foster a new, more prac- 
tical, scientific culture in Greece. 



The institutes on Crete have 
attracted high-calibre researchers 
and a sizeable percentage of non- 
government funding, including 
increasing amounts of EU money - 
about Dr2bn this year. But their 
relative isolation is a handicap. 

Growth in tourism and agricul- 
ture has overshadowed industrial 
development in Crete in the past 
decade, while the difficulties of 
keeping in dose touch with Athens 
&nd Thessaloniki, the country’s 
main manufacturing centres, 
proved a deterrent to forming part- 
nerships with industry. 

Given the shortage of potential 
collaborators, scientists at the cen- 
tre decided to set up several locally- 
based companies to handle product 
development and sales. WhOe some 
products won recognition for inno- 
vation, Economou says, the centre 
has been unable to penetrate mar- 
kets effectively - "you can't neces- 


sarily guarantee that you'll have 
both scientific and entrepreneurial 
talent simultaneously". 

The centre's institute for molecu- 
lar biology, which has come up with 
several biomedical products, has 
transferred responsibility for mar- 
keting and exports to a commercial 
partner, whose expertise and con- 
tacts in Greece and abroad should 
speed up product development in 
the future. 

The experience suggests that 
research with medical applications 
may hold the greatest potential for 
Greece, Economou says. “It’s one 
area where we have the resources 
to leapfrog existing weaknesses in 
R&D, and it's a lastgrowing market 
that doesn’t need heavy invest- 
ment" 

Biomedical companies based in 
Greece can tap the skins of a rela- 
tively large number of scientists 
trained abroad, while salaries for 


research staff are still less than half 
those in the rest of the EU. 

The molecular biology institute 
has set up a joint venture with an 
Athens-based company that distrib- 
utes diagnostic products in Greece 
and abroad. Nida Biometria makes 
and sells veterinary diagnostic kits, 
TTinkwiTTig pregnancy tests for cows 
and pigs, as well as kits for screen- 
ing viruses in potatoes, carnations 
and young fruit trees. 

Pavlos Leakos, managing director 
of Biometria, the parent company, 
says: The animal pregnancy tests 
are practical for this region as 
they're designed to be carried out 
by small labs with minimal equip- 
ment. The plant virus tests are 
timesavers as (me kit can test hun- 
dreds of samples in less than an 
hour.'* 

The institute is also developing 
links with another Athens-based 
company, Diagnostic Genetic C at 
tre, which offers testing services for 
genetic disorders such as Mediterra- 
nean anaemia or cystic fibrosis; 
until recently, these were not avail- 
able in Greece to local physicians. 

Costas Pangalos, the medical 
geneticist who set op DGC, says the 
aim is for the researchers on Crete 
to develop a set of probes - small 
sections of DNA saving as markers 
to detect mutations that cannot be 
directly determined - that can help 
identify genetic disorders. Tt 
should be the right interchange, 
with us supplying laboratory test- 
ing facilities and the capacity to 
malm their products oonunerriaL" 

However, the centre has not given 
up efforts to forge Knks with compa- 
nies on Crete. It has set up a tech- 
nology park outside HeraUdion, due 
to start operating later this year. 
Six companies, both Crete- and 
Athens-based, are already commit- 
ted to participating. 

Plastika Kritis, a Herafcfion-based 
company that makes plastic sheet- 
ing for greenhouses and polyethyl- 
ene pipes for drip irrigation 
systems, was among the first to join 
the technology park. The company 
says it spent 2 per cent of t u rno v e r 
amounting to Dr5.6bn last year on 
R&D. 

Manolis Lembidakis, manag in g 
director, says: To develop high val- 
ue-added products in our sector, 
you can’t depend on other people’s 
technology.” 

Next week: South Korea. 


N ext Monday, Philip 
HaDati, director of 
shareholder services at 
Abbey National, will know 
whether the project on which he 
has spent most of the past two 
years can be counted a success. 

May 36 is D-day for Abbey - 
the day when its 2LGm 
shareholders must receive their 
dividends. It win give the greatest 
test yet to the newly-installed 
computer system set up when 
Abbey decided to cany out tts 
own registration services 
in-house. When Abbey converted 
from bring a budding society to 
a bank in July 1389, It bought 
in registration services from 
Lloyds Bank, the market leader 
in registration. 

But, Hallatt says. Abbey always 
intended to consider mpg h ig 
registration in-house - conscious 
that, having begun with 5Jm 
shareholders, there was a dear 
prospect of economies of scale 
not available to all plc& 

At first the plans were based 

- the London stock exchange's 
paperless trading system. But 
when Taurus was scrapped. Abbey 
knew it would have to look at 
a system which could cope with 
a continuing dependence on paper, 
at least for a while, and chose 
Computer Management Group, 
as its adviser in devising a 
costam-bufft system. 

The fact that 95 per cent of 
Abbey’s shareholders are among 
its 12m customers increased the 
need to get the system right - 
because there was more to lose 
than the mainly small individual 
shareholdings if they were 
dissatisfied. “We had to look' at 
standardising the service 
provided, 1 ’ Hallatt says. 

But that same fact also 

twVhtmrpa fl ip h yitffH n gf 

developing a system which could 
cross-reference shareholders in 
their capacity as customers. In 
time, Abbey is looking to be able 
to achieve foil cross-referencing 
- facilitating, for example, direct 
payment of a dMdond into a 
savings account, or share dealing 
from accounts. 

One of the most important 
features of the system Is that it 
is based on relational database 
theory and techniques. This swans 
that the software can obtain 
information from the system in 
a very complex way. As Hallatt 
describes it, the system should 
be able to provide information 
in a way that it was not expected 
to be able to access when it was 
set up. “It’s a way erf being able 
to meet unspecified future 
requirements," he says. 

But the greatest technological 


Abbey 
gears 
up for 
D-Day 

Alison Smith 
looks at the UK 
bank’s new 
computer system 

development, as Abbey sees it, 
is in the system's use of document 
image processing. Abbey is by 
no means the first organisation 
to use document imaging - 
essentially a means ctf storing 
paper on screen - but it is the 
first to use the technology to do 
more than allow the system to 
act as a “cupboard”. 

“No other organisation in 
Europe Is using DI technology 
in this way,” says Hallatt Th 
the UK we only see people using 
DI in storage and retrieval mode, 
not in interacting.’’ One relatively 
straightforward example of how 
this interacting works can be seen 
in the handling of change of 

The system has 
proved much quicker 
than previous 
methods of 
processing 

address forms. 

A shareholder fills in a form 
at a branch: when this document 
is fed into the system, the system 
itself will check that the 
shareholder’s unique number has 
been filled to and that the form 
has been signed. 

If the form is not properly 
completed, the system will 
automatically reject it and send 
ft bade to the individual with a 
standard letter - bearing an 
electronic signature - explaining 
what is missing or wrong. 

If, when the computer checks 
the form it sees that it Is correctly 
filled out, it will route the so-een 
Image to one of the work areas. 

A screen operator win not see 
the whole image of the document 
- he or she win see only 
the new address to be 


typed Into the database. 

The system has proved much 
quicker than previ ous me thods 
of processing such routine 
information. Although the 
processing office, to Sheffield, 
has been open only since the end 
of February, It is already turning 
round inquiries more quickly than 
Lloyds did. 

The Sheffield office employs, 
at present, some 225 Steffi while 
at different times Lloyds had had 
between 150 and 250 people 
dealing with Abbey’s wart Alter 
a 2 % week backlog at Lloyds, 
Hallatt says, the new system has 

brought matters “ almost entirely 
up to date” in most areas. 

ft does, however, raise some 
issues for management. 

One is the creation of an 
environment to which staff are 
confident in relying entirely on 
the system. The destruction of 
the paper forms after a mouth 
or so ts less striking in this regard 
than the fact that an Individual 
operator will see only part of the 
form he or she is processing, and 

will have to trust that the system 
has done its part properly. The 
syste m will not satisfy the 
instinctive inclination just to cast 
a quick glance over the rest of 
the form. 

The otter issue is how to use 
constructively the welter of 
management information that 
the system will provide. Hallatt 
is very conscious of the effect on 
staff morale of finding alto- a long 
day’s work the number of 

transactions waiting to be dealt 
with has actually increased. 

The system's ability to provide 
information down to the level 
of the individual operator about 
how long documents take to be 
processed may also be a mixed 
blessing. It is an advantage if it 
is sea as a way of reducing 
backlogs by shifting the flow of 
work to teams of operators who 
are less busy, but it Could have 
an adverse effect on morale if it 
is semi as a threat by management 
hanging over an operator. 

The project should pay for itself 
within two to three years: 
although the set-up costs ran into 
millions, they still amounted to 
around one year's foes paid to 
Lloyds. 

And there could be a flutter 
payback. Hallatt says that over 
the past 18 months. Abbey has 
been discussing its system with 
some other large PLCs. “At the 
moment, our priority is to ensure 
that toe changeover and afte r ma t h 
goes smoothly,” he says. “We 
believe that by the beginning of 
next year, we will be in a position 
to take on other registers on a 
commercial basis.” 


m 


n) 


FINANCIAL TIMES CONFERENCES 

WORLD GOLD 
CONFERENCE 

London - 6 & 7June, 1994 

This important conference, which has been timed to coincide with the tercentenary 
celebrations of the Bank of England, will feature central bank presentations, a review of 
international mining developments and a major forum on the role of the markets in the 
mid-1990s. To be chaired by Mr Dick Gazmararian, Republic Mase Bank Limited; 
Mr Tom R N Main, Chamber of Mines of South Africa and Mr David Pryde, J P Morgan, 
speakers will include: 


Mr Rupert Pennant- Rea 

Bank of England 

Dr Chris Stals 

South African Reserve Bank 


Mr Phil Wilson 

Standard Chartered Bank 
The Mocatta Group 

Mr Kevin A Foo 

Bakyrchik Gold PLC 

Mr Clem Sunter 

Anglo American Corporation of 
South Africa Limited 


Mr Harry M Conger 

Homestake Mining Company 

Mr Jean Zwahlen 

Swiss National Bank 


Mr Robert Ashley 

Rothschild Australia Limited 


Mr Yuri Mitvuk 

Bank for Foreign Trade of 


Russia 


Mr James P Riley, Jr 

J Aron & Company/Goldman, Sachs 
& Company 


A FINANCIAL TIMES CONFERENCE in association with THE BANKER 


WORLD GOLD 

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FINANCIAL TIMES THURSDAY MAY 12 1994 


FOUR WEDDINGS AND A 
FUNERAL (15) 

Mike Newell 

GERMINAL (15) 

Claude Beni 

THE PUPPET MASTER (15) 
Hon Hsiao-Hsien 

MY NEW GUN (15) 

Stacy Cochrane 

A DANGEROUS WOMAN (15) 
Stephen Gyflenhaal 

M. BUTTERFLY (15) 

David Cronenberg 


I n America Four Weddings And 
A Funeral, a British comedy 
about love and death , is the 
‘Have you sees?” film of the 
season. Standing Woody AHen- 
Hke in dnema queues, all 1 heard dur- 
ing my recent visit - forget the latest 
SLOOm Hollywood action, films - was 
“Such a delight!," “Best British film 
in years!”, “It did malm me laugh," 
“Shall we take Aunt Millie?" and 
"Isn't Hugh Grant wonderful!" 

Let os have a memory c hec k- Mr 
Grant was the young deb's delight in 
Maurice and the spineless lover In A 
Handful Of Dust performances that 
Beamed to mark him out for a short 
forgettable career, except perhaps as a 
matinee Idol version of Griff Rhys 
Janes. Then he was ftzxmier and more 
interesting in Polanski's Bitter Moon. 
Now with Four Weddings he begins to 
look the drollest, most appealingly 
sc a tter b r aine d hero in Western cin- 
ema. 

Charles (Grant) is the eternal best 
man. Always late for weddings, he Is 
inclined to lose the ring, hut will 
solicit last-minute substitutes from 
his chunk y-je welled Hampstead 
friends In the church run by the Rev 
Rowan Atkinson. Our hero also has 
an infectious smile, a laugh that 
sounds likp Steam n«M| riw g nnd the 
blissful assurance of a man who will 
"never marry". Then he foils in love 
with visiting beauty Andie McDowell, 
the movie’s American box office 
insurance. 

That is it plotwlse. But the script by 
BlackaddeFB Richard Curtis and 
direction fay Mika (Dance With A 
Stranger ) Newell give fids comical-ro- 
mantic froth such an eager whisk that 
it stands up and assaults the taste 
buds. The visuals are mndiwt and the 
sound somewhat semidetached, as if 
glued on in a hurry in the dubbing 
room. But technical deficiencies 
bother us surprisingly fi ffle end prob- 
ably helped to charm an America 
bond with hi-tech, low-content hen- 
raisers. 

That and the movie’s ability to mix 
drops of riarirpr emotion into the 
mirth.' Wien Grant's ^al-Siman Cal- - 
low dies of Aids, Callow's gay lover 
delivers a funeral speech at once 
blithely disrespectful - “Ks redpe for 
duck A la banana fortunately goes 
with him to the grave” - and power- 


ARTS 




Taking over the ‘silly ass 1 franchise: Hugh Grant and Andie MacDowell in Tour Weddings and a Funeral* 

Cinema/Nigel Andrews 

Charmed by a scatterbrain hero 


folly moving. A lot of giggling people 
around me at the AMC dnema , Cen- 
tury City, were also clutching surrep- 
titious Kleenexes. 

The supporting cast - James Fleet, 
John. Harmati, Charlotte Coleman - Is 
almost frighteningly assured, as if 
fresh from a crash course of watching 
Noel Coward plays. But it is Grant’s 
show. He seems to be fa»Mng over the 
“silly ass" franchise and molting tt 
vibrant and human: be is a Hugh Lau- 
rie or Richard Briers (Good life vin- 
tage) with large-screen charisma. 
Even his language - many an F-word 
in scene one, many a “Bugger!" in the 
last scans whan he Samson- wrestles 
with a church pew to steady his own 
pro-wedding nerves - seam part of 
this tousled ego exploding with bank- 
ed-up Britishness. 


F rance’s Germinal and 
Taiwan's The Puppetmaster 
are two contrasting ways to 
present the sweep of history. I 
felt swept up by neither. The first is 
Claude Beni's film of flmng Zola’s 
Twining saga, pouring mud, ooal-dnst 
and -music over us for 2% brans. The 
second film is so minimalist that the 
truth-based tale of an ageing puppe- 
teer, his fondly and his perspective on 
Pacific history seems Uke education 
by audiovisual drip&ed. 


The best thfng about Germinal is 
G4rard Depardieu. It is now impos- 
sible to Twing ing a French film , and 
probably impossible to finance rate, 
without the presence of this human 
whale soaring and spouting all over 
the script Watch Depardieu take a 
miner’s bath and you have a Portable 
Theatre version of Moby Dick. Watch 
him stomp through the streets with 
his striking army of wor ke r s crying 
"Bread!” and you see a sight at once 
absurd - this man needs bread? - and 
wonderful. 

When Depardieu's character dies, so 
does the film. Everyone rise is merely 
human- They redfe the lines while 
the vast mining sets wait for the next 
crowd-stirring stunt by fire, water or 
Zola-esque sermon on humanity. 

The Puppetmaster takes an admired 
technique, Hou Hsiao- Helen's jew- 
elled-tableau style as seen in A Time 
To Love Ami A Time 2b Die and City 
Of Sadness, and turns it into an 
instrument of torture. Almost every 
interior scene is shot through a door- 
way by a scarce-moving camera, as if 
by an eavesdropper paralysed by a 
blow-dart Years of Sino-Japanese his- 
tory are mlcrodotted Into vignettes of 
social or domestic minlaturlsm. And 
when the “puppeteer" himself makes 
a late personal appearance, adding a 
wacky, wizened face to his singsong 


voice-over, we recognise a favourite 
old actor of Mr Hou's. It is Li Tianlu, 
here playing master of ceremonies to 
his vary own premovie life story, but 
not tempting one to rush out for the 
tie-in biography. 


F or light relief you may turn to 
Stacy Cochrane’s My New 
Gun: a lithe black comedy 
about a young New Jersey 
housewife (Diane Lane) whose life is 
transformed when she Is given a gun 
by her security-conscious yuppie hus- 
band (Stephen Collins). She does not 
want It, so what will she do with it? 
More to the point, what will the 
attractive, mad boy next door (James 
LeGros) do with it when he “borr ows ” 
it one fateful night? 

"We live in a very rick world,” the 
husband points out in a self-fulfilling 
prognosis. Soon there are two wound- 
fogs, one near-fetal case of food poi- 
soning, tiie discovery of a lost Coun- 
try and Western singer in hiding 
(Tbss Harper), an adulterous romance 
and a wedding modelled on one of 
those bloodbath nuptials once beloved 
of TVs Dynasty. The film is sly, wise, 
fanny: a first feature that makes us 
vigilant for Cochrane's second. 

A Dangerous Woman and M But- 
terfly are earnest meditations an sex, 
passion and identity. If a smile 


T he Royal Opera Is hosting 
two of the so-called "three 
tenon" at present, writes 
John Allison. Alongside Josfi 
Carreras in Fedora, Fladdo Domingo 
has arrived to ring Don Jose - Us 
first performances of the role at 
Caveat Garden since 1878 - in tha last 
four Carmens of the season. Nuria 
Espert* s 1991 production has seen 
countless changes of cast since it was 
revived tn January, and Tuesday's 
line-up was a strong one. 

Domingo was on fine form, convey- 
ing Don Josfi's unbridled infatuation 
both vocally end tn Us acting. His 
tone remains virile, he can still mus- 
ter pleasing pianissimos. Domingo 
has often been criticised for stepping 
into productions as' a guest on little 
rehearsal, sometimes in parts 
unsuited to his voice, but he is a 
veteran Dan Jos6 and knows this pro- 
duction well, having sung in it in Los 
Angeles and conducted it in Seville. 

In Los Angeles he appeared oppo- 
site Denyce Graves, for whom the 
tide role has become a ca l l i ng card. 


Opera in London and Birmini 


Starry Carmen, withered Faust 


Her Covent Garden debut in January, 
postponed for a few days due to ill- 
ness, was not reported on this page, 
and Tuesday’s performance explained 
her reputation as a sultry Carmen. 
She has smoky tone to match her 
glamorous looks, but as an actress 
relies too much an sensuality. 

The Romanian soprano Angela 
Gbeorghiu made an unscheduled 
appearance in her first Covent Garden 
MicaSla, replacing an indisposed 
Marie M^iAughlin Her vibrant sing- 
ing underlined a portrayal of the char- 
acter as tougher than usual. Gino 
Quilico, a preening Escamillo, com- 
pleted a team, of principals who malm 
up as good a Carmen cast as one is 
likely to encounter. 

All seemed galvanised by Jacques 
Delacflte in the pit In contrast to the 
lumpen account presided over by Jef- 


frey Tate in January, the music now 
sounds fiery and exciting. DelacOte 
brings a light Gallic touch that makes 
even the clumsy production seam less 
oppressive. The Hispanicised Bds6 
has bean corrected to Jbsd, suggesting 
that Covent Garden has at last recog- 
nised Cbnnen as a French opera. 


W hile the Royal Opera was 
performing a traditional 
Carmen, writes Richard 
Fadorman, the City of Bir- 
mingham Touring Opera was giving 
its own my different treatment to 
another French classic, Gounod's 
Faust. In. the past these slimmed- 
down productions have been at the 
cutting edge of opera in England, but 
this time the sharpness of intellect 
has become dulled. 

The auttine p lan remains the same. 


The opera Is performed by a small 
team, suitable for touring. There is no 
chorus, which means taring a propor- 
tion of the score (including some 
favourite numbers). The orchestra is 
reduced to about 15 players and this 
time the arranger, Ian McQueen, has 
not merely re-orchestrated Gounod, 
but also added ideas of bis own. 

He replaces the original prelude 
with a more disturbing introduction, 
to which he alludes at crucial turnfog- 
pcdnts later in the opera. Horn trills 
ff huddPT omino usly as Faust drinks 
his potion, while at the end wrench- 
ing discords disrupt the comfort of 
Gounod’s saccharine ending. It is 
arguahle what benefit this brings, but 
McQueen's re-writing is the most stri- 
king feature in an otherwise tired 
evening. 

The production team (Matthew 


Richardson producer and Jon Morrell 
designer) have nothing to offer 
beyond the stock ideas and bare scen- 
ery encountered in any low-budget 
production. The pacing of the drama 
is unvaried, at odds with the spirited 
conducting of Dominic Wheeler. 

Fortunately there are soma decant 
voices on hand to carry the perfor- 
mance along, notably Jane Leslie 
MacKenzie's soaring Marguerite and 
Andrew Slater's able Mephistopheles. 
Colin McKerracher dutifully sings 
Faust’s most awkward music, but at 
the price of strangulated tone. Karl 
Morgan Daymond gets to deliver a 
hitherto unknown solo as Valentin. 
Otherwise, Uke the (lowers under the 
devil’s spell, this Faust has unexpect- 
edly withered at the touch. 

Carmen performances, with further 
cast changes, an May 14,17, 20 (the 
last relayed to the Big Screen in the 
Piazza). Sponsored by Daiwa Europe 
and The Lfcnbnry Trust. 

Faust: the Bull Ring Centre, Bir- 
mingham, then on tour until June 19 


T he Royal Shakespeare 
Company is giving 
itself a large transfu- 
sion of new blood this 
season. For its first new pro- 
duction in Stratford's big Royal 
Shakespeare Theatre. Henry V. 
the director (Matthew War- 
chus). designer (Neil Warming- 
ton) and lead actor (lain Glen) 
are all new to the company; so 
are over half the cast. 

Warchus, who staged last 
summer's odd and fresh West 
End Much Ado, gives us a 
Henry V less odd and just as 
fresh. The opening image is a 
study in scarlet the medieval 
royal robes hanging above a 
field of poppies. The modern- 
dress Chorus (Tony Britton) 
wears a Remem b rance-S unday 
poppy in bis coat, and Henry V 
Gain Glen) puts on the royal 
red daring his first scene. The 
connection of kingship and 
bloodshed is explicit, as Is the 
contrast between time present 
and time past. 

Visually, the Agincourt 
scenes have Immense, multi- 
faceted eloquence. While the 
battle rages - on a ramp cen- 
tre-stage, before an azure sky - 
hooded bystanders plant pop- 
pies on the margins or the 
stage; and disparate pieces of 
armour, like severed limbs, 
descend and hang eerily In the 
air. At the end of Act Five - 
before the spreading cornfields 
and mountains of France - the 
stage action freezes, just as 
Catherine signs the marriage 
contract while, from the sides, 
the Chorus comes forward to 
draw the play to a dose. 

lain Glen, as the young King, 
has star quality. He looks and 
sounds noble. Intelligent, vir- 
ile, sensitive, appealing, hand- 
some. He arrives with strong 
Shakespearian credentials 
(having won awards for his 


Theatre / Alastair Macaulay 

Henry V 


crossed the faces of either of these 
films, they would crack like a mirror. 
In Woman Debra Winger gives an 
“Oscar, please” performance as a 
gauche, mentally troubled woman 
who fait* in love with handyman 
Gabriel Byrne, despite the steely 
resentment of her ‘aunt and guardian 
Barbara Hershey, 

Since Hersbey’s real age is 46 and 
Winger’s 88 this takes some swallow- 
ing: but no more than other tox ic 
hyperboles and whimsicalities in 
Stephen ‘ Waterloo# Gyllenhaal’s 
direction or Us wife Naomi Finer's 
script, based on a novel by Mary 
McGarry Norris. 

During M. Butterfly I kept hearing 
the ghostly voice of Henry Hi g gins , 
re-scripted for the age of PC: "Why 
can’t a TT)an he more fflra a woman?" 
Jeremy Irons dons his distraught 
prune expression as the French diplo- 
mat who fells for a Peking Opera star 

Without r ealising that ‘she 1 lS 8 man. 

But surely the rugger player shoul- 
ders and off-blue jawline of John Lone 
were hint enough? David (Naked 
Lunch ) Cronenberg brings David 
Henry Hwang's truth-based play to 
the screen without allowing for the 
camera's greater power in microscopi- 
cally saxing actors. A story impossible 
to resist on stage Is impossible to 
believe on screen. 


Glasgow Macbeth and Bristol 
Hamlet; he played Edgar at the 
Royal Court and in the recent 
Gielgud/Branagh recording). 
He brings to Henry a very 
interesting nervous intensity, 
and he develops - maturing 
vocally from high, dear tenor 
to shadowed baritone - from 
cautious coot to tempered 
assurance 

However, he has as yet no 
stillness. Even when praying 
to God before the battle, he 
employs so restless a variety of 
inflection that his actual words 
hardly strike home. But Glen’s 
potential is obviously vast. His 
sheer nobility Is something 
rare on our stages, and the 
way it is combined with inten- 
sity, attack, variety, is rarer. 

The contrast between Glen's 
Henry and Britton’s Chorus - 
between warrior and mourner, 
action and recollection - is 
excellent. Spruce, stiver-baked, 
his voice full-toned, he does 
rather too much. There are 
some uneconomical gestures 
with his walking-stick, and 
consciously “poetic" vocal 
effects. But he is both authori- 
tative and detached. 

Of the other players, two of 
the youngest made an espe- 
cially sure impression - Daniel 
Evans as the Boy (Welsh); and 
Julia Crane as a bespectacled 
attendant at the French court 
Elsewhere Warchus has not 
brought out all the characters' 
human complexity. But T.inai 
Haft, though he sometimes 
reduces Fluellyn to a comic 
turn, is generally fine and 
fanny. Monica Dolan, as Cath- 
erine of France, plays her 
charming scenes with an 
unusually keen energy. 

In repertory at the Royal 
Shakespeare Theatre, Strat- 
ford-upon-Avon, until January 


Portrait of Edith 
Wharton 


W hat has caused 
the present boom 
in the work of 
Edith Wharton 
nearly 60 years after her 
death? Reissues of her novels 
followed by two fibnn , The Age 
of Innocence and Ethan Frame, 
are crowned by Irene Worth's 
skilfully assembled Portrait 
Consisting simply of extracts 
spoken in front of a lectern 
against a black hnriro foth, this 
hour and a half of uninter- 
rupted exposure to the mind of 
Wharton Is completely absorb- 
ing. The years have left Irene 
Worth wholly undimmed; she 
remains a glowing presence, as 
if she had just stepped out of a 
foil-length oil by Whistler. She 
throws herself Into the person- 
ality of Wharton with a fine 
Spontaneity. 

Wharton was a captivating 
storyteller who revealed hid- 
den sources of power in seem- 
ingly vulnerable women. 
Worth shows how Wharton’s 
own life serves as a singular 
example of the feminine strug- 
gle in the 20th century. The 
opening anecdote Is taken from 
her autobiography A Backward i 
Glance, the show's chief I 
source. Little Edith is walking 1 
along Fifth Avenue with her 
father. Worth describes how a 
kiss was planted on the little 
girl's cheek by her small boy 
cousin. She gently mimes the 
gesture of his lifting her veil to 
reach the target 
Each subsequent extract 
describes the lilting of a fur- 
ther veil or psychological bar- 


rier as we follow Wharton's 
progress from the moneyed 
world of her parents, marriage 
to the rich Teddy Wharton, 
professional authorship, chic 
life in Paris and London along- 
side the likes of Henry James, 
divorce and sexual awakening 
in the arms of the rascally 
American journalist Fullerton. 

She recites with commensu- 
rate passion a fragment com- 
memorating this unhappy 
affair thpn breaks the famainn 
with the throwaway line - 
“But then I see everything 
from the woman's point of 
view”. That is the basis for 
Wharton's current success. 

Anthony Curtis 

At the Cottesloe at 8 pm on 
May 12,13 and at 4 pm rax May 
18,19. 

New boost for 
Arts Council 

The director Trevor Nunn and 
architect Sir Richard Rogers 
are to take up key roles in the 
Arts Council under new chair- 
man Lord Gowrie. The appoint- 
ments, announced yesterday 
by the Heritage Secretary 
Peter Brooke, are seen as part 
of a move to restore the coun- 
cil’s damaged reputation. Fol- 
lowing abortive attempts to 
restructure London's orches- 
tras last year, there were wide- 
spread calls for the abolition of 
the Arts Council. 


if.; i 

IS ' • 




ImEmjmouMA 




■ ATHENS 

Megaron Tonight; Uwb Maischke 
plays piano works by Liszt 
Tomorrow. Fri: Simon Rattle 
conducts two pro^ammes with 
City of Birmingham Symphony 
Orchestra, including symphonies 
by Tippett and Bruckner (01-728 
2333/01-722 5511) 

■ BARCELONA 

Raiau de la Musca Tomorrow, 

Sat, Sun morning: Salvador Mas 
conducts Barcelona City Orchestra 
and Coral Carolina In Mendelssohn’s 
incidental musk: to A Midsummer 
Night's Dream. Mon: EEahu InbaJ 
conducts Frankfurt Radio Symphony 
Orchestra "m Bruckner’s Fifth 
Symphony. Next Thus: Victoria 

de tos Angela s (268 1000) 

■ BERGAMO 

The annual festival at Bergamo and 
Brescia runs till June 11 with an 

emphasis on the piano music of 
Bach, Mendelssohn. Schumann 

and Reger. (Bergamo: 035-240631- 


Breed* 030-375 7974) 

■ BOLOGNA 

Teatro Communale Next Tues: 
Peter Maag conducts first night 
of Lorenzo Mallard's new production 
of Offenbach's Barbe-bleue, with 
cast headed by Ezio Di Cesare and 
Adelina Scarabeffi. DaHy except Mon 
tffl May 27 (Bigfietterta, Ente 
Autonomo Teatro Communale di 
Bologna, Largo Resplgti 1, 40126 
Bologna. No telephone bookings 
accepted. For in formation, cafl 
051-5299999 

■ FLORENCE 

MAGGIO MUSICALE 

Chung Trio gives a recital of piano 
trios tonight at Teatro della Pergola 
A new ballet by Gianfranco Paotati, 
with music by Hindemith, can be 
seen tomorrow and Sun afternoon. 
Samuel Ramey gives a song recital 
on Tues. The next opera production 
at Teatro Communale ts Luc 
Bendy's Salzburg Festival staging 
of Salome, opening May 22 
(055-277 9236) 

■ GENOA 

Teatro Carlo Police Sure Bruno 
Bartoletti conducts first night of 
Pierluigi Samaritanfs neiw production 
of Luda di Lammermora, with cast 
headed tv MartaUa Draria, Gtorjflo 
Zancanaro and Vincenzo La Scota. 
Repeated May 18. 21. 22, 24. 26. 

29 and June 3 (010-589329) 

■ LONDON 

THEATRE 

• Peridea Phyfflda Lloyd makes 


her National Theatre debut directing 
Shakespeare's magical epic, starring 
Douglas Hodge. Previews from 
tomorrow in the OTrvter, Press night 
next Thurs (National 071-928 2252) 

• The Man Who: Peter Brook's 
international theatre company is 
on its fast visft to London for over 
15 years. Ends May 21 (National 
071-928 2252) 

• Love's Labour Lost Ian Judge’s 
Brideshead-style production of 
Shakespeare's comedy. In repertory 
with David Thacker’s production 

of The Merchant of Venice, starring 
David Cakfer as Shytack (Barbican 
071-638 8891) 

• An Inspector Calls: the National 
Theatre's muttFawartf-wfnnlng 
reint e rpretation of J.B. Priestley's 
psychological thriller, directed by 
Stephen DekJry (Akfwych 071-836 
6404) 

• Hamlet Rory Edwards Is the 
Danish prince in Julia Bardsley's 
Fell ini-style production. Tffl May 
21 (Young Ytc 071-928 6363) 

• An Absolute Turkey: Fe&tity 
Kendal plays a harassed wife and 
Griff Rhys Jones a frantic bachelor 
In Peter Hall’s enjoyable production 
of Feydeau’s La Dtadon (Globe 
071-4945065) 

• For ticket information about 
West End shows, phone Theatreitae 
from anywhere in UK: Plays 0836 
430959 Musicals 0836 430960 
Comedies 0836 430981 Thrillers 
0836 430962. Most London theatres 
are dosed on Sunday. 

OPERA 

Covent Ganfen The Royal Opera 
has a raw production of Giordano’s 
Fedora starring Mirella Freni and 
Jose Cameras (tffl May 27), plus 
Johannes Schaafs staging of La 


nazzB di Figaro with Bryn Terfel 
and Sylvia McNair (till May 25), and 
Carmen with Denyce Graves and 
Fladdo Domingo (till May 20). The 
next Royal BaOet performance is 
May 30 (071-240 1066) 

CoGseum ENO has Judith Weir’s 
new opera Blond Eckbertffffl May 
18) and Cosi fan tutte with a cast 
headed tv Vivian Tierney. Tim 
Alber/s production of Peter Grimes 
is revived on May 20 with Philip 
Langpidge in the title role (071-836 
3161} 

Queen Bfaabeth Had Final 
performances of David Freeman’s 
Opera Factory production of The 
Rake's Progress are tomorrow and 
Sun (071-928 8800) 

CONCERTS 

South Bank Centre Tonight Afoan 
Berg Quartet gives first UK 
performance of Luciano Berio's 
Nottumo Quartet III, plus Haydn 
and Schubert. Tomorrow: Franz 
Weteer-M6st conducts LPO and 
Choir in Berio and Mahler, with 
vocal soloists Fefidty Lott and 
Marfana Upovsek. Sat Berio 
conducts BBC Symphony Orchestra 
and Chorus fri concert performance 
of his opera La Vera Store (UK 
premiere). Sat (QEH): Mariana 
Upovsek song racitaL More Bolshoi 
Opera soloists sing arias from 
Russian and Italian operas. Tues; 
Chick Corea and band. Tues (QEH): 
Vladimir Ovchinikov plays 
Shostakovich's Plano Quintet with 
ChSingirlan Quartet Wed: Matthias 
Bamert conducts London Mozart 
Players In Haydn, Telemann, Bach 
and Strauss (071-928 8800) 
Barbican Tomorrow: Valery Gergiev 
conducts RPO arid London Choral 
Society in UK premiere of 


Rimsky-KorsakoVs opera Kashchey 
the Immortal, with Kirov soloists. 

Sat Bruno Weil conducts Tafelmusik 
baroque ensemble In Bach, Haydn 
and Mozart, with clarinet soloist 
Charles Nekflch. Sun: Michael THson 
Thomas conducts LSO in Mahler’s 
Sixth Symphony. Tues: Nikolai 
Demidenko is piano soloist with 
GuHcfoaH String Ensemble. Wed; 
London Oriana Choir sings Fauna's 
Requiem (071-638 8891) 

■ MADRID 

AiicStorio National de Musics 
Tonight: Atelier XVIII plays chamber 
music by Giardlnl, Beethoven, 

Mozart and others. Tomorrow, Sat, 
Sure Walter Weller conducts 
Spanish National Orchestra in works 
by Gffere, Prokofiev and Glazunov, 
with piano sotoist Kan Rogotf. Next 
Tues: Aficta Nafe song recital 
(01-337 0100) 

■ MILAN 

Teatro aBa Scala A new production 
of RJgoletto, conducted by Riccardo 
Mutt and staged by Gilbert Deflo, 
opens on Sun with a cast headed 
by Leo Nucd, Roberto Alagna and 
Ruth Arm Swenson fin repertory 
with changing casts tffl June 30). 

The Chung Trio gives a recital on 
Mon, and a new production of 
Bektra opens on May 28 (02-7200 
3744) 

■ PRAGUE 

PRAGUE SPRING FESTIVAL 

The festival opens tonight at Dvorak 
Hall with the first of two 
performances of Smetana's Ma Vlast 
by the Prague Symphony Orchestra 


conducted by Neeme JBrvf. The 
opening week Includes concerts 
with Rudolf FirVusny and Josef Suk, 
recitals by Garrick Ohlsson and 
Agnes Battsa, and a visit from the 
City of Birmingham Symphony 
Orchestra under Simon Rattle. Later 
in the festival, which runs tffl June 
2, there wfli be a chance to hear 
the BBC Philharmonic under Yan 
Pascal Tortefler and Charles 
Mackerras, the Berlin Symphony 
Orchestra under Libor Pesek, the 
TalGs Scholars, Steve Reich and 
Musicians, Stamfc Quartet and many 
others. The National Theatre has 
Janaoek's The Mafcropoulos Case, 
Dvorak's The Jacobfei and Gounod's 
Romdo et Juliette (Tiketpro, Pod 
Julisko 5, 16000 Praha 6, Czech 
Republic. Tel 02-311 8780 Fox 
02-311 3882) 

■ ROME 

Teatro VaBe Tomorrow: Maurizfo 
Polfini piano recttaL Sat, Sun, Mon, 
Tues: Marcello Panni conducts 
Orchestra dett'Accademia di Santa 
Cecflla in works by Copland and 
Stravinsky. May 20: Andras Schlff. 
May 28: Oslo Phflhamnonic (06-678 
0742/06-68803794) 


■ VENICE 

Teatro La Feirice May 18, 20, 22: 
Rend Ctemencic conducts Gilbert 
Deflo's production of Monteverdi's 
L’Orfeo, with cast headed by Alan 
•Titus (041-521 0181) 


ARTS GUIDE 

Monday: Berlin, New York and 
Paris. 

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

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

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 
(Central European Time) 
MONDAY TO FRIDAY 
NBC/Super Chamefc FT Busi- 
ness Today 1390; FT Business 
Tonight 173a 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

fhmxwws: FT Reports 0745, 
1315. 1545, 1815, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730: 




Green warrior turns 
on his own troops 


wwaNCIAL TIMES THURSDAY MAY >2 t994 


M ost UK propo- 
nents of a Euro- 
pean Union refer- 
endum are stu- 
diously vague an what should 
be asked and when. The 
merger of sterling into a com- 
mon European currency 
would, on the other han d, be 
the type of constitutional 
change justifying a referen- 
dum, not now, but at the time 
it was proposed. UK ministers 
are, moreover, deceiving them- 
selves if* they believe that the 
issue has conveniently gone 
away, as it awmpri it might 
have done a few months ago. 

At the beginning of August 
1993. the old 2% per cent 
exchange rate mechanism grid 
succumbed to a speculative 
attack. An emergency meeting 
of fanni* ministers widened 
the grid to 15 per cent on 
either tide of the central pari- 
ties. This was so broad as to 
constitute virtually freely float- 
ing rates. The Euro-sceptics 
could hardly restrain their joy. 
The derailment of the EKM 
would, they hoped, put paid to 
the more ambitious European 
Monetary Unkra. project 
But then a strange thing 
happened. The French govern- 
ment did not take advantage of 
its freedom from ERM con- 
straints to interest rates, 
but continued to follow the 
Bundesbank lead. And the 
franc, instead of diving like 

starting and the Hra flfhy they 

left the EBM, rec o vered. It re- 
entered the old grid at the 
beginning of last December 
and has not strayed far from it 
rinffl The fundamentals of a 
better-than-Gennan inflation 
performance reasserted them- 
selves over the instant cyni- 
cism of the currency TnarfcatH 
A gfmiiar story with minor 
variations applies to the other 
‘core’ members of the ERM, 
including the Belgian-Luxem- 
bourg franc and the Danish 
krone. The Netherlands guilder 
has remained within even nar- 
rower limits. And the Austrian 
schilling - technically outside 
the ERM - has remained dose 
to the D-Mark. 

There is room for argument 
about whether the French and 
other governments ware right 
to stick so long within the nar- 
row ERM bands without a re- 
alignment in view of the long 
period of high German interest 
rates. But having kept to the 
policy during the most difficult 
period, it would be an unneces- 
sary sacrifice of counter-infla- 
tionary credibility - as well as 
of wider political alms - to 
abandon the D-Mark related 
policy now, just when German 
interest rates are approaching 
levels with which neighbours 
can live. 


B r>. Tot can't sink 

a rainbow", 
their lapel 
badges pro- 
la^ claimed. But on 
the morning of 

BOOK iS,! 985 ’ 

-toy™" 

board members of Greenpeace 
International, planning an 
anti-whaling camp aign from a 
hotel room in Bournemouth, 
Dorset, received a reverse- 
charge call from New Zealand 

te lling them that their flag- 
ship, the Rainbow Warrior, had 
been sunk by two explations. 
One crew member died. 

It emerged that the blasts 
were caused by explosives 
deliberately attached to the 
hull, and that French secret 
agents were responsible. The 
international condemnation 
that followed brought Green- 
peace, already one of the 
world’s best-known environ- 
mental pressure groups, 
greater prominence 
For Wilkinson, a leading 
campaigner for Greenpeace in 
the UK since Its early days tn 
the 1370s, the evidence of the 
violence which their protests 
could provoke was a turning 
point, which "forced me to 
malm the tr ansiting from the 
idealism of the *708 into the 
harsh reality of the '80s”. 

But Wilkinson also makes 
clear that the sinking coin- 
tided with - and may have 
accelerated - a change in 
Greenpeace’s character. From 
a small band of penniless con- 
servationists in the 1970s, it 
now spans 30 countries with an 
annual worldwide income from 
donations of 3150m. 

In twig entertaining chroni- 
cle. Wilkinson makes the 
charge that, during ttria trans- 
formation, Greenpeace has 
"lost direction". It has become 
bureaucratic, he claims, staffed 
with lawyers and well-paid 
administrators with briefcases, 
who are unwilling to don rub- 
ber suits to stop up the outlet 
pipes of industrial plants. 

This Tn etamnrphmrig is char- 
acteristic of many "green” 
pressure groups, he alleges. In 
Ids view, "the green movement 
has faced a difficult time since 
[the mid-1980s]. Some would 
say it has been neutered. It is 
certainly less radical". 

Hie bases his case on a com- 
parison of present sophistica- 
tion with enthusiastic cam- 


WARRIOR - One Man's 
Environmental Crusade 
By Pete WQkmson with 
Julia Schofield 

Lutterworth Press 
£17 JO. 142 pages 


paigns in the early 1970s. even 
though methods then were 
sometimes amateurish. In one 
campaign for Friends of the 
Rnrth , he and his colleagues 
set out to collect non-return- 
able soft drinks bottles from 
streets to deliver to Schweppes, 
tile manufacturer, in protest at 
the litter. Failing to find 
enough, they bought hundreds 
of bottles and poured the fizzy 
drink into vats. (Friends of the 
Earth says this manoeuvre 
would be unthinkable now.) 

Despite the group's rapid 
growth, the hippy element 
remained strong for years. Wil- 
kinson describee campaigners 
(jawing naVori under the Ant- 
arctic sun. 

But the group's interest in 
attracting media attention 
developed rapidly. A 1985 BBC 
documentary "netted Green- 
peace a cool £100,000 in boosted 
donations and membership”, 
he says. When an assault on 
the Department of the Environ- 
ment’s tower block failed to 
attract immediate publicity, 
Wilkins on urged a colleague to 
call the police. His anxiety sub- 
sided only when "a squad car 

t- arru» w mamhig np an d I hear d 

the familiar words: Wilklzison, 
you’re nicked’ 

Despi te th ose self-conscious 
heroics, Wilkins on is an engag- 
ingly self-deprecating narrator. 
He notes he "never quite 
seemed to be given responsibil- 
ity”: he is not, he makes dear, 
one of the natural stars of the 
green movement 

But beyond the details of 
Greenpeace’s evolution, his 
account illustrates how the 
green movement built up pub- 
lic support and how the nature 

Of ftmipaigning hag i-hang wd. 

"When Greenpeace had 
grown to be a sought-after 
prize, control of the organisa- 
tion was to preoccupy the time 
of many people,” he says. From 
1961 Greenpeace began to build 
a formal structure, linking all 
the national hrancTwy , which 
W ilkins on found claustropho- 
bic, ft led, he says, to "com- 
puter and communications 
technology as could be found 


in the offices of ltio Tinto Zinc 
or ICT. 

Wilkinson h i m s elf , with the 
sound of Jimi Hendrix blaring 
in the background, finally 
drafted his resignation letter in 
1987. Since then, there is evi- 
dence that green groups have 
tried to address same of the 
flaws he identifies. In 1990 

Greenpeace began to trim 

some of its internal hierarchy. 
Chris Rose, campaigns director 
of Greenpeace UK, says: “We 
are trying to put more of our 
resources into the front line - 
though I know that sounds like 
the reform of the National 
Health Service.” 

But he contests many of Wil- 
kinson's charges. According to 
Rose, "we are as keen to 
engage in direct actions as 
ever, Ixd effectiveness is now 
the main question”. He points 
out that when Greenpeace 
blocked British Nuclear Fuels' 
discharge pipe off the Cum- 
brian coast in 1987, "two people 
went to jail and the plant car- 
ried on". Instead, last year, in 
trying to stop BNFs Thorp 
reprocessing plant, Greenpeace 
took BNF and the government 
to court Although in the end 
Greenpeace lost it delayed the 
start of operations for a year. 

Rose also points out that tar- 
gets have become more diffi- 
cult to find: some of the worst 
cases of pollution - such as 
sewage, or dumping highly col- 
oured titanium oxide waste - 
have been addressed. The 
group now needs lawyers and 
researchers because, fre- 
quently, the cause of pollut i o n 
"is not clear cut”, he says. 

Greenpeace will now also 
talk to big business: it recently 
helped manufacturers develop 
a fridge that does not harm the 
ozone layer. 

Rose, one of the green move- 
ment’s more thoughtful strate- 
gists, is surely right that the 
pressure groups needed to 
change in these ways. While 
WiUrin&m can he accused of 
nostalgia on many counts, he 
raises an important question: 
whether Greenpeace’s support- 
ers are reconciled to this 
rhang e. if they are not, and if 
their donations are still 
inspired by the images of 
heroic campaigns, then Green- 
peace’s income and influence 
may eventually be threatpngd 
by its growing sophistication. 

Bronwen Maddox 



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ECONOMIC VIEWPOINT 

Single currency 
rises again 

By Samuel Brittan 


EV cuirenctess imMersand outsider* 


71 tmmoertt from cental DM ota* 

• . -1 

• . ■ y 


-is- 1 r 


Ranch Franc h 


Central rata 


Original 2^5% floor | 


I:.-..!',.. __ 


^ \ . i 


15% floor 


1 . . . .of- .V&- :• - - - 

- — |i. V 

. - H; v . .*."«* fj; ;.-v vflp w 


nuy dips, such as that In the 
last few months of 1983. But 
monetary policy will be con. 
ducted with the aim of keeping 
currencies near to the D-Mark, 

If the inner group currencies 
remain de facto dose to thdr 
central rates, the governments 
concerned may move directly 
to monetary union, bypassing 
the narrow ERM stage. This 
route has been envisaged for 
these countries by, among oth- 
ers, Eddie George, Bank of 
England governor. 

The crucial step provided for 
in the Maastricht treaty is for 
the participating governments 
to declare their parities "irre- 
vocably fixed”. After that - 
and a good deal of preparation 
- existing currencies would be 
replaced by the Ecu. 

Such developments would 
not be entertained until the 
European Union is dearly out 
of recession and German unifi- 
cation no longer distorts pok 
icy- Some governments might 
then want to move quickly 
while conditions remain right, 
and before too many other 
countries had joined Italy In 
acquiring Euro-sceptics in 
Important government posts. 


It. i 


ttafianLJra 


7— 




T o those who are nei- 
ther federalists nor 
nationalists the rele- 
vant questions are 
clear enough. A single cur- 
rency means a single monetary 
policy tailored to the average 
needs of the EG as a whole, 
just as Federal Reserve poHcy 
is designed for average US eoat 
ditlons rather than the particu- 
lar needs of California or New 
England. Would the advan- 
tages In reduced uncertainty 
and transaction costs outweigh 
the disadvantages of not befog 
able to follow a monetary pol- 
icy adapted (within limits) to 
the needs of particular parts of 
Europe? And what would be 
the gain for countries of doubt- 
ful counter-inflationary credi- 
bility - as the UK still is - 
from substituting a European 
currency under a European 
Central Bank modelled on foe 
Bundesbank for its own? It 
would also he necessary to cast 
a weather eye on the likelihood 
of the new ECB befog just as 
vigilant to avoid contraction- 
ary movements of nominal 
ripwmnri as of rising inflation. 

And finally, if Emu is going 
to go ahead in any case, what 
would be tiie downside risk to 
the UK of staying outside? Not 
necessarily the same as it 
would be for Switzerland or 
gm«u south-east Asian econo- 
mies without a currency 
anchor. These are the ques- 
tions which need to replace the 
futile UK debate on the Conser- 
vative leadership. 


► Omni nte* a* apdfcflfcta pH» 10 Sipternbar 14 IMS 


It is worth noting that, 
although the UK was able to 
cut interest rates early as a 
result of fearing the ERM, Brit- 
ish short-term rates are now no 
lower than French or German 
ones; and long-term rates are 
1-114 percentage points higher 
- the market’s verdict on the 
credfoffify of a go-it-alone pol- 
icy without an independently 
accountable central bank. 

Where do we go from hoe? 
An EU summit has to decide 
not later than. December 31 

1996 whether a majority of 
member states fulfil the neces- 
sary conditi ons for the adop- 
tion of a single currency. 

The summit can fix a date 
for Emu at any time during 

1997 and 1998. It however, a 
date has not been set by the 
end of 1997, “the third stage Re, 
Emu] shall start on January l 
1999”. Another s ummit, voting 
by qualified majority, will 
decide which members fulfil 
the necessary conditions. 
There is no minimum number. 
Conditions which Emu partici- 
pants must satisfy are: 

• A rate of inflation "close to 
that of the three best perform- 
ing states”; 

m Convergence of long-term 
interest rates; 

• A "sustainable government 


financial position”; 

• The observance of "the nor- 
mal fluctuation margins” of 
the ERM "for at least two 
years without devaluing 
against the currency of any 
other member state”. 

The two EU countries with 
the lowest inflation rate are 
France and Ireland with a rate 
of less than 2 per cent a year. 
The UK, Bel gium and L inmm- 

Core EU members 
may move directly 
to monetary 
union, bypassing 
the narrow ERM 

bourg tie for third position 
with 22 per cent, followed by 
Germany with 12 per cant and 
the Netherlands with 19 per 
cent. The convergence of 
long-tain band yields has gone 
even further for the core coun- 
tries, where they stand at 
about 6V4-7 per cent. 

The fiscal guidelines appear 
the most troublesome. A Maas- 
tricht protocol mentions a bud- 
get deficit limit of 3 par cent of 
gross domestic product and a 
debt ratio not exceeding 60 per 
cent Only Luxembourg and 


Ireland fulfilled the deficit cri- 
teria last year. The Bundes- 
bank is particularly keen on 
these criteria, and would be 
unlikely to recommend giving 
up the D-Mark if they were too 
obviously flouted. Nevertheless 
(lie Maastricht treaty itself pro- 
vides (Article 104c) escape pro- 
visions if the excess deficit is 
"exceptional and temporary” 
or if the excess is declining: 

The central condition 
remains the final one about 
exchange rate behaviour. The 
treaty says nothing about the 
narrow 2% per cent band. 
Thus, theoretically, members 
could declare the present 15 
pa- cent margins to be the nor- 
mal ones. Bid It is inconceiv- 
able they will move to Emu if 
market exchange rates are 
fluctuating throughout the 
wideband. 

The Branch and the other 
governments are not disposed 
to tempt fate by reentering a 
narrow official ERM grid in the 
foreseeable fixture. What they 
are doing is to commit an even 
greater crime in Euro-sceptic 
eyes — namafy shadowing the 
D-Mark. This means that in the 
face of a determined currency 
attack there will be no firm 
floor for the speculators to aim 
at, and there could be tempo- 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be dearty typed and not hand written. Please set fax for finest resolution 


Own brand 
look-alikes 
are ‘parasites’ 

From Mr John Murphy. 

Sir, On Tuesday, the British 
1 Producers and Brand Owners 
Group published research 
which shows that consumers 
feel that distinctive brands are 
important and that they are 
confused by look-alike prod- 
ucts. 

There is a world of difference 
between a retailer's own-label 
and its look-alike products. 
Own-label products represent 
fair competition. Look-alikes 
that deliberately assume the 
characteristics of market-lead- 
ing brands are parasites apH 
represent unfair competition. 

Retailers operate in a com- 
petitive marketplace. They 
know the value of a distinctive 
brand namw as well as anyone 
else. So why do they produce 
look-alikes? 

Have things become so dire 
for retailers that they have had 
to resort to deception for their 
sales? The challenge now to 
retailers is to listen to the 
voice of the consumer and 
package their own products as 
distinctive brands in their own 
right The question is: will 
they? 

John Murphy, 
chairman. 

Interbrand, 

40 Long Acre, 

Cement Garden, 

London WC2E 9JT 

Salary of new 
IoD chief 

From Mr Michael Monder. 

Sir, Your statement that the 
new IoD director-general’s sal- 
ary is to Increase from Peter 
Morgan’s £148.000 to ElSOJXtO 
("Nationwide chief to head 
IoD”, May 5) is not correct 

The present director-general 
receives a salary of £148,000, 
plus a pension contribution of 1 
£30,000 - a total remuneration 
package of £178,000. 

The new director-general will 
receive a salary of £160,000 and ! 
a pension contribution of I 

approximately £20,000 - a total 

remuneration package of : 
£180,000, and this salary wiQ be 
froz e n for three years. 

Michael Mander, 
cfuwman. 

Institute of Directors, 

116 Pall Mall, 

London SW1Y 5ED 


Industry needs common cause 


From Mr Denis MacShane MP. 

Sir, I have just finished a 
by-election campaign in Roth- 
erham. The number one issue 
for local people, businessmen, 
and executives of steel and 
engineering companies was the 
parlous state of the UK manu- 
facturing sector. 

At a time when every ounce 
of talent, co-operation and 
partnership is needed to save 
British manufacturing from its 
"friends” in the City and their 
friends in government, it was 
sad to read the attack by the 
director-general of the Engi- 
neering Employers’ Federation 
upon the proposals for Euro- 
pean employee consultation 
(Letters, May 9). 


To return after 15 years 
working in Europe to hear this 
ageold hostility to partnership 
is depressing and bad news far 
UK manufacturing, face to face 
with competitor nations which 
seek to harness the efforts of 
workers and the commitment 
of unions to the common good 
of the enterprise. 

You also reported an appeal 
by multinationals for new 
international regulation, tn the 
form of a treaty, so that compa- 
nies are not discriminated 
against as they invest in differ- 
ent countries (“Multinationals 
seek investment treaty”. May 
9). The growing international- 
isation of investment, produc- 
tion and marketing is leading 


to more and more calls for 
such trans-frontier regulation, 
ft is illogical to assume that 
thee can be common supra- 
national rules for companies 
and for capital and expect, on 
the other hand, that the 
human beings and citizens 
who work for these companies 
are denied common rights of 
consultation across frontiers. 

Until the UK’s manufactur- 
ers agree to make common 
cause with their employees 
and their representative organ- 
isations, the long-term future 
for UK industry will remain 
bleak. 

Denis MacShane, 

House of Commons, 

London SW1A QAA 


‘Dead money’ costs of EU translation 


From DH. Lord. 

Sir, Mr Hilar y Chapman 
(Letters, May 7/8) did not give 
you details of the high cost of 
interpretation and translation 
in the European Union. 

The Swiss Professor Claude 
Pfran, an interpreter and. trans- 
lator, said in a lecture given in 
Esperanto in 1993 to an inter- 
national audience; "The Euro- 
pean Community makes use of 
Ihe services of 2J500 translators 
and 570 permanent interpret- 
ers, phis 2£0Q Interpreters on 
temporary contracts, hi 1989 it 
spent on language services 
EcuL4bn - £L2bn; I am not 
mistaken, it does in fact con- 
cern a milliard: 1,200 million 


pounds [both items of informa- 
tion - number of language 
functionaries and costs - are 
from Mario von Baratta and 
dan Ulrich Clauss, Internatio- 
nale Orgamsadonen, Frankfurt 
am Rhein: Fischer, 1991 J. " 

He went on to say: "In 1993, 
transferring documents 
between Brussels and Stras- 
bourg for the European Parlia- 
ment cost 3 milliard Belgian 
francs (£50m). This sum does 
not Include the documents 
which pass through Luxem- 
bourg to be translated and 
reprinted there. Twice a month 
the firm of Danzas transports 
80 metric tonnes of archives in 
wine languages. 


"If one of the chests Is lost, 
which happens from time to 
time, the parliamentary ses- 
sion is interrupted until it has 
been recovered, so that every 
l angua ge group may have at 
its disposal the texts in its own 
language [Laurent Fontaine, Le 
Colli de la Baugeotle, LTnstant, 
October 24-30 1992 J. 

These sums may be termed 
“dead money” in that they pro- 
duce nothing of value. 

DR. Lord, 

lecturer in Esperanto, 

School of Modem Languages, 
Onboersity of Liverpool, 

PO Box 147, 

Liverpool, 

L69 3BX 


Consultants: the alibi for indecision 


From Mr Nicholas Stacey . 

Sir, As you reported ("White- 
hall waste over consultancy 
projects attacked”, April 26). 
more than half a billion 
pounds has been spent by the 
government and its agencies 
on consultancy contracts; but 
aD of this expenditure saved 
only £10m, a derisory return. 
However, the total expenditure 
incurred on consultants is 
Itkely to be immeasurably 
greater in real terms - though 
unquantifiabfe - when includ- 
ing the tana, if not hundreds of 
thousands of man hours spent 
by well-paid civil service 
employees in the ministries, 
quangos etc explaining the 
problems to file consultants. 

The importance of qualified 
professional consultants 


should not be underrated - 
and in this Instance I have 
management consultants in 
mind. Their effectiveness in 
“the firm” hinges substantially 
on the support and coopera- 
tion of the insiders. Hence, the 
derisory government savings 
reflect some inadequacies in 
communicating with and in 
using consultants. 

A cult has grown up in the 
past decade or two, enlisting 
an increasing number of out- 
side professional consultants 
in government, and In the 
National Health Service (coun- 
sellors). Judged by the govern- 
ment's propensity for paid out- 
si de a dvice and the cost 
incurred, has this trend gone 
too far? Could it be that con- 
sultants often provide the alibi 


for decisions managements 
know they have to take? A 
director of one of the big banks 
not so long ago asked share- 
holders at the annual meeting 
for a hike in the non-execu- 
tives' honorarium in a year of 
massive losses and redundan- 
cies. When asked from the 
floor to justify his proposition, 
he replied: the consultants 
suggested ft! 

Such and s imilar examples 
are an expensive way of pass- 
ing on responsibilities for 
action taken or co nt em plated. 1 
wrote a book about "living In 
an alibi society” a few years 
ago; I am now watching ft 
being realised. 

Nicholas Stacey, 

Reform Ouh, 

Pall Mall. London SWlYSEW 


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FINANCIAL TIMES 

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

Thursday May 12 1994 

Italy’s new 
government 


. " *»a. 


With the swearing-in yesterday of 
Mr Silvio Berlusconi at the heart 
of its 53rd postwar government, 
Italy has truly entered uncharted 
waters. Not only is the new gov- 
| eminent uncomfortably low on 
I political experience, as was only 
to be expected after a general elec- 
tion in which voters decisively 
threw out representatives of the 
old political order. It is also led by 
a man who has yet to resolve the 
conflicts of interest between his 
business empire and his political 
role, and comprises bedfellows 
whose heterogeneity and distaste 
for one another were underlined 
by the opera buffa at coalition 
haggling over the past six weeks. 

Most ey e-catchingiy , perhaps, it 
is the first government since the 
war to contain representatives of a 
party, the MSL that has not repu- 
diated links with Italy’s fascist 
past and that is not committed to 
all Italy’s international treaties. 
Another coalition member, the 
Northern League, has in the past 
come close to advocating the 
break-up of the country. Small 
wonder that President Oscar Luigi 
Scalfaro took the unprecedented 
step of publicly warning the new 
prime minister to respect Italy’s 
international obligations and alli- 
ances and to maintain its national 
unity. 

Yet the real reason to worry 
about Mr Berlusconi's creation is 
not that it summons echos of a 
relatively distant past It is that it 
may prove incapable of dealing 
with the challenges of the present 
- paramount among them the 
economy, still in the early stages 
of a fragile recovery and burdened 
by a mountainous public debt 

On the face of it, the new gov- 
ernment offers some reassurance 
on this score in the shape of Mr 
Lamberto Dini. plucked from the 


Bank of Italy to run the Treasury. 
But even he is something of a 
political novice - and his is but 
one voice in a coalition dominated 
by competing power-brokers. 
Moreover, he will be only too well 
aware of how the most powerful 
broker of all won election: an the 
basis of tax-cutting gnrt Job-creat- 
ing promises that were, to put it 
charitably, over-optimistic. 

Were Mr Dini to be forced into 
trying to deliver Mr Berlusconi’s 
false dawn, he would be putting at 
risk the project of economic 
renewal pain frilly initiated by the 
Amato jmii Hiampi governments 
of the past two years - and with 
it, Italy's financial credibility. 

Their brave battle against swell- 
ing budget deficits merely con- 
tained the problem rather than 
resolving it: already there has 
been disturbing slippage in spend- 
ing and receipts, with the result 
that the deficit this year will be 
close to 10 per cent of GDP not- 
withstanding the relief afforded by 
Sailing interest rates. Similarly, , 
the two previous governments 
may have begun the lengthy pro- 
cess of privatising state enter- I 
prises, but the really difficult 
parts of that task still lie ahead, 
and the new coalition is beset by 
confusion as to how to proceed. 

Mr Berlusconi should use his 
first speech to parliament to junk 
his campaign rhetoric in favour of 
a firm statement of economic 
intent, with discipline in public 
finances and rapid privatisation as 
top priorities. As a newcomer to 
politics with a strong mandate, he 
r$n afford to be radical in thin 
direction. If he instead tries to 
please those who believed his elec- 
tion promises, Italians will dis- 
cover that the new order for 
which they thoug ht they voted is 
no better than the old. 


CrossRail debacle 


Plans to build CrossRail, a new 
east-west rail tine across London, 
have been thrown into disarray by 
a small committee of MPs. It has 
blocked the passage of the bill 
needed to allow the line to be 
built, to the horror of the project's 
backers and London businesses. 
The future of CrossRail is now in 
doubt, with substantial delay inev- 
itable even if the government 
introduces a fresh bill 

The case for building CrossRail 
was convincingly demonstrated in 
the Central London Rail Study 
five years ago. The study identi- 
fied the line as the most effective 
option for relieving congestion on 
the existing rail network and 
catering for future growth. Yet it 
is the much less cost-effective 
Jubilee line extension to London’s 
Docklands that is now being built 
It was given the go-ahead largely, 
it appears, as a political gesture to 
ball out the Canary Wharf devel- 
opment. 

Those who oppose CrossRail - 
including the Treasury - point to 
the drop in central London traffic 
since 1989. Because of the reces- 
sion, they forecast that the new 
rail link will not be needed until 
well Into the next century. This 
short-sighted approach is sadly 


typical of UK transport planning - 
almost every major project from 
the M 25 to the ManH-ipofgr Metro 
has found use growing much fas- 
ter than forecast On the basis of a 
shortterm economic fluctuation, a 
project has been blocked that 
would serve London for decades. 

This deb&cto is the latest in a 
long line of transport planning 
failures in the UK’s recent history. 
Like the Channel tunnel rail link 
and the Birmingham north orbital 
road, CrossRail will be completed 
long after it is needed - if ever. It 
need not be so, as the experience 
of other European countries Indi- 
cates. The contrast with France is 
painful: its high-speed rail net- 
work was extended to the mouth 
of the Channel tunnel months 
before it opened. 

A better mechanism is needed 
for setting transport priorities 
than an ad hoc group of MPs. Min- 
isters should make decisions on 
the basis of transport criteria, not 
political expediency. Once agreed, 
funds should be committed and 
not withdrawn at the whim of the 
Treasury. Planning transport 
infrastructure is something that 
only government has the power to 
do: the present procedures are 
haplessly inadequate. 


Bundesbank cuts 


The timing and size, though not 
the directum, of the Bundesbank’s 
latest interest rate cuts were a 
surprise. A cut of half a percent- 
age point In the discount rate, to 
4.5 per cent, is an aggressive 
move, particularly when the 
repurchase (or “repo”) rate 
remained well above its previous 
discount rate floor. Combined 
with the torrid growth of the 
money supply, this cut most be 
deemed risky. The Bundesbank's 
traditional monetarism is in ques- 
tion If the risk it is taking does 
not prove justified in the medium 
term, Germany’s reputation for 
monetary stability may be endan- 
gered as well 

The last tune the discount rate 
was this low was in June 1380. 
though prior to that it had been 
at, or below, this level for more 
than six years. But German con- 
sumer price inflation, though 
declining, is still running at an 
annual rate of over 3 per cent and, 
more important for Bundesbank 
credibility, the annualised 
increase of broad money (M3) 
between the last quarter of 1993 
and March 1994 was 15.4 per cent 

How then does the Bundesbank 
justify the latest of this series of 
interest rate cuts, which have low- 
ered the discount rate by lVi per- 
centage points and the repurchase 
rate by 65 baas points (0.65 per- 
centage points) since February? It 
points to the improved prospects 
for inflation and the need to 
loosen a “liquidity blockage”, by 
which it means the willingness of 
investors to hold liquid deposits, 
included in M3, rather than less 
liquid assets. An additional factor 
will have been the strength of the 
D-Mark. Mr Hans Tietmeyer, 
Bundesbank president, argued 
only a week ago that too strong an 


appreciation of the D-Mark against 
toe dollar was not in the interests 
of the German economy. 

The current performance of the 
German economy can justify this 
latest series of cuts. Industrial out- 
put has been bumping along the 
bottom since the end of 1992, 
while gross domestic product, 
though recovering, remains well 
below the peak to early 1992. The 
declining rate of i n flati on and the 
low level of wage settlements also 
justify expansionary moves. 

Against this are not only the 
money supply, but also the perfor- 
mance of German bonds: the yield 
on 10-year bonds rose by 199 basis 
points, to 6.63 per cent between 
the beginning of January and 
Tuesday of this week. While less 
than in the US or the UK, this 
increase demonstrates that infla- 
tionary fears have not been slain. 
At the same time, the special fac- 
tors that are used to explain the 
rapid growth of M3 are less than 
convincing. It is also not true that 
M3 growth would necessarily 
decline if people were prepared to 
shift into less liquid deposits. The 
principal determinant of broad 
money is credit growth, which 
may even be increased by the 
lower interest rates and recover- 
ing economy. 

It was easier to justify rapid 
cuts to German interest rates a 
year ago than It is now, which 
suggests that the Tietmeyer Bund- 
esbank is different from that of his 
predecessor, Mr Helmut Schles- 
inger. This is not the first time 
policymakers have decided to 
explain away inconvenient mone- 
tary numbers, one particularly sad 
example being the UK in the sec- 
ond half of the 1980s. It is to be 
hoped that the Bundesbank is not 
maiHng a comparable mistake. 


S een at night from the Star 
Ferry as it makes its way 
across Victoria Harbour 
towards Kowloon on the 
mainland. Hong Kong’s 
banks gleam brighter than ever. 
The political uncertainty afflicting 
the colony in the last years of Brit- 
ish rule has not damaged the ability 
of the 175 banks to earn money to 
what is now the most profitable 
banking market in the world. 

Banks in the colony commonly 
make post-tax returns on equity of 
more than 20 per cent - twice that 
of banks to many European coun- 
tries. But such profits may not last 
forever. Banks are already mulling 
the likely effects of Chinese rule 
after July 1997; some wonder if 
earnings will deteriorate before 
then. 

“We live in a fool's paradise, and 
they never last long.” says Mr Wer- 
ner Makowski, managing director of 
Dao Heng Bank, one of the biggest 
banks in Hong Kong. “We’ve had 10 
years of growth, and bad debts are 
ridiculously low.” says Mr Tony 
Nlcolle, Hong Kong general man- 
ager at Standard Chartered, the UK- 
listed international bank with roots 
to the colony. 

The fool's paradise might yet end 
with a painful correction similar to 
that in many Organisation for Eco- 
nomic Co-operation and Develop- 
ment countries at the end of the 
19805. when bad debts cut heavily 
into profits. But most local bankers 
think it is more likely to give way 
to a gradual squeeze on earnings, 
“You cannot rule out the risk of 
collapse [in profits], but it is not my 
best guess.” rays Mr David Carse, 
the chief banking supervisor for the 
Hong Kong Monetary Authority. 

Earnings will come und er pres- 
sure because Hong Kong will find it 
hard to maintain the exceptional 
combination of factors which have 
boosted bank profits in the past 
three years: 

• The Hong Kong economy has 
been expanding rapidly, achieving 
growth of more than 5 per cent in 
each of the past two years. It has 
been boosted by free-market 
reforms to China which have led to 
buoyant economic growth in the 
Pearl River delta adjacent to Hang 
Kong. Fast growth insurrounding 
Asia Pacific economies - averaging 
more than 6 per cent over the past 
decade - has also led to strong 
demand for loans and trade finance* 

• Despite the recent growth in 
bond issues, Hong Kong companies 
have traditionally sought debt 
finance from banks rather than cap. 
rtal markets. This has underpinned 
a steady expansion in balance 
sheets - hank loans in Hong Knng 
grew by 15.4 per emit in the year to 
last September. 

• Borrowing has been encouraged 
by negative real interest rates 
forced on the colony by the 
exchange rate “peg” between the 


Paradise too good 
to be true 

Hong Kong banks are enjoying bumper profits. But will 
they last, ask John Gapper and Simon Holberton 


Hong Kong banking: heady days 


Annual percentage change 

as 

1 Loam for use In HK 

30 


]l WCS deposit s 


Return on equity (%) 


Sank o< East Asia 


Dao Hcng Bank Group 
Hang Song Bank 
HS3C Holdings 


AffordabBtty of Hong Kong mortgages 

f Affordability ratio* {%) 

As s: the end at CM 


BIS capital ratio** 

(Bffi ntfntmun raconvnanded ratio 8*4) 


of the monetary authority. 

Second, margins will erode as 
banks use accumulated capital to 
compete. The interest rate agree- 
ment has restrained competition 
but there is pressure for its aboli- 
tion from the Hong Kong Consumer 
Council, which estimates that it 
boosted bank profits by HKS52bn in 
1991. The council argues this was 
largely at the expense of small con- 
sumers. The banks maintain that 
the cartel reinforces stability and 
avoids the need for them to impose 
fees and charges that could cost 

consumers HK$4bn a year. Yet few 

bankers are optimistic that margins 
can be sustained indefinitely. “1 do 
not foresee dramatic change, but 
over time profitability will be grad- 
ually chipped away.” says Mr Nic- 
olle of Standard Chartered. 

Third, banks’ costs are rising. 
Hong Kong has traditionally been a 
cheap place to operate. Because the 
colony is so compact, banks have 
been able to use technology and 
staff efficiently. However, salaries 
are rising fast because of stiff com- 
petition for employees, and banks 
that rent branches and offices face a 
sharp escalation in rental costs. 


A gradual deterioration in 
the banking conditions 
of the past three years 
would not constitute a 
disaster. The possibility 
remains, however, of banks being 
hit more severly if investors lost 
confidence in China's commitment 
to economic reform. A policy shift 
by China could badly disrupt Hong 
Kong's economy and undermine 
local property prices. 

Prices for the residential property 
market are thought to have fallen 
by about 10 per cent since Mr Chris 
Patten, the colony's governor, 
warned in March that the govern- 
ment might have to take “excep- 
tional" measures to curb specula- 
tion. But they remain vulnerable to 
a further correction as Hong Kong's 
interest rates rise in response to the 
tightening of US monetary policy. 

Banks in the colony depend 
strongly on property - 39 per cent 
of their profits are estimated to be 
linked to the sector. For the 
moment, most bankers believe they 
are unlikely to be hit by a wave Of 
defaults on mortgages: the average 
proportion of income spent on 
repayments is only two-thirds of the 
peak level in 198L 
That cushion might be insuffi- 
cient if an economic downturn led 
to large falls to property prices and 
higher unemployment But for most 
bankers, this seems an unlikely 
prospect Though the windfall prof- 
its of the early 1990a may not be 
repeated, even those who acknowl- 
edge the risks ahead cannot bring 
themselves to worry too much. “It 
is all too good to be true,” says Mr 
Makowski of Dan Heng Bank. “But 
while it lasts, why not enjoy it?” 


o s n 11 20 s ao 
- fUo o* capfn* to 
rWc-weigntad meats - 


1981 82 8384868687860990919233 B 
~Doflnod as mo monthly mongag* outlay as 
percentage of monthly medtnt household income 





Hong Kong and US dollar. Hong 
Kong has been obliged to keep 
interest rates low despite inflation 
of 83 per cent last year. ‘"There is a 
huge demand for credit Borrowing 
money is the cheapest thing you 
can do here,” says Mr Makowski. 

• Ranks have managed to sustain 
the so-called “cartel" - or interest 
rate agreement - under which the 
Hong Kong Association of Banks 
formally sets interest rates paid on 
Hong Kong dollar deposits of less 
than HR$5Q0,0QQ. By keeping rales 
artificially low, the arrangement 
has bolstered the net interest mar- 
gin (the gap between interest rates 
paid on deposits and charged on 
loans). 

• The level of bad debts has been 
extremely low, at less than 0.2 per 
cent of loans, compared with 10 
times that in some OECD countries. 
Hong Kong banker s say that this is 
not only because of rapid growth 


and full employment, but local cul- 
ture. "People just do not default on 
loans here," says Mr Stephen Li, a 
banking analyst at Jardine Fleming, 
the securities house. 

These factors have sustained 
Hong Kong's banks at a time when 
many elsewhere have been to crisis. 
Yet although no calamity has yet 
struck the colony, investors have 
lost much of last year’s confidence 
in its banks: share prices of Hong 
Kong banks have fallen by an aver- 
age of 35 per cent from a peak to 
February. In part this drop reflects 
the 27 per cent fall in the Hang 
Seng index over the same period, as 
international fund managers’ 
euphoria about Asian markets has 
dissipated. Yet there is also unease 
over whether Hong Kong banks’ 
profits can be sustained. There are 
three main pressures: 

First, Hong Kong banks do not 
want to continuemaking new prop- 


erty loans at a rate that might cre- 
ate an asset price bubble. “It will 
remain a very profitable market, 
but it cannot continue to grow at 
the same rate. That would be dan- 
gerous," says Mr Paul Selway-Swift. 
executive director of Hongkong 

Rank 

Banks also face pressure from 
regulators. The prime example is in 
the domestic mortgage market. 
There has been strong demand for 
loans in the past three years as 
prices of flats have escalated, and 
the Hong Kong Monetary Authority 
has set limits on borrowings and 
warned banks of the risk of mount- 
ing bad debts. The m»*imnm ratio 
of mortgage loan to value of prop- 
erty is now 70 per cent, and it Is 
hard to get more than a 50 per cent 
mortgage on luxury flats. “We are 
getting to the stage where banks' 
huge increases in mortgage lending 
will be constrained,” says Mr Carse 


Why London should be a zone alone 



] Opinion polls show 

r—f overwhelming sup- 

rfP^J port for doing some- 

thing about London, 
fj w /r ijg j Something to pro- 

mote the capital’s 
cause, to coordinate 
the myriad public 

VIb - yy agencies responsible 

for its facilities - something or 
someone to shout for London. 

There is much less agreement on 
what that something should be. The 
left argues for a powerful London- 
wide body, probably an upper tier of 
local government The right ques- 
tions whether there is a problem at 
all, and looks for ways of getting 
business and community leaders 
talking to one another. 

The business community has a 
particular perspective and contribu- 
tion to make to this debate. It is 
primarily concerned with London 
as a business location. The key to 
making London the mo6t successful 
European business location is the 
central area where economic and 
business activities are concentrated. 
This covers the area within the Cir- 
cle line of the underground. Zone 1 
on the London underground map. 


Gravy train 
in the air 

■ “Me, travel business class?" 
Chad’s Pierre Moussa, not to be 
confused with the former Paribas 
rhairpian, is the longest-serving 
executive director at the African 

Development Bank and scoffs at 
the very suggestion. He has always 
travelled first class: his reputation 
depends on it 

Absolutely. 

Unfazed tor last year’s fuss over 
Jacques Attab’s free-spending ways 
at the European Bank for 
Reconstruction and Development, 
toe AfDB is toe only multilateral 
development bank which still flies 
aQ its big cheeses in the very best 
seats. 

Downgrading to business class 
Is a pretty feeble symbolic gesture, 
reckons Moussa, even for a bank 
ministering to the tie world’s ' 
poorest continent. Never mind the 
AfDB’s mounting arrears - owed 
by bankrupt African governments 
- and suspected internal 
mismanagement. 

Stifl. the AfDB gravy train could 
be endangered. In the kind of 
radical gesture loved by indolent 
bureaucracies, some of the bank’s 
richer donor nations may try to 
prevent AfDB directors flying to 
Paris for dental appointments on 
the bank's expenses. 

Moussa - on the board for 19 
years - is rather irritated by 
proposals to limit board 


As well as businesses. Zone 1 con- 
tains residential communities, gov- 
ernment offices and cultural activi- 
ties. Most of Zone l is to the City of 
London and City of Westminster. 
But parts are governed by other 
boroughs: Camden, Tower Hamlets. 
Hackney, Islington, Kensington and 
rheiom . Wandsworth, Lambeth and 
Southwark. 

The centres of Paris. Frankfurt 
and Tokyo, by contrast, are under 
stogie local authorities. Even cha- 
otic New York has only four bor- 
oughs - and they are overseen by a 
dominant city-wide government 

London needs a single local 
authority for its central business 
district a Zone 1 authority. It would 
take responsibility for functions 
such as promotion, planning , trans- 
port, education and housing. Last 
week's local elections have empha- 
sised the need for such an author- 
ity, given that nine of the 10 local 
authorities are, at best ambivalent 
towards business development and, 
at worst hostile. 

The Zone 1 authority would be 
charged with delivering quality ser- 
vices and manag in g change Hi rough 
the planning system. It could also 


membership to two years. Such 
ideas, he says, are typical of the 
“small civil servants" from western 
countries who occupy six of the 
18 seats on the AfDB’s executive 
board. 

“He’s a dinosaur.” responds one 
of the “small civil servants”. 


Walls have ears 

It With less than a month to go, 
reverberations from the D-Day 
Raa-n continue to rumble to the 
UK. But it's a very touchy subject 
Latest offering is purported to 
derive from Michael Baldwin, 
keeper of weapons at the National 
Army Museum to Chelsea: “It's 
a good job those organising the 
D-Day celebrations didn't organise 
the actual invasion - they wouldn't 
have got beyond the beach.” 

Not at all, says Baldwin, who 
runs the MoD-sponsored museum. 
“It would be most improper to 
suggest I originated that,” he says. 
So he didn't say it? 

“Well, everybody is saying it 
aren't they - but I am not the 
originator.” 

All clear? 


The hand of Hillary 

■ So who was the senior US 
official who shook Fidel Castro's 
hand to Pretoria, at Nelson 
Mandela's swearing-in and 
extracted from the Cuban president 
a compliment for being “a brave 


take over some additional functions 
from government (or quangos) such 
as conservation, po licing and traffic 
management. The new Zone 1 
authority would concentrate on 
those functions which it can do 
best Debate over London’s strategic 
planning and regional development 
should be left to other bodies. 

The electoral system 
would need to reflect 
business voters’ 
wishes and local 
democratic Interests 

whether national or regional, to 
view of the complexities and 
geographical influence of the 
capital. 

The Zone 1 local authority should 
adopt the best practices and the 
most attractive features of the City 
of Westminster and the City of Lon- 
don. The City Corporation, which 
administers the City of London, is 
largely controlled by business repre- 
sentatives. It has been able to 
reflect the interests of the busi- 


Observer 



man" for so doing? 

The Washington Post, which 
reported the incident, would not 
say. But the Los Angeles Times 
pointed the finger at Mike Espy, 
the agriculture secretary. 

It also said that Espy was far 
from alone and that several White 
House aides had their pictures 
taken with Castro to a reception 
maelstrom. “Can't you even play 
tourist?” asked one. “I mean, 

1 turned around and there he 
was.” 

Disciplinary action for consorting 
with the enemy is unlikely. Bill 
Clinton is not about to sacrifice 
a black cabinet member for a 
handshake and he hardly needs 


nesses that dominate the Square 
MOe and ensure its continuation as 
one of the world’s leading financial 
centres. 

The City Corporation’s business 
franchise would be inappropriate 
for a larger area that included the 
substantial residential areas of 
Westminster. But it should not be 
completely eliminated: responsive- 
ness to businesses' wishes will be 
an essential attribute of the Zone 1 
authority. An electoral system 
needs to be found that reflects busi- 
ness voters’ wishes and local demo- 
cratic interests - a blend of the two 
cities' practices. Indeed, a body pro- 
moting central London's wider 
interests might well have been able 
to help get approval for the Cross- 
Rail underground railway link, 
which was blocked by a Commons 
committee on Tuesday. 

The historic position of Lord 
Mayor of London should be main- 
tained as a figurehead for the new 
authority with enormous promot- 
ional value. The title of Mayor of 
Westminster could be given to the 
leader of the council, who actually 
wields political control. 

The stewardship exercised by the 


to have more vacancies on the 
White House staff. 

Mind you, if Hillary had extended 
her hand, the Wall Street Journal 
would already have written an 
editorial and Castrogate would be 
in full swing. 


Baby choirs 

■ BhS, the retail store chain, either 
cares naught for product placement 
or has never heard of Britain's 
biggest union. 

The public services union. Unison 
- which has 1.5m members - is 
celebrating the discovery of its own 
name splashed across a whole range 
of BhS children's clothing. 

Could this be a brand new 
marketing opportunity? Hie union 
gets free advertising, and BhS can 
tout its wares among Unison 
members keen to identify with their 
offspring. 

Where will it all end? NUT caps 
or Cohse sweaters? 


More pennies 

■ Roll up, roD up, anyone want 
to buy a theatre? 

It's not a bad time to own a slice 
of London's West End. Ticket sales 
rose 6 per cent last year to a record 

115 m. 

The theatre now in the limelight 
is the spankingly refurbished 
Playhouse, down by the 
Embankment, which Ray Cooney 
bought two years ago for £2.4m 


City of London over the capital’s 
bridges, parks, heaths and other 
public facilities could be maintained 
and extended to Hyde Park and St 
James's. The Corporation’s patron- 
age of the arts could embrace the 
West End, the South Bank complex 
and many other facilities. 

Central London is divided. The 
two cities upon which its wealth is 
built continue as separate entities 
at the expense of London's business 
community as a whole. Blending 
the best of both, and accepting that 
London is larger than both, is the 
essence of the Zone 1 plan. 

It challenges the City of London 
and its strong local traditions to 
reach forward to support a solution 
that can ensure London's status as 
a world city into the 2 1st century. It 
challenges the City of Westminster 
to widen its promotional concerns 
to embrace fully business as a wider 
London interest. 

John Parmiter 


The author is a partner in HiUier 
Parker, chartered surveyors 


after Lord Archer couldn't make 
a go of it 

TU take £2.7m,” says Cooney, 
who found that owning a theatre 
interfered with his preferred 
occupation of comedy writing. He 
is fairly relaxed about the small 
loss he made running it "Theatres 
are not investments which make 
a return of 10 or ffl per cent a year. 
They are just a delight to own." 

With just 7% seats, The 
Playhouse is too small for the 
money-spinning, long-running 
musicals. But the lure of the 
footlights, the thrill of the first 
nights, should tempt some 
optimistic angel, perhaps in New 
York - or even Hong Kong, where 
Cooney to pitching hard. 


Meals on wheels 

■ What's this? Mark Wood, new 
managing director of AA Insurance 
Services - the UK’s biggest chain 
of insurance shops - regularly 
holds business breakfasts and 
lunches at the RAC Club. But 
surely the Automobile Association 
and the Royal Automobile Club 
are bitter rivals? 

“It is out of habit really,” he says, 
quickly displaying evidence of his 
membership of both the AA and 
the RAC. And Wood, currently 
spearheading a big cost-cutting 
exercise at AA Insurance, says he 
is happy to see the rival RAC bear 
the cost of upkeep ing its lavish 
Pall Mall premises. 

Devilish cunning, eh? 








14 




No. 1 in heating system spares. 





FINANCIAL TIMES 

Thursday May 12 1994 



World 
Leader 
in rolling 
bearings 


Foreign secretary c alls for truce over Europe , French to 

seek delay 
in first 
flights 
to Orly 


Hurd tells Tory rally 
that Major must stay 


By Kevin Brawn, Political 
Correspondent, In Inverness 

Mr Douglas Hurd, the UK foreign 
secretary, yesterday sought to 
call a truce with the Euro-sceptic 
right wing of the Conservative 
party before next month’s Euro- 
pean elections and insisted that 
Mr John Major would defeat any 
attempt to oust him as prime 
minister even if the party was 
reduced from 32 seats to two. 

“He will continue as prime 
minister. He will not be defeated. 
He will not resign.” Mr Hurd said 
at the Scottish Conservative con- 
ference in Inverness. 

Mr Hurd's unqualified support 
for Mr Major reflects a growing 
consensus among senior cabinet 
ministers that the party would be 
seriously damaged by a leader- 
ship election in the autumn. 

Mr Kenneth Clarice, the chan- 
cellor of the exchequer, is expec- 
ted to deliver a s imilar pledge of 
loyalty when be addresses the 
conference today . 

Significantly, Mr Major was 
also given outspoken support by 
Mr Michael Forsyth, the Thatch- 
erite employment minister, who 


is tipped to enter the cabinet as 
Scottish secretary if Mr Ian Lang 
becomes party chairman in a 
summer reshuffle. 

Mr Forsyth called Mr Major “a 
man of steel”, and warned 
“windy backbenchers and retired 
generals" to give their advice “in 
private, not transmitted through 
enemy lines". 

Mr Hurd warned the confer- 
ence that the Conservatives 
would avoid disaster in the elec- 
tions on June 9 only if the party 
stopped “scratching at old 
wounds” over Europe. 

Mr Hurd tried to appeal to 
Euro-sceptics by pointing out 
that the European Union was 
increasingly accepting the need 
for "variable geometry" - code 
for a more flexible community of 
nation states. He said: “This is a 
multi-track, multi-speed, even 
multi-layered approach which 
will increasingly be the way of 
the future. It threatens no one.” 

Hurd said the EU was already 
developing an emphasis on com- 
petitiveness, deregulation and. 
subsidiarity which would be 
encouraged by the accession of 
Austria and three Nordic appli- 


cants next year. 

He said enlargement would 
help create "a more comfortable 
Europe” which would be accept- 
able to SO per cent of Conserva- 
tives. 

Mr Hurd said the union's grow- 
ing flexibility was reflected in 
Britain's opt-outs from the Maas- 
tricht agreements on monetary 
union and social policy, and the 
exclusion oT some EU members 
from the Western European 
Union defence agreement and the 
Schengen border treaty. 

He said there was no question 
of Britain being left in a "slow 
lane or outer circle” of the 
EU. 

His speech, however, followed 
an acrimonious debate which 
demonstrated the continuing 
divisions in the party. Euro-scep- 
tic delegates demanded a referen- 
dum on any move towards Brit- 
ish participation in a single 
European currency, and accused 
the party hierarchy of trying to 
stamp out dissent* 


Emu fans ready to move the 
goalposts. Page 2; 
Samuel Brfttaa, Page 12 


Developer brings a taste of 
rural life to central Tokyo 


By Paul Abrahams in Tokyo 

Mr Shoko Sato would not look 
out of place in rural Japan. But 
this property developer was yes- 
terday planting rice deep in the 
heart of Tokyo, in Ginza, one of 
the world’s most urbanised and 
expensive real estate markets. 
Mr S&to’s 850 sq metre plot, a 
former car park surrounded by 
towering office blocks, is worth 
about YlObn ($96m). 

The price of Japanese rice 
might have soared after the fail- 
ure of two harvests, and land 
values in the city might have 
collapsed following the end of 
the “babble economy", but 
downtown Tokyo is an unlikely 
location for rice culture. 

For one thing, Mr Sato’s site 
will not produce rice profits. 
When harvested in September, 
the paddy will yield just 20kg. 
Each grain will cost abont Y600 


to produce; one 80g bowl will 
cost more than Y2m (819,459). 

Mr Sato, who Is also a director 
of an industrial incinerator busi- 
ness, explains; “1 originally 
planned to build a karaoke bar 
complex with a small strip for 
growing vegetables to supply an 
adjoining pub. But when 1 went 
to the financial Institutions I 
was turned down. The economy 
was going badly and the bottom 
of the karaoke market had fallen 
out” 

He was unable to lease the 
land and was unwilling to sell 
given the state of the market He 
was then approached by a char- 
ity intrigued by his idea of grow- 
ing vegetables in central Tokyo. 

The Japan Welfare Education 
Scholarship Foundation, which 
promotes health care for the 
aged, had become concerned 
about the impact of agrochemi- 
cals on health. Mr Hitoi Sato, the 


charity’s managing director who 
is no relation to the owner, 
explains: “We’re concerned 
about the decline of Japanese 
agriculture. 

“By planting the rice here it 
allows us to remind people of the 
importance of rice in Japanese 
society.” 

Next to the paddy, the founda- 
tion has set up stalls to sell 
organic vegetables and free- 
range eggs. The foundation’s 
charitable status allows the ven- 
ture and the owner to avoid 
incurring taxes on the site. 

The owner, Mr Sato, says he 
will decide after the September 
rice harvest what to do with the 
site. “1 doubt it’ll be a perma- 
nent agricultural Held. But I 
know I won’t build a karaoke 
bar, that’s for sure.” 


Hata seeks restart of US trade 
talks, Page 6 


Mandela gives home ministry to Buthelezi 


Continued from Page 1 

also went to six members of the 
new parliament from the 
National party of Mr F.W. de 
Klerk, who will serve as second 
vice-president 

As expected, Mr Derek Keys 
retains the finance ministry, a 
decision on which local equity 
and currency markets had been 
counting. His deputy will be Mr 
Alec Erwin, an influential white 
economist in the ANC. Mr Pik 


Botha, the veteran foreign minis- 
ter, moves to mineral and energy 
affairs following the appointment 
last Friday of Mr Alfred Nzo to 
his former post 

Mr RoeLf Meyer, the National 
party's chief negotiator in the 
tortuous constitutional talks, 
becomes minister for provincial 
affairs and constitutional devel- 
opment. 

One surprise appointment was 
that of Mrs Winnie Mandela, Mr 
Mandela's estranged wife. Mrs 


Mandela becomes deputy minis- 
ter for the arts and sciences. 
Another was the choice as dep- 
uty environment minister of Gen- 
eral Bantu Holomisa, military 
ruler of the disbanded Ttaoskei 
"homeland” where he retains a 
power base among the rural poor. 

Although neither portfolio In 
itself carries much power, the 
appointments are seen as an 
attempt to prevent the two from 
becoming destabilising forces 
within the party. 


By John RkkSng hi Paris 

The French government 
yesterday set the stage for a 
clash with foreign airlines after 
declaring that flights from Lon- 
don to Orly airport in Paris could 
not start on Monday, the date set 
by British Airways and Air UK 
for the launch of their services. 

The announcement follows last 
month’s European Commission 
ruling ordering France to open 
the Landon-Orly route immedi- 
ately and is likely to fuel the 
dispute over the liberalisation Of 
the French airline market 

BA rejected the statement from 
the French government and said 
it planned to go ahead with ser- 
vices to Orly. “The French 
authorities have no right to pre- 
vent us from going there. We 
have the landing rights and we 
are preparing to operate to and 
from Orly from Monday,” said a 
BA spokesman. 

Air UK said it also intended to 
operate services from Monday. 

Mr Bernard Bosson, the French 
transport minister, said the route 
would be opened as quickly as 
possible but that certain prob- 
lems had to be resolved before 
services could start. “For 
now ... the eights announced for 
May 16 do not respect the regula- 
tions and ther efore cannot 
place,” Mr Bosson said. 

He said there were three prob- 
lems to be resolved. They were 
the overcrowding of Orly airport; 
the need to assure adequate 
access to Heathrow airport for 
companies wishing to serve the 
Orly-Heathrow route; and the 
need for airlines to adapt their 
schedules to Include the new 
routes. 

BA said it did not recognise the 
basis of the problems. It said 
there had been no difficulty in 
obtaining slots at Orly and that it 
had already made arrangements 
for handling passengers. With 
regard to landing rights at Heath- 
row, BA said there were estab- 
lished procedures for applying for 
slots. 

Orly airport, in southern Paris, 
offers better connections for 
internal French flights than Rois- 
sy-Charies de Gaulle Airport and 
is more convenient for many 
business and residential areas of 
the capital 

BA is planning two f lig h ts a 
day between Heathrow and Orly, 
with two other flights being oper- 
ated by TAT, its French affiliate. 

Air UK, in which KIM of the 
Netherlands has a ML9 per cent 
stake, is planning to operate 
between London Stansted and 
Orly. 

'Ifre Issue represents a dilemma 


for the French government which 
is seeking approval from the 
European Commission for a 
FFx20bn (£2.34bn) capital injec- 
tion for Air France, the loss-mak- 
ing stateownfid airline. Brussels 
has linked approval of the capital 
injection to the liberalisation of 
the French air line market. 


FT WEATHER GUIDE 


Europe today 

A weakening odd front wiU slow over southern 
Britain and northern France, resulting in mainly 
cloudy skies, rain and showers. The remainder 
of France and Britain will have sunny spells. 
Widely scattered thunder showers will develop 
In the afternoon over eastern France. The 
Benelux, Germany, Denmark, Italy, Greece and 
western Turkey will be sunny. A depression 
north of Portugal will bring numerous showers 
to most of Portugal and western Spain but the 
east coast of Spain will be drier with sunny 
spells. The Balkans win have an occasional 
thunder shower. Lapland will be cool with 
temperatures below 5C but southern Norway 
and Sweden wHI remain warm with 
temperatures in the 20s. 

Five-day forecast 

A depression over the Gulf of Biscay will 
Influence western Europe during the next few 
days. Tomorrow, most of the showers wHI tali In 
south-west Europe. Thunder showers will reach 
the Benelux and Britain on Saturday followed 
by cooler conditions on Sunday. Northern 
Europe wHI become cooler and unsettled. 
Southern and south-east Europe will continue 
settled and warm. 


TODAY’S TEMPERATURES 



SHuatfcnar 12 QMT. Tempwaturos maximum for day. Forecasts by Motoo ConsuJt a! tha Nothorianda 



Maximum 

Befllng 

ctaudy 

28 

Caracas 

tat 

28 


Celsius 

Belfast 

fair 

23 

Cardiff 

shower 

18 

Abu Dhabi 

aun 

34 

Belgrade 

fair 

22 

Coaablanca 

cloudy 

20 

Accra 

cloudy 

38 

Bflrih 

sun 

23 

Chicago 

sin 

18 

Algiers 

fair 

25 

Bermuda 

fair 

24 

Cologne 

sun 

26 

Amsterdam 

SU1 

24 

Bogota 

fair 

21 

O' Salaam 

cloudy 

27 

Athens 

fair 

23 

Bombay 

fair 

33 

Dakar 

fair 

29 

Altania 

fair 

33 

Brussels 

Ur 

28 

Dates 

cloudy 

28 

B, Aires 

aun 

23 

Budapest 

cloudy 

20 

Delhi 

sun 

42 

B.ham 

dowdy 

18 

C-hagen 

fair 

20 

Du hoi 

am 

35 

Bangkok 

fair 

32 

Cohn 

fair 

34 

Dublin 

shower 

18 

Barcelona 

fair 

20 

Cape Town 

Ur 

20 

Dubrovnik 

fair 

21 



Quality flights made in Germany. 

Lufthansa 

German Airlines 


Stfinburgh 

fair 

1? 

Madrid 

far 

18 

Rangoon 

fair 

32 

Faro 

shower 

18 

Majorca 

aun 

23 

Reykjavik 

cloudy 

11 

Frankfurt 

sin 

24 

Malta 

sun 

24 

Rio 

rain 

22 

Geneva 

ehpwer 

10 

Manchester 

fair 

22 

Roma 

tat 

21 

Gibraltar 

shower 

22 

Mania 

cloudy 

34 

S. Frsco 

doudy 

21 

Glasgow 

fair 

22 

Melbourne 

doudy 

14 

Seoul 

fair 

27 

Hamburg 

fair 

22 

Mexico City 

sun 

31 

Singapore 

shower 

31 

Helsinki 

fair 

18 

Miami 

fair 

31 

Stockholm 

fair 

17 

Hang Kong 

cloudy 

30 

kHan 

fair 

22 

Strasbourg 

thund 

21 

Honolulu 

lar 

31 

Montreal 

shower 

12 

Sydney 

fair 

20 

Istanbul 

fair 

20 

Moscow 

fair 

19 

Tangier 

doudy 

IB 

Jersey 

shower 

15 

Ulrich 

Ml 

20 

Tel Aviv 

t* 

28 

Karachi 

fair 

34 

Nairobi 

cloudy 

20 

Tokyo 

shower 

24 

Kuwait 

sin 

35 

Naples 

fair 

23 

Toronto 

shower 

13 

L. Angeles 

fair 

31 

Nassau 

tat 

30 

Vancouver 

shower 

15 

Las Palmas 

fair 

23 

New York 

rah 

22 

Venice 

fair 

21 

Una 

cloudy 

23 

Nkfa 

fair 

20 

Vienna 

shower 

19 

Lisbon 

shower 

18 

Nicosia 

fair 

24 

Warsaw 

shower 

23 

London 

shower 

18 

Oslo 

Mr 

33 

Washington 

shower 

23 

iMXjOuurs 

shower 

2l 

Paris 

thwd 

18 

Woffington 

shower 

11 

Lyon 

thund 

19 

Perth 

fair 

24 

Winnipeg 

Mr 

19 

Madeira 

shower 

22 

Prague 

thund 

19 

Zurich 

h* 

21 


THE LEX COLUMN 


Sainsbury stacks up 


The food retailers' nightmare of 
ever-decreasing margins h a s been at 
least postponed. Although J Sains- 
bury’s margins were shaved last year 
as it responded to discounting else- 
where in the sector, the position has 
now stabilised. That adds weight to 
the argument that supermarkets have 
experienced a one-off downward 
adjustment rather than the start of a 
relentless squeeze. But it is too early 
to say that the pain is over. If a com- 
petitor breaches the uneasy trace on 
margins, Sainsbury will have little 
option but to respond. 

By promising £65m annual cost 
savings - equivalent to 0.75 percent- 
age points of net margin in supermar- 
kets - the group has created some 
breathing space. It has also arrested 
the decline in sales which sent the 
shares into a spin following January’s 
trading statement. Still, for iffa* 
sales growth of 05 per cent in the final 
eight weeks of the financial year is 
hardly a huge reward considering the 
cost of the essential-for-essentials cam- 
paign. Even allowing that new store 
openings are performing well, the 
market has good reasons for not chas- 
ing the shares higher. 

With its non-supermarket busi- 
nesses performing well and its formi- 
dable capacity to gppgratfl Sains- 
bury has the scope to look for growth 
elsewhere. If margins do indeed stabi- 
lise and capital spending continues to 
fell, it mB soon look undergeared. 
Adding to Shaw’s in the US would 
make good sense, as would building 
on the success of Homebase. Given its 
critical mass in UK supermarkets, 
though, it will take more than piece- 
meal expansion to reestablish Sains- 
bury as a growth stock. 

Germany 

The natural assumption is that yes- 
terday’s German rate cut must be 
been driven by developments on the 
foreign exchanges. It is difficult to see 
anything on the domestic horizon 
which would have suggested any par- 
ticular urgency. The Bundesbank still 
had leeway to continue cutting its 
repurchase rate; M3 money supply is 
growing at an annualised rate of 15.4 
per cent; inflation is above 3 per cent 
and there is a whiff of recovery in the 
air. Curiously the Bundesbank is now 
adopting an argument, which it 
ignored last year, that high short-term 
Interest rates are deterring investors 
from moving out along the yield curve 
and so keeping bond yields up. 

A desire to underpin the dollar after 


FT-SE index: 3130.5 (-5.8) 


J. Salutary 

Share prfca relative to the 
FT-SE-A Afl-Sham Index 
100 



Sop 1893 
Sauce: FTOrepWto 


1904 May 


last week’s intervention looks an alto- 
gether more plausible motivation. 
That has some relevance to the domes- 
tic scene. The strength of the D-mark 
and rise in bond yields since the start 
of the year amount to an effective 
monetary tightening, while a weak 
dollar could choke off an export-led 
recovery. It is less dear whether the 
markets will be convinced, or that 
investors will be keen to buy German 
bonds while the uncertainty In the US 
market continues. Perhaps a generous 
German rate cut will hasten the 
return of calm by reducing the scope 
of US monetary tightening required to 
stabilise the dollar. But that is a 
pretty tenuous argument, and not nec- 
essarily one for the Bundesbank to 
risk Its anti-inflation credibility on. 

Scottish Power 

Scottish Power was anxious yester- 
day to stress that it has no intention 
of accumulating a cash mountain. Yet 
the figures speak for themselves. Gear- 
ing at end-March was a minuscule 0.4 
per cent, white 1993-94 net cash inflow 
before financing was £ll8m. Unless 
something changes pretty soon, the 
group will have piled up a cash mole- 
hill by mart March if not a mountain. 

But chief executive Mr Ian Preston 
made clear he has no plans to hand 
back cash to shareholders through 
bumper dividends or share buy-backs. 
He thinks it will be possible to add 
greater value by investing cash in the 
business. Moreover, he would be com- 
fortable with a 50 per cent gearing 
ratio - implying a willingness to take 
on extra debt of roughly £500m. 

So how will the money he deployed? 
Some will be spent on building up the 


group's gas and telecommunications 
interests in Scotland. Us ambition to 
become an integrated utility operator 
has merit- gas and telecoms could to 
some extent piggy-back on the group's 
well-run electricity business. But it is 
hard to see such organic growth 
mopping up the cash inflow let atone 
raising gearing^ 

The suspicion must be that Mr Pres- 
ton and his team of hungry managers 
are eyeing acquisitions. Since an 
acquisition in the gas exploration 
business is not on the cords, the most 
obvious target would be a regional 
electricity company. Shareholders 
would be sceptical about such a move, 
particularly if it involved a hefty Md 
premium. But, given the strut® man- 
agement, such use of their cash might 
just be in their interests. 

Royal Bank 

Direct Line’s dazzling growth 
obscures a less satisfactory aspect to 
the results of Royal Bank of Scotland. 
Its tier l capita] ratio has fallen 
steadily from 7 per cent to 65 per cent 
over the past year. That is still per- 
fectly comfortable. Yet it does raise 
toe question of whether the bank can 
generate enough earnings to finance 
growth and pay the dividend increases 
the market expects. Royal's instinctive 
response is that excessive capital 
dilutes return. The truth could ben bit 
more complicated. 

Direct Line currently absorbs only 
£l55m of Royal Bank’s capital, which 
Is small in relation to shareholders' 
binds of £L95bn. But while it contin- 
ues to grow so fast it will almost cer- 
tainly need to plough hack its earn- 
ings to maintain its solvency margin. 
Direct Line will take time to provide 
the group with distributable earnings. 
First-half growth elsewhere was 
heavily dependent on three factors; 
felling provisions which will not last 
indefinitely, mortgage tending where 
margins may come under pressure as 
competition develops, and acquisitions 
by its Citizens subsidiary In toe US. 

This is not to deny the validity of 
Royal’s strategy of diversification 
designed to reduce volatility in its 
earnings white putting them on a last 
upward track. It is simply that its divi- 
dend is more constrained than might 
appear from last year’s 25 per cent 
increase. Market disappointment with 
yesterday’s statement that the foil 
year’s payment would beat least 12p - 
an increase of 9 per cent - is an indi- 
cation that expectations were running 
away with themselves. 







I..- 


cr 








The possibility of ozone-da m agi ng CFC refrigerant gas leaking from automotive air-conditioning systems was a major concern 
for the Ford Motor Company, which is firmly committed to environmental protection. So the development of CFC free 

refrigerant was hot news. Bur it posed a sticky problem. 

lb utilise che new refrigerant. Ford required seals that would resist chemical attack from the ©is and be capable of withstanding 
temperatures from -40°C to +135°C Only John Crane’s technologists could develop the special polymer compound O- Rings 
that are key components in the most environmentally safe systems available. Now; when the heat’s on. Ford drivers can keep their cool. 
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. Each one Is a technological and market leader in its field. Together; their specialist skills enable 
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TI GROUP 


WORLD LEADERSHIP IN SPECIALISED ENGINEERING 

For farther Information about die TT Group, contact the Department of Public Affairs, TT Group pie, Lacobourn Court, Abtagdtm, Oson OXI4 1UH, 











'Sid' 

'M 




Up 






n - - v^ 

• • ; - r >^ 
* f «h ir -ft . "fis 


BARR 


CONSTRUCTION 


Expanding by Contracting 


Telephone Ayr (0292) 281311 


IN BRIEF 


BAT drops plan to 
raise Indian stake 

BAT, the UK tobacco and insurance group, has 
decided not to raise its stake in its Indian affiliate 
ITC to 51 per cent from 3L5 per cent Instead, 
it will support ITC in its aim of becoming an 

Indian multinatio nal Page 17 

Wine lake to be drained 

Brussels is to offer European countries financial 
incentives to abandon vineyards, and also to 
increase the quality of wine. A regulation adopted 
by the European Commission "ims to eliminate 
surplus wine output now running at about one 
fifth of EU production. Page 24 

Investor reservations 


FINANCIAL TIMES 


COMPANIES & MARKETS 


©THE FINANCIAL TIMES LIMITED 1494 


Thursday May 12 1994 


TOSHIBA 

THE PRINCIPAL NAME IN 

AIR CONDITIONING 

Call the Cool-Line 0865 202697 



AT&T 

Adam Opel 

Aegon 

Air France 

Mreptung Fwnifcure 

Alcatel 

AJflanz 

Aoyama Tracfing 
Avon Rubber 
BAT Industries 
0T 

BoHrtg 
Beighuizer 
Bibby (J) 

Bridge OH 
British Linen Bank 
Gefcds 
Ctamax Inti 
Gttnndence 
Commercial Unton 
Oourtaukfe 
CWdft Lyonnais 
Direct Line 
Dimloe House 
Enso-GutzaJt 
Enterprise OH 
Eric ss on * 

Brest international 
Federated Stores 
Renting Far Eastern 
Foie* 

General Motors 
GreenaBs 

Market Statistics 


1 Han Eng 
16 Hndustan Motors 

16 Hoflinger 

14 ITC 
22 Intel 

1 J. Salisbury 

15 Johnson Fry 

17 Lasmo 
21 Lena Inc 
17 Unread 

9 London Clubs 
20 Lynx 

16 McKechwe 

20 MediaSnk 

17 MetsS-Rauma 

21 Micro Focus 

20 NatWest 

21 Northern Telecom 

21 Parker & Parsley 

22 REA 
22 «TZ 

18 Royal Bank Scotland 

20 S African Breweries 

21 Sanyo Securities 
16 Schneider 

22 Scottish Power 
1 Sea Containers 

g awn 
16 Siemens 

21 Smurittt (Jefferson) 
16 Stanhope 

15 United Paper MBIs 

22 Velmet 


iAnwal reports sendee 26-27 
BffctHnark Govt bouts 19 
Bond futures and options 19 
Bond prices and yields 19 
QmmocHw prices 24 

DMdends anwinced. UK 20 
BUS cumcy rates 32 

Eurobond priess 19 

R»d interest Indore 19 

FT-A World Men Bar* toga 
FT Gold More Index Bat* Page 
FWSMA M Mod me 19 

FT-SE Actuaries Mtees 25 


Chief price changes yesterday 


Foreign melange 

32 

Guts prices 

19 

Ufla equity options 

Back Page 

London share sente 

26-27 

London tract options 

Backhga 

Managed funds sawca 

i 28-32 

Money makes 

32 

New inti bond Issues 

19 

Recent issues, UK 

25 

Shot-term W raJas 

32 

US bitaest ides 

W 

Watt Stock Marta's 

33 


•. r.jfltg 






FmUKPUllT (DM} 



. -j— " V:V 

mm 





Contadgl 

283 

* 

7 


our 

570 


11 


teMna 

BBS 


105 


VMS 

537 

+ 

ft? 


Ma 





Bekrafart 

970 

- 

15 


taSts Hda 

585 

- 

Ift5 


NEWvomtca 




mm 





taepmr 

I08K 

♦ 

1H 


Hoe Focus 

IS* 


M 


Tjnteto 

4M 

+ 

H 


Mb 





fapfer 

45% 

— 

H 


Camp*] 

torn 

- 

T* 

■r * 

Omar Per 

1245 

-« 

m 

>■- 

PAmsimf 





Hew York pitre* * 1290pm. 
LONDON peru*) ’ 


Bod) Shop Ml 
Bm Arropaca 

Hanoi 
HnrtNMdinp 
joemao Group 
Lined 
Linton fak 
Hero FOCUS 
Nortmletare 
fenprOI 
ScotStJi Power 
Standard and 

Vena 


2S3ft 

+• 

15ft 

4K 

♦ 

23 

337 

+ 

17 

75 

* 

11 

211 

+ 

9 

21B 

+ 

63 

400 

* 

2E 

10GS 

+ 

242 

56 

+ 

7 

435 

+ 

2D 

378 

+ 

11 

2S0H 

+ 

21ft 


A0F 

540 

+ 

18 

BS« 

685 

♦ 

IB 

CCF 

246.7 

+ 

BJ 

BCD 

744 

4- 

22 

Suez 

Fata 

325.4 

+ 

&4 

Bid RSCG 
TOKYO (Van) 

Mm 

575 


15 

Wrap toe 

655 

+ 

28 

fan to 

678 

+ 

28 

KfljP Seta 

79B 

4- 

26 

UDtAES 

1270 

+ 

50 

Total Cs 

rate 

540 

+ 

26 

(hum Cop 

685 


19 

jurapnitg 

235 


10 

MWtaGmp 

237 

- 

14 

BatoreUk 

325 

- 

23 

Baton 

212 

- 

10 

jahm On 

BOB 

- 

64 

tote 

111 

- 

T 

MdteMa 

474 

- 

13 

UonatibReo 

274 

- 

15 

PMMH 

370 

- 

28 

Psion 

282 

- 

IB 

RMC 

852 

- 

22 

Wsstouy 

166 

- 

17 


US car group reaches agreement with regulators to remedy concern by SlObn cash and stock injection 

GM acts to cut pension fund deficit Indian 

venture 

By Martin Dickson In New York ment in its operating profits due agency which insures private-sec- GM said yesterday that the reduce pension contributions. * ** 

to a restructuring programme. tor benefit plans, to contribute $4bn cash contribution would Under PBGC deal. GM has g* /\AA 

General Motors yesterday took a The group announced last 177m Class E shares, worth come out of cashflow. Under the agreed to defer the use of these T A|* /■ I I II II I 

huge step towards the reduction November that it was consider- $8^bn at current market prices, deal with the PBGC, which is credits for several years and will * VJA. jvw 

of its serious pension fund deficit mg ameliorating its pensions as well as a further S4bn In cash, still subject to the approval of the not be entirely free of rhe 

- by Ear the largest of any US problem by contributing to its The recent rise in US interest US Department of Labor, it must restraints until 2003. ftr) I*C C| 1" 

corporation - when it agreed plans some $6bn-worth of GM rates - if sustained - will also contribute at least $2bn of this at The PBGC has agreed to vill3 4* T 

.1... D .,..1. I..1J il. pli. ml 1 / a*%n*S* ... »».„ P _1 ! pr«P r, ir.L ; r A>, , V 


By Martin Dickson in New York 

General Motors yesterday took a 
huge step towards the reduction 
of its serious pension fund deficit 
- by far the largest of any US 
corporation - when it agreed 
with government regulators that 
it would inject some SlQbn of 
cash and Stock Into the srhemp- 
Investor concern about GM's 
unfunded pension liabilities, 
which totalled some S22J3bn at 
the end of 1993. have hung over 
the group's stock in recent 
months, despite a sharp improve- 


ment in its operating profits due 
to a restructuring programme. 

The group announced last 
November that it was consider- 
ing ameliorating its pensions 
problem by contributing to its 
plans some S6bn-worth of GM 
class E stock held by its treasury. 
The E stock represents a claim 
on the dividend stream of Elec- 
tronic Data Systems, GM’s infor- 
mation technology subsidiary. 

GM said yesterday that it had 
now reached an agreement with 
the Pension Benefit Guaranty 
Corporation, the government 


agency which insures private-sec- 
tor benefit plans, to contribute 
177m Class E shares, worth 
$6.2bn at current market prices, 
as well as a further S4bn In cash. 

The recent rise in US interest 
rates - if sustained - will also 
sharply reduce GM's deficit, 
because bond rates are used to 
calculate the company’s pension 
liabilities, and each 1 percentage 
point rise in bond yields cuts the 
liability by some $5bn. US 30-year 
Treasury bond yields have risen 
by well over 1 percentage point 
since the start of the year. 


GM said yesterday that the 
$4bn cash contribution would 
come out of cashflow. Under the 
deal with the PBGC, which is 
still subject to the approval of the 
US Department of Labor, it must 
contribute at least $2bn of this at 
the same time as the E shares 
and the balance no iater than 
September 30. 1995. 

When a company contributes 
to its pension fund above the 
annual requirement minimum - 
as GM is doing in this case - it 
normally creates a credit balance 
which tiie company can use to 


reduce pension contributions. 

Under PBGC deal. GM has 
agreed to defer the use of these 
credits for several years and will 
not be entirely free of rhe 
restraints until 2003. 

The PBGC has agreed to 
release EDS from liability for GM 
pensions if it leaves the group, 
giving GM the flexibility to sell 
the company. The transfer of the 
E shares does not affect GM's 100 
per cent ownership of EDS. US 
Trust Company of New York was 
named to serve as trustee of the 
pension fund's E stock. 


Three of the four computer reservation systems 
that dominate airlim* ticketing in the US have 
announced in the last few days that they will 
no longer handle bookings for Southwest Airlines, 
the most profitable airline in the US last year. 
Investors tear passengers will give up trying 
to buy Southwest tickets and turn to competing 
airlines instead. Page 18 

Sydney first with one-share futures 

The Sydney Futures Exchange is to start trading 
Individual share futures on Monday and will 
be the first significant fiitures market to do so. 

At present the only existing individual share 
futures involve a handful of Swedish stocks which 
are traded In London. Page 17 

Scotttoh Power fuels talk of bids 

Scottish Power yesterday kicked off the UK electric- 
ity sector’s preliminary results season with, an 
18 per cent rise in pre-tax profits. The company 
Indicated it saw significant opportunities for 
expanding non-core businesses, possibly through 
acquisition. Page 21 

Greenafls helped by acquisition 

GreenaDs Group was helped by the purchase 
of rival UK pub group Devenish to lilt its interim 
profits by 13 per cent to £29m ($42m). Page 22 

Commercial Union cuts motor exposures 

Commercial Union has shed 10 per cent of its 
motor insurance exposures during the past 12 
months, providing further evidence that rate 
competition is returning to the UK motor insurance 
market The company reported pre-tax profits 
of £64m ($93m) for the first three months of 1994. 
Page 22 

Big food 

You need critical mass to succeed in oil exploration, 
according to Graham Heame, chief executive 
of Enterprise OiL His comments, justifying Enter- 
prise's hostile bid for fellow UK explorer Lasmo, 
have triggered a vigorous debate on whether 
size is an important issue. Page 22 

Companies m this issue 


Allianz premium income rises Charges hit retailer 
20% on growth outside Germany 


By David Waller in Frankfurt 

Premium income at Allianz rose 
nearly 20 per cent to DM65£bn 
($3&3bn) last year, and is likely 
to carry on growing at a double 
digit rate this year, the Munich- 
based insurance giant said yes- 
terday. 

The increase was triggered 
mainly by strong growth outside 
Germany but also reflected the 
first-time consolidation of Deut- 
sche Krankenversicherung, Alli- 
anz’s healthcare insurance sub- 
sidiary. 

The increase in premium 
income will be matched by 
robust growth in net earnings for 
1993, Allianz said in documenta- 
tion published yesterday in con- 
nection with its planned 
DML56bn rights issue. 

Earnings for 1994 are also 


likely to increase, although the 
insurer said it was too early to 
make detailed predictions. How- 
ever, the Los Angeles earthquake 
in January is likely to cost the 
group DM140m. 

Although full details of 1993 
profits will not be disclosed until 
later this year, analysts suggest 
that net earnings will c limb well 
above DMlbn after net earnings 
of DM858m in the previous year. 

Losses from “technical Insur- 
ance" are also expected to fail in 
1993, Allianz said These losses, 
which amounted to DML68bn in 
1992, arise on core insurance 
business - premium income net- 
ted off against payments to settle 
insu rant** claims - before taking 
into account investment and 
other income. 

The figures are better than 
Allianz's earlier estimates of a 14 


per cent increase in 1993 pre- 
mium income. Premium Income 
outside Germany grew 21.3 per 
cent to DM31.1 bn while domestic 
income climbed 18.2 per cent to 
DM34.4bn. Allianz attributed the 
improved income and ea rning s to 
higher premium rates in the 
industrial sector and reduced 
losses st Deutsche KreditversL- 
cherung, the former state-owned 
insurance monopoly in eastern 
Germany which Allianz acquired 
in 1990. Favourable currency 
movements also helped, and Alli- 
anz highlighted a surge of sales 
of annuity policies in north 
America. 

The DMl.56bn l-for-15 rights 
issue, announced at the end of 
last month, will help the insurer 
prepare for the immin ent single 
European market in insurance 
services. 


Martin Dickson on a ‘predator’ with a difference 

B ritish companies be | n f | PVPC 

warned: Mr Robert Monks, I j \^j I I AA^^.^V^^l3 CV-J 
a prominent member of 

the US shareholder rights move- p -y -r y • 

ment and scourge of poorly per- T rvpl 1 n /-\y% I I 1^ q 
forming American businesses, A 14-0 U A A KJ 1^. J 

may cross the Atlantic in search 

of UK targets. -j p 

Mr Monks runs Lens Inc, a -«| -«/-% ^1 A 

roTss’s wus unaerper i o rmers 


B ritish companies be 
warned: Mr Robert Monks, 
a prominent member of 
. the US shareholder rights move- 
ment and scourge of poorly per- 
forming American businesses, 
may cross the Atlantic tn search 
of UK targets. 

Mr Monks runs Lens Inc, a 
tend management group he set 
up two years ago, which takes 
stakes in US companies with bad 
financial track records an d then 
agitates for change, hoping the 
improvement will lift the compa- 
ny’s share price. 

Mr Monks hopes to do the same 
in the UK, in the first significant 
expansion of this type of fund 
outside the US. But he says he 
needs to find a British invest- 
ment partner who can give him a 
good feel for local conditions. **A 
lot of our comfort here (in the 
US) is that we really do under- 
stand the idiom . . . which in 
the UK we patently do not," says 
Mr Monks, a Harvard-educated 
lawyer who also studied at 
Oxford and helped found the US 
corporate governance movement 
He is analysing UK companies, 
plans a reconnaissance trip in 
July, and may take a stake in a 
British group by the year's end. 

The US corporate governance 
movement dominated by large 
US public pension plans such as 
California’s Calpers. pressures 
companies to establish structures 
to make managements more 
accountable to shareholders • for 
example, by ensuring that a 
majority of directors are from 
outside the business. Some funds 
also try to establish a dialogue 
with poorly performing compa- 
nies on possible strategic change. 

Lens is unlike other gover- 
nance activists. First, it actively 
seeks out underperforming com- 
panies. Many of the large public 
pension Binds acquire stakes in 
underperformers passively, as 
they are indexed funds whose 
investments replicate the compo- 
nents of important stock market 

indices. 

Second, whereas the public 
pension funds tend to be discreet. 
Lens is confrontational if dia- 
logue attempts are rebuffed. "We 
are willing to be loud," says MS 
Nell Mniow, a partner in Lens 


who is also a force in the corpo- 
rate governance movement. Lens 
may spearhead campaigns 
against companies which conser- 
vative US taids shy away from. 

Lens consequently has an 
influence disproportionate to its 
tiny size. The fund has only $15m 
of money under management, 
mostly belonging to Mr Monks 
and Ms Minow. having failed to 
attract large institutional inves- 
tors when first established. Even 
Calpers. a long-time ally in the 
corporate governance movement, 
turned Lens down, arguing that 
it was itself pursuing Lens’ strat- 
egy. Mr Monks argues that public 
pension funds like Calpers, which 
ultimately report to political mas- 
ters, are wary of Lens’ confronta- 
tional reputation. "The risk-re- 
ward ratio for public servants 
inhibits them from doing some- 
thing that involves the possibil- 
ity of political embarrassment" 

Mr Monks nevertheless has a 
strong track record at fomenting 
corporate change. He rocked the 
board of Sears, Roebuck by run- 
ning as an independent director - 
a campaign which crystallised 
investor unhappiness with the 
company and led to a shake-up of 
its retailing side and the spin-off 
of financial services. 

Sears was one of four compa- 
nies comprising Lens’ initial port 
folio. The others - American 
Express, Eastman Kodak and 
Westrnghouse Electric - have all 
ousted their chief executives and 
begun strategy changes. 

The rise in most of these com- 
panies’ shares meant that, in its 
first year, Lens had a return on 
its portfolio of 26.1 per cent, some 
18.9 per cent better than the 
Standard & Poors 500. Mr Monks 
says that so Ear this year fund's 
toted return is about 10 per cent 

Mr Monks is focussing on 


Stone & Webster, where he holds 
1 per cent of the stock. He argues 
the company’s sharp decline in 
profits during the past five years 
relates to poor management and 
corporate governance structure. 

The company's own employee 
benefit plan holds about 37 per 
cent of the stock and a further 12 
per cent of its capital is in 
restricted stock in the hands of 
employees. The result, Mr Monks 
argues, is a business being being 
run as a private company despite 
its public shareholders. He sug- 
gests management should con- 
sider buying out shareholders 
and taking it fully private. 

Stone & Webster acknowledges 
its results have not been satisfac- 
tory, but says no helpful ideas 
have come from Lens. 

Mr Monks uses Lens as an 
agenda-setter, highlighting corpo- 
rate governance issues which he 
considers of general Importance. 
In the Stone & Webster campaign 
he wants to point up the role of 
employee share schemes in pro- 
tecting under-performing compa- 
nies and what he calls “an appall- 
ing unspoken conflict of interest" 
among Wall Street firms. 

He argues that large US banks 
and security houses which act as 
fund trustees are unlikely to act 
as proper fiduciaries of these 
shares - for example, by voting 
against poor managements - as 
they, or other members of the 
Wall Street investment banking 
club, are likely to have business 
links with the underperforming 
companies. The great and the 
good (of Wall Street) are simply 
not going to ever put themselves 
in a position where they become 
unclubbable," he says. 

If he finds the right British 
partner, the City of London 
might soon be listening to 
equally forthright judgements. 



j Jr 

■ - s 




Mr David Sainsbury, chairman of J Sainsbury, the UK’s largest 
grocery retailer, reported a pre-tax profit of £368. 8m, halved 
from £73&8m after charges and reorganisation costs. Page 16 


By Stetan Wagstyt 
in New Delhi 

General Motors and Hindustan 
Motors, on Indian motor manu- 
facturer. have announced a 
Si 00m joint venture to make cars 
in India. 

The 50-50 venture Is a fillip far 
the Indian government, which is 
liberalising the economy and try- 
ing to attract foreign trade and 
investment. 

GM will bring to India its 
Astra hatchback saloon, pro- 
duced by Adam Opel, the group's 
German subsidiary- The partners 
plan to build 20.000 Astras a 
year, starting in the third quar- 
ter of 1995, at a Hindustan 
Motors plant in the western state 
of Gqjarat. The proportion of 
local content In the vehicle Is 
poised to rise to 70 per cent over 
three years. 

Mr Greg De Yonkcr. executive 
vice-president of GM Overseas 
Distribution, said GM had been 
drawn to India by the govern- 
ment’s economic liberalisation 

India has announced tough 
guidelines for Indian companies 
tapping international capital mar- 
kons. Pay 19 

policies. M We hope they will con- 
tinue carrying them out, as they 
have said they will,” he said. 

Mr CK Birla, chairman of the 
joint venture, said the invest- 
ment was “a very positive sign 
of the world’s confidence in 
India". 

GM produced vehicles in India 
between 1928 and 1954, when it 
pulled ont because of Ute coun- 
try’s poor economic prospects. It 
developed ties with Hindustan 
Motors through licensing agree- 
ments to make Bedford lorries 
and Vauxhail cars. Hindustan 
Motors Is best-known as the 
maker of the Ambassador, based 
on the 1950s Morris Oxford. 

The announcement follows a 
joint venture between Telco, the 
vehicle manufacturing affiliate 
of the Tata industrial group, and 
Daimler-Benz of Germany, to 
assemble up to 10,000 Mercedes 
Benz cars a year. On a smaller 
scale, Stpani Automobiles, a 
Bangalore-based engineering 
company, is assembling Montego 
cars from kits supplied by Rover 
Group of the UK. 

In Bombay, Premier Automo- 
biles. which has links with Fiat 
of Italy, is discussing a venture 
with Peugeot of France. 

BAT in India, Page 17 


The concept - a dedicated 1 15 aoe 
Automotive Component Park in the Black 
Country, with shared, centralised R&D. 
testing and watte management facilities. Ptus 
the priceless benefit of interaction between 
neighbouring companies - like the ACPt first 
occupant USA's Johnson Controls. 

The benefits are manifold. 

Parsed at the northern tip of the new 
2.S mile Black Country Spine Road dual 
carriageway, currently under construction, 
the ACP benefits from rapid road access to 
the MS Junction 1 and MS Junction 9. Which 
means you can reach manufacturers nice Rover. 
Jaguar. Peugeot, Rolh Royce and Toyota Just 
In 7?me-wit)«in about an hour. Ford, General 
Motors and Honda are within a further hour. 

Skilled labour, material subcontract 
assembly and business services are dose at 
hand. And you can be on an intercity rail 
platform within ten minutes, or in your 
departure lounge at Birmingham 
international Airport uwthin about thirty 

The ACP is only one part of the 300 acres 
opened up by the Black Country Spine Road, 
which, together with a further 400 acres of 
sues from around 2 to 80 acres elsewhere In 
the Black Country Development Corporation's 
area, are available for a variety of uses. 

With all these opportunities to choose 
from, you'll hanfiy need to invent a reason to 
return the coupon. 


One of the 
most 

significant 

automotive 

developments 

since 

the invention 
of the 
motor car. 


Shell earns $1.3bn in first quarter 


By Robert Corzine 

Shell Transport and Trading, the 
world’s largest integrated oil 
company, yesterday reported 
steady firs ^quarter earnings of 
£949m ($L3bn) as refining and 
marketing offset a steep fall in 
the oil price. 

The earnings, calculated on a 
current cost of supplies basis, 
were mid-range of analysts’ fore- 
casts. Shell shares dosed down a 
penny at 741p. Earnings per 
share were ML3p, compared with 
10-lp last time. 

The £2.1bn cash flow from 
operations was flat compared 
with last year. The financial 
strength of Shell was under- 
scored by the £7.6bn held in cash 


and short-term securities. Total 
debt was £7.9bn, with gearing of 
17.6 per cent 

A 13 per cent rise in down- 
stream earnings to £488m 
(£43 lm) was attributed to higher 
sales volumes and lower costs. 
The company said world demand 
for oil products stronger than 
last year. Oil product sales rose 
worldwide, though downstream 
margins in Asia and Europe 
deteriorated compared with the 
same period last year. 

A 23 per cent fell in the erode 
oil price caused earnings from 
exploration and production to 
drop by 27 per cent, to £425m 
(£584m). But average production 
of 1.83m barrels a day was 5.5 
per cent up, due largely to new 


fields coming onstream in the 
UK North Sea. 

Shell’s first-quarter earnings 
are usually bolstered by high 
seasonal demand for natural gas, 
a market segment in which the 
company has a strong position. 
First-quarter sales volumes rose 
by 33 per cent to ?.17bn cubic 
fret a day. 

Chemicals returned to profit 
after three years of losses. First- 
quarter earnings were £S6m. 
compared with a £22m loss last 
time. The company attributed 
much of the profitability to 
restructuring initiatives, bat it 
also confirmed that demand for 
chemicals is recovering as 
growth returns to western econo- 
mies. 











FINANCIAL. TIMES THURSO AV MAY 12 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Metsa-Rauma to build 
new FM3bn pulp mill 


^Christopher Brown-Humus 
In Stockholm 

Finland's Metsa-Rauma 
yesterday gave the go-ahead 
for the construction of a 
FM3bn ($524m) pulp mill at 
Rauma in the west of the coun- 
try. It will be one of the biggest 
investments In the country’s 
pulp and paper sector. 

The plant, which will have a 
capacity to produce 500.000 
tonnes a year of chlorine-free 
softwood pulp, is expected to 
start production in the spring 
of 1996. 

United Paper Mills (UPM) 
and Metsk-Serla, two of 
Finland's leading pulp and 
paper groups, are the biggest 
shareholders in Metsa-Rauma. 
with stakes of 45.6 per cent and 
27.8 per cent respectively. A 
further 20.6 per cent stake 
will be held by Metsaliitto. 


a wood procurement co- 
operative.. 

Metsa-Rauma's owners will 
finance one-third of the proj- 
ect. The balance will funded 
through a loan, for which the 
Finnish Guarantee Board has 
provided a FMlJ&n guarantee. 
The lead manager Is Posti- 
pankki, the Finnish state- 
owned bank. 

Optimism about the pulp 
market has risen rapidly since 
the start of the year, with sof- 
twood pulp prices surging from 
$380 a tonne last November to 
$560. Some commentators 
believe the price could reach 
$650 a tonne by the year-end. 

Mr -T uhani Ahava, Metsa- 
Rauma chairman, said the 
mill's main owners would take 
about half the plant's output- 
UPM will nee most of its share 
at its Rauma paper mill, while 
MeteS-Serla will supply its Kir- 


V-mpffli ma gnmne paper plant. 
Much of the remaining produc- 
tion is expected to be sold in 
Europe as a reinforcing agent 
in recycled paper production. 

The mill is also being built 
because Metsaliitto wants to 
have an outlet for its members' 
wood in the Rauma region, 
where two pulp mills have 
been closed. 

The mill will break even 
after depreciation and interest 
with a pulp price of below $500 
per tonne. A price of $550 per 
tonne will give a return on cap- 
ital of around 10 per cent, 
according to one estimate. 
Analysts said the mill should 
come on stream near the next 
peak in the pulp cycle. They 
noted that environmentally 
friendly chlorine-free pulp 
would be a selling advantage 
in certain Euro pean markets - 
particularly Germany. 


Enso firm on Berghuizer bid 


By Ronald van da Krol 
In Amsterdam 

Enso-Gutzeit, the Finnish 
forest products group, said yes- 
terday it had no plans to raise 
its bid for the outstanding 
shares in Berghuizer Papierfa- 
briek, its loss-making Dutch 
paper subsidiary. 

The news came in spite of 
criticism from some sharehold- 
ers that its offer of FI 50 per 
share was too low. 

The Finnish company said 
the takeover was the best way 
to safeguard Berghuizer’s 
future. Berghuizer was expec- 
ted to post further losses in 
1994 and 1995, and there was 
no likelihood of a resumption 
of dividend payments in the 
“foreseeable" future, it said. 


“Enso believes that it is 
offering a generous strategic 
premium over the net present 
value of the underlying cash- 
flow potential of the shares, 
and is not prepared to improve 
its offer,” it said. 

Mr Magnus Diesen, Enso’s 
vice-president of corporate 
planning, in Amsterdam 
that the FI 50 per share on 
offer was "substantially" 
higher than Berghuizer's 
expected cash flow potential, 
but he declined to .give details 
of Enso’s calculations. 

The offer expires in mid- 
June. Criticism of the bid has 
centred on Berghuizer’s book 
value, which is estimated at 
FI 86 per share. Some share- 
holders, including US pension 
funds, have called for the bid 


to be raised above book value. 
Yesterday Mr Diesen said: 
"Book value is not an adequate 
measure of the value of the 
company.” 

Berghuizer was trading at 
FI 47 when Enso unveiled its 
bid plans on April 18, but 
expectations of a possible 
increase in the offer have lifted 
the shares to just below FI 55. 
Yesterday, however, they fell 
by more than 5 per cent to 
dose at FI 52.00 from F154J90 
on Tuesday. 

Mr Diesen said Enso had not 
set any minimum acceptance 
level and would pay FI 50 for 
any shares tendered. The illi- 
quidity of Berghuizer’s shares 
in Amsterdam meant that FI 50 
was the best possible exit price 
for large shareholders, he said. 


Aegon net advances 13.2% to FI 260m 


By Ronald van de Krol 

Aegon, the second-largest 
Dutch insurer, said net profit 
rose by 18.2 per cent to 
FI 260.3m ($139m) in the first 
quarter from FI 2295m in the 
game quarter of last year. 

Premium revenues jumped 
by nearly 50 per cent to 
FI 4.59bn from FI S.lSbn, 


reflecting the first-time inclu- 
sion of results from Scottish 
Equitable of the UK and from 
Diversified Investment Advi- 
sors of tbs US. 

Total revenue, which 
includes realised and unreal- 
ised gains and losses from 
investments, rose by a more 
modest 3.1 per cent to 
F15-09bn. "Investment income 


for the risk of policy holders is 
lower than last year due to 
unrealised losses in line with 
the downward trend of interna- 
tional financial markets,” the 
company said. 

Aegon said results in the 
Netherlands showed a “dear” 
rise while those in the US, the 
group's second biggest market, 
saw strong growth. 


Bank refuses 
to exonerate 
lenders to 
Schneider 


By David Walter 

Deutsche Rank has refused to 
exonerate formally the direc- 
tors of the mortgage banking 
subsidiary which conducted 
the bulk of its lending to the 
Jfirgen Schneider property 
group. Schneider collapsed 
last month with debts of more 
than DM5bn ($2.ibn). owing 
DMl.lSbn to Deutsche Bank 
alone. 

The process of what, under 
German law, is known as 
“entlastung" - approval or 
exoneration of individual 
directors - is normally a for- 
mality by which shareholders 
signal their approval for the 
conduct of directors during the 
previous year. It is only under 
extreme circumstances that 
approval is not granted. 

Deutsche Bank, which owns 
more than 90 per cent of the 
shares in Deutsche Cemtralbod- 
enkredrtbank, a mortgage sub- 
sidiary which lent DM9S8m to 
Schneider, said yesterday it 
was Inappropriate to grant 
approval to board directors 
while investigations into the 
bank's role in the Schneider 
affair were continuing. 

The bank is subject to three 
separate investigations to 
assess how it came to be alleg- 
edly defrauded by Mr Jftrgen 
Schneider, the property entre- 
preneur who fled Germany 
last month and is believed to 
have taken hundreds of mil- 
lions of D-Marks from bis com- 
pany’s resources. 

A warrant has been issued 
for Mr Schneider’s arrest, but 
Ins whereabouts are unknown. 

One external investigation is 
being carried out by toe BAK, 
the federal banking authority. 
It is examining toe lending 
procedures of Deutsche and 
other German banks which 
lent money to the Schneider 
group. 

Separately, Deutsche's credit 
department is conducting its 
own internal investigation 
into the lending, and toe bank 
has employed a firm of char- 
tered accountants to conduct 
an independent enquiry. 

The refusal to grant 
approval to Centralbodenkre- 
dit directors affects both toe 
subsidiary’s management and 
boards. 


Retailer Fotex is hard to ignore in Hungary, writes Nicholas Denton 


F otex, Hungary's biggest 
retail group, will next 
week begin drawing on 
cash from eastern Europe’s 
largest International equity 
offering. 

With investor enthusiasm for 
emerging markets dampened, 
the company and CS First Bos- 
ton. its advisers, could only 
raise STQxxx, $30m short of the 
planned sum. This is, neverthe- 
less, sufficient to fuel Fotex's 
rapid expansion for up to two 
years. 

Fotex, a home-grown private 
enterprise, retails household 
goods, cosmetics, furniture, 
optical products and photo- 
graphic services. The capital 
increase will finance its entry 
Into yet another segment 
The group has agreed to pay 
$30m to acquire 99.5 per cent of 
Ke ravill, Hungary’s largest 
consumer electronics and 
appliance chain. Fotex is also 
making a tentative expansion 
of its its cash-and-carry DAK 
r -hgin , with a p ) ^n to increase 
the number of stores from 11 to 
40, at a cost of up to 915m. 

Acquisitions like that of Ker- 
avill, and organic growth, are 
expected to double turnover 
and net profits, which in 1993 
were Ftl5.8bn ($154m) and 
Ft945m respectively. By inter- 
national standards, it is not 
much, but Fotex wifi account 
for some 4 per cent of non-food 
retail sales in Hungary this 
year. 


’flu domination by one con- 
glomerate In five retail seg- 
ments would run into problems 
in a western economy. How- 
ever, Mr Gabor Varszegi, chief 
executive and principal share- 
holder erf Fotex, plays down his 
strength in the marketplace. 
But he does admit, with more 
than a touch of pride: "At the 
end of the day, if Max Factor 
and Revlon want to be success- 
ful [in Hungary] they have to 
deal with us.” 

Fotex's growth, however, 
raises the question: how long 
before the group bumps its 
head against the ceiling? 

Hungary's competition office 
can stop acquisitions with 
potential to give a combined 
market share of 30 per cent or 
more. However, the monopoly 
watchdog has proved toothless. 
Fotex's latest prospectus to 
investors says the competition 
office has, legally, left it too 
late to challenge any of the 
group's acquisitions. 

I n any case, there remain 
virgin retail sectors for 
Fotex to breach. Mr Var- 
szegi expects turnover of 
FtlObn over three years from 
its role as exclusive distributor 
of mobile telecommunications 
services provided by Westel 
900, the joint venture with US 
West, toe regional Bell operat- 
ing company. 

Fotex is thinking of introduc- 
ing non-perishable food to Its 


DAK stores, and Mr Vnrszegt 
also mentions stationery as 
another retail possibility. 

The privatisation authorities 
may be increasingly reluctant 
to feed Fotex's retail weight, 
but plenty of other openings 
for acquisition remain. Exces- 
sive reliance on debt financing 
and economic recession have 
combined to put many private 
companies into receivership, 
and on to the market 

And Mr Varswgl is a natural 
stop for sellers. “You wouldn't 
believe some of the things that 
he’s been offered." says an 
investment banker close to the 
group. 

Fotex has edged out of retail- 
ing to acquire manufacturers 
wholesalers with the aim 
of vertical integration. The 
group has. for instance, taken 
over Balaton Butorgyar. a fur- 
niture producer, to ensure 
security of supply for Domus, 
Fotex’s chain of furniture 
stores. 

However, diversification has 
its limits. Institutional inves- 
tors hold most of the 76 per 
cent of Fotex not in Mr Varsze- 
gi's hands, and they constantly 
advertise the virtues of focus. 
Mr Varszegi, who is widely 
believed to be eastern Europe's 
richest individual, has invested 
in property, a brokerage house 
and other areas. But this dab- 
bling has gone, not through 
Fotex, but via his private 
Panama-registered company. 


Salisbury shrugs off gloom 


By Nell Buckley in London 

J. Sainsbury, the UK’s largest 
grocery retailer, shrugged off 
the gloom that beset its Janu- 
ary trading statement to 
announce an increase in under- 
lying profits, and a stabilisa- 
tion of gross margins after the 
price battles of recent months. 

Its reported pre-tax profit, on 
an FRS 3 basis, was halved 
from £732. 8m to £368 .8m 
($549m), after charges of 
£38.7m from the depreciation of 
property, a £34l.5m property 
writedown; and £28m reorgani- 
sation and redundancy costs. 

Excluding charges pre-tax 
profits would have increased 6 
percent to £777m - including a 
£7m property gain - beating 
Salisbury's forecast in Janu- 


ary of a "small increase”. 

Mr David Sainsbury, chair- 
man, said gross margins fell 0.4 
percentage points in the sec- 
ond half - a result of the 
"Essential for essentials" cam- 
paign, involving price cuts on 
300 own-label products. 

He added: "Although the 
competitive environment is 
still very tough, we currently 
expect gross margins to be 
maintained at around their 
present level” 

The stockmarket was uncon- 
vinced, however, and Salis- 
bury's shares fell 3p to 388'Ap. 

Group sales for toe year to 
March 12 rose 93 per cent to 
£113bn. Sales in Sainsbury’s 
supermarkets increased 7.1 per 
cent, with new space contribut- 
ing 6.5 percentage points. After 


inflation of 13 per cent iike- 
for-like sales fell 03 per cent 
overall Operating profits grew 
only 23 per cent to £7323m. 
reflecting the lower margins. 

The Savacentre hypermar- 
kets lifted sales 8.1 per cent to 
£659m, and trading profits 1LS 
per cent to £40.6m. Sales at 
Sainsbury’s Homebase. the DIY 
chain. Increased 16 per cent to 
£328m. with operating profits 
up 343 per cent to £2&9m. 

In the US, sales at Shaws 
supermarkets grew 6.7 per cent 
to $i3bn (£i3bn) and profits 
almost 50 per cent to 9463m. 

Earnings per share, after 
exceptional^, fell from 2S3p to 
Sp, but the final dividend 
increased from 73p to 73p, lift- 
ing the total 6 per cent to 10.6p. 
Lex. Page 14 


Blackburn international 
Although expansion Into 
neighbouring countries would 
be one outlet far Mr Varszegi’s 
acquisitive drive, the Fotex 
chief executive says he has 
investigated the possibilities 
and remains sceptical “(The 
rest of] eastern Europe Is 
underdeveloped compared with 
Hungary. Fotex Is too sophisti- 
cated a company." 

He makes an exception for 
the Czech Republic, but says 
the policy of privatising retail 
outlets one by one has compli- 
cated matters. He believes it 
wifi be between five and eight 
years before other eastern 
European countries are suffi- 
ciently well-regulated to allow 
a serious commitment 

E ven if Fotex is cramped 
in Hungary, economic 
recovery offers room for 
growth. Fotex has prospered In 
spite of a four-year recession 
that has driven gross domestic 
product down by more than 20 
per cent! The group is now bet- 
ter-placed than anyone to bene- 
fit from a revival in Hungarian 
consumer spending, says an 
investment banker. 

He compares Mr Varszegi to 
the retail entrepreneurs who 
rose on the back of the UK's 
consumer spending expansion 
in the ISSOs. Most foiled when 
boom turned to bust. Mr Var- 
szegi must hope that the paral- 
lel does not extend so for. 

Direct Line 
helps boost 
Royal Bank 

Rapid growth in mortgage 
lending and soles of household 
insurance policies by its sub- 
sidiary Direct Line helped 
Royal Bank of Scotland to dou- 
ble interim pre-tax profits, to 
£201 m ($28l.4zn) against £89m, 
write John Capper and Pete 
Montagnon In London. 

The bank tripled earnings 
per share to I33p, and raised 
its interim dividend by 33 per 
cent to 4p. The shares, how- 
ever, closed UL5p down at 428p 
after it said the rise was partly 
to re-balance interim and final 
dividends. Mr George Mathew- 
sou. chief executive, confirmed 
the bank was interested in 
acquiring a building society. 
Lex, Page 14 


I /IF 




Standing tall in a mini-market 


■ 

,;1» i ;t ‘ 








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Fax: +1 305 550 9021, Tel: +1 505 539 9700 

Hong Kong: Anthony Hall or Margaret Yao 
Fax: +852 537 1205. Tel: +K52 521 2935 

Tokyo: Matthew Dillon 

Fax: +81 3 3258 6327, Tel: +81 3 3238 6321 


THIS FUND IS ONLY ON OFFER UNTIL 17 JUNE 19941 
Fax this coupon to ■^-+44 71 626 6458 


AHL GUARANTEED COMMODITIES LIMITED 


Plcave send me more Information on AML Guaranteed CununudiUe* United. 


J - Monte Phone >o 

| - Work Phone Nu. - 

L ttatC pwWr jm phone number m we mar eoulad you to turner onj qmlHu you m»j haw returning ibis Fund and la Otseun av other Imnuncnl products. 

KniFWan bsenurtlatul lid. Kniub IJItWon. Su^sr Qua?. IgonrrTbomoyrcci, lamdon W3BSJI. KnplamL Hn Hu. *+f 71 020 SMK.TH No, *a4 71 385 SS)0 

* Net of alt fee*. The PebniM) 1 09+ flnrc Is aubln-f in final audit, fcsi uerforauna- h no nuranlre ot [inure imittn- — Sub|rrt to [he imns and mcNHIton* 
■** •tsted In the Proepectus. — - ttedempiidiu sit made at Met Asset Value but put be nibteii Hi redemption fee*. I'unherdeUUsen-to ihe Prospectus. 
Potential Imnunihnvm ante Hut an Invert mem In lUiii-a can t run] re «£ojrtaml rirWt and nllhaitgb Uie return or an initial aub w ipitan la i subject u> 
the Irma ami cMHtOnna of lhei>miiiMi) latter of Credit Unun} by The Cbw .Mwitodtan Barth, IN. 4. j mmred M Ibe Mjjurtt. Dole, dim* Is no duswder 
ortrtdlng performance. Thr tiluc of on unntmml mu, pi .town n, well oa up end mnnemenls In esrSange rates between currcndea tray stfevt the 
value of your I nn-suarnL Thlr office of Units - mode ihraanft the Pmspecti* otUj and la md aviilnhie to imldrau of ihr UK. nod citizens or residents or 
the US L EU&1 Man UilrTnaUocw] Ud n-vulMi-d tn UteUtb, the SwurUicsaitd Investment* Board. 


llJd e> n-guturd In Ute LK bj the Swurilies and Invesutwnu Board. 


ED&F MAN INTERNATIONAL LTD 


THE VENEZUELA 
HIGH INCOME FUND N.V. 

Notice to Electing Shareholders 

In light oC the recent general decline in emerging markets, and in the 
net asset value of The Venezuela High Income Fund N.V. (the 
"Fond") in particular. the Fnnd has determined to give each 
shareholder who has elected to redeem shares on May 31 of Ibis year 
an opportunity to rescind its redemption election (in whole or in part) 
by so notifying the Farid's Administrator in writing, no later than 
May 18, 1994, through the broker, custodian or other intermediary 
through which the shareholder communicated its redemption election. 

Questions regarding this notice should be directed to the Fund's 
Administrator, attention: Ms. Shelia P. Tracey /Ms. Peggy Knowles 
(telephone: 809-322-4092; facsimile: 809-325-6465). 

By Order of the Managing Director 

Managing Director and Location of 
Principal Office 

Curasao Corporation Company N.V. 

De Ruyterkade 62, P.O. Box 812 
Willemstad, Curasao 
Netherlands Antilles . 

Administrator, Registrar, Transfer and 
Faying Agent 

Citi trust (Bahamas) I. j mi ted 
Thompson BoaJevard 
, P.O. Box N1576 
j Oakes Field 
Nassau, Bahamas 

. Investment Manager 

Scudder, Stevens & Clark, Inc. 


Standard & Chartered 


Standard Chartered PLC 

IbcmaiM Mb MM Hots * &W«* 

US$300,000,000 Undated Primary Capital 
Floating Rate Notes (Series 2) 

in accordance with the provisions of the Notes, 
notice is hereby given that for the six months 
period (186 days) from 12th May 1994 to 14th 
November 1 994 the Notes will cany interest at 
the rate of 5.50 per cent per annum. 

The interest payment date wiii be 14th 
November 1994. Payment, which will amount 
to US$284.17 per US$10,000 Note and 
US$1, 420.83 per US$50,000 Note, will be made 
against surrender of Coupon No.18 

West Merchant Bank Limited 
Agent Bank 


TIGER OATS LIMITED 

tbmpamnd in the 
Reputtc at South Attica) 
Registration No . 0Sn7aev06 
Copies of the interim report have 
been ismed today and are 
available Iron the UK 
Secretaries: Viaduct Corporate 
Services limned, 

1 9 CbaneibctiM Street, Lcmkn 

EC1N6QP 

12th May 1994 


U.S. $2O0fl0Q£l00 

Indian Oil 

Corporation Limited 
Guaranteed Ftaadrtg Rate 
Nodes Due 1994 

Fa on sa month tn teres parted Iran 
12th May 1994 u Wth Nowrribor 1994 
the Notes wffl cany an interest rata of 
5.4379% pa and the Coupwi Amount 

perUJ 5 L 8 KM»Qw«beU.S.g 8094 

4 S CS Finn BtKroit 

^ 


E££3 

WUJp 

OZ o 

jOj: 

< s i 

Z nr =: 

°o* 

CU.Z 
< < 
zS m 

DC Q 

£ Z 

t < 


1994 GENEVA 
EXECUTIVE COURSES IN 
FINANCE 

O’ June 7 -10 

EMERGING MARKET ASSET 
ALLOCATION 

1 June 13 -15 

ADVANCED PORTFOLIO MANAGEMENT 
AND HEDGING 

2 June 13 -17 

MODERN SECURITY ANALYSIS 
FOR PRACTITIONERS 

3 June 20 -24 

FRONTIERS OF MANAGERIAL FINANCE 

4 June 28- July i 

NEURAL NETWORKS IN CAPITAL 
MARKETS 

5 August 22 -26 
FORECASTING TECHNIQUES IN 
FINANCIAL MARKETS 

6 August 29 -September 2 
EXCHANGE-RATE AND INTEREST-RATE 
ECONOMICS 

7 September5-9 

BOND PORTFOLIO AND INTEREST-RATE 
RISK MANAGEMENT 

8 September 12 - 13 

PRACTICAL YIELD CURVE BUILDING 

9 September 14 - 16 

SWAPS: VALUATION, HEDGING AND 
TRADING STRATEGIES 

10 September 18 - 23 

OPTIONS: VALUATION, HEDGING AND 
PORTFOLIO APPLICATIONS 

11 September 26 -30 
TREASURY RISK MANAGEMENT 

12 October 25 -28 
ADVANCED MATHEMATICS OF 
DERIVATIVE PRODUCTS 

13 October 31 -November 1 
NUMERICAL METHODS IN ASSET 
PRICING 

14 November2-4 
ADVANCED ANALYSIS OF 
INTEREST-RATE OPTIONS 

15 November SI -zs 

EQUITY PORTFOLIO MANAGEMENT 

16 November 28 -December 2 
GLOBAL ASSET ALLOCATION 

* Receni addition 

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For our detailed brochure, please contact: 
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E-?-£°* 36 ' 12 '* i Geneva 21, Switzerland 
Tel: 41/22-734 95 48 Fax: 41/22-733 38 53 


^ _ FT/LES ECHOS 

rt i- f 30 . 5 P y° u reach additional business readers in France. 
uur link with the French business newspaper. Les Echos, gives 
a “tuque recruitment advertising opportunity to capitalise Ofl 
roe FTs European readership and to further target the French 
business worid.For information on rates and further details please 

tclephone; 

Pbttip Wrigtey on 
071 873 3351 


S \ 

t-.in 


• • \; ; 'N 






^ "X - Or 




( 


FINANCIAL TIMES THURSDAY MAY 12 1994 


,3 


INTERNATIONAL COMPANIES AND CAPITAL MARKETS 


l • - r ^‘i Line 
hot# 
ill Bunk 


• • ICt 


■ >;■.* ESIN 


, si,PS' 


President 
of Sanyo 
Securities to 
step down 

By Emflco Terazono in Tokyo 

Sanyo Securities, the 
financially-troubled Japanese 
broker, yesterday said Mr 
Yoicbi Tsuchiya, president, 
was Hkely to step down next 
month to take an advisory 
post 

The move conies as the bro- 
ker Is struggling to finally its 
restructuring programme with 
Its creditor banks and Nomura 
Securities, its largest share- 
holder, due to mounting debts 
and bad loans held by the 
broker's non-bank financial 
affiliates. 

While the company denied 
that Mr Tsuchiya, the thrust 
behind Sanyo's aggressive 
expansion during the late 
1980s, was resigning to take 
responsibility for the financial 
problems. Its creditors and 
shareholders had anticipated 
such a move. 

The burst of the asset “bub- 
ble" in the 1980s led to mount- 
ing bad loans at Sanyo’s finan- 
cial subsidiaries, and it had to 
borrow large amounts. After 
months of negotiations with , 
its leading creditors - Ran* of j 
Tokyo, Data a Bank, Nippon 1 
Credit Bank and Nomura - 
officials were forced last 
March to announce a restruct- 
uring plan. 

The plan, expected to be fin- 
alised in the next few weeks. 
Includes an Y80bn (S769m) 
write-off over the next nine 
years, a reduction of interest 
rates from Its main cred itor s 
to 1.25 per cent, and a third- 
party share allotment of 
Y20bn to the three creditors 
and Nomura. 

Record profits 
for Aoyama 
Trading 

By Emfito Terazono 

Aoyama Trading, the Japanese 
men’s apparel retailer, 
reported record profits for the 
year ended last March after 
expanding its sales network. 

The company, which started 
the discount boom in men's 
suits, said Don-consolidated 
pre-tax profits rose 1.8 per 
emit to Y30.68bn ($298m), on a 
20.8 per cent rise in sales to 
Y182.3bn. After-tax profits 
rose 4.1 per cent to YlS^bn. 
The annual dividend will rise 
by YlO to Y40. 

In spite of the record figure, 
it was the first time since 1987 
that Aoyama had seen only 
single-digit profit growth. 
Increasing competition and 
saturation of the discount 
men’s suit market has affected 
business. 

Insurers set to 
raise premiums 

By Emflco Terazono 

Japan’s fire and marine 
insurance groups, faced with 
higher insurance payments 
due to an increase in typhoon 
damages, are Ukely to raise 
fire insurance premiums this 
year. It will be tbe first 
increase in this sector since 
1948. 

Tbe Fire and Marine Insur- 
ance Rating Association of 
Japan, an insurance industry 
group, has applied for finance 
ministry approval to raise fire 
insurance premiums by an 
average 7.74 per cent for 
bouses and &86 per cant for 
offices. 

After the spate of typhoons 
in 1991, insurance payments 
rose three-fold to Y650bn 
($&3tan). 


BAT drops Indian subsidiary plan 


By KuitalBosd 
hi Calcutta 

BAT Industries, the UK 
tobacco and insurance group, 
has dropped the idea of turning 
FTC, Its Indian affilia te, fate a 
subsidiary by raising its stake 
to 51 per cent 
Instead, BAT will support 
FTC in its aim of becoming an 
Indian multinational 
During a recent visit to 
London. Mr K.L. Chugh, FTC 
chairman, received an 
assurance from BAT that the 
UK group would maintain its 
stake at 31.5 per cent 
The assurance appears to be 
the central element of an 
agreement designed to 
tensions between BAT and 
ITC. Managers in the Indian 
group had feared that after 


many years of independence, 
their freedom might be curbed 
by a re-imposition of control 
from London. 

BAT also seems to have 
taken account of concerns in 
the Indian government that a 
leading Indian company with 
the potential to become a 
mul tina tional should lose some 
of its independence. 

“Discussions are at an early 
stage", BAT said. “What we 
are trying to do Is look for a 
way that helps ITC develop as 
an Indian multinational, but 
helps us develop our interests 
in tobacco and financial 
services in India". 

fap r e a s fag its stakes In the 
financial services businesses 
would be an obvious first step 
for BAT. The negotiations are 
being handled personally by 


Mr Martin Broughton, BAT'S 
chief executive. 

ITC Classic, an ITC affiliate, 
has applied for a licence to 
start a banking business. ITC 
is also seeking to break into 
insurance through an 
independent company, as soon 
as the participation of the 
private sector in insurance is 
allowed. 

“BAT is most welcome to 
have as much sharpholding in 
the bank and insurance 
companies as it wants, 1 * said 
Mr Chugh. 

Mr Chugh also said he had 
an assurance from BAT that it 
would add value to ITC's 
tobacco and financial services 
businesses which are BAT's 
core activities. 

At the same time, ITC which 
has a significant presence in 


paper, agri-business, hotels and 
global trading, will develop 
these areas further. 

According to Mr Chugh, ITC 
Bhadrachalam and ITC Hotels, 
the two group companies, mil 
be making Euroissues of $50m 
each to develop further the 
paper and hotel businesses. 

While BAT has agreed to 
maintain the status quo, ITC 
will not be adding any new 
business to its already large 
portfolio. 

Mr Chugh said: “Our 
objective is to become a 
multinational company. We 
are happy that BAT is 
supportive of our ambition. Dr 
Manmohan Singh [Indian 
finance minister] wants 100 
multinationals by the turn of 
the century. We want to be 
among the first” 


Sydney to trade share futures 

Contracts on NAB, News Corp and BHP offered, writes Nikki Tait 


I ndividual share futures 
will start trading on the 
Sydney Futures Exchange 
on Monday, following a deci- 
sion yesterday by Mr Michael 
Lavarch, Australia's attorney- 
general. 

Tbe SFE will be the first sig- 
nificant futures market to 
trade futures contracts on Indi- 
vidual stocks - in this case, 
National Australia Bank 
(NAB), Mr Rupert Murdoch's 
News Corporation, and Broken 
HiQ Proprietary, the steel and 
resources group. 

At present the only existing 
individual share futures 
involve a handful of Swedish 
stocks which are traded in 
London. Such contracts are 
specifically prohibited in the 
US, largely because of price 
manipulation concerns. 

But even in Australia, the 
SFE’s move is not without con- 
troversy. Some of the compa- 
nies, whose equity is involved 
in the new contracts, are 
expressing reservations about 
the scheme, and a local war is 
brewing between the SFE and 
the Australian Stock Exchange 
over who should run this type 
of derivatives market. 

Stung by the SFE’s move, 
the ASX says it plans to 
announce its own equity-deriv- 
atives initiative next week - 
and that, pnlflrp the SFE, it is 
considering a product which 


could be settled into scrip, not 
cash. This would mean an 
investor could acquire the 
underlying physical stock via 
the futures market, something 
which the SFE contract struc- 
ture specifically rules out 

The shares involved in the 
SFE contracts belong to the 
nation’s three largest quoted 
companies in terms of market 

ra pjfcftHB^Hnn t and are atnnng 
the most actively traded on the 
physic al m arket. 

Tbe SFE claims that the new 
contracts will provide profes- 
sional investors with a conve- 
nient, low-cost means of gain- 
ing exposure to Australia’s 
benchmark stocks, as well as 
increasing trading opportuni- 
ties through the leverage 
involved in share futures. 

It points out that brokerage 
costs will be significantly 
lower for the same underlying 
bundle of shares, and that the 
futures can be traded for 18 
hours a day - well into US and 
European time-zones, when 
when the ASX is dosed. 

If all goes well, the SFE adds 
that a range of other stocks 
could be introduced in the near 
future. However, Mr Les Hosk- 
ing, SFE chief executive, sug- 
gests that liquidity consider- 
ations win probably limit the 
eventual number to around 
ten. Western Mining Corpora- 
tion, whose shares tend to be 


SA Breweries lifts 
earnings to R943m 


By Mark Suzman 
hi Johannesburg 

South African Breweries, the 
country's largest consumer 
industries company, increased 
attributable earnings by 14 per 
cent to B943m ($U0^m) from 
R825m in the year to March. 

A solid performance from the 
group’s beer Interests, which 
together make SAB the sev- 
enth largest brewing company 
In the world, provided most of 
the profit Net earnings were 
R707m, an improvement of 14 
per cent over last year’s figure 
of R541nt 

The group’s other large 
industries, including retail 
group Edgars and Industrial 
Interests Lion Match and Plate 
Glass Shatterprufe Industries, 
contributed R236m to attribut- 
able earnings, a rise of 15 per 
cent on last year. 

Turnover increased to 
R25.45bn, a rise of 12 per cent 
from last year's R21.78bn. A 
final dividend of 116 cents was 
announced, bringing the full 
year dividend to 155 omits, a 
rise of 13 per cent 

Cash utilised in expanding 
operations and net acquisitions 
rose to R921m from R574m, 
reflecting the company’s grow- 


ing operations in Hungary and 
Tanzania. 

Mr Malcolm Wyman, group 
corporate finance director, said 
SAB would continue to investi- 
gate offshore expansion in 
“mass market developing coun- 
tries" particularly in sub-Saha- 
ran Africa and eastern Europe. 

A decline in net working cap- 
ital of R230m compared with 
last year's increase of Rl7m, 
but Mr Wyman said this was 
largely a result of last year’s 
very favourable year rad posi- 
tion and was unlikely to be 
repeated. 

Mr Wyman that contin- 
ued weak consumer spending, 
combined with widespread pre- 
election violence, bad damp- 
ened growth over the past 
year, but that SAB was confi- 
dent, given the success of the 
elections and the new eco- 
nomic upturn, further real 
growth in earnings and divi- 
dends would be achieved over 
the next year. 

He pointed to a record 
RU9bn in investment spending 
as a good indication of the 
company's commitment to 
local development and said 
that a further R2bn had 
already been allocated for the 
nevt financial year. 


CONTRACTS & TENDERS 


f PEMEX - REFINACION 

TENDER No SPD - 120594 

Pemex-Refinacion, the Mexican National Oil Agency invites 

ALL INTERESTED PARTIES TO BID FOR SUPPLYING AN “EPC" CONTRACT 
FOR FOUR ISOMERIZATION C5 AND C6 PLANTS LOCATED AT THE 
REFINERIES OF TULA, SALINA CRUZ, SALAMANCA AND ClUDAD 

Madero. 

Information related to this project is available from: 

Pemex Services Europe Ltd 
2nd Floor 

4 & 5 Grosvenor Place 
London SW1X7HB 
United Kingdom 

Tel: (44 71) S23 2242 
Fax:(44 71)823 1813 

Contact. Mr Raul Cardoso Maycotte > 


influenced by metal price 
movements, is a favoured early 
possibility. 

But not all companies are 
keen on the new moves. BHP, 
for example, acknowledges 
that the cash settlement 
arrangements mean that the 
new contracts do not pose 
takeover-related concerns. 
However, the resource group 
points out that its own inves- 
tor relations efforts are 
directed at attracting an 
informed shareholder base, and 
says that the future contracts 
“won't do us a lot of good”. 


W hile reluctant to 
invoke the “market 
manipulation" spec- 
tre, BHP cites two potential 
problems. 

First, there is the potential 
increase in the volatility of 
BHP shares (assuming the 
futures contracts are well- 
used) and the difficulty of 
explaining share price move- 
ments to management and 
shareholders. 

Second, some professional 
investors may prefer a lever- 
aged play on the BHP share 
price via the futures market, 
and be less likely to support 
the physical stock. That said, 
the company acknowledges 
that many futures strategies 
will also require some owner- 
ship of the underlying stock. 


If companies have qualms, 
the ASX is even more doubtful. 
In the 1980s, before the coun- 
try’s regional exchanges were 
melded into one national 
entity, the Melbourne 
exchange introduced equity 
futures. Traded on the Austra- 
lian Financial Futures Market, 
these also involved cash settle- 
ment, but eventually the 
AFFM petered out. 

Now the ASX’s derivatives 
division faces the galling sight 
of the SFE stealing tbe march. 
In riposte, it says its competing 
initiative will have some signif- 
icantly differences - notably in 
terms of clearing arrange- 
ments, and offering settlement 
into scrip rather than cash, 
“The product we are looking at 
would have the potential for 
delivery of the underlying 
security,” the ASX says. 

Finally, there is the question 
of how much interest will be 
shown by the investment com- 
munity generally in the new 
products. Mr Hosking says the 
SFE’s marketing efforts have 
had a good reception, and 
claims “strong interest" from 
London. 

BHP has found considerable 
diversity in its shareholders' 
views. Regulators, meanwhile, 
are watching with some scepti- 
cism - perhaps hopeful that i 
the new contracts will not put 
their mettle to the test. I 


Parker & Parsley 
bids for Bridge Oil 


By MkfciTalt 
in Sydney 

Parker & Parsley, the Texas- 
based oil independent which 
last year acquired Prudential 
Securities' troubled energy 
partnerships in the US, yester- 
day launched an uninvited 
A$294m (U5$2U.5m) bid for 
Bridge Oil, the Sydney-based 
oil and gas company. 

P&P said it would offer 70 
cents a share In cash for 
Bridge. It claimed that this was 
a “fair price”, representing a 35 
per cent premium over the 30- 
day average trading price for 
Bridge shares before P&P 
started to amass a stake in late 
ApriL 

P&P said yesterday that its 
stake now amounted to A 2 per 
cent of its target’s equity. 

Bridge issued a brief state- 
ment, advising Investors not to 
sell their shares, and promis- 
ing further advice later. 

Earlier thfa month, Mr Rob- 
ert Strauss, Bridge's chairman, 
told shareholders at the annnai 
meeting that “recognition of 
[the] proper value" of Bridge's 
US operations would fal » the 
group’s net asset backing to 
more than Agl a share. 

Some analysts suggested 


Naaes , 

ADELAIDE BANK LIMrrBD I 

USD 250,000000 
MULTIPLE OPTION FACILITY 
AQUEEWENT 
DATED MAKCH 25, 199* 
la aceanboGS wfifi As prarislmi of the 
Ttafeadde lea entiflciae boned M Mq> 1L 
WML ooUee ■■ hereby giwn AM far AeBbec 
oonSakaw* period finnMij u,l9Mia 
AugflU 1 1, IW4, die catifieMe wD cany an 
boom am of 5J6iSH per Mm. 

Berdoj* Snk PIC HtegKoes 
Aatnawd Pijfng Agp* 


LEGAL NOTICES. 

Na 0D2D 13 011994 

IN THE HIGH COURT OF JUSTICE 

CHANCBBY DIVISION 

IN THE MATTER Or 
CRESTON LAND & ESTATES MX 
AND IN THE MATTES OF THE 
COMPANIES ACT IMS 
NOTICE IS HEREBY GIVEN Om rtw Outer of 
*e W*h Cook of Jutfct (CWtq Or><on) 
tad 270) April UWaoAafaif AerMi^o 

W the 

DATED tfcfc 40) «hj of M»* 1W4. 


that the current price offered 
for Bridge shares was likely to 
be an opening shot 
However, P&P*s chairman, 
Mr Scott Sheffield, maintained 
yesterday that "Tt is our inten- 
tion that this is a final price - 
we have no intention of 
increasing our offer.” Bridge 
shares closed at 72 cents in 
Sydney. 

Bridge’s exploration and pro- 
duction operations are split 
between Australia and south- 
east Asia, and the US - with 
the Australian activities cen- 
tred on the Cooper, Surat and 
Camavon Basins, and the US 
interests spanning five states. 

Bridge had planned to float 
its US business on the stock 
market there at the beginning 
of this year, but temporarily 
abandoned the plan because of 
weak crude oil prices. It has 
said the scheme would be re- 
examined later this year. 

Net profits in 1993 fell from 
A$39.4m to A*27.6m. 

Parker & Parsley, mean- 
while, has been growing rap- j 
idly through acquisitions - | 
often of troubled assets - dur- ; 
ing the past seven years. How- 
ever, the bid for Bridge repre- 
sents its first major move 
outside the US. 

£150,000,000 
Bristol & West 
Building Society 

Floating Rata Notes due 1994 
fty Bh> three month interest period 
May ID, 1899 to August 10, 1994. 
ite rate has been detocmlned st 
££28125%- The inierMI payable 
on the relevant Interest dots August 
10 , 1994 wU be C134^0 per etOjOQO 
aid £1,342.98 per £100,000 in 
bearer form. 

ByimCbMMHkitataA.U. — 
iMfiM, AgMiBadk Q 

May 12, 1094 CHASE 


APPOINTMENTS .. 
- . ADVERTISING 
appears;in iifoUK:^Ufion 
'■ .eveiy Wedud«i8y:& .. 

, ' ■ .. ^ u 

■^nd inihe.lhtenjaifoiial- 

^Uftosvgjy ; Jk0NC: " ™ : 
For further information ' ■ 


BefcSfll/PLW 

SoBefaon ^ CooqMiiy 


y i s-mmsm, 

Audi ^Skarzynski oil 

071473405* 



■E@£§@ OK G AKTIEBOLAGEB 

C jT j -a Sydkraft Company 

tilw "Company "1 

I formerly Oskonhamnsverkets Kraflgntpp Akdcbvlag) 

[incorporate J in Sweden with limited liability l 

NOTICE OF AN ADJOURNED MEETING 
of the holders of those of the 

U.S. $50,000,000 

Retractable Bonds due 1997 

of the Company presently outstanding 
(namely U.S. $941,000) 

(the “Bondholders*' and the “Bonds” respectively) 

NOTICE IS HEREBY GIVEN that the Meeting of ihc Bondholders convened by the Company for Ifth 
May. 1994 by the Notice dare J 14th April, 1994 published in the Financial Times, the Luxemburger Wort 
and (’Echo de la Bourse was adjourned through lack of a quorum and that the adjourned Meeting of the 
Bondholders will be held at the offices of Hambros Bank Limited. 41 Tower Hill. London EON 4H A on 
Friday. 27th May. (994 at 10.00 a.m. (London lime) for the purpose of considering and. if thought tit. 
passing the following Resolution which will be proposed as an Extraordinary Rcvjliiuon in accordance 
with the provisions of the Trust Deed (the “Trust Deed") dated 1st December, 19NI made between the 
Company and The Law Debenture Corporation p.I.c. ((he “Trusiee") as trustee fur the Bondholders and 
constituting the Bonds. 

EXTRAORDINARY RESOLUTION 

THAT this Meeting of the holders of those of the U.S. S50.IXW.000 Retractable Bonds due I*4«7 of OKG 
Akricbolag presently outstanding (the “Bonds" and the “Company" respect ively I eonstituicd by the Trust 
Deed dated 1st December. I9SI (the “Trust Deed") made between the Company und The Law Debenture 
Corporation p.I.c. (the “Trustee"') as trustee for the holders of the Bonds (l he "Bondholders"), in 
accordance with paragraph IK of the Third Schedule to the Trust Deed and by virtue of all other powers 
conferred on a Meeting of the Bondholders, hereby 1 . 

(A) assents to the following modi fiat lion of the provisions contained in the Trust Deed proposed by the 
Company, namely the deletion of sub-paragraph (I) of paragraph IK of the Third Schedule to the 
Trust Deed and the substitution therefor of the following new sub-paragraph'. 

“(I) Power to sanction any scheme or proposal for the exchange or sale of the Bonds for. or the 
conversion of the Bonds into, or the cancellation of the Bonds in consideration of. bonds, notes, 
shares, stocks, debentures, debenture stock and/or other obligations and/or securities of the 
Company or any other company formed or to be formed, or for or into nr in consideration of 
cash, or partly for or into or in consideration of such bonds, notes, shares, stocks, debentures, 
debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in 
consideration of cash.". 

to the intent that such modification to the Trust Deed shall have immediate effect without further 
formality; and 

(B) ( i) sanctions the compulsory sale to the Company on the date (the "Relevant Date") which is the 

seventh day after the date on which this Resolution is passed of all of the Bonds in consideration 
of the payment by the Company to the Bondholders of: 

(a) U.S4 1 ,000 in cash for each Bond of U.S.SI .000 principal amount; and 

(b) interest at the rate of 5.80 per cent, per annum on each Bond accrued from (and including) 
1st December, 1993 up to (but excluding) the Relevant Date. 

and the implementation of such compulsory sale, all as more particularly described in the Notice 
of Meeting of the Bondholders dated 14th April. I994(a copy of which has been produced to this 
Meeting and initialled by the Chairman hereof for the purposes of idcatiiicatioa); 

(2) sanctions every abrogation, modification, compromise or arrangement In respect of the rights of 
the Bondholders and the holders of the Coupons appertaining to the Bonds against the Company 
involved in or resulting from the implementation of the compulsory sale referred to in paragraph 
(BX0 of this Resolution; and 

(3) authorises and requests the Trustee to concur in the implementation of the compulsory sale 
referred to in paragraph (B)( l) of this Resolution and to do all such acts, deeds and things as may, 
in the opinion of the Trustee, be required to give effect thereto. 

The Company wishes to purchase the Bonds, and to be assured that none of the Bonds will remain 
outstanding following such purchase, because (a) the costs to the Company of servicing the issue, having 
regard to the small percentage of the Bonds originally issued which remain outstanding, have become 
disproportionately expensive lor the Company and (b) certain provisions of the Bonds which were 
appropriate at the time of their issue are no longer (in the view of the Company) appropriate to the 
Company. 

The purpose of the Extraordinary Resolution set out above is to permit and sanction the implementation 
of the proposed compulsory sale. 

Payment of the consideration under the proposed compulsory sale will, if it is sanctioned, tie made against 
surrender of Bonds together with all Coupons which are unmatured at the Relevant Dale (as defined in 
paragraph (B)(1) of the Extraordinary Resolution) at any specified officeof any of the Paying Agents listed 
below. If any Bond is surrendered without all such un matured Coupons, (he amount of any such missing 
unmatuted Coupon will be deducted from the amount due for payment. Each amount so deducted wilt be 
paid against surrender of the relative missing Coupon at any time following such deduction but before the 
expiry of the period of five years from the date on which the Coupon would have become due. 

All such payments will be made in U.S. dollars at the specified office of the Paying Agent in New York. City 
or, at the option of che holder, ar any specified office of any Paying Agcnf by U.S . dollar cheque drawn on, 
or transfer to a U.S. dollar account maintained by the payee with, a bank in New York City, subject in all 
cases to any fiscal or other laws and regulations applicable thereto but, in the case of interest, without 
prejudice to the provisions described in Condinon 6 of the Terms and Conditions of the Bonds. 
Bondholders should be aware that there may be adverse tax consequences in the event that Bonds or 
Coupons are presented at the specified office of the Paying Agent in New York City. The interest rale of 
5.80 per cent, per annum referred to in the Extraordinary Resolution is that accruing on the Bonds 
pursuant to Condition 3 from 1st December, 1993 throughout the remaining life of the Bonds. 

On and after the Relevant Date, the Bonds shall cease to be of value for any purpose other than for the 
purpose of surrender for payment os referred to above a nd shall cease to be valid for such purpose a nd shall 
become void unless so surrendered within the period of 10 years from the Relevant Date. 

1710 Company and its financial advisers, Hambros Bank Limited, consider that the proposed compulsory 
sale is fair and offeis reasonable value and, accordingly, the Company recommends a)t Bondholders to 
vote In favour of the Extraordinary Resolution. 

The attention of Bondholders is particularly drawn to the quorum required for the adjourned Meeting 
which is set out in paragraph 3 of “Voting and Quorum" below, 

Copies of the Trust Deed (including the Terms and Conditions of the Bonds) a re available for inspection by 
Bondholders at the specified offices of the Paying Agents set out below. 

In accordance with normal practice, the Trustee expresses no opinion on tbe merits of the proposed 
compulsory sale but has authorised it to be stated that, on the basis of the information set out herein, it has 
no abjection io the Extraordinary Resolution being submitted to the Bondholders for their consideration. 

VOTING AND QUORUM 

1. A Bondholder wishing to attend and voic at the adjourned Meeting in person must produce at the 
adjourned Meeting either the Bond(s) . or a valid voting certificate or valid voting certificates issued by a 
Paying Agent relative to the Bond(s). in respect of which he wishes to vote. 

A Bondholder not wishing to attend and vote at (he adjourned Meeting in person may cither deliver his 
■ Bond(s) or voting certificate^) to the person whom he wishes to attend on his behalf or give a voting 
instruction (on a voting instruction form obtainable from the specified offices of (he Paying Agents set 
out below) instructing a Paying Agent to appoint a proxy to attend and vote at the adjourned Meeting in 
accordance with his instructions. 

Braids may be deposited with any Paying Agent or (to the satisfaction or such Paying Agent) held to its 
older or under its control by Cede) S.A. or Morgan Guaranty Trust Company of New York, Brussels 
office, as operator of the Eurodcar System or any other person approved by such Paying Agent, for the 
purpose of obtaining voting certificates or, until the lime being 48 hours before the time appointed for 
holding the adjourned Meeting (or. if applicable, any further adjourned such Meeting), but not 
thereafter, giving voting instructions in respect of the relative Meeting. Any Bond(s) so deposited or 
held will be released at the conclusion of the adjourned Meeting (or, if applicable, any (ucthcr 
adjourned such Meeting) or upon surrender of the voting cert ificflte(s) or, not less than 48 hours before 
tbe time for which the adjourned Meeting (or, if applicable, any further adjourned such Meeting) is 
convened, the voting instruction rcccipt(s) issued in respect ihcrcor. 

2. Voting certifies les issued and voting instructions given and the appointment of proxies for the Meeting 
convened for Itih May. 1994 will be valid for the adjourned Meeting unless they arc, in the case of voting 
certificates, surrendered before, or. in the case of voting instructions, revoked or amended by the time 
being 24 hours before, Ihc time appointed for holding the adjourned Meeting. 

3. The quorum required at the adjourned Meeting is two or more persons present holding Bonds or rating 
certificates or being proxies whatever the principal amount of ihc Bonds so held or represented by 
them. 

4. Every question submitted to the adjourned Meeting will be derided on a show of hands unless a poll is 
duly demanded by the Chairman of the Meeting, the Company or by two or more persons present 
holding Bonds or voting certificates or bring proxies and holding or representing in the aggregate not 
less than one-fiftieth part of the principal amount of the Bonds then outstanding. On a show of hands 
every penon who is present in person and produces a Bond or voting certificate or is a proxy shall have 
one vote. On a poll every person who is so present shall have one vote in respect of each Bond so 
produced or represented by the voting certificate so produced or in respect or which he is a proxy. 

5. To be passed, the Extraordinary Resolution requires a majority in favour consisting of not less than 
three-fourths of the votes cost. If passed, the Extraordinary Resolution will be binding upon nil the 
Bondholders, whether or not present ar the adjourned Meeting and whether or not voting, and upon ail 
holders of Coupons appertaining to the Bonds. 

PRINCIPAL PAYING AGENT 
Hambros Bank Limited 
41 Tower Hill 
London EC3N4HA 

OTHER PAYING AGENTS 

Krcdietbank S.A. Luxembourgcoi.se Manufacturers and Traders Trust Co. 

43 Boulevard Royal 654 Madison Avenue 

L-2955 Luxembourg New York N.Y. 10Q2 1 

Morgan Guaranty Thist Company of New York 
Avenue des Arts 35 
B-IG4G Brussels 




ECU Torafawaot PLC 
ancuutiH Plm 
Bafcpwfa 
London 3W1X0HL 
Tefc +71 Z*J 0068 
Ptac +71 2300500 


This Notice is given bv: 
OKG AKTlEBOLAfc 
S-572 83 Figcholm 
Sweden 


12th May. 1994 


and approved by: 
Hambros Bank Limited 
41 Tower Hill 
London EC3N4HA 
Member of SFA 








18 


FINANCIAL TIMES THURSDAY MA^M^994 


INTERNATIONAL COMPANIES AND FINANCE, 


Southwest Air stays cool in ticket war 


Three of the top four US reservation systems have said they will no 
longer handle bookings for the airline, writes Richard Tomkins 


L ast year Southwest Air- 
lines was the most prof- 
itable airline in the US. 
hi the first quarto: of the cur- 
rent year, it looked like staying 
that way: net profits shot up 68 
per cent to $4lm. But has its 
luck turned? 

hi the last few days, three of 
the four computer reservation 
systems that dominate a Wyn* 
ticketing in the US have 
announced that they will no 
longer handle Southwest book- 
ings. Investors fear passengers 
will give- up trying to buy 
Southwest tickets and turn to 
competing airlines instead. The 
shares have lost about 10 per 
cent of their value over the 
past week. 

At first sight, the incident 
looks like a nasty case of bully- 
ing. Southwest has grown big 
and successful by offering 
ultra-low air fares, heavily 
undercutting its competitors 
on short-haul routes. 

It is surely no coincidence 
that the reservation systems 
now ejecting Southwest are 
owned, or at least part-owned, 
by its rivals. 

System One is owned by 
Continental Airlines; Apollo is 
owned by Galileo, a consor- 
tium of U carriers including 
United Airlines and USAir; and 
Worldspan is owned by a con- 
sortium of four companies 
including Northwest Airlines, 
Delta Air Lines and Trans 
World Airlines. 

Yet the reservation compa- 


nies have a point Other air- 
lines pay them a fee of $L50 
per ticket for using their com- 
puter booking systems. 
Southwest, as part of its policy 
of paring costs to the bone, has 
steadfastly declined to make 
any contribution. The reserva- 
tion rewnpanias say it is time to 
end the Ereeloadmg. 

Southwest's argument is 
simple; it says It (toes not pay 
the reservation companies 
because it never asked to join 
their systems in the first place. 
They only started including 
Southwest's flights to help pro- 
mote their systems to US 
travel agents. So although both 
sides may be irritated over the 
course of events, neither side 
seems to have been wronged. 

But will Southwest be hurt 
by the outcome? Perhaps not 
as badly as the stock market 
Dears. Although more than 80 
per cent of airline tickets in 
the US are sold through com- 
puter reservation systems, 
only 55 per cent of Southwest’s 
are sold in this way: and a 
large proportion of those are 
sold through American Air- 
line’s Sabre computer reserva- 
tion system, the one system to 
which Southwest subscribes. 


a reservation over the tele- 
phone. and write out a ticket 
by hand. 

A potential difficulty is that, 
because travel agents make 


Southwest Airfines 


■Share p»ica($) 
40 


are so popular. Faced with the 
choice of losing customers to 
rivals still offe rin g Southwest 
tickets, most agents win feel 
compelled to keep offering 
Southwest's tickets whatever 
the cost Oddly, then, they 
rather than Southwest are in 
danger of emerging as the real 
losers. 


35 - 


30 — 



25 




4UR 1903. 
Source: Om ta ar p 


94 May 


A s for the rest Southw- 
est’s consolation is that 
travel agents do not 
need computer reservation 
systems to make airline book- 
ings: they can look up the 
schedule in a timetable, make 


their money by charg in g a 10 
per cpn t commission an tickets 
sold, their rake-off on a 
Southwest ticket is much 
■rmflUer than it would be On a 
higher-priced ticket. If the 
work has to be done manually, 
it is unlikely that they win be 
able to cover their costs. 

Yet travel agents dare not 
stop issuing Southwest tickets 
because the airline’s low fares 


S outhwest has taken some 
steps to ease the agents' 
plight It is equipping its 
busiest agents with personal 
computers and ticket printers 
hooked up to its internal reser- 
vation system. It says it is 
studying other technological 
solutions to the problem, the 
details of which it refuses to 
discuss. 

Meanwhile, it has set up a 
triqihnne hotilne that paSSen- 
gers can use to order tickets by 
mail It says ticket sales have 
not missed a beat since the 
affair began. 

But this is not likely to be 
the of the matter. Ameri- 
can Airlines’ Sabre system is 
already reported to have 
started trying to poach the 
other systems’ customers. The 
travel agents are furious and 
pressing for some sort of 
accommodation. 

Meanwhile, many in the 
industry are asking why any- 
body should need a ticket to fly 
in any case, given that a con- 
firmation number is all that is 
needed to rent a car or book a 
hotel room. 


All of these securities having been sold, this announcement appears as a matter of record only. 



panamc 


6,000,000 Shares 



Pan am e ri c an Beverages, Inc 


Class A Co mm on Stock 

(Nonvotmg) 


1,300,000 Shares 

This portion of the offering was offered outside the United States and Canada by the undersigned. 


Hazard Brothers & Co., Limited 

Goldman Sachs International 

Smith Barney Shearson Inc. 


Barclays dc Zoete Wedd Limited BHF-Bank Deutsche Bank EHG Bank 

Afctfangaoalh rli ■ ft 

Latinvest Securities Limited Lazard Fr&res et Cee Swiss Bank Corporation 


4,700,000 Shares 

This portion of die offering was offered in the United States and Canada by the undersigned. 


Lazard Fr£res & Co. 

Goldman, Sachs & Co. 

Smith Barney Shearson Inc. 


Bear, Stearns & Co. Inc. 
Dillon, Read & Co. Inc. 


Alex. Brown & Sons 

Incorporated 


Hambrecht & Quist 

Incorporated 


Kidder, Peabody & Co. 

Incorporated 


Dean Witter Reynolds Inc. 
A.G. Edwards & Sons, Inc. 
Lehman Brothers 
Morgan Stanley & Co. 

Incorporated 

Oppenhejmer & Co., Inc. 
Prudential Securities Incorporated 
Salomon Brothers Inc 


Wertheim Schroder & Co. 

Int oi p te i tc d 


Montgomery Securities 
Nomura Securities International, Inc. 

PaineWebser Incorporated 
Robertson, Stephens & Company 
Serfin Securities, Inc. 

Ad vest, Inc. Arnhold and S. Bleichroeder, Inc. Sanford C. Bernstein & Co., Inc. 

William Blair & Company Bkean Murray, Foster Securities Inc. 

D.A. Campbell Company, Inc. Cowen & Company 

Gabelu & Company, Inc. GBM International, Inc. INC (U.S.) Securities Corporation 
Janney Montgomery Scott Inc. Johnson Rice & Company 

Kemper Securities, Inc. Ladenburg, Thalmann & Co. Inc. Piper Jaffray Inc. 
Principal Financial Securities, Inc. Raymond James & Associates, Inc. 

The Robinson- Humphrey Company, Inc. 

Wheat First Butcher Singer 

May 1994 


Furman Selz 

Incorporated 


Tucker Anthony 

Incorporated 

Wood Gundy Corp. 



Job switch 
for Credit 
Lyonnais 
director 


By David Buchan 
In Paris 


Credit Lyonnais yesterday 
announced that Mr Francois 
Gille would relinquish his 
duties as one of its two man ag - 
ing directors to focus on the 
bank’s legal problems over & 
Swiss bankruptcy inquiry into 
Sasea. 

The Swiss group is a bolding 
used by I talian cheats of the 
state-owned Credit Lyonnais 
to buy MGM, the Hollywood 
studio. 

A Swiss magistrate has sin- 
gled out Mr Gille - together 
with Mr Jean- Yves Haberer 
who ran up huge losses as 
Credit Lyonnais's president in 
1988-93 - in his inquiry into 
whether the French back was 
partly to blame for the Sasea 
bankruptcy. 

But Mr Jean Peyrelevade, 
Crtdit Lyonnais’ new presi- 
dent, dear that Mr Gille 
was neither being pushed 
aside nor was to tor the 
“origin® of the bank's Sasea/ 
MGM problems. 

When he announced Credit 
Lyonnais’ radical restructur- 
ing last month, Mr Peyrele- 
vade shielded Mr Gille from 
press questions about the lat- 
ter’s responsibility under Mr 
regime. A parliamentary 
hupnry into Credit Lyonnais is 
due to start this month. 


Dow Jones in 
sponsored 
videos move 


By Raymond Snoddy 


The world of public relations 
and corporate sponsored 
videos is joining the 
multimedia revolution. Medi- 
alink, the international video 
public relations company and 
the Multimedia Division of 
Dow Jones will announce 
today plans to deliver spon- 
sored videos to the desktop 
computers of professional 
investors. 1 

Under the deal, business 
organisations will be able to 
transmit information on new 
products, corporate announce- 
ments or annual meetings 
to subscribers of the 
new Dow Jones Investor Net- 
work. 

The video network launched 
last September is aimed 
mainly at research analysts 
and portfolio managers and 
according to Dow Jones is 
already available to “more 
than 300 professionals”. 

Reuters, the news and infor- 
mation group is launching a 
similar service in Europe next 
month aimed at the foreign 
exchange and debt markets. 

Like tiie Renters service, the 
Dow Jones Network only 
offers a burst of video when 
there are events that are 
potential market movers. 

Medialink is paying Dow 
Jones Investor Network to 
broadcast its video informa- 
tion, subject to the normal 
rules of decency and legality. 

“This is a way for companies 
to get specific messages to the 
investment community with- 
out any outside editorial con- 
trol,® said Mr Simon Langdon, 
dir ector of business operations 
for the DJIN. 

The president of Med i altak , 
Mr Laurence Moskowfe, yes- 
terday described the exclusive 
deal as “an historic , event for 
the public relations and inves- 
tor relations industries. ” 


Taiwan group files actions 
against Intel chip patent 

^ Facing a likely legal chal- to interviews last Sept 


By Louise Kahoe 
In San F rancisco 


United Microelectronics, a 
Taiwanese semiconductor man- 
ufacturer backed by the 
Taiwan government, has filed 
actions in Taiwan and France 
disputing a critical micropro- 
cessor patent held by Intel, the 

world’s largest chip maker and 

the dominant supplier of 
microprocessors to the per- 
sonal compute- industry. 

The UMC actions coincide 
with the long-delayed introduc- 
tion by the Taiwanese com- 
pany of a “clone” of one of 
Intel’s top-selling microproces- 
sors, the Intel 486. 

Intel rnakps about 80 per cent 
of microprocessors that go into 
PCs and has vigorously 
deFended its property rights 
against other makers. 


Facing a likely legal chal- 
lenge from Intel, UMC took 
pre-emptive action, said Robert 
Tsao, UMC chairman, applying 
in France and Taiwan to have 
one of Intel’s patents invali- 
dated in those countries. 

Mr Tsao said UMC Intends to 

file similar actions in other 
countries. “Anywhere they 
have 338 patent registered, we 
will invalidate it,” he said. 

Intel prffic fata in the US said 
they have had no official con- 
tact with UMC. But the US 
company plans to obtain sam- 
ples of the UMC chips and will 
analyse them to determine if 
there is any infringement of 
patents or trade secrets. 

Intel said it has broad inter- 
national patent protection on 
its microprocessors and that 
UMC is not licensed to use any 
Intel technology. 


In interviews last September, 
UMC officials said they would 
not sell In the US market when 
they introduced their micro- 
processor chip. In order to 
avoid legal challenges from. 
InteL 

The primary target of UMGs 
efforts is Taiwan’s large per- 
sonal computer “motherboard? 
industry. Dozens of Taiwanese 
companies produce the main 
circuit boards that go 
personal computers Iter Us and 
European computer compa- 
nies. 

The UMC chip, called the 
U5S “Green Chip", is a rela- 
tively slow version of a 486 
microprocessor, suitable for 
low-end personal computers. 
UMC said that it expects sales 
of its new chip to reach 
T$800m ($30m) this year and 
T$2bn next year. 


Federated Stores 48% ahead 


By Richard Tomkins 

in New York 


Federated Department Stores, 
the US retailer trying to gain 
control of the bankrupt R.H. 
Macy group, yesterday 
reported a 48 per cent jump in 
net profits from $21.7m before 
extraordinary items to saaftm 
for the first quarter, ended 
April 

Some of the Increase was 
attributable to a 4 per cent 
increase in sales from $1.59bn 
to $l.65bn, but most of it 
resulted from efficiency 
improvements. Selling, general 
and administrative expenses 
fell from 3LS per cent of sales 
last time to 328 per cent 

Turning s per share rose from 
17 cents before extraordinary 
items to 25 cents. 


Mr Allen Questrom. Feder- 
ated’s flimirman and chief exec- 
utive, said the profits increase 
was largely due to progress in 
reducing expenses, derived in 
part from investments in tech- 
nology that had brought 
improvements in productivity. 

“We are pleased with our 
ability to continue to get more 
productivity out of the busi- 
ness. which is integral to our 
efforts to drive sales by offer- 
ing better assortments, selec- 
tions and value to our custom- 
ers,” Mr Questrom said. 

Federated operates 220 stores 
in the US, including the 
Bloomtogdale’s and Abraham 
& Strauss (A&S) chains. It 
believes a takeover of the rival 
R. H. Macy group would pro- 
vide it with long-term profits 
growth because merging the 


two empires would provide big 
opportunities for productivity 
improvements. 

R. H. Macy is currently in 
Chapter li bankruptcy protec- 
tion. and Federated has filed a 
rescue plan that would give it 
control of tire company. But Its 
plan has to compete with oth- 
ers submitted by Macy’s exist- 
ing management and the offi- 
cial bondholders’ committee, 
and It is not yet dear which 
will succeed. 

Mr Cyrus Vance, the court- 
appointed mediator between 
Macy’s creditors and those 
putting forward the rescue 
plana, {s holding riififtnanlntifi 

between the parties in the 
hope of lining up support 
for a single reorganisation 
plan that can then be put 
to a vote. 


New fund to target Vietnam 


By Victor MaBet in Bangkok 


A new international fund 
which aims to raise up to 
$100m for investment in Viet- 
nam will be launched at a 
Japan roadshow next week 
before being offered to inves- 
tors in the US and Europe, the 
managers said yesterday. 

The management company 
of the Vietnam Frontier Fund, 
which is to be listed in Dublin, 
is 70 per cent controlled by Fin- 
ansa Thai, a Bangkok-based 
merchant banking group, 20 
per emit by stockbrokers HG 
Asia, and 10 per cent by NX 
Oanh Associates of Vietnam. 


Among the directors are Mr 
W illiam Colby, former head of 
the US Central Intelligence 
Agency, and Mr Nguyen Kuan 
Oanh, a former minis ter in the 
South Vie tnames e regime and 
adviser to the present Viet- 
namese communist govern- 
ment. 

If successful, the new 18-year 
fund will be the fourth such 
group targeting Vietnam; the 
other three have raised some 
8170m, but finding viable 
investments in Vietnam has 
proved a slow process and 
investors in the latest fund will 
pay out only 50 per cent of 
their commitment at the start 


The fond, which is to be mar- 
keted by Nomura in Japan and 
by HG Asia elsewhere in the 
world, will attempt to take 
advantage of Vietnam’s rapid 
economic growth by investing 
in a range of property, 
industrial, mining,- infrastruc- 
tural and other projects. Hus 
will include companies being 
privatised or partly privatised 
by the Vietnamese govern- 
ment 

"This is the first institu- 
tional fond that is being tar- 
geted at Japan and the US as 
well as Europe,” said Mr 
George Morgan of HG Asia in 
Bangkok. 


Finland to cut stake in 
Valmet with share issue 


By Christopher Brown-Humes 
in Stockholm 


Valmet, the Finnish paper 
machinery and engineering 
group, yesterday announced 
plans for an international 
offering of up to 7m new 
shares. 

The move, which could raise 
around FM700m ($l29.&n), con- 
tinues the government's priva- 
tisation programme and would 
cut state ownership in the 
group fronn 73 to 61 per cent 

Valmet has said the offer 
will strengthen its balance 
sheet expand its fiharahnidor 
base, and increase liquidity in 
its shares. 

The size of the issue and pri- 
cing wifi be finalised after an 


international roadshow later 
this month, if demand exceeds 
7m shares, the state has agreed 
to sell lm Valmet shares, 
reducing its holding forther to 
56 per cent The shares have 
recently been trading at 
FM100. 

Valmet is one of the world's 
leading suppliers of paper 
machinery. Last year profits 

after ftnftrarial i tems amo unted 

to FMlOOm on sales of 
FMlO.Tbn. A further improve- 
ment is expected this year. 

Valmet's share capital will 
rise to FM851m from FM711m 
if the share offer is fully sub- 
scribed. Merrill Lynch Interna- 
tional is global co-ordinator to 
the offering and Mandatum & 
Co is domestic lead manager. 


Conrad Black 
paid C$2.4m 
at Hollinger 


By Robert Gibbons 
in Montreal 


Hollinger. the Canadian 
newspaper holding company, 
s«id its chairman Mr Conrad 
Black received C$2.4m 
(USS1.7U) in remuneration in 
1993. It added that his 
wife, journalist Barbara Amiri, 
was being nominated to the 
board. 

Mr Black has a 45.4 per cent 
controlling interest in 
Hollinger. He received a 
C$l. 56m base salary, plus 
C$282,000 bonus and C$581,000 
in other compensation. 

Hollinger said Us executive 
pay is tied to comparable US 
media companies. 


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INTERNATIONAL CAPITAL MARKETS 




t Bundesbank rate cut sparks rallies across Europe 


aneaj 


mam 


Bbi 

v >;.4B 


CvC 


l-fcy 



By Sara Wabb fri London and 
Patrick Harveraon fan Now York 

The Bundesbank cut its key 
interest rates by a generous 50 
basis points, prompting a wave 
of interest rate cuts across the 
continent by other European 
central banks and triggering 
rallies in the European govern- 
ment bond markets. 




BONDS 

The German central bank 
lowered its discount rate, 
which provides the effective 
floor for money market rates, 
to 4.5 per cent from. 5.0 per cent 
while the Lombard rate was 
cut from 6-5 per cent to 6.0 per 
cent. 

The central banks of France. 
Italy, the Netherlands, Bel- 
gium, Austria awl Denmark ell 


eased interest rates during the 
day, sparking gains particu- 
larly among shorter-dated 
issues with the result that 
many of the European yield 
curves steepened. 

But while bond markets ral- 
lied initially, profit-taking later 
eradicated some of the gains, 
and towards the end of the ses- 
sion, dealers noted that Euro- 
pean markets were once again 
focusing on the US Treasury 
bond market, awaiting a move 
by the US Federal Reserve. 

German government bonds 
ewdpri the day Twi«»d with the 
short and ultra-long dated 
Issues closing higher on the 
day, while 10-year bonds were 
either unchanged or slightly 
lower. The bund market rallied 
ahp-Hij of the Bundesbank coun- 
cil meeting, then dropped back 
on profit-taking before recover- 
ing in the afternoon. 

The Liffe June bund future 


contract ended down 0.04 at 
95.02 while the DTB’s June 
medium-dated Bobl future 
ended up 0.17 at 100.50. 

The Bank of France cut its 
intervention rate by 10 basis 
points to 5.5 per cent first 
thing yesterday morning, fol- 
lowing Tuesday’s cut in the 
German repo rate and pre- 
empting the Bundesbank's dis- 
count and Lombard cuts. 

French government bonds 
rallied, and dealers said the 
market could now expect to see 
a further snip in the interven- 
tion rate early next week. The 
Matifs notional bond futures 
contract settled up 0.50 at 
120 . 20 . 

■ Italian government bonds 
opened on a firm note, pleased 

With the r rrmfvrrn r w nw it of Hip 

new cabinet on Tuesday even- 
ing and more significantly 
with yesterday's half-point cut 


in the discount rate from 7.5 
per cent to 7.0 per cent 

Short-dated issues showed 
the strongest gains while the 
Liffe BTP future ended down 
0.20 at 111.85 after profit-taking 
by traders and investors. 

Mr Steven Dulake, bond ana- 
lyst at Paine Webber, said the 
appointment of Mr Dini as 
treasury minister - as had 
been expected by the market - 
was good news: “He is indepen- 
dent with no overt alliances 
and is a well-respected techno- 
crat,” said Mr Dulake. 

■ Of all the European mar- 
kets, Spain continued to under- 
perform as political worries 
and scandals dogged the band 
market The bond futures con- 
tract ended half a paint lower, 
and analysts predicted that the 
shakeout was likely to be pro- 
longed. “Politics are really call- 
ing the tune, 1 * said one dealer. 


■ The gilt market closed 
firmer as the market kicked off 
on a strong note, and then 
made further gains on the back 
of the interest rate cuts in 
Europe. As on the continent, 
the short-dated issues were the 
main beneficiaries, gaining % 
of a point on the day, 

■ Japanese government bond 
prices rallied as money market 
interest rates declined further 
and the bond market saw 
strong domestic demand 

The overnight call rate fell to 
a historic low of 2£ per cent, 
encouraging talk in the market 
of an official discount rate cut. 
The JGB futures contract 
opened at 112 .60 and reached a 
high of 113.06, ending Tokyo 
trading at 112.95 and trading at 
113.00 in London. 

■ US Treasury prices were 
mixed yesterday morning as 


the bond market pondered a 
cut in German interest rates 
and nervously awaited the 
afternoon auction of S12bn in 
new 10-year notes. 

By midday, the benchmark 
30-year government bond was 
down £ at 84g, to yield 7.527 
per cent Prices were margin- 
ally firmer at the short end of 
the market, however, with the 
two-year note up & at 985a, 
yielding 6.097 per cent. 

At the opening of trading, 
the market was temporarily 
lifted by a higher dollar, which 
rose after the Bundesbank rate 
cut. Prices at the long end 
eased later In the morning, 
however, as traders and inves- 
tors struggled to digest the 
implications of the cut. 

Trading was also affected by 
a reluctance of many partici- 
pants to commit to the market 
ahead of the afternoon 10-year 
note auction. 


India takes tough 
line on companies 
seeking capital 


EIB launches L300bn offering 


NEW INTERNATIONAL BOND ISSUES 


By Antonia Sharpe and 
Conner Middelmarm 

Sweeping interest rate cuts 
across Europe encouraged sev- 
eral top-quality borrowers to 
tap the international bond 
market in a variety of curren- 
cies yesterday. 

The European Investment 
Bank launched its expected 
Eurolira offering, raising 

INTERNATIONAL 

BONDS 

L300bn through 10-year Euro- 
bonds callable at par after five 
years. Joint lead manager Cre- 
dito Italiano said the bonds 
sold quickly to domestic retail 
investors. When they were 
freed to trade, the bands were 
quoted at 98J0, 20 basis points 
within fees. 

SNCF, the French state rail- 
way. also tapped the Eurolira 
sector but syndicate managers 


WORLD BOND PRICES 


BENCHMARK QOVERNMENT BONDS 


Australia 
Belgium 
Canada * 
OormorW 
Franco 

Germany 

Italy 

Japan 

Netherlands 
Spain 
UK Gits 


USTraaewy- 5.875 02AM 

ft9«l 08/23 
ECU (French Govt} BOOT 04AM 

London daring. -Now York mU-dsy 
T (tan (ndudhg waiftuM n g tax at 125 per < 
PHc*: US. UK h 32nda. ohtn In decfend 

US H IT EH E S T RATES 


taker tan itat . 

fedJmda 

FdUnfcatMv 


BOND FUTURES AND OPTIONS 

France 

■ NOTIONAL FRB4CH BOITO FUTURES frPVTlF) 
Open Sgttprloe Change Mgh 

Jwi 12028 12020 +050 12040 

Sep 110.30 11028 +0.62 11038 

Dec 11 ft. 38 11032 +080 118.48 


said its deal proved less popu- 
lar because of the 12-year 
maturity, even though the 
bands are callable at par after 
five years and annually there- 
after. in the late afternoon, the 
bonds were trading at 9850, 10 
basis points within tees. 

Credito Italiano said persis- 
tent demand from Italian 
investors for callable bonds 
was likely to attract more bor- 
rowers to raise funds through 
this type of instrument 

After absorbing a steady 
flow of issues in recent days, 
the Euroyen sector saw a 
Y50bn offering of five-year 
bonds from Baden Wflrttem- 
berg L-Finance, a financing 
subsidiary of Germany's 
LrBahk. Lead manager Merrill 
Lynch said the deal met good 
demand from European, US 
and Japanese investors. 

Extra Bank became the first 
Japanese government-guaran- 
teed Issuer to do a fungible 
transaction when it raised 


Y30bn by reopening its out- 
standing Y75bn offering of 
10-year Eurobonds launched 
last September. Lead manager 
Nomura said half the bonds 
went to investors in non-Japan 
Asia and the rest to European 
investors. 

Sweden also reopened its 
benchmark S2hn offering of 
Eurobonds due December 1995 
to raise a farther JSOQm. Lead 
manager J. P. Morgan said the 
maturity of the bonds coin- 
cided with that of a large Ecu 
denominated syndicated loan 
which Sweden took out in 1992 
and which it was in the pro- 
cess of repaying. 

KfW, Germany's triple-A 
rated reconstruction agency, 
issued C$150m of 5 '4-year 
bonds which lead manager 
ABN Amro said were largely 
targeted at continental Euro- 
pean retail investors who are 
likely to want to roll over their 
Canadian dollar bonds when 
they mature. Redemptions are 


Doc.1995 undtad. 
May 1889 undo*. 
May 1963 D.75R 


Jim 1999 020 


Sprawl Book rwinar 

j.P-Morgan Sacs. 

- Marti Lynch HL 
Morgen Startay ML 
Morgan Stanley InM. 

- Trinkaus a Burhhanft 
Mane Lynch/MhSLtt.Fin 


Borrower m. % % to 

US DOLLARS 

Kingdom of Swedenfa) 500 5.5 B9£0 Doc.1995 undtad. - J,P_Morgan Sacs. 

Merrfl Lynch & Co4 250 fg) 99.90R May 1969 undtad. - Marti Lynch HL 

Fetoon 64 Ud/OxpfrK 1055 <hW 0 6B0R May 1969 0.75R - Morgan Startoy ML 

Falcon 94 Ud/CotpQft 555 99-79R May 2001 0.75R Morgan Stanley I ML 

O-MARKS 

Deutsche Ausgleichatanfct 400 (b) 100 Jim 1999 0l2O - TiWtaus & Burhhaittt 

van 

Baden Wuerttemtag LFhance 50bn 3.75 S955R Jim 1969 0.250 Manta Lynch/Mftsto.Fin 

Export -Imp. BK. erf Japanfrfr 30ton 4J7S 101.75R OcLZMB 0525ft +1 1 71+V>% -03} Momma hmamaaonal 

CANADIAN DOLLARS 

KFWtd) ISO 85 1000 Dec. 1999 O27S0 +20 (5*14-90) ABN Amro 

ITALIAN LIRE 

European investment Bk.(e) 3O0bn 9.125 100.60 June 2004 - Banco dl Roma 

SNCFffl 150bn fl-2 100.70 June 2006 250 Cradto ItaBano 

Final terms and non-cabbie unless stated. The yield spread (over relevant government bond) at launch is supplied by the lead 
manager. itPrivsta placement. gComssnlble. <J>Wlth equity w ar r an ts. sFkHdng rata note. tSernl- annual coupon. R: fixed re-offer price; 
fees are shown at the re-offer level. 4 Fmglbtfi ao days after payment wtth outstandfeg $2bn deeL Pfua 175% accrued Interest d) 
Coqxxi pays 3-month DM Ubor flat, e} Fungible with outstandng Y75bn deal an 1.1054. Short flral coupon. Speed rotates to 
Japanese Gov. Bd. No. 157. d) Short feet coupon. Spread (dates to Canadian Gov. Bds. e) CbMjIu on 15550 at par. I) Cobble on 
22.869 at per and annually thereafter, g) Coupon pays 3-month Lfcar + 025%. h) Tranche A erf SI 61m Asset-Becked FRN. Coupon 
pays 6-month Ubor + 050%. Q Tranche B. Coupon pays 6-month Libor + 0.70%. 


By Staten Wagatyi 
tn New Delhi 

India yesterday announced 
tough new guidelines for 
Indian companies tapping the 
international capital markets 
in an effort to channel funds 
into priority areas such as 
power, high technolog}' and 
industrial modernisation. 

The guidelines codifr and 
extend ad hoc decisions the 
finance ministry has made 
since Indian companies were 
first permitted to launch inter- 
national issues in late 1992 as 
part of economic reforms. 

In the most significant mea- 
sure. the ministry will permit 
companies to borrow only for 
three specific purposes - the 
financing of capital goods 
imports, the financing of 
domestic plant purchases and 
its installation, and the repay- 
ment of earlier foreign loans. 

Companies will therefore not 
be allowed to raise money sim- 
ply to increase cash holdings 
or to repay domestic borrow- 
ings. as some companies which 
have raised funds in the post 
18 months have done. 

The ministry has been con- 
cerned about reports of compa- 
nies using the proceeds of 
Euroissues to invest in the 
domestic stock market. Compa- 
nies will be permitted to retain 


Euroissue proceeds abroad 
only for specific purposes. 

Companies in low-priority 
industries such as consumer 
goods and financial services 

will need Foreign Investment 

Promotion Board approval for 
Euroissues. Companies in 
power and other high-priority 
sectors will not require such 
approval. 

To avoid increasing India's 
external debts, companies will 
not normally be permitted to 
issue convertible bonds unless 
the proceeds are used to 
restructure existing debts. 

Companies will be permitted 
only one issue for every finan- 
cial year and the large group- 
ings which dominate Indian 
industry will be allowed only 
two issues per grouping. There 
will also be a minimum gap of 
12 months between two issues 
by tbe same company. 

The government toyed with 
also placing a cap on the total 
amount to be raised through 
Euroissues in the current 
financial year, which started in 
April - perhaps at S2.5bn. the 
amount raised m 1993-91 

But the recent postponement 
of the Si bn issue planned by 
VS ML, the international tele- 
communications carrier, has 
forced some other potential 
issuers to reconsider their 
plans. 


Trizec holders lose argument 


likely to be particularly heavy 
in June. 

However, other syndicate 
managers said the pricing of 
the bonds should have been at 
least five basis points wider 
and added that the timing was 
poor, coming before today's 
Ascension Day holiday which. 


will dose many parts of conti- 
nental Europe until Monday. 

Few new issues are expected 
today or tomorrow due to the 
holiday. Up to 40 syndicate 
managers are also due to fly to 
Marbella tomorrow for a week- 
end of golf and tennis, organ- 
ised by Lehman Brothers. 


• The Province of British 
Columbia yesterday signed a 
S2bn multi-currency Euro-debt 
issuance programme arranged 
by l-ghman Brothers. Notes to 
be issued have been rated dou- 
ble-A one by Moody's and dou- 
ble-A plus by Standard & 
Poor’s. 


Junior debt holders of Trizec. 
the North American property 
group, have failed to halt the 
company's refinancing pro- 
gramme, writes Robert 
Gibbens from Montreal. 

An Alberta court rejected 
their argument that they 
should be given more time to 
negotiate a better deal as part 


of the refinancing. Trizec has 
already settled with the senior 
debt holders. 

Trizec is now expected to 
post to shareholders details of 
the refinancing, which binges 
on a CSGOOm cash injection by 
Horsham, a holding company 
controlled by Mr Peter Munk, 
the Toronto financier. 


Red 

Date 

Price 

Day’s 

change 

Yield 

Weak 

ago 

Month 

®9° 

08703 

104,6000 

-0.320 

676 

677 

7J98 

04AM 

963500 

+0.410 

7.40 

7.50 

7.13 

08AM 

867500 

+0450 

649 

635 

793 

12AM 

B7J6SO0 

+OjSOO 

742 

752 

688 

06798 

106.2500 

+0^50 

616 

R3? 

694 

04AM 

868100 

+0-200 

6L95 

705 

655 

09/03 

100.0000 

+0080 

8.64 

657 

621 

01AM 

965000 

-0410 

oast 

9.14 

670 

08/99 

1066080 

- 

jlgQ 

633 

3J32 

06/03 

1067520 

— 

694 

SSB 

4.01 

01704 

963800 

+0480 

670 

660 

639 

10/03 

MMJ500 

-0.400 

9JM 

671 

68S 

08799 

92-11 

+12/32 

7^1 

7.77 

7.17 

11AM 

80-28 

+9732 

621 

612 

722 

1Q/Q6 

105-19 

+4/32 

633 

623 

7,60 

02/04 

88-29 

+7/32 

734 

7.10 

601 

08/23 

BA-29 

+5/32 

7 £3 

7.22 

724 

04AM 

905400 

+6390 

7.37 

753 

691 


Italy 

■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 
[UFFEJ- Ura 200m lOOttw of 100% 


FT-ACTU ARIES FIXED INTEREST INDICES 

Price Indices Wed Day's Tue Accrued 

UK Qite May 11 change % May 10 Werea 


— Un> coupon yMd — — Medhim coupon yield — — Hlsh coupon yMd — 
May 11 May 10 Vr- ego May 11 May 10 Vr. ago May 11 May 10 Vr. ago 


Open 

Sett price 

Change 

Mgh 

Law 

EsL vol 

Open M. 

1 

Up to 5 years £3 

122.49 

+027 

122.10 

1.89 

434 

5 yre 

7.B5 

726 

7.07 

606 

617 

737 

616 

627 

759 

11665 

11129 

-618 

11225 

111.65 

83957 

77797 

2 

5-15 years (23) 

142A3 

+649 

141.74 

131 

632 

15 yrs 

623 

628 

8.02 

632 

638 

645 

663 

8.69 

8.70 

111^2 

111J3B 

-0.19 

111.80 

111.07 

1523 

3511 

3 

Over 15 years (9) 

mio 

+0.45 

15938 

2.49 

4.06 

20 yrs 

823 

828 

825 

632 


655 

648 

653 

8.75 






4 

Irradeemotoiee W 

18027 

+039 

17937 

0A1 

612 

brari-T 

832 

635 

8.C1 








ITALIAN GOVT. BOND (HIP) FUTURES OPTIONS (UFFQ Ura200m lOOths of 100% 


Strike 

Price 

Jun 

■ CALLS 

Sep 

Jun 

- PUT8 

Sep 

11150 

020 ’ 

2.10 • 

051 

234 

11200 

683 

1-88 

674 

2.82 

11290 

642 

1.88 

133 

3.12 


i by nonreokfenM 


YWOk Local markM standard. 


AuDcUSHtniaM 


Treasury BBs and Bond Yttde 


OMmarti 

TUB ndi . _ 

4.11 

434 

Ttao year 

610 

640 

Ttaremorth 

rexmutt 

— 420 

431 

Hwi yrar 

id- year 

631 

7-S» 

Oaerear 

5L44 

SMear 

740 


Eta. vol tom Crib 2029 Pda 1271. Previn* otayre open M. Ctfe 79873 Pun 74833 


Spain 

■ NOTIONAL SPAM8H BOW FUTURES (MffF) 

Open Sea price Change High Low Est voL Open Int 
Jun 98.40 9551 -0-46 96-40 85.33 82.110 114,064 

Sep 95.30 94.65 +0.65 9550 9550 343 1581 


■ NOTIONAL UK OUT FUTURES [LIFFE]- E50.000 32nd» of 100% 

Open Settprioe Change High Low EsL vol Open Ire. 
Jun 103-29 103-22 +0-07 104-07 103-14 00527 124310 

Sep 102-24 102-22 +0-10 103-00 102-24 154 398 

■ LONG Q0.T FUTURES OPTIONS (HTFE) CSOOOO 64170 at 100% 

Slit® CALLS ■■ ■ ■ PUTS - ■ 


5 AS stocks (60) 


6 Up lo 5 years (2) 18456 +0.12 18456 0.54 

7 Over 5 yam (11) 17674 +050 17856 0.95 

8 All stocks (13) 17670 +619 17637 050 

Dwbontawa and U— 

9 Data & Loans (78) 13034 +059 129-46 ZAO 

Average grow rwVmpOon yivltH am drawn abovm. Coupon Bands: Low; 0?t-7*ta; 


2.53 Up to 5 yrs 
158 Over 5 yra 
1.77 


Inflation 5% 

May 11 May 10 Vr. ago 

650 353 2.75 
3-50 3.60 359 


- — Inflation 10% 

toy 11 May 10 Vr. ago 

257 2.61 1.95 

3-41 642 642 


5 year yield 15 year yMd 26 year yield 

May 11 May 10 Yr. ago May 11 May 10 Yr. ago May 11 May 10 Yr. ay 

4.17 956 9.49 055 958 9.45 9.52 933 641 9.67 

Mwfuir SMriOWfe.- rt^t im ana amr. t Ftar r+ota ytd year to an. 


FT FIXED INTEREST HI DICES 

May 11 May 10 May 9 May B May 5 Yr ago High- Low 


GILT EDGED ACTIVITY INDICES 

May 10 May 9 May 6 


May 11 May 10 May 9 May B May 5 Yr ago High- Low May 10 May 9 May 6 May 5 May 4 

Govt Secs. (UK) 9677 9X45 9620 9666 9427 94.92 107.04 9620 GBt Edged batgakn B67 73.4 1045 1033 95.1 

Fixed Merest 11148 11092 112.15 11251 11258 11696 13687 11692 5-day overage 960 92.5 95.4 97.4 100.1 

■ for IBM. O oeemrewv 8ea*tta Ugh pnee completio n: 127.40 ffnraSL low 49.18 C3A/7SJ. Ftod Imeraet Mali ifctoe aomowion. 133.87 (2i/iree , low 5053 {3/1S79 ■ Ban lOfc QoMameni Secunaaa 15/1&' 
28 >nd Rmd kmraat 1B28. SC aczwtty htkw raboed 1B74 


FT/ISMA INTERNATIONAL BOND SERVICE 


Used m ho blest I 


Hand bonds tar wflldi there is an adequate eaoentay mertoat Latest prices at TOO ten on May 11 
taaued Bid OOir Chg. Vtakt tnuod BU OBar Chg. 


Low 

Est uoL 

Open tat 

Strike 


CALLS 

11678 

190.695 

113.469 

Price 

Jun 

Sep 

119.00 

4,763 

17.173 

103 

1-18 

2-28 

118.10 

3353 

3329 

10* 

0-48 

2-00 

106 

0-24 

1-30 


U6 DOLLAR STRAIGHTS 
Abtet Nd Treasury 6*2 CQ _ 

Atart3Fnm»9^B5 

Auara 00 

BW cl Tokyo 8% 96 


. 1000 90^ 

- 600 IM 

_ 400 104^ 

- 100 103 


104^ 

106 +^ 
MB’# 


■ LONG 71 

Strike 

5RMFRENC 

H BOND OP 

— CALLS 

TtONS (MATH-) 


— PUTS — 


Eta. wL Uta, Cafe 11887 Rita <792. Previous day 

1 span *o . 

CafeSCI70 

D Puts 73208 

BalBHn8%® 

BFCE 7% 97 

290 

150 

1® 

102 

10% 

102% 

ft 

ft 

ft 

119 

133 

1-88 


0L3Q 

1-84 






Canada 9 B6 

10® 

104% 

69% 

10ft 


ISO 

084 

1.43 

- 

060 

228 

" 

Ecu 




Cl*w6%04 

TOO 

65% 

85% 

ft 








■ ECU BOND FUTURES (MAT1F) 




Counci Bitpe B ® — 

1® 

102% 

103% 


123 

QOS 

0A2 

- 


- 

- 

Open Sett price Change 

H0h 

Low 

EsL vol Open m. 


10® 

iQB 
90 « 

106% 

88% 

ft 

EaL ml renal. Cafe 21.776 

Putt 46868. 

Preitoui daYs open W, Cafe HEJ£0 Pitt 34S304. 

Jin 87.04 8722 +080 

8733 

8&B8 

2.090 8,797 

ECSC 8% 06 

193 

103 

103% 

ft 


Germany 

■ WgnONAL GERMAN BUM3 FUTURES (UFF^- DM250500 looms of 100% 

Open Sea price Change ttgh Low EaL vol Open Int. 
Jwi 0630 94.99 -0.07 9557 94.66 238960 199298 

Sep 9600 94.49 -0.05 9600 9450 3479 19932 


■ US TREASURY SOWS FUTURES pBI) SlMXQOO 32ndaat 100% 


■ BUND FUTURES OPTIONS (UFFQ DM250JXM poMx ol 100% 


Strike 

Price 

Jun 

Jul 

CALLS — 

Aug 

Sep 

Jiai 

Jul 

PUTS 

Aug 

Sep 

9490 

024 

1.03 

124 

124 

025 

124 

125 

125 

9500 

0.54 

0.70 

1.11 

129 

055 

129 

1.62 

1.80 

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0.31 

0.50 

091 

128 

082 

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229 


E*. koL tour, cab 20118 Puts 23292- Piwleut dWa open W. Cab 318402 Ruu 20*335 

» MOTIONAL MBXUK TERM GERMAN GOVT. BOND 

POBLMUFFB* DM2SQJ00 lOOjta of 100% 

Open Sett price Change High Law EaL vol Open Im. 
Jun - 100.44 +0.11 - 0 1773 


UK GILTS PRICES 


High Low Eat. wed. Open Int 
103-08 102-24 537.474 427.152 

102-09 101-25 11.467 86224 

101-23 101-10 434 36384 


Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

(UFFq YIOOtTi IQOthe Of 100% 

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Toyota Motor ft 96 

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SlRMOHr BQMNi Hie )taU ta tae ytaH Is lodeupten rt » bkHtacnc lie nmauni reuen Is h n*m ta eunwey ure. Cho- tareQreg* e" «*sy. 

FUW1MQ were NOlEfii DwriMrt In ddtaa utae etandM kdcatad. Caixn shown a mramum. ScreadJtown renw w+ncrdi ofemd nre gaire+nmn tare* mean re* k» US oarea Cisre.ire aww* 

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rew (fatal price erf eetaMig rtma vta ta bond ore- tan reart m c##w rtnre -wpremmrtBia 

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■ Tae* dock, tt Tw-ree id im iv n u kta mi on re4Ac4 | 1 TI - 6 Aucdon bed*, ml & dhMand. Ooreig inkHHtan or* taiown In ponta. 






20 


FINANCIAL TIMES THURSDAY MAY 12 1994 


COMPANY NEWS: UK AND IRELAND 


J Smurfit falls 27% to 
I£48m but sees upturn 


By Paul Taylor 

Jefferson Smurfit, the Irish 
paper and packaging group, 
yesterday reported a further 
decline in fun year profits but 
expressed confidence that a 
recent upturn in demand for 
cardboard boxes in the US and 
Europe signalled the end of fee 
paper industry’s worst reces- 
sion for 60 years. 

Pre-tax profits in the year to 
January 31 foil by 27 par cent 
to I£47.8m (£46. 6m). against 
I£65.8m restated for FRS 3. 

Sales increased by 1&5 per 
cent to I£1.47bn (l£1.26bn). 
mainly reflecting the inclusion 
of UK Corrugated, Cundell and 
Irish Paper Products for the 
first time. 

Mr Michael Smurfit, chair- 
man, said the results reflected 
“a further decline in our 
already low prices which was 
mainly the result of continuing 
overcapacity'’. 

The pre-tax figure was 
struck after I£37.6m (I£29.7m) 
of exceptional costs relating to 
the group's share of its US 
associate's $15Qm (£l03m) pre- 
tax charge for restructuring. 


Earnings per share slipped to 
7-2p (7.8p) but the proposed 
final dividend is raised to 
2.7694p, making a total for the 
year up 7 per cent at 4p, 
against 3.74p. 

Operating profit fell from 
Kifldftm to IE75m, of which 
I£4.7im was from acquisitions. 

Net interest receipts dropped 
to I£9.77m (I£L&2m) as net cash 
declined from I£I49.6 zd to 
I£38.4m partly reflecting cur- 
rency devaluation. 

With the exception of 
Ireland, sales volumes declined 
in an countries. 

The combined Ireland/UK 
region, reported an II per cent 
increase in profits to I£23-2m 
on sales which grew by 60 per 
cent to l£557.7m. 

In continental Europe profits 
foil by 63 per cent to l£7.95m 
(I£2l.5m) an sales down by 7 
per cent to I£380m, but Mr Kay 
Curran, chief financial officer, 
said European price trends 
were now looking “much more 
positive”. 

The Latin American 
operations continued to gener- 
ate the lion's share of trading 
profits although their contribu- 


tion foil by 14 per cent to 
I£50m. 

In North America JSC/CCA. 
the associate set up through a 
leveraged buy-out in 1989, 
reported increased losses of 

I£14.7m Q£L08m). 

JSC completed the first stage 
of a two-part refinancing aimed 
at raising $2-45bn yesterday 
Including a S260m public 
equity offering. 

• COMMENT 

Smurfit's management gave an 
upbeat assessment of prospects 
In both the US and Europe yes- 
terday. In the US, the group's 
most important market, the 
recovery has already eaten up 
spare capacity and price 
increases appear to be sticking 
- every $10 price rise adds $20m 
to Smurfit's bottom line. This 
year pre-tax profits of about 
I£9Sn and earnings of 14p look 
possible but the real advance 
should come raw* year when 
profits could roach I£165m 
producing Mminp; of 23p. He 
shares are trading on a pro- 
spective multiple of 13.6 
against next year's earnings 
and siy«iW be bought or held. 


Two face fraud charges 
after Belling collapse 


By Peggy HoBhrger 

Two men linked to the loss of 
£2~hn from the pension fimd of 
Belling, the cooker manufac- 
turer which collapsed two 
years ago. were yesterday 
charged with defrauding or 
attempting to defraud compa- 
nies arid private individuals in 
the UK and abroad of more 

than CUhn 

The charges follow a 15- 
month joint investigation by 
rtiw Staffordshire police anrt 
Serious Fraud Office into an 
advance fee fraud which is 


thought to cover the US and 
Europe. 

Mr Charles Deacon, a solici- 
tor from Newcastle- 
under-Lyme, and Mr Keith 
Fuller, a business consultant, 
were charged with 16 and eight 
counts of fraud and attempt to 
defraud respective. 

The charges date from 1986 
to 1992 and range from r-Talms 
as gm»n as £100,000 to allega- 
tions that Mr Deacon and Mr 
Fuller conspired to obtain $5m 
from a Finnish food producer. 

The case was t ransf erred to 
the Nottingham Crown Court 


Ex-Celsis chief to sue 
for wrongful dismissal 

grounds on which my employ- 
ment contract could be termi- 
nated without notice.” 

“Unless some of the foun- 
ding shareholders allow execu- 
tive management to manage, I 
fear my head will not be the 
last to roll,” he said. 

The founding shareholders 
are Mr Chris Evans and Mr 
John Morris. Both are non-ex- 
ecutive directors with 26 per 
cent and 17 per cent stakes 
respectively. 

Celsis said that it was “dis- 
appointed” in Mr Martin’s 
statements which would 
“intensify the dispute”. 


By Daniel Green 

Mr Tony Martin, who was 
dismissed as chief executive of 
Celsis, the biotechnology com- 
pany, on March 31, is suing 
the company for wrongful dis- 
missal and defamation. 

A statement issued on his 
behalf said tha t “although his 
lawyers had tried to negotiate 
terms with the company, he 
was afraid that discussions 
had made little headway”. 

Mr Martin said; “I have no 
alternative now bat to defend 
my reputation and to demon- 
strate that there were no 


$3m first 
quarter loss 
at SeaCon 

Sea Containers, the 
Bermuda-based leisure, ferry 
and container leasing group, 
incurred net losses of $3.l7m 
(£2.17m) in the three months to 
March 31, against profits of 
$7.47m last time. 

The company pointed out 
that the previous figure had 
been boosted by a $10.4m 
exceptional gain from foreign 
exchange ami the sale of a fac- 
tory. It added that underlying 

fiammg s from nnntflinpr leas- 
ing bad grown by $L5m. 

The ferries and ports divi- 
sion incurred increased losses 
of $72Sm ($6 -18m). 

finance costs rose by $9.66m 
to $162m. and losses per share 
came through at 71 cents (earn- 
ings of 34 cents). 


Provisions 

leave 

Bibby £12m 
in the red 

By Peggy Hofrtger 

J Bibby and Sans, the South 
African-controlled conglomer- 
ate, plunged Into the red in 
the 26 weeks to March 26 with 
pre-tax losses of £ 12.4m, 
against profits of £4Jm last 

time. 

The deficit was due to a deci- 
sion to withdraw from the 
agricultural feeds business. 
Bibby last month agreed the 
235m sale of this business to 
Associated British Foods. 

The company suffered a 
£ 12.6m loss on disposal and 
was forced to write off the 
£L5m costs of its aborted plan 
to float the division. 

Mr Bichard Mansell-Jones, 
chairman, had previously imld 
the company would have had 
to take a £35m loss on disposal 
if the business had been 
floated. 

Excluding these charges, 
and a farther 25.2m write-back 
of goodwill, profits after inter- 
est were ahead 65 per cent at 
£74fcn. Sales declined from 

£41 8m to £409.lm. 

The group benefited from, a 
£Mm drop in interest charges 
to £5.8m. Bibby's debt, 
incurred after the ill-fated 
£82m acquisition of Finan- 
zanto, the Spanish Caterpillar 
dealer, fell from £155m to 
£117m. This was largely due to 
disposals in the Caterpillar 
division. 

Mr Mansell-Jones said trad- 
ing in Spain and Portugal 
remained weak In the first 
half. Since February, however, 
there had been “a small but 
significant improvement In the 
order book level for new 
equipment”. The chairman 
said cost-cutting had helped 
the capital equipment division 
to reduce first half losses. 

As forecast the interim divi- 
dend is halved to Ip. There is 
also a special pay-out of 2p 
following tile disposal of the 
agricultural feeds business. 
Barlow Band, which owns 79 
per cent of Bibby, has waived 
its entitlement. 

Losses emerged at 10.7Sp 
(L43p earnings). 


Direct Lin e surges to £40.5i 


By Richard Lappor 

Direct Line, the UK’s leading motor 
insurer, has nearly doubled its share of 
the household insurance market since 
March last year and expanded particu- 
larly rapidly in the six months to March 
3L 

Details emerged yesterday when the 
Royal BaTifc of Scotland subsidiary 
reporte d a nearly threefold increase in 
pre-tax p ro fits to £4d5m (£15mL 
The company said it had experienced a 
surge to growth following the introduc- 
tion of a new rating structure and a mar- 
keting campaign in September 1993, 
underwriting 138,000 new polities in the 
half year to bring its total to 381,000. 

Premium income from household poli- 
ties in c re ase d fay 92 per cent to £4L8m- 
Meanwhile, Direct Line is cousohdating 
its position in the motor market, issuing 
445,000 new policies to the half year and 


reaching 1.56m policies to force by March 
32, aprinti 903,500 a year earlier. Motor 
premium income rose by 66 per cent to 
£2DL4m (£132. 4m). 

Mr Peter Wood, chief executive, said 
that “despite increasing competition to 
the motor and household insurance mar- 
kets during the half year. Direct Line has 
achieved rapid growth to both”. 

Overall income from creditor 

moiniTiiy, premium income rose by 67 per 
cent to £267.7m (£160.6m). 

The company’s operating ratio, an effi- 
ciency indicator which measures rf a bra 
and expenses as a percentage of premi- 
ums, improved by four percentage points 
to 84 per cent. 

In household business, Direct Line’s 
loss ratio - which measures claims as a 
percentage of premiums - fell to SZA per 
emit in the last six months, against 7L8 
pm* cent a year earlier. As the size of the 
company’s portfolio expands, the expense 


ratio -expenses as a percentage of pmat 
runs - has dropped to 21 J per cent (29j 
per cent). 

Further Injections of capital of asm 
were made by Royal Bai& of Scotland “to 
support the company's c o n ti n ued expan- 
sion". 

As well as maintaining the pace of hi 
advance to the household area. Direct 
Line aims to underwrite 2m motor poty. 
ties by the mid of the year. The company 
plans to spend £i8m on marketing tfab 

year, of which £9m wffl be earmarked far 
advertising, against £9JSm last time. 

Mr Wood said that he was considering B 
range of new services and products, a 
new initiative to improve the manage- 
ment and reduce the cost of motor insur- 
ance Is near fruition. 

The company is already issuing pet- 
sonal loans, thro ug h Direct Line Financial 
Sendees, and plans to run a pilot scheme 
to offer mortgages to the summer. 


I DIVIDENDS ANNOUNCED 1 



Currant 

paymert 

Date of 
payment 

Cones - 
ponding 
dividend 

Total 

far 

year 

Total 
tost 
year . 

Avon Rubber . _ 

Int 

5 

July 29 

5 

. 

16.5 

Bibby (J) 

int 

1 

July 1 

2 

- 

2 

Fleming Far East. 

__fin 

1.5 

July 11 

1.1 

1.5 

1.1 

GreonaOs - 

int 

5^34 

Jiiy 8 

5.08 

- 

1236 

Lynx § 

— Jut 

036t 

Aug 10. 

03 

- 

1^5 

REA Hokflngs 

fin 


Aug 31 

4 

4 

4 

REA Holdings 

— fin 


Aug 31 

2 

4 

4 

Royal Bank 

Irrt 

4 

July 21 

3 

- 

11 

Satoabury (J) 

fin 

7.6 

.My 29 

7 J3 

106 

10 

Schroder Sp« — 

Int 

1.8 

June 30 

1.688 

- 

7J2 

Scottish Power fin 

8^7 

Oct 3 

7.43 

12.4 

11.15 

Smifit (Jeff) 

An 

2.769f 

July 4 

5L5Q9 • 

4 

3.74 


Dividends shown pence per share net except where otherwise stated. JOn 
increased capital §USM stock. Ajrtsh pence. ^Second toterim to leu of fine* 
for year to end-Oecember 1982. ^Second interim in leu of final for year to 
end-Oecember 1993. ttEnhanoed scrip dMdend avafiaWe. 


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FINANCIAL TIMES THURSDAY MAY 12 1994 


COMPANY NEWS: UK 


' (abU-s. 

r ! :i •••■ • 


Opportunities seen for expanding non-core activities 

Scottish Power advances 18% 


By Michael Smith 

Scottish Power, the electricity 
company, indicated it saw sig- 
nificant opportunities for 
expanding non-core businesses, 
possibly through acquisition, 
as ft launched the electricity 
sector's preliminary results 
season. 

Pre-tax profits for the year to 
March 31 were up IS per cent, 
at the top end of expectations, 
to £35 1.1m (£297. Im) on turn- 
over of £L57bn (£1.5bn). 

It announced an 11 per cent 
rise in dividend to 12.4p 
(U.15p) with a proposed final 
of 8.27p. Earnings per share 
rose 17.5 per cent to 31. 6p 
(2&9p). 

Market speculation on acqui- 
sitions was fuelled after the 
company said it would not be 
following the lead of other elec- 
tricity companies which are 
seeking to buy back their 
shares. 

Gearing fell over the year 
from 12J* per cent to 0.4 per 
cent. Mr Ian Preston, chief 


executive, said the company 
began with gearing of 50 per. 
cent at privatisation and would 
not feel uncomfortable with 
that In the future. 

He said the company would 
Invest to widen its business 
horizons in the nest few years. 

Analysts yesterday specu- 
lated that Scottish Power may 
seek to increase its interests in 
the gas and telecommunica- 
tions businesses. 

Another possibility was a hid 
for a regional electricity com- 
pany in England and Wales 
after the government's golden 
share in those companies 
expired next April The com- 
pany is not, however, looking 
to expand outride the UK 

The company Is already 
increasing sales of electricity 
in Fin gland and Wales. Capital 
expenditure last year of 
£l5B.lm included £38m an the 
construction of a 40MW gener- 
ating station in Knap ton mil 
completion of improvements in 
transmission links with 
England and Wales. 


Johnson Fry plans 
Euro utilities trust 


By Bsthan Hutton 

Johnson Fry Is hoping to raise 
up to £100m with a split capital 
investment trust specialising 
in European utility companies. 

There will be two classes of 
share. The zero dividend pref- 
erence. with an equivalent 
gross annual rate of 9.46 
per cent, will account for 29 
per cent of the capital at 

launch 

Ordinary income shares will 


account for 71 per cent and aim 
to provide an initial yield of 6 
per cent. 

They will also have some 
entitlement to capital gains at 
the end of the trust's plarmeri 
LO-year life, after the zeros’ 
entitlement has been met 

The public offer for the 
income shares closes on June 
7, and that for the zeros on 
Junes. 

First dealings are expected 
on June 20. 


Hall Engineering in Vietnam 


By Andrew Baxter 

Hall Engineering (Holdings), 
the Shrewsbury-based steel 
products and automotive engi- 
neering group, has become one 
of the first UK companies to 
begin manufacturing in Viet- 
nam. 

BRC Weldmesh, the joint 
venture with BHP Steel 
International of Australia, has 
set up a wholly owned 
subsidiary in Ho Chi Mirih' 


City, Hall said yesterday. 

The move is an important 
element in Hall’s Asian strat- 
egy - it is already strongly rep- 
resented in south-east Asia 
through associated companies 
in Singapore, Hong Kong and 
Indonesia. 

Initially, BRC Weldmesh 
(Vietnam) is taking over pro- 
duction of reinforcement 
spacers for poured concrete 
from -its parent plant in 
Sfiigapore. 


Scottish Power 

Stars price relative to the 
FT-SH-ABecoteftyEndcx 
ltd — —~ 



1991 92 S3 94 

Bourca: FT Grophrtn 

Full utilisation of the 
1600MW links awaits the grant- 
ing of planning permission, for 
National Grid to upgrade its 
England and Wales system. 
Scottish Power is also consider- 
ing the possibilities of increas- 


ing the capacity to 200QMW. in 
the long term a 2000MW capac- 
ity together with a planned 
link with Northern Ireland 
could help it to increase its 
sales of electricity outside Scot- 
land to 40 per cent of the total, 
compared with about 10 per 
cent last year. 

Mr Duncan Whyte, chief 
operating officer, said the com- 
pany may Look at installing 
equipment to generate power 
from gas at Longannet, Fife, if 
limits on emissions of nitrous 
oxide were lowered beyond a 
certain level. 

Highlights of the year 
included a £7m profit in retail- 
ing, against £4m the previous 
year and a £5m loss in 1990. Mr 
Whyte said he expected, a prof- 
itable contribution this year 
from the 50 Clydesdale super- 
stores, which had been bought 
from the receiver. 

The number of people 
employed in the core electric- 
ity business fell by 619 during 
the year to 5.740. 

See Lex 


Chiroscience poised 
for anaesthetic link 


By Daniel Green 

Chiroscience Group, the 
biotechnology company which 
floated in February, said yes- 
terday that it was likely to sign 
i collaborations with large phar- 
maceuticals companies within 
the next few mnntha 

The deal would be to sell 
levobupivacaine. Chirosci- 
ence’s local anaesthetic, which 
has shown improved safety 
over standard bupivacaine in 
dwricaT trials just completed. 

“The deals would probably 
consist of an upfront payment 
and a royalty arrangement,” 
said Mr Nowell Stabbing, dep- 
uty chairman. 

The company is understood 
to be likely to sign a deal with 
one of the few specialist com- 
panies in anaesthetics. They 
could include Sweden’s Astra 
and Zeneca and BOC of the 
UK 

A product could be on sale 
within three years which 
would be initially aimed at tak- 
ing a proportion of the existing 
bupivacaine" market, worth 


SI 00m (£68m) a year. The 
improvements shown so far by 
the new drug suggest it would 
find customers in the wider 
anaesthetic market, worth 
Sl^bn a year in global sales, 
said Mr John Padfield, chief 
executive. 

The probability of the deal 
was outlined at the company's 
annual results presentation. 
There were only 17 days of 
trading between the flotation 
and the end of the company’s 
financial year, so the figures 
were close to what had been 
forecast 

The infusion of cash from 
the flotation took net assets to 
£45m, or G$p per share. 

Spending on research and 
development more than dou- 
bled from £L6bn to £3.7hn as 
the number of staff rose from 
48 to 103. 

Turnover, a relatively unim- 
portant figure for young bio- 
technology companies, 
improved from £l.6m to £2m. 
Pre-tax losses widened to 
£4.27m (£l-25m); losses per 
share were U.9p (6p). 


RTZ puts 
mining on 
par with air 
and water 

By David BlacfcweU 

RTZ, the world's biggest 
mining company, was in good 
shape to benefit from signs 
of improvement in the 
economic outlook. Sir Derek 
Btrkm, chairman, told the 
annual meeting yesterday. 

Sir Derek was presenting 
his last AGM as executive 
chairman, although be will 
remain as chairman. He 
prepared for the onslaught 
of questions and protests from 
action and interest groups 
about RTZ activities by 
suggesting that “mining 
remains as important to every 
day life as the air we 
breathe and the water we 
drink". 

This year the group faced 
a series of questions about 
exploration in Norway and 
Finland, home of the Sami 
people, as well as questions 
on South Africa, Australia, 
Indonesia, the Philippines and 
Cuba. 

Sir Derek said the e me r g in g 
economic consensus was that 
mainland Europe and Japan 
were set to follow the US and 
UK out of recession. The 
former countries were more 
Important markets for RTZ, 
and recovery should lead to 
an improved trading 
environment. 

Metal prices remained 
volatile, but most appeared 
to have stemmed their decline. 
In the first quarto 1 , the 
Economist index of 
non-ferrous metals prices was 
about 8 per cent up on its 
average in the second half of 
last year and only 2 per cent 
below the average in the first 
half. 

Earnings last year had 
proved rerifieut against a 
background of dismally low 
prices, he said, although this 
was to some extent mitigated 
by exchange rate factors. 
Nevertheless, he asked, how 
many other companies could 
withstand a 15 per emit 
decline in average dollar 
prices and emerge stronger? 

The group had also achieved 
fts target of about £9O0m from 
the completion of the disposal 
of its remaining industrial 
products following last year’s 
safe of most of Pillar. 


Exceptional trim Avon 
Rubber 2% to £4.9m 


By Peggy HolUnger 

Avon Rubber yesterday sought 
to offer shareholders the tanta- 
lising prospect of a dividend 
increase for the first time in 
four years as it revealed lower 
interim profits due to further 
restructuring charges. 

Mr Tony Mitchard. the chief 
executive who retires in 
December, said a dividend 
increase would be H a very live 
consideration in December. We 
are more optimistic than we 
have been for a long time". 

The decline in pre-tax profits 
for the six months to April 2 
was from £5m to £A9m after 
taking account of £1.3m in 
charges due to restructuring 
and the loss on disposal of a 
subsidiary. Sales were 3 per 
cent ahead to £137.2m. The 
interim dividend is maintained 
at 5p, payable Grom awrntwp; 
down from I5.lp to I0.6p. 

Mr Mitchard was optimistic 
about the full year, saying 
underlying trading was 


British 

Linen 

surges 


I Pre-tax profits of British Linen 
Bank, the merchant banking 
arm of Bank of Scotland, 
showed a marked increase 
from £15m to £10 Bm in the 
year to January 3L 

Mr Eric Sanderson, chief 
executive, said that levels of 
provisioning and non-perform- 
ing debt continued to drop, and 
thp hank had seen a significant 
improvement in leasing and 
fund management 

Purchases push 
Lynx to £460,000 

Lynx Holdings, the acquisitive 
computer services and leisure 
products company, reported 
pre-tax profits more than qua- 
drupled from £105.000 to 
£460,000 for the six months to 
March 31. 

Mr Roger Pmnington, chair- 
man of this USM-quoted com- 
pany, said that acquisitions 
contributed £312.000 to profits, 
including a strong performance 


improving in all but the inflat- 
ables business and France. 

Although he refused to com- 
ment on the future of the 
lnfla tables business - which 
tost £544,000 in the first half - 
be has described it as non-core. 
Avon is widely expected to sell 
it this year. 

The automotive components 
business more than doubled 
operating profits to £3£m on 
sales ahead 24 per cent to 
£60m. Mr Mitchard said Avon 
had "learned to live” with the 
price pressures imposed by 
larger US manufacturers such 
as General Motors. Cadillac 
Automotive, the US subsidiary, 
improved profits by 40 per 
cent 

Europe had also been more 
lucrative than was expected, 
with the exception of France 
whicb continued to incur 
losses. 

The tyre business had suf- 
fered in the first quarter, due 
to lower new vehicle produc- 
tion and price increases in 


NEWS DIGEST 


from Financial Systems, 
acquired in December 1993. 

Turnover improved to £7.26m 
(£4.72m). Overall operating 
margins were 8.8 per cent, 
compared with 55 per cent last 
time. Earnings per share were 
1.15p (0.83p) reflecting the 
increase in shares issued for 
the purchases. 

The interim dividend is 
raised to 0-36p (0.3p). 

Mr Pinnington said the bal- 
ance sheet had been strength- 
ened since the year end and 
net assets at March 31 stood at 
£2.1m, including net cash of 
£1.4m. 

Chemex Inti swings 
back to the black 

Chemex International, the 
USM-traded chemical analysis 
company, swung from losses of 
£94,199 to profits of £49,046 pre- 
tax for the half year ended 
March 31. 

The turnround reflected both 
a 28 per cent increase in turn- 
over to £780.052 (£610.607) and 
the cost benefits of moving to 
new premises. 

The improved turnover fig- 
ure was largely due to introdu- 
cing products to a wider 
marketplace. Some 40 per cent 


October. Operating profits fell 
42 per cent to £l.6m. on sales 
10 per cent lower at £37. lm. 
Technical products operating 
profits fell by 22 per cent to 
£2-3m, against a good first half 
in 1993, on a 9 per cent decline 
in sales to £33 im. 

• COMMENT 

Investors who have backed 
Avon's struggle over recent 
years will have greeted the 
news of yet more exceptional 
charges with a certain weari- 
ness. Yet even those looking to 
sell have been forced to a hold- 
ing position by a better than 
expected performance from 
Europe and prospects of a sale 
of the infiatables business. 
Forecasts were upgraded from 
£13m to £145m for this year, 
leaving the shares on a pro- 
spective p/e of 14. In the 
shorter term, the shares arc up 
with events. On an 18-month 
view, they become more attrac- 
tive - assuming, that Is. there 
are no more hefty charges. 


of samples came from over- 
seas. principally from Europe, 
Africa and east Asia. 

Earnings per share of O.I2p 
compared with previous losses 
of 0.24p. Comparative pre-tax 
losses took account of excep- 
tional provisions of 
£43,038 l 

Fleming Far Eastern 
net assets ahead 

Fleming Far Eastern Invest- 
ment Trust reported net assets 
per share up 35 per cent, from 
291 .7p to 393p. at end-March. 

Net revenue for the year 
increased from £i.77m to 
£2. 32m, equivalent to earnings 
per share of 153p (1.17p). The 
dividend is stepped up from 
l.lp to 1.5p. 

Diinloe House cuts 
deficit to I£419,000 

Pre-tax losses at Dimioe House 
Group, the Dublin-based prop- 
erty investor and developer, 
were cut from I£3.4m to 
I£418,866 (£407.536) for 1993. 
Turnover of I£942,758 compared 
with I£786,661. 

Losses per share emerged at 
2JSp (19. lip). 




Sale of tha 


hire's 


Devon port and Rosyth 


Commercial union 


RESULTS - 3 MONTHS 1994 


The Government of the United Kingdom 
intends to offer the Royal Dockyards at 
Devonport and Rosyth for sale by 
competitive tender as separate and 
independent entities. 

Key Features 

• among the largest marine engineering facilities of their type in 
Europe 

■ operated under licence by commercial managers since 1987 

• attractive future workload 

• highly skilled workforces 

• extensive experience in the refitting, repair and enhancement of 
naval ships and submarines - work to the value of over £2,3 billion 
has been carried out on UK Government contracts since 1987 

• proven ability to undertake a wide range of other engineering 
work. 

Devonport Royal Dockyard is located at Plymouth on the south coast 
of England. 

Rosyth Royal Dockyard is located in Fife on the east coast of Scotland. 


Pre-tax profit £64 m 


★ Operating profit before taxation increased by £48m to £64m. 

★ Improved general insurance result, particularly in the 
United Kingdom. North American results were affected 
by severe weather claims. 

★ Life profits increased by 10% to £32m. 

★ Shareholders' funds £2,253m (31 December 1993 £2,529m). 


HIGHLIGHTS 


For further information please contact : 

f b W Waldron Esq. 

Director for Royal Dockyard Privatisation 

Ministry of Defence 

Carpenter House 

Bath BA1 5AB 

United Kingdom 

Teh 0225 472667 
Fax: 0226 472485 

The deadline for receipt of expressions of interest is 27 May 1994 



3 months 

3 months 


1994 

1993 


Unaudited 

Unaudited 

Total premium income 

£l,617m 

£1 ,609m 

Operating profit before taxation 

£64m 

£16m 

Operating profit after taxation 

£44m 

£9m 

Profit attributable to shareholders (note V 

£56*n 

£36m 

Operating profit per share (note 2) 

7J.p 

0.9p 


The contents of this advertisement have been approved for the purposes of the 
Financial Services Act 1986 by Coopers & Lybrand, a firm authorised by the 
Institute of Chartered Accountants in England and Wales to carry on investment 
business. 


Notes: Z. The profit ffitrifrufafeic U) shareholders includes noltsot investment gains after taxation of £12m 11993 £27mJ, 

2. The 1993 operating profit per share has been adjusted for the effect of the 1993 enhanced scrip dividend. 


Commercial Union pic, St Helen's, 1 Undershaft, London EC3P 3DQ 


** i 







C MW 


F 


Commercial Union rises 
to £64m in first quarter 


By Richard tapper 

Commercial Union yesterday 
reported it bad shed 10 per 
cent of its motor insurance 
exposures over the past 12 
months, providing further evi- 
dence that rate competition la 
returning to the UK motor 
insurance market 

The figures emerged when 
CU, the largest of the UK’s 
composite insurance compa- 
nies, reported pre-tax profits of 
£64m for the first three months 
of 1994, an Increase of 248m on 
' the same period of 1993. 

Mr Cees Schrauwers, UK 
general manager, said the deci- 
sion on motor business 
reflected “our reluctance to 
write business purely to defend 


market share". CU now insures 
596,000 motorists. 

The group is also reducing 
its exposure in parts of the 
London market, such as the 
specialist market for excess of 
loss reinsurance, "where pre- 
mium rates are being affected 
by additional capacity". 

Like General Accident, 
which reported a rise in pretax 
profits on Tuesday, CU’S 
results were adversely affected 
by severe weather claims in 
the US, while falls in the value 
of equity and bond invest- 
ments dented Its balance sheet 
Shareholders' funds amounted 
to £2J25tm at the aid of March, 
compared with KL53bn at the 
end of last year. 

Mr John Carter, chief execu- 


tive, singled out a strong ■per- 
formance in the UK “reflecting 
favourable market and weather 
conditions" and improved 
results in continental Europe 
as features contributing to the 
significantly better remits in 
general Insurance. 

Overall life premiums fell to 
ESQ8fa <£518m). General insur- 
ance premiums rose margin- 
ally to fl.llbn (£LO0bn). 
Underwriting losses fell to 
£60m (compared with a deficit 
of £UMhn), despite a high level 
of weather and catastrophe 
claims in North America which 
cost £16m more than last year. 

Investment income tom-eased 
to £87m (£84 m). after a charge 
for external loan interest of 
£5m (£7m). 


COMPANY NEWS: UK 

Micro Focus 
shares surge 
on news of 
25% advance 

By Alan Cane 

Shares In Micro Focus, the 
Berkshire-based software 
house, rose 242p to dose, at 
£10.85 following an encourag- 
ing first quarter which sug- 
gests the company may be suc- 
cessfully moving from slow 
growing mainframe products 
to fast developing networked 


F1NANC1AX*' TIMES THURSDAY MA.V 12 1994 




Robert Corzine and Pe ggy HoUinger on Enterprise’s bid for Lasmo 


W hen Mr Graham 
Heame, chief execu- 
tive of Enterprise 
00, justified his hostile bid for 
fellow explorer Lasmo by 
describing oil exploration as a 
big boys game which required 
critical mass, bo triggered off a 
chorus of criticism. 

Analysts accused him ojf 
seeking size for Its own sake, 
and pointed to tho many big 
discoveries. made by small oil 
companies. Many industry 
executives said what mattered 
most was the way in which 
companies handled their exist- 
ing assets. 

However, Mr Beanie’s com- 
ments have brought to the sur- . 

face an issue which bedevils an 
industry in which corporate 
minnow s coexist alongside the 
big Integrated majors. 

"There is a very great debate 
an whether size Is an impor- 
tant Issue,” said Mr David 
Simon, chief executive of Brit- 
ish Petroleum. 

Mr Heame said he never 
intended to convey the impres- 
sion that Enterprise was inter- 
ested in size for its own sake. 
But he stands by the argument 
that critical mass makes good 
industrial sense and that 
Enterprise, the largest UK 
independent needs to be of a 
“size we feel necessary to 
deliver shareholder value”. 

Laamo’s defence document 
has to be published by Monday 
but it is widely expected to be 
out before the weekend. 

The size argument has not 
found many supporters among 
Mr Heame's industry col- 
leagues. “I think that aspect of 
Enterprise's argument is total 
rubbish," said one executive. 
“There have always been 
niches for different sizes of 
players and different skills." 

Many in the industry believe 
the proposed deal is driven 
more by financial issues than 
industrial logic. They point out 
that neither company operates 
many of their main projects, so 
there is little scope for greater 
production efficiency. 

The commercial argument, 
that cash-rich Enterprise is 


Devenish purchase helps 
Greenalls improve to £29m 


By Tony Jackson 

Last year's acquisition of 
Devenish helped Greenalls 
Group, the pubs, drinks and 
hotel operator, to a 13 per cent 
rise in pre-tax profits to £S9m 
in the six months to March 25, 
or 28 per cent before exception- 
als. 

Mr Peter GreenaQ, mawnghig 
director, said “not only have 
we delivered synergies from 
the acquisition, but trading is ' 
above our expectations”. 

Beer volume through the 
enlarged pub estate was down 
4.8 per cent However, margins 
were helped by the renegotia- 
tion of brewing supply con- 
tracts, some of which took 
effect within the half year. 
Profits from pubs, Including 
the effect of the acquisition, 
were up 47 per cent at £32. Tm. 

Profits from the Premier 
House range of pub restau- 
rants, which Greenalls plans as 
its main target for capital 
investment, were up 73 per 
cent at £6m while those from 
UK hotels, the chief invest- 
ment target in recent years, 
were up 15 per cent at £8m. 

Off-licence profits were down 
11 per cent aL£2m, as a result 
of competition from supermar- 
kets and cross-channel I 


imports. However, off-licence 
turnover had risen by 3 per 
cent since Christmas. Profits 
from drinks and leisure were 
down 6 per cent at 22.&0. 

On group sales up 21 per 
cent at 2337m, operating profits 
rose 39 per cent to £49.1m. 
Interest charges rose sharply 
to £16 .5m (£9.6m). There were 

a rnp p tinnal chgmg of ffljp, 

consisting mainly of £3 .2m 
reorganisation costs in the 
drinks and leisure division, 
involving 60 redundancies. 

Earnings par shar p were up 
3.6 per cent at U.66p before 
exceptional items and pro pe rty 
profits, and down 7 a per cent 
at 10.43p after them. The 
interim dividend Is raised 5 per 
cent to 5^34p. 

Greenalls' shares closed 13p 
lower at 4B2p. . 


The market found these results 
slightly opaque, due to lack of 
information on the Devenish 
contribution and uncertainty 
on the real progress in hotels. 
In addition, the cash outflow of 
£45rain the half is slightly 
imanttifwg However, the pre- 
D evanish performance is 
riaimari by the company to be 
broadly represented by the 3.6 
per cent rise in earnings per 
share. In addition, the cash 
O utflo w should fi»Ti nnt year 
as investment on hotels passes 
Its peak. Assuming perhaps 
£84m pre-tax this year, the' 
shares are on some 15 times 
earnings. While this does 
not seem unduly expensive, 
there is a discount due to 
uncertainty in a period of tran- 
sition. 


Airsprung sees static outcome 


Directors of Airsprung 
Furniture, Britain’s second 
largest bed maker, said yester- 
day that they were expecting 
profits for the 12 months to 
end-March to be similar to the 
previous year’s record £8m pre- 
tax. 

That figure, however, was 


below average market expecta- 
tions and the company’s shares 
fell lQp to 235p. Directors 
blamed the expected standstill 
on a poor performance by the 
main offshoot in the uphol- 
stery division. Nevertheless, 
they intend a 6 per cent 
increase in the total dividend. 


Over the past year the share 
price bad fallen steeply follow- 
ing anxieties, especially in the 
US, about tts trading prospects 
in the light of a shift among 
customers away from main- 
frames. 

The company made a profit 
before tax of £24hn In the 
quarter ended April 30, a 
25 per cent advance on 
the £2.3 lm recorded last 
time. 

Revenues rose from £l&6m 
to £20. 2m, a 24 per cent 
improvement. Growth in costs 
and expenses was held to 22 
per cent Earnings per share 
were 23 per cent ahead at 
l&JBp (LL2p). 

Although Micro Focus 
shares are traded extensively 
in the US as ADRs, the com- 
pany does not usually issue 
quarterly reports. 

It said it was considering 
stock Incentive plans for its 
staff; the quarterly state- 
ment complied with Stock 
Exchange regulations on price 
sensitive information in order 
to be able to Implement these 
plans. 

Mr Paul O'Grady, chairman, 
said It was an encouraging 
start to the year. The company 
had prevented further erosion 
in its earnings and he believed 
profits before tax for the sec- 
ond half of 1994 would be 
greater than the first half. 

Micro Focus develops soft- 
ware tools which make it 
easier for programmers to 
write programs for large scale 
systems. Revenues from the 
company’s core mainframe 
products grew only 4 per cent, 
hut represented 39 per cent of 
the total, down from 47 per 
cent in toe previous year. 

There was healthy growth In 
networking products, where 
revenues grew 36 percent to 
reach '37'per cent of total reve- 
nues. 


lllipF FINANCIAL TIMES CONFERENCES 

^Transport in Europe 

- Creating and Financing the 
Infrastructure of the Future 

London, 15 & 16 June 1994 

The meeting will focus on the community's proposals for the creation of Trans- 
European Networks, the enormous challenges they present for Europe's transport 
industry in terms of integration, and accommodating Community enlargement. 

The central issue of how the transport infrastructure is to be financed - the role of 
public-private partnership will also be addressed. 

Speakers will include:- 

The Rt Hon John MacGregor Professor Wolfgang Hager 

OBEMP European Centre for Infra s tructure Studies 


Secretary of State for Transport 

Mr Henning Christophersen 

Commission of the European Communities 

Mr Philippe G E Hamon 

Airports Council International 

Mr Bertrand Holzschuch 

Society des Autoroutes Paris-Rhin-Rhone 
(SAPRR) 


Mr Boguslaw Liberadzki 

Minister for Transport and Maritime Economy, 


Poland 


Mr Ranjit Mathrani 

West Merchant Bank 

Mr Adam Mills . 

National Express Group PLC 


TRANSPORT IN EUROPE Financial Times Conference Organisation 
_ j a. PO Box 3651, London SW12 8PH, 


- Creating and Financing the 
Infrastructure of the Future 

□Please send me conference details 
□Please send me details about marketing 
opportunities 


FINANCIAL TIMES 
CONFERENCES 


Thh 081-673 9000 Fas 081-673 1335 

NanwMriMraflds^OthBr 

Position Dept 


_<Sty_ 

.Country. 


A ddress , 


Postcod e 

Tel 

Type of Business. 





Kjsl 


NS; ■ 

: if'*; si- '•! ~ 

fe"' 

I; -'mm 


short of medium-term develop- 
ment prospects while cash- 
strapped Lasmo may no t be 
able to fond all its potential 
prefects, is somewhat stronger, 
according to analysts. 

They note that revenues 
from Lasmo developments 
soch as the Liverpool Bay gas 
prefect would smooth out an 
expected dip In Enterprise's 
production and cash flow, later 
this decade as output fells 
from the Nelson and Scott 

Many Industry observers, 
however, believe the financial 
constraints faced by Enter- 
prise, from which smaller 
exploration and production 
companies are free, to be one 
of file most compelling reasons 
for thedeaL 

T he smaller independents 
have always been seen 
as North Sea-based capi- 
tal growth stocks, toe price of 
which could soar on the back, 
of just one strike. 

Enterprise, however, is "too 
large to be regarded as an asset 


play," told (me independent 
executive. He added that It was 
Judged more on. Its dividend 
paying capacity in much the 
seine way as an Integrated oil 
major. 

life head off another indap e n - 
dent noted: “There is a lot of 
pressure to pay dividends, and 
investors want it to go up each 
year. To carry on paying you 
need to find another, oil field, 
either through exploration or 
acquisition.” 

The only '-way off toe divi- 
dend treadmill is to abrfnir the 
company by sefflng assets. 

"Every ofl exploration com- 
pany has to shrink at times,” 
said one executive, because of 
the wasting nature, of oil and 
gas assets and because toe UK 
company structure and tax 
laws make it. dfficult for oil 
companies to return capital 
back to shareholders in a tax 
efficient way. 

Companies, such as Exxon 
and BP have succeeded in 
downsizing, but the task of per- 
suading shareholders that such 
a move can be in their inter- 


London Clubs for USM with 
expected price tag of £150m 


By David Blackwel 

London Clubs International, 
owner of the Rltz Club and five 
other London casinos, is seek- 
ing a quotation an the USM. 

The group is expected to be 
valued at up to £15<hn. it will 
be making a £3Qm (dating, of 
which £25m wfll be placed firm 
with institutions. The balance 
will be subject to a clawback to 
meet retail demand through 
intermediaries. 

Mr Alan Goodeoougfa, chief 
executive, said yesterday the 
group would seek a full listing 
next year. It was going 
through the USM because toe 
management had only two 
years’ experience of the com- 
pany, and Stock Exchange 


rules require three years. 

The change of management 
followed a police raid In 1991 
under the Gaming Act, just 
days before the group's 
planned flotation. The Gaming 
Board issued new licences in 
autumn 1992. 

The flotation later this 
month is expected to raise 
£27.5m of new money, which 
will be used to pay down debt 
incurred under the 1989 man- 
agement buy-out from Grand 
Metropolitan. 

The pathfinder prospectus 
shows that in the 61 weeks to 
March 27 the group made a 
pre-tax profit of 814m, com- 
pared with £9.im in the 53 
weeks to April 6 last year. Pro 
forma pre-tax profits for the 


latest -period are shown as 
£23 Jm. Turnover was £146.4m 
(£143.701). 

The six- London casinos 
accounted for £l23m of the 
turnover. The group, which 
also owns casinos in Europe, 
Egypt and operates on cruise 
ships, wants to use its 
management skills to expand 
overseas. 

Principal shareholders 
include EUerman Investments, 
Legal and General and Stan- 
dard Chartered. The manage- 
ment have about 8 per cent of 
the equity, which will fell to 
about 3 per oral after the flota- 
tion. 

Sponsor to the plating Is 
Samuel Montagu and James 
Capei is broker. 


Courtaulds expands in China 


By Daniel Green 

Courtaulds, toe ehnwiinaUi company, is adding 
.two more manufa c turing Joint ventures to its 
list of deals in the Asia Pacific region. Yesterday 
it announced it would be making coatings to 
two sites to China - Suzhou, in Jiangsu prov- 
ince, 80km west of Shanghai, and Shenzhen, 
near Hong Kong. 

Tim company already has ventures to Singa- 
pore, Taiwan, Thailand and Indonesia. Further 
investments are being considered for Vietnam. 

The new factory at Suzhou will make packag- 
ing coatings. Courtaulds anil invest £7to in toe 


Joint venture company, Courtaulds Polymers of 
Suzhou. It has a 70 per cent stake with the 
balance held by a local company, Suxbou Resin 
Factory. 

Ufa factory is scheduled to be completed 
within one year and wfll supply local cnmers . 
which currently buy Imparts. 

The second Joint venture to an extension of an 
existing arrangement in Taiwan for powder 
coatings between Courtaulds and Chang Cheng 
Chemical. 

Courtaulds will be investing $2m (£L3m) In a 
manufacturing site to sell the products to toe 
expanding industries of southern China. 


- ests is not easy, he added. 

' “Investors don’t understand 
; downsizing, even though the 
. only Htm yog make money. Is 
when you sdL" - 
' JDownstream diversification, 
is one of the ways to which 
large oil companies succeed to 
paying progressive dividends 
to spite of the cyclical prob- 
lems of upstream .oil explora- 
tion andproductfon. 

S ome to the industry. feel 
that Mr Heame has cam- 
paunded his problems by 
•' choosing to focus an upstream 
exploration and • production. 
■•‘Moat other companies have 
- some sort of vertical integra- 
tion so they can ride out the 
storms of the oil price by mak- 
ing money at the petrol pump,” 
said toe managing director of a 
UK independent. 

Some analysts also argue 
that -Enterprise could have 
realised its upstream ambi- 
tions by simply buying pack- 
ages of assets, thus avoiding a 
costly takeover battle. 

Completed asset disposals to 
the UK North Sea alone have 
•totalled gibu (£600m) since toe 
begtonfaff of 1993, according to 
analysts at Klainwort Benson, 
and .brokers say there is 
no shortage of assets for 
sale. 

Buying packages of assets 
might have been more warmly 
greeted in the City* but it 
would, also have take&.EnteD- 
prise much longer to achieve a 
similar spread of business. . 

Many to the industry under - ■ 
stand the mrasnres which 
have forced the hostile bid. Yet 
they still question the wisdom 
of a move which would force a 
whole new range at problems, 
such as the fact that Mg: oil 
companies need to make big 
discoveries. - 
“Lasmo .might make 1 -Enter- 
prise a stronger compa- 
ny .. . bat it does not .answer 
the fundamental question of 
what .to do . afterwards! The 

challenge to replace such, large 

reserves with reserves of equal 
quality is an even greater one,” 
said one sceptical executive. .' 


REAHldgs 
improves 
to £1. 05m 

REA Hnhfing n , the plantation 
company, turned In pre-fax 
profits of £L0fim on turnover 
of £90.6m for toe year to end- 
December. - 

The outcome compared Wtto 
a deficit - restated forfSS 3- 
of £826,000 from , sales of 
£80Ara last time. Bantings per 
share emerged at 8J2p (7.6p 
losses).;- u, . 

The directors propose, sub- 
ject to sati s faction of. certain 
conditions, to pay a. second 

interim dividend of 2p fa Beu 

Of a final for the year to end- 
December 1992 - making. 4p 
for the year — end an interim 
dividend iff 4p fa Hen of aitoal 
for 1993. 

H- confirmed, the dividends 
for both years will be paid on 
August 3L • 

Shareholders may elect - 
subject to the necessary 
approval - to receive , an 
enhanced sofa issue iff new 
ordinary shares, credited as 
lolly paid, to a value of 9p for 
every 6p to which tiny would 
be entitled were they to take 
feedfektend* In cash.. 

Correction 

E3an Corporation 

Elan Corporation is listed on 
the A merican. Steak Exchange 
and not the New York Stock 
Exchange as reported fa Tues- 
day's JT. 


McKechnie’s £28m takeover of Linread continues consolidation process 

Further realignment in Midlands 


By Paid Ch ooo e r ffltit, 

Midlands Correspondent 

McKechnie, the plastics and 
metal components group, yes- 
terday made an agreed offer 
worth £27.&n for Linread, the 
fasteners and precision compo- 
nents manufacturer, fa a move 
which marks further realign- 
ment in Midlands industry. 

Although neither company 
touches toe emotional chorda 
of the Midlands In the fashion 
erf Rover, the caxmaker, their 
merger continues a process of 
consolidation among mannfe ^ 
faring companies. 

The pressures for consolida- 
tion have been particularly 
acute in the automotive com- 
ponents sector. "The process 
has been going along for the 
last five years and accelerating 
for toe last year or so," com- 
mented Mr Chris TUlett, chief 
economist at Cooper & 
Lybrand, the accountants, in 
Birmingham. 

The vehicle assemblers have 
both reduced the number of 
their component suppliers and 
sought to enter new relations 
with those which remain. Now 


the suppliers are expected to 
play a larger design and 
research role; they are expec- 
ted continually to reduce 
prices and they face progres- 
sively Wgbftr quality demands. 

This is not a game which the 
mmH win easily play. "Linread 
is not large enough to compete 

on the European market and 
the PSM (a McKechnie subsid- 
iary) range needs to be broad- 
ened," said Mr Michael Oat, 
McKechnitfs chief executive. 

Indeed, It was the cosy fit of 
the two companies which 
McKechnie stressed yesterday. 
“Unread’s range of engineer- 
ing bolts and fasteners are 
complementary to the PSM 
range and there is a large cus- 
tomer base to the automotive 
Industry,” Mr Oat safe. 

The other side iff this, as Mr 
Martin Booth, chief economist 
at the West Midlands Enter- 
prise Board, suggested, is that 
McKechnie is “taking out a 
competitor to gather expertise 
from It and consolidate its own 
position”. 

Midlands manufacturers to 
any case have been forced to 
see their role as Increasingly 


international. The vagaries iff 
the UK economy is simply too 
fragile a base. So the search 
has been for greater strength. 

Linread, Its 1980s growth 
hampered by stock losses in 
the early 1990s and only now 
recovering its financial and . 
manufacturi ng poise, has been . 
a tiny force. **We were some- 
what constrained by-size," said . 
Mr Peter Harrison, managing 
director: “With McKechnie, 
Lfaread’s fortunes should be 
able to develop that much tee- 
ter.” . •••. ;■ 

-The pressures on suppliers 
in the automotive mid. aero- 
space industries and toe grow- 
ing need to .view the ftxtore.fa . 
International terms, has.cre- 
ated a harsher envirrament fa 
a region where the bedrock of 
business has' been , the family 
company, - 

McKohxde kmg atoce moved 
away from that status .to 
become a medtam*fz»d-grow . 
with, locally, a solid but kwi ■*' 
key reputation.* retfahte frnt nnt 
exciting, nor, indeed, exdtabte 
Linread, on the. other,; hand, 
still looks like a family busi- 
ness which happens to have a 


market quotation. 1 - •“ 

The Lynafl and Tafamy fami- 
lies own 22 per cent iff the 
equity, white fastitations with 
more than a par cent each hold 
another 40 per cent 

The need: to ■ persuade the 
to seD. counted with 
the tightiy 'hrid equity help to 
explain the: heavy prumkun 
above the market pice which 
McKechnie Is paying -for Lin- 
reqdL Another factor is the . 
McKechnie belief that Un- 
read’s recovery is taking; place 
much 'faster than toe uaricet 
has. reaped. Mr Ost assured 
shareholders: “We believe 
there will be no earnings dllu- 
torn. in tha. first full year of 
ownership." 

The terms are- ti haw 
Mc&chnte shares for every 36 
Ltoread.’H* vetoes Unread at - 
228p, which fa hot odfer 48 par - 
cent more , than tosh* dosing 
price on Tuesday hot also 
mark? a substantial tfo&ft on 
Ofehr lowest price this year of 
WP.. 

Yesterday Liiimd shares 
moved-Top 83p to 216p, whlfe 
McKechnie shares dipped I4p 
to 473P. 


v 




i ,«rpi 


ir# 


•:i i 


'!v 




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

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

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

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

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


shoots of recovery. 

Time for some profit taking perhaps? 

Get rich while the flying is good? 

On the contrary. 

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

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

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

And closer to home, we now have 


increased capacity between Scotland 
and Stansted. 

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

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

No empty advertisingese this. 

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

There are not many other airlines 
who can say that. 

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




-V" VCm*. f? ? * 


FINANCIAL. TIMES THURSDAY MAY 12 1994 


COMMODITIES AND AGRICULTURE 


Resumed bull run pushes 
copper price above $2,100 


Richard Mooney 

flie copper market’s tan run 
got back Into gear yesterday, 
lifting the three mo nth s deliv- 
ery price at the London Metal 
Exchange above J2J00 a tnrnie, 

for the first timg in Jg rprvn+hft. 

Tuesday afternoon's shake- 
out continued in early trading, 
with the three months price 
dipping $15 to $1,957 a tonne. 
But then, the recent heavy 
speculative buying was 


resumed and the price quickly 
climbed to $2,117. The move 
was helped by continued tight- 
ness of nearby supplies, which 
was reflected in the elimina- 
tion of the discount, or “con- 
tango", on nearby positions. At 
the dose of the afternoon ring 
the cash price had moved to a 
50 cents premium over that for 
delivery in three months; and 
the three months position's 
premium over December 1995 
had widened to $50 from $25 on 


Tuesday. 

By the end of after hours 
“kerb" trading the three 
months price had been 
trimmed by profit-taking to 
$2409 a tonne, but that still 
represented a gain of $36 on 
the day. 

Dealers renamed convinced, 
however, that a sizeable down- 
ward correction was overdue 
following an almost uninter- 
rupted upward ran of nearly 
$200 over the past two weeks. 


No bids for Peruvian mining giant 


By Sally Bowen hi Lima 

The drawbacks associated with 
Peru’s huge state-owned min- 
ing and refining concern Cezt- 
tromin outweigh its attrac- 
tions. potential buyers decided 
on Tuesday, when no bids were 
presented at the first attempt 
to auction the company. 

Centromin’s privatisation 
committee bad set a minimum 
price of $280m in cash plus sec- 
ondary debt paper with face 
value of $60m. to addition, the 
buyer was to commit at least 
$240m in new investment to 
replace run-down machinery 
and equipment and make basic 
environmental improvements. 

Although company officials 
claimed it was only one of sev- 
eral possible deterrents, 
long-term pollution seems to 
have been what decided at 
least front-runner RTZ to pull 
out. Centromin’s central 

Andean mining and r efining 

operations - in the hands of 
the private, US-owned Germ de 
Pasco Corporation until 1974 - 
has been a notorious polluter 
for decades. 

RTZ is reported to have sent. 


some six weeks ago, a long let- 
ter to Centromm's privatisers 
explaining to detail why It 
could not bid. That letter has 
not been made puhhc but the 
British-based company is 
believed to have balked at the 
open-ended flti gratiqp problems 
that- assumption of Centrom- 
in’s “environmental debt" 
might involve in the future. 

That unknown factor aside, 
RTZ was believed to have been 
extremely keen to take an. the 
giant operation, which com- 
prises seven production units 
and the largest refining com- 
plex in South America. Annual 
sales of minerals top $400m 
and private sector minfng exec- 
utives believe Centromin could 
be made “hugely profitable''. 

Tuesday’s flop poses a major 
problem for the Peruvian state. 
Centromin is the life-line for 
almost 12/MO workers and liter- 
ally hundreds of thousands 
more Peruvians in the mining- 
dependent central Andes. 

La Oroya is also the only 
refinery willing and able to 
turn the region’s typically 
“dirty" minerals into a world- 
class product Many smaller, 


privately-owned mines in the 
depressed central Andean 
region depend on La Oroya to 
turn their Tpiiwm k into sale- 
able metals and by-products. 

Mines minister Mr Daniel 
Hokama, who also beads Capri, 
the government’s privatisation 
office, says be and Centromin 
officials will now reassess sale 
possibilities. Potential buyers - 
including two Marinin compa- 
nies and UK-based Waverley 
Investment all thought to be 
still interested - are to be 
sounded out. The base price 
could be reduced or the debt 
paper element raised. 

Another alternative, previ- 
ously rejected, would be to 
split Centromin into smaller 
packages. The hydro-electric 
plants and the Cerro de Pasco 
and Antamina mines would 
certainly find ready buyers. 
But the “social problem" 
would remain. 

What nothing can be done 
about, at least in the 
short-term, is the environmen- 
tal damage, acceptable even to 
OS companies two decades ago 
but, for today's mul tinational 
corporations, the kiss of death. 


Forecasters 
get together 
in European 
venture 

By Aflson Maitland 

Commodity traders and 
! agribusinesses in Europe are 
| the target customers of a new 
' company called CropSense, 
which plans to market crop 
; forecasts using satellite imag- 
ery ay id pmnnmiV mo d els. 

The company is a joint ven- 
ture between the National 
Remote Senring Centre of the 
UK, a leading supplier of agri- 
cultural information from sat- 
ellites, and Cropcast of Mary- 
land, which provides 
commodity forecasts to over 
100,000 customers worldwide. 

“The new company will pro- 
vide a similar service to Crop- 
cast but targeted on Europe," 
qairi Ur Nell Pattie, marketing 

rv rmmn tii fra f-i fine manager of 

NRSC, which is 56 per cenfc- 
owned by British Aerospace. 

“Reforms to the common 
agricultural policy limiting 
planted acreage, the prospect 
of increased production from 
some east European countries, 
and now the passage of Gatt 
reforms will expose Europe to 
world market pricing. This is 
likely to result to more volatile 
commodity prices, so accurate 
and timely forecast informa- 
tion will be of particular 
value." 

The company, located at 
Farnborough, southern 
England, is 51 per cent owned 
by NRSC and 49 per cent by 
Cropcast NRSC, whose turn- 
over last year was gs ,pm t has 
Just been awarded a contract 
by the UK agriculture ministry 
for satellite imagery to ^h e c k 
farmers’ claims for support 
payments for their arable crops 
and set-aside land 


Brussels uncorks wine reform plan 


By David Gardner in Brussels 

The European Commission 
yesterday adopted a regulation 
aimed at draining Europe's 
“wine lake" once and for all, 
through measures to eliminate 
surplus output now running at 
about 35m hectolitres, nearly a 
fifth of EU production. 

The new wine regime will 
inaugurate a second phase of 
the 1992 reform of the common 
agricultural policy, from which 
Mediterranean products were 
largely excluded. 

The measures, which Brus- 
sels wants in force for the 
1995-96 wine year, will offer 
member states a range of 
financial incentives designed 
not only to “grub up" or per- 
manently abandon wine pro- 


duction, but to increase the 
quality of wine. 

Mr Rene Stricken, EU agri- 
culture commissioner, said yes- 
terday "we have to act quickly 
and we have to spend a lot of 
money" to get the wine market 
back into balance. 

Without reform, he said, the 
Eli would spend Ecul.5bn 
(£L2bn) in 1995-96. more than 
half of it on distilling surplus 
wine. The revamped regime, he 
claimed, would by contrast 
cost Ecul^bn. with the bulk 
going on regional programmes 
to support permanent struc- 
tural reform. 

EU wine output in 1992-93 
totalled 195.5m hectolitres, 
against a new reference target 
for output of 154m. The main 
countries affected would be 


Italy, dropping from 68.1m in 
1992-93 to 49.7m; France, from 
64.9m to 51.8m; and Spain, 
from 363m to 295m. 

The reform offers wine pro- 
ducers a one-off payment of 
EcuT/MO a hectare - where the 
average yield is 50hl a hectare 
- for grubbing up vineyards. 

Less radical measures, rang- 
ing from the harvesting of 
unripe grapes to commercial 
and quality i mprov ements in 
the sector, would attract 
smaller amo no te , co-financed 
by the EU budget and member 
states. Where quotas were 
exceeded incentives would 
diminish proportionately. 

Member states and regions 
within them will be able to 
choose how to spread the bur- 
den and what form of produc- 


tion control best suits them. 
"Member states may make a 
regional distribution of their 
national reference pro- 
gramme." the Commission 
said, but “they must do so fo 
the case of regions which sub- 
mit a programme" to Brussels. 

Mr Steicheu refused to be 
drawn on whether the finan- 
cial impact of the 1992 CAP 
reform, plus the new changes 
in the pipeline, will tank the 
farm budget in the three yean 
from 1995 to 1997. He acknowl- 
edged that the EU was baaing 
for an EcuL3bn deficit on farm 
spending next year, largely as 
a result of agri-aoaetiury 
adjustments - costing 
Ecul.8bn - to compensate 

formers for the strength of the 
D-Mark and Dutch guilder. 


Germany wrestles with energy puzzle 

Judy Dempsey reports on the problems posed by deregulation plans 

A fter introducing virtual mean eventually phasing out tions would be replaced by Yet recent examples to east- 
monopoly structures in the RViM pfennig ; a levy p?u by short-term contracts, which mu Germany have shown that 
eastern Germany’s gas western German customers to would not guarantee secure foreign competitors can coex- 


MARKET REPORT 

Coffee futures consolidate 


London COFFEE futures were 
consolidating yesterday after 
Tuesday’s spectacular rise. The 


closed at $1,905 a tonne, down 
$31 on the day $45 above the 
day’s tow. “There was a bit of a 


after spectacular gains 

solidate here for a while," one steadier New York market The 


July robustas position at the panic this morning, but it 
London Commodity Exchange looks as though we might con- 


trader 

COCOA prices remained 
under pressure but were 
helped later to the day by a 


July contract closed at £921 a 
tonne, down £9, after slipping 
earlier to £912. 

Compiled from Reuter 


A fter introducing virtual 
monopoly structures in. 
eastern Germany's gas 
and electricity sector, western 
Germany’s utilities are now 
embarking on another tanv- 
findmg ways to protect their 
position g gafTh* p lans by the 
federal government in Bonn 
and the European Union to 
deregulate the energy sector. 

Yesterday the EtTs working 
party on energy met to prepare 
a draft paper an deregulation 
of the energy sector, which is 
expected to be presented on 
May 25. At the same time, Mr 
Gunter Rexrodt, Germany’s 
economics ministry, is plan- 
ning to use the German presi- 
dency, starting an July 1. to 
open up Germany's energy sec- 
tor to more competition. 

Mr Rexrodt has already out- 
lined his proposals for the revi- 
sion of energy policy and cartel 
legislation. They include the 
abolition of voluntary demar- 
cation agreements and fran- 
chise agr eements with Utilities 
and local authorities; the intro- 
duction of third party access to 
gas grids; and cost transpar- 
ency. 

One of his aims is to make 
Germany more attractive to 
investors. But this would also 


mean eventually phasing out 
the Kbhlpfermig, a levy paid by 
western German customers to 
the electricity companies to 
subsidise the coal industry. At 
the moment, Kohlpfennig 
subsidises German coal by 
about DM200 (£80) a tonne to 
keep out coal imports, which 
cost about DM80 a hmm> As a 
result electricity prices for Ger- 
man industry are among the 
highest in Europe. Yet Mr 
Rexrodt, especially to an elec- 
tion year, cannot scrap the 
Kohlpfennig, which would 
threaten 100,000 mining jobs. 

So for, Mr Rexrodf s propos- 
als for deregulation have been 
sharply criticised by the oppo- 
sition Social Democrats and 
the country's powerful energy 
sector. Mr Martin Weyand, 
head of the energy department 
at BGW, Germany's associa- 
tion. for Gas and Water, says 
they are flawed for several rea- 
sons. 

“There is no reciprocity," he 
argues, adding that foreign 
companies would be able to 
supply the German market but 
German suppliers would not 
have access to foreign markets. 

The BGW also believes that 
long-term supply contracts 
with high take-or-pay obliga- 


tions would be replaced by 
short-term contracts, which 
would not guarantee secure 
supplies. It argues too that the 
obligation to connect custom- 
ers and guarantee supply 
would no longer be met And 
finally, the BGW says it is not 
clear how private investors, 
who built the grids In the first 
place, would be compensated 
for the use of their property 
and services. 

Yet the BGW and the Ger- 
man utilities. Including RWE 
and PreussenElektra. recognise 
that the debate over deregula- 
tion of the energy sector Is 
now firmly on the agenda in 
Bonn, and in Brussels. The 
question is how the utilities 
will be able to maintain a posi- 
tion giving them exclusive 
demarcation rights on distribu- 
tion and supply. 

"The Rexrodt paper could 
backfire,” says one energy 
expert “If a company wanted 
to switch to another electricity 
supplier, in most cases the new 
supplier would have to supply 
through the network owned by 
the regional distributor and 
original supplier. The fees 
would be high. The company 
might end up even paying 
more.” 


Yet recent examples to east- 
ern Germany have shown that 
foreign competitors can coex- 
ist with domestic distributors 
without disrupting supplies, 
and at the same time give the 
consumer more price flexibil- 
ity. 

A case in point is the 
Anglo-American consortium 
beaded by Britain’s PowerG® 
and NRG of the US, which 
recently bought a 44 per cent 
stake in a power generating 
plant owned by VKR, a subsid- 
iary of PreussenElektra to 
Schkopau, near Leipxig- 
Another example is Winter- 
shall, the gas division cf BAST, 
the chemicals group, which is 
investing DMSbn in building 
new pipelines across Germany. 

“We are to here for the lcng 
term," says -Mr Herbert 
Detharding, Fhairman of win- 
tershalL "We are slowly dent- 
ing the monopoly and introdu- 
cing competition. And 
everybody knows there's room 
for competition in this coun- 
try." But Germany’s estab- 
lished utilities still don't see 
the reason to compete. "If we 
have to compete, then make 
the playing fields leveL But 
why change the system when 
the present one works." 


f< eS 


f;’" " _ I ' 
? * 


jf orflad° 

liiiit 5 
Sft BAe 


l'7</ 


COMMODITIES PRICES 


BASE METALS 

LONDON. METAL EXCHANGE 

Prices fmm Amalgamated Motri TnxSnfl) 

■ AJLUMMUM, 99.7 PURTTY ($ per tonne) 


Precious Metals continued 

■ SOLO COUEX (tOO Troy oz_, SArny oz.) 


GRAINS AND OIL SEEDS 

m WHEAT LCE (E per tome) 


SOFTS 

■ COCOA LC£ (E/tanne) 


MEAT AND LIVESTOCK 

■ LIVE CATTLE CME (40.00Cbs; cants/bs} 



Cash 

3 mtfts 

Ooee 

13005-1.5 

1328.5-9.5 

Pwnkxis 

1305X-6X 

1333-4 

HgMow 

1305/1 304 X 

1334/1320 

AM OWctoi 

1305-55 

1333-3-5 

Kwb dose 


1329-30 

Open tot 

248.196 


TaW drily turnover 

34009 


■ AUlMDfflM ALLOY ($ par torawt 


Ctosa 

1315-20 

1330-5 

Previous 

1316-25 

133040 

HgMw 

- 

1330 

AM OIBciri 

1315-20 

1330-6 

Kerb dose 


1325-35 

□pan InL 

3X23 


Ttrtri drily tumow 

695 


■ LEAD (S per tonno) 



Ctosa 

465-6 

482-3 

Prevtous 

48Z5-&5 

479-80 

HJgh/tow 

- 

484/470 

AM Official 

458-60 

4750 

Kart) cton 


4773-78.0 

Open InL 

35X82 


TaW daRy turnover 

4X54 


■ NiCKB. (S par toma) 


Ctose 

5740-50 

5820-5 

Previous 

57BO-5 

683540 

HWtow 

5735 

5840/5750 

am ondri 

5734-5 

5815-20 

Kerb dose 


5800-10 

Open toL 

67,405 


Tats) drily turnover 

12X18 


■ UN per tome) 



Ctose 

5380-90 

5440-50 

Previous 

5383-8 

5445-60 

MflWow 

5383 

S45&542S 

AM Official 

5383-5 

5445-8 

Kerb dase 


0410-15 

Open tot 

16,737 


Total da 9y turnover 

3X82 


■ 2MC, apaeW Mgh grade (S per tome) 

Ctose 

B46X-7X 

869-8.5 

Previous 

944X-5.6 

968-7 

Hgh/ta* 

844 

971/9B3 

AM Officiri 

944-4.5 

967-73 

Kerti dose 


960-70 

Open W. 

101.769 


Total daffy turnover 15X10 

■ COPPER, oreda A (5 per tome) 


Ctose 

2109-11 

2109-10 

Previous 

2076X-7X 

2080-03 

HlgMow 

- 

2117/2060 

AM OtDdri 

2100-2 

210134L0 

Ken dose 


2107-9 

Open tot 

193X88 


Totri daffy tunover 

103,502 



.. 

Stt 

prin 

Oart 

cWnga 

iMi- 

te" 
tore W 

VoL 


Sett 

'Pries 

own 

ctaqa Bob Lea 

tew 

M 

M 


Sob 
V rica i 

DW* 

amm 

tan 

Spaa 
U* . tat 

VM 


Sad Daft Open 

pdea draogr «*■ Urar -. tot 

Vet 

My 

3812 

+ao 

• 

- 

- 

mm 

1W15 

-1.10 11X75 113125 

286 

33 


886 


888 

886 137 

3 

JM 

68X50 +0700 601150 667D0 27X92 

7,757 

Jmt 

382.7 

+2X 

384X 

3793 76X19 23367 

Jm 

11299 

-125 11X75 11275 

696 

104 

Jri 

921 

-9 

327 

912 21257 1.417 

*6 

66250 +OA25 66475 8X100 17X21 

4X65 

Jri 

384.1 

+ao 

- 

• 

• 

Sep 

96X5 

-035 9BL75 9660 

50) 

45 

Sep 

939 

■8 

9*2 

929 14X28 

680 

Oat 

71700 +0500 70X00 71475 12136 

1X20 

ta 

386X 

+3X 

387.4 

3823 183*7 

i.ia 

mm 

99X5 

• apes aore) 

1X17 

81 

Ok 

961 

-7 

967 

952 22,1« 

587 

DM 

71X90 +0400 71X75 71X00 8447 

802 

Oct 

388X 

+ao 

890.1 

388L7 4X65 

229 

JM 

101.75 

-020 

1202 

- 

Mr 

983 

-6 

986 

974 27,704 

494 

R* 

72300 +0775 72300 71.800 260* 

3*6 

Dee 

3822 

+3.1 

3946 

3893 14X12 

290 

Mr 

103X0 

-0.10 10X20 

395 

10 

mm 

996 

-T 

996 

992 10X44 

42 

ta 

70500 +0X75 73500 73050 1X6* 

83 

Total 




14*338 28)169 

TaW 



8X85 

299 

ToW 




107X12 3X50 

Totri 

7*431 14X66 


■ P1ATMUM NYMEX {BO TVoy oej S/troy czj 


■ WtKAT Car p.QOKm mkr. carta/BOto buahri) 


■ COCOA CSCE (10 tonne*; S/tonrwa) 


■ UVE HOQS CME (4O£00Rm; cantaAbe) 


401.1 

+-5X 

4029 

384.1 16X95 

1X33 

MS 

310* 

+30 

3200 

316/4 685 

136 

taf 

1222 

+39 

. 

48 B 

JM 

43.725 +0l775 49X75 49.150 14,153 

2747 

4034 

+&A 

4044 

3B7X 

2566 

68 

Jri 

321/6 

- 

3208 

321/4137X05 67X30 

Jri 

12*5 

+39 

1247 

1188 37418 5X86 

Jri 

50.125 +0575 50X00 «750 

7X49 

2X90 

404X 

+5X 

407X 

4020 

958 

ia 

$M 

■ 320* 

- 

327/4 

325/4 34.465 



1271 

+43 

1273 

1210 14X85 1X78 

w> 

48X00 +0500 48X75 46X50 

3,786 

672 

4084 

+«X 

- 

• 

937 

12 

Ok 

3300 

+0/B 

237/4 

335/4 38.485 

9X00 

Bac 

1806 

+38 

1307 

1250 8X34 71 

Oct 

44450 +0550 44X75 44200 

2521 

213 


Apr 40 84 +6X 

TOW 22774 1,828 

■ P ALLADWM NYMEX (100 Ttay ogj $rtroy ozj 

13650 +1.40 138.75 13400 1588 522 

19645 +1.40 19450 - 1,858 138 

13636 +1.15 137X0 - 622 

13535 +1.15 - • 6 

*053 on 

,VBT COMEX (100 TiOy OeflWtony Ofc| 


5*3.4 +153 5475 5210 778 839 

54*4 +15.3 3 2 

5*7 J) +163 S51J0 5313 80X78 19363 

552.1 +15.* 6563 5360 4117 336 


IM 3*0/4 +VB 3406 3304 1825 945 

ta 3304 +0A - 260 100 

TaW 214X73 77.430 

■ IffABE COT (5X00 bu mto; centi/S68) bmhri) 

m 257* *1/0 2504 2504 21OB0 10030 

M 258*4 *110 2 MO £5545670300110,675 

Sep 2604 +0/6 252/0 247*167,430 13X10 

Hue 3444) +08 245/4 3404387375 5360 

Mr 251/4 +4/6 253/0 246TB 41,020 70S 

MW 2508 +06 2504 253/0 4.785 £166 

TBW 1 31 3M 298300 

m BAflLEV LCE (E par tonne} 


Mar 1337 +36 1305 1366 10058 56 

mm 1388 +36 4303 78 

WW 80364 7332 

■ COCOA (tCCO) (SDR's/tonrto) 


10 *T mmgi _ _ a/» 

■ COFFEE USE (S/WW 


Dae 

56BX 

♦155 

S64X 5440 11X64 218 

tar 

109X0 

- 

57 

Jm 

561 X 

+105 

32 

sap 

97X0 

- 

- 141 

ToW 



114X17 21,142 

tar 

9675 -015 

- 

- 190 





JM 

1003 

- 

30 





Mr 

101.70 

• 

10 





MW 

103X5 

- 

- 5 





ToW 



442 


-40 

1965 

1946 

1,418 

3Z2 

-31 

1915 

I860 17X79 3189* 

-21 

1670 

1822 14X09 1X33 

-30 

1840 

1769 

5X00 1X74 

-a 

18Z7 

1787 

5X16 

619 

-ii 

1612 

1765 

2097 

165 




47X78 8X40 


M LME AM Official C/S rate: 1.4870 
LME <3ortr>9 g/$ rate; lAflOS 

spotl.4915 3 mftffMan 6 m«ix 1.4897 9MJK1.489B 
M MQH GRADE COPPER (COMEX) 



Chraa 

tars 

MM 

OPM 
tow tot 

Vol 

■W 

98.45 

+225 

98X5 

98X0 3,124 

10 

Jm 

9810 

+2X0 

9850 

97X0 1X74 

11 

JM 

9800 

+2X0 

9875 

97.70 42788 

31* 

Mg 

97X0 

+1X0 

- 

- 437 

1 

Sap 

97X0 

+1X0 

97X5 

9890 8107 

8 

Oct 

9865 

+1.70 

- 

- 2D2 

- 

THri 




27XM 

<57 


PRECIOUS METALS 

■ LONDON BULLION MARKET 

jgjeas guppted by N M BotoacHIfl 

QoM (Troy oz.) S price £ equhr. 

Close 382.70363.10 

Opening 378.50-378.00 

Mating fix 37*50 253.642 

Afternoon fix 38050 253.456 

Day's High 383^383,00 

Day's Low 378.30-378,70 

Previous dOM 300.00380.40 

Loco Ufti Mean GoW LenrSng Rates (Va USS) 

1 month ^..4.00 B months .453 

2 morahs -4.11 12 months 5.00 

3 months 4X2 

Star R* pfrey at US c(b equhr. 

Spot 33350 52650 

3 months 35755 53250 

6 months 362.15 936.10 

1 yecr 372.65 564,70 

Ootd Cota S price £ equhr. 

Krugerrand 383-388 257-280 

Maple loot 3922639476 

New Sowaragn 38-91 50-62 


ENERGY 

■ CRUDE oa. NYMEX {*1000 US gate. SAiantf; 

Latest oar's Opm 

tofca dreoga ta* tea W Vd 

Jon 1750 +0L79 1754 1751110601 57580 
Jri 1758 +014 17.40 17.10 84.115 38548 

Affi 17.11 +057 17.17 1652 30515 J4.M3 

ta 1656 +008 17X0 1082 26585 13502 

Oct 1656 +007 1058 1650 17564 1564 

Hoc 1656 +006 1656 1BJ9 11*59 1502 

TaW 438539143586 

■ CRUDE OO. >PE (6/baneQ 

Used Deft Opaa 

price clU i Ogh Low W Yd 

Jw 16.10 +008 16.16 1550 61531 28.776 

M 1551 +056 1557 15-73 58543 20426 

Aug 1550 +008 1566 1555 19J53 6552 

S* 15.78 +010 15J6 1562 1256* 1590 

Oct 1S64 -008 1554 1550 5.724 422 

MOV 15.73 +051 1073 1554 4501 914 

14W 170854 50950 

■ KEATWO OIL HW4BC <42500 US geffi; dUS gate.) 

UNtt Deft Open 

price ctape Ngli Urn W M 

JO» 4750 +008 48.10 47^5 44188 11537 

Jet 4020 +008 4030 <7.75 3Z2B3 0125 

ACS *070 +OQ3 4850 4&3S 13504 158* 

Sep 4070 +003 4950 4025 11.155 1591 

Oct 9020 -017 8030 8050 6571 65 

Mm 5155 +003 S155 51.10 5,442 391 

TaW 142557 21588 

■ GA3 0tLffEtfAro^ 

Salt Dart Open 

price riange Ugfc tor U HI 

May 15250 -050 15250 15150 17.443 7,219 

Jdh 15150 -075 151.75 15150 31568 TJKZ 

M 15100 -075 15250 15150 19,156 2512 

15350 -155 13350 15300 6,830 388 

Sap 19550 -150 15550 15475 6.790 226 

Oct 157JS -150 157.75 15755 6588 234 

Total HRUng 20593 

■ NATURAL- GAS IIWEX (10500 —60.; S/Sm8BU 

Latest IMrt Open 

price cta«s Wgk Im W w 

Joe 1.950 -0040 1595 >540 17520 7.466 

M 2510 -0034 2546 2005 14,399 15*6 

ABB 2535 -0031 2569 2035 10393 1.109 

Sap 2570 -0024 2590 2070 10583 231 

Oct 2130 -0024 2140 212S 7,671 271 

Hee 2225 -0519 2240 2220 9.B46 468 

TAP 117590 10719 

■ UNLEADED GASOLINE 

lota# Dw*s tew 

price change Hgt W U IM 

Jhn 4080 -0.43 S£L25 4030 39537 21.m 

Jd 50.40 -0.43 50.70 4165 27.713 &S6B 

Aug 5055 -025 5075 6005 12522 2332 

Sep 5028 5.12 5040 4850 9562 1.164 

Oct 407S -070 4475 4460 SJ02 330 

■N 47 JS -025 47.75 47,75 2274 266 

TaW S VBI 3*227 


■ SOYABEANS C8T C5J00bu sdn; canNWMi 

mm 6606 +M 67t« 663/0 17.465 9560 

Jot 687/0 +44) 6KW 6804)324500140560 

Aap 9904) +02 6808 654/4 66526 8550 

S«p 6354) +2/4 6300 6204 35525 3.750 

Mr 6150 +4» 81M 6104)220030 406*0 

J*n B21* +1/2 624/0 617/4 215*6 470 

Total 700406X00876 

■ strrABEANOa.cm'{ro5ooo«cent0to) 

May 2879 +028 2859 2046 4545 1569 

JN 2065 +025 2651 2040 30414 0466 

Am 26.41 +053 2053 2010 12561 922 

Sep 2754 +038 2735 2755 10560 977 

Oat 2062 +032 Z750 20 55 7570 399 

Dec 2009 +0.40 2020 2068 10703 1508 

TOM 83582 13,743 

■ SOYABEAN MEAL COT (100 tone; S/M 


■ CQRgt/CSCEpT^OOBagceritafib^ 

Nffi 10065 -126 10650 10095 197 148 

Jri T07.15 -2L4S 11020 10650 3357410847 
a* 10060 -250 10075 10650 14576 3538 

OK 100(5 -ZOO 10009 10025 7 J3B 1561 

Mr 10553 -Z75 10050 10025 3500 320 

Mr 10550 -225 10078 10550 440 88 

5950410818 


m $CO] (US centa^aojid} 

Mr 10 Price Print 6aj 

Corap. (My 10454 10085 

IS day orange 88/0 8637 

■ No7 PRBMtW HAW SUGAR LCE tCantVtnt 

Jtf 1250 +4.48 1250 1257 2505 30 

Oct 1258 +0.47 1136 1105 568 10 

Jao 115 2 - 

Mr 1150 +056 

TaW 0773 40 

■ WHITE SUGAR LCE (t/tonraj 


tar 

186X 

+1.7 

187X 

1847 

1500 

1404 

•M 

340X0 

+830 34450 335X0 12234 

Jri 

187J 

+1X 

1S7X 

1680 37X08 10X40 

Od 

320X0 

+6X0 

32350 314X0 

7X79 

Aag 

1885 

♦OX 

IBEX 

1855 13500 

1718 

Dae 

311X0 

+4X0 

313X0 30750 

512 

ta 

1843 

- 

1845 

1835 

8X54 

351 

Mr 

30940 

+540 

310X0 304X0 

1X« 

Od 

181.1 

-02 

1614 

180.1 

5,135 

30* 


309X0 

+5X0 

- 

201 

Doc 

179X 

-02 

1803 

179X 

17.004 

968 

tat 

313.10 

+5X0 

- 

215 

IWri 





95X08 14X69 

TaW 




2J.7H7 

■ POTATOES LCE (E/tomri 




■ SUGAR IV CSCE (112,000b*; certts/tos) 


Jtra 2625 2 

ho* BOX 

tar 1055 

Apr 1375 +003 1300 138X 520 23 

Mr 140J) .... 

Jen 1075 - 

Total 59 23 

■ FWBOHT pgreQ LCE glOftvto polmj 

Mr 1478 -12 1485 1480 1X06 56 

Jm 1368 -26 1395 1370 594 39 

■W 1203 -27 1280 1265 868 25 

Oct 1369 •« 1370 - 342 5 

J» 136S -6 1385 - ITS 10 

Apr 1395 +6 - - 48 - 

Total 2X01 135 


Jet 1Z28 +043 1259 11X3 50,434 7X47 

Oct 12.11 +049 1Z16 11X3 35^82 2117 

Mr 11X9 +035 11.70 1158 16X51 797 

tar 11X0 +054 11X0 11X1 2X20 21 

Jri 11X6 +034 11X8 1157 1500 

Oct 11X5 +052 - 499 48 

TOW 107,13916X31 

■ COTTON NYCS (5O,D0Qlbs; centaAtw) 

JN 8019 -0X4 81X0 7955 640 

ON 73X6 +002 7825 75X0 25,187 0676 

IM 7456 -017 74X0 7375 4X53 964 

Mr 7020 -005 75X6 7475 1035B 4^73 

Mg 75.74 -Q5B 78X0 7553 2X16 381 

Jel 7010 -025 7656 76.10 759 88 

TMri 53591 14551 

■ ORANGE JIXCE NYC6 [ISJXXMB oenta/Brafl 


ta 

9235 

+055 

93X5 

91X0 

357 

29 

ju 

9450 

+1.10 

9550 

93.40 

13X21 

1XS3 

ta 

96X0 

+1X0 

9750 

9845 

2531 

231 

ta 

9650 

+210 

S&50 

9850 

1X47 

70 

Jan 

9950 

+1X5 

10050 

98X0 

748 

216 

Mar 

101X0 

+1X0 loixo leaiu 

22 

78 

WW 





20X04 2Z79 


LNerpool- Spot end sMpmm rates amounted 
to 107 Cormas 6gr the wort ended 6 May 
against 143 towns In the previous weak. 
Improved demand brought moderate purchases 
mainly to American d escrip tion s - Cerrtrd Mian 
and African yura O ra mode atm headway. 


VOLUME DATA 

Open internet and Votums data ahowi for 
contmde traded on COM EX, IWMSC. C8T. 
NTCE, CME, CSCE and IPE Crude OP ae one 
sSbt in arrears. 


INDICES 

■ REUTETta {Base; ia/a/31-lQP} 

May 11 May K) Bondi ago yaar ago 
1909.7 1902.7 1S16.1 1871X 

■ CRB Riteaa (Base: 4W5&=10Q 

' Atop io May 8 arniOi ago yaar ago 
224X4 226X1 222.63 20605 


DB 45X00 +4300 45550 44X50 1547 04 

M 45X75 +4225 45X00 45X00 S37 13 

Totri 31X83 5X47 

■ PORK HBJJE8 CME (SOJOPtoe: canta/fc^ 

Mj 47X60 +4950 47.700 48X00 278 10 

JBt 46775 +4175 47X50 46500 5.734 1.456 

Aag 44X00 +4100 4S400 44500 1X32 260 

Ah 51X00 +4825 61700 60730 246 36 

Mr 49X00 22 2 

My 52450 +4000 52X50 - 13 2 

TaW IfBS 1JB2 


LONDON TRADED OPTIONS 

Strta prica S toma — Crib Pots — 


(89.7 K) LME 

1250 

1300 

1350 


Jti Oct X4 Oct 

83 118 9 20 

46 83 24 38 

24 56 60 58 


(Grade A) LME Jti 

2050 96 

2100 66 

2160 43 

■ copras LCE Jut 

1500 407 

1550 358 

1600 311 

■ COCOA LCE M 

673 55 

900 38 

905 25 

■ BRENT CRUDE IPE Jun 

1550 - 

1600 11 

1850 - 


Oct Jut Oct 

110 30 80 

84 60 34 

63 77 111 

Sep Jut Sep 

384 2 21 

343 3 30 

304 8 41 

Sep Jut Sap 

82 0 18 

65 17 28 

51 29 37 

jul Jem Jul 

105 1 16 

71 2 

45 12 


LONDON SPOT MARKETS 

■ CWtE3E OH. FOB per barwVJun) +or- 

DutW S14_S3-4-S7y -0.10 

Brent Blend (d «nd) $18.1 1-6.13 -0X9 

Brant Btand (Jun| SIB. 04-6X6 -0^)8 

W.T.L (1pm eat) S1T.74-7.T0f +4105 

■ 03. PRODUCTS NWE prompt deBvray OF (lonnel 


PrenAan QaaoQne 
Gee Ol 
Heavy Fuel 01 


$179-181 

$151-153 -05 

$82-84 +1X 

*154-758 +45 

$165-167 


GoW (per troy oz# $382X0 +2.70 

Star (per troy 545.50c +400 

Ptattoum (per troy $393X0 -2.00 

PePndum (per troy e*J $134X0 -125 

Capper (US pradj loi.ooc -1.00 

Lead (US proa) 36.13c 

Tin (KiWa Lurnpti) 1420r 

Tin (New Yoffc) 24460c -1.00 

Ztoc (US Prtne W.) Unq. 

Caffle pve wtighOt- 12BX3p +1X4* 

Sheep Pvra «WcrtlT4 14824p -4X8- 

Pigs (ta weight) 8096p +A47* 

Loo. day auger (raw) $28620 -1,10 

Lon. day sugar (wte) $341X0 +0X0 

Tata & Lyle export 004.00 

Barley (Eng. lead) Unq. 

tabs (US Nq 3 Yettow) $138X0 

Wheat (US DWc NorW EIWXx 

JtaberUurOV 72-OOp +425 

Rubber (JuO¥ 72JSp +029 

Bjbber(KLRSS Nol Jun) 259-OOn -050 

Coconut 01 (ph«S $SB7Xz +7X 

Pam 08 [Malay )§ $477Xy 

Copra pt^f £371 X 

Soyabean (US) Etdaoy 

Cotton Oufoofc A Inda* S5X0C +086 

WQotmps (64s Swari 402p 

£ per Ww mtoae U tmnAm W4W p DcnaAfr a cenaAti. 
r n MrireMn cereata. s Jitaeg- y Jun. w 

» A p aMay . V latoan W iyrirwl | OF mt e W iuiL $ Briton 
natal ooee. * StiMp wraght prtcato. - Orange on 


CROSSWORD 

No.8,451 Set by QUARK 



ACROSS 

1 Gloomy bit of oratory in code 
( 6 ) 

4 Man, we bear, flying (no 
learner) Is elevating (8) 

9 PR plus exercising makes one 
pliant (8) 

10 Final performance recorded 
by the lake? (4,4) 

12 Plenty of space back in the 
open country (4) 

13 Political group’s social activ- 
ity (5) 

14 The beak’s account (4) 

17 This fe not the best side (6,© 
20 Colleague follows term of 
mathematics to a fragmented 
way 02) 

23 Animal support (4) 

24 Small fish to boisterous revel 

(5) 

23 Stone beads of old peers and 
lords (4) 

28 Horse could be to front of it 
(old jokel (8) 

29 Alma’s a strange form of sala- 
Cation (6) 

30 Is U from the main stable? 
(W) 

31 Mid d l e of that gun to move 

Quickly (6) 

DOWN 

1 The motorway's hard to 
pound down. What a mix up! 

2 Criticise salesman with fish 


3, 5 Shop’s little room, say, bro- 
ther along the stream (4,4^5) 

6 Some aperitif I note? (4) 

7 Ode man to charge is sarcas- 
tic (6) 

8 Joke leg-breaks for a disor- 
derly group (6) 

11 They’re no ofl paintings* (13) 

15 Record guard Losing head (5) 

16 A number undergoing live 
celebration (5) 

18 Old size for paper - white or 
pink? (© 

19 People support broken-down 
colay for this plant 18) 

21 The primitive adder (6) - 

22 TV equipment arrived with 
the artist (6) 

26 German cotton with no 
fringes (4) 

27 Girl on a festive occasion M 

Solution 8,450 


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□ LJ □ □ U 

□□□□□□□a 0HQDB 

a □ □ q e 

□□□B BQQBQDQCEGJ 

□ □ B □ O 0 Of 

aaaaaQa □□□aaaoj 

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HBQQOn QBDaBa 



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FINANCIAL. TIMES THURSDAY MAY 12 1994 


LONDON STOCK EXCHANGE 


MARKET REPORT 


Shares unsettled by the Bank’s inflation report 


FT-SE-A All-Share Index 


1,675 • 


ru\ 


By Terry Byfand, 

UK Stock Market Editor 

Any benefit from the Bundesbank's 
reduction in both its key interest 
rates yesterday was counterbal- 
anced. as far as the London stock 
market was concerned, by the Bank 
of England 'a warning on inflation 
pressures in the UK. Share prices 
opened highe r as London tried to 
follow other European bourses in 
anticipating the Bundesbank rate 
cuts. But London had already 
turned off before the Bundesbank 
announcement and recovered only 
part of its fall by the close of 
business. 

With most European centres now 
closed until Friday for the Ascen- 
sion Day break, London, drifted in 
late trading, wary of a move by the 
Federal Reserve to tighten credit 


i-v. . sion Day break, London. 
L rl late trading, wary of a me 

F Federal Reserve to tight 

" ,aiion * Tornado 
'-~:t hints 
lift BAe 


policy. The Dow Jones Industrial 
Average was looking weak when 
London closed for the day. 

The continued nervousness of the 
London market was reflected in a 
near 26-point swing In leading indi- 
ces. The FT-SB 100 Index, up 1L4 
initially «nd down 142 later, ended 
at 3.130.5 for a net loss of 5A. 

The Bank of England’s inflation 
report was seen by same commen- 
tators as a warning that the next 
move in domestic Interest rates 
could be upwards and might not be 
long delayed. Equities soon 
reversed their early advance, shrug- 
ging off gains In OK government 
bonds «n d sterling, both of which 
responded favourably to the Bank's 
comments. 

Also discouraging for the stock 
market was the disclosure of sharp, 
and wholly unexpected, falls in UK 


Aceoont Dealing Dates 


-Rnt DMSnsK 

Apr 25 

Option Dadoratiens: 

May 12 


May 13 Aw a Jun 17 

Account Dec 

Httyaa to 13 Jun 77 

-Mm Urn d e aBna* ra«y cafca place (ram two 

hirteto d»y» ek 


industrial and manufacturing out- 
put in March. While analysts has- 
tened to stress that one month's 
data ran be unreliable and that the 
underlying trend of output remains 
upwards, the announcement sat 
badly with the Bank’s warning on 
inflation and interest rates. Any 
combination of a faltering economy 
and renewed inflation would be sad 
news tor the stock market 
Company news was mostly posi- 


tive for the market, although the 
individual shares concerned could 
not shrug off the market trend. 
Higher dividend payments from 
J. Sainsbury and Royal Bank of 
Scotland sustained optimism on div- 
idend growth among UK companies. 
Speculative activity was also seen, 
with the Lasmo/Enterprise Qfl. situ- 
ation attracting attention again. 

The broader range of the market 
followed the trend in the blue chip 
stocks, leaving the FT-SE Mid 250 
Index with a decline an the day of 
10.8 at 3,742b. 

Seaq volume increased slightly to 
744.2m shares from Tuesday's 
728- Stm, worth £L34bn in retail busi- 
ness. Retail, or genuine investment 
business, has remained good in 
spite of recent uncertainties. 

There were sharp losses among 
the building and construction 


issues, regarded as particularly vul- 
nerable to any threat of higher UK 
interest rates. Some dollar stocks 
were helped by the strength of the 
US currency. Oil shares, however, 
turned dull, with Shell Transport 
unable to make progress after dis- 
closing trading figures much In line 
with expectations. 

The London market is likely to 
remain in slack water today, 
waiting for the rest of Europe to 
reopen on Friday morning, and fear- 
ful that the US data on retail sales, 
producer prices and Jobless claims, 
may provoke a move today from the 
Federal Reserve. Friday will bring 
further important figures on the US 
economy and the following Tuesday 
sees the next meeting of the Federal 
Reserve Open Market Committee - 
another danger point for global 
interest rates. 


1.625 - 



Equity Shares Traded 

TunKMtr by vrikane (motion). E*doCBng; 
Hra-nwliei buanees and overseas turner 

i.ooo — 


1,575 " 


Uar 

Sour* FTGapm 



■ Key Indicators 

IntScea and ratios 


FT-SE 100 

FT-SE Mid 250 

FT-SE-A 350 

FT-SE-A All-Share 
FT-SE-A Ad-Share yield 

3130.5 

3742.5 

1586.5 
1578.05 

3.68 

-5.8 

-10.8 

-3,3 

-3.18 

13.67) 

FT Otcflnaty tndax 
FT-SE-A Non Fins p/e 
FT-SE 100 Fut Jun 

10 yr Gilt yield 

Long gdt/eqioty yW ratio: 

2491.8 

20.45 

3133.0 

8.30 

2.30 

-A3 

(20.49J 

-11.0 

{2^2) 

Best performing sectors 

i Electricity . 

.... *1 Z 

Worst prion ni« ofl sectors 

1 Building Materials - 

..-..-2.5 

2 Extractive Inds .... 

3 Retaflers. Food 



.... +1.2 
.... +1.1 

2 Bulcteig & Const 

3 Tobacco 

” * 

-23 

-1.8 

-13 

5 Media 


.... +0.8 

5 Transport 


-1.1 


SSVVCRD 




sYi 
b H 


g 0 * 8 J? 

: fa 

« *T 


Defence and industrial giant 
British Aerospace (BAe) rose 
strongly on reports that it was 
about to announce a lucrative 
Tornado fighter aircraft order. 
There were also positive 
reports from an analysts’ visit 
to the company’s defence 
operations. The shares closed 
23 ahead at 4S9p after volume 
of 6m. 

Rumours that BAe was 


about to sign a contract with 
the UK Ministry of Defence to 
upgrade the Tornado aircraft 
swept through the market in 
the last hour of trading, fur- 
ther strengthening an already 
impressive performance by the 
shares. 

Earlier, the stock had moved 
against the trend as favourable 
reports filtered back to London 
from a two-day tour of the 
group's defence operations by 
City analysts. One specialist 
said: It has become dear that 
pr ofi t s from the defence divi- 
sion will rise significantly over 
the next few years.” 

Confidence was further 
boosted by Tuesday’s confirma- 
tion that Canada is to buy 35 


EQUITY FUTURES AND OPTIONS TRADING 


Fears over UK inflation 
dampened enthusiasm in stock 
index futures, although expiry 
in traded options led to active 
trading, writes Joel Kibazo. 


The first trade In the June 
contract on the FT-SE 100 was 
struck at 3,147, in line with 
underlying cash. Early buying 
saw it move slowly forward. 


■ FT-SE 100 INDEX FUTURES OJFFgCS per ful Mtt point 



Open 

Sell price 

Change 

High 

Low 

at voi 

Open teL 

Jin 

3147.0 

3133,0 

-11J) 

3154-0 

3121.0 

13872 

52111 

Sep 

3160.0 

3148.0 

-11D 

3160.0 

31534 

7 

1420 

Dec 

- 

3161.0 

-12.0 

• 

- 

0 

201 


■ FT-SE IBP 2BO INDEX FUTURES j 
Jun - 37500 -i 


| ZIP par Ml Index print 


M FT-SE MP 350 94DOC FUTURES (OtSJQ E1Q par fcJ Index potet 

Jun - 3747.5 881 

Al opto Moran ferna am lor prataa day. f Extol notono olmn. 

■ FT-SE 100 IHDEX OFflOH (L1FF9 (*3129) £10 per OJtedax point 

2950 3000 3060 8100 3150 8200 3260 3300 

CFCPCPCPCPCPCPCP 
Mq l«7*a 14 138ft 3ft 82*2 8 S3 18ft 25 40 Bft 78ft 2 127% ft 177*2 

Jut 18512 16ft IWft 24 118 37 « 54ft 58ft 7Bft 36ft 106 22 142 12 183ft 

JU 214 26ft 175 37ftl3»ft51ft SB TOft 81 S3 »ft 122ft 42 155 28ft Iffl 
Am 23? 42 1991a 55 163 69 133ft88ft IIHft 111 63 138ft BZft 170 67ft 2» 

Dref 25112 100 . 182 137 ,-f - 140 184ft 94ft 240 

CM 5JWS Pots 3^88 

■ EURO STYLE FT-SE 1 00 SPeX OPTION ffJFFQ £10 par ftil Wax port 


■sr 

1E0>2 

2^2 184*2 

5*a TO 11*2 

36 

28 

14H* 

55*2 4*2 88 1 

41*2 

% 

101 

jin 

174 

17 135 

28 100*2 43 

71*2 

64 

48 

88I2 3012 122 18 

ISM 


ZOO^ 

Jiti 


158*2 

43 

W 

BO 


Sllj 135*2 


W2 

207*2 

Sep 


1921a 

7Dl> 

132 

ll»*2 


84*2 13 


(til 

•ash 

Dfet 


234 

02% 

in 

141 


127 189 


ash 

248 


Cab ifizs Pitt I.B1B • t ta * % top fata note* Pntai tan an taad m mOmwH pitas, 

1 tow teted ratey natew. 

■ EURO STYLE FT-SE MID 360 MDEX OPTION (OtflJQElO par M Index point 


3780 3800 38 

Hsy M 37 16 TO Bft 

cm 0 Mi 0 SaObmnl prices rad w 


Vi 

i as ta at 43Q|pm, 


FT - SE Actuaries Share' indices 


Airbus aircraft worth £950m. 
BAe is a 20 per cent stake- 
holder in the Airbus consor- 
tium and builds the wings for 
the aircraft 

Kingfisher upset 

Shares in high street retailer 
Kingfisher fell sharply as 
rumours circulated of a large 
derivatives trade, said to have 
been undertaken by Swiss 
Bank, and possibly llnkeri to a 
potentially large sale of King- 
fisher shares next mimth. 

The possibility of a sale 
arises because, according to 
dealers, one third of the ftftm 
Kingfisher shares used last 
year to purchase Darty, the 


with sentiment encouraged 
by favourable trading in other 
European markets. However, 
a cautious Baik of England 
report on inflation checked 
a sharp move ahead. 

The announcement of a 
reduction in German interest 
rates led to a flurry of buying 
activity and June rose to the 
day's peak of 3,154. But the 
buying soon faded, leaving 
the contract to drift lower, as 
dealers once again focused 
attention on the prospect of 
an increase in UK interest 
rates following the report on 
Inflation. 

June ended at 3,133, down 
11 from its previous dose and 
just ahead of Its fair value 
premium to cash of about 3 
points. Volume fell to 13.872. 

The expiry of the Way stock 
options brought a sharp rise 
in turnover In the traded 
options. The dosing total 
stood at 55,430 lots, with a 
mere 9.631 dealt In the FT-SE 
100 option and 3.444 in the 
Euro FT-SE contract 

Among the stock options, 
bid target Lasmo saw 5,936 
traded, followed by British 
Steel with 5,256 contracts. 
BAT Industries had business 
of 3.963 lots and Tesco 2,619. 


i he UK Series 


FT-SE 100 

FT-SE MU 280 

FT-SE Mki 260 w Inw Trusts 

FT-8E-A 350 

FT-SE SmdCap 

FT-SE SmsSCwr «x Inv Dusts 

FT-SE-A ALL-SHARE 


Day's Ywr Ofv. Earn. P/E Xd adj. Total 

May 11 chga% May 10 May 9 May 6 ago yWd% ytridtt ratio ytd Rahim 

3130-5 -4X2 3138^ 3097.8 3706.0 26808 3.83 &38 1&88 38.08 1 182.72 

3742.5 -03 3753l3 3742.1 3 771 J) 3145.0 S2B 6.51 2237 35l20 137228 

37S&S -04 37808 37592 37882 3174.7 041 524 2064 3042 13734)6 

16385 -02 1588a 15733 1S78S 14224 3.74 8.18 1853 1750 1205.94 

193158 -0.1 183353 1B3340 194053 158828 257 4.18 2951 1810 1479.07 

190875 -02 191157 191828 1919.42 180722 352 4.61 2754 1824 1464.79 

137856 -02 158153 156843 157245 1407.78 358 852 2051 17.11 122060 


■ FT-SE Actuaries All-Share 


ID MMERAL EXTRACTTONflO) 

12 Extractive industries^} 

15 01 totagratadO) 

18 08 BdoraBon 6 Prodfll) 

20 084 MANUFACTURERS^ 

21 BuUng 6 CoratructtonSU 

22 BuMteg Matts 6 MerehafSOt 

23 CtMn4cals(21} 

24 DrteraKtad IndusbtetetlS} 

25 Bedronic & Beet Equlpp4) 

26 Enginaering(71) 

27 Engineering. Vehicteefig 

28 Printing, Paper & Pck0»7i 

29 Taxtflea 8 AgESBBBL 

30 CONSUMER 00008(96) 

31 BrfeMrtes(17) 

32 Spirits, wten & CMeredO* 

33 Food Manutectmra(23} 

34 Household 0oode(l3) 

36 Health Cm<20) 

37 PharmaceLiictesTI) 

38 Tohaecofn 

40 SSWICE802OI 

41 Dustributonspl] 

42 Leisure 8 Hotete(23) 

43 Medaf39) 

44 RaMtera, FWdflT) 

45 natflfcra, Gonera#44) 

48 Support Sanriossf40) 

48 Ttansponpe) 

51 Other 3en* ~ * H,«inre«ftq 
so ununesc&Q 
«c BecowMiT) 

64 Bag Dtebfauttonft 

66 TMtasniuiteationsM 


70 FBiANClALSf103J 

71 Banters 

73 lnsuance(1fl) 

74 Lite Assurance^ 

75 Merchant Bartap) 

77 Otttar FtnandriB4) 

79 Propenv09) 

80 WVESTMEWT TRU8T3fl2E 
99 FT-S&A ALL-SHARE(BS^ 


Day's Year Dtv. Ear 

ehgew May 10 May 9 May 6 age yield* yteidX 


-02 2737.78 273650 270753 216830 3.41 4 SO 

4-15 385820 387858 3885. CM 2964.70 352 5.06 

-06 289150 268758 2855.15 212150 344 4.71 

-0,1 204951 202959 200022 196090 029 1.21 

-07 208850 208075 208759 177250 3.62 458 

-25 1287.44 1301.70 1321.17 100050 256 354 

-25 201358 202250 204838 180750 363 354 

-05 249027 250381 292848 216860 370 459 

-05 210050 237854 209834 186300 459 4.44 

-05 2082.09 207256 208659 186150 355 654 

-02 195351 1942.74 196342 1507.10 377 379 

-02 243007 2445l21 246825 17S87D 451 253 

-08292304 2907.12 2921.152317.00 258 452 

-05182149 179946180359181950 353 551 

-04277240274458273757 281050 451 748 

408 2317.76 229657 228453 212870 350 756 

-O4 306855302552 296B55 287360 353 656 

-OS 237352 236807 237322 232450 452 759 

-08 273377 2727.93 272755 227350 354 867 

-02 173397 172450 173052 1684.70 319 849 

-54281951 23T758 278854 318550 456 751 

-15 371657368750 374892 388380 5.78 951 

+0.1 204879203092 2045.17 175840 256 554 

-04306745 305803306856 258880 257 653 

-0.1 225057 222874 2234.75 1699.00 318 4.17 

*55 307550 302871 308350 225850 2.08 4.70 

♦1,1184857163080183857 181650 861 850 

178058 176058 178051 150150 255 558 

-04 1BB046 165811 168824 151250 252 751 

-1.1 246053 248052 248872 1B92.80 348 4.16 

-05122802121158 1222 MiM7Jn 4.38 328 

♦0.1 221754 217955 220258 2079.10 451 756 

♦15 2071.08 2034.50 2074.60 170850 396 1151 

+02 197856 190866 189753 195450 654 * 

-05 197559 1S4821 190751 190350 4.03 &1S 

♦08 164651 163858 16S341 172850 357 1550 

-05 171258 169870 170813 153056 357 S53 

220863 216649 217359 192750 4.07 740 

*82 279813 271809 272874 237550 357 130 

-15 132841 132045 132048 131810 4.88 10.60 

*0.12420112 238040 238851 254550 813 754 

-09 296748 283350 292842 245890 325 1037 

-0.1 190058 107836 160453 142150 353 653 

♦ILS fBIflJW 100856 1622 18 r»A30 378 365 

♦ftajgggg^g1ft78|gg Qa»2MM 0 316 151 

•021681381988431572451407.78 358 652 


P/E Xd ad. Total 
ret to ytd Return 

27.80 3155 108328 
24.76 42.75 106533 
2636 3258 108332 
8050t 1556 117316 
2857 2314 103654 
3309 1257 97354 
3344 2656 91357 
2757 2839 108318 
2842 3045 106256 
1957 12.7? 991.14 
3259 1377 108663 
6952 3242 116055 
2457 2659 112366 
2332 2045 101358 
1383 4159 93552 
1870 1151 102458 
1632 41.70 100956 
1337 3958 98311 
1759 3367 064.71 
21.86 1950 992.77 
14.75 41.70 87336 
1226 1025S 81448 


1372 650 33057 

10.40 1555 84651 
X 050 075.78 

1870 059 81455 
7.68 348 79955 

2ft 45 1849 118307 
1557 3957 86255 
1848 5550 82842 
1053 2754 66542 
1340 6838 920.06 
1153 2326 06370 
18.12 1656 98751 
3258 821 90393 

6396 18-84 9435Q 
20.01 17.11 122050 


■ Hourly movements 

awl 1Q50 1150 1250 1300 1450 1550 16.10 HWi/day Lowhtey 

100 31338 31345 3127J 31324 3124.7 31338 31Z97 314*7 31231 

FtS uM 250 37585 375E5 3747.3 374S5 37435 3743.1 3740.7 37487 37437 37095 37487 

FT^-A350 15945 15884 15075 15887 16855 16875 16645 16875 16882 16945 13630 

Time el FT-ae 100 Hflh 050 am Law 144 pm 

■ FT-SE Actuaries 350 Industry baskets 

Oo« 950 1050 1150 1250 1350 1450 1950 1810 CtPSS PlWtoua Cfttags 

BdoiCnatren 12195 12080 H825 11B05 11034 11935 UtoB 11«6 11005 11087 12215 -30.0 

«S4SS 28225 28113 2807.9 20080 20035 28015 27883 27882 2775.1 27m 1 27815 -124 

1B4Q4 18 483 16505 1650.8 10505 1BS6J 16585 1SS87 1842.8 *14.1 

Barts 26335 2B21.7 28185 26262 26235 20275 28Z68 28345 28345 28S&5 ZSSM +82 


A<UIM Mtnuw, M Aoitota StaB sdoee te pufatehsd h areata fatoo. Un or oMsnares Be snub tan The nurew iteua 

ft*? FT-0E hta Stotas *N* ereen a renge or 

n?Fp 5ST TTa SaE im t* FT-SE M u aso, FT5E Aetusees 3S0 tod «e FT-3E Atorewa hUh 

^ ta ttSta Iftudta tod Btototo flti tatafl tod B» pr« Actuto* AM»«e la 
itt^tawtod HuaWteet Iwltod LteSed 18B*. OHie Rnenawi Ttoaa Untad IBS*. a» rfgta new— 4 
toacM n wtad by Tl» ta* Donwr. t Sestoc WE iteloa tatar tan BO » «* shewn, t Wtas are nagadm. 


French electrical retailer, can 
be sold by the holders from 
June 3. 

However, stores analysts 
said the rhanrau of the French 
institutions which hold the 
shares - which includes the 
company's family and work- 
force, as well as some institu- 
tional investors — an deciding 
to sen the stock at the same 
time must be highly unlikely. 
However, the Swiss Bank story 
unnerved the stock, which 
ended 17 off at 572p, albeit In 
moderate turnover of 2 . 1 m. 

Standard strong 

Hie recent decline in Stan- 
dard Chartered shares was 


TRADING VOLUME 


■ Major Stocks Yesterd a y 

VcL Ctotoe OW* 


ASOAQroupt 
Abtay Mtfantff 
Atari Rtoer 


000a Brice Cheng 

23.000 

59 

♦2 ft 

*M 0 

411 

-10 

1 JSOO 

57 


1^00 

see 

-2 

*50 

45 * 

*® 

+T 

355 

-8 

WO 0 

2 S 2 

«2 

1.100 

303 

~e 

385 

579 


391 

247 

-15 

1,000 

972 

-7 

7.700 

436 

-7 


125 

-2 

1330 

«S 6 

-6 

515 

683 

43 


*05 

- 3 ft 

8.400 

304 

-19 

B .700 

381 ft 

-5 

2,700 

243 

- 4 ft 

WOO 

382 

-1 

24100 

190 


4.100 

637 

-ft 

LI 

507 

302 

409 

-•ft 

WOO 

550 


woo 

443 

-11 

woo 

*89 

423 

2300 

397 

-* 

A 100 

297 


99 

400 


400 147 % 
87 178 


Atone. M. Pstn 
BAAf 

BATlremt 

BCT 

acc 

BOCt 

sit 

6IP«^ 

BTRt 

anil d Soedtodt 


akeCtaat 

BggtV 

Baobst 

■Billet 

BA. Amapec«t 

Brtbto Afevmyaf 

BtWiOtot 

BMWiLtod 

MWiBMarf 

aunzl 

tantolCtotott 

Burton 

CtaBAWtat 

CataoScnreit 

CoMWtart 
Comm. UMarrf 

Coctaxxi , 

CawtH*sf 

sr??u 


nnairM u*r 

BadUlW Unto 

M 

ten 

Rraqn a CoL LT. 

Fartpt 

Grand Uect 

sgf 

GKN 

Cub ra to t 

HaacfTSptaft 


t400 

hantjona CmfWd BOB ifla 

M 3071; 

HtoKM 1J00 1TB 

EU1 772 357 

CTt 2.700 821 

mct«p4 are s«2 

JahmonMtohay 146 S89 

»W*rt 2^400 372 

Kwk Sovo 210 670 

iadtronf 3400 187 

LtodSaeutttot 1500 02 

Lapareg 102 785 

Leart&GtoUUt 1200 *52 

LloydsAbboy 297 S73 

Uoyda Barter *,«o 384 

LASMO *500 134 

London Oact 2*8 ssg 

Mo 2200 varii 

Lucn 1400 198 

«£PCt 209 *« 


Mtoa&Stoncwt 

ttatodsBecL 

MentanlWnU 


NonhiMi Foods? 1500 221 -3 

Noraob 135 611 -1 

Ftonont 1200 660 *10 

paot 1200 7» 

P**w«i *500 195 S 

PowmOenf 2,700 *39 «1 

Pnrnratof 2JCO 309 *l1j 

RMCt 310 632 -22 

S 2.700 8*9 *12 

473 233 -4 

tank Ore t 2400 *18 

fteckaj 4 Cokrant 1500 876 -6 

Redonit 2500 60* -3 

Hm*S toLf 1400 MB ■* 

RKttotot- 1500 29* M 

ftoaaot . 2500 4B9J1 +i*J» 

FtofcRuyoBt 3500 -2h 

Byi Bk aitindt 11500 420 -12>i 

Ronl (rautocdf >400 2SS -10 

SoitoLyf 17500 389 -2«* 

SorodM 61 1298 -2 

3csaWi4N#w.t *88 553 *12 

Scot 1V*o-B«a. 410 337 «lS 

Sesufett Ptwrt 2400 379 Ml 

Stoat 2/00 128 tug 

Sedgwick 2 500 203 -3 

Stotxtfd i.i do aa -i 

Sevsrn Tranrf 1500 *82 *1 

StaBTMmpoRt 3500 741 -1 

Babot 2500 500 -8 

SoughBM 211 2*6 -5 

SntanVJUA 226 bto -3^ 

Sntth i Naphewf 2400 148 -*♦ 

SntiO SeecfHTtf 2500 410 *3^ 

SnriO Btodwn Utof 3500 372 

SltiBuirtM. 137 SO* rf 

S0UhmB«a.t BIS 574 Ml 

Soubi UVaiaa Boa. 20 627 <6 

SouOi Wort Wore 108 SDT *4 

Soudi iiw. Bret *7 5TO +7 

SoUhtoi Water 133 490 *t 


3 onxSms 
taoJth A New.f 
ScoL Hjtoo-Btoi. 


Saiwn Trent 


StaughBto 
tentttmJUA 
Smtfii Neittewf 


137 SO* rf 

910 574 Ml 

20 627 4 

106 301 *4 

*7 170 it 

183 *90 *1 


SandurU ChtrKLf 3500 xoh 


Stahouto 
Sui Ataneef 
TSN 

5 5 Ss* 4)t 

TBBf 
Itaitot 
TkteALito 
Ttyfar Woodrow 
Teseof 

Tlwntotarert 
Than Bit 

Toitidwt 
TMUgar Kouto 


1,700 214 

2500 333 

B57 240 

782 388 

5500 218 

3500 1801a 
213 437 

SB 147 
16500 Z&4 


ThtoiEJAf ffiB 1M8 -3 

Tentidnot 4.700 SU *6 

Trafdgsr HdM 1500 l® *1 

Unteere 1500 408 -3 

urtifemrt 1JOO 1074 -a 

Urted Statist 1500 952 -4 

IM tllillfT 308 6*8 -6 

Wataonet 2500 520 Sh 

Wtauopott see 728 -12 

WBfcprtot 1500 579 -6 

WtaiWanr 388 001 « 

WMHKlAtar 188 596 *4 

VMBXtodt m 870 *1 

titaa tegif 2.100 388 *2 

wmiCBtnto m ax -1 

Wfenpey 2500 179 -8 

Vtetatyt 728 818 -IB 

TakUtaBtoL 1580 5*7 

Yaritotawenr 438 481 *4 

ZtoHMt 1500 70B 10*3 

Based an w*ig vofcjire lor a Mcttn or major 
towMto dtok tnta B» SEAQ agruem 
jtotareiy urt* 450pm. Ttaoe at ana ntam or 
nmniMOMtaitMcHiiiFT-a 
100 tads* aaonam 


arrested yesterday as the stock 
outpaced the rest of the bank 
sector and the FT-SE 100 Index 
following presentations to 
Scottish institutions. 

Standard shares, which 
reached a peak of 359p in Feb- 
ruary. fell to 232p on Monday, 
but accelerated yesterday to 
post a 21 Va gain at 259'/ap, a rise 
of 9 per cent on the session. 
Turnover of &£m shares was 
well above recent levels of 
activity. 

Dealers said the shares 
began to move ahead at the 
outset of trading, helped by the 
4 per cent jump by the Hong 
Kong stock market And the 
presentations by Standard’s 
Chief Executive, Mr Malcolm 
Williamson, to the Scottish 
institutions, hosted by Caze- 
nove. Standard's broker, cou- 
pled with a general feeling that 
the stock had been oversold, 
triggered the big surge. 

There were mirai fortunes 
for 3. Sainsbury, the UK's big- 
gest supermarket operator, the 
shares enduring a rollercoaster 
session. At the unveiling of its 
full-year results, the stock 
moved smartly forward as ana- 
lysts interpreted the company 
statement on steady mar gins 
positively. 

But at the post-results meet- 
ing, analysts complained that 
the mar gin issue - a crucial 
test of RnanHal well-being in 
the food retail sector - was not 
clarified by the company's 
management There was also 
said to be confusion over a 
number of other matters, the 
result being that Sainsbury 
shares slid as analysts 
returned to their desks. 


NEW HIGHS AND 
LOWS FOR 1994 

NEW MOHS <391 

B ANK8 fl) tifltotosn Tot. « Bfca. 01*058*0 6 
GM8TRNM Branaoo Hto. C Cm o n g . Shcwco, 
Stand*, BUM MAILS A MORS (4 totov 
Rottal. DemBUTOm (3) Aori. Dtomma 
tacu REA. ELECTfUiC A ELECT EOUP (1) 
Cmti Tato. HHIHUIIB Hi ASW. 
Gtombarln i HU, Unmod. Spox-Sarco. ENO. 
VEMCLCS til Vota EXTRACTIVE MDS (1) 
Conn Itonun. FOOD UANUF P) Unon Panv. 

Moral. KVESTMetT TRUSTS (2) 

INVESTMENT COWAMtES (1) LBSURE « 

HOm p> NctthtoV. MEDIA E8 Eiooraoraa. 
UNO) Butofrl. OR. EXPLORATION A PROD cq 
BNdBR Cato. Ttoaw. OB- INTEGRATED (1| 
Total. OTWH FINANCIAL (1) ComgftO. PRTMtL 
PA T HI A PNCKa W KWfcH. RgTARgtS. 
OENERAL C8 Awon Rood. Body Shop W. 
SUPPORT 8ERVS 86 HOMftal Wten0. Pags (MX 
TEXTILES A APPAREL fl) Bnctat-Omby. 
AA d lCANS {6 SOUTH A fTM CAta (1) 

NOW LOWS (Bte- 

SAW® (2) ABN Aim. Abbey Jta. 

BREWERIES HI MMi, 8ULDWO & CNSIRN 
Hte BLDO KAILS 6 A0CH1S (17) CtBBCALS 
(1) MclbOd Ru»N. DBTR1BUTORS (1| 

Gwdber. DM9SHED 0B7LS (I) Hwraons & 
CraaMO. QJDCTRNC A ELECT EOtS* P) 
EktatosTedi. Qratotv. Kooa tot. 
e*QBIEER)lta (E) Fcfrurn. GB6 bOL. Hto. 
Harttng 8Hpc Rf- locMW (ft EXTRACTIVE 
NOS (1) NkjgnL POOD MANUF (2) Cranstoto. 
Natte. HEALTH CARE M Maresra. 
HOUSEHOLD MOOS (2) Attfnn^ LBpuL 
MSURANCe (8 WVESTWStT TRUSTS 
MVESTNSfT COMPAISS {SJ LffE 
ASSURANCE H) MEDIA (3Q BAAP, hn ML. 
Secnteh TV, MERCHANT BANKS (T) Harttraa 
7V4JC PrL. OB. EXPLORATION S PROD H 
tatneo. SotakL OTHER HNAMOHL a 
Crvtato. London Forlotag. ShareM few.. 
PHARMACBUTTCALS (1| C ata CU . PRITBL 
PAPER S PACKO (3) Crest NMC 7tac PrL 
PtaL PROPERTY (8) Dmnt Volar. Ea-lureH. 
Fta data mv», Ql ftxttand Eats. 9l»c 2DQ2, 
Topi Earns. RETAILERS. FOOD tq Shretoa. 
TtoBO CapSN Ope Ba 2005. RETAILERS. 
O0QUL (1) Santa A. SUPPORT SERVS (6 
Boa. Dare PrWB taapto Ran***. 
TELECOWBMCATIONSa Bhddi Totam. 
6N <taa Nantic. TOCI1LES B APPAREL (D 
Janos Strcud. UMOe WM. TRANSPORT (6) AS 
Porta. Britan Atoaya. Do Cap. 9*ipc Ow- Forth 
Parts. NFC. Sea Cbntakieni. 

More positive consideration 
towards the close helped the 
shares steady but still left 
than adrift 2*A at 389p. Turn- 
over was a hefty 17m. But the 


figures contained enough to lift 
other retailers, Tesco adding 7 
to 235 1 ip od 16m traded and 
Asda climbing 2 1 .* to 59p with 
23m turned over. 

Takeover target Las mo 
moved higher by 2Va to 154p as 
the market picked up hints 
that a cash alternative to 
the all-paper offer from Enter- 
prise Oil or a straightforward 
counter-bid from elsewhere 
could be imminent. 

The rise in the Lasmo share 
price took place in the Dace of a 
fall in Enterprise shares of 7 to 
440p. amid hints that Philips 
& Drew Fund Management, 
which has been increasing its 
stake in Lasmo in recent 
weeks, has been reducing its 
holding in Enterprise. 

Rumours of an impending 
cash bid for Lasmo swept the 
London market in mid-session 
yesterday with dealers report- 
ing the "same old names" as 
about to swoop. The same old 
names include Atlantic Rich- 
field. the US group and 
France’s Total. 

BPB, the plasterboard manu- 
facturer, and RMC, the cement/ 
aggregrates group, both fell 
heavily as dealers pondered 
the prospect of a move by 
Lafarge Coppee, the French 
plasterboard and building 
materials group, into the East 
German market BPB shares 
plunged 19 to 304p and RMC 22 
to 852p. 

Bank shares, among the mar- 
ket’s worst performers this 
year, came in for strong sup- 
port from two areas. Goldman 
Sachs, the US investment bank 
said the sector offered good 
value at current levels, while 


Collins Stewart, the UK broker, 
was said to be recommending 
HSBC. The latter edged up 7 to 
731p. 

Royal Bank of Scotland 
dropped 12' a to 42Sp on excep- 
tionally heavy turnover of 11 m, 
as short term speculators took 
profits after the interim fig- 
ures. 

Royal Insurance retreated 10 
to 258p amid worries that the 
companies first quarter num- 
bers due this morningcould 
prove a big disappointment to 
the market following some big 
bad weather tosses. 

Carlton Communications 
eased a penny to 912p with 
Nomura International reiterat- 
ing a cautious stance. 

Chemicals group Croda 
International and electronics 
group Enrotherm eased a 
penny apiece to 450p and 372p 
with some dealers saying they 
were overvalued. 

USM-listed Phonelink shed a 
further 28 to 370p as scrappy 
selling drove down the price of 
the tightly traded stock. 

Reuters Holdings jumped 
14'/. to 499Vsp reflecting the eas- 
ing of pressure imposed by the 
recent Abu Dhabi Investment 
Authority stake sale. 

RTZ rose 12 to 849p after the 
annual mppting Shares in pre- 
cision components manufac- 
turer Unread jumped 63 to 
2lGp after the bid from 
McKechnie, 13 off at 474p. 

MARKET REPORTERS: 

Steve Thompson, 

Christopher Price, 

Peter John, Joel Kibazo. 

■ Other statistics. Page 19 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


Cat? Putt 

Option Jim Oat ta JB Oct Jan 

titaMjvtt 580 ti 3215 - 32M 3BM - 

fSBO) 638 8 15H - 76*4 72 — 

Afffit 240 19 24 2>K 1ZH 18H 21* 

(*251 ) ao 1*13* 11 2S28Vt3Zfc 
ASDA 56 11 1ZM 11H 111 » 4 

(-58 1 60 4b 6 I ill 8 W 

Bttim 360 21 23 « 19 26b 31b 
(*398 ) 420 Bb 19M 25b 38 44» 4flb 

StaSdmA 390 SI 41 49 11 22M 28b 
(*409 ) 420 IS 2814 34 2614 37b 44 

Brea 550 22 M <8 26b 33 32b 
rS51 ) GOO 8 15b 23b B2K 87 72 

BP 380 30b S6b 49 12 17b 2Zb 

r«* I 420 15 9*b 31b 28b 33b 37b 
British Sad 140 14 16b 21b 6b 10b 13 
p48 ) 160 5 tb 13 18 22 24 

BM> 550 34 46 58 16b 27 39 
(-584 ) 600 13 25 34b 40b 56 ffl 

Ctallk 450 33 - “17b - - 

(**86 ) 47520b - - 31 - - 

enrantt 500 45b SB 63 12 21 27 
f-SSe) 550 1SV. J*bSm37b 47 S3 
CPBUiUtiM 55D38b 48 S4 12M2ZM2Gb 
(*S6S ) 800 13b 22 30 36b 51b 55 

a BOO 50b 84 7T 22b 39 47 

C819 ] 8SD 28 38b 54 4BbBBb 73 
ungtwar 680 J7b 80b B2b 19b 30b 37 
(*571 J £00 15b 27b 39b 49b 58b 65 

Land Saar 650 2Sb 35b *3 23b 30 35b 
(*862 ) 700 6 18 M 61 64 16 

nates A S 420 20 20b W 15 19 23b 
(*4Z8 ) 480 6b 13 16b *2 44 47 

lUMteA 480 31 38 47b 18b 29 30b 
(-465 ) S00 14 18 30b 43 S3 54b 

S«Muy 880 32 42 47b 11b 19 23 
(*387 ) 390 14 25H 31b 25 34 37H 

sue* Trans. 700 57b 67b 74b 8b 17 22 
(*740 J 750 25 30b 48b 25 39b 44b 
surebauto 200 20b 25b 29b MH1K 
(*213 ) 220 8 14b 19 16b 19b 23 


97 11 - - 7 - - 

106 9b - - 12» - - 

1050 SS 79b Mb 19b 29b 37b 
1100 27b SZb » 45b 54 81b 
700 37b 52 62b 24 SB 46 
750 15b 29 40b 63b 68b 75 
Mg AS8 ■»» Itey *6 tear 
400 25b 38b 4B 1 13 21 
500 1 17 28 19b 33b dib 

190 7 18 25 1 7b 14b 

200 1 8b 15b 15b 19b 27 

330 25K 36b 48 1 B 14 

850 1 10b 30 9b 20b 28b 

Jm Sap Dec im Sap Dec 
140 12 16b 23b 5b 12b 16b 
160 3b 11 14ft IBft 24b 28ft 


Qpfcn Hi fa| In M0 fag Hit 

BrtAaro 480 35 84b 76 1 23 38b 

P493 J 500 1 43 5010b 42 9 

BAT tat 420 19ft 33b 43b 1 13b 22b 

{*438 ) 480 ( 10 24 27b 35b 43b 

m 360 2 22 80b Zb 17 Z4M 

ran) 4Z0 I 9T7313842b 

ftHTtawn 380 Zb 19 25 2 19 24 

r382) aso 1 7b 13 a 40b 44b 

CtauyScfl 453 V - - 1 - - 

(*487 1 493 1ft - - 7H - - 

EstanBn 550 42b 58% 85b 117b 28 

{*990 » 600 1ft 28 40b 12M 44 54 

Bums 460 36b 49 BBft 1 9 16b 

C483 ) 500 1b 2Zb 34ft lift 25 34 

EEC 300 7 » 22 1 IS 16 

(■304 ) 330 1 4ft 10ft 27 37 39b 


(-1073) 

Zeneca 

I*™) 

Opflon 

tend Met 

T4C) 

Lstenhe 

nasi 

tMHsaft 

r»si 

Option 

Raona 

H45) 


— tan —pub — 

Optina »ta Abb fare May Aufl Mar 

Kravi 280 7 15b 20 1 10 15 

f*2S5 ) 280 1 8b lift 16 22b 26b 

Lasno 134 21 28 81 I 7 9 

(154 > 154 1 14b 18 1ft 13 U 

Lies tat 1B0 20 25b 30 1 5 10b 

(198 ) 200 1b 12 17 3b 13b 20ft 

PAO 650 Ob 72 84 1 l2h28 

C899 » 700 3b 39b 65 2 32 52!* 

PBdnflta* 180 7 15 20 1 8b 14 

1*185 ) 200 1 6 12 16 21 26 

tadBtiH 300 10b 24 29 1 10b 16 

("308 ) 330 1 9b IB 23b 28 33 

RTZ 850 1 47 85 5ft 38 56b 

(*851 > BOO 1 24 43b 54 66ft 85 

Rectad 500 Sb 32b 45 2 21ft 34 

1*503 ) SSO 1 12 23b 49K 5*b 68 

Ratal Insee 260 2 18 28 4 16b22K 

(*257 ) 280 1 10b 20b 24 29ft 34ft 

Item 220 17 Z5b 20ft 1 6 10ft 

(*235 ) 240 1 11 18 7 IS 21 

vedetiaae 500 32 50ft 63b 1 17 26 

(*530 ) 550 1 21 39 22 43b 52 

Mam 354 16 29 36b 1 10b 16b 

rasa) 384 1 13b 21b 18 26 32ft 

Option M Oct Jto Jm OCT Jan 

BAA 950 48 66b 79b 25b 36b 48 
r97D> 100021ft 42 54 5*fc M 72 

nmstite 400 29 2B SI 24ft 31 38 

(*486 ) 500 B 14 10ft 55b 59 6<ft 

Option Job Sep Poe Jun sep Dec 

Abbey fed 390 29 38b <7 5ft 1<b IB 

r«11 ) 420 11 22b 30b 16b 29 33 

Amstiad 30 5 7 7b lb 3 4 

(*33) 35 2 4b 5b 4 4ft 6b 

Barclay* 500 46 58 81 5 15b 24ft 

(*537 ) 550 1«b 29 42 24ft 38ft 48 

Bub terete 300 13b 29ft 31b 10b 19 24ft 

CXI ) 330 4 13b 19 32 38 43 

tettte Qto 280 19 22 29 6b 12 18H 

(*296 ) 300 5 13b 16 17b 23ft 30b 

Otang 200 13b 21b 26 5b 15ft IB 

(*207 ) 220 4b 13 17ft 17b 27b 29b 

Mtenan Itt 22 28 31 2 5 5ft 

(*T7B ) 160 7b 15b T9b 8 13ft 14 

Lorrho 130 13 19 23b 4b II 14b 

Cm 1 140 7 14 18b 9 15b Wft 

Nan Power 390 30ft 38 49W 7ft 10ft 22 

(*415) 42010b 24 30 23ft 32 37 


RISES AND FALLS YESTERDAY 


British Funds 

Other Fixed telenet 

MnaraJ Extraction 

General Manufacturer 

Consumer Goods — 

Servicas — — 

Uttaea 

Hnendate 

Investment Trusts - 

Others 


Rteee 

Me 

seme 

59 

2 

12 

11 

0 

4 

61 

45 

95 

119 

196 

353 

38 

47 

109 

97 

123 

2SG 

30 

6 

10 

113 

75 

190 

140 

72 

38 

20 

283 

37 

738 

5S2 

1399 


l on tee London Store Sento 


TRADITIONAL OPTIONS 

Ftret Dealings May 3 Lost Dectafteksm Aug 11 

Last Datengs May 20 For setttemant Aug 22 

Cafe Abate, Emeta *4otao Inv, Pacer Systems, PhoneUnk. Puts PlMnaBnk. Puts A 
Cafe Avoeco. 


LONDON RECENT ISSUES: EQUITIES 

teauB m* mkl Ctote 

price pate cep 1994 price 

P up gm.) Hgn low Stecfc p 

100 F J>. 40.4 102 00 Abtetet FHgti Inc 101 

- F-P. 04 10 9 Abtrust Soot Wrta 10 

- F.P. 1^40.0 Ci4^ C14>2 Ashanti Bald C14 \i 


Net Db. Gra 
cfv. cov. yfd 


- 

FP. 

30 0 

101 

100 Bata Gfabai Em C 

100 

-1 

to 

_ 

• 

_ 

no 

FP. 

41P 

115 

110 DRS Pod 5 Has 

115 


iNza 

1.1 

30 

274 

- 

FP. 

114 

30 

26*2 EsJWsph. Inca WO 

26ft 

* 

- 

- 

- 


- 

FP 

19.5 

42 

39 FAC Qtii Wms 

39 

-2 

- 

- 

- 

- 

160 

FP. 

60.4 

171 

160 QHTBus 

168 

-1 

RN3J 

3J 

2.8 

13.1 

120 

FP. 

41.7 

128 

125 Go-Ahaod 

12S 


MM4.0 

1^ 

4-0 

iao 

- 

FP. 

1W-9 

483 

479 Qovatt Qtahel So* 

*62 

43 

- 

to 

- 

- 

185 

FP. 

413 

196 

180 Harrieyu 

181 


W4.7 

Z2 

3 3 

174 

180 

FP. 

420. 2 

1B1 

178 House of Fraeor 

183 

-1 

LfC-O 

23 

34 

165 

- 

FP. 

- 

96 

94 Inti Biotech 

84 


- 

- 

fe 

. 

• 

FP. 

to 

45 

30 Da Warrants 

46 


to 

_ 

_ 


130 

FP. 

6&J9 

138 

122 Kteor 

123 

♦1 WN04.7 

23 

is 

143 

- 

FP. 

34-2 

15 

14ft My Klndo Town 

14ft 


- 


- 



f<15) 
Scot Power 
C37T ) 
Scare 

H28) 

Fata 

rtsa) 

Tam 

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There EM 

nun 

is 

C219) 


23.8 07 

21J 161 

2(L5 133 

6m 60 

12.4 261 

42.7 93 

179 SO 

141.4 104 

81.5 102*2 


TO Oxford Molecular 
160 Persona 
131 St Junes Bch Hat 
S3 Secure Retfasment 
IM Superacape VR 
01 Templeton Lot Am 
4i Downs 
100 Tecnpteton Emg C 
» UtetavNued Aete 


U*3JJ4 19 2.7 
RC3S 1.7 3.6 


aa*z +*2 

41 

101 -1 
10212 +*2 


360 27 37 43 
380 10ft 21 2S 
120 0b 13b 16b 
130 Sb S 11 
220 17% 27ft 29 
240 7 17 18ft 

1S5 11-- 
174 4 - - 

1100 00b Mb 113 
USD 41H 63ft 65ft 
200 23ft 30 33b 
220 0 IB 23 


6 18 21 
19 33b 37b 

3 5ft 7b 
8 11 13 

4 10ft 14 

14 20b 24b 

6ft - - 

19b - - 

13 47ft E0 
33H 71 85 
2 7ft lib 
6b 16b 21 


RIGHTS OFFERS 


Tontidn 240 12 19ft 2* 7 15b 16ft 
(*2*4 ) 260 4 11 13 20ft 28b 30ft 
W tecom s 550 4ZH 64b 74 11bZ9ft37ft 
(*578) 600 15ft 30 50ft 38ft 56 64 

Opto Jd Od te ti Op Jai 

Oaa SSO 44b 58b 65 23% » SOM 
(-564 ) GOO S 3$ 44 52ft 73ft 80 
KBCT^tei 700 89b 90 106 aft 48 58b 
(732 ) 750 43 64ft 81ft 53ft 73 63ft 

Routers 500 28ft 39 49ft 22 33ft 38 
(*SOO ) 512 23 33 - 28ft 38ft - 

option Nay flag tar Hay Aug 

Mtetafte 180 14b 29ft 26ft 1 6b 12 
PB1 200 1 lift 17 0ft 16ft 22 

* Underfy*^ senator price, ftreitiiane Area are 
beta on oioelnB eta 1 Prim. 

May n Teal unroots: 5 *£» Cafe 29J1B 
Puk SSJEO 


issue 

price 

p 

Amount 

peti 

1*3 

Latest 

Renun. 

data 

1904 

Utah Low 

Slock 


M 

_ 

3pm 

1pm 

AtxnM SccBand 

390 

W 

17/6 

B*pm 

29pm 

Ateowe 

B 

M 

Ififfi 


4pm 

AffedFWo 

27 

W 

2218 

7ftpm 

8pm 

Babcock Inti 

3 

M 

31/5 

Ttjjxn 

8pm 

iCupU 

55 

NJ 

- 

16pm 

6pm 

Date Bedrlc 

500 

M 

2615 

63pm 

48pm 

Derwent Valley 

& 

M 

31/5 

ftpm 


Fenum HMgs 

192 

N1 

15 re 

27 pm 

12pm 

Hurtmtaiiloy 

25 

NB 

- 

4pm 

Iftpm 

Panto* 

2 

M 

24/5 


ft pm 

Tamnrb 

24 

NS 

- 

lipm 

10pm 

Unit 

330 

Ml 

« 

43pm 

wSpRl 

WSfams nogs 


Ctosteg *or- 
Pttoo 
P 

teipm *7 
Itpm 

Bitpm -4, 
6pm -1 
5pm 

48pm -7 

Wo 

iaom 

c 

10pm 

aBpm +2 


FT COLD MINES INDEX 


May % teg tay tay Tw tew ta 52 wste 
19 on fey 9 8 epn yfaM * Hgh Lae 

Gdti Uteto total (S^t 164844 -1-2 187038 18B02D 1539J7 269 2387^0 15228* 


flfeftaOte 257006 49 2578.73 2526.79 1887JB 4B4 3440ailB6lJO 

AoteMB l| H 2308JB *04 229605 2171^6 186629 267 301188 166859 

Nerttl Ateriafll) 137108 -12 1B07.15 16K2B 1398.71 071 2039^136100 

GapyritfC. Tha Nwto TWaa Unfed 109*. 

Ftene In teeteats show nurrtnr of eonfert to . Bata US Dofera. Base Vtaee: 100000 3in2IQ2. 
Proaec toi a. Odd Mna ktac May ti, JM.7 ; dra*a changre -63 potetK VBer doe 150.1 T Partial 
Latest cncto we tnawaOte tor Me atekn. Snrih AM «n neriist oloaad 10S94. 


FINANCIAL TIMES EQUITY INDICES 

May 11 May 10 May 9 May 6 May 5 Yrapo *Hpi 

Ortatary Stun 2401.0 2S00.1 24772 2481 .0 2481.9 2231.1 2713jT 
OttL *». yield 4.00 SS9 4J12 4.01 4.01 4.10 AM 

EteiL yu. H ful 5.46 5.44 5.46 5.47 S47 &2| sfl 

P/E ratio not 19.65 10.72 19.58 19.60 10X2 19.76 33-43 

fVE ratio nH 20^4 2001 20.47 20.46 20.51 18.48 3OL0O 

-For IBM. Otaiery Qhm taex otece aonpfedon: Won 2T1M 2/OEM; ta HbWsa 
FT QOMy Shore hoes boee dote 1 / 7 / 36 . 

Ordinary share hourly c han ge* 

Open MP ULOO njp X2SH 13J0 14J» ISJO im nigh 
2505.4 2488L3 2AOAA 24065 2491,0 24918 24604 24955 2486^ 25055 1 
Mtofll May 10 t*tj 9 Mays MayS 1 

SEAQ bergsAre 27.770 26,713 24.930 25.404 23 S 02 

EqMty turnover ffm)f - 13*00 912.9 1241.1 1469 JI 

Equity t» B»*wr - 29^90 27/439 28,845 27042 

Stums traded (reift - 549 J 41 T .1 S 7 D .8 58 U 

T EWudtog KM-nwta tw ahe aa and otanen tunowr. 







































































t 


^usrs 


FINANCIAL TIMES THURSDAY MAY 12 1994 


*U H 
1 M* 89 

a* mw 
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80 47 


153 125 * 

27 KBL 
84 IX 

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117 102 

- 1 ft 

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203 207 

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84 2 C 

140 as 


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IK 1 S 3 

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11 844 

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CURRENCIES AND MONEY 


FI NANCIAL TIMES THURSDAY MAY 12 

MONEY MARKET FUNDS 


MARKETS REPORT 


POUND SPOT FORWARD AGAfNSI 


Germany cuts rates 


The Bundesbank surprised the 
market yesterday by cutting 
both the Discount and Lom- 
bard rates by SO basis points, 
but the move failed to he l p the 
weak dollar, writes Philip 
Gawith 

The discount rate was cut to 
4.5 per cent and the Lombard 
rate to 6 per cent This sparked 
off a host of cuts in other Euro- 
pean countries with Italy, Bel- 
gium, Denmark, Austria and 
the Netherlands also cutting 
rates. France lowered rates 
before the German announce- 
ment. 

The rate cut was well 
received in the short sterling 
and enromark futures markets. 
But the failure of the dollar to 
react was taken by analysts as 
a signal that the US currency 
would not recover without a 
decisive tightening of policy 
from the Fed. 

The fall in European rates 
coincided with a decline in 
Japan's core overnight rate 
which fall to a historic low of 
2£ amid speculation that the 
Bank of Japan was trying to 
weaken the yen. 

■ The Bundesbank's decision 
to cut rates caught the market 
offside. While many thought 
there was at least an even 
chance of a cut, almost none 
were predicting more than a 25 
bams point cut in official rates. 

This, said analysts, added 
weight to the view that the 
German rate cut was part of 
concerted central bank support 
for the dollar. Although the 
Bundesbank said the move 
reflected improved inflation 
prospects, Mr Robin Aspinall, 
analyst at Panmure Gordon, 
said a 50 basis point cut could 
not be explained in domestic 
terms alone. This suggested 
that the Bundesbank was 
‘“playing to a wider audience.” 

In so far as the German cen- 
tral bank was trying to help 
the dollar, it failed. The US 
currency slipped steadily lower 
yesterday against the D-Mark. 
Mr Avinash Persaod, bead of 
currency research at JP Mor- 
gan, waifl the wftgmp i to the 
market was that "the Fed is 
the gatekeeper to the dollar. " 
A “step and stop” Fed, with 
rates being moved decisively 
higher and then kept there, 
was needed to support the dol- 
lar. 


eumJBatk 

Decanter. TS94 Rttae confractprfca 
96jQ - — • — 


Source: FT Grapttte 


■ Peered to Hm> York 


Mar 11 

— UMH- 

-Bw. ckae — 

£«nt 

1A94S 

1.4386 ■ 

i rib 

1.4837 

1A877 

3 rib 

7.4833 

1.438* 

1 1f 

1/4840 

1/4866 


Mr Persaud said that with 
the Fed likely to raise rates by 
50 basis points, the prospect of 
a 100 basis point swing in 
favour of the dollar meant "it 
would be a brave investor who 
bet agatnct the dollar.” 

But Mr Chris Turner, cur- 
rency strategist at BZW noted 
that the last two times when 
the Fed and Bundesbank 
moved rates hi dose unison, 
back in 1991 when US rates 
were falling and German rates 
rising, tiiis had the perverse 
effect of boosting the dollar, hi 
the second case, said Mr 
Turner, the result was to push 
the dollar from DM1.45 to over 
DMLSO in the space of only 
five months. 

MT Turner said the message 
was that markets punished a 
currency when the central 
bank was perceived to be 
“b ehind the game” on infla- 
tion. Depending on of 

the Fed's next move, this could 
yet be the late which awaits 
dollar. 

■ The Bundesbank's move 
contributed to a very active 
day on the futures markets. 
The June, September and 
December short sterling con- 
tracts each traded more than 
25,000 lots, while the equiva- 
lent euromark contracts traded 
50,000-70,000 lots. 

The June short sterling con- 
tract closed at 94.69, nine basis 
paints up on Tuesday, while 
the December contract fmishprf 
12 basis points higher at 93JS4. 


Mr Peter Osier, economist at 
brokers GNI, said there was a 
general feeling in the market 
that "we are not going to have 
higher UK rates this year, bol- 
stered by the aggressive Ger- 
man easing" 

He said short sterling was 
continuing a “sensible correo 
tion”, prompted by a discus- 
sion in the ftmlc of England's 

quarterly report which 
explained that recent short 
staling weakness was essen- 
tially a technical phawiwHinn, 

flowing from building societies 
hedging their exposure to fixed 
rate mortgages. 

In the UK money markets 
the Bank of England dis- 
patched with ease a £450zn 
shortage. The overnight rate 
moved in the 3%-4% per cent 
range. 

The euromark futures also 
finished firmer, with, the June 
contract closing seven basis 
points higher at 95.09 and the 
December contract at 95.24 
from 95.19. 

■ Helped by the weak dollar, 
tine D-Mark ftniahad m Europe 
generally firmer. Against tin* 
French franc it closed in Lon- 
don at FFr3.430 from FFr3424 
after the' Bank of France 
trimmed its intervention rate 
to 5.50 per cent from 5J30 per 
cent it was the seventh such, 
cut since February 24. 
Althoug h the timing surprised 
analysts, they said the BOF 
was continuing to track the 
German repo. 

The Spanish peseta slipped 

tn finish at P talP. SI aga inst- the 

D-Mark, from Pta82.l4, after 
newspaper reports of another 
nnanrial potentially damag in g 
to the government 

■ Sterling traded in a fairly 
narrow range, rinsing virtually 
unchanged at DM2.4911 from 
DM2.4907. It was bofleted back 
qnri forth by the cranMnaHnn 
of a supportive Bank of 
England report soft UK manu- 
facturing output data, and the 
larger than expected German 
rate cut 


1*9 ii s s 

Fingey 1B1295 - 1SU2D 101000 • 103430 

km aruno - 2 £iaoo i7«loo - itsloo 

KM 04434 - 04447 02979-02987 

Mart 333874-33402 234400 - 234300 

Raasto Z7BO80 - 277424 138000- 183000 

UAE. £4788 - 54888 18715 - 15735 


May 11 

Ctaring 

rrtd-potat 

Eriopa 

Atabte 

(ScfiJ 

170463 

Belgian 

(SFrt 

51 0252 

Denmark 

P») 

07451 

Rriend 

(FM) 

80837 

Fmnoo 

m 

05443 

Germany 

PM) 

2.4911 

Greeca 

Pri 

367.748 

Iretend 


10234 

ttitf 

« 

2380J5 

Luxembourg 

m 

510252 

Nedretonds 

p) 

2.7967 

Norway 

<Md) 

108003 

Portugri 


«7,743 

Spain 

£ 

206061 

Swrtdan 

PSK ri 

110423 

Swflzertand 

(S ft) 

2.1289 

UK 

» 

- 

Ecu 


109K 

SORT 

— 

1944882 

Amaricaa 

Anjarttaa 

«Paao| 

1/4679 

BrazS 


220803 

Canada 


00489 

Mexico gtavPaeoi 

40524 

USA 


1/4888 

PscUa'Mddta 

ErtaVAMoa 

Aiatrafis 

W» 

?nwK 

Hong Kanfl 

CHKS) 

11/4698 

kxS* 

m 

460959 

Japan 

M 

155009 

Malaysia 

m 

30911 

NrevZasland 

{NO) 

20610 

Ptripstaas 

P«0) 

403770 

SteJdArata 

(SH) 

50826 

Staoapom 

<55? 

20120 

S Africa (Com. 

w 

5.4206 

S Africa (Hn.) 

M 

7.1302 

Soutt) Korea 

(Won) 

1199/40 

Taiwan 

TO 

380338 

Thaland 

(BO 

370783 


398 - 630 
888 - 63$ 
389 - 503 
8*9-023 
414 - 472 
802 -920 
481 - 031 
223-2*4 
420-804 
868-638 
855 - STB 
858 - 047 
4TB- 009 
570 - 722 
3*8-438 
26Q-27B 


+0.0023 930-940 


Day's Ifld 

Onw merih Tteaa mortOe 

One year 

Bank ot 

high tow 

Rate %PA 

Roe MPA 

Rate 

SoPA Bifl. 

770833 17.4286 

17042S 

03 

770368 

02 

_ 

a 

113.5 

510380 510168 

510202 

Ol 

510502 

-00 

81.1502 

00 

1140 

9.7812 9.7378 

90527 

-00 

9.7500 

-00 

9.7783 

-00 

1150 

6.1Z70 80680 

a 

re 

- 

“ 


• 

810 

85700 80331 

80301 

-08 

80857 

-05 

80207 

00 

1070 

20048 2.4884 

2.4918 

-00 

- 

- 

2.4691 

00 

1230 

950726 38^473 

V 

re 

- 

■ 

“ 

“ 

™ 

10238 10221 

10241 

-00 

10253 

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1.0273 

-04 

1030 

23ML74 237903 

23S2.8 

-30 

24020 

-2./ 

2433.7 

-20 

784 

810360 810163 

510202 

Ol 

510502 

-00 

51.1502 

00 

114.9 

20062 2.7849 

20963 

02 

2096 

Ol 

2.7731 

08 

1180 

100428 107423 

107048 

OS 

108072 

-00 

10.7963 

00 

83.0 

258070 2^071 

250718 

-40 

260063 

-o 



“ 

20&347 204256 

208,156 

-20 

207.071 

-20 

209071 

-2.1 

840 

110877 110347 

110838 

-2 2 

110843 

-10 

110833 

-10 

77.1 

2.1365 2.1259 

2.1251 

10 

2.1205 

10 

20688 

10 

117.1 


a 

. 

- 

re 

- 

■ 

790 

10970 10814 

10942 

-07 

10946 

-04 

10907 

02 

- 


-O0O18 878 - 882 
+320 84* - 822 
-OOD4S 4S2- 496 
^00023 4*1 > 807 
-41 HO** 883 - 888 


1*810 14842 - - - - 

221000 216000 - - - - - 

2.0574 2,0484 241608 -1.0 2 -0 538 -in 2.0788 -14 

40007 44441 - - * - 

1,4826 10855 1,4877 07 14871 04 14871 Ol 


Money Market 
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p» 

1JB735 

Greece 

(Drt 

247.050 

Ireland 

W 

1/4546 

»aly 

« 

160300 

Luxembourg 

(LFr) 

344800 

Nethertmcta 

(R) 

10788 

Norway 

(WD 

70556 

Portugal 

CEfl) 

173.150 

Spain 

(tta) 

138.155 

Swadan 

(SKr) 

7.7541 

Swttzedand 

(Sfri 

14289 

UK 

« 

1A83Q 

Ecu 


1.1506 

SORT 

•a 

141328 

Amaricaa 



Argentina 

(Paao) 

00996 

Brad 

tc*l 

148308 

Canada 

P® 

10765 

Mexico (New Paso) 

30270 

USA 

W 

- 

PadflcMddto EaatMMca 

AutaraSto 

(Afl 

10842 

Hong Kong 

(HK8) 

7.7256 

bxfia 

(Fto) 

310700 


CO 

104.470 

Mteayste 

(MS) 

28140 

Now Zealand 

(NZS) 

1.7205 


(Peso) 

27.1250 

Saucfi Arabia 

<SR1 

3-T5C3 

Skiuapare 

(S$) 

1.5532 

S Africa (Com) (R) 

3.6415 

S Africa ff+nj 


4.7900 

South Korea 

(Won) 

805.750 

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TO 

28.7600 

Thatiand 

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+00575 850 
+00875 800 
+00126 443 
+00092 323 
+00192 390 
+0003 732 
+1.1 900 
+00018 533 
+80 200 
+00975 800 
+00033 783 
+00056 538 
+075 000 
+0905 130 
+001 503 
-OOOOI 28S 
-00024 883 
-0004 505 


900 110300 
000 340100 : 
480 60758 

423 5.4607 

410 5.7827 

738 10820 

200 247050: 
5S8 1.4853 

400 160600 
OOO 340100: 
783 10875 

573 70920 

300 173.7Q0 
180 138-500 
578 77827 

292 10387 

888 10825 

510 1.15*0 


11.796 

-09 

110932 

-02 

11.7876 

00 

1030 

3401 

-10 

3453 

-06 

34096 

02 

1044 

&S55? 

-1.6 

80642 

-t.1 

80557 

-Of 

103.7 

5.4388 

-03 

5.4383 

-Ol 

5.4448 

-Ol 

780 

5.7457 

-14 

&.7519 

-OB 

57278 

02 

1040 

10748 

-10 

1075 

-04 

10812 

07 

1047 

2508 

-160 

2S8.17S 

-ia.o 

287.06 

-160 

700 

1452 

Ol 

1.4482 

10 

14401 

10 


180705 

-34 

16140 

-20 

1834 

-10 

79.1 

3401 

-10 

3403 

-06 

34085 

02 

1044 

10799 

-07 

10803 

-03 

10853 

07 

1030 

70596 

-07 

72591 

-02 

72356 

00 

95.1 

174085 

-80 

17035 

-74 

18106 

-4.7 

920 

13&SB 

-07 

139245 

-02 

141.13 

-02 

80.1 

7.7721 

-20 

77951 

-2.1 

70581 

-1.4 

820 

1.*285 

00 

14261 

00 

1.4054 

10 

1030 

1.4877 

07 

14871 

0.4 

1.4871 

Ol 

880 

1.1483 

10 

1.1483 

00 

1.1498 

ai 

- 

10785 

-1.7 

10824 

-1.7 

10968 

-10 

836 

3028 

-04 

30238 

-00 

30372 

-03 

- 

- 

- 

- 

- 

- 

- 

1004 

10854 

-1.1 

10801 

-1.7 

14007 

-10 

880 

7.7285 

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7.7345 

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7.7592 

-04 

- 

3143S 

-20 

3107 

-20 

- 

• 

- 

104089 

24 

103015 

20 

101025 

30 

147.1 

2007 

30 

20915 

34 

0654 

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- 

1.7218 

-09 

1.7283 

-10 

1.7482 

-10 

- 

3.751 

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3.7533 

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3.7846 

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10626 

00 

1^21 

00 

10507 

00 

- 

3058 

-64 

3084 

-47 

3777 

-37 

- 

4024 

-80 

4084 

-70 

- 

• 

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808.75 

-40 

8122S 

-02 

83075 

-3.1 

- 

2602S5 

-20 

26028 

-20 

- 

- 

- 

gags 

-30 

25.45 

-30 

2507 

-20 

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148 243 


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CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Mar If BTr DKr m 


Tto Oo-epwarin Barit 
re Ore 30Q, 9K*MOM4 Ito 


Boigton 

Domaifc 

Rsne* 

Gammy 

feBtend 

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KOtway 

Portugal 

Sp»*n 

Cw redao 

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UK 


Ecu 

Yan pt ijdQOs 


(BFrJ 10 
(DK0 5207 
(FFi) 6008 
(PM) 2001 
(IQ 30.18 
(I) 2.151 
0=D 1806 
980) 4703 

m 1902 

tPtaJ 2407 
{5K0 44-48 
(SR) 24-13 
(Q 5103 
(CS) 2S.05 
(5) 3M7 

(Y) 33a 1 
3807 

MnUt Manor. Front* I 


2104 502.0 

1108 264.4 

12.84 3010 

4036 1030 

1056 2510 

0453 1080 

3061 92.13 

TO 2S80 
4.101 100. 

5-2S3 1250 

9059 2230 

5078 1210 

1000 257.7 

5071 1250 

7053 173.1 

68.45 1857 

8046 199.1 

or id; Escudo, Lka i 


EMS EUROPEAN CURRENCY UWT RATES 

May 11 Ecu cun. Rate Ctongo J 4+Alrom 96 apvad Kv. 

rates agakn Ecu an day cm. rate v area towi but 


teteantf 0800626 

HsUterianda 2.19672 

D al al um 400123 

Gannaqr 1 04864 

Raoea 603883 

DeranreK 7.43679 

OpriB 154050 

Portugal 192054 


0791229 -0004375 -2.15 5.71 14 

2.16826 -000071 -100 479 

39.7584 -00064 -1.13 402 8 

103160 -000031 -093 440 

6.62065 +000193 10S 2.16 -10 

705600 -000121 103 1.78 -11 

159.114 +001 3.15 027 -22 

199.482 +0075 3.44 OOO -23 


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Uteri 

Chaw* 

Wgh 

LOW 

Eri. vri 

Open tat. 

Jun 

00970 

05973 

+00008 

06966 

00945 

62,108 

114038 

Jita 

09588 

00811 

+00037 

00634 

09988 

48049 

57.778 

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05849 

00973 

+00002 

00973 

05948 

1094 

6.7S8 

Sap 

00881 

00688 

+00038 

00707 

00881 

1046 

3041 

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- 

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- 

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05988 

3 

215 

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00750 

09785 

+00035 

00785- 

00745 

122 

942 


■ SUMS nuaie RmiMS OMM) SR- 125000 per 8R 


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Jun 

00978 

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07003 

06956 

27072 

38094 

Jui 

14884 

14882 

+00014 

14800 

14860 

22084 

41059 

Sep 

06905 

07027 

+00029 

07027 

06991 

283 

811 

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14848 

14880 

+08020 

14880 

1.4848 

341 

1,183 

Doc 

- 

0.7033 

-0.0114 

- 

- 

15 

362 

Dae 

- 

14870 

- 

1.4870 

- 

2 

38 


WORLD INTEREST RATES 


HONET RATES 

May 11 Over Ona Threa Sbt One Lamb. Dte. 

rrigbt month imh» nrths year Inter. rata 


l(LffTg-DMlmpalnteri100te 


DaUftan 

5V* 

5« 

54 

5ft 

5ft 

700 

400 

_ 

week ago 

Sfl 

54 

Sto 

50 

5ft 

7.40 

4.75 

— 

Ranee 

SB 

SH 

SH 

54 

6ft 

500 

- 

6.75 

week ago 

5% 

SH 

aa 

5ft 

5ft 

5,70 


7.75 

Germany 

500 

500 

5.15 

508 

5.04 

8.00 

400 

5.47 

week ago 

5.48 

500 

500 

022 

500 

600 

500 

5.47 

feetand 

511 

5ft 

6 

6ft 

84 

- 

_ 

600 

weak ago 

5ik 

6ft 

6 

6ft 

64 

— 

_ 

600 

Rely 

84 

Ti 

r* 

7H 

7B 

- 

700 

8,10 

week ago 

8* 

7B 

70 

70 

84 

— 

800 

807 

NeUwrtMKfa 

508 

5.19 

5.12 

510 

509 

- 

605 

- 

weak ago 

5.48 

5.19 

5.19 

5.19 

5.19 

- 

506 

_ 

Swttariand 

4% 

*i 

4 

4 

4 

8.825 

300 

_ 

week ago 

3B 

*b 

44 

44 

44 

6026 

300 

- 

US 

3K 

*4 

AH 

5ft 

6ft 

- 

3.00 

— 

week ago 

aa 

44 


«H 

Si 

- 

OOO 

- 

Japan 

24 

24 

24 

24 

2ft 

- 

1.75 

- 

week ago 

2Vfc 

24 

2ft 

2ft 

2fl 

_ 

1.75 

— 



Open 

Sett price 

Qtange 

High 

Low 

Eat voi 

Open Ira. 

Jun 

96.03 

9609 

+4107 

95.12 

9300 

53301 

191133 

Sap 

9603 

9501 

+009 

9504 

9501 

70184 

188849 

Dec 

9501 

9504 

+005 

9507 

95.18 

72837 

178828 

Mar 

83.11 

95.14 

+005 

96.18 

9508 

3372S 

194935 


I jJTO LI 000m pointa ol 1009S 



Open 

Sea price 

Change 

High 

Low 

Eat vd 

C0en int 

Jun 

8203 

92.42 

+009 

82.42 

9201 

20273 

40752 

Sap 

9203 

9209 

+007 

92.61 

9200 

25354 

35692 

Dec 

92.42 

92X7 

+008 

92^9 

9209 

17503 

36756 

Mar 

9208 

flgan 

+006 

9204 

9203 

1187 

12116 

■ THN 

i^k mkhuh 

euro sans 

8 FRANC nnucs (LFFQ SFrlm potato at 100ft 


Open 

Sett price 

Change 

HWi 

Low 

EaL vat 

Open int. 

Jun 

98.18 

96.1 S 

-OOI 

9019 

98.13 

4600 

21389 

Sap 

98.18 

9018 

+001 

9600 

96.15 

2371 

10672 

Dec 

9607 

9008 

+002 

9809 

9606 

683 

5204 

Mar 

9609 

8508 

+002 

9509 

9509 

150 

883 


NON 9M MS48ERS 

Greece 264513 284006 +0238 7.71 -307 

Kaiy 1793-19 1B4708 +477 304 008 

UK 0788748 0773394 -0001751 -1.70 502 

BcueenartmissttoteaGpmpssw fuin iissi u ii Q»rend»aareln d t BJBs*< i tolton banoOi. 
Bsi e sni e oBrtBnpweterEcnispneteactreiBtdsnoissareUiawsnqp.Otoato n cB B imlhs 
redo bresren ba spre sdeihs pt m sBjid fc iac s b d are Oi s sciud nretot snd Bai oret u na 
lor a cuisncy. sd dis rednws psnntesd pvasresgs dtvfatton of Ow osrenc^s nretol rete bam 
EBiMtonB 

fl 7/MQ Suing snd tolre U« suaiaaeM tare SM. Actosensnt cakUm br Ore ftaicw nasi 
■ PM0P&PIGA <B C/6 OPTIOHS £31 060 (cents per pound) 

StrSon CALLS PUTS 

Plica May Jun Jul May Jw JU 

1A3S 801 6.18 807 - 002 007 

1080 3.71 - 302 433 - 024 0,71 

1078 104 208 205 003 004 101 

1000 004 005 1A9 103 010 073 

1028 - 006 073 308 305 445 

1050 - 002 001 006 602 O0O 

Pirefcua day* sol. Cats *L«8 Ito ai ail . Pre*. cbaTs opso sa, CU» 47507a Pits 4si,n« 


INTEREST 


LONDON HONE Y RATES 

May 11 Over- 7 days One Three Ste One 

night notice month months months jto 

Martank Stertng *%-*% 5»e-S 5J*-6»« 8>2-SA » - Stt 

Staring COa - 5^-40 S**-5/ t SJg-5 1 * 5S-5\ 

TraaatySto - 4g-*£ 4d-<% 

Bar* BBS - 4S-4B 4{l-4% Slj-Si 

local auKiodtr dap*. 4A-4* 4ft- 4& 6^-41! 5&-SJS, 5l*-6% 6%>5t 

Otaxnl Martial Paps *k - 3% *8 - 4/, 

IK Gearing bar* base taxing rate 5L» per cant Irani February 0 1894 

Up to 1 1-3 3-6 69 6-12 

mnttei month montra mortta mafla 

Oats of Ito dap. <noa0OO) 1h 4 3^ 3^ -3^ 

Cate at Tu dap. infer rion,ooo fe 1 ijpc. OspnwPW v rista wn to cash lipe. 

Am tender rare or Gscaure 4ee8Spe. BCGD tbred rete Sdg. Export Rnsnoa. MNw up d* Aprt 20, 
1B64. AgrrednBs to period Mqr 25, J0WtoJbo2S, ISO* Schema, BIB SJOpc. Mmoairnakr 
psrtoa Apr 1 . IBM re Apr 20. M04, SGismss IV 4 V unpe. nnanos Hauae Bass ftoa &I 21 X: tam 
PMy 1.1064 



Are you dealing in over $lm? 
Fast Competitive Quotes 24 Hours 
on 07 J 815 0400 or fax 071-329 3919 


INVESTORS - TRADERS - CORPORATE TREASURERS 

SATQUOTE™ - Your single service for real time quotes. 
Futures * Options * Stocks * Forex * News * Via Satellite. 

LXWDON+71 329 3377 NEW YORK +212 2696 636 FRANKFORT + 4969 440071 


IgT pap 

'*•— .^rr 


FOTOBES 

&0PH0NS 

TRADERS 

w awnwoBiT 

aooMFEaiiuisKKViu: 


.TCYW mntRs i.tmite ] 

38 DOVES STREET, LOZVDON W1X2BB 
TBk 071 639 1133 FAX: 071 0022 


I Eculm potote ol 10016 










Open 

Sett price 

Change 

HI* 

Low 

EaL voi 

Open taL 

*4 

4fl 

Sft 

SB 

- 

- 

“ 

Jun 

94/45 

9401 

008 

9402 

9406 

1296 

11266 

*4 

44 

4fl 

5ft 

- 


- 

Sep 

9408 

9404 

008 

9404 

9407 

652 

11940 

403 

401 

406 

506 

_ 

- 

_ 

Dec 

9401 

9404 

007 

9403 

94.48 

3S3 

7025 

403 

4.17 

408 

5.15 

- 

- 

- 

Mar 

9401 

9402 

007 

9402 

9407 

292 

2575 


■ X LBOR FT London 

I nta r ba nfc Ftxtog 4i 4fl 54 SB 

weak ago 4 j 44 *fl 53a 

US Dotor COa - 423 451 406 508 

w»K ego - 423 417 458 5.15 

SOR United Da 3ft 4 44 44 

week ago 3ft 4 4ft 44 

ECU LMred Os mM Mac 1 irttv Ske 3 nrths: Sft; 8 mto: BSk 1 y mar. 59 - 1 UBOfl Malta 
rates am aKered ram to SiQm qwtsd « da arefcat by to istoreca bento at 11am esc 
dey. Ito bafts are Baton Trust Baft of Tokyo. Badeyi and teuton* Wsaoternsr. 

MW retre are diossi to dm dn m ssd e Morey Raws, 08 6 COa and 8DH Lkftad Oapoafla | 

EURO CURRENCY INTEREST RATES 

May 11 Short 7 days One Three Sbc 

temt notice month months months 


I FUTURES (LJFH3 £500,000 ports of 10016 


FOR TRADERS ON THE MOVE 

Wat ch the markets move wltta the screen tn your pocket that receives 
Currency, Futures. Indices and News updates 24 hours a d^y. For your 7 day 
tree trial , caD Futures Pager Ud on 071-89S 9400 now. 

— FUTURES PAGER— 

WW** Don’t miss the IG Index Seminar - 
27 on Politics, the Economy, 
Markets and Sport. 

WHAT m ^rrioen: Atan Oark. Parick MinfonL David Rnfler - . 
21 and Oim Cowdrey. Cafl 97 J 333 7233 tor tirecfaaiT, 


Change 

ugh 

Law 

Eat voi 

Open Ira. 

+0.09 

94.70 

9402 

25621 

78378 

+0.10 

8409 

9400 

29512 

89473 

+0.12 

9308 

93.74 

26844 

129428 

+015 

naan 

93.18 

8290 

62883 

re far praftua dry. 





(B4M) 61m potato of 100ft 


Belgian Franc 
Danish Krone 

D-Mark 

Dutch GuSder 
Frendi Franc 
Portugussa Esc. 
SpanahPaseto 
Starling 
Sam Franc 
Can. Dolor 
US Deter 

IWanLka 

Yen 

Asan SStag 
Shan asm earn a 


Sh-&h Sh- 
71* - 81a 51, - 

5li - 5A Slj - 
5A-5A S<4- 

5% -5?| 6^- 
12 - 11* 12V ' 

TK-7H 7{J- 
4* - 4la 4fl - 
4la - 4 *v 
6ji - 6% 5% . 

3Ss-3»2 +A- 
9 - 7*2 74 - 

2& -zh z\- 

3*1 - 21a 31a - 

icafttortfwUSOol 


fifl Sfi-Sft 5,4 -5ft 5*2-5% 
5% 5% - 6% 5% - 5*2 5% - 5*2 

5% 6ft-5ft 5ft - 5ft 5ft-4S 
S*a 5ft - 5ft 5l«-6 5% - 5 

S% Sii-5U 5% - 5% 5ft - 6ft 
■ 12 12 % - 12 % 12 % - 11 % 11 % - 10 % 
73 70-78 73-73 78-711 
4fl 5ft - 5 5ft - 5% 5% - 5ft 

■4 4ft-M 4-3% 4-3% 

5% 8ft - 513 6*2-6% 6% - 6% 

33 *, T <-4ft 4B-4H 5ft -9ft 

7% 7% - 7% 7% - 7% 7% - 7% 

2ft 2% - 2ft 2% -2ft 2% - 2ft 

2% 3% - 2h 4-3 4-3 

dr and Vert, atone too daw into 


One 

year 

5% -5% 
5%- 5% 
6ft- 42 

8% - 5 

54-54 
10 % - 10 % 
8-7% 

5%-SH 
4ft - 32 
7ft - 7ft 
62-52 
7% - 7*2 

2ft - 2% 

4% -3% 


Open 

9407 

9408 
9303 

sum ■ 

Lriaat 

9404 

9406 

93.79 

u FUTU9 

Change 

-003 

-002 

-002 

ri* (OOQ S 

Hah 

9409 

9409 

9304 

1m par 10( 

Low 

9402 

9404 

93.78 

M 

Eat vol 

132000 

10809* 

180026 

Open bit 
428017 
44400S 
402,483 

9607 

9503 

-002 

9608 

9505 

3053 

24066 

94.76 

94.75 

-002 

84.76 

94.74 

7.90 

11,105 

9409 

940B 

•002 

9409 

9408 

262 

6086 


9466 94.89 

9438 9438 

93-77 8304 


- armuia opwom 2600000 p^ntt or iooh 


Sbtoa 

Price 

Jun 

- CALLS - 
Sap 

Dec 

Jun 

— puts - 
Sep 

Dec 

9460 

021 

017 

012 

002 

039 

078 

9478 

006 

008 

007 

012 

045 

098 

9600 

001 

004 

003 

002 

088 

1.19 


Al Opan Interest Age. ae to crwfouB stay 
■ BUWOHUaCOPtlOIW OJFFg OMIm potato of too* 


, CM* 8B39 Ra 3015. AaMaw day* open to. Cate 170013 Ate 158301 


BASE LENDING RATES 


tP#!Ji? re , cas,s and Myths for 1994 

* '* ” : - 1 **iiol.pn wi!i cortimio; goid' r-.o-; 

" ' ri 1 5 esonerrsy 6 stock rrscrkt-i W !ii hr* wr-v Yr-j <i 


FOREXIA FAX $ £ Dm V 

DAILY^F^R^ir'W , ^r#^S* 0, ? ES,M ' 1W,!BO ' , Exauwoe nmxsmo 
CHARTC= F 2 SSlSri™ HANGe COMMENTARIES, 
CHARTS, FORECAS TS AND R ECOMMENDATIONS 

roBEXWHW 1 FaX: ^ 4 ® 19 « 8469 

rotECIA FAX— by uatng handset on yaur teat machine dtol +44 81 332 7428 


Currency Fax - FREE 2 week trial 


SMka 

Price 

JU) 

- CALLS - 
5ep 

Dec 

Jun 

— Pl/TS — 
Sep 

Dec 

9500 

013 

034 

036 

004 

003 

012 

962S 

003 

017 

021 

0.19 

0.11 

002 

9980 

001 

007 

an 

042 

006 

007 


■ WB MOWTH PWOW PUTUBE9 (MATff) potto Irterhanfc offered rate 


Gsc VOL totd. Ctes 13341 Pub 0382. Ptertgua dart opart to. Ctes 233103 Pub 1C 
■ EURO SWISS HUNG OPTION* (yffQSFrlm potato rilOOH 


Open 

Sett price 

Change 

High 

Law 

Ect vol 

Opai Int 

Stitee 


- CALLS - 

Dec 


— PUTS 
Sep 

94,48 

9405 

+009 

9405 

94.49 

34088 

61067 

Price 

Jui 

Sap 

Jrai 

94.73 

94,83 

+OII 

9403 

94.73 

29027 

44052 

9000 

017 

028 

027 

001 

008 

94.75 

94.79 

+009 

6400 

94.71 

13061 

37,106 

9625 

003 

012 

015 

012 

019 

9404 

94.66 

♦Oil 

9408 

9400 

7,507 

31077 

98CD 

001 

004 

007 

005 

036 


■ TW»B«OimigUWO«K>UAI»(IJFFEr Sim potato of 10016 


, CMa SO ftife a Maa open to. Mb 649 Pub 4054 



Open 

Sa« price 

Change 

* V 1 

Low 

EaL wi 

□pan In*. 

Jun 

94.95 

9405 

+005 

9407 

8*03 

1037 

4975 

Sap 

9406 

9406 

+006 

9409 

9408 

570 

2151 

Dec 

9301 

93.79 

+005 

9303 

9301 

175 

1422 

Mar 

93.55 

83-53 

+007 

9305 

83S5 

35 

986 


PdamS Company..— 025 

ABedThctBanK 505 

ABSarfc 525 

•HarayAnsbadtar 525 

BrekofBarada 505 

Banco Sbao iftcsya- 505 

Bar* ol Cyprus 525 

BenkoTMand 5a 

S®*rfJ**a 80S 

Barit ct8oe8ana ,525 

Bodays Barit 506 

SrtBkofMdSBst S2S 
•Brown a**y &Co Ltd 005 
CLBvkNadafend— 525 

OtibenicNA bis 

OydeedrieBarit 505 

The Qhbparifire Bte*. 60S 

Couth & Co >525 

CredH4avriB_...,> 52 
Cyprus Popular Baric -525 


Oman Mato..-. — 605 
Boater Bank tinted-. 525 
Bnanctai&Gan Bar* ^ B 
•nobot Homing & Co _ 505 
Grata* 505 

e&hneU*n 605 

HaUi Bar* Afl Aik* . S2S 

GKambrosBrek 505 

HattbteA Gen JrvSk. &2S 

•HRSamuoL 605 

CHoao&Cd 80S 

Hongtang&Shangfto, 525 
JJorHodooBari,.... 505 
•LBopaUJBSB|tiaSans025 

LteydB Barit 325 

Metprcl Barit Ltd 525 

IMtadBenk 528 

" Ucui taring. 8 

NriWtaralHter -.505 

•ftoBBrohon 60S 


* RtriM^n Gimsitee 
Corporation United ta no 
target outiafeod as 
abtatngMUoa 8 
HayriBkriSboilanO^ 326 

80r8h& yiMnsn Secs. 505 
Stendta Chartered 606 

TSB 525 

•UrAriBcofltata^ 505 
Unto Trust Barfr Pic 325 

Western Trust.. 505 

WNBwayLaklmr.M. 525 
YortOMa BBI* ......... 50S 

* Members of British 
Merchant Banking & 
Securities Houses 
AsaodBfcn 

* h U teriWtion 


f,c ~ CrErrArt:lp: S Ud 
7 Sv.cilaw Sire-::. London 
exchange ratespoc 


R 7HD.uk- 

SlSlorOVMiOyMrt 


oi'" A me Whitbi 
fel 071-73- 71?C 
Fcx. 071-427 




CUWUCY MANaCSMS*! 
CORrQSATIONrfcC 
W ite tato lteto 
73UwkroW»B 
LarioD6C2MSW> 
TttCDIJKeW 
itean.M2rii7 7- 


•FOREX • METALS ’BONDS -SOFTS 

Objeitivc onolyjij provisional inveslof- 

0962 879764 

rle-ir^s Hcust. 32Scythgato Street, •.Vrc->:stcr 

Hants $023 2EH Fax 042+ 774C57 


r 


IlM . . 



FINANCIAL TIMES THURSDAY MAY 12 1994 


35 


WORLD STOCK MARKETS 


♦ /- Mg* !■« W 


*/- 


HflB tow ru we 


Mph lau YW W1 


!■/- M l>1M K 


>/- Hah I»1M W 


>/- Mah Law V*d ?/t 


ml- I— IwW Bl 


*/- I 


EUROPE 

MSTTMIMayll/Seh) 


v. 


AuUUr 

BkAust 

DwS4 

Htw 

EW 

Liuuno 

Drier 

PtrfZm 


7* r, ‘ ti., 


-W v 

. v 


s 


■:? 'w iu . 


Stono 

MtMa 

VUBcA 

tHMr 

Vfcrt* 


1W 

1*15 

GEO 

3,630 

1X06 

1,273 

909 

9» 

483 

245 

357 

983 

479 

3X90 


-5 23Q1.no 2£ 
-S 127V 995 09 
■*« 834 638 IS 
*15430 3-600 _ 
-2 1.713 136 10 
•ioixk- ijm u 
+ii.on me u 

-5 1J>50 935 2.1 
— 408 403 2.1 
*7 251 171 2 A 

+3 406 32B 1J 
~ 781 588 27 
*11 EDO 467 1.7 
-1Q4-MQ&J3Z0 lit 




BaawAaxEuowfi (May 1 1 / Rsj 


♦35 3*95 2*58 18 
*5 4750 3,705 1J 
- uao Tfioa so 

-100 5X00 4*80 _ 
*15 4.E71] 4.130 <6 
„ IRBS3 17.150 24 
+TS03ME®3SJA8 14 
*25 <*7540*8 34 
*375279003)350 1 J 

•-£3£!^iS 

+30 U700 6,010 03 

+2 202 164 6i 

♦alSSSSSI.-? 

*15 :iWM 121 □ 38 
+75 4*90 3*70 43 
+65 4,400 3060 40 



LgMr VCS 
LOW 1730 
Leonid USD 
apjfl 
817 
_ 251 JO 
HWn 13SX0 

— ttnUd 1.1 OS 

— Hnfia 154 

— Eta 237 

— PicfDi <KK00 

— Paran 445 

— May 171 

— Prime 38020 

— F*B*t 80S 

— Mr 1JB1 

— M 1*51 

— Mw 53B 

— Ram 933 

— RanPA 15020 

— ftueUf 630 

sue mo 

ISS *S8 

aud t.7oe 
Sctmdr 434 
_ SebSA SSOri 
_ Sdkng 473 40 
Smeo 528 
__ SkKR 3jDS) 
_ SorflMl 640 
_ SommrA 2,3 Si) 
Sets®, 430 
“ Su«a 32540 
„ Toon 2.710 
” TlBnCSF 172 


IMP 

urau* 


158 
432 

ItaU AGO 

— IMmft 003 

— *to 1X» 
~ vrirc 312 

— utmoa 284JO 


—J0 1 67.70 13530 _ 
-17 1J95 1.150 00 
+1108200 5,4a!' 0.7 
+&50 28821090 _ 
*4 634 540 2.4 
•820 274 207.10 OjJ 
-1 X0 157 WLSO 44 
-3 1,348 1*W 54 
+190 15190 1<8 fi.1 

- 280 100 _ 
+3.10 S3 356 44 
♦7 « 47112 
*8 334156.10 a3 
*3445-51 373 50 
-ft 036 T53 1.7 
-81X64 001 _ 
-12 1.150 1*00 3-7 
+7 9043tel0 _ 
+13 1.125 838 124 
+ 1.6015748 12330 24 
-ft Tffi Kl 13 
*8 945 821 03 
+168290 2,710 1.7 
+3 734 57G XI 
+13 1783 13’ 7 2-B 
-14EUD 394 _ 
-10 GOO 519 20 
+30 610 471 80 
-2 700 EilO 63 
+25 24701X78 — 

_ 792 E07 IS 

-10 2400 24100 18 

*430 529 412 

*8.40 377 VOSO U 
-803.120 2XET 13 
*530 214 18820 52 
+220 381 29310 23 
+.7022*501000 28 
+12 «M 420 as 
-SO 650 460 5.7 

—2 800 000 6-3 

*8 1X3S 137? 0.7 
_ 33S 240 2L0 
+130 355 279 27 


- leraettAMSIMaymRs.) 


ABHAOr8140lS 
AEOON 101 
AMfl 47 SO 

MOON 71630a 
7340 
40.10 
Bcakon 42m 
pgj 85X0 
091 14030 

OKftPt 200-70 
168-3! 
17.40 

100 

GBrf)0R4Sjad 
ttaanyr 143 
HtMn23S30tf 
EUBo 327 
HgvOjffl 72J» 

HaiSBI 7930 

WGDpfl 7S.7DBJ 
MMua 87 
KLM 54.70 

knpbt saioa 

KFMW 50,30 

ti 

8220 

75-00 
GiJD 
77 JM 
119.00 
Mm 60 
Mtt 120.10 
naraH 91 JO 
HDUrti 305.70 
SMkN 48.S0 
IMDP aim 
VNU 16870 
amiDpHSa.sttseJ 
WHOpR 10710 


+ JO 73.70 8040 *7 
+250 11550 S0J» 27 
-4053404830 _ 
-220 22918780 30 
+1.10 0040 6280 4.4 
-.40 47X0 38X0 — 
-JO 52 42 21 

—JO 7790 64 JO 

♦i.7o 140 ma i.i 

+4029330173.79 25 
-1 JO 185-70 1K.70 1-6 
♦ 40 .2513*0 13 
+1JO1O0JB 96 4-0 
-*066*0«JD 27 
_ 1E7JD IB - 
-402412021970 1J 
-JO 33550 284 10 
+3.10 734SJ0 0.1 

-J0 9SJ0 7150 1J 
♦JO 45 37 JO 23 

+ JO 94.70 7430 03 
_W80 Si ZJ 
♦120 54.JM 4030 U 
+.10 52 44 03 

+ JO 57.20 48.50 10 
+1J0 83J0 58JO 4.0 
-1 J0 10939 8260 24 

-10 B3 OS , -5 
-120 B9J0 ® JO 23 
+1 JO 5700 40 0J9 

+2DB4J0 7150 1.0 
♦JO 131 11621 29 
-.70 68 59 52 

•JO 13540 11&2D 27 
_ 190-59 91 JO 4-8 
-J0S15401BU9 42 
+.10 E0-3D 4030 l5 
+1J0 236 18*50 20 

*25020060 189 1J 
+1JOSSJ0 4530 1J 
— 40133JO KK20 14 


FfcnaBr 

1Z150 

WoAi 

0X35 

SESBr 

2*46 

Pimza 

■mi 

SMHRO 

Hr J 

SreOBr 

3*30 

MFC 

3*10 

Es3 

fM 

EE3E3 


m 

MMg 

577 

yam 

750 

ikrik8r 1006a 


BAS 

1X53 


+3o lame man 04 
+5 7270 6.150 DJ 
+5 2J601JOO 22 
-151.056 775 12 
-11 227 100 12 
+10 4440 1590 13 
-54280 1565 13 
*5 45601570 1J 

+3512601400 22 

*161.100 MS 1J 
+* S31 S58 42 

+250 MO 150 _ 
•Z SIS BID _ 
+7 770 558 — 
+10 BBS 735 _ 
-1 1.5*0 UJ55 27 
+21 B32 610 _ 
+22 1.615 1220 - 


PAQRC 

JM>W(MW11/YBI4 


IfanS 


3 GS 

A8HH 


2^“ 

Annul 




*!*■ ." 


+25 1.8B0 1.430 23 
*10 9.1806300 _ 
*8019600 0340 1J 
*40 5550 4.160 22 

13 *38838!! 

liSe 


2886 —3 

15479 +1001 . 

1JA9 _ lJl 

10375 +50 T73S0 14290 42 

11.100 -5071300 9X10 4.1 

24350 +25020.100 2291 23 
2800 „ 2930 2440 43 




DBMUX (May 11 / Kr] 


' i3 ix ■ Ep*— ' 




040 


CMS 287 
Cam Mnom 
OSi» 120000a 
060 


184 

524 

5000 

298 

350 

1,160 

268.15 

tsad 

57250 

579 

576 

50430 

323 

930 

214 


FLS B 
Bwa 
ESB 

ITtmB 

MCTM5 


it*»oe 

SHIM 


Sab 

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_ 730 666 23 
+5 2B1 2lS 22 
_ 333 284 13 
+100 7J00 5300 03 
_ WJCOiaj® 04 
+ » 1.140 KXI 13 
-1 4ZJ 329 33 
+578525 162. +3 
+4 915 387 23 
-2 643 *45 24 
+1 278 224 — 
-1 425 350 29 
1350 1.150 03 
-JO 385 204 07 
+1 76231 698 06 

-7 JO 737 657 03 
+3 616 500 0.6 
+1 975 473 03 

+530 MS 385 20 
-smanoow __ 
+25 U7Z 83232 1.1 
+2 28739739 4.7 



" * • — "*£ trto 


•• - i.i:j 


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(Mayll /Hka) 


Anar A 141 
Cuasr 148 
B»>A 85 
BnoR 38.40a 
twtl 215 
HOP 1210 
Knho 51 
Kura 0 060 

Maim na 
UstraA 195 
UM 180 
MobSK 228 

HridaP 448 
OdnipA 0130 
poma esa 
Pdfc 743081 
Hspata 9430 


ss 


fbakc (May 11 /FrsJ 





AQF 

■TT 

♦18 870 

497 — 


Hr. 

♦? 768 

505 30 


B^Ti 

+9 866 

778 2J 

AKW 


+4 913 

BSS 20 



+4 1*40 1X80 ZJ 


+B1A351XS4 IX 


!Tt 

+161*02 

BSD ZJ 


- , . -j. * 

-ZJO 28650 

340 — 


Hl.r t 

+3 883 

S37 20 


3X20 

♦60 3X50 3*45 20 

bm 


+7 767 

082 £4 

17*7 

♦171X60 1.111 30 

Cknd* 

'^H -m 

+13 1.1 5S 

935 30 

ass? 

179 +6.102285015858 5* 
1B6J0 +ZJ0 21320 186.10 


GErauxr (Hay 1 1 / Diil) 

am 18570 +1J2019&7D 153 08 

ASadlF 588 *8 812 544 13 

*101^46 1.120 13 

+22 2313 2370 QJ 

-1 670 S75 13 

+101.191 887 — 

-f 1,025 7K7 03 

1» +2303030 276 23 
+1 £10 «a&13 
-1 485 377 23 

+34M8D 338 23 

130 53150 432 33 

+730 937 682 13 

_l -6 575 466 2-7 

a-sito aro -is 990 qig u 

Bart® 28330 -T 84BJ9 236 17 

BWBK 440 _ 628 420 33 

BBBg 071 +81305 825 1.4 

OMto 1J47 *1713301.140 07 

CaKnP 920 -6 1330 840 1.1 

CmmzMc 383 +3J0 38833450 33 

Cantm 233 +7 299 239 1.4 

DLW 570 +11 6001C5JB 1J 

IHM 687 +050 914 771 JO 09 

Oaossa 630 +4 MS 443 1 J 

WM 267 _28fi£U 235 _ 

DnebBk 791 JO -2BWJ0 747 2.1 

0UMk 180 -3D IBB 132 

i-TOJO 807 531 

— ! +3 310 260 1.7 

<02 + JO 4669T 38130 34 

699 +4 618 486 1-2 

280 -2 30727489 1J 

886 +V4B0 B» ®SM 

Kmte 232J0 -3JO 245 198 2-6 
HakCm 1342 -23 1.380 1,180 0.0 

HOkaB* 643 -1JD 681 OKU 

Mtz «7»- +2-M 4S2 395 2-5 

Hoejffl 1.140 +12 1.2SZ 1340 1 J 

traar 35230 +i303srJ92fS 2-0 
Hbmn 871 +14 1XB9 830 1A 

Horan 240 +2 253 222 24 

JKB 305 -JO 324 28S 33 

MdWk 408 -630 433 383 2.0 

KM&S 148 -1 189 141 JO _ 

KUO 624 -330 640 516 1J 

mat 637 +2 558 461 2J 

15230 *130 101 JO 115.10 _ _ 
16930+130 179102713 23 _ 

700 _ 600 073 1J _ 

775 _ 050 BOG U _ 

932 +5 960 830 13 _ 

‘ » 410 356 2.1 — 

J2HU® IBS — — 
-2.70 218 168 1 J _ 

-30 470 378 13 _ 

-JO SW7 302 2A — 

+1J04MJD 397 1.1 _ 

-6 82Z 766 „ __ 

243 +17 286 176 JO 33 _ 

3300 +15 5X17 2340 03 — 
247 JO -i30 257 210 — 

517 — J3D30LED3J — 

840 -20 888 696 OJ — 

Prnaa 464J0 -230 488 427 2.1 — 

(ME 473 +J0SSJ0 420 23 — 

(ME Pf 373 +30 424 335 3-2 — 

RDoTnE 1ASZ +2 1J20 1.24 '; 03 _ 

ROnHB 364 +3 372 313 23 _. 

RJmmPT 256 -1 267 225 17 _ 

5»mw 2SBJ0 +1 313 252 13 — 

setnc ijoezsi -3 jo taut btd ij _ 
EdiLun 418 *3 438 3S0 12 — 

swum 7XL50 -2J0 7B8JB B81 JO 1.0 _ 
^Mxflo 831 -11 OSS 910 IX — 

SudChm 520 -5 533 4B0 IX _ 

mm 295J0 +4L50 298298J0 SLO — 

Vsrto 353 +4 880 307 2-8 _ 

537 +5.70 511 468 14 _ 

392 -159 367 317 2D — 

., . 394 +2 415 380 23 — 

VUp 470 -2Sn.m 441 1J> ™ 

W m 521 +4 554 418 04 „■ 

VMPf 4T2 _ 443 338 0 J — 

— -1? 955 7-S 14 

-8 270 220 1.7 _ 





- nHLT(May If /LbB} 



Crioir 2J85 +27 1195 1X13 10 
166-10 -1 JO 205 161 4J 
1.463 +441J70U212J 

-1 448 348 ZX 

+6.70 30080 aSSO 1-7 
+51X861X64 4X 
*0 BE6 500 18 
+1X0 498 400 — 
+1 737 SWIM 
-10 8,160 6X20 0.7 
+ 6 830 690 -. 
-JD «39 361 1J 
+2 960 760 18 
+212X9«2J?» 24 
+22 780 636 ZX 
+150 43430 3BGJQ 4J 
+2 39? 323 — 
*101.121 925 3J 
-11 1X08 850 _ 
^ 865 740 _ 
-3 830 BBS 1-7 
-29 3.400 2,750 ZS 
-41 1566 1X70 3-6 
-15 KM 584 24 
+1 3175 28X0 ZX 
-450 192 135 6 4 
_ 939 800 1-9 
-60 8X20 4.360 0 X 
-2 S78 442 13 
+102JS4 2-0BZ OB 
-2 1.020 783 1 J 
♦4 645 666 2X 
-19D49XS0 420 17 
-8 6BO 335 2J 
+s ne 550 - 

-61X70 ESI ex 
-5X5 119 87 34 

+1 570 500 ao 

+7 702 500 SO 
-11 954 717 19 

+2-80 491 JO 43S 19 


Torota 3KJOO 
TaMfr 24X00 
LHeera 12X96 


-806405 4410 14 
-86 6X15 3X10 — 
-202X201.178 1.1 
-10 211 T8 _ 
-2002155923X00 IX 
-45011180 8.110 — 
-1103.1901X94 1J 
-95 3X06 1X60 — 
-93 2X06 1X82 _ 
-101X201X98 __ 
_ 2X20 2. MO 3.1 
-13013X0010X00 _ 
-100 2^01X00 — 
-230 7X60 4X71 14 
-110 4X202,119 13 
-eiSTJSDSXTB 34 
-88017J8011XM IX 
-6STJ851X38 12 
-1J500 4^ 37X20 _ 
—404,285 2X75 __ 
-800 211D01EXn IX 
+130 HMD 12^00 _ 
-240 12,100 8X00 _ 
-GOD17JO01BX76 IX 
-200 8440 4X71 IX 
-1X00 11X00 li lOO _ 
-600 19700 13410 1.1 
-401X48 870 _ 
-50 3,130 1X1 6 _ 
-70 5.100 3.B10 _ 
-65 3X851X7D — 
-06034X502^0 OX 

-210 12.100 sins _ 

40SSS8 

-25 1X66 490 „ 
-145 6X50 4X65 1.7 
-3SJ 7X00 4.145 _ 
—29 4X85 1875 _ 
-3401179091X00 12 
—290 11900 9X01 SX 

-105 2.7301X92 _ 
-BOO *, l!J 217D0 „ 

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-655 16700 KUBO _ 


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H I911720 18734X9 2547040 1GC 17JSM0 20M 


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1 


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S8F 250 {31/12H9 
M340CM/12WJ 



20S4.6 20002 2009X 2340XB 3(Z 

964.1 me 831 X TOB.10 3/2 

41108 4US2 41344 4KLBB 2/2 

I0SSJ7 106263 105180 12822 1/2 

153Z4S 152367 152942 1642X5 0/2 

U 154800 142180 17257X0 26 

H 347280 3443X5 387BJ8 190 

H 4199X0 *119.13 4909X0 ZM 

M 193113 warn 218289 1C 

U 4101X 40B2X 4887X0 4/2 

374X4 373X3 37144 4UJ9 2/2 

183SLB 1806.4 18062 W720D « 

144092 M35J8 T422B7 15BS2B 2/2 

217674 2164X8 213MZ 2355X3 Hi 

04670 84240 83667 85672 2/5 

2435.0 2417.1 24060 24B&SS 25 

2243.63 223615 Z216X8 2288X5 26 

95077 97635 58205 nW» 1W 

890618 854O09 842170 12201X8 4/1 

3791.1 377 AX 37525 42*7X0 28/2 

JemDmnMfiQ 46653 48604 40429 612* 5/1 

BED 0*0*4/1/89 1802.15 1802.78 180626 2BBM 20/1 

Ur 

Bara Com 11(1873 816117 317.17 80337 817.17 IQS 

HOGnerifl/t/M 130/5 13lU 12960 1W8* 106 

■ivm 

MM 225 (16W0) 2015613 199T778 1978696 20877 J7 IflQ 

HUM XO tim«5 296* 29630 »» 30425 10 
TO0h(4njGq 1635X4 1617X3 181684 1«27 18Q 

2* Section H/LB# 230620 229538 229091 2M62D 115 


198610 5A 
90488 6ft 


41844 95 
1053X6 9/5 


1482* 30Q 
3/1 


RC Mtaipi/ti/se) 
C u n aauHMn m/i2fia 

mpan waft 


MmSESWimi 
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8SE SBtt(l97S) 


20/4 

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191837 19/4 

390129 W 

37074 3/1 

1801-10 3/1 

1402X9 21/4 
2081X4 3lfl 

77933 2/3 
222120 2/3 
202639 2/3 

06677 11/ft 
839644 45 
3454* St\ 
49432 28/4 
1801X5 5H 


; ion 
(MfXO W 

1730674 4/1 
anw «1 
1445X7 4/1 
1873* VI 


MHWAT (May 11 /Kroner) 


AMrtf 

sss 

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HOMM 

Kvnrf 

UAH 


HGkaW 

□Mb 

hwa 


IB? _ 1GB 

1AXD +-Q5 19X0 1 
161 -2 10B 

9Z +2 114 1 

117 +1 1481 

34 5Sl +5 W 

105 +111150 

248 +6 2fiB 

IBBri *5 208 

242ri +7.1D 305 

146 -&201B4XI 
foal +1 91 

ram +i si 

88 -8 07 

IlSri +7J0 1151 

141 +2 161 

30 —BCSCt 
S7ri -« 89 


- SRABI (Mayll /PH.) 



-10 6J50 5X00 20 
+60 8.700 5,400 — 
-10 3J35 2X80 63 
—30 8,400 2-850 73 
♦10 4JB5 3X76 4X 
+00 17,180 1OD0 5LB 
+110 7X80 5.650 4J 
-30 1X36 700 17X 
-20 3X75 2X10 3-4 
-173 <3703,400 3JJ 
+62012X80 0X20 IX 
-35 2^16 2X80 18 
-5 1X76 1380 1.7 
+50 3X802.455 23 
— 11 00 B.140 12 
+01,100 855 _ 
-11 718 418188 

-25 5.140 3JOO 13 
-31.210 021 _ 
+60 6X00 4X00 22 
-70 7X30 5.400 23 
-40 9XB0 4X10 22 
-60 11X30 0X10 IX 
-4S 4X00 3X80 23 
+1 217 102 _ 

-6 866 351 7X 
+4 81S BID BX 
-804.450 3300 6X 
+52186 1J9S 33 
-30 1X16 ECO IX 
+6 730 57B 7X 
-35 2X00 1X15 02 
+801X301.150 52 
+85 2120 2215 IX 
+16 8.160 2260 12 


” DanUp 
_ DomFM 


Z FMoCn 


(May II /Kroner) 


ABAA 

AGAB 

AwA 

AaaaB 

AMraA 


AUmA 

ABufi 

BUS 

ErtaX 

Sari 

EMUS 

SmbtoB 

HUB 


meet! 

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knaA 

tovstS 

HodoB 

RarmA 

Raima 

sea a 

SCAB 

SWA 

8KFB 

SntMA 

GntMS 

SEBr* 

ShndU 

EtaaKB 

Stoll 

SsoraB 

UM 

SydkA 

SMtoC 

nSi 

VotmA 

VUvoft 


391M 

3S1M 

930 

639 

168 

ISO 

si am 
sonn 

423m 

338m 

127 

128 
372 

424M 

57lll 

202 

283 

203 

202 

305 

131 

111 

120 

127 

154 

157 

1Z7 

127 

63 

183 

188 

442m 

447BI 

mm 

102 

08 

116 

730 

732 


+1 


465 389 ZB 
485 378 ZJ 
660 540 IX 
980 438 IX 
127 — 
146 _ 
400 IX 
405 1 J 
282 12 

2GO 1-3 

134 101 20 
101 20 
340 12 
•0 424 251 IX 


-1 

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+1 TOO 
+1 184 

-4 543 
-4 542 
-2 436 
+20 388 
+5 
+3 134 
-3 440 


+8)1X20 1X00 _ — 
+17 910 466 __ — 

+20 1X00 W1 04 — 

♦eoijsa are — — 
-101X00 891 __ _ 

— 1.750 1X70 _ — 

+18 744 563 IX — 

+301,410 WO — — 
*1 534 «D? 12 — 

-SO BJOO 4 JQO _ 
+150 5X80 4X70 OJ _ 
—20 1.100 1X30 — — 
+40 1X50 1.1 DO _ _ 
• 13 778 690 IX — 
+301X30 1X40 _. — 
-1 S75 410 02 — 
+14 497 360 1.1 — 

+15 979 550 _ _ 

+2D1X10 1X60 OX Z 
+18 881 415 — — 

+» 3X70 2.410 _ _ 
— 1.150 842 17 _ 

-ft 635 438 ._ — 
+30 1.730 USB _ _ 

— 3X20 2290 _ 40.7 
+30 1X90 1X20 IX — 

-1 600 315 _ — 

+7 422 337 IX — 
+9 BGO 841 _ _ 
+10 1X40 1X40 02 — 
_ UO 571 IX — 
+302X702X20 __ — 
+20 1230 1.17D _ _ 
-20 2X80 2210 — _ 

+40 1.460 1X10 _ — 
+8 860 804 DX — 

-2 BBS 7J» __ _ 
-5 60S 410 _ — 
-4 E1G 3B7 _ — 
-20 1X70 1X20 _ _ 
-10 1J20 1X50 IX _ 
+40 2X201.720 ... — 
_ 1X10 1.400 _ _ 

_ BBS 860 _ _ 
+401.120 SOT _ _ 

+28 010 661 — _ 
*1 540 415 ~ — 

•301X70 BBS __ „ 

*201X401280 _ _ 

*1 «GB 345 

-IJO 379 — — 
*14 BIS 007 OX „ 
-101X70 951 — „ 

— 1.710 1.490 _T0J 
+201X201X30 16 — 
-90 4J550 3X60 OX — 
+2B 705 548 IX __ 
+9 688 488 — 
+201X80 1X50 ... „ 

— 1X601X20 - __ 

— 1,160 M3 _ — 

-10 4240 3X00 — — 

-4 009 521 OX 
+602280 1X20 — — 
+6 528 445 — — 

♦10 2*00 2.C83 _ — 

-1 709 695 IX — 

+6 425 27S — 

+3 564 3SU — — 

♦2 1*40 719 — — 
+401X70 900 — — 

+1D22001XU — — 
+101,110 641 _ — 
+10 740 514 — — 
+2 833 797 __ — 
-201X001.150 — — 
-6 605 428 DX — 

-’■SS 

— 830 
+15 738 

-1 840 
-6 525 
+6 7B0 

— 1,120 
+2 550 

+17 010 
+11 940 

z 

912 


+*4 875 738 — 
+3 713 60S 
♦28 840 949 — 
♦1704 551 — 

— 530 425 IX 

— 470 311 — 
+101.1601*10 — 

-2 686 40ft — 

+aQ2XMZZ20 _ 

+70 7X30 5X80 ... 
-7 481 575 IX 

+4 869 799 _ 
+27 7X50 BOS — 
-1022G0 2220 — 
*13 782 G3ft — 
+30 1*00 788 — 

— 1.340 986 02 
♦14 768 512 — 
+30 2.1601X80 — 

+B 546 428 — 
+10 970 780 IX 
+« 408 321 — 
+50 TXGO 1.420 IX 
+10 1X301,700 — 
+50 1,880 1J00 — 
+10 1X20 9S0 IX 
*60 3X80 2.720 — 
+10 950 711 — 
+17 549 397 — 
-7 882 




WO 


680 

1.140 

572 

1.180 

M3 

970 

1X00 

1X50 

420 


89 44 JO IX 
911 256 2j4 
312 258 2.4 
212 158 ZS 
214 1S2 2J 
380 17 2J 

108 IX 



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♦SOI JOT 1 .go - _ 


— 155 109 1.7 
+9 195 121 25 


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133 Z7 


156 

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-1 143 100 _ 

— 1*7 330 — 

— 7347X0 — 

+1 tOKJO 124 ax 
♦3 233 171 17 
+11 475 384 1J 

+17 490 360 TX 

+4 144 07 5D 4S 
*2 110 01 25 

—1X0 122 93 3.1 

+4 119 7B 5.7 
+10 73S 530 1.1 
♦12 733 525 1.1 



SM12BUIIB (May 1 1 / Fte) 



— 292 1B1 ._ 
-a eao 568 IX 
♦1 899 587 IX 

♦130 3X95 2.440 IX 
-11 1X481X15 1 A 
♦7 230 100 IX 
-1 7B5 558 1 1 
— CIO BIO 17 
+8 9*2 775 13 
+10 422 3GB - 
-20 2X001X75 — 
+20 1*10 1X80 27 
+39 2X32 ZXSfi 25 
+20 1*00 873 IX 
-6 460 380 2J 

— 971 782 1.7 

— 172143B0 IX 
+9 091 875 IX 
+25 1X00 1.400 2.4 
-121X27 1*85 ZJ 

-2 17313050 — 
♦10 1.720 1X30 4.1 
+10 5X40 4X711 — 
__ ZB3 205 BJ 
+161X401,170 — 


Kotaryo 


+2 910 7 

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+6 780 528 _ 
— 1.727 1X18 OX 
+J 418 284 _ 
-8 733 BBS DJ 

-Hi « » _ 

-5 888 479 — 
-202,110 1X10 — 
+2 388 288 _ 
+1 848 5B3 — 

-1 628 431 — 

+20 1,180 822 OX 
—40 2X00 2.050 OX 
— waiwum _ 
-20 1X40 1X10 OX 
♦B 1-030 825 — 
+201X80 1X80 — 
+20 2X82 1X1B — 
+4 405 348 — 
+7 700 518 IX 
-4 617 430 _ 
+a>zx7D2xoo — 
+9 515 435 
+20 1*10 1,160 — 
♦7 442 M§ — 
+5 380 271 — 
+4 388 308 — 
-10 720 801 — 
♦11 815 515 — 
-1 970 B2E 0.8 
__ 1.038 1J63 OX 
+12 877 804 _ 

-ID 1X80 1,130 — 
+1 209 250 — 

-ID OH 740 — 
+60 2.1601.700 _ 
+60 2^480 2.150 — 


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.5 B73 557 _ 

-I 780 582 0.7 
-101X401*80 a7 
*20 730 480 — 

*12 533 38ft 

— 1X30 790 0.7 
*10 3X10 2*00 .... 

♦20 1X10 1*20 — 

•15 029 520 — 

+60 1XH P05 — 

*13 490 335 — 

+a 771 era 
+ 12 524 425 — 

+2 525 394 _ 

-3 009 798 — 

♦4 1X10 842 — 

+4 670 487 — 

*7 770 S80 __ 

*4 527 407 — 

+4 4iB Tie — 

-4 MO 385 „ 

+40 1,6301.140 — 

—20 1X10 1>SO — 

■*4 ®49 455 — 

+10 B05 672 „ 

-2 38B 301 _ — 

+30 1/CQ 1.100 0.7 — 
*12 880 756 OX _. 
-2 423 378 — 

+2 401 337 — _ 

+9 800 B7B — — 
+18 940 770 0.7 _ 
+fl 415 310 — 734 
+901X00 845 — 

+20 1X30 790 — 

•20 2.230 1,800 02 
-I 782 610 — 
-01X50 859 ._ 

— 2X401X83 OX 
*5 624 495 OX 

+70 2460 2X00 — 

+100 4X40 3X20 — 
*101,170 8» — 

*20 1.170 965 

♦M 1*701X20 — 

*2 5B5 395 — 

♦3 274 231 -. 

-15 700 565 
+18 754 526 1.1 
*G 7D5 403 — 

+1 474 315 — 

+12 ODD 711 — 

+20 873 701 OX 
+9 588 500 — 

-10 2X80 1X50 _ 

—20 1X60 1.430 _ 

-T 915 690 ._ 

♦11 7» 929 — 

-7 507 400 ae 
+15 725 573 — 

— 496 412 — 
+101X201X80 0.7 
+22 1.100 855 

41297X005.160 — 

*<0 5X30 4X80 — 

♦2 492 310 _. 

— 2X00 1X1D __ 

♦40 1XW1X30 — 
-101.110 907 — 

+16 770 TOE IX 

— 620 450 — 

+10 2.160 1JS0 an 
+14 BSO K» — 

+0 700 470 — 

+10 1X60 1,490 OX 

+1 IS E&z 

-3 898 484 — 

— 1XB0 1,080 IX 
+12 017 450 — 

+90 1X00 1X70 0.7 

+6 915 441 — 

■*•14 i.ir 
+101X20 1 

— iXiot 

+6 447 

+8 387 

— HJOtilMai 04 
•HAH UBM 

+19 927 __ _ 

+5 637 521 - — 

+6 505 3G6 — — 

+101X701*50 OX — 
+29 53fl34e—_ 
+13 934 727 — — 

*201X20 1X40 — — 
+» 1X20 1X70 — — 
-3 BE 8M ... ._ 
+3 451 325 — — 

*101.140 BIS 

+12 IX'2 BID — Z 

-ID 3.000 2X00 OX — 
♦201.HD 7SE — — 
-1 342 Tfl* „ __ 

♦aoixwixao — . — 
+20 2^101X00 OX — 

^ IS Iff z z 

♦11 1J02O OT Z Z 

♦10 eao 533 _ — 
♦5 885 575 — — 
+2 1.110 855 IX — 
+201.140 988 — — 
+401X201,460 — — 
♦W B2D 490 — — 
-20 5X10 4X70 OX — 
*201X301*50 1A _ 
-15 74a 650 _ _ 
-20 3-830 2X00 OX BIX 


+1 778 604 1.1 

+50 3X40 2-410 — 

+3 541 380 IX 

+4 528 440 IX 

+1 809 70S — 

— 4X30 3X30 — 
♦201X201X80 — 

+7 629 447 _ _ 
+101X401X30 — — 

+10 855 515 — — 

+20 2X80 2X10 04 — 
-20 1X40 1X10 — — 
+30 2X00 2X10 — — 
+101*00 885 — — 

+8 328 4 IS — ... 

+ ! 901 870 — — 

-10 7XBO 6*50 OX — 
♦00 0X40 7.010 _. — 
—50 4X50 3X7Q — — 
♦30 1X40 1X80 OX — 

— 1X40 14K0 — _ 

+40 1X10 1X90 — — 
+10 1.130 958 — _ 
+20 1.400 1X60 14 — 

-8 483 391 1.1 — 

♦80 8X60 7450 — — 
*201.7801X20 — 


... Stool* 949 

z ISA 1^8 

— Snout 569 

— snartkl 490 

— StMJen 356 

— SnwEM 613 

— sows* 553 

— SMSS 1.420 

— Bqtar 2.480 

— SmAM 753 

— Sdiy 5X90 

— StanS 772 

_. Samoa 551 

— Sunfim 2X40 

— GtanCtm Ste 

Simcm 409 

1*00 
1.480 
304 

40D 

Simula 1*00 
Sun!tB 284 
SunWM 900 
SwnRB 70S 
Sunflbr 1*20 
SlmTlB 1X50 
SunWa 755 
suzuu 1X50 
TDK 4.720 
Trim) 700 
TonPD 2X50 
TsfcBfl 


._ SunMn 
— SuadJM 


836 

1X30 

1X00 

935 

52S 

743 

913 

698 

489 


TkraSn 
Tinnp 
TtauSi 
TmSd 

T tX 

TsMcn 
TaaQ» 

Tbcftma 

Totuftur BB4 
Tamcp 742 
TON 804 
Tana 20X00 
ToflfcH* 2.780 
HaBk 1X80 
TkaKXi 473 
Tokico 610 
TOMBM 1X30 
Tkyam 541 

1,640 

1.770 

TkDa™ 1X70 
TkBPw 3X40 
TVaen 3X50 
TkGra 545 

TMFIlipe 861 
2.460 


040 

788 

872 

1*50 

1X30 

712 

780 


z » 


Tksa 

TkStyl 

nadir 

TkuCro 

Hodjas 
— Tonan 

Z W 


— TMEC 1.140 


818 

378 

1X60 


— TkMoi 
_ Tom 

— Ton 

— TojoQi 

— TdWU. 
_ Toyoln 

— ToyaKn 
... ToroSk 
_ TynUM 
_ ToyoIW 
ToyoTH 

— Tombo 

— TkOMn 

z ;ar 

— Umax 

— wow 


1.750 

B7D 

661 

2XB0 

2X10 

433 

1,180 

451 

538 

461 


1X90 

1XBO 

1X90 

908 


Vrnnctil 1.930 
YtnBtal 1,720 
Yaudlno 968 
vmTmn ixoo 
YrreBak 2*90 
iXio 
446 
835 


miA 

VkonB 

VmnBk 

YVtn«j 

***** 

yostd+i 

Yuan 

Zand 


970 

050 

825 


846 

923 


♦121*40 Q40 — 

._ 1X901.140 _ 

_ 1X60 1.120 — 

♦19 638 505 05 
+9 548 411 — 

+11 372 25ft .. 

+11 700 500 — 

+10 023 481 — 
+101X001,110 — 

♦30 2X20 2X40 — 

+3 790 700 DX 

+250 8.460 5,400 — 

+1Z 797 815 - 
+13 073 <25 - 

♦ 10 2X90 1*00 — 

+7 573 432 ... 

+3 510 404 — 

+101,070 937 _ 
+201X801X89 - 
♦ I 436 W „ 

+12 412 285 — 

♦ 20 1*10 851 0.7 
*2 309 2SS — 

+4 963 Bft4 — 

*23 720 611 1J 
+2J 1*20 515 - 
+601X00 1*90 — 

♦ 10 91* 974 _ 

■) 1.460 1*01 _ 

+ 180 4.760 3,780 ... 

+3 748 HO 
*30 2*10 1*70 1.0 
*5 722 670 — 

+0 862 679 0.7 
+ 101,480 1*70 — 

_ 1X« 1*90 — 
+51*40 m - 
+9 556 400 — 

— 788 SIB 0.0 
♦71.100 70S OX 
-6 780 568 0.7 
*12 E6G 387 IX 
-1 720 SO? 

+2 831 670 — 

+12 907 533 — 
♦200 21 HD 17X00 — 

l , -»Tn 2.eao 

+401X80 1.110 — 

+7 504 328 — 

+20 512 415 — 

+40 1X801.190 OB 
+fl 562 *21 — 

+30 1.728 1X50 — 

+10 2*201X10 ... 
+502X00 1X70 — 

-20 3.540 3*60 __ 

™ 3-460 2.74a — 

— STD 401 — 

+2 700 520 ... 
+60Z720Z200 — 
+301*50 1*20 0.7 
+25 660 450 .. 

+19 B29 657 — 

*12 730 505 — 

-10 1X501,480 _ 
-201.4001.160 _ 

♦ 5 714 STS — 

+11 911 570 — 

+301X901*50 ... 

+10 588 433 — 

+1 874 BOO — 

+3 400 29S 
♦10 2*90 1.770 — 

+4 570 421 1* _ 
-401X101*30 — 51.1 
+10 872 515 — 

♦11 733 524 — 

-10 3X00 2X80 — 

*40 2.120 1.780 — 

*5 448 330 — 
+201X00 085 — 

+6 605 330 ... 

—7 564 432 — 

-4 S10 345 — 

-6 388 285 — 

+6 365 272 
+401,800 835 — 

+2D 1X30 1.170 1.1 
-101X10 830 - 
+10 B40 820 — 

+14 830 SB2 OX 
-2X301*00 ._ 
+301.810 1X&0 — 
+21*90 BOO — 
+301X401.110 — 

+10 2X90 2*10 DX 
+10 1X50 1.190 _ 

+17 453 350 IX _ 
+22 848 727 OX S5X 
*31 U8 734 — — 

+1 2 SS S - - 

+2 089 860 — — 
-5 854 528 — - 

+191*70 860 — — 
— 1.150 UZ1 — — 
♦ft TSS 442 — — 

+10 658 4» — — 


— Wlfae 


*J5 *X7 850 6X6 14 
7 JO +.10 8X3 3X3 IX ... 

WMTtr 2.48 — 2X5 3X1 38 ... 

UUmc 4X4 +.14 5J5 433 24 _ 

Wmdft 4 40 - 10 4.72 3X0 IX — 

YMn 3.15 +JK 3J2 2X4 1 9 


- HONG KDNS (May 11 / H.HS) 


— 

— ChMor 


AmoyPr 10x0 
BEAuao 33 
QRwP 11X0 
CnoKim 37X5 
30.75m 
74 

owa 6 mi 
QB cP 21.10 
Crttart) 16» 
□Farm 11X0 
EEtria 47G 

Guoca 36.75 
HSBC 55 
tumuli 13 
- - SOJO 

11X0 
S-70 
WnUM 38 
Hnac 1560 
Hxsm im 

HtAlr 42.50 
WB. 23.30m 
HKLm 21/40 
WHUft Z1*B 
HKTd 14.70 
Hoprad 840 
raiww sojjas 
Ityam 22.20 
jamu 8.40 
JUam 5550 
jsm> 27X0 
KUBua IS 10 
UanODi 10.40 
MbwWW 23J» 
RKDwA 35 
SMdPr 47 
StoawBr 11X0 
HcflE 4X0 
SMM1 12.10 
SCMB> 4X0 
94vCa 4 
SwksA 57 
Same 8X5 
TdcBi zaxom 
mat 28JO 

wMoch 17 70 
YrtiflOl 11.40 
11X0 


+ G01JJD 9X5 
♦.75 SO 29*0 
+.10 15.7S 1040 
+2X5 52 33X5 

♦2X9 57 37 

♦ 3J0 SI 59 

♦ XO 14 ft 15 

♦ JO 27X0 18X3 

— 10.10 1660 

+ X0 16X0 1030 

♦ XZ 80S 417 
♦2.75 «J 29X0 
♦2J0 131 BO 

+ JO 21X0 11X0 
+1.75 BO 50 47.75 

♦ XO 13X0 10 40 
+JD BJO 5 05 

+ 1X5 BOM 3JXS 

♦ JO 24X5 14 40 
+.50 IS JQ 10X0 
+XS W 37.75 

+ 1 10 35X0 20.30 
+ JO 31.75 1910 

♦ JO 30X5 18.40 

+.60 1?.7D 12 

♦XO 1080 (UK 

+ 1.75 42 JO 77 JO 

♦ JO 33X5 19X0 
-.1013.10 7 JO 

♦3MJ0 46.7S 

♦ .70 38JO 24X0 

♦ XO 25 1250 
+ -4D12JO 9X0 

+1X0 4250 21.10 
+1M 30 30 

- + qn 77 47 

-.10 16 JO 11 

♦ XO G.1S 375 

♦ XO 15 40 9 85 
+JTT 545 190 
♦.10 7 BO 373 

+350 71 50 

+ .40 11X0 8 

-JO 35 75 23 

+1X0 41 25 JO 

+J0 23-50 1480 
+.10 186011X0 
+XD1740 1070 


3J BJ 
22 22.6 
3.7 _ 

J0 37"l 
2J71J 

i j !" 

3J tea 

os ... 

IS _ 
1 5 — 
7 0 — 
4 4 37.9 
35-lftJ 
0-6 2* 
44 .. 

55 — 

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i.r 7.7 
24 2DX 

35 _ 
OJ — 
3X24.0 
22 ... 
JJ .. 

5“ Z 

0 7 „ 
D 4 _ 

04 

3=J 2X6 
OJ _ 
3.7 .. 

- MX 

36 500 
2J4XJ 
3 1 14 J 
11 7 37J 
65 

ax . 
20 20 J 
2J 16.1 
27 . 


MALAYSIA (May 11/ MYR) 


HdUn 

wb” 


4.10 ... 6.80 190 21 

30 JO ♦Z50 3SJ0 25 0* 
16 __ 1750 13 40 09 

15X0 — 1980 13 JO 06 

XiC +06 630 140 lj 
4.10 -XO SXO 3J8 04 
408 +04 60S 352 20 
570 — 8<0 500 30 


1 smbafore (May If / SSI 


DBS 

Aim 

GdFIAs 


_ Mncp 


□UB 

SAW 


ffmoT 

ssair 

Taua 

UOB 


11X0 
18X0 
2.71 
3.42 
RBom 
11.10 
13 JO 
7X5WI 
12X0 
i*.7o»a 
3J4 


4.19 

IDAQri 


_. 1270 
+ 10 I9 60 
-01 3.40 
♦24 3.98 

• XO 6.65 
+.10 12J0 
+ 10 18.70 

9*5 

+X014 10 
+.10 15.80 

— 3*5 
+ 02 426 

• 02 5X0 

— 1210 


10 JO 14 
IS 07 
248 3.1 
296 12 
4 82 12 
9 10 
11 10 
6jo a* 

1040 u 
12.10 20 
214 

3 16 30 
208 1* 
9 27 


z NORTH AMERICA 

CANADA 

TORONTO (May 11 /Can St 
4 pro dose 


AUSTRALIA (May 11 /AustS) 


Abkri IBS 
Amcor 9X2 
Arepoix 4X5 
Anfii 9XD 

Ashton 20Ori 
AMZBk 4JB 
AtafflJ 4X7 
AM 201 

16.88m 
My 200m 
2S7 
075 
1306 
0X2 
1*4 
285 
4.74 
17.14 
2*5 
2*0 
mo 

AM 

cadre 4*0 
Conanflk 8X9 

£&* o 0 ^ 

Bin* 4X0 

sr as 

Mrt» 2J64ri 
HMlC 2*3 
ftrira 1X0 
' “ Ir 24om 


+.12 5*5 170 
-0211.12 9.18 
-03 6.10 178 

— mo aio 

2-60 


OJ — 
3X34J 
IX — 
12 214 

_ , 2* _ 

— 5.72 401 4-4 — 
-.. 4*1 4.11 17 — 
-02 2JE 109 40 95 
+.401000 16 14 29.1 

+.03 3JB 202 17 7.7 
+.12 402 141 50 — 
♦00 1X6 0*4 - ... 
♦.18 15.D6 12-90 4X34* 
♦07 0.72 047 ZJ — 
+03 1-18 0*4 27 - 
-05 503 109 4X18* 
♦05 546 440 4 8190 


51B2B7 

332B0 

85200 

5107B0 

1000 

120008 

EBBB30 

«B 

83200 

60439 

65670 

442953 

7159 

161B0 

1150 

Q42B8 

29019 

180640 

8303 

1483450 

31000 

5630 

326200 


AMO) 

Arise 

AsCOa 


McaQ 

Amnor 

BCSUoAx 

BCTbI 

HZ 

BCE Ms 

BGRA 

BntMk 

BkMentx 

BilkwS 

RMfs 

fimbdrSi 

Bo+VM 

Bmton 

BracnA 

Bmcw 

CAE 


16>4 •LttiAi 16 
15S ♦JatlV, 151} 
6*8 SM. 61> 
21*B ♦^Cl'i Tot 
18 918 16 

2Bh -J, 823 2BK, 

staatg 

25*i -mJS5.25J| 
48 +J|54S^47{ 
37 -4, CPI, 37 
15>a +i«Ji!P, 15% 
8»j -%»% Sh 

24% 

28*5 —% C6ti 2B*t 
230 230 228 

20% -% Ed* 20% 
13% Cl 3% 13% 
30 -% 32*1 30 

17% 117% 17% 

25% ♦ J i05% 2S*» 
7% -% STh 7% 


190 

M300 

39606 

41750 

48263 

15300 

45WX* 

ir%« 

473157 

100 

85903 

1+998 

1851 

370D 

1260 

657 

1500 

.982 

1082? 

546S04 

16G1Z7 

178C24 

2300 

3100 

124205 

♦3988 

8105 

263S 

311520 

74600 

96050 

4000 

87U 

31300 

80Q 

20067 

1300 

23490 

480 

7000 

150300 

77400 

1900 

1400 

17770 

16000 

31354 

18200 

13387 

800 

1075 

39900 

38537 

10600 

22S9M 

1900 

140262 

♦03.TJ 

207762 

130007 

250296 

43 

60000 

5i:<7sd 

1625 

3300 

M7T 

31400 

260 

53 

1500 

36182 

412973 

2B00 

100105 

231500 

107*00 

1086 

tmou 

32008 

77960 

29855 

16070 

6964 

SS 

8333 

719Z7S 

S2520 

132080 

514 

175008 

86310 

17600 

32183 

143422 

8491 

274448 

845485 

60700 

32817 

12375 

113700 

11500 

8E37D 

7870 

900 

33900 

107873 

313944 

787048 

50745 

9375 

100 

BOO 

» 

63250 

2000 

187540 

28079 

106050 

5800 

176660 

2570W 

948400 

1000 


Ciiwrm 

condW 

CntMA 

CmpOO 

Cmatof 

CannSh 

QmrCD 

Cartms 

Canute 

Crmftjc 

COhT* 

CanlrA 

CanroA 

CMA9 

Carflor 

CaaTno 

OnfiMi 

Catan 

CntCap 

OraOd 

Quito* 

Coras 


70 70 68 

415 «5 415 415 
7 % .*157% 71, 
24U 242 238 

17% +%S1>>| 17% 
15*i -*, S'S*, <'5% 
23% -%S27%dZ7*i 
39^ -i. <30 39% 


515 


Cob 

CrmmX 

Paw * 

Oman 

DoTko 

Ooavnt 

Do nnar 

DuPrdA 

OuidBA 

Empire 

Ecru B 

Emm 

EurNm 

m 

Ftnon 

FetMA 

FartB 
Ft New 
FaTmV 
FeunA 


Contra 

amm 

GudC 

HkriAA 

HowkSd 


a 


PL 
hmsen 
impoa 
tnco 
IdMur 
Hm 
mtPB 
IUusM 
maG 


kuiAd 
Uarpo 
LourBA 
i «n+w 
lacMn 
LdbMA 
UBowB 


^ 

15 SIS is 
11 U -1, CITS 11% 
24*4 +*,J74*1 2**t 
24b 9T4J+ 74% 

33 CSlj 
190 ♦' 190 191 

31 >2 $32 4311) 

63% -At SSI'. 63 
30 30 30 

450 +15 450 435 
30% BD'i 70% 
29-UiSX*. 781, 
140 140 140 

23% -%S7»I|C?'| 
7»7 ->» s:% 7*) 
15 15 15 

405 -5 400 485 

a 

7>» •>■ 57% 07 

S2 -1% 1U% 51% 
10% -*1*18% 10 
16»k C14% 15% 

14% -**511*, W% 
TO SID ID 
38'a •>■ £37 36% 
6% ♦'i 96*i Bi) 
2?% -'.122% 22% 
13% -% *141.413% 

35% 05% 75% 

71% *%Cll. 7l% 
9% »% 9% 

7% -*• S7% 7% 
11 *11 11 
9 .% SB n% 
345 -15 345 345 
22% -*♦ K7% 2?% 
13% till? 13% 
16% *16 1 16 s 

411 47 40 

19 -% 111% 19% 
415 — 425 415 

12 SI? "% 
32% -%ST% 072 
15% +%S15% 15*> 
12% •%».% 17% 
T4^> -% $15 14% 
18% -% Clrig 15% 

ia% swa ta% 
30% -%SU%»7. 
JO -%SO% 30 

35 -*|BS% 34% 
«i% -*rW%»n% 
J2% -%SE', 32% 
71. 57% 7% 

6% |A% 6% 

54 +10 M 47 
13% S11L 13% 
18*. -% Cll% 15% 
7% $7% 7% 

10 -% 515% 


4T8S 

15500 

75115 

31600 

7 0 383 

300335 

363075 

IbOO 

11607 

161948 

JfffSO 

17330 
0200 
109304 
1081 50 
34626 
159100 
30355 
441873 
100 
07C03 
470300 
529827 
I5M0G 
14730 
1S»» 
1+5 
991 

58315 

5500 

3G4PQ 

400 

373305 

*750 


SMC 

5onara 

SR Id 

SBmA 

Seapn 

SraHH 

Swam 

SbodCi 

SMCAk 

snanft 

SHL Sy 


Inmfi 

TMHC 

TecfcB 

Trials 

Inn 

terra 

Thwnsia 

TorOjm 

TnoiP 

inw 

Inmac 

Irka 

UAP a 

UCorp 


UnSra 

warns 

WICB 


19% -% m% 19% 
32 25 33 

14% .%J14% 14% 
in. +%m% ii 
ix% •*2iiib is% 

<i% +%^ 4 rc 

11% 511% 11% 

J'. -%»>a J? 
1B% +%CUk 15% 
ir% nr* ir% 
8% *8*. 6% 
24V, -%Cvt34U 
31% -%S0% 31% 
73% ♦%CJ%crf 
18% $19 

18% -% S1-'% in 
10% SI»% 10% 

17% -h *18 817% 

3£ 

37% . BJ* 77% 


9% 


6 **■ » sj 


S10 ISJ 


18% +%*!»% 18*2 
23% -S “ 


39*- 


634 23% 

IW: 38% 


UOMTHEAL(May II / Can 59 
4 pro dose 


56433 BodiidBx 
37870 HksDd* 
33750 CkMMa 
53909 C«aan 
40D Crnusc 

800 CTC 0 

58500 JCoutUk 
3500 wea. 

34888 MaBkC 

1400 OtscofAa 

1201 S Uidns 
15350 warn 



AFRICA 

Sfflmt AfflKA iMsy 11 / Rand) 

+/- w u. nr n« 


ABSA 77S 

«a » 

Ansea no 

Amcud ibi 

Anpta 229 50 

Amoald 382 

137 


• 15 


26 


Mariuu 

Manats 

■mse 





CNACri 4.15 
OeBCM 10750 
Mi 700 
Dram 55 
hod 975 
Hands 24 
Engen 3nX5m 
FfhaBa 115 


no 
- 193 

•250 245 

-6 435 
♦3 1Z7 
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-175 31 

+4 55 

+ 05 4X0 

+ix5 ne 

1D» 
... 02 
..1125 


MnproA 

muFfl 

Manual 

MOM 

MofemA 

Mom 


Nemsdo 

NomoA 

HmoaF 

nrmcsM 

ItacnEa 

MViTal 

NOW 


^ 5SL 
H? 4& B 3£ K25 

'4 -hSS ■" 

11% +%SII?U% 

i«% not n>% 

5% +%e% 5% 

23% -%(2MK>>) 

34% -% CSV iC*% 

115 115 111 

B SO H3-a 
6ft-1%Cta>: 85 
5% +%S5% 5% 

13% +%*1J*« 13 

25% . ES%2S% 


53“ 

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nous 

LtsLlB 

rasas* 

Nodeor 

PeroMi 

PrmGp 


15% -*,W5L15S 


say 4i% 

*m5 


One* 


RoaMI 
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pun 

HqrnA 

PmCnp 

Ferns 

PflCan 

PMEn 

PUksna 

RswCp 

PtoiMFn 

RayrkY 

Reims 


42% 

10% SUG 10*2 
23% -»»C3%2J*2 
ft% -*s*8% 0% 
14J? 114% 14% 

20 — % CD% tCO 
44 -4 50 44 

10% -%na% 10% 

54 -1 57 54 
350 350 345 

43% +1143% 43 
“U% 23% 
13% 

. » . US8 7% 

29% +% $30 29% 

18 


od 

74 
44J0 
94 
31 JO 
34 
71 
8*0 
41X5 
32.50 
34 
90 75 
125 

10 

SABrow 101 JO 
SAMnAnl 39 
Stmd 136 
nocm 53J0 
TnoHU 45 JO 
VRMb 379 
WAraa 41 
WDeap 163 
48 


RmtpGp 

mwscn 

RiBtPI 

Santa 

SmlhCG 


31 

- 40X5 

.. 115 

♦1 80 

♦ 20 10X5 
-1 lift 

- 37 JO 

25 28 

+ 02 1BD 
-JO 7? 
-1 96 

.... 81 
-JO 58-50 
-1 B5 
— . *2 
_ 34 JO 
71 

-10 7.75 
-125 5150 

♦ JO 36.75 
♦X5 20J0 

-.90 50 
• 5 135 
... 19X5 
+X5 1815)1 

— 40 

-1 164 

-.50 » 

♦ JO 45-50 
-« 400 

— 42.50 
-1 215 

80 


6 nr 56 

17J0 22 
33-50 2.8 
115 3.1 
I82.5U 15 
344 34 
10? OJ 

20.75 ZO 
43 8* 

3-59 - 

07 50 9 0 
6-60 IX 

48 2.7 
7X5 51 
3250 4 2 
30 3 0 
64-50 06 
53 75 30 
7 94 40 
67 JO 2 0 
30X5 ... 

16.75 4 8 

16 IX 

2X0 10 
55 Z1 
76 1 J 
63J0 33 
41 3 J 
79 1.4 
15-50 _ 
3E 1.7 
56.60 7.3 
5*0 . 

3700 U 
26X5 1.1 
18 JO 1.1 
72 ?0 
87 1.9 
1550 7X 
79 3J 
36 JO IX 
10? 2.1 
43J0 IX 
28 JO 10 

’S” 
’8 23 


Pneat aqum i>y FaMosrs 


RngOi 

itaEn 

Repap 

CW 

RtnAM 

neoCmB 

BoySkC 

nayOM 

Seas’ 


+J41902 

15*0 *.1 


-.*1 

£J5 - 



at .is 


— 


4X5 4 A 
4X0 IX 


♦.IT 808 

6X0 5.1 



— 1X2 

C./B 3* 



035 3X 
«JZ 4.1 23J 

KbU 

1X3 „ 




■ TOWro-IMWCnWBOOKfcWecliwaclay May 11. 



NOTE - Wpb an (tt M* an as nudad an *■ 
kaMMI artayn md mi mariy laS kadri 
mm. Wdrinanto M84. stupr TmHoft 
Maoaal WO I Danas ngma tt a Ea 

EMdM ttEXBB%tata nuiViv Sbi 

FT FREE ANNUAL RB>ORTS SERVICE 
UM un oMdi ti ram AM imm m sowsta 
nmagatof Mg HI 771 070 ■ W HO 770 
wa. goal FT tan. * ta* tat tWa 1*. «d 
♦44 51 n« D77D Of W +44 51 775 as. atag FI 
tariHa tarn am ba IM aa Mitol wrtkg Ito 
■ rnkgp tswi irajM BM FT J— ■ MM par 
Msta 


1.40 004 — 1J3 

-M 1A6 ZJZ 1.7 _ 
+03 2*6 2X0 



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Traded 

Prices 

on ctoy 


Traded 

Prices 

on day 

Httachi . 

7.1m 

974 

♦16 

NEC Corp 

4.7m 

1.160 

♦10 

Nippon Steel _ 

6*#n 

352 

+6 

Fujitsu Ud - 

3.4m 

1.MO 

♦10 

KoMasaU Steel 

6.4m 

383 

+4 

Mitsui Fudosan — _ . 

3Am 

1^70 

+30 

Marubeni _ 

6.0m 

546 

+8 

Matsushita E Ind 

3J2m 

1,710 

+50 


5-flm 

1.270 

+60 

Tokyo Tatemono 

3Xm 

695 

+44 


4* 
60130 
60- — 
15 2X 
70 
40 8.1 
3* — 


+_ NAB 


+6 94fl 
+10 3X10 1010 


-02 lrT7 1.14 
_ 200 2X3 
_ aeo 2 jo 
_ 1.76 i.iz 
_ lJft 100 
+ 2*5 2X0 
-01 Z02 1.13 
__ 202 105 
mo a75 
+05 30S 203 
+.18 1604 16.78 
_. 3.40 2J8 
♦XI 3X8 2JS 
♦.04 10*4 7.70 
+05 4X1 3.70 
♦.14 13*6 11.1* 

-09 750 5X5 
+.1210.80 8X4 
-.05 6X6 4.71 
+.02 179 105 
+05 4.15 3*5 
♦ 02 5*2 4-56 
+05 115 105 
-02 203 162 
+ 302 ZBO 
_+ 3*0 Z49 
+_ OXfi «J0 
-04 4X0 205 
+.11 0*6 504 
+01 1.74 1.15 
+.10 8X5 4J0 
+.1B 7.13 500 
-01 4-52 308 
-.05 7.10 6 

+.06 9*0 6.10 
+01 3*0 3 

+02 3.70 303 70 210 
+09 ZJ3 1*1 _ +. 

__ 4*0 3 42 40 — 
+X0 9*8 8. 10 B.1 ._ 


20 394 

1 ._ 

1311 

1* 750 

v*™. 

OX BX 
2 * — 
20 _ 
37 230 
4* 


i S* 11.7 
IX 

£4 — 

4X 

70 
ffl* — 
80 7X 
50 90 
40 
50 ~ 


US INDICES 





lb, 




MV 

11 

***r 

10 

ft 

H* 

\SM 

MnfcB 






PC fW 1978) 

M 2213*91 

2M7JB 

29BLT7 02 

1957X1 aOH 

Mtatari 

CBS TTPtoQrnfBa) B3) 

437* 

43S3 

431X 

49490 31/1 

41740 5/4 

CBS AlSta ©JOBS 

mm3 

Z7SL3 

2780 

29489 31/1 

288*0 31/3 

0^40(1/746) 

206304 

20SUB 

34349 

20864 3/2 

20082 SS 

UbSEMPniKS) 

111080 

1100.72 

109144 

m\M ZB O 

107207 3/1 

Mtaa Con* p/VSS) 

2952X7 2913451 

» 

3306X7 4 n 

2507X3 83 

PWngri 

an 0977) 

291 ZJ 

29T4L4 

29414 

322688 18 12. 

2BTR90 311 


Dew 


10 


Hsy 

ft 


ft 


19M 

MUl UM 


UM 


3856.41 3829*4 3GGBJD S97BJ6 35B3X5 3979X6 

01/1) m (31/1/B4) 

9602 9575 9753 18501 96X5 109X7 

f?1*J ($5) (18/10A3) 

1593.70 1589X9 1600*2 18029 1546*2 1962X9 

am am onm 

18356 183X8 TOJ3 22705 183X8 28MB 

(SHI WE) (31/8TO 

OJ bid. Dw% NgH 3884.87 R87&S3 I Low 3827 J8 {3012X8 ) (TheoMle am 
Dny% high 3689X2 (586503 I Low 382805 OS2&1B ) (AetoatM 


Tnmput 


41X2 

onm 

54*9 

(1/10*1) 

1132 

(S/7/32) 

1050 

0/4/32) 


SB AB-StM0<(/73 5B8.15 563.10 

Sarib Africa 

JSE GOO (ZBIB//M 18770V (4 

JSE hdL (28W7N GG40*V B 


Kancm&wnnr 948*1 B470O 

Spta 

ttxttlSEpanza^ 371 <48 32099 
AfaronhGan (U2/37I 1505.10 14917 


55802 84101 4 ti 

1893* 2331*0 4/1 
B80MV GG4O0O 11/5 

940.15 97120 2/2 

31441 35BXJ 31/1 

14889 180390 31/1 

1239X5 142*34 31/1 

ST7JS3 103329 3UI 

!Mglfe<ft£0flffi6r 6D24.47 5937X7 5998*0 «C(SZ 8n 

BSqpoR SET {3W4/7Q 123SJ8 1228*0 122272 17SSJ3 W 

Tatar 

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mu 

MS H (Ifl/nSS 60BT 607J BD5J GR9S V2 


174900 14/8 
19/1 


SnlM 6k M (81/12/58) 1258*4 125806 

l|VW) 99G37 333® 


iiaopasnam 1499.12 ras 143730 onm 31/1 

EuoTflp-W GSfifld 1258*7 15SBJ53 1242J4 tSILM m 
XgpeDvn (J1/1Z/BS M 20976 207*4 806.19 sn 
Bxfegs Enwft(7/1/fl2) 146JD 14U1 14925 18272 MG 

■ CAC-40 9TOCX 1MDNX FtnURBS (MATF) 


2/4 

20H 

140890 31/3 

1230.75 W5 
517 S3 3ft 

5U493 19/3 

1198*9 4/4 

1298070 24/3 

991*9 4/4 

19S3J0 33 
1202*9 33 
291121 ZI/3 
ML95 21/4 


Cnanuto t 

~«am 

442X2 

447*2 

4B2JB 

am 

433*2 

m 

432*0 

aam 

440 

n*02i 

maHtaV 

521*5 

517*8 

swan 

56059 

am 

510*5 

5059 

(2/2/94) 

3*2 

worn 

mnan 

43JD 

4112 

43J8 

46J8 

0i/i) 

41X9 

m 

4348 

(2S/B/S3) 

3*4 

fl/10/74) 

WSEQV4L 

24694 

245X3 

24*47 

267X1 

am 

243.14 

(4M) 

267.71 

(32/94) 

4.48 

asum 

AitocUUlU 

435.10 

43542 

430L73 

487*9 

am 

427*0 

COM) 

4870B 

onm 

ZSL31 

(9/12/73 

KA50W Cep 

725*0 

72237 

73206 

(TBfl) 

70M1 

eon 

anas 

(tOOM 

54J7 

(31/1073 

■ RATIOS 










Opon 

Sett Price Change 

High 

Low 

E*L uaL Open fciL 

May 

2178.0 

21775 +155 

2182.0 

2160* 

26.732 

22*72 

Jun 

21 S3* 

21805 +155 

2ite.a 

2145* 

480 

31514 

JU 

21555 

2168* +185 

21675 

2146.0 

101 

270 

Opon kme fgow far previous day. 






«SC CW0P44/4/8E) 1008*7 99248 96088 1SM*6 Sfl 9038 4/4 

- w ™ 5 S- 2 rsf 





May 6 

Apt 29 

Apr 22 

Year ago 

Dow Jones Ind. Dtv. Yield 

2.77 

Z7B 

2-79 

3.04 




Mey4 

Ape Z7 

Apr 20 

Yser ago 

S ft P kid. Wv. yteW 


2.48 

2.48 

2-56 

252 

S ft P Ind. P/E ratio 


2358 

2354 

23X4 

26X2 

■ STANDARD AMD POORS 400 INDEX FUTURES S500 tones Index 


Open Lotast 

Change 

rtgh 

Lew EslvdL Open tri. 

Jui 445.70 445.70 

-0.05 

44655 

445X5 73.499 194.105 

Sep 447*0 44790 

-QM 

448.00 

447,70 

3.134 14*58 

Dec 

- 45055 

- 

- 

460*5 

244 7*63 

Open InoMat %m are to pimous dw- 




■ NEW YORK ACTIVE STOCKS 

■ TRADDta ACTIVITY 

Tttatay 

Stadia 

Ctose 

Omt 

• VtAm tratani 


UM 

prin 

en Ay 


Day 10 

1*9 May 6 

AmrTST 

Riwisnn 

S2A 

+1K 

Hoe Vark EE 295.185 250*24 289*00 

ToNfonoE 

4*42X00 

5EM 


Ann 

14*92 


PM> Ifcott 

xmsoo 

49H 

4i 

NYSE 



Bon*8y 

3X01500 

12V. 

-3H 

Ibuh Traded 2*24 

2*02 2,784 

aotit 

25365DD 

33» 


RfeH 

1X18 

511 548 

cayrier 

2*98.100 

46% 

♦IK 

Fife 

882 

1X80 1*96 

PBCGE 

2,190*00 

23% 

♦h 

UKhangsd 

624 

5X1 542 

wnm mow 

2,142X00 

1DH 

-ft 

New Hubs 

21 

19 11 

(URMbtaa 

2.120,700 

5ft 



Nbk Urn 

(78 

191 T2B 


: Auaaria Af OnCne^ and 



f CdmcUsn. * CakrdaM a IBM QMT. • 
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mu* wMraea ass actum <My% hlgha and Id 
dufeie the Cfcy. (Hie Agunn ki BakriNta an 


Bmkdig banA. i hduatal, ptaa Uttata 
and bus m M Bnrooaa id Noheri 8M 
wm (auppfcd by TeMoml apian ttw Idcneai am 
pwrim dny%L V ft*)act a oOfcW meakahnta. 


and Train ts ei tk nefL 
fewm prlEM naitad rkring ne day by aadi 




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Financial Times. Europe's Business Newspaper. 








FINANCIAL, TIMES THURSDAY MAY 12 1994 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 




raw 

■* IHSU 

i7f» i4^s m 
1fl ? lahALUtaA 
■ 

72m S2%AHR 
5 3%«tt 

3ft iftWSL 
»b11%AbttjlPr 
13b 11%Aepmcan 
31 24% ACE Lid 
12b 10% ACM Gw to 
10b 7%AOl&rt)« 
10b fl%KMMS| 
12 9b ACM Gw S< 
lib 8h -Offer 

9b 8 ACM Mam 


IM W Sx am 

H* * 2 Uk Hgb lot Onto Om 

948 33*91 too 15 l«b 1<b *% 
0.18 12 33 *35 14% 14b 14b 
138 ZB 22 18951165b 54b 0*% -lb 
28 10K 57% S5% SB -1? 

14 412 *b 4b 4% J* 

230 43 28 1450 44 <2% 43b +% 

0-78 2.7 18 SE55 2ZS* 27% 25% •% 

050 43 B 183 lib lib lib 4% 

23 38 12b 12b 12b -b 


"J 21? £27“*' » 38 12b 12b 12b -b 

31 24%ACELd 044 13 4 900 ZTh Z7% 0$ •% 

12b 10b ACM Out to 139102 370 II 10b 10b -b 

10b 7%AaittQgp 030 IS IS ft A ft 

10b BbKMMSp 03611.1 361 8b Ob 8b 

12 9%ACMG«Sg 130113 634 6b 69b 9b 

11b (ft-Wfei I3BIZ0 183 ft 8 3 -b 

9b 8 ACM Mxnagd 0.72 &7 147 8% 8b 8b -% 

15b BbAODtGr x 044 17 14 199 12b 11% 11% -% 

6b 7b Asm Bast SO 22 7b d7% 7b -b 

28b SAggrib 060 11 14 Z4u2Sb 3b 28b 

«S SbActm 038 43 2 1009 8b fib fib 

15b Tib ABUT 114 1444 15 I«b 14% -b 

lab 16% Adams Bqrx 048 23 0 1B1 17b 16% 16% -b 

B*40%MMNn 330 M 52 53 52b. 52b -1b 

31% WbAMfc 33012.4 1010SB5 25b 24 24b -lb 

6% SAdMdQp 016 11 B 22 5% 5% 5% 

2015% teg hs 0.10 03114 128 17b 17b 17b A 
57b *9% Argm ADR x £93 SB 11 7E 53 52 62% +1b 

86% ribAoOttL 2.78 53 B 3142 84 53b 53b -% 

32b 25% Ate 0^8 13 13 707 31% 30% 8lb *h 

20b 18b AHott * 038 43 12 3(11 18b 17% 18b -b 

4 i%Aioaohc 1 109 2b zb 2% 

49%40%A*AC 032 23 21 4803 40039% 39% -% 

99% 31% AM** fits 030 03 20 386 34% 34% 34% 4% 

2B 19% AtflUkK 37 184 Zl% 21b 21% 

16b 14% AMmn 134113 12 161 15% 1ft 15% ft 

24% 21% AkTch 8688 24% 23% 23% J, 


32% 2Sb Aflac 
20b ifibAlurata 
4 ibAteofeK 
48% 45% AKPlC 
33% 31bAMMBla 

20 19% Atagra be 

1% 14b Aetna* 
24% 21% AfeTch 


101 AlaPwOlB OIB 73 


iSACenye* 

13% ABM 

__ _ 20 ABCuSx .. — . 

21% 18%««wA 028 13 13 2B3 18b 418 

30% 25% ABM* 044 1.7 20 4538 Z7 2Sb 

25%l9%AknN 030 13 301304 21 20% 2 

SB% 49% AKoS 1.00 1313H 496 52% 51% S 

39% 23% AtaAnam OSO £3 4 1388 28b 25% 2 

22% 14%AtoxN 130 73 25 1360 14% 01* 1 

24% 17 Map LH 048 23 17 840 18% 18% 1 

20% 21b Arid 5 134 fi3 10 2178 21% lC0b 2 

18% 13% Aim On 016 03 14 788 17b 18% 


020 13 6 187 1 

(US 13 3Z 291 I 

020 13 1625 1 

028 1.4 14 28 2 


3 104 104 104 


15% 15b 15b 

IS% 16% 18% 


16% lift -% 
15 15b +% 
20b 20% 


18% 13% Alan On 
25b soAMgan 

4% ibAnm 
27b 10% Aba Cap 
life BAtocaQ 
27% 21%M0ktt 

SS ^Swop 

5% 4%AfcOBB8 
27% zibAtamax 

K 64b tear 
30% ZObAtzaCpA 


a 4 

17 •*% 


11% flbAmGomcr 096113 


(ZAO 17 14 1320 23% 23% 23% 

6 591 1% 1% 1% 

184 83 201103 19%«B% 19 

018 13 108 ft ft ft 

134 S3 13 3 22% 22 22b 

037 23 7 7487 34% 33% 34% 

066 3.4 18 1743 ZB 25% 25% 

19 278 Sb 5 5 

7 705 23% 23% 23% 

130 Zfi 01 2083 68 67b 67% 

44 1411 2g 23% 24 


8b Sb An Reck 
Bb 6b AmnSd 


025 35 34 2D 7b 
008 1.1 6 962 7% 


21 Areas tod 048 23 15 29 22% 22b 22*. 


81% 44 Amftfts OGO 13 21 1502 51 50% 50% -% 

9% 8% Are A3 Rx 034 2.7 288 0 d8% B 

31 ZDbteBntk OIO 04 31 B99B 23% 23b 23% +% 

35% 2B%AmBnfx 230 63 9 2286 32 30% 30% -1% 

1B% l7bAmBuHM 052 23 12 6 17% 17% 17% 

25% 20% AM Bo* ftfl 030 17 13 23 22 21% 21% -% 

B 6% Am Cap Bex 069 92 68 7 6% 7 

20b 17% An Cap Bd 1.54 8J 31 34 18 17% 17% 44 

23% 10% An Cap CV 1.09 52 0 Z 21 20% 20% -% 

50% 42% AfflQan 135 17 26 892 40% 49% *9% +% 

37b Z7%AreH\rx 2.40 83 14 83H ZSb <07% 27% -% 

33% ZSbAraepc 130 14 12 8826 28% 29% 28% +% 

29% 24%AoQrtk 1.16 4.4 22 1939 28% 26% 29% 4% 

Bb 6% Am Gnat hx 077103 284 7% 8% 7% +% 

27% 24%AmMhPrx 230 8.7 9 150 26% 26% 28% +h 

20% 17AMHartpaz OOB 33 10 18 17% (TI7 17 -% 

B5% S7AnHomax 2B2 01 12 3001 57% dSB% 97b •% 

2% 2%AfllHofeb 0.7531.6 B 5 2% 2% 2% 

93% 81% Ante 040 03 14 3443 88% 86% 87% -% 
11% B%Ao0p|ilncx13Q113 634 8% 8% 8% +% 

27% 23% Anftgm 038 34 688 26 25% 2S +% 

34 19ArePlMd>X 040 23 7 582 20% 2D 20% -b 

8% 7% AmIMEs 044 53 S 58 7% 7% 7% 

27% 21 AmSU 048 13 7 2179 25 24% 24% +% 

22% IBAffMrSftxl.25 62 zlOD 20% 20% 20b 

32% 27% Am WBZ 138 18 12 227 28% ZB 28% +% 

43% 38% tort* 1-92 52 13 4211 38% 37% 37% >1% 

43% 35% Amu be 128 33 6 26 3Bb<J35% 36b +% 


33 


32% 27% tot WBZ IK 10 . 

43% 38% tort* 132 12 13 4211 38% 37% 37% >1% 

*3% 35% Amu toe 128 IS 6 25 3Bb d35% 36b +% 

14% 11% Ama tax 02* 1.7142 271 u14% 14% 14% +% 
57% 50% Amoco* 230 19 15 3402 66% 95b 55% 

B% 7 Ampeofta 0.10 12 B 21 8 8 B -% 

4% 3% tort he 012 14 58 20 3% 3% 3% -% 

29b Araato 1.40 43 10 919 31% 31 31 -% 

3%AMCanp 13 938 3b 3% 3b 

<2%AimtaKo 030 03 801306 56% 5S% 55% -% 
23% Analog 27 1098 28% 27% 27% 

24% Aogofca 094 33 22 38 25% 25 25 -% 

47% AnBacnx 144 27 24 4537 53% 52% 52% -1 

25% AJKPWfX 207103 zlOD 2B » 28 


59% <2% Anadari® 
31% 23% Analog 
1 24%Aooofc 


3% 3b 
55% SBb 
27% Z7% 
ffi 25 
52% 52% 
2> 28 


34Z3%AlMm IB 21B 23% <123 23% 

1% 14bAnHoayti 044 10 14 15 15014b 14b 

132 11 11 690 47% 47 47% 


18% 14b Antony 1 
52% 45Aa>Cpx 


2S 22% Apache Op 028 19 38 1401 27% 27 
10% 0%Ap*xMx>F* 073 74 10B 10 0% 
18% 14% APH 29 374 17 16b 


-,j14%«>H ... 

3 SAppUMag 1 265 5% 5% ft* 

22% lebAgplRaA 012 08 31 88 Mb 19% 19% 

27% 22% Aretfinx 010 04 182587 22% 22% 22% 

90b 43% Ate Chant x 2.50 54 20 187 48% 48% 46b 

B fib AMa 028 43 25 1*26 6% 6% 8% 

f 33b AriOaPf 100 87 BB 3*%<a3b 34% 

47Araa»43P 430 02 * 40% 40 « 

4l 2 «mco 1 1120 5% 5 5% 

ZS 23%AmCD2.1P 110 17 15 24% 24% 24b 

57% 48% AnntfMx 128 2.4 41 3070 54% S2b 54% 

45% 33% Arrow Qae 15 1937 37b 3Bb 36% 

7b 4%Ai0a&p 2 13 5% 5 5 

33b 26b W 076 10 14 992 2B%<£25% 25% 

27% 21% AMROX 040 1.7 73 1438 23b 23% 23% 


7b 4%Ai0a&p 
33b 25bAn*iH 
27% 21% Amcor 




31b 28b AMUCM 0.40 1.6 10 39 26b 825% 25% 


•3*4 

*s *■* 
a-j 

25% -b 
23% ft 


34MM 1.00 16 13 1256 38 37% 

IflbAalaRacF 027 1J 268 Iflb 16% 

1% Aaxatknr 020 84 1 48B 3% 3 

3lbAa*Nteaa 012 03 23 173 35% 3*3 


57%48%AT5T 1J2 21 14775 ! 

263% 228% MAh* 2 290 1.1 Z100 2> 

38% 34 Atkna Gar 2J» 59 15 206 38 

Sb 6%A*afti 088 44 7 2 9 

21% IBbAMcGgy IK 06 10 796 1 

112% 92% AlAdi 5.50 53 61 2967103 
10 4bAtts 1 28 7; 

30% 25b Atmo* Etagy 088 11 13 17B 29 

12% 8b AtMdaADR 048 49 4 46 9 


24% 17% Algal 
12% 9 Apart! Fd 

55% 47% AdWa 
20b i4%Aaann 

16 14 tote 

45 33b Aanat 
Sib 48% tenftx 
14b 11b AjtfnCop 
7% 5% AM 


1J2 21 14779 53 52% 52% -% 

290 1.1 1100 W6 345 2*5 

2M 59 15 208 38b 36% 35% -% 

088 *4 7 I ft dft ft ft 

IK 06 10 796 IB tf18 IB -% 

5.90 U 61 2967 103b 102% 102% -b 
1 2B 7% 7b 7b 

088 11 13 17B 29% Z8b 28b -% 

048 41 4 48 8% 9% 9% -% 

040 20 2*48020% 20 20b-% 

0.10 TJJ 102 9% 9% 9% -% 

052 11 22 1906 5D% «% 4^8 -b 

044 26 11 B 15% 18% 15% -b 

004 03 3 236 15 14% 14% +b 

060 11 18 1213 3^2 33% 33% -b 

110 II 16 782 58% 57b 67b +MB 
10 44 11% 11% 11% t% 
23 240 6% 6% 6% -% 


38b 34b BCE 28B 
9% 7 BET AOfl 013 

3% 3 BMmeo 020 

17% 16b BatarFaax 040 
22% 17BMrtlx 0*8 
27% 22b BaMor Be 040 
30% 24% BnaCp 060 
18b 11% BBdMd 005 

Jij 20% 1A8 

lB%13%BMft*q) 020 
35% 30b BacOna IK 
26% 19%BaocfWa 
25% 20b BRD6I V IK 
11% 9% BunCanM 172 
32 27 Bcrp l la n a i 1.04 

lb ibBanereaaa 
Oft; 40%Bmea 070 
46% 38% Bsnkta IK 
96 8Bb Bank Boar 156 
26% 22%Bfimx 088 
49b 46% ft Basb P 1 104 
59% 49% B«*KV 131 
50% 47b BaalAm Ax 125 
96 88 BBrtlAni Bl BOO 

81% 66B*(Tat 160 
38b 30Bdr» 129 
30% 22% Bart (CR) 056 
34% 29%BamaOp 1.48 
48% 3»b Bmflk 1.44 
12% 8% BMM 005 
Sb *2% Banaen 096 
24b 21% Bate 1.00 
26% 23% Bay SI Gas IK 
22% 19% Bd TMS38 1-72 
23% 17% Bur Sms x 057 
50 46% BoarSPlA 183 


7.7231 122* 35% 3*b 34b 

10 30 380 7% 7% 7b 
05 5 76 3b 3% 3% 

2.4 76 18b 16% 18b 

2 A 44 2335 19% 19% 10b 
1.7 22 160 24 23% 23% 

11 24 700 28% 27% 28 

04 17 308 11% 11% 11b 

12 3715 7% 8% 7% 

7.1 11 3707 21%d2D% 20% 
10 26 899 ui0b 19% 1^8 
40 10 7642 31% 31% 31% 
10 98(4(0% 28% 28% 
07 8 199 23% 23 23 

6.9 S 5 10% 10% 10% 

14 7 1063 31 30b 30% 

45 20 1% 1% 1% 

1.4 17 125 Sib 5tb 51% 

15 9147S0 45% 45% 45b 

04 11 06% 008% 88% 

04 11 2020 25% 25b 25% 


45 20 1% 1% 1% 

1.4 17 125 Sib Sib 51% 

15 B147S0 45% 45% 46b 
04 11 66%dB8% 88% 

04 11 2020 25% 25b 25% 

6.5 46 48%d46b <8% 

40 61679 SO 55 H% 
68 27 48% 47% 47% 

7J 4 BB<aS% 85% 

5.4 5 43*0 67% dG9b 98% 
*0 94 312 32 31% 32 

23 20 496 24% 23% 23% 
4.1 48 21 U34b 33% 3* 

3 2 10 2413 44% 44% 44% 
05202 4669 lift 9% 10% 
21 16 2237 47% 46% 47b 
43 35 7671 u24% 24% 24% 
5.B 14 58 25% 24b 24% 

S3 B 21 20b 21 

29 5 2959 1«b 19% 19% 
5.7 2 49% 49% 49% 


lECNUNOBTTWTWOMQfMUfE 


Samsung 
8mm Camcorder 


lCf^'3 


8 Tunes Power Zoom 
Iblm-Size 




BKTMMICS 


lb* Laa Stock 
37% 27bBsatogsr 
23b 23%Bcdraahx 
40% 34%BacM) 

7% aSadPr 
53% 49BtOM 
19% 14% Bel In 
63% 53 BeGti 
S43%Bnk»A 
24%2D%Bonb 
59 5B% Basel 4JP 
40% 34% Baal 
38% 29b BateknA 

,s,4sr. 8 

I59SS 15700 Btftl 
A 8 Barry Pair 
37b IBM Boy 
28% 28% Baft SI 2* 
83% 51% MHm FIX 
24% IBBaOfit 
53% 43%68SL 
18% 12% BnEflt 
21b 13%BtocnS 
32% SSBnntogmS 
Z% 17% EBedi 
22b 20%BtockHFVx 
10b 8%6fctoOMrx 

8% 7BXS«ttncx 

10% 6%BUBcUi*X 
48b 39%Bkx* 

31% 23%6tod*i 
B% 8%BbaOXp 
27% TS%BMCM 
48% 42%B0(lnBX 
27b ie%BobaC 
21% 11%B0ltB8N 
13% 0% Borin Om 
18% ll%Boraanx 
21 f8%6tamCU 
24% 20% Bn ter 
31b 18b BndFnd 
34% 30%BREPrap 
90b 79%Bi1g9 
33b 2a%9ftfcOkA 
59ba%ftft6l| 

74% 58% Br Air 
54% *2% BrA G« 
73% K%BP 
Z7 19% BPPrutna 
23% l8B9aal 
77% 34% BT 
28 % 22%MynU 
36% 32%MfiP 
8 aamnSi 
91% 83% BnfoB 
30b KbBrfVn 

4% 3%srtr 

25% 17% Brnaak 

17b 13% arum «M 
41 3Sb BgchBiaPtx 
18b 14% BuMrM 

16% 15%8ugarKI 
23b 18 lx) Coat 
68% 52b BUM 
4S%41%ButaHBK 
19% 17 Burnham ft 


tb. n m am 

Dh * E 1801 Itfi IN (Mato 1 

06* 20 22 2* 33 32% 32% 

[ 040 1.7 19 126 24% 2* 2* 

074 20 12 681 38b 36% 36% 

032 50 3 21 6% 6% 9% 

278 06 143483 51 b 50% 50% 

040 25 14 35 15% 15% 16% 

276 48 27 5357 68% ff% 58 

050 U 22 153 60% 49% 40% 

054 23 25 559 23% 22% 23 

4K 72 7100 68% 99% 58% 

1.52 42 11 148 36% 39% 39% 

0*2 12 21 76 36 35% 38 

OK 4.3 * 88 :: 5 u 

048 29 22 221 17 16% 16b 

44 x2D 78459 18*00 16400 
040 4.7 60 12* 8b 8% 8% 

19 MBS 31% 30 30% 

260 9.4 12 26% 26% 26% 

5.00 OS 33 51% 81% 51% 

040 22 6 2032 18% 19% 16% 

\M ID S3 780 49$ 46% 46% 

28 3389 12b 012% 12% 

OIO 06 23 Z78 16% 16% 16% 

040 1.5 60 274 27% 27 27% 

040 Zl 18 B85 ID 18% 18% 

: 1J2 69 12 82 20% d20% 20% 

1 073 SJ 90 85 «b Sb 

075107 523 7% «7 7 

070 79 292 9 B% 8% 

1.12 27 2* 5B05 42% *1% 41% 

OIO 0.4 22 5312 28 24% 26% 

012 19 70 ft ft 

13 S7 25% 25% 25% 

190 23 12 3328 44b 44 44 

060 3.1 4 6081 19% 815% 19% 

008 08 271701 11% <110% 10% 


098 OB 27 1701 11%«I10% 10% 
OK 6933* 1055103% 12% 13% 
090 24 18 1422 12% 12% 12% 

195 02 8 B » Iflb 2 a 

060 29 11 1477 21b 20% 21% 

027 14 680 20% 18% 19 

240 7J 7 50 31% 30% 31 

IK 29 13 291 82 80b 80% 

19 7168 2*d22b 22% 

292 54 1*3471 54% 54% Kb 

1.18 ZD 14 416 S9b B9 SBb 

244 59 24 64 44% 44% 44% 

191 27 24 GOBI 72% 71b 72 

OBI 49 7 IDS 2l% 21% 21b 

0.19 08 22 S2 22b 21b 22 

OD> 59 14 388 54% (5*% 54% 

195 59 13 622 23 22b 22% 

190 49 97 12S 38% 38 39 

(LS 11 < M ft ft ft 

294 39 19 59 90% 89% 00 

068 ZS 23 3817 27% 27 Z7b 

I 26 3% 3% 3b 

044 19 42 2226 24% 23b 2* 

029 19 41 847 18b Mb 18% 

290 7.7 10 46 37 36% 36% 

1.72114 0 103 15% 19 1fi% 

198 02 18 22 B17 16% 17 

15 871 2Z% 21% 21% 

IK 29 174682 54% 52b 6Z% 

OS5 19 21 1920 43 42% 42% 

140 77 23 465 18% T8 18% 


b AfftocUto 
25 20% as En 
82b 62% OtAFn 
50% 45 CPC 

17% 14 CR Cap * 
92% 73% CSX 
25% 18% CIS Cop 
24% 10% CaUssnta 
132% Mb CaMafenn 
56% 46% CMC 
23% IBbQMOBEx 
15% 10b CaHnOegn 
59 42% ceamain 
z% ibCantoalE 
15b 1l%Q4gaiOxi 
19% 15b CaEcgy 
15b 9b CM Fad 
25% iBbCrimatCn 

Ji eCBmpass 
18% 14bCanPK 
749 emikpot 
38% 28bCapMI 
14b I2%cpauil96 
37% K CteM 19 
42% 25b Cipaal Mga 
22% I5bcwn»k 
35b aobCariCo 
19% 16%Cam*aQ 
a %CanlcaPt 
13 BbCtoriMft 
30 24%Carf8L 

S 98%t3mtrT* 
iBcamrtMx 
18% 15% Canto NG 
10% 7% cam Am* 

121% sab cm 

15 10b CDICHP 
38% 32% CaduFri 
13% 10% CariBi 
45b 25% Carter 
30% 26b SedrHPan 
ZS% Ziboartrux* 
15 10%CantrMaln 
23% 24% CartrHnri 
22 lebCamlM 
30% 21% OrtSWx 
27% 21% cemuyll 
24% 18% Qntti 
36 28 OliaAi 

12b BbChrimM 
15b 1 (ft Chart Mi 
50b *0% ChmMPF 


3b l%OaunB 
13b lObChckSy 
12b l2Cham6kC 
3*% aobChaaMd 
42%34bChenBK 
11% 7% awn warn 
27b 22b Owapaaha 
94% 82% Drawn x 
6B%41%CMaRM 
16% llbOMto 
8b 8b ChodiRO 
37 32CM» 

31 24%Oitodam 
63% 44%Chn* 

83% 70b On** 

70% 57 Cigna 

0% 7% Cigna HI 
37% Jib deopto 
19% l6%CMBa8 
27% 21%CMcGaa 
25% 10% Oriri 
3b 2%CtoapmQ 
30% 27%dpBCO 
23 1 6%a*UfG7 
40% MbCtaaOr 
44% 36bOlcp 
28% 25QBCPB.12 
96 85bCtopPCMx 
10O-V 07b CtopPOM x 
?7b 14% am ur a 
18 14CUIMB 
10% 7%QtrN3BU 
23% 12%OririSlx 
68% 50%ChrtCq 
28% isb Qeyton Hm 
17% 9% CtornantoS 
89 7B Qaw79B 
46*2 34% CtovCT 
BB 70bCto*1Bx 
65b 47Ctorax 
28% 22% QuUMad 
13 lObOWtxxwa 
18% u%CDacnmen 
17% i30caatSa» 
33b 27%OoasB 
44% 38% CncaC 
19b MCocaEn 
23% l6%CaaxDBh 


11% 9%Caknlmx 
8b 7% CDtanUH 
7% 8% COMM I 
Bb 7bCctoflriM 
29% Z1%CMGaa 
4Sb 37% QPHCA 
Mb 18b (tondtoeo 
28% 25%Caa*ka 

24 IB Canfttft; 

29 22% DxardlU 
3% acamedgn 
28% 24bCaamBh42 
23b 22% OomnCdlS 

28 Z3CBBMEdUKI 
28b 22% Cammed 

19 13% Comm Pay 
H3% 72% Compaq 
lb %0angnfwa 
*4% 27% Cmpta 
42% 31% CropSO 
B% 6 %Cobx*TGBi 

30 20% Commix 
29% 25% CnOgra a 
31 b 23% COnnactMG 

25 20 Coma En 
20% !3%ConnarPBr 
71% 6C%Cnn£495 
32% 2a%co«a 

75 67 COffl Ed FT 

29b 21b CnFrt 

47 370ri«Q 

69b 54 QM 

20% 14b0mS«R 
66% 40% Ctraeca 

60 SOVx 4.16 

« 870%. 7.45 
8Sb Cm P7.® 
12% 7% Cant Mark: 
50% 49%ConffikPf 
27% 27 ConfikPtt 

3S% sbcw» 

28% 17 b comcp 
10$ 6%Conr flri 

11% nftooniHpr 

7% SbComoxCOo 
1% b Coop* CDs 
52b 35% Caq* 

29% 23% C«p* TM 

15% 30% cm w 

27% 24% MM 
J3% 27% COnrig 
iflb 12% Coast Ta 
19 i3bQxnaycr 
lib 7% QxirayMr 
17% l5%Cou3msFrx 
12% 11 % Mg 
29% 24% On 
17 iftMWt 
33% 20% Oxyfts 


0.46 19 30 180 29% 29 

ZOO 07 13 306 382 279 

01642.7 0 50 H % 

072 04 10 1876 71% 20% 

30 182 B3%d82% 
1J6 10 15 3195 45% (Mb 

066 38 IB 79 15 14% 

1.78 04 21 1498 74% 072% 

040 18 19 141 25b 25 

029 1-4 19 5*2 21 20% 

25 1589 09% 07% 

1.0* Zl 24 200 *9% *8% 

016 07222 93 2Zb 22 

958 2564 18b 13% 

11 2500 43% d*2 

020100 2 5 2 2 

018 U 26 371 12% 12% 

16 3B4 16% 18% 

0 2128 10% 10 % 

040 2.1 51 247 19% <H8% 

1.12 38 15 1454 37% 37 

26 250 A % 

032 Z121617T9 15% 15% 

020 00 2* 360 716667% 
080 27 9 7B8 29% 29b 

126 98 203 12% 12% 

120 07 4 » (Q4 

322122 7 182 27 21b 

17 1421 19b 19 

0J2 12 17 49 33% 32% 

12 98 18% 18% 

0 450 » A 

OK 18 11 77 11% 11% 

1JD 72 11 2351 24b 03% 

140 42 14 64 60% 60% 

033 12 35 155 22% 22% 

066 6.1 14 165 15% 15% 

005 06 17 288 B% Bb 

OSD 06 15 5188 108% 109b 

38 75 14% 14% 

100 62 11 16B 33b 32% 

on 72 1 iB*i io% mo% 

OK 07 11 4381 27 26% 

ZOB 62 9 120 2B%d25b 
IK 6.4 12 253 24 2 2% 

090 85 6 338 11%d10% 
048 18 24 33 U30 29% 

IK 01 9 191 16%(T15% 
1.70 78 13 3336 22% C1% 

032 1.2 19 226 28% 33% 

621SI5 23% 23 

OK 07 17 1507 29% 3 

OK 11 87 13 9b 89% 

25 65 13b 12% 

80S 6.0 S0u51% 50b 

182 38 Ifi 5158 34% 34% 

1 153 2% 2% 

68 145 14% 14% 

086 6.4 0 140u12b 12% 

2K 62 18 3 33b 33 

182 M 8 3461 35% 34% 

OK 14 6 211 8% ft 

072 38 K 23 24% 23% 

170 42 » 6648 B8% 88% 

IK 13 78 44% 43% 

OK IS 1287 13% 13% 

77 227 7b 7 

6 340 35% 3ft 

45 157n3Z% 31% 

080 IS 819130 46% 45% 

IK 14 19 1504 73% 78% 

10* 48 19 2080 63% 02% 

090107 289 6% 8b 

ZK 8L0 11 185 32(00% 

On 10 15 98* 16% 18% 

1.72 11 70 3617 21b dZI 

OK 1.7 IB 718 21% 21% 

3251048 Sb 3% 

180 7.8 10 485 27% d25b 

009 04 14 867 19% 18% 

1612982 25% 024% 

On IS 9 8284 37% 37 

228 9.0 33 28% 25b 

6.00 7 S 23 86 08512 

7.00 7.2 6 98%d97b 

21 236 15% 15 

1S2102 6 245 15b 14% 

064 06 27 <36 9% 9% 

012 09 11 1311 13% 13b 

261119 05% 64 

181807 21b 19b 

05 7 BB 44 10b 10% 

7S8 94 1 00 80 

IK 19 7 507 35% 034% 

740 SS 5 79bd77% 

1.80 17 IS 841 49% 48 

OK IS 12 8 25% 25% 

1S9 102 * 10% 70% 

024 1.7 8 78 14% d14 

040 3.1 13 46 13% d13 

OK IS K 3109 30b 29b 

07B 1.9 23VW1S 40% 30% 

005 03128 267 18b 16% 

015 OS 21 3135 19% 18% 

21 131 26% 27% 

1.44 16 16 2121 56% 5Bb 

070 7 JO D 10% ID 

083 7.6 263 8% 8 

0.70 109 223 B% <B% 

058 7.9 204 7% 7% 

132 12 B 2139 28% K 

012 03 47 5443 39% 30^2 

ok zo ana ia%ma% 

1.18 44 9 1327 28% 27% 

088 Z8 18 143 n2*b 23b 

OK Zl 141135 22% 422% 

0 510 3% d3 

1.43 6S 4 2*% (03% 

ISO 84 21 22b 22% 

100 05 3 13 23b 23% 

ISO 7.1132 *810 22% (02% 

036 17 23 21* 13b 413 

191068* 1D9b 105% 

1 51 ft d% 

01* 05 15 *66 31b 30% 

25 37K 41% 41% 

010 IS 3 445 6% 8% 

074 14 12 2325 22% 21% 

0.72 ZS 17 2901 28% 28% 

IK OO 13 37 26b 24% 

IK 01 15 75 21% 21% 

128707 13% 412% 
A£5 7.7 3 60%dBD% 

ZOO 7.1 10 4*2 28bd27b 

500 75 19 86 <07 


29% 

279 -1 




45b 

34 
S3 
3 *'4 

s * 

37% -% 

’ni+i^a 

39% ^ 
12b -% 

24 


32% -% 

K? A 

§ ^ 

10% -% 


& I 

u 

'k ^ 

11 

a * 


si 
a a 
3 % 

a * 
a .a 

1^ **2 
64% -1b 
20b -% 
70b *% 
so +1 
34% ft 
77b •« 


K ft 
56% ft 


36% -b 
18b ft 
a -ft 

% 

23% -1% 


ai 

^ A 

26b ft 

IS | 

12b -1% 


500 75 19 * <07 

K 1668 25% a 

IK 52 IS 1268 » 37% 

TK Z5 1810516 84% *2% 

151756 15414% 

060 OS 5 1563 65% 53% 

4.16 TjS 2 55 *5 

7.45 17 4 87 466 

70 U 2 89 09 

K 7B9 B^z S% 

3.73 74 S 50% 50b 

225 12 9 27% 27b 


23 7® 6% 8% 

3.73 74 B 50% 50b 

125 32 a 27% 27b 

060 1.7 B 2113 <l35% 3Sb 

IK 8S 7 7398 18% 416% 

OK 04 173 9% 9 

12111.2 64 10% 10b 

1 BG5 5% 45% 

1 882 1% 1% 

1J2 16 13 3997 37% 38% 

OK 09 K 2891 25% 25% 

024 12 11 6* 11% 11 

IK 4S 10 2B31 28% 26% 

085 124481801 32% 31 

OIZ IS SB 12% 4IZ% 

03Z Z3 4 2105 14b 13b 

OB* BS 48 3824 7b 47% 

OK SS 33 350 16% 16% 

8 70 11% 11% 

075 19 10 209 26% 26 

050 13 14 K 15% 18 

fi 2032 20% UK 


36% ft 
n% ft 

a A 

31% ft 
12b ft 

* i 
St 

26% ft 


y Imtadi Bto 

i39%con iso 
! 9%QM 116 

§ Q6Uq Aa 092 
Criria*MKx04B 
, 33b Owes 
BbCRSStrx 012 
I %Crpaar ooa 
K%GUCU 
! isbCUton OK 
> BBObks&U ISO 
1 40%Qnaifii OSD 
, 11% Curat b 098 
- 33% CrtsMr 1.00 
! 9 CVFWt ISfl 

: ZbC***3« 

, I3%c»(an 
25%cyaAn« on 
1 lZ%<5pae 


mrr » 

* I M 

IS 13 856 
109 13 3Z7 
9-0 6 219 
Z9 19 07 
162*83 
1.1 32 111 
15L0 0 143 
39 1310 
5S1H 7 
52 19 

U 8 799 
82 13 aOQ 
10 SB 2 
104 8 S 
7 105 
66 838* 
18 18 3967 
523 


46b 45b 
10b 10% 

iSbdlft 

I i 

14% 14% 
68 67% 
«b 41% 

11b 11b 

33b 33b 

ft 

iS 18 

jsta 


21% 18% OR. (trig 1 1.18 

20 13% Date S» 

51% SDato 1-68 
40% KDanriO-GD 012 
73% lObDanWW 018 
10b ftooxfin 
7% 4%DaBB0K 
8% sbDntoVter OK 
90% Days* 1.88 

2 IDOLS 
fib fiDeSps 014 

33% ZSb Omn Foods 084 
38b 31% DnanWO 050 
ft 7%oa*nMS*x OK 
90b BG%Doara zn 
1% iHHRi 

2ft ifiOrian. ik 

57% 39%abNrx OK 

12% 9b Data HM 040 
2% b Darina 

K 2S% Oatea IK 

101 0OD8DG47K 745 

102 91% Dek£d7S8 7S8 
30b 24b DeUEd 206 
25% 22b DeatorOp 088 
20b 17b0togngdax 040 
47% 39% OHM OK 

»24%BrinondSh 052 
15% 6%DteaCap 
42% 34IMxri OK 
38% Itb Qg* 

37% 32% OM 008 
9% 7%Dnu9rMT 
48% 39% Omey OK 
35% 2Bb OolaFd x 040 
45% SSbOontte IK 
0% 6%0oaartoc 025 
25b 2i%0aridten OK 
31b 26% Danrif* 058 
98% 54b Omw 0S2 
B6% 56% DOW O ZK 
41% 35% DooJna OK 
20b 17% Donay SILx OK 

103 97 OR. 7.375 738 
34% XbOQE 1S8 
28% 21% DrPepTDp 

13% lODon 052 

24% KDraaar 068 

51 44% Brayta Off 
10% ftDltosnSx 086 
11 9b DrhaS Gx OK 
11% 9% DifcaStUX 073 
76b 7DCklPBRl4S 450 

43 83% OltaPux IK 

K2oboi*Bngrx iso 

6* 5BDU4H 290 

S% 48btkfnntx IK 
29b 27% Dud 4.1 105 

27% 25%DDgaael75 us 
29% 27b Dupto4K 100 
K 27 Dad *2 2.10 

K Z6b Duq*U4.15 169 
100 B3DWL7S 7K 

44% KDuaoB 088 

19b 80HWI5V 
18 13Dynartca OK 


03 13 1*75 19% 418% 
19 204 1B% 18% 
12 19 1681 53% 03 
03 21 9 30% 39b 

U K 44 11% 10% 
2 3S 7% 7% 

4 118 5% 4b 
18 77 12 7% 7% 

22 164136 77% 78% 

2 9 1% 

3 10 Bb 


12 3 10 9b 6b 

12 17 149 28% 28b 
IS 10 3863 Kb 37% 
7S 1637 7b 7% 
Z8 17 5380 71% 00% 
1 108 % 4% 

14 10 646 18% 18% 
OS 8 2836 45% *3% 
14 15 244 12 11b 

D 4 1b 1b 
SS 15 293 27% 27 

11 Z30 01% 91% 

14 ZGO 91% 081% 

SS 7 2927 Kb 424% 
17 18 173 24 23% 

11 18 33 19% 18b 

15 17 1496 46 45% 

10 24 *33 23% 2S% 
K 43 11b 11b 

22 aim 40% a% 
12 2668 22% 21% 
02 15 6362 33 <02% 

58 1939 8% fib 
07 30 9862 41% 41% 
IS K 9S1 27% d2fib 
as 12 3050 39b <J3Bb 
49 9 19 5% (fib 

15 10 4W 22% 22 

Zl 23 3320 27% 27 

1.7 19 7» 56 55b 

40 27 8207 55b 64% 
23 25 2447 38 36b 

2S 10 *8 19 18% 

72 240101b 10lb 

16 11 *91 Mb d29b 

16 2231 24 22 

5-4 S 1*93 lib 11% 
ID 12 4105 23% 22% 

15 17 SB* 48% 48 

7.1 214 9b B% 

02 102 9b ft 

7S 222 10% ID 
02 2 72 71% 

16 12 3073 34 432% 

7S 27 1585 25% Sb 
4S 23 2556 58 57b 

3S 7016827 59% 58% 
72 2 28% 28% 

7.4 4 25% (E5% 

7.1 5 2Bb 28b 

7.7 ZK 27b Z7b 

7S 2 029 29 

7.7 2 64 93b 

11 37 2154 42% 42 

27 3G8 9b 9 

1-4 19 37 14% 14 


27% 

91% *1% 

91% ft 

sl 4 

gj j* 

11b Jg 

40b ft 


72 

§ * 
67% ft 


zsb ft 

27b 

a 

94 

42b ft 
Sb ft 
14% ft 


17% 4% ECE M 
19 14% EGtf 
46b38bESyMto 
27b 22b EaatUtoa 
27b 23b EEflO 
46% 39% telCh 
5Bb «%Brifl4t 
62% 49%EaX»X 
35b 24% Ettei 
23% IBbEecfabta 


6% SbecoOnri 
24% 18% tea (rip 
4% ibtectte 
9b ft ter 
5 2b Bsetrt 
23 15% EMC Cup 
ft 7bEn»gGmny 
65% 56b teanH 
7b fttepri)475x 
20% IBb&sprtOto 
14% BbEnririBan 
5ft 43% EndaaiADH 
23% 1BbB«rganQ>x 
31% ZftBteK 
16% UEmbBaan 
450376% Enron 10S 
34b 27% Error 
46% 38% Bin OK 
81 BOEnteUE 
1B1% 97 BarfAJPt 

19% i2%En*na 
10% 5b Enoch G< 
37b 31%B*gy 
21% 13b Borneo 
10b BbEGKQaen 
2b 2%BKHaMr 
Z7b 21% Bote 
2% 1%&g44IE 
Kb 33$ Wta> 
ft fteMate* 
19% llbHhyl 
14 iftBxapaPd 
16% 8%E«d<to 
17% iftBntotor 
S7b 60% Exwnx 


020 1K51 
056 17 10 
IK 10 11 
IK 6S 9 
IK 17 22 
IK 15 
1.50 18 ST 
IK 23 K 

on 18 18 

044 11 IT 
1S4 *3 13 
0* 13 8 
81 

022 OS 13 
2 
IK 

• 

052 10 35 
012 IS 
IK 16 16 
( 047 18 
IK 7.1 18 
92 

OB* 10 15 
1 IK 14 11 
044 1.7150 
OK <1 11 
10K 14 
075 18 22 
012 02 V 
175 7S 
730 7.1 
OK 14 K 
OK 481* 
IK 18 12 
25 

1.10 108 74 
1.10 48S 10 
OK 23 31 
OK 204 0 
1.14 33 15 
T 

050 43 15 
075 12 

29 

IK 05 
M 4.7 14 


1838 17b 15% 1ft ft 
1274 15% IS 15% ft 
138B 40% 3B% 40% ft 

an 22 b dzrb 22b ft 
n a 24% 24b ft 

3953 46 45b 45% ft 

5538 45 44% 44b ft 

1115 54% 53 53% -b 

1369 B% 25% 25b ft 
464 21b 20b 21% ft 
148 a 28% 28% ft 
427 17% 17 17 ft 

in ft eb ft ft 

168 1124% 23% 24 ft 

151 4% 4% 4% ft 

3! 7% 7% 7b ft 
214 2% Kb 2% ft 
6206 17b 17% 17% 

375 Bb 6% 6% 

77K 60% 5fib 80 ft 
1 7 7 7 

343 16% 416 16 ft 

2557 14% 13% 13% ft 
U7 47% 47% 47% ft 

ia 20% isb aft 
1242 2B% 25 23% ft 

24 13% 13b 13b 
10 <31b 431b 431b 
3598 29% 23 29% ft 

233 48% 4«b 46b ft 
1100 50b 50% 50b 
6 99b 99 90b 

S42 14b 14 1*b 


2 8b 6b ft 

533 32% 32 32% 

41 20b a 20 

25 10% 10% 10% 

5 2b d2b 2% 

1232 27b 27 27% ft 

813 1% mb lb ft 

130 34% 34% 34% +40 


5* ft 3 

984 11% 11b 11% 
108 12b 11% 12 

31 14% 14% 14b 
9 15% d15b 15% 
6211 K% 60% 61% 


4% SbFWtoor 
1ft 13%FTDaotn 
18% 13%AWMt 
38% 35% Midi 
6 7% Fsratoal 

21% 10% Push toe 

S 7b Bb Faye Drug 
48b Fad Main 
44% MPBZS75 
29% 23 Fad My 
8$ 6% FedOi 
TTh 63% teEri 

27% a%F«dPBd 
21% 16% Federal Sgx 
25b 20%FadDteS 
35% 25 Farm Cap x 

3*% Z*bRdCri 
9% ftRritok 
33b 2ft fegeriMx 
30 35bftMto»B 

36b2B%R48» 

S% 7%FMBoa 
9b 8% Far Boa SI 
37% 32% RrxiBmd 
H87%MOMOP8x 
51% SJFdOvWC 
101% 96% FWQtocpCx 
84%4i%pa04g 
47% *2b ftfU 
37b 33% FtoFflll 
18% Itb FMM 
00% El%fteMM 
63 62% FxttSx 
17 12b Fafifia 
23% 16% FatPliF 
46b fiBb Fat Union 
53% fiibnari/pr 
10b BbMtofl 
38% 32b Rot 0kg 
35% zsbFtotorCD 
40 31b FtoetF 
2618bnwdEn 
28% 23%Rrii0lr 
44b 33%Hri«ay 
3ft 28% HaPm 
2ft 1ft man 
5ft 40%FUT 
50% 45% RAC Cp 
7% BbFMCQS 
48 4l%FWaCU 
17% 12b MM 6 
70 53% Fori 
10% 9 Porte 

45% 32% FoUKtl X 
14% 11% Faanayvx 
3B% 27% FPL 
14% 10b Franc* &g 
0 BftsrtdPr 
51 33% Fiartd Re 
42% 34% Frertlayar 
8% 4bFrttoaH 
5% 4 %RHmS 
«a% 37b ftaesaaswi 
21% 17 FrxtacM 

24% 21% FfamSn 
33 antoni 

7ft 60F4Am&i 
16% 13% Ron Mr 


56% 51% GATX3S75 
44% 30M1X 

57% 51% GBCO 
11% 7% GRCM 
35b 28% GTE 
33b 28% GTE 2-475 
19b 18% BTEF IK 
12% 1o%8aha0Eq 
36% 28%ater 
15b HbGBknbLto 
4% 3b Galt Ham 
99 S0% GamS 
48% 37% fete 
38% 30% GC CM 
11% UteaUII 
20% 16%CaoHI 
I 16% 13%feup 
22b lft&lAtof 
S7b aBrirtton 
10ft 94BOMC 


007 22 46 2 

1.12 10 6 
012 06 24 IK 
160100 Z100 

040 5J 25 XI 00 
BOO 283 
020 11 13 234 
1S4 IS 13 2164 
Z68 13 6 

IK 13 42 Z79 
048 14125 773 
25 1492 
048 1J 25 758 
140 10 10 93*3 
IK 4S 61 2S7 
043 13 15 1» 
17 9887 
OK 2S 14 565 
23 322 
026 17 33 43 
016 OS 17 1820 
IK 42 10 19* 
1.16 32 15 2321 
072 IS 32B 
OBI 1* 118 

032 09 13 271 

009 19 7 

160 19 ZtOO 

150 17 2 

IK 11 8 2113 
IK 17 9 902 
115 62 22 

005 04 179 

010 02 25 410 
3K 17 12 2587 
□SO Zl 56 B7 
07B 19 SOI 
IK IS 9 3416 
163 7S 5 

040 IS 8 in 

1S4 14 10 371 
IK 16 10 103 
1-40 17 13 347B 

ogo 15 is sn 

720 4.7 25 2710 
OK 1.1 17 571 
IK 7S 11 6220 
079 41 17 3» 
0S2 1.1 241912 
42 529 
005 05 6 137 
IK 22 16x100 
020 12 11 451 
IK 11 4114316 
OK 11 103 

074 22 22 1504 
028 12 16 464 
128 52 12 6660 
004 04 322 

OK 7.4 164 

032 02 15 1000 
15 238 
OK 1.0 22 

OK 1.1 a 4 
IK 42 17 

IK 72 » 1306 
072 11 7 192 
12 5296 
IK 1.1 4 20 
OK 02 100 


ft 3b 

14% 14 

13%tf!3% 
38 28 

S 7% 
17% 

5a£ 581? 
45% 45% 
25 24% 
7% 7% 
73% TO}* 
29 25*4 

a "A 

27 2ft 
« 
aia 

SS 

34% 34% 
^88 (07% 

Sb 51% 

a a 

SS 

02b 80b 
1*b 14% 

a a 

52b 52% 
7% 7% 
77% 35b 
33% 33% 
3ft 37 

a a 

35% 35% 


1ft ft 

SS +% 


aft ft 

a* 
a ^ 

2ft ft 


a +. 
a t 

52 ft 

a 4 

a -4 

fj; i 

a 5 

45% -f* 

52% ft 
7b ft 
J7 ft 
33% 

37% +% 
20 -% 
2ft ft 

3Sb ft 


48 47% 
Bb 6 
42% 42% 
13 412% 


11b 11 

a as? 

IS 

32% 31% 
61% «b 
16% 16 


5lb 051% 

40 36b 
55 53% 
11 % 11 
31% 31 

17b 3ft 
lib 11 
33 32% 
12b 12 
dft 4% 
H% 51% 


fW-g. 

lib 11% 

18 17% 
13%<I13b 


S 4 


a ti 

13 +b 

26% ft 

i $ 

*% ft 
17% ft 

a +1% 

61b +b 
16% -ft 


St A 

a-* 

31% ft 

a% 

17b 

11 % 

32% ft 
12% +b 

4*b ^ 
11? ^ 
13% ft 


63% -1% 


a 5£G«K* 
12% Gan Hour 
62b SOb GcUi 
Kb 5 ZSerttr 
38% ZTbSMlEx 
40% 31% GiMmi 
31% 27% GaeHB 
TSbMiSsertfc 

naobGnfe 


21% 13b Gam* SB 
7% 5GcnMtoc 
39% 33%s«tf: 
3D%21%G0aGB 
77b57ba«P 
iDbiaobGnriP78 
l«B5%Crgto7.72 

3Sb 26bG«!*rx 


70^ ft 

IlS ft 

43% -1b 

11% ft 


35b 26bGaftR* CJ6 
15% 1^2 EoharSd 024 
12b lOHOmxpmyfO 058 
12b 6bGoOB 
lB%12%GeCyPri 006 
14% iftBantQn 
10b 8%Sxatodl 0-30 

87% 57b ESa IK 

2% ibSanefe 
21% 16b Sno 051 
15b 12% Season Cax 0*0 
7% 5%teUEnr 0*8 
9b 7% Soul toe 076 
A 3%GkMMar 
8% fibteWW 04* 
46 37%64ttFns 030 
(Sb SSGdtei 129 
51b 48b&WXSl5 ISO 
49b 37b GCKUX OK 
12% 7% GotacJHc 
46b S&bSmertffix 140 
68 56% 6icgri8x OK 
27%22%GDW»r OK 
17b 12%6ram6En 02* 
82 EOQlfefC OK 
43b®%6tteri 3K 

20% UbGMtex OK 
31b 2B% Green MtP 2.12 
S 430RHTIM 036 
17% ObtebriEao OK 
18% 14% tax OK 
12% BbSoamfel 015 
40b ttertiMm 
16% ii%GariBRWi 032 
24%2lb6UModM OK 


mn to 

* E 

15 2 D 
ZB 12 6 

35 IS 1757 
15332116 
1427218 

14 21 TWO 

07 wan 

15 14 3093 
19 20 687 

S3 695 
1 06 
2* 530 
2 691 
33 16 574 
23 9S 
25! 37 4x67 
75 320 

73 2 

24 ttlXtt 
1J2S 231 
*5 ZS 

8 616 

04 19 90 
22 730 

14 2 13 

1 5 S 3785 

D 1205 
55 1117*39 
15 27 6* 

7.7 177 

17 *5 

3(130 
£4 8*6 

OB 8 830 
481621116 
75 3 

11 11 3B3 
(3 233 
35 271009 
IS 21 591 
32 56 1« 

1.7 229 

05 IS 5407 

15 B * 
£7 S 5*71 
£0 11 73 

47U 7« 
11 15 37 
15 Ifi 141 
15 273 

2K5 

10 16 1*0 

25 15 36 


6 5% 5% ft 
12% d12b 12b ft 

4 1 
aai-is 

27b 426% 25% ft 
1»%n7%11B% -2% 
31% 30% Mb ft 
47b *5 , I *9% ft 
3% 3b § , 

16 15% 15% ft 
5b 5% 5% ft 
35 34b 34% 

28% 3b Kb , 
53%<Sb Sft ft 
mbcncbmb 

S7>x 96% 97% 
s37 34b 36%+5«9 

,aa,a 


2 61% 2 
17 16% 16% ft 

§ 12dll£ lT% ft 

6b ft ft 

a a 

38% 36% 39% +b 

a «% ft 

38b 037% 37% ft 

11% 11b n% 

40b 36% 40b ft 
62% 62b 62% ft 
25 24b 24% ft 
14% >3% 14 ft 

B0%d3% 5B% -1b 
37b 37b 37b *1 
18% 16 16b ft 
26b <S6b 26% ft 
52% 91% 92 ft 

13% 40% 13b ft 
15% 15b 15% ft 
10b K)% 1Q% ft 
2tb 23% 23% -1 

11% mob 10b ft 
21b 21% 21% ft 


*8% *0 Xante 
33%29%K»CP 

12 lOKaysnCui 

23% Kbfeahirix 
5Bb5i%nmo 
zb IKtanfeBi 
42% 33b fegWd 
21% 15% Sarin 

«154%IM«n 
>2% 9% fen top 

9b TbKtevgB 
26% 15% KmFd 
25% l8%nooar 
29b 2SbKUEaM0* 
H%1S%ft*<teBCB 
13(C inxyaencp 
16 15QMrhdO 


10b 5% LA Gear 
41 34%U34E6 
23% 15%LSLg 

32 % labuoatn 

(Q 30b LlZBoyx 
9% 8% UK trill 
23% 2lbl0WaGa 
27% iBbiriugax 
7% 4% UnaanfiS 
53% 4CUndaEi0 
13% io% Larartxx 
15% iftLaosnl 
38b 33% LaaEtep 
2Sb lBbLaoUriri 
49% MbtaggR 
25b iliilaivOax 
4b 2% Life pgr 


m. nr 
atr % E 

15Z 14 28 
IK O 

a 

074 3.4 19 
1J9 12 17 
003 1510 
13 

UBUB 
IK 25 21 
AT8 09 17 
OK 05 55 
052 0.1575 
13 

154 65 11 
OK 35 » 
094 05 a 
052 32 10 


1001 Hah 
1IM 45% 
3673 30% 
4 11% 

a 22b 

1248 S% 
61 2% 
ion 37% 

6769 15% 
5S 57% 
59 71% 
MB 8 
1248 23% 
2881 22% 
53 23% 1 
36 17% 

am 123% 

137 18% 


44b 44% 

a a 4 
a a 4 

d13 15% ft 
5Bb K% ft 

? a ’a a 
a 

17b 17b 
123b i23b +b 
Iflb Iflb ft 


19% 1*b KSQHcm 088 11 84 15% 15% 15% 

65 46WCTMADR IK 12 20 2*49 £7% 56% 56% 

1613%tftEPrap IK 65 18 « tJlB 1S% is 

3b 2%HMao> 1 25 2% 2% 2% 

34b 27% Hdbai IK 13 21 1666 30% 29% 30b 
5% 2b HriMOd 1 32 3 2% 3 

10 SKgoCkFri 032 18 32 47 8% 8% 6% 

17»2 14b fftoft toe IK 15 19 n 14% 14% 14% 

24% 19% tfcntiUotn IK 10 26 It 20b 20% 20b 

14 10l2Kaxlamn 044 45 10 122 10% »b KT% 

16% 13 (toady rim* OK 1.4 22 3*1 14% 14b Ub 

38% 32%Hrina 075 Zl 24 MO 36% 36b 36% 

26b 21 Hnriod 038 15 15 167 21 <120% 20% 


55% ft 
65 ft 


1ft 14% 

aa 

14b 14b 


4% 1%HmnM 462 2% 2 2 

72% 18% (toeaan ADR 154 53 182906 19b 19% 18% 


*b 2% LHtyFay 
2% i%ito«toto 
11% BbUteflrAS 
28 23% LtoenyCp 

aaiBi 

44b SBbLJacril 
20b 18% Lines HR 
70 57tA«Lra 
74% 26% UW 
26% 20b ttoCtox 
4% 4bU£Efex 
06% 59 tedda 

44 »t5CBBCD 
«B% S7b Utaoxx 
31b 25% UriDOB 
9b 7b l B Mtelum 
Bab I9%lgtoli 
33% 31% Lrirtr 
23% 16b IngiatF 
*Zb 34% tan 
32 29% LnutllZB 
43% 35% laid. 

48 30% ISOtoP 
37b 2&bLri«a 
18b 14 LTV 
fib 3%UVHto 
38% 32% trial x 
24% 21%LubyiQda 
39% zabLaririhcx 
35b Z7%LaaBtoa 
28% 20bt|Mte 
25% 20%LyendHP 


4 2« 
ZOO £1 13 207 
19 3148 

0.10 0531 an 
an zo 17 79 

012 15 2t 2994 
122 17 7 » 
030 15209 406 
17 678 
OK 04 22 14B 
040 14S81 48 

OSB IB 14 71 
08* 14 18 84 
040 25 6 200 
OK 1419 4B 
OK 04 9 878 
0 95 

0 3W 
IK TOO 27D 
082 14 12 41 
2K <7 32 4278 
036 15 17 33B 
IK 4* B 653 
OK 55 U 

100 15 aoo 

7 190 
045 15 15 2041 
045 08 30 81 
2K 18 81348 
080 19 21 412 
TK LI 9 836 
OK 15 10 96 

1 1050 

1.78 04 B 8128 
1.12 IS 13 41 

OK 10 2* 117 
OK 15 11 2957 
116 104 13 

LOO 15 92 440 
050 15 13 3384 
016 05 19 8773 

28 387 
151 

OK 2* 27 506 
OK ZS 17 Zl* 
IK 3^ 38 1148 
0-40 12 25 40 
24 117 
OK 35420 06 


8b 6% fib 

34% <04 34 

22% 21% 21% 
X 29% M% 
33% ab Bb 
Sb fib ft 
a%d2i% 2ft 


ii% 11% 
15% 1ft 
35% 36 

20 19% 
40 3B% 
21 % 20 % 
3 d2% 
1% 41% 
io% ie% 


17 17 

IS 

42 (1% 

a» 

^dlS 

32% J1% 

Mb'S 

40 39% 

si 


25b 2& 


11% ft 
15% , 

35 ft 

ft 

*5 *?* 

20% -% 

3 ft 

iS i 

a i 

18% ft 

Wb ft 

17 ft 
K% +1% 
31 

*a 


Mga Uttteri Bto 

2Sb 22% NEW 1-Tfl 

«3%39%NSAe ZS> 

1% bfetofei 
45% 36b tehp J R® 

3 MhrtWRSx IK 
Z7% JZb Mantel 074 
ft flbMMtoP 02* 
18% MHBMCte 
27% 2ft Raw* 015 

17b Mb Ka OUw a 1O6 
16% iftteUfJfealO 

M48bfe»Cup Olfl 
28b ZftFUCOp 180 

17% 14% Mu* CM a 1.03 

19% ifttetenClx aj 
19% ll%ftoworMlr QflJ 
17 iftriMUOi 1.17 
12 SbRaMnNMx 067 
18% 15%toMMNPx L10 
16% MbttManPPxlK 
lft l*%M m aanP1x 1.13 
25% 15% (to— QIC 440 

41% 30% Hym 2K 


19% 11%0HH On 
22b 15% MM 
29b IBbOteteltoii On 
19% 15% Date LOO 
39b 24%08Eritopet 
24% 20% Ogam 1-25 
17b MbOgdaaftaf 
22b 16b OriEd 1 SO 
83 50% OHO** 4-40 
62% 53bOr*£L5Ex 4 K 
07 62<MaE7^4 724 

67% 87<MaE7K 736 
37b 320ManGtC Ztt 
53b *6bOtoQ>a Z20 
35% 28% Ornate* 018 
(ebabOnrios IK 
I7i3b0nattuai 048 
20b IGOriofc 1.12 

2Bb 22%0pg*nhCri £00 
11% 0% OapteiMSx LOO 
6% 7b0ritotoMt 082 

6% 5%0rang*Ch 

41% 320naogiU( 2£2 
27% 1B% Ongon 88 x 058 
3% 1% Orient B® 

34 29% Orion Cap 072 
20 ISb Orp£n 040 
K% iBOuriMx 040 
26b 19% Ortfiix OK 
Z7b 2lbOMng&M 016 

48 32%0Nto«C 
Kb 24% OxtoriMx 072 


YU. P> b 
« I «b 

92 13 22a 
66 13 729 
4 54 
(4 16 4S9 

02 13 M 
29 nmz7 
11 21 361 

15 2723 
08 4 90 
70 SO 
70 K 

03 41 1511 

72 1C 1» 
U 81 
£7 n 
» » 
75 1S2 

6-3 a 

70 82 

7.4 11B 

7.4 an 
u rr a 

OS 48 4352 


424812 
M IBB 

0 * is in 

57 54 3403 
51 175* 
OO M Sri 

13 a 
lino 1300 

11 xido 

£6 9 

19 7 

12 2 
£7 S 6167 
4.7 10 MOB 
08 S 44 
Z6 17 809 

11 15 90 

£6 10 in 

£5 II 67 
08 268 
13 128 

14 SB 
7.4 11 41S 
Z7 27 1202 

4 42 

12 £ 1IE 
£3 7 5729 
LB 3 277 
Z9 42 43 
06 25 T32 

H2278 

£4 15 a 


0U.9S 

^ u*2fl£ 

S&Si84 

n 17% 17% .L 
25% 23 2S% -Z 

1ft 13% 15$ ^ 

a 

23% (82 22b -£ 

IS 14% 14% ft 

«%«1% 11% ft 

12% 1« irf n 

«% T*% 14% ft 

11 U% 10% ft 

16b 15% 15b ft 
14% 14% 14% ft 
lft 15% lft ft 
15% Wb lft ft 
37 36b 96% ft 


31% -1b 

il 

27% ft 

25b ft 


38b 30bHwe» 
24b 2l%tettnd 


080 1£ 15 833 33b 33% 33% 
OK 4.4 13 IBB 22b 22 22% 


50% 43b Rarity Dor OK 05 » 735 46% 
33%29bltorariite 18 129 29% 26% 26% 

2Sb 20% Htorig 040 £0 31 91 20% 420 20% 

52% *2 (farts 1.12 2J 13 644 43 42% (2% 

46% 40b (tones IK 14 12 243 41 40b <1 

53% 43% HarfldStn £12 <7 53 223 45% 44% 44% 

7% 5%Ham» on 06 31 26 6% 6b 6b 

T8%1^ttonani 1.4* 15 10 16% 16% 16% 

3&% 31% Hanter8 £32 7.4 13 154 31% emb 31% 

32 Z7bHerihGlx IK 62 19 10BJ 31% 3lb 3l% 

9b 9HaaDiEqu OK 103 IS 130 eft 9% 9% 

8b 4% NBh Image 006 1.1 19 130 5% 5% 5% 

16% MHaalhfex L32 S3 12 2506 14% 14% 14% 

3<% 23%HaaRam 2Z745 33% 32b 32% 

34% 2EWHBce 15 646 30% 30b 30% 




34% 2EH8riSCe 15 648 30% 30b 30% 

15 8%HacUI 005 05 20 6690 10% 10% 10% 

38% 25HatooUay 034 OS 26 1295 26b 27% 20b 

36b SObHtez IK 4.1 14 2560 32b 32% 32% 

29% 22b HatoM Qrx 024 1.0 14 II 23b 23b Sb 

30b 24bHriarPx 0*8 1i ZB 443 28% 26% 26% 


121% 67% Hate £34 £3 20 16U 101% 96% 

0% 43% Kriuy IK £8 13 674 44% 43% 

93% 74HMPB IK 13 16 5572 79% 78% 

4b 2b Hud Dp 0-*4 11.7 0 11 3b 3b 

6b 4%fflShaar 14 *8 6% 6 


6% 7b Warns A* 016 £1 13 471 


6% 5% Mghtocx 


7 Gdtttacfx 083103 SIS 
9% 7% HI YU toe x 087108 38 


15J 5% 5% 


6b 6% 6% 


Bb 7%HYUPIX 
13% HbWnteH 
43% 37bWtontxxn 
22% 18 %M»m 
74 51% WtonH 
B% 72MH4 
7b 6%HctoMtae 
44% 2BbttnaO*p 
15% 10%rtXM3wp 
24% 17%itateM 


087104 102 8% 8b 6% 

OK 18 20 24 12% 12% 12% 

057 18 IB 178 37% d3&b 36b 

9 631 19% 16 19 

IK £2 a 21U 55b 53b 5*% 

IK 1.1 *9 36 93% 93b 83% 

381 87 7% 7% 

012 03 39 7856 (1b S% 40 

60 970 11%dlO% 10% 

OK 18 51 7678 lft 19% 19% 


15% lObttnufep 60 970 11% 410% 10% 

24% 17%ttri8N 020 18 51 7676 19% 19% 19% 

1% 1 Hengtong OK 44 0 67 1% 1% 1% 

34% Z7%HaxtoNA0ROK 06 7S 40 34% 3* 34 

35% 30% fette OK 10 13 145B 31% 31b 31% 

28% SbHrcUanfd OK 1.1 10 2571 27b 2B% 27b 


26% IfibHaraWh 25 5K 23% 22b 22*2 

22% 18b Honte 060 £6 13 15 18 18% 18 

15% 12% Honhm OK 0* 32 51* 13b 13% 13% 

13b 8% WBte OK £8 18 5247 9% 8% 9% 

2% 1% fed tor 3 33 if if lb 

53 38% (toed** Mi 086 18 20 106 *6% 46b «% 

8% 5%Hori*Ml 048 78 2 267 8% 6% 6% 

35% 20% HMI IK 41 11 4581 30% 29% 20% 

27% 26% fed I Op £36 00 9 26% 28% 28% 

13% 10%Hd**6 01B L5 24 6 11% 11 11 

16% 11%ferixiRti 0T2 08 14 IBS 15% 15% !ft 

19% 17 (kdfyCorp 034 \3 U K 16 T7% 17% 


19% 17(ktfiyCon> 034 15 M K 16 T7% 17% 

32b 19%ttfeafex OK 07 24 156 26% 23 28b 

22b 15% team <455803 32 36*5 lft 16b 16b 
18b 15%MmtiagC M U1< 60 15% 15% 15% 

11% 5%>MP|ptoB 035 U 11 5 ft Sb 6b 

10% 9%H|pa1anx 1K107 117 9% dB% 9% 


31% MbPTto) 
lift 

30% 23b Uds Ptor 
39b 33% Uri Cap 
2S 25% BM442 
48*2 44b VU7K 

28 24% IPr4K 

29 24b 8 MZ 

52% 47RPH24 

38% 32bBMeCn 
47b 40%BP*dflRA 

52 «Mm 
22% 10%feP 
50b 4403 
49% 38 Iff Farfl 
10b fibhnoDd 
18% MMAhaaat 
23% 2i%hco 

97% nhttr7K 

2QH 19MMV1 
23% 16%MEBogyx 
21% l2bto4oiRxd 
15% I2btaaaxx) 
41% 32bhdtod 
37% 29% USt 
9b 

23% IfibtoShlph 
49b 42% WURRtX 
9% 5b totarit 
1% l%lmaiode 
32% 24tOxRaax 

20% I7totareri> 
3b 2%kCdto 
60 51%atx 
32b 15b totftafi 
39b 35%HPF 
19% l5%kHUt 
77% GDbtXPBp 
34% 27% Hptt 
11% 8b tototetax 

SOb 2&%totlBVr 
6% 4%bOAN 
34 22% inUBaawT 
19% 11HM 
3b 2MThdai 
SOb ttbkrtca 
2*b 20% tomIGSEx 
35% 2B% toadoBi 
11b 6% kttibM 
12% 9% Italy Rod 

30 22b fid Dorp 
nub aobirr* 


45b 38b JFterPF 
48 36b JrirL 
14% B%j8feet£B 
28% 19% Julia Eng 
14% SbJdortaft 
Jl JaJ aaaa uy 
1*lx 9% JaoOfc 
50% ObJdPx 
103 101 Jr*yP7J6 
Bib *8% JnanCn 
45b SfiJmUx 
13b BbJOndHiX 
20 15% Joaurihx 


29 2lb KLMHIrin 052 
25% 21% KNEhamy OK 
n62%KriQ*Ji 4J0 
28% 24b KMf PI £20 


OK 08 15 1164 
14 175 
£68118 4 193 
OK 84 13 424 
29 119 

IK 73 11 sn 

19 B9 

£21 15 5 

178 15 11 

£04 13 2 

no is rtoo 

4.12 10 1 

OK £5 IS 365 
MO 74 9 

ISO 17 Z100 

OK 42 18 2405 
252 52 11 1416 
LOB 2J 16 960 
050 4^ 3 406 
IK 11 9 

040 1 J2B1 2785 
7K 02 2 

IK 7JB 1268 
IK 16 13 K 
OK 04 in 

14 48 

070 ZO 22 2206 
OK ZO 15 971 
OK 32 306 

OK ID 16 6 

IK 15 0 80 

15 37 

2 58 

084 17 4 61 
IK 01 87 

2 270 
IK Ifi 13848 
22 850 
1« 10 21 1317 
OK 4fi 22 211 
IK 1BZ7 2Z7S 
OK 1.7 16 1517 
012 Ifi 6 4 

ZC8 10 16 160 
0 353 
012 05 25 4S3 
51 173* 
95 251 
21 200 
1.73 05 11 221 
Z12 7 A 14 408 
057 0 fi in 
007 07 ia 
64 444 
IK Z4 11 1784 


a (Eft 34b 
10b 10% 10% 


36 37% 37% 

a a a 
46d44b (4% 

47 <xe 41 
33b 33b 33% 
41%(H0% 40% 
«52 S2 52 
18b ms% 18% 

B10% 10% 10% 
15b 18% 18% 
23% 23% a% 
83 OH n 

a>% a a% 
iB%dia% 18% 

13% 13 13 

14 13% 13% 

ssa 

8 d7% 7b 
20 % 20 % 

*6 45% 45% 

5% «b 5b 

ft 8*% ft 

24 <123% 23% 
17% 17% 17% 
2b (S% 2b 
58b 57 67% 

16% 18b 1>b 

S"® § 

3 ^ 9% 

23% 22 % 22b 
1S% ISb 15% 
3 2 % 2 % 
44% 6*3% 43b 
21 <01% 20% 
»%d2B% 26% 
ft 9 9 

11% 11% 11% 
27b 27 Z7% 

85% 83% B4 


38% 38% 38% 
39 39 39 

21b ah 2^ 


101 dlOT 101 
48% 0*5% 45% 
42% 41b (2% 


9b Bbrinriftr 
4% 2%Xaneb3en 
23%K%feCyP 1.48 

g l*KaBCyS4b IK 
STKonSh OK 
10% BbKteu aid 
36% 2ft Katytod OK 
25% 1&% Brins® xQK 
10 BUBenttax OK 
66 47b teegg IK 
27 22% Kerinod OK 
n% Obteuritexoir 
92% 35%Kanpaa £82 
1ft ftXarieHx QJQ 
8% 7% KriqurttriOJO 
13b 11 toper fe 1 087 
13% 11b Kaaga-Stox 082 
58% 42%Kaiimx 1.18 
aiflbKarei.7 1.70 


18 34M79U29% 3% 28% +% 
42 14 Z23 23% 23 23 

72 1 62% d82% 62% 

09 IT 99 3Sb Kb 24% -% 

15 13 9% 0% 9% 

7 >28 3% 3 3% ft 

7J 11 1305 20% (119b 19b -% 

09 1 14% 14% 14% ft 

08 IB 44(6 38% 38% S 

15 16 » Bb 8% 6% ft 

Ifi 84 IB 25% 25b 2fi% -b 

1.7 IB 1117 19% 17b 17b -% 

10 168 9% 89 9 

£7 17 3738 SOb 50 50% 

£7 9 303 22%dZ1% 22 -1 

S3 3*8 9% (Sb 8% ft 

18 51 1339 59% 9 SB ft 

OB 187 9% ft 9% ft 

V *16 7b 7b 7% ft 


7A 313 113 
U 108 113 
£4530 *41 49*. 


ti^* 11% 

47% 47b -lb 


6 20b »% K% 


ft 4% HA On B 390 

6Sb 52b MBAUb ifi* 18 9 BIO 
40 33b MCM X 1.72 48 16 324 

§ 7% 5 UK (edge 11 357 

32% 2fi WUttoa IK 58 13 234 
9b BbtfSQMiX 072 £1 566 

fltfSfeltox 046 74 9 1132 
l3%M0Prap 08* 54K 371 
33% 22% M6M Gcand 111231 

a 13% tecFtt 13 90 

17b 1Z% MagnC 32 3107 

lft 11%Mago«t* 9 1636 

29% T7%teb**F OK £7 239 

38% 3ft Knar 060 1.8 271 1H 
32% 24% IMtK IK 3fi 22 » 
29b 23b ItaaCx 006 08 2 5510 
19b 16% Hripmia’ OIO 05 56 2BB9 


4 Moulds 040 9.1 a 


10% Tbtotti 

26% 2*bMnaO*PI 
64b fiftteges 
18% iSbUtete 
6% (IMn* 
20b 16% Mttpr 
2%24%tentt 
88 BQb UriMcL 
29% 23%Uuhdi 
47%40%MMtor 
3ft Z7% (teOoC 
27% 18% HuoTri 
8% 7% MarioaXI 
33b 2ft Mum* 
28% 21%MdSd 
176134b Moaudri 
Zfi% 20b Hate 


120232 25 165 
' £70109 85 

IK 18 15 138 
IK U 13 BB2 
1.15 258 4 a 
011 07 13 419 
OK Ifi Zt 1948 
£70 11 19 BBB 
B 35S 
090 £1 10 787 

ok £4 ig an 
to OK 05 15 1483 
R OH U SB 
£80 09 8 13 
21 79 
1 1.16 07100 2S 
024 Ifi 2Z334 


26% 20b Hate 024 Ifi 32 Z334 
4ft 36b too* P» 4* 4K 105 18 
5% 4% HBOaE 040 6L8 8 885 
45% 37% MayOS Ifi* £8 143879 


45% 37%MayQS Ifi* £8 143879 
a IBteytri 050 £B 38 5887 
25% IftteNACop 072 £9 184078 
24% a% McOatchy 032 1.4 20 1372 
33b 29Md)arm£2 £20 7 A l« 
31% 31% McDanaZB £60 13 2 

18% 13% Meta Ur OK £2 5 n 
62% 54%McOMU 043 07 19 4819 
TZbIOZb HcllMlg 1.40 U 12 2253 
73 82%HcGriH £32 38263 1^6 
«fb 6Z%Hdfei l«UZI» 

46% 39b MMCDX IK U a 1078 
20% 17% Maascrax (L44 2-4 39 41 

25% 22% HKKXmAm 6 235 

35% 31% Uaetrcd £81 75 17 1336 
87%eftWme 068 08 18 2984 
38% 20% Metal Op OfiO £1 » » 

2B%a%MalrinH £B0 os a 
5ft 52% Mariflk £24 10 12 1041 
41% 3ft Mehte 152 18 13 MSB 
lft Iftlktoto 096 10 16 

41% 35% Mans 1fi2 £7 IB 860 
38 a% tori 1.12 3J 16132a 
lft 14bMareoyRixaa Ifi 31 488 
45% 3ft ritth 072 1.7 K 207 
45% 34batolynx 092 £5 6 9978 
4b 1%ManyQoRd 005 £8 2 482 

§ 5%Man 22449 

2% MMX Tit 040113 15 IS 

10% BMritdltoC 15 83 

55 51 Herein 190 7fi 270 


(E% 54%McOnU 
122$ 102b McOKg 
73 82%McGroH 
«Tb £Z%Hdfei 
48% 38b MuXtoX 


Kb n 38 
ft 5b 5b ft 
28% <07 27 -lb 

9 Bb ay 
ft 8% 9% 

1ft 15% 15% 4% 
26% 24% 25% ft 
18% 16 1ft ft 

1ft 15% 15% ft 
14% 13% 13% -% 

21% 2ft 21 ft 

31% 31 31b •% 

28% » 28% ft 
27% 28% 27b ft 
19% 1ft 19% ft 

a 24% 24% ft 
84 63b B3b ft 
17% 17% 17% ft 

.K X 

a 25 25% ft 
43b *2% 42b ft 
28% ab 2ft ft 
13% tfIS 15% ft 
6 7% 7% ft 
31% 31b 21% 

23b 23 23 -1 

163 IBS 183 +1% 

aja 4 i 
a 3 3 

19% 18% 18 ft 

asa; 
a a si a 


43b 33PHH 

30% 2SbMCRi 
80% 69b PPG tox 
14b 10 PS Cnu 
26% 20*2 PS* 

I6*z l4%PaeAmtoc 
26% Zl%PriSOtoq 
19% 16% Ptstop 

24% apaefe 

35 23% PIOGE 

10s 51s ran 
19b iSPaMN 
20b 15% Pad x 
23% lBbPutodEi 
3ft 22% PUkBda 
6b 4%p««r 
43% 34POWI 

2% 1% Pterin 
10b BbPteotPrx 
3% 3 Pita Dp 

29% 25% Racatn 
66 97%PemPL4j 
SB SOPandy 
27b ShPanfL 

G8%4SbPnzOI 
32%2B%PaapBi 
Bl% 25% ftp fete 
41% 3SbPaprt» 

39% 27noe* 

sib 17%tataP» 
6% 4% Ponton Ba 
ft ftPanytag 
lft iftMtoe 
30%27%PMMlx 
29% a%Prito 
53%Ptax 
9ft 47%PIMU0 
6ft 54PME4fi 
62 54 R0EA.4 
WD% 96% 7107.75 
19% 17% FMSuhbnx 
61 47bM8xr 

saahpwtx 
K30 %FMIMx 
23% 19% HaunoteG 
1ft 7% Ptor 1 Imp x 
11% ftPIgUAB 
9b BblfetaP 
22b 19% (WCp 
Z7% 25%Pton£ia 
14b TOnouirRi 
14% 13 Mn 

sn 3ranuay£i2 

48% 37 Panoyfl 

3lb 21%PttU 

a% nbPtocvtai 
27% 20% Rata Pat 
13 IlfeMyB 
32% ammCnkr 
21% 15%PngoProd 


25% 22%NKfiu*Am 
35% 31%Mtemd 
87% 69% Mtttic 


41% 35b Mrite 
10blO%te8to 
41% 35% Mena 
K a% tori 
19% 14bMaroai 


i2i5 

a zft 39babp*tt 


ja 


17% 14% MrifM 
40% 24 %MHbdH 
Bb 7%h8i 
ft 2% Hriatwr 
10b fi% HUtadMda 
10% ^KdAuR 

56% 40% MUM 
27 »talU 
22% IftMXtoBM 
23b 17%MW»a 
7% SMUCVp 
26 SMtoabEk 
62b 72M0t8x 


OK Sfi 7 ea 
048 1.7 8159* 
7 30 
OK £2275 K 
002 03 a 107 

on 09 344 

059 1.1 44 814 
L78 16 Safe 
33 3173 
048 £5 K 65 
OSS £9 257 

15 3174 
OK 03166 4 

340 4fi 16 5271 
12 78 

020 Ifi K 15 


12% 9%M0*lch 020 Ifi K 15 
19b iftMatoArito 019 Ifi 10 1912 

S 53% 72% Write x £52 3fi 19 1381 
10% 5% Mont Eton 079 84 2 &n 
25%nbtotaiPo IK 743 11 7*5 
16% MateOnSt TK 7fi « 5T 
17b Man cap 094 1Z K 1435 
72 SOMrgiUP £72 44 730 07 
1Tb ftMapaGrsB 1.1611.7 K 
89 78% iTganJPPt UO Li 4 
13% 12 Morgan Kgn OK £3 5 BB 

9 5% Hogan FT 52 37 

90% 59WBBST IK £1 6 606 
29% 21% Monxn on 17 19 1616 
111b 79% Itototo l.ll 1.4 a Z795 


gi -*3 
Zft . 


42*! 4m 4Zjg •*» 
ft ft 5$ ft 

3 3 a 

*0b ft ft 

52 51% 51% 

saa + 

A a* & 4. 
sob 48 b «% -1 

a :S !& S 

,fc . a A’ 
&aa-4 

18b lft I5b 
10 % 10 % 10 % 

a t 
* a 3 5 

"J 3 -i 


3ft2SbPt)ltol 
42b 37% MyDare 
32%23%P0pn&TU 

l*b 10b Rr* toe 
15% 12% netted F 
29% 22b PottnhSaa 
49% Kb POtoh 
2B%lftPd8P 
19% lflbRxdr 
30% anacbtoi 
85% 67% Pnw*1( 
2ft aobPnten 
15 UPtak 
lb % PrtnaUoLP 
MBtbPrec* 
40%27%ngn»a 
14b 7%Pntorhl 
5ft aPnxm 
Zlb iftPnpltAri 

31% 24bPnUB 

b %PradRmc 
80 51%FfcSan4K 
102 9TPKanl740 
99 MPBSovCdx 
1GB ni t6an7fi 
32 aPh&GB 
13% 11 PoSNatelnx 
1% 1%PuMctar 

KsaSff 

38% 22b Rd* 

11% BbRunaMn 

10% 9% Puttn*ViY 
8% 7%Pu»*»an&r 
14% 11b PutoataGT 


S MVfiRad 
htotoOpx 


8% 7%ltotoqpx 
11% gbriftnirx 
9% ftMufed 
ift ifttottrin 
46 31% k*|Xi)Oz 
12b 1D%MyanL£ 


OK 17 19 1616 
1.12 1.4 25 2795 
OK 06 1213312 
0 11 
083 OT 133 
072 7fi 181 
OSB 7fi 7S 
X 078 7fi 380 
IK 10 22 274 
022 Ifi 17 62 


2ft IftMptoBtto 018 09 18 2250 


62% 81 82% +1% 
12% 12b 12b 
S% 5b ft -b 
S9bd57b 57b -lb 

mM 

ft 0 9 

10%d10% 10% +% 
*3% 42 b 43 -1 

12 11% 11% ft 
18% lft 18$ ft 




49 KIBBBancp 
65% SftNCHQxp 
56% 45b neco 
37% 32b ItofcoQi 
30% 2SNHU 
15b iftNUttOfi 
53% 44% toft 
42b3ftrrn*Mnx 
46% 39bRdteart 

a 2*mcsy 
a iflb fete 

36% 28%«Rri 

17% isb Harris 

lft ttbridted 
48 42b Nat Praam 
62 59*2 WSauR 
24% 15% 88ao4 
26% 24%NBarr 
10b ftWBond 
2ft 18% hutr 
54b KbtaWara 
30b 27b TriO Bo 
Iflb ISHdunto 
10 7*2NtaokEq 
24% IBbNriadiPwr 
6% 4% Haw Are Hlx 
3S34bta^ 

13% 11% RWrS'nany 
27% 23%totJ*yRi 
24% 20% Nm Pto R 
30% 23bmaEB 
43b 37% tote 
17b 13% tedte 

50 27b to* 

46 37% ThrandJ 
91 48 HMs COP 

100 HNtoutSyPt 
48% 42E8a|tt3fix 

a% ift Mania 
58% 48b MoB 
33 2ft Tfecetod 
ft ft EM 
SOb 22%RtaHx 
7% 4bBmrita 
7*b »b “*as x 
35b 26% NutkHydr 
13% 7% tetri toe 

’S'SSff 


IK U 14 2000 
IK 1.7 14 B 

OK Ifi 40 ia 
086 ZO 19 3418 
072 ZS 7 100 
032 10 9 1401 
lfi4 15 11 6107 
£60 07 18 085 
1.72 40 15 49 
1.18 4-4 11 1513 
044 £5 21 958 
19 1SS 
8 113 
Ifi* 14 12 140 
122 361 
□« 34154 3470 
IK 43 17 51 
400 08 16 

1414077 
IK 4fi 16 1789 

8 170 
2 905 

6K11J 7 

IK 41 11 1994 

OK Ifi 27 ia 
a as 

IK 8.7 10 1133 
05411.4 203 

£34 07 11 333 
012 Ifi 998 
1-52 0-4 13 IK 
IK 18 34 421 
220 Bfi 11 9B* 
072 ifi ifi 430 
040 £8 41 131 
005 01 38 11S2 
0.48 Ifi 34 5367 
017 03 10 506 
340 10 Z100 

3JQ 17 ziao 
1.1Z 09 0 3407 
OK 1.5 12 2141 
1-44 ID 12 8142 
OK £6 4 3SD 
016 05113 3443 

9 S3 
IK 12 15 2506 
048 Ifi 24 3351 
0.10 Ifi 10 153 
OK £2 16 193 

* 753 


SS 50b 

§5* §5 

53b 52% 

SS 

M 

17% 17 

17b IBb 

44 4ft 
K% 90% 

a% 19% 
26% ab 

U12 IDb 
10 % 10 
50% mb 

29b 29 

15b 1ft 

§ 7% 7% 
010 
*b 

2*b 23b 
23 22% 
24% UZ3% 
40b 39b 


24% <03% 
4ft 39 b 

iSS 

a a 


* 

62% ft 


ft ft 

20^ -% 
‘7% ft 
17 -b 
*3b 
62 

a ft 
B% ft 
11% +1b 

19 ft 

a 4 
a a 
aa 

33*i -ft 

Si ^ 
S 4 


a -b 

6,% ft 
41% -1% 

a% -b 


Ǥ Putnanud 
FunraPran 
DuatoO 
Quakarax 
Qum 

aw* zr-btaatelO 
13% i2QuadVdPx 
35b 29%0iadu 
3ft 24%0d<*lnr 


8 5%1tJRNh 
27% 21%njC0p 
IS 9%nOCT«aen 

.Si.SK* 

48b 34TB^x 
40b 33b RayttoUx 
16% IftfeJamaaF 

88% B0% Rnythn 

<7% 38% RaadatdIA 
7b 5%RndBam* 
18b l6%RadEaffT7 

36K%RapBlADR 
52b 45% RapubNV 
23b <6% HexStr 
7% SHaxauCp 
25 KhaynlU 
54%40%Rqett 
«% 10% RtanaPADS 
97% 30% FhwPfkrx 
20 ISbnUAhl 
21b 150011 
38% 25%a*«tHd 
26% 22 b RoctiGE 
23 2&bRochTd 
ft 6%Rocto«C8> 
44% 35% ten* x 
7% SbRedaUm 
60 S3bMtax 
11% ft Mr 
ft 4bttto£w 
Mb 2ft fete* 
Zl% 10%MBM(T«.X 
ft fttaw 
»% 2S%Ro»0teai 
111% 96% RDukto 
13% 10% fen W 
35b 23%<U(nrix 
23 16% Ruddkk 
15% IZb ftnsfiartt 
. 31 24RBlCp! 
24% 15% tat 
ajajgttttes 
25% 1ft Rim Dp 


- P- Q - 

TK £3 Iff IS? 
IK 4fi 8 2985 
£24 11 26 1099 
100 M 1 » 
ik oi n am 
IK 11 39 

£T2 05 16 34 
IK 15 11 2641 

ik an 10 sn 

IK 05 910918 
£16 7.1 86 CBS 
048 11 31642 
037 23 23 65* 
084 4fi 14 3122 
032 1 1 21 414 
14S 490 
IK £4 31 1020 

3 357 

080 14 213 

14 105 
1S2 16 10 5375 
150 7fi 240 
1.68 12 14 3289 
Ifi7 7.5 10 614 
IK 12 12 675 
IK 87 11 273 

017 00 29 1123 
072 ZO 18 7143 
088 £5 SO 1409 
IK 7.5 14 (0 
011 £3 10 24 

4 161 

032 1-8 19 1361 
OK £6 42 39 
OK Ofi S3 226 
IK 11 29 4065 
IK £9 21 3427 
4K Bfi xZO 

4.40 11 2 

725 10 1 

IK 11 13 46 
£78 5fi 113006 
LIZ 15 31 6109 
015 05 a 264 
Ifi* 5fi 13 87 
OIO Ifi 13 178 

033 10 ISB 

OK 07 8 38 
OK 4.S 6107*1 
£12 14 3 

015 Ifi 5 46 
1.12 15 34 

£12 06 Z1K 
Ifi* £7 17 S24 
OK 06 16 906 
OK Ifi 47 6670 
024 1.1637 17 

7 Z75 
1-52 10 13 186 
26 715 
OK Ifi 22 1303 

11 333 
040 Ifi 42 465 
076 12 12 129 

12 41 

006 05 116 

072 £8 20 70S 
156 18 30 223 
IK 07 9 350* 
020 1.5 17 2877 
024 06 T8 205 
IK £2 14 565 
040 Ifi a 336 

25 108 
£082088 3 35 
1fi4 £3 TO sin 

OK OS 9 1496 
OK £8 18 IK 
36 9439 
IK 14 27 275 
0421121 227 

1.12 £7 11 Zl 
1fi4 4.1 12 in 

018 718 0 177 

4K 7.7 Z100 

7.40 10 3 

7.15 11 no 
7.80 10 2 

£16 Bfi 10 2204 
91405 
9 5D 
1fi4 107 0 3541 
058 Ifi 19 ia 
024 1.0 8 3486 
070 7fi 07 

075 7.7 103 

080 11 380 

OK 7.5 2a 

076 7fi 231 

050 08 132 

073 11 140 

072 Bfi 339 
£12 13 14 481 
040 £6 27 347 
056 £6109 23 

IK 5fi 197 
IK Bfi 108 
1.10 15 14 144 
0.40 14 7 487 


21 ab aft -2 

lft lft 15% ft 

is 4 

53 653 9 -£ 

82b 061 M 3 

89% a 89% 

4a a "i 

ab a% a% X 

a a a I 

aaa | 

35 33% 3* .2 

21% 2ft 30b •$ 
2b ft 2% ft 

32% 32 31% ~ 

17b 17% 17% ft 
22% 22 22b 

»% »b Sb ft 

31 3ft 30b ft 


as* 

71% 73 +1$ 


16b die 16% 
22% 21 21% 
23% 022% 23 

l*aa 

Iflb 16 16 % 

aaa 

5b 5 % 6b 

41b *1 41% 

2% d1% 2 

a Si S 

sia K ? 

53% 52% 52% 
sb o22 a% 

as a 

28% Z7% 27% 
17b 617b 17b 


^ 2*% 2ft ft 
60% BDb BOb +% 
57b 56 6ft ft 

5* (&4 $4 

5*b 5*b &*b 
07 <S6b S7 
17b 17% 17% 

4ft 47$ 47% -1b 
32b 31% 31$ ft 
30% 030b 30b -B 

"4 a a 3 
Issii 

ub 11% 11% ft 

13b 13% 13% ft 
30 0303 332 +28 
38b 37% 36 

a a 4 * 

a 

aaa* 

32% ffi% 32% . 


5aa* 

2*%lE3% 23b ft 
14 13% 13% ft 
13 12% 12% ft 

2ft 3*% 2ft ft 
40b « 40% 

ig% mg iB ft 
18% 18b 18% ft 
32% 31% r ft 
73% 72b 7ft 

22% ab 22b ft 

13% lft 13b ft 
1 1 1 
54% 63 6ft -1% 

31% 31 31 ft 

a a a ■' 

4ft 41% 41% ft 
25% 25b 2ft ft 
021 018 021 , 
53 S S 4ft 
92% (St 92% 

88 da n 
oft i» S6 _ 
28% nsb aft 
12% 11% 11b ft 
1% 1% 1% , 

17% 17% T7b ft 
37 M% 3 T 

is** ft +% 

B% 9b ft , 
7% 07% 7% ft 
13 12b 1ft , 

'S’Sli 

13b 1ft 1ft 

ZD 19b 19b ft 
23% 2Zb 2Sb ft 
12% lft 12% +}» 
« 30b J ft 

26b a% 2ft 4ft 


0324710 
096 IS 9 25 
018 Ifi 1311 
OfiZ Bfi 95 1562 
1535 

IK 16 10 1072 
032 1-0100 299 
032 £2 6 649 
IfiO £2 122202 
IfiO 14 17 004 
122 467 
1fi2 7fi 15 10 
18 190 

ok ifi 11 an 

16 15B 
032 5fi 6 637 
073 £2 18 700 
1fi2 £8 B 1206 

IB 38 
4 157 
034 U 7 780 
1.00 £2 01409 

zaaizfi 3 

Y.12 3-4 11 430 
OK 3fi 13 2000 
1 2 
38 48 
1.76 10 11 680 
OBI 3fi 8 230 
0.79113 6 652 
IK £B 13 2211 

17 7 
IfiO £4 32 404 

10 Ml 
OIO £3 n mi 

OK IS 21 84 

OK 1.1 18 902 
06 1557 
Ifil 6-3 25 

4.11 IB 10 4100 
1 1S 84 147 

045 1.7 10 102 
028 Ifi 15 67 

OK 4J 22 B 
040 1.4 23 607 
16 13 
060 £0 16 605 
0.00 12 37 IK 


A 

10% 10^ 10% 

34% 03% Kb 

©ft 15S 

62% 81 BZ% 

40% 40% «% 
6% 5% g» 

17% 1ft 1ft 


i% 6 ft 

32% 32% 

48% 4ft 
17% 17 17 

eh sb ft 

21b aft »h 

44% 43 *4% < 

16% 016% lft 

33b 33% a% 

10% 16b 1» 

15 015 16 

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6% *% terttnrp 
53 % 43 % Wnntay 048 
20 % 18 % WykLrtvr 028 
22 % 18 % terns U 044 


-X-Y-Z- 


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54 % 5 DXau( 4.125 

50 % 40 XD Qxpx 
25 > z 2 D% Yhnkss Effl 
40 33 % 1 MH 

13% 7 aSe 
a*% zo%ZenitiNa 
7 % P%Zta*rtac 
18 % 12 % Zen x 
29 % 20 % Mn tad 
13 % l 2 %Zim* 3 fuxl 
10 % 9 % ZtaOg Tod x 


3 X 0 10 « 1853 
4.72 7 X 3 
056 12 20 449 
1 .W 57 11 57 

016 04 18 288 
184 
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1 X 0 4 4 8 254 
082115 81 

040 11 15 n 
088 41 88 118 
1.16 92 185 

084 91 251 


99 % 98 % 
54 % 54 % 


t< WI 7 

11 

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7 % 7 % 

12 % 012 % 

21 % 21 

12 % 12 % 

9 % 9 % 


98 % ft 
54 % -% 
46 % ft 

20% ft 

5 % ft 
9 +% 
22 % -% 
7 % 

12% ft 


020 IS 18 8 20 % 2 D% ZD% 

003 01 18 6094 46 % 44 % 45 % 

276 BS 10 82 35 <m 1 2 3 *% 

028 4 S 5 33 5 % 5 % 5 % 

015 U 23 11 % 11 % 11 % 

12 2 % % % 

012 IX 0 629 7 % 7 % 7 % 

020 IX 13 1884 13 12 % 12 % 

37 21 21 % 20 % 20 % 

2 419 18 dl 6 % 17 

1 J 4 13 8 13 * 37 % 36 % 37 % 

032 IX 50 4300 o 19 % 17 % 17 % 

OXB 05 51587 T 7 % 17 % 17 % 

114 55 33 7079 33 % 038 % 38 % 

1.90 18 18 2307 64 % 63 % 6 * 

092 87 13 173 13 % 13 >i 13 % 

25 145 15 % 15 % 15 % 

092 IX 14 1*8 33 % 33 33 % 

1.66 08 11 12 17 16 % 16 % 

0 81 % 024 02 * 

030 10 31 89 10 % 10 10 

095 51 IB 277 18 % 18 % 18 % 

0 X 0 10 20 3887 27 % 26 % 26 % 

098 11 11 3029 47 % 0 * 5 % 45 % 


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AMEX COMPOSITE PRICES 


9t Sfc 
Mr. E 100 s 
445 5 

3 81 
11 82 

1 X 4 13 2 

084926 41 
005 2 528 

4 <18 
4 B 206 

072 1 200 
26 230 
51104 
0 5 

13 179 


Stack Mr. E 100 s fOgh LoaCfeaeCtea 
AtfrllBte 445 5 13 % 13 % 13 % 

AKotae 3 81 1 % IA 1 ft -A 

Alplta tad 11 82 3 % 3 % 3 % 

tentePa 1 X 4 13 2 45 % * 5 % 4 S% . 

APMdZBA 084926 41 18 % 18 % 18 % +% 

Anted 0 X 5 2 528 7 % 7 7 ft 

MEgd 4 <18 1 % 01 A 1 ft -ft 

«dp**i* 4 B 206 8 4 % 8 % ft 

AffltaM 072 1 2 B 0 2 IB 2 +% 

AetndBcti 26 230 3 2 % 2 % 

AM 51104 5 % 5 fi 

MtesCMB 0 5 A dft A , 

Audkaor A 13 179 14 % 1 *% 14 % +% 

BSHOcaen 055 0 35 2{l 2 % 2 }l +A 

BsdgulBr OXB 15 15 20 % 20 % 2 D% ft 

BtetmTA 0 X 4 30 331 5 % 5 % 5 % , 

S RE 17 156 18 % 17 % 17 % ft 

IV 029 12 314 7 % 7 % 7 % 

Bead 7 121 <£% 2 % 2 % n'e 

Berks Usn 1040158 zlOO 22 % 22 % 22 % + 4 } 

flta-Bad A 50 126 018 17 % 17 % +% 

Bart A 050 38 413 34 % 34 % 34 % +% 

BoeVeBtrf WzlOO 10 10 10 

8 omw 31 IID 3 A 3 A lA . 

Beene 0 X 0 10 103 22 % 21 % 21 % ft 

BmcenA 1 S 4 13 32 12 % 12 % 12 % 

cam i 56 % u B 

Oatoexx 020 13 23 22 % 32 22 -% 

COI HOC 026 21 2100 12 12 12 * 4 

QdMnA 001 fl 1131 3 A d 2 H 3 ft 

Qttnten 6 60 3 % <0 3 % , 

Chonptel 48 509 30 % 29 29 % ft 

CNta 2 t« 334 4 A 4 % 4 % rft 

CecRi 0 X 4 255235 10 % 9 % 9 % ft 

Cnirl FdA OBI 106 5 »j 5 % 5 % 


State Mu. E 100 e MM LMCtaMCta« 

Comtaco 0 X 0 20 3 15 % 15 % 15 % +% 

CnwpgMs 0 67 % d% % 

Coned FM A 15 7 % 7h 7 % 

CnvATA 064516 57 18 15 % 15 »z 

CmanCA 040 46 44 21 20 % 20 % 

Cram CB 04016 42 19 % 19 % 19 % 

Curie 053 91 293 21 % 21 % 21 % 
Ctotamedh 15 15 2 S 2 Ji 2 il 

Otaris 10 10 % % % 

Ota— 30 257 18 % 17 % 18 

Ducennum 9 3 *h *& *h 

Dipfes 048 48 288 9 % 09 8 % 


BSHOcaen OSS 0 35 
Brtpertte OXB IS IS 
BtetmTA 0 X 4 30 331 

S RE 17 158 
Hi 029 12 314 
Bead 7 121 

BHo Men 1 0 < 015 B zlOO 
BbHtadA 50 126 
BnntA 050 38 413 
BoeVeBtrf H»n 00 
Bemar 31 HD 
Bnme 030 10 103 
BmcenA 1 X 4 13 32 


CdPM 1 SB % U S , 

OndXBLX 020 13 23 22 % 22 22 ft 

COI HOC 026 21 ZlOO 12 12 12 *'« 

QdMnA 001 fl 1131 3 <i d 2 H 3 ft 


ExdnQ) 046 16 5 

FlMkmp 1 . 722^5 42 
Eerie Bay 0073581010 
BteEnA 028 10 26 
EAtoRs 6 27 
Ben 14 1814 

BmS m 455411 

Edtops S 351 


1 B% 16 % 16 % 
20 % 2 D% S 0 % 
11 % 10 % 10 % 
12 %d 12 % 12 ^ 

31 % 31 % 31 % 

17 % 16 % 16 ^ 


Feb Bide 0 X 4 12 
FtaaA 120 16 
Fsffiajflnc 0 X 0 13 
FhSre(J) 052 70 
Fores! Le 26 
ftteJMCy 2 


0 X 4 12 7 34 % 34 % 34 % 

120 16 4 71 % 71 % 71 % 

020 13 10 11 11 11 

052 70 6 BlC 9 % 26 % 28 % 
26 630 <S «% 43 % 
2 12 3 % 03 % 3 % 


Germ 060 7 190 24 % 24 
Oat FdA B 072 13 292 20 % 20 
BOOT 070 33 202 16 % 19 
BddSrid 2 191 % 0 

& MH BH 31 21 8 5 

GriTCda 034 20 33 3 % 3 


HBMMr 35 <75 
tatrgx 028 1412 B 3 


6 6 ft 
k 33 % ft 


State Ota. E lidte Writ imrCtaee (Stag 

Herttna 4 9 3 % 3 % 3 % ft 

HeriBMSt 3 313 u 3 A 3 % 3 % 

HriCO 015 45 10 70 %mo% 10 % ft 
HvrantanA 14 Si 11 % 11 11 

CHQPP 1 299 5 % 6 % 5 % ft 

tadencp 0 « 25 9 10 % lift 10 % ft 

tat G*TB 4 670 5 % 5 % 5 % ft 

trdarmagn 95 960 U 1 9 % 18 % 18 % +% 

hm* 0 X 6 173983 16 % 17 % 17 % ft 

Jen Beil 3 417 5 % 4 % 4 % ft 

K— na 19 4 13 % 13 % 13 % ft 

Khnricfe 22 17 4 % 4 % 4 % 

Kfctjy&p 21 1007 »%tfT 8 % 18 % - 1 % 
Kogifiq 62 145 7 % 7 % 7 % ft 

Iteerge 11 14 1 M iJ 4 iH 

Laser tad 18 45 ^a 7 7 % 

UePfnra 7 122 IS 1 % 1 % +% 

bswtac 152 <3 9 % 9 % 6 % ft 

Lynch Cp 7 17 25 24 % 24 % ft 

Hex— 2 28 34 33 % 33 % ft 

MeriaA 044 23 74 23 22 % 23 +% 

BE? “ ' n s a ^ 

WRBql 17 216 S ^ S +A 

ririPtnt 7 335 3 % 3 A 3 A -A 

NYTbA 0563622002 25 % 25 % 25 % -% 
MhCrirfB 020 11 17 9 % 9 % 9 % 

Mo— 125 II Mg 6 % 6 % 

rite 12 10 8 % 8 % B% 

OdaacsA 34 135 <S% 09 % 9 % . 

Otaanx 0341*1 227 30 % 29 % 29 % ft 

PaesusG 040 951034 17 % 17 % 17 % +% 


4 pmckxsMjy 11 

m as 

Ota. E loot MM LsaCtaea Qetg 
088 51 94 12 % 12 % 12 % +% 
1.64 50 zlOO 2 B% 26 % 29 % 

023 19 5 S 7 70 69 % 70 ft 

0 X 0 19 26 u 38 % 36 36 % +% 
012 27 61 21 % 21 21 ft 
0 X 0 IB 7 14 % 14 % 14 % ft 
a» 1 167 1 ft 1 ft ift 


31 2 2929 % 29 

3 143 6 % 6 % 6 % 
0 84 1 % d 1 % 1 % 
110 10 4 3 B%d 36 % 38 % 

19 23 19 1 B% 18 % 

0 X 4 14 211 13 % 12 % 13 


TfltfriA 

TemCBby 

Tibon 

Tteeellcx 

Tumr&A 

TixnrM 


21 67 3 J 4 3 % 3 % 
020 55 2 * 10 9 % IQ 

036 57 842 3 B% 38 % 38 % 
64 188 14 % 14 % 14 % 
32 903 30 % 30 % 30 % 
020 231061 17 % 16 % 15 % 
0 28 2 % 2 % 2 % 
9 15 1 % 1 % 1 % 
15 5 E 8 4 % 04 % 4 % 
007 67 353 18 % 18 18 % 
0071612 694 16 % 18 18 % 

5 38 * iCA 2 % 2 A 
120109 75 u 2 ft 2 ft 2 ft 
17 38 B 5 % « 

90 85 2 B% 25 % 26 J 4 
23 1010 29 % 28 % 29 % 
6 B 45 28 % Z 7 % 28 
252233 10 % 10 % 10 % 
OiO 24 313 28 %. 28 % 28 % 
1.12 IB 1 S 2 12 % 12 % 12 % 
050 IQ 50 21 % 21 % 21 % 

* 146 4 % 4 ft 4 ft 


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F/ S *3 

ttte <te. E Mte HOB te* Urt Om 

ABShds 020 20 <2 14 % 14 % 1<% *% 

ACC Cop 012 791977 17 % 16 % 16 % ft 
Acdahn E U J 722 lih 13 % 15 % ft 

Acme IBB 20 200 2 «% £ 3 % N -% 

AMomCp 28 38 2 D,^ 020 2 D 

Adapted) 1313009 15 % K% ift -ft 
ADCTeta 331569 41 < 0 ] 2 40 % ft 

Mtagan ia 107 u% i* 14 -% 

Aria Sen 015 21 < 35 % 39 % 35 % ft 

Adds Sts 02 0 186519 ?ft 23 % 2 *A +ft 
Advance t Sts iz%cu% 11 % - 1 % 
AovLoofc B 55 5 % 4 % 5 % 

Ate Polyin 7 119 6 5 % 5!3 -ft 

AATrttt) 27 219 15 % IS ift +% 

Adeem 020 3D 9852 u 41 38 % 39.77 *.S 2 

Afytnax 9 32 13 % 13 % 13 % -% 

Agency Re 18 852 r2%<nift n% -ft 
AMoCa 0101251707 11 % 11 % n% ft 
AH&pr IUD 14 160 21% 20 ^ 21% 

Aka) AM 2 M 20 339 57 % 57 % 57 % -% 

MtatGp 38 826 27 25 % 26 % ft 

AtxBkU 088 16 1471 Z 4 %d 24 % 24 % ft 
ASeghSW 161104 87 e 6 % 8 ij i% 

Aten 0«9 052 12 2 E 32 32 

Atari Ph 6 558 11 10 % 10 % 

/rtdCopfl 1 X 0 12 149 14 % 13 % 13 % ft 

Aid Cap 080 12 52 14 % 13 % 13 % -% 

: Untie C 032 49 116 4 % 3 % 3 % +% 

Alta Gold 0 X 6 7 402 1 % 1 ft 1 % +j: 

ABuaCO 34 6844 35 % 35 35 ,% -12 

AnBaokar 0 X 8 B 185 22 ftd 21 % 21 % ft 
ArnQyBu II 11 14 % 14 % 14 % 
AoUanaB 21 825 u 22 % 21 % 22 % +1 
Am Med B 13 681 9 % 9 9 % ft 

Am Sc the 0221751252 5 % 5 % 5 % -ft 1 
Am Frtwys 30 80 19 % 18 % 18 % 

AjoGrtA 050 16 4011 2 S% 27 % 27 % ft 
AirMP 2 115 Ift 1 ft Ift | 

AirMln 220 7 <50 49 46 % 49 

AiofterQnr 39 4777 22 21 21 ft -ft 

AmTrav 10 D 7 12% 12% 12% +% 

Arajarwc 1610332 45 44 44 -ft 

terteteCp 008 261300 19 % 17 % 18 % ft 
Amrfta 4 " 211 10 ft 9 % 

Anri— 14 225 15 % 14 % 14 % -% 

Aitterstt 048 T 4 7 17 16 17 +,4 

MangeUm 1 X 0 14 65 17 % > 7 % 17 ft -% 

Andre* Cp 20 356 36 % 35 % 35 % ft 

Antes An 7 1995 15 %dT 3 % 14 % 

Apogee EnxOJO 25 86 12 % * 1 % 12 % +% 
APPBto 9 821 7 % 6 % 6}2 

Appld Mai 29 8556 44 % 42 % 43 -% 

ApptaC 0.*8 2712916 31 % 29 % 30>4 ft 
Apptabees OCX 3810230 1 E%d 14 % 15 - 1 % 

Altar Dr 024 39 132 17 % 17 % 17 % 

fcCtex 028 20 606 27 26 % 25 % ft 

AiganauU 1.16 7 133 27 % 27 % 27 % 

Amu AI 064 19 4999 20 % 19 % 19 % +% 
Arnold ta 040 17 SO 20 % 19 % 20 % +% 
AS* Grp 21408 10 % 9 % 9 % ft 

Acpeerra 23 2612 ? 7 %d 2 S% 26 - 1 % 

AKOCGcnm 254 106 2 % 22 % 22 % +% 

AST Rate 10 4855 17 %ffl 6 % 18 % -1 

AStmson 21 184 9 8 % -JJ 

AUSEAfe 0 X 2 194208 28 d 26 25 % - 1 % 

AS— 048 206124 54 % 51 % 52 % - 1 % 
Autotak 11 65 3 % 3 % 3 % ft 

Avuxtee 0 X 2 15 705 7 % 7 % 7 % ft 


tea D* E root ripe lax Lari c»ag 

Deb Snots am 20 39 ft -% 
DetoftEn DJ 2 21 17 1 *% 14 % 14 % ft 

Delate Ge OBP 48 2 D 31 % 33 % 51 -% 

WtfnmpsxtW 11 188 2% 71 % S.'i *2% 

Del Corep 2217 SS 3 XU :< :*% 

DetaQStre<ai 6 18 54 15 % ib 15 -% 

ftaWy 31 828 36 35 35 % -% 

DepBy 1 X 0 7 203 28 % 29 3 % 

Oewon 020 2 5 u 6 8 8 -% 

OH Teefl 15 G 3 ulP ift 19 ~h 

Write B 0.72 7 255 15 %C 1 «% 14 % ft 
Digital) 122261 13 % 13 % 13 % ft 

tug Men 4 524 9 % <S 9 

(kg Sound 73745 2 1 % l?e ,% 

DtaSysS fl 123 3 % 3 Oft 

DtannCp IS %4 32 % 32 % 32 % ft 
otdeYRi aanxn 32 ic 9% u> -% 

DMA Plant 2196 * ft 4 % 4 % ft 

OdWOi 020 25 906 26 % S 25 ■% 

DucftHDI 0 X 8 14 26 13 13 13 -% 

DrecoErgy 13 162 ft 5 % ft 

Oressteftl 12)565 > 1 % 11 % 11 % -% 
Drey GO 02 < 1812239 22 %<C 1 % ft 
Drug Envo 0 X 8 451388 <% (K% 4 % ft 

D 5 Bancor 1 X 9 17 96 u 31 % 31 31 

Drenaix 042 11 981 16 15 15 % -% 

Dut Fri 030 2 * 6 u 33 % 32 % 32 % 

Dyn—ri H 156 18% 17 % 17 % -% 


8 7 <% <% 4 % ft 
S 35* 4 % 4 % 4 % 


Mg J Sate Dh. E ink Mpn Lew IH Oeg 

■h I 

-% - K - 

-% 

. 1 , KS «1 OB IS 305 r>? 21 % 22 % *% 

IC UMC? OU 5 257 9 % 3 % ft -% 

m i A j exroerc 036 34 <77 ift ]l 7 a ift 

.U ssrdan Cp 14 277 22 % 22 % 

*■ ia»m 5 932 6 5 % 5 % 

,l 4 KsfiySo 064 22 935 26 % 26 ?£ -% 

kSXXiy 051 10 20 6 Of 6 -% 

ft Cm— OX: va 164 24 % 23 % 23 % +% 

ft Krxftfcf 13 11 6 % 6 0 % ft 

HA WO 49 5150 37 % 35 % 37 -% 

ft Knowledge 5 573 1 l%ai 0 % 1 ft % 

IMA I 70 ii j* i» 

ft Kamjrgtnc 17720756 22 IS% ift - 2 % 

. 1 . Kudus 82939 13 % < 7 % <3 ft 


3 lb 
018 33 7021 


lit 1 % 1 |\ "ft 

19 d !7 17 % - 1 % 


Cta&sCp 017 30 449 31 % 3 i% 31 % -% 
CtausLge 36 7381 36 % 33 % 34 -2 

OS Tech ISO 482 3 % 2 iJ 3 +,’< 

QscsSys 1541950 30 28 % 29 +% 

C&Bxcp 1 X 8 IB 25 29 28 % 28 % 

dear to 24 1 05 7 % 7 7 -% 

CMS Dr 43 68 13 12 % 12 % -% 

CtoOvstm 9 997 5 % d 5 % 5 % +% 

CocaCdS 1 X 0 15 306 2 S% 02 * 2 +% 

Coda En» 97 929 S% 4 % 4 % ft 

Codariara Z 7 59 1 T% 10 % 10 % ft 

CtvnxCp SB 1082 18 % 15 % 18% - 1 % 

Oognos 1 W S 23 11 % 11 % 11 % ft 

Coherent 16 272 13 % 13 13 -% 

CORagn 88 3*4 22 21 21% +% 

CoHMs 1 X 5 13 47 21 % 20 % 20 % -% 

Cota Grp* OEO 9 110 24 % 24 24 

Conor l 024 122141 18 % 17 % 15 +,'« 

CmcsiA 008 15*769 17 % 16 % 16ft 
CwstASp 0 X 9 3515635 17 16 ft 16 ft -ft 

CuiBO—OXS 11 540 32 % 32 32 

Onrena 0.70 94 300 15 17 15 

ConprLabs 429 1335 13 % 12 % 12 % +% 

Comshere 55 267 u 13 11 % 12 % 

CMstatiR 34 395 3 % 3 3 % 

ConfVo j ]3B 27 364 3 B% 3B 38 % 

Cototaai 11 100 8 % 7 % 7 % -% 

DHttM 1^4 T 650 C 8 ulT% 10 % If 
CMriCel 23 42 15 % 15 15 -% 

QtriOaa 14 117 10 0 % 9 % ft 

CDoreA 050 24 458 u 19 % 16 % 19 ft i 

Copykta 63 3113 1 0 % 9 % 10 -1 1 

QtafeCp 20 1509 45 % 44 % 45 % +1 

Cap Of A 38 915 15 % 14 14 % ft I 

Derive 0 X 2 285569 25 % 24 24 % - 1 % I 

Day Comp 1 941 T% 1 ft ift 

Down Res 44 379 8 % 5 % 5 % ♦% I 

Gyngen 22104 4 3 % 3 % +% I 


- D - 

DSC Cm 39 7999 00>4 SB% 59 % -% 

Oert&ui 013 19 8 79 % 79 79 % ft 

DteSMEb 9 8 2 % 2 % 2 % -% 

MWH 26 229 7 % 6 % 6 % ft 

DBteseape 13 310 14 13*2 14 +% 

DOpHDp 082 11 157 25 24 % 24 % -% 


Egghead $9 942 9 % 8 % B% -ft 

BPascB 2 608 :J 3 2U 3;l -% 

EfedrSd 10 966 ID 1 * 9 % < 0 % +% 

BactriSx ora 55 50 5 «% 54 % 5 *% ft 

BectARS 21 7352 19017 % 18 -% 

Emcoo Ass 21 28 7 % 7 % •% 

EmotaxCp 271442 6 % dS 6 >a 

EngyVntn 51 38 14 % 14 14 % .% 

EmrSvs « 30 1% l” i% ft 

Enreotac 2 996 3 % 2 % 3 ft 

EqOlyOl QIO 18 61 4 3 % 3 % -% 

EncsnBi 05712233625 44 % < 3 % 44 ft 

tarn 17 8 as 8 ft 

Elans SDi 78 38 1 7 % 17 17 % 

Extern 20 9688 I 7 %d)ft 15 ft - 1 ft 

ExcaRur II 521 9 jt OB% ft 1 % 

ExxfeSfec 15 845 22 ?1 21 ft -J> 

Experai 010 192122 17 16 % ift ft 

EzcorpAra 20 270 12 % lift 12 % +% 


- B - 

BE) B OOB 19 20 6 % 6 % 6 % 

Babbages 7 434 8 % 09 ft +% 

BetartUM 50 ft Hi & 

Bator J 006 12 245 20 % 19 % 19 % -ft 

BUrirt-Bx 024 3 3 14 14 14 +% 

Boctec IB 328 22 % 22 22 

BrtSrth 044 11 855 18 % 17 % IS -% 

BankareCp 040 9 939 16 % 17 % 17 % - 1 % 

Baddvrm OEO 11 IB 19 % 19 ft 19 % +% 

BeteWora 020 26 217 U 33 H 33 % 33 % 

Berts Geo OS 16 372 34 % 34 34 

Basal F 060 14 980 28 25 % 2 S% -% 

Bay View 060 11 10 20 % 20 % 20 % -% 

Baytamkex 1 A 0 131043 S 87 a 56 58 % +% 
BB&T Rn 1 X 8 9 548 29 % 28 % 2 B% ft 

BEAero 20 449 8 % 7 % ft 

BeeuSCoe 028 30 25 13 % 12 % 13 % 

eenOtoi) 14 150 1 ft 14 % 14 % -% 

BflrtdsyWH 044 14 716 36»2 37 % 38 +% 

BHAgrp 012 13 5 8 % < 18 % 8 % -1 

Btac 102 24 5 % 4 % 5 % +ft 

B%B 012 16 124 11 % 11 % 11 % ft 

BMeyW 008 13 1 E 9 12 11 % nit -ft 

Btageh 363221 34 % 33 % 34 +% 

BKxnel 17 752 10 9 % 8 % 

Block Dig 1 X 4 11 ZIDO 31 % 31 % 31 % 

BMCSrttw 17 2302 55 53 % 54 % +% 

SoaaaenS 124 10641 B 32 % 32 32 % ft 

Bob £** 15 x 077 18 709 21 % 2 D% 20 % -% 

Booto&B 14 41 u 28 25 % 27 % ft 

Bonand 21 4338 I 2 %dl 1 % 11 % -% 

Boston 6 X 076 5 87 30 ft 30 % ®% -% 

BMfcnTc 571 B 38 12 % 12 % 12 ft -ft 

BraV« A OSD 18 6 u 4 a 46 Xj 46 % ft 

Brenca 020 22 186 10 9 % a? a 

BnmoSx 02 * 151226 7 % 7 % 7 % ft 

BSBBncp 07 B 8 159 24 % 7 * 2«2 +% 

BTSNjtafl 048 0 23 3 3 3 -it 

Buffets 28 3631 19 % 16 % 19 

BtedenT 23 78 13 % 13 % 13 % 

BurBrxn 29 1561 9 % 8 % ft ft 

Bustaeste GO £4 32031 % 32 +% 

Brttartrig 5 75 22 % 22 22 % ft 


- c - 

CTec 1 80 291 26025 % 25 % -% 

CabrtMed 10 143 8 % ft 8 % ft 
CadScmpe 1 X 1 16 116 29<2 2 ft 2 B% 
C*emaCWTj 02 D 17 12 j 15 % 14 % 14 % -% 
Caere Q) 1 Z 7 249 8 7 % 7 % ft 

Criga* 225 7 990 11 % 10 % 10 % -% 
Cal Mcra 18 45 * 20 % IB 1 ft -% 
CerariBio 11692 1 % 1 % 1 % ft 

CendtoL 2 14 3 % 3 % 3 % +% 

Cndee a 47 1 JJ di% iJJ +i 

Canon Inc 0 X 0113 128 81 % 81 % 81 % ft 
Canoree 0 51 3 02 % 2 % 

Cardinal 012 25 144 46 % 46 % 46 % 
CaflraOn 0 X 3 22 107 27 ft 27 % 27 % 
Cascade OBO is » i 9 % 19 % ) 97 « -ft 
CaseyS 0 X 6 15 323 lftd) 0 % 10 % ft 
Crtgene 4 192 6 % 06 % ft 

CeCular 8 334 ift 18 % 18 % 

ca*cp ib 4 n% «% 11% •% 

DantaiTd 362 174 11 10 % 10 % 

Cotas* 513510 1 £% 11 % 12 -ft 

OBI FM 1.12 IT 1473 31 30 % 30 % ft 

crento 22 11 11% 11% 11% ft 

Ctondtar 6 10 4 % 4 % 4 % 

Daptsr t x 0 X 0 7 352 20 % 13 % 19 % -% 
CtenS) 0 X 9 13 2437 10 % 09 % 9 % ft 
Ctemdsgn 4 ? 47 uft BiV ft 
QwtO) 15 282 10 %<Hft 10 % 
Ctemat 1 290 % d% % 

□empower 12 53 3 % 03 % 3 % ft 
CNpsSTe 9 799 5 4 % 4 % ft 

□ten Cp 87 B 341 99 % 65 % 6 ft +% 
CttlFta 128 12 229 52 % 52 52 % ft 


- F - 

FteSp 11 23 4 % 4 % 4 % -% 

FriTCp 024 14 6 5 % 5 % 5 % 

faaerri 00 * 4935*2 32 % 3 ft 31 -1 

WhO 14 457 £ 4 % 23 % 23 % -A 

Fterorics 3 174 3 % 2 % 3 

RffllTM 1 XB 15 182 u 53 5 £% 52 % -% 

FWyOT 6 849 3 % 03 % 3 ?, ft 

FtetaA 024 0 422 ft 0 9 % ft 

ftena 363345 26*2 25 % 25 % ft 

FoAteree 120 121662 35 % 35 % 36 % 

Fka Affix 0 X 4 8 535 31 % 31 % 31 % ft 

FsScOrio 094 11 89 25 24 % 24 % ft 

FatCOfflk OBO 21 558 24 % 24 24 ,% -A 

FsJSedy 1 X 4 11 296 29 28 % 28*2 ft 

F 3 Teres 1 X 6 9 481 42 41 % < 1 % +% 

Fa Waste 036 7 156 9 8% 9 ft 

FsBadkBc 052 10 233 22 % 22 22 % 

Rraber 156 II 16 45 % < 5 % 45 % +1 

FKtmfcs 41 40 7 % 7 % 7 % 

Dsn 251983 21 2 ft 20*2 

FKrtrtat 14 500 5 % 5 5 % 

FORtA 009 1415564 5 % d 5 % ft ft 
FoodLB 0 X 3593 1259 6 5 % 5 i? +A 

Foremoa 1 X 6 10 199 31 % 30 ii 3 T ft 

Fdrerinar 14 391 15 % K% 15 % +% 

PtuMBanc 030 31 1831 32 % 32 % 32 % +% 

FdOerA 40 399 3 % ft ft 

FWlRm 1 X 4 11 205 26 % 27 % 27 % - 1 % 

W&ate 1.12527 133 U 26 % 26 % 25 % 
FriFU OAO 8 2*1 16 % 15 % 15 % -% 
FdHewel 1.10 ID 588 < 1 Z 7 % 26 % 27 % ft 
FqIb H8 058 22 71 35 i; 34 % 34 % -% 

FltlBftl 088 14 15 25 % 2 G 25 % -% 

Fison 024 |B 5 15 % 014 % 15 % +% 
FutettHOR 14 8 5 % 6 +% 


- G - 

GHApp 8 5 4 % 4 % *% 

GIXSanr 0 X 7 21 182 14 % 14 14 % +% 

GsrSns 0 406 3 % 3 % 3 % -% 

Garnet R$ 13 16 * * * -A 

GsWCo 018162 64 6 % 6 % ft -% 

GeriBhd 040 16 ZlOO 16 16 IB -27 

GBtra 17 ZS 1 * 4 % 4 % 4 % ft 

6 snstaPti 4 1553 13 % 12 % 12 % -% 

GentexCp 4 X 0451354 27 % 26 27 ft 

Gsnustac 137 155 4 % 3 % 4 % +% 
Genyme B 8 1062 39 % ZB% 29* 2 
Bison □ 040 11 726 1 ft |B% 16 % ft 

Qddtago. 012 17 770 24 23 23 ft 

GGbertAi 060 18 IB 16% ift 1ft -% 

GfcbBtan 11 7 5 % 5 % 5 % 

Good Guys 14 3096 12 11 % 11 % ft 

GaUtetop 080 18 425 21 % 20 % 20 % -% 

&Bd«S*s 31 3 > 2 % 1 % 1 % -% 

Graiite 020 70 112 21 % 20 % 21 -% 

GreenAP 024 TO 17 17 % 17 % 17 % ft 

GrreWChRi 07201 ii d% % A 

Grossmans 1 372 3 % 3 % ft ft 

QndWb 712 38 14 A 1 <% 14 % -% 

GTlCrip 8 72 11 % 10 % 11 +% 

GtrNVSvg 58039 u 0 % 7 % 9 ,', + 1 % 


- H - 

HaratagA 52 23 5 % < 6 % 5 % 
HarifltaM 06 * 8 2 G 7 22 31 % 22 

tops Gp 020 13 4 % 14 %d! 3 % 14 % +% 
HBOS Co 016 233532 28 % 27 % 28 % *1 
Hsatthcsr 1814477 20 % 19 ,*, 19 % ft 
HsaBicre 006 18 339 n% 10 % il +% 

Heatedm 10 444 7 % 8 % 7 -ft 

HedtfiW 12 322 7 % 7 % 7 % 

Heritager 016 274152 15 % 15 % 16 -% 
Hekto) 629 11 10 % 11 +% 

Hotel Tror 8 85 14 % 13>2 > 3 % 

tottl 072 14 5 T 75 22 % 21 % 21 % ft 
Hopansye 015 28 2 E 9 % 9 % 9 % 
HriogB 45 89 BU 10 % 9 % 10 -% 

tone Beni 080 8 2 D 31 % (CD 20 % ■*% 

tone Okas 072 25 251 id 20 31 % 

tor tads 044 23 23 32 % 32 % 32 % ft 

tonbeck 16 404 15 14 % i*% ft 

taasMtee 044275 256 3 % 2 % 2 % ft 

tot JB x 02 D 191415 2 O% 019 % 19 % - 1 % 
Huongte 0 X 0 10 8(5 25 24 % 24 % ft 

toes CO US 0 21 2 % 2 % 2 % 
todrtfril '504743 34 % 30 % 30 % -4 

HycorBo 19 173 S% 5 % 5 % 


itei Bn> 13 187 9 8 % 8 % -% 

(bream Cp 27 257 9 % ft 9 % ft 
ttmePi 13 796 5 % 4 % 5 % 
KartiaCp 9 70 41 % 40 % 11 

Uarquea 1 1£S 2 % 1 % 2 % +% 
RsTuoa 18 13 8 % 8 % 8 % -% 
UonhSmkA 044 11 11 10 % 10 % 10 % 

Uarsfoi 060 II 302 £ 0 % 20 % 20 % 
ktestec B 228 ft 7 % 8 ft 

IfeonW 392429 52 49 % 51 % +% 

UaxrtGp 03788 ft 6 % 6 % ft 

UcGrett) R 044 12 56 16 15 A 16 +% 

McCormc 048 17 3022 21 % 30 % 20 % ft 

McCawC 454125 48 % 46 % 4 ft •% 

Med knag 0 83 A d,*, A 
MedahT 016 17 16 13 % 013 13 % +% 
Matches «048 12 211 22 % 21 % 21 % ft 
MBtarane 034 6 69 ft 5 5 -% 

Manor CP 015 45 167 13 % 13 13 % ft 

Menus 024 £2 3311 11 % 11 % 11 % 
MerartJ 068 10 713 19 % IB 19 ft 
MooiyG 070 7 512 26*2 28 26 ft 
riertdanx 1 X 6 11 5464 30 29 % 30 +% 

Matsei 1*20134 i 5 %dl 3 % 14 % ft 

MethodeA 0 X 6 15 582 ift 14 % 15 +% 

Michael F 020 15171 ZU 11 % 10 % II, 1 , A 
UttiNrt 2 X 0314 1336 U 69 % 68 % 60 % 
MtartOh 11 68 ft d«% *% -% 

Ucnage 18 1238 26 % 23 % 24 -£ 

Mcnxasn 5 232 5 % ft ft ft 
ktograhr 8 582 ft 04 % 4 % -% 

Mtapoks 31449 6 % ft 6 % +% 

Melt 2718032 94 % 92 % 93 % -% 

MdADU 41 7778 49 % 46 % 45 % - 1 % 
UCfetaOC 040 11 1034 28 % 28 % 3 % 
MdwGratn 05 D 27 136 32 % 32 % 32 % +% 
UtoK 052 18 319 28 % 25 % 25 % +% 
Mricm 943 3 21 % 71 % - 1 % 

ttmtec& u 33 11 % 11 n -% 

MobtaTa 42 1802 1 7 % 16 % i 7 % 
Modern Co x£L 2 D 18 81 7 % 7 7 % -ft 

Mode* Ml 046 20 440 26 % 38 38 -% 

Mflfex 004 £23 35 % 34 % 35 

[ Motor Inc 0 X 4 27 784 37 % 3 ft 36 % +% 
Dream OM 19 <11 11 % 10 % 10 % 
MostaetPtOSB 32 539 30 % 29 3 ft +1 

MrCrttoe 17 894 14 % 13 % U'.i -A 
MI 5 %s 056 10 326 25*4 <C 5 25 - 1 % 
•tamed 12 569 28 % £9 3D ft 

Mvcogen < 507 11% ift 70 % ft 


- N - 

MAC Re 016 13 738 31 % 30 % 30 % -% 

NashFech 072 U 82 16 % 16 16 % -% 

IWPtaa 13 Si b 5 % 5 % ft 

Macnmpt 036 89 112 11 % 11 A 11,1 -ft 

KBsSunx 020 22 132 15 % 14 % 15 -X 9 

tongdu 9 KM 19 % 18 18 -% 

«K 046 96 9 56 56 56 ft 

Meta 17 1627 28 27 % 27 % 

KrtWiGen 24 943 17 % 17 17 % +% 

MerakS 94 512 7 6 % 6 % -% 

hampen 25 3 7 % 7 % 7 % 

Mrgra 0 X 7 19 177 18 % 17 % 1 B% 

MdwEBtB MO 3 69 20 19 % 19 % 

Nnvftnage 8 972 ift 9 % 10 ft 

toogeriet 3513977 49 % 47 % 47 % - 1 % 
NcwprtCp 004 12 198 6 5 % 6 ft 

Marie On 305556 6 % 06 % ft 
Nonkan 056 25 381 56 55 56 -% 

Warm 034 3515372 u 44 % 43 % 44 +1 

Ncretm) 12 67 16 % 15 % 15 % 

K Star lia 4 68 5 % & 5 -% 


NortenTa 088 1 < 774 


3012 15 14 % 14 % -ft 

1 B 72 Q 580 17 % 167 g ift -1 
38212 S 32 31 % 31 % +% 

9 52 < 14 % 3 % 3 % 


P; Sta 

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proa o?s 02* 3? 20% :-i% -1% 

AxteiBx air r 330 n% :ft 33% “5 

FVamc 13 ih 2 8 7 % 

OiawralDq '2 2ti 7.33 7 7 - -4 

OuActCbm 053 70 66 19 l‘,< 17 % 

Cat Food > 0 . 3 P 17 374 33 ^ T,'t 3 J% *’j 

Ciuntun 6553 n 15 % 14 % U% -t% 
ClulcKKh 19 435 14 % n% 13 % •% 

flVCWft* 31 6359 3 .T%<CI% 33 - 1 % 


Laadhm DC 51 GO 9 % 6 % 8 % ft 

LamRsch 34 S 4 I 7 31 39 % 30 ■% 

Laneaer 060 <9 833 44 % <4 4 *% +% 

lansetac 096 17 367 18 %«i 7 % 17 % 
Lanomecrh 39201 * C 2 jo% 30 % -2 

tanocto to 1)0 5,% 7~3 : "i 

Laencf* £4 412 ft 57 , 6 l e .<, 

lamcc 5 141127 17 16 % 16 % ft 

LnramH 0*8 16 865 33 % 32 % 22 % -% 

l DUG 253267*3 16 % 17 % 173 , ft 

UUCP 016 8 8 5 % dS 5 % ft 

lector* 15 126 12 % 11 % 13 •% 

legenlft) 17 2971 26 % 37 % 27 % ft 

IttyMBc 078 13 388 27 %d 26 % 27 -% 

LrteTfCl 030 14 35 TCA 16 16 -% 

Wefiec 31 IT < 4 4 % 

UhttU 033 22 108 24 % 2 ft £ 1 % - % 

UnBr 94 840 112 111111% -% 

ImcrtnT as 1* 442 is m* 14% % 

UreteyMI 14 £07 33 % 337 f ft 

loenlet 02 * 37 2423 »?% * 5 % *0 - 7 , 

(jquBax 0*0 18 23 36 % 35 % 25 % •% 

Laewen Gp 006 26 900 23 % 23 % 23,1 ft 

lone S» 32 2 Jf. 7 % 7 7% 

Iroirn GO S% 58 % 1 % 

ITKCp 3 356 2 % 2 % 2 ,', -A 

l VMM OX, * 23 31 % 31 31 % ft 


- M - 

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US Car’s 18 77 * 21 % 20 20 % -% 

Mac M* » 060 42 21 13 tttfl 3 % I 3 ?t -A 
ktossonS 1 X 6 1 * 71 33 % 32 % 32 % -% 

Magma Put U 952 33 % 31 % 32 -% 

Macro Grp xfltTB >2 60 S > 8 % 18 % < 8 % ♦% 


RISH 53 35 U 9 8 % ft -% 

tOBGomn* 45105 Q 2 Ift 15 % 1 ft ft 

■State] 7 as ft 7 % 6 -% 

krenucu 32 506 6 ft ft 

kncuxgen 4 42 a 5 % 4 % 4 % 

taken Be 040 31 311 17 16 % 16 % ft 

tadfencp 1 -TG 19 23 Sn 38 % 38 % 38 % ft 
tad Ins* 0 X 4217 358 15 % 15 % 15 % ft 

tit Res 17 5 D 3 15 14 % 14 % ft 

htouu 1730301 I 6 %dl 4 % 14 % -i% 


tagfest&t 186 16 


12 11 % 11 % 


etegrttev 338695 28 % 27 % 27 % 

h&Sp 28 180 12 11 % 11 % -% 

tatgxflW 19 227 4 % 3 % 4 ft 

taM D 24 114536 60 58 % 5 ft 

10 466 3 U 2 % 2 % -, 1 , 

tafl(XtS 032 34 2488 20 % 19 % 20 ft 

inter M 21 186 3 % ft 3 % -jk 

MefceAx 024 17 610 13 % 13 % 13 % -% 

tatotl 315 B 3 9 % 9 % S% ft 

taterieaf B BIG 6 % 0 % 6 % ft 

ttprire 220 35 11 , 1 , 11 11 

Wangle 18 538 11 T 0 % 10 % ft 

tatOtayOA 15 298 IB 17 % 18 +% 

talRasx IMS 20 28 3 % 3 % 3 % ft 

M Trite 425 OBS ft B 8 % •% 

tarncae OOl 18 378 28 Z 7 % 27 % 

kxnegaCp 1 T 2 S 2 % 2 % 2 % ft 

toittb 15 27 IB 17 % 17 % -% 

fartotado 1 X 0 36 20 209*2 200 206 -3 


- J - 

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taeanteG 026 19 106 13 % 12 % 12 % ft 

JLGtad 010 22 85 26 % 25 % 25 % - 1 % 

iDOnsmW 56 17 22 % 21 % 22 

Jones U 10 136 13 % 13 % 13 % 

JDneeMed 010 16 22 D 12 11 % 12 +% 

JoriffCp 120 11 3 24 *j 2 ft S 4 % 

X 8 Ffc» 0£4 14 615 23 % 22 % 22 % +% 

knit 0 X 8 18 655 18 % 16 % 18 % ft 

Juata 016 9 296 13 % 12 % 12 % ft 


- O - 

ocrextoys 29 371 18 17 % IB +A 

Odd Cun 15 748 19 % 019 19 % -% 

Oftshreix 14 911 14 13 % 14 +% 

OspdmN 0 X 0 8 20 25 % 25 % 25 % ft 

CCMSCS 1.46 5 281 29 % 28 % 26 % +% 

Old Kents 1.18 11 1360 u 35 % 34 % 34 % +% 
DUMB OSC 16 zlOO 38 <08 36 -% 

Ontoneop i. 0 O 7 291 3014 29 % ft 

OnePnce I* 757 I 8 % 0167 4 18 % + 1 % 
OptKriR 202342 22 % 20 21 +% 

ftadeS 4*22322 30 % 30 % 30 % ft 

fob Saw 53 1223 21 % 20 % 21 ft 

orentacta 099 3 * 766 9 B% 8 !i -A 

foaxSepp 9 117 15 % 13 % 13 % -% 

OregooMK 031 9 72 5 % 4 % 4 % 

omp 4 10 3 % d 3 3 % ft 

OsriiBA 041 401312 13 %di 2 % 12 % ft 
00 «oshTxa»ll 95 11 % 1111 % +% 

OhefTeis 172-13 TD 1 31 % SO 1 : 30 % -1 


-P-Q- 

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PMtSitap ac 13 330 13 % 13 % 13 ,‘i -ft 

PTefcm 13 ? 15 9 23 % 22 % 23 % +% 

PadBCre 23 212 57 55 % 56 % ■% 

Pansndrc 34 4109 29 % 29 29 % ft 

PBUJtai 03 * 45 535 37 % 36 % 36 % 
F^OArn 21 308 B 08 % ft -% 

Peertes 050 42 8 ift 9 % 9 % 

PanTRy 9 17 14 % 14 % 14 % 

rtantog 1 X 0 23 106 33f t 32 32 * +* 
Ponnsft 2 X 0 17 96 30 % 30 30 ft 

Peatek 072 15 131 34 % 34 % 34 % -% 

totoSit 16 509 6 % 6 6 ,c ♦,% 

terweSL 020 21 w 19% ift 18 % +% 

Prep Bare US 161542 53 % 52 % 53 

PM(l»Hsaa 4 12 305 1 ft 11 % 12 ft 

Pfebette 1.12 18 5 33 ,% 33 33 -2 

Planner 20 82 7 % 6 % 6 % +% 

RtoemTdi 26 6 « 5 % ft 5 % ft 

PCOrffl 048 4 50 11 % 11 % 11 % 

Ftatves 28 180 13 % 13 % 13 % 

Reketoi 43 l» 17 % 16 ,’, 17 r*l 

PbWfiJ 060 27 607 40 39 % 39 % -% 

PfaneoM CL* 24 2 DB 7 38 35 35 % 

PtoreerSt 014 14 109 26 % 26 % 28 1 2 t% 

PoreaFed 5 11 8 % 8 % ft +% 

FW «8 IB 6 ft 6 % ft ft 

Pres Wr 009 3 787 7 ft ft .% 

PrnasK 86 591 23 % 23 23 % 

FWCos 211536 dl 4 14 -% 

PndePat 39 159 ft 5 % 5 % ft 

Mntrari 15 101 <s% 9 B ft 


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SdtwreF 1 562 ft d*% *% ft 

SoilwareT BO 63 u,*» 1-1% 14 % 

Sonoco 056 152545 2 ! 20 % 20 % ft 

Souwst 068 91465 1 ft 18 % 187 , 
SpfcgriA 020 461978 23 % 20 % 21 % - 1 % 
StJudeMdxOJO 11 1664 28 % 27 % 27 % -% 
STPaufic 030 101656 22 % 21 % 21 % -% 
Soy« 2 92 ft 3 “ 0 ; 7 S 

Staples 40 1472 36 % 25 % 26 -*2 

State Sir 056 l 6 * 3 flDi** 0 % 39 % 39 % -% 

StdUcre 11 1225 1 7 % 16% 16K -A 

SURegS OG 8 14 185 21 % Cl 21 % +% 

Sled Tec x 009 18 72 17 % 1 ft 1 ft 

StoUyUSA 020 2 45 * 9 % 9 % 9 % ft 

StaM 146 96 20 % 20 % 20 % +% 

SPawriQ 1.10 12 54 20 %di 93 ’. igji 
StrudHV 212710 I 1 %di 0 % ' 0 % -1 

SBlte 028 20)026 »% SAt 2 ft -1 


StrudHV 212710 I 1 %di 0 % 'ft -1 
StTjVtf 028 201026 26 % 25*4 3 % -1 

Sot tort) 33 568 14 % 14 14 % ♦% 

SuntnmcO 0 X 0 25 ZlOO 22 22 22 

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SlnSpon 14 52 6% 6 6 -% 

SnnMlt 1111622 21 %<C 0 % 20% 

SutHTra 29 140 « 28 % 28 ,*, 28«3 -% 

Sytasetac 59 7514 51 % 50 507, 

Srmanlec 38 8615 l<?,d 13 J 4 1ft -1% 

Sure* oy» 036 )8 12 18 % 18 18 % *% 

Syiwrom 70 150 3 % 3 % 3 % 

Syjwg en 3 580 10 9 % 9 7 c 

Sywbc 4 * ITU u?* 10 % 10 % ft 

Synoptics 169653 19 %dl 8 % 1ft -1 

SfOmSntt 012 161793 15 % 14 % 14 % ft 

Eystonto 31 17m 19% 18% 19 -% 

Sysumed 19 1374 5 ?* 5% ft 


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T-CedSc 8 305 *% *% 4 % 

T raw Pi (XS 2 IT 1174 29 % 28 % 26 % -% 

TBCCp 16 383 12 % 12 % 12 % ft 

TCACriM 044 25 621 21 % 20 -% 21 

Teaoau 121662 19 % 19?4 18 “ S ♦% 
Tecumsen 08 D 15 105 59 5 B,i 58 , ' ft 

Tefxta: 2 17 9 % 9 oh *h 

TdcnStal 8 8 B 9 ul*% 13 % 13 % % 

TdeCoamA 9 *ni 96 ii ift ia% isi? -A 
Tdebb <5 T 301 10 9 % 9 % -% 

lefbtas 462019 65 % 63 % M% -% 

IdunCp <101 17 964 IT 1 ; 1 ft it -% 
TemT« 70 167 u 8 % 8 % 8 % 
letstaiAOT 0 X 8 Z< 3915 25 % 23 % 23 % ■% 
new Core 38135 ® 57 55 55 % -% 

TJKK 022 34 81 * 24 % 22 % 23 - 1 % 

lotas MM 21224 4 ft 37 , -ft 

Trirroupr 037 38 10 63 % S 3 % 63 % +1% 

1 <m Breen » 113 13 % 13 13 % 

ToppsCo 0293 31 623 6 7 £ ft {.% 

TPtEmer 4 1518 S% 8 8 % -A 

TranseAd 10 128 11% TD% 10 % +% 
Trwrwid. 1 X 0 11 299 39 % 39 % 39 % ♦% 
Trkare 8 13 2 -% 2 % 2 % -% 

Trtorie 48 no 9% 9 % 9 % ft 
Tiwtraexc 100 10 6 * 20 % 18 % i 9 i? -Ji 
Tseng Lap 031 12 838 7 % 7 A 7 % -% 

TytfdA 008 16 1901 20 % 197 , 2V% 


US tola 0X8 131080 38 37 % 37 % ft 

Urt let 2 622 5 ?* 5 % ft 

UObesGs 1.00 13 126 16 %d 1 S?* 16G ft 

USTsI 2 X 0 12 364 51 % 50 % 51 -% 

toted St 0*0 11 83 13 % 13 13 -% 

totop 020 20 9 26 % 35,1 26 % +% 

toteflx IA) 21 B 9 39 % 39 % 39 % +I& 

US Bancp 088 10 3298 2S?2 25 % 25 % -% 

DS Energy 30 50 <% *% 4 ,’ ft 

USTCorp 1.12 9 373 13 % 13 % ift •> 


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ttaMUSSOEQ 71553 19 % 1 ft 19 % 
WXOFedSL 080 9 771 21 % 21 % 21 % ft 
ttaBMA 022 9 17 24023 % 2* ft 

Wausau PM 0 X 4 17 *56 28 % 77 % 27 ’, -j; 
wtwo 2 X 0 15 306 42 40 % * 0 % % 

Wdtek 36 013 6 % ft ft 

West One 072 11 29 * tb% 27^ 28 % 
W 51 PU) 6 783 12% 1 ? 12 % ft 

WBpSlA 1 76 15% 15 % 1 ft +% 

miStaiA 19 X 151 3 % 3 3 % ft 

matte 096 XI m 431 - 042 % 42 % % 

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MMWL 028 12 84 14 % 014 14% 
VWmtf 0 X 6 24 485 1 ft 1 ft 79% .% 
WPPttOwi 003 21 566 3 A 3 % 3 % 
Wymn-G*B 40 4 686 6 5 % 5 % 


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VetoK 094 262458 16 * 90771 . ib -% 

YBKfedl 54 503 5% 4-% 4l» -ft 

aordUtti 1 12 9 327 39% 3ft 3ft ft 





WORLD STOCK MARKETS 


AMERICA 


Equities ease 
after early 
bond losses 


Wall Street 

US stocks eased slightly across 
the board yesterday morning 
following a modest decline in 
government bond prices, unites 
Patrick Hanerson in New 
York. 

By 1 pm. the Dow Jones 
Industrial Average was down 
12.79 at 3,643.62. The more 
broadly based Standard & 
Poor's 500 was also weaker, 
down 2.65 at 443J6, while the 
American Stock Exchange 
composite was off 0.72 at 434.47 
and the Nasdaq composite 4.04 
lower at 720.96. Trading vol- 
ume on the NYSE was 153m 
shares by 1pm, and declines 
comfortably outnumbered rises 
by 1,167 to 745. 

After Tuesday's solid gains, 
the stock market failed to 
maintain its upward momen- 
tum, primarily because the 
bond market - the main driv- 
ing force behind share prices 
this year - suffered early 
losses. Although the selling of 
bonds was mostly doe to ner- 
vousness ahead of the after- 
noon auction of S12bn In 10- 
year notes, rather than any 
change in underlying funda- 
mentals, it was enough to push 
the yield on the 30-year bond 
over IS per cent once more. 

That rise in long-term inter- 
est rates unsettled equity 
investors, and shares edged 
lower soon after a flat opening: 
Prices also fell because Tues- 
day's advance was judged to 
have been little more than a 
technical rally following ear- 
lier weakness. Analysts noted 
that sentiment in the stock 
market remained subdued, 
with most investors bracing 
themselves for another interest 
rate increase from the Federal 
Reserve. 

The decline in the Dow 
would have been bigger had it 
not been for the rise in Cater- 
pillar. The group, which is one 
of the main components of the 
Dow, climbed $1% to $108% 
after the brokerage house Mer- 
rill Lynch raised its intermedi- 
ate-term rating on the stock 


FINANCIAL TIMES 


Thursday May 12 19! 


EUROPE 


Bundesbank cuts make some strategists happy 


from “above average" to "buy”. 

Two sectors which led the 
market higher on Tuesday, 
computer and car stocks, ran 
into concerted selling. Compaq 
slipped $2% to $106%, IBM $Vi 
to $57%, and Digital Equipment 
gave up $% at $21%. General 
Motors, meanwhile, fell $% to 
$54%, Chrsyler $% to $45%, and 
Ford to $58%. 

Conner Peripherals slumped 
$1% to $12% in volume of 
almost 2m shares on news that 
Iomega Corp bad filed a patent 
infringement lawsuit against 
the company, challenging its 
new backup tape drive. 
Iomega, quota! on the Nasdaq 
market, held steady at $2%. 

Also on the Nasdaq, Micro 
Focus Group soared $3% to 
$16% after the company 
reported an improvement in 
first quarter net income and 
forecast continued growth in 

gaming s 

Canada 

Toronto stocks edged higher at 
midday, supported by strength 
in precious metals and media 
stocks. 

The gold and silver index 
had risen 204 M, or 2.15 per 
cent to 9,716.15 on firmer gold 
prices by midsession, while the 
TSE-300 composite index was 
up 3-83 at 4093.75. 

Volume was 47.63m shares 
valued at C$283 .22m as 
advances outpaced declines by 
288 to 277, with 294 issues 

nnnhangpd 

Mexico 

Mexican stocks were given 
encouragement in early trad- 
ing by a cut in interest rates - 
the 23-day Cetes. or treasury 
bill, being trimmed by 47 basis 
points to 16.02 per oent 

The IPC index rose 11.25, or 
0.5 per cent to 2^2L34 in vol- 
ume of 16.76m shares. 

Activity among investors 
remained muted ahead of 
today’s televised debate among 
candidates for the presidential 
election, which takes place 
later this year. 


The Bundesbank made a 
number of strategists happy 
yesterday, with its cuts of 50 
basis points in the German dis- 
count and Lombard rates, 
writes Our Markets Staff. 

Mr James Cornish, European 
market strategist at NatWest 
Securities, said the Bundes- 
bank had helped to create con- 
ditions in which the US Fed- 
eral Reserve could increase US 
short-term interest rates, and 
ease the global pressure on 
bond prices. 

Bourses thought the same 
way, initially, extending Tues- 
day's gains; but the lack of 
immediate action from the Fed, 
and the approach of the Ascen- 
sion Day holiday today, led 
them into more cautious atti- 
tudes fa y the e nd of the day. 

FRANKFURT, where the 
Buba cuts came closest to 
home, had little time to 
respond during the session. 
The Dax index moved up 848 
to 2,243.63 on the official day, 
but It held its gains and 
improved on them sli g htl y in 
the post-bourse, where the Ibis- 
indicated Dax ended at 2^48.02. 

Metallgesellschaft rose 
DM17, or IS per cent to DM243 

ASIA PACIFIC 


on a few small buy orders, and 
talk that a major Swiss bank 
had upgraded its recommenda- 
tion on the stock. 

In shipbuilding, Bremer Vul- 
kan shares closed DM130, or 
■15 per cent higher at DM100.50 
after news that the company 
expected a siring to profit in 
1994 after a loss last year. 

Turnover rose from 
DMTBSbn to DMSjjbn. The big 
energy and rfigralcaiB group, 
Veba, which lifted the market 
with its first quarter results an 
Tuesday, climbed another 
DM9.70 to DM537. 

PARIS trimmed its interven- 
tion rate early in the day, 
before the news from Ger- 
many. The combination of 
events, along with expectations 
that a further rate cut will 
come next week, helped the 
CAG40 index to a rise of 11.76 
at 2,176.74. 

Turnover was nearly FFrtfbn. 

Positive economic data - a 
rise in industrial productivity 
- was an added bonus, accord- 
ing to James “The man- 
ufacturing recovery is getting 
under way", said the broker, 
“and, given the buoyant opti- 
mism of surveys for March, and 


FT-SE Actuaries Share Indices 


May 11 THE BJROPEAN SERES 

Hoopy cawya ppm tax itfltt 1200 tUB HM l&OC Paw 

FT-SE EmMS 100 W39J8 14SU1 1460.15 1*5754 14800 14550 1*5407 1458.12 

FT-SE SMB** 200 147B24 7477.2? 1477,77 WVO 147677 147339 147238 147X48 

Mg 10 My 9 Hite 6 *y 5 May * 

FT-SE Onnc* 100 14553B T437J0 MS0B3 1448.10 144705 

FT-SE ErtftYk 200 147135' KS2A4 1405.18 1468.74 145B36 

8» low canoe® wrt* too u»« wn.*B mo - ions 


April, the recovery has almost 
certainly gained farther 
iwnw]pwti¥ffl i <gTTvi» February". 

BSN continued to rise follow- 
ing its statement on Tuesday 
that it was planning a series 
an international acquisitions, a 
gain of up FFr16 to FFr885 
bringing its rise to 4 per cent 
on t he wee k so for. 

AMSTERDAM rose following 
the German rate cut, with the 
AEX index up 2S8 at 41257. 

But there were other matters 
on investors’ minds. Royal 

TVn tfth slightly disappointed fhp 

market with, its first quarter 
results and the shares shed 
30 cents to FI 205.70. Aegon, 
the insurer, was one of the ses- 
sion’s best performers, adding 
FI 2^0 at FliOLOO as it 
reported a 13 per cent increase 


in first-quarter profits. 

ZURICH closed early ahead 
of today’s holiday, and was 
unable to reflect the German 
cuts. The blue chip, SMI index 
held Tuesday's recovery and 
rose another 5.4 to 2.634.4. but 
it dosed well below the day’s 
high of 2,659.7. 

Banks closed steady. Insur- 
ers were firm after Winterthur 
and Zurich Insurance reported 
surprisingly strong 1993 earn- 
ings growth earlier this week, 
the companies in question ris- 
ing SFrl9 to SFr689, and SFr22 
to SFr 1,255 respectively. 

In chemicals, Roche certifi- 
cates recovered SFr5 to 
SFr6,335; bat their recent 
weakness continued after 
hours, with a fell to SFr6,3lO 
in London. Nestle registered. 


meanwhile, fell SFrl2 to 
SFrl.102. 

MADRID saw Mr Felipe 
Gonzalez few parliament again 
to address the corruption cases 
which have bedevilled the 
socialist government- But 
unlike last week, when a confi- 
dent prime ministerial perfor- 
mance the market, yes- 
terday closed with little 
response. 

The general index dosed just 
0,49 Mgfaw at 32L48 in turn- 
over of PtaS2hn. Construction 
stocks did best, Urallita rising 
PtaSO, or 6.7 per cent to 
Ftal.430, and Cubiertas Pts520, 
or 48 per cent to Ptall.432. 

MILAN dfwtfe H that the t ime 
had come to take profits after 
the prime minister, Mr Silvio 
Berlusconi, finally announced 
the members of bis cabinet. 
The market was not swayed by 
an easing in interest rates by 
the central bank, and the 
Comit index ended down 7.10 
at 810.07. 

Mr John Stewart of Inter- 
Europa in Milan commented 
that the new administration 
still bad to dear one hurdle - 
ratification of the cabinet by 
the senate on Monday. 


Bank of Italy was expected to 
maintain its policy ami fore- 
cast that short-term rates 
could decline by up to 75 
basis points by the end of 

September. 

Ahead of its results due out 
today. Fiat slipped L230 to 
L7.010, while Fondiaria was ofi 
LS80 or 5 per cent at LlSATOfo 
reaction to Tuesday's dlsan. 
pointing figures. 

STOCKHOLM, which dosed 
early ahead of today's holiday, 
strengthened moderately fo 
trading dominated by Ericsson 
and Volvo. The Afftrsvflridaa 
general index added 5.4 to 
1.505.L 

Turnover rose to SKrabn 
from Tuesday's SKrLSbn. 

Ericsson, which cHsappauted 
analysts with its first quarter 
results, announced on Tues- 
day, traded, ex a dividend & 
SKri.50 and closed the day cO 
SKr4.QQ at Skr336.0a 

Volvo jumped SKrl2 to 
SEr732 on rising expectations 
afraari of its first quarter earn- 
ings which are due next week. 

Written and edited by WHRam 
Cochrane end John Pitt 


Nikkei back over 20,000 as region reviews its appeal 





t' p“ ,h ‘' 

Ko"! 

fc* 


Tokyo 

Further strength in the HnUar 
against the yen took the Nik- 
kei 225 average above the 
20,000 level for the first time 
since April 19, writes Emiko 
Ternzono m Tokyo. 

The index advanced 23235. 
or 13 per cent, to 20,150.13. It 
opened at the day's low of 
20301.10 and reached a high of 
20319.84 just before midsession 
on active buying by foreign 
investors and arbitrageurs. 

Overnight gaiwn on the US 
stock and bond markets, and 
the dollar’s rise above the Y104 
level against the yen, heart- 
ened investors. Rumours of 
credit tigh tening in the US and 
a cut in interest rates in Ger- 
many prompted buying erf the 
dollar, while active dollar pur- 
chase intervention by the Bank 
of Japan also helped the yen to 
weaken. 

The Topix index of all first 


section stocks gained 1731 at 
1.635.04 and the Itfkkel 300 rose 
339 to 299.59. Advances led 
declines by 795 to 226, with 158 

j fiCTiaq iTnohiing wt Tn London 

the ISE/Nikked 50 index put on 
4.44 at 1MIS&. 

Some analysts said that yes- 
terday's easing of the yen was 
not enough to boost prices fur- 
ther. Mr Rod Smyth, strategist 
at Baring Securities, said that 
the Nikkei would remain 
within a range of 18,500 to 
21,000 in the short term. "We 
need something more signifi- 
cant for the Nikkei to break 
that range,” he said, adding 
that evidence of a sustainable 
economic recovery In mid to 
late summer would support 
equities. 

High-tech stocks firmed on 
the lower yen, with Hitachi 
moving up YI6 to Y974 and 
Sony Y250 to Y5J80. Car issues 
were also higher Toyota Motor 
rose Y40 to Y2.010 and Nissan 
Motor Y13 to Y863. 


Fuji Bank advanced Y60 to 
Y2.380 and Bank of Tokyo 
added Y30 at Y1340 on arbi- 
trage purchases. 

Non-life companies gained 
ground on reports that they 
would lift rates later this year 
Tokio Marine and Fire appreci- 
ated Y40 to Y1J330 and Sumi- 
tomo Marine and Fire firmed 
Y20 to YlJXX). 

Some retailers encountered 
profit- taking . Daiei. the largest 
supermarket rfiah^ lost Y2Q at 
Y1.740 and lio-Yokado declined 
Y20 to Y5,410. 

In Osaka, the OSE average 
improved 24&S9 to 2232736 in 
volume of 33m shares. 

Roundup 

Overnight recovery in the US 
equity market allowed most of 
the region's stock markets to 
look at their attractions, rather 
than their drawbacks. 

HONG KONG recalled that it 
was on a market price/eamings 


ratio of only 12 when it 
touched a recent low of 8300. 
Institutional buying intensified 
and the Hang Seng index accel- 
erated its recovery with a rise 
of 366.07, or 43 per cent, to 
8306-16. 

Brokers said activity in 
futures contributed to the rise 
as overseas fund managers 
snapped up key index compo- 
nents such as Hong Kong Tele- 
com, which climbed 60 cents to 
HK$14.70 and HSBC, up 
HES230 at HKS85. 

Heavy futures turnover was 
echoed by a preliminary 
advance from HK$3.0flbn to 
HK$5.06bn in the cash market 
Cheung Kong, whose p/e ratio 
was as low as seven times 
recently, topped the active list 
as it strengthened HKS2.25, or 
6.4 per cent, to HKS3735. 

SYDNEY liked the lack of 
surprises in the federal budget 
and the All Ordinaries index 
dosed 26.4 higher at 2,0343 in 
turnover of A$896.4m. News 


Corp improved 10 cents to 
A$83l after a fell of 24 cents 
on Tuesday. 

CRA soared 52 cents to 
A$17.14 and BHP 40 cents to 
A$16.68 as firmer commodity 
prices continued to push the 
resource sector higher. MIM 
climbed by 21 cents to AJ3.07 
and topped the volume charts 
with U.16m shares changing 
hands; yesterday's price on the 
opposing page was in error. 

SEOUL scraped its way to a 
sixth successive gain, the com- 
posite index closing L51 ahead 
at 94831 after a day’s peak of 
95530. TAIPEI ended above the 
6.000 resistance level on late 
buying in industrials, tbe 
weighted index adding 87.10, or 
13 per cent, at 6324.47 as turn- 
over expanded from T$57.05bn 
to T$6136bn. 

MANILA was led higher by 
the US-quoted telephone stock 
PLDT, and while profit-taking 
pared its gains the composite 
index ended 3832 stronger at 


2,95237. PLDT finished 30 *' 

pesos up at 1360 pesos, after a 
high of 1380. 

WELLINGTON put in a nota- 
ble rally in line with other 
world equity markets, gains in 
US treasuries, and Austral- -« v~ * J ' 

asian debt markets after the 
Australian budget. The ' - 

NZSE-40 index closed 3326 4 

ahead at 236334. j 1 

KARACHI dropped sharply, f 

down for the fourth straight j J| 

session on nervous selling by 
short-term players. The KSE * ?"§§ 

100 index finished 5535, or 23 - ’. 
per cent, lower at 248237. j */ I 

— — , - 1 b jg 

SOUTH 'AFRICA '' g^lp 

Local bargain hunters lifted 
industrials from morning 
lows, but gold shares cootin- : " 
ued to drift in fear of a bullion 
price retreat. The overall ' 

Index added 16 at 5,456, tncor- ' 
pointing an industrial index j - i: n 

81 better at 6,640 and golds 14 1 . 
points lower at 1377- J L-. 


Taking the pioneer trail to Cambodia 




By John Pitt 

T he attention of the 
global investor in 
emerging markets is 
turning more and more to the 
exotic. As some of tire estab- 
lished markets - such as Tur- 
key and India - have felled, so 
far, to sustain in 1994 the sort 
of returns that made Orem glit- 
tering successes last year, 
such an attitude might appear 
reasonable. In the case of Mor- 
gan Stanley’s Mr Barton Biggs 
it is more like being a pioneer. 

In a research note published 
recently on Cambodia, Mr 
Biggs, the US investment 
bank's director of global strat- 
egy, suggests that investors 
"have one chance in three of 
making no money or losing 
their entire investment in the 
next five years, because the 
country’s survival is still at 
risk: one chance in three of 
making 500 per cent; and one 
chance to three of realising a 
1,000 per cent gain”. 

Of course, there are certain 
barriers at present to any sort 
of foreign investment - to 
begin with the country does 
not yet have a stock exchange. 

This Is not a problem, says 
Kir Biggs. "The adventurous 
can acquire real estate, or 


EMERGING MARKETS: IFC WEEKLY INVEST ABLE PRICE INDICES 


DoBar terms 


Local currency (arms 


Latin America (210) 56339 -63 -13.4 

Argentina (SSI 871.17 -0.7 -12.4 634371.11 -0.7 -12 A 

Brazil (57) 205.51 -183 -11.7 394325396.6 -123 +288.6 

Chile (25} 58135 -23 +73 1,008.48 -23 +63 

Colombia' (11) 930.45 +23 +443 138531 +33 +493 

Mexico (69) 81331 -4.7 -18.7 1,16020 -33 -133 

Peru* (11) 14832 +43 +223 197.67 +4.7 +243 

Venezuela 5 (12) 52830 -23 -10.7 1382.71 +2.7 +11 A 

Asia (557) 24015 -1.1 -173 

China 4 (18) 89-80 -53 -400 98.13 -5.4 -402 

South Korea? (158) 12834 +43 +9.7 13733 +4.6 +9.4 

Philippines (18) 291-39 +33 -14.4 374.45 +43 -15.7 

Taiwan. China* (90) 13428 +43 -07 133.19 +43 -04 

IncSa 7 (76) 12238 +03 +53 13000 +0.1 +53 

Indonesia* (37) 8530 +03 -232 11227 +03 -21.1 

Malaysia (105) 265.04 -3.1 -213 258.42 -4.4 -233 

Pakistan 8 (15) 38530 -2.0 -05 53336 -23 +13 

Sri Lanka’* (5) 16030 +43 +1.7 19231 +43 +0.7 

Thailand (5 5} 348.74 -23 -26.8 34931 -2.4 -273 

Eura/Md East (125) 103.75 +23 -307 

Greece (25) 24639 -13 +8.1 407X8 -03 +6.0 

Hungary" (Si Z12.44 -03 +273 281.77 +02 +29.7 

Jordan (13} 17039 +5.1 +23 245.03 +4.7 +23 

Poland® (12) 65237 -13 -202 82233 -1.7 -16.4 

Portugal (25) 12130 -53 +7.1 14348 -43 +33 

Turkey* 1 (40) 7530 +143 -64.5 1,18333 +12.4 -183 

Zimbabwe* © 27235 -0.0 +548 32238 +02 +508 

Composite (892) 294.40 -3.7 -172 

WtaB+g aihim i waokljr ehmvu mo pmamuto a mnm n ant tom gupntious BumdtttKOte tom-lOO moaof torn mbit 

wftfca ora: (IjFift 1 >001: 0O*c 31 1 992 CTJan S 1090; WOac 31 19966 P#3rt 3 199SS fiUan 4 1891: (TV** a 1393; (HJS ap 30 1900; fifUr 1 HSI; flOJ 
Ok Jl 19066 pip*: 31 IS 9® PZ Ok 31 1093: P3)Au p * >98* 04** 2 1833. 


approach companies directly 
and buy stakes. The Ministry 
of Finance and central bank 
[havej plans to privatise power 
and telecommunications in the 


■near future and a stock 
exchange Is clearly ou the 
drawing board." 

For the moment, fundamen- 
tals are Improving: a new gov- 


ernment has reduced inflation 
from 200 per emit to virtually 
nil, the currency has been sta- 
bilised and 1993 GDP growth 
was 6 per cent 


FT-ACTUARIES WORLD INDICES 


Jointly compiled by The Fkundal Times Lid.. Goldman, Saris & Oa and Namtest Securities Ltd. in ccrjuncHon wfth the JnsttutD at Actuaries and the Facrily of Actwries 
NATIONAL AM3 


REOtOHAL MARKETS 
Figaros In pa rentheses 


— — TUESDAY MAY 10 IBM ■ 

US Day’s Pound u 


MONDAY MAY 9 1B94 ' 


' DOLLAR INDEX - 


US 

Dollar 

llXlOK 

Pound 

Starting 

Indm 

Yen 

index 

LCKSStf 

DM Currency 52 week 52 week 
Index Index Hah Law 

Year 

ago 

(approx} 

16438 

16233 

10630 

14139 

151.75 

189.15 

130.19 

136.47 

17332 

17237 

11231 

14835 

14937 

185.41 

13833 

141.m 

174.46 

17239 

11844 

15036 

14ft 70 

17637 

14132 

14631 

12731 

125.87 

8239 

109.47 

12635 

14531 

12148 

12734 

25633 

25404 

16630 

22033 

228.18 

275.79 

20738 

220.83 


Australia (69) 1BS.19 US 16426 106.49 1+3AT 151.88 0.1 3.81 1&L39 182J33 106AO 141.89 151.75 189.15 130.18 136.47 

Austria (17) 173.89 03 172.71 11437 15034 150.44 0.7 03S 17332 17237 11231 14835 149.47 185.41 13933 141.52 

BrijAim (42) 172.90 -0.6 17231 113.61 15024 146.68 -0-1 3.72 174.46 172JBB 11344 1S026 146,78 17B37 14132 14&S1 

Canada (106) 127.78 0.6 12736 83.92 11036 127.44 04 2.65 12731 125.87 8239 109.47 12635 14531 121.46 12734 

Denmaric (33) 25430 -07 253.08 187.15 22133 226.17 03 036 25633 254,04 15830 22033 228.18 275.79 20736 22063 

Finland (23 14B.78 -0.7 14732 97.70 129.10 16048 03 033 14832 14&49 97.43 12013 169.42 15672 5054 96.63 

France (98) 17435 03 17337 11430 15134 15730 1.0 237 17435 172.79 11338 15027 15039 16537 14060 166.10 

Germany (58) 142.65 -02 142.05 9332 12436 12430 0.6 136 14010 14132 B336 12334 12334 147.07 10739 11072 

Hons Konfl (50) 34738 13 345.82 22048 302.13 345.06 13 008 34333 34078 22339 28036 3+1.11 606SS 27132 27338 

Ireland (14) 1B430 -03 16336 12134 160.06 178.76 -02 337 185.70 18404 12070 16006 179.11 20933 15633 157.70 

Italy 160) 97.78 13 9733 6432 8432 11044 1.7 131 98.46 9530 62.73 63.14 11430 97.78 6738 8832 

Japan (46$. 15537 -05 154.99 10237 13&37 10237 03 a 79 156BS 15639 10139 13335 10138 1JKL91 12434 1453? 

Malaysia (96) 47138 1.3 46930 30930 40931 475,40 13 133 465.68 46132 30233 40138 46037 62133 31231 323 08 

Mesdco(1W 184439 -13 163338 1211J7 1601.71 6894.63 -13 1.16 1882.09 184644 121036 160432 677937 2M7M 1481.17 151337 

NMheriand(2E) — 201.63 02 20050 132.43 17012 17230 13 025 20)38 19048 13038 17348 17036 20743 16330 16871 

New Zeatand (14) 6434 -04 6338 4238 55.88 5833 -03 436 04,57 64,00 4139 5536 68.19 7738 4832 4070 

Ncnray 123) 192.92 0.0 19133 126-70 18734 18934 03 1.75 19230 191.16 126A4 18636 18833 206^42 15031 157.78 

Singapore («4) 335,79 Ol 33330 22054 29133 24024 02 137 39530 33230 2I&23 S882S 239.67 37832 2S8.62 33832 

South Africa pH) 26843 0.0 26632 17630 23813 27869 03 222 288.43 26804 17436 23138 278.69 28026 17S38 18837 

Spain (42) 141.12 13 14032 9068 12235 14873 2J3 4.06 13886 13734 9031 11870 14842 15879 11833 127.11 

Sweden f36l -223.73 -03 222.47 (4634 «9431 256>I3 OA 13S 23431 22840 14533 19142 25842 23002 16335 17857 

Swtt2Briond (389 — 15133 1.0 150JS4 9943 131.48 134.12 23 130 14331 14637 9748 12821 131.48 17866 121.14 121.14 

United Kingdom (205) 19132 0.7 19084 129.05 165.69 19084 1.1 338 19051 18831 12339 18430 16831 21436 17032 17023 

USA fflfl 191.64 88 18031 11029 157.75 181.64 08 234 18013 17QS2 117.14 16025 18013 19004 17095 18138 

EUROPE (724) 169.60 05 168.64 11138 14739 160M 14 2^ 16076 16737 103.7S 14847 1G833 17866 14138 14431 

ftodfc(114|™ 211.7S -04 21063 130,06 18338 21115 03 133 212.68 210.78 13129 18339 21134 22060 15632 16049 

Padllc Baan (750) 16826 -03 16234 10732 141.79 111.84 05 138 163.78 18232 108.50 141.16 11136 16060 134.70 148.17 

Euro- Pacific (1474) 165.74 03 164.81 10835 14334 13087 03 135 165.71 16433 107.78 14232 12070 17078 14138 147.14 

Noth America (825) 17029 03 17738 117.10 15434 17739 08 233 17093 17025 114,98 1SZ41 17046 182.73 17537 177.70 

Europe Ex. UK 1519) 15362 0.3 152.78 10090 13342 14137 1.1 026 153.12 161.76 9937 13137 138.78 157 A7 12237 12439 

Padfic Ex. Japan (281) —238.87 0.8 33533 15537 205,72 21438 03 078 23430 23230 152.75 20236 212.75 29021 181.48 181,46 

Worid Ex. US (1657) 168.84 0.0 165.70 1DB.44 144.72 133.73 07 137 166.80 16011 10834 14336 132.79 17231 14234 14737 

Worid Ex. UK (1071) 16836 03 167.61 110.70 14S38 144.73 07 2.07 168.12 168.62 10932 14430 143.70 17538 15332 15009 

world EX. Sa A/. (27 17) 170.03 03 16S.07 111.87 14737 147.88 03 Z2S 16930 10730 11032 14639 14375 17836 16630 15730 

WbridEx. Japan P707) 18060 0.7 17B38 11635 186.76 17538 03 237 17931 177.70 11060 15434 174.17 18020 165.70 16638 

Tile WBriri tedfls (217E) 17033 0.3 .19936 11236 14318 14834 03 225 17ft,1Q 18838 11031 14831 147.73 17837 7!g.l7 15737 

Copyright. The finawiai T«w Ltmnea, GoUnan, Sachs and Os. and NsiWMt SacurUoa LMWed 1887 

CemStMrt Change whti aflect iSTSiM: Addtnc RoutaradM fining. Han* etange tUStte Nova Coro « Mbsns to Nm Coro (Canodi). latest pricn mw unMttMs tor Ate mbol South AMcan 
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