Skip to main content

Full text of "Financial Times , 1994, UK, English"

See other formats




t v 




■=TL 


c 



V ;\ 









•:< i* j- 







tS! 



.Tha-d^r^frtiret'- 


I 

ejqddsi0i;^. - ' 



€emrtetliureat 

Dn^^oupsfl^i 

expmngpaterds 

RagS/t? 




r£f* 


toaitdeamB 

Usethephane ; . 
cut ihe travel - 

«i*a V\ 



"Mbrnse 


Hopmgfora 
second take-off 


FINANCIAL TIMES 


Europe's Business Mewscaoer 



oi-iAlHfi. 


UK and 


to 


resume talks on 
Hong Kong airport 

Britain and China saw their officials would m«» t 
on Friday to discuss the financing of Hong Song’s 
airport project - thB first such, meeting since 
August last year. 

The talks win mark another step towards normal- 
ising SmoUK discussions on Hong Kong’s futur e. 
Although, it is unhkelythe two sides wiQ be 
to announce a resolution to their two-year dispute 
about how to finance the airport, the UK govern- 
ment said it was hoping for an early agreement 
on the project Page 14 

Lloyd’s reports $3bn tos s es ; Lloyd’s, the 
London insurance market, reported a loss of £2_05tm 
($3.07bn) for its 1991 year of account, bringing 
cumulative losses since 1988 to more than £7bn. 
Page 14; Still shivering from US exposure. Page 8 

Eurotunnel bankers opti mis tic; Bankers 
to Eurotunnel, the Channel tunnel operator. «» M 
they were maki ng progress towards raising an 
extra £7 00 m (Si.oSbn) in loans for the company 
in time for the rights issue expected in about 
two weeks. Page IS 

North Korean nuclear inspection begins; 

The International Atomic Energy Agency will 
begin an inspection today of North Korean nuclear 
facilities that could prove to be a turning point 
in the dispute over Pyongyang’s nuclear pro- 
gramme. Page 14 

Franco plans to pull troops from Bosnia; 

France said it planned to withdraw more than 
2,000 of its troops assigned to the United Nations 
in ex-Yugoslavia by the end of this year, while 
still remaining the largest single provider of peace- 
keeping forces there. Page 2 

Hata totd to expect no-confidence vote - 





The likelihood of a change of Japanese government 
this summer increased when Yohel Konp (left). 


party, wattled prime mtaiste^ Tsutomu 
he must resign or face a no-confidence vote as 
soon as the budget for this year clears pa rliament 
- probably in mid-July. Page 4 

Hanson raises dMdemb Anglo-American 
conglomerate Hanson raised its quarterly dividend 
from 2.85p to 3p when announcing half year pre-tax 
profits of £683m (tLOSbn). up from £507m, buoyed 
by £333m,of cBsptinl profits. Page 15; Lex, Page 14 

Thai bitsnuittonpl ahsad 300%: Thai - 
International Airways reported a 300 per cent 
increase in half-year net profits to BtiL2Sbn (f882m) 
largely because of improved efficiency. Page 17 

Yemenis fight far control of key airbase: 

Fighting intensified in Yemen for control of the 
strategic southern airbase of al-Anad, 4Gkm north 
of Aden, with both sides claiming victory. 

Page 4 

Unctad says tariff cuts wtil hit third worid: 

Tariff cuts agreed in the Uruguay Round of global 
trade talks will erode the competitive advantage 
of developing countries, according to the United 
Nations Conference on Trade and Development 
Page 6 - 

Italy's privatisation plan moms ahead: 

Italy's new government is profiting ahead with 
the flotation timetable of Ina, the insurance insti- 
tute. Shares are due to be placed on the market 
at the end of June. Page 2 

Aflied-Lyons, UK-based drinks, food and retailing 
group, which is paying £740m (Sl.UbnJ for control 
of Spanish drinks producer Pedro Damecq, reported 
a 20 per cent rise in annual pretax profits to 
£606m. Page 15. Lex. Page 14 

Mferosoft unleashes Tiger: US personal 
computer software company Microsoft has pounced 
on the emerging market for computer systems 
used to deliver interactive television services 
with software codenamed Tiger. Page 15 

Two shot dosd In Ulster: Two Roman Catholic 
workmen were shot dead and another wounded 
in an attack at an old people’s home in Belfast. 

The Protestant Ulster Volunteer Force claimed 
responsibility. 


■ STOCK MARKET MDVCOS 


FT-SE100C 

vwa 


-31232 




(*7.9) 


fT-SEEuroWtflOO ~147&2f 

FT-SE-A AB-SJwe .1571.48 

NMttl 20,13183 

NnYMcftadAm 
Dow Jones Bxf Am — 388224 
S&P Composite 4416 

■ US LUHCK11MW RATES 


HK91) 

(flQ.74) 

W-11I 


Waal Funk 4*% 

3-mo Trees 8 ®k Ytd —1283% 

Lang Bond — ©ft 

m - 7429% 


3 -m kdttfaBtik J5&% (&&*) 

Lite tong gttfohre; ~Jhb (JwiffiA) 

■ NORTH SEA OH. |Ai»ri_ 


Bnrt15-flmWuU SOM 116-135) 

■ Oold 


HwYWKComw 
UMOR - 


__.J3815 

am 


(383.7) 


AuMi .9002 
Wiw .QM290 
BOOm BFfflS 
Btbw 1*000 
OffM CP.10 
Cash Bp C2K30 
OMHMl DKH6 
Eflff* . BSM 
AN A^f*m 
.C-FROflO 
QMMV.LSH&SD 

ji 


DOS) 
HoftBKwa «®8 
RIOS 
K215 

Ms WO 


M. uooo 
YSW 

Jonfan JD1J0 
K MS 

Ufawon US312D 


tut LWS 

IMP LnfiiD 
Morocco MDM6 

mt> Rifo 

N0M NMD 
dnqt NKflTJJQ 
Oman CR150 
FttMn Rs*> 
PHppn* A°® 
fM ZS3ZJDQ0 
AN . 


oat oRum 
SAnb* SR11 
Shew SM30 

Mfo raso 

goudiAttaRILOO 
Spun PB® 
Sweden SW« 
9MB SR130 

sewn 

1MB 1*1.500 
fate* w® 00 
(ME DM2 a 


WEDNESDAY MAY 13 1994 


DS523A 


Fed raises discount rate to 3.5% 


By Jurek Martin in Washington 
and Frank McGurty In New York 

The US Federal Reserve 
yesterday raised its key discount 
rate to &5 per cent from 3 per 
cent to ensure that the current 
economic expansion does not 
become Inflationar y 

US markets rose strongly on 
news of the first increase in the 
trend-setting discount rate in 
more than five years. The dis- 
count rate is the rate at which 
the Fed, the US central bank, 
lends money to commercial 
banks and thus affects borrowing 
costs for everything from home 
mortgages to corporate Joans. 

A c entra l hank sp okesman 
the Fed wants the half-point 


Economic expansion prompts US move to contain inflation 


increase in the discount rate to 
lead to a commensurate increase 
in the federal funds rate - the 
rate at which banks trade money 
among themselves. 

The Fed said the rise was effec- 
tive immediately. 

At 2.45pm the Dow Jones 
Industrial Average, which had 
lifted only slightly in early trade, 
was up 34 points at around 3,705. 
hi the US Treasury market, band 
prices leapt on the news, with the 
30-year benchmark long bond up 
1% points to almost 87. The yield 
fen 15 basis points to 7234. 

The dollar briefly jumped 


about half a pfennig at mid-after- 
noon in New York, but quickly 
gave back the gains on profit-tak- 
ing. In afternoon trading the dol- 
lar was changing hands at 
DML8655, and at Y10425, margin- 
ally up from YL0425 earlier in 
lanflon. 

The White House said it would 
“wait and see” if tire rate rise 
hurt growth. President Bin Clin- 
ton earlier in the day had 
appeared to give a tacit nod of 
approval to any increase in US 
short-term interest rates. 

The Fed’s decisions were 
announced in a brief statement 


issued at the end of a closed-door 
meeting of the Federal Open Mar- 
ket Committee, the policy group 
composed of Fed board members 
to Washington and Fed regional 
Hank presidents. 

While the Fed’s previous three 
small rate rises have sent stock 
and bond markets spiraling 
downward, analysts said they 
were not looking for such a nega- 
tive reaction, this time. 

.Federal Reserve Chairman 
Alan (heenspan other Fed 
officials have insisted they are 
not trying to choke off the eco- 
nomic expansion, but are merely 


pushing interest rates to a “neu- 
tral” level where they are neither 
spurring nor retarding growth. 

In off-the-cuff remarks Presi- 
dent Clinton said “there’s clearly 
some room for [a level of] 
short-term interest rates over the 
rate of inflation that wont slow 
down our economic growth”. 

Mr Clinton's point was that 
any action by the Fed would not 
reflect concern about an existing 
threat of inflation, but rather 
fears of an expansion getting out 
of band, with inflationary risks 
down the line. 

Any interest rate increase 


would “first of all be because of 
growth”, he said. “We have more 
jobs, lower inflation and a lower 
deficit, and projections for strong 
growth, good growth.” 

The only significant economic 
number released yesterday con- 
formed to the recent pattern of 
sustainable non-lnflationary 
growth. Housing starts fell in 
April to a seasonally-adjusted 
annual rate of 1.45m units from a 
revised 1.49m units the previous 
month. The decline in part 
reflected the impact of higher 
mortgage rates, now at an aver- 
age 8J55 per cent their highest 
levels in two years. 

Bonds. Page 19 
Currencies, Page 32 


Schneider bank 
creditors stand 
to lose $2.7bn 


1 ■ —E 

1 Now York tmchttmft 1 f 

% 1JHR5 

London: 

S 1.8043 

c 

s 

(12039) a 

DM ZS09S 

(22174) u 

Hr aatn 

(82315) t 

SFr 2.1345 

(2-1453) 

Y 157JH4 

(157273) p 

£ Index 8012 

Pag ? 

■ DOLLAR S 

New Yotft kmcMme: ? 

DU 1SB3 

FFf 5.70725 
SB- 141435 

Y 104305 

London: 

DU 12683 

\ 

e 

a 

d-674) [ 

FFr 5.7172 

(5-7386) 11 

SR 1-419 

(1.4265) 

Y 10438 

(10428) J 

State 652 

(55.7) L 

Tokyo close Y1MJ 


By David Walter in Frankfurt 

Bank creditors to Germany’s 
failed Jftrgen Schneider property 
group stand to lose up to 
DM45bn (J2.7bn) - nearly all the 
DM5bn of debts outstanding 
nearly double the initial esti- 
mates when the company col- 
lapsed early last month. 

Mr Gerhard Walter, the admin- 
istrator in charge of the group’s 
bankruptcy proceedings, said tbe 
121 p roperties owned by Schnei- 
der bad a market value of only 
DM3bn-DM32bu. He was speak- 
ing after the first meeting of 
creditors to the Schneider group 
since it filed for bankruptcy. 

The first official es timat e of 
Schneider’s deficit suggests that 
banks are set to lose far more 
than was believed in the immedi- 
ate aftermath of the collapse. It 
was then thou ght that banks 
would lose a maximum of half of 
their outstanding loans. 

; The company’s head, Mr Jttr- 
gen Schneider, haa been misting 
since just before the company’s 
collapse. 

Although the figures confirm 
the Schneider case as tire worst 
property collapse in Germany 
since the second worid war. 
bankers said that the estimates 
and the assumptions behind 
them may be unduly pessimistic. 

Losses will not crystallise for 
years, if at aD, until such time as 
the Schneider properties are sold. 

Mr Walter said in calculating 
the deficit, he had taken into 
account the further cash the 
banks will have to invest to bring 
the properties into marketable 
condition, as well as rolled-up 


unpaid interest which will accu- 
mulate on the outstanding debts. 

Tbe 15 largest properties wffi 
need a further DMlbn spending 
on them over the next two years 
to bring them to completion. He 
estimated that a second tier of 
•properties would need further 
expenditure of DM600-DM650m. 
RaUed-up interest will amount to 
a further DMlbn. 

If this la deducted from the 
group’s remaining financial 
resources, the total potential 
exposure mounts to DM7.5bn. 

The deficit is the difference 
between DM7.5bn and the 
t>M3bn-DM3.5n which could be 


ir said the calculations 
were based on a further deterio- 
ration of the German property 
marke&.over tbe next two years. 

The scale of the de ficit is such 
that p m f bimpn and trade credi- 
tors stand to lose up to DM250m 
owed to them by the Schneider 
group. Individual banks, how- 
ever, have agreed to compete 
Schneider developments and 
have promised to pay off trade 
creditors. Deutsche Bank, the 
biggest creditor, which is owed 
DM1.2bn, has said it will pay 
DM50m owed to trade creditors 
an the projects financed by the 
bank. It was tills sum which Mr 
Hilmar Hopper, chief executive of 
the bank, described as “peanuts” 
in a recent press conference. 

It is not clear if the banks’ 
write-offa will correspond to Mr 
Walter’s estimates of the deficit 

The decision on how much to 
provide for the exposure to the 
Schneider group will not be 
taken uptfl early next year. 


Sit-down protest grounds airline 



v*. /'T-'t 

..W 


Air inter ptiots stag* a ait-down 
atr3a at Ckty akport, Parts, gramd- 
bi 0 aR tha carrier’s ffgMs fei a pro- 
test ovsr sHna market HbetaBssflon. 
Unions want greater autonomy from 
Air Franco, Air Inter** parent com- 
pany. Union fear. Page 3 Router 


> 4’. f 

. 'AtV'.-s.jr 


Globex 
dealt blow 
by Liffe 
rejection 

By Antonia Sharpe in London 


Globex, the electronic futures 
trading system developed and 
operated by Reuters, tbe finan- 
cial information and news group, 
was dealt a further blow yester- 
day when Liffe, London’s finan- 
cial futures and options 
exchange, said it bad decided not 
to join. 

Litre’s decision comes one 
month after the Chicago Board of 
Trade announced it was pulling 
out of Globex, despite a new 
agreement designed to revitalise 
the syste m and lighten the finan- 
cial obligations on participating 
exchanges. 

-Only the Chicago Mercantile 
Exchange and France’s Matif 
remain as Reuters’ Globex part- 
ners. However, the DTB, Ger- 
many’s futures exchange, is 
expected to make a decision 
today on whether it will join. 
Simex, Singapore’s futures 
flxhhangB , is also in talks with 
Globex. 

Mr Nick Durlacher, Liffe’s 
chairman, said the board's deci- 
sion reflected its main priority, 
which was to increase the inter- 
national distribution of Liffe’s 
products outside European time 
zones. 

“Regrettably, the terms of our 
participation In Globex would 


Continued on Page 14 


State prosecutor under fire 
over VW ‘spying’ probe 


By Christopher Parkas 
in Frankfort 

The prime minister of Lower 
Saxony and five leading German 
lawyers yesterday launched a 
concerted attack on the state 
prosecutor in charge, of the 
Volkswagen-General Motors 
industrial espionage probe. 

Mr Gerhard Schrftder. Social 


Os attack was based on week- 


Meanwhile, the five lawyers 


leagues wbo followed him to VW, 
said they planned to investigate 
fho mpfrhnfig used on behalf of 
the prosecution. 

Yesterday’s events represented 
the most vigorous and concerted 
retaliation so far against the US- 
based GM group’s allegations of 
the theft of masses of corporate 
secrets by Mr Ldpez and his asso- 
ciates. 

“We will carefully examine the 
extent to which the state prose- 
cutors’ office tolerated or had 
knowledge of inadmissible decep- 
tions,” the lawyers said in a joint 
statement, Issued by VW. 

■ Referring to “inffications” ftigt 
the Qpel detectives had used sub- 
terfuge in their probes, the law- 
yers said they would also exam- 
ine ttte extent to which the 
private detectives’ methods 
ndsfot have prejudiced the find- 
ings of the official probe. 

The gfa tewwnt- from Mr Schro- 
der seemed aimed at exerting 
pressure on the Social Democrat 
government in the state of Hesse, 
Opel’s German base, and the seat 
of tbe criminal investigations, to 
intervene in the case. 

The lawyers’ intervention 


appeared to signal the start of 
legal retaliation. “This is no lon- 
ger the VW affair, -jit is now the 
Opel affair," said Mr Otto Ferd- 
inand Wadis, VW group spokes- 
man. 

While the D ar mst a dt prosecu- 
tors’ office issued a firm denial of 
the VW lawyers’ allegations, the 
latest events may present a 

chance far VW to open a new 
front in the legal battle between 
the two companies, which has 
already lasted more than a year. 

This was reflected to comments 
by officials close to VW that 
there could be legal conse- 
quences If Opel agents bad used 
deception. Opel, which last week- 
end admitted its lawyers had 
employed private detectives, yes- 
terday denounced the VW law- 
yers' "diversionary tactics”. 

The company. suggested that 
their sensationalising of Opel's 
defensive , measures and the exer- 
tion of “pressure on the public 
prosecutors’ 05108", was an 
attempt to d ivert attention from 
the investigations into the 
betrayal of company secrets, 
bre ach of trust and fraudulent 
conversion. 


CONTENTS 


BnpMnNsws — 

M M- .«»-—! 

.22 

Lester PBBB— __ 

18 

12 




10 

WbridltetoNm* 

—8 

7fi 

Otemr 

,T5 

Pact*. 

Iff 

Mb 

11 

W wdver 

14 

Oorori 

re 


.20-22 G eU 


MLCteMdi 10 BrtrOpfcm 

MConprin IMS taL Bond SMca 

ttrapd Fvrxis 3W4 

ttmey Marteb 34 

_2B 



Cccvnodta , 
FTMtei*. 


_ rr SterertanteJoo— 2tZ9 

26 FTWridAteate 38 Ttamofte Opfcns 38 ToJduM. 


gTjjfc HNANQAL TIMES LIMITED 1994 No 32,359 Week No_2Q 


LONDON - PARIS - FRANKFURT - NEW YORK - TOKYO 



IeeS 


LE PETIT-FILS DE LrU. CHOPARD 3 | J LL j . C FABRIQUE D'HORLQGERIE SOIGNEE 

Hie tuneless lines of mechan i cal perfection. - Oar tradition since i860 

The classic •tonneau* form with automatic movement, power reserve indicator, date, small 
second hand (Style no. 16/2248). The refined extra-thin model with movement, 

power reserve up to 100 hours, with date and small second hand (Style no. 16/1223). In 18K 
yellow gold, rose gold or platinum. Available at leading watch-specialists worldwide. For 
information : Chopard Genive. Tel. 022/782 17 17. Fax 022/782 38 59 - London : Chopard 
Boutique, M New Bond Street, TeL 071/409 3140 










2 


FINANCIAL TIMES WEDNESDAY MAY 18 1994 


12 


] 

1 


NEWS: EUROPE 


Italy’s privatisation plan set to go ahead 

Government has given go-ahead for flotation of insurance institute, writes Robert Graham in Rome 


Italy’s new government has 
given its strongest signal yet 
that it will honour the coun- 
try's wide-ranging privatisa- 
tion programme by pressing 
ah ead with the flotation time- 
table of Ina. the insurance 
institute. Shares are due to be 
placed on the market at the 
end of June. 

This emerged from, a meeting 
yesterday between Mr Lam- 
berto Dini Treasury minister 
and former director-general of 
the Bank of Italy, and Mr Gian- 
carlo PagUarini. budget minis- 
ter. 

Complex problems surround- 
ing the privatisation of Ina 
have led to speculation about 
delays. Though aware of the 


difficulties in meeting the June 
26 date set for Ina by the previ- 
ous government, the Treasury- 
led privatisation team is anx- 
ious to demonstrate the new 
government’s commitment to 
privatisation. They are playing 
down statements by the popu- 
list Northern League, a key 
partner in Mr Silvio Berlus- 
coni's government, that there 

should be a month's delay in 
all privatisation plans to assess 
strategy. 

Two of the three ministries 
responsible for privatisation - 
budget and industry - are con- 
trolled by League ministers. 
But both have distanced them- 
selves from the party’s call. 
Both, however, are anxious to 


avoid repeating the concentra- 
tion of control achieved 
directly and indirectly by 
Mediobanca, the Milan mer- 
chant bank, in the sale of 
Banca Commerciale Italians 
and Credito Italiano. 

The neo-fascist MDI/National 
Alliance, Mr Berlusconi's other 
main government partner, has 
so far refrained from imposing 
its long-standing “corporatist” 
ideas of state ownership. The 
privatisation process in fact 
seeks to dismantle many of the 
institutions, including Ina, 
which were set up during the 
fascist era. 

Mr Berlusconi, in outlining 
his government’s policy pro- 
gramme to the senate on Mon- 


day, promised to accelerate pri- 
vatisation in the first 100 days 
of his government He singled 
out Ina, Stet (telecoms), Enel 
(electricity) and Em (oil and 
gas). All were on the former 
government’s privatisation list 
with Enel and stet scheduled 
for the autumn after the latter 
has reorganised the state's 
telecommunications assets 
under one holding, Telecom 
Italia. 

The opposition has latched 
on to th e omissions in his pro- 
gramme. He mentioned noth- 
ing. for instance, about Alit- 
alia, the na tional airlin e whi ch 
has just began to discuss a rad- 
ical restructuring programme 
with the unions involving cut- 


ting a quarter of the workforce 
and a Ll^OObn t£B2fim) capital 
injection. 

Alitalia win test the govern- 
ment’s unity both over any 
confrontation with the unions 
and on privatisation. The 
League and Mr Berlusconi's 
Fotza Italia are happy to see 
the airline privatised with the 
government retaining a golden 
share. The MSI regards the air- 
line as a strategic asset and 
would be extremely hostile to 
significant foreign stake. The 
objection to foreign control 
could apply to Krupp's move to 
bid for the special steels side of 
Rva, the state steel group. 

A broader issue to be tackled 
within the next few days is the 


fate of Iri, the giant state hold- 
ing The government's enthusi- 
asm for privatisation renders 
Iri increasingly obsolete. Prof 
Romano Prodi. brought back as 
chairman a year ago, is report- 
edly ready to resign because of 
differences over the holding 's 
future. 

He was noticeably absent 
from discussions earlier this 
week on the reorganisation of 
Telecom Italia, which is a key 
part of the Iri empire and 
accounts for an important part 
of its debt 

The Iri board tomorrow con- 
siders the 1993 accounts, which 
are expected to show a loss of 
LiO.OOObn and debts of 
L75.Q0Qbn. 


Russian minister warns 
on debt interest payment 


By John Lloyd in Moscow 

The minister in charge of debt 
negotiations with Russia's sov- 
ereign and commercial credi- 
tors said yesterday he believed 
be would conclude deals with 
the Paris and London Clubs. 
However, interest repayments 
on the $80bn-plus debt could be 
no more than $4bn this year. 

Mr Alexander Shokhin. dep- 
uty premier for the economy, 
said Russia had asked for a 
delay in meeting the Paris 
Club in order to work out “a 
new draft on repayments" for 
the present year. The talks are 
due to begin in Paris on June 
2, and Mr Shokhin said “we 
would like to solve the issue 
before the [Group of Seven] 
Naples summit" in July. 

His optimism stems from the 
agreement in March between 
the Russian government and 


the International Monetary 
Fund on the second tranche of 
a $3bn loan - a move which 
has increased international 
confidence in the government’s 
policies. 

However, the $4bn which Mr 
Shokhin said would he the 
limit the budget could stand 
represents only a fraction of 
the total debt service obliga- 
tions for the present year. 
According to the US invest- 
ment bank J P Morgan, Russia 
owes around $2lbn this year, of 
which $6.7bn is interest and 
Sl4_6bn is principal 

Mr Shokhin’s forecast came 
amid further dire warnings 
about Russia’s economic 
plight. Mr Sergei Shakhrai, 
who resigned yesterday as a 
deputy premier, said the gov- 
ernment would not survive 
a continued crisis on non- 
payment of wages. 


Mr Arkady Volsky, bead of 
the Union of Industrialists and 
Entrepreneurs, said the civic 
accord on political behaviour 
signed recently by most parties 
and associations would be val- 
ueless without a turn upwards 
in the economy. Production in 
the first quarter had fallen by 
a third in Moscow alone com- 
pared with a year ago. 

Mr Yegor Gaidar, leader of 
the Russia’s Choice party and 
former first deputy premier, 
said in Izvestiya that Mr Vladi- 
mir Zhirinovsky, leader of the 
• nttr a .TiafrinnaTigfr Liberal Demo- 
cratic party, was a “great 
threat” to Russia's fragile 
democracy, hi the same news- 
paper, Mr Boris Fyodorov, 
head of the December 12 party 
and former deputy premier for 
finance, said “the very state- 
hood of Russia is under deadly 
threat". 



A Russian pensioner seeks help yesterday with Us application for privatisation shares in a 
state-owned energy concern. Under the privatisation programme aQ citizens were given vouchers 
exchangeable for shares. The deadline far submitting them is Jaly L ~ir i -nrmn-r 


France announces partial pull-out of troops from 


By David Buchan in Paris and 
Laura SHber in Belgrade 

France said yesterday it 
planned to withdraw more 
than 2,000 of its troops 
assigned to the United Nations 
in ex-Yugoslavia by the end of 
this year, while still remaining 
the largest single provider of 
peacekeeping forces there. 

The decision was abruptly 
announced by Mr Francois 
Leotard, the defence minister, 
on French radio yesterday 
before UN commanders and 


allies had been informed. The 
foreign ministry was quick to 
add that the partial pull-out 
might be reversed if there was 
a diplomatic breakthrough in 
the desultory peace talks in the 
region. 

These were being further 
threatened yesterday. Amid 
reports of heavy fighting 
between Serb and Moslem 
forces in north-eastern Bosnia, 
and a Serb artillery attack on 
Tnzla airport. Lord Owen and 
Mr Thorvald Stoltenberg, the 
international mediators, met 


President Slobodan Milosevic 
of Serbia in Belgrade to try to 
push forward the peace pro- 
cess. 

After discussing Gorazde, a 
UN “safe area" and the Bos- 
nian Serb refusal to comply 
with the terms of the Nato ulti- 
matum calling for their with- 
drawal from the zone. Lord 
Owen and Mr Stoltenberg 
headed off to meet Bosnian 
Serb leaders in Zvoraik, a Serb- 
held town in eastern Bosnia. 

France had already 
announced in March the depar- 


ture next month of 900 troops 
from the Glina region of Knu- 
ina. But Mr Lyotard disclosed 
yesterday that the 1,350-strong 
French battalion around Bihac 
in western Bosnia would leave 
in November, leaving some- 
4J500 French “blue helmets’' on 
the soil of ex- Yugoslavia. 

In advance of last Friday’s 
meeting with US, Russian and 
European Union peace media- 
tors, the prime minister. Mr 
Edouard Bahadur, warned that 
“the moment of choice is 
approaching", and that France 


would only maintain its effort 
“if all our main partners show 
the same determination and 
are ready to make a sufficient 

c ommitment ". 

A defence ministry official . 
said yesterday the latest 
French announcement was 
directed not only at the war- 
ring parties but also "the 
American and Russians who 
do not seem to share the sense 
of urgency which we and the 
British have, because of our 
sizeable forces on the ground". 

France’s general military 


strategy has been to reinforce, 
for reasons of safety and effi- 
ciency, its presence in Sara- 
jevo, where in fact it added a 
third battalion in March. But 
the deftmn* official said there 
was a further specific reason to 
pull out of Bihac. 

“There, we have found our- 
selves diverted from our origi- 
nal humanitarian mission 
because we have been caught 
in the middle between two Mo- 
tions of Moslems,” he said. 
Meanwhile. Serbian radio said 
there was heavy fighting to the 


Pressures on 
drachma send 
rates up again 


By Kerin Hope In Athens 

Greek interest rates surged 
again yesterday as pressure an 
the drachma continued, but 
the currency held its ground 
against both the D-Maik and 
the US dollar. 

The three-month interbank 
Tending rate averaged 77 per 
cent, up from 4&5 per cent on 
Monday, while the one-month 
rate reached 100 per cent. 

Dealers reiterated that deval- 
uation could not be ruled out 
believing pressure on the 
drachma would resume once 
interest rates started to 
decline, even if depreciation 
were speeded up in the mean- 
time. Said one: “These rates 
cant be sustained beyond the 
end of the month. The 
drachma may be allowed to 
slip 5 pa- rent until than , but 
the speculators will still be 
waiting." 

The drachma weakened only 
slightly against the D-Mark, 
closing at DM14&3 compared 
with DM148.2 on Monday. It 
was unchanged against the dol- 
lar, at Di247.9. 

Government officials voiced 
relief that the threat of a deval- 
uation immediately after curbs 
on short-term capital move- 
ment were lifted last weekend 
had been averted. They said 
that new measures to reduce 
the budget deficit, inchiriing an 
expanded privatisation pro- 
gramme a tougher crack- 
down on tax evasion, would be 
arnimmrftd by next Week. 

“The speculative pressure 
has been less than we expeo- 
ted," one adviser said. "The 
crucial matter now is to rein- 
force revenue-raising measures 
and gain policy credibility." 


Bosnia 


northeast, with Moslem forces 
suffering heavy losses. 

But local witnesses said Mos- 
lem forces had launched an 
offensive, with the Serbs tak- 
ing serious casualties. 

They said that Moslem forces 
had seized two out of three 
strategic heights from where 
Serb forces previously used 
artillery to bombard Tuzla, the 
second biggest Bosnian govern- 
ment stronghold in the 
north-east UN monitors yes- 
terday reported Serb shelling 
of Tuzla and its airfield. 


THE FINANCIAL TIMES 
Pnbliibed fay The fhanrin) Than (EnoM 
GmbH. NaKtopnpbtz X 60318 Fnak&t 
am Main, Camay. Tdeptnoc ++«9 ® 136 
830, Fax ++49 69 5964481. Teta 416193. 
Rrmaaed in Frankfort by i. Wa to Brand. 
WUbdm J. BrOod. CoEn A. Kenninl u 
Gcachifbfutmr awl in London fay David 
CM. Befi aad Alan C Mffla. Printa: DVM 
Dmck-Vcrtrieb and Marketing GmbH. 
Admiral- RosendiU- Sense Jo. 63263 
Nn-lsenburg (owned by Hflrriyrt 
btenuioml). ISSN: DSN 01747363 
RapoaAte Editor lUciatd Lambert, do Tfae 
Financial Timer Limited, 
Number One Sontfavraik Bate, London SE1 
9HL, UK. ShnMdcn of ike FhanastTiiMi 
(Europe) GmbH are Tfae Financial Times 
(Europe) LuLLomkM and F.T. (Gamaay 
Adverting) Lid, London. Shareholder of die 
above mention e d two compute k The 
Financial Timer Limited. Number One 
Southwark Bridge. London 5EI 9HL. The 
Company n monpotaiBd under die bwi of 
England awl Wiles. Omma: D.CM. BdL 

FRANCE 

Pn b fidM g Director: IX Good, 168 Rue dc 
Rivofi, F-75044 Farit Cede* 01.' Tdqfenc (81) 
4297-0621, Fax (01) 42974)629. Prate SA 
Nord Eclair, LV2J Roe de Cue; F-39100 
RonbaU Cede* 1. Editor: Richard Lambat 
ISSN: ISSN 1148-2751 Cnmn u iri ou Piriuira 
No 67808D. 

DENMARK 

fintnml Ttaes iScandmava) Lid, Vhnaiel- 
skafted 42A, DK-1161 CopenhagenK. Td+ 
phone 33 13 44 41, Fa* 33 *3 53 331 





However, there was little 
indication that confidence in 
the drachma was being main- 
tained. Two new issues of Ecu- 
mid dollar-linked bonds at 
higher interest rates, aimed at 
attracting funds from overseas 
investors to boost the foreign 
exchange reserves, raised less 
than anticipated. According to 
initial estimates, they raised a 
total of $2S0m in funds from 
abroad, against a target of 
$500m. The government 
extended the subscription 
period far a second day. 

Despite the liberalisation of 
short-term capital movement, 
Greek investors may still have 
difficulty moving funds to 
other European Union coun- 
tries. The complex procedures 
laid down by the central bank 
are designed to prevent rapid 
capital outflows by deterring 
investors from exporting 
money earned on the flourish- 
ing black economy much of 
which is currently funnelled 
Into tax-free government 
bonds. 

According to the new Bank 
of Greece regulations, transfers 
of more than Ecu2,000 (£L540) 
must be accompanied by the 
sender’s tax details. 

• Nearly Drlbn (£2.7m) worth 
of state bonds were claimed 
yesterday to have disappeared 
from the Bank of Greece and 
officials fear they may have 
already been encashed, AP 
reports from Athens. 






Take the uncertainty 
out of investing in Commodities 


AliL Guaranteed Commodities Limited is 
designed lo lake advantage of Lu vestment 
opportunities in commodities whilst providing 
you nlili an assurance or the return of your 
initial subscription. 

The factors driving the world's commodity 
markets are often very different from those 
which affect slock and boud markets. AHL 
Guaranteed Commodities Limited provides 
access lo markets with a low level of correlation to 
more traditional forms of investment. 

The prices of numerous commodities are 
In the early stages or recovery, having tested 
low levels not seen since the t870s. With the 
world's economics poised to come out or 
recession, there could be no belter lime for 
investing in commodities os an asset class in 
their own right. 

• The Trading Adviser Adam. Harding & 

Lueck (AHL) has a track record of more than 
10 years showing a compound annual return of 
over tBIfl." 

■ Promoter The E D & F Man Group was estab- 
lished over 210 years ago and its Funds Division 
is one or the world's Foremost developers and 
distributors of quantitative investment products. 


The Funds Division has launched more than 50 
funds with US$ 123 billion under advice. 

• Security or Return of Capital The Chase 
Manhattan Bank, N.A. has by way or a Stand-by 
I-etter or Credit** provided holders of Units at 
the Maturity Date in August 2003 with an 
irrevocable undertaking to pay an amount 
which ensures the return to investors of their 
Initial subscribed capital in respect or Loan 
Notes held at the Maturity Date. 

Units are US$ denominated, have no sales 
charge, and may be liquidated monthly.*** 

For more inforraalion, please contact: 

London: John Townsend or Brian Fudge 
Fax: +44 71 626 6458. Tel: +44 71 285 3200 

Bahrain: Arthur Bradly or Antoine Massad 

Fax: +975 533 078, Tel: +073 553 288 

Miami: Sieve F. Phillips or Toby Becerra 
Fox: +1 303 530 9621, Tel: +1 305 539 9700 

Hong Kong: Anthony Halt or Margaret Yao 
Fax: +852 537 1205. Tel: +852 521 2933 

Tokyo: Matthew Dillon 

Fax: +81 3 3238 6527. Tel: +81 3 3238 6521 


r 


Nonu*. 


.Iddrvw. 


THIS FUND IS ONLY ON OFFER UNTIL 17 JUNE 1994! 
Fax this coupon to ■^‘-*44 7! 626 6458 


AHL GUARANTCCP COMMODITIES LIMITED 


Flew send me more information on AHL Guaranteed Commodities Limited. 
-■ Country — 

■ Fat Vn. . 


Five 16ft 


“1 

I 

- i 


Home Fliom? No.. 


Work Phone No.. 


L frMnMldr ><mr phunr mister « «r mOfl i«i lo mr.r.rrnf quntton* vw ns« hair rreannj* IKa lure] and 10 <Uuuu our Miter nntanl ante*. 1 

Hylwfcrao l htelJA Fite fortte. Soar OiMf.limwTliaia wraml. London FX1R4UL'. Knjdncd. F«» So. *44 71 SM HH. T«t No. *44 7i 28', IS *3 


j ^ ■ 6fgv . Tt ly Frtwaii jftH foun- h oiNnl in jhul judb. Rim prrtormorvr „ no piomrec of faniir leaulw. — Snbtrn hi the terns and cuodIBorta 
r V In *? e Jkrtrtnphan* *nr nwd<- «l Net -Iwl VnlurbuJnui* bo cutte h> rodemndon hw*. Vu«f her date an la Itlr Pltnorclw. 

.E ft"™ h” I iM f 1 ? 0 rail intMIltel In (uum no snolte itpniGaiK rtslut and eiUiougti lire reUren of an Inlilnl sttertplnn oimUkI lo 

«*”f**>*~ "«** + Utejte Bte. U1 asurrd >1 lire Mate* Dare. ihETta ZifmSS- 

of iradliy pCT farmaiure TTre volire ut an ■me'iurnt mat ten a* wrl! a* up and nwvemniN in rain Mncenairrmcir-. altel ihc 

*"ur Inwannem. TT^ offinj jrf Ijnlu H im* Uinupf, lire iWptvtw, onk and is nai anllai4r m mWniu or lire L'K, and riiunu ur midenla of 
lire LS.C E U * K Man InmnoUniul Urf. la repifared In lire L'K bj lire So^rftln and ftnmmrau Board. 


n 

ED&F MAN INTERNATIONAL LTD 


Credito Italiano S.p.A. 
1993 results 

The AGM approved the Financial Statements as at December 3 1 1993, ihe highlights of which arc: 


CAPITAL AND RESERVES (after distribution of profit) 

4,519 

1,790 

LOANS TO CUSTOMERS 

45,357 

17371 

SECURITIES 

17,935 

7,106 

DEPOSITS FROM CUSTOMERS 

44,380 

17384 

SECURITIES HELD IN SAFE CUSTODY/ADMINISTERED 

ON CUSTOMERS’ BEHALF 

88310 

35,187 

BALANCE SHEET TOTAL 

135380 

53,758 

(of which guarantees and commitments) 

22,190 

8,792 

PRE-TAX PROFIT 

859 

340 

NET PROFIT 

219 

87 


Net profit was used to allocate 82 billion to Reserves and to pay a dividend of 85 and 100 fire on the ordinary and 
savings shares, respectively. 


BRUNO, Roberto BERTAZZONI, John CARTER, 
Henri JEORGER. Achille MARAMOTTL 


The AGM also 

• elected the following to the Board: Lucto RONDELLL Egidio Gi 
Leonardo DEL VECCHlO, Roberto GAVAZZL Wolfgang G~ ’ ’ 

Giampiero PESENTL Franz SCHMITZ; 

• elected the following Statutory Auditors: Paride COSTA (Chairman). Giorgio ARENA Giuseppe ARMENISE, Salvatore 
SPINIELLO. Giancarlo TOMASIN: and Alternate Statutory Auditors: Antonio COLOMBO, Dario VILLA. 

• appointed Coopers and Lybrand sjls. io audit the accounts of ihe parent bank and Group for 1 995)97. 

The Board Meeting of April 18 1994 then: 

- elected Lucio RONDELLI Chairman and Egidio Giuseppe BRUNO Deputy Chairman. Mr BRUNO was also anoointed 
Managing Director, 

- confirmed Gerardo GU1DA Secretary to the Board. 

The dividend is payable against coupon no. 10 from May 17 1994 at all branches of Credito Italiano, Banca 
Commerciale Italiana. Banca di Roma, Banca Nazionak del Lavoro, Banco di Napoli. Banco di 
Sicilia. Istituio Bancario San Paolo di Torino, Mome del Paschi di Siena. Banco di 
Sardegna and at Monte Tiioli S.p.A. for shares administered by the laner. 

The countervalues in Pounds Sterling have been calculated 
applying the reference rale determined by Banca d'ltalia on 
December 31. 1993: Pounds Sterling 1.00 = Lit 2,523.92. 

Credito Italians is a metnlvr of Tfae Securiiiet oral Rituros. Authority ^ J.M 










Off** 


V 


mm 


Argus Fundamentals 

Understand what is driving o;! prices' 

Petroleum Argus 

CALL '.or 5 FP.EE T HiAL M- mis ViCr.f.Sy pjb:’.c;!t:on {■‘.4 7 1 ) 3 o- 


■Aikp 



ECUTarmlnvMtPtC 

LMvyywM 
London SW1X8HL 
Tot >7T 24E 0068 
Ami+Tl 23&SGBB 
M u te r SM 


ROUND 

TRIP 













a 


S.p.A. 


: 

- "’1 
* :;<f 

*Jl*t i 

, : " ; S 



FINANCIAL times WEDNESDAY MAY IS 1994 


NEWS: EUROPE 


EUROPEAN NEWS DIGEST 


IMF ready to 
back Turkey 

A standby loan agreement between Turkey and the 
International Monetary Fund seems imm+nun* after the head 
of the Fund’s negotiating mission to Turkey yesterday pub- 
licly endorsed the Ankara government's austerity programme; 

Mr ThnmM DaliOwnAHn - ■ -- - . t. , . 



Mr Thomas Befefrmann, concluding a two-week mission to 

Turkey, said he was recommending the programme to the IMF 

board. Agreement on a letter of Intent could be in piare in 
early July, paving the way for immediate disbur semen t of up 
to ?250m to support the balance of payments. The one-year 
standby, which depends on Turkey’s quota with the Fund, is 
Kkely to be up to SSOOm. 

Turkey’s austerity programme envisages slashing the bud- 
get deficit by half to TL93,000bn f£L87bn) in 1994. through 
wage restrain v official commodity price rises, new taxes, and 
faster privatisation, Turkey will repay around $9.1bn in 1394 
on its medium and long term debt, in principal and interest It 
is looking for $3.7bn in new drawings in 1994, according to the 
State Planning Organisation. A Fund accord Is vital to restore 
international confidence in the Turkish economy and is a 
precondition for World Bank structural adjustment irmng now 
under negotiation. John Murray Brown, Ankara ■ 

Top Russian reformer resigns 

Mr Sergei Shakhrai (left) yes- 
terday resigned as Russian 
deputy prime minister after 
losing his post as minister in 
charge of nationalities on 
Monday. Mr Shakhrai, 38, was 
one of the most senior reform- 
ers left in g o ve rn ment. He 
appears to have fallen victim 
to increasingly fractious 
infighting between the vast 
presidential staff and the gov- 
ernment Mr Shakhrai left the 
door open for Ms return by 
saying in his resignation let- 
ter that he left without hav- 
ing “taken offence." He 
resigned after Mr Nikolai 
Yegorov, former head of the 
Krasnodar region, was given his job of nationalities minister 
without warning or consultation. He will now concentrate on 
building up his small but influential Party of Unity and 
Accord in the Duma. John Lloyd, Moscow 

Unions fear Orly competition 

Air Inter, the French domestic airline, was brought. to a 
virtual standstill yesterday as unions launched a one-day 
strike in protest over the liberalisation of the French airline 
market Unions said the Introduction of competition an some 
of their most profitable routes would compound (he finanria) 
pressures faring the loss-making airline. They demanded that 
Air Inter be given greater management autonomy from Air 
France, its state-owned parent company' and be allowed to 
operate an profitable European routes. 

Last month, the European Commission ordered , the French 
government to open routes between London and Orly airport 
in Paris to competition, and said the lucrative Orly-Toulouse 
and Oriy-Maraetttes routes must be opened to rivals within six 
months. Mr Michel Bernard, president of Air hater, said the 
relationship between Air Inter and Air France, would be reor- 
ganised d urin g the summer. Ah nh-Bm* nfftrrfai said it was 
important the domestic airline remained part, of the Air 
France group, but increased competition, bh same of its profit- 
able routes should be compensated by a relaxation in require- 
ments to serve unprofitable routes. John Ridding, Paris. 

Small companies’ cash restraint 

Poor access to finanna means that Europe’s gmaTl and merihrm 
sized enterprises are unlikely to provide a solution to the 
European Union's unemployment problem, according to a sur- 
vey yesterday. Tipped by the European Commission to become 
the main source of jobs as European economies recover, more 
than half of Europe's smaller companies are not confident that 
they have sufficient finance to support their plans, according 
to a study of 5,000 companies in the 12 member states plus 
Austria, Sweden and Malta. 

Funding is most precarious in France, Greece; Italy, Spain 
and Austria but satisfactory in Belgium, Denmark and Hol- 
land. The survey showed that most smaller company finance 
is short-term. In the UK, 70 per cent fund their businesses with 
an overdraft, compared with only 37 per cent in Germany 
where loans are preferred. By contrast, more than 80 per cent 
of German companies favour loans of two' years or more, 
against only 40 per cent in the UK. Etrmta Tucker, Brussels 

Lawson presses for OECD job 

Lord Lawson, the former UK chancellor, was in Washington 
yesterday, meeting Mr Lloyd Bentsen, the US treasury secre- 
tary, and Ms Joan Spero, undersecretary of state for interna- 
tional economic affairs, in pursuit of his candidacy to be the 
next director general of the Organisation for Economic 
Co-operation and Development His mission is to try to prise 
loose crucial US backing for Mr Don Johnston, the former 
Canadian minister. Other contenders are Mr Jean- Claude 
Paye, the who is seeking a third five-year term, 

nmi Mr Lorenz Schomerus, a senior German economics minis- 
try affiriaL 

The next regular meeting of OECD ministers early n ex t 
month in Paris ha s to find a consensus on the successi o n, 
though Lord Lawson t hinks this remains unlikely unl ess t he 
US changes its mind. Support appears evenly divided between 
the former chancellor, Mr Johnston and Mr Paye, with Mr 
Schomerus trading. Lord Lawson wishes to g ive th e OE CD a 
hi gher profile in international economic affairs, an argument 
that might appeal to the US. He sees the organis ation as a key 
ingredient in the international poHcy-maktog network ^ alon g 
with Hie Grotm of Seven and the nascent World Trade Organi- 
sation. Junk Martin, Washington. 

ECONOMIC WATCH 





Spain’s jobless rate hits 24% 

Spain’s jobless rate, the 
highest in the European 
Union, reached a record 24.6 
per rent in the first quarter, 
according to the National Sta- 
tistics Institute’s latest sur- 
vey. But the economy nunis- 
try said unemployment had 
probably peaked and printed 
to signs of improvement in 
the trend. Most experts 
believe the quarterly survey 
overstates the number of job- 
less but provides a better 
reflection of trends than reg- 
istered unemployment, which 
declined slightly in March 
and April to stand at 17JB per 

_ cent The first-quarter survey 

figure, of 3.79m unemployed was DM00 W . Pjwious 
quart® and 492,000 more than a year earber. Btrf the 
said this partly reflected new arrivals on thejob market 
especially women. The ministry 
start* rise as the economy plcked up. 

M Bafflflf prime wintrier Poul Nyrup Rasmussai said me 

account balance of payta®p*s 
of between DKr2$bn and DKtflObn L ££S6b^07bn) in 

with a prevfous forecast ^KriStSta. 

jd&jbbless rate foil to 19*5 per cent m April from 208 
m March, the labour ministry said- 



Shoddy meets quality in Transylvania 


A postcard pretty town in 

the heart of nimmtam. 

ous Transylvania, Cod- 
lea is an unlikely setting for 
the conflict at the centre of 
eastern Europe's economic 
transformation. 

However, over the past tow 
months this sleepy Romanian 
town has seen a contest pitting 
efficient, often brutal, capital- 
ism with its promise of future 
prosperity against a rickety, 
unproductive, centrally 
planned economy, with its 
guarantee of a job but a 

dismal s tandar d of living for 

everyone. 

For many of the individual 
actors, the struggle at the 
Magura Codlea furniture fac- 
tory which employs L600 of the 
town's 25,000 inhabitants, has 
been a personal tragedy. One 
victim was the factory director 
who committed suicide when 
the conflict began to heat up 
late last year. For the workers, 
it has meant coming to terms 
with western standards of 
quality and efficiency after 
four decades of communism. 

The suldde came after the 
company, privatised at the end 
of 1992 via a management 
buy-out, lost its western export 
markets, racked up a $9m debt 
and was about to be foreclosed 
by its creditors, IKEA, the 
Swedish furniture retailer, and 
the Ion Tlriac Bank, a private 
local bank founded by 
the Romanian-born tennis 
star. 


Chrystia Freeland and Virginia Marsh on the bitter contest 
between the old and new at a bankrupt Romanian factory 


The man now at the fore- 
front of the battle is Mr Hakan 
Gunnerling, a Swedish special- 
ist in tnrriing around falling 
companies, who was sent in by 
the creditors to coax or coerce 
the Magura Codlea factory into 
capitalist ways. 

“Nothing surprises me- any 
more,” says Mr Gunner ling, 
who, in less than a year in 
Romania, has suffered the sui- 
cide of a colleague, several 
pugnacious strikes - including 
occupation of the factory by 
protesting workers - and sus- 
tained attacks in the national 
media. He has also been 
advised to hire a personal 
bodyguard. 

But there is still a certain, 
almost Innocent, western 
bewilderment in bis explana- 
tion that “now we have the 
right machinery, we have the 
necessary customer, bat we 
just don’t have the right peo- 
ple". 

Mr Gunner ling’s impatience 
with Magura Codlea’s shoddy 
socialist past is a p p ar ent the 
moment he walks into the fac- 
tory's meeting room. This is 
one of Romania’s premier fur- 
niture factories but visitors 
must choose their seats with 
care because some of the 
chairs in the room, built in the 
bad old days of Nicolae Ceau- 


cescu's socialist autarky, col- 
lapse under the slightest pres- 
sure. 

“To have chairs like this in a 
factory which has been produc- 
ing furniture for 100 years, ft’s 
so awful that its almost 
funny,” Mr Gunnerling says. 
Standing in silent reproach 
along the walls of the room are 


western standards. 

Accenting to Mr Gunnerling, 
Magura Codlea’s furniture, in 
true socialist fashion, "could 
look good when it was packed, 
but when it arrived at Urn end- 
user it was scratched". 

So Mr Gunnerling, who 
arrived in Transylvania in 
October, summoned a team of 


For many of the workers it was 
bad enough to be required to 
make bookshelves in which the 
screws routinely matched the 
holes, but the final straw was 
when the company’s finances 
were subjected to scrutiny . . . 


the sturdy, clean-lined book- 
shelves which, under Mr Gun- 
nerling’s stem supervision, the 
factory has been producing for 
IKEA. 

IKEA, which has been pur- 
chasing furniture from Magura 
Codlea for more than two 
decades and is the factory's 
principle customer, saw the 
privatisation as an opportunity 
to bring production of all the 
factory's production up to 


IKEA engineers and set about 
teaching Magura Codlea’s 
workers quality control and 
training them in the use of 
new equipment from IKEA, to 
be paid back with future 
exports. 

But IKEA’s much-vaunted 
insistence on high standards 
ran into the insistence of a 
workforce trained in a system 
in which, as the east European 
joke goes, "they pretend to pay 


us and we pretend to work". 
As Mr Gunnerling discovered, 
“not everyone Is able to lean 
to run complicated machinery 
or to take responsibility for his 
work". 

For many of Magura Cod- 
lea’s workers it was bad 
enough to be required to make 
bookshelves in which the 
screws routinely matched the 
holes, but the final straw was 
when Mr Gunnerling subjected 
the company’s finances to scru- 
tiny. He made a discovery 
whteh had been obscured by 
Romania’s byzantme account- 
ing standards - the company 
was broke. 

"I pointed out to the board of 
directors that the company is 
losing money and will continue 
to lose money for some time," 
Mr Gunnerling said. “By west- 
ern standards, it was bankrupt, 
and in fluw circumstances it 
was normal for the creditors to 
take control. '* 

For Magma Codlea’s work- 
ers, the creditors' seizure of 
the company's shares last 
December was going too far. 
“They still believe they own 
the factory." Mr Gunnerling 
said. “Here we have 1,600 direc- 
tors with 1.600 Ideas of how the 
company should be run." 

Protesting that the factory 
bad been “stolen" -by the 


managers and the credi- 
tors -in mid-January Magura 
Codlea’s employees began a 
series of strikes. At the height 
of the stand-off, Mr Gunnerling 
told workers assembled in the 
factory canteen that their 
strike was illegal and that 
every one was fired, unprece- 
dented in a country where inef- 
ficient state companies still 
keep thousands of surplus 
workers on their books. 

Mr Gunnerling has since 
stepped back from that drastic 
measure but still plans to lay- 
off 300 this aimmpr and thinks 
that 700 is the optimal number 
of employees. Production has 
resumed, although new strikes 
are always possible. 

The ex-communist govern- 
ment, surprising its critics and 
acting a gains t the instincts of 
many of its ministers, has 
resisted the temptation to re- 
nationalise the factory or to 
prevent the creditors from tak- 
ing direct control. 

But Magura Codlea still has 
too many workers with too few 
altiils. and a reluctant Mr Gun- 
nerling fears that to maintain 
the fragile peace in his work- 
shops he may have to sack the 
remaining individuals behind 
the management buy-out. 

It is not a peace treaty, only 
a ceasefire, with compromises 
on both sides. But Magura Cod- 
lea has already become a pio- 
neer in a country still only half 
way down the road to capital- 
ism. 


I know its late, tut Icl like some 
sushi. How far do I kave to go?” 



You needn't ever leave the comfort of your Four Seasons room to he transported hy a talented chef. 

Room service menus abound with regional ejections: from deep-dish pizza, to striped bass without unwanted 
calories, to homemade chicken soup at midnight. Fbr the same breadth of choices in another 
unequalled setting, visit our restaurants' downstairs. Iri this value-conscious era., the demands -TOUR oEASONS HOTELS 
of busmesfl.demand nothing less. Fbr reservations, phone your travel counsellor or call us toll free. BOTLLS AND RUQBT3 

Four Seatons . Regent. Defining ihe arl of service ai 40 hotels in IQ countries. 




4 


FINANCIAL TIMES WEDNESDAY MAY 18 1994 


NEWS: INTERNATIONAL 


Security council agrees on 5,500 more troops but most countries wary of taking part 


UN to 
send new 
peace 
force to 
Rwanda 

By Michael Littlejohns, UN 
Correspondent, ta New York 

The United Nations security 
council yesterday agreed unan- 
imously to send up to 5,500 
peace-keeping troops to 
Rwanda, reversing a resolution 
last month that withdrew most 
of a UN force of little more 
than half that number. 

Bat the question last night 
was where the bulk of the 
troops would come from, since 
no western country, including 
the US, appears willing to com- 
mit contingents. 

Furthermore, diplomats 
acknowledged that the force 
was unlikely to make much 
impact on what the council's 
resolution termed the “mind- 
less violence and carnage 
engulfing Rwanda”. 

Estimates of deaths tn 10 
weeks of bloody conflict 
between Hutu and Tutsis 
range from 200.000 to as many 
as lm_ 

The US held up a council 
decision until the last minute , 
arguing that the parties to the 
conflict had indicated no readi- 
ness to call a ceasefire or even 
to agree to the UN operation. 

These reservations, shared 
by some other western mem- 
bers. were a clear backlash 
after the experience in Somalia 



which has coloured the Clinton 
administration’s response to 
all subsequent UN appeals for 
help. However, the US is expec- 
ted to provide some logistical 
support for what at best Is 
likely to be a mostly African 
army. 

Mr Boutros Boutros Ghali, 
the UN secretary general, has 
asked 40 African states to pro- 


vide troops. Ghana is consider- 
ing whether to return 500 men 
it evacuated from Rwanda last 
month at the height of the eth- 
nic slaughter. Nigeria and Tan- 
zania are understood to have 
offered troops, and Senegal and 
Zambia are reported to be con- 
sidering whether to send 
soldiers. 

hi deference to the US, the 


council will r e vie w the situa- 
tion in Rwanda after the first 
deployment phase is com- 
pleted. including sending in 
ISO military observers. 

Pentagon specialists have 
warned UN officials that the 
organisation was under intense 
scrutiny by the US Congress 
and that another failure, such 
as that in Somalia, would 


severely discredit the UN as a 
peace-keeper. 

Under an expanded mandate 
the UN force must try to 
protect displaced civilians who 
are at risk, including refugees 
and displaced persons, 
establish and maintain secure 
humanitarian areas and pro- 
vide security for and support 
relief operations. 


Yemenis in battle for 
control of key airbase 



Christopher in 
first Jericho visit 


By Roger Matthews in London 
and Robin ABen in Dubai 

Fighting intensified in Yemen 
yesterday around the strategic 
southern airbase of al-Anad, 
40km north of Aden, with 
northern forces again claiming 
victory and southern troops 
insisting that they retained 
control 

The battle for al-Anad could 
decide the fate of Aden, accord- 
ing to military analysts. 
Although the southern air 
force could deploy to other 
bases, the fall of al-Anad would 
open the way for a direct 
assault on Aden, or enable 
northern forces to lay siege to 
the city. 

President Ali Abdullah Saleh 
would have to decide whether 
to use the threat posed to Aden 
as a bargaining lever with 
southern leaders, or face the 
inevitably high casualties 
resulting from an attempt to 
take the city. 

Southern aircraft were 
reported to have flown 
repeated sorties yesterday 
against northern troops on the 
approach to al-Anad. Captain 
Abdul Rahim Qassem, speak- 
ing from a new rear southern 
defence line 18km south of the 
base, claimed that the north- 
ern forces were being held up 
outside al-Anad. "We have con- 


trol of the base. They have not 
entered," he said. 

Southern military officials 
also said that fighting was rag- 
ing on the Zingibar front, 55km 
north-east of Aden. Northern 
forces appeared to be preparing 
for an offensive from al-Anad 
and Zingibar. 

A correspondent for Reuters 
reported southern soldiers as 
saying that the northern 
troops were attacking in 
waves. “They come like human 
waves. We spray them with 
our guns but they keep coming 
back. They look like as if they 
are drugged. They do not stop 
when we fire, they keep com- 
ing," said one soldier. 

Northern shells were hitting 
areas 22km north of Aden, the 
closest so for to the city. 

Arab League mediators said 


on their return to Cairo from 
Yemen that northern leaders 
had rejected their calls for a 
ceasefire and insisted that 
their southern rivals should 
surrender. 

Mr Mohammad Said al-Ber- 
eqdar, the league’s assistant 
secretary-general, said Mr 
Saleh opposed any ceasefire 
which allowed his southern 
opponents to regroup and rein- 
force their armies. 

The north was also demand- 
ing the surrender of southern 
lead e r Ali Salem al-Baldh and 
seven of his senior officials. 

The Arab League delegation 
had been unable to visit 
southern Yemen during its 
four-day visit to the country 
because of the fierce fighting 
which has raged since war 
broke out on May 4. 


By Jufiai Ozanne in Jericho 

US Secretary of State Warren 
Christopher, on a Middle East 
peace shuttle, yesterday 
became the first world states- 
man to visit Jericho -seat of 
the newly created Palestinian 
autonomous area evacuated by 
Israel last week. 

Mr Christopher's visit was 
clearly made to demonstrate 
US support for the Pales tinian 
self-rule deal: “One of the rea- 
sons I came here is to mafep it 
dear to our Pales tinian fr iends 
that they are not alone in this 
endeavour and that we in the 
intematioiual community will 
stand with them as they make 
their historic transition.” 

In the blazing heat Palestin- 
ian security forces lined the 
roads of Mr Christopher’s 
motorcade as an honour-guard 
for the US secretary who spent 
much of the day trying to 
avoid being photographed in 
front of pictures of Mr Yasslr 
Arafat, the Palestine Libera- 
tion Organisation chairman. 

Most Palestinians in Jericho, 
however, shunned the Christo- 
pher visit preferring to flock to 
a gathering point near the Jor- 
danian border crossing to wel- 
come home Mr Jfbril Rajoub, a 
hero in the West Bank and Mr 
Arafat’s adviser on the occu- 
pied territories. Mr Rajoub, a 
41-year-old veteran activist of 


Mr Arafat’s Fatah faction, was 
allowed to cross the border 
with 20 other deportees yester- 
day after having spent six 
years in exile in Tunis and 17 
years in Israeli prisons. 

He will become the overall 
PLO security boss for the West 
Bask. Thousands of jubilant 
Palestinians, many from Mr 
JIbril’s Hebron home, were in 
Jericho to greet him. 

The days events were over- 
shadowed as Palestinian 
extremists shot dead two Jew- 
ish settlers in the occupied 
West Bank and armed Israelis 
ignored Palestinian policemen 
and entered an ancient Jericho 
synagogue with their auto- 
matic rifles. 

The Islamic Resistance 
Hamas movement claimed 
responsibility for the attack in 
the West Bank less than 24 
hours after armed Jewish set- 
tlers and Israeli soldiers shot 
and wounded 18 Palestinians 
in Hebron, the Hash point of 
Arab-Israeli violence. 

Meanwhile, Israeli officials 
handed over daily administra- 
tion of the Gaza Strip and Jeri- 
cho to Palestinians yesterday 
putting 850,000 Arabs under 
self-rule for the first time in 
their history. The embryonic 
Palestinian self-rule authority 
took over 38 departments 
which have control from 
health to taxation. 


LDP to try to unseat Machinery order pick-up 
Japanese government adds to recovery hopes 


By WHHam Dawkins in Tokyo 

The likelihood of change of Japanese 
government this summer increased 
yesterday when the main opposition 
party confirmed it would seek to bring 
down the minority administration. 

Mr Yohei Kono, president of the 
opposition Liberal Democratic party, 
warned Prime Minister Tsutomu Hata 
he most resign or face a no-confidence 
vote as soon as the budget for this year 
clears parliament 

The budget delayed by an LDP boy- 
cott and the power straggle unleashed 
by last month's resignation of Mr Mori- 
hiro Hosokawa, the former prime min- 
ister, is now expected to pass parlia- 
ment by mid-July. 

Mr Kobo’s warning suggests for the 


first time that a previously undecided 
LDP Is ready for an election. Until yes- 
terday, the Social Democratic party, 
the second largest opposition group, 
was the only main party to call for an 
early polL The SDP hopes to regain 
some of the seats it list in last July's 
election, while the LDP seeks a come- 
back, after the end last summer of its 
38 years tn power. 

"You should be fully aware that you 
do not have the mandate of the people.' 
This abnormal state of affairs must be 
normalised.” said Mr Eono yesterday. 

The LDP and SDP together can easily 
outvote Mr Hata’s five-party alliance. 
The government commands just over 
190 votes in the 511-seat lower house. 
If be loses a no-confidence vote. Mr 
Hata must resign or call an election. 


By WHBam Dawkins 

A tentative sign of Japanese economic 
recovery emerged yesterday with a 10.3 
per cent increase in machinery orders 
from February to ApriL The improve- 
ment suggests a three-year decline in 
capital investment by Japanese indus- 
try is coming to an end, the govern- 
ment's Economic Planning Agency said. 

Private sector machinery orders fell 
by 0.2 per cent in April compared with 
the same month lest year, a sharp slow- 
down on the 83 per cent annualised 
decline reported in March. 

This brings the growth in orders for 
the first quarter of this year to 8.6 per 
cent, from the final three months of 
1993, well above government forecasts. 
The agency warns it expects a sharp IS 


per cent fall in the current quarter, but 
this does not change its view that the 
worst for machinery orders, is over. 

The same, however, cannot be said 
for corporate bankruptcies, which con- 
tinue to rise, according to the latest 
monthly check by Teikoku Databank, a 
credit research agency. 

The number of corporate collapses 
with debts of more than YiGm (£64,000) 
rose by L9 per cent to 1,176 last month, 
from April 1998, the 15th month when 
they have stood at above 1,000. 

Separately, Japan’s leading compa- 
nies plan to reduce the number of new 
recruits next spring by 18.1 per cent, 
according to a survey of 723 employers 
by the Nihon F eia9i Shimbun economic 
newspaper. That will the fourth consec- 
utive annual decline. 


Harare sows seeds for 
an investment harvest 


Tony Hawkins reviews the progress and potential 
of an ambitious structural adjustment programme 


P olitical transition in 
South Africa and eco- 
nomic reform in Zim- 
babwe are transforming the 
regional business dimale, sug- 
gesting that Zimbabwe’s 
investment promotion confer- 
ence, starting in London 
tomorrow, will prove far more 
successful than its predecessor 
five years ago. 

Then, Zimbabwe had not 
embraced structural adjust- 
ment, and South Africa 
appeared headed for long-run- 
ning, bloody confrontation. 

After a slow start in 1991, 
economic reform in Zimbabwe 
has accelerated over the past 
18 months with two substantial 
tranches of exchange control 
apd foreign payments liberalis- 
ation. This was complemented 
by price deregulation, labour 
laws and investment regula- 
tions, the commercialis- 
ation- though not yet privati- 
sation - of some state 
enterprises, the freeing of 
interest rates and a partial 
exchange rate float 
In January, the Zimbabwe 
dollar was devalued by 17 per 
cent and quantitative import 
controls were abolished. A two- 
tier exchange rate system was 
created with exporters allowed 
to retain 60 per cent of their 
foreign earnings, selling the 
balance to the Reserve (cen- 
tral) Bank of Zimbabwe at the 
official exchange rate. 

Initially, the free market rate 
traded at a discount of some 5 
per cent below the official rate 
of Z$8 to the dollar, but the gap 
has since narrowed to less 
than 1 per cent, and the mar- 
ket is to be unified later this 
year when exporters will retain 
all their naming s and all cur- 
rent account transactions will 
have been liberalised. 

This cannot come too soon 
for some of the multinationals 
attending this week’s meeting. 
Ih an effort to attract new 
investment, Zimbabwe has 
- mistakenly - favoured the 
relatively few newcomers 
(Tony O Reilly's Heinz and 
Algy Guff's gold mines being 
the two most notable) over the 
long-standing players such as 
Unilever, Dunlop, Carnaud 
Metal Box, Barclays and Stan- 
dard Chartered Banks . 

For the past decade, pre-inde- 
pendence investors were not 
allowed to remit more than 25 
per cent of after-tax profits, 
while new arrivals were 
allowed 50 per cent These reg- 
ulations have since been loos- 
ened allowing post-1993 inves- 
tors 100 per cent repatriation, 
while existing companies are 
allowed to remit 50 per cent of 
profits. 


Zimbabwe is committed to 
levelling the field, almost cer- 
tainly this year which, with 
the eventual release of blocked 
funds, will stimulate increased 

investment activity by existing 
companies. Portfolio invest- 
ment was liberalised last year 
when foreign investors were 
allowed to trade on the Zim- 
babwe Stock Exchange. In the 
nine months since this reform 
took effect, foreigners have 
injected some $80m into the 
market contributing to the 300 
per cent surge in share prices 
over the past year. 

All this is very different from 


Zimbabwe . 



Source: pato a n 

the 1980s when foreign direct 
investment averaged a mere 
$2Gm a year. Inflows have since 
accelerated markedly averag- 
ing $60m a year since 1990. 
Two big new projects are in 
the pipeline; the 8225m BHP- 
Utah platinum mine at Che- 
gutu and a proposed Hong 
Kong-financed airport hotel 
and casino dose to Harare. 

The Zimbabwe Investment 
Centre (ZIC). set up to facili- 
tate and promote investment, 
approved 843 projects worth 
same Z$S.6bn ($L4bn) between 
1989 and 1993. Of these, 100 
were foreign and a further 159 
were joint-ventures, valued at 
5470m, though not all of this 
represented foreign inflows. 

In the first quarter of 1994, a 
further 67 projects were 
approved, representing new 
investment of almost (200m, of 
which S63m was foreign or 
joint-venture. 

Zimbabwe needs much more; 
the most disturbing aspect of 
the ZIC numbers is the number 
of jobs created. Investment of 
some $8Q0m. in. the last two and 
a half years has generated less 
than 35,000 new jobs. 

With an annual net addition 
of about 200,000 school-leavers 
to the labour market, the 
implication is that the country 
needs to invest nearly 65 bn 
annually, or 25 pm 1 cent mare 
than its GDP, merely to peg 


unemployment at its present 
level of around 30 per cent 
Clearly, that is not going to 
happen. Implying a combina- 
tion of higher levels of unem- 
ployment and enhanced reli- 
ance on the informal sector. 
Higher Investment levels are 
also needed to kick-start the 
sluggish economy. 

Since independence in 1980, 
real GDP growth has fallen 
behind the 3JL per emit rate of 
population increase, expanding 
at 29 per cent annually. As a 
result real income per bead is 
lower than at independence 
and 16 per cent below its peak 
of the mid-1970s. Assuming the 
economy can grow at a steady 
5 per cent a year, it will take a 
decade to regain 1975 living 
standards. 

Policy reform is a significant 
part of the solution, bat weak 
commodity prices, adverse 
weather conditions, and 
regional political instability 
have left their mark on the 
economy. With commodity 
prices seemingly on the upturn 
and the regional political envi- 
ronment better than any time 
for over 30 years, Investment 
prospects have brightened con- 
siderably. 

Regional Investment should 
improve with the political di- 
mate, but there are fears that 
Investors, motivated as the 
International Finance Corpora- 
tion notes, by market size more 
than anything else, will plump 
for South Africa’s $112bn mar- 
ket rather than Zimbabwe's 
$4bn. For Pretoria’s neigh- 
bours, it is a swings and round- 
abouts situation. 

Market size, infrastructure 
and logistics dictate that a sta- 
ble South Africa, accounting 
for more than 80 per cent of 
southern African GDP, will 
attract the lion's share of new 
investment 

But fflmbabwe with its rela- 
tively efficient infrastructure, 
its plentiful cheap labour and 
close proximity to the South 
African hub of Pretoria Witwa- 
tersrand-V ereeniging . should 
be able to exploit new and dtf- 4 
ferent market opportunities. 

For this to happen Zimbab- 
wean business will have to 
rethink its strategy, seeking 
niche markets and going for 
joint-venture opportunities in 
alliances with Sooth African 
business rather than risking 
head-on competition. 

None of this will happen 
without continuing, and 
urgent, policy reform and a 
stronger commitment to an 
economy, that welcomes for- 
eign capital and skills and 
facilitates cross-border com- 
merce and investment. 


Deadline near for Clinton decision on trade status 


Chinese PM attacks 


US over dissidents 


By Tony Walker to Beijing 
Prime Minister Li Peng of 

China has TnatnteinpH Bu ffi n g 's 

tough stance on human rights, 
accusing the US of giving 
undue weight to the views of a 
“tiny number" of dimnifent Chi- 
nese. 

Mr Li told Mr Zbigniew Brze- 
zinski, former US national 
security security adviser, (hat 
China resented Interference in 
its internal affairs and would 
not yield to outride pressures. 

“Foreign statesmen will 
surely make mistakes," he 
said. “If they base their under- 
standing of China merely on 
the words or views of a tiny 
number of Chinese to the 
exclusion of the interests and 
wishes of all other Chinese 
people." 

The Chinese official was 
speaking just weeks before a 
deadline for President Bill 
Clinton to decide whether to 
extend China's “most favoured 
nation" trading status in the 
US. 

The administration last year 


called for “overall, significant 
improvement" in Beijing’s 
human rights behaviour as a 
pre-condition for renewal of 
China’s privileged trade access 
to the US market 

Mr Brzezhuki, who was in 
charge of the 1978 negotiations 
leading to establishment of dip- 
lomatic relations between 
Washington and Beijing, was 
reported to be carrying a mes- 
sage to the Chinese leadership 
urging further concessions on 
human rights before the 3 June 
MFN deadline. 

Pressures are building on Mr 
Clinton from human rights 
groups and the US Congress to 
impose penalties on China. But 
Mr Chnton has indicated that 
he favours MFN renewal 

China, meanwhile, continues 
to exert pressure on its dissi- 
dent community with further 
detentions and little sign that 
its most prominent political 
prisoner, Mr Wei Jingsheng, Is 
about to be released. 

Mr Wei who served 14 years 
of a 15-year sentience for count- 
er-revolutionary actions before 


his release last year, was 
detained in April and accused 
of “new crimes". His family 
fears that Mr Wei may be 
facing another long jail 
sentence. 

China yesterday briefly 
detained leading student dissi- 
dent Mr Wang Dan after he 
met a US television reporting 
team. He was released by Bei- 
jing police after bring held far 
an hour. 

Mr Wang was failrap from his 
home after meeting reporters 
from the American NBC televi- 
sion network. His residence is 
under constant surveillance by 
Beijing’s public security. 

China, in its continuing 
game of “cat and mouse” with 
the Clinton administration 
over MFN, has recently 
released two highrprofile dissi- 
dents on health grounds. 

They were Wang Juntao and 
Chen Ziming, two of the 
so-called “black hands” behind 
the 1989 pro-democracy pro- 
tests. These releases were seen 
as gestures to placate US 
human rights concerns. 


DON’T JUST 
UPGRADE YOUR 
SEAT, UPGRADE 
YOUR AIRLINE. 





T' 


* s T 


FIRST CLASS COMFORT FOR A BUSINESS CLASS FARE. 

Flights from London. Pans, 


Airline 

Business Class 
Sleeper Scar 

Business 
Class Pitch 

American 

NO 

40* 

Air France 

NO 

38' 

British Airways 

NO 

r 4o~ 

CONTINENTAL 

YES 

5S* 

Delra 

NO 

41" 

Lufthansa 

NO 

40" 

tinned 

NO 

40" 


Frankfurt, Munich and Madrid ro 
New York, Houston and Denver and 
on to 130 U.S. cities. . 


Continental Airlines 








FINANCIAL TIMES WEDNESDAY MAY 18 1994 


5 









w- 


A 


GS300. 


LS400. 


/ It’s quiet in a I^xus LS400. Virtually, all 
noise has been designed out. 

For instance, steel and resin ‘noise sand- 
wiches 9 blanket the cabin. The drivetrain 
is in one straight line to reduce vibration. 
The engine is a smooth 4.0 litre V8. 

In fact, you could hear a pin drop, if it 
weren’t for the deep pile carpet. . 

But what’s left is a- silence no ordinary 


sound system could cope with. So Lexus 
. created a system uniquely appropriate to 
the LS400. Aii ideal sound field ensures 
that, wherever you sit in the LS400 cabin, 
you hear the same rich sound quality. . 

At the comers of this .field are seven 
speakers. Two dome tweeters for high 
sounds, four full range speakers, and an 
eight inch subwoofer for a fuller bass sound; 

The system produces 180 watts 
maximum power. (Well, there is a lot of 
silence to fill!)- And, as if it isn’t already 


a system to make even audiophiles 
question their domestic listening arrange- 
ments, it can be upgraded further. With 
a remote six-disc CD auto-changer. 

But can a car’s sound system ever be 
a reason to buy the car? 

Certainly it can if it’s indicative of 
the unheard of lengths the maker has 
gone to in developing the whole car. 

Unfortunately, we can think of only 
one car which qualifies. See your Lexus, 
dealer for a sound cheek. 


©«■ 










- < 


•y ■* 




&& '<A 


V 












I 


Lexus I 






6 


FINANCIAL TIMES WEDNESDAY MAY 18 1994 


NEWS: THE AMERICAS 


Balaguer 
secures 
early 
poll lead 

By Canute James in Kingston 

President Joaquin Balaguer of 
the Dominican Republic took 
an early lead yesterday as 
counting continued from Mon- 
day’s election, opening the 
prospect of a seventh term in 
office for the veteran leader. 

With about one third of the 
&3m votes counted, Mr Bala- 
guer' s Social Christian Reform 
Party had 43 per cent, with the 
Dominican Liberation Party of 
Mr Jose Francisco Peha 
Gomez, on 41 per cent 

The count was accompanied 
by charges of fraud and irregu- 
larities from the Dominican 
Liberation Party and others 
contesting the election. 

Mr Peda Gomez said yester- 
day he would ask for new elec- 
tions in several provinces 
where many people, most of 
whom he claimed were his par- 
ty’s supporters, were unable to 
vote. The election was subject 
to “major fraud” perpetrated 
by the ruling party, he said. 
Reform Party officials yester- 
day dismissed the charges as 
“fiction." 

Hundreds of thousands 
of voters were prevented from 
casting ballots on Monday 
either because their voting 
cards were confiscated by 
the military and the police, 
or because their names 
were not on lists of voters. 

Mr Pefia Gomez, who is 
black, claimed that many of 
those prevented from voting 
were told that they were not 
Dominicans but ill ega l immi- 
grants from neighbouring 
Haiti. 

The elections commission 
extended voting by three hours, 
on Monday night following the ' 
charges. 

Public opinion polls before 
the election indicated a close 
win for Mr Pefia Gomez, 54 
a social democrat and a former 
mayor of the capital Santo 
Domingo. Reform Party offi- 
cials always maintained Mr 
Balaguer, 87, would win. 

Political tension was high 
yesterday as the votes were 
being counted. The army 
imposed an undeclared curfew 
in several cities following out- 
breaks c i shooting. 


Disgraced former mayor joins Washington race 


By Jurek Martin m Washington 

Mr Marion Barry will this weekend 
declare himself a candidate to be 
mayor of Washington, DC, the job he 
left in disgrace four years ago after 
being arrested for use of narcotics. 

Mr Barry, who subsequently 
served a prison term, was reelected 
to the city council in 1992 represent- 
ing Washington’s poorest district He 
is given at least an outside chance of 


w innin g September’s Democratic 
party primary, which is tantamount 
to victory in November since local 
Republicans are insignificant in 
number. 

The likely field of local black lead- 
ers also includes Ms Sharon Pratt 
Kelly, the incumbent mayor, and Mr 
John Ray, an at-large city council 
member. There is no provision for a 
run-off election after the primary 
which means, as was Mr Barry’s for- 


tune in UTS. that the mayoralty can 
be won in an evenly divided three- 
person field with little more than 
one third of the vote. 

Mayor Kelly is widely considered 
to have been a disappointment, espe- 
cially by the city's whites, a majority 
of whom supported her in 1990. One 
recent city-wide poll found two- 
thirds believing she did not deserve 
a second term. She is blamed for 
foiling to attack both the crime wave 


and the city’s budgetary deficit, 
which leaves it on the verge of seek- 
ing federal assistance. Several senior 
aides have recently been fired or 
resigned. 

Mr Ray is probably now rated the 
favourite, since he seems to have 
been the principal beneficiary of Ms 
Kelly’s declining support He is 
expected to run a less passive cam- 
paign than he did in 1990, when he 
sought to balance his appeal 


between blacks and whites and was 
upstaged by Ms Kelly's campaign to 
dean up the Barry mess. 

Mr Barry’s three terms, from 
1978-90, could hardly have been more 
controversial, even before his 
demise. A well-known community 
and civil rights activist, he cut a 
flamboyant figure, preaching black 
pride and awarding city contracts to 
minority companies, but simulta- 
neously alienating both the federal 


government and Congress, on whom 
Washington depends for about 20 per 
cent of its financial needs. 

But his grassroots support In the 
overcrowded and run-down housing 
precincts remained strong, as wit- 
nessed by his easy council victory 
two years ago over an apparently 
formidable black female opponent. 
He claims now to be a reformed per- 
son, with a new marriage, and his 
drug addiction behind him. 



Gen Raool Cedras Q) and Jean-CIaode Boperval of Army High Command at Investiture of the cabinet of president Emile Jonassamt (r) Rm&r.Ap 


Mr Robert Malval, Haiti's acting prime 
minister, has denounced the country’s 
military rulers after six months of silence, 
Canute James and agencies report from 
Kingston. 

He called on Gen Raoul Cedras and his 
fellow officers, who have refused to bow 
to international pressure, to resign and 
allow the return of Mr Jean-Bertrand 
Aristide, the president who was over- 
thrown and sent into exile almost three 


years ago. “You have locked onr country 
in the darkness of night," an angry Hr 
Malval told Gen Cedras. 

“The time has come for you to leave so 
that a new dawn may break for the Hai- 
tian people. Morally, you are not worthy 
of the title of commander in chief of the 
armed forces of Haiti." 

His attack followed the usurpation of 
his powers by Mr Emile Jonassaint, an 
81-year-old judge installed by a small 


group of lawmakers as provisional presi- 
dent last week. Mr Joussalnt appointed a 
clique of extreme right-wingers and 
nationalists to his cabinet on Monday. 

Hi foiling to name a premier, Mr Jonas- 
satnt assumed the duties of head of state 
and head of government Separating those 
powers was the chief intent of Haiti's 1987 
con stitu t i on, approved overwhelmingly by 
TTattfans a year after they rose up to end 
tim 29-year Duvatier dictatorship. 


Lucas pays $12m to settle US claii 



By Paul Cheeseright 

Lucas Industries, the 
British-based aerospace and 
motor components group, is 
to pay the OS Defence Depart- 
ment $l2m (£8m) to settle 
claims that it provided 
US forces with faulty equip- 
ment 

A settlement reached with 
the US Attorney’s office in 
New York provides for Lucas 
not only to pay the money but 


also to admit guilt of falsifying 
the results of tests on certain 
of its products and to keep in 
place procedures to make cer- 
tain there can can be no repeti- 
tion of the claims. 

This agreement, which 
Lucas said yesterday would 
be placed before a federal 
court, brings to an end two 
years of FBI investigations. 
It removes the possibility of 
court proceedings against 
Lucas AuL, a US subsidiary 


of the British group. 

The investigation sought 
to establish whether Lucas 
Aul supplied defective missile 
launching components and 
military radios which failed 
to meet specifications. 
The Components are used in 
Maverick ground-to-air mis- 
siles. 

Mavericks were the cause of 
16 Allied deaths in two 
“friendly fire" incidents, on 
January 29 and February 26 


1991, during the Gulf War. But 
the US authorities made clear 
there was no link between 
these deaths and the defective 
equipment 

Lucas acquired Aul in 1986. 
Many of the procedures for 
testing the components were in 
place before then. So were the 
Pentagon supply contracts. 
Lucas has been seeking to 
build up Its US defence sales 
which are now worth about 
£100ma year. 


Caribbean urged 
to continue reform 

Canute James reviews the CDB report 


C aribbean governments 
must continue to 
restructure their econo- 
mies in order to deal with 
rapid changes in the global 
environment, according to the 
annual report of the Caribbean 
Development Bank, published 
this week. 

In a review of its members’ 
economies, the bank which is 
based in Barbados, said that 
the medium-term prospects for 
Caribbean economies were not 
encouraging due to Increased 
pressure on both the private 
and public sectors to become 
more opanand more efficient 
in order to meet the demands 
of trade liberalisation. 

Without sustained growth in 
the industrialised economies 
and changes in domestic eco- 
nomic policy, the Caribbean 
region can expect no better 
than the moderate levels of 
growth which most countries 
in the region recorded last 
year, the bank cautioned. 

The bank said that whilst 
some of its borrowing members 
recorded relatively high levels 
of growth last year, the major- 
ity turned in a disappointing 
performance “with growth 
remaining in the lower 
ranges." Unemployment rates 
stayed high and the fiscal situ- 
ation of many governments 
remained tight. 

Growth rates of between 7.5 
per cent and 3.5 per cent in 
gross domestic product were 
recorded last year by some 
countries, including Guyana, 
tiie Cayman Islands and Belize, 


the bank reported. Lower than 
expected earnings from banana 
exports adversely affected 
growth in the Windward 
Islands of Dominica, Grenada, 
St Lucia and St Vincent, the 
report continued. 

Jamaica recorded low 
growth because of marginal 
expansion In bauxite and agri- 
cultural commodities, while 
Trinidad and Tobago's econ- 
omy contracted because of the 
weak state of the international 
market for oil. the country's 
main export 


Tourism will be 
one of the first 
sectors to show 
improvement 

“The resumption of eco- 
nomic growth in North Amer- 
ica had a positive impact on 
visitor arrivals in a number of 
member countries," the report 
noted. While most resort coun- 
tries in the region benefited 
from the increase in stay over 
visitors and cruise ship calls 
last year, the industry in the 
Bahamas r emaine d weak, the 
h ank said. 

The tourism sector will be 
among the first to reflect an 
improvement in the resump- 
tion of growth in the main 
markets, the CDB predicted. 

Fluctuations in the dollar 
exchange rate led to a decline 


in banana production and 
exports, particularly from the 
Windward Islands. The indus- 
try was affected by changes in 
banana marketing arrange- 
ments In Europe, “which will 
at foe outset provide increased 
access for lower cost Latin 
American fruit anf i eventually 
result in the phasing out of 
preferential market access, 
from traditional countries," 
said the CDB. 

Cumulative sugar production 
in the bank's members last 
year was 732,000 tonnes, three 
per cent less than 1992 produc- 
tion. The largest fell of 10 per 
cent was in Barbados, while 
the biggest absolute decline 
was In Jamaica where produc- 
tion fell 7,900 tonnes. 

A fell in crude oil production 
in Trinidad and Tobago will 
continue, said the bank, “with 
the outlook for international 
prices not being particularly 
encouraging given foe inability 
of Opec members to limit out- 
put to agreed production quo- 
tas, and given the likeliho od of 
the eventual return erf Iraqi 
production to world markets." 

Weak international prices for 
aluminium depressed the min- 
ing and refining of bauxite in 
Jamaica and Guyana last year, 
the report noted. 

The bank concluded that the 
region is likely to find Increas- 
ing difficultly in obtaining 
external funding, citing the 
trend for traditional donors to 
now consider what they per- 
ceive as more pressing needs 
in eastern Europe and Africa. 


NEWS: WORLD TRADE 


Pact erodes 
tariff aid for 
Third World 


Asia offers 
‘ride’ for 
western 
exporters 

By Victor Mallet in Singapore 


By Francos WHHams In Geneva 

Tariff cuts agreed In the 
Uruguay Round of global trade 
talks will lead to big reduc- 
tions in the value of special 
trade preferences for develop- 
ing countries and erode their 
competitive advantage, accord- 
ing to foe United Nations Con- 
ference on Trade and Develop- 
ment (Unctad). 

A report to this week's meet- 
ing of Unctad’s committee on 
preferences estimates that pref- 
erential tariff margins on 
imports will be cut by about 23 
per cent In the European 
Union, IS per cent in Japan 
and 9 per cent in the US. 

Trade covered by the Gener- 
alised System of Preferences 
(GSP) will shrink by some 17 
per cent because of new zero 
duties agreed in the Uruguay 
Round, to about $120bn (£80bn) 
in the three main trading 
groups. 

The preferential share of 
exports from developing 
nations to preference-giving 
countries will drop from 39 to 
32 per cent Unctad predicts. 

Though most developing 
countries will benefit from the 
general lowering of tariffs and 
other import barriers in the 


US top venue 
for conferences 


The US held Us position as the 
world’s leading venue for 
international conferences last 


year, with the UK replacing 
Spain in second place, said the 
International Congress and 
Convention Association, writes 
Michael Skaplnker, Leisure 
Industries Correspondent 

The US had a 7.2 per cent 
share of International meet- 
ings with more than 100 par- 
ticipants in 1993. 

The UK moved from 5th 
place in 1992 to second last 
year with 6.9 per cent. Ger- 
many was third with 6.3 per 
Mat, up from fourth in 1992. 
France fell from third In 1992 
to fourth last year with 5.6 per 
C*nt Spain fell from second in 
1992 to fifth with 4.9 per cent 


Uruguay Round, they are anx- 
ious to keep the advantages of 
trade preferences which help 
them compete with more effi- 
cient industrialised country 
producers. 

Unctad has called for 
Increased preferential margins 
and duty-free treatment for 
Third World goods following 
the Uruguay Round deaL 

Preference -giving countries 
are also being urged to extend 
GSP benefits to form products 
and textiles where import quo- 
tas will be scrapped or phased 
out under Uruguay Round 
accords. 

Trade under the GSP rose 
almost 20 per cent in 1992 to 
$77bn and is thought to have 
increased further in 1993, 
Unctad says. 

There are 16 different prefer- 
ential schemes benefiting over 
160 developing nations. Trade 
under these schemes has risen 
more rapidly than trade in gen- 
eral over the past 20 years. 

However, developing coun- 
tries have long complained 
that the GSP is too restricted 
in scope and operation. Only 
half dutiable exports by benefi- 
ciary countries are covered, 
and only half of these actually 
receive GSP treatment 

ABB in SlOOm 
German deal 

Asea Brown Boveri. the 
Swiss-Swedish heavy engineer- 
ing group, said it received an 
order valued at around $10Qm 
(£68m) to supply and install 
components for a residual 
waste Incineration plant 
at Niehl, near Cologne in 
Germany, AP-DJ reports from 
Zurich. 

The order was placed by L.C. 
Steinmueller of Cummers bach, 
the general contractors who 
are responsible for the turn- 
key delivery of the plant, the 
company said. 

ABB said the plant, which 
is scheduled to start operating 
in 1997. would be run by AVG, 
a waste exploitation and dis- 
posal company based in 
Cologne. 


Asia could form a powerful 
trade bloc against the Euro- 
pean Union and members of 
the North American Free 
Trade Agreement if its goods 
were shunned by the two 
groups, Mr Goh Chok Tong, 
Singapore's prime minister, 
said last night. 

In a warning against protec- 
tionism, Mr Goh criticised 
western politicians and trade 
unionists who saw Asia's 
rapid economic expansion as a 
threat rather than an opportu- 
nity. He urged industrialised 
nations to “ride on the growth 
of Asia" by exporting high- 
technology and high-qnallty 
goods. 

Opening a conference on 
Asian business in Singapore, 
Mr Goh said that to block 
Asia's emerging economies, 
especially China, from world 
markets would force them to 
turn inwards, stunt their 
growth, lead to “a more 
aggressive and destabilising 
military posture", and 
threaten western assets in 
Asia. 

Even a less confrontational 
western stance, with the EU 
looking inward and Nafta 
looking only southward, 
would force Aslan countries to 
trade increasingly between 
themselves. Mr Goh said. 

“Asia has the capital," he 
said. “It saves more than the 
rest of the world. Its growth 
will be slowed, bat it will not 
be stopped. An Asian trade 
bloc Is not an option of choice. 
But it is a viable option.” 

Mr Goh joined the chores of 
Asian leaders who have con- 
demned western attempts to 
curb imports from low-wage 
countries by linking workers’ 
rights to trade negotiations. 

Among his few words of 
comfort for the west was the 
assertion that emerging Asian 
economies were unlikely to 
ran the sort of trade surpluses 
seen in Japan and Taiwan, 
because countries snch as 
China and India were not sup- 
pressing consumer demand as 
Japan did in foe early stages 
of development By the end of 
foe decade, he said, east Asia 
could have an annual current 
account deficit of 9501m. 


Wiser US to meet chastened Japan 

Nancy Dunne and Michiyo Nakamoto preview the resumption of trade talks 


I t is an older, perhaps 
wiser, Clinton administra- 
tion awaiting the arrival 
tomorrow of a somewhat chas- 
tened Japanese trade team 
whose mission It is to help sal- 
vage the US-Japan trade rela- 
tionship. 

Both sides have had. more 
than three months to reflect on 
the consequences of the break- 
down of bilateral talks. The 
mood is slightly more optimis- 
tic than when talks broke 
down in February at the sum- 
mit between President Bill 
Clinton and Mr Morihiro Hoso- 
kawa, the former Japanese 
prime minister, over Washing- 
ton’s insistence on specific 
indicators to mark the progress 
of market-opening deals. 

Yet even at this stage, there 
are few signs that substantial 
progress can be made 
Mr Mickey Kan tor, the US 
trade representative, says be 
has been promised a new plan 
by Mr Tsutomu Hata, Japan’s 
new prime minister, which 
would address the question of 
"objective criteria” for measur- 
ing market access. 

“We have passed the ideolog- 
ical issues,- said another 
administration official “They 
know we don’t want managed 
trade. The issue now is can we 
find a way to negotiate around 
reality.” 

In the sombre halls of 
Tokyo's ministry of interna- 
tional trade and industry, offi- 
cials have allowed themselves 
to be encouraged. “The US Is 
sending positive signals in that 
its rhetoric Is ho longer as 
heated as tt used to be,” says 
one trade official. “If we are 
realistic, and don’t set the hur- * 


Japan should Invest more In 
domestic public infrastructure 
to prepare for its ageing popu- 
lation and reduce foe coun- 
try’s widely criticised current 
account surplus, according to 
the government's 1994 white 
paper on trade, reports Mich- 
iyo Nakamoto from Tokyo. 

Japan’s current account sur- 
plus has largely been recycled 
overseas, but given the rise in 
Japan's elderly population, the 
surplus should be invested at 
home to create the national 
assets necessary to support 
future public life, the white 
paper points ont 


dies too high from the start, 
then we may be able to discuss 
what is needed in order to 
begin talks on restarting the 
negotiations." 

The US and Japan each have 
their own reasons for needing 
to find a way forward. Both 
have been jolted by the tum- 
bling dollar and climbing yen 
and Japan remains mired in 
recession. 

As Japanese trade officials 
admit, recent market turmoil 
has highlighted the negative 
impact that the chill between 
Washington and Tokyo has on 
the markets and on foe rest of 
the world. 

"We realise that our actions 
have an impact on the markets 
and that for two of the biggest 
economies In the world to con- 
tinue to have strained relations 
Is not a good situation,” said 
one. 

Japanese bureaucrats are 
also sensitive to criticism that 
their intransigence over quan- 
titative indicators of progress 


By 2025, the number of Japa- 
nese over 65 compared with 
those between 15 and 64 win 
rise to 43J per cent against 
17.3 per cent In 1990, says the 
white paper, published annu- 
ally by foe Ministry of Inter- 
national Trade and Industry. 

Public infrastructure invest- 
ment in Japan is still very low. 
Sewage penetration, for exam- 
ple, is lower in Japan than in 
Singapore, which invests 41 
per cent of GDP at home. 

The white paper calls for 
greater investment in housing, 
public infrastructure, includ- 
ing information infrastructure 


in opening Japan's markets to 
foreign products and services 
might have been a factor in 
poshing thing s to the brink. 

Next time round, they say, 
“we don't Intend to take an 
inflexible stance”. 

President Clinton is being 
criticised at home by the right 
and foe left who say he Is run- 
ning messy and contradictory 
foreign and trade policies. 
Japan's Asian neighbours have 
expressed concern about the 
uncertainty. Trading partners 
In Europe are also worried. 

Although neither side can 
afford another failure, there Is 
little evidence that either will 
sharply change course. What 
may be under way is a shift in 
emphasis from the disputed 
numerical “indicators” to an 
emphasis on macroeconomics. 

The US set out in April a 
basis for restarting the infor- 
mal talks. It wants a co mmi t, 
ment by Tokyo to a relatively 
long period of consumer-led 
growth and three macro-eco- 


and In service industries. 
Increased hunting Investment, 
in particular, should contrib- 
ute significantly to cutting the 
gap between savings and 
investments. It also points out 
that price differentials 
between Japan and tha rest of 
the world stem not only from 
differences in quality and dis- 
tribution costs but from differ- 
ent business practices. 

This has kept prices high 
even as the yen’s value has 
been appreciating, the white 
paper says, forcing Japanese 
companies to move manufac- 
turing overseas. 


comic steps; continued income 
tax reductions and public 
investment; increased access 
for competitive foreign prod- 
ucts and services; and objec- 
tive criteria. 

For Japan, progress on the 
first point, along ltn«E that 
would satisfy the US, Is politi- 
cally difficult While the trade 
ministry believes that more 
should be done on the macro- 
economic side to stimulate the 
economy and thereby trade, 
this will require a difficult 
decision from a government 
that is fighting for its survival. 

Further tax cuts without a 
guarantee that the- -revenue 
shortfall can be made up for 
through alternative taxes,- is 
strongly objected to by the 
ministry of finance, which 
wields enormous power over 
both the political establish- 
ment and bureaucracy. 

But raising Japan’s con- 
sumption tax to make up for 
that shortfall, a scheme 
favoured by the finance minis- 


try and some politicians. Is 
strongly opposed by the Social 
Democratic party whose 
cooperation is crucial for the 
minority government. 

Dr Paula Stern, a former 
adviser to President Clinton, 
said the administration would 
probably get concessions on 
sectoral deals and numerical 
targets. Washington should be 
playing to those forces in 
Japan which have wanted fas- 
ter growth and deregulation, 
she a dded. 

But despite Miti officials' 
claims of flexibility, there is 
unlikely to be any substantial 
change in their opposition to 
numerical targets for measur- 
ing market-opening. “There are 
things that we can give on and 
things we cannot give on.” 

Deregulation is perhaps the 
key area on which the two 
aides can make progress. It is 
central to the trade ministry's 
plans for b»Wng the tanw for- 
ward. The Japanese govern- 
ment will announce by the end 
of June specific plans for dere- 
gulating the country’s markets 
to improve access and stimu- 
late the economy. It hopes ' 
these measures will convince 
the US that it is serious about 
opening its markets further. 

What needs to be (tone is to 
leave the rhetoric behind and 
look at what is realistically fea- 
sible, suggests a Japanese 
trade official. “The US knows 
what Japan fears. We know 
their frustrations,” .he days. 
The key to progress Jfes. to 
whether each side^ cah-tcon* 
fitructively explore ? 
ward that takes foes? poftrerns 
and frustrations info consider 
ation.” : iii.i ' 


Scotch whisky producers take on Tokyo 


By Paid Abrahamsin Tokyo 

Five centuries after their first skirmish 
with the’ Scottish exchequer. Scotch 
manufacturers are still straggling with 
the tax man, but their opponent now is 
Japan's finance ministry. 

Mr Hugh Morison, director general of 
foe Scotch Whisky Association, is in 
Tokyo to lobby against what whisky 
makers say is a discriminatory tax 
regime. 

Whisky, like other imported spirits 
such as bourbon and cognac, is taxed 
up to six times higher than shochu, a 
domestic drink made from sweet potato 


which controls about 67 per cent of the 
Japanese spirit market. 

“This discrimination is in spite of a 
1987 ruling that declared that Japan’s 
liquor tax system contravened Gatt. 
The findings were accepted by the Japa- 
nese government in 1989, but little has 
changed since then,” he says. 

Japan is the world’s fourth largest 
Scotch whisky export market after the 
US, France and Spain. But imported 
spirits account for shout 8 per cent of 
foe Japanese market, compared with an 
average of 30 per cent in other industri- 
alised democracies. 

“This is a pretty blatant breach of a 


Gatt ruling by one of the' world's' main 
trading nations. It’s foe worst case of 
discrimination in any of foe Scotch 
export markets,” says Sir Morison.’ ■ 

Japan argues that shochu Is part of 
foe national culture because it is made 
by small rural distilleries across Japan. 
But Scotch makers insist that more 1 
than half of all shochu is made by six 
large industrial groups Involved in 
other activities such as pharmaceuti- 
cals. 

Japan says Its taxation system is 
moving in the right direction. Since 
1989, the difference between the tax on 
whisky and shochu koh, a down-market 


version, has fellen. from a rfctin of il® 
to L5, and dropped to* 1:4 tmdfr.roh® 
introduced on Mhy L - / - 3 ■ : 

Scotch whisk? sales hdv&4osft jtfrtto- 
ularty badly during Jhj»a r s-.woretpMfc- 
war recession: Sales in Japan fefi 22 V& 
cent last jear from fflL78m to 198* to . 
2139m, while volume dropped 13 Pff 
emit from iSJto-litres of pure alcohol to 
l6J2m litres. 

Mr Morison says the tax distortions 
have meant Japanese consumers 
switched to lower cost products such as 
shochu whose sales ended a five-year 
decline in 1992, rising 4.4 per cent, and 
5JS per cent in the first half of last year. 






l,r 8ed 

r S 

' 1>K,„ 


V, 


FINANCIAL TIMES WEDNESDAY MAY 18 1994 


NEWS: UK 


CBI chief in scathing attack on Brussels 

Bv QUBftn ToH or. ... 


By QJBbnTett 

The outgoing president of the 
Confederation of the British Industry 
employers’ organisation yesterday 
delivered a blistering attack on the 
European Commission, rfafrnfog that 
Brussels was hampering UK business 
interests by excessive regulation and 
outdated "flfties-style” policies. 

In a clarion call to the UK 
Euro-sceptics, Sir Michael Angus 
accused the commission of i gnw fn g 
the views of European businessmen, 
and called on the UK government to 
“taka up the cudgels" of industry. 


“Doubts have once again begun to 
Set in as to Whether the nnmi nu n Hy Jg 
Capable of adopting an agenda that 
makes a positive contribution to the 
ability of businesses to fly* intense 
global pressures ” he said. 

If European legislators introduced 
any more anti-competitive initiatives 
they should simply "go tntn a dark 
room, lie down, and keep fairing the 
tablets,” he quipped, as he spoke to 
the CBTs annual dinner. 

The unusually provocative speech, 
which marks the swan-song of Sir 
Mi ch a el’s two-year term as CBI presi- 
dent, cited five main areas where the 


commission had apparently failed to 
listen to business views. 

The first was the white paper on 
competitiveness and growth, draws 
up by Mr Jacques Delors, commission 
president, last year. This had had a 
“disappointingly thin” follow-up, Sir 
Michael said. But when he had tried 
to raise thesa criticisms with Mr Pad- 
rajg Flynn, social affairs commis- 
sioner, he had bean shocked by Mr 
Flynn's “outdated” focus on indus- 
trial relations. 

"You don't Osh in the fifties to 
address issues of *>ip nineties," Sr 
Michael said, accusing Mr Flynn of 


using language that had not been 
heard "since Harold Wilson's time". 

The second target was the green 
paper on social policy, which was 
accused of paying too little attention 
on the task of getting Europe's 2(ka 
unemployed hack to work. 

The comndsskin’s attempts to intro- 
duce the European Committee direc- 
tive on employee information 
consultation provided another bane of 
contention - the directive would 
erode the competitiveness of Euro- 
pean companies and leave US busi- 
nessmen “chartKng”. 

Fourthly, the proliferation c£ anti- 


competitive state aids, was undermin- 
ing the European industry, Sr Mich- 
ael said. In an attach that refrained 
from mentioning that the UK itself 
had recently won permission for largo 
state aids to a Belfast textile factory, 
he atyracd the commission of under- 
mining competitive policy in areas 
where the UK was strangest - the 
airline industry, steel sector, teleccan- 

mnn1/5*tinng and ener gy 

Finally, Sir Michael concluded, the 
ccsnmissian was failing to get to grips 
with its own spending policy, produc- 
ing a “dismal catalogue of fraud and 
waste". 


Policy rift with 
Bank denied 
by chancellor 


By Peter Norman, 

Economics Etfitor 

Mr Kenneth Clarke, chancellor, 
last night sought to quash sug- 
gestions that he and Mr Eddie 
George, governor of the Bank 
of England, differed on policy, 
asserting that they “share the 
same aftn of low inflation anri 
sound money". 

Stressing his belief In a 
“business-friendly govern- 
ment", Mr Clarke, said he 
would continue to set fiscal 
and monetary policy “as 
toughly and decisively as I 
have to” with the aim of "low 
inflation on a permanent basis 
and healthy p nhWo finances". 

Addressing the amumf din- 
ner of the Confederation of 
British Industry employers’ 
organisation, he edmwtvd the 
government had a political 
problem because the UK econ- 
omy was recovering "without a 
feelgood factor". 

But, using words that echoed 
those of Mr George in a speech 
last wed; he said: “Too many 
people still hanker after the 
go-go growth of living stan- 
dards they enjoyed In the years 
erf boom. WeU, this chancellor 
does not want a boom because 
boom gets followed by bust" 

In a move to counter repo r t s 
of differences with the gover- 
nor over interest rates and Mr 
George’s hawkish anti-inflation 
stance, ,Mr .Clarke said .he 


remained firmly committed to 
keeping underlying inflation in 
the 1 per cent to 4 per cent 
band and bringing it within 
the lower part of the band by 
the aid of this parhamenh " 

He had, he said, allowed the 
Bank to publish its own quar- 
terly inflation report and 
insisted on the publication of 
genuine minutes of hiB 
monthly monetary meetings 
with Mr George to improve the 
credibility of policy. 

Stories of differences with 
Mr George were “a little col- 
oured”, he said. 

Britain's low frrfiatfm level 
had been hard won and "the 
governor and I are equally 
determined tbat tt Should not 
be jeopardised by any lack of 
monetary discipline in the 
upturn," Mr Clarke said. The 
government remained “abso- 
lutely resolute" in its determi- 
nation to control public spend- 
ing and cut public borrowing, 
he added. “Tax cutting will 
came an to the agenda' again 
but mtly we have got the other 
things right" 

The chancellor also said the 
UK should not lose self confi- 
dence over Europe, eirimfog 
that Britain's Improved eco- 
nomic pe rformance could win 
influence and help the govern- 
ment in its »rttn cf creating a 
European Union that Is good 
for UK industry and entreipre- 
neurehip,’..-, .. 



PtakncTonyMKfr«Bs 


Horse-drawn drays taking part in the independent brewers' procession at Dover seafront yesterday 

Brewers in a froth over beer imports 


By Nefl BucJdey 

Horse-drawn and steam-driven brewery 
drays converged on the seafront in Dover 
yesterday, in a protest by Independent 
Family Brewers of Britain. 

The organisation, which In c ude s «nnw 
erf the oldest UK brewers, was highlighting 
the threat posed to traditional beers and 
pubs by cheap imports of beer from conti- 
nental Europe, where excise duties are 
fflnrfi lower than hi the UK 


The Brewers and Licensed Retailers’ 
Association estimates L25m barrels were 
imported last year - equal to the total 
sales of 4^00 pubs. But Sir Paul Nicholson, 
chairman of Vaux, the Sunderland brew- 
ery, recently put the total even higher, at 
2m han-plg 

Including wines and spirits, the total 
value of alcohol imports from continental 
Europe last year is estimated at mare than 
£lbn, costing the Treasury 2470m in lost 
duties and VAT. 


B rewe r s and drinks Tnanuftip Hlrprg say 
marry crnas- charme! travellers are bringing 
in far more drink thaw they could con- 
sume themselves - in contravention, erf 
new rules which were introduced with the 
advent of the single European mnrkct last 
year. 

They are calling for a reduction in the 
UK rate of mmieg to encourage British 
consumers to buy thrfr atonhni at home, 
and for tougher action from Customs and 
Excise to stem the “bootleg” trade. 



Britain in brief 


Missile price 
may rise, 
MPs warn 

The UK should speed up 
purchases of US nuclear 
missiles for its Trident 
submarines because the cost 
may rise sharply, the Boose 
of Commons Defence 
Committee said yesterday. 

The government has ordered 
44 of the ndssfles and has said 
tt wffl buy about 24 more over 
the next four to six years. The 
co mmittee warns that the unit 
cost of missiles sold to Britain 
will rise sharply if the US 
administration yields to 
congressional pressure and 
scales back its own 
procurement. While the UK 
g ov er n m ent had already added 
£80m to its estimate for 
missBe costs, that could prove 
fricnfflrip t rt if thin 
US budget calls for a reduction 
of nriasDe purchases by the 
US Navy, and the price 
consequently rises. 


Concerns hit 
pension sales 

The number of people taking 
out single premium personal 
pension policies fen sharply 
by more than o ne - thir d in the 
first quarter of this year 
compared with the first three 
months erf 1998. Figures freon 
the Association of British 
Insurers suggest that 
widespread concern about the 
possible mfe-saDing of personal 

pAtifrig ms h qp hrf gfllgq of 

pension t bimfe rs, 

Privatisation 
benefits queried 

P riva ti sati on did not 
significantly improve the 
productivity growth of most 
electricity distribution 
companies in England and 
Wales, the independent Centre 
far Study of Regulated 
Industries says. 

That view conflicts with that 
of the industr y, which says 


efficiency i mpro v em ents are 
one of the main benefits of 

privatisation. The centre's 
report appears ahead of a 
review by the industry 
regulator into the distribution 
businesses which will set price 
controls. Tha repost says the 
regulatory regime set up at 
privatisation was probably 
too lenient and did not offer 
sufficient incentives to 
improve efficiency. 

Bidders named 
for poster arm 

Four bidders for London 
Transport Advertising, the 
poster subsidiary with a 
turnover of about £23m, have 
been shortlisted: a 


buy-out; More OTerraR, the 
UK's largest outdoor 
advertising contractor; a 
consortium led by 
Transportation Displays, the 
US transport advertising 
company; a consortium led 
by Primesight, the UK poster 
company and Gzraudy, 
France’s largest outdoor 
advertising company. 

Docklands 
buyer found 

South Quay, a large 
part-finished office btdldiiig 
opposite Canary Wharf In 
London' s D ocklands, <» 
believed to have been sold to 
an overseas buyer for about 
27m, a tenth of its cost. The 

880,000 sq ft development 
went into receivership in May 
1902. 


Acquisition 
spending falls 

The value of acquisitions in 
the UK fell by 5 per cent in 
the first quarter of the year. 

Expenditure on acquisitions 
feD from £2Rim in the final 
quarter cf last year to 22.7hn 
in the first three months erf 
1994, according to the Central 
Statistical Office. The number 
ofUK acquisitions by 
industrial and commercial 
companies rose sUghtiy 
between the two periods, from 

164 to 176. 

Qn»h azpendttn re ™ 
acquisitions accounted for 46 
per cent of the total, down by 
87 per cent, with the remainder 
coming from issues of ordinary 
shares. 



The last thing you need in a complex and 
changing world is to be locked into an 
inflexible information system. You want to 
focus on your core business and build your 
company’s performance. Which means 
you need IT to be an enablei; free from 
legal and technological constraints. As a 
world leader in IT services, we can give 
you truly objective advice. Whether we are 
providing the simplest software application 
or managing the most complex system, 
our service level agreements leave you in 
control and free to set your own priorities. 
And because we are independent from 
IT vendors, we will always bring you the 
best the market has to offer. In fact, there 
is only one thing we are inflexible about 
— our commitment to your success. To 
contact us, please call 33 (1) 47 54 50 81. 

Total 

Respect 

FOR YOU • FOR YOUR COMfW • 

FOR YOUR CLIENTS • FOR YOUR INVESTMENTS • 
FOR YOUR FREEDOM • FOR YOUR FUTURE 

CAP GE^mSOGETI 


EXPERTISE IN INFORMATION TECHNOLOGY* 

% 





NEWS: UK 


Braer report 
cracks down 
on ship safety 


Lloyd’s is still shivering from 

L loyd's of London has 
done its best to soften 
the impact of its 1991 




By Charles Batchelor, 
Transport Correspondent 

A call for urgent action to 
improve the safety of ships and 
reduce the danger of pollution 
of the seas was made in an 
official report published yester- 
day. 

Lord Donaldson's inquiry 
into the prevention of shipping 
pollution, launched in the 
wake of the sinking of the oil 
tanker Braer off the Shetlands, 
has produced more than 100 
recommendations Improved 
safety procedures. 

Hie Braer. a Liberian-regis- 
tered tanker, spilled 85,000 
tonnes of Norwegian oil into 
the sea off Shetland in January 
1993 after seawater entered its 
diesel tanks and caused engine 
failure. 

The report, Safer Ships, 
Cleaner Seas, finds “a pressing 
need for the UK to take new 
initiatives internationally, 
regionally and nationally”. 

In response Mr John MacGre- 
gor. transport secretary, 
announced plans to shame 
shipowners into raising stan- 
dards by publishing d etails of 
sub-standard ships which call 
at UK ports. A monthly list 
will reveal the names of the 
detained vessels, their defects. 
Dags and owners. 

Lord Donaldson and his 
inquiry team said they “were 
surprised and alarmed at the 
number of potentially serious 
incidents which took place dur- 
ing the course of the inquiry. 
Although none resulted in seri- 
ous pollution, it was largely a 
matter of chance that they did 
not" 

The report identified human 
failings as the cause of virtu- 
ally all accidental pollution 
from ships and said that the 


best preventative measure was 
to improve the standards of 
maintenance and operation. 

Its specific recommendations 
include: 

• A tougher system for 
inspecting ships when they 
arrive in port. They would 
have to give 48 hours notice of 
arrival at European ports, 
where they would be given a 
thorough inspection. 

• An increase in the number 
of tugs around the UK coast- 
line, which can respond 
quickly to emergencies. 

• Improved sharing of infor- 
mation between charterers, 
insurers, shipping agents and 
regulators on the standards of 
different ships and fleets. This 
would mean substandard ships 
would have difficulty finding 
cargoes and increase their 
insurance premiums. 

• Better identification of 
ships at sea by painting their 
international radio call sign on 
their sides and decks. Ulti- 
mately ships should have carry ! 
transponders. 

• The creation of Marine I 
Environmental High Risk 
Areas, a small number of areas 
which were both environmen- 
tally sensitive and also on busy 
shipping routes. 

The inquiry, one of the first 
to attempt to cost its recom- 
mendations, said these mea- 
sures would cost about £lQm 
with the bill to be shared by 
the government and ship- 
owners. 

Numast, the ships' officers 
union, said it was concerned 
that planned cutbacks at the 
department of transport's 
marine safety agency would 
undermine the inquiry's 

rera mmpn Hfltin ns 

Editorial Comment, Page 13 



mm 

< M \ 

M/A 



- - 

M i 
' 

•;’vS -\ 


■ ■? : . 

•% ' 

. 

• * r . j 

§M 

- / 



Peter Middleton. Lloyd’s chief executive (left) and chairman David Rowland yesterday. Mr 
Rowland said restructuring had led to leaner, Otter’ surviving under writer s nnnTimHwviii. 


L loyd's of London has 
done its best to soften 
the impact of its 1991 
losses on the Names, whose 
assets have traditionally sup- 
ported the market 

Nevertheless - despite some 
encoura g in g si g n s - yester- 
day’s figures also provide evi- 
dence of some worrying trends, 
especially in relation to the 
market's exposure to US asbes- 
tos and pollution claims. 

The identification of a sub- 
stantial “double count” in both 
the 1991 and 1990 results is 
probably the most welcome 
news for Names - £533m of the 
1991 loss and £596m of its 1990 
loss has been counted twice, 
reducing losses for the two 
years from £5-4bn to £4.3bn 
respectively. 

Approximately £2S8m of the 
1991 “double count” has 
emerged on errors and omis- 
sions policies, which cover 
agents against legal awards for 

The remain iter, same £265m, 
has occurred on personal stop 
loss - a personal reinsurance 
policy bought by Lloyd's 
Names - and estate protection 
plans - policies which cover 
the liabilities of deceased 
Names). 

Lloyd's is also bedding out 
the prospect of further reduc- 
tions as it seeks to eliminate 
other forms of “double count- 
ing”. These fogfada the losses 
on catastrophe reinsurance 
syndicates, which specialised 
in so-called “spiral” business, 
covering the high level risks of 
other Lloyd's syndicates and 
companies. 

Mr Peter Middleton, chief 
executive, said: “We’ve got to 
get to grips with dual notifica- 
tion Of nlaimg We think there 
is quite a lot going on which 
we have to get a handle on.” 

Other positive signs in c lud e 
pledges to accelerate tax recov- 
eries and payments of stop loss 

pnBripg 

Lloyd's is also holding out 
the prospect of Jam tomorrow 
far Names, following increases 
in rates. Mr David Rowland, 
chairman, said recent restruct- 


FUMANCIAL TIMES WEDNESDAY MAY 18 1994 


US exposure 

Names remain ‘ he .SP'? o 0f ? stto ™ 1 ? 

, in the US, where synd 

under pressure were leading underw 
, r . of liability busi 

despite some still casts a shadow ov 

* « prospects. 

encouraging An increase in reservi 

signs, writes 

Richard Lapper 


uring at Lloyd’s had resulted 
in “a much leaner, fitter gener- 
ation of surviving underwrit- 
ers. 

“It is encouraging to note 
that nearly two thirds of the 
capacity in the Lloyd's of 1994 
is in the hwmte of syndicates 

which made good profits in 
1991”. 

Confidence is so great in this 
respect that the market is 
again allowing Names to bor- 
row a percentage of profits 
from the current year of 
account - an amount equal to 
3 per emit of their premium 
income limit - to meet past 
losses. 

Additionally, syndicate man- 
agers are being encouraged to 
delay cash calls on Names 
wherever possible. 

From the market’s point of 
view, agents and underwriters 
can take comfort from indica- 
tions that the 1991 loss will 
prove to be more widely spread 
than in recent years. Mr Row- 
land “makes the pos- 

sibility of recovery easier than 
-if it were concentrated on 
fewer heads.” 

Members of syndicates spe- 
cialising in catastrophe rein- 
surance were hit by claims 
from disasters such as Hurri- 
cane Hugo in the Caribbean 
and the European winter 
storms of 1990, have borne the 
brant of the 1989 and 1990 


the legacy of past involvement 
in the US, where syndicates 
were leading underwriters 
of liability business, 
still casts a shadow over its 
prospects. 

An increase in reserves fin- 
years prior to 1991 - mainly it 
seems from asbestos, pollution 
and other health-related claims 
- was the "single largest factor 
in the result", explained Mr 
Rowland. 

Increasing its reserves for 
years of account prior to 1991 
by £1 ,042m, Lloyd’s explained 
that claims from “asbestos 
property damage”, which 
involves property owners 
claiming for the cart of remov- 
ing asbestos from their budd- 
ings, were “coming in quicker 
than expected”. 

In addition there had been a 
“ballooning” of settlements on 
“asbestos bodily injury”, which 
arise when victims of asbestos- 
related diseases sue for dam- 


U n certainty over tbe 
evolution of these 
claims has led to a rise 
in the number of syndicates 
which have been unable to 
close their accounts, with the 
number of “open years of 
account” rising from 162 at the 
end of 1991 to 317 at tbe the 
end of 1992 and 478 at the end 
of 1993. 

Lloyd's stresses that it Is 
well-reserved, especially in 
comparison to US insurers, to 
meet these claims. 

It is confident that its plans 
to establish NewCo, a reinsur- 
ance company into which an 
business underwritten before 
1986 win be transferred, will 
prove to be successful. 

There is optimism too, about 
the prospects of a reform to tbe 
so-called “superfund” laws, 
under which the US federal 
government can order business 
to dean-up contaminated land 
sites. 

Names, who face cash calls 
of between £1.6bn and £1.7bn 
this year, can only hope 
that such optimism is well- 
founded. 


In 1991 the murine market,, 

which was heavily exposed to 
catastrophe business, reduced 
its losses for the year by about 
50 per cent to £452m <£892£m), 
for example. 

But even though Lloyd’s 
may be beginning to emerge 
from its immediate problem. 


Parallel Ecu badly needed 
by business says think-tank 


Savings-GDP ratio at lowest since 1945 


By Gillian Tett 

The Ecu should be used as a 
parallel currency, to allow 
business to deal in a single ten- 
der across Europe, a paper by a 
leading right-wing UK think 
tank argues today. 

Published by the Institute of 
Economic Affairs, it claims 
that a parallel Ecu is badly 
needed by business given that 
monetary union has receded to 
a distant dream. 

Coming from a think-tank 
which once influenced Mrs 
Margaret Thatcher, former 
prime minister and arch Euro- 
sceptic, the analysis may sur- 
prise some Conservatives. 

The paper's authors, who 
have expressed these opinions 


before, stress there are now 
powerful economic reasons 
for a united, parallel Ecu, 
irrespective of political rheto- 
ric. 

The present kaleidoscope of 
national currencies has been 
calculated to cost European 
business some EculSbn, the 
paper says, with 55 per cent of 
companies agreeing that 
savings from a single currency 
could exceed 15 per cent of 
turnover. 

Recent European Commis- 
sion research suggests that 
many businesses are already 
using the existing abstract Ecu 
measure in their transactions, 
with the Ecu bond 
market the fifth largest in 
Europe. 


A parallel currency need not 
entail any loss of political sov- 
ereignty, the paper claims. 

The key to their proposals is 
a “basket” Ecu, compiled from 
a w e i ght ed average of commu- 
nity currencies. 

That would require only 
minimal prior political agree- 
ment to introduce or manage, 
they argue, noting that notes 
and coins could be issued by 
national banks or even private 
currency boards. Instead of 
the European Monetary Inst- 
itute. 

The Road to Monetary Onion 
Revisited; by John Choum, 
Geoffrey E Wood and Massimo 
Beber. The Institute of Eco- 
nomic Affairs, 2 Lord North 
Street, London. SWlP SR 


By Gman Tett 

The ratio of savings to gross 
domestic product in the UK fell 
to its lowest level since the sec- 
ond world war last year, 
threatening to undermine 
hopes of an investment-lead 
recovery, a new economic 
study warns. 

The study, by Mr Peter War- 
burton and Mr Nigel Sedgiey, 
economists with Robert Flem- 
ing Security, calculates that 
the level of UK savings last 
year was only 15 per cent of 
the total GDP figure, largely 
due to public sector debt 

That proportion leaves the 
UK at the bottom of the 24- 
nation OECD league table for 
national savings ratios. With 
the latest public sector borrow- 
ing requirement figures due to 
be released today, this debt 
seems set to seriously under- 


mine the hoped-for recovery in 
fixed investment, the study 
warns. 

“The national savings figure 
does not get a lot of attention. 
But such a slow national 
savings ratio is a big drain and 
big constraint,” said Mr War- 
burton, 

He points out that the prob- 
lem is almost entirely due to 
public sector debt, rather than 
low levels of private savings, 
which have started to pick up 
in recent mouths. 

With the Treasury already 
en g a g ed in a review of savings 
and flow of fluids, officials are 
insisting that the government 
is now making vigorous 
attempts to reduce the public 
sector debt and point to the 
recent undershoot in the 
Public Sector Borrowing Req- 
uirement as evidence of 

this . 


Bottom 1 of the international league table 


.*0fGDP 


UK MriBQR private and pobttc sector swing 


as%o*GDP 

- 25 


WtwtomO«iin*Tr| 


Ik f 

■ 1 , I ■ 


-■ Turtay I 


pass? 


T-r- 10 


: 0: ..’. 10 . 30 

SauroKOBSO fiecoo m teoUteoK Paewnbar TB98 ■' 


IBM 68 


DON’T 

CRACK 

UNDER 

PRESSURE 



INTERESTED IN THE 
DANISH FINANCIAL MARKET ? 

CONTACT THE 
BANK THAT MAKES IT ! 


GireBank’s very strong market position fat 
Denmark, combined with a vride Internati o nal 
network, makes us you Meal partner fai the 
Danish money market. 

GiroBank is also a market-maker In most Danish 
products, IncL equities, bonds and foreign 
exchange. We are both a marketmaher rod a 
market-leader fai Danish Bond Repos offering 
continuous price quotation. 

GiroBank was established In 1991 when the 
70year-otd PostgJro was conwrted into a bank. 

The Danish government stiD owns 49% of 
GiroBank. 

GiroBenk is wed on the Copenhagen Stock 
Exchange anti hokls position as the fourth 
largest bank In Derma*. 


GiroBank 


GiroBank A/S 

Girastroeget 1 

DK - 0800 Copenhagen 

■fetephene +45 43 58 20 61 Swtft GICOOKKK. 

Reutenfeeting: GIRO. indexpagK GlDA 


FT 

FINANCIAL TIMES CONFERENCES 

NORTH SEA 
OIL AND 
GAS 

London, 13 & 14 
June 1994 

The conference will review 
exploration and production 
in the main sectors of the 
North Sea and consider the 
impact of current oil prices 
on activity in the province. 
Competitiveness and ways 
of reducing costs, operator- 
contractor relationships 
and abandonment will also 
be discussed. 

For farther details, please 
return this advertisement, 
with your business card to: 

The Financial Times 
Conference Organisation, . 
P O Box 3651, London 
SW12 8PH. 

HG 


.# -. * 

■I'M* 

1 

*\ .i* 

1 

•| h *► 


V,M 


ttfl 20 - — 


Kong 
indard Cl 


y 




9 







i*i“ 1945 








FINANCIAL TIMES WEDNESDAY MAY 18 1994 

: BUSINESS AND THE ENVIRONMENT 


Waste 

swap 

shop 

T housands of tonnes of 
industrial waste that 
would otherwise have 
bees dumped is being recycled, 
thanks to a small UK company, 
Waste Exchange Services,' based 
in Stockton-on-Tees. James 
Donaldson, head of WES, brings 
together waste-producers and 
companies that can use the 
waste. He expects to have; 
arranged uses for 30,000 tonnes 
a year soon, saving industry 
an estimated £500,000. His 
clients include BP, National 
Power and ICL 
Donaldson says waste is only 
valuable if someone within a 
reasonable distance can use it, 
and the deal helps the waste 
provider and the user. He has 
built op a database of 1^500 
companies offering or ablfe to 
use waste and publishes a 
catalogue listing materials 
wanted or on offer. He te also 
raising money from outside 
investors to develop new ' 
processes. 

One of his most innovative 
projects is the world’s lint plant 
for recycling the silica gel used 
to keep electronic equipment 
dry* He also sent 50 tonnes of 
stainless steel rings discarded, 
by an oil refinery to a chemical 
company that was n pgw yg wg 
its process towers. Anunakdnm 
fluoride intended, bat not 
suitable, fin* the electronic 
industry went to a metals 1 
company. A textile factor^ is 
producing sulphate of ammonia 
fertiliser from the absorption 
of Its niwii n mffl am wart mm hi 
sulphuric add. Chemical waste 
is used to make cement | 
Previously u n w ante d lead axMe 
dust from British Steel goes to 
a lead recycler. Selenium from 
old photocopier drums goes into 
metal alloys. 

Donaldson used to be a ; 
chcanical engineer for Da^y 
McKee. He set up his own 
company wheat 1CI asked him 
to design a recycling plant The 
ICI contract gave him the cash 
to get going. He now charges 
25 per cent erf first-year savings 
from his exchange deals, and 
hopes turnover will exceed 
£100,000 this year. 

David Spark 



Eco - design 
on the line 


Hugh Aldersey- Williams considers 
how telephone companies are 
tapping into green issues 


T elephone companies have 
long trumpeted the virtues 
of communication. Per- 
suading people to dial more 
numbers helps to boost revenues. 
Now, however, they are starting to 
fetich on to the environmental argu- 
ments for increased phone use. 

At a conference by the Royal 
Society of Arts, senior managers in 
the industry agreed on a number of 
actions, including the more aggres- 
sive promotion of videoconferencing 
and telecommuting as a means to 
cut down on environmentally dam- 
aging business travel 
D elegat es resolved to build on the 
industry’s “dean" image to contrib- 
ute more to the debate on sustain- 
able development. Their first actum 
will be to issue a joint global envi- 
ronmental policy statement 
“The telecommunications sector 
is going to be critical in achieving 
[environmental] sustainability," 
says Braden AUenby, a research 
vice-president at AT&T in the US. 
“It is the ethical responsibility of 
our industry to address these 
issues." 

The new emphasis could have 
profound implications for the trans- 
port and travel industries. 

Although tfllgrt nimyiiiTil<»n finns is 
not perceived as a leading polluter, 
manufacturers also announced their 
intention to improve the environ- 
mental qualities of their products. 

“Those companies which address 
environmental criteria at the design 
stage are likely to be the ones that 
emerge with a competitive edge," 
says Colin HieVn, head of environ- 
ment and energy technologies at 
Britain’s Department of Trade and 
Industry. British Telecommunica- 
tions haa given i ufrwm ai indications 
that it may take the lead in produc- 
ing a flagship “green" telephone 
product 

The RSA conference was intended 
as Che first in a series of environ- 
mental design workshops covering 
“ecodesign" in various industries; 
future seminars may cover white 
goods, office products, transport 
smA building 

Telecommunications is not, per- 
haps, the most obvious sector to 
pick for a first outing. People buy 
comparatively few phones, which 
are, in any case, small objects. In 
use, tbs equipment accounts for a 
scant L2 per cent of the UK’s 
energy consumption, according to 
figures from BT. 

fir 1992, BT collected 2Am tele- 
phones under its recycling scheme, 
but complete disassembly and 
recycling of these products is not 
yet possible. 

Products designed to be taken 
apart and made of materials that 
could be recycled more efficiently 
than the present hard-moulded plas- 
tic could streamline the process, 
possibly transforming what is cur- 
rently a cost into a modest profit. 


d es ign unit In addition, telephones 
that work, but which users have 
reported as broken - known in the 
trade as “fault-not-found" - cur- 
rently find their way into this 
recycling stream rather than being 
rescued for resale and re-use. 

The fast growth of this sector is 
another reason for consuming its 
environmental impact now. The vol- 
ume of electronic data communica- 
tion is forecast by BT to multiply a 
thousand-fold in the first half of the 
next century, although advances in 
technology should ensure that its 
environmental effect does not 


Telephones and related products 
are well suited for snap-together 
plastic components that assist dis- 
assembly. Moulded eco-labels, like 
those widely used in packaging, 
could also be incorporated at the 
design stage, although it is not cur- 
rently possible to eliminate all toxic 
materials and processes such as the 
use of solders and solvents. 

Telefonica, the Spanish telecom- 
munications monopoly, is exploring 
the possibility of a questionnaire 
that will require its suppliers to 
state - and prove - the environ- 
mental impact of their 
materials. 


In order to work at the pace 
required in day-today business, the 
questionnaire would invite respon- 
dents to fin in simple “figures of 
merit” on a check-fist of materials 
and procedures. 

These figures would be weighted 
according to the amount of material 
or processing and then added, with 
scores for more general questions 
about a supplier’s environmental 
policies, to arrive at a total figure. 

Such a procedure is more flexible 
than relying on standards which, 
because of both rapid, advances in 
communications technology and 
changing views about relative envi- 
ronmental merits of particular 
materials, are often out of date by 
the thwa they are published. 

The scorecard, approach also 
means that designers are able to 
spend less time attemp tin g the con- 
fusing task of weighing the relative 
environmental merits of materials 
and components that they might 
use. 

The method could be taken a 
stage further, believes AT&T’s 
Allenby. Rather than attempting to 
turn every designer into an environ- 
ment specialist it would be possible 
to incorporate the data on materials 
into computer-aided design software 
so the most appropriate choice is 
made automatically for the task in 
hand. 

The evolution of such design 
methods means that giving greater 
consideration to the environment 
need not be an added cost Such 
scrutiny of SBaj gn l manufa cture w n| ^ 
reclamation processes can actually 
lead to unexpected savings, as 
Dutch companies found out through 
a year-long environmental manufac- 
turing project 

Hans van 'Weenen of the UN Envi- 
ronment Programme’s Workshop 
for Sustainable Product Develop- 
ment in Amsterdam, said they 
mnrfp savings in both wmtepaia and 
energy costs of between 30 and 50 
per cent across a wide range of 
product manufacturing, including 
office chairs, coffee-makers and car 
dashboards. 

But perhaps the greatest potential 
for telecommunications companies 
lies in exploiting the relative envi- 
ronmental benefit of their services. 
The energy used in flying to New 
York and back is equivalent to five 
weeks on the telephone, according 
to Graham Davies, BTs head of cor- 
porate research. (He omitted to say. 
however, that such a call would 
cost around £20,000, enough to fund 
a fairly stylish trip-) 

More telecommuting would bring 
cuts in transport use. There would 
also be a potential knock-on effect 
as telecommuters rediscovered the 
joys of mare local amenities, feels 
Stephen Potter of the Open Uhiver- 


according to David Mercer of the BT ^increase commenaurately. 


shy’s technology faculty, thus cut- 
ting the length of many other jour- 
psuts and neys as well as reducing the. 
' number of trips to the office 


Iain Simpson looks at Hanoi’s 
complex recycling network 

Survival in scrap 
metal suburb 


D espite its low level of 
economic development, 
the Vietnamese capital 
Hanoi has a sophisticated network 
for waste rouse and recycling. 
From individual rubbish collectors 
to large industrial plants, more 
than one third of the hundreds 
of tonnes of waste produced 
in Hanoi every day is re-cycled. 

In more prosperous western 
countries, recycled paper and 
glass products are popular and 
fashionable. In poorer countries 
like Vietnam, where thousands 
of people make their living by 
collecting an d paper, 
plastic, glass and metal, recycling 
is a necessity and a part of daily 
life. 

At a junk yard on the outskirts 

Collecting scrap 
metal is a risky 
business in a 
country devastated 
by 20 years of war 

of Hanoi, workers dismantle old 
trucks sort through heaps 
of scrap metal Different grades 
are sold on to be melted down 
and roused as pipes and 
reinforcement bars. 

The scrap metal trade is at the 
more lucrative end of Vietnam’s 
recycling industry. Throughout 
the country, people collect 
discarded metal objects and bring 
them to places like the suburb 
oT O Cho Dua to sell to the 
dealers' yards. 

Collecting scrap metal is a risky 
business in a country devastated 
by 20 years of war. hi a village 
outside Hanoi, a pair of bomb 
casings has been turned Into 
gateposts, but every year dozens 
of people are injured and a few 
killed when they try to move 
tmexploded bombs for sale as 
scrap metaL 

In O Cho Dua, the recycled 
scrap Is turned into building 
materials. Old reinforcement bars 
are beaten back into shape and 
newly-delivered tubes made from 
recycled waste are welded 
together, covered in plastic, 
assembled and sold as shelving 


m the city's roadside furniture 
shops, 

Along the streets of the capital, 
there is a well-organised system 
for collecting rubbish. Dozens 
of «™iT t three-wheeled carts do 
their rounds throughout the day, 
clearing up waste. When the carts 
are foil, they are emptied into 
large piles where scavengers pick 
out anything with a resale value. 

Elsewhere in Hanoi, old women 
go foam door to door buying old 
bottles, jars, plastic and paper 
for a few amts. When one of them 
has a foil load, they head for one 
of the hundreds of junk shops. 

These traders are the next link 
in the recycling chain. They buy 
piles of cardboard, baskets of 
bottles or bags foil of scrap znetal, 
which they keep until they have 
enough to sell on to a bigger 
dealer or factory. All this waste 
will then he either sold for re-use 
or melted down and turned into 
something new. 

As well as the scrap metal 
suburb, there are other areas 
around Hanoi t hat specialise in 
waste recycling. One is known 
as “plastic village" because almost 
all of its inhabitants make their 
living from collecting and selling 
plastic waste. 

Outside one house is a foul heap 
of rotting plastic. The owner of 
the house says he makes good 
money by storing old plastic and 
then selling it on to a recycling 
plant One of these small factories 

will raaTri» fha plastic iwtn SOfeS 
for plastic sandals or melt it down 
to produce roofing sheets for the 
city’s booming construction 
industry. 

Some of the better quality waste 
is simply sold for re-use. Plastic 
bottles and glass jars are sold for 
a couple of cents for domestic 
use or are taken back to the 
factory and refilled. There is even 
some cross-border recycling. 
Empty bottles of Chinese beer 
are collected and taken north 
across the border to be refilled. 

Through a combination of 
poverty and enterprise, not much 
goes to waste in Hanoi and instead 
of befog burned or dumped at 
an expensive land-fill site, much, 
of the city’s rubbish is put back 
to work. 


PEOPLE 

Hong Kong billionaire joins 
Standard Chartered’s board 


Standard Chartered, the 
international banking group 
recovering after several ytare 
in the doldrums, has appointed 
Ronnie Chan, 43, one erf Bong 
Kong’s wealthiest property 
developers, as a non-executive 
director. 

Chan, a US citizen who lives 
in Hong Kong, is the first of 
two new non-executives who 
are being recruited from a part 
of the world which produces 
the bulk of the grotto’s profits. 
Patrick Gillam, who took over 
as chairman a year ago, is 
keen to reshape his UK-orien- 
tated board and make It more 
representative of a region 
which should provide the 
group with its greatest growth 
over the next few years. 

Apart from recruiting 
another director from the Asia 
Pacific, the group plans to hold 



two board meetings in the 
region every year. Chan's 
apixdntment helps fill a gap on 
the board left by the recent 
retirement of several nan-exec- 
utive directors; Robin BafiUe, 
Bill Brown. John Craig and 
Geoffrey Williams. 

Chan, a US citizen who has 
an MBA from the University of 


Southern California, is well 
known to Standard Chartered. 
He is chairman of the Hang 
Lung Development Company, 
the quoted parent of a group of 
property related businesses 
which include Amoy Proper- 
ties and Grand Hotel Holdings. 
Standard Chartered sold its 
Hong Kong headquarters to 
part of Chan’s property empire 
in 1992. 

Forbes magazine haw esti- 
mated that he is worth over 
jlha In additi on to his inter- 
ests in several publicly quoted 
companies, he has substantial 
private business interests, 
which inrindA the Momtogside 
Group and Springfield & Com- 
pany. The latter is involved in 
financial trading and has 
offices in New York, Boston, 
Chicago, Hong Kong, Beijing 
and Tajpei. 

Empire 

building 

Jean-Baptiste Tfifra is 
replacing .Martin Mays-Smlth 
as chairman of tfanpir t* stores, 
the UK's fifth-largest mail 
order company. 

TCfra, 47, became chief exec- 
utive of the catalogue 
operations of Empire’s French 
parent La Redouts last year. 
He was previously managing 
director erf Empire, until Mich- 
ael Hawker, managing direc- 
tor of Sears' mail order so fc 
si diary Freemans, was 
recruited earlier this year. 

Hawker had been fmfrng the 
role as a part-time consultant, 
bat took over as fnQ-tbne chief 
executive last week, at the 
same time as T£fra took over 
the ffHirtr-maiwhlp. 

Mays-Smith is stepping 
down to pursue Us other busi- 
ness interests, which include 
chainnanships of the Norwich 
and Peterborough Building 
Society and First Notional 
Bank. He says that with Mich- 
ael Hawker's a ppointment, it 
was “dearly more appropri- , 
ate" for Empire to have a 
chairman from Redonte. I 

Tfefra graduated from the 1 
Ecole Centrale de Paris. He 
Joined La Redonte In 1969, 
moved to a computer leasing 
company, CFCE, hi 1971, and 
then to French retailer FNAC, 
before returning to In Redonte 
in 1964. He became md of 
Empire in October 1991. 


Departures 

■ Derek Resting, 6&, a founder 
of HANSON in 11X55 and 
vice-chairman until November 
1993, has retired from the 
board; in recent years he has 
been resitted to the United 
States. 

■ The Rt Hoax the Lord 
Camoys has retired as a 
director of BARCLAYS and 
aftheBank- 

■ Ken Emery has retired as 
unit trust technical director 
at SAVE* PROSPER. 

■ Keith Ackroyd, md of 
BOOTS’ retail division, will 
retire in July. 

■ George fficres, marketing 
director of BERNARD 
MATTHEWS, has resigned. 

■ Richard Wong, director of 
CATHAY INTERNATIONAL 
HOLDINGS responsible for 
Far East operations, b ps 
resigned. 

■ Mich ael Br own has resigned 
from ENTERPRISE 
COMPUTER HOLDINGS. 


■ David Farrar, president of 
ALLIED COLLOIDS’ North 
American operations, is 
appointed md of the group on 
the retirement of Peter 

Flesher. 

■ Barry Cody is stepping 
down fro m the board of 
SILENTNIGHT HOLDINGS 
to concentrate on his role as 
Kpd of SKlmt-nigh t nabmp ta. 

■ Brian Summers has to 
appointed md and Alan Street 
business de velopment director 
trf BIRMINGHAM 
INTERNATION AL AIRP ORT 
following the retirement of 
Bob Taylor. 

■ Steve Dunn, marketing 
director of Pizza Hut, is 
appointed mark eting and sales 
director cf MERCURY 
One-2-One. 

■ Richard Johnson (below), 
formerly deputy chairman and 
md of Norgren Martonair 
Eorope, has been appointed 
chief execu tive cf WYKO 
GROUP. 



Non-executive 

directors 

Michael Miles, 58, an executive 
deputy chairman of Barings, 
has been appointed a nonexec- 
utive director of BP. His 
appointment to the board, of 
Britain's biggest ofl company 
continues its longstanding 
boardroom ties with Britain's 
oldest merchant bank. 

MQes, who remains an exec- 
utive director of the family- 

owned John Swire & Sons, one 
o£ the biggest Far Eastern trad- 
ing houses, is the first non-ex- 
ecutive director to be 
appointed to the BP board 
since it adopted the Cadbury 
committee's recommendations 
on corporate governance. 

BP played down the Barings' 
oection yesterday, describ- 


Miles' membership of both 
gardes' boards as a cotod- 
oa. The company had used 
Shunters to find its new 
dor and said that Miles 
been chosen from a Hst of 
■ candidates all of whom 
"strong Far' East business 
trfence”. 

fias joined Barings as a 
■executive director in 1989, 
as Lord Ashburton, the 
cant BP chairman, was 
tofe after 15 years as chair- 
k ef Baring*. Lard Ashbur- 
. formerly known as Sir 
a Baring, resigned as a 
executive director of the 
chant banking group h* 
oh but remains chairman 
the Baring Foundation, a 


charity which owns the non- 
voting equity capital of Bar- 
ings. 

Lord Ashburton, 65, is the 
longest serving director on the 
BP beard and took over the 
chairmanship in June 1992 fol- 
lowing the ousting of Bob Hor- 
ton. 

■ Jock Worsley, a past 
president of the ICAEW and 
deputy chairman of LAUTRO, 
as chairman of LLOYD'S 
MEMBERS' AGENCY 
SERVICES. 

■ Dennis Cassidy, chairman, of 
The Boddfogtan Group, 
Ferguson International 
Holdings, The Olivo- Group 
and The Saxon Hawk Group, at 

SEEBOARD. 

■ Baron B e rnstein, chairman 
of the Bernstein Group, John 
Scddon, chairman of the 
Seddon Group, Charles 
Godwin as deputy c h a irm a n 
and Calum MacLeod as 
rhairman at B RITAN NIA 
BUILDING SOCIETY. 

■ thm Chandos, a director of 
Botts & Co, at CHRYSALIS 
GROUP. 

■ $lr Anthony 
Beaumont-Dark as chairm an 
at TR HIGH INCOME TRUST 
on the retirement of Paul 
Mandnca. 

■ Robert Paine, deputy 
chairman of Schotes Group, as 
chair man of UNICORN 
ABRASIVES GROUP. 

■ David Young, former senior 
partner of Spicer & Fegter. ** 
WATSS CITY OF LONDON 
PROPERTIES. 


l^n<vwv»A l <vvvvvvs^^ 

FINANCIAL TIMES 

lomdon • nuus - mAWCfinr- mw roue • tocto 


EUROPEAN PRIZE FOR 
THE BEST BUSINESS LAW STUDENT 1994 


The European Prize will be open to citizens of the European Union who are 
studying business law and are either in the course o£ or about to begin, their 
professional training, or are starting on their professional careen 


FIRST PRIZE 


The equivalent of 3000 ECU plus 6 months in one of Freshfields* offices 


SECOND PRIZE 


The equivalent of 1500 ECU plus 3 months in one of Freshfields’ offices 


THIRD PRIZE 


The equivalent of 750 ECU plus 3 months in one of Freshfields* offices 


IFYOU HAVE; 


A university law degree or are 
attending a law school 

A thorough knowledge of 
business law together with a 
good understanding of EC law 


Examination re sults which qualify 
you to be regarded among the top 
business law students 

A fluent command of at least two 
European languages, including 
English and preferably a good 
knowledge of a third 


Application forms and rules are available 
in your university or law school or by calling 


Florence Henriet 
Freshfields 

69 boulevard Haussmann 

75008 Paris 
Tdi+33 144 56 44 56 


Rossefla Gatti 
Freshfields 
65 Fleet Street 
London EC4Y 1HS 
Tel: +44 71 832 7711 


Your application form must arrive by 3 1 May 1994 




10 


MANAGEMENT 


FINANCIAL TIMES WEDNESDAY MAY 18 1994 



The four Portuguese students who were named winners of Champ ’94 


Portuguese are 
Champs of 1994 

Christopher Lorenz reports on a 
business student competition 


A ny consumer goods 

company whose branded 
product had a 40 per cent 
share of the European market 
would probably refuse to 
manufacture a private label 
version for one of its smaller 
national territories. The risks 
would be too high, the potential 
rewards too meagre. 

Yet a remarkably well-argued 
case for a big French pizza-maker 
to do precisely that has helped 
a team of four Portuguese 
students win Champ 94 - 
Challenge in Management 
Perspectives - a business 
undergraduate competition which 
attracted entries from 400 teams 
in 23 countries across Europe. 

Designed to test analytical, 
interpersonal and presentational 
skills. Champ 94 was one of the 
largest pan-European team events 
of its kind. It was sponsored by 
Unilever, with support from the 
London Business School, the 
European Commission and the 
Financial Times. 

After qualifying heats last 
month in Budapest Hamburg, 
Milan, Paris, Rotterdam and 
Warsaw, the twoday final was 
held last weekend at the LBS, 
whose MBA students organised 
the competition in conjunction 
with two international student 
associations, AEGEE and AIESEC. 

The Portuguese victory, against 
teams from Germany. Hungary, 
Poland, Scotland and Switzerland, 
was greeted with whoops of joy 


worthy of a south European 
soccer match. Apart from one 
tied result, the team of 
22-year-olds from the Catholic 
University in Lisbon won every 
phase of the final session. Last 
year, when Champ was started 
by two LBS students, 232 teams 
took part. That event was won 
by a team from the Sto ckholm 
School of Economics. 

This year's final consisted of 
two days of case study analysis 
and debate, and an interactive 
computerised management gamp 
in which students had to make 
a series of high-pressure decisions 
over a company’s purchasing, 
production and inventory. 
Appropriately for young people 
about to enter the zeal world of 
business, the marking is weighted 
towards teamwork. 

Although it did not form part 
of the judges’ official assessment, 
the students' fluency in business 
Rn gfigh was remarkable. Only 
two of this year's 24 finalists were 
native En glish speakers, a n d 
almost ah are still in their early 
20s. Yet their language skills were 
demonstrated not only in formal 
presentation but also in 
cut-and-thrust debate. 

The winning team shares a Ecu 
2,000 (£h540) purse and receives 
individual eight-week work 
experience scholarships with 
Unilever outside their home 
country. 

• Champ. QO LBS, Regent’s 
Park, London NW14SA. 



It is barely two 
decades drugs 
like cunetidine revo- 
lutionised ulcer 
treatment, sparing 
many patients the 
knife. Now it has 
been discovered 
that a simple course 
of antibiotics may 
cure ulcers and even certain forms 
of stomach cancer. 

The BBC's Horizon programme on 
Monday night told the story of the 
appropriately named Stephen Hope. 
He is one of several people with 
lymphoma of the stomach who have 
been treated successfully not by 
surgery or radiotherapy bid by anti- 
biotics against the bacterium Heli- 
cobacter pylori 

H. pylori was discovered about 
100 years ago but misunderstood 
until recently. It was almost an 
accident that, while looking for a 
suitable research topic, young gas- 
tro-enterologist Barry Marshall 
became interested in H. pylori in 
1983. Among other things, be tried 
giving himself the germ and eradi- 
cating it in his patients. Both were 
a great success, even if his efforts 
met with little acclaim at first 

EL pylori is highly resistant to 
stomach acid, which kills most 
known germs. It moves in cork- 
screw fashion, penetrating deep into 
the stomach liritng . in the last ten 
years, research has increasingly 
implicated it in gastritis, gastric 


Drugs can kill a germ which may cause serious 
stomach problems, writes Carol Cooper 


Antibiotics 
new cancer 


ulcer, duo denal ulcer, gastric can- 
cer, and non-Hodgkin’s lymphoma 
of the stomach 

Around 35 per cent of patients 
with duodenal ulcers and 80 per 
cent of those with gastric ulcers are 
thought to carry H. pylori. Accord- 
ing to a study just published in the 
British Heart Journal, there is also 
evidence that the bacterium is asso- 
ciated with a Wigfror incidence of 
coronary heart disease, though a 
causal relationship is unproven. 

H. pylori is often acquired in 
childhood, especially among poorer 
households, where it may spread 
from person to person. Infection 
with H. pylori increases with age - 
at 50, around 50 per cent of us are 
infected; at 70, around 70 per cent 

Eradicating the bacterium can 
now be done fairly simply. A fort- 


night’s treatment with two drugs 
(the antibiotic amoxycillin and the 
anti-ulcer drug omeprazole) does 
the trick in around three-quarters 
of patients infested with H. pylori. 
This regime is easier than its pre- 

H. pylori is thought 
to multiply the risk 
of stomach cancer by 
six, but is only one 
of several factors 


decessor, triple therapy, which 
involved more tablets, had more 
than a 20 per cent incidence oi side- 
effects, and precluded alcohol for 
the duration of the treatment. 

It is now possible to test for H. 


offer 

hope 

pylori (one such test costs about £26 
per person). But many gastroenter- 
ologists believe that all patients 
proved to have a duodenal ulcer 
should be offered eradication ther- 
apy, whether or not they carry H. 
pylori. 

Studies point out that patients 
treated in this way feel better and 
relapse less often than those given 
conventional anti-ulcer treatment, 
and the treatment may cost less in 
the long run. A report from general 
practitioners In Suffolk suggested 
recently that annual savings of at 
least £120 per patient could be 
achieved. 

Some authorities would also 
agree that eradicating H. pylori is 
good treatment for gastric ulcers, 
and the last year has seen increas- 
ing evidence that it can work won- 


ders for gastric lymphoma. 

But this type of tumour accounts 
for only S per cent of all stomach 
m alignanci es. So what heme is there 
for most stomach cancer sufferers? 
H. pylori is thought to multiply the 
risk of stomach cancer by six, but is 
only one of several factors - diet 
and blood group are also important. 
One hypothesis is that a chain of 
sugars found only in type A blood 
may help H. pylori attach itself to 
the stomach lining. 

It is not yet known whether eradi- 
cating H. pylori affects gastric can- 
cer (as opposed to lymphoma). Nor 
is it dear how much it can offer 
those with gastritis - specialists are 
now trying it though many believe 
it will confer few benefits. 

A wider question is that since H. 
pylori can be tested for, might it be 
worth treating those who carry it 
but do not have symptoms, in the 
hope of preventing serious disease 
later? 

At the moment the answer is no. 
One problem is that the incidence of 
infection with H. pylori is very 
much higher than the incidence df 
diseases it is associated with. Until 
it is known precisely how the bacte- 
rium causes harm. It would be fruit- 
less to treat all carriers. 

Prevention of stomach maiignaiy . 
cfes may therefore be around the 
corner. From where we are now, 
however, that corner seems to be 
some way down the road. 

The author is a London GP 


Batting tips for a 
long innings 

Business can learn from West Indian 
cricket’s commitment, selection 
policy and self-belief, says Carla Noel 

themselves sporting legends - 


B rian Lara's world record- 
breaking cricket touring s last 
month took the sporting 
world by storm. But the Trinidad- 
ian’s batting score of 375 runs in 
the final test match against 
England in the West Indies dis- 
played an excellence which is also 
salutary for business. 

Lara’s mntoigK, like many played 
by West Indians over the years, had 
much to do with good people man- 
agement and the creation of the 
right market conditions. 

Firstly, cricket in the West Indies 
follows a golden rule pursued by 
most successful businesses: manag- 
ers most believe in their employ- 
ees. The businesses which excel in 
the long term select the best 
available talent, and then give 
them every opportunity to 
succeed. 

In West Indian cricket, the tal- 
ented players know that even if 
they have a series of low-scoring 
innings, the management will con- 
tinue to select them. This faith is 
an important part of their motiva- 
tion, and contrasts with the selec- 
tion and deselection that occurs in 
English cricket: That is no way to 
manage people. 

West Indian cricket also shows 
the significance of top manage- 
ment’s commitment to the product 
Its managers - many of whom were 


know only too weu how important 
cricketing success is for a region 
which has had few other things to 
boast about Because of this, they 
take the job of maintaining and 
improv i ng the performance of the 
team very seriously. 

West Indian cricket also illus- 
trates the need to have a market 
willing to consume the business’s 
product Without a customer base, 
businesses soon wither and die. In 
the West Indies, cricket will never 
die, since West Indians consume all 
they can of the game. If only all 
businesses could have such loyal 
consumers. 

One final ingredient of business 
success illustrated by West Indian 
cricket is luck. This is that curious 
element of competitive advantage 


often mysteriously conferred on 
some businesses, but not on others. 
Consider, for example, how lucky 
West Indian cricket is to have a 
climate which allows the game to 
be played and practised all year 
round. Lack can be a little bit of 
help from nature which many other 
cricket teams do not 
have. 

More than all this perhaps, with 
a string of world record holders 
and world class talent stretching 
back many years, West Indian 
cricket also carries a legacy of 
success. 

In business, as in cricket, a leg- 
acy of success is one of the key 
ingredients for continued success. 
The author, a Trinidadian, is a 
research student at Templeton Col- 
lege, Oatford. 



Bon fMM 

Brian Lara displays a cricketing excellence which is salutary for business 



ALFA ROMEO 



LEADING EDGE 

Engines have always been the heart 
of every Afe Romeo. Now, In the 
Alfa 164 Supw, they beat more strong- 
ly than ever. Whether choosing the 
potent 2.0 Twin Spark or the afl- 
oonquering 3-0 V6 24V, you can be 
assured of the sort of Instantaneous 
throttle response and smooft, 
eager power that only an 
Alfa Romeo could de- 
Gver. Combine this with 
the supreme comfort handling 
characteristics and safely features of 
the 164 Super, and you have a earths 
is rightup there where it belongs. Atthe 
Leading Edge. 


164 Super 

BMP. 

(CVCEE) 

Max Speed 

ye 24v 

207 

240 km& 

V6TB 

202 

237knVh 

164 


229 

240kmffi 


144 

2i0km/h 

7D 

123 

202 km/h 


* Nat if moods 

*a8aMe Afta Romeo advises 
Ht« Countries 


atm 



Y ' 








FINANCIAL times WEDNESDAY MAY 18 1994 


ARTS 



IH 101 


T he “Question Of The Day* 
is: what can you find in 
your garden .shed? Other 
items on the programme 
include a test to see what 
happens wbsn you pour a bucket of 
ice cubes into a man's underpants. A 
Scottish actor, chosen because of his 
rate in an ITV detective series, is via- 
ited “unexpectedly* in his home, Cilia 
Black style, and invited to ride a 
gently undulating mechanical buck- 
ing bronco. There Is an embarrass- 
ingly inept attempt at square.dandng. 
Dancing to a bangra beat may be a bit 
better, though it is impossible to be 
sure since the item la extremely brief 
and the dancers are lost in a cloud of 
dry ice. Puppets called 3g and Zag, 
looking like rejects from the Muppets, 
screech so much that it Is impossible 
to hear most of what they say. 

This is The Big Breakfast on Chan- 
nel 4, the programme which, we are 
assured, has been such a ratings suc- 
cess that QMTV, the ITV breakfast 
show which notoriously displaced 
TV-am, has appealed successfully for 
an easing at its licence requirements 
to be able to go farther down-market 
and compete more effectively. One of 
the most striking aspects of The Big 
Breakfast is its astonishing cheap- 
ness. *Rie “surprise" visit to the actor 
must have been the most expensive 
item on this day since it involved 
sending out a camera crew. Virtually 
everything else was done in the three 
lock-keepers' cottages which the com- 
pany uses as its studio. The “family of 
the week 1 ' was there, Paula' Tates did 
her interview-on- the-bed (with, of. 
course, Hugh Grant, star of fbur Wed- 
dings And A Funeral ) upstairs, ami 
the chap who blow-dried his c h ick e ns 
was downstairs. The sexy building 
worker with bare chest, shorts and a 
big hod was actually on the stairs. 

Another striking fact is the extent 
to which the appeal of the programme 
depends upon other popular television 
output Not only is there a regular 
“Snap, Cackle And Pop” item promo- 
ting forthcoming programmes (com- 
mercial programmes, anyway) there 
is also a lot of talk about the soaps. 
Even more obviously, presenter- llhdE 
Little is a young Australian whose 
sole claim to the Job seems to he his 
previous experience as a member of 
the cast of the Australian soap Neigh- 
bours. He certainly does not exhibit 
any obvious talent for presentation, 
though co-presenter Gaby Boslin does, 
indeed her charm mid natural flair 
will surely taka her pretty well any- 
where else in television that she 
wants to go. ..which must surely be 
almost any other series. 

But what strikes you most of all is 
the childishness of so much of the 
material. Even on days when the 
ultra brief news bulletins do turn up 
every half hour or so (on this day 
there is some technical hitch at the 
cottages and most of them are 
dropped) the overwhelming fatHwg is 
of a programme pitched at about the 
level of Noddy In Toyland. ’the studio 


Opera/Richard Fairman 


La traviata 


W hen ta traviata 
first came to Lon- 
don, Queen Victo- 
ria forbade the 
Court to attend. A story about 
a prostitute who dies on stage 
was thought an improper sub- 
ject for the theatre and it can- 
not have helped that Verdi 
intended the opera to be per- 
formed in modem dress, bring- 
ing its message even closer to 
home. 

That it what Music Theatre 
London is about: lifting 
well-known operas out of their 
historical contest and throw- 
ing them down in the test lane 
of the present-day. The Moz- 
art/Da Ponte operas and Ros- 
sini's Cenerentola have been 
swept along by their irrever- 
ent ebullience; this Traviata is 
their first try at a serious 
opera - a commission from the 
Covent Garden Festival as part 
of its adventurous programme 
of opera and music theatre. 

Violetta's house-party is a 
yuppies' rave and when Gas- 
ton bursts oat from a back 
room, it is to collect an orange 
presumably to go with a plas- 
tic bag and some ladies' stock- 
ings. Later, Alfredo comes in 
from doing the weekly shop- 
ping at Stdnsbuxy's, any sub- 
urban boyfriend from the 
home counties. 

For a producer updating a 
stage work this Is the easy bit. 
When it conies to bringing the 
characters alive, the producer 
William Belton does not aim 
to score many points, bat 
some of the shots he does try 
are bull’s-eyes: as Violetta 
slogs her solo scene, she 
removes her blond wig, peels 
off her false eyelashes and 
wipes clean the prostitute's 
face to reveal the untainted 





Going 1 down-market: ‘GMTV wants to emulate ‘The Big Breakfast Show 1 (above, with Paula Tates and Chris Evans) 

Television/Christopher Dunkley 

Mixed up breakfast menus 


colours - brilliant yellow, bright red, 
vivid mauve, lurid orange. - are 
straight out of Noddy, the animated 
cartoons appeal to Noddy’s public, as 
do 25g and Zag, and it Is surely no 
coincidence that the outside reporter 
is the former children's presenter 
Keith Chegwin. The commercial 
breaks reinforce the impression: 
much of the advertising is clearly 
intended for young chOdrem 
So it seems that The Big Breakfast 
is aiming at an audience with a 
median age of about seven. But what 
on earth is GMTV up to? Its present- 
ers, Eamonn Holmes and Penny 
Smith, look just like the sofa couples 
who came on later in the morning, 
apparently intending to appeal to 
women at home. To this extent 
GMTV is the last breakfast show still 
relying an the formula originally used 
by the BBC and TV-am when the 
whole thing began in spring 1963 and 


Frank Bough and Selina Scott 
sprawled an the sate in their sweaters 
being ever so cosy. 

But who does GMTV thmir it is 
appealing to? The phone poll asking 
“Do you want a referendum on the 
EC?" (90 per cent said yes) is obvi- 
ously of widespread interest, but what 
about the long item on popcorn sales 
in American cinemas? Or the weirdly 
contrived report asking “What is it 
that American mpn find so fascinat- 
ing about Scottish women"? Once 
again there is much exploitation of 
soap operas, but that sits oddly with 
the items on cricket ball tampering 
and a new off-the-wall Irish nm gagfne 
called “DVB" (a name already used by 
a well known modem ballet troupe). 
Perhaps the idea is to have something 
for everyone, but the trouble Is that it 
looks unlikely to satisfy anyone. 

The BBC on the other hand seems 
to have achieved, in this area at least. 


what it boasted it would do through- 
out televirion: it has taken the “Hima- 
layan option*, cHwWng back to the 
commanding heights and establishing 
itself as the provider of high quality. 
Whether FT readers really want to 
watch television at 6.00 in the morn- 
ing I do not know, but Business 
Breakfast between 6.00 and 7.00 am 
can be remarkably lively. On the day 
in question it offered - In addition to 
routine reports on the Footsie, Nikkei 
and so on - items on the success of 
the price cutters in UK food retailing, 
the revival of US car manufacturing, 
the modernisation of Scotch whisky's 
image (can you imagine Scotch and 
lemonade?) and the academic/com- 
mercial schism within the Internet 
computer network. 

A similar approach, exploiting the 
BBC’s tremendous resources in inter- 
national news, continues in Breakfast 
News between and 9.05 am. True, 


on the day in question the overkill in 
covering Nelson Mandela's forthcom- 
ing inauguration was embarrassing, 
and the tone of religious solemnity in 
which it was discussed absurd. But 
the reports on Nagorno-Karabakh, 
ffizboHah, and opposition to the use 
of Lake Windermere by motor boats 
were excellent Moreover they were - 
as always on this programme now - 
introduced by Nicholas WlteheB and 
Sally Magnusson from behind news 
readers’ desks, as they would be on 
the Nine O’clock Neats or Newsnight, 
and not from a sofa. 

Watching television at breakfast 
time still feels depraved to me, and 
almost any newspaper or radio pro- 
gramme seems preferable at that time 
of day. For those who do want televi- 
sion' with their toast however, there 
is now, undeniably, a range of sharply 
- even wildly - contrasting pro- 
grammes. 


woman underneath. 

By the teat act she is in the 
terminal stage of some 
unname d (unless I mlSSed it) 
modern disease. Her end 
comes not in a grand Parisian 
apartment but in a National 
Health hospital - every last 
drop of romance sanitised by 
the surroundings. Watching 
Mary Lincoln’s Violetta trying 
to turn in bed during her final 
aria was painful in the right 
way and a fitting rani to a por- 
trayal that one could always 
believe in. 

The company is lucky to 
have a Violetta who can sing 
what Verdi wrote, whereas 
one generally wishes that the 
musical arranger, Tony Brit- 
ten, would help out bis actors 
by re-writing more boldly. Tfcm 
Godwin sings the English 
words as if he has been listen- 
ing to too many Andrew Lloyd 
Webber records, but his young 
puppy of an Alfredo (“hung 
like a horse” is his recommen- 
dation) is very touching. David 
Burt makes heavy weather of 
Giorgio Germont. The moral 
force of this role is more diffi- 
cult to update. 

The cameos include Liza 
Sadovy as a stylish slut of a 
Flora and Simon Bntteriss's 
Gaston, who returns as a 
gypsy in drag with a talent for 
reading palms. He might pre- 
dict success for this show if 
some of the bathetic rhymes in 
Hip t ranslation ram be sharp- 
ened and the string quartet 
rehearsed more thoroughly. La 
traviata is an opera of today 
and Music Theatre London has 
chosen welL 

Sponsored by British Gas- Per- 
formances until May 21 at the 
Donmar Warehouse 


Concerts/David Murray 

Holt and Messaien 


A tribute to Gary Glitter 


L eader! is hflinri as an 
“affectionate” tribute 
by the Gang to Gary 
Glitter - and that's the 
problem. “Affectionate" is 
much too mealy-mouthed an 
approach to Paul Dadd, the SB- 
year-old egomaniac who, after 
trying on as many personali- 
ties as Rory Bremner. hit the 
world as Gary Glitter, the 
Bacofoil Kid. 

Supported by platform shoes 
of vertiginous height, mid cos- 
tumes that pushed camp 
excess beyond the im agination 
of Julian Cleary, in 1972 (Hitter 
changed 0am rock from a 
smile into a Joke. He was also 
supported by the heftiest dram 
beat in the business. Outra- 
geous; ridiculous; surreal; 
pathetic - these are better 
words for Glitter. 

Of course Gutter had the test 
laugh. He went through all the 
career moves expected of a pop 
star - divorce, drug abuse, 
bankruptcy, teenage girls - 
but kept coming back for more 


doses of fame In the 1980s he 
discovered the university cir- 
cuit and students who remem- 
bered being awed by him as 
infants were now ready to 
laugh with him in maturity. 

Little of the enormity of the 
and bis durability comes. 

Antony 
Thorncroft 
reviews * Leader !' . 
at the Arts 
Theatre 


out in Steve Furst and M. 
Simon Leigh's portrait It is as 
pedestrian, and self-censored, 
as This is Your Life (suicide 
attempts are “cries for help”), 
and starts with a wall chart of 
the Glitter career and ends 
with the inevitable communal, 
choruses. There is one good 


joke: looks nothing like 

Glitter and so that bewildered, 
what-am-l-doing-here, stare, 
which was Gary's permanent 
on stage expression, is doubly 
effective coming from Leigh, 

But the set and costumes are 
reminiscent of the troughs of 
Glitter's career when he played 
the chicken-in-the-basket cir- 
cuit - although Tm sure he 
never appeared at La Kuo's 
Codpiece, Didcot, as the script 
suggests. Paul Putner plays 
one of Gutter’s many managers 
and Furst everyone from 
Andrew Lloyd Webber to Elvis 
Presley. 

The problem is you cannot 
be more b ^tant than Glitter. 
He sands hlmswlf up so high 
that no satirists can reads, him. 
But once a member of the 
Gang you are hooked for Ufa, 
and there will be enough loyal 
members happy to honour the 
Leader at these meretricious 
entertainments. After afl, there 
is nothing wrong with a little 
affection. 


Booth’s ‘Wonderlawn’ 


B arclay's New Stages 
festival - concerned 
with the innovative 
and. we hope, the 
valuable in theatre and (some) 
dance - is in its fourth year 
and at the Boyal Court, Several 
cheers for the enterprise; 
rather fewer, sad to say, for the 
major dance offering: Laurie 
Booth and Company in a com- 
missioned piece. 

I saw Booth’s Wonderlawn 
on Monday night- 1 have m u c h , 
admired his solo and duet 
work (notably in his partner- 
ship with Russell Maliphant) 
for its extraordinary variety of 
energy - Booth Hke a calligra- 
pher, brush heavy with ink, 
making sweeps and flows of 
dynamics, suddenly twisting 
the ideogram with a Sick of 
the hand , leaving a bold shape 
on the retina. His stage per- 
sona is often that of guru or of 
a traveller in quest of spiritual 
experience. Serenity sought 


and found is an abiding 
impression in his best dances. 

As a creator his most potent 
work is made for himself; or in 
tandem with one disciplecol- 
league, their bond the subtle- 
ties of contact improvisation, 
where every move awakens a 
spontaneous sequence of activ- 
ity. His larger creations that I 
have seen look diflfose. So with 
Wonderlawn. 

Three dancers - Ellen van 
Schuylenburch, John Kllroy, 
James de Maria - join Booth. 
Two parts, each just over 30 
minutes long. An emollient 
scare by Gavin Bryars for a 
chamber ensemble, making 
amiable wall-papery patterns. 
Elaborate design by Duncan 
MacAskill. And it is all too 
much. Focus, precision, even 
purpose, seem clogged by the 
rich trappings of collaboration. 
Booth has, in the past, shown 
us the beauty of austerity: he 
is better with a begging bowl 


than a bank account What I 
saw in the first part was dance 
well done (Booth produced tre- 
mendous spirals of energy) but 
fatally bland. There was a 
whiff of the orient about it all 
— Tai Hhi ; TPflrtial arts, Tndian 
dance - yet it looked more 
Brummagem than Benares, as 
if the cast were auditioning for 
a revival ai The King and I. 

The second, and better, sec- 
tion found the dancers clam- 
bering on a vast metal web 
which was wired for sound so 
that each move produced a tin- 
gling resonance (very welcome 
to ears sated with Bryars' 
maunderings). The web flew 
up, Bryars a nd his ensemble 
(dressed, oddly, as druids) were 
revealed, and for a time 
Booth's «imi gave the dance a I 
bright immediacy. But at cur- 
tain fall - too long delayed - 1 , 
felt somehow cheated. Booth 
can be more powerful, more 
IRuminating than this. < 


I n a pair of concerts at the 
Queen Elizabeth Hall, 
Mark Wlgglesworth mid 
his crack Premiere 
Ensemble have been playing 
with, orchestral arrangements 
- not in the transertption- 
sense, but with seating and 
placing. Their first concert 
included Simon Holt’s new 
Minotaur Games, for which the 
band was divided into almost 
exactly matching halves. For 
the late Olivier Messiaen’s 
expansive Des Canyons aux 
tootles on Monday, it rose in a 
pyramid five tiers high, with 
glittering percussion at the 
top - but also at port and star- 
board, down below. 

In Des Canyons ... the 
impact of the tiered band was 
terrific: forceful, Indd, all the 
pungent orchestral colours 
sharply distinct Messiaen's 
inspiration came from an early 
1970s visit to the brilliant des- 
ert-scapes of Utah - especially 
Bryce Canyon, Cedar Breaks 
and Zion Park, which earned 
the three most sumptuous 
movements here. For their 
short but ultra-sweet episodes, 
the relatively small string- 
group sang out with ultra- vi- 
brato. As always the pianist 
Yvonne Loriod, Messiaen's 
widow, was scrupulously tilth 
fnl and articulate in the main 
solo role, without “personal” 
nuances and yet with penetrat- 
ing expression. Richard Bls- 
sill’s brave, skilful French 
born almost matched ho*. 

Why was 1 so uninvotved? 
Des Canyons..., an hour and 
three-quarters long without 
any natural interval, was pre- 


ceded hy a London premiere of 
more-or-less posthumous Mes- 
siaen - a brief tribute to his 
publisher on his 90th birthday, 
for piano and string quartet 
That does what Canyons did; 
recycle familiar Messiaen 
tropes in a new sequence, with 
some more birdcalls. 

The recent “Pifece*, however, 
is dense and dramatic for its 
three or so minutes. Canyons, 
despite some incisive writing, 
stretches out its length indul- 
gently and interminably. To 
believe it yon need to be a rapt 
devotee. It was delightful to 
read that its 9th movement 
would feature “slow and 
strong laxnbsy being contrasted 
to short and fast lambs in 
ascending sequences"; bnt 
then curiously dampening to 
recognise a mere typo for 
“lambs’* (as in “iambic pen- 
tameter*). 

Holt's BOnoan exercise, the 
centrepiece of a projected 
“triology” (tic), came with no 
notes but the composer’s brief; 
clumsy recounting of the The- 
seus myth. No clue to how, 
exactly, his US-minute Mino- 
taur Games might latch on to 
it The music hinted perhaps 
at a search, a confrontation, a 
headlong flight, and at a 
deeper level some nameless 
erotic scenario - there were 
eldritch howls and whimpers. 
Bnt Holt* s scoring is so insis- 
tently opaque in the low-mid- 
dle (viola) register that we lost 
trace of any harmonie move- 
mart: the thing just sat there, 
emitting baleful cries, defying 
us to guess where tt was 
meant to be going. 



Alexandra Rabinovftch piano duo. 
Sun, Mon: Ray Charles. Tues: John 
McLaughlin. Next Wed: Stephana 
Grappelli (0221-2801) 

Opemhaus Tomorrow: Kathleen 
Kuhlmann song recital. Fri, Mon: 
Macbeth with Alexandra Agache 
and EBzabeth Connefl. Sat Ariadne 
auf Naxos with Alexandra . Marc, 
Barbara KJlduff and Peter Svensson. 
Sun: first night of new production 
of Lortting’s Der WBdsbhOtz, 
conducted by Lothar Zagrusek and 


■ BONN 

BeethovanhaUe Tomorrow, Frt Gary 
Bartini con du ct s Orchestra of tow 
BeethovanhaUe in works by Brahms 
end Berfioz (0228-773868) 

Oper Sat. next Wed: Les Contes 
d’Hoffmann with Francisco Araiza. 
Sun: LafsncMtecM WesL Mon: 
Tosca (0228-77386 7) 

■ BORDEAUX 

PaMa des Sports Tonight 
tomorrow; Jerzy Semkow conducts 
Orchestra National Bordeaux 
AquttaJne in works by Britten, 
Beethoven end Brahms, with piano 
sotatot Gdgwy Sokolov (5648 5854) 

Grand-H»fttr* Tonight Yuri 
Beahmaft vfota rectaL Tomorrow: 
Gtfrari Poufet vtoNn recital (5648 
5654 ) g. 

■ cdoGNE 

P M ha ^onle Tonight: Hans Vonk 
ctmidk<)oiOflne Batik? Symphony 
Orchestra to works by Bartok and 
Shwtosfy, w*h piano soloist Mfthaii 
ftkiy. Sat Martha Argarieh and 


staged by Andreas Homokf 
(0221-221 8400) 

■ COPENHAGEN 

Royal Theatre Tonight Sat Heinz 
Fricke conducts Ntaotaa Joel's 
production of Lohengrin, with 
alternating casts including Pouf 
Bmtog and Tina Kfoerg. Tomorrow: 
Der Rosenkavalier. Fri: Don 
Pasquale. End of season (tel 3314 
1002 fax 3312 3692) 

TTvofl Tomorrow; Kees Bakels 
conducts Tivoli Symphony Orchestra 
In Mahler's Sixth Symphony. Fri: 

Yuri Ahronovteh conducts Danish 
Radio Symphony Orchestra In works 
by Franck and Tchaikovsky. Sat 

Marco Borii conducts TivoH 
Symphony Orchestra in Bloch, 

Bartok a nd Mozart (3315 1012) 

■ DRESDEN 

DRESDEN FESTIVAL 
This year’s programme (May 
21 -June 5) is inspired by August 
the Strong, whose accession as 

Saxon rater 300 years ago heralded 
a golden era In Dresden's artiste 
life. Visiting baroque specialists 
indude t SoHstl Vaneti, Concerto 
Kein and Virtuosi SaxcnJae, and 


there will be a chance to hear rare 
choral and operatic works by 
Telemann, Hasse and Handel. Other 
highlights include Bach’s B minor 
Mass conducted hy FQccardo Muti, 
Capricdo with a cast heeded by 
Felicity Lott and Alfred Branded 
playing Mozart The Semperoper’s 
main contribution is a new 
production of The Cunning Little 
Vixen opening on Sat conducted 
by Wolfgang Rennert and staged 
by Hans Hoflmann, with a cast 
headed by Patricia Wise (0351-486 


■ FRANKFURT 

Oper Tonight Guido Johannes 
Rumstodt conducts Nuria Esperfs 
production of Sektra, with Janis 

Martin and Uvta BudaL Sat Mon: 
Frankfurt Ballet in dhoraographie& 
by William Forsythe and Amanda 
M2fer. Sun: SytvaJn Cambrefing 
conducts Herbert Wernicke's 
production of Duke Bhiebemcfs 
Castle, with Henk Smit and 
Katherine Cieslnakl (068^236061) 
SchauspMbaus Tomorrow, Sum 
Frankfurt BaSot in choreographies 
by Miller, Rteziand Schumacher 
(068-2123 7444) 

Alte Oper Fri: first night of the 
Lamer end Loews musical My Fair 
Lady, dally tin next Wed. May 26. 
27: Denial Barenboim conducts 
Chicago Symphony Orchesba 
(069-134 0400) 

EngBsh Theater Kaberstrase 
Bffl Manhoff s comedy The Owl and 
the Pussycat opens next Wed for 
a two-month run (068-2423 1620) 

■ GOTHENBURG 

Konserthuset Tonight tomorrow: 


Sakari Oramo conducts Gothenburg 
Symphony Orchestra in Corigliano’s 
Clarinet Concerto (Urban Oaesson) 
and Tchaikovsky’s Sixth Symphony 
(031-167000) 

■ HAMBURG 

Staateoper Tonight John 
Neumeier’s version of Swan Lake. 
Tomorrow: Le nozza di Figaro. Fri, 
next Mon, Thurs and Sun: Gerd 
Albrecht conducts Harry Kupfer’s 
new production of Khovanshchina, 
with cast headed by Olga Borotfina 
and Matt! Salrmnen. Sat Aida with 
Maria GuSeghina and Michael 
Sylvester ((MO-351721) 

■ LEIPZIG 

Opemhaus Tomorrow: Tosca with 
Anna Tomowa-Stotow. Frfc Don 
Giovanni. Sun: first night of Uwe 
Schoiz*s new version of Steeping 
Beauty (0341-291036) 

Gewandhaus Tomorrow, Fit Dennis 
Russell Davies conducts 
Gewandhaus Orche str a and Chorus 
In works by Haydn, Ravel and Holst 
Sun: Oiso Bach Chorus in Handel's 
Solomon. Mom Uwe Mund conducts 
MDR Kammetp H harmonte to Wolf, 

Falla and Mendelssohn, with piano 
soloist Carmen Vila ((@41-713 2280) 

■ LYON 

Opdra Tonight Feficfly Lott song 
redtaL Tomorrow: John Nelson 
conducts first right of Klaus Michael 
Gruber's production of La traviata, 
with cast headed by ©usy Devin u. 
Repeated May 22. 25, 28, 31, June 
3, 16, 19, 22 (tel 7200 4545 fax 
7200 4546) 

AndBborium Tomorrow. Fri: (Sariuigi 


Gelmetti conducts Orchestra 
National de Lyon in Mahler's Ninth 
Symphony (7860 3713) 

■ MUNICH 

STAATSOPER 

Tonight Bavarian State Bafiet in 
Peter Wright's production of Giselle, 
with guest soloists Evelyn Hart and 
Wes Chapman. Fri, Sat, Sun: 
National BaDet of Canada to two 
programmes, Including Erik Bruhn's 
version of CoppeQa and a mixed 
bEH of works by Neumewr, Forsythe 
and Kudelka. Next More Bavarian 
State Ballet in Neumeier’s A 
Midsummer Night's Dream 
(088-221316) 

MUNICH BIENNALE 

Munich's fourth festival of new 
music-theatre winds up this week 
with the eageriy-awaited premiere 
of Benedict Mason’s new football 
opera Playing Away, In an Opera 
North production staged by David 
Pountney and conducted by Paul 
Daniel (tomorrow. Sat and Sun at 
Deutsches Theater). A chamber 
opera by Nikolai Komdorff 0)1947) 
based on the love story of Marina 
Zvstayeva and Rainer Maria Rilke 
wffl be premiered on Fri at 
MuffathaUa The festival's final 
events are a choral concert at 
Prinzregententheater on Fri and a 
nocturnal excursion through 20th 
century music at Gasteig on Sun 
evening (089-48098 614) 

■ OSLO 

Konserthus Tomorrow, Fri: Mariss 
Jansons conducts Oslo 
Phffliarmoric Orchestra in 
Shostakovich's Ninth Symphony 


and Mahler’s Fifth. Next Tues: 
Jansons conducts Tchaikovsky’s 
Fourth Symphony (2283 3200) 

■ STOCKHOLM 

Royal Opera Repertory for the next 
two weeks consists of Natalie 
Conus’ production of Swan Lake 
sid Ingvar Udholm’s Strindberg 
opera A Dream Play, with alternating 
casts Including Hffievi Martin pejto 
and Hakan Hagegard (tickets 
08-246240 information 08-203515) 
Drottningholm The season opens 
on May 26 with the first night of 
a new Royal Opera production of 
Youth and FoHy, Edouard Du Pay's 
early 19th century Singsplel (08-660 
8225) 

BerwaklhaOen Tonight’s concert 
by Swedish Radio Chorus indudes 
works by Delius, Argento, Rossini 
and Brahms. On Fri, Woldemar 
Nelson conducts Swec&sh Radio 
Symphony Orchestra in works by 
Rakhmaninov and Beethoven, with 

piano soloist Lerf Ove Andsnes. 

Sat tribute to Duke B&ngton 

(08-784 1800) 

Konserthuset Krystian 2morman 
gives a piano recital next Wed 
(tickets 08-102110 in for mation 
08-212520) 

■ STRASBOURG 

Palais de la Musfque Tomorrow, 

Fri: Theodor Guschibauer conducts 
Strasbourg Philharmonic Orchestra 
and Chorus in Beethoven’s Ninth 
Symphony (0852 1845) 

ThOfltre Municipal Next Tues, 

Thurs: Optra du Rhin production 
of The MakropouJos Case, with 
Sophia Larson ae Emilia Marty (8875 
4823) 





FINANCIAL TIMES WEDNESDAY MAY 18 1994 


Ian Davidson 


m 


Mr Douglas 
Hurd has been 
trying to per- 
suade the 
Tories that 
they ought to 
like the Euro- 
pean Union. In 
principle this is 
a worthy enterprise, and not 
before its time, especially in 
the run-up to nest month's 
elections to the European Par- 
liament. Unfortunately, how- 
ever, the UK foreign secre- 
tary's sales pitch for Europe is 
misleading, both about the 
facts as they are now. and 
about the future as it Is likely 
to be. 

Mr Hurd has been telling the 
party that the argument in 
Europe is going Britain’s way. 
The European Union is not a 
tyrannous and regimented 
organisation, he reassures the 
Tories, but a wonderfully flexi- 
ble grouping, which is becom- 
ing more flexible all the time. 
Its flexibility is reflected in 
Britain’s various opt-outs, from 
the single currency and the 
social chapter; and this 
so-called “variable geometry”, 
by which member states can 
pick and choose the policies 
that suit them, will be the 
wave of the future. 

“This," he told Scottish Con- 
servatives last week, “is a 
multi-track, multi-speed, even 
multi-layered approach, which 
will increasingly be the way 
of the future. It threatens 
no one." 

His tactics are obvious. The 
Conservatives risk a drubbing 
in the European Parliament 
elections, some of which may 
come from the anti-European 
wing of his own party. If he 
can win over some of the par- 
ty’s waverers on Europe, he 
may hope to alleviate the dan- 
ger of a threat to Prime Minis- 
ter John Major’s leadership. 

The problem is that it is sim- 
ply not true to suggest either 
that national opt-outs are 
becoming a generalised pattern 
throughout the Union, or that 
Mr Hurd’s image of a “multi- 
track, multi-speed, multi-lay- 
ered approach" is becoming 
generally accepted as an alter- 
native model of how Europe 
should develop in future. 

On the contrary, most of the 
other governments are still 
committed to the model of an 
integrated Europe with strong 
common institutions, in which 
all the member states sign up 
to reach the same common 
objectives, sooner or later. This 
commitment to the traditional 
model tends to be strongest 


It’s not 
on the 


menu 


Mr Hurd’s 
portrayal of an 
a la carte 
Europe is 
deceptive 


among the original founding 
members at the heart of the 
European Union; and there is 
no sign they are being won 
over by Mr Hurd’s vision of 
Europe d la carte. 

B ritish ministers have trium- 
phantly endorsed recent pro- 
posals Gram the Bonn govern- 
ment for faster deregulation in 
Europe. But it would surely be 
a mistake to draw too large an 
inference from this initiative. 
The German government has 
its own problems of unpopular- 
ity with the voters in the 


There is no sign 
the founding 
members are 
being won over 
by Hurd’s vision 


run-up to the European elec- 
tions; and Germany also has 
its share of Euro-sceptics. This 
episode does not constitute evi- 
dence of a strategic shift in 
Germany's European policy, 
away from the objective of an 
integrated Union, towards the 
loose Europe of opt-ins and opt- 
outs touted by Britain. 

Now it is possible that we 
shall see more "variable geom- 
etry” in Europe in future. It 
may be desirable as a way of 
accommodating the countries 
of eastern Europe; and if the 
Union becomes more inte- 
grated, it may be an unavoid- 
able concession to the reluc- 
tant members. But *hte does 
not mean that Europe d la 
carte will become the preferred 
paradigm far Spain, Portugal 
or Ire land , let alone for France, 
Germany or the Benelux. 

So when Mr Hurd says that 
there Is no danger of Britain 
being left in a “slow lane or 
outer circle” of the European 
Union, he is being merely dis- 


ingenuous. There Is certainly 
no danger that the o ther mem- 
ber states would prefer to rele- 
gate Britain to an outer circle. 
But unless variable geometry 
does become the generalised 
pattern for all the member 
states, the logic of the way Mr 
Hurd is talking Is that Britain 
might manoeuvre itself into a 
slower lane. 

Mr Hurd's advocacy of a 
British vision of Europe may 
ease the pressure on the gov- 
ernment in the European elec- 
tions; or it may not we shall 
see. But the longer he sticks to 
this kind of dialectical decep- 
tion, the harder it will be to 
frame a reasonable strategy for 
the fundamental medium-term 
choices coming up. 

Those choices will have to be 
faced in the Inter-Governmen- 
tal Conference of 1996. This 
was originally conceived as a 
fairly modest event, to revise 
the Treaty of Maastricht in the 
light of experience; it now 
seems likely to be a much big- 
ger affair , to plan for the open- 
ing of the Union to the coun- 
tries of eastern Europe. No one 
yet knows how or when they 
can be brought iru but it is 
already obvious that they can- 
not be included soon without 
fundamental revisions of the 
Union's policies, or its institu- 
tions. and probably both. 

A larger Europe, moreover, 
must have a common foreign 
and security policy. This was a 
decorative optional extra in the 
Maastricht treaty, but will 
become an inevitable obliga- 
tion. imposed by geography. 
The east European countries 
have just been offered associ- 
ate partnership in the Western 
European Union defence 
grouping; when they join the 
European Union, their security 
from any instability in the east 
will unavoidably become our 
concern. In political terms 
variable geometry will become 
more difficult in this larger 
Europe, not easier. 

In 1996, therefore, most exist- 
ing member states will want to 
strengthen the central institu- 
tions of the Union, inr-Inding , 
no doubt, easier majority vot- 
ing and more powers for the 
European Parliament; and 
some may want to go further, 
towards a European constitu- 
tion. There must be a real dan- 
ger of an ideological confronta- 
tion between Britain and its 
partners. But the negotiation 
will be unnecessarily gruelling 
the longer the government 
goes on painting a misleading 
picture of the way things are 
really going in Europe. 


A drug price war starts 
today. At midnight, 
one of the world’s 
best-selling drugs, the 
| ulcer treatment Tagamet, lost 
patent protection in its biggest 
market the US. Its manufac- 
turer. tiie Angio-US company 
SmithKline Beecham, esti- 
mates that it could lose sales 
I worth $600m a year as about 19 
1 makers of cut-price unbranded 
versions - generics - enter the 
market 

While this is worrying for 
SmithKline, the world’s sixth* 
biggest drug company is not 
alone- Tagamet is fust one of l? 
drugs with combined annual 
sales of £L8bn in the US whose 
patents expire this year, 
according to Goldman 
the US stockbroker. 

Between 1993 and 2005 drugs 
with total US sales of more 
than £27bn will lose patent pro- 
tection. None of the world’s 
leading drugs companies is 
immune to growing competi- 
tion from a new generation of 
generic products. 

The race is on to enter the 
generics market because of a 
bulge in the number of patents 
which are expiring. Valium, 
the anti-depressant made by 
the Swiss company Hoff- 
man-La Roche, was a patented 
drug whose success in the 
1960s showed other groups how 
profitable the process could be. 

The subsequent research 
boom of the 1970s generated 
the blockbuster drugs of the 
1980s. They included drugs for 
heart treatment such as ICTs 
Tenormin (see chart), as well 
as Tagamet and the closely 
related Zantac, niadp by Glaxo 
of the UK and still the world's 
best-selling compound. Drug 
patents usually last 20 years 
and the industry is now seeing 
the fall-out from these post- 
Valhim efforts. 

By unhappy coincidence for 
the drugs mrapanips . health- 
care costs are being scrutinised 
by those who pay the bills - 
US employers who pay insur- 
ance premiums, insurance 
companies which meet claims, 
and governments throughout 
the industrialised world. All 
three groups are eager to sub- 
stitute cheap generics for 
costly branded drugs. 

There are huge potential 
savings. “The industry used to 
calculate that the price of a 
generic version fell to less than 
20 per cent of the branded 
drug’s price within 18 months,” 
says Mr Jim Hageman, the 
vice-president responsible for 
US generics at US company 
Upjohn. “Now yon get the 
same price fall in under 12 
months.” 

This is welcome news for 
drugs buyers, but damaging for 

















2 









TSB’s Top Performing 
Managed Portfolios 


TSBs three Managed Portfolios have shown excellent 
consistent growth over the last four years and are a 
very simple way for you to take advantage of this 


continuing opportunity. 


Your choice of Managed Income, Growth or 
Balanced Portfolio depends on your personal needs 
and are the mosr convenient way for yxxi to invest in 
the TSB Offshore Investment Fund Limited, a Jersey 
based investment company This outstandingly 
successful Fund is made up of nine 
sub-funds which between diem cover 


investment markets around the world. 


The managers will select from die nine 
sub-funds which best suits vour needs 


G90 


and will then monitor your investment and switch it 
between share classes seeking as much profit as possible 
for you. 

Remember, past performance is nor necessarily a 
guide to the future and the value of shares and the income 
from them can go down as well as up and cannot be 
guaranteed. Consequently, on selling, investors may 
not get back the amount they originally invested. 

Yoa only need £10,000 to invest in a top performing 
TSB Managed Portfolio. 

For further details please complete 
• M and return the coupon below 


“Source TSB since launch 1st May 1990- 
3rd May 1994 -offer to bid. Gross 
income reinvested. 


FUND MANAGERS 


r ( 
I To: Uz Wiscombe, TSB Fund Managers (CL) Limited, EO. Box 538, 25 New Street, St Hdier, jeney Td: +44 534503002. fix: +44534 617082. j 

| Pfeasesendmt a ropy of prospectus describing TSB Offshore Inug^nrnmr Fimd Limited. ^ 

I Name •. Address: I 


| — — —i .... — Postcode; . 


Tha *hmboms lu, bem nged ty TSB Fuad (Cbaind Uwdil Limied udT$BUscTwMauamiOsaad Uuxfai Limned 2mimecCTrdl7T3bmtti»att Serna, Lnaal 

fA moths at LAUTRO jod pm 4 k TSB GmpJ, 


Price wars over 


name-dropping 


Daniel Green on the commercial threat posed 
by generics to the world’s top drugs companies 


Generics: prescription for success 


Market share of ICt*s Tenamtfci (96) 





RWns dboounf bn. generic versions 


Tenormin 

Purent expired 



Jun 1991 


1993 Jan 


Jan 1991 


1993 Aug 


drugs producers. Earlier tins 
rrn ?TT*h . the US company Syn- 
tex agreed to a SSJbn takeover 
by Hoffman-La Roche. Syntax 
bad seen sales of its best-sell- 
ing product Naprosyn, an anti- 
inflammatory, fall by 60 per 
cent after the patent expired at 
the end of 1993. “Naprosyn 
prices have fallen as far as 96 
per cent," says Mr Paul Frei- 
man, Syntex chairman. 

The Davids who are hum- 
bling these Goliaths are small 
but fast-growing companies. 
Goldman Rarhs estimates that 
there are between 350 and 400 
US generic drugs companies, of 
which Trine count as “major 
independent firms” but only 
four have sales worth more 
than ^lOOm a year. 

While sales of many generics 
are rising; it remains unclear 
whether panics r eliant on 
them will generate sufficient 
profits to rival brand-name 
groups. Mr Peter Goldsbrougi, 
vice-president in charge of 
healthcare at management con- 
sultancy Boston Consulting 
Group in the UK, says the 
generics business is driven by 
cutting costs and prices to a 
minimum to win market share. 

"There will always be room 
for a few fast-moving compa- 
nies,” he says, “but the real 
winners may be alliances led 
by the big drugs makers.” 


This idea is already taking 
root Bristol Myers Squibb, the 
second-biggest US drugs com- 
pany, launched its US generics 
subsidiary in 1989 riaimg it 
is now so big that it would be 
the country's seventh-biggest 
drugs manufacturer if it stood 

Last week, Bristol Myers 
Squibb bought 25 per cent of a 
German generics company, 
Azupharma. The deal followed 
acquisitions this year by Ger- 
man rhominflifl ami drugs mak- 
ers Bayer and Hoechst of 
stakes in US generics compa- 
nies Schein and Copley for 
9310m and $54Qm respectively. 


M ore important 
still are the take- 
overs by Merck of 
Medco, the US 
drugs distributor, last summer 
for $6bn. and of Diversified 
Pharmaceuticals Services by 

SmttWniriA |toff linin far y. flm 

this month. Defence against 
the threat of generic competi- 
tion is part of the rationale for 
these ditaTa Mfldm anil Diversi- 
fied are the middlemen of the 
drugs industry, linking the 
drugs companies with health- 
care buyers. They offer a com- 
plete range of drugs and wifi 
now promote their owners' 
products first whether they are 
branded or generic drugs. 


But such deals are an expen- 
sive and unproven means of 
defence by drugs groups 
against generics. Lawyers and 
chemists have a record for 
beefing up old patents. 

Glaxo’s Zantac was first 
patented in a crystalline form 
that proved difficult to pro- 
duce. Eventually a second, 
more stable, form was patented 
and it is this version that has 
been so successful. The patents 
for the early version lapse next 
year while the later version is 
protected until 2002. 

Glaxo’s reliance on its newer 
Zantac patent was exposed in 
March when Ciba said it had 
found a way of manufacturing 
the earlier crystalline version 
of Zantac. Glaxo shares have 
underperformed ginre the Ciba 
annotrwompnt. In April Glare 
filed a patent-infringement suit 
in the US against Ciba, which 
is still 18 months away from 
the launch of its generic rival 

SmithKline Beecham says it 
would have been happy to fol- 
low Glare and file a patent on 
an Improved version of Taga- 
met “We looked at that but it 
wasn't possible for us to 
improve Tagamet," says Mr 
Jerry Karabelas, president of 
SmithKfine’s North American 
pharmaceuticals business. 
Instead, SmithKline launched 
its own generic version of 


Tagamet last week. It will also 
supply the generic to Lederte, 
part of American Cyanamid. 
the US drugs maker, to sell 
only to pharmacies. 

But these strategies - sup- 
plying distributors with gener- 
ics and launching generics - 
have their weaknesses. 

The now-subsumed Syntex 
decided it would supply the 
generics market but was over- 
whelmed by the number of' 
competitors, according to 
experts at the US stockbroker 
Lehman Brothers. The UK 
company Zeneca, then part of 
ICL entered the generics mar- 
ket with a version of its heart 
treatment Tenormin. ICTs mar- 
ket share fell by 70 per cent in 
the two years after the patent 
lapsed in 1991 because the 
generic was too expensive and 
made customers more recep- 
tive to independent generic 
suppliers, adds Lehman 
Brothers. 

The recognition is rapidly 
dawning on the drugs industry 
that despite efforts to counter 
the generics threat, there is 
only one genuine defence: new 
products with new patents. 

SmithKline Beecham, for 
one, says this is a central 
plank of its anti-generics strat- 
egy. It will continue to fight to 
extract frill commercial value 
from Tagamet, but it sees its 
future in two new drugs with 
potential to match the sales 
Tagamet enjoyed in its heyday: 
anti-depressant Seroxat and 
anti-viral Famvir. 

But not every company has 
suitable drugs in clinical trials 
ready to came to the market as 
older drugs lose their patents. 
And relying on scientists to 
rescue the business is risky: 
the cost of research and devel- 
opment is about $200m a prod- 
uct, while it typically takes 
seven years from patent appli- 
cation to market launch, with 
no guarantee of success. 

The fact that SmithKline 
Beecham and others have 
decided to make new product 
development, however risky, 
the priority in fighting gener- 
ics is an admission that 
branded prescription drugs 
will eventually succumb to 
unbranded rivals when their 
patents expire. 

The decision to make new 
product development a higher 
priority than the defence of 
drugs whose patents have 
expired might be welcomed by 
governments, health insurers 
and employers eager to see 
lower prices for old drugs and 
prepared to pay a price for gen- 
uinely innovative cures. 

Drugs companies might like 
it less, but those that take this 
route fear that the alternative 
is to go the way of Syntex. 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

Fax 971 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution 


Unbecoming 
anti-US slur 


From MrAkm Cope. 

Sir, In bis cinema review. “In 
the spirit of myth-making" 
(May 5). Nigel Andrews refers 
to a movie that was “so good it 
did only medium business in 
the US”, a country “where 
many people have not heard of 
Arthur Miller. Einstein or the 
Pope”. 

This kind of silly anti- 
American slur ill becomes a 
newspaper which is published 
for an international reader- 
ship. 

Alan Cope, 

918 Osage Road. 

Pittsburgh, 

Pennsylvania 1542a 
US 


US action blatantly 
contradicts free trade 


link relief 
to level of 


From Jdrg Schimmelpfervtig. 

Sir, Export promotion quite 
often is not only the obverse of 
trade protection, as your lead- 
ing comment states (“Uncle 
Sam, salesman”. May 16), but 
is virtually equivalent to 
it 

With decreasing average 
costs - which is certainly the 
case in the aircraft industry — 
winning an export order 
enables companies such as 
Boeing to reduce their domes- 
tic prices and still earn what is 
a genuine, that is unsubsi- 
dised. profit on the resulting 
domestic orders. 

Accordingly, promoting 


exports to Saudi Arabia is at 
the same time a most elegant 
way to prevent possible foreign 
competitors from gaining 
access to US markets as 
well 

Consequently, the trade pol- 
icy currently employed by the 
Clinton administration stands 
in blatant contradiction to the 
free trade philosophy which it 
sermonises so emphatically, 
but nonetheless hypocritically, 
elsewhere. 

Jdrg Schimmelpfennig. 
Department of Economics, 
Unioersimt OsnabrOck. 

D49069 OsnabrOck, 

Germany 


investment 


Consultants are more than cost-cutters 


From Mr Keith Burgess. 

Sir, Your article, “Whitehall 
waste over consultancy pro- 
jects attacked" (April 26), and 
the Cabinet Office report 
which it cites, are incomplete 
and inaccurate regarding the 
contribution made by manage- 
ment consultancies to govern- 
ment 

The quoted figure of £l0m 
grossly understates the savings 
our members are in fact able to 
prove. 

Because the total savings are 
unknown, it cannot be 
assumed that they are negligi- 
ble. 

Management consultancy is 
about creating wealth, encour- 


aging best practice and trans- 
ferring skills. 

It is not merely about cutting 
costs. 

The Cabinet Office report 
agrees that consultants make a 
significant contribution to ach- 
ieving important government 
objectives. They also provide 
invaluable assistance in man- 
aging change programmes and 

other fundamental reforms. 

The report makes clear, how- 
ever, that there is little 
attempt by government to 
track expenditure or to assess 
value for money with regard to 
consultancies, and it argues 
that more should be done in 
this respect. 


The MCA wholeheartedly 
agrees with this point Much 
can be achieved through 
improved purchasing, greater 
accountability and fol- 
low-through to obtain better 
value for money. 

It would be a great shame If 
a report, which is intended to 
produce such changes, is used 
to pillory one of the most pow- 
erful forces stimulating such 
improvements. 

Keith Burgess, 
president. 

Management Consultancies 
Association), 

1J West Halkin St, 

London, 

SW1X8JL 


CrossRail would be folly 


From Mr David Starkie. 

Sir, The “business as usual” 
tone of the comment following 
the collapse of the CrossRail 
bill (“Search starts for a way to 
revive CrossRaiT. May 12) and 
your editorial comment 
("CrossRail debacle". May 12) 
surely miss the point. 

It would appear that the eco- 
nomic return from investing in 
CrossRail is inadequate and 
that the Commons committee 
was mindful of this when 
blocking the bilL 

You remark that the Jubilee 
Line was given the go-ahead as 
a political gesture; but to go 
«H Md with the CrossRail proj- 
ect would be to repeat the 
folly. 

There is a need for more 


investment in public transport 
infrastructure, but let us 
invest wisely. 

Projects with good social 
cost benefit returns do exist 
But these often appear to lack 
the glamour of the mega proj- 
ect or they serve less politi- 
cally charged interested 
groups. 

Nevertheless, in the long run 
the economy will be better 
served by the adoption of a 
more rational and consistent 
approach to transport invest- 
ments. 

David Starioe, 

Putnam. Hayes & Bartlett, 
Lansdoume House, 

Berkeley Square. 

London, 

WlXSDX 


Use your 
Euro vote 


From Mr Martin Paper. 

Sir, Much has been written 
about the question that needs 
to be asked in any referendum 
concerning the UK’s future 
within the European Union. 

But the disenfranchised elec- 
torate now has the chance to 
take part in an unofficial refer- 
endum with no questions 
asked. 

To pencils, citizens’ 

Vote for your MEP of choice 
or spoil the ballot paper in 
protest! 

Martin Roper. 

23 Hormman Drive, 

Forest HOL 
London, 

SE23 3BJ 


From Vishoas Kami. 

Sir, Venture capital trusts 
are intended to provide a much 
needed source of capital for 
unquoted companies trading in 
high-risk activities. 

However, your article (Man- 
agement: "Will the bait be 
tasty enough?". May 10) 
reminds us of the shameful 
waste that can result when the 
parameters defining the quali- 
fying activity are drawn too 
tightly, to comparison, the leg- 
islation on Employee Share 
Ownership Trusts occupies 10 
pages of the finance Act 1989, 
but one can count the number 
of ESOTS set up on the fingers 
of one hand. 

Let us hope that this will not 
be the situation with VCTs. 
This is particularly so as tax 
relief for specific activities Is a 
form of subsidy. 

This relief is given at the 
expense of taxpayers. It can be 
justified only where it effec- 
tively promotes a credible gov- 
ernment policy. 

For VCTs the investment 
mix will be crucial. This could 
best be dealt with by introduc- 
ing a tapering relief 

A VCT would decide the per- 
centage of funds it would 
invest in “qualifying compa- 
nies”, subject to a collar of, 
say, 65 per cent The greater 

the proportion of funds to be so 
invested, the greater the tax 
relief available to the VCT 
investors. 

A VCT prepared to invest 
more than, say, 90 per cent of 
its funds In qualifying compa- 
nies would allow its investors 1 
gains to be completely tax &«■ 
A VCT prepared to invest only 
65 per cent of its funds in qual- 
ifying companies would allow 
its investors’ gains to be 
taxed at, say, half the normal 
rate. 

Partnership with private 
industry is an efficient use or 
resources to promote govern- 
ment policy. Efficiency 
requires some flexibility. A 
tapering relief would provide 
tills. 

It would be a shame if it was 
possible to count the number 
of VCTs on the fingers of one 

hnnii 

Vishvas Kaoji, 

Fox Williams, 

City Gate House, 

39SS Finsbury Square. 

London EC2A lUU 


tl i ' ! « « 


.IK- 


7 


p 1 


* on 

fk a 


fh ( 
l 1 \ l 





FINANCIAL TIMES WEDNESDAY MAY 18 1994 



FINANCIAL TIMES 

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

Wednesday May 18 1994 


Chernomyrdin 

sees the light 


Victor Chernomyrdin was chosen 
as Russia’s prime minister 
because he had a proven trade 
record of running a successful 
Soviet enterprise. He was not 
picked because of his grasp of the 
economic and Tn nTiag»»TfmT»t ewn« 
required to shift a centralised and 
militarised economy towards a 
decentralised, market system. 

But the policy statement pub- 
lished in this newspaper cm Mon- 
day indicates, at the very least, 
that Mr Chernomyrdin has been 
persuaded by 18 months in high 
office that currency stability is a 
top priority and that potential for- 
eign investors require a stable 
legal and tax regime and have to 
be wooed, not grudgingly toler- 
ated. 

These are important conclu- 
sions, reflecting a marked shift 
away from the attitudes with 
which Mr Chernomyrdin assumed 
office. Gasprom, the gas enterprise 
he once controlled, was always a 
ferocious lobbyist for more funds 
and fiercely resistant to foreign 
investment in one of Russia’s 
industrial “crown jewels'*. 

Mr Chernomyrdin appears to 
have taken on board both the 
advice of the international institu- 
tions and the reform experience of 
central Europe and the former 
Soviet Baltic states, especially 
Estonia. He portrays himself as a 
convert to the virtues of positive 
real Interest rates and tightly con- 
trolled budgets. As proof, he 
points to his government's. perse- 
verance with anti-inflationary pol- 
icies in the face of a 25 per cent 
toifaq in production screams 
cf pain from the powerful mili- 
tary, faring+rtnl and farm lobbies. 

Such perseverance is brave. But, 
as Mr Chernomyrdin now con- 
cedes, there is no alternative. The 
really difficult part still lies ahead. 
Monthly inflat i on Of 7-8 per is 
better than 30 per cent, but it has 
to be reduced stm further if the 
preconditions for stable growth 
are to be established. 


needs of consumers and capable of 
producing the goods and services 
required to build a market-based 
economy. 

Equally clearly, however, the 
milBions of Russians who Hve and 
work in such communities cannot 
simply be abandoned to their fate- 
Devisfng a social security frame- 
work which would allow the Rus- 
sian authorities to provide unem- 
ployment pay, and to retrain and 
relocate workers and their fami- 
lies away from what were aften'in 
origin Stalin-era prison labour 
camps or cold war bastions, 
should become a top priority for 
co-operation between the R ussian 
and western governments. 

Managed decline 

At the same time, however, the 
leaders of Russia have to keep in 
the forefront of their that 

the new economy which win even- 
tually grow out of the wreckage of 
the Soviet model will not be a 
modernised version of the old. An 
economic policy which concen- 
trates on revamping and moderni- 
sing thousands of Soviet-era 
plants is not likely to leave 
enough resources for budding 
entrepreneurs to build enough 
new factories and plants on green- 
field sites. Nor will revamping the 
old release sufficient resources to 
permit the development of the ser- 
vice industries which have been 
so woefully Tarftfng in the past 
and which provide such a high 
proportion of employment and 
wealth in contemporary market 
economies elsewhere In the 
world. 

Mr Chernomyrdin is right to 
focus upon the need for financial 
and monetary stability and is well 
placed both to understand the 
fears of state sector managers 
and to explain the need for 
managed decline of the state 
sector. 

But his m«m energies should be 
devoted to extending privatisation 


Loss-making plants 
It is hard to see how inflation 
can" be reduced, however, while 
the prime wifafafar continues to 
argue that the loss-making plants 
which sustain employment and 
social amenities in “hundreds of 
cities .and towns throughout Rus- 
sia.” have to continue in produc- 
tion. These plants and cities were 
built in defiance of economic logic 
to servo a militarised economy 
which has to be largely disman- 
tled if resources are to be freed up 
to allow the development of new 
enterprises, responsive to the 

Oil on the 
rocks again 


and encouraging both foreign 
investment and the domestic 
entrepreneurs. The private sector 
already provides more titan 50 per 
cent of the jobs In the booming 
Polish economy, and is rapidly 
increasing its share in other for- 
mer socialist economies. 

Russia, with its skilled labour 
force and resources, is perfectly 
capable cf developing a modem 
economy along similar lines. The 
trick is to release the energies of 
those capable of using Russia’s 
potential wealth in a creative and 
modern way, not to spend too 
much energy propping up the old 
structures. 


When the Braer, the Liberian 
registered oil tanker, smashed 
onto the rocks of the Shetland 
Isles in January 1993. spilling 
35,000 tonnes of crude oil, the pub- 
lic mid MPs understandably called 
for immediate measures to pre- 
rent such a disaster occuring 
again. Lord Donaldson’s 500-page 
report into the implications of the 
wreck for merchant shipping, pub- 
ished yesterday, says that the call 
ihould be heeded. 

The picture Donaldson paints is 
f an industry in near-crisis: suff- 
ering from “vast overcapacity”, 
lender or non-existent profit mar- 
ins, and an unwieldy system of 
afety regulation. His team was 
shocked”, it says, to discover that 
here had been 67 incidents poten- 
LaUy as serious as the Braer in 
IE waters last year. 

Of the team's 103 recommenda- 
kma, the main one — more regu- 
ur inspections by ports of ships' 
laintenance - appears both to be 


mitable and to stand a chance of 
□proving safety standards. Under 
lis proposal, European ports 
ould delay the granting of per- 
tisston to load and unload cargo 
tf ships which did not comply 
1th inspections. 

Donaldson is right to identity 

L&intetumce standards as the 

sort of the industry's poor safety 
cord. He avoids, too, the tempta- 
cm of for further changes 
t chip dMgn. There is no evi- 
nce that the double-layer bulls 
icfflrporatod in new tankers since 
193, ip response to the Exxon 
alez disasters off Alaska, would 
saved the Braer. 

ublic concern 

However, Donaldson's recom- 
endation that the UK should 
mound itself with a network of 
dvage tugs to help struggling 
nkera appears more of a gesture 
i public concern - and poten- 
ifiy.an expensive one - than an 
fcetira policy. Tugs were 
tdtow the Braer, but the cap- 
in delayed in alerting them. 
gjw fl hriy the report's endorse* 
ant at the costly practice of 
rating on sticks with detergent 
i diapers* them is open to cbal- 
ftpi. 'Rnvfr rwmw ittflsts say the 


detergents are as harmful to 
marine life as oil pollution, while 
one of the lessons of the Shetlands 
is that the force of the waves can 
be the most effective tool for dis- 
persing pollution. 

However the report’s most seri- 
ous omission is its failure to find 
more ways, in its own words, “to 
make it unprofitable to cut cor- 
ners". The key is tackling the 
shortcomings of the present inter- 
national rules on liability for ship- 
ping pollution. 

The Torrey Canyon spill in 1967 
gave birth to the Civil Liability 
and Fund Conventions, under 
which shipowners limit their bar 
bility for oil spills to several hun- 
dred million dollars. Two volun- 
tary compensation, regimes known 
as Tovalop and Cristal financed 
partly by levies on the oil indus- 
try, cover countries which have 
not signed the conventions. 

liability limits 

Maximum liabilit y under these 
schemes has been rising steadily - 
by more than 20 per cent under 
Tovalop and Cristal for the cur- 
rent year. A further rise in liabil- 
ity Units should be encouraged, 
given that the sums still amount 
only to a tiny fraction of the costs 
of cleaning up. 

That is not to back the scale of 
liability in the US, where Exxon 
has already paid more than $2bn 
for the Valdez incident. Pitched at 
too high a level insurance rates 
soar and pressures on a struggling 
industry intensify. What isnseded 
is something midway between the 
global voluntary schemes and US. 
Governments also need to find 
replacements for the voluntary 
glomus, which expire In Febru- 
ary 1994, or press more countries 
to ratify the conventions. The low 
level of c o m pensa tion for non-oil 
pollution - which runs at only 
about 20 per cart of that for oil - 
represents another troubling gap 
in the present regime. 

The Donaldson report focuses 
mainly on measures within the 
UK government’s control But, as 
it recognises, most of theto^test 
problems are international in 
cause. That is the arena to which 
solutions need to be framed 




13 


John Plender explores the impact of 
trading in derivatives and other financial 
instruments on the US banking system 

High-wire act in 
a bear garden 


ThecfiangSns faceof USbaiUdjis 

.^Morgan; orowth in irfMxatanee 


OWrnTTJt- 



iritertKitato 

aoAottw-- 

confi^tnr . _ 


1991 (Sbrfl 
Otters 57* 


WHOM late JH 83 P& 



••• ;raS77r:, .. y/\ ; 

.. 'y' ** ** - ' ^ 


ChfarthftbDU>itM‘<lariva(hM • 
7 « ' 


WOF-StreeTs ttgh raters 


Nofentivakteaf Tate assets ah 
aff-tetence steel bofance afoot- 
s. .'xantracts, ' • 

'TptfdadwfBuaa- . 


• V * $•?" 

StpcWwMBtif-t 

' . 
. . * ■ 

■ ■ "s ! ' 



Soane House comroMer 


. 153 ." ' 



•• 

. * • . * 



\ 



SattOKAmetf Aonorts 


Mr Sanford’s loan book shrank from amounting to 1&5 per cent of net nature of the risks and profits 
SUUbn to $13Sbn, while the finan- revenues. In the latest financial involved. 


A t the start of the year, 

US Federal Reserve 

chairman Alan Grftgn- 

span was credited with 
unusual sagacity. His 
adroit manipulation of monetary 
policy over the previous four years 
had restored the capital of the US 
banking system and averted a 
credit crunch. 

Today things look altogether dif- 
ferent The financial community S & 
nervous and critical following suc- 
cessive increases in interest rates 
that have rattled global markets. 

PnU timqng in Congress fear that the 
high volume of trading in derivative 
instruments such as swaps, futures 
and options could lead to a disaster 
to match the recent savings and 
loans fiasco. The stability of the US 
financial s tructu re is once again 
being questioned against the back- 
ground of exceptional market vola- 
tility. 

At first sight, that seems paradox- 
ical. If toe banking system has been 
recapitalised and profits are 
healthy, why worry? Yet the very 
success of Mr Greenspan's gigantic 
market-rigging exercise, In which 
Interest rates were held at negligi- 
ble levels in real terms while the 
banks traded their way out of trou- 
ble, has distracted attention from a 
radical change in the structure of 
the banking system. Of far greater 
long-run importance <•>»> noisy 
debate about derivatives and hedge 
funds is the way the biggest whole- 
sale banks - dealing mainly with 
gw p mTnpnhi, institutions and com- 
panies - have hPAp chrfnirinp their 
deposits and loan books as they 
torn themselves into high-octane 
global Tn flr fr ptrnairgr ft and dealers, 
trading in a vast range of on- and 
off-balance sheet instruments. 

The visitor to Wall Street is left 
with the impression that the pace 
and scale of financial innovation is 
such that no one can be sure how. 
much capital banks really need to 
support these activities. Small won- 
der that. In a report doe today, the 
US General Accounting Office is 
expected to call for more stringent 
capital requirements. 

The low stock market rating 
accorded to many big wwrmgrrini 
and investment banks also suggests 
that high profitability may reflect 
nothing more than increased risk- 
taking. The falls in the biggest US 
banks' trading profits in the recent 
first-quarter figures lend credibility 
to that view. Much the same applies 
to the investment Hanka x which the cial instruments that Bankers Trust 
commercial banks increasingly trades an its own account rose from 
resemble. Salomon Brothers, says $12JSbn to $4&3bn, equivalent to 
its chairman and chief executive more than half its total assets. Last 
officer, Deryck Maughan, went into year revenue from own-account 
1994 with the largest inventory (of trading, at $L6bn, exceeded net 
financial instruments) in its his- interest revenue of $1.3bn for the 
tary. Others were almost certainly first time; and that understates the 
In the same position before the dependence on trading because net 
storm struck, when the Fed raised Interest revenue included more 
interest rates on February 4 for the thaw 9600m that was related to own- 
first time since 1989. account trading. 

If the investment banks adopted Meantime the notional amount of 
the opposite of Japanese just-in- instruments such as derivatives, 
time inventory control last year, the which do not appear on the balance 
big US c omm ercial banks are sheet (and whose absolute value in 
becoming more like their Japanese the accompanying tables and charts 
equivalents. Their capital is increas- Is less meaningful than their rela- 
ingly vulnerable to market fhxctua- tive value and the year-to-year 
ti/ms, but without the prop of Japa- trend) has soared from |4filbn to 
nese-style hidden reserves or the $L900bn over the period. Equally 
albatross of crippling Japanese bad striking is that the credit risk in 
debts. 'ITris stems from an approach relation to counterparties in these 
to banking which reflects the belief off-balance sheet contracts stood at 
that conventional financial interme- $6L8bn in Bankers Trust’s latest 
diation - raising deposits and lend- balance sheet, whose stockholders' 
mg to borrowers - will increasingly equity amounted to just $4^bn 
be undertaken by markets instead Bankers Trust is the extreme case 
of banks. of a bank turning itself into a 

A growing proportion of such hugely leveraged (highly borrowed) 
market activity is driven by high investment dealing company. But 
technology and relentless innova- others have comparably radical 
tion, notably in derivatives. The strategies. The giant of the indus- 
merit or otherwise of the doubters' try, JJP. Morgan, has seen its net 
concerns about new instruments loan book shrink from 926bn to 
will be explored in a subsequent $23J2bn over the past five years, 
article. What matters here is the big where it accounts for a mere 17.3 
transformation in the composition per cent of total assets. Yet the bal 
of bank revenues and balance ance sheet total has increased from 
sheets. $89bn to $l34hn. with more than 

Consider Bankers Trust whose two-thirds of the increase coming 
visionary ^hairp w n Cha r le s Sanford from the rise in the value of trading 
regards rnn-of-the-mffl commercial account assets. The notional 
hanks as no mo re than J naffipfent amount of off-balance s heet expo- 
mutual funds that do a poor job for sures has risen more than threefold 
their depositors. He expects conven- to $l700bn in that time (see chart). 
tinnqi bank intermediation to have Mnnh the satna process ha$ been 
largely disappeared by 2020 and is at work in the investment banks, 
tailoring his banks' activities When Morgan Stanley went public 
accordingly. in the mid-1960s, its prospectus 

Between 1969 and the end of 1993, showed own-account transactions 


year the comparable figure was S8j9 Charles Sanford at Bankers Trust 
per cent There were no figures in argues that if banks constantly 
the original prospectus for swaps adjust the value of their finanrtai 
and other derivatives, whose instruments to market value - 
notional value stood at S629bn in known as “marking to market” - 
Morgan Stanley's latest accounts, credit problems wfll be perceived 
Reporting accountants Arthur much earlier than with conven- 
Young presumably took the view tional bank lending. Most institu- 
that they were not sufficiently tions that use derivative instru- 
material in 1986 to require disclo- meats will only deal with 
sure. counterparties who have a respect- 

There were equally dramatic able credit rating, in tins Mtid of 
Increases in off-balance sheet activ- world, Mr Sanford claims, the less 
ity at Salomon Brothers, which has developed country debt problem 
traditionally been heavily depen.- would not have happened. “Bank 
dent on trading for its own. account; lending," he boldly asserts, “is the 

most risky thing we da” 

Certainly it is bard to deny that 
these new-style bank balance 
sheets, with more trading assets 
than loans, are inherently more liq- 
uid than in the past AH the leading 
players have developed proprietary 
computer systems, which are capa- 
ble of monitoring trading exposures 
an a variety of assumptions at the 
press of a button. They have risk- 
weighted capital disciplines that are 
also at Goldman Sachs and Merrill far in advance of the current global 
Lynch (see table). And the big Euro- guidelines laid down by the Bank 
pean universal banks are now fbl- for International Settlements, 
lowing suit, leaving the heavily As Salomon’s Deryck Maughan 
regulated Japanese far in the puts it the big US commercial and 
rear. investment banks are running 

Few on Wall Street or in London larger market risks than five to 10 
doubt that the US banks have years ago. “But they are better 
mapped out the future for wholesale equipped and better capitalised,” be 
finance. Up to a point, it works, adds, “and have the capacity to 
Having lost most of their biggest manage these risks.” Salomon, in 
clients after Mexico's default in feet, appears more highly leveraged 
1962, when companies discovered than most (see table) and it would 
that they could cut out the banking have taken a fall of only 29 per cent 
middleman and go direct to the in the value of those financial 
markets for funds, the banks have instruments actually on the face of 
found a new way of ingratiating its end-1993 group balance sheet to 
themselves with their former corpo- wipe out the whole of its capital 
rate clients. Risk m&nagemanl and But the company long argued 
trading products provide an answer that such conventional measures of 
to the shortage of bankable assets leverage are misleading, because 
that followed the third-world debt they give no indication, of the qual- 
crisis. Hie problem is to identity the ity or liquidity of assets, or the risk 


Few doubt US banks 
have mapped out 
the future for 
wholesale finance. 
Up to a point 
it works 


in q ff.Haiawft* sheet instruments. On 
Its own preferred measure of work- 
ing capital to equity, it has man- 
aged to reduce its leverage substan- 
tially since 1990, a period in which 
its conventional equity-to-assets 
ratio deteriorated and its off-bal- 
ance sheet exposure exploded. 

These sophisticated apologetics 
notwithstanding, the stock markets 
remain sceptical. One reason, 
acc o rdin g to John Kriz of the credit 
rating agency Moody’s, is that over 
the past 20 years we have been told 
“by statesmen of the banking indus- 
try, and by (arfinielana as kuOWl- 
edgeahle in their particular areas as 
any derivatives specialists, that 
their activities were prudently con- 
trolled did not antflil excessive 
risk”. Then came the third-world 
and real estate debt crises. 

Another answer might be that 
new-style balance sheets, in which 
capital is perpetually expanding 
nnri ff nn tra p Jm g in volatile fashi on, 
have not been tested in protracted 
bear markets. Moreover, while 
banks have reduced their own bal- 
ance sheet leverage by increasing 
capital the leverage inherent in the 
instruments apd markets in which 
they deal has increased vastly. It is 
not simply that derivative instru- 
ments are, by definition, more vola- 
tile than the underlying ca sh mar- 
kets. In effect, the banks are 
involved in a Faustian compact 
with the markets, whereby their 
own pursuit of profit can simulta- 
neously jeopardise their capital 

H ed g in g risk through 
options trading pro- 
vides an example of 
the double-edged 
nature of the game. 
Because option portfolios continu- 
ally become un-hedged through 
price movements and the passage of 
time, constant trading is necessary 
to re-establish the hedge. This is a 
marketmaker’s dream. Yet re-hedg- 
ing requires traders to sell into fell 
ing markets, which is inherently 
destabilising - especially when 
combined with margin and collat- 
eral calls. A reduction in risk for 
the individual hedger inc reases the 
aggregate risk in the market 
The leverage in instruments that 
do not strictly belong in the deriva- 
tive category can also be huge, 
points out Stephen Tbieke, co-head 
of corporate risk management at 
J.P. Morgan. Mortgage-backed secu- 
rities are an obvious example. 
When interest rates rise, fixed-rate 
mortgage holders are slower to 
repay. The potential life of a mort- 
gage-backed security is thus 
extended; and because investors 
receive their principal later, they 
lose the cham** to reinvest at new, 
higher rates. 

The duration of the mortgage 
component of the Lehman Brothers 
Bond Index, covering some $L200bn 
of outstanding mortgage paper, rose 
in March from 3.47 years to 4^5 
years following Fed tightening. 
Morgan's analysts calculate that to 
offset this increase in the duration 
of the portfolio - which is Impor- 
tant for institutions that have to 
match their investments to liabili- 
ties that fail due over time - inves- 
tors would have had to sell the 
equivalent of about 3140bn of 10- 
year Treasury bonds or nearly . 
$2S0bn of five-year Treasuries. 

Some, says Tbieke, would not 
have had to do so where, for exam- 
ple, they were tracking the mort- 
gage-backed securities Index. Even 
so, the astonishing magnitudes 
involved help explain why the US 
bond market has an inbuilt and 
growing tendency to overshoot It is 
a tribute to those wbo have been 
playing these new, high-risk games 
that, in the hear garden that has 
prevailed since February, bankrupt- 
cies have been confined to marginal 
participants 

But the test is not over yet The 
Fed wfll continue to raise rates; tire 
banks will shed more of their 
$3Q0bn-plus portfolio of public sec- 
tor debt as credit dema nd increases 
in a stranger economy; and US bond 
and income mutual funds could face 
withdrawals after years of positive 
cash flow. A further article next 
week will look In more detail at the 
risks to the sys te m as these high 
rollers move through uncharted ter- 
ritory. 


Observer 


Difficulties 
with a girl 

■ John Smith's death may have 
thrown the Labour party into 
confusion, but at least there is now 
a hit of time in which to craft an 
elegant solution to the leader ship 
quandary. Pity Bill Chntan, who 
has to make a hastier decision. 

Into his diary fOr June 4 had been 
scheduled the US president’s first 
ever meeting with Smith. - in 
Portsmouth so that he could step 
straight on to the D-day flotilla. 
What, though, does Ointan do now? 

Acting leader Margaret Beckett 
seems to be viewed as a less than 
wholly suitable subject far Clinton’s 
undivided attention - seeing that 
she won’t get the job full-time. 

If he embarks on a session with 
the entire party leadership, an the 
other hand, he canid be accused 
of interfering: Some Japanese 
apparently took offence lari: July 
when Chntoa earnestly chatted 
op Morohiro HosoKawa, then only 
the leader of a small political party, 
at a time when Khchl Miyazawa 
was still prime minister. 

It's a wonder he ever ventures 
out of the Oval Office at all 


Oiling the rungs 

■ Oil explorers are not normally 
the politest bunch. 

Hence there is some surprise at 
the remarkable civility of 


Enterprise Oil’s hostile hid for 
fellow explorer Lasmo. Both sides 
have been busy dissecting each 
other’s record ami cost of finding 
nil, ami have avoided gP*Wng into 
personal s lang in g - iwrt^i^s about 
tha gfop of tha chairman’s w pw* 
account, etc. 

This may all change in a week 
or two. However, there is a possible 
explanation as to why E nt er pri se’s 
frf Hrismfi nf T jwmn managenunrit, 
a key part erf its offensive, have 
so fer been relatively mated. 

Could it be Graham Heame, 
Enterprise’s nharrman and chief 
e x ecutive, may fay to rally flagging 
City support for his bid by offering 
Joe Darby, Lasmo’s chief executive, 
the same position in a combined 
company? That would be a hit 
tricky if he had trashed Darby's 

reputation in the battle. 

Stranger things have happened. 
After an, Heame is U years older 
than Darby and his reputation in 
tha CSty would be enhanced if he 
agreed to split Us own rote as 
chairman and chief executive. 

And no doubt the problem of 
What to do with Tjwann rihainng p 

Rudolph Agnew could be solved 
with a handsome cash, settlement. 


Going for gold 

■ Braked H5H Kalgooriie . . ? 
Forget it 

The latest Australian gold mine 
is locatad fer closer to the 

rfeparimpnt nf consumer affair s 

for New Sooth Wales. 



Tina mason’ 


Unfortunately, though, the 
government has noticed - and shut 
It down. 

Since Sydney won the right to 
stage the Olympic Games in the 
year 200(1 some 240 smart aficks 
have registered business names 
tocarparatingtbfihkesaf 
“Olympic", “Sydney 2000" and 
“Games CSty”. 

The idea Is to flog them on. In 

due course and for a suitable sum, 
to the sports marketeers. 

With local Olympic sponsorship 
revenues expected to exceed 
Af42$m, the authorities have had 
abtt of a panic about how to protect 
their brand from “ambush 
marketing”. 

Hence the state law decreeing 


that entrepreneurs will need 
government consent to use any 
such title - which they won't get 


Pet hate 

■ When is a leak not a leak? When 
it is “enterprlsed without our help”. 
This was how Xerox explained why 
its new digital publishing strategy 
somehow appeared in the US press 
before being announced to an eager 
world. 

In terms of business jargon, the 
US continues to lead the world. 

A Texas firm, for example, reported 
recently that one of the benefits 
of its labour-saving process was 
“retarded headcount growth”. 

But US Jargon producers are 
feeing increasing foreign 
competition. A college at Guildford, 
England, has just scrapped its four 
student faculties and replaced them 
with, “curriculum delivery units". 

Meanwhile, the World Society 
for the Protection of Animals has 
come up with a politically correct 
alternative to a pet It is a 
companion animal. 


Men only 

■ Baroness Castle obviously still 
thinks that the status of honorary 
man is just too much. Known as 
the strong man ctf the Wilson 
cabinet whan, in 1969, the thq n 
Barbara Castle unsuccessfully tried 
to reform the trade unions with 
her white paper “hi place of strife". 


now, a quarter of a century on, 
the battle is still not won. ' 

Is it not a breach of the Sex 
Discrimination Act 1975, she will 
ask Lord Wakeham, Leader of the 
Lords, for the term “My Lords” 
to be used to address a chamber 
of male and female peers of equal 
status? 


Flagwaver 

■ It sounds like Geoffrey Martin, 
the acting head of the European 
Commission's London outpost, has 
finally got the job as the EC’s 
official London, flagwaver. 

A year has passed since John 
Drew quit the job and there has 
been strong pressure to reserve 
the post for a friendly Tory MEP 
who foiled to win reflection next 
month. 

Martin, S3, an Ulsterman, is not 
the normal kind of Brussels 
bureaucrat. He was president of 
the National Union of Students 
while at Belfast’s Queen’s 
University, then ran the housing 
charity, Shelter, and worked for 
the Commonwealth Secretariat 

before Joining the Ccffnmission. 

A European-friendly equivalent 
of Des Wilson, perhaps? 


Stampede 

■ Why were the naughty 
wildebeests the first to cross the 

p lain? 

Because bad gnus travel fast 


> 


14 


12 


SHEERFRAME 

Specified 

Worldwide 


LB. 

Tak 0773 8SZ311 


FINANCIAL TIMES 

Wednesday May 18 1994 



TRAFALGAR ROUSE 

(HrjnttCTio* 


081 6892266 


COMMITTED TO QUALITY 


Impact softened by end to ‘double-counting’ 

Lloyd’s losses rise to 
£7bn on US liability 


By Richard Lappor in London 

Lloyd's, the London insurance 
market, yesterday reported a loss 
of £2.05bn for its 1991 year of 
account, bringing cumulative 
losses since 1988 to more than 
£7bn. 

An increase in reserves to meet 
US liability claims , mainly from 
asbestos, pollution and other 
health hazards, was the single 
largest factor In the result, 
according to Mr David Rowland, 
Lloyd's chairman. 

Mr Rowland said the loss 
would put further strain on 
Names, the individuals whose 
assets have traditionally sup- 
ported the market, but dismissed 
fears that it would affect its abil- 
ity to continue trading. 

“Lloyd's has had terrible losses 
but we will trade forward as cer- 
tainly tomorrow as we have for 
the last 300 years,” he said. 

The market, which reports its 
results three years in arrears, 
softened the impact on Names by 
taking into account some £533m 


of socalled “double counting” for 
the first time. 

This occurs when Names who 
have made losses make claims of 
their own against 

• "stop-loss” policies (which 
provide cover for losses over pre- 
set limits), 

• “errors and omissions” poli- 
cies (which give cover if agents 
are successfully sued for negli- 
gence), or 

• “estate protection policies” 
(which cover the tosses of 
deceased Names). 

The elimination of double- 
counting also allowed Lloyd's to 
reduce its 1990 loss, reported last 
June, by £596m to &32bn. 

Lloyd’s will allow Names to 
borrow against profits, which the 
market expects to make this 
year. Sharp rises in insurance 
rates over the last two years are 
allowing most syndicates to 
underwrite profitably, with prof- 
its also expected for the 18 % 
year. 

Manag ing agents, who adminis- 
ter syndicates, are being encour- 


aged to defer cash calls when 
they have no immediate need for 
funds. Even so, Mr Rowland con- 
ceded that the market would call 
cash “of the order of £L6bn to 
£l.7bn” this year. There are fears 
that many Names, especially 
those who are taking legal aenpn 
to recover their losses, may be 
neither willing nor able to pay. 

“The sums needed are usually 
only obtained with a mask, a gun 
and a getaway car,” said Mr Tom 
Banyan, director of the Society of 
Names, which represents loss- 
makers. “The ‘cannot and will 
not* losses will have to be picked 
up by other Names with the deep- 
est pockets,” he added. 

Other critics suggest that the 
loss will impair Lloyd's ability to 
pass its annual solvency test, 
when the ability of Names to 
meet liabilities is assessed. 

Mr Rowland insisted, however, 
that Lloyd's would meet all regu- 
latory requirements. 


Details. Page 8 
Lex, Page 22 


China agrees to talks about 
Hong Kong airport finance 


By Simon Hotberton 
in Hong Kong 

Britain and China have agreed to 
meet on Friday to discuss the 
financing of the disputed Hong 
Kong airport project in what will 
be their first such meeting since 
August last year. 

The talks will mark another 
step towards normalising 
Sino-UK discussions on Hong 
Kong's future, although it is 
unlikely that the two sides will 
be able to announce a quick reso- 
lution of their two-year dispute 
about bow to finance the airport 

Since Mftrrh . there han been a 
move by Beijing to separate eco- 
nomic issues from those relating 
to Hong Kong’s political reforms. 
It remains unclear, however, 
whether China will want to agree 
on an airport financing arrange- 
ment before the Legislative 
Council debates governor Chris 
Patten's controversial political 


reform bill at the end of June. 

The Hong Kong government 
said yesterday it imped the meet- 
ing of the airport committee 
would lead to early agreement. 
Officials said it should now be 
possible to make progress follow- 
ing background talks that have 
taken place in the past two 

TTirmthfl 

At issue in Friday's meeting is 
the split between debt and equity 
for the airport and its connecting 
railway. Together, these two pro- 
jects will cost about HK$85bn 
(Jllbn), prompting complaints 
from Beijing about the level of 
debt to be Inherited in 1997, when 
it resumes control over the col- 
ony. 

Two years ago, the Hong Kong 
government hoped that all but 
HK*l6bn of the HK$85bn could be 
raised in international debt mar- 
kets. But, in the face of Chinese 
opposition, the government has 
since offered to increase its 


equity contribution to HK$60bn. 

Another issue which is impor- 
tant to China is the amount of 
land, principally alongside the 
airport runway, which will be 
sold to finance construction of 
the project The Hong Kong gov- 
ernment has maintained that the 
staggered release of this land, 
about 60 hectares in all, should 
be “additional” to the release of 
land governed by other Slno-Brit- 
ish agreements. 

The Chinese appear to object to 
this proposal, fearing that prop- 
erty prices might be upset by the 
additional land release. 

However, the absence of an 
overall agreement on finance hag 
not stopped the project, much of 
which is government funded and 
outside the ambit of Sino- British 
talks. But the Hong Kong govern- 
ment will have to face difficult 
decisions in coming months in 
the absence of an agreement with 
Beijing. 


Globex dealt blow by Liffe refusal 


Continued from Page 1 

have denied us further develop- 
ment of our preferred linkage 
strategy and would have meant 
withdrawal from our Euroyen 
discussions with Tiffe, Tokyo's 
financial futures exchange,” he 
said. 

Liffe would also have been pre- 
vented from extending its auto- 
mated trading system beyond the 
current hours of use. “These 
restrictive conditions were 
totally unacceptable to the Liffe 
board,” Mr Durlacher said. 

Ms Rosalyn Wilton. Reuters' 


managing director for transac- 
tion products, said although she 
was disappointed, she believed 
that Globex’s future was not 
dependent on the participation of 
large exchanges. She pointed to 
the success of Matif. the smaller 
Globex partner, whose products 
now account for 80 per cent of 
the volume on the system. 

Nevertheless, observers said 
Liffe's participation would have 
gone a long way In providing the 
critical mass which Globex needs 
to survive. Mr Alastair Smellie, a 
media analyst with the US invest- 
ment bank. Lehman Brothers, 


said: “It is a disappointment, 
there are no two ways about it 
The success of Globex is depen- 
dent on a critical level of vol- 
ume.” 

Reuters is believed to have 
invested $10Qm in Globex, which 
it hopes will evolve into a world- 
wide, round-the-clock trading sys- 
tem. Since its launch in mid-1992, 
volume on Globex has been dis- 
appointing. Even this year, with 
volatile financial markets boost- 
ing derivatives contracts, volume 
remains below target. Shares In 
Reuters fell 7p to 486p in London, 
against a rising market. 


Nuclear 
inspectors 
start key 
tour in 
N Korea 

By John Burton in Seoul 


The International Atomic Energy 
Agency will begin a critical 
inspection today of North Kor- 
ean nuclear facilities th at could 
prove to be a turning point in 
the dispute over Pyongyang’s 
unclear programme. 

The outcome of the inspection 
wQl determine whether the OS 
will press for economic sanctions 
by the United Nations Security 
Council against the North or 
hold further high-level talks as 
demanded by Pyongyang. 

The three-member IAEA team 
will try to fulfil two goals. One is 
to determine whether the North 
has removed, without interna- 
tional supervision, a substantial 
number of the 8,000 fuel rods 
that power its SMW reactor, 
which would be a violation of 
the nnclear non-proliferation 
treaty. 

North Korea last week 
reported to the IAEA that it had 
started to replace some “dam- 
aged” fuel rods, but the extent of 
that operation is unknown. The 
US is worried the unsupervised 
removal of fuel rods would allow 
the North to divert the nuclear 
fuel for tfae production of four or 
five atomic devices. 

Washington has warned that 
extensive removal of the fuel 
rods would force it to ask the UN 
for economic sanctions, though 
China has indicated that it 
would oppose such a move. The 
IAEA inspectors will also try to 
complete an examination of a 
suspected nuclear processing 
plant to which they were denied 
access in March. 

North Korea is also barring 
the IAEA from access to two 
undeclared sites that are 
believed to store nuclear waste. 

The IAEA wants to gamine 
the nnfflpar waste, in arWitinn to 
the fuel rods, to determine 
whether the North has previ- 
ously diverted plutonium from 
its reactor for its suspected 
nuclear weapons progr amme. 

The IAEA has warned that if 
the inspection is not completed 
by mid-May, the agency will 
refer the mid ear dispute to the 
UN Security Council for action. 
But the North may only allow 
inspection of the two undeclared 
sites in return for US conces- 
sions. 

Analysts believe the IAEA and 
North Korea may differ on the 
scope of the new inspections as 
they have done over previous 
checks. 

But Pyongyang is likely to 
make enough concessions to pre- 
vent the (JN from proceeding 
with formal action against it 

The US has promised that if 
the current inspections are com- 
pleted, it would hold another 
round of high-level talks with 
North Korea on possible diplo- 
matic recognition and economic 
aid. 


FT WEATHER GUIDE 


Europe today 

Low pressure will make most of Europe 
unsettled. A depression over northern Italy 
wfll cause thunder showers which will 
spread to central Italy, eastern France and 
the western Balkans. A westerly upper air 
current wfll direct broken cloud into Portugal 
end Spain, producing rain In northern 
regions. Warm, dry air from Africa will move 
into Greece, the Balkans and Turkey giving 
plenty of sun and temperatures rising 
quickly into the thirties. The Benelux. 
Germany, northern Poland end the Baltics 

will be cloudy. Showers will develop with a 
small risk of thunder. Finland will have some 
sun but southern Scandinavia will have 
scattered rain. 

Five-day forecast 

It win be warm and sunny over south- 
eastern Europe until late in the week when 
colder air accompanied by thundery 
showers win replace the warm air in the 
Balkans, Greece and Turkey. A depression 
reaching Prance on Thursday will Gnger 
during the weekend giving unsettled 
conditions over Spain, Portugal and the Low 
Countries. 


TODAY’S TEMPERATURES 



S/pation at 12 GMT. Tempera furea maximum for day. forecasts by Mateo Consult of Ota Netherlands 



Maximum 

Cetska 

IS 

fair 

Ur 

24 

13 

Caracas 

Cardtn 

cloudy 

cloudy 

31 

12 

Abu Dhabi 

Sun 

38 

Bofesde 

fair 

35 

fiaeahfaiupi 

sin 

20 

Accra 

sheerer 

32 

Botin 

shower 

26 

Chicago 

sun 

21 

Algiers 

fair 

24 

Bermuda 

Ur 

24 

Cologne 

doudy 

21 

Amsterdam 

cloudy 

14 

Bogota 

fair 

20 

C Salaam 

shower 

30 

Athens 

sun 

29 

Bombay 

Brussels 

sun 

34 

Cater 

sun 

2S 

Atlanta 

sun 

26 

shower 

17 

Dallas 

thund 

29 

B. Aires 

fair 

20 

Budapest 

fair 

32 

DetN 

sin 

40 

BJram 

cloudy 

12 

CJragon 

drzzJ 

15 

Dubai 

sun 

38 

Bangkok 

fair 

35 

Cairo 

sun 

37 

Diijfln 

cloudy 

12 

Barcelona 

fair 

21 

Cope Town 

sun 

20 

Dubrovnik 

thund 

29 


You r bonus program. 

© Lufthansa Miles & More. 

Lufthansa 

German Airlines 


Edinburgh 

fair 

13 

Madrid 

doudy 

22 

Rangoon 

cloudy 

33 

Faro 

doudy 

20 

Majorca 

doudy 

24 

Reykjavik 

far 

9 

Frankfurt 

shower 

22 

Malta 

thund 

27 

«o 

doudy 

24 

Geneva 

rain 

15 

Manchester 

fair 

13 

tome 

thund 

22 

Gibraltar 

cloudy 

23 

Madia 

thind 

34 

S. Pisco 

fair 

17 

Glasgow 

fair 

14 

Melbourne 

doudy 

14 

Seoul 

fair 

16 

Hnnburg 

drad 

17 

Mexico C3ty 

fair 

23 

Singapore 

thund 

32 

Hefainfd 

sun 

13 

Miami 

thmd 

31 

Stockholm 

fata 

13 

Hong KOng 

doudy 

29 

MHan 

thund 

21 

Strasbourg 

thind 

18 

HonohAi 

fair 

31 

Montreal 

rein 

11 

Sydney 

doudy 

21 

Istanbul 

sun 

29 

Moscow 

shower 

22 

Tangier 

fata 

18 

Jersey 

ran 

13 

Mmfch 

thund 

19 

Tel Aviv 

aui 

33 

Karachi 

sin 

34 

Nairobi 

shower 

22 

Tokyo 

doudy 

23 

Kuwait 

sun 

36 

Naples 

thund 

26 

Toronto 

fair 

16 

LAngefes 

fata 

19 

Nassau 

fair 

30 

Vancouver 

fata 

18 

Las Palmas 

sin 

22 

New York 

shower 

16 

Venice 

thund 

23 

Lima 

doudy 

21 

Mee 

thund 

20 

Vienna 

Bund 

29 

Lisbon 

doudy 

19 

Nicosia 

sun 

30 

Waaaw 

Cloudy 

27 

London 

dnnl 

IS 

Oslo 

doudy 

12 

Washington 

Shower 

19 

Lux.bourg 

shower 

18 

Rota 

shower 

21 

weangton 

fata 

15 

i-r™. 

thund 

17 

Perth 

fair 

23 

Winnipeg 

fata 

25 

Madeira 

(dr 

22 

Prague 

thund 

25 

Zurich 

ratal 

14 


THE LEX COLUMN 


Hanson’s cash flows 


The return to dividend increases at 

Hamsrm has ram a faster than expec- 
ted. The conglomerate froze Its divi- 
dend only last December as gearing 
levels mounted. On the face of it, the 
group’s financial position has 
improved since than, but not that dra- 
matically. Gearing at pndMarrJi was 69 
per emit compared with 86 per cent 
last September. But disposals brought 
in vftaawi, while share issues - mainly 
through the exercise of warrants - 
knocked another filter off debt Oper- 
ating activities produced a post-tax 
fash outflow Of £246m. 

Hanson argues that the underlying 
position Is better. Once cave-off cash 
outflows associated with the Quantum 
acquisition, the Peabody coal strike 
and the change in the group’s interest 
payments are taken into account, 
operating cash inflow was actually 
£ 100 m. Moreover, Hanson’s highly 
cyclical businesses have started to 
pick up and are expected to improve 
further in the second half. Volumes 
are going up and price rises can 
increasingly be maria to stick. 

Hanson says It Is prepared to return 

to the trail if the right 

acquisition comes along at the right 
price. But a sizeable acquisition now 
would be premature. Investors will 
probably want first to see operating 
cash flow covering tire increased divi- 
dend and gearing below SO per emit 
Still, such a prospect is not far away. 
The continuing economic recovery 
should see to cash. flow. Meanwhile, 
the e xermcB of annthw tranche of war- 
rants later this year should reduce 
debt by 2200m with disposals next 
financial year bringing in perhaps a 
few hundred million pounds more. By 
this time next year. Hanson could be 
ready to leap. 

BOC 

BOC spent most of last year trying 
to dampen the market's expectations, 
finally by announcing that, for the 
first time since the early 1370s, it 
would not Increase Its dividend. Yet 
yesterday's interim statement struck 
an optimistic tone, pointing to early 
signs of volume growth in gases. Since 
demand for gases is a fair indicator of 
industrial activity, that suggests con- 
sumer-led recovery in the AngifrSaxon 
world is finall y taking root in the 
wider economy. 

Many of the special problems which 
afflicted BOC last year are also easing. 
The pharmarp i itira ls division spurns to 
be recovering after losing the US 
patent on Forane, its staple anaes- 


FT-SE Index: 3*23.5 (+7.9} 


BOC 

Ouktend yWd relative to the 
FT-s&AAB-ShamdMdandyteW 


1 A~~ 



thetic. While there could he a relapse 
if more companies choose to manufac- 
ture cheap generic versions of the 
drug, BOC has moved to protect mar- 
gins by cutting costs. Any further 
marg in squeeze in industrial gases 
should also be offset by the benefits of 
restructuring. If prices start to rise, 
BOC will be well placed to benefit 

The brighter outlook leaves the 
equity market in something of a quan- 
dary. After a decade yielding less than 
the market average, BOC's shares 
were pushed to a handsome yield pre- 
mium last year. With the growth pros- 
pects seemingly restored the yield pre- 
mium should logically be unwound. 
Yesterday's 4 per cent rise in the 
shares is a step in that direction. Hav- 
ing been so sorely disappointed test 
year, though, investors will be waxy of 
taking a giant leap. 

Allied-Lyons 

AUied-Lyons’ animal results pro- 
duced a predictable combination of 
strength in spirits and retailing, offset 
by weakness in beer. Though the joint 
venture with Carlsberg is improving 
after a disappointing start, it remains 
a drag an performance. The underly- 
ing contribution from beer to last 
yea's earnings fell by 14 per cent even 
including the interest on the £ 135 m 
cash payment from Carlsberg when 
the venture was set cm- That will only 
reinforce the belief that brewing, Uke 
food, lacks a long-term future within 
the group. Meanwhile, though. Allied's 
management seems finally set to reap 
the benefits of the transformations it 
has wrought in spirits and retailing. 

Like Grand Metropolitan, Allied has 
had its disappointments in the US 


spirits market, but it is making 
inroads in eastern Europe and Domecq 
should bring opportunities in South 
America. Similarly the improving 
quality of Its pub estate and a greater 
focus on food helped produce a 7 per 
cent increase In underlying profits 
from retelling. 

The test will be whether Allied can 
use this growing strength to generate 
more cash. Gearing fell only slightly 
last year to 70 per cent Domecq pro- 
duced only £Sm In net cash last year, 
but this was after payment of £25m in 
dividends and there may be scope to 
reduce the £38m negative cash contri- 
bution from working capital. If it can 
start reducing its debt by generating 
cash from operations as well as dispos- 
als, Allied will be able to claim Us 
strategy has been vind ic a ted . 

Lloyd’s 

It is the composition rather than the 
scale of Lloyd’s loss for the 1991 under- 
writing year that gives greatest cause 
for concern. Business actually written 
in 1991 showed an underwriting loss, 
but notably less than the previous 
year. If that improvement continues, 
policies now being written should be 
profitable. Yet Lloyd's syndicates felt 
obliged to add £lbn to reserves to 
cover claims on policies written many 
years before. That is 70 per cent more 
than was set aside in the 1990 under- 
writing. While the pain from old years 
cnnHmies to mount, Names wfll not. 
feel the benefit of business now being 
written. 

How much more pain is to come 
remains a matter of conjecture. Pro- 
posals for reform of US Superfund leg- 
islation could help reduce pollution 
claims. But the timing and impact of 
any reform is impossible to judge. 
Claims in areas such as asbestosis and 
professional Indemnity insurance 
show no sign of abating. While Lloyd's 
appears to be better reserved than 
many US Insurance companies, there 
is no way of knowing whether its 
reserves are sufficient 

The plan to ring-fence old liabilities 
within a now company still looks the 
best hope of solving the problem. If 
there are not enough reserves set 
aside already to make the ring-fence 
secure, though. Names will again be 
asked to contribute. An audit of liabili- 
ties and reserves across Lloyd's should 
give a dearer picture. The results of 
that audit, together with haggling in 
the US Congress over Superfund, will 
determine whether Lloyd's can escape 
the legacy of the past 


MBOs 

-Weighing up the Options - 

Acquisitions Monthly’s Management Buyout Conference 
Tuesday L 8 th/Wednesday 1 9th October 1994 
The Marriott Hotel, Grosvenor Square, London W1 



Case Studies: 

BeU Freight Transport Group • Peoples Limited 
Bristow Helicopter Group Limited 

Speakers indude: 

Roger Brooke, Candover Investments * Ian Forrest, Montagu Private Equity 
Robert Smith, Morgan Grenfell Development Capital 
pbu speakers from: Asburst Morris Crisp • NatWest Ventures • Bankers Trust Company • CfNVen 
Murray Johnstone • Barclays de Zoete Wedd * Gresham Trust • Foreign & Colonial Ventures 
Coopers & Lybrand • Intermediate Capital Group * Ernst & Young • Alsop Wilkinson • Uoyds Development Capita! 

To book a place or receive further details, please contact: 

Vanessa Foss, Acquisitions Monthly Conferences, 11 Gloucester Road 
London SW7 4PP Tel: 071-823 8740 Fax: 071-581 4331 
Acquisitions Monthly is the leading mergers, acquisitions and buyouts magazine in Europe 

For a sample copy please contact: 

Peggy Small, Tudor House Publications Ltd Frances Harvey, Tudor House Publications Ltd 

Lonsdale House, 7/9 Lonsdale Gardens or PO Box 48429 

Tunbridge Wells, Kent TNl 1 NU Washington, DC 20002 - 0429, USA 

Tel: (0892) 5 15454 Fax: (0892) 511547 Tel: (202) 396-1052 Fax: (202) 396-1053 


Acquisitions 

* Monthly 








. ' «“? ‘ w" 

;r- • - 


5^'- ; 




•.-III.. . 


7a *;\i 



\ 





15 


> ► HENRY 

J^Jbutcher 


International Property 
'■ ’ \ & Plant Consultants 

i ' 071-405 8411 

h >V — ■ 

a H EEaa^^BB 

Consolidations 
help WestLB 


Sales and proflts grour US stoves 

J. C- Penney and Dayton Hudson, two of the biggest 
US store groups, both reported sharp increases 
in sales and profits for the first quarter to April. 
Page 18 

Higgs A HDI announces share Issue 

Higgs & EE11 has announced a share issue to pay 
for housing land purchases. The UK builder is 
seeking to raise £22 JSul Page 20 

Redraw ope ns aft discount 

Redraw, the latest TJK housebuilder to came to 
the market, ended its first day dealing with. the 
shares trading at 328p - a 5 per cent discount 
to the issue price of 135p. 

More than lfim shares in Nlghtfreigfat, the express 
parcel group, are being placed at 105p to raise 
toBJm. (571m). 

Pillar Property Investments yesterday became 
the ninth property company of the year to launch 
a Rotation. It hopes the exercise will value the 
company at more than £l7Sm. 

Amey Holdings, the UK’s sixth biggest road builder, 
plans to raise £L0m when it comes to the market 
next month; Page 20 

BOC points to economic i^rtum 

i BOC, the UK industrial gases and healthcare 
* group, said economic recovery was boosting sales 
volumes. Page 21; Lex, Page 14 

Groan Baht for pulp mill 

A project to build the world's hugest chlorine-free 
pulp mfll - in western. Finland - was finally given 
the gnahead last week. Page 26 


Companies In this Issue 

AAFinds - 

2D JC Penney 

18 

Abacus 

20 Keramlk 

21 

Air MBaa Travel 

21 Lasmo 

21 

Air Products - 

18 Undt & SpruangU 

16 

Alba 

22 Mnriay 

21 

ABted-Lyohs 

15 Microsoft 

15 

Amoy 

20 Mfnproc 

17,20 

Anglo Irish Bank 

22 Motto 

16 

Anton-Frlgor 

22 NFC 

22 

Astra 

16 -New Throg Tst {1983} 

22 

Austrian AJrttnss 

19 Ifightfrelght 

20 

BHP 

17 Pedro Domacq 

15 

BOC 

21 Pfflar Property Invs 

20 

BP 

9 Prospect Incte 

22 

BSkyrchic Gold 

20 Random House 

22 

Banco Santander 

16 Redraw 

20 

Banasto 

16 Rochester 

18 

Baring Stratton fnv 

22 SNC-LavaHn 

18 

Bertelsmann 

16 3NT 

22 

British Airways 

21 Sanderson Bact 

20 

CaterpBar 

18 Scottish Metro Prop 

22 

CoKoch 

21 Scottish WNua Trust 

22 

Oga 

16 Sensed 

22 

Cfmpor 

16 Sedgwick ■ 

21 

Davis Borkhum Hare 

21 Shiroscat 

22 

Dayton Hudson 

18 Stopbank 

16 

Darting lOndersJey 

22 Smith (Jones) Eats 

22 

Eaglet Inv Trust 

22 Smith New Court 

21 

Empire Suns 

6 Standard Chartered 

9 

Enterprise Oil 

21 Standard Platforms 

21 

Eurotunnel 

16 Talemetrix 

22 

Fuka 

17 Thai Air 

17 

Goodmans fads 

22 V*ba 

16 

Lianann 

nwison 

21.15 Ward* Storeys 

22 

Haniapoota Water 

22 WeatLB 

16 

Hewlett-Packard 

18 Wtenertaerger Baust 

16 

Hgga&HB 

20 Worth InvTVust 

22 


Mmifcot Statistics 


4>AiinuO reports aanrica 
Baadmsrii Govt bonds 
Bond totaras fed options 
Bond prices and yMds 
Commotfl t l w prices 
DMOanftsnxncodL UK 
EMS cranny rata 
Eurobond prim 
rbwt Jnsmt Mow 
FT-AWuWMcn b 
FT SOM Urm index Ba 
fT/SUA fctiLbond tvc 
FT-SEMMriHlndOM 


28-29 Foraign exdnage 34 

19 GOB prices 1» 

13 Lffle equity option Bede Pew 

IB London stare service 2649 

28 London trad option Baden* 

** wweqml toads rente# «M4 

” Money trertats 34 

New Ml bond issns n 

umJZ Recent Issues, UK Z7 

k Pm Start-tarn tnt rate 34 

is US hand ntn is 

27 worid Stock Mstats » 


Mqra Bale 84 U > lU 
Ofctorwataj- mi - « 

ASHMM. ta - M 

Nettsf an - 1 M 




g w * a vi i) 
More ■ * 


BOC 

sr? 


is^ 


ttl - 

l&S 

ISOS - 

UJ 

an - 

M 

m 

w* * 

an 

UK - 

i» 

sw - 

z* 

v - - 

SH 

i. am - 


...» - 



18 

rfeMaft 1240- 


m V 

> 

: 4bi * 

17 

ns + 

a 

» * 

n 

14 * 

2* 

m * 

I* 

m * 

W 

a> ♦ 

a 

m + 

9 

3 : : 

w 

a 

. m * 

n 


Oort* MUo 0* 

<24 

+ 

17.1 

PvK RsMcnpt 

<37 

+ 

14 

Kf 

530 

- 

11 

VC 

mo 

- 

43 

Cutoo 

TOKYO pra*4 
Mew 

loss 


4.1 

mmi 

487 

+ 

17 

Mad 

153D 

* 

50 

Shore aw 

575 

+ 

24 

Tomes Eng 
Mtta 

1160 

+ 

40 

RfSpretaa 

SC 

- 

17 

ThMMGMn 

533 


16 

taptoTota 

as 

* 

12 


821 

+■ 

18 

BritattA 

3» 

- 

10 

BMdrt TOje 

SIS 

“ 

25 

BotbhnIUi 

405 

- 

15 


122 

- 

10 

UonFsow 

1029 

- 

42 

tat* 

no 

- 

IS 

Btdprick 

197 

- 

8 


FINANCIAL TIMES 


COMPANIES & MARKETS 


Group earnings at WestLB, the largest of 
Germany’s public sector banks, more than doubled 
to DM48im (S288m) following the first-time consoli- 
dation of the Thomas Cook group and the Landes- 
bank RheinlahdPfalz. Page 16 

Astra bsmrflts from volume growth 

Strong volume growth helped Astra, the Swedish 
pharmaceuticals group, lift first-quarter pre-tax 
profits by 15 per cent to SKr2bn (9260m), maintain- 
ing its momentum as one of the world's fastest- 
growing drugs groups. Page 16 

Efficiency boosts Thai airilns 

Thai International Airways has reported a steep 
increase in interim net profits mainly because 
of improved efficiency. Page 17 

SEC concerned at Inves to r lawsuits 

The growing number of US shareholder suite 
has prompted the Securities and Exchange Coonnia- 
sion to consider ways of protecting companies 
from fraud uniwp; the information, they 

release is “without a reasonable basis or was 
disclosed other than in good faith". Page 18 

Hewlett-Packard hearts competitors 

Hewlett-Packard, the US computer and electronics 
manufact urer, reported strong growth for its 
second fiscal quarter as it outperformed its largest 
competitors. Page 1ft 


©THE FINANCIAL TIMES LIMITED 1994 

Microsoft I 
unleashes 
‘Tiger’ into 
interactive 
TV arena 


By Louisa Kehoa 
In San Francisco 

Microsoft, the leading personal 
computer software company, has 
pounced on the emerging market 
for computer systems used to 
dafiver Interactive television ser- 
vices, with software eodenamed 
“Tiger". 

Microsoft, in collaboration 
with Compaq Computer and 
Intel of the US, claims to be able 
to provide cable television com- 
panies and telephone companies 
with “media server" systems at a 

fraction of the cost of interactive 
television technologies developed 
by competitors. Systems devel- 
oped by International Business 
Machines, Digital Equipment, 
Hewlett-Packard and Oracle 
have already been adopted for 
trials of interactive TV. 

Media servers are the comput- 
ers used to store and retrieve 
digitised video and audio mi gnflis 
for services such as video-on- 
demand, interactive TV shopping 
and interactive TV channel 
guides. Anticipated applications 
include hotel and airline enter- , 
taimnent systems, video messag- 
ing and corporate multi-media 
networks. j 

Microsoft’s competitors have 
developed media servers based 
on supercomputers and main- 
I frame computers, but Tiger soft- 
ware can be run an inexpensive 
microcomputers, claims Micro- 
soft Mr Nathan Myhrvold, 
Microsoft senior vice-president 
of advanced technology, said: 
“Once you have the right soft- 
ware, you can implement [video- 
on-demand] In many ways." 
Tiger software would allow com- 
puter systems to be expanded 
with extra microprocessor chips. 

Yesterday the companies dem- 
onstrated a prototype system 
based on 16 Intel Pentium micro- 
processors, capable of delivering 
more than 3,000 video' signals . 
simultaneously. Viewers could 
chose from among more than 50 
Ain™ and control the video sig- 
nals as if they were running mi a 
home video cassette recorder. 

PC manufacturers are expected 
to offer Tiger servers for small 
and medium-sized applications, 
such as corporate networks, 
while Intel will offer larger scale 
multi-media servers for public 
networks. 

Co m pe ti tors have called Mlcro- 
soffs approach to media server 
software a “paper tiger". Tiger 
will be tested by Tele-Communi- 
cations (TCI) iu an interactive 
television trial In Seattle, Wash- 
ington, late- thfo year. 


Wednesday May 18 1994 


BROOK 

Hansen 

POWERFUL 

CONNECTIONS 

Controllers, Electric Motors, 
Gearboxes 


B First-half profits up to £683m B Bonham looks for acquisitions 

Hanson raises dividend 


HansofK bumpylfife-jf ear record 




106 7#*r* 


(tttfewtusynftto . .-. 

• W) ■ 

n 

k 1990 - N*«Wb '. 

'19 « 16* I 

i 5 : , 

Man* 31 '30%. * 

1994 **. 1 

- ■ * • I 

.-* 10* 


f.a mxCta to MarehSt ! 
•to — 




m. 


«- 


SO 815*2- sa- 


4»‘ ■ ' >1999 Oft -8 1 93 . 94 


By Maggie Uny in London 

Hanson surprised the London 
stock market yesterday by 
increasing its quarterly dividend, 
from 2 j85p to 3p, when announc- 
ing half-year pre-tax prefits up 
from £507m to £683m (Jlhn). a 
figure buoyed by £333m of dis- 
posal profits. 

Lord HanSCCQ. eharrmaTi of tha 
Anglo-American conglomerate, 
also gave an upbeat view of trad- 
ing, saying “our return to profit 
growth at the operating level is 
now established". 

Mr Derek Bonham, chief execu- 
tive, said economic recovery in 
the US and UK, an accelerating 
trend in underlying profits 
growth, the resolution of uncer- 
tainties such as the US coal 


strike, and the improvement in 
the group's balance sheet maan* 
“we feel positive enough to 
increase the dividend”. 

He said Hanson would not have 
raised the dividend unless it was 
sure the new level was sustain- 
able. Fully-diluted earnings per 
share rose from 7.7p to 9j9p in the 
six months. 

He added that the dividend 
Increase put Hanson on one of 
the highest yields in the FT-SE 
100 index. The stock market 
started to erode that yield by 
pushing the share price 5%p 
higher to 268%p at the dose. The 
initial reaction bad been better, 
though, with tfw fihwnpa j iHnping 
to 273p before easing hack. 

Some analysts, who had not 
expected a dividend increase far 


another three or six months, 
applauded the move taut others 
questioned whether it was pru- 
dent. One said: “They are already 
paying a high dividend. There is 
no reason, to pay more.” He 
added that last year’s dividend 
had been covered by earnings 
only L3 times - “a very uncom- 
fortable ratio compared with the 
rest of UK pic". Another 
suggested Hanson had “an in- 
built desire to please the market 
and get the share price up" to use 
shares for acquisitions, and that 
had prompted the increase. 

It was the first rise in the quar- 
terly dividend since December 
1992. In December last year, 
when reporting full-year figures, 
the 1993 final dhddmid was not 
increased for the first time in the 


group’s 30-year history. 

Mr Bonham said underlying 
operating profits rose ft.4 per emit 
in the half-year to March 31, with 
the pace quickening between the 
first and second quarters- Quan- 
tum Chemical, the US polyethyl- 
ene and propane group bought 
last September for £2bn, had 
added to earnings in its first six 
months, contributing 270m of 
profits before £40m of interest 


After flie Q uantum Han- 
son’s gearing rose to 86 per cent, 
but a disposal programme had 
cut It to 69 per cent at the end of 
March. With an expected farther 
reduction in the second halt Mr 
Bonham said: “We're prepared to 
innk aonuMflona " 

Details, Page 20; Lax, Page 14 


Spirits help Allied-Lyons advance 


By Raid Taylor fri London 

Allied-Lyons, the UK-based 
drinks; food and retailing group 
which is paying £740m (|Ubn) 
far control of the Pedro Domecq, 
the Spanish drinks producer, yes- 
terday reported a 20 per cent 
increase in full-year pre-tax prof- 
its to 2606m. 

The figure, struck after £26m of 
additional pension costs, com- 
pares with 2505m the previous 
year when profits were reduced 
by £64m of restructuring charges. 
Currency movements added £&xl 

Excluding the charges, pre-tax 
profits increased by 9 per cent in 
the year to March 5 on turnover 
up 4J) per cent at £553bn. 

Earnings per share benefited 
from a lower tax charge and 
advanced 25.1 per cent to 36, 7p. A 
final dividend of 149p raises the 
total from 21p to 22£p. but the 


Barry Riley 


shares closed 4p lower at 5G9p. 

Mr Tony Hales, chief executive, 
said the year was one of “solid 
parfhmMwu»tt jq stfii tough mar- 
ket conations” and added that 

the current year 

"has started sat- 
isfactorily". ip—-, 1 

flafas in spirits JL JkU 

e £S charges 

ute 80 per cent nynlik 

of group trading Jr* 

profit, offset a Q nni 

weak perfor- * 

mance by the 
Carlsberg-Tetley 

brewing joint venture formed in 
December 1992. Overall trading 
profits increased by 103 per cent 
to £821m, reflecting the absence 
of restructuring costs. By far the 
biggest contributor was the 
Hiram Walker spirits division, 
which raised its profits by 5.1 per 


Excluding 
charges, pre-tax 
profits rose by 
9 per cent 


cent to £43fin and widened Its 
margins. In Scotch whisky, Bal- 
lantrne's, the group's most impor- 
tant brand, maintained overall 
volumes with gains in duty-free 

1 sales, Greece 

and eastern 
lAmn Europe, offset- 
ting ting lower vol- 

nro-tav in SpaH 

Pit/’lilA France. and Ger- 

•nca fro many, while 
U J Teacher's vol- 

ppnif 11X1168 Toae by 13 
per cent 

_ . Beefeater gin 

continued to 
grow in Spain, duty free and in 
the UK where sales were 19 25 
per cent, bat US volumes were 
affected by destocking and its 
total volumes were marginally 
lower. 

From today the Spanish group 
Damecq, which sells 19m cases of 


spirits and 5m of wine, will 
become part of the division. 

Retailing profits increased 73 
per cent to £209m, with the 
group's pub companies which 
generate about 70 per cent of sec- 
tor profits, increasing their con- 
tribution despite a reduction In 
average pub numbers by 403 to 
4379. 

Trading profits from the brew- 
ing division, which now includes 
the Carlsberg-Tetley joint ven- 
ture, the group’s Dutch Brewery 
and a 223 per cent stake in Bri- 
tannia Soft Drinks, increased 
from £9im to 296m. However, Mr 
Peter Macfarlane, finance direc- 
tor, cautioned that like-for-Iike 
earnings from the joint brewing 
venture fell by 14 per cent 

In the food manufacturing divi- 
sion Lyons' trading profits were 
shghtiy ahead at £87m (£8®n). 
Lex. Page 14 


Banks hold 
out on 
loan to 
Eurotunnel 


By Robert Peston 

A dozen international banks 
with substantial exposures to 

Eurotunnel were last night refus- 
ing to provide new senior debt 
for the Channel tunnel opera- 
tor’s refinancing. 

Yesterday evening, 24 hours 
after the formal deadline for 
raising the frinds, members of 
E u ro tun nel's 200-bank syndicate 
made commitments to pro- 
vide Just over £500m (J7S0m) of 
the new debt, stfll well short of 
the £700m target 

The company has also not yet 
received formal approval from 
bflnlre for its refinancing, includ- 
ing riiang Bs in its loan agree- 
ments, to avoid it being in 
breach of covenants. Votes have 
been received from 80 per cent of 
banks, compared with the 90 per 
cent majority required. 

About half of the recalcitrant 
banks are Japanese. However, a 
principal lender to the group 
said that some European banks 
had also not yet made any com- 
mitments to provide the new 
foods. 

“It is all moving in the right 
direction, albeit slowly,” a Euro- 
pean banker said. He was hope- 
ful that those big banks holding 
I out would eventnally provide the 
funds and vote in favour. 

He said it would be harder to 
achieve the target if the banks 
holding out were the ones with 
small exposures to the compa- 
ny’s commercial debt of £63hii. 

Untfl the banks have guaran- 
teed to provide the senior debt 
and purge the breaches in loan 
covenants, Eurotunnel cannot 
launch its rights issue to raise a 
further £850m in equity, around 
.20 per cent mare than the stock 
market had originally been 
expecting. 

Yesterday Eurotunnel gained 
penntsskxu from its shareholders 
at an extraordinary general 
meeting to issue an additional 
150m units - which twin a Euro- 
tunnel pic share with a Euro- 
tunnel SA share - in the rights 
issue. 

The company has permission 
to issue 342m units, worth 
£1.38bn at yesterday’s closing 
price of 405p per unit But Euro- 
tunnel emphasised that the 
of the authority did noHndicate 
the size or price of the rights 
issue. 

Sir Alastair Morton, Euro- 
tunnel chairman, said -after the 
meeting that it would jprobaMy 
try to raise total debt and equity 
of about £L6bn if it opted for an 
equal mix of loan and share capi- 
tal in the refinancing. 


Searching for liquidity 
in trendless Japan 


“Gold & New” 


Global investors 
if ' ^ have punted 

rfrii lt a run 111 Japa- 

wjgfwiPp nese equities in 
iIS&Q A-' recent months, 
VPqhL and the tactical 
shift has been 
nicely rewarded in 
Bv w the short term. So 
for this year the FT-Actuaries 
World Index is showing a gain of 
about 3 per cent in dollars, but 
the sub-index for Japan is up 20 
per cent Foreigners bought Japa- 
nese stocks worth S333bn net in 
the first three months of 1994, 
contributing substantially to the 
rally in the Tokyo market and 
also to the strength of the yen. 
Meanwhile the Japanese were net 
sellers of foreign securities, to 
the tune of about $9bn (mainly 
I reflecting a $13bn sell-off of 
bonds in March). 

Whether these speculative port- 
folio movements have done any- 
thing to cure Japan's economic 
woes is a moot point, however. 
Real GDP has been more or less 
unchanged for two years now. 
With consumer prices up just <L8 
per cent year-oc-year, Japan tee- 
ters on the edge of deflation: 
indeed, cm the basis of wholesale 
prices felling at nearly 3 per cent 
a year, it is already there. The 
capital flows are serving to 
aggravate the problem, of an over- 
valued yen. adding to the impact 
erf the obstinately durable £L30tm 
current account surplus. More- 
over the purchases of equities by 
foreigners are essentially being 
mopped up by banks and are not 
contributing to liquidity growth * 
which mi ght stimulate demand 
in the broader economy. 

Some of these issues are 
addressed in an in-depth study 
from Jardine Fleming’s Toyko 
economist Richard Werner, who 


has conducted an extensive anal- 
ysis of liquidity in Japp. He has 
constructed several indices of 
liquidity which suggest that the 
recent s ligh t upturn in the con- 
ventional monetary indicators 

in ay be Tnial parting - jjjg M9. plus 

certificates of deposit aggregate, 
shrinking in 1993, has recently 
been growing at about 2 per cent, 
but liquidity on most of JF*s defi- 
nitions remains flat. 

During the 1960s private liquid- 
ity in Japan was growing at 
around 12 per cent a year while 
nominal GDP was rising at only 
about 5% per cent: the excess 

Japan’s sick 
economy requires 
not trader care 
but major 
surgery 

fuelled the great asset price bub- 
ble. By 1991 some 40 per cent of 
outstanding bank credit was 
directed to speculative areas such 
as property , 5and finance, if only 
half of these 1 are eventually paid 
back the bad debts would be 20 
per cent of outstanding loans. 

Many ftwanHal msHttitiorwi have 
become technically insolvent. 

Shellshocked banks cannot be 
substantial sources of new credit 
in the^e circumstances. Spending 
packages by the government 
have had little effect because 
they have been offaet by bond 
issues which have drained liquid- 
ity out of the economy again. 
Only if the Bank of Japan prints 
money can the economy grow - 
but the BoJ is terrified of creat- 
ing Inflation and/or another asset 


price bubble. 

As for the foreign portfolio 
inflows, much of the supply of 
stock will have come from banks 
seeking to book profits to 
strengthen their balance sheets. 
There are no significant new 
issues of the kind which pumped 
huge amounts of liquidity into 
the US corporate sector. 

So will the BoJ respond? Per- 
haps: Richard Werner says cau- 
tiously that there have been 
signs of a policy shift Recent for- 
eign exchange Intervention h gg 
not been sterilised as was previ- 
ously the rule, and his leading 
liquidity index has jumped, 
although the broad liquidity 
index remains subdued. More evi- 
dence of an agg res s i v e policy is 
required: without it the Japanese 
economy will go nowhere. 

Foreign investors could now be 
tempted to take some profits. At 
the very least they will need to 
think about hedging their yen 
exposure, because a recovery in 
the economy in general and in 
profits in particular will require 
even lower shortterm interest 
rates (bow only just over 2 per | 
cent) and a weaker yen to stop 
the erosion of wholesale prices. , 

The bulb argue that Tokyo is | 
the only ingjar stock market cur- 
rently nowhere near its historical 

highs. That provides a tempting 
but dangerous recovery prospect 
Japan has a profoundly sick 
economy that requires not tender 
care but major surgery. Asset 
prices are stfll too high, but they 
have to be sustained at levels 
which damage the real economy 
because otherwise the banking 
system would he mwtenrnn ad -. 

Foreigners may profitably job 
in and out of these distortions 
but they would be unwise to 
make long-term commitments. 


We have been dealing in bullionfor over a century. We are 
noted for our financial soundness and enjoy an inter- 
national reputation in the world of gold and precious 
metals. So what's new? 

What's new is our recent acquisition of Sharps Pixley, 
which enhances Deutsche Bank's already comprehen- 
sive services in this marketplace. 

What's new is the unique combination of expertise, 
international experience and financial strength that 
we now offer central banks, financial institutions, com- 
mercial users, miners, refiners, dealers and investors 
worldwide. 

What's new is that all of this is complemented by 
Membership in the London Gold and Silver Fixings. So 
whether buying or selling, investing, trading or hedging; 
whether clearing or depositing; financing or structuring 
deals with derivatives, find out what's new in gold and 
other precious metals at over 2400 offices around the 
world, 24 hours a day. 


I The Deutsche Bank Group. 

Bullion Bankers for a New Financial World. 


Frankfurt. Deutsche Bank AG. Head Office Tel: 49-69-971 3410 

Hong (Cong. Deutsche Bank Tel: 852-524 1020 

London. Deutsche Bank Sharps Pixley Tel: 44-71-626 6191 

New York, Deutsche Bank Sharps Pixley Inc. Tel: 1 (212J-474 8064 
Luxembourg. Zurich. Singapore. Sydney and over 2400 offices worldwide. 


Deutsche Bank Group 


0 





FINANCIAL TIMES WEDNESDAY MAY 18 1994 


INTERNATIONAL COMPANIES AND FINANCE 


WestLB advances after 
Thomas Cook inclusion 


By Michael Undemarm 
in OOssekfanf 


Group earnings at WestLB. the 
largest German public-sector 
bank, rose 106 per cent to 
DM481m ($283. 7m) in 1993, fol- 
lowing the first-time consolida- 
tion of the Thomas Cook group 
and the Landesbank Rheln- 
land-Pfalz. 

Mr Friedel Neuber. chief 
executive, said: "1993 was an 
exceptional year in terms of 
earnings, a result which can- 
not be repeated very quickly.'' 

He added that the first quar- 
ter of 1994 had been “satisfac- 
tory", although operating prof- 


its of DM142m were 9 per cent 
below last year's levels. Mr 
Neuber forecast the bank 
would present "satisfactory" 
1994 results due to “a more 
positive economy and our good 
condition". 

About a third of 1963 profits 
came from foreign business. 
The group plans to expand Its 
operations in Asia and eastern 
Europe in the coming year. 

The bank plans to concen- 
trate Its property interests in 
Immobillenbank, to be head- 
quartered in Mainz and run 
jointly with SfldwestLB and 
the Landesbank Rheinland- 
Pfalz. 


WestLB said it had lost 
DM140m in two developments 
run by Mr Jfirgen Schneider’s 
property group. However, the 
"risks had been adequately 
covered”, the bask said. 

Although Mr Neuber said 
Germany was pulling out of an 
18-month recession, the bank 
raised bad-loans provisions in 
1993 by 35 per cent to DM973m. 

Earning s at the bank rose 48 
per cent to DM1.28lm and 
profit from trading an its own 
account 34.5 per cent to 
DM398m. Before provisions, 
operating profit rose 66.1 per 
cent to DMl.767bn, up from 
DMLQ64bn the year before. 


Austrian 
brick group 
posts strong 
advance 


By Patrick Blum fa Vienna 


Skopbank lines up Freb sale 


By Christopher Brown-Humea 


Skopbank, the Finnish 
state-owned bank, yesterday 
announced a preliminary 
agreement to sell the Finnish 
Real Estate Bank (Freb), its 
largest subsidiary, for about 
FM470m (887m). 

The purchaser is Finvest, a 
development company focusing 
on industry and banking, and 
the parent of Interbank, the 
Finnish commercial bank 

The sale reflects Skopbank’s 
new focus an corporate and 


wholesale hanking. Its role as 
the central bank in the Finnish 
savings bank system has been 
sharply reduced after last 
year's dismemberment of the 
Savings Bank of Finland. 

Skopbank said it no longer 
needed Freb’s balance sheet for 
the purpose of advancing 
loans. 

Freb is a mortgage banking 
operation concentrating on 
long-term secured lending. 

Total assets at the end of 
1993 amounted to FMS.lbn. and 
shareholder equity and 


reserves were FM480m. 

Mr Helkki Jdrvl-Eskola, 
Skopbank chief controller, said 
the deal would have minimal 
influence on Skopbank’s 
long-term earnings potential or 
capital adequacy. 

He said the bank, which has 
been the biggest casualty of 
the Finnish hanking crisis, was 
still likely to need further state 
support. 

It has already received 
FMl7bn in assistance since 
being rescued by the Bank of 
Finland in 1991. 


Lindt plans to 
buy Austrian 
confectioner 


Completion of rights 
auction boosts Ciga 


Lindt & Spruengli. 
Switzerland's oldest chocolate 
maker, plans to take over the 
troubled Austrian confectioner 
Hofbauer, Renter reports from 
Zurich. 

Lindt signed a letter of 
intent with Hofbauer on May 
11 and a definitive takeover of 
the Austrian company is 
planned for June, according to 
Austrian media reports. 

The unlisted family-owned 
Austrian company made a loss 
in 1993 of Sch24m ($2. 05m), but 
was reported to have blamed 
this on the loss of a big client 
and construction costs. 

Hofbauer is reported to have 
bank debts of Scb330m. Lind t 
reported a 1993 group net profit 
of SFr39Am (828m). 


By Andrew H0I 
In MBan 


Shares in Ciga, the Italian 
luxury hotel chain, yesterday 
rose nearly 7 per cent to Ll.188 
from L.1,112 as it became clear 
the group had successfully auc- 
tioned the outstanding rights 
to its shares. 

The auction and the preced- 
ing Ll.OOO-a-share rights Issue 
were supposed to fail deliver- 
ing a majority of shares to 
Ciga's creditor banks and then 
to ITT Sheraton of the US, 
which had offered L740 a share 
for the company. 

Instead. Ciga said yesterday 
the auction and rights issue 
had raised Li,QQ3bn ($593m) . 

Since the rights issue was 


launched on March 17. Ciga's 
shares have consistently 
traded at well above the issue 


price. 

ITT Sheraton's threat to 
withdraw from the bidding at 
the end of last mo nth failed to 
dent investors' gnthinriaam- 

The company is likely to try 
to strike a separate deal with 
the banks to write off part of 
its L954bn of short-term debt 
The funds raised mil be used 
to repay most of the outstand- 
ing overdraft and take care of 
day-to-day operations. 

Several Investors are 
thought to hold small specula- 
tive stakes in the company, 
and will have to declare any 
holdings above 2 per cent 
within 30 days. 


MoDo names 


new group chief 


MoDo, one of Sweden's leading 
pulp and paper groups, yester- 
day announced the appoint- 
ment of Mr Bengt Pettersson 
as group chief executive from 
August 1, writes Christopher 
Brown-Humes. 

He will succeed Mr Bernt 
Lflf, who is stepping down 
after nine years In the posi- 
tion. 

Mr Pettersson, 55, is manag- 
ing director of Stan BUlerud, 
a packag in g unit within Stora, 
Europe’s biggest pulp and 
paper group. 



SACHSEN PAPIER 


BLENSURGGMBH 


a Company of 


ENSO-GUTZEIT Of 


Helsinki 


DEM 460.000.000 - 
Limited Recourse Project Financing. . 


Newsprint Mill in Saxony : ■ 


All facilities arranged toy 


COMMERZBANK 

AKYiENG eSELLSCKAFT 


Lead Manager Project Facility 


Commerzbank Aktiengesellschaft Union Bank of Switzerland 


Westdeutsche Landesbank 
Girozentrale 


Manager Project Facility 


Berliner Bank Aktiengesellschaft 

Kredietbank 

MeesPierson N.V. 


De Narionale Investeringsbank N.V Bremer Landesbank 


Credit National 


Hamburgische Landesbank 
Girozentrale 


Kreditanstalt Oldenburg. 
Girozentrale 


Landesbank Sachsen GirozentraFe 


Supplemental Project Facility 

NORDIC INVESTMENT BANK 


Export Credit Facility 

Finnish Export Credit Ltd 


Refinancing Facility by 
EUROPEAN INVESTMENT BANK 


Agent 


Commerzbank Aktiengesellschaft 
Leipzig 


Astra lifted by 28% sales growth 


By Christopher Brown-Humes 
in Stockholm 


volumes than last year and 
muc h better the market 


Wienerberger Baustoff- 
industrie, Austria’s largest 
building materials group and 
one of the two largest brick 
manufacturers in Europe, yes- 
terday reported a strong rise 
in profits for last year. It 
raised its dividend to 37 per 
cent compared with 34 per 
cent tu 1982. 

Group profits before tax 
were Sch938m (880m) - up 
almost 50 per cent on the 
Sch626zn achieved in 1992 - o u 


Strong volume growth helped 
Astra, tire Swedish pharmaceu- 
ticals group, lift first-quarter 
pre-tax profits by 15 per cent to 
SKr2bn (8260m), maintaining 
its momentum as one of the 
world's fastest-growing drugs 
groups. 

The result was struck on a 28 
per cent increase in sales, to 
SKr6.4bn, with the group's two 

main drugs - Losec and P ulmi- 

cort - performing strongly. 
Operating earnings ware 52 per 
cent higher at SKriLOSbn. 

Astra noted that, adjusted 
for currency factors, sales grew 
by 24 per rent, a bigger rise in 


average. 

However, It said the pace of 
sales growth had weakened 
because currency movements 
were not as beneficial as last 
year’s. It said the same factor 
would slow the pace of sales 
and ftftrp in gq growth over the 
full year, although both are 
expected to continue to 
develop favourably. Last year, 
group pre-tax profit amounted 
to SKr7 Jbn. 

Losec, the anti-peptic ulcer 
agent and one of the world's 
top-selling drugs, saw sales 
expand by 49 per cent to 
SKriL24bn in the first quarter. 
Tnphidfng sales through licens- 


ees. sales grew 50 per cent to 
SKr3.95bn. 

Sales of Pulmicort, an anti- 
asthma agent, were 32 per cent 
higher at SKrfEOm. Plendil, an 
anti-hypertensive agent. 
Increased sales by 41 per cent 
to SKr273m. 

Astra was particularly 
encouraged by its performance 
in Germany, Its largest market, 
where sales rose 32 per cent In 
local currency terms, com- 
pared with estimated market 
growth of 7 per rent The per- 
formance was driven by 
improved sales of Losec, even 
though a German health regu- 
lator has been looking into pos- 
sible side-effects of the 
drug. 


sales of Schl2.lbn compared 
with SdblL7bn in 1992. 

Mr Erhard Schaschl, chief 
executive, said pre-tax profits 
would continue to rise this 
year, to around Schi.ibn. He 
suggested the group would 
probably further increase its 
dividend in 1994. 

Wienerberger is the largest 
producer of bricks in Austria, 
Germany and Hungary, and It 
has an Important share of the 
market for pipes. 

Its main shareholder is Cre- 
ditanstalt-Bankvereiu, Aus- 
tria's second-largest bank, 
which has a 51.6 per cent 
stake. The remaining capital is 
dispersed among private 
shareholders. It is one of the 
most liquid shares on the 
Vienna stock exchange. 

• Treibacher Chemische 
Werke, Wlenerberger’s trou- 
bled alloys su bs idiary, mad* a 
pre-tax loss of ScbllSm, down 
from Schl57m in 1992. Turn- 
over declined from Sch&Sbn In 
1992 to Sch2£6bn last year. 


Shake-up at Banesto unit 


By Tom Bum to Madrid 


Banesto, the Spanish hank 
acquired by Banco Santander 
last month in the largest 
domestic takeover, has 
announced a PtaL2.6bn (89lm) 
capital increase for Agroman, 
the loss-making construction 
group in which it has a 57 per 
rent bolding. 

The decision to rescue the 
group is Santander's first look 
at ta ckling Banesto’s industrial 
empire. 

The fresh funds, which will 
double Agroman's shareholder 
capital to Pta25bn, will seek to 
elimina te the company’s heavy 


financial costs and, according 
to Banesto, “put [Agroman's) 
fi nancial structure on a level 
with the best companies in the 
sector". 

A recent audit by Price 
Waterhouse put Agroman 
losses at more than PtalObn. 
Banesto said it was prepared to 
subscribe the entire capital 
increase on a one-for-one basis. 

Analysts said the capital 
injection amounted to a mere 
accounting entry on the part of 
Banesto, and would have a 
neutral impact on the bank's 
balance sheet They said Ban- 
esto would be simply capitalis- 
ing lna™ to Agroman which 


had already been provisioned. 

The move fuelled speculation 
that Banesto, under its San- 
tander parent, was preparing 
for the disposal of the con- 
struction. company. "The new 
capital makes Agroman sale- 
able ” said Mr Jaime Marfate- 
gui of the Madrid financial con- 
sultancy firm Research 
Associates. 

Santander eschewed indus- 
trial investments several years 
ago. and its $2bn takeover of 
Banesto was aimed at gaining 
the bank’s widespread branch 
network. It is understood San- 
tander will, over time, sell off 
the companies within Banesto. 


Bertelsmann 
to split into 
four units 


By Michael Undemam 


Austrian carrier 
expects to break 
even this year 


Portugal to privatise 
majority Cimpor stake 


Austrian Airlines should break 
even this year, according to Mr 
Mario Rehulka, the joint chief 
executive, Beater reports from 
Vienna. 

Plans presented at yester- 
day’s annual mee tin g see turn- 
over rising to Schll.lbn 
(S917m) from ShllO^bn. while 
pre-tax losses should be cut to 
Sch351m from Sch728m. Net 
losses are forecast at Schl40m, 
but it should be possible to 
cancel these with cost cutting, 
Mr Rehulka said. 

• Bayer, one of Germany's big 
three chemical groups, will 
acquire two units of Veba’s 
rubber subsidiary, Hueis, Reu- 
ter reports from Leverkusen. 


By Peter Wise to Lisbon 


Portugal is to privatise a 
majority of the capital of Cim- 
por. the country's largest 
cement producer, by mid-1995, 
in three tranches beginning 
next month. The company has 
been independently valued at 
more than Es200bn ($1.2bn). 

Mr Antonio de Sousa, secre- 
tary of state for finance, said a 
20 per rent stake would be sold 
on the Lisbon stock exchange 
In June. A second tranche of 
between 20 per cent and 25 per 
rent would be sold to foreign 
investors in an offering on for- 
eign exchanges later this year. 

The final tranche of between 


20 per cent and 30 per cent 
would be sold In the first half 
of 1995, giving private share- 
holders control of the com- 
pany, he said. 

The June sale will embody 
Portugal's recently-revived pol- 
icy of advancing popular capi- 
talism by offering up to 35 per 
cent of the shares on sale at a 
discount to small savers. 

A total of 14m shares will be 
sold at a fixed price of Es2£00 
each. However, 25 per cent will 
initially be reserved for 
employees at ES2.600, and for 
small investors at Es2,700. This 
tranche will be increased to 35 
per cent if there is sufficient 

demand. 


£100,000,000 



Bank of Zambia 


(Incorporated in England under tho Building Societies Act 1936) 

Floating Rate Notes due February 1996 

In accordance with the provisions of toe Notes, notice is hereby 
given that for toe Interest Period from' May 16, 1094 to August 16, 
1894 the Notes wfll cany an Interest Rate of 6.32708% par annum. 
The interest payable an the relevant interest payment date, 
August 16, 1994 mH be £134.27 per £10,000 Note and £1,342.72 
per £100.000 Note. 

By: The Chase Manhattan Bank, MJL CHASE 

London, Agent Bank 
May 18, 1994 


Commercial Debt Reduction 
Programme 


FannieMae 


Federal National Mortgage Association 

¥7,000,000,000 

Floating Rate Japanese Ybn Debentures 
Due May 17, 1996 


Bank of Zambia ("BoZ") is launching a debt reduction 
programme in die form of a co mmer c ia l debt buy-back, 
supported by the International Development Association and 
certain donor countries. 

The debt reduction programme is subject to and governed by 
die terms and conditions set forth in the “Invitation to 
Creditors to Submit Offers Covering Eligible Debt of or 
Guaranteed by Bank of Zambia and the Republic of Zambia” 
dated 11th May, 1994 (the “Invitation to Creditors”). 

In this connection, Bonk of Zambia invites persons claiming to 
be holders of foreign exchange trade bill, dividend remittance, 
tec hnical fee or royalty remittance arrears, incurred prior to 
4th October 1985 (“Pipeline Debt"), in excess of USS5.000 as 
to the aggregate claim, bos excluding personal remittances, to 
contact the following if they have nor yet received a copy of the 
Invitation to Creditors: 


Notice Is hereby given, that toe rate of interest from May 17, 1994 
through and Inducting November 16, 1894 Is 3.54% per annum. 
Interest payable on November 17, 1994 will amount to ¥17,845 per 
¥1,000,000 principal amount 

By The Class Manhattan Barit, NA. 

London, Fiscal Agent CHASE 

May 18, 1894 


Bank of Zambia, 
External Debt Division, 
F.O. Box 30080, 
i-twalra, 


S.G. Warburg Ac Co. Ltd, 
Overseas Advisory Group, 
2 Finsbury Avenue, 
London EC2M 2PA 


TcL No: 260 1 2233 26 
Fax No: 260 1 22 33 2 6 


TeL No: 44 71 395 2376 
Fax No: 44 71 8600901 


The Offering Date - the deadline on which offering telexes must be 
received by the Closing Agent (S.G. Warburg) is Z4ch June, 1994. 


US$100,000,000 

FLOATING RATE DEPOSITARY RECEIPTS DUE 1997 
issued tv The Law Debenture Trust Corporator pic evfcfenefetg 
enttBemant to payment of prtndpaJ and inwraa on deposits with 


Banca ]Nazionale del Lavoro 

Oncrrporcued as an fnnuut i' Crtdhe di Dmo PubUico m the Republic of I&tyj 

London Branch 

Notice Is hereby given that the Rate of Interest (or Coupon No. 36 
has been fixed at 5% pa and Ghat the interest payable on toe 
relevant Interest Payment Date, August 18, 1894 in respect or 
us$io,ooo nominal of the Receipts win be US$127.78 and in 
respect Ol US$250,000 nominal of the Receipts will be 

US$3,194.44. 



May 16, 1994. London 

By: CWbBnh. NA.. ttesuai Services). Bank 


Shawmut Corporation 

U.S.$50,000,000 

Floating Bate Subordinated Notes 
Due 1997 


OTIBANCO 


Notice ti hereby given that the Rate of Interest has been fixed ac 5.125% 
and ton the Interest payable on the relevant Interest Payment Dace 
August 1 0. 1994 against Coupon No. 38 in respect of US? 1 0,000 
nominal of the Noon wilt be USS13Q.97, 


The Governor and Company of the 

BASK OF SCOTLAND 

(Coratdmni tn Aa tflhr ScoO Parliament in It&S) 

U-S-$250,000,000 

Undated Hooting Rede Primary Capital Notes 

Notice « hereby given toot the Rat® of interest has been fixed at 


l*V 18 . 1994 . London 

By: Citibank, NA (hauor Services), Agfcftt Bank CfTJBA MO 


J-P. Morgan & Co. 
Incorporated 


respect of U.S.810,000 nominal of ihe Notes wifi Be U.S.S274.72 
and in respect of U.S. $250,000 nominal of the Notes will bo 
UA$5Bd8.06. 


US$200,000, 000 
Subordinated floating rate 
notes due August 2002 


Wells Fargo & Company 


bpcJtxA., hi A [Umar Services}, Agent Bank 071 BA AftTO 


£ 200 , 000,000 

MFC Finance No. 1 PLC 

Mortgage Bached Hotting Rate Note* Due October 2023 


In aqeordanca with the Terms end Conditions of the Notes, 
notice f* hereby given that the new interest rates end poriods in 
respect Of the subject Notes are as followsx 

ramoa on hat FWaw be AM 

9ma aufarOH-fci.SM'W us InD nauar <9M-ari Jua, km use 

Sana EBB SotaE Unitor IHttfcJbntBM Sjn 

MhC aMtertto-WAretw IMS IMF lanny usMoa-knrint us 


In accordance with the 
provisions of the notes, notice 
is hereby given that for the 
interest period IS May 1994 to 
18 August 1994 the nates will 
cany an interest rate of 5% per 
annum. Interest payable on the 
nrieoant interest payment date 
18 August 1994 will amount to 
US$63.89 per US$5,900 note. 


1188200,000,000 
Floating rate subordinated 

capital nates due 1988 


The notes aaB bear interest at 
4.875% per annum Ayr die 
interest period 18 Atoy 1994 to 
| iSAugast 1994. Interest 
payable on 18 August 1994 
will amount to USSI24S8 per 
US$10.000 note. 


Agent: Morgan Guaranty 
Trust Company 


Agent: Morgan Guaranty 
Trust Company 


Bvr CMMnfc. NLA. nwuar Strvfee*) 

May Mt London 


cm B AMO 


JP Morgan 


JP Morgan 


pi *' 


Astra noted the German 
market was "now recovering 
from the effects of political 
intervention in early 1993". 

Sales in the UK, the group’s 
second-largest market, climbed 
53 per cent 

Astra said its pre-tax perfor- 
mance was held back by an 
(unrealised) drop in the value 
of its bond portfolio - blamed 
on increased interest rates at 
the end of the quarter - and 
exchange losses. These 
resulted in net financial 
expenses of SKrS2m, compared 
with Income of SKrSMm In the 
same 1993 period. 

Analysts are looking for fall- 
year profits of between 
SKrS.Sbn and SKrlQbn. 




in i 


Bertelsmann, the leading 
German media group, yester- 
day announced a restructuring 
plan following the collapse of 
Vox, its private television 
channel 

An important element is the 
splitting of the group into four 
divisions: books, industry, 
entertainment and press. 

Mr Manfred Lahnstem, head 
of Bertelsmann's electronic 
media division which included 
Vox, has been appointed to 
head the supervisory board. He 
takes over from Mr Karl Otto 
Pfihl, the former Bundesbank 
president, who Is stepping 
down. 

Vox, the Cologne-based TV 
channel collapsed last March, 
14 months after tts launch. Its 
fall caused estimated losses for 
Bertelsmann of DMl60m 
(894.1m). 

Berte lsmann was previously 
divided into seven divisions, 
some determined by outdated 
geographical considerations, 
the company said. The new 
structure would make the com- 
pany slimmer, faster end more 
effective, It said. "The point is 
to enable business areas which 
work together to be better In 
tune with each other." 

The group recently reported 
that earnings for the six 
months ending December were 
well above budget and likely to 
exceed the 1993 results. 


HP H'n Cl 


tiroiimt 


$ con fin i 


ig for ( ) 


>>, . 


f 





FINANCIAL TIMES WEDNESDAY MAY 18 1994 


17 


Thai airline posts 
sharp increase 
after six months 


international companies and finance 


By WHam Barnes 
in Bangkok 

Thai International Airways 
.yesterday reported a steep 
increase in net profits for the 
six months aided March, dm 
largely to improved efficiency. 

Six-month profits were 
Bt2.28bn ($89 .Bm), up 200 per 
cent, following a 166 per cent 
rise in second-quarter net prof- 
its to BtlJLSbn, 

The ai rline has been a pri- 
vate sector company since 
March 1992 when just over 7 
per cent of the company was 
floated cm the Bangkok stock 
market 

Since the flotation it >ia s 
been criticised by airline ana- 
lysts for propping np weak 
operating results with extraor- 
dinary income, notably from 
aircraft sales. 

However, Mr Thamnoon 
Wanglee, president, appears 
to be creating a leaner organi- 
sation. 

Revenues from transporta- 
tion, the core income, rose 10.8 
per cent over the year while 
operating expenses went up by 
only 2 per cent 

“This is encouraging, 
although it is still too early to 
say if they have turned the cor- 
ner or not,” said an analyst at 
brokers HG Asia. 

Although the current load 
factor (passengers and cargo 
carried) is 70.3 per cent, 
compared with 65.3 per cent 
last year, this does not trans- 
late directly into highw profits 
because the airline currently 


targets economy-minded Asian 
passengers. 

Previously it sought prtmar 
fly high-spending business and 
firstrdass passengers. 

The break-even load factor is 
nearer 68 per cent compared 
with 62 per cent a year ago.. 

That Thai still finfo uncon- 
ventional revenue useful is 
shown in a comment from the 
company that second -quarter 
revenues of Bt2.42.bn would 
have been higher but for a 
delay in the delivery of a Air- 
bus A300-600 which also 
delayed a “concession 
payment”. 

Mr Sriyan Pictersz, head of 
research at Smith New Court 
in Bangkok, said; “When Thai 
buys an aeroplane at a theoret- 
ical discount It books the dis- 
count as a cosmetic profit” 

Thai International predicts a 
net after-tax profit for the year 
ofBtLflm. 

This compares with a fore- 
' cast of BtSba from Smith New 
Court which does “not includ- 
ing any fancy footwork in the 
accounts”. 

£u 1992-93, net profits at Thai 
fell 67 per cent, a result that 
the airline openly acknowl- 
edged as below budget 

Thai's regional flights in 
Asia tend to be profitable, but 
its intercontinental and 
domestic services perform 
poorly. 

The airline has been working 
on a plan to reform its account 
ing system to produce an 
accounting format more famil- 
iar to foreign investors. - 


BHP served another 
environment writ 


Fujita hit 
by Tokyo 
property 
downturn 


By Paul Abrahams 
In Tokyo 

Fujita Corporation, 
second-tier Japanese construc- 
tion company, yesterday 
reported pre-tax profits down 
44 per cent to Yl8.77bn 
(9179m) for the year ended 
March. 

The company said the down- 
turn reflected the poor state of 
the domestic p ro perty market 
Fujita is particularly exposed 
to the badly-hit Tokyo prop- 
erty market 

Fujita warned it would be 
farced to cut its dividend In 
the current year from Y10 per 
share to Y7.5. 

"We faced tough times 
because of the fan In orders 
for plant and office buildings 
from the private sector, 
although public works orders 
end investment in new homes 
were firm,” said the company. 

Group turnover fell 14.4 per 
cent to Y727bn» while post-tax 
profits tumbled 39 per cent to 
T8.6bn. Earnings per shore 
declined to T17.46 from 
Y28JS4, 

The group said it expected 
construction. orders to remain 
slow during the c ur r ent year 
because private companies 
were unlikely to increase capi- 
tal investment. 

. It forecast that pretax prof- 
its for the year ending next 
March would fall further to 
Y12bn_ 

Earnings per share would 
foil to Y13.15, but sales would 
increase to Y750bn. 


Samsung to 
offer 3.3m 
new shares 


Flotation may help ITD 
build on past successes 

Thai contractor plans listing, writes Victor Mallet 


I talian-Thai group, one of 
the biggest and most suc- 
cessful conglomerates in 
south-east Asia, plans to float 
Italian-Thai Development 
(ITD), its construction and civil 
engineering arm, on the Stock 
Exchange of Thailand. 

ITD, which accounts far about 
half of total group business, is 
expected to be valued at about 
$L6bn when 10 per cent of its 
shares are listed In the nest 
couple of months. 

This would give a market 
capitalisa ti on bigger than the 
other three Bangkok-listed con- 
struction companies combined 
- including Christian! and 
Nielsen, the Thai group that 
took over its Danish parent in 
1992. 

ITD is the dominant contrac- 
tor In Thailand for big infra- 
structure projects such as 
ports, dams, power stations, 
roads and pipeQines. Tbs gov- 
ernment has began tendering 
out transport and other pro- 
jects to private companies. ITD 
wants the new ca pita l to help 
fbignre its share of concessions 
and pay fbr new equipment 
In addition to the construc- 
tion arm, the privately-held 
Ital-Thai group owns a trading 
and industrial business, 
importing aircraft and locomo- 
tives as well as pumps and 
valves, and holds a quarter of a 
brewery in neighbouring Laos. 

It also has Interests in 14 
hotels — ittriinrftng Bangkok's 
most famous, the Oriental - 
and in the luxury Eastern and 
Oriental Express train. Both 
the Oriental and the Royal 
Orchid hotels are listed on the 
SET, and there are plana to 
float the Amari group of hotels 
in the next few years. 

ITD is well-placed to take 
advantage of the inadequacy of 
Thailand's existing infrastruc- 



Ital-Thai has interests in 14 hotels. Including Bangkok’s Oriental 


ture. The Thai economy is 
growing at 8 per cent annually, 
but traffic congestion, water 
pollution and a shortage of 
telephones testify to the need 
for transport improvement and 
new communications net- 
works. 

AH are areas of opportunity 
Dor ITD. The company owns a 
14 per cent stake in Thai Tele- 
phone and Telecommunication, 
which is in stalling im new 
telephone lines in the prov- 
inces. ITD is also hoping to 
take a share of forthcoming 
work to double Thailand's 
single-track railways. 

It is engaged in a Bt2bn 
($80m) project extending termi- 
nal buildings at Bangkok’s Dan 
Muang International airport, 
and wants to win contracts for 
the new airport planned for 
Nong Ngu Hao. 

ITD has been selected as pri- 
ority Udder, together with the 
Anglo-French engineering 
group GEC-Alsthom, for a pro- 
posed elevated commuter rail- 
way in central Bangkok - a 
contract that could provide as 
much as BtlSbn in revenue for 
ITD if It goes ahead. 


Last year ITD made a net 
profit of Btlbu on turnover of 
BtUAlbn. Even if the elevated 
railway project is excluded 
from the forecasts. Jar dine 
Fleming Thanakom, co-lead 
manager for the forthcoming 
share issue, predicts sales 
growth of 27 per cent, 35 per 
cent and 25 per cent over the 
next three years. 

By 1996, ITD’s turnover is 
forecast to reach the equiva- 
lent of £Lbn, with profits of 
Bt2hm 

The ItallflUrThal group began 
as a temporary alliance for 
ship-salvaging between Mr 
Giorgio Berlingieri, a marine 
engineer, and Mr Chaijudh 
Karnasnta, a Thai-Chinese doc- 
tor tamed entrepreneur. 

The two men established 
their own company in 1958 and 
bought the local assets of 
Archimede. Ital-Thai went 
from strength to strength, 
although Mr Berlingieri died in 
19SL (hie of the few continuing 

links with Italy Is a joint ven- 
ture with the Italian wwnpmy 
TrevL 

The Kamasuta family now 
control the group and ITT). 


FLEMING FLAGSHIP FUND 

Statu i Capital Variable 

45, m dea SoUm, LJK» BWiW 

R.C. LnmnbomS B 847S 

NOTICE TO SHAREHOLDERS 

FFF-FLEMING LATIN AMERICAN FOND 

The n-HTwr* ^ 1 that for (be class FFF-Ftaning Latin A meri can Pond redemptions 
can onty be transacted on a Wednesday has been removed. 

As all otter the cte ss win be open with effect from 03 May 1994 to 

redemption* on any dealing day which is a business day in bods Luxembourg mil 

flH ; riwlwnl 

There a no Tcq nirc tacM anymore m provide one wtcfc 1 * notice of 
FFF-FLEVONG 1AJIN AMERICAN FUND 

Me Einsdirlnknng. Anteile des FFF-F1 raring Larin American Fonda but am 
Mtoroch zrt Vrtop e tora , fat grtge te ben wctrico. 

Vom 03. Mai 1994 us weadra Kflcknahmen, wic for aQc andemn Ebadfoada, an 
jetfem Tag, der eln WerJnag in Lucmboig and in Grofibri tannins 1st, 

Sflcknabmen nntetliegea aomit nieht mahr At* elnwScblgra 

FFF-FLEMING LATIN AMERICAN FUND 

lat icstricdcn qut Inqsosah spelts achats tractions do cmBpanxmcai FFF-Fhssusg 
Lams American Fund ae aoigrt cfloccrfa quo Ic mererecH a t*6 ao p primfr- 
Cobsqsc poor les ontres compartment*, t panlr du 03 mai 1994, les nefcats 
tractions de ce eo mpa rt u n m it potsmsnt tfdOtetaa te ns lea jaw* cf evaluation quJ 
rata ties jour oavratnes am an Linfflribtnug qn'ao SojmmMJnL 
L'obijgaooc de rinn nrf ics i n g nu ctkttn de achat tractions mto aemaioc svsu la 
date tfevahsation coooemfie a Ad npprimte. 


t 


REUTERS lOOO „ 

24 hours a day - only $100 a month! ■ V v I 

LIVE RNANCUL DATA DIRECT TO YOUR PC 

typsrOCSf- 


For man Information 


Fax *46 4B87 8773 


lun v i ivYiew 


The Property Finance Sourcebook 1994 

The ultimate Property Finance Directory showing exactly who is le ndin g what I 
In property today. Complete with lending criteria and contacts. Absolutely j 
indispensable for anyone interested in UK propert y . Cal] 071 493 1720. 



The ctaaBda] tool for the icrkaa inraiiv 

Market-E ye 

London stock exchange 


Equity .in rt 
Option-. Prices 


071 329 H282 


Signal 


O 130* software apfsBcedons O 
O RT DATA FROM HO A DAY O 
O Signal SOFTWARE GUIDE O 
Cal London ® 44 + (0)71 231 3556 
for your guide and ajpsal price 1st 



IN DEXIA 

Technical Analysis & Traded Options Software 

INDEXLA Research. 121 HighSt. Beridsammed. HP4 2TX1 
Tel (0442)878013 fox (0442)876834 


By Bruc* Jacques 
in Sydney 

Broken Hill Propriety, the 
Australian resources group, 
has received another writ 
alleging environmental dam- 
age from its Ok Tedi gold- 
copper mine ia Papua New 
Guinea. 

The writ was lodged in the 
Victorian Supreme Court by 
Mr Barry .chaekiaE - He eiafaw 
that daninge from the Ok Tedi 
project has reduced profits 
of a Daru-based fishing 
business. 

The writ follows the launch 
earlier this month of Austra- 
lia's most expensive court 
action, an estimated A$4bn 
(US$2. 8bn) claim on 


By Robenrt Gibbons 
in Montreal 

Ontario, Canada's biggest 
province, has had its double-A 
minus debt rating confirmed 
by Standard & Poor's, the US 
credit rating agency. 

Ontario’s recant budget fore- 
cast a C$8-5bn (US$6.2hn) defi- 
cit for 1994-95, higher than 
originally forecast but down 
from C$9Abu in L99334. 


behalf of landowners near 
the Ok Tedi river alleging 
environmental damage from 
the BHP-controlled operation. 

Both writs are being handled 
by Slater and Gordon of Mel- 
bourne. 

9 CRA, the Australian mining 
group, has rejected allegations 
that it misled shareholders in 
its 1990 takeover battle for 
Kalimantan Gold, operator of 
the KAiian gold urine in Indon- 
esia. 

CRA was responding to legal 
action launched in the 
Supreme Court of Victoria on 
Monday. 

Five farmer corporate share- 
holders in Kalimantan are 


The rating outlook is stable, 
the agency said, reflecting 
Ontario's diversified economy. 

It had lowered Ontario's rat- 
ings from double-A last year 
reflecting the provhps's rising 
debt and heavy servicing costs. 

Quebec's budget late last 
week forecast a C$4.4hn deficit 
for 199495. Standard & Paw's 
said that it was studying its 
previous rating of A-plus with 
stable outlook. 


Samsung Electronics, South 
Korea’s largest electronics 
manufacturer, is to offer 34$m 
new shares via a rights issue 
In mid-August, Renter reports 
from. SeouL The issue will 
increase paid-in capital by 
I7bn won to 332bn won 
(9411m). The closing date is 
July 11 and the subscription 
will end an August 25. 

“The price of the issue has 
yet to be decided but it will be 
fixed at around 60,000 won,” 
the company said. At this 
price, the issue would raise 
around I98bn won. Shares 
have changed hands recently 
at around 91,300 won. 

Both common and pref er red 
stocks will have the same 
rights as the new issue. 

Minproc plans 
capital shake-up 
and cash call 

By Bruce Jacques 

Minproc Holdings, the 
troubled Australian pigment 
and coal g ro up , is planning a 
A$352m (US|251m) cash call 
sad is changing its name to 
Tteor. 

The par value of its shares is 
to be cut to 10 cents from 20 
cents then consolidated into 
Afl units, and 220m shares 
Issued at All .60 each. 


seeking- unspecified damages 
from the company. 


S&P confirms credit 
rating for Ontario 





DIVIDEND PAYMENT 

A fhe General Meeting of BSN on May 10, 1994, 
shareholders voted to give each shareholder the 
option of payment of tiw 1993 dividend of FF 15.50 
(excluding foe tax credd) in cash or share foim 

The issue price of shares didributed in Iwu cf a cash 
dividend payment was set at 90 % of ihe average 
opening price for the twenty trading days prior to 
the Meeting, ex'dividend, or a total of FF 754. New 
shares will beoome available on July 25, 1 994. 

On May 10, fhe day of the Genera! Meeting, BSN 
shares were opening at FF 852. 

fegardless of their preference, shareholders retain 
the benefr of tax anedir (avoir fiscal) aBoched to ihe 
dividend. 

Shareholders may exercise their choice between 
May 1 6th and June 6lh, 1994 inclusive. 


For shareholders who have not 
payment in the form of shares, the dividend will be 
paid in cash from June 13, 1994. 




iflK MORTGAGE MITES 4 PLC 

£1500)00,000 

Clara A 

and 

£9,000,000 

CtoaB 

Morigaga Backed Moating Rata 
Notra due Auguat 2021 

Note* b haraby ghon that for tha 
Intamt Partod bom May 16, 
1S94 to August IS. 1994 tfta Oats A 
NoMand Cten B Notra «■ cany 
Interest rains of 5-9675% and 
CU»78% reopcctfvety, The Mare* 
psyatte on the relevant intercut pay- 
mrt date, ftugjtt 15, 1884 tar tte 
Ctesa A Notes wB be £1 J38J20 and 
taMhtCtass BNotaawN be £1.517.71 
per ElOQjOOO nominal amount. 
Br.TkaOhaaa IHsti was (tank ,HJL 
Lataa.AaateBaak 

May IB. 1894 






The Republic of Vsnezusla 
LIS. $211,139,000 

Col lateranzed Floating 

Rata Bonds due 2020 

USD Discount S«1» B 

In accoitianca wtih the prowstona of 
the Bonds, notice is hereby given 
that tot the Interest Period from 
May 18. 1S94 to November 18. 1984 
the Bonds tafll carry an interest Rato 
of 8% per annum. The interest 
payable on the relevant Merest 
payment dew, November 18. «94 
wfll be U.S. $30.67 per U.S. 51.000 
principal amount. 

ByttettasatehtaBsAU. 

UteteM Q 

May 18. 1894 tCMASE 






Nata 

BANK OF QUEENSLAND LMTBD 
ireti-Mcwnro" 

MULimX OPTION FAdLiry 
AGREEMENT 

DATED SEPTEMBER 22, 1M1 
a acccnUncs wlik the provision of the 
fawsfcnbb Lou Cctti&cilc issued aa 
towato IA 1M2. Htko > bod? taa ta 
tar the tin Booth tannst |«ted boot Mtj 17, 
9S4 B> No*C9Bberl7. 1994, tee Ctnifiesttr «9D 
any m kwra Rue of S.7JS* per mam. 

B«dsyi Bob PIC Hoag Kang 
AlAffH 




You’re looking at several market views — in search of a single investment. 

As a global investor managing a multi-asset portfolio, you have a view on many different 
markets. Right now, for instance, you’re bullish on bonds and bearish on the bank sector. 

But in today’s hectic markets, you don’t have time to deal with multiple transactions, 
currency conversions, legal and tax complications. 

You want a single instrument that lets you take a position on each of these views. And offers 
you the opportunity for greater return. 

That’s why you’ve turned to a team of professionals who can combine your complex 
investment strategies into one derivative security. They understand the underlying values of afl the 
components and can structure your derivative for optimal performance. They distribute and trade 
derivatives globally. And they create and maintain secondary markets. 

You knew what you were looking for. And found it afl in one place — with one phone call. 

Leaving you more time to watch the markets for a change in view. 


MORGAN STANLEY 



Ostap fcxfltim Hangfcog Lenta L«An geltj Uncntang MatJnd Mribmme Milan NtwIoA Pans SttFnaosco Seoul Singapore Taipei Token Toronto Znndi 



18 


FINANCIAL TIMES WEDNESDAY MAY 18 1994 


CSRCS SGS Societe Generate de 
Surveillance Holding S.A. 

.8, rue des Aipes - 121 1 Geneve 1 

NOTICE IS HEREBY GIVEN THAT THE 

ANNUAL GENERAL MEETING 

of the above Compay win be held on Wednesday 8th June 1994. at 3 p.m.. at the Noga- 
Hilton Hotel, Salle Ballroom (mezzanine). 19. quai du Mont-Blanc, Geneva. 

The doors will open at 2 p.m. 

Access wNI be permitted 

to bearer shareholders, upon presentation of an admission card, at toe entrance 
before 2.45 p.m. ; 

to registered shareholders, upon placing, before 2.45 p.m. at the entrance, an 
admission card which wfll be exchanged for a voting card. 

The doors will close at 3 p.m. precisely. 

Agenda: 

1. Presentation of the Annual Report, the Consolidated Accounts and the Statement 
of Accounts for toe year ended 31st December 1993. 

Auditors' Reports. 

2. Appropriation of profits. 

3. -Decharga- of members of toe Board of Directors. 

4. Election to the Board of Directors. 

5. Election of Auditors. 

ANNUAL REPORT - AUDITORS' REPORTS 

The Annual Report, the Consolidated Accounts and the Statement of Accounts for the 
year ended 31st December 1993 and the Auditors' Report win be available for inspection 
at the head office of toe Company, from 18th May 1994. Each shareholder may request 
that a copy of these documents be sent to him; registered shareholders appearing on the 
register of shares as at 13th May 1994 will receive a copy of these documents with the 
Notice of Meeting. 

REGISTERED SHAREHOLDERS 

Registered shareholders appearing on the register of shares as at 13th May 1994 will 
receive, directly, a Notice of Meeting. During the period 18th May 1994 to 8th June 1994 
no registration in respect of registered shares wID be entered on the register of shares. 
Shareholders in respect of whom a registration would have been made during the period 
13th May 1994 to 18th May 1994 will receive toe Notice of Meeting at a later date. 
Registered shareholders who will have sold their registered shares prior to the Meeting 
will not have voting rights in respect of those shares. 

BEARER SHAREHOLDERS 

The holders of bearer shares wishing to participate or be represented at toe Meeting may 
obtain an admisson card either by depositing their share certificates at the head office of 
the Company, or by sending to the Company a statement of deposit and holding duly 
executed by their bank of deposit. The deposit of share certificates and collection of an 
admission card may be made on any business day. until 3rd June 1994 at the latest, at 
the head office of the Company between 9.30 a.m. and 1 1.30 a.m. or otherwise by 
arrangement (Telephone +41-22-739.95.51, Share Recpstry). No admission cards will be 
available at the entrance of the Meeting. The shares deposited may be collected from the 
day following the Meeting. 

REPRESENTATION 

Shareholders not wishing to take pari in the Meeting may be represented by another 
shareholder (in accordance with toe provisions of toe Statutes, registered shareholders 
may only be represented by another registered shareholder in possession of a written 
proxy) or by their bank of deposit. They may also be represented by a representative of 
the Company or. alternatively, designate Ms Dominique Brown-Berset, attomey-at-law. 
Froriep Renggli & Partners. 4. rue Chartes-Bonnet, CH-1206 Geneva, an independent 
person pursuant to Article 669c CO, to represent them at toe Meeting : in such instance, 
we would ask that registered shareholders address their admission card and proxy form 
or. In the case of bearer shareholders, their admission card, directly to Ms Dominique 
Brown-Berset at toe aforementioned address. 

Deposit representatives within the meaning of Article 689d CO. are requested to Inform 
the Company as soon as possible, and in any event not later than 8to June 1994 at the 
entry roster of the Meeting, of the number, nature and nominal value of the shares they 
represent Institutions subject to the Federal law on banks and savings institutions of 8th 
November 1934 as well as professional portfolio managers are considered as deposit 
representatives. 

MINUTES OF THE MEETING 

From the 20th June 1994. toe resolutions of toe Meeting will be available for inspection by 
shareholders at the head office of toe Company. 

The Notice of Annual General Meeting, together with all proposals of the Board of 
Directors is published in the Swiss Federal Trade Gazette, the official publication body for 
toe Company, on the 18th May 1994. 

Geneva, 18 to May. 1994 

On behalf of the Board of Directors 
Elisabeth SAUNA-AMORIN1 
Chairman 







i 

! i 



\ Mff/A & 31 KJTEL mmatcabfe 0 B&. -e- Mip o ri o 

J \s*rn/ 


POSTPONEMENT OF MEETINGS 

Notice is hereby given to Share- 
holders of SIP, IRITEL, ITALCABLE, 
SIRM and TELESPAZIO that the Ordi- 
nary Shareholders' Meetings, an- 
nounced for the first call on 12 May 
1994, will be held for a second call on 

— THURSDAY 19 MAY 1994 ~ 

at the same time and place as indi- 
cated in the Notices of Shareholders' 
Meeting already published in accor- 
dance with present law. 



Nbtkm of Interest Rates 

To the Holders of 

The United Mexican States 

Collateralized Floating Bate Bonds Doe 2019 

NOTICE IS HStEBY GIVEN that the tntemt rates aontiag tbs interest parlod 
from May 17, 199-1 to November 17. iOM ore detailed below 

Inunm 

Series Desi gnation ... R*te Interne* Amount Payment Date 

OSD Dneouu Same 60635 Pcs. R A. C8D 30.09 Bar UBDftUOO NmoM- 17. iom 
C ftKDtamatSMtM 1-SSm PcL EA. CAN 39 J» PerCAN 1.000 Nnaahr 17. urn 

May 17. 1094 



|P CITY c^Tb ook M MMfO l 

. Thr Marta Leaden In aot boning - FImjwmJ end Spstu Fix ■ 

IlM I _ X ! brnhureasd ■nBCCwnf jppUcaucn fonncalOTI ZSJ 3*4? 

i Acsmhu ora normal? opened withoi fl Inn 

‘J Sen cur U)>-nxiare pkse M.e». w m on Tefcigg page 60S 


LEGAL 

NOTICES 


UMir m 

UUIJ HUB MBBBk 8MB 
NM dbudiBE BMACHBCROCtri 

M—elwo. aiBWMMiili 11 nil 1 VCOWt 

fweurr house, u weaj«atanio«*t swnrr 
swiommsmOa 

AdIPimV tui' H 

(dbWkeeBSlN 
9ffaAao»*ivflr 
t>i r qunsiKLUMXM ep* «r 


wtatm n mure? 

Injdmmim—t 
**— UfcmefcuwriewNwB iniHwIhid 

Mari VM* 1W 

ar*— * — *■*"** 

VM HunOMr^iN NCOMft 


yrif BMIUadOOawUri 

(OBONMOOB 

mor>MMniova«i 


INTERNATIONAL COMPANIES AND FINANCE 

ti 

Growing concern over investor lawsuits 1 


By Patrick Harverson In New York 

US companies are increasingly 
reluctant to release forward-looking 
information to analysts and investors 
about their earnings and performance 
because they fear shareholders might 
sue them if the projections prove 
wrong, according to a survey by the 
American Stock Exchange. 

The growing number of shareholder 
suits is becoming such a problem in the 
US that the Securities and Exchange 
Co mmi ss io n is considering ways to bol- 
ster the "safe harbour” provision of 
securities law. 


The provision protects companies 
from fraud claims nwipss tee informa- 
tion they release is “without a reason- 
able basis or was disclosed other than 
in good faith”. 

In recent years, however, the safe 
harbour provision, has not been work- 
ing effectively, with a growing number 
of .shareholders filing lawsuits alle g in g 
they have been deliberately misled by 
jnfn rmqHflu from 

Mr Didr Syron, chairman of the 
ASE, said that many of these share- 
holder lawsuits had little, if any, 
merit 

This is another case of excessive liti- 


gation being counter-productive. Inves- 
tors are suffering because less, not 
more, finanffisi Information is available 
to determine the value of a company’s 
stock." 

The ASE said that more than 75 per 
cent of the 218 companies which 
responded to its survey had been forced 
to curtail tee amount of information 
they provided to investors because of 
the Tnnivnting number of “frivolous" 
lawsuits, and 17 per cent said they had 
been sued in the past five years on 
issues relating to disclosures. 

A majority of the respondents who 
were sued said they chose to settle 


out of court rather than fight the 
suit 

The problem of shareholder lawsuits 
does not relate to official 
announcements such as quarterly 
earnings, dividend payments or 
securities transactions, but to informal 
disclosures such as meetings with 
analysts and institutional investors, 
press releases, press conferences and 
executives' speeches. 

The SEC is keen to encourage a 
constant flow of this type of 
information so that investors can 
make sound judgments about their 
investments. 


Strong growth at 


Hewlett-Packard 


Caterpillar 
revises its 


By Louse Kahoa 
In San Francisco 

Hewlett-Packard, the US 
computer and electronics man. 
ufacturer, reported strong 
growth for its second fiscal 
quarter as it continued to out- 
perform its largest competitors 
in the computer martept 

Net earnings for the quarts:, 
ended April 30. were $408m, or 
$L56 a share, compared with 
$347tn, or SL38, in tee same 
period last year. An adjust- 
ment for employee stock 
options reduced earnings per 
share by 4 cents in the latest 
quarter. 

Revenues rose 23 per cent to 
$&3bn from S5 J.bn in the sec- 
ond quarter of fiscal 1993. Net 
revenue in the US was $2£bn, 
an Increase of 26 per cent, 
while revenue from outside the 
US was $3J5bn, up 20 per cent 

“Overall we had a very good 
quarter," said Mr Lewis Platt 
chairman, president and rhitf 
executive. “Our revenue and 


Israel likely 
to float 51% 
stake in El A1 

By Norma Cohen, 

I n v estments Correspondent 

The Israeli government is 
expected to frnnnmKy plans for 
a stock market flotation of 
roughly 51 per cent of El Al, 
tee stale-owned airline, follow- 
ing a cabinet meeting next 
week. 

Israel’s finance ministry has 
appointed two consortia of 
advisers to conduct a valuation 
of the airline. One of them 
includes Barclays de Zoete 
Wedd, the UK Investment 
bank. 

Israel’s privatisation office 
said no participant in the valu- 
ation consortia would be 
allowed to act as underwriter 
when shares were finally 
offered to the public, appar- 
ently ruling BZW out of a 
wider role. 

The US has been tee primary 
foreign market for shares In 
Israeli companies although it is 
expected the El A1 flotation 
will be a global offering with a 
tranche to be sold directly in 
Europe. 

Israel’s privatisation rules 
require the government to seek 
a second opinion on the value 
of a publicly-owned company 
and both valuations would 
play a part in setting the price 
for shares. 

BZW is part of a consortium 
which includes Ernst and 
Young, accountants, teat has 
assisted in the valuations of 
other formerly state-owned air- 
lines including Belgium’s 
Sabena and Australia’s Qantas. 
Also In the group is Kost Lev- 
ery and Forer, an Israeli corpo- 
rate advisory finn. 


order growth were outstanding 
in today’s rhpTignying environ- 
ment, and our earnings 
improved nicely over last 
year’s strong second quarter." 

Orders booked during the 
quarter rose 19 per cent to 
SS.4bn, compared with $5.4hn 
in the second quarter of 1993. 
US orders were £L9bn, up 25 
per cent, while those from out- 
side tee US rose 13 per cent to 
$3.5bn. Order growth was 
"excellent" in Asia Pacific, but 
declined in Europe. 

In the computer business, 
revenues increased by 21 per 
mmt in the quarter to $L9bn 
from S3.9bn. Orders for PCs 
increased dramatically, the 
company s a id, while o rders for 
HP's popular DeskJet PC print 
ers also grew strongly. Growth 
in orders for laser printers was 
“modest and in line with com- 
pany expectations". Multi-user 
computer orders continued to 
grow strongly, but workstation 
orders declined in value. 

The test and measurement 


By Martin Dickson 
in New York 

Rochester Tel, an innovative 
New York state tal<w>wimnni- 
cations group, said yesterday it 
had cleared an fm pnrhmt hur- 
dle in its uniq ue and closely 
watched plan to split itself in 
two and voluntarily ahanrinn 
its local monopoly around the 
city of Rochester. 

The scheme, unveiled in Feb- 
ruary last year, has been 
hailed as a possible model for 
other local phone companies 
wanting to uiake themselves 
more flexible and entrepre- 
neurial in the face of growing 
competition from new rivals 
offering multimedia communi- 
cations services. 

Rochester Tel said yesterday 
it had reached agreement on 
the package with staff of the 
New Yoik State Public Service 
Commission, which oversees 
the utility, and with other 
interested parties. The deal has 
to he approved by the frill Com- 
mission, which is expected to 


By Richard Tomkins 
in New York 

J. C. Penney and Dayton 
Hudson, two of the biggest US 
store groups, both reported 
sharp Increases in sales and 
profits for the first quarter to 
April. 

Jf. C. Penney’s net income 
rose to $223m, a 30 per cent 
increase an the $172m reported 
before extraordinary items last 
time. Fully-diluted earnings 
per share rose to 84 cents from 
65 cents before extraordinary 
items. 



Lewis Platt: ‘outstanding' 
grow th in orders and revenue 


business achieved 16 per cent 
order growth, its biggest 
increase in many years. Orders 
for ccnununica Hnna .togt equip- 
ment, as well as semiconductor 
and printed-circuithoard test 
systems, increased strongly. 

As a percentage of net reve- 


consider it in the third quarter 
of this year. 

If it gets the green light. 
Rochester will open up its local 
market to far greater competi- 
tion Hi«p that fa ced by other 
US tpIprommimipaHo na compa- 
nies - provided new rivals 
want to enter the market 

The agreement involves 
s plitting the group’s Rochester 
area telephone interests into 
two separate companies. One, 
called RrNet, would take over 
the basic teleminmnnlr-atin Tu; 
transmission and switching 
network. It would become a 
wholesale seller of these ser- 
vices to other retail companies, 
although it WOUld wmthnifl to 
pfTw some re tail services. 

The other, called R-Com, 
would operate as a retailer, 
buying network access from 
R-Net, and packaging those 
services with its own and oth- 
ers' product lines, such as 
voice-mail, data services, long 
distance and wireless. 

Initially, the only services 
assigned to R-Com would be 


The profits increase was 
partly driven by a 10 per cent 
increase in sales to J4J5bn. 
J. C. Penney’s mix of own-label 
and brand-name apparel has 
been selling well in its depart- 
ment stores, and the group’s 
catalogue operations have ben- 
efited from Sears’s exit from 
the catalogue business. 

The company benefited from 
tight control of costs. Sailing, 
general and administrative 
expenses fell to 25.1 per cent of 
sales this time from 25.9 per 
cent in last year’s first quarter. 

Dayton Hudson increased 


nue, cost of goods sold 
increased to 62.2 per cent from 
5&8 per cent in the year-ago 
quarter reflecting competitive 
pricing pressures and a con- 
tinuing shift toward products 
with higher sales costs. 

Operating expenses for the 
quarter increased 12 per cent 
over the year-ago period, with 
R&D spending up 16 per cent 
However, as a percentage of 
revenue, operating expenses 
were 27.6 per cent, down from 
303 per emit a year ago. 

For tee six months ended 
April 30, net earnings 
increased 28 per cent to $776m. 
against ftra™ in the first half 
of 1993. Net earnings per share 
totalled $238, an increase of 24 
pea- cent over the $2.41 in last 
year's first half Net revenue 
rose 23 per cent to $lL9bn. 

“We still face intense compe- 
tition, a mixed economic envi- 
ronment worldwide and rapid 
chang e in the marketplace in 
all our businesses,” Mr Platt 
said. 


those considered to be highly 
competitive, such as high- 
capacity private lines. Any 
other company would be able 
to compete for these services, 
or for customers of other ser- 
vices offered by RrNet 

A holding company, set up 
above these two subsidiaries, 
would have far greater freedom 
from local regulatory over- 
sight It could issue securities, 

makp any acqmaltinn or enter 

any i™* of business. 

To win regulatory support 
for the plan, the company has 
agreed to a seven-year , plan of 
price stabilisation, which 
Includes $21m of rate reduc- 
tions. The commission has in 
turn agreed that while RrNet 
will remain subject to regula- 
tory oversight the price cap 
regime allows it to be freed 
from the rate-af-return finan- 
cial targets which are common 
in the telecommunications 
industry. 

This would allow the group 
to retain all the cost efficien- 
cies it achieves. 


profits by 31 per cent in the 
same period, hut from a lower 
base than J.C. Penney. Net 
income rose to $89m from $30m 
on sales up by 11 per cent to 
$4.47bn. Fully-diluted earnings 
per share rose to 47 cents from 
35 amts. 

Mi* Robert Ulrich, who took 
over last monte as chief execu- 
tive, said the Target stores had 
continued their solid perfor- 
mance. Mervyn’s results were 
starting to reflect the benefits 
of a new merchandising strat- 
egy, especially in women’s 
apparel. 


derivatives 

accounting 

By Richard Waters 
in New York 

The financial services 
subsidiary of Caterpillar 
reported a |S.4m loss from 
derivative instruments, amid 
signs that auditors In the US 
are taking a more stringent 
line in this area. 

The company said the loss 
stems from a revision of first- 
quarter figures after receiving 
an opinion from Price Water- 
house, its auditors. The 
accounting firm declined to 
comment 

The accounting change led 
Caterpillar Financial Services 
to slash its reported profits for 
the quarter to $6.4m from 
$ 11 . 8m. No adjustment was 
made to the Caterpillar group 
figures, since the amount was 
not material in the context of 
its previously reported profits 
of S192m, the company said. 

The adjustment stems from 
a forced switch from hedge 
accounting to mark-to-market 
accounting. Under the first 
method, which tee company 
had applied, any profits or 
losses on financial instru- 
ments are set off against the 
underlying asset the instru- 
ments are intended to hedge. 

Under the second, the instru- 
ment is shown at its market 
value, with any change being 
boohed as an immediate profit 
or loss, regardless of any off- 
setting change in value in tee 
undariying asset. Mark-to-mar- 
ket accounting leads to greater 
volatility in re ported earnings. 

Caterpillar said the change 
related to interest rate caps 
(instruments which limit a 
holders* exposure to interest 
rate rises) and swaptions 
(options to enter into swap 
contracts in the fixture). 

Air Products in 
further charge 

By Patrick Harverson 

Air Products and Chemicals, 
tee US industrial gases group 
white last week took a $60m 
after-tax charge in its second 
quarter to cover losses on five 
derivatives contracts, is to 
absorb an additional $9m 
charge in the next quarter to 
cover the cost of closing out 
the contracts. 

The Pennsylvania-based 
group said it terminated the 
interest rate swap contracts to 
reduce the company's earnings 
exposure to fluctuations in 
Interest rates. Air Products is 
the fourth US company to take 
a charge against its earnings 
this year because of problems 
with derivatives sold by Bank- 
ers Trust, the New York bank. 


Agreement on Rochester Tel split 


US stores post sharp first-term gains 


Toronto SE urges greater 
boardroom independence 


By Robert Gilberts 
in Montreal 

The Toronto stock exchange 
has urged publicly-traded com- 
panies to have a majority of 
independent outside directors 
on their boards. 

The report of the TSE Com- 
mittee on Corporate Gover- 
nance suggested such compa- 
nies should report annually on 
the make-up of their boards, 
detailing any directors’ connec- 
tions with controlling share- 
holders and management 

It called for penalties for 
directors of companies that 

provided improper infor mation 
to shareholders. Allegations 
would be subject to a due dili- 
gence defence. 

The committee said outside 
directors should meet regularly 
to review board performance 


and co-operation and take 
steps to ensure boards operate 
independently from manage- 
ment. 

The report was drafted in 
response to a rash of corporate 
Mures since 1990 and share- 
holder complaints of lack of 
information. 

About 70 per cent of the com- 
panies traded on the TSE have 
controlling shareholders who 
usually want the make-up of 
boards to reflect their inter- 
ests. 

Mr Trevor Eyton, chairman 
of Brascan, a large holding 
company controlled by the 
Bronfman family In Toronto, 
said; “1 think it would be a 
difficult thing to impose. 
In many cases the major share- 
holder would be under- 
represented in the board- 
room." 


SNC-Lavalin doubles earnings 


SNC-Lavalin, Canada’s biggest 
engineering and construction 
management group, more than 
doubled first-quarter earnings 
and expects a strong year 
despite tough international 
competition, writes Robert 
Gibbens- 

Net profit was C$5.8m 
(US$A2m), or 37 cents a share, 
against C$2.4m, or 17 cents, on 


revenues of CSISOm, up 4 per 
cent The quarterly dividend is 
being raised to 7 cents a share 
from 5 cents. 

SNC-Lavalin plans to bay 
control of several local engi- 
neering firms in Latin America 
and south-east Asia. It Is well- 
established in western Europe 
and has operated in Russia for 
many years. 



For further Information please contact: 

AUCIA ANDREWS 
Tel: 44 (0)71 873 3565 
Fax: 44 (0) 71 873 3062 

Financial Times, Number One Southwark Bridge, London SE1 9HL 

FT Surveys 


tl 




il iili 




is: 




t 









FINANCIAL TIMES WEDNESDAY MAY 18 1994 


19 





i 




INTERNATIONAL CAPITAL MARKETS 


Treasuries jump 


after Fed raises interest rates 


cent over inflationary pres- 
sures. Shorter-term securities 


Caribbean region 
goes for growth 


By Frank McGurty in New York 
and Conner MWckrimann end 
Graham Bowfey in London 

After a morning of quiet 
anticipation, US Treasury 
bonds prices jumped yesterday 
afternoon on news that the 
Federal Reserve would lift 
short-term interest rates by 50 
basis points. 

By 2,30pm, the benchmark 
30-year government bond was 
i£ higher at 86g, with the 
yield slipping nearly is basis 
points to 7.334 per cent. At the 
short end, the two-year note 
was up '.i at 1Q0£, to yield 6.261 
per cent. 

In early activity, investors 
were unwilling to make any 
fresh commitments as most 
were convinced the Fed would 
rates again during alter a 
meeting of the policy-making 
Federal Open Market Commit- 
tee in Washington. 

Though there was a general 
consensus that a policy move 
was imminent, there was dis- 


By Peter John 

Uncertainty ahead of 
yesterday's key Federal 
Reserve meeting in US put the 
lid back on the eurobond mar- 
ket Issuers who were expect- 
ing the Fed to announce a rise 
in interest rates were taking 
no chances and there was only 
a smattering of small offerings. 

The largest issue came from 
Bayerische Landes anstalt fflr 
Aufba uflnanzi erung, the state- 
owned Bavarian development 
bank. The LfA is borrowing 
DM200m via a five-year float- 
ing-rate note issue priced to 
yield five basis points below 
six-month D-Mark Libor. 

The issue, led by Trinkaus 
und Burkhardt, was the bank’s 
first to include the state “defi- 
ciency” guarantee. As a result, 
the notes were snapped up by 
domestic banks, which can use 


agreement among traders over 
how aggressively the central 
bank would act. Most believed 
the discount rate - which the 
Fed charges on loans to com- 
mercial banks — was due for an 
increase of 50 basis points, to 
its previous rate action this 
year, the central bank made no 
change in the discount rate. 

However, traders were 
divided on whether the Fed 
would suspend Its gradualist 
approach by lifting its target 
for the Federal Funds rate - 
charged by banks on overnight 
loans to one another - by 50 
basis points, to each of the pre- 
vious tightenings, the Fed 
Funds rate was lifted by 25 
basis points. 

to the event, the central 
bank derided on the aggressive 
approach, lifting the discount 
rate to 3.50 per cent and its Fed 
Funds target to -L25 per cent 

The market's response was 
immediate. The moves helped 
the long end of the yield curve 
by easing any lingering con- 


them as collateral in their deal- 
ings with the Bundesbank. 

Ecu paper was popular as 
retail investors continued to 
roll over their holdings. Deal- 
ers said around Ecul.7bn was 
coming up for redemption 
every month. 

Credit Local de France, the 
tripie-A rated French munid- 


INTERNATIONAL 

BONDS 


pal financing agency, offered 
EcuBSm of four-year bonds fun- 
gible with an outstanding 
Ecu235m bond through lead 
manager Swiss Bank Corp. 

Later In the afternoon, 
GECC, the fund-raising arm of 
General Electric, made its sec- 
ond appearance in as many 
days when it raised JSculOOm 
fungible with a five-year 


benefited as wen. because the 
bold strike appeared to dispel 
the uncertainly engendered by 
the Fed's earlier approach. The 
decisiveness of yesterday's 
move suggested it was the last 
to the current series. 


GOVERNMENT 

BONDS 


This view was reinforced by 
the central bank In its 
announcement of the policy 
change. "These actions, com- 
bined with the three previous 
adjustments initiated earlier 
this year by the FOMC, sub- 
stantially remove the degree of 
monetary accommodation 
which prevailed throughout 
1393," it said. 

Mr Alan Greenspan, the 
Fed'S chairman , had Said his 
goal was to shift the bank's 
policy to a more "neutral” 


EculOQm issue launched in late 
March. 

There was little speculation 
of impending deals and the 
expectation of more yen-based 
supply was hardly satisfied by 
yesterday’s offering from 
Hitachi Credit, which issued 
YL5bn via the Bank of Tokyo. 

Meanwhile. United Micro- 
electronics Corp, a Taiwanese 
designer, producer and distrib- 
utor of integrated circuits, 
announced it was Issuing 
$160m of euroconvertible bonds 
to fund an increase in its pro- 
duction capacity. 

UK investment bank BZW, 
which is handling the launch, 
said the 10-year bond would 
have a coupon of between 1.25 
per cent and 1.75 per cent. 
Final pricing takes place at the 
end of the week. 

• Tube Investments' In dian 
arm issued $5Gm of new stock 


■ European trading was also 
overshadowed by the FOMC 
meeting, leaving most markets 
to drift sideways to moderate 
turnover. 

After tracking German bonds 
in the morning, French bonds 
spurted ahead to the afternoon. 
Some traders said this was 
caused by late short-covering 
to toe futures pits to expecta- 
tion of bond-positive news 
from toe Fed. 

Moreover, investors were 
switching from Germany into 
France, said Mr Brian Hilliard, 
senior international economist 
at Soctett Gtafirale Strauss 
Turnbull in London. 

The June notional French 
bond future rose 0.34 points to 
close at 121.10. The June Bund 
future was down 0.16 points in 
after-hours trading at 95.67. 

In Germany, the focus today 
will be on the Bundesbank's 
latest allocation of securities 
repurchase agreements. Ger- 
man money market traders 
surveyed by MMS Intema- 


in the form of Global Deposi- 
tary Receipts through 
S.G. Warburg and Cazenove. 
The 5 An GDRs were priced at 
88.77 and there was a “green 
shoe” addition of just over 
500.000 GDRs. The launch was 


ttonal expect the mlnin^ im 
rate to fan by 12 basis points to 
5.23 per cent 

■ Trade to the UK government 
bond market was a gain quiet 
ahead of the results of the 
FOMC meeting and today's UK 
economic data. 

The market firmed in after- 
noon trading, largely on the 
back of strength to US Trea- 
suries, The June long gilt 
futures contract was up at 
105^4 to after-hours trading- 

The Bank of England 
announcement that its May 25 
gilt auction would be of £2bn of 
7.0 per cent 1997 stock, convert- 
ible into 9.0 per cent 2012 
stock, for the first time on 
August 6, drew little reaction 

"This is a very uncertain 
issue, “ said Mr Don Smith ctf 
Midland Global Markets. 
“There is no other stock like it 
in the market, which makes 
pricing it very difficult. " But 
analysts said there would be 
sufficient demand.. 


scheduled to take place three 
weeks ago but was pulled after 
the failed flotation of VSNL, 
the Indian telephone company. 
• Standard & Poor's, toe US 
credit rating agency, yesterday 
affirmed its AA+ rating on the 


Today's release of UK aver- 
age earnings and RPI data 
coincides with the publication 
of the minutes of the March 
meeting between the chancel- 
lor and toe governor of the 
Bank of England. "The ava- 
lanche of information could 
cause quite a choppy time in 
the markets, especially if there 
is a pick-up to earnings and 
inflation, and if there are signs 
of a disagreement between toe 
chancellor and the governor,’' 
said Mr Smith. 

■ The Italian bond market is 
awaiting today's vote of confi- 
dence in the Senate on prime 
minister Silvio Berlusconi's 
government. Although his 
coalition is short of a majority 
in the Senate, most observers 
expect him to scrape through. 

Meanwhile, tgrhninai distor- 
tions at the long end of the 
Italian yield curve have 
created buying opportunities, 
said. Mr Jounl Kokko of 
S. G. Warburg. 


Kingdom of Sweden's 
long-term foreign currency 
debt It said the ratings were' 
supported by a manageable 
external financial position and 
a solid balance of payments 
performance. 


By Canute James In Kingston 

C aribbean countries are 
joining the ranks of the 
faster growing emerg- 
ing capital markets. Capitalisa- 
tion of the region’s markets 
reached 8332m last year, up 41 
per cent on 1992, according to 
the Inter-American Investment 
Corporation, with the stimulus 
coming from changes to eco- 
nomic policy In several coun- 
tries. 

Countries such as Trinidad 
and Tobago. Guyana, the 
Dominican Republic and 
Jamaica have opened their 
economies, allowing greater 
participation by local and for- 
eign capital in sectors such as 
utilities, once considered the 
sole province of governments. 

Increased private participa- 
tion has come with the divest- 
ment of state economic enter- 
prises. an increase in the 
number of traded companies 
on local stock exchanges and a 
broadening of ownership 
which has widened and deep- 
ened the exchanges. 

Many previously highly- 
geared companies have been 
restructured, making them 
more competitive. The sensi- 
tive foreign exchange markets 
have also been deregulated 
with the removal of exchange 
controls and the floating of 
currencies. 

Financial services companies 
have used the new climate to 
introduce a range of securities 
on domestic markets and to 
move into the regional and for- 
eign money markets. 

The growth to the Caribbean 
reflects a global trend in 
emerging markets, according 
to Mr Rudolf van der Byi of the 
Capital Markets Department of 
the IFC. "In 1962, 32 emerging 
markets had a market capital- 
isation of $67bn." he said. “In 
1993 it was almost $i,400bn - a 
20-fold increase. This is clearly 
not a flash in the pan.” 


The behaviour of emerging 
markets can be volatile, he 
reported In 1992. for example, 
the Jamaican market recorded 
growth of 202 per cent, the 
highest of all the emerging 
markets. Yet last year the mar- 
ket dropped 50 per cant, largely 
because of high Interest rates. 

However, the continued 
growth of the Caribbean mar- 
kets is being hobbled by infra- 
structural and institutional 
shortcomings. "If the Carib- 
bean countries and companies 
wish to participate in the inter- 
national market and reap the 
benefits of globalisation and 
Internationalisation, they must 
establish standards and prac- 
tices consistent with the inter- 
national market,” Mr van der 
Bljl advised 

These changes include equi- 
table and similar fiscal treat- 
ment of Income from different 
types of instruments: investor 
protection; and a modem legal 
and regulatory framework, 
such as a capital market law.. 

A n adequate securities 
commission, compli- 
ance with internation- 
ally accepted accounting stan- 
dards and reporting, adequate 
clearing and settlement stan- 
dards and procedures, and 
modem communications are 
also required 

The prospects for flirther 
growth appear to be improv- 
ing, with indications that gov- 
ernment officials are aware of 
what is needed 
“The development of the cap- 
ital market to some Caribbean 
countries, such as Jamaica and 
Trinidad and Tobago, is possi- 
ble with the flotation of public 
Issues, the underwriting of 
loans, underwriting of privati- 
sation issues, and syndica- 
tion,” said Mr Paul Chen- 
Young, executive chairman of 
the Eagle Group, one of Jamai- 
ca’s larger financial services 
conglomerates. 


stance. 

Uncertainty ahead of FOMC meeting keeps lid on issuance 


NEW INTERNATIONAL BOND ISSUES 



Amount 

Coupon 

Pries 

Maturity 

Fees 

Spread 

Book mar 

Borrower 

US DOLLARS 

m. 

% 



% 

bp 


UMC§ 

160 

H 

100.00 

Jun2004 

280 

- 

BZW 

D-MARKS 

BU=AS 

200 

M 

100.00 

Jun. 1909 

OJ20 

- 

Trinkets & Burkhardl 

ITALIAN URE 

European Invas&nent Benk(c} 

200W1 

0.126 

101.325 

JUTL2004 



Banca d Roma 

Sank Austria(d) 

150bn 

9.125 

101.00 

Jun0OO4 

ZOO 

- 

BQ 

ECUS 

OECCffl 

100 

6-125 

B7.90H 

Apr-1899 

0.26R 

. 

CCF 

Credit Local Da France^)) * 

65 

6.00 

9523 

Sop. 1996 

gyp 

-5 (71494-96) Swiss Bank Corp 


ftnel terms and non-caBsbla unions staled. The ytofd spread {over relevant government bontfrnl launch Is suppled by (he feed manager. 
•Private ptaoemant §ConwrtfcJe. ^Rooting rale note. Ft fixed re-oner price; fees are shown at the re-offer level, a) B month Uborieaa 
fibp. b) Fungible wtth existing 235m issue, plus 270 accrued Merest 4 taue launched 11A5/84 Increased to SOObn. <fi (seuete option 
to convert to FHN's from 21MB9 and annually thereafter paying B mth Ubor plus lOtop. 4 Coupon Indicated at 1.25-1.75%. Indicated 
conversion premium 5-1096. f) Fungible with existing 100m issue 40 days after payment. 


mo* 


ATIONS 


y 


fTJHflO 10, 


I WORLD BOND PRICES ,V 1 

BENCHMARK GOVERNMENT BONDS 

Rad Day's Weak Month 

Coupon Date Price change Yield ago ago 

Italy 

■ NOTIONAL ITALIAN GOVT. BONO (BTP) FUTURES 
(UFFE)" Lite 200m 1008m of 10096 

FT-ACTUAMES FIXED INI BREST INDICES 

Prise Indices Tua Dev's Mon Accrued 

UK Guts May 17 change 96 May 16 frveraat 

red ad), 
yu 

— Low coupon yield Medhim coupon yield Mgh coupon yteld ■— 

May 17 May 16 Yr. ago May 17 May 16 Yr. ago May 17 May 18 Yr. ago 


Australia 


9000 

087Q3 

105.0400 

-0470 

839 

8.71 

044 

Bottom 


T05O 

04704 

98J3800 

-0520 

7.49 

735 

7.40 

Canada' 


6.500 

08AM 

87.1500 

-0250 

8.42 

838 

032 

Denmark 


7.000 

12AM 

970600 

>0420 

732 

7M0 

7^1 

France 

BTAN 

8000 

05/88 

108.5000 

_ 

8.11 

827 

504 


OAT 

5.500 

04AM 

BOJjBOO 

*0260 

082 

088 

082 

Germany 


6. 750 

05AM 

101.1600 

-0040 

0L59 

832 

047 

Itoly 


&500 

OIAM 

96.6000 

+0.100 

9.051 

0.02 

007 

Japan 

N0 119 

4.800 

06/99 

106^890 

-0240 

3J1 

329 

3.87 


NO 157 

4600 

08/03 

1045160 

+0340 

3.83 

3.94 

4.03 

Nuiherianda 


5.750 

OIAM 

941200 

-0.020 

8.59 

075 

078 

Spain 


10.600 

10/03 

106.7500 

-0.150 

053 

939 

925 

UK Gets 


6000 

08/99 

93-09 

♦6/32 

738 

7.90 

7.45 



6.750 

11AM 

91-10 

+8/32 

739 

025 

7.74 



aDOO 

10/08 

107-13 

+8/32 

8.12 

834 

7.90 

US Treasury 

• 

5.875 

02AM 

90-19 

+1/32 

734 

737 

7.13 


8^50 

08/23 

85-29 

♦1/32 

7.44 

736 

7.40 

ECU (French Govt) 

6.000 

0404 

910300 

+0380 

7.18 

7.44 

7.22 


Jun 

Sep 


Open 

Sett price 

Change 

rtgh 

Low 

Est vol 

Open bit 

1 

Up la 6 yearn (22) 

12324 

+0.10 

123.12 

138 

434 

5 yrs 

7.65 

738 

7.16 

735 

7.88 

7.44 

7.95 

708 

7.08 

11229 

11230 

+007 

11270 

112.06 

31295 

77060 

2 

5-15 years (23) 

144.48 

+020 

144.18 

131 

532 

IS yra 

8.02 

0.05 

8.09 

8.12 

615 

830 

8.44 

645 

678 

111.30 

11130 

+007 

tlt.70 

111.30 

1285 

8102 

3 

Over 15 years (9) 

163.11 

+034 

16235 

2.71 

4.08 

20 yrs 

833 

835 

831 

a 12 

8.1S 

830 

832 

631 

831 






4 

Irredeemables (6) 

18234 

-031 

18433 

0.65 

8.12 

frrad.f 

830 

8.13 

838 














5 

A! stocks (60} 

141.61 

+0.19 

14137 

139 

432 











GOVT. BONO (BTP) FUTURES OPTIONS (UFFE) UraTOOm liXMhsol 100% 








— 

— Inflation 5% — 

— 

. 

Inflation 10% - 

— 



Uxxton ctosftg, fta* York rwd-aay 
1 win («c iwing wnMxMhg tax at 124 par rent payable 
Puce* US. UK n 32nds, often In dodrnal 

US INTEREST RATES 


YHK» Local ratal Mandnrt. 
by nonreaWonia) 

Some: MMS MsmattorMl 


Lunchtime 



Treasury BBS 

and Band Yields 





160 

two year 

601 

Pirn* raw _. 

»% 

lao main 

4.06 

The* hot 

— 639 


5*3 

Ilm* "O* 

430 

Rwyear 

685 

Fedhnvh 

4% 

Su moreti 

. „„ 4.85 

lllyear 

733 

Fedhnda ai Wrrwndoa. 


One year 

537 

STyear 

7.45 


BOND FUTURES AND OPTIONS 
France 

■ NOTIONAL FRENCH BONO FUTURES (MATTF) 


Open Sen price Change High Low 
Jim 120.72 121.10 +0.34 121.18 12a 46 

Sep 119.78 120.14 +134 120.00 11054 

Dec 110.84 119.20 *0.34 118 84 111.84 

HI LONG TERM FRENCH BONO OPTIONS (MATIF) 


Eat vol Open im 
140594 117,355 

Z2B3 18569 

2 5041 


Strfea 

Price 







. , Jun Sep 


Jun 


Sep 

11250 

0.52 

138 


032 


2.78 

11300 

030 

136 


0.80 


3.06 

11330 

0.15 

1.46 


1.15 


336 

EaL raL roftL Cafe B213 ha 3830. Previous day's open tot, Cflfa 80482 Pure 74282 

Spain 







■ NOTIONAL SPANISH BOND FUTURES (MEFF) 





Open SeUprice 

Change 

High 

Low 

Eat voL 

Open frit 

Jun 

9638 6650 

•0.04 

9638 

9633 

27356 

113043 

Sep 

8532 9530 

“ 

95.92 

9502 

28 

1.788 

UK 







■ NOTIONAL UK GILT FUTURES (UFFE)' £50,000 32nd5 of 100% 



Open Setlprice 

Change 

High 

Low 

Est. vd 

Open int 

Jun 

104-29 105-13 

+0-12 

105-21 

104-18 

45616 

122132 

Sep 

103-18 HM-09 

+0-13 

104-15 

103-17 

2144 

040 

N LONG GILT FUTURES OPTIONS (UFFE) £50,000 64ths of 100% 


Strike 

A-1 , 











Price 

Jun 

Sep 


-km 


Sep 

105 

0-56 

2-02 


0-30 


2-48 

106 

0-26 

1-39 


1-00 


3-21 

107 

0-09 

1-16 


1-47 


3-82 


Index-linked 


EoL raL total Care 2322 Puts MOO. Prwxom da/* open hL. Cola 1132*4 Pm 78565 


Sir tre 
Fnce 

119 

120 
1ST 
122 
123 


Jun 

3.16 

1.31 

0.66 

020 

0.03 


CALLS 

Sep 

1.80 

1.30 

0.07 

0.52 


Dec 


Jun 

009 

023 

047 

1.11 


PUTS 

Sep 

1.04 

1.36 

1.75 

2.75 


Dee 


tel ml Care rites Pun 170W Prawreri day'* open an.. Ctf* 5110*7 Pita 9C&2BI. 

Germany 

■ HOTtOMAL GERMAN BONO fUTURES flJFFQ* DM2SO.Q0Q IQOtha ot 100% 


Ecu 

■ ECU BOND FUTURES (MATIF) 

open Set! price . Change 
Jun 88.00 00.30 +0.30 


High 

8838 


Low 

07.00 


Est vol. Open mt 
2,652 10258 


Jun 

Sep 


Open 
9S.J» 
95 31 


Sen price Change 
05.79 -0 04 

95.31 -004 


tfgh 

95-89 

95.35 


Low 

9560 

95.15 


Eat vol Open W. 
114691 102553 

2409 21371 


■ BUND FUTURES OPTIONS flJFFE) QMgSQ.000 pomta of TOO* 


Strike 

Puce 

Jun 

M 

CALLS — 
Aug 

Sep 

Jun 

Jdl 

PUTS 

Aug 

Sep 

0550 

037 

080 

1.10 

128 

028 

0.99 

139 

1.47 

9600 

0.30 

1169 

0.88 

1JM 

031 

138 

1.57 

1.73 

9650 

0.13 

0.41 

0.70 

O.B6 

084 

1.60 

109 

2.05 

Est «4 ratal Cals 2 

1007 FWs IDS46. ftwrtom day's open M.. Ctaa 331502 Pres 2STM5 



NOTIONAL MEDIUM TERM GERMAN GOVT. BONO 
iBOBtXUfFET DM250,000 IQQtttt 0* 100% 


Jun 


Open Sett price Change 
10077 -006 


High 


Low 


Eat vol Open frit 
0 1749 


US 

■ US TREASURY BOND FUTURES (C81) 5100,000 32i Ufa dt 100ft, 

Open Latest Change High Low Est voL Open int 
Jun 103-22 103-22 +04)1 103-24 103-13 340.527 411.391 

Sep 102-20 102-25 *0-02 102-20 102-16 14,050 72.565 

Dec 102-04 103-04 -04)1 102-05 101-2 9 1,236 33.035 


Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

ff-IFFE) VI 00m IQOths of 100% 

Open Ctom Change HBgh Low Eat vol Open int 
Jun 113.12 * - 11121 113-11 1428 0 

Sep 11231 - - 11230 11233 1121 0 

* UFFE attracts traded on APT. Aa Open Merest Age. are tor prevfcua day. 


UK GILTS PRICES 


«#u . 

mt Rod TVut 


. 1094- 
. ar- Ugh Law 


_Wta_ _ 1994 _ 

M M Wcst+a- la* 


_ Yield- - 1894- 

(II fl)Pn»C v«r- Ktft le« 


Sun*- atm SB ft f*m Trend 


Trea wpclfr WHtt 

Ex# !2 l d>C 1091.. . 

TrentarSMtt 

lire taw 

fmapc&uw-m. 

IB'tK 1935- 


riwijtac 1995;*. 

I« KM — . . - 

is'+re. i watt 

EkD I3%gc i«b tt . . 
Cnowi tone r** .- 
tare iviec i«m ~ 
but 10)9x1997 _ .. 
Treat «,pc i997ft 
Isa 15* IW . .. 

fiVKtSM. . 

Trere 7'«pc WMft 
Treat GLpciMS-ttt* - 

JtflL <»-l _ . ... 

Tioai5*:pc«ri . . 
ten&MSM . . . 
imt'jtr 1999): . . 


Rre M IHft w, Tran 

bt* O'sne 1939 

Tress W%pc ISM . 

lmoSfiCIWia 

ttmratMWWicrtM-. 
I'wjrasStt-aa — 
0KM0C8 

fttreuacjdoa. - - 

1QBC 3U01 

***_.- . - - 
*cuia_. 

WrfCWS 

ftcontt- ._ 

HWSTO 


1000 

a aa 
I » 4.* 
31* 

art 

II 56 
I? 47 
13 Id 
11.79 
UK 
1153 
990 
040 
132: 
U1I 
73d 
593 
II SS 
1204 
1037 


10.45 

0 40 

543 

930 

356 

WV 

013 

738 

740 

893 

UN 

09? 


- uxhd 

4 97 KO 
JiKIOliW 
512 KM** 
»UJ « 

5 73 105,'. 
6D(i 109il 
a:? nit* 

B.4H 1 15~ s 
551 112* 
590 10GJ3 
7U6 H4% 
7 05 '0613 
f S iMj'j 
7« irw 
15* 10513 

7.47 iWt 
748 WJj 

7 73 1 21*10 

7bi isn 
7SdH5iW 
773 i«Mi 


7.89 117*4 
rspiul'au 
758 501. 
7 37 1101 Vd 

- sails 

707 IBS's 
8.16 I?3 ij 
013 IBM 
7 95 Mil 
797 MU 
818 1®4 

019 111*4 


Treat 1i*ipc 200 f-4 — 

100 Fintaoaiaww-A 

102 emersion 9)»e 2004— 

TOlU TnsnttpcZOMt* 

Cows 'j pc axe 

liras 12'meawwi — 

ion? 7J.P3006** 

,S a* 200Mtt 

, n Vi 


102,1 

-A 10*33 
_ 10311 
-. 107 il 
98 

-. 10733 

— nr* 

_ It7,8 

-t* I2*a 

IT 1*22, *«# I3)jtew^_~ 

-,v 12113 "«A here 9oc 2000 ft . 

•si 114* W, T 
*1. i uM> 

•A UIU 

*h 11433 
lOSu 
ME 
13'A 
»lg I4QA 

•A I2SU 
>4 I'OA 


112^ TM*8 l aJ*20W# 


.i« 1»A 

*,S 131 A 

10IU 
*A i:ui 
._. 993! 

r,\ 116,'. 

*A I3W 
*& *«A 

♦A 10), j 

U3|3 
-A *2?A 


IQ3A 

12113 
105(1 
SS 

ME 

Treat BIX 2009 

127i 1WS8*«P™*° 

M4A CdnvRKU20li» — 

105,1 Treat 9pe2012tt 

Treat StjtPC 2008-12**— 

Treat Spc M13W 

7 », pc 2012-15# 

Tnns8t.peMi7tt 

115U WiWtWI 

10B>* 

9113 
W3A 
1 

103*2 
12*11 
imu 

m 


9A0 

833 

116d 

74% 

1QM1 

*& 12831 
-H B6A 
+* 125A 

IMA hdn-LMad 

M 


2L68 

814 

107 


41350) 

201 

107 

7.39 

70S 91%M 

+% 105% 
+d 125% 

+& ms,; 

OW 

107% 

123% 









904 

6.4BI25BXI 




706 

608 

97% 

*A 112 U 

95% 





617 

B6fi 

♦A 111% 

BBH 






II Ml 

+% 138A 

11713 




62 4 

Bill 

IM.’. 

l32ji 

10713 

+Ji 1182 
+* 151A 
+i 124U 

*Wii 

130ft 

104% 

2%8B'16 

-jaifl 

146 

837 

611 

2%pcS«tt 07.7) 

4%(IC-3m (135-U 

153 

155 


03 198*1 

350 106h 
343 ICEU 
3J6lfiJ%d 
8S7 110*2 

171 A 
35615411X1 

351 I60S 
3 60 132,1 
363 HI 
3.65 135,’. 
365 I12*j 
367 112 A 


609 

612 

aeu 

+ft 

115ft 

m 

7.42 

706 

B4ftat 

*ft 

BOA 

8*ii 

831 

8.10 

100% 


IZSii 

lie*; 

628 

610 

lOBU 

+A 

127% 

I05|i 

7,12 

78B 

77* 

+ft 

83% 

75% 

608 

607 

«A 

+U 

11TB 

«% 

707 

805 

87ft 

+% 

114% 

84ft 

616 

aos 

107% 

+% 

128% 

104ft 

803 

8281350* 

*K 

159% 

is,; 


Wrt*^ 

™. WarlM03to**t 

St OmSWCWNl-— 
I07*t Trees Spc "66 NL 

97jA QftiDtiI*!PC — — 

KM,’, 


629 

- <8% 

-*a 

59% 

813 

- 43ft*t 


mu 

£03 

- SB 

-a 

71 

Ml 

- 35% 


44% 

823 

- 30% 

-A 

»% 

685 

- 3H 


37% 


46^ 

41JJ 

5713 

Mh 

29*. 

7833 


mridoAneb ripe 2021 

4*49482024 

UUIIbSWS I6>9c2D0B 


-r«sa_ 

H Red 

PrteaC 

+ tw — 

-I994-. 
won lh 

9.15 

£59 

121 ii 


142ft 

12WI 

89! 

944 

iiw 


138% 

*«tt 

0+6 

9.09 

121% 


M2 


8J1 

- 

102% 

*<« 

116% 


686 

— 

101% 


103% 

100% 

11.66 

- 

111% 

-% 

115% 

109% 

1801 

941 

146',) 


tftfi 

144% 

10J! 

- 

131 


149% 

130 

807 

- 

39 



irt 

(157 

- 

35 



28% 

831 

940 

ne 


136% 

114% 

440 

70S 

es% 


78 


- 

43 

!35J, 


1W% 

13b 

. 

4* 

133», 


145% 

123% 

11.62 

- 

142 


1»% 

140% 


• 1JII- bbsl « Tw V) C Auc«V> 


!d B. tfivUeed. Oa*Q a«HlriMe m atiown n pounds. 


6 Upto5yeora(2) 

7 Over 5 years fll) 

0 AO Blocks (13) 

Debentures and Loans 


184.82 

176.63 

176.61 







May 17 May 18 

Yr. ago 

May 17 May 18 

Yr. ago 

+005 

184^2 

002 

2.53 

Up to 5 yra 

3.64 

335 

ZSB 

2.64 

2.65 

230 

+0.14 

17038 

1.03 

1.09 

Over 5 yra 

3.60 

3.81 

3 L50 

3.43 

3 M 

042 

♦013 

17838 

008 

1.77 

— 6 year yield — 

- 

-15 year yield- 

H__ 

— 28 year yWkS 


17 May IB Yf. ago May 17 May 16 Vn ago May 17 May 16 Vr. i^Q 


9 Debs & Loans (76) 131.76 *03B 131.30 1.74 

Airerags gross isdw unio n ytokts are rerawi above. Coupon Bonds: Law OH-ntjfc 


4J6 9.1B 933 9.04 9.17 951 

Medum frH-IOHJk.- Ugh: 11* and Over, f Rat yMd. yid Yore ro data. 


9.64 9.16 9.19 9.69 


FT FIXED INTEREST INDICES GILT EDGED ACTIVITY INDICES 

May 17 May 16 May 13 May 12 May 11 Vr ago High- LoW May IB May 13 May 12 May 11 May 10 

Govt Seat. (UK) 94.79 94.82 94.48 S3.B4 93.77 94.56 107.04 93^0 GR Edged bargains 90J2 88^ 77.1 BOS 88.7 

Ffacad Mareat 11IL62 112.38 112.10 11137 111.48 11053 133JJT 11092 5-day average 86.9 83.8 86.8 929 939 

■ (or 1904. Government Socundw higti since companion; 127.40 (V1735L tow 4&18 (371/7^. Rxsd VlXroat H*gH dneo consasBon: 130S7 {21H/U4) . low 3053 pTl778) . Bash 100= Govormwrrt Sacutoas 1B/TQ7 
25 and Feed frnareat taza S£ sctMy IntSow rebasad 1974 


FT/tSMA INTERNATIONAL BOND SERVICE 


Usted sn t» latest MgnMtan* bonds kx wNch Here to an adsquNa Moonday marfreL Lataat prices at 790 pm on May 17 
tamed Bfci Odor Chg. VMd bsuad Btd Ofltar Chg. 


VMM 


Isauad Bd OBtr Chg. YMd 


U& DOLLAR STRAIGHTS 


MwrfVwnce0^95 . 

Ausma 8h 00 

0a*dTt*yo8*|96_ 

BdguiiB^sa 

BRX71|B7 

BMBtvGaaOZI 

Canada 9 96 , 


Ctauig Kong Ri 5*2 98 . 

Q*a0*iQ4 

Ccuxd Bropa8 98 „ 

Qaa fonder 6*2 99 

Dsnat 51| 98 

ECSC0*«96 

EEC 8*4 96 

BB73|98 

BB9t« 07 . 


BacdBfare»9S8 — 

BioimaB’sQa 

Ex-frn Bank Japan 8 06 . 
Eqm Dev COrp 9*2 98 . 

Fsftnd T\ 97 . 


ftmdl Expert 3*| 95 — 
Fort Motor CWcSt 6^ 98 . 
Gen Boc Captd 98 _ 
GMflCSkW 


VxJ Bk Japan fin t\ 97 . 
Warmer Dev 7% 96 — 
My 6^ 23. 


Japan Dev Bk 8>g 01 

Kansa Elso Piw 10 96 - 
Korea BecPawSJj KJ . 
LTCBR1697 


Maaustai a* 7*4 
ttptxr Oed a 10% 95 . 

Merwy7>4B7 

Oreaco 7 *b03 


.If 203*, I97=J 

— 113A «a 

-,L 17S7, 1661, 
-rti 1731* 163 

-A "Mi "0's 
1,1 184JI 17DV 
-i« 168,-; im,; 

»,i 1751, 160,1 
»,*. 1«l, 1114. 
-J, I 57 A 140'j 
♦ A IHii *3«*« 
-,i is,; "a.; 

*4 123(1 "Hi 


QSbt KtanttRartr B>2 01 , 
PetidCanada 7** 88 — 

ftrtjgdjatCB 

Quebec Hydra Bit 98 

Quebec Piw9» 

Sansbwy fll* 98 

SAS H)99 

5BAB fllj 95 

SNCFBljffl 

Span 6*2 99 


i fSW 8*2 98 . 
SMdm&l2 95. 


and p 5%. (W Figures si panmmases snow HPi base tor 
Indexing fie 0 mornhs prior to issue] and hove been adjusted to 
rennet rebasmg el RPI to ICO in Januay 1987. Cotwervon Ctctca 
3.945. HP1 for ftucia 1093 1413 arst tor Marcn 1994: 1425. 

Other Fixed Interest 


Nates 

ASicai DeviN* ZOIQ 

Atan Dev KKtDC 2009— 
01am MijpcJou. 

nbnd Capliaix 10 — 

Bpc Cap 1905 

•3KV7-2 

HNnOirtWl&KSO". 

Usdj 1 3 1 2 K?00b 

Ltarpogl SijpckrM. 

uxapc-aiw. 

tfereiwsfcr l Pmk 2007 _ 

MHtwTr. ape'r.. 


arectsti Erpart 8% 96 _ 
Tokyo Bee Power B3i 06 . 
Tdcyt Mdropcfis 6*4 9B _ 

Toyoa Unlor S*| 99 

Lhttd Kingdom 7'« 02 — 

Vteid Bank 8*j 99 

VltaldBankSli 97 


DEUTSCHE MARK SHMCHTB 

/usnaehM 

Creta Force 7*4 03 

DanmartiSlfl* __ 

Depia Finance filj 10 

DeuchaBS fin 7h 03 

eCSC8%96 

EEceijai 

BBWtOO 

Rniana 7lj 00 

fcitr?'** 

NBW^6*s9a 

Ortas P* 04 

Span TU 03 

SmdenSW 


.woo 

91 

91% 

V% 

704 

— ADD 

W4% 

104% 


615 

_ 400 

105 

105% 


708 

_!« 

103% 

183% 

4% 

£53 

-250 

WB% 

10B% 


721 

_ 150 

102% 

103% 

1% 

668 

1500 

10*1 

10% 


655 

1000 

104% 

W% 


637 

-500 

89% 

90% 

♦% 

635 

1000 

85*4 

85% 

+% 

807 

- 100 

K»% 

103% 


654 

-SB 

WB% 

106% 


704 

1000 

w% 

90% 

♦% 

686 

- 193 

103% 

104 

4% 

673 

- 100 

W3% 

103% 

+% 

OS3 

-250 

102% 

102% 


651 

1000 

108% 

107 


702 

_an 

IDS 

106% 

1% 

7.14 

-100 

104% 

105 

-% 

6S2 

-BOO 

101% 

108% 

+% 

708 

_ 150 

W0 

108% 

♦% 

7.18 

-an 

W2% 

103% 

♦% 

801 

-200 

104 

104% 


633 

1500 

98% 

97% 


708 

300 

105% 

W5% 


658 

- 200 

W3S» 

104 


601 

-200 

102% 

103% 

♦*4 

680 

-200 

W2% 

W2% 

♦% 

058 

3500 

82% 

83 

+% 

806 

-500 

104% 

104*; 

•+% 

755 

- 350 

106% 

106% 

-% 

640 

1350 

86 

88% 

♦% 

673 

- 200 

102% 

103% 

+% 

601 

1000 

98% 

97 


708 

-160 

104 

104% 


650 

1000 

Wl% 

101% 

+% 

685 

3000 

96% 

97 

*% 

605 

-200 

104% 

105% 

4% 

707 

-200 

101% 

101% 


656 

1000 

88% 

86% 

♦*« 

708 

150 

W7% 

W6% 

♦% 

704 

-200 

105% 

105% 

♦% 

7M 

- 150 

104% 

105 


607 

-200 

107 

107% 

+% 

615 

-500 

103% 

104 


679 

- 150 

108 

106% 


700 

1500 

96% 

96% 

♦% 

703 

-200 

103% 

103% 


679 

2000 

B0% 

99% 


600 

700 

103% 

103% 


641 

300 

W«% 

W*% 


670 

-200 

103% 

103% 


664 

1500 

95% 

95% 

♦% 

700 

3000 

97% 

97% 

♦% 

705 

1500 

105% 

105% 

+% 

70S 

1500 

105% 

105% 


671 

ano 

88% 

88% 

+% 

745 

2000 

101% 

102% 


635 

2000 

101% 

101% 


579 

1500 

37% 

97*; 

1% 

675 

2000 

103% 

104 

♦% 

696 

700 

107 

107% 

♦% 

502 

2900 

101% 

101% 


621 

1600 

100 

100*4 


625 

3000 

104% 

104% 

-% 

£49 

sna 

104 

104% 

+% 

601 

1500 

«n% 

101% 

+% 

573 

1500 

94% 

9S 

♦% 

699 

4000 

102% 

102% 

♦% 

60S 

2500 

106% 

!U% 


503 


IMad Kingdom 7*8 97 . 


.5500 104% 
.WOO lOOifi 
.2000 M4| 

94*4 

113 


3000 


.1260 


104% 4% 

100% *% 
25% 

94% ♦% 
113% V% 


AoHb4%00 . 


100 103% 
100 
250 101 


1000 


08 6% 04 

Bee da Raice 7% 08. 
mm 7% 99. 


1000 


Hyundai Motor fin 8% 97 . 


.300 10B% 
. 100 110% 
.300 109*2 
.100 107% 












WbridEM(701 

600 

YBISTRM3KIS 

Bdtfum599 

75000 

mm a% 98 

Hsr Amer Der 7% 00 

5QQ0Q 

30000 

JdpeiDev Bk5 9fl 

Japan Dev A 6% 01 

100000 

— 120000 






125000 







Gerftnmoa Lin 0% O Lft 
watiBmsgeLFr — 

1000 

1000 


85% 

111 % 

89% 


95% 


105% 

114 


103% 

100 % 

101 % 

99% 

108% 

111 % 

110 

109 

111 

107 

104% 

as 

112 

100 

110 % 


105% 

113% 

107 
117% 
05% 
106% 

115 

107% 

108 
114% 
109*4 
104% 

108 


-% 

+% 

* 

+% 

-% 

♦% 

♦% 


-% 

1 % 

4% 


588 

£98 

688 

583 

601 


56B 
450 
445 
448 
5*7 
5*7 
5.18 
5m 
Sl82 
5J30 
68B 
6 S3 
SL51 
iio 
5.11 


Mbay Nal Treaauy 8 03 E . 
Aiance Lace 11% 97 E _ 

Brteh Land 8% 23 £ 

Dervnafc 6% 98 C 

BB10B7C 

Hate 10% WE 

Hanson 10% 97 E __ — 


fray 10% 14 E — — 
Japan Dw Bk 7 00 E 
Lard Seta 9*2 07 E _ 
Ontario 11% 01 E. 


Foaogen8% 03 E 

Se*amTnw11%89E_ 
Tckyo Bee Power 11 01 E 
Abbey Natonal 0 98 MZS _ 

TCNZRn 9% 02 N2S 

CBW1096FFT 

Bee da Ranca 8% 22 FR . 
97X79*4 97 FFr 


1000 

95% 

95% 

♦% 

670 

-100 

109% 

103% 


708 

- 150 

90% 

90% 

+% 

1613 

-800 

96% 

98% 

»% 

704 

-ear 

106% 

106% 

-% 

7A0 

- wo 

106% 

107% 


703 

-500 

108% 

106% 


608 

-153 

113% 

113% 

+*4 

927 

-400 

111% 

112% 

1% 

619 

200 

M% 

95 

+% 

am 

-200 

101% 

102% 

+% 

904 

.100 

111% 

111% 

♦% 

800 

250 

100 

100% 

+% 

887 

150 

111% 

112% 


857 

- 150 

111% 

112% 

*% 

670 

_ WO 

6*% 

85% 

*% 

703 

- 75 

107% 

106% 

+1*4 

705 

2000 

104% 

104% 


500 

3000 

111% 

111% 

♦% 

7J8 

4000 

W7% 

108% 


619 


RjQATWQ RATE NOTES 


toted 


Bd 


Otfcr Oxpn 


-% m 


-% 


wo 
108 
100 

BaA Vocr Nad Gem 7% 02 H — 1000 104% 

Enagb Brtxer 9% 98 H 500 108% 

MrotaRntnos 10% BSCS 500 104% 

Brf Canada 10% 09 CS ISO 100% 

Bntoh Odumbla 10 90 CS 500 100% 

QB 10*a 96 CS 130 108% 

Elec da France 9% BB C$ — 275 104% 

Gai Bee Captot 10 96 CS 300 1(0% 

lOWki Hn 1001 CS 400 104% 


Mppcn 7*1010% 09 CS. 

6M omeoscs 


-200 105% 
.1500 04% 

Onato Hydo 10% 09 CS -500 107% 

OswKonwfca* io% B9 CS „ 150 105% 

OiMbac Rtw 10% B8 CS 200 1(S% 

Bet^m 9% 96 Ecu 1250 105 


1100 109% 
. 125 104% 
1125 10B% 

FanodetSat 10% 00 Ecu 500 109% 

Ity H>% OD ECU 1000 115% 


Crenel Europe 9 01 Ecu 
Cref* Lyomto 9 06 Ecu 
SB 1097 Ea 


675 Span 096 Ecu 


.1000 105% 


ADC 10 99 AS .100 105% 

BPAmerta 12% 96 AS 100 1(JT% 

CWn Bs An** 13% 00 AS ... IDO 120% 

ft a p ortS nm s i2% 85 At 75 106 

t4cOenrtliCcnadai595aS .100 108% 

NSW Tmesiy 2m Q 20 AS 1000 10% 

RilBa*7% IDAS 125 90% 

StiAua&MRn902F3 ISO 97% 

Untam Anarta 12 S8 AS 150 111% 


101 

109 

101 - 1 % 
104% 

109% 

104% 

108% t% 
100 % 

107% 

104% t% 
103% 

105% 

106% *% 
94% 

106% 

106*2 1% 
105% 

105% 

109% »*« 
104% 

108% 

110 1% 
116% t% 

105% 

1K)% *** 

105% -% 

1»% 

120 % -% 
108% 

109% 

10% ♦% 
90*2 
«*4 
112 


-% 

-% 


308 

205 

308 

428 

304 

417 

201 

110 

390 

435 

345 

410 


1AX 

7.13 

709 

608 

630 

705 

904 

807 

614 

073 

828 

900 

602 

0.(7 

683 

OBI 

888 

014 

722 

064 

040 

701 

757 

621 

7.13 

6.70 

7.48 

678 

623 

055 

807 

W1 

036 

a« 


Banco Fbma 099. 
Bdgkm A97DM . 
BRX-002 99 — 
Bribnnta 0.10 86 £ . 
Ctnada -% 80 — 
CCCtOCBEcu 


Credl Lyonnaa A 00 . 
Denmark -% 96 


Faro del St4 OW 97 . 

Fkfcrd037 

HBMnBSASSe — 

ketralOSB 

Italy % 98 


UoydS Bank Parp SOW. 
'i05 


Maw Zentond -*| 09 . 

CrtenOO® 

Herds 033 


SodenQ9iarte096. 


SaaaBhUcranaQOSflg. 
SaadenOBS 


IMed Kngdcm-%96 . 


WOO 

9611 

8926 

-an 

9676 


-500 

ioo or 

10017 

-aso 

9675 

9906 

150 

9933 

10003 

ano 

9620 

9629 

-200 

9800 

9606 

300 

9628 

PHW 

1000 

6644 

9906 

1000 

9906 

WOOS 

.420 

worn 

10025 

1000 

9904 

9682 

.350 

9697 

10005 

.300 

oarw 

9675 

2000 

10031 

10038 

1000 

9935 

9944 

eoo 

6235 

8305 

.650 

8644 

9904 

1000 

ootn 

96)0 


99.18 

9926 

.an 

9635 

9904 

.300 

9943 

9009 

0333 

9995 

warn 

125 

pore; 

9900 

1500 

10006 

100.13 

4000 

9674 



07658 

30750 

58750 

3.4175 

58500 

43125 

62500 

50000 

37500 

54688 

40375 

34141 

52500 

344U 

41250 

45S2S 

41000 

Siiann 

30125 


51250 

40312 

5E84B 

38344 

375C0 

30290 


CONVSTTIBLE BOtffiS 


Ccm 



txgusd 

Prior 

BU 

Otter 

Flam. 

Qrwnhg-ftno 6% 05 

— 400 

52% 

91% 

®% 

+72.10 

Chubb Captal 896 

— 250 

96 

103% 

104% 

+12E2 

Saafrnai Kodak 6% 01 

— 300 

4102 

107% 

108% 

-L2D 

Goto Krtgoreh 7% 00 

65 

10554 

110% 

112 

+2603 

Hanson 9% 06 (! 

— 500 

20875 

11S% 

116 

+11JH 

HewlByPral6Q2 

— 400 

161 

136% 

136% 


Land Sees 6% 02£ 

— 84 

6l72 

KE% 

103% 

+9t^ 

Lasnv>7% 05 £ 

— 90 

504 

87 

88% 


MtauBre*2% 03 

— 200 

23320 

80 

91% 

+1803 

Mount Isa Fin 8% 97 

— 100 

37m 

107% 

108% 

4238 

Mari Row 6% 06 £ 

— 250 

433 

109% 

1»% 

ATS 

OQ/tenfiffi 

85 

31077 

ar% 

86% 

+8841 

PereiiDl4% 03 

_ 500 

117% 

S3 

94 

+2301 

SuTrirern Bank 3% 0« 

— 300 

36060 

88% 

®% 

+1547 

SwAiaree7% (fit 

— 155 

30 

86% 

89% 

+1703 

Teem Captai 9 05 £ 

-200 

201 

114% 

115% 

+2647 

Taos iwnrmno 2% 02 300 

82% 

104% 

105% 

+1601 

No ■famaaun inrHfcffifi - 

Frowoue CaY* price 



t (Wy one now mawr eppfiad A pneo 





SlRMCHT BONUS: The yrtd d fta yvM n redarfWn H fts bdprkrei die annul bsued b in Mdons ot currency uida. Chg. <kV=Oi»ge on day. 

RMma FlMli NOTES: Oenamnanaf httobaa urease tytoretaa KkaBad. Chaaon ahosn is mHmin. SpnxtMsgn dan "5-iTienft tAsrad rare (taveMixm 5rtnw maai ta w Cfln=lta 

COKVBmBlE SOWOS: Psnonxaied 1 «i atlas uraaaa renasiiBs Intaeaial Or*. priarMompg anssia ot bond pa ehas erprassd n axenev ot ftara re cenwertian mm a»«i a m. p M .n^ MmB rrrmhni re t» 
coon etacM pnM at aocexing ahns vis fta bend mar fr« moat raw pros cl Bx shares. rre,*««nregs premtin ci fta 

O The Rnama Tmn Ud, ISM. Hocrtducann n rtKls or n put ri vt, tom not pnmtaod nMu 


I ansant Cdu euppied ay I4xnretoul SecuPM MaiM ttoacubrei 





12 



20 


ABTRCST ATLAS FUND 
(the ’Carapeny*) 

Sodfa£ tflsvcstinenKai & Capital Variable 
Rcgwnerf office 13 rue Goethe, LI 637 Luxembourg 
R-G Luxembourg B-27.229 
NOTICS tO SHAKEHOLD8BS 
Tbo danhaUca an hereby informed that 
As Amaual General Meatutg of SharduUen at Abcras Ash* Fund will be beU U in 
office u LX rue Goethe, Lmanbomj « 2*0 pa- on Ttaaday 26 Ms*. 1994 tar 
Ae l»pac ofoooridafog ud woAs epos ihe CaOtKrieg mattecR 


1. Acceptance of the Chafaoaa'i Review and AudStoi's tepoa and approval of the 
financial iblcflKafa far tbc jar ended 31 huttrj. [994. 

Z Pi Mrito too ot Bffri drriOcad- 

3. DbcfauyofiheBnenlof Pli «a nu ien«< AmhtOf. 

4. AppOmineat of U additkmal Director. 

5. Ejection ad re-eiecsk* ot Oireano. 

8. He-dectkmof AaifitM. 

7. MKrrThnrmH. 

An Enraar&nary Gaunt Meeting ef SharMuMers at ABTRUST ATLAS FUND wffi be 
hefal at the SUM addicas an 26 May, 1994, mvn e dWrl y aOra lbs Agara l Ceeenl Meeting 
rotated to aba**; to (be ptnpose of eoaddering and voting spot the ftrfknring oaoea: 
Agenda: 

1) lb change the comae practice of jmdtig Strata at a bid and aSct pace to the (hoc of 
Stum at a price baaed on tbc act asset nine per Sian with tut initial charge aa 
dented In the Company's current prospecna. and amendment of article 5, *. it. 22, 
23 and 24 of the Articles to reflect thi* dredge. 

2) Dcteritni of the hat pa ra gra p h of gtfrfc 5 sod amrnriTncm of the ttacg list p ara&tajira of 
snide 2 1 of the Articles. an as to provide far (be poaatbOitjt far the Board to decide the 
redemption of ail oo t a tiiadi i t g Safes of the Qampaay. qc die toaa unrt an of a etas, the 
merger between daises of the Company or the merger of a cUis with another 
Luxembourg (JOTS if the Board deems it appropriate because of changes in fan 
economical or political statute affecting the Company or the relevant clam or because 
It is in the best interest of tbs relevant stureboUcts or if the not asset value of all 
ooiMBwfing Store* is tower Ana 10 mllttoa US Dollars or its net asset value of arty 
class is lower (ban 300*00 US DoiUcs or its equivalent In soother currency, the 
tetmtetioo of a cbm o r the m erger between ctmses of the Company or of sclsss with 
soother Uveembovg UCTTS being ot herwis e subject to dam meetings of the class or 
cfasacs to be terminated or mergd, deliberating valkfly without quorum and at r skiqrfe 
atrocity vote. 

3) Amendment at article II of the Artlcta in order to s p ec i f i c a l ly provide for the hofcfing 
of data meetings hi case d ce lskiiH are only concerning the particular rights of the 
rimrehoUan of one or several classes. 

4) Amendment of glide 26 of the Artidc*. so ae to provide for ttie d grimi ian of di vi Jui i ds 
on the Shan of cub pontbiio at class meetings of the reievam dsases only. 

3) Amendment of snide 20 of thn Articles to retd ss fallows 

•The general meeting of sbarcbohkxs dull appoint a *n£visenr dtoncprtses agree* who 
shall carry out ihe dmiei p re sc rib ed by snide 89 of the 1968 law*. 

6) Addition of a new p ar a g raph to article 21 of the Articles, after *e fifth paragraph, to 
provide far the posribitity for the Board of Ureeura n accept rcdemptum in kind. 

7) MisoBiIaa» 

Voting: 

Resolutions ae the agenda of the Aitraal General Meeting wfli require no qoonrm and wii be 
taken u the majority of the voces expressed by the shareholders present or represented at the 
meeting. 

Resolutions cm the agendi of the Exmonfl nary General Meeting require S quorate of one bstt 
of the Shares issued ami ouwtaadhig and will be taken at the majority of two thirds of the 
votes expressed fay Che shareholders present or represented si toe meeting. 

To attend the the owners of bearer Shares are req ui red to depo si t their Shares five 

dear days before the meeting si the registered office of the Company. 

Voting Arrangements: 

Sbarehotdecs who cannot attend the meetings in person are united to send a duly c om ple te d 
and signed proxy farm to the tegisKtcd office of the Company » arrive not beer than 24 May, 
1994. Proxy farms wil be sent to re g hscred sbarch alders with a copy of this Notice and can 
«ho be obtained from the legi tte r c d office. 

The shareholders are further informed herewith that the Board of Directors has decided to 
merge certain of AagMMteof the Company with other portfolios of the Company, as they 
deem ibis to be in the bem interest of the shareholders. 

(i) the United Kingdom Portfolio will be merged into the UK Growth of Income Portfolio. (0) 
the eurtiftuu Angbflo will be merged Into the Conti actual Europe Portfolio and (HI) due 
JaponSuoUtT Campania Portfolio vr3l tie merged into the Japan Portfotkv- 
Soch mergers win benranc effective one ft) month following this Notice. Shareholders at the 
United Kraptora Portfolio, of the Eiuupcfcm Portfolio and of the lepen Smaller 
RMfbBo who do not agmo with the magns ire entitled to redeem there Shares untfl 6 fane, 
1994, free of redemption charge. 

On 7 fane, 1994 in exchange for their Shares m the portfolios being merged all AsrehoUem 
not having redeemed their Shares will be entitled to sad will auUxnatlcaHy receive an 
appropriate number of Shares in the absorbing portfolio correapoodhtg to then respective 
sberehoUlngt in ibe original poctMta. Continuation advices of thnit mnsbet at Stares will 
be sent to the shareholders. The tedders of certificated Shares ot the United Kingdom 
Portfolio, of the Eatoprivx Portfolio and ot the Japan Smaller C mu puses Portfolio thordd then 
return their ceitifieitts to the registered office of the Company to receive new certificates 
reflecting their new shareholding 

The number of Stares to he aHocased to each shareholder stall be based oatbe respearee net 
met vibe of the sbwxbtag portfolio and of the origtel portfolio on 7 fane, 1994. 

Tha shareholders of Ihe ponfoikn bciag absorbed should be swase of die fallowing: 

L The Untied Kingdom Portfolio to be absorbed by the UK Growth of Income Portfolio, 
by amnfouion of all the assets and liabilities ot the United Kingdom Portfolio to the 
UK Growth of Income Portfolio, against comribulioa to the shaiehUdets of the United 
- Kingdom Portfolio of so appropriate number of Shoes of the UK Growth ot Income 
Portfolio, propottiaomn to their shareholding in the original portfolio. 

The i t iveatme n t policy of dm UK Growth of Inoome Portfolio it to achieve long term 
capital growth of Income through la vestments in UK companies which, la tool, offer a 
dividend yktd m excess ot tho yield avaSabk on the FT- A AH Shore Index. 

The currency of denoodnatioa and the investment advisory fans of both foe absorbing 
portfolio and of the portfolio being abrofoed ire Identical. 

2. The Borapriva Postfolio to be absorbed by foe Goaturoaml Europea Portfolio by 
contribution of aD the amets and ikhflloes of the Bmopriwa Portfolio to the Goatinental 
Europe Portfolio, against oortritratioo to Ihe afaarctoUsn at foe Europrivu Portfolio of 
an appropriate number of shares of the Ctatmcnts] Europe Portfolio, propo rti onat e to 
their shareholding in the original portfolio. 

The investment policy of foe Con tin ratal Europe Portfolio is to achieve long term 
capital growth through investments in equity secu r ities of compaoks whose p ri n cip al 
activities are based in Continental Europe todnding Scantflnaviu. 

The currency of d ca o mnurf on of this portfolio is Demaefamarit (aa opposed to foe 
E mupr l vj Portfolio's currency of denomination which b Sterling Pounds). The 
absorbing portfolio may be protected ag ainst c ur re n cy o c hni g n risks by the use of 


The i n v es t men t sdvraury fees of both foe absorbing portfolio and of the portfolio being 
absorbed arc Identical. 


3. The Japan Smaller Companies Portfolio to be absorbed by the Japan Portfolio by 
oartribnfom of all Ihe assets asm liabilities of the Japan Smaller Onmpsnirs Portfolio to 
foe Japan Portfolio, optost comrfoudao to the staareboUets of Ac Japan Portfolio, of 
aa appropriate nnraber of shares of the Japan Portfolio, proportionate to their 
sbarchotdtog far the original portfolio. 

Tbc inv um r ent policy of foe Japan Portfolio is to achieve bag terra capital growth through 
Investncate hi equity securities of companies whose principal activities are bused at iapen. 

The c umiw y of dt unuib s ii o u and b v es tm ea t odvisoiy fees of both tbc absorbing portfo l io 
end of foe portfolio absorbed ere IdenticsL 

The BaKd of Otreana 
S May. 1994 


IF YOU GO DOWN TO THE WOODS TODAY — 

One dung is certain as A when bear markets arrive, the vast majority of investors 
will softer whilst tbc lmuwlcdgcabk will pick up the bargains of a lifetime.' Avoid 
the pitfall* of investments in the 19*4)3 & ring 061 474 0060 cu book yonr FREE 
place at the IDS Gann Seminar. 


One Chart Equals One Hundred Stories 

5 :*■!—»• fi-r.'C.'i j"l .■ ,'fc. 

r-'r : ;; • DC’C^S>' 

• c •-ic"": * t-.t'leit rt">l c«uv>nr:cr: choii i.'c-o;*. • 

■ :^et ; you ecu Co-, .t rci.y si S s;i '©; rie'.ti's 

,-.nrt-.r,Tl nrj :-.;i ni...; -,ig, d ' -• -Ititif. 


FINANCIAL TIMES WEDNESDAY MAY 18 1994 


NOTICE OF AMENDMENTS TO TERMS AND CONDITIONS 

HYOSUNG (AMERICA), INC. 


US$50,000,000 

Guaranteed Floating Rate Notes due 19 96 


Hyoaung (America), lac (the "Issuer 11 ) hereby gives notice to the balder* 
of the USS50.000.1XX1 Guaranteed Floating Rates Notes due 1996 (tbc 
"Notes') (each a 'Noteholder" and together the •Noteholders") that at a 
meeting of the Noteholders held cm 6th May 19*94 at 3pm (London time) at 
the offices of KEB International Limited at Guildhall House, 81-87 
Gresham SirecL London FC2V 7EB the following extraordinary 
resolutions were passed; 


(a) THAT the Terms and Conditions of the Notes be and they ore hereby 
modified by deleting die wards "falling in July 1994 or in Inly 1995' 
and replacing the same with the words "falling in July 1996" in 
Condition 5(c); and 


(b) THAT in consfcfcrathm of the variation of the Terms and Conditions 
of the Notes aa sped Bed above the Issuer sbaR pay to die Noteholders 
on 19th July 1994 a tee of 0.15 per cent of the principal amount of 
Nates held by such Noteholder. 

Tents used in the Terms and Conditions of the Notes bear the same 
meaning is this notice. Copies of a Supplemental Offering Circular, 
supplemental to dw Offering Curator dated 10th July 1991, are available 
from the Luxembourg Stock Exchange and the Paying Agents. 

This notice is governed by, and shall be construed in accordance with, 
Rn gliah |gw. 

Fiscal Agent 
KDB Asia Limited 
Suite 2IQD3 
TNvo Exchange Square 
8 Connaught Place 
Central Hong Kong 



COMPANY NEWS: UK 


Higgs & Hill 
rights to fund 
land purchases 


By Andrew Taylor, 
Construction Correspondent 


Hfess&HRS 


Higgs & Ifin yesterday joined 
the growing band of builders to 
announce share issues to pay 
for bmisfyi g lanri purchases. 

The company plans to raise 
ijy nffpri^g sharehold- 
ers one new share at lOSp for 
every two already held. It has 
agreed to buy 78.6 acres of 
land, more than half in 
south-west England, for 
£22 .5m. 

The land on 13 sites Is suffi- 
cient to buflri about 930 homes, 
said Mr John Theakston, chief 
executive. More than four 
fifths of the land, 87.2 acres, is 
being acquired from pn g i ^h 
China Clays for fflSAn 

Rn gtish China Clam pre- 
viously announced its with- 
drawal from housebuilding and 
is in the process of demerging 
its building materials business. 

Higgs & Hill’s share price 
yesterday fell by lOp to 122p. 
The land ha* 1 been, acquired at 
a price of about £24.000 a plot, 
compared with an average 
house price of £82,000, produc- 
ing an estimated gross marg in 
of 18 per cent before selling 
expenses, said Mr Theakston. 

At tiie end of last year, the 
company owned 1,200 plots 
with p lanning permission at an 
average cost in the balance 
sheet of £23.000 each. The num- 
ber of plots will now increase 
to more than 2,000. 

This will enable the com- 
pany, which previously has 
operated mainly in south-east 
England to increase the num- 
ber of homes It builds annually 
from 332 last year to 650 by the 
end of next year. 

Ihe purchase of three of the 
sites would depend upon 
revised planning approvals 
being granted. En glish China 
Clays bad agreed to carry out 
off site works on a fourth site. 

Under the terms of the deal, 
213.7m would be paid to 
En glish China days immedi- 
ately; £3.7m on award of plan- 


Shara pries (pence) 
150 



eowtatoFIGiapWt* 


ning and completion of works 
with the final £L9m to be paid 
by December 18 next year. 

Higgs & {fill said that at the 
end of April it had net cash of 
between £3m and £4m, but 
expected to move to modest 
borrowings by the old of this 
year to meet the cost of estab- 
lishing a new division to the 
south-west and other land pur- 
chases. 


Tim timing of the ra<h nan is 
not the best given the sharp 
rise in h mining land prices ftnd 
the recent pressure on house- 
building stocks. The market 
therefore was duly suspicious 
of the value to be g* fried from 
buying sites which to the case 
of English China Clays have 
been on the market for more 
than a year. On the other 
hand. Higgs & Hill manage- 
ment is hi g hl y regarded and 
profits of £12£m in 1996 would 
leave the group on a prospec- 
tive p/e of under 10 on an ex- 
rights price of 123p. The rights 
therefore, should be supported, 
but the market is getting 
fatigued by the volume of 
shares being Issued by house- 
builders. 


NEW ISSUES 


Pillar Property flotation 
value likely to top £175m 


By Simon Davies 


Pillar Property Investments 
yesterday became the ninth 
property company to come to 
the market this year. Pillar, 
formed in 1991 by Arlington 
Securities, the British Aero- 
space subsidiary, will be val- 
ued at more than £17Sm. 

The company has built up a 
portfolio of 25 properties val- 
ued at £330.4m, having been set 
up with £70m cash to capitalise 
on collapsing property valua- 
tions. 

its initial shareholders were 
British Aerospace, Electra and 
General Electric. A year ago, 
British Aerospace sold its 
stake to its partners, and 
Arlington's founders, Mr Ray- 
mond Mould and Mr Patrick 
Vaughan, were brought in as 
minority investors. 

Mr Humphrey Price, finance 
director, said Electra and Gen- 
eral Electric had not decided 
whether they would sell part of 


their bedding to the share offer, 
but the management will 
retain its interest of about 10 
percent 

Analysts said that like Capi- 
tal Shopping Centres - the 
£209m retail property flotation 
earlier this year - Pillar 


quality assets, but the success 
of the offer would hinge upon 
pricing. 

ft is being issued in a com- 
petitive market, following the 
publication last week of the 
pathfinder prospectus for 
Argent, another relatively high 
quality property grotqi. 

Pillar has a geographically 
spread portfolio, comprising 35 
per cent office space, 20 per 
cent office park, and the 
remainder to retail and distri- 
bution. 

Its current annualised rent 
roll is £23.7m, substantially 
higher than financing costs, 
and 67 per cent of its rent is 
derived from FT-SE 100 compa- 


nies or government bodies. 

The portfolio was put 
together by Mr Robert Masted, 
a former director of Speyhawk- 
He will be property director of 
the listed company, but Mr 
Mould and Mr Vaughan will be 
fairing on a more active man- 
agement role, as chairman and 
chief executive respectively. 

As founders of Arlington 

they developed an expertise in 

business parks, and made an 


Nightfreight 
raises 
£16.1m to 
cut debt 


By tom Hamilton Finny, 
Northern Correspondent 


astute call on the property 
British 


market,, selling to Britisl 
Aerospace at close to the 


It is unclear what impact 
th eir return to Hilar will have 
on its investment strategy, 
although it suggests the group 
will be looking at property 
development opportunities. 

Barclays de Zoete Wedd is 
financial adviser, while Klein- 
wort Benson is broker to the 
issue, which is set to be 
launched within the next two 
months. 


Redrow at 
5% discount 
on first day 
of dealings 


Amey to raise £10m 
via market listing 




NIGHTFREIGHT 


By Anchew Taylor 


Minproc sells stake 
in Bakyrchik Gold 


By Kenneth Gooding, 
Mining Corres p ondent 


Shares in Bakyrchik Gold, set 
up last year to exploit a gold 
mine to Kazakhstan, fell by lOp 
to 315p yesterday after it 
revealed that its biggest 
shareholder had disposed of a 
19.1 per cent stake despite 
giving an undertaking last 
August that it would not sell 
any more shares for at least a 
year. 

The shares were placed on 
behalf of Minproc, the Austra- 
lian group, at 300p each to 
raise about £9m. 

Minproc was the second 
founder-shareholder to poll 
out of Bakyrchik. Only five 
days after trading began on 
the London Stock Exchange, 
Chilewich, a New York tra- 
ding organisation, sold 
virtually all of Its 25 per cent 
stake. 

Minproc also sold about 5 
per cent then but also gave 
its undertaking to keep 
the rest of Us shares for 12 
months. 

There was no hint about 
these sales in the documents to 
connection with the £9m plac- 


ing, at 120p a share, by Wil- 
liams de Bros. 

Mr David Hooker, Bakyr- 
chik’s chairman, said yester- 
day that Minproc was in the 
throes of a necessary financial 
reconstruction and had asked 
Bakyrchik to be relieved from 
its undertaking. 

He said that “while the dis- 
posal of Axis large stake by a 
founder is regrettable, as we 
have a fi na n cing later this 
year we thought it better to 
release Mtoproc from Its under- 
taking, rather than go into that 
financing with a major share- 
holder reluctant to take up Its 

ri ght* " 

The shares were placed with- 
out difficulty with new and 
existing institutional share- 
holders “who have the finan- 
cial resources to support 
future funding of the Bakyr- 
chik fflinp to Kazakhstan," he 
added. 

Mr Kevin Foo, chief execu- 
tive, said the Bakyrchik joint 
venture was on course to pour 
its first gold to July and a fea- 
sibility study about a second 
stage, to cost some £100m. 
would be ready by the end of 

this mo nth 


first day dealings to Bedrow, 
the latest housebuilder to 
come to the market, ended 
with the shares trading at 
I28p - representing a 5 per 
cent discount to the issue price 
of 135p, writes Andrew Taylor. 

At one stage the shares had 
been as low as U8p but recov- 
ered by the dose. 

The issue, which raised 
£55.4m of new money for the 
company and £62m for Mr 
Steve Morgan, the founder and 
chief executive, has fallen foul 
of the recent fatigue regarding 
new issues, particularly by 
housebuilders. 

Of the minimum 21.75m 
shares offered to the public 
only 17.12m, or 78.7 per cent, 
were taken up. 

The issue was folly under- 
written by Barclays de Zoete 
Wedd, with Cazenove acting as 
broker. 


Amey Holdings, one of the 
UK’s largest private construc- 
tion companies and the sixth 
biggest roadbuilder, plans to 
raise about £10m in new 
money when it comes to the 
market next mouth, 

Existing shareholders, 
including Close Brothers 
which holds a 25 per cent 
stake on behalf of approxi- 
mately 30 Investment institu- 
tions, also expect to raise £10m 
by selling some of their hold- 
ings- 

Amey, which issued a path- 
finder prospectus yesterday, is 
expected to have a stock mar- 
ket value of about £5Qm when 
the price of the issue is 
announced on June 2. 

The shares will not be 
offered for sale but will be 
placed with Baring Bros, spon- 
sor to the issue. James Cape) 
will act as broker. 

The company, previously 
part of fhe ARC b uilding mate- 


rials and construction group, 
was briefly a Hanson 
subsidiary when ABC was 
acquired from Consolidated 
Goldfields by Hanson in 
August 1989. 

Amey was sold almost imme- 
diately by Hanson for £6.5m to 
Amey directors: Mr Neil Ash- 
ley, executive chairman, Mr 

Eddie King , managing director, 

Mr David Cawthome, finance 
director and Mr Richard Doug- 
las, manag in g director of Amey 
Building. 

Mr Ashley said the compa- 
ny’s continuing businesses 
made pre-tax profits of £4. 7m 
last year on group sales of 
£210m, compared with profits 
of just £300,000 on sales of 
£70m in 1989. 

If losses from the former 
electrical business of JM Jones, 
now dosed, are included pre- 
tax profits last year would be 
reduced to SUfim 

At the end of December 
Amey had . net cash of 
£8.64m. 


AAF in talks to dispose of wheels division 


By David BtackweQ 


AAF Industries, the mini -conglomerate 
that plunged into the red in the first half 
of 1993, is at an advanced stage in talks on 
the possible disposal of Alloy Wheels, 
which makes wheels for the car industry. 

The division accounted for £32m of total 
turnover of £72. 1m fa 1992. The group’s 
other activity - system building - 
accounted for the balance. 

The potential buyer is thought to be 
from outside the UK. 


The group incurred a pre-tax loss of 
£llm on turnover of £42m to the first half 
of last year. It is expected to announce its 
full year losses along with the sale - possi- 
bly later this week. 

Announcing interim results last Octo- 
ber, AAF said It had concluded a joint 
marketing and technical collaboration 
agreement with Topy Industries of Japan, 
one of the world's hugest alloy wheel man- 
ufac t u rers. 

The first-half deficit stemmed directly 
from expansion of its prefabricated build- 


ing manufacturing business, which it 
bought to 1989, into an on-site contractor. 

The group warned last year that further 
costs of £7m would be incurred in the 
second half because of the closure of the 
lossmaking division. 

In November it sold its US modular 
buildfag subsidiary for K&Sm. The group 
said at the time that the net proceeds of 
the sale would be about $13 .3m (£&Sm), of 
which SASsa would be used to reduce debt 
to about £24m. leaving gearing at between 
110 per cent and 115 per emit 


Abacus shares rise 17p 
on all-round growth 


Shares to Abacus Group rose 
17p to 20lp yesterday as the 
distributor of electronic compo- 
nents published its first set 
of results since coming to 
the market to November last 
year. 

The company, whose shares 
were priced at 140p at flotation, 
turned in pre-tax profits of £2m 
from turnover of £i8-2m for the 
six months to end-March, 
against £ 1.22m from sales of 


£ 14.1m in the comparable 
period last year. 

Mr Peter Grundy, chairman, 
said all parts of the business 
continued to perform well, 
with order books at record 
levels. 

Earnings pet share showed 
an advance from 2J9p to 4.6p, 
and directors declared an 
interim dividend of 1.12p to 
respect of the period since 
flotation. 


Sanderson Electronics 
advances 20% to £2. 17m 


Profits at Sanderson Elec- 
tronics, which apart from its 
computer interests is sponsor 
of Sheffield Wednesday Foot- 
ball Club, rose by 20 per cent 
to £2. 17m pre-tax for the half 
year ended March 31. 

Acquisitions added £203,000 
to profits and £2m to total 
turnover of £14.2m (£l2.im). 
The directors said three acqui- 
sitions made in the opening 
half would lift annn«i turnover 


to about £50m (£23.6m). 

First half earnings rose by 
1.7p to 15.9p and a second 
interim dividend of 6p (*L5p) 
makes an UAp (9J9p) total for 
the year ending September 30 
1991 

The second half had started 
“positively" and the directors 
looked for another set of suc- 
cessful fizll year results. 

Sanderson's shares closed 
13p higher at S50p. 


CONTRACTS & TENDERS 


"TAIWAN SUPPLY BUREAU" 
TENDER ANNOUNCEMENT 


BUYER; TAIWAN RAILWAY ADMINISTRATION (JRA) 


PURCHASING AGENT: TAIWAN SUPPLY BUREAU (TSB) 

3, KAI FENG STREET, 

1ST SEC TAIPEI, TAIWAN, R.O.C. 

TEL: (02) 3110814 FAX: (02) 3610995 


Invitation No. 


T5J3-9332’ 190(31 


TENMR 

OfOUNG 

Date 


9 J0 AM. 
Jane 19, 1994 


Description 

Supplies 


Push-Poll tzaiiH 


QTY/UNttfCAK 


400 Units 
(Loco, 64 Cus, 
Cbacb336Qus) 


Fbr fiutbei details, please refer to die tender Iovitaiioa. Th« tender Invitation 
is waiting to be taken back (bee USD340) and welcome to paridpate. 


PERSONAL 


PUBLIC SPEAKING 


Training and speech-writing by award 
winning speaker. 

First lesson free. 


Tel: (0727)861133 







f.'ri *%■ 



I aa aaa e( Bia raatfa 
toadtog EagHafa t u etoarai 


• T»a pt la drrtott la 1BQ caratrin 
trorldwMa, arfth a (MdaraMp to 
aaGosa of ana nDon paopla. 

# Ttto anaUter FT b load by ISfaOOO 
oaatar taalaua ptapl* In flraat 


• te*» W taaheaa psajto rood ttw FT 
OHM any otfrar Notional Dally 


• Mara toaa t— to tmftt toy CMal 
Bracn B i ra r— H twFT. 

• T»o nr Nadm mom Cajtfafaa of 


nrtu r nattari tmmmm* . 


Ftor a foil adNortal ajiMpaM and 
datafla of avadaMa tetofa— t 
IwaHlwra i d ia a a e aHto ue 


Pit Looter or Brian Heron or 
ToU 061834 9381 
Rax: Ml 832 9248 




FT Surveys 


Telecom Markets is the essential source of regular information about 
the global telecommunications industry. It provides both 
he rd-to -obtain news and specialist analysis for the professional 23 
times each year, and b available only on subscription from the 
Financial Times. 



INTERNATIONAL COVERAGE 

TM is designed so feat information Is readily accessible and quteWy 
absorbed, providing the latest on: 


• Global deregulation 

• Company analysis 

- Op po rt u ni tie s in new markets 

■ Licensing agreements 

• Product developments 

■ Finance news 


FINANCIAL Tares 


NEWSLETTERS 


Take a dear view of the fast-moving world of International 
telecommunications with: 


Telecom Markets 




The family interests of. Hr 
Peter Johnson, chairman of 
park Food and Tranmere 
Rovers - and prospective 
chairman of Everton Football 
Club - will get about £L75m 
from the flotation of Night- 
freight, the express parcels 
group, of which he is also 
ebainnan. 

More than 16m shares are 
being placed at I05p to raise 
£16. im, giving a market capi- 
talisation. of 647.3m. Existing 
shareholders are selling 4.72m 
shares. Of the placing 400,000 
are being placed with prefer- 
ential applicants tocludlog 
existing shareholders, employ- 


, { 

a* 


ees and associated companies 
operating within Night- 
freight’s UK network. 

Another principal benefi- 
ciary will be 3i, the invest- 
ment group, which is selling 
2m shares worth £2.1m. The 
company will raise a net 
£ll.2m to eliminate debt - - 

Nightfreight distributes The 
Independent newspaper and 
specialises in Industrial pack- 
ages for the just-in-time mar- 
ket It was founded by Mr Rus- 
sell Black, who bought 
Hern way Transport a forma 1 
regional newspaper distribu- 
tor, from the receiver for 
£180.000 to 1984. 

Mr Johnson became Involved 
in 1990 when Mr Blade needed 
capital and negotiations with 
a venture capital provider 
broke down. Mr Johnson, who 
knew Nightfreight because tt 
once distributed Park Food's 
Christmas hampers, put to 
£500,000. 

Forecast earnings per share 
of 7.5p for the year to Novem- 
ber 30. compare with 4.12p. 
The historical p/e was 25.5; 
the forecast Is 14. Notional 
gross dividend yield at the pla- 
cing price is 4.03 per cent ' 



( 


to 


’ \ 


s 


r 





FINANCIAL TIMES WEDNESDAY MAY 18 1994 



V i 

■, U : « 

' . j 


V • ■ \ 

'll 1 



£ 



21 

COMPANY NEWS; UK 


Restructuring costs hold 
back BOC to £79.7m 


By Daniel Green 

Economic recovery was 
boosting sales volumes at BOC. 
the industrial gases and 
healthcare group said yester- 
day on publication of its 
results for the half year to 
March 3L 

An exceptional £85m provi- 
sion for restructuring and 
losses of £&7m on disposals left 
pre-tax profits at £79.7nx, com- 
pared with £1 82.4m. 

Earnings per share, after the 
exceptional items, were 3.65p 
(23.55p). The dividend is 
unchanged at ll.fip. 

Borrowings have hardly 
changed from the start of this 
financial year and gearing was 
33 per cent, the company said. 

The figures were at the top 
end of expectations, however, 
and the shares rose 29p to 715p. 

Turnover increased to 
£1.72bn (£1.59bn), thanks to 
economic recovery in the US 
and Australia, the company 


BA acquires 
minority in 
Air Miles 

By Michael Skapnker, Leisure 
Industries Correspondent 

British Airways has bought 
the outstanding 49 per cent of 
Air Miles Travel Promotions 
from MCM. The airline would 
not say how much it paid but 
it is thought be less than 
£10m. 

BA has owned 51 per cent of 
Air Miles, since it was founded 
in 1988. 

Mr Robert Ay ling, BA’s 
group managing director, said: 
“Air Miles is (me of the best- 
known brand names in the 
country and we are now keen 
to get on with developing the 
business as a mass market cus- 
tomer loyalty programme." 

Air Miles runs customer loy- 
alty schemes for 150 compa- 
nies, including BA's Executive 
Club. National Westminster 
Bank, Shell, Hertz, Hilton and 
Marriott 

BA said it carried about 
500,000 passengers through 
the Air Miles programme last 
year. This represented a little 
more than 5 per cent of its 
surplus seats, which would 
otherwise have been empty. 

There are 3.75m registered 
collectors of Air Miles in the 
UK end 2.75bn Air Miles in 
circulation. BA said this was 
the equivalent of 10 per cent of 
its unused capacity. The num- 
ber of Air Miles in circulation 
is likely to grow to 5bn by the 
end of this year. 


said. Higher demand from 
m an uf acturing industry helped 
the gases division report oper- 
ating profits up from £l56.6m 
to £16L4m. 

Although prices remained 
fiat, Mr Pat Dyer, chief execu- 
tive, said he was studying the 
price rise proposed on Monday 
by Praxair, a US rival 

"You would not have to be 
too in t ell i gent to see what we 
are going to do," said Mr Dyer, 
adding that it would be “a lit- 
tle difficult” to raise prices by 
more than 7 per cent. 

The gases business in much 
of continental Europe 
remained in recession. BOC's 
recently acquired atmospheric 
gases businesses in Poland and 
its hydrogen business in 
Germany had made some pro- 
gress. 

“We would like to have a big- 
ger continental presence,” said 
Mr Dyer, although he added 
that any growth in mainland 
Europe would continue to be 


By Daniel Green 

Celltech, the biotechnology 
company which floated on the 
stock market in December 
1993, will within months sign a 
collaborative deal on the devel- 
opment of an asthma drug 
worth at least £2Qm. 

Mr Peter Fellner, chief exec- 
utive, said yesterday he was in 
advanced talks with four com- 
panies interested in taking the 
asthma treatment through the 
later, more expensive, clinical 
trials an»i to market 

The deal would involve roy- 
alty payments to Celltech and 
"other mechanisms" for shar- 
ing profits, he said. 

News of the deal n»mn as the 
company released its Interim 


By Norma Cohen, 

Investments Correspondent 

Smith New Court has reached 
agreement with a leading 
South African stockbroker to 
establish a New York-based 
joint venture which will sell 
South African shares to US 
investors. 

Agreement has also been 
reached in principle for Smith 
to acquire up to 30 per cent of 
Davis Borkhum Hare, the 


gradual and the group’s con- 
centration on markets In devel- 
oping economies had provided 
BOC with strong growth. 

Better results from the north 
Pacific market were ofiset by 
lower profits from Japan. 

The healthcare business con- 
tinued to be hit by the foiling 
price of the anaesthetic gas 
Forane. which has lost its 
patent protection in the US. 

Healthcare operating profits 
fell 47 per cent to £29.3m 
(£55m). 

The company’s new anaes- 
thetic, Suprane. continued to 
gain market share -but the 
costs associated with introduc- 
ing it meant that it could not 
offset the impact on profit from 
lower Forane revenues”. 

The smaller vacuum technol- 
ogy and distribution services 
business benefited from 
growth in demand from semi- 
conductor manufacturers Its 
operating profits rose from 
£YL9m to £24 . 8m. 


results for the six m onths to 
the end of March 1994. 

The proceeds from the flota- 
tion lifted the company’s net 
cash position - one of the most 
important figures in a biotech- 
nology company's balance 
sheet - to £403m (£11.4m>. 

Turnover rose from £5J5m to 
£6.5m as the biologies divirion 
boosted sales of materials to 
pharmaceutical companies. 
This figure is likely to be much 
lower In the second half as pro- 
duction stops for new and 
larger equipment to be 

Sales of biologies, and a 
£l-5m progress payment from 
Bayer, helped limit the half- 
year pre-tax loss to a little 
changed £4.4m (£43m). 


stockbroker. The stake is the 
maximum envisaged by the 
recently published report of 
the subcommittee of the South 
African Stock Exchange. ' 

Mr Michael Marks, Smith's 
chief executive, said the deal 
was intended to capitalise on 
the anticipated demand from 
US institutions which for 
decades have been discouraged 
from buying South African 
shares by widespread Ameri- 
can revulsion for apartheid. 


Sedgwick 
disappoints 
City with 
5% advance 

By Simon Davies 

Sedgwick Group, the 
insurance broker, yesterday 
announced a 5 per cent 
increase in pre-tax profits to 
£4&6m for the first quarter of 
1994. up from £41 .6m- The fig- 
ures disappointed most ana- 
lysts, however, ami the share 
price fell Bp to 197 jjl 

The result was affected by a 
poor performance from Sedg- 
wick’s UK reinsurance busi- 
ness, and a combination of 
re stru c turin g costs and a sea- 
sonally quiet start to the year 
at Noble Lowndes, the 
employee benefits consul- 
tancy. 

Revenue from brokerage and 
fees increased to £239. 8m 
(£2 04. 9m) while interest and 
investment income fell £U*m 
to £9.6m, reflecting lower 
interest rates. 

Mr Stuart Tarrant, finance 
director, said the results were 
in tine with the statement at 
the animal meeting Hiat Sedg- 
wick would experience a flat- 
ter first half and stronger sec- 
ond half, compared with 
previous years. He said pres- 
ent performance was in tine 
with budget forecasts. 

Sedgwick Payne, the rein- 
surance arm, was hit by the 
large number of clients who 
have withdrawn from the Lon- 
don unde rwritin g market But 
Mr Tarrant said the business 
would improve in the second 

half 

Noble Lowndes, acquired 
from TSB on September 30, 
was affected by restructuring 
in the US, where 150 people 
were made redundant through 
the closure and merger of 
offices. Hr Tarrant said the 
more substantial UK business 
had performed in line with 
expectations. 

Earnings per share dipped to 
Bp (5.7p) as a result of the 
August rights issue. 


So for, several US states, 
including New York, have 
lifted restrictions on public sec- 
tor pension fond inv e st ment in 
South Africa. And others, such 
as California, are in the pro- 
cess of doing so, he said. 

The joint venture will act as 
an agency broker for investors 
wishing to buy South African 
shares and as the v ehicl e for 
South African clients of both 
firms who wish to offer their 
shares for sale in the US. 


Celltech near to 
asthma drug deal 


SNC creates S African venture 


Economic recovery aids Hanson 


By Maggie liny 

Evidence of economic recovery 
in Hanson’s two main areas of 
activity could be detected in 
many of the half year figures 
published by the Anglo-Ameri- 
can conglomerate yesterday. 

Mr Darek Bonham, chief 
executive, said the first half of 
the financial year, to end- 
March, was “marked by clear 
signs of emerging economic 
recovery in the UK and con- 
tinuing improvement in the 
US". He said the group’s prof- 
its were still close to their 
trough, with the potential peak 
- based on the group's previ- 
ous records in each division - 
at £lbn more in a full year. 

The group is involved in 
many cyclical areas - such as 
bricks, aggregates, lumber and 
polyethylene - which were 
now seeing the benefit of the 
economic upturn translated 
into rising volumes and 
increased prices, and in turn 
higher profits. 

At London Brick, for 
instance, volumes rose by 10 
per cent and prices by 5 per 
cent with lower levels of price 
discounting too. As a result 
brick stocks in the UK have 
fallen to less than four months 
worth. ARC, the aggregates 


business, increased prices 
between 6 and 10 per cent on 
March l, while in. the US, poly- 
ethylene prices were upped by 
5 per cent, with every extra 
cent adding S35m to S40m 
(£27m) to operating profits in a 
fall year. Forest products prof- 
its rose 20 per cent to £60m. 

Even so, some areas saw 
profit fells. Grove Cranes fell 
from £i5m to sum as mrrp^s 
equipment with dealers, both 
new and used, depressed mar- 
kets in Europe and the US. 
Profits from SCM Chemicals, 
which iquifpg ti tanium dioxide, 
fell 15 per cent to £44m as 
prices' dropped 5 per cent, off- 
setting a 9 per cent rise in 
sales. 

The figures were the usual 
Hanson maze of one-off items, 
both positive and negative. 
Group sales in the half were 
ahead 17.7 pa- cent to £5.64bn, 
with £84Sm coming from acqui- 
sitions. virtually all from 
Quantum Chemical, bought on 
the final day of the last finan- 
cial year. 

Operating profits from con- 
tinuing businesses fell to 
£373m (£39lm), but acquisi- 
tions contributed £70m. Quan- 
tum's polyethylene activities 
made cam and Suburban Pro- 
pane chipped in £38m. Discon- 



still close to their trough 

tinned operations such as Bea- 
zer Homes, floated in the half 
year, made £28m (£40m). 

A profit of £333m (£4Qm) was 
recorded from disposals, which 
includes the housebuilding 
sale, the office products busi- 
ness, and a number of small 
UK activities. 

There was a £L55m swing on 
the interest line to a negative 
£11 9m. Mr Bill Landuyt, 
finance director, said this was 
in tine with warnings made 
last December of an expected 
adverse swing during the cur- 
rent year of £275m. That left 


pre-tax profits at £6S3m, some 
35 per cent up on £507m. 

Organic growth in operating 
profits was 8.4 per cent to 
p jsam, with the rate accelerat- 
ing between the first and sec- 
ond quarter, Mr Bonham said. 
That figure excluded disposal 
profits, and the £80m (£25m) 
cost of the Peabody coal strike, 
settled in December. 

A potential concern was a 

rash outflow of £246m_ How- 
ever, Mr Landuyt blamed most 
of this on a £387m rise in work- 
ing capital which resulted from 
a number of changes. The refi- 
nancing of debt meant that 
£145m of accrued interest at 
the end of the last financial 
year had not been replaced, 
and the change of date for the 
budget - in advance of which 
Imperial Tobacco usually runs 
down its stock, left it with 
£80m higher working capital. 

Mr Landuyt said on a nor- 
malised basis, there would 
have been an inflow of ElOOm. 

The cash raised from dispos- 
als, which totalled £8l5m, and 
the issue of shares which 
brought in £116m, with £89m 
coming from the exercise of 
warrants issued in 1987 when 
Hanson bought Kidde, cut 
gearing from 86 per cent to 69 
per cent over the six months. 


Standard Platforms in 
reconstruction plan 


Lasmo steps up attack 
on hostile predator 


Shares in Standard Platforms 
Holdings, the USM-quoted com- 
puter hardware and software 
group, which were suspended 
on March. 30 at 36p pending 
publication of its accounts, 
resumed trading at I8p yester- 
day. 

The group reported pre-tax 
losses of £1.07m for the 18 
months to September 30 1993, 
against losses of £847,471 for 
the previous year. 

It also announced a proposed 
rights issue, loan stock conver- 
sion, a capital reduction, a 
share option scheme and board 


changes. The directors said 
that if resolutions relating to 
these were not passed at an 
extraordinary meeting on June 
9 the group's future would be 
uncertain and it mi g ht have to 
cease trading. 

The capital reconstruction 
involves the subdivision of lOp 
ordinary shares into one ordi- 
nary Ip share and one deferred 
9p share. 

The issue, to raise £450,000 net. 
is on the basis of 5-fbr-2 at 5p 
per share fully underwritten 
by a group of investors 
brought together by IDJ. 


Marley makes £20m sale 


By Andrew Taylor, 

Construction Correspondent 

Marley, one of Britain's biggest 
building materials companies, 
has sold Bisch Marley, its clay 
roof tile subsidiary in Alsace, 
France, for FFri70m (£19 An) 
to Keramik Holdings of Swit- 
zerland. 

The sale for cash reflects 
Marley's policy of disposing of 
businesses where it does not 
command a large market 
share. The sale price includes 


the repayment of intercom- 
pany debt 

Bisch, which had net assets 
of FFrl08m at the end of 
December, reported operating 
profits of FFrlLSm last year. 
Marley said that Bisch was a 
leading supplier of roof tiles in 
eastern France but had been 
unable to translate this into a 
sufficiently large national posi- 
tion. 

The proceeds initially will be 
used to repay group borrow- 
ings. 


By Robert CorzJne 
and Peggy Hettinger 

Lasmo yesterday fired its 
second volley in the war 
against hostile predator Enter- 
prise Ofi by accusing the rival 
explorer of having lost its way 
in the 1990s. 

Mr Rudolf Agnew, Lasmo’s 
chairman, urged shareholders 
in the second letter in less 
than a week to reject Enter- 
prise's £1.4bn paper offer. He 
claimed Enterprise's manage- 
ment was ‘hiding behind the 


Proven and probable 
reserves had fallen by 42m 
barrels of oil equivalent 
in the 1990s, while almost 
£5 00m had been spent on 
exploration, appraisal and 
acquisitions. Finding costs had 
also risen since 1990 
from 43p per barrel to 
213p. 

Enterprise was spending 
more to find less oil, 
Lasmo argues. “In 1993, Enter- 
prise spent £67m to drill 
2.8 net wells. Finding costs 
have soared," the company 


success of its predecessors”. 

said. 




{DIVIDENDS ANNOUNCED | 


Current 

payment 

Data of 
payment 

Canes - 
ponding 
dividend 

Total 

for 

year 

Total 

last 

year 

Abacus - Jrrt 

1.124 

July 28 

- 

. 

- 


14_9t 

July 29 

14.05 

222 

21 

Anglo Irish Bank bnt 

1-36*t 

July 19 

1.36 

- 

2.933 

Baring Stratton . fin 

SL29 

July 5 

229 

2.29 

229 

BOCl lot 

11.6 

Aug 1 

11.6 

- 

232 


3¥ 

July 1 

2.85 

- 

11.4 

tfpoote Water fin 

37 

July 1 

33 

60 

55 

Now Throgmorton fln 

0.25 

July 29 

Z25 

4.75 

6.75 

Sanderson Elect —Jrrt 

et* 

jLiy 4 

4.5 

11.4 

9.9 

Scottish Value . — Jnt 

1 

July 7 

0.65 

- 

U 

Siam Selective —fln 

0.6 

Aug 12 

1 

0.6 

1 

Smith (James) fin 

3-1 1 

July 11 

2.8 

4.65 

4.2 

Worth mv Trust —fln 

0.1 

June 29 

0.1 

0.1 

0.1 


Dividends shown pence per share net except where otherwise stated. fOn 
Increased capital. 5*isti pence. 4Maiden tfividand. * Second interim in Seu. 
ySecond interim mafcfrig 5S5p to data. 





The last 12 months have 
seen major developments 
which materially advance 
Group objectives. 


Pre Tax Profit* 

Earnings per Share* 

Net Dividends per Share 

1993/94 

1992/93 

1993/94 

1992/93 

1993/94 

1992/93 

£6361X1 

£544m 

39.8p 

35.2p 

22.2 p 

21.0p 

Up 16.9% 

Up 13.1% 

Up 5.7% 


“Throughout the financial year 1993/94 the world environment 
remained challenging. However, the year showed good progress for 
your company. 

The most significant development was the £ 739 million agreement 
to acquire control of Domecq which propels our largest sector to the status 
of world’s No.2 spirits company as measured by the world’s top 100 brands. 

We are now focused on core activities with good potential for future 
growth. We look forward with confidence to playing an increasingly 
successful role in our chosen sectors thereby growing shareholder value” 



Al LIED-LYONS PLC. 24 PORTLAND PLACE, LONDON WIN 4BB. TEL: 071 323 9000 



u P ,15% 

off electricity 

If yctr org.n-iSO'jcr spun; j a-OvTIi 
£<C30 mofisii or --.--c cn eiact-icity, 
why not nr 5 fsf .1 tvite? 

021 423 3018 


Powerline 



Tins notice b baud in ampibmu with the r u /uir en u m of The baemaaenai Sude Exchange of the United Kingdom and 
the Repobbc of bdand Limited CAe London Stock Exchange "). b dea not amtbme an offer or mu tat im to any penmen 
ndatribt far or purchase any securities. Application has been made u the London Sadi Exchange for the whole of the 
ordinary share capital afNrg bs frc ight pic, jaunt and now hejngiaatd, to be m b ut udu the Offjdnl List. 

It b ejected that dealing in theanBnuy shares tf Nig b t fi e igh t pbw& commence on 23rd May 1994. 


ffiit 


NIGHTFREIGHT 


(Incorporated in England and Wales under the Companies Act, 1985 with Registered Number 1 95 90S 6) 

Placing of 

16,150,880 ordinary shares of 5p each at 105p per share 
sponsored by 

N M Rothschild & Sons Limited 

Nighdreight’s main business is the provision of overnight and guaranteed parcel and 
freight delivery services throughout the British Isles and Ireland. It also provides 
contract distribution and freight forwarding services. 


Share Capital following the Placing 


Authorised 

£3,350,000 


Ordinary shares of 5p each 


Issued and fully paid 
£2,253,036 


Listing particulars are available for collection during normal business hours 
for a period of* two business days from 1 8th May 1994 from the Company 
Announcements Office, the London Stock Exchange, the London Stock 
Exchange Tower, Capel Court Entrance, off Bartholomew Lane, London 
EC2 and on any weekday up to and including 3 1st May 1994 from: 


N T M Rothschild St Sods Limited 
3 York Street 
Manchester M2 2AW 


Nigh [freight pic 
Riverslike 
Sixth Floor 
Tower Building 
Water Street 
Liverpool L3 1BN 

ISA May 1994 


Panmare Gordon & Co. Limited 
New Broad Street Honse 
35 New Broad Street 
London EC2M INH 


1 


AlVOrNTMENTSADVERTlfaNC 
«ppc*jsJ* pa VtiuStt* 
way Wcduadi jr A Tbmuhy 1 
rat In fl* baeaWMMi odfik* ewy Mdoj 
Barlow HfeHMagt 

tfcwat- 

CmUbJornBum 

0718753779 

AmbwaSSanxyoMoo. 

' vn turns* 

1 

| LOW COST 1 Wm K « v "'-- y sil-.-.’ 

SHARE DEALING SERVICE 081-944 0111 

: H)u\t £1 II mi\[\|i m rn .'•i'hij’.roi.uci 

I 


Forex or Futures prices from £49 per month 

For 30 second updates on your Windows PC Screen or 
Pocket Financial Monitor call 0494 444415 

QuoteLink from SPRINTEL 






1 


FINANCIAL TIMES WEDNESDAY MAY 18 1994 


COMPANY NEWS: UK AND IRELAND 


Dorling settles dispute with TBS 


By Andrew Bofger 


Peace has broken out in the 
war between Dorling Kinder' 
sley Holdings, the publisher of 
illustrated reference books, 
and its distributor, Tiptree 
Book Services, which is owned 
by Random House, the US pub- 
lisher. 

DK recently partly blamed 
computer problems at Tiptree 
for a 17 per cent decline In its 
pre-tax profits in the six 
months to December 31 - a 
claim disputed by Tiptree, 
which said it refused to be 
made a scapegoat for DK’s fail- 
ure to meet the high expecta- 


tions it had generated among 
shareholders. 

DK said yesterday it would 
this summer transfer the dis- 
tribution of its publications for 
the UK book trade and 
lnpgiigh-Ian g ua g B exports from 
Tiptree to International Book 
Distributors, a Rugby-based 
company which is part of Para- 
mount, the US media company. 

As part of a confidential set- 
tlement, a compensation pay- 
ment to DK for the loss of 
sales was partly offset 
by a payment to 'Rptree far 
ending the distribution deal 
when it still had 14 months to 
run. 


Mr Rod Hare, managing 
director of DK, said: “We bad 
to ensure that our distribution 
this autumn would sot be at 
risk - that was our paramount 
concern. Tiptree was confident 
that it coaid manage, but we 
decided not to take the 
risk.” 

He added: “The settlement 
will certainly improve our 
results this year, but I doubt 
whether they will be signifi- 
cantly better because of the 
compensation.” 

DK had already transferred 
from Tiptree to fnter mrtfo nfl] 
Book Redistribution of DK 
Family Library, its direct-gell- 


ing operation to homes and 
schools which was most 
affected by the problems at 
Tiptree. 

Mr Hare said DK had lost a 
"significant proportion” of its 
network of Family Library 
agents, but this was being 
rebuilt as confidence in sup- 
plies returned. 

DK’s shares, which were 
floated at 165p at the end of 
1993, had climbed to 351p 
last October, but plunged to 
2i3p in December after the 
group issued two profit warn- 
ings. 

The shares yesterday closed 
5p higher at 293p. 


Scottish 
Value Trust 
advances 


Charterhall disposal costs 
leave Seafield £24m in loss 


By Graham DeUer 


By David Btackwaft 


Anglo Irish Bank improves by 39% 


By Gary Evans 


A return to profitability from 
its London-based operations 
helped Anglo Irish Bank Cor- 
poration raise profits by 38 per 
cent from I£4.44m to I£6JSm 
(£5 .99m) pre-tax for the six 
TTinnfchg to March 3L 
Mr Gerry Murphy, chairman, 
said the performance reflected 
“the focused strategic 
approach of the bank". Pros- 


pects US' the next six months 
were encouraging. 

Mr Murphy said the bank 
would continue to focus on 
medium sized corporate and 
professional business, with a 
wide sectoral spread. He expec- 
ted full year profits to be above 
last year’s I£9-25m. 

After-tax profits for the half 
year rose 40 per cent, from 
I£3.29m to I£4.61m. Earnings 
per share were 2.6p Ck39p) and 


an nwffhang pri interim dividend 
Of L36p Is declared. 

In the UK, quality loan 
demand rose .significantly and 
the flo giysiriqin nf th> riianirnl 

Bank UK loan book last 
autumn contributed to profit- 
ability. 

Overall lending rose by 4 per 
cant, reflecting slack demand 
in Ireland. The nhatmum com- 
mented, however: ’The lending 
division performed very welL 


Margins were maintained and 
debts contained.” 

Deposits were up to I£L04ho. 
an 8w5 per cent rise on the year 
end figure and 32 per cent 
higher than at March 31 1993. 
Capital resources rose to more 
»iaw I£i74m in the period, with 
the combined impact of the 
recent rafiflm rights issue 
the flrirHtrnn of TWOm in £jer 
two capital via the issue of 
subordinated loan stock. 


Restructurings and othe r 
chang es in companies within 
its portfolio helped Scottish 
Value Trust outperform its 
benchmark in the six months 
to ead-March. 

Net asset value rose 29 per 
cent over the half year to 
H9.63p per share, easily 
exceeding the FT-5E-A Invest- 
ment Trusts Index, up &2 per 
cent over the same period. 

Referring to the showing, 
Mr Bab Barthwfck. chairman, 
highli ghted the reconstruction, 
of Ivory & Sime Enterprise 
Capital, which enabled the 
trust to realise a substantial 
profit on its holding of con- 
vertible loan stock and 
pnhnwrpH the underlying net 
asset value of its investment 
in the ordinary capital, and 
the restructuring and subse- 
quent share price increase of 
Utility Cable, the former Bail- 
lie Gifford Technology, in 
winch Scottish Value held a 26 
per cent stake. 

Earnings were 1.18p; the 
interim dividend goes up to lp 
(o.85p) and a total of 2p (L8p) 
is anticipated for the fnD year. 


Losses at Seafield, the 
Dublin-based transport and dis- 
tribution company where the 
board is under fire from dissi- 
dent shareholders, more than 
doubled from £lLlm to £24J3n 
pretax for 1933. 

Turnover dropped to £27.Sm 
(£45 .2m). 

Mr Brian Chflver, chairman, 
said the results marked the 
end of “the disaster created by 
the acquisition of Charterhall 
Properties in 1989”. 

Charterhall was sold last 


October resulting in a loss of 
£2L7m, including £l7.5m of 
goodwill written, off. 

Profits from continuing 
operations fell from £Llm to 
£804,000 on turnover of £17m 
<£L8.7mV. 

Mr Chilver said this reflected 
increased competition in the 
European freight business fol- 
lowing the continental reces- 
sion. 

Losses per share emerged at 
35 . 4 p 05 . 4 P). 

Dissident shareholders 
speaking for 35.4 per cent of 
the share capital have called 


Alba acquires Goodman Inds 


By Graham Defter 


Alba is to purchase Goodmans 
Industries, its rival consumer 
electronics group, for a maxi- 
mum of in shares »nd 
cash. 

Goodmans, which specialises 
in in-car entertainment and 
domestic audio and visual 
products and ranks first in 
brand share in the home 


INFORMATION FROM THE BANK OF ENGLAND 



ISSUE OF £2,000,000,000 

7 % TREASURY CONVERTIBLE 

STOCK 1997 


INTEREST PAYABLE HALF-YEARLY ON 6 FEBRUARY AND 6 AUGUST 
FOR AUCTION ON A BID PRICE BASIS ON 25 MAY 1994 

PAYABLE IN FULL WITH APPLICATION With a comoetitive bid Price hid 


With a competitive bid 
With a non-competitive bid 


Price bid 

£100 per £100 nomind of Stock 


TMs StO& will, on lxttc.be eman/esBaau falling vriMn Pan II of the Flrtt Schedule 
la ihe Trustee foraortoaj Afl J 96 J. AppUcailon has been made to tie London Slock 

ExdKmgeforiht Stock to be admitted to thtOffidalUs on 26 May 1994. 

1. THE GOVERNOR AND COMPANY OF THE BANK OF ENGLAND Invite 
bids for As above Stock. 

2. The principal ofaod fanerex on the Stock wfll be a ding on the Nation] Loans 
Anri, wih octane so the CooaoBdoad Rod of (be United tOnpfcan. 

3. The Stock wfll be ictateral it the Back <rf England vat (he Bank afficbnid, 

Bd&tt.andwmhetMAMMg.in nillMpies rfrtJenwiqyly lMwmf.^ hiMrftW 

j in accordance widj die Stock Tnntfcr Act 1963. Stock lejjuaacd M the Bank of 


'SSSOB&fS^ %£& 

£UN4M or greater HJ0MM 

00 Unless the stadium is a m em be r erf t he CG O Service, a — chetyoe 
representing PAYMENT IN FULL AT THE HUGE BID tans accompany 
each ramped ih w bid. Chfff B e s ant be thaws on a bonch or office, dusted 
widdn the Town dradng seta, trf a sadcraem. member of CHAPS sad Town 

n,im | rnmpwiy I Jmlwil 

(B0 Ihe Bank trf Pn g ianri reaervenlie right mt^eef any comp etit ive bid ra pun of 
■sycttzipeddveUd. C—pMhh nfcior wfll be ached in dr s txia&n g order erf price 
and Stock wffl be soMm aff fc aa H whose ctaup e ddv e Udine nor shove the 
lowest price at wticftibc Bank afEagbnddeddcs dm any compcdihrebbltbaald 


England held fra the accraini of manbere of the Centre! GDaoSfce (CGO) Service and Stock will be eold to andkuta whose rampeddrc bids scalar above dee 

wiB also be t nraifc refal r . In mnttipie* of one pemn, by exempt mriicr in ac aa di u cc lowest price at which the Back ofEn gh a dtlrrl des dm «nycomperidwMd|hatiM 

with the Suck TtsmfcrAa 1982 and dee refcvanc adianfiaire legisMcre Thnfcta be a ccepted (the low est a ccepted pr ice). AFPTJCANTS WHOSE 

will be free of stamp dmy. COMPEll OVEBIDS AM ACCEPTED WILL PURCHASE STOCK AT 


with the Stock Ttam&r Act 15*82 and dee relevant mhanflime kgUbdon. Transfer* 
win be free af stamp dmy. 

4- fiaeten a jp he payable batf-yeadymtSfebraaty aajd Atigen. Income tax wm 
be deducted fioin payreani of tnrae than £3 per amrem. Inraest wanaus win be 
t wndwd by pon. I n t erest win acme from Thundiy, 26 Mqr 1994 and the tint 
faMawysymamwm be trade as <»6 Aagjw 1994 aid* tare of £13809 pra £100 

3. The Stock tray he held onthc National Saving* Stock Rrgliter. 

6 . Boltings of 7% Treasury Convertible Stock 1997 m«y, at the option trf holders. 

be convened in whole « In pen lino 9» DeMey Stock 2012, Q» on the fbflowinf 


that no responsibility rm the teflne be for any onristdon to aick 

rfi t eta a n re; and that inch tmdaaon shall nc&hw render nay transacti on liable to 
beset aside t>or give rise to any clahn for compensation. “t" 


BANK OF BNCkAND 
LONDON 


17 Mo 1994 


Nerahd anwaocer 9* 'ncasaySiock 2012 praflOO 
nommtl of 7% Treasury Cocrettflde Stock 1997 


COMPgU'nVKBUW ARE AC CEPTED WILL PURCHASE STOCK AT 
THE PRICES WHICH THEY MB; compe dih e bids which rae accepted and 
which se made at prices shore the lowest accepted price wffl be arebfied in fisB; 
camperidve bids wMdi are seemed and which are made m the lowest accepted 
price may be ottafled far fidl or in part only. 

19. Now-coMperrnvEMDS 

© A noo-comsfalve bid nmn be for not kas dm £L000 nomlntl and not more 
lban £500000 Dtaniral cf Stock, and mac be for a mridple trf £1000 nominal 
of Stock. 

0D 




TO THE GOVERNOR AND COMPANY OF THE BANK OF ENGLAND 


; bids dated 17 




6 Aognst 1994 
6 February W95 

6F^SyW6 


(5) Unleu the anticanz is a me mber o f the CGO Service. a aepmaae cheque 
Rprararing PAYMENT AT THE RATE OF £108 POE EVERY £l«0 
NOMINAL OF STOCK APPLIED FOR sansi accompany each 
aon-empetiihc bid; cheym mmt be demratm abaakUi. and be payable In, the 
Urited Eagtaa, the Oanl Mands or tteUe of Mm 
0v) The Bank trf Ewbnd maerres the right to reject any nofreompedth* bid. 
NoMmveifane bide which am araqpied wffl be accepted in fdfl AT A PRICK 
(the MKmptfdw sale price) EQUAL TO THE AVERAGE OF THE 
PRICES AT WHICH COMPETITIVE MBS RAVE BREN AC CE P TED , 

<L 


8 . Her Mdatj'i Treasnty haa dfacead dim Section 471 trf the Income and 
Oetpotadon Tanea Act 1988 (wMcfa rdsaea «a 0 k treatment far czxadon pmposea of 
| Gnmclal conoetns wbeae Imstnaa coadsts wholly or partly In deaBng in aecmitlea) 
I ahan apply to exchangea of secathira made In pmananoe of the enesenkm trf&r. 


SSfm FOR COMPETITIVE BIDS ONLY 

Ik fl>r Stock lobr purchased at the price trill) 
Nominal amount of 7%Treamiry 
Conrerrible Stock ]SS7appKedku-. 

Arnmotr of Stock applied for hitddpU 

£500Xn04lflOOMQ £100000 

£1,000,000 or greater ElflOOJJOO 


Price bM per £1M Bomhud of Stock, 
bebg a mnldpte of l/32nd of £la 


I THE NEAREST MDL 


Stun enclosed (a), being the amount 
for payment IN FULL AT THE PBJ 




9. Holdings trf 7% Tteamry Convertible Stock 1997 In respect of wUdi options to 
eonven have not been eaeidaed will be repaid at par on 6 Angnm 1997. 

10. 7% TVeanny Convertible Stock 1997 tod the lanaest pmUe thereon wffl be 
exempt tram ill United Kingdom taxadao, present at tone, so long salt is shown that 
the Slock is in die hcncflrtnl ownenbip of penans who ate neither domiciled ooc 
onSnarily reaWrat in the Uaitcd Klngdam of Great Britain sod Northern Ireland. 

11. Fbn&er, the inletest payable on 79> Tnnwny CoovwtiWe Snxk 1997 wffl bo 
exe mp t fto re IMfcd Khadoni ta eo m e ta x , j esscat or fomee. so tongas his shown that 
die Stock U In the bencftdalown aa t d p of pgaont who am not otdxwQy resident in 
Ihe Uoiacd Kingdom of Great Britain and btotfhcnilrnljnd. 

IX Por the pnrposcs trf the precetfing paragraphs, petaons are not ottfinarilypeaideat 
la The Unlttd fUngdora tf <bcy me regarded an not on&amOy tetidem for the pmposea 
of Unied Kingdom income tax. 

13. A nrf l c a tl onsfmexcaydwi than UnUed King d o m Inc o me tax should be made In 
mch form at miQ> be required by dm Ctaaodatiooea of luted Revenue. The 
appropriate ftams nay ho obtained from the Inspector of Pcadgn Dividend*. Inland 
Revenue, Lynwood Road. Thames DUtoo, Suttey, KT7 (HJP. 

14. These cxen^xtons will not end tie a person to claim repayment of tax deducted 
form interest imlem the cMm to soch cepaymem la made within die time limit provided 


(.*) fflhe nowoo m pot iil v c aali price la torn dmaCLOttpraClOOimnlnal of Stock, dse 
MB c^ tem^ pnd*EbBitliairiby i ‘ |Mi p i **|w*«<ii']ipwa fif 

M> UdmiMMmnpetifoKmleptkntamewdmEiWiw^mamnimdcCStack. 
PpBcna whose MyfetidmittaipaocMKdmey be naqairedmirafcen 
fimher (Nymenteqnal to the nonraopedtive mS pricelbm «100to every £100 
txxniau trf Stock utaaaed to titan. An Bppflcam t r ail w h u en a farther payment 
Uecg o b ed w ffl bykwj by ^Banfc rf&gnnd trf ^dwinym naT 


FOR NON-COMPKl'lTlVk RIDS ONLY 

fit for Stock to be purchased to At nory<oi*ptiitive sal* price as d&aed in 
the prospectus ) 


accmedmmr be teamed to rake* 
n mfe price lem £100 te every £100 




nwxnnmn of tSOOfXO aondari of SbjcIc 


it enquired will be notified by leaer by die Bank of England trf the maomnof ■ Snrn e n closed (aL bang £ 1 00(b) for every £100 
Stgk^^caaad at amand^offlte fardtgp gmca doe^b msoc h o odBeation will |nOM[NAL of Stock applied tor. 


reqnncd wffl be di 
20 . Ibe Barit of Etqti 

die auction. 



FOR CGO MEMKRS<»iLY 


t of the Stock on « 


MW 



Act 1970, Section 43(11. no snefa dabn will be outside this dmc limit tir it taande 
within six yearn from the due on which the fawn-n is payable. In adtSdaa. these 
exemption* wiB not apply an os to exclude the tutor* font any for 

omadoo purposes of the poflts of any trade or bulms carried on in the Unfed 


made of a leaa m 
llnpst oaly, thet 




omadoo wposes of the profio of any trade or business carted cm in the Utthed 
Kingdom. Moreover, the aOowance trf the exempdor* is sahiectm the ptwiriora of 
any law. pent or Atone, of the United Kingdom directed to prevendag avoidance of 
taxodon by petatmi domiciled, resident or onfioarOy teridem in the United Kliwdmn, 
and, in particular, the inorest wfll not be exe m pt from i»»vww « where, any 
•Kb (nvisioti. u tab to Be Beasd for die purpose of die Iraone Tax Aca M bcmac 
or any person raddeot or ordinarily resident in the United Kingdom. 

IS. The Isaae price 0f7%Tteam(yOaBrenIble Stock 1997 bach that it will sot he 
£j deep damns reenrity for the parposes <rf ScbatUe 4 to the boon* aadGontmadon 
Tnta Act 1988 or a deep gain scan! v for the ptirpasa of Sdhtfak 1 1 to tfaeHmtara 
Act 1989. In ccmdacfacimiBBimes farther tsues of sodt Stock canid malt In all of 
the Stock, whewwer Issued, befog mtijtct to ora qf these sprafal tcgiinta. However, 


al of Stock If an 
wtedreftmfcdjte 


cheqaefo teapen ofa uySgacfcii^rfwin ^ra uAftaekMda » 


foriUmre. Itxereai at a rate eqoal to (he London Inter- Offered Rate for seven day 
deposiis in mring CLmOR*) pha l* per umno may. however, be ebatped on the 
amount payable la respect of any Stock for which payment la accepted after the doc 

due. Sots tatb will be detenaued by the Bad: trf Eagland by reCacace to nurtet 


r.GU 1UW received not hner thm 9 fane 


istm 


tel a the jB CtiOd of Her MajeatyTlfaoay flw father fames of the Swek wfll be 
P«wa <* reginaa applying. Some or all trf the 9* 
Treasmy Smek 2012 kmedio meet the Oxerciae of opdoas In pnmaph 6 emild In 
oenda dreammnees fan to be treated as a deep dbcoont security for the panoses of 
Schedule 4 to die Iraanie nd Cbtporetiaa Taxes Aa 1988. However,itistbDmteialoo 
trf Her Majesty's Tteamry Oat treiher limes of 9% Treutny Stock 2012 and 7% 

Tkeaany Qavetfbte Stock 1997 will be conduced so at Mrecvan any 9% Iteasnry 

Stock 2012 (Unag fo be neaied as a deep tBsetmnt setwity for United Kingdom tax 
pemosea. Provided dat7« , DreuaiyCfoqvcnMi Stock 1997 Is not, and does not an 
to be freattd as. a deep tficconu or a deep gab security ami 9ft Treasmy Stock 2012 
Is not, and does net fall to be treated aa.ad tCT dls ra BOtsecndnf,trelthcraByiWbteace 
between the price si which 7% Treasmy Gonvotibie Stock 1997 is Issued and the 
HOMcdsofitdenMioB of Ac Stock (If options to convert are not exereHefi Or of apy 
9w Treasury Stock 20 12 into wtilcfa It U co n ven e d nor any t&ssoml to the nominal 
wine at winch such 9» Treasmy Stock 2012 is tamed wUl represent taxable income 
for the palpates of the relents provisions. 


t&a 


i- 'm 


$?£ 
- V '■i 


. le ieoen of KflotthcnL Latere of iflocmBm. 
saxmvamribyacmqiiemdrecitirailaaforaLnayteliidigMfraietfitadonfotdi^ 
sod in any csso taut be lodged for recbtzatioa m bar dm 13 itmo 1 994; In the ease 
trf Stock hold for the account ofmembea trf the CGO Senfos tegoasOm of Stock wiB 
be effected nn ria *q*m c anamyinrari . 

24, Satyato the ptovlrioas gover nin g rent tbotthip of the CGO Savte.1 agnber 
of that Service may. by completing ScctionC of 0 k appScttkm form, reqee* fott any 
Stock arid to him be eredbed drect to bis sgoobk fa the COO on Utnaday, 26 May 
199* by^ cfamembeMtHncmber dcSvexy from an account in it* name of the 


GovemomdCoq^asycCtiriBankof EB0ud.Nrite2JiccOML Mure to accept 

soch dellvoy by Ac dcadEra for member4p-ocaAa' delivetKi nnder the miea of dm 
CGO Service on 28 May 1994riaflfonhe p mpose«ofiliiapM mecmscimeria*edefoalt 
in thiepsymcm trf tbeamanapayaUBlB respect of the tdevatit Stock A member of 
tho CGO Service may also, nb|ea to the mvisiaos govcmlBa nremheridp of that 

Service, smreoder a tetter trf sflotmeot to the CGO for cancellation and ford* Suck 


[represent taxable income 




Method of App llcadoa 

IA Bids may be made on dthcr a competitive or a rma- comu alt iv e barfa. ss ret oot 
bctow.andBWbewrianftBflonthcepp Heari onfonapohlhtiedvtMithcpc os p ccfas . 
Each appBcadon form oust co mp rise cither one competitive btd or One 



noDooniperidve bbL Gilt-edged m ate makers may make cwn p et ri vc bid* by 
idepticnotodreBankaf EnDaadmlacrAoa 1000am on Wethiesday.TS May 1994. 
17. Appficadoo forms mas be sent to the BaiA of Eoglaad. New Ixsora.ro Box 444. 
Q]mx*u,CH 1NP to arrive not later than lflJM AM ON WEDNESDAY, 25 MAY 
by hand* the Canrel Sits OfBce. Bank o f England. 8mA Bufltflngs, 
WOjggtaj. nmhBB rftMiaa O aft 

1000 am on Wednesday, 2S l&y 1994 and 1000 am onTtedv.lTlS’lS!**" 
I*. COMFETmWBlDS 

(D Each cm^edihe bid mas be for ores moans and at one price exnnred as a 
jngMM i betora tafadamn of fiOU»Q^red of 


u are paymetntBneainanapayabiBin respect of Aetdevanr Stock A member of 
tho CGO Service may alio, nb|ea to the mviaoH govemlBg imheridp of Aai 

Service, smreoder a (etioraf aflotnent to the CGO for cancellation and ford* Stock 
comprised Aerem to be erected to file member’s acraoni. Tt* member who Lsitmwn 
by the accomns of the CCO U being codded to any Stock shall, (o d* ecdnrion of all 
persons mevtandy entitled 10 such Stock and any poaaa eltiang any eahknmn 
dxxma mb be treated ai entitled to such Stock as If Are member were dr bolder trf 
afegp'ofglloc n c re aadbcfiible fo rlfacD iv uimrpf any mo*mi Inrr w^t r»f 
Stock 

^^Appfa ifon ft^ aifogopimtrf Ab jKoapcom may be obtained by post foan 
AeBuk trf England. New fome*. Sotfhgrfc Boose, Somfaare Street, OmBHrer, OL 1 
111W; ai the Cca aal Oka Office. Bank of Emdantl. I Back Untidy. Mr».<w 

Tivnrtm c/ ^ mflcTt — M ■ ■ •«* * . 


GmcnunemStaumau 


!mck Exchange la the United Kingdom. 


Bmamcod. even where d 

conASom under which. 1 

Stock 2012 are issued or 


CCO PARTICIPANT NUMBER-. 


THIS SECTION TO HE COMPLETED BY ALL APPLICANTS 

I/We request tint any letter of allotment in respect of Sudcsoid 

mefoa at dre address bekrw. 

IN THE CASE OF A NON-COMPETITIVE APPLICATION, I/We 
warrant that to myAxir knowledge this is the only non -competitive spsttcmioo 
mado for my four benefit Cor for the benefit of tbs persona on whose behalf I 
anrfwe aremriytag). 

IN THECAS EOF AN APPLICATION BY A MEMBER OF THE CGQ 
SERVICE WHO has COMPLETED SECTION C, werawea tin* any Stock 
allocated to ns be credited direct to out account at theCOO. Wc hereby 
inCTotaMy mfowake to araqpt ach Stock by member-to-membra ddiwiy 
tmocgn the CGO Service from tin Go v ernor and Company of the **«"*■ of 
England. Number 2 Accmna (Pturidpem tnnnber 51 by the deadline for 

S * 0 ® 1 ^ e Uver ” 5 26 1994, andwn agree that dm coorideratloo to be 

a la remet of such delivery ahril be the anmozrf payable by uson the tale 
such Stock in accoolmce wnh [he icons flf the prospectus. 


SM3N ATtmKpq - 
■ of; or os bebalfo{;appScaol 


PLEASE USE BLOCK CAPITALS 
Mgjjjjjg' fFORENAMBS) IN FULL | SURNAME 


FULL POSTAL 
ADDRESS 



NATIONAL SAVINGS STOCK REGISTER; if you wish the Suck 
to be regained t» tire NATIONAL SAVD4GS STOCK REGISTER 


ffor which ibere Is a Omit of up to £25000 tumltial of SuxtilpieMe 
trek this box. 


to A scnaoin cbeane mnre neea aju n n y rarfi mtirari^ Cheques aboold 
bemd c TO^ea *Bg M^^ ntT bdS croged T^Kca*. In 

ahjacd wldrin tbe Town Cleatmg ana, of a seStmenl mraber of 
CH APS a nd Town Cleanup Company Limited. In respect of 
*^“3 must* drawn Od s bank in. and be 
Payable In, the United Kingdom, the OumteUgiads or the hie ofMan. 

(b) TteBiocaketeaynftiirfMfailw »mi'imi w yj),iii tj p,w|] [^ii M 

proopeems. 



jT.*hJW‘ai 

*",V iS-Jt.rv 


karaoke market, incurred a 
pre-tax deficit of fil.OSm in the 
12 months to en(Wanuary l994 
on turnover of £36.4m. Net 
assets at that date were 
£87fM>oa. Until January 1993 it 
formed port of TGI, the profes- 
sional and consumer audio 
manufacturer. 

Mr David Harris, chief execu- 
tive of Alba, which also takes 
in the Bush and Hinari brands. 


NEWS DIGEST 


Hartlepools 
Water rises 
to £1.46m 


Hartlepools Water achieved a 
20 per cent rise in profits to 
£l.46m pre-tax for the 12 
months ended March 3L Turn- 
over of £5£2m compared with 
£5-31m. 

Earning s worked through at 
14^) (l26p) and a final dividend 
of 37p makes a 60p (55p) total 


Shirescot 

Shires High- Yielding Smaller 
Companies Trust is to more 
than double in size through a 
placing and offer for subscrip- 
tion of conversion, shares to 
raise up to £24m, net of 
expenses. 

Shirescot, launched in the 
summer of 1992, is managed by 
Glasgow Investment Managers; 
it currently has a market capi- 
talisation of Just over £21m. 

Williams de BrBs ha s condi- 
tionally agreed to place 10.18m 
of the C shares at lOOp {piece. 
A further l*L8m C shares axe 
available undo' the subscrip- 
tion offer, which is not under- 
written. 

The shares will be converted 
into ordinary shares by Octo- 
ber 14, when one new warrant 
to subscribe wOl be issued for 
every five new ordinary shares 
arising on conversion. 


Telemetrix 


Telemetrix, the supplier of spe- 
cialised electronic components, 
test equipment and services, 
saw its share price fell 3p to 
92p yesterday as the company 
issued a profit warning. 

Mr Arthur Walsh, chairman. 
told tiie annual meeting that 
“although it is expected that 
second half earnings will be 
above those for the first half it 
is unlikely that full year earn- 
ings will exceed last year”. 

Last month the company 
announced that results from 
tts US subsidiary were lower 
and the shares fell sharply. 


Eaglet Inv Trust 

Eaglet Investment Trust, 
which was floated last June, is 
raising about £&n net in a 
L-fbr-3 rights Issue at U3ftp per 
share. 

Proceeds of the issue, which 
is tolly underwritten by Greig 
Middleton, will be used to 
invest in the smaller compa- 
nies sector. 


Baring Stratton 

Baring Stratton Investment 
Trust, which aims for capital 
growth through an interna- 
tional portfolio, lifted its net 
asset value par share by some 
17 per cent - from 215.4P to 
25Llp - over the 12 months to 
March 31. 

Gross revenue of £876.000 
(£960,000) included £814,000 

(£926,000) of investment 


income; a further £106,00 
(£720)00) was received in gross 
scrip dividends and copttaUaed. 

Attributable revenue 
dropped to £363,000 (£427,000), 
equivalent to earnings cf I88p 
(3.39p) per share. The single 
distribution for the year is 
maintained at a proposed 2.29p. 


Scottish Metro 


James Smith Ests 

James Smith Estates, the prop- 
erty investment company, 
reported pre-tax profits of 
£LS7m for the year to March 
24, against yJ-45m. 

During the period net assets 
per share increased from U4p 
to I29p after taking into 
q fym mt a revaluation and the 
ns 4m planing and open offer 
in March. 

Turnover fell slightly to 
ra asm (gg-fl-Qm) resulting from 
a small n umb er of voids. 
Recent purchases have 
increased the rent roll to 
£3 -25m. Profits from sale of 
flats on long leases rose from 
£125,000 to £195,000. 

As expected, the proposed 
final dividend is 3.1p making a 
total of 4£5p (4J2p) from earn- 
ings per share of 68p (63>p). 


Worth lay Trust 


NFC 


Wardle Storeys 

Wardle Storeys, the plastics 
and safety equipment group 
which makes specialist para- 
chutes, has exchanged con- 
tracts for the sale of land 
referred to in its interim 
report 

The deal - comprising the 
sale of nine acres adjoining the 
group's site In Branmam, Suf- 
folk - will generate an excep- 
tional profit of some £L5m in 
toe second half of this finan- 
cial year and it is expected that 
no tax wOl be payable on the 
transaction. 

Wardle will receive £lm cash 
on completion. A farther 
£779,000 is payable on March 27 
1995. 


Prospect Industries 

Prospect Industries, which pro- 
vides specialist engineering 
services to the power generat- 
ing and process industries, has 
revealed that It has wm new 
contracts worth about £12.4m. 

Contracts in the UK Include 
repacking work for British 
Nuclear Fuels at CaJderball 
and Chapel Cross and for 
National Power at Drax. Other 
contracts were in Thailand and 
the US. 


New Throgmorton 

New Throgmorton Trust aS83), 
the split capital investment 
trust, reported increased net 
asset values over the year w 
March 81. . 

The figure for the capital 
shares with prior charges at 
par was 179 ^p, against 16MP- 
The fully diluted value was 
171.3p (133^p). 

Lower dividend income con- 
tributed to a fellin net revenue 
to £L85xn (22.15m) for earomg 
per income share of 4.72P 
(5.48pX ^ , 

The proposed final fflviaW 151 
is cut from 2J5p to 0.25P leav- 
ing ihe total for the year ® 
4.75p (fi.75p). 


pH 


for an extraordinary meeting 
on June 10. They want to 
replace Mr Chilver and another 
director with Mr Robert Coeby 
and Mr Tony WUsou, a former 
executive chairman of the 
group, because o£ the groups 
"dlonT tradtoy recant r; 

Mr Chilver, who is writtogfo 
shareholders this weak, said 
Seafield was exp«uing,“rigria- 
cant progress’* this year -after 
’‘three years of dealing wife 
the errow of the previous mm- 
agement, led by Mr. frflsoa, 
which threatened. the. vny 
existence of SeafietdV . . 


said: “Goodmans is an ertsb- 
lished brand name which will 
produce new opportunities for 
profit 

“Hie acquisition reinforces 
Alba’s focus and adds 
another quality, brand to our 
portfolio.” 

Alba will also subscribe for 
£700,000 of new Goodmans 
shares and ftrnd the repayment 
of £250, 000 cf loan stock. 


techfli 


Scottish Metropolitan Property 
has acquired eight retail 
investment properties within 
the Carlton Highland Hotel 
Edinburgh, for £3.75m. at an 
initial yldd of about a per cent 
The company has also let 
Kiik House, West Drayton, 
Middlesex, for 15 years at an 
annual rental of £160,000 to the 
Secretary of State for Health. 


Net asset value per ordinary 
share of Worth. Investment 
Trust declined from 2&73p to 
22.63p over the 12 months 
ended March 3L 

The trust invests predomi- 
nantly Id luxury and design-re- 
lated businesses in Europe and 
the decline in asset value 
reflected the recent sale for 
FFrl7.9m (£2.08m) of Seguin 
Moreau, the trust’s largest 
investment. 

Available revenue for the 
year slipped to £87,000 
(£110,000) for earnings of 028p 
(0.35p). Hie single dividend is a 
same-again o.ip. 


L- 


NFC, the logistics and moving 
services company, has 
acquired SNT and Arden-Fri- 
gor, French chill distribution 
companies, for a total of 
FFi34m (£4m) plus assumed 
debt of FFr49.6m. 

The acquisitions were made 
by NFC’s French logistics off- 
shoot, Exel Logistics France. 




ti 


5l, ;ui 


k 



FINANCIAL TIMES WEDNESDAY MAY 18 1994 


FINANCIAL TIMES SURVEY 1 

TOULOUSE AND THE MIDI-PYRENEES 


Wednesday May 18 1994 





mm m 










'f- “-t:V . r : 




MMt.Z ‘'“£5^1 

Ki -Art-jTTv^Tr.!*? 

*-rt* 


mk 

' * ■••••••**,■«$ •-. • -•.. : ,* i r/:^/ sHk - -:'■ vVv 


■: >■.:■■'■■ * 


,*:.v . KirauHioa aac ajiup -.ysfo*?- Aiz 

T echnology for a second fake-off 

Diversification and broader regional development are the challenges 
facing Toulouse and the Midi-Pyrenees, writes John Ridding, 
introducing this three-page survey of France’s biggest region 


Toulouse, one of Europe's 
oldest university cities, has bet 
its future on brain power. So 
far, the bet has paid dividends. 

Since the 1960s, the capital 
city of the Midi-Pyrfenfies has 
confirmed its position as a 
centre of high technology 
manufacturing and France’s 
second university city and 
research centre. From 
Aerospatiale to Alcatel and 
from Motorola to Matra 
Marconi, many leading French 
and international groups have 
put down roots in the dty and 
its environs. 

They have done so partly 
because of the policies of the 
government in Paris, which 
has sought to reverse the con- 
centration of economic activity 
in the capital. The derision in 
the 1960s to locate France's 
space and aeronautics research 
centres in Toulouse, followed 
by the later transfer of engi- 
neering schools and state- 

Employment 

Total employment 911,868 ' 



Source. UnMK 


Bakdbaa 

pubffc works 

e% 

IBRflaurM 


owned industry, laid the foun- 
dation for private sector invest- 
ment in aerospace, electronics 
and related sectors. 

Spared the burden of declin- 
ing smokestack industries and 
blessed with an enticing envi- 
ronment the city has proved a 
magnet for many of the leading 
industries of the next century. 

But the success of the Toul- 
ouse experiment is not yet 
secure. Recession has shaken 
the aerospace sector and many 
of the city's other main indus- 
tries, applying the brakes to its 
headlong expansion over the 
past three decades. Beyond the 
city limits, it is a similar story. 
From Tarbes. near the border 
with Spain, to Rodez in the 
north-east, the Midi-Pyr6nees, 
France's largest region, is 
being forced to adjust to the 
harsher economic environment 
that is confronting traditional 
industry and agriculture. 

The continued development 
of Toulouse now depends on 
the strategies being employed 
to ensure a rebound from 
recession. Equally important is 
the need to redress an imbal- 
ance between the development 
of the city and the rest of the 
region. "Our biggest problem is 
a problem of two worlds," says 
Mr Robert Marconis, professor 
of geography at Toulouse Uni- 
versity. "Growth has not been 
diffused from Toulouse In the 
way that had been expected." 

On the first count, the 
rebound from recession, Toul- 
ouse officials are confident. Mr 
Dominique Baudis, the mayor, 
points out that the decline in 
the aerospace sector, one of the 
city's largest employers, is a 
cyclical rather than a struc- 
tural phenomenon. He 
believes, along with the man- 
agement of Aerospatiale and 
Airbus, that recovery in the 
sector should be under way by 
1996. 

More important, perhaps, is 
Mr Baudis' argument that the 
Toulouse economy is increas- 
ingly less dependent on the 
aerospace sector. “Aerospace is 
an important engine for the 
economy." he says. "But we 
have a powerful electronics 
industry and have seen a 
promising diversification into 
new activities such as medical 
equipment and biotechnology." 

Toulouse should also con- 
tinue to benefit from an inflow 
of foreign investment. Storage- 


tek, the US data storage group, 
is the most recent arrival and 
has pushed the number of for- 
eign investors to almost 300 
since Motorola built its first 
European plant in the dty in 
1967. Like many other interna- 
tional investors, Storagetek 
says it was drawn by the dose 
links between industry and 
research centres such as Leas, 
the robotics and automation 
institute. 

The strength of Toulouse's 
research base is vital. Not only 
does it draw investment from 
existing companies, it encour- 
ages the creation of indigenous 
small and medium-sized busi- 
nesses. Mr Jean-Pierre Gilly, 
director of Lerep, the economic 
research institute, says that a 
number of new companies 
have sprang up around the 
larger aeronautic groups. The 
process has been stunted by 
recession and the region’s rela- 
tively weak venture capital 
base. But it provides a source 
of growth. 

For Mr Baudis, the research 
and technology base in Toul- 
ouse is also essential to com- 
pete with rival European busi- 
ness centres, from Montpellier 
to Milan. “If you look at Euro- 
pean cities we are 50th in 
terms of size. Our strategy has 
to be to create a pool of excel- 
lence," be says. “We are in a 
difficult part of the cycle, but 
there is much more future In 
high technology and aerospace 
than in steel or cars." 

If Toulouse has the capacity 
to rebound with a more diver- 
sified and high technology 
industrial base, however, the 
problems facing the rest of the 
Midi-Pyr&aees are more com- 
plex. “The key problem at the 
moment is how to make the 
rest of the region dynamic," 
says Mr Marconis of Toulouse 
University. 

For many officials in towns 
outside Toulouse, the rise of 
the regional capital has led to 
a concentration of resources 
and a vexing imbalance. "We 
need to have a more equal 
growth." says Mr Raymond 
Erraparet, the pragmatic Com- 
munist mayor of Tarbes, and a 
critic of what he calls “Toulou- 
Kflin imperialism". 

Tarbes, like other towns in 


gap and we should reduce it," 
says Mr Baudis. referring to 
the imbalance between Toul- 
ouse and other regional cities. 

But for him, as for most 
observers, the solution lies in 
providing the Tn«m« for neigh- 
bouring towns to share in the 
growth of Toulouse rather 
than depriving the regional 
capital of resources. This' could 
be facilitated, for example, 
through an improvement in 


communications and transport 
networks. The recently com- 
pleted autoroutes to Albi and 
Tarbes are examples of this 
strategy. 

For Mr Baudis, there is a 
need to go further. In particu- 
lar, he sees the potential for a 
high-speed railway link, 
bypassing Bordeaux on its way 
from northern France and 
heading an to Narboxme and 
Barcelona. Such a project 



would strengthen the close eco- 
nomic and social links with 
Spain and present Toulouse as 
the crossroads between north- 
ern Europe and the Iberian 
peninsula. Plans have long 

Continued on next page 



A general view of Toulouse, the capital city of the Midl-Pyrfates fleftj and (above) St CacBe^ Cathedral In Alhl, 
a town with a growing tourist sector tfwosraw *»***»/<*». m**rr &**»*> 


Gross domestic 
product (FFr m) 


Year 

Region 

France 

1987 

187,790 

5,336,652 

1988 

199,978 

5,735.092 

1989 

?»,<»«> 

6. 159,080 

1990 

235,549 

6,481.977 

GDP per capita (in FFt) 

1330 

9&S93 

. U4.671 


Some tea ok rogbm tana, teas 


the Midi- Pyrenees, is attempt- 
ing to adjust to the pressures 
facing traditional industry. 
Giat, the arms manufacturer, 
is just one example of an 
Important local employer that 
is cutting jobs and reducing 
production. In Albi, to the 
north-east of Toulouse, the 
challenge is to replace the jobs 
and subcontractors removed 
by the decline of the mining 
sector. 

In most cases, the strategies 
being pursued are bearing 
fruit. Adirac. a public and pri- 
vate sector association which 
promotes industrial develop- 
ment in Albi, has created more 
thaw 2,000 jobs, partly through 
the support of a venture capi- 
tal fund which targets small 
and medium-sized industry. 
The development of its tourist 
sector, a growth area for al l of 
the region, has also strength- 
ened Altai's resilience, while 
the transfer of some faculties 
from Toulouse University, 
including materials research, 
should encourage industrial 
investment. 

How far such transfers 
should go is a hotly debated 
topic. “There is an important 



Matra Marconi Space. 


Armagnac id. vm>. 


Motorola. 


TOULOUSE MIDI-PYRENEES 

MEANS 



SOUTHERN EUROPE IS JUST TWO HOURS 
FROM LONDON BY AIR 

Toulouse Midi-Pyrenees, the largest region in France, 
is a gateway to Spain. The region is linked to the 
European super-highway network TWo internation- 
al airports (Toulouse- Blagnac and Tarbes-Ossun- 
Lourdes) put the region within a few hours of the 
other economic capitals of Europe. The region is a 
meeting place for students, researchers and execu- 
tives from every country. International events such 
as the SITEF (International Market for Advanced 
Technologies! and the FAUST (international Forum 
linking Technology and the Artsi confirm our world 
class appeal, as do the international High School 
and daily trade between the region and companies 
throughout the globe. Toulouse Midi-Pyrenees ha s 
slaked its future on internationalism. 

THIS IS THE LEADING FRENCH RESEARCH 
COMPLEX OUTSIDE PARIS 

10.500 researchers work in 343 labs 

Six joint labs combine the talents of public research 

and private enterprise. 

Eight Regional Innovation and Technology Trans- 
fer Centers specialise in agri-industries (Auch), 
materials (Tarbes). wood, materials and surface 
treatments (Rodez). sensors and actuators (Albri, 
textiles (Mazamen. a gri- resources, bio- industries 
and industrial engineering [Toulouse], One thou- 
sand contracts are signed between industry and 
research every year. 

Tstt/ousf Midi - Py rentes is belling on synergism with 
business. 

AFTER PARIS. THIS IS THE TOP EDUCATIONAL 
REGION IN FRANCE 

100.000 studenrs study here. 

There are seventeen prestigious G ran Jes E coles in 


the cities of Toulouse. Tarbes and Albi The suc- 
cess rate lor the BatfahiurtVil exam here is 81 3% 
compared to the national average of 75 5% 1 19*331 
University annexes. University Technology insti- 
tutes or advanced Technical certificate programs 
exist in most of the medium sized towns (Albi. 
Auch, Castres, Figeac. Montauban. Rodez and 
Tarbes) 

Toulouse Miiii-Puroiees is a storehouse of hiitwl 


PRIVILEGED LINKS WITH GREAT-BRITAIN - 

284 foreign companies have chosen to locate in 
Toulouse Midi-Pyrenees Major groups among 
these include Siemens. Bosch. Motorola and 
StorageTek. They are backed up by innovative 
small and medium sized companies such as 
Positronic f USj in the city of Auch and WM Corp- 
oration iSwiti in Bagneves-de-Bigorre. 

With fifty-one firms. Great-Britain is the second 
most important investor here, after the US. British 
firms located here include British Aerospace. 
Grand Metropolitan and GEC Alsthom 
As students, investors or scientists. engineers 
involved in aerospace or other businesses. 

Some 5,000 British national: reside in Toulouse Mtdi- 
Pyrenees. 


QUALITY OF LIFE 

The sea and the mountains are only two hours 
away bv car 2.500 kms of rivers and streams as 
well as a multitude of lakes provide limitless 
opportunities for water sports There are 5.000 kms 
of hiking paths and 7.500 kms of riding trails 
28 ski resorts and 17 spa and sport centers wel- 
come visitors from all over the world 
Toulouse Midi-Pyrenees is u arori plate to uvrfc and plau 


Your project is our project. With our network of partners (business, laboratories, chambers of commerce, local and 
departmental development agencies) we can provide assistance at every step of your project, from set-up onward. 

For professional help and advice on your business development in Toulouse Midi-Pyrenees, please contact: 

Tim Wood, 36 Earls Court Square, LONDON SW59DQ 
Tel 071 370 6939 - Fax 071 835 2081 




24 . 


FINANCIAL TIMES WEDNESDAY MAY 18 1994 


TOULOUSE AND THE MIDI-PYRENEES 2 


Despite their differences, all face similar challenges 

A tale of three cities 


Total population in thousands 


1986 

1987 

1989 

1990 

1993 

Mi(fi-Pyr6n6e8 

2£4&0 

2,862.7 


2^430.7 

2/m 

Prance 


55461 

55£Q6 

54,3344 

95,61 4J> 

57,527 





Inhabitants 

Density by 

CRy 

Population (1990) 

per sq km 

cMpartsmenr 

Toulouse 


650,336 



1,052 

147 

Tarbes 


74,639 



1.015 

50 

Albi 


62,182 



650 

60 

Monteuban 


51.224 



379 

54 

Rodez 


39,011 



550 

31 

Audi 


23,135 



319 

28 

Cahors 


20,000 



305 

30 

Panders 


17,000 



283 

28 

1 'pariqtmUoimtn 





SouceMSaSF 


atlon. Its high technology 
industries in aeronautics and 



Tarfees: seeking to adjust to pretsms fating Its largest employore TN mirtmana 


T iie new autoroute from 
AIM to Toulouse has cut 
the journey time to just 
45 minutes. Still heading 
southeast, another stretch of 
highway can get you from 
Toulouse to Tarbes in an hour 
and a halt. But if expanding 
motorway links between the 
region's big cities has brought 
them closer together, they 
remain distinct in terms of 
identity, politics and culture. 

That much is apparent even 
from a cursory study of three 
of the region’s largest towns. 
Toulouse has a right-wing 
mayor, a developed high-tech 
Industrial base and covers an 
area almost as large as Paris. 
AIM, with its picturesque town 
centre built around, a magnifi- 
cent Gothic cathedral, has a 
socialist mayor and an indus- 
trial tradition in miningr and 
metallurgy. Tarbes, with its 
Communist mayor, Is less pic- 
turesque. But it is nestled at 
the foot of the Pyrenees, close 
to Spain, with which it enjoys 
close cultural and social con- 
tacts. 

Such diversity Is hardly sur- 
prising given the size of the 
MItii-Pyrtintes region and the 
conflicting pressures and 
attractions to which it has 
been subjected over the ages. 
But there is also a common 
tiir f ia d behind *"h<» development 
of Tarbes, Albi and Toulouse. 
All have been shaped to a cer- 


tain extent by their relation- 
ship with the French state and 
tlieh- strategic importance. 

The proximity of Tarbes to 
the Spanish border, for exam- 
ple, ex plains its role as a tradi- 
tional arsenal town. It Is still 
home to substantial defence 
industries, such as GIAT, a 
manufacturer of tanks and 
ar mam ents. Albi, one of the 
strongholds of the Cathar reli- 
gious movement in the early 
centuries of the millennium, 
became a focus of the struggle 
between central power and 
regional sentiment The cathe- 
dral, built like a fortress to 
impress the strength of church 
and state on the surrounding 
region, stands as testimony to 
the tradition of local identity, 

Toulouse, itself one of the 
most important power bases 
outside Parts for much of 
French history, represents a 
more modem example of the 
relationship between the 
French state and the regions. 
Through the policies of Da tar, 
the state organisation for 
regional development, it has 
become one of France's most 
successful cases of decentralis- 


space have been bout around 
the universities and research 
centres removed to the city in 
successive stages since the 
1960s. 

Despite the separate histori- 
cal and economic traditions, all 
three cities face a common 
challenge of adjustment The 
closure of much of the coal- 
mining industry in Albi-Car- 
maux has forced the city to 


look to new investment and a 
more diversified industrial 
base. “The area has been hit by 
the closure of m*™** pwd of a 
military barracks'’ says Mr 
Hubert Gallais, head of devel- 
opment at Adirac, the agency 
charged with encouraging local 
investment "But we are 
rebounding. We have created 
2,000 industrial jobs through 
our policy of conversion." 

In Tarbes, the economic 
downturn has been felt 


through the city’s largest 
employers. GIAT, for example, 
has shed jobs as a result of 
reduced defence expenditure in 
France and abroad. “First we 
have to save the big groups," 
says Mr Raymond Erraqaret, 
mayor of Taihes. “But we also 
need to restructure the 
regional economy.” 

In Toulouse, the problems 
are possibly less severe. The 
strength of its high-tech indus- 
trial base winging foft pcon nmip 
downturn is cyclical rather 
than structural But it is faced 
with the need to diversify its 
production and its markets. 

The problems of adjustment 
bring occasional friction 
between the cities of the Midi- 
Pyrdnfies. Mr Ereaparet, mayor 
of Tarbes, for example, criti- 


cises the “Toukrasainfi imperi- 
alism” which has seen the 
regional capital expand much 
more rapidly than the rest of 
the region. “Development has 
been too centred cm Toulouse", 
says Mr Michel CaataL, his 
counterpart In Albi. 

I n the case of Tarbes, the 
physical distance from 
Toulouse is prompting 
closer Hnk«? with, neighbouring 
cities. In particular, Mr Erra- 
caret sees the potential for eco- 
nomic and social co-operation 
with Pau, which is in the 
neighbouring Aquitaine region, 
and Lourdes, the nearest town 
in the Haute-Pyfenfies depart- 
ment An agreement to share 
hospital resources could repre- 
sent the first step in the cre- 


ation of a “Pyrenean Metro- 

pole". 

But there is also pressure to 
integrate more closely the prin- 
cipal towns of the Mldl-Pyrt- 
rtees region. “We have to 
PTfamd regional links,” says Mr 
Dominique Baudis, mayor of 
Toulouse. "There is an Impor- 
tant gap between Toulouse and 
tim rest of the region and we 
should reduce it," he says. He 

ariria , however, that this Should 
not involve curbing the devel- 
opment of Toulouse, but rather 
the development of communi- 
cations commercial Kwka 
with the other towns. 

This process is already under 
way. In addition to the con- 
struction of auto-routes, the 
towns cooperate in attracting 
foreign Investment. Agree- 


ments between metropolitan 
Toulouse, which promotes 
investment in the city, and 
BRIA (the regional develop- 
ment agency) mean, for exam- 
ple, that potential investors are 
offered sites in Toulouse and 
the outlying areas. 

In education, some of the 
department of Toulouse Uni- 
versity have been relocated to 
regional cities such as Albi. 
Although at an early stage, 
this should allow a repeat of 
the experience in Toulouse, 
where industry p has been 
attracted by the educational 
and research base. 

Political affiliations do not 
appear to present an obstacle 
to increased regional integra- 
tion. Mr Castel’s light pink 
shirt reflects his moderate ide- 
ology. Mr Erracaret, hke many 
Communists in the region, 
comes from a tradition of prag- 
matism rather than polemics. 
“I don’t think party politics 
makes a difference in regional 
development," he says. 

Nonetheless, it is regarded as 
a vital issue. For many observ- 
ers It is the most important 
challenge facing the MMi-Pyrt- 
ndes. “We have a situation of 
two worlds - Toulouse and foe 
rest of the region,” says Mr 
RObert Marconis, professor of 
geography at Toulouse-Mirail 
university. “It is important to 
create a more balanced 
growth." 


INDUSTRIAL LOCATION 


Education and research 
in the foreign investor 


bring 


Take a drive around Toulouse 
and the importance of foreign 
investment to the local econ- 
omy quickly becomes appar- 
ent From Semens of Germany 
to Sony of Japan and Motorola 
of the US, many of the world's 
largest business groups have 

their WWW* on Hmniifa'tnrmg ' 

or research centres in the city 
and its environs. 

It is a similar story in the 
region as a whole. A total of 
284 foreign companies, in 
manufacturing and services, 
have Invested in the Mldi-Pyr- 
4n6es - from agricultural 
groups in the Haute Garonne 
department to automobile 
components in Aveyron. For- 
eign companies now account 
for almost SO per cent of the 
region's industrial investment 
and about 24 per emit of its 
industrial workforce. 

Such a substantial presence 
is explained by several factors. 
In Toulouse particularly, 
much of the attraction lies in 
the strong education and 
research base which is avail- 
able to industry. Ms Florence 
de VUloutreys, director of 


human resources at Storage- 
tek, the most recent foreign 
investor in Toulouse, says that 
it took Just six weeks to find 
the six engineers needed for 
the data storage group’s initial 
product line. 

According to Ms de Vflton- 
treys, the US group decided on 
Toulouse as an investment 
location after a three-year 
study of 27 sites in nine coun- 
tries. In addition to the skill ed 
workforce in Toulouse, sbe 
says the 1 infra with research 
institutes were an im po rtan t 
factor In the final decision. In 
March, the company signed 
contracts with two engineer- 
ing and science institutes to 
work an their robot and data 
reading systems. 

Similar arguments are 
expressed at Motorola, the 
first foreign electronics group 
to make a significant invest- 
ment in the region. “We have 
always had a close relation- 
ship with the research centres 
here," says Mr Robert 
Aschierl, chairman of Moto- 
rola France, citing as an exam- 
ple the development of high 


efficiency switching systems 
for electric lights. 

Motorola has expanded 
steadily in Toulonse since its 
first factory was built in 1967. 
It has added higher value 
added semiconductors to its 
product range from the site 
and is now planning to build a 
pure research laboratory for 
advanced chip technologies. 

The scale of foreign invest- 
ment which has flowed into 
the area since Motorola put 


Emphasis on the operating 
environment, rather than 
on financial incentives 


down its roots is partly the 
result of a “coat-tails" effect. 
“It was encouraging for us 
that Motorola was here," says 
Ms de vnioutreys of Storage- 
tek. She adds that many of the 
company’s customers, includ- 
ing Aerospatiale and Meteo 
France, the meteorological 
agency, are located in the city. 

The rise in foreign invest- 
ment also reflects an aggres- 


Playixig to the 
world... 

Two hundred years ago, in a 
sleepy provincial rown of south- 
west France, Adam Smith began 
work on The Wealth of 
Nations. “An island of architec- 
tural and cultural delights in a 
sea of com- fields and gendy ■ 
undulating valleys" was how 
Smith's contemporaries descri- 
bed this historically fascinating 
but economically backwatereo 
town. 

Today; Toulouse is the fourth 
largest city in France. 

The town's spectacular econom- 
ic expansion has made it one of 
France's leading centers of 
high-tech proauction and 
research, and the hub of Europe's 
aerospace industries— wny 
twenty seconds, somewhere in 
die world an aircraft assembled 
in Toulouse takes offer lands, 
while nearly half the world's 
satellites art: put into orbit by a 
launcher designed and control- 
led by' Toulouse-based teams. 


The cicy has the second biggest 
French 'cam pus, producing 6000 
technicians and engineers every 
year. It is also Francek electron- 
ics and robotics centre, the 
country's second software pro- 
ducer and third biotechnology 
pole. Yet the city's best known 
ambassador is probably its 
national orchestra. 

...on a human scale. 

International companies set up 
here because of chc reservoir of 
human and high-tech talent, 
and because there's room; they 
end up staying for the an de 
i'/prr — city leaders have long 
recognised that quality of life 
sustains the economy. The new 
VAL metro has made mass 
transit a joy to ride, putting the 
Rcnnaissancc city centre's 
monuments shops and cultural 
activities within walking 
distance of all. 

Toulouse welcomes chose who 
dunk global, and wish to work 
and live to build tomorrow's 
generetii in of engineers... or 
musicians. 



'ill. 


Expansion Economique, 
Maine dc Toulouse. 

3 1040 Toulouse Ccdex, 
France. 

Tel : (+33) 61 22 29 56 


METROPOLITAN TOULOUSE 

THE EUROPEAN LEADER IN AEROSPACE 


KEY FIGURES 

- 20,000 jobs in aeronautics and 6.000 jobs in space exploration. 

■ Some 200 companies, and a network of sub-contractors throughout die region. 

• The main assembly plant for Airbus and ATR. 

• The leading European satellite integration center. 

• innovative research into: materials and structures, surface treatmenL fluid mechanics, on-board 
electronics, remote-sensing, uledetection and airplanes of the future. 

BIG NAMES IN AEROSPACE 

ABG Semca. Aeroformation, Aerospatiale, Airbus. Alcatel Espace, Allied Signal. Arianespace. 
BF Goodrich, British Aerospace, Caso, CEAT, Cetl-Onera. CAD Europe. CLS Argos. CNES 
(National Space Agency). Dassault Espace, Deutsche, GE Engines. Grimes Aerospace. Honeywell Speiry, 
Interspace, Latecoere. Lucas, Macro Marconi Space. Pratt & Whitney. Rockwell Collins, 
Rohr Europe, Rolls Royce, S.I.N.T., Spot image, Technofan, Vi bro meter. W.A.A., Zodiac International... 
Flos 4 European consortia: Airbus Industrie. ATR. International Commuter Systems and SATIC. 

WE ARE READY TO WELCOME YOU. 


METROPOLITAN TOULOUSE 

56, bd de PEmboudmre - 31200 TOULOUSE - FRANCE 

m (33) 61 57 52 45 - Fax (33) 6 1 57 99 62 



stive search by local authori- 
ties. The search has been 
strengthened since 1988 when 
Mr Dominique Baudis, the 
mayor, established Metropoli- 
tan Toulouse, an agency 
charged with promoting 
investment in the city and its 
environs. The organisation has 
joined forces with BRIA, the 
regional development body, 
with which it co-operates to 
secure foreign investment 
throughout the Midi-Pyr&tees. 

Foreign companies are 
offered a number of sites in 
the region, says Mr Jean Bar- 
cellini, head of Metropolitan 
Toulonse. “Some may be 
a ttr ac t ed to Toulonse because 
of its strength in R&D, but 
others may have reasons, such 
as costs, to be in the country- 
side or near one of the other 
towns." For instance, Storage- 
tek was shown sites in Albi 
and Mbntanban before decid- 
ing an the regional capital. 

Mr BarcelUni says his organ- 
isation has helped draw about 
20 companies to the area once 
1988. He is currently involved 
in advanced negotiations with 
nine potential investors, five 
from the electronics sector, 
and two each from the aero- 
space and medical fields. 

The challenge, he admits, 
has become tougher. Increased 
competition from other 
regions in France and from 
abroad has coincided wtth the 
impact of recession to reduce 
the potential candidates and 
increase the number and qual- 
ity of offers they receive. “Yes, 
it is harder, so we have to con- 
centrate on our strengths," 
says Mr BarceltinL 

For Toulouse this means an 
emphasis on the operating 
environment, rather than on 
financial incentives which can 
be offered to prospective inves- 
tors. “In the region we can 
offer financial support but in 
Toulouse this is relatively lim- 
ited," says Mr BarceHmi. “Our 
advantage is the infrastruc- 
ture we possess, in terms of 
p/i mmnnirei ri on and in terms 
of science and research.” 

Such factors should continue 
to work to the benefit of Toul- 
ouse and the Midi-Pyrtndes. 
The trend of foreign invest- 
ment is shifting away from 
low-cost labour sites towards 
what Mr BarcelUni describes 
as “low brain cost delocalisa- 
tion”. France's second Largest 
university town, and one of Its 

principal centres of high-tech 
research, should therefore 
retain a sharp edge in the com- 
petition for foreign capital. 




r Dominique Baudis, 
mayor of Toulouse, 
puts the emphasis on 
quality rather than quantity. 
“It is not my vision for the city 
to grow to millions of people,” 
he says. “What I want is to 
create a pole of excellence, not 
a gigantic town." 

It is a strategy which, so far. 
has worked rather smoothly. 
Although only Europe’s 50th 
city in terms of population 
size, Toulouse has drawn some 
of the biggest names in leading 
edge industries. Airbus, Aeros- 
patiale and Motorola are just 

mwne of the ^nropanipg which, 

drawn by foe city’s strength in 
research and development, 
have established headquarters 
or substantial operations there. 

But Toulouse has not been 
spared a bout of the turbulence 
which bag shaken France in 
the past few years. “Like every 
town, we have been hit by the 
crisis. Since 199L we have lost 
jobs," says Mr Baudis. pointing 
out that the unemployment 
rate has risen to foe national 
average of just over 12 per cent 
of the workforce. 

In Toulouse, the downturn 
has been exacerbated by the 
depression in the international 
aerospace industry. Mr Baudis 
describes the sector as the 
“engine of the economy", but 
rejects criticism that it is too 
dominant in the city's eco- 
nomic structure. 

"It is fashionable to say that 
we are too concentrated on 
aerospace. But even today we 
produce 15 aircraft a month 
compared with seven 10 years 
ago," he says. “In 1995 to 1997 
we will see another increase," 
he predicts, adding that, unlike 
steel or cars, the problems 
afflicting aerospace are cyclical 
rather than structural 

Mr Baudis is also keen to 
emphasise that Toulonse is not 
a one-industry town. He points 
to the rapidly growing elec- 
tronics sector, the rise in bio- 
technology industries and the 
importance of service activities 
to demonstrate the degree of 
diversity in the local economy. 
“We are the second centre in 
France for software develop- 
ment," he says, citing the deci- 
sion by Storagetek of foe US to 
site a large operation there. 

The arrival of the US group 
is the latest step in a familiar 
pattern. Much of the rise of 
Toulouse, from industrial tack- 
water to high-tech manufactur- 
ing centre, can be explained by 
its ability to attract capital 
from the rest of France or 
abroad. France Meteo, the 
meteorological institute, and 
Air France are just two of the 
scalps collected by Toulouse 
over the past year in its drive 
for inward investment. To 
maintain the process. Mr Bau- 
dis sees a need for “balanced 
development” - the promotion 
of cultural, scientific and 
urban projects to strengthen 
what be calls the “quality of 
life aspect” of Toulouse. 


Technology 


Continued from previous page 


been on the drawing board for 
such a project, but are unlikely 
to be realised in the next 10 to 
15 years. 

Of more immediate concern 
for many of the inhabitants of 
the region are the problems 
afflicting the agricultural sec- 
tor. The biggest imbalance, 
however, lies between the 
towns and the countryside. 
The effects of the European 
Union's common agricultural 
policy and foe production cuts 
demanded by the Uruguay 
Round of international trade 
negotiations have added to the 
hardships of the fanning com- 
munity and fuelled the 
long-term trend of rural exo- 
dus. Mr Etienne Lapeze, 
vice-president of the FNSEA, 
the agricultural workers' 
organisation, estimates that 


10,000 of the region’s 80,000 
farms could disappear as a 
result of the CAP and Gatt 

The impact on the Midi-Pyrt- 
nfees has been particularly 
hard because of the lack of 
agricultural processing indus- 
try in the region. “We are 
mainly primary producers in 
areas such as cereals and oil 
products," says Mr Lapeze. “It 
Is vital that we invest more in 
agriculture.” 

Also important, he argues, is 
the need to extend production 
in new sectors. He cites foe 
seeds industry as one impor- 
tant area of development for 
the agricultural sector. With- 
out such investment and the 
introduction of higher value 
added agro-industries, foe gap 
between town and country, 
and particularly between the 
agrarian economy and Toul- 
ouse, seems set to widen. 


Profile: DOMINIQUE BAUDIS OF TOULOUSE 

The mayor’s strategy 



DomMque Baudis hops for high 
■peed train ink to Baiicalana 


Such "balanced develop- 
ment” allows Mr Baudis to aim 
for several targets at once. The 
urban renovation projects also 
provide a Keynesian boost to 
tire economy to help it through 
Its current problems. “We are 
working jkot. .to. intervene to 
support economic activity by 
big investment projects," says 
Mr Baudis, citing foe decision 
to bring forward the FFr3bn 
project to construct the second 
line of the city's metro. 

Fiscal stimulus, however, is 
not to be achieved at the 
expense of the budget Mr Bau- 
dis has reduced the city's debts 


from FFr2. 9tm five years ago to 
about FFr60Qm today. This has 
been achieved despite a policy 
Of maintaining focal taxes at 
their current rate for the past 
six years - a strategy regarded 
as necessary to encourage cor- 
porate investment 

The future prospects of the 
city, however, need a broader 
perspective than its budget sit- 
uation and the list of public 
works under way. Critics of the 
development of Toulonse, and 
there are many In the city's 
universities, believe that it 
remains an artificial creation, 
h nfif through the decentralisa- 
tion of research centres and 
industry and lacking deep 
roots in the surrounding 
region. The criticism is 
repeated by representatives of 
neighbouring towns who say 
the region’s economy is dan- 
gerously centred on Toulouse. 

Mr Baudis accepts that more 
must he done to increase eco- 
nomic links with the rest of 
the region. “There is an impor- 
tant gap and we must reduce 
It" He says the construction of 
autoroutes from Toulouse to 
Albi and Tarbes is a step in foe 
right direction and should be 
followed by an expansion of 
the regional railway network. 


He points out, however, that 
foe development of Toulouse is 
in the interests of the neigh- 
bouring cities. “There are 
many indirect effects,” he says, 
adding that he favours the 
growth of regional centres, 
rather than curbs on Toutausa 

The need for extended com- 
munications, however, spreads 
well beyond the neighbouring 
towns of the Midl-Pyr6n£es_ Of 
particular significance is the 
development of commercial 
and social ties with Spain. 

Various initiatives are under 
way. The C6. for example, 
which groups Toulouse, Mont- 
pellier, Barcelona. Saragoza, 
Palma-Majorca and Valencia, is 
designed to promote economic 
co-operation among these 
cities. For Mr Baudis, the main 
target is Barcelona, which he 
describes as the “motor of 
Spain.” He hopes for a high 
speed train link which will 
bypass Bordeaux from north- 
ern France on its way to Toul- 
ouse and down to Barcelona. 

Given the finanrfai situation 
of SNCF, tiie French railways 
system, such a project is not 
likely in the near term. But 
once built, it would put Mr 
Baudis’ town still more firmly 
on Europe's economic map. 


1 _ 


SITEE: 

the world’s premier Technology Trade Fair 

In 1979 the Toulouse Chamber of Commerce and Industry took the decision to 
launch the “Salon International des Techniques et Energies dn Futur” as 
a showcase for the city's industrial and scientific environment. 

The first SITEF exhibition was inaugurated two years later on the 20th of Octo- 
ber 1981. 

SITEF has remained true to its original objective show after show, bringing 
together business men. industry professionals, research scientists, technicians 
and economists from across the globe to meet around a common denominator; 
advanced technology. 

SITEF uncreasingly raises its level of technological coverage with each new 
show, while maintaining optimum size in order to ensure the best possible 
effectiveness and impact as a meeting place and business center. 

SITEF 95: from 24 to 28 October 1995 

Parc des Expositions, TOULOUSE, France 

Contact ; M. Georges SORBETS 

T6L: (33) 61 33 66 72 - Fax: (33) 61 25 42 60 


Midi-Pyrenees... 

The Heart of South West France 
Land of adventure, patchwork of histoiy 


From the Pyrenees in the south to the 
limestone Gausses in the north, the Midl- 
Pyrenees region is etched by the most 
beautiful and exciting rivers of France -the 
Lot, the Tarn, the Aveyron. the mighty 
Garonne, the Arifege. Here, in France's lar- 
gest. yet least- populous region, you can 


and gastronomic heritage that will rival 
anywhere. 

Festivals galore tempt the tired traveller, 
from world-class jazz to opera- from an 
ancient ■woad" festival to an international 
puppet festival or Pyrenean games 
The architectural gems, like Albi's cathe- 


gesi. yet leasi-papuious region, you can t ne architectural gems, like Albi's cathe 
discover the cradle of the Cathar spirit, you drat, the Jtiteis partkulim of Toulouse, or the 
can Follow the greatest pilgrim-route in abbevat m annan (nr manil at 


can follow the greatest pilgrim-route in 
Europe, explore the beautiful bastides. or 
walk high mountain paths in search of 
some of the rarest wildlife in the world. 

Whether you prefer rugged peaks, cirques 
and cols or gentle undulating hills: steep- 
sided white-water gorges or gently mean- 
dering rivers, you'll Find them all. and 
more, in the France prafonde of Midi-Pyre- 
nees. 

And when it’s time to emerge from the hid- 
den France there's a cultural, architectural 

Tim Wood - Toulouse Midi-Pyrenees 

36 Earls Court Square - LONDON SW59DQ - Tel 071 370 6939 - Fax 071 835 2081 

Name - -Address 


— ■ — IVUIVUO^I VI UIV 

abbey at Molssac are magnets for many, as 
is the robust gastronomy of the Gets, with 
its magrets, foie gras, confits and Arma- 
gnac. 

Over the Midi -Pyrenees guide, we offer you 
a brief taste of this land of plenty, to tempt 
you to discover for yourselves some of the 
sparkling jewels of Midi-Pyrenees. 

So that you can plan and organise your 
hojiday to the Midi-Pyrenees, ask for this 
guide. Simply complete the coupon below 
and return It to- 


Poscode 


. Countiy 






FINANCIAL TIMES WEDNESDAY MAY' 18 1994 


T he recession which has 
blighted the French 
economy since the end 
of 1392 has not spared the Midl- 
Pyrtn&s. In Toulouse, as else- 
where in the region, unemploy- 
ment has risen to the national 
average of Just over 12 per cent 
as contraction in the interna- 
tional aerospace industry has 
compounded Che pressures fac- 
ing traditional textiles, mhtfng 
and agricultural Industries. 

But Just as the region sur- 
rounding Toulouse retains a 
sense of cultural and political 
autonomy - stemming from its 
historical role as a powerful 
and distant provincial city - so 
Us economy possesses its own 
peculiarities, its strength in 
high technology, for example, 
suggests that the economy’s 
foundations may not be as 
badly shaken as cities else- 
where and that Toulouse and 
the Midi-Pyrfenfees may be bet- 
ter placed to resume expansion 
once the economic environ- 
ment improves. 

The particular nature of the 
local economy is resected in 
its- employment trends. Mr 
Robert Marconis, an expert in 
regional development at the 
University of Toulouse-Mirail, 
describes the rise of jobles- 


sness in the city and its envi- 
rons as “the unemployment; of 
growth". 

Un like northern France, he 
argues, where Jobs have been 
lost through large-scale redun- 
dancies, Toulouse has contin- 
ued to create employment and 
has drawn economic mi g rant s 
to the regional capital. 
Between 1982 and 1990, tor 
example, the population of the 
city and its environs swelled 
by about 100,000 - partly as a 
result of people from outside 
seeking job opportunities in 
the area. 

A second, equally important 
characteristic of the regional 

The foundations may not 

be as badly shaken as 
in cities elsewhere 

economy is the importance of 
cyclical rather than structural 
problems in its industries. A 
Case in p oint is the aerospace 
industry which, with AAroepa- 
tiale. Airbus and a host of sub- 
contractors is one of the most 
important manufacturing sec- 
tors in the region. 

When the International aero- 
space industry sneezes. Tout 


TOULOUSE AND THE MIDI-PYRENEES 3 

The region is suffering the ‘unemployment of growth* 

T est of economic strength 


ouse and its environs - with 
more than 30,000 employees in 
the sector - catch cold. The 
deep chill which has afflicted 
aircraft orders over the past 
. few years has had a 
effect Aerospatiale, for exam- 
ple, plans to reduce staff in the 
region by between 700 and 800 
this year In response to declin- 
ing orders and losses of 
Fmabn In 1992 and 1993. 

But the problems toeing the 
aerospace sector are likely to 
prove temporary. “We have 
seen the worst of the downturn 
and we can expect recovery 
sometime between 1996 and 
1997," says Mr Bernard Keller, 
director of communications at 
AArospatlale and a member of 
the regional development com- 
mittee. 

The resistance of the Toul- 
ouse economy has also been 
helped by a nascent, if grow- 
ing, diversification. The elec- 
tronics and softw ar e industries 

have established themselves in 


sSrcf;" 


,S.> V ■! ■% i*. 'M. • 4* • ■ v . v 1' 

"111 
riifitfiiiiy ■n'' 1 . 



;Swrcn^t(fc. 


the region, while the biotech- 
nology and pharmaceuticals 
sectors are currently expand- 
ing in Toulouse and nearby. 

For the region's older indus- 
tries, however, the situation is 
more difficult Textiles have 
been hit hard by the impact of 
cheap imports, notably from 
Asia, although Mr Jean-Fterie 
Qilly, a research director at 


LEREP, the economics 
research centre, argues that 
many companies have been 
able to fight Inck through the 
introduction of higher value 
added products and relatively 
high productivity. 

In mining and metallurgy, 
the downturn has been less 
equivocal Over the past 20 
years, the mines in the ARu- 


Carmaux area have seen 
employment toll from almost 
7,000 to about 300 today. The 
depressed aluminium market 
and the removal of the price 
advantage of hydro-electricity 
following the establishment Of 
nationwide energy prices by 
Electricity de France, have 
raised a serious question mark 
over the regional operations of 
Pechiney, the state-owned alu- 
minium group* 

In areas with downing tradi- 
tional industries, the response 
has been to diversify and to 
Implement policies of recon ver- 
sion. In AIbi, for example, Adf- 
rac, a development organisa- 
tion which groups local 
gn vp mmpTy t nwH industry bod- 
ies, has created 2,000 jobs over 
the past nine years. It has done 
so partly through Sofirem, a 
venture capital organisation, 
which has provided funding to 
local companies. 

AIbi, unlike much of the the 
Midi-PyrdoAes, has the benefit 


of an Industrial tradition. Else- 
where, the lack of an entrepre- 
neurial or .industrial back- 
ground represents an obstacle 
to tbs creation of new enter- 
prises. “We never had an 
industrial bourgeoisie here 
compared with some other 
cities such as Lyon," says Mr 
Maroonls. He says the region 
remained on the marg ins of 
the industrial revolution in the 
19th century, partly because of 
tbs tendency of the dominant 
landed classes to invest in 
property and real estate. 

The result has been that 
much of the region's industry 
has been imposed from outside, 

Much of the region’s 
industry has been 
imposed from outside 

often as the result of the trans- 
fer of research and infrastruc- 
ture by the state. Again, the 
aerospace and aeronautics 
Industry provide a case in 
point. President de Gaulle's 
decision to move the top engi- 
neering and pilot training 
schools to Toulouse and the 
establishment of the ONES 
aeronautics centre there in the 


1960s provided' a hub for the 
sector's expansion. 

There are increasing signs, 
however, of spontaneous local 
business development. The 
strength of scientific and 
research institutes has 
prompted’ the creation of a 
number of small companies 
working either as subcontrac- 
tors or niche players in the 
aerospace, electronics and bio- 
technology sectors. Mr Gilly 
describes the development of a 
“tissue of small and medium- 
sized companies" in the elec- 
tronics and aerospace field, cit- 
ing the example of Verilog, 
which specialises hi computer 
systems for satellites. 

The pace of this development 
has been slowed by recession. 
In several cases, such as Ver- 
ilog, the lack of capital has 
resulted in acquisition by 
larger groups. But most indus- 
trialists In the region believe 
the process will regain momen- 
tum once the economy shows 
evidence of recovery. Hoe too, 
there are encouraging signs. 
Xnsee, the national statistics 
office in Paris, argues that 
France is now emerging, if 
gradually, from its malaise. As 
it does so, Toulouse appears 
well placed to benefit. 


AGRICULTURE 


strata 


... I # 

- ,1 h 1 


Little farms and 
little industry 


Beyond the high-tech centre of 
Toulouse and the industrial 
towns of Tarbes, AIbi, and 
Rodaz lies a vast rural region - 
bigger than Belgium or the 
Netherlands. A world apart 
from the space research and 
electroidcsdesigncctaductedin 
the regional capital, it has its 
own economic structure and 
its own concerns. 

Over the past few years, 
these concerns have become 
more pressing. Mr Etienne 
Lapeze, president of the 
regional agricultural industry 
federation, cites a lengthy list 
of problems, from rural migra- 
tion to the effects of Europe’s 
common agricultural policy 
and the impact of cheap 
imports. He believes that the 
challenges can be overcome, 
but not without significant 
adjustment 

At the root of the various 
problems lie some traditional 
-weaknesses in the region's 


would be much reduced, he 
argues, If there were interna- 
tional rules to safeguard work- 
ing conditions and social pro- 
tection there. 

To counter these challenges, 
the region’s agricultural organ- 
isations have embarked on 
strategies of diversification 
and a focus on increasing the 
value of production in the sec- 
tor. One example is the seeds 
industry, which has seen con- 
siderable development in pro- 
duction and research. Large 
companies in the sector, such 
as Rustics and France-Mais, 
have established bases in the 
region and are walking with 
local research institutes to 
develop the sector. Successes 
include resistant and high 
yield seeds for maize, which 
have seen strong rirnnanri from 
French farmers. 

' “ft is a sector which is very 
important for the future," says 
Mr Buries, Tt has it high value 


agricultural sector. Despite added content, and’ the Midi- 
steady growth in recent years, Fyrdn&es has already estab- 


farms in the 

MIdi-Pyr6nAes „ 

are relatively From Roqu 
small - 51 per to garlic, p 
rant are less seeking bn 
than 50 acres, 
and only 13 per 
cent bigger than 124 acres. As 
a result, investments to 
improve productivity or irrigar 
tion have been constrained. 

More seriously, the region 
suffers from a relative hude of 
agricultural industry. "We 
have a huge agricultural 
region but a weak processing 
base," says Mr Georges Bories 
of INRI, the agricultural 
research institute. “Much of 
the raw materials are shipped 
elsewhere for treatment." 

Such weaknesses have been 
compounded by the liberalisa- 
tion of the French agricultural 
market - a result of the CAP 
and the Gatt accords concluded 
last year after much protest 
from French formers, particu- 
larly in south-west France. 

The effects, says Mr Lapeze, 
have been severe, to addition 
to the reduction in prices for 
agricultural products such as 
cereals and ofi seeds, he argues 
that the measures have penal- 
ised formers who invested to 
mafcp their land more produc- 
tive. To illustrate the point, he 
cites the case of a former who 
produces three tonnes of cereal 
per hectare and another who 
produces just one tonne. With 
the foil in prices per tonne 
from FFr3 to FFrOJM, resulting 
from liberalisation, and with a 
subsidy of FFr3,000 per former, 
it is the more efficient pro- 
ducer who suiters. 

For Mr Lapeze, Gatt negotia- 
tions have brought few bene- 
fits to offset such costs. "Gatt 
has weakened rather than, 
strengthened the rules of agri- 
cultural trade," he says, adding 
that factors such as social pro- 
tection must be taken Into 
account The impact of Chilean 
apple imports, for example. 


From Roquefort cheese 
to garlic, producers are 
seeking brand Identities 


■ — fished a strong 

_ . base in 

‘ort cheese research and 
Kfucers are development” 
id Identities Traditional 
products are 
also being 
steered towards an emphasis 
on higher value. This is partly 
being achieved through the 
introduction of labelling and 
the establishment of brand 
image. From Roquefort cheese 
to garlic, cassoulet and beef, 
local producers are seeking to 
establish brand identities. “If 
yon can distinguish yourself 
from other products, then you 
can establish an image of qual- 
ity,” says one fanner. “This 
brings protection against com- 
petitors and foiling prices." 

The biggest potential for val- 
ue-added production, however, 
lies to the creation of large 
agro-industrial groups in the 
region. To encourage the pro- 
cess, tiw region's agricultural 
co-operatives and agro-indus- 
trial groups have formed a 
joint body, called Premia, to 
help develop links between 
research organisations and the 
public and financial sectors. 
“The resources are present," 
says one Premia member, “bat 
we have to strengthen our 
activities in processing and to 
areas like branding:" 

The success of such initia- 
tives will determine whether 
the agricultural sector can 
resist the Increasing pressures 
it feces. MT Lapeze estimates 
that tiie region's 80,000 farms 
will foil to 60,000 as a result of 
demographic trends - in par- 
ticular, the ageing of the rural 
population. A further 10,000 
fanns could be threatened by 
the impact of Gatt and the 
common agricultural policy. 
But he is optimistic. "We have 
a resilient culture and some 1 
formidable trumps,” he says. j 
“A focus on quality and invest- 1 
mwi* should allow us to keep | 
many of these jobs.” 


<8> 




MOTOROLA FACILITY 
IN TOULOUSE - FRANCE 
2000 people 

to design, develop and manufacture 
SEMICONDUCTORS 
for the electronic markets 
in Europe and Worldwide 


Paul Cheeseright examines the region’s academic-industrial nexus 

Brain, not brawn, is the key to the future 


Sunflower husks can be turned into 
cellulose and used as a thickening 
agent tn p ai nt s . This was established 
at an agri-industries laboratory in 
Toulouse where scientific wort: is 
taking place in an effort to breathe 
new life into title harassed agricul- 
tural sector. 

Every year students arrive at the 
design centre of A&ospatlale-Avtora, 
where the Airbus is assembled, and 
take part in research projects, while 
Afirospatiale engineers provide 
tuition at the two graduate engineer- 
ing schools, the grandes ecoles, with 
which it maintains dose relations. 

Pierre Fabre, the second largest 
privately-owned pharmaceuticals 
group to France, will by the end of 
this year establish an international 
centre to study skin ageing at one of 
the Toulouse nnlveratty hnaptfaU- 

Ttjese finks between the academic 
and research world, an one hand, and 


The nearer the idea gets to the 
marketplace, the greater will 
be the private sector’s Interest 

industry, on the other, point to the 
broad wMWMtp- and scientific policy 
espoused by national, regional and 
local government and paid at least Bp 
service by the private sector. 

TUs policy is to assure economic 
growth and sharpen an international 
commercial edge by creating a dus- 
ter of Industries and academic insti- 
tutions, where each feeds off the 
other and the future is brain, not 
brawn; white collar, not blue collar. 


to terms of people, the infrastruc- 
ture is already there. Figures trip off 
the tongues of Toulouse enthusiasts: 
nearly 90,000 university students, 
four universities, 10 graduate engi- 
neering schools to and around, about 
350 research laboratories, about 
11,500 research workers, 10,000 jobs 
created a year and so on. 

But tn terms of securing a future 
through growth, the policy is 
unproven. Recession has shown no 
mercy. Unemployment in. Toulouse 
has not been less than the national 
average. 

What Is dear, however, is the para- 
mount role of the public sector. Of 
the 11*500 research workers, the pri- 
vate sector, according to official fig- 
ures, employs just iJiOO. Most of the 
university laboratories are supported 
either by the National Centre for Sci- 
entific Research <CNRS) and the 
National Institute for Health and 
Medical Research, both state bodies. 

CNRS officials note that it directly 
manages 20 laboratories In Toulouse 
and is in association with 40 others. 
Not that there Is anything s u r pr ising 
in fins. The scientific research the 
laboratories undertake tfffi have a 
commercial application only in 10 or 
12 years’ time. “In a public labora- 
tory we must be creative,” says Mr 
Gerard Gama, who runs a biochemi- 
cal and food engineering laboratory. 

Such creativity is now spinning off 
into joint research ventures between 
the public sector institutions and 
Matra on space computing, Alcatel on 
multimedia comm un i cation. Techno- 
fen on turbomachine acoustics and 
Siemens on automotive electronics. 



Such joint ac ti v ity is more widely 
practised In the MkU-Pyrtn£es region 
than anywhere else in France. 
Clearly, the nearer the scientific Idea 
.gets to the marketplace, the greater 
will be thd~ interest of the private 
sector. 

But in some cases relations 
between the public seetor scientists 
and industry are bound to be diffi- 
cult. Mr Michel Wright, research 
director of a pharmacology and toxi- 
cology centre, says that as a public 
laboratory, it has to publish its 
results, but this is unacceptable to 
pharmaceutical companies, the main 
potential clients for its work. 

“The best way to collaborate with 


p harama ceuflcals group mnystaiftio 


the pharmaceutical industry is to 
provide them with' complementary 
results, exploring along the tines of 
their own interests,” Mr Wright says. 

More generally, the dasde form of 
contact between a company ad4*a 
laboratory is the research contract, 
where, to effect, companies are using 
the expertise of state institutions to 
undertake work which they cannot, 
or are unwilling^ to do themselves. 

The extent to which this is taking 
place is difficult to gauge precisely. 
Mr Alain Castes, director of the cen- 
tre for automation and systems anal. 
ysis, calculates that 220 such con- 
tracts are signed each year in 
Toulouse. City officials variously 


claim 700 or 1,000 contracts a year. 

Of these contracts, 70 per amt are 
signed by companies employing 500 
or more people, suggesting that in 
France, as in the UK, there remains 
the perennial economic problem of 
bow to raise the technological levels 
of smaller companies. 

Technology transfer in Toulouse is 
seen largely as a question of bringing 
companies and the broad academic 
sector into collaboration. Specialists 
to this area acknowledge that little 
has so for been achieved in spreading 
expertise into small manufacturing 
companies. 

Mr Costas has tried to solve this 
problem by setting up affiliate dubs 
* whereby bis institution can reach 
small companies via large companies 
that already have relations with the 
laboratory and snb-contracting 
arrangements, and via colleges, lower 
down the academic strata, with 
which small companies are more 
Ukdy to have contact 

Smaller companies probably are 
most likely to be drawn into the 
industrial-academic nexus through 
larger groups, &s assemblers, like 
' Aerospatiale, redefine theirrelattons 
with component suppliers and .their 
sub-contractors: The overriding 
demand for quality and safety in the 
finished product creates its own 
demand far higher technology. 

In Toulouse, it is acknowledged 
that there is a lot to learn and deep 
cultural divides to cross. As one bnsi- 
nessman noted of the academics, they 
are very good at devising products 
and coining up with ideas, but they 
are bad at industry. 


The region's top sport derives from Great Britain 

Where rugby is rife 


The taxi driver from Castres is 
silent as he steers his Renault 
along the road to Toulouse. 
Silent, that is, until mention of 
the word rugby. “Thousands of 
us went to Paris for the cham- 
pionship final last year ” he 
says proudly, before launching 
into a scrum-by-tackle analysis 
of the victory over Grenoble. 

It is a familiar topic to the 
Mfcfirpyrtoees. Mr Michel Cas- 
tel, the mayor of AIM, becomes 
visibly excited when the sport 
trope op In conversation. From 
then an, investment strategies 
and the prospects of his Social- 
ist party are described in terms 
of teamwork, tries and conver- 
sions. Professor Rfemy Pech of 
Toulouse- Mirall University, 
author of a book on the history 
of rugby, is similarly animated 
by the subject. A former player 
Virmgpj f, he describes how his 
father would cycle 150km from 
Narbonne to watch the 
regional final in Toulouse: 

Such a common enthusiasm 
to such an ostensibly disparate 
group of characters reflects the 
importance of rugby in the 
region. “All the people here 
care about rugby," says Prof 
Pech. "It provides a powerful 
social bond at every level, from 
quartier to village, town and 
dly." 

It has done so for the best 
part of a century. News of the 
game travelled east from Bor- 
deaux in the 1890s and quickly 
took root to the Midi-Pyfenfies. 
As in Bordeaux, there was an 
important British influence to 
the birth of the game. For 
example, EQggens, the captain 
of one of the first Toulouse 
teams was the son of the Brit- 
ish consul. 

The expansion of the sport 
was rapid. From urban teams 
based on professions, notably 
vets and miners, rugby passed 
to milages and rural districts. 
Schools, according to Mr Pech, 
played a valuable role in rug- 
by's dissemination throughout 
the region. 

The reasons behind the rise 
of rugby in the Midi-Pyr&)£es 
are as numerous as the local 
teams. For Mr Castel, the sport 
gives expression to the charac- 


ter of the region's inhabitants. 
“It combines our Latin fire 
with the sense of teamwork 
and community,” he says. 
“Rugby accommodates all 
types of people, from the large 
powerful forwards to the 
smaller test wingers. When 
you look around the street, you 
can ima g in e a position for 
everyone.” 

The amateur status of the 
sport, and the strict rules 
which govern it, have also 
encouraged strong ties with 
the local communities. Mr 
Lahbe, treasurer of the Stade 
Toulouse rugby club, points 
out that, unlike in soccer, it is 
extremely difficult to transfer 
rugby players from one dub to 
another. The players must 
have a licence to represent 

their toam anri this requires a 

job or a student certificate. As 
a result, teams are largely com- 
prised of local players. 

There are exceptions. Rob 
Andrew, the England captain, 
played for Toulouse in 
1992-1993. Emile NTmack, the 
quicksilver Toulouse 
three-quarter who also plays 
for the French national team, 
came originally from the east 
of France. Such exceptions, 
however, tend to confirm the 
rule. Andrew had to find a job 
with a local company. The 
Toulouse club helped relocate 
NTmack's brother and mother 
when he decided to join t h e m . 

Despite its strict codes and 
amateur status, the attraction 
of the game is strengthened by 
the social and economic oppor- 
tunities it provides. Laurence 
Spanghero, one of six rugby- 1 
playing brothers in an Italian 
immigrant family, used his I 
fame on the rogby pitch to 
develop bis Cassoulet food 
empire. A local government 
representative in the Pyrenean 
town of Tarbes refers to 
employment advertisements in 
which rugby skills are cited as 
an advantage for applicants. 

Unsurprisingly, given the 
level of focal support for the 
sport, the region has emerged 
as a powerhouse of French 
rugby. Many of France's lead- 
ing teams, from Castres to Col- 


omiers and from Toulouse to 
Tarbes, come from the Mufc- 
Pyrfnfies. 

While Castres claimed the 
championship last year, Stade 
Toukmse look good for the 1994 
title. Training in the Stade des 
Sept Dealers, the players work 
together as a slick unit In the 
play-offs, they have already 
overcame an important hurdle 
by beating local rivals Colnmr 
iers by 32-22. should they go all 
the way to the trophy, their 
exploits wQl provide any con- 
versation that is needed in the 
taxis of Toulouse. 


Rugby - “a pow o rful aoctal bond at every fawel, tram quarttor to wgaga, town and efty* 


HAUTES-PYRENEES FRANCE 
PUTTING YOUR BUSINESS ON TOP 


More than a mere workplace, the Hautes-Pyrdndes 
provide a quality of environment which has attracted 
top level industries. Here, S0CAI& (branch of 
AEROSBUTALE), GEC-ALSTH0M, ELF ATOCHEM use 
the most sophisticated production techniques and 
export goods to the whole world. 

Medium and small businesses which specialise in the 
food industry, in electronics, in aeronautics and in the 
production of specialist materials are all helped in their 
development by the industrial and scientific back up 
available locally- The network of engineering, technical 
and business colleges in and around TARBES ensures 



a high qualified workforce - second only to Tbulouse in 
the Midi-Pyrfndes. 

And all companies can benefit from being at the heart 
of the satellite and electronic information network. 
Moreover, premices are available to welcome start up 
enterprises. 

Companies locating here enjoy a market place of more 
than 500,000 consumers at the gateway to Spain, easily 
accessible by existing high speed air; rail and road links. 
There is a wonderful way of life to be discovered in the 
Hautes- Pyrenees. Enjoy the cuisine of South West France 
and a wide variety of cultural, leisure and sporting pursuits 
-there are 14 ski stations within easy reach - all in one of 
the most magnificient natural setting in Europe. 

In this dynamic environment which has so much to offer 
- superb scenery, tranquility, recreational opportunities 
and quality work force, it is easier to manage your 
development and be even more competitive. 

In choosing to establish yourself in the Hantes 
Pyri*n£es, yon will be putting your business on top. 

Contact : Tim WOOD, 36 Earls Court Square 
LONDON SW59DQ 
Tel: 071 370 6939 
Fax : 071 835 2081 












26 


FINANCIAL. TIMES WEDNESDAY MAY IS 1994 


COMMODITIES AND AGRICULTURE 


Copper and coffee keep 
London’s bull run going 


By Our Natural 
Resources Staff 

Copper and coffee markets 
remained the prime targets of 
investment fund buyers yester- 
day, with prices adding to 
recent prodigious gains. But 
the party appeared to be over 
for oil traders as nearby prices 
for North Sea crude slipped 
back below $10 a band. 

The London Metal Exchange 
reported another steep drop in 
its copper stocks yesterday, 
triggering fresh fond and spec- 
ulative buying. This not only 
sent copper’s price spiralling 
upwards again but dragged 
other metal prices along with 
it. Copper for delivery in three 
months was $2,220^0 a tonne 
at the close but prices surged 
again in the ftnaT minutes of 
LME after hours “kerb" trad- 
ing and the red metal moved to 
its highest level for 15 months, 
to &229, up $50 from Monday's 
kerb close. 

LME copper stocks fell by 
another 16,625 tonnes to a fresh 
one-year low of 406,075 tonnes. 

Mr Ted Arnold, metals spe- 
cialist at Merrill Lynch, 
suggested that only copper and 
aluminium amnng the LME 
metals had any fundamental 
reasons for price rises, 
although “the fundamentals 
for lead are slowly turning in 
its favour." 

He said that there had been 
some panic buying by copper 
consumers yesterday and buy- 
ers were ready to step in any 


time the price dipped. “But it 
is wishfUl thinking to expect a 
summer price lull this year," 
he added. Mr Arnold said he 
had no idea how high the cop- 
per price would go, hut when it 
reached its peak it would fall 
back a few cents a pound. He 
doubted if it would go back 
below $2,000 a tonne. 


UBWunouinocn 

(A3 a Mondays efaae) 

Correa 


AlunMum 

+1475 

10 2449350 

/UunHum May 

—340 

to 364to 

CoppW 

-18423 

to 408475 

Lead 

*830 

10 340478 

Mcferi 

-198 

to 1324M 

Zhc 

+3J30 

to 1.181.100 

Tta 

-80 

to 27345 


Three-month al umini um 
closed $22 a tonne up on the 
LME at $1,374.50. Mr Arnold 
said the market was now confi- 
dent that producers would 
stick to the international 
agreement to cut annual out- 
put by between 1.5m and 2m 
tonnes. 

Meanwhile, coffee futures 
remained in strung favour on 
both sides of the Atlantic, with 
some traders believing New 
York had taken over the run- 
ning from London. 

The July arabica futures con- 
tract in New York was consoli- 
dating yesterday afternoon 
after a rise of more than 12 
cents a pound on Monday. But 
the September contract spent 
some time stuck at its oneday 
upward limit of 6 cents a 
pound as it struggled to catch 
up with July's earlier rise. 


"The fireworks seem to be in 
New York,” said one London 
trader. “The sign of a true bull 
market is a strong backwarda- 
tion [when contracts for 
nearby delivery are at a pre- 
mium over forward positions J. 
The backwardation is starting 

to deepen in New York 
whereas it’s starting to weaken 
in London.” 

The steam had certainly not 
gone out of the London market 
yesterday. The July robusta 
position hit a peak of $2,150 a 
tonne before easing slightly to 
dose up $93 at S2J.45. This puts 
it 79 per cent up an the year, 
having risen by 50 per cent In 
the past three weeks. 

Oil prices yesterday bucked 
the upward trend in other com- 
modities. The benchmark 
Brent Blend for July was 
quoted at $15.85 a barrel in late 
London trading, well down on 
its dose on Monday of $16.13. 

Traders attributed the 
decline to profit-taking at the 
end of a three month rally, 
which, has seen oil prices rise 
by about $4 a barrel from the 
five-year lows recorded in mid- 
February. 

Mr Lindsay Home, a trader 
at the London office of US 
investment bank Lehman 
Brothers, said other factors 
affecting prices included the 
end of a buying spree by US 
refiners in advance of the 
American summer holiday 
driving seaso n, Rnfl rawi ti n n ing 
strong output from the North 
Sea fluids 


MARKET REPORT 

Precious metals hold on 


Precious metals held most of 
their overnight gains yester- 
day, despite doubts about the 
authenticity of SILVER’S sur- 
prise rise in New York. 

The London silver price 
caught up with a 20-cent jump 
to $5.55% a troy ounce, while 
GOLD put on $&80 at $383 an 
ounce and platinum edged up 
$L85 to $400. 

At the London Commodity 


Exchange COCOA futures 
foiled to get going after a slug- 
gish start and the July position 
ended the day at £947 a tonne, 
down another £5. Traders said 
the continuing absence of 
industry offtake and producer 
activity was keeping dealings 
quiet. New York offered no 
direction, holding little 
changed following its weaker 
opening. 


to gains 

London Metal Exchange 
prices all moved higher with 
copper and al uminium (see 
story above). Notable gains 
were registered by TIN, which 
to uched 14-month peaks, and 
NICKEL, which, aTthmi gh run- 
ning into heavy sales on 
approaches towards Monday's 
19-month highs, was underpin- 
ned by speculative buying. 
Compiled from Beater 


Boom brings 
out the 
head-hunters 

Booming business in base 
metals has led to fierce compe- 
tition for experienced traders, 
p ro m pting rising salaries and 
bonuses, reports Reuter. 

Ranks and trading compa- 
nies, fearful of losing top peo- 
ple, are offering. a range of 
incentives to existing staff, 
while others are seeking to 
lure dealers through a ttr a ct i ve 
signing-on terms. 

An annual package of salary 
plus bonus totalling 2130,000 
to £140JXW is not uncommon, 
according to a trade house 
executive. 

“The [metal trader] recruit- 
ment market is buoyant,” said 
a leading job consultant. 

AH areas of metals trading 
are expanding as business 
from consumers and producers 
increases and i n vestors buy in 
the hope that prices will con- 
tinue to rise as the world steps 
out of recession. 

Banks, financial institutions 
and other players see metals 
as a growing source of busi- 
ness. There has been a rush of 
derivative product issues, such 
as warrants on baskets of met- 
als, regarded as the commodi- 
ties most likely to benefit from 
an economic revivaL 

A further boost to business 
has come from rising demand 
from mining company's for 
long-term packages to hedge 
their price risk. 

As the metals business is 
small compared with bond and 
foreign exchange markets, 
turnover in dealers has 
become particularly active. 
“We have been busy since the 
start of the year," another 
recruitment consultant said. 

The number of floor mem- 
bers on the London Metal 
Exchange Is rising. Sucden 
UK, a subsidiary of French 
broker Sucres et Denrees, 
becomes the 18th member 
later Hite year. 

At least one other company 
may follow suit, while the 
number of associate broker 
clearing members is also ris- 
ing. US securities house Kid- 
der, Peabody International, 
part of General Electric Com- 
pany, was recently elected to 
this category. 


EU pulp makers in ‘home-made mess’ 


By Alison Mafttand 

European pulp and paper 
companies will escape an even 
worse recession than the last 
one only if they refr ai n from 
bunding up extra capacity too 
quickly, an industry leader 
warned yesterday. 

Mr Robert van Ooxdt, chair- 
man of KNP BT, the Dutch 
paper and packaging group, 
told a Financial Timas confer- 
ence an world pulp and. paper 
that it would take time to 
resolve the “home-made mess” 
of overcapacity. 

All sectors apart from news- 
print had operated well below 
90 per cent capacity utOisatiaa 
during the past few years and 
were expected to return to 
operating rates above 90 per 


cent only in 1995 or 1996, he 
said. “Current overcapacity 
win only disappear if the lead- 
ms of European paper compa- 
nies act responsibly. If they do, 
the outlook is excellent If not. 
the future will be even worse 
than what we experienced dur- 
ing the last few years.” 

Umber, pulp and paper pro- 
ducers worldwide are emerging 
from a severe recession that 
has forced many into radical 
restructuring. Optimism that 
the industry has turned the 
comer has been ftielled by a 
strong recovery in pulp and 
paper prices. 

But Mr van Oordt said rising 
prices were creating “an artifi- 
cial situation” in Europe. 
“Other economies - the US 
and Asia - are doing better. 


than our own and are siphon- 
ing off the raw material and 
pushing prices up. Our econo- 
mies in Europe are not yet 
strong enough for us to pass on 
our costs to our customers.'* 

He said EU companies had to 
rinse the competitive gap with 
other players in the industry, 
notably in North America ami 
S candinav ia. Farther rations 1- 
isation of mills was needed. 

In Finland, the average mill 
size had risen from 142,000 
tonnes to 241,000 tonnes 
between 1980 and 1992. In the 
US, the figure had gone from 
92,000 tonnes to 134,000 tonnes. 
But the average miR rise in the 
EU increased from 22,000 
>nnnpg to just 42,000 tonnes. 

On the bright side, demand 
for paper was expected to 


remain healthy, “a unique 
starting position in a European 
setting where most industries 
are troubled by low* or no- 
growth conditions," he said. 

The continued demand for 
paper in the electronic age was 
underlined by Mr Alain Souias, 
chief executive of Atjo Wiggi ns 
Appleton, the Anglo-French 
paper manufacturer. "The psy- 
chological value of the printed 
page is still high, as is shown 
by the rapid rise in demand far 

prlntars,” he said. 

Growth in the west Euro- 
pean market would continue, 
he said, but European paper 
companies must look to oppor- 
tunities in the Far East, Latin 
America and eastern Europe to 
become more competitive glob- 
ally. 


Finnish mill project gets green light 


Christopher Brown-Humes on a £365m chlorine-free pulp project 


A fter five years of plan- 
ning and two years of 
iwfHmw Bmodae Mb , 
a project to build the world’s 
largest cblarine-free pulp min 
was finally given the godhead 
last week. The FM3bn (£365m) 
facility, to be built at Rauma in 
western Finland, will be capa- 
ble of producing 500,000 tonnes 
of softwood pulp a year and is 
scheduled for startup in 1996. 

Even six rnrrat'Ha ag n a deci- 
sion to proceed with the plan 
would have looked reckless. 
Softwood pulp prices had 
plunged to just $380 a tonne 
from a peak of $840 in 1989, and 
there was little sign of the 
long-awaited recovery in the 
pulp and paper sector. Since 
then pulp pri ce s have risen to 
$560 a tnrmw nnri +>i** broader 
paper industry cycle appears to 
have turned. 

in spite of toe im proved di- 
mate, however. United Paper 
Mills, the biggest sfaareholdgr 
in the project with a stake of 
45.6 per cent, only came on 
board at the last minute. It 

also appears that the Wnanring 

problems were only resolved 
through a FML2bn state guar- 
antee for a large proportion of 
the loans. A persistent diffi- 
culty has been risk concentra- 
tion, with many of the leading 


Finnish Panics already heav ily 
exposed to the companies 
behind toe project 

Most analysts, though, 
believe that toe fundamentals 
favour construction of the mill. 
They note that it will come on 
gfr pwin at a when pulp 
prices are expected to be at or 
n ear their to**** cyclical peak. 

Thin orpiainn toe determina- 
tion ofMetsS-Rauma, the oper- 
ating company, to stick to the 
1996 start-up target. Excava- 
tion work began last autumn, 
well before the project was 
finally approved, and impetus 
has been maintained with tiie 
Immediate placing Of FM600m 
worth of contracts. 

At lea st half of the mill's out- 
put will be consumed by OPM 
and Metsd-Serla, the second 
largest investor in the project 
with 27.8 per cent UPM will 
supply its Rauma paper mill 
and Metsft-Serla its Kirkniemi 
magazine paper plant. Met- 
sd-Botnia, which previously 
supplied much of this pulp, 
will offer more of the commod- 
ity on the open market 

Much of toe new mill’s 
remaining output is expected 
to go to western Europe, pri- 
marily for use as a reinforcing 
agent in the production of 
recycled paper. This is an 


attractive market with fore- 
casts suggesting that recycled 
paper demand will grow at 4J5 
per cent a year over the next 
decade, compared with overall 
growth in pulp demand of only 
1.6 per cent a year. 

In tapping this outlet Metsfl 
-Rauma believes its environ- 
mentaDy-friendly totally chlo- 
rine-free (TCF) pulp will give it 
a considerable marketing 
advantage. It notes that its pro- 
duction costs for TCF will be 
no higher than for conven- 
tional pulp because it is install- 
ing the required equipment 
from scratch. 

The mill's cost structure is 
also favoured by the 35 per 
cent fall in Finnish wood 
prices over the past three 
years. Although prices have 
started to rise again, mirroring 
the pulp industry’s improved 
fortunes, the prospect of 
increased wood imparts from 
neighbouring Russia in the 
next few years should ensure 
that Finnish wood suppliers 
moderate their price demands. 

Developments in the broader 
market could also favour the 
mill. Analysts say several 
Canadian pulp mills may be 
forced to close on environmen- 
tal and financial grounds. They 
also believe there will be sales 


opportunities in the Far East, 
where paper demand is grow- 
ing rapidly and long-fibre sof- 
twood pulp is expected to be in 
short supply. Most of toe pulp 
capacity coming on stream In 
countries like Indonesia is of 
the short-fibre hardwood vari- 
ety. 

Not everyone is convinced, 
however, that the pulp market 
recovery is frilly established. 
Many commentators say 
short-term factors, such as res- 
tocking and disruptions to 
hard wood supplies from Rus- 
sia, have driven the price up 
further than supply and 
demand factors warrant They 
believe pulp prices could easily 
fan later this year. 

But the mill's backers are 
undeterred. They point to the 
mill 's economies of scale and 
the technical advantages it will 
enjoy from, utilising the very 
latest equipment 

They alio stress that their 
financial calculations are rela- 
tively conservative. The mill is 
expected to break-even after 
depreciation and interest with 
a pulp price of below $500 a 
tonne. At $550 a tonne the 
return on capital will be 10 per 
rant- - much hi gher than the 
pulp industry has managed tra- 
ditionally. 


|if* 


001 

f 

use 




COMMODITIES PRICES 


BASE METALS 

LONDON METAL EXCHANGE 

(Prices from A/natgai iat od Metal Trading) 

■ ALUMINIUM. 98.7 PURITY (S per tonne) 



Cash 

3 mths 

doss 

13465-8-5 

1374-5 

Previous 

1324-5 

1352-3 

Htgh/tow 


1377/1355 

AM Offldri 

1338-9 

1384-45 

Kart) dose 


1376-8 

Open trt. 

249,023 


Total dally turnover 

74521 


K ALUMINIUM ALLOY (S par tonna} 


0036 

1330-40 

1345-50 

Previous 

1320-30 

1330-40 

higMow 


1350 

AM Offldri 

1330-5 

1340-6 

Kerb dose 


1345-50 

Open W. 

3458 


Total drfy turnover 

784 


K LEAD (S per tonne) 



Cion 

4945-65 

512-25 

Previous 

488.5-75 

5045-5.0 

High/low 

492/400 

516/608 

AM Official 

480-90 

607-8 

Kerb dose 


511-2 

Open InL 

38455 


Total dally turnover 

7489 


K NICKEL $ par tome) 


Close 

844S-56 

8S30-40 

Previous 

6270-80 

835060 

rtgtVtaw 

8420 

6670/8440 

AM Official 

8410-20 

65001 

Kerb dose 


85206 

Open fat 

59.494 


Total daay turnover 

13.782 


K TM (S per tonne) 



Ctoae 

5725-35 

5790-800 

Previous 

6680-5 

56505 

KSgMow 


5860/5740 

AM Official 

5730-35 

6805-10 

Kerb dose 


576070 

Open Ire. 

16.890 


Total dariy turnover 

8.109 


■ ZINC, apodal high grade (5 per tome) 

Close 

8824-34 

1006-7 

Previous 

980-1 

1003-4 

HJghflow 

B8B 

1014/1000 

AM Official 

986.5-75 

1010-11 

Kerb dose 


1004-6 

Open ire. 

103.185 


Total dolly turnover 

40580 


K COPPER, grade A ft per tonne) 


Close 

2225-7 

2220-21 

Previous 

2180-2 

21774-84 

High/low 


2229/2182 

AM Offldri 

2216-7 

2212-3 


Kerb dose 2224-5 

Open Int 1 00.31 9 

Total daly turnover 10634* 

■ LME AM Official C/S rate; 1.5035 

LME Ctodng E/S rate; 1.8086 

SpotlXOBi 3 «thslX043 fimthsl.6042 9 natal X0G0 

■ MOH CRAPE COPPER (COMBO 




Open 



On 

etaopa top low 

tot 

vri 

Uy 

104.45 

-1-1.90 104.70 1(0.80 

£081 

232 

Jm 

10445 

+145 104.25 10425 

1.058 

« 

JM 

10405 

+£05 104.30 103.15 38.233 

239 

Mg 

1(025 

+£10 10250 10250 

470 

6 

Sap 

10255 

8 

§ 

a 

8.111 

24 

Ori 

Triri 

101.75 

*£05 

an 

01530 

932 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Mow suppled by N M RotfacMd) 


Gold (Troy oz.) 
dose 
Opening 
Morning 5 k 
A fternoon fix 
Day’s High 
Day's Low 
Previous dose 
Loco Ldn Mean 

1 month 

2 months 

3 months 

Star Rx 
Sooc 

3 m on ths 
fi months 
1 year 
Odd Colne 
Krugemmd 
Maple Leaf 
New Sovereign 


S price E eqriv. 
382.80-383.00 
382.40-382X0 

38540-383.80 

382.10-38250 

390.00-380.40 

QoH Lendkig Rates (Vs USS) 

— 4.Q2 6 months 4 X0 

—4.12 12 months _5.il 

.—*28 

prtroy oz. US cts equfv. 


336.07 
37085 
37049 
388.78 
S price 

380-389 

39030-335.75 

89-02 


S3 TO 
559.30 
66&30 
583X0 
£ oqtitv. 
258-280 

59432 


Precious Metals continued 

■ OOLP COtjBt (too Troy an S/troy cej 


prfce 

Kay 381.4 

Jun 382JJ 

Jri 3815 

Aug 3854 

Oct 3883 

Dm 9814 

7 fatal 


tot VaL 


-14 


•17 3842 381.1 89489 24.741 

-1.7 .... 

-1.7 3874 3844 25X06 5429 

-1.7 3904 3882 4456 371 

-1.7 3944 3914 14455 770 

144474 32482 

PtATtWM MYMEX (60 Troy an S/lroy oz^ 


GRAINS AND OIL SEEDS 

M WHEAT LCE (C per tonne) 

Sett Oafs 

price cfeaop Mp Low 
Ital 11340 -*460 11440 11440 

Joe 11340 +1-29 11440 11340 

Sap 98.45 440 9840 9840 

ta B840 -040 9940 99.10 

4 m 10145 -040 10145 10140 

1034E -040 10346 10245 


SOFTS 

■ COCOA LCE (E/tome) 


Opam 

tat 

Vri 


Srit 

pH- i 

21 


OPR 
tew tat 

Vri 

tea 

13 

Kay 

911 

-7 

911 

908 96 

15 

697 

123 

Jri 

947 

-5 

932 

942 19568 1587 

519 

2 

Sip 

989 

-4 

970 

962 14505 

819 

1541 

134 

Dr 

980 

-3 

991 

983 

503 

1513 

23 

Iter 

1014 

-3 

1014 

1006 Z7J01 

431 

361 

10 

**w 

1032 

- 

1032 

1023 14406 

179 

45SS 

310 

Triri 




108509 £444 


MEAT AND LIVESTOCK 

■ LIVE CATTLE CME (4O000t»; cents/**) 


Jri 

3985 

-61 

4060 3865 16504 

£774 

Ori 

402 2 

■61 

4075 40SL0 3587 

191 

Jm 

404.4 

-61 

4060 4045 1569 

17 

PW 

4064 

-61 

- 1555 

10 

Triri 



22595 

£992 

■ PALLADIUM NYMEX (100 Troy azjSrtroyoi) 

Job 

13625 

-0-10 13676 13150 2544 

230 

Sap 

13645 

- 

13750 13600 2566 

234 

DR 

136-45 

> 

13750 13645 826 

1 

Mar 

13595 

- 

6 

- 

Trial 



6*2 

465 


Tetri 

M W1MAT CHT ROPObu min; oenlaffiOb bushed ■ COOP * CSC CtlO t onnes; j/tontta 

Kay 

Jri 


0300 87.700 68675 25421 
0450 67400 68360 16423 
8425 68929 08150 12492 
0350 71425 70500 8781 
0350 7243 71400 44<4 
0400 73.125 72600 2*73 

73462 1244S 
K UVE HOQ8 CME (JOjMBbe; centafoa) 


Out 

Dm 

Frit 


68876 

68725 

09400 

70075 

71475 

72450 


M 

M36 

3,758 

917 

918 
134 
278 


Tata 


321/4 +1/4 322/0 317/0 830 600 

328/0 -W 327/2 323/4138530 44420 

330/4 -1/4 33WJ 328/2 34450 5415 

340/2 -1/2 341/5 38/4 39470 10470 

343/4 -1/4 3*4/6 342/4 34*0 125 

338/4 -1/4 - - 250 

213418 60450 


1257 

-23 

1275 

1236 36884 7,439 

Jm 

86450 

6175 56550 56025 12588 

£949 

1290 

-21 

1302 

1285 17568 1554 

JM 

48575 

6075 56100 48575 

6707 

1518 

1321 

-23 

1334 

1120 6557 

718 

ta 

46475 

6125 46700 46200 

4,105 

555 

1356 

-23 

1367 

1355 16710 

190 

Ori 

44.175 

6100 44560 <3950 

£887 

148 

1385 

■23 

1393 

1383 4599 

30 

Dr 

44J50 

6150 44500 44500 

£879 

449 

1407 

-23 

- 

- £785 

1 

Rte 

44575 

6223 44500 44500 

545 

27 




8452216232 

Triri 



3i jm 

6481 


K MAIZE car 15400 bu ffln; centeffiflte bushel) 


■ta 
Dee 
Har 
*ta 
Jri 
Total 

K COCOA pCCQ) (SCffeflorae) 


■ aa.VBB COM EX (100 Troy oz.; Carrts/troy az.) Due 

Key 5504 -88 5566 5524 350 44 

Jm 5514 -54 • - - 3 1 

Jri 5544 -54 5604 5524 82487 20460 

See 5594 -84 5854 5564 8492 1484 

Dm 5874 -54 5734 5694 11424 271 

JM 588.1 -84 32 

Tata 118485 224BB 


296/2 
267/0 
260/8 
254/6 
2624} 

May 283® 

Tetri 

K BARLEY LCE (E per tonne} 


-0/2 266/2 2B4A 8.415 5488 

.-OK 28774 205/0671415184465 
■*0/4 261/2 257/4106420 18.190 
+0/4 255/0 251/4404440 94,180 

-KW 282* BOO 40420 3.135 

- 268* 282/2 4455 105 

1411 


lay 18 

01 - 


.963.15 


10 day 

■ cm ILL LCESAoma) 


NA 


96320 


MM 


•Mr 

11150 


- 

- 

24 

. 

Sr 

9755 

- 

9755 

97.18 

152 

24 

No* 

9625 

■0.15 

9625 

9629 

220 

15 

ja 

10610 

. 

- 

. 

30 

. 

Hr 

<0150 

- 

- 

- 

10 

- 

Triri 





441 

31 


Hr 

2147 

+72 

2167 

2140 1,103 49 

Jri 

2143 

+91 

2190 

2103 16759 3552 

Sop 

2117 

+87 

2125 

2080 14.729 4,435 

Hr* 

2089 

+80 

2090 

2050 6548 1575 

JR 

2067 

+84 

2103 

2039 6382 680 

Mm 

2035 

+85 

2035 

2011 £200 130 

Trial 




4618011,101 

■ cons *c* CSCE (37500**: cerea/ta* 


ENERGY 

K CRUDE 06. NYMEX {42400 US ( 


SAxureO M 

tag 



Latest 

OsTa 


dp* 



prfce 

cfewigs 

MB» 

tea tat 

Vri 

Jim 

17.71 

-035 

1607 

1758 69537 35578 

Jri 

1757 

-625 

17.K 

1755106555 36727 

Aug 

1756 

-621 

1759 

1753 42.593 

11568 

Gap 

1695 

-618 

1754 

1633 31.132 

6567 

Ori 

1692 

•613 

1756 

1682 16370 

1.466 

No* 

1690 

-611 

1693 

1650 1£787 

644 

Total 




436195106502 

K CRUDE 06. tPE (flflMrreO 




K SOYABEAM8 C8T (EtoOtaJ ntec canMOb bubal) 

Hag 

Jad 

12050 

-850 12850 12250 

64 50 

■r 

BS5/4 

+1/4 

8BB/4 

679/4 11J3B 5A» 

sap 

ifiLrii 

11850 

-•MM ldl,lN WrR »te 1 

+635 124.15 11850 1&2BD 4546 

Jri 

680/4 

+2 JO 

881 A) 

8750331520194^35 

Dr 

114,75 

-675 12250 114J6 

6769 3520 

ta 

874/9 

+2/2 

B764J 

089 A) 67590 7^90 

Iter 

11250 

-3.10 12050 11250 

4501 836 

Sap 

652/2 

+2/8 

852/4 

646/0 38515 4,160 

ta 

11600 

-326 11&50 11050 

813 50 

Be* 

6368) 

+4/2 

638/8 

8284)226485 81515 

Total 



8623028548 

JR 

Tata 

642/8 

+M> 

MM) 

835/0 21.450 380 

726840 278579 

■ COFpg fCO) (USoUwfround) 




Latest 

Oafa 



OPR 



price 

cfcaoge 

MW 

Low 

tat 

Vri 

Jan 

16J« 

-602 

1850 

1630 36438 11542 

Joi 

155S 

•621 

1652 

15.78 

83,749 25515 

Aril 

15.75 

•621 

1558 

1670 

21545 

4587 

Sap 

1670 

•620 

1676 

1505 

11472 

434 

Oct 

1552 

•623 

1172 

1552 

62a 

120 

HR 

1558 

•61S 

1172 

1587 

4551 

304 

Total 





42578 26797 

K HEATING OIL NYtaEX (42500 USgaPljdUS gate) 


M SOYABEAN OtL CffT (860008*: cental 

Kay 2943 -042 2946 2945 2483 999 

Jri 2940 4045 2943 2946 43438 15,136 

/teg 2944 4042 2938 2913 13411 2442 

Sap 2847 4042 2992 2642 10413 974 

Oct 2842 4045 2846 27.78 7488 315 

Dec 2741 40.12 2743 2740 17,183 4490 

Total 99391 34471 

K SOYABEAN MEAL GST (100 tons; 3/Ion) 

May 188.7 404 1897 187.4 444 729 

Jri 1899 404 1892 1874 36.827 12427 

/teg 1874 404 1874 1894 14,287 3405 

Sap 1854 +04 1854 1844 8.746 592 

Oct 1824 404 1897 1824 6^77 250 

DK 182.1 +14 1834 1804 17.121 1431 

Tetri 88,422 19484 


< 19 Price Pis*, day 

Comp. dCBy 11443 10741 

15 (toy wage 8541 83.11 

H Not PBO/BUM RAW 8UOAH LCE (certa/lba) 

Jri 1922 40.14 - 2,497 

Ott 1249 4918 1229 1229 678 200 

Mm 1148 +04T 1140 1148 56 8 

Trial 9230 298 

K WHITE SUGAR LCE(S/tannei 



Uteri 

Omfa 


OpM 


H POTATOES LCE (E/toma) 





prfce 

ctateR 

MW 

lew tat 

vm 

JM 

2560 

-125 

- 

- 

. 

. 

Jm 

47.10 

-0.71 

47 J5 

47 XC 46512 

8X18 

Hr 

910 

- 

• 

. 

. 

« 

Jri 

4750 

■675 

4620 

47.40 3£14l 

6165 

Har 

1050 

- 

“ 

- 

- 

- 

AR 

4&20 

•055 

*655 

4600 14^20 

£208 

Apr 

1328 

■1.7 

1360 

1320 

572 

15 

Sap 

48.10 

-665 

4950 

49.10 11,287 

1,792 

Mfflf 

1400 

• 

- 

- 

- 

- 

Oct 

5630 

-635 

5630 

5630 5591 

327 

JM 

1075 

- 

■ 

• 

- 

■ 

MR 

5630 

-680 

9150 

5090 5323 

194 

Tata 





972 

18 

Toni 




142.109 23280 

H FR0QHT (BiFFEX) LCE (S1Q6ndex pofat) 


K OA8 OIL IPE (Storm) 




Hay 

1456 

-25 

1482 

1458 

944 

22 


Mg 34340 +440 34440 33990 12421 1J11 

Oct 32440 +970 32540 32040 7432 1.413 

DM 31420 +910 31440 31140 60S 65 

Mm 31240 +980 31240 30900 1.43S 58 

Hay 312.70 +930 31240 31240 200 4 

Triri 2942S 9881 

K BUOAH IV CSCE (11£000ta centm/tos) 


sad Day’s 
l>fca 


Jri 

tag 15240 

Sip 

Ori 


High Let* Iri VW 

14975 -225 15025 14850 27.777 6460 

1S60G -200 151.00 14940 19890 2287 

-1.75 15240 15140 7.152 
15950 -240 15425 15925 9342 

16840 -140 15979 15900 S 443 


680 
381 
322 

15980 -140 15940 15900 3488 127 

Tata 88466 19M9 

■ HATUHAL QAfl HUCt 110,000 nrtfcL; SrinaiBai) 


Ori 

JM 

Hr 

Tata 

BH 


1339 -22 1300 1339 
1210 -49 1256 1210 
1330 -39 

1333 -42 - - 
1366 -30 


1504 1505 


712 

716 

yn 

205 

a 



Latari Daft 


Open 



pi(M change 

Mgb 

Low tat 

1M 

Jm 

1514 +6001 

14715 

1.895 17.788 

6323 

Jri 

1580 +6004 

1.385 

1-561 16532 

3756 

Aug 

£025 +6004 

£025 

£017 11.072 

549 

ta 

£065 +6004 

£070 

£055 11,831 

330 

flri 

£115 +6001 

£125 

£115 £108 

99 

Nov 

£715 +6004 

ajgn 

£210 16024 

111 

Trial 



123,088 18,282 


Jri 

11X7 

+611 

1205 

11X8 51X20 7X74 

00 

l£0t 

+614 

1£05 

11X7 41X28 £110 

Har 

11-74 

+609 

1128 

11X4 18X88 

as 

Kta 

11.73 

+609 

1125 

11X< £914 

12 

Jri 

1168 

+608 

1120 

11X3 1X82 

2 

Ori 

11X5 

+606 

11X4 

11X1 513 

- 

Triri 




117XB911,73t 

■ COTTON NYCE (SOJXXMr cental 


M 

8022 

+628 

aoxo 

7650 22194 £K2 

Ori 

74X7 

■633 

7625 

74X3 4X88 

IK 

DR 

73X5 

-613 

7400 

73.11 18.105 

1.173 

Har 

7455 

-613 

74X3 

7410 £382 

168 

Nta 

7S.12 

-612 

7650 

7479 855 

76 

Jri 

75X0 

-615 

75X0 

7640 184 

38 

Triri 




482M £M 

■ ORANGE JUICE NYCE (15,0008)8; cams/Tb^ 


9685 

+605- 


91X5 343 

23 

Jri 

92X0 

- 

94.75 

9255 14X00 1.194 

Sta 

95X0 

+610 

97X0 

8520 £833 

194 

Ha* 

9660 

+610 

88X0 

8625 1X08 

88 

Jbb 

98X0 

+625 10025 

98X0 £283 

32 

Mm 

100X0 

+620 

101X5 

10625 737 

11 

Triri 




22X48 1X45 


■ unleaded gasoline 
HYMEXI 4ZJ0Q US gafc: c/US pate] 



umt 

Bay** 


, 

Ota 



price 

stage 

M* 

Low 

M 

«B( 

-tea 

5640 

-677 

51.15 

80X8 

34.788 

11X80 

Jri 

50X5 

•0X0 

SIX9 

8675 

31,118 

9X88 

*00 

5690 

-0X9 

51X0 

5080 

14X68 

£252 

Sta 

5640 

-0X0 

50X0 

5640 

£932 

085 

DEI 

4609 

-640 

49X0 

48X5 

3,173 

448 

Hav 

Total 

4615 

-640 

4625 

4615 

£448 

97X27 

40 

28X28 


Mtoor Metab 

European free market, tram Metal Bafleflrv, $ 
par b h warehouse, unteas athanri s a stated 
(last week’s In brackets, whom (banged). And- 
rew)/: 89696. $ par tonne. 2400-8,700 (9360- 
£500). Btamufle min. 904994, tonne lets 226- 
24a Cadmium: rria 992%. 75-95 cents ■ 
pound. Cobalt MB free market, 00894. 2440- 
2540 (23.80-24.80); 09.3K, 10.1B-1B.fl0 
0940-198(9 Merewr- trio. 9999K. Spar 78 
b 1188k. 100-110 (90-105). Molybdenum; 
drummed mdybdic oafde, 340-3.30 (3.15- 
94^. S e l s nliM B min 69698. 340-445. Tung- 
sten era: standard rrfn. 0696. $ par tonne unit 
(1&B) WO„ off. 3345. VanadfeaiE min. 9896, 
rif, 1-40-140 (1-35-14Q. Uranfcmc Nuaaeo 
•whangs value, 7SXL 


VOLUME DATA 

Open Henri end Volume date shewn far 
oonracM traded on COhEX. NYMEX. COT, 
NYCE, CME and CSCE emone rtey In amera 


INDICES 

K REUTERS (Baae: 1 8/6/31 

May 17 May Ifl month «8° Year ago 
19084 18464 181&1 16793 

■ CRB Futeres (Bate: 4AU6^10Q) 


May ie 

23a 49 


May 13 
227-30 


month ago 
222.14 


Steer ego 

20979 


K PORK BaiJES CME (49000 tee: centalbri 


M 


Triri 


49400 -0.173 49775 44400 
49330 -0L375 45450 44476 
43473 -0375 41850 42450 
51.476 -0.125 51450 50400 
59900 40.130 59900 60400 
51.700 -0450 61730 51.750 


49 

1478 


192 
5.758 
1462 433 

241 29 

26 2 

11 2 

7412 2493 


LONDON TRADED OPTIONS 

Stake price S tonne — -Cafla Puts — 

H ALUMMUM 

(89.796) LME 
1300 


1350. 

1400. 


H COPPER 
(Grade A) LME 

2100 

2180 


M COFFEE LCE 

1800 

I860 


1900. 


HCOCQALCE 

800 

925 

950 


1660. 


Aug 

Nov 

Aug 

Nov 

91 

110 

17 

27 

69 

90 

34 

43 

36 

84 

SO 

66 

Aug 

Nov 

Aug 

Nov 

147 

143 

24 

52 

118 

114 

39 

72 

84 

89 

59 

96 

Jri 

Sep 

Jri 

Sep 

347 

348 

4 

40 

300 

309 

7 

41 

2S5 

272 

12 

86 

Jul 

Sep 

Jri 

Sap 

56 

87 

9 

18 

3S 

71 

17 

27 

28 

80 

29 

37 

Jri 

Aug 

Jri 

Aug 

- 

- 

it 

27 

81 

- 

25 

44 

33 

47 

44 

08 


LONDON SPOT MARKETS 

R CRUDE OU. FOB (per barroWufl +or 


Dubai 

Sl4r*1-4r47w 


Brent Send (dated) 

$16.74-5.78 


Brant Blend (Jri) 

$15.78-5X0 


W.TJ. (1pm esq 

$1720-722* 


H 06 PRODUCTS NWEprompt deOvwy OF (tonne) 

Premium Oaeofrw 

*178-180 

. -3 

Gee Oa 

$148-150 

-2 

Heavy Fuel OO 

$82-85 

-IX 

NapWfi 

*154-156 

-1^ 

Jet Fuel 

SI 62-183 

•2-0 

PfXnttun Afpul GffVRfltal 



H OTH84 



Quid (par troy <n)$ 

$383.00 

+2X0 

Stvw (par trey oeJ4 

553-OQc 

+17X0 

Pteflnum (per trey ozj 

840600 

+1X5 

PaBafflun (per trey oz.) 

*13625 

♦615 

Copper (Us prod.) 

107.00c 


Lead (US preri.) 

35X00 


TYi (Kyaia Lumpul 

1421 r 


Tta (New York) 

26£50c 


Zinc (US Prime W.) 

Unq. 


CriBe Qhre wdghOt 

l96SSp 

-OX4* 

3haap (he we^itff* 

14044P 

-7XT 

Pigs (he weis/ri) 

80X4p 

+649* 

Lon. day sugar (raw) 

*28600 

-2X0 

ton. day sugar (wtej 

$345X0 

+1.00 

Tate 6 Lyfe oeport 

£302X0 

-2X0 

Qalby (Eng. teed) 

Unq. 


Mala (US Na3 YflOow) 

$14600 

+1X0 

Wheat (US Darit North) 

ElSOXx 


Rubber (Joi* 

72X0p 

+025 

Rubber (Ju^V 

722Sp 

+025 

RriJber(KL RSS Nol Jun) 

257.00RI 

+650 

Coconut OH (FW)§ 

SS16.CC 

+260 

Patel CM (MaiayJS 

*497Xy 

+200 

Copra (PhR§ 

$383.0 

+22X 

Soyabeene (US) 

Ci93.oy 


Colton OuOooK A index 

BP *r*r 

-020 

Woritops (64s Super) 

425p 



8 par aanm irises udaulae eased, p rance/kg. c OMBltL 


cerete i An/JlA y Jun. w Jri. * 
mem. fOP ' 


. . Lmtan Ryitori. £ CS> Rritadm. f Men 
rate* etoSK 9 3hew> #Jue eMem priori. ■ chmo* « 
week, promote piece. 


CROSSWORD 


No. 8,456 Set by ALAUN 







ACROSS 

l Guides one through the tracts 
of land (6) 

4 The quick way to get a little 
reduction (5,3) 

9 And to the right order by 
sheer chance (6) 

10 True account given to the 
parson (8) 

12 Years go by before you get 
the trips (8) 

13 Coming to provide publicity 
before the opening (6) 

15 See how long it takes to 
empty the bar! (4) 

16 to which one heats about love 
breaking hearts (7) 

20 Mean the nest Is built by 
those who have young ( 7) 

21 Step one is to get to power (4) 

25 Come back again at a jog-trot 
( 6 ) 

26 So called because they have a 
distinctive bark? (3J>) 

28 Having control of, cheat an 

underling (gj 

29 Water the sun never dances 
an (6) 

30 Manages to get a husband 
who’s not a sailor (8) 

31 Impassive, slipped to inside 
(6) 

DOWN 

1 Copy the sections about toe 
banks (8) 

2 Wishing for some company to 
lend the mouey spoken of (8; 

3 Not good enough? That’s a 
shame! (3,3) 

5 Horae about with the com- 
puter? (4) 


6 Attacks the plump child 

7 One after another! (6) 

8 Understanding, do your best 
to put it away inside (6) 

11 Told the former had been pot 
in the shade (7) 

14 What the smoker had and lost 
outside the hotel (7) 

17 “Justifies out-and-out hostfl- 
tty,'’ one declaims bombasti- 
cally (8) 

18 It’s goodbye to food and 
water, too (8) 

19 Worked out it’s because one 
Is to colour (8) 

22 Describing the train, British 
Rail, on which the lad and I 
travelled (6) 

23 Am covered by a gun, which 
is a bit of a bloomer! (6) 

24 The way the test is set, again 
must get through (6) 

27 Give the sward a water (4) 

Solution 8,455 



Of broking and fobbing the Pelikan's fond. 

See lum sweetly he puts your woni onto bond. 

Sblikan & 


JOTTER PAD 


V 


I, •%, 






FINANCIAL TIMES WEDNESDAY MAY 18 1994 


*1] 


27 


N. 


V! 


market report 


LONDON STOCK EXCHANGE 


Company statements encourage a firm market 


By Tony Byland, 

UK Stock Market Editor 

London stock markets closed firmly 
yesterday, taking their lead from 
the US Treasuries, but without 
news from the meeting of the Fed- 
eral Reserve s Open Market Com- 
mittee (FOMC). UK traders hoped 
that before London opens today the 
Fed will have delivered the keenly 
desired 1 j percentage point increase 
in its key interest rates. “Anything 
less than a half-point rise will not 
please the market.” was the consen- 
sus view at last night's close of 
trading. 

After a slow start. UK shares 
moved ahead and the FT-SE 100 
Index closed 7.9 better at 3.12as. 
Although trading volume was 
higher than on the previous day, 
traders stressed that it was a cau- 


tious session. Stocks were easier for 
much of the day but the Footsie 
once again bounced convincingly 
when it slipped towards the 3,100 
area; the day's low was 3 , 106 -i A 
survey of the distributive trades by 
the Confederation of British Indus- 
try was favourably received. 

Although the awareness that the 
FOMC meeting would not even start 
until late in the London trading day 
inhibited activity in UK stocks, 
there were plenty of company trad- 
ing statements to keep dealers on 
the alert. 

The FT-SE Mid 250 Index, which 
has shown itself both independent 
of and somewhat weaker than the 
FT-SE loo in recent sessions, fin- 
ished just 0.3 up at 3,707.2. Seaq 
volume of 638 -5m shares compared 
with 67i.7m on Monday when retail 
business was worth £L43bn. 


Account DesBug Oates 

•HetQiifty 

Aw n 

May IB 

Jm 6 

Opta Hurtarsnaui. 

toy 12 

Jm 2 

Jm IS 

LaatDaaanBB 

toy 13 

Jtn 3 

Jm 17 

tokrt Dtp 

May S3 

Jm 18 

Jm 27 

"New urec deeUngs 
ratoeee days enrOer. 

\ 

8 

i 

1 

I 


Favourable trading comments 
from a handful of blue chip compa- 
nies aided sentiment Allied-Lyons 
and Hanson said the year had 
started satisfactorily and BOC, seen 
as an industrial market leader, 
traded heavily alter a very positive 
in te ri m statement 
The stock mar ket remained hope- 
ful that determined action by the 
Fed would at last settle nerves in 
the bond market and. by stabilising 


bond yields, enable the equity mar- 
ket to respond to improvement in 
corporate dividends and pnr pt n gs. 

white the markets will remain on 
tenterhooks until there is news 
from the FOMC meeting, London 
today faces important data on the 
domestic economy. UK analysts 
expect these to confirm that domes- 
tic inflation has remained subdued, 
and thus ward off fears that UK 
base rates will be forced higher 
later this year. 

Building and construction issues 
gained ground after the latest offi- 
cial statistics showed that new 
orders were 10 per cent up from the 
first quarter of last year. But there 
were farther signs that investors 
are turning away from the engineer- 
ing and vehicles sectors, believed by 
some analysts to have outrun the 
economic recovery. 


FT-SE-A AB-Shars indax 


1,675 


Progress was somewhat patchy 
elsewhere in the market, with the 
food and brewery stocks showing a 
mixed picture as investors waited 
for the March retail sates staHs tjcs- 

Phannaceuticals stocks continued 
to move nervously as attention 
focused on Smith Kline Beecham 
and investors pondered the likely 
effect of the expiry this week of US 
patents on Tagamet, SmithKline's 
high selling anti-ulcer drug. 

London outperformed other lead- 
ing European stock markets yester- 
day and UK traders sounded rela- 
tively confident that the Footsie 
index can at last climb away from 
the 3,100 level, if only the bond mar- 
kets can establish themselves in a 
new trading range. Strategists were 
encouraged by the increase in trad- 
ing volume as the market rallied 
yesterday afternoon. 



Equity Shares Traded 

Tvmontbv votaneMlord. Bo****® 
tr&a-mstei tnisnesa end oversees ttmewer 
1,000.— 



■ Key Indicators 

In dees and ratios 


FT-SE 100 

FT-SE Mid 250 

FT-SE-A 350 

FT-SE-A A9-Sbare 

FT-SE-A AA-ShaiU yWd 

3123.5 

3707.2 

1580.2 
1571.48 

3.70 

+75 

+0.3 

+3.0 

+2.74 

(3-70) 

FT Ordinary indax 2468-8 

FT-SE-A Non Fma p/e 20.32 

FT-SE 1 00 Fut Jun 3124.0 

10 yr G31t yield B. 0 B 

Long gHt/equfty yld ratio: 225 

+ft 2 
( 20 28 ) 
+18.0 
( 8 . 12 ) 
(2^5) 

Boat performing ■BCtpra 


Worst performing sectors 

... -1.7 










- 1,0 

4 Water ~ .... ... 


+1.5 


- 0.6 

5 ChemfcaJs 


+ 1.1 


-o.s 


j* 


Hanson 

payment 


Turnover in Anglo-US 
conglomerate Hanson jumped 
to 24m shares, making it the 
day's most actively traded 
FT-SE 100 constituent, after it 
surprised the market with an 
increase in the dividend. The 
stock gained 6 at 269p. 

The hefty volume included a 
single block of 6.9m traded at 
259p. thought to have been 
part of a tax-related deaL 


News on the dividend accom- 
panied interim figures which 
revealed headline profits of 
£683m - against £507m a year 
earlier - a figure which disap- 
pointed several analysts. The 
dividend was raised from 2.85p 
to 3p. 

Mr Geoff AUum at NatWest 
Securities was among those 
disappointed by the profits fig- 
ure but conceded: “As a yield 
stock the increase in the divi- 
dend overshadows the less 
than expected profits.” 

BOC strong 

Better than expected interim 
figures from BOC, the indus- 
trial gases and healthcare 


EQUITY FUTURES AND OPTIONS TRADING 


A lacklustre session in stock 
index futures brought poor 
volume as dealers continued 
to await the outcome of last 
night's US Federal Reserve 


Open Market Committee 
meeting, writes Joel Kibazo. 

The June futures contract 
on the FT-SE 100 finished at 
3,124. up 18 from Its previous 


■ FT-SE 100 INDEX FUTURES (UFFE) £25 per fill fex*tt»c*rt 


(APT) 



Open 

Sen price 

Change 

High 

Low 

Era. vtfl 

Open to. 

Jim 

3110.0 

3124.0 

+18X 

31300 

3103.0 

8345 


Sep 

3irao 

3140.0 

+18.0 

31400 

31200 

22 

3114 

Dec 


31505 

+17X 

- 

- 

0 

201 


■ FT-SE MO 250 INDEX HJTUBES (UFFE) CIO par Index point 


Jun 


3M2.0 3714.5 


-0.5 


37150 3711.0 


260 


4055 


M FT-SE MM 250 INDEX FUTURES (OMUQ CIO par ftJ Index point 

Jt* - 3722.5 - - I I Sgf 

Ml open Inieml Kgtrea ora Car pravfcu day. I Bt*a wtome (Doan. 

■ FT-SE 100 INDEX OPTION (UFFE) C31MJE10 par CuB fncttx point 


2950 3000 SOSO 3100 

CPCPCPCP 
Maj 117*2 1 128h 1H> 7B>; 3 38 11 
Jun 18512 13 I44h » 108 34 78 S3 


3130 3200 3250 3300 

CPCPCPCP 
102 37*2 1«2 8312 12 132*2 >2 182’ 3 
48 76h 29 106*2 18 145 8 1894 
72 33*2 BIj 124 38 158*2 42*j 197 
97 112*2 35*2 142 55*2 173 42feZ10h 
131*? 188*2 88*2 244*2 


Mi 204 2S 165 36 129*2 50*2 89*i 70 

flu) 227*2 41«2 190*2 541215412 89*2 125*2 SO 

Dact 242*2100*2 183 137fe 

Cti»*6iM0Pu6 3,117 

■ EURO STYLE FT-SE 100 WOEX OPTION (UFfE) El 0 per tut) index point 

2925 297S 3025 3078 3125 3175 3225 

Mar 189*2 *2 158*2 1 191*2 2*2 54*2 B 19*z 21*2 4 54*2 *2 101*2 

Jin 208 8 183*2 15 124 25*2 80 41 61 62 38 89*2 22 123 12 

Jul 223*2 19 147 42 86*2 80*2 44*2 137*2 

Sep 255 43*2 183*2 70*2 123*2 108 77*2 161 

Oect 292*3 74 224*2 1« 167*2142*2 119*2191*2 

Cain ?.W6 Pun Z.H8 * Undaitjtas Mr wftm Piamtame cam me bond an rati raeul orient, 
t Lots dated erpky mams 

■ EURO STYLE FT-SE M» 250 INDEX OPTION (OMLX) CIO par tut indax pain 


3275 
2 151 
2 162*2 


3700 3750 3800 3850 3900 

Mar 29 14 8 43 1 86 

Cali 0 Ml 0 Seflimant Wees and Mow ee trim at 4J0wn. 


FT - SE Actuaries Share Indices 


3950 


4000 


4050 


group, saw the shares deliver 
the best performance of any 
FT-SE 100 stock. 

By the dose the share price 
had risen 29 to 7l5p. the high- 
est level since April & Turn- 
over of 4L9m shares was the 
second-highest this year. 

Analysts said they were 
impressed with the perfor- 
mance of all BOC's operating 
areas, especially natural gases, 
which improved sharply, and 
healthcare, where they said 
problems seem to have boot- 
tomed out. “It looks as if 
the worst is over for BOC,” 
said one of the market’s more 
bearish analysts. Most current 
year forecasts were being lifted 
to around the £340m mark. 


close and at parity with the 
underlying cash market 
Turnover, at 8,345 contracts, 
was one of the lowest in 
recent sessions. 

Earlier, June started trading 
at 3,110 and briefly slipped 
to 3,103 before recovering to 
trade around the 3,120 level 
for the next few hours. Dealers 
said the Uttie activity there was 
consisted of sideways trading 
with light buying seen 
occasionally. 

The firm opening on Wall 
Street led to an advance in 
June during the afternoon and 
a peak of 3,130 was recorded 
in the last half-an-hour of 
trading before a bout of 
profit-taking just before the 
finish. 

Traded options remained 
buoyant and saw turnover of 
30,174 contracts, of which 
9,381 were dealt in the FT-SE 
100 option and 5.035 in the 
Euro FT-SE option. 

British Gas was the most 
actively traded stock option 
with a total of 2,745 contracts. 
Most of the trading was 
carried out in the June 280 
calls. It was followed by 
Hanson, also busy in the cash 
market, with a total of 2,568 
contracts. 


Mews that the ij cmdnn Finan- 
cial Futures and Options 
Exchange h ad decided against 
joining Reuters' Globex trad- 
ing system hit the shares, 
which closed the day 7 off at 
485p. Analysts said the devel- 
opment was disappointing but 
not life-threatening for the 
product, which has been 
steadily increasing its trading 
volumes. 

However, one analyst said 
the danger of a major exchange 
such as the i.iffp not joining 
could have a negative effect on 
other exchanges' decisions - 
making Friday's likely 
announcement by the Deut- 
sche Term in Boerse all the 
more important 


TRADING VOLUME 


■ Major Stocks Yesterday 

VoL domra Ozy*i 
000 b pnea chenpe 

A3DA Cfcupt 12,000 a (2 

Attey Mutant 2,300 «M*2 +2*2 

AMI FWw 
AMri-Lyamt 
Angfan Water 
ArgBB 
A/pyif 
Aq»1 


BAAt 
BAT lrefc.f 
BET 
acc 

BOCt 

BPf 

BPS*"— 
BTt 


101 

57 

«1 

5,400 

s» 

♦6 

*35 

467 

+11 

SIB 

360 


raw 

257 


1X00 

29* 

-1 

361 

581 


081 

250 

+2 

613 

978 

-3 

1 X00 

466 

+6*2 

4X00 

129 

+*2 

533 

438 


5JB0 

718 

+39 

4X00 

4JE 

+4 

see 

312 

+3 


Beretoet 

Bnsst 
Hue Octet 


BTT U00 378*2 *h 

ST «P* Kfl 5.700 257*2 

smf 5J00 388 +*a 

Bai* of ScojMxft 4,400 181 -*| 

~ — ' — * 2.100 637 

2AI0 5«3 -7 

4,000 296 16 

ISl 404 *2 

902 549 

. — , 485 436 *1 

Bit Anospacet 1.800 434 -0 

ErtohAnmyat ZfiOO 388 -9 

MQiat 71,000 281*2 -3 

BrftStl Laid 180 233 *1 

Braotl Saar 12X00 742*4 -3 

Bund ijoo 169 *i 

Butntt Castnlt GOO 663 *g 

Burton 7X00 5* -i*j 

CttlMat 1X00 458 42 

Cadbury Sra-eopest 4.700 -04 *6 


CttrOnx*] 

Carsctartt 


128 308 -8 

3X00 324 47 


Conan. UnUtT 

Coc**on 

Coutottf 


Cadsn Carrot 1.100 913 *13 

Coots VryBfct 9.700 229 -4 

383 5» 

1X00 277 

361 344 -2 

92 464 44 

DeLaRuet 1*2 836 -1 

Dtscnfl $54 203 

Eastern Boa. 352 600 <6 

Ea» Mdksnd Bax 55B 564 42 

EngGtaCfeya G2S 453 *2 

' 258 *27 


383 406 -IS 
379 184 -1 

8Si 1*0 


The UK Series 


Day's 

May 17 chgeW May 16 May 13 May 12 


30° 


DK>. Earn. 

yteWK ytaMK 


P/E 

ratio 


Xd ad- Total 
yM Baton 


FT-SE 100 31215 

FT-SE MW £50 3707.2 

FT-SE MW 2SD ex ft™ Tiusta 3718.0 

FT-SE-A 350 1580.2 

FT-SE SmaSCap 1917X7 

FT-SE SmoflCap ex tm> Tiusta 1893.87 

FT-SE-A ALLrSHARE 1571.48 

■ FT-SE Actuaries All-Share 


■*0.3 3115.6 3119.2 3137.8 2847J 

3708.9 3721 X 3742j4 31512 

3719.0 3733.6 3755.5 3180.5 

+02 15772 1S8Q.0 15892 1417X 
-0.1 191929 1923.04 1927X1 160357 
-0.1 1896X0 190024 1905X9 1613.92 
+0X 1568.74 1571.63 158a 45 1403.74 


Day's 

May 17 dyo% May 16 May 13 May 12 


3.89 8X9 

3X2 5X6 

3.45 300 

3,78 8X0 

2X0 4.19 

3X5 4.64 

370 6X6 

Div. Earn 
ytaW% yield 9$ 


1374 4a 79 
21 XS 40.86 
20.43 41.40 
19X8 19X7 
29X2 19.18 
2SX5 19X5 
1B.86 19.48 


1162.30 

1381X4 

1361.65 

120346 

1471X7 

1456X6 

1217.71 


EttfeptoOat 
Baotum Una 

no 

Raan* «». 

Forelnn 4 CoL IT. t» 1*0 ^ 

FortaT 2X00 233 -2 

299 571 

IJOO 308*2 42 

3100 560 4*2 

IJOO 370 -1 

3X00 M2 45 

4.400 450 «6 

1300 508 -2 

IJOO 177 

412 565 -14 

— — . l.fflO «60 42 

HSBC (75p staff 1X00 721 -0 

HmMm 23 381 4 

Hmont 24.0*0 268*2 *6*2 

Herraena MUD 670 184 *1 


Gm. Acwfertt 
General Bactf 
Gtoof 
Glyifefed 
GrmdBt 
Grand Uetf 

s© 

GKN 

Gukwueat 


P/E 

ratio 


Xd at*. Total 
ytd Reran 


M 

a 

I n ch e a pnt 
JolVBon Mmhay 
Kh^Muct 
KmkSam 
LarMokat 


10 MINERAL EXTRACT10N<18) 2736X3 

12 Extractive WdustrtesM) 400350 

15 CW. imegnrifld(3) 2670X0 

16 Oil E>atarat*ofi & Prodfll) 2029X4 


+0.7 2718.66 2738.44 273378 2214X0 
+2.0 3923-85 3904.75 390362 3015X0 
+34 2660X2 288318 267331 214380 
+04 2021X2 2027X1 203095 193330 


20 QEN MANUFACTURERS^^ 2057X7 +04 204322 2055.44 2074.12 1768X0 

21 ButKftng & Constnictwnpi) 1249.00 +0.6 1241.97 1241X2 125339 1094X0 

22 Burking Mods 8 Merch8<3p) 197312 +1.6 1944.41 194374 1964.60 1690.70 

23 Ctiornieab(21l 2514.04 +1.1248368 2482-87 2499X9 2128X0 

24 Divwsfled IndusWDWIffl 2089X2 +0X2072X1 2073382102X3 1843S0 

25 Eloctroric & Baa EqtripfM} 2X1.64 +OX 2055.81 20XX0 2X1X5 196310 

26 EngmoenrniTI) 190307 -34 1914.82 192318 1944X8 1511X0 

27 Enmwonng. VoNcte^lS) 233318 -1.7 237329 2391 XS 2428X0 171630 

25 Punting. Paper 4 Psta<27) 2850.06 — 2850.66 2871.66 2870.62 2285X0 

17B3X 1807.90 1939X0 


3.40 

3^4 

3.45 

3X1 

4,49 

4.84 

4.73 

1X2 

27.93 

25X9 

28X7 

80001- 

37.08 

43X0 

4043 

15X2 

1087.44 

1092-53 

1083X8 

1163X8 

LmdSeoMMY 

Lsuona 

LegrtSGmsratt 
Ltoytta Attey 
LtordsBankt 

LA8MO 

3X5 

4.42 

28X1 

24X7 

1032.79 

London Beta. 

2.09 

4.0? 

31.46 

1X18 

068.91 

LuCOO 

3X1 

382 

33.65 

28.79 

919X3 

*4EPCf 

3.86 

4X3 

27X0 

28X9 

100613 


4.40 

4^5 

2038 

3046 

105022 

torts A Soencerf 

3X6 

6X9 

*042 

*2.80 

083.61 

MdUndsaact 

2X3 

3X7 

32.01 

20.11 

107726 


4.40 

2-11 

66^1 

32.42 

1115X3 

totWeoi Bonkt 

2X1 

5X2 

24X6 29.45 

110826 

Kanonal Powert 

391 

5X2 

22. B8 

26.05 

908X2 

Norm Wms wmnt 


83 311 

3 £2 in -1 

1X00 350 -3 

2X00 832 *8 

977 $34 

269 Sffl -3 

S95 564 +7 

50 552 < 

2X00 183*2 +1*2 


30 CONSUDKR OOOOS05) 

2739.48 

+03 2732X8 2733X3 27S5.48 2747.80 

4X6 

7.49 

15.54 

44.49 

92895 


227922 

-04 228640 2322.45 2335X4 2087.10 

4.04 

7X3 

18.74 

13.83 

1000.87 


2993.01 

+07 2971X3 2974.58 2995.70 275640 

3.67 

647 

17X7 

41.70 

080.89 


2309X4 

2309.49 2313X5 237038 2209110 

4. 12 

7.77 

15.03 

42.75 

96085 


2704.37 

+03 2B8640 2702.75 2739.74 2181.40 

3X5 

BX9 

17.94 

4074 

963X4 


1733.91 

1734.12 1723X8 1729.18 1866.30 

3.18 

647 

21.70 

19X0 

995.13 


2789.74 

-OX 2795X2 2785,89 280684 3183X0 

4X9 

7X7 

14.63 

47.15 

872.94 

38 Tobacco* 11 

384640 

+2.0 3770X0 371BX7 3601X0 3653.00 

5.48 

HIM 

12X9 102X5 

85652 


pact 


40 SEftlACESgSO) 

41 Dotributorepl) 

42 Leisure & Hd(ets(23) 

43 Moaw{391 

44 Ftouriera. Food|171 

45 RotnMrV Gtnorn'144) 

48 Support Serv«d»B(40) 

49 TransporViSI 
51 OtiW Senncas 5 BuaiWsaQP) 


2039.12 

-Ol 2040X9 203660 2048X6 178020 

2X6 

5.70 

21.12 

1640 

987.19 

2991X6 

-02 2996X2 3005.07 3035.13 2583.00 

2X3 

5X6 

22.18 

34.05 

1024.88 

2229X9 

2230.15 222037 223653 1736X0 

3X1 

4.14 

28X7 

1042 

1084X6 

3092X0 

3092.07 3079.81 3094.98 2253X0 

2X9 

4.72 

2&01 

34XS 

1068X3 

1659X2 

+02 1655.19 1640X0 1661X0 1877.50 

3.83 

9.46 

13.08 

13.72 

972X9 

*75653 

+0.1 1757.13 *759.10 178642 1500.70 

2X6 

5X1 

21X0 

11.14 

924X6 

165660 

+03 1653.00 165666 1660X2 1612X0 

2.32 

7.02 

1618 

9X8 

90678 

2413.73 

-1.0 2437X3 2435.74 2448.07 2012.90 

3.49 

4.19 

27X6 

1614 

S31X1 

1204.95 

-Ol 1206 46 1207.75 1214.63 1252.10 

4.44 

2X2 

BOOOt 

691 

1019.71 


Pr wr Q il 

PiuderaaTi- 

FTIIt 

Race 

Rank OrO- 1 


fhadbttt 

Rentotatf 

HMrietar ^ 

fcfcRincet ^ 
fi»ia<Seoaaw+ 
Roval IrwumnceT 
Sanatuyt 


60 UTtunEspet 

62 BccrncttVIin 

64 Gjs OisintxitwnOr) 

66 Tetecommurvcaoonsft) 

2243X7 

2129.01 

1877.31 

199619 

173019 

+0.1 2241.19 224078 2251X6 208010 

212032 2124X8 2131X0 167650 

-1.1 1898.12 201059 1981.64 1931.40 
+0.1 199363 1974.84 197687 1949X0 
*1.5 1704.58 170615 171679 168310 

4.46 

392 

638 

396 

5.34 

7X2 

11.90 

* 

606 

14X8 

1677 

1040 

t 

2015 

6X1 

14.53 

15X5 

53.43 

0.09 

3.48 

843X1 

959.87 

857X5 

83023 

83346 

69 NON-FWANCIALSdBI) _ 

1705X1 

+02 1699.14 170347 1711.75 152006 

368 

696 

Z0X2 

19X5 

1184X1 


SaanT 


70 FMANCtALSflOg 

71 BanksIlQ 

73 insuranpo(l8) 

74 Lrie AssurancaSI 

75 Merchant Barths(6] 

77 OVw FirtanciaH24) 

78 Ptogrirt^gg 


2185X8 

2765X9 

1306X5 

2403,05 

2902.86 

1856.64 

161353 


-OX 2773X8 
+31 1304.91 
•34 239391 
-0X 2009.26 
-0.5 1866.73 
-04 1617.10 


219226 

2775X7 

1300.41 

2397.96 

2018.14 

187378 

1623X0 


2605.17 2405X0 
1X7X1 1293X0 
2433X8 2515X0 
295176 2514.30 
1875.19 1427.70 
1820X0 1276.40 


4.11 

3X2 

4.89 

5.17 

3X0 

3.50 

a_79_ 


7X9 

10X4 

7.61 

10X0 

8.48 

3.96 


18X8 59.07 
10X2 27.84 
16X8 66X8 
11X0 23X6 
18X3 20.16 
32^48 10X9 


81898 

882X0 

912X6 

85864 

975.48 

904X8 


8d vatetiXHatr tRUSTSHgq ggai.M +0X2815.76 2826X0 2830X8 2267X0 2.17 1.82 55.71 25.54 94151 


89 FT-SE-A ALL-SHARE(8d6) 


FT-SE 100 
FT-SE Mid 250 
FT-SE-A 350 


1571.48 +0X1568.74 1571X31580451403.74 3.70 806 1BXB 19.48 1217.71 


Opon 

9X0 

1000 

11X0 

12X0 

13X0 

14X0 

15X0 

1610 

Hlgh/dey Low/dey 

J109X 

3701.fi 

1574.2 

31008 
3700 3 
15742 

31166 

3704.1 

1577X 

31134 

37003 

1575.6 

31131 

37012 

1575.6 

31142 

370*2 

15764 

3118.1 

3704.9 

1577.9 

31162 

37046 

1S77.1 

31246 

37076 

1580.7 

3125X 

3707.8 

1580.9 

31082 

3669.6 

15731 


Seram Tnnrt 
Sml Tmoporl 
Slebet 

StautfiEna 

SmaniWJUA 


04 J J-J At HS8. 

Souttam Elec-t 

South Watao Beet 
Souh Wear Wear 
Scum WsaL Baa. 
Sourorn Wafer 
Gtmtiid Cruraif 
SioralaM , 

Sun ABanoet 
TriN 

nCmuot 

Tset ^ 

Tamiaet 
TatariLyM 
Tayto* wemhtw 
Taacot 

Thanws watart 
ThranEMtt 
TorrMst 


aeo 

67B 

•e 

296 

719 

-a 

513 

4S8 

+3 

159 

364 

-9 

IJOO 

573 

+*2 

1.100 

153 


88 

5Sl 

+3 

1,000 

137*j 


3300 

its 

-4 

5B9 

470 

-a 

3X00 

181 

<3 

32 

870 

+* 

2X00 

436 


141 

587 

♦7 

1.800 

120 

♦1 

*400 

21B 

-1 

ZSCC 

454 

+6 

3500 

437 

-0 

1.100 

237 

♦1 

1.000 

SOI 

*s 

3D 

639 

+3 

683 

217 

-1 

2/3 

821 

+3 

1.100 

809 

-4 

1X00 

064 

-6 

JAO 

185 

»i 

1500 

484 

+8 

1J00 

307 

•S 

305 

894 

♦19 

3900 

867 

♦20 

«5 

218 

-1 

1X00 

410 

*2 

tt 

674 

+2 

3X00 

506 

+0 

3200 

856 

+10 

819 

223 

+4 

n wnn 

485 

-7 

7.400 

19C 

+4 

2X00 

4J1 

+2 

915 

260 

+3 

2X00 

381 

-2 

72 

1270 


IJOO 

553 

+8 

IJOO 

339 

-3 

2X00 

358 

-8 

8500 

123 

♦1 

BJCO 

187 

-a 

17 

316 

+3 

W 

488 

+4 

«joa 

742 

tS 

1X00 

5T1 

♦1 

no 

240 

-6 

27B 

511 

-2 

4.900 

151 


2X00 

400 

-s 

900 

365 


902 

495 

-a 

164 

588 

+4 

1+ 

OSS 

♦1 

6+0 

515 

♦12 

184 

584 

+15 

420 

520 

+14 

2.400 

261 

-4 

3700 

223 

+4 

897 

330 

♦3 


1.600 231 >2 -6*2 

740 370 -4 

1JS0 218 +2 

3.600 ID' *4 

W «S -1 

747 753*2 ♦*» 

3X00 229 +1*2 

7*0 *ae *6 

716 1100 -13 

2X00 2iS 


Fma Of FT-SE 100 WflU ASflprn lorn 841om 

■ ft-SE Actuaries 350 Industry baskets 

Open 1800 11-00 12J0 13 -°°- 


14X0 13X0 18.10 Ctoaa Prailous Change 


2754 3 2753.2 27583 2754.8 2740.6 zn 

SE 5 S£‘ ™-> !7 »° 28030 


ii sax 

1187.9 

11S7X 

1I87X 

1177.9 

+10X 

2754.6 

275J.O 

27B2X 

2761X 

2787X 

-5X 

1725X 

1722.4 

17272 

1727X 

1701.3 

+25.9 

2785,1 

27960 

28060 

2799.1 

2807X 

-a? 


BUg & Cratrcn 

PlutmafieubcR 

Wafer 

Bann 

u -ohWi-d a Stfwaav is***. Usa o» ajn*m»nt» aa avafcola hem The Firanaai Unaa 
Asai«ia! Mfftnaeen on swi FT-SE Aciuaiw w» Saratca. nmeft cmiato a mnga ril etatario ami popo^mma praxis 

Lwruia* Boujn*an Bnoga. Lom»" SE1 Brri- Tno rl -at „ 

raenc a Sana raioi* ■ nrtia«B *n»n FWS7AT w™ l00i n FT-8E Md 850. FT-SE AentmUs 3R» and FT-SE Actuaries Mny 

Ft ■ wZZEZmm** «f me FT»SE Acra riae A*- Sh ea wit a 

■Ms** am ejsniJUHi tiv «* tmwnaUmri S«b« *%***£ Aefuanae arid me FacuWof Aawwaa 1^ a attWap am ef gram ru as 

..ntHWh t r-mpa LWetl DO*" " C CTfeJCgg n I Imtinrt 1964. 0 The ptmnos, Ttnsn Umted tBS*. AB myo fesoryg. 

C Tta awrueoHd EWtt Eteaw of mn LWWd WntfUini arid Ladnega and Hto RnanoU Thue IMMIha FT-SE AEtumas Sima 

"FT SE- -Fasiw.- «■>•■«« BJ3B moms and a«r*«kirnu. w 

iMi-WamawrJiWtn Pm WM Cunprnn- • , w-,*, me noonttvoXeLCTION OF SECOWJAI1Y UAt Mama Goumt »™*ir Cemcerim Trim tr (8« 


LWevart 
lAwad Bacunsf 
UUNaamBSen 
Vtaaetotwr 

IUH Wafer 
Wassa Wafer 
wruraeut 


Tiafmsw MOUU 1300 98 A; 

■— — 2 jooo aaa +» 

2X00 1015 -7 

877 3*2 -1 

391 635 -5 

1,900 £2? -2 

7*9 TP *7 

620 56* -1 

4-9 H59 *11 

3» $10 «6 

363 S» * 

VNBara HBgit 2X00 35* -2*1 

IMfes C Man 3.200 207 -2 

Wnpay 2l& 180 •« 

Wobala,t <C 0 821 *iB 

YoUtn Boot 05 550 *2 

Vaunt* Wafer £32 BUS *7 

Zanecot iS6 Tiri 

Based on rang VDOim tor a salseeen of mafer 
sacuecs dean tnreegh tna SEAO lymsm 
vaafetoov una 430pm. Trades ol cna * 
raa an raided coon t Mcces an FT-SE 
100 ndav centum* 


First-quarter profits from 
Sedgwick, the biggest of the 
UK insurance brokers, cama in 
well below most market esti- 
mates and put the shares 
under heavy pressure during 
the mo rning . 

But a clarification of the fig- 
ures at the post-results meet- 
ing with analysts helped to 
restore a measure of confi- 
dence in the shares, which 
ended a net 6 down at I97p, 
having fallen to 194Vip immedi- 
ately following the numbers. 
Turnover of 7.6m in Sedgwick 
was the second most heaviest 
this year. 

Some analysts had pencilled 
in first-quarter expectations of 
£50m and more, against the 
actual result of £43.6m. The 
company pointed out. however, 
that it had warned of a change 
In the way profits were spread 
out over the year. Profits fore- 
casts for the year were being 
fine-tuned after the meeting 
but mostly were clustered 
around the £98m to £ 100 m 

mar k 

The reporting season in the 
drinks sector continued in sim- 
ilar vein, with Allied-Lyons 
reporting foil-year figures in 
line with market forecasts. As 
expected, the brewing side per- 
formed poorly, prompting 
louder murmurs from analysts 
for the company to consider 
divesting its interest in the 
Carlsberg-Tetley joint venture. 
There was also some disap- 
pointment over the lack of 
news on the disposal of the 
group's food business. The 
shares dipped on the results 
-announcement but picked up 
on a positive analysts' meet- 


NEW HIGHS AND 
LOWS FOR 1994 


I HI BREWERIES (1) Yeung A. BLOG 
MAILS a MCHT8 09 CNWMn. I few ram. 
RooM, Rwri (AL 6*. Gabala HSTRIBinORS 
M Attaa. Barnnw. Prana. BLECTRNC ri 
ELECT EOUP (3 ENOtNEEmMO |1> A8W. DM, 

VEHICLES |1) Bottom, EXTRACTIVE MM (1) 
FOOD MANUP HJ P**eort. EJVESTMBfT 
TRUSTS PI MEDIA (a) QA. City el London W, 
ON. EXPLORATION ri PROS H 08, 
OnSORATBI pj Patrarina 3A, OTHB1 SOM 

s sms ra shwan m. PRiwa, mkr a 

PACMS a wafeWn too. nmWr aw*. 
PHOFBtTY (1) BuctoiM. RETAtLBtS, FOOD fl) 
Fra Feed. RETAILERS, UMERAL (1J 
GokMMita. SUPPORT SOWS fQ MUT. 
Sandnon, AMBSCAMB tt| CM 
MW LOWS (1181. 

OOJS d) BAMC8 (1) SROMBSSS ID I 
rang. m j W XPW a CNSTRN n AwmakJa. 
D el Mnrt v Bryant frafcnmoo. Tay Homaa. 

BU30 MATIS A MCHTS A ESUECIRNC ri 
ELBCT EDUP m Johnaon Sacnle, Kenwood 
AfvMncaa, Talwnetrtx. MOMSMO n OoM 
Brora QBE. lAnWig SiMpc Prf. Lodar m A. 
TL Whaasoe. BIG, VBSCUES C9 Ucas Ma, 
Syferna, EXTRACTIVE INDS (4) FOOD MANUP 
0 PoMard fO\ UMra Ntf, OA8 
DISTRtSLmON (I) Cfeor. HEALTH CARE n 
Manra Schon Dim BBURAMCe n 
BtVESTMBfT TRUSTS {21) BWGSTMOIT 
COM>AMESd) LFE ASSURANCE fl) LtayrtS 
Attay Lila. MH1CHAKT BAMtS d) OB. 
EXPLORATION A PROO (1J FWancrMT, OTHER 
HNANCIAL E9 OTHER SStVS S BUSKS (1) 
GraW Mom LMfe. PHARMACaiTICALS M 
Ekn. HuWngdBn. Raram (UM. PRTNQ, 
nu>Si A PRCXQ A AU Plyau. WadEMgra (0. 
PROP6RTY (7) RETASSW, OBKRAL M 
SPSVTS. WMES A CBBB dl B*Rnar m 
SUPPORT SERVE (2) Macra 4, SYkM Ptetftxm, 
1BCI1LES A APPAREL d) SMUr. TRAHSPORT 
n AMBBCANS n CANADIANS ft 

ing. They closed 5 up at 595p. 

A busy pharmaceuticals sec- 
tor saw Fisons dip 4 to 140p 
following the annnal Tnppffng 

SmithKline Beecham came 
under pressure early in the ses- 
sion following news of a chal- 
lenge to its UK patent on its 
biggest selling drug, the antibi- 
otic Angmentin. from Norton 
Healthcare. SmU-hKiinp shares 
fell to 394p at one point but 
later rallied to close a net 5 off 


at 400p. 

Speculation that steel and 
wire group ASW Holdings may 
soon be an the receiving end of 
a bid from British Steel did the 
rounds in the market The for- 
mer gained 8 to 213p. while the 
latter eased 3 to 142Hp, after 
trade of 12m. 

RTZ raced up 20 to 887p and 
looked set to attack the shares' 
all-time high, of 897p set in Feb- 
ruary. following the latest 
upsurge in copper prices and 
folk of a strong buy recommne- 
dation from 8ZW. 

The English power genera- 
tors moved in opposite direc- 
tions with National Power, the 
biggest of the UK's generators, 
sliding 6 to 437p on good turn- 
over of &5m shares, ahead of 
preliminary results expected 
this morning and following 
suggestions that a big line of 
stock had been offered to the 
market in mid-morning. 
PowerGen, on the other hand, 
was also in demand and closed 
9 higher at 484p. Both stocks 
were strong performers on 
Monday. 

Kleinwort Benson was said 
to have provoked the big 
switching from Scottish Power 
into Scottish Hydro. The latter 
was finally 3 off at 339p and 
the former a further 9 lower at 
359o, after 35Bp. 

The £29m rights issue from 
Higgs & Hill , the housebuild- 
ing and construction group, 
saw the shares retreat 10 to 

122p. 

Shares in publishing group 
Emap, which have underper- 
formed the market by 14 per 
cent over the last three 
months, jumped 18 to 385p, 


after Smith New Court turned 
buyers of the stock, changing 
from a sell recommendation. 

Mr David Forster at the bro- 
ker said, things were improv- 
ing at Car Week magazine 
after disappointing initial 
sales, and that the group 
should benefit from the better 
than expected upturn in UK 
advertising. Around 47 per 
cent of Emap’s revenue is 
derived from advertising. 

Redraw, the housebuilder, 
marie an unsuspicious mar ket 
debut, the shares opening 
around 118p and slipping back 
to I15p at one point before ral- 
lying «nri priding the session at 
128 p, a significant discount to 
the 135p offer price. 

The day's other debut stock, 
Capitol Gronp, the security 
operator, fared much better, 
opening and closing at 133p, 
compared with the I25p flota- 
tion price. 

Woolworth and Comet owner 
Kingfisher was buoyed up by 
positive notes from UBS and 
Robert Fleming, as well as talk 
of a bullish meeting with a pri- 
vate client broker. The shares 
gained 7 to 564p. An upbeat 
agm statement from Gold- 
smiths helped the shares rise 5 
to ll5p. 

Financial worries continued 
to overhang channel tunnel 
operator Eurotunnel and the 
shares relinquished another 15 
to 405p. 

MARKET REPORTERS! 

Steve Thompson, 

Christopher Price, 

Joel Kibazo. 

■ Other statistics. Pegs 19 



LONDON 

EQUITIES 

UFFE EQUITY OPTIONS 

RISES AND FALLS YESTERDAY 

Rtaee Fete Same 


Opta 


- — Cats PUS — ~ 

M Oct Jm M OO J&fl 


-CMfc- 


PUB- 


MsHJV* 500 W* 33 - 27 37 - 

rS93 ) 638 5% 10 - 66 68 % - 

240 23 27 31M 9 14 1B>4 

260 10 15H 22 20H 24M 29 

50 11 12% m IV* 3M 3» 

GO 4tt 0» B 5 8 8 


*00 

(■27 ) 

ASDA 

CM) 


am Assays 360 30fc 4BH 45 10H 16 22 , 
("385 ) 390 13W 25 30 25*5 32 37 

SMBBMA 390 2BH36H44H 14 21ft SDH 
(-399 ) 420 1ZH 23 30H 31 40» 47 

Boots 500 S4V4 61% S3H 7 13 183* 
(-549 1 550 19 31 3BVi 26 33K 41 

BP SO 28K 37H 44H 12 17H 23 

f-402) 420 1314 23 3D 26h 33U 38 

BMUSM 140 ID 1414 18 Bh 12 15 
(*142) 180 3# 7 TOH 21* 24 27 

Bob 500 61 M 63 71 714 14W 25 
P543 | 550 2014 3314 4314 29 33M49«i 

CHitIMB 450 28 - - 22 - - 

P457 J 475 *414 - - 38)4 - - 

CouBMOS 500 47 SB* 8714 814 17H 24)4 

(-5*4 ) 550 1714 31 41 32 41K4BI4 

Ottawa 550 3214 42H 5114 ISM 23 27 
fW J tOO 11)4 1944 28 41 5Z)» 56 

ns B00GEV4 68 83M17H 3314 42h 

(-831 ) 850 Z7 44 58 41 G914 G6M 

KkWWtt 550 3BM48H 02 IB 2BV4 3B 

C583 ) 600 1414 27 39 48 57H 64 

LAM Sear 650 32 42 4914 IBM 2344 30*4 
C873 ) 700 S 19 2714 50 5314 SB 

tftata AS 420 25 tt 40H 1(7*4 14*4 19)4 
r<38 ) 480 7 18 2ZM 34 37 41 

MRU 420 47 B244B1H C 1414 17 
f454 1 460 22 29 3914 21* 3214 35 

Samsuy 390 1»4 27M 33)4 21M 29H 35 
{*391 ) 420 S 1514 22 4414 48*4 54 

SMTnOL 700 SS 86)4 7ZH 0 17 22 
(*741 ) 750 2314 35 44 24!4 39 44 

StoretaM 220 1Z44 10 24 nil 15 18 

(*222 ) 240 04 11 15 24*4 2714 30H 


Option 


teg 

tee Mr 

4**8 

No* Fto 

Hanson 

280 

16 

21 MM 

8H 

13 16% 

(-289) 

280 

7)4 

12M1SM 

10M 

23HZ7M 

Lraaa 

134 

27 

80 - 

6 

BH - 

HSJ) 

154 

12 

17)4 - 

13 

IS - 

Lucra Me 

180 

19 

23 2SM 

7M 

14 IBM 

H88) 

200 

8 

13H 16 

IBM 

25M 28 

Pi D 

68) 

SB 

71 80 

IBM 

33H39K 

r683 ) 

700 

ZBVt 

45 S 

38M 

61% 66% 

Rfetagrtt 

180 

1SH21HMH 

9 

14 17 

n«) 

200 

7 

12*4 ISM 

22 

25% 29 

Ptutiantla* 

300 

am 

27 32 

10M 

16% 18 

F306 ) 

330 

7 

ISH 18)4 

29. 

34% 36% 

mz 

890 

6SH 

85 181 

ism; 

38% 45 

raw} 

900 

38 

» 7SM 

41Mi 

BOH 63% 

Rsfijnd 

500 

32 

45 S3 

IBM 

33 37H 

rsosj 

550 

12H 

23 31 H 

5ZHI 

MM 88% 

Hoyai fence 

340 

31 38M44M 

7 

13% 14% 

raoj 

280 

19 2BH34H 

1514 

23 24% 

Teao 

220 

IBM! 

MM 27J4 

7H 

13 14% 

(*228) 

240 

8H 

14I7H 

18*4 

24 25 

Vodafera 

500 

48 

83 TDM 

17 

26 33% 

rS28) 

550 

22S7K46H 

«» 

52 58% 

WteDB 

354 : 

21M2BH - 

13H; 

HM - 

nsa i 

384 

8M 

« - 

32 

38 - 

Option 


JM 

Oct Jtt 

X 

Oct Jm 

BAA 

950 

4B70H 82 

22 33M42M 

fWB) 

1D0023M 

45 36 

19 M 

60 67 

Danrm 

460 : 

J1H40H CM 

I2M20M27H 

r*89 1 

500 

12 

22 24% 

37 

43 50 


British Finis 

Other Rnd Interest 
Mtorai Extrac ti on 
General Manufact u rara . 
Consumer Goods 


Seratoes _ 
unities — 
Fi na nc U s. 


Investment Trasts . 
Others 


Totals 


54 

7 

11 

2 

0 

13 

70 

57 

74 

134 

144 

387 

48 

48 

94 

75 

102 

337 

27 

9 

10 

54 

127 

197 

50 

93 

328 

36 

53 

36 

551 

640 

1487 


CMs tferiid on Oxaa companies Mad on iho London Shn Santos. 


TRADmONAL OPTIONS 


Rrat Dealings 
Last Dealings 


May 3 
May 20 


Last Dedarmons 
For settiament 


Aug IT 
Aug 22 


Cate AJSanco Hu, Com-Tek, Cupid, IM A Scot, Mosaic Inv, Owen & RoUnson, 
Ttdkwi 00. Puts: EuratunnaJ, NHL. TUtow OB, Waksbouma. Puts & Cate Aegis, 
Lloyds Cham, NHL, 9gnat, Tosco. 


LONDON RECENT ISSUES; EQUITIES 


Option 


Jh Sep Ok Jm Sep Dec 


Tij 

rw i 
UnOne- 
H014) 
Zeneca 

mu 


97 8 - 6b - - 

1 0B 41k - - 12*4 - - 

1000 48 88b 8444 2214 31 38*1 
1050 22 4314 BB 49 58 6414 
700 4114 57 8714 1614 33 4114 
750 17 3234 44 44 80*1 63 
Aug Ite Ftt Ana Nor Feti 
Grant MM 420 48 58 MM 6*4 14 21 
(*459 ) SEO 22M 34*i 41 Vt 23 X*» 38*4 
Udtwote 180 22 25*4 29 5*4 11*4 11*4 
(*183 ) 200 1034 18 IBM 15 2234 22M 

IM Basils 330 27*4 38 44 12*4 18 21M 
(*342 1 360 1244 24 29M 28(4 34M 37H 

Option Jan Sep Dec ■*» Sw Dec 

Heora 140 8 18 IBM 7 14 IS 

f-140 1 160 2 8 « 22 27 31 

Option Aag Mat Rt Aug War Ftp 

BrRAera 460 5444 71 8414 22M 39M 48M 
T484 ) 500 32M 52*4 68 41 GOM SI 

BAT toe &20 S3 SB 65 7 *7*4 18*4 

r<58 ) 460 27 36 43M 22 35M 37 

STB 360 38 45 51 5*4 12*4 15*4 

(-388 ) 390 18 27M 34 1/ 25* 29 

WTttssm 360 29 33 MM 13 *7 23 
r375t 380 12 18 2114 30» 35 40 

Cadtisy 5c£ 460 4814 84M 82 0 1< 16 

T494 } 500 ZOM 38 38M 2lh 31 33 

Easem Bee 600 30*4 4444 54 37 48 65M 
(-600) SO 13 28 35 73 81 87 
Eektotsa 460 48 B 85 7*4 15 IBM 
C482 ) 500 2044 3114 4F4 24 334 35M 

tec 300 1714 23*4 28*4 13 17 M 

r308 ) 330 444 11 14 34 38*4 33 


Mb* MB 380 22V4 36 41% 514 *8 20V4 

T405 ) 420 BH 21 28*4 21 M 32 36 

Ararat 30 4 6 7 1H 3h 4H 

r*!* 35 114 4 8 4V» 5H 7 

BarcUrs 500 44 57 68*4 4 IS 23 

t*S38) 550 T1H 28 3B 23 38 46*4 

Okie Orcte 280 2DKS3H 38 1234 17 

(-295 ) 300 8 22*4 28 13 22M 27 

British 290 9V4 IBM 23 8 12 20 

F282 ) 300 3 11 1X4 21H26H 33 

Kara 200 BH 18 23 BH 17M 20 

ran) 220 214 BH 15 21 30 32*4 

WMto 160 15 22 25 3H 7 7H 

r*n ) 180 3H 11M 15 14 17 18 

Lonrtn 130 1ZH 18H 23H 4 10 14 

(1® ) 140 BH OH 1BH 8 IBM 19 

MU Power 428 18 34 42 11U 22 27 
FOB ) 460 4M 17 M38M45H SO 

Sc st Pmrar 330 33*4 41 48M 3M 14 17)4 
(-35B ) 380 13M23M29H 12 27 29M 

Seat* 120 7 12 14 3 6 8 

(123 ) 130 ZH 7 B 9 12 14 

Forte 220 18 28M29M 3 9M 13 

F233 1 240 BH 1? 18 12H 18 23 

Tvmac 155 13 - - 4*4 - - 

nsi 1 174 4 - - 18 - - 

TtlOHI 98 1100 3714 84 85 24H82M75*4 
ni08) 1150 16 42H 82H 54M MM 107 

7S8 2D0 21M 28 32 2 7M 11H 

(-218 ) 220 7M16H21M 6H 17 21 

Tonkins 240 11H1PM 24 B IS 18 

("2*6 ) 260 3*4 TffM 15 19 27** 30 

Wetero SO 44 68M 78*4 8*4 25*4 33H 

r533 ) BOO 14H 39 82 31 SOM SB 

Option JM Oct Jtt JU Ob Jan 

eao 550 30 53*4 BOH 24*4 45H 51K 

rSGO ) 600 T7M 31 39H 54M 78 81 

«8C75ptfs TOO S7H BOH 88H 30*4 50M 62M 
r72D I 750 34H B8*4 72H 58H 77 88 

Reuters *75 31 40 M - ISM 28 - 

C4B4 ) 487 25 34M - 23 34 - 

Option Aug sat Feti Aug Ho* Ftt 

FtoBsJtojse 180 22 2B SOM 6H 11M 14 

(*192 ) 20** 11 16H 20M IBM 22M Z4M 

- Undeuynp rauMy p n» ftrak ra ehown an 

Mtneil on (AM fciq ofitv nricnL 

May *7. Tool attracts 28,9*8 eras *9X78 
Pub: id. 040 


ssua Amt 
arice paid 

P UP 

IM. 

cap 

pnv) 

1094 

Hgh Low Stock 

Close 

Price 

P 

+/- 

Net 

<Sv. 

Div. Grs 
cov. yM 

WE 

not 

- 

F.P. 

1X4 

10 

9 Ateust Soot Wrb 

10 


_ 

_ 

_ 

_ 

- 

F P. 1X18X £14% £14% Ashanti Gold 

£14>2 


- 

, 

_ 

_ 

- 


29.7 

101 

99 Beta Gtobai Em C 

99 



_ 

ra 


- 

F J>. 

122 

133 

125 Capitol 

133 


LN3u3 


3.7 

22.4 

110 

FP. 

39X 

115 

110 DRS Data S Res 

111 


UVA 

1.T 

&2 

2Bj5 

760 

F-P. 

SB2 

171 

160 GST Bus 

166 

-2 

m&a 

U 

2L9 

IZfi 

720 

FJ>. 

41.7 

128 

125 Go-Ahead 

125 


MN4J} 

7.6 

AJO 

19-0 

- 

F-P. 

212 

483 

479 Govett Gtobai Smk 

482 


- 

_ 

m 


185 

F.P. 

412 

196 

180 Hamieya 

181 

-1 

W4.7 

22 

32 

17 A 

- 

FJ». 

- 

06 

93 Inti Biotech 

93 

-1 

- 

_ 

- 


- 

FJ>. 

- 

SO 

30 Do. Wanartis 

48 

-1 

- 

_ 


_ 

730 

F-P. 

70X 

138 

122 Ketier 

126 

WNQ4.7 

2-3 

3.7 


- 

FJP. 

2X3 

16 

15^2 MUand Assets 

Tft 


- 


_ 


- 

FP. 

33X 

15 

14 My Kkida Town 

14V 


- 

_ 



80 

F.P. 

25.1 

87 

67 Oxford Uotacubr 

68 


_ 


_ 


- 

FP. 

282X 

128 

lie Redrew 

128 


WN2.7 

2JS 

2-6 

16L3 

- 

F.P. 

6.19 

61 

53 Secure Retirement 

61 

+3 

_ 




IBS 

F.P. 

12A 

261 

188 Superecape VR 

234 


- 

- 

_ 


- 

FP. 

BOO 

too 

100 TR Euro Owttt C 

100 


- 

m 

- 

_ 

100 

F P. 

43X 

S3 

91 Templeton Lff Am 

93 


- 

a. 

a. 

_ 

- 

FP. 

3.78 

50 

41 DoWns 

41 


_ 



_ 

- 

FP. 

141 A 

104 

100 Templeton Emg C 

101 


ra 

_ 

_ 

_ 

100 

FP. 

55X102/2 

89 Underwfend Aets 

10212 


. 

_ 


_ 

150 

FP. 

41X 

160 

164 Vymure 

160 


1 AAA 

22 

A5 

75 JS 


RIGHTS OFFERS 

Issue Amount Latest 
price paid Return. IBM 
p up atra Ugh Low 


Stock 


Closing +or- 
price 
_ P 


Abtnat Scotland 
Ailed Radio 
Babcock inti 
Compass 
jCttld 
Dale Bectrtc 
Dement UeBay 
Fman Hdgs 
Huniera Am«y 
Tamans 
Unit 


FINANCIAL TIMES EQUITY INDICES 

May *7 May 16 May 13 May 12 May 11 Yr ago 


- 

Nl 

_ 

3pm 

8 

Ml 

18/8 

lljpm 

27 

Nl 

22/B 


270 

M 

an 

58pm 

3 

W 

31/S 

11*4 pm 

56 

Nl 

- 

lBfxn 

500 

Nl 

7SfS 

63pm 

5 

Ml 

31/6 


182 

ra 

16/6 

27pm 

2 

ta 

2VS 

*»pm 

24 

Ml 

- 

11pm 


1 , 4Pm 

*<pm 

5ljpm 

81pm 

11pm +2»j 
5om 

34pm S 

vm 

4pn -2 

*pm 

10pm 


*Hgh -Low 


FT GOLD MINES INDEX 


Grdhary Share 2468.8 2462.6 2471X 2494.1 2491X 
Ord. dtv. yWd 4.04 4.05 4X3 4.00 4.00 

Earn. y*«L % Ml 5X1 5.52 5X0 5^*5 5.46 

P/E ratio net 10.48 19.44 19X0 ia67 19.65 

R/E ratio nl 20X6 20X2 20X8 20X6 20X4 


221QX 2713X 2439X 
4X1 4X5 3.43 

6X8 5X2 X 02 

2024 3X43 1S.44 

18X0 30X0 20X8 


16 

% dig 
M tty 

"4 » 

13 tt age 

9w Hi 
yWd % 

52 Veto 

M# Lora 

184882 

♦IX 

182852 1840.10 1700X6 

2X9 

2367 JO 152256 

2476X3 

-T.4 

2S14.40 2540.71 2187.12 

481 

344080 190223 

246288 

+48 

2368.47 232827 183828 

1X3 

30)3X9 169118 

1577X0 

+1X 

155286 158852 1526X3 

0.71 

233885 136100 


GeM Mon bate (38) 

■ NWUka 
AHa(l8) 

Arabateiffl 
Nsa America (11) 

Copyist, The Fra nc a ! Ttaaa LlntRsl *894. 

Pptts n DrackM mew nwttar d caroms. Bass U6 Petes. Bsae Values 1000.00 3in2A2. 
Pradeunor Goto Wines Mae toy 17: 2050 : day's range: -02 paste Year ago. lO&X t PsnM 
Ltow prras sm mnsreote tor Bus Kftxm. 


•Per 1BO*. (Mary Shore Mas Orta* oetn pialiUL hltfi 27J3X 2X2^4. low 494 2£7H*o 
FT Otrimsy Stwre sidn ease dtoe 1/7135. 

Ordbiary Shoe tiewly changes 

Open 9X0 10X0 11X0 12X0 13X0 14X0 ISuOO 1BX0 High L on 
2459.3 2468X 2483.8 2481 X 2461-2 2482.1 2485X 2462X 2489.4 2469X 2455.4 
May 17 May is May 13 May 12 May 11 vri 


SEAO bargains 22X75 24.190 32A14 27.181 

EqJty tangwer ( Em)t - 11780 1434.1 14X9.4 

EspAty bat^rst - 23,755 39,484 29.488 

Shares traded (ml)T 517.8 604.1 B12X 

t ExctotSng eramatw buarass and ooenaas gmn. 


•90 


27.770 

1399.8 

30X49 

708X 


28X88 

1240,4 

33.158 

577.4 





m 
sa 
ia 

7 »b 
■0-410 Ml 


(kJU TM 
nr 



WEDNESDAY MAY 18 1994 


TRUSTS * Coot 


+# I9M 
Net - U to 
M> — M » 

TH 3 Mb TO 

83 TO 78 

2*2 _ » 2 Z 1 

td _ 114 KB 

v — «b a 

M • O 


171*1 

Ut -1 

a 

MB 

44 

mh — 


an m 
230 m 
m m 
no in 
a n 

"S 9 

« Wi 


w au •« 

« mi hu 


s- i -i 

301 b -b 

^*3 


SflS 


Z7I 233 

ss a 

m 29* 

IBP? 134 


2H -s 

MB ♦! 


178 

87 

= 
M*b __ 


•IBP* 134 

TglOPj- 

QBb tin 

77 05b 
381 23 P* 
MB Ml 

a «z 
a a 
uc a 
a a 

371 318 

294 238 

MB 137 

a <7 

IB 174 

78 87 
a 44b 
m ill 
no tax 
a a 

a 86 b 

a 23 

MB 98 

aa - m 

■a "a 
*» 


uwi IM 
u 344.0 til 
19 MU M 
U 11>JD .1.7 


U - - 

i.i 78.1 m 

as 24U 4s 

u 1532 MS 


U 741 M 

- w-u 


X 4 1108 -04 
- 473 13 
U 1747 -£4 


- I 1 U 08 
-U&2 3S 


- na-j 44 
-1874 - 4.4 
-IBM 42 


2 « a 


01 2787 -12 
ttS 41.1 U 


-b 113 b 106 

213 206 

-1 1M 128 

+b ta a 

T81 14fl 

371 230 

a 72 

in a 

£ 


- 840 -a o 


- ias -as 

U 148J 89 


as 1442 u 


1X9 - - 

- 2841 841 


-b Ml 117 

b n m 


w - - 

ns 883-83 


-b a 37 

+b fBb M 

+i ia ire 

ns iu 

-2 280 175 

173 b in 


H* 345 -48 


M 1062 -IS 

as - - 

- 1193 123 


-I Ml 101 

-b 57b a 

191 iab 

m un 

7i a 

TO 90 

a n 

-2 439 350 

-r sa in 

475 423 

153 194 

19 19 


aa ms izo 


TJ 458 -42 

- iai is 

- 1152 IS 


7S 90S -IS 


OS 412.4 93 
as 3002 7.1 
IS 487.8 II 


= 


m 8Bb 

-b 78 47 

T1S 90 

152 128 


OB 148.8 12 

as su us 

- 108S 22 


3 S 9 


SJ 118S IIS 
17 MIS 3.1 


a -1 MS 94 

« -1 ■ 45 

tc ns ns 

s * X 3 


as 305.1 48 
- 98.7 -J 


U 13 U -47 
42 at 244 


ttt 97 

£ 

-i a a 


= J 5 


MM 2 U 
as 11315 87 
48 137.7 V 


i "S "S 

I’m "m 

— in im 

_ 181 118 
71 «7 

— an 

__ W2 80 

-i » a 

51b 48 

— a a 

— a a 

(21 114 


MS -197 
78 S -US 
MIS 6li 


■ ai 2 aj 
ins m 


82 602 118 
SJ 114 ? -IS 


♦I 243 205 

— 333 273 

— 1 « 

10 73 

— 124 IIS 

-b a 3M, 

— a ao 

-i in mm 

+b 107b 180b 

*1 272b W. 

— a a 

— MB MB 

+3 838 714 

— - iaa ns 

1« 133 

140 120 

-1 129 110 

-1 87 79 

— a si 

247 206 

— a « 

22 18 

— HM as 

-1 334 307 

30 288 

3773 2518 

44 40 

= ^ 

— 77 a 

— a 54b 

+b 37 32 

* 27b 

♦ban 

— «b n 

UI 130 

181 130 

-« *» 520 

227 202 

184 132 

“I 87 78 

1» 117 

— « «l 

-b TO 133 

78 50 

148 133 

14 7 

+1 324 283 

— a Mb 

48 33b 


3S 2908 140 
4,1 <1TJ 215 
- IKS 14 


- 1142 -48 

- 42 S T 7.1 


U287S 148 

- 473 tl 
as 1303 u 
12 SUB-US 

«s mi -iu 
os ms is 

- 141S 7.7 
as 1249 HU 

- 127S 35S 

1X7 - - 

XI Z7U 141 

- MS 3M 


40 UBS SS 
3S 2804 -40 
27.1 - - 

-30412 J6L7 
MS - - 

- 758 61.1 
49 1233 -24 
8 2 77J 41 


ttJ - - 

- 7X7 S7S 
xa ns ms 


-841.1 17S- 
XI 2344 MS 
37 1422 .44 
-712-17 
BS IKS -11 


as 15SS 78 
14 1678 1Z7 


U 2807 -U 

- ms ui 


M BQMGB aloe»P mm 

wm. □ s 2 


3M 
HO xnt 

sa 


UB 103 

52b 33 

M3 175 

228 210 

423 380 

53 40 

— - 28 2S 

+5 an 519 

— ns im 

— 9 41 

158 128 

Tl « 

-i in to 

M 48 

04 87 

-i a a 

148 123 

4-1 a a 

+« £259 ms 

=r 

♦B 383 3*7 

— 378 345 


8SB32S 47 

- ess -aa 


as 

- 2927 845 
IS *271 44 
-401-02 


41 1382 43 
43 MBS -6J 
- MJ M 
tfllfcj U 


-H* m 

147 

TO 

EJtbM 


— 381 5 C 

♦3 SB 437 

+1 537 *30 

— 97 a 

— 174 138 

— TO IM 

— n* nib 

-i ao 32 * 


0S 645 M 

40 mV -iT 

4.1 3819 -1.7 
U477S M 


IBS - - 

-21T3 3U 


ySk 


u at 

<*>•* Eg 


sfi-a 

-ms is 


07 2209 22 
«U MBS .is 

05 407 J til 
IS 4031 2S 
»7 


U . . 
w«u n 


06 *03 17 

«aas -is 


Ctf8.JO MU 
fa*~a in 


— 198 128 

— m 105 

— 79 46 

-I TO 100 

— 131 toe 

— MS IM 

— M M 

— TO 108 

— 79 * 

. — nu ei>2b 

-fo a » 

-2 W4 71 

♦1 MB TO 

— a S3 

— a to 

i % *s 

— 28* 216 

— aa a 

— in « 

a 212 

-? 404 357 

341 TBS 

-3 846 b « 


3S 1468 MS 
. 1 04.6 -M 


I 903 -06 

17 iias so 
. itai aa 


« tats iu 


-1715 

- & w 


=E*Tir 




-SM « 

SaJ ‘ 

ttl SW-U- 


54 41 

— 13 4b 

— IDS 183 

— « 74 

— an 

— TO 131 


xiflM 05 

03 5095 HM 

04 «9 Ml. 
03 2)85 1*2 

UM 9 ? •* 








































































































































































FINANCIAL. TIMES WEDNESDAY MAY IS 1994 














































































































































































































































































33 



iimmu ij_ i i miniinminiii 








































































































CURRENCIES AND MONEY 


FINA NCIAL TIMES WEPNESPAY_MAY j l8j9g4__ 

” MONEY MARKET FUNDS 


MARKETS REPORT 


POUND SPOT FORWARD AGAINST THE POUND 


Caution before US move 


OoafrM Own Bktfeffar DayfeMd Ommoii* Uwnwrtta One year Bunk Of 
irtO-pCe* on<ky pal N0i low ftate WA Rata %PA Rate WA Em tofag 


Foreign exchanges spent a 
nervous session in London as 
markets went through the day 
positioning ahead of the US 
Federal Reserve's eventual 
decision to tighten monetary 
policy, writes Philip Gawith. 

In the run-up to the 
announcement of an increase 
in the 3 per cent discount rate 
to 3.5 per cent, and comments 
by a Fed spokesman that the 
Fed wanted to see a 50 basis 
point rise In the Fed funds 
rate, markets had eyes for little 
else beyond the meeting of the 
policy-making Federal Open 
Markets Committee. The mar- 
ket had been widely discount- 
ing a 25-50 basis paint rise in 
the funds rate, and the possi- 
bility of a discount rate rise. 

The Fed's failure to lift rates 
at the normal funding time 
(I5h30 GMT) left observers 
thinking that the tightening 
was likely to have been a more 
complicated proposition than 

many hart BWimuri 

The dollar, which edged 
higher after the Fed announce- 
ment, had closed in London at 
DML6683. down from DML674 
on Monday. Against the yen, it 

finished at Y 104.3 80 from 

Y104580. 

Elsewhere sterling weakened 
against the D-Mark to finish in 
London at DM2.5095 from 
DM15174. The Greek drachma 
remained fairly steady as the 
central bank maintained a pol- 
icy of high interest rates to 
defend the currency. 


Dollar 


Aflanst (pMpar$ 

1.78 ‘ - 



Ms Reed predicts a cut of, at 
most, five basis points today, 
although she maintains the 
view that 3-month money rates 
are likely to fall to about 3% 
per cent by the end of the year. 


Eurapa 

Austria EScto) 17.6531 -0061 464 - 598 17.7117170390 17.6489 03 17.6437 02 

Batjlun 0R) 51.6408 -0.1*18 022 - 796 51.7960 51.5600 51.6358 Q.1 51.6469 0,0 51.4153 04 

Dsranaik (DM) 08255 -00259 223 • 266 98484 98210 9833Z -09 98413 -08 88687 -03 

FWand £FM) 8.1 SCI -00152 772-950 &211Q 01725 - - - - 

Force (FFi) 88001 -00314 964 - 038 &B321 05800 88058 -08 88067 -04 88751 03 

Gvmny (PM) 28085 -08070 067 • ICQ 28232 2.5080 28102 -08 28088 -0.1 2A887 OA 

Grease DO 371850 >1.48 68B - 213 373.139 37089 - - - 

Wand PE) 18221 -08048 213 - 228 1-0265 18200 18225 -08 18236 -08 18257 -03 

Italy U 2401.Q1 -1985 948 - 254 242387 2397.75 2406.71 -28 2416.41 -28 244786 -18 

unaitaq gjf) 518408 -01816 022-796 51 .7980 518600 518359 0.1 518458 08 31,4159 04 

Netfftritrtdi (FI) 28155 -OOIOB 143 - 167 28284 28110 28151 02 28148 01 2.7918 08 

Nonray (NKr) 106088 -00387 656-721 108044 108600 108632 OB 108757 -03 108869 08 

Portugal (Ea) 250858 -0909 538 - 774 256,475 256.520 2S9831 -48 28187B -48 - 

Spain (PM 207 AM -1.111 326-548 208.634 207810 207.946 -88 206.776 -2.6 211866 -28 


Jan - ISM 

Sducec Dattafraam 


■ Pound ta New York 


MW 17 



- Pna*. ctoas- 

Espot 

10065 

10025 

loth 

10875 

10034 

3mSi 

10084 

10M3 

iyr 

10083 

10034 


drachma. Overnight money 
was at 200 per cent, with the 
drachma steady at Drl4&30/35 
to the D-Mark. 

The Lira finished at L956.6 
from L961.5 against the 
D-Mark, helped by the belief 
that prime minister Mr Silvio 
Berlusconi will win the confi- 
dence vote in parliament 
today. 


■ Sterling traded in a very 
narrow range against both the 
D-Mark and the dollar. It 
closed in London at $1.5043 
from $1.5039 on Monday. 
Against the D-Mark it finished 
slightly firmer at DM2L5095 

from DM28174. 

Mr George Magnus, interna- 
tional economist at S.G.War- 
burg in London, commented: 
“The events of the past week 
have taken some of fixe politi- 
cal risk premium, that had 
been accumulating in cur- 
rency, away for a wMle." This 
had allowed the “growth story” 
to show through more promi- 
nently. 

Sterling’s progress, however, 
is likely to be subject to no 
further setbacks for fixe dollar. 
If the dollar foils back, sterling 
is unlikely to be secure above 
DM5L50. 


Money Market 
Trust Funds 


Canto A Cc 


uSnto^MWtoKtVM* 

IW 


-i “m 8 *! 


w cm MBr 


CAF Moon UsaoMMnt Ca LfcJ 

EWMlIMrnMM Ut - I «JSI3< IB 

oSSSmbs;i«ji -i 4ni»w 


CURB* — . — 1 MB US I uiT n 

ou.pat-raj.ooo -us lit «n X 

EJOWHMMO— U III Ul S 

taSatMew*-— - — I 678 • ' -2M ! Ull g 


TtoCOff Ctorttoi topctfAccwri. - 

iniaaUMiBartK on-atinn 

lot 1*49 - 1 *•!**» 


Sweden 

(SKi) 

11.8570 

-00510 484 - 645 

11.7060 110470 

11.6785 

-24 

11.709 

-1.B 

11.730 

-10 

770 

Swtoratafl 

(SFr) 

2.1345 

-00108 334 - 356 

2.7473 

2.1330 

2.1327 

10 

2.1201 

10 

20965 

10 

1170 

UK 

« 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

802 

Ecu 

- 

13008 

-00046 003-012 

10(S4 

123K 

10010 

-07 

10024 

-06 

12388 

0.1 


SORT 

Americas 

- 

0037987 

- 



- 

- 

■ 

* 

- 

- 

- 

Argsntto 


10033 

+00027 029 - 036 

10037 

10001 

- 

- 

- 

re 

re 

. 

- 

Brazfi 

W 

238001 

+4023 610-682 

2387.00 234300 

- 

- 

. 

- 

- 


_ 

Canada 

(Cfl 

20737 

+0005 730 - 7-M 

2.0756 

2.0674 

20751 

-08 

20766 

-10 

20983 

-10 

87.1 

Modco (Now Peso) 

50122 

+00119 038-205 

5Q22S 

50030 

- 

. 

- 

. 

. 

_ 

_ 

USA 10043 

rWiMNWan tlwiwu 

+00004 040-045 

10062 

10015 

10033 

08 

10024 

00 

10028 

01 

850 

AusOato 


2.0656 

-00088 645 - 688 

20756 

20636 

2-0649 

0/4 

20833 

0L4 

20823 

02 

- 


cm ba tf ns woum or Mgtt 

znaaM.iMMflCB’SM on-waim 

UM. . I 4J3 -I 5WlvM» 


grttrsslis. w bR 

HdJ fr Monty Mrtrt teawt 
nawnanvamtaiLM, nmpmm not 
MMftftmiKtaM 

IKW— 1 678 Ul ual fe' 

sssasda £s\ ssl | 

nwi f? 


Money Market 
Bank Accounts 




M tM MCT 


ARkaa tana Bank do 

HeayitattonBttJrat on^aaano 



» s s 

53 S S 


IN m b 

W (S 5 

Me 4M .2 

ui u S 


Kano Kong (HKS) 11.6226 +00031 199 - 2S3 118300 118028 118145 08 118107 08 118378 -0.1 

I nett (Ra) 47.1885 +88107 730 - 999 478140 47.1060 - - - 

Japan (Y) 157.014 -02S9 942 - OSS 157860 156800 156899 38 156819 20 151889 38 1888 

Mamnla (MS) 18362 +08079 330 - 373 38483 38250 - - - 

New Zealand (N2 S) 28681 +0l0029 608-696 28705 28629 28674 08 28709 -0.4 28775 -04 

PWSpptoe (Pa so} 409028 *08 109 080 - 978 40.9990 408000 - - 

Said] Arabia (SFQ 58414 +08019 402-425 5.6445 58314 - - - . 

S in g ap ore (S3) 28309 -08011 297 - 320 Z3323 28281 - - - 

S Africa (Com) (R) 58885 -00105 964 - 0® 58294 5.4860 - - - 

S Africa (Rn.) (RJ 78408 +0802 245 - 570 7.4432 78170 - . - - - - 

Sou0i Korea (Won) 121288 +085 252-323 1213.74 121081 - - - - - 

Taiwan (TS) 408801 +08784 824 - 958 404200 408000 - - - 

Thdtand (BO 378523 +08178 306- 736 378910 378110 - - ■ - - - 

TSOe rata ter MW 15 BcttAr afmeta ta tm Rand Spot raws eftow on* am tan Una deorad pares. ferered mm are rat react* tpotad at «w maw 
Mathew by repeat tatawra tore ftertng write ededetad by tneB attd Entfaafl- B— «imo « 1999 ■ lOnaxj.OBr rad Mrietoa la ball 
tho Dotor Spa* MAm darned (rcra IK WMrRSJTBe CLOSNQ SPOT RATES. Sana vdo m am ramdod by the F.T. 



JMratIMnaRaakUd 

wmaUMbanmai vat 
HMMMDamM MO 4JB 401 

laMHiinaAi I an ui w 

HMMMtSaMOtl U9 Ul Ul 


. . . ...... 5 gSK==5TBf „.rS!"“ 

ssa masiiiy 

3|"kFS aatesi s 


4JS SO VMdl 

iS S5SSS 

ss ss a 

S.1B Ul 1Mb 


IHIMMl IMM. trade MB SOT .Oft-miM 
klcaaswk — -I + uml vaT nay 


B Mr Adrian C unningham , 

senior currency economist at 
UBS. said the Fed's decision to 
add reserves to the system 
through overnight system 
repos had clearly been a hold- 
ing operation. 

The market's expectations 
were dear from the federal 
funds rate which stood at 
around 4V4 per cent at I5h30 
GMT, the typical time for Fed 
action, against a then-official 
level of 3% per cent 


■ In Europe the D-Mark was 
generally slightly weaker, dos- 
ing in London at FFr3.426 
against the French franc from 
FFr3.429. The Spanish peseta 
regained some ground to dose 
at Pta 82.63 against the D-Mark 
from Pta 82A4. 

In Greece, high overnight 
rates underpinned the 


■ In Germany, the repo rate is 
expected to fell by about 5-8 
basis points today after the 
Bundesbank announced 
another variable rate repo. Call 
money was steady yesterday at 
5.35/50 per cent, compared to 
the existing repo rate of 5.35 
per cent 

After the Bundesbank cut its 
official rates by 50 basis points 
last week, the market specu- 
lated that the repo rate might 
fall by as much as 10-15 basis 
points. That position has since 
been abandoned and most ana- 
lysts are predicting a more 
modest move. 

Ms Phyllis Reed. European 
fixed income strategist at BZW, 
said the Bundesbank had suc- 
ceeded in arresting the pessi- 
mism about the extent to 
which German interest rates 
were still likely to fan. It was 
thus “perfectly reasonable to 
return to a dull, few points per 
week, rate of cuts” 

The Bundesbank, she said, 
could not be expected to main- 
tain the aggressive pace of eas- 
ing seen between the last two 
sets of official rate cuts. 


■ In the UK money markets, 
the Bank of Bn gianrt injected 
£S71m liquidity into the system 
to clear a £550m shortage. 
Overnight money traded In the 
4 to 4% per cent range. 

Futures markets generally 
lost ground, with the prospect 
of higher US rates generally 
bad for short-term contracts. 
Some of the longer month 
short sterling contracts per- 
formed better. Amid modest 
volumes, the December con- 
tract closed nine basis points 
lower at 9346 from 94.05. 

Mr Richard Phillips, analyst 
at brokers GNL said a large 
portion of fixe volumes rump 
from a single sale by a Euro- 
pean hank. He said trade bad 
been nervous, with traders 
reluctant to take positions, but 
he predicted that the market 
was preparing for a decisive 
move. 

The December euromark 
contract closed at 95.20 from 
95.25. 


DOLLAR SPOT FORWARD AGA-NST THE DOLLA; 


Marion Sanaa 
9— cwgnw 


May 17 £ S 

Moony IB - 155671 101370 - 1(0470 
km 2821.00 - 282780 174880 - 175090 
M 04480 • 04494 02379 - 02987 

Mari 338550 - 339418 225100 • 2ZBQ0 
ffessn 281805 • 282257 187200- 187700 
UAE 50230 • 15260 18715 • 36735 


May 17 

i 

Ooring 

lltfChpOif* 

Europe 



Austria 

(Scfc) 

11.7355 

Belgium 

pFd 

340300 

Denmark 

(DKt) 

60318 

FWand 

(FM) 

04420 

Fiance 

(FFir) 

5E7172 

Germany 

flDl 

1.6883 

Graeco 


247000 

Ireland 

ro 

1.4719 

Italy 

(U 

199013 

Luxembourg 

O-FrJ 

340300 

Netherlands 

« 

10717 

Norway 

(NKd 

70254 

Portugal 

m 

171.980 

Spain 

(Ptt) 

137000 

Sweden 

(SK4 

7.7494 

Switzerland 

(SFr) 

1.4190 

UK 

H 

1.5043 

Ecu 


1.1565 

SORT 

Americas 

- 

1.40742 

Argentina 

(P«»0 

00904 

Brazil 

PI 

158801 

Canada 

«CS) 

10788 

Mexico (New Peso) 

30320 

USA 

(S3 

- 

Pedflc/MfrMe Eeet/AMce 

Austria 

(AS) 

10732 

Hang Kong 

(HKS) 

7.72B5 

tndfa 

(Rs) 

310888 

Japan 

(V) 

104080 

Matayata 

(MS) 

20180 

NewZaatmd 

(NTS) 

1.7072 

PhBppines 

P«a) 

27.1250 

Saud Arabia 

<SH) 

3.7503 

angopore 

(S^ 

10495 

S Africa (CcmJ 

1 (FD 

3JB3 

S Africa (Rn.) 

(R) 

40800 

South Korea 

(Won) 

808000 

Taman 

TO 

280500 

ThaBand 

(80 

250300 



an in w 
an sn in 
an an 

3.00 407 Mb 

in «s a 

ui ui a 


i ia i n i rn « ■■ ■ m i i i r» ■ ■ a— n 

qam*fcM im inaa ft —»r , othpim 
ucjLRSao+i 1 4 urn I oil oa, 


in Ltoyto Baak- kmatoaat Accom 

Mfe nSon«Si.i#in>K3PJK 


MRlMliraP 
i red — M 
- | LI 

41 

-1 47 


-0837 330- 
-0.13 100 - 
-0819 308- 
-08115 370 - 
-08224 157- 
-08057 880- 
-185 600 - 
+08075 710- 
-1389 540- 
-0.13 100- 
-08077 712 - 
-08283 244 - 
-0:65 900 - 
-0.775 660- 
-08384 450- 
-08075 185 - 
+08004 040- 
+08044 562 - 


380 11.7725 
500 34.4550 
328 88517 

470 5.4621 

187 5.7425 

885 18747 

400 248.050: 
727 1.4734 

690 161280 
500 34.4550; 
722 18005 

284 7.2543 

000 172500 
950 138.770 
531 7.7917 

IBS 1.4280 
045 18062 

567 1.1580 


-03 118438 OB 
-05 34025 03 
-1.1 58408 -01 

-02 5447 -01 

-08 5005 02 

-04 18561 0.7 

-ISO 287 -152 
18 14850 04 

-38 1827.15 -18 
-05 34225 03 

-03 1.8S82 07 
-02 72054 03 

-41 178.75 -48 

-38 140675 -28 
-2.1 78544 —1+4 

06 18982 18 

05 18028 01 

18 1.1571 ao 


S5SA55=ia° miter e 


an m* I uaf iM, 

m us I itaJSZ 

4JB &71 4J»^S 

U»l 4JS ISS, 


rniwnnmagyaei an-oaia44B 

MAttwaua. ui w u m 

maOD-CMOBBS L73 Ul U2 Hk 

£90000. I LOO 07E I 3.12 Ht 


UdtaadBaakpk 

Writ tow T , MW 

Mm« Acs en>. us 201 in m, 
IHM* 450 a» 490 55 

aw* — . — —l mo lis sn 

nwm.. j xn *» u iQ 

TESSA 1 &2S - L2S 


RaDanaMaBtdBSOG-l 

MatoHmlWpi 


ounHwa. 

zioono. 


UO UD UO 

US Ul 48 

uo n sm 

US Ul Ul 

090 413 UO 


OKIMUB - UD t« U O 

KnmM » „ m IK 1M n 

nfoos^an oo u uu £ 

CL00044UM 4JD MB 4M Or 

ESILOBO. UO in Ml n 


Bordns Irina Account RIO*. 

nmiAwnqta 0904 

tMUMEMOB 1 UD 1 JO I MB 


t10A»-E24Bn 1 ITS Z.00 2J7t 

eXOOO* lUS 2011 US 



CKX000444HB 

QIUnM39JI9B 

zusMiim 


+0801 S 993-084 
+2533 650 - 652 
+0803 783-788 
+0007 270-370 


00994 00887 - - - - 

158555 158648 - . . 

10810 10757 10805 -1.7 10836 -10 10964 -10- 830 

30370 30260 3033 -04 30348 -03 30422 -00 

1005 


aiamSMpiar&Gal 

MDhMW— I 


LMMBMhaia 

.iMnSHm 


AOaUri 

Mwy,uaanB2 on-aoassx) 

da si ts\ a 


nniimiTi iriniii 479 ua 

MnaMaroBBtaMi an mo 

ran wu—nma 429 an 


Boyri Bank eCScatona pie 
4i atasw So. saanti BQ7 


- r saar esiOMans 

479 U82S I -I TMAly 


Dum-nm 


727 - 738 
260 - 270 
650 - 725 
350-410 
150 • 170 
066 - 079 
000 - 500 
SOI - 504 
480-500 
545 - 560 
700 - 900 
200 - 400 
500 - 500 
200 - 400 


10799 10702 10746 -1.1 10791 -1.7 

7.7270 7.7259 7.7295 -05 7.7385 -05 

310725 310860 31.4338 -20 310688 -20 

104090 104250 104.175 24 103.715 20 

28280 26118 2009 22 20996 24 

1.7085 1.7053 1.7084 -09 1.7129 -10 


10886 -10 
7.7802 -04 


(MrtgMcnjMD*-' 


■ inn, London Bayou an -*aa»o San 0 PraB«Kffiatart Hooka 

|L7» 2K mi m i»mmVi,immhu 

*5 - 4-2 ■? OMtecnnl _|L79 3*1 

1 437 -I 440 1 MB TESSAFMd 1 1Mr «9 

TES»VHW9k_ I 441 


IMUNMIlM.IMMailU. 

OWkEM — L7S 211 

TESSAFMdllMr 4« 

TES»VHWn_ 441 


28280 26118 
1.7085 1.7053 
270500 27.0000 
27505 27500 
10510 10490 
26740 28510 
4.9400 4 0850 
808400 800200 


101.14 21 

2656 -10 
1.7348 -10 


2751 -02 27533 -03 
10489 00 10484 00 

26718 -24 26978 -4.7 

4014 -04 4074 -7.7 

8090 -40 8128 -22 


27648 -04 
1047 02 

27908 -27 



an-w 
ui I sn 

LOO 407 
lib! 431 


1.13 131 

in w 
tm in 
ISO 2 S3 


n«wa Bank Jto 

»«NlCM«kUl 


loateMBOi mad m aazs ana 
DrandMaA£10Q0O* ITW UI3 

WMAIS0000+ s&n ua 

mAEIDOtW).. 4000 3000 

TMMIE5SA 4375 


ttR74<nB 

ion » 

UB3 at 

3031 0*r 

4400 Ql 
4447 K. 


260500 26.7900 280156 -20 27.016 -20 
25 -2500 25.2200 2501 -28 2SMS -23 


taon ra»i tor Itoy l6.Bkttrffarapreeds! 
but an InOri by ewrent tana ma 1 


r Spot nads 
lECUnvq 


e mow only tfn in* gr— dtornat pincav r ore n l itn nw not tflrecOy quotnd to am martn 
quaMd ta US aanney. XP. ADfQni namul kxfcn 1% 1& Du iinqu 1PKMBG 


CMarito Back RariMa Sofeatte Acc 

3flkua»iHtaB4 o aiBBiiBiM. ,oti-rarara 
nano-Quoa — Hun z.ia L7S or 

OLWH9UH 1 LJ9 241 ] LOO Or 

nooooo-tisB^SB—l on us I ual nr 


UUCTiuatUmBad 

I M CtaMtad II. IMdainH 7M. 
£1040040 Mr naan. I L7S aoa 

nano-nD dvBMta. ( 7jo sn 

733 sm 


UailatfSanWant Trust Ltd 
P08oiflZ.Hnrta.BH00Y 


CROSS RATES AND DERIVATIVES 


TbaCD-«| 

poboTmc 


£1400+ 1 475 UOl 4Ml » 

J. Hwy Storador Wan « Oa Utf 


EXCHANGE CROSS RATES 


EMS EUROPEAN CURRENCY UNTT RATES 


May 17 


BFr 

DKr 

FFr 

DM 

S 

L 

FI 

NKr 

Ee 

Pta 

SKr 

SFr 

£ 

CS 

s ■ 

Y 

Ecu 

Belgium 

(Bfi) 

10 

1903 

1065 

4081 

1079 

4849 

5.453 

21.05 

6010 

4010 

2258 

4.134 

1036 

4016 

2012 

3040 

2519 

Denmark 

(OKf) 

52.55 

10 

0752 

2054 

1040 

2444 

2.B68 

1106 

2630 

211.1 

11.87 

2173 

1018 

2111 

1031 

1590 

1024 

France 

FFi) 

60.05 

11A3 

10 

2019 

1.188 

2792 

OZ74 

1204 

3000 

2410 

1306 

TABS 

1.163 

2412 

1.749 

1C8 

1013 

Gennany 

(DM) 

2007 

3015 

3.426 

1 

0.407 

9560 

1.122 

4031 

103.1 

8283 

4045 

0851 

0398 

0826 

0599 

6255 

0518 

Ireland 

(K) 

5053 

0614 

8.415 

2.456 

1 

2349 

2.755 

1004 

253.1 

2020 

1101 

2089 

0978 

2029 

1-472 

1530 

1073 

Italy 

(U 

2.151 

0409 

0058 

0106 

0043 

100 

0117 

0,453 

1077 

r Km 

0.488 

0099 

0042 

0088 

0063 

fl RIO 

0054 

Nathartanda 

(P) 

1604 

0489 

0054 

0091 

0363 

nfipft 

1 

3080 

9107 

7305 

4.141 

0758 


0.737 

0034 

55.75 

0462 

Norway 

(NKr) 

4701 

9.040 

7.912 

2009 

0040 

2208 

2091 

10 

238.0 

1900 

1073 

1064 

0920 

1008 

1084 

144.* 

1.197 

Portugal 

m 

1906 

3.798 

3024 

0970 

0095 

928.1 

1088 

4002 

100. 

80.17 

4007 

0.825 

0387 

n an? 

0081 

6069 

0003 

Spain 

(Pta) 

2400 

4.738 

4.147 

1010 

0.493 

1158 

1058 

5041 

124.7 

too. 

5022 

1029 

0482 

1.000 

0725 

75.70 

0027 

Sweden 

(SKrl 

440H 

0427 

7.376 

2.163 

0077 

2059 

2.415 

9022 

2210 

1770 

10 

1031 

0058 

1.779 

1090 

1340 

1.116 

Swtoartriid 

(SFi) 

24.19 

4.602 

4.028 

1.178 

0479 

1125 

1019 

5091 

1210 

97.14 

5,461 

1 

0468 

0.971 

0704 

73.54 

0609 

UK 

B 

51.64 

9026 

0600 

2510 

1.022 

2401 

2016 

1007 

2580 

207.4 

1106 

2135 

1 

2074 

1004 

1570 

1001 

Canada 

(CS) 

24.90 

4.738 

4.147 

1010 

0483 

1158 

1058 

5041 

124.7 

1000 

5022 

1029 

0482 

1 

0725 

75.70 

0027 

US 

tS) 3404 

6033 

5.71B 

1.669 

0680 

1696 

1072 

7027 

1720 

1370 

7.753 

1.420 

0.665 

1079 

1 

104.4 

0805 

Japan 

M 

328.9 

6209 

54.78 

1609 

8010 

15293 

1704 

6904 

1848 

1321 

7407 

1300 

6069 

1301 

9080 

1000. 

8087 

ECU 


39.69 

7053 

6010 

1029 

0.786 

1848 

2.164 

8055 

1980 

ISB^ 

8.962 

1041 

0789 

1094 

1.166 

1207 

1 


May 17 

Ecu cen. 

rates 

Rate 

against Ecu 

Change 
an day 

Mr +7- from 
cen. rate 

%aprai 
* weeto 

Ireland 

0008828 

0788976 

-0000242 

-288 

607 

Hethartands 

219672 

216867 

-000008 

-108 

505 

Belgian 

400123 

307887 

+00035 

-1.10 

407 

Germany 

104964 

103190 

-000008 

-001 

407 

ftonoe 

603883 

6.62389 

-000115 

100 

238 

Denmark 

743679 

706646 

+000882 

1.74 

104 

Portugal 

182054 

190179 

+0012 

aafl 

042 

Spain 

154050 

150977 

+0397 

271 

OOO 

NON ERM MEMBERS 





Greece 

264013 

285487 

+0582 

801 

-405 

Bely 

1793.19 

185218 

-211 

305 

038 

UK 

0786749 

0788978 

+000021 

-226 

an 


-I -IlM* 

Mil sail urn 


120 On^dtaa. Lnottn 071-387 0900 1 

anew Ago I 3.79 Ul 340l MB 

I 490 toil 4481 m 



LMt Mil m WBatarnTrattHW) Manat Oioqa* Acs 

- jgi»s sr? 

3S sees?— las rsl al ! 


Ul MB 
2M 13 
148 IS 


£2Sya>+ 420 LI4| 440 

sstuiowa* a«# — i loo zasl lk| 

£HL0aS-£4B4» 1 273 201 I 277 

ESKKSBOI L 231 173 1 2321 

»40d«MkaMtaMWOR-«I99S> 


aona- am cmm *» at mm ml m 

taka ntut ta ta ddtacOM w Mdc ads tarn ta 
Mt ton ri mm MMta Otar aM|h Mria 3 
hale mm wans M 6mm CA to tadittaaMI 
*• mow* at MU * dM MM Mr 
Mi i iar. Tuan 1 1 m mt.MCn ri i o—r 
diMIMkMdlitoM 


. pv to; Eacudo. U» l 


Ecu canM caan sai by OM Bmopmo Mata Qmata am In daacanAii raWtaa amgttL 
P aiCMBacmMSMlorEaoApoaBhwehaognitanoaMdMtatcuMicy.OlMOBi LJ d taw f 
laMdbnttaecnasoapsaMftaparednM^ttoita L^ Dtawaa n Bn actual imtat and Enicmal m 
Inr « currency, said toa nMww pw in ata d pta C ta M pn iM n a i of dm oanrof* m«W waa torn Ba 


■ D-aHARK FUTURES flMM) DM 12S.OOO par DM 


I FIWUWB (IMM) Yen 125par Yen 100 



Cfeen 

Latest 

Change 

■ High 

lew 

EOL voi 

Open to. 


Open 

1 iitretT 

Change 

Hgh 

Low 

Est sol 

Open to. 

Jun 

0.5971 

05980 

+00009 

00985 

00966 

18053 

114.739 

Jrai 

00555 

00586 

+00031 

00604 

00549 

16099 

57083 

Sep 

00978 

00981 

+00008 

00984 

00978 

509 

8084 

Sep 

09626 

00660 

+00033 

09872 

00627 

440 

5088 

Dec 

- 

00988 

- 

- 

- 

7 

218 

Dec 

00710 

00740 

+0.0034 

00740 

09710 

59 

982 


(1 7/9*3 StarBne M total Uta auapandad tram Bto Atgretmare MM by m* RnaidalTknaa. 
■ PHUHPJM* rii V% OPTIOM3 £31^50 (egrta per pound 


■ SWISS FRANC FUTURES PAM) SFr 126,000 par SR 


1 0MM) 082000 par £ 


Jun 

0.7014 

0.7020 

+0001 1 

07032 

07007 

5,072 

38072 

Aai 

10022 

10024 

+00008 

10050 

10018 

8018 

42900 

Sep 

07040 

07039 

+00019 

07052 

0.7039 

301 

898 

Sep 

10020 

1.5030 

+00018 

10030 

14758 

48 

2494 

DOC 

- 

0.7075 

- 

07075 

- 

5 

342 

Doc 

- 

1.5030 

- 

10030 

- 

6 

43 


Strike 

Price 

Jun 

- CALLS - 
Jui 

Aug 

Jtai 

PUTS — 

JU 

Aug 

1425 

7.82 

708 

704 

- 

an 

005 

1480 

503 

500 

603 

001 

038 

076 

14T5 

207 

307 

AOS 

004 

094 

1.45 

1000 

108 

210 

201 

009 

100 

248 

1025 

007 

109 

1.81 


302 

286 

1080 

005 

049 

001 

409 

500 

5.63 

PrwtkxM day 1 * vcL, Ca» 6.B47 Pun 4.1S2 . f+w. toyta apart kx. Ore 

4480B8 Pua 3S7, 108 


Are you dealing in over $lm? 
Fast, Competitive Quotes 24 Hours 
on 071 815 0400 or fax 071-329 3919 i 


[INVESTORS - TRADERS - CORPORATE TREASURERS! 


LONDON +71 329 3377 NEW YORK +212 2696636 FKANKTOBT +4959440071 


EWORLD; INTEREST RATES 


INTEREST 


MONEY RATES 

May 17 Ova 


I JJFFq* OMIm points of 10094 


Bakihan 

54 

5W 

SK 

weak ego 

5(4 

5 H 

516 

France 

5% 

6* 

54 

week ago 

55 

5« 

S3 

Germany 

5.43 

500 

6.03 

week ago 

5.S4 

500 

5.15 

Ireland 

5S 

514 

6 

week ago 

SU 

5* 

6 

Italy 

7T» 

78 

78 

week ago 

8S 

T8 

78 

Nathartanda 

5.12 

5.12 

506 

week ago 

508 

5.12 

5.13 

Switzerland 

44 

4Vv 

44 

week ago 

44 

4W 

4 

US 


4* 

4* 

weak ago 

33 

44 

48 

Japan 
week ago 

2 

254 

214 

sa 

2ft 

254 

■ S libor FT London 



Interbank Hiring 

- 

44k 

40 

week ago 

- 

44k 

48 

US Ootar COB 

- 

400 

4.48 

week ago 

- 

400 

4.56 

soft Linked Ds 

- 

3ft 

4 

week ago 

- 

3 ft 

4 


Stt Sfl 

64 58 


44 44 

4* 44 


LOmb. 

CHS. 

Repo 


Open 

Sect price 

Change 

Hgh 

Low 

Eol voi 

Open to. 

War. 

rata 

rata 

Jun 

8507 

9206 

-002 

9507 

9604 

14894 

182984 

7-40 

400 

_ 

Sep 

9503 

9507 

-007 

6S03 

9507 

35288 

188254 

7.40 

4.75 

_ 

Dec 

9604 

6600 

■006 

9504 

9219 

26317 

207794 

500 


6.76 

Mar 

9215 

9213 

-004 

9215 

9211 

16054 

198755 

5.70 

- 

6.75 

■ THW 

B MONTH OtoOURA Drrjura WTURBS (UFFE) LlOOOm potos aMOM 

600 

600 

400 

200 

241 

5.47 


Open 

Settprtce 

Change 

High 

Low 

EaL vd 

Open to. 



60S 

Jun 

9238 

9237 

+001 

3208 

w>a? 

4195 

33719 

_ 

_ 

800 

Sop 

9250 

9253 

+0.02 

9253 

9245 

4955 

49779 

_ 

700 

210 

Dec 

9235 

9240 

- 

92j40 

9204 

1690 

50511 

_ 

70a 

210 

Mar 

9221 

9225 

- 

9208 

9201 

388 

12772 

- 

505 

- 

■ DStoE MONTH BIRD SWISS HtANC FUTURBS (LtPR0 SFrlin points Of 100H 

8.625 

S05 

250 

- 


Open 

Settprtce 

Change 

High 

Low 

EsL vd 

Open to. 

6.025 

300 

_ 

Jun 

9210 

9808 

-0.02 

9210 

96.07 

2887 

21267 


300 

_ 

Sep 

9215 

9215 

-002 

9216 

9214 

1114 

12341 

_ 

200 

_ 

Doc 

9608 

9807 

+O01 

9208 

0606 

030 

5385 

_ 

1.75 

_ 

Mar 

9289 

9609 

+001 

9609 

8289 

40 

768 

- 

1.75 

- 

■ TflW MOWHt ecu PUTUWES (UTS Eculm potoa ot 100% 






Open 

Sett price 

Change 

*gh 

Low 

EeL vd 

Open to 

“ 

“ 

” 

Jun 

94.48 

9445 

-005 

94.48 

94.43 

709 

10543 

" 

“ 

” 

Sep 

9405 

9400 

-008 

8408 

9408 

661 

12268 

- 

- 

- 

Doc 

9405 

9401 

-005 

9405 

9400 

304 

7815 

“ 

- 

“ 

Mar 

9403 

9400 

-0.04 

9403 

9400 

106 

3055 

“ 

- 

“ 

" UFFE ton EradaU an APT 







LONDON MONEY RATES 

May 17 Over- 7 clays Ona TTtbo Sbt Ona 

night naHoa month months mantfa year 

Intetwdt Siertkig 4* ■ 4 6 - 4* 5i - 4}j 8ft - 5i 5*t - 6V « - 5fi 

Stertng COB - 5& - 4£ 5>a - 6£ 5* - 5* Sk ■ 5% 

Tnasuy aaa 4^-48 48-4% 

BanfcBfc 4h - 4» 49 - 4\ Si, • 5,1, 

Uxri authority depo. 4S-4ft 4ft- 4* 5,'a-O fift-5 & 5% -5* 5% -5% 
OtooM* Mafcot daps 


FOTOBES 

&0PTI0NS 

TRADERS 
k*a immr 
40QMFIR DVB BUKZ 1 


FPTUBESUMTTEl 


38 DOVER STREET, LONDON W1X 3HB 
TEL 071 6291133 FAKQ7149S00Z2 


UK rioamg tan* boao tanefing rara 6^ par cant ton Febnaiy 2 1994 

Uptoi 1-3 34 6-9 


Carta of Tax top. (£100000) 1^ 4 3X, 3% 3^ 

Cra afTtai top. emtar £10000011 Itapo. Depotata w+Batasan lor ctai Ijpc. 

Awn. an* rare o* dtaesum LSOOSpc. fCQD toad rata Sdo. Export Fktance. MbAb up toy toi 29, 
1094 ApraaO nre let p*tad IMy 33. 10B+ tt Jivi 2L 199*. SchtnM S & a eJMpe. Htasenc* M lor 
pnriod Aor 1 . 1004 «o Apr SB. 1904. SdMM N 4 V LSOSpc. Ffcwncn Housn Bren Rare 5*2po Iran 


FOR TRADERS ON THE MOVE 

Rtocb the tn a rfc e ts move with the screen in yow pocket that receives 
Curraxy, Futures. Indices and News updates 24 hours a day. For your 7 day 
free trial, call Futures Pager Ltd on 071-895 MOO now. 

wrnom futures pager ammmm 


Don’t miss the 1G Index Seminar 
May 27 on Politics, the Economy, 
Markets and Sport 


■ TWHSS MOUTH STEHLStQ PUTUIUM (UFFQ EBOO0OO ports Qi 100% 


B Speakers Alan dark. Pauicfc Minibrd, David Fuller 
> and Chris Cowdrey. CaU 071 828 7233 far brodreft. 


Open 

Sett price 

Change 

Hgh 

Low 

Est. vd 

Open to 

9407 

94,68 . 

- 

9409 

9405 

8335 

73428 

9M3 

9409 

-004 

94.43 

9408 

15408 

89277 

9401 

9396 

-007 

94.01 

8394 

16303 

129680 

9301 

9300 

-003 

oaa? 

9247 

5333 

53284 


ECU Ltaftad Da ai Id nrtre: i mac 33; 3 nil tv 3J. 6 radix 3+> I year 3»L S liBOR tatarta* IWnp 
um: ora oriffod raws Mr Sion quoted to the mvWd by tour l atorano a tario at 11am each retting 
day Th» txrta sk Ba+m Tiuh. Sink of Tokyo, QtaCtaya aid NstHral W wui d ma r. 

Ud nn are anown lor ttw d o moaic Moray nxre, us S CDs m SDR itahod Departs 10a}. 


Ttaori cn APT. Al Open mokm Bga. ore tor pretova tor. 


r P^l. F ,? rG , casts and Market Myths for 1994 

1 ^ ,,h -- 1 o '-C-!ic:!o;i *V:'| continue: ga'H 4 ~c;i ccrrmcdi’los 

jQ * 3 " ; economy « sleek maiVe! v, ; ii to v,ecK y C j did 


‘.lor-ey • the 


EURO CURRENCY INTEREST RATES 

May 17 Short 7 days Ona Three 


month months months 


1 MONTH EUBOPOtJUm (IMM) 01m point* c* 1000* 

ftwi Latest Change High Lenar EsL voi Open bn. 
95.04 95.07 +0.04 9503 95-03 105,709 408030 

9407 9409 +a03 9408 9406 118,194 431047 

9207 9308 +0.02 9291 93.88 118093 415018 


m 9M OU T S TCTLWQ OFTXm&(UFFg £500000 polrita of 100% 


SfiSgsn franc 
Danish Krona 
D-Mark 
Dutch Oudtor 
french Rsnc 
Portuguese Esc. 
Spanish Pesos 
Staring 
O ki a Franc 
Con. Dolor 
US Dolor 
italan Ura 
Yen 

AsranSSing 
SlWri Mi rdia* 3 


5*1 - 5% 
7»z -8*2 
Sit - 5i, 
5il - Hn 
ft - 5\ 
ia-w - ioij 
7ft • 7b 
4i» - 4b 
4J*-4b 
5 J « - sh 
4b -4 

B-7b 
^ ’ Zi 

3b -3b 
w eaB tor ta) 


5b -ft SA 
Sb - 5b ft 
Sit ■ 54 5A 
V. - Bit 5b 
sa-sii ft 
nb - it iib 

7b - 7,t 7b 
4fi-4|2 Si 
ft-ft 
5% -ft ft 
4b - 4 4b 
7b - 7b 7b 
Zb - Zi’i 2ft 

3b - ft 4 ft 
US Dolor aid Yen. 


-5ft ft -5 


■ 5 ft - 4ft 
■ft 5ft - ft 
- 11b Hb - 1ft 
■ft 7b -7ft 
•5ft 8ft - ft 

■ 3li 4ft - 3 a 
■ft ft - 6ft 
■4b 4*i - 4ft 
-7b 7b - 7b 
■2b 2ft ■ 2b 

■ 4ft 4b - 4b 
otfisnr two days’ re 


5b - fib 
5b - ft 

5-4* 

5 -4b 

ft-ft 
10b -ift 
tti - 7b 
ft ■ ft 

4ft - 351 
ft -ft 

ft - 3 
7b -7b 
2ft - 2b 
ft -ft 


ft-ft 
5b - ft 
4S-4H 
5-4% 

sb -ft 

10b -9b 
7il - 7{4 
5H-5I1 
4ft -aU 
7 -fib 
5» - 5ft 
7b-7b 
2S-2U 

SH-ft 


■ uaTiwASUHYBttjL wmmas (nm) tiw per ioo% 


Strive 

Price 

Jun 

- CALLS - 

Sop 

Dec 

Jui 

— PUTS - 
Sip 

Dee 

9450 

000 

0.17 

014 

002 

008 

OjSB 

9475 

005 

ooe 

0.08 

012 

0.44 

087 

9600 

001 

003 

0.04 

003 

004 

105 


Jun 

B247 

QS5g 

+005 

9502 

9247 

1080 

22054 

Sep 

9405 

9408 

+002 

94.88 

9405 

536 

10378 

Dec 

94.42 

94.46 

+003 

94.47 

34.42 

48 

7090 


Eat voi. toad. CaK 915 Puts 3397. Previous d aft open hu Cott 17SB75 Ms 1G6401 


tSSSSEXSEP"* COMMENTARIES, 
CHARTS, FORECAS TS AND R ECOMMENDATIONS 

TOfEa^aS 1 F»x: +44 81 948 8469 

FAX- by Mlnahandsatpnyoia-fgKnwcWnodhl +44 81 3327836 


Al Opm Ko ran Sgs. « tor praaoui dw 
■ BWOMIW opnoig (UFFg DMIm points of TOOK 


Currency Fax - FREE 2 week trial 


Sfrike 

Price 

Jui 

— GALLS - 
Sep 

dm 

Jun 

— purs 

Sep 

8500 

010 

032 

003 

0.04 

005 

9525 

002 

0.15 

020 

001 

0.13 

9550 

001 

008 

Oil 

045 

009 


BASE LENDING RATES 


X X 

xox 

X xqk tier, c^irt 

iTivr ' 


■ THRSS MONTH PIBOR FUTURES (MATlFi Ports hdertntc offBrad rate 


Eat vat. tori. Cals MTS Puts 8329. FVMua dayl Ope n tat, Crita 229092 fife 11 
■ EUBO Mngg PHAMC QPTlom (L1FF6) SFr Itn points of 100* 



Open 

Sett price 

Change 

Jun 

9408 

9405 

-003 

Sep 

94.68 

9444 

-004 

Dec 

94.83 

94.79 

-0.03 

Mar 

94.73 

94.71 

-001 


open to 

Striae 


- CALLS - 



— PUTS 

80754 

Price 

Jui 

Sep 

Dec 

Jun 

Sep 

42.451 

9800 

0.11 

004 

005 

003 

009 

37,195 

9825 

002 

0.09 

0.13 

0.19 

0.19 

33047 

9660 

001 

003 

005 

043 

038 


■ THREE MQKTM EURODOLLAR (Lff^EST Sim potnta of TOO* 


£& ad. tori. Cate 0 Puts a Amioua dwto opm to. Cdta 4aa PWs «0M 



Open 

Sett price 

Change 

High 

Low 

Est vd 

Open inL 

Jui 

9504 

9210 

•007 

95.10 

95.04 

341 

5181 

Sop 

B4.37 

94.44 

+0.09 

94.42 

9407 

39 

2080 

Dec 

93.07 

9304 

+0.10 

9303 

9307 

105 

1468 

Mar 

93.65 

S3. 73 

+0.10 

93.65 

93.65 

5 

997 


Msn&OorapBriT — 525 

ABadTiuaBai* -B2S 

AIBBartc 505 

•HenyArshacher 505 

Botbol Bands — ^ 525 
Banco afcao Vteaya- 52S 

Barftd Cyprus 505 

BonkofMand 525 

Borttof kxlB S25 

Bar* o( Srattnd 605 

BaRWy^Bpnit... .523 

MBiofMdEaK..— 60s 
Mraun S**3y S Cb Ud 025 
CL Barit NedertaU ... MS 

CatanfcNA 52 

CtydestoiBBarii 525 

The OMpsnfm Bade 525 

CouasACo- 625 

Onto Lyonnais 325 

Cypna Poputo- Bank _&25 


X 

ameshUwria — 60S 

&ratsrBariiUriud_ 025 
Finandai & Qon Bar* _ 6 
•Robot Rating & Co 525 

QroCas* 5JS 

•anwMdw 525 

»«* Barit AO asfch. 525 

n ambr a Bank -525 

ItoMUa &Gan kw Bk. 505 

•W Samuel. — _525 

C. Hoars & Co 625 

Honghong A Shanghai. 52S 
JttolrtjdaaBenk..-. 525 
•lotorid J08Sf*i 6 Sons 525 

UoydsSer* 625 

Meghraf Baric Ud 525 

MUM Baric 525 

■ Mart Baridng , 6 

Hawaaanto i er 525 

•neeBraOm. — 525 


” Roxbunpe Gueraree 
CttpotounUiiiMiBrtO 

kqaraMMlM 

abarirngratUlon 8 
Royri * olScoCari _ 625 
•Snrii & WNnon Sees . 525 
Standarf Chartered _ 525 

TSB 525 

•UnteJttctKure*- 525 
Un*y Trust Bra* Plo™ 625 

Western Tnri 523 

Wtoeanoy Laictaw 525 
YorioHce Baric 625 


^lys.i Lid 

7 SxjIIo.v Sir*it, Lorsd-.i V.'iR 7HD. UK - 

«ctan 3 e rote spaces fer 


:r over 20 ye.-.rg 


n-y. Anno Whilby 
Tel- 07? -734 7!?J 
Fax 0? 1-439 4?f£- 




CURRENCY MMUCDHUr 
CORK) IUTK5N NjC 
WtaMrlto ■■ 
77Us*toaWM 
UwlBOEC3<5W3 
Trt ff?tOJES7+3 . 
Boc 01-382 *487 


• Members of British 
Merchant Banting & 
Securities Houses 
Aa aodaltan 

* to rein i nis l Al tai 


then d 


•FOREX -METAIS ‘BONDS ‘SOFTS 

Objective dnalyiis for professional investor 5 

0962 879764 ■ 

Fiennes Hci’i*. 32 Southgate Street. WinchnMer I 


„ W:«iC^l 

Hints S022 5EH Fax 0+24 774067 


f 


N! 


FINANCIAL TIMES WEDNESDAY MAY 18 1994 



-••Vs, 

W N 

■ ..s 


35 


y 




EUROPE 

wnwWBy}7/sai) 


+/- rite laiw M 


WORLD STOCK MARKETS 


►/- HOT um KM PM 


isss 

U0md 


; Sv 


■>s: 


taMir 


*ss 

-12 024 545 £S 


»» IW1M W 


Rete* 


1AW 

1.013 

on 


CmdPf Wl , 

?£* -*4aw*ooo 
i+ro +81,7131+88 


Hama 

£551 


2S270 -130 2742871D ES 
1B71DDJB 4+ 


1» -JO 




m 


■%» , 

_ V*. 




-»T„ 


-"'**** V 

-■:>o 



1,1« +1S 1+48 1,09a 52 

sS&v 3" 

«Prt*+S kc «n&3 

345*3111! 
ijs 4,»sri 

’•gs swa? 
?f 

K7» -2 752 591 1J 

-a 9« isifa 
*a>ig»z.™i i.7 
44 734 570 33 


1 33B8 E 


*1 l+ti 


23 _ 


+13 BOO 518 2.0 

-i+n eno 471 to 

-1 TOO 510 53 

-JfWBo 

+730 3773DU0 3.7 
-6 3.120 3261 13 
+2J0 21416020 4£ 
—•30 SBUB 293.10 3.1 
—1.10 29480 in u 
*1 4W <S)5S 
+9 050 460 to 

+18 l3§ 1272 OJ 

-£ H*!£!2 


KrtfaflK UWM 
KbnMF 7.000S 
Maw 4230 
Moatro 1.655 
PMUBE 17,450 
Mm 10373 
.' 1. 1440 

Rena . 6®§ 

5.700 

iboo 

IW 

SGnMV 2040 
ScflM 15,850 
Mvot 1,050 
Sdwr IBflBO 

TtdW r 10700 

UC8 26,000 
UnMh 2,705 


+iai 

-&2SSSSS 

+40 23301440 4 A 


Wo»17/»l 

AWPA 040 _ ra suu „ 

Bfalbn 227 .. 281 215 £2 _ 

Gate 278 -8 3SS Jffll.l „ 

cmana.iii2B9i *nuo ima &jm clh „ 
DS1M low _ 138001 12800 0.4 _ 
warn 900 +2 l.-f*0 020 1.2 „ 

IMrtMc 338 -1 4E7 320 18 „ 

BUM IBB +42DSJ3 162 4+ _ 

aSB HI -132 615 307 13 _ 

UM S1SM +15 B43 445 £3 _ 

BS B 210 -0 Z78 218 _ __ 

MM MO +T 425 350 £8 „ 

LrtmB 1200 1.BH1] 1,140 CL3 — 

U UVS 275 +10 388 26S £0 __ 

MABlB 048 _ JKW1 SU04 . 

RadtoB 5B0 +16 737 56S 0J> _ 

SopiwA 5B8 -048 016 138 18 _ 

SoptuO 60S +1 675 473 (L6 __ 

Srtwta 500 -0 5B5 385 £0 _ 

Trftan 328 -239M6 300 _ „ 

TopOnn 020 _ 1.372 832+2 1.1 _ 

IMAM 224 +4 287 207 J6 U _ 


RMLAHB [Mfif 17/Mk8) 


Amor A 143 

CUtar 146 

EHJnA 02 

EraoB 40204) 
HUM I 225 


KDf* 

Karim 

UNl 

Qflflnn 


1230 
Si JO 

«s 

38 

241 

242 


718tn6 

RUWU 08+0 
stave 210 
TmpBl 2160 
LtottM 1+fiO 


+1 154 1Q£SD 1 A 

-1 178 130 1 2 

+2 10S 80 _ 

-20 4RSO33.B0 1J 
+3 220 181 1A 
17+0 1QJ0 _ 


0fcVl7/Dmj 


190 JO +2O1MJ0 163 09 
«fa# 604 +3 612 544 U 

•MRflB 1.160 -TO 1.4401, ISO U 

-2020132370 OJ 

+1 670 573 13 

+12 1,1*1 887 — 
-101.020 767 0+ 
•.1094850 276 2+ 

-8 310 435 1* 

MC0W 34050 -1050 485 345 £6 

MOOD +1+0 40450 SSB 2.D 

461*1 -3 551 JO 432 32 

M7 +3 962 662 1+ 
K2J-- 4B3al +1+0 576 406 £7 
gW 962 -8 BOO BIG 1+ 

MMr 263 -4MU0 228 1 + 

435 -4JJO 528 4M 3.3 
820W— 42J0 1+00 810 1 + 
M«n» 3+70 , u l+» 1,1*0 0.7 

W - 871 +1 1+30 040 1J) 

Cnwat* 361 —4+0 39BS34L0 3-3 
Com 283 -6 23% 238 1 + 

DLW 546 -30 00048550 0+ 

OUnfc 8553+0 -470 914771+0 OJ 
OUUKSS 523+0 -5+0 508 443 1+ 
OUST 261 -250200+0 235 _ 

OkWK 781.50 -10*87.60 747 2.1 

DUWMC 16050 -4+0 168 132 2J 
OttW 58B+0 -250 607 831 2+ 
ftW>* 280 -fl 310 360 1.7 
DradOk 403 -5 460+0*81+0 3+ 

6EHE Baa -I 016 4BU 
enttiu. 200+0 +12+0 307 273 1.7 
tttKh 600 -« 60S 500 2.1 

HwtB 234 +2 245 188 IB 

•taWZm 1 JBO -« 1+80 1,180 0+ 
HnMP 639 -6 Gttl 002 7.0 

Hittl 415B- ++0 440 305 2.4 
Hachtf 1.102 — 181J821JJ40 1J 

Httwt 356 -1+0 3*7+0 0K2O ZB 
»m»J 895 „ 1+98 BM 1+ 

Horan 247+0 +1 283 222 2+ 

9® . 289 -0+0 324 286 13 

MMt 419 -t70 433 363 1+ 
MBS 160 : .*( 1691415D „ 

KMdt 633 -4 B40 516 1+ 

Klbat 521 -15+0 556 451 2+ 
no 152+0 -+0161501 15. ID „ 
Uodcw 171 -vSO 17B1027P Z» 
LUmijr TO -5 aOO 0T3 1+ 
LUTM 755 -8 B50 DBS 1+ 

LlnilM • 926 neo 030 1+ 

LhoH 300 _ 410 3S8 £1 

Uflfflai imao -11+0 220+0 185 — 
LuflPt 166 -7 216 IBB 1.2 

MAN 485+0 -1+0 470 378 1+ 
MAH PI 300 _ 967 302 2+ 

Mmm 477+0 +0+043850 307 1+ 


-- NETHBUMG (MBf 17 / Hs.) 

Z! AHMmrSIJM +1 7170 60.10 4J __ St, 

— AE8ON1OQ+Ort+UO1H1£0BO+O 3> “ 

— «0ow 48+o +.100140 46+0 _ 

_ rtODN Z17JD “ _ 

= SSSf 3tS .-+0 47; 

4110 +.10 S2 42 2.7 __ aw.' 

as -JU77+0<4+a „ _ &&Sst 
143+0 -UD 146105+0 1.D _ 

_ 9W.10 ++0 20817370 £4 _ 

— Qw 178 +230 195.70 H£7D 1+ _ 

— ?WW 16+0 -.10 251190 45 „ {Ai 

— »SP » -SOWU0 HM _ uSffirilXte 

— S52g2««» ♦"iSftwM - 8SS ™ 

= gff® -1.683*8,3 - w ’*• 

— MIBB 314AM ++OS&50 204 11 Z 

SS = DAPIDP 

■*wk££ z PAORC 

— 8 f-nStj&SSv&ft z ‘——I"** 

— WfPBT 20+013 +.10 G2 44 0+ 

— OVDpft G0+0 +.10 57 JO 48+0 10 

00.80 -J+0 05+0 58.00 4.1 

04+0 -2010020 62+0 14 
B£+0 +1+0 83 BITS _ 

8060 ++0 6050 65+0 2+ 

PflCto B4J0 +.10 57+0 40 0+ 

E p5ct 90+0 +40 54+0 7150 03 

Rotao iza« _ I3i nun £9 

5040 ++0 m 59 5+ 

13070 -.101X4911120 2.7 A upmi 4+70 

.91+0 -.1010050 91+0 4+ _ ArbnOI 4+20 
“ Bg l 207+0 -+02164016620 4.1 _ AcahBK 1,100 

EtaWI 49 -.10 503040+0 1+ — AUhOT 1,160 

z UrtOp1»4.1QBl -2+0 238 103 3+ _ AhHC 783 

~ VNU 169+0 +50200+0 IKS 2.0 . AmMS 1230 

“ WO Pg NW-MM +20 50+0 46+0 15 ™ AoM). 530 

wcnfefl 112.40*1 +9.70 13350 10420 1A ■ _ AUc* 404 

AUM4 656 
BlWRI 919 

■oraur (May 16/ Kronor] grort n 1J* 


*r - M Ita w w 


*/- 


i-rt hi 


+/- 


12.700 +SM13A«lUtn 04 
B7CB +1B75D 


+155 7,270 6,1« 0,7 
•20Z+00 ijm Z2 
+31AB 775 1 J 
*6 2Z7 in 12 

-S B88 712 

4260 3+55 1+ 

-3 870 

— *2 1+50 1,460 £3 
-8 1.100 54S 1+ __ 

— 531 an aj . 

+J0 ZG9 ISO _ 

-12 615 610 _ 

-10 770 E6S _ _ 

+4 805 735 — _ 

-21,593 1^S5 2+ _ 
-10 SS2 010 _ _ 

+18 1+15 1^35 - _ 


KnW 922 -11 




875 732 „ „ 

-o 713 BOB „ _ 

-« 840 946 _ _ 

-1 704 861 __ _ SholJt 

-10 330 42S 1+ _ 

— 470 310 _ ShBfln 

-10 1,180 1+10 __ Z 

-7 611 


9* iwiu W 


■ t- 


JS8L 


ItaW M 


,7-ay. ias_ 


325 -30 1+40 040 - - WMn 7+5 

1.190 +201^901,140 _ wunfi 7+0 

1J0O — 1+80 1,120 _ — warn- 2+0 

ffi IS SS g“ =5SSS *§! 

is S S S r = ^ ^ 

57B +34 623 481 



-23 8+0 UU _ 

+20 9SS 7M 1+ _ 

- 2+5 £31 3+ _ 

-.04 156 4+9 £4 _ 
-.16 4.75 170 1 J 
— 187 £94 1+ __ 


M-doF 


z W 


1J70 



~ sy** 
:§?S? 

z as 


_ »n*l 
__ UVH 


IBB 

14+0 

187 

101 

119 


- Orttf ' 2S«5 
Z saSSr nS 

_ Start 120 
_ UA* 141 

— VHA 38+0 
_ HUM 61 Jd 


— 112 66 17 

— 108 130 0+ 

— 19LS0 1136 _ 

Z me&M Z 

_ 14811250 17 — ConHn 

— 396 3 30 1+ _ 

__11S» 95 £9 _ 

— 268 £12 1+ — 

_ 206 185 1.1 _ 

_ 305 226 1+ — 

— W43B 145 2+ _ gSK n ' 

_ 81 74 £5 _ Cta#* 

— 81 n 2+ _ ffraTO 

— 87 72 ' — CWHgi 

— 122 65+0 1 J . — {tanO* 

— 151 122 1+ _ O-crtC 

■ 84+0 31 _ _ 

87 9,4 — 



"SU’flo 1 ® r z yff. 

_ 1^00 991 05 Z mu' 

-101+60 Q7B __ Big 

+10 1.200 891 _ _ u3ui 
+101.730 1+70 _ _ Mfcn(X 
+10 744 663 1+ „ 

~ 1+10 940 _ _ 

-4 534 402 1.7 _ 

_ 15004+70 _ _ 
-4010B04+7D 0+ — 

-10 1.100 1,030 — „ 

— IJB0 1,100 — — 

-s 776 w© u _ wScn 

— 1+40 1+40 — — ISiHyy 

+1 67S 410 0+ - SmS 

+14 488 380 1+ — SS 

— 1. 810 1.280 0+ _ H&ifr 


4.740 

700 


831 


BIB 


743 

SO* 

23 

881 


20 , 


- SPAM (May 17 /Pit) 


1230 +60 

6+00 -TOO 

1290 -103+38 
1070 — 3.400 

4205 —4+15 

15+20 —1401/500 



— MsrtiV 80S 


768 


45 £1 _ 


imibi 

MoUaP 

09cmpA 

sss 


38 

-18 708 651 1+ 

— 132 100 _ 
-3 247 160 1+ 

— 250 T72 1+ 
+5 238 200 _ 
+4 saa 

-4 463 

+1+0 84+0 

— 104 

++0 102 

+1+0 120 811 
_ 218 1 


190 0+ 
287 0+ 
66 — 
60 1-2 
71 1+ 
0l7 
2+ 


+.80 31 20 

+ £0 20.60 14 ~. 


FRANCE (May 17 /Rl) 


UtfflQ 2J0+O -+0 20817550 £A 
MuaS^ 1200 -80 3+17 £840 0+ 

PWA 248 -80 2=7 »0 _ 

PtUConn 618 -4 S30SM50 10 

Rndi 857. -B 888 698 0+ 

P«*l 460 ++0 490 4Z7 £1 
RWE 478+0 +3S2990 420 2+ 

RM PI 374/10 -00 424 335 12 
nWE 1.486 +4 1+20 1 £40 0+ 

Ww*8 366 +3 372 313 £4 

WmPf 264 _ 2*7 223 17 

MN 293 -ISO 313 282 £4 

SORE 1/H4+0U SB UK9 970 T+ 
SOU* <11 -6 <35 350 1£ 

Stamm 729+0 -&007W50H150 1+ 
SOAxHa 020 - tu CIOIJ 

Sudan 631 +11 561 480 1.1 

Tbyte) 304+a — 30723650 £0 



0+50 -60 7480 5.660 4+ 

1.120 -251435 700185 

1230 _-127B£*TO 3.1 

4£00 +18 4+7D 1400 2+ ^ 

11+60 -250 12490 £920 1+ _ DteMlJp 4JfflO 

£380 -SO£715 2i30O 3+ _ 688 

1,680 +5 1,773 1+80 1 J — °vam 505 

£710 -70 3400 2468 3J0 _ g>W 1^ 

8,770 +2P MOO 8.140 £1 — Sm 1£B0 

1.030 +51,100 068' _ _ 1.120 

+25 JTO 418 MJ) _ Wnuc 4L2BD 

430 5,140 3+00 11 _ toCtl. 640 

+11JTO 921 __ Ml £330 
—10 6+104+00 £2 — 

-10 7+30 5.400 23 _ 

-30 8.490 4+10 1+ _ 

+»11J»BJ10 1+ _ 

-HSAJBOOMDO £5 _ 

+12 243 102 _ ^ 

-8 855 381 8+ „ 

*5 BIS 610 0.1 _ 

4,130 +160 4460 8+00 6+ _ 

1^73 +3011061+95 3+ _ 

+55 1415 960 1+ __ 

+1 738 578 6+ _ 

£4001415114 
+2S 1+20 1,180 4+ 

-153.120 2+15 1+ 

-M 3+80 £290 0+ 


[May T7/Krone() 


“ -** ,(t -V i . 


V tss 



1 I '! 1 


-11 678 482 
— 7BB 505 3J 
-2 096 778 2+ 
+2 613 SB 28 
_ 1+401.260 2+ 
-43 1496 1+54 1.T 
+14 1802 630 £4 
+48028UD 240 — 
+11 683 =37 £8 
^ . . __ -41^3,75011048 £7 

Dyoun 869 -10 767 89 2+ 
CQP 1+64 +4 1,4801,111 18 

Cmd+ 1,008 +33 1,155 938 17 

Capeon 162 -i 2za.an66.60 5+ 
CMHX 180 +£02132016110 _ 
Mtf £075 -IB £195 1+13 10 
mm 188+0 -4.10 208 181 4+ 
dim 1484 -11 1+70 1+21 2+ 
auMta 44110 -1+0 49 348 £0 
—3 3009022550 1+ 
+11+03 1+84 4+ 

-ip an boo £a 
aim -Slim sJSoj 

DodCOF 75 7 +19 830 090 — 

DBftta 424 +17.10 '09 381 1.4 

OF 895 980 780 2+ 

EwnGn £738 +33 £994 £520 £4 
EOBB 780 +10 780 838 2+ 

BHqu 429.70 +Z70 4353B550 4+ 
BWS 343 -2 392 328 

EJtSan 987 +5 1,127 923 £6 

Ef BSH 904 +3 1+98 850 

EfflCU 750 -10 885 7415 

Etek 742 030 005 1.7 

an 3430 -20 1480 £780 2+ 

tad* 2+00 -30 £888 1+70 3+ 

EtflSCG 809 +« 700 884 2+ 

EurOta 3040 ... 38JS 2120 £2 

ftnfl 147+0 -£50 182 135 6+ 

Fond* am -i ns aoo i.b 
F raflS B.1B0 -30 0+204+80 0+ 
QTIffrt 448 -8 576 442 24 

Wirt £000 +4 2+3*2+92 0+ 

Gpunal 79* +7 1,020 783 1+ 

E-pSiSO 0SO +5 BM 556 1+ 

HUM *80.10 -4.70 «3+0 420 £7 
MU 890 -1 090 856 £2 

tawift 661 -4 ne 550 ~ 

hnmbnq 888 *5 1.07B 951 8+ 

hnPtn 8110 +.10 119 8119 3.4 
MM 602 -2 370 500 8.7 

m*rfc OK +5 703 500 6.1 
LWIH 816 +15 954 727 2+ 
Utcop 400 -m 491.00 435 £8 


VEW ^ 
HprWW 392 


348 -4+0 380 807 £6 — MM 



^ s 

-2 416 380 2+ 

-1.40 611 JD 441 1+ 
_ ..I. 554 418 1* 

8 +1+0 443 338 0+ 

+5 885 790 14 

+1 270 220 IJ’ 


AflAA 391*1 
ABA B 384*1 
AM A 844 
Ml 644 
MU 106 
161 
600 

ADOfl 503 
HUB 433*1 
BrtCnfl 877W 
BdUA 128 

: 126 

GmtaOB 370 
HUB 414rt 
KMlA 58 
tacittA 290V 
tacillfi 291 v 
210 



-13 729 418 
+00 1270 £410 .. _ 

'<3® 1+10 842 3+ _ 

+6 025 436 ™ Ita+H 

-ID 1.730 1+30 _ __ MblTO 1+80 
-^3^0J^0 MMSW 1500 

—301,3001+20 1+ — HtaOEK 910 

800 318 __ MRte 789 

-2 422 337 12 __ MBEflS 840 

+3 960 841 _ H8U 1+00 

_ 1.440 1+*0 0+ _ UAH* «E8 
-13 ®BO 671 1.1 — IHMnS 41® 
—20 £070 £820 — — lmtaT 371 
-20 1+30 1.170 _ _ ww 601 
+20 £780 2+10 _ _ uat* 660 

— I.*?} 1-2,9 ~ — MCn« 387 

"5 S2P SSI 18 — *■!» 1.180 

~7 ^5 788 — — Mhsh 061 

■** “f ss — ~ Mtana i * sed 

-6 BIB 387 — — (Mr 727 

3 z sas, as 
‘V&St = = isr 

■J5.5S 5S — — Mirttar 4.«w 

-T0 1.120 600 __ _ NEC 1.190 
-12 BIO 531 _ tKKkl 1+60 

-TO &40 4TB HGKSp l3» 

■"T0 1+70 ^ — NHKSp 513 

“t’-SSP-S? - - wot 270 

S - -S 870 

+3,g3 r K3L, S 

-101^101,400 _ 60+ Sm 881 

+10 1+20 1 +30 0+ _ note 850 

-30 4+50 3^50 08 _ X 671 

- +6 706 545 £9 — Ate 1+80 

♦J2 «« S5i iSbo 

— — Wtte TO 

JTsJ-fK’-SS “ — >Wtai 721 

-10 1.100 BBO _ _ WmHD 481 

-ID 4+« 3+OG .. BSi TOO 

3SJS.S" = s $ ,s 

**A — — Mam 987 


-1 528 

+20 £W 2+00 _ _ NTSBd 8+10 


BBS 1+ - MpCrOk 

426 275 — _ Mnfhii-1 

*4 381 ffiOraS 

2S waa 


NpRou 


mU{MVl7/tK 


TomAa 33+50 
TO*** 21100 

iHem 13+00 


+166 8+05 4+10 3+ 
-BO 5+75 3+10 _ 
+10S £450 1,776 1+ 

•fl — 

. -50 29+50 75000 1+ 
+430 i£ian mo „ 
+100 £18D 1+84 1.7 
+60 £200 1.630 __ 
+852+96 1+92 _ 
+70 2+101+96 
+75 £820 £140 3+ 

llBUDidjoa „ 

+80 £830 1+00 _ 
+1407+90 4+71 1A 
+25 4+20 £118 £2 
+10 7+80 3.879 18 
+40017+8011+10 a+ 
+54inB1^ 3+ 
i +1+00 «J1®3 221 _ 

+50029.1601^^ 1+ 
-10014500 12100 _ 
+aoai£no 
+2floi7Ani0m o+ 
+05 1440 4+71 1+ 
+80 18300 lAlOO — 
+i0oiBjwir 
+401+40 
+180 11*0 1+J8 
+35 MOO 3+10 
+353+851, . 

+350 SIS 28+00 19 
*190 12,100 s^n „ 
-*0«Ua»7+0Q £2 
+1T0 &1BS 3+03 1 + 
+041+85 400 _ 
+50 0+50 4.085 1.7 
-70 7 +00 4,145 ™ 
+1804+40 " 

-200 117D0 10+00 3+ 
-120 11900 1ZOT 3+ 
+45 £730 1+92 _ 

+aao3ugs7a! — 
-nan 
+400 is 


MoOO 8 
PtwmA 
• nunri 
SCAA 
SCAB 
SKFA 
SKFB 
SntaAA 
SnduM 
SEBnk 
EknOU 
EtataMI 
oknA 


2 1» 
325 
1Z« 
125 
151 
131 
148 
155 
131 
131 
B4+D 
136 
106 
460*1 


+3 486 
-1 405 

+8 600 — « >— - — - , 

+4 mi 438 1+ „ 2S™* 
+4 700 127 _ „ HWJ* 

+3 104 145 _ _ 

400 1+ — 

406 1+ — ™ KoW 
282 1+ 

200 12 
101 £2 
101 £2 
340 1+ 

281 1.4 

0044+0 1+ 

311 260 £4 

312 256 £4 _ iin^Jir 

212 188 £9 _ f£Sy 

21* 1B2 2+ 

360 17 £2 

1S5 108 1+ 


+1 104 
-e 5*3 
— 542 
-1 430 

-1 388 
-2 134 
-3 134 
-2 440 
+0 430 


+5 

-W 

1+70 ___ 

-W£6mi+60 — _ 

+10 1.110 Ml _ 

-8 740 514 _ _ 

_ 933 787 _ ItaVin 

_ 1+BO 1,150 _ _ SS 

+1 005 426 0+ _ Bite 

_ 1+50 938 _ _ K m 

-5 ^ ^*a _ „ Sm 

4 a » m - sfeK 

+10 525 
-0 700 
— 1,120 
-3 650 
-84 918 

+5 940 

0+40 +130 8+60 5+00 __ _ 

835 +13 680 588 _ 

0 812 _ _ 



mJ ,J£go - - BuufiM 

“iS2*23S 25 ^ - nmomi 

’■SS “8 0+ — sunchm 

2«ffli Si = = isft 

— reoni — SSmSH 

AiSiEa - ^ 

-901+201+00 _ 

— 1+601+00 

slSLts 1J> - 

-+503+H£7Z0 — — Sunma 

— M 2 _ _ 8onwita 
— SM 307 — — SteJW 
-2 882 880 Z Z TOC 
-4 673 567 — — UM 
+1 780 802 £7 — TamPtl 

-« 1+«9 1+00 0.7 — l35« 

+5 750 *80 - ~ IVreSfi 
+-6 S3S 388 — _ HUM 
-80 1+30 790 £7 — TWaffi 
+10 3+10 £000 — Z USd 
-101+10 1+20 __ _ T«Ul 
-4 840 520 — _ TMdU 
-»1JW 90S T*fcn 

— UO OT Tctfoa 

1 S Tbjtaiu 

"Z J2 5 — — Tort** 

+2 625 384 _ TothtCo 

■4 9M JW Tolt 

-61+10 S42 Toho 

+3 eoo «7 ToMB> 

-10 788 SBO — — TMBK 
+4 527 407 — _ Item 
-4 416 316 — ToMcu 

=3«JBJS :=« 

^ S ^z z^ 

*101+201.100 OJ — TVaor 
-4 BBO 766 0+ — TlcBn 

s a ^z z»° £® 

-3 688 578 _ — TkSM 1+10 

— 9*0 770 07 _ TiuOr 

+1 418 310 _7£9 TkuCip 

+20 1+00 646 _ — HtuUld 

1+30 780 — — Tonan 
-20 2+30 1+00 0+ ._ 

*8 782 610 _ — 

+101+70 689 — — 

-20 2+481+83 04 — ThttEC 

+S 824 4K 0+ — . TMMta 575 
-20 £450 2+00 _ _ Tartar 620 

— 4+4O3.H0 — — -fena 375 

+20 1,190 659 — — Tola 1,790 
-101.170 965 — _ TmoCn 8Z7 

— 1+701+20 _ _ TmArA. 1.790 

-6 5B5 305 _ Tbjtei 654 

— 274 231 — — ToyaKn 840 

-1 7M MS __ tSSc £840 

-13 754 326 1+ — TVoMI 1+90 
-13 706 403 _ „ -rf^H «S 
-7 474 315 _ — TmoTB 1,170 
-IB BIO 711 _ _ TawM 442 
+3 973 781 0+ — TaCMta E33 
-7 888 SOD — — TM 470 
-102+601+50 _ - USE 380 
+101+BO1.MO — — IHK 330 
+i3 aifi ss® „ wu i+oo 
-M 768 628 _ — Wroid 1+70 
-12 507 400 17 - YlteUC 1+80 
+2 725 579 — — VMMM 920 

— 495 412 — — YamSoc BBS 

+201+201+80 0J7 — YBMW 1+30 

-91.100 855 — — ttlMH 1+20 

— 7+JM 8.150 — — TUnKPB 000 

— 6+30 4+80 — — VtllTtan 14*0 

+1 462 316 — 

+202+00 1+10 - 

— 1+401+80 — 

— 1,110 937 — — YMRT 

+1 799 702 1+ — YWTrfl 

-7 820 450 — — Yx™0 

+20 £190 1+SO 0+ - VMmBh 
+16 850 820 — — YkfamR) 

— TOO 478 — — YamLnd 

■3HB T «“ z SST 

-d Tta & sa _ — Jtaitrt 
+9 883 484 _ — 

+101+90 1+00 1+ — 

— 617 430 - AUSTRALIA (May 17/ AustS) 


2566 Z Z 

8? ^ 9 z z 

1+00 *51+70 837 — — 

1,480 -io i+oo 1+Qo - - aS 

% *4 SS I = - * 

1+00 -1+10 881 17 

281 +1 389 252 — 

B2S +13 0O3 654 — 

714 -5 730 611 1+ 

1+30 -30 1+90 H15 - 

1+» +20 1+00 T+BO „ 

776 -9 814 874 — 

1+60 -101+80 1+80 — 

-20 4+00 3.750 _ 

-4 740 no — 

-10 £2101+70 1+ 

— £ 722 570 — 

-4 882 878 17 
+101,40(11+70 — 
-301+401+00 
-101+40 887 — 

*7 558 400 — 

+6 788 
- 81.100 
-8 790 


— A—ft 

- HSBC 

— HLungD 

- I£5S? 


816 09 
798 0+ 
686 0.7 
387 1+ 

6W - 

070 — 


D+QO 

£700 

1+20 

455 

492 

Ig? 

531 

13*0 

1+30 

1+80 

3+20 

3,120 

543 


79* 


1140 
US* 
~ HMjuMT+S* 

— VKChB IB 

— HKSrtA 11+0 
“ I* Air 43+0 
~ HXBa 28+0 
~ HKUnd 2£*o 

— HKJffiA 21.20 

” HJCTol 14.70 

— Hopnr* BJJ5 
“ IMchW 3om 

— Hynn W+0 

” taHI 9 

“ +4*t1 57 

— JSnt 2150 

“ KM Bus 1120 

MtdOr 11+0 
” tem 2440 

— RMM 30 
“ SHXPr 


RSNBpbyl7/HJCS) 


-.10 16+0 0+8 £3 6+ 
-.75 90 28+0 £9 228 

-.10 1178 1140 3+ — 
-30 623125 2+ -. 

-1 37 37 £8311 

- 61 » £8 71+ 

-+5 14 IIS - _ 

-+0 27.20 1160 1+ — 
-.1010.101160 3+14+ 
-.10 1120 1130 0+ _ 
-.10 8+5 4.17 £4 — 

+30 40 28+0 1+ ._ 

83+0 -2+0 131 80 2.0 _ 

1£30 -£021+011+0 4+ 30+ 
51+0 *1+0 80+0 47+5 3.7 118 


10+0 

33 

'I-IJBI 

37.79*1 
40+M 
74 

GrtCM 7+0 
20+0 
aim ii70 
DFttm 1170 
5+S 
38+0 


4+0 

Sms® 18+0 

soar 4+5* 

SMC Go 4.10 
MBA 55+0id 
- leoid 


13+010*0 0+ 2+ 
— B+0 105 4+ — 
-16O+0KJSR1 _ 
-+0 24+6 1440 2£ 23+ 
-JO 15+0 10+0 1.7 7+ 
M 54 37+5 £320+ 
-.10 36+0 20+0 3+ — 
-JO 31.70 18.10 04 — 

-+0 30+6 1140 3+ 23+ 
-JO 17.70 12 12 — 

-.15 TtLSO 105 5.1 >_ 

-1 42+0 27+0 £3 — 
SO 33+5 19+0 £7 — 
*+013.10 7+0 17 — 
-T 64+0 46.75 04 — 
-.10 38+0 24+0 04 — 

-.10 25 12+0 22123+ 

-.10 12+0 120 04 — 

-SB *2-00 21.10 3+ _ 
_ -JS 38 30 —MJ 

48+9 -1.23 77 *2 3+58+ 

11+0 4.101150 IT 2+42.1 
-.10 116 £75 £3 13+ 
*401540 B+61U41 + 
-.05 146 3+0 8+ „ 
-.10 7+0 £73 6+ — 
-2 71 50 2.1 19+ 

-15 11 Jo 9 2+ 16+ 
2140 «.1Q35J5 23 2+ _ 

3WO -+5 41 2S+0 £2 _ 

16+0 — +0 23+0 14+0 __ 

11+0 —20 18+0 11+0 £0 
1140 -ID 1740 10.70 70 — 


-7 7S0 
-3 831 
*28 907 

-10021+0017+06 — 

_ 1+80 1.100 0+ 

-4 982 421 _ 

*201+201+50 — 

*20 2+201+10 _ 

*102+00 1+70 — ___ 

_sm) 3KB later 

-MsSroaEo Z Z 

+2 670 481 __ _ JJWt 

-7 700 B20 _ __ K5e2" 

-30 £720 £200 _ __ ***» 

*101+501+20 17 __ 

^ 657 Z Z MALAYSIA (May 17/ MYH) 

*5 730 085 _ _ 

-10 1+50 1460 

-40 1400 1J90 _ Bouata 4.10 -M 8+0 3+0 £1 — 

Za Yl* 575 „ Z 8"rtn0 31 JO *+0 38+0 25 0+- 

3 811 870 Z Z HLCnrt >M0 _ 17+0 1140 0+ „ 

*40 1+80 1+50 — Z Matelt 14+0 — 18+0 13+0 0+ 

Za +88 *S z Z Maftlfei 20» — B+0 3.40 1+ „ 

*2 674 800 — **#WP 4 — £L20 3+8 04 — 

_400TOZZ™® 3+0 -+2 8+5 3+2 £0 — 

Z £000 1.770 _ Z B+0 — +5 840 9+0 3+ _ 

*1 570 481 0+ _ 

-30 1+20 1430 5£3 

rf _ SMBAPOHEptay 17/SS) 

-4 733 924 — _ i —i 

-10 3+00 2+80 — 

„MSi76a z Z dm 11 +oh 

_ 446 330 — _ FWNr 18 

*301£OD 965 — .»«« £85 

-12 605 330 - , 3/8 

-18 084 432 _ lochcp fi+Sm 

_ 5?0 MS Z Z KW 1140 

_ 396 285 0C8C 13+0 

-4 305 272 ._ OUB 7JG 

*201,000 B33 _ SAW 1£TO 

*10 1+30 1.170 1.1 _ g5“ 

*P01J90 930 „ _ gPWT 3+B 

+12 «© 820 3+ara 

-7 930 582 0+ — TrtLM 4J4 

-SO £230 1+00 — _ UOB 1180 
_ 1+10 1+50 — _ 

-11 1.55SO 600 _ __ 

-10 1+40 1,110 _ _ 

z NORTH AMERICA 

-TO W ro 0+ 64+ CANADA 

-7 IS 780 Z ~ Tonoenu (May 17/CM « 

1» » «5 - - 4 pro does 

320 - — — 


28800 Dflphn* 
17200 ttmOp 
28oo craftn 
1800 enUBB 
G0230 CofflUr 
810829 CantSh 
133887 CBMXO 
608457 ammo 
44801 CrtCn 
391157 CMttt 
TOO Ctafflr 
3*0711 CtalTm 
29707 CadUM 
2387 CartiO 
1200 CUte 
1889 GBflTng 
1005 Ctpfion 
100 Catan 

47 CntCv 

100500 OnflOfl 
149657 CQrrmco 
280026 CnretS 
3000 Coacan 
75236 Coif* 
36700 CWWK 
197836 DonBIA 
5700 Dorian 
1 07H4 Do«a 

<2054 Domnr 

93737 tatnu 
10200 DuPlM 
38030 DundBA 
200 Empfea 
50405 EcnoB 
3550 Ernes 
151200 Elteo* 
2200 FPI 
104700 Fkmki 
12100 FMW A 
1855 FQrtta 
21M6 FrNW 
aoo FotmV 
26183 FUBlA 



a gist 

180 187 160 


8100 SWC 

JoS SRT4 

2910 SUJwft 

ff 

"SS* 

295099 Snuifi 
TSSB1 M.9Y 
8000 Stxnhra 

mss as? 

606^ TuSf 

TaekB 


26 20 710804 TsAO 

isrSS™ 


m 

21 +>* 331 
M. . SCI 


nia 



081569 lUDara 
1174BH) TYaurP 
160396 Tima 
2300 TOmc 
112460 TrzacA 
480 UAPA 
4012 UCWp 
150046 Uhfim 
«X» Unte 
79000 Vtero 
2680 MCB 
181981 Mfteca 
4810 WWM 





38** +*»** 1 


ae> MONTREAL (May 17/ CM 8 
4 pm don 


2300 

11013 Oman 

11014 GoSUf 
40060 Beat C 

77280 GmaA 

S3437 Bantrt 
123403 9tdStr 

71873 1+C 

500 HUH 
15100 rawKSd 
44769 Haeata 
«ta HanaaO 


162307 Btenfts 
17040 BtaOiP 
14857 CunUo 
141842 cacao* 
SOD Cnitec 
1050 ETCB 
56855 XDlAlX 
210400 wnn 
08442 NatBkC 
100 ObCDOAX 
BQOO Untaa. 
24000 ten 



M3» +4, 114% 14J* 


358816 


H 


164297 WXSW 
46460 IV 
42177 MBBCO 
54735 ImpCH 
770409 taco 
43 laMur 
BOO tntnra 
216800 wa 
ibosoo iMro 

20200 Jurex* 
11M KeiTAd 
600 Lferas 
2000 L*jr& 
37388 LabaO 
‘ LacWn x 


-.10 12.70 10+0 1.4 _ 
-.101050 18 17 _ 

_ 3+6 £48 £2 _ 
+.06 £98 £S3 £2 _ 
-.10 B+0 4.82 5J __ 
+J0 17. BO 9 1+ __ 
--201170 11 1 A — 

+.TO 0+5B+OO+ — 
*+0 14.10 WLflO 1+ __ 

— 15+0 1£10 £1 _ 

„ £86 £14 — — 
-.14 4-26 3.16 £6 __ 
*+4 SJO £68 1+ — 
+.10 12.10 a £6 _ 


1755870 U8BM0 

311400 LobtaW 

83130 UKtan 




1+00 *51+10 812 __ _ NdSte 442 -0 482 3*5 _ __ 

.700 -1? W m - _ r&fnwar 23+80 *100 25+00 ias» 0L4 _ 

2+20 — . £020 1+90 — — NTT 889+00 -8+00 USM 741+00 _ __ 


-101+001.070 0+ _- 
+3 015 441 _ — 

+5 1.110 000 „ _ Attayl 
*301+201420 _ — Amcor 
*101+101+00 — _ Atnpota 
-0 447 S3S _ „ Ann 

+2 887 302 _ — Mdon 
ANZBk 
AudBU 


— HtZaan 

— HBS£5> 

” HoKTak 

— HTwS 

— HUBk 


tsb' - iwi+'Z £S£ 

166 121 £8 _■ 

„n *— * 


S&MB 4543*1 

EWWlB 114 

SytlaA 102 

9|d<rC 100 

TraAD 123 

VbMA 750 

VDMB 796 


138 119 £8 
164 130 — _ 

188 133 £7 — i|*-i 

143 100 — _ gS S 
142 8+P - 

73 47+0 _ 

-1 19650 124 £0 
*1 233 171 1+ 

475 384 1+ 

480 380 1.4 

144 97+0 4+ 

110 81 £8 
122 93 3+ 

125 76 13 

780 530 1+ 

758 525 1+ 


—10 000 B20 — _ 

_ £280 1+10 _ _ 

-30 1,180 83D__ 

-8 734 502 _ _ 

-5 589 487 „ _ 

Z 

-7 7W 881 _ 

—20 £BG0 2+40 _ — Naina 
— 1+001+20 — _ NNmG) 
-8 BSD 509 — - Mm ft 
*40 £340 2+00 0+ — Htata 
-20 £0201+50 __ — Nb*iB 
-4 <73 393 — — MnFd 

525 - Z MM 

Z Z wen 

— — Honan 


+1 


-+D 


-a 

-i 

■a 

+14 

+13 



4+3 
£42 
4+S 
110 
2+Qrt 
4,75 

4.38 
£05 

-3 B27 304 _ — BMP 17+4U 
*« 657 621 — — BTHNy Z+taB 
*5 505 3B8 — — BOU £55 
+101JTO 1+50 QJ — BauaCp 0+0 
-10 SOI 340 — — Brmbta 13+2 
-8 934 727 — — taoga 174 
— 1+2D1J40 — — BflUl 1+1 
-201+201+70 _ — BmsPti 368 
-9 902 BOB — — CSR 5+B 
S 481 325 — _ OM 1BL46 

-101.140 BIS CaBax £08 

-7 500 481 — — CariHH 2+5 
-01+40 BID — — CCAraat 8+0 
-201000 2+80 10 — OotaaM 4.4SU 
_- 1,719 795 - - Crate 125 

*2 342 


Z SWITZERLAND (May 17/ Fre.) 



+1 282 181 — 

-10 890 588 1+ 

-6 000 687 1+ 

+1Q3+B5 2/44Q 1+ 
*131+481+15 1 A 
-3 230 190 1+ 

*7 706 558 2+ 

-7 870, BID 1+ 

-5 842 778 IJ 
—4 *22 353 — 

— 2+00 1+75 — 
-80 1+00 1.060 2+ _ 

*40 2+32 2+35 £8 — And I vy 

-51,005 873 1+ — Kautel 

-5 460 380 £8 

*10 971 m 1-7 

— 172H3J8 1+ 

*2 OBI 879 U 

*801+00 1+00 £4 



z z 

-20 1+27 1+18 IL8 — Dnol 

-9 *16 284 — _ OmriCM 

-3 733 806 OJ — (Mart 

4 SS SSz z _ 

z z 

*2 848 500 — — 


1+80 


1100 



zSSSi 


+201A371+86 £2 
*1 1751SL50 — 
. _ _ -19 1,720 1.430 4.1 

4+28 *125 8+40 4,470 __ 
218 -7 283 205 5+ 

1.160 -80 1+40 1.170 _ 


Ess^ 

— KD0OW1 

— Kbuon 

— HnkM 
_ Mrti 
_ Kobaffl 

— KMaM 
_ MokBa 

— Koteyo 


*12 0ZB tel 

—IB 1+10 822 0+ 

£310 -20 2+00 £060 08 _ Rohm 

12+00 -400 UAO0 10600 — — Ro»U 
1A10 -801,4401+10 18 — - 

038 -81+30 B2G — — 

1A70 *201+60 1+80 _ — 

£290 — £482 1+18 — _ 

395 -2 407 348 _ 

895 -1 700 610 1+ _ 

525 *14 525 430 _ _ 

2+40 *102+702+90 _ _ 

505 *2 515 425 

1+20 -201+101.160 — _ 

415 *3 442 338 _ _ 

ssa -fi 3ES 271 — _ 

386 +2 388 303 _ — SUnOT 

0SB -7 720 001 _ _ SaMF 

670 -7 BIS 815 - _ SeM 

857 -8 #7» 825 0+ — SafcDun 

1+M -10 1+38 1+63 0+ — sawn 
824 -S 077 804 _ _ SoOtU 

1+30 -201+301.130 _ — S*em* 

280 *1 299 250 _ Sam 

BOO *10 950 740 _ _ 5h8c&» 
£070 — 10£15Q 1+00 _ _ Shknb 

£380 -20 2A80 £150 — ~ SiSCn 


*2 1,11. 

_ 1.140 

-3 820 
-105+104+70 
— 1+701+60 
*1 740 050 

-SO 4+90 2+00 

? % £$ 

+10 3+4» £410 _ 
-8 566 300 0+ 



— CunadH 147 

— Gnn* OHS 


-22 6+5 £70 07 _ 
-+3 11.12 9-1 B 3+34+ 
-.13 HO £78 1.1 — 

— 11+0 9.10 £2 310 

-m £33 £80 £9 — 
-D8 5.72 448 42 — 
*+8 4+1 4.11 £7 — 
sa £55 1+0 *A 18 
-i30 19+0 18 1+28+ 

— +2 £58 2+2 £B 7+ 

_ 4JC £41 11 _ 

-.08 1_36 0JI4 — — 
-+8 15-06 1£90 4+34+ 
— +2 0-76 0.47 £7 _ 
-.04 1.1B OS4 B_a __ 
-.10 5+8 3+8 4A 118 
-JM 6+8 4+0 4+212 
*.10 ‘ 

— +1 ._ . .. 

-+5 3+9 £«0£7 

* 12+0 £30 £1 ~ 

— 170 425 4+ _ 
-29 ITS 420 1.1 _ 


*+1 0+8 0+5 11 

~+a bjk 4+a 4.1 : 


1B6Q03 . _ ^ 
31883 ARXaE 
12000 AKMI6 
465207 AteNx 
372043 AmBur 
702200 naa 
30000 
6000 

31808 

700824 BCE 
5820 BCE Mb 
BB5 BSP A 
890 Bnrnk 

683922 BtMontx 
S88314 BMtavS 
10446 BanCx 
280110 BaOfeOx 
25009 BowVU 
1564600 Braite 
178064 BrtChA 
07M ameer 
21480 GAE 


17^‘W* 

21% +%EI% 21 
15% +J»n»i 15Ja 
31 +1 S31 3JP* 

SdsP"" 

k w« 

^^^47. 

3&% -J*sa5atf. 

« ass 1 * 


101832 HSHtxn 
SEM HomaA 
42Z61 MmttaF 
560020 NnroaM 
0912 HorenEx 
207748 NDfTM 
BBB455 Non 
B800 HowkO 
37000 HumacE 
4219 Onax 
34005 QahauAx 
27007 PlnMt 
122123 PocoP 
£261770 PWA 
30700 PagmA 
140 PmCoP 

87498 PnllBi 
578488 PDoma 
47630 PnaCp 
410 r ^ 
7200 

BOO 

725 Rothmo 
360532 Rngoa 
3042 RanSt 
172348 HonEn 
4ira Repap 
3336 


73«l*1%CMi ._ . 

"a 5"!S J£ 

3B0 -6 300 330 
22% +!,« 22% 

13% +% SU| 13% 

18% 819% 16% 

48 -% 48 40 

iHjJ+jS&iSj “O™ AFWCAdtey 17 /Rwd) 

31% *4s»n%S0j */- im tau w 

35% *%nn| 3 ^ ABSA 7+0 -.10 8 170 17 

41% -%,*«% 41% AS3 27 _ 27 17JB2.1 

35% +1 te% 34% AIM 110 _ 110 B£8D 22 

7% 87% 7% Anraal 163 *2 163 115 £1 

I— % K dl fingfes 23£G0 -2= 246U£Sa tS 
38 -1 40 36 Aaoald 385* -8 425 344 3+ 

14% **b SIS 14 AftntN 127 — 127 ICC 0+ 

1.9 *% 818% HID, Bunt 3178 -.76 57 2180 _ 

7% 67% 7h Bntn 22 +26 31 HCns £8 

18% *%nB% 17% BUM 40 — a 42 8+ 

■*%ra%23% CNA04 4+5 -.10 4+0 £65 _ 
26% rad% DeBCon 109 -29 118 0720 02 
DaeBtr 7+0 — 1025 820 1 A 

+ 1 * 0rtBfa 53-25 -.79 82 40 £8 

11% ('ll llS Ergo B+Ogal —1125 7+9 1+ 
8% 2% th Etanoe 23+0 *+0 31 22+0 4J 

B% . i» 8% Broad SS — 4025 30 £2 

74 KM Ptffih 113 _ r 15 84-50 0 0 

+> »% SJ« Fngol 6025U -25 80 53.76 4.0 

JJJ* -J* 8% Gencor no -.151029 7.64 4+ 

18%+%*^ 13% OFSA 100 *1 118 87+0 1 + 

.33 -2 3“ M Hunmr 2420 -JO 27 JO 2325 _ 

tj? *15 .J, 8 HUM 2025 -26 281176 4.7 

ffl +2% 98% HMd 7B ,. a II 1.7 

12% , 12% ISCOfll 3+8 -JUS £80 £20 12 

»*%«»»% ten) 87 _ 72 a £1 

■ 11% + 06 *2+0 88 78 1A 

1419% nun 7129 — 81 63+0 £1 

5 4Bi One 43.75 _ 5820 41 25 

1 23% UBUa 83 — 96 75 12 

1 25% Means. *020 -» 2211EO _ 

1 IK Hodeor 34 — 3420 2B 1.7 

B% PteMI 80 — 805020 9+ 

- *0 PromBp 8+0 -.ID 7+5 180 — 

! «% RanO&l 41 -.50 53+0 37+0 £5 

l 13% RmhrCo 52+0 *25 38-753026 1.1 

i »% RmhcQr 2325 -25 2820 1020 1+ 

’ 15% WntPI 00 -25 00+0 72 2.1 

i«% Safflan 132 — 132 87 1+ 

1 10% Smffica 18 SB 1925 1320 7.7 
I SAfiraw TOO -22010480 70 1+ 

rttxr iS iS^Ji 

70% _»»; 20 nodal 82 -1 58 43+0 1 + 

3? « W 1bU*d 4626 *25 4826 2820 1+ 

10% +>«m im* VRootx 373 -10 400 384 3.7 

s -3 54 51 WAras 40 — 4220 33 _ 

35B +s ^ 345 WDaap 158 -2 215 159 3+ 

«% , *®l 42% Wlnkn 49 BO 45 4A 

23% *%123% 23 
13 -JiBKOalJ 



Z7% TitZrf 20% 

230 *2 235 22» 

20% -%S2tf,2D% 

18% *%«M 1 

26% *%BB%SL_ 

7% S7% 7% 

15+0 53 "Z ■ TOKYO - MOOT ACrm STOCICS: Tiaradny, I4ny 17, 1994 

2+6 




McmmnM*r7mvt 


MOTES - Mm m on pm ■» n and OB Ota 
mmm M/HBgu art n Dtetr wtete 
prtca*. WULni n W 1994, amt Ttraata 8 


FT FREE ANNUAL BSPORT8 SERVICE 

m an rata w am anal nra H eratate 
•a Htenl aH • . Ate 0W1 711 070 Of tat Oil 7J0 
Ml U22. mote FT J*n 8 cte| toa ounta IK dU 
tn *44ti7io«77DuM*44ii7nn2AwaiiaFr 
27 HK The Was »• ta an oa In art <mUv du. 


27 MUIR* H 
HWten 
1,5 pMDXta. 


i FT tenter 


— — RtEftC 


1* 


CM 62+ KJAua 




*8 628 4401+ _ NtatwN 122 
*9 BBO 705 — _ MXMT 4+6 
-204+303230 — — HAB 12+2 
*501+201/ 

*3 629 • 

+10 1+40 1; 

*8 665 SIB _ 

-30 £080 £210 04 . 

*101+40 1+10 — — PacDur 
— 2+SO 2+10 _ 

-61+00 885 _ 

*7 528 416 — 

-4 881 670 — 

-70 7+00 8+50 0+ 

-80 9+40 7+10 — 


— tainwi 
_ Pktrtn 

— PW%c 


4+M *1104+50 3+70 — — 


Pn6W 


z^i 


— 1+401+80 0+ 

*30 1+401+00 — _ 

*20 1+101+00 — _ 
*101,130 858 _ _ 

-80 1+601+80 1A _ SmtMtai 
*3 483 381 1.1 __ GtroGwa 
*601500 7+60 _ _ Start 
_ 1,7001+20 _ Eacldd 
-JO £880 2+00 — — TVT 
-5 871 775 — _ TUCpM 
-102+101+10 — 


*+2 1+0 
-sa 3+9 
SB 3+1 

— 1+7 1.14 9+ — 

*+1 £80 2+3 10 11+ 
*+3 3-BO 2+0 17 _ 
-+1 1+6 1.12 £4 £+ 
-.01 1+8 1+0 7.7 — 
^03 £65 £30 4+ 7+ 
*+2 2-02 1.12 8+ — 
*+2 £62 1+6 _____ 
*+611+0 0+6 £6316 
+.10 £85 £63 6-5 — 
*.18 18+4 16+0 4+ 32.1 
-+1 3+0 £58 4+ __ 
— +6 320 £M U 

-.10 1004 7.70 3+242 
-+3 421 3+0J+ _ 
-v04 13+8 11.12 42 14+ 
-+6 7+0 525 2+ _ 
-M7 10+0 8174 OJ IS 
-OS 62B 4+1 2+ 

*.16 £7B 1+5 £0 _ 
-.11 4.16 3+5 17 23J 
-vlO 5+2 4+2 47 
— +5 £16 1+0 — 

—15 £43 1+2 _ _ 
*+5 3+2 £80 13 11+ 
-02 3+0 £48 1.1 _ 
*+8 9.25 6-50 _ 

- 4J0 2+S 3-3 
*29 IBS 104 4.1 

— 1.74 1.19 7.1 — 

_ 826 4 JO 0+ __ 

— 7.13 160 6+ 72 
*+2 4+2 3+8 U 6+ 
— +3 7.10 5+5 4+ _ 

-.os s+0 no is 

-.04 £90 £96 _ 

-.01 £70 3 7+ 21+ 

-+1 £62 1+1 _ 

_ 4+0 3+2 17 _ 
-M2 9.06 110 £1 — 



Stocks 

ctoskm 

Changs 


Stocks 

Ckartng 

Changs 


Traded 

Prices 

on day 


Traded 

nalnaa 

men 

on Wy 

HMacfil - 

7.1m 

1000 

*5 

Toshiba 

3.8m 

798 

+3 

Sumitomo Mstai - 

5.4m 

291 

+1 

Nippon ftpar 

3.4m 

632 

+9 

Kuwasald Start 

5.4m 

385 

+2 

NKK 

2+m 

270 


Down Mining — 

4.1m 

585 

+12 

Sumitomo BakoAt — 

2.7m 

877 

-2 

Go-Jd-Eti Kanto 

4.0m 

184 

+27 

Wakachiku 

2.7m 

689 

+9 


INDICES 


US INDICES 


MW Hot MV 

T7 16 13 


Wl 


-1884 


-1994 


LOT 


16 


13 




Lot 


pan 277) 




AfOMvWI/MQ 
PA lAntagOFiM) 


CnH+CMPtfTW 
RkM KWnPflAn) 


I’Ai'f* 



U 19809.13 19S7&1 2547040 IB/2 

1775610 20/4 

jPCfliw ISCTj 

M 

2236+4 

234617 

2981.17 8/2 

1057+3 20/4 

2O06UO 
1031 -0 

21109 

1041+ 

2070+ 

10068 

3340+0 3/2 
113630 3/2 

180610 SS 
004+0 5/5 

OETWtaGrtpd83) 

casArsnriMsai 

4382 

2814 

4361 

2814 

437+ 

2804 

«un 3trt 

204+0 31/1 

<1740 5H 
28600 37/3 






Mm Sated 






41620 

419+1 

416BB 

450+5 212 

41644 9fi 

Q+kdon/nsq 

2118+4 

212625 

2105+9 

34391*4 32 

200+2 56 

1087+4 

1070.17 

1087+3 

122235 1/3 

1083+0 ara 

0abSeMOTi«S 

U 

113687 

1129+5 

1211.10 28/2 

1072*7 3/1 

153633 

1537+0 

« 

1542+5 V2 

148221 300 

Hk+i Comp (Vl/OS 

283043 

290223 

293728 

3308+7 471 

2507+3 BO 

M 

158260 

15B8B+ 17357+0 2S 

380690 3/1 

Firapd 










BW/1977) 

28155 

2973+ 

28965 

3226*0 IBS 

28000 3/1 


MMMMHKIVS 
OdnANAMf 0875 
MUbSS fA/UBS 



W 361081 3528.10 367198 T80 

M 420630 4175+0 4606+8 23(3 

M 1954+4 1833+5 2HBJ8 V2 

H 41736 4181+ 4AB7J0 « 

374+5 37173 373+0 4H3B 2/2 

1667.1 18603 1866+ WUD 40 


145076 144130 M47+* 
2195.17 21 87 JO 2187+0 


, 20M 
41 BUD 20H 
1013+7 TflH 

3601+0 Art 

370+4 an 
wi.ro an 

140299 21rt 

31/3 


SBS A6-S‘pn(2H/75| 571+8 56129 56623 841+1 4/1 


JSEQDfet(2B»78) 

JSEMLP&Wrcf 


1835+V 

8633+f 


18540 

8897+ 


180U) 233100 4/1 
8710+ 6716+0 136 


32329 4H 


1740+0 HB 

5446+0 tan 


Dow Jaiiaa 

18 

ttf 

13 

m 

12 

1994 

Ogb Lot 

Shea irimtaDuu 
MAh LOT 

takaoUi 

3671+0 

365S+8 

36S2+4 

397630 

<3V1> 

m 

387636 

PVlrtfl 

4172 

(2/7/32) 

Mm Bonk 

0678 

9643 

8658 

111+1 

121/T) 

9643 

03/9 

«677 

OBnoraq 

5488 

(vimi) 

Tianamt 

154689 

1557.72 

1573+9 

tew 

pq 

154602 

(ZM) 

18B228 

(2ffl«4) 

12+2 

J67/Q2) 

UHet 

17655 

17979 

17776 

227+8 

can) 

1777* 

288+8 

C1A93J 

10+0 

(SHOT 

DJ bid. Dayla Meb 388421 060032 ) Lew 382822 0828+7 ) (Tbarodcrt*) 
Dayta Mgh 3878.10 (3884.74 ) Lear 384726 063727 J (Actual^) 

Btantee and Pootm 


QnpoA t 

44449 

44414 

44175 

48£0a 

■ em 

43092 

m 

02+0 

am 

440 

(1W32J 


51072 

51653 

5168! 

500+8 

(MJ 

510+5 

CW) 

980+9 

mm 

3+2 

<21092) 

FtaacH 

4378 

43+1 

43+3 

4B5B 

pirn 

41+9 

m 

4640 

(Z8S/B8) 

0S4 

(1/llWfl 


2/3 

222120 2/3 
2/3 



AB433 85623 851+1 66022 26 
2482+ 24817 2444+ 246680 W 
225171 277t.11 223675 227U1 166 

904+4 BSS+9 934.19 H9AJA Itfl 

6044,70 9283.41 9134.72 tBOt+O 4n 

3844+ 3844+ 38065 42B7+0 28® 

M^njaWH) 47177 MffM 487J0 «£• « 

mvmamn vwas mm itk* » 

HO 

Bw« emott (197® flow* M SKaSS 

wQAM*tev»% 12KB urn vjosjq taro+B iws 8 *ub 

Wm 

WM22S (MttBrtB 20133+3 2019844 20270.75 J® 3 

Mwannmn mu ȣ JSSSS, 

Rbhwun 183643 1838+1 18*120 MBIT 1W 

rMSWkn(VUfl| 3330+6 2394+1 3S00I IBS 


KmoQiAeiAvueor mibt mi+b asuro om+bsa 

Sprta 

HMW5EpVt2«51 334+1 33420 329+3 308+1 31+ 

AtaMRkfiMl (1/2/37) 15528 1544+ 15362 180EUB 31/1 

SateftW 01/1263 1286+3 127923 128678 103+4 31/1 

SC Gml (MAT) 864.78 880.19 950+1 108626 3M 


89439 136 

4/5 

an 
aart 
1M 


ion 

ion 


Motefr-pOMer fiots+a bihjb oon+5 b«hl 52 an 

teBrtoKSET POrt/79 1302+5 1290+4 12S8L17 TJ5SJ* 4« 


2rt 


30873 20M 


14DS+0 31+ 


123075 96 
917+6 06 


5184+8 190 


H66+B 4/4 


Itatld Cfflp^HD 10W 180328 15483+ 158S31 2MS80 13/1 1288070 24/3 


9BT+0 4rt 


MS (WU tt(l/U7Qt 8108* 6107 8105 641+8 M2 


BnteOc lOOpanMQ) 147621 147125 146603 1540.0 Wl 

BidTW-IOO (Z8CSQ 127591 1Z71+B 128061 1311+1 2S 

JCroAV«9Vt2fl8| M 315+8 313+5 3B6B 5n 

MO BrmVJtVK M 14726 147+7 18232 146 


lanjo as 


mSEOonp. 

2«L78 

24576 2CU3 2B7JT 

24114 

28771 

446 




cans 

(4/4) 

mm 

(25/4/42] 

A mxHnlW 

431+8 

43157 <33+5 487+8 

427+0 

487+9 

28+1 




W2J 

COW 

mm 

mm 

IHSOWQiai 

711+1 

716+1 716*1 801+3 

70651 

803+3 

54+7 




pa/s 

(20W 

(1 a/3/94) 

(31/10/73 

■ RATIOS 









May 13 

May 6 

Apr 29 Ya ns ago 

Dow Jones fru Dta. Yield 

2. 76 

£77 

£70 

SLB7 



May 11 

May 4 

Apr 27 Year ago 

S & P Ind. Dta. yteW 

£+4 

£48 

£40 

£52 

S & P bid fVE ratio 

23J52 

23-86 

23+4 26.23 

■ STANDARD AND POORS 800 WD 

SX PUTVRSS S500 Umn btew 

Opan 

Latest 

Change 

High 

Low 

EstvoL Open fat. 

Jm 444.15 


*41+5 

444.00 

444+5 

45+85 

106,183 

Sop 446+0 

448-00 

*020 

446-00 

446+0 

765 

16/165 

Dac 

449+0 

- 

448+0 

- 

505 

7,718 

OpM wtarat fiouraa art far prafaua day. 





■ nsw Yofot actiyu rroexs 

■ TRADMQ ACTIVITY 



2V3 
141+5 21rt 


■ CA&-40 STOCK 


(MATT) 


1738674 4rt 
28822 4 rt 
1 440+7 4H 
187131 VI 

4/4 


Opan SottPita* Ctengi Htfih Law EsL voL Open fra. 
May £183+ 21910 *10+ 2108+ 2179+ 14.718 25+32 

Jill 2163+ 2178+ -MOO 2100+ 21010 1292 33+38 

M 2160+ 2178+ *10+ 2160+ 2180+ 1 360 

Opan teanut fguw ter pa+m (My. 



M+EOMtefewq 881-96 BB7+4 1604+5 13M+B S/1 

_ • • m ^.../^AtP^ pro'tetertMtarteniraiOOaxeMieArarUlAAIOiiftrtfy r Cftruate. * Ctend at i5j» GMT. 

Uteui WHglindWoa 808£ffi NOTa 1 Mnplw CAC40. Bw ToitaiOO. 1880 OwnA: Ttnno Cotnp+luata & 4 Tte OJ tadllnduc taacaMtort «Mv% Mol 

Art MMao %HO(l!AUManadal BB2Q. f® SRSateW . 96*2: NWS ** Osnaonn - SO antf Stantlud and Rwria - H B a»dq mm** to* mOT day% Wma ara 

~~ * ^ T«5TO^iSi^h<rtelterc W 17-220111 ■*« Urtno ta. (TO. ^pro id brateta 


UOONV 

Stacka 

Chao 

Chanos 

• Vbkane ftnBte) 




traded 

pries 

on dqr 


M ay 15 

Hay 13 

May 12 

WAMtVt 

5J97.100 

291 

-1« 

NbwVMSE 

234+68 252048 272770 

OSMHP 

4+28+00 

10 

-BM 

Amax 

12*90 

13+85 

18.194 

SUta 

3+23+00 

4B4 

■flu 

MSOM 

_2fi£3L 

3vwg..gm 

Ufaya 

2+12+00 

ion 

-A 

nyse 




AmarT&T 

£786400 

54 

+1A 

InnTiaU 

£809 

£783 

2+25 

EUC 

£388.100 

14A 

-% 

(Ban 

983 

1+29 

1,185 

Baaeatefli SO 

£325+00 

17A 

-1M 

Wl 

1.188 

1,077 

880 

Hdplloali 

£050+00 

51fc 

-Vi 

UaJunpoU 

560 

677 

900 

OSBTO 

1+34+00 

37 

*U 

NOT Wb 

20 

19 

27 

SSAMas 

1+80+00 

am 

-A 

Hew Lam 

125 

119 

142 


• Exehrdkrp bate. 1 tateMK plua UUfete. FManoM m THautiortmea. 
u ana tow* am tae uangaa U tha Mpaar and lewaat (tatea roachad taxing taa day by aactr 
bus MKpBM By Tatatate) mprasart ma MBhau and tent vakm tea me ndm hn reacted 
■ prarioua cte'aL ¥ ftteau a nrtcM mcrtfirtaHoo. 


If this page gets your heart racing, you need a Pulse. 

1 ,■■> - ! ;1 -' V:Jil r , , ri ‘ lR .'\ , ': v VUIli c: p U Hutchison 

c i; : n -t :!'if 0! t i< ! i ; . >■!■ l-, l - ]i >. (•= ^ J - ' U Lot ■■ Telenom 

CALL NOW FOR YOUR FREE TRIAL ON 0800 28 28 26 EXTENSION 1154 7 I,' 1 : 1 ',, 


Is this your own 
copy of the 
Financial Times? 


Or do you rely on seeing someone elsei? Every 
day the FT reports on the topics that matter to people 
doing business every day, in and from Europe. 

We cover the latest European, U.S. and inter- 
national news, and analyse the implications from a 
European perspective. In fact you'll find far more than 
finance in the FT. 

No surprise then, that the Financial Times is 
read by more top business executives in Europe than any 
other publication,* 

Make sure you’re one of them by getting your 
own copy of the newspaper delivered daily to your office. 


•Sourer EBas IW3 


FT 


Tk Gillian Hwi. Financial Tiroes (Europe) GmbH. NibcJungcnpt»« 3. 60318 Frxnkfim/Maiii. Germany. 
TeL + 4960 156 850. Tlx. 4 161 93. Fax. *49 69 5% 4483. 


SUBSCRIBE NOW AND GET THE FIRST 12 ISSUES FREE. 

To: Gillian Han. Financial Times (Europe) GmbH. Nibelnsgenplau 3, 60318 Frankf un/Main . Germany. 
TeL + M 69 1S6 850. Th. 416193. Fax. *» 69 506 4483. 

YES. 1 would like io subscribe to ifae Financial Tunes, and enjoy my fizsi 12 Issues fire. 1 will allow up io 21 days 
before delivery of my Era copy. Please cnier my .aibtcnptioa for 1 2 rexxxhs ai the fallowing rale*. 


Austria 


Denmark 

proland 


OES5+00 
BFR 13+00 
DKKJJOO 
FMX12KS 


France 

FFRX040 

Netherlands DFL875 

Germany 

DM750 

Norway 

NOK3JJ20 

Italy 

LIT 600-000 

Portugal 

ESC 60+00 

Luxembourg LFR 13+00 

Spain 

PTStO+OO 


Sweden 

Switzerland 


SEK3J220 
SFR 710 


For subscriptions in Turkey. Cyprus. Greece. Malm, please contact +32 2 5 13 2fl 1 6. 
| — | Bill |* — | Charge my American EnpieWP iners ClulV 


EerocanWisa Accoum. 


Expiry Dale . 


• Currtney rttfti art anh \xdld for the country in mhcA they are quoted. Subscription Prices art correct at tltne of 
going to press. Prices are exclusive of VAT in all EC < outlines except Germane and France. FT VAT No. 
DE1I4220I92. 

To »ubscra>eU) ibe FT In North America cottttd New York Td 7524580, F«s 3082397, Far Eaif CMMct Tokyo 
TO 32051711, Fax 32951712. 


□ 


Plow bek bare lor more udemadon dura 6 and 24 nuafa sutncrtpuoii nos. c 
a comlry ok lined opposte. 

’Pterne spmpl __ 


Name- 


Cmpiqy . 

A+tea to irttdi 1 tMuld Hke my Fteacal Ttaes dativeml: 


Tide. 
Td . 


VAT Wo. 


AVonlrr dirtpred kiAw a urawr 


One . 


F3 


Financial Times. Europe’s Business Newspaper. 



36 


FINANCIAL TIMES WEDNESDAY MAY 18 1994 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


_ in W a Ow 

n» * t -m tt* Uv tew 

0.48 30491 IB 14 $ 14 $ 14 % 
aiB 12 31 732 1 ft 1113 % 13 % 
IfiB 28 221410 85 «*$ 64 % 

27 3348 54 % 53 % 53 % 
14 39 4 % 

200 4.7 28 574 43 % 

aT6 zs mats 
UD 4.1 8 1719 1 
22 13 1 
0.44 IX 4 
1 SB 10.1 



12 28 % 2 fl% 28 % 
196 8 % 8 % 8 % 




I 

+% 

3 

3 

3 


a» ~ ~ w 

IMM 
17 % 14 % MR 
16 % 13 % A LUMA 
65 % 57 %AH>x 
72 % 52 % Mm 
5 3 % AW 
56 % 38 % ASA )t 
30 % 25 % MM. 

13 % 11 % ABRUPT 
13 % 11 % AqMGM 
31 24 % ACE It) 
nh ! SS%«aomr 
MJ% 7 % ACM&tOpp (LOO 24 

10 % 8 $ ACMMSp OJB 110 

12 6 $ ACMfMSS 1 JH 110 

11 % 1 X 8 11 X 

g% 8 AOI Managd 072 85 

15 % B$Aea*fflr 0.44 45 13 180 IT 

8 % 7 Anna Beet 5 20 7 . 

28 % 23 AC 0 RU 860 81 14 

9 % 5 % Mart 036 4.4 2 

15 % 11 % An** 108 148 14 $ 

18 % I^AOnEqrx 048 25 0 107 1 
% Ad Here 350 58 33 51 

kAMHC 3 J 001 Z .7 10 7287 23 . 

SAtmtftp 016 02 7 SO 5 % 

AdiDlK 0.10 88110 218 18 % 16 % 16 % 

ASBODAinx 295 5 l 4 11 81 84 % 53 ' 

278 81 8 2758 54 % 53 % . 

048 14 13 16 W n 32 $ 32 32 % -% 

886 44 12 888 18 % 18 % 18 % +•$ 

1 14 2 % 2 % 2 % 

892 22 23 4019 42 41 42 + 2 % 

830 08 21 1118 36 % 35 % 38 % + 1 % 

42 888 24 % 23 % 34 % +$ 
14411.7 12 44 15 % 15 % 15 % 

8311 24 % 23 % » 

816 74 3 1 B 4 ItH 104 

820 14 8 72 15 % 15 % 15 % 

835 14 31 50 18 % 18 % 18 % 

820 10 1813 15 % 14 % 14 % 

828 14 14 143 2 D% 20 % 20 % 

828 14 13 288 18 % lf 17 $ 16 % 

044 12 21 2989 29 % 25 % 29 % 

030 14 40 3358 22 % 21 % 22 % _ 

140 1 X 1 ® 758 90 % 55 % 56 % + 1 % 

a B 0 24 4 541 28 25 % 26 +% 

140 74 251813 14 % 14 % 14 % 

0.48 87 16 WS 9 17 " 

144 74 11 1752 21 
818 14 13 2 M 1 i 
040 14 15 2055 
7 11 


+1 


49$38%AbP»C 
39% 3i%Amntx 
28 i9$AkguJnc 

18 % 14 % Atom* 

24 % 21 % AtTdi 
10 S% 181 AMPWS -16 
18 % 13 $ Alaska Air 
21 % IBARMirint 
15 % lA ACxart 
25 % SeAfcCuB 
21 $ l 7 %AB*rA 
30 % 2 fi%Ataun 
25 % 19 $ AfcnAI* 

59 % 40 % AlcoSl X 
30 % 23 % AMJraui 
22 % HAteAl 
24 % 17 A*egdLua 
25 % 20 % fitefp 
19 % 13 % Aim dun 
25 % MMUgan 
4 % 1 % Anon 
27 % iBAtaCap 
10 % BAtaO 
27 % 21 % HA Mb 
40 % 33 %AU 9 bx 
29 % a AM Op 
5 % 4 $AMM 8 
27 % 21 % Hunt 
82 64 % Heat 
30 % 20 $ AtziCpA 
11 % 8 %AnSMae 
5 % OHhnPnux 
8 % 6 $ Anatfd 
25 % 20 %AmcaHM 
51 % 44 AnxtaHs 
9 % 6 % As h<R 
31 20*2 Am Brerit* 

35 % 29 $ AnSrirt* 

19 % 17 $ AaiMd M 
25 $ ES%*ra&qPrfl 040 34 14 
■ B% An Cop Me x 045 81 
20 % 17 % An Cj) EM 144 84 31 
23 % 10 % Am Cap CV 
51 % 42 % AaOfBn 
37 % 27 % AnfiPwx 
33 % 26 % AoEqr 
29 % 24 % Aortnlx 
9 $ 6 % Am Sort K> 

27 % 24 % Am ran Pr 


3 


-% 

a 

s 


& a 



1.04 80 18 1095 16 % 017 % 18 % 
818 14 74 

144 54 14 12 
067 14 73078 
888 83 IB 1115 
18 141 
BlfflT 
140 24 95 2483 
48 546 
846 11.1 634 

025 85 a 25 
048 14 81371 
848 24 14 111 
040 14 20 3015 
824 ZT 57 
810 04 30 8891 23 % 

240 85 81197 31 

852 24 12 8 17 % 17 


S 

1 

2 


148 54 0 
145 16 29 2381 
240 84 144638 
140 3.4 1212298 . 

1.18 44 23 1475 27 % 28 % 

877114 SID 7 8 % 

240 87 6 214 26 % * 


1 

+% 

+ 1 % 


20 % 17 AmHrtB»x 8 B 6 39 10 ~Z 7 17 %dl 6 ^ 


65 % 59 % tattoos x 
2 % 2 % AoHotab 
93 % 81 % Mod 
^^Am.Oppkc 


242 31 12 4832 57 % 
875314 8 290 2 % 
040 CW 1512240 91 % 


14011.4 
06 34 


55 % 57 % 

& % 

2 § 25 % 
19 % 19 % 

7 h K 

25 24 % 25 

5 29 % 18 % 20 % 

6 27 % 027 27 % 

16 44 14 3779 39 % 39 % 31 


653 
489 
7 1218 
5 99 
7 3083 


6 % 

36 

n A 


16 16 5 28 36 % 

824 1.7137 204 14 

220 34 15 4360 55 % 

310 14 6 17 7 % 

012 3 A 58 122 3 % 

1-40 44 10 304 31 % 

12 1289 3 % 

030 05 80 4861 58 % 55 % 
a 1535 26 24 % 

094 3.7 23 6 25 % 25 


i AaPreai 
34 ISAmPnsAX 840 24 
8 % 7 %AmRME* 8 W 64 
27 % 21 AnStar 048 IX 
22 % 16 Am Was- 3 % 143 62 
32 % 27 Am War 148 44 11 
43 % 36 %. AmtU 
43 % 33 $ 4 mgn»lnc 
14 % 11 % Amrtrt 
57 % 30 % Amoco x 
9 % 7 AmpcaPb 
4 % 3 %Anrehc 
32 % 2 B%Ammin 
4 % 3 $ Anaeniqi 

gaST 

29 $ 24 % Angelica 


. .Aitehx 1 .W 2.7 S 3687 54 % 53 % 54 % 
an. 25 % AMPMHX 247108 3 

84 ZJAnttan 18 104 

18 % 1 «$Airtuirta OW 24 15 3 15 % 

35 SOAmCp 142 54 7 280 32 % 

S 22 % Apadw Crp 026 1.1 37 IHS 
9 % *pu tan F* 073 7 J 165 
10*4 14 % AW 29 1380 

7 % 5 fepHMag 1 110 

22 % 16 % AppIPWAx 812 08 3 t 87 1 

27 % 22 % AidiOn O 10 04 172306 2 .. 

50 % 43 $AreoOw 4 250 84 20 537 48 % 

51 % 47 Aram 4 JP 450 12 2 49 

e% 4 % ATOM 2 BW 5 % 

29 23 % Amro 21 P 110 07 3 24 % 

57 % 48 % ARBdN 126 14 40 H 1 B 54 % 

45 % 33 % AirowBa: 141014 38 % 

7 % 4 %Amfip 2 5 4 % 

33 $ ZS%An*ltad 07 B 34 13 674 25 " 

27 % 21 %fetecax 840 14 78 3682 25 - . 

31 % 24 Atf*lCDteX 840 1.7 9 32 a% 

44 % 34 ASM* 140 17 13 1880 37 % 

25 % 18 % AteaPaeF 827 14 187 19 

3 % 1 $ taste tar 020 07 1 777 3 % . 

36 % 31 % AcsNt&B 812 83 23 180 35 % 34 % 88 

57 % 49 %ATBT 142 25 Ml 64 54 % 53 % 53 % 

263 % 226 %A 0 ndl 2 x 180 1.1 Z 243 % 243 % 243 % 

38 % MMHMSmx 248 80 15 284 85 34 % 34 % 

8 % 6 $ AttaSos 828 45 8 51 8 % dB% 8 % 

21 % 17 % AtMcEur 154 09 10 863 18 % 18 % 16 % 

112 % 82 % Aflbtl X 550 04 81 1444 103 101 % 102 % 
10 4 %Mu 1 66 7 % 8 % 7 

20 % 17.16 AOTW Bigy 056 47 8 99 19 % 1 

12 % 6 % AIM ADR 846 5.0 4 1 03 9 % 



; 17 % Augti 
12 % BIuMlFO 
55 % 47 % ArtMa 
20 % 14 % hmea 
19 l 4 A*ri 
« 3 \%PwW 
81 % < 6 % AMXttrx 
14 % ii$feaoCvp 
7 % 5 % Altar 


38 % 34 $ BS 
8 % 7 BETA 0 R 
3 Bunco 


840 11 22 381 
810 1.1 588 

852 1.0 23 2250 50 
044 IB 11 11 15 
804 83 3 225 14 
040 14 17 BS 31 ' 

140 34 17 2528 60 57 % 

10 15 11 $dl 1 % 

a 284 8 $ 8 % 


8 % 

20 1 B% 

B CB% 

% 48 % 

% 15 % 16 
f 14 % 14 ' 
030 % 31 ' 



18 % BanrFMx 840 14 


- B - 

IBB 7.7232 IMS 35 % 
815 14 31 83 7 % 
820 M 6 W 3 % 


_ _ 17 Baton x 

Z 7 % 22 % Bans Be 
30 % 24 %BadCp 
15 % 11 % BMW 

9 % 6 % raft 

25 % 20 %BrtfiE 
19% i 3 $Buan«p 
35% 30 % BncOna 

sa; " 

n% 9% 1 


67 


63 % 49 %Band*o 
48 % 38 % BanfcAm 
96 98 % Bart Bos x 
26 % 72 %B®Snx 



a« 14 45 2947 

840 14 21 243 _ 

850 11 M 908 28 % 

80 S 84 17 257 12 % 

12 0123 7 % 

T .48 08 II 2798 22 

810 14 29 118 15 % 

144 34 10 8754 32 % 

ID 2 BSiC&% 

1.54 8.4 6 278 24 % 

872 05 5 52 11 % 

... 27 BapHaMlx 144 34 7 287 31 % 

1 % iVt&ffCTBxw 45 110 1 % 

870 14 18 ai 52 % ... 

140 34 102 S 375 48 % 46 % 

158 04 2 86 % d 86 % 

26 % 23 %B»Sainx 048 13 11 2B20 26 % 25 % 

« 9 % 46 %SkBattiPx 344 05 12 46 % 46 % W 

29 % 25 tanKKY 110 34 4 4 S 1 B TOh Z 7 li 2BA 

50*2 47 % BMAaAx 3.25 &7 23 48 %d 47 % 4 fll 

as SiaaMmBx OOO 74 9 « 83 % B 3 L 

3(0 54 5 2774 87 % 56 % 66S 

1.29 44 04 14 32 % 32 3 

856 24 20 531 24 % a 241 , 

1,40 40 48 12 o 34 % 34 % 3 *^ 

1.44 11 11 3339 < 7 % 45 % 47 «, 

805 0419 S 2010 10 9 % 94 

09 B 10 IB 2538 49 % 47 % 401 , 

1 00 34 3711181 u 2 B% 2 S% SB*. 

28 % 23 %Ba?~i 0 a 8 x 1.46 6.1 1<t 130 23 % 23 % Efl 

22 % 18 %BdTrl 838 1 . 7 = 01 19 21 % 21 211 , 

23 % 17 % Be* Slrra x 857 ZB 5 2447 26 % 103 3 J 3 ! 

50 *8% S 9 «Sff«A 183 57 2 49 % 49 % 4 ^ 

37 % 27 % Bartva X 864 10 22 73 31 % 31 % 31 ^ 

28 % 238 adaaaabx 840 1.7 19 35 23 % 23 % Zft 


30 ^ 22 % Ban) 1 C PO 



*"IBS 

S 14 % MM 
63 % S 3 BM 88 I 
65 45 % 6 sioAx 
24 % aO%Ba» 4 * 

EB 581 2 Bsm( 4 JP 

S^SSSSrx,- 

iS 14*! Sp 8 


ntw » _ 

Ok K E 110 * Agb 
0 J 4 14 13 2567 36 % 38 % 38 % 
6 % 6 % 


oa>ga 
Qms rm. 


832 44 3 20 
ITS 82 154744 


53 n% 


A A 


1 B 95 D 13100 Barftt 

9 \ BfienrMr 

37 % 16 BeaT 


840 15 14 10 16 % IS 16 •% 

176 44 28 4626 59 % 57 % SS% + 1 % 

860 U 22 757 50 % 50 50 % 

054 13 2 S 507 23 % 21 % 23 % + 1 % 

4 JO 7-4 *100 58 % 858 % 58 % 

1.52 4.1 12 5 S 2 37 % 36 % 37 % 

84 J 1 J 21 253 36 

804 44 * 233 % . 

848 34 21 1663 16 % 16 16 % +% 

44 230164001635016400+100 




(WO 4J141 77 6% 8% 

18 5202 30 % 26 % 

18 28 % 

PI x 5 X 0 86 32 52 51 

OAD Z 2 0 6781 18 % 17 _ 
1-40 11 22 294 45 % 45 % 

29 1 B 53 13 % 13 % t 


TGCBNMOlimUCrWOBaroBUK 



Flat Square Tbbe 
NICAM Digital Stereo 
Well-Shaped 




EUEBtmwa 


28 % 28 %BenEllx 150 9 ^ 

35% 61% Beuar 

a% ib% Bemsr 

63 % 43 %B»fcL 
16 % 12 : 

21% 11 
25 

22 % 17 % 


010 M 24 194 18 IB 

840 1.5 563034 27 

840 12 18 1325 16 % 4 

224 * 20%BB*HPLx lJB 6-4 12 57 20 % 

10 % 8 %BfcMkA 4 f * 873 81 74 9 

8 % 6 %Bttn*fcCx 875100 857 6 % 

10 % a% Bkkicxrstx 870 72 1084 8 

48 % 30 % BUCK 1.12 17 a 2385 40 % 

810 84 22 6062 23 % 

812 1.7 430 8 $ 

14 48 24$ 

1 JB 13 11 4843 44 % 

060 11 4 703 19 % 818 IS 

808 85 28 2323 12 10 % 11 

884 81343 1871 14 13 % 13 

850 13 19 4034 13 % 12 $ 

126 U I 9 20 19 $ IS 

880 17 12 691 22 % 21 % 22 

827 1-4 8 Z? 19 % 19 % 11 _ 

MO 7.7 7 7 B 31 30 $ 31 

1 J 4 13 13 1132 80 57 B 79 - 1 % 

22 3752 26 % 25 28 % + 1 % 

192 83 14 B 17 B 56 % 54 % 55 % +% 
1.18 10 13 lia 58 £ 57 % 57 % -1% 
ZM SAM 22 44 % 44 % 44 % -% 

1.91 16 24 4187 73 % ' 


•BRXk 

BRxM 
■uaCMp 
19% Bucmd 
. _ 42 % BaaMx 
27 % ISBolaaC 
21 % 10 % BOS BAH 
14% 9 $BDn»Chm 
18 % i 1 $BonMx 
it 18% Boon Cat 
245 29 % Buonr 
31 % 18% area Fix) 

34 % 30 %BREPmp 
90 % 79 %BdgS< 

33 % 22 % BMabt 
58 % S>% an+ySq 
74 % S 8 %BrAt 
54 % 42 % Brtt 6 a» 

73 % 55 % BP 
Z 7 lB%BPPnxlna 891 M B «7 21$ 



1 RH IB 9 A 

■gfc Lot Suck Of % z iBOa 

8 % 5%CMLR]Rl 852 87 6 133 
24% 18%Cmapt»U 848 2£ 18 1038 
41$ 33%OnmC9 17 1325 

13% 9%0tSSkrx 812 1,1 90 53 
3 %Dl«atBr 068180 0 
35$ 25 CUC W 37 1275 

17% 13% aero on 63143 39 13 

74% 88 CumERlS 150 U 16 
40%CnmCn 860 1J2 8 1 883 
092 7.7 13 38 
1X0 10 57 BOO 33% 533% 
1X8185 7 15 10% 16% ID 
8 397 11 10% 11 

69 2592 14% 14% 14% 

0® 18 TJ 4338 SJ% 2S% 28% 

4*9 17% 17 17% 

-D- 

DUnMBX 1.18 U 14 1148 20 19% 32 

17 500 17 16% 18% 

lAB 32 IB 1187 52% 02% 52% 
812 U 20 38 39 ~ 

818 IX 30 14 11% 

2 247 7% 

5 623 6% 

820 17 75 2 7% 

1X8 11 17 872501% 

2 109 1 

au 25 3 105 


13% ii%Qm«aRi 
rg 3 S%Crtf»fr 
11 % SCVM 
11 % 7 %C|C*l!*l 
18 $ 13 %Cjp(Sai 
33 % 25 %CjfpAin 
17 $ 12 %CHK 



■pa lot MW 
15 % 12 % GaaEtocaa 
62%48$UM 
S2tadMl 
27 %GH*«* 
31 $fiMHx 
31 % 2 B% 6 *» 
.jim% 6 Nflt 
38 30 %G*fi% 

* 41 % 6 MM)d 
3 % 640 ncp 
. 13% GhmSB 
7 % 5 Stand Rs 

39 % 33 %SobP 1 
30 % 21 %ftglaa 
77 % X%&sMPx 
M% 100 %atfaP 7 X 
184 95 %eqa 7.72 
37 25 % 6 atftx 



6 %DattW 5 W 
_ 54 $DannHx 
2 %D 0 LB 
8 % 5 % Da SOU 
33 " 


23 % 18 
71 % 54 % BT 
2 ga 22 % BHjrtJ 
38 % 32 $BtwnBp 
8 6 BnmSn 

91 % 83 % 6 mFmB 
30 % 24 % after 
4 % 3 %BRV 
25 % 17 %anfric 
17 % 13 % BrusA Wal 
<1 35 % Buckagte ft 
16 % 14 $ Bate W 
17 15 % BwgerlCI 
28 % 18 Burl Cat 

88 % 52 % Bum 
49 % 41 % BBtl netc 



819 09 21 417 21% 21% 214 
3X1 13 15 281 57% 5B% 57 

135 81 12 349 22%d22% 22% 
1X0 <U« 334 38% 3B% 38% 
032 82 4 B 8% 8% 

184 12 15 72 BO ' 

0X8 15 23 2G8B 27$ 

IB 13 4% 

8W IX 42 1452 24% 

0X0 IX 40 289 IS 

180 7.7 10 103 38$ 

1J211X 0 1S3 15% 

156 BA 19 35 1B$ 

14 506 20% 

1X0 13 17 3778 63% 

855 U 21 1681 42% 



19 % I r Suntan Pc 1 A 0 8 X 22 167 17 % 17 % 17 % 


- c- 


28 CHx 


% A 0= incur* 
25 20 % CMS Bi 
B 2 % 62 % CNAFb 
50 % 44 % CPC 
17 % MCPICtepx 
92 % 71 CSX 
29 % l^zCTSCtep 
24 $ 1 B$CtfaMM« 
132 % 86 % CbUhiw 
56 % 48 % CsbatC 


42 % 38 %CmpU 5 

a ticuapura 

1 B% 14 %CBttW 
749 m capat 
38 % 28 % 0 bpW 



848 L 7 29 2939 28 % 

100 87 14 983 303 

816417 0 50 H 

072 33 11 2412 21 % 

30 IDS 64 % 

U 8 10 154019 48 % 

0 X 8 3 X 15 232 14 % 

1.78 15 20 1831 71 % 

840 IX 19 IB 24 % 24 % 24 $ +% 

023 1.4 IB 24 B 21 20 % 20 % +% 

23 2120 94 % 92 03 - 1 % 

. 1 X 4 11 a M 40 % 40 % 49 % 

23 % 1 B% CBM OSQx 816 0 X 211 99 21 % 2121 % 

15 % 10% MdnoiQHD 700 1428 14 % 13 $ 14 

59 38 % Cwaan W 10 IBM 40 % 39 % 40 

2 % I$CURateE Q 20180 2 10 2 2 2 

15 % 11 % CaQon CBn 818 1 X 27 1384 12$ 12 % 12% 

1 B% 15 %Ca£nw 16 328 18 % 16 % 16 % 

15 % 9 % Cal Fad 0 2512 11 % 10 $ 11 % 

25 % 17 % CMm Go 840 11 53 90 1 B% 18 $ 19 % 

1.12 19 16 999 38 % 37 % 38 % 

25 Z 7 S A % % 

832 10 80 3114 15 % 15 % 15 % 

UO 0 X 25 148 728 % 721 % 728 % 

_ 880 17 9 1798 29 $ 29 % 2 B% 

14 % 12 % Opted 12 Bx 1 X 8 88 258 12 $ 12 % 12 $ 

37 % aCapsMlX 1 X 0 87 zlOO M 824 24 

42 $ 25 % Capstd Mgs 3 X 2114 7 144 28 $ 28 % 28 % 


% 


3 


+% 


22 $ 15 % earmark 
35 % 30 % CartCox 
19 % l 8 %CannR(aCI 
H % CaneoPc 
13 9 %CMnaft 
30 Z 3 CarP 8 L 
68 % 58 %GpmrT 
26 % laOamtWtl 
19 % 14 % CticdaNfl 
10 % 7 % Cadi Araar 
12l%88$QMr 
15 10 % COI Carp 
36 % 32 % Cedar FWr 
13 % 10 %Cwfii 
45 % 25 % Cam* 
30 % 25% Oartr Hdn 
25 % 21 % OntrUnl 
15 10 % Cam-Main 
30 2 «% CMr Nam 
22 15 %CadrMim 
36 $ 21 %CatdSWx 
2 i$CBflBa 7 TT 
24 $ 18 % Carta, 

Z 8 0 wn|*i 
9 0 npante 
15 % 18 %OOrtHu 


17 I 3 S 2 19 % 1 
872 12 18 23 
12 80 
0 21 
020 IX 10 18 
1.70 7.1 11 1107 
140 4 X 14 182 
0 X 3 IX 38 B 48 
898 88 13 186 
0 X 6 OX 16 48 
860 05 16 5823 112 % 1 
38 SI 14 % 14 
200 81 11 81 33 32 

0 X 0 7 X 123390 11 % 10 
820 88 103999 28 % <05 
106 7 X 9 79 26 % i 
1.46 82 13 491 24 23 

890 82 6 337 11 % 1 
0 A 8 1.7 3 164 
1.42 9 X 9 204 1 
1.70 7 X 14 2840 22 
OXZ 1 X 19 921 
a 895 
8 X 0 87 1749 BT 
0 X 0 12 82 40 9 % dB 
25 3 13 12 ^ 


3 IPa 33 

i 1 i 

11% 11 11% 

24 23 % » 

60 99 % 50 % 
2 % 22 % 22 % 
14 % 914 14 % 
9 % ~ 


i 40 $CtauUftFx 3 X 5 81 3 50 % 50 % 

ChauM 1 X 2 3 X 1910549 30 % 35 % 

1 18 Z% 2 % 

92 132 15 14 % 

0 X 8 5-4 0 273 U 12 % 12 % 

104 8 X IS 13 34 % 33 $ 

BUSTS 35 $ 34 % 

Z 7 % 22 % Ctaaapaato 872 19 E 8 183 25 % 24 % 

94 % 82 %Ctavmx 170 4 X 3 3807 B 8 % 87 % 

1 XS 3 X 143 44 % 43 $ 

0 X 0 IX 5174 13 % 12 % 

75 90 7 % d 6 % 

112 35 % 34 % 


.CtauuB 
15 % 10 %Cte*S» 

12 % i 2 ChamBkC 
34 $ 30 %Qwaad 
42 % 33 $CtaaBk 1 X 2 42 
11 % 7 %ChamMMi 8 X 0 £3 


41 % OteaFind 

B ii%cnfcjax 
6 % Chock FaR 
37 320011 
32 % 24 %CM 80 n 
63 % «%cnytfr 
93 % 70 % CM* 

70 % 57 CRp* 

9 % 7 %OBoaHI 
37 % 29 % Ctexxpta 
15 % OHM 
21 OK on 
19 % CfeM X 
. . 2 %QoaotaO 
30 % 25 % Qpacc* 

23 1 B% QnaBCi 
40 % 23 % CRUS Cte 

44% 36 % cam 

28% 2SOkpg.l2 

00 84 % CspPCAdJC BJM 7.1 
KDk 07 CUTOUX 7 X 0 72 
17 % 14 % CttnUQ A 
18 14 CcnLUB 
10 % 7 % Cfirtetrt 
23 % 12 % CMat St 
' 50 %ttrtEQ 
19 % BqnaiHn 
11$ 9 % OammaE 

89 78 % 0*758 

4 S% 34 %a«Ca 
96 740 svUBx 
55 % 47 Dbrm 

28 % 22% QjbMad .. 

13 10 % OtAbooim 1 .08 184 


35 


13% Coacbmaa 
13 Coasts* 

_ 27 % curt 
44 % 3 B$ 0 «aC 
19 % 14 CScaEn 

16*2 Coau Diki 

25 %OoMngn 

Cokf* 

S Cott, bvx 
OokaMH 
7 *# OMCoWtai 
" 7 % CoiotalU 

21 %CotOu 
45 % 38 %Ca»ICA 
24 % 17 %CS«! 1 »> 

2 S% 25 %Cgmartca 
24 % IBCootettlc 
29 22 % Onto IM 
3 % SOonawdan 
28 % 23 % 0 mXfl .42 1.43 BX 
25 % 22 Ceen£dlX 1 X 0 8 X 


45 24 31 % 31 % 315 
880 IX 812479 48 % 45 % 48 % 

1 X 4 13 20 3004 80 % 78 % 80 

3 X 4 4.7 20 958 65 % 64 $ 65 % 

800 184 1482 8 % 8 % 8 % 

146 BX II 75 38 $ 30 X$ 

0 X 8 40 18 335 16 % 18 10 % 

1.72 80 72 2184 21 % 21 % 21 % 

0 X 8 1.7 16 284 21 % 20 % 21 

337 1337 3 % 3 % 3 % 

100 7.8 10 130 26 % 23 $ 26 % 

808 84 14 5728 18 % 17 % 18 % 
1 B 11859 24 %tC 2 $ 23 % 

880 IX 102 S 35 B 30 % 38 $ 38 $ 

123 9 X 40 25 % 25 % 25 % 

29 84 % 084 % 84 % 

7100 97 % 97 % 97 % 

20 874 1 B% M% 14 % 
1 X 2184 6 403 15 14 % 14 % 

aB 4 fix 27 872 S$ 9 % 9 % 

812 OX 11 623 13 % 13 % 13 % 

27 981 68% 65 % B6% 
18109 ! 20 % 19 % 19 % 

0 X 7 18 13 10 % 10 % 10 % 

7 X 6 BX I 77 % U 77 77 % 

138 34 7 118 34 $ 34 % 34 $ 

7.40 IM 5 75 1174 74 

1 X 0 3 £ 15 590 60 % 40 % 50 % * 1 % 
830 IX 11 20 24 % 24 % 24 % 

23 10 % 10 % 10 % 


is-lg is X 


_ 29 -% 

39% 40% 

15 % 16 % +% 
IB +% 


S 


824 IX 7 
840 19 14 732 
840 1.4 38 2740 2 B% 

878 IX 2310702 40 % 

805 0 X 124 1194 18 % 

015 0 8 20 1997 IB 

21 09 u 2 B% .. . _ 

1 -W 2 X 17 35 S 1 57 % 90 % 57 % + 1 $ 

870 80 40 10 % 10 10 % +% 

0 X 3 7 X 315 B 7 $ B 

0 . 7011.1 3 M 6 % dB% 8 % -% 
858 BX 138 7 % d 7 % 7 % -% 

2 X 2 81 9 1903 28 % 28 % 28 % +% 

812 OX 46 Blffl 38 % 38 % 38 + 1 % 

0 X 8 IX 9 381 18 $ 18 % 1 B% +% 

1.12 3 X 10 20091 X 8 % Z»% 29 % +% 

0 X 6 16 18 8 24 % S 4 % 24 % ■% 

<W 8 2 X 14 40 22 % d 22 % 22 % -% 

0 510 3 % d 3 3 

*100 23 % 103 % 5 % 

8 8 J| 22 % 22 % *% 


28 UCtaffiCOO 2 DO ax 3 10 28 % <C 3 23 % +% 

28 % 22 % CtttoCd 1 X 0 7 X 139 4805 23 % 22 % 23 +% 

18 UConwunPRf 835 17 2211 S 4 13 % d 13 13 % ♦% 

113 % 72 % Compaq I 9119 M 1 M% 100 % 1 M% + 1 % 

1 % %CuqateMn 1 4 % \ % +A 

44 $ 27 % CmpAas 814 84 1910982 33 % 29 33 + 3 % 

43 % 31 %CmpSd 2 S 3177 43 % 42 % 42 % -% 

8 $ ttjCmpirTGpx 810 IX S 153 6 % 8 % Biz +% 


30 20%camaata 
29 %a%CnAva 
31 % 23 $ Comer MG 
25 20 Gomel En 

20 % 12 % ComoPir 
71 % 80 Caag£ 4 X 5 
32 % 28 % CamEdT 
75 BBOnEdft 
29 % 21 %Qtfrt 
47 36 % CraMG 
8 B% 51 %CrR 3 l 
20 % 14 % Cora Sm 
65 % * 9 % Cnmacn 
60 55 CPta 4 T 6 
100 05 OMTAS 
«U% 88 % Cm P 7.68 
12 % 7 $ ConrUadt 
50 % 49 $CtaBkPr 
27 $ 27 CanmPlA 
36 % 25 % I 


0 X 4 0.4 

1X111X 


28% 16$ CD«Cp 
10 $ 6 % 0 m Ata 
11% 10%C9iwHft 
7% 4% Corww Com 

1$ cooc+r c« 

S 2 % 35 %OoMfl 

2&i 23%Coopaf TSR 022 M 20 MB 


0.74 14 121890 22 21 % 

072 2X 17 3907 28% 26% 

1.48 5 X 13 103 24 $ 24 2 <$ t% 

1 X 8 6 X 15 25 21 % 21 % 21 % -% 

1 3452 13 % 12 $ 13 % +% 

4 X 9 7 X 3 00 000 80 

100 7.4 106925 27 Z 6 % ZB$ +% 

5.00 7.7 4 66 dB 5 % 85 % -% 

30 2488 26 % 26 % 26 % 

1 X 4 5.1 ia 1247 38 % 37 % 37 % -% 

130 16 1814131 52 %BSfl% 50 % -1 

17 2118 15 % 15 % 15 % -% 

850 IX 5 2908 52 % 51 % 51 $ 

4.16 7 X 2 SJ ffi S 5 

7 -»S IS W 87 B 6 % 87 + 1 % 

7 X 8 8.6 2 86 % 68 % 69 % 

23 1192 0 % 8 $ 9 % +% 

175 7-4 10 50 % 50 % 50 % +% 

125 13 37 27 % 27 % 27 % 

880 IX 8 2202038 $ 36 ~ 

1 X 0 5 X 7 BQ 17 % 17 % 


85 9 % 
132 11 

I 60 4 % 
1 537 ill 
1 X 2 15 13 2445 


Con M 

27 % 34 % CM* 

33 % Z 7 % Catena 
16 % 12 % CotnsirTm 
19 13 % Camay Cr 
il% 7 % Duayrtr 




11% Otefl 
20 % 24 %Cnm 
17 14 % Creartonix 
33 % ! 9 %Cwite 
47 % SS%CWF 0 
12 0 %QM 


024 2 X 10 2 S 

1 X 0 4 X 10 1600 

0 X 9 11469 4089 
(M 2 IX 4 

832 2 J) 5 | 

8 X 4 84 471486 
IB US 

8 4 11 % 11 % 

875 19 16 104 26 % 25 $ 26 % 

850 3 X 14 8 15 % 15 15 % 

8 3129 Z 0 %dl 9 % 19 % 
1.80 14 13 671 u 47 $ 47 % 47 $ 
1 . 1910 X 13 867 10 $ 10 % 10 $ 



ji a 9 

47 16 % 16 % 18 % 
4 11 % 11 % 11 % 


25 % Dm Foods it 884 12 16 147 2 a^! 

31 $ DateM 850 IX 10 2576 39 % 

060 7 X 1168 7 % 

2 X 0 18 17 5047 72 % 

1 145 a 

1 X 4 88 9 1270 17 $ 

0 X 0 05 B 1822 44% 

48 12 

0 4 1 % 

1 -W 5 X 15 1454 27 % 

7-45 8 X *100 91 91 91 

7 j 9 B 94 Z 1 D 91 % 891 % 01 % 

2 X 8 82 71611 29 % 824 % 25 

OJB 3 X 17 232 24 % 23 % 

040 11 17 24 18 % 18 % 

1 X 8 2 X 15 1221 48 % 


7 %DeaaWD> 

89 % Deer* 

HOteWRi 
I7%0abtel 
39%Ctea»x 

9% DrftaVfcMx 840 13 15 
_ % Mona 

38 2B$ DaRWx 
101 98DabEd74a 
182 01% Dabfd7£8 
30 % 24 % Dana 
Z5$ 22%Dexurcrp 
20% 17% nag Prods 
47$ 38% HUM 



30 

15 % 8 % DtanaOnp 
43 $ 340 Wnldlx 
38 % l 8 %OjB£ 
i 3 i%nw 
7 % 0 knaSvmr 

ai%oSe 5 * 

38 %DonflM 
j 5 % DoadarlK 
25 % 21 % Donrtaao 
31 % 28 $ Dandy x 
j Dawr 

67 % 58 %DowCh 
41 $ 35 % 0 ohJu 


OtaanodShx 852 11 23 1085 25 % 24 



19 34 
0 X 8 28 28 724 

lllfflB 21 

0 X 8 03 14 4228 31 

50 515 
030 87 30 6050 
04 a 15 20 587 
154 8 X 12 2082 
0 L 25 48 9 27 

028 IX 9 48 22 _ _ _ 

0 X 8 2 X 241821 28 % 26 % 2 B% 

032 1.7 18 BOS 53 % tS 2 % 53 % 

160 18 28 8285 67 % 68 % 86 $ 

_ 084 13 25 1439 37 % 37 37 % 

D *4 17 %OonMSILx 046 IS 19 38 10 16 % IS 

103 97 DPI. 7 X 75 7 X 8 7 X *40 101 % 101 % 101 % 

1 X 8 5 X 11 1937 30 % d 29 % 30 % 

18 888 24 % 23 % 24 % 

802 52 5 331 12 11 $ 12 

068 19 123638 23 $ 33 23 % 

078 IX 18 BSD 49 48 ~ 


-M 13 

49 % 36 % &D|WX 
12 $ 7 $GDWtak 
46 % 38 %B*crtW 
68 56 %Bm 0 rW* 
Z 7 % 22 % ON PT 
17 % l 2 % 6 nMtGEa 
B 2 4 »%GtLrtmC 
43 % 35 $ DNSI III 
20 % 15 %SftRi 
31 % 2 #% Greaa HtP 
58 43 RaanDto 
17 % UBtenoEDO 
18 $ 14 $ Gtar 

9 %Gro«*tDSon 
19 &TdMDR 
wSs 10% BaanMana 

34 % 21 %Q*bmil 


te .8 * Out Mu 

Or 9 IM Rte la» 9 am GHa 

032 16 12 SOD 12 % 

)X 8 17 154878 51 

800 IX 3527871 54 % 652 S 4 % 

048 7.4 Z 3 6003 35 % 34 % 35 % 

0 X 0 13 21 1347 34 $ 34 % 34 $ +% 
1 X 0 8 X 10 ZS 49 27 % 3 A Z 7 % +% 

ISt IX 15 2918124 % 121 % 

090 £0 21 1887 32 % 31 % 

95 2122 47 $ 47 < 

1 399 3 $ U 3 % 

25 209 17 % 19 % 1 

2 279 5 % 5 % 

1.15 3 d 17 88 * 35 % 34 % 3 

30 19951130 % 30 % 3 
tn 2 £OK 3212 80 % 50 % I 
7 X 0 7 X * 2010 ®%«RB% 1 t 
7 X 2 00 6 97 90 98 

005 IB 104085 33 % » 

Sdl OX* 1 J 25 11 13 % 

iyFd on 4 J 295 12 

8 479 6 % 

ter on 0-4 it 25 13 % 

ip M 38 11 % 

KM 0 X 0 15 6 M 8 % 

1 X 0 1 X 34 8347 55 $ 

Bp 01205 2 

8 X 1 54 11 6723 19 $ 

1 &> 040 3 X 27 29 11 % 

BW 048 7 X 525 tC 

Be 078 BJ 77 9 $ B% 

mar 343943 4 % 4 % 

M OW BX 2430 7 d 5 % 

on OX 9 430 30 % ' 

220 A 8182 929 40 % 

7 X 18 



080 12 10 8478 36 % |QB% 3 E% 

42 10 11 % 11 % 11 % 

1.40 15 Z 72 BOB 40 $ 30 % 40 % 

CUB IX 22 732 84 % 83 % 64 

an 3 X 55 149 24 % 23 $ 24 % 

0 X 4 1.7 422 14% 13 % 14 % 

838 88 1218418 5 D%d 48 % 48 % 

3 X 0 8 X 8 5 38 % 37 % 37 % 

882 85 89 1906 16 % 16 % 18 % 

112 15 11 109 24 % d 23 % 24 % 

838 07 14 10 B 8 53 $ S 2 % 63 % 

82 B 2 X 14 W 13 % dt 2 $ U 

OXB IJ 19 201 10 % 1 

815 1-4 381 101 * 1 

881 24 

832 U 19 TO 11 

0 J 0 27 15 4 21 


-H - 


SS3 


- 29 % DOE 
B% 21 %Drftt> 7 Up 
3 % laonn 
S 4 $ 20 Dnmr 
51 44 % 0 rajto 

0 % 8 % Orta PC 

11 BVOrfrtStGx 890 81 


11 % 9 % QtaSMz 873 7 X 
7 B% 7 D 0 uPam 4 X 
43 az$ MoPara 
2 S 2 (f%lManftK 
64 SSDaaBtex 
M% 48 %DUPW* 

29 % 27 % OuqL 4.1 

27 % 25 % OUQBV 3 .T 5 1 .BB 7.4 
29 % 27 % Dapns 4 X 0 2 X 0 7.1 
29 270 U& 4 X 210 7.7 

29 26 % DuqtLM .15 
100 «Dn*.TX 
44 % SSOuacal 
10 % SDVIKrS* 

16 iSOymoki 820 1 - 4 ; 



19 $ 14 % HSQHcm 
65 48 HC 1 MA 0 R 
16 % l 3 %KEftq» 

3 % 2 %Kadna 
34 % Z 7 $Htebei 
5 % 2 %rataDoa 

l« BKtoCkftB 

17% 14 % mock he 

24% is% HtoxftJutn 
M 10% iiaooiamiB 

18 % 13 HHd|i ton * OXB 1 X 21 94 
' 32 % Ram X 875 21 24 317 
ZOKanutonl 


098 81 58 15% 15% 15% 

1X2 11 2D 1528 St* 57% 98% 

1X8 U 18 18 15$ 15% 15$ 

I 58 2 % 2 % 2 % 

1X0 03 21 41BB 30% 28% BO 

1 10 3 3 3 

832 3X32 SB3 8% 8% B% 
1X6 U 19 59 15% 14% 15% 

in 8X 25 22 20 19% 20 

8W 81 10 1619 11 010% 10% 

14 14 14 

36 38% 35$ 


BB 
218 

4 X 0 84 2 

in X 4 12 3336 35 % 34 % 34 % 
in 7.1 27 716 25 % 25 25 % 

260 4 X 23 1783 57 055 $ 58 % 

1.79 3 X 71 11622 D 60 % 5 B% 59 % 
205 7.1 *100 28 % 28 % 28 % 

4 a%< 05 % 25 % 

5 28 % 28 % 28 % 
m 27 % 27 % 27 % 

3 27 27 27 

2 9 * 83 % 94 

- 41 % 41 $ 


2 X 8 7.7 
TXD 7.7 
888 21 


... 0 X 8 IX 15 199 20 % d 19 % 20 % 

4 % 1 % HaraonlR 1298 2 % 2 % 2 % 

t 2 % 18 $ UteWB ADR 1 X 4 52 1811524 20 % 

860 IX 18 757 34 33 

898 4 X 13 187 21 $ Z 1 

0 X 4 85 98 919 48 % 47 . 

17 89 28 % 27 % 

840 20 31 469 20 819 % 1 ! 

1.12 27 13 481 42 % 42 4 L _ 

1 A 0 3-4 12 S 3 41 40 % 40 % 

212 43 53 40 «% 44 % 45 

880 9 X S 1118 6 % 8 % 8 % 

1.44 85 2 17 17 17 

232 7 X 13 210 31 dSli% 31 

1 XB 81 191328032 % 32 % 32 % 
97 HS% 9 % 9 % 
8% 


- E - 


17 % 4 % GDC tad 
1914 %EBU 
48 % 38 %EB*tai 
27 % 2 Z% EattUSi 
~. 23 %EEnp 
39 %EasK 2 l 
. j 40 % BtodaJt 
52 % 48 % Eaton x 
35 % 24 % Ectten 
23 % 19 %EcoHike 
32 % Z 7 $ EdtoonBro 
24 % 16 $ Edltflnh 
B% B% Boa, Group 
24 $ 18 % Bear Carp 
4 % 1% BrotAu 
9 % 6 G|r 
5 2 % MM 
23 14 %BNCC 0 rp 


IB 18 % 
14 % 14 % 
' < 0 % 


0 X 0 1 X 1501107 * 
on 30 10 929 1 

1 X 0 10 11 587 4 . 

1 X 4 8 J 9 337 23 % 22 % 23 % 

1.40 5 J 22 100 M% 24 % 24 % 

in 3 X 1817 48 % 45 % 46 

1.60 18 31545 B 45 % 44 % 

1 X 0 22 211116 54 S 3 

876 29182342 2 B% 28 % 

OW 2 X 18 197 21 $ 21 % 

1 X 4 4 X 12 196 27 % dZ 7 % 

On 11 7 735 IB 17 % 

82 45 " 

0 X 2 OX 13 70 

2 20 
109 182 
8 351 
052 3 X 3037397 


38 % 30 %HarcSo 
34 % 21% Hortndx 
50 % 43 % ItoitorOD 

S 28 % Hamm tad 
19 % Mates 
52 % 41 % Maria 
16 % 40 % Hanco 
a% 43 $Hanto 9 to 
7% 5 $ Karim 
18% i 6 %ttanmx 
36 % 30 %H«wfcnB 
32 % 27 % Hen Ca 
9 % BHaaRhEqa 098102 18 
e% 4 %Maiage* on ix 16 isi 
18 % MHaniMx 1 X 2 21 13 901 1 
1 % 23 %feKQ»& 251227 

1% ZSHRhiauca 181528 

15 9 %HeM 4 0 X 5 85 201948 
38 % 25 HategMty 1134 0 X 243709 
3 B% 3 D%HtelB 1 X 2 <0 14 2984 
23 % 2 Z%HtenaCUrx 0 X 4 0 X 17 383 
30 % 24 % HetoBfX 048 1 X 25 338 



A 

i 

a 

+% 

+1 

-1% 


7% Ematg Gnrny 012 14 
69% EuanB* in 2X 183045 60% 
6% ErDprt)4J5* 0.47 72 4 8% 



2 % et 

[ 4 $ d 13 -_ 

8 % 8 % ffiu 

50 % 59 $ 



. DDb 6 % 

in 74 14 102 17 % dl 7 % 17 % 


17 %Eaq*aDia 

8 % raptor an 

43 $ EndamAOR 0 X 4 IX 18 228 
19 %BargaaC 0 X 1 XB 5212 85 


1051708015$ 14% 16$ +1* 
49% 48% <9% 


31 % 23 %& 9 R« 
18 % 13 Ends Burn 

480379 % Bm 185 
84 % 27 % ram 
49 % 38 % Erne OK 
51 50 BWMJE 
101 % OTEnchAJK 
12 % 12 %Eaaroh* 

! 5 % EmithBc 
1 31% raw 
21$ i8%raanaC0 

a ". jBQKSnan 

2 % 2 %E 0 Kta« 
27 % 21 $ EqtJtot 
2 % 1 %EMHE 
38 % S 3 %E 8 UBtetax 
7 % Eritatae 
11 % BW 
14 10$ arepfl Rd 
18$ B%E>gWi 
17 % 15 %rartMor 
87 % BO% Boon* 


20 % 20 $ 

25 25 


121 % 97 %HdeBMi 

43 Marx 

74 KmPac 
2 % HocteCtp 
4 %W 5 Bm 
7 %ttaateiA 
57 z« 0 hbe 

BHohtacR 
7 % HI YU be X 
7 %MWPh 
11 %MteogBH 
35 % HAsann 
_ 1 B%Mhn 
74 51 %IBaBH 
95 $ 72 USCM 
7 % 6 %Ht*wnlDC 
44 % 29 % tbaaDap 
15 % B$NaaaGMi 
24 $ 17 %Hic*kM 
1 % 1 HompbMo 008 4 X 0 

34 % 27 %naataMADR 028 0 X 73 



a 

... % 

27% a% +1 

" a 4 



044 1 X 1471398 

058 41 11 27 13 % 13 % 13 % 

1050 24 10431 % 431 % 431 % 

a 75 28 22 4322 30 29 29 % _ 

812 83 Z 7 1303 48 % 47 % 47 % - 1 % 

175 78 ZlOO 50 % 60 % 50 % 

7 X 0 7 X 4 99 % 89 % 00 % 

0 X 0 14 88 1319 14 % 13 % 14 % 

030 00150 2 - 6 8 5 

1 X 0 08 12 533 32 % 32 32 % 

28 13 20 % 19 % 20 % 

1 . 1010 X 74 25 10 % 10 % 10 % 

1.10 483 10 10 2 % dZ% 2 % 

882 23 32 426 27 % 27 % 27 % 

828284 0 258 1 % d 1 % 1 % 

1.14 34 14 565 34 33 % 3 * 

1 18 7 $ 7 % 7 % 

850 4.1 15 1481 12 % 11 $ 12 % 

875 81 107 1 Z% 12 12 % 

08 B — — 

1 X 0 to 41 

2 X 8 4.7 14 7047 


- F - 


35 % 30 % Memo 
28 % 22 % HnManCd 
26 % 18 % Horn Mb 
22 % 16% Kura* 
15 % i 2 %Hanhm 
13 % 6 %HUMta 
2 % 1 % Haste tav 

a. 


224 23 20 3888 
1 X 0 28 13 899 . 

1 X 0 IX 1522670 78 % 

04414.1 0 707 3 % 

IS 38 ' 

818 IX 14 2651 

aniox 684 

0 X 3 BX SB 
0 X 7100 63 8 

0 X 7101 98 8 % 

048 3 X 20 9 12 % 1 . _ 

0 X 7 1 X 19 577 35 % < 05 % 

9 849 19 18 % 19 

1 X 0 21 29 1057 59 $ 06 % 58 % 

1 X 4 1.1 » 179 95 % 85 % 95 % 

381 67 7 % 7 % 7 % 

812 03 4230358 42 % 41 % 42 % + 1 % 
544107 10 A% 9 % -% 

020 1.1 40 SI 24 19 % 18 % 18 % ' 

10 1 % 1 % 1 % 

105 33 % 33 % 33 % 



a 

3 


086 11 131109 31 $ 31 % 31 % 
020 1.1 10 998 27 % 27 % 

28 294 23 22 % 

850 28 14 705 19 % 19 II 

0 X 5 04 ® 174 ? 13 % 13 % 13 ! 
OXB 2 X 24 3300 10 9 % 

Z 3 1 % 1 % 1 


jj 

-% 


1% 1% 

iHotaRxiMx OK IX 20 357 48 % 45 $ 

8 % 6 $ Horn fat, 048 7 J 2 39 6 % 6 % . , 

3 ^i 28 % HtetaJi 1 X 0 3 X 127935 ® 30 % 32 + 1 % 

* ! 29 % Hteldl Dp 238 M SO 20 % 26 % 28 % -% 

13 %ia%HDMtx 816 14 M 19 11 % 11 % 11 % +% 

15 % 11 % Hudson Fd» 812 0813 136 15 % 14 % 15 -% 

19% 17 way cap olm 20 ® i« 17% dir 17% 

92 % 10 % Hagbu Slfi 020 OX 21 137 “ ' 

ittnara MXS 74 X X 10069 
OXB 23 19 14 
035 54 11 77 _ 

1 X 211.0 734 9 % dP% 



iSlj 13 % 13 % 
15 % 15 % 15 % 
62 91 % 81 $ 


28 % 22 % CP tae 
10% 8 %KMFBarai 


iFTba 


820 80 15 18 ® 
14 243 
288127 3 400 


3 % 0 Uhav 
1 13 $ FTOaortn 
j 12 % HUOmt 
38 % S 5 % Rl*ai 1 

0 7 % mute 
2\$ io$fteteitae 

7 % 8 %mra« 

1 48 % FM Hm Ln 


007 22 48 40 3 % 3 % 3 % 

1.12 7 X 89 14 % 14 % 14 % 

012 09 25 IS 14 % 13 % 14 

3 X 0 BX 11 38 37 38 

040 SX S 8 7 % 7 % 7 % 

B 43 653 17 % 16 % 10 $ 

820 11 13 33 8 % 5 % 6 % 

1 X 4 IX 14 6807 58 % 57 % 58 % 

44 %FWrB 2 H 75 288 03 2 45 % 45 % 45 % 


tawdcaqr 
6 % Pad** 

“ l«BP 

jfwua 

tfz 75 %fMtai 
27 % 20 % FSdPBd 
21 % 17 Fade<te&B 

25 % ao%raajape* 


1 X 8 ax « 058 25 % 
048 8 X 129 525 7 $ 


i 

25 1803 72 % 71 % 72 % «% 
048 1 J 24 1537 28 % 28 % 28 + 1 % 

240 10 TO B 3 B 81 % 78 % 81 + 1 % 

1 X 0 4 X 81 241 21 20 % 21 +■% 

042 24 15 638 17 % dl 7 17 % +% 

10 5623 21 % 20 % 28 % -% 


25 FflrraCDrp* 054 28 14 408 Z 7 % 36 % 26 % 


l 24 % FMCm 

, I%FBteM 

33 % 25 % Hraartu 

§ ® 3 S%FWAai 8 
36 % 23 %RllflfcS 
7 % Hot Boat 
8 % Rtf Sosa 
37 % 32 % FkstBmd 
S B 7 FSQ 1 ACP 8 
i 5 DRHChACPC 
191 % 98 % EstCHatjC 
4 l%FMdg 
! * 2 %FteW 
, S 3 $F«Fdl 1 
18 % 11 % Fftllfll 
"■ : 61 % HratFnM 
i« 2 %F«*iK 
17 12 % Rritai 
23 % 16 % Fte ftte F 
46 % 39 %MIMan 

S 53 $ 51 %MUft 
10 % 8 $ FsUtt 
r% FkatVbp 
28 % HtearCe 
40 31 %ted= 

29 18 %ftadEn 
26 % 23 % ftamOkz 
44 % 33 % Elgntodr 
33 % ZERteteO 
20 % 18 % Ham* 
58 % 40 % Ruor 
50 % 45 % FMCCp 
7 % 5 %FMC 6 d 
48 41 % tan OB 
17 $ 12 %RroM 0 
70 33 % ran 
10 $ 9 ford* 

45% ®% FdtfWix 
14 % 11 % FOBPBJBf 
■*Z 7 %Rl 
5 10 % Front* 

9 8 Fatal Pr 

SI 33 % Fisted Ai 
42 % 34 %rat* 4 eyta 
6% 4%FlHMlA 
5 $ 4 % FrtMB 


27 25 % 

9 % 9 % 9 % 

28 25 % 36 

38 $ S% 38 % 

***% 



34 % 

68 %dB 6 % 87 


50 l 2 50 % -% 


21 1084 
0 X 6 27 ® 53 
018 OX 17 788 
1 X 0 11 10 564 
I. 1 B 12 15 1838 
072 SX 480 
0 X 1 04 248 

032 89 13 113 
800 BX 13 
3 X 0 89 8 

8 X 0 07 *100 99 % < 

1 X 0 29 B 5833 uS 5 % _ 

1 X 8 18 91 B 01 48 % 45 % 48 % 

21 B 59 585 37 36 30 % 

80 S 84 511 13 % 13 % 13 % 

810 OX 26 RIO 55 % 54 $ — 

100 10 12 4665 83 % 80 % 

0 X 0 20 67 412 15 14 % 144 

on 18 228 18$ - 

1 X 0 15 10 19 X 1 ■' 

183 70 < 

040 £4 8 57 

1 X 4 13 10 188 
1 X 0 86 10 677 

1 X 0 3.7 14 4372 ® 

OSD 25 15 809 20 % 

1 X 0 4 X 34 730 23 _ 

040 1.1 IB SO 38 % 35 % 

198 79 11 3 KQ SS% “ 

078 44 17 329 18 1 

0 X 2 1.1 24 »» 48 $ 

43 352 48 
0 X 5 89 8 7 5 $ 

1 ® 20 16 327 
0 X 0 IX 12 170 
1 X 0 BO 42 7021 59 % 57 % 

090 0.1 106 9 $ 9 % 

874 29 22 1568 36 % 08 % 36 $ 

OXB 22 16 74 13 % 13 13 -% 

in 5 X 12 5425 29 $ »% 29 % +% 

0 » 04 IB 11 % 11 11 X, 

an 71 a b% b% 8% 4% 

0 X 2 OX 14 1987 34 $ 34 % 34 % -% 

16 337 37 35 % 35 % - 1 % 

005 1.1 6 4 % «% 4 % 


iHTPmpftx 0 X 4 89 13 7 ® 


_ . iCFKte 

30 % 23 % (data tar 
39 % 33 $ ktaCorp 
29 24 % IPH 442 
49 % W%Uta 7 n 

28 34 %tePMX 8 

29 24 % ■ MX 
!% 48 tfPr 8 X 4 

.A 30 %totateteto 
* 7 % 40 %*teWA 
B 2 49 W-AflPS 
22 % 18 %tohP 
.... «» 

48 % 33 %ucraa 
10 $ 6 %kwM 
18 % 18 HA mate 

28% 21% tan 

87 % WMMPT® 

30 % 19 hlS«ti 

23 % 18 %tadB*w* 1 X 2 5 J 14 63 

21 % 12 %todSDFte 0 d 0 X 5 04 247 

15 % 12 % Mara 13 in 

41 %®%hteWk 070 20 22 2390 
37 % 29 $ RdSt 860 2 X 15 1520 
9 % 7 % aw Spat 825 33 77 

M&toft oxo IX 18 

WBga Fnz 100 15 8 

wafts 



31 85 

1 X 6 10 10 1958 

19 191 . 

2 X 1 80 2 25 d 24 % 

3 J 7 B 8 J 4 48 % 44 % 

2 X 4 8 X 19 25 <04 25 

110 B 4 7 25 25 25 

4.12 BX ZlOO 47 47 47 

0 X 4 27 14 1888 31 %tC 5 $ 31 % 
100 74 3 40 % d 40 % 40 % 

3 X 0 89 17 51 % 81 51 

0 X 0 49 ® Z 7 » 20 % 19 % a 
2 X 2 50 13 715 50 % 48 % 80 % 
1 XB 13,18 4569 33 % d 32 % 33 

850 4 X 3 24 10 % 10 % 10 % 
1 X 3 80 15 16 % 18 $ 18 % 

040 1 X 287 7748 25 $ 25 % 25 $ 
7 X 8 BX 2 88 OH 88 

in 7 2 521 22% 21 % 21 % 

" 19 % 


1994 


ILL ft Ik 

a, K lab % 
1 X 2 34 3 940 443 
1 JB 4.1 3364 317 

s a iif 

0.74 34 18 312 21? 
1.78 11 171033 


OTia 
Ohs Rm 
l m Quota CM 
44 % 44 % -% 

30 % 31 % 


ii% Tig 
‘ 21 $ 


48 % 40 Nome 
33 % 28 % fajCp 

12 VOfctatoCw .. _ . 

29 % 2 D% Kajtentat 0.74 34 19 W 21 $ 21 % - 

58 % 51 %Hta*Q 1-78 11 17 1083 56 % 56 % 5 &% 

2 % ZRbnfetoEa 003 1.4 10 31 2 % d 2 2 % 

42 $ 33 %KogVIU n 375 tt 35 % Ml 

21 $ 14 % tout* 899 9 X 209437 15 % 15 % 15 % 

«1 54 $ MM 140 24 21 6 KJ 58 % 57 % 36 % 

12 $ ftttWOtap 0.10 00 IS 14 10 $ 10 % 10 % 

9 % 7 % ntotegta x 0 X 8 00 84 93 0 % 9 % 8 % 

aA ia$Kgmn osa aim ins 2% ®% s% 

1 X 4 SX 11 173 25 % 25 25 % 
on 17 58 50 16 % 

094 OXB 
0 X 2 12 10 


7 $ 4 $NEM 
23 % 21 % ME UR 


3 &%KStfta 
1 itetetnu 
1 34 % tamp 



19 % 1 S%IUtaB< 
134 % iHXypcataCP 
18 IIKptrh* 


... 18 % 10 % 
25 1241221 * 123 % 
15 16 % 16 % 16 % 


M ft ft Ota, 

tar * I KM HUB In Saw 
S M ■?$ 7 % 7 % 
1 J 5 7 J 13 1641 ®% 21 % 22 % 

258 64 U 512 40 % — ‘ 

4 135 $ 

in 4.4 18 481 38 % 36 % 39 

a 2Bta*wFuo* m oi 13 a 27 a% 27 

27 % 22 % term 074 2 X 1 IUIM 15 % 25 35 % 

' 8 % Mm 0 ns 024 10 ® 451 8 7 $ g 

18 $ 14 Marten 19 2073 18 % 17 % U% 

27 % «%HM« 015 OX 4 8 25 % 23 % 

17 % 14 % Hb C i km* 1 .M Oft « 15 % 15 % «% 

19 % 15 $Ndtyl 6 llX 1.13 U 31 15 % W% «% 

SC 4 S% KUCtrCOS 0.18 13 42 2579 61 56 % 81 

ZB% 21 % HU Carp* 1 X 0 7 X 13 138 21 


S’ !S* I 

30 $ 30 30 % 

2 o 5 l 20 % +% 



5 % WdftS 15 

1 % tatotaglc 3 

j 22 % War Rag* 0 X 4 28 4 _ 

20 % 184 * nacap 1 XB 87 BO 17 $ 

3 % AM 2 359 2 % 

£0 61 % EM* 1 X 0 IX 441 W u 81 % 

22 % 14 $ Mine 20 870 14 $ 

30 % 35 $btfF 1 X 8 10 21 2029 36 

19 % 15 %nabdl 0 X 0 4 X 23 134 18 % 

l 9 a$hd%p* 1 X 8 26 ZB 4540 05 $ 

i 27 % bdtata 850 17 18 1436 30 % 

11 $ B%taW 8 Uai< 812 IX S 91 B 

25 $ WtfPiax 208 11 18 BB 

8 $ 4 % HTAN 0 1 ® 

34 ®$h 5 &wr 012 OX 3 5816 

S IBHfeett 52 115 15 % 

2 totTachn 91 93 * 2 % 

50 % 43 % tarica 21 192 43 % 043 % 43 % 

24 $ 20 % RM IBEx 1.73 14 11 556 20 % d 20 % 20 % 

35 % 28 %tatecoErn 812 7.4 14 4 M Sfl$ d 28 % 28 % 


561 45 % 45 % 45 % -% 
34 B% 05 % 5 % 

74 1 % 1 % 1 $ 

728 Z 3 d 22 % 23 +% 

m« 17$ +$ 

d 2 % 2 % 

58 % Bl% + 2 $ 
d !4 14 % •% 
35 % 3 S +Ja 

sa-A 

s a -% 
28 % +% 



11% 8 % fob Inn 
12 % 6 %Bterrau 
30 22 %toHCdrp 
| 104 % 80 % ITT* 


45 % 37 % JHWrPF 
48 38 % JfVrtrL 
14 % 8 %MpatEn 
is%kcMEng 


BkJtenreta on ox 


0 X 7 ax 
0 X 7 87 82 10 $ 

S MB 26 $ 
108 23 11 21 ® BE 


" J* 

138 19 14 37 $ 37 % 

150 BX 215 3 S$d 38 % 

0 ® 33 15 90 9 % 9 ‘ 
tfi 114 19 % 



805 1.1 8 


46 % 37 % FrsgpHcMPf 1 X 8 47 


2 l% 16 %FreUcM 
Z 7 % 21 %F)HrtU 
24 $ £l% Frateta 
33 23 FrLoors 
75 % UPdAmEn 


. 4*4 


m 72 3 B 5484 17 % 
880 24227 6153 25 % 
878 12 7 151 23 % 
11 3003 31 % 
1.1 4 76 61 % 


1 -jij 9 %J® 0 e 
56 % 43 % JtelPx 
103 100 X 31117 X 8 
61 % 44 $ JmnQl 
45 % XiMUx 
13 % 8 $ Jtenatoaz 



119 1.4 417 13 % 12 % li 

1.72 15 11 821 48 % 48 % 49 % 

7 X 8 7 J *70 100 dlOO 100 
1.44 11 14 431 48 % 45 $ 46 % 
1.16 27 15 8®2 43 % 42 % 43 % 
1 ® 16 13 a 10 % 10 % 10 % 


+% 


16 % 13 % FutuB Snp 808 05 208 16 % 15 % 18 % 

- fi- 


50 % QATZ 3.073 198 7.7 19 50 % £ 0 % 50 % 

®GA 1 X 1 X 0 3 X 13 147 39638 % a 

1 X 0 IX 13 254 63 % a 53 % 

16 207 11 % 11 % 11 % 

1 X 8 6 X 301175 * 32 31 % 31 ’ 


l (SCO 
|SKM 
jcrc* 

33 % 3 B% 6 IE 247 S 
19 % 16 % 8 IEF 125 
12 % lfi%GtariEq 

35 % 38 % 0 Dtar 
15 % 11 % GteonBLv 
4 % 3 %CrtrHten 
59 50 %Banmt 
49 % 37 $ra*K 
" : 28 % GC CM 
. UGantatll 
i iB% 6 anMI 
1 13 % Etaocip 
. -I 6 $enttn 
57 % attnOm 
55 48 %rasae 
6 $ SUGenHUt 


248 ax 
in ax 
ixo ax 

0X8 18 15 
170115 
004 00 IB 339 
1 ® 25 19 1893 


Z 8 %fflB% 28 % 
2 fi 0 18 15 19 

243 11 % 11 11 % 

40 32 31 $ 317 

115 12 % 12 % 12 " 

*52 Si* 


840 89 285874 43 % «% 43 

39 1 ® 26 % ®% 28 % 
1-40 122 154 11 % 11 % 11 % 

830 1.7 7 IB 19 17 % 17 $ 
060 AS 9 1648 13 % m 3 13 % 
012 08 72 21 

1-40 3 A 4 948 41 % 

1-44 10 01905 48% 
ft® 6X 2 248 6 


20 15 % Jnstateiiz 9 X 8 5-4 a 10 Q 9 16% 18 16% +% 

- K - 

29 $ 71 % KIM H Bed 0 X 2 IX 34 1402 28 % 28 % 28 % -% 

2 S% 21 %mEBBur 896 42 14 1 ® 0 8 23 

88 ®%KnCI 4 Xx 4 X 0 72 1 ®%d®% ( 2 b. 

28 % 24 % KONtttPI 220 87 11 57 23 % 25 % 25 % 

9 % Kamo S> 0 ® 85 2 9 % ^ ^ 

4 % 2 $ Kansu Sot q IK g% 

23 % 10 %KanQP \M 7 X 12 383 20 % 19 $ 2 

16 % 14 Ks£) 64 % 1 X 0 EX 1 14 % 1 <U T , 

i 37 KauuSbi 830 0 X 172119 30 %®% 

12 % 10 %KtCbffi OJB 88 701 10 % *o iflt 

10 % 5 %KMr 810 IX 18 316 9 % dB% 6 % 

24 fa Katortod _ 029 IX 24 i® 24 $ »$ 24 $ 

1,7 18 ^ 1W * 17 $ 10 % 

10 8 $HB«ta 872 73 5 B 9 % 

58 47 %Magg 1 ® 27 17 3868 51 % 

27 21 %KBRnad 860 28 8 157 21 % 

11 % 9 %HtemMdta (087 80 109 9 % 

®% 3 S%«tenpff* 002 1 .S 91 872 88 $ 

10 % 8 $MrowHz 890 87 291 9 % 

8 $ 7 % Keapw PG» x 0 J 0 ax 278 

w% iiramrtate* oxr tx 3 a 11 

t^a 11 %K« 0 p* 8 te*fl® 89 72 11 

S^« < 2 %Ktezwt* 1.19 24543 3 ® 

22 19 % KeirG 1.7 1.70 81 10 2 i 




10 % 5 % LA Gw 
41 33 %LB«EB 1 
23 % 15 % LSI Lg 
®% i 9 %LtMda 
40 30 % LaZBof * 

0 $ a%iwim« 

25 % ZUacMdaa 
27 % 19 $LteHPBX 
8 % 4 $UamBS 
S&z 39 $ lands rai 

aa_ 

38 % 33 %lmBtaip 

aaasr- 

25 % 18 %laaoteQp 

«% Aumr* 

9* 1%LUa1iki 
11% B$Lte«AS 
2S®$LRmtrft 
81$ 47%L0rir 
22% 1B$UaM 
4«% 36$ Ltocrtt 
A 18 %UdcuMW 
70 57UULP1B 
74% 28% UPsr 
B% 20% LtfOtex 
4$ *%LLURIr 
3$ SB$ LdcMMx 
W SUMaft 
102$ SAlDBM 
31% 25%lagtoon 
9% 7% LoewaaCp 
A%1B$VftU 
19$ 31% InotOr 
3$ 18$ loooifaar F 
2$ 33% Und 
®n%U»ta12fl 
43%3S%UML 
48 3a%Usdte>x 
37$ 26$ Urn 
18% 14UV 
6% 3%L7VWH 
38$ 32%Ldbalx 

24 % 21%lrtq>CWB 

3 B$ 2 B$LtaaMtacz 1 X 0 14 39 220 
35 %Z 7 %UM 9 ca 840 IX 2 » 

28 $ 20 % Lfbtetac 24 a 

25 $ 20 % Lianas’ Px 0 X 0 1741011 ® 


36 % 


2 ® 50 14 235 » 33 $ £ 

18 2510 20 % 19 % 20 % 
810 OX 31 183 28 $ 29 $ 28 $ 

aBB 21 17 44 32 $ ®% ®% 

812 IX 30 5588 9 % 9 % 8 % 

1-22 17 7 27 21 $ B% 21 % 

UD 1 X 198 220 2 D$d 1 B$ 18 $ 
20 10 X 9 8 % 8 8 % 

820 as IB 980 41 % 40 % 41 

ttx 840 3 X 582 5 U 11 % 11 % 11 $ 

« OXB 17 14 3 15 % 16 $ 15 % 

0 X 4 2 X 16 1 ® 34 % 833 3 *% 

840 21 8 68 10 % 10 

880 1 J 17 2518 ®%d 3 S% 

OXB 84 9 415 21 % 20 % 

0 BE 2 $ dZ$ 

0 288 1 % 1 % 

1 X 4100 284 io% 1 B% 

8 ® 24 12 135 28 % 25 $ 

2 X 0 4 X 33 4031 5^9 54 % 

OXB IX 1772 W 18 $ 18 $ 

Id* 4 X M 1114 40 $ 3 B% 

OM SJ 7 86 1 X$d 16 % 

500 83 2 80 60 

7 854 31 30 $ 

0 X 5 1.9 18 3633 24 % " 

048183 29 1 ED 4 % 

228 17 914 ® 61 $ 

0 X 0 1 X 21 1 « 41 $ 

1 X 0 1.1 9 953 mb 
028 1 X 10 1 ® 27 $ 

118357 7 $ 

100 ft .1 G 4118 19 % 

1.12 13 14 342 33 $ 

852 19 25 420 17 $ 

858 IX IT 1459 35 % 

11810.4 Zin 30 % 

1 X 0 24 95 811 41 % 

850 IX 14 29 ® 32 $ 
aiS 85 1712648 33 

a i 4 ® i 4 % 

72 3 $ 

0 X 8 28 27 10 ® 34 $ 
ft® 25 18 1 ® 


1 ® U$ 14 $ 14 $ £ 
45 12 $ 11 $ 12 % 2 

a 12$ u% 12$ *C 

27 * VS 14 % W 2 
09 11 10 $ II ^ 

1 ® VS 15 $ U$ 

I® '13 14 $ 14 $ 

399 15 % 15 % 15 % 


| 17 % 14 %HtaQdX 1 X 3 7 X 
[ 13 % 11 %NwaanCIx 077 83 
13% 11$ Ndnaa 111 x 0 X 2 84 
17 14 %lkMteiM 0 x 1.12 7.4 
12 9 $NunSBl!lli 0 e 7 81 
1 18 % 16 %to«*atePx 1 -W 7.0 
| 1 B$ 14 % MtewnPPx 1 08 7 X 
", L 4 %ftmanPU 113 7.4 
j 15 $ NpMtfC 840 23 11 
1 41 % ®%N)MX 2 X 8 84 49 450 B 

- o - 

11 $ OHM Qp 43 2 ® 15 $ 15 % 15 $ 

15 $ Oak tail 13 1 W 20 % 19 $ ® 

29 % lB%Otemrtttax OXB 84 10 Ml 22 21 % 21 $ 


A 


5 « 17 % 17 % 17 $ 


»% ®% +$ 


1 X 0 50 80217*2 ul 9 % 16 % W% 
48 HB 47 38 $ 31 $ 32 % 
105 81 14 1181 . 90 $ ®% 2 S^. 

13 113 I 5 %dl*$ is 
1 X 0 8 XMM 13 S 4 17 % 18 $ 18$ 
4-40 80 4 55 54 % 56 

1 S 052 B 
*100 B 2 82 K 
7 X 6 85 1 B 7 m B 7 

3 X 8 87 9 983 31 % 30 $.®$ 
2 ® <8 10 465 47 % 47 % 47 ’ 


818 OX ® IS 28 % 2 tfg 



OcCMP 

.. . orfcaOapu 
24% 19$0 bM 
17 % I 4 $ 0 paan?n| 

22$ 16% owea 

63 50 % 0 ta£S 4 A 
62 % 52 % 0 W 64 XBt 4 X 8 8 X 
97 81 CUPE 704 704 BX 

97 % B 70 UdE 7 XB 
37 % 30>2 0 KWiGSE 
53 % 4 B 0 dnQix 

«'| 43 $ 0 Mtote 1 X 4 26 17 282 47 % 48 $ 

17 13 % (MtoUd 040 13 14 144 15 % 14 % 14 l. 

29 % 15 $ Om* 1.12 6 X 10 200 16 % 16 % W$ 

28 % 22 % OppoA Cut 2 X 0 BX 11 ITS 23 % »% 2 ‘ 

11 % B$CtmteiHax 1 X 0 00 159 10 $ 10 % 1 

- 7 % 0 ppetetlM 0 X 2 81 179 7 % 7 % 

5 %Onopaft _ 13 91 5 % 5 % 

T 3 % 32 % 

« a *% ^ 

072 22 5 15 32 % 32 % 32 % 
8*0 23 7 1377 17 % 17 % 17 % 
0 ® IX 3 313 Z 2 $ 22 22 " 

860 21 40 108 19 $ 19 % 1 

818 OX 127109 $ 22 % 


«i% 320 i«gami 2 X 2 7.610 174 
27 % 19 $ Oregon SI K 0 X 6 to 27 119 


3 % 1 % Odirt Bp 
34 29 $ 0 ri«Ctoi 
20 15 $Orp&i 
1 25 $ TSOrtblMz 
2B$lB%(VMx 
22 $ 21 % 0 wMH 
46 32 %OmcaC 


13 5711 32 % 031 ’ 


32 $ ai%OitariMx 872 24 16 46 30 $ 30 % 30 $ 


a a a 


9 % 4 $HAQW 
65 % 52 $ MA He 
‘10 33 $ HOJ x 
7 $ SUDCHUga 
32 % 27 ® 1 U HU 


8 288 6 $ 

1 X 4 IX 91111 55 

102 4 X 15 442 38 

12 225 5 $ 

„ 1 X 9 87 13 1 IQ 27 % 

8 %«CMItox 072 80 872 9 


a 


g EWGorHrx 045 7 X B 659 6 % 

13 %uapwp 0 X 4 12 21 97 16 % 15 $ IB 

11 457 25 $ 34 $ 25 % 

131220 16 % 15 $ 16 

® 4258 18 $ 16 % 19 % 

8 I® 13 % <H 3 % 13 % 

OXZ 81 1 ® » 85 % 21 

0 X 0 1.6 a 19 ® 32 % 31 % 31 $ 

1 X 0 ax a 11 26 % 28 % 29 % 

0 X 9 03 22 581 
810 85 SB 15 ® 19 _ 

840 87 27 IK 4 % 

1 X 0 229 a n 7 $ 

2701 IX W 24 % 

1 X 0 Id U 75 63 % 62 $ 62 $ 

1 X 0 50 12 1554 17 16 $ 16 $ 

1 . 1524 X 4 122 4 $ 4 % 4 $ 

811 87 13 23 ® 16015 $ 15 $ 

028 IX 3 2713 2 fl% 27 $ 36 % 
in 21 19 26 BS 87 % 88 % BB$ 
7 75 24 $ 24 % 24 $ 

0 X 0 21 10 1178 43 $ 42 % 43 $ 

0 X 8 24182009 a 27 $ a 

0 X 8 OX 14 0083 14 %d 1 S$ 1 * 

t ft 868 85 89 8 % 5 8 

280 83 9 U 33 $ 33 % 33 $ 

2B%2i$iMSd anno a a a 

17 B 134 $ MbMdbMi 1.16 07101 a 164 % 164 164 

20 $ BUM 824 09 33 7347 25 $ 26 % 25 $ 

38 % Was P» 4 * 4 X 010 X 27 38 $ d® 38 % 

_ 4 % MantfE TWO BX B 2298 . 4 $ 4 % 4 $ 

45 % 37 % MayDSt 1 X 4 28 14 4327 «% 39 $ 40 

a 16 Uartap 850 17 39 2388 18 $ 1 B% 16 $ 

25 % 18 % MBNACOTp 072 2919604 ! 25 % 24 $ B% 

»%a$MeQta3v 032 u a « 22% 22% 22% 

fflUcflaroCX 220 7.6 7 29 $ 23 % 29 % 

a%McMiiax in ax mn n% a$ a 

13 % McOantavx 0 ® 22 5 32 14 13 $ 13 


39$ 22% MM taud 
2013% MacM 
17% 12$ MapnC 
16$ 13 %MoibW 
29$ 17%MtfaukF 
88% 30% Iftckr 
32$ 24% MriUC 
29% 23% MinerCa 
19$ 18$ HauMT 
5% 4MataaUa 
10% 7% Mmteto 
25%24%MnflaP>x 
64% 5B%mpCD 
18$ 15%MmHar 
5% 4IMmi 
20% 15$ Marti w 
32% 24%ttnU 
U BD%MteMd. 



19 



54 %HdMd 
192 $McOnOg 
82 %Mcram 

n% 52 % McKern 
* 8 % 39 % MaadCpx 
2 ^z 17 %Msaaam 
25 $ 22 % MedCsraWD 
35 % S 1 $ Matftwt 
~ 89 % Mimic 
20 % Marion Op 
a$ MrtanBWf 
_ 52 %MaRa 6 k 
41 % 35 % MaHs 
10 $ 10 % Motto 
41 % ss% Marts 

3 B 28 % Merck 

19 % l 4 $MteceryRix 008 IX M 
e%®$IMBi “ ““ 
Wa 34 % Mtatjnz 
4 % 1 $ MarqOBRd 


043 07 208999 R 0 % 57 % 60 % + 2 % 
140 10 12 109116 $ 114115 $ + 1 % 
2 X 2 18283 852 65 $ ‘ ' “* 

1 X 8 20 a 2837 78 $ 

1 X 0 2 X 23 5483 44 % 

044 24 » a 5 18 

B 235 23 % 

281 7 X 18 847 34 $ 

0 X 8 09181798 72 % 

050 22 20 136 24 % 

2 ® 85 a 27 % 

224 40 12 1993 57 L 
1 X 2 3 X IB 5 ® 397 
0 X 6 9 X 19 107 . 

1 X 2 28 16 291 36 % < 05 % 

1.12 SX 1819608 31 jg 30 $ 


m 

23 23 % 
34 % 34 % 
71 $ 72 $ 

a 23 % 
Z 7 27 % 
59 56$ 
®% 3 tt 
io% in 


-P-Q- 

100 34 9 657 35 $ 35 $ 35 % 

108 44 91571 29 % 28 % 

204 10 27 2553 73 % 7 «» 

on ax o bo io . 

104 SX 12 2615 a% _ . 

100 7 X 92 18 % 14 % 

812 8517 12 24 Z 3 $ 

1 X 6 88 11 34 ® 16 % 18 % .. . 

108 60 9<220 20 $ 20 % 20 % 

1 X 6 81 10 B 4 H V% 23 % 

118 BX ttllSn 31 $ 30 $ 

848 11 3 17 H 15 % 15 $ 

037 25 a 15267 15 % 014 % 

864 44 14 4291 19 % 16 $ 

832 10 19 329 26 $ 28 

137 3 ® 

1 X 0 23 S 3 771 

3 119 

an u in 

13 B 57 r 

1 X 7 57 10 3700 26 $ 26 $ _ . 

4 X 0 70 3 62 % 62 % 62 % 

1 X 6 SX 14 UQB 52 % 50 % 50 $ 

1 X 7 7 X 10 844 22 % 22 % 22 $ 

3 X 0 80 12 374 48 % 47 $ 48 % 

1 X 0 86 11 358 27 $ 29 $ 27 $ 

817 86 » KM 31 % 30 % 30 $ 

872 IX 18 82 ® 87 35 $ 37 

0 X 8 25 51 1381 Z 7 % 27 $ 27 % 

1 X 0 81 13 223 ] 6 %tfM$ 16 % 

811 24 10 126 4 $ M% 4 % 

4 223 S% d 5 $ 5 " 

0 X 2 1.9 15 34 BB 18 $ 18 % IB 
8 ® 28 41 42 28 % 28 $ 28 
820 8 G » 1008 25 24 % 24 . . 

1 X 8 3.0 3016652 63 % 61 $ 83 $ + 1 % 
1 X 5 28 a 3*37 58 $ 57 % 58 % +i 
Am Bn >31 H 6 * 54 

4 M M 2 54 % 5 *% 54 % . 

MS BX 1 97186 % 97 

19 % 17 %ftdBrtten» 1 X 8 8 X 14 » 18 17 $ 18 

a 47 %Rtelarr 278 14 12130 ® 51 $ SS$ 51 ’ 

33 2&2 PWtat 1.12 3-4 32 ftV 73 u 3 B% 32 % 

30 28 % PBflWz 815 05 IB 1601 Z 8 $dZ 7 % _ 

23 $ 19 $ ftadmnttQ 1 X 4 5 X 13 119 19 $ 19 % IS 
10 $- 7 %rar 1 laB a to 1 X 1311*1 7 $ d 7 % 7 \ 

9 $»grt«a» 0 X 3 29 205 11 $ 11 % 

0 X 8 OX 8 61 7 $ 7 $ 7 S. 

8 ® 4 X 98720 16 % dIB 18 % 

212 17 7 24 $ ri 84 % M% 

815 U I M 11 % 11 11 % 

1.12 to 33 13 % 13 % IS 
112 86 *100 303 003 L 

1 X 4 28 182452 37 % 87 % 37 % 

oxo ox is an 23 % a zs% 

828 10 484679 21 $ a$ a’ 

004 l.iaa 78 20$ 20* - 

na rij 7 


43 % 33 fttt 

", 25 % PHCfa 
. 80% m tax 
14 $ 9 % PSQranp 
28 % 19 %PSIx 
TS% 14 % no M he 

28% a%Ftee Satan 
19 % 18 Pedes 
24 % mPtefiat - 
HS 2 %Ptaffi 
, 58 aoPTatad 
19 $ iSPMneW 
1 20 % 15 % Pal 
:lB%PHMEk 
t Parti BteU 
jPlikDr 
34 PWMS 
1$ fttokkft 
6 %PMtatPrz 
3 Patten Dp 
j 25 %PacoB) 
n 57 %Paanft 4 J 
» SQPnnof 
27 % 22 PamPL 
56 $ 45 $Pma 
32 % 2 gaPBtqfil 
a% 25 %PapBoy*M 
41 % 35 %itopitop 

S 39 % 27 Ptofiai 
a$ 16 % Partita Fin 
4 %PanteanBa 
5 $PnyDmo 
19 $ 18 % Pat he 
80 % Z 7 %MtaX 
23 % 23 % Pairte 

M$ 53 % PRzarx 
" ;j 47 %PMW* 
1 ®% 54 P 6 K 4 J 
, B 2 MMEit 
100 % 99 % PME 7.75 


jFPgrtaifB 
. 8 %Bg«ta*P 
. 1 B%ftMCp 
24 % Han 2125 
|l*$ lOnoaurFn 
1 14 $ 13 Plena 

an 303 PtoWj- 2 .l 2 
48$ 37PRBBJ6 

a% a$P®to 
28 % 19 % Flaw Don 
27 $ 20 % Plata PM 
13 8 nutated 

XABiOtekt 1 X 2 SX 13 7 ® 


S 12 $ 13 % 
24 % 24 % 



872 1.7 24 £ 41 $ 41 
0 X 2 25 67278 38 36 $ 

808 28 2 485 2 d 1 $ 

2 1137 9 % 8 

840 18 X 15 30 ^ 2 ^ 

<70 52 51 % 

997 15 % 14 

620 


a 

16% 1 % 




15 


3 $ 2 $Wteatetaar OXB 23282 
10 % B%WdAmWBittOX 2 03 27 
10 % 8 %MdAnfl 0 X 8 88 
61 ®$MMr OJB 1.1 44 1175 50 % 

56 % 48 % IMI* 108 26 B 3591 50 $ 

Z 7 18 Wags tos 3 * 405 20 % 

!$ 16 % MSMart 848 25 » 104 19 $ 

1 % 17 %l**RBfi 853 28 40 19 % 

7 % BIMOorp 14 2070 3 $ 

28 SMtotftBk 0 X 8 0 X 185 43 26 % 

82 $ 72 Matrix 3 X 0 41 16 489 ( 82 % 

20$ i 4 $Matactear 11 in 14 $ 

12 % 9 $MoaMdix 000 20 37 ® 10 $ 10 % 10 % 

ig%-n%HteMulh 81 B IX 8 BB* 12 % 12 12 % 

83 % 72 $ Mntoto x 252 21 1913*1 81 80 SD% 

10 % 5 % MotfEriteg 879 83 2 408 9 % 9 % 9 % 

25 $ 22 $ Montana ft) 1 X 0 7 X 11 309 23 % 022 $ a 

2 D% l»MartBoreGI 1 XB T .7 9 ffl 17 % 17 % 17 % 

20 $ 17 $ Moore Cttp 0 X 4 GX 24 282 18 $ 18 $ 19 $ 

72 ffl MnrUP 272 40 740 ® B 5 % 84 % 84 $ 

11$ AMorpanGRai 1.18 llx 5 10 % 10% 10% 

89 7 B% wgaaPft 5 X 0 81 9 5 Z% El% 81 % 

13 % 12 Morgan Hgn 0 ® 23 C 7 12 % 12 $ 12 $ 

9 Morgan Pr 63 47 6 5 $ 5 $ 

a 0 $SS$ngaBt 100 21 8 4943 58 $ 50 58 % 

‘ a® 3.7 ia 540 a$ a% a% 

1.12 IX M 31 az 78 $ U 78 % 77 % 
028 OX 1219669 44 $ 43% 44 $ 

0 X 3 7 X ° 

, 872 7 X 

B% MHdtfpte x 0 X 5 7.1 
13 % 10 $MankrtaKi 008 BX 
*8 a%Mq(qiox 1® 11 a 
- “ 822 IX 17 


K 30581122 % a% 

on ix a ao 31$ a% 

11 358 30 $ 38 % 

040 05 45 432 U 4 Z$ 42 % 

006 3 X 12 407 23 % 022 $ 

11 14 13 % 13 $ 

0 X 8 04 95 13 % 12 $ 

002 29 ZD 246 

1 X 8 3 X » ai 

1 X 6 AX 9 2848 
OXB IX 1710828 
004 07 18 320 

1 X 0 20 14 782 . 

040 IX ® 11 B a% 

25 299 13 % 

2082215 3 20 1 

104 20 74 0913 58 $ 

000 OX 9 781 32 % 

8 ® 28 18 < 1 ® 9 % . 

42 5291 37 $ 35 $ 37 $ + 1 $ 

1 X 0 50 ® 2 » 19 $ 19 19 $ 

042108 96 3 $ 3 $ 3 $ 

1.12 28 II 144 41 ’ 




a% 32 % 
9 % 9 % 


1 X 4 40 12 

818 asx 0 

4 X 8 7,7 
7 .® 81 


29 $ 21 % Morrtcn 
111 $ 77 $ Hrtten 
55 42 %MSato 
$ jlMto&Rote 
i% 7 Hmmg 
9 %MoPn(r 


+ 1 $ 

it 



m *0 
a 25 24 $ a 
16 d A d 

2 53 53 53 

730 91 $ 61 $ 91 $ 

Z® n 0 B& 88 

a® 98 dB 8 99 
1 TB 80 10 3904 26 $ 26 % 28 % 
9 7 ® 12 % 11 $ 12 $ 
1 52 1 $ 1 $ 1 $ 
1 X 4185 B 957 17 $ 17 $ 17 % 
0 X 9 IX 19 112 38 $ 39 $ 36 $ 
004 IX 8 1905 " 

135 
82 
403 

201 i: 

572 li 
424 

397 8 % 

1683 7 $ 

M 
14 1 


1 15 % PogoProd 
i 29 % ran 
. ..j a$ nemn 
42 $ 37 $ PoftOas 
“ I 22$ PopaAIM 

10$ ftnactae 

l2%PortopalF 
: 22% Pawn 9u 
: ®$ftMiz 
i 18$PMB> 

18% Prater 
...j TBProeWan 
88$ 87% Proms* 

28$ 20$ Prow 
15 li Primk 
1$ %PrimobtoLP 
«5i$Prodfi 
40% 27$ ftgnarOb 
14$ 7%Piteeru 
65$ 29 ftma 

a$ 1B$ Prop Tr Am 
3$Proq>Si 
40%Pmu 
ia$ 24$ PnuB 
$ %PlBdfttoC 
«a$Rdtorv4Xe 

102 a PUSm7M 
W rapbSareCtex 7.15 81 

103 mppsonrpx 7 xo ax 

82 2S$ PbS«EG 
nnSNairtl 
i 1% PUbBtecv 
16%Fb0MS 
34$PUDP 

22$PU8o __ ._ 

9% PDhnDMn x 878 XI 
9$PStHaftgW* 075 7X 
7$ ftmtadGax 0X0 81 
11$ ftfiuriteGrx OXG 7 S 
i Putoam Mn a O0B 73 
~ 1*0X9 OX 

7$ PtenaaMux 876 9.1 
7$WUn«teaz 872 84 
I 61$ QnaM 112 30 IS 2759 
12$ Qatar St x 0.40 29 27 233 

T Oman OXB 2X1® 2020 20% 1_ . 

24% a$QU0teWO 100 5.1 37 23% 2% , 

_1z amrtW P« 10B GJ U 12% U% 12$ , . 

£$2S$QlMtar 1.10 04 15 2® 32 a$ 32 *$ 

38$ 34% EUdcRIr 848 IX 7 IK 28$ 28$ 2B$ ■*% 


3 



12 % 1 D$MwnlE 
23 % 15 $ M)tan Latte 



816 OX 18 4348 20 % 19 $ 

- N - 

100 2 X 14 ea 46 $ 46 % 46 $ 

1 X 0 10 14 9 80 58 $ 90 

OXB IX 41 44 64 % 33 % 84 $ 

896 ZX IB 10 J 3 33 $ 3 z$ 33 $ 

872 29 7 317 25 d 24 $ a 

0 X 2 27 91610 11 $ 11 $ 11 $ 
«« 68 % 54 % 



40 35 HB 8 Bancp 

65 $ 56 $ KCHCizp 
‘ 45 $ Ham 
32 $ RtecaCha 
24 $Htan 
15 $ 10 %NURBUX 

53 $ 44 $KwGk 1 X 4 34 12 «Wil.._ 

42 $ 3 S$ ITWteWl x 2 X 0 85 17 407 40 $ 39 $ 40 

1.72 55 15 £ 44 $ 43 $ 44 % 

1.18 40 11 988 27 " 

844 is a 67 V 

20 436 
7 139 
1 X 4 M 13 6 K 

126 11 K . 

048 3 X 147 4518 10 $ 

1 X 0 43 17 151 44 43 $ 

4 X 0 6 J 15 82 % ®% _ 

122274 16 $ 16 $ 17 % 
1 X 8 40 16 392 26 % a 23 % 

6 « 11 $ 11 11 % 

1 375 19 18 $ 18 $ 

8 X 011 X 5 51 50 $ 50 $ 

100 4.1 11 1236 28 fa 29 $ 29 $ 

000 IX V 123 15 % 15 $ 13 $ 

® 363 7 $ 7 $ 7 $ 

PteT 1 X 0 SB 10 837 1 S% 817 % 18 % 

05411.4 a 3 4 $ 4 $ 4 $ 

224 8 X 11 2478 34 % 833 % 34 

0.12 ix sn izH 12% 11% 

1 JQ ax 12 131 22% 822 22$ 

1 X 2 6 X 24 245 K$ 

2 X 0 90 11 8 ® 24 $ 

0 X 0 Id 18 1566 41 % 

(UO 3 X 40 398 H$ 

0 X 5 OI £ 413 3^2 
848 10 34 1683 39 $ 

0.17 03 1610024 
3 X 0 18 am 
a® 8x zioo 
1.12 06 9 41 ® 

on ix ia mas 

1.44 4 X 12 578 
000 28 4 205 
LIE 05113 SBC 29 $ 

008 43 2506 ft 

3 X 0 AX 18 34 $ 

43 119 5 $ 

1 X 2 11 151*81 61 % 60 % fli 
on IX 241145 34 % 34 % 34 % 
MO IX 10 SO ^ ^ ^ 
on 2219 54 


. 8 5 % RJRMi 

27% a$HJCtap 
16 9 %R 0 CItaaui 
♦% 3 % FFSRaai 
HA 13 %Rtfcorp 
48 $ 33 %ratoPx 
40 $ 33 % HegChmi 
18$ 14 $ r 


w +% 


12 $ 7 $ Ka Bud 


laiwoaatw 

1 ^tawAmHU 


17 $ 


48 37 $MmiM 
61 ABHBtesCa 



14 14 $ 
39 % 38 $ 38 $ 
W$ 36 % 39 $ 

sj$ a$ 93$ 

« 98 BB 

SS St ^ 

57 86 $ 56 % 

van 
7$ 7$ 


-R- 

83 4 OT 8 8 $ 6 $ -$ 

0 X 6 25 9 S 22 % 22 % 22 % , 

015 14 173 101 * 10 % 10 % -$ 

0 X 2 8 X 87 353 4 4 4 

845 14 $ 14 % 14 $ % 
100 ax 10 732 34 $ 34 % 34 % , 

: 832 0 X 177 2978 37 $ 38 % 37 $ *$ 

IF. 0 X 2 22 6 2 ® 14 $A 4 $ 14 $ ♦$ 
. - 1-40 23 12 1751 62 $ 91 % 82 $ 4 $ 

1 47 $ 29 $ RatekraD A 1-40 1*17 1018 41 

1 7 % S%nasdBteaa 122 3 ® 6 $ 

1 B$ 16 $RtaKm 1 XZ 7.4 15 15 17 ? 

is 155 9 ? 

2 &$Rsdbok 0 X 0 1.0 11 1570 20 $ 
i ftllRagriW 23 1074 uM B 01 

0 X 2 SX 0 770 5 $ 5 $ 

1 28 $ Rotate AOR 003 22 18 22 ® 33 % 33 $ 

faSSt“ r ’X 2 2 X 9 1095 49 47 $ 

15 %raflb 17 183 1 B$nS$ 

, 3 ^*^ 5 203 7 % 7 $ 

W$Hai(teU* 834 1.7 7 940 ®d 19 $ 

Ssfig* in M 8 1597 45 «$ 

16 % RhoiMP ADS 203126 

MlfttauPRorz 1.12 30 11 i«f ... 

13 5 SSS on li 13 2079 19 $ 10 19 $ -$ 

JP 5 S 11 . 1 a® 15 fflE w 

HobvtHte 87 as 35 $ 34 $ X >% 

1 - 7 G 7.9 11 553 22 $ 21 $ 22 $ +? 

0 X 1 3 X 9 1599 22 % »$ 22 % + 1 % 
0-70110 SVtW 5 % 5 $ &$ -$ 
in 20 13 2471 35 $ ri 34 % »$ **4 
16 95 6 $ 45 6 . 

1 W 0 24 33 11 ® 58 % 57 % M$ 

12 IE® ID B$ 10 

0.10 22 ® 3 ® 4 $ 4 % *$ 

on ix a n 26$ os$ 26$ 

on 10 is ae it$ 17$ 17$ 

93 MB 7 $ 7 $ 7 % 

1.41 SX 10 29 $ 28 $ Z 8 $ 

4.11 17 19 BW 111 $ 110 % ll< 

1.15 90 ZD* 12 $ 11 $ 11 

0.45 1.7 20 1601 ■ 26 $ 



5 18 %dl 6 $ 16 $ . 
91 33 $ 33 $ 33 % r$ 



*$ l 


(•tan it 

raWTrL* 


ftoscfllW 


7 $ 


[ 15 $ 

a »lkacpx 

ft* 

2 i$ raws 
i 7 $i$tart 0 ro 


20 $!M»SAM#» 


on IX IS 45 15 $ 1 B% 1 L- 
* on 44 22 584 13 $ 13 % »% 
0 « IX 24 M 7 28 $ 29 % 2 ^ 
18 251 17 $ «% 15 % 
9 X 0 20 15 2771 22 % «$ 22 % 
On 30 37 118 18 % 19 $ «$ 

- 8 - 

1 X 6 70 13 310 16 $ 

11 $ 


t 

1 

! 

& 


-% 006 30 a 29 1 

-$ 108 5.9 5 482 

If? 13$6ahtaW» 1X7 7X 0 16 1 


12^ 



13 

10 15 88 16 % IE . 

14 » 30 $ 36 $ ^ 7 ? 
839 24 9 211 15 $ . 13 TR$ « 

Continued on Deoctpa^ 




FINANCIAL TIMES WEDNESDAY MAY 18 1994 


IpmdoxMay IT 


iiYSE COMPOSITE PRICES 


37 


NASDAQ NATIONAL MARKET 


4pmctosaUayl7 


t»* _ m, n to 

llgfe.uita* M U » 

Continued (ram pmriout page 

27 10% SMtamy. 22 1114 

~ is 


Wa* 

osm Pnr. 



22V 22% 

3 A 


« 3448 mwvw sjn 7 jiB n 
26 V lOVSWftP 0.10 03 11 4478 
KSSHiMM 
50 *t 42 V Gobi Dip 
20 % 12 V Scoop 
40 % 34 * SctmffiP 
68 % 54 V SOM 
61% SOVSaank 
33 25 V SdMMQ 
10 V 6 ja SdMDra 
3 fl 5 244 saw 

1B5 13V Scttnwn 
40 * 37 %Batt> 

28 *, ig^ScuUMtf 021 1 J 1 

12V SVSmUWif 0.18 M 
18V 13%8aaCaB 070 48 


- +v 

26*1 27 ft 

78V 77V 4135 

*V 8 * -V 



020 04387 118 
MO 07 13 82 
M 0 OS 7 382 7 
8 S 4 S 

1.40 3.7 7 3451 3 
03 13 344 12 V 12 ! 

0 * M 6 356 B 50 V 48 
1-52 7 J 10 868 10 % 

018 IX 81 OGB 8 

35 % 

- „ 28 V a* 

084 uam 22 % 2 Z 22 % 

182 OS 11 3 S 0 43 V 42 % 43 V 

142 102 8 0477 14 V<naV 135 

3 13 34 %« 4 % 34 % 

2 X 4 3.1 15 S 92 ESS 84 % 66 % 

120 11 3 2734 57% 5B% 57 . , 

028 09 1*4819 30 V 29 % 30 % + 1 % 

» a 85 8 V 8 % 

012 04 3 2840 83 V 32 V 33 
0.10 07 12 15 13 V 13 V 13 V 

080 10 11 2888 *6 45 45 V 

128 22 21 V 21 V 

58 11 V 11 11*5 

78 14 V 14 V MV 
155 155 


3 

♦V 

ft 


15V 15V SaB^. 4625 MB M 8 18 

„3ia%jtagrni 058.12 37 2882 2#% 


2SV 

31% 


341120 28% 

21 214 28 27V 27V 

14 7 2438 48 47 47V 

72 148 115 11% 11% 

07 30 2656 3ft 2tf% 29% 
060 10 S 3 30% 30 30% 

14 18 7 3tn 305 305 

IJ 10 1013 24% 24 34% 

34 t2 377 24% '2% 24% 
WB 1.3 21116*1 185*85 1" 
Ht 060 35 21 8089 23V 22 


55 % 42 % 5 aaaR MO 
13V HVSDfiiaSMx OS* 
»V2B%Sen»n« 022 
38% 27V S*JMA 060 
40V 2S6 mhB 060 
2B22%5mQ> 042 

28% 2SMMr 062 
as 17V 

24 10V 

14% UVStatyW 
67%afl5Ehdm 
35V 2BVSIMW 
i WVShwwpi 
: 16% Stowtxn 
; 17% Skna Roc 
. 5%SfeoBWni 
34V B* 
i 20% Gaunt* 

1lV Stator x 
_ . 6% Stater 
24% 17V 90*» 

5 3V8LMI 
tSBflhGoro 
,Sh*Wb 
j 26% SKBcM 

30%23%«HEqu .. 

34% 18% Ikntt* FBx 062 17 12 
26 aovsmuetarj* D5D 12 18 33 23 

44%35VSr«>Wrx 1.08 34 171178 3SV 

“ ' " 024 1.2 28 385 19% 

27 4313 26% 
108 3,7 0 2722 29V 
047 05180 199 57% 
024 14 66 2193 13% 
360 U 36 40V 
33 



028 14 26 2 11V011V 11 

347 44 21 299 67 
OSS 14 10 1680 30% .. _ 

11 9667 16% *6% 

010 OS 22 421 20% 20 3>4 

1-12 6.1 11 327 18% 18 19% +% 

1 IS 7% 7% .7% ft 

140 14 13 3126 <1% * 

2923878 22% 2 

148 06 33 18B 12% 12% 12% *44 

016 13 49 70 65 8V 65 *% 

048 16 17 88 185 18% 18V ft 

006 15 14 68 4 3% 35 -% 

0203486 121 5% 5 5%+% 

1114% 13% 14% *1% 


112 8391 1 


142 <0 15 
142 44 185* 

147 


9 30 % 295 30 % 

i* m 5% 

19 18 V IS 

S -28 
35 V 
19 % 19 V 
25 % 25 V 
28 V 29 

56 V 57 % 
013 13 % 
«% 40 % 
33 33 


21% 17%amfesr0« 

34 25%Sniwrai 
33 23 Stmt 

61 V 49% Sour 

ISV 13EMhebys 

46% 40% Scuta C« __ 

45% 32*SDUftCar5» 2X0 7.8 2 

24l8VSlhJenM 1.44 74 12 182 20019% 20 +% 

30 22% SMn 060 13105 1132 23% (122 

22l7%SCaMlx 5 40 6.4 10 63 IB 

20% 18% SddUKp 098 14 81284 20% 

22 17% 86x0) 1.18 03 513413 185 

33% 26%SDUBnSEx LBS 60 n 59 27% 

38% 28VSNEM .1.78 5.B 53 809 30% 

36 24% SOU* 004 04 237738 

19% ISSwMMGm, 078 44 20 178 1 

185 15% SDnaWEntgr 044 1.4 16 447 1 

3»V 24%SMMM#Srx 240 69 B 875 

12% 9 Spa*) Fond 046 44 268 

11 » 

012 07 2 1i 

140 SB 11 88 3 

140 27 2611837 . . 

040 18 18 2B9 14% 

0*0 24 8 3 17 


18% iS S 

SEA 

27% Z7 


7% SVSpfrtmCp 
18% i«%Sph«0x 

S 30%Sp*0 
32% Spirt 
18 14%SM* 

19% 14 SW Comm 

285 14% SB) Motor* 

125 7%SMidPacUxai2 1J1 58 
38V28VSUPR1 
30% 24%SW1dKX 
37 31 



042 10 11 565 18% ig 15% 


30 


751 9% 

084 21 14 164 30% 

058 10 17 113 28% 

MO 10 20 79 34 

148 16 18 213 S7V 37 37% 

388 37V d37% 37% 
008 M 20 25 225 d22% 22% 

- 044 61 17 10% 10% 10% 

_ . 24% BVMA x 080 14 8 2418 2S% 24% 25 

7V 55 StalgBap 040 20 8 IB 7 d6% 

8% 35 SMtaDwm 046 1.1 03 308 7% 7V 

23 727 31% 30% 

012 14 4 8 8% 

040 14 35 253 32% 

071 44 3 4090 14% 

21 107 — 

084 &0 18 230 
87103 
39 720 
038 ID 10 929 
140 61 16 316 
030104 0 3 

1.10 104 7 *8 
024 44 4 217 


S SMflDB 
Sanaa 

11% 10%SWalU 


jSMBDna 

35% 26l 2 StarfoSwa 


... 7%S8WBn 
32% 27% straeSWan 
18% 9% 6m CM 
27V 19% Stop Shop 
18 13% 3n£qu 
41 V 25 Sritt 

3? 22%SX8hD 

185 12SMM» 

33V 235 SXrmHDir 
4% 2% Sim am 
10% 10V Son DM A 

5% * Stn DVB . 

7% 5% BunfiMgyx 048 44 57 97 
43% 33%Srasirx aw 1.1 12 600 
49 41 Sad* 1.20 2417 363 
11% BSmxMmPt 1.18122 122 8% 

3% l%SUltatt SB 2 

47% 43% Sot* 141 17 1310201148% 
14% 11 % Sm fold x 030 24 14 03 12V 


3 

S 

i 

a 

14% M5 +% 

J | 




48% SDSmkr 
40% 30% Sopot 
20 11% SupCwx 
235 18SWWH* 
27% 15% SyooolTac 
10 V 7% sim* Dtp 
ia% lOVSimmFn 

23V 12% Syntax* 
29% MSyso 


012 04 21 1611 31% 30= 

096 18 12 1033 31% «* 

0.16 14161302 125 13% 

006 04 146 195 19% 

Si 1557 26% 25% 25V 

040 24 W 16 8 75 75 

045 16 15 82 17% 185 17% 

14* 4.4 12 4467 23% 23% 83% 

038 1.4 21 1605 25% 24% 



ft 

% 

i 


- T - 

65 5TC8Y Ertar 020 34 22 » 5% 5% 

34% 28% TCP Fkmc X 1.00 11 10 46 32% 32% 

3% fl%TWCtw3 094 9.1 250 9% 8% . 

*6% 34 V UK Cup A 047 10 46 17 45% 45% 48% 

2% 1%TISM«a 040 04 0 53 u2% 2 2% 

29% 21% TJXx 046 24 13 5954 22% 22 22% 


A 

9V 


TM. w a 

a i e n* . 

IM, M%TWBBfcxpx 143 11.0 14 171 V 
81TJW* 
iT2Madd 


12% laiMvPf 
44 % 34 % Tmtnk 
16 % 10 %imka 
aovmxir 


lfl» 9% Turns Unix 072 74 

J6V Two 6*^ 191 0215 1596 
33% 23%TttiK 
4 2% Team 
26% 14%T*UMi 
46% 34%TeaEgpS4 
16 50%Tt«B« 

64% 43% Tux** 


148 1018 285 E2V «% 62% 
010 09 91368 10% 10% m 
308 30% 29% 30 

042 06 10 111 6% 6% 6% 

1J00 01 11 11 11 n 

146 A3 IB 1276 38 35% SSV 

2 341 11% 11% liT 

040 1.7 141400 — 


,ss 

I Ckm 

A 



30% 18% TS3W8&T*B( 0.17 07 87 

6% 6%TsnxXHH> 040 07 
8 6 V TtmpiCJW X a60 84 


040 2.1 18 J872 2S*i 28% ^ 
„ 18 46 3% 3% 3% 

060 44 5B 1158 16% 13% 18% 
145 24 62932 41% 40% 4p 
148 17 1131708 57 “ 

1.00 2.1 40 1039 461 


£ 




81% 20% rendu* 

95 6%tSST^ 

8V 6% Tana km 



140 34 17 5403 
140 82 11 107 

20 1693 21- 

008 09 0 150 . . _ 

008 1.1 23 57 7% 7% 7% 

21 230 11% 11% 11% 

320 40 14 3245 64% 64 84% 

323 64 S 51% 505 51% 
020 06 41 180 3t% 32% 33% 
072 M 1410630 73% 6SV 73% 
040 10 2* ID 195 195 195 
346 06 194891 32% ififV 32 
1.1031.4 Z 187 3% 3% 3% 

1.40 24 12 1997 56 5t% 54% 

206X100 4% 4% <' 

035 n 49 16% 16% II 
02B 14 27% 27 

980 37% 


■+V 

+1 


12% SVTanra 
68% SlTaxaca 
515 50 Texaco C 
39V 29% Tam ka 
89*2 6115** 

21 % 18 % loan P* 

43% 31 VMM 

4% 2% Texfltnda 
60% SOVTaxfen 
4% XThoctarar 
24% 14% 1M Cap 
37% 24% Thai Fend 
44% ssTimnoBse di2 04 21 
20 22% Thtob* 048 18 7 STB 24% 23 
81% 81 


SB 58% neat 12* 34 21 267 
16% 13% Hump bid 040 16 40 155 1! 
41% 28% Hmmn Ad 140 05 IS 122 
23% 19%7Uafrx 
34% 28% may 
44% 34%TmWvn 



3 

i 


S7% 23%TMMr 
37% 321WGBnx 
8 25 TBsnClp 
13% unaaHx 
4% 4itaddEbp 

2 § - £ — 

ib% 115 To* a™ 
7S 60% TentdaH 
49% 36% Tdatk 
38% 2S Toni Caro 
X 28% Tom 
28% 22%T0tt&lt 
40% 32%TpAJB 


TITokBBknCo 046 44 35 
25%Tdai£241 x 241 104 


E m£i . 

040 14 34 1792 21% 21% 21% +% 
026 04 49 915 32% 31% 32% +% 
032 04 673890 38% 37% 38 +% 

146 34 2* 882 31% 30% 39% -% 

140 3JJ 7B 205 33% 32% 33% *% 
7 739 5% 

140 84 4 12% 

5 838 4% 

34 t ' 

7 



+v 

a 

% 


iTmwm 


>iB% MlVnm 
14$ i2%1TanaadR 
17% llimndaoii 
43 32%7tmb'X 
16% 13%7rad#B» 
37% 34 TrtCM15 

26% 16% TlllR 
1% 55Trbune 
1% 21%THQxi 
1% 33Tik«r 
«{ 31% Tmortx 
32% 24%THRai 
4% SVnxaonH 
7% 4% naanCip 
m% 8%TlaMdiai 
26% 14% -Ml CM 


13 212 l; 

036 04 16 16 81 

1.12 24 11 82* 

0.4a 19 17 520 25%d2ft% 

060 10 12 1173 30% 30% 30% 

014 04 36 13 23% 22% 22% 

23 5237 34% 34% 34% 

1.92 02 10 59 23% 23% 28*2 

100 34 0 561 53% 52% 53% 

DBS 07 13 95 £4% 53% 54% 

060 34 11 166 19% 15% 15*2 
S 7 14% 14% 14% 

09* 14 10 147 12% 12% 12% 

040 14 8 5826 34d32% 34+1% 

034 1.7 14 70 14% H% 14% <% 

150 7.1 8 35 34% 36 

10 40$ 18% dl6 16% A 

144 1J 23 1058 60 50% BO *1% 

076 3.4 313 22% 22 22% ' 

088 .14 21 SSO 37% 38% 37% 

048 24 89 424 33% 33 33% 

OW 03 54 5060 30% 28% 30% +1% 

32 1624 3% d3% 3% 

020 IB 35 406 5% 5% 5% 

012 14 56 B% m% 6% A 

064 44 41506 TB 15% 18 


21% 18%TMnM*ex 070 17 18 3 10% 19% 


36% 44 Tyco L 040 04 28 1246 45% 44: 

10 aikoT 010 1.1 4 413 9 

6% Slykr 74 101 8% 5% 


33 

5% 5% 


+% 


a 


28% 23%UJBFbi 
8 5% IAS 
81% 49 USF864.1 

38 21%USB 
20% 23% 1ST 
51% 49% USXCWM 
150117% UWL 
Wit 5%UDCIftl* 

24% 20% IB Carp 
11 % BUMCkc 
27 20% UnH hex 
17% 14%IMbat 
74% aoiMhr 
120% lOlUnWx 
30% 42%UnCnp 
27% 21% UoCadix 
13V 10% IMnCap 
54% 471*0340 
87 53 U044O 
39% 30VUnBac 

87% 65% UhPac 

27% 23% ttdonPMtx 084 34 9 244 
22 l6%UmanTam 020 tl 53 1324 
2% VuoMFn 
16% lOUrtsy* 


.117% 
dJij ft 
21 21% 
ft ft 

24% 24% 

16% 1ft 
61% 61% 
103 104% 
46% 48 





- u - 

0B4 34 19 1203 27% 27 27% 

36 S ft ft ft 
4.10 64 48 *8% 49% 48% 

54146 22037% 21 

1.12 42 15 2878 26% 26% 2ft 

3.75 7.4 40 51 5ft 61 

SB' 77911B%dl17% 

148 305 4 351 5$ 

148 64 23 338 21% 

12 209 ft 
046 13 15 335 24% 

01D 07 16 112 1ft 
180 4.6 8 10 61% 

4.54 44 15 1361 104% 

146 2.4 83 941 46 ._ 

075 17 27 6276 U27% 27% 27% 
18 166 10% 10% 10% 
150 7.4 rtOO 47 d*7 47 

440 7.7 HO Sft 58% 58% 
248 74 11 1794 32 31% 31% 

140 24 IB 1826 56% 65% 56% 

... 26 25% 2S% 

19 18% 18% 

0 27i a h ii 

177274 7 6540 10% 010 1D% 
22 153 3 Z% 2% 

098 11 18 366 30% 30 3ft 

078 55 71 331 14% 14% 14% 
020 1.0 18 19 20% 20 .20% 

093 OI IB 5388 48% 45 4ft 

17B 01 ID 112 34% 33% 3ft 
026 44 5 142 ft ft ft 
36 11$ 11% 11% 
14 21 A i* 1* 
012 14 01732 ft ft ft 
020 14 132737 12% 12% 12% 
37 58 20% 20% 20% 
2 583 16% 16% 1ft 
144 34 8 53 37V (06% 37% 
032 1 J 82 1553 13% 18% 1ft 
008 0$ 5 1205 17% 17% 17% 
114 54 35 BOM 40% 38. 

140 U 101349 64% BSL . . 
092 9.4 13 107 14% M% 14% 
25 M6 1ft 15 1ft 
IMvtadlX 092 18 14 895 33% 32% 33 

UnkHai 146 64 11 43 17 16% 1ft 

0 74 % Q24 (L24 

030 39 31 40 10 <M% IQ 

096 52 10 780 1ft 18% ift 
060 39 20 3010 27% 2ft 2ft 
096 11 11 3155 46% 46% 46% 


1 

A 

A 


. . .IMM 

S l2% UdDtanRtr 
18% UUOonM 
4ft STVlMttam 
40 33% unarm 

§ 5% lAMmr 

lO%UkftlWWai5 13 

% lIuawcM 

1ft 6% USA* 

ift n%usn& 

2ft iftUSFto 
2B% l6%U9Hom 
41% 36%USUCpx 

19 % uVusam 

32% iftUSSUO 
46% 38 V US0M 
72 5BUtf7KX 
14% 12% UAMarx 
16% l3%Unlnxk 


40% 41% 
64% +% 


LXiMM L 

12% 9%UntivQp 
26% 17%UnMGrp 
30 24% um 
SB 44% UNUHOnp 


■MB* 114 W t» ' Ckm 

Hp irnMaok Dir * I Tau Mak law m 

sftaftm v*a 50 13 ass »% sa% a% 

17% iftUSLED 024 1.4 6 26 17V 17 17% +% 

10% BVUSLFEklOX 030060 12 9% ®V ft 4.43 
16% 15% USX D 068 494252031 

20% USX US 190 39 7 3403 

, USTMN 020 14 10 1M M% 

j U0cpf J73 1.78 05 42 ‘ 

lUlcixpx 1.58 59 14 337 26%d274 

- V- 


^ 17 -% 

31% 32% +1% 



SSV 44% VP CD 
24% 19%Vkn£x 
12% 11% MnMGBtX 090 44 38 
7 4% WWW IU8 14134 2 

»* 090139 213 

'x 1J0115 64 


148 17 12 1030 48% <7% 
062 16 810 2B% 

12 


12 % 10 % 1 . _ 

7 5%HW»M 
39% 28% VBdn 

Bftaftm 

15% IftlkMW 
7ft 84% vtesn-oo 
4Sf 32 %VWj^W 
25% 2DVUXM* 
2ft 20% Vhralnc 

94% 73% Wonkas 
14 10% WUrkar 

18% T< H» CD* 
3ft StVVmdo 
81% 44VUCCU 


084 77 120 1 

26 222 
024 07 11 831 
26 840 
7.12 84 0 2 

590 73 XIDO 

18 789 3ft 
9 44 2ft __ _ 

IB 260 23 2ft 2ft 

M3 1 J 24 1262 70% 7B 79 

17 31 1ft 10V 10 

17 471 17 16% 10 _ 

100 99 41 180 34% 34% 3ft 

142 29 18 81 45% 44% 44% 

- w - 



IB 898 22 21% 21% 

192 79 13 171 Z7VH27% 27% 

30 2023 17% 17 17 

149 3.7 11 1285 32% 32 32% 

48 13 13 13 


A 


43 1283 4% ft 4% A 
14 19 1106 40% 40% 40% A 
29 15 244 21% Jl 31% +j|g 

£3 



. iftWatmnog 
34% 2ft won Rax 
iftwayQ 
4% WtoCcal 
.. . 13% won Warn 
20% i5%PMpae 
38 2ftkttm 
51 V aftiayrtwr 
21% 77% WbasUxfa 1 
' WMplx 



2ft 21YMSM 
32% 27%WHHDaSD 
20% 13VMOTK 

3S%30%mtnx 

1ft 12% Wackantaix 048 16433 
5% 3% Wtfaoco 
4ft 371Momx 096 

38% 30% WaEcaCS 094 _ 

20%22%want 017 07 233ZQZ7 23*2(22% 23% 

5% ftHHnarkW 004 14 7 32 3% 3 3 

7ft SlWDtUo 144 39 33 3946 72 70% 70% 

18% 1ft«H&amrx 190 69 25 285 15%dl4% 15% 

*2% 58% WHpa. 222 50 13 168 37% 37 37% 

25% 20% WBHW 198 5L1 B 27 21% 21% 21% *% 

28*221 VWamra 440 19 18 46 238% 2S7% 238% *% 

3319%«WMn 0.48 M 22 756 u33 31% 33+1% 

3% 2Wmrnilad 098 39 0 7 2% d2 2% 

13% 14% HMD (MX 020 L3 18 115 15V 15% 15% ft 

40*2 36% Wntogmaa 248 01 27 712 37% Vh S7% A 

11 B%«Uru5> 084 7j 12 52 ft 8% 8% 

072 39 14 111 24% d24% 2*5 -% 
032 07 12 478 ft ft ft +% 
040 03 18 12BB n2*% 23% 24% +% 

490 17 13 1861 M7% 144V 148% *2% 

044 \A 22 542B 17% 1ft 17% +% 

044 U 16 14 23% 23 23% ' 

098 51 11 481 17% 17 17% 

288 42% 42% 42% 

131238 12% 12% " 
5110849 12% 11' 

040 09 21 148 " 

043 1.0144 127 
198 79 BIBBS 27 
040 19 1912800 1: 

092 09 0 115 

25 IBS .. , 

039 12 5 91 18% 

1.10 IS 40 418 31% 

140 29 15 3571 41% 

01D 06 22 14SS 19% 1B% 19 

142 11 16 1983 57% 55 57% +2% 

17 4 11% 11% 11% 

034 12 15 348 15% 15% 15% 

17 7 14 ift 14 +% 

X5B 59 15 73 28% 27% 28 A 

010 1.7 12 1092 6ft B +% 

084 29 12 1882 29 28% 29% 

095 06 14 29 6% 6% 8% 

040 10 17 335 10V l®% TD% 

144 11 14 148 4ft 45% 46% 

25 164 12% 11% 12 

141 U 13 1833 24% 24 24% 

178 6i4 11 138 2# Z7% 27% 

040 15143Z100 15V 15V 15V 
190 39 59 1607 27% d2B% 27% 

060 13 28 5646 26% 20% 2ft 
016 09 12 B96 21% 20% 20% 

1.16 69 4 3705 17% 1ft 17 

140 7.7 42 15% 15% 15% 

14 275 4 Oft 3% 

048 19 33 722 50 40% 48% 

043 M IB 273 Ift 18% ift 

044 10 13 12 21% 21% 21% 

-X- Y-Z- 

104V 87V xaror 390 39 42 3062 98% 06 96% +1% 

50Xarort.l25 4.12 7.0 3 54% 54% 54% 

. 40»aCttpx 096 14 21 355 4ft 4ft 48% +1% 
25% 20%VMCMEB 1.16 59 11 23 20%d20% 20% A 

40 3ft YtakU 016 04 18 7S 3ft 35% 36% +% 

* 5 Zapata 157 4% d*V ft A 

J% 7 MB 3 3300 S ft ft 

MV 20%2anBaHat 1.00 4.4 8 97 22% 22% 22V 

7% ftZankkmx 092 114 33 7% 7 

16% llVZamx 040 33 14 304 12% 

2ft 20%&ntH 086 4.1 60 1M 21% 21 21% +V 

13% 12%2Motad 1.16 01 294 ift I2*j 12V +% 



27%fl*acPi*e» 
18% T5M6aarO 
35 Z7%WBDOom 
30^ 22% MKT 



“A A 


10V 9%noTalx 014 99 541 ft 


9% +% 


ftto toa anM ay 7aUua 


I HBka Md taw kr H>3E iWM Ca pwkM taa ka 1 1094. 

I I Ok crwocfc takHad amam k J5 par at maa an tan 
pwo ft Hgknir W wd Mam am taww kr ka nw mik ody. 
Udm Mantaa imd. iwaa M *Mkaa an aaata dMnanamt hm n 
ka tdmaMtaalgii BM flgna in aaWMi 

•mund aka atattl. MM oar W dMdnt pkn mode (fttkixt 
»Wkikm daddnt ckkabd. pm* jwkr tat MdM iWM cr pwd 
Xi pneedka 12 Mm gAtdnl k Canadkn TnW. M * mx » 1» 
dohUUms kc MMMW*6hpaattllMf« 
' PM wk jm. maud. Mama, or ao km nmn m torn Mem 
« iHMOmd 1 


(kckwd ix paw tkk jwr. a kcbwMw km MB 
ta IXR MW km Xi m PM 52 «mw. ikt hptarmsa 

rngta Mft On xan t* haft, m dm ktawy. »* pdeamMo, nBo. 
i-MkU dactaad or pwd ta pwcadto, 12 md* pki anck oibknL 
“aktat WMam mm pw k 
M k pmkg 12 tank*, awkmd cm wu «o k K jM n d cr 
•dak*" Ma. inm M WBk- Hkkj taaw Mkdqayx 
m MnWk « tadno i— awki* mkr ka taduvK, M. « Hnln 
a—d kf mb cnaxma*. aM kta i* tawM n— ft aw 
mm x«+dMAna ir shVHl WhhUMu c n . mil 
7»«wmMkiit|PkkLMnhu 


AMEX COMPOSITE PRICES 


4 pa dose Mqr 17 


Slock 


W 


Dk E 109a Mp LowOoMOno 
WrtfW -Ml 9 13% 1ft 13% +V 

Minhc anoo iV iV ft , 

NphaM 2 179 3*4 3% 3% +% 

Amur Pa 1M 12x100 44% 44% 44% -h 
UtWah 064913 2100 18% 16% 1B% V 

Amdahl 005 2 1303 J 

AmExM 4 3265 
AnnMmA 50 390 
ASRtm 072 1 68 
9 81 
5 «78 
0 5 

12 28 


ft' / ft 
IV diA ft 


Aatrotach 

Atm 

AsaaCMB 

AufioaxA 



2V 2V 

_ . mh 20% 

36 5% 5% ft 
128 18% 17% 16 

‘ ft 7% 71 

‘ 2 ,f- 



Ocean OH 0 

BadgnUb 096 15 

BakMDTA 004 30 

BanyRG 17 

BAT kid 020 12 $U 

Bawd 7 6 

mWanx(L40l9l S 21% 21% 217 
BXMtadA 49 71 17% 16% 17% 

Kurt A 050 40 66 37% 3ft 37 

BowVaDaf HUB XT DO 10 10 10 

Boamar 29 140 3. 1 

MO 10 61 a? 

lA 1.0* 14 351 13 


.,sa * 

A ft s * 


Ckprop l 56 

CantaRX 020 13 21 22 
CXn Mate 026 » 2 11 

CnmtaA 001 6 BQ 
Chaim 6 7 

□mvkxt 43 901 
CMm 210 99 4 : 

cm 004 23 236 
QMFdA 001 80 


Ff m 

sock n*. E 106a Mgh LmOnaChw 
CtxnkKO 030 22 35 16% 16% 18% +% 

conom 0 *7 5 ft 5 

CgacdiM 4 3 7% 76 7% 

CWaaATA 064538 337 16% 15% .16 +% 

CtownCA 040 38 75 17% 17 17 A 

Crawl CB 040 13 696 16% 15% 15% -3% 

Ctkfc 053 89 6 20V 20% 20% A 

Cmkximtx 14 x100 2]1 2ft Zft +1V 


Dlkak 10 

Dlmk 29 

DucooMuar 8 

Dopta 040 49 


112 17? 17? 17? +% 
ft 4% 4% 



046 16 6 Ii 

1J2SJ5 42 
0973902147 ift 1 . 
02S 10 9 12% 12; 

14 ISIS 31% 31 
48 649 3? 

9 134 16 1 


EbsbiCd 
E aWonup 
Etna 8w 
EcoiEnA 

Edatofls 

ir 

Ab kids 064 12 rlOO 34% 34% 34% 

FtapA 3J5J 15 2u72% 72% 72% 

RdOyDiC 020 13 9 11% 11 11, 

FfettP) 052 72 9 28% 28% 28; 

Rant La 14 1305 42% 4ft 41 
Rsqumcy 2 2 3% d3% 

6am 090 8 68 25% 24% 25% 
GMSFdAx 0.72 13 376 21% 20% 2ft 
070 34- 2(9 16 15 ‘ 

2 1» ir 

30 14 ft ft 

artCda 034 22 823 3% 3% 



HaaOhCh 


Hafco 


Dh. E 100 a Mgh LawOnaOiw 
5 22 3% 3% 3% 

3 313 n3A 3% 3% 

lift 1ft -% 
10% 10% +% 


016 44 10 1ft 

14 242 10% 

1 264 5% 

012 25 30 10% 

41830 4% 

94 179 : _ _ . 

006 180683 16% 17% 18 +% 


Ifi 5% 

... 10 1ft 


I 


Jan Bel 
mm 
HnadtCp 

W 

Udmp 

Laaarmd 

laaPtmnn 

tunmtac 

Lynch Cp 



OdatkaA 34 135 u9% d9% 9% . 

OkWI* M4M8 777 30V 29% 30% +1% 
PBgaaui6 040 92 488 17 16% 16% ft 


p j ^ 

Of. E 100a Mgk LmQoaa CMg 

080 51 28 12% 12% 12% 

194 14 Z100 2S% 2B% 20% 

023 19 388 71% 70% 71% +% 

05020 32 107 3ft 37 +% 

012 26 231 2ft 20% 2ft A 

030 17 8 14% 14% 14% +% 

010 1 15 1% 01% 1% ■* 

31 2 29 28% 29 

3 177 6% ft 6 

0 51 itf d1% 1 

1M 10 Z 38% 36% 38 

17 45 18% 1B% 18 

004 M 113 12% 12% 12 

21 67 

020 5* 5 

036 57 MO 


FBU 
Pat hop 
FMLD 
PBBMVA 

Ply Gam x 
PMC 

PnskaoA 
RwpBrad 

nmcp 

RkdaEnr 

SJWCtap 
SttnUnkn 
SMB 
71 kd 
TabProdt 
TaHDBb 

TberamdCB 64 14B 
ThannoM 32 16 
TotPHA 020 22 373 
TwaCatnr 0 340 
Tffloo 9 1M 

Tubas Max 175667 
TtanSrt 007 64 Ml 17%tfT7% 17% 
TtaiK&B 007031893 17% 017 17*4 
UdtaesA 5 
(JUffontaS 020115 



Rf 6k 

H. E ilk %k In IM 
020 21 147 16 14% 15% 

012 78 1275 1ft 18 16% 
186356 14% 13% 14 
20 120 24*4 23% 23% 

26 228 19%tf1B% 13% 
146739 16% 14% 15% 
323626 *0% 36% 3ft 
18 26 14% 1ft 1ft 
01B22 9107% 8ft 37*4+1% 


+*E 

■% 

4% 

-% 

■% 

-% 




%ltnxdx 


78 34 
92 848 

22 505 20 28% 29 +% 

4464 0% 27 27% +% 

24 219 1ft 10 10% 

060 24 313 28% 2S% 23% , 

1.12 10 239 13% 13% 13% +% 
090 10 61n23% 22% 23% +% 
4 86 4* 3% 4f, -it 


ABSlnds 
ACC Cap 
AcdafnE 
AcneMOa 
AodanCp 
Adanaoh 
ADC Tea* 

MDBMo 

AdaSfirv 

AftdkSJs 020 20 7261 25% 24% 25% A 
AdmnC b 344 11% mi 11V -V 

AftlogiC 8 9 5 4% 4% ft 

MrPnlyin 7 777 6% 65% 6% +% 

AWTctta 26 17 1ft 14% 14% ft 

AMnta 020 20 3563 40% 39 39% ft 

9 88 13%tf12% 12% ft 
21 396 12% 12% 12% +A 
010125 320 11% 11% lift -ft 
020 14 420 21ft 21% 21% ft 
20) a 714 58% 57% 57% 

40 899 26% 27 28% +% 
086 18 67 2ft 024% ft 
16 52 6% 6% 6% 


w 

Warn Dk. S 

Oob Sham 020 ZZ 
DafcftEn 03221 
DaMiC* ODD 48 

Dakhampo 044 11 _ _ . _ 

Dal Comp Z210448 24% 23% 24% 
OeRaQStm xOlB 16 53 15V 15 16 


AoancyM 
AgninEa 
A«*pr 
AkxoADn 
AJdUCp 
WflUX 

AfctfiSW 

AOBiOigJl OS 13 10 30 33 


*% 

+1 

ft 

+V 


GET YOUR FT DELIVERED TO 
YOUR HOME OR OFFICE IN BELGIUM. 

A subscription hand delivery is available in any one of 98 postal codes throughout Belgium. 

We wilt deliver your daily copy of the FT to your home or to your office at no extra charge to you. 

If you would like more information about subscribing please call Philippe de Norman 
on tel: 02/513.2S.16 or fax your requirement to 02/511.04.72. 






Alan PH 51287 10V 6% 6% 

AUCapa 1JQQ 12 99 14% 13% 14 

Aid Cap 060 12 168 14% 13% 14% 
AloeaoG 032 44 70 3% 3% 355 +.43 
AUsGoid (UK 7 583 1% 1* rft +A 
Aten Co 2127438 32% 20% 32 -1% 
Am Banka- 088 8 148 22 21% 21% 

Am By Bd 142100 1ft ift ift 
AmMnag 21 *48 22% 21% 22% ft 

AmMfidB 11 824 6% d7% 7% ft 

Am Soft** 032170 382 6% 5% 5% ft 

AmRtwj* 31 001 10% 10% 1B% ft 

AmOtt 050181024 28 27% Z7% -ft 

AmkaP 2 507 1% i£ ift 

Andttn 220 7 4 48% 47% 47% A 

AroPwCDO* 35Z307B 19% 017% 10 ft 

AtflTro 10 27 12% 12*2 12% 
Amoanaie 17 8379 44% 43% 44% +A 
AmtechCp 006 2G 1433 16 16% 17% +% 

AnwRn 4 528 10% 9% B-55 -.00 

Mode 14 76 15% 14% 15% +% 

AMyaB 048 14 17 17 17 17 

AnangaWm MO 14 17 17% 17% 17% +ft 

AndrawCp 202061 35% 34% 34% ft 
Antroa An 8 859 IS 14% 15 +% 


10 U7% 7% 7% +% 
21 14% 14 14ft +ft 
56 32% 31% 32% +% 
46 22% 21% 22% +1 

-V 
ft 

DRW 30 437 3ft 34% 34% ft 
0*0 Qy 1JB a 617 029 28% 20 +% 

Damn 020 4 9 9% 8% 0% +% 

DHTbU 15 214 19% 18% 10 ft 

DUbIB 072 7 263 15% MV 15 +% 
DQM 132273 13% 12% 13% +% 
DIB Micro 41154 9% dB% 0 4% 

Up Sort 8 327 1% 1% 1% -ft 

HflOP 7 179 -3% 3% 3% 

OanaxCp 18 73 33% 32% 33% -% 
DhdaYnx 020875 310 6% 08% 0% ft 

ONA Plant 2 703 4% 4 4 

Dolor &1 X 020 26 2613 26 25 5B +.45 

DorabHtn 068 15 10 13% 13% 13% ft 

DracoBw 13 20 9% 8% 0% 

GnaaBan 123202 n%mo% n% ft 

Drey BO 024 20 2331 23% 22% 23+% 
DrvgEmpo OfiB 40 282 4% d4 4ft 
DBBemr in 18 167UK% 31% 32% ft 
Dorian 042 11 247 15% 15 15% +% 
DurFffl 030 24 0033% 32% 32V 

11 716 18% 17% 17% 


Dindaeh 


EdgkFd 
_ M Cp 
EaatBJM 
EQTal 
EOWwwt 
BPaoB 
BachSU 


BactAiti 

EmconAas 

EnxdtrCp 

Engymn 

Bwk-Bn 

EnnoM 

BpdtyOl 

Eftc&nBx 

Bid 

EmSOi 


BddeBK 

Bqmkl 

tadpAnr 


ApaonEnxOSO 24 3 12 12 12 -% 

APPHo 9 862 6% 8*2 6% ft 

AdpMMtt 2719*88 42% 38 40% ft 

Applec 048 2615909 29% 26% 29% ft 
AppMmbb 004 37 7637 15% 14% 14% -1 

ArhorDr 024 37 680 17% 16% 16% -1 

Ardeox 028 20 841 27% 27 27% ft 

naif x 1.16 7 236 27% 27% 27% +% 

Armor Al 064 19 7 20% 19% 19V 

Amddkix 040 17 7 20 19% 3) 

ASK Bp 2 931 6% 8% 8% 

AapBCQal 23 2064 2Sd2E% 26 

AaocCDon 255 41 23 22% 23 

ASTRach 911868 15*2d14*4 14% 

AOdnain 14 81 8% 8% 9% 

AflSEHr 002 164315 25%d24% 2S% 

Autdak 048 19 3170 52 46% 49% -1% 

Aandrh 12 63 3% 3% 3% 

Amndala OSE 1 4 265 7ft 7% 7% -% I 


8 37 4% 4% 4% 

2 426 4% 4% 4% 

3 30 1% 1% 1% 
016 2011160 16%d14% 15% 

82 E84 7% (17% 7% 
Z 115 2% ZB 2{J 

9 192 10% B% 8% 
070 56 2001*56% SS% 56% 

22 8022 19% 16% 18% 
21 50 7% 7*4 7% 
271442 6% dB 8% 
50 315 14% 13% 14% 
56 85 1H 1% 1% 
2 633 3 tC% 2% 

010 15 314 3% 3% 3% 
057134 9978 40% 47% 48% 
7 6 dB 6 

75 3 16% 15% 16% 

186107 15 tf14 14% 

11 18 8% «*+ 8% 
15 292 21% 20% 20% 
0.10 19 370 17 16% 16% 

a 253 12% 11% 12 


ft 

ft 

-ft 

1*. 

ft 

+% 


MM Bfc. i KXk ■* law Law 

-K- 

KSWka 0J8 12 359 24% 23% 23% 
Koran Co 044 5 217 6% 9% 9% 
ICaydonCp 040 M 678 23 22% 22% 
6% 
27 
6 
24 
E 


KahyOB 

My Sr 

KMdudqr 

IQnuai 

uahxr 

KUtadr 

Kmadadoa 

KoBA 

Komaohc 

MdcaS 


S S43 6% d5% 
064 22 446 27 26 

ail 10 7 8% dB 

084 13 301 24% 23% 
12 17 6% - 6 


ft 

ft 

■ft 

ft 

ft 

ft 


n a a 

* Dbt E ink Hgl iwr IM Chat 

PUtMBx 012 7 Z75 20 16% 20 ft 

Pyramid 102106 7% dB% 6% ft 

QoakWLog 12 26 7% 7 7ft 

QutfnChm 082 73 2 16% 10*4 18% ft 

QdbI Food 1 020 77 184 23% 22% 22% ft 

Ouanbra 6216*41 13% 73 13% ft 

QWcMv 19 SO 13% 12% 13% ft 

QVCMMk 204387 31% 20% 30% -fj 


4416674 34% 30 33% -1% 

5 574 10 dD% 0% ft 

1 238 £ £ £+4)5 

1792166 20 IB 19% 

8 1316 13 12% 12% 




Raymond 


Ladd Ran 

Lara men 
Lancaster 
Laws km 
LamkikGpli 
LaropUcs 


- L- 

012 48 8 9 8*2 0% 

3210681 28% 25% 28*4 
06020 77u48% 45% 40% 

088 17 137 18% 17% 17% 

40 537 31% 30% 31% 

11 11 ft 7% ft 

88 270 6% 5% 6% 

LWflcaS 131289 15% 14% 1ft 

LamonPr 04816 53 22% 22 22% 

LOOS 23219SSB lTVtflft 16% 

UXCp 016 7 24 ft H4% ft 

Lacans m 792 12V n% 11% 
183880 27% 26% 28% 

078 13 1670 27% 26% 27% 

020 15 419 17% 16% 1074 +64 
21 263 4% 4 4% ft 

028 23 22 24V 23% 24% 

97 1748115% 113115% +2% 
052 14 440 15 14% 15 +% 

14 13 32% 32% 82% 

02* 3514524 44% 39% 43 -1% 

040 18 12 35% 35*2 35% 

UxmnGp OJK 27 1113 22% 22% 22% ft 

Lone Sor 23 2417 7% G% 7% +A 

4129G81 58049% 51% -4% 

LIXCte 21822 2% 2*8 2A -i 

UMH 035 4 19 31% 31% 31% +% 


IRflUteA 


RepWada 


Cp 
UWM8C 
LA Tart . 
LMkw 
LRykidA 
UnBr 
UncokrT 
UodaaylH 
LkwarTec 
LktfEto 


ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 


-R- 

12 481 14% 613 13% 

6 626 5% 5% 5% 

3 22* 5% 5 5% 

24 20 18% 18% 18% 

X OfttiKV 31% 32% 

16 108 IB 17% 17% 

2 815 4% d4 4% 

5 BO 3A 3% 3A 
15 1« 9 08% 9 

024 151617 43% 43 43% 

1 825 6% 5% B 
OS8 10 7 35% 35% 35% 

140 232881 70% 68% #9% ft 
01213 30 9% B% 6% ft 
056 4 569 1B% 16% 16% 

X 044 9 391 48% <7% 47% 

020 11 3277 14% 13% 14% 
FtokchMad 25 *81 20% 19% 20% 

Rose 068 591134 19% 18 19% 
RPUkvL 052 21 571 1B% 17% 18% 

048 12 17 20% 20 X 

141859 7% 7% 7% 


RttXM 

Rexonlc 

Huerta 


Rocas*8k 


•% 

ft 

ft 

ft 

ft 

-A 

+% 

ft 

+i 


ft 

ft 


RSAl 

RyaoFaly 


- S- 

I Safeco 166 85723 54% 54 54% 

SmtomtxixOJO 12 118 17 1B% i? 

SEMnbjpA 030 16 852 22% 22% 22% 


-% 

+% 

ft 


HO Cm 005 2122136 23% 22* 23» +A 
MS Cart 17 87! 20%d1»% 18% ft 
MacMix 080 44 152 14% 13% 14% 
MtatwnfiE MB 14 89 32% 32% 32% 
ItaBomtar 14 114 31% 3S% 31% 
UagnaEkpxOTS 112216 18 17% 18 


ft 

ft 

ft 

ft 


Fol Grp 
tarCp 


FHPM 


nomirt 

Fifty Off 

RajteA 


BE! B 


- B - 

00610 11 B% 
9 43! 10% 
25 uA 


6 6 
9% 10% 

A A 


ft 

ft 

ft 


BWoartJIBt 

BWarJ 008 131620 21% 21% 21% +A 
BUMLBx 024 S 3 14 14 M 

Bnctac 16 368 23% 21% 22% +1% 
BnkSodh 044 11 441 18% 18% 1B% 
BankanCp 040 9 70 18 17% 18 ft 
BanknorttixOSO ii 23 19% 19% 10% ft 
BaMNon 020 26 4B033ft 33% 33» +i f 
amtaGao 052 16 882 33% 33 33% ft 
tFx 08014 121 26 25*2 20 +A 

BvWaar 050 17 26S 21% 20% 21% 
tkybBriax 140 13 «Bi 58% 5B% 58% ft 
B8fiTHn 14B 0 158 29 28% 29 +% 

BE Am 19 452 8% 7% 8 ft 

BaaflCos 028 29 21 13% 13 13 
BmBJany M 22B 14% 614 14% 
BertdeyWn 044 14 144 36% 38 39% +1% 

BHAGrp 01214 66 9% 8% 9% ft 
Hkc 120 455 6 5% 8 ft 

BVB , 01218 23 11% 11% 17% ft 
BkrtayW 00813 31 11% 11% 11% +% 
Hogan 373330 34% 33% 34% +1 

6 kxnat 172523 10% 9% 10 

BkxftDni 164 11 X 31% 31 31% ft 
BMCSDOw 1610837 52 48% 50% -1 

Butmans 124 106689u33% 32% 33% +% 
BDbEnnaxQ27 18 487 20% 20% 20% ft 
BattIB 
Bodnd 
Sasun Bk 
Boston Tc 
BratfyWA 
Branco 
BnmSx 
BSBBncp 
BTSMpng 
Brftau 
BuDdoraT 
Bor Bran 
SoWoaaaR 
HflwIMB 


- F - 

11 13 5% 4% 4% 

021 14 98 5% 5% 5% 

004 48 1047 30% 20*2 30% 

13 1388 22% 21% 21% 

3 174 3% 2% 3 

MB 161884 U54 52% 54 

62216 3% (12% 2% 

024 0 357 9% 9% 9% 

37 1586 28% 25% 26% +% 
taNbama 120 121052 35% 35% 35% 

Rut Am a 084 71489 31% 31 31 

taBcWO 094 11 238 24% 23% M% 

. RtfoBk 060 22 491 25 24% 24% 

ft taSactyx UM 11 BBS 28% 28% 26% 
ft i FstTwn MB 93284 41% 41 41% 

taUtatn 036 7 203 9 6% 9ft 

052 10 S74 23% 23% 23% 
Aafer MB 11 12 46 46% 46 +% 
41 2 7% 7% 7% ft 

Ftenr 25 894 20% 30 20% 

Row tat 15 447 5% 5% 5% 

FoodLA 009 14 6311 5% d5% 5% 

FooAB 009587 792 8 5% 5% 

158 10 315 31030% 30% 

14 324 15% 15% 15% 

F'UaaAme 030 31 5 32% 32% 32% 

tatarA 37 81 3% 3% 3% 

Rfinix 1JM 11 155 28% 28 28% ft 

MEaWB 1.12530 5 26% 26% 28% ft 

MFM 040 B 1B4 15% 15 15% +% 

Fat Hawk 1.18 ID 388l£7% 27% 27% 
RlarlB 058 23 455 38 35% 35% ft 

FtdknFta 088 M 134 28% 25% 25% ft 

taan 024 18 5 15%d14% 14% 

FWrealffflR 56 - 8 -5% S% 


ft 

+% 

ft 

+% 

ft 

ft 


ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 


14 211(126% 28% 28% ft 
1811258 10% dB% 9% -A 
076 5 169 30%d29% 30% ft 
552775 12% 11% 12% ft 
003 18 4» 47% 46 46% ft 
020 23 58 10% 9% 10% 
034161307 7% 7% 7% 

076 8 18 U26 25% 28 ft 

048 0 4 3 3 3ft 

282124 19018% 18% 

22 7B 13% 12% 12% 

29 337 9 8% 8ii 

60 160 33 32 32% 

5 08 22%021% 22% 


BHApp 

GSKSenr 

Gh*m 

Garnet Rs 
BaUICo 


- Q - 

8 29 5 

007 21 132 14% 
0 107 3*j 
121524 3% 
016182 108 6% 


4% 

14 

3% 


♦% 

14 

3% 

3% 3% 

6 % 6 % 

16 17% +1iJ 
4% 4% -A 


ft 


ft 

ft 

-A 

ft 

ft 


- C - 

CTec 180 150 25%d2S% 25% ft 

CWxAMad 9 589 6% 7% 8A -A 

CadSChwa Ml 17 35 30 29% 29% ft 

CxkniOinsOTO 18 20015% 14% 15% +% 
Cam CP 122 643 7% d7 7% ft 

CWgana 225 7 2863 11% 10% 11A +A 

CM Hop 18 418 20% 19% 19% 

CatWxBta 1 835 1% 1A 1% 

CanfefaL 1 90 3% 3% 3% 

Cndtaa 0 35 1% 01% 1% 

Caomtao 000112 23 81% 80% BOV ft 

0 31 3 tOV 2% 

CanM 012 25 144 46% 46% 46% 
CVttanCm 08323 El 26% 28 28 

9X 060 X 43 21% 20*2 21% 
CiaayS 006 IS 382 10% 10% 

CWgana 4 104 9% 05% 5% 

8 334 19% 18% 19% 

CalCp IS 22 11% 11% 11% 

CentaxTal 382 184 11 10% 10% 

Cmoeor 54078 12% 11% 12 
CratiRd 1.12 11 1423 30% 30*4 30% 
CadSpr 22 2 11% 11% 11% 

Q*W3ar 8 3 4% 4% 4% 

ctnpter 1x000 71390 19% 18% 19% ft 
emoSh 009 13 5053 9% d9% 9% ft 

Chemdago «2 47 u8% 8,1 8% 

Ownfdi 15 110 10%d10% 10% 

QamBx 1 290 V d*s V 

12 5 3% 3% 3% 

CWpaU-e 7 2582 4% 4 4A 

CNronCp 646502 G6% 84% 88 

QmFta 108 12 137 5E% 52% 52% 
CUwCp 017X 551 32 31% 31% 

ChoWgc 3218983 30V 28% 30*2 
OSTfldi 140 243 3 2{l 2}J 


GanIBtadx 040 t8 175 17% 

Sartyte 18 58 U4% 

taaiaPh 5 598 14 l3*z 14 ft 

Grama* Cp 480 41 1295 24% 23% 24% +% 

Sana Inc 133 174 4% 3V 4ft 
tony™ 67 457 29% 26% 28% +.11 

GflaonGI 04011 162 16% 18% 16% 

ekMagW-X 012 16 531 23% 22 22 -1 

ObratAx 060 18 5 17% 16% 17% +1 

SdiBtara 11 7 5% 5% 5% 

Good Gay, 15 958 12 11% 11% -% 

BadikPmp 000 16 757 20% 20% 20% ft 

Gndco8y> 33 23 2% 1% 2 

&S*B 020 70 50 21% 20% 21% 

GteotAP 024 10 134 10% 17% 17% 


Md Bn 13 48 8% 67% B% 
iCp 28 369 10 9% 10 

: Marine Or 12 380 4% dft 4% +% 

UraWCp 9 178 40V 38% 40*4 ft 

1 38 2% 2 2% 

17 94 8/a 6% 8% 
UraddokAOM 10 17 10% 10% 10% 

060 11 684 21 20% 20% 

9 205 &% 7% 7% 
Maxhiht 386327 X% 48 50 
rCp 03254 Sft S% 5V 
IfcftaSiR 044 13 tlOO 18% 16% 16% 
UcCormiE 046 17 2284 21% 21 21% 

McCmC 485641 51% 50% 51% 
Medtaao 0 77 % d% % 

I Mcdaxtac 01618 516 13%dT2% 12% 

HaiactaaSxa48l2 BOB 22% 21% 21% 

024 6 6 6 5 5 

Mentor Cp 016 45 30 14% 13% 13% 
kknOfi 024 21 3210 11%«D% 11 

htamdS 068 101127 19 16% 19 +% 

UercuyG 070 7 4245 2B% 26% 28% ft 
U6 11 3473 29% 29% 29% 

I Mated 152509 15ft 14% 15% ft 
MathodeA 006 15 115 15% 14% 14% ft 
IF 020 16 207 11 10% 11 ft 

UctiMWH 2003271000 872 70 72+1% 
HanMBl 9 289 4% (Q% 4ft 
Mcna0B 175778 22% dZD 22% +1% 
5 287 5% 5% 5% ft 
MkxgrtE 13 484 5% M% 5% ft 

Mkxpda 31805 B% 8% 6A ft 
Merit Z730B68 95% 93% 94% ft 

HdAOH 44 9286 49% 45% 40% +1% 
040 11 6718 29% 28% 29% ft 
MtaKata 050 26 40 32% 32% 32% 
MSarH 052 18 878 25% 25% 25% 
man 2419 20% 20% 20% +% 

14 131 11% 11 11 ft 

kfOUUM 433702 17% 17 17% ft 
ModgmCD 02015 IX 7% 7% 7% 

IkkknMf 048 20 801 28% Z7% 27% ft 

Mctex 004 2814 35 33% 33% -1 

MdexkK 004 27 963 36% 35% 36% ft 

104 20 Bffi 11% II 11 -% 

036 21 3 29 29 29 

161517 14 13% 13% ft 

056 10 249 26 25% 25% +% 

12 S85 28% 27% 26% ft 


ft 

ft 


9% B% 

*H ft 

16 18 ft 
24 24% ft 
8% 7 +% 


leWIML 7 795 29 28% 28% 

ISdSyum 101987 13%d12% 13% 

6 533 6% d6% 8% 
SdtatCp 052 71967 17 1B% 16% 

score Bid 8 278 8% 7% 7% 
StmfcBx 120 48 31 38% 38% 38% +1.71 

S'BWa 1114329 23% 22% 23,'. 

SSCp 012 25 83 20*2 20 20 

SflMaB 036 1 34 1% 1A 1% ft 

SWedtaS 1.12 15 485 28% 25% 25% 
Sequent 60 815 12% 12% 12% 
5eqnola 26 349 3£ 3£ 3» ft 

Sax Tart 13 120 B% 

SenFrae 22 5 ft 

16 U 18 
SKNHt 004 17 899 24% 

SHLSySn 3 327 7 

Sfiamnua 24 412 15 14% 15 +% 

SKMttxP 9 204 10% 9% 10% +% 
Stem On 167186 21% 19% 20*2 -1 
StanTuc 2 55 3% 3% 3% 
SkPnM 033 19 6366 42%(89% 41% +1% 
StflmaDes 1 936 9% 8% 0 

SBIcflVBc 006 52 77 10% 10 10% 

SWodlGp 301BS7 10% 10% 10% 
SmpXxi 056 25 29 20% 18% 20% +V 

GmBhM 30 857 23% 21% 22-1% 

SnapplaB* 648115 25 24 2*% ft 

SoflmrsP 02628 4% (B% Sit -& 
ScftwareT 80 83 Ift 14% 14% 
Semen x 035141111 20%m0% 20 
SB dm <188 9 2887 18% 18% 18H ft 
SpHgelA 020*8 80S 22 20% 21% +1 

aJafeMdxOAO 11 1372 27% 27% 27% ft 
SLPaoBc 030 10 929 21% 21 21% 

1 7S0 2% d2% 2% ft 
40 8451 27 25% 20% +1% 

Stats Sir 050 174882 40% 39% 40% ft 
Ski Micro 102246 16 15% 15% 

Stri Regie X 06014 112 21% 21 21 

Stall Tec 008 19 880 17% 16% 17% ft 
SUkVUSA 020 2 224 9% ft 9% ft 
sm MB S3 21 20% 20% ft 

snwtaa 1.10 13 23 20% X 20% ft 

I StrocSDy 2r 1460 10% 

Strjter 028 21 2430 27% 

GrtraD 22 373 14% 


SuadtamaB 060 23 xlM 22 


10 10% ft 
26 27% +1% 
14 1<A -A 
22 22 ^52 


Moran 

MataaoP 

Mr Coflee 

HTSSyx 

Wmad 

Mycogen 


SUmfeBcxOM 13 6BB 21% 20% 21% +£ 
SuwrtTe 33 661 24% 24 24% ft 

Sen Spat 14 7B 6 (E% 5% ft 

SunWc 1121252 21 iff 9% 20ft ft 

SWftTra 29 1B6id9% 26% 28% ft 

Sytmetac 8820433 48% 44% 48% ft 

Sym«BC 383788 13% 13% 13% 4% 

Syredoyx 038 IS 235 16% 16 18% 
Bynnxn B6 57 3% 3% ft ft 

Syiwgn 3 90! 10% 9% 10% 

Syndic 44 80 11 10% ioA ft 

^nadca 178988 19% 16% ift ft 

SyrtaSoB 012 M 2451 13%(ff2% 12% ft 

SjBtanto 301700 19% 1818% -% 

Syatamad 22 437 5% 5% 5% +% 


* 326 11% 10% 10% ft 


drandi Ph 

tanraana 

GmdWk- 

GUCtxp 

GOHISag 


% % 

d3 3% 


ft 

ft 


0240$ A 
1 522 3% 

725 21 14% M 14% +% 
8 77 11% 10% 11% +% 
52153 9 6% 9 +% 


- H - 


I A 54 4 B 6 6 

Hadeayvf 064 B 10 22% 22% 22% 
Harper Gp 020 13 578 14% 14% 14% 
leotfe 0.16 22 2835 Z7% 25% Zft 
IB 4898 18% 18% 19% 

008 18 288 11% 10% 10% 

10 472' 7 6% 6% 

11 85 6% 8% 6% 
Hschtager 01B 264379 15% 15% 1ft 

181 10% 10% 10% 
HaferfTioy 8 181 14 13% 14 +% 
07212 5066 19*2 18 16%-!% 
Hogan Sys 015 29 281 9% 9% 9% ft 
Hotogfc 47 327 10% 10% 10% ft 
Home Bert 1(080 6 34 21 21 21 ft 

Home Ota Q72 2S 2ST u21 20 20% 

HontadiX 044 21 B80 30% 29% 29% 
Hmitack 173326 16% 15% 16% 
HooflhHas 044382 186 3% 3% 3% 
HuWJB 020 192401 20 d19 19% 

060 11 11SU25% 25% 26% 

Hlbto Co 006 0 648 2% 2% 2% 

HWrtTert 49 090 30% 29% 30% 

HycorBto 19 145 5% 5% 5% 


ft ItaWna 


ft 

ft 

ft 

ft 


1 

NStt-Un 

NarDnTat 

mu 


ft 

ft 

ft 

-% 

ft 

ft 

ft 


CtxB&cp 
Clan Mx 
CHh Dr 
CUlMUlUf 


OngartCP 


Crtarart 


ft 

■% 

ft 

ft 

ft 


ft 

-i 

-% 

ft 

ft 


140 243 3 2tZ 2}i 

124648T 23d2f% 22% 

168 15 235 28*4 27% 27% 

2* 61 7% 7 7 

43 4 12% 12% 12% 

9 732 5% d5 5% 

CnaCdaB 160 15 152 24% d» 24 

GodaEogy 100 IBS 6 4% 9 
CataAtam 28 127 10% 10 10% 

27 702 17% 16% 17& 

96 38 1012 10% 10% 

17 354 13% 12% 13% +A 
08 222 22% 21% 22% ft 
CDUSb 166 13 35 20% 20 20 

CSH&px 080 6 407 24(122% 23 
Corn** 034 12 543 18% 17% 18 
CmadA DjOB IB 3382 16% 16% 16% 
CtacaftSp 009 3*3888 16% 16 16 
CaanflMiBOB8 11 520 32% 32 32% +A 

CDOanO 079 90 1387 18 17% 17% 

Oxan l Jte 425 739 13% 12% 12% ft 
Contain 50 101 13% 12% 13% ft 
Drantaoctt 35 230 3% 3%. 3A +A 
COTPap 128 26 371 39% 38% 38 ft 

11 IBS 6% 7% 7% 

144 16 5028011% 10% 11 

30 75 15% 15 15% ft 
15 742 10% 9% 10 +A 

050 » 92019% 18% 18% ft 

91 BM 11% 10% 11 ft 

21 1436 47% 46% 47% +1 
40 239 IS 14% 14% +% 
OJB 2826407 
0 091 
*1 105 
2 226 


- I - 

FfiSys S6 421 a9% 8% S +% 

DB Crams 41 8729 15 tfT4 14% -A 

Shad 7 848 7% d7% 7% -Jz 

30 82 5% d5 5% ft 

tamunogra 4 492 5 4% 4% ft 

taped Be 040 32 175 17% 16% 1B£ 

kid Bancp 1-16 19 21 38% 38% 3&A +A 
tadhax 024217 39 15% 15% 15% ft 
HRea 171173 14% 14% 14% ft 

17 9883 15% 14% 14% ft 
tagtaUkt 066 14 473 H%dio% 10% -% 
tatVDn 3118260 26% 22% 26+1% 
28 1833 11% 11% 11% ft 
IS 810 3% <E% 3% 

024 1132811 S% 56% 58% ft 
hbdf 0 271 2% iE% 2A +A 

nymBx 032 33*005 ie% is% 10 V +% 
kta-TW X 743 9V 9% 9% 
MertaAx 02417 ia 13 13 13 

31479 0% 9% 0% +A 


Caaflun 


tamn 


ConodCW 


Gnx&A 
CDuyttaa 
CanBapp 
Cop Of A 
CaetarB 
Cray comp 
down Baa 
Cytagea 


taffiakjQA 
WReax 
kd Tool 
Man 
Iomega Gp 


Z4d2lV 

1% 1A 

6 % 5 % 

3% 3% 


«+ 1 % 

lA +A 

5% 

3% ft 


DdVOtado 


71079 6% (S% Sit 
21 D 3371 11 10% iu*2 

IB 2482 10% 10 10% 

14 2 17% 17% 17% 

QOS 20 3D 3 3 3 

463 1610 9% 8% 9A 
am 18 146 27% 27*+ 27% 

1 92 2% 2% 2% +A 
17 32 16% 17% 18% 

MO 8 112M%213%213% 


-A 

ft 

ft 


+T. 

ft 


- D - 

DSC Cm 3615767 56% 53% 55% -A 

tort Gran ai3 20 2 82 82 82 +4 

DBtaSwtrt 10 IS 2% 2% 2% ft 

Dense* X 15 6% 6% 6% ft 

Pattern 131464 14% 13% 14*4 ft 
DnpIdaDp as 11 409 2S% 24% 25% ft 


- J - 

JU Snack 13 X4 11% 11% 
JHOita 026 20 77 13% 13*8 13% ft 

Xfitad aio 21 24 26 24*2 25 ft 

jotmmw 53 2 21% 21% 21% 

JonasH 10 a 13% 1313& -A 
JtnealM 010 16 670 11% 10* 2 10% -% 

JoWynCpx M0 11 17 24% 24% 34% ft 

JSBFtaX 064 15 815 B25 24% 2*£ -& 

JunaUo 028 19 2 IB 19 19 

Joan 016 B 201 12%tf12% 12% +% 


*■ H - 

HACRl 018131971 30% 29% 30% 

FKft 072 11 112 16% 16 16% 

NWPba 11 100 5% 05 5 

M Coopt 03875 B50 12 11% 12 
Nbataaix 020 21 184 14% 14 14 

10 14 18% 16 16% ft 

tfC 048 96 156(66% 5&*4 58% ft 
183507 26% 24% 25 -2V 
NatakBan 24 1986 17% 16% 17 +% 

HaMfi 94 B43 6% dB% 6% +A 

NaiaoBan 25 3 7% 7% 7% 

027 18 50 18% 17% 18% +% 

NewEBu* 080 22 149 16% 19 19% +£ 

Nawhliga 8 358 10% 9% 10 ft 

3221821 45% 042% 43% -1% 
NauqxtCp 004 12 46 5% 5% 5% 

DU 21 319 8% 6% 6% +A 

056 25 166 56 55% 55% 

034 253823 44% 43 43% ft 
12 12 16% 15% 16% ft 
4 71 5% 4% 5% ft 
086 13 945 41% 40% 40% -% 
2438 14% 14% 14% ft 
198187*3 17% 17% 17% 
275706 30% 28 29% 

NBC Cop B 50 3% 3% 3V 


- o - 

OOariey, 27 13 18 17% 17% 

Octal CWn 15 535 20 19 19% 

I ORtantg 15 443 14% 14% 14% ft 

OghfiqrH 060 8 16 25% 25 25 

I OUQCS MS B 215 29 38 20 ft 

OUKtax 1.161114S0U35V 35% 35% ft 
DUMB 08216 49 38% (06 X 
Ontancop 11D 7 130 30% 29% 30 +% 

Che Price 13 229 IB 17 17% -% 

OpfcalR 19 191 21% 20% J$% ft 

OradsS 4428401 30% 27% 2BH ft 

ora Son 51 1249 20% 19% 20 ft 

Ortmtart 099 23 121 8% dB% 8% ft 

Btap 3 B49 13% 12% 12% -1% 
OregraUW 031 9 IX 4% 04% 4% ft 
-4 93 3% <fi>% 3ft 

OstK&Ax 041 40 236 13d12% 12% 

OtttnsttTxas] 11 TI 11% 10% 11% ft 
OttaTsflx 1.7213 33 30%d29% 20% ft 


- P - Q - 

Paccar X 110 131B50 50% 40 50% 

PKOunkp 062 13 4E> 13% 13% 13% 

PTataix M2 15 12 22% 022 22% 

1 PscfflCru 23 1773 56 5$ 55% -2% 

3315568 SO 27*2 28% -1% 

payrtex 034 43 806 36% 34% 35 

PayraAm 21 50 8% 6% 8% ft 

05042 30 9% 9% 9% 

9 25 14% 14% 14% 

180 23 8 33% 32% 32% 

220 16 284 30% SS% 29% 

032 15 468 34% 34% 34% 

15 338 5% d5% 5% ft 

taMaWLxO20 2O 9 18 18 IB -1% 

Pup Bara MB 17 429056% 53% 55% +2% 
P«K*i* H 024 131396(113% 12% 13% +% 
1.12 a 856 37 35 37+1% 

20 317 7% 0% 6% ft 

25 272 3% 4% 5% 

048 4 zlOO 11% 11% 11% 
Plant* 263081 13% 12 12% 

tatorton 43 975 17 16% 17 

Ptaaaifip 06027 034 40 39V 40 
05B 24 1960 36% 35% 35% 
Ftanaest OM 131188 25*2 24% 24*2 
PencaFU 5 153 9% 8% 6% 

fttal 18 28 B% 6% 8% 

Pros Ufa 009 3 688 6% 6% 6% 

92 960 25 24% 25 
2014483 14tfl3% 13% 

39 74 5% 5% 5% 

» 91 9% 9 9% 


Pern Trty 
1 PemAg 
Pamayh. 
Pflritar 
Pwtactil 


1 PUrotaa 
Plummy 
nxwaffrt 


ft 

-% 


-1 

-V 


+% mna 


-% 

-% 

+% 

-V 

-% 


- T- 

T-CaBSc 6 21 4% 4% 4% +% 
TjasePr 052 181369 2fl% 28% 29 ft 
7BCQ) 16 84 12% 12% 12% +% 

TCACWda 044 24 459 20% 19% 20 ft 

TecMMP 11 2113 17%tf16% 17% +% 
Tacurart 080 14 30 55% 55 55% +1% 

Ttacekc 2 24 9% 9 9% +% 

TcfcoSys 7 964 13% 13% 13% ft 

TWeeranA 9512BB9B 20 18% 19% ft 

TWaMt 12 K7 8% 7% 8 ft 

TttabB 49 3561 69 57% 68% ft 

TtaxmCp 001 163459 17% 14% 15% -1A 
Tatra 7ec 76 146 t«% 8% 8% +% 
TonPOADR 027 2* 795 24% 3% 23% ft 
DxwCrai 3516779 51% 47% 51% ft 
TJtat 022 35 39 23% 22% 23% ft 
Tda» MU 21748 4 3% 3% ft 

Tokyo Mar 037 36 rlOO 64% 84% 64% 

Tran Brown 681009 13/, 12% 13/, -ft 
ToppsCo 028331 1890 OV 6% 6% 

THEntar 4 860 8% 7% 6% ft 

TiWMld 10 10 10A 10% 10% 
Tremtack 1X0 11 270a4l% 39% 41% +1% 
Tricar, 9 47 S% 2% 23 ft 

Trimna 46 193 9 8% 8% ft 

TnwtaoOkC 1X0 10 27 20% 19% 19% ft 

Tseng LWi 020 1227E3 7% d6% 8% ft 
TVtfOA 0X8 17 2830 21% 20% 21% ft 


- u - 

USWhcr 088 1218600 37% (05 35% -1% 
UMab 2 702 5% 5% 5% ft 

UOttoaGt M0 13 02 16d15% 15% 

USTW 2X0 11 2M 50% 48% 50% +% 

UtiadSt 04010 28 12% 12% 12% +A 

(Hug 020 20 119 28% 23% 28 ft 

UWOtaX MO 21 30 39% 39 39 -% 

US Bancp 088 10 «« 25% 25% 25% ft 

US Energy 30 8 4% 4% 4% 

UST Crap 1.12 B 424 13% 13% 13*2 ft 

UtatiUad 12 388 7% 7% 7% 

Utt Tatar 10 28 44 44 44 

l«X 17 328 5% 5% 5% ft 


- V- 

VaklMid 039 31 113 14%A3% 14 ft 

HVdCal 65 826 33% 33 33%+% 

Vadfraa 17 940 16% 15% 18 

Vtar 38 SO 24% 24 24% ft 

VtarpFM 9 172 15%d15% 15£ ft 

Vtaatoglc 242837 19% 18% 19% +% 
VIDTert 28 5382 13% 12% 12% ft 

VMfOB 084 18 438u99% 97% 98% +2% 


- w - 

Waiter Enx 010 20 37 27 26% 26% ft 
Warntta* 72 385 4% ft 4% 

HtaNMsaaa 72210 19% ift 19% ft 

WataftdSLIUO 9 531 21% 21% 21% 

WmstadA 022 9 483 23 022 22% ft 

Wra»uPM024 17 207 27% Z7 27 ft 

HWO 300 15 40 40% 39% 40% ft 

HUefc 20 3878 3% d3% 3% 

MtatOoa 072 11 2455 26% 2B% 28% +% 

XWuli Q SI 12 % 12 u ft 

WstpStt 1 6843 18% 15% 15% ft 

WatSaWA 17 72 3% ft 3% ft 

QSG 21 1803 44% 43% 44 ft 

MnsSonoma 71 2Q14 32 30% 31% +1 

WottanL 020 13 18 14% 14% 14% ft 

Wngt 036 241376 19 18% 10% ft 

WfiP Grcnp 003 21 1827 3% 3,1 3/ c 
Wyman-Graitwn 4 478 s 5% 8ft 


MQoat 

Pita Pd 
Pttttraef 
I PR)d Dpi 


■aft 

■ft 

ft 


024 23 685 25% 25% 25% 


- X - Y - Z - 

2530932 44 %d 38 % 39 % 
VaaCrap 2 241 3 % 3 % 3 % 
VWkW 034 258430 17 %fl 6 % 17 % 
'nrtfttta 54 3 B 3 ft 4 ft 4 % 
ZXMUtat, 1.12 9 * 39 % 38 % 39 % + 1 % 


-7 

ft 

ft 



38 


12 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Wednesday May 18 1994 




EUROPE 


Dow surges Lufthansa shows further weakness in Germany 


on nse in 
discount rate 


Wall Street 


US share prices were mixed 
yesterday morning as investors 
awaited a decision by the Fed- 
eral Reserve on monetary pol- 
icy. writes Frank McGurty in 
New York. 

When the Fed eventually 
announced a rise in the dis- 
count rate from 3 per cent to 
3.5 per cent, shares immedi- 
ately surged and by 3pm the 
Dow Jones Industrial Average 
was up 37.45 at 3,708.95, having 
been some five points lower a 
couple of hours early. 

The more broadly based 
Standard & Poor’s 500 rose 
with the Dow and, having been 
marginally down at 1pm, was 
up 4.28 at 448.77 two hours 
later. 

The Fed also indicated a 50- 
basis-pornt rise in fed funds 
rate. 

Mr James Volk of Jensen 
Securities in Portland, Oregon, 
said of the Fed's moves: 'This 
is what the market was 
looking for." 

Ahead of the Fed's move, the 
overall tone was generally pos- 
itive, except on the Nasdaq. 
The Dow blue-chip index held 
modest gains throughout the 
morning, even thoug h higher 
rates could lead to a flagging 
economy and slower growth in 
corporate earnings during the 
rest of the year. 

Investors evidently viewed 
the uncertainty surrounding 
the financial markets this year 
as an even greater threat to 
equity values. 

Many believe a fourth tight- 
ening of monetary policy - 
especially if it were more 
aggressive than the previous 
three - would spell the end of 
the current series of rate 
increases, allowing stocks to 
resume a long, steady climb 
which stalled early in the year. 

Yesterday’s economic news 
went largely unnoticed. The 
Commerce Department 
reported that housing starts 
last month had fallen 2 h per 
cent from March levels, sug- 
gesting the economy was grow- 
ing a restrained pace. 

The data added support to 
the view that the central bank 
would lift the bellwether Fed- 
eral Funds rate by 25 basis 
points to 425 per cent, as it has 
in its previous three adjust- 
ments. 

Same market observers were 
hoping for an 50-point increase 
- a hope later fulfilled - 
because a hold strike by the 
Fed would likely be its last for 
some time. 

In its open market repur- 
chase activities just before 
midday, the central bank 
injected reserves into the bank- 
ing system to hold the Fed 
Funds rate steady at 3-75 per 
cent 

Amid the Fed watching, 
most stocks were treading 
water, bat Alcoa added $1% to 
$69% and International Paper 
$1 to $64%. 

The retailing sector was 
active as several leading 
chains reported first-quarter 
results. JC Penney shed $1% to 
$50% after disappointing the 
market with net income of 84 
cents a share, against 78 cents 
a year ago. 

By contrast, Dayton Hudson 
jumped $2% to $81% on a 37 per 
cent improvement in earnings. 

Technology issues were gen- 
erally weaker. Hewlett Packard 
dropped $2% to $75%, in spite 
of reporting a 25 per cent 
increase In orders. Micron 
Technology was marked down 
$2% to $28% and Silicon 
Graphic lost $1% to $21%. 


The retreat on the Nasdaq 
was led by Lotus Development. 
The computer software con- 
cern plunged $46 to $51% amid 
speculation, denied by the com- 
pany, that its inventory levels 

had risen. 


Canada 


Toronto stocks continued to 
climb at midday, buoyed by 
strong gold and base metal 
shares. Strong groups were led 
by precious metals and con- 
sumer products, which offset 
declines In transportation and 
communications. 

The TSE 300 composite index 
rose 10.40 to 4^18.70 in volume 
of 29.0lm shares valued at 
C$273 .00m. 

Advancing issues outpaced 
declines by 264 to 253, with 289 
stocks unchanged. 

The gold and silver index 
climbed 100.63 to 9,66241. 

Franco-Nevada led gold 
stocks, up C$T/« to C$73%. Kin- 
ross Gold was the most active 
gold issue, up C$14 to C$7% an 
L4m shares. The consumer 
products group gained 5035 to 
6,501.01. Heavily weighted Sea- 
gram improved C$% to C$39% 
on 07400 shares traded. 

Canadian base metals stocks 
continued to post gains, the 
index advancing 40.28 to 
3,65938. Inco was up C$% to 
C$35, while Alcan Aluminium 
moved forward C$% to C$3054. 

Noranda was steady at 
C$26% on volume of 391,000 
shares. 


The markets were generally 
lacklustre awaiting the out- 
come of yesterday's FOMC 
meetin g. 

FRANKFURT moved into 
retreat as Monday's record lev- 
els failed to inspire a follow on 
of momentum. The Dax index 
eased back U.40 to 2359.71 dar- 
ing the official session. Turn- 
over was DM7.4bn. 

Sentiment was upset by 
news that Schneider debt was 

higher Lhan flTi tjftipgtpri . with 

estimates of between DM34bn 
to DM4btL 

This report affected the 
banks who are exposed to the 
property group with Deutsche 
Bank, for example, slipping 
DM10 to DM78L50- 

Lufthansa continued to 
weaken on a further round of 
selling following disappoint- 
ment aver its results on Mon- 
day, the shares down a further 
DM1130 to DM19030, bringing 
accumulated losses since the 
start of the week to 8 per cent 

In contrast Volkswagen rose 
DM330 to DM528.70 on news 
that it was extending working 
hours at some plants. Nikko 
Europe issued a buy recom- 


mendation earlier in the week, 
noting that the restructuring 
programmes should begin to 
bear fruit in the near term. 
Furthermore, said Nikko, "Seat 
should report a considerable 
reduction in last year’s loss of 
DML8bn, with a return to 
profit in 19% the target”. 

PARIS took a long look at 
Eurotunnel which held a 
shareholders meeting yester- 
day to approve its rights Issue 
plans. The group lost FFr130 
to FFr3510 but Off a session 
low of FFr34.70 as the CAC-40 
index rose 7.47 to 219517. 

Turnover was a moderate 
FFr3.7bn 

Oil stocks were active as 
Merrill Lynch added Elf Aqui- 
taine and OMV to its stock 
selection list and deleted Total 
and RepsoL CUT the French 
groups Elf was FFr2.70 stron- 
ger at FFr429.70 while Total 
shed FFr190 to FFr342.10. 

Lyonnaise des Eaux-Dumez. 
down FFr12 at FFr598, denied 
that it was planning to raise 
fresh capital, while Club Med 
slipped FFr130 to FFr446.10 as 
it forecast a better first half 
result 


FT-SE Actuaries Share indices 


May 17 
ttnfr 


Opra 1030 11.00 IgJO 


THE EUROPEAN SERES 
11M 1*00 isoo Dm 


FT-SE Enratrai 100 
ft-se ante* an 


MOST 147051 
I483L36 148*33 


14767B 1473.10 
148541 148BJB 


147397 103X7 147107 147021 
148052 1 48830 1488X2 14B&04 


MW 10 13 May IS ifcy 11 m, 10 


FT-SE Euan* M0 1471.75 140M3 140090 143012 

FT-SE Emm* 200 WSL61 140006 147048 147X45 

tm 10RI OVUM!: 100 - UH67, SKI • 148*41 LnMqr 100 • MRUS0 • MH2S 


14S5J96 

1471.35 


MILAN began the new 
account in resilient mood, the 
Comit index rising 1L89 or 14 
per cent to 80132, as worries 
subsided about the outcome of 
today's parliamentary confi- 
dence vote. 

Blue chips ted the advance. 
Generali rose LL587 or 33 per 
cent to L48.470, Flat advanced 
L149 to L7J88 and Olivetti was 
L128 or 44 per cent higher at 
L3JQ03. 

Ciga, the hotels group 
advanced L76 or 63 per cent to 
1. 1,188 in heavy volume of 36m 
shar ps amid speculation about 
stock building as its rights 
issue sold out 

Ferruzd put on L149 or 7.1 
per cent to £2333 as the com- 
pany launched its L1340bn 


rights issue. Cir rose Ll34 or 
4.7 per cent to 14994 as its 
Ll.OGObn rights issue began, 
although technical problems 
blocked business in the rights 
t hroug hout the session. 

ZURICH continued on the 
upward track as domestic buy- 
ing; and an absence of foreign 
selling, took the SMI index l&i 
higher to 2,727 X 

Roche certificates added 
SFrl55 to SFr€,705 as presenta- 
tions to analysts yesterday and 
on Monday were well received 
and details of the Syntex take- 
over appeared to be positive. 
The certificates have picked up 
9 per cent since their low on 
May 9, following 1993 figures 
and the Syntex acquisition. 
However, analysts noted that 


yesterday’s demand came from 
Swiss banks, buying for their 
own account, and that senti- 
ment remained fragile. 

Nestte, another recent weak 
performer, rose SFr20 to 
SFrl.135, on the perception 
that recent tolls bad been over- 
dona Brown Boveri rose SFrl3 
to SFrl375 ahead of today’s 
first quarter figures, with some 
analysts forecasting a rise of 
up to 75 pe r cent in profit 
STOCKHOLM maintained a 
strong run with Astra featur- 
ing ahead of first quarter 
results that came out after the 
dose of business. The Afifirs- 
vfirlden general Index added 
7.70 to X4S240. 

Turnover was SEx2.6bn. 
Astra reported a 15 per cent 
rise in first quarter pretax prof- 
its -the B shares ended the 
(toy up SKrl at SKrlSl.. 

Volvo, which releases its 
first quarter figures today, 
picked up SKrlS in the B 
shares to SKr758- 
AMSTERDAM struggled to 
find some incentive to move 
and, with the exception of a 
FI 230 loss in ELM to FI 5330, 
due in partly to profit-taking 


the AEX index finished teases- 
sion just 041 ahead at 4&8L 
MADRID overcame some 
early profit-taking with late 
demand taking the general 
index up 0.71 to finish at the 
day’s high of 33491 in h«vy 
turnover of Pta3648bn. 

Banks, however, remained 
under pressure with Bauesto 
Pta25 easier at Ptauao. Aigea- 
tarfa lost PtalOO to PtaSjWQ 
and Santander was mailed 
PtaSO lower at PtaG4S& 
Agroman, the conatnictkm 
company, was the day’s leader, 
rising Pta75 to Pto825. 

ISTANBUL rose 855 per cent 
on a technical rebound follow- 
ing a reduction In interest 
rates. The composite index part 
on 54S.02 to 16,0324a On Man- 
day the index lost I per cent 
ATHENS ended slightly 
lower in light trading as inves- 
tors remained worried about 
the prospect of devaluation. 
The general share index lost 
7.95 at 944.94. Turnover was 
Dkr2.7bn. 


;ir: r 


•V 




/ 


- a y*> *- 


■_*>**• 


* Iff - 




isst 




***•" 


Written and edited by 
Morgan and John Pitt . 


MMmJ 


ASIA PACIFIC 








Hesitant Tokyo mildly easier as Hong Kong falls 2.3% 


t - 


Tokyo 


Brazil 


Sao Paulo traded 3 J. per cent 
higher at midday as investors 
focused cm US monetary policy 
and, domestically, an expected 
congressional vote on a key 
presidential decree. 

The Bovespa Index rose 497 
to 16,123 at noon. 

Approval of the temporary 
presidential decree, which cre- 
ated Brazil's single price index 
on March 1, is regarded as a 
key element for the continua- 
tion of the government’s anti- 
inflation policy. 

Telebras preferred rose 4.1 
per cent to Cr47.40 while Elec- 
trobras preferred were 13 per 
cent higher at Cr230. 


Mexico 


Stocks opened cautiously 
higher as investors waited to 
see if the US Federal Reserve 
would raise interest rates. 

The IPC index of 37 leading 
shares edged ahead 6.88 to 
2346.72 in eariy trade. 

After about an hour of trad- 
ing, turnover was 113m 
shares. Advances topped 
declines by 15 to 7. 

The biggest rises were in 
Canes A CP shares, up 046 per 
cent followed by Ttolmex B2 
shares, g ai pin g 032 per 
and bottler Argos A 
rliTwhing 0.78 per cent 


Investors remained inactive 
ahead of the US Federal 
Reserve Board's Open Market 
Committee meeting, and the 
Nikkei 225 average declined on 
index linked selling by arbitra- 
geurs, writes Enriko Terazono 
in Tokyo. 

The index was finally 5431 
easier at 20,13343 after a day’s' 
low of 20,067.41 and high of 
20,174.93. A fail in futures 
prices on the overnight Chi- 
cago market prompted a bout 
of arbitrage sailing earlier in 
the session. Small-lot buying 
by overseas investors later 
eroded some of the losses. 

Volume remained low, total- 
ling 25lm shares against fflsm- 
The Topix index of all first sec- 
tion stocks dipped 248 to 
1,636.43 and the Nikkei 300 lost 
044 at 299.13. Declines led rises 
by 614 to 369, with 188 issues 
unchanged. In t/wflnn the ISE/ 
Nikkei 50 index was 1.19 firmer 
at 143538. 

Market participants said 
many investors were still wary 
of any surprises from the spate 
of company earnings 
announcements and were 
reluctant to commit fanria in 
spite of the yen’s easing 
against the dollar. 

Meanwhile, technical indica- 
tors were also worrying some 
dealers. “The three short term 
moving averages nearly con- 
verging, the lack of volatility 
and the very low volumes seem 
to be precursors of a sharp 
move up or down," said Mr 
Yutaka Nakai, analyst at 
Daiwa Securities. 

PQ^i-techndlogy stocks were 
higher on buying by foreign 
investors. Hitachi, the toy’s 
most active issue, rose Y5 to 
YljOQO and Toshiba put on Y3 
at Y798. Large-capital steels 


were also firmer, with Kawa- 
saki Steel up Y2 to Y385. 

Some banks ware lower on 
arbitrage selling. Dai-Ichi Kan- 
gyo Bank slipped Y10 to Y1360. 
Profit-taking depressed real 
estate and pharmaceuticals 
shares, previously bought as 
laggards. Mitsubishi Estate 
receded Y2Q to Y122Q and Tak- 
eda Chemical Y30 to Y1330. 

The rise in gold and copper 
prices buoyed mining shares. 
Dowa Mining advanced Y12 to 
Y585 and Sumitomo Metal Min- 
ing added Y13 at Y925. 

The low volume encouraged 
individual investors’ trading in 
speculative stocks. Ga-jo-en 
Kan k n forged ahead Y27 to 
Y184 and Wakachflm Construc- 
tion gained Y9 at Y66S. Brother 
Industries, however, relin- 
quished Y13 to Y706 on profit- 
taking. 

In Osaka, the OSE average 
shed 5745 to 2236633 in vol- 
ume of 20.4m shares. Aoyama 
Trading, the men’s suits 
retailer, fell Y120 to Y4.180. 


Roundup 


Regional markets continued 
mixed, awaiting the outcome of 
yesterday’s FOMC meeting: 

HONG KONG dosed sharply 
lower as the brief detenti on of 
a prominent Beijing dissident 
raised worries about the 
renewal of China's Most 
Favoured Nation trade status 
with the US in a market 
already cautious about US 
interest rates. 

The Hang Seng Index 
dropped 308.71, or 23 per cent, 
to 9,044.70. Turnover came to 
HK$4.88bn, against a revised 
HK$4J0bn on Monday. 

The market was also specula- 
ting about a possible early 
agreement with China an fin- 
ancing Hong Kong’s new air- 
port, bat news that the Sino- 


Johannesburg extends its correction 


South African shares extended Monday’s 
downward correction, ignoring more positive 
fundamentals and attracting little birring inter- 
est, Reuter reports. 

Dealers said steady selling In small blocks 
had impacted on price levels and gold’s rally 
above $382 an ounce had done little to reverse 
the softer trend. 

Shares have been making strong gains 
recently following the country’s transition to 
all-race rale. 

The overall index was 41 lower at 5,457, 
industrials fell 74 to 6,633 and the gold shares 
index lost 19 at 1,835. 

Among the actives. De Bears eased 25 cents to 
R109 and Minorca declined R2 to El 02. 


Pockets of strength included a R240 gain to 
R95 for JO, a R3 advance for Anglovaal to 
RI38 and a 25-cent rise to R3240 for Remgro. 

Independent banker Investec Bank nude a 
strong R3 climb to R58 after reporting a 48 per 
cent increase in attributable earnings to RSOxn 
for the year to March 31. 

Parent company Investec Holdings posted 
earnings per share of 164.7 cents, up from 122.4 
cents, and was bid R1 higher to R45. Investec 
also said it would proceed with a RlSOm rights 
issue, terms of which are yet to be announced, 
to fond farther expansion. 

South African Breweries receded R2.50 to 
R100 and Iscor softened 6 cents to R336, while 
gold issue Vaal Reefs slipped R7 to R373. 


FT -ACTUARIES WORLD INDICES 


Jomny compaad by Um Financial Times Lid. Goldman, Sacha & Co. and rawest Securities Ltd. m con tu ncBon wtti the Institute of Actuates aid ttm Factrty of Actuates 
NATIONAL AND 

BBMONA L MARKET8 — —MONDAY MAT 18 199* ■ FUMY MAY IS ISM DOLLAR WDEX 

Hfpiras fit parentheses US De/s Pound Local Local Gross us Pound Locd Year 

shew number of lues Dollar Charge Staffing Yen DM Currency % cbg Dtv. Dolor Sferfrn Y«i DM Curency 52 wHk 62 week ago 
<* S«X* Index % Index Index Index Indes on day Ytetd Max mdax Index Wax Index High law (approx) 


taatnfla(63). 


,175.12 


Austria (17),, 


Belgium (02) . 


Canada (1085., 


174.00 

173.03 

126*7 


2.7 

-02 


172m 

172.12 


-0.4 17057 


Denmark (33)- 


,254.47 


1.1 

- 0.1 


Finland (23).... 
France I 


Germany 


.162.37 
-17012 
144 JO 


126.64 

26085 


-14) 150.10 

•0.4 173.81 


Hong Kong (66)... 
Ireland p4)_„_ 
taly (B0)- 


— 373.86 
— -184J6 

93J58 


Japan (469).. 


Malaysia (98). 


.15004 


0.1 142.55 

1.0 374.58 

182.23 
8120 
15441 


0.1 

-Z0 

-02 


-471.84 


Netheriand (26).. 


181642 

—202.61 


-1J 465.13 

03 1880.54 
-U1 109.73 


New Zealand (14). 
Norway (23). 


_8600 


Shoapore (44)., 


, 13659 
-34250 


2.1 

ai 


66.01 

195.76 


Soutti Africa (58) 

Spain (42) 

Sweden ps). 


264,70 

145.75 

22663 


67 33852 
-AS 260.93 


115.70 

T1S.42 

11458 

84.93 
168.22 
100.66 
11642 
95jg 
251 30 
12621 
61.87 
103.68 
311« 
1267.14 
133 .94 
4661 
13128 


S w te n rian d (47)... 


1.84 


United Kngdom 009 1B2.0T 

USA (519) -181.05 


Oa 

At 

0.8 

AI 


143.67 

22638 

16662 

16928 


Ofl 17647 


174BB 

9635 

151.14 

103^32 

12093 

113.66 


186.41 

151^6 

15Q59 

111A1 

221 

132.52 

15127 

12S3S 

330.71 

180J9 

61.45 

138.50 

410.65 

168619 

17633 

8604 

172-83 

2B8j43 

230.36 

12844 

10698 

13602 

187.11 

16756 


16050 

161.76 

14744 

msi 

22673 

17428 

15656 

12665 

37694 

17788 

11647 

103.68 

47457 


17680 

8248 

10652 

2460* 

28339 

153.12 

28352 

13762 


181 JOS 


2.1 

0J3 

AO 

09 

64 
-03 

ao 

66 

1.5 

61 

-AO 

-03 

- 1.2 

0.1 

63 

1.7 

06 

65 
-67 

16 

67 

1.0 

-02 

60 


342 

14X1 

3.71 

249 

1.30 

0.86 

2M4 

1- 64 

2- 83 
342 
1J0 
678 
1.42 
1.12 
123 
382 
1.70 
1JJ4 
110 
ilM 
152 
1.78 
392 
2J05 


17655 

174^ 

17373 

1274)6 

254.70 

1S382 

17674 

144.41 

37451 

184.B8 

9631 

167.12 

477^4 

191150 

202.85 

6756 

19636 

34644 

28614 

144450 

22648 

15458 

19158 

18098 


16654 

17251 

171.87 

12S56 

25158 

15250 

17455 

14370 

37608 

18250 

95.17 

15556 

472.10 


20045 

8676 

19600 

33641 


11254 

11380 

115.04 

B4.13 

18655 

10158 

117.03 

95.62 

24759 

12320 

8377 

10454 

31642 

1285.57 

13452 

44.74 

13154 

32643 

17623 


142.78 

225.78 

152.78 
18959 
17854 


1515B 

10338 

12754 

11684 


14752 

151 M 

15057 

11012 

22074 

13351 

15318 

12616 

324.59 

18006 

8647 

13617 

414.15 

165644 

175.91 

■WSB 

17151 

29608 

23086 

125.23 

19601 

13608 

16628 

15685 


157.17 

151.38 

147.04 
12664 
22682 
174.87 
15650 
13616 
371^9 
177.68 
114.70 

104.04 
46024 

695660 

17923 

61/46 

104.43 

24377 

284.45 

15683 

201.72 

13650 

18650 

ioo.se 


100.16 

19641 

17667 

145.31 

275.79 
15672 
186.37 
147U7 
50656 

209^3 

87.7B 

163^1 

821.83 

2647.08 

207.43 

77^9 

20642 

37692 

28626 

155.79 
230 JOS 
17656 
21456 
19604 


130.19 
14a 14 
141.92 
121 j46 

207 J8 
8664 
14660 
107.59 
27142 
15693 
57^8 
12454 
312^1 
1431.17 
1G3J30 
4689 
15081 
242.48 
178^3 
11635 
163. as 
12180 
17632 
176« 


13662 

14621 

147.68 

12783 

»ijm 

82.61 

18607 

112.78 

284.20 

151.82 

8661 

146m 

33600 

1471.03 

10604 

47JJ7 

16630 

24692 

13653 

17635 

121.70 

177.86 

17958 


EUROPE (725B., 


Nonflc (1141- 
PbcHIc Beain (750). 


Euro-Pacific (1473) 

North Amatol (925) 

Eiwpe Ex. UK (5189 

Pacific Ex. Japan (2B1) 

Worid Ex. US (1056) 

Wnrtd Ex UK(19rq._._. 
'World Ex. So. Af. (2116).-. 
Wong fix. Japan (17081 — 



- 0.1 

-at 

ao 

60 

61 

-62 

12 

60 

aa 

ao 

61 


18604 

21635 

163.12 

16602 

17625 

152.64 

24652 

185.80 

167.11 

16862 

17670 


112JS9 

142.41 

10SL39 

11668 

11752 

10638 

16532 

111J4 

11206 

11601 

11689 


14638 

187.48 

144X2 

14669 

154,72 

134.78 

217.84 

14645 

14753 

14678 

15784 


16094 

21679 

11675 

13631 

177J7 

14683 

22694 

13642 

14600 

14690 

17640 


ai 

OX 

-61 

AO 

61 

02 

ih 

60 

60 

ao 

61 


2JB9 

1X8 

1X7 

1.83 

2-83 

628 

664 

1X6 

2XG 

9M 

2X6 


17084 

21687 

18542 

18744 

177.83 

15617 

247.09 

18628 

180X1 

17692 

18120 


« 
213,11 
18348 
16848 
17653 
163X3 
244.17 
18628 
187X1 
188X0 
179X5 


11699 

142X1 

109X4 

11087 

117X2 

102.78 

18682 

111.43 

11625 

11618 

119X8 


147X9 

18691 

143X7 

145.12 

153X5 

13448 

214.15 

145X4 

148X1 

14613 

157X4 


The World Index PITS) 171X1 OX 189.07 113X8 14627 148X0 


18080 

215-77 

113X1 

132X8 

177X4 

142X0 

22664 

135.46 

145.07 

148X9 

170X4 


178X8 


188X0 

17678 

10673 

15747 

298X1 

17651 

175X8 

178X8 

10520 


141X8 

155X2 

134.79 

141X8 

175X7 

12637 

18638 

146W 

15322 

165.00 

185.72 


145X4 

16603 

147X0 

14640 

17630 

125.70 

108X5 

147X1 

154X4 

168X0 

168X2 


OX 


CgPn tfU. rim Rnanc**! tVw, UrrAea. OoWrrer. 8adt» %r& CO, 
prtoa uni umwitifcl* far W» wemn. 


623 171.49 16646 113X8 148X3 149X0 178X7 156.17 158X4 


and MofNaei Seonwi Urrfiod. 1BB7 



Kong Kong 


Hang Seng Index 
10X00 


icyjoo 


9X00 


9.000 


8,500 



8 , 000 ' 


Mar 1994 May 


Source: Detastraom 


British Airport Committee will 
meet an Friday to discuss the 
issue emerged after the market 
dose. 

Among blue chips, HSBC slid 
HKS2.50 to HK$83.50, China 
Light HK$1 to HK$40.75, Swire 
Pacific “A” HK$2 to HK$55^0 
and Hutchison HKSX to HK$30. 

TAIPEI retreated L6 per cent 
as profits were taken following 


the market's recent rally. The 
weighted index fell 9&95 to 
6.015.33 in T$67.3bn turnover. 

Financials led the falls, with 
GMru Development down T$3J5 
to T$129<5 and Cathay Life los- 
ing T$6 to T$2S7. 

SINGAPORE was steady 
with selective buying seen 
among blue chips. The Straits 
Times Industrial index finished 
14.08 higher at £304.49. 

Shipyard stocks were firmer 
amw talk that a foreign bro- 
kerage was issuing covered 
warrants on a basket of ship- 
yard compani es. _ 

KUALA LUMPUR was easier 
after a moderate session, a 
spate of selling near the dose 
having pushed the index down 
from an early high. The com- 
posite index settled £L8S off 
at 991.96 in volume of 76.4m 
shares. 

T elekom*, feeing a competi- 
tive telephone system, weak- 
ened 90 cents to M$18.70. 

SYDNEY retreated after 
Monday's sharp gain. The AH 
Ordinaries index finished 14 j9 


down at 2,0964 after touching 
2,0945. Turnover was A$548m. 

BHP slipped 30 cents to 
A$17.94, Western Mining 
dropped 23 cents to A$7.85 and 
Pasminco shed 15 cents to 
A$1 JO. CRA contrasted with a 
rise Of 8 cents to ASlS.46. Turn- 
over amounted to A$560m. 

In the banking sector, ANZ 
slipped 7 cents to A$4-75, West- 
pac dipped 4 cents to A$4J8 
and National Australia eased 2 
cents to A$12D4. 

WELLINGTON eased, with 
most of the day’s activity tak- 
ing place in Fletcher Chal- 
lenge. FCL closed 1 cent up at 
NZ$3.90 as the NZSE-40 Capital 
index shed &21 to 2.11&04 In 
turnover of NZ$51m. 

SEOUL turned higher in a 
technical rebound after its 
three-day consolidation, and 
the composite Index Improved 
5-2Z to 94637 ahead of today's 
market holiday. 

MANILA rose strongly, 
helped by an overnight gain on 
Wall Street for PLOT, together 
with buying of San Miguel and 


Vfanda Electric. The composite 
index moved forward 34JM to 
2,936.43. Turnover was 950,4m 








:i iu-' 




PLDT put on 50 pesos at 
1,955 pesos, San Miguel “B" 
increased 5 pesos to 235 and 
Manila Electric added S pesos 
atm 

BOMBAY’S 30-share Index 
registered a 41.59 decline at 
3,802^0 after index-weighted 
shares fell, but the broader 
market was steady after a dull 
session. 

Hopes remained high, how- 
ever, that forward trading will 
be allowed to resume after a 
meeting of the Securities and 
Exchange Board of India on 
Friday. The old badla, or cany 
forward system, was banned in 
mid-March an the grounds that 
it led to excessive speculation. 7 
KAEACHI ended firmer on ; 
heavy buying of polyester „ 
stocks, reflecting expectations ~ 
of higher profits because of a 1 
cotton shortage. j ' 

The KSE 100-share index a., 
rose 4.43 to 2,189.44- 


-w* ■»-“ r 



900 


The Heritage Is 
The Advantage Is Service 
The Result 3s Strength 
The Name b Republic 


ooo 


ooo 


Republic New York Securities 
Prime Brokerage Services 


□ Experienced Personal Service 

□ Centralized Administration 


□ Proprietary Technology 
a Global Execution And Clearance 


□ Access To Republic Hedge Fund Select 


At Republic New York Securities Corporation, we 
distinguish ourselves from die competition through 
unflagging dedication to client safely, strength, and 
personal quality service. 

As a Prime Brokerage client, you will deal with a 
highly experienced client representative who will take 
personal responsibility for your account, providing you 
with everything from a daily activity report to a phone 
number where you can receive 24 hour professional 


service. Our representative will lake the paid out of 
your paperwork and be your link to our growing line-up 
of financial experts, products and our proprietory infor- 
mation management system. 

Republic's Prime Brokerage Services team will 
respond to your individual needs with expertise, 
innovation, discretion and service to protect and 
nurture your assets. 

For foil information, call Jim Zurio or Duwn 
Maxwell at 800-598-7740 ur 212-525-0366. 







■SaVvi..-!* 


•tf i 


yyv*- 



N*s 


V13 . . 


K 


■Vi