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FINANCIAL TIMES 




Europe’s Business' fle\vspai>er 


FRIDAY MAY >13 1994 




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Downturn pushes Struggle likely over succession ■ Pressure eased on Major as PM IBM claims 
Fiat to record _ - — - advance in 

recording 
technology 
for CDs 


. ■ , ' c «*:»' 



Fiat to record 
$1.1 bn net loss 

Italian industrial group Hat announced the biggest 
loss in its 95-year history, and decided not to 
i pay a dividend on ordinary shares for the first 
time since 1947. The worldwide economic downturn, 
in particular in Fiat’s core vehicle marfcBt, drove 
the group Into a net loss of Ll,7S3bn (SLlbn) in 
1993, compared with a profit of L551bn in 1992 . 
However, the group pointed to signs of recovery 
in the first quarter of 1994, and has drawn hope 
from faint signs of an upturn in the car market. 
Page 19; Recovery in car sales falters. Page 3 

Senate votes to end Bosnia arms embargo: 

The US Senate voted to break the UN embargo 
on aims shipments to the Bosnian Moslems, adding 
to pressure on President Bill Clinton to become 
more aggressively involved in the Bosnian conflict. 
The House of Representatives still has to vote 
on the issue. Page 18 

Chaos deepens at Africa bank: The African 
Development Bank sank further into chaos as 
its African and other owners failed to agree on 
action to combat mounting arrears, poor lending 
policies and disruptive feuds between senior offi- 
cials. Page 18; Bank meeting runs into the sand. 
Page 4: Editorial Comment, Page 17 

Chrysler protests over electric cars: 

Chrysler, North America’s third largest carmaker, 
called on California to drop legislation requiring 
minimum numbers of electric cars to be sold 
in the state from 1998. claiming that battery tech- 
nology is Insufficiently advanced. Page 7 

India delays test before Kao’s US visit 

Tndfa said it had post- 
poned a missil e test 

ahead of a six day 
visit by prime minister 
P.V. Narasimha Rao 
(left) to the United 
States, bat said there 
was no intention to 
stop missile t rials in 

spite of pressure from 
Washington. The US 
has been pressing 
both India and Pakistan 
to Cap their nuclear progr ammes , but the action 
has caused a furore in the Tndian m edia and politi- 
cal opposition. Rao is due to meet President Clinton 
on May 19. Rao tries to build bridge. Page 4 

Grand Met ifisdoses £40m cost: Shares 
in the international drinks and food giant Grand 
Metropolitan fell as thegroup.disclosed that des- 
tocking in- toe DS drinks market was likely to 
cost it £4Qm this year. Page 19; Lex, Page 18 

Business chiefs hi US-Japan talks: US 

and Japanese business leaders, frustrated by 
the lack of progress in trade talks, are planning 
proposals on how access to Japan’s market can 
be measured and increased. Page 8 

Greek socialists in U-tum: Greece's socialist 
government, which has already abruptly reversed 
its policy against privatisation, plans to reappoint 
the international investment bankers. Credit 
Suisse First Boston, it recently accused of demand- 
ing excessive fees. Page 3 

Bad loans hit Hungarian bank: Kereskedelmi 
Bank, Hungary’s second largest commercial bank, 
plunged to a Ft46bn ($450m) loss in 1993 after 
taking a heavy charge for bad loans. Page 19 

NEC and Bull discuss fink: Japanese 
electronics company NEC and Bull of France 
are discussing sharing the burden of developing 
a range or computers. Page 6 

Foreigners wart to leave Yemen: Foreign 
nationals awaiting evacuation from Yemen gath- 
ered at Sanaa airport as fears grew that the civil 
war would soon engulf the country. Page 4 

Bristol-Myers Squibb, second largest US 
pharmaceuticals company, joined the dash for 
corporate deal-making by baying a 25 per cent 
stake in German manufacturer Azupharma. Page 19 

Lloyd's Names to borrow on profits: Lloyd's 
Names are to be allowed to borrow against this 
year's expected profits to help them meet an expec- 
ted £2.5bn (S3.7bn) in losses for 1991. Page 9 

Crackdown on computer software theft: 

Local police have raided companies and markets 
in Spain, Portugal, Italy and Poland during the 
past month as part of a Europe-wide crackdown 
an illegally copied computer software. Page G 

Formula One driver Injured: Austrian Earl 
Wendlinger, 25, was in a critical condition with 
a serious head injury after crashing during practice 
for Sunday’s Monaco Grand Prix. 

■ STOCK MAHKgT jjjjjggS ■ STBMW 
FT-SE 100: .3137.8 {*7.3 Mew York lunchtaB: 


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S&P Composted 44385 

U US UlWCHTtlflE RATES 

Federal Finds: — 3fr% 

3-mo Tress BOX YH -4211% 

Long Bond B4Ji 

Yield -7.524% 

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Death of Labour 
leader leaves UK 
politics in turmoil 


By Pftffip Stephens, 

Political Editor, in London 

The sudden death of Mr John 
Smith, leader of the opposition 
Labour party, yesterday trans- 
formed Britain's political land- 
scape. opening up the prospect of 
a protracted struggle to choose 
his successor and easing the pres- 
sure on Mr John Major's premier- 
ship. 

The news of his death, after a 
heart attack at his London flat, 
stunned Westminster. It brought 
grief and confusion as it quickly 
became clear that the political 
implications spread far beyond 
the opposition. 

His party was looking forward 
to following a strong perfor- 
mance in month's local elec- 
tions with a decisive victory in 
next month's elections for the 
European parliament, and - with 
a big opinion poll lead - to win- 
ning power at the next general 
election. 

The 55-year-old Mr Smith had 
suffered a serious heart attack in 
1988 but recovered fully after by- 
pass surgery. He was the over- 
whelming choice of the party 
when Mr Neil Kinnock stood 
down as leader after Labour’s 
defeat in the 1992 general elec- 
tion. 

Mr Major led a chorus of trib- 


Page 8 

■ Major’s future seen as 
more secure 

■ Political shock waves rock 
right and left 

■ Strain may show during 
Euro-elections 

■ Joe Rogaty Page 17 

■ Editorial Comment Page 17 

utes that spanned the political 
divide. Many of Mr Smith's 
shadow cabinet colleagues were 
unable to contain their grief at 
the loss of one of the most 
respected politicians of his gener- 
ation. 

As the government suspended 
all parliamentary b usine ss in def- 
erence to Mr Smith's family, Mr 
Major described Mr Smith as an 
"outstanding parliamentarian". 
His death was “the waste of a 
r emarkable pol itical talent”. 

Praising his honesty, integrity 
and brilliant House of Commons’ 
style, Mr Major added: *1 shall 
think of him as an opponent not 
an enemy and when I remember 
him I shall do so with respect 
and with affection." 

The Queen sent a personal 
message of sympathy to Mrs Eliz- 


abeth Smith , his widow, and her 
three daughters. Mr Kinnock 
spoke of the "massive injustice" 
that Mr Smith had been deprived 
of the chance to lead his country. 
Mr Paddy Ashdown, the Liberal 
Democrat leader, spoke of Mr 
Smith’s "sharp wit and deep per 
sonal warmth". 

Mrs Margaret Beckett. Labour 
deputy leader who took over as 
acting party leader, was heard in 
stunned silence by hundred of 
MPs as she offered an emotional 
tribute from the Commons des- 
patch box. 

Mr Smith was pronounced dead 
at St Bartholomew's hospital yes- 
terday morning after being 
rushed by ambulance from his 
fla t, in Loudon’s Barbican com- 
plex. He had suffered at least one 
and perhaps two heart attacks. 
After an emergency meeting of 
the shadow cabinet Mrs Beckett 
announced that the party would 
halt all campaigning for next 
month's European elections until 
after Mr Smith's funeral next 
week. Labour hopes the Conser- 
vatives and the Liberal Demo- 
crats will do the same. 

It also deferred until later this 
month any move to begin the 
complicated electoral procedures 
to choose a successor. But at 

Continued on Page 18 



John Smith: He was ‘deprived of the chance to lead his country’, said 
former Labour party leader Neil Kinnock pcm umna pt»w p m 


Fall in output prices lifts US bonds and shares 


By Michael Prowse 
in Wa sh ington 

US bond and share prices 
rebounded yesterday following 
reports of an unexpected decline 
in producer prices last month - a 
sign that the strong economic 
recovery is not yet putting much 
upward pressure on inflation. 

Bond traders also reacted posi- 
tively to news of an unexpected 
dip in retail sales. The decline, 
however, did not appear to indi- 
cate any loss of underlying eco- 


nomic momentum because sales 
figtaes for March were revised up 
substantially. 

Most Wall Street analysts still 
expect the Federal Reserve to sig- 
nal another increase in 
short-term interest rates next 
week in order to bolster the dol- 
lar on foreign exchange markets 
and prevent rapid economic 
growth eventually translating 
info hl ghpr inflation 

By midday in New York, the 
benchmark 30-year long bond 
was up a paint pushing the yield 


down to 7.497 per cent. As in 
recent days, share prices took 
their lead from bonds, with the 
Dow Jones Industrial Average 
gaining 26.48 to stand at 3,655.52 
at noon. 

The producer price index fell 
0.1 per cent last month and by 0.4 
per cent in the year to April, 
indicating that the recovery is, as 
yet putting little upward pres- 
sure on wholesale prices. 

Most forecasters had expected 
an increase of about 0.2 per cent 
last month. The Commerce 


Department said retail sales fell 
0.8 per cent in cash terms last 
month, against Wall Street pro- 
jections of an increase of about 
0.3 per cent 

However, the level of sales was 
higher than expected last month 
because figures for March were 
revised up substantially to show 
a gain of 1.7 per cent rather than 
the 0.4 per cent reported earlier. 

In the three months to April, 
retail sales were 8.6 per cent 
hi gher than in tha same period 
last year. Many analysts expect 


the Fed to signal a half-point 
increase in short-term rates to 
435 per cent next Tuesday follow- 
ing a meeting of its policy-mak- 
ing open market committee. 

Some, however, predict an 
increase of only a quarter point, 
in line with the previous three 
tightening moves. “The Fed will 
raise rates by half a point 

Continued on Page 18 
Lex, Page 18 
International bonds. Page 24 
Currencies, Page 36 


By Alan Cane in London 

Scientists in the US are claiming 
a breakthrough in recording tech- 
nology which nukes it possible 
to store several movies. 12 hours 
of music or lm pages of printed 
text on a single compact disc. 

The breakthrough could mark- 
edly influence (he development 
of the "multimedia" revolution 
which promises to deliver new. 
interactive varieties of entertain- 
ment and information to televi- 
sion screens in the home and 
office. 

It could also revolutionise' the 
storage and retrieval of business 
information. At present compa- 
nies store regularly used infor- 
mation in magnetic disc drives or 
"jukeboxes" of optical compact 
discs. 

The new technique, developed 
by researchers at International 
Business Machines' Almaden 
research centre in San Jose. Cal- 
ifornia, will multiply tenfold the 
amount of data that can be 
stored in a given space. Any item 
can be retrieved within 10 sec- 
onds, the researchers say. 

Video games, training pro- 
grammes and other multimedia 
applications should benefit from 
the enhanced quality of image 
and sound made possible by the 
IBM technique. 

The essence of multimedia 
technology is the transformation 
of information of all kinds - 
video images, music, text and so 
on - into the digital computer 
language of bits and bytes in 
which it can be manipulated by 
computer and transmitted over 
telecommunications lines. 

Storage of bits is expensive. 
Optical disc technology, in which 
lasers “read” marks on the metal- 
lised surface of a compact disc, 
has so far proved the most 
cost-effective solution. 

The IBM breakthrough has 
been to glue individual compact 
discs together to form layered, 
three-dimensional stacks. Infor- 
mation anywhere in the stock 
can be read by focusing the laser 
beam on the appropriate layer. A 
10-layer disc could store more 
than lm pages of text. 

As the technology develops 
“you could carry’ a small library 

Continued on Page 28 


Paris resists ‘strong-arm’ 
tactics in Orly route row 


By Paul Betts In London 
and John Ridding in Parts 

Britain’s confrontation with 
France over access to Orly air- 
port in Paris heated up yester- 
day. The British government 
gave “fiill support” to UK carri- 
ers planning to start services 
from London to Orly on Monday 
while the French government 
said it would not bow to “strong- 
arm tactics". 

The row threatens to under- 
mine European efforts to liberal- 
ise air transport and to provoke 
fresh strains within the Euro- 
pean Union. 

Britain's Department of Trans- 
port said it was taking legal 
advice over possible retaliation 
should France ban UK airlines 
from landing at Orly on Monday. 

“We are quite convinced that 
under European Union rules UK 
carriers have the right to fly to 
Orly,” a British government offi- 
cial said, adding: "What we do 
ultimately depends on what hap- 
pens on Monday." 

Mr Bernard Bosson, French 
transport minister, said Paris 
rejected the “strong-arm tactics" 
being used by British Airways 
and Air UK confirming Wednes- 
day’s declaration that London- 
Orly flights could not start on 
Monday. 

The French minister reaffirmed 
his willingness to open the route, 
but said it was necessary to over- 


UK may retaliate if France bans 
planned air services from London 


come problems. Including conges- 
tion at Orly and environmental 
issues. 

He said it would take “a maxi- 
mum of a few weeks" to resolve 
these difficulties. Tm absolutely 
flabbergasted that they are trying 
to force our hand.” he added. 

Both BA and Air UK confirmed 
they would go ahead with their 
flights to Orly on Monday. 

British Midland, second largest 
UK scheduled carrier after BA, 
said it also felt "particularly 
aggrieved" by the French stance 
but planned to start services to 
Orly in September when it hoped 
“the mud had settled". 

Mr Bosson also raised the issue 
of landing slots at London’s 
Heathrow airport which he 
claimed was "hardly open to 
French carriers". 

Mr David Holmes. BA's head of 
government affairs, said Air 
France had more flights than BA 
from Charles de Gaulle, the main 
Paris airport, to Heathrow. There 
were no restrictions on Air 
France flights to London. 

Orly was less crowded than 
Heathrow and not as congested 
as London's Gatwick airport; and 
the French authorities “bad no 
right to prevent our flights", he 
said. 


CONTENTS 


Mr Holmes added that BA 
wanted to fly to Orly to offer 
consumers more choice. He said 
Orly offered better connections 
than Charles de Gaulle for 
French domestic routes and to 
African destinations. 

BA’s French affiliate, TAT. also 
planned to start Oriy-London ser- 
vices on Monday, Mr Holmes 
said. 

UK carriers regard the French 
move as an effort by Paris to 
delay the introduction of more 
competition at Orly at the 
expense of Air Inter, Air France's 
domestic subsidiary. 

Mr Andrew Gray, Air UK’s 
managing director, also dis- 
missed French justifications for 

delaying the op enin g up of Orly 

to UK competition: "If there is a 
problem of congestion then why 
were we awarded our landing 
slots last November? We have 
ultra-quiet planes, so there is no 
environmental problem." 

He warned that if flights were 
diverted from Orly on Monday, 
there was the possibility of simi- 
lar action a gains t French airlines 
travelling to London. 

The dispute represented an 
"absolute test case of Europe's 
policy of airline deregulation”, he 
said. 


Hewlett- 

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© THE FINANCIAL TIMES LIMITED 1994 No 32,365 Week No 19 


LONDON - PARIS < FRANKFURT - NEW YORK - TOKYO 


HEWLETT’ 

■XIrackaro 

Corporate Snctlrr 





NEWS: EUROPE 


TV news with a European identity crisis 


David Buchan on the outlook for 
Europe’s answer to CNN of the US 

U p a country lane in the vfl- Conceived by the public television 
lage of Ecully near the south members of the European Broadcast 
eastern French cl tv of J.vnns ine nnfm the e m im ing 


^IMAGES QUi PARiENT,... 


U p a country lane in the vil- 
lage of Ecully near the south 
eastern French city of Lyons 
Are 150 people with high ambition 
struggling to match their high-tech. 

As Euronews. Europe’s first multi- 
lingual satellite TV news channel, set 
up 16 months ago, their gmhiflmf jg to 
be Europe’s equivalent to CNN of the 
US. However, despite a subsidy from 
the European Union, Euronews over- 
ran its budget last year by FFtSOm, 
(£5.85m) and the deficit thin year wiD 
be bigger. RAI and RTVE, the Italian 
and Spanish state TV networks which 
are two of Euronews’s four main 
shareholders, are dragging their feet 
on a much-needed capital increase. 

Euronews c fcnms to reach an audi- 
ence of 13.9m households through 
cable and 57m through terrestrial re- 
broadcast of its programmes, through- 
out the continent of Europe and north 
Africa. It does now, however, face 
something of an identity crisis, akin 
to that of Europe itself. 

Is there enough of a common Euro- 
pean consciousness for its future to 
lie in continuing to pump out pro- 
gramming-identical in everything 
but the soundtracks in five languages 
- 20 hours a day to the whole of its 
potential market? Or, as another main 
shareholder, France Television, now 
argues, would it not be better for 
Euronews to take on more national 
colouring to suit tbe big individual 
European markets? 

Certainly, Euronews has no short- 
age of national material to draw on. 


Conceived by the public television 
members of the European Broadcast- 
ing Union, the Geneva-based grouping 
of 67 broadcasters, it is hooked into 
tine EBTTs daily Eurovision auction of 
programmes, as well as subscribing to 
the Renters and WTN television ser- 
vices. 

In addition, it ««n take material 
directly from its four big sharehold- 
ers -the fourth is SSR of Switzerland 
- and ll smaller ones that now 
i nclude networks in three north Afri- 
can countries and one from Slovenia, 

the ex-Yugoslav republic. 

But the very breadth of this mate- 
rial makes it hard for Euronews to 
establish a distinctive personality. Mr 
Jean-Claude Stivain. Euronews’s 
administrative and director, 

wonders whether “there is such a 
thing as a European point of view on 
news’* in the way that CNN, even 
CNN International, often seems to be 
“the view from Atlanta". 

To a Ear lesser extent, Euronews is 
the view from Brussels or Strasbourg, 
home cities respectively of Europe’s 
Commission and Parliament. Euro- 
news broadcasts news on the EU and 
has a regular magazine programme 
on EU institutions. 

Much Strasbourg coverage has been 
less than compulsive viewing, and has 
more to do with tbe subsidy to Euro- 
news which the EU just doubled to 
FFr30m for this year. Mr Silvain 
would like to alter the nature of Euro- 
news's relationship with the EU so 
that “instead of us getting automati- 



NO COALMEN! 




A scene from Enronews’s leading magazine programme. No Comment 


caliy rewarded by Brussels simply for 
broadcasting in five C ommu nity lan- 
guages, we would be paid for offering 
a genuine service”. 

That, however, raises the question 
of whether, or when. Euronews would 
have the resources to offer original 
programming. Mr Peter Vickers, 
Euronews’s Kn gfiaTi lang na g p editor 

anil tha man ra qinnsihlB frrr tiwk and 

current affairs, says the station will 
offer its own special programmes on 
the European Parliament election 

campai gn this month anri nart 

But Euronews is uncertain whether 
to try to rise to the challenge of offer- 
ing pan-European coverage of Euro- 
election results on the day. “It’s obvi- 
ously a big opportunity far us.” says a 
journalist at Ecully, “but equally, we 
could fell flat on our feces.” 

There is a technical cause for Euro- 


news's relative lack of personality. 
None of its journalists can appear on 
camera, for the obvious reason that 
they cannot speak five languages at 
the same time. Nor is dubbing possi- 
ble; as one of the Ecully journalists 
says, “it takes 15 seconds to say in 
He rman what can be said in En g li sh 
in 10 seconds”. 

Without “talking heads” to fill in 
inevitable gaps. Euronews has had to 
make far greater use of graphics than, 
say, CNN. “Some 2030 per cent of 
total output is taken up with tables, 
charts, maps, y feetinn results, or just 
credits,” says Mr Patrick Leflro, its art 
director. 

To fill the gaps in its as 

well as its programmes. Euronews 
would like more advertising. The 
company gives no figures on this , but 
Mr Richard White, Euronews adver- 


THE FIGURES SPEAK FOR THEMSELVES. 


(CONSOLIDATED BALANCE SHEET) 


j- : w . ■ 

ri£'r-' 


Customer deposits 




1992/93 - % CHANGE 


s\a faft r[[ 


Loans to 


8.0 


Net 



8.7 


.■ v . 7* 


til ,27 wrfK ** 


+ 23.5 


13 .2 



The figures speak for themselves: 1993 was ^ 

another successful year for the Ambrosiano 

. j r i . r i Customer deposit: 

Veneto Group. And if you read on, you can 

Loans to customei 

find out why. We continued opening new Net profit 
branches in Italy, bringing the total now to Total 

Shareholders' eqxri 

500. And soon we shall be merging with a 

(Eadunge Rate Ura/USS 

well known Sicilian bank. I *— 

Our range of products and services has been extended too. 
Thanks to support from the Group's specialist companies and 
collaboration with important business associations and a 
leading insurance company. Improvements in customer service 


Parent Bank's figures as at 31st December 1993 

USS m 

Customer deposits 

15,000 

Loans to customers 

12,000 

Net profit 

103 

Total assets 

25,000 

Shareholders' equity 

1,200 

(Eadunge Rmtc Un/US$ as 

it 3 let Decanter 1993; 1,703.97) 


j ist December 1993 have been achieved through restructuring 
uss m and intense staff training. We're not just a 

1 5.000 home team either. Abroad, we've achieved 

12.000 

103 very good results from our London branch 

25,ooo and Qur j-j on g £ on g and New York 

1,200 

Representative Offices. While new 

Decanter 1993; 1.703-97) 

— cooperation agreements were struck with 
leader banks in Germany and Portugal. Lastly, to wind up 1993, 
we decided to open an office in Beijing. We could go on, 
outlining our plans for 1994. But we'd rather let next year's 
figures do the talking for us. 


Head Office: Milan, 
Piazza Paolo Ferrari, io 
TeL (39-2) 8594 . i 


Banco 

Ambrosiano Veneto 


London branch: 73 , Comhill 
Tel: ( 44 - 7f)2207740 

Representative Offices.- Hong Kong, New York 




GSUFPO U 
AMMOVB'CTOl 


FINANCIAL TIMES FRIDAY MAY 13 IWa 


slH-lU 


* A ** 1 


flsmg director, rfntmg that advertis- 
ing revenue for pan-Europ e an satel- 
lite stations is currently only between 
SI20 and $150m a year, and even that 
is inflated by business booked in the 
US by CNN for its international ser- 
vice. 

Advertising revenues in national 
European markets are, of course, 
much greater, and better adaptation 
to national markets is precisely what 
France TStevisian, under its new boss, 
Mr Jean-Pierre Elkabbach, is now 
urging on Enronews. His particular 
interest is to use France Television's 
stake in Euronews to match plans by 
the dominant French private station, 
TF1, to start up an all-news channel 
♦his summer. 

France Television, has no intention 
of increasing the one hour of straight 
Euronews it carries an its FR3 regular 
rhannAi already, says a spokesman, 
but rather to take the Euranews cable 
service and to adapt it “by mixing in 
mere of our own national program- 
ming and news to attract more 
French viewers”. 

France Television has dubbed this 
bytaid plan “Euronews France”, and 
sees no reason why gimUar hybrids erf 
“Euronews Deutschland" or even 
“Euronews Britain" could not one day 
induce German TV stations and the 
BBC to drop their standoffish atti- 
tude to Euronews. 

The latter would then, says France 
Television, become just another 
“banque d’images” (picture bank) for 
Europe’s national networks. That 
would hardly KMti « jy the ambitions of 
those at Ecully. But for the near 
future, they may find they have to 
choose survival rather than satisfac- 
tion. 


EUROPEAN NEWS DIGEST 

Russia hopes to 
rein in inflation 1 


Mr Sergei Dubinin. Russia's finance minister, yesterday 
predicted that the inflation rate would be brought down to 
between 5 and 7 per cent a month by the end of the year, fife 
wwwmt fellows Wednesday’s parliamentary appro val of a 
budget which goes some way to meeting the Russian commit 
irp pt to the International Monetary Ftmd that it would ran to 
gppnriing and curb Inflation. Inflation has already come down 
to between 8 and 9 per cent a month from a high last year of 

nearly 30 per cent 

The R" 8 ” 8 " parliament has now approved the main budget 
indi ca tors — including a deficit of Rbs70,000bn (tisjhn), 
which. Mr Dubinin said, was within the target agreed with the 
IMF of 10 per c*n t of gross national product Mr Dubinin saw 
this as "a vote of confidence in the economic policies of the 
g o ve rnm ent". The minister predicted that the fell in the value 
of the rouble would be significantly less than forecast when 
the budget was drawn up, coming at an average of Kbs2£Q0 to 
tbe dollar for the year against the forecast of Rbs3,Q00. The 
rouble stood yesterday at Rbsl.869 to the dollar. 

■ gh+Miiri press for inclusion of C hina in the group of 

tending industrialised countries, expanding it from a G7 to a 
G9 to include Russia and China, according to Mr Anatoly 
a Harwich in first deputy foreign minister. John Lloyd, Mbscoa 


Germans curb foreign workers 


A crackdown on illegal workers and tax evasion in the Ger- 1 
man construction industry found that almost 25 per cod of j 
contractors were operating illegally. Raids by almost WOO 
police and customs officers in late April found that foreign 
workers were paid a fraction of German wages. 

In all, 20,000 employers and workers - i ncludin g some in 
catering end transport - were questioned in the biggest action 
of its teted so fer, according to the German finance ministry. 

The raids were launched after complaints from trade unions 
and employers’ organisations about low-paid foreign workers. 

Employers «>n be fined up to DM100,000 (£40,140) for using 
fiipgai workers and over 120 have been take n to court, fee 
minis try said. An Irish construction worker In Bonn said 
foreign workers were badly treated by middlemen, who often 
disappear with their earnings. The middlemen receive about 
DM55 an hour for each worker they supply but the workers 
see only DM30 in the best cases. Michael Lindemarm. Bom 


Bulgaria invests in N-plants 


Bulgaria’s National Electricity Company is to invest a further 
$200m (£L34m) to upgrade and increase the safety of four 
Soviet-designed 440MW reactors at the troubled Kozloduy 
nuclear power complex. Kozloduy provides 40 per cent of the 
country's power output and cannot be phased out until alter- 
native power sources are secured. 

The National Electricity Company has already spent |5Qm 
upgrading the ageing power plants, which suffered from 
decades of poor maintenance and from an exodus of skilled 
workers after the collapse of the communist regime. Two of 
tbe four older reactors, dating from the 1960s, were declared 
unsafe by international inspectors in 1991 and dosed for 
essential repairs before they were re-opened last year. 

The European Bank fer Reconstruction and Development is 
mmiflpiiy and coordinating a fond for Improving safety at 
Soviet-era plants like Kozloduy. But western companies have 
been unwilling to play a foil role in upgrading such plants 
until legal issues are resolved. Anthony Robinson, London 


Portuguese airline lowers sights 


Financially troubled national airline TAP-Air Portugal will 
reduce US-based staff by 40 per cent and close its New York 
sales office, an airh'np official said yesterday. 

TAP wifi offer retirement packages to 39 employees in the 
first phase of a wider cost-cutting programme. The company 
will also study the possibility of ending service to Boston. 
Montreal and Toronto and flying only to Newark. The staff 
redactions and possible route changes would not go into effect 
before the end of the 1994 summer season, the official said, j 

In -lan nar y the airline accepted a government bailout plan 
that would inject some $lbn over the next three years. The | 
plan, is bang examined by the European Union. AP. Lisbon ! 


Bids for Turkish N-project 


Turkey has received bids from 18 foreign consortia to prepare 
studies for the country’s first nuclear power plant The US 
companies include Bechtel Power and Southern Electric. 
Among other bidders are Belgatom of Belgium. Korea Atomic 
Energy Research Institute in partnership with Hyundai Engi- 
neering, and the Nuclear Power Corporation of India. 

The invitation to tender last month coincided with Turkey’s 
worst financial crisis in a decade. However, without more 
plant capacity, energy officials predict Turkey will face power 
shor tfalls as early as 1996. John Murray Brown, Ankara 


Czechs rule out incentives 


Czech premier Vaclav Klaus yesterday ruled out any further 
government incentives for foreign i n ve stm ent in tbe Czech 
Republic. Speaking at the opening rtf British electronics maker 
AVX’s tantalum capacitor plant, he said it showed special 
incentives were not necessary for foreign investment to enter 
the country. A VX, the British subsidiary of a US electronics 
component mak er which is part erf the Japanese Kyocera 
Group, moved its production Tiru>s from Nuremberg, Germany. 
Reuter, Lanskroun 


Romanian human rights move 

Romania has signed a European convention giving its citizens 
the right of final redress at the European Court of Human 
Rights in Strasbourg. Mr Teodor Metescanu, foreign minister, 
described the signing of the 11th protocol of the European 
Convention on Human Rights as an important step in Roman- 
ia’s moves towards European standards of democracy. 
Romania has a controversial rights record. Its treatment of its 
1.7m ethnic Hungarian and 2m gypsy minorities, as well as its 
ban on homosexuality, delayed restoration of most favoured 
nation trading status by the US. Virginia Marsh, Bucharest 


ECONOMIC WATCH 


Spanish jobs figures disappoint 


Totaiurwovstoyedtfn) . 

ZB — » — 



19SS 

Sore* Dataaream 


Spanish unemployment fell 
by 24800 in April to 2.74m. 
bringing the jobless level 
down by 0.9 per cent to 17.7 
per cent of the labour force, 
the labour ministry said yes- 
terday. Researchers at Banco 
Central Hispano said the 
April jobless total was disap- 
pointing and represented a 
seasonally adjusted increase 
of 8J»0 to 2.69m. The minis- 
try said 435,531 new jobs were 
registered in April, 14 per 
cent more than in April last j 
year and the highest April | 
total since 1991. Tom Burns, 
Madrid 


■ Spain’s GDP rose at a year-on-year rate of 0.5 per cent in fee 
- 19 ? 4 : the Brst such increase in five quarters, 
s Jntest economic bulletin said yesterday, ft 
ab0 ? 1 06111 “ quarter compared with 

Jefast three months of 1993. Reuter. Madrid 

ui 7 ?^^, yssteriay towered its infection rate *» 
2? n -° Per cent and its absorption rate to 9.75 

cent The Bank also cut its overnight 

WSSanH 10 1175 p8r ‘* ntfr00> 







FINANCIAL TIMES FRIDAY MAY 13 1994 


NEWS: EUROPE 


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Greek socialists in new 
privatisation U-turn 


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By Kerin Hope in Athens 

Greece's socialist government, 
which has already abruptly 
reversed its privatisation pol- 
icy by announcing the partial 
flotation of OTE, the state tele- 
coms company, now plans to 
re-appoint the same interna- 
tional investment bankers it 
accused a few months ago of 
rigmflTirting excessive fees. 

The decision to bring back 
Credit Suisse First Boston and 
J Henry Schroder Wagg to han- 
dle the sale of 30 per cent of 
OTE through the Athens stock 
exchange is due to be 
announced in the next few 
days. 

The government’s choice is 
all the more surprising as 
senior socialist officials had 
earlier dismissed the possibil- 
ity that CSFB would be recal- 
led. CSFB bad been openly 
attacked over the high fees it 
commanded as a leading 
adviser on privatisation to the 
previous conservative govern- 
ment, 

One government adviser said 
to members of the governing 
Panhellenic Socialist Move- 
ment (Pasok) CSFB "appears 
an arrogant outfit that repre- 
sents the unacceptable face of 
capitalism." 

"On the other hand, bringing 


back the old team is the prag- 
matic solution. They worked 
on the listing for several 
months last year, so we can be 
more certain of getting the flo- 
tation done on time ” he said. 

The government hopes to 
realise about DrSOObn ($L25bn) 
from the sale of 30 per cent of 
OTE. The offering would 
include an international 
tranche amo u ntin g to 12-15 per 
cent, to he sold to investors in 
Europe, the US and Japan, 

The economy ministry is 
anxious for the deal to be com- 
pleted this autumn, so that a 
portion of the funds raised can 
go towards covering a proj- 
ected Dr500bn shortfall in bud- 
get revenue. The remainder 
would be used to upgrade 
OTE's fixed wire network. 

Prime Minister Andreas 
Papandreou cancelled Greece’s 
privatisation programme 
immediately after the socialists 
returned to power at last Octo- 
ber’s general election. 

The conservatives’ overall 
adviser on privatisation, N M 
Ro thschild, was sacked, while 
separ ate agreements with 
CSFB and Schraders were fro- 
zen. 

The widening revenue gap 
and the need to raise binds to 
modernise Greece’s public util- 
ities forced the government to 


change its policy two months 
ago. 

Since then, confusion has 
surrounded procedures for 
appointing an adviser and lead 
underwriters for the sale. 
While bids were not formally 
Invited, the economy ministry 
solicited offers from several 
international investment 
banks. Another half-dozen 
banks are understood to have 
submitted bids without waiting 
to be asked. 

The ministry’s plans for a 
"beauty contest” to assess bids 
from a shortlist of contenders, 
including Paribas, Lehman 
Brothers, Bear Stearns, Salo- 
mon Brothers and S J War- 
burg. were dropped last month 
without any explanation. 

Hie government was under- 
stood to be looking for a bank 
that could replace CSFB in sell- 
ing the international tranche, 
while re tainin g Schroders to 
structure the issue. 

Under the conservatives’ 
plan to sell 49 per cent of the 
company, CSFB was advising 
tbe government on the sale of 
a 35 per cent strategic stake to 
an international telecoms oper- 
ator. CSFB and Schroders were 
appointed joint global coordi- 
nators and lead managers for 
the flotation of another 14 per 
cent of the company. 


Recovery in car sales falters 


By Kevin Done, 

Motor industry Correspondent 

The fragile recovery in west 
European new car demand was 
halted last month as sales fall 
by 1.6 per cent year-on-year to 
1.08m, according to industry 
estimates. 

New car sales were higher 
than a year ago in each of the 
first three months, but the 
market was bit last month by a 
sharp fall in demand In Ger- 
many as well as by lower sales 
in several of the snails' Euro- 
pean markets. 

In the first four months new 
car sales have risen by 3-8 per 
cent to an estimated 4.33m. 
Sales in the whole of 1993 
plunged by more than 15 per 
cent, the steepest decline of the 
post-war period. 

In Germany, the biggest sin- 
gle market in Europe, new car 
sales fell last month by an esti- 
mated 13 per cent to 295,000 
and have declined by around 
L? per cent to L16m in the first 
four months. 

Sales fall last month in 10 of 
17 markets across west Europe 
in contrast to the improvement 
of the first quarter. In the first 
four months of the year sales 
were higher than a year ago in 
11 west European markets. 

Last month] new car demand 
remained strong in the four 
main Nordic countries and 
most importantly in France, 
where sales rose by 17.2 per 
cent year-on-year. The rate of 


growth slowed, however, in 
Spain, as well as in the UK. 
where consumer confidence 
has been dented by tax 
increases. 

PSA Peugeot Citroen of 
France has drawn level with 
General Motors of the US (Opel 
in continental Europe and 
Vauxhall in the UK), in second 
place in the west European 
market 

Helped by the strong recov- 
ery in new car sales in France 
and in Spain - it is the market 
leader in both countries - the 
Peugeot Citroen group has 
increased its sales volume by 
an estimated 11.3 per cent in 
the first four months this year. 
It has raised its market share 
to 12.7 per cent from 13.8 per 
cent a year ago. 

Japanese new car sales in 
west Europe have fallen by an 
estimated 6.3 per cent to 
486,000 in the first four 
months, as Japanese car- 
makers struggle to keep their 
prices competitive under the 
impact of the rising yen. 

Japanese carmakers without 
production in Europe have 
been hardest hit, with Mitsubi- 
shi sales falling by 18.9 per 
cent and Mazda sales rfarttning 
by 8 per cent 

Mercedes-Benz increased 
sales volume by 39 per cent in 
the first four months of tbe 
year, helped by the launch last 
year of its C-Class executive 
range, overtaking arch-rival 
BMW. 


WEST EUROPEAN NEW CAR REGISTRATIONS 

January- April 19d4 


Volume 

Volume 

a»*N 

Share P4 


(Units) 

Clangept) 

Jan-Apr 94 

Jan-Apr 93 

TOTAL MARKET 

4£32J>00 

+3J3 

100.0 

100.0 

MANUFACTURERS: 

Volkswagen (puup 

714,000 

+09 

16jS 

17.0 

- Volkswagen 

469.000 

- 2,6 

10.8 

11.5 

- Audi 

115.000 

-22 

2.7 

2.8 

- Seat 

111.000 

+ 19.7 

2.6 

2J 

- Skoda’ 

19,000 

+21.1 

0.4 

0.4 

General Motors* 

Mftnnn 

+4.7 

12.7 

12.8 

- Opd/Vauxhall 

526.000 

+3.9 

12.2 

12.1 

- Saab** 

18.000 

+30,6 

0.4 

0.3 

PSA Peugeot Citroen 

550^00 

+11.3 

12.7 

11.8 

- Peugeot 

325.000 

♦7.7 

7.5 

73 

- Citroen 

225.000 

+ 16 A 

5.2 

4.6 

Fonts 

510JJ00 

+4 JO 

11A 

11.7 

- Ford Europe 

505.000 

♦39 

11.7 

11.7 

- Jaguar 

4,000 

♦9.5 

0.1 

0.1 

Fiat group** 

awn ran 

-0.3 

11-3 

113 

- Fiat 

379,000 

+3.3 

as 

8.8 

- Lancia 

64,000 

-9.8 

1.5 

1.7 

- Alfa Borneo 

42.000 

-14.9 

1.0 

12 

Renault 

454.000 

+3.3 

10.5 

10.5 

BMW groupf 

2883)00 

+6j0 

6.1 

&2 

- BMWt 

134.000 

-07 

3.1 

32 

- Roverf 

132.000 

+ 13.9 

3.0 

2.8 

Mercedes-Benz 

154.000 

+39 J? 

3.6 

2.7 

Nissan 

147.000 

+0.1 

3.4 

3.5 

Toyota 

114.000 

-5.9 

2.6 

2-B 

Volvo 

71,000 

+22.1 

1.6 

1.4 

Mazda 

71,000 

-8.0 

1.6 

1.B 

Hondat 

56,000 

+2.0 

1.3 

1.3 

Mitsubishi 

42.000 

-18.9 

1.0 

1.2 

Suzuki 

30.000 

-20.0 

0.7 

0.9 

Total Japanese 

486,000 

-63 

11.2 

12.4 

MARKETS: 

Germany 

1.160,000 

-1.7 

26.8 

28.3 

Italy 

708.000 

-6.0 

16.3 

18.2 

Untied Kingdom 

671.000 

+14.1 

155 

14.1 

Fiance 

633.000 

+13.8 

14.7 

13.4 

Spain 

271.000 

+13.3 

62 

5.7 


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THE FINANCIAL TIMES 
P ahHcha d by The Financial Inncs (Europe) 
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Test of independence for Bank of Italy 

Will the bank or government prevail in choosing a new director, asks Robert Graham 


For the second time in a year the 
Rank of Italy has to appoint a new 
member to its four-man governing 
directorate. 

The departure of Mr Lamberto Dini 
to the treasury ministry yesterday 
opens up a delicate contest for his 
replacement as the director general, 
the bank's number two job. 

At issue is whether his replacement 
will be sought from inside the Bank of 
Italy or whether the new Berlusconi 
government will seek to impose an 
outsider. 

The latter solution would tend to 
undermine the Bank's hard won inde- 
pendent status, no matter the quality 
of the person chosen. An outsider 
would also risk having differences of 
view with Mr Antonio Fazio, the gov- 
ernor. 

Mr Fazio himself was chosen a year 


ago over Mr Dini to replace Mr Carlo 
Azegfio Ciampi, who had agreed to 
become prime minister. This then 
required appointment of a new direc- 
tor, the choice falling on the chief 
banking supervisor, Mr Vincenzo 
Desario. 

Any appointment has to be decided 
by the bank’s 16 -strong governing 
council, presided over by the gover- 
nor, and then ratified in agreement 
with the treasury, the prime minister 
and the president of the republic. This 
complex mechanism allows a consid- 
erable variety of views and political 
pressures to enter into the choice, 
although the governor should have a 
major role. 

Within the bank, the post by tradi- 
tion of seniority should go to Mr Tom- 
maso Fadoa Schioppa, a brilliant and 
eclectic economist strongly wedded to 


the Idea of European monetary union. 
He was also seen at one stage as Mr 
Ciampi’s natural heir. 

But those close to the new Berlus- 
coni government have let it be known 
that his nomination would not be to 
their liking . 

The populist Northern League 
would also like to use the occasion of 
Mr Dial's departure to introduce a 
fixed term of office for the governor. 

Of the outsiders, tbe name most 
heavily canvassed is Mr Rainer Mas- 
era, who formerly worked in the hank 
and is currently chief executive of 
tmi, the finance institution. Another 
name suggested is that of Mr Mario 
Draghi, the director general of the 
treasury, but Mr Dini is expected to 
want to keep him at the treasury to 
help with privatisation and debt man- 
agement 


The bank would prefer that the 
decision be taken without haste and 
not before the end of the montb when 
Mr Fazio presents the governor's 
annual economic statement the Bank 
of Italy's keynote assessment of the 
state of the economy and the task in 
the year ahead for the government. 

• Milan magistrates yesterday filed 
papers requesting the passport be 
withdrawn from Mr Bettino Craxi. the 
former Socialist prime minister, who 
faces a string of charges of alleged 
corruption. 

Mr Craxi has been living outside 
Italy for more than a month. 

When the new parliament was 
sworn in two weeks ago, all members 
of the outgoing parliament automati- 
cally lost their immunity. At least 16 
members of the last parliament have 
had their passports withdrawn. 


Lubbers 
throws 
hat into 
Euro ring 

By Lionet Barber in Brussels 

Mr Ruud Lubbers, the 
outgoing Dutch prime 
minister, yesterday entered 
tbe campaign to become tbe 
next president of the European 
Commission with a cal! for a 
crackdown on organised crime 
and illegal immigration in the 
European Union. 

Mr Lubbers made his pitch 
to succeed Mr Jacques Defers 
in a speech in Aachen. 
Germany, on the future of 
Europe. His twin themes of 
law and order, as well as the 
need to tackle public 
insecurity over jobs, crime and 
drngs appeared aimed at 
coaxing Chancellor Helmut 
Kohl into backing his 
candidacy. 

Chancellor Kohl is reported 
to have reservations about Mr 
Lubbers, who faces rival bids 
for the top executive post in 
Brussels from Sir Leon 
Britlan, the chief EU trade 
commissioner. and Mr 
Jean-Luc Dehaene, the Belgian 
prime minister. 

Until yesterday, Mr Lubbers 
has remained silent about bis 
political ambitions. But in his 
speech - delivered in honour 
of Mrs Gro Harlem Brundt- 
land, the Norwegian prime 
minister and this year's 
winner of the Charlemagne 
prize, he managed to pay 
tribote to or mention almost 
all EU member states or prime 
ministers - with tbe exception 
of the UK. 

The German presidency of 
the EU, which takes over from 
Greece on Jnly 1. has pledged 
to give high priority to such 
issues as crime, joblessness 
and illegal immigration. 

The 12 EU heads of 
government are expected to 
choose a successor to Mr 
Defers at the European 
summit in Corfu next month. 
A stand-off between Mr 
Dehaene and Mr Lubbers, both 
Christian Democrats, might 
delay a decision. 

However, Mr Dehaene, 
whose candidacy remains 
undeclared despite 
encouragement from France 
and Germany, may withdraw 
to avoid a public contest 






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FINANCIAL TIMES FRIDAY MAY 13 1994 


NEWS: INTERNATIONAL 


African bank 
meeting runs 
into the sands 

Leslie Crawford reports on an 
AGM with no agenda that is 
turning into a slanging match 


T he African Development 
Bank’s annual general 
meeting in Nairobi is 
rapidly degenerating into a 
slanging match as negotiators 
from African and western 
countries - joint owners of the 
bank - fail to agree bow to 
turn around the institution's 
ailing fortunes. 

As a result of the impasse, 
there was still no official 
agenda for the meeting on the 
penultimate day of the pro- 
ceedings. R ank governors, 
undelivered speeches in hand, 
finance ministers and other 
luminaries from more than 70 
countries were beginning to 
wonder what they had come to 
Nairobi to discuss. 

Negotiators were hoping for 
a last minute breakthrough to 
allow some vital decisions to 
be taken before the meeting 
ends today. 

Two main issues divide 
donor countries and the Afri- 
can members of the hank: how 
to deal with the mounting 
arrears owed by impoverished 
African states and how to 
improve the efficiency of the 
chaotic and highly politicised 
bank. 

Donor countries are demand- 
ing the clearance of arrears, 
which total $700m (£470m) on a 
disbursed loan portfolio of 
$8.4bn, stricter measures of 
creditworthiness, and time lim- 
its to tenure of the bank's pres- 
ident and executive directors, 
as a price for replenishing the 
AfDB’s soft-loan arm. the Afri- 
can Development Fund. 

“The problem of mounting 
arrears has grown to such pro- 
portions that it is now threat- 
ening the financial viability of 
the institution as a whole,” Mr 
Ruud "ReCfers, the Dutch co- 
ordinator for the ADF replen- 
ishment negotiations, wrote to 
the board of governors. 

Most African governors 
agree. “Member countries must 
clear their arrears to ensure 
the future sustainability of 
their own bank,” says Mr J. 
Mtonga. Zambia's representa- 
tive. “All this talk of African 
brotherhood should not 
obscure the fact that if they 
don’t pay up, they will be 
handing over the bank to the 

‘All this talk of 
African brother- 
hood should not 
obscure the fact 
that if they don’t 
pay up, they will 
hand the bank to 
non-African 
shareholders’ 


non-African shareholders.” 

The “African character” of 
the bank is an issue close to 
the hearts of the regional gov- 
ernors. African countries own 
66 per cent of the bank, which 
gives them control of bank pol- 
icy. Some governors, however, 
believe donor countries are 
using the lever of soft-loan 
fluids to extract a new equilib- 
rium of power. 

Mr Mtonga is against a pro- 
posal tabled by industrialised 
countries that would rank bor- 
rowers by their per capita 
incomes and limit access to 
AfDB loans to the wealthiest 
countries which could afford to 
repay the bank’s commercial 
lending rates. “I do not want to 
see the Balkanisation of 
Africa." Mr Mtonga explains. 


Perhaps the stricter credit 
ratings would be more palat- 
able to African governors if 
donor countries were prepared 
to beef up the soft loan fund 
But aE indications are that the 
funds available will be sub- 
stantially lower than the 
$3.4 bn pledged three years’ 
ago. 

“Donor countries are impos- 
ing more conditions for less 
money. Frankly, we find this 
offensive,'’ said a senior AfDB 
official, reflecting the African 
hurt 

Intimately linked to the 
problem of arrears, are the 
poor management and politi- 
cally-determined lending poli- 
cies that have damaged the 
bank's portfolio. A report con- 
ducted by external consultants, 

The proliferation 
of bureaucratic 
divisions in 
the bank was 
‘fertile ground 
for buck passing 
by bank stafF 
when problems 
arose 


chaired by Mr David Knox, a 
former vice-president of the 
World Bank, said staff had 
been unable to keep up with 
the pace of growth in project 
lending. Little attention was 
paid to the quality of loans as 
opposed to quantity. Nobody 
assumed responsibility for 
overall project management. 
The consultants were unable to 
find a central file on a single 
project, and the proliferation of 
bureaucratic divisions in the 
bank was “fertile ground for 
buck passing by bank staff" 
when problems arose. 

The report noted the unequal 
distribution of credit among 
Africa’s 51 borrowing mem- 
bers. Almost half of the loans, 
it said, had been awarded to 
seven members: Nigeria, 
Morocco, Egypt, Tunisia, 
Algeria, Ivory Coast and Zaire. 

Zaire has defaulted on its 
AfDB debts. It owes $250m to 
the bank. The Ivory Coast is 
$42m in arrears. Nigeria also 
owes $35m. 

Industrial countries, which 
own one-third of the bank, 
want to see a “time-bound and 
monitorable” action plan to 
improve the lending policies of 
the bank and other recommen- 
dations contained In the Knox 
report 

The most Intangible problem 
to be tackled is the question of 
governance. 

Mr Babacar Ndiaye, the 
bank’s Senegalese president, is 
on the warpath with certain 
north African members of the 
executive board. Mr Ndiaye 
accuses them of interfering 
with the day-to-day manage- 
ment of the bank. 

Mr Pierre Moussa of Chad, 
who has served on the execu- 
tive board for 19 years, alleges 
that Mr Ndiaye is an emotional 
man who takes any criticism 
over the running of the bank 
as a personal insult 

The six non-African execu- 
tive directors are, for the 
moment, backing Mr Ndiaye, 
hoping he will clear up the 
administrative mess at the 
bank before he completes his 
second five-year term in 1995. 
There will be few supporters, 
however, for bis re-election. 
Editorial Comment Page 17 


Rao tries to build bridge to W ashmgton 

But India and US still find it hard to make progress in links, writes Stefan Wagstyi 


I ndia's prime minister P.V. Nara- 
sjma Rao is due to start a six-day 
visit to the US tomorrow which 
will indude a meeting with President 
Bill Clinton and an address to a joint 
session of Congress. 

Both countries want to improve 
relations, blighted for decades by the 
Cold War, hut are still finding it diffi- 
cult to make progress despite growing 
economic ties. 

It is a measure of the political dis- 
tance between Delhi and Washington 
that this is the first trip to the US by 
an Indian prime minister since Rajiv 
Gandhi went in 1967. 

The last US president to visit India 
was Jimmy Carter In the 1970s. The 
collapse of the Soviet Union, once 
India’s greatest ally, has forced Delhi 
into a radical reassessment of its 
place in the world. 

So has the decline of socialism. 


which has led India to abandon eco- 
nomic autarky and open its economy 
to global trade and investment India 
in the 1990s wants good relations with 
the west, especially the US, as never 
before. The US is India's biggest 
export market and largest source of 
foreign investment, accounting for 42 
per cent of the 1993 inflow of $2.4bn 
(£Ubn). 

But Indians do not embrace the US 
with open arms. Unde Sam is still 
regularly burnt in effigy by protesters 
ranging from farmers to Hindu 
nationalists. Many Indians suspect 
the US means to get the better of 
India, whether In business or politics. 

T ndfrn* are particularly concerned 
about Washington's relations with 
their sworn enemy Pakistan. They 
aigue the US is biased towards Islam- 
abad an/i against Delhi, ritfng the mil- 
itary aid given to Pakistan through- 


out the 1380s and, in the past year, 
Washington's controversial plan to 
deliver F-16 jets to Islamabad in 
return for a pledge from Pakistan to 
cap its nuclear weapons programme. 

There is also a widely-held belief 
that perhaps the US does not treat 
India seriously enough. A 5,000-year- 
old history, leadership in the anti-co- 
lonial struggle and primacy among 
developing countries has convinced 
many Indians they deserve more 
attention in the US than they receive. 

Some Indians find it hard to accept 
that a country accounting for Less 
than 2 per cent of world trade may 
not merit much International atten- 
tion in the hard-nosed 1990s. 

P residen t C linto n has inadvertently 
rubbed salt into this wound by foiling 
to appoint an ambassador to Delhi in 
his 16 months in Hm first nomi- 
nee, former Congressman Stephen 


Solarz. failed to pass the confirmation 
tests; his second, Mr Frank Wisner, a 
career diplomat was nominated only 
yesterday. 

The snub was compounded by a 
gaffe earlier this year when Ms Robin 
Rnphri, an undersecretary of state, 
commented about the troubled north 
Indian region of Kashmir in a way 
qi gg esting to many Indians she was 
questioning India’s territorial integ- 
rity. She later visited Delhi to dear up 
the “mismuterstanding". 

In the past month, nuclear non-pro- 
liferation has replaced Kashmir at the 
top of the agenda. As well as pressing 
Pakistan, Washington is asking India 
to cap its nuclear programme. US offi- 
cials have revived proposals for a 
regional non-proliferation conference. 

But Tndin does not see non-prolifera- 
tion as a regional issue; if talks are to 
be held, they must at least include 


China if not all nuclear countries, 
including the US, it says. 

Mr Rao’s trip to Washington will 
not resolve differences over non-pro- 
liferation or other controversial 
issues. But Indian and American offi- 
cials hope it will contribute to better 
ties by focusing on areas where there 
are fewer arguments such as the need 

for more bilateral trade and invest- 
ment 

Mr Rao is being accompanied by Mr 

Manmoban Singh, the reform-minded 
finance minister, and a business dele- 
gation. Among the Americans they 
will meet will be many of Indian ori- 
gin, As one of the businessmen going 
on the trip says: “It’s not as if we 
have nothing in common with the US. 
We even have thousands of people 
who belong to both countries. But 
when we talk politics we stupidly 
ignore these things.” 


Spratly oil 
contract 
irks China 

China yesterday denounced 
Vietnam’s contract with US oil 
company Mobil as a violation 
of Beijing’s sovereignty in the 
South China Sea, but has 
pledged to settle all disputes 
peacefully, Reuter reports 
from Beijing. 

The foreign ministry reiter- 
ated Beijing's claim to the 
entire area around the Spratly 
Islands, inclu ding an area 
where Mobil has said it would 
press on with offshore oil 
exploration work. 

“China possesses irrevocable 
sovereignty over the Nansha 
Islands and the adjacent 
waters," Mr Wu Jianmin said, 
using China's nmns for the dis- 
puted group. 

He said the Blue Dragon plot 
where Mobil wants to explore 
comes into the area of China's 
control in the waters “adja- 
cent” to the Spratlys. Vietnam 
says the plot is part of its con- 
tinental shplf 

The offshore row heated up 
last month when Crestone 
Energy of Denver said it had 
begun seismic surveys in an 
area immediately east of the 
Blue Dragon field. Beijing 
awarded the contract to Cres- 
tone in 1992. 

Bank Leumi 
ex-chief ‘guilty’ 

Former Bank Leumi chairman 
Ernst Japhet was found guilty 
of fraud yesterday, the 10th 
executive convicted for a 1983 
scandal that cost the govern- 
ment more than $9bn, Reuter 
reports from Jerusalem. 

The Jerusalem district court 
sentenced the nine others to up 
to eight months in jail last 
month. Japhet, 72, was tried 
separately, having only 
returned to Israel in January 
after a long, self-imposed exfie 
to New York. His sentence is 
due to be imposed next week. 



An Israeli soldier waves away a woman bearing a Palestinian flag in front of the police station in 
Jericho yesterday as a large crowd gathered in expectation of the arrival of a group of Palestinian 
policemen. However the main group of 300 Palestinian police were turned back by Israeli troops at 
the Allenby Bridge on their way from Jordan. Israeli officers demanded that Palestine Liberation 
Organisation chairman Yassir Arafat phone Israeli Prime Minister Yitzhak Rabin to give him the 
names of the 24 Palestinians who will administer Jericho and the Gaza Strip. 


Hundreds wait to quit Yemen as 


fears grow 

By Eric Watkins in Sanaa 

Hundreds of foreign nationals aw ai ti ng 
immediate evacuation from Yemen gath- 
ered at Sanaa airport yesterday as fears 
grew that the civil war would soon engulf 
the entire country. 

Many Yemenis were fleeing the capital, 
loading up their possessions and heading 
for tiie comparative safety at the country- 
side. Northern leaders broadcast assur- 
ances that they had no intention of bomb- 
ing the sooth. 

Millfary observers in Sanaa said yester- 
day that advances towards Aden from the 
north and east had been repelled by 
southern forces, but they could give no 
precise details of troop locations or of any 
farther military movements. 


that war w 

British. Chinese, French, Indian, Syrian 
and US citizens were among those flock- 
ing to Sanaa airport, while other groups 
were reported to be travelling by road to 
the Red Sea ports of Hodetdah and Mocha 
for evacuation by sea. 

British embassy officials, who are coor- 
dinating flights for their citizens, expec- 
ted nearly 160 people of various nationali- 
ties to board two RAF Hercules. Earlier 
plans to send evacuees to Djibouti had to 
be cancelled because of growing conges- 
tion there, the officials said. 

Many shops in Sanaa were closed and 
queues of up to 200 vehicles waited at 
filling stations for the increasingly scarce 
supplies of petrol. Yemenis normally use 
some 65,000 barrels a day, mostly pro- 
duced at the refinery in Aden. 


ill worsen 

Fears among the northern population 
rose sharply following the explosion on 
Wednesday of a Scad missile launched by 
southern forces east of Sanaa. Some 23 
people have been reported killed in the 
blast and many others injured. The target 
of the attack was apparently a nearby 
palace belonging to the northern leader, 
Gen All Abdallah Saleh. 

Officials in Sanaa claim that the south 
has now launched some 20 Sends against 
targets in the north. Meeting defence offi- 
cials, President Saleh accused his 
southern rivals of targeting civilians and 
vowed retaliation. He repeated his earlier 
calls for the southern leader, Mr Ali 
Salem al-Bledh, to surrender, saying that 
Mr aKBiedh and other southern leaders 
would receive fair trials. 


World Bank push 
to improve China 
environment 


By Tony Walker in Beijing 

The World Bank plans greater 
emphasis on environmental 
projects and education and less 
on infrastructure, in its lend- 
ing to China, its largest bor- 
rower, Mr Ernest Stem, man- 
aging director, said in Beijing 
yesterday. 

The bank would seek to 
encourage Increased private 
involvement In power genera- 
tion and other infrastructure 
projects. Mr Stem told an 
international business semi- 
nar. This would involve more 
co-financing arrangements. 

“Private involvement In 
infrastructure can bring addi- 
tional benefits that go beyond 
finance, including manage- 
ment expertise and new tech- 
nology. In the globalised econ- 
omy, those benefits are of 
increasing importance.” 

About 40 per cent of the 
World Bank's |l«bn (£7.6bn) 
lending programme in China 
has been earmarked for infra- 
structure. Lending to China is 
now running at about $3bn 
annually . 

Mr Stem said the bank’s first 
big co-financing operation in 
China for a large power project 
in Jiangsu province, west of 
Shanghai, could serve as a 
model for other such ventures. 

The Bank provided a $350m 


loan and guarantees for a 
fl20zu syndicated loan facility 
denominated in eurodollars 
and yen. 

But he warned that much 
greater attention to the costs 
of environmental degradation 
was required not only in China 
but throughout East Asia. 

“Carbon dioxide emissions 
per unit of GDP in East Asia 
are three times those of Latin 
America," he said. "China 
alone accounts for almost half 
of total carbon dioxide emis- 
sions from developing coun- 
tries." 

Air pollution in some Chi- 
nese cities was “chronically 
bad", less than a third of was- 
tewater was subject to treat- 
ment, and an estimated 7m 
hectares of farmland had been 
degraded by excessive use of 
pesticides and fertilisers, he 
noted. 

World Bank concern about 
the impact of China's rapid 
economic growth on the envi- 
ronment was reflected in the 
fact that environmental 
operations were the fastest- 
growing element of the bank's 
lending programme. 

Recent loans included $l50m 
to improve Shanghai’s environ- 
ment and water supply, and 
$250m to support pollution con- 
trol and waste management in 
Jiangsu Province. 


Egypt under fire 
for prison death 


By Marie Nicholson in Cairo 

Human rights watch, the 
Washington-based organisa- 
tion, has written a strong tetter 
of condemnation to Mr Hosni 
Mubarak, the Egyptian presi- 
dent, following the death dur- 
ing police detention of a 32- 
year-old lawyer, Mr Adbel Har- 
ith Madani, who was a member 
of the Egyptian organisation of 
human rights (EOHR). 

The US organisation called 
on Mr Mubarak to take “imme- 
diate action to discover the cir- 
cumstances and reasons for Mr 
Madam’s death” and prosecute 
those responsible. 

Mr Hasson al-Alfie, Egypt's 
interior minister, said Mr 
Madani “died of an attack of 
asthma” and it had “nothing to 
do with torture”. 

The Egyptian bar association 
has accused the police of kill- 
ing Mr Madani saying police 
subjected him to electric 
shocks, whipping and set fire 
to his body. The EOHR said Mr 
Madani was arrested on April 
26 and held incommunicado. 
They say his family was later 


informed on May 6 of his 
death, and that his body had 
been prepared for burial three 
days before they were tali 

Mr Madani was apparently 
detained for his contacts with 
Islamic militants, some of 
whom he had defended in 
court Thousands of fellow law- 
yers met at the bar associa- 
tion’s offices earlier this wed: 
to protest at his death- 

la its letter, human rights 
watch says government denials 
of the use of torture “ring 
increasingly hollow” in the 
face of “the accumulated 
weight of evidence, including 
scores of forensic medical 
reports prepared by govern- 
ment-employed physicians who 
have examined torture vic- 
tims”. 

The EOHR says It believes 16 . 
people have died from torture 
in Egyptian prisons since the 
start of 1993. It claims that up 
to 14,000 people at any tune are. 
in detention for their alleged 
contact with or membership of 
militant groups and that tor- 
ture of such detainees is 
“methodical". 


Oil dealer’s row with Chevron threatens Caspian project 

Steve LeVine on differences over the ownership and route of a pipeline from Kazakhstan’s vast Tengiz oilfield 


A conflict between the 
US oil company Chev- 
ron and Mr Jo hannes 
Deuss, the Bermuda-based 
Dutch entrepreneur once 
known as king of the world's 
oil traders, has become the big- 
gest obstacle to construction of 
an oil pipeline from the energy- 
rich Caspian Sea to the west, 
according to western oil ana- 
lysts. 

Chevron plans to spend 
$20bn over 4il years developing 
Kazakhstan's vast Tengiz oil- 
field, which could be producing 
700,000 barrels a day at its peak 
in 2010. 

But problems over the export 
route for the pipeline and the 
composition of the pipeline 
consortium threaten to under- 
mine the largest western-led 
energy project is the former 
Soviet Union. 

The proposed pipeline con- 


sortium includes Russian and 
Kazakh state oil companies, as 
well as Chevron and the O man 
Oil company, 100 per cent 
owned by the Oman govern- 
ment with a board made up of 
Mr Deuss and Oman officials, 
mostly from the oil ministry. 

It is Mr Deuss’s insistence 
that Oman Oil have a 33 per 
cent share of the pipeline con- 
sortium that has led to the lat- 
est impasse. 

At issue is a proposal that 
Chevron would put up much of 
the capital for the pipeline, 
which will cost about $lbn. It 
would also guarantee to ship 
an Tengiz oQ through the pipe- 
line at an agreed rate. This 
would enable the other three 
partners to arrange western 
finanring for their share of the 
capital costs. 

Chevron, however, is reluc- 
tant to bear the burden of the 


capital financing and to see 
such a large portion of the 
transportation revenues going 
to Oman Oil Analysts in Alma 
Ata, the Kazakh capital say 
Chevron wants “significantly 
more” than a 25 per cent stake, 
and wants it to come out of the 
Oman Oil share. 

The Kazakh authorities are 
reported to have set a d e adlin e 
of June 1 for settlement of the 
dispute. 

Mr Deuss “wants a huge 
equity stake in return for put- 
ting in no capital,” said a west- 
ern diplomat in Alma Ata. “We 
don't know if Deuss has gotten 
greedy, or if something else is 
going on." 

Last month the World Bank 
declined to take part in financ- 
ing the pipeline, a development 
which, according to an April 8 
bank report, has put the con- 
sortium “in crisis". 



The conflict is not the only 
obstacle to getting the region's 
oil flowing. Russia has 
demanded equity stakes in big 
aO and gas projects in former 
Soviet republics, slowing down 
the completion, of contracts. 


Russia’s Lukoil has won a 10 
per cent share in Azerbaijan’s 
big Azeri, Chlrag and Gunesbli 
fields. Moscow also wants an 
equity share of the Tengiz 
field, as well as of Kazakh- 
stan’s huge Karachaganak nat- 
ural gas field, to which British 
Gas and Agip, its Italian part- 
ner, have sole negotiating 
rights. 

The World Bank report con- 
cludes that Kazakhstan "has 
little choice” bat to surrender 
the equity shares. “Without 
Russian cooperation on pipe- 
lines, Kazakhstan cannot 
attract the high levels of for- 
eign investment needed to 
develop its off-gas sector,” the 
report says. 

But the emergence of inter- 
national dealmakers such as 
Mr Deuss in the Caspian area, 
which co old become one of the 
leading oil and gas producing 


regions of the world, has com- 
plicated negotiations between 
governments and international 
oil companies. 

Mr Deuss, aged 52. once oper- 
ated a Citroen dealership in 
the Dutch city of Nijmegen. 
But in the early 1980s be began 
buying oil in the Soviet Union 
and soon became one of the 
world's premier oil traders. 

Mr Deuss has cultivated 
close relationships with the 
leaders of Oman, Kazakhstan 
and Russia. 

He won the friendship or 
Oman's leaders when it was 
still paying a marketing pre- 
mium to Saudi Arabia for han- 
dling its oiL In return, he was 
appointed president or Oman 
Oil Company. “Deuss showed 
them he could provide a better 
return for a lower price," said 
a western oil trader in Alma 
Ata. 


In Kazakhstan Mr Deuss pro- 
vided a timely loon exceeding 
SlOOm, earning him the trust of 
President Nursultan Nazar- 
bayev. Thus, when the Tengiz 
deal seemed likely to be 
delayed Indefinitely, Mr Deuss 
was able to get together Mr 
Nazarbayev and the other prin- 
cipals and get the deal signed 
in April 1993. 

Mr Nazarbayev has rewarded 
Mr Deuss handsomely. Oman 
Oil received rights to two 
tracts on the Caspian's off- 
shore northern shelf in a deal 
involving a six-company west- 
ern consortium including Brit- 
ish Cas and British Petroleum. 
Mr Deuss also has made a pow- 
erful friend in Russia’s prime 
minister, Mr Victor Chyrno- 
myrdin, the former energy 
minister. 

The three Caspian Sea repub- 
lics - Kazakhstan, Azerbaijan 


and Turkmenistan - have 
studied various routes for 
transporting their energy to 
the west. Russia is pushing 
them to follow the route of 
existing pipelines to its Black 
Sea port of Novorossisk, ft 
route that would allow Moscow 
to retain its monopoly 
grip on the region's oil sup- 
plies. 

Kazakhstan and Azerbaijan 
appear to be succumbing to the 
pressure. Thar favoured route 
now begins at Novorossisk, 
where the crude would be 
loaded an to tankers. Turkish 
worries about supertankers 
passing through the Bosporus 
Straits, site of a tanker colli- 
sion in March, means that the 
oil might be transferred to 8 
second pipeline to the Mediter- 
ranean. it would either tra- 
verse the Bosporus or Turkey s 
port of Samsun. 


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It’s nothing to do 
with logic. 

It’s all about love. 


In Sweden the average temperature is rather lower 
than we’d like it to be. And while our summers have a 
unique kind of beauty we can’t pretend they’re parti- 
cularly long or hot. 

Nevertheless, at Saab we have always had a passion- 
ate love affair with the convertible. It isn’t remotely 
logical. But then, logic never did have anything to do 
with love. The result is a convertible you might want 
to take a look at: the new Saab 900 Convertible. 

GRABBING THE SUN. 

Almost any convertible looks good when the top is 
down. But at Saab we have a different set of priori- 
ties: we also have to make sure it looks good when 
the top is up. (That’s because in Sweden it’s rare that 
the top isn't up.) 

And when that fleeting ray of sunshine comes we 


can’t afford to waste 
time. We need to get 
that top down but fast. 
So we made sure the 
900 Convertible’s elec- 
tro-mechanical action 
works smoothly and 
efficiently every time. 

Even at temperatures 
well below zero. 

EAR PROTECTION. 
The Saab 900 Conver- 
tible’s cop is also leak- 
proof and wind proof. 
By which we don’t sim- 
ply mean that it protects you from the odd drop 
of gentle rain. We mean its proof against the full 
force of the Swedish winter - including the very real 
hazard of frostbitten ears. Particularly useful if. like 
us, you do your driving uncomfortably close to the 
Arctic Circle. 

Some convertibles have their back window made 
of plastic. The new 900 Convertible has one made of 
glass, complete with defroster. We like it because it 
keeps out the cold. 

You’ll like it because it 
keeps out the noise. 

PACK THE SKIS. • 

Being Swedish, were 

dedicated organisers, look to nature i 

FOR OUR 

We like to make sure inspiration. 
we start every journey with 
all the necessary bits and 

pieces neatly in place. So we’ve taken pains to en- 
sure the^new Saab 9Q0 Convertible Jias a wealth of 
luggage space. 

That’s why the rear seat folds down and locks into 
position, giving you enough space to store a couple 
of pairs of skis. 

That’s why we made the- storage compartment 




for the convertible top out of soft fabric - so you can 
fold the whole thing away when the top is up. 

VERY SAAB. 

In our excitement at building our ideal convertible 
we didn’t forget that above all we are building a Saab. 
So the new 900 Convertible has all the other engi- 
neering and styling features you’ve come to expect. 

It has ABS brakes and air bag as standard. Side 
collision protection in the doors. Seat-belt tension- 
ers. Soft, impact- 
absorbing interior 
panelling. Front 
wheel drive to give 
you superb road- 
holding even in the 
worst conditions, intelligently designed crash zones. 
Even a specially strengthened body designed to with- 
stand one of those regrettable but sometimes un- 
avoidable hazards of driving in Sweden - collisions 
with wild elks. 

Engine options include a 150 bhp 2.3 litre. The ali- 
new 170 bhp V6. And the exhilarating 1 85 bhp turbo. 

And we even throw in a very Saab kind of luxury 
- the feel and fragrance of real leather upholstery. 

FOR PERSONAL REASONS. 

At Saab we’ve had a long-term love affair with the 
convertible. That’s why we can’t resist making them. 

even though conventional business practice dic- 
tates that we shouldn’t make one at all. 

BB The result is the new Saab 900 Convertible. 
It’s exactly the kind of convertible we always 

wanted to make. And we hope you’re going to 
love it as much as we do. 

Exactly why you might love it is up to you. Every 
Saab driver has his or her own reasons. We’ve simply 
tried to give you as many reasons as we can. 

in fact, we have only one regret. We wish we had 
your weather rather than ours. Then we could put 
the top down just as much 


as you re going to. 


„ N 


aTaI 


FOR FURTHER INFORMATION. A TEST DRIVE OR DETAIL5 OF OUR INTERNATIONAL/DIPLOMAT SALES PROGRAMME CALL SAAB INFORMATION SERVICE ON +44-71 240 3033 OR FAX TO +44-71 240 603} 



Introducing the new Saab 900 Convertible. 





; 


FINANCIAL TIMES FRIDAY MAY|3J9g4 


NEWS: WORLD TRADE 


Private group seeks to break impasse 


US-Japan business 
chiefs in trade talks 


Fear of China cap on power profits 


Louise Lucas and Simon Holberton on rumours of investment return limits 


By MicMyo Nakamoto aid 
Entiko Terazono fai Tokyo 


US and Japanese business 
leaders, frustrated by the lack 
of progress in the two conn* 
tries' trade talks, are taking it 
upon themselves to try to 
break the impasse. 

The Japan-US Business 
Council, a private sector group 
representing leading busi- 
nesses in the two countries, is 
planning to put together its 
own proposals on how access 
to Japan's market can be mea- 
sured and increased- They will 
also consider how the coun- 
try's pererdally high trade sur- 
plus can be reduced to more 
internationally acceptable lev- 
els. 

Mr Yotaro Kobayashi, chair- 
man of the Japan-US Business 

flnrniril and nhalnnan of Fuji 


Xerox, the office equipment 
maker, said yesterday he 
expected that the compilation 
of a list of ways to measure 
market access would be a 
prime candidate for a special 
task force expected to be set up 
by the Council in July. 

Mr Kobayashi, who was 
highly critical of the Ja p anese 
government's resistance to US 
proposals an measuring mar- 
ket access, said foreign access 
to Japanese markets should be 
evaluated by “objective crite- 
ria" which would not need to 
be a specific number of sales or 
market share figures. 

“If the private sector can 
really use this process to 
monitor what Is happening 
we can really do much better 
than the governments.'’ Mr 
Kobayashi said. He noted that 
deregulation was SO per cent a 


private sector issue. 

"During the past few months 
(the private sector has) man- 
aged to discuss very delicate 
issues such as insurance and 
auto parts," he said. Business 
people have also started to 
express more loudly their own 
views and "of the need to 
change gear in order to be 
more productive.” 

The precarious state of the 
Japanese government also 
calls for the private sector to 
step in, Mr Kobayashi indi- 
cated. 

The government, aware of 
the short time left before the 
Naples G7 summit at which 
the two sides were supposed to 
reach some agreement on the 
stalled framework trade talks, 
has also begun its own lobby- 
ing to resume negotiations 
with the US. 


NEC and Bull discuss link 


By Michiyo Nakamoto 


NEC, the Japanese electronics 
company, and Boll of France, 
are discussing sharing the bur- 
den of developing a range of 
computers, the Japanese com- 
pany said. 

The two companies are 
negotiating details of a deal 
through which they would 
share the development of next 
generation computers, includ- 
ing m ainfr ames and middle- 
range machines, NEC said. 
Personal C o mp u t e rs were not, 
however. Included among 
seven areas of co-operation 


that were under discussion, 
the company noted. 

The agreement, If finalised, 
would considerably reduce the 
burden of development for 
both NEC and Bull, in 
which the Japanese company 
has a 4.43 per cent equity 


NEC has been supplying 
Bull with mainframes which 
the French company has been 
marketing in Japan on an 
original equipment manufac- 
turing basis, under its own 
brand 

If the latest talks bear fruit, 
NEC might draw on Bull's 


strengths in manufacturing of 
com pute r boards and the cen- 
tral processing unit tu making 
next generation models, NEC 
sakL 

Such a step would help Bull 
to reduce the cost of buying 
irurinfrwmes from NEC, while 
at the same time enable the 
company to utilise its 
resources more effectively. 
It would also help NEC by 
reducing Its development 
costs. 

NEC and Bull are also In 
negotiation for Bull to sell 
NEC supercomputers In 
Europe. 


F oreign companies and 
investors with an inter- 
est in China's capital- 
hungry power industry have 
been thrown by reports Beffing' 
is planning an unacceptable 
limit to the profits they can 
earn from electric power. 

China will spend more thaw 
$l20hn over the next decade If 
it is to rea lise its planned 
power expansion. Foreign com- 
panies and large i n ves tor s are 
lining up, 

ABB Asea Brown Boveri, the 
Swiss-Sweetish power engineer- 
ing group, plans to Invest 
$50Qm over the next four years. 
Hr George Soros, the US inves- 
tor and speculator, has set up 
funds totalling $3.5bn with 
both GE Capital and Peregrine 
Capital, the Hang Kong based 
brokerage and corp orate finan- 
cier, to tap such opportunities 
in Asia, especially nwim 
ABB has buOt four power 
stations in China and operates 
there through II joint ven- 
tures. But earlier this week Mr 
Percy Barnevik, its chairman , 
said attempts to limit, returns 
to foreigners would deter 
investment. 

For the past few weeks 
rumours have been circulating 
among project financiers that 
Beijing wiR Unfit to 12 per cent 
the return investors can earn 
on power projects on the main- 
land. It is not clear whether 
the rate of return referred to is 
on equity or capital employed. 

Mr Nfck Warni, rrarmig wr with 

WartQey Capital, says: “If the 
project internal rate of return 

is 12 per front (asamwfrig ft is 

funded with 100 per cent 
equity), then yon have an 
option to increase your return 
to shareholders by gearing the 
project up. Our understanding 
is that the 12 per cent return is 
on the whole project, which 
gives the possibility of getting 


up to around a 16 per cent 
internal rate of return to the 
shareholder.” 

Some investors, however, see 
the rumoured change as no 
more 'than part of a rational 
redesign of the electric power 
industry. 

Executives at Salomon 
Brothers, the US investment 
hawir , say there may have been 
a TpignTidw ff tai nH b*g and inves- 
tors and their advisers have 
got the wrong end of the stick. 
This week Salomon Brothers is 
taking representatives cf 40 of 
America's biggest fixed-income 
investors on an Asian tour, 
inf^ing China and its power 
industry. 

Mr Lindley G. DeGanno, 
hpafl of Salomon’s global inde- 
pendent power group, says be 
has been told by Chinese offi- 
cials that the 12 per emit figure 
refers to the ret urn an assets 
which is deemed appropriate 
for already esta b lis h ed power 
g pnHr atinn facilities in China. 

gaming a positive invest- 
ment return is part of the gov- 
ernment's attempt to reduce 
subsidies to industry which 
come from the under-pricing of 
electricity to consumers. To 
achieve this the authorities 
want to push ahead with tariff 
increases so that within three 
to four years these purely 
state-owned power plants will 
earn 12 per cent on assets 
employed. 

Mr DeGanno says that for 
foreign joint venture power 
plants the Chinese government 
appears prepared to allow 
returns of IS to 20 per emit on 
capital employed. Allowing for 
a large slice of debt financing 
this would push up the returns 
available to equity investors. 
He believes foreign-funded ven- 
tures will be assessed on a 
case-by-case basis. 

Other advises report a van- 





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away with the swap centres 
around the country and 
replace them with a centra 
tsed electronic network. 


For lenders looking for reli- 
able revenues In foreign 
exchange, this switch changed 
the game in three significant 
ways; 

• It prevents electricity prices 
being denominated in foreign 
exchange. 

• Guarantees can only be pro. 
vided In yuan, which makes 
them worth less titan hard cur- 
rency guarantees. 

• People no longs' have easy 
access to the swap markets to 
convert money following the 
restructuring of the foreign 
exchange markets. 


Soros, left, Wcu investors with other opportunities 


ety of financing methods 
which various regional govern- 
ments and agencies have 
suggested to would-be inves- 
tors to control profits. One 
example is offering guaranteed 
rates of return on foreign 
investment by indexing the 
price paid for the electricity. 
Alternatively, Chinese authori- 
ties can set an electricity price 
which will in effect cap the 
return at desired levels. 

At present there are just two 
examples of limited recourse to 
power project financing in 
China, both installed by Mr 
Gordon Wu's Hopewell Hold- 
ings and now operated by its 
spin-off Consolidated Electric 
Power Asia. For the rest, for- 
eign interests have generally 
played a minority role and the 
landing has been frilly guaran- 
teed, normally by Beijing. 

Mr Wu secured a two- 
pronged finanring package for 
Shajiao C, located in Guang- 
dong's Pearl River delta, in 
December 1992 winch provided 


for an early completion bonus, 
;md thereafter a standard oper- 
ating rate, where any increase 
in the cost of raw materials, 
such as fuel, will be countered 
by a rise in the cost of electric- 
ity. 

For investors, says Mr Harm, 
the risks of projects such as 
these are largely to do with 
construction and, to a limited 
extent, the level of output 

"We have been approached 
on at least 60 large^cale power 
projects, all with substantial 
companies interested in them,’* 
he says. "Unfortunately, only a 
fraction of these will get for- 
eign financing: there is a great 
deal of difficulty in putting in 
place a structure that is suffi- 
ciently robust to achieve for- 
eign project financing:, and 
that difficulty has been com- 
pounded by the foreign 
exchange changes introduced 
earlier tins year.” 

On January 1. Beijing abol- 
ished the official exchange rate 
and announced plans to do 


In the absence of a govern- 
ment or joint venture partner 
guarantee, investors must 
ensure firm off-take obligations 
by a creditworthy company 
and a Ann friel supply if they 
are to sleep easily at sights. 
But China is not yet a country 
where such obligations are eas- 
ily wan. 


Mr Hann believes the obsta- 
cles which have been put in 
the way of foreign investors 
this year will push projects 
into the hands cf the sovereign 
backed credit agencies, which 
are less concerned about the 
convertibility risks of the 
yuan, such as the US Brim- 
bank. 


In the meantime investors 
may look elsewhere. As Hr Wu 
points out, there is no shortage 
of opportunities for Investors 
interested in power projects in 
the rest of Asia and Beijing 
officials may come round to 
the realisation that it is better 
to have the lights on, even if it 
means foreigners earning 
higher profits than officials 
would like. 


European crackdown on 
computer software theft 


By Alan Cane 


Local police have raided 
companies and markets in 
Spain, Portugal, Italy and 
Poland as part of a Europe- 
wide crackdown on illegally 
copied computer software. 

The raids, in the past month, 
were ordered by the local 
courts after representations by 
the Business Software Alli- 
ance, an organisation of princi- 
pally US-based computer com- 
panies dedicated to dindnating 
software theft. 

The companies investigated 
included the Spanish airports 
authority. AENA, and the Por- 
tugese financial services com- 
pany Uniao de Bancos Portu- 
gueses. Special software was 
used to test software on per- 
sonal computers at AENA 
which led, BSA says, to "a 
strong suspicion of the unau- 
thorised copying of a wide vari- 


ety of software". 

The software companies 
involved included, among oth- 
ers Aldus, Autodesk, Computer 
Associates and Microsoft. The 
AENA was investigated after 
an anonymous telephone 
tlpoffi 

Mr Javier Ribas, a BSA coun- 
sel, said rates of software 
piracy in Spain were among 
the highest In Europe: "The 
software industry in Spain lost 
more than £330m ($481 -&n) in 
1993 as a result of piracy.” 

The search team sent in to 
Uniao de Bancos Fortugnes 
found about 300 suspected ille- 
gal copies of computer pro- 
grams published by Lotus 
Development and Microsoft 
Many of the disks carried iden- 
tical serial numbers, a common 
indinatinin of illegality. 

In Raly some 10,000 illegal 
floppy disks were seized in an 
operation which resulted in 


complaints bang filed against 
eight owners of shops and com- 
panies in the Milan area. Soft- 
ware experts estimate illegal 
copying is costing software 
houses some L400bn (£16&5m) 
a year in Italy 

The operation in Poland cen- 
tred on a computer software 
exchange and market in War- 
saw; diskettes were seized 
some of them containing ille- 
gally copied programs. 

Mr Evan Cox, the BSA’s 
European counsel, said that 
since the passage in 1992 of an 
EU software directive designed 
to outlaw software piracy 
European countries have been 
amending their copyright laws 
to comply with the directive. 

In Raly, for example, which 
used to one erf Bungle’s black 
spots, the rate of software 
piracy dropped to 50 per cent 
in 1993 Oram 86 per cent in 1992 
after legislation was passed. 


Malaysian 
car project 
costs set 
to increase 


Russia to purchase 
German carriages 


By (Xientln PeeJ in Bonn 


By Kieran Cooke In Kuala 
Lumpur 


Msmfcn Hi Mf®. SFA jnd (ho Linton Sta*. EuJwiQB 


The rise in the value of the 
yen is causing problems for 
Malaysia’s second national car 
project, due to start operations 
later this year. 

Perusahaan Otomotdl Kedua 
(Perodua), a consortium of 
Malaysian companies, is due 
to begin manufacturing the 
KancO, or Mouse Deer, 660cc 
car hi September. Daihatsu of 
Japan is partnering Perodua 
in the project 

The KancD bad been aimed 
at the lower end of the market 
with a cost of about M$24,000 
($9,200). However rising 
import costs Gram Japan could 
push op the price. 

Since the KancH project was 
announced two years ago the 
yen has appreciated by more 
than 30 per cent against the 
ringgit, the Malaysian dollar. 
Mr So Tet Kheong. Perodua’ s 
chief executive, said that up to 
50 per cent of the content of 
the Kancil will be sourced 
from Japan in the Initial 
stages of production. 

"We are looking at ways of 
absorbing the cost but prices 
could rise” said Mr Ha "We 
are also seeking the govern- 
ment's assistance." 

Perodua plans to produce an 
Initial 25,000 cars a year at its 
plant outside Kuala Lumpur. 

Malaysia already produces 
the Proton car in partnership 
with Mitsubishi- Proton now 
has a more than 70 per cent 
share of the focal market 

Last year over 17,000 Pro- 
tons were exported, mostly to 
Britain. 


The Russian gnvm -nm«nt hnn 
agreed to boy same 500 railway 
carriages worth DMSOOm 
(£20Qm) from Deutsche Wag- 
gonbau, east Germany’s lead- 
ing railway equipment manu- 
facturer, in a deal which 
should save some 2,000 
jobs. 

Agreement to go ahead with 
the contract, in spite of the 
severe shortage of hard cur- 
rency in Russia, was reached 
by Mr Gffnter Rexrodt, the Ger- 
man economics minister, and 
Mr Alexander Shokhin, his 
Russian counterpart, in the 
wings of President Boris Yelt- 
sin’s current official visit to 
Germany. 

The deal is still for rather 
less than the DM910m out- 
standing from an original Rus- 


sian order, placed in 1991, but 
suspended because of the pay- 
ments' problems. 

The new order will have full 
cover from Germany’s Hermes 
export credit insurance agency. 

"The workforce at Deutsche 
Waggonbau, especially at 
Ammendorf (near Halle) can 
finally breathe easily," Mr 
Rexrodt said in Bonn. 

Hie said the Russians were 
also considering taking a 
sha reholding in the east Ger- 
man enterprise, one of those 
which has yet to be success- 
frilly sold by the Treuhand pri- 
vatisation agency. 

The future of Deutsche Wag- 
gonbau is particularly sensi- 
tive for the German govern- 
ment. because of state 
elections to be held next month 
in Saxony-Anhalt, where the 
Ammendorf plant is rituated. 


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Consortium named to J k at ;i > 


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l\h * * * i L 

toceni 


build Portuguese dam 


By Peter Wise In Lisbon 


Electricidade de Portugal, the 
state-owned power producer 
and distributor, has awarded a 
Esl5.7bn (£61 28m) contract to 
build the country's biggest 
hydroelectric dam to a consor- 
tium Of French, S panish Mnri 

Portuguese companies. 

The 136m-high dam at Vila 
Nova de Faz Coa in northeast- 
ern Portugal is to form part of 
an Es52bn (£20lm) hydroelec- 
tric power plant comprising 
two 72 MW reversible turbine 
units. They are due to begin 
production of 330 GWh a year 
in 1999. 

The winning consortium 
comprises Durness of Prance, 


Agroman of Spain and the Por- 
tuguese companies Somaguo 
and Moniz da Mala Serra e For- 
tunate. A total of 16 Portu- 
guese and 13 companies com- 
peted for the contract 

The dam wiQ form an 18 W 
km artificial iafc» of 700m cubic 
metres. The plant will proridfl 
a strategic reserve hi case « 
breakdown or low capacity » 

EDP’s other hydro-electric 

plants on the Douro river, 
which flows into northern Por- 
tugal from Spain. . . 

Installing reversible turbo* 0 
units will enable EDP to trans- 
fer waters from the Douro to 
the Faz Coa lake for subse- 
quent use by power plants 
along foe river. 


FINANCIAL TIMES FRIDAY MAY 13 1994 


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Detroit says battery technology can 
not yet meet Californian requirement 

Chrysler protests 
over electric cars 


By John Griffiths 

Chrysler. North America's 
third largest car mater, yester- 
day called on California to 
drop legislation requiring mini- 
mum numbers of electric cars 
to be 9old in the state from 
1998, claiming that battery 
technology is insufficiently 
advanced for such cars to be 
viable. 

In doing so. it has formed a 
united front with General 
Motors and Ford, which have 
become increasingly hostile to 
the legislation as hopes of a 
battery technology break- 
through in time for the legisla- 
tion to be met have faded. 

During testimony to 
the Californian Air Resources 
Board, which is responsible 
for setting air qualify stan- 
dards in the state, Chrysler 
asked for consultants to be 
brought in to undertake an 
independent review of battery 
technology and consider 
whether the Californian legis- 


lation could be complied with. 

Under the current legislative 
programme, from 1988 onwards 

“zero emission vehicles” must 
mate up a minimum of 2 per 
cent of total sales of each man- 
ufacturer selling its vehicles in 
California, rising to 10 per cent 
by the year 2007. 

While other technologies, 
such as hydrogen fuels, are 
also being investigated, bat- 
tery-powered cars currently 
are seen as the only means of 
complying with the legislation. 
However, all “big three” car 
makers have encountered seri- 
ous drffSraiitips in building cars 
with the loo mfles-plus range 
regarded as the mrnimnm via- 
ble for sprawling Los Angeles 
- and at a cost even remotely 
competitive with conventional 
vehicles. 

“We believe California can- 
not achieve its dean air goals 
in a cost-effective wmnnar by 
mandating any technology,” 
Chrysler’s manager of environ- 
mental regulatory planning. 


Argentine 
economy 
shows 
- 6% growth 


By John Barttam 
In Buenos Aires 

Argentina's economy expanded 
by 6 per cent in 1933, its third 
consecutive year of strong 
growth since Ur Domingo 
Cavallo, the economy minister, 
made the peso convertible and 
began his market-oriented 
reforms in early 1991. 

Gross domestic product 
expanded to $25553bn, making 
Aigentina the region's wealthi- 
est country, with income per 
head of $7,800 (£5^4®, accord- 
ing to figures this week. 

However, private economists 
expect growth to decelerate to 
about a&4 per emit this year, 
thanks mainly to a reduction 
in the foreign capital inflows 
that have driven the economy 
ahead since 1991. Capital 
inflows are expected to Ml to 
$10bn from $17.61bn last year. 

Argentina's low investment 
rate is alarming private econo- 
mists. Although investment 
rose by one-eighth over the 
previous year, at 18.4 per cent 
of GDP it is still low by inter- 
national standards. Investment 
at the height of Argentina’s 
hyperinflation crisis in 1989-90 
averaged 15 per cent of GDP. 

A European banker com- 
mented; "Investors and busi- 
nessmen have been burnt so 
often in the past that they are 
unwilling to take risks now." 

Growth came mainly from 
privatised utilities, the con- 
struction industry and the 
financial sector. Manufactur- 
ing industry rose 45 per cent, 
while agriculture - which pro- 
duces two-thirds of Argentina's 
exports - fell 1 per cent 

Concern continues to grow 
over Argentina's poor savings 
rate and its heavy reliance on 
foreign capital. Last year's 
savings rate edged up to 16 per 
cent of GDP; consumption rose 
by one-fifth, to 835 per emit 

Argentina’s trade deficit is 
also deteriorating rapidly. The 
1993 deficit of $3.7bn is expec- 
ted to rise by one-third this 
year to $5bn. 


Mexico 
invites UN 
to observe 
elections 

By Damian Fraser 
in M o x fco City 

The Mexican g overnment has 
formally invited the United 
Nations to participate in the 
observation of presidential 
and congressional elections 
in August, in a move designed 
to convince international and 
domestic opinion that the 
voting process will be 
fair. 

Mr Jorge Carpizo, the inte- 
rior minister, asked the ON to 
issue a technical report on the 
electoral system, and to offer 
assistance, to the network of 
Mexican electoral observers, 
and help ensure their “profes- 
sionalism, Independence and 
impartiality". 

The UN role will be more 
limited than many had hoped, 
as the organisation will not 
directly observe the electoral 
process, nor assess the legiti- 
macy of the electoral result 
Mr Carpizo said that the coun- 
try's constitution and laws 
gave such authority exclu- 
sively to Mexicans. 

The decision to invite the 
UN came after internal debate 
in the Mexican government 
with some rationalist minis- 
ters unhappy about allowing 
an international organisation 
a role in the observation of the 
elections. The compromise 
worked oat has allayed fears 
of those who opposed UN pres- 
ence, according to one official. 

President Carlos Salinas and 
other ministers believe the 
presence of the UN will help 
assure a credible electoral out- 
come. The belief is that as long 
as the election is fair, the cre- 
ation of an impartial group of 
Mexican observers backed by 
the UN will make it more diffi- 
cult for the opposition to dis- 
credit the vote by claiming 
fraud. 

The US has also put increas- 
ing pressure on the Mexican 
government to take steps to 
assure a legitimate election, 
and strongly supported the 
presence of foreign observers. 


SALEROOM 


Klimt brings top 
price at auction 


By Antony Thomcroft 

Sotheby's sale of top quality 
Impressionist and modem art 
in New York on Wednesday 
evening was a success, in 
sharp contrast to Christie’s dis- 
appointing auction on Tues- 
day. Some 69 paintings and 
sculptures were offered and 50 
of them sold, for a total of 
»L5m (£3&2m). 

The highlight was the $lL6m 
paid for an exceedingly decora- 
tive painting by Gustav Klimt, 
“Lady with a fan”. The price 
was a record for the Austrian 
artist and way ahead of esti- 
mate. It was sold by the estate 
of the late Mr Wendell Cherry, 
founder of Humana, the health- 
care company. 

“Composition No 8" by Mon- 
drian also did well, ma kin g 
$5 .6m. The artist took this 
strictly linear work to New 
York when escaping from the 
London Blitz in 1942 and it was 
acquired by the late Mr Gates 


Lloyd, the Philadelphia banker 
who later became deputy head 
of the Central Intelligence 
Agency. His estate sold it yes- 
terday for comfortably more 
than its $&m estimate. 

Another good price was the 
$2,092500 paid for “Peniche sur 
la Seine" by the Fauve artist 
Maurice de Vlaminck, and the 
aamg sum acquired a pastel tv 
Degas "La toilette", one of his 
many compositions of women 
bathing. Another work from 
the Gates Lloyd collection, 
Henry Moore's bronze, “Festi- 
val reclining figure”, one of 
five created for the Festival of 
Britain in 1951, sold at its high 
estimate, (2m. 

Thare was even keen bidding 
for some of the unsold lots. 
"Bird”, a marble sculpture by- 
Brancusi, was bought in at 
jflm, and bids for a Monet view 
of Venice went as high as 
*5.7m, which must be dose to 
the reserves fixed by the ven- 
dors. 


Mr Gordon Allardyce, said yes- 
terday in a statement 

While stressing that Chrysler 
- like GM and Ford - is not 
opposed in principle to produc- 
ing battery-powered cars, the 
company said in its testimony 
that the price and range limita- 
tions Involved meant that it 
seriously questioned its ability 
to meet the sales obligations. 

Despite the increasingly stri- 
dent lobbying campaign from. 
Detroit, the air resources board 
has so far shown no real will- 
ingness either to ease or post- 
pone the legislation, given the 
severe air quality problems fee- 
ing the Los Angeles basin in 
particular. 

The issue is of great impor- 
tance to the vehicle industry. 
This is not only because non- 
compliance by any manufac- 
turer could theoretically lead 
to its exclusion from the Cali- 
fornian market, amounting to 
im-pius units a year, but 
because otter states are seek- 
ing to enact similar legislation 



Hfllary Clinton (right) gathers with her predecessors in Washington for a tribute to First Ladies of the US. The others are, from left. Lady Bird Johnson, Betty Ford. 
Bosalynn Carter, Nancy Reagan and Barbara Bush. 


No such thing as free lunch for senators 


By Jurefc Martin In Washington 

The spectre of Mr Ross Perot strode 
through the hall* of Congress this week 
as the Senate, in a mood of uncomfort- 
able self-flagellation, voted 9&4 to ban 
its members from accepting presents, 
meals, free travel and sports and arts 
tickets from anybody who might 
remotely resemble a lobbyist 
The Senate bill now must be recon- 
ciled with one already passed by the 
House. Congressmen, on average much 
less wealthy than senators, were also 
less firmly j Into self-denial, banning 
most meals and gifts bnt permitting 


paid-for travel and other freebies. 

Sponsors of the Senate bill, sounding 
just like the populist billionaire from 
Texas and 1992 independent presiden- 
tial candidate, said action was neces- 
sary to dispel the popular image of a 
Congress stuffed with freeloading j wo- 
ke teers and deeply in hock to “Gucci 
gulch” lobbyists, including, most 
darkly, those representing foreign inter- 
ests. 

The bill permits gifts only from fam- 
ily members, unquestioned close friends 
and home state interests, with any pres- 
ent worth more than $250 (£170) subject 
to approval by the ethics committee. 


In debate last week several senators 
said the bill was unnecessary and 
would harm the Washington restaurant 
trade and charities willing to pay the 
expenses of politicians involved in fund- 
raising events, such as galas and golf 
tournaments. 

But the final vote showed how few 
senators were willing to go on record as 
opposing a populist demand. 

A similar nervousness was shown 
last month when the Senate only nar- 
rowly defeated a bill that would have 
taken away free parking places at 
Washington's airports. Almost every 
senator up for re-election this year 


voted to remove this "perk”. 

Cynics also believe that by fivtising 
on freebies Congress is creating cover 
for ducking action on campaign finance 
reform, reasonably seen as the root 
problem of the relationship between 
elected representatives and special 
interests. 

It emerged this week, for example, 
that the mediud and insurance indus- 
tries had contributed, perfectly legally, 
no less than $800,000 this year to the 
campaign coffers of the II congressmen 
sitting on the House ways and means 
subcommittee with jurisdiction over 
healthcare reform. 



Now everything you buy at any BAA airport is covered by a 
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NEWS: UK 


The sudden death yesterday of John Smith, leader of Britain’s opposition Labour party, has changed the nation’s 
political landscape. With the Conservative government tr ailing in the opinion polls he seemed well-placed to capture 
power at the next election. Now Labour must choose a new leader while John Major must reassess his hold on power. 
Here FT writers look at the candidates for Labour and the prospects for the Euro-elections early next month 


MPs see six 
candidates 
for leadership 



Socialist umbrella: John Smith and German Social Democratic presidential candidate Johannes Ban at a gathering of European Socialists last Jane 

Strain may show during Euro-elections 


By David Owen 

MFs acknowledged yesterday 
that there were at least six 
serious candidates for the lead- 
ership of the Labour Party. 

The party's prospects of 
avoiding a damaging and 
highly public tussle between 
leading figures from its 
modernising and traditionalist 
wings do not look good. 

In the atmosphere of disbe- 
lief pervading Westminster 
yesterday, few MPs were ready 
to talk openly about the suc- 
cession contest that will culmi- 
nate this autumn at the latest. 

The front runner - and the 
candidate the Tories most fear 
- is Mr Tony Blair, the urbane 
Oxford-educated lawyer who 
has made a good fist of shad- 
owing Mr Michael Howard on 
home affairs. 

Mr Blair, a l eading modern- 
iser, has succeeded in chipping 
away at the Conservative par- 
ty’s traditional position as the 
party of law and order by por- 
traying Labour as the party 
that is tough on crime and the 
causes of crime. 

But Mr Blair must first con- 
vince supporters of Mr Gordon 
Brown, his modernising col- 
league, that he and not the 
shadow chancellor has the bet- 
ter chance of winning the race. 

After years when the pair 
were virtually inseparable, Mr 
Brown has recently fallen 
behind in the succession 
stakes, largely because of what 
some see as a patchy perfor- 
mance as chief Treasury 
spoilsman. 

The leading traditionalist 
candidate is expected to be Mr 
John Prescott His speech at 
last year’s party conference 
played an important part in 
ensuring that Mr Smith won 

Political 
figures 
lead many 
tributes 

Throughout the day, political 
figures from Britain and 
across Europe paid tribute to 
Mr Smith. 

Irish prime minister Albert 
Reynolds described Mr Smith 
as a man of outstanding abil- 
ity and stature who had “con- 
tributed greatly to the politics 
of these Islands.” 

Jean-Pierre Cot, leader of 
the Socialist party in the Euro- 
pean parliament said “The 
best homage we can pay him is 
to continue his right for 
Europe in the weeks and years 
to come.” 

French Socialist party leader 
Michel Rocard, who was 
among those to have dinner 
with Mr Smith in London on 
Wednesday night, said: “I am 
shocked and stunned. This 
man loved life, he was joyful.” 

He added: “He was a fervent 
European. Europe loses a 
brave servant and so does 
Britain." 

In Rome, Italian Socialist 
party leader Ottaviano Del 
Turco said: “The death of John 
Smith represents a grave loss 
not only to the Labour party 
but also to all parties on the 
left who looked to the great 
parliamentary tradition of sec- 
ular democracy in Britain." 

Belgian foreign minister 
Willy Claes said Europe had 
“lost a great ally, and the 
socialist family has lost a 
great leader. We bare lost not 
just a good friend, hut a con- 
vinced, and convincing Euro- 
pean whose ideas and work 
sprang from deeply held moral 
convictions and sense of jus- 
tice." 

But perhaps the most mov- 
ing tribute came in the House 
of Commons from Labour's 
deputy leader Mrs Margaret 
Beckett Calling Mr Smith a 
man of “formidable Intellect, 
the highest ethics and staunch 

integrity,” she recalled his 
speech the previous evening. 

“He was in high fettle and in 
high spirits. He spoke not 
from a text but from notes. 
And when he sat down I con- 
gratulated him, especially on 
his final sentence. 

“Spoken as it was, off the 
cuff and from the heart they 
were almost the last words I 
heard him say. He looked at 
the assembled gathering and 
be said, “The opportunity to 
serve our country - that is all 
we ask’. 

“Let it stand as his epitaph,” 
she said. 


the tense battle to inject 
greater democracy into 
Labour’s trade union links. 

The burly former transport 
spokesman would secure 
strong barWng from the union 
movement if he decides to run. 

Many MPs are concerned 
that a head-on clash between a 
leading moderniser and a lead- 
ing traditionalist would be 
extremely damaging for the 
party, however. 

They hope that Mr Prescott 
could be persuaded to run only 
as deputy leader. Certainly, Mr 
Prescott's installation as dep- 
uty leader would be the mini- 
mum price demanded by the 
Labour left in return for allow- 
ing a leading moderniser an 
unhindered tilt at the leader- 
ship- A strategy for such a bal- 
anced ticket would run 
aground if Mrs Margaret Beck- 
ett, the current deputy leader, 
decided not to run for leader. 
Many MPs believe that she 
could secure her current post if 
she did this “in the interests of 
party unity". 

Many MPs expect that Mrs 
Beckett will run, however, in 
which case the strength of her 
candidacy will largely depend 
on how she is seen to have 
done as interim leader and on 
Labour’s performance in the 
European elections. 

Another potential candidate 
from the centre-left of the 
party is Mr Robin Cook, the 
shadow trade and industry sec- 
retary. who topped the poll in 
the most recent shadow cabi- 
net election. 

An outside bet to run is Mr 
Jack Cunningham, the shadow 
foreign secretary, who could 
construct a platform as the 
'continuity' candidate: the man 
who would carry on Mr 
Smith’s good work. 


By Roland Rudd 

History is made by accidents. 
Forty-eight hours ago, few MPs 
were willing to bet on Mr John 
Major’s leadership. Yesterday 
it was difficult to find any par- 
liamentarian who did not 
believe the prime minister 
would last the coarse. 

The death of John Smith 
appeared to wipe Mr Major’s 
slate clean. True, there were 
still one or two rightwing 
Euro-sceptics who warned that 
nothing, not even the death of 
the opposition leader, would 
alter their determination to 
replace the prime minister. 

But they were in a minority. 
Most Tories saw the death as a 
rare opportunity for Mr Major 
and the government 

A senior member of the 1922 
backbench committee said: 
“Luck appeared to be running 
out for the prime minister 
until the news of today’s trag- 
edy swept through the House.” 

In part the analysis of Mr 
Major's strengthened position 
is based on the assumption 


By David Owen 

The loss of such an effective 
and respected leader less than 
a month before polling day can 
hardly foil to damage the oppo- 
sition Labour party’s European 
election campaign. 

It will in effect dash the par- 
ty’s hopes of remaining out of 
the spotlight while the media 
focuses on the Conservative 
party tearing itself apart over a 
subject that splits the party 
from top to bottom. 

Much attention will now 
inevitably focus on Mrs Mar- 
garet Beckett, the deputy 
leader, and her performance as 


that it would be folly to have a 
leadership election at the same 
time as the Labour party. 

Whether the race to succeed 
Mr Smith takes place at a spe- 
cial conference in mid-summer 
or in the autumn, it would still 
be uncomfortably close to the 
November deadline by which 
the Conservatives have to hold 
a leadership election if there is 
a challenge. 

With the media's attention 
fixed on Labour, Tories believe 
they ought not to create dis- 
tractions. Many hope that the 
Labour election will bring out 
the divisions that Mr Smith so 
successfully masked over. 

Sir Rhodes Boyson, a senior 
backbencher, asked: “Will the 
face of moderation outlive the 
sad death of Mr Smith?” Mr 
John Watts, another Tory 
backbencher, readily conceded 
that Mr Smith's great achieve- 
ment had been to make the 
Labour party electable. 

But Mr Major’s improved 
standing also owes a lot to the 
sudden decrease in support for 
Mr Michael Heseltine. 


nrHug leader and ttu> activities 
of the other personalities most 
likely to play a prominent part 
in the fo rthcoming leadership 
race. 

The main dang er in this 
regard is that the minds of 
many leading Labour figures 
will be on their leadership 
prospects and not on securing 
the best possible election result 
for their party. 

The fact that a strong 
Labour performance could 
work in favour of Mrs Mar- 
garet Beckett, the deputy 
leader, assuming she enter- 
tains leadership ambitions of 
her own, will ensure that she 


Mr Smith's death was a vivid 
reminder of human mortality. 
Unfortunately for the trade 
and industry secretary, most 
Tories no longer believe it pru- 
dent to elect someone who has 
already suffered a heart attack. 

Mr Heseltine is said to have 
had a foil recovery from the 
attack he suffered last sum- 
mer. But the same was said 
about Mr Smith. 

It was not just Mr Heseltine’s 
enemies who were signalling 
the end of his ambitions. A sig- 
nificant number of his support- 
ers were equally downcast. 
“Regardless of Michael’s fit- 
ness." said one friend, “I fear 
the party will never elect him. 
John Smith's death has trans- 
formed the situation.” 

Some supporters of Mr Ken- 
neth Clarice, chancellor, found 
it difficult to conceal their 
relief that the chances of a 
leadership election - in which 
Mr Heseltine would have been 
favourite - had receded. One 
parliamentary private secre- 
tary said: “Labour’s loss Is 
John Major’s gain.” 


tries to maintain such disci- 
pline. 

Labour's strategy was 
always going to be to play safe 
and quietly reap the anti-Major 
protest vote in areas of the 
country that are relatively lit- 
tle aff^ted by the Liberal Dem- 
ocrat surge. 

Mr Smith’s sudden death, 
though shattering for morale 
in the short term at least, win 
do nothing to change that plan. 
And his abrupt removal from 
the scene vQl not necessarily 
render the party incapable of 
p q te ffrtTng s uch an unambitious 
battle plan competently - even 
under an interim leader who is 


By Robert Taytor 

Labour’s modernisers - Mr 
Tony Blair and Mr Gordon 
Brown - look likely to benefit 
from the new system for elect- 
ing the party leads - . 

The procedures which came 
into force last year replace a 
system under which union 
barons wielded hundreds of 
thousands of block votes and 
constituency activists fixed 
their choice tn smoke-filled 
rooms. 

Instead, Labour’s elected 
representatives, party mem- 
bers and trade union members 
who pay the political levy who 
win vote by ballot in three sec- 
tions, each holding a third of 
the vote: 

• Labour’s 264 MPs and 45 
MKPs. 

• About 250,000 individual 
members of the party, who 
will vote in a postal ballot 

• The estimated 4J5m politi- 
cal levy-payers in file unions. 
Each union win ballot levy- 
paying members and the 


respected rather than admired 
and who will be virtually 
unknown to many voters. But 
will all the most prominent 
players in the Labour party 
really pull together?. 

The party did all it could last 
night to insist that it would be 
as dose as possible to business 
as usual, after a period for pay- 
ing its last respects to a much 
admired leader. 

Said one prominent MP: 
“After the funeral, John would 
have wanted us to fight as 
hard as we can.” 

After winning 45 out of 81 
British seats in the European 
parliament in the last ele ctions 


a national total at the 
Labour party’s headquarters. 

Union leaders will be able to 
recommend and campaign for 
a favoured leadership candi- 
date, but under the new sys- 
tem of secret ballots, they will 
not be able to apply the kind 
of pressure they often exer- 
cised in file past 

Mr John Prescott, Labour’s 
employment spokesman, is a 
clear favourite among many 
union leaders, their officials 
and shop stewards bnt they 
may not speak for members in 
expressing that preference. 

Both Mr Blair, Labour's 
borne affairs spokesman, and 
Mr Brown, shadow chancellor, 
may have less support inside 
union organisations than Mr 
Prescott but either of them 
could look more attractive as 
general election winners to the 
wider party membership. 

Opinion Is divided over 
whoa the election should be 
held. Theoretically ft would be 
passible to hold the contest 
quickly. “We could said oat 


in 1389, the party’s ambitions 
this timo around are relatively 
modest It would settle for an 
outcome similar to this 
month's local elections, when 
the party secured a slight 
improvement of an unusually 
strong position. 

Even before Mr Smith's 
death, the party probably had 
the potential for no more than 
about six gains - 87 seats will 
be at stake this time. Constitu- 
encies in north-west England, 
the east Midlands and London 
are at the top of its target list, 
although the waters have been 
muddied in some cases by the 
impact of boundary changes. 


ers tomorrow," one senior 
union official said. 

Labour need not wait until 
its annual conference in the 
autumn to elect a new leader, 
and the election does not 
require the calling of a special 
conference. 

The timing of the election 
will be decided at a meeting of 
the party's National Executive 
Committee, probably after the 
European elections on Jima 9. 

Mr Larry Whitty, the party’s 
general secretary, will be the 
key figure in the process. He 
will ™»kt> a recommendation 
to tibe executive about the tim- 
ing of the election and will act 
as chief scrutineer. 

Each nomination for the 
party leadership requires the 
backing of 20 per cent of 
Labour MPs to be valid. 

Mrs Margaret Beckett, 
Labour’s deputy leader who 
win be acting leader until an 
election, can choose to remain 
as deputy, as the first official 
opportunity for a challenge to 
her position is the autumn 
party conference. 


result wfu be aggregated into ballot papers to our levy-pay- 

Political shock waves rock left and right alike 

Philip Stephens considers how the Labour party may approach the challenge of finding a new leader 


S uddenly nothing Is clear. The 
tragic death of John Smith has 
left the Labour party feeing a 
choice critical to the outcome of the 
next general election. Amid the sad- 
ness which enveloped Westminster, 
Mr Smith's colleagues sensed both a 
risk and an opportunity. 

The shock waves from Mr Smith's 
death were not confined to the Labour 
party. His departure has transformed 
the political landscape. The genuine 
sorrow among senior Conservatives 
was followed quickly by the judgment 
that Mr John Major's position was 
much more secure. 

The focus of much political atten- 
tion would during the summer at 
least switch to the battle for the 
Labour leadership. Labour's campaign 
for the European elections would be 
badly damaged. Mr Michael Heseltine, 
the victim last year of a heart attack, 
was all of a sudden a much less 
attractive rival to Mr Major. 

Only hours before his fatal heart 
attack Mr Smith had been celebrating 
with his colleagues at a glittering 
fund-raising dinner In London. 
Friends said he was in sparkling 
form. His party was looking forward 
to following a strong performance in 
this month's local elections with a 
decisive victory to the European polL 
Consistently 20 points ahead of a 
government seemingly intent on 


self-destruction. Labour had begun to 
persuade itself that after 16 years in 
the wilderness power was at last 
within its grasp. 

Even those among the party's 
modernisers who were occasionally 
frustrated by Mr Smith’s careful, cau- 
tious approach to remaking the par- 
ty’s policies were impressed by his 
growing appeal to the electorate. MPs 
on the unreconstructed left saw him 
as more radical than he was perceived 
as the outside world. They were 
impressed by his ability to fight them 
without rancour. 

In an opinion poll a few weeks hack 
nearly two-thirds said he would make 
a good prime minister. A Tory cabinet 
minister yesterday offered the same 
judgment 

But Mr Smith left unfinished the 
task of returning the Labour party to 
electability. Mr Neil Kinnock's legacy 
after the 1992 general election was a 
party which had dumped most of the 
ideological baggage which it had car- 
ried through the political wilderness 
hut had yet to rediscover an identity. 

After the 1992 general election Mr 
Smith pressed on with the prog ramm e 
of reform. Tax and spending pledges 
were quietly dropped, the leadership 
confronted the trades unions over 
one-member-one-vote (OMOV) elec- 
tions for Labour parli a mentar y candi- 
dates. 


Mr Smith sketched out plans for 
radical constitutional reform. Mr 
Tony Blair has radically reshaped the 
party's attitude to crime and punish- 
ment Mr Gordon Brown has begun 
the slow, painful task of building a 
credible economic strategy. 

But the process has been slowing. 
The disarray in the Conservative 
party removed the sense of urgency. 
Mr Smith made the strategic decision 
to defer detailed policy commitments 
until the second half of the present 
parliament His perilously narrow vic- 
tory over the unions on OMOV 
reminded Hfm that factionalism had 
not been banished from the Labour 
party. 

So until yesterday morning the pre- 
vailing mood in the party at Westmin- 
ster was that it was probably enough 
to sit tight and wait for the Conserva- 
tives to lose the general election. 

If that was ever a realistic prospect 
- and the astute on the party's front- 
benches at Westminster never really 
believed shared it - Mr Smith’s depar- 
ture has removed It 

Labour now has to make a choice. It 
is one between advance and retrench- 
ment between continuing along the 
path mapped out by Mr Kfrmock from 
socialism to social democracy or 
deriding instead to reclaim some of 
the party’s radical roots. 

The choice will be posed starkly 


in the forthcoming leadership con- 
test. Mr Smith’s colleagues were 
understandably reluctant yesterday to 
talk openly about the succession. The 
formal contest anyway will be 
deferred until after the European elec- 
tions. But no-one doubted the con- 
tenders. 

Mr Blair and Mr Brown are the can- 
didates of the modernisers. They are 
firm friends as well as political allies. 
The presumption - though it is no 
more than that - is that they wifi, 
agree between themselves an a single 
candi d acy. 

Among the party's MPs, Mr Blair 
was quickly emerging as the the 
favourite. He is just 41 years old but 
has already displayed formidable 
political talents. A public schoolboy, 
he has undoubted voter appeal. 
Labour MPs on the left of the party 
are less antagonistic towards him 
than might be exported. 

But Mr Brown has worked hard to 
win friends in the constituencies. He 
should secure the backing of the pow- 
erful Scottish contingent of Labour 
MPs. He 2s not loved by trades union 
leaders but may have made fewer ene- 
mies on the ground than Mr Blair. 

Faring them from the soft left, or 
traditionalist camp are Mr John Pres- 
cott and Mir Robin Cook. 

Both have strong followings among 
party activists and trades unionists. 


Both have many friends on the 
Labour left at Westminster. 

Mr Cook is a shrewd and intelligent 
p o l it i c ian and a powerful parliamen- 
tary performer. Mr Prescott demon- 
strated in last autumn's OMOV battle 
that his populist radicalism holds 
powerful sway with the grass roots. 
Either could win. 

The optimists among the modern- 
isers have floated the idea of a 
“dream ticker. Mr Blair would stand 
as leader. Mr Prescott as his deputy. 
Some on the left would be ready to 
sign up to such a compromise. 

Mr Blair is judged widely to be the 
politician most likely to return 
Labour to power. In the bars and lob- 
bies of Westminster, parallels were 
being drawn with the death of the 
then Labour leader Mr Hugh Gaitskell 
in 1963. It was the young moderniser 
Mr Harold Wilson who won the suc- 
cession and the subsequent general 
election. 

Bat the intricacies of the electoral 
system and the labyrinthine nature of 
Ubour politics make for far more 
rife” and “buts" than for any certain- 
ties. Labour is still an unpredictable 
party. 

It will be days if not weeks before 
the shape of the leadership contest 
emerges. But the choice will not go 
away. Labour must deride if it wants 
to govern. 


Major’s future seen as 
more secure by MPs 


Revised election rules 
may favour modernisers 


Britain in brief 



UK insurers 
urged to 
defend sector 

Mr Michael Heseltine, the 
president of the board of trade, 
has urged the UK insurance 
industry to do more to protect 
itself against the threat of 
hostile takeovers. 

Merger and acquisition 

activity Is Hkely to Increase 
again as Europe comes out 
of recession, Mr Heseltine told 
the bi-annual dinner of the 
Association of British 
Insurers, on Wednesday 
evening. 

“You should be taking steps 
now to protect yourselve*, tn 
the same way that your 
competitors are already 
protected," said Mr Heseltine, 
during a wide ranging speech 

which examined the 
international competitiveness 
of the UK insurance industry. 

Insurers faced new 
competitive challenges and - 
moves were needed “that will 
enable you to stand against 
that cold wind which is 
blowing across the globalised 
market” 


Automotive 

warning 

Up to 20 per cent of automotive 
components companies in the 
UK could disappear in the next 
three years, as the industry 
undergoes a far-reaching 
restructuring according to the 
accountancy firm Price 
Waterhouse. 

Mr Richard Gane, head of 
the Price Waterhouse 
automotive group warned that 
there could be substantial job 
losses in particular to the 
Midlands. 

The larger first tier supplies 
“ought to survive,” said Mr 
Gane, but many of the smaller 
second and third tier 
producers, which supply the 
large components makers, 
were at risk. 

“Already we are seeing a 
rationalisation in the supplier 
marM For many small er 
suppliers the only hope of 
survival is through joint 
ventures and affiances," he 
told an automotive conference. 


Ford cuts price 
of best-seller 

Ford has cut the prices of its 
best-selling Mondeo car range 
by £265 on most models. But 
it is denying motor trade 
reports that it is planning to 
scrap Its dealers' 10 per cent 
profit margin on the cars in 
favour of a simple handling 
charge. 

“Such reports are 
nonsense" a Ford spokesman 
declared yesterday. However 
he confirmed that Ford has 
told its dealers to cut prices 
of all Mondeos except the most 
basic version by £265, 
retroactive to May l, and to 
more than halve the cost of 
some options such as anti-lock 
braking. 

The latest price cuts come 
agpHwct the background of a 
growing industry trend 
towards much lower deals* 
profit margins compared with 
the 15-17 per cent norm of 
even 12 months ago. 


Green trust 
needs £2bn 

The Energy Saving Trust, the 
government-created body to 
promote energy efficiency, 
needs to raise nearly £2bn by 
the end of the decade to meet 
government targets, according 
to its business plan, published 
today. 

The 50-page plan, which win 
be sent to government 
ministers this morning, will 
draw a tt enti o n to the 
government’s growing 
anbarrassment aver the lack 
of financing for the trust 


Sinn Fein 
ban to stay 

A legal challenge to the 
government's broadcast ban 
on Sinn F4in, the political 
wing of the IRA, has bean 
rejected by the Europ ea n 
Commission of Human Rights. 

The Commission has 
declared inadmissible an 
application to charge the 
government with breaching 
freedom of expression, 
safeguarded by the European 
Convention on Human Rights. 

The Commission, which vets 
all applications to the 
European Court of Human 
Rights, has followed an earlier 
derision that the broadcasting 
bon is acceptable in the Irish 
Republic. The bad argued that 
the Irish ban was effectively 
removed In January by the 
Dublin government. 


FINANCIAL TIMES FRIDAY MAY 13 1994 


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NEWS: UK 


UK telecoms ‘less expensive’ 


By Andrew Adonis 

Businesses in the UK pay less 
for their telecomm unications 
than those in France, Germany 
and Italy, with Urge business 
users considerably better off, 
according to a survey pub- 
lished today. 

However, it reveals the price 
gap between British Telecom- 
munications and Mercury, the 
leading UK operators, to be 
steadily narrowing, and shows 
typical UK residential custom- 
ers to be worse off than those 
in France. 

The study, by Analysis, the 
Cambridge-based telecoms con- 
sultancy, is one of the most 
comprehensive telecoms price 
comparisons including the UK. 
It makes special allowance for 
the Britain's comparatively 
large local call zones, notably 
in London. 

Comparing prices for resi- 
dential customers and different 
sizes of business in the UK, 
France, Germany and Italy, it 
reveals Italy to be consistently 
the most expensive of the four 
for telecoms. 

Large Italian businesses with 
more than 100 telecoms lings 


pay almost twice as much as 
their UK counterparts per line 
in calls - £5,302 a year, at Jan- 
uary prices, against £2^47 for 
UK Mercury lines and £3,176 
for BT. 

Smaller businesses in the UK 
are similarly well placed. At 
January prices, those with 
three lines pay £721 a year per 
line with Mercury and £739 
with BT, against £860 in 
France, £830 in Germany and 
£1.277 in Italy. 

However, taking into 
account line rental charges, 
the typical UK residential cus- 
tomer was found to pay £26 a 
year less in France than in 
Britain with BT, while the dif- 
ferentia] between BT and Mer- 
cury came down to £1 a year. 

The introduction of VAT on 
telephone calls in France in 
1989 without a corresponding 
increase in tariffs the 

differential with France. 

The survey finds a steady 
convergence in the cost of 
international telephone calls 
from the four countries in the 
last ten years, with particu- 
larly steep falls in Italy and 
France. 

In Britain, large businesses 


Average annual cost per line 


Business users 
fewer SO bnes) 1994 £‘000 

7 


Average domestic user 
1994 £ 

350 



with 100 lines have seen the 
average per minute cost an 
international call fall from 7Bp 
to 40p (BT) or 37p (Mercury) 
since 1983 (at 1994 prices). In 
France the equivalent decline 
has been from £1.06 to 47p; in 
Germany from 91p to 46p; and 
in Italy from £L44 to 60p. 

The survey gives a mixed 
verdict on the impact of priva- 
tisation and competition, both 


pursued vigorously in UK tele- 
coms since 1384. 

While large businesses - 
until recently the main battle- 
ground for competition in the 
UK - appear to have made sub- 
stantial gains in the UK com- 
pared to their continental 
counterparts, small businesses 
and residential customers have 
not made notable gams on a 
comparative basis. 


Pirelli 
to stop 
Midlands 
output 

By John Griffiths 

Pirelli, the Italian tyres and 
cables group, is closing truck 
tyre production at its Burton- 
on-Trent headquarters with an 
expected loss of 350 jobs. 

The move is pari of a 
Europe-wide restructuring of 
Pirelli's tyre operations, 
prompted partly by the worst 
slump in Continental Europe’s 
commercial vehicle markets 
since the Second World War. 

Truck tyres currently sup- 
plied by the Burton plant, in 
the English midlands, will be 
sourced instead from Pirelli's 
main truck tyre manufacturing 
centre near Turin and from 
new facilities at the group's 
Izmit plant in Turkey. 

Only around 40 per cent of 
Burton's truck tyre output is 
sold in the UK. the bulk being 
exported to markets all around 
Europe. 

The move comes almost 
exactly a year after Pirelli, the 
world’s filth-largest tyre 
maker, announced the closure 
of car tyre production at Bur- 
ton and its transfer to the com- 
pany’s other large UK manu- 
facturing facility, at Carlisle in 
Cumbria. 

That cutback led to the loss 
of more than 600 jobs at Bur- 
ton, where Pirelli for many 
years has been the largest 
employer - even allowing for 
the several breweries for which 
the town is famous. 

After truck tyre production 
ends - expected by August - 
about 450 employees will 
remain. They will comprise 
headquarters staff and those 
engaged in logistics, general 
rubber goods, compounding 
and retreading. 

The restructuring means fur- 
ther expansion at the C-arhsle 
facilities, which currently 
employ around 800. 

Pirelli is also spending “sev- 
eral million" pounds on 
increasing capacity at Carlisle, 
where Burton's substantial 
te chni cal and research and 
development facilities are also 
being relocated. 

Personnel director Mr John 
Tierney said yesterday Carlisle 
is to play an expanded product 
development role in Pirelli's 
European operations. 

The Burton facilities are also 
to become the European distri- 
bution point for tyres produced 
at Pirelli's plants in the US and 
South America. 


Trade deficit with rest 
of world narrows slightly 


ByGHQanTett 

Hopes that Britain’s trade 
balance may be improving 
were boosted yesterday, after 
February’s trade deficit 
showed a small surprise, fall, 
and a government review 
partly allayed fears that 1993’s 
trade deficit had been signifi- 
cantly miHwftttimaKd 

Britain's trade deficit with 
the rest of the world narrowed 
sli ghtly in February . faffing to 
a seasonally adjusted £731m, 
down from a shortfall of £88Qm 
in January, figures released by 
the Central Statistical Office 
yesterday showed. 

The drop was greeted with 
relief by the City, which had 
earlier predicted that the defi- 
cit could rise to around SLltm. 

In a further boost to market 
confidence, a review from the 
Central Statistical Office raised 
the 1993 deficit figures by a 
smaHer-than-expected amnnwt. 

After carrying out a sweep- 


ing analysis of the new system 
used to collect trade data in 
the European Union, known as 
Intrastat, the CSO said that 
imports from the Ell had been 
revised up by £&3bn - lifting 
last year’s visible trade deficit 
to £13.7bn from £13.4bn previ- 
ously. 

The revision was much 
smaller than predicted by ana- 
lysts. who have argued that 
Intrastat underestimates 
imports and expected to see a 
significant deterioration in the 
1993 UK trade balance. 

But some economists were 
still unconvinced by the CSO's 
review. They warned that Feb- 
ruary’s improvement partly 
reflected record oil exports, tf 
oil and other erratic items are 
excluded from the February 
trade figure, the deficit wid- 
ened to £L34bn in the month 
from £l-29hn in January. 

The three monthly balance - 
a calculation regarded as the 
more accurate indicator of 


trends - showed an improve- 
ment in the deficit to £3 -0P.fr n 
for the three months to Febru- 
ary from £3.58bn during the 
previous three months. 

Coming after five months of 
strong import figures, the fall 
prompted mixed reactions from 
economists, with some suggest- 
ing that it indicated a slight 
easing in the pace of UK recov- 
ery - and others suggesting 
that UK industry may now be 
becoming more competitive 
and replacing imported goods 
on British markets. 

The CSO said that on present 
trends there will be a gmail 
further narrowing in the visi- 
ble deficit measured in value 
terms. The Treasury yesterday 
said it welcomed the trade fig- 
ures. “This should ease com- 
mentators' worries that the 
balance of payments will be a 
constraint on performance,’’ a 
spokesman said. 

Lex, Page 18 


Helicopter 
bid likely 
from GE 
of US 


By Bernard Gray 

General Electric, the large US 
power equipment and engine 
manufacturer, is today expec- 
ted to announce details of Its 
bid to supply engines for the 
British Army's new attack 
helicopter. 

GE will say It has teamed up 
with a UK partner to manufac- 
ture the engines and will 
spend the equivalent value of 
any contract by placing work 
in the UK. 

The helicopter order is one 
of the most significant army 
equipment purchases for some 
years. Up to 100 new battle- 
field helicopters are due to be 
ordered early next year in a 
contract worth around £2bn. 

GE is using its alliance with 
European Gas Turbines, a sub- 
sidiary of GEC Alstbom, to 
offer its engines for two of the 
potential six competitors - the 
McDonnell Douglas Apache, 
which would be manufactured 
□ndcr licence by Westland, 
and the Bell Cobra, which 
would be made under licence 
by GEC-Marami. EGT win act 
as prime contractor for the 
engines if either wins the com- 
petition. 

The engine contract alone 
could be worth around £150m- 
£200m once servicing, training 
and other ancillary services 
are taken into account. In 
addition to US manufacturing, 
work would be done assem- 
bling and testing the engines 
at EGT*s factories in Lincoln 
and Whetstone, Leicester. 

The Apache helicopter, 
while expensive, is thought to 
be the favoured choice of the 
army. All Apaches and Super 
Cobras currently In service, 
some 1,000 aircraft are fitted 
with GE’s T700 engine. 

It is understood that West- 
land's bid to tbe MoD also 
specifies the T700 as the m»tw 
choice. That means that the 
proposal to place work in the 
UK comes from the projects 
current front runner. There is 
an alternative European col- 
laborative engine, the BTN 322 
in which Rolls-Royce has an 
interest, though this is 
thought too powerful for cur- 
rent needs. 


Lloyd’s names to borrow on profits 


By Richard Lapper 

Lloyd’s Names are to be 
allowed to borrow against this 
year's expected profits to help 
them meet losses of an expec- 
ted ££5bn for the 1991 year. 
Lloyd's will announce its 
fourth consecutive year of loss 
next week, in line with its 
three year accounting system. 

“This is part of a package of 
measures to assist Names (the 
individuals whose assets have 
traditionally supported 
Lloyd’s) to trade through," 
explained Mr David Rowland, 
chairman, who said Names 


could take credit for up to 3 
per cent of their 1994 premium 
income limits - the amount of 
income they are permitted to 
underwrite. 

With Names supplying 
£9.3bn in capacity this year, 
the measure should allow them 
to borrow up to £279m, how- 
ever, the facility will only be 
made available where manag- 
ing agents, who administer 
Lloyd's syndicates consider it 
“appropriate." 

Last year Lloyd's allowed 
Names to borrow up to 5 per 
cent of premium limit, an 
amount equivalent to about 


£44 0m. About £375m of the 
facility was actually used. 

Lloyd’s is expected to post 
profits for the 1993 and 1994 
years, following steep 
increases in premium rates. 

The special credit can be 
used by Names to help them 
through the solvency test, an 
exercise conducted each which 
assesses their ability to meet 
insurance liabilities and should 
ease pressure on the Lloyd's 
central fund, which pays 
claims when names are unable 
to meet their obligations. 

Mr Rowland stressed that 
these measures were designed 


to deal with “exceptional cir- 
cumstances" and should not be 
seen as a “precedent". 

He said that the council - 
Lloyd's governing body - had 
taken a “prudent" judgment. 
“If members see they are being 
sensibly helped within the 
realms of prudence then they 
are much more likely to hon- 
our their c ommi tments to the 
society." added Mr Rowland. 

Chatset, the publisher which 
monitors Lloyd’s results, esti- 
mated before yesterday's 
announcement that Names will 
need to pay £1 ,788m of the 1991 
loss by tbe end of July. 


Bank defends settlement system 


By Andrew Jack 

The Bank of England 
yesterday launched a strong 
defence against recent criti- 
cisms of its proposed Crest 
paperless share settlement sys- 
tem. 

Mr Pen Kent, executive 
director of the Bank, in a 
speech in Paris rejected sug- 
gestions that it had slipped 
behind deadlines and exceeded 
predicted costs. 

However, he conceded that 
the Bank had negotiated an 
“absolute cap" on spending of 
£35m, in excess of the esti- 


mates circulated last Novem- 
ber of £20m to £3tan. 

“Readers of some sections of 
the British press in the past 
week have been regaled with 
stories that Crest win be late, 
over budget, disappointingly 
undersubscribed and insensi- 
tive to small investors. None erf 
this is true," he said. 

Mr Kent stressed that he 
expected the costs erf Crest to 
remain within the original 
range, and that the figure of 
£35m was “a backstop which is 
not expected to be reached”. 

He said the design phase had 
cost Btm and the estimate to 


build the core processing sys- 
tem was £5m, a figure that had 
been independently audited. 

He said the figure reflected a 
reduction in costs as a result of 
negotiations and was at the 
bottom of the estimated range 
of £5m to £7m, and included a 
40 per cent contingency figure. 

Mr Kent said the cost of 
designing and building the sys- 
tem would be £I2m, including 
a further £5m allocated for the 
project's business team and 
professional foes. 

He said the total costs after 
1995 until live running 
depended on the decisions 


taken by tbe future owners of 
the system, but they could be 
as low as £10 hl 

He stressed that the initial 
£12m is fully committed, with 
48 firms willing to take stakes 
“well ahead of what we bad 
expected at this stage”. 

Mr Kent said all deadlines 
had so far been met and that 
Crest will be built by tbe end 
of 1995 and could be in opera- 
tion by late 1996. 

He admitted that the move to 
five-day rolling settlement was 
likely to take place in the mid- 
dle of next year rather than 
next January. 


AAJBXJSi / Hungarian Airlines^ 


FINANCIAL TIMES 

lONMN ■ WUM ■ lumiun m iomt TOrro 


The Financial Times is happy to announce 
the start of Malev' s daily non-stop service to New York, 
John F. Kennedy Airport, which began on 2 nd May 1994. 


Your Malev flight attendant will be pleased to provide you 
with a complimentary copy of the FT on your next Malev flight. 



The University of Amsterdam and 

the Amsterdam Institute of Finance 

0 

jointly organize the conference 

Financial Institutions and Markets: 
Can Europe Compete? 

Wednesday May 25, 1994 
Hilton Hotel, Amsterdam 



Chairman. Dick Meys 
Fumio Umemoto 
Hans de Gier 
Thomas Skwarek 
Hayne Leland 
Gary Stem 


Guest speakers include: 

Board member, ABN AMRO Bank 

Deputy President. Bank of Tokyo 

Board member, Swiss Bank Corporation 

Managing Director, J.P. Morgan 

Professor of Finance, Univ. of California, Berkeley 

Federal Reserve Bank President, Minneapolis 


For a detailed brochure or to subscribe, 
please call + 31 20 525 5233 or fax +31 20 525 5285. 



FINANCIAL TIMES 



Reliable, authoritative, informative - FT INDIA BUSINESS 
INTELLIGENCE, the new twice monthly Financial Times 
newsletter, supplies the latest intelligence to help you anticipate 
every exciting development and new business prospect. With 
regular briefings on: politics, economy, business, industry and 
financial markets, plus occasional special surveys. 

To receive a FREE sample copy contact: 

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Financial Times Newsletters 
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Tel: +44 (0.) 81 673 6666 Fax: +44 (0) 81 673 1335. 


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FT Business Enterprises Lid. Number One Souihwnrk Bridge. London SEI VHL 
Registered Number ** 80 B 9 n VAT Regi'-irauon Number: GB 27 & 5371 
__ IN300194 






I 


BUSINESSES FOR SALE 


W.T. ATKIN LIMITED 

Joint Administrative Receivers offer for sale the 
business and assets as a going concern of this leading 
European manufacturer of CNC con processing 
machines 

♦ specialisation in automobSe component, white 
goods cffxi trcnsfofmer industries 

♦ current order book £ 3 A mflfion 

♦ blue chip worldwide customers 

♦ business established In 1934 

♦ skfited workforce 

♦ leasehold premises - Thetfbrcf. Norfolk 

For further Information please contact 
Vivian Bairsfow or NeO Cooper 

ROBSON RHODES RSM 

Minmaui 

■■i Chartered Aozamtanla ■EBHI 

186 C8y Rood, London ECIV 2NU 
Telephone: 071-865 2196 Fax:071-2534629 
Telex: 665734 

Registered to ccnry on aucST work and cvmcxfsed to cony on 
Inyaxttne TO business by the Institute Of Chartered Accountant 

in England and Wales 


5SZED3ESESEI 


colliers international 
hotel Realty 


:ld ?,v 


PIAZA 500 

Praendy Trading As 

THE SHERATON PLAZA 500 INN 

Vancouver, Canada 


AN IMPORTANT 3 STAR DELUXE HOTEL. 

1 S3 ROOMS. EXCELLENT CONFERENCE, 

Bar and restaurant facilities. 

To Register fix Sale Documents, 

Cotuaa the Exclusive Agents. 

Tom Andrews and coun paton 
Tel (604) €81 -4111 
Fax (604) 684*7104 

Colliers International Hotel Realty 
I5TH FLOOR, ZOO GRANVILLE S TRE E T 

Vancouver, BXX, Canada V6C2R6 


Kiosk merchant learnt business the 
hard way; the customer is king 


FOUNDRY 

Central Scotland 
Medium sized, iron foundry. 
Good client base. 

Witte to Box B2814, Financial Times. 
One Sowbwafc Bridge. 
London SCI 9UL 


GREECE, THESSALONIKI 
-Computer Company 

Factory 550m* - Freehold hnd 
fiOQm 3 - 3 offices m city 110m* 
Total pace; £411X000 

CoatadS-SpcBoadb 
Fax +30-31-548498 


FOR SALE: 

Long eataHfabed Wes Midlands 
engineering company qiedaUrieg ia 
con+cyor oqgi p ia ro wfth fall design. 

■HM h. mwi l«itf.lliAi n rmfmri tj 

Saks £2 atiHion pta {13* export). BS 
5750 Pat □ AppmnL Easily irioeaacd. 

Write to Box B2S20, Financial Tuna, 
One Somthnari Bridge. London SE1 9HL 


Well Established 
Travel Agency 
For Sale 

Prime position 
North London. 
Owner wishing to retire. 
Good passing trade as 
well as considerable 
business accounts. 
Great potential for 
expansion. 
Principals only. 

Reply to: Box B2852. Financial 
Times, One Southwark Bridge, 
London SE1 9HL 


DEVELOPMENT SITE 
FOR SALE 




/-rva w a n ia * \ 


NETHERNE, HOOLEY, SURREY 

c. 178 Acres 

with existing buildings 

j 

Suitable for new housing, 
co n version, of existing buildings, 
institutional or leisure uses. 


The new managing director of 
tbs UK’s third-largest off-li- 
cence chain tftaw* fee art of 
retailing the bard way, 
through selling cigarettes, 
chocolates and chewing gum 
on the streets of Iran. 

Nader Haghighi, right, 
just 35, has travelled far since 
then. He has just been tempted 
away from the country’s big* 
gest off-licence chain. Thresher 
(owned by the brewer Whit- 
bread). where he was 
operations director with 
responsibility for 1.000 stores 
and 5,000 staff. 

He has now joined Cellar 5 
(part of the GreenaDs group), 
where he wOl be managing 500 
stores. He takes over from 
Peter Lloyd, who is retiring 
early on medical grounds. 

When his father died at the 
a gp of nine, Haghighi became 
the family breadwinner, com- 
bining his small tobacconist 
and canfectioneiy kiosk while 
studying at school. He eventu- 
ally graduated to running his 
own clothes boutique. 

It was invaluable experience, 
he says: T le arnt retailing at 
the sharp en d, learning how to 


behave with customers, discov- 
ering that yon have to give 
them the right service and 
treat them as king. If 1 didn’t, 
then they would just have 
ignored me and walked past 
me on the street" 



He came to the UK in 1979 
hewing to Andy medicine, first 
he to learn Kn gHsh. jh the 
meantime, by 1980 he was also 
wor king as a part-time kitchen 


porter for Pizzaland: in 1981 he 
joined Thresher, also on a 
part-time bams. 

He moved fast through the 
ranks, proving himself in the 
mid-1980s by running a variety 
of Thresher outlets where staff* 
tng and stock losses were prov- 
ing difficult. 

By 1990 he was the compa- 
ny’s operations director, 
steering the group’s three 
brand off-licences - Thresher 

Wine Shop, Wine Rack and 
Bottoms Up. . _ 

Among all tills activity, he 
also found space to do a BA 
honours degree via distance 
learning. It was, he admits, fre- 
quently an 18 hour working 
day, though he popped a bottle 
of l -anson on getting his latest 
Job. 

“I learned all the important 
siring in the bazaar, particu- 
larly the personal determina- 
tion to make a success of any 
job that we might do." says 
Haghighi. 

Not forgetting, of course, the 
importance of getting margins 
dose to the 3 M0 per cent he 
warts back in his Iranian kiosk 
days. 


Liverpool 
Victoria: 
new head 

Roy Hurley, a former 
managing director of a A 
Insurance and Financial ser- 
vices, Is to become chief execa. 

tive of Liverpool victoria, tfe 

UK’s biggest friendly society 
A format announcement wflj 
be made on Monday. 

The move departs from tnu 
ditloa at Liverpool Victoria 
where the top job has prer{- 
onsly always gone to ^ 
insider during the society’s 
151 year history. 

Hurley takes over in Job 
after the retirement of the cur! 
rent chief executive John Lan*. 

beth, who leaves after 45 yearn 

with the society. 

Hurley, below, fat 52 and fas 
worked in the Insurance indus- 
try for more than 3fi yean. & 
was ma na gi ng director of Aa 
I nsurance and Financial ser- 
vices for 8 years until July 
1993, whereupon be became 
chairman of the Service Man- 
aging Agencies, a Lloyd’s man- 
aging agent 


Kingshott boards John Jacobs, leaving Sally 
to find another helmsman 


Ref IJB/JMC 


SA 


071-4998644 


BUSINESSES 


FOR SALE 






(SSEESIPi 


FINANCIAL TIMES 

CWtoll BvtHUtf Ntwwaiia 






iigfSl 


Kail 


UK Credit Control Manager 

Up to £30k Hainault, Essex 

P&O Container, ii one of Europe', leading through tra i opo n operator, 
ded i ca te d to a quality reputation and customer aerrice. The co mpa ny 
cumntJy has a challenging oftmrtsnity for a Credit Control Manager based 
within oar finance Department fat Hasiauh. 

The succesful applicant will be responsible for a department consoling of 
30 phu staff, who control a ledger which Incorporates a large customer base 
and a high degree of commercial complexity. 

Applicants mast ham:- 

• Experience of cre d it control managemen t of a ledger tyainn a huge 
oamrnen aa l organbatton with a turnover of &2S0 raUUon plus per annum. 

• Experience of credit control in a highly co mme r c ial/ tales orientated 
environment where constant liaison fa required with c o m m er ci al /vale, 
numguoenl and customers. 

■ Sami experience of Mainframc/PC systems and excellent oral and 
written communication drill. 

• A thorough working knowledge of the litigation proco, /Insolvency Acta 
and Membership of the Institute of Credit Management. 

In ad£iioD us a oompetitrve salary, we offer mw n l iw Jily of a cc s i t t 'lb mor y 
pankm scheme and an attractive rxage of benefits aworlanrd with a large ffoap. 

IT you believe you meet the above criteria, please Forward your CV and 
written ap pli cati on to:- 

Mr Allan CoDim, P&O Containers Limited, 

Capital Gate, 120 New North Road, Hainault, Essex IG6 3ES. 

Tel: 081-559 9000 be 081-SS9 6318 

Containers— 


APPOINTMENTS WANTED 


INTERNATIONAL CONTROLLER lor 
abjuring U5, dsMbudon go. Rasp, tar aoefe 
ftunca & admin. Fran to MmM & rotate. 
Know U-S. GAAP & Gannon aoctp Iowa. 
Newly nested postal Euope base. Ruud 
Gorman. To KO0Q0 Qm CV* afany hfaaxy 
to ReoUCar, 15840 Vmm BhtL M38. 

Enbna CAVKMor FAXB1 WBVOBOl 


Accountants Wanted 

Required 2 Qualified Accountants with a mature approach to 
man management and 3 years minimum experience for 
positions of F inanci al Accounts Controller and Divisional 
Accountant Good Salary and Benefit Package. Bedfordshire. 

Write to Box A2028, Financial Tunes, 

One Southwark Bridge, 

London SE 1 9BL 




COMRANY LIMITED 

sad 

IN TRE MATHS OF 




meto i r "i 11 ? 'i* 'i*'" i 1 


Michael Kingshott, 47, is 
qui t ti ng his job as chief execu- 
tive of Sally UK, the cross- 
channel ferry operator that he 
founded, to take over at the 
holm of John I Jacobs, an old- 
established firm of shiphrokers 
and shipowners. 

Kingshott, an insurance bro- 
ker by training, has been 
involved in the shipping and 
transportation industry since 
1964. 

He fafcos over as chief execu- 
tive from John Jacobs. 74, who 
hag hea ded the company 
1967. Jacobs is staying on as 

chairman of the com pany until 

a successor is found. Os son 
resigned from the board tot 
year. 

Kingshott, who has substan- 
tial property interests, plans to 
merge < =nrnp of his private busi- 
nesses into Jacobs could 
endup owning nearly a fifth of 
the equity. 

Kingshott wants to develop 
Jacobs Into a more broadly- 
based shipping, transportation 
and property group. 

He says that in five years he 
hopes Jacobs will look mare 


GROUP FINANCIAL CONTROLLER 

London To £50,000 + Car + Benefits 

With a turnover in excess of £700m predominantly achieved through its’ 
interests in housebuilding and construction, this well known and established 
PLC is achieving continued recovery within a difficult sector. There is an 
enviable track record of high calibre financial personnel achieving career 
growth through close involvement in the overall management of the PLC and 
subsidiary companies, both in the UK and overseas. 

Forming part of a small Head Office team, the Group Financial Controller 
reports to the Group Financial Director and is responsible for a wide range of 
activities including the consolidation of group results, forecasts, cash planning, 
annual budgets, and statutory reporting. The successful candidate will maintain 
the integrity of group accounting standards and provide added professional 
financial support to divisional management Candidates will have a recognised 
accountancy qualification with a minimum of 5 years post qualification 
experience, gained either within the profession or in a commercial environment 
Strong communication and influencing skills are considered essential to 
succeed in the role. 

Apply in writing quoting reference number 715 to: Staniforth-Endsor & Partners 
Limited, 3 The Courtyard, Ashley Road, Hale, Altrincham, Cheshire WA14 3NG. 
Telephone: 061-929 1481. Fax: 061-929 809a 

STANIFORTH-ENDSOR 

Partners Ltd 


Finance 

Director 


Pa Iron HRH The 
Princess ol Wales 


TURNING 
P*INT 


Turning Point is the largest national charity 
helping people with prink, drugs and medal 
health problems. Established tor over 30 yeats, 
the organisation has si annual turnover of 
£l4m, 450 staff and helps more than 16,000 
people a year bits 45 projects. Turning Point 
has doubled in size over the last five years and 
is poised for further substantial growth. 


As Hnandal Director, your challenge is to 
provide these critical services wdhlBgh caffine 
financial management and corporate support 
Youwfflbe: 

• a qualified accountant from any sector • an 
experienced financial manager with a track 
record of successfully managing accounting 
and administrative staff • knowledgeable of FT 
applications ■ aware of current personnel 
Issues • a good communicator * keen to use 
your professional skais ta an organisation at 
the forefront of helping vulnerable people. 

The starting salary for this post wfll be £35,000 
per annum, a contributory pension scheme and 
32 days paid leave and bank hoTufays. Turning 
Poinfs offices are based near Tower Bridge on 
the fringes of the City of Londoa 
For an informal discussion about this Job, call 
Turning Poinfs Chief Executive, Wendy 
Thomson, on 071-702 2300 or Derek Joseph of 
HAGAS, Turning Point’s advisers, on 071-809 
9491. 

For further details and an application form 
contact HACAS Untied, United House, North 
Road, London N7 9DP. Telephone 071-609 
9491. Fax; 071-700 7599. 

Closing date for receipt of completed 
application forms: Monday 6 June 1994 
at 10.00am. 




The Top 


Opportunities 


Section 


Advertise your 


senior 


management 


positions 


to Europe's 


business 


readership. 


For information 


please contact: 


Philip 

..i 

-e 

Wrigley 


0718733351 

L 


like P&O or Trafalgar House will report to Chris Carter, 
but without their problems- head of global equity markets. 


■ James Leigh-Pembertou, the 
investment hantrw son of the 
farmer governor of the Bank of 
England has unexpectedly 
quit SG Warburg after 17 years 
to join CS First Boston as a 
m anag in g director. He will 
head the European equity syn- 
dicate ifadf. 

The news came as a surprise 
to colleagues who believed that 
Leigh-Pemberton, 37, who 
joined the firm as a graduate 
t rainee , was being groomed for 
the top. It’s a bad loss,” says a 
Warburg insider. 

Leigh-Pemberton had been in 
charge of Warburg’s Eurobond 
syndicate desk uzztfi the start 
of this year when be took on a 
new job as joint head of UK 
institutional equity sales. 

He was unavailable for com- 
ment yesterday and was 
thought to be holidaying in 

Ir eland . 

He win join CS First Boston 
as a manag in g director and is 
expected to take up his new 
position in the summer. He 


■ BT, Britain’s second biggest 
company, has underlined its 
commitment to improve its 
customer service by recruiting 
a second high street retailer to 
its board. 

Keith Oates. 51. who is 
widely regarded as the heir 
apparent to Marks & Spencer 
chairman Sir Richard Green- 
bury. is joining as a non-execu- 
tive director on June 1. Oates, 
who takes over as M & S’s dep- 
uty chairman in July, joins 
Kingfisher chairman Sir Geoff- 
rey Mulcaby, who has been on 
the BT board since 1988. His 
appointment is for a three year 
term. 

■ Werner Dieter, the retiring 
chairman of Germany's Man- 
nesmann AG MMWG.F, is to 
join the board of engineering 
group TT Group Pic In a non- 
executive capacity, with effect 
from Augusts. 

He was chairman of the Ger- 
man engineering group for the 
last nine years. 


i V*- 

ni. i 


Liverpool Victoria, with 
fends under management k 
excess of £L2b&, has been 
regarded as something of a 
sleeping giant in the financial 
services sector. 

But the appointment of a 
new head of marketing in 1993 
led to a re-think and a new 
corporate image. 

This year has also seen the 
incorporation of the society, 
allowing it to expand the 
range of its products to 
include unit busts, peps, mort- 
gages and general Insurance. 

Hurley hopes to continue the 
work of raising the public pro- 
file of the society: “What is 
important is that the indnstry 
recognises the social values 
and benefits of services we 
provide, given that many of 
fee people we deal wife are 
not catered for by other finan- 
cial service providers." 


Building and Civil Engineering Industry 


Finance Director 


£ 40 , 000 + Car 


Northern England 


r % /• r 




ESA 

EXECUTIVE 

SELECTION 

ASSOCIATES 



A major Construction Group Pic require a Financial Director for a £100 million 
subsidiary based in the north of England. 

The Group arc financially secure with a long history of profitable trading. As a 
part of their future strategy a strong hands-on Financial Director is to be 
appointed to complete the management (com. Characteristics required arc 
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desirable. 

Applicants should be folly qualified and be able to demonstrate a degree of 
maturity and leadership In addition to having a broad outlook Involving all 
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For further information and a preliminary discussion, please ring 
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strictest confidence, to the following address: Executive Sele ction Associ at e/ 
Limited, Salisbury Bouse, 1S-17 The Broadway, Old Hatfield, Herts AL9SBZ. 
Telephone 0707 26431 1 or Fax 0707 275402. 

A Salisbury Consulting Group Company 


Smon-Harttey Limited, a meefl urn-sized subsidiary of Thames Water pic. and one of 
the world leaders in waste water treatment has a voccncy for a 

CHIEF ACCOUNTANT 

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controls, strong management of working capital, budget targets and profit In 
accordance with Group and statutory standards and to contribute as a member 
of the management team, taking a broad commercial view of the business. ' 

Educated to degree level, the ideal candidate wm be a quafifled accountant 
with a minimum of 5 years post qualifying experience preferably gained in a 
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and open management style. 



To apply, please forward your CV to 
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F1MANC1AJL TIMES FRIDAY MAY 13 1994 


F ew London buildings exude 
the sense of corporate 
self-confidence than the 
neo-classical monolith of 
Imperial Chemical House at Num- 
ber Nine Mill bank, headquarters, 
since 1926, of one of Britain’s big- 
gest industrial companies. 

The pomp of the stone and gran- 
ite exterior is matched by the 
grandeur of its ultra-modem inte- 
rior. 

A £30m refurbishment in 1988 
replaced the original oak-panelled 
corridors and rabbit-warren of 
offices with a set of wall-to-floor 
glass offices arranged around a 
transparent atrium. 

A sense of corporate identity is 
stamped on the building by a huge 
atrium carpet made from ICI-pro- 
duced fibres and the vibrant, mod- 
em oil paintings, commissioned for 
ICL which line the walls. 

Given the strong sense of identity 
associated with the building, it is 
poignant that ICI has now decided 
to move to smaller and cheaper 
premises. iCI’s headquarters staff 
numbered 2,000 two decades ago. 
Now, following decentralisation, 
retrenchment and the demerger of 
Zeneca, ICI’s bioscience offshoot 
which has moved to new premises, 
there are only 240 people based at 
M3Hjank. By the end of 1995, the 
figure will have been reduced to 
150. 

ICTs decision to rethink its occu- 
pancy of the MlUbank site is being 
mirrored by similar cost-cutting 
decisions on property at its subsid- 
iaries throughout the UK. 

Since Id has set itself targets on 
return on capital of at least 20 per 
cent, it needs to make its assets 
work. In addition, restructuring. Job 
cuts and disposals of non-core and 
underperforming businesses have 


added to the backlog of property 
problems to be solved. 

The job of overhauling ICTs port- 
folio of 400 properties and 30,000 
acres of land has fallen to Mr 
Andrew Sturt, a former developer 
who became a consultant to Id in 
October 1991, following Mr Ronnie 
Hampel’s appointment as cbief 

executive. 

Mr Hampel’s decision to appoint a 
property consultant reflects the 
view at Id that there was an insuf- 
ficient awareness of the importance 
of property. Mr Hampel believes 
property should be viewed as an 
asset, rather than as a resource. 

For the past decade Id has oper- 
ated without a group property man- 
ager and decisions relating to prop- 
erty have inevitably been hanrfiori 
on an ad hoc basis. 

“There was a lack of a property 
dimension In decision-making," 
says Mr Sturt. 

Such an approach had it draw- 
backs, principally a lack of flexibil- 
ity. ICI would build premises in 
locations which appeared to be 
cheap. However, the premises were 
often unsuitable for occupation by 
another tenant which m a<to them 
difficult to dispose of once TCI had 
ceased to require them. “It is a bur- 
den that was totally unnecessary," 
says Mr Sturt. 

Recession, the decline of manu- 
facturing industry and. in some 
cases, the con tamina tion of land 
has exacerbated the problems of dis- 
posing of property in difficult loca- 
tions. In Harrogate, for example. Id 
owns a -large expanse of vacant 
offices, laboratories and 70 acres of 


THE PROPERTY MARKET 

The reluctant house-hunter 

l 01 property Vanessa Houlder on ICI’s search for new headquarters 



Coin Bmo 

ICI is moving from its neoclassical headquarters at Number Nine MiHbank to premises elsewhere in London 


land on a site that was formerly the 
headquarters of Id Fibres. 

The difficulty in cases such as 
these is in obtaining planning per- 
mission for a change of use for the 
site. The scale of recent job losses 
in Harrogate has made the local 
authority reluctant to allow a 


change of use for land that was 
previously used for employment 
generating purposes. 

Some times , circumstances change 
with time and a problematic prop- 
erty can become valuable. Near 
Bristol for instance, Id owns 1,500 
acres of surplus land on a site 


acquired in 1957 to accommodate a 
petrochemicals plant. The plant 
occupies 370 acres, while the 
remainder of the land, which was 
originally earmarked for the expan- 
sion of the plant has so far been 
unused. 

But the construction nearby of 


the second Severn Crossing and the 
addition of an Intersection to the 
M49 motorway could make the site 

valuable. 

ICI will seek planning permission 
later this month to build 2 , ..m 
square feet of warehouses on a 
third of the site. K intends to seek 
institutional partners to build the 
warehouses, which will be up to 
300.000 sq ft in size. 

In other cases, it is hard to imag- 
ine anything that could add value 
to a site. In Dumfries. Scotland. ICI 
owns a 100.000 sq ft office building, 
built in the 1960s. Only a handful of 
people occupy the building and ICI 
has little chance of finding new ten- 
ants given the poor local demand 
for offices. 

I n the case of the Dumfries 
building, the decision to locate 
a business in an out-of-the-way 
spot dates back to a decision 
taken during the second world war 
to find a manufacturing location 
beyond the reach of German bomb- 
ers. But many of ICI's surplus prem- 
ises stem from more recent deci- 
sions. 

In Welwyn, for instance, ICI is 
trying to dispose of a four-year old. 
120,000 $q ft building that was built 
to house the headquarters of its 
films division. Following restructur- 
ing and relocation, only a handful 
of people now occupy the building. 
"As soon as the headquarters was 
completed, the rationale for it had 
gone," says Mr Sturt. 

A similar situation, on a larger 
scale, has arisen with Id’s group 
headquarters at Mill bank. The 


building has several unused floors 
as a result of ICI's restructuring 
and. in particular, the demerger of 
Zeneca. 

However, sub letting space at 
MUlbank is not a viable solution. 
The building’s design offeis insuffi- 
cient privacy if shared by two com- 
panies. company. 

Instead of sub-let ung the surplus 
space, ICI plans to find itself new 
premises, obtain a new tenant for 
the existing premises and then sell 
Its MUlbank building, together with 
two adjacent buildings it owns that 
are let to the government. 

Finding new premises is proving 
difficult, given ICI's intention to 
remain close to the City and West- 
minster. its need for car parking 
spaces and its insistence on easy 
access for visitors. 

Mr Sturt has been unimpressed 
with the 100 buildings he seen so 
far. “What is in the market at the 
moment is disappoint big." he says. 

The problem of property disposal 
highlights the question of whether 
corporate buildings should be 
owned or leased. The cise for own- 
ing production plant is strong, for 
example, because of the nucrosity to 
invest large amounts of capital in 
specialist equipment. 

For other types or property, such 
as offices, however, there is a 
strong case for renting, rather than 
owning property*. “With the pa^s- 
sure on the businesses to achieve a 
20-30 per cent return on capital, it is 
crazy* to be investing ui a low yield- 
ing property asset. It is putting a 
millstone around the neck of busi- 
nesses.” says Mr Sturt. 

"Planning for business is rela- 
tively short term compared with 
even a decade ago.” he argues. 
“There is no point in investing in 
premises for ever.” 


SEALED BID SALE 

Two Fully Leased Office Complexes 

Hollywood/Ft. Lauderdale 
Florida ! 



VENTURE 

CORPORATE CENTER 

■ Three office buildings 

■ ±250,000 square feet total 

■ Reserve Price: US $28,000,000 



EMERALD HILLS 
EXECUTIVE PLAZA 

■ Two office buildings 

■ ±138.000 square feet total 

■ Reserve Price: US $11,000,000 

Sealed Bid Deadline: June 29, 1994 
Please call for Brochure #7126 
Europe: (44 81) 665-6243 (Fax Written Request) 
Asia: (852) 802-2663 
United States: (310) 314-8535 

KENNE DY-WT LSQN 

INTERNATIONA L«. 

REAL ESTATE MARKETING AND 
INVESTMENT BANKING SERVICES 
Offer void where prohibited © 1994 Kennedy- Wilson Inc. 



The Premier 
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A superior collection of Hotels, Resorts 
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Reserve Prices from 
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Seller Financing Available 
on Select Properties 

Broker Cooperation Encouraged 

Sealed Bid Deadline: 

June 29, 1994 

FOR MORE INFORMATION, PLEASE CALL 

Europe: (44 81) 665-5641 

(Fax Written Request) 

Asia: (852) 802-2663 

United States: (310) 314-8535 
REQUEST BROCHURE #7068 

In addition, if you are interested in European 
Hotels, please fax a separate request to 
(44 81) 665-5641 in Europe 

KENNEPY-W ILSON 

INTERNATIONAL- 

REAL ESTATE MARKETING AND 
INVESTMENT BANKING SERVICES 

SALE CONDUCTED BY KENNEDY- WILSON. INC. BROKER. CA 
Offer void where prohibited. Brochure will not be mailed to any state 
where safer b prohibited. © 1994 Kennedy- WO soq. Inc 


LONDON SE1 

Modem HQ Office building 
Net 30,000 sq ft - Freehold. 
Car Parking 

Two lifts - A/C - Canteen f 1.75m 


Principals or Named 
Applicants contact 
071-323 6644 
(Ref: KJO/NGH) 


For sale: 
Industrial area 
near Frankfurt 











100,000 m 2 grounds, 27,500 m 2 from it 
built upon with a modem 3-storey office 
wing and factory buildings. The total area 
can be divided into three parts. 

The premises are only 30 minutes away 
from the Frankfurt/Main international 
airport with direct connection to highway. 


railway and close to the Main river. 

For more information send your business 
card to the address below or phone +6109- 
604-263 and ask for Klaus H. Schmid. 

KIdckner Desma GmbH, Werk Maintal, 
Gutenbergstr. 13, 63477 Maintal, Germany, 
Phone: +6109-604-0, Fax: +6109-604-224 



3 


SEALED BID SALE 

Prime U.S. Commercial 
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An outstanding collection of 
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BOURTON HALL 

BOURTON ON DUNSMORE, 

WARWICKSHIRE 




9 M1LBANKE COURT BRACKNELL 




Ttawmflea from City Cadre * QnOubfe’snwnreuteSaffl 


Desirable Location 

ftaomwebtum 
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• LBtsurB centre (induwig poo) 
•2Muonfc 
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■Stand done Medical Central Office 
Block 


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Far further faformetieu 

VAIL* WILLIAMS 

I:.'-,.: e ,i ■ ■- : i r-rr- 

Marie Greenwood 

0344-52261 



^ ESTATE AGENTS 

175 Pembroke Rd. Ballsbridce, Dublin 4, Ireland. tot!. +353-1 *5532588 


MOSCOW EXECUTIVE 
OFFICE SUITES 

Immediate occupancy in the heart of Moscow. 
Fully furnished & equipped. Safe, secure setting 
within the four-star Radusoa hotel. 

CaB today. 

Amerieom Easiness Center 
Tel: <7095) 941-8815 or Fax (7503) 224-1107. 
Info to US: Tel f7I4) 752-6577 Fax (714) 752-6564. 


KNIGHTSBRIDGE SW1 

Setf-containOd office sute, 2000 sq ft to let Direcity fronting Hyde Park. 
Impressive tenthnark bukSng. Lilt, cfli, porterage. Rent £15 psf 

Matter and Matter. 

TetOTI 235 9041 
or 

Motash S Hanflng. 

Teton 499 0866 


HERTS 


For Further Information And A Free 
Property Catalogue #7110 Telephone: 

Europe: (44 81) 665-6243 

(Fax Written Request) 

Asia: (852) 802-2663 
United States: (310) 314-S535 


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GRADE II LISTED 
FORMER MANSION 

HOUSE AND CHAPEL TOGETHER 
WITH STABLES CONVERTED TO 
OFFICES. SET !N GROUNDS OF 

APPROXIMATELY 16 ACRES 

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9 rmJcs from either Warwick. Leamington Spa or Coventry 
• local of approx. 20,474 sq.ft 
(me. garage block 1.818 sq ft) net internal 

Jcnni Agents: 

Ref- Steve King Ref: Sreve Evans 



STRUTT & At 
FARKEFHP 

0858 433123 


Grim lev [ R Eve 


021-2368236 


INTERNATIONAL. 

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SALE CONDUCTED BY 
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BROKER, CALIFORNIA 
Offer void iwfcetr prohibited. Brochure nor be 
mi 3rd to any sate where th» ulc a prohibited. 
O I9«4 Kennedy- Wikor. lac 


Close to M25. Freehold office investment 24,828 sq ft 
1 0% yield. Let at £1 69,680 p.a. to subsidiary of 
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Paimano 0895-621051 


COMMERCIAL PROPERTY 

For details on advertising in this section please cumact 
Emma Mnllaly on 071 873 3574 


INVESTMENT FOR SALE 
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APPROX. 18% INITIAL YIELD 

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(o major advertising company for 1 2'/ ; years. 

Accommodation 10300 Sq ft 

Current Rent £220.000 PAX 

Nod Review Sept. 1996 

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071 4080462 071493 4422 

PD Ref.GSK 












12 










AGAIN. After Cambodia the world said, ‘Never 
again’, yet today in Rwanda there is genocide. 

Oxfam does not use the word genocide lightly, 
but there is no other way to describe the mass 
slaughter happening right now. Men, women, and 
children are being systematically hunted down, 
tortured, and killed. The rivers are choked with 
bodies. 

We have not witnessed such horrors since the 
Killing Fields. And again, like Cambodia, the 
people who can do something to stop the 
bloodshed are not doing enough. 

At the height of the killing the UN cut its 
peacekeeping force to 270 men. When the 
Belgian UN troops were withdrawn they tore up 
their blue berets in disgust. 


We share their outrage. 

Half a million people face imminent death. Over 
200,000 are already feared dead. Thousands 
more are dying every day whHe the Security 
Council dithers. 

What is happening in Rwanda is a crime. The 
apathy of the world is criminal. 

We believe the UN Security Council must agree 
today to act effectively by supporting the 
proposal of the Secretary-General to send 5,500 
troops to Rwanda, now. How many more people 
must die before something is done? 

Will we have to say ‘Never again’ again? 


iXIAM 

Working for a Fairer World 


For more information write to Oxfam. 274 Ban&ury Road. Oxford. 0X2 7DZ, England. Registered Charity No. 202918 




FINANCIAL TIMES FRIDAY MAY 13 1994 


MANAGEMENT 


13 




Competition, recession and poaching: Tim Dickson on the challenges facing one of the world’s best-known business schools 


Keeping 
ahead of 
trends 

M ore than 3,000 managers 
participate in short 
manag ement pmg r a nniiwi 
at Insead each year. So a Mg 

challenge for the school is to 
respond to changes in the execntive 
education market Anmd De 
Meyer, associate dean responsible 
fca executive education, identifies 
the foD owing trends; 

• An enormous demand tor 
internationalisation, or developing 
manage with an international 
view. “This doesn’t jnst mean going 
on an International assignment, 
biot being aware tint the world 
abroad Is not the same as the one 
yon have at home.” 

• A shift of interest away from 
“grooming the directors of the 
future, improving individuals”, 
towards programmes which 
“transform the whole 
organisation”. It is trend 

which explains the popularity of 
tailor-made or “company specific” 
programmes at the expense of 
“open programmes” Qe open to 
all-comers). De Meyer believes this 
is not necessarily a permanent 
change. 

• The growing sophistication - 
and seniority - of people in charge 
of human resources in companies. 
One result is that companies “are 
more demanding”. 

• The need for 

action-orientedness. “Looking at 
the old brochures, executive 
education used to be more about 
broadening the perspective. 
Participants want that today too, 
hot they also want teaching which 
is relevant to what they will be 
doing next week.” 

• Hie impact of delayering, or 
«m» thinning twit nf management 
tiers. “Business schools have been 
preaching this, but in a way we 
are victims of our own success.” 

As weD as fewer managers to train, 
schools have to find ways of 
helping managers who move 
horizontally across organisations. 

• Partnerships. Inseed has ran 
a coarse far Hewlett-Packard and 
its dealers, and is exploring the 
Idea of organising programmes 
for companies and their suppliers 
(the Idea being that there omdd 
be more impact if individuals 
across the “value chain" are 
involved). 


T he story goes that there 
were three reasons why 
Iosead's founding fathers 
chose Fontainebleau as the 
site for an international business 
school in 1959. The nearby Nato 
headquarters nwant that the area 
had the sort of infrastructure which 
would appeal to an International cli- 
entele; Orly airport was within half 
an. hour’s drive; and the centre of 
P8ris was a mere 70 kilometres 
away. 

As it happened, Nato quickly 
moved to Brussels, Charles de 
Gaulle subsequently became estab- 
lished as France's international air- 
port, and modem traffic conditions 
tamed the Journey foam school gate 
to Arc de Triomphe into a twoand- 
a-balf hour rosbhoar slog. 

Bat none of this has seriously 
impeded Insead's progress. Helped 
by a period of hectic expansion is 
the mid to late 1380s, the European 
Institute of Business Administra- 
tion, to give it its toll title, is today 
one of the besHmown management 
education centres in the world, run- 
ning largest MBA programme 
and one oS the most extensive exec- 
utive tr a inin g farfiftioc mi the Con- 
tinent. 

It is no CTnflU irony, however, that 
Insead itself is now undergoing 
some of the change pains which its 
professors are so good at analysing 
in other companies. In common 
with rival business schools it is 
grappling not only with recession 
but with more fundamental chal- 
lenges to the concept of manage- 
ment education and the direction of 
an increasingly competitive market 
place. 

The MBA for example, which not 
long ago almost guaranteed career 
and financial, advancement, appears 
for the moment to have ceased 
growing: The executive education 
business, com p risin g both open «nrwi 
company-specific programmes, 
must satisfy the increasingly 
short-term requirements of corpo- 
rate clients. 

Most w orry in g of all, though, is a 
growing tendency for big companies 
to organise in-house management 
development courses. The prospect 
of using technology to “deliver” 
education direct to the workplace 
rather than on campus is being 
taken seriously in the industry. 

Insead’s very size - its more than 
80 permanent faculty members and 
an annual budget of FF284m 
(29.83m) are large by European, if 
not US standards - has exacerbated 
its vulnerability to change. Budget 
pressures necessitated a salary 
freeze last year, while outside con- 
sultants were brought in to advise 
on fund raising. By comparison 
with many well-endowed US busi- 
ness schools - and even some Euro- 


Insead bears up 
to change pains 



Antonio Borges if you want to change and develop people you have to have a strong message and give a unique experience' 


pean rivals - Insead suffers from a 
relatively small capital base. 

Bat it is Insead's response to the 
wider market challenge which will 
perhaps be more eagerly watched, 
not least the actions of the school's 
recently appointed co-dean Antonio 
Borges. Previously deputy governor 
of the Bank of Portugal, Borges was 
director of Insead's MBA pro- 
gramme in the beady growth days 
of the 1980s. 

“As the management education 
industry matures we must do other 
things, and faster," says Borges, 
who shares the job with Ludo Van 
der Hey den. “Insead originally 
transported the US [business 
school} model to Europe, which was 
a very successful story. But it is no 
longer enough." 

Internationalisation (of curricu- 
lum, students and faculty) is a fash- 
ionable campus cry an both sides of 
the Atlantic - with Insead no excep- 
tion. The school has been in the 
vanguard from the start, though 
some French critics deride the 
strong US influenc e (notable in the 
educational background, if not the 
nationality, of much of the faculty). 

“In Europe we most learn to rely 


more on our own leadership and 
here at Insead. for example, we 
must shake off our dependence on 
American source material," says 
Borges. 

For this reason, he adds, “we 
need a stronger emphasis on 
research output, hut it must be 
strongly rooted in an interface with 
the business world. Our aim is to 


‘Insead transported 
the US model to 
Europe, which was 
a success. But it is 
no longer enough’ 


achieve a synergy between the 
three aspects of teaching, research 
and consulting”. 

Borges’ solution - that innova- 
tion bolds the key to Insead’s con- 
tinuing place in the top league of 
international business schools - 
may not be original but is hard to 
dispute. Good ideas, like most good 
products, only have a shortish shelf 
life and, as he admits, there are a 
growing number of competitors 


claiming to offer to do the same sort 
of job for half the price. 

Among the priority areas for 
Insead, says Borges, are the chal- 
lenge of corporate renewal and 
transformation, the new borderless 
Europe and entrepreneurship 
(including how to keep big busi- 
nesses Innovative and competitive). 

“We are in close contact with 
many of the world’s leading corpo- 
rations. What we can do is study 
why some fail to achieve their 
objectives, why some can adapt and 
some can’t. The differences have 
important implications for manag- 
ers. AD areas [of the world] in rapid 
transition raise important issues for 
western companies seeking to man- 
ufacture and trade across intercon- 
tinental boundaries - we have to be 
there ahead of these trends offering 
insights and analyses for businesses 
to apply." 

Business schools are increasingly 
affected by technology, not least by 
the potential effect of the multi- 
media revolution on the delivery of 
management education. “We do 
invest in these things but that’s 
normal for the age we live in," says 
Borges. “But alone it’s not enough. 


The important thing about Insead is 
what goes on in the classroom. If 
you want to change and develop 
people, which we do. then you have 
to have a strong message and give 
them a unique experience." 

Borges is adamant that Insead's 
productivity most increase - “like 
many clients we must achieve more 
with fewer people”, he explains, 
while emphasising that faculty 
numbers will not be cut. He makes 
no apologies far the 1980s expan- 
sion, which he says has produced “a 
better school, the 'all-round' busi- 
ness school”. He dtes Insead’s PhD 
programme, which Is extremely 
expensive in terms of scholarships 
and faculty time but is enhancing 
the school’s reputation in the inter- 
national market. “We are In the 
business of supplying human capi- 
tal and our PhDs are perhaps the 
most tangible evidence of this,” 
says Borges of recent academic 
appointments by US institutions to 
three Insead participants. 

That reputation - endorsed by 
alumni and corporate participants - 
is the school's most precious asset 
While MBA numbers have fallen in 
Europe over the last couple of 
years, Insead says its courses 
remain oversubscribed: this year 
there were 2^00 applicants for -166 
places. “Don’t forget the investment 
they make in themselves: almost an 
of the MBAs are paying their own 
way,” Borges says. 

Filling Insead’s “open" executive 
courses - used by about 1,400 inter- 
national managers each year - hnc 
proved a more formidable chal- 
lenge. Numbers fell in 1992-93 - 
most dramatically in the last quar- 
ter - but they have perked up again 
in the last 12 months when demand 
for “tailor-made”, company-specific 
programmes has increased. 

Insead’s marketing - inevitably 
neglected in the good years - has 
been organised more professionally 
on product rather than country 
lines. But Borges is not complacent: 
“We must pay attention to our rela- 
tive weaknesses, in Germany, for 
example, which we fed is common 
to others.” 

Outsiders believe Borges has the 
right combination of academic flair 
and financial disdp Kmi to reassert 
Insead’s position. 

Recent donations from Shell, 
Squ dftg , TMnpkpn and the Boston 
Consulting Group are important 
votes of corporate winfMen^ but 
there is still weak to be done to 
estahHsh a more viable capital base. 
“TWanls the end of this academic 
year we wiD assess the level of capi- 
tal we would be looking for and 
whether we are to approach this 
process formally," says Borges. 

Further belt-tightening will 
almost certainly be necessary. 


Battle 
for star 
talent 

They were patting on a brave face 
this week- But Monday's 
announcement in London that 
Insead’s professor of business 
policy, Sumantra Ghoshal. has 
been appointed to the new Robert 
P Bauman chair hi strategic 
leadership at the London Business 
School is undeniably a blow for 
top brass at the French school. 

Ghoshal’s poaching is a sign of 
growing competition between 
European Institutions for the best 
academic talent, and raises the 
prospect of the sort of red-toothed 
rivalry seen between US campuses 
crossing the Atlantic. 

For eight years Ghoshol has been 
one of Insead's “stars”, raising 
its profile with books and 
award-winning case studies on 
cross-border management and 
international business. 

The traffic. It bos to be said, is 
not just one way. This year, Insead 
pipped London to the post for two 
marketing professors from the 
Wharton business school In the 
US (Hubert Gatignon and Erin 
Anderson), and has also wooed 
Richard Rmnelt, president of the 
strategic management society, 
away from the University of 
California at Los Angeles. 

Managing faculty members who 
can earn more from outside 
activities such as consultancy and 
writing than they do from teaching 
and research is a headache 
plaguing all deans at the moment 

“When someone says they want 
a change of scene, giving them 
a 10 or 20 per cent pay rise is not 
the answer,” says Lodo Van der 
Hey den. Insead’s co-dean. 

Van der Hey den has mixed 
feelings. He does not deny 
disappointment at Gboshal’s 
departure and believes London 
may be targeting Insead (among 
others) as part of a policy to recruit 
more faculty members from outside 
the UK. On the other hand, he 
believes that European schools 
collectively still lade credibility 
by comparison with the tJS and 
that a str o nger LBS is to the 
benefit of alL 

As one of the top schools in 
Europe, is particularly 

vulnerable - “but it will make ns 
sharper,” Van der Hey den adds 
philosophically. 



Can you rebuild a The collapse of the Coraeeon revealed a desolate 

nation’s industry industrial and economic Eastern European land- 

without starting all over scape - unwieldy structures operating inefficiently 
from scratch? and creating large-scale abuse of the environment. 

So it’s your problem, too. 

Bankrupt economies can’t rebuild themselves from scratch, but 
Western expertise and investment can be attracted to help. In 
May 1990, ABB formed a joint venture with two Polish com- 
panies lacking the key skills necessary to survive in a competitive 
world economy. Technology transfer agreements were signed, 
and the new ABB Zamech restructured every operating function, 
installing dear lines of responsibility. Within 18 months the 
Polish company had been transformed into a center of excellence 
for the manufacture of gas and steam turbines. Production times 
had been halved. And by 1991 ABB Zamech was using about one 


third less electridty, gas and water per unit of production. 

With total commitment on all sides, the effective transfer of 
Ves, you can. technology, skills and responsibility to local management can 

work wonders - both for the economy of Eastern Europe and the 
world we all share. 


ABB Asea Brown Boveri Ud., Reader Services Center, P.O. Box B22, CH-B021 Zurich 


Jl BB 

J^ISSSS 





TECHNOLOGY 


N ot much has fihaiwd in 
the typical British sec- 
ondary school classroom 
since the death ctf Queen 
Victoria. Whiteboards may have 
replaced blackboards, but the 
®®tion of a personal comp uter on 
every desk is still largely the stuff 
of science fiction. 

At best, there will be a room of 
PCs for lessens ill w^pnting pnri 
possibly information technology — 
very likely funded by a government 
initiative. At worst, a school will 
boast a handful of outdated 

mn^ViTTtpg 

If education is supposed to be a 
preparation for future life, this state 
of aSairs beggars belief. Ever fewer 
Of tomorrow's jobs Will be manual 

or In the primary industries; ever 
more will be in careers - profes- 
sional, clerical, sales, administra- 
tion - where computer literacy is 
essential 

Nor are the benefits of a PC-based 
education to be measured in PC 
skills alone. As material and 
courses become available via 
CD-Rom and networks, chalk and 
textbooks should join the ink well 
and dunce’s cap in the museum of 
childhood. 

Explaining tiw current mal^>i«* is 
easy enough. Money Is scarce. Old 
habits die hard. Teachers lack req- 
uisite training. Hardware, software 
and course materials are expensive, 
and knowledge about what to buy is 
scarce. 

There is also a serious market 
failure. In most countries tire com- 
puting and software industries have 
little incentive to develop products 
for cash-starved public education 
systems i gnore* of tip benefits. 

In Britain, private schools are not 
much better than their state coun- 

THg ital information 
can be treated 
like water and 
electricity and made 
available on a 
low-cost usage basis’ 

terparts. While university entrance 
continues to be determined by suc- 
cess at conventional A-Ievels, pri- 
vate schools’ market niche is secure 
without innovation - and they can 
carry on investing instead in sports 
halls, music centres and private 
theatres, as they did in the 1960s. 

The key to change lies in political 
and professional will and the devel- 
opment of economic solutions. Tell- 
ingly, the places moving ftstest in 
PC-based, education, notably Singa- 
pore and some US states, are doing 
so under strong political leadership. 
But change can be led by the pri- 
vate sector if it has the right prod- 
ucts at the right juice and markets 


Andrew Adonis looks at private UK initiatives to bring 
software and curriculum packages into the classroom 

From chalk to 
superhighways 


than effectively. 

In the TJK, just such, an exercise is 
about to stmt in earnest Numerous 
initiatives are under way, but two 
stand out because they tackle the 
mos t immediate obstacles to change 

- the shortage of expertise and cash 

in the schools themselves. 

Alan Benjamin, a former director 
of corporate communications at 
ICL, is masterminding a British ver- 
sion of the -community learning 
utility” now to be found in Calif- 
ornia and a dozen other US states. 

The key to the utility is simple: 
schools - or learners - pay for 
material on a usage basis, with soft- 
ware and curriculum packages 
selected and supplied by a commu- 
nity-based utility through a not-for- 
profit foundation. 

The scheme was unveiled at a 
recent wntnar at London's South 
Bank Technopark with a demon- 
stration of a software system in use 
in California, developed by Vistar 
Technologies, a US company. 

The Vistar system fits course 
material - whether procured from 
CD-Rom or a network - into an 
innovative Windows-based software 
teaching system, with an integrated 
messaging facility, student "pre- 
scription" amf "writing" units, a nd 
lesson-planning programmes for 
teachm. 

The networked system Is geared 
to classroom management and 
school administration as well as 
teaching. It includes attendance 
reporting, assessment and -cards” 
for pupO. achievement and course 
immiwMrtj ) The "community learn- 
ing utility" win make software and 
course materials available to learn- 
ers from its own data repository 
and via its own network, charging 
for them on a usage basis. The util- 
ity will negotiate licences with soft- 
ware suppliers, “sift" available 
course material, and commission 
teachers and others to provide more 

which, if used, will earn them 
royalty income. 

The ntffity will also negotiate spe- 
cial rates with British Telecommu- 
nications and other telecoms opera- 
tors to carry the networked 
material. Its success will be an 
important commentary on the seri- 
ousness of the operators in develop- 






Ctoa acts: sc hemes an setting up to tacfclo lack of cash sod e x per tis e in acbooto 


fog “superhighway" services - both 
in their readiness to install fibre 
links to schools as needed, and in 
their capacity to make networked 
services affordable. 

Benjamin's first utility is likely to 
cover five schools and two further 
education colleges in imwr south 
London, where the local South 
Thames Training and Enterprise 
Council - a not-for-profit company 
contracting with the government to 
provide t raining - has agreed to 
provide part of the f unding to 
install hardware and software. 

He also hopes to gain support 


from telecoms mmpanips and local 
businesses, which could purchase 
training on a pay-by-use basis. 
-This Is a new form of public util- 
ity,” says Benjamin. Its potential 
ljpg in the feet that digital informa- 
tion and software can be treated 
like water and electricity, and made 
available go a low-cost usage basis, 
breaking the capital barrier for mil- 
lions of users." 

If the south London utility is suc- 
cessful, others will be established. 
Benjamin envisages the utilities as 
public-private partnerships - per- 
haps between Tecs and leading 


technology or service companies - 
run as local businesses at a profit 
The critical goal is for them to 
become self-financing, making the 
supply of software and materials 
sustainable. 

The p f n npgring initiative 

akn mules from the private sector, 
in the shape of CRT group, a Wirral- 
based training and recruitment 
company g^fahTishgrf four years ago 
and now riahning to be among the 
country’s largest private training 
providers. Its chief executive, Earl 
nhapiwarij heads a team dedicated 
to taking technology into schools as 
a commercial proposition. 

With the aid of partners in the FT 
sector. Chapman plans later this 
year to equip a significant number 
of schools with a room of current- 
range PCs. CBT will provide soft- 
ware, h ar dw a re and. where appro- 
priate, personnel At the p Dot stage, 
the schools wifi have only to pro- 
ride the premises mid pay for the 
software an the basis of usage and 
output results. 

In its Initial guise, the scheme is 
both more and less ambitious than 
Benjamin's, although the two may 
came together in south London. It is 
more ambitious because of the cum- 
ber of schools bkely to be included 
in the pilot; but less so because 
Chapman envisages networking and 
integrated trewhto ig/g riTTiiwi S tratton 
software as a later stage in the pro- 
cess: He Is gearing bis early efforts 
to courses - particularly the new 
national general vocational qualifi- 
cations in information technology — 
winch are especially well-suited to 
interactive PC formats. 

Most of the pilot schools chosen 
by fibapman will be grant-main- 
tained, because their head teachers 
and governors are - he judges - 
readier to innovate and less con- 
strained by inherited attitudes and 
budgetary T Imitati/ms. 

U the firfwwna foris, Chapman says 
he will simply leave the PCs in the 
schools. If it succeeds, he is working 
on financing packages making it 
possible for schools to secure more 
hardware without a large up-front 
capital cost. As for software, CRT 
believes it can meet its early 
demands for IT courses through its 
own multimedia subsidiary - for- 
merly Convergence Communica- 
tions - which is developing a range 
of rmilHmPitia tr aining packages. 

The fete of the two initiatives will 
be a commentary on the receptive- 
ness of schools to PC-based teaching 
methods. It will also demonstrate 
the ability of new technology and 
the devolution of school budgets to 
foster public-private partnerships in 
a field where the private sector has 
a substantial contribution to make. 
If information superhighways are to 
amount to anything by 2000. they 
will have to start laying tracks 
through the education system - not 
just universities - early an. 


FINANCIAL TIM** 5 t-'R 115 AY MAY- 13 

w^Twi^ 


o\"'J 

AJM 






Satellites to guide 
ambulance service 

Satellites will soon come to the 
rescue of accident victims in the 
UK - by pinpointing ambulances 
to within a few feet 

West Midlands Ambulance 
Service will use a new system 
based on satellite navigation 
technology. “The satellite system 
will talk to our existing 
computerised control and 
command system in a way never 
previously attempted," says Ian 
Van Creveld. operations director. 

Developed by Terraflx, a UK 
company, it works from radio 
signals transmitted by at least 
three satellites. These are picked 
up by a receiver in the ambulance 
which uses them to give a “fix” 
on its position. 

A chann el on the radio 
sy s te m is used to communicate 
its position to the control room; 
it is translated into map 
co-ordinates of position, direction 
and speed. The information is 
used to work out response times. 

West Midlands Ambulance 
Service UK 03844556*1 

Idle network time 
put to work 

Using “idle” computer time to 
process other tasks in tire 
background is an old idea, writes 
Chase Goading. This principle 
has been applied to PC networks 
by Jetstream, 66 per cent owned 
by New Zealand Telecom. 

Its Jetnet software shares out 

heavy processing workloads 

between networked PCs while 
other users on the network are 
away or performing low-power 
tasks such as word processing. 

It claims Jetnet introduces 
genuine parallel processing across 
PC networks. The “unused" 
power - which Jetstream says 
might amount to 80 per cent in 
some networks - can in theory 
be capitalised to support heavy 
transaction processing loads, 


tasks previously tistited to 
mid-range and mkbftiae 

computers. The Jetnet 
application* development 
costs around £9 JJflO (a the Uj. 

HTL Information Tfehnota 
(distributor)' UK. 681 W ISSt 

Chip boost for signal 
processing spss* 

An electronic chip that ontt - 
significantly Increase signal < 
processing speeds has hew 
developed by Robocutt* f v 
Technologies, writes Anno * - -a 
Kachan, 

Tests to be completed by 9uh> - 

snmnter on an initial prodnotW'’ 
batch of ISO chips wIU provtfc - 
whether Rohomatix has wnatafl 
where others have MM, up 
Zami Abcrnum, president eftfe- 1 
Israeli company. :‘\ 

He describes the Xtem Chip s 
as massively parallel; it 
incorporates LOW proo mon. *- 
Simulations show a Stem djp ^ 
could perform Urn instruct}^ A. 
per second. It would function “5 
as a single chip or as part of $ * 
computer board. --p 

If the tests prove snocemh^ - 
Robomatix plans to pot thacgajr? 
into automated inspection 
systems. Its ability to pattern^ 
real-time recognition and ~ 
processing of data could be theft! 
in video-conferencing and ah ': 
traffic control systems. * . 

Robomatiz: brad, 9739 

ICL system adjusts 
screen brightness ^ 

Most computer users adjust thtft 
screen once and work reffuttir 
of light conditions. KX has 
launched a system called 
Autobrite which anhnaficafiy A 
adjusts the screen to match 
surrounding levels. - 

“Visual ergonomics la a Mg 
problem," says Bjfinj Mabfafi r 
technical co-ordinator at HX " 
Personal Systems. “People can 
get red-eyed, tired and develop ‘ r 
headaches when reading item ' " 
the screen." Two detectors In the 
Autobrite module sense fighting 
conditions at the front and back 
of the screen; these are compared 
with pre-set correction tables 
and brightness and contrast aka 
changed accordingly. 

I(X (owned by Japan’s Fqjttm) 
has linked up with Hdvar, a 
Finnish lighting company, to add. 
an infra-red controlled office . 
lighting system. 

ICL- UK 081 7887272. 



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FINANCIAL TIMES FRIDAY MAY 13 1994 


ARTS 


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Recital 

Bryn 

Terfel 


T he figure who strode 
oat od to the platform 
was as imposing' as 
any Wotan, as 
awesome as any 
Mephistopheles. his lochs as 
long and shaggy as thmm* of 
John the Baptist Bryn Terfel 
embodies any number of 
opera’s larger-than-life 
characters, hot for the 
moment all thought of those 
had to be set aside. 

On Wednesday he was at 
the Wigmore Hall for his 
London debut as a recitalist 
Terfel came to prominence 
in the 1989 Cardiff Singer of 
the World competition, when 
Dmitry Hvorostovsky took 
the first prize and be was in 
effect a runner-up with the 
Lieder prize, but their careers 
out in the real world have 
served to reverse the jury’s 
judgment Hvorostovsky, 
faltering in opera, has 
increasingly found refuge in 
song recitals, while Terfel has 
gone on to take the world’s 
opera-houses by storm. 

It was interesting to see 
Salzburg’s Jokanaan, Vienna’s 
Dr Miracle, everybody's 
Figaro, return to the song 
repertoire with which he made 
that striking first impression. 
At the Wigmore Terfel’s 
baritone is undeniably a big 
voice, requiring suitably big 
handling. There is plenty of 
room in it for him to move 
around and the dynamic range 
between his loudest and Ids 
quietest singing was vast 
There are a few big 
personalities in song as well, 
such as Schubert’s “Der Atlas” 
bearing the anguish of the 
world on his shoulders, who 
looms cm a mighty scale in 
Terfel's singing. It took a 
while for him to find the 
flexibility for the subtler 
songs in bis Schumann and 
Schubert first half. 
“Mondnacht”, sung in a low 
bass key, did not live up to 
Malcolm Martineau’s hazy, 
moon-lit introduction; the 
consonants were too bumpy, 
the style short on precision, 
and refinement His enticing 
Tlschermfidchen* was better. 

Power and tenderness, force 
and quietude, are all within 
Terfel’s enormous range, but 
not always the ability to hit 
a specific tone in the voice. 

In the Heine settings of 
Schubert's Schwanengesang 
he missed the pain as the 
poet’s knife cuts the flesh. 

Fa ore’s “Antomne” was 
turbulent, but was that 
bitterness or melancholy 
swirling below the surface? 

It was difficult to telL 
As a singer of his own two 
languages Terfel is without 
peer among his generation. 
From top to bottom of his 
voice he can sing English 
words without any distortion, 
pairing Vaughan W illiams ’s 
Songs of Travel marvellously 
engaging, even when the 
music is at its weakest In 
Welsh, he seems just as 
communicative, bringing 
vividly to life Meirion 
Williams’s "The Welshman” 
with his ready heart, his good 
sense, his love for his rugged 
Wales, all sung with 
unabashed ebullience. 1 
enjoyed that one”, exclaimed 
the patriotic Terfel proudly. 

So did we. 

Richard f airman 


Sponsored by Midland Bank, 
Wales 



The original playbills for ‘Strike up the Band’ (1927) and ‘Red Hot and Rhie’ (1936) 

Shows Broadway forgot 


I nn Marshall Fisher is an archaeolo- 
gist: he discovers lost American musi- 
cals. Over the last few years he has 
unearthed fresh musicals from the 
New World and put them on display in 
London. EQs latest series of Lost Musicals, 
concert-studio versions of the shows 
Broadway forgot, has just opened at the 
Barbican. 

Six years ago, Fisher struck on the idea 
of reviving musical theatre overlooked by 
Broadway; “anyone interested in musical 
theatre should be aware this stuff exists”, 
he says. The great success of Lost Musi- 
cals, now in its sixth season, lies in a mix 
of strangeness and familiarity. Past reviv- 
als included Do I Hear a Waltz ? (1965, 
Richard Rogers and Stephen Sondheim) 
and LoveUfe (1948, Kurt Weill and Alan J. 
Leroer) which perished after 220 and 252 
performances respectively. 

But should forgotten musicals stay for- 
gotten? Will Fisher's grandchildren be 
reviving Came or Leonardo'! Two argu- 
ments present themselves. First. Fisher 
says. “The people who invented the musi- 
cal theatre... well never see the staff 
that died for them”; that is. the early 
songs, stagings and ideas which made 
later masterpieces possible. 

Second, Lost Musicals is a pure archaeol- 
ogy of the fashions and tastes which pro- 


duced the musical: “the fashion is now 
over, but there's still an appetite for the 
fashion.” And who says creaky shows can- 
not conceal one or two great songs? 

Fisher reviles English musicals, the 
“cod-operetta Ivor Novello style”, and con- 
centrates on American failures, which he 
finds more interesting. This year, on a 
£36,000 budget (20 per cent up cm 1993). the 
season begins at the Barbican Cinema 
with Let's Face It, an unlikely 1941 collabo- 
ration between Cole Porter and Herbert 

Andrew St George talks to 
Ian Marshall Fisher about 
lost American musicals 


and Dorothy Fields; then Bloomer Girl 
(1944, Harold Arlen and E.Y. Harburg), 
New Girl in Town (1957. Bob Merrill and 
George Abbott), Strike Up The Band (1927, 
George and Ira Gershwin and George S. 
Ka ufman ) - and Cole Porter’s 1936 Red. 
Hot and Blue, a riotous comedy about a 
man searching for a childhood sweetheart 
identified by a waffle iron bum on her 
bottom in which the cast included Bob 
Hope and Ethel Merman. 

Since so little is known about the musi- 
cals, each show has a short introduction. 


Fisher has three musical directors, 250 per- 
formers (paid in “tea and biscuits”), but no 
costumes, no orchestra, no scenery, no 
publicity, no advertising and no West End 
Sunday competition for the Barbican Cine- 
ma’s 280 seats (all tickets are a demotic 
£11). Lost Musicals would malt * Ideal 
radio; the shows should be recorded before 
they slip from sight again. Fisher keeps 
the lights on so the audience «m mafc*» 
notes or follow the scare. 

Are these revivals worth doing? He 
responds by talking about modern musi- 
cals. which are not to his taste: “the style 
now seems to be give them spectacle. All 
there is today is Sondheim and Lloyd Web- 
ber.” Has he seen anything recently he 
likes? A rare pause. Tm thinking . . . that 
means no. There’s nothing.” 

Fisher is drawn to the past by the 
“vibrancy, excitement and daring” he 
finds in old American musicals. The 
search, for new material has put him on 
terms with the Gershwin, Hart, Hammer- 
stein, Porter and Kaufman estates and 
families: “they all help me, it's heartwarm- 
ing. it happens all the time.” He leans 
forward, “listen, in this project the stars 
are the writers. ” 


Discover the Lost Musicals, Barbican, 
Sundays until 9 October (071 638 8891). 


A t her best, and it is a 
very good best, Siob- 
han Davies creates 
structures, movement- 
installations, through which 
she guides us with unerring 
sensitivity. We learn, without 
consciously doing so, certain 
physical laws about these loca- 
tions, are shown incidents that 
are insidiously revealing; and 
we understand the mysterious 
boundaries and horizons of 
this world. This has seemed to 
me a constant of Davies’ truest 
work ever since that long-ago 
Pilot with which she first told 
us of her talent 
Now on a small regional tour 
- I saw a performance at 
Worthing's Comiagbt Theatre 
on Tuesday night - Davies’ 
Dance Company is presenting 
her two newest pieces: last sea- 
son's Wanting to tell Stories 
and The Glass New in, made 
this year. Both show their cho- 
reographer at her best and her 
troupe - Amanda Britton, 


Ballet/ Clement Crisp 

The Glass blew in 


Sasha Roubichek, Deborah 
Saxon, Paul Douglas. Sean 
Feldman, Jeremy James - as a 
grandly gifted ensemble. 

The Glass New in takes place 
inside a low perspex boundary, 
which is a frame for the dance 
- any activity outside it 
acquiring a somehow disquiet- 
ing quality. The key to the 
piece is Gavin Bryars’ Three 
elegies for nine clarinets, a 
work whose luscious sonorities 
are a tribute to the clarinettist 
Roger Heaton. Heaton is soloist 
with a multi-track recording of 
himself playing bass and con- 
tra-bass clarinets. The ear is 
ravished - tone and texture 
are dark, rich, Brahmslan - 
and Davies’ has wmrift dances 
that look comparably dark and 
almost voluptuous in means. 


The movement coheres or frag- 
ments, reflects off itself as 
ideas return or are mirrored 
from one performer to another. 
Effects are beautifully judged - 
how satisfying each dance- 
phrase seems - and beautifully 
brought off by Davies’ artists. 

Wanting to tell stories is no 
less rewarding, and secure - it 
is tempting to write “self-con- 
tained” - in structure. Two 
vast steely grilles by David 
Buckland hang over the stage, 
and move to define areas (and 
no-go areas, too). Telling sto- 
ries allusively, hinting at inci- 
dent and relationships, is the 
declared theme. Characters - 
and we sense identities 
through the movement - are 
confronted and briefly 
explored. 


The piece is more febrile, 
more urban in its energies, 
than Davies usually allows, 
and I think it slightly too long 

- the fault of Kevin Volans' 
gritty score, wefl brought off 
by its four players. But the 
dance grips the attention in its 
drive, in its sharp demotic 
accents: gesture is quick, bold 

- and how odd to see the flash 
of a waltz-step. It is given with 
absolute conviction by its cast 

In these latest pieces, as in 
last year’s exquisite White Bird 
Featherless, we see the matu- 
rity of a rare, perceptive cre- 
ator. Siobhan Davies’ dance is 
refined, sometimes oblique, 
always penetrating. And sub- 
tly, grippingly. hers is a thea- 
tre of the human heart as well 
as of movement. 

The Siobhan Davies Dance 
Company appears at the Cruci- 
ble, Sheffield, on May 19; at 
Town gate Theatre, Basildon, 
on May 23. 


15 


Pinter reinterpreted 


P inter Festival: the 
words are proclaimed 
on banners around 
Dublin. For three 
weeks this May, Dublin's Gate 
Theatre is presenting a festival 
of Harold Pinter's plays. Each 
week, a pair of his plays (one 
long in the evening, one short 
in the afternoon) is being 
given, in new productions; the 
playwright will direct one of 
them himself; several distin- 
guished actors (including Ian 
Holm. Penelope Wilton. Mich- 
ael Pennington) are involved. 

But why Dublin? Pinter's 
plays are not well known 
there, and have not been per- 
formed in recent years. The 
idea came from the Gate Thea- 
tre's director, Michael Colgan, 
and probably developed as a 
sequel to the theatre's recent 
Beckett festival. Pinter is the 
modern playwright who has 
learnt most from Beckett. 
(Surely even the famous Pinter 
pause derives from Beckett.) 
Pinter spent time in Ireland as 
an actor in the 1950s, working 
with the actor-manager Anew 
McMaster, about whom he has 
written a memoir, Mac. 

I believe that Pinter also 
picked up on the speech-pat- 
terns and poetic refractions of 
Irish modernism: Yeats. Joyce, 
and above all. Beckett. Hence 
the alternations of lyricism 
and irony, the ambiguous med- 
itations on time past, the sud- 
den non-sequiturs and waits 
and hesitations, the richly sug- 
gestive use of ordinary par- 
lance. John Gielgud once told 
Pinter that he had thought 
that playing No Man’s Land 
would be like playing Chek- 
hov, “where you must ignore 
the audience", but that in feet 
he had discovered it needed a 
consciousness of the audience, 
a manipulation of them, as in 
Congreve or Wilde - yes. two 
other Dubliners. 

Colgan has chosen and paced 


the festival's six plays well, so 
that each week's pair shows 
contrasting facets of Pinter. 
The first week presented The 
Dumb Waiter (1959, 50 minutes) 
and Betrayal (1978, 95 minutes, 
including interval). The Dumb 
Waiter occurs in one of Pin- 
ter's most airless rooms, and is 
just for two hired killers. 
Betrayal is about a triangle of 
relationships between Robert, 
his best friend Jerry, and Rob- 
ert's wife Emma; in ten scenes, 
over nine years, set in both 
London and Venice, it retro- 
spectively surveys the love 
affair between Emma and 
Jerry. 

The Dumb Waiter was 
directed by Joe O'Byrne. 
Betrayal by Kevin Billington. 

Alastair Macaulay 
visits a festival in 
Dublin devoted to 
the playwright's 
work 


Both realised the strong vein 
of humour in Pinter's writing, 
and the Dublin audience 
responded with ready laughter. 
Because some of his play- 
wright contemporaries have 
been more overtly concerned 
with satirising various forms 
of Englishness. it is easy not to 
notice, when watching his 
plays in England, that Pinter is 
often satirising Englishness 
too. Seen abroad, his charac- 
ters reveal their national i ty 
more plainly, and amusingly. 

Even the pauses that occur 
between Robert and Jerry in 
Betrayal became funny in Dub- 
lin. because they expressed the 
emotional constipation of these 
upper-middle-class Londoners 
- their fatuous politeness, 
their stuff ed-shirted inability 
to refer to a spade as a spade. 
Jerry (Stephen Brennan) in 


particular became more hilari- 
ously slow-witted; and, when 
Robert at one point remarked 
“Didn't she?' - . Brennan deliv- 
ered a tiny but superb triple- 
take. gradually and befud- 
dledly adjusting to all the pos- 
sible implications. 

English stupidity was also 
excellently evident in David 
Herlihy's account of Gus in 
The Dumb Waiter, bringing out 
the dark pun in the title: 
dumbo Gus is waiting for he 
knows not what - not until it 
is too late. Brief though it be. 
The Dumb Waiter defies cate- 
gorisation. (A sign of Pinter's 
early mastery.) Here it is a 
black comedy about two killers 
who arc pawns in someone 
e Iso's game, here an existential 
waiting-for-Godot tragedy 
about the cruel pointless ness 
of existence (Gus: “Who is it 
upstairs?”; Ben: “What's one 
thing to do with another'.”*'. 
Now a surreal. Ionesco-like, 
sketch in which nonsensical 
events become both disturbing 
and absurd: now a kind of 
thriller in which events add up 
in a pattern virtually too grim 
to contemplate. 

Ian McElhinny - who in The 
Dumb B aiter was the dour and 
uninquisitivc Ben - also, in 
Betrayal played Robert: an 
astonishing double-act. He 
makes Robert snide and 
urbane, as oblique about his 
emotional dealings as some 
character in le Carre. His very 
tightness of manner actually 
makes him much more touch- 
ing in the one scene when he 
speaks with Emma of her infi- 
delity with his best friend. 
Emma was Jeannnne Crowley, 
a tad too muted, but lightening 
In looks and bearing to very 
telling effect as the play moves 
back in time. 


The Pinter Festival continues 
at the Gate Theatre. Dublin, 
until May 21 


Theatre/Paul Driver 

Elgar's 

Rondo 

W riting plays on the lives of great 
composers is a tempting but tricky 
business. David Pownall makes a 
habit of it He has put the predica- 
ments of Shostakovich, Prokofiev and Gesualdo 
on the boards, and devised both a stage and a 
radio play on the later life of Elgar. Both of 
these focus on why such a masterly and other- 
wise prolific composer should have completed 
only two symphonies. Haydn managed 104. 

It is a question genuinely worth pondering; 
but having seen Elgar’s Rondo - an RSC trans- 
fer from the Stratford Swan to the Barbican Pit 
- 1 am not sure that Pownall is quite the man to 
ponder it. The very feet of Elgar's existence, his 
arising out of the musical nothingness that was 
19th century England, is still startling. There is 
rich dramatic mater ial in his social and artistic 
discomfiture as a lower-class Catholic who lost 
both faith and class, enduring the vapidities of 
the Philistines only to find himself reduced to 
frozen melancholy by the atrocities of world 
war. while the struggle with the symphonic 
ideal is a great emblematic 19th century theme. 
To have failed with his third attempt must have 
seemed failure indeed to Elgar this is the sub- 
ject of Pownall's radio play, Elgar’s Third. 

Elgar's Rondo probes the period in his life 
between what he perceived as the public failure 
of his Symphony No 2 in 1911 and the begin- 
nings of the Cello Concerto in 1918. The title 
refers to the second symphony’s scherzo, whose 
pounding, dissonant climaxes apparently struck 
first audiences as baffling]? avant-garde. Elgar's 
friend and publisher A.J. Jaeger (“Nimrod") 
returns from beyond the grave to urge him 
forwards in the stylistic direction of the Rondo, 
and to write another symphony; but Elgar 
wants to throw in the toweL Hie play depicts a 
battle for Elgar's soul between the depressed 
composer on the one hand, and Jaeger and a 



■Vliniir Muir 


Alec McCowen as Elgar 

young Jesuit priest on the other. Meantime, his 
wife Alice is fading through terminal illness. 

There are theatrical surprises verging on the 
surreal - the characters first stream on in lurid 
fancy dress; a military band marches in and out; 
and a casual King George V with a couple of 
dead fish calls on the Elgars - but they are not 
perhaps surreal enough, just as the writing 
never sinks deeply enough into Elgar's mind to 
convince one that the character really is a great 
composer, not just Alec McCowen doing his 
fastidious pronunciation act. Though furnished 
by Pownall with an authentic stock of Elgarian 
puns and nursery talk, McCowen's Elgar is con- 
fusingly close to his impersonation of Elgar's 
contemporary. Kipling. 

Sheila Ballon tine’s Alice - giddy, snobbish, 
disaffected, weary and drawn - is a rather stri- 
king portrayal. John Carlisle's Jaeger. Ian 
Hughes’s Father John and James Hayes's Bern- 
ard Shaw are sharply taken. But the only really 
moving moment in this production (by Di 
Trevis) was when a fragment of the gentle open- 
ing of Sospiri was allowed to play on the gramo- 
phone. 


At the Pit Theatre, Barbican 


International 

Arts 

Guide 


EAST EUROPEAN ART 

A panoramic survey of 20th 
century avant-garde art in central 
and eastern Europe opens in 
Bonn on May 27 at the Kunat 
und AusstelwigshaSe der 
BundesropubBk Deutschland. 

The exhibition, the most 
comprehensive of its kind to 
darts, attempts to re-evaluate 
20th century art from eastern 
Europe in the wake of the fed! 
of Commutism and the Berfirt 
WafL The ami is to counter the 
notion that European culture 
means western European culture, 
and to show that art behind the 
Iron Curtain was not necessarily 
subordinate. 

Around 700 works by 200 
painters and sculptors wHl be 
on show, supported lay 

references to architecture, 
photography and literature. Thera 
will also be films, concerts and 
discussions. The organisers say 
works have been chosen not to 
represent national cutturos, but 
to underline International artistic 
trends and styles - over and 


above opposing political blocs. 

There are to be nine main 
sections. The tfisplay opens with 
symbofist and abstract artists 
who Influenced the 
ground-breaking changes in art 
around the turn of the century 
- including Larionov and 
Karwfinsky. The next section, built 
around Cubism, covers sculptors 
such as Brancusi and 
Archipenko, plus representatives 
of Czech Cubism. This is followed 
by Constructivism, with examples 
of work by Malevich, Tatlfn, 
Rodchenko and Popova; a survey 
of Jewish culture shattered by 
the holocaust, with works by 
Chagall, Lissitsky and others; 
and a section entitled the Surreal 
Imagfaration. 

Next comas a sound-slide show 
ffiustrarting the cultural doctrines 
that determined artistic 
expression in the Soviet Union 
and satefflte countries from the 
1930s to the 1950s. The postwar 
era opens wfth a study of how 
East European artists continued 
to experiment under adverse 
circumstances. The final two 
sections cover technical 
advancements and the 
questioning nature of 
contemporary art at the end of 
the century. The eocHbltion wffl 
run tM October 16, 


■ EXHIBITIONS GUIDE 
AMSTERDAM 

Rfjksmuseum Flowers and Plaits: 
a varied survey of the countless 
representations of flora and fewta 
in live centuries of prints and 


drawings. Ends July 31. Closed 
Mon 

Van Gogh Museum Pierre Puvis 
de Chavannes: 150 portraits, still 
Ilfos, genre pieces and sketches 
by the 19th century artist whose 
murals grace many public buildings 
in France. Ends May 29. Daily 
BARCELONA 

Museu Picasso The Russian 
Avant-Garde 1905-25. Ends June 
26. Closed Mon (Catrer Montcada 
15-19) 

BERLIN 

Museum fur IncBsche Kunst Lost 
Empire of the Silk Road: a 
remarkable collection of 87 
wed-preserved pieces of Buddhist 
art from the tenth to 13th centuries, 
which lay burled at Khara Khoto 
under the sands of the Gobi Desert 
until they were uncovered during 
archaeological research in 1908. 
Ends July 3. Closed Mon 
Spandauer ZHadefle Dali as 
Sculptor and illustrator: 38 
sculptures from (he years 1936-88 
and 300 illustrations on themes 
from world Steratura Ends May 
25. Daily 
COLOGNE 

Museum Ludwig The Unknown 
Modigliani: 240 of the 440 hitherto 
unknown drawfogs amassed by 
Paul Alexandre before 1914. Ends 
July 10. Closed Mon 
LAUSANNE 

Musee d*Art Contiemporain 
Contemporary Picasso: 80 works 
1946-1971, including 30 paintings 
and a dozen sculptures. Ends Sep 
25. Daily 
LONDON 

Royal Academy of Arts Goya: 

100 small-scale paintings. Bids 
June 12. Daily (advance booking 
071-396 4555) 


Hayward Gallery Salvador Dalh 
The Early Veers. Ends May 30. 

Daily (advance booking 071-928 
8800) 

LYON 

Musde des Beaux-Arfcs The 
Romantic Movement in France: 
paintings, sculptures, drawings 
and engravings from the museum's 
own rich collection of works by 
Charier, Delacroix and others. Ends 
June 19. Closed Mon and Tubs 
MADRID 

Centro de Arte Reina Sofia Lucian 
Freud: recent paintings, drawings 
and etchings by Britan's greatest 
living realist painter. Also Joseph 
Beuys: ten installations, 25 
sculptures and 456 drawings by 
the controversial postwar German 
artist Ends June 6. Closed Tues 
MUNICH 

Villa Stuck Christo: an exhibition 
devoted to the grandiose urban 
projects which the 
Bulgarian- American artist has 
pursued over the past 30 years, 
including his current plan to wrap 
the Berlin Reichstag in silver doth. 
Ends July 10. Closed Mon 
Neue Pinakothek Wilhelm LeW 
(1844-1900): around 200 paintings 
and drawings offer a 150th 
anniversary retrospective of the 
Cologne artist who was the leader 
of German Realism in the late 19th 
century. Ends July 24. Closed Mon 
Akademfe der sch&ien KQnste 
The Russian Stage 1900-30*. theatre 
designs, figurines and models by 
Malevich, Lissrtsky end others, 
dating from a time of extraordinary 
creativity In Russian art Ends June 
26. dosed Mon 

Lenbacfthaus Between the BrOcke 
and the Blaue Reiter: Expressionist 
paintings from 8 tq Abler Collection. 


Ends May 23. Closed Mon 

NAPLES 

Caste! S. Elmo Naples wider the 
Austrian Viceroy 1707-34: a 
splendid itinerant show from 
Vienna, dominated by the 
magnificent baroque works of 
Francesco Solimena. Ends July 
24 

NEW YORK 

Metropotftan Museum of Art 
American Impressionism and 
Realism 1885-1915: more then 80 
paintings showing how a generation 
of American painters was exposed 
to the French Impressionists' 
engagement with the contemporary 
local scene and their direct, rapid 
technique. Artists represented 
include Mary Cassatt, John Singer 
Sargent and Childe Hassam. Ends 
July 24. The Decorative Arts of 
Frank Lloyd Wright Ends Sep 4. 
Petrus Ghristus: 22 paintings by 
the 15th century Netherlandish 
master. Ends July 31. Sidney 
Nolan's Ned Kelly Paintings. Ends 
Jiiy 17. Batek Art of North 
Sumatra: 70 works focusing chi 
art traditionally used to invoke 
divine intervention. Ends Dec 31. 
Islamic Glass from China. Ends 
Dec 31. Closed Mon 
Guggenheim Museum Frank Lloyd 
Wright’s Designs for the 
Guggenheim Museum. Ends May 
20. The main museum is dosed 
on Thurs, the SoHo site on Tues 
Museum of Modem Art American 
SurreaOst Photography: 45 works 
from the period 1930-1955. Ends 
July 5. Closed Wed 
NUREMBERG 

G erman fs c heg Nationatmuseum 
Friedrich Adler 200 works by the 
German Jugendstii designer, 
including ceramics, furniture, metal 


objects, drawings and textiles. Ends 

June 5. Closed Mon 

PARIS 

Grand Palais The Origins of 
Impressionism 1859-69. Ends Aug 
a The Sun and the Northern Star 
paintings, porcelain, furniture and 
silverware imported by Gustav 111 
of Sweden in an attempt to emulate 
the splendour of Versailles. Ends 
June 13. Closed Tues 
Mus£e d’Art Modems de la Ville 
de Paris From Van Gogh to 
Mondrian: the exhibition is built 
around Mondrian's journey from 
Pointiitism to Cubism and on to 
an abstraction expressed in 
horizontal and vertical fries and 
primary colours. Ends July 17. From 
Concept to image: ten 
contemporary IXitch artists. Ends 
Jure 12. Closed Mon (11 ave du 
President Wilson) 

Hfitel de V&te Nicolas de Staei: 

70 paintings and 40 drawings by 
the Russian-born, French-trained 
painter who committed suicide in 
1955. Ends June 19. Closed Mon 
(Salle Saint-Jean, 3 rue de Lobau) 
Petit Palais Art of the Talnoa 
Sculptors: 85 pre-Columbian 
masterworks in stone or wood. 

Bids May 29. Closed Mon 
ROME 

Palazzo delle Esposizkml Dadsc 
more than 300 works from public 
and private collections, tha first 
wide-ranging retrospective in Italy 
to document the radical anti-art 
movement which shocked and 
outraged the European art world 
in the period 1916-23. Marcel 
Duchamp, Kurt Schwitters, Man 
Ray and Giorgio De Chirico are 
among the artists represented. 

Ends June 30- Closed Mon 
Vina Famesina The Crimea and 


10th century Architectural Firework 
Machines. Ends May 31. Closed 
Sun 

ROTTERDAM 

Museum Boymans-van Be uningen 
C.A. Lion Cachet (1864-1945): 
retrospective of the founder of the 
Dutch version of Art Nouveau, 
renowned lor his wide-ranging 
output in the decorative arts. Ends 
June 26. Closed Mon 
SPEYER 

Historischcs Museum der Pfalz 
Romanov Tsarist Treasures: 200 
pieces from the St Petersburg 
Hermitage, including jewellery, 
objets d’art, paintings, furniture 
and costumes, collected during 
three centuries of Romanov rule 
in Russia. Ends Aug 14. Daily 
WASHINGTON 
National GaHery of Art Willem 
de Kooning's Paintings. Ends Sep 
5. Ruth Benedict Collection: 78 
prints and drawings from the 16th 
to 20th centuries, including works 
by Rembrandt, Canaletto, Tiepolo, 
Daumier and Moore. Ends June 
12. Ornament in European Graphic 
Art 1300-1800: more than 90 prints, 
drawings, illustrated books and 
decorative objects. Ends Aug 21. 
Daily 

Arthur M. Sadder Gallery 
Contemporary Porcelain from 
Japan. Ends Sep 5. Daily 
Freer Gallery of Art Chinese Bird 
and Flower Painting 12th~18th 
centuries. Ends May 30. Daily 
National Museum of American 
Art Thomas Cole: 70 works by the 
father of the Hudson River school 
of painting. Ends Aug 7. Mary Vaux 
Walcott 50 watencotoure by the 
early 20th century artist Ends Aug 
29. Daily 





T hese should be hal- 
cyon days for UK 
independent schools 
In the past year state 
scnoois have been engulfed by 
teachers’ industrial artfa n over 
the nationa l curriculum - com- 
pulsory in state, but not inde- 
pendent, schools. The dispute 
has shown no sign of abating 
this week in spite of the gov- 
e minent revising its proposals. 
State schools are perceived as 
having lower standards a n d as 
abandoning ‘‘traditional’’ val- 
ues - such as competition in 


FINANCIAL TIMES FRIDAY MAY 13 19^4 


AH this should help indepen- 
dent schools, which usually 
prosper when parents want to 
avoid the state sector. During 
the last spasm of trade union 
action in the late 1980s, for 
instance, the percentage of the 
school age population at inde- 
pendent schools increased from 
&5 per cent to 7.5 per cent, 
according to Department for 
Education figures. 

So why did independent 
schools lose pupils this year? 
The Independent Schools Infor- 
mation Service last month. 
revealed that the number at 
private schools this school year 
- 462,719 - is 1 per cent lower 
than last year - the third 
annual fall in succession. 

Day schools have fared best. 
This year saw a 0.1 per cent 
increase in the number of day 
pupils (0.6 per cent in London) 
although falls occurred in the 
two preceding years. But heads 
of boarding schools have been 
alarmed by the 5.2 per cent fall 
in boarders this year - roughly 
equivalent to tour schools the 
size of Eton College. Since 
1989, the number of boarders 
has fallen by about 20 per cent 

No wonder the Boarding 
Schools Association, which 
represents most UK boarding 
schools and is usually zealous 
about its independence, has 
called for an extension of the 
government's “assisted places” 
programme. It wants the 
scheme, which pays school fees 
of selected children from low- 
income families, to cover the 
seven-to-U age group. 

If recent trends are not 
reversed, rationalisation in the 
boarding school sector seems 
inevitable. Already this year 
several small boarding schools 
have closed or merged. Others 
have seen pupil numbers 
reduced to a level where they 
may no longer be viable; fears 
are greatest for the survival of 
schools which have tradition- 
ally emphasised their small 
size as a virtue. 

The decline in the indepen- 
dent sector is partly explained 
by the weakness of the econ- 
omy. In the late 1980s, the 
economy was growing fast and 


Sums 
don’t 
add up 

John Authers 

on dog days 
in Britain’s 
independent 
schools 


the number of parents deciding 
to send their children to fee- 
charging schools rose rapidly. 
Now many find that fees are 
too high for them to make that 
choice. 

But the economic downturn 
would not have had such an 
impact on numbers if fees had 
increased in line with average 
prices. They did not The Inde- 
pendent Schools Information 
Service's figures show fees 
have consistently risen by 
more t han the retail price 
index during the last decade. 
The rise of 2.6 per cent for this 
school year is the first time 
since records began in 1982 

On current trends, 
rationalisation in 
the boarding 
school sector 
seems inevitable 

that school fees have increased 
by less than average earnings. 

Hie average bowling fee at 
the most prestigious public 
(independent) schools - those 
which are members of their 
representative body, the Head- 
masters’ Conference - is £3,574 
a term compared with £2,090 as 
recently as 1S89. 

The main upward pressure 
on fees has come from teach- 
ers’ pay settlements. Average 
salaries for teachers at inde- 
pendent schools rose by 10 per 
emit in 1991-92 and 9-5 per cent 
the following year, although 
the increase this year was only 
L5 per cent But independent 
schools admit that during the 
1980s they overspent on luxury 
capital projects such as 
sw imming pools and sports 
centres. 

One result of higher fees hag 
been a trend towards parents 
choosing the cheaper day 
schools, rather than boarding 
schools - hence the steeper fell 
in the number of pupils at the 


latter. Boarding schools charge 
on average £6.000 more per 
year than day schools. 

Independent schools offer 
other explanations for their 
decline. There is some legiti- 
macy in the argument that the 
state sector is becoming more 
competitive. Miss Janet Har- 
vey, headmistress of the Lawn- 
side school in Malvern, 
Worcestershire, which will 
close at the end of this year 
because its governors believe it 
is no longer commercially via- 
ble, points to the breadth and 
curriculum options at large 
state schools, particularly the 
new breed of sixth-form col- 
leges. "Boarding schools with 
less than 200 pupils are not 
going to be viable in the 
future," she says. 

But only ex plains why 
some of the smaller schools are 
threatened: most Independent 
schools have facilities of a 
qualify which far exceeds 
those in the state sector. 

Other teachers believe social 
trends are working to the dis- 
advantage of boarding schools. 

Mr Ian Small, headmaster of 
Bootham School in York and 

also this year’s chair-man of 
the Boarding Schools Associa- 
tion. believes the public’s 
image of boarding schools has 
been distorted and is “at least 
30 years out ctf date”. He cites 
the recent publicity tor a book 
which claimed that Eton 
sacked its headmaster in 1970 
because of his over-enthusias- 
tic use of capital punishment 
“We are hampered by this 
image of the past The amount 
of column Inches for that book 
was typical, but it’s so out- 
dated,” he says. 

Boarding schools have belat- 
edly taken steps to improve 
their image. For example, Chel- 
tenham College, a boys’ 
boarding school, last month 
offered prospective pupils a 
“free sample”, allowing them 
to spend a night in the school’s 
boarding house, and then 
undergo a standard dally tune- 
table. It claims to have boosted 
recruitment as a result 

But improving the image of 
independent schools can only 
go part of the way towards 
compensating for their main 
problem: in many mbs 

they have priced themselves 
out of the market 

The mo d es t rise in the num- 
ber of day pupils tins year sug- 
gests that there is still strong 
riflmanrf for pHiimitiiwi outside 
the state sector. Though 
smaller schools may have to 
rlp ae , th yt demand should keg) 
most large independent arhnnis 
in business. But their prosper- 
ity will depend crucially on 
them charging fees that the 
market can afford. 


F or much of the past 
five years, the coffee 
trading pit at the Lon- 
don Commodity 
Exchange has been a quiet 
backwater away from the hur- 
ly-burly of the bond futures 
and equity markets. But no 
more: with coffee futures 
prices rising by up to $1 50 a 
tonne over the past week, 
financial investors have proved 
eager to gain a foothold in a 
rapidly rising market 
Coffee Is not alone in attract- 
ing increasing investment 
activity this year as world 
commodity prices begin to 
recover from their recent 
depressed levels. 

Coffee has staged the most 
| noticeable rise, with the 
futures price - at which buyers 
| contract to buy beans at a set 
i price at a set tine - increasing 
by dose to 60 per cent since 
i the beginning of the year. But 
1 it is not alone. Copper has 
risen nearly 20 per cent since 
January and crude oil by 25 
per cent since mid-February. 
The surge In the sector has 
pulled up prices for other com- 
modities as diverse as alumin- 
ium pabn ofl. 

The commodity price forier 
of Goldman Sachs, the US 
investment bank, which tracks 
movements in 20 commodities, 
has risen by 6 percentage 
points so far this year though, 
within the materials covered, 
there are wide fluctuations. 

Soaring commodity prices 
indicate that demand, is pick- 
ing up for tho jot mate- 
rials which are teed in many 
industrial processes, from car 
panels to beverages. The 
streng th of the markets is an 
early pointer to an improving 
world economy. But a jump in 
prices can often herald a 
return of inflationary pres- 
sures. 

However, it is too early to 
judge whether current price 
rises will contribute to global 
inflat ion, it takes about a year 
for rises in commodity prices 
to feed through into the under- 
lying rate of retail price infla- 
tion as manufacturers first use 
up stocks bought when prices 
were lower. 

Further, prices are Heading 
up from extremely low levels. 
Metals prices were at their low- 
est in real terms last Novem- 
ber. Coffee prices have been 
depressed for five years and hit 
than- lowest point since 1974 
two years ago; oil prices are 
still $3 lower than this tima 
last year. 

Price levels, particularly for 
ail, will thus have to go much 
hi ghay before they have any 
significant effect on inflation. 

The likelihood of thfe hap- 
pening is slim, according to 


Quite simply the Royal Oak, 


m 

iUDEMARS PffiUET 

The master watchmaker. 


For information and catalogue, pteuc write ler 
Audeman) Piguel ft Civ SA, 1348 Lt Bra&us. Swteeriund. 
T«L 41 »1 8-14 49 31 Fa* 41 *1 845 -U In 






FT writers examine the factors behind the 
recent surge in world commodities prices 

Refined taste for 
raw materials 


observers. The smge is patchy: 
not all commodity prices are 
riiqpg for straightforward sup- 
ply and demand reasons and 
some are vulnerable to sharp 
price corrections because they 
have risen so tost. Seasoned 
market watchers are wary of 
drawing broad inferences from 
the upturn ami concluding that 
raw materials will soon be in 
short supply. 

“People are seeing a lew 
c omm odities go UP and taking 
it as a sign of a concerted bull 
market, but that's wrong: what 
we’ve got is a series of coinci- 
dences," said Mr Lawrence 
Eagles, commodity researcher 
at GNL the London broker. 

Coincidences such as lack of 
available supply of coffee and 
oil, and rising demand for 
industrial Tnatals such as cop- 
per, have convinced some 
investors that now is the time 
to buy all commodities. In 
addition, the increasing pres- 
ence of large-scale buyers such 
as private, speculative US 
hedge funds, and pension 
funds ran sometimes Kta^ r- 
ate price movements. 

“Supply and demand funda- 
mentals spark the initial rise 
and then yon have all this hot 
money looking for a home,” 
said Mr Nefl Bresolin, execu- 
tive director of commodities at 
Goldman Sachs. 

Much of the activity by pen- 
sion and hedgefimds is trig- 
gered by computer pro- 
grammes which follow market 
trends. They often pay scant 
attention to data such as stock 
levels which can reveal the 
underlying health of a market, 
bat are devised to generate 
short-term profits. 

This is one reason why met- 
als prices in general have risen 
by an average of 20 per cent 
since the beginning of the 
year, even though warehouses 
used by the London Metal 
Exchange around the world are 
stacked with stock - and alu- 
minium can be seen stored out- 
side in car parks and on dock- 
sides. 

Generally, high stock levels 
of metals depress prices since 
they inriiratg that supplies are 
abundant Mr Phillip Crowson, 
chief economist at RTZ, the 


World commodities: gathering steam 


Coffee 

London, 2nd posMon (Stoma) 

M00 


I 


BZ 

/ # // 

ci_x." r - — — — — — - 


ruption there appears to be lit. 
tic scope for further sharp 
surges upwards. 

Overall, world oil Inventories 
are relatively high, white oQ 
companies are uniformly can- 
tious, with few executives 
expecting an early return to 
prices above $20 a band. 

Mr David Simon, chief exec- 
utive of British Petroleum, 
indicated that BP would be 

happy with prices in tiie 118 to 

$20 a barrel range over the 
long term. 

The story is different In the 
coffee market, where specula- 
tive trading is not responsible 
for driving prices higher. 
Instead companies such as 
Nestte are scrambling to soap 
up beans to rebuild supplies. 

Five years of poor prices 
have seen a cycle of neglect set 
in cm the world’s coffee planta- 
tions, where producers have 
regularly let beans rot in the 
trees as it was not economic to 
harvest them. This practice 
has been coupled with stetdUy 
rising demand so that, as pro- 
duction began to drop off, con- 
suming countries started to 
use up high stock levels. 


V. 


Goldman Sacha Commodity Index* 
Jm 1 1970-100 {Sterna} 

IBS 


L ow production has 
bear exacerbated by a 
retention scheme set 
up by ooflfee-produdag 
countries last October. The 
Association of Coffee Produc- 
ing Countries decided to with- 
hold up to 2Q per cent of 
exports from the world market 
until the price rose to 85 US 
cents a pound. That level has 
now been reached and coun- 
tries are considering reteasing 
the 4m bags they have in store. 

The release of stored coffee 
-mil help to alleviate current 
sho r t age s, but even with this 
extra coffee, supply is likely to 
remain constrained. Producers 
are beginning to plant mure 
trees to try to reverse the dete- 
rioration in some of their {den- 
tations but it takes five yean 
for a newly planted tree to 
yield a crop. 

The reason for the rise in 
coffee prices is, therefore, 
gmflpthing of an exception to 
the current trend Other com- 
modities are rising on more 
speculative trading. When 
such temporary investors 
switch attention elsewhere, 
prices could fell sharply. 

“Some time later this decade, 
we are likely to get a signifi- 
cant commodity bull run, but 
we're not there yet We've got 
to see large drops in stock lev- 
els of most commodities world- 
wide before that happens," said 
Mr Eagles. 

Report ftp; Robert Corzine, 
Kenneth Gooding and Deborah 
Hargreaves 



160 

Jan 

Smok Gofctaan Sacha 


■ ft of 20 co ron o<SB«»»M<fl hted toy product 


world’s biggest mining group, 
and a director of the LME. said 
hedge funds too readily over- 
look the feet that prices “are 
determined by the interplay of 
supply and demand, rather 
than by either side of the equa- 
tion alone”. While such fends 

Prices will have to 
rise much higher 
before they have 
any inflationary 
impact 

alone do not determine price 
rises, once markets are on the 
move they can push prices 
higher and generate a spiral 
which affects other commodi- 
ties, Mr F-flg lps said! 

To some extent crude oil 


prices have experienced this 
effect, after having bucked the 
rising price trend in other com- 
modities markets this year. Oil 
prices fell -late last year as 
Opec production exceeded 
demand. The overhang of 
stocks was eventually reduced 
by exceptionally cold weather 
in the US earlier this year. The 
latest price rebound partly 
reflects a sharp rise in pur- 
chases by US refiners - and 
also the activity of hedge 
funds. 

But in spite of a big percent- 
age increase in the price, oil at 
about $16 a barrel for the 
benchmark Brent Blend is still 
well below the $19 level this 
time last year. 

Many observers expect prices 
to firm gradually over the 
remainder of the year, hut in 
the absence of a big supply dis- 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should he clear fy typed and not hand written. Please set fax for finest resolution 


Green light 
to avoid 
confusion 

From Mr Adrian Jack. 

Sir, John Morphy (Letters. 
May 12) is quite right that 
supermarkets' “look-alikes that 
assume the characteristics of 
marke t- leadin g brands are par- 
asites”. May I suggest some 
charges to J Sainsbury's Cola 
which would avoid confusion? 

Dyeing the liquid a different 
colour from dark brown (per- 
haps green?) and serving the 
drink flat instead of sparkling 
would immediately differenti- 
ate the own-brand from its 
legitimate competition. 

flailing the drink “Cola” is 
also objectionable. Extensive 
advertising by Coca-Cola and 
Pepsi-Cola has ass o ciate d both 
with the word. “Artificially fa- 
voured sugar water" woul d be 
more descriptive and not usurp 
j the brand-leaders’ expensively 
won market share. 

Adopting these simple mea- 
sures would prevent even the 
most sensorOy challenged cus- 
tomer confusing their pur- 
chases. 

Adrian Jack, 

2 Paper BuQdtngs, 

Temple, i 

London EC4Y 7ET 

From Mr Demid Sinclair. \ 

Sir, John Murphy underestj- , 
mates the wit of most shop- 
pers. Most of them can read | 
and understand monosyllabic i 
four-letter (and shorter) words 
such as: “Try this new Cola.” 

If a product suits in terms of 
price and quality, the con- 
sumer will buy it regardless of 
how it is presented. 

As to the “research" from 
the British Producers and 
Brand Owners in which it 
claims that consumers are 
“confused", in the Immortal 
nurds, “they would say that 
wouldn’t they?" 

David Sinclair, 

Vine Farmhouse, 

Ismgton, 

Alton, 

Hampshire GU34 4PW 


'Hidden' tax deters employers 


From AG K Hart 

Sir, In your leader, “Jobs 
agenda for Europe” (May 9), 
you write in the penultimate 
paragraph: “This can be done 
by radically reforming the sub- 
sidy regime, to promote 
employment” 

It seems that employers are 
suffering a hidden payroll tax, 
because the cost of hiring an 
employee has to include the 
unemployment subsidy that he 
would have received - ie, in 
the UK an employer has to 
offer above £3,000. In busi- 
nesses which operate with low 
wages and low profit margins. 
t hi s hidden tax is a very high 
hurdle to surmount 


Therefore, rather than 
talking of subsidies, let us talk 
of refunding this hidden tax to 
employers, so that they can 
start at a zero base. They may 
then offer whatever is needed 
to attract unemployed workers 
back into work. 

In effect instead of paying 
benefits to the unemployed, let 
us pay them to employers so 
that they can take on more 
workers. This could be done 
variably so that employers 
would not recover the hidden 
tax for higher earners. This 
would mean that all employers 
of low-wage workers would 
recover the tax. 

Initially, therefore, we would 


pay out more “benefit" but 
costs would reduce dramatic- 
ally (because competition 
would force employers to cut 
prices if they continued to 
recover the tax without accept- 
ing lower profit margins) and 
the situation would soon bal- 
ance itself. 

The great benefit to us would 
be this: instead of paying out 
benefit to the unemployed and 
getting nothing back, we 
would pay the same to em- 
ployers and get Increased 
wealth. 

AGE Hart, 

5 West Lane, 

Cuddington, 

Cheshire CW82QG 


The value in UN sees humanitarian 
diversifying successes in Somalia 


From Mr Andrew Campbell 

Sir, John Capper’s analysis 
of the Royal B ank of Scotland , 
“Where diversity helps balance 
the books" (May 11), only 
touches on the issue of the 
value added by the bank to its 
diversifications. Why? 

The only justification for 
making a diversification or 
re taining a multi-business port- 
folio is that the bank can add 
value to the businesses it 
owns. To be comfortable with 
chief executive George 
Mathewson’s “collection of sev- 
eral” businesses, we need to 
know more about Capper’s 
claim that “Royal Bank’s capi- 
tal backing and management 
expertise have helped develop 
operations such as Citizens 
and Direct Line". 

Reducing the volatility of 
Royal Bank's earnings and pro- 
viding a “balanced" chair for 
Mr Mathewson to sit in, cre- 
ates no extra cash for share- 
holders and so provides no 
argument for diversification. 
Andrew Campbell, 
director, 

Ashridge Strategic Manage- 
ment Centre, 

17 Portland Place, London W1 


Chunnel threat to languages 


From Mr M S While. 

Sir, So much for the French 
efforts at language preserva- 
tion. A Radio 4 Item on the 
Eurotunnel opening ceremony 
includ ed two announcements, 
in French, from the public 
address system aboard the 


train. The first thanked the 
passengers for using “Ie Shut- 
tle", the second trusted that 
they had enjoyed the facilities 
"au club car". 

M S White, 

19 Stalham Close. 

Luton. Beds LU3 4EJ 


From Mr Malcolm Harper. 

Sir, A month ago you 
reported some comments of 
mine (“UN's Somalia military 
role attacked", April 7) about 
the miliar y rule of the United 
Nations in Somalia, both dur- 
ing the American (non-UN) 
presence there and since its 
departure at the end of March. 
Your article chose not to cover 
those parts of my report which 
discussed the UN’s humanitar- 
ian and legal programmes 
there. 

Somalia today bears little 
res embl ance to the war-torn 
country of two years ago. A 
number of international and a 
host of Somali organisations 
have involved themselves in 
relief and reconstruction, and 
the UN has, particularly 
through Unicef and Its legal 
section in the UN operation In 
Somalia (Unosom), played a 
key role in these processes. 

Whereas, by late 1992, more 
than a quarter of a million 
children had died from starva- 
tion caused by warfare, 
drought and poverty, now mal- 
nutrition is no longer a major 

emergency; more than 750.000 

children have besi vaccinated 
against a range of diseases; 
more than 80 .000 have returned 
to school; some 3,000 water 
wells have been rehabilitated. 
Health services and food pro- 
duction are being revitalised 
and Somali women’s organisa- 
tions are more active than ever 
before. 

Cholera was detected in 
Somalia in February. Unicef 
played the leading role in 


structuring and resourcing a 
large campaign to educate peo- 
ple about the causes, symp- 
toms and correct tre a t me nt ctf 
the disease; and - more impor- 
tantly - how to prevent tt’.B 
alto took action to chlorinate 
wells all over the country. To 
date some 15,000 cases have 
been identified, with 500 
deaths. When we remember 
that the capital, Mogadishu, 
alone has a population of 
900,000 people with very poor 
sanitation, to have kept the 
number of cases so low is a 
considerable achievement 
The Unosom legal team 1* 
hpipin g to re-establish district 
and regional administ rations 

and is insisting that womM 
should be included in them. A 
police force, a judiciary and a 
prison service are now being 
reestablished. ’• ' 

The enormous problems oS 
the population are by no 
means over. But our.feare that 
the withdrawal of the US and 
most of the European mfljjuY.' 
contingents would vwy possi- 
bly lead to renewed warfare 
have not materialised. :. . 

Somalia today remains * 
story of cautious optimism, as* 
said five weeks ago. la w* 
context, the mffltary. problems 
of Unosom should not be seoj 
as the beginning and the 1 && 
of the UN story. 

Malcolm Harper, 
director, 

United Nations Association __ - 
of Great Britain and NOrthd* 
Ireland. 

3 Whitehall Court 
London SW1A 2EL 


ail 

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sin i 1 


itt'COiuvi 

l develop! 



Working for a F™ r WortS 


274 Bantaq r Rum. q***,. 


0X2 TO. England. 


Re8 * l ^Char« /No . a02gi8 



FINANCIAL TIMES FRIDAY MAY 13 1994 


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FINANCIAL TIMES 

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

Friday May 13 1994 


Labour after 
John Smith 


Mr John Smith's death at the 
early age of 55 is a shock to his 
party and a loss to British politics. 
As leader of the Labour party Air 
Smith combined an acerbic parlia- 
mentary style with a stabilising 

gra vitas. His supporters believed 
that un der him Lab our was at last 
cruising through tbs wreckage of 
a shattered Conservative party 
towards its first general election 
victory since 1979. 

Mr Smith was, in certain 
respects, ideally qualified to lead 
the Labour party. A committed 
member of Labour's moderate 
wing through its internecine 1980s 
struggles over defence, Europe 
and the economy, he was attrac- 
tive to the party's right wing. 

At the same time, his burning 
sense of social Justice buttressed 
by a belief in engaged govern- 
ment, deeply rooted in his Scottish 
political base, made him accept- 
able to those on his left. A period 
as shadow flhanrrilnr prior to the 
1992 election confirmed his stature 
and led to overwhelming triumph 
in the towrfwghtp contest !»>« ■ that 
year. 

Yet for those whose starting 
point is not Labour loyalism, but a 
desire to see more than one mod- 
em political party capable of form- 
ing an effective government, Mr 
Smith’s leadership must be judged 
a disappointment The unhappy 
consequences of Labour's pre-elec- 
tion decision to publish a tax-rais- 
ing "shadow Budget" appeared to 
convince him that the party would 
in future win most by saying 
least At the same time, although 
he supported efforts to modernise 
the party, he believed that more 
Kinnock-style, high-profile inter- 
nal reform would only provoke 
mare politically damaging internal 
feuds. 


Positive response 
In short, Mr Smith contended 
that labour, without need for fur- 
ther varnish, was ready for office, 
an idea which sat uneasily with 
the fact that the party had just 
lost an election in the middle of 
the second longest recession since 
the 1930s. Even in last week's local 
authority elections, with the 
Tories in despised disarray, ’ 

Labour’s 41 per emit of the vote 
fell short of the level needed for 
clear victory in a general election. 

There has been no sense among 
Mr Major's sea of troubles that 
Labour is evoking a positive 

New concerns 
on development 


response from the general public. 

This must be in some measure 
because the party has been silent 
or unconvincing on the most 
important issues. Its approach to 
the European question was to seek 
tactical advantage during the 
Maastricht debate, whilst avoiding 

ra wnmnatiffl OT nsSnoaHOD Of 
the Europhile position of its own 
1992 manifesto. Who can say today 
where Labour stands on any 
important aspect of the develop- 
ment of the European Union? On 
the economy, the commitment to 
renationaU.se private utilities has 
been muted, but there is no dear 
sense that toe party understands 
bow to work more effectively with 
a flourishing private sector for its 
own broader social and political 
objectives. 

Opportunist attitude 

. Its ideas on unemployment are 
difficult to take seriously given 
the dogma on minimum wages 
and labour market regulation- The 
party's attitude to necessary 
reform in health, education and 
the civil service remains oppor- 
tunist «nti reactionary, tainted by 
allianrtf with the producer interest 
of the public sector trade nntanis. 

When it comes to party institu- 
tions and treasured nostalgias. 
Labour has been too ready to com- 
promise. As a result, the party 
remains constitutionally commit- 
ted to “thfi wwnwnn ow nership of 

the imams of production, distribu- 
tion and exchange**, whatever that 
means. Another legacy is an elec- 
toral college for selecting a leader 
in which the trade unions still 
have one-third of the votes. 

This last fact casts an extra pall 
of gloom onwards from yester- 
day's sad news. Once again, trade 
unio n leaders will play a cr ucial 
role in appointing a Labour leader. 
A satisfactory outcome therefore 
requires some of those leaders to 
have the vision and the courage to 
look beyond the direct interest of 
their members, which is not what 
they are paid to do. 

This electoral college may thus 
prove Incapable of electing the 
radical and modernising leader 
Labour needs if it is to play a 
serious (5rt in the future of Brit- 
ish politics. The most attractive 
standard-bearer for that moderni- 
sing cause looks like Mr Tony 
Blair, the shadow home secretary. 
It is time for him to launch the 
political fight of his life. 


The troubles of the African 
Development Bank that have 
emerged this week - its mounting 
arrears, problem loans ami poor 
management - reflect in part the 
dire economic circumstances of 
the continent it serves. They also 
raise fundamental doubts about 
the wisdom of encouraging the 
hank to lend substantial sums at 
market interest rates to low- 
income countries, many of which 
were already severely distressed 
by heavy debt burdens. 

The bank's management bears a 
large part of the responsibility for 
the mess, though shareholders 
from donor governments and 
other international financial insti- 
tutions cannot escape their share 
of the blame. These failures must 
be comprehensively rectified. 
More than that, questions have to 
be ashed about the institution's 
future and the extent to which its 
non-concessional loans are appro- 
priate for Africa. 

Questions also arise for other 
regional development banks. The 
latter are in better shape than the 
African hank , but do share some 
of its problems. Most suffer from 
internal po liticisat ion. Lacking the 
te chnical strengths and the diver- 
sity of membership of the World 
Bank, the regional banks have 
also been more vulnerable to the 
ideological and political disputes 
between donors - especially the 
US - and recipients. 

An atmosphere of distrust has 
too often existed between borrow- 
ers and non-borrowing members 
and also between shareholders 
and management. Battles have 
raged among member govern- 
ments over important positions 
within the institutions. The hanks 
have been encumbered by big and 
costly boards of directors, which 
have interfered frequently - but 
often, as the African bank’s trou- 
bles suggest, to little effect Mean- 
while, managements have been 
more influenced by quantity than 
by qualify, in making loans. 

ideological baggage 

With tbe dumping of the ideo- 
logical baggage of the cold war, 
there is now an important oppor- 
tunity to rid the regional develop- 
ment hanks of these damaging dis- 
putes. 

The US government, the most 
powerful shareholder of these 
institutions, has recently empha- 


sised their Importance to the new 
world order, in the most positive 
terms. According to US Treasury 
undersecretary, Mr Lawrence 
Summers, the regional develop- 
ment banks are now “as impor- 
tant to tbe new world order as the 
regional security organisations 
were to the old one”. The task of 
fi ghting communism had, he said, 
been replaced by that of sharing 
prosperity. 

Greater expertise 

Despite past failures, there is 
much to commend Mr Summers’s 
point of view. Multilateral lenders 
are able to leverage large amounts 
of finance from capital markets 
and banks, so stretching donor 
taxpayers' dollars further. Multi- 
lateral assistance Is almost always 
more effective than bilateral aid. 
This is partly because multilateral 
institutions possess greater exper- 
tise than most governments, but 
also because bilateral aid is often 
for political, rather than develop- 
mental purposes. But concentrat- 
ing multilateral aid in one institu- 
tion - the Woxid Bank - would 
create an undesirable monopoly. 
There is, in any case, a virtue in 
creating pools of regional develop- 
ment expertise. 

A new consensus between rich 
and poor countries puts the mar- 
ket at the centre of tbe develop- 
ment agenda. The main role of the 
regional development banks 
should become that of encourag- 
ing the development of markets, 
helping correct market failures, 
and alleviating tbe hardship cre- 
ated by reform. Since each conti- 
nent faces specific problems, the 
regional development banks need 
separate, if overlapping, agendas. 

The US administration and 
other donor governments wish to 
give the regional development 
banks a new set of lending condi- 
tions, covering “good governance” 
- the extent to which govern- 
ments are democratic and free 
from corruption. These new condi- 
tions are well-meant, but most be 
treated with caution. Apart from 
being difficult to operate in a non- 
arbitrary fashion, they will be 
viewed as another attempt by rich 
countries to impose their wfll on 
poorer ones. The banks must not 
be politicised anew. They must 
also not be deprived of the 
clear-cut objectives essential to 
effective operation. 


J ohn Smith brought a sense of 
decency and fair play to pub- 
lic life. He embodied Labour’s 
passion for social justice. He 
had tbe manner and the bear- 
ing of a prime minister. In 
office, he would have been excel- 
lent In opposition, he followed his 
own instincts, which were not 
everyone’s. When I last saw him, a 
couple of weeks ago. he was good- 
humoured. confident that his strat- 
egy of keeping Labour’s options 
open would ensure victory at the 
next general election. Many Conser- 
vatives thought the same. 

IBs death leaves a huge question 
mark over British politics. All three 
national parties must look afresh at 
themselves; all must re-determine 
the basis on which they offer their 
services to the electorate. The 
Thatcherite certainties of tbe 1980s 
have melted away, ideology has 
vanished. Debates that might have 
been concluded years ago remain to 
be settled. The distinguishing fea- 
ture of the political discourse of the 
1990s is confusion. This is apparent 
in north America, where In recent 
elections the Canadians nearly 
obliterated their Conservatives and 
millions of Americans voted for 
Ross Perot It is evident in continen- 
tal western Europe, where the old 
Christian Democrat/Social Demo- 
crat consensus Is visibly crumbling. 

In short, the world has changed. 
The nations of the north Atlantic 
can no longer aspire to economic 
self-sufficiency. They either join 
trading blocs, or seek to open them- 
selves to the global marketplace, or 
both. The social structure of the 
1950s, in which the archetype was a 
twoparent family with the father 
earning the income and the mother 
mindin g the childr en, is being 
replaced by many and varied forms 
of cohabitation. 

Men have been losing permanent 
employment, while women have 
tak en cheaper part-time or tempo- 
rary jobs. The relationship between 
capital and labour has been subtly 
altered by the fall of oomniunfann 
Trade unions must adapt or fade 
away. Unemployment, or the fear of 
it, hag touched most famiiing There 
is a perception, not wholly sup- 
ported by reality, that crime is 
inCTPiliring at a relentless pace. In 
many cities people prefer not to 
walk alone in dark streets. No won- 
der the voters are nervous. 

Traditional parties of government 
cannot guarantee deliverance from 
such apprehensions. It is not sur- 
prising that some Europeans are 
turning to the far-right, or the 
Greens. In Britain they are not sure 
where to place their crosses. Last 
week’s local election results tall the 
story. The Tories are not, in then- 
current mood, attractive. The Lib- 
eral Democrats are once again 
resurgent, but they wfll probably 
remain a repository for protest. 
Labour did well, but not well 



Paddy Ashdown 


Question mark 
over UK politics 

The three main national parties must look afresh 
at themselves, writes Joe Rogaly 


enough. In spite of everything that 
has happened to the government, 
tiie people's party scored a lower 
share of the popular vote than the 
Conservatives did at the last gen- 
eral election. 

What is likely to follow from 
Labour's search far a new leader is 
a tangle. The behaviour of each of 
the three national parties wfll affect 
the fortunes of the other two. Take 
Labour first At bottom it is still the 
political wing of the trade union 
movement In choosing whether to 
break away from that constraint, it 
starts from where It was in April 
1992. Mr Neil Kinnock, who 
resigned as leader after losing the 
election, had “modernised," the 
party, but insufficient ly so. 

Voter-repellent policies such as 
unilateral iBairmampni , re national- 
isation, a return to the p re-1979 
trade union legislation, and anti- Eu- 
ropean! sm were jettisoned. What 
renamed was still visibly the politi- 
cal wing of the unions, offering a 
programme of red-rose regulation. 
Labour longed for a return to big 


government, as its many undertak- 
ings indicated. 

The promises made under Mr Kin- 
nock enabled the Conservatives to 
warn of a “tax bombshell" if he 
won. This dubious tactic succeeded. 
A shocked Labour party quickly 
elected Mr Smith as its new leader. 
The vote was as good as unani- 
mous. In spite of the candidacy of 
Mr Bryan Gould, there was no seri- 
ous debate about how tbe world had 
changed. Party policy was taken as 
Mr Kinnock had left it, preserved in 
aspic, and set aside. The exception 
was taxation, in which an effort 
was made to dissociate Labour from 
its earlier stated ambitions. This 
strategy seemed to Mr Smith to jus- 
tify itself. The Conservatives were 
tearing themselves apart. Why 
should Labour interfere? 

Some progress was made. In Octo- 
ber last year Mr Smith bravely gam- 
bled on a single vote at the party 
conference. The union bloc vote was 
abolished, in favour at one-person- 
one-vote. Yet Labour still depends 
on the unions for financial support. 


It is still the parliamentary expres- 
sion of the labour movement. Mem- 
bers vote individually, but the dan- 
ger remains that unions may 
organise a powerful constituency 
for “old Labour", the party pulled 
by a carthorse, tbe gang of com- 
rades associated in the public mind 
with queues, levelling-down, the 
maximalist stole, anH shoddy coun- 
cil ho using 

The new leader will have his or 
her work cut out to complete the 
transformation initiated under Mr 
Kinnock. “New Labour”, if it came 
into being, would seek market solu- 
tions to unemployment, radical poli- 
cies on crime, and 1990s - not 1950s 
- approaches to education, health 
and social services. The party 
leader would value the intent 
behind “back to basics” in a world 
worried about the effect of sex *n 
violence on family life. Only one of 
the likely ranriiriatpg fully under- 
stands what needs to be done, and 
has the character necessary to con- 
vince former Conservatives and lib- 
eral Democrats that “new Labour” 


could meet their aspirations. He is 
Mr Tony Blair. Mr Gordon Brown is 
a “moderniser,” but dolorous. Mr 
Robin Cook has the Intelligence to 
sound modem, but he comes across 
as too clever by half. Mr John Pres- 
cott is wily, but looks “old Labour”. 
There are other potential candi- 
dates. but Mr Blair towers above 
them all. 

If “old Labour" prevails the Con- 
servatives will feel reprieved. The 
British polity would be the loser. 
For just as Labour failed to trans- 
mogrify itself after April 1992, so 
the Tories trundled, if a little 
unsteadily, along the same old 
tramlines after November 1990. 
Lady Thatcher left office, but That- 
cherism stayed behind. The party is 
now hopelessly divided. Mr John 
Major added Insult to Injury by win- 
ning in April 1992 when, in the 
Thatcherite view, the upstart was 
supposed to lose. He has strained 
himself to please first the Euro- 
philes. then the Eurosccptics, but 
the Conservatives are beyond the 
tactics of one of nature's whips. 

E urope is tbe largest prob- 
lem. but not the only 
one. The application of 
quasi -market principles 
ro education and health 
has not worked well, yet no re- 
thinking is being done. Local gov- 
ernment has been all but destroyed. 
Ministers are exhausted or compla- 
cent or both. Administration is 
sloppy. Bills are hastily drafted and 
as hastily amended. Survival is the 
predominant motivation for most 
cabinet decisions. What the Conser- 
vatives need above all is a period of 
rest and recuperation in opposition. 
Whether they get it depends in 
large part on what Labour does 
now. 

The Liberal Democrats will also 
be affected by Labour's decision. 
They have tried harder than the 
other two to understand the new 
world. Mr Paddy Ashdown, the 
party leader, recently spent some 
time with "ordinary people" and 
wrote a book about his experiences. 
He proposes a less hierarchical soci- 
ety, better education, reduced 
dependence on central government, 
communities responsible for their 
own actions. Mr Blair's Labour 
would be directly competitive with 
such a package; it would also 
embrace Mr Ashdown's party if 
need be. The Liberal Democrats 
might flourish more if an "old 
Labour” leader emerges. An unre- 
formed Tory party plus an unrecon- 
structed Labour must help the pur- 
veyors of the third choice. 

That is the long-term outlook. 
The elections to the European par- 
liament and the fate of Mr Major 
will occupy us in the next few 
weeks. These are minor matters. 
The choice by Labour of a leader to 
succeed Mr Smith is potentially of 
far greater importance. 


Don’t cut and run in a crisis 



Personal 
View 


Despite years of 
effort and restruct- 
uring, the interna- 
tional real estate 
crisis which erupted 
in 1969 has strained 
the banking system 
and had a negative 
effect on economic 
recovery in the US, Europe and 
Japan. Now, however, solutions and 
ideas beckon from an unexpected 
quarter, the international debt cri- 
sis. For more than a decade, bank- 
ers and public officials have worked 
together to resolve the debt crisis 
which hit Latin America in 1982. 
Last month. Brazil became the last 
of the big Latin American econo- 
mies to resolve its external debt 
problem by completing a $49bn fin- 
ancing package. 

The two crises were very differ- 
ent, but borrowers and lenders asso- 
ciated with the international debt 
problem learnt some important les- 
sons which may now point the way 
oat of the real estate slump. 

The first is, don’t cut and run. 
Many institutions which did just 
that are clamouring to do business 
with developing countries again, 


now that they are recovering. I see 
a similar response developing In the 
real estate market. Lenders and 
other property holders should resist 
the temptation to sell prematurely. 
Yet they should not be afraid to 
deal in the marketplace. In order to 
assess tbe resources necessary to 
maximise the market value of prop- 
erty and determine a reasonable 
time frame for realising that value, 
proper analysis is required, avoid- 
ing the flawed assessments of eco- 
nomic and market trends that 
occurred in the 1980s. 

As lenders and property holders 
make such an analysis on each of 
their properties, they will often find 
that time is on their side. Staying 
with the business affords more 
opportunities for finding buyers of 
distressed property. Those who 
remain for the long haul will stand 
a better chance of realising the full 
value of assets and will be in the 
best position to profit when tbe 
market turns. 

The second lesson is to take each 
case on its merits. The debt crisis 
highlighted that, from country to 
country, different economic policies 
were needed to reflect different real- 


ities. A like-minded logic compels 
the same strategy in real estate: 
each property is unique. In most 
cases, packaging debt of varying 
quality tends to lessen the value of 
the most attractive assets. As credi- 
tor banks and debtor property hold- 
ers work towards individual solu- 
tions they invariably hit upon 


Those who remain 
for the long haul will 
stand a better chance 
of realising the full 
value of assets 


financial innovations that figure 
prominently in shaping the subse- 
quent turnround. 

One enduring legacy of toe inter- 
national debt crisis is the emer- 
gence of secondary markets dealing 
in developing country debt Non-ex- 
istent 10 years ago, these markets 
now do more than $2.000bn of busi- 
ness annually. Liquidity adds value. 
The debtor does not change - the 
nature of the paper does. 

The first step toward securitisa- 


tion of foreign debt was in 1984, 
when Mexico and its creditor banks 
agreed, as part of a multi-year 
restructuring, to allow the conver- 
sion of Mexican debt into equity. 
Chile, Argentina and other coun- 
tries later used this restructuring 
instrument in their privatisation 
efforts. This heralded a market- 
based solution to the debt problem. 
Banks and other institutions soon 
began making markets in debt. This 
trend led to Brady bonds and. more 
recently, mutual funds of emerging 
market debt 

Real estate can learn from this 
experience and, indeed, a variant of 
the debt-equity swap is now emerg- 
ing. A few real estate lenders are 
re finan c i ng debt in return for a sub- 
stantial equity stake in the underly- 
ing property. That way the lender 
does not just take the losses; if a 
property’s value bounces back, both 
lender and borrower reap gains. 

The biggest beneficiary of the 
international debt experience, 
though, has been the emerging field 
of commercial mortgage securitisa- 
tion. In 1993, $l8bn of new commer- 
cial mortgage-backed securities was 
issued in the US - three times the 


1990 leveL Securitisation is becom- 
ing a sure-fire way of liquefying 
real estate portfolios and expanding 
the investor base. 

Of course, banks will continue to 
be an important source of new 
mortgages, but they will come to 
rely on securitisation as a means of 
diversifying real estate portfolios 
and avoiding the interest rate 
squeeze that hurt bank profits dur- 
ing the 1970s. 

The experience of the last decade 
suggests that no crisis is intracta- 
ble. As institutions go about fixing 
these crises, they find that they are 
also changing business fundamen- 
tals in a positive way. In a very real 
sense they are creating the fiiture 
from the wreckage of the past 

William R. Rhodes 

The author is vice-chairman of Citi- 
bank and Citicorp with responsibil- 
ity for North America co mm e r c i al 
real estate. Since 1982, he has been 
chairman of the industry-unde advi- 
sory committees far Brazil, Argen- 
tina. Peru and Uruguay, and princi- 
pal axhairman of the committee for 
Mexico 


Best game in 
town 

■ One notable absentee from Bonn 
over the past two days, while Boris 
Yeltsin and company have been 
having fun with Helmut Kohl, was 
Volker RQhe, Germany's normally 
gregarious defence minister. 

Although hte R ii«iian nppnnita 

number, Pavel Grachev, was In 
the Yeltsin entourage, Rfihe left 
town for a a meeting with the 
Danish and Polish defence 
ministers at Rostock, on the Baltic 
coast 

It was left to his state secretary, 
Jorg SchQnbohm, to play host, and 
take part in the ticklish talks about 
how and when the Russian troops 
will exit east Germany. 

There was ugly talk of a 
diplomatic snub. Not so, says Rfihe: 
“ft’s just that I am not a man to 
break my prior engagements.’ But 
Observer has heard an alternative 
tale which might explain his 
absence. The wiry Grachev, an 
ex-paratrooper, wanted to chall- 
enge his rival to a game of tennis. 
The wily Rfihe left tiie court to 
Scbfinbobm, another tough soldier, 
rather than risk losing the 
game. 


Invisible man 

■ What is wrong with Sid, the 
mythical small investor in the 1988 
British Gas flotation? The powers 


that be behind the flotation of 31, 
the country's biggest venture 
capitalist, have Invented their own 
shareholder hero and christened 
him Jeremy. Apparently he’s a 
middle-class Investor who reads 
the Financial Times or another 
broadsheet, and listens to Classic 
FM. He also has at least £1,000 to 
spend on adding 3i to his equity 
portfolio. 

Sadly, Jeremy is a rather shy 
type who doesn’t want any 
publicity, unlike Sid. But if you 
feel strangely drawn to Si, maybe 
you are a Jeremy. 


White wash job 

■ The mood at tbe Bank of Spain 
is distinctly glum these days. 
Ex-governor Mariano Rubio, is on 
remand in clink on suspicion of 
tax offences, and other names from 
the bank have been indirectly 
linked to the controversy. 

The present governor, Lois Angel 
Rojo, placed investments with tbe 
same firm as Rubio (although he 
has made dear he did so only for 
a short time and declared 
everything). So did a previous 
deputy governor and another 
previous governor. 

Visitors will therefore not be 
surprised to find the bank hidden 
under a veil whflst workers try 
and dean ft up in time for toe 
annual IMF and World Bank 
maa ting in Madrid in October. 
When they have finished the 
familiar grey stone facade flhnnlri 



if I fled?’ 
be whiter than white. 


Nice example 

■ After yesterday's story about 
the good life atop the African 
Development Bank, a visitor to 
tbe recent Asian Development Bank 
ammal meeting in Nice has more 
reassuring news. 

Apparently ADB officials were 
so keen to ensure that they weren’t 
criticised For having a good time 
at shareholders’ expense that they 
shunned the upmarket bostelries, 
such as the Negresco on the 
Promenade des Anglais. Instead, 
they checked into a handy Novote]. 


a concrete block bouse frequented 
by travelling salesmen and other 
second Hass citizens. 

That’s the spirit. 


Consultant Pat 

■ Oh dear. The hot favourite to 
become director of the left-leaning 
Institute for Public Policy Research 
has dropped out of the race. 

Patricia Hewitt, the IPPR’s 
telegenic deputy director, has 
decided to follow in the footsteps 
of Margaret Hodge, the ex-Labour 
leader of Islington, and become 
a management consultant 

Hewitt, 45, is off to be head of 
research at Andersen Consulting, 
the UK arm of the world’s largest 
consultants. 

Her experience as general 
secretary of tbe National Council 
for Civil Liberties and policy 
coordinator for Neil Kinnock will 
now be deployed on behalf of 
Andersen’s capitalist clients such 
as Barclays Bank and BP. 

That leaves toe 1PPR without 
a director or deputy director at 
a time when tbe left’s electoral 
chances look better than ever. 

Whoever gets the job could expect 
to fill Sarah Hogg's seat, as head 
of the Prime Minister’s powerful 
policy unit, if Labour won the next 
election. 


Exposed 

■ Merrill Lynch seems desperate 


to differentiate itself from toe 
faceless workaholics at Goldman 
Sachs. It has taken to illustrating 
its research work with specially 
commissioned cartoons of its star 
analysts. 

Merrill’s latest European Equity 
Monitor has a fancy cartoon of 
Frenchman Edouard de Boisgelin, 
its foods analyst, in hunting 
fatigues and pith helmet, armed 
with an elephant gun. 

Merrill notes that “pickings have 
been lean of late. .. but there will 
surely be a time when the food 
analysts return, guns blazing”. 

In toe meantime. Merrill's clients 
will be comforted to learn that De 
Boisgelin “takes regular weekend 
sojourns in the ancestral home 
in Normandy to tend toe cellar 
with its ancient vats of Calvados." 
And if you ever need a 
recommendation for a restaurant 
in Paris, "Edouard is your man", 

says Merrill. 

Great, but what are his stock 
recommendations like? 


Life threatening 

■ Three religious leaders were 
discussing toe meaning of life. 

Tbe catholic was emphatic that 
life began at the moment of 
conception. The Protestant felt 
certain that life began at the 
moment of birth. 

But the rabbi with utter 
conviction insisted that life began 
when the children had left home 
and the dog had died. 









18 


QRR & BOSS 

International Consultants 
help you profit from 

WA ST E M I \ I M l S AT I O N 
Tel: 071-240 2644 


FINANCIAL TIMES 

Friday May 13 1994 


J n 1 ' 


No. 1 in heating system apanea. 


Narrow vote to end UN embargo puts pressure on Clinton 

Senate backs arms for Bosnia 


By George Graham 
in Washington and 

Chrystia Freeland n London 

The US Senate yesterday voted 
for the DS to lift unilaterally the 
United Nations embargo on arms 
shipments to the Bosnian Mos- 
lem government, adding to pres- 
sure on President Bin Clinton to 
become more aggressively 
involved in the B osnian conflict 

By a single vote margin the 
Senate passed a resolution pro- 
posed by Senator Robert Dole, 
the Republican leader, prohibit- 
ing the president from impeding 
shipments of conventional weap- 
ons to the Bosnian government 
The Senate also voted for a less 
radical measure, bached by the 
administration, nalttng for efforts 
to persuade America's allies to 
agree to lift the arms embargo. 

The unilateral measure is 
unlikely to have any immediate 

Producer 
prices fall 

Continued from Page 1 1 

next week hi the hope of preserv- 
ing the economy’s good inflation 
performance,” said Mr Neal Soas. 
chief economist at First Boston 
Corporation, a New York broker- 
age. 

If the Fed opts to send a strong 
signal, it may announce an 
increase in the discount rate, the 
notional rate at which it lends to 
hanfcg Increases in the rtiscmnit- 
rate, known as “ringing the 
gong”, have a stronger psycho- 
logical impact than increases in 
the federal funds rate, which 
serves as a floor for money mar- 
ket rates. 

In foreign ex chang e markets, 
an increase in US rates is widely 
seen as a logical counterpart to 
the cut in German rates 
announced on Wednesday and 
the concerted intervention in 
support of the dollar last week. 

Private sector economists 
believe that further- increases in 
short-term rates are also required 
to slow the rate of US economic 
expansion and prevent the 
economy hitting capacity con- 
straints. 

Technology 

Continued from Page 1 

around in the palm of your 
hand". Mr Edward Engler, pro- 
gram director of IBM’s optical 
storage laboratory, said. “With 
the advent of the information 
superhighway, many people will 
be asking for access to huge 

amou nts of data. ** 

One application could be the 
storage of millions of movies for 
video-on-demand services. 

The new disc will not work in 
today’s compact disc drives. 

Multilayer CDs will inevitably 
be more expensive to manufac- 
ture than single layer discs, but 
the cost of storing each item of 
information should be signifi- 
cantly lower. 


impact on US policy, since it 
would first have to come to a 
vote in the House of Representa- 
tives and could then face a presi- 
dential veto. 

But it raises the domestic 
stakes for Mr Clinton, who him- 
self favours lifting the embargo. 
He has refused to do so without 
the agreement of the UN and par- 
ticularly of his European allies 
who have troops at risk in Bos- 
nia. 

European fli pfomats bad been 
rallying opposition to any unilat- 
eral move, fearing it could jeop- 
ardise UN humanitarian 
operations in Bosnia and create 
an ominous precedent by disre- 
garding a UN resolution. 

US senators supporting the res- 
olution argued that although the 
1991 UN resolution prohibited 
arms shipments to any of the 
republics of the former 
Yugoslavia, Bosnia had suff- 


ered most from the ban. 

The Senate vote comes on the 
eve of talks between foreign min- 
isters from the US, Russia and 
the European Union meeting in 
Geneva today to try to relaunch 
the peace process. The vote also 
reflects a growing frustration 
among weste rn nations about the 
failure to secure a settlement 
that all sides will accept 

France will propose today that 
the so-called contact group of 
countries meeting in Geneva 
ghnnid Hpmanri a« immediate 
ceasefire, reaffirm the pristpncB 
of Bosnia-Hercegovina as an inde- 
pendent state and recognise that 
it can exist only as a confedera- 
tion of different communities. 

But Mr Alain Juppe, the 
French foreign minister, has 
caused concern in the US by 
referring to the possibility of an 
imposed settlement, a pos- 
ition which is being stren- 


uously opposed by Washington. 

The US has been unwilling to 
press the Bosnian government to 
accept a territorial division that 
it believes to be unjust, although 
Mr Warren Christopher, US sec- 
retary of state, told Mr Jupp£ the 
US hacked the principle of a divi- 
sion giving 51 per cent to the 
Moslems and Croats and the 
remaining 43 per cent to the 


The Serbs are rfahnTwp the 70 
per cent of Bosnian territory they 
now control, while Moslem and 
Croat negotiators are d emanding 
58 per cent 

Mr Juppd insisted there was no 
serious rift between the US and 
French positions, “it's not a ques- 
tion of tm pixing on tho parties a 
peace plan that they don’t want 
The question is whether we are 
ready to exert pressure on the 
parties to accept a reasonable 
plan ," he said. 


African aid bank pressed 
to tighten lending policies 


By Leafie Cr a w fo rd, Africa 
Correspondent, tn Nairobi 

The African Development Bank 
sank further into chaos and polit- 
ical intrigue yesterday as its Afri- 
can and other owners failed to 
agree on action to combat mount- 
ing arrears, poor lending policies 
and the di s r u p tive foods between 
the bank’s president and mem- 
bers of his executive hoard. 

Donor countries are threaten- 
ing to hold back the replenish- 
ment of the AfDB’s soft-loan arm. 
the African Development Fund, 
unless African member coun- 
tries, who own two-thirds of the 
bank, clear arrears totalling 
$70Gm and agree to tighter lend- 
ing policies. 

Donors also want to place lim- 
its on the terms of the president 
and executive directors to avoid 
the personality clashes which 


have paralysed decision-making. 

Mr Babacar Ndiaye, the bank’s 
Senegalese president, is serving 
the final year of his second five- 
year term, while the longest serv- 
ing member of the executive 
board, Mr Pierre Moussa of Chad, 
has been there for 19 years. 

But a week of negotiations has 
been unable to produce even a 
common agenda for discussion at 
the AfDB’s annual general meet- 
ing in Nairobi. As a result, hank 
governors, finance ministers and 
aid nffiriah from more than 70 
countries will be leaving the Ken- 
yan capital today without having 
discussed matters which impinge 
on the very survival of the bank. 

“The non-payment of arrears is 
the most dangerous issue threat- 
ening the hank, ” Egypt’s c entr al 
bank governor, Mr Ismail 
Mohamed, said yesterday. “Some 
borrowing countries feel that 


because it is their regional bank, 
they can afford to fall back on 
payments. This cannot be 
allowed to continue" 

However, most African gover- 
nors oppose a resolution pres- 
ented by industrialised countries, 
which own one-third of the AfDB, 
that would restrict the bank’s 
lending to Africa’s wealthiest 
governments. A concessionary 
window would be made available 
to the continent’s gr ow i n g list of 
impoverished nations. 

The African Development 
Fund, however, has run out of 
resources, and donor countries 
are not pledging any more funds 
until the bank solves its internal 
administrative and governance 
problems. 

Bank meeting runs into the 
sand. Page 4 
Editorial Commoit, Page 17 


Turmoil after Labour leader’s death 


Continued from Page 1 

Westminster last night four of 
the leading figures in the shadow 
cabinet were potential contend- 
ers in a struggle which will 
decide the party's future direc- 
tion and be critical to the out- 
come of the next general election. 

Mr Tony Blair, the 4l-year-old 
shadow home secretary and one 
of the most prominent leaders of 
the socafled “modernisers’’, was 
quickly tipped by MPs on both 
the right and left of the party as 
the most likely successor. 

Several members of the shadow 
cabinet said Mr Blair, whose has 
a strong appeal among the mid- 
dle-class voters in the south who 
Labour needs to win back in a 
general ejection, was the obvious 
choice. Some backbench MPs 
were suggesting a “dream ticket” 
under which Mr John Prescott, 
the left-wing shadow employment 
secretary, would take the deputy 


leadership. But Mr Gordon 
Brown, shadow chancellor of the 
exchequer, and a dose friend of 
Mr RUdr and a fellow moderniser, 
is also a strong contender. 
Friends of the two men said they 
would agree on a sin gle candi- 
dacy for advocates of reform 
rather than fight each other in a 
contest 

On the left of the party, Mr 
Prescott and Mr Robin Cook, 
shadow trade spokesman, could 
expect support from the constitu- 
ency and trades union sections of 
the electoral college which 
chooses the party leader. Mrs 
Beckett and Mr Jack Cunning- 
ham, shadow foreig n secre- 
tary, might also join the contest 

The party made it clear last 
night that the protracted process 
of choosing a new leader would 
not start until after the June 9 
European poU. 

As senior Labour figures con- 
templated the succession, the 


judgment of Conservative minis- 
ters was that Mr Smith's tragic 
death had greatly reduced the 
threat to Mr Major from the June 
9 European elections. 

A protracted struggle for the 
Labour leadership would shift 
much of the political focus from 
internal divisions In the Tory 
party over Europe to the Labour 
succession, in turn easing the 
immediate pressure on Mr Major. 

Conservative MPs said Mr 
Smith's death had also severely 
dented the leadership chances of 
Mr Michael Heseltlne, trade and 
industry secretary. Mr Heseltme 
suffered a minor heart attack last 
year. 

Leading critics of the prime 
minister on the Tory back- 
benches acknowledged that they 
now saw virtually no chance of a 
move to oust hfrn in the summer 
if the government suffered a 
heavy defeat in the European 
poll 


FT WEATHER GUIDE 


Europe today 

Moderate to strong easterly winds wO 
continue to <kaw dry warm air towards 
Germany, the Benelux and the British Isles. 
Sunshine win be plentiful and te mpera tures 
may again reach 20C-25C. Active low 
pressure over the Atlantic wiR be responsfoie 
for south-westerly winds over France, 
bringing In warmer but more humid air. 

France win start off with sunny periods, but 
cloud win increase in the afternoon followed 
by thunder showers In the west The Atlantic 
depression wifi cause numerous showers in 
Portugal, western and later northern Spain. 
The east coast of Spain win be drier with 
sunny spells. Small disturbances over eastern 
Europe will mean afternoon showers in the 
Balkans. Southern Greece and western 

Turkey wOl remain rather sunny and warm. 
Five-day forecast 
On Saturday, thunder showers over France 
will spread to southern Britain and southern 
parts of foe Benelux, followed by cooler 
conditions on Sunday. Portugal and western 
Spain win remain unsettled with occasional 
thunder showers. Scandinavia will become 
Increasingly unsettled because of low 
pressure activity. 


fP? IMP- 


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TODAY’S TEMPERATURES 


c '".yg? 1 *”* AA- Cold front -A-A- IWnrf speed In KPH •••" ly,' "Tv.C.i 

Situation at 72 GMT TernpvaUras maximum for day. Forec a sts by M a too Const# at the fttetfwrtands 



Maximum 

Befitag 

shower 


Catehra 

Belfast 

fair 

Abu Dhabi 

sun 

36 

Belgrade 

ter 

Accra 

shower 

32 

Berita 

far 

Algiers 

fair 

26 

Bermuda 

shower 

Amsterdam 

sun 

23 

Bogota 

cloudy 

Athens 

sun 

23 

Bombay 

fair 

Atlanta 

tab- 

28 

Brussels 

sun 

B Aims 

sun 

19 

pnriapflfft 

shower 

BJwm 

far 

2Z 

Ciiogan 

Ur 

Bangkok 

shower 

35 

Cairo 

sun 

Barcelona 

shower 

21 

Capetown 

sun 


28 Caracas 

22 CanSff 

25 Casablanca 

29 Chicago 

23 Cologne 
20 D 1 Salaam 
34 Defcar 

25 Dates 
22 Delhi 

IS Dut>ai 

33 Dublin 
22 DubnnnBc 


Quality flights made in Germany. 

@ Lufthansa 

German Airlines 


29 Ednbugh 

23 Faro 

19 Frankfurt 

24 Genera 
26 Qfcrattw 

25 Glasgow 

2S Hambug 

30 Hefcsnkf 
38 Hong Kong 
35 HonohAi 
18 tetentxJ 

23 Jersey 

Karachi 
Kuwait 
L/ngeto 
U» Palmas 
lima 
Lisbon 
London 

LuxJxxjtb 
Lyon 
Madeira 


17 Madrid 

19 Majorca 

25 Malta 
22 Manchester 

21 ManBa 

22 Melbourne 
SO Mesdco City 
12 Miami 

32 hBsn 
29 Montreal 
IS Moscow 
15 Mink* 

34 Nairobi 
34 Naples 

21 Nassau 

22 New York 

23 Nice 

18 ttooHa 

24 Oslo 
24 Paris 
24 Perth 

20 Prague 


shower 

18 

Rangoon 

cloudy 

35 

Mr 

25 

Ftoytyavfc 

fak- 

12 

sun 

25 

Rto 

rain 

27 

sun 

22 

Rome 

tair 

23 

nhowar 

35 

S. Freco 

faJr 

20 

rain 

18 

Seoul 

ter 

28 

sun 

28 

Singapore 

dowdy 

32 

sun 

32 

Stockholm 

sun 

15 

tair 

23 

Strasbourg 

sun 

24 

Mr 

8 

Sydney 

rata 

19 

rata 

15 

Tangter 

shower 

13 

Sun 

20 

Tel Avtv 

fak 

27 

cloudy 

26 

Tokyo 

fair 

27 

Mr 

24 

Toronto 

sun 

11 

Mr 

31 

Vancouver 

shower 

14 

sun 

18 

Venice 

ter 

21 

fak 

21 

Vienna 

shower 

22 

sun 

24 

Warsaw 

Ur 

23 

ter 

19 

Washington 

sun 

19 

fair 

25 

Wellington 

tair 

11 

ter 

19 

Winnipeg 

shower 

23 

shower 

22 

Zurich 

sun 

23 


THE LEX COLUMN 


GrandMet’s long vision 


Grand Metropolitan’s interim results 
mrrtain a ample of disappointments 
far which even several tots of Its new 
r-Tnnamrm schnapps laced with flakes 
of real gold cannot compensate. Eco- 
nomic recovery in the US has not fil- 
tered through to the drinks industry. 
CfrandMet has failed to enjoy the uplift 
that would offset the £40m cost of des- 
tocking there. Admittedly, its North 
American food business is doing bet- 
ter, but recession has pushed Euro- 
pean food into a £3 ” loss an first-half 
t u rnover down around. 10 per cent - 
despite the effort that has gone into 
H&agen-Dazs ice cream. Since the mar- 
ket does not attach much quality to 
the extra earnings that Grand Metro- 
politan now promises from a lower tax 
rate, it is no surprise that the shares 
fell nearly 6 per cent on yesterday's 
figures. 

nrt pcMpr the longer term perspec- 
tive, though, and a different picture 
emerges. GrandMet has not only 
reduced its debt due to the sale of Chef 
& Brewer, it is also generating more 
cash, partly as a result of sharply 
i lower provisions spending. Gearing 
j would still be 270 per cent if intangi- 
bles were stripped out of its balance 
sheet, but interest cover is a comfort- 
able &9 times. Trading improvements 
at both Pearie spectacles and Inntre- 
preneur pubs mean these businesses 
could be shed within a couple of years. 
That COUld y ield another £75Qm OT SO 
in cash. 

Thk receipt would enhance earning s 
even if it were simply put on deposit 
GrandMet ought easily to And a way 
of investing the money to secure addi- 
tional growth. At some point, it will 
have to decide whether there is sense 
in trying to acquire critical mass in 
European food. But US food and the 
emerging drinks markets in the devel- 
oping world offer opportunities that 
GrandMet will increasingly be able to 
afford. As that sinks rn its shares may 
start to look cheap. 

UK economy 

While it is a comfort to see the trade 
deficit narrowing in February, it is 
still difficult to know how much trust 
to place in the government’s reworked 
statistics. The apparent discrepancies 
remain startling. Non-oil imports from 
the EC, for example, are recorded as 
falling 34> per cent by volume in the 
quarter to February compared with 
the same period a year before; those 
from other countries are shown rising 
5 per cent Despite the lingering effect 
of sterling’s depreciation, the unit 


FT-S£ Index: 3137.3 (+7.3) 


Grand Metropolitan 

Shv* price rotative to the 
FT-SE-A A4-8here Index - 


that premiums have fallen faster thin 

expenses, making Royal tea aanJS 
ttve. Persuading insurance agents to 
pass on the best business has also 
proved difficult One can ante ham 

1L.1 A — - ..... > . . i ■ ■ ■ 



60 1 1 ■ ■ i 

1892 99 94 

Source: Detegreew 

value of exports grew by &5 per cent 
while those of imports were up only 4 
per cent Either exp o r ter s have used 
the fall in sterling to claw back mar- 
gin rather than build sustainable mar- 
ket share, or the figures are wrong 
and more goods were actually 
exported but at lower prices. 

That would have broader signifi- 
cance because it would mean the gov- 
ernment has also understated manu- 
facturing output and hence the overall 
economic growth rate. But it does not 
mean the trade balance will be less of 
a constraint in the end, especially 
since the chances are that Import vol- 
umes have also been understated. The 
UK retained a propensity to import 
throughout the recession. Recovery 
elsewhere in Europe may prove a pal- 
liative by boosting exports, but it may 
not suffice for long. 

Royal Insurance 

Royal is not alone in having its 
fiHmh back into UK profits spoiled by 
losses in the US. First-quarter figures 
from General Accident and Commer- 
cial Union this week also carried the 
scars of storms and earthquakes. The 
US insurance market as a whole has 
had its worst ever start to the year. 
Even when losses from severe weather 
and the Los Angeles earthquake are 
stripped out, though. Royal's US 
underwriting performance shows no 
improvement over fast year. 

Since the company started to sacri- 
fice market share in the interest of 
profits in 1999, that must be counted 
as a disappointment Annual written 
premium has fallen by around 30 per 
cent since then as Royal retreated 
from the western states. The snag is 


an infusion of now management 
have the desired effect 
Royal certainly cannot count 

help from others in the Insurance mar- 
ket. Despite recent underwriting 
losses, there is no sign of a gossa 
increase In rates. Turmoil in the tan 
market might just spur us Insure? 
into action. With a US flxad-inteast 
portfolio of around $4bn. Royal cannot 
relish any farther plunge in tenth 
But investment losses are only a 
short-term worry. Until investors can 
scent a decent Insurance return tom 
the £lbn capital tied up in tbe US, 
Royal will continue to trade at a (fa. 
count to net assets. 

ECC/Camas 

While R"g»«h China Ofay’s dedsfcm 
to demerge its aggregates division 
makes strategic sense, the timing now 
looks less inspired. The building mate- 
rials sector has underperformed tire 
stock market by 20 per cart since the 
peak in mid-March. While it was never 
the intention to raise additional capi- 
tal through demerger, Camas might 
have wished for more auspicious dr 
cumstances in which to make its 
debut as an independent company- 

Profit-taking rather than a sober 
reappraisal of the growth prospects 
seems to be to Name for the sector’s 
slide. Earnings forecasts have not la 
general been lowered. But aggregates 
companies never promised an hnnwrii . 
ate profits recovery. While b uilding 
products prices will probably rise in 
the UK this year, volumes remain 
weak due to restrained public spend- 
ing. Gam** is especially vulnerable to 
any cuts in the government's roads 
programme. Its US aggregates busi- 
ness is also earning decent margin* 
already, which might lessen the recov- 
ery prospects. These factors argue for 
in valuing tbe shares. 

A share price of around 80p would 
give a yield of &8 per cent an the 
promised 3.7Sp dividend. Bardon, the 
closest in the sector in terms of busi- 
ness mix , yields a Shade more but has 
a weaker balance sheet Such a share 
price is doubtless lower than Camas 
hoped far a few weeks ago. Even so, a 
marke t capitalisation of around £250m 
would be better value for ECC share- 
holders than could have been realised 
through a trade sale. 


These securities having been placed ; this announcement appears as a matter of record only. 

THE LEBANESE COMPANY FOR THE 
DEVELOPMENT AND RECONSTRUCTION OF 
BEIRUT CENTRAL DISTRICT S.A.L. 


Issue of U.S. $650 million of 
Class (B) Common shares at 
an issue price of U.S. $100 per share 

International Subscription Agents 


Banque Paribas 

Banque Audi (Suisse) sa 

Banque Fran^aise de l'Orient 

Nomura International pic 

Schroder Asseily & Co. Limited 

WAFRA International Investment Company 


Saudi American Bank 


Al-Bank Al-Saudi Al-Fransi 


Arab National Bank 


The National Commercial Bank 


A group of 35 Lebanese banks acted as subscription agents in the domestic market 



January 1994 



1 

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For more Information 





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19 




Overseas Moving ® 
byMichaelGerson 



FINANCIAL TIMES 


COMPANIES & MARKETS 

Friday May 13 1994 


©THE FINANCIAL TIMES LLM1TED 1994 


young working 

TOWN SEEKS LIVELY 
INTELLIGENT COMPANY. 

Ivr lull Jiljik iiiJiuiin.' pLitti*. |iJi«i»-. lW ?-2 ’ u 


Telfcrd. 


IN BRIEF 


John Fairfax 
advances 20% 

John Fairfax, the Australian newspaper group, 
lifted operating profits by 193 per cent to ASi443m 
(US$l02m) in the nine months to end-March, It 
said the improvement was “mainly attributable 
to increased advertising volumes, derived from 
improved trading conditions and modest advertis- 
ing rate and cover price increases”. Page 23 

NafWest in HK broking venture 

National Westminster Bank nf the UK is to reestab- 
lish an equity broking operation in Hong Kong 
through a USSlOOm joint venture with local mer- 
chant house Wheelock. NatWest closed a braking 
arm in Hong Kong three years ago. Page 20 

RAS plaits tntematioaal expansion 

Italian insurance company Ftiunione Adriatica 
Sicurtd is planning further expansion, particularly 
outside Italy. Shareholders, meeting on June 
29, will be asked to give the board a five-year 
mandate to imrea.se the company’s nominal share 
capital by up to Ll.OQObn. The company, controlled 
by a Than? of Germany, yesterday flnnmrnrpri 
a rise in net profits to L187bn ($U4m) in 1993, 
from L95bn in 1992. Page 20 

Repsol lifts payout after profit rise 

Spain's dominant domestic energy group, Repsol. 
has lifted first-quarter profits by LL6 per cent 
after tax. The group, 41 per cent state-owned, 
raised its dividend by 103 per cent, fuelling interest 
in a possible international offering. Page 20 

Bank of b’etend surges 125% 

The Bank of Ireland has reported a 125 per cent 
surge in pre-tax profits to l£280.1m ($41 9m). The 
Republic's second largest clearing hank was helped 
by a big drop in loan Toss provisions and a turn- 
around in US and UK divisions. Page 25 

Japanese construction group falls 

Protax profits at Daiwa House, one of Japan's 
biggest housing construction companies, fell 
13.7 per cent to Y75bn ($721m) for the year to 
March 31, despite recent strong growth in housing 
starts. Page 21 

ECC gives details of Camas demerger 

English China Clays yesterday gave details of 
the stock market launch of Camas, its building 
materials b usiness which is heading for demerger. 
Camas is Britain's fifth largest a g gre gates company 
with sales last year of £365.2m (1533m). Page 26 

Royal Insurance posts £32m profit 

Royal Insurance of the UK has announced a first- 
quarter profit of £32m ($46.7m) before tax, up 
from ram- Its rivals General Accident and. Commer- 
cial Union announced encouraging figures earlier 
in the week. Page 25 

Jarvis Porter plans Dutch purchases 

Jarvis Porter, the UK specialist label printer, 
is planning to buy three Dutch labelling companies 
from Nederlandse Grafische Groep. The deal would 
be worth FI 48.6m ($25 .4m). Page 27 

Jtowellefy trade snaps up sBvw 

For the first time in more than 25 years the demand 
for silver used for jewellery and silverware is 
greater than silver demand for photography, 
says Mr Dennis Wheeler, president of the Stiver 
Institute, the Washington-based industry associa- 
tion. Page 28 


Companies in this Issue 


a 

APT 

AG 

Atled Signal 
Amcoal 

Andrews Sykas 
Argent 
Azupharma 
Bajaj Auto 
Bar* ol Ireland 
Brawrin Dolphin 
Bridge Oil 

Bristol- Myers Squibb 
Brown & Jackson 
Bund 
CLS 

Chemical Bank 
Chrysler 
Citizen Walch 
Clayhithe 
Crttchley 
DC C 

Daiwa House 

English China Clays 

Euromoney 

Fairfax, John 

Ferranti 

Rat 

Finlay (James) 
Flextech 

French Connection 

GEC 

Gap 

Gartmore American 


20 

GrandMet 

19,27 

26 

Hafldn 

25 

26 

Hughes (TJ) 

26 

22 

ISS UK Smaller 

26 


IEL 

18 


Inchcape 

26 


IntJ lev Tst Jersey 

28 


Jarvte Porter 

27 


Kereskedelmi Bette 

19 


Laser-Scan 

26 

25 

Lasmo 

25 

26 

McMUe Group 

27 

23 

Mercury 

19 

19 

NatWest 

20 

25 

Northern Leisure 

28 

26 

Novo Nortfak 

20 


OWetti 

20 


Parker & Parsley 

23 


Rank Organisation 

26 


Rea 

20 

23 

Regal Hotel 

27 

26 

Repsol 

20 

26 

Rothmans Inti 

26 

26 

Royal Insurance 

25 

21 

Rubicon 

26 

26 

Schroder Korea 

26 


Scuddar Latin Amer 

28 


Scuddar Stevens 

26 


Shaftesbury 

26 


States 

26 


Tetmax 

22 


Textron 

22 

27 

Thomson Corpn 

22 

2B 

Tomkinsons 

27 

20 

Warner Howard 

27 

22 

Wheelock 

20 

26 


25 


Market Statistics 


XAnnual reports sarrfce 30-31 

Qencwnaik Sow bonds 24 

Bond futures and options 24 

Bond pices and yields 24 

Cornmotiflea prices 28 

Qhrtdends aviounced. UX 25 

MS oHiency n*es 3S 

Furobond prims 24 

Fixed interest btfass 24 

FT-A world [rates Back Pap 

FT GoM Mtees index Back Page 

FWSHA bffl bond sve 24 

FT-se Actuaries k&xs 29 


Foreign exchange 38 

Gilts prims 21 

litre equity oprkns Back Page 
London share service 39-31 
London trad options BackPage 

Managed funds service 32-36 
Money markets 
New ind band issues 
Recent Issubs, (JK 
Short-term W rafts 
US interest rates 
WMd Stock Mariate 


Chief price changes yesterday 


mwYonua 


Sap Stores 
Ibroar Fbi 
mpMtrtfe 
Total 


Land's End 


3514 * 
46H * 
24 Up + 
50 + 

54W + 

44* - 


1* 

144 

1* 

34 

1 

Itt 


TOKTOfftal 

Mtwlnd 
Miami Inc 
HangMsB 
Hue awn 
Lno Trm QhJ 
NsgsHUye 


in t n 

877 * 22 

520 + 20 

959 + 29 

1110 + 70 

895 + 44 


furt « Puts markets are dosed. New York prices at 


129 + B 

MAsnqncs 510 + 11 

Comet TbA 509 + 12 

Bobu 3 2* + 34 

[Pitt 1625 +125 

1W 
80 
65 
81 
222 


jacctaUI 

jdMuteom 

MVtoy 

Nonwo 

Mnyctnm 


BZ7 

51 


Pawn 

878 

+ 

IS 

Tides Ol 

31 M 

* 

4 

Ittn 

203 

+ 

7 

Falls 

Bmac Nonas 

154 

_ 

8 

CMa»M 

182 

- 

11 

EnteqiM Camp 

15 

- 

1M 

BtfeptttOI 

4SS 

- 

11 

Bantam 

438 

- 

11 

find Mat 

457 

- 

a 

Hrt*0lS 

403 

- 

15 

TonHraons 

280 

- 

35 


Fiat passes dividend on record loss 


Fiat, the Italian industrial group, 
yesterday announced the biggest 
loss in its 95-year bistory, and 
decided not to pay a dividend on 
ordinary shares for the first time 
since 1947. 

Hie worldwide economic down- 
turn. In particular in Fiat's core 
automotive market, drove the 
group into a net loss of Ll,783bn 
($lbn) in 1993, compared with a 
profit of L551bn in 1992. 

However, the group pointed to 
signs of recovery in the first 
quarter of 1994, when it recorded 
a profit of LaObn, compared with 
a loss of L222bn in the equivalent 
period. 

Sales also rose u per cent to 
Ll4,750bn in the first three 
months of this year, and the com- 


Downturn in car market pushes Italian industrial 
group into Ll,783bn deficit, writes Andrew Hill 


pany has drawn hope from faint 
signs of an upturn in the car 
mar ket, 

“The task which faces the 
group in all its elements will con- 
tinue to be extremely severe [in 
1994], ” Fiat said, although it 
placed hope in its technological 
strength aad continued efforts to 
cut costs. 

The Milan stock market had 
largely discounted the possibility 
of heavy losses before yesterday’s 
announcement, which was made 
after the close of trading. 

Since the beginning of the 


year, Fiat's shares have been 
among the best performers on 
the Milan market as investors 
have speculated on a recovery 
and the early success of the 
group's new Fun to small cars. 
Fiat's shares closed at L7.068 yes- 
terday, down LI per cent 
Operating losses reached 
L£39bn. compared with a profit of 
L237bn in 1992. The central oper- 
ating division. Fiat Auto, alone 
lost Ll,756bn, having only just 
broken even the previous year. 
Losses also deepened at Iveco, 
the truck and industrial vehicle 


subsidiary, to LSOlbn. from a 1992 
loss of Ll22bn. 

The company said it would ask 
shareholders at the annual meet- 
ing in June to approve a poten- 
tial increase In the group's maxi- 
mum nnminai share capital from 
L5.000bn to LlO.OOObn. 

The group stressed that this 
did not mean it was planning to 
raise more cash immediately, but 
explained that last year’s com- 
plex rights issue, which raised 
L5J)00bn, took the company up to 
the limit of its issued share capi- 
tal. 


The net loss of Ll.783hn. 
recorded after taxes of L340bn 
and heavy interest charges, was 
slightly better than many ana- 
lysts had predicted, but it was 

flattered by an extraordinary 
gain of LSOObn on the sale of the 
company's 58 per cent stake in La 
Rinascente. the Italian retailer, 
last autumn. 

Group turnover in 1993 was sta- 
ble at L54,556bn (L54,640bn). 
Fiat’s net debt increased from 
13,&J9bn at the end of 1992 to 
L5.247bn on December 31. 1993. 

Since then, debt has remained 
stable in spite of L900bn of 
investment in the first quarter, 
and the consolidation of the 
group's Polish activities, with 
debts of LSOObn. 


Charge pushes Hungarian bank into deficit 


By fkcholas Denton in Budapest 

Kereskedelmi Bank. Hungary's second 
largest commercial bank, plunged to a 
FMSbn (5450m) loss In 1993 after taking a 
heavy charge for bad loans. 

The state-owned hank reported an oper- 
ating profit of Ft9.3bn for the year to 
December, hut a Ft55.3bn provision for 
non-performing loans dragged the bank 
into a record deficit, equivalent to L4 per 
rent of national GDP. 

The loss left Kereskedelmi with a capital 
d ffirft, and a Ft33.4hn injection from the 
state last December brought the bank to a 
capital adequacy of 0.02 per cent of risk- 
weighted assets of about Ftl25hn. 


Even a top-up of FtSbn, to be agreed at 
an annual general meeting next Monday, 
•would lift the capital adequacy ratio to 
only 4 per cent, well below the 8 per cent 
recommended by the Basle-based Bank for 
International Settlements. 

The bail-out, part of a $3bn government 
programme to shore up 10 important 
banks, came after the World Bank, in an 
internal memo, warned that Kereskedelmi 
Bank, Magyar Hi tel Bank, the largest com- 
mercfal bank, and several others had nega- 
tive capital and were “technically insol- 
vent". Kereskedelmi has suffered from a 
number of failures among its corporate 
borrowers after Hungary Introduced west- 
ern-style bankruptcy legislation in 1992. 


Hungary's banks began last year to calcu- 
late loans by international standards, 
revealing the poor quality of their assets 
and necessitating a huge, one-off increase 
in reserves. 

Kereskedelmi has been particularly 
exposed to an agricultural sector hit by 
confusion over property rights and 
drought Under Mr Geza Lent, the manag- 
ing director, Kereskedelmi has also proved 
slower than its counterparts like Budapest 
Bank in making provisions a gaingt default 
by clients. 

Last year Hambros, the UK merchant 
h ank, was named as adviser on the privati- 
sation of the bank. But, after last year’s 
losses, management has delayed a move 


into the private sector for another two 
years and advisers say Hambros’s man- 
date is a “sleeping contract". 

Of the Hungarian state-owned banks, 
only Magyar Kulkereskedelmi Bank 
(MKB) and Budapest Bank are moving 
quickly towards privatisation. 

Bayerische Landesbank of Bavaria is 
taking a 25 per cent stake in MKB. a 
foreign trade bank, which was advised by 
US investment bank JP Morgan. 

The London-based European Bank for 
Reconstruction and Development is also 
acquiring a 17 per cent shareholding. 

Budapest Bank is pushing for private 
investors, advised by Salomon Brothers, 
the US investment bank. 


Falling costs threaten the UK company’s 
discount strategy, finds Andrew Adonis 


Mercury: strategy pays off— so far 


Pro tin prqBt (Em) 
.200 ' . 


CaSs per woridng day (mSori) 
IS 



* teeraa so so ei se as 1 *987.88 w so n bz » 

•• iteraMyrortoltoeqar • 
flttmw t mj e of total UK tole o oiwr mtttt 
•1294 • 


10 % 



Mike Hants 
chief executive 


88 89 90 91 92 S3 94' 
-Wtajr 




Souraxlflanuy 



Price competition clouds 
the outlook for Mercury 


M ercury, the god of com- 
merce, is sometimes 
depicted holding a 
purse full of cash. The UK tele- 
communications company bear- 
ing his name could do with both 
the purse and his more custom- 
ary winged sandals to aid it in 
the increasingly competitive UK 
telecoms market. 

A study of industry price 
trends published yesterday by 
Analysys. the Cambridge-based 
telecoms consultancy, highlights 
Mercury's predicament It shows 
telecoms prices falling fast across 
Europe in the past five years; in 
Britain. Mercury’s price differen- 
tial with BT has progressively 
reduced. 

This raises questions about 
Mercury's future strategy, for 
until now it has essentially been 

“ BT-minus-a bout- 1 0-per-cent". 
Recognising telecoms as a com- 
modity business. Mercury has 
sought to maintain a guaranteed 
discount to BT, making little pre- 
tense of offering a more advanced 
service, pressure on Mercury’s 
price discount to BT can only 
increase. On the one hand BT is 
being forced to cut prices rapidly: 
its pricing agreement with OfteL 
the industry regulator, obliges it 
to cut tariffs by 75 per cent a 
year after allowing far Inflation. 

On the other hand, new 
entrants to the UK'8 
long-distance telecoms market 
are targeting Mercury as strongly 
as BT. Resellers such as World- 
corn, a US group, and Energls, 
the National Grid subsidiary 
which is erecting a fibre-optic 
network on the nation’s electric- 
ity pylons, are aiming to miter 
the City of London, where Mer- 
cury is now the dominant 
[-distance carrier, 
first six months of the cur- 
rent financial year saw Mercury’s 
turnover rise by 24 per cent but 
operating profit grew by only 5 
per cent, notably less than the 
other companies tn the Cable & 
Wireless group of which it is 
part Special factors - including 


the opening of a state-of-the-art 
customer service centre in Man- 
chester - partly account for the 
squeeze, but leading analysts 
remain downbeat about Mercu- 
ry’s medium -term prospects. 

“There is considerable uncer- 
tainty about the outlook for Mer- 
cury’s profits in the next two 
years,” says Mr Laurence Hey- 
worth, telecoms analyst with 
Robert Fleming, the investment 
bank. He notes in particular Mer- 
cury’s surprising decision last 
December to take Oftel, the 
industry regulator, to court over 
the inter-connection charges it 
has to pay BT. “They would not 
take the regulator to court unless 
they felt seriously in need of reg- 
ulatory relief'’ 

Mercury's justification far the 

The nightmare for 
Mercury would be 
if BT mimicked 
Telecom New 
Zealand, which 
took on its main 
competitor - 
Clear 

Communications 

court case supports that view. It 
claims it needs a more flexible 
inter-connection regime, based on 
total capacity not the per-minute 
cost of connecting calls, to break 
free of BT’s tariff structure. 
Implicit is the recognition that its 
ability to continue mimicking BT 
tariffa, while guaranteeing a dis- 
count, is finite. 

The nightmare for Mercury 
would be if BT mimicked Tele- 
com New Zealand, which last 
year took on its main competitor 
- Clear Communications - by 
ruthlessly attacking Its cost base 
anil mflteMwg dear’s tariff s. 

Telecom New Zealand reacted 


to Clear's 18 per cent market 
share gained in barely two years. 
With almost 90 per cent of the 
UK market, BT is unlikely to 
take such action in the near 
future. Even so, existing pres- 
sures mean that to sustain 
growth Mercury needs to 
increase rapidly its market share 
while differentiating its product 
from that offered by BT. 

Mr Mike Harris, Mercury’s 
chief executive, emphasises a sec- 
ond dimension. “There is a new 
game opening up. with telecoms 
companies selling not just a com- 
modity but communications 
applications." He divides the 
applications into two types: the 
management of quasi-private net- 
works - outsourcing, in the jar- 
gon; and new services, such as 
personal telephone numbers 
which direct calls to their 
“owner", made available by 
“intelligent networks” software. 
Last month Mercury announced 
a £ 200 m investment in “Project 
Eagle" to upgrade its backbone 
UK network far the purpose. 

Both strategies command 
respect. Armed with the 
resources of Cable & Wireless 
and Bell Canada (which owns 20 
per cent of Mercury). Mr Hams is 
far from David on his own with 
Goliath. Mercury has been suc- 
cessful in branding itself. And it 
has also done a fair job of wean- 
ing customers from BT: in the 
past two years alone it has 
gained more than 600,000 residen- 
tial customers, aided by the - 
mostly US - cable companies 
attacking BT’s local monopoly 
and routing their long-distance 
traffic via Mercury. 

But Mercury's strategy 
remains problematic. The out- 
sourcing market is largely specu- 
lative: recent surveys show com- 
panies reluctant to outsource 
central telecoms functions. 

As for next-generation “intelli- 
gent networks" services, the 
capacity of any one company to 
gain a medium-term leading edge 
in the market is doubtful. 


GrandMet shares fall 
as US sales take toll 


By Tony Jackson hi London 

Shares in Grand Metropolitan, 
the international drinks and food 
giant, fell 26p to 457p yesterday 
as the group disclosed that de- 
stocking in the US drinks market 
was likely to cost it £40m 
(558.4m) this year. The group also 
dashed hopes of immediate disen- 
tanglement from its struggling 
Innfcrepreneur Estates GEL) joint 
venture with Courage, saying 
only that it was “studying a 
range of options”. IEL. Britain’s 
biggest pub operator, broke even 
in the half-year compared with a 
loss of £ 12 m last year. 

Group pre-tax profits were up 
10 per cent at £44 Bm, in line with 
expectations. Mr George Bull, 
chief executive, said the revival 
of the US economy had prompted 
GrandMet's IDV drinks subsid- 
iary to stock up last autumn. 
However, the market fell 3 per 
cent and IDVs sales by 2 per 
cent At the same time, IDV had 
tackled overstocking problems 
caused by concentration among 
US drinks wholesalers. Half the 


cost had been incurred in the 
first half, with the balance to 
come in the second. 

IDV’s worldwide operating 
profit fell 2 per cent to £254m, 
with an 18 per cent rise in North 
America offset by a 13 per cent 
fall in the rest of the world. The 
North American increase was 
almost wholly due to a one-off 
payment of around £17m on the 
termination of US distribution 
rights for Absolut vodka. 

Operating profit in food manu- 
facture rose 6 per cent to £147m, 
with a 19 per cent increase in 
North America while Europe fell 
into a £3m loss, from £lm profit. 

Profits at the Burger King ham- 
burger chain were up 16 per cent, 
with 244 new restaurants opened 
and 5 per cent volume growth in 
listing outlets. 

The tax charge fell from 32.4 
per cent to 29.2 per cent. Lower 
tax helped earnings per share to 
rise 15 per cent to 15p before 
exceptional. The dividend was 
raised 62 per cent to 5.l5p. 

Lex. Page 18; IEL. Page 27; Mar- 
ket. Page 29 


US drugs 
group in 
German 
purchase 

By Daniot Green In London 

Bristol-Myers Squibb, the second 
largest US pharmaceuticals com- 
pany, yesterday joined the drugs 
industry dash for corporate deal- 
making by baying a 25 per cent 
stake in Azupharma. a German 
drags manufacturer. 

Azupharma specialises in the 
manufacture of generics, 
unbranded drugs that have lost 
their patent protection. It is a 
subsidiary of German drugs 
wholesaler Gehe which had sales 
In 1993 of DMlOJtim ($5.9bu). 

The volnc of tbe deal was not 
disclosed. 

“This investment is an Impor- 
tant strategic move in the Euro- 
pean healthcare environment.'* 
said Mr Joachim von Roy, Bris- 
tol-Myers Sqnibb’s European 
president. “It represents the 
beginning of on alliance between 
Bristol-Myers Squibb and Gehe. 
We are now well-positioned to 
develop a strong generic pres- 
ence across Europe." 

The generics market in Europe 
is “expected to grow substan- 
tially over the next five years," 
said Bristol-Myers Squibb, as a 
result of changing policing in 
healthcare spending and the 
expiry of patents on several big- 
selling prescription drugs. 

The deal is Bristol-Myers 
Squibb’s first stake in a Euro- 
pean generics maker. Hie compa- 
nies began a business relation- 
ship in March when Bristol- 
Myers licensed a generic version 
of its biggest selling drug, the 
heart treatment Capoten, to Azu- 
pharma for the German market 

The purchase of the stake 
reverses a recent trend for Ger- 
man companies to boy into US 
generics manufacturers. In Feb- 
ruary, Bayer, the German chemi- 
cals group, paid 5310m for a 28.3 
per cent stake m Schein Pharma- 
ceutical, a privately owned 
generics company based in Flor- 
ham Park, New Jersey. 

That deal followed the S546m 
acquisition lost November by 
German chemicals giant Hoechst 
of a 51 per cent stake in Copley, 
a US generics and over-the- 
counter drugs manufacturer. 

Acquiring generics companies 
serves two purposes for a drags 
manufacturer, it is an entry into 
a rapidly growing part of the 
healthcare sector and it may- 
help protect market share when 
patents expire. 

Bristol Myers Squibb is facing 
the expiry of Capoten patents 
around the world. Similar drags 
are made by Merck, the biggest 
US drags company, and the UK's 
Zeneca, formerly part of IC1. 


TWs announcement appears as a matter ot recoin only. 


May 1994 


@ 


Van Ommeren 


Koninklijke Van Ommeren NV 

US$ 75,000,000 

Floating Rat© Notes due 2001 


Lead Manager 

Chemical Investment Bank Limited 


Co Lead Managers 

Internationale Nederlanden Bank N.V. 
Lehman Brothers 
Merrill Lynch International Limited 
Nomura Internationa) 


Co Manager 

KDB Bank (UK) Limited 


OH Chemical 


The Global Bank 


i 





FINANCIAL TIMES FRIDAY MAY 13 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Ras to generate funds for 
expansion as profits rise 


By Andrew Hil in Milan 

RUraione AdriaGca Sicurta, the 
Italian, insurance company, is 
to seek permission from its 
shareholders to raise funds for 
further expansion, particularly 
outside Italy. 

Ras, which is controlled by 
Allianz of Germany, yesterday 
announced a recovery in net 
profits for 1993. in spite of an 
Increased tax burden. The com- 
pany's net profit rose to 
Ll87bn ($U0-5m) in 1993, com- 
pared with L9Sbn is 1992, when 
Ras had to write down the 
value of its government bond 
holdings. 

Net group profits increased 
to L355bn from Lll7bn. and 
group premiums rose to 
L8,465bn against L7,337bn. 

The company is proposing an 
increase in the dividend this 
year to L340 from L3Q0 per 
ordinary share, and to MOO 
from L360 for each savings 
share. 

Shareholders, meeting on 
June 29, will be asked to give 


the board a five-year mandate 
to increase the company's 
nominal share capital by up to 
Ll.OOQbn. 

Mr Umberto Zanni. chair- 
man. said the group was 
Interested in overseas [expan- 
sion!, particularly in those 
countries where Ras has a 
strong presence". 

The company was well- 
placed to build on its holdings 
in Portugal. Spain, Switzerland 
and Austria. Mr Zanni 
explained. 

Ras said it would try to even 
out the disparity between the 
market performance of its 
savings and ordinary shares, 
by offering savings sharehold- 
ers the right to convert one out 
of every 10 savings shares they 
hold into an ordinary share. If 
the plan is approved and acted 
on by all savings shareholders, 
Allianz's holding will be 
diluted to just over SO per cent 
from 52.74 per cent of file ordi- 
nary shares. 

Mr Zanni said he would step 
down as chairman at the June 


shareholder meeting, although 
Allianz has asked him to 
remain as a director. He will be 
replaced by Mr Angelo Mar- 
chid. one of three managing 
directors of the group. 

The company pointed out 
that in 1992 it was (breed to 
write down investments by 
L22lbn, cut to LSSbn in 1993. 
Bat the tax burden .increased 
last year to L236hn from L49bn 
at parent company level. 

Mr Zanni said 1994 was likely 
to be a challenging year partic- 
ularly because of impending 
liberalisation of tariffs in com- 
pulsory motor insurance. 

Of the overall group premi- 
ums. LA219bn wimp from the 
parent company, L1.291bn from 
other Italian group companies 
and IA95ebn from group com- 
panies operating outside Italy. 

Gross premium income 
increased by 1&8 per cent at 
group level to L7,728bn com- 
pared with L6.793bn, of which 
L5,742bn against L5.097bn was 
in non-life business, and the 
rest in life insurance. 


3i to sell quarter of shares in 
summer issue to retail sector 


By John Gapper, 

Banking Ecfitor 

31 Group, the big UK venture 
capital group owned by high 
street banks, expects a quarter 
of the shares it is selling in the 
planned early summer dota- 
tion to be available to retail 
investors. 3i senior directors 
said yesterday. 

Sir George Russell, the chair- 
man of 3i, said that the com- 
pany had canvassed about 100 
retail brokers, and believed 
there would be interest among 
more sophisticated investors in 
buying up to 25 per cent of the 
shares in 3i’s long-delayed no- 
tation. 

The company expects to pub- 
lish its pathfinder prospectus 
giving details of the share offer 
later this month, a long with its 
preliminary annual results. 
The prospectus will disclose a 
net asset value figure on which 
the offer price of the shares 
will be based. 

Mr Simon Borrows, a direc- 
tor of Baring Brothers, the 


merchant bank sponsoring the 
flotation, said that shares 
would “probably” be priced at 
a discount to 3i’s net asset 
value, in common with other 
venture capital investment 
trusts. 

Mr Borrows said the com- 
pany and its advisers had not 
“got to the stage of pricing” 
the issue, but he emphasised 
that 3i’s past performance had 
been better than comparable 
quoted venture capital invest- 
ment trusts. 

He said that brokers would 
target shares at individuals 
who would invest “a reason- 
able amount for a reasonable 
amount of time”. 

The company expects bank 
shareholders to undertake to 
hold their remaining stakes in 
31 after the flotation for at least 
a year. 

The company has already 
made presentations to about 70 
UK institutional funds and 
executives are to make preset 
tations throughout Europe, 
including France and Italy, and 


in east Asia over the next two 
weeks. 

Mr Borrows said that the 
company and Its advisers 
would go through “an informal 
book-building exercise” among 
funds after the publication of 
the pathfinder prospectus to 
gauge ria^aTm for shares at dif- 
ferent prices. 

The banks are likely to sell 
about a third of 3i’s equity, 
which could be worth about 
£500m ($744m), in the flotation. 

Mr Brian Larcombe. finance 
director, emphasised that as an 
investment trust. 31 would not 
have to pay advance corpora- 
tion tax on capital gains from 
realised profits. 

In the mid-1980s, this 
amounted to between £40m 
and £50m a year. 

Sir George said that he had 
told bank shareholders before 
taking on the chairmanship 
that he would resign if a flota- 
tion was first agreed and then 
postponed, as was the case in 
1991. “The float will happen 
this time ” he said. 


Olivetti 
j poised for 
growth, says 
chairman 

By Andrew HOI in Milan 

Olivetti, the Italian computer 
group, is entering a new 
growth cycle, Mr Carlo De 
Benedetti told shareholders 
yesterday. 

Mr De Benedetti, Olivetti’s 
chairman, told the group's 
annual meeting that revenues 
increased by & per cent in the 
Gist four months of 1994, and 
orders by 11 per cent, com- 
pared with the equivalent 
period last year. 

Shareholders approved the 
issue of up to 250m shares as 
part of a convertible bond 
issue which will raise a maxi- 
mum of L575bn ($3.4bn) for 
expansion. The issue, aimed at 
international institutional 
investors, is likely to be 
launched before the summer, 
through an international con- 
sortium led by Morgan Stan- 
ley, the US investment hank. 

One of the main targets for 
funding will be the develop- 
ment of the GSM cellular tele- 
phone network in Italy. Oli- 
vetti beads the international 
Omnitel-Pronto Italia consor- 
tium which in March won the 
licence to operate the network. 

“[Olivetti] is preparing to 
reap the benefits of a sweeping 
s tr u ct ur al reorganisation," the 
group said yesterday. Last 
year, Olivetti lost L465bn, 
compared with a loss of 
L650bn the previous year, bnt 
increased sales for the first 
time since 1990 and cut net 
debt to L798bn from L960bn. 

Developing the GSM net- 
work is expected to cost the 
Omnitel-Pronto Italia consor- 
tium L3,<KWbn, of which Oli- 
vetti will provide roughly a 
third. This is in line with its 
stake in the joint venture, 
which includes Bell Atlantic 
and Pacific Teiesis of the US. 
Mannesman!! of Germany and 
Lehman Brothers. 

Within the last month, Oli- 
vetti has also set np a $280m 
stand-by credit facility with a 
group of international and 
Italian banks. Mr De Benedetti 
said the combination of the 
capital-raising exercise and 
the organisation of the 
stand-by credit confirmed “the 
great confidence or the inter- 
national financial community 
in Olivetti*. 


NatWest in HK broking venture 


By John Gapper In London 
and Simon Holberton 
in Hong Kong 

National Westminster Bank Is 
to re-establish an equity brok- 
ing operation in Hong Kong 
three years after closing its 
broking arm there. It is estab- 
lishing a USSlOOtn joint ven- 
ture with Wheelock. the local 
merchant house. 

The joint venture, which will 
initially employ about 100 staff 
and may expand within a few 
years, is the latest attempt by 
European and US investment 
hanks to expand their presence 


in Hong Kong and China. 

Although NatWest Markets. 
National Westminster’s corpo- 
rate and investment banking 
arm, has lending, structured 
finance and fund management 
operations in Hong Kong, the 
joint venture re-establishes a 
stockbroking presence. 

The partners are to 
announce the new venture in 
London today. They arc each 
investing about S50m and 
expect toe operation, to be 
called Wheelock NatWest, not 
to require further capital 

unless it expands significantly. 

Wheelock, which has long- 


established links in China as a 
Hong Kong trading house, had 
planned to expand into finan- 
cial services. It has a small 
broking operation with a seat 
on the Hong Kong exchange, 

Mr Martin Owen. NatWest 
Markets chief executive, said 
the bank believed a joint ven- 
ture would help overcome local 
scepticism over the closure of 
its loss-making broking ann. 

Mr John Howland-Jackson. 
deputy chief executive of Nat- 
West Markets, said it consid- 
ered buying a local brokerage, 
but “we believed that we 
would either end up paying 


through (he nose or buying 
something of questionable 
quality". 

Mr Nicholas Sibley, manag- 
ing director of Wheelock CffiL 
who will be deputy chairman 
of the venture, said U was the 
only venture “which marries a 
heavyweight bank with a local 
house which has as good con- 
nections in China as anybody”. 

Wheelock has applied for a 
seat on the Shanghai stock 
exchange, which could be 
transferred to the joint ven- 
ture. NatWest will retain a sep- 
arate presence concentrating 
on banking activities. 


Repsol lifted to Pta46.5bn in first quarter 


By Tom Bums 
In Madrid 

Economic recover in Spain 
helped Repsol, the leading 
domestic energy group, to lift 
its first-quarter after-tax prof- 
its by Pta26.2bn ($lS7m) to 
Pta46.471bn. 

This was an 11.6 per cent 
increase compared with the 
first three months of 1993. 

Repsol. which is 41 per cent 
state-owned, said that 
increases of l per emit and of 
3 per cent in petrol and in die- 
sel consumption respectively. 


tog ether with a depreciation of 
the peseta and improved 
m a rges in its chemical unit, 
had helped to offset the impact 
of lower crude prices and 
reduced fuel demand during a 
mild winter. 

The group, which lifted its 
1993 net profit by 11.4 per cent 
to PtaSO.lbn. said that it would 
propose a dividend of Ptall5 
per share, a 10.6 per cent 
increase on 1993, to sharehold- 
ers at the annual meeting in 
June. 

The First-quarter results - 
which were slightly ahead of 


forecasts - and the Increased 
payout will fuel market inter- 
est in a passible international 
offering of Repsol shares later 
this year. 

The government, which Is 
seeking to reduce its public 
deficit, is considering offering 
up to 20 per cent of its Repsol 
equity to the markets. 

Last year, the government 
raised PtallObn when it 
relinquished its majority 
ownership of the group with a 
13 per cent placing of its Rep- 
sol equity that was aimed at 
institutions. 


Repsol is also expected soon 
to announce the acquisition o{ 
Enagas. the ftifly state-owned 
monopoly supplier of Indus- 
trial gas, by Gas Natural, the 
big domestic gas distributor In 
which Repsol has a 45 per cent 
stake. 

Repsol, which had hoped to 
finalise the deal last month. 
Is still smoothing out the final 
details of the takeover. 

The acquisition of Enagas 
will make Repsol the chief 
shareholder of one of the big- 
gest natural gas companies in 
Europe. 


GEC near agreement 
to buy Ferranti units 


Novo Nordisk expects 
gains despite setback 


By Bernard Gray 
in London 

GEC, the UK defence and 
electronics group, is expected 
to announce in the next few 
days that it has reached final 
agreement to buy Ferranti’s 
main UK defence businesses 
from the receivers, Arthur 
Andersen. 

The price, which has not 
been disclosed, was apparently 
agreed in advance and is 
thought to be about £50m 
($752m). 

The package of businesses to 
he sold includes the military 
systems integration business, 
based in Bracknell, Berkshire, 
which employs 570, and toe 
simulation and training 
operations with headquarters 
at Cwmbran. Wales, with 540 
employees. 

There have been redundan- 


cies in both operations since 
Ferranti went into receivership 
last December after GEC with- 
drew its ip a share offer for the 
whole company. However, 
most of the 630 redundancies 
were at Ferranti’s Manchester 
and Oldham sites. 

Negotiations had been expec- 
ted to be completed in April, 
but had to be extended to allow 
time for duettiligence work. 

A management buy-out team 
had been ready to bid for the 
business hod GEC withdrawn. 
Several other potential bidders 
were thought to be interested, 
including British Aerospace 
and Thomson-CSF of France. 

GEC is in separate negotia- 
tions to buy Ferranti's 50 per 
emit share in its sonar joint 
venture with Thomson. That 
business is not in receivership 
and Thomson was interested in 
acquiring the rest of it. 


By Hilary Barnes 
in Copenhagen 

Novo Nordisk, the Danish 
healthcare and industrial 
enzymes group, reported a fall 
in first-quarter net profits to 
DKr270m ($40.3m) from 
DKriHMra in toe same period 
last year. 

The group said the result 
was in line with expectations. 

For the foil year, the group 
maintained its forecast that 
profits would increase rela- 
tively fester than the U per 
cent advance in 1993. 

First-quarter sales were up 
by 14 per cent to DKr3.13bn 
from DKrt.TShn. The increase 
was due portly to higher vol- 
ume. with about 5 per cent due 
to currency changes. 

Sales by the healthcare 
group rose by 13 per cent to 
DKr2.06bn, including an 


increase of 6 per cent in sales 
by the diabetics care division 
to DKrZ.49bn. 

Sales by toe bio-industrial 
group, chiefly of industrial 
enzymes, increased by ll per 
cent to DKr90lm. 

Tlte merger of two of the bio- 
industrial group's unit in the 
US would carry a DKrflOm 
non-recurring charge which 
would be booked in the second 
quarter, the group said. 

• LKAB, the mining group, 
has completed the sale of a 13 
per cent stake in SSAB, Scan- 
dinavia's biggest steel group, 
for SKrl^bn (5165m). 

A total of £5 id B shares and 
1.625m A shares woe placed 
with domestic and interna- 
tional institutions. 

The placing was led by BZW 
In conjunction with Handels- 
banken Investment Banking 
and Cazenove. 


,;n:l ' 


[ll!" 




1. :• ! ■ ; }•' ? 


NOTICE OF SHAREHOLDERS’ MEETINGS 


Thif odrertisement appears as j matter of record only 


May 1994 


The shareholders of TOTAL are invited to attend the 
General Meetings to be held on Monday. May 30, 1994. at 
CNIT La Defense. Goethe Amphitheater, 2 Place de la Defense. 
92053 Paris La Defense, France. 

The Annual Ordinary General Meeting will commence 
at 10.00 am and will be followed by an Extraordinary General 
Meeting. 

A. ORDINARY GENERAL MEETING 

The Agenda of die Ordinary Meeting will be as follows: 

- Report of the Board of Directors and Auditors’ report 
on the transactions and accounts for the year ended December 
31. 1993. 

- Approval of these reports, the accounts and the balance 
sheet at December 31. 1993. 

- Appropriation of net income, determination of the 
dividend, election to receive the dividend in cash or in the form 
of shares. 

- Report of the Auditors on die agreements covered by 
Article till of the French Companies Act of July 24. 1966. 

- Allocation to the special long-term capital gains 
reserves. 

- Authorization to be given to the Board of Directors to 
(rude in the Company’s shares on (he Stock Market in order to 
stabilise (he price. 

- Renewal of the mandate of a Director. 

- Appointment of a Director. 

B. EXTRAORDINARY GENERAL MEETING 

The Agenda of the Extraordinary General Meeting will 
be as follows: 

A - Report of the Board of Directors and Auditors’ special 
report on the resolutions presented to the General Meeting 
involving the waiver of shareholders' pre-emptive subscription 
rights. 

B - Authorization to be given to the Board of Directors: 

al to increase the Company's capital by a maximum of 
FF 3 billion through the issuance of new shares, wither without 
warrants to subscribe to a share issue 

b) to issue up to a maximum nominal amount of FF 15 
billion compound securities giving holders the subsequent right 
to subscribe to shares or equity certificates. 

The total amount of equity increases carried out pursuant 
to paragraphs a) and b) and which may be subscribed for cash or 
against debt shall not exceed a nominal amount of FF 5 billion. 

Waiver of shareholders' pre-emptive right to subscribe 
to the shares to be issued by virtue of u) and the securities to be 
issued by virtue of bi the Board of Directors having the right to 
set aside a fixed period during which existing shareholders may 
subscribe to such securities on a priority basis. 

C - Authorization to be given to the Board to issue 
warrants to subscribe to shares without pre-emptive 
subscription rights tor existing shareholders; limitation of the 
aggregate nominal value of shares which may be issued through 
the exercise of such warrants to FF 3 billion; power of the Board 
to set aside a limited period during Which existing shareholders 
may subscribe for such warrants on n priority basis. 


D - Authorization to be given to the Board of Directors 
to avail itself of authorizations to issue shares or securities at 
the lime of take-over or exchange offers. 

E - Amendment of the Articles 6, 7, 12. 17. 18,20.21, 
38. 40 of the Bylaws. 

F - Modification of the characteristics of the perpetual 
subordinated securities redeemable in TOTAL shares 
(TSDIRA) issued in June 1990. 


All shareholders ore entitled to participate in these 
General Meetings, whatever the number of shares held, or to be 
represented at the Meetings by another shareholder or an officer 
of the Meeting, or by their spouse, or to cast postal votes. 

In order to participate in or be represented at the 
Meetings: 

a) holders of registered shares must have the shares 
registered in their names at least five days prior to the dote of 
the Meetings. 

b) holders of bearer shares should, at least five days prior 
to the date of the Meetings, provide evidence that the shares are 
being held in a blocked account, in the form of a certificate 
issued by the financial intermediary holding the record of the 
acquisition. Such certificate should be sent to Banquc 
PARIBAS. Service des Assemblies, 34 rue des Mathurins, 
75008 Paris (Fax: 33(1) 40,22,57.73), The shares may not be 
released for possible sale until after the date of the last Meeting 
at which the quorum requirement is met. 

Forms of proxy and postal voting Forms, together with 
entry cards, may be obtained on request from Banque 
PARIBAS. 

As required by law, shareholders are reminded that: 

- Shareholders wishing to cast a postal vote may obtain 
the appropriate form by writing to the Company or Banque 
PARIBAS, Service des Assemblies, by registered letter with 
acknowledgement of receipt. 

- In order to allow time for such forms to be issued, 
requests must be received at the Company’s head office or by 
Banque PARIBAS, Service des Assemblies, no later than six 
days prior to the date of the Meetings. 

- The duly completed form must be returned to the 
Company's head office or Banque PARIBAS. Service des 
Assemblies, at least three days prior to the date of the Meetings. 

- In the case of holders of bearer shares, postal votes will 
only be accepted subject to prior receipt of the certificate 
evidencing the fact that the shares arc being held in a blocked 
account, as provided for in b) above. 

- Any shareholder who has cast a postal vote will not have 
the right to participate in the Meetings in person or to give a 
proxy to any other person. 

- Shareholders may obtain the documents provided 
for in Articles 1 33 and 135 of the Decree of March 23, 1967, 
by writing to the Company's Head 

Office or to Banque PARIBAS. 

Service des Assemblies. 34 rue des — — 

Mathurins, 7500S Paris ( Fax: 33 U .1 Tm TA I 
40.22.57.731- ■ 


The Board of Directors 


Daimler Benz 

DAIMLER-BENZ AKTIENGESELLSCHAFT 

(Incorporated in the Federal Republic of Germany) 


LISTING AND QUOTATION 

ON THE STOCK EXCHANGE OF SINGAPORE LIMITED 
OF SINGAPORE DEPOSITARY SHARES 
REPRESENTING ORDINARY SHARES IN 
THE CAPITAL OF THE COMPANY 


Sponsored by 

MORGAN 

GRENFELL 

ASIA 

Morgan Grenfell (Asia) Limited 


Co-sponsored by 


Deutsche Bank AG, Singapore Branch 
Institutional Investment 


Baring Brothers & Co., Limited 


TOTAL - SocidcS Anonyroe. Capital Slock: FF 10.973,867,700 
Head Office: Tour Total, 24 Count Michelet - 92800 Putcaux - France. Registered in Nanlerre B 542 051 180 


MORGAN 

GRENFELL 

Aprm-sJ ^bvkikcUKb, M<*pn lW.ll l Co IWod. » m-mkret SF* 


' * ri 




K 

> * 



Hi s 


Rw more tafonnatiOT writs to 



‘ a Fairer World 


°W**. England. 



FINANCIAL TIMES FRIDAY MAY 13 1994 


2 1 


INTERNATIONAL COMPANIES AND FINANCE 


China to broaden B-share market 


By Tony Walker in Beifhtg 

China plans to increase listings 
of B shares denominated in 
dollars for foreign investors in 
an effort to enliven its 
depressed stock markets, Chi- 
na's top stock regulator said 
yesterday. 

Mr Liu Hoogru. chairman of 
the China Securities Regula- 
tory Commission (CSRQ. told 
an international business semi- 
nar in Beijing that the B-share 
market was too limited and 
steps were being taken to 
«»g pand issues. 

China was also considering 
allowing enterprises that bad 
floated B shares to issue 
American depositary receipts 
(ADRs) and convertible notes. 

This move would be aimed at 
“activating transactions” and 


“raising more capital”. 

At the end of 1393, some 42 
enterprises had issued B 
shares on China's two fledgling 
stock markets. Ibis had raised 
some $L2bn for the companies 
involved. 

China’s A- (domestic) and 
B-share markets have suffered 
steep dw-Iiwas sjnw their hjg hs 
of early last year. Many local 
investors have deserted the 
A-share market for bonds or 
futures. Foreign traders, after 
an initial burst rtf enthusiasm, 
had until early this year found 
China-related stocks on the 
Hong Kong market more 
appealing: 

China stock regulators and 
market managers have been 
striving to boost the markets, 
but have encountered little 
success largely because of a 


widespread loss of confidence 
among investors who were 
unprepared for a prolonged 
downturn. 

Mr Liu indicated that China 
would press ahead with an 
increasingly ambitious pro- 
gramme of overseas listings. 
“Chinese enterprises have a 
tremendous demand for capi- 
tal. ..it is an important task to 
fully make use of the Hong 
Kong and other markets to 
speed up economic develop- 
ment," he said. 

The Chinese official said 
overseas listings were at a 
“testing stage”. Seven Chinese 
companies among nine 
selected for listing had been 
floated on the Hong Kong 
market 

Another 22 enterprises bad 
been selected for listing abroad 


either in Hong Kong or in New 
York. 

Mr Liu did not provide a 
timetable for these listings, but 
some are expected to go ahead 
this year, 

Mr Liu said China favoured 
listing foreign companies on its 
own securities markets, but a 
number of steps were required 
before this wo old be posable. 
These ipriudod further refine- 
ment of China's laws and regu- 
lations, and full convertibility 
of the Chinese yuan. 

Lack of convertibility was a 
orniar impediment to the uni- 
fication of the A and B-share 
markets. 

“If foreign companies and 
investors cannot freely remit 
their renminbi abroad, it is 
meaningless for than to issue 
stocks In China,” Mr Liu said. 


Daiwa House pre-tax profits fall 13.7% 


By Paul Abrahams 
in Tokyo 

Daiwa House, one of Japan’s 
biggest housing construction 
companies, yesterday posted 
pre-tax profits down 13.7 per 
cent to Y75bn ($721 -2m) from 
Y87.1bn for the year to March. 

The results, the first set to 
he published by a Japanese 
construction company for the 
last financial year, signifi- 
cantly undershot analysts’ 
forecasts. The profits foil was 
In spite of recent strong 
growth in housing starts. 


The group declined to 
explain the profits shortfall, 
which was about 5 per cent 
below expectations. However. 
Mr Takashi Hashimoto, con- 
struction analyst at CS First 
Boston in Japan, said Daiwa 
House, normally viewed as a 
house building company, was 
also exposed to the general 
construction market which has 
been badly affected by Japan’s 
longest and deepest post-war 
recession. About 40 per cent of 
the group’s turnover was in 
this sector, he explained. 

“The downturn in general 


construction offset any bene- 
fits from the upturn in housing 
starts,” he said. “However, 
groups such as Sekisui House. 
National House and Sumitomo 
Forestry are less exposed to 
general construction than 
Daiwa House.” 

The group's turnover rose 1 
per emit to Y935bn from 
Y926bn. Post-tax profits fell 9.6 
per cent to Y40.5bn from 
Y44Abn, or from the per-share 
equivalent to Y84.63 from 
Y9368. 

Hie group said it would 
maintain its dividend of Y17 


per share for the current finan- 
cial year. 

Daiwa House predicted mod- 
est increases in profits and 
sales growth for the current 
year. Pre-tax profits should 
reach Y85bn. and post-tax prof- 
its Y45bn, equivalent to Y94.Q2 
a share. Turnover should be 
YLQQObn, it forecast. 

Mr Hashimoto warned the 
predictions were highly opti- 
mistic. 

Daiwa 's shares fell YlO to 
Y1530 in a rising market yes- 
terday. Sekisui House’s shares 
fell Y30 to Y1290. 


Pakistan restarts state disposals 

Success could spark sales of the top utilities, says Farhau Bokhari 


T he Pakistan govern- 
ment's current offer to 
sell up to IS state-owned 
fac to r”* ?, part of a plan to twH 
up to 31 factories in the coming 
months, is the first serious 
effort to put life baric into the 
country's privatisation pro- 
gramme, which came to a vir- 
tual halt early last year. 

The government delayed the 
programme amid fears that 
investors would be put off by 
the deadlock in government 
which aided only with fresh 
nntinnai elections last October. 

The businesses bring offered 
now iugindfl four cement facto- 
ries and another eight factories 
which manufacture ghee, a 
blend of oils for cooking. If 
they are sold, only 20 of the 118 
factories selected for privatisa- 
tion more than three years ago 
would be left waiting to go on 
the block. The 87 sold so far 
have realised almost Rs9bn 


Althoug h some of Pakistan's 
foreign donors have urged 
Islamabad to opt for a brood- 
based ownership through pub- 
lic flotations on the stock mar- 
ket, the current batch of 31 fat> 
lories are all designed to be 
sold hi open auction to either 


local or foreign investors. 

Senior privatisation officials 
say that more than half of 
these factories have been run- 
ning at a 10 P5 . making it diffi- 
cult for any public offer to 
attract large numbers of inves- 
tors. But if the government 
succeeds in sailing them , many 
officials responsible for run- 
ning the privatisation pro- 
gramme hope the sale of 
some of the country's largest 
and most lucrative utilities 
will get under way. 

These utiKtiew mriurip Pakis- 
tan Triecommunlcalion Corpo- 
ration (PTC) which could be 
worth up to $9bn. and the ther- 
mal power generation »™t« of 
the largest power company. 
Water and Power Generation 
Authority, which could he 
worth up to $gbn. 

The government also wants 
to privatise K a rachi Electricity 
Supply Corporation, Pakistan's 
second largest power genera- 
tion company, serving the city 
of Karachi. Another two large 
gas companies, Sui Northern 
Gas Pipelines and Southern are 
also bring prepared for sale. 

However, many critics say 
that the privatisation pro- 
gramme, which is now in its 


fourth year, has lost momen- 
tum through bureaucratic 
resistance to change. 

There have also been objec- 
tions from some of Pakistan’s 
four provincial governments, 
which say they should receive 
a share of the money raised by 
privatisations. 

Yet more objections have 
come from the armed forces, 
who have objected to the sale 
of the PTC on the grounds that 
transfer of the telephone com- 
pany’s ownership fata private 
hands would jeopardise the 
country's security interests. 

T hose objections were 
resolved recently when 
the government agreed 
to spend part of the money 
raised from the phone com- 
pany to set up a new phone 
network for the exclusive use 
of the armed services. 

The government also wants 
to remove fears of nationalists 
who are worried over the 
implications of transfer of own- 
ership to foreign investors. 
“We have come to a point in 
the world where it has become 
one big global market and the 
old nationalistic concerns can- 
not become a Hfartranrp any 


more In development of econo- 
mies”, says Mr Naveed Qamar. 
chairman of the National Pri- 
vatisation C ommitte e. 

Other officials say that safe- 
guards under consideration 
include the appointment of 
new consumer protection 
authorities, which would mom- 
tor issues such as tariffs to pre- 
vent any immediate price rises. 
Other p rop os als include those 
of requiring new owners to 
appoint only Pakistani nation- 
als as chief executive officers 
in the case of selective utilities 
such as the PTC, even if the 
ownership is transferred into 
foreign hands 

Despite such preparations, 
some p ugnmamBP are worried 
over the pace of the pro- 
gramme. Some affiraaia agree 
privately that the largest utili- 
ties could take between three 
to five years for detailed 
assessment of their real worth, 
and finalist ng terms of the 
sale, before they are offered. 

“If the programme is 
stow ... it would be quite easy 
for investors to look elsewhere. 
After all, there are other coun- 
tries which are giving good 
incentives too," warns leading 
Karachi b usinessman. rliL 



Employees at the Kloof Division of Kkxrf Gold Mining Company Listed 
embarked on unlawful industrial safer) on the evening of 5 May 1994. 
Extensive rfiscusstous between management, employer representatives 
and officials of the National Union of Mmewodcers have to date failed to 
achieve an end to the unlawful industrial action. 

These discussions ultimately confirmed a demand that dto d ptoaty 
proceedings a gafrm on individual, who is a member of the branch 
cocnmtoee of tie union, be discontinued. The cfisdpiinary proceedings 
arose from allegjoans of threatened reprisals stgainS another employee for 
nx having participated in previous unlawful industrial action. 

The compuiy obtained an Interim court order from the Supreme .Court on 
Wednesday, 11 May 1994, declaring vhe Industrial action tobe unlawful and 
InKidlcUng the striking e m p loy ees from continuing to participate In this 
unlawful action. 

Prnductirai losses to elite are estimated at around 820 million. 


to pro ce e d. The prime objective, which is common cause, is a teaimptioo 
of full operations as soon as poeibte 


Johannesburg 


12 May 1994 


The Marta Leaden la (uracil bcllM6 - Firandto and Sponc For I 
T"W|YE , 'V’ ; brwSmnr «»4im ■wow* «M*Qinon Sinn caSOTt M3 5*** 

AJXjAzj Atouui m wraoBy ajared trtfen 72 hour* 

Sueur «,vp.a mTcfcwM reeMH 


TOWN®Z 

COUNTRY 


BUILDING SOCIETY 
Issue of up to 

£125,000,000 

Floating Rate Notes due 1994 

In accordance with the previsions of the Notes, notice is 
hereby given that the Rate of Interest for the three month 
period ending 10th August, 1994 has been fixed at 
535% per annum. The interest accruing for such three 
month period will be £67.42 per £3,000 Bearer Note, and 
£1.348.49 per £100.000 Bearer Note, on 10th August, 1994 
against presentation of Coupon No. 19. 



10th May, 1994 


London Branch 
Agent Bank 


Tj-M-S- Putin x\ r i ew 




r.f -w. , : r. .Lo'.riv-- 


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O / l 129 3202 


BUSINESSES FOR SALE 

Appear in the Financial Times on Tuesdays, Fridays and Saturdays. 
For further information or to advertise in this section please contact 
Melanie Miles on 071 873 3308 or Karl Loynton on 071- 873 4780 


A SANDOZ 


SANDOZ LTD., Basle 
Capital Restructuring 1994 


Conversion of 8 PCs t bearer participation certificate («BPC>) of SFr. 100.- nominal value (bearing coupons nos. 

4-26) for 

5 registered shares («RS») of SFr. 20.- nominal value each (couponless non- renewable 
certificate) 

1 registered share of SFr. 100.- nominal value (couponiess non-renewable certificate) for 
5 registered shares of SFr. 20.- nominal value each (couponless non-renewable certificate) 

1 bearer share («BS») of SFr. 100 - nominal value (bearing coupons nos. 4-26} for 
5 bearer shares of SFr. 20.- nominal value each (bearing coupons nos. 27-52) 

The conversion and split is illustrated below for the shareholders and/or bearer participation certificate 
holders: 


Split and exchange 
of RSs and BSs 


Existing structure 


New structure 


1 bearar participatiM c&tificate 
of SFr. 1D0.- nominal 
{sec. no. 226.336) 


1 registered share 
of SFr. 100.- nominal 
{sec. no. 226-329) 


1 bearer share 
of SFr. 100.- nominal 

(sec. no. 226.333) 

i 

V 

1 

1 

▼ 

S registered shares 
of SFr. 2SL- nominal 
(sec. no. 217.194) 

1 

5 registered shares 
of SFr. 20.- nominal 
(sec. no. 217.194) 

1 

5 bearer shares 
of SFr. 2XL- nominal 
(sec. no. 217.192) 


I 


The resulting share capital of Sandoz Ltd., Basle, will amount to SFr. 816 325 600.-, broken down into 36 739 260 reg- 
istered shares and 4 077 020 bearer shares of SFr. 20.- nominal value each. 

1. Proposals approved by the Ordinary General Meeting of shareholders 

The Ordinary General Meeting of shareholders of Sandoz Ltd. held on May 5. 1994, approved a proposal of the 
Board of Directors regarding the restructuring of the company's share and bearer participation certificate capital 
as follows: 

a) Convention of the bearer participation certificates into registered shares 

The bearer participation certificate capital will be abolished. At the same time, new registered share capital 
amounting to SFr. 187 044 800.- will be created by conversion of the bearer participation certificates into regis- 
tered shares with the same nominal value. 

b) Split of registered and bearer shares at the ratio of 1:5 

Each registered share of SFr. 100.- nominal value shall be split into 5 registered shares of SFr. 20.- nominal 
value each and each bearer share of SFr. 100.- nominal value shall be split into 5 bearer shares of SFr. 20.- 
nominal value each. 

2. Exchange period 

The exchange of securities will commence on Monday, May 16, 1994 and continue until Thursday, June 30. 
1994. As from Friday, July 1, 1994, only the new bearer and registered shares resulting from the exchange will be 
considered as egood delivery*. 

3. Trading / listing 

The official trading and listing on the Zurich. Basle and Geneva stock exchanges of registered shares, bearer 
shares and bearer participation certificates with a nominal value of SFr. 100.- each shall continue until Friday, May 
13, 1994 (last day of trading). 

As from Monday. May 16. 1994, only registered and bearer shares of SFr. 20.- nominal value each will be offi- 
cially traded on the above-mentioned stock exchanges. 

4. Charges 

The conversion of existing bearer participation certificates into registered shares as wall as the split and exchange 
of existing bearfer end registered shares will be free of charge for holders of shares and BPCs during the exchange 
period at the official exchange agents listed below. 

5. Instructions for the shareholders and holders of bearer participation certificates 

a) Certificates held in safekeeping accounts 

Bearer and registered shares: Holders of shares deposited in an open safekeeping account at a bank need 
not take action in connection with the exchange, as their holdings will automatically be exchanged at the ratio 
of 1 5 and re-entered under the new security numbers. 

Bearer participation certificates: Holders of BPCs deposited in an open safekeeping account at a bank will 
be informed accordingly and at the same time requested to return ths registration application form sent to 
them, duly completed and signed. On the basis of this confirmation, the custodian bank will effect the exchange 
and transfer the new registered shares to the safekeeping accounts of the shareholders ooncemed at the ratio 
of 1:5. 

b) Certificates kept at home 

Registered shares: Immediately after the Ordinary General Meeting, registered shareholders without a bank 
dividend address entered in the share register were directly informed of the new capital structure by Sandoz 
Ltd. As of May 16. 1994, the shareholders in question are requested to submit the shares to their own bank or 
to one of the banks officially designated as exchange agents. 

Bearer shares. As of May 16, 1994, holders of bearer shares kept at home or in a bank safe are requested to 
submit the shares with attached coupons nos. 4-26 to their own bank or to one of the banks officially desig- 
nated as exchange agents. 

Bearer participation certificates: As of May 16. 1994. holders of BPCs kept at home or in a bank safe are 
requested to submit the certificates with attached coupons nos. 4-26 together with the registration application 
form, duly completed and signed, to their own bank or to one of the banks officially designated as exchange 
agents. 

6. Denomination 

The new bearer shares of SR. 20.- nominal value each will be issued as individual certificates as well as certifi- 
cates representing 10, 100 and 1000 shares. They will have coupons nos. 27-52 attached. The new registered 
shares will be made available as couponless non-renewable individual certificates or collectively held at the Swiss 
Securities Clearing Corporation (SEGA) with delayed printing of the share certificates. 

7. Entitlement to dividends 

The new registered and bearer shares of SFr. 20.- nominal value each entitle the holder to dividends for the entire 
'1994 financial year provided the old shares have been exchanged first 

8 . Entry in the share register of registered shares from exchange of BPCs 

Recognition as a registered shareholder with voting rights is assured upon entry in the share register subject to 
the restrictions set forth in Article 5 of the Articles of Association. In particular, the total number of shares entered 
per voting shareholder, or group of shareholders, shall be restricted to two percent of the registered share capital 
entered in the Commercial Register. 

9. Official exchange agents 

The following banks and their Swiss offices act as official exchange agents. They convert bearer participation cer- 
tificates and effect the split and exchange of bearer and registered shares during the exchange period free of 
charge: 

Union Bank of Switzerland Swiss Bank Corporation Credit Suisse 

Registration application forms for the conversion of bearer participation certificates into registered shares are 
available from the above banks upon request 

Principal exchange agent 

Zurich, May 13, 1994 UNION BANK OF SWITZERLAND 



Swiss sac. no.: 

ISINiuu 

Registered shares of SFr. 100.- nominal value 

226.329 

CH0002263298 

Registered shares of SFr. 2L- nominal value 

217.194 

CH00021719C7 

Bearer shares of SFr. 100.- nominal value 

226.333 

CH 00022 63330 

Bearer shares of SFr. 2H- nominal value 

217.192 

CHOQQ2171921 

BPCs of SFr. 100.- nominal value 

226.336 

CH0002263363 


SAFRA REPUBLIC HOLDINGS SJL 
Luxembourg 
Value Number 595.113 
Dividend Payment 

Al Q)C Annual Oeaetal McOtagfrf Shareholder held in Luxembourg on May 11. 1994, 
b wa» reached that » dividend of US5 2.75 pa comm o n stair be payable for (be year 
1993. 

The dividend b res p ect of bearer stare? will be payable from May 31, 1994 upon 
surrender of ewpOa No 6 at (fas coasters of the Company's paying agents: 

Republic National Beak of New York (Suisse) 5 A. Geneva 
Republic National Bata of New Ycx* (Luxembourg) SA, Luxembourg 
Republic National Bank of New York, London 
Union Bant of Swineriiad. Zwicfa 
Union Bank of SwiacriBod. Lnacmbnnig 
Swiss Bank Capenoon, Bead 
CWdn Smsse, Zniicb 


ALLIANCE -r LEICESTER 
Affine* 6 Wearer BmUbeSodoj 
£50,000,000 

SoborduMDcd Flooring Rate 
Note* due 2004 
For the three months llth May, 
1994 to llth August. 1994, the 
Notes will cany an interest rate 
at 5.66?$% per annum with act 
inrerest amount of £142.85 per 
£10, COO and £1,428.52 per 
£100,000 Note, payable on llth 
August, 1994. 

Uaadoa Ac Lusetaui Sraci Erahtose. 


I Bankers H-Btfr 

I Company, Loadno AflttcBadk 


APPOINTMENTS 
ADVERTISING 
■appeais in the.UK. edition 
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xeditioa everyFriday . 
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please call: . " 
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. . 3*18733779 
Andrew Skarzynski on 
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HSBC GLOBAL INVESTMENT FUNDS 

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Larertonrg- B-3.Q87 

NOTICE 

S ta rr - taMm mc hereby tifararri dm the nacrttaB y general raeerin g of AwMiMh. foM rm a* 
Mar l?W bto detabd to chugc the sbbc of Ble QMpaay &cm Wandcy Octal Sdecdon u HSBC 

□total hrvaaacol Pnda. 

The ana at 0 k *dv tends an taaeged m Mbat 

HSBC Octal 
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ffiBCffletal 
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HSBC Octal tan*** Ut 
HSBC Qobal UnMmaa And* 

HSBC Octal hataa Pm* 

HSBC Octal 



erf Equity 



tan Mar Udi IWi b Me lttb 1W«, d» itanflnltas u toted to pant tbdr feanr c«ilie>ita 
to dir itaaeta Ageei HSBC bnua Rmta taenbong SA, 7 rw tki Macb^auz-lfaba. 

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nonce is issued in compliance with the requirements of The International Stock Exchange of the 
Unite d Kingdom and the Republic of Ireland Limited (the "London Stock Exchange"). Application has 
been made to the London Stock Exchange for all the Ordinary Shares and Warrants, issued and to be 
£5ued pursuant to the Issue, to be admitted to the Official Use It is emphasised chat this advertisement 
not constitute an offer or invitation to any person to subscribe for or to purchase securities. 

U is expected that admission to the Official List will become effective and dealings in the Ordinary Shares 
and Warrants will commence, separately; on 3rd June, 1994. 


Scudder Latin America 


Investment Trust PLC 

(Incorporated in Enrfand and Wales under the Companies Art 1985 with restored number 28&37M) 


Placing and Intermediaries Offer 
by UBS Limited 

of up to 70,000,000 Ordinary Shares of 25p each 
(with Warrants attached on a 1 for 5 basis) 
at lOOp per Ordinary Share payable in full on application 


Share Capital 


Authorised 

Nominal No. of 

value shares 

£22.250,000 89,000,000 


in Ordinary Shares of 25p each 


Issued and to 
be issued fully paid* 
Nominal No. of 

value shares 

£17,500,000 70,000,000 


■ on the basis chauhe l^sue is fuUy subscribed arid ignoring the exercise of subscrip non rights attaching to 
the Warrants. 


Copies or the listing particulars may be obtained during normal business hours on any weekday (Saturdays 
and Sundays excepted) up to and including Friday, 27th May, 1994 from: 


Scudder, Stevens & Clark Limited 
New London House 
6 London Siren 
London EC3R 7BE 


UBS limited 
100 Liverpool Street 
London EC2M 2RH 


and during normal business hours up to and including Monday, 16th May, L994 for collection only, from 
the Company Announcements Office, London Stock Exchange Tower, Capel Court entrance, off 
Bartholomew Lane, London ECL 


13th May, 1994 


This announctmenl appears as a master of record only. 


$8,890,000 


Hungarian Telephone 
and Cable Corp. 


NASDAQ-HTCC 


COMMON STOCK 


The undersigned arra n ged the private placement 
of these securities. 


£ 


Commonwealth Associates 


MERCURY OFFSHORE STERLING TRUST 
(S1CAV) 

Registered Office 14, roe Ufoo Tbyes, 

L-2£36 Lnoembocng, 

Grand-Dodfiy of Luxembourg. HC Lro au fwrg: R43I7 


MatrMMVtM 

wpoMtiMMHn 


NOTICE OF EXTRAORDINARY 
GENERAL MEETING OF SHAREHOLDERS 


The Earaonfinmy General Meeting of Shareholders of Mocury Offshore 
Stating Trust will be held at to registered office at 14 rue Lion Thyes. 
Luxembourg, at 11.00 a. m_ on 2nd June, 1994, for the purpose of considering and 
voting upon die proposal (a) to amend Articles 8t2L 8(8), 9(1 ). 9(3), IS(4), 
i IS02K 15(14) and 16(1), and delete Ankles 8(3) and 8(4) so as to ddac the 
references to "Certificates’' and "ooofumarions" in t&c Artictes of Association, to 
abandon shore certificates in (elation to Registered Share and to remove the 
provision for die issue of confinnntian advices, and (b) to amend Article 3f and 
delete Article 32 of (be Articles of Association so as to ensure consistency with 
current Luxantmoig law and practice. 


Voting 

The Resolution on the Agenda of tbc Extraordinary General Meeting of 
Shareholders may be passed wiib a minimum quorum of 50 per cent, of (he 
issued shares by a majority of 75 per cent, of (be votes cast thereon at ibe 
Meeting. 


Further Meeting 

If a quorum is not presew at the above Extraordinary General Meeting of 
Shareholders, a Timber Extraordinary General Meeting still be convened and held 
at the same address on 8th July. 1994. a 1 1.00 am to consider and vote on the 
proposal mentioned above. At such Meeting there will be no quorum requirement 
and the Resolution on the Agenda will be passed by a majority of 75 per cent, of 
the votes cast thereon at the Meeting. 


Voting Arrangements 

In order to vote a die Meetings: 

- the holders of bearer Shares mas deposit their Shares. either at the 
registered office of the Company nor later dun 26ch May, 1994 or with 
any bank or financial institution acceptable to die Company, and tbc 
relevant Deposit Receipts (forms of which may be obtained bom Ibe 
registered office of the Company) muube forwarded to the registered 
office of the Company lo arrive no later than 26th May. 1994. The 
Shares so deposited will remain blocked until the day after ibe Meetings 
or any adjournment thereof; 

- the holders of Registered Shores need not deposit their certificates but 
can be present in person or represented by a duly appoi n ted proxy; 

- SbareboMers who etutxx attend the Meetings in person are invited to 
send a duly completed and signed proxy form to die registered office of 
tile Company to arrive not later than 2«h May, 1994. Proxy forms will 
be sent to registered Shareholders with this Notice and can also be 
obtained from the registered office. 


I nformati on for Shareholders 

Shareholders are advised dm a draft, subject to amendment, of foe proposed 
amended Articles of Association is available far inspection and copies of die 
Company's Letter to Shareholders conce rni ng the proposal referred to in the 
above Agenda ol the Extraotdinary General Meeting are available at the 
registered office of the Company and a the following places: 


S.C.Wtafeurg 8l Co. Ltd.. 

6th Floor. Credits Paying Agency 

2 Ffostnny Avcnoc. 

London EC2MZPA 
ENGLAND 


Banque Intern ationnl & 
Luxembourg 5A. 

2 boulevard RoyaL 

LUXEMBOURG 


A draft of the Ankles of Association as amended will also be available for 
inspection a the Meeting. 


An Addendum to the Company's Prospectus will be available Mowing the 
Meetings), if ti* above proposal is adopted. The Addendum wiB describe the 
change to Hncertificaied Registered Shares and will also raclraie derails of the 
c pcetnl enpaldcmtk ms applkahie in the smaller nr emerging markets in which the 
European, Global. Overseas and Pacific funds may invest. 


13lb May, 1994 


Hie Board of Director* 


WMilr 

tk« Maa la 

laiWW 

■ TO 


Pool 

■ M 

ft** 

PMteBII 

IWtaM 





OMMl 

Dim 

MM) 

1073 

11.10 

11.10 

10.70 

loss 

1085 

10.7D 

1670 

1070 

1170 

12J0 

14*4 

10.70 

■tiae 

14*4 

10.70 

1230 

1*W 

10.70 

1296 

1494 

1070 

1296 

1494 

1070 

1296 

1484 

1070 

1690 

1690 

1070 

21.58 

23£R 

1073 

21JSS 

205! 

1OB0 

21J5B 

2392 

11-06 

34.13 

26.13 

iaae 

23.12 

mm 

3229 

4678 

8140 

5048 

5449 


up„ 15 % 

off electricity 


021 423 3018 

Powerline 


FINANCIAL TIMES FRIDAY MAY 13 1W4 

INTERNATIONAL COMPANIES AMP FIN ANCE ! 


Chemical Bank in mortgage deal 


By Patrick Harverson 
in New York 


Chemical Banking is to acquire 
Margaretten Financial, a New 
Jersey-based mortgage banking 
company, for $25 a share, or a 
total of 5330m in cash. 

The acquisition of Margaret- 
ten is part of ChemicaTs strat- 
egy to build on its nationwide 
consumer financial services 
business, and become a bigger 
force in the business of origi- 
nating home mortgages, and 
servicing existing mortgages. 


For banks in the mortgage 
industry, a servicing business 
can help offset the negative 
impact on origination volume 
of rising interest rates, as weH 
as produce a steady stream of 
fee income. 

After the acquisition is com- 
pleted, probably by mid- 
summer, Chemical will be the 
fourth-largest originator of 
mortgages in the US, with vol- 
ume of about SSXLSbn, and the 
fourth-largest company servic- 
ing mortgage loans, with vol- 
ume of about $54L5ba. 


Mr Felix Beck, chairman of 
Mar garetten. said Of the deal-' 
“We believe this transaction, 
provides our shareholders with 
the enhanced value we have 
been seeking since our initial 
public offering in January 
1992/* 

The New Jersey company, 
which has 78 retail offices and 
li wholesale offices in 25 
otah »5 was a subsidiary of the 
diversified financial services 
group Frimerica before going 
public in 1992 through a share 
issue. That issue valued the 


company at just over 5300m, 

Last year. Margaretten 
reported revenues of 5245m. 
but made only a small profit 
This was because a rise In the 
number of customers refinanc- 
ing their mortgages forced it to 
increase amortisation charges 
in order to write down the 
value of some portfolios. 

News of the deal was well 
received on Wall Street Shares 
in Margaretten, which have 
fallen as low as 512% in the 
past year, rose 51% to 52414. 
Chemical rose V/« to 534%. 


Mexico 
sells final 
stake in 
Telmex 


By Damien timer 
inMexfooCtty 


First-term 
loss deepens 
at Thomson 
Corporation 


AlliedSignal pays $375m 
for aero-engine maker 


By Martin Dickson 
in New York 


By Robert Gibbons 
hi Montreal 


First- quarter losses at 
Thomson Corporation, the 
Canadian publishing and 
travel group, deepened to 
US$83m, or 11 cents a share, 
against a loss of US$59m, or 10 
cents, last time. 

It blamed slack: demand in 
the travel market during the 
winter. Newspapers, however, 
remained profitable, with 
better advertising in North 
America. 

The final loss was struck on 
revenues of USSU2bn against 
US$L07ba Seasonal weakness 
in many operations usually 
bring losses in the first quar- 
ter. Thomson says the latest 
period was not indicative of 
the full year. 

The group, which is one of 
biggest tour operators in the 
UK and includes Britannia Air- 
ways, had an operating loss of 
US$34m against a loss of 
US$29m. 

The newspaper division, 
which encompasses 116 dailies 
and, 48 weeklies in North 
America and regional publica- 
tions in the UK, posted an 
operating profit of US§32m 
against US$30m. 

The Toronto Globe and MaD 
posted a 52 per cent gain in 
advertising lineage, and Thom- 
son said national advertising 
was improving across North 
America. 

Textbooks and services to 
UK newspapers had an operat- 
ing loss of CS$2Sm against a 
deficit of US519HL 
• Bras can, a key Edper- 
Bronfman holding company, 
reported a first-quarter net 
profit of C$15 2m (US*12.5m), 
or 14 cents a share, against 
C$137m, or C$1.38, a year ear- 
lier. The figures include a 
C$2l0m special gain on the sale 
of John Lahatt shares. Exclu- 
ding special gains, the 1993 
quarter loss was C$73m. 

Brascan said the gains came 
mostly from the resource units. 
Pulp and base metals prices 
rose significantly. 

The group plans expansion 
to afiset last year’s disposal of 

its Tpatri holdings in Mac Millan 

Bloedel and Lahatt It contin- 
ues to control Noranda, Cana- 
da’s biggest resource group. 


AlliedSignal, the US 
high-technology group, is to 
buy Lycoming Turbine Wn gfiM, 
a manufacturer of engines 
for regional aircraft, from 
Textron for $375m in cash. 

The deal solidifies its posi- 
tion as a leading global manu- 
facturer of small turbine 
engines. 

The purchase is the largest 
of several acquisitions by 
AlliedSignal since Ur Law- 
rence Bossidy took over as 
rViph-marv in 1991 and began 8 
restructuring which has 
greatly improved the group’s 
ftnanria) and share-price per- 
formance. 

Mr Bossidy said the deal was 
a “major step forward in the 
growth of our aerospace busi- 
ness and furthers our strategy 
to increase the sales of our 
core businesses and strengthen 
them with top quality acquisi- 
tions”. 

AHiedSignal’s aerospace divi- 
sion claims to be the largest 
producer of engines for busi- 
ness jets and small regional 
aircraft It had sales last year 
of around $l-3bn. 

Lycoming, with 1993 sales of 



k J 


Lawrence Bossidy: ‘major step 
forward in aerospace business’ 


around 5620m, makes turbofan 
engines for larger regional 
a i r craft - the fastest growing 
part of the airline industry - 
as well as for helicopters, 
tanks and hovercraft. Its 
engines are used on aircraft 
such as the British Aerospace 
BAe 146 regional aircraft and 
Textron’s Bell AH-lS Cobra 
helicopter. 

It has 2J900 employees and 
plants in Connecticut, Texas, 
and Luton. England. 

The acquisition will extend 


AlliedSignal’s products into 
the 70- to 115 -seat regional air- 
craft market, and the company 
says it will make it the leading 
global supplier in this sector, 
as well as engines for heavy 
helicopters, tanks and light 
vessels. 

Mr Daniel Burnham, presi- 
dent of AlliedSignal’s aero- 
space division, said the two 
businesses were complimen- 
tary, with no product overlap, 
and that significant cost reduc- 
tions would be possible 
through rationalisation of 
duplicate operations. 

The new business would also 
have a broader research and 
development base. 

Lycoming suffered a “signifi- 
cant" decline in both revenue 
and income last year, accord- 
ing to Textron’s annual report 
It blamed lower US govern- 
ment and commercial business. 
However, Mr Burnham said 
the company would contribute 
immediately to AlliedSignal 
earnings and would not be 
dilutive. 

Textron, which makes air- 
craft and automotive compo- 
nents, said the sale was in line 
with its strategy of aggres- 
sively managing its systems 
and components business. 


Surge at Gap bucks US trend 


By Richard Tomkkts 
in New York 


Gap, the US casual-wear 
retailer, shrugged off the poor 
apparel sales affecting other 
US stores to report a 53 per 
emit jump in net profits, from 
S4L5m to $63 An, for the first 
quarter to ApriL 

The San Francisco-based 
company attributed the 
improvement mainly to better 
margins, largely resulting from 
a switch to more feminine- 
looking olothpfl for women in 
its main Gap stores. 

The number of stores opened 


rose from 1,319 to L398 at the 
mid of the quarter. Of these, 
848 were Gap, 179 Banana 
Republic, 324 GapRids and 47 
Old Navy Clothing Co or Gap 
Warehouse. Outside North 
America, it had 44 stores in the 
UK and three in France. 

Total sales rose 17 per out 
to 5752m, while sales at stores 
open a year earlier rose 7 per 
cent Earning s per share rose 
from 29 cents to 44 cents. 

Gap said one factor behind 
the improvement in margins 
was the reduction in promot- 
ional activity compared with 
last year’s quarter. This meant 


more goods had been sold at 
the full price, it said. 

More significantly, the com- 
pany had a good response to its 
shift away from unisex, basic 
clothing such as T-shirts and 
jeans to more gender-specific 
merchandise, particularly for 
women. The stores now stock 
more skirts, dresses and 
embroidered tops. 

Gap has also launched a 
retailing format called Old 
Navy Clothing Co far shoppers 
who find the group’s other 
stores too expensive. It will 
gradually replace the Gap 
Warehouse chain. 


The Mexican government has 
sold its final stake in 
Teldfonos de Mexico, the 
national telephone utility, in * 
convertible offering worth op 
toSSSOm. 

The offering brings to an 
end the privatisation of Tel- 
mex, the largest public com- 
pany sold by a developing 
country. The privatisation 
began at the end of 1990 whan 
the government sold a central. 
Hug 20.4 per cent stake far 
Sl.76bn. It continued with a 
series of big equity offerings 
in international and domestic 
marwtts. 

The most recent Bank of 
Mexico annual report indi- 
cated the government had 
obtained $8.18bn from previ- 
ous offerings of Telmex e q u i ty. 
The convertible woald bring 
the total sale to around 
f&TShn. 

The government sold peso 
bonds convertible into Tshms 
equity 90 days after the issue. 
They cm be redeemed by the 
government between the third 
and fourth year. The pern 
interest rate is 11.25 per cent, 
and conversion price is 15 per 
cent over the current share 
price of Telmex. 

In spite of the volatility in 
Mexico’s financial markets, 
the offering was oversub- 
scribed, according to one par 
ttdpant. In part, this was 
because an 1L25 per cent pen 
interest rate is considered 
relatively generous, as Is the 
15 par cent conversion pre- 
mium. 

Mr Guillermo Ortit, the dep- 
uty minister, said the 

5550m Obtained from the con- 
vertible offering would be 
placed In tin government’s 
special contingency fund. In 
the past, money from the con- 
tingency fend has been used to 
retire public debt 

The additional resources 
now available to the govern- 
ment may Into calm investors 
nervous about the political 
and economic situation in the 
run-up to the August election. 

The government Bald tee 
success of the offering 
reflected continued foreign 
interest in Medcan assets. 


Correction 

CoreStates 


CoreStates, the 

Philadelphia-based bank, 
serves companies with sales of 
between $15m and 5250m. This 
range of figures was incor- 
rectly stated in our survey on 
Greater Philadelphia (May 4)- 


America Online 
makes $ 28 m 
multimedia buy 

By Martin Dickson 


New currency 
options market 


By Patrick Harverson 



The Philadelphia Stock 
Exchange is forming a new 
market that win allow inves- 
tors to customise currency 
options contracts to their par- 
ticular needs. 

The exchange hopes its new 
forum will bridge the gap 
between listed currency 
options markets and the much 
larger over-the-counter options 
market 


America Online, a fast-growing 
US provider of teleccmmamca- 
tions-based information ser- 
vices, has announced that it 
will buy Redgate Communica- 
tions, a privately-owned multi- 
media services company, for 
around $28xn in stock. 

Mr Steve Case, president of 
America Online, said that 
modem-based on-line services 
and CD-Rom based multim edi a 
were both growing rapidly, 
but so far they had been 
separate. 

The combination of Amer- 
ica Online and Bedgaie enabl es 
us to create hybrid offerings 
that marry the best attributes 
of each,” he added. 



Telecom Markets is the essential source of regular information about 
the global telecommunications industry, it provides both 
hard-to -obtain news and specialist analysis for the professional 23 
limes each year, end is available only on subscription from the 
financial TSnrtes. 


NOTICE OF DIVIDEND FOR 1993 FINANCIAL YEAR 



Notice to Shareholders is hereby given that, as approved by the 
Annual General Meeting of Shareholders held on April 29, J99A 
the dividend for (he 1993 financial year will be in the amount of 
line 400 before taxes withheld for each share (against the clipping 
of coupon no I). and will be payable as of May |7. 1994 at MTs 
Offices in Rome. Viaie dell’ Arte, 25 or through the following 
banks and intermediaries: 


INTERNATIONAL COVERAGE 

TM is designed so that information is readily accessible and quickly 
absorbed, providing the latest on: 


* Global doregufcrtrofi 

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Banca Commercials Italians, Credito Italian©, Banca National dti 
Lavoro, Coriplo, Istiiuto Bancorio S. Paolo di Torino, Monte dd 
Paschi di Siena, Banco di Napoli. Banco di Roma. Banca Gasgedi 
Risparmio di Torino. Credito Romagnolo, Banca Fideurant, Mob® 
Tiioli. 


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FINANCIAL STATEMENTS 1993 

The 1993 financial statements of IM1 S.jxA. and the reports of U* 
Annual General Meeting of Shareholders, as well >5 the 
Consolidated Financial Statements of the Group, will be deposit** 5 
on May 27, 1994 at IMI's head office and at the Securities 
Stock Exchange Council (CONS OB) in Milan for public 
consultation. Copies will be nude available upon request. 


Telecom Market; 


isTmrro mobiliare itauano 
H ead Office in Rome - Viaie dell 'Arte, 25 (Italy) . 
Paid-in Shore Capita] LT 3,OUO.00O,000,0lX) 

Tribunal of Rome n. 10945/91 

Inscribed in the Official Register of Banks. Also inscribed in ihe-Offd**. 
Register of Bonking Groups as Par*™ Company ut the IMJ BanJri^G f0U * 1 ’ 

iThis Afire is published in urtwdonrr h irb Cunsoh detrtt **■ 
of November 14. IWI) 


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FINANCIAL TIMES FRIDAY MAY 13 1994 

INTERNATIONAL COMPANIES AND FINANCE 

John Fairfax ahead 20% at nine months 


By Nikki Taft In Sydney 

John Fairfax, the Australian 
newspaper group in which 
both Mr Kerry Packer's Nine 
Network and Mr Conrad Black, 
the rtanadlflti p nhlishw . have 
minority stakes, yesterday 
announced a 19.8 per cent rise 
in operating profits to 
A$14L9m (OS$104.7m) for the 
nine mo nths to enrt-Mawfo 
After-tax profits Increased 
even more sharply, to 


ASI17-5m from A$47.4m. This 
was partly doe to an A$40.1m 
abnormal tax benefit, but also 
to lower interest charges - 
down from A HO .3m to 
A$27-3 hl 

Revenues increased by 8.7 
per cent to A$6l7.3m, while 
operating costs rose by only 5J> 
per cent to A$455m. 

The company said the 
improved results were “mainly 
attributable to increased adver- 
tising volumes, derived from 


improved trading conditions 
and modest advertising rate 
and cover price increases". 

Classified advertising vol- 
umes for the Sydney Morning 
Herald rose by 8.8 per cent, 
and for the Melbourne Age by 
10.4 per cent. Display advertis- 
ing volumes were up by 12.4 
per cent and 2.2 per cent, 
respectively. 

The company, which has 
been at the centre of a high- 
profile Senate inquiry recently, 


added that trading results 
since end-March had “contin- 
ued to reflect the improving 
economic conditions". Profit 
projections for the year to end- 
June w«ne satisfactory. 

• The Senate inquiry looking 
into foreign ownership of the 
print media and, more specifi- 
cally, the circumstances sur- 
rounding the government's 
decision to let Mr Black raise 
his Fairfax stake from 15 to 25 
per cent, is to make an interim 


report early next month and a 
final report by late September. 

This essentially delays the 
final report, while a privileges 
committee examines the Sen- 
ate's powers to demand docu- 
ments and whether the federal 
court should play any role. Tine 
inquiry has sought certain For- 
eign Investment Review Board 
documents relating to the vari- 
ous bids for Fairfax, but mem- 
bers of FIRB have refused to 
band these over. 


Bajaj Auto aims to maintain its dominance 

The Indian scooter maker is capitalising on economic liberalisation, says Stefan Wagstyl 

F ew Indian industrialists company Launches a 5200m. protectionist Mr Bajaj rejects stuck to our knitting," says Mr abroad in developing countri* 
have stayed as dose to Euro- equity issue later this the allegation, saying govern- Bajaj- “and we always will.” Exports, now less than 5 pt 
their business as Mr year. meat should support the entry Bajaj. which started mauu- cent of sales, are planned t 


F ew Indian industrialists 
have stayed as close to 
their business as Mr 
Rahul Bajaj, chairman of Bajaj 
Auto, the country's largest 
maker of scooters and motor- 
cycles. 

While other business leaders 
have often allowed themselves 
to be swept up by the social 
and political whirl of Delhi 
Bombay, Calcutta or Madras. 
Mr Bajaj has lived next to his 
factory in Pune since 1965, an 
industrial city three hours’ 
drive from Bombay. Like his 
workers, he sent his three chil- 
dren to the local school. 

Bom into a wealthy business 
family , brought up in Bombay 
and the holder of an MBA from 
Harvard University, Mr Bajaj 
would have been forgiven for 
deciding against life on the fac- 
tory site. But he says he could 
not have built Bajaj Auto into 
a world-class company any 
other way. 

It is not an idle boast Bajaj 
is nna of the few large Indian 
companies which competes 
successfully with the world's 
best Among manufacturers of 
two-wheelers, it ranks fourth, 
behind Honda, Suzuki and 
Kawasaki of Japan and ahead 
of Piaggio of Italy, which 
belongs to Flat 
Bajaj held its domination of 
the Indian market even though 
Piaggio and the Japanese mak- 
ers entered the country as long 
ago as the early 1980s. Most 
recently its market share has 
been rising - to 49 per cent in 
the year to March 1994. 

With a market capitalisation 
equivalent to 31.4bn, Bajaj 
Auto is a popular stock with 
foreign fund managers, who 
wiil have a further opportunity 
to buy tiie shares when the 


company launches a 5200m. 
Euro-equity issue later this 
year. 

Bajaj is the biggest profit- 
earner in the Indian vehicle 
industry and posted a 180 per 
cent increase in net returns to 
Rsl,45bn f$46J!m) on sales 
which rose 27 per cent to 
Rsl&dhn. 

Mr Bajaj says that the com- 


Bajaj Auto 

Unadjusted share price (Rupees) 


protectionist. Mr Bajaj rejects 
the allegation, saying govern- 
ment should support the entry 
of foreign investors but should 
also encourage domestic com- 
panies. “Some Indian compa- 
nies must become ’world-beat- 
ers," he says. 

Bajaj is free of the messy 
diversifications which encum- 
ber many leading ind us tri a l 


stuck to our knitting." says Mr 
Bajaj. “and we always wifi.” 

Bajaj. which started manu- 
facturing two-wheelers in 1961 
under licence from Piaggio, 
made 900.000 last year and 
plans to produce around L8m 
vehicles by the year 2000. Its 
models, including scooters, 
motorcycles and three-wheeled 
auto-rickshaws, can be seen in 


m~ 



J§|-. ; ■; y 





■ v.- ,'TV : V 


vVv.: • V •: . h ; '\V 

. ; . i '! ]\ . +.*;'•< yl ; 







• v. Mao.; ' an 
Scuta Drtasbmm 

party is well-placed to take 
advantage of the economic lib- 
eralisation which started three 
years ago. He argues it is 
important for the government 
to create conditions under 
which seme Indian companies 
can become multinationals. 

Mr Bajqj last year joined a 
meeting of leading business- 
men called the Bombay Club, 
which lobbied for industry- 
friendly economic policies but 
which was accused of being 



92 S3 .94 

*OnMar-ai» bonus issue Rahul Bafafc chairman 


groups. Under the “licence 
rai", the system of industrial 
control which Is now being dis- 
mantled, socialist-inclined gov- 
ernments placed ceilings on 
the investments any one com- 
pany could make in an indus- 
try, in a futile effort to curb 
large-scale private enterprise. 

Groups chased growth by 
expanding into several indus- 
tries at a time - often with 
poor results. But Bajaj stayed 
with making motorcycles. “We 


almost every city and town in 
India. 

They are cheap - costing 
Rs 17,000 to Rs20,000 for the 
most popular models - inex- 
pensive to run and easy to 
repair. Mr Bajaj says: “Indians 
are more interested in econ- 
omy than in performance.” 

Cost control remains of para- 
mount importance to Mr Bajaj- 
Price is tire main weapon in 
battle with Japanese makers, 
both in India and, increasingly. 


abroad in developing countries. 
Exports, now less than 5 per 
cent of sales, are planned to 
rise to 15 per cent, with big 
gains expected in China, Viet- 
nam and Mexico. 

Mr Bajaj says the company 
be most admires Is Honda. But 
he says Bajaj Auto is now too 
big a rival for Honda or any 
other Japanese maker to con- 
sider a partnership. Bajaj last 
year held talks with Piaggio 
over a joint venture in India 
and worldwide collaboration 
with a possible exchange of 
equity. But these failed, so 
Bajaj is on its own in two- 
wheelers. 

The company's main aim in 
the next two years is to up- 
grade its models, including 
introducing new an ginae which 
will conform with tough new 
pollution, laws which India is 
introducing in 1996. 

The only diversification Mr 
Bqjaj will consider is the pro- 
duction of other kinds of 
vehicles- In 1967, be tried and 
foiled to buy control of Ashok 
Ley land, the lorry producer. 

Recently he has revealed 
plans to manufactu re cars. Bat 
he is not interested in the mod- 
est moves made by other 
Tnrffsn groups to manufacture 
10,000 or 20000 vehicles a year 
in partnership with foreign col- 
laborators. These cars are 
aimed at the top end of the 
market Mr Bajaj wants to pro- 
duce cars for the ordinary man 
- 50000 to 100,000 cars a year i 
in high-volume, low-cost manu- ■ 
factoring. IBs model would I 
compete with the Maruti 800, 
India’s most popular car which 
sells for less than Rs20O0OO. 

Mr Bajaj has yet to set a 
timetable for his project or 
Identify a foreign partner. 


Falling sales 
take toll 
on Japanese 
watchmaker 


By WUSarn Dawkins 
in Tokyo 

Citizen Watch, Japan's largest 
volume watchmaker, yesterday 
reported a sharp drop in full- 
year taxable profits, due to 
declining sales and a prolonged 
foil in capital investment 

Pre-tax profits fell by 36.8 per 
cent to YlO.Gtm fSUBbn) in the 
year to March, easily wiping 
out the previous year’s small 
rise, on turnover down by 7.4 
per cent to Y233.7bn. 

Net profits fell by 38.5 per 
cent to YSbtL 

Citizen warned that the out- 
look for demand was sluggish, 
while price competition and 
the yen's value were “unpre- 
dictably difficult". 

The group strengthened 
plans to cut costs and stream- 
line production over the year 
and will continue to do so in 

1994. 

It expects sales this year to 
foil further, to Y2i5bn. 

Watch sales, just under half 
total turnover, fell by -L9 per 
cent to Yll3.6bn. on a 9.7 per 
cent rise in unit production to 
204.8m watches, implying a 
sharp contraction in mar gins. 

Titanium watches and 
watches linked to J-League 
professional soccer did well in 
Japan, but the yen's sharp rise 
produced poor export results. 

Information equipment and 
parts, just under 30 per cent of 
sales, saw a 60 per cent fall in 
turnover to Yfijjjbn. 

Notebook computers and 
printers performed well after 
cost reductions and product 
improvements, but sales of > 
floppy disk drives declined 

Electronic equipment sales 1 
fell by 6 per cent to Y33.4bn, 
dragged down by poor perfor- 1 
marines in liquid crystal dis- 
plays and portable televisions. 

Aggressive marketing for 
industrial machinery failed to 
stimulate demand, with many 
industrial companies burdened 
with surplus production capac- 
ity. As a result, that sector's 
sales fell by 23.7 per cent to 
Yl3bn. 

Citizen will maintain its divi- 
dend at Y9 per share, which is 
just over twice covered by 
earnings of Y19.2 per share, 
down from earnings per share 
of Y30.65 in the previous year. 


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Higher demand boosts Amcoal I Bridge Oil rejects A$294m bid 


By Mark Suzman 
fci Johannesburg 

Amcoal, the coal mining am 
of Sooth Africa's Anglo-Ameri- 
can conglomerate, benefited 
from increased demand from 
Eskom, the country's main 
electricity supplier, which 
pushed attributable earnings 
before abnormal items up to 
R2S5-7m ($7L6m) from R24O0m 
for the yt>»r qndfoE March. 

The earnings from Eskom 
helped offset a decline in 
export revenues resulting from 
the weakness of the rand 
against the dollar. Overall 


sales increased by 30m tans to 
45Jkn tons, of which 3L3m tons 
went to the electricity com- 
pany, a rise of 3.1m toms- 

Tumover at R1.92bn was 
slightly off last year's RUMbn, 
largely as a result of the lower 
cost of sales. 

A dividend of 350 cents was 
declared. 

Mr David Rankin, chairman , 
said that cost-containment fin: 
the year had been excellent 
and average colliery working 
coats were down 0.4 per cent 
on last year. He attributed the 
improvement to “the more 
effective deployment of labour 


and the benefits of more pro- 
ductive mining methods.'' 

• Nampak, the South African 
paper and packaging group, 
increased after-tax profit 
before abnormal items 10 per 
cent to Rl 69.2m for the half- 
year to March, compared with 
Rl 54.1m for the same period a 
year ago. 

Attributable income rose 15 
per cent to K174-3m from 
Rl51j2m on the strength aS a 
one-off sale of some ma chiner y. 
Turnover rose by only 3 per 
cent to R2L38bn from R202bn, 
due to a decline in volumes 
and pressure an selling prices. 


By Nikki Tart 

Bridge Oil, the Sydney-based 
oil and gas company, yesterday 
described as “totally inade- 
quate’’ a A$294m (US$21 L5m) 
cash bid from Parker & Pars- 
ley, the Texan oil independent 

It recommended sharehold- 
ers not to sell their holdings 
while directors examined all 
options. 

The board’s rejection was 
widely expected, given that Mr 
Robert Strauss, the company 
chairman, had earlier this 
month told shareholders that a 
proper valuation, of the compa- 


ny's US properties would imply 
a net asset backing for the 
company of more than A$L a 
share. 

Parker & Parsley, which 
launched its offer on Wednes- 
day, is bidding only 70 cents a 
share. 

On the stock market, Bridge 
shares - which were already 
standing ahead of the Parker & 
Parsley offer price by Wednes- 
day night - rose by a further 1 
cent to 73 cents. 

There has been speculation 
that Parker & Parsley will 
be obliged to raise its bid, or 
that other interested suitors 


may enter the fight 

In launching the bid, Parker 
& Parsley said its stake 
amounted to 40 per cent of its 
target’s equity. 

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 
Cama von Rabins , and the US 
Interests spanning five 
states. 

Expansion-minded US oil 
independents have shown 
growing interest in Australian 
oil and gas producers. 


In the week of 
27 June 1994 
the Financial Times 
will publish Its 


In 1993 companies received an average of 1228 report 
requests from respondents In 93 countries world-wide. 
Nearly 52% of these requests came from chief executives 
and managing directors who would use the report for 
business. 

To reach this highly Influential audience by advertising your 
company's report in this years feature please call Elizabeth 
Vaughan on Tel: +44 71 873 4288. Fax: +44 71 873 3062 or 
your usual Financial Times representative. 




FINANC1A1 TIMES 


PITMAN PUBLISHING 


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!55B^3ggiS5555B 


MORTGAGE FUNDING CORPORATION NO. 2 PLC 

Class B-I Mortgage Backed Floating Rate Notes 
Due August 2023 

NOTICE IS HEREBY GIVEN to Bankers Trustee Company Limited (the “Trustee”) and to the holders of the 
Claw B-l Mortgage Backed Floating Rate Notes Doe August 2023 (the H Oa» B-l Notes”) of Mortgage Funding 
Corporation No. 2 PLC (the “Issuer") that, pursuant lo the Trust Deed dated 31st August, 1968 (the “Trust 
Deed"), between the Issuer and the Trustee, and the Agency Agreement dated 3lsl August, 1986 (the “Agency 
Agreement"), between the Issuer and Morgan Guaranty Trust Company at New York (the “Principal Paying 
Agent”) and others, the Issuer has determined (hat in accordance with the Redemption provisions set out in (hr 
Terms and Conditions of the Class B-l Notes, Class B-l Notes in the amount of £2000000 wi9 be redeemed on 
3 1 st May , 1994 (the “Redemption Date”). The Class B-l Notes selected by drawing in lots of £100,000 for 
redemption cm the Redemption Date at a redemption price (the “Redemption Price”) equal to their principal 
amount, together with accrued interest thereon areas folio ws: 

OUTSTANDING CLASS B-l NOTES OF £100,000 EACH BEARING 
THE DISTINCTIVE SERIAL NUMBERS SET OUT BELOW 


SAB 


m 

201 

220 

395 

Bearer 

407 

Notes 

457 

616 

620 

697 

716 

735 

924 

1089 

1081 

1095 

1131 

1135 



The Class B-l Notes may be surrendered for redemption at the specified office of any of the Paying Agents, 
which are as Mows: 


aFAXywriitfcr wli!nymcnlDciCl1l)24057Jlatth|ife«Kcn?nU3797»J 

8fYES,pfc«ie whine capas nfTbn l n sn ulnf a QwWnto 

. Afmre P f for HUCR at £4500 each 

FatapiidhUi 

UEiiddiZUpcronier 6x801 

Ei4sfW(WM:Biti£l3a0finlboi*.£7J0perboi*toc*te ( 

FayRKBt (Plewenmpkfc) 
i w f --- -- na an * 


Card Hunter l —1. 1 

J , 


Morgan Goarafliy Treat Company of New York 
60 Victoria Embankment 
London EC4Y QJP 

Union de Banquet Suisses (Luxembourg) 5.A. 

36-38 Grand-roe 

L-201I 

Luxembourg 

In respect of Bearer Class B-l Notes, the Redon 


Morgan Guaranty Trust Company of New York 
Arenac dcs Arts 35 

B -1040 Brussels, Bdghna 

Morgan Guaranty Trust Company of New York 

55 Exchange Place, Basement A 

New York, New York 102604)023 

Attn: Corporate Trust Operations 

rke wfl) be paid upon presaUaDGn and surrender, on 






FAX FOR FAST DELIVERY 071 


FraBWH 


or after the Redemption Dale, of such Notes together with all nnmatnrad coupon* and talons appertaining 
thereto. Such payment wiD be made (1) in surfing at the specified office of *e Paying Agent m London or (5) at 
the specified office of any Paying Agent listed above by sterling cheque drawn on, or at the option at the holder 
by transfer to a surfing account marntainrd by the payee with, a Town Qexrir^ branch of a hank in London. On 
or after the Redemption Date interest shall cease to accrue on the Class B-l Notes which an die subject of this 
Notice of Redemption. 

MORTGAGE FUNDING CORPORATION NO. 2 PLC 

By; Morgan Guaranty Trust Company 
os Principal Paying Agent 

Bated: 13th May, 1994 

NOTICE 


by die Internal Revenue Code of 1986 and amended by the Energy Pofey Act of 1992 unless the paying 
agency has die correct taxpayer identification number (social security or employer identification number) or 
exemption cer ti ficate of the Payee. Please furnish a property completed Form W-9 or exemption certificate or 
equivalent if presenting your Claffl B-l Notes to the paying agency's New York Office. 


THE SOUTH AFRICAN BREWERIES LIMITED 

Ottcorpomed in the Republic of South Africa) 

Reg. No. 69/M02 5/06 

ABRIDGED PRELIMINARY REPORT 

for the year ended 31 March 1994 


Him over 

Rises by 12% to R24,5 billion 

Profit after taxation 

Up 15% to R1,4 billion 
Net cash invested 

R2 billion for the year 

Cash value added 

Over R8,5 billion contributed to the wealth of the country 

Earnings per share 

Improve by 14% i 

Dividends per share i 

Improve by 13% 

Prospects 

Satisfactory real growth expected in earnings and dividends in 
the coming year, given a more settled local socio-political climate, 
supported by renewed international capital inflows. 


FINAL DIVIDEND 

The Directors have declared a final dividend oi 116 cams per ordinary share, on accounl ol the year 
ended 31 March 1994, in respect of only those ordinary shareholders registered In the books oi 
the company at (he dose ol business on 27 May 1994 (“the record date”) to whom new fully paid 
ordinary shares in lieu of such dividend are not allocated and issued. 

New folly paid ordinary shares in the company will be issued only lo those ordinary shareholders 
registered on the record date who do not elect in respect of all or part of their shareholding on or 
before 24 June 1994, to receive foe final rash dividend. 

A circular containing lull details of the ordinary share issue, together with an election form, will be 
posted to ordinary shareholders on or about 3 June 1994, 

2 Jan Smuts Avenue Johannesburg 2001 Republic of South Africa 

Copies of the Preliminary Report, which contains particulars of the dividend and share issue, w iff be posted to 
registered Shareholders and can be obtained from the London Secretaries, Johannesburg Consolidated 
Investment company (London). Limited. 6 St Jamest Place. London SWIA 1NP, 








FINANCIAL TIMES FRIDAY MAY 13 I9»4 


INTERNATIONAL. CAPITAL MARKETS 


PPI fall boosts US Treasuries 


By Patrick Harverson 
*1 Now York and 
Sara Webb En London 

JJS Treasury prices received a 
oig b oost yesterday morning 
from an unexpected decline in 
April producer prices. 

By midday, the benchmark 
30-year bond was up g at 85%, 
yielding 7.506 per cent Prices 
were also firmer at the short 
end of the market, where the 
two-year note was up 4 at 98§, 
to carry a yield of &046 per 
cent 

The market had been expect- 
ing a small rise in the April 
producer price index, so when 
ft was announced that the PPI 
had fallen , by 0.1 per cent last 
month, buyers quickly moved 
into the market, which was 
primed fin- some sort of rally 
after Wednesday's big auction- 
related losses. 

With dealer short-covering 
prov iding «HriiHnnai strength, 
prices at the long end of the 
maturity range rose by more 
than a point during the morn- 
ing. 

Prices were also buoyed by a 
surprising 0.8 per cent decline 


in April retail sales , atejirwi gli 
this good news was tempered 
by the fact that March retail 
sales were revised upward 
from a 0.4 per cent gain to a L7 
percent gain. 

Although the data is 
unlikely to deter the Federal 
Reserve from tightening mone- 
tary policy one more time this 

GOVERNMENT 

BONDS 

fp mit h , analysts sa>d the weak 
numbers might persuade the 
Fed to raise interest rates by 
only 25 basis points, rather 
than by GO beds points. 

■ UK government bonds 
climbed during the coarse of 
the day, helped by better-than- 
expected UK trade data and 
the rally in US bonds. The 
trade data for February 
showed a reduced deficit 

“The monthly numbers are 
highly erratic, but the fell in 
Imports, which had been 
strong for five months, is reas- 
suring," said Mr Simon Bris- 
coe, economist at S. G. War- 


burg Securities, suggesting 
that the pace of recovery in the 
UK could be easing. 

Volume in the cash and 
futures markets was low. The 
Liffe gilt futures contract, 
which closed at 103.22 on 
Wednesday, touched a low of 
103JI2 early yesterday, climbed 
to a hi gh of 104.12, and traded 
at 10-LQ5 by late afternoon. 

The gQt market expects the 
Bank of England to announce 
its next gilt auction today, 
althoug h views are divided on 
which maturity the Bank will 
choose. 

The market has been starved 
of long-dated issues since late 
1993. and the yield spread for 
25-year issues over 10-year gilts 
has narrowed from 20 basis 
points in mid-April to five 
basis points at present. 

"The Bank is creating a 
severe distortion in the gilt 
market by not issuing long- 
dated stock," complained one 
jTitemqtjq r mi fund manager. 

However, many dealers 
believe the Bank is unwilling 
to issue long-dated stock as 
this could be seen as condon- 
ing the "abnormally” high 


yields which have resulted 
from tim global bond market 
shakeout 

■ Spanish government bonds 
edged higher, taking their cue 
mainly from the US in light 
trading. 

Yesterday saw the release of 
Spanish unemployment and 
GDP data, providing some evi- 
dence of economic recovery, 
according to Mr Steven 
Dulake, bond analyst at Pai- 
neWebber. 

The percentage of unem- 
ployed fell to 17.76 per cent in 
April from 1752 per cent in 
March, while GDP rose at a 
year -on-year rate of about 05 
per cent in the first quarter of 
1994, the first such increase in 
five quarters. 

Given the Bundesbank’s half- 
point cut in German interest 
rates on Wednesday, market 
participants are waiting to see 
whether the Rank of Spain fol- 
lows suit 

■ The French and German 
government bond markets 
were closed for a public holi- 
day yesterday. 


Daewoo launches $75m three-year FRN 


By Antonia Sharpe 

The Ascension Day holiday in 
many parts of Europe brought 
activity in the Eurobond mar- 
ket to a standstill yesterday, 
with the only issues coming 
from Asian borrowers. 

Daewoo, one of South 
Korea's largest conglomerates, 
raised $75m through an issue 
of three-year floating-rate 


Lead manager Korea First 
Investment said the notes 
appealed mainly to investors in 
Asia. However, European 
investors were also interested 
since the notes were registered 
with Euroclear. 

Chia. Hsin Cement Corp, the 


only Taiwanese cement com- 
pany permitted to invest in 
mainland China, launched a 
$85m offering of eight-year con- 
vertible bonds. The proceeds 
will be used to fmancg Chja's 

INTERNATIONAL 

BONDS 

expansion in Uhinn. 

Joint lead manager Robert 
Fleming said the bonds were 
targeted at equity investors in 
Asia and Europe since US 
demand for such instruments 
had waned in recmit months. 

News from Nairobi that the 
annual of the African 

Development Bank (AfDB) had 


suspended proceedings while 
its governors discussed the 
bank's arrears and soft loan 
arm put pressure on the 
AfDB's Eurobonds. 

Dealers said the yield spread 
on the AfDB’s recent issue of 
10-year Eurobonds had wid- 
ened by five basis points to 45 
basis points over 10-year US 
Treasuries in the last week. 
The bonds were launched in 
March at a spread erf 28 basis 
points. 

Revelations of mounting 
arrears, now more than $70Qm, 
and a critical report of the 
bank by outside consultants 
have put a question mark over 
the AfDB’s triple-A rating. 

Ms Helena Hessel, a director 


at Standard & Poor’s in New 
York, said she would be 
reviewing the AfDB’s rating in 
the next few months. 

She noted the bank's prob- 
lems were "part of the package 
for a regional development 
bank", and said that S&P 
would only be concerned if the 
criticism had a negative 
impact on shareholders. 

"Should we see a real lack of 
support from shareholders and 
an increase in the bank's gear- 
ing ratio then this would have 
to be reflected in the rating," 
Ms Hessel said. 

However, she was encour- 
aged by the bank’s steps to 
strengthen its provisions and 
sanctions policies. 


Bombay SE 
could lift 
forward 
trading ban 

i By RC Murtfiyfai Bombay and 
Stefan Wagstyl in New DeW 

A six-month row ova- forward 
trading between India’s stock- 
brokers and the Securities and 
Exchange Board of India, the 
markets watchdog, could 
shortly be settled. 

Brokers on the Bombay 
Stock Exchange said yesterday 
that exchange officials and 
Sebi executives were prepar- 
ing rules for the re-introduc- 
tion of forward trading, which 
has been banned by the Setrl 
for the past two months. 

The prospect of a restart of 
forward trading has p ro m pt e d 
a sharp rally in shares in 
recent days. The market has 
also been buoyed by renewed 
buying by foreign fond manag- 
ers. partly motivated by the 
withdrawal of the SIbn Euro- 
issue by Videsh Sanchar 
Nlg am, the international tele- 
communications carrier. 
Money earmarked for VSNL Is 
now Rawing into other shares. 

The arguments over forward, 
trading began last autumn 
when the Sebi launched a 
strong attack on a long-estab- 
lished informal kind of for- 
ward trading, on the grounds 
that it was not transparent 
ami could easily be used for 
price manipulation. After fail- 
ing to secure the brokers’ 
agreement on regulatory rules, 
the Sebi banned forward trad- 
ing altogether from March 12 
and refused to be moved by 
brokers' protests. 

The ban contributed to a 
sharp fall in shares, exacer- 
bated by the worldwide tur- 
moil in stocks caused by 
increases in US intmest ratal 
and by profit- taking. 

The Sebi and the Bombay 
Stock Exchange declined to 
details of their discus- 
sions. 


Lisbon announces radical 
reform of bond market 


u 


By Peter Wise in Lisbon 

Portugal’s bond market is to be 
radically reformed next month 
with a comprehensive package 
of measures designed to 
i n «* rAfl«y liquidity, improve effi- 
ciency and bring trading prac- 
tices into line with other Euro- 
pean capital markets. 

The government said yester- 
day the measures would create 
a wide range of new instru- 
ments and make the market 
more attractive to foreign 
investors. The package, which 
includes the effective abolition 
of withholding tax on non-resi- 
dents, takes effect on June 23. 

Traders welcomed the 
reforms, which should provide 
a framework for market devel- 
opment and a significant 
increase in liquidity. They are 
the culmination of almost two 
years of reform following the 
liberalisation of Portuguese 
capital movements in 1992. 

"These reforms provide the 
instruments that international 
investors have long been 
inrdring for in Portugal," said 
Mr Rul Ferreira, director of 
fixed-income security trading 
at Banco Finantia. "We are 
now likely to see foreign 
investment in the bond market 
move up from less than 5 
per cart of the total towards 30 
per cent" 

The main reforms are: 

• The effective abolition of a 
20 per cent withholding tax on 
non-resident holders of govern- 
ment bonds by refunding 
investors within 24 hours. 
Investors based in tax havens 
will not be exempt; 

• The creation of a screen- 
based over-thecounter market 
open to banks for wholesale 
fixed-income security transac- 
tions of at least Bsl75m. The 
stock market will continue to 
be limited to brokers and will 
tend to specialise in retail 
transactions; 

• Non-residents will be free to 


DEVELOPMENT OP THE PORTUGUESE BOND MARKET 

Apr 1992 Escudo placed Sn 6RM o I Um EMS ” 

Dec 1992 Capital mawmonta Bberttaod 

Dec 1992 Benchmark tar Bve-year fixed-term wcurU«& 

Apr 1993 Fbced-temi securities fategftttd mo stack 
exchange’s continuous tracing system 
Apr 1933 Benchmark for sawn-year flxad-MRU Mcwttfm 
May 1933 Standard & Peoria upgrades Portugal** tapQ 
term external debt to AA- tom A* 

1993 Benchmark far 10-year feeacMwm Mcutitu 

j an 1994 Fixed-term securities issued with standard annual coupon 

Feb 1994 Plana announced io change fiscal system to enable 

non-resident Investors to receive refund <d withhoUng tax 
levied on Portuguese gowmmeni bond*. 


issue bonds and commercial 
paper in toe Portuguese mar- 
ket after giving four days 
notice. Such issues are cur- 
rently subject to government 
approval; 

• A 9 per cent stamp duty and 
a 0.5 percent stock-market 
commission on repurchase 
agreements will be abolished 
and replaced by an annual fee 
to be paid for linkage to the 
screen-based reporting and 
clearing system; 

• The abolition of taxes and 
commissions is designed to fos- 
ter the growth of a repurchase 
market for Treasury bonds. 
The Bank of Portugal, the cen- 
tral bank, is to use Treasury 
bond repos as a new instru- 
ment of monetary policy, 

• A regulatory framework for 
short selling and bond lending 
is to be introduced. The main 
aim is create a "grey market” 
to allow bidding at bond auc- 
tions to begin earlier; 

• Coupons are to be traded on 
a gross basis and interest will 
accrue to toe financial settle- 
ment date. Coupons are cur- 
rently traded on a net basis 
and interest accrues to the 
physical settlement date; 

• A new payment versus 
delivery system is to be 
Installed bringing Portugal in 
line with the Euroclear system. 
The aim is to increase security 
and reduce counterparty risk. 

"These measures will place 
us much closer to the more 


advanced European bond mar. 
kets in terms of legislation. 
Infrastructures and trading 
practices,’’ said a government 
official. "The reform will be 
Anther enhanced by toe cre- 
ation of a futures and an 
options market before the end 
of the year.” 

Market capitalisation of the 
Portuguese bond market was 
EsL58bu at the end of 1983, a 
rise of 35 per cent over the 
previous year. Dally turnover 
averaged Es27.6bn in February, 
against Es?Jbn ft year earlier. 

Analysts said the market 
was benefiting from Portugal's 
sound economic fundamentals 
and political stability. For 
example, the yield on five-year 
government bonds yesterday 
was about 100 basis points 
higher than in Spain, which is 
suffering the effects of a politi- 
cal crisis. But inflexible legisla- 
tion, high taxes and a lads of 
liquidity currently made Portu- 
gal relatively unattractive to 
international Investors. 

"The withholding tax was a 
big deterrent to foreign inves- 
tors,’' said Mr Jorge Silveira 
Botelha of brokers Midas 
fnvestintento. "Now that we 
have a date for its abotition, 
the liquidity of the market is 
certain to improve and market- 
makers will become more 
aggressive. These reforms will 
help Portugal compete more 
effectively with its main rivals, 
Spain and Italy.” 


k,U‘M’ l:li 


<, .in»i ' 
■: nt*f 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 



Coupon 

Rad 

Data 

Price 

Day’s 

change 

Yield 

Weak 

ago 

Month 

>00 

Auatnda 

9500 

06/03 

1067600 

-0540 

&J39 

678 

610 

Belgium 

7250 

04704 

- 

_ 

- 

750 

7.15 

Canada* 

6500 

06/04 

885500 

-0200 

652 

656 

611 

Denmark 

7200 

12/04 

— 

- 

_ 

7.45 

851 

France STAN 

6000 

05«8 

- 

_ 

_ 

632 

5-94 

OAT 

5-500 

04/04 

_ 

_ 

_ 

7.11 

654 

Germany 

6750 

06/04 

- 

_ 

- 

660 

627 

m 

6500 

0004 

967000 

+0200 

6027 

613 

666 

Japan No 119 

4200 

06/99 

1069330 

+0320 

S99 

637 

649 

No 157 

4500 

06/03 

1040290 

+0280 

690 

694 

695 

Netharimda 

5.750 

01/04 

w 

_ 

_ 

678 

659 

Spain 

10500 

10/03 

1055500 

+0700 

656 

667 

684 

UK Gits 

ft 000 

0609 

92—18 

+ 7/32 

7.78 

755 

7.16 


6750 

11/04 

80-03 

*7/32 

617 

62S 

750 


9.000 

10/08 

105-28 

+9/32 

629 

634 

751 

US Treasury * 

5275 

02/04 

89-30 

+1/32 

754 

752 

694 


0250 

06/23 

85-03 

+6/32 

752 

753 

726 

ECU (Ranch Govp 

6200 

04AM 

905400 

- 

758 

757 

694 

Undon etaanp, -Near Vtofc ndd-dqr 




YMda: Locri maria! Hands* 

t OT*a KU*V wOHnMng in aMU par cam payat* by mvatetonm 



Men; 06 UK to ttnto, atoaa in dacfenal 



ScutxUUS MaaMbnt 


Italy 

■ NOTIONAL ITALIAN GOVT. BOND (PTP) FUTURES 



Open Settprice 

Change 

High 

Low 

EsL vol 

Open tot 

Jun 

11154 11244 

+055 

11253 

111.47 

32889 

75170 

Sep 

11090 11151 

+055 

11150 

11090 

521 

4843 

■ ITALIAN GOVT. BONO (BTP) RJTUHE8 OPTIONS (UR^ Ure200m lOOths of 100% 

Price 

Jun 

. Sep 


Jun 


Sep 

11200 

086 

2.17 


042 


256 

11290 

058 

154 


054 


253 

11300 

035 

1.72 


091 


611 


US INTEREST RATES 


Braktrkwnai — _ 
MJkndi 

FtllnaacHomAn- 


6% XoMBnO . 
5*2 flnaoua 
3ft ShMB*- 
- Owjer_ 


Itmur SBs and Bond YIefcfe 

400 Two yew 

3.7H Ti my r. 

M2 ftmym 

454 10-year 

sob ODyear 


BOND FUTURES AND OPTIONS 
France 

■ NOTIONAL FHENCH BOND RHUMBS {MATBF) Hay 11 


&«. VOL to at, Cut SOB Mi 1&8. Pievfeua clajr'a span tat. Cafe TWO PWa 74040 


Spain 

■ NOTIONAL 3WWSH BOND RJTUHB8 (MEFF) 

Open Sett price Change High Low Est vet Open inf. 
Jun 8555 96.40 +0.79 9050 9551 47,223 111.288 

Sep 9BJOO 9486 +1.35 9600 9000 ICO 1.691 


■ NOTIONAL UK QB.TH/TUHES (UTS)' £50,000 32ntfc <rf 100« 

Open Sett price Cha^je Mgh Low Eat vol Open inL 
Jun 103-16 104412 +0-12 104-13 103-02 63768 12S435 

Sep - 103-01 +0-11 - - 0 608 


FT-ACTUAMES FIXED INTEREST INDICES 

PPM Mm Tin Oa/a Wad Accrued xd ad]. 

UK Oita May 12 change K May 11 interest ytd 


1 Up W 5 yaw* (22) 122.66 +0.13 122.49 


2 5-15 years (23) 

3 Ovar IS yean (B) 

4 kradaanabtaB (6) 

5 AM Stocks (SO) 


6 Up to 5 years (2) 

7 Over S yean fll) 

8 AB «od«p3) 

Dabantiaaa and Loane 
8 Date & Loans (78) 


14252 <027 142.43 

16059 <031 16010 

18021 + 0.06 18007 

14020 +023 139 . 8 ? 


434 5yra 
632 iSyra 
4.06 20 yn 

6.12 brad-r 

462 


•—Low coupon yWd — — MedMm coupon yi 
My 12 My 11 Yr. ago May 12 May 11 Yr. 


■ — ■ Mfih cotexm yield — 
May 12 May 11 Yr. ago 


7.8) 705 7-03 802 006 727 8.11 8.16 7.80 

8.18 023 8.08 626 832 8.48 8.60 083 8.72 

619 623 629 629 632 658 8.47 8.48 6.77 

821 632 662 


- inflation 5% — 

12 M«r 11 Yr. 


inflation 

May 12 Mb 11 Yr. ago 


18488 <001 18488 055 253 UptoSyn 650 650 2.78 058657 1,95 

17660 -006 17674 096 1.89 Ouar 5 yrs 359 359 35» ■ 3.42 3.41 3.42 

17658 -007 176.70 092 1.77 

year yield 10 year yield 25 year yield 

May 12 May 11 Yt. apo May 12 My tl Yr. ago May 12 May 11 Yr. ay 

13023 -009 13034 2.43 4.17 039 638 900 987 836 982 035 633 688 

a am aon obena. Coupon Bands; low. 0K-7KK: Modkare BK-1MIN: 11* and Mr. t Rat jtoM. ykl Vaar to date 


FT FIXED INTEREST INDICES GILT EDGED ACTIVITY INDICES 

May 12 May 11 May 10 May 9 May 6 Yr ego High- lorf May 11 May 10 May 9 M^6 May B 

Govt- Sacs. (UK) • 8694 9677 9645 9620 9669 9445 107.04 9620 OR Edged tofalna 902 667 764 1046 1063 

Rx*d Interest 111.97 11148 11082 112.15 11291 11098 13687 11092 5-day average 92.0 960 925 964 97.4 

• tor UP4 Goaanantat BucaOSm Wph dnea conpaadc g 127.40 ptVBBL km <618 (3/1/7*. Fbtod totomar Wgh iinca rundato i i 13357 pm/W) . low 5083 pAW* . Baito 100* Gammad Sacuftae Witt 
aa and Ftad totatm joza. SE adMy kxftasa rebaaod 1W4 
















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^gjANClAJL TIMES FRIDAY MAY 13 1994 25 

COMPANY NEWS: UK AND IRELAND 


Bank of Ireland at I£280m 


By Tim Cooro m Dublin 

A substantial drop tn loan loss provisions 
and a turnrmmd in its US and UK divi- 
sions were the mam factors behind a 
I£l5fim (£1 52.4m) surge tn pre-tax profits at 
Bank of Ireland, the Republic’s second 
largest clearing bank 

The group repented sharply higher pre- 
tax profits of I£280.izn on total income 
17 per cent to I£983m (I£84lm) for the year 
en d i n g March 3L This included 121 35m in 
profits resulting from the harmonisation 
of accounting date ” of certain subsidiaries. 

Group loan loss provisions have fallen 
from I£15Gm to I£69m. The biggest drop 
was In its first New Hampshire subsidiary 
where provisions fefl from K86m to just 
I£7m. FNR put tn profits of mi gm its 
first contribution since it was acquired in 
1988. 

Interest income grew by 16 per cent to 
I£646m. while other income - derived 
mainly from fees and commissions - rose 
by 18 per cent to I£337m. 


Operating expenses increased 12 per 
cent to K631m (l£564m), although the 
underlying increase was only 23 per cent 
after adjusting for exchange translations. 

Corporate and treasury operations 
showed a 6 per cent decline in profits to 
l£61.2m after an exceptionally good year in 
1992-93 when the ERM currency crisis 
resulted in a sharp boost of activity. 

A strong performance was also recorded 
by other activities, primarily in Bank of 
Ireland Home Mortgages in the UK and by 
life assurance and investment services. 
Their contribution to group profits jumped 
from ISHJSm to I£5&3m. 

The Tier 1 capital adequacy ratio 
improved to 75 per cent (&6 per cent). 

Mr Fat Molloy, group chief executive, 
said that expansion of its retail banking 
opera tions into the nrniHnwitaT European 
market “has been, looked at" but ruled out, 
and that farther growth in the group 
would therefore focus in its existing mar- 
kets in Ireland, the UK and the US. 

He would neither conform nor deny that 


the bank was looking to buy a large mort- 
gage portfolio in the UK from another 
institution, but said: ’'We have been very 
encouraged by the success of BIHM in the 
UK and we expect to see substantial fur- 
ther growth in this market ... I am 
open-minded about an acquisition. ” 
Earnings were 35J2p (i2.Bp). A final divi- 
dend of 6.75p makes a total of 10 5p (9iQp). 

• COMMENT 

After several years of poor performance, 
Bank of Ireland is once again firing on all 
cylinders having finally cleaned up the 
mess it drove into at full speed in New 
Hampshire. Steady earnings growth 
should, result as its main markets all 
emerge from recession, with pre-tax profits 
of I£300m and earnings of some 38p attain- 
able in the current year. This puts the 
group on a prospective p/e of 65, which 
places it at the low end of the financial 
sector, which is hard to justify given its 
strong tumround and good business pros- 
pects. 


B& J explains bid recommendation 


Argent property shows 
£23.6m increase in value 


By Andrew Botger 

Brown & Jackson, owner of the 
lossmaking Pounds tretcher 
chain of discount stores, said 
yesterday it was recommend- 
ing a rescue offer from Pepkor, 
of South Africa, because the 
group offered greater financial 
security and retailing experi- 
ence. 

B&J had previously recom- 
mended a capital injection by 
the WeMelds, the milli onaire 
couple who created the Wbat 
Everyone Wants discount 
clothing cfagia. 


By Paul Taylor 

ADT, the electronic security 
services and car auction group 
with operations in North 
America, the I7K and mntmm - 

tal Europe, yesterday reported 
a jqwall increase in first quar- 
ter net income held hack by 
higher interest costs and taxes. 

Net income for the the three 
months to March 31 rose from 
6265m to $27. lm (£l&5m) while 
earnings per share slipped to 
18 cents (20 cents). The shares, 
closed 20p down at 586p. 

The de cline in earnings per 
share reflected a higher 
deferred tax charge and 
finance costs together with an 
increase in the weighted aver- 


The Weisfelds had offered to 
inject an initial £6m, in return 
for a 19 per cent stake and two 
seats on the board. If their 
investment had reached its 
proposed maximum of about 
£28m. their stake would have 
reached 42 per cent 

Pepkor has proposed inject- 
ing an initial £20m, but will 
receive a 63 per cent stake if it 
puts in the full £56 5m pro- 
posed. 

In a circular B&J said the 
Pepkor offer included an offer 
Of trade AnaTing of up to Elftra, 
which would allow the group 


age number of outstanding 
shares as a result of the refi- 
nancing completed in the third 
quarter last year. 

Interest expenses jumped to 
$l9.6m <$12.7m) while the 
income tax charge increased to 
$S5m ($45m). 

Sales increased by 5.6 per 
cent to $34&8m, compered with 
$330.An, fuelled by the contin- 
ued growth in sales and instal- 
lation of residential security 
systems, and increased dealer 
consignment business at 
vehicle auctions. 

Operating income grew 20 
pa- cent to $S55m with elec- 
tronic security services at 
$32.8m ($27.4m) and vehicle 
auction at $242m ($2D.5m). 


to pay off its bank loans. The 
Weisfeld’s plan included a 
bank guarantee of up to £3m, 
but further facilities until the 
end of this year would be sub- 
ject to strict conditions. 

B&J said these conditions 
would be costly and create a 
climate of continuing uncer- 
tainty. Pepkor’s offer of 
finance arrangements with a 
five-year term would reduce 
the uncertainty and greatly 
increase the ease with which 
the business could be man- 
aged- 

The circular said that the 


By Paul Taylor 

Dissidents led by Mr Jacques 
Murray yesterday finally won 
control of the Andrews Sykes 
board after shareholders at an 
adjourned extraordinary meet- 
ing voted Mr Murray and four 
of his supporters onto the 
eight-man bWd. 

Mr Murray, who holds a 
29-67 per cent stake in the spe- 
cialist industrial services 
group, has waged an 18 month 
battle for control of the board. 
Be has repeatedly expressed 
<KR«atfcfar-tir>n with Sykes’ per- 
formance. 

An earlier move by Mr Mar- 


By Sara Webb 

Winterflood Securities, the 
smaller companies marketmar 
ker owned by Close Brothers, 
plans to move into trading UK 
government bonds this August 

The company has already 
started hiring gilt traders and 
is hoping to obtain permission 
from the Bank of England to 
join the ranks of gilt-edged 
market makers (Gemms). 

Mr Brian Winterflood, chair- 
man of Winterflood Securities, 
said the intention was to sped- 


experience in variety discount 
re tailin g offered by Pepkor is 
greater than that of Mr and 
Mrs Weisfeld and will in the 
long term outweigh the contri- 
bution that the Weisfelds’ 
experience is likely to make to 
a business of the nature and 
scale of B&J. 

Mr Christo Wiese, Pepkor’s 
r-hafrman, said B&J. represents 
a discount store chain with 
good volume and market 
share. It is an established 
brand within the discount mar- 
ket and has an established sup- 
ply and distribution network. 


ray, who is also chairman of 
Nu-Swift, the fire protection 
group, to unseat Mr David 
Hubbard, chairman , and taka 

control of the board in October 
1992 foiled because of lack of 
institutional support 
Yesterday shareholders 
decided an a majority vote by 
proxy to appoint Mr Murray 
and his nominees to the board. 
They also decided to remove 
Mr Stuart Ross, finance direc- 
tor, and Mr David Crowe, an 
independent director, from the 
board. However, a proposal to 
remove Mr David Martin, 
Sykes’ recently appointed chief 
executive, was rejected. 


alise in private client business 
and “smaller deals". At pres- 
ent, only a handful of the 
Gemms carry out small deals 
for ‘ private investors, and 
many gilt market participants 
claim the business is uneco- 
nomical. “It doesn't pay them 
to do these small bargains: 
some Gemms quote {prices] to 
miss, but we’ll be quoting to 
deal," claimed Mr Winterflood 
yesterday. 

Mr Adrian Ireland, formerly 
at SG Warburg Securities, has 
become head of trading. 


Recovery 
lifts Royal 
Insurance 
to £32m 

By Richard Lapper 

Royal Insurance, one of the 
UK’s largest insurance compa- 
nies. yesterday reported pre- 
tax profits of £32m for the first 

three months of 1994, farther 

underlining the recovery of 
the sector after its heavy 
losses between 1590 and 1992. 

The result compared with a 
£2m profit last year, and fol- 
lowed positive figures earlier 
this week from both General 
Accident and Commercial 
Union. 

Like its rivals, Royal was hit 
by a decline in the value of its 
investment in both bonds and 
equities over the quarter, with 
the group's solvency margin - 
which measures shareholders' 
funds as a percentage of non- 
life premium income - foiling 
to 54 per cent (60 per cent). 

Also Uke its competitors. 
Royal's better operating per- 
formance mainly reflected con- 
tinuing improvements in the 
UK, where the underwriting 
profit of £10m (£4lm loss) was 
Royal’s best start to the year 
since 1989. 

Excluding the reduction in 
its reinsurance operations, 
which Royal has scaled back, 
underlying general insurance 
income in the UK rose by 6 per 
cent Rate increases are still 
being achieved in commercial 
lines, and pricing has been sta- 
bilised in personal Baas. 

In the US* Royal was hit by 
losses from winter weather of 
£31m and from the Los 
Angeles earthquake of £17m. 
Overall, underwriting losses in 
the US dlmbed from $94m to 
$l31m (£90m), with the operat- 
ing ratio (claims phis expenses 
as a percentage of premiums) 
reaching 1345 pm cent (123.7 
per cent). The ratio on US 
householders* business rose to 
206.8 per cent (147.0 per 
cent). 

At group level general insur- 
ance premium income 
amounted to £846m (£909m). 
Life income was £92m (£94m). , 
Underwriting losses were 
£96m (6129m). ! 

See Lex 


Lasmo confirms 
Algerian discovery 

Lasmo, the Independent 
exploration and production 
company under threat from a 
hostile bid by Enterprise Oil, 
yesterday confirmed the dis- 
covery of potentially big 
reserves In Algeria, writes 
Robert Canine. 

The announcement was 
made on the eve of Lasmo’s 
expected publication of its 
defence to the Enterprise bid. 

Mr John Hogan, chief oper- 
ating officer, said reserve esti- 
mates for the three discoveries 
in the Hassi Berkme oil field 
amounted to 324m barrels of 
oil and natural gas conden- 
sate. There was a possibility 
that as much as 900m barrels 
could be recovered. 


By Vanessa HotSder, 

Property Correspondent 

Brindleyplace, a Birmingham 
development site bought last 
June by Argent Group, a prop- 
erty investment and develop- 
ment company, for 23m has 
been revalued at £26.6m. 

The valuation of the site, 
which has planning consent 
for Llm sq ft erf offices and 
330,000 sq ft of retail space, 
excludes a parcel of residential 
land, which Argent has sold 
for £2m. 

The figures were shown in 
the pathfinder prospectus for 


A wave of property com- 
panies have joined the 
stock market in recent 
months. But in the wake of the 
worst post-war property reces- 
sion, few have been able to 
claim a particularly distin- 
guished record. 

However. Argent has few 
qualms in claiming such a 
background. “The Argent team 
has anticipated chang es in the 
property market correctly and 
acted derisively." the prospec- 
tus says. 

Argent bases its claim on 
three shrewd decisions taken 
over the past five years. It 
reduced its development expo- 
sure when the market peaked 
in 1989. It bought investment 
properties at the bottom of the 
market between 1991 and 1999 
and it bought the Brindley- 
place development site in Bir- 
mingham in the summer of 
1993, shortly before a marked 
recovery in prime development 
land values. 

The other factor that distin- 
guishes Argent, in the eyes of 
some analysts, is the quality of 
its management “There are 
only two management teams 
[of the property companies 
joining the market] worth 
backing, and this is one of 


By Peggy HolEnger 

Shareholders in Halkin 
Holdings, the fo rmer Hoskins 
Brewery recently taken over 
by Mr Howard Hodgson, the 
funerals entrepreneur, are 
likely to receive tbeir first divi- 
dend in more than five years 
by the end of 1994. 

Mr David Moffat, finance 
director, said yesterday the 
group expected to pay a divi- 
dend which showed a yield of 
between 2 per emit and 3 per 
cent on the shares in Decem- 
ber. Yesterday’s closing price 
of 6lp, a rise of 2p, would 
imply a net pay-out of roughly 
l-2p. 

Hoskins Brewery has had a 
chequered past, with several 
attempts by discontented 
shareholders to remove man- 


Argent, which is set to join the 
stock market with a market 
capitalisation of about tWOm. 

Argent also owns 16 invest- 
ment properties, which were 
valued at £197.1 m on March 31 
and has exchanged contracts 
to buy another investment 
property’, valued at £i3.3m. 

The placing and offer will 
raise about £25m of new 
money. 

The company has net assets 
before flotation of £L23m and 
net debts of £i2im. Net assets 
per share have risen from 
ioo.3p at the end of 1991 to 
232.Sp at the end of 1993. 


them," says Mr Alec Pelmore 
of Klein wort Benson. 

Argent was founded in 1961 
by Mr Michael Freeman, aged 
42. and Mr Peter Freeman, 38. 
sons of Mr David Freeman of 
DG Freeman, the City law 
firm, and joint chief execu- 
tives. 

They began by assembling 
sites, winning planning per- 
mission and selling the pack- 
age on to an institution or 
property company. Sometimes 
they would carry out develop- 
ments themselves or with a 
joint venture partner. By 1989. 
Argent was involved in 20 
developments. 

But the property market was 
becoming overheated and in 
April 1989, Argent took Lbe 
decision to get out As a result, 
it now proudly states, it lost a 
mere £lm on its development 
programme and never missed 
an interest payment. 

Two years later, it believed 
that property values had fallen 
so low that the time was right 
to re-enter the market In July 
1991, it established a joint ven- 
ture with Warburg Pincus, a 
US venture capital company. 
Over the next two years, it 
bought 16 investment proper- 
ties at a total cost of £136m. 


agement. Mr Hodgson bought 
into the company last year, 
aiming to transform it into a 
mini -conglomerate. Mr Moffat 
said the group would pursue 
acquisitions this year. 

Halkin revealed its first set 
of results since the takeover 
and the E15m rights issue- 
funded purchase of two busi- 
nesses - Ronson, the lighter 
and household aerosol group; 
and Clifford, which supplies 
branded goods to the duty-free 
market Both business had met 
their profits targets of £I.5m 
and £lm respectively. 

The results, which cover 
only Hoskins Brewery as the 
other divisions were bought 
after the year-end. showed a 
£998,000 loss for the nine 
months to December 31, on 
sales of £478,000. 


In 1993. the company 
incurred n pre-tax loss of 
£3.S6ra (£3-TCm). due to write- 
offs of interest rate hedging 
instruments. 

Warburg Pincus. the US ven- 
ture capital fund which owns 
66 per cent of the company, 
will reduce its holding to below 
50 per cent The management, 
which own 16.6 per cent, do nut 
intend to sell their shares. 

Argent said it would not pay 
dividends until “the board is 
satisfied that it is in the inter- 
ests of the group to do so". Its 
principal objective Is growth in 
net assets per share. 


In June 1993. it turned its 
attention to development land 
and bought Brinilleyplncv. 

The company puts a heavy 
emphasis on having sufficient 
income from investments to 
cover interest payments and 
administration costs. Its 
income stream is already 
secure. About SS per cent of its 
income will, barring defaults, 
be secure for more than 20 
years. 

Although the investment 
portfolio can be expected to 
benefit from a resumption in 
rental growth. Argent is 
unlikely to be. generous in its 
payment of dividends. Some 
analysts also believe that short 
term growth prospects could 
be cramped by the full valua- 
tions that have been placed on 
its properties, particularly at 
Brindleyplace. 

Nonetheless, the company is 
likely to get an enthusiastic 
reaction from the City when it 
joins the stock market 

“It is the most entrepreneur- 
ial of the newcomers," says Mr 
Chris Turner of BZW, the bro- 
kers. “It is an issue which, 
even in today's market will go 
well." 


Brewin Dolphin 
raising £6.6m 
via share offer 

Brewin Dolphin, the private 
client stockbroker, will raise 
£6.6m from a forthcoming 
share offer, which will also 
include the sale of about 15 
per cent of existing employee 
shareholdings, writes Simon 
Davies. 

The flotation is expected to 
valne the brokerage at 
between £30m and £35m, 
against the £6m price of its 
management bny-ont two 
years ago. 

Trading for the four months 
to April 8 has been ahead of 
budget and np from the previ- 
ous year. In 1993, it made a 
pre-tax profit of £3^ 2m, exclu- 
ding exceptional write-offs. 

The -issue is sponsored by 
Charterhouse Bank and pric- 
ing will be announced on May 
26. 


[dividends announced l 


Current 

payment 

Date of 
payment 

Carres - 
porxflng 
tfivWend 

Total 

for 

yaar 

Total 

last 

year 

AG Holdings int 

255 

Jufy 1 

- 

- 

2 

Bank of Ireland — — fin 

6.75*t 

July 15 

0.5 

10.5 

9.83 

City of Oxford An 

1.4 

Juie27 

1.4 

5 

5 

Buroreoney Pubs . — int 

13 

June 27 

105 

- 

38 

Hntay (Jamas) Bn 

2.15 

July 14 

2.15 

4.15 

4.15 

GrendMet Int 

5.15 

Oct 3 

4.85 

- 

13 

Hughes (TJ]§ fin 

1.75 

July 4 

1.55 

2JS 

23 

l&S VAC Smaller .fin 

1.8 

July 1 

1.8 

2.8 

28 


3.55 

July 29 

3 2 

5 2 

4.7 

Morgan Gran Gqty — int 

at 

June 20 

2 

- 

4.5 

Overseas Inv Tat....— int 

0-85 

June 29 

0JB5 

- 

3.15 

TomMnsons int 

as 

July 1 

05 

- 

11.5 

Warner Hound ......... fin 

5M 

July 4 

438 

7.31 

88 


Dividends shown pence per share net except when) otherwise stated. fOn 
increased capital. §USM stock. {Uriah pence. 


Costs and taxes restrain Dissidents win control 
ADT net income to $27m of Andrews Sykes board 


Winterflood to trade gilts 


Laying proper foundations 


Vanessa Houlder 


Halkin expects to return 
to dividend list this year 


This notice is issued m compliance with the requirements of The International Stock Exchange 
of the United Kingdom and the Republic of Ireland Limned (“the London Stock E x c h a n ge") 
and appears as a matter of record only It does not constitute an offer or invitation to any person 
to subscribe for or purchase arty of the Ordinary Shares. Application has been made to the 
London Stock Exchange for the Ordinary Shares (issued and to be issued) of CAMAS pic do be 
admitted to the Official List. 

It is expected rifling s in the Ordinary Shares will commence at 830 a_m- on 1st June, 1994. 


CAMAS pic 

(fiwxwpwwrrf it EagUd JBd Wales infer the Compete An 19S5, u*k nyatwrf to. 2902409) 

Introduction to file Official list 
Sponsored by 

J. Henry Schroder Wagg Sc Co. limited 
Share capital upon the Demerger becoming effective 


Twnwl and folly paid Or 

Authorised credited as fitDy paid of up to 

Number Amount Number Amount 

460.000,000 £23,000,000 in Ordinary Shares of 5p each 313,067,022 £\\ 5,653,351. 10 

CAMAS pic is an integrated quarrying, coated stone, conc r ete products and road surfacing 
business. 


Listing particulars are available for collection from the Company Annooncementa Office, the 
London Stock Ex ch an ge , London Stock E x chang e Tbwcr. Capel Court Enttanee, off 
Bartholomew Lane, London EC2 daring normal business hours foam today until 17th Mxf, 1994 
and on any weekday (Saturdays excepted) up to and including 27th May; 1 994 from; 


CAMAS pic 
Regent House 
Rodney Road 
Cheltenham 

Gloucestershire GL50 1HX 


J. Henry Schroder Wigg gt Co. Limited 
120 Cbeapside 
London EC2V6DS 


13th Ma* 1994 


NOTICE OF REDEMPTION 
To the Holden of 

BanfcAmerica Corporation 

$5,000,000 

Floating Rata Senior Euro Medium-Term Notes 
wfth a Maturity Data of December 11, 1995 

NOTICE IS HEREBY GIVEN dial in accordance with Conditions 5td) 
and 16 as set forth in the Offering Circular dated December 1. 1992. and 
pursuant to the terms of the above-referenced Floating Rate Senior Euro 
Medium-Term Notes ((tie “Notes"). BanbAmericn Corporation has 
ejected to redeem ihc entire outstanding principal amount of the Notion 
June 15, 1994 (the “Redemption DatO at a price equal to 100% of their 
principal amount, together with accrued interest to the Redemption Date. 
Payment will be made on the Redemption Date upon presentation and 
surrender of the Nates til the office of either paying agent al its address set 
forth below: 

Bank of America National Trust ' Kredfctbank SLA. 
mid Savings! Association Luxembourgeolse 

London Branch 43 Boulevard Royal 

I Alie Street, London El SDE Luxembourg 2955 

England Grand Duchy of Luxembourg 

On and after the Redemption Date interest will cease to uccmc on 
the Notes. 


BaitkAmariea Corporation 




Hie Financial Time* reaches more senior European 
executives with capital responsibility than any other 
European PubHcatkm.* 

tf you wish to reach this Influential audience by 
advertising In the Surwqy please contact 


Tim Hart 
peWVORKl 
Tab (212) 752 4800 
F*te (212) 319 0704 


Hannah pusaB 

(LONDON) 

T4h 0718734167 
Fax; 071 873-3078 

FT Surveys 


Sarah PafcantwMM 
(HOW KONG) 

Tab (082) 0682863 
Aug (082) 6371211 

ORSltBS 


IP YOU GO DOWN TO THE WOODS TODAY «. 

One thing b certain as & when bear marteis arrive, the vast m aj ority of Investors 
wiB suffer white the knpwtw l gcab l c will pidt up the bargains of a Hfetime. 1 Avoid 
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Notice of General Meeting 


i 

i 


Meeting of Guaranteed Exchangeable 
Bonds due 2003 Square D. 

The holders ot the 2 per cent Guaranteed Exchangeable Bonds due 2003 of Square 0 
Company ate invited lo attend the General Meeting to be held on 31st May 1994, at 
950 aon. at the office of the Compagme Financier de CIC et de ITJmon Europeenne. 
4, rue Gaillon, PARIS 2 s , lo consider the following agenda: 

■ The report of the Board of Directors. 

• The approval, subject to the decision of the Genera? Meeting of the shareholders ol 
Schneider SA. ol the authorization given to the Board of Directors of Schneider SA to: 

- issue shares of Schneider SA with or without warrants fora maximum nominal amount 
of FF 3 billion, 

- issue bonds, other tradeable securities or subordinated securities which are convertible 
into, exchangeable for or reimbursable with, shares, for a maximum nominal amount of 
FF 5 billion, 

• issue warrants representing subscription rights 10 an aggregate number of shares which 
can total no more than a nominal amount of FF 2 billion. 

• In connection with any such issuance of Securities and shares, Schneider’s share- 
holders should renounce any preferential subscription rights. 

•The Schneider's shareholders should also renounce any preferential subscription 
rights on the shares resulting from exercise of warrants, conversion, reimbursement and 
exchange of bonds and of any tradeable securities or subordinated securities. 

• The approval, subject to the decision of the General Meeting of the shareholders of 
Schneider SA,of the authorization given to the Board of Directors to approve the issuance 
of shares in connection with the issuance, by companies in which Schneider SA holds, 
directly or indirectly, a majority of the outstanding share capital, of warrants, bonds, other 
tradeable securities or subordinated securities which are convertible Into, exchangeable 
for or reimbursable with, shares. In connection with any issuance ol shares, Schneider’s 
shareholders should renounce any preferential subscription rights. Furthermore the 
issuance of any such shares is limited to an aggregate nominal capital increase of 
FF 3 billion. 

• Any other business. 

In order to attend or be represented at the meeting, holders of bonds must deposit, at least 
five dear days prior to the meeting at the head office, the certificate of deposit.issued t?y trie 
bank, financial institution or stockbroker with whom the bonds are lodged. 

If the quorum of this General Meeting is not present, the meeting will be adjourned until 
Thursday 16th June 1994 at 9D0 am at the same place. 

THE BOARD OF DIRECTORS 


GROUPE SCHNEIDER 






26 


FINANCIAL TIMES FRIDAY MAY 13 1994 


COMPANY NEWS: UK 


Camas expected to be valued at between £23Qm and £260m 

ECC reveals demerger details 


B y Andre w Taylor, 

Cons *mctIo(n Correspondent 

Details of the stock market 
launch of Britain’s fifth largest 
aggregates company, with 
sales last year of £365 An and 
net assets of £224.4xn, were 
announced yesterday by 
fl n&nfih China Clays, which is 
demerging its bunding materi- 
als business. 

Dealings in Camas - an acro- 
nym of Construction, Aggre- 
gates, Materials and Services - 
are to start on June 1, if the 
demerger is approved by share- 
holders at an extraordinary 
meeting on May 3L 

They are being offered one 
Cam as share for every ECC 
share currently held. ADR 
holders will also receive Camas 


Mr Malcolm Brown of James 
Capel, the brokers, said yester- 
day he expected Camas shares 
to qpen at 75p to 8SP, valuing 
the company at between £230m 
and£2G0m. 

The company initially had 

been looking for an opening 
value approaching ESOOm, 
before the recent slide in con- 
struction and building mate rial 
share prices. 

Camas last year made pre- 
tax profits of film (£6.4mJ, 

generating notional earning s 
per share of 3,03p after allow- 
ing for a 16 per cent tax charge 
due to beneficial deferred taxa- 
tion arrangements. 

A more normal tax charge of 
27 per cent would have pro- 
duced earnings of 23p. 

Mr Alan Shearer. Camas 
chief executive, said a total 


dividend of at least 3.75p was 
planned this year. 

Assuming an 80p opening 
price, this would put the 
shares on a yield of nearly 6 
per cent and an historic p/e of 
30 on the higher tax charge. 

At the end of December, 
Camas had net debt of £6&7m, 
representing gearing of 29.7 per 
cent. Net debt Is expected to 
have risen to £88m when the 
demerger is completed. 

Four fifths of total sales were 
achieved In Europe, mostly in 
the UK. The company also 
operates in the US In Colorado, 
Minnesota and North Dakota. 

Europe generated profits of 
£95m before central overheads, 
representing 4.9 per cent of 
sales of 2292m. This compared 
with margins of 17 per cent in 
1989, when the UK canrtruo- 


tlon market was at its peak. 

US profits, however, have 
improved, helped by thecon- 
straction o£ a large new airport 
at Denver, rising to £8m, equiv- 
alent to 103 per cent of sales of 
£73. 2m. This compares with 
margins of 4.4 per cent, produc- 
ing profits of £Llm in 1989. 

Mr Shearer said markets on 
both sides of the Atlantic were 
recovering. The company's 
prices in the UK had been 
increased by an average of 
between 5 and 7 per emit in 
March, while sales volume in 
the UK was expected to rise by 
1 per cent this year. 

The company, in addition to 
producing aggregates, manu- 
factures concrete products and 
ts a leading asphalt contractor 
in the UK. 

See Lex 


Scudder trust to 
raise further £20m 


By Betttan Hutton 

Scudder Stevens & Clark, the 
US fund management group, 
has so tar raised £SQm with the 
launch of its first UK invest- 
ment trust. 

Scudder has been an investor 
In Latin America for some 
tfmp , and already manages 10 
US funds specialising In the 
area. 

However, as the group Is not 
familiar hi the UK retail mar- 
ket, the Scudder Latin Ameri- 
can Investment Trust has been 


marketed only to institutions. 

Scudder is now offering 
another £lQm each through a 
farther placing ami h rt w mwli. 
artes offer, dosing on May 27. 

The fUnd was the fourth 
Latin American trust to hit the 
London market tins year, fol- 
lowing funds from Edinburgh 
Fund Managers, Morgan Gren- 
fell, and TUmpletan- Mr Dan 
Pierce, chairman of Scudder, 
said the result of the launch 
was “very gratifying In what 
have been difficult market con- 
ditions”. 


Rothmans suspends 
Asian restructuring 


By David Wfghtan 

Rothmans International has 
given up its attempts to create 
an Asian holding company to 
attack the Chinese and Japa- 
nese cigarette markets. 

It said yesterday that there 
were no immediate prospects 
of presenting new proposals for 
the creation of such a company 
to the boards of its separately 
quoted subsidiaries in Malay- 
sia and Singapore. 


Its plan to merge these com- 
panies with its northeast Asia 
operation were thrown out by 
the local shareholders in Roth- 
mans (Malaysia). 

The group said it was com- 
mitted to the development of 
its north-east Asian markets 
which would be fln«nnflri from 
Its own resources. A new man- 
agement team has been 
recently established In Hong 
Kong with responsibility far 
the Asia region. 


Euromoney seeks 
£20m for purchases 


By Nigel Clark 

Euromoney Publications is 
raising vvom through a pfarfng 
to pay for two acquisitions, 
refinance another and provide 
finance tor farther purchases. 

The publisher and training 
and conference organiser also 
reported pre-tax profits for the 
six months to March 31 up 52 
per cent al £9.01m (£5-94m). 
Turnover rose 86 per coot to 
£36. 9m, which included 
£423300 from acquisitions. 

The shares rose 12Sp to 
£2&25p. 

The company, the ultimate 
holding company of which is 
Rothermere Investments, is 
buying an indirect 30 per cent 
interest in Lingua Franca, a 
programming training anri con- 
sultancy company and 49 per 
cent of Adhesion et Assodes, a 
French business convention 
company. 

ft is also refinancing the 
acquisition of 80 per cent of 
Engel Publishing Partners, 
bought in March for an tTwtfai 
ft -32m (£880300) and further 
payments to a maximum of 
573m. 

The Issue price and number 
of shares will be fixed no later 
than May 18 after presenta- 
tions have been made to 


possible investors. 

Euromaney is paying ftm for 
the Lingua Franca stake, 
which will be increased to 60 
per cent at a cost of $700,000 
nest year. Mr Michael Sobol, 
director of a Euromoney asso- 
ciate, is making the same 
investments as Euromoney, 
winch wiQ hold a put and can 
option on the stake. 

In the year to March 31 1994 
Lingua Franca reported operat- 
ing profits of $515300 on turn- 
over of $438m. 

The consideration for the 
holding in Adhesion will 
include an initial FFi24.5m 
(£2.9m). Further profit-related 
payments to a mayfiwnwi of 
FFrlSQm will be made over the 
next three years taking the 
holding to 100 per cent How- 
ever, directors estimate the 
total cost should be FFrtiSm. 

For 1993 pre-tax profits were 
FFr63m. 

Three companies, AIC, DC 
Gardner and Century House, 
maria initial full contributions 
of £1.98m to operating profits 
and £l2.4m to turnover at 
Euromoney. Excluding these, 
turnover rose 21 per cent with 
operating profit up 36 per cent 

Earnings per share were 28p 
(l9J5p) and the interim divi- 
dend is raised to I3p (103 p)- 


GERMANY 


If your corporation is 
looking for a foothold in Ger- 
many or intends to broaden 
its existingbase by an acquisi- 
tion, we can assist in search, 
approach and negotiation. 

As our domestic clients 
are usually entrepreneurs, 
proprietors or shareholders 
of privately-owned German 
companies, we are well ac- 
quainted with their mentali- 
ty. We are sensitive to this 
when making approaches 
and during negotiation and 
valuation. 

If local competence is 
needed to realize your acqui- 
sition goals in Germany suc- 
cessfully, please contact us 
for further information. 


Fuchs Consult 


Kreuzberger Ring 64 - 65205 Wiesbaden 
Telephone <x 49 61 1) 70 00 40 ■ Fax (x 49 611) 71 04 04 


Rank Org 
shares fall 
following 
lacklustre 
statement 

By David Wlgfrton 

Shares in Rank Organisation 
lost 15p to 403p yesterday 
after the leisure company 
issued a trading statement 
described by one analyst as 
“lacking sparkle”. 

The company said it has had 
a “satisfactory first half so for, 
ffijri there are continuing indi- 
cations that leisure spending 
tn the US and UK is likely to 
be at higher levels than in 
1993". 

In spite of bad weather in 
the US, which contributed to a 
slight decline in profits from 
its Hard Rod: restaurant busi- 
ness, trading results up to the 
midrib* df April were ahead of 
last year. The film and televi- 
sion division had performed 
“particularly well". 

But Mr Bruce Jones, leisure 
analyst at brokers Smith New 
Court, said that holiday book- 
ings ffpd the Tmrrfl hi fl i increase 
in bingo turnover were **a tit- 
tle disap pointing**. 

Although holidays sold for 
the first half were up 12 per 
cent, bookings for the second 
half were only 2 per cent 
ahead, in line with a slow- 
down in the total holiday mar- 
ket 

Mr Jones held his fall-year 
profit forecast at £335m but 
BZW trimmed its prediction by 
£10m to £3223m before excep- 
tionals. 

Mr Peter unit er, BZW’s ana- 
lyst said: “Once again the 
growth is coming from Bank 
Xerox which has been an 
incredibly strong performer." 

In spite of difficult market 
conditions in' Europe, Rank 
Xerox's results for the first 
quarter to January were “sig- 
nificantly” higher than last 
year. Its underlying revenues 
increased by 6 per emit before 
adverse exchange rates with 
UK sales up by over 10 per 
cent 

Rank’s interim figures will 
include a £62m charge, repre- 
senting the group's share of 
the restructuring costs 
announced by Xerox in Decem- 
ber, and a £50m provision fin- 
tiie closure of its US video dis- 
tribution business. 


Shaftesbury 
buoyed by 
interest cut 

Shaftesbury, the property 
investment company, reported 
pre-tax profits sharply higher 
at £13&n fin: the six months to 
March 31, against £344,000. The 
main factor was a £720300 foil 
in net interest charges to 
£1.4m. 

Earnings per share benefited 
from a tax refund of £427300, 
coming out at 35p (L2p). There 
is no interim dividend, but the 
capital reduction during the 
period will enable a final pay- 
ment to be recommended. 

Sales of properties were 
lower at £800300 (£L97m) as 
turnover fell to £4.13m 
(£5 22m). However, there was a 
surplus on disposal of proper- 
ties held as fixed assets of 
£151300 (£79,000). 

TJ Hughes shows 
rise 9% to £1.6m 

TJ Hughes, the discount 
retailer based in the north-west 
of England, increased pre-tax 
profits by 9 per cent in the 
year to January 29 from £M7in 
to £i£m. 

Sales were up 8 per cant, 
from £40.2m in the previous 53 
weeks to £43Jjm. 

The final dividend is raised 
to L75p, making a total of 23p 
(2-3p) payable from earnings 
per share of SASp (53p). 

Mr Gurth Hoyer Millar, 
chairman of the USM-traded 
company, said that the devel- 
opment of the discount depart- 
ment stores had continued 
with an opening in Preston, 
bringing the total to 13. Three 
further store openings were 
planned far 1996 and a 130300 
sq ft distribution facility had 
been acquired. 

Mr Eric Hodges is to retire as 
managing director next Janu- 
ary and wffl be succeeded by 
Mr Steve Bayfield. Mr Hodges 
will become a non-executive 
director. 

I&S UK Smaller 
heats benchmarks 

Ivory & Sime UK Smaller Com- 
panies Trust lifted its fully 
diluted net asset value by 1G 
per cent - from 97.08p to 
11Z39P - over the 12 months to 
March 31. 

The trust showed a rise in 
net asset value of 8 per cent 
over its second halt beating 
the FT-SE SmallCap Index 
(excluding investment trusts) 
and the FT-SE-A All-Share 





with £110m tag 


By Simon Davtee . 

CLS Holdings, the property 
company controlled by the 
Swedish Mortstedt family, is 
offering hew shares at a 15 per 
cent discount to net met 
value, reflecting growing com- 
petition and falling demand fin- 
property flotations. 

The company will have a 
market capitalisation of £llQm 
when it floats later this month, 
compared with its adjusted net 
asset value of man. 

By comparison, the property 
sector Is currently trading at 
around asset value, having 
held a 20 per cent premium 
earlier this year. ' 

CLS is competing with com- 
panies such as Argent and 
London Capital Holdings. . 
Other property flotations this 
year have not fored weft ' 

CLS has responded to this. It 
is offering 45.04m new shares 
at li lp through a and 

intermediaries offer represent- 
ing 46 per cent of the enlarged 
company. 

The shares offer a notional 
yield of 63 per cent, which is 
extremely high for the prop- 
erty sector. 

CLS was set up by brothers 
Sten and Bengt Mortstedt in 
1983, when the family sold its 
property interests in Sweden 


and refocused an the UK. It 
sold . dose to - half its portfolio * 
around the peak-of the market 
in 1989, and has, been aggres- 
sively building It up since 
eariyl993. >■. 

About 97 per cent of CLSV 
properties are within -the M2S 
area, the exception- being a 
property in DdsseMorf. - 

CLS will have net debt of 
same £l55m after the flotation, 
bringing gearing bade down to 
120 per cent 

The offer, sponsored by UBS 
and Apax ' Partners, closes at 
12am on Mhy 23. - 


In a sector stacked with new 
contenders fighting for invest 
tor attention, CLS has only one 
significant feature to mafeg it 
stand out from the crowd: tts 
price. At a. 14 per cent discount 
to the sector, and a yield of 5-5 
per cent, it., seems cheap. The 
more complex issues like 
where does the company go 
from here, and why should the 
Mortstedt* a float it at this 
price, remain unanswered. Bat 
the family are not selling a sin- 
gle share, and are taking half 
their dividend in scrip for the 
next three years, With that 
level of confidence from the 
backers, the shares look attrac- 
tive. 


French Connection 
mounts recovery 


Shares of French Connection 
Group rose 14p to I69p yester- 
day after the USM-traded fash- 
ion Mnrrtifng ratnpany mounte d 

a strong profits recovery, 
writes Graham Defler. 

On turnover ahead 35 per 
cent to £6£L9m, the pre-tax line 
far the 12 months to January 
31 amounted to £5.14m, against 
losses last time, restated far 
FES 3, af £133300. 

Mr George Wardale, chair- 
man, said: “Our strong brands 
[French Connection and Nicole 
Fariri] performed well in diffi- 
cult markets which, along with 
a strict control of costs, 
resulted in the return to profit- 
ability.’' 

The retail environment was 
“still demanding", he added, 
although summer collections 


had been well received and 
winter order books for both 
labels were ahead of the previ- 
ous year. 

UK sales improved to £36.Tm 
(£29 .97m) with good perfor- 
mances in both wholesale and 
retail operations. 

Turnover in the US jumped 
from £11.6m to £20.7m - 
reflecting the addition- of two 
more stores In New -York and 
significantly higher wholesale 
business. 

After tax at an effective rate 
of 3L5 par cent and minorities, 
earning s per share emerged at 
I73p, against losses last time 
of 43p. 

Directors said a dividend 
would be considered “when 
the accumulated profit and 
loss account retunas to credit"- 


DCC joins 
market 
in 
placing 

By Thh Corine In Dublin 

DCC. the Dublin-based private 
industrial holding company. is 
to be listed on foe London and 
Dublin stack exchanges from 
next Thursday foDowfog.a pla- 
cing of 83m shares at 25Qp per 
share.. - 

. The company is raising l£6m 
C£5J36m), bat according to Mr 
Jim flavin, chief executive: 
“The primary objective of the 
flotation is to obtain a fisting. 
B yfcring r capital is a very sec- 
ondary matter." 

With 723m shares in issue 
after the placement DC C has a 
market capitalisation of 

Earlier this week DCC 
announced prefox profits up 
49 per cent to IES&Am for the 
year to March 31. 

The' group is focused on five 
divisions., Including associated 
subsidiaries, its. energy divi- - 
sfon. comprising LPG and gas 
distribution and waste oil 
recycling, contributed 39 per 
cent of profits last year. Its 
food.dteteira ft ixar cent Two 
others,, print and publishing 
and-coanputefr products distri- 
bution, contributed a farther 
27 per cart. 

Mr Flavin said the group’s 
strategy was to manage risk 
thro ugh “spread financial 
prudence. We are long-term in 
our thinking and believe -that 
strong businesses are- built 
over the . tong hanT. 

Mr Flavin founded DCC as a 
venture capital ; company in 
1976 with, capital of 12180,000. 
The focus shifted to as indus- 
trial holding company in 1990. 

On last year’s earnings per 
share of 1938b ibe flotation 
gives an historic p/e of 123. 
This compares with an historic 
p/e for industrials in the Irish 
market of 173, and an overall 
market' p/e of 15X • 


Stakis£7mbuy 

Stakis is buying .the four star 
Aviaford Park Country Hotel in 
Arundel, West Sussex, for 
£7Jm cash. The hotel has con- 
ference and leisure facilities, 
including a nine hole golf 
course which will be leased 
back to the present owner, Mr 
Tony PagettSynn^. ... 


NEWS DIGEST 


Index, up 7 per cent and 3.7 per 
cent re sportively over the 
same period. 

Net revenue for the year 
dipped to £615,000 (£752,000), 
for earnings of 233p (339p) per 
share, the total dividend is 
maintained at 23p via a same- 
again final of 13p. 

AG makes French 
acquisition 

AG Holdings, the maker of des- 
patch and shipping reels, has 
conditionally acquired 67 per 
cent of Adome, the Vichy- 
based parent company of 
Sotidte DTSmbaHage Manuten- 
tion Stockage. 

The company makes wooden 
and plywood reels and has 15 
per cent of the French wooden 
reels market. AG is acquiring 
30 per cent of Adome for 
FFr660300 (£77300) and is sub- 
scribing a further FFr814,000 
for new shares to bring its 
holding to 67 per cent 

There is an agreement to 
acquire the remaining 33 per 
cent over the next five years 
for a sum. payable in cash, to 
be determined by reference to 
profits achieved in that period. 

AG also announced interim 
results for the period to Janu- 
ary 31, which showed virtually 
unchanged pre-tax profits of 
£13m. Turnover was ahead 63 
per cent from £739m to £832m, 
with 5.3 per cent of the 
iTYirrpagg relating to ifa* Askern 
Steel Reels purchase. 

Earning s per share dipped to 
4Jjp (4.7p). The Interim divi- 
dend is 2J25p - last year's sin- 
gle final was 2p. 

The deal is subject to 
app r ov a l by the French author- 
ities and audit of net assets. 

Inti Investment 
Trust of Jersey 

International Investment Trust 
Company of Jersey raised 
afterfox profits to £517,000 in 
1993, compared with £20300 
restated for FRS 3. 

Earnings per share came to 
!L2p, against 15-7p losses last 
time. 

Dutch purchase 
for Rtmzl 

R ural, the distribution end cig- 
arette filters group, has 
acquired a Dutch dis- 

tributor of disposable products 
to the catering and hotel 
trades. 

It has bought Gebroeders 
van Hoogstraten Papier en 
Plastics, which trades as Hops 


demonstrated the group’s con- 
tinuing commitment to the 
development of plastic and 
paper disposables, its largest 
and most profitable business 
area. 

Rubicon makes 
£4.8m acquisition 

Rubicon Group has made one 
acquisition and two disposals. . 

It has conditionally agreed to 
buy Bealey Wood Holdings, a 
manufacture r of *w»fa« for auto- 
mated teller machines, for 
£4. 84m. This acquisition will' 
complement High Speed Pro- 
duction (Holdings), the preci- 
sion metal components and. 
assemblies company, which 
Rubicon bought in July 1993. 
for £9m. 

At the same time it is shed- 
ding some parts of its core 
shop fitting operations with 
the sale of ChOtem Retail 
Systems, which mpy**; moving 
belt check-out systems, to 
Wagon Industrial Holdings for 
£4m. 

It is also selling its shelving 
and display division to Harris 
Watson Trading for £2.15m, of 
which £135m is payable in. 
cash on completion. 

Schroder Korea net 
assets improve 

Net asset value pear share of 
Schroder Korea Fund stood at 
$13.13 (£830) at February 28, 
against $836 at endUecember 
1992. Fully diluted, the figure 
was $12.61 C$836). 

The net deficit for.' the 14 
months period amounted to 
$609300 ($119,000 surplus) and 

■ OayMfce sefls 


' The directors have readied 
agreement with -a co n sortium, 
comprising Royal Bank of Sort- 
land, National Westminster 
Bank and Bank nf Scotland: to 
provide new loan and overdraft 
fagitififf? fa Wally amounting to 
CH-fim. 

These are conditional upon 
the issue rt the . debenture 
stock proceeding." Directors 
stated timt^afithetxindifiGns 
. of both the ftdBths and issue 
were not met by July 19, the 
new banking facilities would 
not come into effect 

Gartmore American 
net assets decline : 

Gartmore American Securities 
saw~ net asset value per share 
decline by 19" per cent, from 
52.4p to 42. 3p over the -12 
months to March 3L 
Net revenue amounted to 
£L46m (£LBm) for. earnings of 
4-33p (4.39P) per share. A 
fourth interim of lp maintains 
the total for the year at 4p. 

Critchley pays £2L5in 
for Woodcbester site 

Critchley, the electrical cable 
accessories manufacturer, is 
paying £2.5m for a 153 acre 
site, comprising a factory end 
offices at .Woodcbester, Glou- 
cestershire. 

In its last accounts, Critchley 

announced a plan to spend 
£2.4m to develop the Brim- 
scombe rtte. However, it . has 
now been decided that the 
acqufeBian of the Woodchester 
property represents a more 
attractive alternative. 


Laser-Scan stake 

Clayhxthe, the finance and 
- maragBrnart provider, has sold 

ita 29L9 per c&ut stain in Laser' 

Scan Hohfings to the Causeway 
Smaller quoted Companies 
Ftmd. ■ 

Net proceeds amounted to 
about £U5m. Thedteposal was 
in Une with Cftyttithe's policy 
of realising non-core invest 


Mr Anthony Habgood. Bunzl 
Chief executive; said the deal 


Interest boosts 
Northern Leisure 

Lower interest payable, down 
from £L66m to £L3&n. lifted 
pre-tax profits of Northern Lei- 
sure, the discotheque, ten-pin 
bowling and amusement park 
concern, to ELOSm tor the 26 
weeks- to' February 27, com- 
pared with £683,000 prenously. 

Turnover ^ ^waa^ little changed 
at EILTUl Earnings per share 
were 3.4p against 2Ap and 
directors ^ intend to recommend 
a final slngte dividend of at 
least lp. Thereafter It 1 is 

fafgndad that in te r im and final . 
distributions will be paid In 
May and November. 

The group proposes to raise 
some £43m, net -of expenses, 
by way of an underwritten 

issue of £S Am nominal of con- 

vertible debenture' stock '.imoa* than tumbles Inchcape*s 
1996-2001 at par. Initially yield- European testing capability fa 
ing &25 per cart. ■ - thfefWd.. . . 


Incheape makes 
Swedish purchase 

IhdicflpeTtesitag-sia^irea, part 
of Incheape; thn taternrtbmal 
services and marketing groop, 
has acquired Samb), the Swed- 
ish testing company. 

. Semko carriea out electrical 
mdrtectronic testing and cw-. 
"tiflartton and. 'its- acquisition 


FINANCIAL TIMES FRIDAY MAY 13 1994 


27 




I «; . . 



P'acino 


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■ i 


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• *!? 

. ' ,:i1 i«t- 

••• !it.v 

•• :i;-b 
• 

' ■ 


^n; bin 






iv ** 
i l 

; 


COMPANY NEWS: UK 


Jarvis Porter makes Dutch purchase 


By Paul Taylor 

Jarvis Porter, the specialist label 
printer, yesterday announced plans to 
acquire three Dutch labelling compa- 
nies for FL 48.6m (£17.4m) from Neder- 
landse Graflsche Groep. 

The deal came as the group reported 
a 43 per cent increase In full year pre- 
tax profits, buoyed by earlier domestic 
acquisitions. Earnfag s increased by 28 
per cent to 14.8p (iL4p) and the final 
dividend is raised to 3.55p making a 
total for the year of 5.2p (4.7p). 

The proposed acquisition will be 
funded by a rights issue of 7.56m shares 
at 230p and provides Jarvis Porter with 
an important foothold In the continen- 
tal European label printing market The 
shares closed Ip lower at 274p yester- 
day. 


The rights will be on the basis of one 
new ordinary share for every 4.24 
shares held and is subject to sharehold- 
ers’ approval at an extraordinary meet- 
ing on May 3L 

NGG reported pre-tax profits of 
FI 8.05m (FI 7.81m) in 1993 on turnover 
of FI 45.2m (FI 43 An). 

Of the three operating companies. 
Peha Etikettan makes high quality self- 
adhesive labels for the toiletry, cosmet- 
ics. food and household products sec- 
tors, Jeka Spedaaldrukkeru en-Uitgev- 
erji supplies the East tumrouad market 
for self-adhesive labels and Drukkerji 
Zwart specialises in the production of 
heat se& labels used to seal the outer 
wraps of vacuum packed coffee. 

Mr Paul Jarvis, chairman, comment- 
ing mi the acquisition, said it would 
strengthen the group’s position in the 


primary labels market and represents a 
further step in the international devel- 
opment of the group. 

“It continues our strategy of aug- 
menting growth in gristing businesses 
by selected acquisitions in specific 
niche markets within the prist and 
packaging sector,” he said. 

Jarvis’s results for the year to Febru- 
ary 28 highlighted the success of this 
strategy to date. Pre-tax profits jumped 
from £4.78m to SB&m. 

Turnover grew by 40 per cent to 
£55 An <£SS.Tm) including £7. 74m from 
the acquisition of Dolphin in Lewis and 
Irwin Packaging in Cardiff at the start 
of last year. 

The two acquisitions contributed 
£951,000 to operating profits which 
increased by 48 per cent to £7.05m 
(£4. 76m) and operating margins 


unproved to 12.7 per cent (12 per cent). 
Profits were slightly reduced by net 
interest costs of £217,000, compared 
with receipts of £24.000 a year earlier. 

• COMMENT 

The NGG deal looks good. The self-ad- 
hesive label business is the fastest 
growing segment of a fragmented, but 
expanding market and the acquisition 
should enable Jarvis to supply an 
enlarged multinational customer base. 
Jarvis is buying growing businesses 
which operate on healthy margins and 
the price looks fair. With pre-tax profits 
of about £10-3m forecast for this year, 
producing earnings of lBp, the shares 
are trading on a reasonable forward 
multiple of 1525. Although the rights 
offer is the third since 1991, it deserves 
support 


Tomkinsons 
shares fall 
11% to 280p 

Tomkinsons, the carpet 
manufacturer, sow its shares 
fall U per cent after reporting 
pre-tax profits down from 
£430,000 to £332,000 in the six 
months to April 2. 

The shares fell 35p to 280p. 

The company said that there 
trail been considerable volatil- 
ity in the carpets market and 
concerns about increases is 
personal taxation had 
depressed consumer senti- 
ment 

The trading outlook 
remained difficult, the com- 
pany added, and the 
lull year trading was expected 
to be below that of last 
year. 

Turnover was £9. 8m 
(£lD.4m). Earnings per share 
were &6p (4.7p). 

The interim dividend is 
being maintained at 
&5p. 


Saloons set for showdown 


Melville share 
- deals suspended 


Shares in MeMHe Group were 
suspended at 4V4p yesterday 
after the exhibition services 
ami interior fi ttings company 
warned that tt was in talks 
which might lead to the sale of 
a substantial part of its busi- 
ness. 

Is November, the company 
reported pre-tax losses for the 
year to Jane 30 of £l.l8m, 
against a restated £18.9m defi- 
cit 

The result was after a 
fall in exceptional and 
provisions from £12. 7m to 
£930,000. 


A mong the customary 
blizzard of detail 
accompanying Grand 
Metropolitan’s interim results 
yesterday, there was (me nota- 
ble omission. 

The market bad half hoped 
for news on how GrandMet 
aimri to farirte one of the most 
troublesome parts of its busi- 
ness: Inntrepreneur Estates 
limited, its pub joint venture 
with Coinage, irigtapri, the offi- 
cial statement contained just 
one line: “EEL reached 
break-even for the half year, in 
line with expectations.” 

Given that IEL is by far the 
US’s biggest publican, with 
6,500 pubs valued at £l.7bn, 
this might seem, a pathetic 
result Quite the contrary, 
according to Mr David Tagg, 
the GrandMet director in 
charge of iRi^ Everything is 
going to plan. 

When tt was formed in 1991, 
IEL was deliberately loaded 
with debt by its two owners, 
it has lost money ever 
since. 

“When we set it up,” Mr 


Tony Jackson on the choices facing 
GrandMet' s pubs joint venture 


Tagg said yesterday, “we said 
we would break even in 
1994-95- We’ve done that. We 
also said we would consider 
with Courage what to do when 
we got there. We’re doing that 
now.” 

Mr Tagg would not be drawn 
on various market rumours, 
such as a planned management 
buy-out or the flotation of a 
couple of thousand pubs as a 
wholly new company. 

“There are a range of 
options,” he said. “We can go 
anywhere from retaining the 
whole business to getting out 
Refinancing is an option some- 
where in the middle 

And how long will the 
decision take? “That’s very 
hard to say. Not weeks: it 
might be months - maybe 
years” (probably within the 
year, according to his boss, 
GrandMet chief executive 
George Bull). 

There is no doubt that 


GrandMet wants out: or, as Mr 
Tagg put it diplomatically, 
“IEL does not fit GrandMet ’s 
strategic profile.” 

The snag is that Courage 
presumably wants out as welL 

Its parent, the Australian 
brewer Foster's, is not flush 
with cash, and has recently 
maria clear that its ambitious 
lie not in Europe, but in the 
nearer and faster-growing mar- 
kets of Asia Pacific. 

A further snag is that 
the two partners suffer from 
an Inherent conflict of 
interest. 

As a pure pub operator, 
GrandMet will naturally aim to 
push its rents as high as possi- 
ble. This puts pressure on the 
individual publican to raise 
beer prices, thus reducing 
sales. This is bad news for 
Coarage, which supplies beer 
to more than 4,000 of the pubs. 

The contract for that supply 
lasts until the end of March 


1998. Presumably, Courage 
would like to extract itself 
from the venture in a way 
which left the contract in 
place. This, says Mr Tagg, is 
not impossible. “All these 
issues are in the melting pot 
It’s all for discussion.” 

Besides making no money. 
tel font an image problem. 

According to its rivals, the 
estate is in poor shape, with a 
long tail of small and grotty 
pubs. Mr Tagg disputes this. 

“We’ve disposed of almost 
1,000 pubs since we started the 
joint venture, largely at the 
tail end.” he said yesterday. 
“The estate is now in pretty 
good shape. I would say there 
isn’t much of a tail compared 
with the other major estates.” 

The whole saga illustrates 
the continuing effect of 
the changes imposed by the 
government an the beer indus- 
try in 1989. 

Five years on, the industry is 
. less stable than ever. As long 
as EEL'S 6^500 pubs overhang 
the market, it is hard to see 
that changing. 


Regal Hotel plans four more purchases 


By John MinreB 

Regal Hotel Group, the 
USM-traded provincial hotel 
operator, is set to almost doa- 
ble in size via the planned pur- 
chase of four more hotels for 
£9-5m- 

To partly fund the acquisi- 
tions, Regal is proposing to 
raise about film by way of a 
placing and open offer of 
S2L57m new ordinary shares, 
47.4 per cent of the enlarged 
capital, at l%p. 


Same £&4m of the proceeds 
will be used to satisfy part of 
the purchase consideration 
with the balance being satis- 
fied by bank debt of £3m and 
the issue of 5.71m new 
shares. 

The remaining proceeds win 
be set aside to ftmd the acqui- 
sition of a further hotel and to 
provide additional working 
Cfl p fe fl r 

Of ffie placing and open offer 
shares 31£5m have been placed 
firm by Guinness Mahon with 


institutions and other inves- 
tors, while Slfijmn have been 
placed subject to a clawback 
by ordinary shareholders on a 
7-for-15 basis. 

Mr Keith Goldie-Morrison. 
chairman, said the acquisitions 
represent further progress in 
Regal’s strategy of assembling 
a chain of 3 star provincial 
hotels in commercial iocations. 

Regal is paying £1.65m for 
the Time Out Hotel at Blaby, 
near Leicester, £S-5m for the 
HUlcrest Hotel, Widnes, £3m 


for the Hall Garth Hotel, near 
Darlington, and £L35m for the 
Cumbrian Hotel. Carlisle. 

The acquisitions increase the 
total number of hotels owned 
by Regal to nine. A further two 
are operated under manage- 
ment contract. 

Dealings in Regal’s shares 
were suspended at 2p yester- 
day. They are expected to 
resume on June 10, following 
completion of the placing and 
open offer and shareholders 
approval of the purchase. 


Kenyan tea 
yield helps 
Finlay rise 
to £13,8m 

By David Blackwell 

A higher yield from its 
Kenyan tea plantations helped 
James Finlay, the overseas 
trading and financial services 
group, to lift profits by 
more than 36 per cent last 
year. 

Pre-tax profits rose from 

£10- im to £13-8m on turnover 
of £ 184.4m, op from a previous 
£1 65.2m. 

Mr Richard Capper, deputy 
chairman, said that the 
group's tea production in 
Kenya last year was 223m kg 
following good weather condi- 
tions in the early months of 
last year and improvements in 
husbandry. 

This was a marked improve- 
ment on 1991 and 1992. 
when production amounted to 
20m kg. 

The increase was behind a 
rise in operating profits from 
plantations from £8.78m to 
£HJm. 

The trading, manufacturing 
and merchanting activities tre- 
bled operating profits from 
£l.llm to £&33m on the back 
of increased activity in the tea 
trade. 

Operating profits in the con- 
fectionery and beverage manu- 
facturing division, which 
makes Paynes Poppets and 
supplies all Salisbury's own 
label tea and coffee, were 
down slightly at £3.94m, 
compared with a previous 
£4^1m. 

Mr Capper attributed the 
decline to the difficult UK 
market for confectionery, and 
the costs of a TV advertising 
campaign for Poppets. 

The merchant banking and 
international trade confirming 
division moved from a loss of 
£436,000 to a profit of 
£447,000. 

The oil and gas activities in 
North America fell into the 
red to the fane of tt-ssm, com- 
pared with a previous profit of 
£310,000, mainly as a result of 
lower prices and increased 
depreciation charges. 

The tax charge rose from 
52A per cent to 62.2 per cent, 
reflecting the losses in the US, 
for which there Is no relief, 
and currency losses In Kenya, 
where the tax rate is higher 
than the UK. 

Earnings per share were up 
from 4-7p to Bp. 

An unchanged second 
interim dividend of 2.15p 
maintains the total for the 
year at 4.15p. 


Warner Howard 
up 16 % and sees 
further growth 


By Peggy Holfinger 

Warner Howard, the hot air 
hand dryer and laundry equip- 
ment company, overcame a 4 
per cent decline in turnover to 
report its eighth consecutive 
year of profits growth with a 16 
per cent advance at the pre-tax 
level. 

Mr Ernie HazeU, managing 
director, said he was confident 
the current year would show 
further growth. The rate of 
business failures, which hit the 
group hard in 1993. had slowed 
noticeably in recent months. 

The final dividend “which is 
a sign of that confidence" is 
increased by 15 per cent to 
5.04p, for a total 12 per cent 
higher at 73lp. Earnings bene- 
fited from a lower tax charge 
to advance 21 per cent to 
2l.07p. 

Warner Howard, which 
boasts 75 per cent of the UK 
market for rented laundry 
equipment, reported pre-tax 
profits up from £5.91 m to 
£6.S4m in the year to February 
28. on sales £lm lower at 
£22.2m. Operating profits of 
£6.77m (£5. 92m) included prof- 
its of £112.000 (£337,000 losses) 
from discontinued activities. 

The drop in turnover 
reflected the absence of a Elm 
contract in 1993 to sell laundry 


equipment to hotels in the for- 
mer Soviet Union. Mr Hazel! 
said the profits on that con- 
tract had been so slim that the 
absence of the business bad 
not affected profits. 

The rentals division, which 
supplies laundry, hygiene and 
catering equipment, remained 
“the engine of growth”, with 
sales 7 per cent ahead at 
£13.5m giving operating profits 
of £6.7m, a rise of 12 per 
cent. 

The lower margin equipment 
sales division suffered a £1.2m 
drop in turnover to £5m and 
operating profits halved from 
£400.000 to £200.000. 

The service division showed 
a 19 per cent drop in sales to 
£3.7m. with profits falling from 
£850.000 to £700,000. 

Mr Hazel! said the group was 
seeking to be more active on 
the acquisition front, in 
particular to build its hygiene 
and catering equipment divi- 
sions. Warner Howard had 
already completed Us first 
purchase this year, paying 
£l.Q2m for a hygiene rental 
portfolio. 

The purchases would almost 
certainly be funded through 
either cash flow or by gearing 
up the balance sheet Warner 
Howard has net cash of 
£600,000. 


Start-up costs behind 
£6.6m Flextech deficit 


By Katrina Lows 

Flextech, the USM-traded cable 
and satellite television group, 
yesterday reported pre-tax 
losses of £6.62m in 
the 12 months to December 
31 1993 on turnover of 
£6.77 Dl 

The operating loss of £62Sm 
was mainly due to start up 
costs associated with the 
launch of the Family Channel 
and duplicated satellite 
costs. 

Directors said comparisons 
with 1992 were not possible as 
tiie group was reorganised via 
a reconstruction in July of that 
year. 

Flextech has undergone fur- 
ther changes in the current 
year, including the merger 
with the European program- 
ming assets of United Artists 
European Holdings. 

Under the deal, Tele-Commu- 


nications, the Largest US cable 
television operator, becomes 
Flextech’s controlling share- 
holder. 

The enlarged company 
becomes the biggest cable and 
satellite channel operator in 
the UK after British Sky 
Broadcasting, the satellite 
broadcaster in which Pearson, 
owner of the Financial 
Times, has a significant 
stake. 

Flextech has since added ter- 
restrial broadcasting to 
its portfolio through the 
acquisition of a 20 per cent 
stake in HTV, operator of 
the Wales and west 
of England Channel 3 
licence. 

Mr Stanislas Yassukovich. 
chairman, said income from 
satellite and cable subscribers 
would form the most important 
revenue stream over the nest 
few years. 


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This advertisement Is issued in compliance with the requirements of The International Stock Exchange of the United Kingdom 
and the Republic of Iceland Limited (The Stock Exchange"). It does not constitute an offer of securities or Invitation to any person 
to subscribe for or to purchase any securities in DCC pic (“the Company'). This notice should be read in conjunction with the 
listing particulars dated 12th May 1994 which alone contain foil details of the Company and the securities being offered. 

You should note that, in respect of foe Placing, AIB Capital Markets - Corporate Finance Limited, J O Hantbro Magan & Company 
limited, AIB Capital Markets pic and UBS Limited are acting solely for DCC pic and will not be responsible to any other person 
for providing p rotect i on afforded to customers of AIB Capital Markets - Corporate Finance Limited, J O Hambro Magan tc 
Company Limbed, AIB Capital Markets pic and UBS Limited or for providing advice in relation to the Placing. 



DCC pic 

(Incorporated In Iralxid under lha Companies Act 1963. Reg&tared Number 54858) 

Placing 

of 

3,297,320 Ordinary Shares of IR20p each at IR250p per share 

Sponsored by 

AIB Capital Markets - Corporate Finance Limited 

and 

J O Hambro Magan & Company Limited 
Underwritten by AIB Capital Markets pic and UBS Limited 


AxAhoriMd 

Nominal Number 

Value of Shares 


IR£3Q, 000,000 150,000,000 


SHARE CAPITAL 


Ordinary Shares of IR20peadi - fully paid 
-partly paid 

Total 


tesued and to be Issued 


Nominal 

Value 


Number 
of Shares 


IR£34 r 52S,S76 72JSS378 

m&BOJXQ 4100,015 


I8£H945,879 74729.393 


Application has been made to The Stock Exchange for the whole of the folly paid ordinary share capital of foe Company, issued 
and to be issued, to be admitted to the Official Lists in Dublin and London. It is expected that foe application for listing will be 
heard on 18th May 1994 and that dealings in foe folly paid Ordinary Shares will commence on 19fo May 1994. 

The Ordinary Shares which are foe subject of foe Rating wfll rank in full for all dividends and other distributions hereafter 
declared, paid or made on foe ordinary share capital of foe Company. 

DCC pic is a leading Irish industrial holding company primarily focused on five industrial sectors - Food, Energy, Print and 
Publishing, Computer Products Distribution and Heaiihore - operating in Ireland and Britain. 

Copies of the listing particulars are available, for collection only, during normal business hours on any weekday (Saturdays and 
public holidays e xc epted) from foe date of this notice up to and tnclnding 16th May 1994 from the Company Announcements 
Office, The Irish Stock Exchange, 28 Anglesea Street, Dublin 2 and foe Company Announcements Office, The London Stock 
Eerfiang*, Stock Exchange Tower, Cape! Court Entrance, Off Bartholomew Lane, London EC3N 1HP and tip to and farlpH.p g ?^ 
May 1994 from AIB Bank Registrars' and New Issue Department, 12 Old Jewry, London EC2R 8DP and DCC pic; DCC House, 
Still organ, Bladoock, Co. Dublin. 

13th May 1994 










TIMES FRIDAY MAY j3 19M 



COMMODITIES AND AGRICULTURE 


Silver deficit at record and still growing 


By Kenneth Gooding 
fri New York 


Silver 


Worldwide Eabrication demand 
tor silver outpaced supply for 
the fourth consecutive year in 
1983, by a record 207.fira troy 
ounces, according to the 
an nu al survey from the Silver 
Institute, the Washington- 
based international flgBnnfa+irwi 
of miners, refiners, fabricators 
and manufacturers. 

The deficit is forecast to 
widen this year to 248.4m 
ounces. 

This suggests that stocks of 
silver readily available to the 
market, which stood at Llbn 
ounces in 1990 could be down 
to 620m at the end of this year. 
The survey paints out that the 
l.lbn of stock was built up 
from supply surpluses between 
1979 and 1990. Any other silver 
stocks are probably relatively 
unavailable to the market at 
any price, given that they had 
not been sold when prices rose 
ten fold, from US$5 to 350 an 
ounce In 1979 and 1980, nor 
when silver prices fell by more 
than 90 per cent in the follow- 
ing 13 years. 

According to the CPM pre- 
cious metals consultancy 


Supftiyrtatxkatton demand balance (Trey ounce ml 
300 ~ 


Surplus 



-100 


-200 


-300 


I960 56 60 66 

Sourer World Slver Survey, 1694 


90 94 


group which compiled the data 
for the survey, silver supply 
fell by 6.1 per cent last year, 
from 501.7m ounces to 471.2m, 
the lowest level since 1986. 
This was mainly because of 
closures of copper, lead, and 
zinc mines where silver was 
produced as a by product 
Fabrication demand, mean- 
while, rose by 14.4 per cent, 
from 593.4m ounces in 1992 to 
678.7m. Much of this growth 
came from a doubling of 

Homanri in the SOCOHd 

largest consumer, after the US, 
for silver jewellery and decora- 


tive objects following the relax- 
ation of import restrictions 
there in January 1993, which 
lead to lower Indian market 
prices. 

Worldwide fabrication 
demand is projected to rise Oils 
year by another 7 2 per cent to 
727.8m ounces. Supply in 1994 
is predicted to grow at a much 
lower rate, by L7 per cent to 
479.4m ounces. 

The surge from India helped 
demand from silver jewellery 
and flatware manufacturers to 
jump by 27.5 per cent last year 
to 221.6m ounces, so that it 


overtook the use of silver in 
photographic film and papers, 
up by L3 per cent to l&9m 
ounces. 

"Ibis was the first time in 
more than 25 years that silver 
used for jewellery and silver- 
ware was greater thap silver 
demand in photography," said 
Mr Dennis Wheeler, president 
of file institute at an analysts' 
briefing here. "This is very sig- 
nificant and it reflects the 
increased demand for the 
metal from growing economies 
such as ami Thailand." 

Mr Jeffrey AbrisHan , manag- 
ing director of CPM, picked up 
this theme when discussing 
long term trends in the use of 
silver. There had been a sharp 
increase in the share of the sil- 
ver market represented by fab- 
rication demand tn developing 
countries, primarily in India 
and Thailand. 

Much of the jewellery for- 
merly fabricated in Italy or the 
US was now made in Thailand 
Consequently, silver use in 
developing countries, which 
was no more then is per cant 
of world demand between 1979 
and 1989 was more than 30 per 
cent in 1994. 

Silver use in coinage last 


year rose from 29.4m to 38.1m 
ounces, mainly because toe 
Mexican government began 
Issuing again legal tender 
coins containing silver. This 
absorbed 15m ounces. Demand 
could he lower in 1994. 

The price of silver averaged 
US$430 an ounce last year, up 
by 9.4 per cent (nine point 
four) from $393 In 1592. How- 
ever, when adjusted for infla- 
tion, the real price of silver 
remained at one of its lowest 
levels since the lMOs. 

Mr Christian said: “In the 
first four months of 1994 
demand has continued to 
tocreaqa in most major market 
sectors. Indian demand and 
imports are rising and should 
last year’s phenomenal 
levels. Demand is also reviving 
in Japan and some European 
countries in which, silver use, 
and economic growth in gen- 
eral, has been rather stagnant 
undl recently. Demand is 
increasing in the US, Thailand 
and other big consuming 
nations". 

World Silver Survey 1994: 
USS3Q in the OS and S3S else- 
where; from the Silver Institute, 
1112 Sixteenth Street, &W. Suite 
240, Washington DC 20036. 


Malaysia’s tin employers may disband association 


By fOeran Cooke 
In Kuala Lumpur 


The Malayan Mining 
Employers’ Association 
(MMEA), which groups Malay- 
sia's main tin mining and 
smelting companies, is consid- 
ering disbanding because of 
the dramatic decline in the 
country's fin industry. 

The association says that 


though there has been a recent 
rise in fin prices a sus tained 
recovery has still not been 
achieved. Last week tin was 
trading at around M91435 
($536) a kilogram on the Kuala 
Lumpur market. Malaysian tin 
producers say they need prices 
In the range of M$16 to M$18 to 
cover costs. 

Last September the Kuala 
Lumpur price dropped to a low 


of M$1Q.78 a kilogram. 

Malaysia was once the 
world's largest tin producer 
with an annual output in the 
1960s of between 60,000 and 

70.000 tonnes; last year its pro- 
duction fell by 28 per cent to 
10,384 tonnes. In 1980 nearly 

40.000 workers were employed 
in the country's tin industry; 
according to the MMEA tin 
employment has faiton to less 


than 2300. 

The Association of Tin Prod- 
ucing Countries, which groups 
many of the world's big pro- 
ducers, is meeting in Kuala 
Lumpur this week to review 
the state of the world industry. 
The MMEA is not optimistic 
about the short term prospects. 
It says that other materials 
like glass, al uminium and 
plastic are increasingly replac- 


ing tin in the packaging 
industry. 

The MMEA says that the US 
Defence Logistics Agency has 
continued to dispose of large 
amounts of tin on the world 
market. Oversupply problems 
have been exacerbated, mean- 
while, by increased production 
from relatively new producers 
such as Peru, Portugal and 
Vietnam. 


Crop setbacks put Indian 
sugar trade into reverse 


Imports are now needed so that a presence can be 
maintained in the export market, writes Jvunftl Bose 


I ndia's sugar crop hopes are 
continuing to fade. Having 
already been lowered to 
10.5m tonnes from llm, the 
production estimate for the 
1893-94 season (OctobroSep- 
tember) has recently been cut 
to not more 9&n tonnes. 

Last year, the country pro- 
duced 10.6m tonnes of sugar, 
down from the 1991-92 record 
of 13.4m. 

A concerned federal govern- 
ment has allowed duty-free 
imports of white sugar so that 
the domestic production short- 
fall does not lead to a runaway 
inflation in sugar prices. 
According to industry officials, 
between the Indian Sugar & 
General Industry Exim Corpo- 
ration and the trade, nearly 

500,000 tonnes of sugar have 
already been contracted for 
import And impart contracts 
for another 300,000 tonnes are 
likely to be signed in the nest 
few weeks. 

The imported sugar lias 
started arriving at Ind ian ports 
and to facilitate its distribution 
toe government has fold toe 
trade that it will be exempted 
from the “stock-holding limit 
and turnover time applicable 
to sugar produced within toe 
country”. 

Earlier the government 
allowed the import of raw 
sugar for processing and reex- 
port at a trifrnimHTp value addi- 
tion of 7.5 per cent. This was 
done in response to the sugges- 
tion by the ir yHaw Sugar Mills 
Association that India, which 
reappeared as a sugar exporter 


in 1990-91 should maintain a 
presence in toe world market 
in spite of toe production set- 
back. The ESGIEC, toe indus- 
try’s trading arm, has already 
imported 12.000 tonnes oE raw 
sugar, and the seller has the 
option to supply the same 
Quantity by June 1994. 

Meanwhile. 1SMA has told 
toe government that in view of 


The government has 
allowed duty-free 
imports of white 
sugar to prevent 
runaway inflation 


toe worsening domestic supply 
situation the imported raw 
sugar should be allowed to be 
marketed within the country 
after processing without 
attracting any levy. And toe 
government is expected to 
accept toe proposal 

Hit by a severe drought. 
Maharashtra, the biggest sugar 
producing state, whoa crush- 
ing df*cane is almost over, will 
end the season with production 
of 2.7m tonnes, compared with 
last year's &36m. 

The setback to production in 
Uttar Pradesh to 2.66m tonnes 
from 2£6m is blamed on large- 
scale diversion of cane to pro- 
duction of gur and khandsari. 
traditional sweeteners for the 
local peasant market Accord- 
ing to ISMA, “a good 500,000 
tonnes of sugar has been lost 
in Uttar Pradesh because of the 


cane diversion". 

The production foes in Bihar 
is because of damage earned to 
the standing crop by flood* md 
excessive rains. There will 
he production shortfall ta the 
two north Indian states of Pm* 
jab and Haryana. 

Gujarat, however, fa up** 
ted to stop up p ro d uctio n to 

970.000 forma* from 75UKK). 
Production wifi also be .* 

In Karnataka and 
Pradesh. 

The expected production or 
9.8m tonnes wifi not meet 
domestic consumption, which 
the government is seeking to 
restrict to about 18a tomes 
through the monthly sugar 
release mechanism. The total 
availability of sugar to the cur- 
rent season wifi be, howsfar, 
around l&8m tonnes, including 
the carry forward stocks oi 
3.2m tonnes and Imports of 
soojooo tonnes. 

Though toe Indian sugar sea- 
s on begins tn October, promo- 
tion gain* momentum only 
from the rod of November, so 
toe new season should ideally 
start with stocks equal to the 
sugar requirement for at Inn 
two and a half months. This is 
not going to happen in 199495. 

In toe meantime, new cane 
plantation ha* started. Accord- 
ing to industry nffiriai 
fogs wifi be 20 to 25 per cent 
higher than last year's. But the 
first crop forecast and toe 
likely sugar production in the 
next season will not be avail- 
able tiU June by when the 
monsoon has set fa. 


Jamaican bauxite output up 3.5 per cent 


By Canute James In Kingston 


Jamaica's bauxite (fliHTninhmi 
ore) production grew was up 
3.5 per cent in the first quarter 
of this year compared with toe 
corresponding period of last 
year, to reach 2.85m tonnes. 


mainly because of an increase 
in output by one of the island's 
largest refiners. 

Production of alumina (alu- 
minium oxide) in the quarter 
rose to 792,044 tonnes. 9 A per 
cent up from a year earlier, the 
Jamaica Bauxite Institute 


reported. Crude ore exports fell 
9.1 per cent to 892,477 tonnes. 

Jamaica Is the world’s third 
largest producer of bauxite, 
after Australia and Guinea. 

“The increase in raw me pro- 
duction and in the output of 
alumina are mainly toe result 


of the expansion in capacity 
and production by Alumina 
Partners of Jamaica," said Mr 
Parris Lyew-Ayee, acting man- 
aging director of the bauxite 
institute. “Other refiners have 
increased capacity and produc- 
tion marginally . 1 * 


MARKET REPORT 

Cocoa futures attract investment fund buying 


London COCOA and COFFEE 
futures put in good perfor- 
mances in the afternoon. 

The July robusta coffee con- 
tract had sunk to $ 1,852 a 
tonne in the m orofog But a 
reasonably steady New York 


gave London support and 
prices advanced, the second 
month dosing just $15 down 
on balance at $1,890. 

Cocoa was continuing to ben- 
efit from a resurgence in intro 
est in commodities generally. 


analysts said, attracting new 
investment fund buying. Hie 
July position was pushed to a 
high of £959 a tonne before the 
mn rk«t backed off sli ghtly to 
end £33 up at £954. 

London Metal Exchange 


COPPER prices settled bade 
late in the afternoon, having 
earlier readied new highs for 
the current move, as yet 
another technical reaction set 
in. 

Compiled from Reuter 


COMMODITIES PRICES 


CROSSWORD 


BASE METALS 

LONDON METAL EXCHANGE 

(Prices bom Amalgamated Metal Tracing) 


Precious Metals continued 

■ QQIO COMEX (100 Troy oz.; S/troy or) 


GRAINS AND OIL SEEDS 

■ WtEAT LCE (S per tome) 


SOFTS 

■ COCOA LCE (E/tonna) 


MEAT AND LIVESTOCK 

■ LIVE CATTLE CME (4QjOOOBis; oentaflba) 


No. 8,452 Set by DOGBERRY 


tat VOL 


Cash 3 ndtM 

Close 1301-2 1328-0 

Previous 13003-1^ 132&6-&6 

MfiMOw - 1328/1329 

AM Official 13005-1.0 1227-7JS 

Kerb dose 1326-7 

Open kit 248.169 

Total (My turnover 40832 

■ ALUMINIUM ALLOY (5 per tarns) 

Close 

1300-5 

1315-20 

Previous 

1316-20 

1330-5 

Htfrfow 

- 

1320 

AM OfflctaJ 

1306-15 

1320-30 

Kerb dose 


1315-20 

Open hit 

3.898 


Total daily turnover 

805 


■ LEAD (3 par tome) 


Ctosa 

4615-2^ 

478-9 

Prevtaue 

466-6 

482-3 

Hioh/low 

482J 

481/477 

AM OfflMM 

462-2 J 

478-9 

Kerb dona 


477-8 

Open InL 

35.465 


Total dally turnover 

5,806 


■ NICKEL (S per tonne) 


Ctosa 

5850-60 

6330-40 

Pravtoua 

5740-50 

5820-5 

HgMow 

5870/5885 

5970/5600 

AM OfflcW 

5870-2 

5950-5 

Kerb dose 


6925-30 

Open tot 

58,135 


Total dally hanovar 

8248 


■ TM (S par tonne) 



Ctosa 

8380-6 

6440-fl 

Previous 

5380-90 

5440-60 

Htoh/low 

- 

5445/G41S 

AM Official 

5630-6 

5440-6 

Karbdoaa 


5430-5 

Open tot 

1&742 


TOtal dally tumovar 

4*074 


■ ZINC, special high grade (S par tonne) 

Ctosa 

850-1 

971-2 

Previous 

94*6-7.6 

860-95 

rtgb/fow 

- 

078AW7 

AM Official 

050-0.5 

972-25 

Kerb does 


969-70 

Open InL 

104676 


Total daily tumow 

17.001 


rn COPPER, grads A (S per tows) 


Ctosa 

2121-3 

2118-9 

Previous 

2109-11 

2109-10 

Htflh/taw 

2122/2121 

2129/2088 

AM OffWal 

2122-3 

2121-2 

Kerb dose 


2101-2 

Open tot 

10LS46 


Total ds*y turnover 

8*917 



SMt Day's 

pice cfcanga Sgh Ion 

May 37B.9 -IS 

Jm me -IS 38X0 3744 74886 38*87 

JM 3842 -1-9 - - - - 

Uni 3837 -1.8 3840 381.8 20237 4683 

Oct 3849 -IS 8849 384G 4*980 180 

Dm 3907 -IS XI J 3845 74788 288 

Total 144888 44880 

■ PLATINUM NYMEX (SO Troy oz^ SAroy ce.) 


May 


San Day 1 * 0p« 

price ctaaage ngb Low W 

11116 ■ 11400 11220 210 

11320 +0.10 113-00 11225 
Saa 9425 -OJO 9450 

NOV 8825 -080 9980 99.10 1853 

Jaa 10180 -0.75 10125 10180 1,202 

liar 10289 -075 1(025 70285 388 

Total 


VM 

53 
127 
M 
108 
27 
X 

4873 392 


961 

502 


JM 

3985 

-ZB 

4005 

3902 16,814 

2801 

Oct 

4015 

-2 A 

4OT5 

4000 2510 

38 8 

Jaa 

4025 

-21 

4020 

4020 968 

12 

«W 

4045 

-15 

• 

- 837 

- 

TM 




ztjsn 

2199 

M PALLADIUM NYMEX (100 Day oil; S/lroy 02J 

Jm 

<9150 

. 

138L50 

- 2540 

321 

8m 

13840 

+C0S 

13650 

- 1,777 

209 

Dec 

13BA0 

+005 

- 

- 62fi 

39 

ta 

13550 

+005 

- 

8 

- 

Total 




45M 

689 

■ SILVER COMEX (IOO Tray ac; CentsAroy at) 

Htay 

5385 

-7 A 

6400 

6315 414 

59 

Jm 

5365 

-75 

- 

- 3 

- 

JM 

5385 

-75 

5445 

K-nn nin«M 20063 

8«P 

544-4 

-7.7 

5400 

5300 8,148 

1547 

Dec 

5625 

-78 

5500 

547.0 11521 

383 

Jm 

554.1 

■75 

• 

32 

- 


■ WHEAT C8T (S800bu into; caniaffiOb bushel) 


JM 

Sap 

Dac 


31810 -OH 330/0 31810 520 200 

322/0 +0/2 325/0 321/4138.780 24285 

32 fi/0 +0 U 329/0 325M 34.150 7805 

336/2 +0/2 339/0 336/0 34210 5885 

IMr XSB» - VO 342*4 3384} 2820 40 

May 336/4 -1/0 - 250 

TOtM 214*15 38886 

■ MAIZE CBT (5800 bu nrirt cent»/5<Mb buafwQ 

Key 280/2 +2/4 281/0 238/2 14720 5575 

JM 261/4 +3/0 262/2 268/6060850 96580 

Sap 254/0 +3/4 254/4 250/8164310 12.723 

Dee 2*7 n 248® 2MM 393,136 44780 

Mw 255/0 +3/4 255/4 252/2 41,316 3890 

May 258/0 +3/2 2STO 25841 4,070 4QQ 

Tate 1818MM4340 

M BAHLEY LCE (C par tonne) 



Srt 

DffiTt 


tan 


SM 

Of 

0p« 



pries ! 


Ugh 

Law tot VM 


pries 

data Mffii Loa 

tot 

W 

toy 

m 

+34 

. 

- 1« 

Jon 

68.125 

0825 69.1® 62073 27.103 

2878 

JM 

955 

+34 

959 

946 20.941 4,143 

te 

67.450 

0^00 52350 87225 17204 

2278 

Sap 

974 

+35 

977 

964 14572 1544 

Oct 

70950 

0.850 70-773 70000 11.984 

1280 

Dec 

994 

+33 

998 

884 22203 1279 

DSC 

71.1H 

0625 71.7® 71.060 

2441 

828 

ta 

1017 

+34 

1017 

1005 27.792 1272 

Ml 

72125 

0775 72400 72078 

4^02 

1,148 

any 

1031 

+35 

1028 

- 12352 18 

4pr 

73275 

0225 7390 71200 

2007 

337 

Totri 




10*753 2H8 

Total 



71791 13,747 

■ COCOA CSCE (10 tonnes; S/tonnas) 

■ LIVE HOGS CME (4QJMQta: canta/b4 


May 

1275 

+53 

1275 

1235 4810380 

JOB 

42800 

■+■-073 501® 49S® 12422 

1«1 

Jut 

1283 

+43 

1290 

1252 38.5B3 2706 

JM 

miw 

01® 602® 48.6® 

8834 

158* 

Sip 

1311 

+40 

1314 

1Z» 121W 430 

Aog 

<2575 

0025 4&JM 423® 

28® 

849 

Dee 

1347 

+41 

1350 

1311 2063 84 

Oct 

44.175 

0275 44575 44.175 

2497 

1® 

ta 

1378 

*41 

5378 

1347 10534 

Oso 

42750 

02® 40000 44700 

2557 

80 

tar 

1407 

+41 

1407 

1380 4fl03 

m 

44825 

0250 4O07S 44.775 

540 

45 

Total 




80^1012889 

Total 



31754 

2348 


■ COCOA PCCO) (SOftVtonne} 


■ PORK BBJJE8 CME (4O8Q0fae; canta/lba) 


May 11 


Price 

3J2J7 


hev. day 
93428 


100*1 
■ COFFEE LCE (S/tonne) 


nta 


nfe 


TM 


114188 34028 


ENERGY 

■ cwuoe ONL NYMEX (43800 U3 Bote. S/bewM) 


ta 

10950 

• 

10950 


S6 

2 

Sep 

90® 

-OM 

- 

- 

141 

- 

Nov 

9875 

-a® 

98® 

9220 

190 

31 

Jm 

9075 

•OJSO 

- 

- 

X 

- 

ta 

101.70 

- 

- 

- 

10 

- 

ta 

10175 

- 

» 

• 

5 

- 

Total 





448 

33 

■ SOYABEANS CBT (5.00080 afo; coibffiOft tudal) 


May 1934 -31 >950 7970 7810 96 

JM 1890 -15 1895 1852 17.158 S64 

Sap 1845 -18 1833 1816 14031 1832 

ta 1820 -16 7823 1786 4765 593 

•15 1810 1775 4043 448 


May 44325 1825 47450 44325 321 96 

M 44375 0800 47800 44800 4747 1884 

tag 43328 0378 45200 448S0 1836 473 

rtb 51300 0 51.000 51850 250 43 

Mar 54525 +J2S 51800 64523 22 2 

Mar 52.400 0850 S2AOO 62.100 13 2 

row 7jm zrn 


Jm 1808 


Mar 1781 -18 1790 1755 2.168 133 


LONDON TRADED OPTIONS 

Strike price S tome — - Cafts — — Puts-— - 


Total 


47/04 3J87 


Jul 


Law Bay** 
price cheese Mgh 

1401 +0.18 1888 
1740 +412 1788 
17X7 +410 1728 
17.14 +407 77.16 
17.10 +088 17.10 
NOV 1786 +408 1786 
TOW 

■ CRUDE OB- IPE ff/bareQ 


sap 

Del 


Low tat M 
1781 102998 62819 
1728 81812 40897 
17.14 41.118 14888 
17.04 24438 4808 
1782 17805 4816 
1838 12337 1,985 
444770144(86 


M LME AM OffielM a* ret* 1.4898 
LME Ctoehig VS rat* 1.4999 


Spot! 8003 SnM*1.«» flmSwi®® SHttClJOOS 
■ HMHQRAP6 COPPER (COMEX) 



Ctosa 

Bar» 

chugs 

M0T> 

taa 

Opao 

tat 

M 

May 

9830 

-0.55 

SO® 

97® 

2978 

3 


8220 

+OJO 

9220 

9210 

UJ73 

11 

JM 

98.10 

+018 

9290 

97® 423® 

224 


97® 

+006 

“ 

* 

437 

2 

Sap 

97® 

- 

97 75 

BOSS 

8*82 

21 

OM 

0285 

- 

■ 

■ 

202 

* 

Trial 





82248 

788 


PRECIOUS METALS 

ft LONDON BULLION MARKET 
{Prices auppfad by N MBdhsrilM) 



Utast 

oars 


Opm 



pries 

dangs 

Mb* 

Low tat 

VM 

Jm 

1228 

♦0.17 

1229 

18L08 83,481 

31,737 

JM 

1205 

+018 

1207 

12® 60348 10879 

A® 

1292 

+014 

15® 

15® 21J79 

2338 

ta 

128B 

+0.11 

55.86 

1572 5JS4 

1J41 

Oct 

13® 

+0.10 

15J5 

1271 4J11 

128 

Nat 

1273 

- 

1625 

1273 5J14 

197 

TM 




T70844 60796 

■ HEATING OIL NYMBt (420® US gsto^ cflJS gatoj 


IlM 

Days 


Ota 



prlca 

ctaise 

Wph 

Lew M 

VM 

Ah 

42® 

+020 

4220 

47® 42952 72380 

JM 

4240 

+022 

4260 

48® 32798 

7238 

AUfl 

48® 

+027 

49® 

48® 14,532 

2064 

ta 

4285 

+022 

4085 

4a» 1M17 

722 

lid 

80® 

+O0/ 

50® 

9060 8J46 

92 

ta 

31.45 

+012 

51® 

81 A3 22® 

in 

Total 




K3J33 20814 

■ GAS OE. K (8/Wnn^ 




SMI 

Of 


Opai 



Price 

Cbeegv 

Ita 

lew tat 

VM 

ta 

162® 

• 

154® 15225 12809 

2608 

ta 

1S2® 

+050 

15228 181® 32J83 

2322 

JM 

16275 

+075 

15278 

151.75 18,112 

2J82 

ta 

154® 

■+1.2J 154 JO 75100 05® 

574 

ta 

15275 

+0.7S 

15073 

15473 2417 

431 

Qd 

132® 

+078 

158® 

157® sms 

57 

row 




PK270 1«®8 

■ NATURAL GAB KVlffiX (10®0 mrefttu VnrcnBttU 


May 

972/2 

+3/4 

974/1) 

868/4 17J56 

4,925 

JM 

868/2 

+1/2 

671/8 

666M 326,785110845 

ta 

862/2 

+1/4 

BBS/* 

98044 98®0 

SJ20 

ta 

838/2 

+3/2 

640/4 

835/2 35,715 

4,1® 

ta 

619/2 

♦4/2 

822/0 

81 5/Q 222,280 37685 

ta 

B25M 

+3 K 

62943 

622/0 21536 

3® 

ToW 




708,73615*510 

■ SOYABEAN Ofl. CST ffiOJOabs: csntarib) 

ta 

•x) m 

+0® 

29.14 

28® 3®a 

1J46 

■u 

2098 

+031 

2007 

2066 30241 

11JM6 

ta 

2272 

+031 

2M5 

2850 13,165 

2.404 

ta 

2021 

+037 

2023 

27.76 10335 

1JI72 

Oct 

27® 

+038 

27® 

28J7 7J20 

781 

Sac 

28.49 

+041 

2032 

2001 15J23 

0471 

TotM 




83J92 13,743 

to SOYABEAN MEAL CBT (100 tons; S/ton) 


ta 

1826 

-03 

1875 

1805 1318 

2J04 

JM 

1829 

-08 

1804 

1908 37,105 

0468 

ta 

1822 

-03 

187.4 

1801 13.423 

1JJ2B 

ta 

1808 

■04 

1802 

163.7 8J1B 

464 

Oct 

1807 

■04 

181.6 

1806 5352 

401 

Dsc 

1798 

-08 

1804 

1700 10973 

01® 

TotM 




80797 10821 

to POTATOES LCE(E/tonrw) 



ta 

2828 



2 

. 

ta 

900 

- 

- 

- 

. 

MV 

1020 

- 

- 

• 

• 

Apr 

139.7 

-w 

13R5 

1363 521 

43 

ta 

1400 

- 

- 

- 

- 

Jen 

1078 

- 

W 

- 

. 

TaW 




sn 

43 

■ FREIGHT (BIFFBq LCE (SlCVfodm point} 


ta 

147* 

+1 

1480 

1470 985 

11 


1382 

-7 

1366 

1358 959 

06 

JM 

1288 

4 

1283 

1251 883 

30 

ad 

1385 

■4 

1368 

1305 342 

3 

Jaa 

1885 

- 

. 

IK 


Apr 

1383 

-2 

- 

- 48 

. 

TaW 

Ctosa 

Pie* 


0896 

118 

BR 

1481 

M86 





M COFFEE ■C* C8CE {378008a; canta/toa) 

May 10488 +420 10485 10450 135 38 

JM 10448 +220 10830 104.70 33,096 4991 

am 704 80 +280 J0 400 10480 14,353 4829 

Dec 10400 +138 10430 10480 7289 1,743 

Mar 107 AO +2.18 107.40 10480 4383 354 

Mae 10780 +120 10780 10425 444 64 


H ALUMINUM 
(94795) LME JM 

1260 78 

1300 44 

1360 22 


Oct JM 
114 TO 
79 28 

63 62 


Oct 

18 

37 

60 



8430014800 


0CC} (US centa/pouncO 


MW 11 

OaeMhfy _ 
15 swrsga 


Price 

102.79 

-6934 


net. Pay 

10424 

6440 


M 1*07 PREMIUM RAW SUGAR LCE fcanta/feg) 


JM 

1238 

-C12 

_ 


1588 

. 

(let 

12® 

-0® 

- 


678 

. 

JM 

11J2 

- 

- 

- 

- 

- 

Mar 

11® 

-0® 

11® 


- 

SO 

TsW 





3,187 

50 

to WHITE 8UGAR LCE (8/tomsl 



ta 

338® 

-2® 342® 

337® 

I2®7 

941 

Oct 

319® 

■I® 323® 

310® 

7®8 

625 

DSC 

308® 

-2.10 312® 309® 

550 

28 

Mr 

307® 

-1® 

309® 

- 

1,468 

10 

ta 

308® 

■1® 

- 

- 

200 

_ 

ta 

311® 

-1® 

- 

* 

215 

. 

T04M 





32,120 1®3 

■ SUGAR II 1 CSCE (112J10aibs: centa/lbri 


JM 

1117 

•ore 

12® 

12.15 5<®B 10954 

0d 

12J4 

-007 

12.17 

11® 38®9 1Q,796 

MV 

11® 

- 

11.74 

11® T7®8 2®4 

ta 

11® 

+OW 

11® 

11® 

2JBM 

218 

JM 

11.® 

+004 

11® 

11® 

156* 

64 

Oct 

11® 

♦004 

11® 

11® 

503 

- 

TsW 




1U®433®8 

■ COTTON NYCE (50,0008*; cerriarib d 


JU 

7SJ7 

•022 

00® 

79® 

008 

- 

Oct 

74J7 

■OM 

75® 

74® 23312 6 MT 

Das 

7340 

•OSS 

74.10 

73® 

4®8 

404 

Mw 

74® 

JUS 

75.00 

74® 

19®2 3/20 

MM 

74® 

■OM 

75® 

74® 

2.169 

371 

JM 

78.17 

-083 

78.10 

7117 

821 

61 


M COPPER 

(Qrarie A) LME JM 

2050 83 

2100 66 

2180 36 

M COFFH? LCE JM • 

1500 391 

7550 343 

1600 296 

M COCOA LCE JM 

875 65 

900 64 

825 48 


M BRENT CRUDE IPE Jun 

1550 

1600 ... 3 


Oct JM 
08 38 

74 61 

54 91 

Sep JM 
381 1 

319 3 

279 6 

Sep JM 
111 5 

92 9 

78 18 

JM Jun 
2 
1 


1660. 


70 

51 

27 


Oct 

89 

94 

123 

Sep 

16 

24 

34 

Sep 

12 

19 

27 

Jul 

26 

50 

82 


ACROSS 

1 Soldiers yodel drunkenly 
round pbmn - shift them! (8) 


5 Jump into fountain (6) 
10 F&ilm 


lure, after reflection, 
almost marketed anew (6) 

11 Starting smoking, gets lung- 
ful of cigarette end — such 


LONDON SPOT MARKETS 

M CRUDE OIL FOB (per banei/Jun} +or 


Total 54261 11,164 

M ORANGE JUKE NVCE (15800ttg; cants/tbs) 


Gold (Troy azj 
Close 

Opening 

Morning ft* 
Afternoon Bx 
Days ugh 
□ays Low 
Piwriousctoso 
Looo Ldn Mem 
1 month 


£ eqMv. 


$ price 
37880-37980 

38280-88440 

382.15 258.107 

37438 Z342S5 

38400-382.40 
mJKWttSQ 
382.70-383.10 
Landtag Rain |Va US$5 
4Jff 6 manta — —,—4.62 



Lstost 

pries 

Of 

dtonas 

m 

Open 
Law tot 

W 

Jen 

1.827 

4023 

1®5 

7229 IS , 801 

0259 

JM 

1®S 

•4MD4 

2®9 

1975 KSM 

241B 

ta 

2JH0 

-0018 

2J340 

1016 10,678 

1,716 

ta 

2®8 

-aom 

Z075 

2080 1U» 

809 

Od 

2.120 

-0006 

2.126 

2.116 7®2 

384 

ta 

TBtri 

2215 

-0.007 

2222 

2215 9.798 483 

118JM1 15®2 


■ UNLEADED GA80UNE 
WM-X <44000 ts gMS; OUSWfcl 


in ertia 
3 months , 
St*erB* 

Spot 
3 monta 

0 monta 

1 year 
Gold Colne 
Krugenand 
Maple leaf 
Hem Sovereign 


__a 22 12 monta -&B7 


affray ot US as eauta. 
39470 54025 

364.16 64080 

36450 55436 

38CL35 57090 

S price EeqMe. 

38 7-390 2flW82 

38225-394.78 

89-92 «W3 


LMrtt De|*i Open 

prise ctags Wp 1 m lx W 

JM 9446 -*471 5455 <950 37JJ42 18560 

JDI 5480 +443 5495 5020 34087 14462 

tag SI-20 +480 5120 5056 13296 MQ3 

Mp 5473 +445 S0.79 5425 3318 1J»5 

Oct 4400 +410 49-00 <633 2252 238 

Hm 4425 -410 4835 47 JO 2274 51 

mal 94222 31 jn 


WOOL 

Wool affa h ga In ta cksOng wsMs Of ta 


AuetraSen aeftna eeaean are normafiy lew and 
1 auctions 


thle week auedone were held on only two 
kwteed of (he nomsi three days. Price* moved 
shaply ahead far liner merinos, and ta mstat 
indicator me above the 600 cent marie which 
many fear provides ta prcapecl of ec cnomls 
pmduedon lor most wad {power*. The Wool 
totemedonal market tacaior was 603 cants at 
the etaea, compered with 887 a week before. 
Ctarency dav etopm en ta have tended to intar- 
ft» ta rise In wool costs In most wool using 
eouxrtes ki the put week or 00 . RecognMon 
«t a rising price trend for wool Is oMoub 
B mcng tau ndng neor fo Oh raw mol and 
ta trade, but manufacturers and retaSara 
era proving more MfBcMt » eenvlnee that Mgh 
P«w must new be paid. 


ta 

91® 

-1® 

93® 

90.75 

385 

96 

JM 

93® 

-096 

95® 

92® 

13.794 

924 

ta 

96.40 

-1® 

97® 

95® 

2J8B2 

320 

ta 

87® 

-1® 

89® 

96® 

1,236 

30 

JM1 

98® 

-095 

100® 

97® 

2.178 

30 

Mar 

100® 

-I® 

100® 

90.75 

741 

7 

ToW 





20JB1 1,411 

VOLUME DATA 
Open interest and 

Volume 

data 

ohrewt 

hr 


contracts traded on COMEX, NYMEX. CST, 
NYC& CME. CSCE and IPE Crude Oi are one 
day In erven. 


Dubai 

514.8&-4.82y 

+ai4 

Brent Bond (data# 

*1424-6® 

+ai3 

Brent Bland (Jun) 

$1S24-6® 

+4X20 

W.TJ. ppm o$9 

$1BC2-SX»y 

+4X286 

to OB- PRODUCTS NWEprampt dMvery CIF (toms| 

PremkBTt Oasoina 

*179-181 


Gas Of 

*152-154 

+1 

Howwy Riel 08 

*83-86 

+1 

Naphtha 

*164-166 


Jat FuM 

*186-187 

+4X6 

AW«n AffB EaOmea 



m onmt 



Gold (par boy ozft 

*379 i)0 

-3® 

SPvar (per troy oz& 

533.S0C 

■1200 

Ptattnun (par troy ozj 

*396.78 

+3® 

PaSedum (per troy azj 

*136® 

+1J50 

Copper (US prod.) 

103JXJO 

+2J0 

Lead (US prodj 

M.13e 


Tin (Kuala Luropw) 

14.08r 

-ai2 

Tin (New York) 

249.60c 


Zinc (US Prime W.) 

Unq. 


Cattle five welghgt 

12037d 

+4W1' 

»aep pve wMQW)r* 

144v53p 

-7.45* 

Pigs {Sve weight) 

ezsep 

+6JM* 

Lon. day sugar (raw) 

S29S.OO 

+8.80 

Lon. day sugar (wte) 

$S46« 

+4.00 

Tata A Lyte export 

£309® 

+600 

Barley (Eng. feed) 

Unq. 


Maize (US No3 YeOonA 

513650 


Wheat (US Dark North) 

E180JQX 


Rubber (JitoW 

72.00p 


Rubber (h^f 

7225p 


AtbbatKLRSS Nol Jun) 

25660m 

■MO 


U Intellectually outstanding lit- 
tle volume on wn»inte' n (9) 

id Mortal mother seized by tar- 
barlan (5) 

14 Article interrupting pretty 
unsuccessful tide-turner (6) 

15 Glowing with passion, 
rejected god (7) 

18 It’a tough to build mould- 
.breaking boose Bret (7) 

20 Ql-humoured about Pole’s 
solo line (6) 

22 Revolutionary embraces com- 
panion, though anything but 
soft (5) 

24 Profane creeds restored pagan 
goddess (9) 

25 Puritan of 101 accepts Alvin 
Stardust's origins (9) 

26 Back-to-back footballer receiv- 
ing kiss at bar (5) 

27 Twice elected. Lloyd Georgs 
initially holds the edge (6) 

28 Many let into nonconformist's 
secret (8) 


3 Physicist’s dream of penulti- 
mate proof lacking conclu- 

■ skm 0 , 6 ) 

4 Lewd individual grabbing 
bachelor with energy O) 

6 Exercise hurt novelist making 

gfaidy ahn^t T.n g flnh foprpfatf- 

lonCTAS) 

7 Senile umpire producing mod 
processor (5) 

8 Parasite naively consuming 

fish-head (8) ■ - 

8 Drive home to get one lore 
out of the way (6) 

16 Special welcome for Cleve- 
land town's darting (3.6) _ 

17 Scientific product of male 
ddc (8) 

19 City doctor bisecting drift) . 

20 Voiceless group introduced to 

old nmsioiiaker (7) ... - 

21 Poet's horse, rearing, swal- 
lows measure (6) 

28 Stop inner tube (5) 

Solution 8,451 


DOWN 

1 Widow Twanky’s beginning to 
pursue what's left (6) 

2 Wild man from, some French 
gallery bearing east <9) 



INDICES 

M WBJTBg (Baag laaoi-iQQ) 


May 11 month ago year ago 
1509.7 18053 1S7T.2 

M CRB Future* (Baae: 4/9/S».l00| 


May 12 
7911^ 


Coconut Oi i 
Pam Ot (Malay.) 

Copra (PhB)§ 

Sayabom (US) 

Cotton Outlook A Index 
WbdtopB (84a Suped 


Ung. 

S4828y 

S371JI 

eisany 

86.70c 

422B 


+400 


-0.10 

+80 


May 11 May 10 month ago year ago 
22B.7B 224 M 222.60 - 



£ par tonne unlMi oMmim 

» rmogvftq. m w ai.tai i 
* AptfMBT. V • - 

■"■kat dore. 

*»«k. p mn aa na pricaa. 


Haqrawi oarertn. * JuVAug. y Jun. w M*r. 
Me pit*ib«lTcif Raarnfam. 4 BMfon 
wagiK prieta). ' Owige an 


JOTTER PAD 


lirn 1 


|oS£ 




m hlt 


“IT, 




it « -■ 


* i 


+* .• •• . • 

1 1 


I J 


& 

< 








itt. 




*5^ 


r 't, . 

: '%> ’■ 


r>- 

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H. 


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s>'; 


&■ ^ 




1. 


'i* 




1 V 




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For more 


£ ng for a Fairer World 


. R «8Mtered Charity NO. 302918 









FINANCIAL TIMES FRIDAY MAY 13 1994 


:9 






umi buying 

• o 


>SSWORP 

Kiv'l 



LONDON STOCK EXCHANGE 


MARKET REPORT 

Firm close to another volatile trading session 


By Terry Byland, 

UK Stock Market Editor 

The Ascension Day closure of 
nearly all continental European 
markets left London to make the 
first response to two significant 
developments in the US bond mar- 
kets; their reaction to Wednesday's 
auction of Federal securities, and to 
important economic data 
announced yesterday. UK stocks fol- 
lowed the US lead closely. They fell 
Initially on overnight weakness in 
New York bonds and equities. But 
they rallied strongly in the after- 
noon when unexpected falls in US 
producer prices and retail sales 
appeared to ease pressures for a 
tightening of Federal Reserve credit 
policy. 

The Footsie maintained its recent 
record for volatility, dipping 25.2 


before recovering when it 
approached the 3,100 mark, and 
moving into positive territory 
towards tits close. The reading 
put the FT-SE 100 Index at 3.137.B 
far a net gain of 7.3. 

There was little response to the 
death of Air John Smith, leader 
of the opposition Labour party 
in the UK. 

UK shares opened shandy lower 
to the wake of the setback over- 
night in both OS Federal bonds and 
the Dow Average which, to turn, 
reacted to the band auction in New 
York an Tuesday. With no effective 
guidance on bond prices from else- 
where in Europe, London stocks fol- 
lowed early losses in UK gilt-edged 
securities. 

Attempts were made to rally fol- 
lowing tire announcement of a UK 
global trade deficit of 2730m for Feb- 


Account Dealing Data* 

•FMOMfcte 

Apr 26 

May IB 

Jwi 6 

OpBoc Oadaradns! 

May 12 

Jun 3 

Jra is 

Last DraBror 

May 13 

Jun 5 

Jra >7 

Acsounl Bra: 

May 23 

Jun 13 

An 37 

*N«w Urns dsailsaa 
■asrtmaassrartsr. 

nta» tra 

! 

I 

1 


ruary. slightly better than expected. 
But this had little effect and the 
Footsie was down to 3,105.3 before it 
steadied. 

There was little recovery until, at 
the New York opening, the favoura- 
ble US economic statistics Hashed 
across the trading screens. UK 
stocks quickly extended their recov- 
ery and. with the Dow Average 26 
points up in UK hours. London 
closed very near the best of the day. 


Analysts were Impressed to see 
the market bounce convincingly 
again In the Footsie 3,100 area. 
Same institutional interest was seen 
and the session reaffirmed the 
underlying resilience of UK equities 
at current levels. The volatility of 
the Footsie suggested that buyers 
were never far away. 

Some argued that recent interven- 
tion to support the dollar, as well as 
Wednesday's rate cuts to Europe, 
had “opened the door” for the Fed- 
eral Reserve to tighten credit and 
markets would welcome such a 
move. 

Mr Edmond Warner at Kleinwort 
Benson Securities said a “substan- 
tial increase” in the Federal Funds 
rate might spark the bond rally 
which remains critical for the 
health of UK equities. 

Second-line stocks followed the 


blue chips although at a slight dis- 
tance. The FT-SE Mid 250 hides fin- 
ished 0.1 off at 3.742.4. Seaq volume 
of 722.5m shares was restrained by 
the lack of business from other 
European financial centres. 
Wednesday's 744.3m shares through 
the Seaq network was worth £1.4bn 
at retail level. 

Company results provided some 
features but gave no guide to the 
market overall. The trading state- 
ment from Royal Insurance reaf- 
firmed the improvement in insur- 
ance in the UK and also the effects 
of the storms and bad weather in 
California. 

Today, London is likely to be 
poised, together with other Euro- 
pean markets, for the US consumer 
price statistics, which will provide 
the latest test of confidence In near 
term prospects for US interest rates. 


FT-SE-A All-Share Index Equity Shares Traded 


1,675 



Turnover by vokjmo tmUtan). Exeiutfng: 
Mm-nurftet busfaMn an a onnma (urrmw 
1.000 



IBM 


I Key Indicators 
Indices and ratios 


FT-SE 100 

3137.B 

♦■7.3 

FT-SE Mid 250 

3742.4 

-0.1 

FT-SE-A 350 

1560J 

+2-8 

FT-SE-A AU-Shara 

1580.45 

+2.40 

FT-SE-A Aft-Share ytotd 

3.68 

P.66) 

Bast performing aeclois 


1 Water 


*-T5 




3 Utilities 



4 Household Goods .... 


+1.0 

5 Beetronics 


+1.0 


FT Onfinay Index 2494.1 +Z3 

FT-SE-A Non Fins p/e 20,41 (20.45) 

FT-SE lOOFut Jun 3151.0 *18.0 

10 yr Gilt yield 6.26 (800) 

Long gin/equlry ytd ratio: 2 JO P-30) 

Worst performing Motors 

1 Spblts. VWnoa & Oder -‘•■8 

Z Printing, Paper & Pckg — - — 

3 Insurance -1.0 

4 OH Exploration & Prod -0-8 

5 Other Services & Bane — ...-0.7 


GrandMet 
falls on 
£40m hit 

Food and drinks group Grand 
Metropolitan stood out as the 
chief casualty emr^pg leading 
stocks in as mar- 

ket reacted nervously to a 

chivlf £4Qm charge inrlurtori in 

trading figures announced yes- 
terday. 

The results were in line with 
most estimates but the group 
reported lower stock levels at 
its IDV unit to the US. 


However, most sector spe-. 
cfalists remained enthusiastic 
on the group’s end-of-year fig- 
ures, saying these would be 
fcdped by an unexpectedly low 
tax charge and a boost in prof- 
its from the Burger King sub- 
sidiary. Ms Michelle Proud of 
NatWest Securities summed up 
the general Ceding: There was 
a lot of good news but the bad 
news bit eve r y o n e far six.” 

Analysts’ forecasts were cut 
accordingly, although, earnings 
per share were main- 

tained and in some cases lifted 
slightly. Kleinwort Benson 
moved to £959m far the current 
year from £979m but kept its 
earnings estimate to 31.9p. 
SGST dropped by £40m to 


£9S0m but raised the eps figure 
a penny to 3.2p. UBS held 
steady at £995m and raised its 
earnings to 83.4p, while Nat 
West Securities moved to 
2940m and 32p of Bnrning R 

GrandMet slid sharply to 
close 26 lower at 457p on excep- 
tionaHy heavy turnover of Um. 
Dealers said there was heavy 
switching into Guinness, 
which improved 5 to 498p. 

BT supported 

The significant under- 
performance of BT shares over 
the past six winnt-hg was high- 
lighted by a number of tooting 
houses, including Kleinwort 
Benson, which removed BT 


from its sell list for the first 
time since early 1993. Further 
support for the shares came as 
BZW reiterated its buy stance. 

These investment notes saw 
BT shares bounce off their low- 
est level since October 1992, to 
close a net Th firmer at 368K. 
BT partly-paid stock added a 
similar amount at 250%p. 

BZW said the major trigger 
for BT*s underperformance has 
been the sell-off in US bonds 
and high yielding stocks. The 
investment bank said that, 
once the fulVyear figures, due 
on May 19, are out of the way, 
it hopes that a return to rela- 
tive stability, in the bond mar- 
kets may allow a review of the 
stock's fundamentals. 


EQUITY FUTURES AND OPTIONS TRADING 


TRADING VOLUME 


The sharp advance In US 
bonds helped to enliven an 
otherwise dull derivatives 
sector in London, writes Joel 
Kibazo. 


' in futures, the June contract 
on the FT-SE 100 opened at 
3,121. With no lead to foWow 
due to the Ascension Day 
closure of other European 


■ FT-SE 100 WDEX FUTURES 0JFFQ 228 pat Ml jjjdgt point 


{API) 



Open 

SaB price 

Change 


Lew* 

Eat vc* 

Open InL 

Jun 

31213 

3151.0 

+183 

31683 

31100 

133S4 

82203 

Sep 

3145.5 

31B7D 

+1&0 

31453 

51453 • 

7 

1421 

Dec 

• 

31750 

+183 

- 

- 

0 

201 


■ FT-SE MD 250 ttHTEX FUTURES (UFFE) £10 per fitf Max pairs 


Jun 


37400 375X0 


+3.0 374&0 37380 


3878 


■ FT-SE MD 260 INDEX FUTURES (OftftJQ CIO par AS IndK print 

Jim 37S5 l0 081 

Al epan Imi Ifena M tor prul c m day . 1 &ncJ wfcans (town. 

■ FT-SE 100 W5EX OPTION (LffFE) [*3138) E10 per M lntiBK point 

asm moo aoso aioo 31 so 3200 aao 9300 

CPCPCPCPCPCPCPCP 
May 2021* 1 mh 2 1002 4h B3 28*2 28*2 «1 Oil* 2»2 111>a h 161*1 

Jun 210*3 12 IBBhltFz 129*3 x*2 » * 87 57 43 94 28 127*2 H 187*2 

JU 228*2 23 187*2 32 lS1*z 46 116*2 02 99% 84V 87 111*2 47 142 SI 179 

tag MB Sty 212 48b 175 K*a 143*2 83*2 tttylflZh 60 129 89*2 756*2 B 102*2 

Decf 20 90 2Oh 130 140 175 lO 229 

0* 4SW ndl 4518 - • 

■ EURO STYLE FT-3E 100 MPEX OPTION flJTFE} £10 par M Indas point 

2975 302S 3078 3125 3178 3226 9278 332S 

Kqr 177*2 lb 128*2 3 82*2 7 4<ty 19*2 17*2 42*2 Sh 79*a 1*2 123*2 *2 173 

J* 186*21% 146 23 111*2 3B «ty S5 94*2 Wl H W « 

JU 169 37*2 164*271*2 S7*z 194 a 183*2 

Sap 264 64*2 141*2 100 91*2148*2 SB 211 

OBCt 2(6*2 98 166*2 133 1* 179*2 65*2 237 

Ua f » Pda 900 
t tag M aq*y rants. 

■ BJROSmE FT-SE 1*0 280 INDEX OPTlOWflOMuq £10 par ti0 Index pofe* 


3700 3790 3800 3080 3900 

W 10*j *6*2 27 9*2 M 
1 0 Pun 0 SrafewM prfca sad wkm are atean at 4 J 0 po. 


4000 


4080 


markets, (he contract 
languished over the next few 
hours, trading in a tight 
13-point range. 

That situation changed over 
the lunchtime period wtth the 
release of US sales and prices 
data which traders interpreted 
as reducing the chances of 
an increase In US interest 
rates. The consequent rise In 
US treasuries and the firm 
opening on Wall Street also 
boosted sentiment and June 
moved strongly ahead, puffing 
the underlying cash market 
higher. 

The day's peak of 3,151 was 
seen in the last half an hour 
preceding the official dose 
and before a bout of 
profit-taking saw the contract 
oome off the top to finish at 
3,151, up 18 from its previous 
close mid around 10 points 
ahead of Its fair value premium 
to cash of about 3 points. 
Volume was 13,354 tots. 

Traded options were quiet, 
a mere 23.183 contracts 
having been dealt by the close. 
Among the Index options, the 
FT-SE 100 option traded 9.089 
tots and the Euro FT-SE 1 ,019. 
Bid target Lasmo stood out 
among the stock options wfth 
a day's total of 3,432 lots. 


I FT - SE Actuaries Si 

iiai'0. indices 


i he UK Series ] 



Day*a Year 

Dlv. 

Earn. 

PTE 

Xd act 

Total 


May 12 chgrti May 11 Msy 10 May 9 ago 


yWdW 

ratio 

ytd 

Hefem 

FT- 3 E 100 

31373 

+02 31303 31363 30973 28403 

037 

637 

1831 

3006 

116042 

FT-SE MU 2 G 0 

S 742 A 

37423 37533 3742.1 31513 

329 

531 

22.08 3520 

137223 

FT-SE MM 2 G 0 ox biv Trusts 

37535 

3755.5 37883 37503 31822 

341 

6.93 

20.06 

36.42 

137338 

FT-SE-A 380 

15803 

+02 13863 158 a 8 15733 14183 

3.74 

017 

19.49 

17.50 

120838 

FT-Se SnwBCop 

182731 

- 02 1831 . 08 1833.03 1833.40 1588^48 

238 

A 18 

29.65 

18.10 

147042 


100539 

-02 1908.75 181137 191328 180838 

ata 

459 

27.18 

1024 

1482.14 

FT-SE-A ALL-SHARE 

168045 

+02 157836 1501-23 156043 140129 

330 

002 

1937 

17.11 

122235 

■ FT-SE Actuaries All-Share 




P/E 

Xd adj. 

Total 



Day's Year 

Ov. 

Earn 


May 12 ctos* May 11 May 10 May 9 ago 

ytrtdN 

ytafdK 

ratio 

ytd 

Ratun 

10 MMBIAl. OnTUCnONb 4 

273078 

- 0.1 2733.41 2737.79 2735.00224130 

3.41 

430 

2737 

3135 

108222 

12 Extract** mauBtriaftW) 

390032 

-01390425 385920 387088 298340 

332 

537 

2474 42.75 

108424 

IS oa, bNKpafticro 

287831 

287098 289120 268726 218430 

344 

472 

2035 

3230 

108336 

16 06 ExDtasSon a Practil) 

203035 

-03 204727 204931 202928 195120 

331 

122 

moot 1536 

118330 


20 OS* IMNUFACTURStSpesq 

21 BuUng & Coftsbucfontil) 

22 Bidding Matte 6 Merchepty 

23 Chatrtcatepl) 

24 Dtwrai&ad MuatriaEsCIP 

25 Sectranfoft Beet EqUp(34) 

28 En0nearing(75) 

27 Engineering, Vertcfcwf12) 

28 Printing, Papar 5 Pchg(27) 

28 Twdfaeft AapardCO) 

90 CONSUMER QOOOS«H) 

31 BrawarieoCtT) 

32 Spirits, Vftwa 3 Ckterspty 

33 Food Mcndacturers(23} 

34 Household Goodsfl# 

38 tenth empty 

37 Pharmacauricatefll) 

. 38 Tcbaccofl) 


2074.12 +0,5 2071.® 208600 2080.76 176800 

125130 -05 1269.14 1287.44 1801.70 108200 

1964.80 +0.1 1983.18 201308 202200 108800 

249929 +00 2A8&23 248007 2K»0125SSSO 

2102-23 +042094.172100902079134 1849L20 

2001 36 +1-0207151 208 ZOO 2072.50 163800 

184428 -03 1840.72 185351 1842.74 161100 

242090 — 24Z026200XT7 244021 176490 
287062 -1 JO 289091 2823JH 2907.12 2307.20 


332 

438 

2060 23.14 

1040.14 

236 

338 

3234 

1237 

96040 

333 

334 

3X47 2058 

913.73 

068. 

458 

2732 

2038 

108931 

438 

443 

2063 

30.46 

1066.71 

331 

6.18 

10.78 

1272 

100073 

2.78 

330 

3231 

15.77 

1095.78 

431 

233 

09.04 

3242 

116068 

239 

437 

2433 

2059 

111438 

335 

054 

2022 

2045 

100932 


40 SERViCESpsty 

41 OtaUbutonpil 

42 Lafaue & Hotete(Z3) 

43 Medte&Q 

44 mun, 1 FondC17} ' 

45 ftotafen, GaneraK44} 

48 Support San 4 cta( 4 ty 

49 TransportClB) 


80 UtiUTlEStSty 
82 Bectrtcfty(17) 

84 On OtetttaJttonPJ 

69 TtiBoomni i rtcaBwW 

.88 Wtfwtta 

89 HON FSWKCMUSWSfl 

70 RMMCtUSt103i 

71 Banfeaflty 

ft *rauwM(18) - 

74 Uh AaSMEfl^ 

75 MaraMnr BartcKQ 
77 Other flnmda&V 

TV Freoenfti^ 

to wesriaarr TRUSTSCiag 

89 FT^&A AUrSHAAEtBSQ 


275046 

-02 279133 277246 274438 277000 

422 

747 

1530 

4139 

933.14 

233084 

233831 Z317.7B 229527 2097.30 

191 

737 

1634 

1131 

1024.18 

2990 70 

-13.305136 306035 302522 ZBZ420 

8.63 

646 

1738 

41.70 

880.78 

237039 

+02 236738 237XM 238007 2327.70 

431 

737 

15.43 

3938 

96438 

2738.74 

+13 2712.78 2733.77 272733 2241.10 

3^0 

631 

10.17 

36.67 

97430 

1729.18 

172930 173337 172430 187740 

3.18 

548 

2134 

1X00 

99242 

2806.84 

280731 281931 277738 312&50 

438 

731 

14.74 

41.70 

378.15 

389130 

+09 368734 371637 3687.00 3791.60 

5.71 

n 93 

1237 10235 

82136 

204838 

2048.722048.70203032 174830 

236 

537 

2133 

1334 

89046 

3035.13 

•410 305417 308745 306933 2S6S30 

238 

538 

2230 

3130 

103835 

223633 

-03 2248.06 226037 2220.74 163230 

330 

4.16 

OR 99 

1833 

106739 

309438 

412310038 3076309028.71225020 

230 

4.71 

25.09 3338 

108637 

188130 

-03 168835 184837 163080 1873.70 

382 

947 

1X10 

1203 


176842 

+03 170139 176039 173058 150030 

Z56 

377 

2145 

548 

92430 

166042 

+04 106454 108048 1688.11 15®40 

232 

638 

1639 

938 

096.41 

244937 

+03 243348 246033 2460:02 200330 

344 

4.13 

2736 

1X14 

94434 

121433 

-07 122312) 1228-62 12113B 123830 

441 

330 BuXOr 

531 

1CC730 

225138 

+1.4 2220.77 22173* 217936 2074.50 

445 

7.79 

1533 

530 

64291 

213130 

+13 209&88 2071 3B 203459 1686.10 

391 

11.78 

1041 

1535 

800.75 

199134 

+03 1982.17 197830 1906.® 199140 

&02 

* 

* 

030 

87836 

197537 

+03 196849 197630 194831 1907,40 

430 

8.12 

19.94 

038 

821.78 

1710.79 

+0.5 U»a75 104831 163838 172450 

538 

14.78 

736 

3.48 

02098 

1711.76 

+03 170836 171230 1689.70 153236 

336 

534 

2041 

1049 

118837 

220837 

2207.38 220833 216048 1828.00 

437 

742 

1631 

3937 

882.70 

2805.17 

+0.1 280132 2795.13 Z71039 237230 

3B6 

7.19 

1831 

6530 

82939 

129731 

-13 131023 132841 132048 1308^0 

432 

11.01 

iai5 Z734 

07639 

243338 

+04 Z42330 24201 2 230040 263020 

311 

731 

1647 6630 

82430 

2953.70 

+03 2940.06 288746 29S330 2443.00 

323 

1032 

1130 

2336 

87X78 

1075.19 

-02 187838 168030 187936 1423.10 

353 

648 

1937 

1935 

90533 

182030 

+0L3 191020 161030 160036 125330 

377 

334 

3238 

ML. 

B0633 

283066 

-OA 283334 MS533 281tt7B 225940 

310 

131 

0532 1934 

94240 

150045 

+03 1576.05 1581-23 150840 140429 

368 

632 

1937 

17.11 

122235 


Open 


100 

MU 260 


FT-SE 100 Hift tXBfm low 0.t7w* 


930 

1030 

1130 

1230 

1330 

1430 

1030 

1&10 

HJgtvdsy tWctay 

3111.7 

37333 

15733 

31093 

37300 

10773 

3117.0 
37313 

1580.1 

31108 

37301 

16773 

31113 

3729.1 

16773 

31213 

37303 

iraofi 

31223 

37293 

15823 

31383 

97300 

1589.1 

31300 31083 

37424 3728.8 

15805 15707 


! Actuaries 350 industry baskets 

aiOO lOMJ 11J0 1Z00 ISflO 1* M ISJO I6.TO Ctoaa Pwfaut awry 

1,7 Ofi 11B0.4 11833 118&0 11BM 1134^ H87a 118M 1100.7 -SB 

* 118M US’S 277 t 1 2762.4 Z78Z6 277 S 4 277 SJ 278 S .8 277 S 5 277 S .1 -OJB 

0 2782.1 2767.7 2^.1 2 ^. SSl * 663.1 1084.7 1705 ^ 1715 * 1668.7 + 5 &S 

SI S S S iw an« sw« su 



■ Itojor Stocks Yesterdav 

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bwJ on feedng uofeatw fesr a aaiettan oltraior 

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yasaniBv Ml 4 J 0 jw. Tndra <8 n iteon or 
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Kleinwort said BT’s under- 
performance reflected investor 
concerns of increasing compe- 
tition, especially from cable 
operators. 

BZW expects BT to achieve 
preliminary pre-tax profits of 
£2.76bn and a dividend total of 
l&Bp, while Kleinwort is going 
for profits of £2.75bn and a div- 
idend total of I6.7p. 

Food retailers busy 

Leading food stocks were 
heavily traded as they received 
long-term support from S.G. 
Warburg, which announced a 
£2 02m warrant issue, repre- 
senting a basket of shares 
in Tesco, J. Sainsbnry, Argyll 
and William Morrison Super- 
markets. 

The 20m warrants involved 
give investors the option to 
receive the cash value of the 
shares at any time between 
now and November next year. 
They provide a geared play 
into a sector which Warburg 
believes is “severely under- 
valued.” 

Sainsbury, which Warburg 
sees as the pick of the four, 
added a half at 389%p, Argyll 
and Morrison picked up a 
penny apiece to 253p and 126p 
but Tbsco shed 2 to 233Kp. 

The progress report from 
Bank Organisation was given 
a cool response by the market 
where Rank shares, trading at 
424p immediately the report 
was announced, fell away to 
close 15 weaker at 403p after 
good turnover of 3.6m shares. 

The slide in Rank shares was 
said to have been largely trig- 
gered by a BZW profits down- 


NEW HIGHS AND 
LOWS FOR 1994 


MOV NiOHS PH. 

BANKS B MlfuImN Tv. ft 0*0, SunComo T*. 
ft Bkg. Tout, BKM8MS5 fl) Mt41 W). 
BUUXNQ ft CHSTW4 09 Branaaa Kra. 
Spanrin. BUM MATLS ft MCHTS PJ Etw, 
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Bramnwr. DtVERSVKD INDL8 (1» Flrtcftor 

Ctltengs. SUBCIMiC 9. CtSCT GOUF 06 

CanM Mb »*TL liras. BMMBEHMa « 
QraMwfen * n. CoMn iAX Damdi Hratar. 
Excato*. Mo*«, EXTRACHVC MDS & M4Ugro 
Miarrti, SWcntUn, FOOD UANW flj ktarv. 
HEALTH CARE (1) Baflac ML SNCSTMEKT 
COM P ANI ES H| MEDIA fl Caonwray AM. 
Mrta) Biftnn. Qtt. EXPLORATION ft PROD (1) 
NETAKaa FOOO 0 OrtOBS. Monoon (W) 
9Upe Pit, NETA&BIS. GENERAL (4) ftmti 
Oonrtedrtl. SUPPOIR- SOWS (f I WHIM 
Wtrans. TRANSPORT (1) Jacobs mj. 

HOW LOWS m. 

OS-TS (2] BANKS H) AtMMy NrtL. BULDBM 5 
CNSTIM fa 8MEC. Oo «p Pit. Bveem. 
B«aK Ow. Bamt Homaa, Ogunbyate nopx. 
Prowling. vMson Bowdm. BLOQ MAILS A 
MCMTS pis W8TWBOTORS n Cartirt Motor 
Airttfarb. Ertaipria a Cobtl Ham* ft. 
MVGRS1REO INDLS 89 SLECTRMC 6 ELECT 
COUP M 6ra at*n. Jrtraon. Urty™. Vteay. 
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Hirang ffWcrc Pit. EM^ VEHCLE8 fl) feMtem. 

BmucnvE iNM n MorawH. NhoH. 

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*ALTH CARE m IMbirtCML Uwcaft 
WOUSB40U) POOPS {0 CrtQMcn Matiaafey. 

La Crtute G— anl y M. INSURANCE W 
BMHMENT TRUSTS {BE INVESiaWT 
COMPAMBB m latURE ft HOTELS {1J 
BuCUngtari WL, UFE ASSURANCE (1) MBNA 
(1) EMAP. H0CMANT BANKS (II OIL 
EXPLORATION 8 teOO P| OTHER FINANCIAL 
09 OTHS7 SERVS ft BU8NS p| PlnaCrook. 
PnflL tern feteagemm. 

PHAmACEt/TICALS (SQ Hteund Nycomad B, 
OoA. PRTNCL PAPSt APACKO |4) AO, FWd. 
NMC TWrc Pit. Ptyau, PROPERTV 111) 
RETAILERS, FOOD C4 Brtfca Brot. Taaco 
CaprtN 9PC BH SOOSk RETAILERS, OENBIAL 
(4) CNWra ML. LfeNd* CBamrtta. Sodiabya A. 
P^orato Bartel CrtMs, SUPPORT SERVS O. 
maCOMMUWC«nONS tn 9aeu»y Sarau 
TEXTUeS A APPAREL (1) Start, TOBACCO fl) 
BAT. TRANSPORT 98, WATER (3) AME7BCAN8 
ffQANADIANSPty 

grade. The broker chopped its 
current year profits forecast by 
£10m to £322m. pre-exceptfonal 
items. Mr Peter HUliar. leisure 
specialist at BZW, said the bro- 


ker had shifted its stance on 
Rank from buy to hold princi- 
pally because of the stock’s 
strong performance in recent 
months. 

There was more heavy activ- 
ity in Lasmo shares following 
persistent stories that a cash 
alternative to Enterprise Oil’s 
all-paper offer is now Immi- 
nent. Any new bid will have to 
be pitched around the 160p 
level, dealers said. 

Analysts insisted, however, 
that Enterprise would not take 
any action until Lasmo's 
defence document Is published. 
The document, which has to be 
made public by Monday under 
the takeover code, is expected 
this morning. Lasmo shares, 
helped by news of an oil dis- 
covery in Algeria, edged up 2 
to I56p in turnover of 10m. 

Enterprise Oil shares, on the 
other hand , came under sus- 
tained selling pressure, sliding 
to 425p before settling a net 11 
off at 429p. Mercury Asset 
Management of the the UK’s 
leading institutions, revealed it 
had sold a block of 206,000 
shares, and there were hints of 
US selling of Enterprise after 
the visit to US institutions by 
Mr Graham Hearn, Enter- 
prise’s chairman and chief 
executive. 

The gas discovery in Pakis- 
tan helped British Gas edge up 
1% to 298%p but bad a much 
greater impact on TuDow Oil, 
which has 15 per cent stake in 
the find. TuHow shares jumped 
4 to 31%p with 6.1m shares 
chang in g haodR. 

An S.G. Warburg Securities 
buy note helped to lift National 
Power by 14 to 430p and 


PoweTGen by 5 to 464p. 

A badly handled selling 
order unsettled Sun Alliance 
which dropped 12 to 32lp on 
3.6m traded. 

Media conglomerate and 
Financial Times owner Pear- 
son improved 18 to 678p ahead 
of the company’s annual meet- 
ing today. Publisher Euro- 
money leapt \25p to 1825p as 
the half-year figures jumped to 
£9m from 5.9m previously. The 
company also announced it 
was raising £20m through a 
1.2m share placing. 

Metal Bulletin rose 10 to 
460p as it was announced that 
magazine publisher Emap had 
increased its stake to 20.59 per 
cent. Emap feU 7 to 378p. 

Defence and industrial giant 
British Aerospace, broke 
through the 500p barrier to 
close 11 ahead at 510p, after a 
positive two day analysts visit 
to the group's defence 
operations. 

Mr Chris Avery at Paribas, 
who went on the tour has put 
the stock on his buy list and 
said: “BAe’s defence business 
show near-term stability and 
long term potential, despite 
declining world spending on 
equipment.” Volume was 5.2m. 

Negative whispers about Sie- 
be's accounting policies resur- 
faced and hit the shares leav- 
ing them trailing 11 to 569p 
after trade of 3.8m. ’Hie group 
reports figures next month. 

MARKET REPORTERS: 
Steve Thompson, 

Peter John, 

Joel Kibazo. 

■ Other statistics. Page 24 


LONDON EQUITIES 


UFFE EQUITY OPTIONS 


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89 S3 

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220 

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240 

1454 2254 2954 

554 

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17 

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280 

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17 

17 

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MOetMW 

6504m 08 

75 

0)4 28b 3554 

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600 

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63 

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600 

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055 99 

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28 46b 50b 

r732) 

750 

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terras 

4873 

33 4254 

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5000 

2854 * 4854 »» 35)5 

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58 S 2854 

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56 

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19 24b 

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baraS rt> dtthg oHgr prion. 

Mty 12. ToU can tmc t * 23.104 CM* 11.909 
PlftSi YI2B5 


FT GOLD MINES INDEX 



Mra 


day Bra Tear 

tera flh 

52 *ete 


it 

« tor 

10 6 Me 

TfcM* 

M* LOW 

6ol<HlraiMtf« 

185184 

+02 

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248 

S8740 1B2248 

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A3ka(MB 

2545.44 

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257008 2576,73 T 91 353 

ATI 

344040 186140 

AaraatadftfQ 

2262® 

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23OL0B 2296® 5763® 

209 

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1591® 

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200845 136100 


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HfM« in Urtrim ahn> rundv * ewrowira. Brab US (Mm. Baso vouh: iqotLQQ 3irt»«L 
PredKrarar CeH Unw fetes: Mw 12: 20SA ; dVS tense *£.7 pom YB* agee 1G1^ t A*tM 
IteK prices tmt HMNteHft Mr ttb cdUan. 


RISES AND FALLS YESTERDAY 


Uses 

tefla 

Sana 

40 

10 

11 

7 

1 

7 

6f 

60 

81 

» 

220 

358 

27 

55 

110 

06 

138 

322 

30 

8 

8 

45 

138 

195 

35 

507 

326 

14 

75 

43 


BrtBeh Funds . 


Ocher fixed WSMt — 
Mineral ExtracUon — 
General MaxriacMws . 

Coneumsr Goods 

Services 

IWfitJes 


Hwndalft 

ImutmiA Trusts . 
Others 


route 


410 


817 


1464 


□te brand on now eompvMn Had on On London 8nnr» Bwofca. 


TRADITIONAL OPTIONS 

Rrat DeaUnga May 3 Last Declarations Augll 

test Dealings May 20 For setflomont Aug 22 

Calx Aegis, Buta, Dsvro, Entarprtra Comp, Hanson Wts, hratond, LASMO, MW A 
Scot Micro Focus, Mosaic, NSM. Oraea, Staspy Kkts. PUx IceMnd. Ovoca. Puts 5 
Cab* Enterprise Comp. 


LONDON RECENT ISSUESe EQUITIES 

issue Amt MM. Ctosa 


price paid 
P UP 

cap 

(On.) 

IBM 

Mgh Low Stock 

petoe 

P 


Net 

dh». 

Otv. G n 
cm. ytd 

net 

100 

FJ>. 

404 

102 

96 AMlOt High fnc 

101 


_ 

_ 


_ 

- 

FJ». 

1.34 

10 

9 ADtruM Scot VlWa 

50 


- 

- 

- 

- 

- 

AP. 

12220 614% £14*2 Aanantt GM 

C14% 

* 


- 

- 

- 

- 

F.P. 

*0 

101 

1® San Globe! Em C 

100 


- 

-» 

• 

- 

550 

FJ>. 

410 

155 

110 ORS DrtaftRea 

115 


uea 

1.1 

3.0 

27^1 

- 

FP. 

110 

30 

2852 Edfetogh. Inca Wta 

28>2 


- 

- 

- 

- 

- 

F.P. 

180 

42 

38 F ft C Gnu Wma 

39 


- 

- 

- 

- 

180 

F.P. 

604 

171 

1® GOT Bus 

1® 


RNia 

M 

2A 

13.1 

120 

FP. 

41.7 

128 

1* Go-Ahead 

125 


MN4.0 

1.6 

4.0 

1 M 


FP. 

210 

483 

479 Goved Global Sirtr 

482 


- 

• 

- 

- 

165 

FP. 

410 

1® 

1® Hamtoys 

1® 

*2 

W4J 

Z2 

32 

17.6 

5® 

FP. 

4202 

595 

578 Houea d Fraser 

IBS 


IHM 

22 

3.4 


- 

F.P. 

- 

96 

94 (rd BkXBCh 

94 


- 

- 

- 

- 

- 

FP. 

- 

50 

30 tyx Warranto 

50 

+5 

- 

- 

- 

- 

1* 

FP. 

88.9 

1® 

122 Kator 

123 


WN04.7 

2*3 

3A 

M 

- 

FP. 

33 0 

15 

14 My Kkida Town 

I4*r 

J 4 


- 

- 

- 

80 

F.P. 

255 

87 

B8 Oatocd Mofeaeutu 

69 


- 

- 

ra 

— 

1® 

F.P. 

210 

181 

1® Paraona 

181 


LFOB4 

2.9 

2.7 

162 

5® 

FP. 

®5 

1® 

535 St Jamas Bch Hot 

131 


RN33 

1.7 

3.B 

ias 

- 

FP. 

063 

60 

53 Saaaa Retuamant 

56 



- 

- 

- 

in 

FP. 

12.4 

Ml 

1W S^eracapa VR 

234 

♦1 


- 

- 

- 

i® 

FP. 

42.7 

93 

»i Tompiwon Let Am 

8Z*I 



- 

ra 

« 

- 

FP. 

3.79 

50 

41 00 w«5 

41 



- 

- 


. 

F.P. 

1410 

104 

5® TwroMen Emg C 

101 



- 

Si 

- 

100 

FP. 

810 102*2 

99 Undarafejad Asia 

102 *2 



- 

- 


150 

FP. 

407 

1® 

154 Vymura 

158 


L4 M 

i£ 


15^ 


RIGHTS OFFERS 


iasua 

price 

P 

Amount 

peM 

to 

Latte 

ftenua 

dale 

1984 

HBph Low 

Stock 

Oaafeig 

price 

P 

+or* 

, 

Mi 

- 

3pm 

ipm 

AMruat Scotland 

I'apm 


380 

M 

17® 

84pm 

26 pm 

Mian 

84>:pri -gl* 

6 

M 

ISA 

l^ipm 

t+pm 

AOBdRMto 

‘tpm 


27 

tB 

22/6 

7^pm 

6pm 

Babcock mu 

6<2pm 

->4 

3 

tB 

3175 

7 1 zpm 

6pm 

^Cupid 

0*2pm 

* 

55 

M 

- 

16pm 

5pm 

Dote Satiric 

5pm 


500 

W 

2fl* 

63pm 

d8pm 

Derwont Vaioy 

46pm 

-2 

5 

W 

3115 

Spm 

5»«n 

Fcnun HdQS 

'jpm 


19S 

w 

ISA) 

27pm 

12pm 

Hunters Arntoy 

12pm 


2 

« 

24/5 

W 

*pm 

Tama* 

Upm 


24 


- 

llpm 

ltyw* 

Unit 

Ifipm 


330 

NB 

9/B 

43pm 

2Som 

iVStems Hldga 

38pm 

-a 


FINANCIAL TIMES EQUITY INDICES 


May 12 May 11 May 10 


Ordhray Share 

2494.1 

2481.6 

2600.1 

Old. ifrr. ytatd 

400 

400 

3.90 

Earn, ytd K ful 

5.45 

5.48 

504 

R/E ratio net 

19.87 

19.65 

18.72 

WE ration* 

20.58 

20S4 

20.85 

"For 1094. Ormary Start hdn shea eometestara 
FT Onfinay Snare Mac MM data 57773ft. 


Mays 

May8 

Yr ago 

*Hgh 

“Low 

24770 

2481.0 

22150 

27130 

24390 

4JR 

401 

400 

405 

303 

5.40 

507 

&22 

501 

302 

1900 

16.00 

10.85 

3X43 

19,40 

2U47 

20.46 

1804 

3000 

2037 


Mpli 27118 acas*: torn *0.4 30X40 


Ordnary Shan hauRr dsnpM 

Open BJO IftOO nJO IMP 1400 16J» 1W00 Hltfi Low 

2478J5 2480J3 2479.9 2SS4A 247M 2*763 2484.7 2484.7 2492.9 2494. G 24753 


May 12 May 11 May 10 May 9 May B Yr ngn 


SEAQ ftergfiina 2T.1B1 27,770 28,713 24^30 

Equity turnover (Emit - 13993 1340.0 912.9 

Equity bargolnst - 30,649 29.500 27^439 

Sham Baden pv8>T - 7063 S4S3 417.1 

T Excmono teu-msrhrt buansa rad (wanasa Sraevor. 


28,404 

1241.1 

28345 

670.8 


29.260 

1572.4 

33502 

711.1 





































































FI NANCIAL TIM ES FRIDAY MAY 13 1994 


LONDON SHARE SERVICE 


hlWM4 

- 1082 -2JJ 

2.785340 -4.7 
M 138.8 -3.< 

- 106.7 Qfl 

- 9« 0* 

usrn 150 

MW 4 7.1 

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ai 5474 n.7 

U - - 

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a .1 m.T a.” 


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1 « ffl 

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209 133 

— (O 3G 
K3b 117b 

-1 438 328 

+3 1047 52C 

-1b 145 120 

IBB \Xt 

-« » m 

— S3 78 

-7 <79 378 

J. M7b *5BA 
+125 USB 1460 


4 UM 

to» CarfM 

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387-2 

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410 

131 

480 

339 

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530 

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533 

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"Mis 


FINANCIAL TIMES FRIDAY MAY 13 1994 


FT MANAGED FUNDS SERVICE 





























































36 


CURRENCIES AND MONEY 


Marke ts report 


Better day for sterling 


Sterling rose on the foreign 
exchanges yesterday, helped 
by a better than expected set of 

«ade figures, writes Philip 
GawUh. 

The sterling index finished 
m London at 80.1, up from 79.6 
cm Wednesday, with the pound 
closing nearly one and a half 
pfennigs higher at DM2.5 052 
from DM2.49H against the 
D-Mark. It also closed more 
than a emit up a gainst the dol- 
lar, at $1.4994 from SL4880. 

Traders had anticipated a 
quiet day, with most European 
markets closed for the Ascen- 
sion day holiday, but there was 
a lot of business in sterling, 
the dollar and the yen. 

The dollar survived a weaker 
than anticipated set of eco- 
nomic figures, with the market 
wary of selling against posable 
central bank intervention. It 
was also helped by the revival 
in the US bond market 

In Europe the D-Mark fin- 
ished weaker against most cur- 
rencies, closing in London at 
L956.5, from L957.8. against the 
Italian lira. 

■ Sterling was the focus of 
early activity when a better 
than exported set of February 
trade data gave the currency a 
boost The headline figure of a 
trade deficit of £73 Lm was well 
below the median forecast of a 
$1 J.bn deficit 

The key figure, however, 
said Mr Nick Parsons, treasury 
economist at CIBC, was the 
fact that the revision to the 
1993 UK global trade deficit 
was much smaller than the 
market had feared. The deficit 
was revised up to £13.7bn from 
£13.4bn, but this was a far cry 
from the £2-3bn upward revi- 
sion expected by some. 

These figures gave sterling 
its initial boost and the later 
confirmation of the Labour 
Party leader’s death gave the 
UK currency further momen- 
tum. 

Mr David Barrett, trader at 
Natwest Markets, said one of 
the reasons sterling had risen 
after the trade figures was that 
the market had been short 
going into the figures, and 
short positions had been 
squeezed. Stop loss buying 
when it rose above DM250 bad. 
also helped. 

Mr Parsons said there were 
three reasons why the market 


Against D-Mark (DM per £) 


£50 



2.49. 


2M — 1 — 1 

S . May 1994 
Source: FT Graphic 

■ Putmd In H— Tart 

-Prar. eta 
14840 
14805 
14830 
14840 


hr 12 — L 

Espct 1SOOO 

imn 14803 

3 Dtt 14882 

1 JT 1.5004 


bad seen Mr Smith's death as 
being good for sterling. First, 
“it takes the Tory party off the 
front pages. That has to be 
good for the currency.” Second, 
the focus would now swing to 
possible divisions in the Oppo- 
sition. 

Finally, his d ea th meant that 
a leadership challenge in the 
Tory party from Mr Michael 
Heseltue, seen as the most 
potent challenger to prime 
minis ter Mr John Major, was 
now much less likely. Like Mr 

Smith Mr Heseltine has also 
previously had a heart attack. 

Mr Stephen Yorke, political 
analyst at Chase Manhattan, 
raised the prospect that if the 
Labour Party moved quickly 
enough to appoint a new leader 
before the June 9 European 
elections, tha combination of a 
sympathy vote and a honey- 
moon period could boost its 

VOte ci g ni f iflantly 

What this would mean for 
sterling is unclear. Recently 
there has been market specula- 
tion that Mr Major's departure 
- a possibility, if the Tories do 
very badly in the elections - 
would actually be welcomed by 

Hie mnrltwi On other hand, 
Mr Yorke notes. “If interna- 
tional investors start pricing in 
a Labour government, then 
s terling wifi, certainly fan " 

■ The dollar received an ini- 
tial fillip from the release of 
inflation, retail sales and job- 
lessness data, all weaker than 
anticipated. These helped the 


US bond market, and the dollar 
rallied on its . coat-tails, con- 
tinuing the parallel trading of 
the two markets evident in 
recent weeks. 

This helped push the dollar 
to a high for the day of 
DML6740, but it later fell bads 
to close in London at DMLOT38 
from DML6735 on Wednesday. 

Against the yen, the dollar 
was little changed at Y10L505 
from Y104.470. Mr Barritt said 
there had been a lot of yen 
sales, particularly for D-Marks. 
“There is a growing perception 
that the US administration 
does not want the strong yen 
to continue," he said. 

Mr Tsntomu Hata. the Japa- 
nese prime minister, added his 
voice yesterday saying that 
“the current rapid currency 
moves cannot be justified by 
economic fundamentals.” 

Although the figures were 
weaker than expected, Mr Par- 
sons said: The market is wary 
of selling dollars on the back of 
weak numbers. It is concerned 
that if you try and take the 
dollar lower, it could be met by 
central bank intervention." 

Mr Parsons judged that the 
central banks had done an 
“exceptionally good job of 
changing sentiment.” He 
would not go so far as to say 
the dollar’s troubles were over, 
but “they have at least suc- 
ceeded in maWng it a two-way 
bet The market is reluctant to 
open short dollar positions." 

■ In the futures market, the 
short sterling contracts contin- 
ued their recovery, with the 
December contract closing 
nine basis points firmer at 
93.93. The December euromaik 
contract closed unchanged at 
95.24, a recovery of 30 basis 
points over the past week from 
a low of 9452. 

In the UK money markets, 
the Bank of England provided 
late assistance of £ll5m after 
forecasting a very gfriaTl short- 
age of £15Qm. The overnight 
rate moved in the 4-5% per 
cent range. The German 
money market was dosed. 


| POUND SPOT FORWARD A 

>G.A!MST THE POUND 








May 12 


darting 

Change 

BfrVMhr 

Day's Md 

One matah 

TInckj IIMlttn 

On* year 

Barth Ol 


mid-point 

on day 

spread 

h#i low 

Rato 

%RA 

Rate 

96PA 

Rata 

SPA Eng- mow 

Europe 

Austria 

(Sety 

17S742 

+0.1278 

657 - 828 

17.6826 17.B657 

17.6704 

03 

175648 

02 

. 


11X6 

Belgium 

ftJFtl 

514494 

+02242 

056-931 

51M06 512308 

515444 

at 

515744 

-02 

515744 

05 


Dmraric 

(DKil 

17977 

+00526 

927-027 

93090 9.7349 

90053 

-09 

05135 

-06 

95309 

-03 

1155 

FMratd 

FM) 

8.1380 

+00443 

283 - 477 

&1S10 8.0880 

. 

. 

- 

- 

- 

- 

615 

Ranee 

9*4 

65897 

+00454 

855 - 839 

86047 8-5392 

65855 

-08 

85011 

-05 

85661 

05 

1075 

Germany 

<m 

2-5052 

+00141 

041 - 062 

iSIOS 2.4886 

25059 

-03 

25054 

05 

24854 

05 

1235 

Oraeee 


369.678 

+1.052 

354 - 001 

370366 387849 



- 

■ 

- 

- 

1035 

Ireland 

« 

1JQ2B4 

+0003 

252 - 278 

1.02ffl 10224 

1JQ27 

-05 

152S3 

-07 

15303 

-0.4 

Italy 

W 

2395.74 

+059 

435-713 

240205 238407 

2402.19 

-35 

241159 

-2.7 

244329 

-25 

785 

Luxembourg 

m 

5141484 

+02242 

(»6 -931 

51.6406 515308 

515444 

at 

515744 

-02 

515744 

05 

1155 

Neftarfands 

H 

26103 

+00136 

088-118 

2-8157 2.7931 

20099 

02 

25098 

0.1 

2.7867 

05 

11X7 

Nonqr 

m) 

11X6543 

+0.0S4 

499 • 587 

KLB710 10.791 B 

105487 

05 

105612 

-03 

105S24 

05 

665 

Portugal 

m 

258.422 

+0 679 

128-718 

258L848 2S5JS07 

250397 

-45 

281542 

-45 

• 

- 

- 

Spain 

pro) 

205617 

+0J88 

487-747 

200909 205.419 

207.122 

-25 

208037 

-2-7 

210537 

-20 

645 

Sweden 

(SKfl 

11.6207 

+00784 

120 - 294 

11.6359 11^452 

115422 

-22 

11.6727 

-15 

11.7817 

-15 

775 

Switzerland 

(SFri 

2.1448 

+00177 

436 - 455 

2.1468 2.1261 

2.1427 

15 

21361 

12 

2.1056 

15 

1185 

UK 


. 

- 


. 

. 

. 


- 

- 

- 

80.1 

Ecu 

- 

1-2982 

+00047 

975 - 988 

10015 1.2915 

1-299 

-07 

1-2996 

-04 

15954 

05 

- 

SORT 

- 

OJ19324 

_ 

_ 

. 

_ 

. 

- 

. 

- 

- 

- 

Americas 

Argentina 

FtaO) 

1.4985 

+00106 

960 - 989 

1.5020 1.4932 





_ 


_ 

Brazl 

(O) 

2262.31 

+5X48 

IBS -293 

226400 221&00 

. 

ra 

. 

ra 

- 

- 

- 

Canada 

(CS» 

2JI73G 

+0.0247 

727 - 74S 

2.0757 2.0825 

25753 

-15 

20803 

-1.3 

2.1016 

-1.4 

885 

Mexico (New Peso) 

4576S 

+00241 

677 • 853 

48853 40644 

. 

. 

. 

. 

- 

Ol 

65.7 

USA 


1.4994 

+OJ7IQ6 

two - 996 

1.5025 1>J93S 

1,4987 

OS 

1.4885 

05 

1.4984 

PJicific/MkidJc EaeVMrfca 











Austrata 

(AS) 

2.0827 

+0-0222 

814-638 

20884 20703 

00812 

09 

20788 

07 

20769 

03 

" 

Hong Kong 

(HKS) 

113837 

+00839 

798-875 

110080 110368 

115707 

15 

115062 

06 

115162 

06 

- 

IrxSa 

W 

47A382 

+03403 

199 - 525 

47.1300 48JB5S0 

. 

. 

_ 

. 

- 

* 

- 

Japan 

(Y) 

156.695 

+-1. iae 

816- 774 

157080 155.470 

156-315 

25 

155585 

25 

151.91 

ai 

1854 

Malaysia 

(«> 

3.9150 

+0.0239 

124-175 

3.9246 3 8872 

. 

_ 

_ 

_ 

- 

- 

- 

Non Zealand 

(NZ$» 

2-5778 

+0-0168 

760- 798 

20821 2-5075 

25flQ7 

-15 

7SRS 

-1.1 

25936 

-05 

- 

FWBpptaes 

(Peso) 

408713 

+02943 

730 - 698 

408698 40.1841 

- 

- 

. 

- 

- 

- 

- 

Saudi Arabia 

(SR) 

5.6230 

+00405 

213-247 

50344 6.6012 

- 

- 

- 

- 

- 

- 

- 

Singapore 

(SS) 

25298 

+0.0178 

284 - 311 

2-3341 20181 

- 

- 

. 

- 

- 

- 

- 

S Africa (Con.] 

i n 

54601 

+00335 

548-653 

S48S1 5.4355 

- 

- 

- 

- 

- 

- 

- 

S Africa (FK) 

(HI 

7.1696 

+00584 

502 - 290 

7^290 7.1502 

. 

_ 

_ 

_ 

- 

- 

- 

South Kbiea 

(Won) 

120752 

+ELS2 

744 - 839 

121028 1203.46 

- 

. 

- 

- 

- 

- 

- 

Tahwti 

ff$l 

402289 

+05953 

432 - 146 

403146 39.8300 

- 

. 

- 

ra 

- 

- 

- 

Thaland 

(Bt) 

378599 

+0.2814 

348 - 849 

370080 37.8960 

- 

- 

- 

- 

- 

- 

- 

1SOR rate tar Mw n. GHArtler apraads W tha Pound Spot trtSa rtm «rty the tart 8waa dactart ttaraa. Focwate tea 

aa roe nra dnedy cautad m the mrokat 

but an bnpOad by osroro knwwiitoa 

l Scrofing mdax crtcraead by the Bro* of Bmtond. Bn* ai 

•non 19M - WOBai. Otter and Wo-ratei ta boat nta rota 


/TtJfS CUJ5BI 


na trtbaa roe Rxmdad by dn FT. 




I DOLLAR SPOT FORWARD AGAINST 

THE DOLLAR 






....... J 

May 12 


dosing 

Change 

Bidfoffer 

Day's mid 

One month Three months 

Oneyeer JP Morgen 


mid-point 

an day 

spread 

high low 

Rate 1 

SPA 

Rata 1 

SPA 

Rate 1 

SPA 

Index 


Europe 


Austria 

(Sch) 

11.7875 

. 

650 ■ 900 

115300 11.7495 

11.796 

-OlS 

11.7932 

-02 

117878 

OO 

103.1 

Btegiun 

(Bfi) 

345800 

-0.1 

600 - 000 

344500 342750 

3441 

-1.0 

3443 

-06 

34295 

02 

1043 

Denmaric 

(DKr) 

85344 

-05123 

328 - 360 

6.5453 

&5088 

05434 

-17 

05519 

-1.1 

63434 

-0.1 

103.7 

Finland . 

(PM) 

5 >5275 

-05098 

225-325 

54485 

54025 

5429 

-03 

04285 

-0.1 

5435 

-Ol 

767 

Fistoa 

(Hr) 

07288 

-05112 

275 - 300 

5.7410 

57115 

5.7356 

-14 

07407 

-08 

6.7185 

02 

1040 

Germany 

(D) 

1.8708 

-05027 

70S - 710 

1.8742 

12635 

1.6721 

-09 

1.67T9 

-03 

IjBSSS 

09 

1043 

Greece 

(OO 

248590 

-05 

400 - 700 

P4fr,QQQ 240300 

2503 

-103 

257,675 

-182 

286.56 

-182 

893 

h eland 

(W 

14608 

+0.0062 

595 - 621 

14547 

1.45SS 

14583 

21 

14544 

12 

14463 

1.0 

- 

Italy 

H 

158750 

-55 

730 - 830 

160350 1595.75 

18023S 

-04 

1608.4 

-23 

18283 

-12 

793 

Luxartxxsg 


345800 

-0.1 

SOO-OOO 

344500 342750 

3441 

-1.0 

3443 

-08 

34295 

02 

1043 

Netherlands 

F) 

15743 

-05045 

738- 748 

1-8790 

12687 

12754 

-07 

12756 

-03 

13808 

07 

1033 

Norway 

(MO) 

75381 

-05185 

381 - 401 

72528 

7.1993 

72431 

-07 

72426 

-02 

72191 

03 

95.1 

Portugal 

(Ea) 

172550 

-05 

200 -500 

172.600 170550 

1735B5 

-06 

17525 

-74 

18055 

-43 

927 

Spain 

(PW 

137500 

-0355 

750 - 850 

138l000 137.450 

138225 

-3.7 

13829 

-32 

140775 

-22 

79.8 

Sweden 

(SKri 

7.7503 

-0.0038 

46S - 540 

7.7660 

7.7097 

77883 

-28 

7.7913 

-21 

73553 

-14 

825 

Switzerland 

(Sft) 

1.4303 

+0.0014 

300-305 

1.4340 

14225 

1.4239 

03 

14275 

as 

14068 

1.6 

1034 

UK 

« 

14894 

+00106 

890-998 

L5Q25 

1483S 

1.4887 

06 

1488S 

02 

13004 

-Ol 

883 

Ecu 


1.1SS1 

+05043 

548 - 553 

1.1574 

1.1515 

1.1538 

15 

1.1526 

09 

1.1541 

Ol 

- 


- 140606 


SORT 
Americas 
Argentina 
Breed 

Canada (CS) 

Mexico (New Peso) 

USA (S) 

PadflcfflBddfa EaatMMca 


{Peso) 05994 
(Ci) 150851 
15830 
3.3190 


-00002 993 - 994 09933 0.9994 

*24.93 880 - 882 150182 150080 

*00085 827 - 832 1.3842 1.3805 

-0008 140-240 33240 3-3140 


1-385 -13 
332 -0.4 


1.3889 -1.7 
33218 -03 


1.4033 -IS 
33282 -03 


Australia 
Hong Kong 
India 
Japat 
Malaysia 


(AS) 13890 
(HK3) 7.7255 

(Rs» 31.3700 
(V) 101505 
2.6110 


400048 885 - 895 
- 250 - 260 


1.3947 13860 
7.7260 7-7250 


my 12 E $ 

Hroigay 1 54247 - 154404 102500 - 102550 
kan 280200 - 200800 174800 - 175000 

Non* 04484 - 04470 02978 - 02988 

Mud 336750 - 337525 224850 -225050 
Russia 2797.80 - 2809L3B 186600 - 187400 
UAE 50050 - 50182 30715 - 30735 


(MS) 

New Zealand (NZS) 1.7193 
PK B ppinaa (Paso) 27.1250 
Saudi Arabia (SR) 3-7502 
Singapore (SS) 1.5538 
S Africa (Com.) CFQ 3.6415 
S Africa (Fh.) (R) 4.7950 

South Korea (Won) 805.600 
Taiwan (TS) 264300 

Thailand (Bt) 25-2500 

POOR rate tar May 11. BMJMar 
but ore hnpflod by cuiwd Mount 


- 675 - 725 31.3725 31-3675 
+0.035 480 - 530 101800 104.020 
-0.003 100 - 120 2jB1B6 25015 

-00012 185-200 1.72E5 1.7153 

- 000-500 27.2500 27-0000 

-0.0001 500-503 3, 7505 3-7500 

40.0006 S33 - 543 

- 390 - 440 
+0.005 700 - 200 


1.3902 -1.1 1-3949 -1.7 14055 -13 

7.7285 -05 7.7345 -05 7.7592 -04 

31.435 -23 3157 -2-8 - 

1045 2.4 103.85 25 10156 3.0 

2504 02 2588S 3.4 2.651 -15 

1.7208 -09 1.7251 -15 1.747 -15 


8X7 


1005 


6X2 


1465 


3J309 -02 
15532 05 

3.858 -54 
4.829 -85 
8085 -45 


15543 15523 
3-6440 35375 
45200 4.7700 
-015 500 - 700 806.100 805500 
+057 800-800 265800 26.7200 265955 -25 
+0005 400-800 255800 255300 2533 -05 

h the Data Scat trtta Mian orty Be tat dim MaM ptacea. Reward nM are net draedy quoted to tha 
UK. Inland A ECU am quoted n US croancy. iP. Margwi nmknl M« M*y 11. Ban nngt W90-100 


X7532 -03 
15527 03 

3584 -4.7 
4589 -75 
812.1 -33 
pagan -25 
25.45 -33 


3.7647 -04 
15513 03 

X777 -3.7 


8306 -0.1 
2557 -25 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

II mr 12 BFr DKr FT* DM 


NKr 


Ea 


Pta SKr 


SFr 


CS 


Balglkan 


(BFr) 10 1950 1850 45SB 1590 4648 0451 2156 5015 4005 2254 4.1GB 1540 4523 2508 3045 2518 


EMS EUROPEAN CURRENCY UNIT RATES 

May 11 Ecu can. Rato Chroige % +/- bran 96 spread 

rates against Ecu on day can. rate « weakest 


a*. 

ind. 


Danmark 

po) 

5202 

10 

8767 

2567 

1.047 

2446 

2868 

11.07 

2633 

2109 

1136 

2188 

1321 

2117 

1330 

1593 

1325 

Inland 

0808828 

0791229 

-0304375 

-215 

5.71 

France 

(FFi) 

6032 

11.41 

10 

2317 

1.195 

2790 

3-272 

1283 

3003 

2403 

1333 

2486 

1.164 

2415 

1.745 

1824 

1311 

Netherlands 

219672 

216826 

-030071 

-130 

4.79 

Germany 

(Mfl 

2038 

3311 

3429 

1 

0410 

9583 

1.122 

4331 

1032 

8248 

4339 

0856 

0399 

0328 

0596 

8266 

0318 

Belgium 

403123 

39.7584 

-03054 

-1.13 

432 

liatawri 

09 

5024 

9349 

8371 

2442 

1 

2335 

2739 

1058 

2613 

2014 

1133 

2090 

0375 

2021 

1.461 

1527 

1385 

Germany 

134964 

133180 

-030031 

-033 

440 

Rtoy 

W 

2152 

0409 

0358 

0105 

0043 

100. 

0117 

0453 

10.78 

5323 

0485 

0389 

0342 

0387 

0363 

6340 

0354 

France 

6.53883 

6.62066 

+04X7193 

1-25 

216 

Nethartanda 

W 

1835 

3.486 

3357 

0891 

0366 

B527 

1 

3.861 

9136 

7332 

4.135 

0.763 

0356 

0738 

0333 

65.77 

0482 

Denmark 

7.43879 

735600 

-030121 

133 

1.78 

Norway 

(NKr) 

4731 

9.029 

7316 

2309 

0346 

2205 

2390 

10 

2382 

1904 

1071 

1376 

0922 

1312 

1382 

144 A 

1.198 

Spain 

154350 

159.114 

+031 

3.15 

027 

Portugal 

(Es) 

1935 

0791 

3324 

0368 

0397 

9272 

1387 

4.199 

100. 

7936 

4497 

0330 

0387 

0303 

0380 

6034 

0302 

Portugal 

192354 

199482 

+0375 

144 

030 

Spain 

(Pta) 

2435 

4742 

4.157 

1212 

0487 

1180 

1360 

5252 

125.1 

100. 

5324 

1338 

0484 

1.004 

0728 

7636 

0326 







Owe den 

(BKr) 

4438 

8431 

7392 

215B 

nR«tt 

2062 

2418 

9337 

2224 

1773 

10 

1345 

0361 

1.785 

1.290 

1343 

1.117 

NON BM MEMBERS 





Swttoarlsrtd 

(Sft) 

2434 

4369 

4006 

1.168 

0479 

1118 

1311 

5361 

1205 

9838 

6420 

1 

0486 

0387 

0399 

7339 

0305 

Greece 

254313 

284308 

+0236 

7.71 

-337 

UK 

(9 

5135 

9797 

8389 

2505 

1326 

2398 

2810 

1085 

2584 

2063 

1132 

2144 

1 

2074 

1489 

156.7 

1398 

Italy 

1793.19 

1847.78 

+477 

334 

038 

Canada 

(CS) 

2436 

4.724 

4141 

1208 

0485 

1155 

1355 

5231 

1243 

9931 

6303 

1334 

0462 

1 

0723 

7535 

0328 

UK 

0788740 

0773394 

-0301751 

-1.70 

522 


us 


m 3438 
(V) 328.0 
3071 


8530 

6252 

7548 


5.730 

5451 

8517 


1571 

1559 

1530 


0684 

0548 

0.790 


1586 

15290 

1840 


1575 

1753 

2.185 


7338 

6024 

8359 


T72X 

1049 

199.1 


Ecu 

Yen per 1.000; DonWi Kroner, Ranch Fisk. Ngwefll e ii Kroner, fliiiaclrti Kroner and Belgian Franc per 10; Ferart o. Lka and 


1375 

1318 

1602 


7.752 

74,15 

8552 

pwioa 


1-430 

1358 

1.8S2 


0387 

6382 

0.770 


1284 

1334 

1586 


1 

9566 

1.155 


1045 

1000 . 

120.7 


0588 

0283 

1 


(OM) DM 125.000 per DM 


■ NMMIYM FUTURE* (1 MM) Yen 125 per Yen 100 



Open 

Latest 

Change 

Ugh 

Low 

Est trol 

Open bit 


Open 

Latest 

Change 

High 

Low 

Eat vol 

Open tat 

Jui 

0.5863 

03978 

-03006 


03972 

57248 

114200 

Jun 

03608 

03576 

-00021 

03631 

09666 

28,134 

58,742 

Sep 

05988 

03879 

-0.0005 

05997 

03977 

94694 

8387 

Sep 

09860 

03654 

-03020 

03711 

09648 

029 

1727 

Dec 

05993 

03993 

-00008 

03993 

03993 

2 

216 

Dec 

■ 

03750 

“ 

■ 

03790 

14 

934 

■ SHIM mANCIUnfMSflMM) Sft 126.000 per Sft 



■ •IMUIMOPUTUMI 8PMM) 262300 per E 




Jun 

07010 

06987 

-00023 

07030 

08984 

19347 

36,789 

Jut 

14924 

14964 

+03038 

13016 

14924 

12478 

41363 

Sap 

07021 

07012 

-00023 

07040 

07010 

382 

748 

Sap 

14980 

14880 

+03048 

14990 

14880 

244 

1284 

Dec 


07070 

+00037 

" 

" 

15 

352 

Dec 

14980 

1.4970 

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14S90 

14970 

3 

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Strike 

Price 


- CALLS - 
Jun 

Jui 

May 

— Puis — 
Jun 

Jui 

1425 

7.06 

732 

7.18 

- 

- 

020 

1450 

437 

435 

535 

- 

Oil 

066 

1475 

2.12 

236 

124 

- 

063 

132 

1300 

016 

1.14 

131 

049 

132 • 

231 

1328 

- 

037 

130 

2.73 

120 

334 

1350 

- 

007 

048 

533 

538 

5.77 


WORLD INTEREST RATES 


MONEY RATES 

May 12 Over 

night 

One 

nwrth 

Throe 

rathe 

Sbc 

rathe 

One 

year 

Lomb. 

tater. 

Die. 

rate 

Repo 

rata 

Belgium 

54 

54 

54 

514 

tt 

7.40 

430 

_ 

week ego 

s* 

54 

64 

tt 

58 

7.40 

4.75 

- 

Ranee 

68 

5K 

644 

64 

tt 

530 

— 

8.76 

week ago 

m 

5« 

6* 

tt 

tt 

5.60 

- 

7.78 

Oermany 

530 

530 

533 

430 

438 

630 

430 

6X7 

weak ago 

5.40 

530 

530 

5.13 

537 

150 

530 

6X7 

Intend 

58 

5% 

6 

64 

tt 

- 

- 

630 

week ago 

5» 

5ft 

6 

tt 

tt 

- 

- 

830 

Baft 

88 

7fl 

78 

78 

78 

- 

730 

8.10 

week ego 

8K 

78 

71 

71 

tt 

— 

830 

837 

Nethertenda 

638 

5.19 

6.12 

5.10 

539 

— 

535 

- 

week ago 

5.46 

5.19 

5l13 

5.12 

5.18 

- 

53S 

- 

Swlttetland 

414 

4 

4 

4 

4 

6325 

330 

- 

weak ego 

3fl 

4 

4 

4 

44 

6325 

330 

- 

US 

» 

4* 

4ft 

Sft 

Sft 

- 

330' 

- 

week ago 

3K 

444 

414 

4ft 

6ft 

_ 

330 

— 

Japan 

24 

214 

24 

24 

2ft 

- 

1.75 

- 

week ago 

214 

214 

2ft 

2ft 

28 

- 

1.76 

- 

■ 8 LJBOR FT London 








hrtartwnk Fixing 

- 

44 

4ft 

tt 

61 

- 

- 

- 

week ago 


44 

44 

41 

tt 

- 

- 

- 

US DoBar COa 

- 

430 

434 

436 

536 

- 

- 

- 

week ago 

- 

430 

432 

438 

BW 

- 

— 

- 

SDR Linked Da 

- 

3ft 

4 

44 

44 

- 

- 

- 

week ago 

- 

Sft 

4 

44 

44 





(UFTQ- DM 1m pointa of 10016 



Open 

Sett price 

Chsngo 


Low 

EsL vd 

Open tat 

Jun 

9537 

95.09 

- 

85.11 

9537 

26753 

191348 

Sep 

9530 

9533 

+032 

9635 

9S39 

16199 

184181 

Deo 

9632 

9534 

- 

9538 

9S32 

31 685 

192529 

Mm 

95.12 

95.13 

-a oi 

95.15 

95.10 

9079 

196986 

■ THU MONTH HJROURA BfTJMTB FUTURES (UFFEJ LI 000m potato Of 100% 


Open 

Sett price 

Change 

High 

Low 

Est vol 

Open inL 

Jun 

92X0 

92.43 

+0.01 

92X3 

9239 

1590 

34587 

Sep 

8235 

9239 

- 

9239 

9235 

2359 

48877 

Dec 

B2X4 

92X5 

-032 

92X7 

92X3 

2014 

49478 

Mar 

9132 

8231 

+0.01 

0232 

9239 

396 

12871 

■ TWSB MONTH BUBO StWSS FRARC FUTURES (UFFQ SFYIrtt pointa Of 100% 


Open 

Sett price 

Change 

Hgn 

Low 

Est vd 

Open InL 

Jun 

9016 

9013 

-003 

96.16 

96.12 

1025 

20873 

Sep 

9017 

96.17 

-031 

96.18 

96.16 

492 

11721 

Dec 

96.10 

9006 

-002 

96.10 

9635 

6 

5320 

Mar 

- 

9637 

-002 

- 

- 

0 

788 

■ nm 

IE MONTH ECU FUTURES QJFFE) Ecul m points of 100* 



Open 

Sett price 

Change 

«gh 

Low 

Est vd 

Open tat 

Jun 

94X9 

9430 

-0.01 

9430 

94X9 

454 

11447 

Sep 

94.63 

9438 

+032 

9435 

9433 

114 

12028 

Dec 

9433 

9435 

+031 

9433 

9433 

75 

7208 

Mar 

94.30 

9432 

- 

9430 

9430 

25 

2666 


ECU Ltetait Da mH rasaae 1 mdc 33; 3 nrtta: m 8 ndhs 6tK 1 year BH. S UBOH 
ratea era ctarad rataa nr 51 Dm quoted to the nrorket by lour raterrotea banks st item 
day. The banka anc BraMra That. Bank 0 1 Tokyo, Broctoya tad Mattenrt tNaaotdnater. 

Kid rataa ahovm for Bia dontaado Money Rron, ua * COa roid 8DH Lknkad Dronrtta (CM). 

euro currency interest rates 


• LFFE ruturaa Boded on A^r 


■ TMWBI HOKIH DRODOUJtH JMM) Olm potntn ot 10096 


May 12 

Short 

term 

7 days 
notice 

One 

month 

Thy 

months 

Sbc 

months 

Ona 

ywr 

Belgian Franc 

5>a-5* 

5b-6b 

6A-5& 

tt -tt 

5b -5b 

5b -sb 

Danish Krone 

7*2 ■ 8b 

Sb - 5b 

5b -6b 

sb -5b 

6b-sb 

5b - sb 

D-Martc 

6K-5A 

5b - 6b 

5A-5* 

Sft - tt 

tt - 4H 

5ft-4U 

Dutch GuBtar 

5A -6A 

Sb-Sb 


Sb-5 

5b -5 

5b -5 

French Rene 

A-A 

5b-5b 

sa-sii 

5b-Sb 

tt-tt 

tt - 5ft 

RrotugiMM Esc. 

11*2 - 11% 12ft - 11% 

12b - 12 

iib - iib nb - iob iob - iob 

Spanish Peseta 

7% -71a 

7b - 7b 

7b - TA 

7b -7ft 

7b -7ft 

7b - 7b 

Staring 

4b -4% 

4b -4b 

tt -6 

tt-tt 

6b tt 

5H-6H 

Swiss Franc 

4b -4 

4b -4 


4 -3b 

4- 3b 

tt -33 

Cm Dotar 

5%-SJb 

Sb-6b 

8 - 5b 

eft -tt 

BH-8H 

7ft - 7ft 

US Dolor 

3b-3>a 

4A-3B 

4,1 -4& 

4H-4tt 

5b - 5b 

5b - 5b 

Hahn Lka 

9 - 7b 

7b -7b 

7b -7b 

7b -7b 

7b -7b 

7b -7b 

Yen 

2A-zb 

2d - 2 i 

2d -2ft 

2b -2b 

2ft -2ft 

2b -2b 

AsSfi $Shg 

3b -2b 

3b ■ 2b 

3b -2b 

4-3 

4-3 

4b - 3b 


Short tarm rrtaa am cad lor tha US tMBr aid Yen, cahara: two days’ node* 

■ THnui MOMTH PBOH FVTURMS (MATIF) Parts tottetanK offered rate May 11 



Open 

Latest Change 

High 

Low 

EsL vd 

Open fra. 

Jun 

9438 

9495 +0.08 

8498 

9481 

127388 

422X92 

Sep 

9417 

9438 +038 

9438 

94.10 

148,753 

437364 

Dec 

8169 

9178 +038 

9179 

9163 

173381 

408,711 

■ US nSASUHYOLL FUTURB5 0MM) Sim per 100% 



Jun 

9537 

95.37 +0.07 

9638 

9538 

2315 

21911 

Sep 

9434 

9474 +037 

9474 

8462 

613 

11348 

Dec 

9432 

9433 +0.08 

9433 

9435 

339 

7380 

Al Opm kdarat flga. ore tor prortau day 





■ BUHOMAHK OPHOWS DM1 m pdnta of 100% 



OtiMrti 


... . . 





OHM 

Price 

Am 

Sep Dec 

Jun 

PUTS "■ 
Sep 

Dec 

9500 

0.13 

nag nan 

0.04 

033 

an 

9525 

aos 

0.19 021 


ais 

0.11 

032 

9660 

aoi 

0.08 011 


0X2 

035' 

037 


tataL Gate S2S Puta 027. Pravtoue da/a oowi tt. CaM 253889 Pubs 189283 

■was wumc opnows qjffe) sft- im pointa o« 100% 



Open 

Sett price 

Change 


Low 

Eat m 

Open InL 

Striae 


- CALLS - 



- pure - 


Jwt 

94X8 

9456 

+0.09 

9455 

94X6 

34388 

61587 

Plica 

Jut 

Sep 

Dec 

Jun 

Sep 

Dee 

Sep 

9473 

9463 

+0.11 

9483 

9478 

29327 

44362 

9800 


025 

028 

an? 

009 

020 

Dec 

9475 

9479 

+0.09 

9480 

9471 

13351 

37,106 

9825 

032 

ail 

014 

ai4 

019 

033 

Mar 

9434 

9438 

+0.11 

9439 

9460 

TfiOT 

81377 

9850 

0 

004 

008 

037 

037 

030 

■ nm 

EB MONTH minODCdAR (UFFEJ* Sim pointa of 100% 



Eta vcL tort, Cali 0 Puts & Praricua drab oproi tnt. 

Cato *9B Puts 40M 



Open 

Sett price 

Change 

High 

LOW 

Eat tnl 

Open taL 








Jun 

9484 

9531 

+036 

9435 

9434 

155 

5188 








Sep 

- 

9434 

+038 

- 

- 

0 

2041 








Dec 

9335 

9335 

+036 

9337 

96.66 

185 

1482 








Mar 

83X2 

93.62 

+0.09 

33X2 

93X2 

43 

968 









Pravtoue dlqAa rod., CtfM NM An PUA . Paw. dafm open tat, CMa NM Pub NM - 


UK INTEREST RATES 


LONDON MONEY RATES 

May 12 Ota 7 day* One 

night notice month 


Haw 

months 


One 


S%-4 


I n tatian fc Storing 
Stertng COa 
Treasury BBs 
Sank BBS 

Local authority daps. 4ft - 4 4 4ft - 4ft 
Discount Market Daps SU - 4*4 4JJ - 4ft 


4*-4* 5ft-4H fift-Oft Sft - Sft S^-SJa 
S « 5*8 - Sft BA-fl, 5g - 5g 

«-4fi 4U-4ft 


!-« 4B-4% 5 1 ! * 5ft 
-4B Sft- 5ft 5b-5*l 6%- 5% 


UK clearing bank 


baas landtag rate Oft par cant ton Fabruwy 8, 1884 

Up to 7 1-3 3-6 04 


9-1Z 






Certs al Tax dep. (E1OOOOC0 lb 4 34* 

Carts otTadap. under eiOOJOO hi Igic. Depoelro arthd taw i tcrcarti Jtpc. 

Am tenter rata al dtaeouit dJBSSpc. ECGO tlwd rata 88* Expert Rnene*. Mrtro up dqr April 2B, 
1004. A^eed rata tor protad May 28. 100* loJunSS. 108* Ochronaa H 5 n UQpc. FWroran rota k 
protod Apr 1 , 1004 to Apr 20, 1984, Schemes IV a V &2Mpa Rnunce Home Base Rate tfjpe from 
May 1. 1004 


■ THRB MMIK STBWJWO RTTUHES (UFFg) BSOOJOO potato at 100W 



Open 

Setlprica 

Change 

Hfch 

Low 

Est vd 

Open InL 

Jut 

9487 

9470 

+041 

8470 

9468 

7977 

78881 

Sep 

9438 

9443 

+006 

9443 

9434 

18161 

91246 

Dec 


9353 

+009 

9353 

8330 

18297 

129822 

Mar 

9128 

8337 

+006 

9348 

9335 

4235 

59068 


Traded on APT. Al Open Internet flga. an tor prarto ua day. 


■ M IOOffBTBraJMQOinriOimOJFFqESOOJOO points Of 100% 


Strike 

Price 

94G0 

•*75 

8500 


CALLS 


Jun 

022 

0.06 

0^1 


ais 

0.00 

0.04 


Dec 

0.13 

CLoe 

DU4 


Jun 

0.02 

an 

031 


PUTS 

Sep Dec 

020 070 

041 0-90 

081 1.11 


EM. vo4 total. Gala 4007 Pin 2B22. RMM de/i open tat, GHa 171003 Mb UBSao 


BASE LENDING RATES 

% % % 

Adam&Qmoteny — 025 Duncantewria 525 • Fksduche GwrarSae 

«ud Trust Bat* 125 Bcstor Bnk UmlBd _ &Z5 CaporatknLJmlBdtono 

AIBBarii 52S Ftaendai & Gen Bank _ 6 kswautaarieadaa 

•Hatty/nbechar &2S •Hgtrat Rorrtng & CD 6J9 abonMnataMutai 0 

BKfljjteot to - 525 GtaJbar* -5225 Hoyal Bk el Scofand - 6^5 

Banco Bfcoo Vizcaya- 025 •QUmassMam 525 •arftiSWWmn Sees. 525 

BsrkofCypiua — . — o2s HabbBatkAGZU1di.S2S Standard Chsatarsd EL2S 

Brakdhsland 023 Mi am bi M Brtt— SJ25 TSB 525 

BtafedMa 525 HraftaUe & Gen bw Bk. 025 •UrBadBkotWMeB-. 525 

Ba*tf8H6HU -525 BWSwud &2S UiBy TnM BMk Re _ 525 

BareSaysBat* - 525 c. Huron 4 Co 525 WaatemTluet 52S 

Bril Bk of Md East — 525 Houkaig&GtandM. 525 WMeoweyLoidm — &25 

•BrMnSHptoy&CoLldJua Julan Hodoo Bmk S2S YotartoBartk. -52S 

CLBsrtkNaderiand... 520 •Leopold JaewtaS Sans 528 

atUrLNA..-^ -5-2S UaydsBenk. — -.^.626 •Members al British 

Oydeedeia Bonk.".. -523 MsglaslBonkLM 526 Marchanl Banking & 

TbeCooparalw Barit. 525 MUandBsnk 525 Sectnittos Houses 

OaktsSCo — 52S ' Mount BarKtao 6 AssocMon 

CradlLyams 525 NotWaMrotaasr 526 - kiattaMOUbi 

Cyprus Popular Bark ..526 •HeaBiahea 525 



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FINANCIAL TIMES FRIDAY MAY 13 1994 


37 



WORLD STOCK MARKETS 


Wi fW w 


EUROPE 

N&nuA(Mayii/Scty 










ket 

ints 




A»**A* 

BKAuff 

CrotOT 

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Leruna 

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335 2.1 
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— 18301835 & 1 

— T7J00 16800 0.1 

— 10975 9870 28 

— 3880 3825 48 

— 580 430 — 

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_ 2800 2575 43 


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— 298 

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- 1.160 1800 3.7 

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_ BIO 471 58 
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— 7B2 687 15 

— 2000 2000 18 

— 529 412 _ 

.... 377 2*50 08 

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— ESSWf 16020 

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— Bam iOQ 

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— 73.7060.40 4 7 
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— 237 ISO 12 

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— 259 180 

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— 770 568 

_ 885 736 _ 

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— 54* solo 13 

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MWWAY (May 11 /Kroner) 


185 JO 


1.160 

2845 


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— 1048 man u 

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DantMi 339 
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ISS B 23S 
JpkBfl 350 
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NKTWS 299.15 
Mime 655 
RaJSMJ 57250 
SMtffflA 570 
5MM 578 
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— 730 595 23 

_ 281 215 22 

— 533 284 1 0 

— 7.000 2900 00 

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— 27B Z24 — 
_ 425 350 20 

. 1050 1.150 D0 
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410 

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4000 *1 5 4000 3075 40 

153BCS ♦31011.TW1 U.1D0 2.3 
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1.(50 *3 1.43a 700 170 

3000 *70 3075 2*0 30 

4.1*0 *1*0 *070 3*0 23 
11000 *17012*90 9020 10 

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♦40 1 J75108O 10 
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— cum 

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549 

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+31 1010 021 
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1105 *85 2(602050 10 


— MEDa (May 11 /Kroner) 


= SSI 


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— 07 584 24 

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— 2754 2092 00 
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— 048 568 20 

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z 3 ; ^18 

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1090 +X 1020 1008 — 

2715 *8 2820 2140 21 

12850 +180 12680 10031 _ 

2335 *35 2639 1000 _ 

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7050 +16 7050 3079 24 

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♦2 *22 337 12 — BHEnS 335 

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NYSE 


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Read tomorrow's newspaper today. Check your Pulse 

The City news stones that wiii make tomorrow’s front ► PULSE B-ygdr 


page are already on Pulse financial pager, 

CALL NOW FOR YOUR FREE TRIAL ON 0800 28 28 26 EXTENSION 1157 


fkxr 'fort '.’x-fc/erj fp 



Stocks 

CtaaftiB 

Change 


Stocks 

CtoaJng 

Ctwngo 


Traded 

Prieota 

on day 


Traded 

Prtara 

on day 

NKKCorp 

6 . 8 m 

266 

+a 

NEC Crop 

xam 

1.170 

+10 

MtUsW Eat . 

60 m 

1080 

♦10 

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30 m 

BOS 

+21 

SumltomoR a D 

4 . 7 m 

728 

+23 


30 m 

690 

+13 

Mazda Motor 

4 . 6 m 

573 

+24 


a 4 m 

895 

+J 4 

MTdaW Bee ._ 

42 m 

635 

+6 

Mitraa Fudoaan ...... 

3 . 3 m 

1000 

+30 


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38 


FINANCIAL times FRIDAY MAY 13 1994 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


WM 

H* Ln Stock 
17$ 14a MR 

15? l^fa « LLatKA 
954^ 57% AMPx 
72 V 53% um 
5 3%«c 
lASA 
-,|AML 
1l%«WPr 
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1£a Z5 22 1285 


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ft 8 MM Ibnagd 172 8J 

1ft B%A*aC»x QT4 1? 14 650 1Z% 

7 h Ae * eB aa 5 7ft 

23 Anna an z.i 14 zi Eft 

IMS 42 2 417 ft 

Jft HjxAcwm 111 821 

1ft 16%AtBuEqrx a48 IS 0 1® 

3 lS$EE° 100 “ 59 

ft 



32% 25*4 

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4 1$ ASetnhc 
48% 38 V MAC 
39$ 3i%«rtxieRtx 
26 19$ Akguhc 
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18$ 1ft MM AT 
21% IBAbanrU 
15$ 13% Nbnl 
2ft SABQfiX 
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30$ 2ft Altai X 
2ft 19% Mcntl 
68$ 4ft McoSt 
3ft 23% Atadhwn 
22% 14 AkJxW 

24$ ITMetfiUud 
26% 20$ AiegP 
18% ift Aten Obi 
25% 20 ADogai 

4$ ft Ann 
27% IftAkuCBp 
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33% AU9p 
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27% 2l%Munax 
82 04% Manx 
30% 2ft Aba Cp A 
1ft ftMnSovkicx 09611.1 
8% ft Am Practo 035 35 24 
ft ft AmaSd 
25% Zi AmcaUM 
51$ 44 AmdBHs 

9$ 8%AmAd)Rx 
31 2D% AmBvrkfc 
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25% 2D$Amacm OSO 17 13 
S ft Am Cap tax 065 02 
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lift 42% AnQran 
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33% 26% MnExpr 
2ft 24$ AnGMX 
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27% 24% Am Wh Pr X 230 08 


53% 53% 53% 
046 15 13 711 31% 31% 31$ 
088 49 11 635 
1 3 

092 27 22 4488 
030 09 21 48 

391251 

174 11.8 12 34 15 _ 

9825 2ft 
8.16 75 3 104 



020 U 8 342 
035 17 32 117 
020 73 889 

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134 75 11 979 21% 2ft H A +*g 

0.16 13 13 713 17% lft 1ft ft 

040 1.7 15 266 23% 2ft 23% +% 

7 778 2% 1% 2 +% 

154 07 19 756 iftdlft 18% -% 
016 13 50 ft ft ft 

134 55 14 20 22% 22% 22% ft 

067 13 710003 36$ 3ft 35% +1$ 

088 14 16 1286 29 25% 25% ft 

18 650 ft 5 5 

7 944 24 23% 23% ft 

130 2A 91 1421 07$ 67$ 67$ -% 

43 1466 24 23 23% -% 

370 8% ft ft ft 

35 7% 7% 7% 

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048 22 14 233 22% 21% 21$ ft 

OS 72 21 1778161$ 50 51$ +1 

024 27 335 9% 48$ B 

010 04 30 3531 23% 22% 23 ft 

2.00 04 9 3858 31% 30$ 31$ ft 

052 29 12 6 17% 17% 17% 


20% 17AmHrtD8X 066 09 10 
65% 56%AmNamx 272 01 12 7972 
2$ 2% Am Hods 075300 B 41 
1 B1%AmM 040 05 14 2456 


198 57 0 

ITS 87 29 3509 60$ 49$ 5ft 
240 65 14 3344 28$ 027% Z7$ 
170 34 1211057 29% 28% 2ft 
1.16 45 22 1877 26% 25% 25 

304 7% 7 7% 

9 141 26% 25% 26% 


11% ft Am Opp hex 1.00 113 
27$ 23$ AeAun 088 34 
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8$ 7$ Am Rate Es 044 59 
27% 21 AnffiW 048 27 

22% ISAmlMrnxIja 02 
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568 84 
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1-9? 5.1 13 4701 374 
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25 921 27$ 26$ 

094 19 22 34 25% 24% 

144 27 24 3372 53$ 62$ 


14% 14 
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1.12 17 1814433 


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in i.7i4 3 ea 59' 

068 1.3 40 126 53% 

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072 2 2 7 249 2ft 

0-32 2-9 8 1326 11% ift 
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324 3.1 26 1206 73% 73 73% 

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178 05 811581 a' 

2.18 7.1 68 5655 30' 

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1.12 13 11 288 

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27 28% 


6% 6$ 8 ft 

22 % 22 % 22 $ ^ 
10$ 10% lft ft 

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tsa 


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Continued mi m# 


. . SPSTa 
13% SWUuWi 
70$ lesuacud 
35M$fiahtfd8t 
18% iftSrtyw 




FINANCIAL. TIMES FRIDAY MAY 13 1994 



■i pm dose may 12 


NYSE COMPOSITE PRICES 




NASDAQ NATIONAL MARKET 




1991 

tar Start 


th. n 
u* it z 


arga 


• 0 . 


-P-Q 


3»b u Scam 
J0% 1A\ SaurefP 
69$ 54% Soxdx 
01% 50% SMg 
33 25%Ww«C) 

10% fttanteCW 
36$ J4$ SdAfl 
ift EeacnM 
*6% r\ 4 Setup (Leo 18 11 5687 44$ 42b 

2H$ 1B$ ScudMttsf an 1.0 75 21$ 2l% 


■A 


77 19% Sfilway 12 1014 22$ 21$ 22b 

ft 15 5$ 5$ 5$ 

577; 50% SUotMpnr 031 0 4238 44 545 54b Mb 

X% Z7$ SUffiLU>» 1.38 S£ 13 18 S3 5 <ffir$ Z7$ 

3? iftSPaul 30Q 4.D 7 482 77V 8755 755 

ft 6% Stem tip 9 39 ?$ 7$ 7b 

49m 3B%S»elteB 1.40 36 8 2683 38b 39b 

13$ 115 Satamon Brit 026 i3 13a i2$ 12$ 12V 

52% 44V Satan CLB4 1.3 6 3811 43b 43^ 48V 

25 IftWJgC 163 74 10 2374 ift 18% 18k 

10 7%SanteFeEfS 016 1.8 9 659 ft B% 9$ 

40 5<$SlKsF*fc 730 74 16 80 »% 35b 35b 

2Gb 70b SanftP O10 Os ii 2660 31b Zl% 21b 

26 70b Seal* 064 13 1412036 zz$ 21b 22 

S0b 42V Stan On zts 66 n 228 *z$ «2% *2% 

1.42 10 1 9 98S5 14b 413$ <4 

27 133 36 35$ 35$ 

004 02 15 2236 64% 63b Mb . 
la 21 233577 57b 56b 57b +1$ 
038 14 13 1639 29 28b 20b -b 

26 12 S$ 8b 8b 

012 04 70 7S2 35b 2 35b fib 

0.10 0.7 14 1Z7 13b 13b 13b A 

080 14 11 5887 44b 42b <4 +2% 

_ . ... an 1.0 75 21b *% »b -b 

12$ 9b SMttfEtiF 016 14 139 11 10$ 11 ft 

i8% U% SeaCnfi , R7D 54 6 142 I4<fi3b u *% 

isb 1SbSo3C14625 1 46 91 16 16 15b 16 

31 26b Sawn 056 20 38 1634 28% 28b 

29b 23SeSBn*Bi 38 625 28% 27b 

Jib 35b Stated AH 20 SOT 77b 2 7 23 

K$«$Se*refl 1.60 33 7 6737 40b 46 .. 

u% nb Mb™ $ei ilm 7.i 14 nb nb n 

39b aOSetKKiW* 022 07 31 809 31 b aob 31 

39 b 27b Secpaft 040 2 0 5 148 3ft 20b' 2ft 

40% 28 Safes QSO 14 16 7 31 b 31b 3Tb 

.•3 2Tb Sent* 0.42 14 19 573 23b 23b 23% 

28b 32S*Msi 042 39 12 256 24% 23b 23b 

25 17% San Ml 022 1.1 23 2137 19b 19b 19% 

24 19b Sovran Mi 040 34 20 8885 22% 21% 22 

14% lib Shaft*** 020 £4 25 2 11% dub lib 

46% 56% SnefTr 107 44 21 1175 1)66$ 66b 86$ 

35b 2?b Staff 046 1.9 16 2271 30b 29% 29% 

25% 17% Stanleys 11 3028 17% 817% 17% 

22% 15b SaMoS 0 10 04 22 433 21b 20% 50% 

2D% 17% Swra P8C 1.12 6.2 10 587 18% 017% 18% 

r>t 5% SjnMup 1 15 o7$ 7% 7% 

«ft 34% Sorts*. i IjQO 24 13 966 41% 40% 40% 

»$ 2ft 9cafi 30 1961 23% — — 

U’c 11% Stektr 148 8 4 34 78 

9% 6% Satigr 018 22 49 203 

24% 17% StqttK 048 24 17 10S 

5 3%SLtaS 046 14 14 11 

6% 4% SaKUOro 020 40 83 352 
14% 8% Mtn 103 4310 

32% 2ft "McftA 1 42 40 16 145 

10b 23% 3®ErtU 122 4 4 5021 

24% 18% Sams Fd i 042 28 12 283 

26 fftSmudtarJ* 040 23 18 15 



44% 35% SajOrrT 
21% 17% 5nyoef OR 
34 25% 5a*wn» 

33 26Sam 
61% <9% So* 

19b 13b SottebF' 

46% 40% Stuca Cap 340 8.7 
*5% 35SdndlC*S1fc 240 7.1 


108 10 17 143 . . 

054 14 24 740 19% 19b 

27 2019 27 26% 

108 3.7 B 2128 29% 2S 

047 08126 22 56 56b 

024 14 86 9042 l4b<113% 13% 
15 41% 41 41% 

4 35 035 35 



% 


7% ESpfftxiCp 
18% 14$ Sphered 
29% jAsm 
38% 32b Spflnt 
IB 14% sm 

14 SM Comm 


44% 38% SUM 
33$ 37b SnrBnc 
23SMTBO 
10% State Mud 


24 19% SBUawhd 1 44 74 12 62 

30 22%SttMn 050 2.1113 468 
22 >7%5CMM4 730 84 10 41 18% 18b 18 

23% 18%smncp 066 15 a 164 18% 19% 19% 

22 17 b smeo TIB 65 5 7036 18% 18 18% 

32$28%Sa(ta*E 146 02 10 233 27<Sfib 2fi% 

*% 28% 9CTM 1 78 5l9 51 5S6 39% 29% 29% 

39 7SbSKta OH Ol 25 8370 28% 27 27% 

19% 15StuHCGasx078 4.7 19 213 16% 16% 16% 

18% iftBUMHEngr 024 1.4 17 232 17% 17 17% 

30b 25% SnuMWSi* 2J0 89 9 978 25% 024% 24% 

12b 9 spot! Fund 046 44 81 9% 9% 9% 

11 37 6 0S% 5% 

812 07 38 16% 16% 16% 

130 3 9 11 76 31% 30% 30% 

140 28 25 4809 37 35% 35% 

040 27 19 278 15% 14% 14% 

840 25 8 6 18% 16% lfi% 

26% 14bSMHotax 032 13 11 (82 16b 16% 16% 

12% 7% StnlbCUa 812 14152 283 8% 6% 9% 

38b 28*! MW OU 2.1 14 SOI 31% 30% 30% 

30% 24 7 g Santa 1 850 24 17 38 2Bb 28% 28b 

37 31% Santame 140 29 20 127 34% 34% 34% 

1JB 3.7 17 746 36% 436% 36b 
383 38% 37% 38 

048 34 20 4 22% fflZb 22% 

044 82 38 10% H10% 10% 

„ , 24% SSLFoLBk t 060 24 6 700 25% 24% 24% 

7% 6% SMigBcip 020 24 6 144 7% 7 

B% 3%SUtgQiM> 0.88 I4 86 520 7% 

35% 26b StalsSwfi 23 425 31% 

10% 7% mufti* 0.12 15 * 9 8 

31% 27b StofMtWvb (LED 14 34 156 31% 

18% »%Sta«Omi 0.71 44 3 27M 14% 

Z7b 19b Sap Shop a 674 26 

16 I3%SBB»i 884 54 16 320 15% 

41b 25SMH1 821095 29% 

32 22b State 38 213 Z7% 

18% 12SBMM8 048 24 10 677 13% 12 

33b n%S&*mRgar 130 40 IS 443 30% " 

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100 30 78 387 23% 3?% 33 

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35 28% Tosco 
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57% 4fl% Tmsan 
53% 45%Tiansatei 
16% l4TfH9CD4 
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17% llTranstct** 004 10 10 584 
43 32% TIM a 
15% i3% Tradeoff 
37% 34T(C0M25 

26% iAtur 

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47% 33Trtoay 
40 31% Tmorax 
32% 24b Titan 
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14% 12% WattertM* 036 
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24 17% 

150% 127% 

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18% lAwesUE 
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35% 24b WeanGBS 
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43 1050 
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142 
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54% 54% 
47% 48% 
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AMEX COMPOSITE PRICES 


4 pm dose Uey 1Z 


Vi at 

Stock DhL E 100s 
MvMaon 450 3 

Aftlhc 3 29 

AtptaW 11 14 

Am 13 Pa 1 M 13 7100 
AnHaizeA 004937 39 
Anted 005 21135 
AnEkpl 4 55 

AnanMmft 48 91 

ASRkK 072 I 353 
AstfUBdl 2B 23 
bad 5 378 

AU3CUB 0 10 
AutewA 13 24 

B6H Qceffl 055 0 65 
BatterUn 0£8 IS 4 
BattUnTA 004 X 51 
Bany 68 17 134 

BATM 029 12 314 
Bead 7 1Z( 

Blnk9Uanx04DI5B 10 
BUAadA 48 47 
BtouflA OSO 38 127 
HD 7100 
31 177 
DJO 9 119 
104 13 47 


«bR LoarCkMCtan 

321 ? 

45 45 45 ft 
lA 18% 18% *% 



A 5% 5% 
18 1ft 17% 


BwVaSejr 


Boana 
Braacan A 



2fb 20 20 
12$ 12b 12% 


C£4um 1 S6 $ 12 

CBmOtEZx 020 13 23 22% 22 

Can Mac 026 21 Z100 12 12 

001 6 913 3% 3 

6 12 3i 
43 33B 29% 2A _- e - . 

2315217 4% 4% 4% ft 
004 S 300 10% 10 10% +% 

001 S3 5% S% 5% 


CtaffinA 

ChamOar. 

Champion 

Chfee 

Ctrcfti 

CntriWA 



W 


smut 

Contact) 020 20 
CompuBac 0 

ConaIRWL 4 

CrassAT A 004512 
QnwiCA 040 43 
QnMCB 040 15 


Dta. E 106* ffigb LowrChaE CMr 

3 1% ISb 1S% 

10 $ d$ % 

15 7% 7b 7$ 

39 15% 15% 1A ft 
38 20% 1A 1A -1b 
77 lA 1» 10 -1% 


CUte 053 91 21 71b 21% 21% 
Coataiwte 15 17 2i| 2}J 


OMi 11 30 

Dbnrii 30 60 
OuBURawR 8 10 

Ouptat 040 47 IE 

EMdED 0 46 16 5 

ewpuup 7J2X5 42 
Etta Bay OCT 354 61 S3 
EcU EH A 028 10 5 

BtetoHa 6 294 
Ban 141693 

EfiQySarv 472812 

a£pe 9 383 

Fabrnna 004 12 30 
Rna A 120 15 2 

FBOHOnc 020 13 HM 

FUbU) 052 71 26 

teotU 251301 

Fratpurmr 2 8 

Goan 020 7 BB 

earn WAX 072 13 23B 
aafltr 0.70 33 102 
QoUWd 2 85 
Gnama! 30 17 
GUCCtU 034 20 131 


a a a 
18% 18 18 
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9 (8 9 

16b IBb 18b 
20$ 20b 20b 
10% IA «ft 
12% 012 12 


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35 318 6 5$ 8 

028 14 1956 33% S3 33% 


VI th 

State Ot. E 10B »gl> UteCfcM CMfl 

HetehOi * 10 3b A A 

mutest 3 313 lOA A 3b 

Hate 0.15 45 2 1 Ao10% lA 

HmateM 15 28 11% 11% 11% ft 

CHCup 1 2S5 A A A 

hatranQj 012 » 13 10 id 10 ft 

HI Coras 4 B28 A 5% ft 

95 1101 oIBb 19% 19% . 

006 17 2177 17% 1T$ 17$ ft 


Mx* 

JanBal 3 

Keteaa 19 

tturXCp 21 

KMyBtP 21 

XdpCq 83 

Laeame 11 

UsatW is 

LeeEbarra 7 

Lims kK 160 

Lynch Cp 7 


305 5 ft 


2 IA 13% 


2 

Media A 044 23 
ItanCa 020 4 

MMd 

» A 14 

BW IB 


bob iB$m8^ A ^a 

35 7% 7% 7% ft 

2 1ft 1ft 1ft , 

20 7% 7 7 ft 

122 lli lb lb 
93 9% A 9% ft 
13 24% 24% 24% ft 

10 33%<Q3% 33% ft 
102 23 23 23 

10 4b 
7 6$ 

9 8% „ . , 

15 R )l H -if 




•wpw 

HVTdiA 008384 1007 25b 2A - - 

meum oaon 17 sb a ft 

NnacE 127 273 A 6% A ft 

MW 12 10 8 % 8 % A 

OdedcsA 34 135 09% 89% A 

tauix 024141 815 29b 2B 29% 

Pegasus 5 040 931981 18$ 16% 16$ ft 


VI Sta 
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Town&xry 

Titer 

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TiaraBiA 

TUnrSfi 

ItAotU 

VJtfoateB 

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VtacBnA 

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Won Uw 

12% 12% 
26% 2B% 
70»2 09% 

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29 28b 
6% 6% 
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36% <88% 
18% 17b 
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10 10 
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167, 16% 

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GET YOUR FT BY HAND DELIVERY 

IN STOCKHOLM. 

If you work in ihe business centres of Malmo. Lund, Stockholm or Gothenburg we'll deliver your daily 
copy of the FT to your office at no extra cost. Cali Bradley Johnson for details (08) 791 2345. 




‘ fCT* R r P' P 

^TOciai nMESJ 


Ccrncr 



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ABSIaos 020 20 X 14b l«b (4% *% 

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Aemr U8s 3J 35 2£ 23% 24 

Acrfcxn CD 29 93 20%619% 3b ft 

Adunecn U7324 15% 14$ iA *% 

MX Tele 34 459 -Ji« 2 *0% «U; ft 

Adtewtm 191157 14% ?3$ M% 

AthaSarv aiG 21 15 35% 35% 35% 

Adobe Syi OZP JJ1T180 25% 24 24% ft 

AdvareC 8 GIB U% il% li% 

AdvLagic fl 145 5 4$ 4$ 

Adv fttym S S2 5$ ft 5$ ft 

AdifTchLafi 26 2M 15% 15 15 ft 

Arwnta 020 S0 1?« *0% 39% «$% ,.49 
Mwt 9 14 13% 13b ft 

AtmtcyRs io 826 iamb 11ft ft 

ApHttfia (Lioia 705 11% 11 11% ft 

Antov 020 14 1356 21% 20$ 21 

Akzo ADR 200 3) 190 58 57% 57$ ft 

Aldus (i) 38 1156 27% 26$ Z7% 

AtaflUx 088 161322 ?4%<C4% ?4% *% 
Atetfi&tf 17 206 9 87, 9 ft 

ABoiOra 002 12 2 32 3? 23 

AtanPti 6 714 (1% 10% 11 *% 

APdDpI 100 12 59 14% 13% 13% 

AW cap 000 72 190 14% 13% 14 *% 

AtaneC 032 42 116 4% A 3% 

AlbCtdd 006 7 859 1% 1% 1% 

Aten Co 25 4M* 36% 34$ 38 ft 

Am Bffdcer 068 8 184 21 $021% 21% ft 
AmCtyBu 13 3 15% 14% 14% 

AmMsrag 21 900u23% Z2% 22$ ~% 
Am Med S 13 365 »% 8$ 9 

AmSDflwa 032177 286 5% A ft -A 
AmFrwys 32 8675 19% lA ift ft 
AmttA 000 16 1109 28% 27$ 28 

2 521 Ipi Ii l/ r ft 
AtalRin 120 7 332 50 48 48 

AntPmrCanv 381T331 21% cCO 20i ft 
Am Tim 10232E 13b it$ 13% »b 

Aragso he 17 5195 45 44% 44% ft 

AnteJiCp 0X6 261181 19% 18% 15% 
Mnftfl 4 48 10 9% 912 -ft 

AltdagiC 14 32 16b 1b 15 

Aiiatats 048 13 11 16% (6 16 -1 

ArrangUAm 100 14 55 17b 17 17% 

Andrew Co 10 967 36% 33% 34% -1% 
Anitas An 7 955 74% 13% 14% 

Apogee & xOJO 25 479 12% 11% 12% -ft 
Aff&o 91151 7 6% 6$ 

AppUMU 29 8984 44% 43 44$ *1$ 

AopfeC 0*8 26 9521 30b 29% 2B|t 
Apphtaes OD4 38 7i?4 ts% 14% is 
Attn Dr 024 40 1259 17% 17% 17% ♦% 
Anted 1 028 20 700 27% 26% 26% ft 

Argonaut « 1.16 7 98 28 27% 27% 

Armor A! 06* 3) 18 20% 20% 20% ft 
Arnold In 1 040 17 60 20% 19% 31 ft 

ASK tip 2 504 9% 9% 9% 
Aspect!* 23 364 7 26% 25% 26 
AsBKtixnm 252 5 22% 22% 22% ft 

AST torch 101183 17415% 18 -% 

Adrxison 21 143 9% 8% 8% ft 
WSEAk 002 19 4576 27 3% 26% ft 

test* 048 3 1622 53 51% 52 ft 

Autttao 12 20 3$ 3$ 3% *% 
Amodale 092 15 24 7% 7$ 7$ 


- B - 

BEl B 0W 71 ID 6% 
Batdoga 7 2S3 9% 

Baker J 006 12 1032 20% 
BUwlBx 024 3 3 14 

Baodac 15 543 22% 

MSfUfl 044 >1 52S 18% 
BUdaxsQ] 04(J 9 936 17% 
Bstottth 060 11 (13 10$ 
BanfclteK 020 SB 86 33% 
BuxaGao OS 16 335 35 

fiaaselFx 000 14 SI X 
Bay maw 000 11 270 21 

Saybartax 1.40 131i10u59% 
BBiT Fh 100 9 116 3% 
BE Aero 19 351 8% 

BeateCn 028 28 9 13% 

BenUeny 15 106 15% 

BexUeyWR 044 14 3 38 

BHAGcp 012 14 29 9% 
Blhc 100 1(8 5% 

BigS 012 16 120 11b 
BtafeyW O0B 13 158 12 

Bingen 3B15&9 34% 

BtanU 17 1321 10 

Bate Dig UM 11 9 31% 

BUCSdflw 17 2736 55% 

BoeunuiS 104 101294 32% 
BoD Exam *027 18 263 20% 
BdOte&B 
Butand 
BtnbnBk 
Boston Tc 
BadywA 
Btwen 
tare S * 


BTStxpng 

Bidets 
ButtknT 
Bur Brew 
Bisueefl 
ButKtMTg 


13 2100 26% 
1815019 11$ 
076 5 80 31% 
57 545 12% 
068 TO 36 47% 
020 23 140 10 

024 15 1254 7% 
076 8 73 2*% 
048 0 12 3% 
29 2830 19% 
23 95 13% 
29 113 8$ 
59 568 32 

5 64 22$ 


- c - 


5% 6% ft 
®% »% 

20 20 % +% 
14 14 
21 21 % 

18 18 
17% 17% 

19% 19% 

33% 33% 

34% 34% 

25% 25$ *-08 
20% 20% 

59 59% 

28$ 28$ 

7% 7$ 

12% 72% 

14% 15% 

38 38 
68% 9% 

4$ 5 

11$ 11% 

11$ T1$ 

34 34% 

9% 9% 

31$ 31$ 

54% 55b 
32$ 32$ 

Z0b 20$ 

26% 26*4 -1$ 
d9% 10 -1$ 

30b 31 
12% 12$ 

48 47% 

9% 10 

tf7b 74 
24 24% 

3$ 3% 

Ift 19% 

13% 13A 
8% 8% 

31% 31$ 

22 ZZ% 


ft 

ft 


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CTec 180 45 25%<E5% 25% 

CtodMed 10 58 8% 8% 8$ ft 

CadSchwpi 101 18 S3 29$ 29$ 29% ft 

CBdfflusCunaa) ib 3 is ift 15 *ft 


Caere Cp 

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CanttBU 

CandtaL 

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1 973 1,i 

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11 11% +1% 


19 19 ft 

ft ft ft 

4% 3b 3$ 

1% dft ft -A 

91 80% 80% ft 
3 3 3 ft 


012 25 144 46% 46% 46% 

CartWCra 023 23 197 a 27$ 27$ ft 

Cascade 060 19 408 21 20 21 *-1$ 

Casey S 006 16 156 11% 1111% -ft 

Capra 4 53 6% dP% 6$ -% 

CaUar B 334 19% 18$ 19$ 

CB4 Cp 18 31 11$ 11% 17% 

CvtaxTei 382 480 lOJS 10% 10$ 

Cenocor 5 4079 12% U% 12 


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OtsRVt* 25 64 7% 7 7$ ft 

CXKs Or 43 412 12$ 12% 12% 

autason 9 701 5$ 05% ft ft 

CKaCoBS 100 15 264 23>a 24% 24% ft 

Codafrgr 1001036 ft 4$ 5ft 

CodaUum 27 8 10$ 10$ 10$ ft 

Cogne* Cp 20 2564 17% 16% T?% *-1% 

Cognss 1(Q 91 T1% 1ft 11$ ft 

Coherara 17 54 13$ 13 13b ft 

Ctdbgan 88 246 22 21% 21% 

Cotnt Gas 106 13 48 21% 20% 21% ft 

CsM&p* Q0O 8 110 34% 24 24 

Oxter* 02* 12 1575 18% 18% 18% ft 

CmcsK HIS 15*554 17 1ft 1BA ft 

CmcsIASp 009 342005 18$ 1ft 1ft -ft 
COTtnaWBOfiB 11 268 32% 32 32 

Comma 0.70 93 144 16 17 17% ft 

COBpxtate 433 02 13 12% 13 ft 

Cbnuum 57 348U13% 12% 12% *Jj 
CurateM 36 1306 ft 3% 3% ft 

CotfWx 128 27 330 39% 28% 39% 

Cus&bh 12 338 ft 7% ft ft 

Eons&* 1.44 IB 5806011% 10$ 11 
CMtiOi 30 199 ift 14% 1ft ft 

maw 14 181 id ft 9% ft 

CoosA (LSD 23 725 19 18$ 16$ -$ 

CopyblB 841373 10% 9% 10% ft 
CarwCp 21 1587 47% 45% 47+1% 

Cop Of A 40 501 15% 14% 14% ft 

Grades B 002 266465 24% 24 24 -% 
Q*Qnp 1 1348 lA 1.5 13 ft 

CtOMlRta 42 114 6% 6 6 -% 

Ctagen 2 905 4 3% 3$ 


. D - 

DSC DU 38 5370 81$ 60 80% 

Dot tax 0.1319 9 78% 78 79% 

MaSfltch 9 968 2$ 2% 2% 

Oartot 2B 228 6$ S% 5% 

PWaow IS 289 14 1ft 14 

Oauftefip 03211 338 25 24% 25 

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Dsaossn «o.ie la uc is is is 

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OepOy 1.(0 & 51* 25-% 3 Z.% -% 

Dereoi 020 3 142 .e 6 5-1 

niKh 15 467(119% ft 

OfiraflB 172 7 C30 15014% 14% ■% 

PWmfl 13 3136 1< i;% tSi ft 

Otglficro 4 S79 8% dfi-% a" ft 

{kg Sound 72S9 ill 1% 

OgSyS fi S6J 3% 3 

Drawn Cp 15 6 33 r% 

SbdeVtn r 030975 57 ft 9% 

OKAPtm 21287 4$ 4 

DBMrCh 0 253C53 25% 24% 2. 

Don* Wn 068 15 120 13% 13 13$ 

DraenEogy 13 167 ft 8% 5% 

Dressfljm 131158 12 11% ’.1% 

OravGD 024(9 law 22<Ci% 2: 

OrupGsapo 000 45 360 4% 61% 4% 

DS Bancor us 16 1(9 31% 31 31% 

OirtTO * 0« 11 96* 15% 15 15% ft 

Dta R* Q0O34 Su33% 32% E% 

D|«d*cJi 15 158 19b 17% 15b -% 


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Ltpe Fu 8 7 4 b 4% 4% 

Easel Cp 5 363 4% 4b 4% 

Easfflmm 2 20 ft ft i% -A 

EQ Tel 018 21 6255 171, 016 16.*. 

Eapwad 68 1196 8$ B 8b ft 

SPasoS 2 113 2% ?H 2,‘i 

QechSci 101263 10% 10% 10% ft 
BKthSr 025 56 135105b 54% 55$ -$ 
Beettats 201*881 isbeizb <7% -% 

EmonAsa 21 .'700 7% 7% 7% 

EratetCp 2714*2 6b 05 6% 

EnpylMn 49z100 13% 13% 13% -b 

Esm Sir S6 S l7( 1*J 1}^ 

Eoanac 22716 3% Cb 2$ ft 

Esxnoi Q.10 18 63 3% 3% 3b 

ErasnB x 05712867231 *6% 44% <6$ *2$ 

EBtt IT 8 C3 8 

ExaraSd 77 26 17% 17 17 ft 

Exabyte 3)7436 15$ 15% 15% ft 

12 82 9 03% 9 ft 

15 150 21% 20% 20% ft 

010 21 704 18% 16% 18$ -1% 

20 303 12% 11% 12% 


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- K - 

A Sues* COB C 2 ^'% 22% 22% 

KaruaSi 0*4 5 2~ ft ft 3% 

AjpanCc 0«i 14 12: 23% 22% 22* 

KrCeyOi 5 543 15$'.% 

ICsJy&r <164 22 J77 26% 26 »% 

fiamciey 011 V. 9 fib (ft 6% 

KffltaE 2« 13 17G 24% 23% 21% 

tr&ae 13 23 ift 6 l,»i 

I HLADIft 534158 38% 37% 37% 

hrmirata Sifli: 10% 010% 10% 

WKA 1 159 JJ !!• il 

Konap he 172 51)1 20% 1C% 10 

AalCMS £ SE2 13$ O ift 


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ExorpAnx 


Fax fire 
Fan Qi 
F state 
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Fhrtxtta 
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RnyOfl 
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- F - 

11 36 ft 4% 

024 15 20 5$ 5$ 
UM 873149 31% 29% 


U BIO 24 23 23% 

3 174 3$ 2$ 3 

108 16 974 u53 52% 

5 1760 3$ 83$ 

024 0 360 9$ 9% 

36 1582 26% 25% 26 
FUAbama 120 12 1652 35$ 35$ 35$ 
FtatAmx 004 6 477 31$ 31% 31% 
094 10 39 24% 24 24 

080 71 33 24% 24 24 

10* 11 5097 3 29% 29 

108 9 838 41% 41 41$ 

036 7 435 9 8$ 8$ 

002 10 647 27% z>% q$ 
106 11 MOO 45% 45% 45% 
41 6 7$ 7$ 7$ 

25 1625 
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n a>% 20% 

5$ 5 5*» 

5% <S% 5$ ft 
6 5$ 5$ ft 
108 10 15 31% 30% 31% ft 
14 332 15% 15% 15% ft 


FtmaBanc 000 31 168 32J2 32$ 3?{J ft 
FoetuA 38 833 3$ 3% 3% -$ 
FrfliFPix 104 11 1565 28% 25$ 28$ 
FslEastn 1.12527 4 26$ 26$ 26$ 

FWFta 0.40 8 241 (G% 15% 18% *-% 

Rdftanl 1.18 10 2891127b 22 27$ ■»% 

RUB HB 008 22 249 35% 34% 35% *ft 

FidOtlFPi 008 14 5 20 26 26 ft 

Fun* 024 18 11 15% 14$ 14$ -$ 

FutmeflADH 20 6 8 6 


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GJKServ 

Qantos 
Banetto 
GW co 
Gert Bind 
Ganyte 
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8 82 4% 4% 4% *U 

007 21 197 14% 14 14% ♦$ 

0 26 3% 3% 3% 

13 16 4 4 4 

(LI61B5 506 6% 

040 18 2 17 

17 161 4% 


5 960 13% 


6 $ 6 $ 
Ifi 16 
4$ 4% 
13 13% 


Garter Cp 400 442836 27% 26% 28% 


Genu he 
Genzyma 
Gtosrxi 6t 
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Good Guys 


129 B2 4$ 3$ 3$ 

67 296 29% 28% 29 ft 

040 11 225 18$ 18$ 18$ -ft 

012 17 654 23% 22% 22% -% 

000 18 241 17% 16% 16% -% 

II 17 S% 5% 5% 

152982 12% (lb 11% ft 
Guttrftap 000 18 73 20$ 20*4 C0% 

32 281 2$ IS US -ft 
Grata Q20 68 62 21% 20% 20*2 ft 

Green AP 024 10 7 17% 17% (7% 

Broach Pa 010192 $ d/< % 

tiownuB 1 116 3$ 3b 3b -$ 

GmdWtr 718 58 14% 14% 14$ -ft 

OT) Corp 8 60 11% 11 11 

GUMTSl^ 4 5382 9% 6$ 8$ ft 


-H - 

HmfingA 54 2 6 6 6 *% 

Katlnyd 004 8 123 ZJ% 21$ 22 

HUPK Gp 020 13 22 14% 14 14% ft 

HBO&Co 016 24 3902 30 28 28$ ft 

16 B31 2B$ 19% 20 ft 

008 18 386 11% 11 11% +% 

tarttayn 10 982 7* 6$ 8$ ft 

12 227 B7$ 7% 7,i ft 

016 2J37lSu1b% 16 18% ft 

Hettiy 19 10% 10% 10% -% 

HatalTroy 8 362 I* 13% 14 *b 

072 T3T974 21$ 20$ 20»z -1$ 

HopanSys 015 38 98 9% 9% ft *% 

45 467 10% 9% 10 

Name Bud 000 8 20 21% 020 20% 

HataaOfta 072 25 251 iffl 20 20% 

Hul Ml 004 23 110 32% 32% 32b $ 

IB 282 15$ 14% 15 +$ 

Horaefflea 044282 109 3b tC% 2$ ft 

Mid JBx 020 191059 20019% 19$ ft 

(txihngti 080 10 1010 25 24$ 24% ft 

Korea Ca 00B 0 21 2$ 2% 2% 
FUchTech 50 1201 31% 30% 31 +b 

HjcarBto 20 321 ft 5$ 5% ft 


- I - 

FRSys S3 8 8% 8% B% 

OB Com off 458329 15% 15% 15% 

Bteta 7 643 7% d7% 7% 

hmuxr 32 199 B ft 5% 
Bmiragn 4 84 ft 4% 4$ ft 
Insert Be 040 31 322 17 1ft 1ft ft 

MBsacp 1.16 19 87 3B% 38% 38*2 
hdMx 02C21 M00 15% 15% 1ft ft 
HRE3 17 SOD 1ft 14% 14% 

fe 1B2O0B1 1ft 14% 15 ft 

(nUealM 006 10 80 12 11% 11% 

HWjrOev 328032 28% 27 27 ft 

wgSSte 28 Z74 12 11% (1$ ft 

ffet 16 705 3% 02% 3% •% 

Kb! 024 1135404 80 58% 58 ,' \ -K 

tdzB 10 338 2$ d2% 2$ ft 

HgtdBx 032 334190 20$ 19$ 1ft A 
IterTfl 2D 296 9% 9$ 9*4 ■% 

dAx 024 17 27B (3% 13$ 13$ 

Wbj* 3321 2 ft 9$ 9$ 

htatadf 7 505 ft d6 6ft 

kterata 2251(08 11% M 11% ft 

Handle 19 1067 toil 10$ 10$ ft 

HDaftyOA 15 565 18% 17% 18 

Httaax 0X6 21 5 3% 3$ 3% 

M Total 412 406 ft 8% ft 
hwcare 001 IB 115 27% 27 27 
Iomega Cp 1 212 2% 2% 2% 

A 15 12 17% 17$ 17$ 

fcrtbfcadQ 100 38 35 208 208 206 


-$ 


ft 

ft 


- J- 

14 8710 1Z$ttl1% 12$ ft 
026 19 14 13$ 12% 12% 

40 27 25% 25% 

12 M% 21% 21b ft 

42 18$ 13$ 13$ ft 
29 17 11$ 11$ ft 

g 34b 23% 24% 

24 23 23% +% 

19 18$ IBIS +* 


ju Snack 
Jason he 

JLGhd 010 22 
JtOsonW S3 

H ID 

Jones Mad 010 17 
JoriinCp 100 11 
J58Rnx 004 15 8*9 
JraUg 0319 B27 


Jtela aiB 9 257 12%d!2% 12$ 


Inossrtm 14 ?i 37% Kb 32b •$ 

Lnejrle Or* 35 2619 4S 4fi% *' . 1 

UQU&u 0*0 18 23 3b% .15% 35% 

loerrenCp 0(K 36 752 CCbtEft .r,i 
LtsifSar 21 149 7, 1 , 7 7 -% 

LtTlsD 4364-15 hO 58% ‘,9b .1% 

in to 2 591 3% 3$ 

IWH 035 * * 31% 31% .11$ ■% 


- M - 

WDCnt 006 1911H2 22,', 21$ 22$ *$ 
ICS Carl 17 580 2nbffl9% 19b b 
l&ClUi 0(0 « 70 13%013% 13% 

UoitstaGE 1 86 14 41 33 r% r% b 

HapmaHw M 461 32% 31% 31$ $ 

Kigna tip *0.76 11 1076 18$ dIB 1C% 


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Uffrate 


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28 9 10 9% 10 

13 401 5$ 4% 5$ 

9 23 41% 40% *0$ 

1 10 2 2 2 

IB 300 8% 8$ 8$ 
ttartSmAAOM 11 11 10$ 10% 10$ 

V3J*3» QSO 11 473 20% 20% 20$ 
Mxtac 9 102 8$ 7% 8 

huiH 40 631 52% 51b 52% 
UackrCp 02101 ft 6$ r,,'i 

UctiatnR 0.44 12 174 16% 15% 1ft 
IfeCannc 048 172119 21% 20% 21% 
DcCawC 46 4669 49$ 49$ 497, 
Medioag 0 417 A J-.V. A 

IfedexhC 016 17 153 13% 13% >3% 

UetfeoxSxatB 12 20* 22% 21% 21% +$ 

Metamna 024 7 113 5% 5 5% -r>. 

Merita Cp 016*8 3M 14$ 13 )A *% 

UentrG 001 22 3455 11$ 11$ 11% 

MerearlB 068 ID 271 19$ 18$ 19 

Mercury G 07(1 7 314 27 26 26$ 

Mffidtaii 106 112327 30 29,'e 29,1 

Merori 1515892 15% 14% 15$ 

Mate* A 006 15 106 1ft 14% Ift *$ 

UUQUF 020 151799 10$ 70% 10$ -* 

UrtNaS 200313 558u69% 68% 69 


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ItamHhh 11 23 ft (W$ 4$ 
Aiennoe 17 842 24% 22% 22% -1% 
ttoucoco 5 511 ft ft 5$ -$ 
taoprah 91142 5$d4% 5$ +% 

Mtapofc 32209 ft 6$ ft -$ 

McsS 2718026 9500 93% 94% »1 

MdAtfM 42 3945 48% 47 47% *1 

Uaftaftc 040 11 1558 28% 36$ 28% 
MtarSratn 000 27 6 32% 32% 32% +$ 

UtefH 0 l 521B 479 2ft 26 26 -ft 
Wan B20 21% 2ft 20$ -$ 

Hxxtcttr 14 >56 11$ II 11$ -ft 
ttdteTel 421551 17% 16$ 17$ 
Modem Co «02D 19 120 7% 7 7%+$ 

Matte Mf 046 20 95 29% 27% 26*4 ♦$ 
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40 


FINANCIAL TIMES 


Friday May 13 1994 


WORLD STOCK MARKETS 


AMERICA 

Dow moves in 
line with bonds 
for third day 


Wall Street 


For the thir d consecutive day, 
US share prices moved in step 
with the bond market yester- 
day, rising almost across the 
board after treasury prices had 
rallied on news of an unex- 
pected decline in producer 
price inflation, writes Patrick 
Haraerson m New York. 

By lpm, the Dow Jones 
Industrial Average was up 
26.77 at 3,655.81. The more 
broadly based Stan- 
dard & Poor's 500 was also 
firmer at the halfway mark, up 
134 at 443.03, while the Ameri- 
can Stock Exchange composite 
edged up 0.10 to 433J27 and the 

NYSB volume 


Daily (mitton) 



200 1 — ■ — I — 

28 2 3 4 B 8 0 IQ 11 13 

April 1004 May 

Nasdaq composite finned 4.01 
to 72L01. Trading volume on 
the NYSE was 165m shares by 
lpm. 

After Wednesday's declines, 
stock prices finned from the 
opening as investors were 
cheered by a big rally in the 
treasury market. 

The benchmark 30-year bond 
climbed by more than a point, 
lowering its yield to under 7-5 
per cent, after the government 
announc ed an unexpected 0-1 
per cent decline in the pro- 
ducer prices index during 
April. Analysts had been 
expecting last month’s PPI to 
register a rise of 0.2 per cent 
Bond prices were also buoyed 
by a 0.8 per cent drop in April 
retail sales. 


Although bond prices later 
moved off their early morning 
highs, the drop in long-term 
interest rates and the good 
news on inflation ensured that 
stocks remained firmly In posi- 
tive territory throughout the 
morning. 

Philip Morris jumped $2Vi to 
350 in volume of 3fim shares 
amid renewed speculation that 
it would soon split its tobacco 
and food businesses. 

Allied Signal firmed $1% to 
$35'/i in busy trading after the 
company said that It had 
signed an agreement to pur- 
chase the Textron group's 
Lycoming Turbine Engine divi- 
sion for 3375m in cash and the 
assumption of certain liabili- 
ties. The news lifted Textron 
shares by SI to $54% as traders 
forecast that the company 
would use some of the pro- 
ceeds from the sale to buy back 
stock. 

Margaretten Financial rose 
$1% to $24% in volume of 2m 
shares on the news that the 
home mortgage h anking com- 
pany is to be acquired by 
Chemical Banking for S330m in 
cash. Chemical rose $% to 
$34%. 

Gap Stores jumped $1% to 
$46% after reporting a 53 per 
cent improvement in first quar- 
ter profits to $63.5m. Another 
retailer, Land's End, fell $1% to 
$44% on disappointing earn- 
ings. 

Canada 


Toronto saw losses in precious 
mptals and conglomerates out- 
pace gains in consumer prod- 
ucts, transportation and com- 
munications as the TSE 300 
composite index edged 5.40 
lower to 4,162.77 in 25.23m 
shares valued at C$22l.39m. 

The gold and silver index fell 
162.41, or 1.7 per cent to 
9,427.75; Comex gold extended 
earlier losses with active June 
gold down US$240 at US$379.80 
an ounce. 

• South Africa’s financial 
markets were closed for a holi- 
day 


ASIA PACIFIC 

Regional markets vary as Nikkei remains firm 


Tokyo 

The Nikkei 225 average stayed 
above 20,000 yesterday, share 
prices moving higher on late 
buying of laggard sectors by 
foreign investors, and on tech- 
nical purchases by arbitra- 
geurs, writes Ebrriko Terazono 
in Tokyo 

The index traded narrowly, 
gaining 74.11 at 20.224J24 after 

a low of 20,118.72. and high of 
20.260.35 just before the dose. 

Volume came to 270m 
shares, against 344m, as most 
domestic players remained 
inactive due to the prevailing 
uncertainty on the currency 
markets. “Whether the yen’s 
easing is sustainable or not is 
uncertain." said a trader. 

The Topix index of all first 
section stocks rose 9.52 to 
L 644^6 and the Nikkei 300 put 
on 1.49 at 301.08. Gainers led 
losers by 629 to 370, with 185 
issues unchanged. In London 
the ISE /Nikkei 50 index was up 
L67 at 1,344.15. 

Traders said that with poten- 


tial sellers above the 20,000 
level, investors had little incen- 
tive to buy stocks at current 
prices. 

Real estate companies, 
regarded as laggards, were 
traded actively. Mitsubishi 
Estate finned Y10 to Y1.280 
and Mitsui F mi os an Y30 to 
Y1.300. Construction stocks 
were also firm, with Shimizu 
appreciating Y12 to Y954 and 
Kumagai Gumi Y17 to Y48S. 

Railroads, too, advanced on 
the laggard stocks theme, with 
Tobu Railway up Y22 to Y686 
and East Japan Railway ahead 
Y 12,000 at Y500.000. Steels 
gaine d on foreign buying: 
NKK, the day’s most active 
issue, rose Y8 to Y266 and Nip- 
pon Steel put on Yl at Y353. 

Profit-taking depressed some 
high-technology companies, 
which had rallied on Wednes- 
day. Fujitsu shed Y10 to Y 1,030 
and Sony Y50 to Y5.840. 

Speculators looking for quick 
p rofit s targeted Mazda Motor, 
which climbed Y24 to Y573, 
and Brother Industries, Y13 
stronger at YG90. 


In Osaka, the OSE average 
added 45^3 at 22^73.49 in vol- 
ume of 3L3m shares. 


Roundup 


The region's markets showed 
wide variations in perfor- 
mance. Bombay and Jakarta 
were closed for holidays. 

HONG KONG foil slightly fol- 
lowing the previous day’s 4 per 
cent gain* tfia Hang Seng index 
ftorishpri down 27 JO at 8J7&86. 

“ Sentiment remains cautious 
if not bearish," said one trader. 
“Many funds would rather stay 
on the sidelines pending oppor- 
tunities, while others have 
turned to the fixtures, trying to 
make the most out of the 
choppy spot market" 

Among the actives, HSBC 
dipped HKSL50 to HKS84 and 
Cheung Kong lost 75 rant* to 
HK33&50, but there was selec- 
tive buying of other blue chips 
and second line stocks. 

Chinese Estates was the ses- 
sion’s strongest performer, 
advancing HKJ1D0, or 15 per 
cent, to HK$7.50. Turnover 


dipped to HK$4fibn (HKSSJbn). 

SINGAPORE fell back in 
light trading as investors took 
profits on selected blue chips 
following gains over the previ- 
ous two sessions. Hie Straits 
Times industrial index slipped 
1081 to 2J50.4L 

Natsteel dropped 44 cents to 
SS4J6 in heavy turnover on 
expectations that It would soon 
announce disappointing 
results. Shipbuiders came 
under pressure after recent 
gains: Sombawang receded 20 
cents to SS13.Q0. 

SEOUL maintained its 
mnnwiHim as the market rose 
for the seventh consecutive 
session, the composite index 
firming 3J4 to 952.45. Turnover 
was WoxriS3Jbn. TAIPEI was 
pulled lower late in the session 
on profit-taking, and the 
weighted fatter, which had ear- 
lier seen the 6,100 level, dosed 
off 20.09 at 6.004J8. Turnover 
rose to T$87.4ha from T$6L9bn. 

Construction and electronic 
issues went against the trend, 
with Tatung up T$3.50 to 
TS61.50. Formosa Chemical 


Fibre lost T$1J0 to TS37-50. 

MANILA was generally 
softer but for a gain in PLOT, 
which added 30 pesos at 1,890 
pesos after a slight rise on Wall 
Street overnight. 

The composite index eased 
3.11 to 2352.27. Turnover was 
90s _8m pesos. Traders noted 
that many Investors were 
refraining from buying in 
anticipation of three IPOs later 
in the month. 

KUALA LUMPUR eased as 
sentiment was affected by 
Bank Negara's announcement 
that it was to raise the reserve 
requirements of banks and 
finance companies. The com- 
posite index dipped 11.75 to 
996.92. Tenaga weakened 40 
cents to MS13.30 on expecta- 
tions that the power group 
would announce poorer than 
expected results next week. 

BANGKOK ended slightly 
lower after moving i n a n arrow 
10-point range. The SET index 
lost 3.04 at 1,232.72 in thin 
turnover of Bt£L8bn. 

Investors focused on con- 
struction materials in the 


expectation that first-quarter 
results, especially among 
cement manufacturers, would 
show an improvement. The 
heavily weighted Bangkok 
Bank put on Bti at BU61, Sm- 
iting the index’s fall. 

SYDNEY, which had lost 
ground in the afternoon, 
firmed shortly before the dose. 
Hie All Ordinaries index fin- 
ished 6.8 ahead at 2,041.4. Turn- 
over was A$527y8m. 

Foster's Brewing foil 11 cants 
to A$l.l9 on brokers' down- 
grades. while positive opinions 
helped BHP to a gain of 36 
cents at AS17.04. 

WELLINGTON followed lie 
own instincts. Strong buying 
was seen in the major blue 
chips and the N2S&40 capital 
index advanced 29.66 to 
2,093.50. Air New Zealand 
shares received a boost after 
announcing that second-half 
profits were likely to exceed 
the first hairs NZ$88. lm. 

KARACHI strengthened on 
institutional buying. The KSE 
100-share index rose 38A3, or 
L7 per cent, to 2J37J2& 


EUROPE 

Strong recovery in Madrid 


FT-SE Actuaries Share Indices 


May 12 THE EUROPEAN SERES 

Hcoty doiges frerf tOSOf TIJBt IZJMf llOPf I450f iSJOf Cfawf 

FT-5E BraUck 100 14SI.19 1481.19 14S253 1*8177 145259 WS058 M57J0 148098 

FT-SE Eixttra* 200 146876 1470.16 1471.18 147089 1471-39 147498 147006 1479.49 



May 11 

Kay 10 

May 9 

Uay6 

ms 

FT-SE Enotnck IX 
FT-SE bxotracx 20Q 

1456.12 

147X48 

145559 

1471 as 

1437.30 

145254 

149063 

1465.18 

1448.10 

148074 


am noo esmHflfc **p/aw in - mu* m - won (amp too - w»»4 kb • i«ur t pw. 


April turnover falls 12% 


EUROPEAN EQUITIES TURNOVER 
Monthly total In local csnrwnctea (bn) 


Bourse 

Jan 

1994 

Feb 

1994 

Mar 

1994 

Apr 

1994 

US 

Stan 

Belgium 

107.56 

95.76 

83,75 

69.93 

2.06 

France 

251.86 

244.82 

218,68 

145.17 

25.69 

Germany 

21929 

17639 

214.73 

18&00 

113J94 

Italy 

53,824 

79.109 

80.380 

105.964 

68.75 

Netherlands 

35.00 

32.00 

33.10 

2&20 

13.61 

Spain 

1.521.82 

1,400.80 

1,491.24 

1,160.49 

8.61 

Switzerland 

39.70 

33.90 

32.02 

23.93 

17.06 

UK 

65.31 

59.80 

61.14 

48.57 

7178 


Wknm u pw nr Aitfmw and 

man dm m fumd to hduda aH-amMt mine Somt te*"* »W *» 
Sons NMHtest Secumto* 


Most bourses were closed for 
fa** Ascension d a y holiday. 

MADRID recovered more 
ground, mainly in the after- 
noon when the influence of the 
US PPI data was combined 
with expectations of a domes- 
tic interest rate cut The gen- 
eral index rose 5.68, or L8 per 
cent to 327.16, t u rnover rising 
from Pta32bn to Pta33.6bn but 
accelerating towards the dose. 

Construction stocks starred. 
Huarte, up Pta55, or 3 per cent 
to Ptal£75, was recommended 
by James Capel, which said 
that the company harf the larg- 
est order book in the sector: 
Uralita rose PtallO, or 7.7 per 
cent to Ptal.540. 

i f utiliti es climb ed after Hid- 
roelectrica del Cantabrico, up 
Pta80 at Pta4£20, delivered a 55 
per cent rise in first quarter 
net. Iberdrola rose Pta31 to 
Pta977 and Sev iTlana by Pta29, 
or 4.4 per cent to Pta684. 

MILAN fell back on options 
expiry, while the market’s 
overall tone re main ed cau- 
tious. Investors were awaiting 
further political developments, 
as well as the release of Flat's 


1993 results and, more impor- 
tantly, Its forecasts for 1994. 

The Comil index shed 7X5 to 
80342. 

After the close the car group 
announced that first quarter 
results showed a return to 
profit after a loss of L222bn in 
the same 1993 period. Its shares 
closed up L12S at L7435. 

Generali, the Insurance 
group, which also forecast bet- 
ter results for 1994, gained L850 
to L48^00. 

D UBLIN ended at a new low 
for the year, affected, said Mr 
Adrian O’Carroll of Dillon 
Read, by declines in Bank of 
Ireland and CRH, the building 
materials group. The ISEQ 
index lost 9.41 to 1,792.74, but 


in below average turnover. 

TEL AVIV registered its 
ninth fan in succession as the 
Mishtanim index lost 3.00, or 
1.4 per cent to 214J52. 

ISTANBUL rose 3.8 per cent 
after a three-day foil, the com- 
posite index ending 602.09 
higher at 16,335.55. Brokers 
said that investors were still 
cautious buyers of state-con- 
trolled companies as lira inter- 
est rates stayed firm. 

WARSAW recovered 2.6 per 
cent after rate cut news from 
the National Bank of Poland, 
the Wig index closing 268.4 
higher at 10,6746. 


Written and edited by Wlltlwn 
Cochrane end John Pitt 


By William Cochrane 

Bourse activity in April failed 
to respond to a tentative 
recovery in most European 
market indices, and turnover 
fell by 12 per cent on the 
month after a 5.7 per cent rise 

In Marah. 

This was partly due to the 
Easter holidays, says Mr 
James Cornish, European mar- 
ket strategist at NatWest Secu- 
rities, which produces the fig- 
ures, but it also reflected 
caution on die part of interna- 
tional investors. 

Turnover in European 
stocks traded on Seaq Interna- 
tional, the London screen- 
based dealing system which 
attracts a lot of international 
business, declined to 15A per 
cent as a proportion of its 
counterpart in Continental 
domestic equity markets, after 
16.2 per cent in March and 
16.1 per cent in February. 

There had to be an excep- 
tion, and in April it was Italy, 
which saw turnover up 31.8 
per cent on the month, and by 
49 per cent over the average of 


the previous quarter. Mr Cor- 
nish notes that: I talian share 
prices rose by another 10.6 per 
cent last month. In growing 
anticipation of Mr Silvio Ber- 
lusconi’s success in forming a 
government. 

“In contrast to Milan,” notes 
Mr Cornish, "Seaq Interna- 
tional turnover in Italian 
shares fell by 4J per cent on 
the month, with the propor- 
tion of London to domestically 
traded Italian shares foiling to 
12A per cent, front 17.4 per 
cent to March. This bears out 
our view that the mar- 


ket is now propelled mainly by 
domestic baying.” 

Zurich was the under- 
performer in share price terns 
in April, with a domestic 
index foil of 1.5 per cent Tore- 
over in Swiss shares dropped 
by 25.3 per cent 

But this was topped by 
France. In Paris, share prices 
rose by an adequate 2.5 per 
cent as turnover fell by 83.8 
per cent. By April, too, the 
Paris market was becoming 
apprehensive about the weight 
of new issues that it was 
intended to field. 


\ 


Venezuela continues to be a puzzle 

Joseph Mann assesses the outlook for the country’s equity market 

T o most foreign inves- 
tors, Venezuela remains 
a high-risk puzzle. The 
economic policies of the admin- 
istration. of 78-year-old Presi- 
dent Rafael Caldera, who 
began a five-year term last 
February, offer a confusing 
combination of government 
intervention and market init- 
iatives. 

The outlook in 1994 is for a 
second straight year of nega- 
tive economic growth, and 
investors are not at all sure 
that the new government's eco- 
nomic policies - aimed at 
reducing the fiscal deficit, 
attracting private investment 
and generating regular eco- 
nomic growth with low Infla- 
tion - will work. 

With high Inflation (46 per 
cent last year) and a monetary 
unit that has declined by 46 
per cent, using the parallel 
market exchange rate, since 
January 1993, equity investors 
have to watch movements on 
the Caracas stock exchange 
carefully to make real short 
and medium-term gains. 

Following an impressive 
rally in February, after Mr 
Caldera took office, the stock 
exchange has been generally 
weak. 


FT -ACTUARIES WORLD INDICES 


jointly compBed by Financial Times Ltd., Goldman, Sachs & Co. and NatWest Securities Ltd. tn concretion w*h the Institute at Actuaries and the Faoity of Actuaries 
NATIONAL AND 

REGIONAL MARKETS — WEDNESDAY MAY 11 1994 TUESDAY MAY 10 1894 DOLLAR MDEX 


Figures in purentheMB 

US 

Oa/m 

Pound 



Local 

Local 

Ocas 

US 

Pound 



Local 



Year 

show number oJ Ikies 

OoUar 

Change 

Storting 

Yen 

DM 

Currency S6 dig 

Dry. 

DcSar 

SterSng 

Yen 

DM Currency 62 trade 62 week 

ago 

o I stock 

Index 

% 

Index 

Index 

Index 

index 

on day 

Yield 

index 

Index 

Index 

Index 

index 

1*0)1 

Low 

(apprcoj 

Australia (60) 

187 M 

1.6 

18088 

11072 

146.67 

15455 

15 

356 

165.19 

164.26 

10049 

143.47 

15159 

189.15 

13019 

13651 

Austria (17) .. .. 

..... 173.41 

-02 

172.71 

114.61 

150,87 

15094 

05 

099 

17358 

172.71 

11457 

15064 

15044 

195.41 

139.63 

13953 

Belgium (44) 

.172.83 

0.0 

172.23 

f f4.rg 

15045 

147.04 

05 

3.71 

17258 

(7251 

1 13.61 

(5054 

14fi.eS 

(7657 

141.92 

14012 

Canada 1106) — 

— 127.33 

-0.4 

12082 

844)6 

110.78 

128.91 

-04 

2.66 

127.78 

127.06 

8352 

11098 

127.44 

14031 

121.46 

12652 

Denmark (33).. 

._ 254.13 

-0.1 

253.11 

16702 

221.10 

22028 

ai 

096 

2S450 

263.06 

167.15 

221.03 

22017 

27079 

207.56 

221.75 

Finland (22). _ 

1S1.S7 

19 

150-06 

100.09 

131.87 

17256 

2.1 

055 

148.78 

14752 

97.70 

129.19 

1ffl.48 

166.72 

8054 

9359 

Franco (90) 

17S.17 

0.1 

174.47 

11668 

152.40 

157.72 

05 

Z9S 

17455 

173.97 

114.90 

16154 

157.00 

18037 

149.60 

15359 

Germany (£8) 

1434)3 

0.1 

142.46 

94.45 

124^44 

134.44 

03 

1.66 

14256 

14255 

9352 

124.06 

124.06 

14757 

10759 

11007 

Hong Kong (56) 

__.36a.30 

4A 

361.85 

23692 

316.09 

360.34 


256 

34756 

345.92 

22S.48 

302.13 

345.08 

60656 

271A2 

277.69 

Ireland O'*)- — — — 

184.37 

0.0 

183.63 

121.76 

10041 

178.60 

-ai 

359 

16450 

183-28 

12154 

16056 

178.76 

20953 

15093 

16954 

Italy (60). 

94.93 

-2J9 

9455 

62.69 

8258 

113.64 

-2^4 

155 

97.78 

9753 

6452 

8452 

11044 

97.78 

5758 

87.69 

Japan (469)—.. — .. 

156.79 

0.6 

156.16 

103.54 

136.41 

10354 

1.1 

078 

155.87 

15459 

102-37 

13557 

10257 

18091 

12454 

140.08 

Matayoia{9S).~ 

473.40 

03 

471.51 

312.82 

47159 

47659 

a 2 

1.43 

471.88 

4S&20 

30950 

40951 

47040 

62153 

31251 

S2Z57 

Mexico (18) 

.. 1885.71 

2.3 

1888.11 

1251.88 

16*952 

6895.77 

3.0 

1.13 

184459 

183356 

121157 

1801.71 

689453 

2647.08 

1431.17 

1502.05 

Motherland p6) 

201.93 

0.1 

201.13 

133.35 

175.68 

170.16 

05 

354 

201.63 

20050 

132.43 

178.12 

17250 

20753 

16350 

16043 

Now Zealand (1 4). _ 

——05.74 

2£ 

flS.47 

43.41 

57.19 

6005 

2.1 

3.97 

64.34 

33.98 

4256 

6658 

5853 

7759 

4652 

46.62 

Norway (23) 

184.03 

0.6 

18026 

128.13 

168.81 

191.08 

0.7 

1.74 

19252 

191.83 

126.70 

16754 

189-84 

206.42 

15001 

159.39 

Singapore 

— 339.72 

1.2 

338-38 

224.34 

285.57 

243.16 

1 2 

1.65 

335.79 

33350 

22054 

29153 

24024 

37092 

24057 

24057 

South Africa (58) 

267.28 

-0.4 

266JS0 

17650 

23ZAS 

27952 

04 

2.21 

268.43 

28652 

17850 

233.13 

27859 

28026 

17033 

18455 

Spa* (42) 

... 1-HX25 

-4X8 

139.69 

92.82 

122.02 

146.79 

oo 

4.06 

141.12 

14032 

9258 

12255 

146.73 

15079 

11653 

12752 

Sweden (36) _ 

— 224.42 

0.3 

wnw 

148.20 

195.26 

2S7.61 

04 

1.54 

223.73 

222.47 

14054 

19451 

25049 

23002 

16356 

17354 

Switzerland (40) 

161.74 

0.2 

161.13 

10021 

13202 

134.42 

05 

150 

15159 

15054 

99.43 

131.48 

134.12 

17056 

121.14 

121/46 

United Kingdom (205) 

... 191.15 

-0.4 

13038 

12023 

(6031 

13L36 

-02 

390 

191.92 

10054 

12855 

106.08 

19054 

21456 

17032 

17757 

USAB19). — 

.—179.72 

-1.1 

179.00 

118.08 

15036 

179.72 

-1.1 

2.97 

161.64 

18061 

11959 

167.75 

18154 

19004 

178.36 

18159 

EUHOPE (724) . 

109.1* 

-4X3 

168.46 

111.69 

M7.15 

.10023 

-0.1 

2.89 

16950 

16854 

11158 

14759 

16032 

17858 

14158 

144.67 

NOrtte (114) — 

..._ 2 i 2 .ae 

04 

211.81 

140.44 

185.02 

213.40 

06 

152 

211.73 

21053 

13956 

18358 

212.15 

22050 

15552 

16550 


— 1W.64 

OB 

16348 

108.72 

14025 

113.11 

15 

1.07 

16356 

16254 

1075Z 

141.79 

11154 

16080 

134.70 

14957 

Euro- Pacific (1474). 

.—16036 

0.4 

165.69 

10683 

144.74 

13153 

0.7 

154 

185.74 

184.81 

108.85 

143.94 

13067 

17078 

141.98 

14755 

North America (825) 

—176.47 

-10 

175.76 

11053 

15353 

17007 

-1.0 

2.90 

17S5S 

17759 

117.10 

16454 

17759 

192.73 

175.87 

17857 

Europe Ex. UK (519) 

... 16333 

-02 

152.71 

101.25 

133.40 

14156 

0.1 

259 

15352 

152.76 

10090 

133.42 

14157 

157.47 

12257 

124.42 

Pddflc Ex. Japan (2B1) — 

...^*2 as 

2.3 

241.39 

160.06 

21058 

21958 

25 

2.72 

23657 

23553 

15557 

205.72 

21458 

29021 

18258 

18351 

World Ex. US (1657) .......... 

187.25 

04 

16058 

110.46 

145-51 

134.70 

07 

156 

168.64 

185.70 

109.44 

144.72 

133.73 

17251 

14254 

14753 

WOrifl Ex. UK (1871) 

— 168.36 

-0.1 

107.71 

111.18 

14080 

14453 

0.1 

297 

168.86 

16751 

11070 

14039 

144.73 

17556 

15352 

15654 

World Ex. SO. Al. (2117) __ 

169.81 

-0.1 

16013 

112.14 

147.74 

140 00 

0.1 

25S 

17003 

16857 

111.87 

14757 

14758 

17856 

15000 

158.13 

Work! Ex. Japan (1707) ™. 

179.70 

-04 

17808 

118.87 

15035 

17557 

-03 

2.68 

18050 

179.48 

11855 

150.70 

17558 

19020 

165.70 

16046 

Tlw Worid Index <21 76) — 

170.40 

-0.1 

16071 

11252 

14026 

14099 

0,1 

25S 

17068 

16056 

11256 

14ai8 

14084 

17097 

155.17 

15850 


Copyright. The Fmsttdl Timas Umud Goldman, Soon and Co. and Neman Secutue UriM. 1987 
Least pnoaa **wo umalatt) (or ihh odHJon. 


This year's peak came on 
February 21, when the index 
hit 29,798.33, up 36 per cent 
from the end of 1993, partly 
due to the entry of several 
investment funds from over- 
seas. Since then the market 
has fallen some 26 per cent 

These figures turn out to be 
even worse when one takes 
into account the country's 
inflation rate of 12.7 per cent 
for the first four months of 
1994. Adjusted for currency 
depreciation, the index is down 
37.5 per cent from its February 
peak, and 20 per cent since the 
start of this year. 

Equities fell sharply follow- 
ing the resignation of the presi- 
dent of the central bank, Mrs 
Ruth de Krivoy, on April 26. 

Domestic and international 
Investors reacted negatively to 
her departure - while in office 
she had maintained real inter- 
est rates and protected interna- 
tional reserves in spite of pres- 
sure from political and 
business sectors to change. 

to the period following Mrs 
Envoy's resignation the boli- 
var lost 9.6 per cent against 
the dollar to seven business 
days up to May 5 and, during 
the same period, the stock 
index dropped by 4.4 per cent 


Venezuela 


IFC Indteesfirebaaed) 



It is not yet clear if Mrs En- 
voy’s successor, Mr Antonio 
Casas, will be able to resist 
pressure from the government 
to push down interest rates. 

Nor Is it clear how Venezue- 
la’s international monetary 
reserves will hold up during a 
year of declining oil revenues. 
Reserves fell by $L7bn (14 per 
cent) during the first quarter, 
and are estimated to have 
slipped some $lbn in April 
to spite of all these problems 
there was some good news for 
the stock market earlier this 
month when the government 


decided that its new tax on pri- i 
vate sector debit transactions j 
at banks would not be applied j 
in full force to the stock j 
exchange. 

This 0.75 per cent tax which, J 
in amended form, takes effect 
later this month, would have 
raised trading costs considers- j 
bly for both buyers and sellers, I 
since at least four cheques are 
involved in a normal transac- 
tion and each one could have i 
been taxed. However, after lob- ■ 
bying by the stock exchange i 
authorities, the government : 

decided to apply the levy only | 

to the buyer’s cheque. , 

V enezuela’s external debt ! 

bonds have been hit 
hard this year, follow- 
tog on from the failure of 
Banco Latino, the country’s i 
second-largest bank, last Janu- 
ary, which raised concern over 
the health of other banks, as 
well as the increase to US 
interest rates. 

But even though the govern- 
ment is facing a steep decline 
to oil export revenues this year 
- and thus lower taxes from 
the petroleum sector - there 
have been no Indications so far ; 
that it will have trouble servic- | 
tog its external debt 1 




JF FLEDGELING JAPAN LIMITED 

(Incorporated in Bermuda) 

ANNUAL RESULTS TO 31ST MARCH 1994 


• Net Assets 

• Net Asset Value Per Share 

• Ordinary Share Price 

• Discount to Net Asset Value 


£166 million 
£2.42 
£2.40 
0.4% 


Annual performance to 31st March 1994: 

Share price +63.3% 

¥ £ 

NAV per share +15.4% 31.5% 


Extracts from the 
Investment Manager's Report 

"JF Fledgeling Japan limited enjoyed a very positive annual result against 
a background of turbulent political and economic conditions in Japan. 
Fiscal 1993 started with greater optimism as money supply turned positive, 
industrial production and shipments rose and the Tokyo Stock Exchange 
(TSE) second section rallied to a June high of 2.384 - the highest for the 
year. 

However, the change of government, a decline in production and 
consumption figures in the second half of the year and the strengthening 
yen created a severe operating dlmate for many companies, inevitably 
equity prices declined and by November the TSE second section stood at 
1,780. 

There were some positive conditions to emerge in the middle of 1993 as 
housing starts began to recover and Japanese companies focussed on 
corporate profitability and cuts in over-manning rather than on volume 
expansion. The impact of these developments and a further government 
economic stimulus package boosted confidence In the market. 

While Japan's economy is still fragile and susceptible to political 
changes, future prospects are positive with a political consensus that 
deregulation and economic recovery are the immediate priorities for a 
stronger economy. Japanese companies are starring to import cheaper raw 
materials and finished products as a result of these deregulation measures. 
Japan's service Industry will become a more dominant force in the 
economy. 

Smaller companies are sec to benefit 
from these changes and the government Is 
encouraging equity financing and new 
listings for smaller companies. These 
conditions present very promising 
prospects for JF Fledgeling Japan." 

Jardine Fleming 
Investment Management Inc. 

Investment Manager 
6 May 1994 


- I 


For a vupy «jf die Anns! Report pk=BK cnnuct either 

Janlkjc Renting 3Mh RoorjaftBne House. 

One Connaught Place. Hang King, 

Attn; Peodopclta or Getty Mg, 

TtfcOfVJ JH4 SUSS FixWil 1.W-K&B or 
Fleming Irtvcnmcm Trust Manapcmcni LM. 

(Mem her of IMHO) 25 Capital! Avenue. London EC2R 7DR, 
TefctUTn 6JS 5858 Roc (071) 2566817 


$ J F PL EDGEUNG JAPAN LIMITED 



Annual Report 
3lsi March 1994 




FINANCIAL TIMES FRIDAY MAY 13 1994 


I. 


RECRUITMENT 


Jobs: Western businesses are seeking ways to develop their home-grown talent for eastern and central European operations 


Management techniques lost in translation 


T he recruitment market 
for management in east- 
ern and central Europe 
is becoming increasingly 
sophisticated as more western 
companies establish operations 
in former communist regimes. 

The initial How of manage- 
ment from west to east has 
slowed to a trickle as more 
companies are seeking to 
recruit and develop home- 
grown managers. 

Where outside management 
is still required, companies are 
becoming increasingly selec- 
tive. Tony Goodwin, managing 
director of Antal International, 
a specialist recruiter working 
solely in eastern Europe, says 
that the three areas of western 
expertise most needed are in 
finance/accounting, sales 
marketing, and general man- 
agement 

“Their education systems 
were geared towards techni- 
cians,'' he says. “There is no 
end of engineers, physicists 
and chemists to be found there, 
but because of their former 
political system there are gaps 
in some commercial skills." 

Among the placements Antal 
has made recently was a Welsh 
finance manager of Romanian 
stock for a business in Buchar- 


est and an Estonian-born 
accountant living in Leicester 
found for the Getech Corpora- 
tion. In that case the accounr 
taut's wife, also Estonian, is a 
doctor, so the recruitment was 
doubly beneficial to the Baltic 
republic. 

Over the past four years, 
recruitment organisations have 
been scouring expatriate com- 
munities in different parts of 
the world. Australia has 
proved a rich source tor Polish 
professionals and Paris has a 
strong Russian contingent 

A continual problem has 
been attracting good western 
managers, particularly those 
with families, to eastern 
Europe. But a revival in the 
old-style cafe society culture in 
Budapest, Prague, even War- 
saw, and improvements in 
schools is attracting better can- 
didates. 

Recruitment has been con- 
centrated among the central 
European republics. The for- 
mer Soviet republics have been 
far more resistant to western 
management which, coupled 
with political volatility, may 


have contributed to Russia's 
sharply decreasing industrial 
output 

Mr Tam as Toth, managing 
partner of the Vienna-based 
H. Ne uman International Man- 
agement Consultants, one of 
the biggest recruiters into east- 
ern and central Europe, has 
carried out a study of the 
transfer of management know- 
how from west to east 

After an initial period of 
wariness, where eastern and 
western managers were suspi- 
cious of their respective mer- 
its. be says, a better spirit of 
understanding was reached. 

Toth found that local manag- 
ers did not value western man- 
agers for their organisational 
skills but for their expertise in 

fmj»nHq| managpmont 

Western managers in turn 
reported low morale among 
their eastern counterparts and 
said many were not well 
trained for their jobs. Both sets 
of managers placed differing 
economic experiences and east- 
ern bloc-western mentality 
ahead of language problems 
when assessing the biggest 


obstacles to successful 
co-operation. 

Totb concluded that the 
transfer of management theory 
among those companies he sur- 
veyed was virtually complete, 
even if its effective application 
had still to be achieved 

The challenge now for 
recruiters moving into eastern 
and central Europe is to Iden- 
tify and foster home-grown tal- 
ent Advocates of personality 
testing argue that their 
approach is ideal in circum- 
stances where there has been 
no previous western-style sell- 
ing, marketing or management 
culture. 

Herbert Greenberg, chair- 
man of Caliper Human Strate- 
gies, a New Jersey, US-based 
consultancy, is seeking to 
apply US-style selection tech- 
niques among businesses in 
the Czech Republic. 

In a preliminary study, the 
company examined some sam- 
ple profiles from neighbouring 
Poland to see whether it could 
find profiles of young entrepre- 
neurs to match those it had 
identified previously in the US- 


The fear was that years of 
totalitarianism would have 
crushed any drive for selling. 

Part of the problem, said 
Greenberg, was the definit ion 
of sales among many eastern 
and central Europeans. The 
tendency was to equate sales 
figures with production fig- 
ures. “Somebody will say they 
Sold 10,000 cars when 7,000 of 
them are still in the show- 
rooms waiting to be bought. 
What they mean is that they 
produced 10,000 cars,” he said. 

The client sending the pro- 
files was choosing sales staff 
from former state-run compa- 
nies. “Then he sent us a profile 
that looked like a sales person 
and we said This is the guy*. 
Our client drew breath and 
told us that we’d picked some- 
one who had been working in 
the black market for 25 years,” 
said Greenberg. 

The potential recruit was 
unacceptable but the exercise 
did tell them that such people 
could be found. Subsequent 
research has suggested that 
the proportion of eastern Euro- 
peans with what Greenberg 


calls “ego drive" is something 
like 30 per cent, about the 
same as that in the US. 

Recruitment may. however, 
be facing a mare complex mar- 
ket than that envisaged by raw 

capitalism. The recent emer- 
gence of socialism as a political 
force suggests that doing busi- 
ness the western or US way 
may be losing its lustre in the 
east. Therefore organisations 
developing in the east may find 
it useful to consider the Ger- 
man model of consensus capi- 
talism if the)- want to get the 
best out of their home-grown 
management and workforces. 

■ Sue Fertile and David Met- 
calf at the London School of 
Economic's Centre for Eco- 
nomic Performance say they 
received 600 requests for their 
recent paper which concluded 
that human resource manage- 
ment did nothing to improve 
management-employee rela- 
tions. 

Expanding on earlier 
research, they have produced a 
new paper*, which finds that 
while HRM may not, by their 


measures at least, have deliv- 
ered better industrial relations, 
it has Improved productivity in 
the workplace. 

When they looked at both 
growth in productivity of 
organisations between 19S7 and 
1990 and comparisons of pro- 
ductivity levels, they found 
those workplaces that used 
HRM techniques produced bet- 
ter results than those which 
did not. The difference was 
even more marked when the 
comparison was made with 
strongly unionised workplaces. 

Absenteeism rates in such 
workplaces were almost double 
those of the HRM users 
although the same rates were 
recorded by those employers 
without unions or HRM, indic- 
ating that HRM was not a fac- 
tor in this. 

Neither did HRM appear to 
be a strong differentiating fac- 
tor for the rate at which people 
left their employers. It was 
noticeable that the leaving rate 
was much lower in organisa- 
tions with strong unions. 

Fernie and Metcalf have 
leaned heavily on their find- 


ings covering industrial rela- 
tions to criticise HRM. Having 
first removed the caring halo 
from HRM and its affect on 
industrial relations, their 
wider study does put its use in 
a broader context. 

If anything, it shows that the 
use of human resource man- 
agement is closer to what the 
words might suggest - systems 
or strategies for getting the 
best and most out of people. 
The study also suggests that 
HRM may deliver what man- 
agement has wanted most - 
more productive workforces. 
The notion that it should be 
viewed in any other light, such 
as representing a paternalistic 
approach, would seem mis- 
placed. 

The study is based upon a 
Department of Employment 
workplace industrial relations 
survey of more than 2,000 UR 
employers, each with more 
than 25 people. 

* What has HRM achieved in 
the workplace? Available from 
the Employment Policy Insti- 
tute. Southbank House, Black 
Prince Road, London SEl 7 SJ. 
price EL 

Richard Donkin 


Head of Direct Sales 


General Insurance 


Package to attract the best 


North West 


Our client is one of the UK's leading insurance groups. The opportunity exists to 
develop a new distribution channel for commercial lines. The business is financially 
strong, acquisitive and ready to capitalise on a unique market o ppo rtunity. 


THE POSITION 

♦ Grow commercial book substantially and rapidly 
without loss of quality. Report to Chief Operating 
Officer. 

♦ Manage and develop direct sales force of 85. Lead 
product development and pricing, working closely 
with Heads of Motor & Personal and Commercial 
fines. 

♦ Drive change and growth organically, by acquisition 
and innovative use of IT. Maintain quality of service 
and value to customers. 


QUALIFICATIONS 

♦ Outstanding management and sales pedigree in 
insurance. Probably aged 38-45. 

♦ Highly self-motivated, resiGent and able to influence at 
highest leveL 

♦ Articulate with strong presentational and leadership 
skills. Innovative problem solver with originality and 
drive to succeed. 


Please sendfufl cv, stating salary, ref LN 1 726FT, to NBS, 54 Jermyn Street, London 5W 1 Y 6 LX 



NB SELECTION LTD 
iBNBRcioucci p lr ii gap iny 




LONDON 071 493 4392 
Aberdeen 0224 438080 m Brrmiaghim 021 ZD 4456 
Bristol 0272 291 H2* Edinburgh 03 1 2292250 
ClatgpwMl 204 4334 • Utds 0532 45JSJO 
liMchanr 0425 539953 • Slough 0753 819227 


Manager Mutual Funds 
Administration 


Excellent Tax Free Package 


Grand Cayman 


Talented administrator to develop important young business within a prestigious international 
investment banking group providing wide ranging services to individuals and corporate clients. 


THE COMPANY 

♦ Very well established, largely offshore based banking 
group. Reputation for total integrity. 

♦ Ambitious growth plans throughout offshore and 
onshore banking and investment markets. 

♦ Firm launch pad for developing this business. 

THE POSITION 

♦ Create and implement strategy for rapidly expanding 
current Slbn mutual funds administration business. 

♦ Ensure the continuous enhancement of quality service 
to clients and profitability. 


♦ Direct the best use of team 3nd sophisticated 
administration software. 

QUALIFICATIONS 

♦ Probably graduate chartered accountant with at least 
five years experience of custodial funds 
administration. 

♦ Skilled manager of resources. Familiar with advanced 
software packages. Dedicated to quality. 

♦ Attracted to long-term offshore investment career. 
Enthusiastic, energetic, able, flexible. 


Please send fiuft cv, stating salary, ref N 1941, to NBS, 54 Jermyn Str eet , London SWIY 6 LX 



N BSELECTtON LTD 

i BNB Ro o u ro pic company 



LONDON 071 493 4392 
Aberdeen 0224 <08030 • Birmin gha m 021 233 4436 
Bristol 0272 291142 • Edinburgh 03 1 229 2250 
duBow 041 204 4334 • Leeds 0532 453830 
. Manchester 062S 339953 ■ Slough 0753 31 9227 


Securities & Futures Commission - Hong Kong 


Chairman 


The Securities & Futures Commission (SFC) is regulatory authority whose mission is to 
promote user confidence in the Hong Kong securities and futures markets whilst supporting 
their continuing development, particularly in relation to capital formation for the China 
region. The SFC aims to strike a balance between measures to ensure market integrity and 
investor protection whilst accommodating market development and innovation. The new 
Chairman will direct, oversee and coordinate the operations of the SFC. 


THE POSITION 

♦ Full management responsibility for the SFC in the 
performance of its mission and statutory functions. 

♦ Lead the SFCs external relations with Government, 
the Exchanges and the Clearing Houses, the media 
and at international forums. 

+ Oversee strategic planning, resource allocation and 
internal controls and generally perform the functions 
of a Chief Executive Officer. 


QUALIFICATIONS 

♦ A solid financial sector background, based on maturity 
and experience, with a sound understanding of the 
operation of financial markets and their regulation. 

• Leader of vision with drive and (he ability to 
implement change. 

♦ Proven leadership, people management and 
communication skills. 

• Although not mandatory, Chinese language skills 
would be an advantage. 


Please reply in writing, enclosing full cv, Reference HK3M5 to:- 
Samuel Wan. Managing Director, N.B. Selection (HK) Ltd. 

1217 Hutchison House. 10 Harcourt Road. HONG KONG (Fax 852 810 1263) 
(Recruitment Consultants to the SFC) 


N BSELECTTON LTD 
a BNB Resources p4c company 



HONGKONG 
Aberdeen • Barcelona • Birroirghnu • Bristol 
Edinburgh • Glasgow * London * Leeds 
Madrid • Manchester • Slough 






Global Asset Management Group vl 

European Technical Development Manager 

Create business opportunities from changes in regulation, legislation and taxation 


London 

Our client is the global fund management business of one 
of the world's largest and most strongly capitalised 
banking and financial organisations. Its European retail 
arm has enjoyed substantial growth, and was rated as the 
best performing unit trust management business over the 
last ten years in a recent independent survey. 

A high quality, professional marketing team is being 
created to spearhead the drive for continued growth and 
success. The Technical Development Manager will be a 
key member of this team. 

Reporting to the Director of Marketing, the appointed 
ca ndid a te will have the following key responsibilities:- 
• react to and anticipate new developments in regulation, 
legislation and taxation, keeping senior management 
abreast of their implications and 
opportunities for (he business; 

■ represent the company's views on these 
matters to relevant external 
organisations; 



Competitive salary + bonus + benefits 

• advise on technical aspects of promotions and 
documentation for new and existing products. 

Candidates must have several years' relevant experience 
in the financial services sector, including broad exposure 
to regulation, legislation and taxation in the City. 

Technical and analytical strengths should be 
complemented by first rate communication skills and the 
initiative and creativity to foresee and capitalise on new 

developments. 

In addition lo a competitive salary, the remuneration 
package comprises a potentially high, pertormance- 
related bonus, car. mortgage subsidy and other benefits. 

Please send a full CV in strictest 
confidence to GKR5 at the address 
below, quoting reference number 2S0J 
on both letter and envelope. Please 
enclose full details of current 
remuneration and availability. 


SEARCH & SELECTION 

CLAREQELL HOUSE, 6 CORK STREET, 1 .ON DON Vt' I X IPB. TEL: 07 1 287 2820 



HEAD OF EQUITY DERIVATIVES 

Salary High Bonus Excellent 

A major City institution is seeking a highly motivated, experienced Head of Equity 
Derivatives to develop and expand their existing team. It is essential that you have had 
exposure to the European Equity Derivative Markets coupled with a thorough 
knowledge of derivative products both exchange traded and OTC (liFFE, MATTF and 
DTB). Highly qualified and "hands on" you mustbeable to demonstrate an impeccable 
track record within a prestigious financial institution where you will be currently 
working either as Head or Deputy Head of a team- 

Candidates earning less than £200,000 (base salary) are unlikely to qualify. 

P lease contact Philip Ashby-Rudd for further information 

Jonathan Wren & Co. Limited, Financial Recruitment Consultants 
No- 1 New Street, London EC2M 4TP Telephone 071-623 1266 Facsimile 071-626 5259 


JONATHAN WREN EXECUTIVE 


Senior Fund Managers 

An investment challenge to match your potential 


Yorkshire 

Our client - one of the UK’s premier companies with 
a total fund portfolio of £1.3 billion - has significantly 
increased their pension assets following the decision 
to move all activities in-house To ensure the continued 
success of the fund, the client now requires two 
experienced overseas equity managers. 

You will join a small team enjoying considerable 
autonomy and responsibility for investment selection. 
Although a systematic and disciplined style is essential 
you will also demonstrate an innovative approach 
and strong sell motivation. 


^negotiable + car + benefits 

Of graduate calibre with a minimum of 3 years lund 
management experience, and a relevant professional 
qualification, yon will have a successful track record. 
Your diplomacy, personal credibility and capacity for 
innovation will distinguish you from the field and 
illustrate your suitability for the senior role. 

It you have the qualities to make the most of this 
position please write with CV, salary details and the 
name of any company to whom your details should 
not be sent, to: Mike Hunter. MSL Advertising Services 
Ud. Ebor Court. Westgaw, Leeds LSI -1ND. 


MSL Advertising 




C £40 K, + Bonus + Benefits Qty Location 
Exdflng opportunity far an individual to be responsible far 
the Project Management OF enhancements and new devet- 
°pnwnts on a Portfolio Accounting System. In addition to 
coordination and Implementation of voice and data 
communications, market data, LAN and WAN. 

Candidate would need to have a university degree, high 
-degree of numeracy, work well under pressure as part of a 
team or independently. Ideally computer literacy in HP, 
VAX, PCs and MACs together with associated software, 
some experience in systems Integration useful. 

Candidate will work In conjunction with New York office 
to manage WAN and maintain HP 3000 as "hot she” far 
NY. Strategy and vision far the future development of this 
new site would be ideaL 

Please send your CV to Peak Consulting, Sen House 
aoo -308 Tottenham Court Road, London WxP 9 LA 
Tel 071 3*3 4770 & Fax 071 323 9 « 43 - 


Leading US Securities Firm seeks 

US GOVERNMENT SECURITIES TRADER 

with at least 5 years experience, extensive knowledge of trading 
strategies specific to US market, and excellent interpersonal 
skills, since the firm emphasises teamwork. Salary is 1100,000 
PA plus incentives and the benefits package is competitive. 
Please send CV to: 

Karen Draper, 37 Lombard Street, London EC3V 9DH 


FINANCIAL TIMES FRIDAY MAY 13 19** 


Quantitative Investment Management 


Weils Fargo Nikko Investment Advisors Limited was established in London in 1991 to 
reinforce the group's commitment to the highest quality client service in Europe and to 
continue to build leadership in the field of quantitative investment management 

With its headquarters in San Francisco, Wells Fargo Nikko Investment Advisors is the 
largest and most experienced manager of index and quantitative funds in the world. On a 
global basis, the group manages total assets of over £100 billion on behalf of 500 institutional 
dients. 


The success of Wells Fargo Nikko Investment Advisors is attributed to its ability to engineer 
investment solutions for its clients through creating, transforming and s ring edge. 

Continued expansion of its European business now gives rise to three tupv positions in its 
London offices. Successful candidates will work as part of a small team in a fast changing 
and challenging environment 
The company is an equal opportunities employer. 


Research Officer 

Reporting to the Chief Investment Officer in London, the 
Research Officer will be responsible for developing and 
adapting existing WFNIA strategies and products for 
European investors. The successful candidate will join the 
group's existing, highly experienced, global quantitative 
research team, supporting an evolving product development 
plan. 

The Research Officer will be highly numerate, educated to at 
least Masters level in an appropriate scientific discipline and 
experienced in the application of advanced quantitative 
techniques to due development and operation of systematic 
investment products. 

Effective oral and written presentation skills are required. 


Business Development Associate Client Reporting Associate 


Reporting to the Marketing Director, the Business 
Development Associate will join an existing team of four 
involved with client service and new business acquisition in 
Europe. The successful candidate will work with the 
marketing staff on the identification and development of 
new business opportunities both on the Continent and in the 
UK. 

The individual will have gained experience in a similar role 
and must be familiar with quantitative investment 
management techniques. He or she must have the maturity 
and ability to communicate at a senior level. Education 
should be to degree standard and fluency in a second 
European language would be an asset 


Responsible to the Compliance and Finance Officer, the 
Client Reporting Associate's role will be to ensure that client 
reporting is efficient, accurate and timely. This will include 
responsibility for unit trust reporting and maintenance of the 
associated formal records. 

Knowledge pertaining to the investments industries is 
preferred. The Client Reporting Associate will be educated 
to the equivalent of degree standard. 

All candidates should submit a detailed resum* by Thursday 
19th May to: 

The Recruitment Officer 

Wells Fargo Nikko Investment Advisors Limited 
135 Fleet Street, London EC4A 2BJ 


Wells Fargo Nikko Investment Advisors Limited 






INVESTMENT ANALYSTS 

HONG KONG AND TOKYO 

Fidelity is one of the world's largest independent fund management 
organizations, responsible for over US$250 bffilon for our Investors worldwide. 

Working as part of our research team In Tokyo or Hong Kong you wfl 
provide Investment recommendaflons to Rdeflty's fund managers 
worldwide. Specifically, your responsfblfttes wfl fndude the analysis of a 
sector or a comtrywtmtn Asia. The successful ccnddatewll have the 
opportunity to take on fund management responstoBfies. 

Applicants should be able to demonstrate a strong commitment to fund 
management and have a minimum of three years' experience. An MBA 
would be an advantage, but is not requisite for those candidates with 
previous extensive experience. Ruenf English and either Japanese or 
Chinese (Mandarin or other cHcdec!) depending on the location 
are essential. 

Rdeffty Investments provides an excellent remuneration package and 
attractive benefit arrangements. 

Please apply wtth fuB career details and salary expectations to: Human 
Resources Manager - Asia fidelity Investments Management (HK) Ltd.. 

16th Floor, Citibank Tower, 3 Garden Road, Central Hong Kong. 


O 


GLOBAL INVESTMENT BANK 


COMPLIANCE ADVISORS 


LONDON 


EXCELLENT PACKAGE 


Our client is widely acknowledged as being pre-eminent in international financial markets. A creative and innovative approach has lead to significant 
growth and global expansion. 

The development of core businesses has resulted in the emergence of a number of exceptional opportunities for compliance professionals to join the 
organisation's central compliance and business divisions. 

Ideally, candidates will possess an accountancy, legal or consultancy background gained within a major firm, financial institution or regulatory body, 
coupled with a sound knowledge and experience of the following areas: 

• Rules of the Securities & Futures Authorities and Stock Exchange 

• Domestic and International Securities, Derivatives and Commodities Markets 

Successful applicants will be expected to work independently in the development of politics and the running of projects on a pan-curopcan basis and, as 
providers of compliance services, will need to develop and sustain in-house relationships at all levels, as well as external relationships with regulatory 
bodies and clients. It is therefore essential that candidates can demonstrate academic aptitude, sound commercial awareness, ambition and the 
interpersonal skills to succeed within a team orientated environment. 

This assignment is being handled exclusively by Nicola Will (Banking Division) and Simon HanJkey on behalf of Robert Walters Associates. For 
further information, in complete confidence, please contact them on 071-379 3333 (confidential fax 071-915 8714), or write to 25 Bedford S tre et, 
London WC2E9HP. 

ROBERT WATTERS ASSOCIATES 


Henkel-Ecolab offers you the optimum 
performance/value ratio for your skills 


What makes this posrtion 
interesting: 

There are few other assign- 
ments wtvcti afford such exten- 
sive opportunities to develop 
strategic and operational skffls. 
The objective of this position 
is to provide constructive 
recommendations and assist- 
ance to management through 
analysis of its operating, 
monitoring and accounting 
practices. 

Key Tasks Include: 

• Dewtopment, planning, 
supervision and documen- 
tation of assigned audts 

• Designing recommendations 
lor improving corporate 
profitabilty 

- Assessing the status of 
significant recommendations 
and communicating toe 
progress made to Top 
Management 

• Participating with the finan- 
cial management group in 


addressing strategic issues 

• Assisting h training personnel 

• Performing special examina- 
tions and investigations 

Required Qua B Bc a tions: 

• Accounting, manufacturing 
or related business degree 
or equivalent work experi- 
arce gathered in approxi- 
mately 5 years of working 
experience m an interna- 
tional company 

• FamiSarity with European 
accounting and MIS theories 
and practices 

■ Experience with audit theory 
and concepts, riduding 
computerized audit tools 

• Thorough understands of 
Internal control procedures 
and methods, including 
computerized controls 

• AbtWy to assess risk and 
design appropriate tests 
and recommendations 

• Aptitude for working 
effectively with upper level 


management and n various 
cultural environments 

• tSgh level of written and 
verbal communicatian skits, 
including an exceient com- 
mand of Engfch and an un- 
derstanding of German and a 
second European language 

• WSngness to Iveh Germany 
and travel approxsnately 
40% of the time 

Join a successful Company: 
Henkel-Ecolab is one of the 
teadng international special- 
ists in the field ot hygtence/ 
technical purification. Recog- 
nition and encouragement of 
BKfividual Htiative and personal 
commitment ensures further 
company growth and gives 

employees the opportunity to 
develop. 

Write to uk 

We wil handte your appfication 
in complete confidence and 
reply imme4ately. 


As a Senior Internal Auditor 

(Accounting, MIS or related degree/equrvalent 
work experience) 


Henkel-Ecolab 
GmbH&Co. oKG 

Personatmanagement 
z.H. Andrea Hafkesbring 
Postfach 130406 
D- 40554 Dussddorf 



EQUITY RESEARCH 

Opportunity for experienced 
analysts to switch sector with 
top securities house 

Our client Is a leading UK name with a highly 
regarded research product distributed 
Internationally. As part of their increasing 
integration of securities and corporate finance 
they wish to strengthen their coverage of certain 
major sectors and seek several outstanding 
analysts. 

You should be a numerate graduate, aged 27-32 
with a minimum of three years equity research 
experience. Current sector of specialisation is less 
important than your ability to grasp the dynamics 
of a major Industry, analyse its companies in 
perspective and produce high quality research. 

For an initial discussion in confidence, please 
contact us quoting ref 4945 at 20 Cousin Lane, 
London. EC4R 3TE. Telephone 071-236 7307 or Fax 
071-489 1130. 

STEPHENS 

SELECTION 


\ 


Teaching and Counselling 
Opportunities (part-time) 

WUH ME 0PB1 BUSIHBS SCHOOL 

Are you nteresfcd in muting with highly motivated managon who are rrc&rtg a 
aHTStdooWa peoonat investment m studying for a mmagemeat quoIifiaitHn in 
their spare time? 

The Opea Business School has approximately 20,000 registratioas a yerr from 
such managers on its Certificate, Diploma and MBA programmes ml bos 
vocandes for puttime tutors or many areas Iwt partotorfy finance throughout 
die UK aid in major European cities. In partiajfei, we ae tooting for tutors 
resident near Barcelona, Brussels, Dusseidorf, Frankfurt, Geoevo, ftarfrarg, 
Lisbon, Luxembourg, Milan, Munich, Pons, Vnt Hague, Went and Zurich. 

Ihe tutor's rale is to run a ftmited number of group tutorials, mark oral comment 
on assignments, provide occasional telephone support ond fEodi at restterrfiol 
schools. These activities generally take place outside normal waking hours. 

The ideal tutor has considerable management experience, teaching or trernmg 
experience and a relevant management or professional gnal&otioii- He or she 
has skills in fodilating smofl group learning and ____ 

enjoys developing manages. 

Appointments wil he made mealy Autumn for I B 

comes commencing November 1 994 (Certificate 
ood Optoma) ond February 1995 (MBA). 

To obtain die qjpkntiot) package, please send 
yo& mm mi odffox on a paskatl to: Th©OD©0 

Ihe rotors' Office fflef: OBS/H). I Irvh/SrciH/ 

The Open Umasty. PO Box 473. ^ •V** *7 

Watoa Ha j Man KoymMX76BJ. 

As part of the University's Equal Opportunities Action Plan 
we are striving to provide a barrier-free working 
environment and we therefore welcome applications from 


we are striving to provide a barrier-free working 
environment and we therefore welcome applications from 


disabled people. 

Equal Opportunity is University Policy 


MERCHANT BANK 
ITALIANA 


r 


Bloomberg 

BUSINESS NEWS^ 


1 


Editors 


Global News Service 


Based London 


Bloomberg Business News, a 24-hour global news service, seeks 
experienced editors for its London bureau. 

Qualified editors will have at least three years experience at a top 
financial news service or newspaper and will have in-depth knowledge 
of the business world and financial markets of at least one major 
European country. 

Candidates with strong knowledge of London's financial markets 
and U.K. companies are especially sought. 

Depending on experience, responsibilities will range from line-editing 
copy to making assignments and managing a reporting staff that files 
from 12 European bureaus through a central editing desk in London. 

Interested applicants should send or fax resumes and any clips to 
The Freshman Consultancy, quoting reference FT/5/94. 


1 

L 


FRESH M A N 


The Freshman Consultancy. Coppcrgatc House, 16 Bnine Street, tendon F.l 7NJ. 
Telephone: 071-721 7361 Facsimile: 071-721 7362 


Senior Product Manager 


ncerca un 


CORPORATE FINANCE EXECUTIVE 

1 per il proprio settore Mergers & Acquisitions 
di Londra, che partecipera' direttamente nell* 
analisi ed implementazione di operazioni 
"cross-border" di M & A. 
n candidate possiedera’ una laurea ed avra’ 
maturato un esperienza di 1-2 anni nei 
settori M & A, revisione, consulenza, o 
analoghi, di primarie strutture. 

II candidate dovra' essere fluente in 
Italiano ed Inglese. 

Si prega di inviare un C.V. e dettagli 
di rehibuzume attuale a Box A2018, 
Financial Times, One Southwark Bridge, 
London SE1 9HL 


To £50,000 + Bonus 

Since 1968 J P Morgan has operated Eorodear, the world's 
largest clearance and settlement sys te m far internationally 
traded securities. The firm’s recruitment policy of 
developing individuals of the highest calibre has been a 
significant factor in its success. To facilitate this process 
there is a requirement for an exceptional Senior Product 
Mangcr/Research Manager to be baaed la Euroclear in 
Brussels. 

A strategic role of this nature will require a graduate, 
prefe r ably with an MBA or accounting qualifications, with 
approximately 5 years industry exposure and product 
knowledge. It is likely that this person will currently be 
working for a global custodian and have experience in 
either produce management, operations or a network 
management function. Fluency m a second language would 
be advantageous. 


The successful applicant wbo will have excellent verbal Interested candidates should write to our consultant 
and written communication sltilbakmg with the poise and George Corbett, enclosing a full Curriculum Vitae at BBM 
ability to communicate with staff and clients at all level*, Associates LtcL. 76 Wading Street, London EC 4 M 9B1. AH 
**■' applications will be treated In the strictest confidence. 


JP Morgan 


■ 

J 


•» • - « •«*. 




f i him 


Brussels 

• experienced in the custody industry with on 

portfolio servicing including: 

' Corporate actions and income processing and 
reporting- 

— Securities and position management. 

- Enhanced reporting. 

• Familiar with key player* in the international securities 
industry. 

• A proven performer in the field of project management. 

The position offers excellent career potential within (he 
firm s international network. In addltL- to a basic salary 
dw package will include a performance retain] bonus and 
(he foil range of benefits. 






; * : 


-meri[ 


FINANCIAL TIMES FRIDAY MAY 13 1994 




bank 






Economic Analysis 

RESEARCH ASSISTANT 


Goldman Sachs enjoys a global reputation as 
one of the world’s leading securities and investment 
banking firms. This reputation is built upon the 
skills, creativity and dedication of its people and can 
only be maintained with a commitment to recruit 
the best person for every job. This commitment is 
reflected in the quality of our research which is an 
essential ingredient in our continuing success. 

Our Economics Department now seeks z 
talented young research professional to join their 
established and successful economic research group. 
The role is a demanding one with fixed monthly 
deadlines requiring excellent PC skills and a 
capacity for long hours. Responsibilities will 
include contributing to economic research projects 
primarily focused on the collection and analysis of 
relevant data, and co-ordinating the production of 
subsequent research reports. Reporting to the head 


of the Economics Department, the incumbent will 
be expected to perform a broad research assistance 
role for the group as a whole. 

To be considered for this position you must 
possess a relevant degree, and preferably have at 
least 1-2 years experience in a similar role within 
the financial services or public sector. In addition 
you must be highly numerate and PC literate. 

An excellent compensation package is 
offered reflecting the calibre of individual we 
wish to attract. 

Please apply in writing, enclosing a full 
curriculum vitae and quoting 
reference G320205/5 to: Jo 
Sutherland, Barkers Response 
and Assessment; 30 Farringdon 
Street, London EC4A 4EA. 

Tel: 071-306 0678. 


^joldniitn, 
Sadis 


CTTIBANKO 


We are the largest bank in Germany which concentrates on offering a broard range of products and services 
exclusively to private consumers In over 300 branches. Our Innovative banking technology and our emphasis an 
customer service has resulted in the tremendous growth of our business in the pasL 

We are looking for a motivated professional to join our Treasury team as a 


Chief Dealer 


Diisseldorf, Germany 


Your responsibilities 
As head of the treasury transaction 
unit and manager of a team, you will 
manage the Interest and FX rate riak 
and ensure the liquidity position of aH 
German consumer vehicles. Using 
treasury MiS you will develop 
funding/exposure managment 
recommendations and hedge capital 
exposure. As well as being 
responsible for the Investment and 
held-for-sale bond portfolio you will 
be expected to defiver a wefiAxmning 
security brokerage service and assist 
in the development of the risk 
managment function. 


Your profile 

You possess a business / 
economics / banking - related 
degree and have already gained 
several years of work experience 
either in derivatives trading, balance 
sheet managment and/or securities 
brokerage. You have extensive 
knowledge of money markets, risk 
managment and deralives and have 
gained experience in managing 
people. Ideally you will possess at 
least a good working knowledge of 
both German and English languages 


Your benefits 

We will provide you with an 
Interesting and varied position within 
a team of Treasury professionals. 
Within our successful and Innovative 
organisation we can offer good 
personal development opportunities 
and international career 
perspectives. You can expect an 
attractive salary package and 
extensive fringe benefits. 


If you are interested, please send your C.V. and a covering letter with details of your salary history to 
Citibank Privatkuden AG, Bereteh Persona), Kascmenstrasse 10, 40213 DQsseJdorf. If you have any questions, 
please do not hesitate to contact Alison Benjatschek, Tel: 021 1 -8984-475. 


CITIBANKS 

So lelcht geht das. 


International Investment Bank - London based 
Competitive salary & full benefits package 


An opportunity has arisen for a numerate investment 
professional to join the highly successful proprietary 
trading team of a London based international bank. 
The department has a significant and long established 
presence in the fixed income markets of both the US 
and Europe, with a particular emphasis on credit and 
anomaly-driven arbitrage trading. It wishes to expand 
its coverage of the Eurobond market 

The Position 

You wifi join a young, enthusiastic and analytically 
talented team with a wide ranging mandate, in which 
indrvidual initiative is actively encouraged. 

Ultimate responsibility wffl be for running a number of 
multi-currency fixed income arbitrage books, as well 
as actively participating in the team’s investment 
activities. Formal training will be provided, but 


responsibffity will be given quickly and you will be 
expected to develop further our Eurobond arbitrage 
business. 

Qualifications 

A numerate and spread sheeMter ate graduate, you will 
have had a minimum of three years' experience in 
credit/capital markets at a mayor financial institution, 
ideally including some demonstrable involvement with 
fixed income products. Experience of corporate credit 
analysis, preferably after formal credit training, would 
be an advantage. 

Please write, with full cv, to Alun D. Spillman, Director, 
Ref: 6019, Versutiis Advertising, I Hurst Court, 

High Street, Ripley, Surrey, GU23 6AY. In a covering 
letter, please state any company to which your 
application should not be sent 


VBRSUTUS 



f* > - *'• Wi< .v . .*>^1 




■ Continued expansion has created two new positions in one of the UK’s leading 
financial services organisations. The company provides credit to a national network 
of motor dealerships and is seeking to strengthen the regional teams with these two 
key appointments. 

■ You will be required to work closely with the Dealership network providing a focal 
point for all aspects of funding and risk control. This will entail annual reviews, 
monitoring existing and negotiating new facilities, and identifying and reporting on 
variances. This is a home-based role which will require substantial travel in your 
region. 

■ Candidates should have a full understanding of risk-management negotiating 
securities and interpreting balance sheets and other financial statements. Knowledge 
of commercial lending or the motor trade would be beneficial, but is not essential. You 
should be qualified (or part qualified) in accountancy or be an ACIB. and be seeking 
to develop your career within a dynamic commercially-orientated business. 

■ The company offers an excellent benefits package, including attractive salary, 
bonus, car, BUPA, preferential mortgage . scheme, and contributory pension 
scheme. 

■ Please send your CV. in confidence to: Tim Smith, Theoker Monro <t Newman, Regency 
Court. 62-66 Deansgate, Manchester, M3 2EN quoting current salary and ref: 3079. 


North/South 

c £23,000 
Car, Banking 
Benefits 


A founde r m ember of BinMINGHAM 0 2i 35S 8883 che 

I N T V B Q P A R f H LEEDS 0532 3739 

1 n O P„ . n iLk ii LONDON 0B1 863 9001 MANCHES 
Europe. N .America, Asia 


CHESTER 0244 314800 
173901 

HESTER 081 832 0033 


THEAKER 
■ MONROl 
NEWMAN 

REGRUdMEMT&PERSQNNB. 

CONSULTANTS 


Commercial 
responsibility is Just 
the beginning... 


BUSINESS 


I n the lace of corapLiidve tendering tot local 
government icrviret. Birmingham Homing 
Department has more thin held its own - 
developing commercial prarfeo that have helped 
retain commas in-house. Having already- bid 
successfully (or several key services within the 
Department, we are am determined to extend 
this record to our other business arms. 

Building on this foundation of experience of 
CCT and extensile business planning processes, 
your brief Is to meke sure that we continue to 
develop our success, a rah; with teal ciqnmerdal 
Challenge true, bat also other critical 
responsibilities ■ such as helping us maintain our 
commitment to sodaJ housing, and improve 
nuHgcment services to aver 106.000 council- 
owned properties. 

dearly, inch an objective will only be achieved 
by balancing public accountability with 
commercial viability. Working at the hub of our 
business planning process, you will bring these 
two together - in particular by evolving practices 
to sharpen up our work ibut never at the expense 
of our principles!. Among other elements, this 
will involve competitor and market analysis, and 
- In close Ualson with business managers - 
assisting in completing a review oi our own 
Int ernal procedures and practice* no small task 


in a business with a ‘turnover' oi some £383 
million. 

An influential lean player, your authority will 
be derived from your Interpersonal skills and 
expertise. .1 confident and articulate individual 
therefore, you'll need a proven track record In 
business planning. Ideally supported with an 
MBA and/or experience as a nun age mom 
accountant. We’re Interested in talented people 
from any background, -but clearly, If you know 
our business already (hen that will be an 
advantage. 

If so, you couU be instrumental In advancing 
(untvei out commercial edge- Ton'll alvei ttnd 
professional reward and development. The |ob is 
offered on the basis oi a 3 year fixed ictm 
contract, with the possibility of a permanent 
appoint owns . 

Informal enquiries to Adrienne Rotvm. Head 
of Business Services, on 021 -235 4 WS 

Application forms and further derails are 
available (quoting ret. HI SSI from Tenon nel. 
Housing Depart Blent. Louisa N viand House. 44 
Nvwkull Sneer. Birmingham 83 311, of (vlephoiw 
021-235 4053/02 1 -235 JIM (24 hour 

inwwrphoncj. 

Closing Date: 6th June I W4. 


INVESTMENT PROFESSIONAL 
MONEY FUNDS PORTFOLIO MANAGEMENT 


Competitive Salary -i- Benefits 


Hildenborough, Kent. 


As part of the world's largest independent investment management organisation. Fidelity Investments can oiler the 
opportunity and the environment in which both your individual and company objectives can be achieved. To meet their 
continuous and innovative product development targets Fidelity has created a new department focused on its Money- 
Funds, and is now seeking lo complement its team with a high calibre Money Markets professional. 

The position involves: 

Managing and developing a team of Money Market Oealer&fAnalvsts. 

Constructing investment trading strategies lo maximise client returns. 

Developing the Money Market product range, with the Portfolio Manager. 

The ideal candidate will be a professional Money Market Manager, with: 

A Degree or relevant. Banking or professional qualifications. 

Extensive knowledge of Internationa! Money Market instruments. 

5 years post qualifications experience in either international portfolio management or Money Market trading. 

The successful candidate will also be able to demonstrate a balanced range of personal attributes - strong communication, 
presentation and persuasive skills - combined with an ability to see finer points of detail as well as the broad picture. 

If you fulfil the above criteria, please send a current Curriculum Vitae to our Advising Consultant Jackie Osborne at 

Michelangelo Associates, 36 White friars Street, London EC4Y 8BH. Fax: 071 583 6531. 

All direct responses will be forwarded to Michelangelo Associates. 


FSdemy 


bimstments 







Oar client is the private backing arm of a major Investment house and services high net worth Individuals throughout the 
world. The Bank is poised for rapid growth and now seeks an experienced Credit Analyst to augment Its existing team. The 
successful candidate will be competitively remunerated and will receive full assistance with relocation expenses. 


THE APPOINTMENT 

■ Evaluate and approve credits and feasibility of supporting 
collateral. 

■ Work proactively with marketing officers worldwide to 
ensure further profitable growth of the business. 

■ Develop and apply risk evaluation tools and credit policies 
for loan and portfolio analysis. 

■ Manage and develop a small team of credit administrators. 


THE REQUIREMENTS 

■ A graduate with at least live years' experience in credit and 
risk analysis. 

■ Broad understanding of financial markets and products 
and ideally some exposure to secured lending. 

■ Highly analytical with well developed communication skills 
and a strong profit orientation. 

■ Fluent in English, preferably with a command of French 
and/or German. 


'.s’ 

Please apply in writing with a full CV and salary details, quoting - j& T K/F Associates, Regent Arcade House. 252 Regent Street, 
reference 90728/A, to Susannah Truswel l . F*- London W1R5DA. 




OSS' K/F ASSOCIATES 

Selection & Search ... 


PRIVATE CLIENT EXECUTIVES 

Allied Provincial is one of the largest domestic private client stockbrokers with 23 branches 
throughout the UK. We are currently wishing to expand our highly successful private client 
operations in London. 

Settlement is through a Model ‘B’ clearer and the necessary' systems are 

in place for Rolling Settlement. The company supervises and manages 1 1 

£5,000 million of client funds, of which £260 million is in PEP’s. 

Applicants must be committed to maintaining our acknowledged reputation 
for providing clients with a close, personal service, 

If you are interested in joining our growing, professional organisation, please write with full 
CV to the Personnel Department, Allied Provincial Securities Limited, 51/5S Gresham Street, 
London EC2V 7EH. 

ALLIED PROVINCIAL SECURITIES LTD 

Members of The London Stock Exchange & The Securities & Futures Authority 
Local Roots, National Strengths 


SHIP FINANCE MARKETING MANAGER 


A substantial Chipping organisation, established In London for nearly 80 
years, seeks to appoint a Ship Finance Marketing Manager. The candidate 
Should be a mature person able » deal dpiomaUceBy with foreign nationals 
and Should have a s ub s ta nt ial career record in benldng or venture finance. 
The Job win antes a considerable amount of travel and fnvalvemem with 
Eastern Europe. 

The company already has a wefl*estab8shed and highly successbl Marine 
Insurance Division but now wishes to set up a dedicated Ship Finance 
Division to benefit from He excellent relationship with many foreign 
shipowners. 

TOs pasted represents an melting challenge end an opportunity id ba inverted 
In large prelects such as the reptacament of the OS merchant fleet. An 
atweflve rarrtWMreSon package wB apply *ih ususf targe company berwlB. 
Applications In writing hr. 

Bax A2Q28, Ftoandarnmcts, One Southwark Bridge, London SEi SHL 


SALES EXECUTIVE/EMERGING MARKETS 
A leading firm of international stockbrokers, based in the City of 
London. Is seeking to recruit a sales executive to Join their rapidly 
expanding Emerging Markets division. Applicants, in addition to 
being degree qualified, will have a minimum of five years 
experience In Corporate Flnance/Braidng, significant knowledge of 
the financial markets of Taiwan and Greater China and be Ab le to 
converse fluently in both Mandarin and English. Candidates will 
have excellent marketing skats and be able to demonstrate me drive 
and determination to succeed in this fast-moving and exciting 
market. The salary and an attractive benefits package will be 
commensurate with the required skMs and experience. 

Appficatfons should be submitted In writing, en dosing a current CV. 
to: Box A2Q2.7. Financial Times, One Southwark Bridge, London 
SE1 0HL 











FINANCIAL TfMKS FRIDAY MAY 13 1994 



KrediegfokflKB Corporation Limited, Guildford 

credit manager 

I attractive salary + car + bonus 


Kr cd wlfin onai Co rporation lldf il the IIK leasing subsidiary of Kretfioffaqdk NY, 
based in Belgium and one of Europe's morfprognmive banb. KwdwH bqn oi 
Corporation Ltd operates three main finding divisions. Co rporate finance, 

^ Wholesale Finance and Commercial Mortgages. 

As p art of its commitment to expand its business within the UK market, Kredieriinsnce Corporation Ltd now seeks ro 
recruit an experienced Credit Manager. 


the position the profile 

Reporting to the Head of Credit & Operations, the Credit The ideal candidate will hare a minimum of 5-7 years 
Manager will be responsible for the consistent application experience gained wichin a leading finance house, leasing 

of the company’s credit policies, the efficient company or bank. This important role requires a detailed 

co mm unication of these policies mail the company’s technical knowledge of leasing finance and documentation, 

introducing sources and to ensure the Credit Department a hands on management style combined with the ability to 
is fully capable of responding co the demands of customers work under pressure and to ef fe c tiv ely communicate credit 

and intermediaries. The Credit Manager will also be derisions to all levels. The position oSers excellent 

responsible for the accurate documentation and opportunities fat further career development, 

underwriting, within mandates, of all applications received __ . , . . . ... 

Mdfor supervision of, smaller of ZpvKnad ‘‘“A*?? 

1 CV to Head of Credit at the address below or call Olao 

Cronin on 0483 304290 for an initial discussion. 

Kredietfmance Corporation Limited, 14-15 Quarry Street, Guildford, Surrey GUI 3UY 



liche 

Boss 

& 

IkUtfeVBCfc 


W 

-X.J •:-•••'/ rVI'.' H 


London 

Management Consultancy at Tbuchc Ru» is 
possibly the most rewarding way you can. utilise 
your knowledge and experience within the Banking 
sector. 

We are looking for accountants and industry 
specialists who have broad experience of line 
management or financial management in the sector. 
Successful applicants will be high achievers who 
have demonstrated an ability to shape their own 
careers, aged between 2S and 35, and educated to 
graduate standard, you should have an impressive 
track record gained in a banking environment, 

You will need ro respond intellectually ami 
practically to an exacting workload. You should 



up to £50,000 + benefits 

have the ability to define prnMcim rtg.mw.dv. and 
produce innovative, >et cummea tally sound 
solutions. Since you will Ire working closely with 
our blue-chip clients., you should Jxi Iwve cilcctive 
cumniunicJtiuit skills and the peoenrr to rasTT 
your project thniugli. 

The rewanls are a atimuLUng a«mI varieil career 
with excellent prospects in an open and 
meritocratic structure. 

Please send a owiprvhmws CV, quoting 
reference 3192 to: Stuart Rosen, Touche Ross 
Consultancy Recruitment, friary .-—- — da. 
Court, b5 Cruuhed Friars, l -urn ion Vj 

F.C3N 2NP. 


Management Consultants 


EXCELLENT EXPAT PACKAGE 
UKRAINE 

Our client id an International FMCG group and has recently acquired 
100% and 65% of two tobacco processing operations in the Ukraine. 
They now wish to appoint two 

GENERAL MANAGERS 

on a two year contract basis to act as internal consultants in the areas 
of commercial management and MIS development and to provide 
overall business assistance to the Russian Managing Director at each 
site. Hie appointed candidates will be involved In the day to day 
decision making in respect of resource management, investments, 
financial management and operational control. 

The ideal candidates will be mature businessmen (age 55/60) who 
have a proven track record in the successful Integration of East 
European businesses into western operations. They will be excellent 
communicators and will be able to achieve through persuasion. They 
will be analytical and will have sound commercial kowiedge and a good 
understanding of the financial aspects of manufacturing operations. A 
good knowledge of Russian and/or Ukrainian is essential. 

An excellent expatriate remuneration package Is on offer. 

Please write In confidence, enclosing career and salary details to: 

Management Select, A- 1 190 Vienna, Gatterburggasse 6, AUSTRIA 
Tel: 4+43 1 369 87 50 Fax: ++43 1 369 87 52 14 


Financial planning with an 
international perspective 



Towry Law Finan ci al Planning Ltd - International Division Is part of the Towry 
low frftmp, one offlwriTs leading imtepMMV’nt Wnaprial yfrim 
Committed to the on-going development of our international client base, we are 
seeking to strengthen the International Team with high calibre professionals 
capable of m aking a major contribution and reaping si gnifican t rewards. 


I 


International 
Financial Consultants 


OTE Average £60K UK Based 


Your brief will focus on ihc provision of a first 
dass financial planning service to both existing 
arxl prospective personal and corporate 
inrermrii jnaily based clients. Providing an 
astute and well researched service, regarding 
diems’ existing portfolios, you will continually 
seek to develop new business opportunities. 

A naturally persuasive and confident 
communicator, in addition to liaising directly 
with diems you will seek to establish new 
business leads from marketing and seminar 
activity, which you will tun twoAhree times 
a year. Outstanding communication and 
public s}?caking skills are dtcrcfore 
imperative and will enable you to present 
your services and those of Towry Law to 
International audiences. 

Clearly these are no ordinary consultancy 
roles. We require mature, articulate 
professionals capable of identifying suitable 
products through liaison with European 
investment groups or by talking to 
European companies about their product 
portfolios- The ability to prepare articles for 


appearance in the media .will be a further 
requirement. 

To succeed, full FIMBRA membership 
plus a minimum of 3 years experience in 
financial services is essential and must be 
supported by a particularly high level of 
technical knowledge, especially in the 
areas of: 

• Single premium bonds 

• Offshore funds CUCtTS) through 
management services 

• Retirement savings plans 

• Offshore tax shelters 

• Inheritance tax planning. 

A lateral thinker who thrives on making 
things happen, experience oF working 
abroad and knowledge of a second 
language would be an advantage as 
approximately a third of your time will be- 
spent overseas. The possibility exists chat 
you will be required to live permanently 
outside of the UK. 


1 


If you possess the Impressive track record that these opportunities demand, you 
are invited to forward your letter of application and CV to Alison Crlpps, 
Divisional Director, Towry Law pic, Towry Law House, 57 High Street, Windsor, 
Berkshire SL4 1LX. 

Talk to Towry Law 

Independent Professional Advice 

Towry Law Financial Planning Ltd - International Division 
A ttmhm Member 

Kstalilblicd since 1958 with offices In Windsor, 

Edinburgh, Glasgow, Leeds, Bimiinglum, lldfa*. 


APPOINTMENTS WANTED 


GERMANY 


Retired Pilot, British subject, resident of 
Germany for the past 28 years. Fluent German, 
with complete furnished office including 
Computer and Fax. Looking for some type of lucrative occupation, 

MAYBE ASSISTING a UK FIRM 
SEEKING A FOOTHOLD IN GERMANY. 

Please Fax: 010-49-6183-75162 


■ APPOINTMENTS 
. ADVERTISING 


UK edition every 
Wednesday & Ttanaday 
and la the Interna flood edition 
every Friday •. 

For farther information 

please call: 

Gardh Jones . 

09 071 8733779 
Andrew Sk ara/ ns M 
on 9718734054 
- PWtpWritfey 
on 071 873 3351 
Joanne Gemtrd 
en 071 873 4153 


ACP 


RECRUITMENT CONSULTANTS GROUP 

2 London Wall Buildings, London Wall, London EC2M 5PP 
Tel: 071-588 3583 or 071-583 3576 
Fax No. 071-256 8501 


A challenging and broad ranging appointment 

O GLOBAL SETTLEMENTS 

SUPERVISOR 

LONDON SW1 £25,000-£30,000 

WELL-KNOWN INVESTMENT COMPANY 

Our client manages investment trust, unit trust and life assurance funds as well as dealing portfolios, which are 
very active and invested in the full range of markets and instruments. The brief is broad, with responsibility for 
tracking the trading processing for equity and bond settlements, with active FX support, corporate actions and 
cash management Applicants must have a minimum of 3 years' global markets settlements experience, wfth a 
focus on FX and a knowledge of futures margining and payments. This experience is likely to have been gained 
with a fund management house or in trade settlements with a custodian bank. The department works as a team 
and we seek a candidate with strong supervisory and computer skills, who will be prepared to cover for the 
Manager in his absence and to train in all aspects of the work. Initial remuneration is negotiable £25,000-£30,000 
and good benefits package. 

Applications In strict confidence under reference GSS384/FT to the Managing Director, ACP. 


CORPORATE FINANCE 


Exceptional Career Opportunity 

Our Corporate Finance Unit is the leader in Ireland today. 
Our activities include acquisitions and mergers, public 
issues, project finance and general financial advice. Our 
clients are Ireland’s major companies in both the private and 
public sectors. 

We now seek to recruit an executive for our-Belfast office. 
Candidates will be Honours Graduate in the 28/32 age group, 
and ideally have an MJ3 A or other post graduate qualification. 
Previous experience is essential. 

Determination, good communication skills, self reliance and 
commitment are essential qualities for assured success in this 
position. The ability to work as a member of a team with 
minimum supervision is also required. 

We offer excellent career opportunities and a first class benefits 
package. If you feel that your background meets the 
requirements of this demanding position, please send a 
detailed curriculum vitae to: 

Mr. EJ. Healy, 

Associate Director- Personnel, 

The Investment Bank of Ireland Ltd, 

26 FitzwiDiam Place, 

Dublin 2, Ireland. 



THE CONSULTING GROUP 

(INTERNATIONAL) LIMITED 


Branch Manager, Retail Sales 
i.r.o. £110,000 pa + bonus 

Our client, a leading international broking firm, wishes to recruit a Branch 
Manager for their retail broking operation, based in Central London. To 
manage this office, which currently employs 40+ sales professionals producing 
in excess of $15 million pain sales commissions, they are looking to appoint an 
experienced Retail Sales Manager, who will be able to build on the branch's 
success in marketing the foil range of the company^ sophisticated financial 
services products to an extensive international client list 

The successful candidate will have a proven track record and a minimum of 
7 years’ North American experience, in a similar position with a major 
US brokerfdealer. The appointee must be able to demonstrate solid career 
progression with recent experience of recruiting, managing and motivating a 
Financial Services sales and marketing team, identifying new client prospects 
and investment products to achieve maximum market penetration in this 
extremely competitive sector whilst containing costs and managing P&L. 
Minimam qualifications are Series 8 (Branch Manager). 

If you believe that you have the management skills and market expertise 
required to make an immediate impact in this highly regulated environment, 
please contact: 

Mr Peter Evans, Managing Director, 

The Consulting Group (International) Limited, 

98 Cannon Street, London EC4N 6EU. Tel: 071 9290001 Fax: 071 929 0002. 


\mm 



THE INVESTMENT BANK OF IRELAND LIMITED 


CORPORATE FINANCE EXECUTIVE 

Over the past two years Guinness Mahon & Co. limited has re-created a 
track recud of Corporate R nance business p rind pally acting for medium- 
aiaed quoted companies- During Ibis period its client Hot has grown very 
substantially and, consequently, the Corporate Finance Department 
makes a major profit contribution to the Merchant Bonk. Continuing high 
levels of activity mean that the Corporate Finance Department now 
requires an additional executive to work alongside the directors and their 
junior colleagues. The Corporate Finance Department is structured and 
managed to provide maximum opportunities for involvement in all 
aspects of Corporate Finance activity. 

Applicants should be newly qualified aooountants, articled with one of the 
leading U.K. firms, with first time passes. Impeccable academic 
qualifications and advanced computer modelling abilities. Good 
communication skills, flexibility and the commitment to work in a 
demanding and pressurised environment will also be essential. 
Remuneration wiO be in line with market rates, but significant bonuses 
could be available since these are difWtiy linked to the Corporate finance 

Department's performance. 

Please apply in lerilirtg with a full CV to:- 
Veronica Burwuod 

Director, Croup l^rsonnd 

Guinness Mahon &C6. Limited AnuS@3rifc' 

32 St. Mary at HOI Tgfigggl 

sitmuNoAcwcsj CUINNESS MAHON & CO. LIMITED 


• NEW YORK • HONGKONG • SINGAPORE 


As one of the world's premier financial insrinaions, GE Capita 1 “joys a repotniion for 
excellence. Their European Vendor Financial Services division is a leading provider of 
sales financing programmes for manufacturers and disribwors within a wide range of 
sectara m e taling IT, office technology, healthcare and industrial equipment Now. a 
stmegic centralisation of service fractions within the UK has created another rare and 
highly demanding career opportunity within their German region for on exceptional 

CREDIT SPECIALIST 


Attractive 

Package 

London 


Yoor brief will centre around the analysis aad approval of credit applications, carefully 
assessing aad collating all relevant business information and legal and tax implications 
before recommending appropriate deal st r u ct u re s . 

To dale, yoor career will highhght your wide-ranging eqxrieiTO of credit gained within 
(be Banking Or leasin g field in Germany or the UK, and your intimate know ledge of 


Ntfurally, floral German will complement your effective comnnjnicatkH skills as you 
negotiate credit tapes and reviews with a variety of vendors and customers, aad your 


An attractive benefits package including full idocotioit assistance is applicable. 

Please contact our consuhantRutii Almond at CSA Management Consultants 

oo 0256 - 81881 1 or write to us enclosing a full CV to Vickers House, 

Pricstiey Road, Basingstoke, Hants RG24 9NP. 


GE Capital 


«1 A 



An Equai Op portunity Employer. 

TW conradsa wth ma EnoWi company at a saint rare. 












• 11 • 


CV To Tit. 

Si.v ' 1 


FINANCIAL TIMES FRIDAY MAY 13 1994 



ITS 


£25,OQO-£30| 

' ,v:, ‘ 

; '■■■* si*- 
• •'efts !• 
• ’ ' -:r^ncr 

:v? 

• ’ : - - A’-ii 

- \ ACP. 


s<; Group 


*»*r*S»*3:z=-MSSS 


leiall I 



i + minus 


. i-i'F-l 
,\«< •• 


, t ,sT 


fl Paribas 

CAPITAL MARKETS 

QUANTITATIVE ANALYST 


Banque Paribas is a leading international wholesale 
banking group operating in nearly 60 countries. Its core 
activities comprise corporate banking, capital markets, 
advisory services and asset management 

Paribas Capital Markets constitutes a significant part of 
the bank’s world-wide operations, and as a genuine 
international business draws on the expertise of over 1600 
staff in London, Paris, New York, Tokyo, Frankfurt, 
Geneva, Singapore and Sydney. It provides a 
comprehensive range of products and services in the 
primary and secondary bond and equity markets, currency 
and interest rate swaps and options, fixed income and 
equity derivative products and specialised instruments. 

As a direct result of expansion and an increase in trading 
activities, a number of challenging opportunities have 
arisen in the ^Methods Group” attached to the Risk 
Management Department. Heavily involved in the 
strategic development of risk infrastructure, the role of this 
group is mainly to develop a consistent framework of risk 
methods and procedures across activities and locations. 

Liaising with senior management and traders, the 
successful candidates will need to have a pro-active 
approach to work, highly developed communication skills, 


and be able to ‘add value' to the risk management 
operation. Specific responsibilities will include: 

• definition and development of standard ‘core’ risk 
methods in liaison with the different trading desks 
and locations 

• review and testing of exotic pricing models 

• documentation of and training in risk techniques and 
procedures 

• technical support of risk managers and traders. 

The ideal candidate should have a minimum of 3 years 
experience in research, trading or technology for a major 
bank or securities house. A strong mathematical 
background is essential. 

The salary and benefits package will be tailored to attract 
those individuals who are able to contribute directly to the 
continued success and profitability of our business. 

To discuss these positions in greater detail, please contact 
our retained advisors Jon Vonk or Mike Shoebridge at 
Marks Sattin Financial Recruitment Consultants, 
18 Hanover Street, London W1R 9HG. Tel 071-408 1312 
or 081-965 6513 (Eves/Weekends). Fax 0H-355 4501. 


INTERlMnOlVAL EQUITY INVESTMENT 
London 

C lerical Medical Investment Group currently manages funds valued at 
approximately £1 1 billion. A significant proportion Is Invested In 
IntertiaUaaai equities whlcU are managed by Ute overseas team, based in 
central London. 

As a result of our continuing success, we now have the following 
opportunities. 

Latin American Fond Manager 

As a member or the overseas team you wtl) have specific responsibility for 
the management of the Grasp's Latin American equity Investments. In the 
medium term there is also the prospect of assuming responsibility tor 
Investment In other emerging markets.. 

Yon should be a graduate wltha good honours degree with twotatbree .. 
years' Investment experience, preferably Indndtng fond management. 
Knowledge of Latin American markets Is desirable though not essential. 
Foreign language skills would be extremely useful. 

Trainee Investment Analysts 

We have vacancies on our North American. European and Sooth East 
Asian teams. 

You will |oln one of these teams In a supporting capacity. Initially 
undertaking research and administration tasks. As you gain more experience 
you will be given Increased responsibilities which should eventually lead to 
hind management. 

To qualify you should be a graduate with around two years' Industrial or 
commercial experience. A Onaoclai background Is cot essential, although you 
should be highly numerate, computer literate and comfortable with 
spreadsheets. We will also be looking for excellent oral and written 
communications skills, an analytical mind and a genuine Interest In 
Investment management. Foreign language skills would be extremely useful. 

We offer highly competitive salaries and a benefits package which 
includes a non-coo tribolory pension scheme, private health Insurance and a 
mortgage subsidy. 

Please write with foil CV to Nick Morgan. Croup Personnel Department. 
Clerical Medical Investment Group, 15 St James’s Square. London SW1Y 4 IQ. 



B aillie Gifford is one of the UK's leading 
firms of investment managers 
and currently enjoying strong growth in 
funds under management. We now have an 
excellent opportunity for a marketing 
professional in: 

UNIT TRUST 
MARKETING 

London 

You will be responsible for attracting 
bum ness to Baillie Gifford’s range of retail 
products, including unit trusts and 
investment trusts. The successful candidate 
is likely to have a good knowledge of the 
investment business and experience in 
selling to professional investors and 
intermediaries. 

The position is London based, working 
in a small team, but is likely to involve travel 
to other parts of the UK including regular 
contact with Baillie Gifford's head office in 
Edinburgh. 

Please appfy enclosing foil GV. and 
current package to Ron Daniel, at: 


rarngii/ifT.im 

INVESTMENT GROUP 


THE CTKEGE OF THE PROFESSIONAL 


l!SISHSaaili»8BSI 

Senior Risk Managers 

Treasury, Equity and Capital Markets 

Competitive salaries + benefits ■ City 


Baillie Gilford ft Co, 
1 Rutland Court, 
Edinburgh EH3 8EY. 
Tel: 031-222 4000 
Fax: 031-222 4099 


BAILLIE 

GIFFORD 

&Co 

Investment Managers 


Dosing date for applications: 
Friday 20th May 1 994. 



NatWest Markets is the worldwide 
corporate and investment banking arm of 
the National Westminster Bank Group. 
Our trading and sales businesses indude 
Equities, Capital Markets and Treasury. 

We offer diverse exposure in all aspects 
of risk management and are now looking 
for Senior Risk Managers. whose 
responsibilities will be to advise and 
deal with the structuring, trading and 
counterparty assessment of Equity, Interest 
Rate, FX and Commodity Derivative*. 
Your role will be highly influential in the 


bank's strategy towards risk management. 
Experience should include at least two 
years’ exposure to derivative products, 
which could come from trading or selling 
these products. Ideally, you will have 
practical project management skills, with 
knowledge of all business aspects of trading 
support. 

Please apply in confidence, enclosing 
your CV, quoting ref: FB 1 JOS, 
to: Freddy Balgamie, Human Resources, 
NatWest Markets, 135 Bisbopagate, London 
EC2M 3 UR. 


W\\; 

NatWest Markets 


L ' , h 


FINANCIAL TIMES TELEVISION 
PRODUCER/REPORTER 

Financial Times Television is urgently seeking an experienced, 
well-motivated, cost aware, producer to run a lively new flagship 
weekly programme. Aimed at an international business and 
investor audience, it will be distributed in various editions via a 
number of signficant TV outlets, including terrestrial, cable and 
satellite, narrawcast and airline in-flight 
The person we are seeking must display a knowledge of global 
business, management and investment issues as well as a keen 
appreciation of the needs of Lbe discerning viewer. Preference is 
likely to be given to those with television production experience, 
although those with a proven track record in financial journalism 
may apply. 

The contract will initially be until the end of 1994 and an 
appropriate salary will be paid. 

RADIO PRODUCER/PRESENTER 

Financial Times Telpvision is also seeking a financial journalist 
to work with Nicholas Leonard on our new radio service. He or 
she most have a wood knowledge of British and European 
business and the stock markets, as well as an acceptable 

broadcasting voice. 

Applications in writing and with full CV to: 

Cotin Chapman 
Managing Director 
Financial Times Television 
Teddingtoo Studios 
Broom Road, Teddingion 
Middlesex TWll 9 NT 


European Bank 

Lending Division 


The City 


£neg 


Our Client, a major European Regional Bank, and pan of a lending European banking group 
with a well established London Branch, is now looking to expand due (0 increased levels 
of business via. its lending division. 

Public Sector Age: 25-35 

A highly motivared team member is sought to assist rhe Director responsible For marketing 
and managing the Bank's activities with Local Authorities, Housing Associations. 
Education and Health sectors, Public Sector based Project Finance. Charities. Tax and 
Trusts. The successful candidarc will provide support within a flexible team environment in 
marketing, negotiating, diem and transaction management and syndication. He/she will 
also be responsible for the preparation of credit applications for new transactions, liaising 
with the Director of the Credit department. 

He/she is likely to be a graduate with prior credit training and a minimum of two years 
banking experience. A CIPFA qualification would prove advantageous. 

Business Development Age: 25-35 

To assist the Head of Department responsible for marketing and managing (he Bank's 
activities in the following areas: Synthetic Assets. Syndications, non-public Sector Project 
Finance and Financial Institutions. He/she will also be responsible Tor preparation of credit 
applications in this business area liaising with the Director of the Credit department. He/stic 
is likely to be a graduate with at least three years banking experience. Marketing skills and 
prior credit training arc pre-requisites. An MBA or ACIB qualification would prove 
advantageous. 

Please reply in the first instance to James D'Arty at Overtoil Shirley & Bony Limited. Prince Rupert 
House, 64 Queen Sheet . London EC4R l AD. Tel: 071 248 0355. Fax: 071 439 1 102. 

OVERTON SHIRLEY 


& BARRY 


INTERNATIONAL SEARCH AND SELECTION 


Financial Services Regulation 

Enforcement Lawyers City 

IMRO - Investment Management investigations. Candidates must be 
Regulatory Organisation Limited - was professionally qualified solicitors nr 
established under the Financial barristers with experience in 
Services Act. IMRO's objective is to commercial investigations or financial 
protect investors by setting and services and have good oral and 
promoting high standards of integrity, written communication skills, 
competence and solvency for its together with a commitment to 
Members and by monitoring and investor protection, 
enforcing those standards effectively A (u „ y compet |„ ve remuneration 
and efficiently. Members, numbering package bc offcred , i„ clu ding 
around 1100. include fund managers, „ on . conlributory pension, life 
unit trust managers, pension fund and private medical 

managers, venture capital companies. , njurance . There 

are excellent 

banks and trustee companies. opportunities for further progression. 

Our Enforcement Department is based on performance, 
responsible for conducing detailed please ^ |undcr covcr) 

investigations into the affaire of IMRO w|th , cu rriculum vitae, including 
Members and for preparing and stay> smjng y „ ur for app|yjng 

presenting disciplinary and ^ howyou mMt requirements, to-, 
intervention proceedings before Robert charlKIOni Head „ r p enonlloli 

IMRO’s committees and tribunals. IMRO, Broadwalk House, 6 Appold 

We now require additional lawyers Street, London EC2A 2AA. Please quote 
capable of assisting with and leading reference number ENF94/Q5. 



Investment Liaison Manager 

£30,000 - £35,000 pa + car 


Our client, a major asset management 
company and pan of one of the world’s 
largest life insurance groups, wishes to 
appoint an invesunem liaison manager. 
The primary lask will be 10 act as a link 
between tbe London-based investment 
management company and the group's 
UK retail outlets to ensure that those 
responsible for promoting the various 
investment products ate well informed 
as to their scope and performance. The 
job therefore entails considerable 
emphasis oo the making of presentations 
to those in the Held as well as the 
provision of written material featuring 
(he investment aspects of the products 
and the taatiueaaacc of a telephone 
advisory service. 


To bc considered, you must have :i good 
understanding of investment 
management gained cither through 
direct experience in a fund 
managemcni/markeitng role or in u 
professional investment advisor) 
function such as performance 
measurement. Well developed 
communication skills are essential and .1 
knowledge of insurance company 
investment products would obviously he 
uscfuL You are likely to be a graduate in 
the 25-35 age range 

To apply, please write enclosing a CV 
to: (MR Recruit meat Consultants, No. 
1 Northumberland Avenue, Trafalgar 
Square, London WC2N 5BW (tel: 
071-872 5447 ). 


INVESTMENT MANAGEMENT RESOURCES 


Thai Equity Sales - London & Singapore 


DBS Securities has vacancies in London and Singapore for a Thai Equity Salesperson lo 
complement its specialist Thai research and sales team, which works as an independent 
research group within DBS Securities. 

The task will bc to promote, and often help to originate die company's detailed and 
sophisticated analysis of Thai companies lo an established clientele of institutions. 

The rewards will include a generous profit participation in the Thai business in addition to 
compensation commensurate with experience and achievement in Asian broking, 
corporate finance or business. 

The applicant may have knowledge of Thailand or other emerging markets, bur other 
backgrounds will be considered. The key requirements arc commonsensc, numeracy, 
knowledge of basic accounting and economics and an ability to communicate ideas. 

Please write, enclosing your CV, to: 

Christopher Rowe, DBS Securities UK Lid., 

70 Cannon Street, London EC4N 6AE oftM* 

or telephone him on 071 329 8797. tit DBS SECURITIES 









VI 


WRITER: MARKETING & PR 

CSC Index, the international management consultancy that pioneered Business Reengineering, 
JJ* a reputation Tor innovation, crealMty and an unconventional approach to proWem-soWng. 
c wni ike to add some equally exceptional writing and press relations skills to otir marketing 


Based in central London, the succcsaful candidate will work closely with the marketing 
communications manager to help promote the firm and its services in Kuropc. Primary 
responsibilities will include writing ankles and cade studies for the company’s publications and 
for outside journals; creating brochures, mailshots, and other marketing materials; and liaising 
with the press. 

The ideal candidate will have: 

* Senior level experience in business journalism, marketing and/or public relations. 

* KxcdJcnt writing skills and the ability to turn complex concepts into prose that 
senior business executives will find compelling. 

* 'llie ability to work independently and proactively. 


* Well-developed interpersonal and communications skills. 

■ A good degree, preferably in communications or journalism. 

* Fluency in German and French. 


Salary and benefits package arc highly competitive and include bonus, car, contributory pension 
and life assurance scheme, permanent health insurance and medical health insurance. 


Written applications, enclosing detailed CV, writing samples 
and any other relevant information, should be sent in the first 
instance to: Richard GaskeU al Chari well Search &. Selection l.td, W t f k W tk 
28 Mon imer Street, London WIN 7RA- Tel: 071-636-5444. 



Index 


International Economist - Bonds 

London 

Sorictc Generate Strauss Turnbull Securities (5GST) is the London securities arm of die Sod etc 
Generate group, and is a leading player in bonds, equities and derivatives. 

As part of die expansion of the Bond Division of SGST, we arc looking for an international 
economist to assist the Senior Imernarionai Economist in the analysis of the major international 
bond markets. 

The position requires a good understanding of macro-economics coupled with the ability to express 
ideas about market trends in a way that is readily accessible to both our customers and our dealing 
room. It is a vital part of the job to be able to write dearly and to meet deadlines. Previous knowledge 
of the bond markets would be useful but is by no means essential. 

Academic requirements for the position arc a good first degree in economies ard preferably also a 
Masters degree. The successful candidate is likely to be in his/her mid twenties with two to three 
years experience in either the public or private sector. A competitive salary package will be offered. 

Applications, enclosing a CV and details of current salary package, should be addressed to: 
Dr Brian Hilliard, Senior International Economist, Societc General c Strauss Turnbull Securities, 
Exchange House, Primrose Street, Broadgarc, London EC2 A 2DD. 



SOCIETE GENE RALE STRAUSS TURNBULL SECURITIES LTO 


SodetiGenerde Scrams Turnbull Seamliet I it a member of the SeomaesanJ Fuatrts Authority, 
ibt London Stock Exchange and International Seaoitta Market AssocUlion 



LE FONDS DE 
D^VELOPPEMENT SOCIAL 
DU CONSE1L DE L’EUROPE, 

INSTITUTION FlNANCltRE 
I NTERGOUVERNEM ENTALE 
REGROUPANT 22 PAYS MEMBRES 

recherche 

2 cadres 
haut niveau 


POUR REN FORCER 
SON SlEGE A PARIS 
BIUNGUE FRANCA I S-ANG LAIS 
NATIONAUTE EUROPfiENNE 


■ TRESORIER FRONT-OFFICE 

35 ans ou plus, vous avez das rssponsabiktds dans la 
Direction das Marches Imsmabonaux dune banque ou dans la 
Dvaefan da la Trtsorerie Devises (Tune organisation ou dune 
entreprise muHnatkmale et avez line experience tfivetsiMe 
des marches Snanders akisi qi/une borne oonnaissance dea 
pnxkJts d6rtv6s. Homme do dialogue, vous fetes recomu pour 
voire fiabffltd et la sflrett de voire jugemenL 
Venez rejoindre noire Direction Flnandhre qul gfere une 
trteorerie en devises de plusieura mfflisfds d*Ecus et des 
emissions A court leme sur le maichd des Euro-otoBgations 
et oontribuer acthrement & ('Assets LiabStias Management 
(ALM) de H restitution. (r6f. 542/11=) 

■ SPECIALISTE BACK-OFFICE 
(TRESORERIE) 

Ag6 de 36 ana ou plus, formation stq&ieure, vous awz une 
maflrfse cffversifi6o des operations de marches (devises, 
oblfgataire, produita derives) et avez une experience 
minimale de aapl ans de la gasfon du back -office d'une 
sails de marches ou d’une trdsorarte de groupe Intamatfonal 
el de son Informatisation. Rigours ux et resistant, on vous 
reconran exes tort organteategr et anknaieur tffequtpe. 
Venez partidper au renfarcement el A la gestkm du systems 
de traftement et de contrite des operations de trisorarie. 
(rtf. 542/S BO) 

■ Les deux postes reinvent du stalut de Fonctionnaire 
WemafionsL 

Mend cfadrasser votre dossier da canddaure (CV + remune- 
ration actuate + n" de tMphone) an prtdsant sur renvetoppe 
la rif. du posts choisi h COMMUNIQUE - 5(V54 rue de Sflly 
92513 BOULOGNE BILLANCOURT Cedex - FRANCE. 


Presenter! Correspondents 




Lunchtime Business Programme 

News and Current Affairs Is looking for three presenter /correspondents for its new 
lunchtime business programme to launch In September. Applicants will need extensive 
knowledge of at least one of the following subjects: 

Business and Industry 

Pittance, Markets and the inner workings of the City 

Personal Finance and Consumer Affairs 

They will already be working as journalists or similar in these fields, but not necessarily 
in broadcasting. 

We want people with a well-worked contacts book and a desire to transfer their 
experience to network television. 

The daily programme will report all these subjects In their broadest sense from all over 
Britain. The programme will also report on new technology and Its business implication. 

These posts will be offered on a fixed-term contract basis. 

Experience is likely to merit a salary package in excess of £40,000 p-a. Based London 

For further information contact the Editor, Paul Gibbs c/o Bsutnes* BreaJtfhst, Room 
7095, Television Centre, Wood Lane, London WJ2 7KJ. Tel: 081 574 7232 

For an application form send a postcard (quote ref. 15259/F) by May 19th to 
BBC Recruitment Services, PO Box 7000, London W12 7ZY. Tel: 081-749 7000 
Mini co in 081-762 6161. 

Applications would be particularly welcome from suitably experienced women, people 
from ethnic minorities and people with disabilities who are currently under-represented at 
this level in News and Current A nair a. 

Application forms to be returned by May 23rd. 

WOHK2NG FOB BQUAUTT OF OPPORTUNITY 


MERIDIAN ~ — 1 


STOCKBROKERS 

ECONOMIST 


Private ■ Independent 

£25,000 + Package 


(Est- 1944) 

Top inti investment bank based in London is 


London • Torquay • Bristol 

recruiting a graduate to work alongside a 


Require SFA Registered 

renowned Economist. You will need at least one 


Representatives with quality 

year's experience ideally with an investment 



house or government body. 


Remuneration highly negotiable. 

Please call Alex Sheffield 


In confidence, please write to: 

on 071 255 1555 


Personnel Officer, Clifton 

(24 Museum Street 


Stockbrokers Ltd, 

London WC1A 1JT) 


S Parkhfil Road, Torquay, 

V* RECRUITMENT CONSULTANTS 


Devon TQ12AN 


Investment Analysts 


US Equities 
Age 23-28 


Our client, a major Brirish stockbroker, has a number 
□f vacancies for investment analysts CO join rfaeir 
expanding North American department. One will 
have specialist knowledge of the energy sector. 

The firm plays a major role in raising equity and long- 
term debt finance for British and overseas companies, 
including US corporations- It has a significant and 
expanding international business and has a snhsamial 
commitment to equity research. 

Candidates will naturally be folly conversant with the 
US investment scene and will be well equipped to 
represent the firm at meetings in North America. 

Aged 23-28, they will have a high standard of 
education and a good degree. They arc likely now to 
be woridng with a major investment institution. 'I "his 
could be cither a bank or an insurance company. 
However, candidates from other relevant 
backgrounds, including accountancy, will be 
considered. This is a career opportunity and calls for 
confident, presentable, highly numerate individuals 
with first-class communication skills. 

Please apply to: Jock Courts, Career Plan LuL, 

33 John’s Mews, Loudon, WC1N 2NS. 

Teh 071-242 5775. Fax: 071-831 7623. 


Caseer 



1 Personnel Consultants ■ 


Noges Bank the Central Bank of Norway, b an executive and advisory body 
for moneaty, aeeBt and foreign exchange policy, and has a key role In the 
courtly's payments system. 

Translator 

Information Department 

Norges Bank (the Central Bank of Nomay) has two full- 
time positions for translators working from Norwegian Into 
English. The translators' duties primarily entail translation of 
economic tesas, essentially relating to monetary, credit and 
foreign exchange conditions. They also work closely with 
the central bank's printing department during production of 
the bank’s English-language publications. 

■ 

Norges Bank seeks a translator to nil one of the positions 
which becomes vacant on I June this year. Applicants 
should have English as their mother tongue, proven know- 
ledge of economics and translating experience in this field. 

■ 

The ideal candidate will be service-minded. well- 
organised and have highly developed Interpersonal skills. 

■ 

Interested applicants can contact Uv Kleliand, Head of 
Information on +47 22 3 1 6 274, or Peter Thomas, 
Translation Manager on +47 22 3 1 6 282 for further details, 
or send a fax to +47 22 3 1 6 410. 

■ 

Applications with a full CV should reach Norges Bank, 

P.O, Box 1 1 79 Sentrum, 0107 Oslo, Norway, 
by 25 May 1994. 

<$NB$> NORGES BANK 


Investment 

Analyst 

Continental European Equities 

Our client, one of the UK's leading investment 
management organisations, has a requirement for an 
investment analyst lo assist in the research and 
selection of stocks for its substantial Continental 
European equity portfolios. 

The company, which is City based, invites applications 
from graduates cither currently working in investment 
research or from those with around I year's experience 
in other areas of financial services who are keen to 
move into investment management. Candidates must 
possess we 1 1 -developed analytical and communication 
skills, be highly numerate and have a team-minded 
approach. 

The company offers a competitive salary and benefits 
package and excellent future career development 
opportunities. To apply, please write in confidence to: 


I MR Recruitment Consultants, 

1 Northumberland Avenue, 
Trafalgar Square, London 
WC2N 5BW. (tel: 07L-872 5447) 

INVESTMENT MANAGEMENT RESOURCES 




Ord Minnett 


Ord Minnett, an affiliate of the Jardine Fleming Group, 
is one of Australia’s consistently top-ranked investment 
banks. 

We are seeking an equity analyst to join our London 
based international mining team in the role of: 

BASE METAL MINING ANALYST 

The applicant will assist the team in providing a global 
perspective on international resource.eompanies. Ideally, 
the applicant should have solid investment experience in 
the Australian, European or North American mining 
sectors. 

This position offers the right candidate an outstanding 
career opportunity. 

Please send your CV and supporting details to: 

Mr David Garrard, Managing Director 
Ord Minnett Limited, 1 College Hill, London EC4R 2RA 


Q 

LU 

H 

Z 

< 


FINANCIAL TIM IS I-RIDAY MAV IJ 19* 

INVESTMENT 
CAREER OPPORTUNITIES 
IN SCOTLAND 

THE COMPANY 

worldwide with a branch network throughout the UK. 

* .a UK's leadinq financial institutions, we arc a major fund 
ewnage/inour ownhght with rwer £7bn ol fun* under from 

Perth. 

THE JOB - Fwnd Manager / S«ifor Ana | ys* ■* Equities 

« nua i itv individual aged mid 20s to mid 30s with at leasts ye« 

S 

Associate members of the HMR or equivalents. 

THE BENEFITS 

The company offers a first class benefits package 

crerfbrmance related pay, subsidised mortgage, profit sharing scheme. 

and assistance with relocation expenses where 

built Head Office further provides excellent working facilities 
including an extensive sports complex. 

Please apply in writing with full Curriculum Vitae by 27th May to: 

Doreen Fell 

GA Investment Management Services Ltd. 

General Accident 

Pitheavlis, Perth, Scotland PH2 0NH 


General Accident 


Compliance Executive 

Competitive Package London 

listings is a global investment banking group combining the merchant 
banking business of Daring Brothers and the international securities business of 
Daring Securities. 

To further the development of our compliance department, we wish to 
recruit a compliance executive. Reporting to the Head of Compliance, this role 
will provide an opportunity m work as part of a team with responsibility for all 
aspects of rhe investment banking business. 

The successful candidate will have a gtxxl working knowledge of the SPA 
rules, in particular those involving client money and conduct of business. 
Knowledge of the Yellow Book and the TAKK-OVER CODE would be an added 
advantage. Self-motivation and excellent communication skills are essential for 
this rule. 

Candidates should he of graduate calibre (possibly with a professional 
qualification) with at least two years’ compliance experience gained with either 
a regulator or a banking or securities house. % 

Interested applicants should send a full CV including current 
salary details to: Ms Narinder Gill, Personnel Department, Barings 
Securities Limited, l America Square, London EC3N 2LT. 



BARINGS 


/ 


DEPUTY GENERAL MANAGER 


\ 


£ EXCELLENT PACKAGE 


BARROW-IN-FURNESS 

CUMBRIA 


The Furness Building Society is seeking to appoint a Deputy General 
Manager 

This is an exceptional opportunity to Join, at executive level, a 
progressive organisation with assets exceeding £330 million. 

The position entails direct Involvement In every aspect of managing a 
traditional, independent building society with an extensive regional 
presence in Cumbria and the North West. 

The successful applicant will have appropriate professional 
qualifications and experience. Recce forward full personal and career 
details. Including current remuneration, in confidence to: 

Mr. JW Wood. 

General Manager. 

Furness Building Society, 

51-55 Duke Street 
Barrow-in-Furness. 

Cumbria 
LA14 1RT 




® FURNESS 

BUILDING SOCIETY 


UK FIXED INTEREST RESEARCH 


AMP Asset Management is a major City-based fond management operation, with £18 biHion in 
funds under management invested across all major international markets. We ate part of the 
worldwide group of the Australian Mutual Provident Society. We are currently seeking to 
recruit a bond specialist to join our UK Fixed Interest team and participate in our conutv- 
uing success in marketing products m this area. You would have responsibility in three areas: 

• e n h a n ci n g the dedai cm- making process through economic and bond modelling 

• researching world-wide bond markets for innovative fixed interest products 

• producing “value-added" analysis for clients 

You will have 3* least two years experience of fixed interest uuukecs, a degree in 
mathematics, statistics or a related discipline, strong PC skills and be able to comwunkarc 
well both orally and in writing. You will probably be aged between 25 and 30. In return wc 
offer a competitive remuneration package. 

Please apply in writing with your CV to Caroline Quinn, Jj-Jl 

Personnel Officer, AMP Asset Management pic, 

55 Mooigatc, London EC2R 6PA. ASSET maNaGbmSNT 




FT/LES ECHOS 

The FT can help you teach additional business readers in France. Our link with the French business 
newspaper, Lcs Echos, gives you a unique recruitment advertising opportunity to capitalise on the FTs 
European readership and to further target the French business world.For information on rates and 
further details please telephone: 

Philip Wrigfoy on 
071 873 3351 











* COt Ia ^ 


■ 

-'•- . 


*“r^.. 


zks. 


*? i i \ 


« 

A 

Si. 


MANAGE* 

*.*ikV* 



FINANCIAL TIMES FRIDAY MAY 13 1994 


VII 


Our goal to to 


become the best 


financial services 


company In the 
world. Wa beRove 


Careers in Investment 
Fund Administration 

Attractive salary + banking benefits • International Financial Services Centre Dublin 

The Chase Manhattan Corporation, with 


fivs corporate 


values -customer 


focus, respect for 


over $100 billion In astets. Is a global financial 
Knrices company accessing: all the important world 
markets for clients as riwy raise capital invest, move 
and nonage their financial assets. 

Chase Manhattan Bank (Ireland) pic, a wholly 
owned subsidiary, has an csabliahod unit operating In 
the Dublin International Financial Services Centre. 

L ^ ** opportunide* at all level* within the 

crgsaiisiion, for people who widi to return to Dublin 
a career in of&hore funds services. 

Investment Fund 
Accounting 

*® inciudc *« regular praduedon of 

1 ’-)n and financial statsaerua on our 

iios. 

Cfase the provider u w ffl have a good foundation 

investment Instruments and income, 
of chofeo, the ITj ; *es. Experience in tbc process of 

records and positions with die 

Investment of 


choice and the 


fcaaBJEamfflmsag. 



Global Custody Client 
Service Administration 

Responsibilities will indude the delivery of a quality 
custodian service to our clients, ensuring chat 
sademena. portfolio services and enquiry resolution 
are provided to the highest Icveb. 

To qualify, you will have a knowledge of kusmackmal 
Mcurfrie* settlement, combined with experience m a 
global custody environment with regular client 
co n t a ct 

A competitive compensation package will apply 
including subsidised mortgage, non- contributory 
pension and health insurance. 

Please send detailed curriculum vitae, including 
present salary, in confidence to: Human Resources 
Manager, Chase Manhattan Bank (Ireland) pic, La 
Touche House, International Financial Services 
Centre, Custom House Docks, Dublin t. Faac 010- 
3 53- 1-670 0879. Closing date: 25 May 1994. 

CHASE MANHATTAN . 
PROFIT FROM THE EXPERIENCE.*** 


o 

CHASE 


Fund Manager 

Attractive salary + car + benefits 


W I CARR (FAR EAST) LTD 

THAILAND EQUITY SAI.ES 

W I Carr, a leading international stockbroking house specialising in Asian 
Equities, is looking for a motivated individual to join its well-regarded Thailand 
institutional sales deck to be based in Singapore: 

❖ Opportunity to cover other emerging markets 

* Covering clients in Singapore and overseas 

♦ Willingness to travel reasonably often to maintain knowledge of 
markets and stay in touch with client base. 

The candidate should have at least two. years’ exposure to Thailand, either in 
sales, research or fund management. This position requires an in-depth 
knowledge of Thailand listed companies and the economy. Remuneration will 
be attractive ami competitive. Knowledge of other emerging markets would be 
an added advantage. 

Please send your CVto: VVHARR 

Mary Spanner, Personnel DepL, 

W I CARR (Far East) London 
122 LeadenhaU Street, London, EC3V 4QH 



M urray Johnstone Limited is one 
of Scotland’s leading investment 
management groups, currently 
managing assets of around £5 billion. Our 
wide range of products include Investment 
Trusts, Unit Trusts, Pension Funds, Venture 
Capital and Private Clients. 

We are now seeking someone expert- 
enced in European company analysis 
and/or portfolio management to join our 
European department. Reporting to a 
Director, you will be joining 
a small, but veiy experienced 
team, and you will have 
significant portfolio respon- 
sibilities from the outset. 

The role will also include 
client and new business 


( MURRAY 
\ J 0 H NS TONE 



presentations, involvement in, and contributing 
to, strategic matters. 

Educated to degree level or equivalent, 
ideally aged 28 to 32, you will also be 
professionally qualified; proficiency in one 
or two European languages would be 
advantageous. In return, we offer a very 
competitive salary, together with the benefits 
you would associate with a successful 
financial services company. 

Please reply in confidence, giving brief 
but comprehensive details 
to Chris Jackson, Director - 
Corporate Services, Murray 
Johnstone Limited, 7 West 
Nile Street, Glasgow G1 2PX. 


A member of iMRO. 


MARKETING TO THE MIDDLE EAST 
fttfmttflgial CroagBorder Finance 

• Our tfient Is a leading foberriadoiiiil' Ibanic' wfiich has shown considerable success In 
building up Croea Border Finance aotMtlea worldwide. The Bank Is taking a uniquely, 
creative approach to successfully finance key European exporters dealing with countries all 
over the world thereby minimizing Its country risk exposure. 

The e xp a n di n g Cross Border Finance Division. seeks to recruit an experienced Commercial 
Banker as an Assistant Vice President/Vice President Relationship Manager for the Arab 
speaking countries. 

The Ideal candidate, preferably with Arabic mother tongue, has Ideally grown up In a multi- 
cultural environment and should have a strong analytical background In order to evaluate 
financial risks with strong e mph asis on. credit and trade fin a ncin g. 

In partnership with other members of the multinational team he shall be responsible for 
st ru c turin g Cross Border Finance transactions, acquisition of new commercial transactions 
including consulting and financial engineering. 

At least three to five years directly relevant experience la required. 

The Ideal candidate wffl be totally la m inar with the business culture of the Arab speaking 
countries and musfbe prepared to be located In Continental Europe. 

The remuneration package will be adequate to attract Che right candidate and Shah include 
an attractive bonus scheme. 

If you have these skills and expertise required and are motivated by the inherent cha ll e n ges 
to work in a multinational team, please can Btrgtt Wilde at MRT on (0048) 61 72/18 02 28 
(Germany) or send full career details quoting reference to Birgit Wilde at 

MRVPo attach 10 06, 61289 Bad Hamburg v.d-Hflhe, Germany 

IWRI 


QUANTITATIVE ANALYST 

PosTel Investment Management Limited is the investment manager for the British Telecom 
and Post Office Staff Superannuation Schemes with assets under management in excess of 
£26 billion .. . 

We are seeking to appoint an 'analyst to our Economics and Strategy team to apply 
quantitative methods to strategic fold tactical asset allocation, to portfolio selection and 
maintenance and to. risk management in general. Working with a Senior Quant the 
successful candidate will also be involved in developing new quantitative approaches to 
portfolio management and will assist in advising both active and passive equity managers. 


Applicants should be graduates Svith appropriate qualifications in finance, including modem 
portfolio theory and statistics Good written communication and interoeraonal skills are 
essential. Work experience of 2-3 years in an investment management I 


A competitive salary Is offered plus bonus, and benefits including mortgage subsidy. Please 
apply in writing with full details, personal and career, toi 


POSTEL 


Sheena Gibson, Personnel Manager 
PosTel Investment Management Limited 
S tendon House 
21 Mansell Street 
Inn Ann FI 8AA 




SALES EXECUTIVES - 

Financial Marketing Investor Relations 

Subslantral pockoge r benefits London Based 


.Tedufoaetrics is a global provider of customised information to the 
corporate and fiitudtl markets. Our clients include household mates 
worldwide who rely on our research to reach Utcir target audiences. 

As Our markets expand, we aim U) recruit additional sales professionals to 
cover foe UK, France, Germany sad South Africa. Successful candidates 
wiU be degree educated, entrepreneurial in spirit, goal orientated and 
computer literate, Ftoenl French or mother tongue German will bo a pre- 
requisite for two of lbs positions. A minimum of three ye am business to 
btttmeu marketing experience would be a distinct advantage. 

Cudideftt win be expected to travel frequently to fodr mufata, and the 
work wiU focus on: 

♦ New business devetopment at senior executive level 

Account management to maximise customer satisfaction and 
ptofitab3iiy. 

You will need foe ability to anticipate client needs within corporate nrwsuw 


Within our yctu\g and dynamic fw , we valde individual initiative tod 
strong communications skills Which we consider kay to our condoned 
success. 

Pteue send your Carrtcntom Vfcae to: 

Mi. Clare ScaUoo,Tedmintttric», 1st, 

84 Newman Street, London W1P3LD 

TECHNIMETRtCS, INC 

A KMGHT-RIDDER COMPANY 


YOU CAN ADVERTISE 
YOUR SKILLS IN THE 
FINANCIAL TIMES 
RECRUITMENT PAGES 
FROM AS LITTLE AS 
£90+ VAT 


Looking for 
a Career 
Change? 


For further details please 

CONTACT 

Philip Wrjgleyon 

Tel: 071-873 3351 Fax: 

071-8734331 OR BY 
Wfflima TO HIM AT FrnMCUL 
7«f£S, Recwutmew 
Advertising, Numser One 
Southwark Bridge, 
London SE19HL 


EDITOR/COMMUNICA3IONS AE 

Marketing Conmnmeations consultancy, based near Frankfurt Airport 
and serving dleats throughout Europe, requires an experienced editor or 
communications aocotmt executive. 

English mother tongue is mandatory. Excellent writing capability is a 
prerequisite, In addition to fluency in one or two additional lan g ua g es 
(German, French or Spanish). 


■ Analysing complex client issues (technical or business) 

• Structuring communications objectives and priorities coherently 

■ Advising management and obtaining consensus on strategy 

• Devising cost-effective communications programs 

• Implementing agreed actions within budgets and dawflines. 

PC literacy is required (wood processing, DTP, spread sheets). 

Clients served are in the consumer durables, capital goods, industrial 
components and service sectors. 

If you are 25 to 30 and can imagine being part of a small professional 
team working in unconventional premises (water mill), please mail or 
fax your CV and picture to: 

CARAPETYAN & KRAMER 

INTERNATIONAL MARKETING COMMUNICATIONS 

P.O.Box 10 22 28 
D-63268 Dreieidi bei Frankfurt 
Fax (49) 6103 - 65465 


— THE RANKOFNEWTORK — 

Ann niRNT ad ministration 

The Bank of New York, the leading securities processing bank in the United States, 
is seeking to recruit an individual for a position in the Depositary Receipt 
(ADR/GDR) client support team in London. We have over 120 corporate ADR 
clients in the UK, Europe and Africa. The additional team member will take 
responsibility for European clients and together with New York based Client 
Administrators, will be the first point of contact with ADR/GDR clients in our time 
zone. 

Educated to 'A* level and/or Degree standard, your experience should include a 
minimum of three years in a Financial Institution with exposure to securities 
settlement systems, familiarity with international capital markets and experience in 
dealing with clients. You should also be self-motivated and a confident 
communicator. Particular attention will be given to candidates possessing European 
language skills (German preferred). 

Competitive salary and benefits package offered. Written applications ONLY please, 
including full CV to: Maria Gigli, Personnel Officer, The Bank of New York, 
46 Berkeley Street, London W1X 6AA. 


BUSINESS MANAGER LONDON fit MOSCOW 

Wo are a young and aggressive trading company operating in North America. 
Eirope. the Far EOat, and -the “CIS Countries*. We urgently require a dynamic and 
nwoureefti Business Manager to be based fii the London office, and to develop the 
business of the Company generally, and. In particular, m Russia and North 
America 

The Appfcontwfl need tt> demonstrate s fluency In Engflsh and Russian. Proton 
woili experience wtih c j ot np anto s based In the 03 'a a must Apptican te should 
abo msMsfh a sound knowiedgo of and experience fr* oompraera and IT. 

The Ideal age wM be lata twenties to early UiirtJefl. The applicants must be 
motivated, a sett-starter, and able to travel. An MBA, or an equivalent degree 
hokler la preferred. The remuneration package wfll bo generous but depend upon 
age and experience. 

Please apply to Box A202S, The Financial Times, 

One Southwark Bridge, London SE1 BHl. 


Portfolio Management 

Do you enjoy client contact and managing your 
own department, but hate the train journey? 

Leading East Anglian Solicitors require experienced 40+ person to run new 
portfolio management division and ancillary financial services. 

Please write to Box A2022, financial Times, 

One Southwark Bridge, London SE1 9HL 



Within Philips Finan 
Exchange Management group, "as 
department, is responsible for hedging, short term 
activities and cash management for the 
Units all over Europe. As such, the gnj 
player in the international financial 
lenges include minimising the groups finau 
caking advantage of market opportunities. 

To optimize performance in this exhilarating international 
environment* the group is actively seeking a highly qq 
team worker to join as 

JUNIOR DEALER 

1!btir function 

As pan of the team effort to raise the financial awareness 
of the entire Philips organization you will deal with 
and advise the treasurers of the various International 




I lllllll I lllllllllllllllllll 














vm 


FINANCIAL TIMES FRIDAY MAY 13 1994 


ACCOUNTANCY COLUMN 

A conservative view from the north side 

Andrew Jack suggests Coopers & Ly brand’s new chairman will seek organic rather than radical change 


T WO expensive artfc-roofecl, high- 
technology structures stand 
feeing each, other in central 
London. Both sit on the River 
T fenras , on opposite banks. Both span 
railway tracks. The similarities do not 
end there. 

On the south side is the temporary 
terminal Cor the long-postponed Chan- 
nel T unn el, trial runs of which began t 
this month. 

On the north side Lb Embankment 
Place, British headquarters of Coo- 
pers & Lybrand, the UK's largest 
accountancy firm, which acquired 
a new boss at the start of this 
month. 

Judging by the views of Mr Peter 
Smith, Coopers' newly-appointed 
chairman, bis organisation is as likely 
to be subject to lengthy delays with- 
out change as is its neighbour. 

Sitting last week in his office over- 
looking the Thames and reflecting on 
his first few days, Mr Smith lists 
themes fa miliar to his firm and those 
of his competitors, rather than provid- . 
ing any hint of radical change in the 
coming months. “You wont suddenly 
have people here with pink-spotted 
ties," he says. 

Smith was elected late last year to a 
five-year term (which he hopes will he 
renewed) in Coopers’ first contested 
battle for the top job in the firm. Hie 
joined in 1967 after gaining a degree 
in economics from Southampton Uni- 
versity, became a partner in 1975 and s 
rose to become head of the Loudon 
office in 1989. 

He is politically active, holding sev- 
eral-jobs with the Beaconsfield Con- 
stituency Conservative Association 


and is lead partner for the firm's work 
as auditor and adviser to Conserva- 
tive Central Office. 

Internally, he puts forward three 
objectives for Coopers during his time 
in office: being the best; remaining a 
full service firm rather than concen- 
trating on niches; and bringing 
together multi-disciplinary teams 
organised around business sectors so 
that “ft is tiie client who is supreme”. 

He says he will not have been 
judged to have done bis job unless the 
firm expands at a grater pace than 
the forecast rate of growth in the UK 
economy of 2 to 3 pear cent a year. Hie 
also alms to “grow profits". 

Smith’s approach sounds very simi- 
lar to that of many of his rivals. The 
question is whether he can achieve It 
better in an enormous, and some say 
unwieldy, organisation of 700 part- 
ners, which last year reported fee 
income down 4J2 per cent to £553m. 

The stronger international net- 
works are epitomised by Arthur 
Andersen’s single worldwide organi- 
sation, and echoed in recent restruct- 
urings by Price Waterhouse and Ernst 
& Young. The “industry-facing” 
groups have already been most promi- 
nently adopted by KPMG Peat Mar- 
wick. 

There are some dferinflirfahing char- 
acteristics. Smith suggests that Coo- 
pers will have “priority markets" 
where it believes there will be great- 
est growth, incl uding telecoms, insur- 
ance, retailing and the regulated 
industries. 

He also hi g hli g hts (like the Ander- 
sen organisation) what he calls 
“human resource advisory services”, 


providing actuarial and personal tax 
advice, and other management ser- 
vices redated to the installation of new 
systems and corporate restructuring. 

“There was a period when there 
was an element of jumping on the 
bandwagon - that if you don't do this 
you may lose your position,” be says. 
“Now we are looking for growth in 
key markets. The 1990s is going to be 
distinctly different” 

The success of Coopers' strategy 
will partly depend an Smith him self, 
who highlighted the results of a per 
so nali ty test he had taken in a mani- 
festo circulated to his partners during 
his election contest last year. 

T he test classified him as “intro- 
verted sensing with t h i n ki n g", 
characterised among other 
things as: “Serious, quiet, mat- 
ter-of-fact, logical, realistic and 
dependable. Main* up their own minds 
as to what should be acc omp li she d 
and work toward it steadily regard- 
less of protests and distractions''. 

In the manifesto, which he 
described as a “Maoist style self-criti- 
cism”. he said he had worked to 
improve his listening skills since the 
test, but warned that he could be 
“tough and derisive when the need 
arises". 

Smith argues that there will be 
growing differentiation between the 
large accountancy firms, as they grav- 
itate into markets where the competi- 
tion comes from non-accountants. 
This will make fee income tables com- 
paring the firms meaningless. 

“The old measuring points are 
beginning to be a bit redundant They 


are a bit of a pig's break&st at the 
moment I don't see that it makes 
sense to aggregate high level intellec- 
tually-based consultancy services 
with hangers of people r unning com- 
puters," he says. 

Internally, he is fostering more 
work to develop nan-financial indica- 
tors to assess performance. “Financial 
numbers have become totems. I am 
anxious to avoid the feeling that peo- 
ple are driven by the need to sell 
services. Otherwise they get very 
close to being double-glazing sales- 
men." 

One transformation he emphasises 
is the growing dominance of technol- 
ogy within Coopers. “The service 
firms poured millions of pounds into 
technology but it's very unclear 
whether they gained advantage in 
internal management. The secretarial 
resource level is as it was.” 

He says Coopers has signed agree- 
ments for the development of custom- 
ised software to support its work in 
areas such as fay anil auditing. He 
wants to see all working papers put 
on computer. 

Smith sees no r etur n to the “profli- 
gate” 1980s when people were col- 
lected by the firms, but he expects 
recruitment of students more closely 
tied to the firm's objectives to begin 
rising gently again, coupled with a 
commitment to greater training. 

Organisationally, he says there are 
no plans for a rfiange in the number 
of offices around the UK, but he pre- 
dicts that each will become less a 
fiefdom in its own right with most 
services provided regionally. 

On two of the firm’s more notorious 


episodes in recent years, Smith is 
defensive. Last mouth Coopers was 
Issued with writs by the administra- 
tors to Maxwell Communication Cor- 
poration in connection with its 
audits of the company for 1987 
and 1989. 

"We have done our reviews. We are 
content with the work that was 
done." he says. "The joint monitoring 
unit {the audit regulators] has 
reviewed certain parts of our business 
and concluded that nothing requires 
rectification. They probably found the 
odd thing but have not cast any doubt 
on our underlying procedures. I have 
no problem with the quality of the 
Coopers audit." 

Two Coopers partners were also 
reprimanded by their professional 
body for accepting the administration 
of Polly Peck International when the 
firm was already working for the com- 
pany and Mr Asil Nadir, its farmer 
chairman. 

“Our conflict Of interest procedures 
at the time of the merger [with 
Deloitte Haskins & Sells] didn’t give 
us the information that was neces- 
sary,” he says. “We are in compliance 
to the full now. I don’t think it 
impinges in any way on the firm's 
integ rity. " 

Thai leaves Smith with two more 
public ramp at g reg Tho first Is his sup- 
port for the big firm’s call to limit 
their liability in audit negligence law- 
suits. The second is his desire to 
restore judgment to a profession 
being driven by an increasing number 
of rules, notably in accounting stan- 
dards - two issues that will be wel- 
comed by his accounting competitors. 


National Medical Research Charity, based m 
Horsham, West Sussex requires an experienced. 

FINANCIAL 
CONTROLLER 
/SECRETARY • 

with the following skills 

* Qualified to at least ACA/CIMA 

* Experience in directing an accounts 
department 

* Strong financial manager able to participate \ 
in strategy and planning, with charity ^ 
experience desirable, but not essential 

* Development of IT and MIS, with 

oversee the implementation of our new 
accounts package and its interface with *: 

existing fundraising systems 

* Company secretarial - or commitment to 
learn 

* Communication skills, unquestioned 
honesty and integrity are essential attributes 

* Excellent benefits offered 

Please write for detailed Job Specification, 
sending copies of your CV and other relevant 
details to: 


Metal Coe, Head of Personnel, 
Action Research, 

North Parade, Horsham, 


West Sussex, 
RHJL2 2DP 


ACTION 

RESEARCH 


i 



Central London 

Regarded as one of the most blue chip UK pic's, 
our client is undergoing a period of exciting 
strategic international development in response 
to the challenges within its traditional markets. 

A need has arisen to replace the Group Planning 
Manager Mowing the promotion of the previous 
incumbent into line management. 

This is a fundamentally important position, 
central to group decision making. Through 
the management and development of a highly 
qualified team you will be responsible for 4 key 
areas: management reporting and business 
analysis for foe Board; technic al management of 
corporate finance in foe context of such issues as 
investment analysis, capital structuring and 
gearing; working with the divisions in the analysis 
of mergers and acquisitions proposals; and co- 
ordinating group planning hand in hand with the 
strategy team. 

An exceptional individual is required to satisfy 
both foe immediate demands of foe position and 


To £65,000 + Car 

longer term succession pfenning expectations. 

You will be able to demonstrate your intellectual 
ability through an outstanding academic 
background including a post graduate professional 
accountancy qualification. This is not an "ivory 
tower” head office role and as such you will 
require experience of operational commercial 
decision making in addition to a high degree of 
proficiency in technical corporate financial issues. 
This experience will have been gained in fast 
moving, progressive international environments. 

Aged in your early to mid thirties, you will see 
this position as an opportunity to pull together 
the management skills, personal presence and 
technical ability that you have developed to date, 
whilst also maintaining your fast track career 
progression. 

Interested applicants please send a M resumd to 
Tim Musgrave, Ref 22/1710 at Morgan & Banks Pic, 
Brettenham Biouse. Lancaster Place, London 
WC2E 7EN or if your prefer, call on 071 240 1040. 



c£32,000 
-r Car 
4- Benefits 

SURREY 


O 

/■ 


O 


FINANCIAL ANALYST 


A world class leader in telecommunications, our client is now undergoing substantial expansion. 
The Mobile Telecommunications division (turnover £150m) provides services and solutions to foe 
main public operators. 

As a result of continued growth a need has arisen for a highly commercial and credible qualified 
accountant, who can assimilate information quickly and make an immediate impact on the 
business. 

Working closely with the business sectors the successful candidate will be mainly responsible for 
fin an cial and business analyses of their diverse activities and will be expected to contribute to the 
future development of the business. 

To be considered for this outstanding opportunity you will be a graduate with at least three years 
post qualification experience gained within a fast changing nrrnimpmigl environment. 
(Telecommunications experience would be an advantage but is not essential.) 

If you feel that you have the drive and commitment to assume responsibility for 
this immensely challenging and rewarding role please contact VIv Blake on 
071-387 5400 (day) 0273 832096 (eve), alternatively write to him at 
Financial Selection Services, Drayton House, Gordon Street, London 
WC1H 0AN, or fax your CV on 071-388 0857. se,.ec™Ss£v.c«,s 



FINANCIAL CONTROLLER 


M4Cbrritior 


Y 




£33-€3S,000 + 




•The parent company isra dynami 
acauisHh^^bbstev^Lat quoted pic titthe 
' electronkssectoifwfthaworldwidespaiiof 
operations.. ^ .': T 

• The company te to appoint ^ ..... 

financial controller f©r two dhriSfelteWwRHf' 
total tumoverof fit OOM and wfttf* 

subsidiaries In the UK, the USAj 

East 

•The rote wffl Include review of monthly 
forecasts, cash flow management, ; ... ■ 
participation in regular performance 

reviews ofthe operating companies, 

technical input and support, 

together wito involvement in 
sbategic planning, and acquisitions . 
analysis and absorption. •...*;••• 

•The focus win be primarily on • 




'coirunera^ Input. ^tenaret^tSm.anid'. ■■ 
guidance In order to maxbiseftiandd 

perfonriance artdtp«oo3urAge the growth of | 

this group ot companies. • ••. ?> *.v. 

• Personal tr^tswDY Reflect determination Y 

and decisiveness balanced by the^bllHy to ■" 
achieve results through influence, persuasion - I 
and logic rather toan direct authority ' 

• You will be a gradijuate qualify <m • 

preferably wtth an MBA.anctrfa*** 

International ! •*. 

• and/or French n 

Pteasesubmfr^ 

^ 


quoting ref: 12! 



Director of Finance 


c.£40,000 + Benefits London 

The British Diabetic Association leads funding and research into diabetes care in foe UK. Outstanding 
opportunity for an able finance professional interested in moving into the Charity sector. 

THE ASSOCIATION 

♦ Major UK charity - £10 million income, 140,000 
members. 

♦ Committed to improving efficiency and delivering first 
dass support to members. 

♦ Over £15 mBEan is spent on scientific and dSnical research. 

THE POSITION 

♦ Broad financial role advising management board on 
financial performance and s tr a teg y. Report to Director 
General. 

♦ Developing strong relationships with directors, senior 
managers and trustees. 

Please send full cv, stating salary, ref Nl 727, to MBS, 54 Jermyn Street, London SW1Y 6 LX 


NB SELECTION LTD 
a BNBRcourccipk comp any 




LONDON 071 491*392 
Aberdeen QZZ4 08080 • Birmingham 021 233 4456 
Bnnol 0272 291 142 • Edtnbu^i Q}| 229 22» 
Glasgow 041 204 4334 ■ Leeds 0532 453830 
Manchester 0625 539953 • Sough 0753 >19227 






♦ Responsibility for Finance Division, including 
accounts, investment policy, personnel, information 
technology, membership and supplies departments. 

QUALIFICATIONS 

♦ Broad ranging financial management background. 
Likely to be a qualified accountant with at least 5 years 
commercial experience. 

♦ Strong interpersonal and communication skills. 
Effective influencer at senior management tevdL 
Commercially orientated with energy and drive. 
Empathy with voluntary sector. 



London up to £50,000 + benefits 


louche 
Boss 
_ O 


Touche Ross arc seeking to build their team 
providing financial management consultancy to 
leading industrial, commercial and public sector 
organisations. 

Successful applicants will be highly motivated, able 
accountants either newly qualified with high 
potential or experienced at middle to senior 
management level in a blue chip environment. 

You will need to have an excellent academic 
background and the resilience to work in a 
demanding environment. You should have the 
ability to define problems rigorously and produce 


innovative yet commercially sound solutions. 
Slnoc you will be working dosely with our clients, 
including major multi-nationals , you should also 
have excellent communication skills and the 
presence to persuade and impress. 

The opportunities and rewards arc outstanding 
Tor the right candidates within an open meritocracy. 
Please send a comprehensive CV, quoting 
reference 3393 to: Stuart Rosen, Touche 
Row Consultancy Recruitment, Friary 
Court, 65 Crutchod Friars, London 
EC3N 2NP. 



ttrabn 


Management Consultants 




KEY INPUT INTO OPERATIONAL 
AND BUSINESS DEVELOPMENT 

Finance Director 


n on-financial pe rf or m ance. 

r aodnegotiating with internal and 
. ... _ jftrro (customers. banks, shareholders, 

> ■, r - ' -- v 

'. ^hhaftQepu^itdf, the^&itu^ function. 

* Td^iirin^tixjfr right" experience and 
crefSttlity fo.titis-ecsitiaftr^fiSi ttdt be a qualified 
b qt (ynfi kay Inf bounder S&ycars old), who 
- -background hi 

' 'flttenclat'aiid miffigomerit. accounting, has 

■ ^stw^^HyTtianageil, dewdosed-and enhanced a 
. ..bighwolunte ff5h§|8tori 

■ Diie to the ma ti^ jiife^relatlonships Involved, 
.you will.: heed^hv- -possess a positive and 
. con^lmctive- peraonality. have strong influencing 

skills and be able to lead and motivate during a 
period of change. 

Individuals who feel they ran rise to the challenge of thisposition should send their CV together with 

, MSA, ACMA at FMS, S Bream's Buildings, Chancery 


Our client, a driving force in its sector, plays a 
pivotal role in the entertainment industry. 

As part of organisational changes to^ilfipravjpy 
operational efficiency and decisiOTf-aKakiJhg^itls. - 
seefcing to appoint a finance. " 

management team. ,f‘„ t “ .-*!-■* • -3* 5 . 

The successful candidate; wdi repoftVto'irlti 
Managing Dl re ctt^at^^OTro^e ,lh «£ fininCe jtw 

the role will be on v ■' ^ 

• Development and «rihanc«m43ff ofito fjlgtf 
volume transaction system and Its interface *#!? 
external parties. - r _ 

• Improvement of internal and IhunrKI 

reporting. 

• Development and management of an internal 
audit function with focus on measurement of 


a note of current salary to Shirley Knight; BA, 
Lane, Loudon EC4A 1DY. 


A MEMBER OF THE PSD GROUP 





FINANCIAL TIMES FRIDAY MAY 13 1994 


IX 




b ymr accounting talent and 
professfonaGsm such that you coaid 
contribute &gnfScanttjr to a new world 
class Interna) AudS fraction? 

■ Are you a highly Independent md sett 
lefiantmMduof? 

■ Are you highly analytical with a keen 
sense of focus? 

■ Hawyouanexce^ionalabityror 
bi&fing posttve relationships? 

I Can you convince others where you 
stand on major Issues and matters of 
principle? 

■ Do you taka control and mate it happen 
to the highest standards of quafiy and 
exactness? 

■ Are you highly adaptable, thriving on 
opportunities to experience new and 
different situations? 


International Auditing 


Operating in over 70 cmnlries around the globe. An 
annua} Croup turnover in cxtfss of £5 billion. A philosophy 
based on recruiting, Jevpfopj'ng and maintaining the bed 
talent available throughout the otganisalion. GLAXO is not 
only q household panto, but is an international organisation 
with an unparalleled reputation for quality and innovation. 

Standards of excellence prrvuil across all our business 
operations and we are constantly reviewing practices, 
procedures and systems to ensure optimum levels of 
effectiveness. As such, we are forming a new International 
Auditing function - a dedicated department with a truly 
worldwide perspective, 


AUDIT MANAGERS - 8 years post qualification 
international auditing and operational experience will have 
been gpined from within a mix of commercial and professional 
environments. I'ou should time comprehensive technical and 
IT knowledge, and have developed a high degree of sensitivity 
to international cultures. Now. you are ready fora rote where 
you con contribute to the strategic direction of the team, whilst 
still retaining your ora portfolio of more imofad operating 
company audits, which will require significant travel. 


Ensuring auditing eflJrienry through the Optimum 
allocation and management of resources, you will consistently 
enhance practices and processes recommending and foUawing 
through key changes. 


Readily able to uni: on your own initiative, highly sdj 
motivated and ttsadous. you «3I be sensitive to foal needs 
whilst ensuring yam ohyxfiyes are met. These arc key mbs 
and offer outstanding prospects far those trho s»ct to excel 
within jut international emironnietiL 
Ar aS posts, ACA or equivalent quahfiatim is cssothd. 
Proficiency in at least one addRiond ntamoSoml iagnage s 


7hg tannnen rt M H packages reflect the importance placed on 
these lay rotes. In adtHtinn, we can offer first dm carter 
openings into one of the world’s hugest pharmaceutical 


oesirabfC- these posoons are oasea m uraaon, ntmvm 
amiftiates mad he prepared to undertake significant worldwide 
tnrrd often spattBne brig periods away from home. 


Now we require exceptional talent to fill these 
exceptional rains. Professionals whose International 
Auditing experience will ensure (he success of this key 
department Wc an? looking for auditors who understand 
international cultural differences, can tune into local needs, 
are committed to 'best practice' and who will add value to 
the operating companies' management process. 


AlUITORS - At leant two years post qualification, 
experience may have been gained firm within the profusion or 
atiamtindy within a commercial emiromnent. Either way, 
youmhx&ingforan oftsmisotfen that recognises initiative 
and rewards achievmenL As one of our highly mobile 
International Auditors; you will travel extensively throughout 
the GkaU) organisation, reviewing systems to add value to the 
management process. 


you recapuse these as the most dxdksrging openings in 
International Auditing currently avaHahte, respond now by 
catling Tina Spang at the Varsity Recruitment Centre on 
6932828528. 

Hour 121hH3thh6thll7th May. BJOaa - 7.00pm. 

Saturday Uth May lOJXJam - 100pm. 
.\ilemativeofiketuujs:9JXtcm-5^)fBjL 
dosing date: 70th May 1994. 



SENIOR FINANCIAL ANALYST 


BERKSHIRE 


& EXCELLENT 


This £800m quoted pic is headquartered in the Thames Valley 

with operations comprising over 160 companies, spanning 

almost -it) countries worldwide. The company excels in the 

manufacture and supply of specialist industrial materials. As a 
•» 

result of internal promotion, a position has arisen within the 
Group Financial Planning team. 

The Senior Financial Analyst win be responsible for a wide 
variety of high profile activities, Raising at the most senior levels 
within the group. Specifically the work will be project based 
encompassing the following: 


■ Acquisition work: valuation, due diligence and liaising with 
external advisors 

• Financial operational support to a Divisional Chairman; 
ranging from reviewing worldwide divisional budgets, 
investigation of operational or financial problems, to 
developing models and/or projections to assist with 
commercial decision making. 

Ad-hoc tasks could include analysis of funding options and 
capital structures, and working capital studies. 

The successful candidate will be a technically strong 


ROBERT WALTERS ASSOCIATES 


graduate ACA with first rate academic results. Two to four years 
post-qualification experience will have been gained in 
either a pkmning/analytical or operational review type role in 
commerce, or alternatively corporate finance in public practice. 
An element of international travel will be involved. 

Interested individuals who feel their experience matches 
our requirements should forward a detailed CV stating 
current salary package to Andrea Black at Robert Walters 
Associates, 42 Thames Street. Windsor, Berkshire, SL4 I PR. 
Fax (0753) 678908. 


CONSOLIDATION ACCOUNTANT 
Paris 

A major international manufacturing group, lu mover £3 
billion, a leader in its field, with operations in Europe. 
Africa, North America and Asia, is seeking an accountant 
to join the consolidation team at its Paris headquarters. 

As a senior member of a team of four, bc/shc will be 
involved in the preparation of quarterly and year-end 
consolidations, and will participate in the development of 
financial and accounting procedures for the group, and 
other financial projects. Working closely with controllers 
at branch and subsidiary level. Iherc will be a requirement 
for short periods of travel. 

Candidates, aged between 26-28, should be qualified 
accountants and have strong consolidation experience 
acquired with one of the major audit firms. Although the 
working language is English, fluency in another language 
is much appreciated in this truly international group, 
which offers excellent career opportunities. 

Please write to executive search consultants: 

Nichollas Angcil Limited 
29 Percy Street 
London W1P 9FF 



a question of 
balance 


COMPLIANCE 


So it will be a central feature of your job to balance satisfactorily 
the industry's regulatory and legislative requirements with the 
company's commercial interests. 

You will have at least 5 years’ experience of managing and 
developing a specialist ream. Reporting to the Board, you will be 
required to provide Leadership aiul dear direction to a team of 
eight to ensure that die compliance standards arc maintained at 
the highest levels. 

You will be a lawyer or accountant with internal audit and/or life 
assurance experience, and will also l lave excellent planning and 
communication skills. 

MANAGER 


In just two years Windsor life’s managed assets have increased 
front £>150 million to over JL 1 billion and today we're' building a 
reputation as one of the most successful and progressive forces in 
the life assurance industry. 

The protection of the company’s position in law and the 

mnTintiiin nf ife rt*nnrarinn 


Windsor 

LIFE ASSURANCE 


promotion of its reputation 
in the marketplace are 
fundamental to our continued 
success. 


We offer a benefits package which folly reflects the imporupoc of 
rhe position and includes attractive relocation terms- • ^ ■ 

•Vj* /• f 

Most of all, our dramatic and sustained grow tk means exeefiqsu 
high profile career prospects for a high calffi^tpccialist 

Hot an informal discussion please telephone. Che? ■ • A 
Kd larder at Riley Advertising on 021-702 22+1. ... # , - ’ fjf £'/■"' 

.• '■.'V V - • • 

Alternatively send a comprehensive CV to PUfttf ; Ol&rieau^ 
Human Resources Manager. Witufaor Ufc Alrtifancc’O). 

Windsor House. Tdfbrel Centre, Telford, TF3 .«... 

..x •;* _ 


FINANCIAL DIRECTOR 

SOUTH YORKSHIRE c£37,000 + CAR + BONUS 

+ OTHER BENEFITS 

THE COMPANY 

- Profitable manufacturer of high quality branded products 

- Turnover in excess of £14m into international markets 

- Part of major international group with strong reputation for financial controls 

THE ROUE 

- To assist the MD in Improving profitability and controlling capital employed, 
with board involvement in commercial policy 

- Responsible for statutory accounting, management information and MIS 


THE PERSON 

- Qualified accountant, aged over 33 with manufacturing experience and 
familiar with sophisticated reporting systems 

- Proven hands on style, man manager and team player 

- Good inter personal skills, commitment and commercial acumen 

- Excellent career prospects within this UK based group 

Please write enclosing foil curriculum vitae quoting ref: 135 to: 

Nigel Hopkins FCA, London House. 53-54 Haymarket, London SW1Y 4RP 
Tel: 071 339 4572 Fax: 071 925 2336 


N 

I 

G 

E 

L 


H 

o 

p 

K 

I 

N 

S 


& 


A 

s 

s 

O 

c 

1 

A 

T 

E 

s 



— 

FINANCIAL & 

fREASURY 

SELECTION — 





Moscow 


To $100,000 
Tax 

Efficient 

Plus 

substantial 

benefits 


Chief Financial Officer 

The Company 

This world dass organisation has demonstrated enterprise and endeavour above that of its 
most challenging competitors. By using a unique management style they have harnessed 
local manpower and resources to produce a thriving trading environment that continues to 
grow in profitability and size. The Moscow operation of 160 staff is a key element of their 
global operations. The strategic importance' of this office, related domestic companies and 
the ever increasing transaction levels has lead to the creation of this role. 

The Role 

Working within a matrix management structure, you will combine management 
responsibility and accountability at the most senior levels within the group. Western style 
financial management systems have already been initiated. You will direct the financial and 
administrative policy onto its next phase of develojsment. This will indude adding new 
dimensions to the accounting and control of foreign and local currency trading activities. 
Beyond this challenging position further senior management prospects exist throughout the 
group. 

The Person 

You will have a recognised accounting qualification alongside a minimum of five years 
experience in financial management and accounting systems. Your comprehensive technical 
knowledge and financial acumen win be supported by strong leadership skills and the ability 
to persuade, influence and direct the line management of the company dear thinking and 
confidence in your own ability are absolute pre-requisites. Strong preference will be given to 
candidates with experience of working in Central and Eastern Europe and those with Russian 
language ability 

Please send a full resume with covering letter to the address/fax below quoting reference 
FT2170. Ail applications will be treated in strictest confidence. 





Antal International' 

Executive Recruitment 

Riverbank House • Putney Bridge Approach • London SW6 3JD 
Tel: +44 (0) 71 371 9191 • Fax: +44 (0) 71 731 8160 (24 hrs) 



An Exceptional 
Opportunity in 
Operational Review 

Global 

Entertainment 

Group 

c. £ 4 b, 000 + Cut 


L 



Our client, .i leading international entertainment and media 
organisation, is a household name and is synonymous with it's 
chirsen sector. A dynamic management team coupled with 
innovative marketing strategies has been effective in producing 
accelerated organic/acquisitive growth, leading to substantial 
business opportunities globally. The company culture is both 
competitive and highly entrepreneurial. 

Recent internal promotion has generated the need to augment the 
management team with the appointment o( a Manager - London 
Office. Reporting to the Vice President of this high profile function 
and managing a team of qualified accountants, the person will 
immediately assume responsibility for the overall approach to. and 
organisation of review activities on an international basis. The aim 
is to initiate change to improve operational effectiveness and 
profitability. Specifically, this will incorporate the management and 
cu-ordination uf organisational review programmes, operational 
reviews of business units, and extensive ad hoc projects including 
post acquisition reviews. Extensive liaison with subsidiary 
Managing and Finance Directors is envisaged. 

This opportunity will appeal to a qualified accountant (aged 28-33) 
with an outstanding record of achievement to date, either within 
a commercial environment or *Big6' public practice firm. The ability 
to liaise at the must senior levels of management is an absolute 
prerequisite, os is the desire to develop a career in a challenging 
and changing environment . 

Hie benefits include an attractive remuneration package together 
with fully expensed car and the potential to progress rapidlv to a 
senior line role within the group. 

Interested applicants should write in Strict Confidence to Brian 
Hamill or David Craig, forwarding a brief resume to Walker 
HamiU at 29-30 Kingly Street, London WlR 5LB, quoting; ref; 
BH1006. 

WALKER HAMILL 

Executive Selection 

29-30 Kingly Street Tel: 071 287 6285 

London WlR 5LB Fax: 071 287 6270 







FINANCIAL TIMES FRIDAY MAY 13 1994 


£1 00,000 package 
+ benefits 


Diversified Retail and 
Services Group 


North West 


Chief Financial Officer 


Successful £600m+ Croup with a portfolio of both retail and service businesses throughout the 
Midlands and North West seeks an outstanding finance professional to provide focus and control. 
Reaf opportunity to contribute to the commercial success of an established, profitable business. 


I 


THE ROLE 

■ Reporting to the Chief Executive. Key member 
of the executive team. Responsible for the 
financial management and performance of the 
Group. 


Providing tight and effective financial 
guidelines to each subsidiary division. Close 
involvement in IX property and strategic 
management. 


Manage a broad range of external advisors. 
Establish close and effective relationships with 
senior operating managers. 


THE QUALIFICATIONS 

■ Qualified accountant, late 30s - late 40s, with a 
distinguished record of financial management 
in a decentralised commercial group. Previous 
retail and IT experience advantageous. 

■ Strong technical accounting skills, having 
introduced and managed effective financial 
controls in a variety of different environments 
and cultures. Able to bring analytical rigour 
and commercial insight to wide-ranging 
operational and business issues. 

■ Mature and determined with excellent 
managerial, interpersonal and communication 
skills. 


LeedA 0532 307774 
London 071 493 1235 
[(Chester 061 499 1700 

•set. 




S e 1 ecu > r Euro pc 

spencer Mu.trt 




rs 

nK^^fincLiinc 

To £45,000 + 
excellent benefits 

r r—rtres i 1 — ■ ■ ■ ■ > — !■" — 

ka 

PARTNtKonIPb 

North of 
England ’< 



Chief Accountant 


■ 


English Partnerships brings together English estates. City Grant and Derelict Land Grant, to create one single 
Integrated agency Jot the regeneration of land and property throughout England. Launched in April 1994 with 
inirint funding of £250ai, it has six regions with a central support function to stimulate Investm ent and create jobs 
through reclamation of unused land or buddings and promotion of subsequent development opportunities. A new 
appointment, with professional development opportunities, to bead-up the central accounting team in this 

powerful new organisation. 


THE ROLE 

■ Reporting to the Finance & Administration Director; 
responsible for the development and management or 
the central accounting function with an expenditure 
programme of c. £250 m. 

■ Produce accurate and effective financial and 
management accounts and ensure compliance with 
government guidelines and best accounting practice, 
working closely with DoE and external advisors to 
maximise value for money. 

■ Review financial reporting processes and play a 
proactive role in financial appraisal, cashflow 
management and taxation issues. Develop the central 
accounting team to meet future requirements. 


THE QUALIFICATIONS 

■ Must be a qualified Chartered Accountant with ten 
years' professional experience. Ideally In both the 
private and public sectors. 


A proven track record of financial and management 
accounting In substantial businesses, used to dealing 
with complex contractual Issues conforming to UK and 
EU standards. 


An enthusiastic and energetic Individual committed to 
producing timely and effective financial reporting. Abie 
to lead the central team and liaise with government 
departments and joint venture partners. 


Leeds 0532 307774 
London 071 493 1238 
Manchester 06 I 499 1700 


Selector Euro pe 


•VmmkfB ik 

(dKWtmKMnuiOHT, 


Spencer Stuart 


iftufcimtouistar 








HEAD OF 
ACCOUNTANCY 
& FINANCIAL 
SERVICES 


salary c.£50,000 


London or 
Cheshire 


The Employment Department Group is a major 
government organisation, with more than 60,000 staff 
working in the Department of Employment, the Employment 
Service, the Health and Safety Executive and the Advisory, 
Conciliation and Arbitration Service. Its overall aim is to 
support economic growth by promoting a competitive, 
efficient and flexible labour market 

As part of a continuing drive to increase its 
professionalism, the Department is combining a number of 
exisiting responsibilities in a new post of Head of 
Accountancy and Financial Services reporting to its Director 
of Finance and Resource Management The post-holder will 
be responsible for advising senior management in the 
Department on all key accounting issues as well as for the line 
management of the Department’s Financial Services Branch 
comprising some 400 staff. 

The successful candidate must be a fully qualified 
accountant with membership of one of the six CCAB bodies, 
and a proven record of management and personal 
effectiveness, probably in a large, high transaction 
accounting environment within a major company or 
organisation. He or she will be technically up to date, have the 
experience and maturity to manage large scale organisations 
and systems and will have very good communication skills. 

This is an unusual and challenging opportunity for a 
permanent, senior-level appointment in a m^jor government 
department. The initial remuneration will be <£50,000, though 
more may be available for an exceptional candidate. The post 
will be located in central London, or possibly at Runcorn, 
Cheshire, where the majority of the staff are based. 

TTw Employment Department Group is an equal opportunity employer. 

Please apply, in confidence, to David Thompson, giving 
full career, personal and salary details, by the dosing 
date. May 25th. 


SxJ 


J MANAGEMENT RECRUITMENT 

AMES’S 53 Sk. ] amtA Street, London SWl A 1HU 
(071-493 1788) 

TJie Rtcnmem Daman of John Uojd 9 Rumen Lamed. Mowgracnf CmtJurm 


Coopers 
&Lybrand 


TfSTTr 


n w i ^ •• k 




One of the UK's leading firms of accountants and 
management consultants. Coopers & tybrand Is also 
a major provider of corporate finance services. Our 
large, dedicated team of high calibre professionals Is 
committed to making deals happen, and as demand 
for our services continues to Increase, we're looking 
ta add to our strength In our Birmingham and 
Nottingham offices. 


A chartered accourtef with at least 2 years' post- 
quaiiflcaflon experience, you will have an impressive 
background in accountancy, venture capital or Indus&y, plus 
excellent academic credentials. In addition, we wlHtook tor 
drive and inifiaftve, as you wU have every chance to make 
your trank In an area whksh has a high profile wthln our Arm. 


We also offer remuneration packages which tally reflect your 


We advise on me tall range at corporate finance activities, 
including management buy-auts/buy-ins, mergers & 
acquisitions, disposals, fund raising and flotations. 
Experience In one or more of these areas Is prtferred, but 
more importantly, you will have the commercial acumen, 
and exceptional interpersonal and negotiation skills to 
gain credibility wim our clients. 


personal and career development. Your nod move is to write 
to our advising consultant Aim Mills, ACA, at Shaw Mills 
GoHings, Premier House, at either 43/48 New Street, 
Birmingham B2 4LJ, or rtf 15 Wheeler Gate, Nottingham 
NGl 2NN, enclosing a tall c.v. r contact numbers and details 
of cunenf sdary. All applications will be iKvidled In the 
strictest confidence. 


Solutions 
for Business 


c. £85,000 package 


Financial Services 


London 



Demanding intellectual and managerial challenge for a /Zraf-c/ass professional in one of the VKs leading 
bank treasuries. The organisation has been a leader in the use of complex structured 
pi o neered a member of Innovativ e risk strategies for which it has gained significant market re cognition. 
Managing a hlghfy committed team of young accounting professionals in this very succes sful and fast- 
moving business group. Outstanding remit to lead significant change with good career prospects. 


THE ROLE 

■ Responsible to ite Treasury finance Director for 
statutory and monthly accounts. Spearheading 
technical and managerial initiatives in accounting 
policies and stamtoiy presentation Tor a team of 

c.30. 


Key role as a principal user in systems specification and 

imple men tation and provider of support tar the 
development of strategic business proposals. 
Solving complex treasury accounting problems with 
innovation and flair. 


Working closely with senior managers across the 
organisation. 


THE QUALIFICATIONS 

■ top-iUghL technically outstanding graduate ACA A 
proven track record leading a successful accounting 
team within a progressive, blue -chip UK or US 

investment bank. High quality experience of 
accounting for complex treasury instruments. 

m Disciplined business-oriented analyst and planner 

with strong record of building and leading a team 
through significant change. Well -developed systems 
skills essential US reporting experience desirable. 

■ Accomplished netwurter with positive personality 
and excellent communication and influencing skills. 
Ambitious to work with outstamfing professional 
leadership in a major development role. 


Leeds 0532 307774 
London 071 493 1234 
Manchester 061 499 1700 


Selector Euro pe 

jj Spencer Stuart 




North West 


Finance Director 

West £50-60,000 Package 


Our diene, part of a US Corporation, is a 
leading manufacturer of capital equipment 
with a focus on the world’s rubber and plastics 
indusmes.They seek to appoint a Finance 
Director for their autonomous UK subsidiary 
which serves customers throughout Europe, 
Africa and the Middle and Far East. 

Reporting to the European head office, you 
will assume full responsibility for the financial 
management of the operation. You will be an 
integral part of a small management team and 
will be expected to provide strong financial 

leadership and support. 

Candidates will be qualified accountants B 


who can demonstrate a strong costing/ 
management accounting background and a 
willingness to give support to operational 
management. A proactive approach with a 
high degree of personal presence and maturity 
will be essential in order to make a significant 
contribution to the future success of 
the business. 

Interested applicants should forward a 
comprehensive curriculum vitae to 
Mr Stephen K Banks, ACMA, Michael 
Page Finance, Clarendon House, 81 Mosley 
Street, Manchester M2 3LQ quoting 
3 reference 181897. 


Michael Page Finance 

Spcculna in financial Rccnilrment 
London Bristol Windsor St ABbon* Leaihcrhcnd Birmingham 
Nottingham Manchester Leeds Glasgow & Worldwide 


vqStryK 2-'*' «• ' r": ; 




• V- .r V' : 


Treasurer & Finance Manager 


London 


. 4 -*? 

c 

& 


Our client is one of the most successful ami rapidly-growing 
non-fiekl operators in the North Sea engaged in the 
exploration and production of both oil and gas. Over the 
but decode die company has trebled its reserves and is 
continuing to pursue its strategy for growth by looking for 
additional opportunities in other petroleum provinces. 

As a result of an internal promotion and succession- 
planning, we are seeking to recruit a high calibre individual 
to develop the Treasury Function. Reporting to the 
Finance Director, responsibilities will include: 

• Treasury and accounting systems development. 

• Advising senior management in all areas of the business 
on masury related issues. 

• Provision of short, medium and lunger term cash flow 
forecasting. 

• Investment of surplus funds and management of 
borrowings. 

• Liaison and development of strong working relationships 
with banks. 

Prospective candidates must be Qualified 
Accountants, aged 35-45, with a minimum of 
three years experience in Treasury Management. 


£40-45,000 + Car 

Experience of working in the CHI Industry would be 
preferred but is nut a pre-requisite. 

Applicants should be able to offer both a “hands-on" 
approach to the business and the intellectual ability to 
contribute to the strategic decision -making process. Equally 
important are strong communication skills combined with 
independence, maturity and commercial awareness. The 
company has an open and informal management style, where 
performance and contribution are recognised and rew.inJcd. 

Prospects are excellent as the successful candidate should 
be capable of assuming the position of Finance Director 
within the medium term. The remuneration package is 
negotiable and will not be an obstacle for the perfect 
candidate. 


Interested applicants should forward a comprehensive 
curriculum vitae (including salary derails and day-time 
telephone number) quoting Ref: 188832 to Gary Watson 
at Michael Page Finance, 39-41 Parker Street, London, 
WC2B 5LH. 


All applications will be treated in the strictest 
confidence. 


* 


Michael Page Finance 


Special i«j in financial Recruitment 
London Bristol W ind i nr Sc Alban, Ijoh * tl y aj Bir mingham 
Nottingham Mancheacer Leeds Gbagovr & Worldwide 




WMmmmmm 


GROf 
ACC CM 


P FINANCIAL 
UNTANT 


Our client is one of Britain's leading retailers with a turnover In excess of £8bn. The 
company is committed to meeting the needs of its customers through product Innovation 
and unrivalled quality of service, whilst also developing the talents of Its employees 
through sound management and training practices. 

The company Is currently seeking to recruit a high calibre Financial Accountant to head Its 
Croup Financial Accounting team. Reporting to the Director of Corporate Accounting, this 
strategic role will have a direct Impact on the financial planning of the Group and Its 
external profile within the market. In addition to the production of all Group financial 
statements, the jobholder will provide the Board with financial summaries of Group 
performance, undertake project-based financial analyses and be technical advisor to the 
Finance Director and his senior management team. 

The successful candidate will be a “Big 6* qualified Chartered Accountant with at least 3 
years’ post-qualification experience. He or she will have worked within the corporate 
accounting function of a ma|or pic and have excellent technical skills, together with 
experience of complex group structures. A high level of personal drive and the ability to 
deliver results are essential, coupled with well developed communication skills and 
commercial awareness. 


c£38,000 

+ Car 
+ Benefits 


Northern 

Home 

Counties 


Please apply directly to loan Coulter at Robert Half, Walter House, 418 The Strand, London 
WC2R OPT, Telephone 071-836 3345. Fax: 071-836 4942. 


ROBERT 
HALF 


FINANCIAL 

KKCRUITMENT 


flN 



r^sot m m 


Fl\ \M 


IE 


Head of 

Vernal Audit 


£3 5,0OO+, 

CAJ 






'“Son 









FINANCIAL TIMES FRIDAY MAY !3 1994 


XI 


SENI 

FINAi 


OR 

MCIAL ANALYST 


A dynamic division of the internationally successful Citibank. Diners club UK & Europe 
has exciting and ambitious plans. Its aim is to become the number one spokes-company 
in the UK travel and entertainment charge card market. To this end. it is launching a 
series of major product and sendee innovations throughout 1994. 

In order to support these initiatives and other business projects, the finance function 
requires 0 Senior Analyst for the UK planning and analysis team. 

You will play a key role in influencing business decisions, which Involves a significant 
amount of project work requiring liaison with various senior US and UK management, as 
well as customers. 

Responsibilities will be to analyse, interpret and report on the business performance of 
Diners Club UK, with particular emphasis on the credit division and treasury function. It is 
essential your personal qualities match the company's fast-moving commercial 
environment. This is a high profile challenging rale that will require good interpersonal 
skills, commercial vision and high energy. 

Candidates will be qualified Accountants aged late 20's to early 30's, with 3-5 years' 
post-qualified experience gained within a marketing-led, goal-orientated environment. 
Additionally, you will have a successful track record in analysis and planning. Ideally 
within a US-owfied organisation. 

Please apply, enclosing a foil CV. to Suzzane Wood at Robert Half. Princess Beatrice House, 
Victoria Street, Windsor. Berks SL1 I EH. Telephone: 0753 857777. Fax; 0753 84 1 1>76. 

As retained consultants, any CV’s submitted directly to our client will be forwarded to 
Robert Half. 


m 

Diners Club 
IntemationaT 

In excess of 

£ 30,000 

+ Banking 
benefits 


Farnborough 

Hants 




FINANCIAL 

RECRUITMENT 


HEAD OF TAXATION 

Highly Competitive Package 


The City 


Save & Prosper Group, part of the Flemings 
International Merchant Banking Group, is one of the 
UK’s leading providers of financial products including 
life assurance, pensions, high interest bank account*}, 
unit trusts and personal equity plans. 

With record profits and sales recorded in the last 
financial year the challenges for the future will be to 
capitalise and build upon our successes and 
commitment to quality against a backdrop of tough 
competition and increasing regulatory pressures. 

Minimising tax liability and proactive development of 
tax-efficient products are pivotal to our future 
investment growth plans in the U.K. and Europe. We are 
therefore seeking to appoint an individual of the highest 
calibre as Head of Taxation. 

Reporting directly to our Finance Director and with 
overall responsibility for the Group's taxation strategy 
the role will encompass all aspects of UK and European 
tax as it impacts on our business goals. In addition the 
successful candidate will make a significant contribution 
to product development and will have the capacity to 
impact the development of our business activities 


by combining a hands on yet influential approach with 
commercial awareness, lateral thinking and 
professional expertise. 

Candidates will typically have a degree and either 
n relevant professional qualification or Inland Revenue 
professional training nnd will be able to demonstrate the 
ability to bring a high level of both financial and 
commercial expertise to the organisation. These 
qualities will be combined with excellent 
communication and interpersonal skills and the 
maturity and integrity to operate at a senior 
management level. Financial services sector experience 
would be advantageous. 

Salary and benefits package is commensurate 
with the seniority of the position and your ability to 
influence and maximise business development 
opportunities. Candidates should write enclosing a 
detailed curriculum vitae with salary details to 
Keith Nicholson, Group Personnel Manager, 
Save & Prosper Group Ltd.. Sovereign House. 
16-22 Western Road, Romford, Essex, KM l 3 LB. 
Tel 0708 766966 




I! 

/>V. SAVE & 
PROSPER 


TYNESIDE Hl-TEC CAPITAL GOODS INDUSTRY c.£40K PEL’S BENEFITS 


FINANCIAL CONTROLLER 

(DIRECTOR DESIGNATE) 


We are a private company with all functions located at 
one site in die UK. We export over 90% of our product- 
and maintain sales and service operations in key 
markets. Turnover has doubled to £40 million since 1991 
and we expect to maintain this rate of growth. Our 
strategic aim is to reach 1999 acknowledged as a truly 
world class business, whilst continuing an enviable 
record of strong profitability. 

To strengthen the management team and help us 
achieve these demanding targets, we are seeking a 
Financial Controller who will dedicate him or herself to 
die business and be passionate about cash and profit 
improvement To be a success here you will need to be 
comfortable with a hands on and no nonsense approach, 
an open management style and lean organisational 
structures. 

Reporting to the Managing Director you will assume 
responsibility for maintaining and improving financial 
controls and developing an aggressive cost reduction 
team. Your role will not be confined however, and as a 


key member of an operating committee running the day 
to day affairs of the business you will be expected to 
help drive a programme of continuous improvement 
aimed at delighting our customers. 

You will need to demonstrate a high degree of technical 
competence and combine a strong commercial acumen 
with a sensitivity to customer requirements. 

In return we offer an excellent salary combined with a 
range of first class benefits and opportunities exist for 
career progression within our exceptionally exciting and 
dynamic environment 

Interested applicants should send a comprehensive 
CV and covering letter to: GC Gibbon, Human 
Resources Manager, Bon as Machine Company 
limited. Team Valley Trading Estate, Dukesway, 
Gateshead, Tyne and Wear NE11 0LF. 


I 


*2% 




INVUTO* IN none 


'lEK ^ ]' 


Head of 
Internal Audit 


£35,000+, 

CAR 


CUMBRIA 


VSEL needs little introduction. It is one of Britain's foremost engineering 
pics employing over 6,000 people and has a' turnover of £400m. 

This important career opportunity has arisen through the appointment of 
the present Head of Internal Audit to a senior financial management role within 
the group. It is a position which reports to the Group Finance Director with a 
functional responsibility to the Board Audit Committee. Emphasis will be on 
management audit with the role very much project orientated, and an 
immediate and significant contribution to enhancing management and financial 
controls will be sought. 

Applicants will be graduate accountants with extensive audit experience 
gained either in the profession or industry. They will see this as an opportunity 
to join a progressive and rapidly changing group with many career options. 

Fringe benefits are excellent and include a generous relocation package 
to this attractive part of the country. 

Please send a comprehensive CV to Howgate Sable & Partners, 
Arkwright House, Parsonage Gardens, Manchester M3 2LF. Tel: 061-839 2000, 
Fax: 061-839 0064, quoting ref. F.T.1003A. 


Howgate Sable 

SEARCH AND SELECTION: EXECUTIVES AND INDEPENDENT DIRECTORS 


Finance 

Manager 


c£25,000 

PLUS CAR 


KINGS LYNN 


CITB 

CITE is an cqml opportunities otganualiao 


The Construction Industry Training Board is a statutory body established by an 
Act of Parliament, to provide training to a standard commensurate with the present and 
future needs of the UK's construction industry. Now operating in its 30th year, the CiTB 
provides an extensive support service to construction companies for their employees. 

Applications are now invited for this new post within the Directorate of Finance 
and Information Systems. Reporting to the Assistant Director, Finance, the successful 
candidate will manage the recently created Finance Department of 50 staff which covers 
all financial and customer accounting functions, including a significant levy/grant 
operation. The immediate clrallenge will be to review the Department’s direction and 
Structure, whilst establishing operating procedures to BS5750 standards where necessary. 
In (he longer-term, the (ask will be lo establish service level agreements with clients' 
departments and .other customers, within a Total Quality Management environment. The 
Board is currently moving away from mainframe computers lo open systems and the 
suttesful candidate will have the opportunity to fully participate in the development of 
new business software. 

Applicants will be fully qualified, computer literate accountants, who can 
demonstrate an ability to manage change in all its aspects. Experience in the 
construction industry is of prime importance. Essential personal qualities include 
initiative, energy and enthusiasm, together with the ability to both lead the Department 
jnd motivate staff through a period of significant change. 

Please send a comprehensive CV to Howgate Sable & Partners, Arkwright House, 
Parsonage Gardens, Manchester M3 2LF. Tel: 061-839 2000, Fax: 061-839 0064, 
quoting ref. F.T.1002.K. 

Newgate Sable 

SEARCH AND SELECTION: EXECUTIVES AND INDEPENDENT DIRECTORS 



Price Waterhouse <1 

EXECUTIVE SEARCH & SELECTION 


Finance Manager 

£35,000 + Car + Benefits Bristol 


This leading Friendly Society has provided its national client 
base with Hfe, health and sickness insurance, together with a 
range of investment services, for over 125 years. The Society 
now manages property and equity investment assets in excess 
ofj£l00ra. 

The present Finance Manager has worked with the Society 
for many years and is nearing retirement. As a result, a Finance 
Manager is required to work alongside the incumbent, gradually 
taking on foil responsibility for the Society's financial afiairs. In 
the interim, the successful applicant will be responsible for 
enhancing the computerisation of accounting and for preparing 
the first formal documentation of the Society's procedures. 

A mature q ualified accountant, you are likel y to be working 


in a regulated financial services organisation, ideally with a 
friendly society, building society or insurance company. You will 
have managed a small team in a computerised environment, 
and you may have had involvement with investment related 
matters. You will be most comfortable working as part of a 
cram, cooperating rather than compering. Conscientious, 
accurate and methodical, you are used to working within 
defined policies and procedures. 

Interested applicants should write, with foil CV and 
remuneration details, quoting reference D/0048, to: 

Mark Hartshorn*, Executive Search & Selection, 

Price Waterhouse, 19 Cornwall Street, 

Birmingham B3 2DT. 




The company's badness Is global, with a very diverse range of activities In the US and tatemattonally. These include trading, 
food processing, transportation, commercial and financial operations. The European business Is large-scale and spans both 
Western and Central/Eastem European countries. 

THE APPOINTMENT 

■ Reports to the Controller Europe. 

■ Development of innovative tax strategies for Europe. 

■ Manage European tax compliance, and take leadership 
role in tax planning for operational units. 

■ Assess tax implications of investment opportunities. 

■ Tax advice to the rapidly growing financial trading 
operations. 

■ Liaison with US corporate tax counterparts. 


THE REQUIREMENTS 

■ Substantial experience In European corporate tax matters; 
understanding of financial trading markets. 

■ Accounting or legal background most probable, computer 
literacy desirable. 

■ Knowledge of US tax principles. 

■ Career experience gained within or advising to large 
multinational companies. 

■ Strong personality, but team player. 

■ Probable age range mid 30s to mid 40s. 


Please apply in writing with a full CV and salary details, quoting K/F Associates, Regent Arcade House. 252 Regent Street, 
reference 90500/D. to Donald Madeod. ' s ' - London W t R 5DA 



: x.xotec % * 


K/F ASSOCIATES 

Selection & Search 





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REUTERS ■ ■ REUTERS ■ ■ REUTERS ■ ■ REUTERS 

Project-driven roles with a worldwide 
brief for recently-qualified ACAs 

International 
Finance Executives 


Excellent package ■ London based 


With its advanced range of real-time systems, 

transactions and historical products, Reuters is the 

leading information provider to the world’s financial 
marketplaces. 

To meet the needs ot this rapidly expanding Group, we 
are looking for newly qualified ACAs to strengthen our 
high-profile finance teem and undertake a variety ot 
international project-based assignments. 

The work wffl be demandng but intellectually rewaning, 
with a wide brief to provide effective, relevant and timely 
advica to senior management on a dynamic range of 
Issues. Responsibffitfes wifi include the evaluation of 
new acquisitions as weB as monitoring the continued 
integrity of the Group’s internal control Infrastructure. 
These widely vis foie roles are acknowledged as 
excellent entry points for outstanding professionals 
looking for moves into other areas of the business 
either in the UK or overseas. 

Successful canddates are Bkefy to be ‘Big Six' trained 
with Impressive academic credentials and practical 



experience of working on large international cSents. 

An understanding of auditing in a computerised 
environment is essential, while involvement in special 
projects work would be an advantage. 

In addition, candidates will possess outstanding 
communication skills, strong personal motivation and 
demonstrable versatility and maturity. A readiness for 
considerable international travel is essential. 

The career prospects are outstanding and the package 
on offer includes six weeks’ holiday, health cover and 
an opportunity to participate In the Reuter SAYE Share 
Option Scheme. 

For further information please contact, in strict confidence, 
Robert Walker or Paul Ma reden on 071 -287 6285 
during office hours. Alternatively, forward a brief 
resunfo to Walker HamiH at 29-30 Kingty Street, 
London W1 R 5LB, quoting reference RW 1409. 

Any applications submitted directly to Reuters by 
third parties wil be forwarded to Walker Hamill. 
Reuters is an equal opportunities employer. 

WALKER HAMILL 

Executive Selection 


REUTERS ■ ■ REUTERS ■ ■ REUTERS ■ ■ REUTERS 


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FINANCIAL TIMES FRIDAY MAY 13 1994 


financial Controller 


Victoria Attractive Package 

Bn Pension Management Group Lid manages pension fund assets in excess of Ei2 billion on 
behalf of the Electricity Supply Pension Scheme, as well as often ng tell discretionary fund management to 
pension funds generally. 

You will be ne^nrtsftle » the Financial Director far the whole of the Group's accounting functions 
and far funds under management wWch are bdd in a scries of ‘unit trusts' for die Hectridtv Supply 
Pension Scheme. This win include management accounts, financial accounts, financial appraisals, 
taxation, treasury, maintenance of operating controls and introduction of IT systems. 

A professionally qualified accountant with experience at senior lewd, you should possess the 
management and interpersonal skills required to succeed within a fast-moving environment A major 
part of the work of the financial Controller over the next two years will be managing die impact of the 
Changes occurring in die Stock Market with the introduction of rolling 
Settlements and CREST. Probably aged 30-45, you are unlikely at present to 
be earning less diart £35,000 per annum. 

■f you bdieve that you have the necessary experience and drive and 
would like farther information, please contact Mr WJL Matthews, finance 
Director, on 071-917 9006. Alternatively, send your fan 0/ with details of 
present salary to him at 1 10 Buckingham Palace Road. London SVV 1 W 9SL 





% 

Anglian Water 




Merrill Lynch 


FIXED INCOME - PRODUCT. CONTROL 


CITY 


A EXCELLENT 


Merrill Lynch b a leading investment banlnflg»*d5ecttrixlcs firm with mesabGshedaixi slgnifkraitt prcsc^^ 

consistently held the number one position as the largest tad underwmer of ddx and equity securities wwfclwfcle. The fixed income business, principally Invoiced in Gwenuncttt 
Bonds, Eurobonds, OtC Options, RqxsandFututes.facunentlj'cJcperieticingaperiodQfnpklgnjvwh. AsarestiU, ammAcrofotreaandlngoppamailttefopcsiperieMtU 

professionals have arisen. 


FIXED INCOME CONTROLLER 

Supervising a team of product accountants you will be responsible for 

• All aspects of Fixed Income control, repotting and accounting 

• Providing extensive Raison with the Trading Desks and Support Functions 

• Further strengthening risk and financial controls through the continuous 
enhancement of systems and procedures 

• Demonstrating an ability to identify possible areas for improvement and 
increased efficiency. 

Applications for this position are invited from individuals with 5-5 years' 
Fixed income experience gained from within a leading financial institution. 
In addition you win be a qualified accountant. 


NEWLY/PAin^JUALEflED ACCOUNTANTS 

Working within an integtaicd team of prafessionab you win undertake the following 

re s pon s ibilities: 

• Profit and Loss Reporting 

• Risk Analysis 

• Marfc-co-Markct verification 

• Review of daily cost of carry 

• Systems enhancement and development 

For these positions, graduates possessing or cunentiy woridng towards the ACA. 
ACMA or ACCA qualification will be of interest. It b envisaged that you wiQ have a 
mtaanum of 1 years’ Hxcd Income experience sained cither from within the Mostly or, a 
*BigSx“ accountancy firm. 


Excellent communication and interpersonal skills arc a prerequisite for all positions. Furthermore, you win possess the energy and drive to progress rapidly. 
For a«nhitinn« , motivated individuals, excellent career prospects are available throughout the organisation. Remuneration will include a competitive basic salty, bonus 
scheme and benefits package. Interested candidates should call David Twiddle on 071-379 3333 (fox 071-919 8714) or write to him enclosing a detailed CV u 
Robert Walters Associates, 25 Bedford Street, London, WCZE9HP. 


ROBERT WALTERS ASSOCIATES 


Huntingdon 
c. £41 ,000 + car 


Anglian Water has a turnover in excess of £700m, serves over 5 million 
customers in the UK's fastest growing region, and Is rapkfty developing 
its portfolio of overseas businesses as profitable outlets for its expertise. 


Reporting to the Director of Financial Services, you will be responsible 
for tax management and planning throughout the Group. You wHI also 
ensure compliance with ail aspects of tax regulations and optimise 
financial benefits to the business in all tax lability areas. 


You should be a seasoned professional with around ten years’ 
experience of wide ranging tax comptiance/pianning. Evidence of 
strengths in Corporation Tax and VAT and dealing direct with regulatory 
authorities is essential. A professionally qualified accountant, you 
should be a member of one of the leading institutions within CCAB. 


Benefits are as expected of a major organisation and in adtfition to the 
quoted salary, bonus and car, include private medical cover, pension 
and life assurance and assistance with relocation if necessary. 



To apply please send your CV to our consult an t, 
Nefl Sampson, Senior Consultant, 
Austin Kitight (UK) Limited, 
Knightway House, 
20 Soho Square, London 
W1 A IDS quoting reference A459. 
Telephone: 071 4395743. 
Fax: 071 439 5744. 


FT/LES 


ECHOS 

The FT can help you 
reach additional 
business readers in 
France. Our link with 
the French business 
newspaper, Les 
Echos, gives you a 
unique recruitment 
advertising 
opportunity to 
capitalise on the FTs 
European readership 
and to further target 
the French business 
world.For information 
on rates and further 
details please 
telephone: 
Philip Wrigley on 
0718733351 


Finance Director 


South Vies t 


to £55,000, car, bonus, benefits 


Outstanding opportunity for commercial finance professional to make substantial impact on foe operating performance of a c£30m turnover 
multi-site profitable principal subsidiary of a highly regarded UK publicly quoted group, integral member of an executive team focused on 
maximising ongoing profitability in a competitive fat-moving consumer goods environment 


THE ROLE 


• Complete responsibility for finance and IT functions to ensure accurate, timely financial reporting and control, and efficient planning 
mechanisms to maximise business performance. * Lead, motivate and develop staff. Enhance production planning forecasting and modelling 
techniques. • Key member of management team with foil involvement in strategic directrai and general manager ent of business. • Develop 
new integrated manufacturing and costing systems. 


THE QUALIFICATIONS 


• Qualified Accountant Aged 33-40. Previous experience of manufacturing in a THue-Chip’ F14.CC environment • Excellent man-manager, 
communicator and team player. Persuasive and action-centred style that achieves results. • Proven bade record of successfully managing a 
major finance function through a period of growth and change. • Extensive awareness of systan s applications and their contribution to 
profitability within sophisticated high volume manufacturing business. 


Please reply in writing to BHM Search & Selection, 4th Floor, Emco House, 5/7 New York Road, Leeds LS2 7PL enclosing a full curriculum vitae 
and quoting Reference BHM 10077. Closing date for receipt of applications is 20th May 1994. Telephone 0532 467033. Facsimile 0532 433691. 


I H ! Ik 2 I 


SEARCH 


& 


SELECT 


O N 


~.Use your business management expertise, to define and meet the 


information needs of a major motor manufacturer... 


European Business 
Management Consultant 


Motor Industry 


c£38,000 p.a. + car 


Southern England 


Alison Associates, the leading prorider of Dealer 
Comport* information services, seeks a 
Mamjpment Consultant do develop the European 
Business Management function working on behalf 
of a major automotive manufacturer. 


The provision of a wide range of Business 
Management and associated support p r o g ra m mes 
eo the European Dealer Network b the primary 
role of this function. Dealer composite data 
collection has been an established and key part of 
our customer's franchise management process 
far some time. The European Business 
Management Consultant w3l be responsible for 
the continued development of the use, appficadon 
and effective communication of BM Information. 
This will involve a thorough understantfing of the 
value of Business Management data at strat e gic 
decision -making level and its relevance as a 
*S n PO* ®0 performance improvement actions 
and measurement on a European Scale. 


The successful person wtfl be able to 
demonstrate proven experience in Business 
Management with a volume motor vehicle 
franchise and may have had a period woridng with 
a volume motor dealer. A professional 
accountancy qualification Is preferred together 
with good PC skffls. The successful candidate 
muse possess excellent communication sSdUs. both 
written and spoken In English and In at least one 
other Europtsn language. 



The job is based In Southern England and has a 
sorting salary of c£38,Q0C pa and a company car. 

If you believe your BM experience is equal to this 
high proffle position write to: 

Brian Hodges 
Resource & Development 
Resource House 
8a High Street 
Epsom, Surrey KTI 9 SAD 


ALISON ASSOCIATES 


[appointments 

ADVERTISING 


appears in the UK 
edition every 
Wednesday & 
Thursday and in 
the International 
edition every 
Friday. 

For information 
on advertising in 
this section please 
call 


Gareth Jones 

on 

071 873 3779 


Andrew 

Skarzynski 

on 

071 873 4054 



Financial Controller 


City 


c£40,000 + car 


Our client is a small, high-profile, not-for- 
profit organisation with strong commercial 
and City links. Established In 1992, it provides 
a wide range of services for companies and 
individuals inducting conferences, seminars 
and publications. Its current revenues are 
around 

The Financial Controller will report to the 
Chief Executive and be a key member of the 
senior management team. The brief will be to 
develop a well-controlled finance function, 
producing timely management information 
and supporting the Board in its business 
planning. Key tasks will be to upgrade the 
systems, improve project costing and manage 
the cash Dow and treasury requirements. You 
will also act as Company Secretary and work 


closely with the Chief Executive on one-off 
projects. 


Candidates should be qualified accountants 
of graduate calibre, ideally in the 28-35 age 
range. They should have strong experience of 
reporting and control preferably gained 
within a service/retail business, and be 
comfortable in a small but fast-moving 
environment. We are seeking an energetic, 
flexible team-player with top-level credibility 
and the ability to introduce and manage 
change. 


To apply, please write with full CV and 
current salary package, quoting Ref: A54D81, 
to Paul Carvosso, MSL international Limited, 
32 Aybrook Street, London W1M 3JL. 


!L International 


Consultants in Search and Selection 


I 


Coopers 

&Lvbrand 


Executive 

Resourcing 



This successful £100m tndusfrW products mantfodurer Is 
planning a Stock Exchange listing Tn foe atiunvi of this year. 
The group has a reputation far quaffly produds and same 
60% offe sales are ovassas. 


There fs now a need for a fufl-tlmG Company Secretary to 
participate in the flotation process and to perform JhefuH 
range af Secretarial duties thereafter. These duties wRi include 
all statutory requirements, pensions, insurance, property, 
Hcenang and patent agreements, employment, and all legal 
matters generally. As indicated, there wifi be a significant 
International flavour as marry of foe business unite are 
located overseas. Acqidsftion experience would be useful. 


You will be a quofified Company Secretary or Sotidtor wllh a 
sound track record In foe rale of Company Secretary In a 
commercial group. Your communication skills should be 
excellent and you should have a commercial approach in 
advising the board on a wide range af matters. 


Please send lull personal and career detatts. 

Including current remuneration level and daytime telephone 
number. In confidence to John Etilott, Coopers & Lybrand 
Executive Resourcing Limited, 43 Temple Row, 

Birmingham B2 5JT quoting reference JE268 on both 
envelope and letter. 


Une occasion exceptionneUe de s’unir k la.compagnie qui est au 


premier rang du march& 

Financial Controller 


Worcester 


My client is the European HQ of a USA owned Group and Is 
the UK market leader In the manufacture of sophisticated, 
highly versatile m a ch inery for the agricultural and construction 
markets. 


Key to their strategy is an ambitious growth plan for mainland 
Europe and this baa resulted In the recent acquisition of a rpajor 
privately owned French company. 

To support this exciting venture the company now wishes to 
appoint a Financial Controller who win Integrate the French 
business into the Groups rigorous financial control and 
auditing regime. 

Broader than a pure accounting rote, the position demands a 
constant contribution to the general financial management of the 
French company and tbe establishment of systems and models 


£ Excellent Package 

for monthly performance reporting and statu to ly auditing. 

The successful candidate will be an ambitious, qualified 
accountant aged 30-40 with excellent biter-personal drills and a 
determination to succeed in a competitive, manufacturing 
environment. In addition. It la essential that the person la Quest' 
In both oral and written Reach and has an mdepth 
understanding of both French and UK accountancy practices 
and procedures. 

It is em phasise d that t*»i« is a growing company with an 
outstanding Future, and that every opportunity for advancement 
exists. 


interested applicants should send a fall CV and salary history 
quoting reference 99/21 to: Kevin Edge, tMbtrty. Matthew 
Murray House. 97 Water Lane. Leads. LS11 1 


Wetherby 


LONDON - BtRMMOHAM * LEEDS , 


ACCOUNTANT REQUIRED 
FOR PACKAGING COMPANY 

Practical hands-on approach, with knowledge of computer systems. Preferably 
a finals student of a recognised accountancy qualification. Applications with 

current CV and salary expectations to: 

Box A2019, Financial Times, One Southwark Bridge, London SE1 9HL 


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